24.02.2015 Views

Untitled - kmutt

Untitled - kmutt

Untitled - kmutt

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

35()$&(<br />

,QDGGLWLRQWRWHDFKLQJDQGVHUYLFHIXQFWLRQV.LQJ0RQJNXW©V8QLYHUVLW\<br />

RI7HFKQRORJ\7KRQEXUL.0877UHJDUGVUHVHDUFKDFWLYLWLHVDVRQHRILWVPRVW<br />

LPSRUWDQW UROHV $V HQYLVDJHG LQ RQH RI .0877©V YLVLRQV DSSURYHG E\ WKH<br />

8QLYHUVLW\ &RXQFLO ¦'HWHUPLQHG WR EH DW WKH )RUHIURQW RI 7HFKQRORJ\ DQG<br />

5HVHDUFK§ WKH 8QLYHUVLW\ LV GHWHUPLQHG WR EH D KLJKHU HGXFDWLRQ LQVWLWXWLRQ<br />

RXWVWDQGLQJ LQ WKH ILHOG RI UHVHDUFK GHYHORSPHQW DQG VHOHFWLRQ RI VXLWDEOH<br />

WHFKQRORJ\ IRU WKH 7KDL HFRQRPLF DQG VRFLDO FRQWH[W WR FUHDWH D KDSS\ 7KDL<br />

VRFLHW\FRPSHWLWLYHLQWKHJOREDOFRPPXQLW\<br />

7KLVIRUWKFROOHFWLRQRI .08775HVHDUFK$EVWUDFWVIRUWKH\HDU<br />

LVRQHRIWKHDFWLYLWLHVLQWHQGHGWRVXSSRUWWKHDERYHYLVLRQ7KHVHDEVWUDFWVDUH<br />

DOVRDYDLODEOHWKURXJKHOHFWURQLFDFFHVVDWZHEVLWHZZZNPXWWDFWKDQGWKHIXOO<br />

SDSHUVRIWKHPHKDYHEHHQSXEOLVKHGLQ D YDULHW\ RI LQWHUQDWLRQDO DQG UHJLRQDO<br />

MRXUQDOVDQGSURFHHGLQJV<br />

,ZRXOGOLNHWRH[WHQGP\VLQFHUHWKDQNVWRDOO.0877UHVHDUFKHUVDQG<br />

DGPLQLVWUDWLYH VWDII IRU WKHLU VXSSRUW DQG IRU PDNLQJ WKLV SXEOLFDWLRQ EH RI<br />

LQWHUHVWDQGEHQHILWWRWKHSXEOLFDQGUHVHDUFKFRPPXQLWLHV<br />

5HVHDUFKDQG,QWHOOHFWXDO3URSHUW\3URPRWLRQ&HQWHU<br />

,QVWLWXWHIRU6FLHQWLILFDQG7HFKQRORJLFDO5HVHDUFKDQG6HUYLFHV<br />

.LQJ0RQJNXWV8QLYHUVLW\RI7HFKQRORJ\7KRQEXUL.0877


&217(176<br />

3DJH<br />

3UHIDFH<br />

,QWHUQDWLRQDO 5HJLRQDO-RXUQDOV<br />

1DWLRQDO-RXUQDOV<br />

,QWHUQDWLRQDO&RQIHUHQFHV<br />

1DWLRQDO&RQIHUHQFHV<br />

$XWKRUV,QGH[<br />

7LWOHV,QGH[<br />

$SSHQGL[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

)DFXOW\RI(QJLQHHULQJ<br />

,-3(5)250$1&($1'5(/,$%,/,7<<br />

02'(/,1*)25$3$5$//(/,0$*(<br />

)86,216


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

UHOLDELOLW\ RSWLPL]DWLRQ WHFKQLTXHV IRU GLVWULEXWHG<br />

V\VWHPV EHFDXVH RI LWV IOH[LELOLW\ IRU YDULRXV<br />

SUREOHP W\SHV ZLWK YDULRXV FRQVWUDLQWV ,W LV<br />

HIILFLHQW DQG SURYLGHV VDWLVIDFWRU\ RSWLPL]DWLRQ<br />

UHVXOWV ZKLOH PHHWLQJ GLIILFXOWWRVDWLVI\<br />

FRQVWUDLQWV<br />

,-6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

3XEOLVKHG ,(,&(7UDQVDFWLRQV)XQGDPHQWDOV<br />

9RO($1R6HSWHPEHU<br />

SS<br />

7KLV SDSHU SUHVHQWV D WHFKQLTXH IRU WKH<br />

YDULDWLRQ RI K\VWHUHVLV EDQG LQ GHOWDVLJPD<br />

PRGXODWLRQ$VLQXVRLGDODQGDUDQGRPK\VWHUVLV<br />

EDQG DUH FRPELQHG WR DFKLHYH DQ RSWLPDO<br />

SHUIRUPDQFH LQ WHUPV RI FRQVWDQW VZLWFKLQJ<br />

IUHTXHQF\ DQG WKH KDUPRQLF VSLNHV 7KH<br />

VLQXVRLGDO K\VWHUHVLV EDQG WHFKQLTXH SURGXFHV D<br />

FRQVWDQW VZLWFKLQJ IUHTXHQF\ ZKLOH WKH UDQGRP<br />

K\VWHUHVLV EDQG VXSSUHVVHV WKH KDUPRQLF VSLNHV<br />

7KH HIIHFWV RI YDULRXV YDULDWLRQV RI K\VWHUHVLV<br />

EDQG RQ WKH KDUPRQLF VSHFWUXP FKDUDFWHULVWLF<br />

ZHUHGHVFULEHG7KHWHFKQLTXHLVH[SHULPHQWHGLQ<br />

D VLQJOHSKDVH LQYHUWHU DQG WKH KDUPRQLF SHDNV<br />

DQGWKHGLVWRUWLRQRIRXWSXWYROWDJHZHUHXVHGWR<br />

PHDVXUH WKH SHUIRUPDQFH RI WKH SURSRVHG<br />

WHFKQLTXH<br />

,-6,1*/(&+$11(/12,6(5('8&7,21<br />

)2508/7,3/(%$&.*5281'12,6(6<br />

86,1*3(5&(378$/:$9(/(73$&.(7<br />

75$16)250$1')8==


3XEOLVKHG 6HSDUDWLRQDQG3XULILFDWLRQ<br />

7HFKQRORJ\9RO1R<br />

SS<br />

,Q WKLV ZRUN ZH LQYHVWLJDWHG WKH<br />

SUHSDUDWLRQ DQG XWLOL]DWLRQ RI FRIIHH UHVLGXHV<br />

ELQGLQJ ZLWK FOD\ DV DGVRUEHQW KHUHDIWHU FDOOHG<br />

&&DGVRUEHQWIRUUHPRYDORIKHDY\PHWDOLRQVLQ<br />

VROXWLRQ)DFWRUVDIIHFWLQJWKHDGVRUSWLRQVXFKDV<br />

S\URO\VLV WHPSHUDWXUH ZHLJKW UDWLR RI FRIIHH<br />

UHVLGXHWRFOD\DQGSDUWLFOHVL]HZHUHLQYHVWLJDWHG<br />

LQWKHSUHVHQWSUHOLPLQDU\VWXG\RQWKHDGVRUSWLRQ<br />

RI PHWDO LRQV 7KH S\URO\VLV WHPSHUDWXUH RI <br />

ƒ&ZHLJKWUDWLRRIFRIIHHUHVLGXHWRFOD\RI<br />

DQGSDUWLFOHVL]HGLDPHWHURIPPZHUHIRXQGWR<br />

EH WKH VXLWDEOH FRQGLWLRQV LQ RXU ZRUN $W WKLV<br />

FRQGLWLRQ WKH DGVRUSWLRQ FDSDFLWLHV RI WKH &&<br />

DGVRUEHQWIRU&G &X 3E =Q DQG1L ZHUH<br />

GHWHUPLQHGE\WKH/DQJPXLULVRWKHUPPRGHO7KH<br />

DGVRUSWLRQ LQFUHDVHG LQ WKH RUGHU RI &G !&X !<br />

3E !=Q !1L 7KHHIIHFWVRIVROXWLRQS+<br />

DQG WHPSHUDWXUH ±ƒ& RQ WKH DGVRUSWLRQ RI<br />

&G ZHUH LQYHVWLJDWHG 7KH &G DGVRUSWLRQ<br />

LQFUHDVHG ZLWK LQFUHDVLQJ S+ DQG WHPSHUDWXUH<br />

DQG UHPDLQHG FRQVWDQW DW KLJK S+ 7KH KHDW RI<br />

DGVRUSWLRQ '+ NFDOJ LPSOLHG WKDW WKH<br />

DGVRUSWLRQ ZDV SK\VLFDO H[RWKHUPLF DGVRUSWLRQ<br />

'HVRUSWLRQZDVHDVLO\DFKLHYHGE\OHDFKLQJ ZLWK<br />

GLVWLOOHGZDWHUZKLFKJDYHWKHUHFRYHU\\LHOG±<br />

7KH IXQFWLRQDO JURXSV VWXGLHG E\ )7,5<br />

LQGLFDWHG WKDW K\GUR[\O FDUER[\O DQG DPLQH<br />

JURXSVZHUHWKHPDLQIXQFWLRQDOJURXSV(OHFWULFDO<br />

SRWHQWLDO VWXG\ VKRZHG WKDW WKH &&DGVRUEHQW<br />

H[KLELWHG QHJDWLYH FKDUJH WKDW ZDV IDYRUDEOH WR<br />

DWWUDFW PHWDO LRQ 7KH VXUIDFH DQG SRUH VWXG\<br />

LPSOLHG WKDW WKH KLJK IUDFWLRQ PHVRSRUHV LQ WKH<br />

JUDQXODU &&DGVRUEHQW FRQWULEXWHG WR WKH<br />

DGVRUSWLRQFDSDFLW\<br />

,-3527(,16(3$5$7,21%<<br />

&2//2,'$/*$6$3+521686,1*<br />

121,21,&685)$&7$17<br />

$XWKRUV 6RPQXN-XUXGLORNNXO<br />

.XPSKRQ5XQJSKHWFKDUDW<br />

9LURWH%RRQDPQXD\YLWD\D<br />

3XEOLVKHG 6HSDUDWLRQDQG3XULILFDWLRQ<br />

7HFKQRORJ\9RO1R<br />

)HEUXDU\SS<br />

:DVWHZDWHU GLVFKDUJHG IURP IRRG<br />

SURFHVVLQJ SODQWV VWLOO FRQWDLQV UHFRYHUDEOH<br />

QXWULWLRQ PDWHULDO VXFK DV SURWHLQ DQG IDW<br />

6HSDUDWLRQRIWKHVHPDWHULDOVLQZDVWHZDWHUQRW<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

RQO\ FRQWULEXWHV WR SURGXFW UHFRYHU\ EXW DOVR<br />

UHGXFHV RUJDQLFORDGLQJ LQ ZDVWHZDWHU WUHDWPHQW<br />

&ROORLGDO JDV DSKURQV &*$ LV RQH SURPLVLQJ<br />

WHFKQLTXHIRURUJDQLFPDWHULDOUHPRYDO&*$DUH<br />

PLFUR EXEEOHV PP FUHDWHG E\ LQWHQVH<br />

VWLUULQJ RI VXUIDFWDQW VROXWLRQ ,Q WKLV ZRUN<br />

VHOHFWLRQ RI VXLWDEOH QRQLRQLF HGLEOH VXUIDFWDQW<br />

ZDV FRQGXFWHG E\ HYDOXDWLQJ WKH VWDELOLW\ DQG<br />

SHUFHQWDJHRISURWHLQUHFRYHU\,WZDVIRXQGWKDW<br />

7ZHHQZDVDVXLWDEOHVXUIDFWDQW7KHVWDELOLW\<br />

RI &*$ ZDV LQYHVWLJDWHG E\ YDU\LQJ VXUIDFWDQW<br />

FRQFHQWUDWLRQ PRWRU VWLUULQJ VSHHG VWLUULQJ WLPH<br />

DQG FRQFHQWUDWLRQ RI 1D&O DV DGGLWLYH 7KH<br />

RSWLPDO FRQGLWLRQ IRU &*$ SUHSDUDWLRQ ZDV <br />

P07ZHHQLQGLVWLOOHGZDWHUVWLUULQJVSHHGRI<br />

USPDQGVWLUULQJWLPHRIPLQ7RVLPSOLI\<br />

O\VR]\PHDQGEFDVHLQRIGLIIHUHQWS,YDOXHVZHUH<br />

HPSOR\HGDVVXEVWLWXWHVRISURWHLQLQZDVWHZDWHU<br />

)DFWRUVDIIHFWLQJSURWHLQVHSDUDWLRQVXFKDVLQLWLDO<br />

SURWHLQFRQFHQWUDWLRQ&*$YROXPHUDWLRDQGS+<br />

ZHUH H[DPLQHG ,W ZDV GHPRQVWUDWHG WKDW<br />

K\GURSKRELFLW\ RI 7ZHHQ DIIHFWHG &*$ VWDELOLW\<br />

DQGWKHHOHFWURVWDWLFLQWHUDFWLRQEHWZHHQ&*$DQG<br />

SURWHLQV SOD\HG DQ LPSRUWDQW UROH LQ WKH<br />

VHSDUDWLRQ<br />

,-(;75$&7,212)$17,2;,'$176<br />

)5206:((77+$,7$0$5,1'6(('&2$7<br />

35(/,0,1$5


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

HSLFDWHFKLQ | PJ J XQGHU WKH EHVW<br />

FRQGLWLRQVZKLFKZHUHIRXQGWREHƒ&DQG<br />

03D6ROYHQWH[WUDFWLRQH[SHULPHQWVVKRZHGWKDW<br />

HWKDQROKDVDKLJKHUVHOHFWLYLW\WKDQHWK\ODFHWDWH<br />

IRU H[WUDFWLRQ RI HSLFDWHFKLQ \LHOGV RI <br />

HSLFDWHFKLQXVLQJHWKDQROZHUHDERXWPJ<br />

J 7KH DQWLR[LGDQW PL[WXUH H[WUDFWHG IURP VZHHW<br />

7KDL WDPDULQG VHHG FRDW XVLQJ VROYHQW H[WUDFWLRQ<br />

ZLWK HWKDQRO ZDV IRXQG WR EH WKH PRVW DFWLYH LQ<br />

WHUPVRISHUR[LGHYDOXH39<br />

,-(;75$&7,212)1,0%,1)5201((0<br />

6(('686,1*683(5&5,7,&$/&2 $1'$<br />

683(5&5,7,&$/&2 0(7+$12/0,;785(<br />

$XWKRUV 3DWKXPWKLS7RQWKXEWKLPWKRQJ<br />

3HWHU/'RXJODV<br />

6XSDSRUQ'RXJODV<br />

:LODL/XHZLVXWWKLFKDW<br />

:LWWD\D7HSSDLWRRQ<br />

/DHLG3HQJVRSD<br />

3XEOLVKHG -RXUQDORI6XSHUFULWLFDO)OXLGV<br />

9RO1R$XJXVW<br />

SS<br />

1LPELQ D FRPSRQHQW IRXQG LQ QHHP<br />

VHHGVZKLFKLVUHSRUWHGWRKDYHVHYHUDOYDOXDEOH<br />

PHGLFLQDOSURSHUWLHVLQFOXGLQJDQWLLQIODPPDWRU\<br />

DQWLS\UHWLF DQWLIXJDO DQWLKLVWDPLQH DQG<br />

DQWLVHSWLF ZDV H[WUDFWHG IURP QHHP VHHGV XVLQJ<br />

VXSHUFULWLFDO &2 DQG &2 ZLWK D PHWKDQRO<br />

PRGLILHU<br />

1LPELQ H[WUDFWLRQ \LHOGV XVLQJ<br />

VXSHUFULWLFDO FDUERQ GLR[LGH ZHUH IRXQG WR EH<br />

DSSUR[LPDWHO\DW.03DDQGD&2 <br />

IORZ UDWH RI FP PLQ IRU D J VDPSOH RI<br />

QHHP$QRSWLPXPH[WUDFWLRQSUHVVXUHDSSHDUVWR<br />

H[LVWDW|03DDQG.$OWKRXJKH[WUDFWLRQ<br />

XVLQJ D PHWKDQRO PRGLILHU GLG LPSURYH WKH<br />

H[WUDFWLRQ VRPHZKDW PHWKDQRO ZDVQRW IRXQG WR<br />

EHDQHIIHFWLYHPRGLILHUIRUH[WUDFWLQJQLPELQ<br />

'\QDPLFH[WUDFWLRQFXUYHVZHUHSUHGLFWHG<br />

XVLQJ WKUHH HPSLULFDO PRGHOV DQG D WKHRUHWLFDO<br />

PRGHO 7KH WKUHH HPSLULFDO PRGHOV ZHUH D<br />

/DQJPXLUJDVDGVRUSWLRQPRGHODILUVWRUGHUSOXV<br />

GHDG WLPH )23'7 PRGHO DQG D VRFDOOHG W Q<br />

F\FORQH PRGHO XVHG WR LQFRUSRUDWH VLJPRLGDO<br />

FXUYHV 7KH SDUDPHWHUV LQ WKH HPSLULFDO PRGHOV<br />

ZHUHILWWHGWRWKHH[SHULPHQWDOGDWD7KH*RWRHW<br />

DO>-&KHP(QJ-SQ@WKHRUHWLFDO<br />

PRGHO ZDV FRPSDUHG WR WKH H[SHULPHQWDO UHVXOWV<br />

DQGZDVIRXQGWRILWWKHGDWDZHOO7KHWKHRUHWLFDO<br />

PRGHO VKRZV WKDW WKH H[WUDFWLRQ \LHOG GHSHQGV<br />

VWURQJO\RQWKHVROYHQWIORZUDWHWKDWLVH[WHUQDO<br />

PDVVWUDQVIHURUHTXLOLEULXPLVWKHFRQWUROOLQJVWHS<br />

RIWKLVSURFHVV<br />

,-0(7$%2/,&)/8;',675,%87,21)25<br />

J/,12/(1,&$&,'6


3DYHHQD3UDFKD\DZDVLQ<br />

6RPFKDUW6RSRQURQQDULW<br />

3XEOLVKHG 'U\LQJ7HFKQRORJ\9RO1R<br />

SS<br />

,QIOXHQFHV RI WHPSHUDWXUH DQG PRLVWXUH<br />

FRQWHQW RQ GLIIXVLRQDO WUDQVSRUW SURSHUW\ DQG<br />

NLQHWLFV RI ERWK XUHDVH LQDFWLYDWLRQ DQG FRORU<br />

FKDQJH GXULQJ VR\EHDQ WUHDWPHQW ZLWK<br />

VXSHUKHDWHG VWHDP LQ WKH WHPSHUDWXUHV RI <br />

ƒ&ZHUHLQYHVWLJDWHG7KHH[SHULPHQWDOUHVXOWV<br />

KDYH VKRZQ WKDW WKH HIIHFWLYH GLIIXVLYLW\ DQG<br />

DSSDUHQW UDWHV RI VXFK UHDFWLRQV DUH UHODWHG WR<br />

WHPSHUDWXUH LQ D ZD\ WKDW WKH UDWHV RI ZDWHU<br />

WUDQVSRUWXUHDVHLQDFWLYDWLRQDQGEURZQSLJPHQW<br />

IRUPDWLRQ DUH KLJKHU ZLWK KLJKHU WHPSHUDWXUH ,Q<br />

DGGLWLRQ WKHVH UDWHV DUH DOVR HQKDQFHG E\<br />

LQFUHDVLQJ PRLVWXUH FRQWHQW H[FHSW IRU WKH<br />

EURZQLQJ UHDFWLRQ WKDW LV LQKLELWHG E\ WKLV IDFWRU<br />

GXHWRWKHGLOXWLRQHIIHFW7KHUHGXFWLRQLQXUHDVH<br />

DFWLYLW\LVUHDVRQDEO\GHVFULEHGE\PRGLILHGILUVW<br />

RUGHUUHDFWLRQDQGWKHFRORUFKDQJHRIVR\EHDQVLV<br />

FKDUDFWHUL]HGE\WKUHH+XQWHUSDUDPHWHUVLQZKLFK<br />

WKH FKDQJHV RI / D DQG EYDOXHV DUH IROORZHG<br />

DFFRUGLQJ WR ]HURRUGHU PRGLILHG 0RQRG DQG<br />

ILUVWRUGHUUHDFWLRQVUHVSHFWLYHO\7KHNLQHWLFVRI<br />

LQDFWLYDWLRQ DQG FRORU FKDQJH DORQJ ZLWK WKH<br />

H[SHULPHQWDOGDWDRISURWHLQVROXELOLW\DQGO\VLQH<br />

FRQWHQW KDYH EHHQ VXJJHVWHG WKDW WKH VR\EHDQ<br />

VKRXOG EH WUHDWHG ZLWK VXSHUKHDWHG VWHDP DW WKH<br />

WHPSHUDWXUH UDQJLQJ IURP WR ƒ&7KH<br />

VXSHUKHDWHGVWHDP IOXLGL]HGEHG WHFKQLTXH FDQ<br />

VLPXOWDQHRXVO\EHDSSOLHGIRUERWKGU\LQJDQG<br />

LQDFWLYDWLQJ VXFK FRPSRQHQWV LQ VR\EHDQV E\ D<br />

VLQJOHRSHUDWLRQZKHQWKHLQLWLDOPRLVWXUHFRQWHQW<br />

IDOOVZLWKLQDVXLWDEOHUDQJHDSSUR[LPDWHO\ORZHU<br />

WKDQ GE $W HOHYDWHG LQLWLDO PRLVWXUH<br />

FRQWHQWV WZRVWDJH GU\LQJ WHFKQLTXH LV<br />

UHFRPPHQGHGLQRUGHUWRDYRLGH[FHVVLYHFRRNHG<br />

VR\EHDQV<br />

,-.,1(7,&62)&2/25&+$1*(<br />

'85,1*6725$*(2)'5,('*$5/,&<br />

6/,&(6$6$))(&7('%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

7KH DPELHQWDLU YHORFLW\ IRU FRROLQJ WKH<br />

WHPSHUHG PDL]H LQ D UDQJH EHWZHHQ DQG<br />

PV GRHV QRW DIIHFW WKH PDL]H TXDOLW\ DV<br />

PHDVXUHG E\ WKH QXPEHU RI VWUHVV FUDFNV DQG<br />

FRORXU<br />

,-())(&72))/8,',=('%(''5


,-75($70(172)())/8(176)520<br />

7(;7,/(5,16,1*23(5$7,216%<<br />

7+(50$//


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

WKRVH RI JURXQG GLVSRVHG IO\ DVK PRUWDUV DW WKH<br />

DJH RI GD\V ZHUH KLJKHU WKDQ RI WKH<br />

VWDQGDUG PRUWDU DQG LQFUHDVHG WR EH KLJKHU WKDQ<br />

DIWHUGD\V)URPWKHUHVXOWVLWFRXOGEH<br />

FRQFOXGHG WKDW JURXQG GLVSRVHG IO\ DVKHV ZHUH<br />

H[FHOOHQWSR]]RODQLFPDWHULDOVDQGFRXOGEH XVHG<br />

DV D SDUWLDO UHSODFHPHQW RI FHPHQW LQ FRQFUHWH<br />

HYHQWKRXJKWKH\ZHUHH[SRVHGWRWKHZHDWKHUIRU<br />

PRQWKV<br />

,-87,/,=$7,212)3$/02,/)8(/$6+<br />

,1+,*+675(1*7+&21&5(7(<br />

$XWKRUV 9DQFKDL6DWD&KDL-DWXUDSLWDNNXO<br />

.UDLZRRG.LDWWLNRPRO<br />

3XEOLVKHG -RXUQDORI0DWHULDOVLQ&LYLO<br />

(QJLQHHULQJ9RO1R<br />

1RYHPEHU'HFHPEHU<br />

SS<br />

7KLVSDSHUSUHVHQWVXVHRILPSURYHGSDOP<br />

RLO IXHO DVK 32)$ DV D SR]]RODQLF PDWHULDO LQ<br />

SURGXFLQJKLJKVWUHQJWKFRQFUHWH7KH32)$ZDV<br />

JURXQGE\EDOOPLOOXQWLOWKHPHGLDQSDUWLFOHVL]H<br />

ZDV UHGXFHG WR DERXW —P ,W ZDV XVHG WR<br />

UHSODFHSRUWODQGFHPHQW$6707\SH,E\<br />

DQG E\ ZHLJKW RI FHPHQWLWLRXV PDWHULDOV WR<br />

PDNH KLJKVWUHQJWK FRQFUHWH ,W ZDV IRXQG WKDW<br />

KLJKVWUHQJWK FRQFUHWH FDQ EH DFKLHYHG E\ XVLQJ<br />

JURXQG32)$WRUHSODFHSRUWODQG FHPHQW 7\SH ,<br />

XS WR $W WKH DJH RI GD\V FRQFUHWHV<br />

FRQWDLQLQJDQGRIJURXQG32)$JDYH<br />

FRPSUHVVLYH VWUHQJWKV RI DQG <br />

03D UHVSHFWLYHO\ &RQFUHWH ZLWK <br />

UHSODFHPHQW RI JURXQG 32)$ KDG WKH KLJKHVW<br />

VWUHQJWK,WLVVOLJKWO\KLJKHUWKDQWKDWRIFRQFUHWH<br />

FRQWDLQLQJ FRQGHQVHG VLOLFD IXPH DQG DERXW<br />

± WKDW RI FRQGHQVHG VLOLFD IXPH<br />

FRQFUHWH 7KH JURXQG 32)$ FRQWHQW XS WR <br />

KDG VOLJKWO\ HIIHFW RQ ORZHULQJ WKH PRGXOXV RI<br />

HODVWLFLW\ RI FRQFUHWH ,Q DGGLWLRQ WKH XVH RI<br />

JURXQG 32)$ UHGXFHG WKH SHDN WHPSHUDWXUH ULVH<br />

RIFRQFUHWHXQGHUVHPLDGLDEDWLFFRQGLWLRQV<br />

,-)/2:5(*,0(6$1'(1(5*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

6RPFKDL:RQJZLVHV<br />

3XEOLVKHG 'DP(QJLQHHULQJ9RO1R<br />

)HEUXDU\SS<br />

)ORRGVFDXVHGE\IDLOXUHRIHPEDQNPHQWV<br />

FRQVWLWXWHDKD]DUGWRERWK SHRSOHDQG SURSHUWLHV<br />

GRZQVWUHDP 7RUHGXFH GRZQVWUHDP GDPDJH DQG<br />

ORVVRIOLIHSULQFLSDOFRQFHUQVDUHKRZWRHVWLPDWH<br />

WKH RXWIORZ WKURXJK WKH EUHDFK DQG KRZ WKH<br />

SURFHVVRIEUHDFKLQJRIWKHGDPLVGHYHORSHG,Q<br />

WKH SUHVHQW VWXG\ GDWD REWDLQHG IURP ODERUDWRU\<br />

H[SHULPHQWDO UXQV RQ PRGHO HPEDQNPHQWV DUH<br />

DQDO\VHG %DVHG RQ GLPHQVLRQDO DQDO\VLV<br />

FRUUHODWLRQV WR SUHGLFW SHDN GLVFKDUJH DQG<br />

VXEVLGHQFH RI WKH HPEDQNPHQW FUHVW RQ WKH<br />

EUHDFKHG HPEDQNPHQW GXH WR RYHUWRSSLQJ DUH<br />

SURSRVHG<br />

,-(//,37,&,17(*5$/62/87,2162)<br />

9$5,$%/($5&/(1*7+(/$67,&$81'(5<br />

$1,1&/,1(')2//2:(5)25&(<br />

$XWKRUV 6RPFKDL&KXFKHHSVDNXO <br />

%RRQFKDL3KXQJSDLJUDP<br />

3XEOLVKHG =$00-RXUQDORI$SSOLHG<br />

0DWKHPDWLFVDQG0HFKDQLFV<br />

9RO1RSS<br />

7KLV SDSHU SUHVHQWV H[DFW FORVHGIRUPHG<br />

VROXWLRQV XVLQJ HOOLSWLF LQWHJUDOV IRU ODUJH<br />

GHIOHFWLRQ DQDO\VLV RI HODVWLFD RI D EHDP ZLWK<br />

YDULDEOH DUFOHQJWK VXEMHFWHG WR DQ LQFOLQHG<br />

IROORZHU IRUFH 7KH EHDP LV KLQJHG DW HQG EXW<br />

VOLGHVIUHHO\RYHUWKHVXSSRUWDWWKHRWKHUHQG,Q<br />

WKHXQGHIRUPHGVWDWHWKHLQFOLQHGIROORZHU IRUFH<br />

DSSOLHG DW DQ\ GLVWDQFH IURP WKH KLQJHG HQG<br />

PDNLQJ DQ DQJOH b ZLWK UHVSHFW WR YHUWLFDO D[LV<br />

ZKLOHLQWKHGHIRUPHGVWDWHLWVGLUHFWLRQUHPDLQVDW<br />

DQDQJOHb IURPWKHQRUPDOWRWKHEHDPD[LV7KH<br />

VHW RI QRQOLQHDU HTXDWLRQV LV REWDLQHG IURP WKH<br />

ERXQGDU\FRQGLWLRQVDQGVROYHGLWHUDWLYHO\IRUWKH<br />

VROXWLRQV 7KH HIIHFW RI WKH GLUHFWLRQ DQG WKH<br />

SRVLWLRQ RI WKH IROORZHU IRUFH RQ WKH EHDP<br />

EHQGLQJ EHKDYLRXULVGHPRQVWUDWHG&RPSDULVRQV<br />

RI HTXLOLEULXP FRQILJXUDWLRQV RI WKH EHDP XQGHU<br />

QRQIROORZHU IRUFH DQG IROORZHU IRUFH DUH DOVR<br />

JLYHQ<br />

,-7+(&283/('5$',$/$;,$/<br />

'()250$7,216$1$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

PRGHOQXPHULFDO SURFHGXUHV DUH LPSOHPHQWHGWR<br />

VROYHERWKVSDWLDODQGWHPSRUDOSUREOHPV9DULRXV<br />

QXPHULFDO H[DPSOHV RI DUELWUDULO\ VDJJHG FDEOHV<br />

ZLWKODUJHDPSOLWXGHLQLWLDOFRQGLWLRQVDUHFDUULHG<br />

RXW WR KLJKOLJKW VRPH RXWVWDQGLQJ IHDWXUHV RI<br />

FDEOHQRQOLQHDUG\QDPLFVE\DFFRXQWLQJDOVRIRU<br />

LQWHUQDO UHVRQDQFH SKHQRPHQD 1RQOLQHDU<br />

FRXSOLQJ EHWZHHQ WKUHH DQG WZRGLPHQVLRQDO<br />

PRWLRQV DQG QRQOLQHDU FDEOH WHQVLRQ UHVSRQVHV<br />

DUHDQDO\]HG)RUVSHFLILFFDEOHVPRGDOWUDQVLWLRQ<br />

SKHQRPHQD WDNLQJ SODFH GXULQJ LQSODQH<br />

YLEUDWLRQV DQG HQVXLQJ IURP RFFXUUHQFH RI D<br />

GRPLQDQW LQWHUQDO UHVRQDQFH DUH REVHUYHG :KHQ<br />

RQO\DVLQJOHPRGHLVLQLWLDWHGDKLJKHURUORZHU<br />

PRGH FDQ EH DFFRPPRGDWHG LQWR WKH UHVSRQVHV<br />

PDNLQJ FDEOHVSDWLDOVKDSHVK\EULGLQ VRPH WLPH<br />

LQWHUYDOV<br />

,-180(5,&$/$1$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

WXEHKHDWH[FKDQJHUVDUHWHVWHG7KHH[SHULPHQWDO<br />

SURFHGXUHV DUH FRQGXFWHG E\ NHHSLQJ WKH LQOHW<br />

ZDWHU WHPSHUDWXUH DW D SUHVHOHFWHG YDOXH<br />

DGMXVWLQJ WKH ZDWHU YROXPHWULF IORZ UDWH DW D<br />

VSHFLILF YDOXH DQG YDU\LQJ WKH DLU YHORFLW\ 7KH<br />

UHVXOWVDUHSUHVHQWHGDVSORWVRIWKH&ROEXUQIDFWRU<br />

DQG IULFWLRQ IDFWRU DJDLQVW WKH 5H\QROGV QXPEHU<br />

EDVHG RQ WKH ILQ FROODU RXWVLGH GLDPHWHU 5H 'F <br />

)URP WKH UHVXOWV LW LV IRXQG WKDW IRU QXPEHU RI<br />

WXEH URZV 1 WKH &ROEXUQ IDFWRU LQFUHDVHV<br />

ZLWK LQFUHDVLQJ ILQ WKLFNQHVV )RU 1 t WKH<br />

&ROEXUQ IDFWRU GHFUHDVHV ZLWK LQFUHDVLQJ ILQ<br />

WKLFNQHVV ZKHQ 5H 'F DQG LQFUHDVHV ZLWK<br />

LQFUHDVLQJ ILQ WKLFNQHVV ZKHQ 5H 'F ! 7KH<br />

IULFWLRQ IDFWRU LQFUHDVHV ZLWK LQFUHDVLQJ ILQ<br />

WKLFNQHVVZKHQILQSLWFK)Sd PP<br />

,-(;3(5,0(17$/,19(67,*$7,2121<br />

7+(3(5)250$1&(2)7+(<br />

5()5,*(5$7,21&,QW&RPP+HDW 0DVV<br />

7UDQVIHU @ ,Q WKH SUHVHQW<br />

VWXG\ WKH WZRSKDVH IORZ SUHVVXUH GURS RI SXUH<br />

+)&DGXULQJFRQGHQVDWLRQXQGHUIRUFHGIORZ<br />

FRQGLWLRQVLQVLGHKRUL]RQWDOVPRRWKDQGPLFURILQ<br />

WXEHV DUH H[SHULPHQWDOO\ LQYHVWLJDWHG 'LIIHUHQW<br />

IURP PRVW SUHYLRXV VWXGLHV WKH SUHVHQW<br />

H[SHULPHQWV DUH SHUIRUPHG DW KLJK PDVV IOX[<br />

FRQGLWLRQV7KHWHVWVHFWLRQLVD P ORQJ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

FRXQWHUIORZ GRXEOH WXEH KHDW H[FKDQJHU ZLWK<br />

UHIULJHUDQW IORZLQJ LQ WKH LQQHU WXEH DQG FRROLQJ<br />

ZDWHU IORZLQJ LQ WKH DQQXOXV 7KH LQQHU WXEH LV<br />

PDGHIURPVPRRWKRUPLFURILQKRUL]RQWDOFRSSHU<br />

WXELQJ RI PP RXWHU GLDPHWHU 7KH WHVW UXQV<br />

DUH GRQH DW DYHUDJH VDWXUDWHG FRQGHQVLQJ<br />

WHPSHUDWXUHVUDQJLQJEHWZHHQDQG R &7KH<br />

PDVV IOX[ DUH EHWZHHQ DQG NJP V 7KH<br />

H[SHULPHQWDO UHVXOWV IRU ERWK VPRRWK DQG PLFUR<br />

ILQ WXEHV VKRZ WKDW WKH SUHVVXUH GURS LQFUHDVHV<br />

ZLWKLQFUHDVLQJDYHUDJHTXDOLW\DQGPDVVIOX[EXW<br />

WHQGV WR GHFUHDVH ZLWK LQFUHDVLQJ FRQGHQVLQJ<br />

WHPSHUDWXUH 7KH SUHVVXUH GURS LQ WKH PLFURILQ<br />

WXEHLVWRKLJKHUWKDQWKDWLQWKHVPRRWK<br />

WXEH1HZFRUUHODWLRQVEDVHGRQWKHGDWDJDWKHUHG<br />

IURP WKLV ZRUN IRU SUHGLFWLQJ WKH SUHVVXUH GURS<br />

DUHSURSRVHGIRUSUDFWLFDOXVH<br />

,-7:23+$6()/2:3$77(510$36<br />

)259(57,&$/83:$5'*$6/,48,')/2:<br />

,10,1,*$3&+$11(/6<br />

$XWKRUV 3RQJVLUL6DWLWFKDLFKDURHQ<br />

6RPFKDL:RQJZLVHV<br />

3XEOLVKHG ,QWHUQDWLRQDO-RXUQDORI0XOWLSKDVH<br />

)ORZ9RO1R)HEUXDU\<br />

SS<br />

7KLVSDSHUSUHVHQWVQHZGDWDWRFODULI\WKH<br />

IORZ SDWWHUQV RI YHUWLFDO XSZDUG JDVOLTXLG WZR<br />

SKDVHIORZLQPLQLJDSUHFWDQJXODUFKDQQHOV$LU<br />

ZDWHU DLU ZW JO\FHURO VROXWLRQ DQG DLU<br />

ZW JO\FHURO VROXWLRQ ZHUH XVHG DV ZRUNLQJ<br />

IOXLGV9DULRXVUHFWDQJXODUWHVWVHFWLRQVPPî<br />

PPPPîPPPPîPPPPî<br />

PPDQGPPîPPDWDQHTXDOOHQJWKRI<br />

PZHUHXVHGLQWKHH[SHULPHQWV7KHDLUIORZZDV<br />

VORZO\ LQFUHDVHGZKLOHWKHOLTXLGIORZ ZDV IL[HG<br />

DW D SUHVHOHFWHG YDOXH 7KH IORZ SKHQRPHQD<br />

ZKLFK ZHUH EXEEO\ IORZ FDSEXEEO\ IORZ VOXJ<br />

IORZFKXUQIORZDQGDQQXODUIORZZHUHREVHUYHG<br />

DQGUHFRUGHGE\KLJKVSHHGFDPHUD%XEEO\IORZ<br />

SDWWHUQ ZDV IRXQG RQO\ LQ WKH PP î PP<br />

UHFWDQJXODU FKDQQHO IRU DLUZDWHU 7KH IORZ<br />

SDWWHUQPDSVZHUHSUHVHQWHGDVDIXQFWLRQRIWKH<br />

VXSHUILFLDOYHORFLW\RIERWKSKDVHV7KHHIIHFWVRI<br />

JDSVL]HFKDQQHOZLGWKDQGOLTXLGYLVFRVLW\RQWKH<br />

IORZSDWWHUQWUDQVLWLRQVZHUHH[DPLQHG$WD<br />

VSHFLILF JDS VL]H ZKHQ WKH FKDQQHO ZLGWK LV<br />

LQFUHDVHG WKH RQVHW RI WUDQVLWLRQ IURP WKH FDS<br />

EXEEO\IORZUHJLRQWRWKHVOXJIORZUHJLRQ&%6<br />

VKLIWHGWRDKLJKHUYDOXHRIVXSHUILFLDODLUYHORFLW\<br />

,GHQWLFDO VKLIWV ZHUH IRXQG IRU WKH VOXJ IORZ<br />

UHJLRQWRWKHFKXUQIORZUHJLRQ6&DQGWKH<br />

FKXUQIORZUHJLRQWRWKHVOXJ IORZUHJLRQ&$<br />

7KHVDPHUHVXOWVZHUHREVHUYHGZKHQWKHFKDQQHO<br />

ZLGWK ZDV IL[HG DQG JDS VL]H ZDV YDULHG 7KH<br />

HIIHFWRIYLVFRVLW\RQWKHIORZSDWWHUQPDSLVYHU\<br />

LQWHUHVWLQJ )RU WKH VDPH WHVW VHFWLRQ DV OLTXLG<br />

ZLWK D KLJKHU YLVFRVLW\ ZDV XVHG WKH &%6<br />

WUDQVLWLRQ OLQH VKLIWHG WR D ORZHU YDOXH RI<br />

VXSHUILFLDO DLU YHORFLW\ ZKLOH WKH 6& WUDQVLWLRQ<br />

OLQHDQGWKH&$WUDQVLWLRQOLQHVKLIWHGWRDKLJKHU<br />

YDOXHRIVXSHUILFLDODLUYHORFLW\7KHSUHVHQWIORZ<br />

SDWWHUQ PDSV DUH EDVHG RQ WKH VXSHUILFLDO<br />

YHORFLWLHV RI DLU ZDWHU DQG JO\FHURO VROXWLRQ DOO<br />

WKH WUDQVLWLRQV EHWZHHQ WZR IORZ SDWWHUQV DUH<br />

GHSHQGHQW RQ WKH IOXLG QDWXUH 7KHUHIRUH WKHVH<br />

PDSV PD\ EH QRW DSSOLFDEOH WR RWKHU IOXLGV<br />

+RZHYHU WKH H[SHULPHQWDO UHVXOWV ZLOO EH XVHIXO<br />

WR SURYLGH D EHWWHU XQGHUVWDQGLQJ RI WKH ERLOLQJ<br />

EHKDYLRU LQ PLQL FKDQQHOV )RU IXUWKHU<br />

LQYHVWLJDWLRQV WKH SKDVLF :HEHU QXPEHUV DUH<br />

UHFRPPHQGHG IRU WKH V\VWHP SDUDPHWHUV RI WKH<br />

IORZSDWWHUQWUDQVLWLRQV<br />

,-+($775$16)(5$1'7:23+$6(<br />

)/2:&+$5$&7(5,67,&62)<br />

5()5,*(5$176)/2:,1*81'(59$5,('<br />

+($7)/8;,1$'28%/(3,3(<br />

(9$325$725<br />

$XWKRUV :LVLV6ULSDWWUDSDQ<br />

7DZDWFKDL:RQJFKDQJ<br />

6RPFKDL:RQJZLVHV<br />

3XEOLVKHG +HDWDQG0DVV7UDQVIHU9RO<br />

1RSS<br />

$ PDWKHPDWLFDO PRGHO EDVHG RQ WKH<br />

DQQXODUIORZSDWWHUQLVGHYHORSHGWRVLPXODWHWKH<br />

HYDSRUDWLRQRIUHIULJHUDQWVIORZLQJXQGHUYDULHGKHDW<br />

IOX[LQD GRXEOHWXEHHYDSRUDWRU7KHILQLWH<br />

GLIIHUHQFH IRUP RI JRYHUQLQJ HTXDWLRQV RI WKLV<br />

SUHVHQWPRGHOLVGHULYHGIURPWKHFRQVHUYDWLRQRI<br />

PDVV HQHUJ\ DQG PRPHQWXP 7KH H[SHULPHQWDO<br />

VHWXSLV GHVLJQHG DQG FRQVWUXFWHG WR SURYLGH WKH<br />

H[SHULPHQWDO GDWD IRU YHULI\LQJ WKH VLPXODWLRQ<br />

UHVXOWV 7KH WHVW VHFWLRQ LV D P ORQJ<br />

FRXQWHUILRZ GRXEOH WXEH KHDW H[FKDQJHU ZLWK D<br />

UHIULJHUDQW IORZLQJ LQ WKH LQQHU WXEH DQG KHDWLQJ<br />

ZDWHU IORZLQJ LQ WKH DQQXOXV 7KH LQQHU WXEH LV<br />

PDGHIURPVPRRWKKRUL]RQWDOFRSSHUWXELQJRI<br />

PPRXWHUGLDPHWHUDQGPPLQQHUGLDPHWHU7KH<br />

DJUHHPHQWRIWKHPRGHOZLWKWKHH[SHULPHQWDOGDWD<br />

LVVDWLVIDFWRU\7KH SUHVHQW PRGHO FDQ EH XVHG WR<br />

LQYHVWLJDWH WKH D[LDO GLVWULEXWLRQV RI WKH<br />

WHPSHUDWXUHKHDWWUDQVIHUFRHIILFLHQWDQGSUHVVXUH<br />

GURS RI YDULRXV UHIULJHUDQWV 0RUHRYHU WKH<br />

HYDSRUDWLRQUDWH RU WKH RWKHU UHOHYDQW SDUDPHWHUV<br />

WKDW LV GLIILFXOWWR PHDVXUH LQ WKH H[SHULPHQW DUH<br />

SUHGLFWHGDQGSUHVHQWHGKHUH7KHUHVXOWVIURPWKH<br />

<br />

,QWHUQDWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SUHVHQW PDWKHPDWLFDO PRGHO VKRZ WKDW WKH<br />

VDWXUDWLRQ SUHVVXUH DQG WHPSHUDWXUH RI UHIULJHUDQW<br />

GHFUHDVHDORQJWKHWXEHGXHWRWKHWXEHZDOOIULFWLRQ<br />

DQGWKHIORZ DFFHOHUDWLRQ RI UHIULJHUDQW7KH OLTXLG<br />

KHDW WUDQVIHU FRHIILFLHQW LQFUHDVHV ZLWK WKH D[LDO<br />

OHQJWK GXH WR UHGXFLQJ WKH WKLFNQHVV RI WKH OLTXLG<br />

UHIULJHUDQWILOP 'XH WRLQFUHDVH RI WKH OLTXLG KHDW<br />

WUDQVIHU FRHIILFLHQW LQFUHDVLQJ ZDOO KHDW IOX[ LV<br />

REWDLQHG )LQDOO\ WKH HYDSRUDWLRQ UDWH RI<br />

UHIULJHUDQW LQFUHDVHV ZLWK LQFUHDVLQJ ZDOO KHDW<br />

IOX[<br />

,-3(5)250$1&(2)60227+$1'<br />

0,&52),178%(6,1+,*+0$66)/8;<br />

5(*,212)5$'85,1*(9$325$7,21<br />

$XWKRUV -LWWUDSRUQ:RQJVDQJDP<br />

7KLSMDN1XDOERRQUXHQJ<br />

6RPFKDL:RQJZLVHV<br />

3XEOLVKHG +HDWDQG0DVV7UDQVIHU9RO<br />

SS<br />

7KH WZRSKDVH KHDW WUDQVIHU FRHIILFLHQW<br />

DQG SUHVVXUH GURS GXULQJ HYDSRUDWLRQ RI SXUH 5<br />

D LQ VPRRWK DQG PLFURILQ WXEHV DUH<br />

H[SHULPHQWDOO\ LQYHVWLJDWHG 'LIIHUHQW IURP PRVW<br />

SUHYLRXV VWXGLHV WKH SUHVHQW H[SHULPHQWV KDYH<br />

EHHQSHUIRUPHGDWKLJKPDVVIOX[FRQGLWLRQV7KH<br />

WHVWVHFWLRQLVDPORQJFRXQWHUIORZKRUL]RQWDO<br />

GRXEOH WXEH KHDW H[FKDQJHU ZLWK UHIULJHUDQW IORZ<br />

LQVLGH WKH WXEH ZKLOH KRW ZDWHU IORZV LQ WKH<br />

DQQXODVWKHLQQHUWXEHVDUHPDGHIURPVPRRWKRU<br />

PLFURILQ KRUL]RQWDO FRSSHU WXELQJ RI PP<br />

RXWHUGLDPHWHU7KHWHVWUXQVDUHGRQHDWDYHUDJH<br />

VDWXUDWHG HYDSRUDWLQJ WHPSHUDWXUHV UDQJLQJ<br />

EHWZHHQ DQG R F 7KH PDVV IOX[HV DUH EH<br />

WZHHQ DQG NJP V 7KH H[SHULPHQWDO<br />

UHVXOWVRIERWKVPRRWKDQG PLFURILQ WXEHV VKRZ<br />

WKDW WKH DYHUDJH KHDW WUDQVIHU FRHIILFLHQW WHQGV WR<br />

LQFUHDVHZLWKDQLQFUHDVHRIDYHUDJHTXDOLW\PDVV<br />

IOX[ DQG HYDSRUDWLQJ WHPSHUDWXUH 7KH SUHVVXUH<br />

GURSLQFUHDVHVZLWKDQLQFUHDVHRIDYHUDJHTXDOLW\<br />

DQGPDVVIOX[EXWWHQGVWRVOLJKWO\GHFUHDVHZLWKD<br />

ULVHRIHYDSRUDWLQJWHPSHUDWXUH7KHDYHUDJHKHDW<br />

WUDQVIHUFRHIILFLHQWRIWKHPP 2'PLFURILQ<br />

WXEH LV WR KLJKHU WKDQ WKDW RI WKH <br />

PP 2' VPRRWK WXEH ZKLOH WKH SUHVVXUH GURS LV<br />

WR KLJKHU 1HZ FRUUHODWLRQV IRU WKH<br />

HYDSRUDWLRQ KHDW WUDQVIHU FRHIILFLHQW DQG SUHVVXUH<br />

GURS LQ KLJK PDVV IOX[ UHJLRQ RI 5D DUH<br />

SURSRVHGIRUSUDFWLFDOXVH<br />

,-7+(685)$&(&20%86725+($7(5<br />

:,7+&


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

$UXQ60XMXPGDU<br />

3XEOLVKHG 'U\LQJ7HFKQRORJ\9RO1R<br />

SS<br />

8VLQJ FDUURW FXEHV DV D PRGHO KHDW<br />

VHQVLWLYH PDWHULDO H[SHULPHQWDO LQYHVWLJDWLRQV<br />

ZHUH FRQGXFWHG WR H[DPLQH WKH GU\LQJ NLQHWLFV<br />

DQG YDULRXV TXDOLW\ SDUDPHWHUV RI WKH GULHG<br />

SURGXFW XQGHUJRLQJ ERWK ORZSUHVVXUH<br />

VXSHUKHDWHGVWHDPDQGYDFXXPGU\LQJ(IIHFWVRI<br />

RSHUDWLQJ SDUDPHWHUV VXFK DV SUHVVXUH DQG<br />

WHPSHUDWXUH RQ WKH GU\LQJ FKDUDFWHULVWLFV DV ZHOO<br />

DV TXDOLW\ DWWULEXWHV LH YROXPH VKULQNDJH<br />

DSSDUHQWGHQVLW\FRORUDQGUHK\GUDWLRQEHKDYLRU<br />

RI WKH GULHG SURGXFW XQGHUZHQW WKH WZR GU\LQJ<br />

SURFHVVHV ZHUH DOVR HYDOXDWHG DQG FRPSDUHG<br />

$OWKRXJK ORZSUHVVXUH VWHDP GU\LQJ UHTXLUHG<br />

ORQJHU GZHOO WLPH WR DFKLHYH WKH VDPH ILQDO<br />

PRLVWXUHFRQWHQWWKDQYDFXXPGU\LQJVRPHRIWKH<br />

TXDOLW\ DWWULEXWHVZHUHVXSHULRUWRWKRVHREWDLQHG<br />

LQYDFXXPGU\LQJ<br />

,-3$67,1*&+$5$&7(5,67,&62)<br />

:+($7)/285%$6('%$77(56<br />

&217$,1,1*&(//8/26((7+(56<br />

$XWKRUV 6ULVXZDQ1DUXHQDUWZRQJVDNXO<br />

0DQMHHW6&KLQQHQ<br />

6DNDULQGU%KXPLUDWDQD<br />

7LSDSRUQPHWK\OFHOOXORVH<br />

0& DQG K\GUR[\SURS\O PHWK\OFHOOXORVH<br />

+30&@ RQ SDVWLQJ SURSHUWLHV RI ZKHDW IORXU<br />

EDVHGEDWWHUVZHUHFKDUDFWHUL]HGXVLQJ%UDEHQGHU<br />

9LVFR$P\ORJUDSK)LUVWWKUHHW\SHVRIFHOOXORVH<br />

HWKHUV $0 (0 DQG .0 ZHUH VWXGLHG<br />

$GGLWLRQ RI $0 PHWK\OFHOOXORVH KDG WKH<br />

VWURQJHVW HIIHFW RQ SDVWLQJ SURSHUWLHV 7KHUH ZDV<br />

QR VLJQLILFDQW GLIIHUHQFH LQ KRW SDVWH VWDELOLW\<br />

+36DPRQJW\SHVRIFHOOXORVHHWKHUV1H[W0&<br />

J J IORXU ZLWK WKUHH GLVWLQFW QXPEHUV<br />

DYHUDJH PROHFXODU ZHLJKW 0 Q ZDV IXUWKHU<br />

VWXGLHG 0 Q RI 0& GLG QRW DIIHFW SDVWLQJ<br />

WHPSHUDWXUH 37 DQG +36 &RQYHUVHO\ 0 Q<br />

LQFUHDVH XS WR UHVXOWHG LQ KLJKHU SDVWH<br />

YLVFRVLW\ YDOXHV $GGLWLRQDOO\ LQFUHDVH LQ WKH<br />

FRQFHQWUDWLRQ RI 0& UHVXOWHG LQ ORZHU 37 DQG<br />

KLJKHU SDVWH YLVFRVLW\ YDOXHV ZLWK WKH H[FHSWLRQ<br />

RI YLVFRVLW\ DIWHU KROGLQJ SHULRG RI VOXUULHV<br />

FRQWDLQLQJ $0 ZKLFK ZHUH QRW VLJQLILFDQWO\<br />

GLIIHUHQW 2QO\ +36 RI VOXUULHV FRQWDLQLQJ $<br />

GHFUHDVHGZLWKLQFUHDVHLQWKHFRQFHQWUDWLRQ<br />

,-,1)/8(1&(2)0(7+


$PSDZDQ7DQVDNXO<br />

3XEOLVKHG -RXUQDORI)RRG(QJLQHHULQJ9RO<br />

1RSS<br />

7KH UKHRORJLFDO SURSHUWLHV RI FRFRQXW<br />

PLON ZLWK GLIIHUHQW IDW FRQWHQW ZHUH<br />

VWXGLHGDWDUDQJHRIWHPSHUDWXUHVRIƒ&$OO<br />

VDPSOHVH[KLELWHGSVHXGRSODVWLFEHKDYLRUZLWKWKH<br />

IORZEHKDYLRULQGH[QEHWZHHQDQG<br />

7KH HIIHFW RI WHPSHUDWXUH RQ WKH DSSDUHQW<br />

YLVFRVLW\ZDVH[SODLQHGE\$UUKHQLXVUHODWLRQVKLS<br />

7KH $UUKHQLXV SDUDPHWHUV K f DQG ( D ZHUH D<br />

IXQFWLRQ RI IDW FRQFHQWUDWLRQ DQG H[SUHVVHG E\<br />

SRZHUW\SHPRGHO7KHHPSLULFDOPRGHOREWDLQHG<br />

IURPWKHVWXG\FRXOGZHOOGHVFULEHWKHFRPELQHG<br />

HIIHFW RI IDW FRQWHQW DQG WHPSHUDWXUH ZLWKLQ WKH<br />

UDQJHVRIVWXG\,WZDVFRQFOXGHGIURPWKHUHVXOWV<br />

WKDWWHPSHUDWXUHDORQJZLWKWKHFRQWULEXWLRQRIIDW<br />

FRQWHQW KDG VLJQLILFDQW HIIHFW RQ WKH UKHRORJLFDO<br />

SURSHUW\RIFRFRQXWPLON<br />

,-7+(52/(2)02,6785(029(0(17<br />

$1'&58677+(50$/3523(57


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

QLWUDWH DQG FKORULGH RQ WKH DGVRUSWLRQ RI<br />

FKURPLXP RQ WLWDQLXP GLR[LGH VXUIDFH DUH DOVR<br />

GHVFULEHG ,W LV IRXQG WKDW WKH SDWWHUQ RI<br />

FKURPLXP9, DGVRUSWLRQ RQ WLWDQLXP GLR[LGH<br />

VXUIDFHV IROORZV WKH /DQJPXLU ,VRWKHUP IRU<br />

PRQROD\HU DGVRUSWLRQ ZLWK WKH H[SUHVVHG<br />

HTXDWLRQ & H [P & H 7KH<br />

RSWLPXP S+ RI FKURPLXP 9, DGVRUSWLRQLV S+<br />

:LWKVWURQJDFLGLFDQGEDVLFS+WKHDGVRUSWLRQ<br />

RI FKURPLXP LV PLQLPDO 7KH VWXGLHG RUJDQLF<br />

DGGLWLYHVIRUPDWHHWKDQRODQGPHWKDQROSURYLGH<br />

D QHJDWLYH HIIHFW ZKLOH QLWUDWH DQG FKORULGH LRQ<br />

DOVRVKRZVDQLQKLELWLRQHIIHFWRQWKHDGVRUSWLRQ<br />

RI FKURPLXP ,QIRUPDWLRQ IURP WKLV VWXG\ LV<br />

EHQHILFLDOIRUWKHUHPRYDORIFKURPLXP9,IURP<br />

ZDWHUXVLQJWKHSKRWRFDWDO\VLVSURFHVV<br />

,-)( %$6('6


VKLIWHG WR DURXQG J/ ZKHQ WKH +%&<br />

FRQFHQWUDWLRQZDV[ 0<br />

)DFXOW\RI6FLHQFH<br />

,-),;('32,177+(25(06)25<br />

121(;3$16,9(0$33,1*6,102'8/$5<br />

63$&(6<br />

$XWKRU 3RRP.XPDP<br />

3XEOLVKHG $UFKLYXP0DWKHPDWLFXP9RO<br />

1RSS<br />

,QWKLVSDSHUZHH[WHQGVHYHUDOFRQFHSWV<br />

IURPJHRPHWU\RI%DQDFKVSDFHVWRPRGXODU<br />

VSDFHV :LWK D FDUHIXO JHQHUDOL]DWLRQ ZH FDQ<br />

FRYHU DOO FRUUHVSRQGLQJ UHVXOWV LQ WKH IRUPHU<br />

VHWWLQJ 0DLQ UHVXOW ZH SURYH VD\V WKDW LI U LV D<br />

FRQYH[ UFRPSOHWH PRGXODUVSDFH VDWLVI\LQJ WKH<br />

)DWRXSURSHUW\DQGUUXQLIRUPO\FRQYH[IRUDOOU!<br />

&DFRQYH[UFORVHGUERXQGHGVXEVHWRI; U <br />

7&o &DUQRQH[SDQVLYHPDSSLQJWKHQ7 KDVD<br />

IL[HGSRLQW<br />

,-7+(50$//


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

% 0R ZHUH PRQLWRUHG E\ 0|VVEDXHU<br />

VSHFWURVFRS\05;UD\GLIIUDFWLRQ;5'DQG<br />

GLIIHUHQWLDO VFDQQLQJ FDORULPHWU\ '6&<br />

0|VVEDXHU VSHFWUD ZHUH ILWWHG E\ XVLQJ WKH 3&<br />

026 ,, SURJUDP WR REWDLQ VXFK SDUDPHWHUV DV<br />

K\SHUILQH ILHOG LVRPHU VKLIW DQG TXDGUXSROH<br />

VSOLWWLQJ RI VDPSOHV DQQHDOHG IRU WZR KRXUV LQ<br />

DUJRQ DW GLIIHUHQW WHPSHUDWXUHV 7KH FKDQJH LQ<br />

GLUHFWLRQ RI ORFDO PDJQHWL]DWLRQ DQG WKH<br />

WUDQVIRUPDWLRQRI DPRUSKRXV WR FU\VWDOOLQH SKDVH<br />

ZHUH REVHUYHG +HDW WUHDWPHQWV QHDU WKH<br />

FU\VWDOOL]DWLRQ WHPSHUDWXUH EHWZHHQ ƒ&<br />

UHVXOWHG LQ QDQRJUDLQV RI D)H D)H6L DQG W<br />

)H % HPEHGGHG LQ WKH UHPDLQLQJ XQFU\VWDOOL]HG<br />

DPRUSKRXV PDWUL[ '6& GDWD VKRZHG WKDW WKH<br />

ULEERQ H[KLELWHG WZRVWHS FU\VWDOOL]DWLRQV DW <br />

ƒ&DQGƒ&UHVSHFWLYHO\7KHILUVWFU\VWDOOL]D<br />

WLRQFRUUHVSRQGHGPDLQO\WRVRIWIHUURPDJQHWLFD<br />

)H D)H6L DQG VRPH PLQRU W)H % SKDVH<br />

IRUPDWLRQV ZKLOH WKH VHFRQG FRUUHVSRQGHG WR W<br />

)H %SKDVH)XUWKHUKHDWWUHDWPHQWDWƒ&OHG<br />

WR FRPSOHWH FU\VWDOOL]DWLRQV DW ZKLFK WKH<br />

IHUURPDJQHWLF SKDVHV D)H DQG D)H6L<br />

WUDQVIRUPHG WR D SDUDPDJQHWLF SKDVH IFF)H1L<br />

DQG IHUURPDJQHWLF SKDVHV RI D)H1L W)H % W<br />

)H % DQG 1L 6L UHVSHFWLYHO\ 'XH WR WKH KLJK<br />

PDJQHWLFDQLVRWURS\RIW)H %DQGRWKHUSKDVHVDV<br />

ZHOODVWRNHHSWKHFU\VWDOOLWHVLQWKHQDQRUHJLRQ<br />

WKH )H 1L 6L% 0R ULEERQ VKRXOG QRW EH<br />

KHDWHG DERYH ƒ& IRU WKH VXSHULRU PDJQHWLF<br />

SURSHUWLHV<br />

,-',5(&7'


3XEOLVKHG 7KH-RXUQDORI*HQHUDODQG$SSOLHG<br />

0LFURELRORJ\9RO1R-XQH<br />

SS<br />

)RXU VWUDLQV RI DFHWLF DFLG EDFWHULD ZHUH<br />

LVRODWHG IURP IORZHUV FROOHFWHG LQ 7KDLODQG ,Q<br />

SK\ORJHQHWLF WUHHV EDVHG RQ 6 U51$ JHQH<br />

VHTXHQFHVDQG66U'1$LQWHUQDOWUDQVFULEHG<br />

VSDFHU ,76 UHJLRQ VHTXHQFHV WKH IRXU LVRODWHV<br />

ZHUH ORFDWHG LQ WKH OLQHDJH RI WKH JHQXV<br />

*OXFRQREDFWHU DQG FRQVWLWXWHG D VHSDUDWH FOXVWHU<br />

IURP WKH NQRZQ *OXFRQREDFWHU VSHFLHV<br />

*OXFRQREDFWHU R[\GDQV *OXFRQREDFWHU FHULQXV<br />

DQG *OXFRQREDFWHU IUDWHXULL ,Q DGGLWLRQ WKH<br />

LVRODWHV ZHUH GLVWLQJXLVKHG IURP WKH NQRZQ<br />

VSHFLHV E\ UHVWULFWLRQ DQDO\VLV RI 66 U'1$<br />

,76 UHJLRQ 3&5 SURGXFWV XVLQJ WKUHH UHVWULFWLRQ<br />

HQGRQXFOHDVHV %VS, 0ER,, DQG $YD,, 7KH<br />

'1$ EDVH FRPSRVLWLRQ RI WKH LVRODWHV UDQJHG<br />

IURP PRO *& 7KH IRXU LVRODWHV<br />

FRQVWLWXWHGDWD[RQVHSDUDWHIURP*R[\GDQV*<br />

FHULQXV DQG * IUDWHXULL RQ WKH EDVLV RI '1$<br />

'1$ VLPLODULWLHV 0RUSKRORJLFDOO\<br />

SK\VLRORJLFDOO\ DQG ELRFKHPLFDOO\ WKH IRXU<br />

LVRODWHVZHUHYHU\VLPLODUWRWKHW\SHVWUDLQVRI*<br />

R[\GDQV * FHULQXV DQG * IUDWHXULL KRZHYHU<br />

WKHLVRODWHVZHUHGLVFULPLQDWHGLQWKHLUJURZWKDW<br />

ƒ& IURP WKH W\SH VWUDLQV RI * FHULQXV DQG *<br />

IUDWHXULL DQG LQ WKHLU JURZWK RQ /DUDELWRO DQG<br />

PHVRULELWRO IURP WKH W\SH VWUDLQ RI * R[\GDQV<br />

7KH LVRODWHV VKRZHG QR DFLG SURGXFWLRQ IURP<br />

P\RLQRVLWRORUPHOLELRVHZKLFKGLIIHUHGIURPWKH<br />

W\SHVWUDLQVRIWKHWKUHHNQRZQVSHFLHV7KHPDMRU<br />

XELTXLQRQHKRPRORJXHZDV42QWKHEDVLVRI<br />

WKH UHVXOWV REWDLQHG *OXFRQREDFWHU WKDLODQGLFXV<br />

VS QRY ZDV SURSRVHG IRU WKH IRXU LVRODWHV 7KH<br />

W\SH VWUDLQ LV LVRODWH ) 7 %&&<br />

7 1%5& 7 -&0 7 7,675<br />

7 3&8 7 ZKLFK KDG PRO *&<br />

LVRODWHG IURP D IORZHU RI WKH ,QGLDQ FRUN WUHH<br />

0LOOLQJWRQLD KRUWHQVLV FROOHFWHG LQ %DQJNRN<br />

7KDLODQG<br />

,-$33/,&$%,/,7


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

DGVRUSWLRQ FDSDFLW\ IRU WKH UHG LQN ZDV <br />

PJJRIPHWDOK\GUR[LGHVOXGJH&RPSDULVRQZLWK<br />

FRQYHQWLRQDO IORFFXODQWV VKRZV WKDW PHWDO<br />

K\GUR[LGH VOXGJH ZDV PRVW HIIHFWLYH LQ UHPRYDO<br />

RI FRORU 7UHQGV IRU FRORU UHPRYDO IRU UHG EOXH<br />

DQG\HOORZLQNVZHUHVLPLODU7UHDWPHQWRIZDWHU<br />

EDVHG LQN ZDVWHZDWHU IURP D UHDO IOH[RJUDSKLF<br />

SULQWHUZDVDFKLHYHGE\FRDJXODWLRQRIWKHKLJKO\<br />

WXUELG ZDVWHZDWHU ZLWK YY RI VXOIXULF<br />

DFLG DQG XVLQJ ZY RI PHWDO K\GUR[LGH<br />

VOXGJHWRUHPRYHWKHUHVLGXDOFRORU7KLVUHVXOWHG<br />

LQ WKH RSWLPXP FRORU S+ DQG &2' YDOXHV RI<br />

WUHDWHG ZDWHU ZLWK KHDY\ PHWDOV EHORZ WKH<br />

VWDQGDUGOLPLWDWLRQV<br />

)DFXOW\RI(QHUJ\DQG0DWHULDOV<br />

,-&5@ RU QHDU>@ SUHIHUUHG<br />

RULHQWDWLRQ DORQJ WKH UROOLQJ GLUHFWLRQ LQ WKH<br />

)H *D DOOR\ZLWKPROSFW1E&ƒ&±<br />

KRXUWUHDWPHQWZDVIRXQGWRSURYLGHWKHVWURQJHVW<br />

>@RULHQWDWLRQDPRQJWKHFRQGLWLRQVH[DPLQHG<br />

6LPLODU WUHQGV DUH REVHUYHG IRU WKH FDVH RI<br />

)H $O DOOR\ZLWKPROSFW1E&<br />

,-5$5(($57+)5(()(*$%$6('<br />

0$*1(72675,&7,9($//2


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

3XEOLVKHG 0DFURPROHFXODU6\PSRVLD9RO<br />

1RSS<br />

7KLVUHVHDUFKZRUNKDVFRQFHUQHGDVWXG\<br />

RQWRXJKQHVVRI39&QDWXUDOUXEEHU15EOHQGV<br />

FRPSDWLELOL]HG ZLWK HSR[LGL]HG QDWXUDO UXEEHU<br />

(15 7KH DLP RI WKLV ZRUN ZDV WR LQYHVWLJDWH<br />

WKHHIIHFWRIGHJUHHRIHSR[LGDWLRQRQPRUSKRORJ\<br />

DQG PHFKDQLFDO SURSHUWLHV RI WKH EOHQGV<br />

(SR[LGL]HG QDWXUDO UXEEHU ZLWK D YDULHW\ RI<br />

HSR[LGDWLRQ FRQWHQWV ZHUH SUHSDUHG E\ UHDFWLQJ<br />

WKH 15 ODWH[ ZLWK IRUPLF DFLG DQG K\GURJHQ<br />

SHUR[LGH DW YDULRXV FKHPLFDO FRQWHQWV &KHPLFDO<br />

VWUXFWXUH DQG HSR[LGDWLRQ FRQWHQW RI HSR[LGL]HG<br />

QDWXUDO UXEEHU ZHUH HYDOXDWHG E\ )7,5 DQG +<br />

105WHFKQLTXHV$IWHUWKDWWKUHHJUDGHVRI(15<br />

ZLWKHSR[LGDWLRQFRQWHQWVRIDQGE\<br />

PROH ZHUH IXUWKHU XVHG IRU EOHQGLQJ ZLWK 39&<br />

DQG15LQDQLQWHUQDOPL[HUDWUSPDQGDW<br />

ƒ& )URP WHQVLOH DQG LPSDFW WHVWV LW ZDV IRXQG<br />

WKDWWHQVLOHHORQJDWLRQDQGLPSDFWVWUHQJWKRIWKH<br />

PDWHULDOV UHPDUNDEO\ LQFUHDVHG ZLWK GHJUHH RI<br />

HSR[LGDWLRQ 2Q WKH RWKHU KDQG WHQVLOH VWUHQJWK<br />

DQGPRGXOXVRIWKHPDWHULDOVUDUHO\FKDQJHGZLWK<br />

WKHHSR[LGDWLRQFRQWHQW$QLQFUHDVHLQWRXJKQHVV<br />

RIWKHEOHQGVZLWKHSR[LGDWLRQFRQWHQWZDVUHODWHG<br />

WRDEHWWHUPROHFXODULQWHUDFWLRQEHWZHHQ39&DQG<br />

(15 DV VXJJHVWHG E\ WRUTXHWLPH FXUYHV RI WKH<br />

PDWHULDOV<br />

,-())(&72)+($775($70(1721<br />

0,&526758&785($1'3523(57,(62)<br />

6(0,62/,'&+520,80&$67,521<br />

$XWKRUV 1XFKWKDQD3RROWKRQJ<br />

+LUR\XNL1RPXUD<br />

0LWVXKDUX7DNLWD<br />

3XEOLVKHG 0DWHULDOV7UDQVDFWLRQV9RO<br />

1RSS<br />

6HPLVROLGSURFHVVHG&UDQG&U<br />

FDVWLURQVZHUHSURGXFHGE\XVLQJFRSSHUFRROLQJ<br />

SODWH DQG PHWDO PROG $ VHULHV RI H[SHULPHQWV<br />

ZHUH FDUULHG RXW WR FODULI\ WKH HIIHFW RI KHDW<br />

WUHDWPHQW RQ PLFURVWUXFWXUH KDUGQHVV ZHDU<br />

SURSHUWLHV DQG FRUURVLRQ FKDUDFWHULVWLFV 7KH<br />

UHVXOWV VKRZ WKDW &U DOOR\V SRVVHVV EHWWHU<br />

DEUDVLYH UHVLVWDQFH WKDQ &U DOOR\V GXH WR<br />

KLJKHU FDUELGH YROXPH XQGHU DOO WKH FRQGLWLRQV<br />

ZKHQWHVWHGE\GU\VDQGUXEEHUZKHHOZLWKVLOLFD<br />

DEUDVLYH +RZHYHU &U DOOR\V VKRZ KLJKHU<br />

ZHDU UHVLVWDQFH WKDQ &U DOOR\V ZKHQ XVLQJ<br />

VXSHU KDUG DOOR\ GLVN DJDLQVW WKH VSHFLPHQ SODWH<br />

VXUIDFH7KHKDUGHUGLVNLQGHQWLQWRWKHFDUELGHV<br />

,QWHUQDWLRQDO-RXUQDO<br />

OHDGVWRVSDOOLQJDQGSLWWLQJDQGWKHUHIRUHJUHDWHU<br />

ZHDU UDWH )RU WKH FRUURVLRQ WHVW UHVXOW &U<br />

DOOR\V KDYH EHWWHU FRUURVLRQ UHVLVWDQFH WKDQ <br />

&UDOOR\VDVDUHVXOWRIKLJKHUFKURPLXPFRQWHQW<br />

$FRPELQDWLRQRIVHPLVROLGSURFHVVLQJDQGKHDW<br />

WUHDWPHQWLPSURYHVZHDUUHVLVWDQFHDQGFRUURVLRQ<br />

UHVLVWDQFHRIFKURPLXPFDVWLURQ<br />

,-())(&72)02,6785(&217(1721<br />

0(&+$1,&$/3523(57,(67+(50$/$1'<br />

6758&785$/67$%,/,7


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

DUHVXOWRIWKHHYDSRUDWLRQRIZDWHUPROHFXOHVDQG<br />

WKHDSSOLFDWLRQRIDKLJKVKHDUUDWH<br />

,-())(&762)$&5


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

VSHFLILHGIDFWRU\5%)DQGKRXVHV5%+ZHUH<br />

H[DPLQHGEHIRUHDQGDIWHU89LUUDGLDWLRQDW<br />

QP 89 ZDYHOHQJWK IRU GLIIHUHQW SHULRGV RI WLPH<br />

XS WR GD\V 7KH UHVXOWV LQGLFDWHG WKDW ZKHQ<br />

H[SRVHG WR 89 OLJKW WKH 5%)9% EOHQGV<br />

FRQWDLQLQJ JUHDWHU FRQMXJDWHG GRXEOH ERQGV ZLWK<br />

KLJKHU\HOORZQHVVLQGH[DSSHDUHGWRH[KLELWEHWWHU<br />

PHFKDQLFDOSHUIRUPDQFHWKDQWKDWRIWKH5%<br />

+9% EOHQGV ,W ZDV IRXQG WKDW WKH DPRXQW RI<br />

FRQMXJDWHGGRXEOHERQGVZDVQRWDOLQHDUIXQFWLRQ<br />

RI WKH GLVFRORUDWLRQ OHYHO RI 39& FRPSRXQGV<br />

7HQVLOH VWUHQJWK RI WKH 9% FRPSRXQGV ZDV QRW<br />

DIIHFWHG ZKHQ LQFRUSRUDWHG ZLWK 5%) UHF\FODWH<br />

EXWSURJUHVVLYHO\GHFUHDVHGZLWKLQFUHDVLQJ5%+<br />

UHF\FODWH $Q RSWLPXP FRQFHQWUDWLRQ IRU 5%<br />

UHF\FODWHV WR EH DGGHG LQWR WKH YLUJLQ FRPSRXQG<br />

ZDV UHFRPPHQGHG IRU REWDLQLQJ D PD[LPXP<br />

LPSDFWVWUHQJWK%RWKWHQVLOHDQGLPSDFWVWUHQJWKV<br />

GHFUHDVHG ZLWK LQFUHDVLQJ 89 H[SRVXUH WLPH D<br />

VHYHUH GHJUDGDWLRQ EHLQJ REYLRXV DIWHU D 89<br />

H[SRVXUH WLPH RI GD\V +DUGQHVV ZDV QRW<br />

DIIHFWHG VLJQLILFDQWO\ E\ WKH DGGLWLRQ RI 39&<br />

UHF\FODWH EXW LQFUHDVHG ZLWK LQFUHDVLQJ 89<br />

H[SRVXUHWLPH<br />

,-$02',),('0(7+2')25<br />

&$/&8/$7,1*7+(,03$&7)$&72562)<br />

-2851$/6,1,6,-2851$/&,7$7,21<br />

5(3257632/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

FRDWLQJE\WKH&5WHFKQLTXHLQFUHDVHGDWORZVHOI<br />

URWDWLQJ YHORFLW\ DQG GHFUHDVHG ZLWK KLJKHU VHOI<br />

URWDWLQJYHORFLW\ZKLOHWKDWE\WKH$&5WHFKQLTXH<br />

ZDV GHSHQGHQW RQ WKH VSHHG RI WKH FDWKRGH VHOI<br />

URWDWLQJ 7KH FXUUHQW GHQVLW\ GLG QRW DIIHFW WKH<br />

SDUWLFOH FRQWHQW DQG DYHUDJH FRDWLQJ KDUGQHVV LQ<br />

DOO WHFKQLTXHV XVHG7KH$&5WHFKQLTXHZDV<br />

UHFRPPHQGHG ZKHQ UHTXLULQJ KLJK SDUWLFOH<br />

LQFRUSRUDWLRQLQWKHFRDWLQJDQGKLJKKDUGQHVVRI<br />

WKHFRDWLQJ<br />

,-$1$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

UHJDUG WR WKH HIIHFW RI WKH ORDGLQJ RI WKH ILOOHUV<br />

ZKLFKUDQJHGIURPWRSKU,QWKH15V\VWHP<br />

WKHFXUHWLPHDQGPLQLPXPDQGPD[LPXPWRUTXHV<br />

RI WKH 15 FRPSRXQGV SURJUHVVLYHO\ LQFUHDVHG DW<br />

3VL ORDGLQJV RI SKU $ UHODWLYHO\ ORZ FXUH<br />

WLPHDQGORZYLVFRVLW\RIWKH15FRPSRXQGVZHUH<br />

DFKLHYHGWKURXJKRXWWKH)$6LORDGLQJVXVHG7KH<br />

YXOFDQL]DWH SURSHUWLHVRI WKH )$6LILOOHG<br />

YXOFDQL]DWHVDSSHDUHGWREHYHU\ VLPLODUWRWKRVH<br />

RIWKH36LILOOHGYXOFDQL]DWHVDWVLOLFDFRQWHQWVRI<br />

SKU $ERYH WKHVH FRQFHQWUDWLRQV WKH<br />

SURSHUWLHVRIWKH36LILOOHGYXOFDQL]DWHVLPSURYHG<br />

ZKHUHDV WKRVH RI WKH )$6LILOOHG FRPSRXQGV<br />

UHPDLQHG WKH VDPH ,Q WKH 6%5 V\VWHP WKH<br />

FKDQJLQJ WUHQGV RI DOO RI WKH SURSHUWLHV RI WKH<br />

ILOOHG6%5YXOFDQL]DWHVZHUHYHU\VLPLODUWRWKRVH<br />

RI WKH ILOOHG 15 YXOFDQL]DWHV H[FHSW IRU WKH<br />

WHQVLOH DQG WHDU VWUHQJWKV )RU D JLYHQ UXEEHU<br />

PDWUL[DQGVLOLFDFRQWHQWWKHGLVFUHSDQFLHVLQWKH<br />

UHVXOWV EHWZHHQ 36L DQG )$6L ZHUH DVVRFLDWHG<br />

ZLWK ILOOHUILOOHU LQWHUDFWLRQV ILOOHU SDUWLFOH VL]H<br />

DQGWKHDPRXQWRIQRQUXEEHULQWKHYXOFDQL]DWHV<br />

:LWK WKH HIIHFW RI WKH )$6L SDUWLFOHV RQ WKH<br />

PHFKDQLFDO SURSHUWLHV RI WKH 15 DQG 6%5<br />

YXOFDQL]DWHV FRQVLGHUHG ZH UHFRPPHQG IO\ DVK<br />

SDUWLFOHVDVDILOOHULQ15DWVLOLFDFRQFHQWUDWLRQV<br />

RISKUEXWQRWLQ6%5V\VWHPVH[FHSWZKHQ<br />

LPSURYHPHQW LQ WKH WHQVLOH DQG WHDU SURSHUWLHV LV<br />

UHTXLUHG<br />

,-$3$5$//(/&2(;7586,21<br />

7(&+1,48()256,08/7$1(286<br />

0($685(0(1762)5$',$/',(6:(//<br />

$1'9(/2&,7


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

PD[LPXP VZHOOLQJ SHDN RI WKH PHOW DSSHDUHG WR<br />

VKLIW WR KLJKHU PDJQHWLF IOX[ GHQVLW\ DQG WKH<br />

YDOXH RI WKH PD[LPXP VZHOO GHFUHDVHG ZLWK<br />

LQFUHDVLQJ ZDOO VKHDU UDWH DQG GLH WHPSHUDWXUH<br />

7KH HIIHFW RI PDJQHWLF WRUTXH RQ WKH H[WUXGDWH<br />

VZHOOUDWLRRI36PHOWZDVPRUHSURQRXQFHGZKHQ<br />

H[WUXGLQJWKHPHOWDWORZVKHDUUDWHVDQGORZGLH<br />

WHPSHUDWXUHV )RU UDGLDO H[WUXGDWH VZHOO DQG<br />

YHORFLW\SURILOHVWKHUDGLDOVZHOOUDWLRIRUDJLYHQ<br />

VKHDUUDWHGHFUHDVHGZLWKLQFUHDVLQJU5SRVLWLRQ<br />

7KHUHZHUHWZRUHJLRQVZKHUHWKHFKDQJHVLQWKH<br />

H[WUXGDWHVZHOOUDWLRDFURVVWKHGLHGLDPHWHUZHUH<br />

REYLRXVZLWKFKDQJLQJPDJQHWLFWRUTXHDQGVKHDU<br />

UDWHRQHDURXQGWKHGXFWFHQWHUDQGWKHRWKHU<br />

DURXQG U5 RI 7KH FKDQJHV LQ WKH<br />

H[WUXGDWH VZHOO SURILOHV DFURVV WKH GLH GLDPHWHU<br />

ZHUHDVVRFLDWHGZLWKDQGFDQEHH[SODLQHGXVLQJ<br />

WKH PHOW YHORFLW\ SURILOHV JHQHUDWHG GXULQJ WKH<br />

IORZ ,Q VXPPDU\ WKH FKDQJHV LQ WKH RYHUDOO<br />

H[WUXGDWHVZHOOUDWLRRI36PHOWLQDFDSLOODU\GLH<br />

ZHUHLQIOXHQFHGPRUHE\WKHVZHOOLQJRIWKHPHOW<br />

DURXQGWKHFHQWHURIWKHGLH<br />

,-())(&762)&5266/,1.,1*$*(176<br />

'


DGVRUSWLRQ DELOLW\ XQGHUDFLGLFFRQGLWLRQV S+ <br />

ZKLOH WKH UHVWLQJ ELRVOXGJH VKRZHG WKH KLJKHVW<br />

DGVRUSWLRQ DELOLW\ XQGHU QHXWUDO RU ZHDN DONDOLQH<br />

FRQGLWLRQV 7KH PD[LPXP FRORXUDQW 9DW %ODFN<br />

DGVRUSWLRQ FDSDFLWLHV RI DXWRFODYHG DQG<br />

UHVWLQJ ELRVOXGJH ZLWK D VOXGJH DJH RI GD\V<br />

ZHUH“DQG“PJJELRVOXGJH<br />

UHVSHFWLYHO\ 8VLQJ D VHTXHQFLQJ EDWFK UHDFWRU<br />

6%5V\VWHPWKHELRVOXGJHZDVDEOHWR UHPRYH<br />

ERWK RUJDQLF PDWWHU DQG FRORXUDQWV IURP ERWK<br />

WH[WLOH DQG V\QWKHWLF WH[WLOH ZDVWHZDWHUV 7KH<br />

UHPRYDOHIILFLHQFLHVRIWKHV\VWHPLQFUHDVHGZLWK<br />

DQ LQFUHDVH LQ 657 RI WKH V\VWHP 7KH UHPRYDO<br />

HIILFLHQF\ RI WKH V\VWHP ZLWK WH[WLOH ZDVWHZDWHU<br />

ZDVORZHUWKDQZLWKV\QWKHWLFWH[WLOHZDVWHZDWHU<br />

7KH%2' DQGFRORXUDQWUHPRYDOHIILFLHQF\RIWKH<br />

6%5 V\VWHP ZLWK WH[WLOH DQG V\QWKHWLF WH[WLOH<br />

LQGXVWULDO ZDVWHZDWHUV XQGHU D %2' ORDGLQJ RI<br />

NJ%2'P GZHUH“DQG“<br />

DQG “ DQG “ <br />

UHVSHFWLYHO\<br />

,-'(&2/25,=$7,212)02/$66(6<br />

:$67(:$7(5%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

66'+3'ZDVDOVRLQYHVWLJDWHG6KULQNDJHFRORU<br />

UHK\GUDWLRQ EHKDYLRU WH[WXUH WRXJKQHVV DQG<br />

KDUGQHVV DQG PLFURVWUXFWXUH RI GULHG VKULPS<br />

ZHUH PHDVXUHG 7KH UHVXOWV VKRZHG WKDW<br />

66'+3'GULHGVKULPSKDGPXFKORZHUGHJUHHRI<br />

VKULQNDJH KLJKHU GHJUHH RI UHK\GUDWLRQ EHWWHU<br />

FRORUOHVVWRXJKDQGVRIWHUDQGPRUHSRURXVWKDQ<br />

VLQJOHVWDJH66'GULHGVKULPS,WZDVDOVRIRXQG<br />

WKDW 66'$' JDYH UHGGHU VKULPS FRPSDUHG WR<br />

VKULPS GULHG LQ D VLQJOHVWDJH VXSHUKHDWHG VWHDP<br />

GU\HU1RLPSURYHPHQWLQWHUPVRIVKULQNDJHDQG<br />

UHK\GUDWLRQEHKDYLRUZDVREVHUYHGKRZHYHU<br />

,-1(:/2:&267,168/$7,21<br />

3$57,&/(%2$5'6)5200,;785(2)<br />

'85,$13((/$1'&2&2187&2,5<br />

$XWKRUV -RVHSK.KHGDUL<br />

1RSSDQXQ1DQNRQJQDE<br />

-RQJMLW+LUXQODEK<br />

6RPEDW7HHNDVDS<br />

3XEOLVKHG %XLOGLQJDQG(QYLURQPHQW9RO<br />

1R-DQXDU\SS<br />

7KH PDLQ SXUSRVH RI WKLV VWXG\ LV WR<br />

GHYHORS ORZ WKHUPDO FRQGXFWLYLW\ SDUWLFOHERDUGV<br />

ZLWK RSWLPL]HG GXULDQ SHHO DQG FRFRQXW FRLU<br />

PL[WXUH UDWLR 7R WKLV HQG WZR PDLQ SDUDPHWHUV<br />

ZHUH LQYHVWLJDWHG QDPHO\ WKH PL[WXUH UDWLR RI<br />

GXULDQ SHHO DQG FRFRQXW FRLU E\ ZHLJKW DQG<br />

ERDUG GHQVLW\ 7KH SDUWLFOHERDUGV ZHUH SUHSDUHG<br />

IROORZLQJ FRPPRQ PDQXIDFWXULQJ WHFKQLTXH ,W<br />

ZDVREVHUYHGWKHPL[WXUHUDWLRDQGERDUGGHQVLW\<br />

DIIHFW WKH SURSHUWLHV RI ILQDO SDUWLFOHERDUGV<br />

FRQVLGHUDEO\ 7KH RSWLPXP PL[WXUH UDWLR RI<br />

GXULDQSHHODQGFRFRQXWFRLULVE\ZHLJKW<br />

UHVSHFWLYHO\ ZLWK D ERDUG GHQVLW\ RI NJP <br />

7KH FRUUHVSRQGLQJ ERDUG SURSHUWLHV DUH DV<br />

IROORZV WKHUPDO FRQGXFWLYLW\ RI :P.<br />

PRGXOXV RI UXSWXUH 025 RI NJIFP <br />

PRGXOXV RI HODVWLFLW\ 02( RI NJIFP <br />

LQWHUQDOERQGRINJIFP WKLFNQHVV<br />

VZHOOLQJ DQG PRLVWXUH FRQWHQW<br />

&RPSDULVRQ ZLWK GXULDQ RU FRFRQXWEDVHG<br />

SDUWLFOHERDUGV FRQILUPHG WKDW WKH SDUWLFOHERDUGV<br />

PDQXIDFWXUHGXVLQJDPL[WXUHRIWKHPKDYHEHWWHU<br />

SURSHUWLHVH[FHSWWKHPRGXOXVRIHODVWLF02(<br />

ZKLFKLVGHFUHDVHG7KHQHZSDUWLFOHERDUGVKDYHD<br />

ORZHU WKHUPDO FRQGXFWLYLW\ WKDW LV H[WUHPHO\<br />

LQWHUHVWLQJIRUHQHUJ\VDYLQJZKHQXVHGDVFHLOLQJ<br />

DQG ZDOO LQVXODWLQJ PDWHULDO $GGLWLRQDOO\ WKHVH<br />

SDUWLFOHERDUGVFRXOGEHXVHGWRSURGXFHIXUQLWXUH<br />

WKDW LV DQ DGGLWLRQDO DGYDQWDJH WR KHOS DQG<br />

PDQDJHDJULFXOWXUHZDVWH<br />

,QWHUQDWLRQDO-RXUQDO<br />

,-$1(:7


396: DUH DV IROORZV WR DGPLW VXIILFLHQW<br />

GD\OLJKWWRDFWDVDVKDGLQJGHYLFHIRUGHFUHDVLQJ<br />

GLUHFW KHDW JDLQ WKURXJK ZLQGRZ JOD]LQJ DQG WR<br />

HQVXUH LQGRRU DLU PRYHPHQW ZKLFK LPSURYHV<br />

UHVLGHQWV WKHUPDO FRPIRUW 7R DVVHVV WKH<br />

SHUIRUPDQFHRIWKLV396:WZRWHVWURRPVRIî<br />

î P +:/ YROXPH ZHUH EXLOW XVLQJ<br />

SO\ZRRGDQGJ\SVXPERDUGV$WWKHILUVWWKH39<br />

6:RIîP VXUIDFHDUHDZDVORFDWHGDWWKH<br />

VRXWKIDFLQJ ZDOO ZKHUHDV WKH RWKHU URRP ZDV<br />

HTXLSSHG ZLWK D FRPPHUFLDO WUDQVSDUHQW VODW<br />

ZLQGRZRIWKHVDPHVL]H<br />

7KH396:FRQVLVWVRIVL[39VODWV7KH<br />

SKRWRYROWDLFFHOOVZHUHFRQQHFWHGLQVHULHVJLYLQJ<br />

DPD[LPXP HOHFWULFDOSRZHURXWSXWRI:<br />

9î $ 7KH FLUFXLW ZDV FRQQHFWHG WR D GLUHFW<br />

FXUUHQW D[LDO IDQ ORFDWHG LQVLGH WKH URRP WKDW<br />

UHTXLUHVDPD[LPXPSRZHURI:7KHDQDO\VLV<br />

RISHUIRUPDQFHRIWKLV396:ZDVLQYHVWLJDWHG<br />

EDVHG RQ SRZHU RXWSXW GD\OLJKW IDFWRU DQG<br />

WHPSHUDWXUH GLIIHUHQFH EHWZHHQ LQGRRU DQG<br />

DPELHQW<br />

7KHH[SHULPHQWDOUHVXOWVVKRZHGWKDWWKLV<br />

PXOWLSXUSRVH396:LVH[WUHPHO\ LQWHUHVWLQJDV<br />

LWFDQSURGXFHSRZHUXSWR:GHFUHDVHLQGRRU<br />

WHPSHUDWXUH DQG SURYLGH VXIILFLHQW OLJKW IRU<br />

KRXVLQJ 7KH PD[LPXP LQGRRU LOOXPLQDWLRQ ZDV<br />

DERXW O[ ZLWK VODWV DQJOH RI ƒ 7KH URRP<br />

WHPSHUDWXUH ZDV DERXW ± R & ORZHU WKDQ WKDW RI<br />

URRPHTXLSSHGZLWKWUDQVSDUHQWVODWV<br />

,-'(9(/230(172)),%5(%$6('<br />

62,/&(0(17%/2&.:,7+/2:7+(50$/<br />

&21'8&7,9,7<<br />

$XWKRUV -RVHSK.KHGDUL<br />

3RUQQDSD:DWVDQDVDWKDSRUQ<br />

-RQJMLW+LUXQODEK<br />

3XEOLVKHG &HPHQW &RQFUHWH&RPSRVLWHV<br />

,Q3UHVV<br />

7KH GHYHORSPHQW RI D QHZ W\SH RI VRLO±<br />

FHPHQWEORFNXVLQJFRFRQXWFRLUZLWKORZWKHUPDO<br />

FRQGXFWLYLW\ LV WKH PDLQ SXUSRVH RI WKLV VWXG\<br />

9DULRXV PL[WXUH UDWLRV ZHUH FRQVLGHUHG DQG ILYH<br />

VSHFLPHQVSHUVDPSOHZHUHIDEULFDWHGXVLQJORFDO<br />

KDQGPDGHPDQXIDFWXULQJSURFHVVZLGHO\XVHGLQ<br />

WKH FRXQWU\ ,QYHVWLJDWLRQ ZDV OLPLWHG WR WKH<br />

VSHFLPHQV WKHUPDO FRQGXFWLYLW\ FRPSUHVVLYH<br />

VWUHQJWK ZHLJKW DQG EXON GHQVLW\ ,W ZDV<br />

FRQFOXGHG WKDW WKH XVH RI FRFRQXW ILEUH DV DQ<br />

DGPL[WXUH FDQ UHGXFH WKH EORFN WKHUPDO<br />

FRQGXFWLYLW\ DQG ZHLJKW 7KH RSWLPXP YROXPH<br />

UDWLRRIVRLOFHPHQWVDQGWRSURGXFHJRRG<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SURSHUWLHVLV7KHUDWLRRIFRFRQXWFRLU<br />

LVRIFHPHQWFRUUHVSRQGLQJWRNJEORFN<br />

7KH DYHUDJH VSHFLPHQ SURSHUWLHV DUH DV IROORZV<br />

WKHUPDO FRQGXFWLYLW\ RI :P .<br />

FRPSUHVVLYH VWUHQJWK RI NJFP ZHLJKW RI<br />

NJDQGEXONGHQVLW\RINJP :KHQ<br />

FRPSDUHG WR FRPPHUFLDO VRLO±FHPHQW EORFN WKH<br />

FRUUHVSRQGLQJ GHFUHDVH RI WKHUPDO FRQGXFWLYLW\<br />

DQGZHLJKWDUHIDLUO\VLJQLILFDQWDQGJ<br />

UHVSHFWLYHO\7KHUHIRUHFRPPHUFLDO GHYHORSPHQW<br />

LVKLJKO\SURPLVLQJ<br />

,-(;3(5,0(17$/,19(67,*$7,212)<br />

)5((&219(&7,21,1$123(1(1'('<br />

,1&/,1('5(&7$1*8/$5&+$11(/<br />

+($7(')5207+(723<br />

$XWKRUV 7LND%XQQDJ-RVHSK.KHGDUL<br />

-RQJMLW+LUXQODEK<br />

%HONDFHP=HJKPDWL<br />

3XEOLVKHG ,QWHUQDWLRQDO-RXUQDORI$PELHQW<br />

(QHUJ\9RO1R-XO\<br />

SS<br />

7KLV SDSHU UHSRUWV DQ H[SHULPHQWDO<br />

LQYHVWLJDWLRQRQIUHHFRQYHFWLRQLQDQRSHQHQGHG<br />

UHFWDQJXODU LQFOLQHG FKDQQHO KHDWHG IURP WKH<br />

WRS ZLWK D XQLIRUP KHDW IOX[ 7KH<br />

H[SHULPHQWDO VHWXS ZDV P ZLGH DQG P<br />

ORQJ7KHDLUJDSFRXOGEHLQFUHDVHGXSWRFP<br />

DQG WKH WLOW DQJOH IURP KRUL]RQWDO WR YHUWLFDO<br />

([SHULPHQWVZHUHFRQGXFWHG E\ FRQVLGHULQJ WKUHH<br />

KHDWIOX[HVWZRDLUJDSVDQGILYHWLOWDQJOHV<br />

'DWD DQDO\VLV ZDV GRQH XQGHU VWHDG\<br />

VWDWH FRQGLWLRQV 1XVVHOW QXPEHU DQG LQGXFHG<br />

PDVV IORZ UDWH H[SUHVVHG LQ WKH IRUP RI<br />

5H\QROGV QXPEHU DV D IXQFWLRQ RI 5D\OHLJK<br />

QXPEHUWLOWDQJOHDQGDVSHFWUDWLRGHILQHGDV<br />

WKH UDWLR EHWZHHQ WKH DLU JDS GLVWDQFH DQG WKH<br />

OHQJWKDUHHODERUDWHG<br />

,-,19(67,*$7,2121*(1(5$7('<br />

32:(52)7+(502(/(&75,&522)62/$5<br />

&2//(&725<br />

$XWKRUV 6RPFKDL0DQHHZDQ<br />

-RVHSK.KHGDUL<br />

%HONDFHP=HJKPDWL<br />

-RQJMLW+LUXQODEK<br />

-HQVDN(DNEXUDQDZDW<br />

3XEOLVKHG 5HQHZDEOH(QHUJ\9RO1R<br />

$SULOSS<br />

7KHDLPRIWKLVSDSHUZDVWRFRQGXFWODE<br />

VFDOHLQYHVWLJDWLRQRIDQHZURRIGHVLJQFRQFHSW<br />

,QWHUQDWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

WHUPHG WKH WKHUPRHOHFWULF URRI VRODU FROOHFWRU<br />

7(56& IRU SRZHU JHQHUDWLRQ XVLQJ VRODU<br />

HQHUJ\ 7KH 7(56& ZDV FRPSRVHG RI D<br />

WUDQVSDUHQW DFU\OLF VKHHWDLU JDS D FRSSHU SODWH<br />

WKHUPRHOHFWULFPRGXOHVDQGDUHFWDQJXODUILQKHDW<br />

VLQN 7KH LQFLGHQW VRODU UDGLDWLRQ KHDWV XS WKH<br />

FRSSHU SODWH VR WKDW D WHPSHUDWXUH GLIIHUHQFH LV<br />

FUHDWHG EHWZHHQ WKH 7( PRGXOH WKDW JHQHUDWHV D<br />

GLUHFWFXUUHQW7KLVFXUUHQWJHQHUDWHGZDVXVHGWR<br />

UXQ D IDQ IRU FRROLQJ WKH 7( PRGXOHV 7KH 7(<br />

56& VXUIDFH DUHD ZDV P DQG <br />

WKHUPRHOHFWULF FRROLQJ PRGXOHV 7LDQMLQ /DQWLDQ<br />

PRGHO7(&ZHUHXVHG ,QYHVWLJDWLRQV<br />

ZHUH GRQH E\ YDU\LQJ VRODU UDGLDWLRQ VLPXODWHG<br />

E\XVLQJ DKDORJHQODPSEHWZHHQDQG <br />

:P <br />

,WZDVIRXQGWKDWWKLVQHZURRIGHVLJQFDQ<br />

JHQHUDWH DERXW : XQGHU VRODU UDGLDWLRQ<br />

LQWHQVLW\ RI DERXW :P DW DPELHQW<br />

WHPSHUDWXUH YDU\LQJ EHWZHHQ DQG ƒ& 7KH<br />

FRUUHVSRQGLQJ DLU YHORFLW\ JHQHUDWHG E\ WKH<br />

YHQWLODWLRQIDQZDVDERXWPV7KHUHIRUHWKH<br />

SURSRVHG 7(56& FRQFHSW VHHPV WR EH DQ<br />

LQWHUHVWLQJ QHZ DOWHUQDWLYH IRU YDULRXV SXUSRVHV<br />

VXFK DV SRZHU JHQHUDWLRQ LQ UHPRWH DUHDV URRI<br />

KHDW JDLQ UHGXFWLRQ DQG LQGRRU YHQWLODWLRQ RI<br />

VSDFHV<br />

,-,1)/8(1&(2)),5,55$',$7,2121<br />

3$''


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

H[WUXVLRQIOXLGL]HGEHGVSRXWHGEHGDQGLQIUDUHG<br />

UDGLDWLRQ KDYH EHHQLQYHVWLJDWHGDORQJ ZLWK WKHLU<br />

SHUIRUPDQFHV UHJDUGLQJ PRLVWXUH UHGXFWLRQ<br />

XUHDVH LQDFWLYDWLRQ SURWHLQ VROXELOLW\ DQG O\VLQH<br />

7KHUDWHRIPRLVWXUHGLIIXVLRQIRUVR\EHDQNHUQHO<br />

LQ WKH VSRXWHG EHG DQG LQIUDUHG GU\HU ZDV<br />

GHVFULEHGE\DVHPLHPSLULFDOGU\LQJHTXDWLRQIRU<br />

ZKLFK WKH GU\LQJ FRQVWDQW ZDV GHWHUPLQHG XVLQJ<br />

QRQOLQHDU UHJUHVVLRQ 7KH H[SHULPHQWDO UHVXOWV<br />

KDYH VKRZQ WKDW WKH ZDWHU PRELOLW\ LV PRUH<br />

UDSLGO\ DFFHOHUDWHG E\ LQIUDUHG UDGLDWLRQ (YHU\<br />

WHFKQLTXH KDV D SRWHQWLDO WR UHGXFH WKH XUHDVH<br />

DFWLYLW\WRWKHVWDQGDUGUDQJHZLWKWKHTXDQWLW\RI<br />

UHPDLQLQJO\VLQHEHLQJLQVLJQLILFDQWO\GLIIHUHQWS<br />

XQGHUWKHWHVWLQJFRQGLWLRQV7KHH[WHQWRI<br />

XUHDVHLQDFWLYDWLRQLQHDFKWHFKQLTXHGHSHQGV RQ<br />

WKH PRLVWXUH FRQWHQW WLPH DQG WHPSHUDWXUH WKH<br />

ODWWHU EHLQJ WKH PRVW LPSRUWDQW IDFWRU +LJK<br />

PRLVWXUHFRQWHQWLQGXFHVUDSLGXUHDVHLQDFWLYDWLRQ<br />

IRU WKH VR\EHDQV WUHDWHG E\ WKH FRQYHFWLRQ DQG<br />

UDGLDWLRQW\SH HTXLSPHQWV &RQYHUVHO\ LQKLELWHG<br />

LQDFWLYDWLRQ LV HQFRXQWHUHG ZLWK WKH H[WUXGHG<br />

VR\EHDQV GXH WR WKH VWURQJ FRKHVLYH IRUFHV<br />

DPRQJVW JURXQG VR\EHDQV DW D KLJKHU PRLVWXUH<br />

FRQWHQW RI GE LQGXFLQJ SRRU PL[LQJ<br />

EHKDYLRXULQWKHEDUUHO7KHUHVXOWVIURPWKHODE<br />

DQG FRPPHUFLDOVFDOH HTXLSPHQW DUH VKRZQ WR<br />

KDYHKLJKHUVROXEOHSURWHLQFRQWHQWLQ.2+<br />

IRU WKH LQIUDUHGWUHDWHG VR\EHDQV FRPSDULQJ WR<br />

WKH RWKHU WHFKQLTXHV ([WUXVLRQ FRQVXPHG WKH<br />

ODUJHVW TXDQWLW\ RI HQHUJ\ IROORZHG E\ WKH<br />

IOXLGL]HG EHG ZLWK QR UHF\FOHG DLU DQG WKH<br />

PLFURQL]HU EHFRPHV WKH PRVW HIIHFWLYH HQHUJ\<br />

XWLOL]DWLRQ<br />

7KH-RLQW*UDGXDWH6FKRRORI(QHUJ\DQG<br />

(QYLURQPHQW<br />

,-7+(502'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

K\GUR[LGH VOXGJH ZDV J O ± 8VLQJ WKH EHG<br />

GHSWKRIFPDQGWKHIORZUDWHRIPOPLQ ±<br />

FP ± RIGRPLQDQWFRORXURI&2'DQG<br />

RI 66 FRXOG EH UHPRYHG IURP WKH WH[WLOH<br />

ZDVWHZDWHUDQGWKHOHDFKDWHRIWR[LFKHDY\PHWDOV<br />

ZDVXQGHUWKHVWDQGDUGOLPLWDWLRQV<br />

,-$'62537,212)7+5(($=2<br />

5($&7,9('


ZHUH REVHUYHG EHWZHHQ FKURPDWRJUDPV RI WKH<br />

H[WUDFWV IURP WKH WZR FRDOV XVHGWKH ILUVW LQ WKH<br />

VLQJOHWX\HUHWHVWULJDQGWKHVHFRQGLQWKHEODVW<br />

IXUQDFH 6(& ZDV XVHIXO LQ LGHQWLI\LQJ VLPLODU<br />

IHDWXUHVLQWKHFKURPDWRJUDPVRIH[WUDFWVIURPWKH<br />

SDUHQW FRDODQGWKHVRRWH[WUDFWHG IURP WKH EODVW<br />

IXUQDFH GXVW VLPLODU REVHUYDWLRQV ZHUH PDGH RQ<br />

WKH VLQJOHWX\HUH WHVW ULJ GXVW DQG WKH FRDO<br />

LQMHFWHG LQWR LW 7KHVH ILQGLQJV VXSSRUW WKH YLHZ<br />

WKDW WDU HYROXWLRQ IURP WKH LQMHFWDQW FRDO<br />

FRQWULEXWHV GLUHFWO\ WR VRRW IRUPDWLRQ DQG LV D<br />

PDMRU FRQWULEXWRU WR OHYHOV RI GXVW HPLVVLRQ<br />

REVHUYHGDWKLJKFRDOLQMHFWLRQUDWHV<br />

,-&2&203267,1*2)5,&(675$:<br />

$1'+263,7$/6(:$*(6/8'*(,1<br />

7851(':,1'52:$(5$7,216


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

3XEOLVKHG ,QWHUQDWLRQDO-RXUQDORI<br />

(QYLURQPHQWDQG3ROOXWLRQ<br />

9RO1RSS<br />

7KH&0% PRGHOZDVDSSOLHGIRUVRXUFH<br />

DSSRUWLRQPHQW RI SDUWLFXODWH PDWWHU LQ %DQJNRN<br />

DUHD7KHKRIDPELHQWGDWDZHUHFROOHFWHGDQG<br />

DQDO\VHG IRU HOHPHQWDO FRPSRVLWLRQ GXULQJ<br />

'HFHPEHUWR-DQXDU\E\KLJKYROXPH<br />

DLU VDPSOHUV DW D VWDWLRQ LQ %DQJNRN 7KDLODQG<br />

6HYHQ VRXUFH SURILOHV DQG WKH DYHUDJH PDVV<br />

FRQFHQWUDWLRQV RI DPELHQW GDWD ZHUH XVHG WR<br />

UXQ WKH FKHPLFDO PDVV EDODQFH &0% PRGHO<br />

7KHVRXUFHDSSRUWLRQPHQWE\&0% JDYHVLPLODU<br />

UHVXOWV FRPSDULQJ ZLWK IDFWRU DQDO\VLV PXOWLSOH<br />

UHJUHVVLRQ)$05PRGHORIWKHVDPHGDWD7KH<br />

UHVXOWV UHYHDOHG WKDW PDMRU VRXUFHV RI SDUWLFXODWH<br />

PDWWHU LQ %DQJNRN ZHUH VRLO URDG GXVW<br />

DQG DXWRPRELOH 7KH PLQRU VRXUFH<br />

FRQWULEXWLRQV ZHUH VHD VDOW UHIXVH<br />

LQFLQHUDWLRQ DQG ELRPDVV EXUQLQJ VWHHO<br />

PLOO DQG IXHO RLO FRPEXVWLRQ <br />

7KH ODFN RI VRXUFH SURILOH IRU ELRPDVV RU RSHQ<br />

EXUQLQJ LQ %DQJNRN UHVXOWHG LQ PXFK ORZHU<br />

SUHGLFWHG FRQWULEXWLRQ RI WKLV VRXUFH ZKHQ<br />

FRPSDUHGWRWKDWIURP)$±05:KHQDSSO\WKLV<br />

&0% PRGHO ZLWK GDLO\ DPELHQW GDWD WKH UHVXOW<br />

UHYHDOHG WKDW RQH IRXUWK RI GDLO\ &0% VRXUFH<br />

DSSRUWLRQPHQW KDG KLJK YDOXH RI ! 7KHVH<br />

H[FHHGDQFHYDOXHVRI&KL DOVRSRLQWRXWWKDWRQH<br />

RIWKHVHOHFWHGVRXUFHVELRPDVVEXUQLQJPD\QRW<br />

EH WKH WUXH FRQWULEXWLQJ VRXUFHV 3UHVXPDEO\<br />

DFFXUDWHELRPDVVEXUQLQJVRXUFHSURILOHLVQHHGHG<br />

WR LPSURYH WKH &0% FDOFXODWLRQ RI VRXUFH<br />

FRQWULEXWLRQV IRU SDUWLFXODWH PDWWHU LQ %DQJNRN<br />

PHWURSROLWDQDUHD<br />

,-3(5)250$1&(2)&216758&7('<br />

:(7/$1'75($7,1*:$67(:$7(5)520<br />

6($)22',1'8675<<br />

$XWKRUV &KDRZDQD


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

PHWKRGV LV REVHUYHG LQFOXGLQJ WKH JUDSKLFDO<br />

PHWKRG DW WKH 7 HT 7KHUHIRUH LW LV VSHFXODWHG WKDW<br />

WKH SURSRVHG PHWKRG PD\ IDFLOLWDWH WKH *&<br />

LGHQWLILFDWLRQRI)$0(VDVZHOODVRWKHURUJDQLF<br />

FRPSRXQGV LQ 73*& E\ XVLQJ WKH DYDLODEOH<br />

LVRWKHUPDOUHWHQWLRQLQGH[GDWDEDVH<br />

,-±02/(&8/$5,17(5&219(56,21<br />

%(+$9,285,1&2035(+(16,9(7:2<br />

',0(16,21$/*$6&+520$72*5$3+<<br />

$XWKRUV 3KLOLS0DUULRWW<br />

.RUQNDQRN$U\XVXN<br />

5REHUW6KHOOLH'DQLHOOH5\DQ<br />

.DQLW.ULVQDQJNXUD<br />

9RONHU6FKXULJ2OLYHU7UDSS<br />

3XEOLVKHG -RXUQDORI&KURPDWRJUDSK\$<br />

9RO1R$SULO<br />

SS<br />

&RPSUHKHQVLYH WZRGLPHQVLRQDO JDV<br />

FKURPDWRJUDSK\ *&[*& LV VKRZQ WR SURYLGH<br />

LQIRUPDWLRQ RQ G\QDPLF PROHFXODU EHKDYLRXU<br />

LQWHUFRQYHUVLRQ ZLWK WKH LQWHUFRQYHUVLRQ<br />

SURFHVVRFFXUULQJRQERWKFROXPQVLQWKHFRXSOHG<br />

FROXPQ H[SHULPHQW 7KH H[SHULPHQW UHTXLUHV<br />

VXLWDEOH DGMXVWPHQW RI ERWK H[SHULPHQWDO<br />

FRQGLWLRQVDQGUHODWLYHGLPHQVLRQVRIHDFKRIWKH<br />

FROXPQV ,Q WKLV FDVH D ORQJHU FROXPQ WKDQ<br />

QRUPDOO\ HPSOR\HG LQ *&[*& DOORZV VXIILFLHQW<br />

UHWHQWLRQ GXUDWLRQ RQ WKH VHFRQG FROXPQ ZKLFK<br />

SHUPLWVWKHW\SLFDO SODWHDXVKDSH UHFRJQLVHGIRU<br />

WKH LQWHUFRQYHUVLRQ SURFHVV WR EH REVHUYHG 7KH<br />

H[WHQW RI LQWHUFRQYHUVLRQ GHSHQGV RQ SUHYDLOLQJ<br />

WHPSHUDWXUHUHWHQWLRQWLPHDQGWKHSKDVHW\SH<br />

3RO\HWK\OHQH JO\FROEDVHG SKDVHV ZHUH IRXQG WR<br />

UHVXOW LQ KLJK LQWHUFRQYHUVLRQ NLQHWLFV DOWKRXJK<br />

WHUHSKWKDOLF DFLGWHUPLQDWHG SRO\HWK\OHQH JO\FRO<br />

KDGDOHVVHUH[WHQWRILQWHUFRQYHUVLRQ0XFKOHVV<br />

LQWHUFRQYHUVLRQ ZDV VHHQ IRU SKHQ\O<br />

PHWK\OSRO\VLOR[DQHDQGF\FORGH[WULQSKDVHV7KLV<br />

VXJJHVWV WKDW IRU WKH R[LPHV LQWHUFRQYHUVLRQ<br />

ODUJHO\ RFFXUV LQ WKH VWDWLRQDU\ SKDVH ([DPSOHV<br />

RI GLIIHUHQW H[WHQWV RI LQWHUFRQYHUVLRQ LQ ERWK<br />

GLPHQVLRQV DUH VKRZQ LQFOXGLQJ SHDN<br />

FRDOHVFHQFH RQ WKH ILUVW FROXPQ ZLWK OLWWOH<br />

LQWHUFRQYHUVLRQRQWKHVHFRQGFROXPQ<br />

,-,03529(0(17,135(',&7,212)<br />

*$6&+520$72*5$3+,&3($.:,'7+<br />

$XWKRUV 9DUDSRUQ3RQJWRQNXOSDQLFK<br />

.DQLW.ULVQDQJNXUD<br />

3XEOLVKHG&KURPDWRJUDSKLD9RO1R<br />

$SULOSS<br />

,QWHUQDWLRQDO-RXUQDO<br />

7KH OLQHDU UHODWLRQVKLS EHWZHHQ WKH<br />

QDWXUDO ORJDULWKP RI ZLGWK IDFWRU ,Q S c DQG<br />

QDWXUDO ORJDULWKP RI UHWHQWLRQ IDFWRU ,Q N<br />

SURSRVHG E\ /RPVXJDULW HW DO<br />

&KURPDWLRJUDSKLD LV UH<br />

DQDO\]HG 7KH J YDOXH LV IRXQG WR YDU\ ZLWK<br />

WHPSHUDWXUHEXWLWLVLQGHSHQGHQWRIFDUERQ<br />

QXPEHU %\ LQFRUSRUDWLQJ WKH WHPSHUDWXUH<br />

HIIHFWLQWRWKHHTXDWLRQRI/RPVXDJULWHWDOWKH<br />

SHDN ZLGWK FDQ EH SUHGLFWHG ZLWK KLJKHU<br />

DFFXUDF\<br />

7KH XQDGMXVWHG ZLGWKV Z 5 RI Q<br />

DONDQHV & & IDWW\ DOFRKROV & & <br />

DQG IDWW\ DFLG PHWK\O HVWHUV )$0(V & <br />

& FDQ EH SUHGLFWHG IURP WKHLU UHWHQWLRQ<br />

LQGLFHV O ZLWK GHYLDWLRQV IURP H[SHULPHQWDO<br />

YDOXHVRI<br />

$OVR WKH LPSRUWDQFH RI KROGXS ZLGWK<br />

DQG WKH UHODWLRQVKLS EHWZHHQ Z 5 DQG GLIIHUHQW<br />

FKURPDWRJUDSKLFSDUDPHWHUVDUHGLVFXVVHG<br />

,-3527(20,&6&+$5$&7(5,=$7,21<br />

2)',))(5(17%5$13527(,16%(7:((1<br />

$520$7,&$1'121$520$7,&5,&(2U\]D<br />

VDWLYD/663,QGLFD<br />

$XWKRUV $UXQHH7ULVLULURM<br />

1DUXPRQ-H\DFKRNH<br />

6KXL7HLQ&KHQ<br />

3XEOLVKHG3URWHRWHRPLFV9RO<br />

SS<br />

3URWHRPLF DSSURDFK LV DSSOLHG IRU WKH<br />

DQDO\VLV RI VHHG EUDQV RI ULFH YDULHWLHV<br />

2U\]DVDWLYD/VVSLQGLFDZKLFKFDQFODVVLI\<br />

WRILYHDURPDWLFULFHDQGQLQHQRQDURPDWLFULFH<br />

7KHWZRGLPHQVLRQDOHOHFWURSKRUHVLV'(<br />

SURWHLQ SDWWHUQV IRU ULFH YDULHWLHV ZHUH<br />

VLPLODU ZLWKLQ S+ UDQJHV RI DQG 7R<br />

FKDUDFWHUL]H DURPDWLF JURXSVSHFLILF SURWHLQV<br />

ZH FRPSDUHG ' JHOV RI DURPDWLF ULFH WR<br />

QRQDURPDWLF ULFH XVLQJ 3'48(67 LPDJH<br />

DQDO\VLV)RXURXWRIVL[GLIIHUHQWLDOVSRWVZHUH<br />

LGHQWLILHG DV K\SRWKHWLFDO SURWHLQV EXW RQH<br />

663 ZDV LGHQWLILHG E\ PDWUL[ DVVLVWHG<br />

ODVHU GHVRSWLRQLRQL]DWLRQTXDUGUXSROHWLPH RI<br />

ILJKW 0$/',472) DV SURODPLQ ZLWK WKUHH<br />

PDWFKLQJ SHSWLGHV EDVHG RQ 1&%, GDWDEDVH<br />

3URODPLQ LV D FODVV RI VWRUDJH SURWHLQV ZLWK<br />

WKUHHGLIIHUHQWSRO\SHSWLGHVRIDQG<br />

N'D6SRW663ZDVLGHQWLILHGDVDN'D<br />

SRO\SHSWLGH RI SURODPLQ E\ FRPELQDWLRQ RI<br />

PDVV VSHFWURVFRS\ DQG 1WHUPLQDO VHTXHQFH<br />

DQDO\VHV,QFRQWUDVWRQHVXOIXUULFKN'D


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

SRO\SHSWLGH RI SURODPLQ ZDV IRXQG LQ<br />

H[WUHPHO\KLJKLQWHQVLW\LQEUDQVRIGHHSZDWHU<br />

ULFH FRPSDUHG WR QRQGHHSZDWHU ULFH 2XU<br />

UHVXOWV VXJJHVW WKDW SURWHRPLFV LV D SRZHUIXO<br />

VWHS WR RSHQ WKH ZD\ IRU WKH LGHQWLILFDWLRQ RI<br />

ULFHYDULHWLHV<br />

,-±'(&2/25,=$7,212)%$6,&',5(&7<br />

$1'5($&7,9('


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

V\VWHP QR DGGLWLRQDO H[SHQVLYH SUREH ODEHOLQJ<br />

ZDV UHTXLUHG $ ZKROH FHOO K\EULGL]DWLRQ<br />

WHFKQLTXH ZDV XVHG WR FRPSDUH WKH IOXRUHVFHQFH<br />

VLJQDO REWDLQHG XVLQJ D PRQRODEHOHG SUREH ZLWK<br />

WKDW REWDLQHG XVLQJ WKH 76$ V\VWHP 7KH<br />

IOXRUHVFHQFHVLJQDORIWKHSUREH REWDLQHGXVLQJ<br />

WKH 76$ V\VWHP ZDV PXFK KLJKHU WKDQ WKDW<br />

REWDLQHG XVLQJ WKH PRQRODEHOHG SUREH 7KH<br />

WHFKQLTXHZDVVXFFHVVIXOO\DSSOLHGWRWKHLQVLWX<br />

GHWHFWLRQ RI PLFURELDO FRPPXQLWLHV LQ DQDHURELF<br />

VOXGJH,WZDVGHPRQVWUDWHGWKDW76$UHVXOWHGLQ<br />

DQ LQFUHDVHG LQ VHQVLWLYLW\ DV WKH IOXRUHVFHQFH<br />

VLJQDO LQWHQVLW\ ZDV PXFK KLJKHU WKDQ WKDW<br />

REWDLQHGXVLQJDFRQYHQWLRQDOSUREH<br />

,-(/(&752&$7$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

FXUUHQWDQGWKHFRQFHQWUDWLRQRIFDWHFKROOHDGVWR<br />

D0LFKDHOLV0HQWHQW\SHNLQHWLFHTXDWLRQ7KH<br />

OD\HUE\OD\HU PHWKRG ZDV IRXQG WR KDYH D<br />

GHDFWLYDWLQJ HIIHFW RQ HQ]\PH FDWDO\VLV ,Q<br />

VSLWH RI WKLV WKH FDWHFKRO R[LGDWLRQ FXUUHQW<br />

ZDV ODUJHU WKDQ WKH FXUUHQW IURP IUHH<br />

W\URVLQDVHDW D FRPPRQYDOXHRIHQ]\PH<br />

XQLWVSHU YROXPH7KLV LVDVFULEHGWR VWURQJ<br />

DGVRUSWLRQ RI WKH ODWH[ SDUWLFOHV RQ WKH<br />

HOHFWURGHOHDGLQJWRWKHHQKDQFHPHQWRIWKH<br />

ORFDOFRQFHQWUDWLRQRIW\URVLQDVH<br />

,-92/7$00(75,&6(1625)25<br />

*(1(5$/385326(25*$12+$/,'(<br />

'(7(&7,21$73,&2*5$03(5/,7(5<br />

&21&(175$7,216%$6('21$6,03/(<br />

&2//(&725*(1(5$7250(7+2'<br />

$XWKRUV :LVLWVUHH:L\DUDWQ<br />

0LWKUDQ6RPDVXQGUXP<br />

:HUDVDN6XUDUHXQJFKDL<br />

3XEOLVKHG$QDO\WLFDO&KHPLVWU\9RO<br />

1R)HEUXDU\SS<br />

<br />

:LWK WKH DLP RI SURGXFLQJ D JHQHUDO<br />

SXUSRVH VHQVRU IRU HQYLURQPHQWDO DQDO\VLV ZH<br />

GHVFULEH D VLPSOH DQG VHQVLWLYH PHWKRG IRU<br />

RUJDQRKDOLGH GHWHFWLRQ EDVHG RQ DQ<br />

HOHFWURFKHPLFDO FROOHFWRUJHQHUDWRU SURFHVV<br />

7KHVHQVRUFRQVLVWVRIIRXUFRSODQDUHOHFWURGHV<br />

FRQWDFWLQJ D VROXWLRQ YROXPH RI P/<br />

FRQWDLQLQJ RUJDQRKDOLGH $W WKH ILUVW ZRUNLQJ<br />

HOHFWURGHD=Q37)(FRPSRVLWHWKHDQDO\WHLV<br />

HOHFWURO\]HG WR OLEHUDWH KDOLGH LRQV $W WKH<br />

VHFRQGZRUNLQJHOHFWURGH$JWKHKDOLGHLRQV<br />

DUHGHWHFWHGE\FDWKRGLFVWULSSLQJYROWDPPHWU\<br />

8VLQJ D SUHFRQFHQWUDWLRQ WLPH RI V ZLWK<br />

GLIIHUHQWLDOSXOVHYROWDPPHWU\IRUVWULSSLQJWKH<br />

UHVSRQVHV WR FKORURSURSDQH FKORURIRUP<br />

FDUERQ WHWUDFKORULGH LRGRHWKDQH DQG<br />

EURPRHWKDQH FDQ EH SORWWHG RQ D FRPPRQ<br />

FDOLEUDWLRQFXUYHZLWKDGHWHFWLRQOLPLWRI<br />

Q0 SJ / RU OHVV GHSHQGLQJ RQ WKH<br />

RUJDQRKDOLGH 7R WKH EHVW RI RXU NQRZOHGJH<br />

WKLV LV WKH ORZHVW UHSRUWHG RUJDQRKDOLGH<br />

GHWHFWLRQ OLPLW E\ DQ HOHFWURFKHPLFDO PHWKRG<br />

DQG LV VR IDU WKH RQO\ JHQHUDO SXUSRVH<br />

HOHFWURFKHPLFDO PHWKRG VHQVLWLYH HQRXJK IRU<br />

UHJXODWRU\ UHTXLUHPHQWV 7KH VHQVRU UHVSRQVH<br />

ZDV LQYDULDQW IRU a PHDVXUHPHQWV $QDO\VLV<br />

RIWDSZDWHUVSLNHGZLWKFKORURIRUPRUFDUERQ<br />

WHWUDFKORULGH JDYH UHFRYHULHV ZLWKLQ <br />

RIWKHUHFRYHULHVE\WKHVWDQGDUG*&PHWKRG<br />

,-6758&785($1'&20326,7,212)<br />

0,;('63(&,(6,16(&7,925286%,5'<br />

)/2&.6,1.+$2


VXFFHVVZDVr 6(%UHHGLQJVWDUWHGLQ<br />

PLG-DQXDU\ D PRQWK HDUOLHU WKDQ SUHYLRXVO\<br />

UHFRUGHG'HVSLWHDUHODWLYHO\ORQJSHULRGRISRVW<br />

IOHGJLQJ SDUHQWDO FDUH DW OHDVW ILYH SDLUV ZHUH<br />

GRXEOHEURRGHG<br />

6FKRRORI$UFKLWHFWXUHDQG'HVLJQ<br />

,-0DQJLIHUDFDORQHXUD.85=$6<br />

6758&785$/&20321(176$1'6+($5<br />

:$//6<br />

$XWKRUV 6XSDZDGHH%RRQ\DFKXW<br />

6XWMD%RRQ\DFKXW<br />

:LQDL2X\SRUQSUDVHUW<br />

3XEOLVKHG,QWHUQDWLRQDO-RXUQDORI0DWHULDOV<br />

DQG6WUXFWXUDO5HOLDELOLW\9RO<br />

1R0DUFKSS<br />

0DQJR LV IDVW JURZLQJ IUXLW WUHH<br />

FRPPRQO\IRXQGLQ6RXWKHDVW$VLDDQG,QGLD<br />

$WSUHVHQW0DQJRZRRGLVXVHGPDLQO\IRU<br />

IXUQLWXUH,WLVQRWSRSXODUO\XVHGLQ7KDLODQG<br />

DVVWUXFWXUDOFRPSRQHQWVEHFDXVHRIWKHODFNRI<br />

LWVHQJLQHHULQJGDWDIRUGHVLJQ7KHREMHFWLYH<br />

RI WKLV UHVHDUFK LV WR VWXG\ SK\VLFDO DQG<br />

PHFKDQLFDOSURSHUWLHVRI0DQJRZRRG)LUVWO\<br />

D VHULHV RI WHVW IRU HQJLQHHULQJ SURSHUWLHV DUH<br />

FDUULHG RXW 7KHQ WKH VWDWLVWLF RI HQJLQHHULQJ<br />

SURSHUWLHVZLWKWKHFRQILGHQFHLQWHUYDORI <br />

DQG YDOXHV RI IDLOXUH SUREDELOLW\ IRU VWUXFWXUDO<br />

FRPSRQHQWVDUHFDOFXODWHG7KHUHVHDUFKVFRSH<br />

FRYHUV WKUHH EXLOGLQJ W\SHV LH UHVLGHQFH<br />

RIILFH DQG VFKRRO 7KH EXLOGLQJ KHLJKW LV<br />

OLPLWHG WR WZR VWRUH\V DQG IORRUWRIORRU<br />

KHLJKW LV PHWHUV )LQDOO\ WKH DSSURSULDWH<br />

VL]H IRU HDFK W\SH RI VWUXFWXUDO FRPSRQHQW LV<br />

UHFRPPHQGHG<br />

5HVXOWV VKRZ WKDW PRVW SURSHUWLHV<br />

FRXOG EHUHSUHVHQWHGZHOO E\QRUPDO<br />

GLVWULEXWLRQ $QDO\VLV RI VWUXFWXUDO PHPEHUV<br />

ZLWK VSDQ RI PHWHUV DUH EDVHG RQ WKH<br />

DFFHSWHGYDOXHV RIIDLOXUHSUREDELOLW\ OHVVWKDQ<br />

IRU GHIOHFWLRQ RI MRLVW DQG EHDP DQG OHVV<br />

WKDQ IRU VKRUW WHUP ORDGLQJ DQG IRU ORQJ<br />

WHUPORDGLQJLQFDVHRIEXFNOLQJRIFROXPQ<br />

6KHDUZDOOVZLWKKHLJKWRIPHWHUV<br />

DQG GLIIHUHQW OHQJWK KDYH EHHQ WHVWHG )RU<br />

QRUPDO VWXG FRQVWUXFWLRQ ZDOOV WKH QRUPDO<br />

GHIOHFWLRQ FULWHULD LV QRW VDWLVILHG :DOOV ZLWK<br />

GLDJRQDO EUDFLQJV DORQJ SHULPHWHU RI ZDOOV<br />

H[KLELWKLJKHUVWUHQJWKDQGVPDOOHUGHIOHFWLRQ<br />

,-$]DGLUDFKWDLQGLFD9$56,$0(16,6$6<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

6758&785$/&20321(176$1'6+($5<br />

:$//6<br />

$XWKRUV 6XWMD%RRQ\DFKXW<br />

:LQDL2X\SRUQSUDVHUW<br />

6XSDZDGHH%RRQ\DFKXW<br />

3XEOLVKHG,QWHUQDWLRQDO-RXUQDORI0DWHULDOV<br />

DQG6WUXFWXUDO5HOLDELOLW\9RO<br />

1R6HSWHPEHUSS<br />

<br />

$]DGLUDFKWD ,QGLFD 9DU6LDPHQVLV LV IDVW<br />

JURZLQJZRRGFRPPRQO\IRXQGLQ7KDLODQG,WLV<br />

FRPPRQO\FDOOHG6DGDR,WLVQRWSRSXODUO\XVHG<br />

LQ7KDLODQGDVVWUXFWXUDO FRPSRQHQWV GXHWRWKH<br />

ODFN RI LWV HQJLQHHULQJ GDWD IRU GHVLJQ 7KH<br />

REMHFWLYHRIWKLVUHVHDUFKLVWRVWXG\SK\VLFDODQG<br />

PHFKDQLFDOSURSHUWLHVRI6DGDR)LUVWO\DVHULHVRI<br />

WHVWV IRU HQJLQHHULQJ SURSHUWLHV DUH FDUULHG RXW<br />

7KHQWKHVWDWLVWLFVRIHQJLQHHULQJ SURSHUWLHV ZLWK<br />

WKH FRQILGHQFH LQWHUYDO RI DQG YDOXHV RI<br />

IDLOXUH SUREDELOLW\ IRU VWUXFWXUDO FRPSRQHQWV DUH<br />

FDOFXODWHG 7KH UHVHDUFK VFRSH FRYHUV WKUHH<br />

EXLOGLQJW\SHVLHUHVLGHQFHRIILFHDQGVFKRRO7KH<br />

EXLOGLQJ KHLJKWLVOLPLWHGWRWZR VWRULHVDQGIORRU<br />

WRIORRU KHLJKW LV PHWHUV )LQDOO\<br />

WKHDSSURSULDWH VL]H IRU HDFK W\SH RI VWUXFWXUDO<br />

FRPSRQHQWLVUHFRPPHQGHG<br />

5HVXOWVVKRZ WKDWPRVW SURSHUWLHVFRXOG<br />

EH UHSUHVHQWHG ZHOO E\ QRUPDO GLVWULEXWLRQ<br />

$QDO\VLV RI VWUXFWXUDO PHPEHUV VSDQQHG <br />

PHWHUVDUHEDVHGRQ WKH DFFHSWHGYDOXHVRI IDLOXUH<br />

SUREDELOLW\OHVVWKDQ IRUGHIOHFWLRQRIMRLVWDQG<br />

EHDP DQG OHVV WKDQ IRU VKRUW WHUP ORDGLQJ<br />

DQG IRUORQJWHUPORDGLQJLQFDVHRIEXFNLQJ<br />

RIFROXPQ<br />

6KHDUZDOOVZLWKKHLJKWRIPHWHUV<br />

DQG GLIIHUHQW OHQJWKV KDYH EHHQ WHVWHG )RU<br />

QRUPDO VWXG FRQVWUXFWLRQ ZDOOV WKH QRUPDO<br />

GHIOHFWLRQ FULWHULD LV QRW VDWLVILHG :DOOV ZLWK<br />

GLDJRQDO EUDFLQJ DURXQG WKH SHULPHWHU H[KLELW<br />

KLJKHUVWUHQJWKDQGVPDOOHUGHIOHFWLRQ<br />

6FKRRORI,QIRUPDWLRQ7HFKQRORJ\<br />

,-(9$/8$7,1*5(),1('48(5,(6,1<br />

7237)5(75,(9$/6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

9RO1R)HEUXDU\<br />

SS<br />

,QPDQ\DSSOLFDWLRQVXVHUVVSHFLI\WDUJHW<br />

YDOXHV IRU FHUWDLQ DWWULEXWHVIHDWXUHV ZLWKRXW<br />

UHTXLULQJH[DFWPDWFKHVWRWKHVHYDOXHVLQUHWXUQ<br />

,QVWHDGWKHUHVXOWLVW\SLFDOO\DUDQNHGOLVWRIWRS<br />

N REMHFWV WKDW EHVW PDWFK WKH VSHFLILHG IHDWXUH<br />

YDOXHV8VHUVXEMHFWLYLW\LVDQLPSRUWDQWDVSHFWRI<br />

VXFKTXHULHVLHZKLFKREMHFWVDUHUHOHYDQWWRWKH<br />

XVHUDQGZKLFKDUHQRWGHSHQGVRQWKHSHUFHSWLRQ<br />

RIWKHXVHU'XHWRWKHVXEMHFWLYHQDWXUHRIWRSN<br />

TXHULHVWKHDQVZHUVUHWXUQHGE\WKHV\VWHPWRDQ<br />

XVHUTXHU\RIWHQGRQRWVDWLVI\WKHXVHUVQHHGULJKW<br />

DZD\HLWKHUEHFDXVHWKHZHLJKWVDQGWKHGLVWDQFH<br />

IXQFWLRQV DVVRFLDWHG ZLWK WKH IHDWXUHV GR QRW<br />

DFFXUDWHO\FDSWXUHWKHXVHUVSHUFHSWLRQRUEHFDXVH<br />

WKHVSHFLILHGWDUJHWYDOXHVGRQRWIXOO\FDSWXUHKHU<br />

LQIRUPDWLRQ QHHG RU ERWK ,Q VXFK FDVHV WKH XVHU<br />

ZRXOGOLNHWRUHILQHWKHTXHU\DQGUHVXEPLWLWLQ<br />

RUGHU WRJHW EDFNDEHWWHUVHW RIDQVZHUV :KLOH<br />

WKHUH KDV EHHQ D ORW RI UHVHDUFK RQ TXHU\<br />

UHILQHPHQW PRGHOV WKHUH LV QR ZRUN WKDW ZH DUH<br />

DZDUH RI RQ VXSSRUWLQJ UHILQHPHQW RI WRSN<br />

TXHULHV HIILFLHQWO\ LQ D GDWDEDVH V\VWHP 'RQH<br />

QDLYHO\ HDFKUHILQHG TXHU\ FDQ EH WUHDWHG DV D<br />

VWDUWLQJTXHU\DQGHYDOXDWHGIURPVFUDWFK7KLV<br />

SDSHU H[SORUHV DOWHUQDWLYH DSSURDFKHV WKDW<br />

VLJQLILFDQWO\ LPSURYH WKH FRVW RI HYDOXDWLQJ<br />

UHILQHGTXHULHVE\H[SORLWLQJWKHREVHUYDWLRQWKDW<br />

WKH UHILQHG TXHULHV DUH QRW PRGLILHG GUDVWLFDOO\<br />

IURP RQH LWHUDWLRQ WR DQRWKHU 2XU H[SHULPHQWV<br />

RYHUDUHDOOLIHPXOWLPHGLDGDWDVHWVKRZWKDWWKH<br />

SURSRVHGWHFKQLTXHVVDYHPRUHWKDQSHUFHQWRI<br />

WKH H[HFXWLRQ FRVW RI UHILQHG TXHULHV RYHU WKH<br />

QDLYH DSSURDFK DQG LV PRUH WKDQ DQ RUGHU RI<br />

PDJQLWXGHIDVWHUWKDQDVLPSOHVHTXHQWLDOVFDQ<br />

,-5(9(56((1*,1((5,1*86,1*<br />

/22368%',9,6,21<br />

$XWKRUV 3RUQFKDL0RQJNROQDP<br />

$QVKXPDQ5D]GDQ<br />

*HUDOG()DULQ<br />

3XEOLVKHG&RPSXWHU$LGHG'HVLJQDQG<br />

$SSOLFDWLRQV&$' $9RO<br />

1RSS<br />

6XEGLYLVLRQ VXUIDFHV KDYH EHFRPH<br />

SRSXODU LQ &RPSXWHU $LGHG 'HVLJQ &$' DQG<br />

DQLPDWLRQ SDFNDJHV 3RSXODU FKRLFHV LQFOXGH<br />

/RRS &DWPXOO&ODUN 'RR6DELQ HWF<br />

6XEGLYLVLRQVXUIDFHVKDYHPDQ\DGYDQWDJHVRYHU<br />

WKH WUDGLWLRQDO XVH RI 185%6 ZKLFK DUH<br />

SUREOHPDWLFZKHUHPXOWLSOHSDWFKHVPHHW<br />

,QWHUQDWLRQDO-RXUQDO<br />

3RVVLEOHDSSOLFDWLRQVRIVXEGLYLVLRQVXUIDFHVDUH<br />

VXUIDFH UHFRQVWUXFWLRQ PHVK FRPSUHVVLRQ DQG<br />

UHYHUVHHQJLQHHULQJRIGHQVHWULDQJOHPHVKHV:H<br />

SUHVHQWWKH/RRSVXEGLYLVLRQVFKHPHDVDWRROWR<br />

DSSUR[LPDWHGHQVHWULDQJOHPHVKHVRIDUELWUDU\<br />

WRSRORJ\7KHSDSHUVKRZVWKHSURFHVVDVZHOODV<br />

VRPHVDWLVIDFWRU\UHVXOWVRI&$'PRGHOV<br />

6FKRRORI/LEHUDO$UWV<br />

,-%(/,()62)$1'$%287129,&(<br />

7($&+(56<br />

$XWKRU5LFKDUG:DWVRQ7RGG<br />

3XEOLVKHG*XLGHOLQHV9RO1R<br />

SS<br />

7KLV SDSHU UHSRUWV D SLHFH RI DFWLRQ<br />

UHVHDUFK UHVXOWLQJ LQ D VKLIW LQ P\ RZQ DWWLWXGHV<br />

WRZDUGVP\VWXGHQWV7KHVHVWXGHQWVZHUHQRYLFH<br />

WHDFKHUVRQWKHILUVWFRXUVHRID0DVWHUVGHJUHHLQ<br />

$SSOLHG /LQJXLVWLFV 7KH FRXUVH ZKLFK KDG<br />

UHFHQWO\ EHHQ H[WHQVLYHO\ UHYLVHG HPSKDVLVHG<br />

UDLVLQJ WUDLQHHV DZDUHQHVV RI WKHLU EHOLHIV DERXW<br />

WHDFKLQJ DQG , ZDV LQWHUHVWHG LQ ZKHWKHU QRYLFH<br />

WHDFKHUV FRXOG VKRZ DZDUHQHVV RI DQG DUWLFXODWH<br />

WKHLU EHOLHIV 7KH GDWD FROOHFWHG FDPH IURP IRXU<br />

DVVLJQPHQWV RQ WKH FRXUVH UHDVRQV IRU ZK\ WKH<br />

WUDLQHHVZDQWHGWREHFRPH(QJOLVKWHDFKHUVD<br />

SDUDJUDSKH[SODLQLQJWKHLUSHUVRQDOSKLORVRSK\RI<br />

WHDFKLQJ FRPPHQWV ZULWWHQ RQ RWKHU WUDLQHHV<br />

SKLORVRSKLHV DQG DQ DVVLJQPHQW GLVFXVVLQJ D<br />

PHWDSKRUIRUWHDFKLQJDQGLWVLPSOLFDWLRQV:KLOH<br />

WKH GDWD IURP WKH ILUVW DVVLJQPHQW ZDV<br />

GLVDSSRLQWLQJ PDQ\ RI WKH WUDLQHHV SKLORVRSKLHV<br />

H[KLELWHG GHHS DQG FRPSOH[ EHOLHIV WKHLU<br />

FRPPHQWVZHUHLQVLJKWIXODQGWKHDVVLJQPHQWVRQ<br />

PHWDSKRUVZHUHLPSUHVVLYH)URPWKHVHILQGLQJV<br />

LWZDVFOHDUWKDWWKHWUDLQHHVKHOGYDOXDEOHEHOLHIV<br />

DQGZHUHHPLQHQWO\FDSDEOHRIDUWLFXODWLQJWKHP<br />

)XUWKHUPRUH WKH LQVLJKWV DOVR FKDQJHG P\ RZQ<br />

SHUFHSWLRQVRIWKHWUDLQHHVDQG , QRZ YLHZHG<br />

WKHPDVSRWHQWLDOFRZRUNHUVLQFRQVWUXFWLQJQHZ<br />

XQGHUVWDQGLQJVRIWHDFKLQJ<br />

,-75$,1(5'(9(/230(17<br />

35,1&,3/(6$1'35$&7,&()520<br />

/$1*8$*(7($&+(575$,1,1*<br />

$XWKRU5LFKDUG:DWVRQ7RGG<br />

3XEOLVKHG 7UDLQHU-RXUQDOVU()OHFWLRQDQG<br />

'HYHORSPHQWSS<br />

<br />

7UDLQHHMRXUQDOVKDYHIUHTXHQWO\EHHQ


XVHG WR HQFRXUDJH UHIOHFWLRQ LQ WHDFKHU<br />

WUDLQLQJ ,Q WUDLQHU WUDLQLQJ ZLWK WKH QHHG WR<br />

PRYH WRZDUGV HTXLWDEO\ EDODQFHG SRZHU<br />

SDUWLFLSDQWV FDQ EH DVNHG WR FRPPHQW RQ WKH<br />

WUDLQHUWUDLQHUV MRXUQDOV LQ DGGLWLRQ WR ZULWLQJ<br />

WKHLU RZQ 'RLQJ WKLV PD\ HQJHQGHU WUXVW<br />

EHWZHHQWKHWUDLQHUDQGWKHSDUWLFLSDQWVSURPRWH<br />

WKH VNLOO RI FRPPHQWLQJ RQ MRXUQDOV HQFRXUDJH<br />

VKDULQJ RI NQRZOHGJH DQG LGHDV KHLJKWHQ<br />

XQGHUVWDQGLQJ RI UDWLRQDOHV RI WUDLQLQJ<br />

SURPRWH FULWLFDO UHIOHFWLRQ DQG SURYLGH<br />

YDOXDEOH IHHGEDFN IRU UHVWUXFWXULQJ FRXUVHV<br />

([WUDFWV IURP SDUWLFLSDQWV FRPPHQWV RQ D<br />

WUDLQHUVMRXUQDOVGXULQJD0DVWHUVGHJUHHOHYHO<br />

FRXUVH LQ D 7KDL XQLYHUVLW\ DUH JLYHQ WR<br />

LQYHVWLJDWH ZKHWKHU WKHVH JRDOV DUH DFKLHYDEOH<br />

5HVXOWV VKRZ WKDW PRVW RI WKH JRDOV DUH<br />

SURPRWHG<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

DSSOLFDELOLW\RIWRSLFEDVHGDQDO\VLVDVDPHWKRG<br />

RIDVVHVVLQJFRKHUHQFHRIZULWLQJ<br />

,-0($685,1*7+(&2+(5(1&(<br />

2):5,7,1*86,1*723,&%$6('<br />

$1$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

)DFXOW\RI(QJLQHHULQJ<br />

1-ž¦³­·š›·£µ¡…°Š„µ¦šÎ µ£µ¡¡·¤¡r¨µ¥œÎÊ µ<br />

—·‹·˜°¨Ã—¥Ä oÁ­¸¥Š¡¼—­Î µ®¦´ ª¸—¸š´«œr<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¡· ¼¨¥r µ˜·˜´ÊŠ˜·Áª „»¨¡·¡´•œr«»£«·¦·­´œ˜r<br />

›Î µ¦Š¦´˜œr°¤¦¦´„¬µ<br />

ªµ¦­µ¦ª· µ„µ¦¤®µª·š¥µ¨´¥®°„µ¦‡oµÅš¥<br />

žeš¸ÉŒ ´ š¸É¡§¬£µ‡¤­·Š®µ‡¤<br />

®œoµ<br />

š‡ªµ¤œ¸ÊÁ­œ°„µ¦œÎ µ­´ µ–Á­¸¥Š¡¼—¤µ<br />

ž¦³¥»„˜rÄ oÁž}œ­´ µ–¨µ¥œÎÊ µÄœ„¦³ ªœ„µ¦šÎ µ£µ¡¡·¤¡r<br />

¨µ¥œÎÊ µ—·‹·˜°¨ ¦nª¤„´œ„´ „µ¦˜¦ª‹­° ­´ µ–¨µ¥œÎÊ µš¸É„¼o<br />

„¨´ ‡ºœÃ—¥Ä o„µ¦¢{Š…°Š¤œ»¬¥r ª·›¸„µ¦Âž¨ŠÁª¢Á¨È˜Â¡‡<br />

Á„˜¼„œÎ µ¤µÄ oÄœ„µ¦ {Š­´ µ–Á­¸¥Š¡¼—¨ŠÄœ…o°¤¼¨ª¸—¸<br />

š´«œr Ÿ¨‹µ„„µ¦š—¨°ŠÂ­—ŠÄ®oÁ®Èœªn µ Ÿ¼o¢{Š­µ¤µ¦Á…oµÄ‹<br />

¨³¦´ ¦¼o¹ŠÁœºÊ°‡ªµ¤š¸ É¡¼—°¥¼nÄœ­´ µ–Á­¸¥Šš¸É„¼o„¨´ ‡ºœ¤µ<br />

£µ¥®¨´Šš¸ÉŸnµœ„µ¦Ã‹¤˜¸Äœ¦³—´ š¸É­¼Š„ªnµª·›¸„µ¦˜¦ª‹­°<br />

 —´ÊŠÁ—· ¤ œ´Éœ‡º°Ä o‡nµ‡ªµ¤Á®¤º°œ…°Š¨´ „¬–³šµŠ„µ¥<br />

£µ¡…°Š­´ µ–Áž}œ˜´ª˜´—­·œ ª·›¸„µ¦š¸ÉœÎ µÁ­œ°œ¸Êª¥Á¡·É¤<br />

n<br />

‡ªµ¤šœšµœ…°Š­´ µ–¨µ¥œÎÊ µš¸É¼„ {Š˜n°„µ¦Ã‹¤˜¸<br />

ž¦³Á£š˜nµŠÇ Á nœ „µ¦ž¦´ Á¡·É¤Â¨³¨—‡nµ‡ªµ¤­ªnµŠ „µ¦<br />

ž¦´ Á¡·É¤Â¨³¨—‡nµ‡ªµ¤Á…o¤­¸„µ¦ ª„—oª¥­´ µ–¦ „ªœ<br />

 Á„µ­rÁŽ¸¥œ „µ¦ ¸ °´—…o°¤¼¨ÄœÂ˜n¨³Á¢¦¤—oª¥<br />

¤µ˜¦“µœ-3(*¨³„µ¦„¦°Š­´ µ–‡ªµ¤¸É­¼ŠŸnµœ<br />

1-„µ¦ªµŠ°»ž„¦–ržj°Š„´œš¸ÉÁ®¤µ³­¤š¸É­» —<br />

Äœ¦³ ‹Î µ®œnµ¥„¦³Â­Å¢¢jµÃ—¥‡Î µœ¹Š¹Š<br />

‡ªµ¤­¼ Á­¸¥Á¤ºÉ°Å¢—´ ¦µ‡µ˜¨°—°µ¥»„µ¦Ä oŠµœ<br />

¨³—´ œ¸‡ªµ¤Á ºÉ°º°Å—o<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¦­ª¦¦– »¡«·¦·œ§¤¨ª´•œ¡Š«„¦<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É„¦„‘µ‡¤„´œ¥µ¥œ<br />

®œoµ<br />

Äœ¦³ ‹Î µ®œnµ¥„¦³Â­Å¢¢jµ ¤¸—´ œ¸®¨µ¥˜´ªš¸É<br />

­µ¤µ¦Ä oÄœ„µ¦ž¦³Á¤·œ‡nµ‡ªµ¤Á ºÉ°º°Å—o…°Š¦³ —´ œ¸<br />

‡ªµ¤Á ºÉ°º°Å—oš¸Éœ· ¥¤Ä o¤¸°µš·Á nœ —´ œ¸‡nµÁŒ¨¸É¥‹Î µœªœ‡¦´ÊŠ<br />

Å¢—´ 6$,), ¨³—´ œ¸‡nµÁŒ¨¸É¥¦³¥³Áª¨µÅ¢—´ <br />

6$,',„µ¦°°„ ¦³ Å¢¢jµš¸É¤¸ž¦³­·š›·£µ¡Â¨³<br />

1DWLRQDO-RXUQDO<br />

˜° ­œ°Š˜n°‡ªµ¤˜o°Š„µ¦…°ŠŸ¼o ¦·Ã£‡‹³˜o°Š‡Î µœ¹Š¹Š<br />

ž{‹‹´¥®¨µ¥Ç °¥nµŠ Á nœ ‡ªµ¤­¼ Á­¸¥Á¤ºÉ°Å¢—´ ¦µ‡µ<br />

˜¨°—°µ¥»„µ¦Ä oŠµœÂ¨³¦µ‡µ„µ¦¨Šš»œ…°Š°»ž„¦–ržj°Š„´œ<br />

Å¢—´ „µ¦Ä o°»ž„¦–ržj°Š„´œš¸ÉÁ®¤µ³­¤Äœ¦³ ­µ¤µ¦<br />

¨—‡ªµ¤­¼ Á­¸¥Á¤ºÉ°Å¢—´ Å—o°¥nµŠ¤¸ž¦³­·š›·£µ¡ ×¥<br />

­µ¤µ¦žj°Š„´œŸ¼o ¦·Ã£‡‹µ„Á®˜»„µ¦–rÅ¢—´ ¨³­µ¤µ¦<br />

¨—ž¦·¤µ–¡ºÊœš¸Éš¸ÉÁ„·—Ÿ¨„¦³š ‹µ„Á®˜»„µ¦–rÅ¢—´ oÅ—<br />

˜n<br />

Äœ…–³Á—¸¥ª„´œ„È°µ‹Â¨„„´ „µ¦Á¡·É¤…¹Êœ…°Š¦µ‡µ˜¨°—°µ¥»<br />

„µ¦Ä oŠµœÂ¨³¦µ‡µ„µ¦¨Šš»œ…°Š°»ž„¦–ržj°Š„´œ<br />

š‡ªµ¤Œ ´ œ¸ÊœÎ µÁ­œ°ª·›¸„µ¦®µ‡nµš¸ÉÁ®¤µ³­¤š¸É<br />

­»—Äœ„µ¦°°„ ¦³ Å¢¢jµÃ—¥„µ¦®µ‡nµš¸É˜Î É µ­»—…°Š<br />

‡ªµ¤­¼ Á­¸¥Á¤ºÉ°Å¢—´ ¦µ‡µ˜¨°—°µ¥»„µ¦Ä oŠµœ ¦ª¤š´ÊŠ<br />

¦µ‡µ„µ¦¨Šš»œ ×¥„µ¦ªµŠ°»ž„¦–ržj°Š„´œÄœ˜Î µÂ®œnŠš¸É<br />

Á®¤µ³­¤ ¨³­°—‡¨o°Š„´ …o°‹Î µ„´—…°Š¦³ Ÿ¨„µ¦<br />

š—¨°Šœ¸ÊÅ—o¼„Áž¦¸¥ Áš¸¥ „´ Ÿ¨„µ¦š—¨°Š‹µ„°¸„„¦–¸<br />

«¹„¬µš¸ÉÅ—o¡´•œµ…¹Êœ¤µŽ¹ÉŠ¤¸­¤„µ¦‹»—ž¦³­Š‡r‡º ° „µ¦®µ‡nµ<br />

6$,), ¨³ 6$,', š¸É˜ÎÉ µš¸É­» — ×¥ž¦³¥»„˜rÄ o„µ¦Â„o<br />

ž{ ®µÂ Å œµ¦¸Éަ„¦¤¤·É Š ELQDU\ SURJUDPPLQJ<br />

 ŤnÁž}œÁ ·ŠÁ­oœ Ž¹ÉŠÄ®o‡nµ‡Î µ˜° š¸É—¸š¸ É­» — RSWLPDO<br />

UHVXOWV ¨³œÎ µÁ­œ°šµŠÁ¨º°„š¸ÉÁ®¤µ³­¤°¸„¤µ„¤µ¥Äœ<br />

„µ¦°°„ ¦³ Å¢¢jµ<br />

1-„µ¦«¹„¬µ‡»–­¤ ´˜·…°ŠÅ‡Ã˜Žµœ¡°¦´­ ¸—<br />

´<br />

œ´„ª·‹´¥ žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»rœ·¦´œ—¦r­´¡¡ª· s¼<br />

ÁŸ¥Â¡¦n ªµ¦­µ¦Áš‡ÃœÃ¨¥¸›œ »¦¸žeš¸ÉŒ š¸É<br />

¤„¦µ‡¤®œoµ<br />

Šµœª·‹´¥œ¸ÊÄ oŇØŽµœÁ ·Š¡µ–· ¥rš¸É¤¸‡»–­¤ · ´˜<br />

—´Šœ¸Ê¦³—´ „µ¦„Î µ‹´—®¤¼n°³Ž·˜·¨ Ášnµ„´ ž¦·¤µ–Áoµ<br />

Ášnµ„´ ž¦·¤µ–‡ªµ¤ ºÊœÁšnµ„´ ž¦·¤µ–‡¨ÁŽ¸¥¤<br />

‡µ¦r °Áœ˜ Ášnµ„´ œÎÊ µ®œ´„äÁ¨„»¨ Ášnµ„´ <br />

JPROH ­nªœÅ‡Ã˜Žµœ¡°¦´­ ¸—‹³šÎ µ„µ¦…¹Êœ¦¼ ž<br />

‹µ„­µ¦¨³¨µ¥Å‡Ã˜Žµœ š¸É¨³¨µ¥Äœ„¦—°³Ž·˜·„ <br />

ץŇØŽµœ¡°¦´­ ¸—š¸ÉÅ—o‹³¤¸‡»–­¤ ´˜·šµŠ„µ¥£µ¡—´Šœ¸Ê<br />

‡º° Á¤È—‡n°œ…oµŠ„¨¤ ‡¨oµ¥Á¤È—­µ‡¼ ¤¸­¸…µª…»nœ Á¤È—‡n°œ<br />

…oµŠ®¥»nœÇ ¤¸‡ªµ¤Â…Ȋ¦Š‡Ššœ˜n°„µ¦Á…¥nµÄœ…–³šÎ µ„µ¦<br />

š—¨°Š¤¸¡ºÊœš¸ÉŸ·ªÁšnµ„´ PP PJž¦·¤µ˜¦¦¼¡¦»œ<br />

Ášnµ„´ FP J ‡ªµ¤®œµÂœnœ Ášnµ„´ <br />

JFP ž¦·¤µ–‡ªµ¤ ºÊœÁšnµ„´ ¨³…œµ—Á­oœŸnµ«¼œ¥r<br />

„¨µŠÁŒ¨¸É¥Ášnµ„´ PP


1-0(7$%2/,&&21752/$1$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1-…o°¡·‹µ¦–µÄœ„µ¦°°„Â<br />

¦¥œ˜r<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹µœÁ ¦„­Î µ®¦´<br />

­»¦Á ¬“r »˜·¤µ„¦»–µ˜´œª·­»š›·Í<br />

ª¸¦³ ´¥ª·ª´•œ¡Š«r¡´œ›rÁ ‹¦´˜œr®Š¬r‡Î µ¤¸<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸ÉÁ¤¬µ¥œ¤·»œµ¥œ<br />

®œoµ<br />

¦³ Á ¦„Áž}œ®´ªÄ‹­Î µ‡´ ­Î µ®¦´ ‡ªµ¤ž¨°—<br />

£´¥…°Š¦¥œ˜r ‹¹ŠÅ—o¤¸„µ¦ª·‹´¥Â¨³¡´•œµÄ®o¤¸­¤¦¦œ³—¸<br />

…¹Êœ‡ª ‡¼n „´œÅž¡¦o°¤„´ „µ¦¡´•œµ¦¥œ˜r Á¡ºÉ°Ä®oŸ¼o…´ …¸ÉÅ—o<br />

¦´ ‡ªµ¤ž¨°—£´¥Äœ„µ¦…´ …¸É¤µ„š¸É­» — Šµœª·‹´¥œ¸Ê¤¸ª´˜»<br />

ž¦³­Š‡rÁ¡ºÉ°«¹„¬µ¨´„¬–³„µ¦„¦³‹µ¥˜´ ª…°Š°»–®£¼¤·š¸ÉÁ„·—<br />

…¹Êœ œ‹µœÁ ¦„Äœ­£µª³„µ¦Á ¦„š¸ÉšÎ µÄ®o‹µœÁ ¦„¤¸Ã°„µ­<br />

Á­¸¥®µ¥¤µ„š¸É­»—‡º ° „µ¦Á ¦„ ‡¦´ÊŠÁ—¸¥ª®¥» — ×¥<br />

ž¦³¥»„˜rª·›¸Å¢Åœ˜rÁ°¨·Á¤œ˜rÄœ„µ¦«¹„¬µŸ¨…°Š¡¨´ŠŠµœ<br />

‡ªµ¤¦o°œ°´œÁœºÉ°Š¤µ‹µ„‡ªµ¤Á­¸¥—šµœ¦³®ªnµŠ‹µœÁ ¦„<br />

„´ ŸoµÁ ¦„š¸ÉÁ…oµ­¼n‹µœÁ ¦„Ž¹ÉŠ„ȇº ° „µ¦„¦³‹µ¥‡ªµ¤¦o°œ<br />

—oª¥„µ¦œÎ µÁ…oµ­¼n—oµœÄœ…°Š‹µœÁ ¦„¨³„µ¦¡µ‡ªµ¤¦o°œ<br />

ÁœºÉ°Š‹µ„„µ¦Å®¨Ÿnµœ…°Š°µ„µ« ­nŠŸ¨Ä®o°»–®£¼¤·­¼Š­»—š¸É<br />

Á„·—…¹Êœ¤¸‡nµ˜Î É µ¨Š ¨³Áž}œž{‹‹´¥®¨´„š¸ÉšÎ µÄ®o­¤¦¦œ³Äœ<br />

„µ¦Á ¦„­¼Š…¹ÊœŸ¨‹µ„„¦–¸«¹„¬µœ¸Ê­µ¤µ¦ÄÁž}œ…o°¤¼¨¡ºÊœ<br />

o<br />

“µœÁ¡ºÉ°„Î µ®œ—ÂœªšµŠÄœ„µ¦ž¦´ ž¦»Š„µ¦°°„ ‹µœ<br />

Á ¦„…°ŠŸ¼oŸ¨·˜ ·Êœ­n ªœ¦¥œ˜rÄ®o¤¸­¤¦¦œ³—¸…¹Êœ<br />

1-„µ¦«¹„¬µž¦³­·š›·Ÿ¨…°Š¦³ Å„—r…°Š<br />

¤n¡·¤¡r£µ¥Ä˜o¦Š„¦³šÎ µÂ Á¥ºÊ°Š«¼œ¥r œÁ‡¦ºÉ°Š<br />

Á¡¦­Ã‡¦Š­¦oµŠ¦¼ž˜´ªŽ¸<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ªµ¦»–¸Áž¦¤µœœšr„° ­·œšª¸­·œ<br />

ª´ ¦·œš¦r­·š›·Á‹¦·<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É˜»¨µ‡¤›´œªµ‡¤<br />

®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°„µ¦˜¦ª‹­° „µ¦Áž¨¸É¥œÂž¨Š<br />

Äœ nªŠ¥º—®¥»nœ…°ŠÁ‡¦ºÉ°ŠÁ¡¦­Ã‡¦Š­¦oµŠ¦¼ž˜´ªŽ¸£µ¥Ä˜o<br />

­£µª³„µ¦¦´ ¦Šš¸ÉŤn˜¦Š«¼œ¥r„¨µŠ…°ŠÁ‡¦ºÉ°Š ˜¦ª‹­°<br />

„µ¦ ·—˜´ª…°ŠÃ‡¦Š­¦oµŠÁ‡¦ºÉ°Š…–³š¸É¤¸Â¦Š„¦³šÎ µÁ¤ºÉ°¤¸„µ¦<br />

Ä o¦³ Å„—rĜ¤n¡·¤¡rž¦³Á£š˜nµŠÇÁ¡ºÉ° nª¥Á¡·É¤‡ªµ¤<br />

Áš¸É¥Š˜¦ŠÄ®o„´ ·ÊœŠµœš¸ÉŸ¨· ˜‹´—­¦oµŠ°»ž„¦–rÄœ„µ¦š—­°<br />

„´ ¤n¡·¤¡r°´—…¹Êœ¦¼ žÃ—¥šÎ µ„µ¦˜·—˜´ÊŠ°»ž„¦–rÄœ„µ¦ª´—¦Š<br />

¨³¦³¥³„µ¦Áž¨¸É¥œÂž¨ŠÄœš·«šµŠ˜n µŠÇÁ¡ºÉ° ´œš¹„…o°¤¼ ¨<br />

šÎ µ„µ¦š—­° ×¥Á¡·É¤Ã¤Á¤œ˜r‹µ„„µ¦„—°´—š¸É‡nµ˜nµŠÇ„´œ<br />

„µ¦Ä o¦³ Å„—r nª¥Äœ »—¤n¡·¤¡rÄ®oŸ¨…°Š„µ¦Áž¨¸É¥œ<br />

ž¨ŠÄœ nªŠ¥º—®¥»nœ…°ŠÁ‡¦ºÉ°ŠÁ¡¦­œo°¥¨ŠÁ¤ºÉ°Áš¸¥ „´ Ťn<br />

Ä o¦³ Å„—r ‹µ„„µ¦š—­° ¡ ªnµ¦³ Å„—rš¸ÉÄ®oŸ¨—¸š¸É­»—<br />

‡º°„µ¦Ä o¦nª¤„´œ¦³®ªnµŠÅ„—r±¸¨ ¨°‡Â¨³¡·¨¨nµ¦r…œµ—Á­oœ<br />

Ÿnµœ«¼œ¥r„¨µŠ¤·¨¨·Á¤˜¦Ž¹ÉŠšÎ µÄ®oÁ„·—„µ¦ž¦´ ž¦»Š¦³¥³<br />

„µ¦Áž¨¸É¥œÂž¨ŠÁ ·Š¤»¤Äœ nªŠ¥º—®¥»nœ¦o°¥¨³ ¨³<br />

¦³¥³„µ¦®¤»œ…°ŠÁ¡¦­­Å¨—r¦o°¥¨³ Áž¦¸¥ Áš¸¥<br />

„´ ŤnÄ o¦³ Å„—r nª¥…°ŠÁ‡¦ºÉ°ŠÁ¡¦­Â Á¥ºÊ°Š«¼œ¥ r ¨³<br />

Á„·—„µ¦ž¦´ ž¦»Š¦³¥³„µ¦Áž¨¸É¥œÂž¨ŠÁ ·Š¤»¤Äœ nªŠ¥º—®¥»nœ<br />

¦o°¥¨³ ¨³¦³¥³„µ¦®¤»œ…°ŠÁ¡¦­­Å¨—r¦o°¥¨³<br />

Áž¦¸¥ Áš¸¥ „´ ŤnÄ o¦³ Å„—r nª¥…°ŠÁ‡¦ºÉ°ŠÁ¡¦­<br />

 ű—¦°¨·„<br />

1-„µ¦«¹„¬µ‡ªµ¤Áž}œÅžÅ—oÄœ„µ¦œÎ µ„µ„<br />

˜³„°œ µœ°o°¥Â¨³„µ„˜³„°œ¥¼‡µ¨·ž˜´­‹µ„¦³<br />

µ Î ´—œÎÊ µÁ­¸¥…°Š°»˜­µ®„¦¦¤Ÿ¨·˜Á¥ºÉ°„¦³—µ¬¤µÄ o<br />

Äœ„µ¦Ÿ¨·˜ª´­—»Ž¸Á¤œ˜rÁ­¦·¤Á­oœÄ¥<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

<br />

Œ´˜¦ ´¥Â¤ÁŠ·œª· ´¥­´Šª¦žšµœ­„»¨<br />

­»ª·¤¨°´«ª¡·«·¬“<br />

ªµ¦­µ¦Áš‡ÃœÃ¨¥¸­»¦œµ¦¸žeš¸ÉŒ ´ š¸É<br />

Á¤¬µ¥œ¤·»œµ¥œ®œoµ<br />

Šµœª·‹´¥œ¸Ê«¹„¬µ‡ªµ¤Áž}œÅžÅ—oÄœ„µ¦œÎ µ„µ„<br />

˜³„°œ‹µ„¦³ Î µ ´—œÎÊ µÁ­¸¥…°Š°»˜­µ®„¦¦¤Ÿ¨·˜Á¥ºÉ°<br />

„¦³—µ¬š¸ÉÄ o µœ°o°¥Â¨³¥¼‡µ¨·ž˜´­Áž}œª´˜»—· ¤µÄ oÄœ„µ¦<br />

Ÿ¨·˜ª´­—»Ž¸Á¤œ˜rÁ­¦·¤Á­oœÄ¥Â¨³šÎ µ„µ¦š—­° ‡ªµ¤ ºÊœ<br />

‡ªµ¤®œµÂœnœ ¨³‡ªµ¤˜oµœšµœÂ¦Š—´—š¸É°µ¥» <br />

¨³ ª´œ ˜µ¤¨Î µ—´ Ÿ¨„µ¦š—¨°Š¡ ªnµ‡ªµ¤ ºÊœ<br />

…°Šª´­—»Ž¸Á¤œ˜rÁ­¦·¤Á­oœÄ¥‹µ„„µ¦˜³„°œš´ÊŠ­°Š œ·—Á¡·É¤<br />

…¹Êœ˜µ¤ž¦·¤µ–Á­oœÄ¥Â¨³°µ¥»„µ¦ ¤ n Äœ…–³š¸É‡ªµ¤®œµ<br />

Âœnœ¨—¨ŠÁ¤ºÉ°ž¦·¤µ–Á­oœÄ¥Á¡·É¤…¹Êœ‹µ„¦o°¥¨ ³ Áž}œ<br />

¦o°¥¨³œ°„‹µ„œ¸Ê¥´Š­´ŠÁ„˜Á®Èœªn µª´­—»Ž¸Á¤œ˜rÁ­¦·¤Á­oœ<br />

Ä¥‹µ„„µ„˜³„°œ¥¼‡µ¨·ž˜´­¤¸‡ªµ¤˜oµœšµœ„µ¦¦´ ¦Š—´—<br />

­¼Š„ªnµª´­—»Ž¸Á¤œ˜rÁ­¦·¤Á­oœÄ¥‹µ„„µ¦˜³„°œ µœ°o°¥š¸Éš»„<br />

°µ¥»„µ¦ n¤<br />

1DWLRQDO-RXUQDO


1-‡ªµ¤—´œ œ¡ºÊœ¦µŠÂ¨³‡ªµ¤¨¹„…°Š„µ¦Å®¨<br />

œ¦µŠ…´Êœ ´œÅ— „¨n°Š˜µ…nµ¥<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

´¥¥»š› ·œ–³¦µ«¦¸­¤ µ¥—°œÁ‹—¸¥r<br />

°»—¤«´„—·Í°·«¦µŠ„¼¦–°¥»›¥µ<br />

ª·«ª„¦¦¤­µ¦Œ ´ ª·‹´¥Â¨³¡´•œµžeš¸É<br />

Œ ´ š¸É®œoµ<br />

¦µŠ…´Êœ ´œÅ—Áž}œÃ‡¦Š­¦oµŠšµŠ ¨«µ­˜¦rš¸É­Î µ‡´<br />

­Î µ®¦´ ¦³ ¦³ µ¥œÎÊ µ…°Šœœš¸É˜´—Ÿnµœ ¦·Áª–Ášº°„Á…µ<br />

nª¥¨—¡¨´ŠŠµœÂ¨³‡ªµ¤Á¦Èª…°Š„¦³Â­œÎ Ê µšµŠ—oµœž¨µ¥<br />

¦µŠ šÎ µÄ®o¨—…œµ—…°Š°nµŠ­¨µ¥¡¨´ŠŠµœš¸Éž¨µ¥¦µŠ„n°œ‹³<br />

¦³ µ¥œÎÊ µ¨Š­¼nšµŠœÎÊ µ›¦¦¤ µ˜·¨ŠÅ—o š‡ªµ¤œ¸ÊÅ—oœÎ µÁ­œ°<br />

Ÿ¨„µ¦«¹„¬µ‹µ„„µ¦š—¨°ŠÁ„¸É¥ª„´ ¨«µ­˜¦r„µ¦Å®¨ œ<br />

¦µŠ…´Êœ ´œÅ— „¨n °Š˜µ…nµ¥ ¦¦‹»®·œ Ž¹ÉŠÁž}œª´ ­—»š¸É®µÅ—o<br />

Šnµ¥ šœšµœ ¨³¦µ‡µ¼„ Ÿ¨„µ¦«¹„¬µž¦³„° Åž—jª¥¦¼ž<br />

 „µ¦Å®¨ œ¦µŠ ‡ªµ¤—´œ œ¡ºÊœ¦µŠ ¨³‡ªµ¤¨¹„…°Š<br />

„µ¦Å®¨…œ¦µŠ Ž¹ÉŠ¡ ªnµ¦µŠ…´Êœ ´œÅ— „¨n°Š˜µ…nµ¥ nª¥<br />

¨—¦Š—´œ…°ŠœÎÊ µ œ…´Êœ ´œÅ—Å—o¦o°¥¨³ Á¤ºÉ°Áž¦¸¥<br />

Áš¸¥ „´ ¦µŠ…´Êœ ´œÅ— ¡ºÊœ¦µ ‡ªµ¤¨¹„Äœ¦µŠÂ<br />

„¨n°Š˜µ…nµ¥¤¸ÂœªÃœo¤œo°¥„ªnµÁœºÉ°Š‹µ„„µ¦š¸É„¨n°Š˜µ…nµ¥<br />

Å—o¥°¤Ä®o¤¸„µ¦Å®¨Ÿnµœ n°Š®·œÅ—o µŠ­nªœ …o°¤¼¨‹µ„Ÿ¨<br />

„µ¦«¹„¬µœ¸Ê‹³Áž}œ¡ºÊœ“µœÄœ„µ¦ª·‹´¥Â¨³°°„ ¦µŠ…´Êœ<br />

´œÅ— „¨n°Š˜µ…nµ¥˜n°Åž<br />

1-„µ¦­¨µ¥¡¨´ŠŠµœÂ¨³‡ªµ¤Á¦Èªšoµ¥¦µŠ<br />

œ¦µŠ…´Êœ ´œÅ— ¤¸›¦–¸š¸Éž¨µ¥…´Êœ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

š«¡¨‹˜»¦³ »¨ ´¥¥»š› ·œ–³¦µ«¦¸<br />

°»—¤«´„—·Í°·«¦µŠ„¼¦–°¥»›¥µ<br />

ª·«ª„¦¦¤­µ¦Œ ´ ª·‹´¥Â¨³¡´•œµžeš¸É<br />

Œ ´ š¸É®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°Ÿ¨„µ¦«¹„¬µ‹µ„„µ¦š—¨°Š<br />

Á¡ºÉ°®µ„µ¦­¨µ¥¡¨´ŠŠµœÂ¨³‡ªµ¤Á¦Èª„µ¦Å®¨šoµ¥¦µŠ…´Êœ<br />

´œÅ— ¤¸›¦–¸š¸Éž¨µ¥…´Ê œ˜´ª¦µŠ„ªoµŠ¤Â¨³¥µª<br />

¤Ã—¥¤¸‡ªµ¤¨µ— ´œq q ¨³q ˜µ¤¨Î µ—´ <br />

…´Êœ œÅ—¤¸‡ªµ¤­¼Š¦o°¥¨³ ´<br />

…°Š‡ªµ¤­¼Š¦µŠ ‡ªµ¤­¼Š…°Š<br />

›¦–¸š¸Éž¨µ¥…´Ê œ‡º°Â¨³Ž¤˜µ¤¨Î µ—´ <br />

Ÿ¨„µ¦«¹„¬µ¡ ªnµ ˜´ªÂž¦­Î µ‡´ š¸É¤¸°·š›·¡¨˜n°„µ¦­¨µ¥<br />

¡¨´ŠŠµœÂ¨³‡ªµ¤Á¦Èªšoµ¥¦µŠ‡º °‡ªµ¤¨µ—Á°¸¥Š…°Š¦µŠ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

'URS QXPEHU¨³›¦–¸š¸Éž¨µ¥…´Ê œ„µ¦­¨µ¥¡¨´ŠŠµœ…°Š<br />

„µ¦Å®¨ œ¦µŠ…´Êœ ´œÅ—‹³¨—¨Š Á¤ºÉ°‡nµ 'URS QXPEHU<br />

¨³‡ªµ¤¨µ— ´œ…°Š¦µŠÁ¡·É¤…¹Ê œÂ˜nÁ¡·É¤…¹ÊœÁ¤ºÉ°‡ªµ¤­¼ Š…°Š<br />

›¦–¸š¸Éž¨µ¥…´ÊœÁ¡·É¤…¹Ê œ ÄœšµŠ˜¦Š„´œ…oµ¤‡ªµ¤Á¦Èªšoµ¥¦µŠ<br />

…´Êœ œÅ—‹³Á¡·É¤…¹Ê ´ œÁ¤ºÉ°‡nµ 'URS QXPEHU¨³‡ªµ¤¨µ—<br />

´œ…°Š¦µŠÁ¡·É¤…¹Ê œ ˜n¨—¨ŠÁ¤ºÉ°‡ªµ¤­¼Š…°Š›¦–¸š¸Éž¨µ¥…´Êœ<br />

Á¡·É¤…¹Êœ‡ªµ¤­´¤¡´œ›r…°Š„µ¦­¨µ¥¡¨´ŠŠµœ…°Š„µ¦Å®¨ œ<br />

¦µŠ…´Êœ ´œÅ—¨³‡ªµ¤Á¦Èª„µ¦Å®¨šoµ¥¦µŠ„´ ˜´ªÂž¦š¸É<br />

­Î µ‡´ Å—o­—ŠÄœ¦¼ž­¤„µ¦Ž¹ÉŠ¤¸‡nµ­´¤ž¦³­·š›·Í„µ¦˜´—­·œÄ ‹<br />

5 ¦³®ªnµŠ¹Š<br />

1-„µ¦Å®¨ŸnµœšµŠ¦³ µ¥œÎÊ µ¨oœ…´Êœ ´œÅ—<br />

 „¨n°Š˜µ…nµ¥<br />

œ´„ª·‹´¥<br />

­¤ µ¥—°œÁ‹—¸¥r ´¥¥»š› ·œ–³¦µ«¦¸<br />

°»—¤«´„—·Í°·«¦µŠ„¼¦–°¥»›¥µ<br />

š«¡¨‹˜»¦³ »¨<br />

ÁŸ¥Â¡¦n<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É¤„¦µ‡¤¤¸œµ‡¤<br />

®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°Ÿ¨„µ¦«¹„¬µ­£µ¡„µ¦Å®¨Ÿnµœ<br />

šµŠ¦³ µ¥œÎÊ µ¨oœ…´Êœ ´œÅ— „¨n°Š˜µ…nµ¥ ‹µ„„µ¦š—¨°Š<br />

ÄœšµŠ¦³ µ¥œÎÊ µ¨oœ…´Êœ ´œÅ—š¸É¤¸‡ªµ¤„ªoµŠ Á¤˜¦ ¤¸<br />

‡ªµ¤¨µ— ´œ…°Š¦µŠ q q ¨³ q ×¥¤¸‡ªµ¤­¼Š<br />

…°Š¦µŠÁšnµ„´ ¨³Á¤˜¦˜µ¤¨Î µ—´ …´Êœ<br />

´œÅ—¤¸‡ªµ¤­¼ŠÁž}œ¦o°¥¨³…°Š‡ªµ¤­¼Š¦µŠ°´˜¦µÅ®¨°¥¼n<br />

Äœ nªŠ¦³®ªnµŠ¹Š¨·˜¦˜n°ª·œµš¸‹µ„Ÿ¨„µ¦«¹„¬µ¡<br />

ªnµ š¸É°´˜¦µÅ®¨œo°¥ „µ¦Å®¨Ÿnµœ…´Êœ ´œÅ—‹³Áž}œÂ <br />

1DSSH IORZ ˜nÁ¤ºÉ°°´˜¦µÅ®¨Á¡·É¤¤µ„…¹Êœ„µ¦Å®¨‹³<br />

Áž¨¸É¥œÁž} œÂ 7UDQVLWLRQIORH¨³6NLPPLQJIORZ<br />

˜µ¤¨Î µ—´ „µ¦Â nŠ…° Á…˜…°Š„µ¦Å®¨Â­—ŠÅ—o—oª¥˜´ªÁ¨…<br />

°´˜¦µ­nªœ…°Š‡ªµ¤¨¹„ª·„§˜˜n°‡ªµ¤­¼Š…´Êœ ´œÅ— „µ¦­¼<br />

Á­¸¥¡¨´ŠŠµœ„µ¦Å®¨Âž¦Áž¨¸É¥œŸ„Ÿ´œ„´ ‡n µ 0RGLILHG<br />

GURS QXPEHU ×¥„µ¦­¼ Á­¸¥¡¨´ŠŠµœ‹³Á¡·É¤…¹ÊœÁ¤ºÉ°‡n µ<br />

0RGLILHGGURSQXPEHU¨—¨ŠÄœ…–³š¸É„µ¦­¼ Á­¸¥¡¨´Š<br />

ŠµœÁ¡·É¤…¹Êœ‡ªµ¤Á¦ÈªšµŠ—oµœšoµ¥œÎÊ µ‹³¨—¨Š šµŠ¦³ µ¥œÎÊ µ<br />

¨oœ…´Êœ ´œÅ— „¨n°Š˜µ…nµ¥­µ¤µ¦Á¡·É¤ž¦³­·š›·£µ¡„µ¦<br />

­¨µ¥¡¨´ŠŠµœÅ—ož¦³¤µ–¦o°¥¨³ ¨³¨—‡ªµ¤Á¦ÈªšµŠ<br />

—oµœšoµ¥œÎÊ µÅ—o¦o°¥¨³ Á¤ºÉ°Áž¦¸¥ Áš¸¥ „´ šµŠ¦³ µ¥œÎÊ µ<br />

¨oœ…´Êœ œÅ— ´ ¡ºÊœ¦µ<br />

1DWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1-„µ¦­¦oµŠÂ<br />

£µ¡¦³¥³Ä„¨o<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹Î µ¨°Š¤·˜·—oª¥ª·›¸„µ¦nµ¥<br />

›¸¦³¨·¨·˜ª¦µŠ„¼¦<br />

ªµ¦­µ¦ª·š¥µ«µ­˜¦r¨³Áš‡ÃœÃ¨¥¸<br />

¤®µª·š¥µ¨´¥›¦¦¤«µ­˜¦ržeš¸ÉŒ ´ š¸É<br />

¤„¦µ‡¤Á¤¬µ¥œ®œoµ<br />

¡ºÊœ£¼¤·ž¦³Áš«Ž¹ÉŠž„‡¨»¤Åž—jª¥˜o œÅ¤o˜¹„¡ºÊœ—· œ<br />

¨³°ºÉœÇ š¸ÉÁž}œ­· ÉŠš¸ ɤœ»¬¥r­¦oµŠ…¹ Êœ®¦º°Á„·—…¹ ÊœÁ°Š˜µ¤<br />

›¦¦¤ µ˜· Ž¹ÉŠšÎ µÄ®o¡ºÊœŸ·ªÃ¨„¤¸‡ªµ¤­¼Š˜ÎÉ µÂ˜„˜nµŠ„´œ°°„<br />

ޘn¨³¡ºÊœš¸ É ‹µ„Äœ°—¸˜„µ¦šÎ µŠµœ­Î µ¦ª‹¤¸Á¡¸¥ŠÂ˜n„µ¦<br />

­Î µ¦ª‹¡ºÊœ¦µ ¨³Áš‡ÃœÃ¨¥¸˜nµŠÇ ¥´ŠÅ¤nÁ‹¦· „oµª®œoµ<br />

Á®¤º°œÁ nœ°¥nµŠž{‹‹» ´œ ­·ÉŠÁ®¨nµœ¸ÊšÎ µÄ®o„µ¦­Î µ¦ª‹¤¸‡ªµ¤<br />

¥µ„¨Î µ µ„Äœ„µ¦Á…oµ¹ŠÄœ„µ¦šÎ µŠµœ—oµœ­Î µ¦ª‹¡ºÊœ¦µ <br />

3ODQH6XUYH\LQJ°¸„š´ÊŠ„µ¦šÎ µŠµœ¥´Š¤¸…o°‹Î µ„´——oµœ°ºÉœ<br />

°¸„®¨µ¥°¥nµŠÄœ„µ¦šÎ µŠµœ Á nœ —oµœ„µ¦…œ­nŠÁ‡¦ºÉ°Š¤º°<br />

—oµœ„Î µ¨´Š‡œ ¨³—oµœ„µ¦šÎ µŠµœ ž{‹‹» ´œ„µ¦šÎ µŠµœ—oµœ<br />

£µ¡nµ¥šµŠ°µ„µ«¤¸‡ªµ¤š´œ­¤´¥¤µ„…¹Êœ‹µ„Á‡¦ºÉ °Š¤º°š¸É¤¸<br />

‡ªµ¤Á‹¦· „oµª®œoµšµŠÁš‡ÃœÃ¨¥¸ Ž¹ÉŠ„µ¦­Î µ¦ª‹—oª¥£µ¡<br />

nµ¥£µ‡¡ºÊœ—· œ 7HUUHVWULDO 3KRWRJUDPPHWU\ Áž}œ<br />

­µ…µ®œ¹ÉŠÄœª· µ„µ¦­Î µ¦ª‹šµŠ£µ¡nµ¥šµŠ°µ„µ«š¸É¤¸‡ªµ¤<br />

­Î µ‡´ ץŗoÂœª‡ªµ¤‡·—¤µ‹µ„¨´„¬–³„µ¦nµ¥£µ¡—oª¥<br />

„¨o°Šš¸É˜´ÊŠ°¥¼n œ¡ºÊœŸ·ª…°ŠÃ¨„š¸É šÎ µ„µ¦nµ¥£µ¡ª´˜» œ¡ºÊœ<br />

Ÿ·ªÃ¨„Ž¹ÉŠÁ¦µÁ¦¸¥„ªnµ„µ¦nµ¥£µ¡¦³¥³Ä„ ö&ORVH5DQJH<br />

3KRWRJUDPPHWU\ Áž}œ„µ¦nµ¥£µ¡ œ¡ºÊœ—·œš¸É­µ¤µ¦<br />

Á…oµÅžª´—˜Î µÂ®œnŠnµ¥£µ¡Å—o×¥˜¦ŠÅ¤nÁ®¤º°œ„´ „µ¦nµ¥<br />

£µ¡šµŠ°µ„µ« šÎ µÄ®oÁ¦µ­µ¤µ¦‹´—„µ¦ªµŠ˜´ªÁ ·Š¤»¤…°Š<br />

„¨o°ŠÃ—¥ª´—®¦º°˜´ÊŠ œ˜Î µÂ®œnŠš¸Éš¦µ ‡nµ‡Šš¸ÉÄ—Ç Á¡ºÉ°Ä®o<br />

š¦µ „µ¦‹´—˜Î µÂ®œnŠ„µ¦ªµŠ˜´ª…°Š„¨o°Šš¸Énµ¥£µ¡š¸ÉÁ¦¸¥„<br />

ªnµ„µ¦‹´—£µ¡£µ¥œ°„H[WHULRURULHQWDWLRQץŤn‹Î µ<br />

Áž}œ˜o°Š‡Î µœª–®µ šÎ µÄ®o¨—‹»—‡ª ‡»¤ œ£µ‡¡ºÊœ—·œÄœ<br />

„µ¦‡Î µœª–Å—o°¸„—oª¥<br />

×¥š´ÉªÅž¨´„¬–³…°Š„µ¦nµ¥£µ¡ œ¡ºÊœ—·œ¤¸°¥¼n<br />

—oª¥„´œÂ ‡º°Â ­·˜6WDWLF‡º°„µ¦š¸Éª´ ˜»š¸ÉŤn¤¸<br />

„µ¦Á‡¨ºÉ°œš¸É …–³nµ¥£µ¡Â¨³Â ‹¨œr G\QDPLF ‡º°<br />

„µ¦š¸Éª´˜» ¤¸„µ¦Á‡¨ºÉ°œš¸É …–³nµ¥£µ¡…¹Êœ°¥¼n„´ ¨´„¬–³…°Š<br />

ª´˜»Â¨³‡ªµ¤˜o°Š„µ¦Äœ„µ¦­¦oµŠÂ ‹Î µ¨°Š ‹µ„„µ¦­¦oµŠ<br />

£µ¡­µ¤¤·˜·‹³˜o°Šnµ¥£µ¡Ä®oŽo°œ„´œ°¥nµŠœo°¥‹µ„<br />

ž¨µ¥…°ŠÁ­oœ“µœš´ÊŠ­°Š —´Šœ´ÊœoµÁž}œ„µ¦nµ¥£µ¡Â<br />

‹¨œr‹³˜o°ŠÄ o¢d¨r¤š¸É¤¸‡ªµ¤Åª­¼ŠÂ¨³‡ªµ¤Á¦Èª ´˜Á˜°¦r­¼ Š<br />

ÄœšµŠ„¨´ „´œ„µ¦nµ¥Â ­·˜¥rŤn‹Î µÁž}œ —´Šœ´Êœ„µ¦nµ¥<br />

£µ¡¦³¥³Ä„¨o‹¹ŠÅ—o¼„œÎ µ¤µÄ oÄœ„µ¦­¦oµŠÂ ‹Î µ¨°Š®¦º°<br />

ž¦´ ž¦»ŠÂŸœš¸ÉÁ¡¦µ³„¨o°Š¤¸¦µ‡µ¼„¨³šÎ µŠµœÅ—o°¥nµŠ¦ª—<br />

Á¦ÈªÄœ¡ºÊœš¸É š¸ÉŤn„ªoµŠ…ªµŠœ´„<br />

1-„µ¦®µ˜Î µÂ®œnŠ…°Š‹»——´ œ¸Ã—¥°´˜Ãœ¤´˜·<br />

—oª¥Áš‡œ·‡„µ¦‹´ ‡¼n£µ¡<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

<br />

Å¡«µ¨­´œ˜·›¦¦¤œœšr›¸¦³¨·¨·˜ª¦µŠ„¼¦<br />

ªµ¦­µ¦Áš‡ÃœÃ¨¥¸­»¦œµ¦¸žeš¸ÉŒ ´ š¸É<br />

¤„¦µ‡¤¤¸œµ‡¤®œoµ<br />

„µ¦®µ˜Î µÂ®œnŠ‹»——´ œ¸Ã—¥°´˜Ãœ¤´˜·—oª¥Áš‡œ·‡<br />

„µ¦‹´ ‡¼n£µ¡ Áž}œ„µ¦«¹„¬µÁ¡ºÉ°®µ˜Î µÂ®œnŠ«¼œ¥r„¨µŠ…°Š<br />

‹»——´ œ¸š´ÊŠ‹»— œ£µ¡nµ¥šµŠ°µ„µ«Á ·ŠÁ¨…—oª¥ª·›¸˜nµŠÇ<br />

ª·›¸‡º° ª·›¸„µ¦„Î µ®œ—Á°Š—oª¥¤º° ª·›¸„µ¦ª´—«¼œ¥r„¨µŠ…°Š<br />

‹»—«¼œ¥rnªŠª·›¸„µ¦®µ‡nµ­´¤ž¦³­·š›·Í­®­´¤¡´œ›r¨³ª·›¸„µ¦<br />

¨¸­šr­Â‡ª¦r×¥Ä oª´—‹»—«¼œ¥r„¨µŠ…°Š‹»——´ œ¸…°Š£µ¡nµ¥<br />

šµŠ°µ„µ«Á ·ŠÁ¨… œ·—£µ¡…µª—Î µ ·˜ ×¥£µ¡š¸ÉÄ o¤¸<br />

‡ªµ¤¨³Á°¸¥—…°Š‹»—£µ¡Áž}œ ¨³ Ť‡¦°œ<br />

Ÿ¨¨´¡›rš¸ÉÅ—o‹³Áž}œ‡nµ˜Î µÂ®œnŠŽ¹ÉŠ¤¸š´ÊŠÂ Î µœªœÁ˜È¤Â¨³ ‹<br />

 ‹Î µœªœš«œ·¥¤…°Š‹»—£µ¡ Äœ„µ¦ª·‹´¥Å—ošÎ µ„µ¦¡´•œµ<br />

ަ„¦¤Á¡ºÉ°‡Î µœª–®µ‡nµ¡·„´—‹µ„ª·›¸„µ¦ª´—«¼œ¥r„¨µŠ…°Š<br />

‹»—«¼œ¥rnªŠª·›¸„µ¦®µ‡nµ­´¤ž¦³­·š›·Í­®­´¤¡´œ›r¨³ª·›¸„µ¦<br />

¨¸­šr­Â‡ª¦r—oª¥£µ¬µŽ¸Ÿ¨¨´¡›rš¸ÉÅ—o‹³¼„œÎ µ¤µÁž¦¸¥ Áš¸¥<br />

„´ ª·›¸„µ¦ª´—«¼œ¥r„¨µŠ…°Š‹»——´ œ¸—oª¥ª·›¸‹»—«¼œ¥rnªŠÂ¨³¤¸<br />

„µ¦Áž¦¸¥ Áš¸¥ ­¤¦¦œ³…°Šª·›¸„µ¦˜nµŠÇ ĜŠn…°Š‡ªµ¤<br />

¼„˜o°ŠšµŠ˜Î µÂ®œnŠ Áª¨µÄœ„µ¦ž¦³¤ª¨Ÿ¨Â¨³‡ªµ¤œnµ<br />

Á ºÉ°º°…°ŠÃž¦Â„¦¤ Ÿ¨‹µ„„µ¦š—­° ¡ ªnµ Á¤ºÉ°Ä o<br />

ަ„¦¤š¸É¡´•œµ…¹ÊœÁ¡ºÉ°‡<br />

µœª–®µ‡nµ¡·„´—š¸ÉÁž}œ˜Î µÂ®œnŠ<br />

«¼œ¥r„¨µŠ…°Š‹»——´ œ¸Ã—¥°´˜Ãœ¤´˜·„´ £µ¡nµ¥šµŠ°µ„µ«<br />

Á ·ŠÁ¨… ¡ ªnµ ‡ªµ¤Â˜„˜nµŠ…°Š‡nµ¡·„´—š¸ÉÅ—o‹µ„ª·›¸„µ¦<br />

¨¸­šr­Â‡ª¦r¤¸‡ªµ¤Ä„¨oÁ‡¸¥Š„´ ª·›¸„µ¦ª´—«¼œ¥r„¨µŠ…°Š‹»—<br />

«¼œ¥rnªŠÃ—¥¤¸‡ªµ¤Â˜„˜nµŠÁšnµ„´ ‹»—£µ¡¦°Š¨Š¤µ<br />

‡º°ª·›¸„µ¦®µ‡nµ­´¤ž¦³­·š›·Í­®­´¤¡´œ›r 6XE SL[HO ¤¸<br />

‡ªµ¤Â˜„˜nµŠÁšnµ„´ ‹»—£µ¡ÄœÂŠn…°ŠÁª¨µš¸ÉÄ oÄœ„µ¦<br />

ž¦³¤ª¨Ÿ¨ª·›¸„µ¦ª´—«¼œ¥r„¨µŠ…°Š‹»—«¼œ¥rnªŠÄ oÁª¨µœo°¥<br />

š¸É­» — ¦°Š¨Š¤µ„ȇº°ª·›¸„µ¦®µ‡nµ­´¤ž¦³­·š›·Í­®­´ ¤¡´œ›r¨³<br />

ª·›¸„µ¦¨¸­šr­Â‡ª¦r ×¥Áª¨µš¸ÉÄ o­Î µ®¦´ ˜n¨³ª·›¸Áž}œ <br />

¨³ª·œµš¸˜n°š´ÊŠ‹»——´ œ¸ œ£µ¡nµ¥šµŠ°µ„µ«<br />

1DWLRQDO-RXUQDO


˜µ¤¨Î µ—´ ĜŠn…°Š‡ªµ¤œnµÁ ºÉ°º°‡nµ¡·„´—…°Š‹»——´ œ¸š¸É Å—o<br />

‹µ„ª·›¸„µ¦ª´—«¼œ¥r„¨µŠ…°Š‹»—«¼œ¥rnªŠ¤¸‡ªµ¤Ä„¨oÁ‡¸¥Š„´<br />

ª·›¸„µ¦„Î µ®œ——oª¥¤º°¤µ„„ªnµª·›¸°ºÉœÇ<br />

1-‡»–­¤ ´˜·›¦–¸Áš‡œ·‡…°Š—·œÁ®œ¸¥ª µŠ„°„<br />

Ÿ­¤Â¦n¥·žŽ´¤<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

£µ–»ª´•œr­»¦·¥Œ´˜¦­Î µ¦µ ¤¸¨n°Š<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É¤„¦µ‡¤¤¸œµ‡¤<br />

®œoµ<br />

Šµœª·‹´¥œ¸ÊÅ—o«¹„¬µ‡»–­¤ ´˜·›¦–¸Áš‡œ·‡…°Š—·œ<br />

Á®œ¸¥ªŸ­¤Â¦n¥·žŽ´¤ ×¥„µ¦œÎ µ—·œÁ®œ¸¥ª°n°œ µŠ„°„<br />

‹µ„„µ¦„n°­¦oµŠšµŠÃ‡¦Š„µ¦š¸É­ž­µ¥ ‡¨°Š­ªœ<br />

‡¨°Š„¦³°°¤ °¡¦³­¤»š¦Á‹—¸¥r ‹­¤»š¦ž¦µ„µ¦ Ÿ­¤<br />

¦n¥·žŽ´¤‹µ„Á®¤º°ŠÂ¦n¥·žŽ´¤ „·ÉŠ°Î µÁ£°—ŠÁ‹¦· ‹´Š®ª´—<br />

¡·‹·˜¦ ˜µ¤°´˜¦µ­nªœš¸É¦o°¥¨³ ¨³ ×¥<br />

œÎÊ µ®œ´„ Å—oš—­° ‡»–­¤ ´˜·›¦–¸Áš‡œ·‡…°Š—·œÁ®œ¸¥ª<br />

Ÿ­¤Â¦n¥·žŽ´¤š´ÊŠšµŠ—oµœ„µ¥£µ¡Â¨³šµŠ—oµœª·«ª„¦¦¤<br />

Á nœ „µ¦„¦³‹µ¥˜´ª…°Š…œµ— ‡ªµ¤nªŠ‹Î µÁ¡µ³ …¸—‹Î µ„´—<br />

‡ªµ¤…oœÁ®¨ª „µ¦ —°´——·œÂ ¤µ˜¦“µœ ‡¨·¢°¦rÁœ¸¥<br />

 ¦·ÉŠÁ¦Ã ¨³‡ªµ¤˜oµœšµœÂ¦ŠÁŒº°œÂ Ťn¦³ µ¥œÎÊ µ<br />

Ÿ¨„µ¦š—­° ­¦»žÅ—o—´Šœ¸Ê ‡nµ‡ªµ¤nªŠ‹Î µÁ¡µ³<br />

…°Š—·œÁ®œ¸¥ªŸ­¤Â¦n¥·žŽ´¤˜µ¤°´˜¦µ­nªœ˜nµŠÇ ‹³¤¸Âœª<br />

Ãœo¤¨—¨ŠÁ¤ºÉ°Á¡·É¤¥·žŽ´¤Äœž¦·¤µ–š¸É­¼Š…¹Ê œ‡nµ—´ œ¸¡¨µ­˜·„<br />

‹³¤¸ÂœªÃœo¤¨—¨ŠÁ¤ºÉ°Á¡·É¤ž¦·¤µ–¥·žŽ´¤­¼Š…¹Ê œ ‹µ„„µ¦<br />

š—­° „µ¦ —°´——·œÂ ¤µ˜¦“µœ ‡nµ‡ªµ¤®œµÂœnœÂ®oŠ<br />

­¼Š­»—…°Š—·œÁ®œ¸¥ª‹³¨—¨ŠÁ¤ºÉ°Ÿ­¤Â¦n¥·žŽ´¤š¸ ɦo °¥¨³ <br />

¨³ ‹³Á¡·É¤…¹ÊœÁ¤ºÉ°Ÿ­¤Â¦n ¥·žŽ´¤Äœž¦·¤µ–š¸É­¼Š…¹Ê œ ¨³š¸É<br />

¦o°¥¨³ ‹³¤¸‡nµ‡ªµ¤®œµÂœnœ­¼Š­»—Ášnµ„´ „¦´¤<br />

˜n°¨¼„ µ«„rÁŽœ˜·Á¤˜¦ Äœ„µ¦š—­° ®µ‡nµÂ‡¨·¢°¦rÁœ¸¥<br />

 ¦·ÉŠÁ¦Ã œ·— n¤Äœ°µ„µ«š¸É°µ¥»ª´œÂ¨³ª´œÂ¨³<br />

n¤ÄœœÎÊ µš¸É°µ¥» ª´œ Á¤ºÉ°Ÿ­¤Â¦n¥·žŽ´¤¦o°¥¨³ ‡nµ<br />

‡¨·¢°¦rÁœ¸¥  ¦·ÉŠ Á¦Ã ‹³¨—¨Š Á¤ºÉ°Áš¸¥ „´ ‡nµÂ‡¨·<br />

¢°¦rÁœ¸¥Â ¦·ÉŠÁ¦Ã š¸É¦o°¥¨³…°ŠÂ¦n¥·žŽ´¤œ°„‹µ„œ¸Ê‡nµ<br />

‡¨·¢°¦rÁœ¸¥  ¦·ÉŠ Á¦Ã ‹³­¼Š…¹ÊœÁ¤ºÉ°°´˜¦µ­nªœŸ­¤Â¦n<br />

¥·žŽ´¤š¸É¦o °¥¨³ ¨³ ˜µ¤¨Î µ—´ ­Î µ®¦´ „µ¦<br />

š—­° „µ¦ ª¤˜´ª¡ ªnµ ‡nµ„µ¦ ª¤˜´ª¤¸ÂœªÃœo¤¨—¨ŠÄœ<br />

…–³š¸É­nªœŸ­¤ž¦·¤µ–¦n¥·žŽ´¤­¼Š…¹Êœ ­»—šoµ¥‡nµ‡ªµ¤˜oµœ<br />

šµœÂ¦ŠÁŒº°œÂ Ťn¦³ µ¥œÎÊ µš¸ÉÅ—o‹µ„„µ¦š—­° „Î µ¨´Š<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

°´— ¦Š°´—ĜœªÂ„œÁ—¸¥ªš¸É°µ¥»˜´ª°¥nµŠ <br />

¨³ ª´œ ¡ ªnµ ‡nµ‡ªµ¤˜oµœšµœÂ¦ŠÁŒº°œÂ Ťn<br />

¦³ µ¥œÎÊ µ¤¸ÂœªÃœo¤¨—¨Š ‹œ„¦³š´ÉŠ—·œŸ­¤¤¸ž¦·¤µ–¦n<br />

¥·žŽ´¤¦o°¥¨³‹µ„œ´Êœ‡nµ‡ªµ¤˜oµœšµœÂ¦ŠÁŒº°œÂ Ťn<br />

¦³ µ¥œÎÊ µ‹³Á¡·É¤…¹ÊœÁ¦ºÉ°¥ Ç Â¨³‹œ¹Š‡nµ­¼Š­»—š¸Éž¦·¤µ–¦n<br />

¥·žŽ´¤¦o°¥¨³ ¨³‡nµœ¸Ê¤¸ÂœªÃœo¤¨—¨Š®¨´Š‹µ„Á¡·É¤<br />

ž¦·¤µ–¦n¥·žŽ´¤¤µ„„ªnµ¦o°¥¨³ ÂœªÃœo¤‹³Áž}œ<br />

¨´„¬–³Á—¸¥ª„´œš»„˜´ª°¥nµŠš¸É¤¸°µ¥»„µ¦ n¤˜nµŠÇ ¨³š¸É°µ¥»<br />

„µ¦ n¤ª´œ‡nµ‡ªµ¤˜oµœšµœÂ¦ŠÁŒº°œÂ Ťn¦³ µ¥œÎÊ µ<br />

¤¸‡nµ­¼Š­»—Ášnµ„´ „·Ã¨„¦´¤˜n°˜µ¦µŠÁŽœ˜·Á¤˜¦Á¤ºÉ°<br />

Ä ož¦·¤µ–¦n¥·žŽ´¤Ÿ­¤¤µ„„ªnµ¦o°¥¨³ œ°„‹µ„œ¸ÊÅ—o<br />

­¦»žŸ¨„µ¦š—¨°ŠÂ¨³Ä®o…o°Á­œ°Âœ³Åªo—oª¥<br />

1-¡µ¦µ¤·Á˜°¦r…°ŠÂ¦ŠÁ­¸¥—šµœ¦³®ªnµŠš¦µ¥<br />

„´ “µœ¦µ„‡°œ„¦¸˜<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

£µ–»ª´•œr­»¦·¥Œ´˜¦<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸ÉÁ¤¬µ¥œ¤·»œµ¥œ<br />

®œoµ<br />

ª´˜»ž¦³­Š‡r…°Š„µ¦«¹„¬µª·‹´¥‡¦´ÊŠœ¸Ê‡º°Á¡ºÉ°®µ‡nµ<br />

¡µ¦µ¤·Á˜°¦r…°ŠÂ¦ŠÁ­¸¥—šµœ¦³®ªnµŠš¦µ¥„´ “µœ¦µ„<br />

‡°œ„¦¸˜ ×¥šÎ µ„µ¦š—­° ¦ŠÁŒº°œÃ—¥˜¦Š—oª¥Á‡¦ºÉ°Š<br />

š—­° ¦ŠÁŒº°œÃ—¥˜¦Šš¸ÉÅ—o¡´•œµ…¹Êœ Á‡¦ºÉ°Šš—­° ¦Š<br />

ÁŒº°œÃ—¥˜¦Šš¸É¡´•œµ…¹Êœ¤¸…œµ—“µœš—­° ¦ŠÁŒº°œ<br />

…œµ— „ªoµŠ ¥µª ­¼Š Ášnµ„´ [[ ÁŽœ˜·Á¤˜¦ Ž¹ÉŠ¤¸<br />

…œµ—Ä® n¡°š¸É¥°¤¦´ ¨³‹Î µ¨°ŠÄ®oÁ®¤º°œ„´ ­£µ¡‹¦·Š<br />

…°Šž{ ®µ<br />

‹µ„Ÿ¨„µ¦š—­° ‡nµ¤»¤Á­¸¥—šµœ¦³®ªnµŠŸ·ª<br />

­´¤Ÿ´­‹³…¹Êœ°¥¼n„´ …œµ—…°ŠÁ¤È—š¦µ¥ ×¥‡nµ¤»¤Á­¸¥—šµœ<br />

¦³®ªnµŠŸ·ª­´¤Ÿ´­‹³¤¸‡nµ¨—¨ŠÁ¤ºÉ°š¦µ¥¤¸…œµ—Ø…¹Ê œ ×¥¤¸<br />

‡nµ‹µ„¹Š°Š«µ…–³š¸É…œµ—…°Šš¦µ¥°¥¼nÄœ<br />

nªŠ˜´ÊŠÂ ñ¹Š¤·¨¨·Á¤˜¦ÄœšÎ µœ°ŠÁ—¸¥ª„´œ‡nµ<br />

­´¤ž¦³­·š›·Í…°Š¤»¤Á­¸¥—šµœ‹³¤¸‡nµ¨—¨ŠÁ¤ºÉ°š¦µ¥¤¸…œµ—<br />

Ä® n…¹ÊœÃ—¥¤¸ ‡nµ‹µ„¹Š°Š«µ…–³š¸É…œµ—…°Š<br />

š¦µ¥°¥¼nÄœ nªŠ˜´ÊŠÂ˜n¹Š¤·¨¨·Á¤˜¦<br />

1-Ÿ¨„¦³š …°Š„µ¦Ä oÁoµnµœ®·œÂ®¨nŠ<br />

Äœž¦·¤µ–­¼Š˜n°„Î µ¨´Š°´—¨³„µ¦˜oµœšµœ„¦—…°Š<br />

‡°œ„¦¸˜<br />

1DWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­®¨µ£®°¤ª»•·ªŠ«r–¦Š‡r ´¥ª·ª´•œµ nµŠ<br />

´¥‹µ˜»¦¡·š´„¬r„»¨<br />

ªµ¦­µ¦­Š…¨µœ‡¦·œš¦rŒ ´ ªššžeš¸É<br />

Œ ´ š¸É¤¸œµ‡¤Á¤¬µ¥œ<br />

®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„µ¦Ä oÁoµnµœ®·œž¦·¤µ–<br />

­¼Š‹µ„®¨nŠš¸É˜nµŠ„´œš¸É¤¸Ÿ¨„¦³š ˜n°‡°œ„¦¸˜Äœ—oµœ„ Î µ¨´Š<br />

°´—¨³„µ¦˜oµœšµœ„µ¦„´—„¦n°œ…°Š„¦—×¥œÎ µÁoµnµœ®·œ<br />

‹µ„ ®¨nŠ ¤µšÎ µ„µ¦Â¥„…œµ——oª¥Á‡¦ºÉ°Š‡´—…œµ——oª¥<br />

¦Š¨¤Á¡ºÉ°Ä®o¤¸‡ªµ¤¨³Á°¸¥— ¦³—´ ‡º° ¨³Á°¸¥—œo°¥<br />

¨³Á°¸¥—žµœ„¨µŠ ¨³¨³Á°¸¥—­¼Š ‹µ„œ´ÊœÄ oÁoµnµœ®·œ<br />

šœš¸Éž¼ œŽ¸Á¤œ˜rž°¦r˜Â¨œ—rž¦³Á£šš¸É®œ¹É Š ×¥œÎÊ µ<br />

®œ´„…°Šª´­—»ž¦³­µœ ž¼œŽ¸Á¤œ˜rž°¦r˜Â¨œ—rž¦³Ášš¸É®œ¹ÉŠ<br />

¨³Áoµnµœ®·œ šÎ µ„µ¦®¨n°˜´ª°¥nµŠ‡°œ„¦¸˜¦¼žš¦Š<br />

„¦³ °„…œµ—Á­oœŸnµœ«¼œ¥r„¨µŠŽ¤­¼ŠŽ¤Â¨³<br />

š—­° „Î µ¨´Š°´—…°Š‡°œ„¦¸˜š¸ÉŸ­¤Áoµnµœ®·œ£µ¥®¨´Š‹µ„<br />

n¤œÎÊ µÁž}œÁª¨µª´œœ°„‹µ„œ¸Ê¥´ŠœÎ µ˜´ª°¥nµŠ‡°œ„¦¸˜Åž<br />

 nÄœ­µ¦¨³¨µ¥„¦—Ž´¨¢¼¦·‡‡ªµ¤Á…o¤…oœ ×¥œÎÊ µ®œ´„<br />

Áž}œÁª¨µ¹Šª´œÁ¡ºÉ°ž¦³Á¤·œ„µ¦„´—„¦n°œÄœ¦¼ž„µ¦<br />

­¼ Á­¸¥œÎÊ µ®œ´„ Ÿ¨„µ¦«¹„¬µ¡ ªnµ ‡°œ„¦¸˜Ÿ­¤Áoµnµœ<br />

®·œš¸É¤¸‡ªµ¤¨³Á°¸¥—­¼Š­µ¤µ¦Ä®o„Î µ¨´Š°´—Ťñ ÎÉ µ„ªnµ <br />

…°Š‡°œ„¦¸˜‡ª ‡»¤ ‡°œ„¦¸˜Ÿ­¤Áoµnµœ®·œ‹µ„®¨nŠ<br />

˜nµŠ„´œ¤¸„Î µ¨´Š°´—¨³„µ¦˜oµœšµœ„µ¦„´—„¦n°œ‹µ„„¦—Ž´¨¢¼<br />

¦·‡Å¤nÁšnµ„´œ „µ¦Ä oÁoµnµœ®·œš¸É¤¸‡ªµ¤¨³Á°¸¥—¤µ„…¹ÊœšÎ µ<br />

Ä®o„Î µ¨´Š°´—…°Š‡°œ„¦¸˜­¼Š…¹Êœ ˜n¤¸ÂœªÃœo¤„µ¦˜oµœšµœ<br />

„µ¦„´—„¦n°œÁœºÉ°Š‹µ„„¦—Ž´¨¢¼¦·‡¨—¨Š<br />

1-„µ¦‹Î µ¨°Š‡´œšµŠ œ“µœ¦µ„Á­µÁ…Ȥ<br />

—·œŽ¸Á¤œ˜rÄœ—·œÁ®œ¸¥ª°n°œÃ—¥ª·›¸šµŠÅ¢Åœ˜rÁ°¨·Á¤œ˜r<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¡µœ· ª»•·¡§„¬rÁ„¬¤Á¡ ¦Á„˜»<br />

­¤Ã ‡ž¦³Á­¦·“ª·œ·‹„»¨<br />

ªµ¦­µ¦ª· µ„µ¦¡¦³‹°¤Á„¨oµ¡¦³œ‡¦Á®œº°<br />

žeš¸ÉŒ ´ š¸É¤„¦µ‡¤¤¸œµ‡¤<br />

®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦‹Î µ¨°Š‡´œšµŠ œ“µœ¦µ„Á­µÁ…Ȥ<br />

—·œŽ¸Á¤œ˜rÄœ—·œÁ®œ¸¥ª°n°œ —oª¥ª·›¸„µ¦šµŠÅ¢Åœ˜r<br />

Á°¨·Á¤œ˜r ¨oªœÎ µŸ¨š¸ÉÅ—oÅžÁž¦¸¥ Áš¸¥ „´ Ÿ¨Äœ­œµ¤‡´œ<br />

—·œš—¨°Š—´Š„¨nµªšÎ µ„µ¦„n°­¦oµŠ ¦·Áª–æŠÅ¢¢jµª´Šœo°¥<br />

°Î µÁ£°ª´Šœo°¥ ‹´Š®ª´—¡¦³œ‡¦«¦¸°¥»›¥µ ˜´ªÂž¦š¸ÉšÎ µ„µ¦<br />

Áž¨¸É¥œÂž¨Š Á¡ºÉ°šÎ µÄ®oŸ¨š¸ÉÅ—o¤¸‡ªµ¤­°—‡¨o°ŠÄœ­œµ¤<br />

‡º° ‡nµÃ¤—¼¨´­…°Š¥´Š ‡nµ‡ªµ¤Ž¹¤Ÿnµœ…°ŠœÎÊ µ ¨³‡nµÂ¦Š<br />

ž’·„·¦·¥µ…°Š—·œ¤„´ ¨ª—˜µ…nµ¥®„Á®¨¸É¥¤<br />

Ÿ¨š¸ÉÅ—o‹µ„„µ¦ª·Á‡¦µ³®r—oª¥Ãž¦Â„¦¤Å¢Åœ˜r <br />

Á°¨·Á¤œ˜r Á¤ºÉ°œÎ µÅžÁž¦¸¥ Áš¸¥ „´ Ÿ¨„µ¦š—­° Äœ­œµ¤<br />

¤¸ÂœªÃœo¤ÅžÄœš·«šµŠÁ—¸¥ª„´œÂ˜n‡nµ°µ‹‹³¤¸‡ªµ¤Â˜„˜nµŠ<br />

„´œ oµŠ š´ÊŠœ¸ÊÁ¡¦µ³‹µ„­¤¤»˜·“µœÁ ºÊ°Š˜oœ‡ªµ¤Å¤n­¤ÎÉ µÁ­¤°<br />

…°Š„Î µ¨´ŠÂ¨³®œoµ˜´—…°ŠÁ­µÁ…Ȥ—·œŽ¸Á¤œ˜r ‹µ„„µ¦«¹„¬µ<br />

‡nµ­´¤ž¦³­·š›·Í„µ¦°´—˜´ªž¦´ Áž¨¸É¥œ O ¨³­´¤ž¦³­·š›·Í<br />

„µ¦ ª¤˜´ªž¦´ Áž¨¸É¥œ N …°ŠÂ ‹Î µ¨°ŠÄœ ´Êœ—·œ°n°œ<br />

œ´Êœ¡ ªnµ¤¸Ÿ¨˜n°‡nµ„µ¦š¦»—˜´ªœo°¥¤µ„ š´ÊŠœ¸ÊÁœºÉ°Š¤µ‹µ„<br />

Äœ nªŠ ´Êœ—· œ°n°œ Å—ošÎ µ„µ¦ž¦´ ž¦»Š‡»–£µ¡…°Š—·œÃ—¥Ä o<br />

Á­µÁ…Ȥ—· œŽ¸Á¤œ˜r ž{‹‹´¥š¸É¤¸‡ªµ¤­Î µ‡´ ˜n°Ÿ¨„µ¦ª·Á‡¦µ³®r<br />

¡§˜·„¦¦¤…°Š‡´œ—·œš—¨°Š œ“µœ¦µ„Á­µÁ…Ȥ—·œŽ¸Á¤œ˜r<br />

‡º°Â ‹Î µ¨°Šš¸ÉÁ¨º°„Äo‡nµ˜´ªÂž¦š¸ÉšÎ µ„µ¦Áž¨¸É¥œÂž¨ŠÄœ<br />

´Êœ—· œÂ¨³Á­µÁ…Ȥ—·œŽ¸Á¤œ˜r …´Êœ˜°œÄœ„µ¦¤ ‡»–­¤ ´˜·<br />

…°Š—·œ¤ ¨³‡nµÂ¦Šž’·„·¦·¥µ¦³®ªnµŠ—·œ¤„´ ª´­—»Á­¦·¤<br />

„Î µ¨´Š¡§˜·„¦¦¤š¸ÉÁ„·—…¹ÊœÄœ¨ª—˜µ…n µ¥®„Á®¨¸É¥¤Â¨³—·œ¤<br />

‹³Áž}œž¦³Á£šÁ„·—¦ŠÁŒº°œÁž}œ­nªœÄ® n<br />

1-„µ¦®¨n°Â…ÈŠ„µ„˜³„°œÃ¨®³®œ´„‹µ„<br />

æŠ » ǦÁ¤¸¥¤—oª¥ž¼œŽ¸Á¤œ˜rŸ­¤Áoµ¨°¥¨·„Åœ˜r<br />

¨³ »iœš¦µ¥—Î µ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

<br />

ÁŒ¨·¤¦µ ª´œšª·œ¡·– »„¦–r ° Áš¸É¥Š›¦¦¤<br />

ªµ¦­µ¦­Š…¨µœ‡¦·œš¦rŒ ´ ªššžeš¸É<br />

Œ ´ ¡·Á«¬®œoµ<br />

„µ¦ª·‹´¥œ¸Ê¤»nŠÁœoœš¸ É‹³¨—ž¦·¤µ–ž¼œŽ¸Á¤œ˜rš¸ ÉÁž}œ<br />

ª´­—»ž¦³­µœÃ—¥Ä o­µ¦š—šœÁž}œª´­—»Á®¨º°š·ÊŠÅ—o„n »iœ<br />

š¦µ¥—Î µ ¨³Áoµ¨°¥¨·„Åœ˜rÄœ„µ¦®¨n°Â…ÈŠ„µ„˜³„°œ<br />

讳®œ´„‹µ„æŠ Î µ ´—œÎÊ µÁ­¸¥…°Š„¦³ ªœ„µ¦ » ǦÁ¤¸¥¤<br />

°¸„š´ÊŠ¥´Š«¹„¬µ„µ¦Á¡·É¤°´˜¦µ­nªœ„µ„˜³„°œÃ‡¦Á¤¸¥¤<br />

˜n°ª´­—»ž¦³­µœÁ¡ºÉ°¨—‡nµÄ o‹nµ¥Äœ„¦³ ªœ„µ¦®¨n°Â…È Š<br />

‹µ„„µ¦š—¨°ŠÁ¤ºÉ°šÎ µ„µ¦®¨n°„o°œ˜´ª°¥nµŠš¸É°´˜¦µ­nªœ„µ„<br />

˜³„°œ˜n°ª´­—»ž¦³­µœ °´˜¦µ­nªœœÎÊ µ˜n°ª´­—»Ÿ­¤<br />

š´ÊŠ®¤— ­´—­nªœÁoµ¨°¥¨·„Åœ˜r˜n° »iœš¦µ¥—Î µÄœª´­—»<br />

ž¦³­µœš—šœ ¨³ n¤Áž}œÁª¨µ ª´œ ¡ ªnµ<br />

­µ¤µ¦¨—ž¦·¤µ–ž¼œŽ¸Á¤œ˜rÄœª´­—»ž¦³­µœÅ—o¤µ„¹Š<br />

1DWLRQDO-RXUQDO


®¦º°‡·—Áž}œ°´˜¦µ­nªœÁŒ¡µ³Ž¸Á¤œ˜r˜n°„µ„˜³„°œ<br />

Ž¹ÉŠ¥´Š‡ŠšÎ µÄ®o„o°œ„¨n°Â…ÈŠ¤¸‡nµ¦´ „Î µ¨´Š°´—¨³‡ª ‡»¤<br />

„µ¦ ³¨³¨µ¥Ã‡¦Á¤¸¥¤‹µ„„µ„˜³„°œŸnµœÁ„–”r¤µ˜¦“µœ<br />

¨³Á¤ºÉ°Á¡·É¤°´˜¦µ­nªœ„µ„˜³„°œ˜n°ª´­—»ž¦³­µœ‹µ „ <br />

Áž}œÂ¨³¡ ªnµš¸É°´˜¦µ­nªœÂ¨³Ä oŽ¸Á¤œ˜r<br />

Äœª´­—»ž¦³­µœÅ—o˜ÎÉ µ­»— Á®¤º°œ„´œ ˜nÁ¤ºÉ°‡·—Áž}œ<br />

°´˜¦µ­nªœŽ¸Á¤œ˜r˜n°„µ„˜³„°œ‹³Å—o ¨³ ˜µ¤<br />

¨Î µ—´ œ´ÉœÂ­—Šªnµš¸É°´˜¦µ­nªœ„µ„˜³„°œ˜n°ª´­—»ž¦³­µœ­¼Š<br />

­»—Äœ„µ¦š—¨°Šœ¸Ê‡º°Â¨³Ä oª´­—»ž¦³­µœš¸Éž¦³„° —oª¥<br />

Ž¸Á¤œ˜r Áoµ¨°¥¨·„Åœ˜r ¨³ »iœš¦µ¥—Î µ <br />

šÎ µÄ®o„o°œ®¨n°Â…ÈŠ¤¸ž¦·¤µ–„µ„˜³„°œ­¼Š­»—¨³Ä ož¼œ<br />

Ž¸Á¤œ˜rœo°¥š¸É­» — ‡·—Áž}œ‡nµÄ o‹nµ¥…°Šª´­—»ž¦³­µœš¸ÉÄ oÄœ<br />

„µ¦®¨n°Â…ÈŠš´ÊŠ­·Ê œ µš˜´œ…°Š„µ„˜³„°œÃ¨®³<br />

ǦÁ¤¸¥¤Â®oŠ<br />

1-¡§˜·„¦¦¤„µ¦—¼—Ž´ ǦÁ¤¸¥¤9, œŸ·ª<br />

…°ŠÅššµÁœ¸¥¤Å—°°„ÅŽ—r<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¡ªŠ¦´˜œr…‹·˜ª· ¥µœ»„¼¨°£· œª´ Á¦œš¦rªŠ«r<br />

ªµ¦­µ¦ª·«ª„¦¦¤­·ÉŠÂª—¨o°¤Åš¥žeš¸É<br />

Œ ´ š¸É¡§¬£µ‡¤­·Š®µ‡¤<br />

®œoµ<br />

„µ¦—¼—Ž´ …°Š­·ÉŠžœÁžg°œ œ­µ¦„¹ ÉŠ˜´ªœÎ µÁž}œ…´Êœ<br />

˜°œ®œ¹ÉŠš¸É ­Î µ‡´ Äœ„¦³ ªœ„µ¦Ã¢Ã˜‡³˜³Å¨Ž·­ Á¤ºÉ°¤¸„µ¦<br />

Œµ¥Â­Š œ­µ¦„¹ÉŠ˜´ªœÎ µÄœ…´Êœ˜°œ˜n°¤µ‹³šÎ µÄ®ož’·„·¦·¥µ<br />

nµ¥Áš°·Á¨È‡˜¦°œ¦³®ªnµŠ­·ÉŠžœÁžg°œ„´ ­µ¦„¹ÉŠ˜´ªœ µÁ„·—…¹Êœ Î<br />

°¥nµŠ¤¸ž¦³­·š›·£µ¡ Ž¹ÉŠ‹´—ªnµÁž}œ„µ¦ Î µ ´—œÎÊ µÁ­¸¥ª·›¸®œ¹ÉŠ<br />

Äœ„µ¦«¹„¬µœ¸ÊÅ—oÁœoœ¹Š„µ¦«¹„¬µ¡§˜·„¦¦¤„µ¦—¼—Ž´<br />

ǦÁ¤¸¥¤ œŸ·ª…°ŠÅššµÁœ¸¥¤Å—°°„ÅŽ—r ×¥­µ¦„¹ÉŠ˜´ªœÎ µ<br />

Äœš¸Éœ¸Ê‡º° ÅššµÁœ¸¥¤Å—°°„ÅŽ—r œÎÊ µÁ­¸¥š¸É¤¸Ã‡¦Á¤¸¥¤°¥¼n‹³<br />

¼„ž¦´ ­£µ¡Ä®o°¥¼nÄœ­£µª³š¸É˜„˜nµŠ„´ œ ¡µ¦µ¤·Á˜°¦rš¸ÉÄ o<br />

Äœ„µ¦«¹„¬µœ¸Ê Å—o„n ž¦·¤µ–…°ŠÅššµÁœ¸¥¤Å—°°„ÅŽ—r<br />

Áª¨µš¸ÉÄ oÄœ„µ¦—¼—Ž´ ¨³‡nµ¡¸Á° š´ÊŠÄœ­£µ¡„¦— „¨µŠ<br />

¨³—nµŠ ‹µ„„µ¦š—¨°Š¡ ªnµÁ¤ºÉ°ž¦·¤µ–…°ŠÅššµÁœ¸¥¤Å—<br />

°°„ÅŽ—r[Á¡·É¤…¹ÊœšÎ µÄ®o‡ªµ¤Á…o¤…oœ…°ŠÃ‡¦Á¤¸¥¤\<br />

š¸É¼„—¼—Ž´ ‹³Á¡·É¤…¹Êœ˜µ¤Åž—jª¥Ž¹ Ɋ­—ŠÅ—o—´Š­¤„µ¦Á­oœ<br />

˜¦Š\ [ „µ¦—¼—Ž´ ǦÁ¤¸¥¤ œŸ·ªÅššµ<br />

Áœ¸¥¤Å—°°„ÅŽ—rÁž}œ„µ¦—¼—Ž´  PRQROD\HU ˜µ¤<br />

¦¼žÂ …°Š ODQJPXLU DGVRUSWLRQ LVRWKHUP Áª¨µš¸É<br />

Á®¤µ³­¤Äœ„µ¦—¼—Ž´ ǦÁ¤¸¥¤Áž}œœµš¸œ°„‹µ„œ¸Ê¥´Š<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¡ ªnµ¡¸Á° š¸É¤¸‡nµ°¥¼nÄœ­£µª³„¦—šÎ µÄ®oÁ„·—„µ¦—¼—Ž´<br />

ǦÁ¤¸¥¤Å—o—¸„ªnµÄœ­£µª³—nµŠ ×¥‡nµ¡¸Á° š¸ÉšÎ µÄ®oÁ„·—„µ¦<br />

—¼—Ž´ ǦÁ¤¸¥¤ œŸ·ªÅššµÁœ¸¥¤Å—°°„ÅŽ—rÅ—o—¸š¸É­»—‡º°š¸É ¡¸<br />

Á° ×¥¤¸‡nµ„µ¦—¼—Ž´ ­¼Š­»—š¸É ¤·¨¨·„¦´¤˜n°„¦´¤<br />

Á¤ºÉ°Ä oÅššµÁœ¸¥¤Å—°°„ÅŽ—r „¦´¤˜n°¨·˜¦Ÿ¨„µ¦«¹„¬µš¸É<br />

Å—o‹µ„Šµœœ¸Ê ­µ¤µ¦œÎ µÅžÄ oÁž}œ…o°¤¼¨¡ºÊœ“µœ­Î µ®¦´ „µ¦<br />

œÎ µ„¦³ ªœ„µ¦Ã¢Ã˜‡³˜³Å¨Ž·­ÅžÄ oÄœ„µ¦„Î µ‹´—ǦÁ¤¸¥¤<br />

°°„‹µ„œÎÊ µÁ­¸¥°»˜­µ®„¦¦¤˜n°Åž<br />

1-„µ¦ µ Î ´—œÎÊ µÁ­¸¥¢°„¥o°¤­¸—·­Á¡°¦r­<br />

×¥„¦³ ªœ„µ¦¥¼Á°Á°­ ¸<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

«´„—·Í´¥­»¦·¥‹´œš¦µš°Š‹·œ˜r°Ã–š´¥<br />

ž’·Áª› ·œÁ ¬“<br />

ªµ¦­µ¦ª·«ª„¦¦¤­·ÉŠÂª—¨o°¤Åš¥žeš¸É<br />

Œ ´ š¸É¡§¬£µ‡¤­·Š®µ‡¤<br />

®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ‡ªµ¤Áž}œÅžÅ—oÄœ„µ¦<br />

Î µ ´—œÎÊ µÁ­¸¥¢°„¥o°¤­¸—·­Á¡°¦r­Ã—¥„¦³ ªœ„µ¦¥¼Á°Á°­ ¸<br />

×¥Ä o ‹Î µ¨°Š¥¼Á°Á°­ ¸¦³—´ Øp³š—¨°Š …œµ— <br />

¨·˜¦ »— œÎÊ µÁ­¸¥š¸ÉÄ oÄœ„µ¦š—¨°ŠœÎ µ¤µ‹µ„把µœ¢°„<br />

¥o°¤­¸—·­Á¡°¦r­š¸É¤¸Ž¸Ã°—¸Ã—¥ÁŒ¨¸É¥Ášnµ„´ ¤„¨<br />

¨³¤¸‡ªµ¤Á…o¤­¸Ã—¥ÁŒ¨¸É¥Ášnµ„´ 68 ¨³ <br />

$'0, ץŗo‡ª ‡»¤Áª¨µ„´„¡´„ ¨«µ­˜¦r +57 š¸É<br />

¨³ ´ÉªÃ¤Š Áš¸¥ Áž}œ°´˜¦µ£µ¦³<br />

°·œš¦¸¥rÁšnµ„´ ¨³„„Ž¸Ã°—¸<br />

¨ ¤ª´œ ×¥ÁŒ¨¸É¥ ˜µ¤¨Î µ—´ Ÿ¨„µ¦š—¨°Š¡ ªnµž¦³<br />

­·š›·£µ¡„µ¦„Î µ‹´—Ž¸Ã°—¸Ã—¥ÁŒ¨¸É¥Ášnµ„´ ¦o°¥¨³ <br />

¨³˜µ¤¨Î µ—´ Ž¹ÉŠ¤¸‡nµÅ¤n­¼Šœ´„‡µ—ªn µÁž}œŸ¨¤µ‹µ„<br />

œÎÊ µÁ­¸¥¢°„¥o°¤š¸ÉÄ o¥n°¥­¨µ¥šµŠ ¸ª£µ¡Ã—¥„¦³ ªœ„µ¦Å¦o<br />

°µ„µ«Å—o¥µ„ ž¦³­·š›·£µ¡Ã—¥ÁŒ¨¸É¥Äœ„µ¦¨—‡n µ­¸¤¸‡nµÁšnµ<br />

„´ ¦o°¥¨³Â¨³­Î µ®¦´ ®œnª¥686SDFH<br />

XQLW ¨³¦o°¥¨³ ¨³ ­Î µ®¦´ ®œnª¥<br />

$'0, $PHULFDQ '\H 0DQXIDFWXUHUV ,QVWLWXWH<br />

˜µ¤¨Î µ—´ ¹ŠÂ¤ož¦³­·š›·£µ¡„µ¦¨—­¸¤¸‡nµ˜ÎÉ µÂ˜n­¸…°Š<br />

œÎÊ µÁ­¸¥Å—oÁž¨¸É¥œ‹µ„­¸Ãšœ¤n ªŠÂ—ŠÁž}œ­¸ÃšœÁ®¨º°Š Ž¹ÉŠÄ„¨o<br />

Á‡¸¥Š„´ ­¸…°ŠœÎÊ µ›¦¦¤ µ˜· Ÿ¨„µ¦š—¨°Š ¸ÊÄ®oÁ®Èœªn µ ¦³<br />

¥¼Á°Á° ¸­µ¤µ¦Ä oÁž}œ„¦³ ªœ„µ¦Â¦„Äœ„µ¦¨—­¸Â¨³­µ¦<br />

°·œš¦¸¥r…°ŠœÎÊ µÁ­¸¥¢°„¥o°¤­¸—·­Á¡°¦r­Å—o<br />

1DWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1-„µ¦Ä o¢d¨r¤Å±Ã—¦‡°¨¨°¥—rÁ¡ºÉ°¦´„¬µ<br />

‡»–£µ¡…°Š„¨oª¥®¨´Šš°—<br />

œ´„ª·‹´¥ Á¡¸¥ŠÃ­¤ µ ´¥ª¦ª·š¥r<br />

·¦œ´œšr‡»–µœ¡¦´˜œrª¨´¥¡¦«¦¸ »¤¡ªŠ<br />

ÁŸ¥Â¡¦n °µ®µ¦žeš¸ÉŒ ´ š¸ÉÁ¤¬µ¥œ¤·»œµ¥œ<br />

®œoµ<br />

Šµœª·‹´¥œ¸Ê¤¸‹»—ž¦³­Š‡rÁ¡ºÉ°«¹„¬µ‡»–­¤ ´˜·…°Š<br />

¢d¨r¤Å±Ã—¦‡°¨¨°¥—rš¸ÉÁ®¤µ³­¤ Äœ„µ¦¦´„¬µ‡»–£µ¡…°Š<br />

„¨oª¥®¨´Šš°—˜´ª°¥nµŠš¸ÉÄ o‡º °„¨oª¥œÎÊ µªoµ0XVD$%%<br />

JURXS ³.OXDL 1DP :D´ š¸ÉÁ‡¨º ° —oª¥¢d¨r¤…°ŠÅ±Ã—¦<br />

‡°¨¨°¥—r¨³ » žjŠ Ÿ¨„µ¦š—¨°Š¡ ªnµ űצ<br />

‡°¨¨°¥—rš¸É nª¥žj°Š„´œ„µ¦Á‡¨ºÉ °œš¸É…°ŠœÎÊ µ‹µ„°µ®µ¦¤µ¥´Š<br />

žjŠÄœ¦³®ªnµŠ„µ¦Á„È ¦´„¬µÅ—o—¸š¸É­»—‡º° žjŠ—´—ž¦š¸É¤¸<br />

°³Å¤Ã¨­­¼Š060¦°Š¨Š¤µ‡º°.ű—¦°„Ž¸<br />

ᦡ·¨Á¤š·¨ÁŽ¨¨¼Ã¨­ ‡µ¦r °„Ž¸Á¤š·¨ÁŽ¨¨¼Ã¨­ &0&<br />

Á—„Ž˜¦·œ +30& Þ¦˜¸œ´ÉªÁ®¨º°Š 63 ­nªœŸ­¤<br />

¦³®ªnµŠ è„´­ ¸œ„´¤Â¨³ÂŽœÂšœ„´¤ /%*[DQWKDQ<br />

JXP˜µ¤¨Î µ—´<br />

1-‡»–­¤ ´˜·šµŠÁ‡¤¸„µ¥£µ¡Â¨³¦¸Ã°Ã¨‹¸<br />

…°ŠÂžjŠ…oµªÁ‹oµš¸ÉŸ¨·˜Ã—¥„¦³ ªœ„µ¦Ã¤nÁže¥„¨³<br />

än®oŠÄœ¦³—´ °»˜­µ®„¦¦¤<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­ªœ·˜°· ¥µª–· ¥r¤–”·¦µœ¡¦´˜œr<br />

¡¦¦–‹·¦µªŠ«r­ª´­—·Í<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É„¦„‘µ‡¤„´œ¥µ¥œ<br />

®œoµ<br />

‹µ„„µ¦«¹„¬µ°Š‡rž¦³„° šµŠÁ‡¤¸ ‡»–¨´„¬–³<br />

šµŠ„µ¥£µ¡Â¨³‡»–­¤ ´˜·šµŠ¦¸Ã°Ã¨‹¸…°ŠÂžjŠ…oµªÁ‹oµš¸ÉŸ¨·˜<br />

×¥„¦³ ªœ„µ¦Ã¤nÁže¥„¨³Ã¤n®oŠÄœ¦³—´ °»˜­µ®„¦¦¤<br />

¡ ªnµž¦·¤µ–Þ¦˜¸œ Å…¤´œ Áoµ ¨³°³¤·Ã¨­…°ŠÂžjŠ…oµª<br />

Á‹oµš¸ÉŸ¨· ˜‹µ„š´ÊŠ­°Š„¦³ ªœ„µ¦¤¸‡ªµ¤Â˜„˜nµŠ„´œ°¥nµŠÅ¤n<br />

¤¸œ´¥­Î µ‡´ šµŠ­·˜·S!­nªœ…œµ—°œ»£µ‡Â¨³‡ªµ¤<br />

Á­¸¥®µ¥…°ŠÂžjŠ…oµªÁ‹oµš¸ÉŸ¨·˜Ã—¥„¦³ ªœ„µ¦Ã¤nÁže¥„¨³<br />

än®oŠ¤¸‡ªµ¤Â˜„˜nµŠ„´œ°¥nµŠ¤¸œ´¥­Î µ‡´ šµŠ­·˜· Sd<br />

ץžjŠ…oµªÁ‹oµš¸ÉŸ¨·˜Ã—¥„¦³ ªœ„µ¦Ã¤nÁže¥„¤¸<br />

…œµ—°œ»£µ‡ÁŒ¨¸É¥Ä® n„ªnµÂžjŠ…oµªÁ‹oµš¸ÉŸ¨·˜Ã—¥„¦³ ªœ<br />

„µ¦Ã¤n®oŠ ˜n¤¸‡ªµ¤Á­¸¥®µ¥…°ŠÂžjŠ˜ÎÉ µ„ªnµ Á¤ºÉ°Ä®o‡ªµ¤<br />

¦o°œ„´ ­µ¦¨³¨µ¥œÎÊ µÂžjŠš¸ÉŸ¨·˜Ã—¥„¦³ ªœ„µ¦Ã¤nÁže¥„<br />

¨³Ã¤n®oŠÄœ¦³—´ °»˜­µ®„¦¦¤ ¡ ªnµš¸É°»–®£¼¤· <br />

°Š«µÁŽ¨ÁŽ¸¥­ —´ œ¸„µ¦¨³¨µ¥…°ŠÂžjŠ…oµªÁ‹oµš¸ÉŸ¨·˜Ã—¥<br />

„¦³ ªœ„µ¦Ã¤nÁže¥„¤¸‡nµ­¼Š„ªnµÂžjŠ…oµªÁ‹oµš¸ÉŸ¨·˜Ã—¥<br />

„¦³ ªœ„µ¦Ã¤n®oŠ ˜nÁ¤ºÉ°°»–®£¼¤·­¼Š„ªn µ °Š«µ<br />

ÁŽ¨ÁŽ¸¥­ —´ œ¸„µ¦¨³¨µ¥…°ŠÂžjŠš´ÊŠ­°Š œ·—¤¸‡nµÄ„¨oÁ‡¸¥Š<br />

„´œ œ°„‹µ„œ¸Ê¡ ªnµ„Î µ¨´Š„µ¦¡°Š˜´ª…°ŠÂžjŠ…oµªÁ‹oµš¸ÉŸ¨·˜<br />

×¥„¦³ ªœ„µ¦Ã¤nÁže¥„¤¸‡nµ­¼Š„ªnµÂžjŠ…oµªÁ‹oµš¸ÉŸ¨·˜Ã—¥<br />

„¦³ ªœ„µ¦Ã¤n®oŠÁ¨È„œo°¥ ­Î µ®¦´ „µ¦š—­° ‡»–­¤ ´˜·<br />

šµŠ¦¸Ã°Ã¨‹¸…°ŠÂžjŠ—oª¥ª·›¸ RVFLOODWRU\ ¡ ªnµÁ‹¨…°ŠÂžjŠ<br />

…oµªÁ‹oµš¸ÉŸ¨·˜Ã—¥„¦³ ªœ„µ¦Ã¤nÁže¥„¤¸‡n µ VWRUDJH<br />

PRGXOXV*c ¨³ORVVPRGXOXV*s ¤µ„„ªnµÁ‹¨…°Š<br />

žjŠ…oµªÁ‹oµš¸ÉŸ¨·˜Ã—¥„¦³ ªœ„µ¦Ã¤n®oŠ<br />

1-Ÿ¨…°Š­µ¦Á¡·É¤‡ªµ¤‡Š˜´ª µŠ œ·—˜n°‡»–<br />

£µ¡œÎÊ µ„³š·Å…¤´œ­¼Š ¦¦‹»„¦³žl°Š<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹´œš·¤µ£¼Šµ¤ÁŠ·œœ£µ¡¦Á ¸É¥ª µ <br />

­»ª· «·¦·ª´•œÃ¥›·œ<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É„¦„‘µ‡¤„´œ¥µ¥œ<br />

®œoµ<br />

‹µ„„µ¦«¹„¬µ¡ ªnµ ­µ¦Á¡·É¤‡ªµ¤‡Š˜´ ªš¸ÉÄ o¤¸Ÿ¨<br />

˜n°‡ªµ¤‡Š˜´ªÂ¨³¨´„¬–³ž¦µ„’…°ŠœÎÊ µ„³š· ¦¦‹»„¦³žl°Š<br />

®¨´ŠŸnµœ„¦³ ªœ„µ¦Ä®o‡ªµ¤¦o°œš¸É°»–®£¼¤· °Š«µ<br />

ÁŽ¨ÁŽ¸¥­œµœœµš¸Á¡ºÉ°Ä®oÅ—o‡n µ) Ášnµ„´ œµš¸Ÿ¨<br />

„µ¦š—¨°ŠÃ—¥¦ª¤¡ ªnµ ‡nµ (PXOVLRQ 6WDELOLW\ „µ¦<br />

Á„·—˜³„°œ°n°œ ¨³‡nµ /E Á¡·É¤…¹ Êœ˜µ¤ž¦·¤µ–<br />

0RQWDQR[ 0RQWDQR[ 0RQWDQH ¨³<br />

&0& 0RQWDQR[ ×¥„µ¦Á˜·¤ &0& Á¡¸¥Š œ·—<br />

Á—¸¥ªÅ¤n­µ¤µ¦Á„·—¨´„¬–³ž¦µ„’š¸É—¸Å—o Ÿ¨„µ¦Áž¦¸¥<br />

Áš¸¥ šµŠ­·˜·ž¦µ„’ªnµ„µ¦Á˜·¤ 0RQWDQR[ž¦·¤µ–<br />

ZY®¦º°„µ¦Á˜·¤0RQWDQR[0RQWDQH<br />

ž¦·¤µ–ZY®¦º°&0&0RQWDQR[Äœ°´˜¦µ<br />

­nªœ ZY nª¥Ä®oœÎÊ µ„³š·¤¸‡ªµ¤‡Š˜´ª­¼ŠŽ¹ÉŠÄ®o<br />

‡nµ(6¤µ„„ªnµ¦o°¥¨³¤¸­¸Ä„¨oÁ‡¸¥ŠœÎÊ µ„³š·­—¨³Å¤n<br />

Á„·—˜³„°œ°n°œ®¨´Š‹µ„„¦³ ªœ„µ¦Ä®o‡ªµ¤¦o°œ<br />

Á¤ºÉ°Á„È ¦´„¬µ˜´ª°¥n µŠ‹µ„„µ¦Á˜¦¸¥¤š´ÊŠ­£µª³<br />

š¸É°»–®£¼¤·°Š«µÁŽ¨ÁŽ¸¥­Áž}œÁª¨µ­´ž—µ®r¡ ªnµ<br />

<br />

1DWLRQDO-RXUQDO


š»„˜´ª°¥nµŠ¤¸‡nµ (6¨—¨ŠÄœ nªŠ­´ž—µ®r¦„¨³Á¦·É¤<br />

‡Šš¸É˜n¥´ŠÄ®o‡nµ (6 ¤µ„„ªnµ¦o°¥¨³ ˜¨°—¦³¥³Áª¨µ<br />

„µ¦Á„È ¦´„¬µÃ—¥‡nµ/E¤¸„µ¦Áž¨¸É¥œÂž¨ŠÁ¨È„œo°¥¤¸„µ¦<br />

˜¦ª‹¡ ˜³„°œ°n°œÄœ˜´ª°¥nµŠš¸ÉÁ˜· ¤0RQWDQR[¨³<br />

0RQWDQR[ 0RQWDQH ×¥ž¦·¤µ–˜³„°œ°n°œ<br />

Á¡·É¤…¹Êœ˜µ¤¦³¥³Áª¨µ„µ¦Á„È ¦´„¬µ˜¨°— ­´ž—µ®r ®¨´Š<br />

‹µ„œ´Êœ‡Šš¸ÉÄœ…–³š¸É˜¦ª‹¡ ˜³„°œ°n°œÁ¡¸¥ŠÁ¨È„œo°¥Äœ<br />

˜´ª°¥nµŠš¸ÉÁ˜· ¤&0&0RQWDQR[—´Šœ´Êœ‹¹ Š°µ‹‹³­¦»ž<br />

Å—oªnµ­µ¦Á¡·É¤‡ªµ¤‡Š˜´ªš¸ ÉÄ oÅ—o„´ „µ¦Ÿ¨·˜œÎ Ê µ„³š·Å…¤´œ­¼Š<br />

¦¦‹»„¦³žl°Š‡º° &0& 0RQWDQR[ Äœ°´˜¦µ­nªœ<br />

ZY<br />

1-„µ¦˜¦ª‹‹´ ª´˜»Á‡¨ºÉ°œÅ®ª­Î µ®¦´ ®»nœ¥œ˜r<br />

Á¨nœ¢»˜ °¨<br />

œ´„ª·‹´¥ ž„¦–rÁ­¦¸„·‹„µ¦„»¨ª¦µ„¦ÂŽñ ´ÊŠ<br />

Ä­·œš¦r‹Î µœŠÅš¥<br />

ÁŸ¥Â¡¦n ªµ¦­µ¦­¤µ‡¤ª· µ„µ¦®»nœ¥œ˜rÅš¥žeš¸É<br />

Œ ´ š¸É®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°„µ¦˜·—˜µ¤ª´˜»Á‡¨ºÉ°œš¸ ÉÁ—¸¥ª<br />

­Î µ®¦´ ®»nœ¥œ˜rÁ¨nœ¢»˜ °¨Äœª·›¸„µ¦œ¸Êž¦³„° —oª¥­°Š<br />

­nªœ®¨´„‡º°„µ¦˜¦ª‹‹´ ª´˜»Á‡¨ºÉ°œš¸É¨³„µ¦ °„˜Î µÂ®œnŠ<br />

…°Šª´˜»Á‡¨ºÉ°œš¸ Éœ´ Êœ „µ¦˜¦ª‹‹´ ª´˜»Á‡¨ºÉ°œš¸ ÉÄ oª·›¸<br />

0RWLRQ HQHUJ\ WUDFNLQJ ¨³Á¡·É¤­nªœ…°Š„µ¦ž¦´ —<br />

Á ¥¡ºÊœ®¨´ Š %DFNJURXQG &RPSHQVDWLRQ ­Î µ®¦´<br />

¦³ š¸É„¨o°Š¤¸„µ¦Á‡¨ºÉ°œš¸É Á¨ºÉ°œ˜ Î µÂ®œnŠ „µ¦ž¦´ —<br />

Á ¥¡ºÊœ®¨´Š„ȇº°„µ¦Ä o­¤„µ¦Á¡ºÉ°­nŠnµ¥‹»—£µ¡Äœ¦³œµ<br />

¦„„n°œ„µ¦Á‡¨ºÉ°œš¸ÉÅž¥´Š¦³œµ £µ¡®¨´Š„µ¦Á‡¨º É°œš¸ ÉÄœ<br />

­nªœ…°Š„µ¦ °„˜Î µÂ®œnŠ…°ŠÁžjµ®¤µ¥œ´Êœ‹³°µ«´¥ª·›¸<br />

3HUVSHFWLYH WUDQVIRUPDWLRQ ‹µ„„µ¦š—¨°Š„µ¦˜¦ª‹<br />

‹´ ª´˜»Á‡¨ºÉ°œš¸ É­µ¤µ¦šÎ µ„µ¦˜¦ª‹‹´ „µ¦Á‡¨ºÉ°œš¸ É…°Š<br />

ª´˜»Å—oÄœ…–³š¸É®»nœ¥œ˜r¤¸ „µ¦Á‡¨ºÉ°œš¸É ×¥¤¸‡ªµ¤Á¦ÈªÄœ„µ¦<br />

ž¦³¤ª¨Ÿ¨ž¦³¤µ–ª·œµš¸„µ¦ °„˜Î µÂ®œnŠ…°Šª´˜»<br />

‹µ„„µ¦š—¨°Š‹³ °„˜Î µÂ®œnŠŸ·—¡¨µ—ŤnÁ„·— <br />

Áž°¦rÁŽÈœ˜r˜´ÊŠÂ˜nÁ¤˜¦‹œ¹Š¦³¥³Á¤˜¦Â¨³¦³<br />

„µ¦˜·—˜µ¤ª´˜»­µ¤µ¦šÎ µ„µ¦˜·—˜µ¤Ážjµ®¤µ¥š¸É¤¸<br />

‡ªµ¤Á¦ÈªÅ¤nÁ„·œÁ¤˜¦˜n°ª·œµš¸<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

)DFXOW\RI6FLHQFH<br />

1-„µ¦«¹„¬µž¦³­·š›·£µ¡Œµ„Áž¨¸É¥œœ·ª˜¦°œ<br />

Á¡ºÉ°Ä oŸ¨·˜ÂŸnœ„¦°Š¦¼¡¦» œ…œµ—Á¨È„<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¡·œ¡¦¦–ª·«µ¨°´˜¡´œ›»r°·œš·¦µ«¦¸¡· ´¥<br />

ª·Á ¸¥¦¦˜œ›Š ´¥°µ¦¸¦´˜œr‡°œ—ªŠÂ„oª<br />

­¤¡¦‹°Š‡Î µ<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸ÉÁ¤¬µ¥œ¤·»œµ¥œ<br />

®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„µ¦Ÿ¨·˜ÂŸnœ„¦°Š¦¼¡¦»œ<br />

‹µ„¢d¨r¤Ã¡¨·Á¤°¦r ×¥Ä o°œ»£µ‡Â°¨¢µ‹µ„ž’·„·¦·¥µ<br />

œ·ªÁ‡¨¸¥¦rQD…°ŠÃ ¦°œ %QD /L¨³¨·Áš¸¥¤<br />

/LQD +¨³¢d ´œÂ¢¦„Á¤œšr‹µ„ž’·„·¦·¥µœ·ªÁ‡¨¸¥¦r<br />

¢d ´œ…°Š¥¼Á¦Áœ¸¥¤ šÎ µÄ®oÁ„·—¦°¥Â Š œÂŸnœ¢d¨r¤<br />

¨oª¨oµŠ„´—¦°¥Äœ­µ¦¨³¨µ¥ÃŽÁ—¸¥¤Å±—¦°„ÅŽ—r‡ªµ¤Á…o¤<br />

…oœœ°¦r¤°¨°»–®£¼¤·°Š«µÁŽ¨ÁŽ¸¥­œµœ<br />

œµš¸ ‹µ„„µ¦š—­° ×¥Ä o¢d¨r¤Ã¡¨·Á¤°¦r œ·— Å—o„n<br />

¢d¨r¤&5¢d¨r¤&HOOXORVHDFHWDWH¢d¨r¤3RO\HWK\OHQH<br />

WHUHSKWKDODWH¨³¢d¨r¤ µŠ3RO\FDUERQDWH°œ»£µ‡Â°¨¢µ<br />

­µ¤µ¦šÎ µÄ®oÁ„·—¦°¥Å—o œ¢d¨r¤&5 œ·—Á—¸¥ªÃ—¥¤¸<br />

¡·­´¥˜ÎÉ µ„ªnµ‡ªµ¤®œµ…°Š¢d¨r¤ ­nªœ¢d ´œÂ¢¦„Á¤œšr<br />

­µ¤µ¦šÎ µÄ®oÁ„·—¦°¥Å—o œ¢d¨r¤š´ÊŠ œ·— ×¥­µ¤µ¦<br />

Á‡¨ºÉ°œš¸Éš³¨»ŸnµœšÎ µÄ®oÁ„·—¦¼ œ¢d¨r¤3RO\FDUERQDWH‡ªµ¤<br />

®œµÅ¤Ã‡¦Á¤˜¦Å—oŒµ„Áž¨¸É¥œœ· ª˜¦°œš¸ÉÁ˜¦¸¥¤…¹Êœ‹µ„<br />

­µ¦ž¦³„° ¥¼Á¦Áœ¸¥¤ šÎ µÄ®oÁ„·—¦¼¡¦»œ œÂŸnœ¢d¨r¤<br />

3RO\FDUERQDWH ¤¸…œµ—Á­oœŸnµœ«¼œ¥r„¨µŠ r <br />

ŤÇ¦Á¤˜¦ ¤¸‡ªµ¤®œµÂœnœ r ¦¼˜n°˜µ¦µŠ<br />

¤·¨¨·Á¤˜¦ Á¤ºÉ°Áž¦¸¥ Áš¸¥ ‹Î µœªœ¦¼ œ¢d¨r¤˜n°œ·ª˜¦°œ<br />

¢¨´„Žr‡·—Áž}œž¦³­·š›·£µ¡…°ŠŒµ„Áž¨¸É¥œœ·ª˜¦°œ[<br />

y[ ¦¼˜n°œ·ª˜¦°œ<br />

1-&2/25&+$1*(%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

®œoµ<br />

7KHPDLQSXUSRVHVRIWKLVUHVHDUFKDUHWR<br />

VWXG\ WKH HIIHFWV RI KHDW WUHDWPHQW RQ SK\VLFDO<br />

SURSHUWLHV RI JUHHQ VDSSKLUH REWDLQHG IURP<br />

0DGDJDVFDU $IULFD DQG WR ILQG WKH RSWLPXP<br />

FRQGLWLRQIRUKHDWWUHDWPHQWWRFKDQJHWKHFRORURI<br />

VDSSKLUH IURP JUHHQ WR \HOORZ DV VXFK IRU<br />

LQFUHDVLQJ WKHLU YDOXH %HIRUH WKH KHDW WUHDWPHQW<br />

WKHJUHHQVDSSKLUHVDPSOHVZHUHFKDUDFWHUL]HGE\<br />

WKHIROORZLQJHTXLSPHQWV(QHUJ\'LVSHUVLYH<br />

;UD\ )OXRUHVFHQFH VSHFWURPHWHU (';5) IRU<br />

PHDVXUHPHQW RI WKH DPRXQWV RI PHWDO R[LGHV LQ<br />

VDSSKLUHV VXFK DV $O 2 )H2 DQG 7L2 HWF <br />

;UD\'LIIUDFWRPHWHU3;5'IRULQYHVWLJDWLRQRI<br />

WKHFU\WDOVWUXFWXUHRIVDSSKLUHV(OHFWURQ6SLQ<br />

5HVRQDQFHVSHFWURPHWHU(65IRUDQDO\VLVRIWKH<br />

DPRXQW RI )H LQ VDSSKLUHV DQG <br />

VSHFWURSKRWRPHWHUIRUPHDVXUHPHQWRIWKHFRORURI<br />

VDSSKLUH$IWHUWKHWUHDWPHQWRIJUHHQVDSSKLUHVDW<br />

YDULRXVWHPSHUDWXUHVEHWZHHQDQGq&LW<br />

ZDVIRXQGWKDWWKHJUHHQVDSSKLUHVZHUH FKDQJHG<br />

WR \HOORZ VDSSKLUHV DW q& 7KH WUHDWHG<br />

VDSSKLUHVZHUHWKHQFKDUDFWHUL]HGDJDLQE\3;5'<br />

DQG (65 7KH UHVXOWV VKRZ WKDW WKH FU\VWDO<br />

VWUXFWXUH RI JUHHQ VDSSKLUH ZDV FKDQJHG DQG WKH<br />

DPRXQWRI)H LQFUHDVHGDVZHOO<br />

1-„µ¦Ÿ¨·˜œÎÊ µ® oµž{„„·ÉŠ¡¦o°¤—ºÉ¤Á…o ¤…oœ<br />

—oª¥Á‡¦ºÉ°Š° ®oŠÅ¤Ã‡¦Áª¢­» µ„µ«<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ª¦¡‹œr­»œš¦­»…‹·¦ª´•œr„´œ˜rÁ„¦¸¥ŠªŠ«r<br />

­»¦³„·˜‹·¦³­µœ˜rž¦µ¦œµª´œ¡¦³Â„oª<br />

ªµ¦­µ¦­Š…¨µœ‡¦·œš¦rŒ ´ ª·š¥µ«µ­˜¦r<br />

¨³Áš‡ÃœÃ¨¥¸žeš¸ÉŒ ´ š¸É<br />

¡§¬£µ‡¤¤·»œµ¥œ®œoµ<br />

® oµž{„„·ÉŠÁž}œ¡º ­¤»œÅ¡¦¡ºÊœ oµœÅ—o¦´ ‡ªµ¤<br />

œ·¥¤‹µ„Ÿ¼o ¦·Ã£‡Äœž{‹‹» ´œ „µ¦ ¦·Ã£‡°¥¼nÄœ¦¼ž…°ŠÁ‡¦ºÉ°Š<br />

—ºÉ¤œÎ Ê µ® oµž{„„·ÉŠ­— ˜n„¨·ÉœÂ¨³¦­ µ˜·…°ŠÁ‡¦ºÉ°Š—ºÉ¤ <br />

‡n°œ…oµŠ¦»œÂ¦ŠÅ¤nÁ®¤µ³„´ Ÿ¼o ¦·Ã£‡ µŠ„¨»n¤ °µš· „¨»n¤<br />

ª´¥¦»nœ Áž}œ˜oœ Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„µ¦ž¦´ ž¦»Š¦­ µ˜·<br />

…°ŠœÎÊ µ® oµž{„„·ÉŠ¡¦o°¤—ºÉ¤Â¨³„µ¦Ÿ¨·˜œÎÊ µ® oµž{„„·ÉŠ¡¦o°¤<br />

—ºÉ¤Á…o¤…oœ—oª¥Á‡¦ºÉ°Š° ®oŠÅ¤Ã‡¦Áª¢­» µ„µ« ×¥¤¸<br />

„µ¦ªµŠÂŸœ„µ¦š—¨°ŠÂ ­nªœŸ­¤0L[WXUH'HVLJQ<br />

Á¡ºÉ°«¹„¬µ°´˜¦µ­nªœš¸ÉÁ®¤µ³­¤…°Š­nªœž¦³„° …°Š<br />

œÎÊ µ® oµž{„„·ÉŠ¡¦o°¤—ºÉ¤š¸É¤¸œ µŸ¹ÊŠÂ¨³œÎÊ<br />

µ¤³œµªÁž}œ­nªœŸ­¤<br />

ž¦´ ž¦»Š¦­ µ˜·—oª¥œÎÊ µ˜µ¨š¦µ¥Â¨³„¦—¤³œµªÂ¨³šÎ µÄ®o<br />

Á…o¤…oœ—oª¥ª·›¸Å¤Ã‡¦Áª¢­» µ„µ« Ÿ¨„µ¦š—¨°Š¡ ªnµ<br />

œÎÊ µ® oµž{„„·ÉŠ¡¦o°¤—ºÉ ¤ ­¼˜¦š¸ÉÅ—o¦´ „µ¦¥°¤¦´ šµŠ¨´„¬–³<br />

ž¦³­µš­´¤Ÿ´­š´ÊŠ­¸ „¨·Éœ ¦­ µ˜· ‡ªµ¤Ä­ ¨³„µ¦¥°¤¦´<br />

×¥¦ª¤­¼Š­»—‡º° °´˜¦µ­nªœ…°ŠœÎÊ µ® oµž{„„·ÉŠ œÎÊ µŸ¹ÊŠ <br />

œÎÊ µ¤³œµªÁšnµ„´ ¨³ž¦´ ž¦»Š¦­ µ˜·…°Š<br />

œÎÊ µ® oµž{„„·ÉŠ¡¦o°¤—ºÉ¤—oª¥„µ¦„Î µ®œ—ž¦·¤µ–…°ŠÂ…ÈŠš¸É<br />

¨³¨µ¥Å—o °Š«µ ¦·„Žr ¨³ž¦·¤µ–„¦— Áž}œ<br />

­¼˜¦š¸ÉÅ—o¦´ „µ¦¥°¤¦´ šµŠž¦³­µš­´¤Ÿ´­—¸š¸É­» — ®¨´Š‹µ„<br />

šÎ µÄ®oœÎÊ µ® oµž{„„·ÉŠ¡¦o°¤—ºÉ¤Á…o¤…oœÃ—¥Á‡¦º É°Š° ®oŠ<br />

ŤÇ¦Áª¢­» µ„µ« ¨³œÎ µ¤µÁ‹º°‹µŠÁ¡ºÉ°Áž¦¸¥ Áš¸¥ „´<br />

‡»–¨´„¬–³œÎÊ µ® oµž{„„·ÉŠ¡¦o°¤—ºÉ¤„n°œšÎ µÄ®oÁ…o¤…oœ ¡ ªnµ<br />

Ÿ¨·˜£´–”rš´ÊŠ­°Š¤¸‡»–¨´„¬–³š¸ÉŤn¤¸‡ªµ¤Â˜„˜nµŠ„´œ°¥nµŠ<br />

¤¸œ´¥­Î µ‡´ šµŠ­·˜·3!<br />

1-„µ¦«¹„¬µ°Š‡rž¦³„° š¸ÉÁ„¸É¥ª…o°Š„´<br />

„µ¦Á„·—°» ´˜·Á®˜»‹¦µ‹¦šµŠœœ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í<br />

›ª´ ´¥Á®¨nµ«·¦·®Š¬rš°Š„ª¸Á„ºÊ°Á„¬¤ »<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É„¦„‘µ‡¤„´œ¥µ¥œ<br />

®œoµ<br />

­µœ„µ¦–r°» ´˜·Á®˜»‹¦µ‹¦šµŠœœ…°ŠÅš¥Áž}œ<br />

ž{ ®µš¸É¦»œÂ¦Š¤µ„ ˜n„µ¦—Î µÁœ·œ„µ¦Å—o¤¸„µ¦ÁœoœÂ„o<br />

ž{ ®µÄœ µŠ—oµœ˜µ¤‡ªµ¤Á…oµÄ‹Â¨³ž¦³­ „µ¦–r…°ŠŸ¼o<br />

„Î µ®œ—œÃ¥ µ¥Ž¹ÉŠ°µ‹‹³Å¤n­°—‡¨o°Š„´ ­µÁ®˜»š¸Éšo‹¦·Š<br />

…°Š„µ¦Á„·—°» ´˜·Á®˜» ÁœºÉ°Š‹µ„Äœ‡ªµ¤Áž}œ‹¦·Š…°Š„µ¦<br />

˜¦ª‹­° °» ´˜·Á®˜» Áž}œ„µ¦¥µ„š¸É‹³¦³ »ªnµ°Š‡rž¦³„°<br />

®¦º°ž{‹‹´¥Ä—Áž}œ­µÁ®˜»š¸É„n°Ä®oÁ„·—°» ´˜·Á®˜» ÁœºÉ°Š‹µ„„µ¦<br />

Á„·—°» ´˜·Á®˜»¤·Å—o¤¸­µÁ®˜»¤µ‹µ„ž{‹‹´¥Ä—ž{‹‹´¥®œ¹ÉŠÁ¡¸¥Š<br />

°¥nµŠÁ—¸¥ªÄœš»„„¦–¸ ˜nÁ„·—‹µ„‡ªµ¤­´¤¡´œ›rš¸ÉÁ„¸É¥ªÁœºÉ°Š<br />

„´œ¤µ®¨µ¥ž{‹‹´¥°´œœÎ µÅž­¼n°» ´˜·Á®˜» ‹µ„ž{ ®µ—´Š„¨nµª<br />

­nŠŸ¨Ä®o˜o°Š¤¸„µ¦«¹„¬µ¹Š°Š‡rž¦³„° …°Š„µ¦Á„·—<br />

°» ´˜·Á®˜» Ž¹ÉŠÃ—¥š´ÉªÅž‹³ž¦³„° —oª¥ ž{‹‹´¥ ‡º° ‡œ<br />

¥µœ¡µ®œ³œœÂ¨³­·ÉŠÂª—¨o°¤—´Šœ´Êœ„µ¦«¹„¬µœ¸Ê‹¹Š‹´ —<br />

šÎ µ…¹ÊœÁ¡ºÉ°®µ°Š‡rž¦³„° š¸ÉÁ„¸É¥ª…o°Š„´ „µ¦Á„·—°» ´˜·Á®˜»<br />

‹¦µ‹¦šµŠœœÂ¨³­£µ¡‡ªµ¤¦»œÂ¦Š…°Š°» ´˜·Á®˜»‹¦µ‹¦<br />

šµŠœœ ×¥„µ¦«¹„¬µÁ¦·É¤‹µ„„µ¦¦ª ¦ª¤ž{‹‹´¥š¸ ÉÁ„¸É¥ª<br />

…o°Š„´ „µ¦Á„·—°» ´˜·Á®˜»‹¦µ‹¦‹µ„Á°„­µ¦Â¨³Šµœª·‹´¥<br />

˜nµŠÇ‹µ„œ´Êœ‹¹ŠšÎ µ„µ¦‹´—„¨»n¤ž{‹‹´¥Â¨³šÎ µ„µ¦¦ª ¦ª¤<br />

<br />

1DWLRQDO-RXUQDO


…o°¤¼¨‹µ„Ÿ¼oš¸É¤¸ž¦³­ „µ¦–r×¥˜¦Š„´ „µ¦Á„·—°» ´˜·Á®˜»<br />

×¥Ä o ­° µ¤š¸É¡´•œµ…¹ÊœÄœ„µ¦«¹„¬µœ¸Ê<br />

Ÿ¨‹µ„„µ¦«¹„¬µ¡ ªnµ °Š‡rž¦³„° š¸ÉÁ„¸É¥ª…o °Š<br />

„´ „µ¦Á„·—°» ´˜·Á®˜»­µ¤µ¦‹Î µÂœ„Å—oÁž}œ„¨»n¤‡º°‡œ<br />

¥µœ¡µ®œ³ œœ ¨³­·ÉŠÂª—¨o°¤ Ž¹ÉŠ¡ ªn µ ×¥¦ª¤Â¨oª<br />

‡œÁž}œž{‹‹´¥š¸ÉÁ„¸É¥ª…o°Š„´ „µ¦Á„·—°» ´˜·Á®˜»‹¦µ‹¦šµŠœœ<br />

¤µ„š¸É­» — ‡º° ‡·—Áž}œ¦o°¥¨³ ¦°Š¨Š¤µÅ—o„n<br />

¥µœ¡µ®œ³‡·—Áž}œ¦o°¥¨³Â¨³œœ„´ ­·ÉŠÂª—¨o°¤<br />

‡·—Áž}œ¦o°¥¨³˜µ¤¨Î µ—´ —´Šœ´Êœ„µ¦„Î µ®œ—œÃ¥ µ¥<br />

Á¡ºÉ°¨—‡ªµ¤¦»œÂ¦Š…°Š°» ´˜·Á®˜»‹¦µ‹¦šµŠœœ‡ª¦‹³Áœo œ<br />

¤µ˜¦„µ¦Á¡ºÉ°ž¦´ Áž¨¸É¥œÂ¨³‡ª ‡»¤¡§˜·„¦¦¤„µ¦Ä o¦Ä o<br />

œœ…°Š‡œÁ¡·É¤Á˜·¤‹µ„¤µ˜¦„µ¦˜nµŠÇ š¸É„Î µ¨´Š—Î µÁœ·œ„µ¦<br />

°¥nµŠ‹¦·Š‹´Š°¥¼nÄœ…–³œ¸Ê<br />

1-„µ¦«¹„¬µ—´ œ¸ ¸Ê‡ªµ¤­µ¤µ¦…°Š<br />

„¦³ ªœ„µ¦­Î µ®¦´ …o°¤¼¨š¸É¤¸„µ¦Â‹„‹Šš¸Â¨³<br />

„µ¦Â‹„‹ŠÂ„¤¤µ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Íª· ´¥­»¦Á ·—Á„¸¥¦˜·<br />

­»¦´­ª—¸°·œ µ¦»Š Î<br />

ªµ¦­µ¦­¤µ‡¤­·˜·Â®nŠž¦³Áš«Åš¥žeš¸É<br />

„¦„‘µ‡¤®œoµ<br />

„µ¦ª·‹´¥‡¦´ÊŠœ¸ ʤ¸ª´˜»ž¦³­Š‡rÁ¡º É°«¹„¬µ—´ œ¸‡ªµ¤<br />

­µ¤µ¦…°Š„¦³ ªœ„µ¦ „¦–¸š¸É…o°¤¼ ¨¤¸„µ¦Â‹„‹ŠÅ¤nÄ n<br />

ž„˜· ×¥«¹„¬µ„¦–¸š¸É…o°¤¼¨¤¸„µ¦Â‹„‹Šš¸ W<br />

GLVWULEXWLRQ Á¤ºÉ°„Î µ®œ—‡nµ°Š«µ‡ªµ¤Áž}œ°·­¦³ GI<br />

Ášnµ„´ ¨³„µ¦Â‹„‹ŠÂ„¤¤µJDPPD<br />

GLVWULEXWLRQÁ¤ºÉ°„Î µ®œ—‡nµVKDSHSDUDPHWHUDÁšnµ<br />

„´ ¨³„Î µ®œ—‡nµVFDOHSDUDPHWHUE‡Šš¸É<br />

Ášnµ„´ ¨³„µ¦Â‹„‹Šž„˜·š¸É¤¸‡nµÁŒ¨¸É¥Â¨³‡ªµ¤Âž¦ž<br />

¦ªœÁšnµ„´ „µ¦Â‹„‹Šš¸Â¨³„µ¦Â‹„‹ŠÂ„¤¤µ Ä o‡nµ<br />

‡¨µ—Á‡¨ºÉ°œ…°Š‡n µ­´—­nªœ…°ŠÁ­¸¥ HUURU …°Š„¦³ ªœ<br />

„µ¦Áž}œÁ„–”rÄœ„µ¦˜´—­·œÄ‹ Ÿ¨„µ¦ª·‹´¥­¦»žÅ—o—´Šœ¸Ê„µ¦<br />

‹„‹Šš¸ ª·›¸„µ¦‡Î µœª–‡nµ—´ œ¸‡ªµ¤­µ¤µ¦…°Š„¦³ ªœ<br />

„µ¦š¸ÉÁ®¤µ³­¤¤µ„š¸É­» —‡º°ª·›¸& SN & SN ¨³& <br />

SN ­Î µ®¦´ „µ¦Â‹„‹ŠÂ„¤¤µª·›¸š¸ÉÁ®¤µ³­¤¤µ„š¸É ­»—‡º°ª·›¸<br />

& SN ¨³Á¤ºÉ°šÎ µ„µ¦Âž¨Š…o°¤¼¨Ä®o¤¸„µ¦Â‹„‹ŠÁž}œ„µ¦<br />

‹„‹Šž„˜·Â¨oª ª·›¸„µ¦‡Î µœª–‡nµ—´ œ¸‡ªµ¤­µ¤µ¦…°Š<br />

„¦³ ªœ„µ¦ª·›¸& SN ¤¸‡ªµ¤Á®¤µ³­¤¤µ„š¸É­»—Á nœÁ—¸¥ª<br />

„´œ­Î µ®¦´ „µ¦Â‹„‹Šž„˜·Á¤ºÉ°¤¸‡nµÁŒ¨¸É¥Â¨³‡ªµ¤Âž¦<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ž¦ªœÁšnµ„´ ‡nµÁŒ¨¸É¥Â¨³‡ªµ¤Âž¦ž¦ªœ…°Š„µ¦Â‹„‹Šš¸<br />

¨³„µ¦Â‹„‹ŠÂ„¤¤µ ª·›¸„µ¦‡Î µœª–‡nµ—´ œ¸‡ªµ¤<br />

­µ¤µ¦…°Š„¦³ ªœ„µ¦š¸ÉÁ®¤µ³­¤¤µ„š¸É­»—‡º °ª·›¸& SN<br />

& SN ¨³ & SN ÁœºÉ°Š‹µ„‡nµ‡¨µ—Á‡¨ºÉ°œš¸É‡ Î µœª–Å—o¤¸<br />

‡nµœo°¥š¸É­»—<br />

)DFXOW\RI,QGXVWULDO(GXFDWLRQ<br />

1-„µ¦«¹„¬µ­µœ£µ¡Â¨³­¤¦¦£µ¡…°Š<br />

»‡¨µ„¦Äœ°»˜­µ®„¦¦¤„µ¦¡·¤¡rÄœÁ…˜<br />

„¦»ŠÁš¡¤®µœ‡¦<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

„»¨›·—µ›¦¦¤ª·£´ œr¦´ ‘µª¦¦–œ·É¤œª¨<br />

š¦Š­»—µÁ®¤º°œš´<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸ÉÁ¤¬µ¥œ¤·»œµ¥œ<br />

®œoµ<br />

„µ¦ª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µ­µœ£µ¡Â¨³<br />

­¤¦¦£µ¡…°Š »‡¨µ„¦Äœ°»˜­µ®„¦¦¤„µ¦¡·¤¡r ÄœÁ…˜<br />

„¦»ŠÁš¡¤®µœ‡¦ „¨»n¤˜´ª°¥nµŠš¸ÉÄ oÄœ„µ¦ª·‹´¥Äœ‡¦´ ÊŠœ¸ Ê<br />

Å—o„n »‡¨µ„¦Äœ°»˜­µ®„¦¦¤„µ¦¡·¤¡r Ž¹ÉŠž¦³„° —oª¥<br />

nµŠÂ¥„­¸ nµŠ°°„ ¨³‹´—®œoµ nµŠž¦³„° ¢d¨r¤Â¨³<br />

ªµŠ®œoµ nµŠ¡·¤¡r ¨³ nµŠšÎ µÁ¨n¤…°ŠÃ¦Š¡·¤¡r…œµ—„¨µŠ<br />

¨³…œµ—Ä® nÄœ„¦»ŠÁš¡¤®µœ‡¦ ¦ª¤‹Î µœªœ <br />

抡·¤¡r¨³Á„È ¦ª ¦ª¤…o °¤¼¨š´ÊŠ­·Ê œ˜´ª°¥nµŠÁ‡¦ºÉ°Š<br />

¤º°š¸ÉÄ oÄœ„µ¦ª·‹´¥‡º°Â ­° µ¤ ­·˜·š¸ÉÄ oÄœ„µ¦<br />

ª·Á‡¦µ³®r…o°¤¼¨ ‡º° ‡nµ¦o°¥¨³ „µ¦‹´—¨Î µ—´ ¤µ˜¦µ­nªœ<br />

ž¦³¤µ–‡nµ ‡nµÁŒ¨¸É¥ ‡nµÁ ¸É¥ŠÁ œ¤µ˜¦“µœ ¨³„µ¦<br />

ª·Á‡¦µ³®rÁœºÊ°®µ<br />

Ÿ¨„µ¦ª·‹´¥­¦»žŸ¨Å—o—´Šœ¸Ê »‡¨µ„¦Äœ<br />

°»˜­µ®„¦¦¤„µ¦¡·¤¡r­nªœÄ® n ¤¸°µ¥»¦³®ªnµŠ že<br />

­nªœÄ® nŤnÅ—o¦´ „µ¦«¹„¬µšµŠ—oµœ„µ¦¡·¤¡r¤µÃ—¥˜¦Š<br />

°¥nµŠÅ¦„Șµ¤ »‡¨µ„¦Äœ°»˜­µ®„¦¦¤„µ¦¡·¤¡r¤¸‡ªµ¤¦¼o<br />

‡ªµ¤­µ¤µ¦ÄœŠµœš¸Éž’· ´˜·¡°­¤‡ª¦ ˜n‡ªµ¤¦¼oÄœÁ ·Š<br />

š§¬‘¸„µ¦¡·¤¡r°ºÉœÇ š¸É˜œÁ°ŠÅ¤nÅ—ož’· ´˜·°¥¼nÁž}œž¦³‹Î µ<br />

¤¸œo°¥ »‡¨µ„¦—oµœ˜nµŠÇ Äœ°»˜­µ®„¦¦¤„µ¦¡·¤¡r<br />

­nªœÄ® n¤¸‡ªµ¤˜o°Š„µ¦š¸É‹³ f„° ¦¤Á¡·É¤Á˜·¤Áž}œ°¥nµŠ<br />

¤µ„×¥¤¸‡ªµ¤¤»nŠ®ª´ŠÄœ°œµ‡˜š¸É‹³Áž}œ nµŠ Î µœµ „µ¦<br />

1DWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

6FKRRORI(QHUJ\DQG0DWHULDOV<br />

1-­µœ£µ¡Â¨³ÂœªšµŠ„µ¦ª·‹´¥¡¨´ŠŠµœ¤ª¨<br />

¸ª£µ¡Äœž¦³Áš«Åš¥<br />

œ´„ª·‹´¥ ªµ¦»–¸Á˜¸¥¡·¤¡¦Â‹oŠ¡¨°¥<br />

„´Š­—µ¨­„»¨¡Š¬r¤µ¨¸<br />

­¤ µ˜·Ã­£–¦–§š›·Í<br />

ÁŸ¥Â¡¦n ªµ¦­µ¦¦µ ´–”·˜¥­µœžeš¸ÉŒ ´ š¸É<br />

„¦„‘µ‡¤„´œ¥µ¥œ®œoµ<br />

¤ª¨ ¸ª£µ¡Áž}œÂ®¨nŠ¡¨´ŠŠµœ®¤»œÁª¸¥œš¸É¤¸ <br />

«´„¥£µ¡­¼Š­Î µ®¦´ ž¦³Áš«Åš¥ ¦´“ µ¨Å—o¤¸„µ¦ªµŠÂŸœ<br />

¨³„Î µ®œ—œÃ¥ µ¥Äœ„µ¦­nŠÁ­¦·¤Á¡ºÉ°¡´•œµÂ¨³Ä o<br />

ž¦³Ã¥ œr‹µ„¤ª¨ ¸ª£µ¡ š‡ªµ¤œ¸ÊœÎ µÁ­œ°­µœ£µ¡<br />

¨³ÂœªÃœo¤Šµœª·‹´¥—oµœ¤ª¨ ¸ª£µ¡ ץŗo«¹„¬µ¤ª¨ ¸ª<br />

£µ¡¦¼žÂ Å—o„nÁ ºÊ°Á¡¨·Š¤ª¨ ¸ª£µ¡Á°šµœ°¨Å<br />

ð—¸ÁŽ¨Â¨³Â„p­ ¸ª£µ¡…o°‹Î µ„´—×¥š´ÉªÅž…°Š„µ¦Ä o¤ª¨<br />

¸ª£µ¡ ‡º° ®¨nŠ¤ª¨ ¸ª£µ¡š¸ÉœÎ µ¤µÄ oÅ—o¤´„Áž¨¸É¥œÂž¨Š<br />

˜µ¤§—¼„µ¨ ×¥ÁŒ¡µ³°¥nµŠ¥·ÉŠÂ®¨nŠ¤ª¨ ¸ª£µ¡‹µ„<br />

°»˜­µ®„¦¦¤Á„¬˜¦ Á¡ºÉ°…¥µ¥ž¦³Ã¥ œr‹µ„„µ¦Ä o¤ª¨<br />

¸ª£µ¡Ä®o¤µ„…¹Êœ ‹¹Š‡ª¦šÎ µ„µ¦ª·‹´¥šµŠ—oµœ„µ¦‹´—„µ¦<br />

®¨nŠ¤ª¨ ¸ª£µ¡„µ¦ž¦´ ž¦»Šž¦³­·š›·£µ¡…°Š¦³ ®¦º°<br />

°»ž„¦–r „µ¦¨—˜oœš»œ œ°„‹µ„œ¸Ê‡ª¦¤¸Šµœª·‹´¥Á„¸É¥ª„´<br />

„µ¦Ä oÁ ºÊ°Á¡¨·Š œ·—°ºÉœ¦nª¤„´œÄœ„µ¦ÁŸµÅ®¤ o ¨³„µ¦<br />

«¹„¬µ‡ªµ¤Áž}œÅžÅ—o…°Š„µ¦Ÿ¨·˜Å¢¢jµ—oª¥¤ª¨ ¸ª£µ¡<br />

­Î µ®¦´ ŠðÁ°šµœ°¨Â¨³Å ð—¸ÁŽ¨ ‡ª¦¤¸„µ¦«¹„¬µ<br />

­¤¦¦œ³…°ŠÁ‡¦ºÉ°Š¥œ˜r¦³¥³¥µª¦ª¤¹Š„µ¦„Î µ®œ—¤µ˜¦<br />

“µœ¨´„¬–³ÁŒ¡µ³…°ŠœÎÊ µ¤´œÅ ð—¸ÁŽ¨ œ°„‹µ„œ¸Ê‡ª¦¤¸<br />

„µ¦«¹„¬µ„µ¦Ä ož¦³Ã¥ œr¨³Áš‡ÃœÃ¨¥¸š¸ÉÁ®¤µ³­¤<br />

­Î µ®¦´ „p­ ¸ª£µ¡—oª¥<br />

1-„µ¦¡´•œµÂ ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r…°Š<br />

¦³ „µ¦šÎ µ‡ªµ¤Á¥Èœ…oµªÁž¨º°„<br />

œ´„ª·‹´¥ ž„¦–rÁ®¨º°Š¤µ¨µª´•œr <br />

°—·«´„—·Íœµ„¦–„»¨­¤ µ˜·Ã­£–¦–§š›·Í<br />

ÁŸ¥Â¡¦n ªµ¦­µ¦¦µ ´–”·˜¥­µœžeš¸ÉŒ ´ š¸É<br />

¤„¦µ‡¤¤¸œµ‡¤®œoµ<br />

Šµœª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡º É°š¸ É‹³¡´•œµÂ<br />

‹Îµ¨°ŠšµŠ‡–·˜«µ­˜¦r…°Š¦³ „µ¦šÎµ‡ªµ¤Á¥Èœ<br />

…oµªÁž¨º°„ ¨³˜¦ª‹­° ‡ªµ¤¼„˜o°Š…°ŠÂ ‹Î µ¨°Š<br />

×¥Áž¦¸¥ Áš¸¥ „´ „µ¦šÎ µ‡ªµ¤Á¥Èœ…oµªÁž¨º°„ĜŎè<br />

…œµ— ˜´œ  ‹Î µ¨°ŠÂ nŠÁž}œ ­nªœ ‡º° Â<br />

‹Î µ¨°Š„µ¦šÎ µ‡ªµ¤Á¥Èœ°µ„µ«Â¨³Â ‹Î µ¨°Š„µ¦šÎ µ‡ªµ¤<br />

Á¥Èœ…oµªÁž¨º°„  ‹Î µ¨°Š„µ¦šÎ µ‡ªµ¤Á¥Èœ°µ„µ«Ä oª·›¸Â„o<br />

­¤„µ¦Â šœ‡nµ˜n°ÁœºÉ°ŠÄœ„µ¦Â„o­¤„µ¦š¸ÉÅ—o‹µ„„µ¦<br />

­¤—»¨¤ª¨Â¨³¡¨´ŠŠµœÂ¨³­¤„µ¦nµ¥Áš‡ªµ¤¦o°œš¸É<br />

Á‡¦ºÉ°ŠÂ¨„Áž¨¸É¥œ‡ªµ¤¦o°œ¦³®ªn µŠ°µ„µ«„´ ­µ¦šÎ µ‡ªµ¤<br />

Á¥Èœ ¨³­¤„µ¦­¤¦¦œ³…°ŠÁ‡¦ºÉ°Š°´—Å° Á¡ºÉ°®µ£µª³<br />

°µ„µ«®¨´Š‹µ„šÎ µ‡ªµ¤Á¥Èœ ¨oªœÎ µÅžÂšœ‡nµÄœÂ<br />

‹Î µ¨°Š„µ¦šÎ µ‡ªµ¤Á¥Èœ…oµªÁž¨º°„ „µ¦‹Î µ¨°Š„µ¦šÎ µ‡ªµ¤<br />

Á¥Èœ…oµªÁž¨º°„ nŠÁž}œ nªŠ ‡º° nªŠ„µ¦šÎ µ‡ªµ¤Á¥Èœ<br />

¨³ nªŠ„µ¦šÎ µ‡ªµ¤Á¥ÈœŽÎ Ê µ Äœ nªŠšÎ µ‡ªµ¤Á¥ÈœÅ—o¨—<br />

°»–®£¼¤·…oµªÁž¨º°„‹µ„‹»—Á¦·É¤˜o œ‹œ¹Š°Š«µÁŽ¨ÁŽ¸¥­<br />

®¨´Š‹µ„œ´ÊœÅ—o šÎ µ‡ªµ¤Á¥Èœ…oµªÁž¨º°„ŽÎÊ µ Á¤ºÉ°…oµªÁž¨º°„š¸É<br />

šÎ µ‡ªµ¤Á¥ÈœÅªo¤¸°»–®£¼¤·Á¡·É¤‹µ„ °Š«µÁŽ¨ÁŽ¸¥­ Åž<br />

Áž}œ °Š«µÁŽ¨ÁŽ¸¥­ ‹µ„Ÿ¨„µ¦Áž¦¸¥ Áš¸¥ Â<br />

‹Î µ¨°Š„´ „µ¦š—¨°Š¡ ªnµ  ‹Î µ¨°Š­µ¤µ¦šÎ µœµ¥<br />

­£µª³…°Š°µ„µ«„n°œÁ…oµÁ‡¦ºÉ°ŠšÎ µ‡ªµ¤Á¥ÈœÅ—oÄ„¨oÁ‡¸¥Š<br />

„´ Ÿ¨„µ¦š—¨°Š r °Š«µÁŽ¨ÁŽ¸¥­ °»–®£¼¤·…°Š<br />

…oµªÁž¨º°„Ĝ˜n¨³ ´ÊœÅ—o‡nµ‡ªµ¤¼„˜o °Š°¥¼nÄœ nªŠ r <br />

°Š«µÁŽ¨ÁŽ¸¥­„µ¦šÎ µœµ¥Áª¨µÄœ„µ¦šÎ µ‡ªµ¤Á¥ÈœÄ„¨oÁ‡¸¥Š<br />

„´ „µ¦š—¨°Š ¨³Â ‹Î µ¨°Š­µ¤µ¦šÎ µœµ¥¡¨´ŠŠµœÄœ<br />

„µ¦šÎ µ‡ªµ¤Á¥ÈœÅ—o¼„˜o°ŠÄœ nªŠÅ¤nÁ„·œ¦o°¥¨³<br />

1-Áš‡œ·‡Ä®¤nÄœ„µ¦Ÿ¨·˜…oµªœ¹ÉŠ<br />

œ´„ª·‹´¥ ­¤ µ˜·Ã­£–¦–§š›·Í ´¥¥Š‡rÁ˜ ³Å¡Ã¦‹œr<br />

­¤Á„¸¥¦˜·ž¦´ µª¦µ„¦<br />

ÁŸ¥Â¡¦n ªµ¦­µ¦¦µ ´–”·˜¥­µœžeš¸ÉŒ ´ š¸É<br />

¤„¦µ‡¤¤¸œµ‡¤®œoµ<br />

„µ¦Ÿ¨·˜…oµªœ¹ÉŠ—oª¥ª·›¸ž{‹‹» ´œ˜o°ŠÄ oÁª¨µ¥µªœµœ<br />

—´Šœ´Êœ Šµœª·‹´¥œ¸Ê‹¹Š¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µÁš‡œ·‡Ä®¤nÄœ<br />

„µ¦Ÿ¨·˜…oµªœ¹ÉŠ—oª¥Á‡¦ºÉ°Š° ®oŠ¢¨¼°·Å—ŽrÁ — ×¥Ä oÅ°œÎÊ µ<br />

¦o°œ¥ª—¥·ÉŠÄœ„µ¦¨—‡ªµ¤ Êœ…°Š…oµªÁž¨º°„‹µ„¦o°¥¨³<br />

º<br />

¤µ˜¦“µœÂ®oŠ ‹œÁ®¨º°‡ªµ¤ ºÊœ­»—šoµ¥¦o°¥¨³<br />

¤µ˜¦“µœÂ®oŠ ÁŠºÉ°œÅ……°Š„µ¦š—¨°Šš¸É «¹„¬µ¤¸—´Š<br />

œ¸Ê‡ªµ¤­¼ŠÁ —…°Š…oµªÁž¨º°„ÁŽœ˜·Á¤˜¦°»–®£¼¤·<br />

Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠ°Š«µÁŽ¨ÁŽ¸¥­‡ªµ¤—´œÅ°œÎÊ µ<br />

Äœ¦³ ° ®oŠ„·Ã¨¡µ­‡´¨‡ªµ¤Á¦ÈªÄœ®o°Š°<br />

<br />

1DWLRQDO-RXUQDO


Á¤˜¦ª·œµš¸ ‹µ„„µ¦š—¨°Š¡ ªnµ °»–®£¼¤·Å°œÎÊ µ¦o°œ<br />

¥ª—¥·ÉŠ ¤¸°·š›·¡¨˜n°„µ¦° ®oŠ¤µ„„ªnµ‡ªµ¤­¼ŠÁ —<br />

…oµªÁž¨º°„ „µ¦° ®oŠ—oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠ­µ¤µ¦¨—<br />

‡ªµ¤ ºÊœÅ—o ˜ÎÉ µ¹Š¦o°¥¨³ ¤µ˜¦“µœÂ®oŠ ×¥š¸É˜oœ…oµª¤¸<br />

‡nµ¤µ„„ªnµ¦o°¥¨³ oµ¨—‡ªµ¤ ºÊœ˜ÎÉ µ„ªnµœ¸Ê¦o°¥¨³˜o œ<br />

…oµª‹³¨—¨Š°¥nµŠ¦ª—Á¦Èª Äœ…–³š¸É°»–®£¼¤·…°Š„µ¦° ®o Š<br />

¤¸Ÿ¨˜n°‡ªµ¤…µªÂ¨³ZKLWHEHOO\‹µ„„µ¦ª·Á‡¦µ³®r­¤ ´˜·<br />

‡ªµ¤®œº—…°ŠÂžjŠ…oµªÁž}œSHDNYLVFRVLW\EUHDNGRZQ<br />

YLVFRVLW\¨³VHWEDFNYLVFRVLW\¡ ªnµ¤¸‡nµ˜ÎÉ µ<br />

1-Á˜µÁŸµÅ®¤oª°¦rÁš‡¢¨¼°·Å—ŽrÁ —Â<br />

®o°ŠÁŸµÅ®¤o­Î µ®¦´ Á ºÊ°Á¡¨·ŠÂ„¨<br />

­°Š<br />

œ´„ª·‹´¥ “µœ·˜¥rÁ¤›·¥µœœšrœ·ª´˜·¡·¦·¥³¦»nŠÃ¦‹œr<br />

­¤ µ˜·Ã­£–¦–§š›·Í<br />

ÁŸ¥Â¡¦n ªµ¦­µ¦­Š…¨µœ‡¦·œš¦rŒ ´ ª·š¥µ«µ­˜¦r<br />

¨³Áš‡ÃœÃ¨¥¸žeš¸ÉŒ ´ š¸É<br />

¡§«‹·„µ¥œ›´œªµ‡¤®œoµ<br />

<br />

ÄœŠµœª·‹´¥œ¸ÊÅ—o¤¸„µ¦¡´•œµÁ˜µÁŸµÅ®¤oª°¦rÁš‡<br />

¢¨¼°·Å—ŽrÁ —9RUWH[LQJ)OXLGL]HGEHG&RPEXVWRU<br />

9)%& š¸ÉÄ o„¨ Áž}œÁ ºÊ°Á¡¨·ŠÃ—¥°°„ Įo ¤¸„µ¦¦nª¤<br />

¨´„¬–³Á—nœ…°Š„µ¦ÁŸµÅ®¤o ª°¦rÁš‡Â¨³¢¨¼°·Å—ŽrÁ —<br />

Ūo—oª¥„´œ ×¥¤¸‹»—ž¦³­Š‡rÁ¡ºÉ°˜o°Š„µ¦Á˜µÁŸµÅ®¤oÂ<br />

Ä®¤nš¸ÉÄ®o‡nµ¡·„´—‡ªµ¤¦o°œ0: WK P ¨³ž¦³­·š›·£µ¡<br />

Á ·Š‡ªµ¤¦o°œ­¼Š ˜nÄœ…–³Á—¸¥ª„´œ¤¸‡nµ­´—­nªœ‡ªµ¤­¼Š˜n°<br />

Á­oœŸnµœ«¼œ¥r„¨µŠ˜ÎÉ µ Á˜µÁŸµš¸ÉÄ oÄœ„µ¦š—¨°Š¤¸Á­oœŸnµœ<br />

«¼œ¥r„¨µŠ£µ¥ÄœÂ¨³‡ªµ¤­¼ŠÁšnµ„´ ¨³Á¤˜¦<br />

˜µ¤¨Î µ—´ ¨³¤¸“µœÁž}œ¦¼ž„¦ª¥­Î µ®¦´ ¦°Š¦´ °œ»£µ‡š¸É¥´Š<br />

ÁŸµÅ®¤oŤn®¤— Äœ„µ¦š—­° ­¤¦¦œ³…°ŠÁ˜µÅ—o¤¸„µ¦<br />

ž¦Áž¨¸É¥œ°´˜¦µ„µ¦žj°œÁ Ê°Á¡¨·Š‹Î º µÁ¡µ³Â¨³°´˜¦µ„µ¦<br />

Å®¨…°Š°µ„µ«­nªœš¸É®œ¹É Š ­°Š ¨³­µ¤ Ĝ˜n¨³„µ¦<br />

š—¨°Š ‹µ„Ÿ¨„µ¦š—¨°Š¡ ªnµ £µ¥ÄœÁ˜µÁŸµÅ®¤o‹³¼„<br />

 nŠ°°„Áž}œ®o°ŠÁŸµÅ®¤o­°Š­nªœ˜µ¤¨´„¬–³„µ¦ÁŸµÅ®¤o<br />

‡º° ¦·Áª–š¸É°¥¼nÁ®œº°ªŠÂ®ªœª°¦rÁš‡…¹ÊœÅžŽ¹ÉŠ¤¸ ¨´„¬–³<br />

„µ¦ÁŸµÅ®¤o ª°¦rÁš‡ ¨³ ¦·Áª–®o°ŠÁŸµÅ®¤oš¸É°¥¼n<br />

¦·Áª–—oµœ¨nµŠªŠÂ®ªœª°¦rÁš‡¨Š¤µÁ„·—„µ¦ÁŸµÅ®¤o<br />

 ¢¨¼°·Å—ŽrÁ — Ž¹ÉŠ­°—‡¨o°Š„´ Ÿ¨…°Š„µ¦„¦³‹µ¥<br />

°»–®£¼¤·£µ¥ÄœÁ˜µš¸É¤¸„µ¦„¦³‹µ¥°»–®£¼¤·­¤Î É µÁ­¤°˜¨°—<br />

š´ÊŠ®œoµ˜´—Á˜µÄœ­nªœœ¸ Êœ°„‹µ„œ¸Ê„µ¦®¤»œªœ…°Š°µ„µ«<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Á®œº°ªŠÂ®ªœÂ¨³˜´ªªŠÂ®ªœÁ°Š¤¸­nªœ­Î µ‡´ Äœ„µ¦—´„‹´<br />

°œ»£µ‡…œµ—Ä® nš¸É¥´ŠÁŸµÅ®¤oŤn®¤—ŤnÄ®o®œ¸°°„Åž‹µ„<br />

Á˜µ šÎ µÄ®oÁoµš¸É°°„¤µ¤¸¨´„¬–³¨³Á°¸¥—­¸—Î µžœÁšµÃ—¥¤¸<br />

…œµ—°¥¼ nÄœ nªŠ¹ŠPP„µ¦Á„·—¢¨¼°·Å—ŽrÁŽ ´œ<br />

£µ¥ÄœÁ˜µÅ¤n‹Î µÁž}œ˜o°ŠŸ­¤ª´­—»ÁŒºÉ°¥¨ŠÄœÁ — ž¦³­·š›·<br />

£µ¡Á ·Š‡ªµ¤¦o°œÅ¤n…¹Êœ„´ ž¦·¤µ–°µ„µ«­nªœš¸É­°Š®¦º°<br />

­µ¤ ˜n‹³…¹Êœ„´ ž¦·¤µ–°µ„µ«­nªœÁ„·œš´ÊŠ®¤— Ž¹ÉŠÁž}œŸ¨<br />

¤µ‹µ„ž¦·¤µ–°µ„µ«š´ÊŠ­µ¤­nªœ Ÿ¨…°Š„µ¦‹nµ¥°µ„µ«<br />

­nªœš¸É­µ¤‹³ nª¥‡ª ‡»¤°»–®£¼¤·£µ¥ÄœÁ˜µÅ¤nÄ®o­¼ŠÁ„· œÅž<br />

‹µ„„µ¦š—¨°Š¡ ªnµš¸É°´˜¦µ„µ¦žj°œÂ„¨ NJ K <br />

P ž¦·¤µ–°µ„µ«­nªœÁ„·œ‹³Å—o„p­¦o°œ˜¦ŠšµŠ<br />

°°„Á˜µ¤¸°»–®£¼¤· q& ž¦³­·š›·£µ¡Á ·Š‡ªµ¤¦o°œ<br />

¨³¡·„´—‡ªµ¤¦o°œÁ˜µš¸ÉšÎ µÅ—oÁšnµ„´ 0: WK P <br />

×¥ž¦·¤µ– &2 &2 ¨³ 2 Áž}œÅžÄœÂœªšµŠš¸É­°—<br />

‡¨o°Š„´ ‡nµž¦³­·š›·£µ¡Á ·Š‡ªµ¤¦o°œÃ—¥ž¦·¤µ– &2<br />

¨³12 [ š¸Éž¨i°¥°°„¤µ‹µ„Á˜µ¤¸‡n µÂ¨³ SSP<br />

˜µ¤¨Î µ—´<br />

1-„µ¦šÎ µœÎÊ µ¦o°œ—oª¥ž{€¤‡ªµ¤¦o°œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

°µš·˜¥rÅ ¥°¦œ´œšœr­¤ µ˜·Ã­£–¦–§š›·Í<br />

ªµ¦»–¸Á˜¸¥<br />

ª·«ª„¦¦¤­µ¦Œ ´ ª·‹´¥Â¨³¡´•œµžeš¸É<br />

Œ ´ š¸É®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦°°„ ­¦oµŠÂ¨³ž¦³Á¤·œ<br />

­¤¦¦œ³…°ŠÁ‡¦ºÉ°ŠšÎ µœÎÊ µ¦o°œ—oª¥ž{€¤‡ªµ¤¦o°œ ­Î µ®¦´<br />

oµœ¡´„°µ«´¥…œµ— ‡œ Á‡¦ºÉ°ŠšÎ µœÎÊ µ¦o°œ—oª¥ž{€¤‡ªµ¤<br />

¦o°œž¦³„° —oª¥´ŠÁ„È œÎÊ µ¦o°œ…œµ— ¨·˜¦ Á‡¦ºÉ°Š°´—<br />

Å°…œµ— N: Á‡¦ºÉ°ŠšÎ µ¦³Á®¥…œµ— N: ¨³<br />

Á‡¦ºÉ°Š‡ª Âœn œ…œµ—N:¦³ ž{€¤‡ªµ¤¦o°œÄ o5<br />

Áž}œ­µ¦šÎ µŠµœ ‹µ„„µ¦ž¦³Á¤·œ­¤¦¦œ³…°ŠÁ‡¦ºÉ°ŠšÎ µœÎÊ µ<br />

¦o°œ ×¥Ÿ¨·˜œÎÊ µ¦o°œš¸É°»–®£¼¤· q& ­Î µ®¦´ °µ œÎÊ µ<br />

‡¦´ÊŠ¨³ ¨·˜¦ š¸É°´˜¦µ„µ¦Å®¨ ¨·˜¦œµš¸ Áž}œ<br />

‹Î µœªœ‡¦´ÊŠª´œÄ oÅ¢¢jµ N:Kª´œ­´¤ž¦³­·š›·<br />

­¤¦¦œ³ÁŒ¨¸É¥…°Š¦³ ž{€ ¤‡ªµ¤¦o°œÁšnµ„´ °´˜¦µ<br />

­nªœž¦³­·š›·£µ¡¡¨´ŠŠµœÁŒ¨¸É¥Äœ ª´œ…°ŠÁ‡¦ºÉ°ŠšÎ µœÎÊ µ<br />

¦o°œÁšnµ„´ N: WK N: HOHF ­µ¤µ¦ž¦³®¥´—Å¢¢jµÅ—o<br />

ž¦³¤µ– …°ŠÁ‡¦ºÉ°ŠšÎ µœÎÊ µ¦o°œ—oª¥Å¢¢jµ Äœ„¦–¸<br />

¡·‹µ¦–µš¸É°µ¥»„µ¦Ä oŠµœ že °´˜¦µ‡nµÅ¢¢jµÁŒ¨¸É¥ <br />

µšN:K ˜oœš»œ¦ª¤…°ŠœÎÊ µ¦o°œš¸ÉŸ¨·˜Å—oÁšnµ„´ <br />

1DWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

µšN:K WK Ž¹ÉŠ‡·—Áž}œ‡nµÁ‡¦ºÉ°Š‡nµÅ¢¢jµÂ¨³<br />

‡nµ µ¦»Š¦´„¬µ˜µ¤¨Î µ—´<br />

1- ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r…°Š„µ¦<br />

Áž¨¸É¥œÂž¨Š°»–®£¼¤·Â¨³‡ªµ¤ ºÊœÄœÃ¦ŠÁ¦º°œÁ¨¸Ê¥ŠÅ„n<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

œ·¡œ›rÁ„˜»‹o°¥«·¦· ´¥Áš¡µ<br />

¦» nŠÃ¦‹œr­Š‡rž¦³„°<br />

ª·«ª„¦¦¤­µ¦Œ ´ ª·‹´¥Â¨³¡´•œµžeš¸É<br />

Œ ´ š¸É®œoµ<br />

š‡ªµ¤œ¸Ê„¨nµª¹ŠÂ ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r<br />

…°Š„µ¦Áž¨¸É¥œÂž¨Š°»–®£¼¤·Â¨³‡ªµ¤ ºÊœÄœÃ¦ŠÁ¦º°œÁ¨¸Ê¥Š<br />

Å„n ×¥šÎ µ„µ¦«¹„¬µ‹µ„æŠÁ¦º°œ…œµ—‡ªµ¤„ªoµŠ Á¤˜¦<br />

¥µª Á¤˜¦ ­¼Š Á¤˜¦ Ÿœ´ŠÂ¨³Á¡—µœ‡¨»¤—oª¥<br />

¡¨µ­˜·„¡¸ª¸Ž¸ ®¨´Š‡µ„¦³Á ºÊ°Š¨°œ‡¼n¤¸¤»¤Á°¸¥Š °Š«µ<br />

˜·—˜´ÊŠ¦³ šÎ µ‡ªµ¤Á¥ÈœÂ ¦³Á®¥Åªoš¸ ÉŸœ´ŠšµŠ—oµœš·«Ä õ<br />

Áž}œÂ ­Áž¦¥rœÎÊ µ ž¦³­·š›·£µ¡„µ¦šÎ µ‡ªµ¤Á¥Èœ <br />

Áž°¦rÁŽÈœ˜r¤¸˜µ…nµ¥Åœ¨n°œ nª¥Äœ„µ¦—´„‹´ ¨³°°ŠœÎÊ µÂ¨³<br />

˜·—˜´ÊŠ¡´—¨¤—¼—°µ„µ«Åªoš¸ÉŸœ´ŠšµŠ—oµœš·«Á®œº ° Ÿ¨„µ¦<br />

«¹„¬µ‹µ„ ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦rÁ¤ºÉ°œÎ µÅžÁž¦¸¥ Áš¸¥<br />

„´ Ÿ¨„µ¦š—¨°Š ¡ ªnµ¤¸‡ªµ¤‡¨µ—Á‡¨ºÉ°œÁ¡¸¥ŠÁ¨È„œo°¥<br />

šÎ µÄ®o­µ¤µ¦œÎ µÂ ‹Î µ¨°Šœ¸ÊÅžÄ oÄœ„µ¦šÎ µœµ¥°»–®£¼¤·<br />

¨³‡ªµ¤ ºÊœ£µ¥ÄœÃ¦ŠÁ¦º°œÅ—o Á¤ºÉ°Áž¦¸¥ Áš¸¥ °»–®£¼¤·<br />

¦³®ªnµŠ„n°œÂ¨³®¨´ŠÄ o¦³ šÎ µ‡ªµ¤Á¥Èœ¡ ªnµ ¦³ šÎ µ<br />

‡ªµ¤Á¥ÈœÂ ¦³Á®¥­µ¤µ¦¨—°»–®£¼¤· £µ¥ÄœÃ¦ŠÁ¦º°œ¨Š<br />

Å—o¹Š°Š«µÁŽ¨ÁŽ¸¥­<br />

1-¦³ Ÿ¨·˜œÎÊ µ¦o°œÄ o£µ¥Äœ oµœÂ Ä®¤n<br />

×¥Ä o¡¨´ŠŠµœÂ­Š°µš·˜¥r¦nª¤„´ ‡ªµ¤¦o°œš·ÊŠ<br />

‹µ„¦³ ž¦´ °µ„µ«š¸ÉÄ oÁš°¦rä°·Á¨È„š¦·„<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­¤ µ¥¤–¸ª¦¦–rËÁŽ¢Á‡—µ¦¸<br />

‹Š‹·˜¦r®·¦´ ¨µ£­¤ ´˜·š¸‰š¦´¡¥r<br />

ªµ¦­µ¦¦n¤Åš¦š°Šžeš¸ÉŒ ´ š¸É<br />

Á¤¬µ¥œ¡§¬£µ‡¤®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ‡ªµ¤Áž}œÅžÅ—o…°Š„µ¦<br />

Ÿ¨·˜œÎÊ µ¦o°œÄ o£µ¥Äœ‡¦´ªÁ¦º°œÃ—¥Ä o¦³ Ÿ­¤Ÿ­µœÂ<br />

Ä®¤n¦³®ªnµŠ¡¨´ŠŠµœÂ­Š°µš·˜¥r¦nª¤„´ ‡ªµ¤¦o°œš·ÊŠ‹µ„<br />

Á‡¦ºÉ°Šž¦´ °µ„µ«š¸ÉÄ oÁš°¦rä°·Á¨È„š¦· „ Äœ„µ¦š—¨°ŠÄ o<br />

ŸnœÁš°¦rä°·Á¨È„š¦· „‹Î µœªœ ·Êœ ¦»nœ7(&<br />

…œµ—˜n° ·Êœ [ PP ¦Š—´œÅ¢¢jµÂ¨³„¦³Â­Å¢¢jµ<br />

…–³Ä oŠµœ­¼Š­»—9'&¨³$PS˜µ¤¨Î µ—´ <br />

˜´ª¦´ ¦´Š­¸°µš·˜¥ršÎ µ®œoµš¸ÉÁž}œ´ŠœÎ Ê µ¦o°œÄœÁª¨µÁ—¸¥ª„´œ¤¸<br />

…œµ— ¨·˜¦ ®o°Š˜·—˜´ÊŠÁ‡¦ºÉ°Šž¦´°µ„µ«š¸ÉÄ oÁš°¦rä<br />

°·Á¨È„š¦·„¤¸…œµ—P šÎ µ„µ¦«¹„¬µÃ—¥„µ¦ž¦´ ¦Š—´œ<br />

Å¢¢jµš¸Éžj°œÄ®oÁš°¦rä°·Á¨È„š¦· „ ¨³ <br />

9'& °´˜¦µ„µ¦Å®¨…°ŠœÎÊ µÂ¨³‡ªµ¤Á¦Èª¨¤š¸ÉŸn µœ°»ž„¦–r<br />

¨„Áž¨¸É¥œ‡ªµ¤¦o °œš¸É/PLQ¨³PV<br />

˜µ¤¨Î µ—´ ¡ ªnµ¦³ ­µ¤µ¦šÎ µœÎÊ µ¦o°œÅ—o­¼Š­»—š¸É°»–®£¼¤·<br />

ž¦³¤µ–q& £µ¥ÄœÁª¨µ ¤Â¨³‹»—š¸ÉÁ®¤µ³­¤š¸É­»—<br />

­Î µ®¦´ „µ¦šÎ µœÎÊ µ¦o°œÂ¨³ž¦´ °µ„µ«‡º° š¸É¦Š—´œÅ¢¢jµ<br />

žj°œÄ®oÁš°¦rä°·Á¨È„š¦· „9'&°´˜¦µ„µ¦Å®¨…°ŠœÎÊ µ<br />

/PLQ ¨³‡ªµ¤Á¦Èª¨¤ PV Ž¹ÉŠÁž}œ‹»—š¸ÉÄ®o‡nµ<br />

&23­¼Š­»—‡º°<br />

1-°·š›·¡¨…°Šž{‹‹´¥šµŠ„µ¥£µ¡š¸É¤¸˜n°‡ªµ¤¦¼o<br />

­¹„šµŠ‡ªµ¤¦o°œ…°Š‡œÅš¥Äœ­£µ¡Âª—¨o°¤Â<br />

­Î µœ´„Šµœ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

œ»£µ¡Â¥o¤Å˜¦¡´•œrËÁŽ¢Á‡—µ¦¸<br />

‹Š‹·˜¦r®·¦´ ¨µ£<br />

ª·«ª­µ¦¨µ—„¦³ ´Šžeš¸ÉŒ ´ š¸É<br />

¤¸œµ‡¤®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°„µ¦«¹„¬µ°·š›·¡¨…°Šž{‹‹´¥<br />

šµŠ„µ¥£µ¡Å—o„n °»–®£¼¤·°µ„µ« ‡ªµ¤ ºÊœ­´¤¡´š›r¨³<br />

‡ªµ¤Á¦Èª¨¤­´¤¡´š›r¦nµŠ„µ¥ š¸É¤¸˜n°‡ªµ¤¦¼o­¹„šµŠ‡ªµ¤¦o°œ<br />

…°Š‡œÅš¥£µ¥Ä˜o­£µª³Âª—¨o°¤Â ­Î µœ´„Šµœ š¸É¤¸„µ¦<br />

ž¦´ °µ„µ«„µ¦š—¨°Š—Î µÁœ·œ„µ¦Â £µ‡­œµ¤Äœ­µœš¸É<br />

‹¦·Š‹µ„°µ‡µ¦­Î µœ´„Šµœš´ÊŠ®¤— ®nŠ ‹Î µœªœŸ¼oÁ…oµ¦nª¤<br />

š—­° š´ÊŠ­·Ê œ ‡œ £µ¥Ä˜oÁŠºÉ°œÅ…š¸ÉŸ¼oš—­° °¥¼nÄœ<br />

šnµœ´ÉŠ „µ¦Â˜nŠ„µ¥ž„˜·Â ­Î µœ´„Šµœ ¨³°»–®£¼¤·°µ„µ«<br />

Ášnµ„´ °»–®£¼¤·„µ¦ÂŸn¦´Š­¸‡ªµ¤¦o°œÁŒ¨¸É¥ Ÿ¨„µ¦š—¨°Š<br />

¡ ªnµ °»–®£¼¤·°µ„µ« ¨³‡ªµ¤Á¦Èª¨¤­´¤¡´š›r¦nµŠ„µ¥<br />

Áž}œž{‹‹´¥š¸É¤¸°·š›·¡¨°¥nµŠ¤µ„˜n°‡ªµ¤¦¼o­¹„šµŠ‡ªµ¤¦o°œ<br />

­nªœ‡ªµ¤ ºÊœ­´ ¤¡´š›r¤¸°·š›·¡¨œo°¥¤µ„ œ°„‹µ„œ¸Ê‡nµ„µ¦<br />

¥°¤¦´ Å—ošµŠ‡ªµ¤¦o°œ…°ŠŸ¼oš—­° ¡ ªnµ°¥¼nš¸É nªŠ<br />

°»–®£¼¤·°µ„µ«q&¹Šq&<br />

1-„µ¦«¹„¬µÂœªšµŠ„µ¦ž¦´ °µ„µ«Äœ<br />

æŠÁ¦º°œÁ¨¸Ê¥ŠÅ®¤—oª¥„¦³ ªœ„µ¦¦³Á®¥<br />

<br />

1DWLRQDO-RXUQDO


œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

°—·«´„—·Í®ª´Š®œ´ «·¦· ´¥Áš¡µ<br />

ªµ¦­µ¦ª·š¥µ«µ­˜¦rÁ„¬˜¦žeš¸É<br />

Œ ´ š¸É®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°„µ¦«¹„¬µ‡ªµ¤Áž}œÅžÅ—oÄœ<br />

„µ¦‡ª ‡»¤°»–®£¼¤·Â¨³‡ªµ¤ ºÊœ Á¡ºÉ°„µ¦Á¨¸Ê¥ŠÅ®¤—oª¥<br />

„¦³ ªœ„µ¦¦³Á®¥ – ‹´Š®ª´—­»¦·œš¦r ×¥„¦³ ªœ„µ¦<br />

¦³Á®¥š¸ÉÄ oÄœ„µ¦‹Î µ¨°Š‹³šÎ µŠµœÄœ„¦–¸š¸É­£µª³<br />

¦¦¥µ„µ«¤¸‡ªµ¤ ºÊœ˜Î É µ„ªnµš¸ÉÅ®¤˜o°Š„µ¦„Î µ®œ—Ä®o¤¸ž¦³<br />

­·š›·£µ¡„µ¦¦³Á®¥ Áž°¦rÁŽÈœ˜r ­Î µ®¦´ „¦–¸š¸É‡ªµ¤ ºÊœ<br />

­¼Š„ªnµÁŠºÉ°œÅ…š¸ ÉÅ®¤˜o°Š„µ¦‹³Ä o„¦³ ªœ„µ¦‡ª ÂœnœÅ°<br />

œÎÊ µ Ÿ¨„µ¦‹Î µ¨°Š¡ ªnµ¦³ šÎ µ‡ªµ¤Á¥Èœ‹³¤¸«´„¥£µ¡­¼Š<br />

Äœ nªŠÁ—º°œ›´œªµ‡¤„»¤£µ¡´œ›r Äœ…–³š¸ÉÁ—º°œ°ºÉœ¦³<br />

šÎ µ‡ªµ¤Á¥ÈœÂ ¦³Á®¥‹³¤¸‡ªµ¤‹Î µÁž}œ„´ Á¨¸Ê¥ŠÅ®¤ª´ ¥ <br />

Á¡¸¥Šª´¥Á—¸¥ª Äœ„µ¦„Î µ®œ—‹»—°°„ ¦³ š¸É­µ¤µ¦<br />

‡ª ‡»¤°»–®£¼¤·Â¨³‡ªµ¤ ºÊœÅ—o˜¨°—š´ ÊŠže Äœ­nªœ¦³<br />

‡ªµ¤¦o°œ…o°¤¼¨°µ„µ«Á—º°œ›´œªµ‡¤Áž}œ‹»—˜´—­·œÄ‹ ­nªœ<br />

…°Š¦³ ‡ªµ¤Á¥Èœ…o°¤¼¨Á—º°œ„»¤£µ¡´œ›rÁž}œ‹»—˜´—­·œÄ‹<br />

­Î µ®¦´ „µ¦‡ª ‡»¤‡ªµ¤ ºÊœ …o°¤¼¨Á—º°œ¡§¬£µ‡¤<br />

„´œ¥µ¥œÁž}œ‹»—˜´—­·œÄ‹Äœ„µ¦„Î µ®œ—…œµ—¦³ ¨—<br />

‡ªµ¤ ºÊœ …–³š¸É…o°¤¼ ¨Á—º°œ›´œªµ‡¤‹³Áž}œ‹»—˜´—­·œÄ‹Äœ<br />

„µ¦°°„ ¦³ šÎ µ‡ªµ¤Á¥ÈœÂ ¦³Á®¥<br />

1-„µ¦°°„ ¨³¡´•œµ¦³ » Á‡¨º° Ÿ·ªª´­—»<br />

Ÿ­¤—oª¥Å¢¢jµÃ—¥„µ¦®¤»œ…´Êª‡µÃš—¦° ˜´ªÁ°ŠÂ¨³<br />

¦° …´Êª°µÃœ—<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›¸¦³«´„—·Í®¤µ„Ÿ·œœ£Œ´˜¦›µ¦¸¨µ£<br />

„§¬–¡Š«r„¸¦˜·„¦–¦Š‡r§š›·Í­¤ ´˜·­¤£¡<br />

ªµ¦­µ¦­Š…¨µœ‡¦·œš¦rŒ ´ ªššžeš¸É<br />

Œ ´ š¸É¤¸œµ‡¤Á¤¬µ¥œ<br />

®œoµ<br />

Šµœª·‹´¥Œ ´ œ¸Ê¦µ¥Šµœ¹Š„µ¦°°„ ¨³¡´•œµ<br />

¦³ „µ¦ » Á‡¨º° Ÿ·ªª´­—»Ÿ­¤œ·Á„·¨š´Š­Á˜œ‡µ¦rÅ —r—oª¥<br />

Å¢¢jµÂ Ä®¤nŽ¹ÉŠ¦³ —´Š„¨nµªœ¸Ê¤¸‡ªµ¤­µ¤µ¦Äœ„µ¦®¤»œ<br />

‡µÃš—®¦º° ·ÊœŠµœÅ—o®¨µ¥¤·˜· „¨nµª‡º° ®¤»œ ·ÊœŠµœ¦° ˜´ ª<br />

Á°Šš´ÊŠÄœÂœªœ°œÂ¨³Âœª—· Ɋ¨³®¤»œ ·ÊœŠµœ¦° ʪ°µÃœ— …´<br />

ל¦³ „µ¦®¤»œ‡µÃš——´Š„¨nµªœ¸Ê¥´ŠÁž}œ„µ¦Á¡·É¤ž¦³­·š›·<br />

£µ¡„µ¦„ªœ­µ¦¨³¨µ¥°·Á¨‡Ã˜¦Å¨˜r°¸„—oª¥ Ÿ¨Šµœª·‹´¥<br />

­—ŠÄ®oÁ®Èœªnµž¦·¤µ–°œ»£µ‡š´Š­Á˜œ‡µ¦rÅ —r œŸ·ªÁ‡¨º°<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¨³‡ªµ¤Â…ÈŠ…°ŠŸ· ªÁ‡¨º° Á¡·É¤…¹Êœ‹µ„Áž}œ <br />

¡ºÊœš¸É¨³Áž}œ+9˜µ¤¨Î µ—´ Á¤ºÉ°‡ªµ¤Á¦Èª…°Š<br />

„µ¦®¤»œ ·ÊœŠµœ¦° ˜´ ªÁ°ŠÁ¡·É¤…¹Ê œ‹µ„ Áž}œ ¦° <br />

œµš¸ ž¦·¤µ–°œ»£µ‡š´Š­Á˜œ‡µ¦rÅ —r œŸ·ªÁ‡¨º° ¨³‡ªµ¤<br />

Â…ÈŠ…°ŠŸ·ªÁ‡¨º° Á¡·É¤…¹Êœ‹µ„ Áž}œ ¡ºÊœš¸É<br />

¨³Áž}œ+9 ˜µ¤¨Î µ—´ Á¤ºÉ°‡ªµ¤Á¦Èª…°Š„µ¦<br />

®¤»œ ·ÊœŠµœ¦° °µÃœ—Á¡·É¤…¹Êœ‹µ „ Áž}œ ¦° œµš¸<br />

Äœ…–³š¸É‡ªµ¤­¤Î É µÁ­¤°…°Š‡ªµ¤®œµŸ·ªÁ‡¨º° ¨—¨ŠÁ¤ºÉ°<br />

‡ªµ¤Á¦Èª…°Š„µ¦®¤»œ ÊœŠµœ¦° · ˜´ªÁ°ŠÂ¨³¦° …´ ʪ°µÃœ—<br />

Á¡·É¤…¹Êœ Ÿ¨„µ¦š—¨°Š¥´Š¦³ »ªnµ Á¤ºÉ°‡ªµ¤®œµÂœnœ„¦³Â­<br />

Å¢¢jµ­¼Š…¹Êœ ‡ªµ¤­¤ÎÉ µÁ­¤°…°Š‡ªµ¤®œµŸ·ªÁ‡¨º° —¸…¹Êœ ˜n<br />

Ťn¤¸Ÿ¨˜n°ž¦·¤µ–°œ»£µ‡Â¨³‡ªµ¤Â…ÈŠ…°ŠŸ·ªÁ‡¨º ° œ°„<br />

‹µ„œ¸Ê¥´Š¡ ªnµ„µ¦Á¡·É¤…¹Êœ…°ŠÁª¨µÄœ„µ¦ » Á‡¨º° Ťn¤¸Ÿ¨<br />

˜n°‡ªµ¤­¤ÎÉ µÁ­¤°…°Š‡ªµ¤®œµŸ·ªÁ‡¨º° š¸É„¦³‹µ¥˜´ª œ<br />

·ÊœŠµœ » ˜n­nŠŸ¨Ä®ož¦·¤µ–°œ»£µ‡Â¨³‡ªµ¤Â…ÈŠ…°ŠŸ·ª<br />

Á‡¨º° Á¡·É¤…¹Êœ<br />

1-„µ¦«¹„¬µ„µ¦ž¨¼„¢d¨r¤Á¡ ¦„´ „µ¦<br />

ž¦´ ž¦»Š­¤ ´˜·šµŠ—oµœ„µ¦¥¹—Á„µ³…°Š¢d¨r¤Á¡ ¦<br />

„´ “µœ¦°Š<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›œ£´„¬rÁ¤›œµª·œÅ¡«µ¨Á­˜­»ª¦¦–<br />

–¦Š‡r§š›·Í­¤ ´˜·­¤£¡<br />

ªµ¦­µ¦­Š…¨µœ‡¦·œš¦rŒ ´ ªššžeš¸É<br />

Œ ´ š¸É¤¸œµ‡¤Á¤¬µ¥œ<br />

®œoµ<br />

„µ¦ª·‹´¥œ¸ÊÅ—o«¹„¬µ„µ¦­´ŠÁ‡¦µ³®r¢d¨r ¤Á¡ ¦Ã—¥ª·›¸<br />

&KHPLFDO 9DSRU 'HSRVLWLRQ &9' Ž¹ÉŠÅ—o°°„Â<br />

¡´•œµÂ¨³­¦oµŠÁ‡¦ºÉ°Š¤º°Ÿ¨·˜¢d¨r¤Á¡ ¦…¹ Êœ¤µÃ—¥ÁŒ¡µ³<br />

ž¦³„° —oª¥®´ªÁ ºÉ°¤Â„p ­ ×¥Ä o„pµŽ°³ÁŽš·¨¸œÂ¨³„pµŽ<br />

°°„Ž·Á‹œ ¦³ ®¨n°Á¥Èœ—oª¥œÎ Ê µÁ¡ºÉ°‡ª ‡» ¤°»–®£¼¤·…°Š<br />

“µœ¦°Šš¸ÉÁž}œš´Š­Á˜œ‡µ¦rÅ —rÇ °¨šr Ÿ¨„µ¦š—¨°Š¡<br />

ªnµ „µ¦Á˜¦¸¥¤¡ºÊœŸ·ª®œoµ“µœ¦°Š—oª¥„µ¦„´—„¦—¨³…´—<br />

—oª¥ŸŠÁ¡ ¦šÎ µÄ®o­µ¤µ¦žj°Š„´œ„µ¦®¨»—¦n°œ…°Š¢d¨r¤<br />

Á¡ ¦‹µ„“µœ¦°ŠÅ—o ×¥¡ ªnµ„µ¦…´——oª¥ŸŠÁ¡ ¦Â¨³„µ¦<br />

„´—„¦— ¨³˜µ¤—oª¥„µ¦…´——oª¥ŸŠÁ¡ ¦Ä®o¢d¨r¤Á¡ ¦š¸É¤¸<br />

¨´„¬–³‡¨oµ¥„´œ „¨nµª‡º° Ÿ¨¹„¤¸…œµ—Á¨È„¨³¤¸Ÿ·ª®œoµ<br />

®¥µ Á¨È„œo°¥ ¢d¨r¤¤¸‡ªµ¤Â…Ȋ¦Š…°Š„µ¦¥¹—Á„µ³­¼Š¡°š¸É<br />

­µ¤µ¦šœ‡nµ‡ªµ¤Á‡oœ£µ¥ÄœÅ—o­¼Š„ªnµ“µœ¦°Šš¸ÉŤnÅ—o<br />

Á˜¦¸¥¤Ÿ·ª®œoµÂ¨³“µœ¦°Šš¸É„´—„¦—°¥nµŠÁ—¸¥ªœ°„‹µ„œ¸Ê<br />

1DWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„µ¦ž¨¼„¢d¨r¤Á¡ ¦š¸É“µœ¦°Š¤¸°»–®£¼¤·­¼ŠÅ—oŸ¨¹„Á¡ ¦š¸ÉÁ¨È„<br />

¨³Ÿ·ª®œoµ¢d¨r¤Á¡ ¦‡n°œ…oµŠÁ¦¸¥ ¨³­¤ÎÉ µÁ­¤°„ªnµ„µ¦<br />

Ÿ¨·˜¢d¨r¤š¸É“µœ¦°Š¤¸°»–®£¼¤·˜ÎÉ µ<br />

1-$1$/


¦ ¦¦š»„®„¨o° ¦ ¦¦š»„­· ¨o° ¦¡nªŠ ¦Ã—¥­µ¦ ¦<br />

‹´„¦¥µœ¥œ˜r ¨³¦­µ¤¨o°Á‡¦ºÉ°Š …o°¤¼¨­œµ¤š¸ÉÁ„È Å—o„ n<br />

¦³—´ Á­¸¥ŠÂ¨³‡ªµ¤Á¦Èª…°Š¦¥œ˜r š¸É˜Î µÂ®œnŠ<br />

¨³Á¤˜¦‹µ„˜Î µÂ®œnŠ®¥»—×¥˜·—˜´ÊŠÁ‡¦ºÉ°Šª´—Á­¸¥Š<br />

‹Î µœªœ Á‡¦ºÉ°Šš¸É˜Î µÂ®œnŠ—´Š„¨nµª ¨³®nµŠ‹µ„„¹ÉŠ„¨µŠ<br />

n°Š‹¦µ‹¦Áž}œ¦³¥³Á¤˜¦¦³—´ Á­¸¥ŠÂ¨³°´˜¦µÁ¦Èªš¸ÉÅ—o<br />

‹µ„š´ÊŠ ‹»—‹³œÎ µ¤µ­¦oµŠ­¤„µ¦‡ªµ¤­´¤¡´œ›r ×¥¦³—´<br />

Á­¸¥Š‹³Áž}œ˜´ªÂž¦˜µ¤Â¨³°´˜¦µÁ¦ÈªÁž} œ˜´ªÂž¦°·­¦³ ×¥<br />

Ä o­¤„µ¦…°Š„¦¤šµŠ®¨ªŠ…°Š­®¦´“°Á¤¦·„µ<br />

‹µ„Ÿ¨„µ¦«¹„¬µ¡ ªnµ¦¥œ˜r˜n¨³ž¦³Á£š¤¸‡nµ<br />

¦³—´ Á­¸¥Šš¸É‡ªµ¤Á¦Èª˜nµŠÇ ˜„˜nµŠ„´œÂ¨³¨´„¬–³…°Š<br />

Á­¸¥Š¦¥œ˜rš¸ÉÄ oÄœž¦³Áš«Åš¥Â˜„˜nµŠ„´ ¨´„¬–³…°Š<br />

Á­¸¥Š¦¥œ˜r œ·—Á—¸¥ª„´œÄœž¦³Áš«­®¦´“°Á¤¦·„µ°¥nµŠ¤µ„<br />

6FKRRORI%LRUHVRXUFHVDQG7HFKQRORJ\<br />

1-°·š›·¡¨…°Š„µ¦Ä®ož»l¥š¸É¤¸ ˜n°„µ¦Á‹¦· Á˜· Ø<br />

¨³Ÿ¨Ÿ¨·˜…°Š­˜¦°Á °¦¸É<br />

œ´„ª·‹´¥ ·œª¦¦–¡´œ›»rš¦´¡¥r­µ¦<br />

­»—µ¦´˜œr˜¦¸Á¡ ¦„»¨žd¥š´«œrš°ŠÅ˜¦£¡<br />

š«¡¦š°ŠÁš¸É¥Š–¦Š‡r ´¥¡·¡´•œr›œªŠ«r<br />

ÁŸ¥Â¡¦n ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É˜»¨µ‡¤›´œªµ‡¤<br />

®œoµ<br />

„µ¦«¹„¬µª·‹´¥‡¦´ÊŠœ¸ ʤ¸ª´˜»ž¦³­Š‡rÁ¡º É°«¹„¬µ œ·—<br />

¨³°´˜¦µ„µ¦Ä®ož»l¥Äœ„µ¦ž¨¼„­˜¦°Á °¦¸Éš¸ ÉÄ®oŸ¨Ÿ¨·˜Â¨³<br />

‡»–£µ¡­¼Š­»—Äœ¡ºÊœš¸É°Î µÁ£°œµÂ®oª ‹´Š®ª´—Á¨¥ ×¥<br />

„Î µ®œ—¦³—´ …°Š°´˜¦µž»l¥Áž}œ ¦³—´ ‡º° <br />

¨³ „¦´¤˜oœ „µ¦ª·‹´¥‡¦´ÊŠœ¸ÊšÎ µ„µ¦Ä®ož»l¥¦nª¤„´<br />

¦³ œÎÊ µ®¥— IHUWLJDWLRQ Á¡ºÉ°«¹„¬µ„µ¦Á‹¦· Á˜· Ø<br />

¨³‹Î µœªœŸ¨Ÿ¨·˜ ‡nµ…°ŠÂ…ÈŠš¸É¨³¨µ¥Å—o ¨³‡ªµ¤Âœnœ<br />

ÁœºÊ°…°Š­˜¦°Á °¦¸É¡´œ›»r‡º°¡´œ›»r¡¦³¦µ šµœ¡´œ›»r<br />

¡¦³¦µ šµœ¡´œ›»r¨¼„Ÿ­¤ %4¨³¡´œ›»r¨¼„Ÿ­¤ 41<br />

×¥„Î µ®œ—ž»l¥­¼˜¦°´˜¦µÂ¨³<br />

„¦´¤˜oœ®¨´Š‹µ„œ´Êœ°¸ „­´ž—µ®ršÎ µ„µ¦ª´—„µ¦Á‹¦· Á˜·<br />

ب³‡»–£µ¡Ÿ¨Ÿ¨·˜ ‹µ„œ´ÊœšÎ µ„µ¦ª·Á‡¦µ³®r…o°¤¼¨š¸ÉÅ—o<br />

‹µ„„µ¦š—¨°Š—oª¥ª·›¸[¢‡š°Á¦¸¥¨Á¡ºÉ°Áž¦¸¥ Áš¸¥<br />

‡ªµ¤Â˜„˜nµŠšµŠ­·˜· ¡ ªnµ°´˜¦µž»l¥š¸ÉÁ®¤µ³­¤Äœ„µ¦<br />

Á‹¦· Á˜· Ø…°Š­˜¦°Á °¦¸Éš»„­µ¥¡´œ›»rš¸ÉÄ®oŸ¨Ÿ¨·˜Â¨³<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

‡»–£µ¡­¼Š­»—š¸É°Î µÁ£°œµÂ®oª ‹´Š®ª´—Á¨¥ ‡º° °´˜¦µ <br />

„¦´¤˜oœ ‹µ„„µ¦ª·Á‡¦µ³®r›µ˜»°µ®µ¦Ä ­˜¦°Á °¦¸ÉÄœ nªŠ<br />

Áª¨µ˜nµŠÇ Á¡ºÉ°®µ­¼˜¦Â¨³°´˜¦µž»l ¥š¸ÉÁ®¤µ³­¤„´ nªŠ„µ¦<br />

Á‹¦· Á˜· ئ³¥³˜nµŠÇ ¡ ªnµ ÄœÁ—º°œš¸É …°Š„µ¦ž¨¼„<br />

­˜¦°Á °¦¸ÉÁž}œ˜oœÅž Á—º°œ„»¤£µ¡´œ›r ž¦·¤µ–›µ˜»<br />

°µ®µ¦¢°­¢°¦´­Â¨³ÃžÂ˜­ÁŽ¸¥¤ÄœÄ ¨—¨Š¤µ„ —´Šœ´Êœ<br />

®¨´Š‹µ„Á¦·É¤ž¨¼„­˜¦°Á °¦¸ÉÄœÁ—º°œ˜»¨µ‡¤ Á¤ºÉ°¹ŠÁ—º°œ<br />

›´œªµ‡¤ ‡ª¦Ä ož»l¥­¼˜¦ °´˜¦µ „¦´¤˜oœ<br />

Á—º°œ¤„¦µ‡¤ ‡ª¦Ä ož»l¥­¼˜¦ °´˜¦µ <br />

„¦´¤˜oœ­nªœÁ—º°œ„»¤£µ¡´œ›r¨³Á—º°œ¤¸œµ‡¤‡ª¦Áž¨¸É¥œ<br />

°´˜¦µ­nªœ…°Šž»l¥Áž}œ®¦º°<br />

1-„µ¦Ÿ¨·˜ÅŽ¨µÁœ­š¸Éž¦µ«‹µ„ÁŽ¨¨¼Á¨­Äœ<br />

´Š®¤´„š¸É¤¸Áž¨º°„…oµªÃ¡—Áž} œÂ®¨nŠ‡µ¦r °œÃ—¥<br />

DONDOLSKLOLF%DFLOOXVILUPXV.<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

œ·—µÁ¨·««¨µ¦´„¬r‡·œÁ¨¥r‡¼<br />

„œ„¦´˜œ³„œ„ ´¥<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É„¦„‘µ‡¤„´œ¥µ¥œ<br />

®œoµ<br />

‹µ„„µ¦«¹„¬µš¸ÉŸnµœ¤µ…°Š„¨»n¤ª·‹´¥¡ ªn µ Á¤ºÉ°<br />

Á¡µ³Á¨¸Ê¥ŠDONDOLSKLOLF%DFLOOXVILUPXV.ÄœVKDNH<br />

IODVN …œµ— ¤·¨¨·¨·˜¦ ×¥Ä oœÎÊ µ®¤´„ ¤·¨¨·¨·˜¦<br />

Ÿ¨·˜ÅŽ¨µÁœ­š¸Éž¦µ«‹µ„ÁŽ¨¨¼Á¨­š¸ ɤ¸«´„¥£µ¡š¸É‹³œÎ µÅž<br />

ž¦³¥»„˜rÄ oÄœ„µ¦ nª¥¢°„­¸Á¥ºÉ°„¦³—µ¬Á¡ºÉ°Ÿ¨·˜ÅŽ¨µÁœ­<br />

Äœ…œµ—š¸ÉÄ® n…¹Ê œ Šµœª·‹´¥œ¸Ê‹¹ŠšÎ µ„µ¦Á¡µ³Á¨¸Ê¥Š %DFLOOXV<br />

ILUPXV.Äœ´Š®¤´„…œµ—¨·˜¦Ã—¥Ä oœÎÊ µ®¤´„<br />

¤·¨¨·¨·˜¦ Á¤ºÉ°¤¸Áž¨º°„…oµªÃ¡—¦o°¥¨³ ZY Áž}œ<br />

®¨nŠ‡µ¦r °œ ¨³¥¼Á¦¸¥¦o°¥¨³ ZY Áž}œÂ®¨nŠ<br />

ŜئÁ‹œ Äœ­£µª³š¸ÉŤnŸnµœ„µ¦œ¹ÉŠ‰nµÁ ºÊ°—oª¥‡ªµ¤¦o° œ<br />

¡ ªnµ„µ¦Ÿ¨·˜ÅŽ¨µÁœ­Á¡·É¤…¹Êœ˜µ¤ž¦·¤µ–°°„Ž·Á‹œ¨³¨µ¥<br />

œÎÊ µ „µ¦Á‹¦· …°ŠÁŽ¨¨r ¨³ž¦·¤µ–Þ¦˜¸œ ­£µª³š¸ÉÁ®¤µ³<br />

­¤˜n°„µ¦Ÿ¨·˜ÅŽ¨µÁœ­…°Š %DFLOOXV ILUPXV.‡º°š¸É<br />

¡¸Á° °»–®£¼¤· °Š«µÁŽ¨ÁŽ¸¥­ °´˜¦µ„µ¦„ªœ<br />

¦° ˜n°œµš¸Â¨³°´˜¦µ„µ¦Ä®o°µ„µ«YYPץŎ¨µ<br />

Áœ­š¸ÉŸ¨·˜Å—o¤¸Â°‡˜·ª·˜¸8¤·¨¨·¨·˜¦š¸ÉÁª¨µ„µ¦®¤´„<br />

´ÉªÃ¤Š<br />

1DWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1-°´¨‡µÅ¨œrÞ¦˜¸Á°­‹µ„DONDORWROHUDQW<br />

%DFLOOXVVS%¨³„µ¦œÎ µÅžÄ oÄœ­µ¦Ž´„¨oµŠ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¡·¤¨‹Î µœŠ‡r‡·œÁ¨¥r‡¼„œ„¦´˜œ³„œ„ ´¥<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸ÉÁ¤¬µ¥œ¤·»œµ¥œ<br />

®œoµ<br />

‹µ„„µ¦Á¡µ³Á¨¸Ê¥Š‹»¨·œš¦¸¥r œ·—Äœ°µ®µ¦Á®¨ª<br />

„µ„´ÉªÁ®¨º°Š —Äœ­£µª³Áž}œ—nµŠ ¡ ªnµ DONDORWROHUDQW<br />

%DFLOOXV VS % Ž¹ÉŠÁž}œ *UDPYDULDEOH ÁŽ¨¨r¤¸<br />

¨´„¬–³Áž}œšn°œ¤¸„µ¦­¦oµŠ­ž°¦r˜o°Š„µ¦°°„Ž·Á‹œÄœ„µ¦<br />

Á‹¦· ¨³Ÿ¨·˜Á°œÅŽ¤r‡³˜³Á¨­Ÿ¨·˜°´¨‡µÅ¨œrÞ¦˜¸Á°­Å—o<br />

­¼Š­»— Þ¦˜¸Á°­š¸ÉŸ¨·˜‹µ„Á ° ºÊ % ­µ¤µ¦šœ˜n°­µ¦Ž´„<br />

¨oµŠ œ·—ŸŠ3¨³3„´ œ·—Á®¨ª//¨³/Å—o—¸<br />

Á¤ºÉ°Â nŪo¦nª¤„´ ­µ¦Ž´„¨oµŠš¸É°»–®£¼¤ · °Š«µÁŽ¨ÁŽ¸¥­<br />

œµœ ´ÉªÃ¤Š%DFLOOXVVS%Á‹¦· ¨³Ÿ¨·˜Ãž¦˜¸Á°­<br />

Å—o—¸Á¤ºÉ°¡¸Á° Á¦·É¤˜oœ…°Š°µ®µ¦Á¡µ³Á¨¸Ê¥ŠÁ °°¥¼n¦³®ªnµŠ ºÊ<br />

¹ŠÁ¤ºÉ°Á¡µ³Á¨¸Ê¥ŠÁ ° ºÊ %DFLOOXV VS %Äœ„µ„´Éª<br />

Á®¨º°Š —¦o°¥¨³ š¸É¡¸Á° °»–®£¼¤· °Š«µ<br />

ÁŽ¨ÁŽ¸¥­—oª¥„µ¦Á…¥nµ¦° ˜n°œµš¸œµœ ´ÉªÃ¤Š<br />

Ÿ¨·˜Ãž¦˜¸Á°­Å—o­¼Š­»—Ášnµ„´ ®œnª¥˜n°¤·¨¨·¨·˜¦ Ž¹ÉŠ<br />

„µ¦Ÿ¨·˜Ãž¦˜¸Á°­Á„·—…¹Êœ¡¦o°¤„´ „µ¦Á‹¦· …°ŠÁŽ¨¨r ¡¸Á°<br />

š¸ÉÁ®¤µ³­¤˜n°„µ¦šÎ µŠµœ…°Š FUXGH SURWHDVH °¥¼nÄœ nªŠ<br />

¹Š ¨³¤¸Á­¸¥¦£µ¡­¼Šš¸É¡¸Á° Äœ nªŠ ¹Š<br />

œµœ ´ÉªÃ¤Š °»–®£¼¤·š¸ÉÁ®¤µ³­¤Äœ„µ¦šÎ µŠµœ…°Š<br />

Á°œÅŽ¤r°¥¼nÄœ nªŠ ¹Š °Š«µÁŽ¨ÁŽ¸¥­ ¨³¤¸Á­¸¥¦<br />

£µ¡­¼Š¦³®ªnµŠ°»–®£¼¤· ¹Š °Š«µÁŽ¨ÁŽ¸¥­ œµœ <br />

´ÉªÃ¤Š‹µ„„µ¦Ž´„Ÿoµ—oµ¥—· …µªš¸É¼„šÎ µÄ®oÁžg°œ—oª¥Á¨º°—ª´ª<br />

¡ ªnµ Á¤ºÉ°Áž¦¸¥ Áš¸¥ „´ Ÿoµ­„ž¦„š¸ ÉŽ´„—oª¥­µ¦Ž´„¨oµŠ<br />

°¥nµŠÁ—¸¥ªŸoµ­„ž¦„š¸ÉŽ´„—oª¥­µ¦Ž´„¨oµŠ/¨³/¦nª¤<br />

„´ FUXGH SURWHDVH Ä®o‡nµ‡ªµ¤…µª­ªnµŠ­¼Š„ªnµ ×¥Á¡·É¤<br />

…¹Êœ‹µ„¨³®œnª¥Áž}œÂ¨³<br />

®œnª¥ ˜µ¤¨Î µ—´ œ°„‹µ„œ¸Ê¡ ªnµ Ÿoµ­„ž¦„š¸ÉŽ´„—oª¥­µ¦<br />

Ž´„¨oµŠ¦nª¤„´ FUXGHSURWHDVHÄ®o‡nµ‡ªµ¤Áž}œ­¸Â—Š¨—¨Š<br />

Á¤ºÉ°Áž¦¸¥ Áš¸¥ „´ Ÿoµ­„ž¦„š¸ ÉŽ´„—oª¥­µ¦Ž´„¨oµŠ°¥nµŠÁ—¸¥ª<br />

—´Šœ´Êœ‹¹ Š¤¸ÂœªÃœo¤š¸É‹³œÎ µFUXGHSURWHDVH‹µ„%DFLOOXV<br />

VS%Åžž¦³¥»„˜rÄ oÄœ°»˜­µ®„¦¦¤­µ¦Ž´„¨oµŠ<br />

1-‡ªµ¤‹Î µÁ¡µ³…°ŠÅŽ¨µÁœ­ ¦·­»š›·Í‹µ„<br />

DONDOLSKLOLF%DFLOOXVKDORGXUDQV­µ¥¡´œ›»r&<br />

˜n°„µ¦¥n°¥ÅŽÂ¨œ¨³¨µ¥œÎÊ µ˜nµŠÇ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹´„¦„§¬–rÁ˜ ³°£´¥‡»–‡·œÁ¨¥r‡¼<br />

„œ„¦´˜œ³„œ„ ´¥<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É¤„¦µ‡¤¤¸œµ‡¤<br />

®œoµ<br />

ÅŽ¨µÁœ­š¸É¼„Ÿ¨·˜°°„œ°„ÁŽ¨¨r‹µ„<br />

DONDOLSKLOLF%DFLOOXVKDORGXUDQV­µ¥¡´œ›»r&¼„šÎ µ<br />

Ä®o ¦·­»š›·Í—oª¥„µ¦˜„˜³„°œ—oª¥Á„¨º°Â°¤Ã¤Áœ¸¥¤Ž´¨Á¢˜<br />

'($(7R\RSHDUO ‡°¨´¤œr ¨³ '($(+L3UHS ))<br />

¨³ 0RQR4 +5 IDVW SHUIRUPDQFH<br />

OLTXLG FKURPDWRJUDSK\V ¨³˜¦ª‹­° ‡ªµ¤ ¦·­»š›·Í<br />

—oª¥ VRGLXP GRGHF\O VXOIDWHSRO\DFU\ODPLGH JHO<br />

HOHFWURSKRUHVLV 6'63$*( ¨³ DFWLYH3$*(<br />

¡ ªnµÅŽ¨µÁœ­ ¦·­»š›·Íš¸ÉÅ—o¤¸…œµ—ž¦³¤µ–„·Ã¨—µ¨˜´œ<br />

„µ¦«¹„¬µŸ¨…°ŠÅŽ¨µÁœ­ ¦·­»š›·Í˜n°„µ¦¥n°¥ÅŽÂ¨œ œ·—<br />

˜nµŠÇ š¸É¨³¨µ¥œÎ Ê µ ¡ ªnµÅŽ¨µÁœ­¥n°¥ VROXEOH<br />

ELUFKZRRG [\ODQ Å—o—¸„ªnµ VROXEOH RDW VSHOW ¨³<br />

ODUFKZRRG[\ODQV„µ¦«¹„¬µ‹¨œ«µ­˜¦r…°ŠÅŽ¨µÁœ­ ¦·<br />

­»š›·Í˜n °„µ¦¥n°¥ÅŽÂ¨œš¸É ¨³¨µ¥œÎÊ µ¡ ªnµ‡nµ . P …°ŠÅŽ<br />

¨µÁœ­ ¦·­»š›·Í˜n°„µ¦¥n°¥VROXEOHELUFKZRRGRDWVSHOW<br />

¨³ODUFKZRRG[\ODQVÁšnµ„´ ¨³<br />

¤„¤¨ ˜µ¤¨Î µ—´ …–³š¸É‡n µ 9 PD[ …°ŠÅŽ¨µÁœ­ ¦·­»š›·Í<br />

˜n°„µ¦¥n°¥ VROXEOH ELUFKZRRG RDW VSHOW ¨³<br />

ODUFKZRRG [\ODQVÁšnµ„´ ¨³ <br />

P0PLQ PJ˜µ¤¨Î µ—´ °´˜¦µ­nªœ…°Š9 PD[ . P …°Š<br />

ÅŽ¨µÁœ­ ¦·­»š›·Í˜n°„µ¦¥n°¥ VROXEOH ELUFKZRRG [\ODQ<br />

Ášnµ„´ ¨³ Ášnµ…°Š VROXEOH RDW VSHOW ¨³<br />

ODUFKZRRG[\ODQV˜µ¤¨Î µ—´<br />

1-„µ¦Áž¨¸É¥œÂž¨Š‡»–­¤ ´˜·šµŠÁ‡¤¸Â¨³Á‡¤¸<br />

„µ¥£µ¡…°Š…oµª…µª—°„¤³¨·­µ¥¡´œ›»r<br />

Äœ¦³®ªnµŠ„µ¦Á„È ¦´„¬µš¸É°»–®£¼¤·˜nµŠ„´œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹·¦«´„—·Í‡ŠÁ„¸¥¦˜·…‹¦Á¡¨Š¡·–«·ª¡¦¦´„¬r<br />

š¦Š«·¨žm¡‹œr œ³ ´¥<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É„¦„‘µ‡¤„´œ¥µ¥œ<br />

®œoµ<br />

<br />

1DWLRQDO-RXUQDO


„µ¦Áž¨¸É¥œÂž¨Š‡»–£µ¡…oµªÄœ¦³®ªnµŠ„µ¦Á„È<br />

¦´„¬µÁž}œŸ¨¤µ‹µ„ž{‹‹´¥šµŠ„µ¥£µ¡ Å—o„n °»–®£¼¤·<br />

‡ªµ¤ ºÊœÂ¨³¦³¥³Áª¨µ…°Š„µ¦Á„È ¦´„¬µ„µ¦«¹„¬µª·‹´¥œ¸Ê¤¸<br />

ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µ„µ¦Áž¨¸É¥œÂž¨Š‡»–­¤ ´˜·šµŠÁ‡¤¸<br />

¨³Á‡¤¸„µ¥£µ¡…°Š…oµªÄœ¦³®ªnµŠ„µ¦Á„È ¦´„¬µ£µ¥®¨´Š<br />

„µ¦Á„È Á„¸É¥ªÄœ¦³¥³Áª¨µÁ—º°œš¸É°»–®£¼¤·Â¨³<br />

°Š«µÁŽ¨ÁŽ¸¥­Äœ‡ªµ¤ ºÊœ­´¤¡´š›r¦o°¥¨³Â¨³<br />

˜µ¤¨Î µ—´ Äœ„µ¦«¹„¬µª·‹´¥Å—oœÎ µ…oµª…µª—°„¤³¨·­µ¥¡´œ›r<br />

š¸ÉÁ„È Á„¸É¥ªÄ®¤n¤µ¨—‡ªµ¤ ºÊœÄ®oÁ®¨º°¦o°¥¨ ³ <br />

¨oªœÎ µ¤µ ¦¦‹»ÅªoÄœ»ŠÃ¡¨¸Ã¡¦¡·¨·œ ¨³Á„È Åªoš¸É°»–®£¼¤ ·<br />

¨³°Š«µÁŽ¨ÁŽ¸¥­Áž}œÁª¨µÁ—º°œÂ¨³«¹„¬µ<br />

„µ¦Áž¨¸É¥œÂž¨ŠšµŠÁ‡¤¸Â¨³Á‡¤¸„µ¥£µ¡…°Š…oµªÄœ<br />

¦³®ªnµŠ„µ¦Á„È ¦´„¬µ Ÿ¨„µ¦š—¨°Š¡ ªnµ œÎÊ µ˜µ¨¦¸—·ª­r<br />

…°ŠÂžjŠ…oµª­µ¦š¸ÉÁ„È ¦´„¬µš¸É°»–®£¼¤ ·°Š«µÁŽ¨ÁŽ¸¥­¤¸<br />

ž¦·¤µ–Á¡·É¤…¹Êœ‹µ„¦o°¥¨³Áž}œ¦o°¥¨³Äœ…–³<br />

š¸ÉœÎ µ˜µ¨¦¸—·ª­r…°Š…oµª­µ¦¨—¨Š‹µ„¦o°¥¨³Á®¨º°¦o°¥<br />

Ê<br />

¨³ Á¤ºÉ°Á„È ¦´„¬µ…o µªš¸É°»–®£¼¤· °Š«µÁŽ¨ÁŽ¸¥­<br />

ž¦·¤µ–œÎÊ µ˜µ¨š´ÊŠ®¤—¨³°¤·Ã¨­Å¤n Áž¨¸É¥œÂž¨Š Á¤ºÉ°Á„È<br />

¦´„¬µš¸É¨³°Š«µÁŽ¨ÁŽ¸¥­„·‹„¦¦¤…°ŠÂ°¨¢µ°¤·<br />

Á¨­Äœ…oµª„¨o°Š¡ ªnµ¤¸°¥¼n ¨³ <br />

8 „¦´¤ ¦³®ªnµŠ„µ¦Á„È ¦´„¬µš¸É ¨³ °Š«µ<br />

ÁŽ¨ÁŽ¸¥­ ˜µ¤¨Î µ—´ ‡»–­¤ ´˜·‡ªµ¤®œº—×¥Á‡¦ºÉ°Šª´—<br />

‡ªµ¤®œº— 59$ …°ŠÂžjŠ…oµª­µ¦¡ ªnµ ¤¸‡nµÁ¡·É¤…¹Ê œ<br />

¦³®ªnµŠ„µ¦Á„È ¦´„¬µ ‹µ„Ÿ¨„µ¦«¹„¬µª·‹´¥Å—o­—Š¹Š<br />

‡ªµ¤­´¤¡´œ›r¦³®ªnµŠœÎÊ µ˜µ¨¦¸—·ª­r¨³‡nµ‡ªµ¤®œº—š¸ÉÁ¡·É¤<br />

…¹ÊœÁ¤ºÉ °Á„È ¦´„¬µ…o µªš¸É°»–®£¼¤·­¼Š<br />

6FKRRORI%LRUHVRXUFHVDQG7HFKQRORJ\<br />

3LORW3ODQW'HYHORSPHQW<br />

DQG7UDLQLQJ,QVWLWXWH<br />

1-„µ¦Ÿ¨·˜Â ‡‡·ªÃ¨Åª¦´­‹µ„ÁŽ¨¨r¤¨Š<br />

Äœ¦³—´ 把µœ˜oœÂ Á¡ºÉ°Ä ož¦µ ¤¨Š«´ ˜¦¼¡º<br />

œ´„ª·‹´¥ „œ„ª¦¦–¡»n¤¡»š¦µÂ‡š¦·¥µŸ·ª…µª<br />

Á¡È ‹´œš¦rÁ¤‰ª·‹·˜¦Â­Š°»š´¥Á„˜»œ»˜·<br />

ÁŸ¥Â¡¦n ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸ÉÁ¤¬µ¥œ¤·»œµ¥œ<br />

®œoµ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

 ‡‡·ªÃ¨Åª¦´­Áž}œÅª¦´­„n°Ã¦‡ÄœÂ¤¨Šš¸É¼„œÎ µ¤µ<br />

Ä o‡ª ‡»¤Â¤¨Š«´˜¦¼¡º ÁœºÉ°Š‹µ„¤¸ž¦³­·š›·£µ¡Äœ„µ¦‰nµ<br />

®œ°œÂ¤¨ŠÂ¨³¥´Šž¨°—£´¥˜n°¤œ»¬¥r¨³­·ÉŠÂª—¨o°¤<br />

 ‡‡·ªÃ¨Åª¦´­ œ·— 1XFOHRSRO\KHGURYLUXV 139<br />

Áž}œ„¨»n¤š¸É¼„œÎ µ¤µÄ o°¥nµŠÂ¡¦n®¨µ¥ÁœºÉ°Š‹µ„°œ»£µ‡Åª¦´­<br />

¼„®n°®»o¤—oª¥Ÿ¨¹„Þ¦˜¸œ šÎ µÄ®o¤¸‡ªµ¤‡ŠšœÄœ­£µª³<br />

˜nµŠÇ Äœ­·ÉŠÂª—¨o°¤Å—o—¸ „µ¦Ÿ¨·˜ 139 Á¡ºÉ°Ä oÄœ„µ¦<br />

ž¦µ ¤¨Š¤¸ª·›¸‡º°„µ¦˜n°Á ºÊ°Äœ˜´ª®œ°œÂ¨³ÄœÁŽ¨¨r<br />

Á¡µ³Á¨¸Ê¥Š…°ŠÂ¤¨Š Äœ„µ¦«¹„¬µœ¸ÊÅ—ošÎ µ„µ¦Ÿ¨·˜ 139<br />

×¥Ä oÁŽ¨¨r¤¨Š+HOLRWKLV]HDFHOOOLQHÄœ¦³—´ „µ¦<br />

Ÿ¨·˜ ¨·˜¦ ×¥Ä o´ŠÂ ®¤´„ VWLUUHGWDQN UHDFWRU<br />

¨³Ä o°µ®µ¦Á¨¸Ê¥ŠÁŽ¨¨r­¼˜¦Ÿ­¤ ¡ ªnµ­µ¤µ¦Ÿ¨·˜Ÿ¨¹„Ū<br />

¦´­­¼Š­»—[ Ÿ¨¹„˜n°¤¨Â¨³‹µ„„µ¦œÎ µŸ¨¹„Ū¦´­š¸É<br />

Å—o¤µš—­° ž¦³­·š›·£µ¡Äœ„µ¦‰nµ®œ°œ Äœ¦³ š¸É¤¸„µ¦<br />

‡ª ‡»¤Äœ®o°Šž’· ´˜·„µ¦Â¨³ÄœÂž¨Š°Š»nœ¡ ªnµ Ÿ¨¹„Ū¦´<br />

­¤¸ž¦³­·š›·£µ¡­¼ŠÁš¸¥ Ášnµ„´ Ÿ¨¹„Ū¦´­š¸ÉŸ¨·˜‹µ„®œ°œ<br />

¤¨Šš¸ÉŸ¨·˜Ã—¥„¦¤ª· µ„µ¦Á„¬˜¦Ž¹ ÉŠ¤¸„µ¦­nŠÁ­¦·¤Ä®o<br />

Á„¬˜¦„¦Ä oÄœž{‹‹» ´œ œ°„‹µ„œ¸Ê¥´ŠÅ—o«¹„¬µž¦³­·š›·£µ¡<br />

…°ŠŸ¨¹„Ū¦´­£µ¥®¨´Š„µ¦šÎ µ­¼˜¦­Î µÁ¦È‹ ¨³¡ ªnµ¤¸ž¦³<br />

­·š›·£µ¡š¸É—¸Áš¸¥ Ášnµ„´ Ÿ¨¹„Ū¦´­‹µ„˜´ª®œ°œÁ nœ„´œ<br />

—´Šœ´Êœ„µ¦Ä oÁŽ¨¨rÁ¡µ³Á¨¸ Ê¥Š…°ŠÂ¤¨Š‹¹ŠÁž}œ°¸„šµŠÁ¨º°„<br />

®œ¹ÉŠš¸ÉÁ®¤µ³­¤Äœ„µ¦Ÿ¨·˜139Á¡ºÉ°Ä o‡ª ‡»¤Â¤¨Š«´˜¦¼<br />

¡º ÁœºÉ°Š‹µ„Ÿ¨¹„Ū¦´­š¸ÉÅ—o¤¸ž¦³­·š›·£µ¡Â¨³­µ¤µ¦…¥µ¥<br />

…œµ—„µ¦Á¡µ³Á¨¸Ê¥ŠÅ—oÄœ¦³—´ 把µœ˜oœÂ<br />

1-Ÿ¨…°Š­µ¦°´¨‡µ¨°¥—rÁ °¦rÁ °¦¸œ˜n°<br />

°Š‡rž¦³„° „¦—Å…¤´œÄœÁŽ¨¨rÁ¤¤Á ¦œÂ¨³<br />

Åš¨µ‡°¥—rÁ¤¤Á ¦œ…°Š­µ®¦nµ¥­Åž¦¼¨·œµ<br />

6SLUXOLQDVS<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹»”µ¤µ«‡»–­»…¤µ¦«¦¸Á¦º°Š‹·˜ ´ ªµ¨¥r<br />

¦´˜œµ ´¥„¨oµ®µ °£·¦—¸®Š­rš°Š<br />

»¬¥µ »œœµ‡¤¦„˜˜´œ˜·Á‹¦·<br />

ªµ¦­µ¦ª·‹´¥ª·š¥µ«µ­˜¦r6HFWLRQ7žeš¸É<br />

Œ ´ ¡·Á«¬®œoµ<br />

‹µ„„µ¦š¸É­µ¦°´¨‡µ¨°¥—rÁ °¦rÁ °¦¸œ<br />

EHUEHULQH ˜´ÊŠÂ˜nš¸É ¦³—´ ‡ªµ¤Á…o¤…oœ ŤÇ¦„¦´¤˜n°<br />

¤·¨¨·¨·˜¦ ­µ¤µ¦¥´ ¥´ÊŠš´ÊŠ„µ¦Á‹¦· Á˜·Ã˜Â¨³„¦³ ªœ„µ¦<br />

Á˜·¤¡´œ›³‡¼n…°Š„¦—Å…¤´œÃ—¥ÁŒ¡µ³„¦—„¤¤nµ¨·Ãœ¨·œ·‡<br />

1DWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

JOLQROHQLF DFLG ®¦º° */$ ' Äœ<br />

­µ®¦nµ¥­Åž¦¼¨·œµ6SLUXOLQD VSŠµœª·‹´¥œ¸Ê‹¹ŠÅ—ošÎ µ„µ¦<br />

«¹„¬µ„µ¦Á„·—Ÿ¨„¦³š …°Š­µ¦—´Š„¨nµªÄœ­µ®¦nµ¥­Åž¦¼<br />

¨·œµ Ÿ¨„µ¦«¹„¬µ¡ ªnµ­µ¦Á °¦rÁ °¦¸œ‡¨°Å¦—rš¸É¦³—´<br />

‡ªµ¤Á…o¤…oœ ŤÇ¦„¦´¤˜n°¤·¨¨·¨·˜¦ ­µ¤µ¦¥´ ¥´ÊŠ„µ¦<br />

­¦oµŠ */$ ®¨´Š‹µ„Á¦·É¤Á‹¦· Á˜· ØĜ°µ®µ¦Áž¨¸É¥œÄ®¤n<br />

£µ¥Äœ ´ÉªÃ¤ŠÄœ…–³š¸É„µ¦Á‹¦· Á˜· ØÁ¦·É¤¼„¥´ ¥´ÊŠ®¨´Š<br />

‹µ„ ´ÉªÃ¤Šš¸É Á¤ºÉ°šÎ µ„µ¦Â¥„Á¤¤Á ¦œš´ÊŠ­nªœ¡¨µ­¤µ<br />

¨³Åš¨µ‡°¥—r ¡ ªnµ„µ¦Á˜·¤¡´œ›³‡¼n…°Š„¦—Å…¤´œÄœÁ¤¤<br />

Á ¦œš´ÊŠ­°Š œ·—¼„¥´ ¥´ÊŠÃ—¥­´—­nªœ…°Š*/$ ¦o°¥¨³<br />

…°Š„¦—Å…¤´œš´ÊŠ®¤— ¨—¨Š¹Š¦o°¥¨³ ¨³ ˜µ¤<br />

¨Î µ—´ ¨³Äœ­nªœ…°Š¡¨µ­¤µÁ¤¤Á ¦œ¤¸„µ¦­³­¤…°Š<br />

„¦—Å…¤´œ&&¨³&Á¡·É¤…¹Êœ¹ Š¦o°¥¨³<br />

¨³˜µ¤¨Î µ—´ …–³Á—¸¥ª„´œÄœ­nªœ…°Š&<br />

¡ ªnµ ­´—­nªœ…°Š & ¨³ & ¨—¨Š¦o°¥¨³<br />

¨³ ˜µ¤¨Î µ—´ ­Î µ®¦´ ĜŚ¨µ‡°¥—rÁ¤¤Á ¦œ¤¸„µ¦<br />

­³­¤…°Šš´ÊŠ&&¨³&Á¡·É¤…¹Êœ¦o °¥¨³<br />

¨³˜µ¤¨Î µ—´ …–³š¸É&¨—¨Š¦o°¥¨³<br />

Ÿ¨„µ¦«¹„¬µ—´Š„¨nµªÂ­—ŠÄ®oÁ®Èœ š µš…°Š­µ¦°´¨‡µ<br />

¨°¥—rÁ °¦rÁ °¦¸œ˜n°­µ®¦nµ¥­Åž¦¼¨·œµÄœ¦³—´ äÁ¨„»¨<br />

1-„µ¦«¹„¬µÅŽ¥µÃœÂ ‡š¸Á¦¸¥‹µ„œÎÊ µ n°Á¨¸Ê¥Š„»oŠ<br />

Á¡ºÉ°Ä oÄœ„µ¦„Î µ‹´—­µ¦ž¦³„° °œ·œš¦¸¥rŜئÁ‹œ<br />

¨³¢°­¢°¦´œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­¤¡¦Á„«Ã¡‡³«·¦·¤µ¦«¦¸Á¦º°Š‹·˜ ´ ªµ¨¥r<br />

ÁŒ¨·¤¦µ ª´œšª·œ­»œ´œšr«·¦·¦´„¬rí£–<br />

ªµ¦­µ¦ª·‹´¥ª·š¥µ«µ­˜¦r6HFWLRQ7žeš¸É<br />

Œ ´ ¡·Á«¬®œoµ<br />

„µ¦Á¨º°„ÅŽ¥µÃœÂ ‡š¸Á¦¸¥ ®¦º° ­µ®¦nµ¥­¸Á…¸¥ª<br />

„¤œÎÊ µÁŠ·œ Á¡ºÉ°Ä oÄœ„µ¦„Î µ‹´—­µ¦ž¦³„° °œ·œš¦¸¥r<br />

ŜئÁ‹œÂ¨³¢°­¢°¦´­ÄœœÎÊ µ n°Á¨¸Ê¥Š„»o Š Å—o¡·‹µ¦–µ­°Š<br />

‡»–­¤ ´˜·®¨´„ ‡º° ˜o°ŠÅ¤n¤¸‡ªµ¤­µ¤µ¦Äœ„µ¦˜¦¹Š<br />

ŜئÁ‹œ‹µ„°µ„µ« ¨³‡ªµ¤­µ¤µ¦šœ‡ªµ¤Á‡È¤Å—o Ÿ¨<br />

„µ¦š—­° ‡ªµ¤­µ¤µ¦Äœ„µ¦˜¦¹ŠÅœÃ˜¦Á‹œ‹µ„°µ„µ«<br />

…°ŠÅŽ¥µÃœÂ ‡š¸Á¦¸¥š´ÊŠ œ·—š¸ ɇ´—Â¥„Å—o‹µ„œÎ Ê µ n°Á¡µ³<br />

Á¨¸Ê¥Š„»oŠÂ „¹ÉŠ¡´•œµ VHPLLQWHQVLYH VKULPS SRQG<br />

Ž¹ÉŠÅ—o„n /HSWRO\QJE\D VS .6 3KRUPLGLXP VS<br />

.63VHXGDQDEDHQDVS.6¨³6F\WRQHPDVS<br />

.6¨³ œ·—š¸É¤¸°¥¼nÄœ®o°Šž’· ´˜·„µ¦²–¤®µª·š¥µ¨´¥<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸ Ž¹ÉŠÅ—o„n 6SLUXOLQD<br />

SODWHQVLV %3 3KRUPLGLXP VS ¨³ 3KRUPLGLXP<br />

VS ¡ ªnµ 6 SODWHQVLV %3 3KRUPLGLXP VS<br />

3KRUPLGLXPVS.6¨³3VHXGDQDEDHQDVS.6<br />

Ášnµœ´Êœš¸ ÉŤn¤¸„·‹„¦¦¤—´Š„¨nµª œ°„‹µ„œ¸Ê¥´Š¡ ªn µ 6<br />

SODWHQVLV %3¨³ 3KRUPLGLXP VS .6¥´Š­µ¤µ¦<br />

šœ‡ªµ¤Á‡È¤Å—o¹Š SSWÄœ…–³š¸É3KRUPLGLXP VS<br />

¨³3VHXGDQDEDHQDVS.6­µ¤µ¦šœ‡ªµ¤Á‡È¤Å—o<br />

ž¦³¤µ–¨³SSW˜µ¤¨Î µ—´ ‹µ„‡»–­¤ ´˜·—´Š„¨nµª<br />

šÎ µÄ®o­µ¤µ¦œÎ µÅŽ¥µÃœÂ ‡š¸Á¦¸¥Á®¨nµœ¸Ê¤µž¦³¥»„˜rÄ oÄœ<br />

„µ¦„Î µ‹´—­µ¦°µ®µ¦˜„‡oµŠÄœœÎÊ µ n°Á¨¸Ê¥Š„»o ŠŽ¹ÉŠÄœŠµœª·‹´ ¥œ¸Ê<br />

Å—ošÎ µ„µ¦š—­° ‡ªµ¤­µ¤µ¦Äœ„µ¦„Î µ‹´—­µ¦ž¦³„° <br />

°œ·œš¦¸¥rŜئÁ‹œÂ¨³¢°­¢°¦´­—oª¥<br />

6FKRRORI/LEHUDO$UWV<br />

1-ž{ ®µÂ¨³°»ž­¦¦‡Äœ„µ¦šÎ µŠµœª·‹´¥…°Š<br />

°µ‹µ¦¥r¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹¦´­—µª°·œš¦š´«œr<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É„¦„‘µ‡¤„´œ¥µ¥œ<br />

®œoµ<br />

š‡ªµ¤œ¸ÊÁ­œ°Šµœª· ‹´¥¡ºÊœ“µœŽ¹ÉŠ¤¸ª´˜» ž¦³­Š‡r<br />

Á¡ºÉ°«¹„¬µ®µÂœªšµŠÂ„oÅ…ž{ ®µÂ¨³°»ž­¦¦‡Äœ„µ¦šÎ µ<br />

ª·‹´¥Ã—¥‡–µ‹µ¦¥r…°Š¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ<br />

›œ »¦¸ ÁœºÉ°Š‹µ„¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸<br />

¤¸œÃ¥ µ¥Áœoœ‡ªµ¤­Î µ‡´ …°Š„µ¦ª·‹´¥ ‡–µ‹µ¦¥r…°Š<br />

¤®µª·š¥µ¨´¥Å—o¦´ „µ¦„¦³˜»oœÄ®ošÎ µŠµœª·‹´¥Ã—¥ÁŒ¨¸É¥°¥nµŠ<br />

œo°¥že¨³®œ¹ÉŠÁ¦ºÉ°Š Äœ…–³š¸É°µ‹µ¦¥r®¨µ¥šnµœ­µ¤µ¦<br />

ž’· ´˜·˜µ¤œÃ¥ µ¥œ¸Ê °¸„®¨µ¥Ç šnµœ¥´ŠÅ¤n­µ¤µ¦<br />

„¦³šÎ µÅ—o Ÿ¨ª·‹´¥Äœ„µ¦«¹„¬µ‡¦´ÊŠœ¸ ʇº ° ‡–µ‹µ¦¥r…°Š<br />

¤®µª·š¥µ¨´¥Ÿ¼o¤¸Ÿ¨Šµœª·‹´¥°¥nµŠœo°¥®œ¹ÉŠÁ¦ºÉ°ŠÄœ¦³¥³Áª¨µ<br />

žeš¸ÉŸnµœ¤µ…o°¤¼¨Äœ„µ¦ª·‹´¥Å—o‹µ„ ­° µ¤Á„¸É¥ª„´<br />

ž’·„·¦·¥µ „µ¦Â„ož{ ®µ ¨³…o°Á­œ°Âœ³Äœ„µ¦‹´—„µ¦<br />

ž{ ®µÄœ„µ¦šÎ µª·‹´¥ ‡Î µ˜° ‹µ„‡–µ‹µ¦¥r„¨»n¤Â¦„Ÿ¼o<br />

­µ¤µ¦ iµ¢{œ°»ž­¦¦‡˜nµŠÇ ‹œ­µ¤µ¦šÎ µª·‹´¥Å—o­Î µÁ¦È‹Å—o<br />

¼„œÎ µ¤µª·Á‡¦µ³®r¨³Áž¦¸¥ Áš¸¥ „´ ‡Î µ˜° …°Š‡–µ‹µ¦¥r<br />

„¨»n¤®¨´ŠŸ¼oŤn­µ¤µ¦šÎ µª·‹´¥Å—o­Î µÁ¦È‹˜µ¤œÃ¥ µ¥<br />

„µ¦ª·‹´¥‡¦´ÊŠœ¸ ʤ¸­¤¤»˜·“µœªn µ‡–µ‹µ¦¥r„¨»n¤Â¦„<br />

<br />

1DWLRQDO-RXUQDO


¨³‡–µ‹µ¦¥r„¨»n¤®¨´Šž¦³­ ž{ ®µÄœ„µ¦šÎ µª·‹´¥Â˜„˜nµŠ<br />

„´œÂ¨³šÎ µŠµœ£µ¥Ä˜oÁŠºÉ°œÅ…˜nµŠ„´ œ Ž¹ÉŠÁž}œŸ¨„¦³š „´<br />

Ÿ¨­Î µÁ¦È‹Äœ„µ¦šÎ µª·‹´¥ Ÿ¨‹µ„„µ¦ª·‹´¥œ¸Ê¡ ªnµ­¤¤»˜·“µœœ¸Ê<br />

Áž}œ‹¦·ŠÂ¨³­³šo°œÄ®oÁ®Èœž{ ®µÂ¨³°»ž­¦¦‡Äœ„µ¦šÎ µª·‹´¥<br />

š¸É‡–µ‹µ¦¥r…°Š¤®µª·š¥µ¨´¥ž¦³­ ¨³Á­œ°Âœ³ÂœªšµŠ<br />

­nŠÁ­¦·¤­œ´ ­œ»œ„µ¦šÎ µª·‹´¥…°Š‡–µ‹µ¦¥r˜n°ÅžÄœ°œµ‡˜<br />

1-„µ¦ž¦³Á¤·œ šÁ¦¸¥œ‡°¤¡·ªÁ˜°¦r nª¥­°œ<br />

­Î µ®¦´ œ´„«¹„¬µ¤‹›š¸ÉÁ¦¸¥œ£µ¬µ°´Š„§¬Áž}œ£µ¬µ<br />

˜nµŠž¦³Áš«<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹¦´­—µª°·œš¦š´«œr<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É˜»¨µ‡¤›´œªµ‡¤<br />

®œoµ<br />

š‡ªµ¤œ¸ÊÁ­œ°Ÿ¨„µ¦ž¦³Á¤·œž¦³­·š›·Ÿ¨…°Š<br />

šÁ¦¸¥œ‡°¤¡·ªÁ˜°¦r nª¥­°œÁ¦ºÉ°Š v+RZ WR GHDO ZLWK<br />

WHQVHVw Ž¹ÉŠÁž}œ šÁ¦¸ ¥œÂ ¡¹ÉŠ˜œÁ°Š Á¡ºÉ°Á­¦·¤š´„¬³<br />

®¦º°Žn°¤Á­¦·¤‡ªµ¤¦¼o¡ºÊœ“µœ ­Î µ®¦´ œ´„«¹„¬µ¤®µª·š¥µ¨´¥<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸ „µ¦«¹„¬µÁž}œÂ „¹ÉŠ<br />

š—¨°Š„¨»n¤Á—¸¥ª ª´—Ÿ¨­´¤§š›·Í„n°œÂ¨³®¨´ Š „¨»n¤˜´ª°¥nµŠ<br />

Áž}œœ´„«¹„¬µž¦· µ˜¦¸Â¨³ ´–”·˜«¹„¬µ‡œ‹µ„‡–³<br />

˜nµŠÇ …°Š¤®µª·š¥µ¨´¥š¸É­¤´‡¦Á…oµ¦nª¤„µ¦Á¦¸¥œ ץ nŠ<br />

„¨» n¤„µ¦Á¦¸¥œ„¨»n¤„¨»n¤¨³‡œÁ„È …o °¤¼¨—oª¥Â<br />

š—­° Ÿ¨­´¤§š›·Í »— Ž¹ÉŠÁž}œÂ š—­° ‡¼n…œµœ<br />

­Î µ®¦´ Ä o„´ „n°œÂ¨³®¨´Š„µ¦Á¦¸¥œ ¨³Â ­° µ¤<br />

‡ªµ¤‡·—Á®Èœ…°Šœ´„«¹„¬µš¸ ɤ¸˜n° šÁ¦¸¥œ‡°¤¡·ªÁ˜°¦r nª¥<br />

­°œ Ÿ¨„µ¦«¹„¬µ¡ ªnµ ®¨´ŠÁ¦¸¥œœ´„«¹„¬µ¤¸Ÿ¨­´¤§š›·Í<br />

Á¡·É¤…¹ Êœ°¥nµŠ¤¸œ´¥­Î µ‡´ š¸É ¨³¤¸­´¤ž¦³­·š›·Í<br />

­®­´¤¡´œ›r¦³®ªnµŠ‡³Âœœ„n°œ„´ ®¨´Š„µ¦Á¦¸¥œ Ž¹ÉŠ<br />

­´¤¡´œ›r„´œ°¥nµŠ¤¸œ´¥­Î µ‡´ š¸É ­—Šªnµ šÁ¦¸¥œ<br />

‡°¤¡·ªÁ˜°¦r nª¥­°œœ¸Ê¤¸ž¦³­·š›·Ÿ¨šÎ µÄ®oœ´„«¹„¬µ¤¸Ÿ¨<br />

­´¤§š›·ÍšµŠ„µ¦Ä o„µ¨Äœ£µ¬µ°´Š„§¬—¸…¹ Êœ ¨³œ´„«¹„¬µ<br />

­nªœ¤µ„Á®Èœªn µ šÁ¦¸¥œ¤¸‡ªµ¤Á®¤µ³­¤œnµ­œÄ‹Â¨³Áž}œ<br />

ž¦³Ã¥ œr¤µ„ ‹¹Š‡ª¦¤¸„µ¦­¦oµŠÂ¨³¡´•œµ šÁ¦¸¥œ<br />

‡°¤¡·ªÁ˜°¦r nª¥­°œšµŠ£µ¬µ°´Š„§¬Â ¡¹ÉŠ˜œÁ°ŠÄ®o„´<br />

œ´„«¹„¬µ…°Š¤®µª·š¥µ¨´¥Ä®o¤µ„…¹Êœ<br />

1-„µ¦­Î µ¦ª‹®µ¦¼žÂ „µ¦Á¦¸¥œ¦¼o…°Š<br />

œ´„«¹„¬µ‡–³­µž{˜¥„¦¦¤«µ­˜¦rÁ¡ºÉ°œÎ µÅžÄ o<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Äœ„µ¦ž¦´ ž¦»Š¦µ¥ª· µÂ¨³„µ¦Á¦¸¥œ„µ¦­°œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ª¦¸­·¦·­·Š®«·¦·¡¦œ£·­—µ¦µ­ªnµŠ<br />

ª·¨´„¬–µ«¦¸¤µª·œ<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸ÉÁ¤¬µ¥œ¤·»œµ¥œ<br />

®œoµ<br />

o<br />

Šµœª·‹´¥œ¸Ê­¦oµŠ…¹ÊœÁ¡ºÉ°‡oœ®µ¦¼žÂ „µ¦Á¦¸¥œ¦ ¼o<br />

OHDUQLQJ VW\OHV …°Šœ´„«¹„¬µ‡–³­µž{˜¥„¦¦¤<br />

«µ­˜¦r ´Êœžeš¸É Á¡ºÉ°«¹„¬µªnµ®¨´„­¼˜¦Â¨³ šÁ¦¸¥œš¸É Å—o‹´—<br />

Á˜¦¸¥¤Ä®oœ´ÊœÁ®¤µ³­¤„´ ¦¼žÂ „µ¦Á¦¸¥œ¦¼o…°Šœ´„«¹„¬µ<br />

„¨»n¤œ¸Ê®¦º°Å¤n ×¥¦¼žÂ „µ¦Á¦¸¥œ¦¼o‡º°¦¼žÂ š¸ÉÁ„¸É¥ª„´<br />

„¦³ ªœ„µ¦‡·— Ž¹ÉŠÁž}œ˜´ª„Î µ®œ—ª·›¸„µ¦¦´ ¦¼o „µ¦‡·— ¨³<br />

„µ¦Â„ož{ ®µ…°Š »‡‡¨œ´ÊœÇ¦¼žÂ „µ¦Á¦¸¥œ¦¼oœ¸Ê¡´•œµ¤µ<br />

‹µ„ š´«œ‡˜· ‡ªµ¤ ° ®¦º°¨´„¬–³œ·­´¥ž¦³‹Î µ˜´ª…°Š<br />

»‡‡¨œ´Êœ Ÿ¼ošÎ µª·‹´¥Å—o‹´—šÎ µÂ ­° µ¤Á„¸É¥ª„´ ¦¼žÂ<br />

„µ¦Á¦¸¥œ¦¼o ×¥ž¦´ ž¦»Š‹µ„ ­° µ¤…°Šª·¨¨·Š Á¡ºÉ°Ä<br />

Áž}œÁ‡¦ºÉ°Š¤º°ÄœŠµœª·‹´¥ ‹µ„„µ¦ª·‹´¥‡oœ¡ ªnµ œ´„«¹„¬µ<br />

­µž{˜¥„¦¦¤«µ­˜¦r×¥š´ÉªÅžÁž}œŸ¼oÁ¦¸¥œÂ ‡°œ‡¦¸ š<br />

FRQFUHWH OHDUQHUV ‡º°Áž}œŸ¼oš¸É° šÎ µŠµœÄœ„¨»n¤Á¨È„<br />

×¥Ä oÁ„¤­r¨³¦¼ž£µ¡ œ´„«¹„¬µÁ®¨nµœ¸Ê¥´Š ° Á¦¸¥œÃ—¥<br />

„µ¦ž’· ´˜·°¸„—oª¥…o°¤¼¨š¸ÉÅ—o‡oœ¡ ŤnÁ¡¸¥ŠÂ˜n nª¥Ä®oŸ¼oª·‹´ ¥<br />

š¦µ ¦¼žÂ „µ¦Á¦¸¥œ¦¼o…°Šœ´„«¹„¬µÁšnµœ´Êœ ˜n¥´Š­µ¤µ¦<br />

œÎ µ…o°¤¼¨ÅžÄ oÄœ„µ¦ž¦´ ž¦»Š¡´•œµª· µ£µ¬µ°´Š„§¬Ä®o<br />

Á®¤µ³­¤„´ œ´„«¹„¬µ­µž{˜¥„¦¦¤«µ­˜¦r˜n°Åž<br />

1-352&(66$1'352'8&72)(1*/,6+<br />

/$1*8$*(/($51,1*,17+(1$7,21$/<br />

('8&$7,21$&70,1,675


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1($ IRU (QJOLVK ODQJXDJH OHDUQLQJ DW VHFRQGDU\<br />

OHYHO :H WKHQ FRPSDUH WKHVH LPSOLFDWLRQV ZLWK<br />

WKH 0LQLVWU\ RI (GXFDWLRQ 0R( VWDQGDUGV DQG<br />

ZLWKWKHFRQWHQWRI0R(UHFRPPHQGHGWH[WERRNV<br />

IRUVHFRQGDU\VFKRROV,WLVIRXQGWKDWWKHSURFHVV<br />

REMHFWLYHVLQWKH1($DQGWKH0R(VWDQGDUGVDUH<br />

VLPLODU EXW WKDW PDQ\ RI WKH 1($ SURGXFW<br />

REMHFWLYHV DUH QRW LQFOXGHG LQ WKH VWDQGDUGV<br />

)XUWKHUPRUHYHU\IHZRIHLWKHUWKHSURGXFWRUWKH<br />

SURFHVVREMHFWLYHVRIWKH1($DUHFRYHUHGLQWKH<br />

UHFRPPHQGHG WH[WERRNV $OWKRXJK UHFHQWO\<br />

SXEOLVKHGWH[WERRNVSURYLGHDJUHDWHUFRYHUDJHRI<br />

WKH REMHFWLYHV WKHUH DUH VWLOO VHYHUDO REMHFWLYHV<br />

ZKLFK DUH QRW FRQVLGHUHG LQ WH[WERRNV :H<br />

WKHUHIRUHVXJJHVWZD\VLQZKLFKWKHIXOOUDQJHRI<br />

WKH 1($ REMHFWLYHV FDQ EH LQFRUSRUDWHG LQWR WKH<br />

WHDFKLQJOHDUQLQJ SURFHVV LQ VHFRQGDU\ OHYHO<br />

(QJOLVK HGXFDWLRQ :H DOVR KLJKOLJKW FHUWDLQ<br />

REMHFWLYHV VXFK DV FRPPXQLW\RULHQWHG OHDUQLQJ<br />

ZKLFK KDYH UHFHLYHG DOPRVW QR DWWHQWLRQ LQ<br />

(QJOLVK ODQJXDJH WHDFKLQJ DQG ZKLFK ZDUUDQW<br />

UHVHDUFK<br />

1-/$1*8$*(/($51,1*$6<br />

(92/87,21<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¦· µ¦r—ª´˜­´œš°——r<br />

7KDL7(62/)RFXVžeš¸ÉŒ ´ š¸É<br />

®œoµ<br />

:K\ GR OHDUQHUV DSSHDU WR DFTXLUH VRPH<br />

ODQJXDJHLWHPVHDVLO\ZKLOHRWKHULWHPVDUHQHYHU<br />

IXOO\ DFTXLUHG" ,Q WKLV SDSHU , ZLOO DWWHPSW WR<br />

DQVZHUWKLVTXHVWLRQIRFXVLQJRQOH[LFDOLWHPVDQG<br />

HVSHFLDOO\PXOWLZRUGOH[LFDOXQLWV,QGRLQJWKLV,<br />

ZLOO DSSO\ WKH PHWDSKRU RI HYROXWLRQ WR VHFRQG<br />

ODQJXDJHOHDUQLQJWRVHHLIVXFKDQDSSURDFKFDQ<br />

KHOS H[SODLQ ZK\ VRPH ODQJXDJH LWHPV DUH<br />

DFTXLUHG LQ SUHIHUHQFH WR RWKHUV (YROXWLRQDU\<br />

WKHRU\KDVDOUHDG\EHHQDSSOLHGWRWKHOHDUQLQJRI<br />

FXOWXUH WKURXJK WKH IUDPHZRUN RI PHPHV 7KLV<br />

SDSHULQYHVWLJDWHVWKHQRWLRQRIODQJXDJHSKUDVHV<br />

DV PHPHV ZKHUH SKUDVHV FDQ EH YLHZHG DV<br />

FRPSHWLQJ WR EH QRWLFHG E\ WKH OHDUQHU SULRU WR<br />

DFTXLVLWLRQ.H\IHDWXUHVRIVXFFHVVIXOPHPHVDUH<br />

IUHTXHQF\ VDOLHQF\ DQG PDWFK ZLWK OHDUQHUV<br />

H[LVWLQJ ZRUOG DQG OLQJXLVWLF NQRZOHGJH 7KH<br />

FODVVURRPLPSOLFDWLRQVRIDPHPHWLFDSSURDFKWR<br />

ODQJXDJHOHDUQLQJZLOOEHFRQVLGHUHG<br />

1-&21'8&7,1*,175263(&7,9(<br />

5(6($5&+<br />

œ´„ª·‹´¥<br />

¦· µ¦r—ª´˜­´œš°——r<br />

ÁŸ¥Â¡¦n<br />

7KDL7(62/)RFXVžeš¸ÉŒ ´ š¸É<br />

®œoµ<br />

7KLV SDSHU SURYLGHV JXLGDQFH RQ KRZ WR<br />

FRQGXFW HIIHFWLYH LQWURVSHFWLYH UHVHDUFK<br />

([DPLQLQJ LQWURVSHFWLYH WKLQNDORXG SURWRFROV<br />

VWLPXODWHG UHFDOO SURWRFROV DQG UHWURVSHFWLYH<br />

SURWRFROV WKH DGYDQWDJHV DQG GLVDGYDQWDJHV RI<br />

WKHVH DSSURDFKHV WR UHVHDUFK DUH GLVFXVVHG .H\<br />

JXLGHOLQHVIRUFRQGXFWLQJ D SURWRFRO DQDO\VLV DQG<br />

IRUDQDO\VLQJWKHFROOHFWHGGDWDDUHSUHVHQWHG<br />

1-ž{‹‹´¥š¸ÉÁ„¸É¥ª…o°Š„´ ¡§˜·„¦¦¤„µ¦­¼ »®¦¸É<br />

…°Šœ´„«¹„¬µ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ<br />

›œ »¦¸<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­»¦¡Š¬r ¼Á—<br />

ªµ¦­µ¦ª·‹´¥Â¨³¡´•œµ¤‹›žeš¸É<br />

Œ ´ š¸É¤„¦µ‡¤¤¸œµ‡¤<br />

®œoµ<br />

„µ¦ª·‹´¥œ¸Ê¤¸‹»—¤»nŠ®¤µ¥ž¦³„µ¦‡º°˜o°Š„µ¦<br />

«¹„¬µªnµž{‹‹´¥Á°ºÊ° ž{‹‹´¥Á­¦·¤ ž{‹‹´¥œÎ µÁ„¸É¥ª…o°Š„´ <br />

¡§˜·„¦¦¤„µ¦­¼ »®¦¸É®¦º°Å¤n˜o°Š„µ¦«¹„¬µªnµž{‹‹´¥Á°ºÊ°<br />

¦nª¤„´ ž{‹‹´¥Á­¦·¤Á„¸É¥ª…o°Š„´ ¡§˜·„¦¦¤„µ¦­¼ »®¦¸É®¦º°<br />

Ťn ˜o°Š„µ¦«¹„¬µªnµž{‹‹´¥Á°ºÊ°¦nª¤„´ ž{‹‹´ ¥œÎ µÁ„¸É¥ª…o °Š<br />

„´ ¡§˜·„¦¦¤„µ¦­¼ »®¦¸É®¦º°Å¤n˜o°Š„µ¦«¹„¬µªnµž{‹‹´¥<br />

Á­¦·¤¦nª¤„´ ž{‹‹´¥œÎ µÁ„¸É¥ª…o°Š„´ ¡§˜·„¦¦¤„µ¦­¼ »®¦¸É<br />

®¦º°Å¤n ˜o°Š„µ¦«¹„¬µªnµž{‹‹´¥œÎ µ­µ¤µ¦šÎ µœµ¥¡§˜·<br />

„¦¦¤„µ¦­¼ »®¦¸ÉÅ—o®¦º°Å¤n „¨»n¤˜´ª°¥nµŠž¦³„° —oª¥œ´„<br />

«¹„¬µ¦³—´ ž¦· µ˜¦¸š¸É­¼ »®¦¸É‹Î µœªœ‡œš¸ÉÅ—o¤µ<br />

‹µ„„µ¦­»n¤Â  nŠ„¨»n¤ FOXVWHU VDPSOLQJ „µ¦<br />

ª·Á‡¦µ³®r…o°¤¼¨ž¦³„° —oª¥ „µ¦ª·Á‡¦µ³®r‡ªµ¤Â˜„˜nµŠ<br />

¦³®ªnµŠ‡nµÁŒ¨¸É¥ WWHVW „µ¦ª·Á‡¦µ³®r‡ªµ¤Âž¦ž¦ªœ<br />

$129$ ¨³„µ¦ª·Á‡¦µ³®r—°¥¡®»‡¼– PXOWLSOH<br />

UHJUHVVLRQDQDO\VLVŸ¨„µ¦ª·‹´¥¤¸—´Šœ¸Ê<br />

œ´„«¹„¬µš¸É¤¸¦µ¥Å—o­¼Š œ´„«¹„¬µš¸É¤¸š´«œ‡˜· š¸É—¸<br />

˜n°„µ¦­¼ »®¦¸É œ´„«¹„¬µš¸ÉÅ—o¦´ °·š›·¡¨‹µ„„¨»n¤Á¡ºÉ°œ­¼ Š<br />

®¦º°œ´„«¹„¬µš¸É¤¸¨´„¬–³¤»nŠ°œµ‡˜˜ÎÉ µ ¤¸¡§˜·„¦¦¤„µ¦­¼<br />

»®¦¸É­¼Š„ªnµœ´„«¹„¬µš¸É¤¸¨´„¬–³˜¦Š„´œ…oµ¤°¥nµŠ¤¸œ´¥­Î µ‡´<br />

šµŠ­·˜·œ´„«¹„¬µš¸É¦´ ¦¼oªnµ »®¦¸É¤¸¦µ‡µ˜ÎÉ µÂ¨³¤¸ž{‹‹´¥¦nª¤<br />

Å—o„n ¤¸Á¡ºÉ°œ­¼ »®¦¸É¤¸š´«œ‡˜·š¸É—¸˜n°„µ¦­¼ »®¦¸ÉÅ—o¦´<br />

°·š›·¡¨‹µ„„¨»n¤Á¡ºÉ°œ­¼ Š¤¸‡ªµ¤Á ºÉ°°Î µœµ‹£µ¥Äœ˜œ˜ÎÉ µ¤¸<br />

<br />

1DWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­»…£µ¡‹·˜Å¤n—¸ ¤¸¨´„¬–³¤»nŠ°œµ‡˜˜ÎÉ µ œ´„«¹„¬µš¸É¤¸¦µ¥Å—o<br />

­¼ŠÂ¨³¤¸ž{‹‹´¥¦nª¤Å—o„n ¤¸š´«œ‡˜·š¸É—¸˜n°„µ¦­¼ »®¦¸ É ¤¸<br />

Á¡ºÉ°œ­¼ »®¦¸ É œ´„«¹„¬µš¸ÉÅ—o »®¦¸É¤µ‹µ„‡¦° ‡¦´ªÂ¨³¤¸<br />

‡ªµ¤Á ºÉ°Á„¸É¥ª„´ »®¦¸Éš¸ ÉŤn¼„˜o°Š œ´„«¹„¬µš¸É¡´„°¥¼n„´<br />

‡¦° ‡¦´ªÂ¨³¤¸¨´„¬–³¤»nŠ°œµ‡˜˜ÎÉ µœ´„«¹„¬µš¸É¤¸­¤µ ·„Äœ<br />

‡¦° ‡¦´ª­¼ »®¦¸É¨³¤¸‡ªµ¤¦¼oÁ„¸É¥ª„´ ®¦¸É˜ÎÉ » µ œ´„«¹„¬µš¸É¤¸<br />

Á¡ºÉ°œ­¼ »®¦¸É¨³¤¸‡ªµ¤Á ºÉ°°Î µœµ‹£µ¥Äœ˜œ˜ÎÉ µ œ´„«¹„¬µ<br />

Á®¨nµœ¸Ê¤¸¡§˜·„¦¦¤„µ¦­¼ »®¦¸É­¼Š„ªnµœ´„«¹„¬µ„¨»n¤Áž¦¸¥<br />

Áš¸¥ °¥nµŠ¤¸œ´¥­Î µ‡´ šµŠ­·˜· ¨³ ž{‹‹´¥œÎ µš¸É­µ¤µ¦<br />

šÎ µœµ¥¡§˜·„¦¦¤„µ¦­¼ »®¦¸ÉÅ—o°¥nµŠ¤¸œ´¥­Î µ‡´ šµŠ­·˜·Å—o<br />

„n ¨´„¬–³¤»nŠ°œµ‡˜ ­»…£µ¡‹·˜ š´«œ‡˜·˜n°„µ¦­¼ »®¦¸É<br />

¨³‡ªµ¤Á ºÉ°°Î µœµ‹£µ¥Äœ˜œ ‡nµÁ ˜oµ <br />

˜µ¤¨Î µ—´ <br />

1DWLRQDO-RXUQDO


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

)DFXOW\RI(QJLQHHULQJ<br />

,&6,08/$7,212)1,0%,1(;75$&7,21<br />

352&(6686,1*$63(13/86<br />

$XWKRUV $UD\D$MFKDUL\DSDJRUQ<br />

6XSDSRUQ'RXJODV<br />

6XZDVVD3RQJDPSKDL<br />

3HWHU/'RXJODV<br />

3UHVHQWHG 7KH QG ,QWHUQDWLRQDO&RQIHUHQFHRQ<br />

,QQRYDWLRQVLQ)RRG3URFHVVLQJ<br />

7HFKQRORJ\DQG(QJLQHHULQJ<br />

,&)37(-DQXDU\<br />

$VLDQ,QVWLWXWHRI7HFKQRORJ\<br />

%DQJNRN7KDLODQG<br />

0DWKHPDWLFDO PRGHOOLQJ RI H[WUDFWLRQ<br />

SURFHVVHV KDV EHHQ GLVFXVVHG ZLGHO\ EXW WKH<br />

GHYHORSPHQWRIFRPSOHWHSURFHVVPRGHOVWKDWIRFXV<br />

RQXQLWRSHUDWLRQVRSHUDWLQJFRQGLWLRQVWKDWFDQEH<br />

XVHG IRU RSWLPL]DWLRQ KDV UHVHUYHG PXFK OHVV<br />

DWWHQWLRQ3URFHVVPRGHOOLQJLVJUDLQLQJLPSRUWDQFH<br />

EHFDXVH LW FDQ EH XVHG IRU VFDOHXS DQG<br />

RSWLPL]DWLRQ7KHFRPSOHWH6)(H[WUDFWLRQSURFHVV<br />

ZDVPRGHOOHGLQ$VSHQ3LXVXVLQJFRPSUHVVRUKHDW<br />

H[FKDQJHU DQG H[WUDFW PRGHOV 7KH /HH.HVOHU<br />

3ORFNHUHTXDWLRQRIVWDWHZDVXVHGWRHVWLPDWHWKH<br />

GHQVLW\ RI FDUERQ GLR[LGH DW YDULRXV WHPSHUDWXUH<br />

DQG SUHVVXUH 7KH SURSHUWLHV RI QLPELQ ZKHUH<br />

HVWLPDWHGXVLQJJURXSFRQWULEXWLRQPHWKRG<br />

,&$'62537,212)&+520,809,<br />

86,1*7+$,&2&21876+(//$&7,9$7('<br />

&$5%21<br />

$XWKRUV 7DQRNNRUQ%XQMXQJODHLG<br />

3KDQXZDW-LSXWWL6XSDSRUQ'RXJODV<br />

6XZDVVD3RQJDPSKDL<br />

3HWHU/'RXJODV<br />

:LWWD\D7HSSDLWRRQ<br />

3UHVHQWHG7KH WK ,QWHUQDWLRQDO6\PSRVLXP<br />

RQ7UDQVSRUW3KHQRPHQD,673<br />

0D\6KDQJUL/D+RWHO<br />

%DQJNRN7KDLODQGS<br />

7KH DLP RI WKLV UHVHDUFK LV WR VWXG\ WKH<br />

DGVRUSWLRQ RI KH[DYDOHQW FKURPLXP RQ JUDQXODU<br />

DFWLYDWHG FDUERQ PDGH IURP 7KDL FRFRQXW VKHOO<br />

7KHHIIHFWVRIDFWLYDWHGFDUERQORDGLQJFKURPLXP<br />

FRQFHQWUDWLRQS+ DQGIORZ UDWHRQWKHDGVRUSWLRQ<br />

SURFHVV ZHUH LQYHVWLJDWHG ([SHULPHQWV ZHUH<br />

FRQGXFWHG LQ EDWFK DQG IORZ V\VWHPV %DWFK<br />

H[SHULPHQWV ZHUH FRQGXFWHG WR VWXG\ WKH<br />

DGVRUSWLRQLVRWKHUPHIIHFWRIFKURPLXP<br />

FRQFHQWUDWLRQ DQG S+ 7KH FROXPQ H[SHULPHQWV<br />

ZHUHXVHGWRVWXG\WKHHIIHFWRIIORZDQGFDUERQ<br />

ORDGLQJRQWKHDGVRUSWLRQSURFHVV<br />

7KH EDWFK UHVXOWV VKRZHG WKDW WKH<br />

DGVRUSWLRQ HTXLOLEULXP GDWD ILW D PRGLILHG<br />

)UHXQGOLFKLVRWKHUPHTXDWLRQUHDVRQDEO\ZHOO:H<br />

SRVWXODWHGWKDWWKHUHPRYDOPHFKDQLVPRIWULYDOHQW<br />

FKURPLXP FRXOG EH D FRPELQDWLRQ RI UHGXFWLRQ WR<br />

WULYDOHQWFKURPLXPDQGDGVRUSWLRQRQWRWKH FDUERQ<br />

VXUIDFH 7KH UHVXOWV VKRZ WKDW WKH FKURPLXP<br />

UHPRYDO HIILFLHQF\ GHSHQGV RQ WKH DFWLYDWHG<br />

FDUERQORDGLQJ7KHRSWLPXPS+ZDVIRXQGWREH<br />

7KHIORZUDWHH[SHULPHQWVZHUHFRQGXFWHGLQD<br />

FROXPQZLWKDGLDPHWHURIFPDQGDKHLJKWRI<br />

P 7KH UHVXOWV VKRZ WKDW WKH EUHDNWKURXJK WLPH<br />

GHFUHDVHGZLWKLQFUHDVLQJIORZUDWH7KHIL[HGEHG<br />

FROXPQH[SHULPHQWDOGDWDZDVUHJUHVVHGXVLQJWKH<br />

%HG 'HSWK 6HUYLFH 7LPH PRGHO %'67 IRU<br />

SUHGLFWLQJ WKH VHUYLFH WLPH RI D IL[HGEHG 7KH<br />

%'67PRGHOSUHGLFWHGWKHVHUYLFHWLPHZHOOIRUDOO<br />

RSHUDWLQJFRQGLWLRQVVWXGLHG<br />

,&0$7+(0$7,&$/02'(/<br />

,03529(0(172)1,0%,1'(62537,21<br />

:,7+6&&2 62/9(17<br />

$XWKRUV 'D\LQ0RQJNKRONKDMRUQVLOS<br />

6XSDSRUQ'RXJODV<br />

3HWHU/'RXJODV<br />

:LWWD\D7HSSDLWRRQ<br />

6XZDVVD3RQJDPSKDL<br />

3UHVHQWHG 7KH WK ,QWHUQDWLRQDO6\PSRVLXP<br />

RQ7UDQVSRUW3KHQRPHQD,673<br />

0D\6KDQJUL/D+RWHO<br />

%DQJNRN7KDLODQGS<br />

7KHGHVRUSWLRQRIQLPELQVXEVWDQFHIURP<br />

QHHPVHHGZLWKVXSHUFULWLFDOFDUERQGLR[LGHDVD<br />

VROYHQWZDVSHUIRUPHGLQFPRIGLDPHWHURI<br />

H[WUDFWRUDWFRQGLWLRQVRI.03DIORZ<br />

UDWH RI VXSHUFULWLFDO FDUERQ GLR[LGH <br />

FP PLQZHLJKWRIQHHPVHHGJDQGVWXGLHG<br />

WKHHIIHFWRISDUWLFOHVL]HIURPWRPP<br />

&RQVLGHULQJ WKH VROXWHVROLG LQWHUDFWLRQ LQ WKH<br />

PRGHO WKH IDVW OLQHDU DGVRUSWLRQGHVRUSWLRQ ZDV<br />

XVHG WR SUHGLFW WKH PRGHO 7KH UHVXOWV DUH<br />

FRPSDUHGZLWKWKRVHLPSURYHPHQWIURP:DNDR<br />

.DJXHLV FRUUHODWLRQ /HH+ROGHUV FRUUHODWLRQ<br />

DQG 7DQV FRUUHODWLRQ 7KH PRGHO ZKLFK ZDV<br />

LPSURYHG ZLWK /HH+ROGHUV FRUUHODWLRQ DQG<br />

7DQV FRUUHODWLRQ JDYH WKH EHWWHU UHVXOWV WKDQ<br />

ZLWK :DNDR.DJXHLV FRUUHODWLRQ 7KHLU<br />

VWDWLVWLFDO UHVXOWV JDYH U YDOXHV DUH LQ UDQJH RI<br />

WRDQGWRUHVSHFWLYHO\<br />

<br />

,QWHUQDWLRQDO&RQIHUHQFH


7DQV FRUUHODWLRQ JDYH WKH EHVW UHVXOWV EHFDXVH<br />

7DQV FRUUHODWLRQ ZDV IURP WKH VDPH DOO<br />

FRQGLWLRQVZLWKVXSHUFULWLFDODQGSDFNHGFROXPQ<br />

,&+$5'1(66,1*7+($'9$1&(6,1<br />

1(:7(&+12/2*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

7UDQVSRUW3KHQRPHQD,673<br />

0D\6KDQJUL/D+RWHO<br />

%DQJNRN7KDLODQG<br />

)DFLOLWDWHG WUDQVSRUW RI IRXU VLQJOH<br />

FRPSRQHQW ROHILQV IURP WKH OLTXLG SKDVH WKURXJK<br />

1DILRQPHPEUDQHVZDVLQYHVWLJDWHG6LQFHVRGLXP<br />

LRQV ZHUH XQDEOH WR UHDFW ZLWK WKH XQVDWXUDWHG<br />

K\GURFDUERQVWKHROHILQVZHUHWUDQVSRUWHGWKURXJK<br />

WKH 1DIRUP PHPEUDQH E\ WKH VROXWLRQGLIIXVLRQ<br />

PHFKDQLVP7KHUHYHUVLEOHUHDFWLRQEHWZHHQVLOYHU<br />

LRQV DQG WKH K\GURFDUERQV HQKDQFHG WKH VROXWH<br />

IOX[HVWRYDULRXVGHJUHHV7KHDPRXQWRIVLOYHULRQV<br />

LQWKHPHPEUDQHZDVUHGXFHGWRREVHUYHWKHFDUULHU<br />

VDWXUDWLRQ SKHQRPHQRQ 2OHILQ IOX[HV LQFUHDVHG<br />

ZLWKWKHFDUULHUORDGLQJ7KHVORSHVRIWKHSORWVRI<br />

ROHILQ IOX[ YHUVXV IHHG FRQFHQWUDWLRQ DSSURDFKHG<br />

WKRVHREWDLQHGIURPWKH1DIRUPPHPEUDQHZKHQ<br />

WKH FDUULHU EHFDPH VDWXUDWHG 7KHUH ZDV D<br />

FRUUHODWLRQ EHWZHHQ ROHILQ IOX[HV DQG WKH<br />

HTXLOLEULXPFRQVWDQWRIWKHROHILQ$JUHDFWLRQVLQ<br />

DTXHRXV VROXWLRQ IRU WKH IRXU ROHILQV +DYLQJ WKH<br />

KLJKHVWHTXLOLEULXPFRQVWDQWLQDTXHRXVVROXWLRQ<br />

KH[HQHVKRZHGWKHKLJKHVWIOX[HVDQGZDVWKHOHDVW<br />

VXVFHSWLEOH WR FDUULHU VDWXUDWLRQ ,Q FRQWUDVW<br />

HWK\OEHQ]HQH KDG WKH ORZHVW HTXLOLEULXP FRQVWDQW<br />

DQGWKHORZHVWIOX[HVDQGZDVWKHPRVWVXVFHSWLEOH<br />

WR FDUULHU VDWXUDWLRQ )URP WKH UHVXOW RI VROXWH<br />

H[WUDFWLRQ H[SHULPHQWV QRW DOO FDUULHUV ZHUH<br />

LQYROYHG LQ WKH WUDQVSRUW HYHQ WKRXJK WKH FDUULHU<br />

VDWXUDWLRQZDVUHDFKHG<br />

,&02,6785(75$163257$1'&+$1*(<br />

2)


6KHZLQ$WWDVDN<br />

3L\DEXWU:DQLFKSRQJSDQ<br />

3UHVHQWHG,QWHUQDWLRQDO&RQIHUHQFHRQ<br />

:DVWHZDWHU7UHDWPHQWIRU1XWULHQW<br />

5HPRYDODQG5HXVH<br />

,&:15-DQXDU\<br />

$VLDQ,QVWLWXWHRI7HFKQRORJ\<br />

7KDLODQGSS<br />

'XFNZHHGZDVXVHGWRWUHDWHIIOXHQWIURP<br />

VKULPS IDUP LQ EDWFK ZLVH DQG UHFLUFXODWLRQ<br />

V\VWHP 7KH UHVXOW VKRZHG WKDW GXFNZHHG FDQ<br />

HIILFLHQWO\ UHPRYH QXWULHQWV LQ WKH HIIOXHQW<br />

HVSHFLDOO\DPPRQLDZKLFKVHHPHGWREHSUHIHUUHG<br />

QLWURJHQVRXUFHRIWKHSODQW5HGWLODSLDZDVXVHG<br />

LQ WKH UHFLUFXODWLRQ V\VWHP DQG VKRZHG KLJK<br />

SRWHQWLDOLQUHPRYDORIXQHDWHQVKULPSIHHG<br />

,&029(0(172)3$57,&/(,1$<br />

675$,*+7+2/',1*78%(2)$1$6(37,&<br />

352&(66$67$7,&$3352$&+<br />

$XWKRUV 7KDZDWFKDL7RRWDEWRQJ<br />

:LZDW5XHQJOHUWSDQ\DNXO<br />

6XZLW6LULZDWWDQD\RWLQ<br />

3UHVHQWHG 7KH WK ,QWHUQDWLRQDO6\PSRVLXP<br />

RQ7UDQVSRUW3KHQRPHQD,673<br />

0D\6KDQJUL/D+RWHO<br />

%DQJNRN7KDLODQGSS<br />

7LPH DQG WHPSHUDWXUH DUH FULWLFDO IDFWRUV<br />

LQVWHULOL]LQJSURFHVVRIDVHSWLFIRRGVHVSHFLDOO\IRU<br />

SDUWLFXODWHIRRGV'LVWULEXWLRQVRISDUWLFOHUHVLGHQFH<br />

WLPH DQG IOXLGWRSDUWLFOH KHDW WUDQVIHU DUH FORVHO\<br />

UHODWHGWRWKHIORZEHKDYLRURIGLVSHUVLQJSDUWLFOHV<br />

,Q RUGHU WR SUHGLFW SDUWLFOH EHKDYLRU OLQHDU DQG<br />

URWDWLRQDO YHORFLWLHV RI SDUWLFOH ZHUH VWXGLHG E\<br />

QXPHULFDOO\ WR LGHQWLI\ WKH IRUFHV DQG WRUTXHV RQ D<br />

VSKHULFDO SDUWLFOH LQ D VWUDLJKW WXEH 7KH VLPXODWLRQ<br />

UHVXOWV VKRZ WKDW KLJKHU IOXLG PDVV IORZ UDWHV<br />

LQFUHDVH IRUFHV DQG WRUTXHV RQ WKH SDUWLFOH LQ DOO<br />

GLUHFWLRQV7KHIRUFHVIURPDVHFRQGDU\IORZKDGD<br />

WHQGHQF\ WR PRYH RIIFHQWHU SDUWLFOH WR WKH WXEH<br />

FHQWHU 7KH URWDWLRQ RI SDUWLFOH KDV LWV D[LV<br />

SHUSHQGLFXODU WR WKH UDGLXV RI WKH WXEH SDVVLQJ<br />

WKURXJK WKH SDUWLFOH FHQWHU ,QFUHDVLQJ IOXLG PDVV<br />

IORZUDWHUHGXFHVWKHYDULDWLRQRIIRUFHVLQWKHIORZ<br />

GLUHFWLRQ DURXQG WKH FHQWHU RI WKH WXEH KHQFH<br />

QDUURZLQJWKHSDUWLFOHUHVLGHQFHWLPHGLVWULEXWLRQ<br />

,&87,/,=$7,212)&+,726$1)25<br />

3$&,),&:+,7(6+5,03/LWRSHQDHXVYDQQDPHL<br />

&8/785(,17+$,/$1'<br />

$XWKRUV<br />

3L\DEXWU:DQLFKSRQJSDQ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

:LZDW5XHQJOHUWSDQ\DNXO<br />

3UHVHQWHG 7KH WK $VLD3DFLILF&KLWLQDQG<br />

&KLWRVDQ6\PSRVLXP0D\<br />

1DWLRQDO8QLYHUVLW\RI<br />

6LQJDSRUH6LQJDSRUHSS<br />

/LWRSHQDHXV YDQQDPHL LV ZLGHO\<br />

LQFUHDVLQJFXOWXUHGVKULPSLQ7KDLODQGVLQFHWKH<br />

\HDU 5DSLG JURZWK JRRG VXUYLYDO LQ KLJK<br />

GHQVLW\ FXOWXUH DQG GLVHDVH WROHUDQFH PDNH LW D<br />

JRRGFKRLFHIRUWKHVHPLLQWHQVLYHDQGLQWHQVLYH<br />

JURZRXW DSSURFKHV GHYHORSHG LQ 7KDLODQG<br />

SURGXFWLRQ&KLWRVDQLQVKULPSFXOWXUHLVZLGHO\<br />

XVHGDVDIHHGDGGLWLYHWRLPSURYHWKHVWDELOLW\<br />

RI WKH IHHG VWXII LQ RUGHU WR H[WHQG WLPH RI<br />

GLVVROXWLRQ DQG WR LPSURYH WKH ZDWHU TXDOLW\ LQ<br />

VKULPS FXOWXUDO SRQGV 7KH RSWLPXP FKLWRVDQ<br />

IHHG DGGLWLYH GRVH DW SSP KDG WKH DYHUDJH<br />

PD[LPXP RI WRWDO ZHLJKW RI FDWFK VKULPS<br />

SURGXFWLYLW\DWNJZLWKWKHEHVW)&5RI<br />

$'* RI JKHDGGD\ DQG 65 RI<br />

7KHFRQWUROJURXSKDGWKHPLQLPXPRI<br />

WRWDO ZHLJKW RI FDWFK VKULPS SURGXFWLYLW\ DW<br />

NJ ZLWK WKH )&5 RI $'* RI<br />

JKHDGGD\DQG65RI7KHUHVXOWV<br />

UHIOHFW WKDW FKLWRVDQ FDQ SURPRWH WKH VKULPS<br />

JURZWK<br />

,&+ v )8==


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

,&+ vL )8==


TXDOLW\LVSRRU7KHQZHILQGLQWHQVLW\IURPLPDJH<br />

7KHUHVXOWRIH[SHULPHQWVXEMHFWVZHFDQZULWHD<br />

UHJUHVVLRQPRGHOIRUGDWDEDVH$IWHUWKDWZKHQZH<br />

UHFHLYHG LPDJH WKHQ ZH FDQ ILQG %0' IURP<br />

UHJUHVVLRQ PRGHO IRU 7VFRUH FDOFXODWLRQ 7KLV<br />

PRGHO KDV HUURU DSSUR[LPDWHO\ SHUFHQW<br />

FRPSDUH%0'RIH[SHULPHQWZLWK%0'RIERQH<br />

HTXLYDOHQWSODVWLF<br />

,&86,1*1(85$/1(7:25.)25/21*<br />

7(503($./2$')25(&$67,1*,1<br />

9,(17,$1(081,&,3$/,7<<br />

$XWKRUV 6DQWLVRXN3KLPSKDFKDQK<br />

.RVLQ&KDPQRQJWKDL<br />

3LQLW.DPKRP$QDZDFK6DQJVZDQJ<br />

3UHVHQWHG,(((7(1&211RYHPEHU<br />

/RWXV+RWHO3DQJ6XDQ<br />

.DHZ&KLDQJPDL7KDLODQG<br />

SS<br />

/RQJ7HUP3HDN/RDG)RUHFDVWLQJ/73/)<br />

SOD\VDQLPSRUWDQWUROHLQHOHFWULFDOSRZHUV\VWHPV<br />

LQ WHUP RI SROLF\ SODQQLQJ DQG EXGJHW DOORFDWLRQ<br />

7KHSODQQLQJRISRZHUV\VWHPH[SDQVLRQSODQQLQJ<br />

VWDUWV ZLWK WKH IRUHFDVW RI DQWLFLSDWHG ORDG<br />

UHTXLUHPHQW$FFXUDWHORDGIRUHFDVWFDQEHKHOSIXO<br />

LQ GHYHORSLQJ D SRZHU VXSSO\ VWUDWHJ\ DQG<br />

GHYHORSPHQW SODQ HVSHFLDOO\ IRU GHYHORSLQJ<br />

FRXQWULHV ZKHUH WKH GHPDQG LV LQFUHDVHG ZLWK<br />

G\QDPLF DQG KLJK JURZWK UDWH 7KLV SDSHU LV<br />

SURSRVHG D SHDN ORDG IRUHFDVW PRGHO XVLQJ<br />

$UWLILFLDO 1HXUDO 1HWZRUNV $11 WR HPSOR\V<br />

0XOWLOD\HU 3HUFHSWURQ 0/3 ZLWK<br />

EDFNSURSDJDWLRQ %3 OHDUQLQJ DOJRULWKP 7KLV<br />

PHWKRGFDQEHXVHGWRIRUHFDVWWKHPRQWKO\SHDN<br />

ORDGLQD\HDUIURPRQHPRQWKWRWKUHH\HDUV7KH<br />

IDFWRUVWKDWUHIOHFWZHDWKHUDQGHFRQRPLFYDULDWLRQ<br />

DUH VHOHFWHG EDVHG RQ FRUUHODWLRQ FRHIILFLHQWV ,Q<br />

DGGLWLRQDQHZWUDLQLQJWHFKQLTXHLVLQWURGXFHG$<br />

FDVH VWXG\ LV SHUIRUPHG E\ XVLQJ WKH SURSRVHG<br />

PHWKRG RI SHDN ORDG GDWD RI 9LHQWLDQH<br />

0XQLFLSDOLW\ V\VWHP RI /DR 3'5 WR GHPRQVWUDWH<br />

DFFXUDF\ RI WKH SURSRVHG PHWKRG 7KH IRUHFDVW<br />

PRGHOLVVKRZQWREHVLPSOHDQGKLJKO\DFFXUDWH<br />

7KH0HDQ$EVROXWH3HUFHQWDJH(UURU0$3(RI<br />

WKHPRGHOLV<br />

,&$1,175$)5$0((5525<br />

&21&($/0(17121/,1($53$77(51<br />

$/,*10(17$1'',5(&7,21$/<br />

,17(532/$7,21<br />

$XWKRUV<br />

:XWWLSRQJ.XPZLODLVDN<br />

)UDQN+DUWXQJ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

3UHVHQWHG ,(((,QWHUQDWLRQDO&RQIHUHQFHRQ<br />

,PDJH3URFHVVLQJ,&,32FWREHU<br />

6XQWHF6LQJDSRUH<br />

,QWHUQDWLRQDO&RQYHQWLRQ<br />

([KLELWLRQ&HQWUH6LQJDSRUH<br />

7KLV SDSHU SUHVHQWV D QHZ LQWUDIUDPH<br />

HUURU FRQFHDOPHQW DOJRULWKP GHVLJQHG IRU ERWK<br />

LPDJHDQGYLGHRZLWKQRQOLQHDUSDWWHUQDOLJQPHQW<br />

DQG GLUHFWLRQDO LQWHUSRODWLRQ %\ WKLV LQWUDIUDPH<br />

HUURU FRQFHDOPHQW DOJRULWKP ILUVW WKH QRQOLQHDU<br />

SDWWHUQDOLJQPHQWEDVHGRQDYDULDQWYHUVLRQRIWKH<br />

G\QDPLF SURJUDPPLQJ DOJRULWKP LV DSSOLHG WR<br />

LPDJHSL[HOVDURXQGDFRUUXSWHGUHJLRQ7KHQRQ<br />

OLQHDU SDWWHUQ DOLJQPHQW HIIHFWLYHO\ SURYLGHV WKH<br />

EHVW DOLJQHG SL[HO SDLUV IURP ERXQGDU\ SL[HOV<br />

DURXQG WKH FRUUXSWHG UHJLRQ WR G\QDPLFDOO\<br />

FDSWXUHORFDOLPDJHWH[WXUHVLQWHUPVRIRSWLPL]HG<br />

PHWULF 7KHQ ZLWK WKH DOLJQHG SL[HO SDLUV WKH<br />

GLUHFWLRQDO LQWHUSRODWLRQ DOJRULWKP LV XVHG WR<br />

UHFRYHULPDJHSL[HOVLQWKHFRUUXSWHGUHJLRQ)URP<br />

FRPSXWHUVLPXODWLRQLQERWKLPDJHDQGYLGHRWKH<br />

SURSRVHG LQWUDIUDPH HUURU FRQFHDOPHQW SURYLGHV<br />

PXFK EHWWHU TXDOLW\ LPSURYHPHQW RI UHFRYHUHG<br />

LPDJH SL[HOV FRPSDULQJ WR WKDW RI WKH ELOLQHDU<br />

LQWHUSRODWLRQDSSURDFK<br />

,&',*,7$/:$7(50$5.,1*86,1*<br />

&$6&$',1*75$16)250<br />

$XWKRUV 6DQ5DWDQDVDQ\D<br />

7KXPURQJUDW$PRUQUDNVD<br />

3UHVHQWHG ,QWHUQDWLRQDO6\PSRVLXPRQ<br />

&RPPXQLFDWLRQVDQG,QIRUPDWLRQ<br />

7HFKQRORJLHV,6&77<br />

2FWREHU6DSSRUR<br />

-DSDQSS<br />

1HZLGHDWRXVHPRUHWKDQRQHWUDQVIRUP<br />

WR HPEHG ZDWHUPDUN VLJQDO LV SURSRVHG LQ WKLV<br />

SDSHU ,W LV WR H[SORLW WKH EHQHILWV IURP GLIIHUHQW<br />

FKDUDFWHULVWLFV RI HDFK WUDQVIRUP WR LQFUHDVH WKH<br />

UREXVWQHVV RI WKH ZDWHUPDUN V\VWHPV DJDLQVW<br />

VHYHUDO DWWDFNV 0RUHRYHU PRUH VHFXULW\ ZLOO EH<br />

DGGHGWRWKHZDWHUPDUNV\VWHPVVLQFHWKHH[LVWHQFH<br />

RI RWKHU WUDQVIRUPV 7KH H[SHULPHQWV VKRZ<br />

LPSUHVVLYHUHVXOWV7KHUREXVWQHVVZDVRSWLPL]HG<br />

7KHKLJKHUUREXVWQHVVDJDLQVWVHYHUDODWWDFNVZDV<br />

DFKLHYHG<br />

,&$1,0$*(&2',1*86,1*(0%(''('<br />

=(5275((2):37&2()),&,(176<br />

$XWKRUV<br />

6RPSKXP%XQWRP6DQ5DWDQDVDQ\D<br />

,QWHUQDWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

7KXPURQJUDW$PRUQUDNVD<br />

3UHVHQWHG 7KH,QWHUQDWLRQDO7HFKQLFDO<br />

&RQIHUHQFHRQ&LUFXLWV6\VWHPV<br />

&RPSXWHUVDQG&RPPXQLFDWLRQV<br />

,7&&6&&-XO\<br />

+RWHO7DLNDQVR6HQGDL0DWVXVKLPD<br />

0L\DJL3UHI-DSDQSS)3<br />

WR)3<br />

,Q WKLV SDSHU :DYHOHW 3DFNHW 7UDQVIRUP<br />

:37LVSURSRVHGWRXVHLQDQ(PEHGGHG=HURWUHH<br />

:DYHOHW (=: FRPSUHVVLRQ VFKHPH 6LQFH WKH<br />

:37SURYLGHVDEHWWHUHQHUJ\FRPSDFWLRQWKDQWKH<br />

RULJLQDO 'LVFUHWH :DYHOHW 7UDQVIRUP ':7 XVHG<br />

LQ WKH WUDGLWLRQDO (=: VFKHPH WKH LPDJH<br />

HQGHFRGHG E\ RXU SURSRVHG FRPSUHVVLRQ VFKHPH<br />

JLYHV D ILQHU GHWDLO $SDUW IURP HYDOXDWLQJ XVLQJ<br />

+XPDQ 9LVXDO 6\VWHP +96 WKH UHVXOWDQW LPDJH<br />

LV DOVR HYDOXDWHG XVLQJ REMHFWLYH PHDVXUHPHQW LH<br />

36157KHH[SHULPHQWDOUHVXOWVVKRZWKDWDSSO\LQJ<br />

ZDYHOHW SDFNHW WUDQVIRUP \LHOG WKH EHWWHU<br />

LPSUHVVLYHGHFRGHGLPDJHVWKDQDSSO\LQJRUGLQDU\<br />

ZDYHOHWWUDQVIRUPE\XSWRMXGJHGE\KXPDQ<br />

H\H<br />

,&$1,03529('5(75,(9$/0(7+2'<br />

)25$03/,78'(02'8/$7,21%$6('<br />

',*,7$/:$7(50$5.,1*<br />

$XWKRUV .HVLQL-DQWKDZRQJZLODL<br />

7KXPURQJUDW$PRUQUDNVD<br />

3UHVHQWHG ,QWHUQDWLRQDO6\PSRVLXPRQ<br />

&RPPXQLFDWLRQVDQG,QIRUPDWLRQ<br />

7HFKQRORJLHV,6&,7<br />

2FWREHU6DSSRUR<br />

-DSDQSS<br />

,QWKLVSDSHUZHSURSRVHDQLPSURYHG<br />

UHWULHYDOPHWKRGIRUGLJLWDOZDWHUPDUNLQJEDVHG<br />

RQ DPSOLWXGH PRGXODWLRQ &RQFHSWXDOO\ WKH<br />

ZDWHUPDUN UHWULHYDO LV DFKLHYHG IURP WKH<br />

SUHGLFWLRQ RI D OLQHDU FRPELQDWLRQ RI<br />

QHLJKERULQJSL[HOYDOXHVDURXQGDZDWHUPDUNHG<br />

SL[HO %\ GLVFDUGLQJ WKH PRVW GLIIHUHQW SL[HO<br />

YDOXH IURP HLJKW VXUURXQGLQJ SL[HOV WKH ELDV<br />

FDXVHG E\ DQ XQHTXDO ELW SDWWHUQ RI ZDWHUPDUN<br />

VLJQDO DQG WRR PXFK GLIIHUHQFH LQ YDOXH RI<br />

QHLJKERULQJ SL[HOV FDQ EH UHGXFHG 7KH<br />

H[SHULPHQWDO UHVXOWV VKRZ WKH LPSURYHG<br />

SHUIRUPDQFH RI WKH SURSRVHG UHWULHYDO PHWKRG<br />

HYHQLIWKH ZDWHUPDUNHG LPDJHV DUH DWWDFNHG E\<br />

YDULRXV W\SHV RI GLJLWDO VLJQDO SURFHVVLQJ LH<br />

KLJK SDVV ILOWHULQJ EOXUULQJ DQG XQLIRUP<br />

GLVWULEXWHG QRLVH DGGLQJ FRPSDUHG WR SUHYLRXV<br />

PHWKRGV<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

,&,03529('3(5)250$1&(2)<br />

$03/,78'(02'8/$7,21%$6('',*,7$/<br />

:$7(50$5.,1*<br />

$XWKRUV .HVLQL-DQWKDZRQJZLODL<br />

7KXPURQJUDW$PRUQUDNVD<br />

3UHVHQWHG ,QWHUQDWLRQDO6\PSRVLXPRQ<br />

&RPPXQLFDWLRQVDQG,QIRUPDWLRQ<br />

7HFKQRORJLHV,6&77<br />

2FWREHU6DSSRUR<br />

-DSDQSS<br />

,Q WKLV SDSHU DQ DPSOLWXGH PRGXODWLRQ<br />

EDVHG ZDWHUPDUNLQJ PHWKRG LV FRQVLGHUHG :H<br />

SURSRVH DQLPSURYHG WHFKQLTXH XVLQJ ORZSDVV<br />

ILOWHU LQ RUGHU WR HOLPLQDWH VRPH GHWDLOV RI<br />

LPDJHEHIRUHDSSO\LQJ DQ LPDJH OXPLQDQFH LQ<br />

ZDWHUPDUNHPEHGGLQJ7KLVSUHSURFHVVLQJVWHS<br />

SURYLGHV LPSHUFHSWLELOLW\ DQG FRORUIXOQHVV IRU<br />

WKH ZDWHUPDUNHG LPDJH 0RUHRYHU DQ<br />

LPSURYHPHQW RI ZDWHUPDUN UHWULHYDO<br />

SHUIRUPDQFH LV DFKLHYHG DV ZHOO 7KH WHUPV RI<br />

SHDN VLJQDO WR QRLVH UDWLR 3615 DQG<br />

QRUPDOL]HG FRUUHODWLRQ 1& DUH XVHG WR<br />

HYDOXDWH TXDOLW\ RI LPDJH DQG ZDWHUPDUN<br />

UHWULHYLQJ SHUIRUPDQFH UHVSHFWLYHO\ 7KH<br />

H[SHULPHQWDO UHVXOWV VKRZ WKDW WKH HPEHGGHG<br />

ZDWHUPDUNFDQUHVLVWWRDWWDFNVVXFKDV+LJKSDVV<br />

ILOWHULQJ -3(* FRPSUHVVLRQ DQG *DXVVLDQ QRLVH<br />

DGGLQJ<br />

,&5('8&('9/&&2'(/(1*7+)25<br />

%/2&.%$6('9,'(2&2',1*<br />

$XWKRUV 1DURQJ0HWWULSXQ6DQ5DWDQDVDQ\D<br />

7KXPURQJUDW$PRUQUDNVD<br />

3UHVHQWHG 7KH,QWHUQDWLRQDO7HFKQLFDO<br />

&RQIHUHQFHRQ&LUFXLW&RPSXWHUV<br />

DQG&RPPXQLFDWLRQV,7&±<br />

&6&&-XO\<br />

+RWHO7DLNDQVR6HQGDL0DWVXVKLPD<br />

0L\DJL3UHI-DSDQSS)3<br />

WR)3<br />

,QRUGHU WR WUDQVPLW YLGHR VHTXHQFH RYHU<br />

FRPPXQLFDWLRQ QHWZRUNV YLGHR FRGLQJ LV<br />

UHTXLUHG WR FRPSUHVV D KXJH VL]H RI GDWD WR EH DV<br />

VPDOO DV SRVVLEOH 7KLV FDQ EH DFKLHYHG E\<br />

HOLPLQDWLQJ PRVW UHGXQGDQFLHV FRQWDLQHG ZLWKLQ WKH<br />

RULJLQDO YLGHR VHTXHQFH 0RVW SRSXODU WHFKQLTXHV<br />

DSSO\ WUDQVIRUP EDVHG FRGLQJ LQ WKHLU FRPSUHVVLRQ<br />

SURFHVVHV7KLVSDSHUSURSRVHVDPHWKRGXVHGWR<br />

LQFUHDVH WKH FRPSUHVVLRQ UDWLR RI WKH EORFNEDVHG<br />

YLGHR FRGLQJ VFKHPH 9/& FRGLQJ SURFHVV LV<br />

PRGLILHGLQ VXFKDZD\WKDW LWJLYHVD VKRUWHU


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

FRGHZRUGDQGDWWKHVDPHWLPHPLQLPL]HVWKHFRGLQJ<br />

HUURUV 7KH H[SHULPHQWDO UHVXOWV VKRZ WKDW WKH<br />

SURSRVHGPHWKRGFDQDFKLHYHGWKHVOLJKWO\GLIIHUHQW<br />

TXDOLW\ZKLFKLVKDUGO\QRWLFHE\KXPDQH\HRIWKH<br />

H[LVWLQJPHWKRGZLWKOHVVDPRXQWVRIELWVXVHGLQWKH<br />

FRPSUHVVHG GDWD 0RUHRYHU WKH SURSRVHG PHWKRG<br />

FDQ EH DSSOLHG WR DQ\ EORFNEDVHG YLGHR FRGLQJ<br />

VFKHPHV<br />

,&635($'63(&7580%$6('63$7,$/<br />

:$7(50$5.,1*86,1*3$57,$/<br />

(0%('',1*$1'5('8&(''


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

:LWKLQ WKH ODVW IHZ \HDUV GLVWULEXWLRQ<br />

V\VWHPV KDYH UHFHLYHG JUHDW DWWHQWLRQ PDLQO\ GXH<br />

WRWKHUHVWUXFWXULQJDQGSULYDWL]DWLRQSURFHVVHVRI<br />

WKHSRZHUVHFWRUVWKDWPDQ\FRXQWULHVLQWKHZRUOG<br />

DUHXQGHUJRLQJLQFOXGLQJ7KDLODQG$GLVWULEXWLRQ<br />

V\VWHPLVDQLPSRUWDQWSDUWRIWKHWRWDOHOHFWULFLW\<br />

V\VWHPDVLWGHOLYHUVHOHFWULFDOSRZHUWRFXVWRPHUV<br />

7KHUHIRUH UHOLDELOLW\ZRUWK DVVHVVPHQW KDV WR EH<br />

DFFXUDWHO\HYDOXDWHGDQGLQVHUWHGLQWKHHOHFWULFLW\<br />

WDULIIIRUFRPSHQVDWLQJFXVWRPHUVLQFDVHDSRZHU<br />

LQWHUUXSWLRQRFFXUV<br />

7KLV SDSHU SUHVHQWV DQ HIILFLHQW PHWKRG<br />

IRULPSURYLQJ UHOLDELOLW\ RQ HOHFWULFDO GLVWULEXWLRQ<br />

V\VWHP E\ XVLQJ DQQXDO ORDG FXUYH FKDQJLQJ RU<br />

ORDG SURILOH DQG IDLOXUH UDWH FKDQJLQJ GDWD WR<br />

UHORFDWH IHHGHUVZLWFKHV LQ WKH PDLQ IHHGHU :H<br />

RSWLPL]H WKH GHVLJQ RI GLVWULEXWLRQ V\VWHP E\<br />

PLQLPL]LQJ RXWDJH FRVW RI FXVWRPHUV DQG XWLOLW\<br />

SURYLGHUV DV ZHOO DV WKH SURWHFWLYH GHYLFH OLIH<br />

F\FOHFRVWFRQVLGHULQJSURWHFWLYHGHYLFHUHORFDWLRQ<br />

ZLWK DSSUR[LPDWH DFWXDO ORDG SURILOH :H DSSO\<br />

*HQHWLF $OJRULWKP WR VROYH RXU RSWLPL]DWLRQ<br />

SUREOHP7KHFXVWRPHUFRVWDQGXWLOLW\FRVWFDQEH<br />

PLQLPL]HGZLWKOLPLWHGQXPEHURIIHHGHU<br />

VZLWFKHV<br />

,&0$7+(0$7,&$/(67,0$7,21<br />

02'(/6)25+$5':$5($1'62)7:$5(<br />

)$8/772/(5$176


FODVVLFDO 5% DQG 193 PRGHOV 5HOLDELOLW\ UHVXOWV<br />

ZLWKVLQGHSHQGHQWIDLOXUHDVVXPSWLRQDUHFRPSDUHG<br />

ZLWK WKRVH FRQVLGHULQJ IDLOXUH GHSHQGHQF\<br />

DVVXPSWLRQ6\VWHPFRVWIRUHDFKPRGHOLVHYDOXDWHG<br />

DVZHOO<br />

,&6(0$17,&&/$66,),&$7,212)<br />

3(5621$/,0$*(6%$6('21+80$1<br />

$&7,21$1'$662&,$7(%$


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

+RWHO7DLNDQVR6HQGDL0DWVXVKLPD<br />

0L\DJL3UHI-DSDQ<br />

,&7+(',675,%87(':$9(/(7%$6('<br />

)86,21$/*25,7+0<br />

<br />

6WHUHR PDWFKLQJ LV DQ LPSRUWDQW LQ WKH<br />

DUHD RI FRPSXWHU YLVLRQ WKDW FDQ EH XVHG WR<br />

FRPSXWH GHSWK YLD WULDQJXODWLRQ XVLQJ D <br />

FDPHUD V\VWHP 7KLV SDSHU SUHVHQWV D FRDUVH<br />

DQGILQH DSSURDFK WR VWHUHR PDWFKLQJ<br />

DOJRULWKPV ZKLFK SURGXFHV D GHQVH GLVSDULW\<br />

PDS E\ XVLQJ D S\UDPLG VWUXFWXUH *LEEV<br />

VDPSOHUDQGUHOD[DWLRQWHFKQLTXH:HSURSRVH<br />

DQHZVROXWLRQWRVWHUHRPDWFKLQJE\XVLQJD<br />

SDUDOOHO PXOWLUHVROXWLRQ DSSURDFK LQ DQ DUHD<br />

EDVHG PHWKRG 7KH PDWFKLQJ DW HDFK<br />

UHVROXWLRQ LV SHUIRUPHG VLPXOWDQHRXVO\ WR<br />

DYRLG WKH ORFDO PLQLPD SUREOHP 7KH HQHUJ\<br />

FRVWRIHDFKSL[HODWWKHILQHVWUHVROXWLRQDQGLWV<br />

SURMHFWLRQ RQ WKH FRDUVHU UHVROXWLRQV DUH<br />

FDOFXODWHG 7KHQ WKH WRWDO HQHUJ\ FRVW LV<br />

FDOFXODWHGE\DZHLJKWHGDYHUDJHRIWKHHQHUJ\<br />

FRVWDWDOOUHVROXWLRQV7KHZHLJKWVDUHLQFUHDVHG<br />

FRQWLQXRXVO\ IURP WKH ILQHVW UHVROXWLRQ WR WKH<br />

FRDUVHVWUHVROXWLRQ)LQDOO\WKH*LEEV6DPSOHU<br />

ZLWK VLPXODWHG DQQHDOLQJ LV XVHG DV WKH<br />

UHOD[DWLRQ PHWKRG WR JHW WKH RSWLPDO GLVSDULW\<br />

PDS7KHUHVXOWVRQUHDODQGV\QWKHWLFLPDJHVDUH<br />

SUHVHQWLQJ VKRZLQJ DQ LQFUHDVH LQ WKH<br />

DFFXUDF\RIWKHGLVSDULW\PDS<br />

,&$*5$3+%$6('0(7+2'2/2*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

PHWKRGV DUH HPSOR\HG DV WKH PDLQ HYDOXDWLRQ<br />

WRROV7KH HOHDUQLQJ FRQWH[W RI XVH LV GHVFULEHG<br />

DORQJ ZLWK WKH HYDOXDWLRQ IUDPHZRUN DQG WKH<br />

H[SHULPHQWDO WHVWEHG ,Q WKH SDSHU WKH DXWKRUV<br />

DOVR GLVFXVV KRZ WKH RXWFRPH RI WKH HYDOXDWLRQ<br />

FDQEHDQDO\VHGVWDWLVWLFDOO\XVLQJ$129$<br />

,&7+(:$9(/(7%$6(')86,2102'(/<br />

)2508/7,5(62/87,216$7(//,7('$7$<br />

$XWKRUV 7KLWLUDW:L\DUDW7LUDQHH$FKDODNXO<br />

3UHVHQWHG 7KH WK $&,6,QWHUQDWLRQDO<br />

&RQIHUHQFHRQ6RIWZDUH<br />

(QJLQHHULQJ$UWLILFLDO,QWHOOLJHQFH<br />

1HWZRUNLQJDQG3DUDOOHO'LVWULEXWHG<br />

&RPSXWLQJ613'-XQH<br />

-XO\3HRSOHVSDODFH+RWHO<br />

%HLMLQJ&KLQDS<br />

7KLV SDSHU GLVFXVVHV D SUHOLPLQDU\<br />

IUDPHZRUN WR WKH IXVLRQ RI WKH PXOWLVSHFWUDO<br />

LPDJH GDWD IRU WKH DQDO\VLV RI VDWHOOLWH LPDJHV<br />

7KHDOJRULWKPLVGHVLJQHGWRHQKDQFHWKHVSDWLDO<br />

UHVROXWLRQ RI D FRDUVHUHVROXWLRQ LPDJH E\<br />

PHUJLQJ LW ZLWK D KLJKHU UHVROXWLRQ LPDJH RI WKH<br />

VDPH JHRJUDSKLFDO DUHD 7R GHPRQVWUDWH WKH<br />

DOJRULWKP LW ZDV DSSOLHG WR WKH PXOWLVSHFWUDO<br />

LPDJHWDNHQIURPDQEDQG/DQGVDW(70VHQVRU<br />

7KHLPDJHRI&KLDQJPDL7KDLODQGLVXVHGDVRXU<br />

H[SHULPHQWDO VFHQH GXH WR D JRRG PL[WXUH RI<br />

IROLDWHG DQG XUEDQ DUHDV FRQWDLQHG LQ WKH VFHQH<br />

7KLV SDSHU DOVR GHVFULEHV WKH HYDOXDWLRQ RI WKH<br />

IXVLRQ V\VWHP IURP WKH SHUVSHFWLYH RI LPDJH<br />

TXDOLW\XVLQJWKH615<br />

,&&2035(66,9(675(1*7+2)<br />

0257$56'8(7232==2/$1,&5($&7,21<br />

2))/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

,&6287+($67$6,$&(175()25<br />

(1*,1((5,1*$1'7(&+12/2*<<br />

('8&$7,216($&(7($8,&((<br />

6$7(//,7(&(175(,16287+($67$6,$<br />

$XWKRUV .UDLZRRG.LDWWLNRPRO<br />

6RPFKDL&RQJPXDQJ<br />

3UHVHQWHG7KH WK *OREDO&RQJUHVVRQ<br />

(QJLQHHULQJ(GXFDWLRQ-XO\<br />

0DHQDP5LYHUVLGH+RWHO<br />

%DQJNRN7KDLODQGSS<br />

.LQJ 0RQJNXWV 8QLYHUVLW\ RI<br />

7HFKQRORJ\ 7KRQEXUL .0877 DQG WKH<br />

81(6&2 ,QWHUQDWLRQDO &HQWUH IRU (QJLQHHULQJ<br />

(GXFDWLRQ 8,&(( KDV PXWXDOO\ HVWDEOLVKHG D<br />

SDUWQHUVKLS DQG D VDWHOOLWH FHQWUH ZLWKLQ .LQJ<br />

0RQJNXWV8QLYHUVLW\RI7HFKQRORJ\7KRQEXULWR<br />

EH NQRZQ DV WKH 6RXWK(DVW $VLD &HQWUH IRU<br />

(QJLQHHULQJ DQG 7HFKQRORJ\ (GXFDWLRQ<br />

6($&(7( ,WV PDLQ SXUSRVH ZDV WR HVWDEOLVK<br />

DQGGHYHORSD6RXWKHDVW$VLDVDWHOOLWHFHQWUHRI<br />

WKH8,&((ZLWKLWVPLVVLRQWRSURYLGHWKHIRFXV<br />

IRU WKH GHYHORSPHQW RI DFDGHPLF DQG UHVHDUFK<br />

UHODWHG DFWLYLWLHV LQ HQJLQHHULQJ DQG WHFKQRORJ\<br />

HGXFDWLRQZLWKLQWKHVSKHUHRIWKH6($&(7(DQG<br />

ZKHUH DSSURSULDWH DQG ZRUN WRJHWKHU ZLWK WKH<br />

81(6&2 ,QWHUQDWLRQDO &HQWUH IRU (QJLQHHULQJ<br />

(GXFDWLRQ 8,&(( WR IXUWKHU WKH JOREDOLVDWLRQ<br />

RI HQJLQHHULQJ DQG WHFKQRORJ\ HGXFDWLRQ<br />

WKURXJKWKHVDWHOOLWHFHQWUH7KLVSDSHURXWOLQHV<br />

WKH LQLWLDO VWDJHV RI GHYHORSPHQW RI WKH<br />

6($&(7( LQ DFFRUGDQFH ZLWK WKH JXLGHOLQHV<br />

SURYLGHGLQ0HPRUDQGXPRI$JUHHPHQWEHWZHHQ<br />

WKH8,&((DQGWKH.0877VLJQHGRQ0DUFK<br />

<br />

,&&+$5$&7(5,67,&6$1'48$/,7


FUHDWHG UHDO OLIH H[SHULHQFH WKDW KHOSV SHRSOH WR<br />

UHFRJQL]H WKH SUREOHPV RI FDU XVDJH ZKLFK<br />

FRQVXPHVDORWRIHQHUJ\DQGFUHDWHVDJUHDWGHDO<br />

RIDLUDQGQRLVHSROOXWLRQ,QDGGLWLRQWKHZDONLQJ<br />

VWUHHWSURJUDPKDGKHOSHGSURPRWHTXDOLW\RIOLIH<br />

DQG HFRQRPLF DFWLYLWLHV RI FRPPXQLWLHV ORFDWHG<br />

DORQJDQGQHDUE\VWUHHW:HUHFRPPHQGWKDWWKH<br />

SODQQLQJ DQG LPSOHPHQWLQJ DFWLYLWLHV RQ WKH<br />

ZDONLQJ VWUHHW SURJUDP VKRXOG EH KDQGOHG E\<br />

SURIHVVLRQDOV ZLWK D WKRURXJK NQRZOHGJH DQG<br />

XQGHUVWDQGLQJ RI WKH JRDOV DQG VLWXDWLRQV 7KH<br />

LPSOHPHQWDWLRQ RI WKH FRQFHSW ZLOO EH EHVW<br />

DSSOLFDEOHIRUVWUHHWLQ FLWLHV ZLWKKLJK GHQVLW\ RI<br />

UHVLGHQWV 7KH VWUHHW VKRXOG KDYH DW OHDVW ODQHV<br />

DQG DW OHDVW NLORPHWHU LQ OHQJWK LQ RUGHU WR<br />

DFFRPPRGDWHYDULRXVDFWLYLWLHVXQGHUWKLVFRQFHSW<br />

,&75$)),&12,6(02'(/)25<br />

68%85%$1,17(55837(')/2:<br />

$XWKRUV 3LFKDL3DPDQLNDEXG.RPVDQ3DOL<br />

3UHVHQWHG7KH:RUOG(QJLQHHUV&RQYHQWLRQ<br />

7UDQVSRUWDWLRQDQG6XVWDLQDEOH<br />

0HJD&LWLHV1RYHPEHU<br />

6KDQJKDL&KLQDSS<br />

7KHREMHFWLYHRIWKLVVWXG\LVWRGHYHORS<br />

WKHLQWHUUXSWHGIORZWUDIILFQRLVHPRGHOIRUEHLQJ<br />

XVHG LQ WKH VXEXUEDQ DUHD RI %DQJNRN DQG WKH<br />

YLFLQLWLHV 7KHUH DUH VHYHUDO GLIIHUHQW<br />

FKDUDFWHULVWLFV RI WKH VXEXUEDQ LQWHUVHFWLRQV<br />

HQYLURQPHQWV IURP WKRVH RI WKH FHQWUDO FLW\<br />

XUEDQ LQWHUVHFWLRQV 7KHVH GLIIHUHQFHV DUH LQ<br />

WHUPV RI WKH VXUURXQGLQJ EXLOGLQJV DQG WKHLU<br />

ORFDWLRQ)RUVXEXUEDQDUHDWKHUHDUHYHU\IHZ<br />

EXLOGLQJVDQGWKHLUORFDWLRQVDUHIDUDZD\IURP<br />

WKH URDGZD\V ZKLOH WKH EXLOGLQJV LQ WKH FLW\<br />

FHQWHUVXUEDQDUHDDUHYHU\GHQVHDQGDOPRVWLQ<br />

WKHFRQWLQXRXVURZDQGWKH\DUHDOVRYHU\FORVH<br />

WRWKHURDGZD\V7KHVHLQWXUQFDXVHDQHUURUWR<br />

WKHSUHGLFWLRQRILQWHUUXSWHGIORZWUDIILFQRLVHLQ<br />

WKH VXEXUEDQ DUHDRI %DQJNRN ZKHQ XVLQJ WKH<br />

SUHYLRXVO\ EXLOW %DQJNRNV VWRSDQGJR WUDIILF<br />

QRLVH PRGHO ZKLFK ZDV GHYHORSHG IURP FLW\<br />

FHQWHUV XUEDQ LQWHUVHFWLRQ HQYLURQPHQW 7KH<br />

LQYHVWLJDWLRQLVJLYHQWRWKHPRGLILFDWLRQRI WKH<br />

SUHYLRXV VWRSDQGJR WUDIILF QRLVH PRGHO E\<br />

XVLQJ WKH GDWD FROOHFWHG IURP VXEXUEDQ VLWHV<br />

DURXQG %DQJNRN 7KH VWDWLVWLFDO WHVWV DUH JLYHQ<br />

WR HYDOXDWH WKH JRRGQHVVRIILW RI WKLV QHZ<br />

PRGLILHG PRGHO LQ FRPSDULVRQ WR WKH ILHOG<br />

REVHUYHGGDWD7KHUHVXOWIURPWKLVVWXG\VKRZV<br />

WKDW WKLV QHZ VXEXUEDQ LQWHUUXSWHG IORZ WUDIILF<br />

QRLVHPRGHOFDQEHXVHGHIIHFWLYHO\IRUWKH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SUHGLFWLRQRIWUDIILFQRLVHIURPWKHVWRSDQGJR<br />

FRQGLWLRQRIVXEXUEDQDUHDRI%DQJNRN<br />

,&(1(5*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

7KLV SDSHU SUHVHQWV WKH XWLOL]DWLRQ RI<br />

DUWLILFLDO1HXUDO1HWZRUNZLWKWKHJHQHWLFDOJRULWKP<br />

IRUDQDO\VLVRI YHKLFOHQRLVHLQ7KDLODQG7KH WRWDO<br />

RI YHKLFOH W\SHV DUH XQGHU LQYHVWLJDWLRQ LQ WKH<br />

VWXG\,QGLYLGXDOYHKLFOHQRLVHGDWDDUHFROOHFWHGDW<br />

WKHVWDQGDUGGLVWDQFHRIPIURPWKHFHQWHUOLQHRI<br />

WUDYHOLQJ ODQH E\ XVLQJ WKH SUHFLVLRQ LQWHJUDWHG<br />

VRXQGOHYHOPHWHULQWKHXQLWRI/HTVHFWRJHWKHU<br />

ZLWK WKH VSRW VSHHG RI WKDW SDUWLFXODU YHKLFOH 7KH<br />

QHXUDO JHQHWLF LV WKHQ XVHG WR DQDO\]H WKH PRVW<br />

DSSURSULDWHGIXQFWLRQRIYHKLFOHQRLVHLQHDFKW\SH<br />

RI YHKLFOH WKDW LV QRUPDOO\ DSSHDU RQ URDGZD\V LQ<br />

7KDLODQG&RPSDULVRQDQDO\VLVLVDOVRJLYHQWRVKRZ<br />

KRZ HIIHFWLYH RI WKLV QHXUDO JHQHWLF WHFKQLTXH LQ<br />

FRPSDULVRQ WR WKH SUHYLRXV UHJUHVVLRQ DQDO\VLV<br />

WHFKQLTXH<br />

,&$1$/


EH GHWHUPLQHG LQ RUGHU WR LGHQWLI\ WKH VRXUFH RI<br />

WUDIILFQRLVHSROOXWLRQDQGDOVRWKHOHYHORILPSDFW<br />

IURPHDFKWUDIILFQRLVHVRXUFH'DWDIRUWKLVVWXG\<br />

DUH FROOHFWHG RQ ERWK DWJUDGH URDG DQG<br />

H[SUHVVZD\VHFWLRQQHDUE\RQHRIWKHEXLOGLQJRQ<br />

3UDGLWPDQXWKDP 5RDG ZKLFK FRQVLVW RI WUDIILF<br />

YROXPH DQG LWV FRPELQDWLRQ DQG DYHUDJH VSRW<br />

VSHHG RI HDFK W\SH RI YHKLFOHV 6LPXOWDQHRXVO\<br />

WKH WUDIILF QRLVH GDWD LV DOVR FROOHFWHG RQ VHYHUDO<br />

KHLJKW OHYHOV RQ WKLV EXLOGLQJ LQ /HTKRXU<br />

GXULQJ WKH WLPH SHULRG RI FROOHFWLQJ WKRVH WUDIILF<br />

FKDUDFWHULVWLF GDWD ,Q RUGHU WR GHWHUPLQH WKH<br />

SDWWHUQRIWUDIILFQRLVHLPSDFWRQWKHEXLOGLQJWKH<br />

WUDIILF GDWD DUH LQSXW LQWR WKH XQLQWHUUXSWHG<br />

KLJKZD\WUDIILFQRLVHPRGHOVWRVLPXODWHWKHQRLVH<br />

OHYHO JHQHUDWHG E\ DWJUDGH URDG RQ WKH EXLOGLQJ<br />

7KLV QRLVH OHYHO LV WKHQ VXEWUDFWHG LQ ORJDULWKPLF<br />

VFDOH IURP WKH WRWDO QRLVH OHYHO PHDVXUHG RQ WKH<br />

EXLOGLQJWRJHWWKHILQDOH[SUHVVZD\ QRLVHLPSDFW<br />

RQ WKH EXLOGLQJ 7KH ILQDO UHVXOWV RI WUDIILF QRLVH<br />

OHYHOVIURPERWKDWJUDGHURDGDQGH[SUHVVZD\DUH<br />

DOVRSUHVHQWHGLQWKLVSDSHU<br />

,&())(&72)-(7*5287,1*21<br />

$'-$&(1762,/62)62,/&(0(17&2/801<br />

$XWKRUV .DVHP3HFKJDWH<br />

&KLUGFKDQLQ0RGPROWLQ<br />

'HQQHV7%HUJDGR<br />

3DQLFK9RRWWLSUXH[<br />

3UHVHQWHG,QWHUQDWLRQDO6\PSRVLXPRQ<br />

(QJLQHHULQJ3UDFWLFHDQG<br />

3HUIRUPDQFHRI6RIW'HSRVLWV,6<br />

26$.$-XQH<br />

6HQUL/LIH6FLHQFH2VDND-DSDQ<br />

SS<br />

7KLV SDSHU IRFXVHV RQ WKH HIIHFW RI MHW<br />

JURXWLQJRQDGMDFHQWVRLOVRIVRLOFHPHQWFROXPQ<br />

7KH DGMDFHQW VRLOV RI VRLO FHPHQWFROXPQ FDQ EH<br />

GLYLGHG WR GLVWXUEHG DUHD DQG XQGLVWXUEHG DUHD<br />

UHVSHFWLYHO\ ,Q RUGHU WR FOHDUO\ FRPSUHKHQG WKH<br />

ERXQGDU\RIWKHVHDUHDVWKHIXOOVFDOHVRLOFHPHQW<br />

FROXPQVZHUHLQVWDOOHGE\ IRFXVLQJ RQWKH PDMRU<br />

IDFWRUV DV MHW SUHVVXUH RI LQMHFWLRQ PL[LQJ F\FOH<br />

DQGFHPHQWFRQWHQW<br />

7KH VWUHQJWK RI DGMDFHQW VRLO LQFUHDVHV<br />

ZLWK LQFUHDVLQJ LQ MHW SUHVVXUH 7KH VWUHQJWK RI<br />

DGMDFHQW VRLO ZLWK SUHVVXUH EDU DUH KLJKHU<br />

WKDQZKLFKRIEDUIRUDQGPL[LQJF\FOHV<br />

UHVSHFWLYHO\7KHUHVXOWVFOHDUO\ VKRZHGWKDW WKH<br />

ERXQGDU\RIGLVWXUEHGDUHDDOVRGHSHQGHGRQMHW<br />

SUHVVXUH7KHERXQGDULHVRIGLVWXUEHGDUHDZHUH<br />

DQGP IURPFHQWHURIFROXPQIRUMHW<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SUHVVXUH DQG EDU IRU PL[LQJ F\FOHV<br />

UHVSHFWLYHO\ 7KH GLVWXUEHG DUHD FDQ EH GLYLGHG<br />

WRLPSURYHPHQW]RQHDQGQRQLPSURYHPHQW<br />

]RQH DV D IXQFWLRQ RI PL[LQJ F\FOH 7KH VKHDU<br />

VWUHQJWK RI DGMDFHQW VRLOV RI MHW JURXWLQJ ZLWK<br />

SUHVVXUHEDUIRUPL[LQJF\FOHVZDVKLJKHU<br />

WKDQ XQGLVWXUEHG VRLO EXW WKH ORZHU RI VKHDU<br />

VWUHQJWKRIDGMDFDQWVRLOLVVKRZQZLWKWKHVDPHMHW<br />

SUHVVXUHIRUPL[LQJF\FOH<br />

,&',))(5(17,$/6(77/(0(17<br />

%(7:((1&(0(17&2/801$1'<br />

6855281',1*62,/'8(72(0%$1.0(17<br />

/2$'<br />

$XWKRUV 3DQLFK9RRWWLSUXH[<br />

.DVHP3HWFKJDWH<br />

'HQQHV7%HUJDGR<br />

3UHVHQWHG,QWHUQDWLRQDO6\PSRVLXPRQ<br />

(QJLQHHULQJ3UDFWLFHDQG<br />

3HUIRUPDQFHRI6RIW'HSRVLWV,6<br />

26$.$-XQH<br />

6HQUL/LIH6FLHQFH2VDND-DSDQ<br />

SS<br />

7KLVSDSHUGHVFULEHVWKHSHUIRUPDQFHRID<br />

IXOO\ LQVWUXPHQWHG WHVW HPEDQNPHQW ZKLFK ZDV<br />

FRQVWUXFWHG RQ VRIW %DQJNRN FOD\ 7KH VXEVRLO<br />

IRXQGDWLRQZDVLPSURYHGE\ FHPHQW MHW JURXWLQJ<br />

PHWKRG ZLWK DPRXQW RI FROXPQV 7KH<br />

UHLQIRUFHGZDOOFRQVLVWHGRISUHFDVWFRQFUHWHIDFLQJ<br />

SDQHOZLWKKH[DJRQDOZLUHPHVKUHLQIRUFHPHQWVRQ<br />

RQH VLGH DQG VORSLQJ XQUHLQIRUFHG VDQGILOO LQ WKH<br />

RSSRVLWH VLGH 7R PRQLWRU WKH SHUIRUPDQFH RI<br />

VXEVRLO IRXQGDWLRQ VXUIDFH VHWWOHPHQW SODWH GHHS<br />

VHWWOHPHQWSODWHRSHQVWDQGSLSHGLJLWLOWKRUL]RQWDO<br />

LQFOLQRPHWHU FRQWURO VWDNH ZHUH LQVWDOOHG 7KH<br />

UHVXOWV ZHUH REWDLQHG IURP PRQLWRULQJ GDWD RI<br />

GD\VIURPWKHEHJLQQLQJRIFRQVWUXFWLRQ<br />

,&6+($5)25&(5(6,67$1&(2)&/$<<br />

0,;('32/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

SRO\HVWHUVRLO UDWLRV LQ GU\ PDVV DW RSWLPXP<br />

PRLVWXUH FRQWHQW 7KH OHQJWKV RI VWULSV XVHG LQ WKLV<br />

VWXG\ZHUHDQGFHQWLPHWHUVUHVSHFWLYHO\7KH<br />

XQFRQILQHG FRPSUHVVLRQ WHVWV ZHUH FRQGXFWHG WR<br />

LQYHVWLJDWHWKHHIIHFWLYHQHVVRITXDOLW\DQGOHQJWKRI<br />

SRO\HVWHUILEHUVWULSV7KHUHVXOWVUHYHDOHGWKDWWKH<br />

PRUH WKH SRO\HVWHU ILEHU VWULSV ZDV DGGHG WKH<br />

KLJKHU WKH VWUHQJWK RI VSHFLPHQV ZDV REWDLQHG<br />

0RUHRYHU WKH HIIHFWLYH OHQJWK RI WKH VWULS LV <br />

FHQWLPHWHUV ZLWK FRQWHQW RI E\ ZHLJKW RI GU\<br />

VRLO<br />

,&5(621$17121/,1($51250$/<br />

02'(62),1&/,1('6$**('&$%/(6<br />

$XWKRUV *LXVHSSH5HJD1DUDNRUQ6ULQLO<br />

:/DFDUERQDUD<br />

6RPFKDL&KXFKHHSVDNXO<br />

3UHVHQWHG 7KH(XURPHFK&ROORTXLXPRQ<br />

1RQOLQHDU0RGHVRI9LEUDWLQJ<br />

6\VWHPV-XQH)UHMXV<br />

)UDQFHSS<br />

5HVRQDQW QRQOLQHDU QRUPDO PRGHV RI<br />

LQFOLQHGVDJJHGFDEOHVDUHLQYHVWLJDWHGE\PHDQVRI<br />

DIXOOEDVLV*DOHUNLQGLVFUHWL]DWLRQDQGPXOWLSOHWLPH<br />

VFDOHVDQDO\VLV3ODQDULQWHUQDOUHVRQDQFHVDUH<br />

FRQVLGHUHG 7KH LQIOXHQFH RI KLJKHURUGHU WHUPV<br />

GXHWRWKHV\VWHPTXDGUDWLFQRQOLQHDULWLHVRQ<br />

WKH DV\PSWRWLF H[SDQVLRQ DQG WKH G\QDPLF<br />

FRQILJXUDWLRQ RI FRXSOHG QRQOLQHDU PRGHV LV<br />

GLVFXVVHG DORQJ ZLWK WKH SRVVLELOLW\ WR LGHQWLI\<br />

UHGXFHGRUGHUPRGHOV<br />

,&$33/


VLPSOLILHG E\ DVVXPLQJ D IDLOXUH SDWK LQ DGYDQFH<br />

DQGSURJUHVVLYHIDLOXUHDJDLQVWLQQHUJDV SUHVVXUH<br />

ZKHQ IDLOXUH FRQGLWLRQV VKDOO EH VDWLVILHG 7KH<br />

VWDUWLQJORFDWLRQRIIDLOXUHFDQEHHVWLPDWHGDVWKH<br />

SRVLWLRQ ZKLFK KDV PLQLPXP ORFDO VDIHW\ IDFWRU<br />

DQG WKH IROORZLQJ IDLOXUH SODQH GLUHFWLRQ YHFWRUV<br />

FDQEHREWDLQHGIURPVWUHVVVWDWHVDWWKHPD[LPXP<br />

RSHUDWLRQSUHVVXUH,QWHUIDFHFRQWDFWHOHPHQWVZLWK<br />

VXLWDEOH FRQVWLWXWLYH EHKDYLRU DUH WKHQ HPEHGGHG<br />

DORQJWKDWIDLOXUHVXUIDFH$VHULHVRISURJUHVVLYH<br />

IDLOXUH DQDO\VHV RI URFN PDVV FDYHUQ ZLWK<br />

LQFUHDVLQJLQQHUJDVSUHVVXUHZDVFDUULHGRXWDQG<br />

WKH JURXQG XSOLIW FDQ WKHQ EH HYDOXDWHG E\ WKH<br />

SURSRVHGDQDO\VLVPHWKRG<br />

,&)8//%5,'*(&855(17)('<br />

,19(57(5:,7+$8720$7,&)5(48(1&<<br />

&21752/)25)25*,1*$33/,&$7,21<br />

$XWKRUV 6DLFKRO&KXGMXDUMHHQ<br />

&KD\DQW.RRPSDL<br />

9HHUDSRO0RQ\DNXO<br />

3UHVHQWHG,(((7(1&211RYHPEHU<br />

/RWXV+RWHO3DQJ6XDQ<br />

.DHZ&KLDQJPDL7KDLODQG<br />

SS<br />

7KHSDSHUGHVFULEHVDIXOOEULGJHFXUUHQWIHG<br />

LQYHUWHU IRU IRUJLQJ DSSOLFDWLRQV ,QYHUWHU LV<br />

LPSOHPHQWHGE\XVLQJ,*%7LQVHULHVZLWKGLRGHV<br />

DVLWVVZLWFKLQJGHYLFHV7KHRSHUDWLQJIUHTXHQF\LV<br />

DXWRPDWLFDOO\ WUDFNHGWRPDLQWDLQDVPDOO FRQVWDQW<br />

OHDGLQJ SKDVH DQJOH ZKHQ ORDG SDUDPHWHUV FKDQJH<br />

7KHORDGYROWDJHLVFRQWUROOHGWRSURWHFWWKHVZLWFKHV<br />

7KH RXWSXW SRZHU FDQ EH DGMXVWHG E\ YDU\LQJ WKH<br />

LQSXWFXUUHQWIURPSKDVHFRQWUROOHGUHFWLILHUVZKLFK<br />

LV D SDUW RI FXUUHQW VRXUFH 7KH V\VWHP KDV EHHQ<br />

RSHUDWHG DW N+] 7KH RXWSXW SRZHU<br />

WUDQVIHUUHGWRWKHORDGLVZDWWV,WFDQKHDWWKH<br />

VWHHOZRUNSLHFHVZLWKPPGLDPHWHUDQGPP<br />

ORQJIURPURRPWHPSHUDWXUHWRDSSUR[LPDWHO\<br />

R & ZLWKLQ VHFRQGV ZLWK OHDGLQJ SRZHU<br />

IDFWRUVRQWKHLQSXWVLGH<br />

,&7+(5(621$176:,7&+02'(<br />

,1'8&725/(66(/(&7521,&<br />

75$16)250(5)25+$/2*(1/$03<br />

$XWKRUV -RP\XW.HVVDPDULV<br />

:DQLGD$NHEXUDQDZDW<br />

8GRPVDN


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

&KHUGFKDL3UDSDQDYDUDW<br />

8GRPVDN


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

FDOFXODWLRQ 7KLV SDSHU VWXGLHV WKH TXDQWL]DWLRQ<br />

HUURUVLQDVHQVRUOHVVGLUHFWYHFWRUFRQWUROV\VWHP<br />

RI LQGXFWLRQ PRWRU V\VWHP XVLQJ D ELW IL[HG<br />

SRLQW 'LJLWDO 6LJQDO 3URFHVVRU '63 IURP 7H[DV<br />

,QVWUXPHQWV 706[[[ VHULHV 7KH<br />

LQYHVWLJDWLRQ RI TXDQWL]DWLRQ HUURUV SURGXFHG E\<br />

QXPHULFDO FRPSXWDWLRQ LQ VXFK '63 LV IRFXVHG<br />

%RWK VLPXODWLRQ DQG H[SHULPHQW DUH FDUULHG RXW<br />

ZLWKLQ '63 LWVHOI LQ WKUHH NLQGV RI GDWD IRUPDWV<br />

ELWIL[HGSRLQWELWIL[HGSRLQWDQGIORDWLQJ<br />

SRLQW%\FRPSDULQJWKHUHVXOWVEHWZHHQIORDWLQJ<br />

SRLQW DQG IL[HGSRLQW LPSOHPHQWDWLRQ RQ RQH<br />

PDFKLQH QXPHULFDO LVVXHV UHODWHG WR TXDQWL]DWLRQ<br />

HUURUV FDQ EH YHULILHG DQG UHVROYHG $V D UHVXOW<br />

WKH V\VWHP SHUIRUPDQFH DQG EHKDYLRU FDQ EH<br />

DIIHFWHG E\ TXDQWL]DWLRQ HUURUV LQ ELW ZRUG<br />

OHQJWKZKLOHLWLVQRWVLJQLILFDQWLQWKHELWZRUG<br />

OHQJWK<br />

,&3$5$0(7(563$&('(6,*12)'&'&<br />

%2267&219(57(5%$6('215(*,2162)<br />

23(5$7,21<br />

$XWKRUV $QDZDFK6DQJVZDQJ<br />

&KLND21ZDQNSD<br />

3UHVHQWHG,(((7(1&211RYHPEHU<br />

/RWXV+RWHO3DQJ6XDQ<br />

.DHZ&KLDQJPDL7KDLODQG<br />

SS<br />

1RQOLQHDULW\ LV LQKHUHQW LQ HYHU\<br />

VZLWFKLQJSRZHUFRQYHUWHU7KLVSDSHUGHYHORSVD<br />

SDUDPHWHU VHOHFWLRQ PHWKRG IRU D FXUUHQWPRGH<br />

FRQWUROOHGERRVWFRQYHUWHU7KHUHJLRQRIRSHUDWLRQ<br />

LVTXDQWLILHGGHWHUPLQLVWLFDOO\LQWHUPVRISDUDPHWHU<br />

VSDFHEDVHGRQWKHRFFXUUHQFHRIELIXUFDWLRQVRI<br />

RSHUDWLQJ SRLQWV 7KH PHWKRG KHOSV HQJLQHHUV WR<br />

V\VWHPDWLFDOO\ VHOHFW YLDEOH RSHUDWLQJ UHJLRQV RI<br />

WKHFRQYHUWHU<br />

,&683(5+($7('67($0'5


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

FDVHV RI KRW DLU GU\LQJ DQG VXSHUKHDWHG VWHDP<br />

GU\LQJ ZDV HVWDEOLVKHG LQ RUGHU WR GHWHUPLQH WKH<br />

LQYHUVLRQWHPSHUDWXUHRIWKHLPSLQJLQJVWUHDPGU\HU<br />

VWXGLHG %DVHG RQ WKH FDOFXODWLRQ LW ZDV IRXQG WKDW<br />

WKHUDWHRIZDWHUHYDSRUDWLRQLQWKHFDVHRIKRWDLU<br />

GU\LQJLQFUHDVHGZLWKDQLQFUHDVHRIWKHLQOHWKRWDLU<br />

WHPSHUDWXUHDQGYHORFLW\ZKLOHWKHHYDSRUDWLRQUDWH<br />

GHFUHDVHG ZLWK DQ LQFUHDVH RI WKH LQOHW DLU UHODWLYH<br />

KXPLGLW\,QWKHFDVHRIVXSHUKHDWHGVWHDPGU\LQJLW<br />

ZDV IRXQG WKDW DQ LQFUHDVH RI VXSHUKHDWHG VWHDP<br />

WHPSHUDWXUH DQG YHORFLW\ OHG WR DQ LQFUHDVH LQ WKH<br />

UDWH RI ZDWHU HYDSRUDWLRQ ,QFUHDVLQJ RI WKH VWHDP<br />

SUHVVXUH KRZHYHU OHG WR DQ DGYHUVH HIIHFW RI<br />

UHGXFHG HYDSRUDWLRQ UDWH 7KH VWXG\ RI WKH<br />

UHODWLRQVKLS EHWZHHQ WKH UDWH RI ZDWHU HYDSRUDWLRQ<br />

DQG WKH PHGLXP WHPSHUDWXUH \LHOGHG DQ LQYHUVLRQ<br />

WHPSHUDWXUHRI R &DWWKHZDWHUHYDSRUDWLRQUDWHRI<br />

NJ ZDWHU P K<br />

,&'5


,&())(&762))$7&217(17$1'<br />

'580'5SURODWH DQG REODWH VSKHURLG@ SDUWLFOH GHQVLW\<br />

>DQGNJP @DQGSDUWLFOHFRQFHQWUDWLRQ<br />

> DQG ZY@ RQSDUWLFOH UHVLGHQFH WLPH<br />

GLVWULEXWLRQGXULQJIORZLQJWKURXJKDKROGLQJFRLO<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

WXEH OHQJWK P $W VWHDG\ FRQGLWLRQ ZLWK<br />

URRP WHPSHUDWXUH RI r R & DQG IORZ UDWH RI <br />

P KU WKH UHVXOWV VKRZHG WKDW SDUWLFOH GHQVLW\<br />

VLJQLILFDQWO\ DIIHFWHG WKH PLQLPXP PHDQ<br />

PD[LPXP DQG LQWHUTXDUWLOH UDQJH QRUPDOL]HG<br />

SDUWLFOH YHORFLW\ ,139 ZKLOH WKH SDUWLFOH VKDSH<br />

DQG FRQFHQWUDWLRQ VLJQLILFDQWO\ DIIHFWHG WKH<br />

PD[LPXP DQG LQWHUTXDUWLOH UDQJH QRUPDOL]HG<br />

SDUWLFOH YHORFLW\ 7KH IOXLG YLVFRVLW\ RQO\ DIIHFWHG<br />

,139EXWZKHQFRRSHUDWHGZLWKSDUWLFOHVKDSHDQG<br />

GHQVLW\ LW DOVR DIIHFWHG PLQLPXP DQG PD[LPXP<br />

QRUPDOL]HGSDUWLFOHYHORFLW\7KHYHORFLW\RISURODWH<br />

VSKHURLG ZDV KLJKHU WKDQ WKDW RI REODWH VSKHURLG<br />

ZKHUHDV LWV GLVWULEXWLRQ ZDV QDUURZHU WKDQ WKDW RI<br />

REODWHVSKHURLG:LWKKLJKHUSDUWLFOHGHQVLW\<br />

NJP WKH UHVXOWV LQGLFDWHG WKDW WKH YHORFLW\<br />

GLVWULEXWLRQ RI SDUWLFOHV ZDV QDUURZHU ZKLOH WKH<br />

PHDQUHVLGHQFHWLPHZDVKLJKHU,QFDVHRIORZHU<br />

SDUWLFOH GHQVLW\ ZKHQ WKH YLVFRVLW\ RI IOXLG<br />

LQFUHDVHG D ZLGHU YHORFLW\ GLVWULEXWLRQ ZDV<br />

REVHUYHG 7KH FRUUHODWLRQV EHWZHHQ JHQHUDOL]HG<br />

SDUWLFOH IORZ 5H\QROGV QXPEHU ZLWK SURFHVV<br />

SDUDPHWHUV EDVHG RQ SUHYLRXV ZRUN ZHUH DOVR<br />

GHWHUPLQHG<br />

,&())(&72)$*,1*7(03(5$785(21<br />

',))86,21$1'0,&526758&785(2)(**<br />

$/%80(1&$66$9$67$5&+&20326,7(<br />

),/0<br />

$XWKRUV 6DRZDNRQ:RQJVDVXODN<br />

7LSDSRUQ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

PLFURVWUXFWXUH RI HJJ DOEXPHQFDVVDYD VWDUFK<br />

FRPSRVLWHILOP<br />

$JLQJFRQGLWLRQVVWXGLHGZHUHDQG<br />

R &DWUHODWLYHKXPLGLW\IRUKRXUV2LO<br />

EDVHG SDSULND ROHRUHVLQ 25 ZDV HQWUDSSHG DV<br />

WKHUHOHDVHWUDFHULQWKHFRPSRVLWHILOPSUHSDUHGDW<br />

URRPWHPSHUDWXUHXVLQJFROGJHODWLRQPHWKRG7KH<br />

HIIHFWLYH GLIIXVLRQ FRHIILFLHQW ' HII ZDV<br />

GHWHUPLQHG XVLQJ HPSLULFDO HTXDWLRQ EDVHG RQ<br />

)LFNV VHFRQG ODZ 7KH ILOPV PLFURVWUXFWXUHV<br />

DJHGDWGLIIHUHQWWHPSHUDWXUHVZHUHREVHUYHGXVLQJ<br />

&/60DQGSRODUL]HGOLJKWPLFURVFRS\<br />

7KH UHVXOWV VKRZHG WKDW LQFUHDVLQJ DJLQJ<br />

WHPSHUDWXUH UHVXOWHG LQ ORZHU UDWH RI GLIIXVLRQ<br />

7KH' HII RI25UHOHDVHGIURPFRPSRVLWHILOPDJHG<br />

DWDQG R &ZHUH[ P VDQG[<br />

± P V UHVSHFWLYHO\ 7KHUH ZDV QR UHOHDVH RI<br />

25GHWHFWHGZKHQWKHFRPSRVLWHILOPZDVDJHG<br />

DW R & ,QFUHDVLQJDJLQJWHPSHUDWXUHUHVXOWHGLQ<br />

WKH FKDQJHV LQ ERWK SURWHLQ DQG VWDUFK SKDVHV ,Q<br />

WKH FRPSRVLWHILOP DJHG DW DQG R & FDVVDYD<br />

VWDUFK JUDQXOHV ZHUH LQWDFW DQG UHWDLQHG WKHLU<br />

RULJLQDOVL]H$JLQJDW R &LQGXFHGJHODWLQL]DWLRQ<br />

DQGFOXPSLQJRIFDVVDYDVWDUFKJUDQXOHVUHVXOWLQJ<br />

LQODUJHUSDUWLFOHVL]HRIVWDUFKSKDVH<br />

2YHUDOOWKLVVWXG\UHYHDOHGWKDWFRQWUROOHG<br />

UHOHDVH RI HJJ DOEXPHQFDVVDYD VWDUFK FRPSRVLWH<br />

VWUXFWXUH FRXOG EH DFKLHYHG E\ UHJXODWLQJ DJLQJ<br />

WHPSHUDWXUHDWKLJKUHODWLYHKXPLGLW\<br />

,&$678'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

7KLVSDSHUSUHVHQWVDIX]]\$570$3WR<br />

FODVVLI\TXDOLW\RIQXJJHWIRUPDWLRQLQ'&PLFUR<br />

VSRW ZHOGLQJ SURFHVV XVLQJ RQOLQH H[WUDFWLRQ RI<br />

$(SDUDPHWHUV7KHIX]]\$570$3LVSURSRVHG<br />

WR FODVVLI\ WKH TXDOLW\ RI QXJJHW IRUPDWLRQ LQWR<br />

RQH RI WKUHH OHYHOV ZHDN JRRG DQG<br />

H[FHVVLYH ,W LV FKRVHQ RYHU IHHGIRUZDUG<br />

QHXUDO QHWZRUNV GXH WR LWV DSSHDOLQJ SURSHUWLHV<br />

7KHVH LQFOXGH DXWRPDWLF VHOHFWLRQ RI QHWZRUN<br />

VWUXFWXUH FRQYHUJHQFH SURSHUWLHV DQG LWV RQOLQH<br />

OHDUQLQJ$QH[SHULPHQWZDVFRQGXFWHGWRVKRZ<br />

LWVSHUIRUPDQFH3HHODQGPHWDOORJUDSKLFWHVWVSOXV<br />

VSDWWHU H[SORGLQJ REVHUYDWLRQ ZHUH XVHG WR<br />

LGHQWLI\ WKH TXDOLW\ RI QXJJHW IRUPDWLRQ 7KH<br />

UHVXOWVKRZV WKDW WKH DSSURDFKSHUIRUPV ZHOO ,Q<br />

DGGLWLRQWKHSHUIRUPDQFHFDQEHHQKDQFHGJUHDWO\<br />

LI VSDWWHU H[SORGLQJ REVHUYDWLRQ LV XVHG LQ<br />

FRPELQDWLRQZLWKWKH$(SDUDPHWHUV<br />

,&,1)/8(1&(62)+($775($70(17<br />

7(03(5$785(21'5$:,1*&$3$%,/,7,(6<br />

2)7,1,&860$:,5(<br />

$XWKRUV 3RQJSDQ.DHZWDWLS <br />

$QDN.KDQWDFKDZDQD<br />

3UHVHQWHG ,QWHUQDWLRQDO&RQIHUHQFHRQ6PDUW<br />

0DWHULDOV6PDUW,QWHOOLJHQW0DWHULDOV<br />

DQG1DQR7HFKQRORJ\6PDUW0DW<br />

'HFHPEHU&KLDQJ0DL<br />

7KDLODQG<br />

7KHREMHFWLYHRIWKLVZRUNLVWRLQYHVWLJDWH<br />

WKH LQIOXHQFHV RI KHDW WUHDWPHQW WHPSHUDWXUHV RQ<br />

ZLUHGUDZLQJFDSDELOLWLHVRI7L1L&XDW<br />

VKDSHPHPRU\DOOR\60$7KHQHHGVRI60$<br />

ZLUHV JURZ UDSLGO\ LQ UHFHQW \HDUV LQ YDULRXV<br />

ILHOGV RI DSSOLFDWLRQV 7L1L&X 60$ LV RQH RI<br />

WKHPDWHULDOVWKDWKDVEHHQXVHGZLGHO\LQGHQWDO<br />

DSSOLFDWLRQVVXFKDVDUFKZLUHVEHFDXVHLWVVWUHVV<br />

K\VWHUHVLV LV UHODWLYHO\ ORZ 8VXDOO\ 60$ ZLUHV<br />

DUHSURGXFHGE\FROGGUDZLQJSURFHVVLQRUGHUWR<br />

REWDLQ JRRG VXUIDFH TXDOLW\ DQG PHFKDQLFDO<br />

SURSHUWLHV+RZHYHU7L1L&X60$ZLUHLVKDUG<br />

WR SURGXFH E\ FROG GUDZLQJ VLQFHLWV &XFRQWHQW<br />

OHDGVWRWKHSRRUZRUNDELOLW\7KHZLUHPXVWKDYH<br />

EHHQKHDWWUHDWHGLQRUGHUWRLPSURYHGXFWLOLW\RU<br />

UHPRYHWKHGHIRUPDWLRQVWUXFWXUHEHIRUHGUDZLQJ<br />

,Q WKLV ZRUN WKH KHDW WUHDWPHQW WHPSHUDWXUHV RI<br />

WKHZLUHVKDYHEHHQYDULHGIURPWR R &<br />

ZKLFKFRYHUHGLWVUHFU\VWDOOL]DWLRQWHPSHUDWXUHRI<br />

DURXQG R &7HQVLOHWHVWVKDYHEHHQFRQGXFWHG<br />

WR FROOHFW WKH PHFKDQLFDO SURSHUWLHV RI WKH KHDW<br />

WUHDWHG ZLUHV 7KH KHDWWUHDWHG ZLUHV KDYH EHHQ<br />

GUDZQ DW URRP WHPSHUDWXUH E\ XVLQJ WKH GLH<br />

PDGHRIWXQJVWHQFDUELGH7KHLQLWLDOGLDPHWHURI<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

WKHZLUHLVPP7KHUHGXFWLRQUDWLRRIFURVV<br />

VHFWLRQDODUHD5HGXFWLRQDQGWKHGLHDSSURDFK<br />

DQJOH VHPLDQJOH DUH GHWHUPLQHG WR EH <br />

DQG GHJUHH UHVSHFWLYHO\ 'UDZLQJ IRUFH<br />

VXUIDFHTXDOLW\DQGGLPHQVLRQRIWKHGUDZQZLUHV<br />

DUH FRPSDUHG DQG DQDO\]HG $V WKH UHVXOWV WKH<br />

UHODWLRQEHWZHHQKHDWWUHDWPHQWWHPSHUDWXUHDQG<br />

ZLUHGUDZLQJFDSDELOLWLHVFDQEHREWDLQHG<br />

,&'()250$7,212)7,1,376+$3(<br />

0(025


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

HIIHFW FDQ EH FRQILUPHG LV ZLWK . RI<br />

RSHUDWHGWHPSHUDWXUH )RU WKH VSHFLPHQ ZLWK 3W<br />

FRQWHQW PRUH WKDQ LW LV VHHQ WKDW FUHHS<br />

GHIRUPDWLRQYLROHQWO\RFFXUUHGEHIRUHUHDFKWKH$ I<br />

WHPSHUDWXUHFDXVH IRUWKH GLVDSSHDUDQFH RI VKDSH<br />

PHPRU\HIIHFW,WLVFOHDUO\VHHQWKDWDIWHUDGGLQJ<br />

1E DQG % WKH GXFWLOLW\ ZDV LQFUHDVHG DQG WKH<br />

FUHHS YHORFLW\ ZDV GHFUHDVHG $GGLWLRQ RI 1E<br />

UHVXOWV LQ ODUJHU UHFRYHU\ UDWLR DQG EHWWHU FUHHS<br />

UHVLVWDQFH ZLWKRXW WKH GHFUHDVH RI WUDQVIRUPDWLRQ<br />

WHPSHUDWXUH<br />

,&())(&72),521$1'$/80,180<br />

$'',7,21216+$3(0(025


FRQVWDQW VWUHVVHV ZHUH FDUULHG RXW LQ RUGHU WR<br />

HYDOXDWH WKH PHFKDQLFDO SURSHUWLHV 6(0 DQG<br />

;5' ZHUHFDUULHG RXW LQ RUGHU WR LQYHVWLJDWH WKH<br />

PLFURVWUXFWXUHV<br />

$FFRUGLQJWRWKH;5'UHVXOWVWKHULEERQ<br />

IDEULFDWHG DW USP UHYHDOHG FU\VWDOOLQH<br />

VWUXFWXUH ZKLOH WKH ULEERQ IDEULFDWHG DW USP<br />

UHYHDOHG WKH PL[HG VWUXFWXUH EHWZHHQ DPRUSKRXV<br />

DQG FU\VWDOOLQH 7KH DOPRVW FRPSOHWH DPRUSKRXV<br />

VWUXFWXUH ZHUH FRQILUPHG LQ ULEERQ IDEULFDWHG DW<br />

WKHURWDWLRQVSHHGDERYHUSP ,QWKH FDVH RI<br />

WKH VSHFLPHQ KHDWWUHDWHG DW . IRU K<br />

WUDQVIRUPDWLRQ WHPSHUDWXUH GHFUHDVHV ZLWK<br />

LQFUHDVLQJURWDWLRQVSHHGWRUSPDQGEHFDPH<br />

FRQVWDQW ZLWK IXUWKHU LQFUHDVH RI URWDWLRQ VSHHG<br />

2Q WKH RWKHU KDQG DOPRVW FRQVWDQW RI<br />

WUDQVIRUPDWLRQ WHPSHUDWXUH FDQ EH FRQILUPHG LQ<br />

VSHFLPHQ KHDWWUHDWHG DW . LUUHVSHFWLYH RI<br />

URWDWLRQ VSHHG 0RUHRYHU WKH WUDQVIRUPDWLRQ<br />

WHPSHUDWXUH LQFUHDVHV ZLWK LQFUHDVLQJ KHDW<br />

WUHDWPHQW WHPSHUDWXUH LQGHSHQGHQW RI URWDWLRQ<br />

VSHHG<br />

,&())(&72)527$7,2163(('21<br />

75$16)250$7,21%(+$9,25$1'<br />

0,&526758&785(62)1,5,&+7,1,<br />

6+$3(0(025


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

,&217+(3(5)250$1&(2)$<br />

63,5$//


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

J66P GUHVSHFWLYHO\7KHUHZDVQRFKDQJH<br />

LQ GHWDFKPHQW UDWH ZKHQ YDU\LQJ ZDWHU YHORFLW\<br />

IURPWRPVLQWKHFRQGLWLRQRISSW<br />

VDOLQLW\DQGJ1P GDPPRQLDORDGLQJ7KH<br />

ILQDOGU\ZHLJKWRI6SODWHQVLVZDVDQDO\]HGDQG<br />

IRXQGWKDWWKHZHLJKWLQFUHDVHGZKHQVDOLQLW\<br />

LQFUHDVHG DQG JP DW VDOLQLW\ <br />

DQG SSW UHVSHFWLYHO\ 7KH IUDFWLRQ RI<br />

QLWURJHQWRGU\ZHLJKWKRZHYHUZDVOHVVLQWKH<br />

FRQGLWLRQ RI KLJKHU VDOLQLW\ OHYHO DQG <br />

PJ1JFHOO DW VDOLQLW\ DQG SSW<br />

UHVSHFWLYHO\7KHUHVXOWVLPSOLHGRWKHUSURGXFHG<br />

VXEVWDQFHVLQYROYLQJLQDWWDFKPHQWRI6 SODWHQVLV<br />

'HWHUPLQDWLRQ RQ GLIIHUHQW IHHGLQJ V\VWHP<br />

FLUFXODWHG EDWFK V\VWHP DQG FLUFXODWHG VHPL IHHG<br />

V\VWHP WLPHV SHU GD\ GHPRQVWUDWHG WKDW WKH<br />

ODWWHUV\VWHPFRXOGVHUYHGWZLFHDPPRQLDORDGLQJ<br />

WKDWIURPWRJ1P GIRUHIIOXHQWDPPRQLD<br />

DSSUR[LPDWHO\ RI PJ1 7KH DPPRQLD<br />

UHPRYDO UDWH RI FLUFXODWHG EDWFK V\VWHP DQG<br />

FLUFXODWHG VHPL IHHG V\VWHP ZHUH DQG <br />

J1P GUHVSHFWLYHO\<br />

,&,03529(0(172):$67(9$/8($6<br />

%,2'(*5$'$%/(3/$67,&<br />

$XWKRUV &KDUXZDQ.DVHPVDS<br />

&KDOHUPUDM:DQWDZLQ<br />

3UHVHQWHG 7KH QG ,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ:DVWH0DQDJHPHQWDQGWKH<br />

(QYLURQPHQW6HSWHPEHU<br />

2FWREHU5KRGHV*UHHFH<br />

%HFDXVH RI WKH LQFUHDVH LQ SODVWLF ZDVWH<br />

DQG LQVXIILFLHQW ODQGILOO DUHD IRU ZDVWH GLVSRVDO<br />

WKH LQWURGXFWLRQ RI ELRGHJUDGDEOH SODVWLF HJ<br />

3RO\K\GUR[\DONDQRDWH 3+$ LV FRQVLGHUHG<br />

&XUUHQWO\WKHSURGXFWLRQRILQGXVWULDO3+$XVLQJ<br />

SXUHFXOWXUHOHDGVWRKLJKSURGXFWLRQFRVWVZKLFK<br />

PDNHV LW OHVV FRPSHWLWLYH WKDQ FRQYHQWLRQDO<br />

SODVWLF +RZHYHU WKH PLFURRUJDQLVPV LQ H[FHVV<br />

DFWLYDWHGVOXGJHIURPZDVWHZDWHUWUHDWPHQWSODQWV<br />

FDQ XWLOL]H SRO\SKRVSKDWH DQG JO\FRJHQ DV DQ<br />

LQWHUQDOHQHUJ\VRXUFHWRXSWDNHRUJDQLFVXEVWUDWHV<br />

DQGVWRUHWKHPDV3+$7KLVUHVHDUFKLVWRVWXG\<br />

EDWFK 3+$ SURGXFWLRQ E\ XVLQJ H[FHVV VOXGJH<br />

FRQWDLQLQJ DQG SRO\SKRVSKDWH FRQWHQW<br />

GHULYHG IURP WKUHH VHTXHQFLQJ EDWFK UHDFWRUV<br />

6%5V $W WKH HQG RI WKH DHURELF SKDVH LQ WKH<br />

6%5 SURFHVV PO RI H[FHVV VOXGJH ZHUH IHG<br />

ZLWKDQDFHWDWHVROXWLRQRIPJ&2' DQG<br />

EXEEOHGZLWKQLWURJHQJDVDVZHOODVDJLWDWHGZLWK<br />

DVWLUUHU7KHS+ZDVDGMXVWHGWRDQGE\DS+<br />

FRQWUROOHU7KHVOXGJHZDVVDPSOHGDW<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

DQG PLQXWHVWRDQDO\]H 3+$JO\FRJHQ<br />

SRO\SKRVSKDWH RUWKRSKRVSKDWH DQG &2' 7KH<br />

KLJKHU HQHUJ\ EXGJHW LQ WKH IRUP RI<br />

SRO\SKRVSKDWH FRQWHQW LQGXFHG KLJKHU DFHWDWH<br />

XSWDNH UHVXOWLQJ LQ DQ LQFUHDVHG 3+$ FRQWHQW RI<br />

DQGSHUFHQWDWS+WRDQG<br />

SHUFHQW DW S+ IRU DQG SHUFHQW<br />

SRO\SKRVSKDWH UHVSHFWLYHO\ 0RUHRYHU WKH<br />

IUDFWLRQRI3+%LQ3+$LQFUHDVHGIURPWR<br />

SHUFHQW E\ DFWLYDWHG VOXGJH FRQWDLQLQJ WR <br />

SHUFHQW SRO\SKRVSKDWH FRQWHQW RZLQJ WR WKH<br />

KLJKHUDFHWDWHXSWDNH<br />

,&3+263+25865(029$/)520<br />

/,0,7,1*&2':$67(:$7(5:,7+<br />

1,75$7($6$1(/(&7521$&&(3725,1<br />

6(48(1&,1*%$7&+%,2),/05($&725<br />

6%%5<br />

$XWKRUV &KDQ\XG.ULWVXQDQNXO<br />

&KDOHUPUDM:DQWDZLQ<br />

3UHVHQWHG ,QWHUQDWLRQDO&RQIHUHQFHRQ<br />

:DVWHZDWHU7UHDWPHQW)RU1XWULHQW<br />

5HPRYDODQG5HXVH<br />

,&:15-DQXDU\<br />

$VLDQ,QVWLWXWHRI7HFKQRORJ\<br />

7KDLODQGS<br />

/LPLWLQJ&2'LQDQDHURELFWUHDWHGVZLQH<br />

ZDVWHZDWHU UHVXOWV WR KDUGO\ VXEVHTXHQFH<br />

WUHDWLQJ QXWULHQW QLWURJHQ DQG SKRVSKRUXV<br />

ZLWKRXW RUJDQLF DGGLWLRQ 'HQLWULI\LQJ<br />

SRO\SKRVSKDWHDFFXPXODWLQJRUJDQLVP'13$2<br />

ZDVLQWURGXFHGLQWKDWWUHDWPHQWWRXWLOL]HQLWUDWH<br />

DV HOHFWURQ DFFHSWRU LQ SURFHVV RI HQKDQFHG<br />

ELRORJLFDO SKRVSKRUXV UHPRYDO (%35<br />

6\QWKHWLF ZDVWHZDWHU ZLWK DFHWLF DFLG DV FDUERQ<br />

VRXUFH DQG UDWLR RI &2' WR SKRVSKRUXV RI <br />

VLPXODWHG DQDHURELF WUHDWHG VZLQH ZDVWHZDWHU<br />

ZDV DSSOLHG 7ZR OLWHUV VHTXHQFLQJ EDWFK<br />

ELRILOP UHDFWRUV 6%%5V ZLWK P ILEURXV<br />

PHGLD ZHUH IHG ZLWK RUJDQLF ORDGLQJ <br />

J&4'P G ZLWK UDWLR RI DQDHURELF WR DQR[LF<br />

SHULRGRIDQGVOXGJHUHWHQWLRQWLPH657RI<br />

GD\V2QHUHDFWRULQDQR[LFSHULRGRQO\QLWUDWH<br />

DQG WKH RWKHU PL[HG QLWUDWH DQG QLWULWH ZHUH<br />

VXSSOLHG FRQWLQXRXVO\ ZLWK WKH UDWH RI PJ<br />

1KU (YHQ RI QLWUDWH ZDV UHSODFHG ZLWK<br />

QLWULWH VDPH SKRVSKRUXV UHPRYDO UDWH ZDV<br />

REWDLQHG WKDW ZDV J3P G DQG UDWLR RI<br />

UHPRYHG3WRXWLOL]HG&2'ZDVJ3J&2'<br />

'13$2 FDQ XVH QLWULWH HIIHFWLYHO\ DV ZHOO DV<br />

QLWUDWH,QDGGLWLRQDIWHUVWHDG\VWDWH6%%5ZLWK<br />

'13$2 ZDV PRGLILHG WR DQDHURELFDHURELF<br />

RSHUDWLRQE\WHUPLQDWLQJQLWUDWHDGGLWLRQ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

3KRVSKRUXVUHPRYDOUDWHDQGUDWLRRIUHPRYHG3<br />

WR XWLOL]HG &2' E\ R[\JHQ DV DQ HOHFWURQ<br />

DFFHSWRUZHUHORZHUWRJ3P GDQG<br />

J3J&2' UHVSHFWLYHO\ ,Q EDWFK H[SHULPHQW<br />

VSHFLILF SKRVSKRUXV XSWDNH UDWH E\ R[\JHQ DQG<br />

QLWUDWHDVHOHFWURQDFFHSWRUVIRU6%%52 VOXGJH<br />

ZHUH J3J966G DQG J3J966G<br />

UHVSHFWLYHO\ +LJKHU VSHFLILF SKRVSKRUXV XSWDNH<br />

E\ QLWUDWH DV DQ HOHFWURQ DFFHSWRU LPSOLHG WKDW<br />

6%%5FRQWDLQHGKLJKSURSRUWLRQRI'13$2ZLWK<br />

XWLOL]LQJRQO\QLWUDWH<br />

,&352'8&7,212)0$*1(6,80$//2<<br />

&83:,7+0,1,080&251(55$',86<br />

$XWKRUV 9DUXQHH3UHPDQRQG<br />

3RQJSDQ.DHZWDWLS<br />

5DWFKDQHH3DLVDUQ<br />

6DNVLW%XWWDUDFK1REXKLUR.RJD<br />

3UHVHQWHG 7KH UG ,QWHUQDWLRQDO&RQIHUHQFHRQ<br />

$GYDQFHG0DQXIDFWXULQJ<br />

7HFKQRORJ\,&$070D\<br />

3DQ3DFLILF+RWHO<br />

.XDOD/XPSXU0DOD\VLDSS<br />

<br />

7KLV UHVHDUFK ZRUN DLPV DW SURGXFLQJ<br />

KROORZ FXS ZLWK VPDOO FRUQHU UDGLXV IURP<br />

0DJQHVLXP$=% VKHHW RI PP<br />

WKLFNQHVV 6LQFH WKHUH LV OLPLWDWLRQ LQ VPDOO<br />

FRUQHU UDGLXV SURGXFHG E\ GHHS GUDZLQJ<br />

UHVWULNLQJ SURFHVV RI GHHS GUDZQ 0DJQHVLXP<br />

DOOR\FXSZDVLQYHVWLJDWHG7KHVPDOOHVWFRUQHU<br />

UDGLXV RQ WKH F\OLQGULFDO FXS WKDW FDQ EH<br />

DFKLHYHG E\ UHVWULNLQJ SURFHVV LV GHWHUPLQHG<br />

5HVWULNLQJ H[SHULPHQWV ZHUH FDUULHG RXW DW<br />

R & DV ZHOO DV DW URRP WHPSHUDWXUH /RDG<br />

VWURNH GLDJUDP LV H[SORUHG %HVLGHV )(0<br />

VLPXODWLRQV KDYH EHHQ PDGH XVLQJ<br />

FRPPHUFLDO VRIWZDUH '()250' WR H[SORUH<br />

WKH EHKDYLRU RI 0JDOOR\ VKHHW XQGHU SODVWLF<br />

GHIRUPDWLRQ ,W LV REVHUYHG WKDW WKH PLQLPXP<br />

FXSFRUQHUUDGLXVLVPPZKHQZRUNLQJDW<br />

URRP WHPSHUDWXUH DQG LV PP ZKHQ<br />

ZRUNLQJDW R &<br />

,&,19(67,*$7,21217+(<br />

,1)/8(1&(62)&877,1*3$5$0(7(56,1<br />

&1&0$&+,1,1*2)58%%(5:22':,7+<br />

,17(*5$7,212)1(85$/1(7:25.6<br />

$XWKRUV .XVRO3URPPXO<br />

3RQJSDQ.DHZWDWLS7HUGVDN$UODL<br />

3UHVHQWHG 7KH QG ,QWHUQDWLRQDO6\PSRVLXP<br />

RQ:RRG0DFKLQLQJ-XO\<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

9LHQQD$XVWULDSS<br />

7KHREMHFWLYHRIWKLVUHVHDUFKLVWRVWXG\<br />

SDUDPHWHUV DIIHFWLQJ WKH HIILFLHQFLHV RI WKH<br />

PDFKLQLQJ SURFHVV IRU PDQXIDFWXULQJ UXEEHUZRRG<br />

IXUQLWXUHXVLQJD7&7XQJVWHQ&DUELGHFXWWLQJ<br />

WRRO (YHQWKRXJK PRVW 7KDL PDQXIDFWXUHUV KDYH<br />

EHHQ XVLQJ WKH 7& WRROV IRU \HDUV WKH\ GR QRW<br />

KDYH HQRXJK GHFLVLRQPDNLQJ LQIRUPDWLRQ LQ<br />

RUGHU WR GHWHUPLQH FXWWLQJ FRQGLWLRQV IRU<br />

SURGXFLQJ TXDOLW\ SDUWV ,Q WKLV UHVHDUFK WKH<br />

FXWWLQJ FRQGLWLRQV DIIHFWLQJ VXUIDFH URXJKQHVV<br />

IODNH ZRRG WHDULQJ DQG VSOLW ZHUH LQYHVWLJDWHG<br />

7KH\LQFOXGHFXWWLQJVSHHGVIHHGUDWHVDQGFXWWLQJ<br />

GLUHFWLRQV UHODWLYH WR ZRRGJUDLQ RULHQWDWLRQV ,Q<br />

DGGLWLRQ WKH QHXUDO QHWZRUN PRGHO KDV EHHQ<br />

GHYHORSHGIURPWKHH[SHULPHQWDOUHVXOWVLQRUGHUWR<br />

SUHGLFWWKHTXDOLW\RIWKHSURGXFWREWDLQHGXQGHUDQ\<br />

ZRUNLQJ SDUDPHWHUV 7KH UHVXOWV VKRZ WKDW VXUIDFH<br />

URXJKQHVV 5T GHSHQGV RQ WKH IHHG UDWH XVHG<br />

)ODNH JHQHUDOO\ RFFXUV ZKHQ FXWWLQJ DORQJ ZRRG<br />

JUDLQ DQG XVLQJ GRZQ FXWWLQJ :RRG WHDULQJ<br />

RFFXUV ZKHQ FXWWLQJ DORQJ ZRRG JUDLQ XVLQJ XS<br />

FXWWLQJ (OHFWULFDO FXUUHQW UHTXLUHG GHFUHDVH ZLWK<br />

LQFUHDVHRIWKHVSHHG3UHGLFWLRQHUURUVE\WKHQHXUDO<br />

QHWZRUNVDSSHDUWREHDFFHSWDEOH<br />

)DFXOW\RI6FLHQFH<br />

,&6758&785$/&+$1*($1'.,1(7,&6<br />

678'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

DUHLQLWLDWHGDQGJURZQ8SRQSRO\PHUL]DWLRQWKH<br />

ODWWLFH VWUDLQ GHVWUR\V 'UHJLVWU\ EHWZHHQ WKH<br />

OD\HUVDQGIRUPV D 'VWUXFWXUH DV D VPHFWLF &<br />

RU * SKDVH 7KLV OD\HUHG VWUXFWXUH DOORZV<br />

VKHDUHG GHIRUPDWLRQ EHWZHHQ OD\HUOLQHV DQG<br />

H[SODLQV WKH ORZ VKHDU PRGXOXV DQG HDVLO\<br />

LQGXFHG FKURPLF EOXHWRUHG WUDQVLWLRQ RI WKH<br />

EOXH3'$7KHRQVHWRIWKHFKURPLFFKDQJHFDQ<br />

EHLQGLFDWHGIURPWKHNLQHWLFVGDWD7KLVRQVHWLV<br />

LPSRUWDQWLQREWDLQLQJWKHSXUHEOXH3'$SKDVH<br />

ZKLFKLVXVHIXODVDFKURPLFVHQVRULQJPDWHULDO<br />

,&&203$5$7,9(678'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

0,;(':$67(:$7(5)520'2%2'&2'<br />

$1'62/,'$1$/


&RPSRVWLQJ LQ WKLV UHVHDUFK ZDV<br />

FRQGXFWHG E\ XVLQJ VOXGJH IURP ZDVWHZDWHU<br />

WUHDWPHQW V\VWHP LQ SLJ IDUP WR EH PL[HG ZLWK<br />

JUDVV DQG ULFH KXVN 7KH PL[LQJ UDWLRV EHWZHHQ<br />

VOXGJHJUDVVULFHKXVNZHUHDQG<br />

UHVSHFWLYHO\ ZHW ZHLJKW 'XULQJ<br />

FRPSRVWLQJSURFHVVGD\VWKHUDWLR EHWZHHQ<br />

FDUERQ DQG QLWURJHQ &1 ZDV GHFUHDVHG IURP<br />

DQGWRDQGIRUWKHFRPSRVWDW<br />

WKH UDWLR RI VOXGJH JUDVV DQG ULFH KXVN RI<br />

DQGUHVSHFWLYHO\7KHFRORU<br />

RIWKHFRPSRVWZDVGDUNHQGXULQJWKHFRPSRVWLQJ<br />

SURFHVV 7KH WHPSHUDWXUH RI WKH FRPSRVW ZDV<br />

EHWZHHQ R & 7KH PRLVWXUH FRQWHQW RI<br />

WKH FRPSRVW ZDV EHWZHHQ R & ZKLFK ZDV D<br />

VXLWDEOHFRQGLWLRQIRUFRPSRVWLQJSURFHVV7KHS+<br />

YDOXH ZDV EHWZHHQ IRU DOO H[SHULPHQWV<br />

$IWHUFRPSRVWLQJSURFHVVWKHRUJDQLFVXEVWDQFHLQ<br />

WKH FRPSRVW ZDV PHDVXUHG E\ ,QIUDUHG<br />

6SHFWURVFRS\7KHUHZHUHSHDNRIDPLQRDW<br />

FP SRO\VDFFKDULGHDWFP DQGDURPDWLFDW<br />

FP 7KH TXDQWLW\ RI SKRVSKRUXV DV<br />

3 2 DQGSRWDVVLXPDV. 2ZHUH<br />

DQG UHVSHFWLYHO\ 7KH<br />

TXDQWLW\ RI SRWDVVLXP ZDV H[FHHG WKH YDOXH<br />

ZKLFK ZDV JLYHQ E\ /DQG 'HYHORSPHQW<br />

'HSDUWPHQW 0LQLVWU\ RI $JULFXOWXUH DQG<br />

&RRSHUDWLYHV 13 2 . 2 RI 7KH<br />

FRPSRVW ZDV XVHG LQ WKH JHUPLQDWLRQ<br />

H[SHULPHQWV RI PXQJ EHDQ VHHG ,W ZDV IRXQG<br />

WKDWWKHVXLWDEOHFRQGLWLRQVIRUVHHGJHUPLQDWLRQ<br />

H[SHULPHQWV ZHUH WKH UDWLR RI VRLO WR FRPSRVW<br />

UDWLR RI RI ZKLFK JDYH WKH KLJKHVW<br />

SHUFHQWRIJHUPLQDWLRQ<br />

,&*$//27$11,1$6&203/(;,1*<br />

$*(17)250(7$/,216$33/,&$7,21<br />

)255(029$/0(7$/6)520:$7(5<br />

6$03/(6<br />

$XWKRUV 3RWMDQHH3D\VXZDQ<br />

&KDLUDW3DPDNKDWD\<br />

1LVDNRUQ7KRQJNRQ<br />

3UHVHQWHG 7KH QG $VLDQ,QWHUQDWLRQDO<br />

&RQIHUHQFHRQ(FRWR[LFRORJ\DQG<br />

(QYLURQPHQWDO6DIHW\6(&272;<br />

6HSWHPEHU<br />

%36DPLOD%HDFK+RWHO6RQJNOD<br />

7KDLODQGS<br />

7DQQLF VXEVWDQFHV DUH SUHVHQW LQ D ODUJH<br />

YDULHW\ RI PDWHULDOV DQG SURGXFWV IUXLWV<br />

EHYHUDJHV DV ZLQH EHHU WHD RU FRIIHH DQG<br />

HQYLURQPHQWDOVDPSOHV7KH\FRQWDLQDSRO\<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

K\GUR[\SKHQ\O JURXSV ZKLFK KDYH D KLJK<br />

DIILQLW\IRU PHWDOLRQV7KHUHIRUHWKH\KDYH DQ<br />

DELOLW\ WR SUHFLSLWDWH PHWDO LRQV VHSDUDWHO\ IURP<br />

DTXHRXV VROXWLRQ ,Q WKLV FRQWH[W WKH<br />

SUHFLSLWDWLRQ RI &RSSHU,, =LQF ,, &KURPLXP<br />

,,, DQG &KURPLXP9, E\ JDOORWDQQLQ<br />

K\GURO\VDEOH WDQQLQ KDV EHHQ VWXGLHG E\<br />

FKDQJLQJ PHWDOWDQQLQ PROH UDWLRQ ZLWKZLWKRXW<br />

S+DGMXVWPHQW:LWKRXWDGGLQJDFHWDWHEXIIHUWKH<br />

UHVXOWV VKRZHG WKDW WKH H[WHQW RI =LQF<br />

SUHFLSLWDWLRQ ZDV KLJKHU WKDQ WKDW RI &RSSHU,,<br />

&KURPLXP ,,, DQG &KURPLXP 9, 7KH<br />

RSWLPXPPHWDOWDQQLQPROHUDWLRZDV<br />

DQG IRU =LQF,, &RSSHU ,,<br />

&KURPLXP,,, DQG &KURPLXP9, UHVSHFWLYHO\<br />

$IWHUDGGLQJDFHWDWHEXIIHULWZDVIRXQGWKDW WKH<br />

SHUFHQWDJH RI &RSSHU,, &KURPLXP,,, DQG<br />

&KURPLXP9, SUHFLSLWDWLRQ ZHUH LQFUHDVHG<br />

&RSSHU SUHFLSLWDWLRQ ZDV LQFUHDVHG ZKHQ DFHWDWH<br />

EXIIHUS+ZDVFKDQJHGUDQJLQJIURP$WS+<br />

WKH KLJKHVW \LHOG RI &RSSHU SUHFLSLWDWLRQ ZDV<br />

REWDLQHG IRU ,W ZDV IRXQG WKDW =LQF,,<br />

&KURPLXP,,,DQG&KURPLXP9,ZHUHQRW<br />

TXDQWLWDWLYHO\SUHFLSLWDWHGZLWKWDQQLQDOWKRXJK<br />

S+FRQWUROZDVFDUULHGRXWLQWKHS+UDQJHRI<br />

7KH PD[LPXP SUHFLSLWDWLRQ RI =LQF,,<br />

&KURPLXP,,, DQG &KURPLXP9, ZHUH UHDFKHG<br />

ZLWKLQ KRXUV ZKLOH &RSSHUWDQQLQ QHHGHG <br />

KRXUV IRU SUHFLSLWDWLRQ 7KH FRQFHQWUDWLRQ RI<br />

PHWDOV LQ VXSHUQDWDQW ZDV GHWHUPLQHG E\<br />

LQGXFWLYHO\ FRXSOHG SODVPD DWRPLF HPLVVLRQ<br />

VSHFWURPHWU\ 7KH PHWKRG ZRXOG EH DSSOLHG WR<br />

UHPRYHPHWDOLRQVLQZDWHUVDPSOHV<br />

,&'(7(50,1$7,212)6(/(1,80,1<br />

0,/.352'8&7%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

WR WKHLU SURWHLQ DQG PLQHUDO FRQWHQWV 0LON<br />

VDPSOH ZHUH GLJHVWHG LQ +12 + 2 <br />

PL[WXUHE\DPLFURZDYHGLJHVWLRQSURFHGXUH7KH<br />

'3&69RIPLONVDPSOHVLQ0+&,VROXWLRQ<br />

VKRZHG D SHDN RI VHOHQLXP DW 9 YHUVXV<br />

$J$J&O UHIHUHQFH HOHFWURGH 7KH VHOHQLXP<br />

FRQFHQWUDWLRQVKRZHGWKHOLQHDULW\UDQJHEHWZHHQ<br />

J/ ZLWKDFRUUHODWLRQFRHIILFLHQWRI<br />

DQG ZLWK WKH FRHIILFLHQW RI YDULDWLRQ RI <br />

7KH SURSRVHG PHWKRG SURYLGHV D VLPSOH DQG<br />

VXLWDEOHSURFHGXUHIRUWKHGHWHUPLQDWLRQRIWUDFH<br />

DPRXQWVRIVHOHQLXP6HOHQLXPFRQWHQWVRIPLON<br />

VDPSOHVZHUHREWDLQHGEHWZHHQJ/ <br />

ZLWK WKH SHUFHQWDJH RI UHFRYHU\ LQ EHWZHHQ<br />

&RPSDUHG WR WKH SXEOLVKHG<br />

PHWKRGVWKHSUHVHQWPHWKRGLVIDVWHUSHUIRUPHG<br />

XQGHUPLOGFRQGLWLRQVDQGUHTXLUHVOHVVDPRXQWRI<br />

VDPSOHV<br />

,&$'62537,212)&233(5,,,21%<<br />

2/,*26$/,&


$XVWUDOLD<br />

$OXPLQXP LRQ ZDV UHFRYHUHG IURP<br />

ZDWHU WUHDWPHQWV VOXGJH GULHG DW 2& R DQG<br />

2& R E\ + 62 +&,+&,2 DQG +12 DWWKH<br />

LQLWLDOS+UDQJHEHWZHHQDQG1D2+DW<br />

WKH S+ UDQJH RI ,W ZDV IRXQG WKDW<br />

+ 62 ZDVWKHPRVWHIIHFWLYHVROXWLRQZKLFKDW<br />

WKHOLTXLGWRVROLG2& R UDWLRRIPOJDQG<br />

KU RI FRQWDFW WLPH WKH H[WUDFWLRQ VROXWLRQ<br />

FRQWDLQHGPJ$,/RUPJ$,JVOXGJH<br />

7KHUHFRYHU\DOXPLQXPVROXWLRQFRQWDLQHG<br />

RI$, 2 E\ZWZKLFKLVORZHUWKDQWKHPLQLPXP<br />

UHTXLUHPHQWIRUWKHFRPPHUFLDOEDX[LWH VROXWLRQ<br />

7KH UHFRYHU\ DOXPLQXP VROXWLRQ ZDV<br />

UHXVHGWRWUHDWWKHUDZZDWHUDQGZDVIRXQGWREH<br />

DV HIIHFWLYH DV WKH FRPPHUFLDO EDX[LWH VROXWLRQ<br />

%XW KRZHYHU WKH UHFRYHU\ VROXWLRQ ZRXOG FRVW<br />

DERXWVHYHQWLPHVKLJKHUWKDQWKHEDX[LWHVROXWLRQ<br />

GXHWRWKHFRVWRIVXOIXULFDFLG<br />

,&3+272'(*5$'$7,212)/,*1,1,1<br />

7+(35(6(1&(2)6(0,&21'8&725<br />

2;,'(6<br />

$XWKRUV 1LVDUD:DHQNDHZ<br />

:LWWD\D'HHNKXP<br />

%HQFKDQJ6DQJFKDNU<br />

3UHVHQWHG 7KH QG $VLDQ,QWHUQDWLRQDO<br />

&RQIHUHQFHRQ(FRWR[LFRORJ\DQG<br />

(QYLURQPHQWDO6DIHW\6(&272;<br />

6HSWHPEHU<br />

%36DPLOD%HDFK+RWHO6RQJNOD<br />

7KDLODQG<br />

7KH SKRWRFDWDO\WLF GHJUDGDWLRQ RI OLJQLQ<br />

KDV EHHQ LQYHVWLJDWHG LQ DTXHRXV KHWHURJHQHRXV<br />

VROXWLRQV FRQWDLQLQJ VHPLFRQGXFWRU R[LGHV DV<br />

SKRWRFDWDO\VWV 7KH UHDFWLRQV ZHUH FDUULHG RXW LQ<br />

WKHS\UH[JODVVERWWOHVLUUDGLDWHGZLWKDKLJK<br />

SUHVVXUH PHUFXU\ ODPS 7KH 899LVLEOH<br />

VSHFWURSKRWRPHWHU ZDV XVHG WR PRQLWRU WKH<br />

UHDFWLRQV 7KH GLVDSSHDUDQFH RI WKH RUJDQLF<br />

PROHFXOH IROORZV DSSUR[LPDWHO\ D SVHXGRILUVW<br />

RUGHU NLQHWLF DFFRUGLQJ WR WKH /DQJPXLU<br />

+LQVKHOZRRG PRGHO 7KH HIIHFW RI S+ DQG<br />

. 6 2 RQWKHUHDFWLRQUDWHZDVDOVRVWXGLHG<br />

,&217+(,1'21(6,$17+528*+<br />

)/2:,17+(2&&$002'(/)25&('%<<br />

&/,0$72/2*,&$/$1'6,;+285/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

FRQVLGHUDEOH YDULDELOLW\ LQ WKH IORZ :LWK VL[<br />

KRXO\ZLQGVWKHWRWDOWUDQVSRUWFDQUHDFK6Y,W<br />

FDQDOVRUHYHUVHLQGLUHFWLRQ9DULDELOLW\LVVHHQDW<br />

VHDVRQDO VFDOHV DQG DW KLJK IUHTXHQFLHV ZLWK<br />

SHULRGVRIMXVWDIHZGD\V,QWKHQRUWKHUQVHFWLRQV<br />

WKHUH LV DOVR VLJQLILFDQW HQHUJ\ DW SHULRGV DURXQG<br />

WZRPRQWKV<br />

,&)$&7256$))(&7,1*7+(/($51,1*<br />

$&+,(9(0(172)%86,1(66&20387(5<br />

678'(176,1+,*+(592&$7,21$/<br />

&(57,),&$7(/(9(/2)7(&+1,&$/<br />

&2//(*(692&$7,21$/('8&$7,21<br />

&200,66,21,17+(&(175$/5(*,21<br />

$XWKRUV $GLVDN3RQJSXOSRQVDN<br />

3DLURDM7LUDQDWKDQDNXO<br />

:LODZDQ&KDLQDQW<br />

3UHVHQWHG ,QWHUQDWLRQDO5HVHDUFK<br />

&RQIHUHQFHRQ9RFDWLRQDO<br />

(GXFDWLRQDQG7UDLQLQJ$XJXVW<br />

%DQJNRN7KDLODQG<br />

7KH SXUSRVH RI WKLV UHVHDUFK ZDV WR<br />

VWXG\IDFWRUVDIIHFWLQJOHDUQLQJDFKLHYHPHQWRI<br />

%XVLQHVV &RPSXWHU VWXGHQWV LQ +LJKHU<br />

9RFDWLRQDO &HUWLILFDWH OHYHO RI 7HFKQLFDO<br />

&ROOHJHV 9RFDWLRQDO (GXFDWLRQ &RPPLVVLRQ LQ<br />

WKH &HQWUDO 5HJLRQ 7KH VDPSOLQJ JURXSV ZHUH<br />

VWXGHQWV ZKR ZHUH VHOHFWHG E\ VWUDWLILHG<br />

UDQGRP VDPSOLQJ ,QVWUXPHQWV RI WKLV UHVHDUFK<br />

ZHUH TXHVWLRQQDLUHV DQG WHVWV 'DWD ZHUH<br />

DQDO\]HG E\ XVLQJ WKH SHUFHQWDJH PHDQ<br />

VWDQGDUG HUURU DQG PXOWLQRPLDO ORJLVWLF<br />

UHJUHVVLRQ DQDO\VLV 7KH UHVXOWV LQGLFDWHG WKDW<br />

PDMRULW\ RI VWXGHQWV ZHUH IHPDOHV ZKR KDG<br />

FRPSXWHU DW KRPH 0RVW RI WKHP ZHUH<br />

XQHPSOR\HGGXULQJWKHLUVWXGLHV7KHLUSDUHQWV<br />

RFFXSDWLRQ ZHUH HPSOR\HHV 7KH KLJKHVW<br />

HGXFDWLRQDO OHYHO RI WKHLU SDUHQWV ZHUH SULPDU\<br />

VFKRRO 7KH DQDO\VLV VKRZHG WKDW DWWLWXGH<br />

PRWLYDWLRQ DFKLHYHPHQW UHVSRQVLELOLWLHV DQG<br />

EDVLF VNLOO LQ RSHUDWLQJ FRPSXWHU DIIHFWHG WKH<br />

OHDUQLQJ DFKLHYHPHQW RI %XVLQHVV &RPSXWHU<br />

VWXGHQWV<br />

,&86,1*32/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

FRPSRVLQJRIWKUHHGLIIHUHQWVXEXQLWVDQG<br />

N'D7KHDEVRUSWLRQVSHFWUXPZDVFKDUDFWHULVWLF<br />

E\ WKH SUHVHQFH RI F\WRFKURPH F OLNH RWKHU<br />

KHWHURWULPHULFKHPRSURWHLQGHK\GURJHQDVHV<br />

,&=(52&$/25,(68*$5352'8&7,21<br />

%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

'XDQJWLS0RRQPDQJPHH<br />

2VDR$GDFKL+LURKLGH7R\DPD<br />

.D]XQREX0DWVXVKLWD<br />

3UHVHQWHG 7KH VW .0,7/,QWHUQDWLRQDO<br />

&RQIHUHQFHRQ,QWHJUDWLRQRI<br />

6FLHQFHDQG7HFKQRORJ\IRU<br />

6XVWDLQDEOH'HYHORSPHQW<br />

$XJXVW%DQJNRN<br />

7KDLODQG9RO<br />

:KROHFHOO SRO\VDFFKDULGH FRPSRVLWLRQ<br />

KDV EHHQ VKRZQ WR EH XVHG IRU FODVVLILFDWLRQ RI<br />

$FHWREDFWHU VSHFLHV 7KH FRPSRVLWLRQ ZDV<br />

DQDO\]HGE\XVLQJVLPSOHDQGUDSLGPHWKRGV7/&<br />

IROORZLQJ K\GURO\VLV RI EDFWHULDO FHOOV ZLWK 7)$<br />

$V WKH UHVXOWV $FHWREDFWHU VWUDLQV FRXOG EH<br />

FODVVLILHG LQWR ILYH JURXSV JURXS , $ [\OLQXP<br />

JURXSDUHFRPSRVHGRIRQO\JOXFRVHJURXS,,$<br />

DFHWLJURXSRIERWKJOXFRVHDQGUKDPQRVHJURXS<br />

,,, $ PHWKDQROLFXV JURXS RI JOXFRVH JDODFWRVH<br />

UKDPQRVH JO\FHULF DFLG JURXS ,9<br />

$SDVWHXULDQXV JURXS RI JOXFRVH UKDPQRVH DQG<br />

[\ORVHDQG9XQLGHQWLILHG$FHWREDFWHU6.8<br />

JURXS FRPSRVHG RI RQO\ JOXFRVH JDODFWRVH DQG<br />

UKDPQRVH<br />

,&',9(56,7


H[SUHVVLQJ VWUDLQV IURP D OLEUDU\ RI<br />

*OXFRQREDFWHU VSHFLHV LVRODWHG IURP 7KDLODQG<br />

WKH\ ZHUH JURZQ SULPDULO\ LQ SRWDWR EURWK<br />

PHGLXPDQGWKHQWUDQVIHUUHGWR


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

VWXGLHG3HUFHQWDJHRIIHDWKHUGHJUDGDWLRQSURWHLQ<br />

DQG DPLQR DFLG FRQWHQW LQ VDPSOHV ZHUH<br />

HYDOXDWHG1XWULWLRQDOYDOXHLQK\GURO\]HGIHDWKHU<br />

ZDVGHWHUPLQHG<br />

7KH NHUDWLQDVH IURP %DFLOOXV<br />

OLFKHQLIRUPLV).KDGRSWLPDODWS+DQG<br />

R & ,QLWLDO WUHDWPHQW RI IHDWKHU E\ VWHULOL]DWLRQ<br />

KDG VLJQLILFDQWO\ LQIOXHQFHG RQ IHDWKHU<br />

GHJUDGDWLRQE\WKHHQ]\PH7KHFRQGLWLRQIRUWKH<br />

PD[LPXP IHDWKHU GHJUDGDWLRQ ZDV K\GURO\VLV<br />

WLPH DW KU D WHPSHUDWXUH RI R & DQG D<br />

VKDNLQJVSHHGRIUSPRQVWHULOL]HGIHDWKHU<br />

7KHGHJUDGHGIHDWKHUE\HQ]\PDWLFK\GURO\VLVKDG<br />

QXWULWLRQDOYDOXHVVLPLODUWRIHDWKHUPHDODQGFRXOG<br />

EHDSSOLHGIRUDQLPDOIHHG<br />

,&3(5)250$1&(2)83)/2:<br />

$1$(52%,&6/8'*(%/$1.(78$6%<br />

5($&72575($7,1*58%%(5/$7(;<br />

:$67(:$7(581'(5$&,'2*(1,&<br />

&21',7,21<br />

$XWKRUV 6LYDZDQ3KRROSKXQGK<br />

1DUDSRUQ+DQYDMDQDZRQJ<br />

.KDQLWWD+DWKDLVDPLW<br />

3UHVHQWHG 7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

:DVWHZDWHU IURP FRQFHQWUDWHG ODWH[<br />

IDFWRU\ LV RQH RI WKH LPSRUWDQFH VRXUFHV RI<br />

SROOXWLRQEHFDXVHRILWVKLJKRUJDQLFFRQWHQWVDQG<br />

VXOIDWHFRQFHQWUDWLRQ7KHDQDHURELFSURFHVVHVDUH<br />

ZLGHO\ XVHGWRWUHDWWKHUXEEHUODWH[ ZDVWHZDWHU<br />

7KH K\GURO\VLVDFLGRJHQHVLV RI ZDVWHZDWHU LQ WKH<br />

DQDHURELF V\VWHP LV JUHDWO\ LQIOXHQFHG E\ WKH<br />

FKHPLFDO QDWXUH RI ZDVWHZDWHU DQG K\GUDXOLF<br />

UHWHQWLRQ WLPH +57 7KLV VWXG\ ZDV DLPHG WR<br />

DVVHVV WKH SHUIRUPDQFH RI DQ XSIORZ DQDHURELF<br />

VOXGJHEODQNHW8$6%UHDFWRUWUHDWLQJUXEEHUODWH[<br />

ZDVWHZDWHU XQGHU DFLGRJHQLF FRQGLWLRQV $<br />

ODERUDWRU\VFDOH8$6%UHDFWRU/ZDVRSHUDWHG<br />

DW +57V RI DQG K ZKLOH WKH LQIOXHQW<br />

&2'ZDVNHSWFRQVWDQWDERXWPJ/DQGS+<br />

ZDV 5HVXOWV VKRZHG WKDW WKH UHPRYDO<br />

HIILFLHQFLHVRI&2'DQGVXOIDWHLQFUHDVHGZLWKWKH<br />

+57IURPDQGDW+57RIK WR<br />

DQG DW +57 RI K UHVSHFWLYHO\ 7KH<br />

UHPRYDO RI &2' DQG VXOIDWH PD\ EH GXH WR WKH<br />

DFWLYLW\RIERWKK\GURO\WLFEDFWHULDDQGVXOIDWH<br />

<br />

UHGXFLQJ EDFWHULD 65% FRUUHVSRQGLQJ WR WKH<br />

LQFUHDVLQJRIHIIOXHQWDONDOLQLW\DQGWKHHIIOXHQWS+<br />

S+$W+57RIDQGKWKHYRODWLOHIDWW\<br />

DFLG 9)$ PJ DV &+ &22+ FRQFHQWUDWLRQ LQ<br />

WKHHIIOXHQWZDVKLJKHUWKDQLQWKHLQIOXHQWLQGLFDWHG<br />

KLJK GHJUHH RI DFLGLILFDWLRQ 'HWHUPLQDWLRQ RI<br />

9)$V W\SH E\ JDV FKURPDWRJUDSK\ *& UHYHDOHG<br />

WKDWDFHWLFDFLGZDVWKHPDLQO\FRPSRQHQW<br />

,&$&7,9,7,(6$1'0253+2/2*


EDFWHULDZDVIRXQGRQWKHVXUIDFHRIVOXGJHIURP<br />

UHDFWRU0ZKHUHDVFRFFLEDFWHULDZDVIRXQGRQO\<br />

RQWKHVXUIDFHRIVOXGJHIURPUHDFWRU/<br />

7KH ORZ DFLGRJHQLF DQG PHWKDQRJHQLF<br />

DFWLYLW\RIERWKVOXGJHPD\EHGXHWRWKHQHJDWLYH<br />

HIIHFWRIVXOSKDWHRQHRIWKHFRPSRVLWLRQLQODWH[<br />

SURFHVVLQJZDVWHZDWHURQEDFWHULDOPHWDEROLVP<br />

,&&203$5,6212)75$',7,21$/7+$,<br />

$/&2+2/,&%(9(5$*($1'8*$1'$1<br />

%((5'581.:,7+675$:6<br />

$XWKRUV


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

7KLVUHVHDUFKDLPHGWRGHYHORSDQ H[SHUW<br />

V\VWHP IRU XWLOL]LQJ DQG GHWHUPLQLQJ WKH<br />

GHIHFWLYHQHVVRIWHOHYLVLRQUHFHLYHU7KHVRXUFHRI<br />

NQRZOHGJHZDVHOLFLWHGE\PHDQVRILQWHUYLHZLQJ<br />

UHDO H[SHUWV DQG H[WUDFWLRQ IURP WH[WERRNV ,I<br />

7KHQ(OVH5XOHVZHUHXVHGDVWKHNQRZOHGJH<br />

UHSUHVHQWDWLRQWHFKQLTXHDQGLQIHUHQFHPHFKDQLVP<br />

LQFOXGHG ERWK IRUZDUG DQG EDFNZDUG FKDLQLQJ<br />

7KHV\VWHPZDVLPSOHPHQWHGXVLQJ9LVXDO%DVLF<br />

DQG GDWDEDVH RI $FFHVV 7KH V\VWHP ZDV<br />

WHVWHG E\ D JURXS RI H[SHUWV DQG SRWHQWLDO XVHUV<br />

DQGWKHUHVXOWVDUHVDWLVIDFWRU\<br />

,&)$&7256$))(&7,1*678'(176<br />

/($51,1*$&&25',1*72<br />

&216758&7,21,607+(25<<br />

$XWKRUV .DOD\DQHH-LWJDUXQ<br />

6DNHVXQ


HGXFDWLRQ<br />

,&$1,17(5$&7,9(/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ZRXOG VLW RQ WKH VLPXODWRU DQG DEOH WR FRQWURO<br />

WKH UDGLR FRQWUROOHG FDU $W WKDW PRPHQW FDU<br />

UHDFWLRQ IURP URXJKQHVV VXUIDFH RI URDG ZRXOG<br />

HIIHFWWRXVHUDVLIKHVDWRQWKDWSODFH$VWKH<br />

KDSSHQLQJ RI WKDW HYHQWV WKH SURJUDP ZDV<br />

GHYHORSHGE\XVLQJ0LFURVRIW9LVXDO%DVLF<br />

WR SUHSDULQJ LPDJHV DQG XVLQJ 0LFURFRQWUROOHU<br />

WRUHFHLYHWKHVSHHGDQGFKRNHOHYHO7KDWHQWLUH<br />

WKLQJDQGWLPHOHIWZHUHVKRZHGDWWKHVLPXODWRU<br />

VFUHHQ OLNH LWV FRFNSLW DQG DOVR KDYLQJ<br />

EDFNJURXQG PXVLF ZKLFK ZRXOG PDNH WKH XVHU<br />

KDYLQJIXQDQGDOVRKDYLQJEDVLFVNLOO EHIRUH KH<br />

GURYHLQWKHUHDOHYHQW)LQDOO\WKHUHVHDUFKZDV<br />

HYDOXDWHG IURP H[SHUW DQG DOVR ILQGLQJ XVHUV<br />

VDWLVIDFWLRQ IURP VDPSOH XVHUV ZKR ZHUH<br />

LQWHUHVWLQJLQWKLVSURMHFW<br />

7KH UHVXOW IURP HYDOXDWLRQ DQG ILQGLQJ<br />

XVHUV VDWLVIDFWLRQ VKRZHG WKDW WKH PHDQ ZHUH<br />

DQG UHVSHFWLYHO\ 7KLV PHDQ WKH<br />

UHVHDUFKKDGDJRRGTXDOLW\DQGZDVDEOHWRXVH<br />

DVDSURWRW\SHRIFDUGULYLQJVLPXODWLRQ<br />

,&7+(0($685(0(172)3+9$/8(<br />

$1':$7(57(03(5$785()25)((',1*<br />

%/$&.7,*(535$:169,$$&(//3+21(<br />

$XWKRUV 6XUL\RQJ/HUWNXOYDQLFK<br />

6XZDQQD6RPEXQVXNKR<br />

7UDNXO3HUPSRRO:DLZDW6DLWXP <br />

.ROODWRXFK3HWFKSDWKRPFKRO<br />

6XPRQ7DHFKDPDOXDQJNXO<br />

$QHN6DODQRQ<br />

3UHVHQWHG 7KH WK *OREDO&RQJUHVVRQ<br />

(QJLQHHULQJ(GXFDWLRQ-XO\<br />

0HQDP5LYHUVLGH+RWHO<br />

%DQJNRN7KDLODQGSS<br />

7LJHU SUDZQV UDQN DV WKH WRS VRXUFH RI<br />

LQFRPH IURP DQLPDOV IRU 7KDLODQG +RZHYHU<br />

WLJHUSUDZQVQHHGWRKDYHFORVHDWWHQWLRQIURPWKH<br />

IDUPHUV VLQFH WKH\ DUH YHU\ VHQVLWLYH WR<br />

HQYLURQPHQWDO FKDQJHV HVSHFLDOO\ FKDQJHV LQ<br />

ZDWHU TXDOLW\ 7KH FXUUHQW SURMHFW RI S+ DQG<br />

ZDWHU WHPSHUDWXUH PHDVXUHPHQW WKURXJK PRELOH<br />

SKRQHV LQYHVWLJDWHV WKH SURFHVV RI :LUHOHVV<br />

$SSOLFDWLRQ 3URWRFRO :$3 D V\VWHP WKDW<br />

WUDQVIHUV LQIRUPDWLRQ YLD PRELOH SKRQHV DQG LWV<br />

DSSOLFDWLRQ WR D PLFURFRQWUROOHU HTXLSSHG ZLWK<br />

S+ DQG ZDWHU WHPSHUDWXUH VHQVRUV 7KLV SURMHFW<br />

DLPVWRGHYHORSDZLUHOHVVFRPPXQLFDWLRQV\VWHP<br />

WKDWHQDEOHVIDUPHUVWRFRQWUROWKHRSWLPDO ZDWHU<br />

TXDOLW\ IRU WLJHU SUDZQV 7KH DYHUDJH VFRUH RI<br />

QRUPDOXVHUVUHJDUGLQJGHVLJQZDVZKLOHWKH<br />

DYHUDJHVFRUHFRQFHUQLQJXVDJHZDVDQGWKH<br />

<br />

DYHUDJHVFRUHIRUHIILFLHQF\ZDVZKLFKFRXOG<br />

DOO EH LQWHUSUHWHG DV JRRG ([SHUWV HYDOXDWHG WKH<br />

TXDOLW\LQWKHSDUWRIWKHGHVLJQDVKDYLQJDJRRG<br />

OHYHORITXDOLW\; ZKLOHWKHLUHYDOXDWLRQ<br />

FRQFHUQLQJXVDJHUDWHGLWDVJRRG; DQG<br />

WKHH[SHUWVDOVRUHJDUGHGWKHHIILFLHQF\DVEHLQJ<br />

RIDJRRGOHYHORITXDOLW\; <br />

,&08/7,0(',$'(9(/230(17)25<br />

7+$,&8/785(('8&$7,21&$6(678'<<br />

$:(%6,7('(9(/230(17)257($&+,1*<br />

7+$,'(66(576&22.,1*<br />

$XWKRUV 6XZDQQD6RPEXQVXNKR<br />

6XUL\RQJ/HUWNXOYDQLFK<br />

1LSDSRUQ6LULQDQWDFKDL<br />

3DULFKDW.RQJVXSDSVLUL<br />

3UHVHQWHG :RUOG&RQIHUHQFHRQ(GXFDWLRQ<br />

0XOWLPHGLD+\SHUPHGLD<br />

7HOHFRPPXQLFDWLRQV(G0HGLD<br />

-XQH/XJDQR<br />

6ZLW]HUODQG<br />

7KHPDLQSXUSRVHRIWKLVSURMHFWZDVWR<br />

FRQVHUYH 7KDL WUDGLWLRQDO GHVVHUWV ZKLFK LV D<br />

7KDL XQLTXH FXOWXUH 7RGD\ OHDUQLQJ WR FRRN<br />

7KDL WUDGLWLRQDO GHVVHUWV LV UHODWLYHO\ GLIILFXOW<br />

EHFDXVH VRPH RI WKHP KDYH HODERUDWH GHWDLOV<br />

WKDW DUH KDUG WR IROORZ DQG VRPH RI WKHP DUH<br />

DOPRVW ORVW LQ WLPH 7KHUHIRUH LQ RUGHU WR<br />

FRQVHUYH WKH SDUWLFXODU FXOWXUH RI 7KDL GHVHUWV<br />

WKH SURMHFW KDG GHYHORSHG D ZHEVLWH WR WHDFK<br />

FRRNLQJ 7KDL GHVVHUWV YLD LQWHUQHW V\VWHP<br />

0XOWLPHGLD WHFKQRORJ\ V\VWHP ZDV<br />

LPSOHPHQWHG IRU GHYHORSLQJ WKH ZHEVLWH 7KH<br />

VDPSOHJURXSRISHRSOHLVVWXGHQWVRI.LQJ<br />

0RQJNXWV 8QLYHUVLW\ RI 7HFKQRORJ\<br />

7KRQEXUL7KHJURXSZDVLQVWUXFWHGWRWU\RXWWKH<br />

7KDL GHVVHUWV VWHSE\VWHS FRRNLQJ UHFLSH<br />

WKURXJK WKH GHYHORSHG ZHEVLWH $IWHU<br />

H[SHULPHQWHG WKH JURXS DVVHVVHG VDWLVIDFWLRQ<br />

DQG TXDOLW\ RI WKH ZHEVLWH 7KH GDWD RI WKH<br />

DVVHVVPHQW KDG EHHQ FROOHFWHG DQG DQDO\]HG<br />

7KH UHVXOW GHPRQVWUDWHG WKDW WKH TXDOLW\ RI WKH<br />

ZHEVLWHLVDWJRRGOHYHODQGPHHWVDPSOHJURXSV<br />

VDWLVIDFWLRQ 7KHUHIRUH WKH 7KDL GHVVHUW<br />

FRRNLQJWHDFKLQJZHEVLWHHQDEOHVXVWRXVHLQ<br />

DXWKHQWLFOHDUQLQJWHDFKLQJ<br />

,&7+(9,578$/,1)250$7,216


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

:XWDFKDL0DOLJXQ<br />

$QXVRUQ6ULNKDMRKQODE<br />

1DUDWLS3RNDEDO<br />

3UHVHQWHG 7KH WK $QQXDO&RQIHUHQFHRIWKH<br />

$OO,QGLD$VVRFLDWLRQIRU(GXFDWLRQDO<br />

5HVHDUFK-DQXDU\<br />

5DMNRW,QGLD<br />

7KH SXUSRVH RI WKLV UHVHDUFK ZDV WR<br />

FRQVWUXFW 7KH 9LUWXDO ,QIRUPDWLRQ 6\VWHP RI<br />

3XUFKDVLQJ DQG 6HOOLQJ ZLWK 3DQRUDPD<br />

7HFKQRORJ\ E\ XVLQJ 3URJUDP 0DFURPHGLD<br />

'UHDP ZHDYHU ZKLFK ZDV PDLQ SURJUDP DQG<br />

SUHVHQWDWLRQDQG'9LVWDWRFUHDWSDQRUDPDDQG<br />

3+3WRFRQQHFWZLWK'DWDEDVH0\64/<br />

7KH UHVXOW RI (YDOXDWLRQ RI WKH SURMHFW<br />

ZDVWKHDYHUDJHVFRUH $QGIURPWKHXVHUV<br />

ZKLFK ZDV DQ H[DPSOH JURXS KDG WKH UHVXOW RI<br />

DWWLWXGHHYDOXDWLRQLQVDWLVIDFWLRQZDVWKHDYHUDJH<br />

VFRUH ZKLFKWKHTXDOLW\ RISURJUDP ZDV<br />

GHPRQVWUDWHG LQ EHVW OHYHO 7KDW VKRZHG 7KH<br />

9LUWXDO ,QIRUPDWLRQ 6\VWHP RI 3XUFKDVLQJ DQG<br />

6HOOLQJZLWK3DQRUDPD7HFKQRORJ\FRXOGDSSOLHG<br />

WRUHDOVLWXDWLRQ<br />

,&$&216758&7,21&20387(5<br />

$66,67(',16758&7,213$&.$*()25<br />

',*,7$/&$0(5$<br />

$XWKRUV 3RODUDW/XNVDQHH\DQDZLQ<br />

6RSRQ0HHMDOHXUQ<br />

6DNHVXQ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

*$0(21/,1($66(57,9(1(66<br />

$XWKRUV -DUL\D1HDQFKDOHD\<br />

.XQWLGD7KDPZLSDW<br />

6DNVXQ


WKHLWHPVLQWKHSURJUDPWHVW7KHQWKHSURJUDP<br />

ZRXOG UHFRUG HDFK VFRUH LWHP $IWHU WKH\ ILQLVKHG<br />

WKH WHVW WKH WRWDO VFRUH RI HDFK HOHPHQW ZRXOG EH<br />

VKRZQ RQ WKH VFUHHQ 7KH DYHUDJH VFRUHV RI WKH<br />

SURJUDP ZKLFK ZHUH FKHFNHG E\ WKH H[SHUW<br />

SURJUDPPHUVZHUHZKLOHWKHDYHUDJHVFRUHRI<br />

WKH VWXGHQWV ZHUH ZKLFK SURYHG WR EH KLJK<br />

OHYHOTXDOLW\<br />

,&&216758&7,21&20387(5<br />

$66,67(',16758&7,213$&.$*()25<br />

86,1*,17(51(7<br />

$XWKRUV 6DNHVXQ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

([SHULPHQWDO VWXG\ KDV EHHQ SHUIRUPHG WR<br />

HYDOXDWH WKH FRROLQJ UDWH DQG WKH KHDW WUDQVIHU<br />

FRHIILFLHQW 7KHVH GDWD DUH XVHG WR GHYHORS<br />

WKH PDWKHPDWLFDO PRGHO IRU HYDOXDWLQJ WKH<br />

ZDWHU WHPSHUDWXUH DQG WKH VROLGOLTXLG IUDFWLRQV<br />

GXULQJ WKH LFH IRUPDWLRQ DQG PHOWLQJ 7KH<br />

VLPXODWHG UHVXOWV DJUHH ZHOO ZLWK WKRVH RI WKH<br />

H[SHULPHQWV<br />

6FKRRORI(QHUJ\DQG0DWHULDOV<br />

,&(;(5*


%RRQFKDL+DUXWKDLWDQDVRQ<br />

8PDULQ6DQJSDQLFK6LULFKDL7KHSD<br />

3LFKDL1DPSUDNDL<br />

.ULVVDQDSRQJ.LUWLNDUD<br />

3UHVHQWHG 7KH WK ,QWHUQDWLRQDO3KRWRYROWDLF<br />

6FLHQFHDQG(QJLQHHULQJ<br />

&RQIHUHQFH396(&-DQXDU\<br />

&KXODORQJNRUQ<br />

8QLYHUVLW\%DQJNRN7KDLODQG<br />

SS<br />

:HFRQVWUXFWHG DQGWHVWHG DK\EULG 39<br />

FRPSRXQG SDUDEROLF FRQFHQWUDWRU &3& RI D<br />

FRQFHQWUDWLRQ UDWLR RI 7KH PRGXOH LV D <br />

:S ;6L 39 PRGXOH 7HVWV ZHUH GRQH ZLWK<br />

XQFRROHG DQG ZDWHUFRROHG FRQILJXUDWLRQV<br />

5HVXOWV ZHUH FRPSDUHG ZLWK WKRVH REWDLQHG<br />

IURPWKH39PRGXOHRQO\<br />

,&02'(/,1*2)$1,19(57(5$,5<br />

&21',7,21,1*6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

6,08/$7,212))/8,',6('%(''5


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

$XWKRUV 3DVDYRQ7KHSUXDQJFKDL<br />

7HUU\+&RPPLQV<br />

5RRQJURMDQD6RQJSUDNRUS<br />

$&KDQVDNUDQ&KD\D-LYDFDWH<br />

3UHVHQWHG 7KH WK ,QWHUQDWLRQDO3KRWRYROWDLF<br />

6FLHQFHDQG(QJLQHHULQJ&RQIHUHQFH<br />

396(&-DQXDU\<br />

&KXODORQJNRUQ8QLYHUVLW\%DQJNRN<br />

7KDLODQGSS<br />

7HFKQLFDO ,QIRUPDWLRQ 6HUYLFHV 7,6<br />

EDVHG DW .0877 LQ 7KDLODQG KDV EHHQ VWRULQJ<br />

NQRZOHGJH RQ GHYHORSPHQWV LQ SKRWRYROWDLF<br />

VFLHQFH DQG HQJLQHHULQJ IRU RYHU \HDUV 7KLV<br />

NQRZOHGJHLVLQWKHIRUPRIWHFKQLFDODUWLFOHVDQG<br />

JUH\OLWHUDWXUHZLWKSDUWLFXODUIRFXVEHLQJJLYHQWR<br />

WKH $VVRFLDWLRQ RI 6RXWK (DVW $VLDQ 1DWLRQV<br />

$6($1UHJLRQ7KHWDUJHWDXGLHQFHLVUHVHDUFKHUV<br />

DQG SUDFWLWLRQHUV 7KH SULQFLSOH SXUSRVH LV<br />

HGXFDWLRQ7KHVHUYLFHDLPVWREULQJLQIRUPDWLRQ<br />

IURP DURXQG WKH ZRUOG WR SRWHQWLDO HQG XVHUV<br />

ZKLOH DW WKH VDPH WLPH VKDULQJ LQIRUPDWLRQ<br />

JHQHUDWHGIURPZLWKLQWKHUHJLRQ<br />

7,6 DOVR VWRUHV LQIRUPDWLRQ RQ 3<<br />

DSSOLFDWLRQV0DQ\RIWKHFRQGLWLRQVLQGHYHORSLQJ<br />

FRXQWULHVIRUZDWHUSXPSLQJVRODUKRPHV\VWHPV<br />

DQG UHPRWH DUHDK\EULG V\VWHPV DUH VLPLODU 7KH<br />

PLVWDNHVPDGHDQGWKHSUREOHPVHQFRXQWHUHGKDYHD<br />

UHFXUULQJWKHPH7,6KRSHVWRLQFUHDVHDZDUHQHVVE\<br />

VKDULQJWKLVNQRZOHGJHWRKHOSPLQLPL]HPLVWDNHV<br />

LQWKHIXWXUHDQGPRUHRSWLPLVWLFDOO\WRDOVRVKDUH<br />

VROXWLRQV<br />

7KLV SDSHU GHVFULEHV WKH HYROXWLRQ RI 7,6<br />

KRZWKHV\VWHPZRUNVDQGKRZLWPD\KHOSDVD<br />

VPDOOVWHSWRIXUWKHUWKH39UHYROXWLRQ<br />

,&())(&72)5,&(+86.$6+21'85,$1<br />

),%(5%$6('&216758&7,210$7(5,$/6<br />

$XWKRUV 6DURFKD&KDURHQYDL-RVHSK.KHGDUL<br />

-RQJMLW+LUXQODEK<br />

3UHVHQWHG 7KH VW .0,7/,QWHUQDWLRQDO<br />

&RQIHUHQFHRQ,QWHJUDWLRQRI<br />

6FLHQFH 7HFKQRORJ\IRU<br />

6XVWDLQDEOH'HYHORSPHQW$XJXVW<br />

.0,7/%DQJNRN<br />

7KDLODQG<br />

7KHSR]]RODQLFSURSHUWLHVRIULFHKXVNDVK<br />

ZHUHLQYHVWLJDWHLQWKLVVWXG\5LFHKXVNDVK5+$<br />

ZDV XVHG WR UHSODFH SRUWODQG FHPHQW W\SH , E\<br />

ZHLJKW RI WR LPSURYH SHUIRUPDQFH RI<br />

GXLUDQ ILEHUEDVHG FRQVWUXFWLRQ PDWHULDO 'XULDQ<br />

ILEHUEDVHG FRQVWUXFWLRQ PDWHULDO LV FRPSRVHG RI<br />

GXULDQILEHUIURPGXULDQSHHO3RUWODQGFHPHQWW\SH<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

, VDQG DQG 5+$ ,W ZDV IRXQG WKDW WKH<br />

FRPSRVLWH LQFRUSRUDWLQJ RI WKH 5+$ DV<br />

3RUWODQGFHPHQWUHSODFHPHQWKDGKLJKFRPSUHVVLYH<br />

VWUHQJWK 7KH UHVXOW DOVR VKRZHG WKDW WKH JURXQG<br />

5+$LVVXLWDEOHWRXVHWRUHSODFHSRUWODQGFHPHQW<br />

LQ SURGXLQJ GXULDQ ILEHUEDVHG FRQVWUXFWLRQ<br />

PDWHULDO<br />

,&,19(67,*$7,21210(&+$1,&$/<br />

3523(57,(62)'85,$1),%(5%$6('<br />

&216758&7,210$7(5,$/6&217$,1,1*<br />

5,&(+86.$6+5+$<br />

$XWKRUV 6DURFKD&KDURHQYDL-RVHSK.KHGDUL<br />

-RQJMLW+LUXQODEK8&KHXO6KLQ<br />

3UHVHQWHG 7KH UG ,QWHUQDWLRQDO&RQIHUHQFHRQ<br />

$GYDQFHVLQ6WUXFWXUDO(QJLQHHULQJ<br />

DQG0HFKDQLFV6HSWHPEHU<br />

6HRXO.RUHDSS<br />

7KH H[SHULPHQW LV FDUULHG RXW WR<br />

LQYHVWLJDWH WKH SHUIRUPDQFH RI GXULDQ ILEHU<br />

EDVHGFRQVWUXFWLRQPDWHULDOE\XVLQJULFHKXVN<br />

DVK DV SR]]RORQD 'XULDQ ILEHUEDVHG<br />

FRQVWUXFWLRQPDWHULDOLVFRPSRVHGRIGXULDQILEHU<br />

IURPGXULDQSHHOFHPHQWVDQGDQGULFHKXVNDVK<br />

,QWKLVH[SHULPHQWPL[LQJSURSRUWLRQFRQGLWLRQV<br />

DUHDVIROORZFHPHQWVDQGGXULDQILEHU<br />

E\ ZHLJKW 9DULRXV WHVWV ZHUH FDUULHG RXW<br />

WRHYDOXDWHPHFKDQLFDOSURSHUWLHVRIGXULDQILEHU<br />

EDVHG FRQVWUXFWLRQ PDWHULDOV ZLWK 5+$ YDULHG<br />

IURP UHSODFLQJ RI FHPHQW E\ ZHLJKW<br />

0DLQ SDUDPHWHUV LQ WKLV H[SHULPHQW DUH WKH<br />

SHUFHQWDJH FRQWHQW RI 5+$ JURXQG DQG<br />

XQJURXQG5+$DQGWKHVL]HRIVDQG<br />

7KH LQYHVWLJDWLRQ UHYHDOHG WKDW E\<br />

SDUWLDOO\ UHSODFLQJ FHPHQW ZLWK 5+$ LW LV<br />

SRVVLEOH WR LPSURYH WKH SHUIRUPDQFH RI GXULDQ<br />

ILEHUEDVHG FRQVWUXFWLRQ PDWHULDO DQG LW ZDV<br />

IRXQG WKDW WKH RSWLPXP RI 5+$ FRQWHQW LV<br />

7KH FRPSUHVVLYH VWUHQJWKEXON GHQVLW\<br />

DQGWKHUPDOFRQGXFWLYLW\RIFRPSRVLWHVKDYLQJ<br />

JULQGLQJ 5+$ DQG VDQG VL]H RI PP LV<br />

UHPDUNDEO\ KLJKHU WKDQ WKRVH RI FRPSRVLWHV<br />

ZLWK XQJULQGLQJ 5+$ DQG VDQG VL]H RI <br />

PP ([DPLQDWLRQ RI WKH ;5D\<br />

GLIIUDFWLRQDQDO\VLVRI5+$VKRZHGDFU\VWDO<br />

VWUXFWXUH ZKLFK LQFOXGHG FULVWREDOLWH 7KH ;<br />

5D\IOXRUHVFHQFHDQDO\VLV RI5+$ VKRZHG WKDW<br />

VLOLFRQ GLR[LGH ZDV WKH SULQFLSDO PLQHUDOV RI<br />

5+$ +LJK DPRXQW RI VLOLFRQ GLR[LGH LQ 5+$<br />

ZRXOGLQFUHDVHRIWKHVWUHQJWKRIFRPSRVLWHV<br />

7KHUHIRUH JURXQG 5+$ LV VXLWDEOH<br />

SR]]RODQDWRXVHWRUHSODFHFHPHQWWRSURGXFLQJ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

KLJK VWUHQJWK GXULDQ ILEHU EDVH FRQVWUXFWLRQ<br />

PDWHULDO<br />

,&$397(32:(5*(1(5$725)25$<br />

60$//&$57)22'67$//<br />

$XWKRUV -HQVDN(DNEXUDQDZDW<br />

-RVHSK.KHGDUL-RQJMLW+LUXQODEK<br />

0LFKHO'DJXHQHW<br />

0DXQJ0DXQJ:LQ<br />

3UHVHQWHG 7KH WK ,QWHUQDWLRQDO3KRWRYROWDLF<br />

6FLHQFHDQG(QJLQHHULQJ&RQIHUHQFH<br />

396(&-DQXDU\<br />

&KXODORQJNRUQ8QLYHUVLW\%DQJNRN<br />

7KDLODQGSS<br />

7KLVSDSHUSUHVHQWVVLPXODWLRQUHVXOWVRID<br />

QHZ K\EULG SRZHU JHQHUDWLRQ IURP VRODU HQHUJ\<br />

DQG ELRPDVV HQHUJ\ 7KH V\VWHP FRQVLGHUHG ZDV<br />

FRPSRVHG RI D SKRWRYROWDLF SDQHO D 7KDL<br />

WUDGLWLRQDOFRRNVWRYH WKDW XVHV FKDUFRDO RU ZRRG<br />

DV IXHO WKHUPRHOHFWULF 7( PRGXOHV DQG FRQWURO<br />

GHYLFHV6LPXODWLRQVZHUHSHUIRUPHGXVLQJ<br />

7516


KXPDQ KHDOWK EXW DOVR DIIHFW WKH JOREDO<br />

HQYLURQPHQW DQG PD\ GHFUHDVH WRXULVWV VWUHDP<br />

$W SUHVHQW WKH 7KDL JRYHUQPHQW DGGUHVVHV WKHVH<br />

SROOXWLRQSUREOHPVDQGSURPRWHVWKH(FR7RXULVP<br />

3ROLF\7KDLODQGLVORFDWHGQHDUHTXDWRUZKHUHWKH<br />

VXQVKLQHLVUHODWLYHO\ VWURQJ DQGDYDLODEOHDOO\HDU<br />

URXQG $ SKRWRYROWDLF ERDW ZKLFK KDV EHHQ<br />

SRZHUHGE\WKHVXQFDQPRYHVLOHQWO\DQGGRHVQRW<br />

PDNHDLUDQGZDWHUSROOXWLRQ<br />

,&7+(())(&7,9(/(1*7+2)62/$5<br />

3$5$%2/,&&21&(175$7,1*&2//(&725<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

7KLVSDSHUZDVGHYHORSHGIRUGHWHUPLQLQJ<br />

WKH IUHH FRQYHFWLRQ KHDW WUDQVIHU FRHIILFLHQW WKDW<br />

YDULHG ZLWK DLU JDS VSDFH 7KH FRQVWDQW KHDW IOX[<br />

VXSSOLHGRQWKHXSSHUSODWHZKLOHWKHORZHUSODWHZDV<br />

LQVWDOOHG D UDGLDQW EDUULHU 7KH UHFWDQJXODU FKDQQHO<br />

ZLGWKDQGOHQJWKZHUHPDQGPUHVSHFWLYHO\<br />

7HVWVZHUHPDGHDWGLIIHUHQWDVSHFWUDWLRVE\YDU\LQJ<br />

WKHDLUJDSVSDFHDQG HOHFWULFDO SRZHUVXSSOLHVDLU<br />

JDSV DQG FP HOHFWULFDO SRZHU<br />

VXSSOLHV DQG :H 'DWD DQDO\VHV<br />

ZHUHPDGHWRGHWHUPLQHWKHPHDQ1XQXPEHUZLWKLQ<br />

WKHUHFWDQJXODUFKDQQHO<br />

$XWKRUV 0DQRRQ3LGKXZDQ<br />

6RPEDW7HHNDVDS-RVHSK.KHGDUL<br />

3UHVHQWHG 7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

7KLV SDSHU SUHVHQWV WKH HIIHFWLYH OHQJWK RI<br />

VRODUSDUDEROLFFRQFHQWUDWLQJFROOHFWRU7KHV\VWHPLV<br />

IDEULFDWHG ZLWK ORFDO PDWHULDOV XVLQJ WKH VWDLQOHVV<br />

VWHHOVKHHWRIUHJXODUVL]H[PDVSDUDEROLF<br />

UHIOHFWRU DQG FDUERQ VWHHO SLSH DV DEVRUEHU 7KH<br />

FROOHFWRULVIL[HGDWORZODWLWXGHRI%DQJNRN R 1<br />

DQG R ( 5HVXOW RI WKH WHVW VKRZHG WKDW HYHQ<br />

WKURXJK WKH V\VWHP LV VLPSOH ZLWK ORZ LQYHVWPHQW<br />

FRVW ERWK RI SHUIRUPDQFH DQG HIILFLHQF\ ZDV<br />

VDWLVI\ )URP H[SHULPHQWV WKH WHPSHUDWXUH RI<br />

KHDWLQJ PHGLD WKHUPDO RLO ZDV TXLWH VWHDG\ DIWHU<br />

PHGLDIORZSURFHHGVDWDERXWRIWRWDOOHQJWKDQG<br />

VRIRUWKDWRQIORZUDWHV7KLVSDUDPHWHULVKHOSIXOIRU<br />

RSWLPL]LQJRWKHUVVLPLODUV\VWHP<br />

,&$1(;3(5,0(17$/678'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

,&/(66216/($517)52086,1*39<br />

67$1'$/21(6


&RPSOH[ 3URJUDPPDEOH /RJLF 'HYLFH &3/'<br />

FKLS XVLQJ VFKHPDWLF EDVHG DQG 9+'/ EDVHG<br />

V\QWKHVLV PRGHO 7KH &3/' PRQLWRU WKH<br />

XQGHURYHU YROWDJH DQG XQGHURYHU IUHTXHQF\ RI<br />

XWLOLW\ JULG DQG SURFHVVHG WKH YDOXH RI YROWDJH<br />

DQG IUHTXHQF\ IRU WXUQHG RQ RII UHOD\ EHWZHHQ<br />

PLQLJULGFRQQHFWHGLQYHUWHUDQGXWLOLW\JULG<br />

,&0&6%$6(',6/$1',1*'(7(&7,21<br />

)250,1,*5,'&211(&7(',19(57(5,1<br />

5(1(:$%/((1(5*<<br />

$XWKRUV .KDQFKDL7XQODVDNXQ<br />

.ULVVDQDSRQJ.LUWLNDUD<br />

6LULFKDL7KHSD9HHUDSRO0RQ\DNXO<br />

3UHVHQWHG 7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

7KLV SDSHU SUHVHQWV WKH GHYHORSPHQW RI<br />

06& EDVHG LVODQGLQJ GHWHFWLRQ IRU PLQL JULG<br />

FRQQHFWHGLQYHUWHULQUHQHZDEOHHQHUJ\ZLWKVLPSOH<br />

XQGHURYHU YROWDJH DQG XQGHURYHU IUHTXHQF\<br />

LVODQGLQJ GHWHFWLRQ DOJRULWKPV 7KH GHVLJQ LV<br />

EDVHG RQ WKH &5' PLFURFRQWUROOHU FKLS LQ<br />

06& IDPLO\ IURP 3KLOLSV ,QF 7KH FRQWUROOHU<br />

PRQLWRUV YROWDJH GDWD DQG IUHTXHQF\ GDWD IURP<br />

XWLOLW\JULGDQGSURFHVVHGWKHGDWDIRUWXUQHGRQDQG<br />

WXUQHG RII WKH UHOD\ EHWZHHQ PLQL JULG FRQQHFWHG<br />

LQYHUWHUDQGXWLOLW\JULG7KHUHVXOWVRIWKLVSDSHUWKH<br />

V\VWHPFDQWXUQRIIWKHUHOD\ZKHQWKHYROWDJHZDV<br />

FKDQJHG XQGHU 9 RU RYHU 9 DQG WKH<br />

IUHTXHQF\ZDVFKDQJHGXQGHU+]RURYHU+]<br />

,&)3*$%$6(,6,$1',1*'(7(&7,21<br />

)25*5,'&211(&7(',19(57(5<br />

$XWKRUV .KDQFKDL7XQODVDNXQ<br />

.ULVVDQDSRQJ.LUWLNDUD<br />

6LULFKDL7KHSD9HHUDSRO0RQ\DNXO<br />

3UHVHQWHG 7KH WK $QQXDO&RQIHUHQFHRI<br />

,(((,QGXVWULDO(OHFWURQLFV6RFLHW\<br />

,(&211RYHPEHU<br />

3DUDGLVH+RWHO%XVDQ.RUHD<br />

7KLVSDSHUSUHVHQWVWKHGHYHORSPHQWRI D<br />

)3*$EDVHG LVODQGLQJ GHWHFWLRQ IRU JULG<br />

FRQQHFWHGLQYHUWHUZLWKVLPSOHXQGHURYHUYROWDJH<br />

DQG XQGHURYHU IUHTXHQF\ LVODQGLQJ GHWHFWLRQ<br />

DOJRULWKPV7KHGHVLJQLVEDVHGRQWKH;LOLQ[FKLS<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

;&(ILHOGSURJUDPPDEOHJDWHDUUD\)3*$<br />

7KH )3*$ LV XVHG IRU DOO V\VWHP ORJLF IXQFWLRQ<br />

7KLV DOORZV VRIWZDUH GHYHORSPHQW WHVWLQJ<br />

LPSOHPHQWDWLRQDQGPRGLILFDWLRQRIORJLFFLUFXLWU\<br />

ZLWKRXW KDUGZDUH PRGLILFDWLRQ 7KH )3*$<br />

PRQLWRU WKH XQGHURYHU YROWDJH DQG XQGHURYHU<br />

IUHTXHQF\RIXWLOLW\JULGDQGSURFHVVHGWKHYDOXHRI<br />

YROWDJH DQG IUHTXHQF\ IRU WXUQHG RQ RII UHOD\<br />

EHWZHHQ JULG FRQQHFWHG LQYHUWHU DQG XWLOLW\ JULG<br />

7KH UHVXOWV DUH SURYLGHG WR GHPRQVWUDWH WKH<br />

HIIHFWLYHQHVVRIWKHGHVLJQ<br />

,&'(7(50,1$7,212)62/$5&(//<br />

'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

6FLHQFHDQG(QJLQHHULQJ&RQIHUHQFH<br />

396(&-DQXDU\<br />

&KXODORQJNRUQ8QLYHUVLW\%DQJNRN<br />

7KDLODQG SS<br />

(TXLYDOHQW HOHFWULFDO FRPSRQHQWV RI D<br />

G\QDPLFPRGHORIVRODUFHOOVDQGPRGXOHVKDYH<br />

EHHQ GHWHUPLQHG IURP LQSXWWLQJ FHOOV DQG<br />

PRGXOHV ZLWK VLQXVRLGDO RU SHULRGLF YROWDJH<br />

VLJQDOV 7KLV SDSHU GHVFULEHV PHWKRGV WKDW XVH<br />

OLJKW LQSXWV VR WKDW HTXLYDOHQW FRPSRQHQWV RI<br />

VRODUFHOOVFDQEH GHWHUPLQHGIURP YROWDJH DQG<br />

FXUUHQWWLPHUHVSRQVHV<br />

<br />

EXLOGLQJV SURPRWLRQ IRU YROXQWDU\ SDUWLFLSDWLRQ RQ<br />

HQHUJ\FRQVHUYDWLRQDQGPDQGDWRU\ODEHOLQJZRXOG<br />

EHWKHVWUDWHJLFGLUHFWLRQWRWDNH1HZSHUIRUPDQFH<br />

LQGLFDWRUV ZHUH GHYHORSHG IRU EXLOGLQJ HQYHORSH<br />

V\VWHPDQGDLUFRQGLWLRQLQJV\VWHP:KROHEXLOGLQJ<br />

HQHUJ\ FRPSOLDQFH LV LQWURGXFHG DV DQ DOWHUQDWLYH<br />

SURFHGXUH LI RQH RU PRUH V\VWHPV RI D EXLOGLQJ<br />

GHVLJQ FDQQRW LQGLYLGXDOO\ PHHW WKH UHVSHFWLYH<br />

UHTXLUHPHQWV 7KLV RSWLRQ DGGV DQRWKHU GHJUHH RI<br />

IOH[LELOLW\ LQ EXLOGLQJ GHVLJQ $SSURSULDWH OHYHOV RI<br />

HQHUJ\ SHUIRUPDQFH UHTXLUHPHQWV RQ DOO EXLOGLQJ<br />

V\VWHPV DQG DOO EXLOGLQJ W\SHV ZHUH LGHQWLILHG LQ<br />

FRQFXUUHQFHZLWKUHOHYDQWSURIHVVLRQDOLQVWLWXWLRQV<br />

,&'(9(/230(172)$%8,/',1*<br />

(1(5*


DQG1DQR7HFKQRORJ\6PDUW0DW<br />

'HFHPEHU&KLDQJ0DL<br />

7KDLODQGSS<br />

7KLQ ILOP LV RQH ZKRVH WKLFNQHVV LV RI<br />

WKHRUGHURIWKHZDYHOHQJWKRIOLJKWLQQDQRPHWHU<br />

VFDOH 9DULRXV WHFKQLTXHV FDQ EH HPSOR\HG IRU<br />

WKLQ ILOP IDEULFDWLRQ 2SWLFDO SURSHUW\ LV RQH RI<br />

WKH XVHIXO SURSHUWLHV WKDW UHVXOWV IURP WKH<br />

SURSDJDWLRQ RI OLJKW ZDYHV WKURXJK RQH WKDW PD\<br />

EH D VLQJOH OD\HU RU PXOWLOD\HU ILOP V\VWHP $<br />

PXOWLOD\HU WKLQ ILOP KDV WKH SURSHUW\ RI EHLQJ<br />

DEOH WR UHIOHFW VRPH ZDYHOHQJWKV DQG WUDQVPLW<br />

RWKHUV 3DUWLFXODU ZDYHOHQJWKV RU UDQJH RI<br />

ZDYHOHQJWKV IRU ZKLFK LW LV KLJKO\ UHIOHFWLQJ RU<br />

WUDQVPLWWLQJ PD\ EH DOWHUHG E\ FKDQJLQJ WKH<br />

FKDUDFWHULVWLFV RI WKH ILOPV FRPSRQHQWV $V D<br />

UHVXOWLWPD\EHXVHGDVDQRSWLFDOILOWHUZKLFK<br />

GHSHQGVRQWKHGHVLJQRIWKHILOPV\VWHP2SWLFDO<br />

WKLQ ILOP GHVLJQHUV FDQ XVH ERWK DQDO\WLFDO DQG<br />

FRPSXWHUDLGHGWHFKQLTXHE\ZKLFKDGHVLUDEOH<br />

RSWLFDOSURSHUW\LVDFKLHYHG7KLVSDSHUSUHVHQWVWKH<br />

GHYHORSPHQW RI D FRPSXWHU SURJUDP FDOOHG<br />

72'V7KLQ)LOP2SWLFDO'HVLJQ6RIWZDUHIRU<br />

PRGHOLQJ WKH RSWLFDO SURSHUWLHV RI PXOWLOD\HU<br />

WKLQ ILOPV 7KH VRIWZDUH FRPSXWHV WKH<br />

UHIOHFWDQFHDQGWUDQVPLWWDQFHRIDPXOWLOD\HUWKLQ<br />

ILOP V\VWHP JLYHQ WKH RSWLFDO FRQVWDQWV RI WKH<br />

FRQILJXUDWLRQ WKH UDQJHRI ZDYHOHQJWKV UHTXLUHG<br />

DQG WKH DQJOH RI LQFLGHQFH 7KH PDWHULDOV DUH<br />

DVVXPHGWR EH QRQDEVRUELQJDQG QRQGLVSHUVLYH<br />

7KH )UHVQHOV HTXDWLRQV DUH XVHG WR FRPSXWH WKH<br />

UHIOHFWDQFHDQGWUDQVPLWWDQFHRIOLJKWLQFLGHQW RQ<br />

PXOWLOD\HU EHWZHHQ VHPLLQILQLWH DPELHQW DQG<br />

VXEVWUDWH PHGLD 7KH HIIHFWV RI PXOWLSOH<br />

UHIOHFWLRQVDUHWDNHQFDUHRIE\XVLQJ [PDWUL[<br />

WHFKQLTXHV7KHVRIWZDUHRIIHUVDIOH[LELOLW\RIXVH<br />

IRU ZLGH UDQJH RI DSSOLFDWLRQV LQFOXGLQJ<br />

DQWLUHIOHFWLRQ FRDWLQJ KHDW PLUURU DQG VSHFWUDOO\<br />

VHOHFWLYH WKLQ ILOPV 7KH 72'V SURJUDP LV<br />

FRQVLGHUHG XVHIXO LQ HQDEOLQJ XVHUV WR VLPXODWH<br />

YDULRXV VWUXFWXUHV RI WKLQ ILOP V\VWHPV SULRU WR<br />

DFWXDOO\ GHSRVLWLQJ WKH ILOPV WKXV WKH ILOP<br />

V\VWHP FDQ EH FUHDWHG PRUH HIIHFWLYHO\ 9LVXDO<br />

%$6,& LV HPSOR\HG DV D SURJUDPPLQJ ODQJXDJH<br />

WRSHUIRUP FRPSXWDWLRQDQGFUHDWHD XVHUIULHQGO\<br />

*8,IRUHDVHRIXVH<br />

,&)$%5,&$7,212)32/PHWKR[\HWK\OKH[\OR[\<br />

SKHQ\OHQH YLQ\OHQH 0(+339 +ROH<br />

WUDQVSRUW PDWHULDO VWXGLHG ZDV SRO\<br />

HWK\OHQHGLR[\WKLRSKHQHSRO\VW\UHQHVXOIRQDWH<br />

3('27366(OHFWURQ WUDQVSRUW PDWHULDOV<br />

VWXGLHGZDV& <br />

,&(+'(1+$1&(0(17+($775$16)(5<br />

,17+(+25,=217$/&+$11(/<br />

$XWKRUV 1DW.DVD\DSDQDQG<br />

-LUDZDQ7LDQVXZDQ<br />

7DQRQJNLDW.LDWVLULURDW<br />

3UHVHQWHG 7KH WK ,QWHUQDWLRQDO6\PSRVLXP<br />

RQ7UDQVSRUW3KHQRPHQD,673<br />

0D\6KDQJUL/D+RWHO<br />

%DQJNRN7KDLODQGSS<br />

7KLV PDWKHPDWLFDO VLPXODWLRQ LQYHVWLJDWHV<br />

WKH (+' RU HOHFWURK\GURG\QDPLFV KHDW WUDQVIHU<br />

HQKDQFHPHQW XVLQJ FRPSXWDWLRQDO IOXLG G\QDPLFV<br />

&)'WHFKQLTXHVIRUODPLQDUIRUFHGFRQYHFWLRQRI<br />

DLUIORZLQJLQDKRUL]RQWDOFKDQQHOZLWKGLIIHUHQFH<br />

ZLUH HOHFWURGH DUUDQJHPHQWV 7KH ILQLWHGLIIHUHQFH<br />

DQDO\VLV LV FRQGXFWHG E\ WDNLQJ DFFRXQW RI WKH<br />

LQWHUDFWLRQV DPRQJ HOHFWULF ILHOG IORZ ILHOG<br />

DQG WHPSHUDWXUH ILHOG ,W LV IRXQG WKDW WKH KHDW<br />

WUDQVIHU LV VLJQLILFDQWO\ HQKDQFHG E\ (+' DW ORZ<br />

5H\QROGVQXPEHUDQGWKHVKRUWGLVWDQFHEHWZHHQ<br />

,QWHUQDWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

WKHZLUHHOHFWURGHV+RZHYHUWKHQXPEHURIZLUH<br />

HOHFWURGHV LV VLJQLILFDQW IRU WKH RSWLPDO<br />

DUUDQJHPHQW<br />

,&6,08/$7,212)+($73803:$7(5<br />

+($7(586,1*&2 $65()5,*(5$17<br />

$XWKRUV 3UDPRWH/DLSUDGLW<br />

-LUDZDQ7LDQVXZDQ<br />

$SLFKLW7KHUG\RWKLQ<br />

7DQRQJNLDW.LDWVLULURDW/X$\H<br />

3UHVHQWHG 7KH WK ,QWHUQDWLRQDO6\PSRVLXP<br />

RQ7UDQVSRUW3KHQRPHQD,673<br />

0D\6KDQJUL/D+RWHO<br />

%DQJNRN7KDLODQGSS<br />

7KHREMHFWLYHRIWKLVSDSHULVWRGHYHORSD<br />

VLPXODWLRQ SURJUDP RI KHDW SXPS ZDWHU KHDWHUV<br />

ZKLFKXVHFDUERQGLR[LGHDVDZRUNLQJIOXLG7KH<br />

KHDW SXPS V\VWHP FRQVLVWV RI FRPSUHVVRU JDV<br />

FRROHU H[SDQVLRQ GHYLFH DQG HYDSRUDWRU 7KH<br />

V\VWHPFDQSURGXFHKRWZDWHUWHPSHUDWXUHXSWR<br />

& ZLWK WKH XVH RI DSSURSULDWH FRPSUHVVRU<br />

SRZHU)RUDN:FRPSUHVVRUWKHQRPLQDOVL]HVRI<br />

JDV FRROHU DQG HYDSRUDWRU DUH N: DQG N:<br />

UHVSHFWLYHO\7KHFRPSUHVVRUKHDWLQJ&23LVIRXQG<br />

WREHDERXW<br />

,&52$'0$32)5(6($5&+1(('6)25<br />

6867$,1$%/(85%$1:$7(5<br />

0$1$*(0(17,1%$1*.2.9,6,21*2$/<br />

675$7(*,(6$1',1',&(6<br />

$XWKRUV 6R\GRD9LQLWQDQWKDUDW<br />

0DQD$PRUQNLWEDPUXQJ<br />

$QDZDW3LQLVDNXO<br />

0DWWDQDSDQ-HZMLDP<br />

3UHVHQWHG 7KH QG ,QWHUQDWLRQDO6\PSRVLXP<br />

RQ6RXWKHDVW$VLDQ:DWHU<br />

(QYLURQPHQW'HFHPEHU<br />

+DQRL9LHWQDPSS<br />

7KH UDSLG JURZWK RI SRSXODWLRQ LQ<br />

%DQJNRN OHDGV WR WKH GHWHULRUDWLRQ RI ZDWHU<br />

UHVRXUFHV ,QFUHDVLQJ XUEDQL]DWLRQ KDV DOVR<br />

UHVXOWHG LQ DQ LQFUHDVH LQ ZDWHU GHPDQG 7R<br />

VXVWDLQ WKH XUEDQ ZDWHU PDQDJHPHQW WKH SURSHU<br />

PDQDJHPHQW LV QHHGHG 7KLV SDSHU DQDO\VHV WKH<br />

ILUVW VWHS RI URDGPDS RI UHVHDUFK QHHGV IRU<br />

VXVWDLQDEOH XUEDQ ZDWHU PDQDJHPHQW E\ VXUYH\<br />

WKH VWDWH RI ZDWHU TXDOLW\ LQ ULYHU DQG FDQDOV<br />

ZDWHU FRQVXPSWLRQ DQG ZDVWHZDWHU SURGXFWLRQ<br />

DQG WKH FDSDFLW\ RI FHQWUDOL]HG ZDVWHZDWHU<br />

WUHDWPHQW 7KH EUDLQVWRUPLQJ RI H[SHUWV DQG<br />

VWDNHKROGHUVZDVRUJDQL]HGWRILQGRXWWKHYLVLRQ<br />

<br />

JRDOSURSHUVXVWDLQDEOHLQGLFHVDQGVWUDWHJLHV7KH<br />

YLVLRQJRDORQZDWHUTXDOLW\ LQ %DQJNRN LV ZDWHU<br />

IURPORZHU&KDR3KUD\D5LYHUDQGFDQDOVFRXOGEH<br />

XVHG DV D UDZ ZDWHU IRU ZDWHU VXSSO\ WRXULVP<br />

LUULJDWLRQDQGVSRUW7KHVWUDWHJLHVDUHIRFXVHGRQ<br />

WKH ZDVWHZDWHU WUHDWPHQW VWULQJHQW VWDQGDUG<br />

DQGHQYLURQPHQWDODZDUHQHVVRIWKHFRPPXQLW\<br />

ZKHUHDV WKH VXVWDLQDEOH LQGLFLHV UHSUHVHQW WKH<br />

ZDVWHZDWHUWUHDWPHQWHIILFLHQF\<br />

,&86(2):$67(6/8'*()52068*$5<br />

,1'8675


7KH-RLQW*UDGXDWH6FKRRORI(QHUJ\DQG<br />

(QYLURQPHQW<br />

,&2;


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

XSSHUSDUWRI7KDLODQGH[FOXGHG6RQJNKODZHUH<br />

DQGUHVSHFWLYHO\DQG<br />

WKH FRUUHVSRQGLQJ PHDQ ELDV HUURU 0%( IRXQG<br />

WREHDQGUHVSHFWLYHO\<br />

$V FRPSDUHG WR WKH 506( RI WKH XQUHYLVHG<br />

$6+5$( PRGHO IRU JOREDO GLUHFW DQG GLIIXVH<br />

VRODU UDGLDWLRQ ZHUH DQG<br />

UHVSHFWLYHO\ DQG WKH FRUUHVSRQGLQJ<br />

PHDQELDV HUURU0%( ZHUH <br />

DQGUHVSHFWLYHO\<br />

7KH URRW PHDQ VTXDUH HUURU 506( RI<br />

WKH UHYLVHG PRGHO IRU JOREDO GLUHFW DQG GLIIXVH<br />

UDGLDWLRQ DW WKH VWDWLRQ LQ WKH ORZHU SDUW RI<br />

7KDLODQG 6RQJNKOD ZHUH DQG<br />

UHVSHFWLYHO\ DQG WKH FRUUHVSRQGLQJ<br />

PHDQ ELDV HUURU 0%( IRXQG WR EH <br />

DQGUHVSHFWLYHO\$VFRPSDUHG<br />

WR WKH 506( RI WKH XQUHYLVHG $6+5$( PRGHO<br />

IRUJOREDOGLUHFWDQGGLIIXVHVRODUUDGLDWLRQZHUH<br />

DQGUHVSHFWLYHO\DQG<br />

WKHFRUUHVSRQGLQJPHDQELDVHUURU0%(ZHUH<br />

DQGUHVSHFWLYHO\<br />

$OWKRXJK WKH 506( RI WKH SUHGLFWLRQ RI<br />

WKH UHYLVHG PRGHO IRU WKH GLIIXVH UDGLDWLRQ ZHUH<br />

VWLOO FRQVLGHUDEOH ODUJH WKH DFFXUDFLHV RI LW KDYH<br />

VLJQLILFDQWO\EHHQLPSURYHGDVFRPSDUHGWRWKRVH<br />

UHVXOWVRIWKHXQUHYLVHGRQH<br />

,&$1$66(660(172)7+(&267<br />

())(&7,9(1(662)$'60352*5$0,17+(<br />

6287+(513$572)7+$,/$1'<br />

$XWKRUV 7HHUDVDN$UXQWKDQDNLW<br />

&KXPQRQJ6RUDSLSDWDQD<br />

3UHVHQWHG ,QWHUQDWLRQDO&RQIHUHQFHRQ(OHFWULF<br />

6XSSO\,QGXVWU\LQ7UDQVLWLRQ<br />

,VVXHVDQG3URVSHFWVIRU$VLD<br />

-DQXDU\$,77KDLODQG<br />

'XH WR WKH LQDGHTXDF\ RI WKH HOHFWULFDO<br />

SRZHUVXSSO\WRPHHWWKHGHPDQGLQWKH6RXWKHUQ<br />

SDUW RI 7KDLODQG LQ UHFHQW \HDUV HOHFWULFDO SRZHU<br />

IURP QHDUE\ DUHDV IURP WKH &HQWUDO SDUW RI<br />

7KDLODQGDQG0DOD\VLDQQHHGVWREHWUDQVPLWWHG<br />

WKURXJK KLJK SRZHU WLHOLQHV 7KLV RIWHQ FDXVHV<br />

VRPH WHFKQLFDO SUREOHPV LQ SRZHU WUDQVPLVVLRQ<br />

V\VWHPVSDUWLFXODUGXULQJSHDNWLPHSHULRGGXH<br />

WR HOHFWULF SRZHU WUDQVPLVVLRQ LQVWDELOLW\ DV<br />

DIIHFWHGE\WKHORQJGLVWDQFHVRIWKHWLHOLQHV$V<br />

D UHVXOW LW RIWHQ EODFNV RXW LQ WKLV UHJLRQ 7KH<br />

IDLOXUHRIHOHFWULFDOVXSSO\ZRXOGEHZRUVHQDVWKH<br />

WUHQGRIWKHHOHFWULFDOGHPDQGJHQHUDOO\LQFUHDVHV<br />

LQ WKH IXWXUH 7UDGLWLRQDOO\ WKH VROXWLRQ IRU WKLV<br />

SUREOHPLVWRH[SDQGWKHWUDQVPLVVLRQOLQHVRU<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

LQVWDOOPRUHSRZHUJHQHUDWLRQFDSDFLWLHVLQWKLV<br />

UHJLRQ EXW LW VSHQGV PRUH FRVWV DQG WLPH<br />

FRQVXPHV$QDOWHUQDWLYHWRVROYHWKLVSUREOHPLV<br />

WR DGRSW WKH 'HPDQG6LGH 0DQDJHPHQW '60<br />

SURJUDP WR VWLPXODWH DQG LPSOHPHQW HQHUJ\<br />

VDYLQJ SURJUDP WR UHGXFH ERWK HOHFWULFDO HQHUJ\<br />

DQG SRZHU SHDN ORDG GHPDQG ,Q WKLV VWXG\ ZH<br />

HVWLPDWH WKH SRWHQWLDO RI WKH HOHFWULFDO HQHUJ\<br />

VDYLQJDQGUHGXFWLRQLQWKHDYHUDJHGSRZHUSHDN<br />

LQ WKH 6RXWKHUQ SDUW RI 7KDLODQG LQ WKH QH[W <br />

\HDUV LI HQHUJ\ VDYLQJ SURJUDP LV LQWURGXFHG E\<br />

HQFRXUDJLQJ FRQVXPHUV WR VZLWFK WR XVH PRUH<br />

HIILFLHQWDSSOLDQFHVLQYDULRXVVHFWRUV<br />

$ UHJUHVVLRQ WHFKQLTXH ZDV DGRSWHG WR<br />

SUHGLFWWKHGHPDQGRIWKHHOHFWULFDOHQHUJ\LQWKH<br />

6RXWKHUQSDUWRI7KDLODQGLQWKHQH[WGHFDGH,W<br />

ZDV IRXQG WKDW WKH HQHUJ\ GHPDQG KLJKO\<br />

GHSHQGVRQWKHWZRSDUDPHWHUVWKH5HDO*URVV<br />

5HJLRQDO 3URGXFWV 5*53 DQG SRSXODWLRQV<br />

7KH UHVXOW RI WKH SUHGLFWHG HOHFWULFDO HQHUJ\<br />

GHPDQGZDVWKHQXVHGWRHVWLPDWHWKHSHDN<br />

GHPDQG 7KHQ WKH SRWHQWLDO RI HQHUJ\ VDYLQJ<br />

DPRXQWV ZHUH HVWLPDWHG LI PRUH HIILFLHQW<br />

DSSOLDQFHV ZHUH LQWURGXFHG WR UHSODFH RI QRQ<br />

HIILFLHQWDSSOLDQFHV7RVLPSOLI\WKHSUREOHPZH<br />

DVVXPHG WKDW RQO\ WKRVH PDMRU FRPPRQ<br />

DSSOLDQFHV DUH UHSODFHG E\ WKH PRUH HIILFLHQW<br />

DSSOLDQFHVDVIROORZVDOLJKWLQJUHIULJHUDWRUV<br />

DQG DLUFRQGLWLRQHUV IRU UHVLGHQWLDO VHFWRU E<br />

OLJKWLQJ DQG DLUFRQGLWLRQHUV IRU FRPPHUFLDO<br />

VHFWRUDQGFPRWRUVIRULQGXVWULDOVHFWRU<br />

)LQDOO\ WKH EHQHILW RI WKH WRWDO VDYLQJ<br />

HQHUJ\FRVWDQGWKHWRWDOLQYHVWPHQWFRVWVRIWKH<br />

KLJKHIILFLHQW DSSOLDQFHV ZHUH DQDO\]HG WR<br />

GHWHUPLQH ZKHWKHU LW LV HFRQRPLFDO IHDVLEOH RU<br />

QRW 7KH UHVXOW LQGLFDWHV WKDW WKH DOWHUQDWLYH<br />

VROXWLRQ RI WKH '60 SURJUDP ZRXOG EH PRUH<br />

FRVWHIIHFWLYH DV FRPSDUHG WR WKH H[SDQVLRQ RI<br />

QHZ KLJK SRZHU WLHOLQHV RI WKH FRQYHQWLRQDO<br />

VXSSO\VLGHSODQQLQJ<br />

,&7+($33/,&$7,212)$'$37,9(0(6+<br />

727+(180(5,&$/)25(&$67,1*2)<br />

7523,&$/6725075$&.<br />

$XWKRUV 3UXQJFKDQ:RQJZLVHV<br />

%RRQOHUW$UFKHYDUDKXSURN<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

'XHWRWKHKLJKZLQGYHORFLW\DQG


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SUHVVXUH JUDGLHQW QHDU WKH FHQWHU RI WURSLFDO<br />

VWRUPVLW LV QHFHVVDU\ WR LPSURYH WKH UHVROXWLRQ<br />

RI WKH JULG SRLQWV +RZHYHU XQLIRUPO\ UHGXFLQJ<br />

WKHGLVWDQFHEHWZHHQJULGSRLQWVZLOOVXEVWDQWLDOO\<br />

LQFUHDVHWKHQXPEHURIJULGSRLQWVLQWKHGRPDLQ<br />

,WLVWKXVQRWHFRQRPLFWRXVHILQHJULGFRRUGLQDWH<br />

V\VWHP WR GR WKH QXPHULFDO IRUHFDVWLQJ IRU WKH<br />

ODUJHUHJLRQ<br />

7RRYHUFRPHWKLVSUREOHPDGDSWLYHPHVK<br />

FDQEHXVHGWRDGMXVWWKHGHQVLW\RIJULGSRLQWVLQ<br />

DFFRUGDQFH ZLWK WKH GLVWULEXWLRQ RI SK\VLFDO<br />

YDULDEOHV 7KH PHVK XVHV FXUYLOLQHDU FRRUGLQDWH<br />

V\VWHP JUDGXDOO\ FRQFHQWUDWLQJ JULGV QHDU WKH<br />

WURSLFDO VWRUP FHQWHU 7KH PRVW GHQVH UHJLRQ LV<br />

PRYDEOH ZLWK WKH PRYHPHQW RI WURSLFDO VWRUP<br />

FHQWHU ZKLFK QRW RQO\ LPSURYHV WKH JULG<br />

UHVROXWLRQ QHDU WURSLFDO VWRUP FHQWHU EXW DOVR<br />

DYRLGVWKH\LHOGLQJ RIFRPSXWDWLRQDOPRGH DWWKH<br />

LQWHUVHFWLRQ EHWZHHQ ILQH DQG FRDUVHU JULGV ZKHQ<br />

XVLQJQHVWHGPHVK<br />

,QWKLVSDSHUDWLPHGHSHQGHQWDGDSWLYH<br />

PHVK PRGHO IRU WURSLFDO VWRUP WUDFN SUHGLFWLRQ<br />

GHVLJQHG E\ ,QVWLWXWH RI $WPRVSKHULF 3K\VLFV<br />

,$3&KLQHVH$FDGHP\RI6FLHQFHVLVPRGLILHG<br />

WRWKHWURSLFDOVWRUPWUDFNSUHGLFWLRQIRU7KDLODQG<br />

$Q H[SHULPHQW RQ WKH QXPHULFDO IRUHFDVWLQJ RI <br />

WURSLFDOVWRUPWUDFNVSUHGLFWLRQ*D\/LQGD<br />

:XNRQJDQG&KDQWKXKDYH<br />

EHHQ PDGH E\ WKH DGDSWLYH PHVK PRGHO 7KH<br />

SUHGLFWHG UHVXOWV DUH H[FLWLQJ FRPSDUHG ZLWK WKH<br />

REVHUYHGRQHV,WVKRZVWKDWWKHPRGHOLVFDSDEOH<br />

IRUWURSLFDOVWRUPWUDFNSUHGLFWLRQIRU7KDLODQG<br />

,&7+($33/,&$7,212)$'$37,9(0(6+<br />

727+(180(5,&$/)25(&$67,1*2)<br />

7523,&$/6725075$&.<br />

$XWKRUV 3UXQJFKDQ:RQJZLVHV<br />

%RRQOHUW$UFKHYDUDKXSURN<br />

3UHVHQWHG ,QWHUQDWLRQDO6\PSRVLXPRQ<br />

([WUHPH:HDWKHUDQG&OLPDWH<br />

(YHQWV7KHLU'\QDPLFVDQG<br />

3UHGLFWLRQV&$67:$6:02<br />

)RUXP2FWREHU<br />

%HLMLQJ&KLQD<br />

'XH WR WKH KLJK ZLQG YHORFLW\ DQG<br />

SUHVVXUH JUDGLHQW QHDU WKH FHQWHU RI WURSLFDO<br />

VWRUPVLW LV QHFHVVDU\ WR LPSURYH WKH UHVROXWLRQ<br />

RI WKH JULG SRLQWV +RZHYHU XQLIRUPO\ UHGXFLQJ<br />

WKHGLVWDQFHEHWZHHQJULGSRLQWVZLOOVXEVWDQWLDOO\<br />

LQFUHDVHWKHQXPEHURIJULGSRLQWVLQWKHGRPDLQ<br />

,WLVWKXVQRWHFRQRPLFWRXVHILQHJULGFRRUGLQDWH<br />

V\VWHP WR GR WKH QXPHULFDO IRUHFDVWLQJ IRU WKH<br />

ODUJHUHJLRQ<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

7RRYHUFRPHWKLVSUREOHPDGDSWLYHPHVK<br />

FDQEHXVHGWRDGMXVWWKHGHQVLW\RIJULGSRLQWVLQ<br />

DFFRUGDQFH ZLWK WKH GLVWULEXWLRQ RI SK\VLFDO<br />

YDULDEOHV 7KH PHVK XVHV FXUYLOLQHDU FRRUGLQDWH<br />

V\VWHP JUDGXDOO\ FRQFHQWUDWLQJ JULGV QHDU WKH<br />

WURSLFDO VWRUP FHQWHU 7KH PRVW GHQVH UHJLRQ LV<br />

PRYDEOH ZLWK WKH PRYHPHQW RI WURSLFDO VWRUP<br />

FHQWHU ZKLFK QRW RQO\ LPSURYHV WKH JULG<br />

UHVROXWLRQ QHDU WURSLFDO VWRUP FHQWHU EXW DOVR<br />

DYRLGVWKH\LHOGLQJ RIFRPSXWDWLRQDOPRGH DWWKH<br />

LQWHUVHFWLRQ EHWZHHQ ILQH DQG FRDUVHU JULGV ZKHQ<br />

XVLQJQHVWHGPHVK<br />

,Q WKLV SDSHU D WLPHGHSHQGHQW DGDSWLYH<br />

PHVK PRGHO IRU WURSLFDO VWRUP WUDFN SUHGLFWLRQ<br />

GHVLJQHG E\ ,QVWLWXWH RI $WPRVSKHULF 3K\VLFV<br />

,$3&KLQHVH$FDGHP\RI6FLHQFHVLVPRGLILHG<br />

WRWKHWURSLFDOVWRUPWUDFNSUHGLFWLRQIRU7KDLODQG<br />

$Q H[SHULPHQW RQ WKH QXPHULFDO IRUHFDVWLQJ RI <br />

WURSLFDOVWRUPWUDFNVSUHGLFWLRQ*D\/LQGD<br />

:XNRQJDQG&KDQWKXKDYH<br />

EHHQ PDGH E\ WKH DGDSWLYH PHVK PRGHO 7KH<br />

SUHGLFWHG UHVXOWV DUH H[FLWLQJ FRPSDUHG ZLWK WKH<br />

REVHUYHGRQHV,WVKRZVWKDWWKHPRGHOLVFDSDEOH<br />

IRUWURSLFDOVWRUPWUDFNSUHGLFWLRQIRU7KDLODQG<br />

,&'(9(/230(172)7+$,/$1'6<br />

9(+,&/(12,6((0,66,21/(9(/681'(5<br />

6723$1'*275$)),&&21',7,21<br />

$XWKRUV 6XZDMFKDL3DRSUD\RRQ<br />

3UXQJFKDQ:RQJZLVHV<br />

6RUDZLW1DUXSLWL<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

7KLV SDSHU SUHVHQWV WKH GHYHORSPHQW RI<br />

QRLVH HPLVVLRQ OHYHOV RI YHKLFOHV LQ 7KDLODQG LQ<br />

VWRSDQGJR WUDIILF FRQGLWLRQ 7KH QRLVH HPLVVLRQ<br />

OHYHOVDUHFODVVLILHGLQWRFODVVHVDFFRUGLQJWRWKH<br />

IROORZLQJYHKLFOHW\SHVSDVVHQJHUFDUOLJKWWUXFN<br />

PHGLXP WUXFN KHDY\ WUXFN WUDFWRU WUDLOHU EXV<br />

PRWRUF\FOHDQG7XN7XNDPRWRUL]HGWULF\FOHRI<br />

7KDLODQG 7KH PD[LPXP VRXQG OHYHOV / PD[ RI<br />

DFFHOHUDWLQJYHKLFOHVDQGFRUUHVSRQGLQJVSHHGVDUH<br />

FROOHFWHGIURPVHYHUDOLQGLYLGXDOSDVVE\YHKLFOHV<br />

ERWKLQ %DQJNRN DQG YLFLQLWLHV )RXU VRXQG OHYHO<br />

PHWHUV DUH ORFDWHG DW WKH GLVWDQFHV RI <br />

DQGPHWHUVIURPWKHLPDJLQDU\VWRSOLQHZLWK<br />

PHWHUV VHWEDFN IURP WKH FHQWHUOLQH RI WUDIILF<br />

ODQHIRUPHDVXULQJPD[LPXPVRXQGOHYHOVDWWKH<br />

IURQWVRIDOOWKHLQVWUXPHQWV7KHYHKLFXODU


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

LQVWDQWDQHRXVVSHHGVDWWKHVDPHORFDWLRQVDUHDOVR<br />

PHDVXUHGXVLQJVWRSZDWFKHV$IWHUWKDWWKH/ PD[ RI<br />

HLJKW W\SHV RI YHKLFOHV DUH WKHQ SORWWHG DJDLQVW<br />

FRUUHVSRQGLQJVSHHGVWRGHWHUPLQHQRLVHHPLVVLRQ<br />

PRGHOV 7KH UHVXOW UHYHDOV WKDW WKH VWRSDQGJR<br />

QRLVH HPLVVLRQ OHYHO RI HDFK YHKLFOH W\SH LV<br />

VLJQLILFDQWO\ GLIIHUHQW DPRQJ HDFK RWKHU<br />

DFFRUGLQJ WR HQJLQH FRQGLWLRQ DQG YHKLFOH VL]H<br />

0RUHRYHU WKH\ DUH DOVR GLIIHUHQW IURP QRLVH<br />

HPLVVLRQ OHYHOV RI YHKLFOHV LQ WKH 86 GXH WR WKH<br />

FRXQWU\WRFRXQWU\ GLIIHUHQFHV LQ YHKLFOH<br />

FKDUDFWHULVWLFV<br />

,&7+(180(5,&$/7+5((<br />

',0(16,21$/2&($102'(/,1*)257+(<br />

*8/)2)7+$,/$1'<br />

$XWKRUV 1LWLPD$VFKDUL\DSKRWKD<br />

3UXQJFKDQ:RQJZLVHV<br />

8VD+XPSKULHV<br />

3UHVHQWHG 7KH QG ,QWHUQDWLRQDO6FKRRORI<br />

(QHUJ\6FLHQFH-XO\<br />

5DMDPDQJDOD,QVWLWXWHRI<br />

7HFKQRORJ\%DQJNRN7KDLODQG<br />

$ QXPHULFDO WKUHH GLPHQVLRQDO RFHDQ<br />

PRGHOLQJ ZLWK VSKHULFDO FRRUGLQDWH LQ KRUL]RQWDO<br />

DQG YHUWLFDO VLJPD FRRUGLQDWH VKRXOG EH<br />

LPSOHPHQWHGIRUWKH*XOIRI7KDLODQG7KHJXOI<br />

VLWXDWHG EHWZHHQ ORQJLWXGHV R ( WR R ( DQG<br />

ODWLWXGHV R 1WR R 1LVDUHODWLYHVKDOORZZDWHU<br />

ZLWKWKHPD[LPXPGHSWKRIPDQGWKHDYHUDJH<br />

GHSWK RI P ,W LV GULYHQ DW WKH VXUIDFH E\<br />

PRQWKO\ PHDQ VHD VXUIDFH WHPSHUDWXUH DQG ZLQG<br />

VWUHVVFOLPDWRORJ\7KHPRGHOVKRXOGEHXVHGIRU<br />

VKDOORZ ZDWHU VLPXODWLRQV DQG IDFLOLWDWHG WKH<br />

VWXG\ RI WKH HQYLURQPHQWDO LPSDFW UHODWHG WR<br />

HQHUJ\ XVH LH JDV DQG RLO VSLOO DQG KXPDQ<br />

DFWLYLWLHV LQ FRDVWDO DUHDV ,Q RUGHU WR UXQ WKH<br />

PRGHO WKH LQLWLDO GDWD DUH ERWWRP WRSRJUDSK\<br />

SRWHQWLDO WHPSHUDWXUH VDOLQLW\ DQG ZLQG VWUHVV<br />

IURP REVHUYDWLRQV KDYH EHHQ SUHSDUHG DQG<br />

LQWHUSRODWHG LQWR PRGHO JULG E\ FXELF VSOLQH DQG<br />

ELOLQHDU LQWHUSRODWLRQV DUH XVHG IRU ERXQGDU\ DQG<br />

LQWHULRU SRLQWV UHVSHFWLYHO\ 3URJUDP *5,'<br />

'$7$ LQ 3ULQFHWRQ 2FHDQ 0RGHO 320 LV<br />

PRGLILHGIRUWKLVUHJLRQ<br />

,&,17(532/$7,212)<br />

&/,0$72/2*,&$/'$7$72180(5,&$/<br />

2&($102'(/,1*)257+(*8/)2)<br />

7+$,/$1'<br />

$XWKRUV<br />

1LWLPD$VFKDUL\DSKRWKD<br />

3UXQJFKDQ:RQJZLVHV<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

8VD+XPSKULHV<br />

3UHVHQWHG 7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

$ QXPHULFDO WKUHH GLPHQVLRQDO RFHDQ<br />

PRGHOLQJ ZLWK VSKHULFDO FRRUGLQDWH LQ KRUL]RQWDO<br />

DQG YHUWLFDO VLJPD FRRUGLQDWH GHYHORSHG IRU WKH<br />

*XOI RI 7KDLODQG VLWXDWHG EHWZHHQ ORQJLWXGHV<br />

R ( WR R ( DQG ODWLWXGHV R 1 WR R 1 ZKLFK<br />

UHTXLUHV PRQWKO\ FOLPDWRORJLFDO GDWD DV DQ<br />

LPSRUWDQWLQSXW7KHPRGHOZDVDSSOLHGWRSUHGLFW<br />

WKHFXUUHQWSDWWHUQWHPSHUDWXUHDQGVDOLQLW\LQWKH<br />

JXOIDQGWRIDFLOLWDWHWKHVWXG\RIWKHHQYLURQPHQWDO<br />

LPSDFWUHODWHGWRHQHUJ\XVHLHJDVDQGRLOVSLOO<br />

DQG KXPDQ DFWLYLWLHV LQ FRDVWDO DUHDV ,Q RUGHU WR<br />

SURGXFHJULGHGILHOGVRIGDWDIRUXVHLQWKHPRGHO<br />

WKHLQWHUSRODWLRQPHWKRGVDUHXVHG7KHGHVFULSWLRQV<br />

RI PHWKRGV WKDW LQWHUSRODWH WKH GDWD XVHG LQ WKLV<br />

VWXG\ DUH FXELF VSOLQH DQG ELOLQHDU LQWHUSRODWLRQV<br />

'DWDLQ WKHLQWHULRU JULG SRLQWV DUHLQWHUSRODWHG E\<br />

WKH ELOLQHDU LQWHUSRODWLRQ PHWKRG DQG GDWD DW WKH<br />

ERXQGDU\ KDYH WR EH VSHFLILHG E\ FXELF VSOLQH<br />

LQWHUSRODWLRQ7KHLQWHUSRODWLRQPHWKRGVKDYHEHHQ<br />

LPSOHPHQWHGIRUWKHREVHUYHGPRQWKO\GDWDLQWKUHH<br />

GDWDVHWV2QHLVWKHWRSRJUDSK\WKHVHFRQGLVZLQG<br />

VWUHVV ZKLOH WKH WKLUG FRQVLVWV RI WHPSHUDWXUH DQG<br />

VDOLQLW\ ZKLFK LV DUUDQJHG IRU VWDQGDUG GHSWKV<br />

,QWHUSRODWLRQ IRU GHQVLW\ GDWD LV XVXDOO\ FDOFXODWHG<br />

IURP LQWHUSRODWHG WHPSHUDWXUH DQG VDOLQLW\ GDWD $<br />

IHZ UHVXOWV IRU WKLV UHJLRQ DUH SUHVHQWHG LQ WKLV<br />

SDSHU<br />

,&$678'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

WURSRVSKHULFR]RQH2 ZHUHDQDO\]HGLQUHODWLRQ<br />

WR WKH ORFDO PHWHRURORJLFDO FRQGLWLRQV DV ZHOO DV<br />

WRSRJUDSK\RIWKHVWXG\DUHD7KHGLXUQDOYDULDWLRQ<br />

RIWKHSROOXWDQWVVKRZWKHPD[LPXPPL[LQJUDWLR<br />

RFFXUUHGGXULQJDPDQGSP)XUWKHUPRUH<br />

WKHPD[LPXP PL[LQJ UDWLRRI &2LQ WKHHYHQLQJ<br />

ZDV KLJKHU WKDQ WKH PRUQLQJ 7KH ORZ PL[LQJ<br />

UDWLRRI&2DSSHDUHGGXULQJHDUO\ZHWVHDVRQDQG<br />

WKH PLQLPXP RFFXUUHG LQ 0D\ ZKLOH WKH KLJK<br />

PL[LQJ UDWLR RI &2 DSSHDUHG GXULQJ ODWH GU\<br />

VHDVRQ DQG WKH PD[LPXP RFFXUUHG LQ 0DUFK RU<br />

$SULO7KHPD[LPXP2 PL[LQJUDWLRDSSHDUHGLQ<br />

$SULODQGWKHPLQLPXPLQ$XJXVW7KHPD[LPXP<br />

PL[LQJ UDWLR RI 12 [ RFFXUUHG GXULQJ WKH GU\<br />

VHDVRQDQGWKHPLQLPXPPL[LQJUDWLRRFFXUUHGLQ<br />

ZHW VHDVRQ 7KH SROOXWDQW VHDVRQDO F\FOH DW ERWK<br />

VWDWLRQV UHYHDOHG KLJK PL[LQJ UDWLR ZLWK D ODUJH<br />

YDULDWLRQ LQ WKH GU\ VHDVRQ DQG ORZ DQG UDWKHU<br />

FRQVWDQW PL[LQJ UDWLRV LQ WKH ZHW VHDVRQ 7KH<br />

ZLQGVSHHGDQGZLQGGLUHFWLRQZHUHFDXVHGE\WKH<br />

ORFDOWRSRJUDSK\7KHUHIRUHLWFDQEHVXPPDUL]HG<br />

WKDWWKHORFDOHPLVVLRQSKRWRFKHPLFDOSURFHVVHV<br />

ORFDO PHWHRURORJLFDO FRQGLWLRQV DQG WRSRJUDSK\<br />

SOD\ DQ LPSRUWDQW UROH WR WKH OHYHO RI SROOXWDQW<br />

PL[LQJUDWLRV<br />

,&86,1*&$/4+&02'(/$1'*,6<br />

%$6('722/)2535(',&7,1*$,5<br />

32//87,211($56,*1$/,=('<br />

,17(56(&7,21<br />

$XWKRUV $WLW7LSSLFKDL<br />

3UXQJFKDQ:RQJZLVHV<br />

3RQJULG.OXQJERRQNURQJ<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

%DVHG RQ WKH 86 (3$ DLU SROOXWLRQ<br />

PRGHO &$/4+& YHUVLRQ ZDV DSSOLHG WR<br />

SUHGLFW &DUERQ 0RQR[LGH &2 FRQFHQWUDWLRQV<br />

IURP URDG WUDIILF DW VLJQDOL]HG LQWHUVHFWLRQV LQ<br />

.KRQ .DHQ SURYLQFH ZKLFK ORFDWHV LQ WKH<br />

QRUWKHDVWHUQ SDUW RI 7KDLODQG 7KUHH LQWHUVHFWLRQV<br />

LQWKHVWXG\DUHDZHUHVHOHFWHGDVWKHFDVHVWXGLHV<br />

'DWDFROOHFWLRQVVXFKDVWKHSK\VLFDOJHRPHWU\RI<br />

WKHVLWHVWUDIILFGDWDPHWHRURORJLFDOGDWDDQG&2<br />

FRQFHQWUDWLRQV IURP WKH LQWHUVHFWLRQV ZHUH<br />

FRQGXFWHGDQG KDYH EHHQ XVHG DV DQLQSXW WR WKH<br />

PRGHO 7KH UHVXOWV RI SUHGLFWLRQV ZHUH FRPSDUHG<br />

WR WKH PHDVXUHPHQWV 0RUHRYHU *,6EDVHG WRRO<br />

QDPHO\ $UF*,6 ZDV XVHG IRU GLVSOD\LQJ WKH<br />

GLVSHUVLRQRI&2FRQFHQWUDWLRQIRUHDFKKRXU,W<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

FDQ VKRZ WKH GLVSHUVLRQ VXUIDFH RI FRQFHQWUDWLRQ<br />

DQG DOVR FDQ LQGLFDWH ZKHUH DUHD LV IDFLQJ WKH<br />

SUREOHP RI DLU SROOXWLRQ ZKHQ DQDO\]LQJ ZLWK<br />

RWKHU OD\HUV VXFK DV KLJK GHQVLW\ RI SRSXODWLRQ<br />

VHQVLWLYH DUHD RU DQ DHULDO SKRWRJUDSK $V VXFK<br />

WRRO FDQ EH XVHG IRU DVVHVVLQJ WKH WUDIILF DLU<br />

SROOXWLRQ DW WKH URDGZD\ LQWHUVHFWLRQV DV ZHOO DV<br />

FDQEHXVHGDVDWRROIRUDLUTXDOLW\PDQDJHPHQW<br />

,&352'8&7,212)$0,12/(98/,1,&<br />

$&,')520021262',80*/87$0$7(<br />

())/8(17%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

0)XUWKHULQFUHDVHRI$/$FRQFHQWUDWLRQWRP0<br />

LQ 06*( ZDV DFKLHYHG E\ VXSSOHPHQWDWLRQ ZLWK<br />

RUJDQLFDFLGVJO\FLQHDQGPLQHUDO7KLVUHVXOWHGLQ<br />

IROGVKLJKHUWKDQ06*(P0<br />

,&$,548$/,7


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

+XD+LQ7KDLODQG<br />

SS<br />

$VDQDJULFXOWXUDOEDVHGFRXQWU\7KDLODQG<br />

KDV D KLJK SRWHQWLDO IRU HQHUJ\ SURGXFWLRQ IURP<br />

DJULFXOWXUDO UHVLGXHV 7R DGHTXDWHO\ XWLOL]H WKLV<br />

UHVRXUFH LW LV HVVHQWLDO WR LGHQWLI\ WKH VSDWLDO<br />

GLVWULEXWLRQ RI DJULFXOWXUDO UHVLGXHV IRU WKH ZKROH<br />

FRXQWU\ 7R WKLV HQG D ELRHQHUJ\ DWODV RI<br />

DJULFXOWXUDOUHVLGXHVLQ7KDLODQGKDVEHHQGHYHORSHG<br />

LQWKLVVWXG\7KHDWODVSURYLGHVGDWDUHODWHGWRWKH<br />

ODQG XVH \LHOG RI DJULFXOWXUDO SURGXFWLRQ ZDWHU<br />

UHVRXUFHV VRLO LQIUDVWUXFWXUH DQG RWKHU UHODWHG<br />

LQIRUPDWLRQ $V JHRJUDSKLF LQIRUPDWLRQ V\VWHP<br />

*,6 SURYLGHV WKH DELOLW\ WR FRPELQH VHWV RI<br />

LQIRUPDWLRQZLWKWKHLUDVVRFLDWHGORFDWLRQLWLVXVHG<br />

DV EDVLF WRRO WR GHYHORS WKLV DWODV 7KH ODWWHU LV<br />

HVWDEOLVKHGILUVWIRUWKHZKROHFRXQWU\FRQVLGHULQJ<br />

WKH IROORZLQJ UHVLGXHV ULFH KXVN EDJDVVH SDOP<br />

UHVLGXH DQG IRUHVW UHVLGXHV )RU HDFK UHVLGXH WKH<br />

GLVWULEXWLRQRI FRUUHVSRQGLQJSRWHQWLDOHQHUJ\KDV<br />

EHHQFRPSXWHG7RLOOXVWUDWHLWVXVHDWWKHSURYLQFLDO<br />

VFDOH ZLWK WKH SHUVSHFWLYH RI VLWH VHOHFWLRQ IRU<br />

VHWWLQJXSDELRPDVVSRZHUSODQWWKHFDVHRI5RLHW<br />

SURYLQFH LVSUHVHQWHG LQ GHWDLOV 7KH UHVXOW VKRZV<br />

ZKHUH WKH SRZHU SODQWV FDQ EH ORFDWHG ZLWK<br />

UHVSHFW WR DYDLODELOLW\ RI UHVRXUFHV DQG<br />

DFFHVVLELOLW\WRLQIUDVWUXFWXUH<br />

,&6(48(17,$/(;75$&7,212)0$(<br />

02+/,*1,7(0,1(29(5%85'(162,/)25<br />

$56(1,&63(&,$7,2186,1*,&306<br />

$XWKRUV .DQLWWD:RQJ\DL6DYLWUL*DULYDLW<br />

3UHVHQWHG7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

2QHRIWKHPDMRUSDUWVRIWKHFRDOPLQLQJ<br />

SURFHVV LV WKH GLVSRVDO RI WKH H[WUDFWHG FRDO DQG<br />

RYHUEXUGHQV RQ WKH VXUIDFH VRLO :HDWKHULQJ DQG<br />

UHVXOWHGGUDLQDJHFRXOGWKHQOHDGWRDWUDQVIHU RI<br />

HOHPHQWV FRQWDLQHG LQ WKHVH PDWHULDOV LQWR WKH<br />

XQGHUQHDWKJURXQGDQGKHQFHDFRQWDPLQDWLRQRI<br />

WKHVRLODQG HVSHFLDOO\ WKHJURXQGZDWHU ,QRUGHU<br />

WR HYDOXDWH WKH ULVN RI FRQWDPLQDWLRQ GXH WR<br />

PLQLQJ DFWLYLW\ ZH KDYH GHYHORSHG D VHTXHQWLDO<br />

H[WUDFWLRQ PHWKRG RI 0DH 0RK OLJQLWH PLQH<br />

RYHUEXUGHQVRLOHQDEOLQJWRGHWHUPLQHWKHVSHFLHV<br />

RI DUVHQLF FRQWDLQHG LQ WKLV PDWHULDO 7KH<br />

RYHUEXUGHQVRLOVDPSOHVZHUHFROOHFWHGIURP0DH<br />

0RKPLQHERUHKROHVDQGSLWDUHDV7KHGHWHFWLRQ<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

RI DUVHQLF VSHFLHV FRQWDLQHG LQ HDFK H[WUDFWHG<br />

IUDFWLRQ ZDV SHUIRUPHG XVLQJ ,&306 ,Q WKLV<br />

VWXG\ WKH UHODWLRQVKLS EHWZHHQ DUVHQLF VSHFLHV<br />

DQG VHTXHQWLDO H[WUDFWLRQ FRQGLWLRQV LV DOVR<br />

SUHVHQWHG<br />

,&&+$5$&7(5,=$7,212)(0,66,216<br />

)520&2&20%867,212)7+$,/,*1,7(<br />

$1'$*5,&8/785$/5(6,'8(6<br />

$XWKRUV 1DWWDVXW0DQWDQDQRQW<br />

6DYLWUL*DULYDLW<br />

6XWKXP3DWXPVDZDG<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

7KH PDLQ 7KDL HQHUJ\ UHVRXUFHV DUH<br />

QDWXUDO JDV DQG OLJQLWH $V DQ DJULFXOWXUDO EDVHG<br />

FRXQWU\7KDLODQGSRVVHVVHVKLJKSRWHQWLDOLQ<br />

DJULFXOWXUDO UHVLGXHV DYDLODELOLW\ &RQVLGHULQJ WKH<br />

FXUUHQW GHSOHWLRQ RI IRVVLO IXHO UHVRXUFH DQG WKH<br />

PDLQSURFHVVRIWKHUPRFKHPLFDOFRQYHUVLRQLQXVH<br />

IRUSRZHUJHQHUDWLRQLQ7KDLODQGRQHRIWKHPRVW<br />

SURPLVLQJRSWLRQVIRUWKHFRXQWU\FRXOGUHO\RQWKH<br />

FRILULQJ RI QDWLRQDO OLJQLWH DQG DJULFXOWXUDO<br />

UHVLGXHV +RZHYHU LWV LPSOLFDWLRQV RQ WKH<br />

DWPRVSKHUH VKRXOG EH HYDOXDWHG LQ RUGHU WR<br />

LQYHVWLJDWHLWVLPSDFWVRQWKHHQYLURQPHQW<br />

,QWKLVVWXG\ WKH HPLVVLRQIURP FRILULQJ<br />

LQDODEVFDOHIL[HGEHGFRPEXVWRURI7KDLOLJQLWH<br />

DQGDJULFXOWXUDOUHVLGXHVHJULFHKXVNULFHVWUDZ<br />

RLO SDOP HPSW\ IUXLW EXQFKHV ZHUH LQYHVWLJDWHG<br />

([SHULPHQWV ZHUH SHUIRUPHG E\ YDU\LQJ WKH<br />

OLJQLWHUHVLGXHV UDWLR LQ RUGHU WR GRFXPHQW WKH<br />

HIIHFW RI IXHO FRPSRVLWLRQ RQ WKH HPLVVLRQ 7KH<br />

HIIHFWRIR[LGDWLRQFRQGLWLRQZDVDOVRVWXGLHGE\<br />

YDU\LQJ SULPDU\ DQG VHFRQGDU\ DLU UDWLRV 7KH<br />

HPLWWHG FRPSRXQGV RI LQWHUHVW EHLQJ PRQLWRUHG<br />

FRQWLQXRXVO\ZHUH&262 DQG12 [ 7KH7RWDO<br />

3DUWLFXODWH0DWWHU730ZDVDOVRFROOHFWHG<br />

7KH UHODWLRQVKLS EHWZHHQ WKH FRPEXVWLRQ<br />

FRQGLWLRQVDQGUHVXOWHGHPLVVLRQDUHSUHVHQWHGLQ<br />

GHWDLOV 7KH SUHOLPLQDU\ UHVXOWV VKRZHG WKDW WKH<br />

HPLVVLRQV RI 62 DQG 12 [ GHFUHDVHG ZKHQ WKH<br />

OLJQLWHUHVLGXHVGHFUHDVHG2QWKHRWKHUKDQGWKH<br />

HPLVVLRQRI62 DQG12 [ WHQGVWRLQFUHDVHZKHQ<br />

VHFRQGDU\DLUWRWDODLUUDWLRLQFUHDVHG&RQFHUQLQJ<br />

&2 LWV HPLVVLRQ GHFUHDVHG ZKHQ VHFRQGDU\<br />

DLUWRWDODLULQFUHDVHG)RU730DFRUUHODWLRQZLWK<br />

&2 ZDV REVHUYHG DQG D KLJK H[FHVV DLU DQG<br />

VHFRQGDU\ WR WRWDO DLU UDWLR 6$7$ UHVXOWHG LQ<br />

KLJKORDGRISDUWLFOHVLQWKHIOXHJDV


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

,&$1(0,66,21,19(1725


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SURFHVVHV FRQVLGHUHG LQ WKH OLIH F\FOH DUH FRDO<br />

PLQLQJ FRDO VFUHHQLQJ SUHSDUDWLRQ<br />

WUDQVSRUWDWLRQ OLPH DQG RLO SURGXFWLRQ DQG<br />

FRPEXVWLRQ 7KH VWXG\ TXDQWLILHV WKH HPLVVLRQV<br />

IURP WKH YDULRXV VWDJHV RI WKH OLIH F\FOH $LU<br />

HPLVVLRQV FRPH QRW RQO\ IURP FRPEXVWLRQ DW WKH<br />

SRZHU SODQW EXW DOVR IURP PDQ\ XSVWUHDP DQG<br />

GRZQVWUHDP SURFHVVHV VXFK DV FRDO H[SORLWDWLRQ<br />

OLPHVWRQHSURGXFWLRQDQGWUDQVSRUWDWLRQ<br />

,&(19,5210(17$/$66(660(172)<br />

(/(&75,&,7


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

'XULQJVXJDUSURGXFWLRQEDJDVVHZDVWHLV<br />

SURGXFHG ZKLFK LV XVHG DV HQHUJ\ UHVRXUFH LQ WKH<br />

VXJDU PLOO &RJHQHUDWLRQ SRZHU SODQWV XVLQJ<br />

EDJDVVH DV WKH IHHGVWRFN DUH DWWDFKHG WR VHYHUDO<br />

VXJDU IDFWRULHV LQ 7KDLODQG 7KHVH SURGXFH VWHDP<br />

DQG HOHFWULFLW\ IRU XVH LQ WKH VXJDU PLOOV DQG DOVR<br />

VHOOWKHH[FHVVSRZHUWRWKHJULG%DJDVVHEHLQJD<br />

E\SURGXFW RI VXJDU SURGXFWLRQ DV ZHOO DV RI<br />

ELRPDVVRULJLQVHHPVWREHDVXLWDEOHFDQGLGDWHIRU<br />

VXVWDLQDEOH HQHUJ\ SURGXFWLRQ +RZHYHU WKH<br />

HQYLURQPHQWDO LPSDFWV RI SRZHU SURGXFWLRQ IURP<br />

EDJDVVHPXVWEHTXDQWLILHGWRHYDOXDWHZKHWKHULWLV<br />

UHDOO\DGYDQWDJHRXVIRUWKHHQYLURQPHQW7KLVVWXG\<br />

FRQVLGHUVD0:EDJDVVHILUHGSRZHU SODQWDW D<br />

VXJDU PLOO LQ 1DNRUQ 5DWFKDVLPD SURYLQFH RI<br />

7KDLODQG 7KH VWXG\ VKRZV WKDW WKH EDJDVVHILUHG<br />

SRZHUSODQWKDVORZHUHPLVVLRQVRI12 ; DQG62 ;<br />

WKDQ FRQYHQWLRQDO IRVVLO SRZHU SURGXFWLRQ LQ<br />

7KDLODQG 7KH HQYLURQPHQWDO SUREOHP RI WKH<br />

EDJDVVHILUHG SRZHU SODQW LV WKH HPLVVLRQ RI<br />

VXEVWDQWLDO DPRXQW RI &2 DQG 7RWDO 6XVSHQGHG<br />

3DUWLFXODWHV763RUGXVWZKLFKFRQWULEXWHWRORFDO<br />

LPSDFWV +RZHYHU RQ WKH ZKROH SRZHU SURGXFWLRQ<br />

IURPEDJDVVHXWLOL]HVDZDVWHIURPWKHVXJDUPLOODQG<br />

DOVR KDV ORZHU SRWHQWLDO IRU JOREDO ZDUPLQJ<br />

DFLGLILFDWLRQ DQG QXWULHQW HQULFKPHQW DV FRPSDUHG<br />

WR FRQYHQWLRQDO SRZHU SURGXFWLRQ 7KXV SRZHU<br />

SURGXFWLRQ IURP EDJDVVH SURPLVHV WR EH D JRRG<br />

VXVWDLQDEOHHQHUJ\VRXUFHLQ7KDLODQG<br />

,&(19,5210(17$/$66(660(172)<br />

32:(5*(1(5$7,21)520%$*$66($7$<br />

68*$5)$&725


LQFLQHUDWLRQ+RZHYHUWKHLQFLQHUDWLRQUHYHUVHGWR<br />

EH VXSHULRU E\ XVLQJ D OLIH F\FOH DSSURDFK LQ<br />

HYDOXDWLRQ )RU WKH JUHHQKRXVH JDV HPLVVLRQ WKH<br />

UHVXOW RI WKH HYDOXDWLRQ LV VLPLODU 7KLV VWXG\<br />

UHYHDOV WKDW D FRPSOHWH SLFWXUH RI WKH<br />

HQYLURQPHQWDOSHUIRUPDQFHRI06:PDQDJHPHQW<br />

V\VWHPV LV SURYLGHG E\ XVLQJ D OLIH F\FOH<br />

SHUVSHFWLYH<br />

,&(19,5210(17$/(9$/8$7,212)<br />

(1(5*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

YDULRXVLQLWLDOZDVWHGHQVLWLHVRIDQG<br />

NJP ZHUHXVHGWRLQYHVWLJDWHWKHHIIHFWVRILQLWLDO<br />

ZDVWHGHQVLW\ RQ 06: GHJUDGDWLRQ DQG PHWKDQH<br />

SURGXFWLRQLQODQGILOOELRUHDFWRUV7KHH[SHULPHQWV<br />

ZHUHFDUULHGRXWLQVLPXODWHGUHDFWRUVXVLQJP<br />

GLDPHWHU 39& SLSH RI P KHLJKW DQG ZHUH<br />

FRQGXFWHGRYHUDSHULRGRIGD\V(DFKUHDFWRU<br />

ZDV FRPSDFWHG ZLWK OLIWV RI FRPSDFWHG 06:<br />

DQG FRYHU VRLO 7KH UHVXOWV VKRZHG WKDW WKH JRRG<br />

VWDELOL]DWLRQZDVIRXQGLQWKHLQLWLDOZDVWHGHQVLW\<br />

RINJP DQGWKXVWKLVFRPSDFWLRQVKRZHGWKH<br />

KLJKHU ZDVWH GHFRPSRVLWLRQ DV ZHOO DV PHWKDQH<br />

SURGXFWLRQWKDQWKHFRPSDFWLRQRINJP DQG<br />

NJP 7KHZDVWHGHFRPSRVLWLRQYDOXHVZHUH<br />

DQG96DQGPHWKDQHSURGXFWLRQ<br />

YDOXHVIURPZDVWHZHUHDQGONJGU\<br />

ZDVWHGD\ IRU UHDFWRUV ZLWK LQLWLDOGHQVLWLHV RI<br />

DQG NJP UHVSHFWLYHO\ 7KHUHIRUH<br />

WKHLQLWLDOZDVWHGHQVLW\RINJP LVSURSRVHG<br />

DV WKH RSWLPXP GHQVLW\ LQ ODQGILOO RSHUDWLRQ ZLWK<br />

OHDFKDWHUHFLUFXODWLRQ<br />

,&0(7+$1(352'8&7,21%<<br />

$&(7$7(87,/,=,1*0(7+$12*(16,1<br />

3$''


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ZDV ORZHU WKDQ QRQUHFLUFXODWLRQ V\VWHP <br />

GXULQJGD\VRSHUDWLRQ7KLVUHYHDOVWKDWLQ<br />

UHFLUFXODWLRQ V\VWHP WKH RUJDQLF FRPSRQHQW LQ<br />

VROLGSKDVHRIPDUNHWZDVWHLQWHUPRI&2'FDQ<br />

HDVLO\GLVVROYHLQWRWKHOHDFKDWH+RZHYHULQWKLV<br />

V\VWHP ZH DGMXVWHG WKH S+ WR E\ 1D+&2 <br />

ZKLFK PD\ HIIHFW WUDQVIRUPDWLRQ WR DFLG LQ<br />

DFLGRJHQHVLVSKDVHDQGOHDGWRORZ SURSRUWLRQ RI<br />

79$&2' ,Q QRQUHFLUFXODWLRQ V\VWHP ZLWK QR<br />

S+ DGMXVWPHQW KLJKHU SURSRUWLRQ RI 79$&2'<br />

ZDV IRXQG $OWKRXJK WUDQVIRUPDWLRQ RI<br />

RUJDQLFFRPSRQHQW WR DFLG SKDVH ZDVLQFRPSOHWH<br />

EXW WKH ILQDO S+ RI VXJJHVWHG WKDW S+ SOD\HG<br />

WKHLPSRUWDQWUROHLQFKHPLFDOWUDQVIRUPDWLRQ:H<br />

EHOLHYH WKDW ZLWK WKH UDSLG GLVVROYH RI RUJDQLF<br />

FRPSRQHQWLQWRWKHOHDFKDWHE\UHFLUFXODWLRQWKH<br />

HQKDQFHPHQW RI WUDQVIRUPDWLRQ LQWR DFLG SKDVH<br />

FRXOGEHDFKLHYHGZLWKDSSURSULDWHS+DGMXVWPHQW<br />

,&'(7(50,1$7,212)0(7+$1(*$6<br />

(0,66,216)520:$67(',6326$/6,7(6,1<br />

7+$,/$1':,7+*(2*5$3+,&$/<br />

,1)250$7,216


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

DSSOLFDWLRQ GXULQJ WR 2XWSXWV RI 1<br />

IURP WKH ULYHU EDVLQ ZHUH HVWLPDWHG EDVLQJ XSRQ<br />

YDULRXV SURFHVVHV QDPHO\ ULYHULQH 1 WUDQVSRUW<br />

JDVHRXV HPLVVLRQ YLD GHQLWULILFDWLRQ DQG 1+ <br />

YRODWLOL]DWLRQ DQG 1 UHPRYDO YLD FURSV WUDQVSRUW<br />

:DWHUEDODQFHWHFKQRORJ\ZDVDSSOLHGWRILQGRXW<br />

1PDVVEDODQFHZLWKLQWKHULYHUEDVLQ,WZDVIRXQG<br />

WKDW 1 ZHW GHSRVLWLRQ ZDV DERXW [ WRQ<br />

\HDU NJKD \HDU ZKLOHGU\GHSRVLWLRQZDV<br />

DURXQG[ WRQ\HDU NJKD \HDU 1<br />

LQSXW WKURXJK IHUWLOL]DWLRQ ZDV HVWLPDWHG RI DERXW<br />

[ WRQ \HDU YLD FKHPLFDO IHUWLOL]HU XVH<br />

DQG [ WRQ \HDU YLD DQLPDOV PDQXUH<br />

DSSOLFDWLRQ%LRORJLFDO1IL[DWLRQZDVDURXQG<br />

[ WRQ \HDU 5LYHULQH 1 LQ VWUHDPZDWHU<br />

GLVFKDUJHZDVDERXW[ WRQ\HDU *DVHRXV<br />

HPLVVLRQ RI 1 ZDV DURXQG [ WRQ \HDU <br />

WKURXJK GHQLWULILFDWLRQ ZKLOH 1+ YRODWLOL]DWLRQ<br />

HPLWWHGDERXW[ WRQ\HDU 1UHPRYDOYLD<br />

FURSWUDQVSRUWDFFRXQWHGIRU[ WRQ\HDU <br />

0DVVEDODQFHFDOFXODWLRQUHYHDOHGWKDWWRQVRI<br />

1 LQ DYHUDJH ZDV F\FOHG ZLWKLQ WKH EDVLQ HDFK<br />

\HDU$URXQGILIW\SHUFHQWRIWRWDO1RXWSXWVIURP<br />

WKHULYHUEDVLQORVWWKURXJKULYHULQH 1 IOX[7KH<br />

QXWULHQW1ORVVWKURXJKWKLVSDWKZD\ZDVGLUHFWO\<br />

IORZHG RXW IURP LQODQG VRXUFHV VXFK DV<br />

XUEDQL]DWLRQ DJULFXOWXUDO ODQG DQG RWKHUV 7KLV<br />

LQGLFDWHV WKDW XUEDQL]DWLRQ DQG DJULFXOWXUDO<br />

DFWLYLWLHV DUH WKH PDLQ VRXUFHV RI 1<br />

GLVVLPLODWLRQDVVLPLODWLRQ LQ WKH VWUHDPZDWHU<br />

HQYLURQPHQW7KXVWRDYRLGDQGSUHYHQWDGYHUVH<br />

HIIHFWVRIH[FHVVDPRXQWRI1RQWKHHFRV\VWHPV<br />

ODQGXVH SODQQLQJ VKRXOG EH FRQVLGHUHG IRU<br />

PLQLPL]LQJ DTXDWLF SROOXWLRQ DQG GHVHUYH<br />

HQYLURQPHQWDODEDWHPHQWVWUDWHJLHVLQWKHEDVLQ<br />

,&&$5%21672&.6$1'&2 <br />

(;&+$1*(,17523,&$/62,/681'(5<br />

',))(5(17/$1'86(<br />

$XWKRUV 1DWWKDSKRO/LFKDLNXO<br />

$PQDW&KLGWKDLVRQJ<br />

1DUXPRQ:+DUYH\<br />

&KRQUDN:DFKULQUDW<br />

3UHVHQWHG7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

&DUERQ GLR[LGH LV WKH PRVW LPSRUWDQW<br />

JUHHQKRXVHJDV,WVFRQFHQWUDWLRQLQWKHDWPRVSKHUH<br />

<br />

KDVLQFUHDVHGVLQFH\HDUVDJRDQGWKLVOHDGVWR<br />

WKHFXUUHQWFRQFHUQVRIHQKDQFHGJUHHQKRXVHHIIHFW<br />

DQGJOREDOZDUPLQJ7KHPDLQ VRXUFHV RI&2 DUH<br />

EXUQLQJRIIRVVLOIXHOVDQGGHIRUHVWDWLRQ7KHPDLQ<br />

VLQN LV DEVRUSWLRQ E\ IRUHVWV DQG VRLOV /DQGXVH<br />

FKDQJHVHVSHFLDOO\IRUHVWFRQYHUVLRQWRDJULFXOWXUDO<br />

ODQGVOHDGWRUHGXFWLRQLQHFRV\VWHPFDUERQVWRUDJH<br />

DQGWKXVLQFUHDVHFDUERQUHOHDVHWRWKHDWPRVSKHUH<br />

7KLVORVVRIFDUERQLVPDLQO\GXHWRUHPRYDORISODQW<br />

ELRPDVV DQG FXOWLYDWLRQ SUDFWLFHV WKDW VXEVHTXHQWO\<br />

OHDG WR JUDGXDO UHGXFWLRQ LQ VRLO RUJDQLF FDUERQ<br />

+RZHYHU WKH DPRXQW RI FDUERQ ORVV FDXVHG E\<br />

FKDQJHVLQODQGXVHGHSHQGVRQYDULRXVIDFWRUVDQG<br />

WKHUH DUH RQO\ D IHZ HVWLPDWHV RI VXFK VRLO FDUERQ<br />

ORVV LQ 7KDLODQG 7KH REMHFWLYH RI WKLV VWXG\ LV WR<br />

VWXG\WKHHIIHFWVRIODQGXVHRQVRLOFDUERQVWRUDJHLQ<br />

7KDLODQG :H FRPSDUH FDUERQ VWRUDJH LQ WKUHH<br />

GLIIHUHQW ODQG XVHV D QDWXUDO IRUHVW 6. D<br />

UHIRUHVWDWLRQ SODQWHG ZLWK \HDU ROG $FDFLD<br />

PDQJLXP$&DQGDQDJULFXOWXUDODUHDFRQWLQXRXVO\<br />

SODQWHGZLWK=HDPD\VIRUPRUHWKDQ\HDUV&)<br />

&2 H[FKDQJH RYHUWKH VRLO VXUIDFH ZDV PHDVXUHG<br />

PRQWKO\ GXULQJ 0DUFK'HFHPEHU XVLQJ D<br />

FORVHFKDPEHUPHWKRG6RLOVDPSOHVIURPFP<br />

GHSWK ZHUH FROOHFWHG DQG DQDO\]HG IRU WRWDO VRLO<br />

FDUERQ6RLOWH[WXUHDW6.VLWHLV&OD\FOD\FRQWHQW<br />

ZKLOHERWK$&FOD\FRQWHQW DQG&)<br />

FOD\ FRQWHQW VLWHV DUH 6DQG\ &OD\ /RDP<br />

VRLOV 7KH S+ UDQJH RI 6. VRLO ZDV <br />

FRPSDUHGZLWKIRU$&VRLODQG<br />

IRU&) VRLO&DUERQFRQWHQWZDV XVXDOO\ KLJKHVWLQ<br />

6.VRLOUDQJLQJIURPPJ&‡JVRLO LQVXEVRLO<br />

WRPJ&‡JVRLO LQWKHWRSFPVRLOIROORZHG<br />

E\VRLODW&)VLWHPJ&‡JVRLO DQG&)VRLO<br />

PJ&‡JVRLO UHVSHFWLYHO\2QWKHDUHDEDVH<br />

FDUERQ VWRUDJH LQ WKH XSSHU FPOD\HU RI VRLOV<br />

XQGHU GLIIHUHQW ODQG XVH ZDV HVWLPDWHG DW <br />

DQG WRQ & ‡ KD LQ 6. $& DQG &) VRLOV<br />

UHVSHFWLYHO\$GGLQJWKHDPRXQWRIVWDQGLQJELRPDVV<br />

ZLOO VLJQLILFDQWO\ LQFUHDVH FDUERQ VWRUDJH LQ IRUHVW<br />

V\VWHP EXW ZLOO QRW PDNH PXFK GLIIHUHQFH LQ<br />

DJULFXOWXUDO V\VWHP 'XH WR ODUJH VSDWLDO DQG<br />

WHPSRUDO YDULDWLRQV WRWDO &2 HPLVVLRQ RYHU <br />

PRQWKPHDVXUHPHQWVZDVQRWVLJQLILFDQWO\GLIIHUHQW<br />

DPRQJWKHVHWKUHHVLWHV J &‡ P 7KH<br />

UHVXOWV LQGLFDWH WKDW FDUERQ VWRUDJH GLIIHUV<br />

VLJQLILFDQWO\ DFFRUGLQJ WR GLIIHUHQW ODQG XVH<br />

1DWXUDO IRUHVW VRLO VWRUHV PRUH FDUERQ WKDQ RWKHU<br />

VRLOV DERXW WZRIROG HVSHFLDOO\ LQ WKH VXUIDFH<br />

OD\HU&RQYHUVLRQRIIRUHVWWRDJULFXOWXUHIRUPRUH<br />

WKDQ\HDUVLQDGGLWLRQWRORVVRIFDUERQVWRUHG<br />

LQVWDQGLQJELRPDVVOHDGVWRDERXWORVVRIVRLO<br />

FDUERQ LQ WKH XSSHU FP 2Q WKH RWKHU KDQG<br />

UHIRUHVWDWLRQIRU\HDUVRQO\LQFUHDVHVVRLOFDUERQ<br />

,QWHUQDWLRQDO&RQIHUHQFH


E\FRPSDUHGZLWKDFRQWLQXRXVFXOWLYDWHGVRLO<br />

PDL]H<br />

,&())(&762)/$1'86(210(7+$1(<br />

2;,'$7,21,17523,&$/83/$1'62,/6<br />

$XWKRUV 6XSLND9DQLWFKXQJ<br />

1DUXPRQ:+DUYH\<br />

$PQDW&KLGWKDLVRQJ<br />

3UHVHQWHG7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

0HWKDQH LV DQ LPSRUWDQW JUHHQKRXVH JDV<br />

DQG PHWKDQH R[LGDWLRQ LQ VRLO UHSUHVHQWV D<br />

VLJQLILFDQWVLQNDFFRXQWLQJIRUDSSUR[LPDWHO\<br />

RIWKH JOREDO PHWKDQH VLQNV /DQGXVHLVRQH RI<br />

LQIOXHQFLQJ IDFWRUV WKDW FRQWULEXWHV WR YDULDWLRQV<br />

RI PHWKDQH R[LGDWLRQ E\ VRLOV ,Q WKLV VWXG\ ZH<br />

LQYHVWLJDWHG PHWKDQH R[LGDWLRQ DFWLYLW\ LQ WKUHH<br />

GLIIHUHQW ODQG XVHV LQ 7KDLODQG 7KHVH LQFOXGH<br />

QDWXUDO GU\ HYHUJUHHQ IRUHVW UHIRUHVW SODQWHG<br />

ZLWK \HDU ROG $FDFLD PDQJLXP DQG<br />

FXOWLYDWHG ODQG FRUQ ILHOG LQ 1DNRUQ<br />

5DWFKDVLPD SURYLQFH 7KDLODQG 0HWKDQH<br />

R[LGDWLRQ UDWHV ZHUH PHDVXUHG GXULQJ -DQXDU\ <br />

'HFHPEHUXVLQJDFORVHFKDPEHUWHFKQLTXH<br />

5HVXOWV UHYHDO WKDW PHWKDQH R[LGDWLRQ LQ GU\<br />

HYHUJUHHQ IRUHVW DQG UHIRUHVWHG VRLOV ZHUH<br />

VLJQLILFDQWO\ KLJKHU WKDQ WKDW LQ FRUQILHOG VRLO S<br />

7KH KLJKHVW R[LGDWLRQ UDWH ZDV IRXQG LQ<br />

QDWXUDO IRUHVW LQ )HEUXDU\ DQG 1RYHPEHU DV <br />

DQGPJ&+ P GD\ UHVSHFWLYHO\2QDRQH<br />

\HDUDYHUDJHEDVLVPHWKDQHR[LGDWLRQUDWHVLQGU\<br />

HYHUJUHHQ IRUHVW UHIRUHVWHG DQG FRUQILHOG VRLOV<br />

ZHUHr r DQGr <br />

PJ &+ P GD\ UHVSHFWLYHO\ QHJDWLYH VLQJ<br />

GHQRWHV QHW PHWKDQH HPLVVLRQ 5DWHV RI<br />

DWPRVSKHULF PHWKDQH R[LGDWLRQ E\ 7KDL IRUHVWV<br />

DUHFRPSDUDEOHWRWKRVHIRXQGLQWHPSHUDWH]RQH<br />

0HWKDQH R[LGDWLRQUDWHVZHUH KLJKHU GXULQJ ZHW<br />

VHDVRQ LQGLFDWLQJ WKDW VRLO PRLVWXUH LV RQH RI<br />

LQIOXHQFLQJIDFWRUV+LJKVRLOPRLVWXUHFDQOLPLW<br />

R[\JHQ DQG PHWKDQH GLIIXVLRQ EHWZHHQ<br />

DWPRVSKHUH DQG VRLO WKXV UHGXFLQJ PHWKDQH<br />

R[LGDWLRQUDWH,QDGGLWLRQDSSOLFDWLRQRIQLWURJHQ<br />

IHUWLOL]HUGXULQJFRUQFXOWLYDWLRQPD\UHVXOWLQWKH<br />

ORZHU R[LGDWLRQ UDWHV LQ FRUQILHOG VRLO WKDQ LQ<br />

QDWXUDO IRUHVW DQG UHIRUHVWHG VRLOV ,QRUJDQLF<br />

QLWURJHQ FRPSRXQGV HVSHFLDOO\ DPPRQLD LV<br />

NQRZQ IRU WKHLU LQKLELWRU\ HIIHFWV RQ PHWKDQH<br />

R[LGDWLRQSUHVXPDEO\WKURXJKFRPSHWLWLRQZLWK<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

PHWKDQHIRUWKHELQGLQJVLWHRIPHWKDQHR[LGDWLRQ<br />

FDWDO\]LQJ HQ]\PH 7KH UHVXOWV LQGLFDWH WKDW<br />

PHWKDQHR[LGDWLRQLVVWURQJO\DIIHFWHGE\ODQGXVH<br />

W\SHVDQGKLJKR[LGDWLRQUDWHLVXVXDOO\IRXQGLQ<br />

XQGLVWXUEHGQDWXUDO IRUHVW VRLOV 5HIRUHVWDWLRQ<br />

KRZHYHU VLJQLILFDQWO\ KHOS UHFRYHU PHWKDQH<br />

R[LGDWLRQDFWLYLW\<br />

,&02,6785($1'7(03(5$785($67+(<br />

&21752//,1*)$&7256)255(63,5$7,21<br />

,17523,&$/83/$1'62,/6<br />

$XWKRUV 6LULSRUQ:LUL\DWDQJVDNXO<br />

6XGDUXW7ULSHWFKNXO<br />

3LWD\DNRUQ/LPWRQJ<br />

$PQDW&KLGWKDLVRQJ<br />

3UHVHQWHG7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

6RLO UHVSLUDWLRQ LV WKH PDLQ SURFHVV<br />

UHVSRQVLEOH IRU UHOHDVLQJ FDUERQ GLR[LGH WR WKH<br />

DWPRVSKHUH 6HYHUDO VWXGLHV KDYH VKRZQ WKDW VRLO<br />

WHPSHUDWXUHDQGPRLVWXUHDUHWKHLPSRUWDQWIDFWRUV<br />

FRQWUROOLQJ VRLO UHVSLUDWLRQ :H WKHUHIRUH FDUULHG<br />

RXW WKH LQYHVWLJDWLRQ ZLWK WKH PDLQ REMHFWLYH WR<br />

XQGHUVWDQG WKH UHODWLRQVKLS EHWZHHQ VRLO UHVSLUDWLRQ<br />

DQG FKDQJHV LQ WHPSHUDWXUH PRLVWXUH DQG WKH<br />

FRPELQHGHIIHFWVRIERWKSDUDPHWHUV:HPHDVXUHG<br />

VRLOUHVSLUDWLRQLQVKRUWWHUPLQFXEDWLRQVRIVRLOIURP<br />

WKHFRUQFXOWLYDWLRQILHOGLQWURSLFDOXSODQGIRUHDFK<br />

VRLO GHSWKV 6RLO VDPSOHV ZHUH LQFXEDWHG DW ILYH<br />

PRLVWXUH FRQWHQWV DQG :+&<br />

DQGDWWKUHHFRQVWDQWWHPSHUDWXUHV R R DQG R<br />

& 7KH UHVXOWV VKRZ WKDW ZKHQ LQFXEDWHG XQGHU<br />

FRQVWDQW WHPSHUDWXUH VRLO UHVSLUDWLRQ ZDV<br />

DFFOLPDWL]HGWRWHPSHUDWXUHDQGPRLVWXUHDIWHUDERXW<br />

GD\V$W R &DQG R &VRLODWFPVKRZHG<br />

WKHKLJKHVWUHVSLUDWLRQUDWHDWDOOPRLVWXUHFRQWHQWV<br />

IROORZHG E\ VRLO DW FP DQG FP<br />

UHVSHFWLYHO\ +RZHYHU DW R & IRU DOO PRLVWXUH<br />

FRQWHQW WHVWHG UHVSLUDWLRQ UDWH DW FP ZDV<br />

KLJKHVWIROORZHGE\VRLODWFPDQGFP<br />

UHVSHFWLYHO\)RUDJLYHQVRLOOD\HULQFUHDVHLQVRLO<br />

PRLVWXUH IURP WR XVXDOO\ LQFUHDVHG VRLO<br />

UHVSLUDWLRQUDWH +RZHYHU PRLVWXUHFRQWHQW EH\RQG<br />

UHVXOWHG LQ GHFUHDVH LQ UHVSLUDWLRQ UDWH DQG<br />

PHWKDQH SURGXFWLRQ ZDV GHWHFWHG 7KH 4 YDOXH<br />

FKDQJH RI UHVSLUDWLRQ UDWH ZKHQ WHPSHUDWXUH ZDV<br />

VKLIWHGE\ R &ZDVXVHGWRGHVFULEHWKHVHQVLWLYLW\<br />

RI VRLO UHVSLUDWLRQ WR WHPSHUDWXUH 7KH 4 YDULHG<br />

GHSHQGLQJRQVRLOGHSWKDQGPRLVWXUHFRQWHQW7KH<br />

,QWHUQDWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

4 IURP R & WR R & LQ VRLOV IURP FP<br />

GHSWKZDVKLJKHVWDPRQJDOOVRLOWHVWHGUDQJLQJIURP<br />

WR7KH4 IRUWKHVRLOFPDQG<br />

FP YDULHG IURP WR DQG WR <br />

UHVSHFWLYHO\)URPWKHVHUHVXOWVLWLVFRQFOXGHGWKDW<br />

WKHUHVSRQVHRIVRLOUHVSLUDWLRQLQHDFKVRLOOD\HULV<br />

FRPSOLFDWHGFRQWUROOHGE\ERWKVRLOWHPSHUDWXUHDQG<br />

VRLOPRLVWXUHFRQWHQWVDQGYDULHGGHSHQGLQJRQVRLO<br />

GHSWK<br />

,&'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SUREHV 7ZR PHWKDQH DQG PHWKDQRO XWLOL]LQJ<br />

PHWK\ORWURSKV LH 0HWK\ORFRFFXV FDSVXODWXV DQG<br />

0HWK\OREDFWHULXP H[WURTXHQV UHVSHFWLYHO\ ZHUH<br />

VHOHFWHG DV PRGHO EDFWHULD 7KH WZR EDFWHULD ZHUH<br />

JURZQLQPLQLPDOOLTXLGPHGLDFRQWDLQLQJPHWKDQH<br />

RU PHWKDQRO ERWK VHSDUDWHO\ DQG WRJHWKHU ,Q<br />

DGGLWLRQDJDUPHGLDVXFKDV76$5$DQG1$<br />

ZHUH XVHG WR JURZ WKH PHWKDQROGHJUDGLQJ<br />

EDFWHULXP 7KH ROLJRQXFOHRWLGH SUREH VHW ZDV<br />

GHVLJQHG XVLQJ WKH SK\ORJHQHWLF VRIWZDUH $5%<br />

EDVHGRQGDWDEDVHVRIWKHDYDLODEOHJHQHVHTXHQFHV<br />

JXLGHGE\ SK\ORJHQHWLFWUHHV 7KH GHVLJQHGSUREHV<br />

ZHUH VSRWWHG RQWR PLFURDUUD\ JODVV VXEVWUDWHV DQG<br />

FRYDOHQWO\LPPRELOL]HGXVLQJDPLQRDOGHK\GH<br />

FKHPLVWU\ 7KHVH DUUD\V ZHUH XVHG WR GHWHFW WKH<br />

JHQHV RI WZR EDFWHULD LQ WKH YDULRXV PHGLD DQG<br />

FRQGLWLRQV 7KH UHVXOWV LQGLFDWHG WKDW WKH WZR<br />

PHWK\ORWURSKVFDQFRH[LVWLQWKHVDPHPLFURFRVP<br />

(QYLURQPHQWDO VDPSOHV LH VRLOV DQG DFWLYDWHG<br />

VOXGJHIURP7KDLODQGZHUHVXFFHVVIXOO\GHWHFWHGE\<br />

WKHPLFURDUUD\V2YHUDOOWKHUHVXOWVGHPRQVWUDWHWKH<br />

IHDVLELOLW\ RI XVLQJ PLFURDUUD\V IRU PHWKDQH DQG<br />

PHWKDQRO GHJUDGLQJ PHWK\ORWURSKLF GHWHFWLRQ DQG<br />

LGHQWLILFDWLRQZLWKWKRVHSUREHV<br />

,&$)8(/&(//32:(5('%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

$ TXDQWLWDWLYH XQGHUVWDQGLQJ RI<br />

GRZQZDUGDWPRVSKHULFORQJZDYHUDGLDWLRQSOD\V<br />

DQLPSRUWDQWUROHLQWKHGHVLJQLQJRIDUDGLDWLYH<br />

FRROLQJV\VWHPDVZHOODVLQWKHHYDOXDWLRQRIWKH<br />

WKHUPDOORVVHVIURPREMHFWVSODFHGRQWKHJURXQG<br />

,Q 7KDLODQGV QRUWK UHJLRQ WKH UDGLDWLYH FRROLQJ<br />

KDV D KLJK SRWHQWLDO IRU FRROLQJ DSSOLFDWLRQV<br />

(PSLULFDO PRGHOV RI GRZQZDUG DWPRVSKHULF<br />

ORQJZDYH UDGLDWLRQ LQ WKLV UHJLRQ KDYH EHHQ<br />

SUHVHQWHG E\UHVHDUFKHV+RZHYHU PRVWRI WKHVH<br />

PRGHOV ZHUH QRW GHYHORSHG IURP WKH GLUHFW<br />

PHDVXUHPHQW RI ORQJZDYH UDGLDWLRQ 7KLV DUWLFOH<br />

UHSRUWV WKH UHVXOWV RI GRZQZDUG DWPRVSKHULF<br />

ORQJZDYH UDGLDWLRQ PHDVXUHPHQWV ZLWK DQ<br />

DFFXUDWHS\UJHRPHWHUGXULQJDSHULRGRIRQH\HDU<br />

DW &KLDQJ .KRQJ &KLDQJ 5DL SURYLQFH 7KH<br />

GRZQZDUG ORQJZDYH UDGLDWLRQ PHDVXUHPHQWV DUH<br />

FRUUHODWHG ZLWK YDULDEOHV PHDVXUHG E\ DQ<br />

DXWRPDWLF ZHDWKHU VWDWLRQ DW JURXQG OHYHO WR<br />

GHYHORSDQHZHPSLULFDOPRGHOIRUSUHGLFWLQJWKH<br />

HIIHFWLYHVN\WHPSHUDWXUH<br />

,&)25(&$67,1*)2*$7'2108$1*<br />

$,53257,1:,17(5<br />

$XWKRUV 6DWKDSRUQ5XDQJMXQ<br />

5REHUW+%([HOO<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

$ PHWKRG KDV EHHQ GHYHORSHG IRU<br />

SUHGLFWLQJ YLVLELOLW\ RYHU 'RQPXDQJ DLUSRUW DW<br />

DP LQZLQWHUIURP VXUIDFHPHWHRURORJLFDO<br />

REVHUYDWLRQV DW DP DQG DP XVLQJ<br />

PXOWLSOH OLQHDU UHJUHVVLRQ 'DWD IURP WKH 7KDL<br />

0HWHRURORJLFDO 'HSDUWPHQWV ZHDWKHU VWDWLRQ DW<br />

%DQJNRN ,QWHUQDWLRQDO $LUSRUW LQ 'HFHPEHU<br />

-DQXDU\DQG)HEUXDU\ZHUHXVHG)RUHDFKPRQWK<br />

WZR PRGHOV ZHUH IRXQG RQH FRQWDLQLQJ DOO WKH<br />

DYDLODEOH VXUIDFH REVHUYDWLRQV DQG RQH RPLWWLQJ<br />

WKHLQVLJQLILFDQWREVHUYDWLRQV7KHPRGHOIRUHFDVW<br />

FRQVLVWVRIWKHSUREDELOLWLHVRIIRJSRRUYLVLELOLW\<br />

DQGJRRGYLVLELOLW\UHVSHFWLYHO\<br />

<br />

'XVDGHH6XNDZDW<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

7KH WRWDO R]RQH DQG HU\WKHPDO 89<br />

PRGHOV KDYH EHHQ FUHDWHG IRU WKH 89 ,QGH[<br />

IRUHFDVWLQJLQWKHW\SLFDOFOLPDWHRI7KDLODQG7KH<br />

IRXU R]RQH PRGHOV IRU &KLDQJPDL 8ERQ<br />

5DWFKDWKDQL %DQJNRNDQG6RQJNKODDQGWKH WZR<br />

89PRGHOVIRU%DQJNRNDQG6RQJNKODZKLFKDUH<br />

WKH PDLQ DUHDV RI WKH FRXQWU\ DUH DYDLODEOH IRU<br />

RSHUDWLRQ RQ D GDLO\ EDVLV 7KH SURFHGXUH LV WR<br />

IRUHFDVW R]RQH IURP XSSHU DLU GDWD DQG WKHQ<br />

FDOFXODWH WKH IRUHFDVW HU\WKHPDO 89 LUUDGLDQFH<br />

IURP WKH R]RQH IRUHFDVW DV DQ LPSRUWDQW LQSXW<br />

GDWD ,Q WKH R]RQH PRGHOV D OLQHDU UHJUHVVLRQ<br />

WHFKQLTXH ZDV XVHG ZLWK FRHIILFLHQWV IRU<br />

WHPSHUDWXUH DQG G\QDPLF KHLJKW DW WKH K3D<br />

DQGK3DOHYHOVZKHUHWKHR]RQHH[LVWVDQGGDLO\<br />

EDOORRQREVHUYDWLRQVDUHPDGH7KHVLPSOHR]RQH<br />

PRGHOV ZHUH DOVR GHYHORSHG IRU XVH LQ WKH DUHDV<br />

ZLWKRXWXSSHUDLUREVHUYDWLRQV7KHGDWDDUHLQWKH<br />

IRUP RI WLPH VHULHV RYHU WKUHH FRQVHFXWLYH GD\V<br />

7KH 89 PRGHOVZHUH REWDLQHG XVLQJ %UHZHU 89<br />

GDWDIURP%DQJNRNDQG6RQJNKODDQGILWWLQJWRD<br />

QRQOLQHDU GLPHQVLRQV SDUDERORLG HTXDWLRQ<br />

ZKLFK LV D IXQFWLRQ RI R]RQH DQG LWV DLU PDVV WR<br />

REWDLQ FRHIILFLHQWV IRU WKH HPSLULFDO IRUPXOD<br />

7KH PRGHOV ZLOO EH XVHG WR HVWLPDWH FORXGIUHH<br />

YDOXHVRIWKH89,QGH[RYHUWKHGLIIHUHQWDUHDVRI<br />

WKH FRXQWU\ 7KH RXWSXW RI WKH HU\WKHPDO 89 IRU<br />

FOHDU VN\ ZLOO EH FRQYHUWHG WR WKH 89 ,QGH[ DQG<br />

WKHQ ILQDOO\ DGMXVWHG E\ WKH &ORXG 0RGLILFDWLRQ<br />

)DFWRUVZKLFKDUHXVHGDFFRUGLQJWRWKHSUHGLFWHG<br />

VN\FRQGLWLRQVIURP GDLO\ ZHDWKHUIRUHFDVWV7KH<br />

89,QGH[LVWKHQXVHGWRVHOHFWRQHRIIRXUOHYHOV<br />

IRULVVXLQJWRWKHSXEOLFLQHYHU\QRRQWLPH7KH<br />

DYHUDJHDFFXUDF\RIDOO PRGHOVDUH DFFHSWDEOHDV<br />

WKHVTXDUHRIWKHFRUUHODWLRQFRHIILFLHQWV5 DUH<br />

DQG IRU WKH R]RQH DQG 89 PRGHOV<br />

UHVSHFWLYHO\ZKLOHWKHPHDQDEVROXWHSHUFHQWDJH<br />

HUURUVDUHDQGIRUWKHR]RQHDQG89<br />

IRUHFDVWLQJUHVSHFWLYHO\<br />

,&&219(&7,9(3$5$0(7(5,=$7,21<br />

6&+(0(6)25180(5,&$/02'(/,1*2)<br />

7+($70263+(5(,17+$,/$1'<br />

,&2=21($1'89,1'(;)25(&$67,1*<br />

$XWKRUV<br />

6XPULGK6XGKLEUDEKD<br />

5REHUW+%([HOO<br />

$XWKRUV<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

6XJXQ\DQHH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

3UHVHQWHG7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

0RVW RI WKH KHDY\ UDLQIDOO LQ 7KDLODQG LV<br />

SURGXFHG E\ FRQYHFWLYH FORXGV ZKLFK PXVW EH<br />

SDUDPHWHUL]HG LQ QXPHULFDO ZHDWKHU SUHGLFWLRQ<br />

1:3 PRGHOV EHFDXVH WKH\ DUH WRR VPDOO WR EH<br />

GLUHFWO\ UHVROYHG 7KLV UHVHDUFK LV DQ DWWHPSW WR<br />

ILQG WKH EHVW PHWKRG RI SUHGLFWLQJ KHDY\ UDLQIDOO<br />

E\ 1:3 PRGHOV LQ 7KDLODQG 7KUHH FRQYHFWLYH<br />

SDUDPHWHUL]DWLRQVFKHPHVQDPHO\%HWWV0LOOHU<br />

*UHOO DQG .DLQ)ULWVFK VFKHPHV ZHUH H[DPLQHG<br />

ZLWK JULG UHVROXWLRQ NP XVLQJ WKH 3HQQ<br />

6WDWH1&$5 QRQK\GURVWDWLF PHVRVFDOH PRGHO<br />

00 6L[ GD\V ZHUH VHOHFWHG DV FDVH VWXGLHV<br />

IRXU RI WKH GD\V ZHUH FDVHV RI KHDY\ UDLQ LQ WKH<br />

VXPPHU UDLQ\ DQG FROG VHDVRQV DQG GXULQJ WKH<br />

WURSLFDO VWRUP /HZLV UHVSHFWLYHO\ DQG WZR GU\<br />

GD\VLQWKHVXPPHUDQGFROGVHDVRQVUHVSHFWLYHO\<br />

ZHUHLQFOXGHGWRPDNHVXUHWKDWWKHPRGHOVGLGQRW<br />

SUHGLFWUDLQZKHQWKHUHZDVQRQH<br />

5HVXOWV VKRZ WKDW DOO WKH VFKHPHV<br />

SUHGLFWHG UDLQ SDWWHUQV FRQVLVWHQW ZLWK SDWWHUQV<br />

GHULYHG IURP REVHUYDWLRQVEXWWKHSRVLWLRQ RIWKH<br />

KHDY\ UDLQIDOO DUHDV LQ WKH PRGHOV ZHUH VKLIWHG<br />

IURPWKHREVHUYHGSRVLWLRQV7KH*UHOODQG.DLQ<br />

)ULWVFKVFKHPHV ZHUH HTXDOO\ JRRG H[FHSW LQ WKH<br />

FROG VHDVRQ 7KH %HWWV0LOOHU VFKHPH ZDV WKH<br />

EHVW LQ SUHGLFWLQJ KHDY\ UDLQ LQ WKH FROG VHDVRQ<br />

EXW LW IDLOHG WR SUHGLFW KHDY\ UDLQ LQ WKH RWKHU<br />

VHDVRQV 7KH .DLQ)ULWVFK VFKHPH ZDV JRRG DW<br />

SUHGLFWLQJ PRGHUDWH UDLQ DQG KHDY\ UDLQ LQ DOO<br />

FDVHV<br />

7KH PRGHOLQJ DVVXPSWLRQV DQG<br />

PDWKHPDWLFDOIRUPXODWLRQVRIWKHVHWKUHHVFKHPHV<br />

DUHUHYLHZHGLQRUGHUWRLQYHVWLJDWHWKHUHDVRQVIRU<br />

WKHVH UHVXOWV ,GHDV IRU WKH FUHDWLRQ RI D QHZ<br />

VFKHPHGHVLJQHGIRU7KDLODQGDQGWKHVXUURXQGLQJ<br />

UHJLRQDUHGLVFXVVHG<br />

,&67$7,67,&$/'(6&5,37,212)<br />

/2&$/(0,66,21,17(16,7


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

HDFK VHFWRU ,Q WKLV VWXG\ D FDVH VWXG\ KDV EHHQ<br />

GHYHORSHG IRU D %DQJNRN 0HWURSROLWDQ 5HJLRQ<br />

%05 WR HYDOXDWH WKH DOWHUQDWLYH IXHO WUDQVSRUW<br />

EXV V\VWHPV )RXU W\SHV RI HQHUJ\ HIILFLHQW IXHO<br />

WUDQVSRUW YHKLFOHV ZHUH FRQVLGHUHG LQFOXGLQJ<br />

FRPSUHVVHG QDWXUDO JDV &1* YHKLFOHV K\EULG<br />

HOHFWULF YHKLFOHV 0HWKDQRO YHKLFOHV DQG )XHO<br />

FHOOVYHKLFOHV7KHHYDOXDWLRQFULWHULDLQWKLVZRUN<br />

LV EDVHG RQ SROOXWLRQ FRQWURO OLQNHG ZLWK HQHUJ\<br />

HIILFLHQF\7KHHVWLPDWHGSROOXWLRQDEDWHPHQWFRVW<br />

IRU WKH K\EULG YHKLFOHV LV WRQQH DV<br />

FRPSDUHG WR DQG WRQQH IRU WKH<br />

&1*DQG)XHOFHOOYHKLFOHVUHVSHFWLYHO\)URP<br />

WKHVHFULWHULDWKHK\EULGYHKLFOHVDUHGHWHUPLQHG<br />

DV D VKRUW WHUP DSSOLFDWLRQ ZKHUHDV IXHO FHOOV DV<br />

ORQJWHUP DSSOLFDWLRQIRUWKHDOWHUQDWLYH WUDQVSRUW<br />

V\VWHPVRI%05SHUVSHFWLYH<br />

,&%,2*$683*5$'$7,21$1'<br />

87,/,=$7,21$69(+,&/()8(/<br />

$XWKRUV 6K\DP6.DSGL9LUHQGUD.9LMD\<br />

6KLYDQDKDOOL.5DMHVK<br />

5DMHQGUD3UDVDG<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

7KH GHPDQG IRU SHWUROHXP SURGXFWV LQ<br />

,QGLDKDVEHHQLQFUHDVLQJDWDIDVWHUUDWHWKDQWKH<br />

LQFUHDVH LQ GRPHVWLF DYDLODELOLW\ UHVXOWLQJ LQ<br />

LQFUHDVHGLPSRUWV7KHWUDQVSRUWVHFWRULVWKHVLQJOH<br />

ODUJHVWFRQVXPHURISHWUROHXPSURGXFWV6HFRQGO\<br />

DERXWRIWRWDODLUSROOXWLRQLVFDXVHGE\WKH<br />

HPLVVLRQV RI SROOXWDQWV IURP WKH YHKLFOHV UXQ RQ<br />

SHWUROHXP SURGXFWV ,Q WKH ZDNH RI WKLV WKHUH LV<br />

XUJHQW QHHG WR LQWURGXFH DOWHUQDWH IXHOV DV<br />

VXEVWLWXWHV IRU GLHVHO DQG SHWURO LQ WKH WUDQVSRUW<br />

VHFWRU%LRJDVDFOHDQDQGUHQHZDEOHIXHOKDVYDVW<br />

SRWHQWLDO LQ ,QGLD ,W FDQ EH VXSSOHPHQW WR<br />

SHWUROHXPSURGXFWVLIXVHGLQFRPSUHVVHGIRUP<br />

LQF\OLQGHUV+HUHDPRGHOLVFRQFHSWXDOL]HGIRU<br />

ERWWOLQJRIELRJDVIURPP GD\FDSDFLW\ELRJDV<br />

SODQWDQGLWVXVHDVYHKLFOHIXHO,WFDQVDYHSHWURO<br />

ZRUWKDERXWPLOOLRQ5VSHUDQQXP DQGDOVR<br />

JHQHUDWHHPSOR\PHQWIRUSHUVRQV<br />

,&())(&72)$'',7,21$/&(2 21<br />

67($05()250,1*3(5)250$1&(2)<br />

1,=52 )8(/('%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

VWHDP UHIRUPLQJ UHDFWLRQ RYHU 1L&H2 DQG<br />

1L$O 2 ZHUH VWXGLHG $FFRUGLQJ WR WKH<br />

H[SHULPHQW ERWK + 6 DQG &2 LQKLELWHG WKH<br />

PHWKDQH VWHDP UHIRUPLQJ UDWH RYHU ERWK FDWDO\VWV<br />

DQG FRQVHTXHQWO\ UHVXOWHG LQ WKH GHFUHDVLQJ RI<br />

K\GURJHQSURGXFWLRQ\LHOG,QWKHSUHVHQFHRI+ 6<br />

SSPWKHUDWHGUDPDWLFDOO\GHFUHDVHGGXHWR<br />

WKHVXOSKLGDWLRQDQGFDQQRWEHIXOO\UHFRYHU\HYHQ<br />

WKRXJK+ 6LVUHPRYHGIURPWKHIHHG$WWKHVDPH<br />

RSHUDWLQJ FRQGLWLRQV 1L&H2 SURYLGHG KLJKHU<br />

UHVLVWDQFH WRZDUG WKH GHDFWLYDWLRQ WKDQ 1L$O 2 <br />

&2 DOVR SUHVHQWHG QHJDWLYH HIIHFW RQ WKH<br />

SURGXFWLRQRI K\GURJHQIURPPHWKDQHVWHDP<br />

UHIRUPLQJ RYHU ERWK FDWDO\VWV GXH WR<br />

WKHLQKLELWLRQRIPHWKDQHDQGVWHDPDGVRUSWLRQE\<br />

&2 7KHDGGLQJRIR[\JHQWKURXJKWKHLQOHWIHHG<br />

DORQJZLWKPHWKDQHDQGVWHDPDVWKHDXWRWKHUPDO<br />

UHIRUPLQJ LV DOVR FDUULHG RXW 2[\JHQ SURPRWHG<br />

PHWKDQHVWHDPUHIRUPLQJUDWHIRUERWKFDWDO\VWV<br />

+RZHYHU + SURGXFWLRQ IURP PHWKDQH VWHDP<br />

UHIRUPLQJ GHFUHDVHG ZLWK LQFUHDVLQJ R[\JHQ<br />

SDUWLDO SUHVVXUH GXH WR WKH LQKLELWLRQ RI VWHDP<br />

DGVRUSWLRQE\WKLVFRPSRQHQWDQGWKHR[LGDWLRQRI<br />

K\GURJHQSURGXFWLRQE\R[\JHQDWRP<br />

,&+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

,&&$7$/


7KH\ ZHUH IRXQG WR EH LPSUDFWLFDO IRU XVH<br />

UHJDUGLQJ WR WKH WHQGHQF\ RI FDUERQ IRUPDWLRQ<br />

+LJKHUYDOXHRIWKH+ 2&+ UDWLRLVUHTXLUHGIRU<br />

WKH K\GURJHQFRQGXFWLQJ HOHFWURO\WH FRPSDUHG WR<br />

WKDW RI 62)&V ZLWK WKH R[\JHQFRQGXFWLQJ<br />

HOHFWURO\WH7KLVLVGXHPDLQO\WRWKHGLIIHUHQFHLQ<br />

ORFDWLRQ RI ZDWHU IRUPHG E\ WKH HOHFWURFKHPLFDO<br />

UHDFWLRQDWWKHHOHFWURGHV7KHERXQGDU\RIFDUERQ<br />

IRUPDWLRQ IRU DOO W\SHV RI 62)&V ZLWK WKH<br />

K\GURJHQFRQGXFWLQJ HOHFWURO\WH LV WKH VDPH<br />

UHJDUGOHVV RI WKH YDOXH RI WKH H[WHQW RI<br />

HOHFWURFKHPLFDOUHDFWLRQ<br />

,&,19(67,*$7,212)68,7$%/(35(<br />

75($70(17352&('85()250(7+$1(<br />

67($05()250,1*29(53'$/ 2 <br />

$XWKRUV 1DYDGRO/DRVLULSRMDQD<br />

:HHUDZDQ6XWWKLVULSRN<br />

'DYLG&KDGZLFN<br />

3UHVHQWHG7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

6WDELOLWLHV DQG DFWLYLWLHV RI 3G$O 2 <br />

WRZDUGPHWKDQHVWHDPUHDFWLRQZHUHLQYHVWLJDWHG<br />

$FFRUGLQJ WR WKH H[SHULPHQWV LW ZDV REVHUYHG<br />

WKDW WKH VWHDP UHIRUPLQJ UDWHV RYHU 3G$O 2 <br />

UHDFKHG WKHLU KLJKHU VWHDG\ VWDWH UDWH DIWHU <br />

KRXUV 7KLV ORQJ LQLWLDO LQGXFWLRQ SHULRG ZDV<br />

DVVRFLDWHG ZLWK WKH DFWLYDWLRQ SURFHGXUH 6LPLODU<br />

UHVXOW KDV EHHQ SUHYLRXVO\ REVHUYHG RQ 5K$O 2 <br />

DQG 5K0J2 'XULQJ UHGXFLQJ FRQGLWLRQ WKH<br />

QREOH PHWDO 3G LQ WKLV VWXG\ FDQ FRPELQH<br />

LQWLPDWHO\ ZLWK LWV VXSSRUW $O 2 DQG WKH<br />

HQFDSVXODWLRQSURFHVVZKLFKLQYROYHVIRUPDWLRQRI<br />

DOOR\ LV JHQHUDWHG ,Q RUGHU WR HOLPLQDWH WKLV<br />

LQGXFWLRQ WLPH VHYHUDO SUHWUHDWPHQW SURFHGXUHV<br />

ZHUHFDUULHGRXWDQGZLOOEHUHSRUWHGLQWKLVSDSHU<br />

,&())(&72)$'',7,21$/&(2 21<br />

0(7+$12/67($05()250,1*<br />

3(5)250$1&(2)1,$/ 2 )25<br />

$33/,&$7,21,162)&<br />

$XWKRUV 1DYDGRO/DRVLULSRMDQD<br />

:HHUDZDQ6XWWKLVULSRN<br />

/HN6LNRQJ<br />

3UHVHQWHG 5HJLRQDO6\PSRVLXPRQ&KHPLFDO<br />

(QJLQHHULQJ56&('HFHPEHU<br />

%DQJNRN7KDLODQG<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

0HWKDQRO KDV EHHQ ZLGHO\ XVHG DV WKH<br />

UHIRUPLQJ HOHPHQW LQ RUGHU WR SURGXFH K\GURJHQ<br />

IRU WKH ODWHU XWLOL]DWLRQ LQ KLJK WHPSHUDWXUH IXHO<br />

FHOO 5HFHQWO\ WKHUH LV VRPH LQWHUHVW LQ XVLQJ<br />

PHWKDQRO DV DQ DOWHUQDWLYH IHHGEDFN WR SURGXFH<br />

K\GURJHQ IRU IXHO FHOO DSSOLFDWLRQ LQVWHDG RI<br />

PHWKDQH $FFRUGLQJ WR WKH H[SHULPHQW KLJK<br />

GHDFWLYDWLRQ GXH WR WKH FDUERQ IRUPDWLRQ ZDV<br />

REVHUYHG IRU PHWKDQRO VWHDP UHIRUPLQJ RYHU<br />

FRQYHQWLRQDO 1L$O 2 ,Q WKLV ZRUN WKH VWHDP<br />

UHIRUPLQJ RI PHWKDQRO RYHU FHULDEDVHG FDWDO\VWV<br />

ZHUHWKHQLQYHVWLJDWHGDQGFRPSDUHGWR1L$O 2 <br />

,WLVZHOOHVWDEOLVKHGWKDWFHULXPR[LGH&H2 DQG<br />

FHULD]LUFRQLD &H=U2 SURYLGH H[FHOOHQW<br />

UHVLVWDQFH WRZDUG FDUERQ IRUPDWLRQ FRPSDUHG WR<br />

FRPPHUFLDO 1L$O 2 7KH DGGLWLRQ RI ]LUFRQLXP<br />

R[LGH=U2 WRFHULXPR[LGH&H2 KDVDOVREHHQ<br />

UHSRUWHG WR LPSURYH WKH R[\JHQ VWRUDJH FDSDFLW\<br />

UHGR[ SURSHUW\ WKHUPDO VWDELOLW\ DQG FDWDO\WLF<br />

DFWLYLW\ +RZHYHU RQH RI WKH PDLQ OLPLWDWLRQV WR<br />

DSSO\ &H2 DQG &H2 =U2 LQ WKH KLJK<br />

WHPSHUDWXUHVWHDPUHIRUPLQJUHDFWLRQLVWKHLUORZ<br />

VSHFLILF VXUIDFH DQG WKHLU KLJK VL]H UHGXFWLRQ<br />

SHUFHQWDJHGXHWRWKHKLJKVXUIDFHVLQWHULQJ+LJK<br />

VXUIDFH DUHD &H2 DQG &H=U2 V\QWKHVL]HG E\<br />

VXUIDFWDQWDVVLVWHG DSSURDFK ZHUH WKHQ SUHSDUHG<br />

DQGLQYHVWLJDWHGDVWKHUHIRUPLQJFDWDO\VWV,WZDV<br />

ILUVWO\REVHUYHGWKDW&H=U2 ZLWKWKH&H=UUDWLR<br />

RISUHVHQWHGWKHEHVWSHUIRUPDQFHLQWHUPVRI<br />

VWDELOLW\WRZDUGVLQWHULQJDPRQJ&H=U2 ZLWKWKH<br />

&H=UUDWLRVRIDQG$IWHUH[SRVXUHLQ<br />

PHWKDQROVWHDPUHIRUPLQJFRQGLWLRQVPXFKORZHU<br />

FDUERQ IRUPDWLRQ ZDV GHWHFWHG RQ WKH VXUIDFH RI<br />

WKHVHFDWDO\VWV<br />

,&+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

FRQVLGHUHGDVWKHUHIRUPLQJFDWDO\VWLQWKLVVWXG\<br />

0HWKDQH VWHDP UHIRUPLQJ UDWH HTXDWLRQ IRU<br />

1L$O 2 ZDVILUVWO\GHWHUPLQHGH[SHULPHQWDOO\E\<br />

YDU\LQJWKHLQOHWFRPSRQHQWV&+ + 2+ DQG<br />

&2 DQGILWWLQJWKHREVHUYHGGDWDLQDZHOONQRZQ<br />

/DQJPXLU+LQVKHOZRRG EDVHG PHWKDQH VWHDP<br />

UHIRUPLQJ UDWH HTXDWLRQ SURSRVHG E\ 'LFN HW DO<br />

7KLVUDWHHTXDWLRQZLWKWKHILWWLQJRIDOOSDUDPHWHUV<br />

ZDV WKHQ DSSOLHG LQ WKH PRGHOLQJ RI VHOHFWLYH<br />

K\GURJHQPHPEUDQHUHIRUPHU<br />

7KHLQIOXHQFHRIPHPEUDQHWKLFNQHVV<br />

DQG PPRQWKH \LHOG RI K\GURJHQ<br />

SURGXFWLRQDQGPHWKDQHFRQYHUVLRQIURPPHWKDQH<br />

VWHDP UHIRUPLQJ ZDV LQYHVWLJDWHG $FFRUGLQJ WR<br />

WKH VLPXODWLRQ WKH \LHOG RI K\GURJHQ SURGXFWLRQ<br />

LQFUHDVHGZLWKLQFUHDVLQJPHPEUDQHWKLFNQHVVDQG<br />

OHVV &2 ZDV SURGXFHG GXH WR WKH IRUZDUG RI<br />

:DWHU*DV 6KLIW UHDFWLRQ 7KH FRQYHUVLRQV RI<br />

PHWKDQHDOVRLQFUHDVHGZKHQDQGP<br />

P PHPEUDQH WKLFNQHVV ZHUH DSSOLHG ,Q FRQWUDVW<br />

WKH PHWKDQH FRQYHUVLRQ GHFUHDVHG ZKHQ PP<br />

PHPEUDQHWKLFNQHVVZDVXVHGDVWKHKLJKUHPRYDO<br />

UDWH RI K\GURJHQ FDQ LQKLELW WKH FRQYHUVLRQ RI<br />

PHWKDQHIURPPHWKDQHVWHDPUHIRUPLQJ<br />

,&0(7+$1(67($05()250,1*<br />

3(5)250$1&(216(/(&7,9(+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

7KHVLPXODWLRQUHVXOWVVKRZHGWKDWWKHPD[LPXP<br />

+ \LHOGFDQEHREWDLQHGDWKLJKHUYDOXHVRIZDWHU<br />

WR FDUERQ UDWLR DQG ORZHU UDQJH RI R[\JHQ WR<br />

FDUERQ UDWLR (TXLOLEULXP DQDO\VLV UHVXOWV DOVR<br />

VKRZHG WKDW DXWRWKHUPDO UHDFWLRQ LV D VXLWDEOH<br />

SURFHVVWRSURGXFHK\GURJHQIURPQDWXUDOJDVIRU<br />

IXHO FHOO )RU PRELOH DSSOLFDWLRQ DXWRWKHUPDO<br />

UHDFWRU VKRXOG EH RSHUDWHG DW WKH WKHUPDO QHXWUDO<br />

FRQGLWLRQE\XVLQJWKHRSWLPXPFRQGLWLRQVRI<br />

R &:&UDWLRRIDQG2 &UDWLRRI<br />

,&())(&762)0($+2735(66,1*<br />

3$5$0(7(56213(5)250$1&(2)<br />

352721(;&+$1*(0(0%5$1()8(/&(//<br />

$XWKRUV 3KRFKDQ0DQRPD\LGWKLNDUQ<br />

$SLFKDL7KHUGWKLDQZRQJ<br />

6XSDSRUQ7KHUGWKLDQZRQJ<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

)XHO FURVVRYHU DFWLYDWLRQ RYHUSRWHQWLDO<br />

RKPLF RYHUSRWHQWLDO DQG PDVV WUDQVSRUWDWLRQ<br />

RYHUSRWHQWLDO DUH PDLQ ORVVHV UHGXFLQJ WKH FHOO<br />

SHUIRUPDQFH RI PHPEUDQH HOHFWURGH DVVHPEO\<br />

0($RI3URWRQ([FKDQJH0HPEUDQH)XHO&HOO<br />

3(0)& ,Q WKLV ZRUN HIIHFWV RI KRWSUHVVLQJ<br />

SDUDPHWHUVZHUHVWXGLHGWRPDNHD JRRGFRQWDFW<br />

IRU PLQLPL]LQJ WKH PDLQ ORVVHV DORQJ WKH 0($<br />

FRPSRQHQWVDQGLQWHUIDFHEHWZHHQWKHPHPEUDQH<br />

DQG WKH HOHFWURGHV 7KRVH SDUDPHWHUV SUHVVXUH<br />

WHPSHUDWXUH DQG WLPH ZHUH LQYHVWLJDWHG<br />

6FUHHQLQJ VLJQLILFDQW IDFWRUV LQ WKH PHWKRG GRQH<br />

E\IXOOIDFWRULDOGHVLJQXQGHUIL[HGFRQGLWLRQVRI<br />

DQGSVLDQGPLQDQGDQG<br />

R &ZDVVHOHFWHG7KHPJFP RI3WZDVORDGHG<br />

RQWRWKHDFWLYHOD\HUVXSSRUWHGZLWK37)(9DOFDQ<br />

;5DVJDVGLIIXVLRQOD\HUE\EUXVKLQJPHWKRG<br />

7KH 0($ VDPSOHV ZHUH RSHUDWHG XQGHU<br />

DWPRVSKHULFSUHVVXUHDW R &DQGPOPLQ RI<br />

UHDFWLRQJDVHV7KHH[SHULPHQWDOUHVXOWVLQGLFDWHG<br />

WKDWIDEULFDWLRQFRQGLWLRQVLQIOXHQFHGLPSRUWDQWO\<br />

RQ WKH IRXU PDLQ ORVVHV 7KH RUGHU RI PDMRU<br />

LQIOXHQFH IDFWRUV ZDV WHPSHUDWXUH SUHVVXUH DQG<br />

WLPHUHVSHFWLYHO\+LJKIXHOFURVVRYHUDQGRKPLF<br />

ORVVHV DQG ORZ DFWLYLW\ DQG PDVV WUDQVSRUWDWLRQ<br />

OLPLWDWLRQ ZHUH VLJQLILFDQW DW KLJK WHPSHUDWXUH<br />

SUHVVXUH DQG ORQJ WLPH FDVH P:FP RI<br />

SRZHU GHQVLW\ 3RVVLELOLWLHV RI SRWHQWLDO GURS LQ<br />

WKH FHOO ZHUH EHFDXVH RI VRPH XQXWLOL]HG DFWLYH<br />

VXUIDFHDUHDRQWKHFDWDO\VWHOHFWURGHVRUGRZQ<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

VL]LQJ RI PDFURSRUHV LQ WKH JDV GLIIXVLRQ OD\HU<br />

LQFUHDVLQJ ZDWHU IORRG RQ WKH FDWKRGH DQG<br />

EORFNLQJ GLIIXVLRQ RI UHDFWDQW JDV WKURXJK WKH<br />

HOHFWURGHV ,Q WKH FRQWUDU\ WKH ORZ FDVH RI<br />

IDEULFDWHG 0($ XQGHU ORZ WHPSHUDWXUH R &<br />

DQGVKRUWWLPHPLQLQWKHH[SHULPHQWVVKRZHG<br />

KLJKHU FHOO SHUIRUPDQFH P:FP RI SRZHU<br />

GHQVLW\ EHFDXVH RI ORZ RKPLF DQG PDVV<br />

WUDQVSRUWDWLRQORVVHV<br />

,&87,/,=$7,212)(;&(66$&7,9$7('<br />

6/8'*($1')(50(17(':$67(:$7(5$6<br />

5$:0$7(5,$/,1%,2'(*5$'$%/(<br />

3/$67,&352'8&7,21(&2120,&<br />

&216,'(5$7,21<br />

$XWKRUV &KDUXYDQ.DVHPVDS<br />

&KDOHUPUDM:DQWDZLQ<br />

3UHVHQWHG 7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

$FFRUGLQJWRWKHLQFUHDVLQJRISODVWLFZDVWH<br />

DQGWKHLQVXIILFLHQWODQGILOODUHDIRUZDVWHGLVSRVDO<br />

WKHLQWURGXFWLRQRI3RO\K\GUR[\DONDQRDWH3+$DV<br />

ELRGHJUDGDEOH SODVWLF ZDV FRQFHUQHG &XUUHQWO\<br />

WKH LQGXVWULDO 3+$ SURGXFWLRQ FRVW XVLQJ SXUH<br />

FXOWXUHDQGFRPPHUFLDOJUDGHFDUERQVXEVWUDWHZHUH<br />

ERWWOHQHFN KRZHYHU WKH H[FHVV VOXGJH IURP<br />

ZDVWHZDWHU WUHDWPHQW SODQW DQG IHUPHQWHG<br />

ZDVWHZDWHUFDQUHSODFHWKHPE\XVLQJLQWUDFHOOXODU<br />

SRO\SKRVSKDWHDQGJO\FRJHQDVHQHUJ\VRXUFH7KH<br />

SURSRVHG HTXDWLRQ IRU PD[LPXP 3+$ SURGXFWLRQ<br />

UHODWHGWRSRO\SKRVSKDWHDQGJO\FRJHQFRQWHQWLQFHOO<br />

E\ IDFWRU RI DQG UHVSHFWLYHO\ %\ XVLQJ<br />

PD[LPXP3+$FRQWHQWRIH[FHVVVOXGJHFRQWDLQLQJ<br />

SRO\SKRVSKDWH SHUFHQW DQG JO\FRJHQ SHUFHQW<br />

WKH HQYLURQPHQWDOO\ EHQHILW RI WKLV SURSRVHG<br />

WHFKQRORJ\ LQ WKH GHFUHDVHG ODQGILOO FRVW DURXQG<br />

[ %DKW SHU WRQ SURGXFHG 3+$ GHFOLQHG<br />

ZDVWHZDWHU WUHDWPHQW FRVW DSSUR[LPDWHO\ [ <br />

%DKW SHU WRQ SURGXFHG 3+$ DQG WKH UHGXFHG<br />

HQHUJ\FRVWDERXW[ %DKWSHUWRQSURGXFHG<br />

3+$ZHUHFRQVLGHUHGWRJHWKHUZLWKWKHGLUHFWFRVW<br />

WKH 3+$ SURGXFWLRQ FRVW RI SURSRVHG PHWKRG FDQ<br />

EH FRPSHWLWLYH ZLWK FRQYHQWLRQDO PHWKRG LI WKH<br />

GHYHORSHG H[WUDFWLRQ SURFHGXUH FDQ OHDG WKH<br />

H[WUDFWLRQ FRVWWR WLPHV KLJKHU WKDQ WKDW RI <br />

SHUFHQW3+$FRQWHQW<br />

,&1,752*(15(029$/81'(5


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

/,0,7,1*&2',16(48(1&,1*%$7&+<br />

%,2),/05($&725<br />

$XWKRUV &KDQ\XG.ULWVXQDQNXO<br />

&KDOHUPUDM:DQWDZLQ<br />

3UHVHQWHG 7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

1LWURJHQ UHPRYDO ZDV VXFFHHGHG E\<br />

QLWULILFDWLRQ VXEVHTXHQW GHQLWULILFDWLRQ SURFHVVHV<br />

ZKLFKLQSUDFWLFDOUHTXLUHGVXEVWUDWHZLWK&2'1<br />

UDWLRVLQ WKH UDQJH RI JUHDWHUWKDQ LQ<br />

WKHRUHWLFDOGXHWR&2'ORVVLQRWKHUPHFKDQLVPV<br />

,QWKLVVWXG\HYHQRQO\WKHLQIOXHQW&2'1UDWLRV<br />

RIDQGZHUHVXSSOLHGE\YDU\LQJWKHDPPRQLXP<br />

FRQFHQWUDWLRQV RI DQG PJ 1+ 1<br />

UHVSHFWLYHO\ KLJK QLWURJHQ UHPRYDOV RI DQG<br />

UHVSHFWLYHO\ FRXOGEH DFKLHYHGLQ VHTXHQFLQJ<br />

EDWFK ELRILOP UHDFWRUV 6%%5V 0RVW RI RUJDQLF<br />

FDUERQ LQ ZDVWHZDWHU ZDV XWLOL]HG E\ GHQLWULILHUV<br />

UHVXOWHG WR WKH UDWLRV RI XWLOL]HG &2' WR QLWURJHQ<br />

ZHUHDQGLQWKHH[SHULPHQWRILQIOXHQW&2'1<br />

UDWLRVRIDQGUHVSHFWLYHO\7KHXWLOL]HG&2'WR<br />

QLWURJHQ UDWLRV LPSOLHG WKDW DOPRVW &2' XSWDNH<br />

GXULQJWKHDQDHURELFFRQGLWLRQDVZHOODVSUR[LPLW\<br />

RIPLFURRUJDQLVPVLQELRILOPHQKDQFHGWKHXVHRI<br />

QLWURJHQ R[LGHV 12 ; DV HOHFWURQ DFFHSWRUV IRU<br />

&2'UHPRYDOZKLFKUHVXOWHGWROHVVFRPSHWLWLRQRI<br />

R[\JHQZLWKQLWULILHUVXQGHUWKHDHURELFFRQGLWLRQ<br />

,&$6(&21'25'(5.,1(7,&62)3$/0<br />

2,/75$16(67(5,),&$7,21<br />

$XWKRUV 7KHHUD\XW/HHYLMLW<br />

:RUDZXW:LVXWPHWKDQJRRQ<br />

*XPSRQ3UDWHHSFKDLNXO<br />

&KDUNULW7RQJXUDL0LFKDHO$OOHQ<br />

3UHVHQWHG7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

7UDQVHVWHULILFDWLRQ RI SDOP RLO ZLWK<br />

PHWKDQRO LQ WKH SUHVHQFH RI 1D2+ DV D FDWDO\VW<br />

ZDVFRQGXFWHGLQDZHOOPL[HGEDWFKUHDFWRUDWWKH<br />

UHSRUWHG RSWLPXP UHDFWLRQ FRQGLWLRQ 6DPSOHV<br />

ZHUHFROOHFWHGGXULQJWKHUHDFWLRQDQGDQDO\]HG<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

E\ WKLQ OD\HU FKURPDWRJUDSK\IODPH LRQL]DWLRQ<br />

GHWHFWRU 7/&),' WR GHWHUPLQH WKH ZHLJKW<br />

SHUFHQWDJHV RI UHDFWLRQ FRPSRVLWLRQV RQ JO\FHURO<br />

IUHH EDVLV 7KH H[SHULPHQWDO PROH FRQFHQWUDWLRQV<br />

ZHUHFDOLEUDWHGDQGILWWHGWRDPDWKHPDWLFDOPRGHO<br />

RI D VHFRQGRUGHU NLQHWLFV ZLWKRXW VKXQW UHDFWLRQ<br />

7KHUHDFWLRQUDWHFRQVWDQWVZHUHGHWHUPLQHG7KH<br />

HIIHFW RI PDVV WUDQVIHU FRXOG EH REVHUYHG WKDW LW<br />

ZDVHOLPLQDWHGWKXVWKHREWDLQHGUHDFWLRQUDWHZDV<br />

DWUXHLQWULQVLFUDWHRIDKRPRJHQHRXVUHDFWLRQ7KLV<br />

NLQHWLFV FRXSOHG ZLWK WKH REWDLQHG UHDFWLRQ UDWH<br />

FRQVWDQWVSURYLGHGD VDWLVIDFWRU\PHFKDQLVPZLWK<br />

WKHH[SHULPHQWDOUHVXOW7KHRYHUDOOJRRGQHVVRIILW<br />

WRSUHGLFWWKHZHLJKWSHUFHQWDJHRIPHWK\OHVWHUVLQ<br />

WKH SURGXFW GXULQJ WKH UHDFWLRQ ZDV TXDQWLILHG<br />

WKURXJK WZR VWDQGDUGV WKH FRUUHODWLRQ FRHIILFLHQW<br />

5 DQGWKHPHDQUHODWLYH GHYLDWLRQ05'7KH<br />

5 ZDV DQG WKH 05' ZDV <br />

$OWKRXJKWUDQVHVWHULILFDWLRQRI SDOP RLO FRQVLVWHG<br />

RI WKUHH VWHSZLVH DQG UHYHUVLEOH UHDFWLRQV WKH<br />

UHDFWLRQ UDWH FRQVWDQWV UHYHDOHG WKDW WKH IRUZDUG<br />

UHDFWLRQVZHUHWKHPRVWLPSRUWDQW,QDGGLWLRQWKH<br />

PD[LPXPSXULW\DWWKHHTXLOLEULXPZDVZW<br />

(TXLOLEULXP OD\ WRZDUGV WKH SURGXFWV 7KXV<br />

JO\FHUROVHSDUDWLRQZDVQRWDVLJQLILFDQWIDFWRUIRU<br />

SURGXFLQJVDOHDEOHELRGLHVHOE\EDWFKSURFHVV<br />

,&75$16(67(5,),&$7,212)3$/02,/<br />

,16(5,(62)&217,1828667,55('7$1.<br />

5($&7256<br />

$XWKRUV 7KHHUD\XW/HHYLMLW<br />

:RUDZXW:LVXWPHWKDQJRRQ<br />

*XPSRQ3UDWHHSFKDLNXO<br />

&KDUNULW7RQJXUDL0LFKDHO$OOHQ<br />

3UHVHQWHG7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

'HVLJQ RI D FRQWLQXRXV UHDFWRU IRU<br />

SURGXFLQJ VDOHDEOH ELRGLHVHO EDVHG RQ PDNLQJ LWV<br />

PL[LQJ SHUIRUPDQFH DV KLJK DV SRVVLEOH LV<br />

LQHIILFLHQW 2QH ZD\ WR VROYH WKH LQHIILFLHQF\ LV<br />

E\ VLPXODWLRQ ,Q WKLV VWXG\ D VLPXODWLRQ ZDV<br />

SHUIRUPHGWRRSWLPL]HDPL[LQJSHUIRUPDQFHRID<br />

FRQWLQXRXV UHDFWRU IRU SURGXFLQJ VDOHDEOH<br />

ELRGLHVHOIURPSDOPRLODQGWRSUHGLFWWKHUHTXLUHG<br />

UHVLGHQFH WLPHV DW WKH VHOHFWHG SXULWLHV IRU WKH<br />

WUDQVHVWHULILFDWLRQ RI SDOP RLO LQ WKH RSWLPL]HG<br />

UHDFWRU,QWKHVLPXODWLRQFRQWLQXRXVUHDFWRUVZHUH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

PRGHOHGDVQLGHDOFRQWLQXRXVVWLUUHGWDQNUHDFWRUV<br />

&675V LQ VHULHV 7KH HTXDWLRQV V\VWHPV IRU WKH<br />

WUDQVHVWHULILFDWLRQ RI SDOP RLO LQ &675 DQG SOXJ<br />

IORZUHDFWRU3)5ZHUHFRQVWUXFWHGDQGVROYHGDW<br />

YDULRXV UHVLGHQFH WLPHV 7KH LQWULQVLF UDWH ZDV<br />

EDVHG RQ WKH H[SHULPHQWDO UHVXOWV IRU WKH<br />

WUDQVHVWHULILFDWLRQRISDOPRLOZLWKPHWKDQROLQWKH<br />

SUHVHQFH RI 1D2+ DV D FDWDO\VW DW WKH UHSRUWHG<br />

RSWLPXPUHDFWLRQFRQGLWLRQ7KHRSWLPXPPL[LQJ<br />

SHUIRUPDQFH RI D FRQWLQXRXV UHDFWRU ZDV LGHDO<br />

&675VLQVHULHV7KHSUHGLFWHGUHVLGHQFHWLPHVRI<br />

WKH RSWLPL]HG UHDFWRU WR SURGXFH SDOP PHWK\O<br />

HVWHUVDW SXULWLHV DQG<br />

ZW ZHUH DQG PLQ<br />

UHVSHFWLYHO\ ,Q DGGLWLRQ WKH HIILFLHQFLHV RI WKLV<br />

UHDFWRUDWSXULWLHV DQG<br />

ZW ZHUH DQG <br />

UHVSHFWLYHO\<br />

,&$1(;3(5,0(17$/$3352$&+('72<br />

,19(67,*$7(.(


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

,&+2:7268&&((',17+($'237,21<br />

2)7+(,03529('&22.,1*6729(7+(<br />

&$6(678'


FRPPLVVLRQLQJ RI VHOHFWHG DGGLWLRQDO SRZHU SODQW<br />

WHFKQRORJLHV7KHXSGDWHGLQIRUPDWLRQIURP<br />

SRZHUGHYHORSPHQWSODQ3'3LVXVHGLQWKH<br />

VWXG\7KHWRWDOHPLVVLRQVERWKGLUHFWDQGLQGLUHFW<br />

HPLVVLRQV DIIHFWHG IURP WKH ZKROH HFRQRP\ DUH<br />

HYDOXDWHG E\ LQSXWRXWSXW DQDO\VLV $ FRPSDULVRQ<br />

RI WKH WRWDO &2 HPLVVLRQV IURP WKH SRZHU VHFWRU<br />

XQGHU DOWHUQDWLYHV RI DGGLWLRQDO JHQHUDWLRQ<br />

WHFKQRORJLHVLVDOVRSUHVHQWHG<br />

,&,03$&72)7+$,32:(5<br />

'(9(/230(173/$121*5((1+286(*$6<br />

(0,66,216$1'(1(5*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

FRVW DQG HDV\ WR RSHUDWH 1DUURZOHDYHG FDWWDLO<br />

7\SKD DQJXVWLIROLD LV VHOHFWHG IRU ZDVWHZDWHU<br />

WUHDWPHQW EHFDXVH LWV DELOLW\ WR DEVRUE WKH ODUJH<br />

DPRXQW RI QXWULHQW DQG FRQWDPLQDWHG VXEVWDQFHV<br />

,QWKLVVWXG\QDUURZOHDYHGFDWWDLOZDVFRQGXFWHG<br />

XQGHU WKH VRLOHVV FRQGLWLRQV ZLWK GLIIHUHQW<br />

V\QWKHWLF G\H DQG V\QWKHWLF ZDVWHZDWHU<br />

FRQFHQWUDWLRQVDQGPJ‡/ 7KHUHVXOW<br />

VKRZHGWKDWSODQWFRXOGDGDSWHGLQERWKWUHDWPHQW<br />

DQGSURGXFHGQHZVKRRWV7KHVXLWDEOHFRQGLWLRQV<br />

IRU JURZLQJ SODQW ZHUH IRXQG LQ WKH V\VWHP S+<br />

DSSUR[LPDWHO\ 7KH PD[LPXP FRORU UHPRYDO<br />

ZDV DSSUR[LPDWHO\ LQ WKH WUHDWPHQW RI<br />

V\QWKHWLFZDVWHZDWHUFRQWDLQLQJPJ‡/ $IWHU<br />

GD\V RI WUHDWPHQW SODQWV VKRZHG WKH WR[LFLW\ RI<br />

G\HVXFKDVZLOWLQJQHFURVLVDQGILQDOO\GLH7KH<br />

PHFKDQLVP IRU FRORU UHPRYDO E\ QDUURZOHDYHG<br />

FDWWDLO PD\ EH LQYROYHG ERWK ELRORJLFDO DQG<br />

FKHPLFDO UHDFWLRQ 7KH IXUWKHU VWXG\ ZLOO DOVR<br />

H[DPLQHG ZKDW FKHPLFDO VXEVWDQFHV LQYROYHG LQ<br />

G\HUHPRYDO7KHGHIHQVHPHFKDQLVPIRUSUHYHQW<br />

DQGSURWHFWSODQWIURPWKHWR[LFRIG\HZLOODOVREH<br />

LQYHVWLJDWHG<br />

,&&203$5,6212)&$'0,80837$.(<br />

%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

0(6+5($&725<br />

$XWKRUV 6XQHHUDW3LSDWPDQRPDL<br />

1LJHO3DWHUVRQ'HQLV'XJZHOO<br />

5DIDHO.DQGL\RWL<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

7ZRVWDJH S\URO\VLV PRGHOV ZHUH<br />

GHYHORSHG LQ WKLV ZRUN LQFOXGLQJ VLQJOH<br />

LUUHYHUVLEOHILUVWRUGHUSURFHVVHVDQG PXOWLSOH<br />

SDUDOOHO LQGHSHQGHQW LUUHYHUVLEOH ILUVWRUGHU<br />

UHDFWLRQVZLWKD*DXVVLDQGLVWULEXWLRQRIDFWLYDWLRQ<br />

HQHUJLHV %RWK PRGHOV ZHUH EDVHG RQ WKH<br />

DVVXPSWLRQWKDWS\URO\VLVUHDFWLRQFRQVLVWVRIWZR<br />

VWDJHV7KHILUVWVWDJHLQZKLFKS\URO\VLVSURGXFWV<br />

LQFOXGLQJ WDU DQG OLJKW JDVHV DUH UHOHDVHG WDNHV<br />

SODFH DW UHODWLYHO\ ORZ WHPSHUDWXUHV LH DW XS WR<br />

<br />

R & 7KH VHFRQG VWDJH WDNHV SODFH DW<br />

WHPSHUDWXUHVKLJKHUWKDQ R &PRVWO\UHOHDVLQJ<br />

OLJKWJDVHVZLWKQRWDU<br />

(VWLPDWLRQRIWKHNLQHWLFUDWHSDUDPHWHUV<br />

RI FRDO S\URO\VLV ZDV FDUULHG RXW EDVHG RQ WKH<br />

ZHLJKW ORVV GDWD REWDLQHG IURP UDSLG S\URO\VLV<br />

LH R & V LQ DQ DWPRVSKHULF ZLUHPHVK<br />

UHDFWRU ([SHULPHQWV ZHUH SHUIRUPHG XVLQJ HLJKW<br />

FRDOV RI YDULRXV UDQNV DW D ZLGH UDQJH RI SHDN<br />

WHPSHUDWXUHVLHEHWZHHQDQG R &ZLWK<br />

]HURKROGWLPH<br />

7KH FDOFXODWHG UHVXOWV HYLGHQWO\ VKRZHG<br />

WKDW WKH WZRVWDJH PXOWLSOH UHDFWLRQ PRGHOV<br />

GHYHORSHG LQ WKLV VWXG\ FRXOG HVWLPDWH UDWH<br />

SDUDPHWHUV SUHH[SRQHQWLDO IDFWRU N DFWLYDWLRQ<br />

HQHUJ\ ( WKDW EHWWHU GHVFULEHG WKH FRPSOH[<br />

S\URO\VLV SURFHVVHV 7KH YDOXHV FDOFXODWHG XVLQJ<br />

WKHPXOWLSOHUHDFWLRQPRGHODUHPRUHUHDOLVWLFWKDQ<br />

WKRVH FDOFXODWHGWKHVLQJOHUHDFWLRQ PRGHO ZKLFK<br />

VHHPV WR XQGHUHVWLPDWH WKH DFWLYDWLRQ HQHUJLHV<br />

7KHVWDQGDUG GHYLDWLRQRIWKHDFWLYDWLRQHQHUJLHV<br />

DQDGGLWLRQDOSDUDPHWHUGHVFULEHGLQWKHPXOWLSOH<br />

UHDFWLRQ PRGHOV GHPRQVWUDWHG WKH GLYHUVLW\ RI<br />

WKH UHDFWLRQV WDNLQJ SODFH GXULQJ S\URO\VLV RYHU<br />

WKH WHPSHUDWXUH UDQJH +RZHYHU FRUUHODWLRQ<br />

EHWZHHQWKHUDWHSDUDPHWHUVDQGWKHFRDOUDQNVWLOO<br />

FRXOGQRWEHHVWDEOLVKHG<br />

,&$02',),('68/)$7,2102'(/)25<br />

,1&25325$7,21,172$&)'&2'()257+(<br />

6,08/$7,212)08/7,3+$6(5($&7,1*<br />

)/2:6<br />

$XWKRUV<br />

1LWLQDL3XQEXVD\DNXO<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

-DUUXZDW&KDURHQVXN<br />

%XQGLW)XQJWDPPDVDQ<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

7KLVZRUNGHDOVZLWKWKHGHYHORSPHQWRI<br />

PDWKHPDWLFDO WHFKQLTXHV IRU LQFRUSRUDWLQJ H[LVWLQJ<br />

VXOIDWLRQPRGHOVLQWRD&)'FRGHIRUWKHVLPXODWLRQ<br />

RI IORZ KHDW DQG PDVV WUDQVIHU LQ PXOWLSKDVH<br />

UHDFWLQJIORZLHLQFRPEXVWLRQRISXOYHUL]HGFRDO<br />

ZLWK GU\W\SH VXOIXU DEVRUSWLRQ SURFHVV %\<br />

FRPSURPLVLQJWKHDELOLW\WRPDLQWDLQVRPHIHDWXUHV<br />

RI VXOIDWLRQ DV VXJJHVWHG LQ OLWHUDWXUHV ZLWK<br />

FRPSXWDWLRQ WLPH WKH PRGHO ZDV VXFFHVVIXOO\<br />

HPEHGGHGLQWR)$)1,5D&)'FRGHDQGKDVEHHQ<br />

XVHG IRU WKH SUHGLFWLRQ RI 62 DEVRUSWLRQ LQ<br />

SXOYHUL]HG FRDO FRPEXVWLRQ DJDLQVW H[SHULPHQWDO<br />

GDWDDWYDULRXVFRQGLWLRQV7KLVSDSHUIRFXVHVRQWKH<br />

PDWKHPDWLFDOUHSUHVHQWDWLRQRIVXOIDWLRQSURFHVVE\<br />

LQFOXGLQJHIIHFWVRIWHPSHUDWXUHRQUHDFWLRQUDWHDW<br />

]HUR VXOIDWLRQDQGGXULQJ LQFUHDVHGVXOIDWH ORDGLQJ<br />

RU DFFXPXODWLRQ RI SURGXFW OD\HUV 7KH PRGHO LV<br />

UHODWLYHO\ VLPSOH DQG LV DSSOLFDEOH RYHU D ZLGH<br />

UDQJH RI WHPSHUDWXUHV SDUWLFOH VL]HV DQG 62 <br />

FRQFHQWUDWLRQV 9DOLGDWLRQ ZDV FDUULHG RXW DQG LW<br />

ZDV IRXQG WKDW WKH PRGHO VDWLVIDFWRULO\ UHSUHVHQWV<br />

WKHDPRXQWRIDFFXPXODWHGVXOIDWHZLWKLQWKHHQWLUH<br />

GRPDLQRIFDOFXODWLRQ<br />

,&52/(2)'(0$1'6,'(<br />

0$1$*(0(17,17+$,/$1'$)7(5<br />

(/(&75,&6833/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

(*$7V '60 SURJUDP KDV EHHQ LQWHUQDWLRQDOO\<br />

UHFRJQL]HG DV D VXFFHVVIXO SURJUDP VR WKH QH[W<br />

SKDVH RI RSHUDWLRQ ZDV GHYHORSHG IRU<br />

LPSOHPHQWDWLRQGXULQJ<br />

6LQFHHOHFWULFVXSSO\LQGXVWU\(6,UHIRUP<br />

KDV UHFHLYHG PRUH DWWHQWLRQ UHFHQWO\ PDQ\<br />

GHYHORSLQJ FRXQWULHV KDG FRPSOHWHG RU LQLWLDWHG<br />

WKHLU (6, UHIRUP ZLWK FKDQJHV LQ WKH LQGXVWULHV<br />

RZQHUVKLSDQGRUVWUXFWXUH7KHPDLQREMHFWLYHRI<br />

WKH UHIRUP LV WR LQFUHDVH HIILFLHQF\ WKURXJK EHWWHU<br />

LQYHVWPHQW GHFLVLRQV EHWWHU XVH RI H[LVWLQJ SODQWV<br />

EHWWHUPDQDJHPHQWDQGEHWWHUFKRLFHVIRUFXVWRPHU<br />

WR PRELOL]H SULYDWH FDSLWDOIRU SRZHU GHYHORSPHQW<br />

DQG WR GHYHORS QHZ VRXUFHV RI SRZHU JHQHUDWLRQ<br />

)ROORZLQJ LQWHUQDWLRQDO WUHQGV LW LV OLNHO\ WKDW WKLV<br />

UHIRUP SURFHVV ZLOO KDYH QRWDEOH LPSDFW RQ WKH<br />

OHYHODQGQDWXUHRILQYHVWPHQWLQ'60<br />

,QFDVHRI7KDLODQGWKHSROLF\RQWKH(6,<br />

UHIRUPRIWKHFRXQWU\WRSURPRWHFRPSHWLWLRQDQG<br />

SULYDWH VHFWRU SDUWLFLSDWLRQ KDV EHHQ RQJRLQJ IRU<br />

PDQ\ \HDUV LQFOXGLQJ WKH UROH RI '60 7KH<br />

JRYHUQPHQW KDV FRQWLQXHG WR VSHHG XS WKH<br />

SULYDWL]DWLRQ RI HQHUJ\ XWLOLWLHV 8QGHU WKH<br />

JRYHUQPHQWSULYDWL]DWLRQSODQ(*$7LVVFKHGXOHG<br />

WROLVWLWVVKDUHVRQWKHVWRFNPDUNHWE\HDUO\<br />

IROORZLQJ DQLQWHUQDORUJDQL]DWLRQ UHVWUXFWXULQJWR<br />

SUHSDUH IRU FRUSRUDWL]DWLRQ ,Q DGGLWLRQ WKH<br />

0HWURSROLWDQ(OHFWULFLW\ $XWKRULW\0($DQGWKH<br />

3URYLQFLDO (OHFWULFLW\ $XWKRULW\ 3($ DUH<br />

VFKHGXOHG WR PRYH IRUZDUG DQ LQWHUQDO<br />

UHVWUXFWXULQJDQGWROLVWWKHLUVKDUHVE\WKHHQGRI<br />

$W SUHVHQW WKH JRYHUQPHQW PDGH ILQDO<br />

GHFLVLRQWRFDQFHOWKHSURSRVHGLPSOHPHQWDWLRQRID<br />

FRPSHWLWLYH HOHFWULFLW\ PDUNHW RU SRZHU SRRO<br />

EHFDXVHWKHVWUXFWXUHZDVFRQVLGHUHGLQDSSURSULDWH<br />

IRU 7KDLODQG DW OHDVW IRU WKH WLPH EHLQJ<br />

([SHULHQFHV RI 86 8. DQG 9LFWRULD $XVWUDOLD<br />

LQGLFDWHG WKDW LW PD\ EH SUHPDWXUH WR DGRSW<br />

PDUNHWEDVHG SRZHU SRRO V\VWHP ZKLOH (6,<br />

UHVWUXFWXULQJRI0DOD\VLDVHHPVWREHLQOLQHZLWK<br />

WKH 7KDL FRQWH[W :LWK WKH DQWLFLSDWHG<br />

UHVWUXFWXULQJDQGSULYDWL]DWLRQRI(6,LQ7KDLODQG<br />

WKH WUDGLWLRQDO IRUP IRFXV IXQFWLRQ VWDWXV DQG<br />

IXQGLQJRI'60PXVWEHUHHYDOXDWHG<br />

7KLV SDSHU XQGHUWDNHV WR GHYHORS DQ LQ<br />

GHSWXQGHUVWDQGLQJRIZKDWPLJKWOLNHO\KDSSHQWR<br />

'60LQYHVWPHQWDVWKHUHIRUPSURFHVVSURJUHVVHV<br />

,WVHHNVWRGLVFXVVSRVVLEOHGLUHFWLRQVIRU'60DIWHU<br />

(6, UHIRUP LQ 7KDLODQG ,Q WKH SURFHVV WKH QHZ<br />

VWUXFWXUH RI (6, ZLWKLQ WKH VKRUW WR PHGLXP WHUP<br />

\HDUV LV GLVFXVVHG ZLWK '60V UROH DQG<br />

DFWLYLWLHVEHLQJSURSRVHGDIWHUZDUGV<br />

,&&$5%21,=$7,21&+$5$&7(5,67,&6<br />

2)7+$,$*5,&8/785$/5(6,'8(6<br />

<br />

$XWKRUV 1DNRUQ:RUDVXZDQQDUDN<br />

3KDWDPDSRUQ3RWLVUL<br />

:LZXW7DQWKDSDQLFKDNRRQ<br />

3UHVHQWHG7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

7KH FDUERQL]DWLRQ FKDUDFWHULVWLFV RIVRPH<br />

7KDLDJULFXOWXUDOUHVLGXHVKDYHEHHQLQYHVWLJDWHG<br />

7KH ZHLJKW FKDQJH EHKDYLRUV DQG WKH FKDQJHV LQ<br />

IXQFWLRQDO JURXSV GXULQJ WKH FDUERQL]DWLRQ ZHUH<br />

H[DPLQHG E\ XVLQJ D WKHUPRJUDYLPHWULF DQDO\]HU<br />

DQG DQ )7,5 VSHFWURPHWHU UHVSHFWLYHO\ 7KH<br />

ZHLJKW GHFUHDVLQJ SURILOHV ZHUH VLJQLILFDQWO\<br />

GLIIHUHQW DPRQJ WKH VDPSOHV 7KH '7* FXUYHV<br />

GXULQJ WKH FDUERQL]DWLRQ RI ELRPDVV KDYH VHYHUDO<br />

GLVWLQFWLYHSHDNV7KHVHSHDNVVHHP WREHFDXVHG<br />

E\WKH GHFRPSRVLWLRQ RIKHPLFHOOXORVH FHOOXORVH<br />

DQG OLJQLQ LQ ELRPDVV 7KHUH ZHUH VLJQLILFDQW<br />

LQWHUDFWLRQV EHWZHHQ FHOOXORVH DQG OLJQLQ GXULQJ<br />

WKHFDUERQL]DWLRQ7KHWKHUPRJUDYLPHWULFDQDO\VHV<br />

RIWKHOLJQLQFHOOXORVHEOHQGVFOHDUO\VKRZWKDWWKH<br />

LQWHUDFWLRQV EHWZHHQ FHOOXORVH DQG OLJQLQ GXULQJ<br />

WKH FDUERQL]DWLRQ FRQWULEXWHG WR LQFUHDVHV LQ<br />

FDUERQL]DWLRQ\LHOGV)URPWKH)7,5DQDO\VHVWKH<br />

LQFUHDVH LQ FDUERQL]DWLRQ \LHOGV GXULQJ WKH<br />

FDUERQL]DWLRQ RI OLJQLQFHOOXORVH EOHQGV ZDV<br />

EURXJKW DERXW E\ WKH FURVVOLQNLQJ UHDFWLRQV<br />

EHWZHHQOLJQLQDQGFHOOXORVHWRIRUPHVWHUJURXSV<br />

GXULQJWKHFDUERQL]DWLRQ<br />

,&3


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

KDVKLJKGHYRODWLOL]DWLRQUDWHFRPSDULQJWROLJQLWH<br />

+RZHYHUVLJQLILFDQWLQWHUDFWLRQVEHWZHHQOLJQLWH<br />

DQG ELRPDVV KDYH QRW EHHQ IRXQG LQ WKH VROLG<br />

SKDVHXQGHUWKHFRQGLWLRQVXVHGLQWKLVVWXG\6R<br />

LWFDQEHFRQFOXGHGWKDWWKHS\URO\VLVRIOLJQLWHLV<br />

QRW DIIHFWHG E\ WKH SUHVHQFH RI ELRPDVV LQ WKH<br />

VROLG SKDVH ZLWKLQ RXU FRQGLWLRQ 7KH KHDWLQJ<br />

YDOXH ZDV PHDVXUHG IRU EOHQGV RI OLJQLWH ZLWK<br />

EDJDVVHDQGFRUQFREZLWKWKHUDWLRVRIOLJQLWHWR<br />

EDJDVVH RU FRUQFRE RI DQG <br />

7KH PHDVXUHG KHDWLQJ YDOXHV ZHUH GHFUHDVLQJ<br />

ZLWK LQFUHDVH RI ELRPDVV FRQWHQW ,Q FDVH RI<br />

EDJDVVHEOHQGVWKHGHFUHDVHRIKHDWLQJYDOXHZDV<br />

YHU\ KLJK FDOJ DV FRPSDUHG WR FRUQFRE<br />

EOHQGVFDOJIRUWKHUDWLR7KHIRVVLO<br />

IXHO OLJQLWH FDQ EH VXEVWLWXWHG E\ FRUQFRE PRUH<br />

FRPSDUHGWREDJDVVH<br />

,&63(&,),&(0,66,216$1'$118$/<br />

5$7(62)0$-2532//87$176)520<br />

/,*1,7(%$6('32:(5*(1(5$7,21,1<br />

7+$,/$1'29(53267&5,6,6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

3UHVHQWHG7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

7KLV DUWLFOH SURSRVHV D PHWKRGRORJ\ WR<br />

ORFDWH WKH UXQRIULYHU W\SH VPDOO K\GURSRZHU<br />

SURMHFW EDVHG RQ HQYLURQPHQWDO FULWHULD E\ XVLQJ<br />

*HRJUDSKLF ,QIRUPDWLRQ 6\VWHP *,6 1DQ<br />

SURYLQFHVLWXDWHGLQWKHQRUWKHUQUHJLRQRI7KDLODQG<br />

ZDV VHOHFWHG DV D FDVH VWXG\ 7KH HQYLURQPHQWDO<br />

FULWHULD ZHUH FUHDWHG DV WKH HQYLURQPHQWDO<br />

FRQVWUDLQWV DQG SDUDPHWHUV 7KH FRQVWUDLQWV ZHUH<br />

VHW XS DFFRUGLQJ WR WKH UHJXODWLRQV RI 7KDLODQG<br />

JRYHUQPHQW 7KH TXHVWLRQQDLUH EDVHG RQ WKH<br />

SULQFLSOH RI 'HOSKL 7HFKQLTXH ZDV FUHDWHG WR<br />

YHULI\ WKH DVVLJQHG VLJQLILFDQW VFRUH VXLWDELOLW\<br />

UDQN ZHLJKWLQJ VFDOH LPSRUWDQFH DQG WKH<br />

VXLWDELOLW\ RI SDUDPHWHUV 6LHYH $QDO\VLV ZDV<br />

HPSOR\HG WR VHOHFW WKH HQJLQHHULQJ DQG<br />

HFRQRPLFDOO\ IHDVLEOH SURMHFWV ZKLFK UHJDUGV WR<br />

WKH FRQVWUDLQWV 7KHQ WKH VLJQLILFDQW VFRUH ZDV<br />

PXOWLSOLHG E\ ZHLJKWLQJ VFDOH )LQDOO\ WKH WRWDO<br />

ZHLJKWHG VFRUH RI WKH VHOHFWHG SURMHFW ZDV<br />

FRPELQHG E\ XVLQJ :HLJKWHG /LQHDU<br />

&RPELQDWLRQ$SSURDFK<br />

,&0$1$*(0(172)(1(5*<<br />

&2168037,21)2552$'/,*+7,1*6<br />

7+528*+7+(86(2))/8;5(*8/$7,21<br />

7(&+1,48(,1%581(,'$5866$/$0<br />

$XWKRUV 6KDPVXGGLQ7XDK$NH&KDLVDZDGL<br />

/LP&KHQJ*XDQ<br />

3UHVHQWHG 7KH-RLQW,QWHUQDWLRQDO&RQIHUHQFH<br />

RQ6XVWDLQDEOH(QHUJ\DQG<br />

(QYLURQPHQW6(('HFHPEHU<br />

+XD+LQ7KDLODQGSS<br />

<br />

,QWKHIHDVLELOLW\VWXG\WR PDQDJHHQHUJ\<br />

FRQVXPSWLRQ RI URDG OLJKWLQJV LQ %UXQHL<br />

'DUXVVDODP IOX[ UHJXODWLRQ WHFKQLTXH KDG EHHQ<br />

XVHG WR SHUIRUP WKH HQHUJ\VDYLQJ WDVN RI WKH<br />

OLJKWLQJVLQYROYHGLQWULDO$DPSHUHVSKDVH<br />

UHJXODWRUZDVXVHGWRUHJXODWHIOX[RQZDWWV<br />

KLJKSUHVVXUH VRGLXP URDG OLJKWLQJV WKURXJKRXW<br />

WKHWULDOSHULRG)OX[RIOLJKWLQJZDVUHJXODWHGE\<br />

WKHVWHDG\ORZHULQJRIWKHRXWSXWYROWDJHIURPWKH<br />

UHJXODWRU IURP QRUPDO RSHUDWLRQ WR WKH PLQLPXP<br />

DOORZDEOHYROWDJHIRUKLJKSUHVVXUHVRGLXPEXOEV<br />

7KUHHVLWHVKDGEHHQFKRVHQLQWKHVWXG\LQYROYLQJ<br />

D WRWDO QXPEHU RI VHYHQW\IRXU ODQWHUQV RI URDG<br />

OLJKWLQJVRIZKLFKWZHQW\WZRODQWHUQVORFDWHGDW<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

WKH XUEDQ DUHD DQRWKHU WZHQW\WZR DW WKH VHPL<br />

XUEDQDQGWZHQW\VL[PRUHDWWKHVXEXUEDQDUHD<br />

7KH ILQGLQJV IURP WKH WULDOV KDG GHPRQVWUDWHG<br />

WKDW DV PXFK DV N:K RU RI GDLO\<br />

HOHFWULF HQHUJ\ FDQ EH VDYHG IURP VLWH <br />

N:K RU IURP VLWH DQG N:K RU<br />

IURPVLWHZLWKDQLOOXPLQDWLRQVUHGXFWLRQ<br />

RIDQGUHVSHFWLYHO\UHFRUGHG<br />

DW WKH HQG RI OLJKWLQJV OLQHV $V PXFK DV <br />

WRQQHVRI&2 HPLVVLRQFDQEHUHGXFHGDQQXDOO\<br />

IURPWKHPHWKRGVLPSOHPHQWDWLRQ<br />

,&$1,19(67,*$7,2121/,1(2)6,*+7<br />

$1'/2&$/'5236,=(',675,%87,2162)<br />

3$/02,/%$6('%,2',(6(/635$


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

WRWKDWRIGLHVHOIXHOH[FHSWWKH DUHDEHWZHHQWKH<br />

FRUHDQGWKHHGJHRIWKHVSUD\ZKHUHWKHELRGLHVHO<br />

VSUD\ VKRZV FOHDUO\ D JUHDWHU QXPEHU RI ODUJHU<br />

GURSV<br />

6FKRRORI%LRUHVRXUFHVDQG7HFKQRORJ\<br />

,&*2/'&


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SS<br />

3UHWUHDWHGVDZGXVWFKDUFRDOE\VXOSKXULF<br />

DFLGKDGPRUHVXUIDFHDUHDLQSRURXVWKDQVDZGXVW<br />

FKDUFRDO $FLG SUHWUHDWPHQW LQFUHDVHG WKH<br />

DGVRUSWLRQ HIILFLHQF\ GXH WR DFLG FRXOG GLVVROYH<br />

WDUVDQGWKHFRPSRQHQWVRIVDZGXVWFKDUFRDOVXFK<br />

DV.DQG&DDQGUHVXOWHGLQLQFUHDVLQJRIVXUIDFH<br />

LQSRURXVRIVDZGXVWFKDUFRDO,QWKHDGVRUSWLRQRI<br />

V\QWKHWLF UHDFWLYH G\H ZDVWHZDWHU FRQWDLQLQJ <br />

PJJ G\HVROXWLRQJO RIVRGLXPVXOSKDWH<br />

JO RI VRGLXP FDUERQDWHLQLWLDO S+ RI r<br />

+ 62 WUHDWHG VDZGXVW FKDUFRDO FRXOG GHFUHDVH<br />

&2' IURP PJ O WR PJ O ZKHUHDV<br />

VDZGXVW FKDUFRDO LQFUHDVHG WR PJ O <br />

$GMXVWLQJ WKH LQLWLDO S+ RI G\H VROXWLRQ WR <br />

LQFUHDVHG G\H DGVRUSWLRQ LQ ERWK DGVRUEHQWV<br />

ZKHUHDV WKH DGVRUSWLRQ RI V\QWKHWLF UHDFWLYH G\H<br />

ZDVWHZDWHU E\ VDZGXVW FKDUFRDO DQG + 62 <br />

WUHDWHGVDZGXVWFKDUFRDOFDQDGVRUELQZLGHUDQJH<br />

RI LQLWLDO S+ RI G\H VROXWLRQ S+ ,Q<br />

DGGLWLRQGLVVROYLQJRI.DQG&DDWWKHORZS+RI<br />

VROXWLRQDOVRFDXVHGWRSUHFLSLWDWLRQRISRWDVVLXP<br />

K\GUR[LGH DQG FDOFLXP K\GUR[LGH WKDW HQKDQFHG<br />

G\HDGVRUSWLRQ7KHPD[LPXPDGVRUSWLRQFDSDFLW\<br />

RI V\QWKHWLF UHDFWLYH G\H ZDVWHZDWHU E\ VDZGXVW<br />

FKDUFRDODQG+ 62 WUHDWHGVDZGXVWFKDUFRDOZHUH<br />

DQG PJ J UHVSHFWLYHO\ 3UH<br />

WUHDWPHQW RI VDZGXVW FKDUFRDO E\ + 62 FRXOG<br />

LQFUHDVH WKH G\H DGVRUSWLRQ FDSDFLW\ LQ WH[WLOH<br />

ZDVWHZDWHU<br />

,&6,/9(55(&29(5


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

WKH EHVW RI RXU NQRZOHGJH WKLV LV WKH ORZHVW<br />

UHSRUWHG RUJDQRKDOLGH GHWHFWLRQ OLPLW PHWKRG<br />

VHQVLWLYHHQRXJKIRUUHJXODWRU\UHTXLUHPHQWV7KH<br />

HIIHFW RI KXPLF VXEVWDQFHV RQ WKH HOHFWURGH<br />

UHVSRQVH ZDV H[DPLQHG DQG WKH SUHIHUHQWLDO<br />

UHPRYH RI KXPLFV RYHU RUJDQRKDOLGHV E\ VROLG<br />

SKDVH H[WUDFWLRQ ZDV DVVHVVHG 7KH HIIHFW RI<br />

HOHFWURO\WHFRQFHQWUDWLRQLQWKHVDPSOHPDWUL[ZDV<br />

H[DPLQHG DQG FRPSDUHG IRU D VLOYHU SODQDU DQG<br />

PLFURHOHFWURGH 7KH UHFRYHULHV RI VRPH<br />

DOLSKDWLFRUJDQRKDOLGHVZHUHFDOFXODWHGDQGZHUH<br />

IRXQGWREHZLWKLQRIWKHUHFRYHULHVE\<br />

VWDQGDUG*&PHWKRG<br />

,&7+('(7(50,1$7,212)<br />

25*$12+$/,'(6$1'25*$123(67,&,'(6<br />

%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1DUXPRQ-H\DVKRNH<br />

.DQLW.ULVQDQJNXUD<br />

3UHVHQWHG 7KH VW .0,7/,QWHUQDWLRQDO<br />

&RQIHUHQFHRQ,QWHJUDWLRQRI<br />

6FLHQFH 7HFKQRORJ\IRU<br />

6XVWDLQDEOH'HYHORSPHQW$XJXVW<br />

%DQJNRN7KDLODQG<br />

9ROSS<br />

7KH HQDQWLRVOHFWLYLWLHV RI LPPRELOL]HG<br />

OLSDVHFDWDO\]HGWKHNLQHWLFUHVROXWLRQRI 56<br />

D K\GUR[\ RFWDQRLF DFLG PHQWK\O HVWHU<br />

ZHUHPHDVXUHGDWYDULRXVW\SHVDQGDPRXQW<br />

RI FRVROYHQWV LQ WKH UHDFWLRQ PL[WXUHV<br />

LVRRFWDQH DV D PDLQ VROYHQW 6ROYHQW<br />

FKRLFHZHUH PDGH RQ WKH VXEVWUDWH VROXELOLW\<br />

DQG HQ]\PH VWDELOLW\ LQ WKH PHGLXP 6ROYHQW<br />

FRPSRVLWLRQV KDYH D SURIRXQG HIIHFW RQ WKH<br />

SURGXFW\LHOGDQGHQDQWLRPHULFVHOHFWLYLWLHVRI<br />

WKHOLSDVHV$PRQJ WKH ILYH VROYHQWV FKRVHQ DV<br />

FRVROYHQWV LH GLLVRSURS\OHWKHU GLQ<br />

EXW\OHWKHU WULFKORURHWK\OHQH WHWUDFKORURHWK\OHQH<br />

DQG WHUWEXW\O DOFRKRO PD[LPXP 6 DQG 5 D<br />

K\GUR[\ RFWDQRLF DFLG PHQWK\O HVWHUV \LHOGV DUH<br />

REWDLQHG ZKHQ WHUWEXW\O DOFRKRO LV XVHG DV<br />

FRVROYHQWV ZKHUHDV ORZHU \LHOGV ZLWK KLJK<br />

SHUFHQWDJH RI HQDQWLRPHULF H[FHVV DUH REWDLQHG<br />

ZLWKRWKHUVFRVROYHQWV,WZDVREVHUYHGLQJHQHUDO<br />

WKDW WKH SURGXFW \LHOGV GHFUHDVH ZLWK LQFUHDVH LQ<br />

WKHDPRXQWRIFRVROYHQWVLQWKHPHGLXP<br />

6FKRRORI$UFKLWHFWXUHDQG'HVLJQ<br />

,&7+(%$0%225(6($5&+<br />

&20%,1$7,212)7:29(51$&8/$5<br />

0(7+2'2/2*,(6<br />

$XWKRU 6XSDZDGHH%RRQ\DFKXW<br />

3UHVHQWHG 7KH WK &RQIHUHQFHRIWKH$6($1<br />

)HGHUDWLRQRI(QJLQHHULQJ<br />

2UJDQL]DWLRQV&$)(2<br />

'HFHPEHU


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

$XWKRUV 6XWMD%RRQ\DFKXW<br />

:LQDL2X\SRUQSUDVHUW <br />

6XSDZDGHH%RRQ\DFKXW<br />

3UHVHQWHG 7KH WK &RQIHUHQFHRIWKH$6($1<br />

)HGHUDWLRQRI(QJLQHHULQJ<br />

2UJDQL]DWLRQV&$)(2<br />

'HFHPEHU


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

7KDLODQG<br />

7KLV SDSHU DGGUHVVHV WKH IXWXUH PRGHO RI<br />

FXUULFXOXPGHYHORSPHQWFDOOHGPXOWLGLVFLSOLQDU\H<br />

&XUULFXOXP$PXOWLGLVFLSOLQDU\LVDWHUPXVHGIRU<br />

PL[HG VFLHQFHV ZKHUHDV H&XUULFXOXP DQ ,&7<br />

EDVHGFXUULFXOXPLVRQHRIWKHFRUHFRPSRQHQWVRI<br />

H(GXFDWLRQ WKDW LV LPSRUWDQW IRU KXPDQ VRFLHW\<br />

DQGFRXQWU\GHYHORSPHQWV%RWKWHFKQLFDO DQGQRQ<br />

WHFKQLFDO SUREOHPV RI H[LVWLQJ FXUULFXOXP DUH<br />

GLVFXVVHG 7KH GHVLUHG UHTXLUHPHQWV RI IXWXUH<br />

FXUULFXOXP DUH LOOXVWUDWHG 7KH DVSHFWV RI<br />

PDQDJHPHQW WHFKQRORJ\ EXVLQHVV DQG<br />

GHYHORSPHQWPHWKRGRORJ\ZKLFKDUHWKHPDLQ<br />

VXVWDLQDEOHFRPSRQHQWVRIPXOWLGLVFLSOLQDU\H<br />

&XUULFXOXP PRGHO DUH H[SODLQHG 7KH<br />

HPSOR\PHQW RI D PXOWLGLVFLSOLQDU\ H&XUULFXOXP<br />

IRU H(GXFDWLRQ JLYHV QRW RQO\ ORFDO EHQHILWV EXW<br />

DOVR QDWLRQDO EHQHILWV 7KH VXFFHVV RI XVLQJ<br />

PXOWLGLVFLSOLQDU\H&XUULFXOXPFDQEHPHDVXUHGE\<br />

WKH VWDQGDUG RI OLYLQJ DQG VRFLDO DQG HFRQRPLF<br />

JURZWK<br />

,&$)5$0(:25.)25'(9(/23,1*<br />

/2&$/(*29(510(17<br />

$XWKRUV<br />

3UHVHQWHG<br />

:LFKLDQ&KXWLPDVNXO<br />

9LWKLGD&KRQJVXSKDMDLVLGGKL<br />

7KH WK ,),3,QWHUQDWLRQDO:RUNLQJ<br />

&RQIHUHQFHRQ.QRZOHGJH<br />

0DQDJHPHQWLQ(OHFWURQLF<br />

*RYHUQPHQW.0*RY<br />

0D\.UHPV$XVWULD<br />

SS<br />

7KH SDSHU SURSRVHV D IUDPHZRUN IRU<br />

GHYHORSLQJ ORFDO HJRYHUQPHQW 7KH IUDPHZRUN LV<br />

EDVHGRQVRIWZDUHHQJLQHHULQJGLVFLSOLQHDQGLWVUHDO<br />

SUDFWLFH7KHIUDPHZRUNVXJJHVWVIRXUSHUVSHFWLYHV<br />

WKDW QHHG WR EH FRQVLGHUHG VWDNHKROGHUV EXVLQHVV<br />

GULYHUV WHFKQRORJ\ GULYHUV DQG PHWKRGRORJ\ ,W<br />

SURYLGHVDJXLGHOLQHRIZKDWWRFRQVLGHULQRUGHUWR<br />

VHW XS ORFDO HJRYHUQPHQW LQ DQ DSSURSULDWH<br />

GLUHFWLRQ ,W LV WKHQ DSSOLHG LQ 7KDL ORFDO H<br />

JRYHUQPHQW FRQWH[W ZKLFK KDV D SDUWLFXODU<br />

FKDUDFWHULVWLFRIFOXVWHUVWUXFWXUH)LQDOO\WKHSDSHU<br />

DOVR PHQWLRQV VRPH EHQHILWV RI NQRZOHGJH<br />

PDQDJHPHQWIRU7KDLORFDOHJRYHUQPHQW<br />

,&7+()5$0(:25.2)('(02&5$&<<br />

'(9(/230(17<br />

(OHFWURQLF*RYHUQPHQW(*29<br />

$XJXVW6HSWHPEHU<br />

=DUDJR]D6SDLQSS<br />

<br />

7KLV SDSHU DGGUHVVHV WKH IUDPHZRUN RI<br />

H'HPRFUDF\ ZKLFK LV SUHVHQWHG LQ WKH JHQHULF<br />

VXVWDLQDEOHH'HPRFUDF\IRUPVXFKDVPDQDJHPHQW<br />

DQG VWDNHKROGHU EXVLQHVV GULYHU WHFKQRORJ\ GULYHU<br />

DQGGHYHORSPHQWPHWKRGRORJ\7KHUHODWHGFRQWHQWV<br />

RI FUHDWLQJ H'HPRFUDF\ DSSOLFDWLRQV DUH DOVR<br />

GLVFXVVHG )XUWKHUPRUH WKLV SDSHU SUHVHQWV WKH<br />

PRGHO RI 7KDL H'HPRFUDF\ 7KH VXUYH\ RI 7KDL<br />

FLWL]HQV RSLQLRQ DERXW JRYHUQPHQW VHUYLFHV<br />

WKURXJKHOHFWURQLFPHGLDE\WKH1DWLRQDO6WDWLVWLFDO<br />

2IILFH LV LOOXVWUDWHG 6RPH H[DPSOHV RI H<br />

'HPRFUDF\ LQ 7KDLODQG DUH DOVR GLVFXVVHG 7R<br />

SURPRWH WKH HIILFLHQF\ RI 7KDL H'HPRFUDF\ WKH<br />

EURDGFDVW RI FDELQHW PHHWLQJ YLD WHOHYLVLRQ LV<br />

FRPPHQFHG<br />

,&(3$57,&,3$7,2102'(/,1<br />

7+$,/$1'<br />

$XWKRUV<br />

3UHVHQWHG<br />

:LFKLDQ&KXWLPDVNXO6XUHH)XQLONXO<br />

,QWHUQDWLRQDO&RQIHUHQFHRQ3ROLWLFV<br />

DQG,QIRUPDWLRQ6\VWHPV<br />

7HFKQRORJLHVDQG$SSOLFDWLRQ<br />

3,67$-XO\<br />

2UODQGR)ORULGD86$9RO<br />

SS<br />

7KLV SDSHU LOOXVWUDWHV WKH IHDWXUHV RI H<br />

3DUWLFLSDWLRQ ZKLFK FRQFHUQ WKH FKDQQHO RI<br />

SDUWLFLSDWLRQ PHFKDQLVP XVLQJ LQIRUPDWLRQ<br />

FRPPXQLFDWLRQ DQG WHFKQRORJ\ ,&7 7KH<br />

PRGHOV RI 7KDL H3DUWLFLSDWLRQ FRQWDLQLQJ<br />

GLVWULEXWHGH3DUWLFLSDWLRQDQGLQWHUFRQQHFWHGH<br />

3DUWLFLSDWLRQDUHGLVFXVVHG7KHIRUPHULVDRQH<br />

ZD\ FRPPXQLFDWLRQ WKDW FLWL]HQV FDQ UHFHLYH<br />

UHODWHG LQIRUPDWLRQ GLUHFWO\ IURP WKH<br />

JRYHUQPHQW ZKHUHDV WKH ODWWHU LV D WZRZD\<br />

FRPPXQLFDWLRQEHWZHHQJRYHUQPHQWDQGFLWL]HQV<br />

FLWL]HQV DQG FLWL]HQV DQG JRYHUQPHQW DQG<br />

JRYHUQPHQW6RPHDSSOLFDWLRQVRIH3DUWLFLSDWLRQ<br />

VXFK DV H&RPSODLQW H3RUWDO RI 3DUOLDPHQW<br />

LQIRUPDWLRQDUHDOVRGHVFULEHG,QDGGLWLRQWKH<br />

VLPSOHU ZD\ RI VXSSRUWLQJ LQ H3DUWLFLSDWLRQ YLD<br />

WKHEURDGFDVWRIFDELQHWPHHWLQJLVDGGUHVVHG<br />

,&(*29(510(17,1)250$7,21<br />

48$/,7


DQG,QIRUPDWLRQ6\VWHPV<br />

7HFKQRORJLHVDQG$SSOLFDWLRQ<br />

3,67$-XO\<br />

2UODQGR)ORULGD86$9RO<br />

SS<br />

H*RYHUQPHQWFDQEHHPSOR\HGDVDWRRO<br />

IRU LPSURYLQJ JRYHUQPHQW DGPLQLVWUDWLRQ DQG<br />

SXEOLF VHUYLFHV 7R EHFRPH D FRPSHWLWLYH<br />

DGYDQWDJHG H*RYHUQPHQW WKH TXDOLW\ RI LWV<br />

LQIRUPDWLRQ DQG NQRZOHGJH PXVW EH FRQVLGHUHG<br />

6XFKDTXDOLW\FDQEHPHDVXUHGE\WKHFRQFHSWVRI<br />

FRQVLVWHQF\ FRPSOHWHQHVV IHDVLELOLW\ DFFXUDF\<br />

UHOHYDQF\DQGWLPHOLQHVV+RZHYHUWKHDVVHVVPHQW<br />

RIDUHTXLUHGH*RYHUQPHQW,QIRUPDWLRQ4XDOLW\H<br />

*,4 LV QRW D VLPSOH WDVN 7KLV SDSHU WKHUHIRUH<br />

LOOXVWUDWHVWKHIUDPHZRUNRIH*,4ZKLFKLVXVHGWR<br />

DVVHVV WKH TXDOLW\ RI H*RYHUQPHQW LQIRUPDWLRQ<br />

7KLVIUDPHZRUNLVFRPSRVHGRIIRXUFRPSRQHQWV<br />

FRQWHQW UHSUHVHQWDWLRQ WHFKQRORJ\ DQG<br />

VWDNHKROGHU 7KH EHQHILWV RI XVLQJ H*,4 DUH DOVR<br />

DGGUHVVHG<br />

,&5(*,21$/'(9(/230(176,1<br />

*/2%$/&211(&7,21<br />

$XWKRUV<br />

3UHVHQWHG<br />

5RODQG7UDXQP OOHU<br />

:LFKLDQ&KXWLPDVNXO<br />

%HUQKDUG.DUQLQJ<br />

7KH UG ,QWHUQDWLRQDO&RQIHUHQFHLQ<br />

(OHFWURQLF*RYHUQPHQW(*29<br />

$XJXVW6HSWHPEHU<br />

=DUDJR]D6SDLQSS<br />

(JRYHUQPHQW FDQ EH UHJDUGHG DV D<br />

FRQVWUXFWLRQ VLWH 7KXV WKH RYHUDOO VXFFHVV LV<br />

VWURQJO\ GHWHUPLQHG E\ WKH WDQJLEOH SURJUHVV WKDW<br />

WDNHV SODFH LQ UHJLRQDO GHYHORSPHQW SURMHFWV 7KH<br />

ZRUNVKRS UHJLRQDO GHYHORSPHQWV LQ JOREDO<br />

FRQQHFWLRQ GRFXPHQWV VXFK DFWXDO DGYDQFHPHQWV<br />

DQG FRQVLGHUV WKHP LQ WKH IUDPHZRUN RI JOREDO<br />

WUHQGVLQHJRYHUQPHQW<br />

,&87,/,=,1*)($785(6(;75$&7,21<br />

,1&/$66,)


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

UHSUHVHQWDWLRQ LQ JHQHWLF DOJRULWKPV 7KH<br />

SURJUDP KDV EHHQ WHVWHG RQD EHQFKPDUN GDWD<br />

VHW,WDFKLHYHGEHWWHUSHUIRUPDQFHZLWKKLJKHU<br />

DFFXUDF\WKDQSUHYLRXVZRUNVRQWKHVDPHGDWD<br />

VHW7KHSDSHUDOVRGLVFXVVHVUHOHYDQWDVSHFWVLQ<br />

XWLOL]LQJ JHQHWLF SURJUDPPLQJ LQ LQGXFWLYH<br />

OHDUQLQJ DQG VXJJHVWV GLUHFWLRQV IRU IXWXUH<br />

ZRUN<br />

,&75867)5$0(:25.)25:(%%$6('<br />

/($51,1*6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

LGHQWLILHG D OLVW RI SURWHLQ WDUJHWV IRU IXWXUH<br />

GHYHORSPHQWRIQHZGUXJVIRUPXOWLGUXJUHVLVWDQW<br />

0'5VWUDLQVWKDWKDYHFDXVHGPLOOLRQVRIGHDWKV<br />

ZRUOGZLGH<br />

,&7232/2*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

H[SODLQ ZKDW PDNHV WKH ZKROH RUJDQLVPV EHKDYH<br />

DVWKH\GR<br />

6\VWHPV ELRORJLVWV DUH UHO\LQJ KHDYLO\ RQ<br />

PDWKHPDWLFVDQGVWDWLVWLFVWRLQWHJUDWHGDWDLQWRD<br />

PRUHFRPSOHWHSLFWXUHRIKRZELRORJLFDOQHWZRUNV<br />

IURP FHOOV WR ZKROH RUJDQLVPV IXQFWLRQ<br />

(QJLQHHULQJVFLHQFHVDUHXVHGWREXLOGPRGHOVDQG<br />

WRPDNHSUHGLFWLRQVDERXWKRZELRORJLFDOV\VWHPV<br />

ZLOO EHKDYH WKH XOWLPDWH JRDO LV WR XQGHUVWDQG<br />

GHHSP\VWHULHV²VXFKDVKRZIXQJLFKRRVHWKHLU<br />

IRUPV KRZ DQLPDO GHYHORSV KRZ SODQWV VWDUFK<br />

JUDQXOHVYDU\DQGKRZKXPDQ DQLPDO\LHOGWR<br />

SDWKRJHQLFPLFUREHV7KHVHPRGHOVZLOODOORZXV<br />

WRJHWDWIXQGDPHQWDOWKHRU\RQWKHFRPSOH[LW\DQG<br />

UREXVWQHVVXQGHUO\LQJHDFKOLYLQJFHOOVH[SODLQLQJ<br />

KRZJHQHVDUHH[SUHVVHGLQWKHULJKWRUGHUDW WKH<br />

ULJKWWLPH<br />

7KH SKDUPDFHXWLFDO LQGXVWU\ KDV DOUHDG\<br />

WDNHQ DGYDQWDJHV RIWKHVH SRZHUIXOWHFKQLTXHVWR<br />

LGHQWLI\ GUXJV WDUJHW DQG GHYHORSHG QHZ GUXJV<br />

EDVHG RQ WKH XQGHUVWDQGLQJ RI PHFKDQLVPV DQG<br />

UHJXODWRU\ QHWZRUN DW WKH PROHFXODU OHYHO<br />

OLNHZLVH WKH IRRG LQGXVWU\ KDV DQ RSSRUWXQLW\ WR<br />

SRVLWLRQIRRGDQGQXWULWLRQDOELRDFWLYHVWRSURPRWH<br />

KHDOWK DQG SUHYHQW GLVHDVH EDVHG QRW RQO\ RQ<br />

JHQHWLF FRQVWLWXWLRQ RI WKH FRQVXPHU EXW DOVR RQ<br />

WKH VWXG\ RI QXWULHQWJHQH LQWHUDFWLRQ PROHFXODU<br />

QXWULWLRQ $SSO\LQJ V\VWHPV ELRORJ\ ZRXOG DOORZ<br />

XV WR IRFXV RQ WKH HIIHFWV RI QXWULHQWV RU IRRG<br />

ELRDFWLYHVRQWKHUHJXODWLRQRIJHQHH[SUHVVLRQLH<br />

QXWULJHQRPLFV RU RQ WKH LPSDFW RI YDULDWLRQV LQ<br />

JHQH VWUXFWXUH RQ RQHV UHVSRQVH WR QXWULHQWV RU<br />

IRRGELRDFWLYHVLHQXWULJHQHWLFV7KHFKDOOHQJHV<br />

IRU$VLDDUHDWOHDVHWZRIROGV2QHLVWRFRPELQH<br />

WKLV QHZ NQRZOHGJH WR GHYHORS QHZ WRROV WR<br />

HQKDQFHWKHXVHDQGWKHXQGHUVWDQGLQJ RILWVULFK<br />

WUDGLWLRQDO PHGLFLQH DQG IXQFWLRQDO IRRGV ZKLFK<br />

UHO\RQPDFURLQWHJUDWLYHDSSURDFKHV2QWKHRWKHU<br />

KDQG WR GHYHORS XQGHU ZHDN LQIUDVWUXFWXUH DQG<br />

OLPLWHG UHVRXUFHV IDFLQJ PRVW $VLDQ QDWLRQV<br />

V\VWHPVELRORJ\ZKLFKUHTXLUHVDGHTXDWHVFLHQWLILF<br />

LQIUDVWUXFWXUH DQG DFWLYH LQWHUDFWLRQV EHWZHHQ<br />

PDQ\VFLHQWLILFGLVFLSOLQHV<br />

,&*(1(&/867(55(*8/$725<<br />

1(7:25.72'58*7$5*(7<br />

,'(17,),&$7,21%


PHWDEROLFIOX[DQDO\VLV7KHLUIDWW\DFLGVSURILOHDQG<br />

FRPSRVLWLRQ ZHUH DOVR GHWHUPLQHG 7KH<br />

PDWKHPDWLFDO PRGHO FRQVLVWV RI LQWUDFHOOXODU<br />

UHDFWLRQVRIFHQWUDOPHWDEROLVPZLWKPHWDEROLWHV<br />

7KHXSWDNHUDWHVRIVXEVWUDWHVIURPWKHPHGLXPWKH<br />

VHFUHWLRQ UDWH RI SURGXFWV IURP WKH FHOOV DQG WKH<br />

UDWH RI ELRPDVV DV ZHOO DV OLSLG SURGXFWLRQ ZHUH<br />

PHDVXUHG IRU IOX[ FDOFXODWLRQ 7KH SRWHQWLDO<br />

DSSURDFK IRULGHQWLI\LQJ WKH SULQFLSOHQRGH LQ IDWW\<br />

DFLGELRV\QWKHVLVRI6FHUHYLVLDHZDVHVWDEOLVKHGLQ<br />

WKLV ZRUN OHDGLQJ WR PRUH UDWLRQDO GHVLJQ LQ<br />

PDQLSXODWLRQRIIDWW\DFLGSURGXFWLRQ<br />

,&02'(/,1*2)67$5&+6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

0DLQWDLQLQJ&RQWURO-XQH<br />

+RQJ.RQJ<br />

&RPSXWHUVKDYHEHFRPHDQHIIHFWLYHWRRO<br />

IRU DXWRQRPRXV (QJOLVK ODQJXDJH OHDUQLQJ :LWK<br />

LQFUHDVLQJ QXPEHUV RI WHDFKHUV XVLQJ &$, ZLWK<br />

WKHLUVWXGHQWVLWLVSHUKDSVLQHYLWDEOHWKDWWHDFKLQJ<br />

WHFKQLTXHV GHVLJQHG IRU WKH ODQJXDJH FODVVURRP<br />

KDYHFRPHWREHDSSOLHGLQ&$,7KLVVWXG\ZDV<br />

FRQGXFWHG ZLWK VWXGHQWV LQ 7KDLODQG ZKRVH<br />

(QJOLVK SURILFLHQF\ LV DW HOHPHQWDU\ OHYHO WR VHH<br />

KRZWKH\OHDUQJUDPPDUZKHQXVLQJDPXOWLPHGLD<br />

&'520GHVLJQHGIRUUHPHGLDO(QJOLVKJUDPPDU<br />

7KH FRQWHQW RI WKH &'520 ZDV SUHVHQWHG<br />

GHGXFWLYHO\ DQG LQGXFWLYHO\ GHSHQGLQJ RQ WKH<br />

WHDFKLQJ SXUSRVHV RI WKH WHDFKHUVFRQWHQW<br />

GHVLJQHUV7KHOHDUQLQJSURFHVVZDVLQYHVWLJDWHG<br />

WKURXJK TXHVWLRQQDLUHV DQG WKLQNDORXG SURWRFROV<br />

WRVHHKRZWKHVWXGHQWVZRUNHGRQWKHSURJUDPPH<br />

DQG KRZ PXFK VXSSRUW ZDV QHHGHG ZKHQ WKH\<br />

OHDUQHGWKHJUDPPDWLFDOSRLQWVWKURXJKWKHVHWZR<br />

DSSURDFKHV 7KH ILQGLQJV VKRZ WKDW VWXGHQWV<br />

ZRUNLQJ RQ LQGXFWLYH PDWHULDOV UHTXLUH H[WHQVLYH<br />

VXSSRUW DQG SUHSDUDWLRQ ZKHUHDV GHGXFWLYH<br />

PDWHULDOVDOWKRXJKOHVVLQWHUHVWLQJDOORZVWXGHQWV<br />

WREHPRUHFRQILGHQW6XJJHVWLRQVFRQFHUQLQJKRZ<br />

WRSUHSDUHVWXGHQWVDQGKRZWRSURYLGHVXSSRUWIRU<br />

OHDUQLQJIURP&'520VDUHJLYHQ<br />

,&86,1*-2851$/672352027(72<br />

7($&+(56/,)(/21*/($51,1*<br />

$XWKRU -RQDWKDQ&+XOO<br />

3UHVHQWHG 7KH WK 7KDLODQG7(62/<br />

,QWHUQDWLRQDO&RQIHUHQFH-DQXDU\<br />

.KRQ.DHQ7KDLODQG<br />

SS<br />

:HRIWHQUHIHUWROHDUQLQJWRWHDFKDVDOLIH<br />

ORQJ SURFHVV EXW WKLV LV RIWHQ KDUG WR VXVWDLQ<br />

:KLOH WHDFKHU WUDLQHHV PD\ EH DZDUH RI D VWHHS<br />

OHDUQLQJ FXUYH PRUH H[SHULHQFHG WHDFKHUV RIWHQ<br />

IHHOWKH\DUHIHVWHULQJ7KLVSDSHULQYHVWLJDWHVKRZ<br />

WKH SUDFWLFH RI ZULWLQJ UHJXODU MRXUQDOV FDQ<br />

SURPRWH DZDUHQHVV RI SDWWHUQV LQ WHDFKLQJ<br />

EHKDYLRXU ERWK IRU WHDFKHU WUDLQHHV DQG IRU PRUH<br />

H[SHULHQFHGWHDFKHUV,QGRLQJVRLWZLOOGUDZRQ<br />

GDWD UHODWLQJ WR WHDFKLQJ LQ ERWK VFKRROV DQG<br />

XQLYHUVLWLHVLQ7KDLODQG<br />

,&5()/(&7,21621&2//$%25$7,9(<br />

5(6($5&+<br />

$XWKRUV<br />

:DUHHVLUL6LQJKDVLUL<br />

&KDGD.RQJFKDQ<br />

,QWHUQDWLRQDO&RQIHUHQFH<br />

3UHVHQWHG 7KH WK 7KDLODQG7(62/<br />

,QWHUQDWLRQDO&RQIHUHQFH-DQXDU\<br />

.KRQ.DHQ7KDLODQG<br />

SS<br />

7KLV SDSHU SUHVHQWV H[SHULHQFHV DQG<br />

UHIOHFWLRQVRIWZRWHDFKHUVZKRKDYHFRFRQGXFWHG<br />

DFWLRQ UHVHDUFK RQ XVLQJ SRUWIROLRV WR HQKDQFH<br />

VWXGHQWV VHOIDFFHVV OHDUQLQJ 7KH VWXG\ UHSRUWV<br />

KRZWKHWHDFKHUVFROODERUDWLYHO\ZRUNRQUHVHDUFK<br />

GHVLJQWHDFKLQJSODQVDQGOHDUQHUWUDLQLQJUDWKHU<br />

WKDQ IRFXVLQJ RQ WKH UHVXOWV IURP WKH VWXGHQW<br />

WUDLQLQJ7KHVXEMHFWVDUHWZRWHDFKHUVZKRWHDFK<br />

WKH VDPH FRXUVH 7KUHH LQVWUXPHQWV WHDFKHUV<br />

QRWHV VHOIREVHUYDWLRQ UHSRUWLQJ DQG GLFXVVLRQ<br />

DUHXVHGWRUHIOHFWRQWKHTXDOLW\RIWHDFKLQJ7KH<br />

UHVHDUFKHUV H[SHULHQFH WKDW LW LV SRVVLEOH WR FR<br />

FRGXFW UHVHDUFK VXFFHVVIXOO\ ZKLOH WHDFKLQJ<br />

QRUPDO FODVVHV DQG WR OHDUQ IURP HDFK RWKHU WR<br />

GHYHORSRQHVHOI<br />

,&',&7,21$5,(6$1'&21&25'$1&(6<br />

$3520,6,1*722/)255$,6,1*<br />

678'(176/$1*8$*($:$5(1(66<br />

$XWKRU 6DRZDOXFN7HSVXULZRQJ<br />

3UHVHQWHG 7KH WK 7KDLODQG7(62/<br />

,QWHUQDWLRQDO&RQIHUHQFH-DQXDU\<br />

.KRQ.DHQ7KDLODQG<br />

S<br />

$W .LQJ 0RQJNXWV 8QLYHUVLW\ RI<br />

7HFKQRORJ\7KRQEXUL.0877WKHOHDUQHUVDUH<br />

H[SHFWHG WR OHDUQ WKH ODQJXDJH WKURXJK ODQJXDJH<br />

XVH ZKLOHWKH\ZRUNRQYDULRXVWDVNVLQLWVWDVN<br />

EDVHGFXUULFXOXP7KLVLPSOLFLWIRFXVRQODQJXDJH<br />

NQRZOHGJHUDLVHVDTXHVWLRQRQVWXGHQWVDFFXUDF\<br />

9DULRXVDWWHPSWVWKXVKDYHEHHQPDGHLQRUGHUWR<br />

UDLVH VWXGHQWV ODQJXDJH DZDUHQHVV WR VROYH WKLV<br />

SUREOHP $PRQJ WKHVH DWWHPSWV GLFWLRQDULHV DQG<br />

FRQFRUGDQFHVVXJJHVWDSURPLVLQJWRRO7KH\KHOS<br />

VWXGHQWVPRQLWRUWKHLUODQJXDJHXVHHVSHFLDOO\ LQ<br />

VHOIFRUUHFWLRQ ,Q WKLV SUHVHQWDWLRQ WKH WHDFKLQJ<br />

VWHSVDQGKRZHDFKVWHSLQWKHOHVVRQKHOSV UDLVH<br />

VWXGHQWVODQJXDJHDZDUHQHVVZLOOEHGLVFXVVHG<br />

,&7+(0


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

$OWKRXJK DFDGHPLFV JHQHUDOO\ WDNH D<br />

QHXWUDO SRVLWLRQ RQ WKH SURV DQG FRQV RI QDWLYH<br />

VSHDNHV 16 DQG QRQQDWLYH VSHDNHU 116<br />

WHDFKHUV RI (QJOLVK WKH JHQHUDO SXEOLF SHUFHLYHV<br />

16WHDFKHUVDVSUHIHUDEOHEHFDXVHWKH\ SURYLGHD<br />

EHWWHU PRGHO RI (QJOLVK (YHQ LJQRULQJ WKH<br />

DUJXPHQWVIDYRXULQJ116PRGHOVLQ(QJOLVKDVDQ<br />

,QWHUQDWLRQDO/DQJXDJHPDQ\16WHDFKHUVGRQRW<br />

SURYLGH DFRUSXV RI LQIRUPDO 16 WHDFKHU ZULWLQJ<br />

WKHLU(QJOLVKSURILFLHQF\LVGXELRXV7KHILQGLQJV<br />

FDVWGRXEWRQWKHXVHIXOQHVVRIUHFHQWSURSRVDOVWR<br />

HPSOR\PRUH16WHDFKHUVLQ7KDLVFKRROV<br />

,&&5,7,&$/7+,1.,1*$1'7$6.<br />

%$6('/($51,1*$5(7+(


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

6FLHQFHDQG(QJLQHHULQJ<br />

&RQIHUHQFH396(&-DQXDU\<br />

&KXODORQJNRUQ<br />

8QLYHUVLW\%DQJNRN7KDLODQG<br />

SS<br />

DVVHVVPHQWWRRO<br />

<br />

,&(1(5*


,8&5&7KHV\VWHPSURFHGXUHVDQGPDQXDOV<br />

IRU WKH ODERUDWRU\ ZDVWH PDQDJHPHQW DQG<br />

WUHDWPHQW ZHUH GHYHORSHG DFFRUGLQJ WR WKH<br />

*UHHQ 8QLYHUVLW\ SROLF\ DQG VWDQGDUG SUDFWLFHV<br />

,Q WKLV V\VWHP WKH ODERUDWRU\ ZDVWHV ZHUH<br />

VHSDUDWHGWROLTXLGDQGVROLGZDVWHWKHOLTXLG<br />

ZDVWHZDVVHSDUDWHGLQWRGLIIHUHQFHFDWHJRULHV<br />

IRU VWRUDJH DQG WUHDWPHQW DFFRUGLQJ WR WKH<br />

DFWLYLWLHV ZLWKLQ .0877 7KH VROLG ZDVWH ZDV<br />

VHSDUDWHGLQWRJURXSVDQGQRZDUHLQWKHUHYLVHG<br />

SURFHVV :DVWH PLQLPL]DWLRQ SURJUDP KDV EHHQ<br />

VHW XS DQG LPSOHPHQWHG LQ WKH SLORW ODERUDWRU\<br />

3LORW ODERUDWRU\ KDV EHHQ VXFFHVVIXOO\ RSHUDWHG<br />

XQGHU WKH QHZ GHYHORSHG V\VWHP 7KH V\VWHP<br />

HYDOXDWLRQ VKRZV LPSOHPHQWDWLRQ UHTXLUHV WKH<br />

FRRSHUDWLRQ DQG VXSSRUW RI VWXGHQWV IDFXOW\ DQG<br />

VWDII PHPEHUV 7UDLQLQJ DQG SUHSDUDWLRQ RQ WKH<br />

GHYHORSHG SURFHGXUHV DQG V\VWHP KDYH EHHQ<br />

JLYHQWRPDMRULW\RI.0877VWDII1RZDGD\WKH<br />

HQHUJ\ DQG HQYLURQPHQWDO PDQDJHPHQW V\VWHP<br />

KDYHEHHQLPSOHPHQWHGE\ZLWKLQ.0877<br />

$QG WKHUHIRUH LW LV TXLWH UHDG\ WR H[SDQG WKH<br />

PDQDJHPHQWV\VWHPZLWKLQ.0877WRFRYHUDOO<br />

RWKHUVLQDQHDUIXWXUH7KLVSDSHUGHVFULEHVWKH<br />

VWXG\DQGLPSOHPHQWDWLRQH[SHULHQFHRQHQHUJ\<br />

DQG HQYLURQPHQWDO PDQDJHPHQW LQ WKH<br />

XQLYHUVLW\$VDUHVXOWRIWKLVVWXG\HQHUJ\DQG<br />

HQYLURQPHQWDO PDQDJHPHQWZLWKLQ .0877 FDQ<br />

KHOS WR GHFUHDVH WKH HQHUJ\ DQG HQYLURQPHQWDO<br />

LPSDFWV DQG PDLQWDLQ D VXVWDLQDEOH PDQDJHPHQW<br />

IRUDOOVWDIIVDQGSXEOLF<br />

,&:$67(0$1$*(0(176


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

6LULFKDL7KHSD<br />

7DZDWFKDL6XZDQQDNKXP<br />

'KLUD\XW&KHQYLGK\D<br />

3UHVHQWHG 7KH UG 5HJLRQDO&RQIHUHQFHRQ<br />

(QHUJ\7HFKQRORJ\WRZDUGVD<br />

&OHDQ(QYLURQPHQW6XVWDLQDEOH<br />

(QHUJ\DQG(QYLURQPHQW6((<br />

'HFHPEHU+LOWRQ<br />

+XD+LQ5HVRUW 6SD+XD+LQ<br />

7KDLODQGSS<br />

7KDLODQG LV ORFDWHG LQ WKH DUHD WKDW<br />

UHFHLYHVIDLUO\KLJKVRODUUDGLDWLRQDOO\HDU7KHUH<br />

DUH PDQ\ VRODU HQHUJ\ DFWLYLWLHV RQ UHVHDUFK<br />

GHYHORSPHQW DQG DSSOLFDWLRQ 7R VXSSRUW WKRVH<br />

ZRUNV UHJDUGLQJ PRQLWRULQJ DQG SHUIRUPDQFH<br />

VWXG\ .LQJ 0RQJNXWV 8QLYHUVLW\ RI 7HFKQRORJ\<br />

7KRQEXUL .0877 KDV GHYHORSHG ILHOG<br />

S\UDQRPHWHUWKDWPHHWZRUOGFODVVLQWKHVDPHW\SH<br />

RI VRODU UDGLDWLRQ VHQVRU 7KLV SDSHU VKRZV WKH<br />

PHWKRGV RI WHVWLQJ LWV FKDUDFWHULVWLFV DQG WKHQ<br />

FRPSDUHV WKH UHVXOWV WR RWKHU FRPPHUFLDO<br />

S\UDQRPHWHUVDQGWKHVHFRQGFODVVS\UDQRPHWHURI<br />

:RUOG 0HWHRURORJLFDO 2UJDQL]DWLRQ :02 7KH<br />

WHVWSDUDPHWHUVDUHVWDELOLW\WHPSHUDWXUHUHVSRQVH<br />

VSHFWUDO VHOHFWLYLW\ GLUHFW LUUDGLDQFH UHVSRQVH<br />

GLIIXVH LUUDGLDQFH UHVSRQVH VRODU DQJOH RI<br />

LQFLGHQFH IXQFWLRQ DQG QRQOLQHDULW\ 7HVW UHVXOWV<br />

LOOXVWUDWHWKDW.0877VS\UDQRPHWHULVLQWKHVDPH<br />

FODVV RI FRPPHUFLDO VLOLFRQ SKRWRYROWDLF<br />

S\UDQRPHWHUV DQG PRVW SDUDPHWHUV VDWLVI\ WKH<br />

VSHFLILFDWLRQRI:02VHFRQGFODVVS\UDQRPHWHU<br />

,&+2:$&&85$7(,67+(<br />

0($685(0(172)62/$57(55(675,$/<br />

5$',$7,2186,1*$6(1625%$6('<br />

6,/,&213+27292/7$,&3


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

,&(1(5*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

FRQWUROOHU $W ILUVW ZH GHYHORSHG DQ DUFKLWHFWXUH<br />

ZKLFKJHQHUDWHVWUXQNWUDMHFWRU\LQVDJLWWDOSODQHDQG<br />

ODWHUDO SODQH 2XU SURSRVHG JDLW V\QWKHVL]HU ZDV<br />

WUDLQHGWKURXJKVHWVRID=HUR0RPHQW3RLQW=03<br />

,QWKLVSDSHUZHH[SHULPHQWHGRQDQOLQNELSHG<br />

URERWZDONLQJLQVDJLWWDOSODQHDQGODWHUDOSODQH7KH<br />

URERWLVERWKKHDGOHVVDQGDUPOHVV7KHKLHUDUFKLFDO<br />

FRQWURO VRIWZDUH IRU WKH ELSHG URERW ZDV<br />

GHYHORSHG XVLQJ 0$7/$% 6,08/,1. )X]]\<br />

/RJLF 7RROER[ DQG 1HXUDO 1HWZRUN 7RROER[ 7KH<br />

PDLQ FRQWULEXWLRQ RI WKLV SDSHU LV D JHQHUDO QHXUR<br />

IX]]\V\QWKHVLVRIXVLQJJDLWJHQHUDWLQJDOJRULWKP<br />

7KLVDOJRULWKPLPSOHPHQWDWLRQOHDGVWRDG\QDPLF<br />

ELSHGDO ZDONLQJ ZLWKRXW UHTXLULQJ IRU G\QDPLF<br />

HTXDWLRQVDQGQRPLQDOGDWD<br />

<br />

WZRPRWLRQVRIKRSSLQJDQGUROOLQJWRJHWKHU7KLV<br />

URERW LPLWDWHV D QDWXUDO FKDUDFWHULVWLF RI D UXEEHU<br />

EDOOZKLFKFDQEHXVHGWRH[SORUHDOOWHUUDLQV:K\<br />

LV WKLV URERW D QHZ LQQRYDWLRQ" %HFDXVH LQ<br />

SUHYLRXVZRUNVZHH[SORUHGWKHUHDUHURERWVWKDW<br />

RQO\KDYHUROOLQJPRWLRQRUKRSSLQJPRWLRQ7KHUH<br />

KDVQHYHUEHHQVXFKFRPELQDWLRQZLWKLQWKHVDPH<br />

URERW<br />

,&02',),('$3352$&+72)8==


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

)DFXOW\RI(QJLQHHULQJ<br />

1&$35$&7,&$/&5


°°„Á‡¦ºÉ°ŠÁ˜·¤°µ„µ«Å¤n¤¸Ÿ¨˜n°‡ªµ¤Á¦ÈªÁŒ¨¸É¥Â¨³<br />

‡ªµ¤Á¦ÈªÄœÂœª—·É ŠÁŒ¨¸É¥¤µ„œ´ „ š¸É„oœ n°Â¨³¦³œµ š¸ÉªµŠ<br />

Á‡¦ºÉ°ŠÁ˜·¤°µ„µ«‹³¤¸‡ªµ¤Á¦ÈªÁŒ¨¸É¥¤µ„­» — Äœ…–³š¸É<br />

‡ªµ¤Á¦ÈªÄœÂœª—· ÉŠÁŒ¨¸É¥¤¸ÂœªÃœo¤Äœš·«˜¦Š„´œ…oµ¤<br />

˜Î µÂ®œnŠ…°Šž{€¤—¼—œÎÊ µÁ…oµš¸ÉšÎ µ„µ¦«¹„¬µ‡º°¦³—´ š¸É˜Î É µ‹µ„<br />

Á‡¦ºÉ°ŠÁ˜·¤°µ„µ«¨ŠÅžÂ¨³¤Á¤ºÉ°ª·Á‡¦µ³®r<br />

Ÿ¨…°Š‹µ„„µ¦‹Î µ¨°ŠÂ ¡ ªnµ˜Î µÂ®œnŠ…°Šž{€¤Å¤n¤¸Ÿ¨<br />

˜n°‡ªµ¤Á¦ÈªÁŒ¨¸É ¥ÄœÂœª¦³œµ ˜nÁ¤ºÉ°ªµŠž{€¤š¸É˜Î µÂ®œnŠ<br />

Á—¸¥ª„´ Á‡¦ºÉ°ŠÁ˜·¤°µ„µ«‹³Ä®oŸ¨‡n µÁŒ¨¸É¥…°Š‡ªµ¤Á¦È ªÄœ<br />

Âœª—·ÉŠ­¼Šš¸É­» — ¨³Á¤ºÉ°šÎ µ„µ¦‹Î µ¨°ŠÂ š¸É¤»¤…°ŠÁ‡¦ºÉ<br />

Á˜·¤°µ„µ«˜nµŠÇ«¹„¬µr R r R r R ¨³r R ‡nµ<br />

‡ªµ¤Á¦ÈªÄœÂœª—· ÉŠÁŒ¨¸É¥˜n°¡ºÊœš¸ÉÄœ„¦–¸š¸ÉªµŠšn°šµŠ°°„<br />

…°ŠÁ‡¦ºÉ°ŠÁ˜·¤°µ„µ«ÄœÂœª¦³œµ ¤¸‡nµ­¼Š„ªnµ„µ¦ªµŠ<br />

Á‡¦ºÉ°ŠÁ˜·¤°µ„µ«Ä®oÁŠ¥…¹Êœ®¦º °„—¨Š ˜n‡ªµ¤Á¦ÈªÁŒ¨¸É¥˜n°<br />

¡ºÊœš¸ ɤ¸‡nµ­¼Šš¸É„oœ n°Á¤º É°ªµŠÁ‡¦º É°ŠÁ˜·¤°µ„µ«Áž}œ¤»¤„o ¤<br />

¨³ÄœšµŠ˜¦Š„´œ…oµ¤ „µ¦ªµŠÁ‡¦ºÉ°ŠÁ˜·¤°µ„µ«šÎ µ¤»¤ÁŠ¥<br />

„´ „œ¦³œµ ‹³šÎ µÄ®o‡ªµ¤Á¦ÈªÁŒ¨¸É¥¤¸‡nµ­¼ŠÄœ¦³œµ ˜´ÊŠ<br />

˜n„¨µŠ n°…¹ÊœÅž<br />

1&„µ¦ µ Î ´—œÎÊ µš·ÊŠ‹µ„„µ¦Á¨¸Ê¥Š„»oŠ—o ª¥<br />

„¦³ ªœ„µ¦šµŠ ¸ª£µ¡<br />

œ´„ª·‹´¥ ¸ª·œ°¦¦­µ­œrª·ª´•œrÁ¦º°ŠÁ¨·«ž{ µ„»¨<br />

žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦„»oŠš³Á¨Â®nŠ µ˜·‡¦´ÊŠš¸É<br />

¤¸œµ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨ <br />

„¦œ—r‡°œÁªœ ´Éœ„¦»ŠÁš¡²®œoµ<br />

<br />

„µ¦Á‹¦· Á˜· Ø…°Š°»˜­µ®„¦¦¤„µ¦Á¡µ³Á¨¸Ê¥Š<br />

„»oŠÄœž¦³Áš«Åš¥Áž}œÅž°¥nµŠ¦ª—Á¦Èª¤µ„ ¡ºÊœš¸ÉÄœ„µ¦<br />

Á¨¸Ê¥Š„»oŠ°¥nµŠ®œµÂœnœ¤¸„µ¦…¥µ¥˜´ª°¥nµŠ¤µ„¤µ¥¤¸„µ¦Ä o<br />

°µ®µ¦š¸É¤¸ž¦·¤µ–Þ¦˜¸œ­¼ Š °µ®µ¦š¸ÉÁ®¨º°‹µ„„µ¦Á¨¸ Ê¥Š<br />

¦ª¤š´ÊŠ…°ŠÁ­¸¥‹µ„„µ¦…´ nµ¥ šÎ µÄ®oÁ„·—„µ¦Á‹¦· …°Š<br />

¡¨Š„r˜°œ¡º °¥nµŠ¦ª—Á¦ÈªÂ¨³„µ¦Ä o°°„Ž·Á‹œÄœ„µ¦<br />

¥n°¥­¨µ¥…°ŠÁ­¸¥ Ž¹ÉŠ‹³šÎ µÄ®oÁ„·—ž{ ®µ…µ—°°„Ž·Á‹œÂ¨³<br />

šÎ µÄ®o­£µ¡Âª—¨o°¤ÄœÂ®¨nŠÁ¨¸Ê¥Š„»oŠÁ­ºÉ°¤¨Š ‡»–£µ¡œÎÊ µ<br />

Á¦·É¤Á¨ª¨Š‹œÅ¤n­µ¤µ¦Á¨¸Ê¥Š„»oŠÅ—o°¸„˜n°ÅžÅ—o<br />

„µ¦‹´—„µ¦‡»–£µ¡œÎÊ µ¦³®ªnµŠ„µ¦Á¨¸Ê¥Šš¸Éœ·¥¤‡º°<br />

„µ¦Áž¨¸É¥œnµ¥œÎ Ê µ Ž¹ÉŠ¹ŠÂ¤oªnµÁž}œª·›¸„µ¦š¸ÉŠnµ¥Â˜n„È­nŠŸ¨<br />

„¦³š ×¥˜¦Š˜n°­·ÉŠÂª—¨o °¤¦³ Î µ ´—šµŠ ¸ª£µ¡Áž}œ<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

°¸„ÂœªšµŠÄœ„µ¦‹´—„µ¦Á¨¸Ê¥Š„»oŠš¸É¤¸ž¦³­·š›·£µ¡Á¡ºÉ°Ä®oÅ—o<br />

¤¸Ÿ¨Ÿ¨·˜­¼ŠÂ¨³¨—Ÿ¨„¦³š ˜n°­·ÉŠÂª—¨o°¤ œÎÊ µš·ÊŠ‹µ„ n°<br />

Á¨¸Ê¥Š„»oŠž¦³„° —oª¥­µ¦°·œš¦¸¥r¨³°œ·œš¦¸¥r˜nµŠÇ Ž¹ÉŠÁž}œ<br />

›µ˜»°µ®µ¦š¸É­Î µ‡´ Äœ„µ¦Á‹¦· Á˜· Ø…°Š‹»¨·œš¦¸¥r Á nœ<br />

 ‡š¸Á¦¸¥®¦º°Â¡¨Š‡r˜°œ‹»¨·œš¦¸¥rÁ®¨nµœ¸Ê­µ¤µ¦Ä oÁž}œ<br />

°µ®µ¦…°Š­´˜ªrœÎÊ µ µŠ œ·—Á nœ®°¥ž¨µ®¦º°Â¡¨Š‡r˜°œ<br />

­´˜ªr „µ¦ž¨¼„¡º œÎÊ µ„È‹³­µ¤µ¦Äœ„µ¦ nª¥—¼—Ž´ ›µ˜»<br />

°µ®µ¦‹µ„„µ¦…´ nµ¥…°ŠÁ­¸¥…°Š­´˜ªrœÎÊ µÁ®¨nµœ¸Ê œÎÊ µÄœ n°<br />

Á¨¸Ê¥Šš¸ÉŸnµœ„µ¦Î µ ´—­µ¤µ¦ªœ„¨´ ¤µÄ oÄœ n°Á¨¸Ê¥Š®¦º°<br />

ž¨i°¥°°„­¼n®¨nŠœÎÊ µ›¦¦¤ µ˜· —oª¥Á®˜»œ¸Ê Á„¬˜¦„¦Å¤n<br />

Á¡¸¥ŠÂ˜n­µ¤µ¦¨—Ÿ¨„¦³š ˜n°­·ÉŠÂª—¨o°¤š´ÊŠÄœ n°Á¨¸Ê¥Š<br />

¨³Â®¨nŠÁ¨¸Ê¥Š ˜n¥´Š­µ¤µ¦Å—oŸ¨Ÿ¨·˜­´˜ªr¨³¡º œÎÊ µÁž}œ<br />

¦µ¥Å—oÁ­¦·¤°¸„°¥nµŠ®œ¹ÉŠ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ‡ªµ¤­µ¤µ¦Äœ„µ¦<br />

Î µ ´—¨³„µ¦œÎ µ„¨´ ¤µÄ o…°ŠœÎÊ µš·ÊŠ‹µ„„µ¦Á¨¸Ê¥Š„»oŠš³Á ¨<br />

3HQDFXV YDQQDPHL×¥Ä o­´˜ªr¨³¡º œÎÊ µÅ—o„nž¨µ<br />

š´ š·¤Â¨³­µ®¦nµ¥š³Á¨ (QWHURPRUSKD VS ¦nª¤„´<br />

n°˜„˜³„°œ Ž¹ÉŠ‹µ„„µ¦«¹„¬µ¡ ªnµ‡»–£µ¡œÎ Ê µÄœ »—<br />

š—¨°ŠÂ˜„˜nµŠ„´ »—‡ª ‡»¤Ã—¥ÁŒ¡µ³ž¦·¤µ–…°Š<br />

°¤Ã¤Áœ¸¥1+ 1¨³ÅœÅ˜¦šr12 1×¥°´˜¦µ<br />

„µ¦Áž¨¸É¥œÂž¨Š…°ŠÂ°¤Ã¤Áœ¸¥Â¨³ÅœÅ˜¦šr Äœ »—š—¨°Š<br />

Á¡·É¤…¹Êœµ„ªnµÄœ o »—‡ª ‡»¤ž¦³¤µ–˜µ¤¨Î µ—´ <br />

°¥nµŠÅ¦„Șµ¤‹µ„„µ¦š—¨°Š¡ ªnµ˜´ªÂž¦ µŠ‡n µ Å—o„n<br />

°´˜¦µ„µ¦Áž¨¸É¥œnµ¥œÎÊ µ„µ¦Ä®o­ŠÂ¨³‡ªµ¤®œµÂœnœ…°Š<br />

­´˜ªrš—¨°Š ‹Î µÁž}œ˜o°Šž¦´ Áž¨¸É¥œÄ®oÁ®¤µ³­¤Á¡ºÉ°Á¡· ɤ<br />

ž¦³­·š›·£µ¡Äœ„µ¦ µ Î ´—¨³Á¡ºÉ°„µ¦Á¡·É¤Ÿ¨Ÿ¨· ˜<br />

1&Ÿ¨…°Š„µ¦Ä®o­Š˜n°„µ¦„Î µ‹´—°¤Ã¤Áœ¸¥<br />

Äœ n°Á¨¸Ê¥Š„»oŠ<br />

œ´„ª·‹´¥ „µ ‹œµª—¸‡Š…¹¤ ¸ª·œ°¦¦­µ­œr <br />

ª·ª´•œrÁ¦º°ŠÁ¨·«ž{ µ„»¨ <br />

žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦„»oŠš³Á¨Â®nŠ µ˜·‡¦´ÊŠš¸É<br />

¤¸œµ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨ <br />

„¦œ—r‡°œÁªœ ´Éœ„¦»ŠÁš¡²®œoµ<br />

<br />

°»˜­µ®„¦¦¤„µ¦Á¨¸Ê¥Š„»oŠÄœž¦³Áš«Åš¥‹´—Áž}œ<br />

°»˜­µ®„¦¦¤®¨´„°»˜­µ®„¦¦¤®œ¹ÉŠŽ¹ÉŠ„Î µ¨´Š…¥µ¥˜´ªÂ¨³šÎ µ<br />

¦µ¥Å—oÁ…oµ­¼nž¦³Áš«žë ³®¨µ¥®¤ºÉœ¨o µœ µšÂ˜nž{ ®µ®œ¹ÉŠ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Äœ„µ¦Á¨¸Ê¥Š„»oŠÄœž{‹‹» ´œ‡º° „µ¦ÁœnµÁ­¸¥…°ŠœÎÊ µÄœ n°Á¨¸Ê¥Š<br />

‹µ„„µ¦¥n°¥­¨µ¥…°Š°µ®µ¦š¸É„»oŠÁ®¨º ° ¨³‹µ„„µ¦…´ nµ¥<br />

…°Š„»oŠ šÎ µÄ®oÁ„·—­µ¦ž¦³„° ŜئÁ‹œÄœ¦¼žÂ°¤Ã¤Áœ¸¥<br />

Ŝئšr ¨³ÅœÁ˜¦š —´Šœ´Êœ‹¹Š˜o°Š¤¸„µ¦Áž¨¸É¥œnµ¥œÎÊ µš·ÊŠ<br />

„n°Ä®oÁ„·—ž{ ®µ­·ÉŠÂª—¨o°¤˜µ¤¤µÁœºÉ°Š‹µ„˜o°Šž¨i°¥œÎ Ê µ<br />

š·ÊŠ°°„­¼n›¦¦¤ µ˜·<br />

Šµœª·‹´¥œ¸Ê¤»nŠÁœoœÅžš¸ É„µ¦¡´•œµ¦³ Î µ ´—<br />

œÎÊ µÁ­¸¥Äœ n°Á¨¸Ê¥Š„»o Š ×¥Á¡·É¤®œnª¥ µ Î ´—Á…oµÅžÄœ n°Á¡ºÉ°<br />

Ä®o­µ¤µ¦šÎ µ„µ¦ Î µ ´—…–³Á¨¸Ê¥ŠÅ—o ×¥„µ¦œÎ µ‡¨°Á¦¨¨µ<br />

Ž¹ÉŠÁž}œ­µ®¦nµ¥ÁŽ¨¨rÁ—¸¥ªš¸É¡ Å—oš´ÉªÅžÄœ n°Á¨¸Ê¥Š„»oŠ¤µÄ o<br />

Äœ„µ¦ µ Î ´—­µ¦ž¦³„° ŜئÁ‹œÄœœÎÊ µ ¨³«¹„¬µ°´˜¦µ<br />

­nªœ…°Š¦³¥³Áª¨µš¸É¦´ ­Š˜n°¦³¥³Áª¨µš¸ÉŤnÅ—o¦´ ­Š<br />

OLJKWGDUNUDWLR/'UDWLR¨³¦³¥³Áª¨µ¦´ ­Šš¸ÉÄ®o<br />

ž¦³­·š›·£µ¡„µ¦ Î µ ´—­¼Š­»— ×¥šÎ µ„µ¦«¹„¬µ„µ¦ Î µ ´—<br />

Äœ n°š—¨°Š …œµ— ‡º° ¤·¨¨·¨·˜¦ ¨·˜¦ ¨³<br />

¨·˜¦­»—šoµ¥šÎ µ„µ¦š—¨°Š<br />

Ÿ¨„µ¦«¹„¬µ¡ ªnµ°´˜¦µ‹Î µÁ¡µ³…°Š„µ¦Ä o<br />

°¤Ã¤Áœ¸¥VSHFLILF DPPRQLD XSWDNH UDWH ¤¸‡nµ­¼Š<br />

…¹ÊœÁ¤ºÉ °Á¡·É¤/'UDWLR­¼Š…¹ÊœÂ˜n‹³¨—¨ŠÁ¤ºÉ°/'UDWLR<br />

¤¸‡nµ­¼ŠÁ„·œÅž ‡nµ°´˜¦µ„µ¦ ¦·Ã£‡Â°¤Ã¤Áœ¸¥‹Î µÁ¡µ³­¼Š­»—<br />

Äœ„µ¦š—¨°Š…œµ—¤·¨¨·¨·˜¦¨·˜¦Â¨³¨·˜¦<br />

¤¸‡nµÁšnµ„´ ¨³ PJ1PJ<br />

&KODKU ˜µ¤¨Î µ—´ „µ¦š—¨°ŠÄœ¦³—´ ®o°Šš—¨°ŠÂ¨³<br />

Äœ…œµ—¨·˜¦Ž¹ÉŠÄ®o­Š‹µ„—oµœ œÄ®oŸ¨Äœ¨´„¬–³<br />

Á—¸¥ª„´œ ‡º°¦³¥³Áª¨µ¦´ ­Š ¨³ /' UDWLR š¸ÉÄ®o<br />

ž¦³­·š›·£µ¡„µ¦ Î µ ´—­¼Š­»—Áž}œ œµš¸ ¨³ ˜µ¤<br />

¨Î µ—´ ˜nÁ¤ºÉ°Ä oSKRWRELRUHDFWRU Ž¹ÉŠ¤¸¨´„¬–³Â œÂ¨³<br />

¤¸„µ¦„ªœŸ­¤š¸É—¸Äœ„µ¦š—¨°Š„´ n°…œµ— ¨·˜¦ ¡<br />

ªnµ¦³¥³Áª¨µ¦´ ­Š ¨³ /' UDWLR š¸É œµš¸ ¨³<br />

˜µ¤¨Î µ—´ ­µ¤µ¦Ä®ož¦³­·š›·£µ¡„µ¦ Î µ ´—š¸É—¸<br />

Áš¸¥ Ášnµ„´ ­°Š„µ¦š—¨°ŠÂ¦„Ž¹ÉŠÄ o®¨°—Å¢˜·—˜´ ʊŪo<br />

—oµœ œÄœ„µ¦Ä®o­Š —´Šœ´Êœ „µ¦„ªœŸ­¤Á¡ºÉ°¨—„µ¦ ´Š<br />

Žo°œ„´œVKDGLQJ‹¹ŠÁž}œž{‹‹´¥š¸É­Î µ‡´ ®œ¹ÉŠš¸É‹Î µÁž}œ˜o°Š<br />

«¹„¬µ˜n°Åž<br />

1&„µ¦¨—„µ¦Â˜„˜´ª…°ŠÁ¤È—°µ®µ¦Â¨³‡»–<br />

£µ¡œÎÊ µÁ­¸¥Ã—¥Ä oŇØŽµœ<br />

œ´„ª·‹´¥ žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»r<br />

®š´¥¦´˜œr‹¸¦³›ª´ ´¥<br />

ª·ª´•œrÁ¦º°ŠÁ¨·«ž{ µ„»¨<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦„»oŠš³Á¨Â®nŠ µ˜·‡¦´ÊŠš¸É<br />

¤¸œµ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨<br />

„¦œ—r‡°œÁªœ ´Éœ„¦»ŠÁš¡²®œoµ<br />

<br />

ŇØŽµœÁž}œ¡°¨·Á¤°¦r ¸ª£µ¡š¸É­µ¤µ¦ nª¥Á¦nŠ<br />

„µ¦Á‹¦· Á˜· Ø…°Š„»oŠ„»¨µ—Î µÅ—o „µ¦«¹„¬µ‡¦´ÊŠœ¸Ê‹¹Š¤»nŠ<br />

«¹„¬µŸ¨…°Š„µ¦Ä o­µ¦¨³¨µ¥Å‡Ã˜ŽµœÁ‡¨º° Á¤È—°µ®µ¦<br />

¨³Ÿ­¤Äœ°µ®µ¦ š¸É¤¸Ÿ¨˜n°„µ¦¨—„µ¦Â˜„˜´ª…°ŠÁ¤È—<br />

°µ®µ¦Â¨³¨—„µ¦ÁœnµÁ­¸¥…°ŠœÎÊ µÄœ n°Á¡µ³Á¨¸Ê¥Š Áž¦¸¥<br />

Áš¸¥ „´ n°‡ª ‡»¤š¸ÉŤnÅ—oÄ oŇØŽµœ š´ÊŠ¦³—´ ®œnª¥<br />

ž’· ´˜·„µ¦ n°‡°œ„¦¸˜…œµ—P ¨³¦³—´ £µ‡<br />

­œµ¤ n°—·œ…œµ—P Ÿ¨…°Š„µ¦Ä o­µ¦¨³¨µ¥<br />

ŇØŽµœ ‡nµ—¸—¸ '' r ¨³œÎÊ µ®œ´„äÁ¨„»¨<br />

0: y JPROH ¨³¨µ¥Äœ<br />

„¦—°³Ž·˜·„ š¸É SSP š´ÊŠÁ‡¨º° Á¤È—°µ®µ¦Â¨³<br />

Ÿ­¤Äœ°µ®µ¦š¸ÉÄ oÁ¨¸Ê¥Š„»oŠš»„Ǫ´œÂ¨³¤ºÊ°˜n°ª´œš¸ÉšÎ µ<br />

„µ¦š—¨°Š ¡ ªnµ ŇØŽµœ¤¸­nªœ nª¥šÎ µÄ®oÁ¤È—°µ®µ¦Áœn µ<br />

Á­¸¥ oµ¨Š ¨³„µ¦Ä oŇØŽµœš´ÊŠ­°ŠÂ ¤¸Ÿ¨šÎ µÄ®oœÎÊ µÄœ<br />

n°š—¨°Š¤¸‡»–£µ¡…°ŠœÎÊ µ—¸„ªnµ n°‡ª ‡»¤ š»„¡µ¦µ<br />

¤·Á˜°¦r…°Š‡»–£µ¡œÎÊ µ ¨³Ÿ¨„µ¦š—¨°ŠÄœ n°—·œ˜µ¤<br />

­£µ¡„µ¦Á¨¸Ê¥Š‹¦· ŠÄ®oŸ¨šµŠ ª„š¸ÉÁ®œº°„ªnµÄœ n°ž¼ œÃ—¥<br />

n°‡ª ‡»¤Å—oœÎÊ µ®œ´„¦ª¤…°Š„»oŠš¸É‹´ Å—oÁ¡¸¥Š <br />

„·Ã¨„¦´¤ °´˜¦µÂ¨„ÁœºÊ° )&5 ¨³°´˜¦µ¦°—<br />

65 ­nªœ„µ¦Ä oŇØŽµœŸ­¤Äœ°µ®µ¦Å—oœÎÊ µ<br />

®œ´„¦ª¤…°Š„»oŠš¸É‹´ Å—o¤µ„„ªnµ¤¸‡nµ „·Ã¨„¦´¤<br />

)&5¨³65Äœ…–³š¸É„µ¦Á‡¨º° Á¤È—<br />

°µ®µ¦—oª¥Å‡Ã˜Žµœ¤¸Ÿ¨šÎ µÄ®oÅ—oœÎÊ µ®œ´„…°Š„»oŠš¸É‹´ Å—o¤µ„<br />

š¸É­» —¤¸‡nµ „·Ã¨„¦´¤ )&5 ¨³ 65<br />

<br />

1&„µ¦«¹„¬µ­¤—»¨¤ª¨­µ¦„µ¦Á‹¦· Á˜· Ø<br />

…°Š„»oŠ…µª/LWRSHQDHXVYDQQDPHL<br />

œ´„ª·‹´¥ žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»r<br />

®š´¥¦´˜œr‹¸¦³›ª´ ´¥<br />

ª·ª´•œrÁ¦º°ŠÁ¨·«ž{ µ„»¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµÂ¨³<br />

„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸


„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸Ê«¹„¬µ­¤—»¨¤ª¨­µ¦…°Š„µ¦Á‹¦· Á˜·<br />

Ø…°Š„»oŠ…µª /LWRSHQDHXV YDQQDPHL ×¥Ä o <br />

SSP …°Š­µ¦¨³¨µ¥Å‡Ã˜Žµœ Äœ„¦—°³Ž¸˜·„ <br />

Á‡¨º° Á¤È—°µ®µ¦„»o Š š¸ÉÄ oÄœ„µ¦Á¡µ³Á¨¸Ê¥Šš» „Ç ª´œ ª´œ<br />

¨³ ‡¦´ÊŠ Äœ„µ¦š—¨°Š˜µ¤­£µ¡„µ¦Á¨¸Ê¥Š¦³—´ £µ¡<br />

­œµ¤ Ä o n°—·œ …œµ— P Á„È ˜´ª°¥nµŠ„»oŠ‡¦´ÊŠ¨³<br />

˜´ª–ª´œš¸É¨³…°Š„µ¦Á¡µ³Á¨¸Ê¥ŠÁ¡ºÉ°<br />

®µœÎÊ µ®œ´„˜´ªœÎÊ µ®œ´„­nªœÁœºÊ°œÎÊ µ®œ´„­nªœÁž¨º°„œÎÊ µ®œ´„<br />

­nªœ…°ŠÁ­¸¥ œÎÊ µ®œ´„­nªœ KHSDWRSDQFUHDWLF ª·Á‡¦µ³®r<br />

­¤—»¨¤ª¨­µ¦…°Šž¦·¤µ–Þ¦˜¸œÂ‡¨ÁŽ¸¥¤Å…¤´œÁ­oœÄ¥<br />

Ň˜·œ ¨³Áoµ „µ¦Ä oŇØŽµœ¤¸Ÿ¨šÎ µÄ®o„»oŠÄœ n°š—¨°Š<br />

¤¸„µ¦Á‹¦· Á˜· Ø ¤¸‹Î µœªœ‡¦´ÊŠ…°Š„µ¦¨°„‡¦µ ¨³„µ¦<br />

­¦oµŠÅ‡˜·œ —¸„ªnµ n°‡ª ‡»¤š»„¡µ¦µ¤·Á˜°¦rš¸ÉšÎ µ„µ¦˜¦ª‹<br />

ª´— ¨³Å‡Ã˜Žµœš¸ÉÄ oÁ‡¨º° Á¤È—°µ®µ¦¥´Š­nŠŸ¨šÎ µÄ®o<br />

Áž¨º°„„»oŠ¤¸ž¦·¤µ–Ň˜·œš¸Éª´œŽ¹ÉŠ­¼Š„ªnµš¸É<br />

n°‡ª ‡»¤š¸É¤¸‡nµ<br />

1&„µ¦«¹„¬µÁ ºÊ°Š˜oœ…°Š„µ¦ž¦´ ž¦» Š‡»–£µ¡<br />

Ūœr—Šš¸ÉÅ—o‹µ„°Š»nœ—oª¥Å‡Ã˜Žµœ<br />

œ´„ª·‹´¥ žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»r<br />

„§—µ„µ¦¥¤£´„—¸°»¬–¸¡¹ÉŠž¦³¥¼¦¡Š«r<br />

°·­¦¸¥rª·Á ¸¥¦Å ¥<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµÂ¨³<br />

„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µÁ ºÊ°Š˜oœ…°Š„µ¦ž¦´ ž¦» Š<br />

‡»–£µ¡Åªœr°Š»nœÂ—ŠÃ—¥Ä oŇØŽµœ nª¥Äœ„¦³ ªœ„µ¦<br />

˜„˜³„°œÁž¦¸¥ Áš¸¥ „´ ­µ¦˜³„°œš¸É¤¸„µ¦Ä o°¥¼nÄœ<br />

ž{‹‹» ´œ  nŠ„µ¦š—¨°ŠÁž}œ ˜°œ ˜°œš¸É Áž}œ„µ¦<br />

«¹„¬µ®µ‡ªµ¤­µ¤µ¦Äœ„µ¦˜„˜³„°œÅªœr°Š»nœÂ—Š…°Š<br />

ŇØŽµœ ¡ ªnµÅ‡Ã˜Žµœ­µ¤µ¦Ä oÁž}œ­µ¦˜„˜³„°œÄœ<br />

„¦³ ªœ„µ¦„µ¦˜„˜³„°œÅªœrÅ—o ¨³˜°œš¸É Áž}œ„µ¦<br />

«¹„¬µ®µž¦·¤µ–ŇØŽµœš¸ÉÁ®¤µ³­¤Äœ„µ¦˜„˜³„°œÅªœr<br />

°Š»nœÂ—Š ¡ ªnµ­µ¦˜„˜³„°œš»„ œ·— Å—o„n Á¡‡˜·Áœ­<br />

Á œÃšÅœšrŇØŽµœ‡ªµ¤Á…o¤…oœ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¨³ SSP Ťn¤¸Ÿ¨„¦³š ˜n°„µ¦Áž¨¸É¥œ<br />

ž¨Š…°Š‡ªµ¤®ªµœ R %UL[ ¨³‡nµ‡ªµ¤Áž}œ„¦——nµŠ<br />

ĜŪœr°Š»nœÂ—Š ¨³‹µ„„µ¦ª´—‡nµÁž°¦rÁŽÈœ˜r°¨„°±°¨r<br />

¡ ªnµ­µ¦˜„˜³„°œÁ œÃšÅœšr¤¸Ÿ¨šÎ µÄ®o °¨„°±°¨r<br />

ĜŪœr°Š»nœÂ—Š¨—¨Š¤µ„š¸É­»— ץĜ„µ¦Ä o­µ¦˜„˜³„°œ<br />

ŇØŽµœÂ¨³Á¡‡˜·Áœ­ ¡ ªnµ °¨„°±°¨rš¸ÉÁ®¨º°Å¤n<br />

˜„˜nµŠ„´ Ūœrš¸ÉŤnÄ­n­µ¦˜„˜³„°œ Ÿ¨„µ¦Áž¦¸¥ Áš¸¥<br />

‡ªµ¤Ä­…°ŠÅªœr°Š»nœÂ—Š¡ ªnµ ­µ¦˜„˜³„°œÅ‡Ã˜Žµœ<br />

SSP šÎ µÄ®oŪœr°Š»nœÂ—Š¤¸‡ªµ¤Ä­¤µ„š¸É­» — ¨³‹µ„<br />

„µ¦ª·Á‡¦µ³®r‡ªµ¤Á…o¤…oœ…°Š­µ¦¨³¨µ¥Âšœœ·œÄœÅªœr°Š»nœ<br />

—Š ¡ ªnµ­µ¦¨³¨µ¥Á¡‡˜·Áœ­ nª¥Ä®o‡ªµ¤Á…o¤…oœ…°Š<br />

šœœ·œÁ®¨º°œo°¥š¸É­»—¦°Š¨Š¤µ‡º°Å‡Ã˜ŽµœSSP<br />

1&„µ¦«¹„¬µ„µ¦„Î µ‹´—Þ¦˜¸œ—oª¥Å‡Ã˜Žµœ¡°<br />

¦´­ ¸—<br />

œ´„ª·‹´¥ žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»r›¸¦¡´ ¦°n°œ—¸<br />

¼Á„¸¥¦˜·Á¨·«š¦´¡¥r­»¦¸¥r¦´Š­·¥µ¡¦ž¦³­µš<br />

œ·¦´œ—¦r­´¡¡ª· s¼<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµÂ¨³<br />

„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊšÎ µ„µ¦«¹„¬µÁž¦¸¥ Áš¸¥ ž¦³­·š›·£µ¡<br />

„µ¦„Î µ‹´—Þ¦˜¸œ—oª¥Á¤È— ¸—ŇØŽµœ¦³®ªnµŠ‹µ„œÎ Ê µÁ­¸¥<br />

…°ŠÃ¦ŠŠµœ‰nµÅ„n¨³­µ¦¨³¨µ¥Ãž¦˜¸œ¤µ˜¦“µœ %6$ š¸É<br />

‡ªµ¤Á…o¤…oœPJO¨³PJO˜µ¤¨Î µ—´ ¡<br />

ªnµÁ¤È— ¸—ŇØŽµœ¤¸ž¦³­·š›·£µ¡Äœ„µ¦„Î µ‹´—Þ¦˜¸œ‹µ„<br />

œÎÊ µÁ­¸¥…°ŠÃ¦ŠŠµœ‰nµÅ„n¨³Ãž¦˜¸œ¤µ˜¦“µœ %6$ ‡nµ­¼Š<br />

­»—Å—oÁšnµ„´ ¨³ ¨³¤¸°´˜¦µ„µ¦—¼—Ž´<br />

Þ¦˜¸œ‹µ„œÎÊ µÁ­¸¥…°ŠÃ¦ŠŠµœ‰nµÅ„n¨³Ãž¦˜¸œ¤µ˜¦“µœ<br />

%6$‡nµ­¼Š­»—Å—oÁšnµ„´ ¨³„¦´¤…°ŠÃž¦˜¸œ<br />

˜n°„¦´¤…°ŠÁœºÊ°Å‡Ã˜Žµœ ˜µ¤¨Î µ—´ ×¥­µ¤µ¦°›· µ¥<br />

¨´„¬–³„µ¦—¼—Ž´ š¸ÉÁž}œÁ­oœ˜¦ŠÂ äÜÁ¨Á¥°¦r —oª¥<br />

­¤„µ¦„µ¦—¼—Ž´ …°ŠÂ¨ŠÁ¤¸¥¦r¡ ªnµ„µ¦—¼—Ž´ œÎÊ µÁ­¸¥…°Š<br />

把µœ‰nµÅ„n¨³Ãž¦˜¸œ¤µ˜¦“µœ %6$ ¤¸‡nµž¦·¤µ–„µ¦<br />

—¼—Ž´ Þ¦˜¸œ˜n°Á¤È— —ŇØŽµœ ¸ 4 Ášnµ„´ ¨³<br />

¨³¤¸‡nµ‡Šš¸É…°Š„µ¦—¼—Ž´ E Ášnµ„´ [ <br />

¨³[ ˜µ¤¨Î µ—´<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1&„µ¦„Î µ‹´—š°ŠÂ—Š—oª¥Å‡Ã˜Žµœ¡°¦´­ ¸—<br />

œ´„ª·‹´¥ žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»r¦£´­Á¡È ¦œ· ¥¤<br />

œ·¦´œ—¦r­´¡¡ª· s¼<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµÂ¨³<br />

„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÄ oŇØŽµœš¸É¤¸‡nµ¦³—´ „µ¦„Î µ‹´—®¤¼n<br />

°³Ž·š·¨ Ášnµ„´ œÎÊ µ®œ´„äÁ¨„»¨Ášnµ„´ <br />

JPRO ¨³…œµ—ŸŠ —ÁŒ¨¸É¥Äœ ªŠ n PP<br />

ŇØŽµœ¡°¦´­ ¸—œ´Êœ‹³šÎ µ„µ¦…¹Êœ¦¼ž‹µ„­µ¦¨³¨µ¥Å‡Ã˜<br />

Žµœ š¸É¨³¨µ¥Äœ„¦—°³Ž·˜·„ ‹µ„Ÿ¨„µ¦š—¨°Š<br />

¡ ªnµÅ‡Ã˜Žµœ¡°¦´­ ¸—¤¸ž¦³­·š›·£µ¡Äœ„µ¦„Î µ‹´—<br />

‡° Áž°¦rÅ—o­¼Š„ªnµÅ‡Ã˜ŽµœŸŠ ŇØŽµœ¡°¦´­ ¸—¤¸<br />

ž¦³­·š›·£µ¡Äœ„µ¦„Î µ‹´—‡°žÁž°¦rÅ—o­¼Š­»—Ášnµ„´ <br />

š¸É‹Î µœªœÅ‡Ã˜Žµœ¡°¦´­ ¸—Ášnµ„´ „¦´¤­nªœÅ‡Ã˜Žµœ<br />

ŸŠ¤¸ž¦³­·š›·£µ¡Äœ„µ¦„Î µ‹´—‡°žÁž°¦rÅ—o­¼Š­»— Ášnµ„´ <br />

š¸É‹Î µœªœÅ‡Ã˜ŽµœŸŠÁšnµ„´ „¦´¤‹µ„­¤„µ¦Å°<br />

ÃŽÁš°¤„µ¦—¼—Ž´ ‡°žÁž°¦r…°ŠÅ‡Ã˜Žµœ¡°¦´­ ¸— ¨³<br />

ŇØŽµœŸŠ ¡ ªnµž¦³­·š›·£µ¡„µ¦—¼—Ž´ ‡°žÁž°¦r…°Š<br />

ŇØŽµœŸŠÂ¨³Å‡Ã˜Žµœ¡°¦´­ ¸—œ´Êœ¤¸‡nµÄ„¨oÁ‡¸¥Š„´œ<br />

1&„µ¦«¹„¬µ„µ¦Ä ož¦³Ã¥ œrŇØŽµœÁž}œ­µ¦<br />

Á¦nŠ„µ¦Á‹¦· Á˜· ØĜÁž}—ÁœºÊ°<br />

œ´„ª·‹´¥ žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»r«·¦·¡Š‡r‡Š ¼<br />

„oµœ‹´œš¦r¡¦®¤¤µ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµÂ¨³<br />

„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

ŇØŽµœÁž}œª´­—»›¦¦¤ µ˜·š¸É­µ¤µ¦¥n°¥­¨µ¥<br />

Å—o ¤¸‡ªµ¤Á…oµ„´œÅ—o ¨³Áž}œ­µ¦¡°¨·Á¤°¦r ¸ª£µ¡š¸ÉÄ oÄœ<br />

„µ¦Á¦nŠÁ‹¦· Á˜· ØĜ„µ¦Ä oŠµœšµŠ„µ¦Á„¬˜¦ÄœŠµœª·‹´¥<br />

œ¸ÊÄ oŇØŽµœš¸ÉšÎ µ¤µ‹µ„„»oŠ š¸É¤¸‡nµ '' œ·—ŸŠ<br />

…œµ—Á¤ ¡ ªnµ„µ¦Ä oŇØŽµœ¡¸¡¸Á°È¤¤¸Ÿ¨<br />

šÎ µÄ®o‡nµ$'* ¤¸‡nµ­¼Š­»—Ášnµ„´ JKHDGGD\<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

¨³¤¸‡nµ)&5—¸š¸É­» —Ášnµ„´ ×¥¡ ªnµÁž}—ÁœºÊ°Äœ<br />

„¨»n¤š—¨°Š¤¸…œµ—˜´ªš¸É­¤Î É µÁ­¤° ¤¸­»…£µ¡š¸É—¸Â¨³¤¸…œ<br />

­ª¥Šµ¤Äœ…–³š¸É„¨»n¤‡ª ‡»¤¤¸ …œµ—˜´ªš¸É˜„˜nµŠ„´œ¤¸‡nµ<br />

$'* ˜ÎÉ µ„ªnµ ¤¸‡nµÁšnµ„´ JKHDGGD\ ¨³¤¸‡nµ<br />

)&5­¼Š¹Š­Î µ®¦´ „¨»n¤š—¨°Šš¸ÉÄ oŇØŽµœ<br />

¡¸¡¸Á°È¤ ¡ ªnµ ¤¸‡nµ°¥¼n¦³®ªnµŠš¸ÉÄ oŇØŽµœ ¡¸¡¸<br />

Á°È¤¹ŠÂ¤oªnµœÎÊ µ®œ´„Á¦·É¤˜oœ‹³œo °¥„ªnµ„¨»n¤°ºÉœÇ„Șµ¤¡<br />

ªnµ¤¸¨´„¬–³š¸É—¸‡º ° ¤¸‡nµ )&5 š¸É—¸ ¤¸…œµ—˜´ªš¸É­¤ÎÉ µÁ­¤°<br />

¨³¤¸­»…£µ¡š¸É—¸<br />

1&Ÿ¨…°Š„µ¦Ä oŇØŽµœ˜n°„µ¦¨°„‡¦µ<br />

…°Š„»oŠ„»¨µ—Î µ3HQDHXVPRQRGRQ)DEULFLXV<br />

œ´„ª·‹´¥ œ·¦´œ—¦r­´¡¡ª· s¼ <br />

žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»r <br />

ª·ª´•œrÁ¦º°ŠÁ¨·«ž{ µ„»¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦„»oŠš³Á¨Â®nŠ µ˜·‡¦´ÊŠš¸É<br />

¤¸œµ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨<br />

„¦œ—r‡°œÁªœ ´Éœ„¦»ŠÁš¡²®œoµ<br />

<br />

ŇØŽµœÁž}œ¡°¨·Á¤°¦r ¸ª£µ¡š¸É­µ¤µ¦ nª¥Á¦nŠ<br />

„µ¦Á‹¦· Á˜· Ø…°Š„»oŠ„»¨µ—Î µÅ—o „µ¦«¹„¬µ‡¦´ÊŠœ¸Ê‹¹Š¤»nŠ<br />

«¹„¬µŸ¨…°Š„µ¦Ä o­µ¦¨³¨µ¥Å‡Ã˜ŽµœÁ‡¨º° Á¤È—°µ®µ¦<br />

¨³Ÿ­¤Äœ°µ®µ¦ š¸É¤¸Ÿ¨˜n°„µ¦¨°„‡¦µ …°Š„»oŠ„»¨µ—Î µ<br />

3HQDHXV PRQRGRQ )DEULFLXVÁž¦¸¥ Áš¸¥ „´ n°‡ª<br />

‡»¤š¸ÉŤnÅ—oÄ oŇØŽµœÃ—¥šÎ µ„µ¦š—¨°Š˜µ¤­£µ¡„µ¦Á¨¸Ê¥Š<br />

‹¦·Š¦³—´ £µ‡­œµ¤Ä o n°—·œ…œµ—P Á„È ˜´ ª°¥nµŠ<br />

„»oŠ‡¦´ÊŠ¨³˜´ª…°Šª´œÁ¡µ³Á¨¸Ê¥Šš¸É Á¡ºÉ°®µ<br />

œÎÊ µ®œ´„˜´ª œÎÊ µ®œ´„­nªœÁœºÊ° œÎÊ µ®œ´„­nªœÁž¨º°„ œÎÊ µ®œ´„<br />

­nªœ…°ŠÁ­¸¥œÎÊ µ®œ´„­nªœKHSDWRSDQFUHDWLFª·Á‡¦µ³®r­¤—»¨<br />

¤ª¨­µ¦…°Šž¦·¤µ–Þ¦˜¸œÂ‡¨ÁŽ¸¥¤Å…¤´œÁ­oœÄ¥Å‡˜·œ<br />

¨³Áoµ Ÿ¨…°Š„µ¦Ä oŇØŽµœ ‡nµ—¸—¸ '' r<br />

¨³œÎÊ µ®œ´„äÁ¨„»¨ 0: JPROH<br />

¨³¨µ¥Äœ„¦—°³Ž·˜·„š¸ÉSSPš´ÊŠÁ‡¨º° Á¤È—<br />

°µ®µ¦Â¨³Ÿ­¤Äœ°µ®µ¦š¸ÉÄ oÁ¨¸Ê¥Š„»o Š š»„Ç ª´œ ¨³ <br />

¤ºÊ°˜n°ª´œš¸ ɚΠµ„µ¦š—¨°Š ¡ ªnµ „µ¦Ä oŇØŽµœš´ÊŠ­°Š<br />

 ¤¸Ÿ¨šÎ µÄ®o„»oŠÄœ n°š—¨°Š¤¸„µ¦Á‹¦· Á˜· Ø ¤¸‹Î µœªœ<br />

‡¦´ÊŠ…°Š„µ¦¨°„‡¦µ ¨³„µ¦­¦oµŠÅ‡˜·œ —¸„ªnµ n°‡ª ‡»¤<br />

š»„¡µ¦µ¤·Á˜°¦rš¸ÉšÎ µ„µ¦˜¦ª‹ª´— ×¥„µ¦Á‡¨º° Á¤È—°µ®µ¦<br />

—oª¥Å‡Ã˜Žµœ¤¸Ÿ¨šÎ µÄ®oÅ—oœÎÊ µ®œ´„¦ª¤…°Š„»oŠš¸É‹´ Å—o


„·Ã¨„¦´¤ °´˜¦µ„µ¦Â¨„ÁœºÊ° )&5 <br />

°´˜¦µ°´—65¨³­nªœÁž¨º°„„»oŠš¸É¤¸ž¦·¤µ–Ň<br />

˜·œš¸É ª´œ ­nªœ„µ¦Ä oŇØŽµœŸ­¤Äœ<br />

°µ®µ¦Å—oœÎÊ µ®œ´„¦ª¤…°Š„»oŠš¸É‹´ Å—o „·Ã¨„¦´¤<br />

)&5 65 ¨³­nªœÁž¨º°„„»oŠ¤¸ž¦·¤µ–Ň<br />

˜·œš¸É ª´œ Äœ…–³š¸É n°‡ª ‡»¤Å—o œÎÊ µ®œ´„<br />

¦ª¤…°Š„»oŠš¸É‹´ Å—oÁ¡¸¥Š „·Ã¨„¦´¤ )&5 <br />

65¨³­nªœÁž¨º°„„»oŠ¤¸ž¦·¤µ–Ň˜·œš¸Éª´œ<br />

<br />

1&‡»–­¤ ´˜·šµŠ„µ¥£µ¡Â¨³šµŠ„¨…°Š<br />

¢d¨r¤Å‡Ã˜Žµœš¸ÉÁ˜¦¸ ¥¤‹µ„„¦—°·œš¦¸¥r<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­»¡‹·˜­»…„´œ˜³¡´•œšª¸Ã£‡<br />

žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»r<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµÂ¨³<br />

„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥Á ºÊ°Š˜oœÁ¡ºÉ°«¹„¬µª·›¸š¸ÉÁ®¤µ³­ ¤ ¨³<br />

…o°¤¼¨­Î µ®¦´ „µ¦«¹„¬µ‡ªµ¤Áž}œÅžÅ—oÄœ„µ¦œÎ µÅ‡Ã˜Žµœ<br />

‹µ„Áž¨º°„„»oŠ„»¨µ—Î µ ÅžÄ oÄœ„µ¦Ÿ¨·˜ÂŸnœ¢d¨r¤¥º— ¸ª£µ¡<br />

®n°®»o¤°µ®µ¦š¸É­µ¤µ¦¥n°¥­¨µ¥Å—o˜µ¤›¦¦¤ µ˜·Ã—¥šÎ µ<br />

„µ¦«¹„¬µ­£µª³Â¨³ž{‹‹´¥š¸É°µ‹­nŠŸ¨˜n°‡»–­¤ ´˜·…°Š<br />

Ÿnœ¢d¨r¤Å‡Ã˜Žµœ ¡ ªnµ ŇØŽµœš¸ÉŸ¨·˜Å—o­µ¤µ¦<br />

¨³¨µ¥Å—o°¥nµŠ­¤ ¼¦–r Äœ­µ¦¨³¨µ¥„¦—¨‡˜·„š¸É‡ªµ¤<br />

Á…o¤…oœ¦o°¥¨³ Äœ…´Êœ˜°œ„µ¦Á˜¦¸¥¤ÂŸnœ¢d¨r¤ Á¤ºÉ°Ä o<br />

­µ¦¨³¨µ¥Å‡Ã˜Žµœš¸É‡ªµ¤Á…o¤…oœ œœ <br />

ž¦·¤µ˜¦ ž¦·¤µ˜¦ ¤¨ ‹³Å—o¢d¨r¤š¸É¤¸‡»–­¤ ´˜·<br />

Á®¤µ³­¤Á¡ºÉ°Ä oÄœ„µ¦«¹„¬µ„µ¦Ÿ¨·˜¢d¨r¤¥º—®n°®»o¤°µ®µ¦<br />

×¥‡nµ­¤ ´˜·…°Š¢d¨r¤…œµ—[ Ž¤ š¸ÉÅ—o‡º°œÎÊ µ<br />

®œ´„¤„Ÿnœ‡ªµ¤®œµ¤¤‡nµ„µ¦<br />

˜oµœÂ¦Š—¹Š œ·ª˜´œ¤¤ ‡nµ„µ¦¥º—˜´ªÁ¤ºÉ°…µ—<br />

¤¤‡nµ„µ¦Ž¹¤ŸnµœÅ°œÎÊ µ[ „¦´¤<br />

¤¤¤¤ ´ÉªÃ¤Š¤¤ž¦°š<br />

1&„µ¦° ®oŠ…oµªÁž¨º°„×¥Ä o„¨ Áž}œ˜´ª<br />

„¨µŠÄœ„µ¦—¼—Ž´<br />

œ´„ª·‹´¥<br />

„·˜˜·«´„—·Íª·›·œ´œš„·˜˜r<br />

ÁŸ¥Â¡¦n<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­¤Á„¸¥¦˜·ž¦´ µª¦µ„¦<br />

°—·«´„—·Íœµ„¦–„»¨­¤ µ˜·Ã­£–¦–§š›·Í<br />

„µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦° ®oŠ…oµªÁž¨º°„×¥Ä o„¨<br />

Áž}œ˜´ª„¨µŠÄœ„µ¦—¼—Ž´ Á¡ºÉ°«¹„¬µ°´˜¦µ­nªœ¦³®ªnµŠ<br />

„¨ „´ …oµªÁž¨º°„°»–®£¼¤·Â¨³‡ªµ¤ ºÊœÁ¦·É¤˜oœ…°ŠÂ„¨<br />

š¸É¤¸Ÿ¨˜n°¦³¥³Áª¨µÄœ„µ¦—¼—Ž´ ¨³‡ªµ¤ ºÊœ­»—šoµ¥…°Š<br />

…oµªÁž¨º°„ ×¥šÎ µ„µ¦š—¨°ŠÄœ£µ œ³®»o¤Œœªœš¸Éžd—­œ·š<br />

Á¡ºÉ°° ®oŠ…oµªÁž¨º°„‹µ„‡ªµ¤ ºÊœÁ¦·É¤˜oœž¦³¤µ –<br />

GE ×¥Ä o°´˜¦µ­nªœ¦³®ªnµŠÂ„¨ ˜n°…oµªÁž¨º°„Ášnµ<br />

„´ ¨³˜n°Ã—¥ž¦·¤µ˜¦<br />

¨³Ã—¥¤ª¨Â¨³°»–®£¼¤·Â„¨ Á¦·É¤˜o œ<br />

¨³ R & Ž¹ÉŠ­°—‡¨o°Š„´ ‡ªµ¤ ºÊœÂ„¨ ž¦³¤µ–<br />

¨³GE‹µ„„µ¦š—¨°Š¡ ªnµÁ¤ºÉ°<br />

Ä o„¨ ‡ªµ¤ ºÊœÁ¦· ɤ˜oœÂ„¨ ˜Î É µ­µ¤µ¦¨—‡ªµ¤ ºÊœ…°Š<br />

…oµªÁž¨º°„Å—oÁ¦Èª„ªnµ„µ¦Ä o„¨ ‡ªµ¤ ºÊœÁ¦·É¤˜oœ­¼ Š ÁœºÉ°Š<br />

‹µ„¤¸‡ªµ¤Â˜„˜nµŠ…°Š‡ªµ¤ ºÊœÁ¦· ɤ˜oœ¦³®ªnµŠÂ„¨<br />

„´ …oµªÁž¨º°„š¸É¤µ„„ªn µ œ°„‹µ„œ¸Ê¥´Š¡ ªnµ „µ¦° ®oŠš¸É<br />

°´˜¦µ­nªœŸ­¤¦³®ªnµŠÂ„¨ „´ …oµªÁž¨º°„­¼Š­µ¤µ¦°<br />

®oŠÅ—oÁ¦Èª„ªnµš¸É°´˜¦µ­nªœŸ­¤˜ÎÉ µÁœºÉ°Š‹µ„„µ¦Á¡·É¤ž¦·¤µ–<br />

„¨ šÎ µÄ®o¤¸¡ºÊœš¸ÉÄœ„µ¦—¼—Ž´ ‡ªµ¤ ºÊœÅ—o¤µ„…¹Ê œ ¨³Äœ<br />

„µ¦ª·Á‡¦µ³®r‡»–£µ¡…°Š…oµª ¡ ªnµ°»–®£¼¤·Á¦·É¤˜oœ…°Š<br />

„¨ ¨³°´˜¦µ­nªœ¦³®ªnµŠÂ„¨ „´ …oµªÁž¨º°„Ťn¤¸Ÿ¨˜n°<br />

„µ¦Áž¨¸É¥œÂž¨Š…°Š¦o °¥¨³˜oœ…oµªÂ¨³‡ªµ¤…µª<br />

1&„µ¦«¹„¬µÂœªšµŠÄœ„µ¦° ®oŠ„¦³Áš¸¥¤š¸É<br />

Á®¤µ³­¤<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

–¦Š‡r«´„—·Í„oªœ·¨<br />

­¤Á„¸¥¦˜·ž¦´ µª¦µ„¦<br />

­¤ µ˜·Ã­£–¦–§š›·Í°—·«´„—·Íœµ„¦–„»¨<br />

„µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Šµœª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡º É°«¹„¬µ°·š›·¡¨…°Š<br />

°»–®£¼¤·Â¨³‡ªµ¤Á¦Èª…°Š°µ„µ«š¸ ɤ¸Ÿ¨˜n°°´˜¦µ„µ¦°<br />

®oŠÂ¨³„µ¦Áž¨¸É¥œÂž¨Š‡»–£µ¡…°Š„¦³Áš¸¥¤ ‹µ„„µ¦<br />

š—¨°Š° ®oŠ„¦³Áš¸¥¤Â ž°„Áž¨º°„¡ ªnµ„µ¦¨—¨Š<br />

…°Š‡ªµ¤ ºÊœ°¥¼nÄœ nªŠ°´˜¦µ„µ¦° ®oŠ¨—¨ŠÃ—¥­µ¤µ¦<br />

 nŠÅ—oÁž}œ­°Š nªŠ‡º° nªŠ°´˜¦µ„µ¦° ®oŠ¨—¨Š nªŠÂ¦„<br />

Äœ nªŠœ¸Ê°»–®£¼¤·Â¨³‡ªµ¤Á¦Èª…°Š°µ„µ«š¸ É­¼Š¤¸Ÿ¨šÎ µÄ®o<br />

°´˜¦µ„µ¦° ®oŠ­¼Š ­Î µ®¦´ nªŠ°´˜¦µ„µ¦° ®oŠ¨—¨Š nªŠ<br />

š¸É­°Šœ´Êœ¡ ªnµÁŒ¡µ³°»–®£¼¤·Ášnµœ´ Êœš¸ ɤ¸Ÿ¨˜n°°´˜¦µ„µ<br />

¦° ®oŠ‡»–£µ¡…°Š„¦³Áš¸¥¤š¸ÉÁž¨¸É¥œÂž¨Š®¨´Š‹µ„Ÿn µœ<br />

„µ¦° ®oŠ ¡ ªnµ„µ¦° ®oŠš¸É°»–®£¼¤· ˜ÎÉ µÃ‡¦Š­¦oµŠÁœºÊ°<br />

…°Š„¦³Áš¸¥¤Á„·—Áž}œ¦¼¡¦»œ…œµ—Á¨È„¨³Á¤º É°° ®oŠš¸É<br />

°»–®£¼¤·­¼Š¦¼¡¦»œ¤¸…œµ—Ø…¹Êœ­nŠŸ¨Ä®o„µ¦° ®oŠš¸É<br />

°»–®£¼¤·˜ÎÉ µÁ„·—„µ¦®—˜´ª…°ŠÁœºÊ°„¦³Áš¸¥¤­¼Š„ªnµ„µ¦°<br />

®oŠš¸É°»–®£¼¤·­¼Š œ°„‹µ„œ¸Ê‹µ„„µ¦ª´—„µ¦Áž¨¸É¥œÂž¨Š­¸<br />

×¥ª´—Äœ¦¼ž…°Š‡nµ / D ¨³ E ¡ ªnµ„µ¦° ®oŠš¸É<br />

°»–®£¼¤·˜ÎÉ µ ‡nµ / ¤¸‡nµ­¼Š„ªnµ„µ¦° ®oŠš¸É°»–®£¼¤· ­¼Š<br />

­Î µ®¦´ ‡nµ D ¨³ E ¤¸‡nµÄ„¨oÁ‡¸¥Š„´œ ž¦·¤µ–„µ¦­¼ Á­¸¥<br />

­µ¦ž¦³„° œÎÊ µ¤´œ®°¤¦³Á®¥®¨´Š„µ¦° ®oŠ„¦³Áš¸¥¤š¸É<br />

Á®¨º°‹µ„„µ¦° ®oŠ„¦³Áš¸¥¤š¸É°»–®£¼¤·˜Î É µ¤¸œo°¥„ªnµš¸É<br />

°»–®£¼¤·­¼Š<br />

1&$678'


œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‘µ£µ›¥µ¤µœœšr<br />

ª·Ã¦‹œr » °Î µœª¥ª·š¥µ­¤œ¹„‹µ¦»—·¨„„»¨<br />

žµœ‹´œš¦r®¨Šž¦³—·¬“r<br />

„µ¦ž¦³ »¤šµŠª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸ª´­—»Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

­·Š®µ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨<br />

„¦œ—r„¦»ŠÁš¡²®œoµ<br />

0HVRSRURXV JHO ZDV V\QWKHVL]HG E\ VRO<br />

JHOPHWKRGXVLQJ7(26DVSUHFXUVRUDQGFDWLRQLF<br />

&7$% DQLRQLF 6'6 DQG QRQLRQLF %ULM<br />

VXUIDFWDQWV DV WHPSODWHV WKDW ZHUH UHPRYHG ODWHU<br />

E\FDOFLQDWLRQ7KHPRODUUDWLRVRIVXUIDFWDQWWR<br />

7(26 DQG ZHUH YDULHG WR<br />

VWXG\WKHHIIHFWRIWKHFRQFHQWUDWLRQRIVXUIDFWDQW<br />

RQ WKH WH[WXUH FKDUDFWHUL]DWLRQ 6ROJHO VRUEHQWV<br />

ZHUH FKDUDFWHUL]HG E\ %(7 7KH DSSOLFDWLRQ LQ<br />

WROXHQH DGVRUSWLRQ ZDV LQYHVWLJDWHG 7KH<br />

H[SHULPHQW DW UHVXOWV UHYHDO WKHW VROJHO VRUEHQW<br />

&:SUHSDUHGE\&7$%DWWKHPRODUUDWLRRI<br />

ZLWKRXW XVLQJ DFLG DV FDWDO\VW \LHOGV WKH<br />

PD[LPXP WROXHQH DGVRUSWLRQ FDSDFLW\ DQG WKH<br />

DPRXQW RI DGVRUEHG WROXHQH ZDV J<br />

WROXHQHJDGVRUEHQW 7KH DGVRUSWLRQ FDSDFLW\ RI<br />

WROXHQH E\ VROJHO VRUEHQWV ZDV GLVFXVVHG ZLWK<br />

%(7GDWD<br />

1&35(3$5$7,212)<br />

+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¦µ‡µÂ¡Š —´Šœ´ÊœÁ¦µ‹¹ŠÁ¨º°„Ä oª·›¸„µ¦«¹„¬µÃ—¥Ä o®»nœ˜oœ<br />

 š¸ÉÁ‡¨ºÉ°œš¸ÉÄœœÎÊ µ—oª¥„µ¦„¦³¡º°že„šœ ÁœºÉ°Š‹µ„¦Š<br />

¨°¥˜´ª…°ŠœÎÊ µ‹³ nª¥¡¥»ŠœÎÊ µ®œ´„…°Š®»nœ šÎ µÄ®o­µ¤µ¦<br />

­¦oµŠ®»nœ˜oœÂ ×¥Ä o°»ž„¦–rš´ÉªÅžÅ—o Äœ š‡ªµ¤œ¸Ê‹³<br />

­—ŠŸ¨„µ¦ª´—¦Š¥„‹µ„„µ¦„¦³¡º°že„ÄœœÎÊ µÁ¡ºÉ°Á„È …o°<br />

¤¼¨ÅžÄ oÄœ„µ¦°°„ ®»nœ˜oœÂ Ÿ¨„µ¦š—¨°ŠÂ­—Š<br />

Ä®oÁ®Èœªnµ„µ¦„¦³¡º°že „…¹Êœ—oª¥‡ªµ¤¸Éš¸ÉÁ¦Èª„ªnµ„µ¦„¦³¡º°<br />

¨Š‹³šÎ µÄ®oÁ„·—¦Š¥„ÁŒ¨¸É¥Äœš·«š¸É‹³¡¥»ŠœÎ Ê µ®œ´„®»nœÅ—o<br />

œ°„‹µ„œ¸Ê¥´ŠÅ—o­—Šª·›¸„µ¦œÎ µŸ¨„µ¦ª´—¦Š¥„š¸ÉÅ—o¤µÄ o<br />

Äœ„µ¦‹Î µ¨°Š„µ¦Á‡¨ºÉ°œš¸ÉĜœª—·É Š…°Š®»nœ˜oœÂ Á¡ºÉ°<br />

Áž}œ¡ºÊœ“µœÄœ„µ¦­¦oµŠÃž¦Â„¦¤‹Î µ¨°Š„µ¦Á‡¨ºÉ°œš¸É…°Š<br />

®»nœ„¦³¡º°že„<br />

1&¢{Š„r ´œÁ¨¸¥¡¼œ°¢š¸É˜´ÊŠ˜µ¤¡ºÊœ“µœ„ Î µ¨´Š<br />

­Î µ®¦´ ‡ª ‡»¤Á­¸¥¦£µ¡…°ŠÁ‡¦ºÉ°Š œ·<br />

œ´„ª·‹´¥ “µžœ«´„—·Íš°Š­»ª¦¦–°¦¦–¡Á¦º°Šª·Á«¬<br />

<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

š‡ªµ¤œ¸ÊÁ­œ°„µ¦°°„ ¦³ ‡ª ‡»¤<br />

°´˜Ãœ¤´˜·­Î µ®¦´ ¦´„¬µÁ­¸¥¦£µ¡„µ¦ ·œ…°ŠÁ‡¦ºÉ°Š ·œÃ—¥<br />

¡·‹µ¦–µ®¨´„„µ¦šµŠ„¨«µ­˜¦rÁ„¸É¥ª„´ „µ¦‡µ¥¡¨´ŠŠµœ<br />

¨³„Î µ¨´Š…°Š¦³ ×¥¤¸ª´˜»ž¦³­Š‡r…°Š¦³ ‡ª ‡»¤<br />

‡º°Á¡ºÉ°¦´„¬µÁ‡¦ºÉ°Š ·œÄ®o¤¸Á­¸¥¦£µ¡˜µ¤œ·¥µ¤…°ŠÁ¨¸¥¡ ¼<br />

œ°¢ ÁœºÊ°®µ…°Š š‡ªµ¤‹³°›· µ¥¹Š„µ¦°°„ ¦³<br />

‡ª ‡»¤¦´„¬µÁ­¸¥¦£µ¡Ã—¥Ä o˜´ª‡ª ‡»¤—oª¥Â „Î µ¨´Š<br />

Á­¤º°œ šoµ¥­»—Å—o­—ŠŸ¨„µ¦š—­° ¦³ ‡ª ‡»¤—oª¥<br />

„µ¦‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r Ÿ¨„µ¦š—­° ­—ŠÄ®oÁ®Èœ¹Š<br />

‡ªµ¤­µ¤µ¦Äœ„µ¦¦´„¬µÁ­¸¥¦£µ¡„µ¦ ·œ…°ŠÁ‡¦ºÉ°Š ·œ<br />

—oª¥ ª·›¸œ¸Ê¤oªnµ¦³ ‹³¤¸‡ªµ¤Å¤n Áž}œÁ ·ŠÁ­oœÂ¨³¤¸‡ªµ¤<br />

Á„¸É¥ª¡´œ„´œ…°Š˜´ªÂž¦<br />

1&7+5((',0(16,21$/<br />

785%20$&+,1(5


VKRZQWKDWWKHIRUPDWLRQEXEEOHIRUPLQDORZHU<br />

SUHVVXUH DUHD ZKLFK FDXVHG E\ KLJK YHORFLW\<br />

IOXLG ,QFHSWLRQ FDYLWDWLRQ RFFXUV RQ WKH EODGH<br />

VXUIDFHZKHUHWKHOHDGLQJHGJHPHHWVWKHWLS)RU<br />

ORZHU 136+ YDOXHV WKH FDYLWDWLRQ ]RQHV PRYH<br />

IURP OHDGLQJ WR WUDLOLQJ HGJH 7KH GURS LQ WKH<br />

KHDG136+FXUYHEHJLQVZKHQWKHFDYLW\OHQJWK<br />

LV UHDFKHG WKH PD[LPXP FKRUG OHQJWK RI WKH<br />

EODGH<br />

1&„µ¦ª·Á‡¦µ³®rǦŠ­¦oµŠÁ µ³¦¥œ˜r­Î µ®¦´<br />

„µ¦Â…nŠ…´œ<br />

œ´„ª·‹´¥ ­»¦Á ¬“r »˜·¤µš«œ¡„Î µÁœ·—š°Š<br />

¤œ˜¦¸ nµŠž¦³—·¬“r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É <br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„µ¦°°„ ¨³<br />

ª·Á‡¦µ³®r‡ªµ¤Á‡oœš¸ÉÁ„·—…¹ Êœ„´ ǦŠ­¦oµŠÁ µ³ 1RQ<br />

5HFOLQHU 5DFH Ž¹ÉŠÁž}œÃ‡¦ŠÁ µ³¦¥œ˜r­Î µ®¦´ „µ¦<br />

Â…nŠ…´œ ×¥„µ¦ª·Á‡¦µ³®r—oª¥ª·›¸Å¢Åœ˜rÁ°¨·Á¤œ˜r ­·˜<br />

«µ­˜¦r ‹µ„„µ¦®µ£µ¦³š¸ÉÁš¸¥ ÁšnµÄ®o­°—‡¨o°Š„´ £µ¦³<br />

„¦³Âš„…°Š„µ¦š—­° ¨oªšÎ µ„µ¦Áž¦¸¥ Áš¸¥ ‡nµ‡ªµ¤<br />

Á‡oœš¸Éª·Á‡¦µ³®rÅ—o„´ Ÿ¨„µ¦š—­° ˜µ¤¤µ˜¦“µœ ‹µ„„µ¦<br />

«¹„¬µ¡ ªnµ ˜Î µÂ®œnŠ…°Š‡ªµ¤Á‡oœ‹µ„Ÿ¨„µ¦ª·Á‡¦µ³®r<br />

×¥ª·›¸Å¢Åœ˜rÁ°¨·Á¤œ˜r š¸É¤¸‡nµ­¼Š„ªnµ‹»—‡¦µ„…°Šª´­—»<br />

­°—‡¨o°Š„´ ˜Î µÂ®œnŠš¸ÉÁ„·—‡ªµ¤Á­¸¥®µ¥š¸ÉÅ—o‹µ„„µ¦<br />

š—­° ‹¹Š­µ¤µ¦Ä oÂœªšµŠ„µ¦¡·‹µ¦–µ£µ¦³­·˜œ¸ÊÄœ<br />

„µ¦ª·Á‡¦µ³®r ‹Î µ¨°ŠÅ—o Ž¹ÉŠœ°„‹µ„‹³šÎ µÄ®o­µ¤µ¦<br />

ª·Á‡¦µ³®r ‹Î µ¨°ŠÃ‡¦Š­¦oµŠÁ µ³Å—o­³—ª„ ¨³¦ª—Á¦Èª<br />

¨oªŸ¨š¸ÉÅ—o‹µ„„µ¦ª·Á‡¦µ³®r¥´Š­µ¤µ¦Ä oÁž}œÂœªšµŠÄœ<br />

„µ¦¡·‹µ¦–µÁ­¦·¤‡ªµ¤Â…Ȋ¦Š…°ŠÃ‡¦Š­¦oµŠÁ µ³ 1RQ<br />

5HFOLQHU 5DFH Å—oÁž}œ°¥nµŠ—¸ °¸„š´ÊŠª· ›¸„µ¦—´Š„¨nµª<br />

­µ¤µ¦œÎ µÅžž¦³¥»„˜r„´ „µ¦°°„ Ç¦Š­¦oµŠÁ µ³Â<br />

°ºÉœÇ Á¡ºÉ°¨—‹Î µœªœ‡¦´ÊŠš¸ ɘo°Šš—­° Á¤º É°Áš¸¥ „´ „µ¦<br />

Ÿ¨·˜Â Á—·¤­nŠŸ¨Ä®o¨—˜oœš»œ„µ¦Ÿ¨·˜¨ŠÅ—o<br />

1&„µ¦«¹„¬µ˜´ª nŠ ¸Êš¸É„Î µ®œ—…° Á…˜„µ¦<br />

šÎ µŠµœ…°ŠÁ‡¦ºÉ°Š¥œ˜r+&&,<br />

œ´„ª·‹´¥<br />

¡¸¦ª´•œr­µ¥­·¦·¦´˜œr°µš·˜¥r‡Î µšµ<br />

ÁŸ¥Â¡¦n<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­¤ µ¥‹´œš¦r µªœµ<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨¦µ µ°°¦r‡·—<br />

‹…°œÂ„nœ®œoµ<br />

Á‡¦ºÉ°Š¥œ˜r +&&, šÎ µŠµœÃ—¥„µ¦°´—­nªœŸ­¤<br />

…°ŠÁ ºÊ°Á¡¨·ŠÂ¨³°µ„µ«Ž¹ÉŠŸ­¤„´œ£µ¥œ°„Á‡¦ºÉ°Š¥œ˜r Ä®o<br />

Á„·—„µ¦‹»—¦³Á ·——oª¥˜œÁ°Š ‹µ„®¨µ¥Ç ˜Î µÂ®œnŠÄœ®o°Š<br />

ÁŸµÅ®¤o Ž¹ÉŠšÎ µÄ®o„µ¦ÁŸµÅ®¤o¦µ Á¦¸¥ ¨³ nªŠÁª¨µ„µ¦ÁŸµ<br />

Å®¤o­´Êœ¤µ„­µ¤µ¦ÁŸµÅ®¤oÅ—oš¸ É°´˜¦µ­nªœŸ­¤Á‹º°‹µŠ<br />

¤µ„Ç Â¨³­µ¤µ¦Ä o„´ Á ºÊ°Á¡¨·ŠÅ—o®¨µ¥ œ· — ­µ¦¤¨¡·¬<br />

¤¸ž¦·¤µ–˜ÎÉ µ¤µ„ ¨³Ä®ož¦³­·š›·£µ¡šµŠ‡ªµ¤¦o°œ­¼Š¤µ„<br />

˜n­£µª³š¸ÉÁ‡¦ºÉ°Š¥œ˜r­µ¤µ¦šÎ µŠµœÅ—o¥´Š°¥¼nÄœ…° Á…˜<br />

‹Î µ„´— …¹Êœ°¥¼n„´ ž{‹‹´¥š¸ ɤ¸Ÿ¨„¦³š ˜n°„µ¦ÁŸµÅ®¤o Á nœ<br />

°»–®£¼¤·Å°—¸ °´˜¦µ­nªœŸ­¤…°Š°µ„µ«˜n°Á ºÊ°Á¡¨·ŠÂ¨³‡» –<br />

­¤ ´˜·…°ŠÁ ºÊ°Á¡¨·Š Áž}œ˜oœ Äœ š‡ªµ¤œ¸ÊÅ—oœÎ µÁ­œ°Ÿ¨<br />

„µ¦š—­° Á¡ºÉ°®µ˜´ªÂž¦ nŠ¸Ê,GHQWLFDO SDUDPHWHUV<br />

š¸É­—Š‡»–¨´„¬–³„µ¦ÁŸµÅ®¤o ¨³…° Á…˜…°Š˜´ªÂž¦ nŠ<br />

¸Êš¸ ÉÁ®¤µ³­¤ ×¥Ä oŸ¨„µ¦š—­° ‹µ„Á‡¦ºÉ°Š¥œ˜r—¸ÁŽ¨<br />

 Œ¸—˜¦Š Áž}œÁ‡¦ºÉ°Š¥œ˜r¡ºÊœ“µœš—­° š¸É‡ªµ¤Á¦È ª¦° <br />

¦° ˜n°œµš¸ ¨³Ä o /3* Áž}œÁ ºÊ°Á¡¨·Š ¡ ªnµ˜´ª<br />

ž¦ nŠ ¸Êš¸É ­Î µ‡´ Å—o„n ˜Î µÂ®œnŠÁ¦·É¤˜oœÁŸµÅ®¤o…°Š­nªœ<br />

Ÿ­¤…°ŠÁ ºÊ°Á¡¨·ŠÂ¨³°µ„µ« °´˜¦µ„µ¦Áž¨¸É¥œÂž¨Š‡ªµ¤<br />

—´œÄœ„¦³ °„­¼ ¨³‡ªµ¤—´œ¥´ŠŸ¨ÁŒ¨¸É¥ nŠ ¸Ê<br />

1&„µ¦ž¦´ ž¦»Š¦¼žÂ „µ¦šÎ µŠµœ…°Šªµ¨rª<br />

­Î µ®¦´ Á‡¦ºÉ°Š¥œ˜rš¸ÉÄ o„pµŽÁž}œÁ ºÊ°Á¡¨· ŠÃ—¥Ä o<br />

š§¬‘¸„µ¦Á‡¨ºÉ°œš¸É…°Š‡¨ºÉœ‡ªµ¤—´ œ<br />

œ´„ª·‹´¥ Á¡È µ¦´˜œr‹·œ—µ ´œÁš·Š­»ª¦¦–˜¦³„¼¨<br />

­¤ µ¥‹´œš¦r µªœµ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É <br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

ž{‹‹» ´œœ¸ÊÅ—o¤¸„µ¦®´œ¤µ­œÄ‹„µ¦Ä oÁ ºÊ°Á¡¨·Š„p µŽ<br />

ÄœÁ‡¦ºÉ°Š¥œ˜r ÁŸµÅ®¤o£µ¥Äœ„´œÁ¡·É¤…¹Ê œ„µ¦ž¦´ Áž¨¸É¥œ„µ¦<br />

Ä oÁ ºÊ°Á¡¨·ŠÁ®¨ª¤µÁž}œÁ ºÊ°Á¡¨·Š„pµŽ ¤¸‡ªµ¤‹Î µÁž}œš¸É‹³<br />

˜o°Š—´—ž¨ŠÁ‡¦ºÉ°Š¥œ˜r­·ÉŠ®œ¹ÉŠš¸É¤¸‡ªµ¤‹ Î µÁž}œš¸É‹³˜o°Š<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

—´—ž¨Š„ȇº ° ‹´Š®ª³Äœ„µ¦Ážd—¨³žd—…°Šªµ¨rª Ž¹ÉŠ¤¸<br />

°·š›·¡¨˜n°ž¦³­·š›·£µ¡„µ¦ž¦³‹»Å°—¸ ¨³­¤¦¦œ³…°Š<br />

Á‡¦ºÉ°Š¥œ˜r š‡ªµ¤œ¸ÊÅ—oœÎ µÁ­œ°„µ¦«¹„¬µÂ ‹Î µ¨°ŠšµŠ<br />

‡–·˜«µ­˜¦r­Î µ®¦´ šÎ µœµ¥ž¦³­·š›·£µ¡„µ¦ž¦³‹»Å°—¸…°Š<br />

Á‡¦ºÉ°Š¥œ˜r×¥Ä oš§¬‘¸„µ¦Á‡¨ºÉ°œš¸É …°Š‡¨ºÉœ‡ªµ¤—´œš¸É¤¸<br />

ºÉ°ªn µ *3% )LQLWH 6\VWHP 0RGHO ץ ‹Î µ¨°ŠÅ—o<br />

¡·‹µ¦–µšn°Å°—¸Áž}œ¤·˜·Ã—¥Â nŠ°°„Áž}œž¦·¤µ˜¦‡ª<br />

‡»¤Á¨È„Ç ‹Î µœªœ¤µ„  ‹Î µ¨°Š­¦oµŠ¤µ‹µ„®¨´„„µ¦¡ºÊœ<br />

“µœ„µ¦°œ»¦´„¬r¤ª¨„µ¦°œ»¦´„¬räÁ¤œ˜´¤Â¨³„µ¦°œ»¦´„¬r<br />

¡¨´ŠŠµœ Ž¹ÉŠÅ—o¦ª¤Ÿ¨…°ŠÂ¦ŠÁ­¸¥—šµœÂ¨³„µ¦šnµ¥Áš<br />

‡ªµ¤¦o°œÁ…oµÅªoĜ ‹Î µ¨°Š—oª¥ ˜´ªÂž¦ÄœÂ ‹Î µ¨°Š<br />

¡·‹µ¦–µ°¥¼nÄœ¦¼ž…°Š˜´ªÂž¦Å¦o®œnª¥  ‹Î µ¨°Šœ¸Ê­¦oµŠ<br />

…¹Êœ¤µÁ¡ºÉ°Ä o„´ Á‡¦ºÉ°Š¥œ˜r‹»—¦³Á ·——oª¥ž¦³„µ¥Å ¢ <br />

‹´Š®ª³ š¸É¤¸¦³ šn°Å°—¸Áž}œ¦³ šn°˜¦Š  ‹Î µ¨°Š<br />

­µ¤µ¦š¸É‹³‡Î µœª–„µ¦Áž¨¸É¥œÂž¨Š…°Š‡ªµ¤—´ œÄœšn°Å°<br />

—¸Äœ®œ¹ÉŠ¦° „µ¦šÎ µŠµœ…°ŠÁ‡¦ºÉ°Š¥œ˜r ¨³Á¨º°„¦¼žÂ<br />

„µ¦šÎ µŠµœ…°Šªµ¨rªš¸É‹³Ä®ož¦³­·š›·£µ¡„µ¦ž¦³‹»Å°—¸­¼Š<br />

­»— Ÿ¨š¸ÉÅ—o‹µ„„µ¦‡Î µœª–Á¤ºÉ°œÎ µÅžÄ ož¦´ ¦¼ž¦iµŠÁ¡¨µ¨¼„<br />

Á ¸Ê¥ªÁ¡ºÉ°Áž¨¸É¥œ‹´Š®ª³„µ¦šÎ µŠµœ…°Šªµ¨rª ¡ ªnµŸ¨š¸ÉÅ—o<br />

‹µ„„µ¦š—­° ¤¸‡ªµ¤­°—‡¨o°ŠÁž}œ°¥nµŠ—¸„´ Ÿ¨š¸ÉÅ—o<br />

‹µ„„µ¦‡Î µœª–<br />

1&„µ¦ª·Á‡¦µ³®rŸ¨…°Š„µ¦°»nœœÎÊ µ¤´œ—¸ÁŽ¨<br />

‡»–¨´„¬–³…°Š„µ¦ÁŸµÅ®¤o¨³­µ¦¤¨¡·¬<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

Á°„ ´¥­»›¸¦«´„—·Í­»¦ ´¥­œ·šÄ‹<br />

­¤ µ¥‹´œš¦r µªœµ<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

Äœ­µœ„µ¦–rš¸Éš»„Ç iµ¥˜o°Š¤¸­nªœ¦nª¤Äœ„µ¦<br />

ž¦³®¥´—„µ¦Ä oÁ ºÊ°Á¡¨·ŠÂ¨³¦´„¬µ­·ÉŠÂª—¨o°¤œ´Ê œ Å—o¤¸„µ¦<br />

œÎ µÁ­œ°­·ÉŠž¦³—·¬“r š¸É‹³ nª¥¨—­µ¦¤¨¡·¬ÄœÅ°Á­¸¥ ×¥<br />

ÁŒ¡µ³‡ª´œ—Î µ ¨³¨—„µ¦Ä oÁ ºÊ°Á¡¨·Š…°ŠÁ‡¦ºÉ°Š¥œ˜r<br />

—¸ÁŽ¨Ã—¥„µ¦˜·—˜´ÊŠ°»ž„¦–r°»nœœÎ Ê µ¤´œ—¸ÁŽ¨Ä®o¤¸°»–®£¼¤·­¼Š<br />

¹Š¦³—´ ®œ¹ÉŠ„n°œš¸É‹³Œ¸—Á…oµÅžÄœÁ‡¦ºÉ°Š¥œ˜ r Ž¹ÉŠÁž}œª·›¸<br />

„µ¦®œ¹ÉŠÄœ®¨µ¥ª·›¸ š¸ÉÅ—o¦´ „µ¦‹—­·š›· ´˜¦ ‡ªµ¤­œÄ‹<br />

˜¨°—‹œ¤¸„µ¦°oµŠªnµ nª¥Ä®o„µ¦ÁŸµÅ®¤o¤¸‡ªµ¤­¤ ¼¦–r<br />

¤µ„…¹ÊœÂ¨³¨—­µ¦¤¨¡·¬Å—o°¥nµŠÅ¦„Șµ¤¥´Š¤·Å—o¤¸„µ¦<br />

<br />

˜¦ª‹­° ˜µ¤®¨´„ª· µ„µ¦°¥nµŠ¨³Á°¸¥— ®o°Šž’· ´˜·„µ¦<br />

ª·‹´¥Á‡¦ºÉ°Š¥œ˜r ¨³„µ¦ÁŸµÅ®¤o¤‹›‹¹ŠÅ—o—Î µÁœ·œÃ‡¦Š„µ¦<br />

«¹„¬µŸ¨„¦³š …°Š°»–®£¼¤·œÎÊ µ¤´œ—¸ÁŽ¨˜n°­¤¦¦œ³ ­µ¦<br />

¤¨¡·¬Â¨³‡»–¨´„¬–³…°Š„µ¦ÁŸµÅ®¤o ×¥¤¸ª´˜»ž¦³­Š‡r<br />

Äœ„µ¦Ä®o…o°¤¼¨Á ·Šª· µ„µ¦ªnµ„µ¦°»nœœÎÊ µ¤´œ—¸ÁŽ¨„n°œŒ¸—Á…oµ<br />

ŞĜ®o°ŠÁŸµÅ®¤oœ´Êœ ¤¸Ÿ¨„¦³š °¥nµŠÅ¦˜n°„¦³ ªœ„µ¦<br />

ÁŸµÅ®¤oץĜ„µ¦«¹„¬µÅ—oÄ o„µ¦ ´œš¹„…o°¤¼¨‡ªµ¤—´œÄœ<br />

„¦³ °„­¼ …°ŠÁ‡¦ºÉ°Š¥œ˜rš»„Ç °Š«µ…°ŠÁ¡¨µ…o°<br />

Á®ª¸É¥ŠÁž}œ‹Î µœªœ®¨µ¥¦o°¥ÅŽÁ‡·¨ Á¡ºÉ°Ä oÄœ„µ¦‡Î µœª–®µ<br />

„µ¦ž¨—ž¨i°¥¡¨´ŠŠµœš¸ÉÁž}œŸ¨…°Š„µ¦ÁŸµÅ®¤oÁ ºÊ°Á¡¨· Š<br />

œ°„‹µ„œ´ÊœÅ—o ´œš¹„…o°¤¼¨­µ¦¤¨¡·¬ÅœÅ°Á­¸¥—oª¥Ÿ¨„µ¦<br />

«¹„¬µÂ­—ŠÄ®oÁ®Èœªn µ Á¤ºÉ°Á¡·É¤°»–®£¼¤·œÎ Ê µ¤´œ—¸ÁŽ¨Äœ nªŠ<br />

R & šÎ µÄ®o‡»–¨´„¬–³…°Š„µ¦­Áž¦¥rÁž¨¸É¥œÂž¨ŠÅž<br />

¨³­nŠŸ¨Ä®o­´—­nªœÄœ nªŠ 3UHPL[HG FRPEXVWLRQ ¤¸‡nµ<br />

¨—¨ŠÂ˜nÄœ nªŠ0L[LQJFRQWUROOHGFRPEXVWLRQ„¨´ ¤¸<br />

‡nµÁ¡·É¤…¹Ê œ Ÿ¨š¸É˜µ¤¤µ„ȇº°ž¦·¤µ–°°„ÅŽ—r…°ŠÅœÃ˜¦Á‹œ<br />

ĜŰÁ­¸¥¤¸‡nµ¨—¨ŠÄœ…–³š¸Éž¦·¤µ–‡ª´œ—Î µ„¨´ ¤¸‡nµÁ¡·É¤…¹Êœ<br />

1&„µ¦ž¦³¥»„˜rÄ ö ¼„Á®¤Èœ­Î µ®¦´ ª´—„µ¦nµ¥Áš<br />

¤ª¨Â¨³„µ¦nµ¥Áš‡ªµ¤¦o°œ<br />

œ´„ª·‹´¥ ­»¦ ´¥­œ·šÄ‹­Î<br />

µÁ¦·Š‹´„¦Ä‹<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

„µ¦ª´—‡nµ­´¤ž¦³­·š›·Í„µ¦nµ¥Áš‡ªµ¤¦o°œÂ <br />

„µ¦¡µÁ¡¸¥Š°¥nµŠÁ—¸¥ªœ´Êœ¤¸‡ªµ¤¥»nŠ¥µ„¨³¤¸‡ªµ¤‡¨µ—<br />

Á‡¨ºÉ°œ­¼ ŠÁœ¸É°Š‹µ„¤¸„µ¦­¼ Á­¸¥‡ªµ¤¦o°œ ×¥„µ¦œÎ µ‡ªµ¤<br />

¦o°œÂ¨³„µ¦ÂŸn¦´Š­¸š¸ÉÁ„·—…¹Êœ¡¦o°¤Ç „´œ—oª¥ „µ¦ž¦³¥»„˜r<br />

Ä o„µ¦¦³Á®·—…°Š¨¼„Á®¤ÈœÄœ„µ¦ª´—„µ¦nµ¥Áš¤ª¨­µ¦Áž}œ<br />

Áš‡œ·‡š¸ÉÅ—o¤¸„µ¦¡´•œµ…¹ÊœÁ¡ºÉ°Â„ož{ ®µœ ¸Ê š´ÊŠœ¸ÊÁ¡¦µ³„µ¦<br />

nµ¥Áš¤ª¨­µ¦‹³¤¸ÁŒ¡µ³„µ¦¡µÁšnµœ´Êœ ‡nµš¸ÉÅ—o‹µ„„µ¦ª´—<br />

­´¤ž¦³­·š›·Í„µ¦nµ¥Áš¤ª¨­µ¤µ¦œÎ µ¤µ‡Î µœª–®µ‡nµ<br />

­´¤ž¦³­·š›·Í„µ¦¡µ‡ªµ¤¦o°œÅ—o ×¥Ä o‡ªµ¤‡¨oµ¥‡¨¹Š„´œ<br />

…°Š„µ¦nµ¥Áš‡ªµ¤¦o°œÂ¨³„µ¦nµ¥Áš¤ª¨ KHDW DQG<br />

PDVV WUDQVIHU DQDORJ\ „µ¦ª´—„µ¦nµ¥Áš¤ª¨­µ¤µ¦<br />

„¦³šÎ µÅ—oÄœ˜Î µÂ®œnŠš¸ÉÄ„¨o„´œ¤µ„Ç ¤µ„„ªnµ <br />

˜Î µÂ®œnŠÄœ¡ºÊœš¸É[FP šÎ µÄ®oš¦µ ¦µ¥¨³Á°¸¥—…°Š<br />

„µ¦nµ¥Áš‡ªµ¤¦o°œ…°Š¦¼ž¦iµŠš¸ÉŽ´ Žo°œÅ—oÁž}œ°¥nµŠ—¸<br />

1DWLRQDO&RQIHUHQFH


š‡ªµ¤œ¸Ê ¦¦¥µ¥¹Š‡»–­¤ ´˜·…°Š¨¼„Á®¤ÈœÂ¨³ª·›¸„µ¦ª´—<br />

„µ¦nµ¥Áš¤ª¨Â ÁŒ¨¸É¥Â¨³Â ÁŒ¡µ³‹»—š¸ ɜΠµ¤µ<br />

ž¦³¥»„˜rÄ o„´ „µ¦ª´—„µ¦¡µ‡ªµ¤¦o°œ œ°„‹µ„œ¸Ê‹³„¨nµª<br />

¹Š„µ¦ž¦³¥»„˜rÄ oÁš‡œ·‡œ¸ÊÄœ„µ¦¦³ µ¥‡ªµ¤¦o°œ…°Š<br />

°»ž„¦–r¨„Áž¨¸É¥œ‡ªµ¤¦o °œ „µ¦nµ¥Áš‡ªµ¤¦o°œ…°ŠÄ<br />

¡´—…°ŠÁ‡¦ºÉ°Š¥œ˜r„p­Áš°¦rÅ œr ¨³„µ¦«¹„¬µž¦µ„’<br />

„µ¦–r…°Š„µ¦Å®¨Â¨³„µ¦nµ¥Áš‡ªµ¤¦o°œÄœ ´ÊœÄ„¨oŸ·ª<br />

1&ÁŸµÅ®¤oÁ ºÊ°Á¡¨· ŠÁ®¨ªÃ—¥®´ªÁŸµª´­—»¡¦»œ<br />

œ·—Ťn¤¸„µ¦Â˜„˜´ªÁž}œ¨³°°Š­Áž¦¥r<br />

œ´„ª·‹´¥ ­Î<br />

µÁ¦·Š‹´„¦Ä‹­»¦ ´¥­œ·šÄ‹ »˜·Á— Ÿn°ŠÄ­<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

Šµœª·‹´¥Â¨³¡´•œµÁ„¸É¥ª„´ „µ¦ÁŸµÅ®¤oÁ ºÊ°Á¡¨· Š<br />

Á®¨ªÃ—¥®´ªÁŸµª´­—»¡¦»œSRURXVEXUQHU3% œ·—Ťn<br />

¤¸„µ¦Â˜„˜´ªÁž}œ¨³°°Š­Áž¦¥r¤¸‡ªµ¤­Î µ‡´ °¥nµŠ¤µ„‹œ<br />

°µ‹Á…oµ¤µš—šœ„µ¦ÁŸµÅ®¤o ­Áž¦¥rš¸ÉÄ oš´ÉªÅžÄœ<br />

°œµ‡˜°´œÄ„¨oœ¸Ê °¥nµŠÅ¦„Șµ¤ Šµœª·‹´¥®´ªÁŸµª´­—»¡¦»œ<br />

­nªœÄ® nÅ—o¤»nŠÁœoœÁŒ¡µ³„µ¦ÁŸµÅ®¤o Ů¨…¹Êœ®¦º°Å®¨<br />

¨ŠÄœÂœª—·ÉŠÁšn µœ´Êœ šÎ µÄ®o„µ¦ž¦³¥»„˜rÄ oŠµœÂ‡ —´Šœ´Êœ<br />

„µ¦…¥µ¥­¤¦¦œ³®´ªÁŸµª´­—»¡¦»œÄ®o­µ¤µ¦šÎ µŠµœÅ—o<br />

°¥nµŠ¤¸ž¦³­·š›·£µ¡­¼ŠÃ—¥Å¤n…¹Êœ°¥¼n „´ ˜Î µÂ®œnŠ…°Š®´ªÁŸµ<br />

„Î µ®œ—×¥¤»¤š¸ÉÂœªÂ„œ…°Š®´ªÁŸµšÎ µ„´ Âœª—·ÉŠÁ¦¸ ¥„ªnµ<br />

¤»¤®´ªÁŸµ T œ´ Áž}œ­·ÉŠ­Î µ‡´ °¥nµŠ¥·ÉŠÂ¨³Áž}œª´˜»<br />

ž¦³­Š‡r®¨´„…°Š„µ¦«¹„¬µœ¸Ê‹µ„Ÿ¨„µ¦š—¨°Š¡ ªnµ ¤»¤<br />

®´ªÁŸµT ¤¸°·š›·¡¨˜n°°»–®£¼¤·„µ¦ÁŸµÅ®¤o¨³ž¦·¤µ–¤¨<br />

¡·¬&2¨³12 ; ­¼Š¤µ„Ÿnµœ¦¼žÂ „µ¦Å®¨Ž¹¤Ÿnµœ<br />

…°ŠœÎÊ µ¤´œ„pµ—£µ¥Äœª´­—»¡¦»œ Ž¹ÉŠÁž}œ˜´ª„Î µ®œ—¡ºÊœš¸É„µ¦<br />

¦³Á®¥DUHDRIHYDSRUDWLRQIURQW…°ŠœÎÊ µ¤´œ£µ¥Äœª´­—»<br />

¡¦»œ „µ¦—¹Š—¼— HQWUDLQPHQW ¨³„µ¦Ÿ­¤‡¨»„Á‡¨oµ<br />

Áž}œÁœºÊ°Á—¸¥ª„´œ…°ŠÅ°œÎÊ µ¤´œ„´ °µ„µ«ÁŸµÅ®¤o „µ¦Á¨º°„<br />

Ä o‡ªµ¤®œµÁ ·ŠÂ­Š…°Š®´ªÁŸµª´­—»¡¦»œW E š¸É­¼ŠÂ¨³Á®¤µ³<br />

­¤­µ¤µ¦¨—°·š›·¡¨…°Š¤»¤®´ªÁŸµ T Å—o°¥nµŠ¤¸ž¦³­·š›·<br />

£µ¡ °¸„š´ÊŠ¥´Š nª¥­nŠÁ­¦·¤„µ¦¦³Á®¥ ­nŠÁ­¦·¤„µ¦ÁŸµÅ®¤o<br />

¨³…¥µ¥ ¦·Áª–„µ¦ÁŸµÅ®¤oš¸ÉÁ­¸¥¦Å—o°¸„—oª¥ ¡ ªnµ<br />

‡ªµ¤®œµÁ ·ŠÂ­Š…°Š®´ªÁŸµª´­—»¡¦»œW E Áž}œ‡nµš¸É<br />

­¼ŠÂ¨³Á®¤µ³­¤š¸É­»—Á¡¦µ³Ä®o­¤¦¦œ³„µ¦ÁŸµÅ®¤oš¸ ÉŤn<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„´ ¤»¤®´ªÁŸµ T °¸„˜n°Åž °¸„š´ÊŠÄ®o ¦·Áª–„µ¦ÁŸµÅ®¤oš¸É<br />

Á­¸¥¦‡n°œ…oµŠ„ªoµŠÃ—¥Ä®o°»–®£¼¤·„µ¦ÁŸµÅ®¤o­¼Š­»— Ä®o<br />

¦·Áª–„µ¦ÁŸµÅ®¤oš¸ÉÁ­¸¥¦„ªoµŠš¸É­» — ˜n¤¨¡·¬ &2 ¨³<br />

12 [ ˜ÎÉ µ­»—‡º°Â¨³SSP˜µ¤¨Î µ—´<br />

1&„µ¦ž¦³¥»„˜rÄ oŠµœ‹¦·Š…°ŠÁš‡ÃœÃ¨¥¸Ä®¤n<br />

„µ¦ÁŸµÅ®¤oÁ ºÊ°Á¡¨· ŠÁ®¨ªÃ—¥®´ªÁŸµª´­—»¡¦»œ œ·—<br />

Ťn¤¸„µ¦Â˜„˜´ªÁž}œ¨³°°Š­Áž¦¥r<br />

œ´„ª·‹´¥ ­Î<br />

µÁ¦·Š‹´„¦Ä‹­»¦ ´¥­œ·šÄ‹<br />

œ·œš¦rá›·¥µ‹»¦¸¡¦Ã­£µ¡¦°¤¦<br />

­´–®„¦¦´˜œ ¸ª¦<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

‹µ„Ÿ¨ŠµœÄœ°—¸˜ Å—oÁ­œ°„µ¦ž¦³¥»„˜rÄ oŠµœ<br />

×¥„µ¦¦ª¤SRURXVEXUQHU3%¨³SRURXVHPLWWHU<br />

3( Á…oµÁž}œ®œnª¥Á—¸¥ª„´œ„´ »—¨„Áž¨¸É¥œ‡ªµ¤¦o°œ<br />

ZDWHU MDFNHW ¨³ž¦³­ ‡ªµ¤­Î µÁ¦È‹Äœ¦³—´ ®œ¹ÉŠÁ¡ºÉ°<br />

¡´•œµÁ‡¦ºÉ°ŠšÎ µœÎÊ µ¦o°œ‹µ„œÎÊ µ¤´œ„pµ—NHURVHQH œ·—Ťn<br />

¤¸„µ¦Â˜„˜´ªÁž}œ¨³°°Šš¸É¤¸­¤¦¦œ³­¼ŠÂ˜n…œµ—Á¨È„<br />

„³š´—¦´—¨³Å—oÁŸ¥Â¡¦nިoªÄœŠµœ­´¤¤œµª· µ„µ¦Á‡¦º°<br />

…nµ¥ª·«ª„¦¦¤Á‡¦ºÉ°Š„¨‡¦´ÊŠš¸É ­Î µ®¦´ ¦µ¥Šµœœ¸Ê‹³ž¦´<br />

ž¦»Š°»ž„¦–rÁ—·¤Ä®o¤¸­¤¦¦œ³­¼Š¥·ÉŠ…¹ÊœÁ¡ºÉ°š¸É‹³ ¦¦¨»ª´˜»<br />

ž¦³­Š‡r—´Š„¨nµª ‹¹ŠÅ—o˜·—˜´ÊŠ‡°¥¨rœÎÊ µ ZDWHU FRLO {Š<br />

Á¡·É¤Á…oµÅžÄœ ´Êœª´­—» ¡¦»œ 3( Á¡ºÉ°—¹Š‡ªµ¤¦o °œ°°„‹µ„<br />

„p­¦o°œ¤µÄ ož¦³Ã¥ œrÄ®oÅ—o¤µ„š¸É­»—¡¦o°¤š´ ÊŠ«¹„¬µŸ¨<br />

…oµŠÁ‡¸¥Š˜nµŠÇ š¸É°µ‹Á„·—˜µ¤¤µ Ÿ¨„µ¦š—¨°Šš¸ÉÁŠºÉ°œÅ…<br />

Á—¸¥ª„´œ¡ ªnµ ¦³ Ä®¤nÄ®ož¦³­·š›·£µ¡Á ·Š‡ªµ¤¦o°œ­¼Š<br />

­»—K WK ‹µ„Á—·¤š¸É¤¸‡nµÁ¡¸¥ŠÁ¡·É¤…¹Êœ¹ Š<br />

Ä®o ž¦³¤µ–„µ¦ž¨—ž¨i°¥ &2 ¨³ 12 [ ¤¸‡nµÁšnµ„´ <br />

SSP ¨³ SSP š¸É°°„Ž·Á‹œ­nªœÁ„·œ <br />

˜µ¤¨Î µ—´ Á¤ºÉ°Áš¸¥ „´ …°ŠÁ—·¤¤¸‡nµÁšnµ„´ SSP¨³<br />

SSP˜µ¤¨Î µ—´ ‹³Á®Èœªn µ&2Á¡·É¤…¹ÊœÁ¨È „œo°¥Â˜n°¥¼n<br />

ÄœÁ„–”rš¸É¥°¤¦´ Å—oš´ÊŠœ¸ÊÁ¡¦µ³°·š›·¡¨„µ¦š Î µÄ®oÁ¥Èœ<br />

TXHQFKLQJ HIIHFW š¸É­¼ Š…¹Êœ œ´ Áž}œ‡ªµ¤­Î µÁ¦È‹š¸É ­Î µ‡´<br />

°¸„„oµª®œ¹ÉŠ…°Š„µ¦ž¦³¥»„˜rÄ oŠµœÅ—o‹¦·Š…°Š®´ªÁŸµª´­—»<br />

¡¦»œ œ·—Ťn¤¸„µ¦Â˜„˜´ªÁž}œ¨³°°ŠÄœ°œµ‡˜°´œÄ„¨oœ¸Ê<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1&„µ¦š—¨°Š„µ¦Ä o„µ¦‡ª ‡»¤—oª¥„µ¦Á¦¸¥œ<br />

¦¼ oÁ¡ºÉ°¨—‡ªµ¤Ÿ·—¡¨µ—Äœ„µ¦˜·—˜µ¤…°Š®»n œ¥œ˜r<br />

­„µ¦µ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­µš·­­rš¦Š œ<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É <br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

Äœ š‡ªµ¤œ¸Ê„¨nµª¹ŠŸ¨„µ¦š—¨°Š…°Š„µ¦Ä o<br />

„µ¦‡ª ‡»¤—oª¥„µ¦Á¦¸¥œ¦¼o /HDUQLQJ &RQWURO „´ ®»nœ<br />

¥œ˜r ­„µ¦µÃ—¥®¨´„„µ¦šÎ µŠµœ…°Š˜´ª‡ª ‡»¤ œ·—œ¸Ê‹³œÎ µ<br />

‡ªµ¤Ÿ·—¡¨µ—‹µ„„µ¦šÎ µŠµœÄœ¦° š¸ÉŸnµœ¤µšÎ µ„µ¦ž¦´<br />

ž¦»Š‡nµ‡Î µ­´ÉŠš¸ÉÄ®o„´ ¦³ ‡ª ‡»¤Äœ¦° ´—Åž ץĜ„µ¦<br />

š—¨°Šœ¸ÊÁ¦µ„Î µ®œ—Ä®ož¨µ¥Â…œHQGHIIHFWRU…°Š®»nœ<br />

¥œ˜r­„µ¦µÁ‡¨ºÉ°œš¸ÉÁž}œªŠ„¨¤¦´ «¤¸ ÁŽœ˜·Á¤˜¦ ¨³<br />

š—¨°Š„µ¦‡ª ‡»¤®»nœ¥œ˜r­„µ¦µÁŒ¡µ³­°ŠÂ„œ Äœ„µ¦<br />

š—¨°Šœ¸ÊŸ¼oª·‹´¥Å—oÄ o¤»¤Á¢­¨Î Ê µ®œoµÁ¡ºÉ° —Á ¥Ä®o„´ ¦³<br />

…°ŠÂ…œ®»nœ¥œ˜r¨³Å—oÄ o˜´ª„¦°Š­´ µ–ŦoÁ¢­ œ·—˜ÎÉ µ<br />

Ÿnµœ ¦nª¤„´ ˜´ª‡ª ‡»¤—oª¥„µ¦Á¦¸¥œ¦¼o ¡µ¦µ¤·Á˜°¦rÄœ„µ¦<br />

°°„ ˜´ª‡ª ‡»¤œ¸Êž¦³„° Åž—jª¥ ‡nµ­´¤ž¦³­·š›·Í…°Š<br />

„µ¦Á¦¸¥œ¦¼o I ‡nµ¤»¤Á¢­¨ÎÊ µ®œoµ J ¨³‡nµ‡ªµ¤¸É˜´—<br />

Áž}œ˜oœ‹µ„Ÿ¨š—¨°Šš¸ÉÅ—o¡ ªnµÁ¤ºÉ°ÄoI J <br />

¨³Ä o˜´ª„¦°Š­´ µ– ´˜Á˜°¦rÁª·¦rš œ·—˜ÎÉ µŸnµœÅ¦o<br />

Á¢­š¸É‡ªµ¤¸É˜´ —+]¨³+]­Î µ®¦´ „œš¸É¨³<br />

„œš¸É ˜µ¤¨Î µ—´ ‹³¨—‡nµŸ·—¡¨µ—¦µ„„Î µ¨´Š­°ŠÁŒ¨¸É¥<br />

¨Š°¥¼nÄœ¦³—´ R ­Î µ®¦´ „œÂ¦„ ¨³ R<br />

­Î µ®¦´ „œš¸É­°ŠÂ¨³¦´„¬µ¦³—´ …°Š‡ªµ¤Ÿ·—¡¨µ—°¥¼nÄœ<br />

¦³—´ ˜ÎÉ µœ¸ÊÅ—o×¥„¦³ ªœ„µ¦Á¦¸ ¥œ¦¼o<br />

1&Áš‡œ·‡„µ¦ž¦´ ‡nµ°¥nµŠ°´˜Ãœ¤´˜·…°Š„µ¦<br />

‡ª ‡»¤Â šÎ µŽÎÊ µÄœÁª¨µ‹¦·Š<br />

œ´„ª·‹´¥ ­»š›·¦´„¬rš°Š°¦´<br />

·„­µš·­­rš¦Š œ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É <br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

Äœ š‡ªµ¤œ¸ÊÁ­œ°Áš‡œ·‡Äœ„µ¦ž¦´ ‡nµ…°Š<br />

<br />

˜´ªÂž¦£µ¥Äœ˜´ª‡ª ‡»¤Â šÎ µŽÎÊ µ„´ ˜´ª„¦°ŠÂ ŦoÁ¢­<br />

ÄœÁª¨µ‹¦·ŠÂ °´˜Ãœ¤´˜·š´ÊŠÄœÂ „µ¦‹Î µ¨°ŠÁ ·Š˜´ªÁ¨…<br />

¨³„µ¦š—­° ‹¦·Š„´ ®»nœ¥œ˜r­„µ¦µÂ „œÁ¦µÄ õ ´ª<br />

„¦°Š‡ªµ¤¸ÉŦoÁ¢­ÄœÁª¨µ‹¦·ŠÁ¡ºÉ°˜´—­´ µ–‡ªµ¤¸É­¼Š<br />

°°„Á¡ºÉ°Ä®o¦³ ¤¸ Á­¸¥¦£µ¡¥µªœµœ ‹µ„„µ¦š—­° ®»nœ<br />

¥œ˜r­„µ¦µš—­° ¡ ªnµ­Î µ®¦´ ®»nœ¥œ˜r­„µ¦µÂ„œš¸É š¸É<br />

‡ª ‡»¤—oª¥˜´ª‡ª ‡»¤Â 3,' ‹³¤¸‡nµ‡ªµ¤Ÿ·—¡¨µ—<br />

„Î µ¨´Š­°ŠÁŒ¨¸É¥˜n°®œ¹ÉŠ¦° ž¦³¤µ– R ¨³Â„œš¸É<br />

Ášnµ„´ R ¨³Á¤ºÉ°Áž¨¸É¥œ˜´ª‡ª ¤Â ‡» šÎ µŽÎÊ µš¸É<br />

„œš¸É Ä®o‡nµ„µ¦Á¦¸¥œ¦¼oÁšnµ„´ ‡nµ‡ªµ¤¸É˜´ —Ášnµ„´ <br />

Á±·¦˜Žr ‡nµ‡ªµ¤Ÿ·—¡¨µ—„Î µ¨´Š­°ŠÁŒ¨¸É¥˜n°®œ¹ÉŠ¦°<br />

ž¦³¤µ– R š¸É‡µ „µ¦šÎ µŠµœš¸É Á¤ºÉ°Áž¨¸É¥œ˜´ ª<br />

‡ª ‡»¤Â šÎ µŽÎÊ µš¸É„œš¸É Ä®o‡nµ„µ¦Á¦¸¥œ¦¼oÁšnµ„´ <br />

‡nµ‡ªµ¤¸É˜´ —Ášnµ„´ Á±·¦˜Žr‡nµ‡ªµ¤Ÿ·—¡¨µ—„Î µ¨´Š­°Š<br />

ÁŒ¨¸É¥˜n°®œ¹ÉŠ¦° ž¦³¤µ– R š¸É‡µ „µ¦šÎ µŠµœš¸É<br />

Áš‡œ·‡Äœ„µ¦ž¦´ ‡nµ…°Š˜´ªÂž¦£µ¥Äœ˜´ªÂ °´˜Ãœ¤´˜·œ¸Ê<br />

‹³Ä®oŸ¨¨´¡›rÄœ„µ¦˜·—˜µ¤ª·¸„µ¦Á‡¨ºÉ°œš¸ÉÅ—o—¸„ªnµÃ—¥Å¤n<br />

‹Î µÁž}œ˜o°Š°µ«´¥„µ¦ž¦´ ‡nµ°´˜¦µ„µ¦Á¦¸¥œ¦¼o¨³‡nµ‡ªµ¤¸É<br />

˜´——oª¥¤º°°¸„<br />

1&„µ¦¡´•œµ‡»–­¤ ´˜·…°ŠÃ¨®³‹Î µ¦¼ž7L1L<br />

×¥ª·›¸„µ¦Ÿ¨·˜Â PHOWVSLQQLQJ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

°œ¦¦‰…´œ›³ ªœ³<br />

„µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

讳Ÿ­¤‹Î µ¦¼ž®¦º°š¸ÉÁ¦¸¥„„´œªn µ 6KDSH<br />

PHPRU\DOOR\60$Áž}œª´­—» œ·—Ä®¤nš¸É¤¸„µ¦œÎ µ¤µÄ o<br />

„´œ°¥nµŠÂ¡¦n®¨µ¥ Ťnªnµ‹³Áž}œšµŠ—oµœ°»˜­µ®„¦¦¤ —oµœ<br />

„µ¦Â¡š¥r ®¦º°—oµœÅ¤Ã‡¦Â¤ ¸œ ÁœºÉ°Š‹µ„¤¸Â¦Š‡ºœ¦¼ž<br />

¨³ž¦·¤µ–„µ¦‡ºœ¦¼ž­¼ŠÁ¤ºÉ°Ä®o¡¨´ŠŠµœ‡ªµ¤¦o°œ ‹¹Š¼„œÎ µ<br />

¤µÄ oÁž}œª´­—»˜oœ„Î µÁœ·—¦Š Šµœª·‹´¥œ¸ÊÅ—oÁœoœÃ¨®³Ÿ­¤‹Î µ<br />

¦¼ž 7L1L Ž¹ÉŠÁž}œš¸Éœ·¥¤Ä o¤µ„š¸É­»—Äœ ¦¦—µÃ¨®³Ÿ­¤‹Î µ<br />

¦¼žÁœºÉ°Š‹µ„¤¸‡»–­¤ ´˜·š¸É—¸Â¨³šœšµœÃ—¥Ÿ¨·˜Ã¨®³Ÿ­¤<br />

‹Î µ¦¼ž7L1L—oª¥„¦¦¤ª·›¸PHOWVSLQLQJ¨³«¹„¬µ°·š›·¡¨<br />

…°Š°»–®£¼¤·° š¸É¤¸Ÿ¨˜n°‡»–­¤ ´˜·Â¨³Ã‡¦Š­¦oµŠ‹»¨£µ‡<br />

…°ŠÃ¨®³Ÿ­¤‹Î µ¦¼ž­nªœŸ­¤š¸ÉÄÄœ‡¦´ÊŠœ¸Ê‡º°7LDW1L<br />

o<br />

·ÊœŠµœš¸ ÉŸ¨·˜Å—o¤¸¦¼ž¦iµŠÁž}œ¦· Êœ®œµž¦³¤µ–PP<br />

·<br />

1DWLRQDO&RQIHUHQFH


®¨´Š‹µ„Å—oœÎ µÅž° ¨oªš—­° ‡»–­¤ ´˜·˜nµŠÇ ¨oªšÎ µÄ®o<br />

š¦µ ªnµÁ¤ºÉ°Ÿ¨·˜—oª¥ª·›¸PHOWVSLQQLQJ‹³Å—o ·ÊœŠµœš¸É¤¸<br />

‡ªµ¤Â…Ȋ¦Š¤µ„¨³¤¸‡»–­¤ ´˜·—¸Á nœ„¦–¸…°Š ·ÊœŠµœš¸É<br />

° š¸É°»–®£¼¤·˜ÎÉ µ„ªnµ . ‹³¤¸‡nµž¦·¤µ–„µ¦‡ºœ¦¼ž­¼Š<br />

­»—¹Š ¨³‡nµ‡ªµ¤Á‡oœª·„§˜·Á¡ºÉ°„µ¦Áž¨¸É¥œ¦¼žµª¦<br />

­¼Š¹Š 03D ¨³®¨´Š‹µ„š¸ÉÅ—o«¹„¬µÃ‡¦Š­¦oµŠ‹»¨£µ‡<br />

…°Š ·ÊœŠµœÂ¨oª¡ ªnµ¤¸„µ¦Á„·—Á¢­Å¤n­¤—»¨<br />

1RQHTXLOLEULXP SKDVH ‹µ„„¦³ ªœ„µ¦œ¸ÊŽ¹ÉŠÅ¤n<br />

­µ¤µ¦¡ Å—oÄœ„¦³ ªœ„µ¦Ÿ¨·˜°ºÉœÇ¤¸Ÿ¨šÎ µÄ®o‡nµ‡ªµ¤<br />

…Ȋ¦Š­¼Š…¹ ʜ¨³ž¦·¤µ–‡ªµ¤­µ¤µ¦Äœ„µ¦‡ºœ¦¼ž­¼Š…¹Êœ<br />

Áž}œ¨´„¬–³Á—nœ…°Š ·ÊœŠµœš¸É Ÿ¨·˜Ã—¥„¦¦¤ª·›¸œ¸Ê<br />

1&„µ¦«¹„¬µ°·š›·¡¨…°Š‡ªµ¤Á¦Èª®¤»œ…°Š<br />

æ¨Á¨°¦r˜n°‡»–­¤ ´˜·…°ŠÃ¨®³‹Î µ¦¼ž7L1L&XŸ¨·˜<br />

×¥ª·›¸0HOW6SLQQLQJ<br />

œ´„ª·‹´¥ °œ¦¦‰…´œ›³ ªœ³<br />

ÁŸ¥Â¡¦n<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É <br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

ž{‹‹» ´œœ¸Ê讳‹Î µ¦¼žÅ—o¼„œÎ µ¤µÄ o„´œ°¥nµŠ„ªoµŠ<br />

…ªµŠÄœ®¨µ¥­µ…µ ×¥ÁŒ¡µ³šµŠ—oµœ…°Š 0(06 ®¦º°<br />

0LFURDFWXDWRU Ž¹ÉŠ˜o°Š„µ¦˜oœ„Î µÁœ·—¦Šš¸ÉÄ®o¦Š¤µ„ ¤¸<br />

„µ¦˜° ­œ°Š°¥nµŠ¦ª—Á¦Èª ˜n¤¸…œµ—Á¨È„ šÎ µÄ®o„µ¦Ÿ¨·˜<br />

讳‹Î µ¦¼žš¸É¤¸…œµ—Á¨È„¤¸‡ªµ¤‹Î µÁž}œ­¼Š…¹ÊœŠµœª·‹´¥œ¸Ê‹¹ŠÅ—o<br />

œÎ µÁš‡œ·‡PHOWVSLQQLQJ¤µÄ oÄœ„µ¦Ÿ¨·˜ ·ÊœŠµœŽ¹ÉŠÁž}œ<br />

讳Ÿ­¤ 7L1L&XDW ¨³Å—ošÎ µ„µ¦«¹„¬µ¹Š<br />

°·š›·¡¨…°Š‡ªµ¤Á¦Èª®¤»œ…°ŠÃ¦¨Á¨°¦rš¸ ÉÄ oŸ¨·˜ ÊœŠµœ ·<br />

×¥Áž¨¸É¥œ‡ªµ¤Á¦ÈªÄœ nªŠ¦³®ªnµ Š USP ¹Š<br />

USP ¨oª° š¸É°»–®£¼¤·˜nµŠÇ ®¨´Š‹µ„„µ¦š—­°<br />

‡»–­¤ ´˜·Â¨oª šÎ µÄ®oš¦µ ªnµ‡ªµ¤Á¦Èª®¤»œ…°ŠÃ¦¨Á¨°¦r¤¸<br />

Ÿ¨˜n°Ã‡¦Š­¦oµŠ£µ¥ÄœÂ¨³‡»–­¤ ´˜·„µ¦Áž¨¸É¥œÁ¢­°¥nµŠ<br />

Á®ÈœÅ—o ´— Á nœ „¦–¸š¸É‡ªµ¤Á¦È ª®¤»œ…°ŠÃ¦¨Á¨°¦rœo°¥„ªnµ<br />

USP ǦŠ­¦oµŠ£µ¥Äœ…°Š ·ÊœŠµœš¸ÉÅ—o‹³Áž}œÃ‡¦Š<br />

­¦oµŠŸ¨¹„ ˜noµ‡ªµ¤Á¦Èª®¤»œ…°ŠÃ¦¨Á¨°¦r¤µ„„ªn µ<br />

USP ‹³­µ¤µ¦­¦oµŠ ·ÊœŠµœš¸É¤¸Ã‡¦Š­¦oµŠ<br />

DPRUSKRXV Å—o Ž¹ÉŠ¤¸‡n µ IUDFWXUH VWUHVV ­¼Š¹Š *SD<br />

¨³Á¤ºÉ°Å—oœÎ µ ·ÊœŠµœš¸ ÉÅ—oÁ…oµ„¦³ ªœ„µ¦‹Î µ¦¼žÃ—¥„µ¦°<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

š¸É°»–®£¼ ¤· . Áž}œÁª¨µ ¤ Ÿ¨š¸ÉÅ—o‡º° ·ÊœŠµœš¸É¤¸<br />

ǦŠ­¦oµŠÁž}œDPRUSKRXV‹³­¦oµŠŸ¨¹„š¸É¤¸…œµ—…°ŠÁ„¦œ<br />

š¸É¨³Á°¸ ¥—¹Šž¦³¤µ–QP­nŠŸ¨Ä®o‡nµFULWLFDOVWUHVV<br />

IRU VOLS ­¼Š…¹ÊœŽ¹ÉŠšÎ µÄ®o­µ¤µ¦Â­—Š‡»–­¤ ´˜·…°ŠÃ¨®³<br />

‹Î µ¦¼žÅ—o°¥nµŠ­¤ ¼¦–r ˜nÁ¤ºÉ°Á¡·É¤°»–®£¼¤·Äœ„µ¦° Ä®o<br />

­¼Š…¹Êœ‹œ¹Š°»–®£¼¤· VROXWLRQWUHDWPHQW ¨oª‹³Å—o‡»–<br />

­¤ ´˜·Ä„¨oÁ‡¸¥Š„´œÃ—¥‡»–­¤ ´˜·Å¤n…¹Êœ°¥¼n„´ ‡ªµ¤Á¦È ª®¤»œ<br />

…°ŠÃ¦¨Á¨°¦r Ž¹ÉŠ„¦–¸œ¸Ê­µ¤µ¦°›· µ¥Å—o×¥¨´„¬–³‡ªµ¤<br />

°·É¤˜´ª…°ŠÃ‡¦Š­¦oµŠ£µ¥Äœš¸ÉÅ—o‹µ„„µ¦° š¸É°»–®£¼¤· ­¼Š<br />

1&:$7(5/(9(/&21752/)25<br />

67$%,/,=,1*3/$7)250<br />

œ´„ª·‹´¥ ¡·Á ¬“r­º ­µ¥¡¦®¤­Ã¦ Åš¦Á¤‰<br />

Á°„Å ¥­ª´­—·Í<br />

ÁŸ¥Â¡¦n 7KH VW (OHFWULFDO(QJLQHHULQJ<br />

(OHFWURQLFV&RPSXWHU<br />

7HOHFRPPXQLFDWLRQVDQG,QIRUPDWLRQ<br />

7HFKQRORJ\$QQXDO&RQIHUHQFH<br />

(&7,&21¡§¬£µ‡¤<br />

æŠÂ¦¤°¤µ¦¸°°‡·—¦¸­°¦r˜<br />

‹ ¨ »¦¸®œoµ<br />

7KLV SDSHU SURSRVHV QRQOLQHDU DQG<br />

OLQHDUL]HGG\QDPLFPRGHOVRIDSODWIRUPEDODQFLQJ<br />

V\VWHP XVLQJ ZDWHU OHYHO FRQWURO 7KH V\VWHP<br />

FRQVLVWVRIIRXUEDODQFLQJEODGGHUWDQNVSODFHGRQ<br />

FRUQHUV RI WKH SODWIRUP 7KH SODWIRUP KDV WZR<br />

GHJUHHV RI IUHHGRP '2) SLWFKLQJ T DQG<br />

UROOLQJ I &RQWURO REMHFWLYH LV DFKLHYHG E\<br />

VWDELOL]LQJ DV ZHOO DV WUDFNLQJ FRQWURO RI WKH<br />

SODWIRUP,QWHJUDOVWDWHIHHGEDFN,6)FRQWUROODZ<br />

LV XWLOL]HG IRU WKH OLQHDUL]HG PRGHO 6LPXODWLRQV<br />

GHPRQVWUDWH ERWK RSHQORRS DQG FORVHGORRS<br />

FRQWURO VWUDWHJLHV %RWK QRQOLQHDU DQG OLQHDUL]HG<br />

PRGHO EHKDYLRUV DUH FRPSDUHG E\ RSHQORRS<br />

VLPXODWLRQ 7KH FORVHGORRS V\VWHP ZLWKRXW<br />

VWDELOL]LQJ PDVV GHPRQVWUDWHV ]HUR VWHDG\ VWDWH<br />

HUURU<br />

1&®»nœ¥œ˜rž¨µ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

°·«¦µ­„»¨š°ŠÅ¡«µ¨ <br />

›œµª´•œrª»•· ´¥›œµ„¦Å¡¦­´œ˜·Í¡· ´¥<br />

­Ã¦ Åš¦Á¤‰<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨¦µ µ°°¦r‡·—<br />

‹…°œÂ„nœ®œoµ<br />

š‡ªµ¤Œ ´ œ¸Ê„¨nµª¹Š„µ¦°°„ „µ¦­¦oµŠ<br />

¨³„µ¦š—­° „µ¦ªnµ¥œÎÊ µÁ ºÊ°Š˜oœ…°Š®»nœ¥œ˜r ž¨µ ×¥¤¸<br />

ª´˜»ž¦³­Š‡r®¨´„Á¡ºÉ°‹³«¹„¬µ¡´•œµ‡ªµ¤¦¼o‡ªµ¤Á…oµÄ‹Äœ<br />

„µ¦­¦oµŠ ­µ¤µ¦Â„ož{ ®µš¸ÉÁ„·—Äœ„µ¦­¦oµŠÂ¨³Ä oŠµœ<br />

®»nœ¥œ˜rž¨µ ×¥®»nœ¥œ˜rž¨µ˜´ªÂ¦„¼„„Î µ®œ—Ä®oªnµ¥œÎÊ µ<br />

Ĝœª¦³œµ Áž}œÁ­oœ˜¦Š˜µ¤Ÿ¼o ´Š‡´ „Î µ®œ—Ÿnµœ­µ¥<br />

Á‡Á ·¨ ­nªœ®»nœ¥œ˜rž¨µ˜´ªš¸É­°ŠÁž}œ„µ¦œÎ µž¦³­ „µ¦–rš¸É<br />

Å—o‹µ„ž{ ®µš¸É¡ Äœ®»nœ¥œ˜rž¨µ˜´ªÂ¦„×¥ÁŒ¡µ³ž{ ®µ<br />

„µ¦„´œœÎÊ µÁ…oµ­¼n®»nœ¥œ˜r œ°„‹µ„œ¸Ê¥´ŠÁž¨¸É¥œª· ›¸„µ¦‡ª ‡»¤<br />

¤µÄ o„µ¦‡ª ‡»¤Â ¦³ Ážd—×¥Ä o­´ µ–ª·š¥»Âšœ<br />

„µ¦Ä o­µ¥Á‡Á ·¨ ˜n‹³„¨nµª¹ŠŸ¨„µ¦š—­° š¸ÉÅ—o‹µ„<br />

®» nœ¥œ˜rž¨µ„˜´ªÂ¦„š¸É¤¸®µŠÄœ¨´„–³˜nµŠÇÁšnµœ´Êœ<br />

1&„µ¦«¹„¬µ°·š›·¡¨…°Š‡ªµ¤­¼Š—µ¥Â¨œ—rÄœ<br />

„¦¦¤ª·›¸„µ¦¨µ„…¹Êœ¦¼ž¨¹„<br />

œ´„ª·‹´¥ ¡Š«r¡´œ›r„oª˜µš·¡¥rªµ¦»–¸Áž¦¤µœœšr<br />

<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

Šµœª·‹´¥ ·Êœœ¸ Ê‹´—šÎ µ…¹Êœ¤µÁ¡ºÉ°«¹„¬µ°·š›·¡¨…°Š<br />

‡ªµ¤­¼Š—µ¥Â¨œ—r'LH ODQGÄœ„¦¦¤ª·›¸„µ¦¨µ„…¹Êœ¦¼ž<br />

¨¹„ÁœºÉ°Š‹µ„Äœ„µ¦Ÿ¨·˜—µ¥Ÿ¼oŸ¨·˜˜o°ŠÁ‹¸¥¦³ÅœÂ¨³…´—Ÿ·ª<br />

—µ¥˜¦Š­nªœ—µ¥Â¨œ—rÄ®o¤¸‡ªµ¤Á¦¸¥ Ž¹ÉŠ‹³­nŠŸ¨˜n°‡nµÄ o<br />

‹nµ¥Äœ„µ¦Ÿ¨·˜Ã—¥˜¦Š ˜nš¸ÉŸnµœ¤µÅ¤n¤¸Šµœª·‹´¥š¸É nŠ °„<br />

°·š›·¡¨…°Š—µ¥Â¨œ—rŪo°¥nµŠ ´—Á‹œ Šµœ ·Êœœ¸Ê ‹¹ŠÅ—ošÎ µ„µ¦<br />

«¹„¬µ¹Š°·š›·¡¨…°Š‡ªµ¤­¼Š—µ¥Â¨œ—rš¸É¤¸Ÿ¨˜n°Â¦ŠÄœ<br />

„µ¦…¹Êœ¦¼ ž ‡ªµ¤®œµ ‡ªµ¤Á¦¸¥ Ÿ·ª ¨³„µ¦—¸—˜´ª„¨´<br />

…°Š ·ÊœŠµœ­Î µÁ¦È‹ ×¥„µ¦ª·Á‡¦µ³®rœ´Êœ‹³šÎ µ‡ª ‡¼n„´œ<br />

¦³®ªnµŠ„µ¦š—¨°Š‹¦·ŠÂ¨³ª·›¸Å¢Åœ˜rÁ°¨·Á¤œ˜r )(0<br />

×¥Ä oަ„¦¤2375,6Äœ„µ¦š—¨°ŠÅ—ošÎ µ„µ¦¨µ„…¹Êœ<br />

¦¼žjª¥„¨¤…œµ—Á­oœŸnµœ«¼œ¥r„¨µŠPP×¥Ä oÁ‡¦ºÉ°Š<br />

š—­° 讳ŸnœšÎ µ„µ¦¨µ„…¹Êœ¦¼ ž ª´­—» ·ÊœŠµœ¤¸ ­¸É œ·—‡º °<br />

Á®¨È„„¨oµÅ¦o­œ· ¤ 686 Á®¨È„„¨oµ¦¸—Á¥È œ 63&&<br />

Á®¨È„„¨oµÁ‡¨º° ­´Š„³­¸ 6*&& ¨³°³¨¼¤·Áœ¸¥¤<br />

$ÁŠºÉ°œÅ…š¸ÉÄ ö µ„…¹Êœ¦¼ž„Î µ®œ—Ūo—´Šœ¸Ê¦´«¤¸¡´œ r<br />

<br />

PP¦´«¤¸—µ¥PP n°ŠªnµŠÂ¤n¡·¤¡r…oµŠ¨³PP<br />

­µ¦®¨n°¨ºÉœš¸ÉÄ ° o‡º 7'1 °´˜¦µ­nªœ„µ¦¨µ„…¹Êœ¦¼ žÁšnµ<br />

„´ ­nªœ‡ªµ¤­¼Š…°Š—µ¥Â¨œ—rš¸ÉšÎ µ„µ¦«¹„¬µ¤¸…œµ—<br />

—´Šœ¸Ê‡º°Â¨³PP‹µ„Ÿ¨„µ¦š—¨°Š<br />

¡ ªnµ ‡ªµ¤­¼Š—µ¥Â¨œ—r‹³Å¤n¤¸°·š›·¡¨˜n°Â¦Šš¸ÉÄ oÄœ„µ¦<br />

¨µ„…¹Êœ¦¼ ž ‡ªµ¤®œµ…°Š ·ÊœŠµœÂ¨³‡ªµ¤Á¦¸¥ Ÿ· ª…°Š ·Êœ<br />

ŠµœÂ˜n‹³¤¸°·š›·¡¨˜n°„µ¦—¸—˜´ª„¨´ …°Š ·ÊœŠµœÃ—¥š¸É—µ¥<br />

¨œ—r PP ‹³Á„·—„µ¦—¸—˜´ª„¨´ ¤µ„š¸É­» — Äœ­nªœ…°Š<br />

Ÿ¨š¸ÉÅ—o‹µ„)(0¡ ªnµŸ¨š¸ÉÅ—o¤¸ÂœªÃœo¤­°—‡¨o °Š„´ Ÿ¨<br />

„µ¦š—¨°Š‹¦·Š®¦º°°µ‹„¨nµªÅ—oªnµ Äœ„¦–¸…°Š ·ÊœŠµœš¸ÉŤn<br />

˜o°Š„µ¦‡ªµ¤Áš¸É¥Š˜¦ŠÄœÂŠn…°Š„µ¦—¸—˜´ª„¨´ …°Š ÊœŠµœ ·<br />

‹³­µ¤µ¦¨—˜oœš»œÄœ„µ¦Ÿ¨·˜¨ŠÅ—o×¥„µ¦°°„ —µ¥<br />

Ä®o¤¸‡ªµ¤­¼Š­nªœ—µ¥Â¨œ—rš¸É­´Êœ¨Š<br />

1&„µ¦«¹„¬µ„µ¦­¹„®¦°…°ŠÂ¤n¡·¤¡r˜´—š¸É¤¸<br />

¦´«¤¸š¸É¤»¤Â˜„˜nµŠ„´œ<br />

œ´„ª·‹´¥ ‡¤„¦· ¨³ª¦¦–ªŠ¬r<br />

¡Š«r¡´œ›r„oª˜µš·¡¥rªµ¦»–¸Áž¦¤µœœšr<br />

„»«¨¡¦o°¤¤¼¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ°·š›·¡¨…°Š¦´«¤¸š¸É¤»¤…°Š<br />

¡´œ rš¸É­nŠŸ¨˜n °„µ¦­¹„®¦°Ã—¥šÎ µ„µ¦«¹„¬µ„µ¦­¹„®¦°…°Š<br />

¡´œ rÁž}œ®¨´„ Ž¹ÉŠ¦¼ž¦iµŠ…°Š¡´œ rš¸ÉšÎ µ„µ¦ª·‹´¥¤¸¨´„¬–³Áž}œ<br />

Á‡¦ºÉ°Š®¤µ¥ ª„ ×¥¦´«¤¸š¸É¤»¤š´Ê Š…°Š¡´œ rš´ÊŠ¤»¤œ°„¨³<br />

¤»¤Äœ‹³Â˜„˜nµŠ„´œŽ¹ÉŠ¦´«¤¸œ°„‹³¤¸°¥¼n¦³—´ —´Šœ¸Ê<br />

PP PP PP PP PP<br />

PPPP¨³PP ¦´«¤¸Äœ¦³—´ —´Š<br />

œ¸Ê PP PP PP ¨³ PP<br />

œ·—…°Šª´­—»šÎ µ¡·¤¡rÁž}œÁ®¨È„6.' » Â…ÈŠÄ®o¤¸‡ªµ¤<br />

Â…ÈŠÁšnµ„´ +5&ª´­—» ·ÊœŠµœš¸ ɚΠµ„µ¦˜´—‡º° 63&&-,6<br />

$,6,®œµ¤·¨¨·Á¤˜¦Ÿ¨‹µ„„µ¦ª·‹´¥¡ ªnµ ­Î µ®¦´<br />

¦´«¤¸œ°„ ¤»¤…°Š¡´œ rš¸É¤¸…œµ—¦´«¤¸Á¨È„‹³Á„·—„µ¦­¹„®¦°<br />

Á„·—…¹Êœ­¼Š¤µ„„ªnµ˜¦Š¤»¤š¸ ɤ¸…œµ—¦´«¤¸Ä® n ÁœºÉ°Š‹µ„<br />

¦·Áª–¤»¤š¸É¤¸¦´«¤¸Á¨È„‹³¤¸¡ºÊœš¸É¦°Š¦´ ¦Š˜´—œo° ¥ ‡ªµ¤<br />

Á‡oœ ¦·Áª–‡¤˜´—š¸É¤¸¦´«¤¸—´Š„¨nµª‹¹Š¤¸‡nµ­¼ Š šÎ µÄ®o„µ¦­¹„<br />

®¦°Á„·—…¹Êœ­¼ Š­nªœ„¦–¸…°Š¦´«¤¸Äœ¤»¤…°Š¡´œ rš¸É¤¸ …œµ—<br />

1DWLRQDO&RQIHUHQFH


¦´«¤¸Á¨È„‹³Á„·—„µ¦­¹„®¦°œo°¥„ªnµ˜¦Š¤»¤š¸É¤¸…œµ—¦´«¤¸<br />

Ä® n ÁœºÉ°Š‹µ„…–³˜´—ÁœºÊ°ª´­—»Å¤n­µ¤µ¦Å®¨Á…oµÅž¹Š<br />

¦·Áª–¦´«¤¸ÄœÅ—ošÎ µÄ®o„µ¦­¹„®¦°Á„·—…¹Êœœo°¥Äœ…–³š¸É¤»¤<br />

—oµœÄœ¦´«¤¸…œµ—Ä® nª´­—»­µ¤µ¦Å®¨Á…oµÅž¹Š ¦·Áª–<br />

¦´«¤¸Å—o„µ¦­¹„®¦°‹¹ŠÁ„·—…¹Êœ­¼Š„ªnµ<br />

1&„µ¦«¹„¬µ°·š›·¡¨…°Š˜´ªÂž¦Äœ„¦¦¤ª·›¸„—<br />

˜´—¨³—´œ„¨´ …°Š ·ÊœŠµœš¸É¤¸ ¦¼ž¦iµŠÁž}œ¤»¤Â˜„<br />

˜nµŠ„´œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

°¦¦ª»•·…Î µ­µ¥š°Š<br />

¡Š«r¡´œ›r„oª˜µš·¡¥rªµ¦»–¸Áž¦¤µœœšr<br />

„»«¨¡¦o°¤¤¼¨<br />

„µ¦ž¦³ »¤ª· µ„µ¦Áš‡ÃœÃ¨¥¸„µ¦…¹Êœ¦¼žÃ¨®³<br />

‡¦´ÊŠš¸É¤„¦µ‡¤Ã¦ŠÂ¦¤Â¤nœÎÊ µ<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ°·š›·¡¨…°Š˜´ªÂž¦˜nµŠÇ<br />

Äœ„¦¦¤ª·›¸„µ¦„—˜´—¨³—´œ„¨´ Ž¹ÉŠÁž}œ„¦¦¤ª·›¸Ÿ¨·˜ Êœ ·<br />

Šµœ˜´—š¸Éž¦µ«‹µ„‡¦¸ ×¥¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°¡´•œµ‡»–<br />

£µ¡…°Š…° ˜´— ·ÊœŠµœ Äœ„µ¦ª·‹´¥Ä o ·ÊœŠµœª´­—»<br />

°³¨¼¤·Áœ¸¥¤ $O+ ·ÊœŠµœ¤¸ ¦¼ž¦iµŠÅ¤n­¤¤µ˜¦<br />

‡º°¤¸¤»¤š¸É˜„˜nµŠ„´ œ Ÿ¨š¸ÉÅ—o‹µ„„¦¦¤ª·›¸ „µ¦„—˜´—¨³<br />

—´œ„¨´ ­—ŠÄ®oÁ®Èœªn µ ·ÊœŠµœ‹³Á¦·É ¤…µ—‹µ„„µ¦„´œÁ¤ºÉ°¤¸<br />

n°ŠªnµŠ¦³®ªnµŠ¡´œŽr¨³—µ¥˜·—¨ ¤µ„„ªnµ…°Š‡ªµ¤<br />

®œµ ·ÊœŠµœ n°ŠªnµŠ¦³®ªnµŠ¡´œŽr¨³—µ¥˜·—¨ œo°¥˜o°ŠÄ o<br />

‡ªµ¤¨¹„„—˜´—Äœ…´Êœ˜°œÂ¦„¤µ„ ·ÊœŠµœ‹¹Š‹³…µ—®¨´Š„µ¦<br />

—´œ„¨´ ˜noµ n°ŠªnµŠ¦³®ªnµŠ¡´œŽr¨³—µ¥˜·—¨ ¤µ„„ªnµ<br />

y­µ¤µ¦Ä o‡ªµ¤¨¹„Äœ„µ¦„—˜´—Á¡¸¥Š‡ªµ¤<br />

¨¹„„—˜´—Äœ…´Êœ˜°œÂ¦„¤µ„‹³šÎ µÄ®o­nªœÃ‡oŠ¤œ—oµœ¡´œŽr<br />

¨—¨ŠÂ¨³­nªœ¥ºÉœ„È‹³¨—¨ŠÁ nœ„´ œ Á‡¨¸¥Â¦ÈœŽr¤¸‡nµ˜·—¨<br />

¤µ„…¹Êœ‹³šÎ µÄ®o­nªœÃ‡oŠ¤œ—oµœ—µ¥¨—¨Š ˜n‹³šÎ µÄ®o­nªœ<br />

ÇoŠ¤œ—oµœ¡´œŽr ‡ªµ¤„ªoµŠ…°ŠŸ·ª˜´—¨³‡ªµ¤„ªoµŠ…°Š<br />

­nªœš¸É¥ºÉ œÁ¡·É¤…¹Ê œ<br />

1&¡§˜·„¦¦¤—oµœÅ˜¦ °Ã¨¥¸…°ŠŸ·ª­´¤Ÿ´­<br />

¦³®ªnµŠÁ®¨È„šÎ µ¡·¤¡r¨³Á®¨È„„¨oµÅ¦o ­œ·¤Ã—¥„µ¦<br />

‹Î µ¨°Š„µ¦šÎ µŠµœ œÁ‡¦ºÉ°ŠÂ %DOORQGLVN<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ªµ¦»–¸Áž¦¤µœœšr<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨¦µ µ<br />

°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

„µ¦­¹„®¦°š¸ÉÁ„·—Ĝ¤n¡·¤¡rž{€¤Ã¨®³Áž}œž{ ®µ<br />

­Î µ‡´ š¸É¦¼o„´œ°¥¼nš´ÉªÅžÃ—¥ÁŒ¡µ³°¥nµŠ¥·ÉŠÂ¤n¡·¤¡r š¸ÉÄ oÄœ„µ¦<br />

…¹ÊœÁ®¨È„„¨oµÅ¦o­œ· ¤ „µ¦­¹„®¦°‹³Á„·—…¹Êœ‡n°œ…o µŠÁ¦ÈªÂ¨³<br />

¦»œÂ¦Š Ž¹ÉŠ„µ¦«¹„¬µÁ¡ºÉ°šÎ µ‡ªµ¤Á…oµÄ‹„´ „¨Å„…°Š„µ¦­¹„<br />

®¦°š¸ÉÁ„·—…¹ ÊœšÎ µÅ—o¥µ„¨³‡nµÄ o‹nµ¥­¼Š Šµœª·‹´¥œ¸ÊšÎ µ„µ¦<br />

‹Î µ¨°Š„µ¦­¹„®¦°—oª¥°»ž„¦–r %DOORQGLVN ×¥Ä o<br />

%DOO šÎ µ‹µ„ª´­—»Á®¨È„„¨oµÅ¦o­œ·¤Á„¦—°°­ÁšÁœ˜· „<br />

686 'LVN šÎ µ‹µ„ª´­—»š¸ÉÄ oÄœ„µ¦šÎ µÂ¤n¡·¤¡r <br />

œ·— ‡º° Á®¨È„„¨oµ‡µ¦r °œžµœ„¨µŠ 6& Á®¨È„<br />

Á‡¦ºÉ°Š¤º°Á„¦— 6.' -,6 Á®¨È„ű­že — 6.+<br />

¨³š´Š­Á˜œ‡µ¦rÅ —r :& šÎ µ„µ¦ » Â…ÈŠÁ®¨È „ œ·—<br />

¦„˜µ¤­£µ¡„µ¦šÎ µŠµœš´ÉªÅž „µ¦š—­° šÎ µš´ÊŠ­£µª³Å¤n<br />

¤¸„µ¦®¨n°¨ºÉœÂ¨³Ä o­µ¦®¨n°¨ºÉœ œ·—‡º°œÎÊ µ¤´œ¤³¡¦oµª<br />

œÎÊ µ¤´œÂ¦n¡ºÊœ“µœ %DVHG RLO ¨³œÎÊ µ¤´œ­´ŠÁ‡¦µ³®r<br />

7'1 &$6752/ ‹µ„Ÿ¨„µ¦š—­° ¡ ªnµ „µ¦<br />

®¨n°¨ºÉœ¤¸Ÿ¨Áž}œ°¥n µŠ¤µ„˜n°‡nµ­´¤ž¦³­·š›·Í‡ªµ¤Á­¸¥—šµœ<br />

¨³°´˜¦µ„µ¦­¹„®¦°¦°Š¨Š¤µ‡º°ª´­—»šÎ µ¡·¤¡rץĜ„¦–¸<br />

š¸ÉŤnÄ o­µ¦®¨n°¨ºÉœ¡ ªnµª´­—»šÎ µ¡·¤¡rš¸É¤¸‡ªµ¤Â…Ȋ¦Š­¼Š‹³<br />

¤¸‡nµ­´¤ž¦³­·š›·Í‡ªµ¤Á­¸¥—šµœ˜ÎÉ µ ž¦·¤µ˜¦„µ¦­¹„®¦°ª´—<br />

Å—o­¼Š­»— œ 'LVN š¸ÉšÎ µ‹µ„ª´­—»šÎ µ¡·¤¡rš¸É¤¸‡ªµ¤Â…ÈŠ˜ÎÉ µš¸É<br />

­»—¨³Å¤nÄ o­µ¦®¨n°¨ºÉœ „µ¦®¨n°¨ºÉœ¤¸°·š›·¡¨˜n°°´˜¦µ„µ¦<br />

­¹„®¦° ¤µ„„ªnµ œ·—…°Šª´­—»šÎ µ¡·¤¡r×¥š¸É­µ¦®¨n°¨ºÉœš´Ê Š<br />

œ·—­µ¤µ¦¨—°´˜¦µ„µ¦­¹„®¦°Å—o¤µ„„ªnµ Á¤ºÉ°<br />

Áš¸¥ „´ „µ¦Å¤nÄ o­µ¦®¨n°¨ºÉœÃ—¥š¸ÉœÎÊ µ¤´œ­´ŠÁ‡¦µ³®r nª¥¨—<br />

„µ¦­¹„®¦°Å—o¤µ„š¸É­» — ¦°Š¨Š¤µ‡º°œÎÊ µ¤´œÂ¦n ¨³œÎÊ µ¤´œ<br />

¤³¡¦oµª˜µ¤¨Î µ—´ :& š¸É¤¸‡ªµ¤Â…ÈŠ­¼Šš¸É­»—­µ¤µ¦¨—<br />

°´˜¦µ„µ¦­¹„®¦°Å—o Á¤ºÉ°Áš¸¥ „´ 6& š¸É¤¸<br />

‡ªµ¤Â…ÈŠœo°¥š¸ É­»—„¦–¸š¸ÉŤnÄ o­µ¦®¨n°¨ºÉ œ ¨³¨—Å—o<br />

Äœ„¦–¸š¸ÉÄ oœÎÊ µ¤´œ¤³¡¦oµªÂ¨³œÎÊ µ¤´œÂ¦n<br />

˜µ¤¨Î µ—´ ¨³Á¤ºÉ°®¨n°¨ºÉœ—oª¥œÎÊ µ¤´œ­´ŠÁ‡¦µ³®r˜¦ª‹Å¤n¡<br />

„µ¦­¹„®¦°Á„·—…¹ÊœÁ¨¥Äœ¦³¥³Á‡¨ºÉ°œš¸É­´¤¡´š›rš¸Éš Î µ„µ¦<br />

š—­° ‡º°Á¤˜¦<br />

1&,03529(0(172)'((3'5$:,1*<br />

352&(66%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ÁŸ¥Â¡¦n<br />

¡Š«r¡´œ›r„oª˜µš·¡¥r¦´ œ¸Å¡«µ¨<br />

„µ¦ž¦³ »¤šµŠª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸ª´­—»Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

­·Š®µ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨<br />

„¦œ—r„¦»ŠÁš¡²®œoµ<br />

7KHDLPRIWKLVUHVHDUFKLVWRLPSURYHWKH<br />

HIILFLHQF\ RI GHHS GUDZLQJ SURFHVV RI VWDLQOHVV<br />

VWHHORIPPWKLFNQHVVVKHHWE\FRPSDULVRQ<br />

DPRQJ ZRUNLQJ ZLWK GLIIHUHQW GLH FRDWLQJ<br />

PDWHULDO7L&7L&17L17L$O1DQGQRQFRDWHG<br />

RQ WRRO VWHHO 6.' -,6 VXEVWUDWH 7KH<br />

SHUIRUPDQFHRIHDFKW\SHRIFRDWLQJLVHYDOXDWHG<br />

E\ WKH DELOLW\ WR LQFUHDVH OLPLWLQJ GUDZLQJ UDWLR<br />

/'5 WR GHFUHDVH PD[LPXP IRUFH UHTXLUHG WR<br />

UHPDLQ RULJLQDO WKLFNQHVV DQG WR SURYLGH EHWWHU<br />

TXDOLW\ RI FXS VXUIDFH ,Q WKH IRUPLQJ SURFHVV<br />

HDFKW\SHRIGLHSOD\VDQLQGLYLGXDODFWLRQWRIRUP<br />

DVKDSHRIFXS7KHDQDO\WLFDOUHVXOWVUHYHDO WKDW<br />

WKHUH DUH RQO\ WZR W\SHV RI KDUG ILOP 7L& DQG<br />

7L&1ZKLFKFDQ\LHOGEHQHILWWRWKHSURFHVV7KH<br />

UHVXOWVIURPWZRFRDWHGGLHVVKRZDJUHDWHUYDOXH<br />

RI/'5DORZHUIRUFHUHTXLUHGDORZHUUHGXFWLRQ<br />

LQ WKLFNQHVV RI FXS FRUQHU WKDQ WKRVH IURP QRQ<br />

FRDWHGWRRO+RZHYHUWKHVXUIDFHTXDOLW\RIFXSLV<br />

QRW LPSURYHG ,W FDQ EH FRQFOXGHG WKDW SURSHU<br />

W\SH RI FRDWLQJ RQ WRRO VXUIDFH FDQ LQFUHDVH WKH<br />

HIILFLHQF\ RI GHHS GUDZLQJ SURFHVV ZLWK <br />

GHJUHHRIFRQILGHQFH<br />

1&°·š›·¡¨…°Š„µ¦­¹„®¦°ÄœŠµœÂ¤n¡·¤¡r˜´—š¸É<br />

¤¸Ÿ¨˜n°‡»–£µ¡ ·ÊœŠµœ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

„»¨ µ˜·‹»¨Á¡È ªµ¦»–¸Áž¦¤µœœšr<br />

¡Š«r¡´œ›r„oª˜µš·¡¥r<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

¤n¡·¤¡r˜´—%ODQNLQJ'LHÁž}œÁ‡¦ºÉ°Š¤º°š¸ÉÄ o<br />

˜´— ·ÊœŠµœ‹Î µœªœ¤µ„Ç „µ¦˜´—…µ—Á„·—‹µ„„µ¦˜´—ÁŒº°œ<br />

¦³®ªnµŠ‡¤˜´—…°Š¡´œ r¨³—µ¥Ž¹ÉŠ ·ÊœŠµœ‹³¤¸¦¼ž¦iµŠ˜µ¤<br />

¨´„¬–³…°Š¡´œ r¨³—µ¥Á¤ºÉ°‹Î µœªœ„µ¦˜´—¤µ„…¹Êœ‡¤˜´—<br />

…°Š¡´œ r¨³—µ¥‹³Á„·—„µ¦­¹„®¦° Ž¹ÉŠ­nŠŸ¨Ä®o ·ÊœŠµœÅ¤n<br />

Å—o‡»–£µ¡Â¨³°µ‹šÎ µÄ®o¤¸„µ¦Á¡·É¤…´Êœ˜°œ„µ¦˜„˜nŠ ·Êœ<br />

ŠµœÄœ„µ¦Ÿ¨·˜Šµœª·‹´¥ ·Êœœ¸ Ê‹¹ŠšÎ µ„µ¦«¹„¬µ°·š›·¡¨…°Š<br />

<br />

„µ¦­¹„®¦°š¸É¤¸Ÿ¨˜n°…° ˜´—…°Š ÊœŠµœš¸É · Å—o¨³Â¦ŠÄœ„µ¦<br />

˜´— ×¥šÎ µ„µ¦š—¨°Š˜´—ª´­—»Á®¨È„ 63&&-,6 $,6,<br />

š¸É¤¸ ‡ªµ¤®œµ ¤¤ ˜´— ·ÊœŠµœÁž} œ¦¼žªŠ„¨¤Á­oœ<br />

Ÿnµœ«¼œ¥r„¨µŠ¤¤Â¨³Á¨º°„Ä o¦Šž¨— ·ÊœŠµœ<br />

…°ŠÂ¦Š˜´— ‹Î µœªœ„µ¦˜´—‡¦´ÊŠ‹µ„œ´ÊœœÎ µ ·ÊœŠµœš¸É<br />

Å—o‹µ„„µ¦˜´—¤µšÎ µ„µ¦ª´—‡»–£µ¡…°Š…° ˜´— ·ÊœŠµœ Ž¹ÉŠ<br />

ž¦³„° —oª¥„´œ­nªœ‡º°­nªœÃ‡oŠ¤œ'LH UROO¦°¥<br />

˜´—ÁŒº°œ6KHDUVXUIDFH¦°¥Œ¸„…µ—)UDFWXUHVXUIDFH<br />

¨³­nªœ‡¦¸ %XUU ¦ª¤¹Š„µ¦ª´—¦³¥³„µ¦Â°nœ˜´ª…°Š ·Êœ<br />

ŠµœÂ¨³…œµ—Á­oœŸnµœ«¼œ¥r„¨µŠ…°Š ·ÊœŠµœ ‹µ„Ÿ¨„µ¦<br />

š—¨°Šš¸ÉÅ—o¡ ªnµ„µ¦­¹„®¦°‹³Á„·— ¦·Áª–—oµœ®œoµÂ¨³<br />

—oµœ…oµŠ…°Š‡¤˜´—¦³¥³„µ¦­¹„®¦°—oµœ…oµŠ‹³¤µ„„ªnµ—oµœ<br />

®œoµ‡¤˜´— Á¤ºÉ°¡·‹µ¦–µ‡»–£µ¡ ·ÊœŠµœ¡ ªnµ „µ¦­¹„®¦°<br />

šÎ µÄ®o¦³¥³­nªœÃ‡oŠ¤œ ¦°¥Œ¸„…µ— ¨³‡¦¸ œ…° ˜´— ·Êœ<br />

Šµœ­¼Š…¹Êœ­nªœ¦°¥˜´—ÁŒº°œ¤¸‡nµ¨—¨Š Ÿ¨„µ¦ª´—¦³¥³„µ¦<br />

°nœ˜´ªÂ¨³…œµ—Á­oœŸnµœ«¼œ¥r„¨µŠ…°Š ·ÊœŠµœ‹³¤¸‡n µ¤µ„<br />

…¹Êœ œ°„‹µ„œ´Êœ¥´ Š¡ ªnµ„µ¦­¹„®¦°šÎ µÄ®õ o°ŠÄ o¦Š˜´— ·Êœ<br />

ŠµœÁ¡·É¤…¹Êœ—´Šœ´Êœ‹¹Š­¦»žÅ—oªnµ„µ¦­¹„®¦°šÎ µÄ®o‡»–£µ¡…°Š<br />

…° ˜´—†·ÊœŠµœÂ¥n¨ŠÂ¨³Ä o¦ŠÄœ„µ¦˜´—š¸É­¼Š…¹Êœ—oª¥<br />

1&,1&5($6(7+(()),&,(1&


LV )RUWKHRWKHUW\SHV RI RLO OXEULFDQWV WKH<br />

/'5RILVREWDLQHG)XUWKHUPRUHWKHGUDZLQJ<br />

IRUFHXVLQJWKH3(VKHHWVLVOHVVWKDQWKHFDVHRI<br />

XVLQJWKHRLOOXEULFDQWV7KHFXSGUDZQXVLQJWKH<br />

RLO OXEULFDQWV ZLOO KDYH D EHWWHU VXUIDFH ILQLVK<br />

+RZHYHUWKHVXUIDFHILQLVKRIWKHEODQNLVEHWWHU<br />

WKDQWKDWRIWKHFXSZDOO<br />

1&„¦³ ªœ„µ¦° š¸ÉÁ®¤µ³­¤…°ŠÁ®¨È„„¨oµ<br />

‡µ¦r °œÄœ„¦¦¤ª·›¸Å¢œm ¨Š‡r<br />

œ´„ª·‹´¥ ¡·› »žŸÃ ˜·ªµ¦»–¸Áž¦¤µœœšr<br />

¡Š«r¡´œ›r„oª˜µš·¡¥r„»«¨¡¦o°¤¤¼¨<br />

¦´ œ¸Å¡«µ¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦že‡–³ª·«ª„¦¦¤<br />

«µ­˜¦r¤®µª·š¥µ¨´¥…°œÂ„nœ<br />

¤„¦µ‡¤¤®µª·š¥µ¨´¥…°œÂ„nœ<br />

‹…°œÂ„nœ®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„¦³ ªœ„µ¦° š¸ÉÁ®¤µ³<br />

­¤…°Š ·ÊœŠµœ Á®¨È„„¨oµ‡µ¦r °œ -,6 6&<br />

Á¡ºÉ°Ä®o­µ¤µ¦œÎ µ¤µ˜´——oª¥„¦¦¤ª·›¸Å¢œm ¨Š‡rÅ—oץŤn<br />

Á„·—¦°¥Â˜„ œŸ·ª˜´——oµœ…oµŠ Á¡ºÉ°˜o°Š„µ¦šÎ µÄ®o ·ÊœŠµœ¤¸<br />

‡ªµ¤­µ¤µ¦Äœ„µ¦¥º—˜´ª­¼Š…¹Êœ ¨³‡ªµ¤Â…Ȋ¦Š¨—¨Š<br />

Á¨È„œo°¥ ·ÊœŠµœš¸ ɚΠµ„µ¦«¹„¬µÁž}œ ·ÊœŠµœ„¨¤…œµ—Á­oœ<br />

Ÿnµœ«¼œ¥r„¨µŠPP‡ªµ¤®œµPP Äœ„µ¦˜´—讳<br />

—oª¥„¦¦¤ª·›¸Å¢œm ¨Š‡r×¥š´ÉªÅž‹³Å—o ÊœŠµœš¸ · ɤ¸…° ˜´ —<br />

š¸ÉÁ¦¸ ¥ ¨³˜´ÊŠŒµ„„´ Ÿ·ª ·ÊœŠµœ °¥nµŠÅ¦„Șµ¤ª´­—» µŠ œ·—<br />

š¸ÉŤn­µ¤µ¦˜´——oª¥„¦¦¤ª· ›¸Å¢œm ¨Š‡rÅ—o Á¡¦µ³‹³Á„·—<br />

„µ¦Â˜„š¸ÉŸ·ª˜´ ——oµœ…oµŠÁœºÉ°Š‹µ„ž{‹‹´¥®¨µ¥°¥nµŠ Á nœ ¤¸<br />

‡ªµ¤­µ¤µ¦Äœ„µ¦¥º—˜´ª˜ÎÉ µ®¦º°Á„·—‹µ„‡ªµ¤Å¤n­¤ ¼¦–r<br />

…°ŠÃ‡¦Š­¦oµŠ‹»¨£µ‡£µ¥ÄœÁœºÊ°ª´­—» —´Šœ´Êœ‹¹Š‹Î µÁž}œ˜o°Š<br />

œÎ µª´­—»ÅžŸiµœ„¦¦¤ª·›¸šµŠ‡ªµ¤¦o°œÁ¡ºÉ°ž¦´ ž¦»Š­¤ ´˜·<br />

…°Šª´­—» Šµœª·‹´¥œ¸ÊÅ—oÁ¨º°„Á®¨È„ 6& Áž}œª´­—»š—¨°Š<br />

ÁœºÉ°Š‹µ„Áž}œª´ ­—»š¸É®µŽºÊ°Šnµ¥Ä o„´œ°¥nµŠÂ¡¦n®¨µ¥‹µ„Ÿ¨<br />

„µ¦š—¨°ŠÃ—¥šÎ µ„µ¦° ·ÊœŠµœ—oª¥ÁŠºÉ °œÅ…˜nµŠÇ„´œÂ¨oª<br />

œÎ µÅžÅ¢œm ¨Š‡r¡ ªnµ „¦³ ªœ„µ¦° Á¡ºÉ°šÎ µÄ®oǦŠ<br />

­¦oµŠ‹»¨£µ‡…°Š ·ÊœŠµœÁž¨¸É¥œÁž}œ­Á¢e¥¦°¥Å—˜rÁž}œ<br />

„¦³ ªœ„µ¦° š¸ÉÁ®¤µ³­¤ ­Î µ®¦´ Á˜¦¸¥¤ ·ÊœŠµœ „n°œ˜´—<br />

—oª¥„¦¦¤ª·›¸Å¢œm ¨Š‡r Á¡¦µ³‹³Å—o…° ˜´—š¸Éž¦µ«‹µ„<br />

¦°¥Â˜„—oµœ…oµŠÃ—¥„µ¦° —oŠ„¨nµª˜o°Š° š¸É°Š«µ<br />

ÁŽ¨ÁŽ¸¥­ Áž}œÁª¨µ ´ÉªÃ¤Š °¥nµŠÅ¦„Șµ¤ ·ÊœŠµœš¸ÉŸnµœ<br />

„µ¦° —oª¥ÁŠºÉ°œÅ…œ¸ Ê‹³¤¸‡n µ‡ªµ¤Á‡oœš¸É‹»—‡¦µ„¨—¨ŠÁ¤ºÉ°<br />

Áš¸¥ „´<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

·ÊœŠµœÅ¤n Ÿnµœ„µ¦° ¹Š¦o°¥¨³<br />

1&°·š›·¡¨…°Š˜´ªÂž¦˜nµŠÇÄœ„µ¦˜´—Ťo<br />

¥µŠ¡µ¦µÃ—¥Ä oÄ ¤¸—š´Š­Á˜œ‡µ¦rÅ —r<br />

œ´„ª·‹´¥ „»«¨¡¦o°¤¤¼¨¡Š«r¡´œ›r„oª˜µš·¡¥r<br />

<br />

Áš·—«´„—·Í°µ¨´¥<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ°·š›·¡¨…°Š‡ªµ¤Á¦Èª„´ —<br />

°´˜¦µ„µ¦žj°œ„´— ¨³š·«šµŠ„µ¦žj°œ„´—Áš¸¥ „´ š·«šµŠ<br />

Á­¸Ê¥œÅ¤oš¸ ɤ¸Ÿ¨˜n°‡»–£µ¡…°Š ·ÊœŠµœÄœÁ ·Š‡ªµ¤Á¦¸¥ …°Š<br />

Ÿ·ª„µ¦Á„·—…»¥Â¨³„µ¦Œ¸„…µ— ¨³¦°¥Å®¤o œÁœºÊ°Å¤o …°Š<br />

„¦¦¤ª·›¸„µ¦„´—Ťo¥µŠ¡µ¦µŽ¹ÉŠÄ oÁž}œª´˜»—· Äœ„µ¦Ÿ¨·˜<br />

Á¢°¦rœ·Á‹°¦r—oª¥Á‡¦ºÉ°ŠŽ¸Á°ÈœŽ¸ ¨³¥´Š«¹„¬µ¹Š°·š›·¡¨…°Š<br />

˜´ªÂž¦—´Š„¨nµªš¸É¤¸Ÿ¨˜n °„µ¦­·ÊœÁž¨º°Š¡¨´ŠŠµœÅ¢¢j µ ×¥<br />

„µ¦ª´—„¦³Â­Å¢¢jµš¸ÉÁ‡¦ºÉ°ŠŽ¸Á°ÈœŽ¸Ä oÄœ„µ¦„´—˜n¨³­£µª³<br />

„µ¦šÎ µŠµœ ÄœŠµœª·‹´¥Ä oÄ ¤¸—š´Š­Á˜œ‡µ¦rÅ —r ‡¤˜´—<br />

¦¼ž¦iµŠ3URILOHFXWWLQJWRROV„´—…° ·ÊœŠµœÄ®o¤¸¦¼ž¦iµŠ<br />

Áž}œ­nªœÃ‡oŠš¸É¤¸¦´«¤¸Ášnµ„´ ¤¤Ÿ¨„µ¦ª·‹´¥¡ ªnµ‡ªµ¤<br />

Á¦¸¥ Ÿ·ª 5T ¤¸ÂœªÃœo¤Á¡·É¤…¹Êœ˜µ¤°´ ˜¦µ„µ¦žj°œ„´—š¸É<br />

Á¡·É¤…¹Êœ „µ¦Á„·—…»¥Å¤o¤¸¤µ„Á¤ºÉ°„´—˜µ¤Á­¸Ê¥œÅ¤o¨³˜µ¤š·«<br />

šµŠ„µ¦žj°œ„´—'RZQ &XWWLQJ„µ¦Œ¸„…µ—…°ŠÁœºÊ°Å¤o<br />

Á„·—…¹Êœ¤µ„Á¤º É°„´—˜µ¤Á­¸Ê¥œÅ¤o¨³­ªœš·«šµŠ„µ¦žj°œ„´ —<br />

8S &XWWLQJ ž¦·¤µ–„¦³Â­Å¢¢jµš¸ÉÄ ö —¨ŠÁ¤ºÉ°‡ªµ¤Á¦È ª<br />

¦° Äœ„µ¦„´—Á¡·É¤­¼Š…¹Ê œÂ˜nÁž¨¸É¥œÂž¨Šœo °¥¤µ„Á¤ºÉ°°´˜¦µ<br />

„µ¦žj°œ„´—Áž¨¸É¥œÅžœ°„‹µ„œ¸Ê‹µ„„µ¦œÎ µŸ¨„µ¦š—¨°Šš¸É<br />

Å—oÅž­¦oµŠ¦³ ǦŠ…nµ¥ž¦³­µšÁš¸¥¤$UWLILFLDO1HXUDO<br />

1HWZRUNV Á¡ºÉ°¤µž¦³¥»„˜rÄ oÄœ„µ¦šÎ µœµ¥Ÿ¨…°Š‡»–£µ¡<br />

Ÿ·ªš¸ÉÅ—o‹µ„„µ¦„´ — Á¤ºÉ°Áž¦¸ ¥ Áš¸¥ Ÿ¨„µ¦šÎ µœµ¥„´ Ÿ¨š¸É<br />

Å—o‹µ„„µ¦š—¨°Š ¡ ªnµŸ¨„µ¦šÎ µœµ¥Ã—¥Ä oǦŠ­¦oµŠ…nµ¥<br />

ž¦³­µšÁš¸¥¤¤¸‡ªµ¤Ÿ·—¡¨µ—°¥¼nÄœ nªŠš¸É¥°¤¦´ Å—o<br />

1&217+(5(/$7,216+,3%(7:((1<br />

0(&+$1,&$/3523(57,(6$1'<br />

6(&21'$5


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ÁŸ¥Â¡¦n<br />

„µ¦ž¦³ »¤šµŠª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸ª´­—»Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

­·Š®µ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨<br />

„¦œ—r„¦»ŠÁš¡²®œoµ<br />

$ DOOR\V ZHUH WUHDWHG ZLWK DQG<br />

ZWVWURQWLXPIRUPRGLILFDWLRQ7KHPROWHQ<br />

DOOR\V ZHUH FDVW LQWR W\SHV RI PROGV EUDVV<br />

PROG SUHKHDWHG PROG DQG QRQSUHKHDWHG PROG<br />

IRU FRQWUROOLQJ FRROLQJ UDWHV 7KH LQIOXHQFH RI<br />

PDJQHVLXP FRQWHQW DQG DPRXQW RI VWURQWLXP<br />

DGGLWLRQRQWHQVLOH SURSHUWLHVDQG KDUGQHVV ZHUH<br />

LQYHVWLJDWHG &KHPLFDO DQDO\VLV RI WKHVH DOOR\V<br />

ZDV SHUIRUPHG E\ XVLQJ VSDUN HPLVVLRQ<br />

VSHFWURPHWU\ PHWKRG 0LFURVWUXFWXUH<br />

REVHUYDWLRQ XVLQJ OLQHLQWHUFHSWLRQ WHFKQLTXH<br />

LQGLFDWHGWKDWVHFRQGDU\GHQGULWHDUPVSDFLQJRI<br />

DOOOR\V GHFUHDVHV WR ORZHU WKDQ PP ZLWK<br />

VWURQWLXP DGGLWLRQ 7HQVLOH SURSHUWLHV DQG<br />

KDUGQHVV DUH LQFUHDVHG ZLWK PDJQHVLXP FRQWHQW<br />

0RUHRYHU UHGXFLQJ VHFRQGDU\ GHQGULWH DUP<br />

VSDFLQJ UHVXOWV LQ KLJKHU PHFKDQLFDO SURSHUWLHV<br />

+RZHYHU LQFUHDVLQJ WKH DPRXQW RI VWURQWLXP<br />

DGGLWLRQ GRHV QRW VLJQLILFDQWO\ DIIHFW RQ WKH<br />

VHFRQGDU\ GHQGULWH DUP VSDFLQJ )XOO HIIHFW RI<br />

PRGLILFDWLRQ LV REWDLQHG ZLWK ZW<br />

VWURQWLXPDGGLWLRQ<br />

1&„µ¦Ä oÁš‡œ·‡šµŠÅ¢Åœ˜rÁ°¨·Á¤œ˜rÄœ„µ¦<br />

ª·Á‡¦µ³®rž¦³­·š›·£µ¡…°Šž¦³Á„Èœ<br />

œ´„ª·‹´¥ ª·«µ¨«µ­˜¦r­´˜œµ°¦‹¸¦µ›œ¼Áš¡<br />

<br />

—·¨„«¦¸ž¦³Å¡„¦»–µ˜´œª·­»š›·Í<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Áš‡ÃœÃ¨¥¸„µ¦…¹Êœ¦¼žÃ¨®³<br />

‡¦´ÊŠš¸É¤„¦µ‡¤Ã¦ŠÂ¦¤Â¤nœÎÊ µ<br />

„¦»ŠÁš¡²<br />

ž¦³Á„Èœšn °Å°Á­¸¥¦¥œ˜r (PERVVHG 0HWDO<br />

([KDXVW*DVNHWÁž}œ ·Êœ­n ªœ­Î µ‡´ °¥nµŠ®œ¹ÉŠÄœ¦¥œ˜r<br />

Ž¹ÉŠšÎ µ®œoµš¸ÉÄœ„µ¦žj°Š„´œÅ¤nÄ®ošn°Å°Á­¸¥š¸ÉÁ„·—‹µ„„µ¦ÁŸµ<br />

Å®¤oÄœÁ‡¦ºÉ°Š¥œ˜r ¦´Éª°°„„n°œš¸É‹³¦³ µ¥¹Šž¨µ¥šn°Å°Á­¸¥<br />

7DLO 3LSH Ž¹ÉŠ˜o°Š¤¸‡ªµ¤­µ¤µ¦Äœ„µ¦¦´ ¦Š„—‹µ„<br />

„µ¦‹´ ¥¹—„´ ·Êœ­nªœ…oµŠÁ‡¸¥ŠÂ¨³˜o°Š­µ¤µ¦˜oµœšµœ<br />

°»–®£¼¤·Â¨³‡ªµ¤¦o°œš¸ÉÁ„·—…¹ÊœÅ— o&]HUQLN„µ¦<br />

š—­° „µ¦„—¥» ˜´ª…°Šž¦³Á„ÈœÁž}œ„µ¦š—­° Á Ê°Š˜oœ º<br />

š¸É­Î µ‡´ ¤µ„°¥nµŠ®œ¹ÉŠÁ¡ºÉ°Ä®oÂœnÄ‹ªnµž¦³Á„Èœš¸É°°„Â<br />

¨³Ÿ¨·˜…¹Êœ¤µ‹³­µ¤µ¦šœÂ¦Š„—£µ¥Ä˜o­£µª³„µ¦Ä o<br />

<br />

Šµœ‹¦·ŠÅ—oץŤnÁ„·—„µ¦Á­¸¥®µ¥ ×¥š¸ÉŸnµœ¤µÄœ„µ¦<br />

Áž¨¸É¥œÂž¨ŠÂ ˜n¨³‡¦´ÊŠ˜o°Š¤¸„µ¦š—­° ‹¦·Š®¨µ¥‡¦´ÊŠ<br />

Á¡ºÉ°Ä®oÅ—o š¸ÉÁ®¤µ³­¤Ž¹ÉŠÁž}œ„µ¦­·ÊœÁž¨º°ŠÁª¨µÂ¨³‡nµ<br />

Ä o‹nµ¥Áž}œ°¥nµŠ¤µ„<br />

ÄœŠµœª·‹´¥œ¸ÊÅ—ož¦³¥»„˜rÄ o¦³Á ¸¥ ŢŜ˜rÁ°¨·<br />

Á¤œ˜r¤µ nª¥‹Î µ¨°Š„µ¦š—­° „µ¦„—¥» ˜´ª…°Šž³Á„Èœ­µ¤<br />

´Êœš¸ ÉŸ¨·˜‹µ„Á®¨È„„¨oµÅ¦o­œ·¤Á¡ºÉ° nª¥¨—˜oœš»œÄœ„µ¦¨°Š<br />

Ÿ·—¨°Š¼„‹µ„„µ¦š—­° ‹¦·Š Ÿ¨„µ¦ª·‹´¥¡ ªnµ„µ¦<br />

ª·Á‡¦µ³®r—oª¥Å¢Åœ˜rÁ°¨·Á¤œ˜rÄ®oŸ¨š¸É­°—‡¨o°Š„´ „µ¦<br />

š—­° ‹¦·Š œ°„‹µ„œ´Êœ„µ¦Ä oŢŜ˜rÁ°¨·Á¤œ˜r¥´ŠšÎ µÄ®o<br />

­µ¤µ¦Â­—Š„µ¦„¦³‹µ¥‡ªµ¤Á‡oœ‡ªµ¤Á‡¦¸¥—£µ¥ÄœÁœ¸Ê°<br />

ª´­—»…°Šž¦³Á„Ȝ˜n ¨³ ´Êœ Ž¹ÉŠšÎ µÄ®oÁ…oµÄ‹¡§˜·„¦¦¤…°Šž¦³<br />

Á„Ȝ¨³ÂœªšµŠÂ„oŅ¨³ž¦´ ž¦»Šž¦³­·š›·£µ¡…°Šž³Á„È œ<br />

°´œ‹³Áž}œž¦³Ã¥ œrÄœ„µ¦°°„ ¨³¡´•œµ„µ¦Ÿ¨·˜ž³<br />

Á„Èœ œ·—®¨µ¥ œ˜n°ÅžÅ—o ´Ê  ‹Î µ¨°Š¥´Š­µ¤µ¦ž¦´ ž¦»Š<br />

Á¡ºÉ°ž¦³¥»„˜rÄ oÄœ„µ¦‹Î µ¨°Š„µ¦š—­°  °ºÉœÇ ˜n°Åž<br />

Å—o°¸„—oª¥<br />

1&ª·Á‡¦µ³®rž¦³­·š›·£µ¡„µ¦žj°Š„´œ„µ¦¦´Éª…°Š<br />

ž³Á„Èœ—oª¥‡°¤¡·ªÁ˜°¦r˜°œš¸É£µ¥Ä˜o„µ¦<br />

š—­° „µ¦¦´ÉªÁœºÉ°Š‹µ„Å—o ¦´ ‡ªµ¤—´œ<br />

œ´„ª·‹´¥ ª·«µ¨«µ­˜¦r­´˜œµ„¦»–µ˜´œª·­»š›·Í<br />

<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµÂ¨³<br />

„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

ž³Á„Èœšn°Å°Á­¸¥¦¤¸®œoµš¸ÉÄœ„µ¦žj°Š„´œÅ¤nÄ®o<br />

„pµŽ¦o°œÂ¨³‡ªµ¤—´œš¸ÉÁ„·—‹µ„„µ¦ÁŸµÅ®¤oÄœÁ‡¦ºÉ°Š¥œ˜r¦´Éª<br />

°°„„n°œš¸É‹³¦³ µ¥Åž¹Šž¨µ¥¹Ššn°Å°Á­¸ ¥ „µ¦š—­°<br />

ž¦³­·š›·£µ¡„µ¦¦´ÉªÁœºÉ°Š‹µ„‡ªµ¤—´œ­¼ŠÁž}œ„µ¦š—­°<br />

°¥nµŠ®œ¹ÉŠš¸É­Î µ‡´ Äœ… ªœ„µ¦°°„ ¨³Ÿ¨·˜ž³Á„Èœ Ž¹ÉŠ<br />

×¥š´ÉªÅž‹³¤¸„µ¦š—­° ®¨µ¥‡¦´ÊŠ„ªnµ‹³Å—oÂ É š¸<br />

Á®¤µ³­¤Ž¹ÉŠÁž}œ„µ¦­·ÊœÁž¨º°ŠÁª¨µ‡nµÄ o‹nµ¥Áž}œ°¥nµŠ¤µ„<br />

ÄœŠµœª·‹´¥œ¸ÊÅ—ož¦³¥»„˜rÄ o¦³Á ¸¥ ª·›¸Å¢Åœ˜rÁ°¨·Á¤œ˜r¤µ<br />

nª¥‹Î µ¨°Š­£µª³„µ¦š—­° ž¦³­·š›·£µ¡…°Šž³Á„Èœšn°Å°<br />

Á­¸¥¦¥œ˜r œ·—­µ¤ ´ÊœŸ¨·˜‹µ„Á®¨È„„¨oµÅ¦o­œ·¤£µ¥Ä˜o „µ¦<br />

š—­° „µ¦¦´ÉªÁœºÉ°Š‹µ„‡ªµ¤—´ œ ‹µ„Ÿ¨„µ¦ª·‹´¥¡ ªnµ„µ¦<br />

ª·Á‡¦µ³®r—oª¥Å¢Åœ˜rÁ°¨·Á¤œ˜rÄ®oŸ¨š¸É­°—‡¨o°Š„´ „µ¦<br />

1DWLRQDO&RQIHUHQFH


š—­° ‹¦·Š œ°„‹µ„œ´Êœ„µ¦Ä oŢŜ˜rÁ°¨·Á¤œ˜r¥´ŠšÎ µÄ®o<br />

­µ¤µ¦Â­—Š„µ¦„¦³‹µ¥‡ªµ¤Á‡oœ‡ªµ¤Á‡¦¸¥—£µ¥ÄœÁœºÊ°<br />

ª´­—»…°Šž¦³Á„Ȝ˜n¨³ Êœ ´ Ž¹ÉŠšÎ µÄ®oÁ…oµÄ‹¡§˜·„¦¦¤…°Š<br />

ž¦³Á„Ȝ¨³ÂœªšµŠÂ„oŅ¨³ž¦´ ž¦»Šž¦³­·š›·£µ¡„µ¦<br />

šÎ µŠµœ…°Šž³Á„Èœ°´œ‹³Áž}œž¦³Ã¥ œrÄœ„µ¦°°„ ¨³<br />

¡´•œµ„µ¦Ÿ¨·˜ž³Á„Èœ œ·—®¨µ¥ ´Êœ˜n°ÅžÅ—o<br />

1&„µ¦ª·Á‡¦µ³®rž¦³­·š›·£µ¡„µ¦žj°Š„´œ<br />

„µ¦¦´Éª…°Šž³Á„Èœ—oª¥‡°¤¡·ªÁ˜°¦r˜°œš¸É<br />

£µ¥Ä˜o„µ¦š—­° „µ¦¦´ÉªÁœºÉ°Š‹µ„Å—o ¦´ ‡ªµ¤¦o°œ<br />

œ´„ª·‹´¥ ª·«µ¨«µ­˜¦r­´˜œµ„¦»–µ˜´œª·­»š›·Í<br />

<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦<br />

ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²<br />

®œoµ<br />

„µ¦š—­° „µ¦¦´ÉªÁž}œ„µ¦š—­° š¸É ­Î µ‡´ Äœ„µ¦<br />

°°„ ¨³Ÿ¨·˜ž³Á„Èœ Äœ­£µª³„µ¦Ä oŠµœ‹¦·Š ž³Á„Èœ<br />

šn°Å°Á­¸¥°µ‹Á„·—„µ¦Á­¸¥®µ¥®¦º°¦´ÉªÅ—oÁœº É°Š‹µ„Å—o¦´<br />

‡ªµ¤—´œÂ¨³„µ¦Áž¨¸É¥œÂž¨Š°»–®£¼¤·ÁœºÉ°Š‹µ„„µ¦ÁŸµ<br />

Å®¤o˜¨°—Áª¨µ Äœ­nªœš¸É®œ¹ÉŠ…°ŠŠµœª· ‹´¥œ¸ÊÅ—ož¦³¥»„˜rÄ o<br />

¦³Á ¸¥ ŢŜ˜rÁ°¨·Á¤œ˜r¤µ nª¥‹Î µ¨°Š­£µª³„µ¦š—­°<br />

ž¦³­·š›·£µ¡…°Šž³Á„Èœšn°Å°Á­¸¥¦¥œ˜r œ·—­µ¤ ´ÊœŸ¨·˜<br />

‹µ„Á®¨È„„¨oµÅ¦o­œ·¤£µ¥Ä˜o„µ¦š—­° „µ¦¦´ ɪÁœº É°Š‹µ„<br />

‡ªµ¤—´œŽ¹ÉŠ¦µ¥¨³Á°¸¥—Å—o„¨nµªÅªoÄœ š‡ªµ¤˜°œš¸ÉÄœ<br />

š‡ªµ¤˜°œš¸É œ¸Ê‹³„¨nµª¹Š„µ¦ž¦³¥»„˜rÄ oŢŜ˜rÁ°¨·<br />

Á¤œ˜rÄœ„µ¦«¹„¬µ¡§˜·„¦¦¤„µ¦¦´Éª…°Šž³Á„Èœ—´Š„¨nµª£µ¥<br />

Ęo„µ¦Áž¨¸É¥œÂž¨Š°»–®£¼¤·Ã—¥¤¸ª´˜»ž¦³­Š‡r®¨´„Á¡ºÉ°<br />

Á¡·É¤‡ªµ¤Á…oµÄ‹…°Š¡§˜·„¦¦¤…°Šž³Á„Ȝ˜n¨³ ´ÊœÁ¤º É°Å—o<br />

¦´ £µ¦³—´Š„¨nµª Ÿ¨Šµœª·‹´¥¡ ªnµ°·š›·¡¨‹µ„‡ªµ¤¦o°œ¤¸<br />

Ÿ¨°¥nµŠ¤µ„˜n°„µ¦¦´Éª…°Šž³Á„È œ ž³Á„Èœ¤¸„µ¦ ·—˜´ ª‡n°œ<br />

…oµŠ¤µ„Á¤ºÉ°Å—o¦´ ‡ªµ¤¦o°œ œ°„‹µ„œ¸Ê¥´Š¡ ªnµ ¦·Áª–š¸É<br />

Á„·—‡ªµ¤Á‡oœ­¼ŠÄœ„¦–¸Å—o¦´ ‡ªµ¤¦o°œ‹³Á„·—š¸É…° Äœ<br />

…°Šž³Á„ÈœŽ¹ÉŠÂ˜„˜nµŠ‹µ„„¦–¸Å—o¦´ ‡ªµ¤—´œ<br />

1&Ÿ¨„¦³š …°Š°»–®£¼¤·Œ¸—š¸É¤¸ ˜n°„µ¦­´<br />

Áž¨¸É¥œ‹´ Š®ª³Œ¸—Á˜·¤Áž}œŒ¸—¥ÎÊ µ<br />

œ´„ª·‹´¥<br />

­¤Ã ‡­œ›·Â„oª<br />

ÁŸ¥Â¡¦n<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„µ¦ž¦³ »¤ª· µ„µ¦Áš‡ÃœÃ¨¥¸„µ¦…¹Êœ¦¼žÃ¨®³<br />

‡¦´ÊŠš¸É¤„¦µ‡¤Ã¦ŠÂ¦¤Â¤nœÎÊ µ<br />

„¦»ŠÁš¡²<br />

Áž}œš¸Éš¦µ „´œÃ—¥š´ ɪުiµ‡ªµ¤®œº—…°Š<br />

¡¨µ­˜·„®¨°¤…¹Êœ°¥¼n„´ °»–®£¼¤· ×¥Á¤ºÉ°°»–®£¼¤·­¼Š…¹Êœ<br />

‡ªµ¤®œº—…°Šª´­—»‹³¨—¨ŠÂ¨³‹³Á¡·É¤…¹ÊœÁ¤º É°°»–®£¼¤·¨—<br />

¨Š—´Šœ´ÊœÄœŠµœª· ‹´¥œ¸Ê‹¹Š¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µŸ¨„¦³š<br />

…°Š°»–®£¼¤·„¦³ °„Œ¸—š¸É¤¸˜n°„µ¦­´ Áž¨¸É¥œ‹´Š®ª³„µ¦Œ¸—<br />

Á˜·¤Áž}œŒ¸—¥ÎÊ µ Ÿ¨š¸ÉÅ—o¦´ ­µ¤µ¦œÎ µÅžÄ oÁž}œÂœªšµŠÄœ<br />

„µ¦ž¦´ ˜´ÊŠÁ‡¦º É°ŠŒ¸—¡¨µ­˜·„Á¡ºÉ°¨—Áª¨µÄœ„µ¦Ÿ¨·˜Â¨³<br />

¨—…°ŠÁ­¸¥š´ÊŠ…–³ž¦´ ˜´ÊŠÂ¨³…–³Ÿ¨·˜°¥nµŠ˜n°ÁœºÉ°Š Šµœ<br />

ª·‹´¥œ¸ÊÅ—o«¹„¬µš´ÊŠ„µ¦Áž¨¸É¥œ‹´Š®ª³„µ¦Œ¸——oª¥˜ Î µÂ®œnŠ­„¦¼<br />

VWURNH GHSHQGHQW ¨³—oª¥Áª¨µ WLPH GHSHQGHQW<br />

¨³Ä o¡¨µ­˜·„¡°¨¸¡°¡¸¨¸œ 33 Áž}œ„¦–¸«¹„¬µ ‹µ„<br />

„µ¦«¹„¬µ¡ ªnµ°»–®£¼¤·…°Š®´ªŒ¸— ¨³°»–®£¼¤·š¸ÉÃŽœ„¨µŠ<br />

„¦³ °„Œ¸—Ťn¤¸Ÿ¨„¦³š ˜n°„µ¦­´ Áž¨¸É¥œ‹´Š®ª³„µ¦Œ¸—<br />

š´ÊŠ­°ŠÂ …–³š¸É„µ¦Á¡·É¤…¹Êœ…°Š°»–®£¼¤·…°ŠÃŽœ®œoµ<br />

„¦³ °„Œ¸—¤¸Ÿ¨˜n°˜Î µÂ®œnŠ„µ¦­´ Áž¨¸É¥œ‹´Š®ª³„µ¦Œ¸—<br />

—oª¥Áª¨µ ˜nŤn¤¸Ÿ¨„´ „µ¦­´ Áž¨¸É¥œ‹´Š®ª³„µ¦Œ¸——oª¥<br />

˜Î µÂ®œnŠ­„¦¼ ¨³œ°„‹µ„œ¸Ê¥´Š¡ °¸„ªnµ°»–®£¼¤· ÃŽœ®œoµ<br />

„¦³ °„Œ¸—š¸ÉÁ¡·É¤…¹Êœ¥´Šš µÄ®o„µ¦Á˜·¤ÁœºÊ°¡¨µ­˜·„Á…o<br />

Î<br />

µÅžÄœ<br />

ᦊ ¤µ„…¹ÊœÄœ‹´Š®ª³Œ¸—¥ÎÊ µ°¸„—oª¥Ž¹ÉŠ‹³ nª¥Ä®o„µ¦®—<br />

…°Š¡¨µ­˜·„˜´ª¨—¨Š<br />

1&$6,03/($3352$&+)25<br />

02'(//,1*7+(%281'$5


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

EHKDYHLGHQWLFDOO\WRD YLVFRXVLQFRPSUHVVLEOH<br />

PDFURVFRSLFDOO\ KRPRJHQHRXV DQG LVRWURSLF<br />

QRQ1HZWRQLDQ IOXLG LV LQWURGXFHG 7KH<br />

%LQJKDPV YLVFRSODVWLF PRGHO EDVHG<br />

FRQVWLWXWLYH UHODWLRQ LV DOVR FKRVHQ WR GHVFULEH<br />

WKH GHIRUPDWLRQ EHKDYLRXU RI PDWHULDOV LQ<br />

H[WUXVLRQ :LWK VXFK WKH QXPHULFDO DSSURDFK<br />

SURSRVHG WZR VXEURXWLQHV RI XVHU HOHPHQW<br />

8(/ ZULWWHQ LQ )2575$1 DUH LPSOHPHQWHG<br />

LQWR WKH )( FRPPHUFLDO FRGH $%$486 IRU<br />

DQDO\VLQJWKHH[WUXVLRQPRGHO2QHLVLQYHQWHG<br />

LQ RUGHU WR GHILQH DQ D[LV\PPHWULF (XOHULDQ<br />

IORZ HOHPHQW DQG DQRWKHU LV IRUPXODWHG WR<br />

FRPELQH WKH ERXQGDU\ IULFWLRQ 8QGHU WKLV<br />

VFKHPH LW FDQ EH IRXQG WKDW QHLWKHU WKH<br />

IULFWLRQDO LQWHUIDFH HOHPHQWV QRU WKH ILFWLWLRXV<br />

HOHPHQWV OD\HU DUH UHTXLUHG 0RUHRYHU LWV<br />

FRPSXWDWLRQDO SURFHGXUHV GR QRW GLVWXUE WKH<br />

JRRGSHUIRUPDQFHDQGFRQYHUJHQFHRIWKHIORZ<br />

IRUPXODWLRQDQDO\VLV5HVXOWVREWDLQHGIURPWKH<br />

)( PRGHOOLQJ DJUHH TXDOLWDWLYHO\ ZHOO ZLWK<br />

WKHRUHWLFDO REVHUYDWLRQV WKXV YHULI\LQJ WKH<br />

SUHGLFWLYHFDSDELOLW\RIVXFKWKH)(PRGHO<br />

1&$678'


œ·— $2 Ž¹ÉŠ¤¸‡ªµ¤®œµ ¤·¨¨·Á¤˜¦ ץĜ„µ¦<br />

«¹„¬µÅ—o nŠ„µ¦—Î µÁœ·œŠµœ°°„Áž}œ­nªœ‡º°­nªœš¸É<br />

Áž}œ„µ¦š—­° ‡ªµ¤Â¤nœ¥Î µÄœ„µ¦šÎ µœµ¥Ÿ¨¨´¡›r…°Š<br />

ަ„¦¤Ã—¥šÎ µ„µ¦Áž¦¸¥ Áš¸¥ ¦Šš¸ÉÄ oÄœ„µ¦¨µ„…¹Êœ¦¼ž<br />

¨³‡ªµ¤®œµ…°Š ·ÊœŠµœ…–³…¹Êœ¦¼ ž š´ÊŠœ¸ÊŸ¨š¸ÉÅ—o‹µ„Â<br />

‹Î µ¨°Š¤¸ÂœªÃœo¤š¸É­°—‡¨o°Š„´ Ÿ¨‹µ„„µ¦š—¨°Š‹¦·ŠÄœ<br />

…–³š¸É¤n¡·¤¡r¥´ŠÅ¤nÅ—o¤¸„µ¦ž¦´ ž¦»Š‹¹Š­µ¤µ¦„¨nµªÅ—oªnµ<br />

 ‹Î µ¨°Šš¸ÉÄ o¤¸‡ªµ¤¼„˜o°ŠÁ¡ºÉ°œÎ µÅžÄ o®µ‡nµ˜´ªÂž¦š¸É<br />

Á®¤µ³­¤Äœ„µ¦…¹Êœ¦¼ž ·ÊœŠµœ ­nªœš¸É Áž}œ„µ¦®µ‡nµ˜´ª<br />

ž¦š¸ÉÁ®¤µ³­¤ Á¡ºÉ°œÎ µÅžž¦´ ž¦»ŠÁ¤n¡·¤¡r¨³šÎ µ„µ¦…¹Êœ<br />

¦¼ž ·ÊœŠµœ ×¥«¹„¬µ°·š›·¡¨…°Š¦´«¤¸—µ¥š¸É¤¸Ÿ¨˜n°‡ªµ¤<br />

Á­¸¥®µ¥Â¨³‡ªµ¤®œµ…°Š ·ÊœŠµœ ˜¨°—‹œ°·š›·¡¨…°Š<br />

¦Š„—Ÿnœ ·ÊœŠµœš¸ ɤ¸Ÿ¨˜n°‡ªµ¤®œµ…°Š œŠµœÂ¨³¦°¥ ·Ê<br />

¥nœš¸Éže„ ÊœŠµœ · Ÿ¨š¸ÉÅ—o‹µ„„µ¦šÎ µÂ ‹Î µ¨°Š¡ ªnµ¦´«¤¸<br />

—µ¥š¸É¤¸…œµ—Á¡· ɤšÎ µÄ®o¦ŠÄœ„µ¦…¹Êœ¦¼ž¨—¨Š ¨³šÎ µÄ®o<br />

‡ªµ¤®œµ…°Š ·ÊœŠµœš¸É„oœoª¥¤¸‡ªµ¤®œµÁ¡·É¤…¹Ê œ ¦Š„—<br />

Ÿnœ ·ÊœŠµœš¸ ÉÁ®¤µ³­¤‹³šÎ µÄ®o„µ¦Å®¨˜´ª…°Šª´­—»—¸…¹Êœ<br />

¨³ nª¥Á¡·É¤‡ªµ¤®œµÄ®o„´ ·ÊœŠµœ œ°„‹µ„œ¸Ê¥´ŠÅ¤n¡<br />

¦°¥¥nœš¸Éže„ ·ÊœŠµœ­Î µ®¦´ Ÿ¨š¸ÉÅ—o¦´ ‹µ„„µ¦¨µ„…¹Êœ¦¼ž ·Êœ<br />

Šµœ‹¦·Š®¨´Šž¦´ ž¦»ŠÂ¤n¡·¤¡r¡ ªnµ ¦´«¤¸—µ¥¦ª¤š´ÊŠÂ¦Šš¸É<br />

Ä o„—Ÿnœ ·ÊœŠµœ¤¸‡ªµ¤¼„˜o°ŠÁž}œÅž˜µ¤Â ‹Î µ¨°Š<br />

„¨nµª‡º° ‡ªµ¤®œµ ·ÊœŠµœ‹³Á¡·É¤…¹ÊœÃ—¥Å¤n Á„·—‡ªµ¤Á­¸¥<br />

®µ¥Â¨³Å¤n¡ ¦°¥¥nœš¸Éže„ ·ÊœŠµœÁ¤ºÉ°¦´«¤¸—µ¥Â¨³Â¦Š„—<br />

Ÿnœ ·ÊœŠµœ¤¸ …œµ—Á¡·É¤…¹Êœ<br />

1&$105$6%$6(',1'8&7,21<br />

027256(1625/(66'5,9(5227('21<br />

'63$'0&<br />

œ´„ª·‹´¥ ¦¦®µ¦­»š›·¡¦­¤ ´˜·°»—¤«´„—·Í¥´ÉŠ¥ºœ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

<br />

/RZFRVWKLJKG\QDPLFSHUIRUPDQFHDQG<br />

FRQWUROODEOH VSHHG RI WKH LQGXFWLRQ PRWRU DUH<br />

LQWHQWLRQ WR FRQWURO WKH LQGXFWLRQ PRWRU ZLWKRXW<br />

VSHHGVHQVRU7KHUHDFWLYHSRZHU05$60RGHO<br />

5HIHUHQFH $GDSWLYH 6\VWHP LV XVHG WR<br />

DSSUR[LPDWH WKH VSHHG RI WKH LQGXFWLRQ PRWRU<br />

7KDW UHFNRQV WKH GLIIHUHQFH EHWZHHQ UHDFWLYH<br />

SRZHULQ UHIHUHQFH DQG DGDSWLYH PRGHO 7KHQFH<br />

WKH GLIIHUHQW HUURU LV WKH LQSXW RI SURSRUWLRQDO<br />

LQWHJUDOFRQWUROOHUZKLFKRXWFRPHVWKHHVWLPDWHG<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

VSHHG RI WKH LQGXFWLRQ PRWRU $ VTXLUUHOFDJH<br />

LQGXFWLRQ PRWRU N: LV VHW IRU SUDFWLFDO<br />

H[SHULPHQW 7KH V\VWHP FRQWURO XWLOL]HV WKH IOX[<br />

DQG WRUTXH FRQWURO EDVHG RQ VSDFH YHFWRU<br />

PRGXODWLRQ SULQFLSOH 7KH LPSOHPHQWDWLRQ LV<br />

IRXQG RQ DQ DYDLODEOH ELW '63$'0&,<br />

ZLHOGHGDVWKHPDLQFRQWUROOHU ZKLOH WKH LQYHUWHU<br />

RSHUDWHV DW N+] RI VZLWFKLQJ IUHTXHQF\ 7KH<br />

H[SHULPHQWDO UHVXOWV VKRZ D JRRG WUDQVLHQW<br />

UHVSRQVH ZKHQ FRQWUROOHG XQGHU VSHHG VHQVRUOHVV<br />

GULYH<br />

1&„µ¦‡ª ‡»¤‡ªµ¤Á¦Èª…°Š¤°Á˜°¦r Á®œ¸É¥ªœÎ µ<br />

 Į¤n×¥Ä oª·›¸„µ¦‡ª ‡»¤Â ¤°Á˜°¦rÅ¢˜¦Š<br />

œ´„ª·‹´¥ ›¸¦³«´„—·ÍÁ­£µ„¨n°¤°»—¤«´„—·Í¥´ÉŠ¥ºœ<br />

<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

<br />

š‡ªµ¤œ¸ÊÅ—oœÎ µÁ­œ°ª·›¸„µ¦‡ª ‡»¤‡ªµ¤Á¦Èª…°Š<br />

¤°Á˜°¦rÁ®œ¸É¥ªœÎ µ¦¼žÂ Ä®¤n š¸É¤¸¦³ ‡ª ‡»¤Â<br />

¤°Á˜°¦rÅ¢¢jµ„¦³Â­˜¦ŠÅ¤nÄ o¡µ¦µ¤·Á˜°¦r…°Š¤°Á˜°¦rÄœ<br />

„µ¦‡Î µœª–¨³¤¸­¤„µ¦Äœ„µ¦‡Î µœª–œo°¥¤µ„×¥¤¸„µ¦<br />

‡ª ‡»¤­°Š¨¼ž ¨¼žœ°„Áž}œ„µ¦‡ª ‡»¤‡ªµ¤Á¦ÈªÂ¨³¨¼žÄœ<br />

Áž}œ„µ¦‡ª ‡»¤„¦³Â­ ª·›¸„µ¦­ª·˜ rÁž}œÂ ­Áž Áª‡Á˜°¦r<br />

¤°—¼Á¨ ´Éœš¸Å¤n‡Î µœª–Áª¨µ‡ªµ¤¸É„µ¦­ª·˜ r „·Ã¨Á±·¦r˜<br />

Ÿ¨„µ¦š—­° „´  ‹Î µ¨°Š¤°Á˜°¦rÁ®œ¸É¥ªœÎ µ…œµ— <br />

¦Š¤oµÃ—¥Ä oަ„¦¤0$7/$%6,08/,1.­—Š<br />

Ä®oÁ®Èœªnµ¤¸Ÿ¨˜° ­œ°ŠšµŠ¡¨ª´—š¸É—¸Â¨³Á¦Èª…°Šª·›¸„µ¦š¸É<br />

Å—oœÎ µÁ­œ°<br />

1&„µ¦‡ª ‡»¤Â žj°œ„¨´ ¨³žj°œÅž®œoµ<br />

…°Š°·œÁª°¦rÁ˜°¦r œ·—­µ¤Á¢œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­»¦­·Š®r°¥¼n­»…°»—¤«´„—·Í¥´ÉŠ¥ºœ<br />

°·¬‘µ » µ°¦»–Áœ˜¦­µ‡¦Ã¡›·ÍŠµ¤<br />

„µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ<br />

®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°ª·›¸„µ¦‡ª ‡»¤°·œÁª°¦rÁ˜°¦r<br />

œ·—­µ¤Á¢­Ã—¥„µ¦Ä o„µ¦‡ª ‡»¤Â žj°œ„¨´ ¨³„µ¦


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

‡ª ‡»¤Â žj°œÅž®œoµ Ž¹ÉŠž¦³„° —oª¥˜´ª‡ª ‡»¤<br />

„¦³Â­Â¨³˜´ª‡ª ‡»¤Â¦Š—´œ Á¡ºÉ°š¸É‹³¨—°´˜¦µ…¥µ¥…°Š<br />

˜´ª‡ª ‡»¤¨Š ˜´ª‡ª ‡»¤Â¦Š—´œ‹³¤¸„¦³Â­Ã®¨—š¸É¤µ‹µ„<br />

ªŠ¦° žj°œÅž®œoµ ¨³˜´ª‡ª ‡»¤„¦³Â­„È‹³¤¸Â¦Š—´œš¸É<br />

š¸É¤µ‹µ„ªŠ¦° žj°œÅž®œoµ—oª¥ ­Î µ®¦´ ­¤„µ¦<br />

­µœ³…°ŠªŠ‹¦°·œÁª°¦rÁ˜°¦r‹³¥oµ¥¤µ°oµŠ°·Š œÂ„œ°oµŠ<br />

°·Š®¤»œ ¨³Ä õ ´ª‡ª ‡»¤Â ¡¸Å° Äœ„µ¦‡ª ‡»¤š´ÊŠÂ¦Š<br />

—´œÂ¨³„¦³Â­ œÂ„œ°oµŠ°·Š®¤»œ šÎ µÄ®o‡nµ‡ªµ¤Ÿ·—¡¨µ—<br />

Äœ­£µª³°¥¼n˜´ª®¤—Åž œ°„‹µ„œ´Êœ¥´Š„¨nµª¹ŠÂœªšµŠÄœ<br />

„µ¦°°„ ˜´ª‡ª ‡»¤Â¦Š—´œÂ¨³„¦³Â­—oª¥ Ž¹ÉŠŸ¨„µ¦<br />

‹Î µ¨°Š„µ¦šÎ µŠµœÂ­—Š¹Š‡nµ 7+' …°ŠÂ¦Š—´œ—oµœ°°„<br />

ž¦³¤µ–«¼œ¥rš´ÊŠ„¦–¸Ã®¨—Á ·ŠÁ­oœÂ¨³Å¤nÁ ŠÁ­oœ ·<br />

1&„µ¦°°„ °´˜¦µ…¥µ¥žj°œ„¨´ š¸É<br />

Á®¤µ³­¤Äœ„µ¦Ä oŠµœ‹¦·Š…°Š˜´ª­´ŠÁ„˜Á˜È¤°´œ—´<br />

 ž¦´ ˜´ªš¸É¤¸Á­¸¥¦£µ¡­Î µ®¦´ ¦³ …´ Á‡¨ºÉ°œ<br />

¤°Á˜°¦rÁ®œ¸É¥ªœÎ µÂ ŦoÁŽÈœÁŽ°¦r ª´—‡ªµ¤Á¦Èª<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

£´š¦£¼¤·¦µ°»—¤«´„—·Í¥´ÉŠ¥ºœ<br />

°·¬‘µ » µ°¦»–Áœ˜¦­µ‡¦Ã¡›·ÍŠµ¤<br />

„µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ<br />

®œoµ<br />

„µ¦…µ—Á­¸¥¦£µ¡…°Š¦³ …´ Á‡¨ºÉ°œ¤°Á˜°¦r<br />

Á®œ¸É¥ªœÎ µÂ ŦoÁŽÈœÁŽ°¦rª´—‡ªµ¤Á¦Èªš¸ ÉÄ o˜´ª­´ŠÁ„˜Á˜È¤<br />

°´œ—´  ž¦´ ˜´ª Áž}œš¸Éš¦µ —¸ Äœ…–³š¸ÉšÎ µŠµœÄœ¥nµœ<br />

„µ¦šÎ µŠµœÂ ‡ºœ¡¨´ŠŠµœ Ž¹ÉŠÁ­¸¥¦£µ¡…°Š¦³ —´Š<br />

„¨nµª…¹Êœ°¥¼n„´ °´˜¦µ…¥µ¥žj°œ„¨´ —´Šœ´Êœ„µ¦°°„Â<br />

°´˜¦µ…¥µ¥žj°œ„¨´ …°Š˜´ª­´ŠÁ„˜Á˜È¤°´œ—´  ž¦´ ˜´ªš¸É<br />

¤¸Á­¸¥¦£µ¡Áž}œ­·ÉŠš¸É­Î µ‡´ °¥nµŠ¥·ÉŠ ¨³„µ¦°°„Â<br />

°´˜¦µ…¥µ¥žj°œ„¨´ …°Š˜´ª­´ŠÁ„˜Â ž¦´ ˜´ªš¸ÉÁ®¤µ³­¤<br />

ÄœšµŠž’· ´˜·„ÈÁž}œ­·ÉŠš¸É‹Î µÁž}œÁ nœ„´œ—´Šœ´ÊœÄœŠµœª·‹´¥œ¸Ê‹¹Š<br />

œÎ µÁ­œ°„µ¦°°„ °´˜¦µ…¥µ¥žj°œ„¨´ š¸ÉÁ®¤µ³­¤Äœ<br />

„µ¦Ä oŠµœ‹¦·ŠÂ¨³¥´Š‡Š¤¸Á­¸¥¦£µ¡˜¨°—¥nµœ„µ¦šÎ µŠµœ<br />

Ž¹ÉŠŸ¨„µ¦‹Î µ¨°Š„µ¦šÎ µŠµœÂ­—Š¹Š‡ªµ¤Áž}œÅžÅ—o…°ŠÂœª<br />

‡·—š¸ÉœÎ µÁ­œ°<br />

1&„µ¦šÎ µœµ¥Ã®¨—­¼Š­»—¦³¥³­´ÊœÂ¨³¦³¥³<br />

¥µª°µ«´¥Ã‡¦Š…nµ¥ž¦³­µšÁš¸¥¤Â Â¥„ǦŠ…nµ¥<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

<br />

žd¥­ª´­—·Íœª¦´˜œr–°¥»›¥µ<br />

­´œ˜·­»…¡·¤¡r¡¦³‹´œš¦r°»—¤«´„—·Í¥´ÉŠ¥ºœ<br />

„µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ<br />

®œoµ<br />

Šµœª·‹´¥œ¸ÊœÎ µÁ­œ°„µ¦šÎ µœµ¥Ã®¨—‡nµ¥°—¦³¥³<br />

­´Êœ ¨³¦³¥³¥µª°µ«´¥Ã‡¦Š…nµ¥ž¦³­µšÁš¸¥¤Â Â¥„<br />

ǦŠ…nµ¥ ÄœŠµœª·‹´¥œ¸ÊǦŠ…n µ¥ž¦³­µšÁš¸¥¤š¸ÉÄo ‹³¼„<br />

Â¥„°°„Áž}œ®¨µ¥ÇǦŠ…nµ¥š¸É˜„˜nµŠ„´ œÁ¡ºÉ°šÎ µœµ¥…o°<br />

¤¼¨Âª—¨o°¤š¸É¤¸Ÿ¨˜n°Ã®¨—‡nµ¥°— °´œž¦³„° —oª¥ Â<br />

‹Î µ¨°Š…°Š„µ¦šÎ µœµ¥ °»–®£¼¤· 7 ‡ªµ¤ ºÊœ +<br />

‡ªµ¤Á¦Èª¨¤ : ‡ªµ¤Á˜· Ø…°Š°»˜­µ®„¦¦¤ 3*5<br />

¨³°´˜¦µ„µ¦Á¡·É¤…°Šž¦³ µ„¦3Ž¹ÉŠ¨oªœÁž}œ˜´ªÂž¦š¸É¤¸<br />

Ÿ¨˜n°Ã®¨—‡nµ¥°— ‹µ„œ´ÊœœÎ µŸ¨š¸ÉÅ—o‹µ„„µ¦šÎ µœµ¥¤µÄ o<br />

šÎ µœµ¥Ã®¨—‡nµ¥°—°¸„‡¦´ÊŠ®œ¹É Š ‹µ„„µ¦š—¨°ŠÃ—¥Ä o…o°<br />

¤¼¨‹µ„„µ¦Å¢¢jµž¦³Áš«¨µª ¡ ªnµª·›¸œ¸Ê­µ¤µ¦Ä®oŸ¨„µ¦<br />

šÎ µœµ¥¦³¥³­´ÊœÅ—o—¸Ã—¥¤¸‡ªµ¤Ÿ·—¡¨µ—˜Î É µ„ªnµª·›¸„µ¦Ä o<br />

ǦŠ…nµ¥Á—¸É¥ª ¨³Â¤oªnµª·›¸„µ¦œ¸Ê‹³Ä®o‡Î µ‡ªµ¤Ÿ·—¡¨µ—<br />

‹µ„„µ¦šÎ µœµ¥Äœ¦³¥³¥µª­¼Š„Șµ¤ ˜n¥´ŠÅ—oŸ¨‡ªµ¤Ÿ·—<br />

¡¨µ—˜ÎÉ µ„ªnµÃ‡¦Š…nµ¥Á—¸É¥ªÁ œ„´œ n<br />

1&„µ¦…´ ¤°Á˜°¦r„¦³Â­˜¦ŠÂ „¦³˜»oœÂ¥„<br />

ŦoÁŽœÁŽ°¦rª´—‡ªµ¤Á¦Èª—o ª¥˜´ªž¦³¤ª¨Ÿ¨­´ µ–<br />

—·‹·˜°¨<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­µ¤µ¦¥³Á ¸¥Š‡Î µÁ ·— ´¥ž¦³£µœª¦´˜œr<br />

°»—¤«´„—·Í¥´ÉŠ¥ºœ­µ‡¦Ã¡›·ÍŠµ¤<br />

„µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ<br />

®œoµ<br />

š‡ªµ¤œ¸ÊÅ—oœÎ µÁ­œ°Šµœ‹¦·Š…°Š„µ¦…´ ¤°Á˜°¦r<br />

„¦³Â­˜¦ŠÂ „¦³˜»oœÂ¥„ŦoÁŽœÁŽ°¦rª´—‡ªµ¤Á¦Èª ×¥<br />

°µ«´¥®¨´„„µ¦…°Š˜´ª­´ŠÁ„˜Â ž¦´ ˜´ªÂ¨³œÎ µ‡nµ‡ªµ¤Ÿ·—<br />

¡¨µ—…°Š„¦³Â­Åž‡Î µœª–¨³ž¦³¤ª¨Ÿ¨ œ '63<br />

&RQWUROOHUV ¦»nœ 706/)$ Á¡ºÉ°Ä oÄœ„µ¦<br />

ž¦³¤µ–‡nµ‡ªµ¤Á¦Èª…°ŠÃ¦Á˜°¦r ‹¹ŠšÎ µÄ®o­µ¤µ¦‡ª ‡»¤<br />

¤°Á˜°¦r„¦³Â­˜¦ŠÂ „¦³˜»oœÂ¥„Å—oץŤn‹Î µÁž}œ˜o°ŠÄ o<br />

1DWLRQDO&RQIHUHQFH


ÁŽœÁŽ°¦rª´—‡ªµ¤Á¦ÈªŽ¹ ÉŠ¤¸¦¼žÂ „µ¦‡ª ‡»¤š¸ ÉŤnŽ´ Žo°œ<br />

—oª¥ª·›¸„µ¦ ¼¦–µ„µ¦˜´ª­´ŠÁ„˜Â ž¦´ ˜´ªÁ…oµ„´ „µ¦‡ª<br />

‡»¤žj°œÅž®œoµÂ —´—ž¨Š šÎ µÄ®o„µ¦‡ª ‡»¤šÎ µÅ—oŠnµ¥<br />

¨³­¤¦¦œ³…°Š¦³ ‡ª ‡»¤Â¦Š ·——¸¥·ÉŠ…¹Êœ œ°„‹µ„œ¸Ê<br />

¥´ŠÅ—oœÎ µÁ­œ°„µ¦ª·Á‡¦µ³®rÁ­¸¥¦£µ¡…°Š¦³ ž¦³¤µ–<br />

‡nµ‡ªµ¤Á¦ÈªšÎ µÄ®oÅ—oÁŠºÉ°œÅ…„µ¦°°„ °´˜¦µ…¥µ¥žj°œ<br />

„¨´ °¥nµŠ¤¸Á­¸¥¦£µ¡ Ÿ¨„µ¦š—­° ¦³ ‹¦·Š¥ºœ¥´œ¹Š<br />

‡ªµ¤¼„˜o°Š…°ŠŸ¨šµŠš§¬‘¸š¸ÉÅ—oœÎ µÁ­œ°<br />

1&„µ¦‡ª ‡»¤ªŠ‹¦„¦°ŠÂ°„š¸¢Â …œµœ<br />

Á¢­Ã—¥Ä õ ´ªž¦³¤ª¨Ÿ¨­´ µ–—·‹·˜°¨š¸É¤¸„µ¦<br />

˜¦ª‹‹´ „¦³Â­±µ¦r¤°œ·„°¥nµŠŠnµ¥<br />

œ´„ª·‹´¥ ¡œ¤šoµª—¸Á ·— ´¥ž¦³£µœª¦´˜œr<br />

°»—¤«´„—·Í¥´ÉŠ¥ºœ­µ‡¦Ã¡›·ÍŠµ¤<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ<br />

®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°„µ¦‡ª ‡»¤ªŠ‹¦„¦°ŠÂ°„š¸¢<br />

 …œµœ Á¢­ ×¥Ä o˜´ªž¦³¤ª¨­´ µ–—·‹·˜°¨š¸É¤¸<br />

„µ¦˜¦ª‹‹´ „¦³Â­±µ¦r¤°œ·„°¥nµŠŠnµ¥Ã—¥Ä o'63Á °¦r<br />

706/) Äœ„µ¦‡ª ‡»¤„µ¦šÎ µŠµœ…°ŠªŠ‹¦<br />

„¦°ŠÂ°‡š¸¢Â …œµœ ÄœªŠ¦° ‡ª ‡»¤„¦³Â­‹³Ä o˜´ª<br />

‡ª ‡»¤Â žj°œ„¨´ ¨³žj°œÅž®œoµÁ¡ºÉ°¨—‡nµ°´˜¦µ<br />

…¥µ¥…°Š˜´ª‡ª ‡»¤„¦³Â­¨Š ¨³¥´ŠœÎ µÁ­œ°ÂœªšµŠÄœ<br />

„µ¦°°„ ˜´ª‡ª ‡»¤„¦³Â­—oª¥ Ž¹ÉŠŸ¨„µ¦š—¨°Š‹¦·Š<br />

Äœ®o°Šž’· ´˜·„µ¦…°ŠªŠ‹¦˜oœÂ Å—o­—ŠÄ®oÁ®Èœ¹Š‡n µ<br />

7+'L…°Š„¦³Â­ÄœÂ®¨nŠ‹nµ¥¨—¨Š‹µ„Ä®oÁ®¨º°<br />

˜ÎÉ µ„ªnµ ¨³‡nµ˜´ªž¦³„° „Î µ¨´Š…°ŠÂ®¨nŠ‹nµ¥¥´Š¤¸<br />

‡nµÁ…oµÄ„¨o®œ¹ÉŠ°¸„—oª¥<br />

1&237,0$/*(1(5$7,21,1<br />

,17(5&211(&7,216


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

œ´„ª·‹´¥ ­µ¥ ¨ »—Á‹º°‹¸œ ¥´œ˜r‡»o¤£´¥<br />

ª¸¦³¡¨Ã¤œ¥³„»¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ<br />

®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°Á‡¦ºÉ°ŠÄ®o‡ªµ¤¦o°œÂ<br />

Á®œ¸É¥ªœÎ µ­Î µ®¦´ Šµœš» …¹Êœ¦¼žÃ¨®³Ã—¥Ä o°·œÁª°¦rÁ˜°¦r<br />

®¨nŠ‹nµ¥„¦³Â­Á˜È¤ ¦·—‹rš¸ÉÄ oÅ°‹¸ ¸š¸Áž}œ˜´ª­ª·šŽ r „µ¦<br />

‡ª ‡»¤Â nŠÁž}œ ­nªœ‡º° „µ¦‡ª ‡»¤„µ¦šÎ µŠµœ…°Š°·œ<br />

Áª°¦rÁ˜°¦rÄ®o¤¸‡ªµ¤¸É­¼Š„ªnµÁ¦ÃŽÂœœŽrÁ¨È„œo°¥‡Šš¸É˜¨°—<br />

„µ¦šÎ µŠµœ ¨³‡ª ‡»¤„µ¦ž¦´ „Î µ¨´Š°´˜Ãœ¤´˜·…°ŠÂ®¨nŠ<br />

‹nµ¥„¦³Â­˜µ¤„µ¦Áž¨¸É¥œÂž¨Š¡µ¦µ¤·Á˜°¦r…°Š ·ÊœŠµœ<br />

…œµ—…°ŠÂ¦Š—´œš¸É‹³¼„‹Î µ„´—Á¡ºÉ°žj°Š„´œÂ¦Š—´œ­¼Š<br />

Á„·œ Á‡¦ºÉ°Š˜oœÂ š¸É­¦oµŠ…¹Êœ­µ¤µ¦Ä®o‡ªµ¤¦o°œÂ„nšn°œ<br />

Á®¨È„…œµ—Á­oœŸnµœ«¼œ¥r„¨µŠ¤¤¥µª¤¤‹µ„<br />

°»–®£¼¤·®o°Š¹Š R & Å—o£µ¥ÄœÁª¨µ ª·œµš¸ ×¥<br />

šÎ µŠµœÄœ nªŠ‡ªµ¤¸Éž¦³¤µ–N+]Ä®o„Î µ¨´Š°°„š¸É<br />

…—¨ª—Á®œ¸É¥ªœÎ µ­¼Š­»— N:¤¸˜´ªž¦³„° „Î µ¨´Š…µÁ…oµ<br />

<br />

1&°·Á¨È„š¦°œ·„­r­Î µ®¦´ š—­° Á‡¦ºÉ°Š<br />

‹nµ¥„¦³Â­Å¢¢jµ˜n°ÁœºÉ°Š œ·—‡º œ¡¨´ŠŠµœ„¨´ ­¼n<br />

¦³<br />

œ´„ª·‹´¥ ªœ·—µÁ°„ ¼¦–³ª´•œr<br />

°·¬‘µ » µ°¦»–Áœ˜¦<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

<br />

°·Á¨È„š¦°œ·„­rš¸É­µ¤µ¦‹nµ¥„Î µ¨´ŠŠµœ„¨´<br />

Åž¥´ŠÂ®¨nŠ‹nµ¥Â¦Š—´œ­µ¥„Î µ¨´ŠÁ¡ºÉ°Ä oÄœ„µ¦š—­° „µ¦<br />

šÎ µŠµœ£µ¥Ä˜o­£µª³„µ¦šÎ µŠµœž„˜·%XUQLQÄœ…´Êœ˜°œ<br />

­»—šoµ¥Äœ„µ¦Ÿ¨·˜Á‡¦ºÉ°Š‹n µ¥„¦³Â­Å¢¢jµ˜n°ÁœºÉ°Š836<br />

Å—o¼„œÎ µÁ­œ°ÄœŠµœª·‹´¥ ·Êœœ¸ Ê ÁœºÉ°Š‹µ„Äœ…´Êœ˜°œœ¸ ÊÁ¦µ<br />

˜o°ŠÄ o¡¨´ŠŠµœ°¥nµŠ˜n°ÁœºÉ°ŠÁž}œ‹Î µœªœ¤µ„Á¡ºÉ°š—­°<br />

„´ ¨³­¼ Á­¸¥ÅžÄœ¦¼ž…°Š‡ªµ¤¦o°œ ªŠ‹¦Âž¨ŠŸ´œ<br />

„¦³Â­˜¦Šš¸É­µ¤µ¦Ãž¦Â„¦¤…œµ—¨³¦¼ž‡¨ºÉœ…°Š<br />

<br />

„¦³Â­…µÁ…oµ¼„œÎ µ¤µ¦ª¤„´ ªŠ‹¦°·œÁª°¦rÁ˜°¦r„¦³Â­­¨´<br />

š¸ÉšÎ µŠµœÁ…oµ‹´Š®ª³„´ ®¨nŠ‹nµ¥Â¦Š—´œ­µ¥„Î µ¨´ŠÁ¡ºÉ°šÎ µ„µ¦<br />

‹nµ¥„Î µ¨´ŠŠµœ‡ºœÄ®o„´ ¦³ „µ¦‹Î µ¨°Š„µ¦šÎ µŠµœÂ­—Š<br />

„µ¦šÎ µŠµœ…°Š¦³ š¸Éµ¤µ¦Ãž¦Â„¦¤„¦³Â­Ã®¨—¨³‹nµ¥<br />

‡ºœÅž¥´Š¦³<br />

1&¦³ ž¦³‹»Â ˜Á˜°¦¸ÉÂ Ä o¡¨´ŠŠµœ‹µ„<br />

Áš°¦rä°·Á¨È„˜¦·„<br />

œ´„ª·‹´¥ ªœ·—µÁ°„ ¼¦–³ª´•œr<br />

Á‹œ«´„—·ÍÁ°„ ¼¦–³ª´•œr<br />

°·¬‘µ » µ°¦»–Áœ˜¦<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ<br />

®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°¦³ ž¦³‹»Â ˜Á˜°¦¸ÉÂ Ä o<br />

¡¨´ŠŠµœ‹µ„Áš°¦rä°·Á¨È„˜¦· „ ×¥¦³ œ¸ÊÄ oÁš°¦rä°·Á¨È„<br />

˜¦·„Ž¹ÉŠÁž}œ°»ž„¦–rš¸É­µ¤µ¦Áž¨¸É¥œ¡¨´ŠŠµœ‡ªµ¤¦o°œÁž}œ<br />

¡¨´ŠŠµœÅ¢¢jµÅ—o×¥˜¦Š¤µÁž¨¸É¥œ‡ªµ¤¦o°œÁž}œÅ¢¢jµ<br />

„¦³Â­˜¦ŠÁ¡ºÉ°ž¦³‹»Â ˜Á˜°¦¸É ץŗo¤¸„µ¦š—­° ®µ‡»–<br />

¨´„¬–³…°Š˜´ªÁš°¦rä°·Á¨È„˜¦·„š¸É¦³—´ °»–®£¼¤·˜nµŠÇ „µ¦<br />

šÎ µŠµœ…°Š¦³ Ä oªŠ‹¦Âž¨ŠŸ´œÅ¢˜¦ŠÂ 6(3,&Áž}œ<br />

˜´ª‡ª ‡»¤„µ¦ž¦³‹» ª´˜»ž¦³­Š‡r…°ŠŠµœª·‹´¥œ¸Ê„ȇº ° Á¡ºÉ°<br />

«¹„¬µ‡»–¨´„¬–³…°Š˜´ªÁš°¦rä°·Á¨È„˜¦· „ ž¦³¥»„˜rÄ oŠµœ<br />

¨³¡´•œµÄ®oÁž}œÁ‡¦ºÉ°Šž¦³‹»Â ˜Á˜°¦¸ Éš¸ É­µ¤µ¦Ä o¡¨´Š<br />

Šµœ‹µ„‡ªµ¤¦o°œš·ÊŠ®¦º°Â®¨nŠ¡¨´ŠŠµœ‡ªµ¤¦o°œ°ºÉœÇÅ—o<br />

×¥˜¦Š<br />

1&),1,7((/(0(17$1$/


7KH PDLQ REMHFWLYH RI WKLV ZRUN ZDV WR GHYHORS<br />

DQ )( PRGHO WR DVVHVV WKH VWUHQJWK RI D<br />

EHQFKPDUN GHVLJQ RID VWHHO FDWDPDUDQ KXOO DQG<br />

PDNH FRPSDULVRQV WR WKH UHOHYDQW VWDQGDUGV<br />

DOORZLQJ UHFRPPHQGDWLRQV RI IXUWKHU ZHLJKW<br />

VDYLQJDQGRULQFUHDVHLQVWUHQJWK7KH)(GHVLJQ<br />

DQG ORDG DVVHVVPHQW FULWHULD DSSOLHG WR WKH<br />

EHQFKPDUN GHVLJQ JDYH \LHOG VWUHQJWK VDIHW\<br />

IDFWRUV6)RIIRUWKHPDLQWUDQVYHUVHIUDPHV<br />

DQGIRUWKHSODWHVZHOGHGDURXQGWKHIUDPHV<br />

VKRZLQJ SRWHQWLDO IRU UHGXFLQJ ZHLJKW $<br />

UHGXFWLRQRISODWHWKLFNQHVVIURPWRPPVDYHV<br />

RIWKHWRWDOVKLSZHLJKWJLYLQJD6)RI<br />

$GGLQJDUDGLXVWRVHOHFWHGZHOGHGSODWHVDURXQG<br />

WKHIUDPHLQFUHDVHGWKHIUDPH6)WR/RRNLQJ<br />

PRUH ZLGHO\ WKLV SURMHFW UHIOHFWV WKH WUHQG LQ<br />

JURZWKRI)(DVDWRROLQDOOHQJLQHHULQJLQGXVWU\<br />

1&¦³ ­Î µ®¦´ „µ¦ Î µ¦»Š¦´„¬µ¦µª„´œ°´œ˜¦µ¥<br />

¨³Å¢¢jµ­n°Š­ªnµŠ<br />

œ´„ª·‹´¥ ­¤Á„¸¥¦˜·¦»nŠš°ŠÄ ­»¦¸¥rž¦³­·š›·ÍðÄ ·<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤…œ­nŠÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸É¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

Á—°³šª·œšµªÁª°¦r„¦»ŠÁš¡²®œoµ<br />

š‡ªµ¤ª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡º É°Á­œ°¦³<br />

­Î µ®¦´ „µ¦ Î µ¦»Š¦´„¬µ¦µª„´œ°´œ˜¦µ¥Â¨³¦³ Å¢¢jµ­n°Š<br />

­ªnµŠ Ž¹ÉŠ¤¸ÂœªšµŠ„µ¦«¹„¬µÃ—¥Ä o ­° µ¤­Î µ¦ª‹<br />

‡ªµ¤‡·—Á®Èœ‹µ„Ÿ¼o ¤¸ž¦³­ „µ¦–r—oµœ„µ¦ µ¦»Š¦´„¬µšÎ µÄ®o<br />

š¦µ ¨´„¬–³„µ¦Á­¸¥®µ¥Â¨³ž{ ®µ…°Š¦µª„´œ°´œ˜¦µ¥<br />

¨³Á­µÅ¢¢jµ­n°Š­ªnµŠš¸É˜·—˜´ ÊŠ ¦µ¥„µ¦˜¦ª‹­° ¦ª¤¹Š<br />

¦° ¦³¥³Áª¨µš¸ÉÁ®¤µ³­¤­Î µ®¦´ „µ¦°°„ ¡ºÊœš¸É˜¦ª‹<br />

­° ¨³ÂœªšµŠ„µ¦Â„oÅ…ž{ ®µ Ž¹ÉŠ­µ¤µ¦‹´—Áž}œ¦³<br />

„µ¦ Î µ¦»Š¦´„¬µ¦µª„´œ°´œ˜¦µ¥Â¨³Å¢¢jµ­n°Š­ªnµŠš¸É¤¸<br />

ž¦³­·š›·£µ¡ °´œ‹³ nª¥­nŠÁ­¦·¤Ä®o¦µª„´œ°´œ˜¦µ¥Â¨³Á­µ<br />

Å¢¢jµ­n°Š­ªnµŠ¤¸°µ¥»„µ¦Ä oŠµœš¸É¥µªœµœ…¹ Êœ ¦ª¤š´ÊŠ<br />

­µ¤µ¦¦´„¬µ®œoµš¸É¨³‡Šž¦³­·š›·£µ¡„µ¦Ä oŠµœÂ¨³ nª¥<br />

¨—‡nµÄ o‹nµ¥…°Š®œnª¥ŠµœÄœ¦³¥³¥µª<br />

1&‹»—˜n°Ã‡¦Š­¦oµŠ¦³®ªnµŠ°Š‡r°µ‡µ¦Á®¨È„<br />

¨³°Š‡r°µ‡µ¦‡°œ„¦¸˜Á­¦·¤Á®¨È„<br />

œ´„ª·‹´¥ ­¤Á„¸¥¦˜·¦»nŠš°ŠÄ ­»¦¸¥r­»›œ¦»nŠÁ¦º°Š<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ675¹Š675<br />

Šµœª·‹´¥‡¦´ÊŠœ¸ ʤ¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µž{ ®µš¸É<br />

Á„·—…¹Êœ…°Š‹»—˜n°Ã‡¦Š­¦oµŠ¦³®ªnµŠ°Š‡r°µ‡µ¦Á®¨È„¨³<br />

°Š‡r°µ‡µ¦‡°œ„¦¸˜Á­¦·¤Á®¨È„ Á¡ºÉ°ª·Á‡¦µ³®r­µÁ®˜»…°Š<br />

ž{ ®µ®¦º°‡ªµ¤Á­¸¥®µ¥ ¦ª¤š´ÊŠ®µÂœªšµŠ„µ¦Â„oŅ¨³<br />

…o°‡ª¦¦³ª´Š ¡¦o°¤„´ Á­œ°ÂœªšµŠ„µ¦žj°Š„´œ‡ªµ¤Á­¸¥<br />

®µ¥…°Š‹»—˜n°Ä®o¤¸ž¦³­·š›£µ¡Â¨³Á®¤µ³­¤„´ „µ¦Ä oŠµœ<br />

‹µ„„µ¦«¹„¬µ¡ ªnµ ­µÁ®˜»š¸ÉšÎ µÄ®o‹»—˜n°Ã‡¦Š<br />

­¦oµŠ¦³®ªnµŠ°Š‡r°µ‡µ¦Á®¨È„¨³°Š‡r °µ‡µ¦‡°œ„¦¸˜Á­¦·¤<br />

Á®¨È„×¥š´ÉªÅž Å—o¦´ ‡ªµ¤Á­¸¥®µ¥¤µ„š¸É­»—‡º ° DQFKRU<br />

EROW¨³Á®¨È„š¸ÉÁ„·—­œ·¤ÁœºÉ°Š¤µ‹µ„­£µ¡Âª—¨o °¤š¸ÉÁže¥„<br />

ºÊœÂ¨³Â®oŠ­¨´ „´œÅž ­µÁ®˜»ž¦³„µ¦š¸É­°Šš¸É¡ Áž}œ„µ¦<br />

˜„¦oµª…°Š‡°œ„¦¸˜ÁœºÉ°Š‹µ„‡»–£µ¡‡°œ„¦¸˜Â¨³„µ¦<br />

Á­ºÉ°¤­£µ¡…°Š‡°œ„¦¸˜Áž}œÁ®˜»Ä®oÁ®¨È„Á­¦·¤‡°œÁ„¦¸˜<br />

Á„·—­œ·¤‹œÁž}œÁ®˜»Ä®o‹»—˜n°ª· ´˜·<br />

1&¡§˜·„¦¦¤…°Š®¼ oµŠÁ®¨È„š¸É¥¹—˜·—„´ Á­µ<br />

‡°œ„¦¸˜Á­¦·¤Á®¨È„<br />

œ´„ª·‹´¥ ­¤Á„¸¥¦˜·¦»nŠš°ŠÄ ­»¦¸¥r­»›œ¦»nŠÁ¦º°Š<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤ <br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸®œoµ<br />

675¹Š675<br />

Šµœª·‹´¥‡¦´ÊŠœ¸ ʤ¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µ<br />

¡§˜·„¦¦¤„µ¦¦´ ¦Š…°Š‹»—˜n°Ã‡¦Š­¦oµŠ¦³®ªnµŠ®¼ oµŠ<br />

Á®¨È„¨³Á­µ‡°œ„¦¸˜Á­¦·¤Á®¨È„Á¡º É°®µ¦¼žÂ Á®¤µ³­¤<br />

…°Š®¼ oµŠÁ®¨È„š¸ÉœÎ µ¤µ¥¹—˜·—„´ Á­µ‡°œ„¦¸˜Á­¦·¤Á®¨È„¦ª¤<br />

š´ÊŠª·›¸„µ¦˜·—˜´ ÊŠš¸ ÉÁ®¤µ³­¤Á¡ºÉ°Ä®o­µ¤µ¦Ä oŠµœÅ—o°¥nµŠ<br />

ž¨°—£´¥Â¨³¤¸ž¦³­·š›·£µ¡­¼Š­»— „µ¦«¹„¬µšÎ µÃ—¥„µ¦<br />

°°„ ®¼ oµŠ  œÎ µ¤µ¥¹—˜·—„´ Á­µ‡°œ„¦¸˜Á­¦·¤<br />

Á®¨È„š¸É®¨n°Åªo„n°œÂ¨o ª ª·›¸„µ¦¥¹—®¼ oµŠÁ®¨È„„´ Á­µ<br />

‡°œ„¦¸˜Á­¦·¤Á®¨È„ nŠ°°„Áž} œ ª·›¸ ¨oªœÎ µÅž„—<br />

š—­° «¹„¬µ¡§˜·„¦¦¤„µ¦¦´ ¦ŠÂ¨³„µ¦ª· ´˜·…°Š‹»—˜n°<br />

Ž¹ÉŠŸ¨„µ¦«¹„¬µ­µ¤µ¦œÎ µÅžÄ oÄœ„µ¦°°„ ˜n°Á˜·¤®¼<br />

oµŠÁ®¨È„š¸ÉÁ®¤µ³­¤Á¡º É°¥¹—˜·—„´ Á­µ‡°œ„¦¸˜Á­¦·¤Á®¨È„<br />

˜n°Åž<br />

1&Ÿ¨„¦³š …°ŠÁoµnµœ®·œ˜n°ž¦·¤µ˜¦Ã¡¦Š<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¨³ž’·„·¦·¥µž°ŽÃŽ¨µœÄœÁ¡­˜r<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›¸¦ª´•œr­·œ«·¦· ´¥‹µ˜»¦¡·š´„¬r„»¨<br />

ž¦· µ‹·œ—µž¦³Á­¦·“<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸®œoµ<br />

0$7¹Š0$7<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°Ÿ¨„¦³š Áoµnµœ®·œ˜n°„Î µ¨´Š<br />

°´—ž¦·¤µ˜¦Ã¡¦Š‹»—¥°—…°ŠÂ‡¨ÁŽ¸¥¤Å±—¦°„ÅŽ—r¨³<br />

ž’·„¦·¥µž°ŽÃŽ¨µœÄœÁ¡­˜rš¸ÉÂ…ÈŠ˜´ªÂ¨oª ×¥œÎ µÁoµnµœ<br />

®·œ‹µ„®¨nŠ‡º°Ã¦ŠÅ¢¢jµÂ¤nÁ¤µ³‹¨Î µžµŠÂ¨³Ã¦ŠÅ¢<br />

¢jµ…°ŠÁ°„ œ ‹¦³¥°Š šœš¸ÉÄœž¼œŽ¸Á¤œ˜rž°¦r˜Â¨œ—r<br />

ž¦³Á£šš¸ÉÄœ°´˜¦µ­nªœ¦o°¥¨³Â¨³Ã—¥œÎÊ µ<br />

®œ´„…°Šª´­—»ž¦³­µœ °´˜¦µ­nªœœÎÊ µ˜n°ª´­—»ž¦³­µœÁšnµ„´ <br />

š—­° „Î µ¨´Š¦´ ¦Š°´— ž¦·¤µ˜¦Ã¡¦Š ‹»—¥°—…°Š<br />

‡¨ÁŽ¸¥¤Å±—¦°„ÅŽ—r ¨³„µ¦Á„·—ž’·„·¦·¥µž°ŽÃŽ¨µœ<br />

Ÿ¨„µ¦š—­° ¡ ªnµ„Î µ¨´Š°´—…°ŠÁ¡­˜rŸ­¤Áoµnµœ®·œ‹µ„<br />

¤nÁ¤µ³ )0 ­¼Š„ªnµÁ¡­˜rŸ­¤Áoµnµœ®·œ‹µ„¦³¥°Š<br />

)5š¸É°µ¥»ª´œÂ¨³Á¤ºÉ°°µ¥»„µ¦ n¤¤µ„…¹Êœ„µ¦Âšœš¸É<br />

ž¼œŽ¸Á¤œ˜r—oª¥Áoµoµœ®·œÄœ°´˜¦µ­nªœ¦o°¥¨³ ¡ ªnµ<br />

Á¡­˜r )0 ¤¸ž¦·¤µ˜¦Ã¡¦Šš´ÊŠ®¤—¨³Ã¡¦Š‡µžd ¨µ¦¸˜ÎÉ µ<br />

„ªnµÁ¡­˜r )5 ˜nÁ¤ºÉ°Âšœš¸É Áoµnµœ®·œÄœž¦·¤µ–¤µ„‡º°<br />

¦o°¥¨³ ž¦·¤µ˜¦Ã¡¦Šš´ÊŠ®¤—¨³Ã¡¦Š‡µžd¨µ¦¸ …°Š<br />

Á¡­˜r)0­¼Š„ªnµÁ¡­˜r )5„µ¦Âšœš¸Éž¼œŽ¸Á¤œ˜r—oª¥Áoµ<br />

nµœ®·œšÎ µÄ®o‹»—¥°—…°Š &D2+ ¨—¨ŠÂ¨³šoµ¥­»—¥´Š<br />

¡ ªnµ‹»—¥°—…°Š &D2+ …°ŠÁ¡­˜r )5˜ÎÉ µ„ªnµÁ¡­˜r<br />

)0<br />

1&„µ¦«¹„¬µÁoµnµœ®·œ)*'Á¡ºÉ°œÎ µ¤µÄ oÁž}œ<br />

ª´­—»ž°ŽÃŽ¨µœ<br />

œ´„ª·‹´¥ ¡¨„§¬–rØ­¤£µ¡<br />

<br />

´¥¡¨¡·š¥„·˜˜·ªŠ«r ´¥‹µ˜»¦¡·š´„¬r„»¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ0$7¹Š0$7<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ«´„¥£µ¡…°ŠÁoµnµœ®· œ<br />

)*'Á¡ºÉ°œÎ µ¤µÄ oÁž}œª´­—»ž°ŽÃŽ¨µœÃ—¥«¹„¬µ‡»–­¤ ´˜·<br />

<br />

šµŠ„µ¥£µ¡Â¨³°Š‡rž¦³„° šµŠÁ‡¤¸…°ŠÁoµnµœ®·œ ¨³<br />

„Î µ¨´Š°´—…°Š¤°¦r˜oµ¦rÁ¤ºÉ°Ä oÁoµnµœ®· œ )*' šœš¸Éž¼œ<br />

Ž¸Á¤œ˜rž°¦r˜Â¨œ—rž¦³Á£šš¸É Äœ°´˜¦µ­nªœ¦o°¥¨³ <br />

¨³Ã—¥œÎÊ µ®œ´„ª´­—»ž¦³­µœ<br />

Ÿ¨„µ¦ª·‹´¥¡ ªnµÁoµnµœ®·œ )*' ¤¸‡ªµ¤<br />

¨³Á°¸¥—­¼Š°œ»£µ‡¤¸š´ÊŠ¦¼ž¦iµŠš¸ÉÁž}œš¦Š„¨¤Â¨³¦¼ž¦iµŠš¸ÉŤn<br />

Âœnœ°œŸ·ª…¦»…¦³Â¨³¤¸¦¼¡¦»œ ¤¸ž¦·¤µ–‡¨ÁŽ¸¥¤Ž´¨Á¢˜<br />

&D62 ž¦³¤µ–¦o°¥¨³ Ž¹ÉŠ‡n°œ…oµŠ­¼ Š Á¤ºÉ°Ä ošœš¸É<br />

ž¼œŽ¸Á¤œ˜ršÎ µÄ®o¦³¥³Áª¨µ„µ¦„n°˜´ª˜oœÂ¨³ž¨µ¥Á¡·É¤…¹ Êœ<br />

°¥nµŠ¤µ„Ž¹ÉŠ­µ¤µ¦Â„oÅ…Å—o×¥„µ¦Á˜·¤Â‡¨ÁŽ¸¥¤‡¨°Å¦—r<br />

&D&O ¦o°¥¨³ ×¥œÎÊ µ®œ´„…°Šª´­—»ž¦³­µœ¨ŠÄœ<br />

Á¡­˜r„µ¦Á¡·É¤ž¦·¤µ–„µ¦Âšœš¸Éž¼œŽ¸Á¤œ˜r—oª¥Áoµnµœ®· œ<br />

)*'šÎ µÄ®o¤°¦r˜oµ¦r¤¸°´˜¦µ­nªœœÎÊ µ˜n°ª´­—»ž¦³­µœ¨—¨ŠÁ¨È„<br />

œo°¥ ¨³„µ¦Âšœš¸É¦o°¥¨³ šÎ µÄ®o„Î µ¨´Š°´—š¸ÉÅ—o­¼Š„ªnµ<br />

¦o°¥¨³…°Š¤°¦r˜oµ¦r¤µ˜¦“µœÄœš»„°µ¥»„µ¦š—­° °¸„<br />

š´ÊŠ­µ¤µ¦Ä ošœš¸Éž¼œŽ¸Á¤œ˜rÅ—o­¼Š¹Š¦o°¥¨³ Ž¹ÉŠ¥´ŠÄ®o<br />

„Î µ¨´Š°´—­¼Š„ªnµ¦o°¥¨³…°Š¤°¦r˜oµ¦r¤µ˜¦“µœš¸É°µ¥»<br />

ª´œ „µ¦Ÿ­¤Â‡¨ÁŽ¸¥¤‡¨°Å¦—ršÎ µÄ®o¤°¦r˜oµ¦r¤¸„Î µ¨´Š°´—­¼Š<br />

„ªnµ¤°¦r˜oµ¦rš¸ÉŤnŸ­¤Â‡¨ÁŽ¸¥¤‡¨°Å¦—r Ÿ¨‹µ„„µ¦«¹„¬µ<br />

—oµœ„Î µ¨´Š°´—¡ ªnµÁoµnµœ®·œ )*' ­µ¤µ¦Ä oÁž}œª´­—»<br />

ž°ŽÃŽ¨µœÅ—o°¥nµŠ—¸<br />

1&Ÿ¨„¦³š ‹µ„‡ªµ¤¨³Á°¸¥—…°ŠÁoµnµœ®·œ<br />

˜n°‡ªµ¤‡Ššœ…°Š¤°¦r˜oµ¦r‹µ„„µ¦„´—„¦n°œ…°Š„¦—<br />

Ž´¨¢¼¦·‡Â¨³Ž´¨Á¢˜<br />

œ´„ª·‹´¥ ¦´“¡¨­¤œµ‹·¦¡Š¬rÁ°„¡µœ· <br />

<br />

ª´œ ´¥­³˜³Á°œ„«·¦·¡µœ· „¦<br />

´¥‹µ˜»¦¡·š´„¬r„»¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤ <br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ0$7¹Š0$7<br />

Šµœª·‹´¥œ¸Ê«¹„¬µŸ¨„¦³š …°Š‡ªµ¤¨³Á°¸¥—…°Š<br />

Áoµnµœ®·œš¸É¤¸˜n°‡ªµ¤‡Ššœ…°Š¤°¦r ˜oµ¦r ×¥œÎ µÁoµnµœ<br />

®·œš¸ÉÅ—o‹µ„把µœÃ—¥˜¦ŠÂ®¨nŠŸ¨·˜¤µž¦´ ž¦»Š‡ªµ¤<br />

¨³Á°¸¥—‹µ„œ´ÊœœÎ µ¤µÂšœš¸Éž¼œŽ¸Á¤œ˜r ž°¦r˜Â¨œ—rž¦³Á£š<br />

š¸ÉÄœ°´˜¦µ­nªœ¦o°¥¨³Â¨³Ã—¥œÎÊ µ®œ´„<br />

ª´­—»ž¦³­µœ šÎ µ„µ¦Ÿ­¤¤°¦r˜oµ¦r¤µ˜¦“µœ Á¡ºÉ°š—­°<br />

„µ¦˜oµœšµœ„µ¦„´—„¦n°œ‹µ„­µ¦¨³¨µ¥„¦—Ž´¨¢¼¦·‡‡ªµ¤<br />

1DWLRQDO&RQIHUHQFH


Á…o¤…oœ¦o°¥¨³Â¨³ ×¥œÎÊ µ®œ´„ ¨³š—­° „µ¦<br />

…¥µ¥˜´ª…°Š¤°¦r˜oµ¦rÄœ­µ¦¨³¨µ¥Â¤„œ¸ÁŽ¸¥¤Ž´¨Á¢˜‡ªµ¤<br />

Á…o¤…oœ¦o°¥¨³Ã—¥œÎÊ µ®œ´„<br />

‹µ„„µ¦«¹„¬µ¡ ªnµ¤°¦r˜oµ¦rš¸ÉŸ­¤—oª¥nµœ®·œš¸É<br />

¨³Á°¸¥—‹³¼„„´—„¦n°œ‹µ„­µ¦¨³¨µ¥Ž´¨¢¼¦·‡‡ªµ¤Á…o¤…oœ<br />

¦o°¥¨³ ×¥œÎÊ µ®œ´„¤µ„„ªnµ„µ¦Ä oÁoµnµœ®·œ‹µ„®¨nŠ<br />

Ÿ¨·˜Ã—¥˜¦Š ˜n¼„„´—„¦n°œœo°¥¨ŠÄœ­µ¦¨³¨µ¥„¦—<br />

‡ªµ¤Á…o¤…oœ¦o°¥¨³Ã—¥œÎÊ µ®œ´„œ°„‹µ„œ¸Ê¤°¦r˜oµ¦r<br />

š¸ÉŸ­¤Áoµnµœ®·œš¸É¤¸‡ªµ¤¨³Á°¸¥—¤µ„¤¸„µ¦…¥µ¥˜´ªÁœºÉ °Š<br />

‹µ„­µ¦¨³¨µ¥Ž´¨Á¢˜œo°¥„ªnµ¤°¦r˜µ¦rš¸ÉŸ­¤Áoµnµœ®·œ<br />

‹µ„把µœÃ—¥˜¦Š Äœ…–³š¸É„µ¦Ä oÁoµnµœ®·œš¸É¤¸ž¦·¤µ–<br />

…°Š &D2 62 ¨³°´¨‡µÅ¨­¼Š‹³šÎ µÄ®oÁ„·—„µ¦…¥µ¥˜´ª<br />

…°Š¤°¦r˜oµ¦r­¼Š…¹Êœ—oª¥<br />

1&¡§˜·„¦¦¤Á­µÁ…Ȥ—·œŽ¸Á¤œ˜r¦´ ¦Š—oµœ…oµŠ<br />

œ´„ª·‹´¥ Á„¬¤Á¡ ¦Á„˜»¡¦Á„¬¤‹Šž¦³—·¬“r<br />

¡·š¥µÂ‹n¤­ªnµŠ<br />

ÁŸ¥Â¡¦n 7KH WK 6\PSRVLXPRQ6RLO*URXQG<br />

,PSURYHPHQWDQG*HRV\QWKHWLFV<br />

›´œªµ‡¤Ã¦ŠÂ¦¤Á—°³šª·œšµªÁª°¦r<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ¡§˜·„¦¦¤£µ¥Ä˜oœÎÊ µ®œ´„<br />

„¦³šÎ µšµŠ—oµœ…oµŠ…°ŠÁ­µÁ…Ȥ—·œŽ¸Á¤œ˜rš¸ ÉÁ„·—…¹ Êœ‹¦·ŠÄœ<br />

­œµ¤‹µ„ž¨Šš—­° ×¥Ä oÁ­µÁ…Ȥ—·œŽ¸Á¤œ˜rš¸É —Î µÁœ·œ<br />

„µ¦˜·—˜´ÊŠÃ—¥ª· ›¸„µ¦Œ¸—œÎÊ µž¼œ—oª¥Â¦Š—´œ­¼Š‹Î µœªœ˜oœ<br />

˜n¨³˜oœ¤¸‡ªµ¤¥µª Á¤˜¦ ¨³¤¸…œµ—Á­oœŸnµœ«¼œ¥r<br />

„¨µŠ ÁŽœ˜·Á¤˜¦ Á­µÁ…Ȥ—· œŽ¸Á¤œ˜rš»„˜oœ {Š°¥¼nÄœ—·œ<br />

Á®œ¸¥ª˜¨°— nªŠ‡ªµ¤¥µª ¨³Å—ošÎ µ„µ¦˜·—˜´ÊŠ<br />

,QFOLQRPHWHUFDVLQJ¤¸‡ªµ¤¥µªÁ¤˜¦Á¡ºÉ°ª´—‡nµ„µ¦<br />

Á‡¨ºÉ°œš¸ ÉšµŠ—oµœ…oµŠ£µ¥Äœ—oª¥Á‡¦º É°Š¤º°ª´ — 'LJLWLOW<br />

,QFOLQRPHWHU Äœ„µ¦š—­° ‹³Ä®oœÎÊ µ®œ´„„¦³šÎ µÂ <br />

&\FOLF /RDGLQJ¡¦o°¤„´ šÎ µ„µ¦ ´œš¹„‡nµ„µ¦Á‡¨ºÉ°œ˜´ª<br />

Ÿ¨„µ¦«¹„¬µ¡ ªnµÁ­µÁ…Ȥ—·œŽ¸Á¤œ˜rš»„˜o œ Á„·—„µ¦ª· ´˜·<br />

ÁœºÉ°Š‹µ„äÁ¤œ˜r—´—¨³Á„·—…¹Êœš¸ É ¦·Áª–Ä„¨o„´ Ÿ·ª—· œ<br />

°¥nµŠÅ¦„Șµ¤‡ªµ¤˜n°ÁœºÉ°ŠÂ¨³‡ªµ¤Áž}œÁœºÊ°Á—¸¥ª„´œ…°Š<br />

Á­µÁ…Ȥ—· œŽ¸Á¤œ˜r¤¸Ÿ¨°¥nµŠ¥·ÉŠ˜n°¡§˜·„¦¦¤„µ¦¦´ ¦Š<br />

1&„µ¦«¹„¬µ„µ¦„¦³‹µ¥…°ŠÂ¦Š—´œœÎÊ µÄœÃ¡¦Š<br />

—·œ¦³®ªnµŠ„µ¦„n°­¦oµŠÁ­µÁ…Ȥ—·œŽ¸Á¤œ˜r<br />

œ´„ª·‹´¥<br />

<br />

ÁŸ¥Â¡¦n<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Á„¬¤Á¡ ¦Á„˜»¡·œ·˜˜´ÊŠ » Á˜·¤<br />

°¦¦¡¨ª· ¼¨¥r‹´œš¦r<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤ <br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ*7(¹Š*7(<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„µ¦„¦³‹µ¥…°ŠÂ¦Š—´œœÎÊ µ<br />

ĜᦊÁŒ¡µ³ nªŠ„n°­¦oµŠÁ­µÁ…Ȥ—·œŽ¸Á¤œ˜r ×¥ª·›¸ -HW<br />

*URXWLQJ Á¡ºÉ°š¸É‹³«¹„¬µªnµÂ¦Š—´œ‹µ„„µ¦ *URXWLQJ ¤¸<br />

°·š›·¡¨˜n°¡ºÊœš¸É…oµŠÁ‡¸¥Š°¥nµŠÅ ¦ Ä o¡·ŽÃŽ¤·Á˜°¦r $,7<br />

7\SH ª´—¦Š—´œœÎÊ µ…–³šÎ µÁ­µÁ…Ȥ—·œŽ¸Á¤œ˜r„n°œŠµœ„n °<br />

­¦oµŠ‡´œ—·œš—¨°ŠÄœ¡ºÊœš¸ É…°ŠÃ¦ŠÅ¢¢jµ¡¨´ŠŠµœ‡ªµ¤¦o°œ<br />

¦nª¤ª´Šœo°¥‹´Š®ª´—¡¦³œ‡¦«¦¸°¥»›¥µŽ¹ÉŠÄœ„µ¦„n°­¦oµŠ‡´œ<br />

—·œš—¨°Š‡¦´ÊŠœ¸Ê Ä oÁ­µÁ…Ȥ—·œŽ¸Á¤œ˜r‹Î µœªœ ˜oœ …œµ—<br />

Á­oœŸnµœ«¼œ¥r„¨µŠŽ¤¥µªÁ¤˜¦Áž}œ“µœ¦°Š¦´ —·œ<br />

¤Ä o¦Š—´œ µ¦rÄœ„µ¦šÎ µ-HW*URXWLQJÁ¡ºÉ°šÎ<br />

&HPHQW&ROXPQ¨³šÎ µ3UH-HWÅ—o˜·—˜´ÊŠ¡·ŽÃŽ¤·Á˜°¦r<br />

 2SHQ 6WDQGSLSHª´—Ÿ¨…°ŠÂ¦Š—´œœÎÊ µÄœÃ¡¦Š—·œš¸É<br />

¦³—´ ‡ªµ¤¨¹„ Á¤˜¦ Á¤˜¦Â¨³ Á¤˜¦ ˜µ¤¨Î µ—´ <br />

¨³˜·—˜´ÊŠ¡·ŽÃŽ¤·Á˜°¦r &ORVHG +\GUDXOLF 6\VWHP<br />

‹Î µœªœ˜Î µÂ®œnŠ˜Î µÂ®œnŠ¨³‡ªµ¤¨¹„Å—o„nÁ¤˜¦<br />

Á¤˜¦Â¨³Á¤˜¦Á¡ºÉ°ª´—‡nµÂ¦Š—´œœÎÊ µ­nªœÁ„·œš¸ÉÁ„·—…¹Êœ<br />

Äœ¦³®ªnµŠšÎ µ„µ¦„n°­¦oµŠ ¨³®¨´Š„µ¦„n°­¦oµŠÁ­µÁ…Ȥ—·œ<br />

Ž¸Á¤œ˜r‹µ„Ÿ¨„µ¦«¹„¬µ¡ ªnµ‡nµÂ¦Š—´œœÎÊ µÄœÃ¡¦Š—·œÁ¦·É¤<br />

˜oœ š¸É¦³—´ ‡ªµ¤¨¹„ Á¤˜¦ Á¤˜¦Â¨³ Á¤˜¦ ¤¸‡nµ<br />

ÁŒ¨¸É¥Ášnµ„´ NVFNVF¨³NVF˜µ¤<br />

¨Î µ—´ ‡nµÂ¦Š—´œœÎÊ µ­nªœÁ„·œ­¼Š­»—š¸Éª´—Å—o¦³®ªnµŠ„n°­¦oµŠ<br />

Á­µÁ…Ȥ—· œŽ¸Á¤œ˜rš¸É¦³—´ ‡ªµ¤¨¹„Á¤˜¦Á¤˜¦Â¨³<br />

Á¤˜¦¤¸‡nµÁšnµ„´ NVFNVF¨³NVF<br />

˜µ¤¨Î µ—´ ‡nµÁŒ¨¸É¥…°ŠÂ¦Š—´œœÎÊ µ­nªœÁ„·œ®¨´Š‹µ„šÎ µ„µ¦„n°<br />

­¦oµŠÁ­µÁ…Ȥ—·œŽ¸Á¤œ˜rÁ­¦È‹Â¨oªŸn µœÅž ª´œ ¡ ªnµ š¸É<br />

¦³—´ ‡ªµ¤¨¹„ Á¤˜¦ Á¤˜¦Â¨³ Á¤˜¦ ¤¸‡nµÁšnµ„´ <br />

NVFNVF¨³NVF ˜µ¤¨Î µ—´ ­—Šªnµ<br />

„µ¦„¦³‹µ¥…°ŠÂ¦Š—´œœÎÊ µ ¦·Áª–œ¸ÊÄ oÁª¨µž¦³¤µ–ª´œ<br />

‹³¤¸‡nµÂ¦Š—´œ­nªœÁ„·œÁž}œ š¸É‡ªµ¤¨¹„ŤnÁ„·œ Á¤˜¦<br />

¨³‹³Á®¨º°‡nµÂ¦Š—´œ°¸„Á¨È„œo°¥Äœ­nªœš¸É ¨¹„¨ŠÅž<br />

1&­¤—»¨­·˜…°ŠÁ‡Á ·¨­µ¤¤·˜·Ä˜oš³Á¨Äœ¡·„´—<br />

š¦Š„¦³ °„<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

´¥œ´œšœr¤³ ¦µ­¤ µ¥ ¼ ¸¡­„»¨<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤ <br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ,19,7('¹Š,19,7('<br />

š‡ªµ¤œ¸Ê œÎ µÁ­œ°„µ¦ª·Á‡¦µ³®r­¤—»¨­·˜…°Š<br />

Á‡Á ·¨­µ¤¤·˜·Ä˜oš³Á¨ Äœ¦³ ¡·„´—š¦Š„¦³ °„ ץĜ<br />

„µ¦ª·Á‡¦µ³®r‹³ž¦³¥»„˜rÄ o®¨´„„µ¦…°ŠŠµœÁ­¤º°œ ×¥šÎ µ<br />

„µ¦Âž¦Ÿ´œ­¤„µ¦¡¨´ŠŠµœ¦ª¤…°Š¦³ ¨oªÄ®oÁšnµ„´<br />

«¼œ¥r ª·›¸„µ¦šµŠÅ¢Åœ˜rÁ°¨·Á¤œ˜r¨³„¦³ ªœ„µ¦<br />

1HZWRQ5DSKVRQ Å—o¼„œÎ µ¤µÄ oÄœ„µ¦®µ‡Î µ˜° Á ·Š˜´ª<br />

Á¨…„µ¦ª·Á‡¦µ³®rÁ‡Á ·¨Ä˜oš³Á¨œ´ÊœÁ‡Á ·¨‹³¼„¦Š„¦³šÎ µ<br />

Äœ¦¼žÂ ˜nµŠÇ˜¨°—‡ªµ¤¥µª…°ŠÁ‡Á ·¨°´œÅ—o„n¦Š<br />

„¦³šÎ µÁœºÉ°Š‹µ„‡ªµ¤Á¦Èª…°Š„¦³Â­œÎÊ µÂ¦Š—´œœÎÊ µÂ¦Š¨°¥<br />

˜´ª ¨³œÎÊ µ®œ´„…°Š˜´ªÁ‡Á ·¨Á°Š ץ¦Šš´ÊŠ®¨µ¥Á®¨nµœ¸Ê<br />

¨oªœ¤¸Ÿ¨˜n°­£µª³…°ŠÁ‡Á ·¨š´ÊŠ­·Ê œ ‡ªµ¤¼„˜o°Š…°ŠÂ<br />

‹Î µ¨°Šœ¸ÊÅ—o¼„˜¦ª‹­° ×¥„µ¦Áš¸¥ Ÿ¨„µ¦‡Î µœª–„´<br />

Šµœª·‹´¥°ºÉœ<br />

1&‡ªµ¤¸É›¦¦¤ µ˜·Â<br />

Âœª—·ÉŠš¸É¦´ ¦Š—¹ Š<br />

ŤnÁ ·ŠÁ­oœ…°Ššn°Äœ<br />

œ´„ª·‹´¥ «´„—·¦´˜œr„oª°»nœÁ¦º°œ­¤ µ¥ ¼ ¸¡­„»¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤ <br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ&20¹Š&20<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°„µ¦«¹„¬µ‡ªµ¤¸É›¦¦¤ µ˜·<br />

 ŤnÁ ·ŠÁ­oœ…°Ššn°š¸É¦´ ¦Š—¹Šš¸É˜´ÊŠ°¥¼nĜœª—·ÉŠ Ž¹ÉŠÁž}œ<br />

šn°š¸ÉÅ—o¦´ „µ¦ž¦³¥»„˜rÄ oŠµœ„´œš´ÉªÅžÄœŠµœšµŠ—oµœ<br />

ª·«ª„¦¦¤ µ¥ {~Š°ª„µ«¥µœ®¦º°šµŠ„¨«µ­˜¦r ¸ª£µ¡Äœ<br />

„µ¦ª·Á‡¦µ³®r¤¸­¤¤˜·“µœªnµÃ‡¦Š­¦oµŠ­µ¤µ¦¥º—®—˜´ª<br />

˜µ¤ÂœªÂ„œÅ—o¨³¡·‹µ¦–µ‡ªµ¤Â…ÈŠÁ„¦ÈŠÁœºÉ°Š‹µ„„µ¦<br />

—´— „µ¦ª·Á‡¦µ³®r°µ«´¥¡ºÊœ“µœ…°Š„µ¦¡·‹µ¦–µ¢{ Š„r ´œœ´¨<br />

…°ŠŠµœ¡¨´ŠŠµœ…°Ššn° ×¥¡·‹µ¦–µ¡¨´ŠŠµœ<br />

‡ªµ¤Á‡¦¸¥—ÁœºÉ°Š‹µ„„µ¦Á­¸¥¦¼ž˜µ¤ÂœªÂ„œ ¡¨´ŠŠµœ<br />

‡ªµ¤Á‡¦¸¥—ÁœºÉ°Š‹µ„„µ¦—´ — ŠµœÁ­¤º°œ‹µ„œÎÊ µ®œ´„ž¦³<br />

­·š›·Ÿ¨…°Ššn°Â¨³Â¦Š£µ¥œ°„˜nµŠÇ ¨³¡¨´ŠŠµœ‹¨œr<br />

ÁœºÉ°Š‹µ„„µ¦­´Éœ…°Ššn°Â¨³…°ŠÅ®¨£µ¥Äœšn °­¤„µ¦<br />

<br />

Á‡¨ºÉ°œš¸ ÉŤnÁ ·ŠÁ­oœ…°Š¦³ ®µÅ—o‹µ„®¨´„„µ¦…°ŠÂ±¤¤· ¨<br />

˜´œ­Î µ®¦´ „µ¦ª·Á‡¦µ³®r„µ¦­´Éœ°·­¦³Å¤nÁ ŠÁ­oœšÎ · µ„µ¦ž¦´<br />

ž¦»Š¦¼žÂ …°Šž{ ®µÁ…oµ­¼nž{ ®µ‡nµÅ°Á„œ—oª¥­¤„µ¦„µ¦<br />

Á‡¨ºÉ°œš¸É …°Š¨µ „¦°Š‹r Ä oª·›¸Å¢Åœ˜rÁ°¨·Á¤œ˜r¦nª¤„´ ª·›¸š¸É<br />

ž¦´ ž¦»Š‹µ„„¦³ ªœ„µ¦šÎ µŽÎÊ µÃ—¥˜¦ŠÂ¨³ª·›¸°·œÁª°¦r­Äœ<br />

„µ¦®µ‡nµ‡ªµ¤¸É›¦¦¤ µ˜· Ÿ¨„µ¦‡Î µœª–‡nµ‡ªµ¤¸É›¦¦¤<br />

µ˜·Å¦o®œnª¥…°Ššn°¨Î µÁ¨¸¥Š…°ŠÅ®¨Ä˜oš³Á¨Å—oœÎ µ¤µÂ­—ŠÅªo<br />

×¥œÎ µÁ­œ°Ÿ¨„¦³š ‹µ„‡ªµ¤Â…ÈŠÁ„¦ÈŠ˜n°‡ªµ¤¸ É›¦¦¤<br />

µ˜·Â ŤnÁ ·ŠÁ­oœ…°Ššn°<br />

1&„µ¦Ã„nŠÁ—µ³Â¨³®¨´Š„µ¦Ã„nŠÁ—µ³…°ŠÃ‡¦Š<br />

…o°Â…ÈŠ£µ¥Ä˜o œÎÊ µ®œ´„ ¦¦š»„š¸ÉŤnÁž¨¸É¥œÂž¨Šš·«<br />

šµŠ˜µ¤„µ¦Á­¸¥¦¼ž—jª¥ª·›¸°¸¨·ž˜·‡°·œš·„¦´¨<br />

œ´„ª·‹´¥ °¦»–­»ª¦¦– ¸ª³«·¦·­¤ µ¥ ¼ ¸¡­„»¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸É¡§¬£µ‡¤ <br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ675¹Š675<br />

š‡ªµ¤Œ ´ œ¸Ê«¹„¬µ¡§˜·„¦¦¤„µ¦Ã„nŠÁ—µ³Â¨³<br />

®¨´Š„µ¦Ã„nŠÁ—µ³…°ŠÃ‡¦Š…o°Â…ÈŠ ·Êœ­n ªœš¸É¤¸“µœ¦°Š¦´<br />

Áž}œÂ ¥¹—Âœnœ¦´ œÎÊ µ®œ´„ ¦¦š»„„¦³šÎ µÁž}œ‹»— –<br />

˜Î µÂ®œnŠ‹»—˜n°  š¸ÉŤn¤¸„µ¦Áž¨¸É¥œÂž¨Šš·«šµŠ˜µ¤„µ¦<br />

Á­¸¥¦¼ž ×¥¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°ª·Á‡¦µ³®r®µ‡Î µ˜°  ¤nœ<br />

˜¦Š…°Šž{ ®µ—oª¥ª·›·°¸¨·ž˜·‡°·œš·„¦´¨ ץŤn¦ª¤Ÿ¨…°Š<br />

„µ¦Á­¸¥¦¼žÁœºÉ°Š‹µ„¦Š˜µ¤ÂœªÂ„œÂ¨³Â¦ŠÁŒº°œ<br />

š‡ªµ¤œ¸Ê­—ŠÄ®oÁ®Èœ¹Š¡§˜·„¦¦¤®¨´Š„µ¦Á„µ³Ã„nŠÁ—µ³<br />

š´ÊŠšµŠ—oµœ¦¼žÂ „µ¦Ã„nŠÁ—µ³Â¨³„¦µ¢Â­—Š‡ªµ¤<br />

­´¤¡´œ›r¦³®ªnµŠœÎÊ µ®œ´„ ¦¦š»„„´ ¦³¥³„µ¦Á‡¨ºÉ°œ˜´ªÄœ<br />

Âœª—·ÉŠ Ÿ¨š¸ÉÅ—o‹µ„„µ¦‡Î µœª–¡ ªnµ ÄœšµŠš§¬‘¸Ã‡¦Š<br />

­¦oµŠÃ‡¦Š…o°Â…ÈŠ­µ¤µ¦¤¸Á­oœ„¦µ¢…°Š¡§˜·„¦¦¤®¨´Š„µ¦<br />

ÄnŠÁ—µ³Å—o®¨µ¥Á­oœšµŠ ×¥š¸É˜n¨³Á­oœšµŠž¦³„° —oª¥<br />

¦¼žÂ „µ¦Ã„nŠÁ—µ³®¨µ¥¦¼žÂ ¨³¡ ªnµœÎÊ µ®œ´„ ¦¦š»„<br />

ª·„§˜·…°ŠÃ‡¦Š…o°Â…ÈŠ‡º°œÎ Ê µ®œ´„ ¦¦š»„ª·„§˜·Á¦·É¤˜oœš¸É¤¸‡nµ<br />

˜ÎÉ µš¸É­» — ×¥¡ ªnµÃ‡¦Š…o°Â…ÈŠš¸É­¤¤µ˜¦š´ÊŠšµŠ—oµœ¦¼ž¦iµŠ<br />

Á¦·É¤˜o œÂ¨³œÎÊ µ®œ´„ ¦¦š»„ ‹³¤¸¡§˜·„¦¦¤®¨´Š„µ¦Ã„nŠÁ—µ³<br />

š´ÊŠÂ ­¤¤µ˜¦Â¨³Å¤n­¤¤µ˜¦ ‡nµœÎÊ µ®œ´„ ¦¦š»„ª·„§˜·š¸É<br />

Á„·—…¹Êœ‹³Áž}œ…°ŠÁ­oœ„¦µ¢š¸ ɤ¸¡§˜·„¦¦¤®¨´Š„µ¦Ã„nŠÁ—µ³<br />

Áž}œÂ Ťn­¤¤µ˜¦ ª·›¸„µ¦š¸ÉÄ oª·Á‡¦µ³®rœ¸Ê­µ¤µ¦˜¦ª‹<br />

­° ¡§˜·„¦¦¤VQDSWKURXJK¨³VQDSEDFNÅ—o—¸„ªnµ<br />

1DWLRQDO&RQIHUHQFH


ª·›¸„µ¦°ºÉœ ÁœºÉ°Š‹µ„Áž}œ„µ¦­¤¤»˜·¦¼ žÂ<br />

ǦŠ…o°Â…Ȋ×¥˜¦Š<br />

„µ¦Á­¸¥¦¼ž…°Š<br />

1&„µ¦­´Éœ°·­¦³Â ŤnÁ ·ŠÁ­oœ…°ŠÂŸn œ¡ºÊœ<br />

®œµ œ“µœ¦µ„¥º—®¥»nœÂ ¡µ¦µ¤·Á˜°¦r<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­»¦Á— „oªž¦³Á­¦·“­¤ µ¥ ¼ ¸¡­„»¨<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤ <br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸®œoµ<br />

675¹Š675<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°„µ¦ª·Á‡¦µ³®r„µ¦­´Éœ°·­¦³…°Š<br />

Ÿnœ¡ºÊœ®œµªµŠ œ“µœ¦µ„¥º—®¥»nœÂ ¡µ¦µ¤·Á˜°¦r<br />

×¥Ä oš§¬‘¸ÂŸnœ¡ºÊœÁ­¸¥¦¼ žÁœºÉ°Š‹µ„¦ŠÁŒº°œ°´œ—´ š¸É­µ¤<br />

ª·›¸Å¢Åœ˜rÁ°¨·Á¤œ˜r ŤnÁ ·ŠÁ­oœ¡¦o°¤—oª¥„¦³ ªœ„µ¦<br />

šÎ µŽÎÊ µÃ—¥˜¦ŠÅ—oœÎ µ¤µÄ oÄœ„µ¦ž{ ®µÁ ·Š˜´ªÁ¨……°Š‡nµ<br />

‡ªµ¤¸É›¦¦¤ µ˜·‡nµ°´˜¦µ­nªœ‡nµ‡ªµ¤¸É›¦¦¤ µ˜· …°ŠÂŸnœ<br />

¡ºÊœš¸ ɤ¸š¸ ɦ°Š¦´  ˜n µŠÅ—oœÎ µ¤µÂ­—ŠÅªo ץž¦Áž¨¸É¥œ<br />

‡nµ¡µ¦µ¤·Á˜°¦r“µœ¦µ„<br />

1&ÂœªšµŠ‡ªµ¤¦nª¤¤º°Äœ„µ¦ž¦³„° „µ¦…œ<br />

­nŠ­·œ‡oµ¦³®ªnµŠ£¼¤·£µ‡„¦–¸«¹„¬µ­µœ¸…œ­nŠ­·œ<br />

‡oµ‡¨°Š®¨ªŠ¡»š›¤–”¨Â¨³¦n¤Á„¨oµ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

«·ª—¨žµ¦· µ˜·„µœœšrª·Ã¦‹œr«¦¸­»¦£µœœšr<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤ <br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ753¹Š753<br />

„µ¦«¹„¬µÄœ‡¦´ÊŠœ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µ¹ŠŸ¨<br />

…°Š‡ªµ¤¦nª¤¤º°Äœ„µ¦ž¦³„° „µ¦…œ­nŠ­·œ‡oµ¦³®ªnµŠ£¼¤·<br />

£µ‡ ×¥°µ«´¥Âœª‡·—‡ªµ¤¦nª¤¤º°¦³®ªnµŠŸ¼ož¦³„° „µ¦<br />

¦nª¤„·‹„¦¦¤„µ¦…œ­nŠ­·œ‡oµš¸É¤¸ž¦³­·š›·£µ¡­¼Š…¹ÊœÃ—¥<br />

«¹„¬µ‹µ„„¨»n¤Ÿ¼ož¦³„° „µ¦£µ¥Äœ­µœ¸…œ­nŠ­·œ‡oµ µœ<br />

Á¤º°Šš´ÊŠÂ®nŠÅ—o„n­µœ¸…œ­nŠ­·œ‡oµ‡¨°Š®¨ªŠ¡»š›<br />

¤–”¨ ¨³¦n¤Á„¨oµ ­Î µ®¦´ „µ¦ª·Á‡¦µ³®r‹³Ä oª·›¸„Î µ®œ—<br />

„µ¦Á ·ŠÁ­oœÄœ„µ¦®µ¦¼žÂ „µ¦…œ­nŠš¸ÉšÎ µÄ®oÁ„·—‡nµÄ o‹nµ¥<br />

˜ÎÉ µš¸É­»—£µ¥Ä˜oÂœª‡·—‡ªµ¤¦nª¤¤º°Äœ„µ¦ž¦³„° „µ¦…œ<br />

­nŠ ץ¥nŠ„µ¦«¹„¬µ°°„Áž}œ …´Êœ˜°œ Å—o„n …´Êœ˜°œ<br />

¦„„µ¦«¹„¬µ¨´„¬–³…°ŠŸ¼ož¦³„° „µ¦Â¨³­£µ¡„µ¦…œ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­nŠ…°Š­µœ¸…œ­nŠ­·œ‡oµÂ˜n¨³Â®nŠ …´Êœ˜°œš¸É­°Š „µ¦­¦oµŠ<br />

¦¼žÂ „µ¦…œ­nŠ­·œ‡oµ‹µ„­µœ¸…œ­nŠ­·œ‡oµ µœÁ¤º°Š°°„<br />

Åž¥´Š£¼¤·£µ‡˜nµŠÇ š´Éªž¦³Áš« ¨³…´Êœ˜°œ­» —šoµ¥ „µ¦<br />

Áž¦¸¥ Áš¸¥ ž¦³­·š›·£µ¡š¸ÉÁ„·—…¹Êœ‹µ„¦¼žÂ ˜nµŠÇ …°Š<br />

‡ªµ¤¦nª¤¤º°Äœ„µ¦ž¦³„° „µ¦…œ­nŠ­·œ‡oµ Ÿ¨„µ¦«¹„¬µ<br />

¡ ªnµ ¦¼žÂ „µ¦…œ­nŠ­·œ‡oµ£µ¥Ä˜oÂœª‡·—‡ªµ¤¦nª¤¤º°<br />

¦³®ªnµŠ„´œ ‹³šÎ µÄ®o‹Î µœªœÁš¸É¥ªš¸É…œ­nŠÂ¨³¦³¥³šµŠ…œ­nŠ<br />

…°Š¦ ¦¦š»„­·œ‡oµ¨—¨Š ­nŠŸ¨Ä®õ oœš»œ‡nµÄ o‹nµ¥¦ª¤Äœ<br />

„µ¦…œ­nŠ˜n°ª´œ¨—¨Šž¦³¤µ– µš<br />

1&„µ¦ž¦³¥»„˜rÄ o¢{ŽŽ¸É¨°‹·„­Î µ®¦´ „µ¦„Î µ®œ—<br />

Ÿ¨„Î µÅ¦ž¦³¤¼¨Šµœ…°ŠŸ¼o¦´ Á®¤µ„n°­¦oµŠ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

Å¡‹·˜¦Ÿµª´œ¡µ­·š›·Í®¨n°›¸¦¡Š«r<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

Šµœª·‹´¥œ¸ÊÅ—oÁ­œ°Ã¤Á—¨„µ¦ž¦³¤¼¨Á¡ºÉ°Ä oÄœ„µ¦<br />

„Î µ®œ—Ÿ¨„Î µÅ¦…°ŠŸ¼o¦´ Á®¤µ„n°­¦oµŠ ×¥¤¸ª´˜»ž¦³­Š‡r<br />

Á¡ºÉ°¡´•œµÁ‡¦ºÉ°Š¤º° nª¥Äœ„µ¦˜´—­·œÄ‹„Î µ®œ—Ÿ¨„Î µÅ¦<br />

…°ŠŸ¼o¦´ Á®¤µ„n°­¦oµŠ Ž¹ÉŠ„µ¦˜´—­·œÄ‹Äœ„µ¦ž¦³¤¼¨…°ŠŸ¼o<br />

¦´ Á®¤µÁž}œ„µ¦˜´—­·œÄ‹š¸É¤¸ ‡ªµ¤Ž´ Žo°œ ÁœºÉ°Š‹µ„‡ªµ¤<br />

ŤnÂœnœ°œ‹µ„ž{‹‹´¥˜nµŠÇ š¸ÉÁ„·—…¹ Êœ Äœ„µ¦«¹„¬µœ¸ÊÅ—o<br />

„Î µ®œ—¨´„¬–³…°Šž{‹‹´¥š¸É¤¸Ÿ¨„¦³š ˜n°„µ¦˜´—­·œÄ‹<br />

„Î µ®œ—Ÿ¨„Î µÅ¦š¸ÉÅ—o‹µ„ ­° µ¤š´ÊŠ­·Ê œž{‹‹´¥Â¨³<br />

­µ¤µ¦Á¨º°„Å—o˜µ¤­µœ„µ¦–r˜nµŠÇ š¸ÉÁ„·—…¹ÊœÄœ…–³œ´Ê œ<br />

„µ¦«¹„¬µœ¸ÊÅ—oÁ­œ°„µ¦ž¦³¥»„˜rÄ o¢{ŽŽ¸É¨°‹· „ ­Î µ®¦´<br />

¡¥µ„¦–r„µ¦„Î µ®œ—Ÿ¨„Î µÅ¦Á¡ºÉ° nª¥Äœ„µ¦˜´—­·œÄ‹ ¨³<br />

…o°Å—oÁž¦¸¥ …°Šª·›¸„µ¦šµŠ¢{ŽŽ¸Éš¸ÉÁ®¤µ³­¤„ªnµª·›¸°ºÉ œ ‡º°<br />

„µ¦Ä oÁ®˜»Ÿ¨Â¨³°Š‡r‡ªµ¤¦¼o‹µ„ž¦³­ „µ¦–r…°ŠŸ¼ož’· ´˜·<br />

Šµœ¦nª¤„´ ­¤¤»˜·“µœšµŠ‡–·˜«µ­˜¦r šÎ µÄ®o„µ¦¡¥µ„¦–r¤¸<br />

‡ªµ¤­°—‡¨o°Š„´ ‡ªµ¤Áž}œ‹¦·Š ª·›¸„µ¦š¸É¡´•œµ…¹Êœœ¸ÊÅ—o¼„<br />

š—­° ×¥œÎ µÅž¡¥µ„¦–rÁž°¦rÁŽÈœ˜r¦o°¥¨³„µ¦„Î µ®œ—Ÿ¨<br />

„Î µÅ¦Áš¸¥ „´ ¢‡Á˜°¦rÁ°¢Šµœ°µ‡µ¦…°Š®œnª¥Šµœ¦µ<br />

„µ¦Ÿ¨„µ¦š—­° ­—ŠÄ®oÁ®Èœªn µ„µ¦¡´•œµ„µ¦¡¥µ„¦–r<br />

Á¡ºÉ°„Î µ®œ—Ÿ¨„Î µÅ¦Ã—¥Ä o¢{ŽŽ¸É¨°‹·„œ´Êœ¤¸‡ªµ¤¥º—®¥»n œ<br />

¨³­µ¤µ¦¡·‹µ¦–µ˜´ªÂž¦£µ¬µ µŠ œ·—š¸ÉÁž}œ­µÁ®˜»<br />

®¨´„Äœ„µ¦šÎ µÄ®oŸ¨„µ¦¡¥µ„¦–rÁ„·—‡ªµ¤‡¨µ—Á‡¨ºÉ°œ Ž¹ÉŠ<br />

ª·›¸„µ¦¡¥µ„¦–r Á„nµÅ¤n­µ¤µ¦¡·‹µ¦–µÅ—o Á nœ ¦³¥³<br />

Áª¨µÃ‡¦Š„µ¦­µœš¸ÉǦŠ„µ¦²¨²š¸ÉšÎ µÄ®oÁž°¦rÁŽÈœ˜r<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„Î µÅ¦­¼Š®¦º°˜ÎÉ µ„ªnµž„˜·<br />

1&ÁªÈ ÅŽ˜ršµŠ„µ¦«¹„¬µª· µ„µ¦­Î µ¦ª‹Á¦ºÉ°Š<br />

ŠµœªŠ¦°<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›¸¦³¨·¨·˜ª¦µŠ„¼¦<br />

„µ¦ž¦³ »¤Ä® n­µ¤´ ž¦³‹Î µže¨³<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª«¹„¬µ‡¦´ÊŠš¸É<br />

¡§¬£µ‡¤ µŠÂ­œ‹ ¨ »¦¸<br />

®œoµ<br />

ǦŠŠµœœ¸ÊÁž}œ„µ¦­¦oµŠÁªÈ ÅŽ˜ršµŠ„µ¦«¹„¬µª· µ<br />

„µ¦­Î µ¦ª‹ Á¦ºÉ°ŠŠµœªŠ¦° Ž¹ÉŠ¤¸ÁœºÊ°®µž¦³„° —oª¥ ‡Î µ<br />

œ·¥µ¤…°ŠŠµœªŠ¦° ‹»—ž¦³­Š‡r…°Š„µ¦šÎ µªŠ¦° œ·—<br />

…°ŠªŠ¦° ¨´„¬–³…°ŠªŠ¦° „µ¦ž’· ´˜·ŠµœªŠ¦° ‹³<br />

ž¦³„° —oª¥®´ª…o°®¨´„Ç ‡º° Á‡¦ºÉ°Š¤º°š¸ÉÄ oÄœŠµœªŠ¦° <br />

®¨´„„µ¦ž’· ´˜·ŠµœÄœ£µ‡­œµ¤ „µ¦ž’· ´˜·Šµœ„µ¦Á„È<br />

¦µ¥¨³Á°¸¥—¨³„µ¦Ã¥Š¥¹— š§¬‘¸£µ‡…°Šš·«‹³¤¸°¥¼n—oª¥<br />

„´œ š§¬‘¸ ‡º° š§¬‘¸„µ¦˜¦ª‹­° ¤»¤š·« š§¬‘¸£µ‡<br />

…°Šš·« š§¬‘¸Á„¸É¥ª„´ ¡·„´—Œµ„ ®¨´„„µ¦‡Î µœª–ŠµœªŠ<br />

¦° ‹³Â nŠÁž}œªŠ¦° žd— ¨³ªŠ¦° Ážd— „µ¦­¦oµŠ<br />

ÁªÈ ÅŽ˜r ‹³Ä oަ„¦¤ 0DFURPHGLD 'UHDPZHDYHU<br />

¨³Ãž¦Â„¦¤0DFURPHGLD)ODVK<br />

Ÿ¨„µ¦˜¦ª‹­° ‡»–£µ¡‹µ„Ÿ¼oÁ ¸É¥ª µ ¡ ªnµ<br />

‡»–£µ¡šµŠ—oµœÁœºÊ°®µÅ—o‡³ÂœœÁŒ¨¸É ¥ ‡·—Áž}œ¦o°¥<br />

¨³ ‡»–£µ¡šµŠ—oµœ„µ¦°°„ ŗo‡³ÂœœÁŒ¨¸É¥<br />

‡·—Áž}œ¦o°¥¨³ Ÿ¨‹µ„„µ¦ª´—Ÿ¨­´¤§š›·ÍšµŠ<br />

„µ¦«¹„¬µÃ—¥Ä oœ´„«¹„¬µ ‡œ „n°œš¸É‹³«¹„¬µÅ—o<br />

‡³ÂœœÁŒ¨¸É¥Ášn µ„´ ‡·—Áž}œ¦o°¥¨³Â¨³®¨´Š<br />

‹µ„š¸Éœ´„«¹„¬µÅ—o«¹„¬µ šÁ¦¸¥œÁªÈÅŽ˜r¨oªšÎ µÄ®oœ´„«¹„¬µ<br />

Å—o‡³ÂœœÁŒ¨¸É¥®¨´ŠÁ¦¸¥œÁšn µ„´ ‡·—Áž}œ¦o°¥¨³<br />

—´Šœ´Êœ­¦» žÅ—oªnµÁªÈ ÅŽ˜ršµŠ„µ¦«¹„¬µª· µ„µ¦­Î µ¦ª‹<br />

Á¦ºÉ°ŠŠµœªŠ¦° °¥¼nÄœ¦³—´ š¸É—¸ ­µ¤µ¦œÎ µÅžÄ oÄœ„µ¦<br />

­°œª· µ„µ¦­Î µ¦ª‹Á¦ºÉ°ŠŠµœªŠ¦° œ¸ÊÅ—o<br />

1&ÂœªšµŠ„µ¦ž¦´ ž¦»Š‡»–£µ¡„µ¦ ¦·„µ¦<br />

…°Š¦Å¢¢jµ…œ­nŠ¤ª¨ œ„¦–¸«¹„¬µ¦Å¢¢jµ<br />

%76<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›ª´ ´¥Á®¨nµ«·¦·®Š¬rš°ŠÁ°„ ´¥Á¨·«‹»”µ¡¦<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸®œoµ<br />

753¹Š753<br />

<br />

š‡ªµ¤œ¸ÊÅ—oœÎ µÁ­œ°ÂœªšµŠ„µ¦ž¦´ ž¦»Š<br />

‡»–£µ¡„µ¦ ¦·„µ¦Á¡ºÉ°Áž}œ„µ¦­nŠÁ­¦·¤Ä®oŸ¼oÁ—·œšµŠ¤µÄ o<br />

¦³ …œ­nŠ­µ›µ¦–³¤µ„¥·ÉŠ…¹ÊœÃ—¥Ä o¦³ ¦Å¢¢jµ%76<br />

Áž}œ„¦–¸«¹„¬µ „µ¦«¹„¬µÁ¦·É¤‹µ„„µ¦‡´—Á¨º°„ª·›¸„µ¦<br />

ž¦³Á¤·œ‡»–£µ¡„µ¦ ¦·„µ¦ Ž¹ÉŠ¡ ªnµÂ ‹Î µ¨°Š 6HUYLFH<br />

4XDOLW\*DS­µ¤µ¦œÎ µ¤µÄ oÅ—o—¸š´ÊŠÄœ­n ªœ…°Š„µ¦ ¦·„µ¦<br />

š¸É­nŠ¤° ¨³Äœ­nªœ…°Š„µ¦‹´—Ä®o¤¸„µ¦ ¦·„µ¦ ‹µ„œ´ÊœŸ¼o<br />

ª·‹´¥Å—ošÎ µ„µ¦¡´•œµ—´ œ¸ª´—‡»–£µ¡„µ¦ ¦·„µ¦¦Å¢¢jµ¦ª¤<br />

š´ÊŠ­·Ê œ —´ œ¸ ¦ª¤š´ÊŠÅ—o¡´•œµÂ ­° µ¤Â¨³œÎ µÂ<br />

­° µ¤—´Š„¨nµªÅžÄ oÄœ„µ¦Á„È …o°¤¼¨­Î µ®¦´ ž¦³Á¤·œ‡»–<br />

£µ¡„µ¦ ¦·„µ¦Â¨³‹´—šÎ µÂœªšµŠÄœ„µ¦ž¦´ ž¦»Š„µ¦ ¦·„µ¦<br />

¦Å¢¢jµÂ¨³¦³ …œ­nŠ­µ›µ¦–³°ºÉœÇ˜n°ÅžŸ¨„µ¦«¹„¬µ<br />

¡ ªnµ‡»–£µ¡Ã—¥¦ª¤…°Š¦Å¢¢jµ%76°¥¼nÄœÁ„–”r—¸‡º°<br />

¤¸‡nµ—´ œ¸ª´—‡»–£µ¡‡³Âœœ‹µ„ nªŠ‡³Âœœ<br />

‡³Âœœ —¸š¸É­»— ‡º° ‡³Âœœ Ž¹ÉŠ¤¸‡nµÄ„¨oÁ‡¸¥Š„´ …°Š<br />

¦¥œ˜r­nªœ˜´ª ‡nµ—´ œ¸² ‡³Âœœ ¨³—¸„ªnµ…°Š¦<br />

×¥­µ¦ž¦³‹Î µšµŠž¦´ °µ„µ« ‡nµ—´ œ¸² ‡³Âœœ<br />

ž¦³¤µ–ÁšnµÃ—¥¤¸ž{ ®µš¸É‡ª¦Â„o Å…‡º°‡nµÃ—¥­µ¦Â¨³<br />

‡ªµ¤­³—ª„Äœ„µ¦Ä o ¦·„µ¦ ×¥ÁŒ¡µ³°¥nµŠ¥·ÉŠÄœž¦³Á—È œ<br />

…°Š˜Î µÂ®œnŠ…°Š­µœ¸š¸É­°—‡¨o°Š„´ ‡ªµ¤˜o°Š„µ¦Á—·œšµŠ<br />

­Î µ®¦´ ‡»–£µ¡Äœ­nªœ…°Š„µ¦‹´—Ä®o¤¸„µ¦ ¦·„µ¦¡ ªnµ °¥¼n<br />

Äœ¦³—´ žµœ„¨µŠ¹Š—¸¤µ„¨³¤¸ž{ ®µš¸É‡ª¦Â„oÅ…‡º °Â¦Š<br />

‹¼ŠÄ‹Äœ„µ¦šÎ µŠµœ ×¥ÁŒ¡µ³°¥nµŠ¥·ÉŠÄœž¦³Á—Èœ…°ŠŸ¨<br />

˜° šœšµŠ„µ¦ÁŠ·œÂ„n¡œ´„ŠµœÄœ¦³—´ ˜nµŠÇ<br />

1&ž{ ®µ‡ªµ¤ž¨°—£´¥…°Šœœš¸ÉÄ oÄœ„µ¦<br />

ž¦³ »¤Á°Áž‡š¸Éž¦³Áš«Åš¥<br />

œ´„ª·‹´¥ ›ª´ ´¥Á®¨nµ«·¦·®Š¬rš°Š<br />

„·˜·¡¨°´«£µ£¦–r­»„·‹ž{ ‹›œ«´„—·Í<br />

°µš·˜¥r­º «·¦·ª·¦·¥³„»¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤Ã¦ŠÂ¦¤<br />

¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸®œoµ753<br />

¹Š753<br />

ž¦³Áš«Åš¥Å—o¦´ Á„¸¥¦˜·Ä®oÁž}œÁ‹oµ£µ¡‹´—„µ¦<br />

1DWLRQDO&RQIHUHQFH


ž¦³ »¤ªnµ—oª¥‡ªµ¤¦nª¤¤º°šµŠÁ«¦¬“„·‹ÄœÁ°Á ¸¥ÂžŽ·¢d‡<br />

×¥Ä o ºÉ°„µ¦ž¦³ »¤ªn µ v„µ¦ž¦³ »¤Á°Áž‡ w Ž¹ÉŠ‹´—<br />

…¹ÊœÄœ‹´Š®ª´—­Î µ‡´ …°Šž¦³Áš«Åš¥‡º° ‹´Š®ª´—Á ¸¥ŠÄ®¤n<br />

£¼Á„Ș ¨³„¦»ŠÁš¡¤®µœ‡¦ „µ¦«¹„¬µœ¸ÊÅ—o‹´—šÎ µ…¹ÊœÁ¡ºÉ°<br />

˜¦ª‹­° ‡ªµ¤ž¨°—£´¥…°Šœœš¸ÉŸ¼oš¸ ÉÁ…oµ¦nª¤ž¦³ »¤<br />

¦³—´ ­Î µ‡´ Ä oÄœ„µ¦­´ ‹¦ „µ¦«¹„¬µÁ¦·É¤‹µ„„µ¦¦ª ¦ª¤<br />

…o°¤¼¨Á­oœšµŠ‹µ„®œnª¥Šµœš¸ÉÁ„¸É¥ª…o°Š„´ „µ¦‹´—„µ¦<br />

ž¦³ »¤ ‹µ„œ´Êœ‡–³Ÿ¼o˜¦ª‹­° ‡ªµ¤ž¨°—£´¥šµŠœœÅ—o<br />

šÎ µ„µ¦­Î µ¦ª‹£µ‡­œµ¤ ¨oªœÎ µ…o°¤¼¨¤µª·Á‡¦µ³®r¨³‹´—<br />

šÎ µ¦µ¥Šµœž{ ®µ‡ªµ¤ž¨°—£´¥…°Šœœ Á¡ºÉ°®œnª¥Šµœš¸É<br />

Á„¸É¥ª…o°ŠœÎ µÅž—Î µÁœ·œ„µ¦Â„oÅ…ž¦´ ž¦»ŠÄ®o¨oªÁ­¦È‹„n°œ<br />

„µ¦ž¦³ »¤ Ÿ¨‹µ„„µ¦«¹„¬µ­¦»žÅ—oªnµ œœš¸É˜¦ª‹­° ¤¸<br />

ž{ ®µ¦ª¤š´ÊŠ­·Êœ ž¦³Á—Èœ ×¥ž¦³Á—Èœž{ ®µ®¨´„š¸É<br />

¡ Äœš»„ž¦³Á£š…°Šœœ‹³Áž}œž{ ®µš¸ÉÁ„¸É¥ª…o°Š„´<br />

¨´„¬–³š´ÉªÅž…°ŠšµŠÂ¥„ žjµ¥‹¦µ‹¦ Á‡¦ºÉ°Š®¤µ¥‹¦µ‹¦<br />

¨³Á‡¦ºÉ°Š®¤µ¥œÎ µšµŠ ­£µ¡°´œ˜¦µ¥…oµŠšµŠ ¨³¡ºÊœ<br />

œœ<br />

1&Ÿ¨„¦³š —oµœ„µ¦‹¦µ‹¦‹µ„„µ¦¡´•œµ<br />

ǦŠ„µ¦Á¡ºÉ°„µ¦¡µ–· ¥r…œµ—Ä® nÄœÁ…˜<br />

„¦»ŠÁš¡¤®µœ‡¦<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›ª´ ´¥Á®¨nµ«·¦·®Š¬rš°Š<br />

¤œ¼ Á‹œ¡‹œ­»œš¦Å¡Ã¦‹œrš°Š«¦¸­»œš¦<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ753¹Š753<br />

ž{‹‹» ´œ„¦»ŠÁš¡¤®µœ‡¦¤¸ž{ ®µ—oµœ„µ¦‹¦µ‹¦<br />

Áž}œ°¥nµŠ¤µ„ ­nªœ®œ¹ÉŠÁ„·—‹µ„„µ¦¡´•œµÃ‡¦Š„µ¦Á¡ºÉ°<br />

„µ¦¡µ–· ¥r…œµ—Ä® n ÁœºÉ°Š‹µ„„µ¦¡´•œµ—´Š„¨nµª—¹Š—¼—<br />

Ä®o¤¸„µ¦Á—·œšµŠÁ…oµ¤µÄ o ¦·„µ¦ÄœÃ‡¦Š„µ¦Áž}œ‹Î µœªœ¤µ„<br />

„µ¦«¹„¬µœ¸Ê‹´—šÎ µÁ¡ºÉ°Ä®oŸ¼oš¸ÉÁ„¸É¥ª…o°Š„´ „µ¦ªµŠÂŸœ¤¸…o°<br />

¤¼¨Á¡ºÉ°Ä oÁž}œÂœªšµŠÄœ„µ¦žj°Š„´œÂ¨³Â„oÅ…ž{ ®µ—oµœ<br />

„µ¦‹¦µ‹¦š¸ÉÁ„·—…¹ Êœ‹µ„„µ¦¡´•œµÃ‡¦Š„µ¦Á¡ºÉ°„µ¦¡µ–·¥r<br />

…œµ—Ä® nÄœ„µ¦«¹„¬µÅ—ošÎ µ„µ¦‡´—Á¨º°„ǦŠ„µ¦Á¡ºÉ°„µ¦<br />

¡µ–· ¥r…œµ—Ä® n ž¦³Á£š ‡º° «¼œ¥r„µ¦‡oµ °µ‡µ¦<br />

­Î µœ´„ŠµœÃ¦ŠÂ¦¤«¼œ¥r ¦·„µ¦‡ªµ¤ ´œÁš·ŠÂ¨³®oµŠ­¦¦¡<br />

­·œ‡oµ Ÿ¼oª·‹´¥Å—ošÎ µ„µ¦Á„È ¦ª ¦ª¤…o °¤¼¨Ã—¥Ä o„µ¦­´ŠÁ„˜<br />

¨³nµ¥£µ¡ž{ ®µ—oµœ„µ¦‹¦µ‹¦¦ª¤š´ÊŠ„µ¦­´¤£µ¬–rŸ¼oš¸É<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

°¥¼n ¦·Áª–¡ºÊœš¸ ÉǦŠ„µ¦ …o°¤¼¨š¸ÉÅ—o¼„œÎ µ¤µª·Á‡¦µ³®r×¥<br />

„µ¦Â‹„‹Šž{ ®µšµŠ—oµœ„µ¦‹¦µ‹¦ Ž¹ÉŠŸ¨„µ¦«¹„¬µ¡<br />

ªnµ¦µ¥„µ¦ž{ ®µ—oµœ„µ¦‹¦µ‹¦­Î µ®¦´ „µ¦¡´•œµÃ‡¦Š„µ¦<br />

Á¡ºÉ°„µ¦¡µ–· ¥r…œµ—Ä® n¤¸š´ÊŠ­·Ê œ ¦µ¥„µ¦ Â¥„Áž}œ<br />

¦µ¥„µ¦—oµœ‡ªµ¤­³—ª„¦ª—Á¦ÈªÄœ„µ¦Á—·œšµŠ¦µ¥„µ¦<br />

—oµœ‡ªµ¤ž¨°—£´¥Äœ„µ¦Á—·œšµŠ ¦µ¥„µ¦ œ°„‹µ„œ¸Ê<br />

¥´Š¡ ªnµ¤¸¦µ¥„µ¦ž{ ®µ ¦µ¥„µ¦š¸ÉÁ„·—…¹Ê œ„´ š»„ǦŠ<br />

„µ¦ ¨³¦µ¥„µ¦ž{ ®µ ¦µ¥„µ¦ š¸ÉÁ„·—…¹ÊœÁŒ¡µ³ µŠ<br />

ǦŠ„µ¦<br />

1&ž{ ®µ‡ªµ¤ž¨°—£´¥ ¦·Áª–šµŠÃ‡oŠ<br />

°´œ˜¦µ¥Äœž¦³Áš«Åš¥<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

„§¬–rÁ‹È—ª¦¦–³›ª´ ´¥Á®¨nµ«·¦·®Š¬rš°Š<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤Ã¦ŠÂ¦¤<br />

¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸®œoµ753<br />

¹Š753<br />

°» ´˜·Á®˜»‹¦µ‹¦šµŠ „¤¸‡ªµ¤¦»œÂ¦ŠÂ¨³„n°Ä®o<br />

Á„·—‡ªµ¤Á­¸¥®µ¥š´ÊŠ ¸ª· ˜ š¦´¡¥r­·œ ¨³šµŠ­´Š‡¤ Áž}œ¤¼¨<br />

‡nµ¤®µ«µ¨ÄœÂ˜n¨³že ­µÁ®˜»…°Šž{ ®µ°» ´˜·Á®˜»‹¦µ‹¦š¸É<br />

­Î µ‡´ ž{ ®µ®œ¹ÉŠ ‡º° ž{ ®µ‹»—°´œ˜¦µ¥ œÃ‡¦Š…nµ¥œœ<br />

Ž¹ÉŠšµŠÃ‡oŠ„Ȥ´„‹³„¨µ¥Áž}œ‹»—°´œ˜¦µ¥ œÃ‡¦Š…nµ¥œœš¸É<br />

Á„·—°» ´˜·Á®˜» n°¥‡¦´ÊŠ ‹µ„Ÿ¨„µ¦«¹„¬µ¡ ž¦³Á—Èœ‡ªµ¤<br />

ž¨°—£´¥ ¦·Áª–šµŠÃ‡oŠ Ž¹ÉŠ­µ¤µ¦‹´—„¨»n¤Å—oÁž} œ „¨»n¤<br />

‡º°°´˜¦µ‡ªµ¤Á¦Èªš¸ÉÄ oÄœ„µ¦°°„ °»ž„¦–r‹¦µ‹¦„µ¦<br />

Ÿ­¤„´œ…°ŠÂœªšµŠ¦µ ¨³ÂœªšµŠ—·ÉŠ ¦³¥³¤°ŠÁ®Èœ<br />

ž¨°—£´¥ ­£µ¡Âª—¨o°¤…oµŠšµŠ °Š‡rž¦³„° ¦¼ž˜´—…°Š<br />

œœ ¨³­£µ¡Ÿ·ªšµŠ Ž¹ÉŠÄœÂ˜n¨³„¨»n¤ž{ ®µ‹³¤¸¨´„¬–³<br />

…°Šž{ ®µš¸É˜„˜nµŠ„´œ¦ª¤š´Ê Š­·Êœ¨´„¬–³Â¨³‹µ„„µ¦<br />

«¹„¬µ¨´„¬–³…°Š„µ¦Á„·—°» ´˜·Á®˜»‹µ„¦µ¥Šµœ ´œš¹„„µ¦<br />

Á„·—°» ´˜·Á®˜» ¡ ªnµ °» ´˜·Á®˜»­nªœÄ® nÁ„·—…¹Êœ„´ ¦‡´œ<br />

Á—¸¥ª„´œ ¨³Á„·—Äœ¨´„¬–³Å¨°°„œ°„Á­oœšµŠÂ¨³¡¨·„<br />

‡ªÎÉ µ˜„œœ„ªnµ Ž¹ÉŠ¤¸­µÁ®˜»­´œœ·¬“µœÁ ºÊ°Š˜o œ<br />

¤µ‹µ„„µ¦…´ ¦Á¦ÈªÁ„·œ„ªn µ„Î µ®œ—¹Š Ž¹ÉŠ°» ´˜·<br />

Á®˜»­nªœÄ® nÁ„·—…¹Êœ„´ ¦¥œ˜r­nªœ »‡‡¨Â¨³¦ ¦¦š»„<br />

Á¨È„®¦º°¦„¦³ ³„ªn µ ¨³Á„·—…¹ÊœÄœ nªŠÁª¨µš¸ ɤ¸<br />

­£µ¡Ÿ·ªšµŠÁže¥„¹Š<br />

1&„µ¦­¦oµŠÃ‡oŠ°´˜¦µ„µ¦Å®¨ nªŠÁª¨µÁ ·Š<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

£¼¤·£µ‡­Î µ®¦´ ¨»n¤œÎÊ µÄœ£µ‡Á®œº°…°Šž¦³Áš«Åš¥<br />

×¥Ä o„¦³—µ¬‡ªµ¤œnµ‹³Áž}œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›ª· ¼¦–›œ·˜„¦„ šª¸­·œ<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸®œoµ<br />

:5(¹Š:5(<br />

„µ¦«¹„¬µ‡¦´ÊŠœ¸ÊÅ—o‹´—šÎ µÃ‡oŠ°´˜¦µ„µ¦Å®¨ nªŠ<br />

Áª¨µÁ ·Š£¼¤·£µ‡­Î µ®¦´ ¨»n¤œÎÊ µÄœ£µ‡Á®œº°…°Šž¦³Áš«Åš¥<br />

Äœ…´Êœ˜°œÂ¦„Å—oš—­° ¡¨È°˜Ã‡oŠ°´˜¦µ„µ¦Å®¨ nªŠÁª¨µ<br />

…°Š­µœ¸ª´—œÎÊ µšnµš¸É‡´—Á¨º°„ œ„¦³—µ¬‡ªµ¤œnµ‹³Áž}œ<br />

œ·—˜nµŠÇ ¡ ªnµÃ‡oŠš¸É¡¨È°˜ œ„¦³—µ¬‡ªµ¤œn µ‹³Áž}œ<br />

…°Šš§¬‘¸¨È°„œ°¦r¤°¨Ä®oÁ­oœ˜¦ŠÅ—o—¸š¸ É­» — ‹¹ŠÅ—oÁ¨º°„<br />

„¦³—µ¬ œ·—œ¸ÊœÎ µ¤µ­¦oµŠÃ‡oŠ°´˜¦µ„µ¦Å®¨ nªŠÁª¨µÂ¨³<br />

ÇoŠ°´˜¦µ„µ¦Å®¨ nªŠÁª¨µÅ¦o¤·˜·44 PHDQ YV77 PD[ <br />

…°ŠÂ˜n¨³­µœ¸ Å—o nŠ¡ºÊœš¸É¨»n¤Â¤nœÎ Ê µÄœ£µ‡Á®œº°°°„<br />

Áž}œ ¡ºÊœš¸É¥n°¥ š¸É¤¸Ã‡oŠ°´˜¦µ„µ¦Å®¨ nªŠÁª¨µš¸ÉŦo¤·˜·š¸É<br />

‡¨oµ¥‡¨¹Š„´œ ­Î µ®¦´ ˜n¨³¡ºÊœš¸É¥n°¥ Å—o®µ­¤„µ¦­®<br />

­´¤¡´œ›r¦³®ªnµŠ¡µ¦µ¤·Á˜°¦r 4 PHDQ ¨³ 7 PD[ „´ …o°¤¼¨<br />

šµŠ„µ¥£µ¡…°Š¨»n¤œÎÊ µÁ¡ºÉ°Ä o¦nª¤„´ ÇoŠÅ¦o¤·˜·ÁŒ¨¸É¥˜´ªÂšœ<br />

…°Š¡ºÊœš¸ É¥n°¥ Å—ošÎ µ„µ¦š—­° „µ¦­´ŠÁ‡¦µ³®rÇoŠ°´˜¦µ<br />

„µ¦Å®¨ nªŠÁª¨µÃ—¥ª·›¸„µ¦Ã‡oŠÅ¦o¤·˜· Áž¦¸¥ Áš¸¥ „´ ÇoŠ<br />

°´˜¦µ„µ¦Å®¨ nªŠÁª¨µ‹¦·Š ¡ ªnµÄ®oŸ¨Å—oÄ„¨oÁ‡¸¥ŠÁž}œš¸É<br />

œnµ¡°Ä‹<br />

1&„µ¦«¹„¬µž{ ®µ‡ªµ¤Á­ºÉ°¤Ãš¦¤…°Š<br />

‡»–£µ¡œÎÊ µÄœÂ¤nœÎÊ µšnµ‹¸œ˜°œ¨nµŠ<br />

œ´„ª·‹´¥ ›ª· ¼¦–›œ·˜ »˜·¤´œ˜rž¦´ µÃ–š´¥<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ:5(¹Š:5(<br />

¤nœÎÊ µšnµ‹¸œ˜°œ¨nµŠº°ªnµÁž}œÂ¤nœÎÊ µš¸É¤¸‡ªµ¤<br />

­Î µ‡´ ¤µ„Äœ„µ¦—Î µ¦Š ¸ª·˜…°Šž¦³ µ„¦ Äœž{‹‹» ´œ<br />

‡»–£µ¡œÎÊ µ¤¸ÂœªÃœo¤Á­ºÉ°¤Ãš¦¤¤µ„…¹Ê œš»„že×¥ÁŒ¡µ³Äœ<br />

že¡«Å—oÁ„·—ª·„§˜·¤¨¡·¬ÄœÂ¤nœÎÊ µšnµ‹¸œŽ¹ÉŠœ´ ªn µ<br />

¦»œÂ¦ŠÁž}œž¦³ª´˜·„µ¦–r°¸„š´ÊŠšµŠ¦µ „µ¦Å—o¤¸ÂŸœš¸É‹³<br />

<br />

­¦oµŠž¦³˜¼¦³ µ¥œÎÊ µÄœÂ¤nœÎÊ µšnµ‹¸œ˜°œ¨nµŠ‹¹ŠšÎ µÄ®o‡µ—<br />

‡³Áœªnµ°µ‹­nŠŸ¨„¦³š š¸É­Î µ‡´ ˜n°‡»–£µ¡œÎÊ µÅ—o „µ¦<br />

«¹„¬µ‡¦´ÊŠœ¸ ÊÅ—o¡¥µ„¦–r‡»–£µ¡œÎ<br />

µÄœÂ¤nœÎÊ µšnµ‹¸œ˜°œ¨nµŠ<br />

Äœže°œµ‡˜ ¡« ¨³ ˜´ÊŠÂ˜nž¦³˜¼¦³ µ¥<br />

œÎÊ µÃ¡›·Í¡¦³¥µ ¹Šžµ„¤nœÎÊ µšnµ‹¸œ ¦³¥³šµŠ¦ª¤ <br />

„·Ã¨Á¤˜¦ ×¥Ä o ‹Î µ¨°Š 0LNH ­Î µ®¦´ „¦–¸¤¸„µ¦<br />

­¦oµŠž¦³˜¼¦³ µ¥œÎÊ µÂ¨³Å¤n¤¸„µ¦­¦oµŠž¦³˜¼¦³ µ¥œÎÊ µ ×¥<br />

¡·‹µ¦–µÂŸœ Î µ ´—œÎÊ µÁ­¸¥š¸ÉÁž}œÅžÅ—oÄœšµŠž’· ´˜· Ÿ¨„µ¦<br />

«¹„¬µÅ—o­—ŠÂœªÃœo¤„µ¦Áž¨¸É¥œÂž¨Š…°Š‡»–£µ¡œÎ Ê µÄœ<br />

°œµ‡˜ ­»—šoµ¥Å—oÁ­œ°Âœ³ÂœªšµŠÄœ„µ¦ ¦·®µ¦‡»–£µ¡<br />

œÎÊ µÅªo—oª¥<br />

1&ª·›¸„µ¦‡Î µœª–„¦µ¢®œ¹ÉŠ®œnª¥œÎÊ µšnµÃ—¥ª·›¸<br />

Á ­rÁŽ¸¥œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›ª· ¼¦–›œ·˜“·˜·£´š¦…Î µ‹µ<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ:5(¹Š:5(<br />

š‡ªµ¤œ¸ÊÁ­œ°„µ¦‡Î µœª–„¦µ¢®œ¹ÉŠ®œnª¥œÎÊ µšnµ<br />

×¥ª·›¸Á ­rÁŽ¸¥œ Ž¹ÉŠ¤¸¡ºÊœ“µœ‹µ„š§¬‘¸šµŠ­·˜·Â¨³‡ªµ¤<br />

œnµ‹³Áž}œ ‹»—Á—nœ…°Šª·›¸Á ­rÁŽ¸¥œ„ȇº ° ¡·„´—…°Š„¦µ¢®œ¹ÉŠ<br />

®œnª¥œÎÊ µšnµ‹³Å¤n˜·—¨ ¨³Å¤n¤¸„µ¦Â„ªnŠ ­µœ¸ª´—œÎÊ µšnµš¸É<br />

Ä o­µ›·˜°¥¼nÄœ¨»n¤œÎÊ µždŠÂ¨³ª´ŠÄœ£µ‡Á®œº°…°Šž¦³Áš«Åš¥<br />

¤¸‹Î µœªœ­µœ¸…œµ—¡ºÊœš¸É¹Š˜¦„¤¡µ¥»<br />

œš¸ÉĪ·Á‡¦µ³®rÁ¨º°„ÁŒ¡µ³Äœ o<br />

nªŠ§—¼œÎÊ µ®¨µ„Ášnµœ´ÊœÅ—ošÎ µ<br />

„µ¦­¦oµŠ„¦µ¢®œ¹ÉŠ®œnª¥œÎÊ µšnµÅ¦o¤·˜·­Î µ®¦´ ¡ºÊœš¸É«¹„¬µÂ¨³<br />

Å—oª·Á‡¦µ³®rÁª¨µÁ„·—°´˜¦µ„µ¦Å®¨­¼Š­»—…°Š„¦µ¢®œ¹ÉŠ<br />

®œnª¥œÎÊ µšnµ W S ¨³°´˜¦µ„µ¦Å®¨­¼Š­»—˜n°®œ¹ÉŠ®œnª¥¡ºÊœ<br />

š¸É4 S $ Áž}œ¢{Š„r ´œ…°Š˜´ªÂž¦šµŠ„µ¥£µ¡…°Š¨»n¤œÎÊ µ<br />

‹µ„„µ¦Áž¦¸¥ Áš¸¥ ¡ ªnµª·›¸Á ¨rÁŽ¸¥œÄ®oŸ¨„µ¦ª·Á‡¦µ³®r<br />

Ä„¨oÁ‡¸¥Š„´ Ÿ¨„µ¦«¹„¬µ°ºÉœÇ Äœ¡ºÊœš¸É‹¹Š­¦»žªiµ ª·›¸Á ­r<br />

ÁŽ¸¥œÁž}œšµŠÁ¨º°„®œ¹ÉŠ­Î µ®¦´ ª·Á‡¦µ³®r„¦µ¢®œ¹ÉŠ®œnª¥œÎÊ µ<br />

šnµÄœ nªŠ§—¼œÎÊ µ®¨µ„ Ž¹ÉŠ­µ¤µ¦œÎ µÅžž¦³¥»„˜rÄ o„´ ¨»n¤œÎÊ µ<br />

Ä—Ç„ÈÅ—o<br />

1&­¤„µ¦­®­´¤¡´œ›rÁ ·Š£¼¤·£µ‡Á¡ºÉ°ž¦³Á¤·œ<br />

°´˜¦µ„µ¦Å®¨­¼Š­»—­Î µ®¦´ ¨»n¤œÎÊ µ£µ‡Á®œº°…°Š<br />

ž¦³Áš«Åš¥<br />

1DWLRQDO&RQIHUHQFH


œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›ª· ¼¦–›œ·˜­·š›·¡¦¡¥´‡‰¦´„¬r<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ:5(¹Š:5(<br />

š‡ªµ¤œ¸ÊÅ—oÁ­œ°„µ¦­¦oµŠ­¤„µ¦­®¡´œ›rÁ ·Š<br />

£¼¤·£µ‡…°Š°´˜¦µ„µ¦Å®¨­¼Š­»—š¸É¦° že˜nµŠÇ×¥Ä o…o°¤¼¨<br />

‹µ„­µœ¸ª´—œÎÊ µšnµ‹Î µœªœ­µœ¸Äœ¡ºÊœš¸É«¹„¬µœÎ µ¤µ<br />

ª·Á‡¦µ³®r‹„‹Š‡ªµ¤¸É×¥ª·›¸Ã¤Á¤œ˜rÁ ·ŠÁ­oœ /<br />

0RPHQW ‹µ„„µ¦š—­° ¡ ªnµš§¬‘¸Â‹„‹Š‡ªµ¤¸É<br />

Á°È„š¦¸¤Âª¨¼ ­µ¤¡µ¦µ¤·Á˜°¦r *(9 ¤¸‡ªµ¤Á®¤µ³­¤<br />

„´ …o°¤¼¨¤µ„š¸É­» — Å—o nŠ¡ºÊœš¸É«¹„¬µ°°„Áž} œ ¨»n¤œÎÊ µ<br />

¥n°¥ ¨³ª·Á‡¦µ³®r­¤„µ¦­®­´¤¡´œ›r¦³®ªnµŠ°´˜¦µ„µ¦Å®¨<br />

­¼Š­»—š¸É¦° žẽ ´ÊŠÂ˜n¹Šže„´ ‡nµ¡µ¦µ¤·Á˜°¦ršµŠ<br />

„µ¥£µ¡š¸É­Î µ‡´ …°ŠÂ˜n¨³¡ºÊœš¸É¥n°¥ Á¡ºÉ°œÎ µÅžÄ oª·Á‡¦µ³®r<br />

…œµ—°´˜¦µ„µ¦Å®¨­¼Š­»—Á¡ºÉ°°°„ Ĝ˜Î µÂ®œnŠš¸ÉŤn¤¸<br />

„µ¦ª´—…o°¤¼¨œÎÊ µšnµ œ°„‹µ„œ´Êœ¥´ŠÅ—o¡´•œµÃž¦Â„¦¤Ÿ¼o<br />

Á ¸É¥ª µ Á¡ºÉ°‡ªµ¤­³—ª„Äœ„µ¦Ä oŠµœ<br />

1&„µ¦ž¦³Á¤·œ„¦µ¢®œ¹ÉŠ®œnª¥œÎÊ µšnµ‹µ„<br />

…o°¤¼¨¡µ¥» œ®¨µ¥¨¼„¨³„µ¦ª·Á‡¦µ³®r®µ‡ªµ¤Å¤n<br />

Âœnœ°œÃ—¥ª·›¸ ¼˜­Â˜¦ž<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›ª· ¼¦–›œ·˜­»›¸°´Š‡³«·¦·„»¨<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸®œoµ<br />

:5(¹Š:5(<br />

š‡ªµ¤œ¸ÊÁ­œ°„µ¦­¦oµŠ„¦µ¢®œ¹ ÉŠ®œnª¥œÎ Ê µšnµ<br />

‹µ„¡µ¥» œ®¨µ¥¨¼„ ¨³ª·Á‡¦µ³®r‡ªµ¤Å¤nÂœnœ°œ—oª¥ª·›¸<br />

¼˜­Â˜¦žÅ—oš—­° ª·›¸„µ¦„´ ¨»n¤œÎÊ µÄœ„¨»n¤œÎÊ µždŠÂ¨³ª´Š<br />

Äœ£µ‡Á®œº°…°Šž¦³Áš«Åš¥ ×¥‡´—Á¨º°„­µœ¸ª´—œÎÊ µšnµ<br />

­µœ¸…œµ—¡ºÊœš¸É¦´ œÎÊ µ¹Š˜¦„¤‡´—Á¨º°„<br />

ÁŒ¡µ³œÎÊ µšnµš¸ÉÁ„·—‹µ„¡µ¥» œÄœ nªŠ§—¼œÎ Ê µ®¨µ„Ášnµœ´Êœ<br />

‹Î µœªœ ¡µ¥» Å—o­¦oµŠ„¦µ¢®œ¹ÉŠ®œnª¥œÎÊ µšnµÅ¦o®œnª¥<br />

¨³ª·Á‡¦µ³®r­¤„µ¦‡ªµ¤­´¤¡´œ›r¦³®ªnµŠÁª¨µÁ„·—°´˜¦µ<br />

„µ¦Å®¨­¼Š­»—…°Š„¦µ¢®œ¹ÉŠ®œnª¥œÎ Ê µšnµÂ¨³°´˜¦µ„µ¦Å®¨<br />

­¼Š­»—˜n°®œ¹ÉŠ®œnª¥¡ºÊœš¸ É„´ ¨´„¬–³˜´ªÂž¦šµŠ„µ¥£µ¡<br />

…°Š¡ºÊœš¸ ɦ´ œÎ Ê µ‹µ„„µ¦Áž¦¸¥ Áš¸¥ ¡ ªnµŸ¨„µ¦‡Î µœª–<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Ä„¨oÁ‡¸¥Š„´ Ÿ¨„µ¦«¹„¬µ°ºÉœÇ Äœ¡ºÊœš¸É«¹„¬µÅ—o‡Î µœª–<br />

‡ªµ¤Å¤nÂœnœ°œ…°Š„¦µ¢®œ¹ÉŠ®œnª¥œÎ Ê µšnµš¸Éª·Á‡¦µ³®rÅ—o<br />

¡ ªnµ°´˜¦µ„µ¦Å®¨Äœ nªŠ˜oœ¤¸‡nµ˜´ªÂž¦ž¦ªœ¤µ„„ªnµ<br />

°´˜¦µ„µ¦Å®¨Äœ nªŠšoµ¥ ‹¹Š­¦»žªiµª·›¸ ¼˜­Â˜¦ž°µ‹Áž}œª·›¸<br />

šµŠÁ¨º°„ª·›¸®œ¹ÉŠš¸É­µ¤µ¦œÎ µÅž­¦oµŠ„¦µ¢®œ¹ÉŠ®œnª¥œÎÊ µšnµ<br />

°°„ Ĝ¨»n¤œÎÊ µ°ºÉœÇ¨³¥´Š­µ¤µ¦ª·Á‡¦µ³®r‡ªµ¤Å¤nÂœn<br />

œ°œÅ—o<br />

1&„µ¦ž¦³¤µ–¡µ¥» œ°°„ ¦³¥³­´Êœ<br />

­Î µ®¦´ ¨»n¤œÎÊ µ£µ‡Á®œº°Ã—¥„µ¦ª·Á‡¦µ³®rÁ ·Š£¼¤·£µ‡<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›ª· ¼¦–›œ·˜°´¤¡ª¦¦–«¦¸š°Š<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ:5(¹Š:5(<br />

„µ¦ª·‹´¥‡¦´ÊŠœ¸ ÊÅ—oÁ­œ°ª·›¸„µ¦ž¦³¤µ–‡nµ¡µ¥» œ<br />

°°„ ¦³¥³­´Êœ nªŠÁª¨µœo°¥„ªnµ®¦º°Ášnµ„´ ¤<br />

Äœ¨»n¤œÎÊ µ£µ‡Á®œº° ×¥„µ¦ª·Á‡¦µ³®rÁ ·Š£¼¤·£µ‡ Ä oª·›¸<br />

äÁ¤œ˜rÁ ·ŠÁ­oœ/äÁ¤œ˜rÅ—oª·Á‡¦µ³®r…o°¤¼¨‹µ„­µœ¸<br />

ª´—œÎÊ µ œÂ °´˜Ãœ¤´˜·š¸É¤¸ …o°¤¼¨°¥nµŠœo°¥ že ‹Î µœªœ<br />

­µœ¸‡ªµ¤¥µª…o°¤¼¨¦³®ªnµŠže×¥Ä o…o°¤¼¨<br />

œÎÊ µ œ­¼Š­»—­Î µ®¦´ nªŠÁª¨µœµš¸¹Š ´ÉªÃ¤Š¡ ªnµ<br />

ª·›¸„µ¦Â‹„‹Š‡ªµ¤¸É Á‹œÁœ°¦r¦°¨Å¨ŽrÁ°È„Žrš¦¸¤Âª¨<br />

¨·ª *(9 Á…oµ„´ …o°¤¼¨—¸š¸É­» — Å—o‹´— nŠ¡ºÊœš¸É«¹„¬µ°°„<br />

Áž}œ ¡ºÊœš¸É¥n°¥ Ĝ˜n¨³¡ºÊœš¸É¥n°¥Å—o­¦oµŠÃ‡oŠ‡ªµ¤¸É œ<br />

Ŧo¤·˜· 4 7 / ˜´ªÂšœ­Î µ®¦´ š»„ nªŠÁª¨µ ­Î µ®¦´ ¦° že<br />

¹Š že ¨³ª·Á‡¦µ³®r®µ‡ªµ¤­´¤¡´œ›r…°Š‡nµÁŒ¨¸É¥<br />

°œ»„¦¤ œ­¼Š­»— / …°ŠÂ˜n¨³ nªŠÁª¨µ„´ ‡nµÁŒ¨¸É¥…°Š<br />

œ¦µ¥že 0$3 ‹¹ŠšÎ µÄ®o­µ¤µ¦œÎ µÅžÄ ož¦³¤µ–…œµ—<br />

…°Š œ°°„ –‹»—Ä—ÇÄœ¡ºÊœš¸É«¹„¬µÅ—o<br />

1&Â<br />

ž¦³Áš«Åš¥<br />

‹Î µ¨°ŠÁ­¸¥Š¡ºÊœ“µœ…°Š¦¥œ˜rÄœ<br />

œ´„ª·‹´¥ ¡· ´¥ž¤µ–·„ »˜¦„»¨›·—µ¥«®¨oµ<br />

Á‹¬‘µ‹Î µÁ—·¤›¸¦ª´•œr¡´•œ„·˜˜·Áªš¥r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

®œoµ753¹Š753<br />

„µ¦«¹„¬µÄœ‡¦´ÊŠœ¸ÊÁ¡ºÉ°š Î µ„µ¦­¦oµŠÂ ‹Î µ¨°Š<br />

…°ŠÁ­¸¥Š¡ºÊœ“µœ…°Š¦¥œ˜rž¦³Á£š˜nµŠÇ š¸ÉÄ oŠµœ œ<br />

œœ…°Šž¦³Áš«Åš¥ Ž¹ÉŠÁž}œ°Š‡r ž¦³„° š¸É­Î µ‡´ š¸É­»—Äœ<br />

„µ¦œÎ µÅžª·Á‡¦µ³®rÁ¡ºÉ°­¦oµŠÂ ‹Î µ¨°Š…°ŠÁ­¸¥ŠÃ—¥¦ª¤<br />

‹µ„¦¥œ˜rš´ÊŠ®¤—š»„ž¦³Á£šš¸Éª·É Š°¥¼n œœœ …o°¤¼¨Á­¸¥Š<br />

…°Š¦¥œ˜rÁ—¸É¥ªÄœÂ˜n¨³ž¦³Á£š‹³¼„Á„È Äœ…–³š¸Éª·ÉŠ<br />

ŸnµœÁ‡¦ºÉ°Šª´ —Á­¸¥Šš¸É˜·—˜´ÊŠš¸É¦³¥³šµŠ¤Ã—¥„µ¦ª´—Äœ<br />

®œnª¥ /HTÁž}œÁª¨µª·œµš¸ /HTV ¡¦o°¤„´ ª´—<br />

6SRW6SHHG…°Š¦¥œ˜r‡´œ—´Š„¨nµª—oª¥Ÿ¨š¸Éª´—Å—o‹³¼„<br />

‡Î µœª–ž¦´ ‡nµÅžÁž}œ‡nµ…°Š/HTVÁ¡ºÉ°Ä®o‡¦° ‡¨»¤<br />

nªŠÁª¨µ…°Š„µ¦¦´ Á­¸¥Š‹µ„¦¥œ˜rš¸Éª·ÉŠŸnµœÁ‡¦ºÉ°Šª´—Å—oš´ÊŠ<br />

®¤— ‹µ„œ´Êœ‹¹ŠšÎ µ„µ¦ª·Á‡¦µ³®r®µ‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ‡nµ<br />

/HTV„´ 6SRW6SHHGš¸ÉÁ„È Å—o‹µ„¦¥œ˜r Ĝ˜n¨³<br />

œ·— Ÿ¨…°Š„µ¦«¹„¬µ‡¦´ÊŠœ¸ ʚΠµÄ®oÅ—o­¤„µ¦Â ‹Î µ¨°Š<br />

Á­¸¥Š¡ºÊœ“µœ…°Š¦¥œ˜rÄœž¦³Áš«Åš¥‹Î µœªœ ž¦³Á£š<br />

×¥¤¸‡nµ &RHIILFLHQW RI 'HWHUPLQDWLRQ 5 °¥¼n<br />

¦³®ªnµŠŽ¹ÉŠÂ­—ŠÄ®oÁ®Èœ¹Š‡ªµ¤­´¤¡´œ›r°¥nµŠ<br />

¤¸œ´¥­Î µ‡´ …°Š°Š‡rž¦³„° …°ŠÂ ‹Î µ¨°Šš¸É°¥¼nÄœÁ„–”r—¸<br />

­µ¤µ¦œÎ µÅžÄ oÁž}œÂ ‹Î µ¨°ŠÁ­¸¥Š¡ºÊœ“µœ­Î µ®¦´ ¦<br />

¥œ˜rž¦³Á£š˜nµŠÇÄœž¦³Áš«Åš¥Å—o°¥nµŠ¤¸ž¦³­·š›·£µ¡<br />

1&7:23+$6()/2:$1$/


ÁŸ¥Â¡¦n<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸É¡§¬£µ‡¤ <br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ:5(¹Š:5(<br />

„µ¦«¹„¬µ¦¼žÂ „µ¦„¦³‹µ¥˜´ª…°Šž¦·¤µ– œ<br />

˜µ¤ nªŠÁª¨µ„µ¦˜„ÄœÁ…˜¡ºÊœš¸É ¨»n¤œÎÊ µ£µ‡„¨µŠ ˜³ª´œ˜„<br />

¨³£µ‡Ä˜o…°Šž¦³Áš«Åš¥ „¦³šÎ µÃ—¥œÎ µ…o°¤¼¨ „¦µ¢œÎÊ µ<br />

œ‹µ„Á‡¦ºÉ°Šª´—œÎ Ê µ œ°´˜Ãœ¤´˜·…°Š­µœ¸ª´—œÎÊ µ œ <br />

®nŠ š¸É¤¸¦³¥³Áª¨µ„µ¦Á„È …o°¤¼¨œµœÁ„· œ že ¤µ<br />

ª·Á‡¦µ³®r×¥ª·›¸…°Š )$ +XII Ÿ¨„µ¦ª·Á‡¦µ³®r¡ ªnµ<br />

œ‡ª°Åš¨rš¸ÉÁ„·— n°¥‡¦´ÊŠš¸É­»—Äœš»„¡ºÊœš¸É˜nÄœÁ…˜¡ºÊœ<br />

š¸É£µ‡Ä˜o µ¥š³Á¨ {~Š˜³ª´œ°°„‡ªµ¤¸É…°Š„µ¦Á„·— œ‡ª°<br />

Åš¨rš¸É ­¼Š„ªnµ‡ªµ¤¸É…°Š„µ¦Á„·— œ‡ª°Åš¨r °ºÉœÇ Á¡¸¥Š<br />

Á¨È„œo°¥¦¼žÂ „µ¦„¦³‹µ¥˜´ªž¦·¤µ– œ…°Š œ‡ª°Åš¨r<br />

š¸ÉÄœÁ…˜£µ‡„¨µŠÄ„¨oÁ‡¸¥Š„´ ¦¼žÂ „µ¦„¦³‹µ¥…°Š<br />

œÄœÁ…˜£µ‡˜³ª´œ˜„¤µ„ ˜n˜„˜nµŠ‹µ„¦¼žÂ „µ¦<br />

„¦³‹µ¥…°Š œÄœÁ…˜£µ‡Ä˜o ×¥š¸Éž¦· ¤µ– œÄœ nªŠ˜oœ<br />

…°Š¦³¥³Áª¨µ˜„¤¸‡nµ­¼Š„ªnµž¦·¤µ– œ­³­¤…°Š œš¸É˜„<br />

ÄœÁ…˜£µ‡Ä˜oÁ¤ºÉ°Áž¦¸¥ Áš¸¥ „´ œÄœÁ…˜¡ºÊœš¸É°ºÉœÇ…°Š<br />

Äœž¦³Áš«Åš¥¡ ªnµž¦·¤µ– œ­³­¤…°Š œ‡ª°Åš¨rš¸É<br />

ÄœÁ…˜£µ‡„¨µŠÂ¨³£µ‡˜³ª´œ˜„Äœ nªŠ˜oœÇ …°Š¦³¥³<br />

Áª¨µ„µ¦˜„¤¸‡nµ­¼Š­»—¨³ œÄœÁ…˜£µ‡Ä˜o µ¥š³Á¨ {~Š<br />

˜³ª´œ˜„¤¸‡nµ˜ÎÉ µš¸É­»—<br />

1&5(,1)25&('58%%(57,5(&+,3<br />

:,7+6$1'0,;785(6$6/,*+7:(,*+7<br />

*(20$7(5,$<br />

œ´„ª·‹´¥ ­¤Ã¡›·°¥¼nŪÁ—œœ·­š¸Á <br />

°¦r„µÃ—<br />

ÁŸ¥Â¡¦n 7KH WK 6\PSRVLXPRQ6RLO*URXQG<br />

,PSURYHPHQWDQG*HRV\QWKHWLFV<br />

›´œªµ‡¤Ã¦ŠÂ¦¤Á—°³šª·œšµªÁª°¦r<br />

„¦»ŠÁš¡²®œoµ<br />

7KHLQWHUDFWLRQEHWZHHQWLUHFKLSVZLWK<br />

DQG ZLWKRXW VDQG PL[WXUHV DQG WKH KH[DJRQDO<br />

ZLUH UHLQIRUFHPHQW DV ZHOO DV WKH VWUHQJWK<br />

FKDUDFWHULVWLFV RI PL[ ZHUH LQYHVWLJDWHG E\ LQ<br />

VRLO SXOORXW WHVWV DQG ODUJHVFDOH GLUHFW VKHDU<br />

WHVWV 5XEEHU WLUH FKLSV ZLWK DQG ZLWKRXW VDQG<br />

PL[WXUHV KDV ORZHU VKHDU VWUHQJWKV WKDQ SXUH<br />

VDQG &RPSDUHG ZLWK WKH WHVWV LQ VDQG<br />

KH[DJRQDOZLUHUHLQIRUFHPHQWLQWKHUXEEHUWLUH<br />

FKLSVZLWKDQGZLWKRXWVDQGPL[WXUHVKDGORZHU<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SXOORXW UHVLVWDQFHV +RZHYHU ZLWK LQFUHDVLQJ<br />

VDQG FRQWHQW LQ WKH PL[WXUHV WKH SXOORXW<br />

UHVLVWDQFHV RI KH[DJRQDO ZLUH LQ PL[WXUHV<br />

LQFUHDVHG 7KH SURSRVHG HPSLULFDO HTXDWLRQV<br />

VXFFHVVIXOO\SUHGLFWHGWKHSXOORXWUHVLVWDQFHVRI<br />

KH[DJRQDO ZLUH ZLWK GLIIHUHQW PL[LQJ UDWLRV<br />

%DVHG RQ OLPLW HTXLOLEULXP PHWKRG WKH UHVXOWV<br />

RIWKHSDUDPHWULFVWXGLHVRIDUHLQIRUFHGZDOOIRU<br />

WKH UHTXLUHG VSDFLQJ DQG HPEHGPHQW OHQJWK RI<br />

KH[DJRQDO ZLUH UHLQIRUFHPHQW KDYH EHHQ GRQH<br />

)RU D UHLQIRUFHG ZDOO WKH WRWDO DPRXQW RI<br />

UHTXLUHG KH[DJRQDO ZLUH LQ UXEEHU WLUH FKLSV LV<br />

OHVVWKDQLQVDQGDQGUXEEHUVDQG7KHUHTXLUHG<br />

HPEHGPHQW OHQJWK RI KH[DJRQDO ZLUH LQ VDQG<br />

DQG UXEEHUVDQG LV DSSUR[LPDWHO\ LGHQWLFDO EXW<br />

ORZHUWKDQWKRVHLQUXEEHUWLUHFKLSV<br />

1&6+($5675(1*7+62)7+(<br />

,17(5)$&(%(7:((1/$1'),///,1(5<br />

6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1&„µ¦ž¦³¥»„˜rÄ oÁš‡œ·‡„µ¦šÎ µÁ®¤º°Š…o°¤¼¨<br />

Äœ„µ¦šÎ µœµ¥¦³—´ œÎÊ µ­¼Š­»—<br />

œ´„ª·‹´¥ °»„§¬ž{‹Œ·¤Á­¦¸«»£¦µš·˜¥r<br />

<br />

œ·˜¥µ®ª´ŠªŠ«rª·Ã¦‹œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸É¡§¬£µ‡¤ <br />

æŠÂ¦¤¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

®œoµ:5(¹Š:5(<br />

ÁœºÉ°Š‹µ„¨»n¤œÎÊ µÁ‹oµ¡¦³¥µ˜°œ¨nµŠ ¤¸¨´„¬–³Áž}œ<br />

¡ºÊœš¸ ɨ»n ¤ Ž¹ÉŠ¤´„¤¸ž{ ®µœÎ Ê µ¨oœ {~ŠÁ…oµšnª¤ »¤ œ Šµœª·‹´¥<br />

Œ ´ œ¸Ê‹¹ ŠÅ—ošÎ µ„µ¦šÎ µœµ¥¦³—´ œÎÊ µ­¼Š­»—¨nªŠ®œoµª´œŽ¹ÉŠ<br />

Äœ„µ¦šÎµœµ¥Å—o‡´—Á¨º°„ ­µœ¸ª´—œÎʵ &<br />

¡¦³œ‡¦«¦¸°¥»›¥µ Áž}œ„¦–¸«¹„¬µ ×¥‹³¤¸„µ¦Á˜·¤…o°<br />

¤¼¨š¸É®µ¥ÅžÅ—o—oª¥Áš‡œ·‡„µ¦šÎ µÁ®¤º°Š…o°¤¼¨ 'DWD<br />

0LQLQJ ®¨´Š‹µ„œ´Êœ‹³šÎ µ„µ¦®µ¦¼žÂ …o°¤¼¨žj°œÁ…oµš¸É<br />

Á®¤µ³­¤š¸É­» — ¨oª‹¹ŠšÎ µ„µ¦ª·Á‡¦µ³®rÁ¡ºÉ°‹´—„¨»n¤Â ®µ<br />

‡nµÁŒ¨¸É¥ N &OXVWHULQJ $QDO\VLV E\ NPHDQ<br />

$OJRULWKP ¨³„µ¦ž¦³¥»„˜rÄ oǦŠ…nµ¥Ä¥ž¦³­µš<br />

Áš¸¥¤Â ¡¦n„¨´ %DFN 3URSDJDWLRQ 1HWZRUN<br />

Áž}œÁš‡œ·‡Äœ„µ¦šÎ µœµ¥ Ÿ¨„µ¦«¹„¬µ¡ ªnµ Ÿ¨„µ¦<br />

‡Î µœª–š¸ÉÅ—oÁ¤ºÉ°Áž¦¸ ¥ Áš¸¥ „´ …o°¤¼¨¦³—´ œÎÊ µš¸Éª´—‹¦· Š Ä®o<br />

‡nµ 5 ¤µ„„ªnµÁž°¦rÁŽÈœ˜r×¥…o°¤¼¨š¸É¤¸ „µ¦‹´—„¨»n¤<br />

„n°œ„µ¦šÎ µœµ¥¤¸‡ªµ¤Â¤nœ¥Î µÂ¨³ÂœªÃœo¤š¸É—¸„ªnµ…o°¤¼¨š¸É<br />

Ťn¤¸„µ¦‹´—„¨»n¤„n°œ„µ¦šÎ µœµ¥<br />

1&7+(6


«µ­˜¦r¤®µª·š¥µ¨´¥…°œÂ„nœ<br />

¤„¦µ‡¤¤®µª·š¥µ¨´¥…°œÂ„nœ<br />

‹…°œÂ„nœ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ° ´¨¨µ­˜r°·Á¨È„š¦°œ·„­r£µ‡<br />

Á—¸¥ªÂ Ä®¤n š¸É¤¸‡nµ˜´ªž¦³„° „Î µ¨´ŠÅ¢¢jµ­¼ŠÂ¨³ž¦³<br />

­·š›·£µ¡­¼Š­Î µ®¦´ ®¨°—Å¢¢¨¼°°Á¦­ÁŽœ˜r ´¨¨µ­˜r<br />

°·Á¨È„š¦°œ·„­rš¸ÉœÎ µÁ­œ° »—œ¸ÊÅ—o¡´•œµ…¹Êœ‹µ„ ´¨¨µ­˜r<br />

°·Á¨È„š¦°œ·„­r‡¨µ­—¸£µ‡Á—¸¥ª 6LQJOH6WDJH &ODVV<br />

' ×¥„µ¦˜n°…œµœ‡µžµŽ·Á˜°¦rÁ…oµÅžš¸É­ª·˜Žr„Î µ¨´Š ¨³<br />

„Î µ®œ—‡nµ¡µ¦µ¤·Á˜°¦r˜nµŠÇ Ä®o¤¸„µ¦šÎ µŠµœÂ ªŠ‹¦<br />

ž¨ŠŸ´œ‡¨µ­—¸°¸ Ÿ¨š¸ÉÅ—o‹µ„ª·›¸œ¸Ê¦Š—´ œ—¸Ž¸ ´­…°ŠªŠ‹¦<br />

­µ¤µ¦¨—¨ŠÅ—o¹Š Á¤ºÉ°Áš¸¥ „´ ªŠ‹¦‡¨µ­—¸ ¨³<br />

­µ¤µ¦¨—„µ¦­¼ Á­¸¥„Î µ¨´ŠŠµœÁœºÉ°Š‹µ„„µ¦œÎ µ„¦³Â­…°Š<br />

ŗð—£µ¥Äœ˜´ª¤°­Á¢˜Â¨³ (0, š¸ÉÁ„·—…¹ Êœ‹µ„„µ¦<br />

­ª·˜ r„Î µ¨´ŠÁœºÉ°Š‹µ„¤¸­ª·˜Žr =96 š¸É…–³Â¦Š—´œ¤¸ ‡nµ<br />

GYGW Ášnµ„´ «¼œ¥r Ÿ¨„µ¦š—¨°Šš¸ÉÅ—o­µ¤µ¦¡·­¼‹œrÅ—o<br />

˜µ¤®¨´„š§¬‘¸Äœ…–³‹nµ¥„Î µ¨´ŠÅ¢¢jµ­¼Š­»— ´¨¨µ­˜r¤¸ž¦³<br />

­·š›·£µ¡¤µ„„ªnµ<br />

1&ªŠ‹¦Â„o‡nµ˜´ªž¦³„° „Î µ¨´Š œ¡ºÊœ“µœ…°Š<br />

ªŠ‹¦š ¦³—´ œ·—¡µ­Ž¸¢Ž°¢˜m­ª·˜ ·ÉŠš¸ÉÄ õ ´ª<br />

Á®œ¸É¥ªœÎ µ¦nª¤„´œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¡§®´­š¦Šž¦³„° Á°„Å ¥­ª´­—·Í<br />

°·¬‘µ » µ°¦»–Áœ˜¦<br />

„µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤«µ­˜¦r<br />

¤®µª·š¥µ¨´¥­Š…¨µœ‡¦·œš¦r‡¦´ÊŠš¸É<br />

›´œªµ‡¤¤®µª·š¥µ¨´¥­Š…¨µ<br />

œ‡¦·œš¦r‹­Š…¨µ®œoµ((¹Š((<br />

Äœ š‡ªµ¤œ¸ÊÁž}œ„µ¦œÎ µÁ­œ°ªŠ‹¦Â„o‡nµ˜´ª<br />

ž¦³„° „Î µ¨´Š œ¡ºÊœ“µœ…°ŠªŠ‹¦š ¦³—´ ¦Š—´œš¸É ¤¸„µ¦<br />

Ä o˜´ªÁ®œ¹É¥ªœÎ µš¸ÉÁ É°¤Ã¥Š„´œÁ¡ºÉ°šÎ º µÄ®oÁ„·—„µ¦­ª·˜ rÂ<br />

œ»n¤œª¨Â ¡µ­Ž¸¢Ž¹ÉŠªŠ‹¦Å—o¡´•œµ¤µ‹µ„ªŠ‹¦ 1RQ<br />

096 š¸É×¥„µ¦¦ª¤Á°µ˜´ªÁ®œ¸É¥ªœÎ µ¦¸ÃŽÂœœŽr­°Š<br />

˜´ª¤µ¡´œ œÂ„œÁ¡°¦rŦ˜rÁ—¸¥ª„´œ‹¹ŠšÎ µÄ®o‹Î µœªœ°»ž„¦–r<br />

š¸ÉÄ oÄœªŠ‹¦¨—¨ŠÂ¨³¥´Š‡Š¦´„¬µ­£µª³„µ¦­ª·˜ r œ»n¤<br />

œª¨˜¨°— nªŠ„µ¦šÎ µŠµœ ‹µ„Ÿ¨„µ¦‹Î µ¨°ŠÂ¨³„µ¦<br />

š—¨°Š‹¦·ŠÂ­—Š„µ¦šÎ µŠµœ…°ŠªŠ‹¦š¸É‡ªµ¤¸ÉN+]¤¸<br />

ž¦³­·š›·£µ¡„µ¦Âž¨ŠŸ´œ„Î µ¨´ŠŠµœ­¼Š­»—¤µ„„ªnµš¸É<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¡·„´—„Î µ¨´ŠŠµœ N: ×¥¤¸‡nµ˜´ªž¦³„° ¤µ„„ªnµ <br />

¨³‡ªµ¤Á¡¸Ê¥œ±µ¦r¤°œ·„­r…°Š„¦³Â­…µÁ…oµœo°¥„ªn µ<br />

1&„µ¦œ´ ‹Î µœªœÃ‡Ã¨œ¸‹µ„‹µœÁ¨¸Ê¥ŠÁ °°µ®µ¦ ºÊ<br />

—oª¥Áš‡œ·‡„µ¦ž¦³¤ª¨Ÿ¨£µ¡<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹·˜¦·¥µÂ­Š¦³ª¸ž„¦–r„oª˜¦³„¼¨¡Š¬r<br />

„µ¦ž¦³ »¤ª· µ„µ¦že‡–³ª·«ª„¦¦¤<br />

«µ­˜¦r¤®µª·š¥µ¨´¥…°œÂ„nœ<br />

¤„¦µ‡¤¤®µª·š¥µ¨´¥…°œÂ„nœ <br />

‹…°œÂ„nœ®œoµ<br />

„µ¦œ´ ‹Î µœªœÃ‡Ã¨œ¸š´ÊŠ®¤—…°Š˜´ª°¥nµŠÁ¡ºÉ°<br />

Áž¦¸¥ Áš¸¥ „´ ¤µ˜¦“µœ…°Š­Î µœ´„Šµœ¤µ˜¦“µœŸ¨·˜£´–”r<br />

°»˜­µ®„¦¦¤ ¤°„ Áž}œ­nªœ®œ¹ÉŠ…°Š„µ¦ª·Á‡¦µ³®rÁ¡ºÉ°š¸É<br />

‹³˜¦ª‹­° ªnµ°µ®µ¦ œ·—œ´Êœ¤¸‡»–£µ¡®¦º°Å¤n Ÿnµœ¤µ˜¦<br />

“µœ­nŠ°°„Á¡ºÉ°‹Î µ®œnµ¥®¦º°Å¤n Ž¹ÉŠ‡ªµ¤¼„˜o °ŠÂ¨³Áª¨µš¸É<br />

‹³Ä oÄœ„µ¦œ´ ‹³…¹Êœ°¥¼n„´ ‡ªµ¤ÁÉ¥ª ¸ µ …°ŠŸ¼ošÎ µ„µ¦<br />

š—­° nªŠÁª¨µš¸ÉÄ oÄœ„µ¦œ´ ‹Î µœªœÃ‡Ã¨œ¸‹³˜o°ŠÄ o<br />

‡ªµ¤ Î µœµ ¨³­¤µ›·Äœ„µ¦šÎ µŠµœ­¼ŠŽ¹ÉŠ‹³šÎ µÄ®oÁ„·—„µ¦<br />

Á®œºÉ°¥¨oµÂ¨³°µ‹‹³­nŠŸ¨Á­¸¥˜n°„µ¦œ´ ¨³®µ„Ÿ¨š¸ ÉÅ—o<br />

‹µ„„µ¦œ´ ¤¸‡ªµ¤‡¨µ—Á‡¨ºÉ°œ°µ‹­nŠŸ¨˜n°‡ªµ¤œnµÁ ºÉ°º°<br />

Äœ‡»–£µ¡„µ¦Ÿ¨·˜…°ŠÃ¦ŠŠµœ‹µ„Ÿ¼o ¦·Ã£‡°¸„—oª¥ Äœ<br />

ž{‹‹» ´œž¦³Áš«Åš¥Å—oœÎ µÁ…oµÁ‡¦ºÉ°Šœ´ ‹Î µœªœÃ‡Ã¨œ¸Ž¹ÉŠ¤¸<br />

¦µ‡µÂ¡ŠÂ¨³¡¹ÉŠÁš‡ÃœÃ¨¥¸ ‹µ„˜nµŠ µ˜·š´ÊŠ®¤— œ°„‹µ„œ¸Ê<br />

Á‡¦ºÉ°Š—´Š„¨nµª¥´Š¤¸¦µ‡µÂ¡ŠŽ¹ÉŠšÎ µÄ®o­nŠŸ¨˜n°˜oœš»œÄœ„µ¦<br />

Ÿ¨·˜Â¨³„µ¦¡´•œµ«´„¥£µ¡…°Šž¦³Áš« š‡ªµ¤œ¸Ê‹¹Š<br />

Á­œ°¦³ „µ¦œ´  °´˜Ãœ¤´˜·Ã—¥Ä oÁš‡œ·‡„µ¦ž¦³¤ª¨<br />

Ÿ¨£µ¡Ž¹ÉŠÄ o°´¨„°¦·›¹¤Á¡ºÉ°š¸É‹³š Î µ„µ¦Âž¨Š£µ¡Ã‡Ã¨œ¸‹µ„<br />

µ—°µ®µ¦Á¨¸Ê¥ŠÁ ºÊ°Áž}œ£µ¡Â —·‹·˜˜°¨Á…oµ­¼n¦³<br />

‡°¤¡·ªÁ˜°¦r ¨oªšÎ µ„µ¦ª·Á‡¦µ³®r£µ¡Á¡ºÉ°š¸É‹³Â¥„…o°¤¼¨<br />

£µ¡…°ŠÃ‡Ã¨œ¸°°„¤µÂ¨³Â­—ŠŸ¨„µ¦œ´ ‹Î µœªœÃ‡Ã¨œ¸<br />

Áž¦¸¥ Áš¸¥ „´ ¤µ˜¦“µœ ¤°„ š¸ÉÄ o°oµŠ°·Š Äœ„µ¦š—¨°Š<br />

Ä o˜´ª°¥nµŠ°µ®µ¦‡º°ÁœºÊ°Å„n ­—¨³Á­¸ ¥ Á¡ºÉ°Áž¦¸¥<br />

Áš¸¥ „´ ¤µ˜¦“µœ ¤°„ ‹µ„Ÿ¨š¸ÉÅ—o­µ¤µ¦Â­—ŠÄ®oÁ®Èœ<br />

ªnµª·›¸„µ¦š¸ÉœÎ µÁ­œ°Ä®oŸ¨„µ¦œ´ š¸É¼„˜o°Š ¤nœ¥Î µ ¨³<br />

ž¦³®¥´—Áª¨µÄœ„µ¦˜¦ª‹œ´ Áž¦¸¥ Áš¸¥ „´ ­µ¥˜µ¤œ»¬¥r<br />

1&$1()),&,(1708/7,3/(<br />

+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ÁŸ¥Â¡¦n<br />

7KH VW (OHFWULFDO(QJLQHHULQJ<br />

(OHFWURQLFV&RPSXWHU<br />

7HOHFRPPXQLFDWLRQVDQG<br />

,QIRUPDWLRQ7HFKQRORJ\$QQXDO<br />

&RQIHUHQFH(&7,&21<br />

¡§¬£µ‡¤Ã¦ŠÂ¦¤°¤µ¦¸°°‡·—<br />

¦¸­°¦r˜‹ ¨ »¦¸<br />

,QWKLVSDSHUZHSUHVHQWDQRYHOPHWKRG<br />

WR LPSURYH SHUIRUPDQFH RI 0XOWLSOH +\SRWKHVLV<br />

7UDFNLQJ 0+7 DOJRULWKP XVHG DV D IHDWXUH<br />

WUDFNHU LQ URERW QDYLJDWLRQ DQG ORFDOL]DWLRQ<br />

6LQFHWKHPRWLRQVHJPHQWDWLRQLVDUHTXLUHGVWHS<br />

WRHVWLPDWHWKHHJRPRWLRQRUWLPHWRFROOLVLRQLQ<br />

VXFK DSSOLFDWLRQV WKLV UHDGLO\ DYDLODEOH<br />

LQIRUPDWLRQFDQDOVREHIHGEDFNWRLPSURYHWKH<br />

SHUIRUPDQFH RI WKH 0+7 ,Q WKLV ZRUN WKH<br />

LQOLHUV ZKLFK UHSUHVHQW WKH PDMRULW\ RI WUDFNHG<br />

IHDWXUHV KDYLQJ WKH VDPH PRWLRQ DUH LGHQWLILHG<br />

ZLWKDYHU\ORZIDOVHSRVLWLYHUDWH7KHVHIHDWXUHV<br />

DUH DOVR UHOLDEOH DQG FDQ EH XVHG WR YHULI\ WKH<br />

YDOLGLW\ RI WKH PDLQWDLQHG K\SRWKHVHV %\<br />

DSSURSULDWHO\ DSSO\LQJ WKLV LQIRUPDWLRQ WKH<br />

HIILFLHQF\RIWKH0+7FDQ EHHQKDQFHG JUHDWO\<br />

:HGHPRQVWUDWHGWKHLPSURYHPHQWRQDVHTXHQFH<br />

REWDLQHG IURP D PRYLQJ PRQRFXODU ULJ 7KH<br />

UHVXOWVKRZHGFRQVLVWHQF\<br />

1&„µ¦ž¦´ ž¦»Š°´˜¦µ„µ¦¦¼o‹Î µ‡Î µ¡¼—£µ¬µÅš¥<br />

×¥Ä o„µ¦œ°¦r¤´¨Å¨Žr…°Š­´¤ž¦³­·š›·ÍÁŽ ­˜¦´ ¤<br />

œ´„ª·‹´¥ ´¨¨´Š„r®¤ºÉœ¡·œ·‹£µ–»š´˜ <br />

» ž¦³¤»…<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ<br />

®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ° ª·›¸Äœ„µ¦œ°¦r¤´¨Å¨Žr<br />

­´¤ž¦³­·š›·ÍÁŽ ­˜¦´¤‡º °„µ¦œ°¦r¤´¨Å¨Žr×¥Ä o‡³Âœœ<br />

¤µ˜¦“µœ&HSVWUDO6WDQGDUG6FRUH1RUPDOL]DWLRQ<br />

&=1 „µ¦œ°¦r¤´¨Å¨Žr×¥Ä o‡nµÁŒ¨¸É¥Â¨³‡nµ­¼Š­» —<br />

&HSVWUDO0HDQ0D[1RUPDOL]DWLRQ&001 Á¡ºÉ°<br />

ž¦´ ž¦»Š°´˜¦µ„µ¦¦¼o‹Î µÄ®o­¼Š…¹ÊœÄœ¦³ „µ¦¦¼o‹Î µ‡Î µ¡¼—Â<br />

‡Î µÂ¥„חץŤn…¹Êœ„´ Ÿ¼o¡¼—ª·›¸„µ¦œ°¦r¤´¨Å¨Žrš´ÊŠª·›¸œ¸Ê<br />

Áž}œ„µ¦ž¦´ ž¦»Š‡nµ­´¤ž¦³­·š›·ÍÁŽ ­˜¦´¤š¸ ÉÅ—o‹µ„„µ¦œ°¦r<br />

¤´¨Å¨Žr—oª¥‡nµÁŒ¨¸É¥ &HSVWUDO 0HDQ 1RUPDOL]DWLRQ<br />

&01‡nµ­´¤ž¦³­·š›·Íš¸ÉÅ—o‹µ„„µ¦œ°¦r¤´¨Å¨ŽrÁ®¨nµœ ¸Ê‹³<br />

<br />

Áž}œÁª„Á˜°¦r¨´„¬–³Á—nœ )HDWXUH 9HFWRU ­Î µ®¦´ Â<br />

‹Î µ¨°Š±·—Á—œ¤µ¦r‡°¢ +00 ‹µ„„µ¦‹Î µ¨°ŠŸ¨Ã—¥Ä o<br />

Á­¸¥ŠŸ¼o¡¼— µ¥‡œÇ¨³‡Î µÇ¨³‡¦´ÊŠÄœ„µ¦Á¦¸¥œ<br />

¦¼o¨³š—­° —oª¥Ÿ¼o¡¼— µ¥°¸„„¨»n¤®œ¹ÉŠ—oª¥‹Î µœªœ‡Î µÂ¨³<br />

‹Î µœªœ„µ¦°°„Á­¸¥Šš¸ÉÁšnµ„´ œ Ÿ¨¨´¡›r…°Š„µ¦¦¼o‹Î µÁ¡·É¤…¹ Êœ<br />

ÁŒ¨¸É¥ Áž°¦rÁŽÈœ˜r ­Î µ®¦´ ¦³ š¸ÉÄ o‡nµ­´¤ž¦³­·š›·ÍÁŽ<br />

­˜¦´¤Â¨³Á¡·É¤…¹ÊœÃ—¥ÁŒ¨¸É ¥ Áž°¦rÁŽœ˜r­Î µ®¦´ ¦³ š¸ÉÄ o<br />

‡nµ­´¤ž¦³­·š›·ÍÁŽ ­˜¦´¤š¸Éœ°¦r¤´¨Å¨Žr—oª¥‡³Âœœ¤µ˜¦“µœ<br />

Á¡ºÉ° —Á ¥¨´„¬–³Á—nœÂ¨³¥´Š¤¸‡ªµ¤‡Ššœ˜n°Á­¸¥Š¦ „ªœ<br />

„ªnµ­´¤ž¦³­·š›·ÍÁŽ ­˜¦´¤š¸Éœ°¦r¤´¨Å¨Žr—oª¥‡n µÁŒ¨¸É¥°¸„—oª¥<br />

×¥ÁŒ¨¸É¥ Áž°¦rÁŽœ˜r­Î µ®¦´ ¦³ š¸ÉÄ o‡nµ­´¤ž¦³­·š›·Í<br />

ÁŽ ­˜¦´¤Â¨³Á¡·É¤…¹ÊœÃ—¥ÁŒ¨¸É ¥Áž°¦rÁŽœ˜r­Î µ®¦´ ¦³<br />

š¸ÉÄ o‡nµ­´¤ž¦³­·š›·ÍÁŽ ­˜¦´¤š¸Éœ°¦r¤´¨Å¨Žr—oª¥‡nµÁŒ¨¸É¥Äœ<br />

„¦–¸…°ŠÁ­¸¥Š¦ „ªœÄœ¦¥œ˜r615G%<br />

1&„µ¦ž¦´ ž¦»Š°´˜¦µ„µ¦¦¼o‹Î µ‡Î µ¡¼—£µ¬µÅš¥<br />

×¥Ä o„µ¦œ°¦r¤´¨Å¨Žr˜µ¤ª·¸Ã‡oŠ<br />

œ´„ª·‹´¥ ´¨¨´Š„r®¤ºÉœ¡·œ·‹£µ–»š´˜ <br />

» ž¦³¤»…<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦šµŠª·«ª„¦¦¤Å¢¢jµ‡¦´ÊŠš¸É<br />

¡§«‹·„µ¥œÃ¦ŠÂ¦¤<br />

ÃŽ¢dÁš¨¦µ µ°°¦r‡·—‹…°œÂ„nœ<br />

®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°„µ¦œ°¦r¤´¨Å¨Žr˜µ¤ª·¸Ã‡oŠ<br />

1$7 ¦nª¤„´ …´Êœ˜°œ„µ¦—¹Š¨´„¬–³Á—nœ…°Š‡Î µ¡¼—Äœ<br />

¦³ „µ¦¦¼o‹Î µ‡Î µ¡¼— ‡Î µÂ¥„חץŤn…¹Êœ„´ Ÿ¼o¡¼—Á¡ºÉ°<br />

ž¦´ ž¦»Š°´˜¦µ„µ¦¦¼o‹Î µÄ®o­¼Š…¹Êœ ‡ªµ¤Â˜„˜nµŠ…°Š‹Î µœªœ<br />

Á¢¦¤ÄœÂ˜n¨³‡Î µ‹³¼„ž¦´ Ä®o¤¸‹Î µœªœÁšnµ„´œ Áª„Á˜°¦r<br />

¨´„¬–³Á—nœš¸ÉÅ—o‹µ„„µ¦Âž¨Š¢¼¦·Á¥¦r Á¦ÈªÂ¨³‹µ„„µ¦<br />

œ°¦r¤´¨Å¨Žr—oª¥‡nµÁŒ¨¸É¥&01 ‹³¼„œ°¦r¤´¨Å¨Žr˜µ¤ª·¸<br />

ÇoŠÁ¡ºÉ°ž¦³¤µ–‡nµÁŽ ˜¦´¤Ä®¤n Áž}œ„µ¦¨—‹Î µœªœÁª„<br />

Á˜°¦r¨´„¬–³Á—nœ­Î µ®¦´ „µ¦­°œ—oª¥Â ‹Î µ¨°Š±·—Á—œ<br />

¤µ¦r‡°¢ +00 ‹µ„„µ¦‹Î µ¨°ŠŸ¨Ã—¥Ä oÁ­¸¥ŠŸ¼o¡¼— µ¥<br />

‡œÇ ¨³ ‡Î µÇ ¨³ ‡¦´ÊŠÄœ„µ¦­°œÂ¨³š—­°<br />

—oª¥Ÿ¼o¡¼— µ¥°¸„„¨»n¤®œ¹ÉŠ—oª¥‹Î µœªœ‡Î µÂ¨³‹Î µœªœ„µ¦°°„<br />

Á­¸¥Šš¸ÉÁšnµ„´ œ Ÿ¨¨´¡›r…°Š„µ¦¦¼o‹Î µÁ¡·É¤…¹ ʜ×¥ÁŒ¨¸ É¥ <br />

Áž°¦rÁŽÈœ˜r­Î µ®¦´ ¦³ š¸Éœ°¦r¤´¨Å¨Žr˜µ¤ª·¸Ã‡oŠ„´ Áª„<br />

Á˜°¦r¨´„¬–³Á—nœ‹µ„„µ¦Âž¨Š¢¼¦·Á¥¦r Á¦ÈªÂ¨³Á¡·É¤…¹ Êœ<br />

×¥ÁŒ¨¸É¥ Áž°¦rÁŽœ˜r­Î µ®¦´ ¦³ š¸Éœ°¦r¤´¨Å¨Žr˜µ¤ª·¸<br />

ÇoŠ„´ Áª„Á˜°¦r¨´„¬–³Á—nœ‹µ„„µ¦œ°¦r¤´¨Å¨Žr—oª¥‡nµÁŒ¨¸É¥<br />

1DWLRQDO&RQIHUHQFH


1&„µ¦®¨n°Â…ÈŠ„µ„˜³„°œÃ¨®³®œ´„‹µ„<br />

æŠ » ǦÁ¤¸¥¤—oª¥ž¼œŽ¸Á¤œ˜rŸ­¤Áoµ¨°¥¨·„Åœ˜r<br />

¨³ »iœš¦µ¥—Î µ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ÁŒ¨·¤¦µ ª´œšª·œ<br />

¡·– »„¦–r ° Áš¸É¥Š›¦¦¤<br />

„µ¦ž¦³ »¤ª· µ„µ¦­·ÉŠÂª—¨o°¤Â®nŠ µ˜·<br />

‡¦´ÊŠš¸ ɤ„¦µ‡¤Ã¦ŠÂ¦¤<br />

¸¡¸Â„¦œ—ršµªÁª°¦r®µ—Ä® n‹­Š…¨µ<br />

®œoµ<br />

„µ¦ª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„µ¦œÎ µ »iœš¦µ¥—Î µ¤µÄ o<br />

Áž}œª´­—»ž¦³­µœ¦nª¤„´ ž¼œŽ¸Á¤œ˜r¨³Áoµ¨°¥¨·„Åœ˜rÄœ<br />

„µ¦®¨n°Â…ÈŠ„µ„˜³„°œÃ¨®³®œ´„‹µ„æŠ » ǦÁ¤¸¥¤<br />

×¥¤»nŠÁœoœš¸É‹³¨—ž¦·¤µ–ž¼œŽ¸Á¤œ˜rÄœª´­—»ž¦³­µœÂ¨³<br />

Á¡·É¤ž¦·¤µ–„µ„˜³„°œÄœ„o°œ®¨n °Â…ÈŠÄ®oÅ—o¤µ„š¸É­»—Á¡ºÉ°<br />

¨—‡nµÄ o‹nµ¥Äœ„¦³ ªœ„µ¦®¨n°Â…ÈŠ ‹µ„„µ¦š—¨°ŠÁ¤ºÉ°<br />

šÎ µ„µ¦®¨n°„o°œ˜´ª°¥nµŠš¸É°´˜¦µ­nªœ„µ„˜³„°œ˜n°ª´­—»<br />

ž¦³­µœ °´˜¦µ­nªœœÎÊ µ˜n°ª´­—»Ÿ­¤š´ÊŠ®¤— ­´—<br />

­nªœÁoµ¨°¥¨·„Åœ˜r˜n° »iœš¦µ¥—Î µ ¨³ n¤Áž}œ<br />

Áª¨µ ª´œ ¡ ªnµ ­µ¤µ¦¨—ž¦·¤µ–ž¼œŽ¸Á¤œ˜rÄœª´­—»<br />

ž¦³­µœÅ—o¤µ„¹Š¦o°¥¨³®¦º°‡·—Áž}œ°´˜¦µ­nªœŽ¸Á¤œ˜r<br />

˜n°„µ„˜³„°œ „ȚΠµÄ®o„o°œ®¨n°Â…ÈŠ¤¸‡nµ¦´ „Î µ¨´Š°´—<br />

¨³‡ª ‡»¤„µ¦ ³¨³¨µ¥Ã‡¦Á¤¸¥¤‹µ„„µ„˜³„°œŸnµœ<br />

Á„–”r¤µ˜¦“µœ ¨³Á¤ºÉ°Á¡·É¤°´˜¦µ­nªœ„µ„˜³„°œ˜n°ª´­—»<br />

ž¦³­µœ‹µ„ Áž}œ ¨³ ¡ ªnµš¸É°´˜¦µ­nªœ<br />

¨³Ä oŽ¸Á¤œ˜rÄœª´­—»ž¦³­µœÅ—õ ÎÉ µ­»—¦o°¥¨³<br />

Á®¤º°œ„´œ ˜nÁ¤ºÉ°‡·—Áž}œ°´˜¦µ­nªœŽ¸Á¤œ˜r˜n°„µ„˜³„°œ<br />

‹³Å—o¨³˜µ¤¨Î µ—´ œ´ÉœÂ­—Šªnµš¸É°´˜¦µ­nªœ„µ„<br />

˜³„°œ˜n°ª´­—» ž¦³­µœ ץĜª´­—»ž¦³­µœÄ oŽ¸Á¤œ˜r<br />

¦o°¥¨³ Ÿ­¤„´ Áoµ¨°¥¨·„Åœ˜r¦o°¥¨³ ¨³ »iœ<br />

š¦µ¥—Î µ¦o°¥¨³ šÎ µÄ®o„o°œ®¨n°Â…ÈŠ¤¸ž¦·¤µ–„µ„<br />

˜³„°œ­¼Š­»—¨³Ä ož¼œŽ¸Á¤œ˜rœo°¥š¸É­» — ‡·—Áž}œ‡nµÄ o‹nµ¥<br />

…°Šª´­—»ž¦³­µœš¸ÉÄ oÄœ„µ¦®¨n°Â…ÈŠš´ÊŠ­·Ê œ µš˜n°<br />

˜´œ…°Š„µ„˜³„°œÃ¨®³®œ´„®oŠ<br />

1&3+272&$7$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

PJLVIRXQGDWJRIORDGHG7L2 ZLWK0<br />

RIIRUPDWHLRQVS+ZLWKLQKRXUVIRUTXDUW]<br />

UHDFWRU 5HVXOWV IURP WKLV VWXG\ PLJKW SURYLGH<br />

EHQHILW IRU =Q,, UHPRYDO IURP LQGXVWULDO<br />

ZDVWHZDWHUDVZHOO<br />

1&$&,'$1'$/.$/,(;75$&7,212)<br />

75,9$/(17&+520,80)5207,7$1,80<br />

',2;,'(685)$&(<br />

œ´„ª·‹´¥ ¡ªŠ¦´˜œr…‹·˜ª· ¥µœ»„¼¨<br />

…œ·¬“µ—µ¦µÁ¤º°Š°£· œª´ Á¦œš¦rªŠ«r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦­·ÉŠÂª—¨o°¤Â®nŠ µ˜·<br />

‡¦´ÊŠš¸ ɤ„¦µ‡¤Ã¦ŠÂ¦¤<br />

¸¡¸Â„¦œ—ršµªÁª°¦r®µ—Ä® n‹­Š…¨µ<br />

®œoµ<br />

,QWKLVZRUNYDULRXVFRQGLWLRQVWRH[WUDFW<br />

FKURPLXP IURP WLWDQLXP GLR[LGH VXUIDFH XVLQJ<br />

DFLGDQGDONDOLUHDJHQWVZHUHVWXGLHG7KHHIIHFW<br />

RIW\SHRIUHDJHQWVFRQFHQWUDWLRQRIUHDJHQWVDQG<br />

VROLGOLTXLGUDWLRZDVLQYHVWLJDWHG,WLVIRXQGWKDW<br />

WKH FKURPLXP H[WUDFWLRQ ZLWK DFLG UHDJHQW<br />

SURYLGHVWKHKLJKHUUHFRYHU\HIILFLHQF\WKDWDONDOL<br />

UHDJHQW 7KH PD[LPXP DFKLHYDEOH RI FKURPLXP<br />

H[WUDFWLRQ FDQ EH IRXQG LQ PDQ\<br />

H[SHULPHQWDO FRQGLWLRQV XVLQJ HLWKHU QLWULF RU<br />

VXOIXULF DFLGV DV H[WUDFWLRQ UHDJHQWV 7KH VROLG<br />

OLTXLGUDWLRDOVR SOD\V D PDMRU UROHLQ H[WUDFWLQJ<br />

FKURPLXP7KHH[WUDFWLRQRIFKURPLXPLQFUHDVHG<br />

ZLWK WKH GHFUHDVLQJ RI VROLGOLTXLG UDWLR 7KH<br />

UHVXOWV DOVR VKRZ WKDW SHUFHQWDJH RI FKURPLXP<br />

UHFRYHU\ LV LQFUHDVH ZLWK LQFUHDVLQJ RI QLWULF<br />

FRQFHQWUDWLRQ 2Q FRQWUDU\ WKLV PD[LPXP<br />

UHFRYHU\ SHUFHQWDJH LV UHGXFHG ZLWK ULVLQJ RI<br />

VXOIXULF FRQFHQWUDWLRQ )LQGLQJV IURP WKLV VWXG\<br />

PLJKW EHQHILFLDO IRU H[WUDFWLRQ RI RWKHU KHDY\<br />

PHWDOVIURPWLWDQLXPGLR[LGHVXUIDFHDVZHOO<br />

1&$33/,&$7,212))(1721<br />

5($&7,21352'8&7,212))(55,&<br />

&+/25,'(62/87,21)520$&,':$67(<br />

,1$+27',3*$/9$1,=('352&(6672<br />

86($6$&2$*8/$17)257(;7,/(<br />

:$67(:$7(575($70(17<br />

œ´„ª·‹´¥ ­¤£¡­œ°Š¦µ¬‘¦r<br />

<br />

„·˜˜·¡´œ›r¤»œ·œš¦µŠ„¼¨&,PMDUG<br />

ÁŸ¥Â¡¦n<br />

0.LWLUDW<br />

„µ¦ž¦³ »¤ª· µ„µ¦­·ÉŠÂª—¨o°¤Â®nŠ µ˜·<br />

‡¦´ÊŠš¸É¤„¦µ‡¤Ã¦ŠÂ¦¤<br />

¸¡¸Â„¦œ—ršµªÁª°¦r®µ—Ä® n‹­Š…¨µ<br />

®œoµ<br />

<br />

)HUULF FKORULGH VROXWLRQ ZDV SURGXFHG<br />

IURP DFLG ZDVWH FRQWDLQLQJ K\GURFKORULF DFLG<br />

VROXWLRQVDWXUDWHGZLWKIHUURXVLURQXVLQJ)HQWRQ<br />

UHDFWLRQ )RU VDIHW\ SXUSRVH GXULQJ WKH<br />

SURGXFWLRQ SURFHVV RQO\ + 2 ZDV XVHG WR<br />

UHDFW ZLWK WKH DFLG ZDVWH XVLQJ D PROH UDWLR<br />

)H + 2 RI 7KHQ WKH RI IHUULF<br />

FKORULGH VROXWLRQ ZDV REWDLQHG )RU WHVWLQJ<br />

WUHDWPHQWHIILFLHQF\WKLVIHUULFFKORULGHVROXWLRQ<br />

ZDV DV D FRDJXODQW WR WUHDW WKUHH NLQGV RI G\H<br />

ZDVWHZDWHU IURP WH[WLOH IDFWRU\ GLUHFWG\H<br />

GLVSHUVHG\H DQG FRPELQHGG\H 'LUHFWG\H<br />

ZDVWHZDWHUZDVGHWHUPLQHGLQWKUHHFRORUVKDGHV<br />

LQFOXGLQJ UR\DO EOXH EURZQ DQG WXUT<br />

$GGLWLRQDOO\ GLVSHUVHG\H ZDVWHZDWH ZDV<br />

GHWHUPLQHG LQ WKUHH FRORU VKDGHV LQFOXGLQJ<br />

UXELQH PXVWDUG DQG URVH 2YHUDOO UDZ GLUHFW<br />

G\H ZDVWHZDWHU KDG RI S+ PJ/<br />

RI%2' PJ/ RI &2' PJ/RI<br />

66DQGDEVRUEDQFHRIFRORU7KH<br />

FRDJXODWLRQ RI GLUHFWG\H ZDVWHZDWHU KDG WKH<br />

RSWLPXP S+ UDQJLQJ IURP WR DQG WKH<br />

IHUULF FKORULGH GRVDJH UDQJLQJ IURP WR <br />

PJ/7KHUHPRYDOHIILFLHQFLHVZHUHRI<br />

%2' RI &2' a RI 66 DQG <br />

RIFRORU5DZGLVSHUVHG\HZDVWHZDWHUKDG<br />

RI S+ PJ/ RI %2' <br />

PJ/RI&2'PJ/RI66DQG<br />

DEVRUEDQFH RI FRORU 7KH FRDJXODWLRQ RI<br />

GLVSHUVHG\H ZDVWHZDWHU KDG WKH RSWLPXP S+<br />

UDQJLQJ IURP WR DQG WKH IHUULF FKORULGH<br />

GRVDJH UDQJLQJ IURP WR PJ/ 7KH<br />

UHPRYDOHIILFLHQFLHVZHUHRI%2'<br />

RI &2' a RI 66 DQG RI<br />

FRORU 5DZ FRPELQHGG\H ZDVWHZDWHU KDG <br />

RIS+ PJ/ RI%2' PJ/<br />

RI &2' PJ/ RI 66 DQG <br />

DEVRUEDQFH RI FRORU 7KH FRDJXODWLRQ RI<br />

GLVSHUVHG\H ZDVWHZDWHU KDG WKH RSWLPXP S+<br />

UDQJLQJ IURP WR DQG WKH IHUULF FKORULGH<br />

GRVDJH UDQJLQJ IURP WR PJ/ 7KH<br />

UHPRYDOHIILFLHQFLHVZHUHRI%2'<br />

RI &2' a RI 66 DQG RI<br />

FRORU ,Q DGGLWLRQ WKH IUHVK DQG \HDU VWRUHG<br />

IHUULF FKORULGH VROXWLRQ SURGXFHG IURP DFLG<br />

ZDVWH JDYH DERXW WKH VDPH UHVXOWV LQ WHUP RI<br />

UHPRYDOHIILFLHQFLHV<br />

1&5('8&7,212)1,75$7(,1<br />

3,1($33/(-8,&(<br />

œ´„ª·‹´¥<br />

œÎÊ µš·¡¥r¨¸¦´˜œ¦´„¬r<br />

1DWLRQDO&RQIHUHQFH


ÁŸ¥Â¡¦n<br />

¡´«¦µ£¦–r¨·žd„µ ‹œ„»¨<br />

­µª·˜¦¸ž{ µªŠ«r­»ª· «·¦·ª´•œÃ¥›·œ<br />

š·¡µ¡¦°¥¼nª·š¥µ<br />

„µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦‡¦´ÊŠ<br />

š¸É¡§¬£µ‡¤«¼œ¥r­—Š<br />

­·œ‡oµ ¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š<br />

›µœ¸„¦»ŠÁš¡²®œoµ3<br />

7KHSUHVHQFHRIQLWUDWHLQSLQHDSSOHMXLFH<br />

FDQDFFHOHUDWHDGHWLQQLQJUHDFWLRQRISODLQFDQV<br />

0RUHRYHU QLWUDWH LV DOVR FRQVLGHUHG D SRWHQWLDO<br />

KXPDQ KHDOWK KD]DUG7KXV WKH REMHFWLYH RI WKLV<br />

ZRUN ZDV WR VWXG\ WKH SRVVLEOH PHWKRG ZKLFK<br />

PD\ EH XVHG WR UHGXFH WKH QLWUDWH FRQWHQW LQ<br />

SLQHDSSOH MXLFH 7KUHH DOWHUQDWH PHWKRGV LH<br />

HOHFWURSKRUHVLV LRQ VHSDUDWLRQ YLD WKH XVH RI D<br />

PDJQHWLFILHOGDQGLRQH[FKDQJHZHUHH[SORUHG<br />

)RU WKH HOHFWURSKRUHVLV PHWKRG WKH H[SHULPHQWV<br />

ZHUHFDUULHGRXWDWWKHYROWDJHVRIDQG9DW<br />

GLIIHUHQW OHYHOV RI FRQWDFW WLPH IURP WR <br />

PLQXWHV )RU WKH PHWKRG ZKLFK XVHG D PDJQHWLF<br />

ILHOGWRVHSDUDWHWKHQLWUDWHLRQVWKHFRQWDFWWLPH<br />

HPSOR\HG YDULHG IURP WR KRXUV )LQDOO\ WKH<br />

LRQH[FKDQJH PHWKRGWR VHSDUDWH WKH QLWUDWH LRQV<br />

ZDV FDUULHG RXW XVLQJ GLIIHUHQW FRQWDFW WLPHV<br />

EHWZHHQ WR PLQXWHV 7KH UHVXOWV VKRZHG<br />

WKDWWKHWZRWHVWHGPHWKRGVQDPHO\LRQH[FKDQJH<br />

DQGHOHFWURSKRUHVLVFDQUHGXFHWKHQLWUDWHFRQWHQW<br />

E\ DQG IURP LWV LQLWLDO YDOXHV<br />

UHVSHFWLYHO\1HYHUWKHOHVVWKHVHPHWKRGVDUHVWLOO<br />

QRW SUDFWLFDO IRU UHDO LQGXVWULDO DSSOLFDWLRQ VLQFH<br />

WKH LRQ H[FKDQJH PHWKRG GUDPDWLFDOO\ DOWHUHG<br />

ERWK SK\VLFDO DQG FKHPLFDO SURSHUWLHV RI<br />

SLQHDSSOHMXLFHZKLOHWKHHOHFWURSKRUHVLVPHWKRG<br />

DIIHFWHG WKH SK\VLFDO DSSHDUDQFHV PDLQO\ FRORU<br />

DQG SUHFLSLWDWLRQ GXH SDUWO\ WR WKH FRUURGHG<br />

HOHFWURGH DV ZHOO DV KHDW JHQHUDWHG GXULQJ WKH<br />

SURFHVV 7KH IRUPHU SUREOHP PD\ EH RYHUFRPH<br />

E\ XVLQJ DQ LQHUW HOHFWURGH LQVWHDG RI VWDLQOHVV<br />

VWHHOKRZHYHU<br />

1&.,1(7,&62)*(/$7,1,=$7,212)<br />

5,&(<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

Á­µª‡œ›r¡·š´„¬r«»¦·¥³¦µ <br />

­Š‹´œš¦rÂŽnÁ°¸Ë¥ª<br />

žd¥³¡¦Á­¸¥¦£´š¦›µœ¸¤–”·¦µœ¡¦´˜œr<br />

¡¦¦–‹·¦µªŠ«r­ª´­—·Í<br />

„µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦‡¦´ÊŠ<br />

š¸É¡§¬£µ‡¤«¼œ¥r­—Š<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­·œ‡oµÂ¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²<br />

,Q WKLV UHVHDUFK HIIHFW RI WHPSHUDWXUH RQ<br />

WKH NLQHWLFV RI JHODWLQL]DWLRQ RI .'0/ ULFH<br />

ZDVVWXGLHG.'0/ULFHZDVVRDNHGDQGWKHQ<br />

FRRNHGZLWKH[FHVVZDWHUDWFRQVWDQWWHPSHUDWXUH<br />

RIDQG R &$IWHUWKDWGHJUHHRI<br />

JHODWLQL]DWLRQ ZDV PHDVXUHG DW JLYHQ WLPH<br />

LQWHUYDOV $W DOO WHPSHUDWXUHV H[FHSW R & ULFH<br />

ZDV FRPSOHWHO\ JHODWLQL]HG 7KH JHODWLQL]DWLRQ RI<br />

ULFH IROORZHG ILUVWRUGHU LUUHYHUVLEOH UHDFWLRQ<br />

(IIHFWRIWHPSHUDWXUHRQUHDFWLRQUDWHFRQVWDQWFDQ<br />

EH GHVFULEHG E\ $UUKHQLXV HTXDWLRQ ZLWK WKH<br />

DFWLYDWLRQ (QHUJ\ ( D RI N-PRO DW WKH<br />

WHPSHUDWXUHEHORZ R &DQGN-PRODWWKH<br />

WHPSHUDWXUHDERYH R &:DWHUDEVRUSWLRQRIULFH<br />

DWHDFKWHPSHUDWXUHZDVDOVRLQYHVWLJDWHG5DWHRI<br />

ZDWHU DEVRUSWLRQ LQFUHDVHG ZLWK LQFUHDVLQJ<br />

WHPSHUDWXUH<br />

1&šµŠÁ¨º°„Ä®¤nÄœ„µ¦„Î µ‹´—űצÁ‹œÄœŠµœ<br />

®¨n°Ã¨®³Ÿ­¤°³¨¼¤·Áœ¸¥¤Ã—¥Ä o„pµŽ5D<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

„µœ˜rª·¦»–¡´œ›r­¤Á— °·Š‡³ª³¦³<br />

Á µª¨·˜¨·Ê¤¤–¸ª·‹· ˜¦<br />

„µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

讳Ÿ­¤°³¨¼¤·Áœ¸¥¤¤¸ š µš­Î µ‡´ ¥·ÉŠ˜n°<br />

°»˜­µ®„¦¦¤Â¨³¤¸ž¦·¤µ–„µ¦Ä oŠµœÁ¡·É¤¤µ„…¹Ê œ ¼„œÎ µ¤µ<br />

Ä oŠµœ—oµœ°»˜­µ®„¦¦¤„µ¦Ÿ¨·˜ ·Êœ­nªœÁ‡¦º É°Š¥œ˜r¨³<br />

Ÿ¨·˜£´–”r˜nµŠÇ Áž}œ‹Î µœªœ¤µ„Äœž{‹‹» ´œ ÁœºÉ°Š‹µ„讳<br />

Ÿ­¤°³¨¼¤·Áœ¸¥¤¤¸­¤ ´˜·Á—nœ°¥¼n®¨µ¥ž¦³„µ¦ Á nœ ¤¸‡ªµ¤<br />

…Ȋ¦Š˜n°œÎ Ê µ®œ´„­¼Š ¤¸­¤ ´˜·Äœ„µ¦®¨n°®¨°¤Å—o—¸Â¨³<br />

­µ¤µ¦šÎ µ„µ¦…¹Êœ¦¼ ž—jª¥Á‡¦ºÉ°Š‹´„¦„¨Å—oŠnµ¥ Äœ„µ¦®¨°¤<br />

讳Ÿ­¤°³¨¼¤·Áœ¸¥¤Á¡·É¤Ÿ¨·˜ ·ÊœŠµœ˜nµŠÇ œ´Êœ oµ®µ„¤¸<br />

űצÁ‹œžœÁžg°œ°¥¼nÁž}œž¦·¤µ–¤µ„¨³Å¤nšÎ µ„µ¦„Î µ‹´—<br />

°°„Åž®¦º°„Î µ‹´—°°„ŞŤn®¤—„n°œš¸É‹³œÎ µÅžÁš¨ŠÄœÂ<br />

®¨n°‹³šÎ µÄ®o ·ÊœŠµœ®¨n°š¸ÉÅ—o¤¸­¤ ´˜·šµŠ„µ¥£µ¡Â¨³<br />

­¤ ´˜·šµŠ„¨…°Š ·ÊœŠµœ—o°¥¨Š Á¡¦µ³ªnµÅ±Ã—¦Á‹œš¸Éžœ<br />

Ážg°œÄœœÎÊ µÃ¨®³‹³Áž}œ˜oœÁ®˜»…°Š„µ¦Á„·—‹»—Á­¸¥˜nµŠÇ<br />

£µ¥ÄœÁœºÊ° ·ÊœŠµœ®¨n °Á nœ„µ¦Á„·—ᦊ„pµŽ®¦º°„µ¦Á„·—¦¼<br />

¡¦»œš´ÊŠ¦³—´ ‹»¨£µ‡Â¨³¦³—´ ¤®µ£µ‡Ž¹ÉŠ„pµŽÅ±Ã—¦Á‹œš¸É<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Á„·—…¹Êœœ´ Êœ¤µ‹µ„‡ªµ¤ œÄœ ºÊ ¦¦¥µ„µ« Á«¬ª´­—»š¸ÉœÎ µ„¨´<br />

¤µ®¨°¤Ä®¤n¨³‹µ„„¦³ ªœ„µ¦šÎ µŠµœ—oª¥Á®˜»œ¸Ê‹¹ŠÅ—o¤¸<br />

‡ªµ¤¡¥µ¥µ¤Äœ„µ¦„Î µ‹´—®¦º°¨—ž¦·¤µ–…°ŠÅ±Ã—¦Á‹œ¨Š<br />

×¥„µ¦¡´•œµª·›¸„µ¦Â¨³„µ¦Á¨º°„Ä o„pµŽÁŒºÉ°¥¤µÄ oÄœ„µ¦<br />

„Î µ‹´—űצÁ‹œÁ¡ºÉ°Ä®o¤¸ž¦³­·š›·£µ¡­¼Š­»—¨³Å¤nÁ„·—Ÿ¨<br />

„¦³š ˜n°­·ÉŠÂª—¨o°¤Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ¹ŠšµŠÁ¨º°„<br />

šµŠÄ®¤nÄœ„µ¦„Î µ‹´—űצÁ‹œÄœŠµœ®¨n°Ã¨®³Ÿ­¤<br />

°³¨¼¤·Áœ¸¥¤Ã—¥„µ¦Ä o„pµŽ 5D ®¦º°­µ¦šÎ µ‡ªµ¤Á¥Èœ<br />

ÄœÁ‡¦ºÉ°ŠšÎ µ‡ªµ¤Á¡ºÉ°Áž¦¸¥ Áš¸¥ „´ „µ¦„Î µ‹´—űצÁ‹œ<br />

—oª¥„pµŽ°µ¦r„°œ Ž¹ÉŠŸ¨‹µ„„µ¦š—¨°Š¡ ªnµ„µ¦Ä o„pµŽ<br />

5D ‹³Ä®ož¦³­·š›·£µ¡Äœ„µ¦„Î µ‹´—„pµŽÅ±Ã—¦Á‹œÅ—o<br />

Ÿ¨—¸„ªnµ„µ¦Ä o„pµŽ°µ¦r„°œÄœ—oµœ…°Š‡ªµ¤®œµÂœnœ<br />

­¤ ´˜·šµŠ„¨…°Š ·ÊœŠµœ®¨n°Á¡·É¤…¹Ê œ ž¦·¤µ–¦¼¡¦»œ¤¸…œµ—<br />

Á¨È„¨ŠÂ¨³¤¸ž¦·¤µ–¨—¨Š„ªnµÁ—·¤<br />

1&„µ¦Á¡·É¤Ÿ¨·˜£µ¡„µ¦Ÿ¨·˜Äœ„¦³ ªœ„µ¦<br />

˜¦ª‹­° Ÿ¨·˜£´–”r­»…£´–”r<br />

œ´„ª·‹´¥ Á‹¦· ­»œš¦µªµ–· ¥r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

š‡ªµ¤œ¸ÊÁž}œ„µ¦œÎ µÁ­œ°Ÿ¨„µ¦«¹„¬µ<br />

ª·Á‡¦µ³®r¨³˜´—­·œÄ‹Á„¸É¥ª„´ „µ¦ž¦´ ž¦»ŠÄœ…´Êœ˜°œ„µ¦<br />

˜¦ª‹­° ¨³„µ¦ ¦¦‹»Ÿ¨·˜£´–”r­»…£´–”r×¥ž{ ®µÁ ºÊ°Š<br />

˜oœ ‡º° „µ¦šÎ µŠµœÄœ…´Êœ˜°œ„µ¦˜¦ª‹­° ¤¸ ‡ªµ¤Å¤ñ n°<br />

ÁœºÉ°Š ¤¸„µ¦Á‡¨ºÉ°œÅ®ªš¸É¤µ„Á„·œ‡ªµ¤‹ µÁž}œÄœ„µ¦šÎ<br />

µŠµœ<br />

¨³šÎ µÄ®o¤¸Šµœ¦³®ªnµŠšÎ µ:,3Áž}œ‹Î µœªœ¤µ„¦ª¤š´ÊŠ<br />

Äœ…´Êœ˜°œ„µ¦ ¦¦‹» ¤¸„µ¦¦°‡°¥ ·Êœ­nªœÂ¨³¦°‡°¥ Êœ ·<br />

ŠµœÁ¡ºÉ°Ä®o‡¦ »—­Î µ®¦´ „µ¦ ¦¦‹»˜µ¤‡ªµ¤˜o°Š„µ¦ šÎ µ<br />

Ä®o…´Êœ˜°œ„µ¦šÎ µŠµœ¤¸ž{ ®µÁ„·—…¹Êœ ‹µ„„µ¦«¹„¬µÃ—¥ª·›¸<br />

­»n¤Šµœ :RUN 6DPSOLQJ ¡ ªnµÁª¨µšÎ µŠµœ…°Š<br />

¡œ´„ŠµœÄœ­nªœ˜¦ª‹­° ‹³Ášnµ„´ ž¦³¤µ–¦o°¥¨³ <br />

…°ŠÁª¨µšÎ µŠµœš´ÊŠ®¤— ¨³Ã—¥„µ¦Áž¨¸É¥œÂž¨Š…´Êœ˜°œ<br />

„µ¦šÎ µŠµœ ‹´—¦³ „µ¦šÎ µŠµœÄ®¤n¦ª¤¹Š„µ¦ªµŠÂŸœŸ´Š<br />

…°Š­µœš¸ÉšÎ µŠµœÄ®o—¸…¹ÊœÁ¤ºÉ°šÎ µ„µ¦‹Î µ¨°Š­µœ„µ¦–r—oª¥<br />

‡°¤¡·ªÁ˜°¦r¡ ªnµ¦³ Ä®¤n­µ¤µ¦šÎ µŠµœÅ—o˜µ¤ª´˜»<br />

ž¦³­Š‡rÁ—·¤Â˜nÄ o¡œ´„Šµœ¨—¨Š ‡œ ‹µ„Á—·¤š¸É˜o°ŠÄ o<br />

¡œ´„Šµœ¦ª¤‡œ<br />

1DWLRQDO&RQIHUHQFH<br />

1&ÂœªšµŠ„µ¦¨—‡ªµ¤Ÿ´œÂž¦…°ŠœÎÊ µ®œ´„<br />

Å°«„¦¸¤Ã—¥Â¥„°Š‡rž¦³„° …°Š‡ªµ¤Ÿ´œÂž¦<br />

œ´„ª·‹´¥ Á‹¦· ­»œš¦µªµ–· ¥r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

<br />

š‡ªµ¤œ¸ÊÁž}œ„µ¦œÎ µÁ­œ°Âœª‡ªµ¤‡·—…°Š„µ¦<br />

¨—‡ªµ¤Ÿ´œÂž¦…°ŠœÎÊ µ®œ´„Å°«‡¦¸¤ ×¥„µ¦¡·‹µ¦–µ‹µ„<br />

°Š‡rž¦³„° …°Š‡ªµ¤Ÿ´œÂž¦…°ŠœÎÊ µ®œ´„Å°«„¦¸¤˜µ¤­nªœ<br />

ž¦³„° …°ŠœÎÊ µ®œ´„Å°«„¦¸¤Ž¹ÉŠ¤¸­nªœž¦³„° ®¨´„Ç—´Šœ¸Ê<br />

‡º° Çœ Ž°Š„¦³—µ¬®»o¤Ã‡œ µžd— Ž¹ÉŠÁž}œž{ ‹‹´¥œÎ µÁ…oµ<br />

¨³ž{‹‹´¥Äœ„¦³ ªœ„µ¦Ÿ¨·˜ ‡º°…´Êœ˜°œ„µ¦Á˜·¤<br />

È°„Ĩ˜ÁœºÊ°Å°«„¦¸¤Ÿ­¤ÁœºÊ°Å°«„¦¸¤Žp°­­˜¦°Á °¦¸<br />

¨³ÁœºÊ°­˜¦°Á °¦¸ ‹µ„Ÿ¨„µ¦ª·Á‡¦µ³®r…o°¤¼¨¡ ªnµ ‡ªµ¤<br />

Ÿ´œÂž¦…°ŠœÎÊ µ®œ´„Å°«„¦¸¤¤¸‡nµÁšnµ„´ „¦´¤šÎ µÄ®o<br />

Å—o‡nµ& S ¨³Á¤ºÉ°¡·‹µ¦–µ‡nµ‡ªµ¤Ÿ´ œÂž¦‹µ„˜n<br />

¨³…´Êœ˜°œ„µ¦Ÿ¨·˜Â¨oª‹³¡ ªn µ Á®˜»…°Š‡ªµ¤Ÿ´œÂž¦š¸É<br />

­Î µ‡´ ¤µ‹µ„‡ªµ¤Ÿ´œÂž¦ÄœÂ˜n¨³…´Êœ˜°œ„µ¦ ¦¦‹»Â¨³<br />

‡ªµ¤Ÿ´œÂž¦ÄœÂ˜n¨³…´Êœ˜°œ„µ¦ ¦¦‹»„Ȥµ‹µ„‡ªµ¤Â˜„<br />

˜nµŠ¦³®ªnµŠ®´ª ¦¦‹»Ž¹ÉŠ¤¸°¥¼n ®´ª—oª¥„´œ oµšÎ µÄ®o‡ªµ¤<br />

˜„˜nµŠ¦³®ªnµŠ®´ª ¦¦‹»ÄœÂ˜n¨³…´Êœ˜°œÅ¤nÁ„·—…¹ Êœ ‡nµ<br />

‡ªµ¤Ÿ´œÂž¦š¸É—¸š¸ É­»—­Î µ®¦´ œÎÊ µ®œ´„…°ŠŸ¨·˜£´–”r‹³°¥¼nš¸É<br />

„¦´¤Ž¹ÉŠ‹³šÎ µÄ®oÅ—o‡nµ& S Á¡·É¤…¹ÊœÁž}œ<br />

1&„µ¦¨—Áª¨µ„µ¦ž¦´ ˜´ÊŠÁ‡¦ºÉ°Š‹´„¦—oª¥„µ¦<br />

Á¡·É¤ž¦³­·š›·Ÿ¨Ã—¥¦ª¤…°ŠÁ‡¦ºÉ°Š‹´ „¦<br />

œ´„ª·‹´¥ ÁŒ¨·¤­´¤¡´œ›r›œ¦´„¬rÁ‹¦· ­»œš¦ªµ–· ¥r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

š‡ªµ¤œ¸ÊÁž}œ„µ¦œÎ µÁ­œ°Ÿ¨„µ¦«¹„¬µÁ„¸É¥ª„´<br />

„µ¦Á¡·É¤ž¦³­·š›·£µ¡„µ¦šÎ µŠµœ…°ŠÁ‡¦ºÉ°Šž{€¤…¹Êœ¦¼ ž ·Êœ­n ªœ<br />

¦¥œ˜r ®¤µ¥Á¨… ' ×¥Ä o‡nµž¦³­·š›·Ÿ¨Ã—¥¦ª¤…°Š<br />

Á‡¦ºÉ°Š‹´ „¦Áž}œ˜´ªª´— ‹µ„„µ¦«¹„¬µ¡ ªnµÁª¨µ­¼ Á­¸¥š¸ÉÁ„·—<br />

‹µ„„µ¦ž¦´ ˜´ÊŠÁ‡¦ºÉ °Š‹´„¦¤µ„š¸É­»—ž¦³¤µ–œµš¸<br />

˜n°Á—º°œÂ¨³Áš¸¥ Å—oÁž}œ‡ªµ¤­¼ Á­¸¥Ášnµ„´ ·Êœ


˜n°Á—º°œ ×¥„µ¦ž¦´ ž¦»Šª·›¸„µ¦ž¦´ ˜´ÊŠÁ‡¦ºÉ°Š‹´ „¦Á¡ºÉ°¨—<br />

Áª¨µ‡ªµ¤­¼ Á­¸¥š¸ÉÁ„·—…¹ Êœ ¨³Á¡ºÉ°Áž}œ„µ¦Á¡·É¤‡ªµ¤<br />

¡¦o°¤Äœ„µ¦šÎ µŠµœ…°ŠÁ‡¦ºÉ°Šž{€¤…¹ Êœ¦¼ž ץ nŠ„µ¦<br />

—Î µÁœ·œŠµœ°°„Áž}œ ­nªœ‡º° „µ¦ž¦´ ž¦»Š…´Êœ˜°œ„µ¦<br />

ž¦´ ˜´ÊŠÁ‡¦º É°Š‹´„¦Â¨³„µ¦Â„oÅ…ž{ ®µ‡ªµ¤­¼ Á­¸¥š¸ÉÁ„·—<br />

…¹Êœ¦³®ªnµŠ„µ¦ž¦´ ˜´ÊŠÁ‡¦º É°Š‹´„¦ Ž¹ÉŠ‹µ„„µ¦«¹„¬µ¡ ªnµ<br />

ž{ ®µ®¨´„š¸ÉÁ„·—…¹ÊœÅ—o„ n„µ¦¦°Á‡¦œÂ¨³˜Î µÂ®œnŠÄœ„µ¦<br />

‹´—Á„È Â¤n¡·¤¡r ×¥ž{ ®µ—´Š„¨nµªº°Áž}œž{ ®µ—oµœ„µ¦<br />

¦·®µ¦‹´—„µ¦ ¨³ž{ ®µ—oµœ„µ¦Á˜¦¸¥¤‡ªµ¤¡¦o°¤ ‹µ„<br />

„µ¦Â„oÅ…ž¦´ ž¦»ŠÂ¨³ª´—Ÿ¨„µ¦ž¦´ ž¦»Š¡ ªnµ­µ¤µ¦¨—<br />

Áª¨µÄœ„µ¦ž¦´ ˜´ÊŠ¨Š‹µ„Á—·¤‡·—Áž} œ¦o°¥¨³Ž¹ÉŠÁž}œ<br />

„µ¦Á¡·É¤­£µ¡‡ªµ¤¡¦o °¤Äœ„µ¦šÎ µŠµœ…¹Êœ‹µ„‡n µÁŒ¨¸É¥¦o°¥<br />

¨³ ¨³ž¦³­·š›·Ÿ¨Ã—¥¦ª¤…°ŠÁ‡¦ºÉ°Š‹´„¦Á¡·É¤…¹Ê œ<br />

‹µ„‡nµÁŒ¨¸É¥¦o°¥¨³ ‡·—Áž}œŸ¨Å—o‹µ„Á‡¦ºÉ°Š‹´„¦š¸É<br />

Á¡·É¤…¹Êœ µš˜n°že<br />

1&„µ¦ª´—°¤ž¨·‹¼—Äœ„µ¦­´Éœš¸É®´ªÁ ºÉ°¤…°Š<br />

Á‡¦ºÉ°ŠÁ ºÉ°¤¡¨µ­˜·„ °´¨˜¦µÃŽœ·„<br />

œ´„ª·‹´¥ µ¨·–¸­·¦·Â­Š­ªnµŠ ª¦Ã ‡Ÿ¼o¡´•œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦že‡–³ª·«ª„¦¦¤<br />

«µ­˜¦r¤®µª·š¥µ¨´¥…°œÂ„nœ<br />

¤„¦µ‡¤¤®µª·š¥µ¨´¥…°œÂ„nœ<br />

‹…°œÂ„nœ®œoµ<br />

Á‡¦ºÉ°ŠÁ ºÉ°¤Â °´¨˜¦µÃŽœ· „ 8OWUDVRQLF<br />

:HOGLQJ 0DFKLQH Áž}œÁ‡¦ºÉ°ŠÁ ºÉ°¤š¸É Á ºÉ°¤ œŠµœÃ—¥ ·Ê<br />

Ä o‡ªµ¤¦o°œ Ž¹ÉŠ‡ªµ¤¦o°œ—´ Š„¨nµª Á„·—‹µ„„µ¦š¸É®´ªÁ ºÉ°¤<br />

­´Éœš¸É‡ªµ¤¸ É­¼ Š°¥¼nÄœ nªŠN+]¨³Â¦Š„—š´ ¨Š<br />

œ ·ÊœŠµœ ‹œšÎ µÄ®o ¦·Áª–¦°¥Á ºÉ°¤Á„·—„µ¦®¨°¤¨³¨µ¥<br />

¨³Á ºÉ°¤˜·—„´œÄœš¸É­»— ÄœŠµœª·‹´¥Œ ´ œ¸ÊšÎ µ„µ¦«¹„¬µ¹Š<br />

¦³ „µ¦ª´—°¤ž¨·‹¼—Äœ„µ¦­´Éœš¸É ®´ªÁ ºÉ°¤ +RUQ š¸É<br />

Á‡¦ºÉ°ŠÁ ºÉ°¤¡¨µ­˜·„ °´¨˜¦µÃŽœ· „ Ž¹ÉŠ‹³¤¸…œµ—°¤<br />

ž¨·‹¼—°¥¼nÄœ¦³—´ PP š¸É‡ªµ¤¸ÉN+]¨³<br />

N+]×¥Ä o®¨´„„µ¦„¦³Â­Å®¨ªœ(GG\&XUUHQW<br />

…o°—¸ ‡º°Å¤n˜o°ŠÁ­¸¥Áª¨µÄœ„µ¦˜·—˜´ÊŠ »—°»ž„¦–r ¨³<br />

­µ¤µ¦Á‡¨ºÉ°œ¥oµ¥Á‡¦ºÉ°Š¤º°Å—o­³—ª„ Ž¹ÉŠ‡nµš¸ÉÅ—o‹µ„„µ¦<br />

ª´—­µ¤µ¦Á ºÉ°º°Å—o ÁœºÉ°Š‹µ„¤¸„µ¦ª´—‡ªµ¤¼„˜o°Š…°Š<br />

Á‡¦ºÉ°Š¤º°ª´—Áš¸¥ „´ ¼­Á˜°¦r%RRVWHU…°ŠÁ‡¦ºÉ°ŠÁ ºÉ°¤<br />

 °´¨˜¦µÃŽœ·„š¸ÉÅ—o¤¸„µ¦­° Áš¸¥ °¤ž¨·‹¼—…°Š„µ¦<br />

­´ÉœÅªo¨o ªŸ¨š¸ÉÅ—o‹µ„„µ¦«¹„¬µ¦³ „µ¦ª´—°¤ž¨·‹¼—<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

…°Š„µ¦­´Éœš¸ É®´ªÁ É°¤œ´ º Êœ ‹³¼„œÎ µÅžÄ oÄœ„µ¦˜¦ª‹­°<br />

­£µ¡…°Š®´ªÁ ºÉ°¤Á¡ºÉ°Ä®o Å—oŠµœÁ ºÉ°¤š¸É¤¸ ‡»–£µ¡š¸É—¸ ¨³<br />

­µ¤µ¦Ä oÄœ„µ¦°°„ ®´ªÁ ºÉ°¤Ä®o¤¸‡ªµ¤Á®¤µ³­¤˜n°<br />

„µ¦Ä oŠµœÅ—o°¸„—oª¥<br />

1&„µ¦‹Î µ¨°Š„µ¦Å®¨ªœ…°Š°œ»£µ‡Ž·¨·‡°œ<br />

‡µ¦rÅ —r…°Š±°¦rœÄœ„µ¦Á ºÉ°¤Ã—¥‡¨ºÉ œÁ­¸¥Š‡ªµ¤¸É<br />

­¼Š<br />

œ´„ª·‹´¥ œ¦·œš¦r°·œ˜p³ªŠ‡r ª¦Ã ‡Ÿ¼o¡´•œr<br />

¤Š‡¨­¸œ³ª´•œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

„¦³ ªœ„µ¦Á ºÉ°¤¡¨µ­˜·„×¥ª·›¸‡¨ºÉœÁ­¸¥Š‡ªµ¤¸É<br />

­¼ŠœÎ µ¤µž¦³¥»„˜rÄ oÄœ°»˜­µ®„¦¦¤‡°¤¡·ªÁ˜°¦rÁ‡¦ºÉ°Š¤º°<br />

¡š¥r Á‡¦ºÉ°Šœ»nŠ®n¤ ¨³¥µœ¥œ˜r Áž}œ˜oœ „¦³ ªœ„µ¦<br />

Á ºÉ°¤œ¸ Ê°µ«´¥„µ¦­nŠ‡¨ºÉœÁ­¸¥Š‡ªµ¤¸É­¼Š‹µ„ž¨µ¥…°Š±°¦rœ<br />

Á…oµ­¼n ·ÊœŠµœ®¦º°¦°¥˜n° ÊœŠµœ · ×¥¦¼ž¦iµŠ…°Š±°¦rœ‹³<br />

Áž¨¸É¥œÂž¨Š˜µ¤¦°¥˜n°…°Š ·ÊœŠµœ Ž¹ÉŠ„µ¦­´Éœ­³Ášº°œ…°Š<br />

‡¨ºÉœÁ­¸¥Š ¦·Áª–ž¨µ¥±°¦rœ¤¸‡ªµ¤­Î µ‡´ ˜n°‡»–£µ¡…°Š<br />

¦°¥Á ºÉ°¤ ª´˜»ž¦³­Š‡r…°ŠŠµœª·‹´¥œ¸Ê¤¸Á¡ºÉ°„µ¦«¹„¬µ„µ¦<br />

˜¦ª‹‹´ „µ¦­´Éœ…°Š±°¦rœÃ—¥Ä oÁš‡œ·‡„µ¦‹Î µ¨°Š„µ¦Å®¨<br />

ªœ…°Š°œ»£µ‡Ž·¨·„°œ‡µ¦rÅ ˜r ×¥Ä oÁ‡¦ºÉ°ŠÁ ºÉ°¤‡¨ºÉœÁ­¸¥Š<br />

‡ªµ¤¸É­¼Š…œµ— N+]±°¦rœš¸É¤¸¦¼ž¦iµŠ…°Š®œoµ˜´—Áž}œ<br />

 ·ÊœŠµœš—­° ¦Š—¹ Š °œ»£µ‡Ž·¨·„°œ‡µ¦rÅ —r…œµ—<br />

PHVK š¸ÉÂ…ªœ¨°¥°¥¼n ÄœœÎÊ µ¤´œ¢¦´É ·ÉŠ°°¥ Á„¦— <br />

)OXVKLQJRLOJUDGHšÎ µ„µ¦š—¨°ŠÃ—¥ž¦´ °¤ž¨·<br />

‹¼— Ÿ¨„µ¦š—¨°Šª·Á‡¦µ³®rŸ¨Áž¦¸¥ Áš¸¥ ¦³®ªnµŠ„µ¦…¹Êœ<br />

¦¼žª´­—» 39& „´ „µ¦‹Î µ¨°Š„µ¦Å®¨ªœ…°Š°œ»£µ‡ ¡ ªnµ<br />

·ÊœŠµœš¸É …¹Êœ¦¼ž‹µ„ŸŠ 39& ¤¸˜Î µÂ®œnŠ‡ªµ¤Å¤n­¤ÎÉ µÁ­¤°<br />

…°Š‡¨ºÉœÁ­¸¥Š‡ªµ¤¸ É­¼Šž¦µ„‘š¸É ·ÊœŠµœ˜ Î µÂ®œnŠÁ—¸¥ª„´<br />

„µ¦Ä oÁš‡œ·‡„µ¦‹Î µ¨°Š„µ¦Å®¨…°Š°œ»£µ‡Ž·¨·„°œ‡µ¦rÅ —r<br />

Áž}œŸ¨‹µ„„µ¦­´Éœ­³Ášº°œ…°Š‡¨º ÉœÁ­¸¥Š‡ªµ¤¸ É­¼Šš¸ÉŤn<br />

­¤ÎÉ µÁ­¤° ¦·Áª–ž¨µ¥…°Š±°¦rœ—´Šœ´ÊœŠµœª·‹´¥œ¸Ê­µ¤µ¦œÎ µ<br />

¤µž¦³¥»„˜rÄ o˜¦ª‹‹´ ¨³ª·Á‡¦µ³®r‡ªµ¤­¤ÎÉ µÁ­¤°…°Š‡¨ºÉœ<br />

Á­¸¥Š‡ªµ¤¸É­¼Š…°Š±°¦rœ„n°œœÎ µÅžÄ oÄœ„µ¦Á ºÉ°¤ ·ÊœŠµœ<br />

1&$1$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

/$6(5:(/',1*<br />

œ´„ª·‹´¥ ­¤¡¦Á¡¸¥¦­»…¤–¸ ª¦Ã ‡Ÿ¼o¡´•œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤šµŠª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸ª´­—»Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

­·Š®µ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨<br />

„¦œ—r„¦»ŠÁš¡²®œoµ<br />

7KLV UHVHDUFK IRFXVHV RQ VWXG\LQJ DQG<br />

DQDO\VLV RI FRQGLWLRQV RI WKURXJK WUDQVPLVVLRQ<br />

ODVHU ZHOGLQJ WHFKQLTXH RQ DFU\OLF<br />

WKHUPRSODVWLF 7KH PLOOLPHWHUV WKLFNQHVV RI<br />

WUDQVSDUHQW DQG EODFN DFU\OLF VSHFLPHQV DUH<br />

MRLQHGWRJHWKHUIRUVWXG\LQJWKHHIIHFWRIHQHUJ\<br />

DEVRUSWLRQDQGZHOGVKDSH([SHULPHQWDOUHVXOWV<br />

DUHSUHVHQWHGDQGFRPSDUHGZLWKILQLWHHOHPHQW<br />

DQDO\VLV VLPXODWLRQV 7KH WKURXJK WUDQVPLVVLRQ<br />

ODVHU ZHOGLQJ WHFKQLTXH LV XVHG LQ WKLV<br />

H[SHULPHQW DQG SDUDPHWHUV DUH FRQWUROOHG<br />

ZHOGLQJ WLPH RI DQG VHFRQGV<br />

DQGODVHUHQHUJ\LQWHQVLW\RI<br />

DQGNLORZDWWSHUVTXDUHPHWHUV7KHUHVXOWV<br />

VKRZ WKDWERWKZHOGLQJ SDUDPHWHUVHIIHFWZHOG<br />

VKDSH LQ VXFK D ZD\ WKDW ZLGWK RI ZHOG KDV<br />

GLUHFWUHODWLRQZLWKZHOGWLPHDQGODVHUHQHUJ\<br />

LQWHQVLW\ 7KH ILQLWH HOHPHQW DQDO\VLV UHVXOW LV<br />

DEOHWRSUHGLFWWKHZHOGLQJVL]HZLWKHUURU<br />

1&„µ¦«¹„¬µ‡nµ˜´ªÂž¦Äœ„µ¦Á ºÉ°¤Á¨ÁŽ°¦r<br />

 ­n°Šš³¨»Ÿnµœ—oª¥1G


o<br />

<br />

FRQFOXGHG WKDW WKH UDQJLQJ IURP WR <br />

YROWLVVROLGWRVROLGIULFWLRQVLJQDO506DFRXVWLF<br />

VLJQDODERYHWKHYROWWKUHVKROGOLQHFDQFODVVLI\<br />

DV WUDQVLWLRQ SKDVH 'XULQJ PHOWLQJ DQG VTXHH]H<br />

RXW SKDVH 506 DFRXVWLF VLJQDO LV EHORZ WKH <br />

YROW WKUHVKROG OLQH $W KROGLQJ SKDVH 506<br />

DFRXVWLFVLJQDOLVQHDUYROW<br />

1&„µ¦«¹„¬µ‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ­´ µ–<br />

‡¨ºÉœÁ­¸¥ŠÂ¨³‡ªµ¤Â…Ȋ¦ŠšµŠ„¨…°Š¡°¨·Á°›·¨¸œ<br />

‡ªµ¤®œµÂœnœ­¼ŠÄœ„¦³ ªœ„µ¦Á ºÉ°¤¡¨µ­˜·„Â<br />

®¤»œ<br />

œ´„ª·‹´¥ Á°„ ´¥ªµ¦·œ«·¦·¦´„¬r ª¦Ã ‡Ÿ¼o¡´•œr<br />

¤Š‡¨­¸œ³ª´•œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

‹»—¤»nŠ®¤µ¥…°ŠŠµœª·‹´¥œ¸ÊÁž}œ„µ¦¡´•œµ„µ¦Á jµ<br />

¡·œ·‹„¦³ ªœ„µ¦Á ºÉ°¤¡¨µ­˜·„ ®¤»œÁ¡ºÉ°®µ‡ªµ¤<br />

­´¤¡´œ›r¦³®ªnµŠ‡ªµ¤Â…Ȋ¦ŠšµŠ—¹Š„´ „µ¦®¨°¤¨³¨µ¥<br />

…°Š¡°¨·Á°›·¨¸œ‡ªµ¤®œµÂœnœ­¼Š ×¥Ä oÁš‡œ·‡„µ¦˜¦ª‹<br />

‹´ ­´ µ–‡¨ºÉœÁ­¸ ¥ŠÄœ„µ¦Áž¦¸¥ Áš¸¥ ­£µª³…°Š¡°¨·Á°<br />

›·¨¸œ‡ªµ¤®œµÂœnœ­¼Šš¸ÉÁž¨¸É¥œÂž¨ŠÄœ„µ¦Á ºÉ°¤ Á¡ºÉ°®¨¸„<br />

Á¨¸É¥Š„µ¦­·Êœ­»—…°Š„¦³ ªœ„µ¦Äœ nªŠš¸ É¡°¨·Á°›·¨¸œ‡ªµ¤<br />

®œµÂœnœ­¼Š®¨°¤¨³¨µ¥Á¡¸¥Š µŠ­nªœ Ž¹ÉŠ­nŠŸ¨„¦³š ˜n°<br />

­¤ ´˜·šµŠ„¨š¸É˜Î É µ¨Š Äœ„¦³ ªœ„µ¦Á ºÉ°¤¡¨µ­˜·„Â<br />

®¤»œ­Î µ®¦´ ᨷÁ°š›¸¨¸œ‡ªµ¤®œµÂœnœ­¼Šž¦³„° —oª¥ <br />

Á¢­ ‡º° „µ¦Á­¸¥—­¸¦³®ªnµŠ…°ŠÂ…ÈŠ„´ …°ŠÂ…È Š ­£µª³š¸É<br />

Á¦·É¤Áž¨¸ É¥œÂž¨ŠÁž}œ…°ŠÁ®¨ª ­£µª³š¸ÉÁ„·—„µ¦®¨°¤<br />

¨³¨µ¥Â¨³„µ¦„—Ä®o°¥¼nœ·ÉŠÁ¡ºÉ°Ä®oÁ„·—„µ¦Â…ÈŠ˜´ ªÃ—¥‡ªµ¤<br />

­´¤¡´œ›r…°Š„µ¦Áž¨¸É¥œÂž¨Š­£µª³ Á¢­Äœ„µ¦Á ºÉ°¤<br />

 ®¤»œš¸É­—ŠÁž}œ‡nµ¦µ„š¸É­°ŠÁŒ¨¸É¥„ Î µ¨´Š­°Š…°Š‡¨ºÉœ<br />

Á­¸¥ŠÄœ¥nµœ‡ªµ¤¸É Á±·¦˜Žrš¸É­—Š‡ª ‡¼n„´<br />

­¤ ´˜·šµŠ„¨š¸ÉÅ—o‹µ„„µ¦š—­° ¦Š—¹Š¡ ªnµÄœ­£µª³š¸É<br />

¡°¨·Á°›·¨¸œ‡ªµ¤®œµÂœnœ­¼ŠÁ¦·É¤¤¸„µ¦Áž¨¸É¥œÂž¨ŠÁ…oµ­¼n<br />

„µ¦®¨°¤¨³¨µ¥‡nµ¦µ„š¸É­°ŠÁŒ¨¸É¥„Î µ¨´Š­°Š…°Š‡¨ºÉœÁ­¸¥Š<br />

‹³¤¸¦³—´ Á®œº°„ªnµ¦³—´ ꨘr¨³‡ªµ¤Â…Ȋ¦ŠšµŠ<br />

¦Š—¹Š…°ŠÃ¡¨·Á°š›·¨¸œ‡ªµ¤®œµÂœnœ­¼Šœ´Êœ˜Î É µ„ªnµ‡ªµ¤<br />

…Ȋ¦ŠšµŠÂ¦Š—¹ŠÄœ nªŠš¸É­´ µ–Á­¸¥ŠÃ¡¨·Á°š›·¨¸œ‡ªµ¤<br />

®œµÂœnœ­¼Šš¸É¤¸‡nµ¦µ„š¸É­°ŠÁŒ¨¸É¥„ Î µ¨´Š­°Š…°Š‡¨ºÉœÁ­¸¥Š<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Äœ­£µª³š¸É¡°¨·Á°›·¨¸œ‡ªµ¤®œµÂœnœ­¼Š®¨°¤¨³¨µ¥¤¸<br />

¦³—´ ‡Šš¸É˜ÎÉ µ„ªnµ–¦³—´ ꨘr¨³¡ ªnµÂ¤oÁª¨µ„µ¦<br />

®¨°¤¨³¨µ¥š¸ÉÁ¡·É¤…¹ÊœÅ¤n¤¸Ÿ¨˜n°‡nµ‡ªµ¤Â…Ȋ¦ŠšµŠ—¹ŠÁ¤ºÉ°<br />

„µ¦®¨°¤¨³¨µ¥°¥¼nÄœ nªŠ­£µª³„µ¦®¨°¤¨³¨µ¥š¸É‡Šš¸ É<br />

6WHDG\ 6WDWH 3KDVH ‹µ„Ÿ¨…°Š„µ¦ª·‹´¥œ¸Ê­µ¤µ¦œÎ µ<br />

¤µž¦³¥»„˜rÄ o„´ °»˜­µ®„¦¦¤Äœ„µ¦Á jµ¡·œ·‹­£µª³…°Š<br />

„¦³ ªœ„µ¦Á ºÉ°¤Å—oÁ¡ºÉ°¨—˜oœš»œ„µ¦š—­° ‡»–£µ¡…°Š<br />

Ÿ¨·˜£´–”r šÎ µ¨µ¥Å—o¨³¨—‡µ Áª¨µÄœ„¦³ ªœ„µ¦<br />

Á ºÉ°¤¡¨µ­˜·„ ®¤»œÅ—o×¥¥´ŠÄ®oŸ¨šµŠ‡ªµ¤­¤ ¼¦–r<br />

…°ŠÂœªÁ ºÉ°¤Ä„¨oÁ‡¸¥Š„´œ<br />

1&„µ¦«¹„¬µ… ªœ„µ¦Á ºÉ°¤Ã‡¦Š­¦o µŠÁ®¨È„<br />

…œµ—Ä® n…°ŠÃ‡¦Š„µ¦„n°­¦oµŠ­œµ¤ ·œ­»ª¦¦–£¼¤·<br />

œ´„ª·‹´¥ ¥¦¦¥Š‹´œšœÅ¡¦ª´œ <br />

ª¦Ã ‡Ÿ¼o¡´•œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Ã¥›µÂ®nŠ µ˜·<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤Ã¦ŠÂ¦¤<br />

¦¸Á‹oœšr ³°Î µ‹Á¡ ¦ »¦¸<br />

„¦–¸«¹„¬µœ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µ¹Š„µ¦‹´—<br />

„µ¦—oµœŠµœÁ ºÉ°¤Ã‡¦Š­¦oµŠÁ®¨È„…œµ—Ä® n…°Š°µ‡µ¦Ÿ¼o<br />

×¥­µ¦­œµ¤ ·œ­»ª¦¦–£¼¤· ץǦŠ­¦oµŠÁ®¨È„…œµ—Ä® n<br />

 nŠÁž}œ­°Š­nªœ‡º° ­nªœÃ‡¦Š´„…œµ—Ä® n 6XSHU<br />

7UXVV ¨³Á­µ 3\ORQ ˜µ¤¤µ˜¦“µœ $:6 '<br />

ÁœºÉ°Š‹µ„ǦŠ­¦o µŠš´ÊŠ­°Š¤¸¨´„¬–³ÁŒ¡µ³¤¸‡ªµ¤‹Î µÁž}œ˜o°Š<br />

Ä oŸnœÁ®¨È„6WHHO3ODWH¤µÁ ºÉ°¤ž¦³„° Áž}œ¦¼žš¦Š˜µ¤<br />

š¸ÉŸ¼ °°„ ŗo°°„ ¨³„Î µ®œ—Ūo×¥Ä oÁ®¨È„ŸnœÁ„¦—<br />

$670$¤¸‡ªµ¤®œµ˜´ÊŠÂ˜n …œµ—¤¤¹Š¤¤<br />

ž¦³„° Áž}œÃ‡¦Š­¦oµŠÃ—¥ª·›¸„µ¦Á ºÉ°¤„µ¦«¹„¬µ®¨´„„µ¦šµŠ<br />

—oµœ„µ¦‹´—„µ¦—oµœŠµœÁ ºÉ°¤:HOGLQJ0DQDJHPHQWŽ¹ÉŠ<br />

ž¦³„° Åž—jª¥ „µ¦š šªœ­´<br />

7HFKQLFDO&RQWUDFW„µ¦°°„Â<br />

µ—oµœÁš‡œ·‡ 5HYLHZ<br />

¦°¥˜n°-RLQW'HVLJQ<br />

…o°„Î µ®œ—„¦¦¤ª·›¸„µ¦Á ºÉ°¤ :HOGLQJ 3URFHGXUH<br />

6SHFLILFDWLRQ„µ¦¦´ ¦°Š »‡¨µ„¦„µ¦˜¦ª‹­° ¨³‡ª<br />

‡»¤‡»–£µ¡ŠµœÁ ºÉ°¤ ,QVSHFWLRQ DQG 4XDOLW\<br />

$VVXUDQFH š¸ÉÄĜǦŠ­¦oµŠ o Ÿ¨„µ¦«¹„¬µœ¸ÊœÎ µÅž­¼n„µ¦<br />

ª·Á‡¦µ³®rÄ®oÁ®Èœ¹Š‹»—­Î µ‡´ Ĝ˜n¨³…´Êœ˜°œŠµœž¦³„°<br />

ǦŠ­¦oµŠÄœ¨´„¬–³œ¸Ê ¨³Áž}œÂœªšµŠÄœ„µ¦‹´—„µ¦—oµœ<br />

„µ¦Á ºÉ°¤Ã‡¦Š­¦oµŠÁ®¨È„…œµ—Ä® n…°Šž¦³Áš«˜n°Åž<br />

1&„µ¦ª·Á‡¦µ³®r„µ¦¨—‡ªµ¤Á­¸É¥Š˜n°„µ¦Á„·—


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¦°¥¦oµª…°ŠÂœªÁ ºÉ°¤šœÂ¦Š—¹ Š­¼Š$670$<br />

Á„¦—„¦–¸«¹„¬µ°»ž„¦–r nª¥˜·—˜´ÊŠ­nªœ œ…°Š<br />

šnœÁ‹µ³„pµŽ›¦¦¤ µ˜·<br />

œ´„ª·‹´¥ ­»œš¦œ´œš¡¨ ª¦Ã ‡Ÿ¼o¡´•œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

ǦŠ­¦oµŠ®¨´„°»ž„¦–r nª¥˜·—˜´ÊŠ…°ŠÂšnœ…»—Á‹µ³<br />

„pµŽ›¦¦¤ µ˜·Â¨³œÎÊ µ¤´œœ°„ µ¥ {~Š °µ«´¥„¦³ ªœ„µ¦<br />

Á ºÉ°¤°µ¦r‡—o ª¥¨ª—®»o¤¢¨´„Žr Äœ„µ¦­¦oµŠÂ¨³˜·—˜´ÊŠ¤µ˜¦<br />

“µœ $:6 ' ×¥ª´­—»š¸ÉÄ ošÎ µÃ‡¦Š­¦oµŠÁž}œÁ®¨È„„¨oµ<br />

‡µ¦r °œšœÂ¦Š—¹Š­¼ŠŽ¹ÉŠ¤¸°´˜¦µ­nªœ¦³®ªnµŠ‡ªµ¤˜o µœšµœ<br />

¦Š—¹Š—¼—š¸É‹»—‡¦µ„„´ ‡ªµ¤˜o µœšµœÂ¦Š—¹Š­¼Š­»—¤µ„„ªnµ<br />

Á®¨È„„¨oµ‡µ¦r °œ Äœ„µ¦šÎ µŠµœž{ ®µš¸É¡ ‡º°„µ¦Á„·—<br />

¦°¥Â˜„¦oµªÄœŠµœÁ ºÉ°¤š¸ ɤ¸‡ªµ¤®œµÂ¨³¤¸ n°ŠªnµŠ<br />

¦³®ªnµŠ¦°¥˜n°…°Š„µ¦ž¦³„° ·ÊœŠµœ Šµœª·‹´¥¤¸ª´˜»<br />

ž¦³­Š‡rÁ¡ºÉ°«¹„¬µš—­° …´Êœ˜°œ¦µ¥¨³Á°¸¥—…°ŠŠµœ<br />

Á ºÉ°¤ ¨³°»–®£¼¤·š¸ÉÄ o­Î µ®¦´ °»nœ ·ÊœŠµœ„n°œšÎ µ„µ¦Á ºÉ°¤<br />

×¥„µ¦š—¨°ŠÁ ºÉ°¤ ·ÊœŠµœÁ®¨È„„¨oµ‡µ¦r °œšœÂ¦Š—¹Š­¼ Š<br />

$670 Á„¦—š¸É¤¸‡ªµ¤®œµ¤·¨¨·Á¤˜¦—oª¥<br />

„¦³ ªœ„µ¦Á ºÉ°¤°µ¦r‡—o ª¥¨ª—®»o¤¢¨´„Žr ˜µ¤¤µ˜¦“µœ<br />

$:6 ' ×¥«¹„¬µš—­° ‡ªµ¤Á­¸É¥Š˜n °„µ¦Á„·—¦°¥<br />

¦oµªÃ‡¦Š­¦oµŠÃ¨®³ª·š¥µ ¨³‡nµ‡ªµ¤Â…ÈŠ…°ŠÂœªÁ °¤ ºÉ<br />

…°Š°»ž„¦–r nª¥Äœ„µ¦˜·—˜´ÊŠ­nªœ œ…°ŠÂšnœÁ‹µ³„pµŽ<br />

›¦¦¤ µ˜· Ÿ¨„µ¦š—¨°Š‡ªµ¤Á­¸É¥Š˜n°„µ¦Á„·—¦°¥¦oµª<br />

Á¤ºÉ°¤¸ „µ¦°»nœ ·ÊœŠµœÁ¡·É¤…¹Ê œ¹Š°Š«µÁŽ¨ÁŽ¸¥­‹µ„<br />

‡Î µÂœ³œÎ µ…°Š¤µ˜¦“µœ¡ ªnµ ¦·Áª–ÂœªÁ ºÉ°¤Â¨³ ¦·Áª–<br />

„¦³š ¦o°œ¤¸„µ¦Á„·—¦°¥¦oµª…°Š ·ÊœŠµœš¸É¨—¨Š ­nªœÃ‡¦Š<br />

­¦oµŠšµŠÃ¨®³ª·š¥µ…°Š ·Êœš—­° š¸ÉŤn¤¸„µ¦°»nœ ·ÊœŠµœ<br />

„n°œšÎ µ„µ¦Á ºÉ°¤¡ ªnµÁ„¦œš¸É ¦·Áª–ÂœªÁ É°¤Â¨³ º ¦·Áª–<br />

„¦³š ¦o°œ¤¸¦¼ž¦iµŠ¨´„¬–³‡¨oµ¥„·ÉŠÅ¤o¨³¤¸…œµ—Ťn<br />

­¤ÎÉ µÁ­¤° ­nªœ ·ÊœŠµœ‹µ„…o °Âœ³œÎ µ…°Š¤µ˜¦“µœ¤¸¦¼ž¦iµŠ<br />

¨³…œµ—…°ŠÁ„¦œ¤¸‡ªµ¤­¤ÎÉ µÁ­¤° ­Î µ®¦´ ‡nµ‡ªµ¤Â…ÈŠ<br />

…°ŠÂœªÁ ºÉ°¤Â¨³ ¦·Áª–„¦³š ¦o°œ¡ ªnµ ·Êœš—­° š¸ÉŤn<br />

Å—ošÎ µ„µ¦°»nœ ·ÊœŠµœ„n°œšÎ µ„µ¦Á ºÉ°¤‡nµ‡ªµ¤Â…ÈŠ ¦·Áª–<br />

„¦³š ¦o°œÂ¨³ ¦·Áª–ÂœªÁ ºÉ°¤¤¸‡nµš¸ ɘ„˜nµŠ„´œ¤µ„<br />

­nªœ ·ÊœŠµœš¸ ɤ¸„µ¦°»nœ ÊœŠµœÁ¡·É¤…¹ · Êœ¹Š°Š«µ<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

ÁŽ¨ÁŽ¸¥­ ¤¸‡nµ‡ªµ¤Â…ÈŠÄ„¨oÁ‡¸¥Š„´œ Ž¹ÉŠŠµœª· ‹´¥œ¸Ê­µ¤µ¦<br />

œÎ µ¤µž¦³¥»„˜rÄ oÄœ„µ¦¨—‡ªµ¤Á­¸É¥Š˜n°„µ¦Á„·—¦°¥¦oµªÄœ<br />

ŠµœÁ ºÉ°¤Å—o<br />

1&Ÿ¨„¦³š …°ŠÃ‡¦Š­¦oµŠ…°Šª´­—»˜n°‡nµ<br />

­´¤ž¦³­·š›·Í„µ¦Â¡¦n „¦³‹µ¥…°Š‡¨ºÉœÁ­¸¥Š<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

°µ¬µž¦³š¸žÁ­œ§š›· ´¥Á£µÁœ¸¥¤<br />

„µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

Äœž{‹‹» ´œ„µ¦®µ‡ªµ¤Á‡oœ˜„‡oµŠ 5HVLGXDO<br />

VWUHVV Äœª´­—»­µ¤µ¦Ä oª·›¸‡¨ºÉœÁ­¸¥Š‡ªµ¤¸ É­¼ Š<br />

8OWUDVRQLF WHVWLQJ ×¥°µ«´¥®¨´„„µ¦ª´—‡ªµ¤Á¦Èª…°Š<br />

‡¨ºÉœÁ­¸¥Šš¸ ÉÁž¨¸É¥œÅž…°Šª´­—»˜µ¤¦³—´ ‡ªµ¤Á‡oœÄœª´­— »<br />

¨³œÎ µÅž‡Î µœª–®µ‡nµ­´¤ž¦³­·š›·Í„µ¦Â¡¦n„¦³‹µ¥…°Š<br />

‡¨ºÉœÁ­¸¥Š$FRXVWRHODVWLF&RHIILFLHQW.Ž¹ÉŠÁž}œ‡nµš¸É<br />

…¹Êœ°¥¼n „´ ª´­—» °¥nµŠÅ¦„Șµ¤‡ªµ¤Á¦Èª‡¨ºÉ œÁ­¸¥Šš¸ÉÁž¨¸É¥œÅž<br />

…°Šª´­—»°µ‹¤¸Ÿ¨¤µ‹µ„ǦŠ­¦oµŠ…°Šª´­—»Á¤ºÉ°Å—o¦´ ‡ªµ¤<br />

¦o°œ Á nœ ÄœŠµœÁ ºÉ°¤ ÄœŠµœª·‹´¥œ¸Ê‹³šÎ µ„µ¦°›· µ¥Ÿ¨<br />

„¦³š …°Š‡ªµ¤¦o°œš¸ÉšÎ µÄ®oǦŠ­¦oµŠ…°Šª´­—»Áž¨¸É¥œÅž<br />

Ž¹ÉŠÁž}œŸ¨šÎ µÄ®o‡nµ‡ªµ¤Á¦Èª…°Š‡¨º ÉœÁž¨¸ É¥œÂž¨Š‡nµ‡ªµ¤<br />

¦o°œ+HDWLQSXWš¸ÉÄ®o„´ ª´­—»š¸ÉšÎ µ‹µ„Á®¨È„„¨oµ‡µ¦r °œ<br />

&DUERQ VWHHO ¨³šÎ µ„µ¦«¹„¬µ®µ‡nµ‡ªµ¤Á¦Èª…°Š‡¨ºÉœ<br />

Á­¸¥Š ¨³‡nµ­´¤ž¦³­·š›·Í„µ¦Â¡¦n„¦³‹µ¥…°Š‡¨º ÉœÁ­¸¥Šš¸É<br />

Áž¨¸É¥œÅžÄœ ¦·Áª–˜nµŠÇ š´ÊŠÄœÂœªÁ ºÉ°¤ :HOG PHWDO<br />

¦·Áª–š¸ÉÅ—o¦´ Ÿ¨„¦³š šµŠ‡ªµ¤¦o°œ+HDWHIIHFW]RQH<br />

+$=¨³ ¦·Áª– ·ÊœŠµœ%DVHPHWDOÅ—ošÎ µ„µ¦Ä oª·›¸<br />

ŢŜ˜rÁ°¨·Á¤œ˜rÁ¡ºÉ°ª·Á‡¦µ³®r®µ‡nµ‡ªµ¤Á‡oœ˜„‡oµŠÄœ<br />

¦·Áª–˜nµŠÇ …°ŠÂœªÁ ºÉ°¤Á¡ºÉ°Ä oÁž¦¸¥ Áš¸¥ „´ Ÿ¨„µ¦<br />

š—¨°Š ‹µ„Ÿ¨„µ¦ª·‹´¥¡ ªnµ‡nµ­´¤ž¦³­·š›·Í„µ¦Â¡¦n<br />

„¦³‹µ¥…°Š ‡¨ºÉœÁ­¸¥ŠÄœÂ˜n¨³ ¦·Áª–‹³Áž¨¸É¥œÅž˜µ¤<br />

¨´„¬–³Ã‡¦Š­¦oµŠ ¨³Á¤ºÉ°œÎ µŸ¨…°ŠÃ‡¦Š­¦oµŠœ¸ÊÅžšÎ µ„µ¦<br />

ž¦´ ‡nµ­´¤ž¦³­·š›·Í„µ¦Â¡¦n„¦³‹µ¥…°Š‡¨ºÉœÁ­¸¥Š‹³šÎ µÄ®o<br />

„µ¦®µ‡ªµ¤Á‡oœ˜„‡oµŠ—oª¥‡¨ºÉœÁ­¸¥Š‡ªµ¤¸É­¼Š¤¸‡ªµ¤Â¤nœ<br />

¥Î µ¤µ„¥·ÉŠ…¹Êœ<br />

1&'28%/($&7,9((/(0(1763=7)25<br />

$&2867,&(0,66,216(1625<br />

œ´„ª·‹´¥<br />

Á ·—¡Š¬r‹°¤Á— °µ¬µž¦³š¸žÁ­œ


ÁŸ¥Â¡¦n<br />

„µ¦ž¦³ »¤šµŠª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸ª´­—»Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

­·Š®µ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨<br />

„¦œ—r„¦»ŠÁš¡²®œoµ<br />

7KH DLP RI WKLV SDSHU LV WR SUHVHQW WKH<br />

SHUIRUPDQFHRIDQDFRXVWLFHPLVVLRQ$(VHQVRU<br />

GHVLJKHGDQGFRQVWUXFWHGE\XVLQJGRXEOHDFWLYH<br />

HOHPHQWV 7ZR SLHFHV RI D 6RIW /HDG =LUFRQDWH<br />

7LWDQDWH3=7FRXSOHGLQVHULHVZHUHHPSOR\HG<br />

WRLPSURYHWKHSHUIRUPDQFHDQGFRPSDUHGWR DQ<br />

$( VHQVRU PDGH IURP D VLQJOH 3=7 EXLOW LQ RXU<br />

SUHYLRXVUHVHDUFKZRUN$VLPXODWLRQPRGHORID<br />

PHFKDQLFDO HTXLYDOHQW FLUFXLW ZDV FUHDWHG WR<br />

IRUHFDVW WKH GLVSODFHPHQW RU LQ RWKHU ZRUG WKH<br />

VHQVLWLYLW\ RI WKH VHQVRU %\ GHWHUPLQLQJ WKH<br />

FRUUHVSRQGLQJ KRPRJHQHRXV VROXWLRQ WKH UHVXOW<br />

ZDVH[SRVHGWKDWWKHGLVSODFHPHQWRIWKHGRXEOH<br />

DFWLYHHOHPHQWLVJUHDWKHUWKDQWKDWRIWKHVLQJOH<br />

3=7 ,Q DGGLWLRQ WKH SHDN DPSOLWXGH RI WKH<br />

UHVRQDQFH IUHTXHQF\ ZDV PRYHG KLJKHU<br />

6XEVHTXHQWO\ WKH VHQVRU ZDV FDOLEUDWHG WR VKRZ<br />

WKH IUHTXHQF\ UHVSRQVH DFFRUGLQJ WR $670<br />

DQG WKH UHVXOW ZDV XVHG WR FRPSDUH WR WKH<br />

VLPXODWLRQPRGHO7KHHPSHULPHQWUHVXOWVZHUH<br />

H[KLELWHGWKHJRRGDJUHHPHQWZLWKWKHHYDOXDWHG<br />

VROXWLRQ 7KH GRXEOH DFWLYH HOHPHQW VHQVRU<br />

VKRZV KLJKHU VHQVLWLYLW\ DQG WKH SHDN DPSOLWXGH<br />

UHVRQDQFHIUHTXHQF\<br />

1&„µ¦¨—‡ªµ¤­¼ Á­¸¥…°Š„µ¦˜´— nŠÅ¤o<br />

0')Äœ„µ¦Ÿ¨·˜Á¢°¦rœ·Á‹°¦rŤo<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

Á˜º°œÄ‹­¤ ¼¦–rª·ª´•œr­»Ã¦•¤r£´„—¸<br />

„µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°Šµœª·‹´¥„µ¦Â„ož{ ®µ„µ¦˜´—<br />

 nŠª´­—»Å¤o0')0HGLXP'HQVLW\)LEHUERDUG Â<br />

­°Š¤·˜·Äœ„µ¦Ÿ¨·˜Á¢°¦rœ·Á‹°¦rŤo ×¥šÎ µ„µ¦«¹„¬µª·›¸„µ¦<br />

¡´•œµ„µ¦°°„ ¦¼žÂ „µ¦˜´— nŠ ·ÊœŠµœÅ¤o °¦r—­¸É<br />

Á®¨¸É¥¤¤»¤Œµ„…œµ—¤µ˜¦“µœ®œ¹ ÉŠ…œµ—°°„Áž}œ¦¼ž­¸É<br />

Á®¨¸É¥¤¤»¤Œµ„¥n°¥…œµ—˜„˜n µŠ˜µ¤˜o°Š„µ¦ ×¥¤¸‹»—¤»nŠ<br />

®¤µ¥Ä®oÁ„·—„µ¦­¼ Á­¸¥Å¤o °¦r—Ä®oœo°¥š¸É­» — „µ¦—Î µÁœ·œ<br />

Šµœª·‹´¥šÎ µÃ—¥«¹„¬µ¦µ¥¨³Á°¸¥—„µ¦Ä oŤo0')‡ªµ¤­¼<br />

Á­¸¥š¸ÉÁ„·—…¹ Êœž{‹‹´¥š¸É¤¸Ÿ¨„¦³š „´ „µ¦°°„ ¨³<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¡´•œµª·›¸„µ¦Â„ož{ ®µ…¹ÊœÃ—¥„µ¦Ÿ­¤Ÿ­µœª·›¸„µ¦šµŠ<br />

‡–·˜«µ­˜¦r ×¥Ä oª·›¸±·ª¨·­˜·„ Ž¹ÉŠ…´Êœ˜°œÄœ„µ¦Â„ož{®µ<br />

¤¸¨´„¬–³Áž}œ®¨µ¥…´Êœ˜°œ0XOWL3KDVH nŠª·›¸„µ¦Â„o<br />

ž{ ®µ°°„Áž}œ…´Êœ˜°œ®¨´„Å—o„n„µ¦®µ¦¼žÂ š¸ÉÁž}œÅž<br />

Å—oš´ÊŠ®¤— „µ¦‡´—Á¨º°„¦¼žÂ š¸ÉÄ®ož¦³Ã¥ œr­¼Š­»—Ĝ˜n<br />

¨³¦° „µ¦šÎ µŠµœ¤µž¦³¤ª¨Ÿ¨Â¨³„µ¦®µž¦·¤µ–¦¼žÂ<br />

š¸ÉÁ®¤µ³­¤„´ ÁŠºÉ°œÅ…„µ¦Ÿ¨· ˜ ¨oªšÎ µ„µ¦¡´•œµÃž¦Â„¦¤<br />

‡°¤¡·ªÁ˜°¦rÁ¡ºÉ°Ä oÄœ„µ¦Â„ož{ ®µ„µ¦˜´—ª´ ­—»Â ­°Š¤·˜·<br />

Äœ„µ¦ž¦³¤ª¨Ÿ¨œ´ÊœÅ—o Ä oަ„¦¤š¸É¡´•œµ…¹Êœœ¸Ê¤µš Î µ„µ¦<br />

š—­° Á¡ºÉ°Â„ož{ ®µÄœÂ˜n¨³…´Êœ˜°œŽ¹ÉŠ¤¸ª·›¸„µ¦ž¦³¥»„˜r<br />

Ä oš¸É˜„˜nµŠ„´ œ ‹µ„„µ¦«¹„¬µª·‹´¥¡ ªnµª·›¸„µ¦¡´•œµ„µ¦<br />

°°„ ¨³Ãž¦Â„¦¤š¸ÉÅ—o­¦oµŠ…¹Êœ¤µÅ—o nª¥Äœ„µ¦‹´—ªµŠ<br />

·ÊœŠµœ œÂŸnœÅ¤o °¦r — šÎ µÄ®o„µ¦®µ¦¼žÂ „µ¦‹´—ªµŠ¤¸<br />

ž¦³­·š›·£µ¡¤µ„…¹Êœ °¸„š´ÊŠ nª¥Á¡·É¤‡ªµ¤­³—ª„¨³¦ª—<br />

Á¦Èª®µ„¤¸„µ¦Áž¨¸É¥œÂž¨Š„µ¦Ÿ¨· ˜ ¨—Áª¨µÄœ„µ¦‡Î µœª–<br />

„µ¦˜´— ¨—„µ¦­¼ Á­¸¥„µ¦Ä oŤo ¨³­µ¤µ¦Ä oÄœ„µ¦<br />

‡Î µœª–Áž¦¸¥ Áš¸¥ Ÿ¨ Á¤ºÉ°‡nµ…°Šž{‹‹´¥„µ¦Ÿ¨·˜Áž¨¸ É¥œ<br />

„µ¦ª·‹´¥œ¸ÊÅ—o«¹„¬µÁž¦¸¥ Áš¸¥ Ÿ¨¨´¡›r‹µ„„µ¦Ä oª·›¸„µ¦<br />

°°„ „µ¦˜´—š¸É¡´•œµ…¹Êœ—oª¥Ãž¦Â„¦¤š¸ É­¦oµŠ…¹Êœ„´ Ÿ¨<br />

¨´¡›r‹µ„„µ¦ž‘· ´˜·Šµœ‹¦·Šš¸É‡Î µœª–¤º°<br />

1&„µ¦Á¡·É¤­¤¦¦£µ¡„µ¦ªµŠÂŸœ‡ªµ¤<br />

˜o°Š„µ¦…°ŠÃŽn°»žšµœ°»˜­µ®„¦¦¤„µ¦Ÿ¨·˜°µ®µ¦<br />

¡µ­Á‹°¦rŦ­r<br />

œ´„ª·‹´¥ » ´¥‹´œš¦r„¦³‹nµŠÁ¨·«<br />

Á˜º°œÄ‹­¤ ¼¦–rª·ª´•œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°„µ¦«¹„¬µ„µ¦‹´—„µ¦ÃŽn°»žšµœ<br />

¨³„µ¦Á¡·É¤­¤¦¦œ³£µ¡„µ¦ªµŠÂŸœ‡ªµ¤˜o°Š„µ¦…°Š<br />

Ÿ¨·˜£´–”r°µ®µ¦¡µ­Á‹°¦rŦ­r ª·›¸„µ¦«¹„¬µšÎ µÃ—¥ž¦³¥»„˜r<br />

Ä o ‹Î µ¨°Š°oµŠ°·Š„µ¦—Î µÁœ·œŠµœÄœÃŽn°»žšµœ 6XSSO\<br />

&KDLQ 2SHUDWLRQ 0RGHO 6&250RGHO¤µ­¦oµŠÁž}œ<br />

 ‹Î µ¨°Š¨´„¬–³„¦³ ªœ„µ¦šÎ µŠµœÂ¨³„¦³ ªœ„µ¦šµŠ<br />

›»¦„·‹…°ŠŸ¨·˜£´–”r°µ®µ¦¡µ­Á‹°¦rŦ­r ¨³„Î µ®œ—<br />

…° Á…˜„µ¦«¹„¬µ°¥¼nš¸É„¦³ ªœ„µ¦ 3ODQ 0DNH Äœ<br />

6&250RGHOŽ¹ÉŠÁž}œ­nªœ…°Š„µ¦ªµŠÂŸœ‡ªµ¤˜o°Š„µ¦<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Šµœª·‹´¥œ¸ÊÅ—o¤»nŠÁœoœ„µ¦Á¡·É¤­¤¦¦£µ¡„µ¦ªµŠÂŸœ‡ªµ¤<br />

˜o°Š„µ¦—oª¥„µ¦Ä o®¨´„„µ¦ªµŠÂŸœ‡ªµ¤˜o°Š„µ¦…´Êœ­¼Š<br />

ץŗošÎ µ„µ¦ž¦³¥»„˜rª·›¸„µ¦„´ „¦–¸«¹„¬µ„µ¦ªµŠÂŸœ<br />

‡ªµ¤˜o°Š„µ¦Ÿ¨·˜£´–”r°µ®µ¦¡µ­Á‹°¦rŦ­r Á¡ºÉ°˜°<br />

­œ°ŠÂŸœ‡ªµ¤˜o°Š„µ¦…°Š¨¼„‡oµ „µ¦‹´—šÎ µÂ ‹Î µ¨°Š<br />

°oµŠ°·Š„µ¦—Î µÁœ·œŠµœÄœÃŽn°»žšµœÅ—o nŠ„µ¦šÎ µŠµœ°°„<br />

Áž}œ ¦³—´ Ž¹ÉŠž¦³„° —oª¥ ­¤¦¦£µ¡š¸É˜o°Š„µ¦ž¦´<br />

ž¦»ŠÃŽn°»žšµœ…°ŠŸ¨·˜£´–”r°µ®µ¦¡µ­Á‹°¦rŦ­r „¦³ ªœ<br />

„µ¦ 3ODQ 0DNH ¨³Äœ¦³—´ ­»—šoµ¥…°Š 6&25<br />

0RGHO Å—ošÎ µ„µ¦ª·Á‡¦µ³®r„¦³ ªœ„µ¦šµŠ›»¦„·‹—oª¥„µ¦<br />

ž¦³¥»„˜rÄ oŸœ£µ¡„µ¦Å®¨…°Š„¦³ ªœ„µ¦ )ORZ<br />

3URFHVV&KDUW‹µ„œ´ÊœšÎ µ„µ¦ª·Á‡¦µ³®rž¦´ ž¦»ŠŠµœ—oµœ<br />

„µ¦ªµŠÂŸœ‡ªµ¤˜o°Š„µ¦Ã—¥œÎ µÁ°µ®¨´„„µ¦„µ¦ªµŠÂŸœ<br />

‡ªµ¤˜o°Š„µ¦…´Êœ­¼Š¤µž¦³¥»„˜rÄ o Ÿ¨š¸ÉÅ—o­—Š¹Š‡ªµ¤<br />

­µ¤µ¦Äœ„µ¦ž¦´ ž¦»Š‡ªµ¤Áš¸É¥Š˜¦Š…°Š„µ¦ªµŠÂŸœ<br />

‡ªµ¤˜o°Š„µ¦‹µ„Á—·¤š¸É­µ¤µ¦šÎ µÅ—oš¸É¦³—´ ‡ªµ¤Áš¸ É¥Š<br />

˜¦Š¹ŠÁž°¦rÁŽÈœ˜rÁž}œ­µ¤µ¦šÎ µÅ—o¹Š¦³—´ <br />

¹Š Áž°¦rÁŽÈœ˜r¦ª¤¹ŠÅ—o¤¸‡ªµ¤­µ¤µ¦Äœ„µ¦…‹´—<br />

ž{ ®µ‡ªµ¤Á ¸É¥ŠÁ œ…°Š…o°¤¼¨­nªœ…°Š„µ¦ªµŠÂŸœ‡ªµ¤<br />

˜o°Š„µ¦¦³®ªnµŠ iµ¥…µ¥Â¨³ iµ¥ªµŠÂŸœ‡ªµ¤˜o°Š„µ¦Äœ<br />

ÃŽn°»žšµœ°°„Åž Ÿ¨‹µ„„µ¦ž¦´ ž¦»Š—´Š„¨nµª¥´Š nª¥Ä®o<br />

‡ªµ¤­µ¤µ¦Äœ„µ¦˜° ­œ°Š‡ªµ¤˜o°Š„µ¦…°Š¨¼„‡oµÁ¡·É¤<br />

‹µ„¦o°¥¨³Áž}œ¦o°¥¨³<br />

1&„µ¦˜° ­œ°Š°¥nµŠ¦ª—Á¦ÈªÄœ°»˜­µ®„¦¦¤<br />

Á‡¦ºÉ°Šž¦³—´ ¨³°´ ¤–¸<br />

œ´„ª·‹´¥ Á ‹Á°¸É¥¤¡nªŠÁ˜º°œÄ‹­¤ ¼¦–rª·ª´•œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤ <br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

°»˜­µ®„¦¦¤Á‡¦ºÉ°Šž¦³—´ ¨³°´ ¤–¸Áž}œ<br />

°»˜­µ®„¦¦¤š¸É¤´„ž¦³­ ž{ ®µ„µ¦Ÿ¨·˜­·œ‡oµš¸ÉŤn­µ¤µ¦<br />

˜° ­œ°Š‡ªµ¤˜o°Š„µ¦…°Š¨¼„‡oµÅ—o°¥nµŠ¦ª—Á¦Èªš´ ÊŠ—oµœ<br />

ž¦·¤µ–„µ¦Ÿ¨·˜ ¨³„Î µ®œ—„µ¦­nŠ¤° š‡ªµ¤œ¸Ê‹¹ŠœÎ µ<br />

Á­œ°„µ¦ž¦´ ž¦»ŠÁ¡ºÉ°„µ¦˜° ­œ°Š°¥nµŠ¦ª—Á¦ÈªÄœ„µ¦<br />

Ÿ¨·˜Á‡¦ºÉ°Šž¦³—´ ¨³°´ ¤–¸Ä®o„´ ¨¼„‡oµÃ—¥Â nŠ°°„<br />

Áž}œ —oµœ ‡º° —oµœ„¦³ ªœ„µ¦›»¦„·‹Â¨³—oµœÁª¨µŸ¨·˜<br />

Äœ„µ¦ªµŠÂŸœŸ¨·˜­Î µ®¦´ —oµœ„¦³ ªœ„µ¦›»¦„·‹Å—ošÎ µ<br />

<br />

„µ¦«¹„¬µ„µ¦Á ºÉ°¤Ã¥Š…°Š„·‹„¦¦¤Â¨³ª·Á‡¦µ³®r„µ¦‹´—šÎ µ<br />

Ÿœ„µ¦Ÿ¨·˜—oª¥ÂŸœ£µ¡„·‹„¦¦¤…°Š„¦³ ªœ„µ¦ Á¡ºÉ°<br />

ž¦´ ž¦»ŠÂ¨³„Î µ‹´—…´Êœ˜°œ®¦º°„·‹„¦¦¤š¸ ÉÁ¡·É¤˜oœš»œÂ˜nŤn<br />

Á„·—‡»–‡nµ Ž¹ÉŠ£µ¥®¨´Š‹µ„„µ¦ž¦´ ž¦» Š„¦³ ªœ„µ¦¡ ªnµ<br />

­µ¤µ¦¨—Áª¨µÄœ„µ¦‹´—šÎ µÂŸœ„µ¦Ÿ¨·˜Å—o œµš¸¤¸‡nµ<br />

Áž}œ …°ŠÁª¨µÄœ„µ¦šÎ µŠµœÁ—·¤ ­Î µ®¦´ —oµœÁª¨µ<br />

Ÿ¨·˜Äœ„µ¦ªµŠÂŸœŸ¨·˜ Å—ošÎ µ„µ¦«¹„¬µÂ¨³ª·Á‡¦µ³®rÁª¨µ<br />

Ÿ¨·˜Á¡ºÉ°¨—‡ªµ¤Ÿ´œÂž¦…°Š…o°¤¼¨Áª¨µÁ¡º É°Ä oÄœ„µ¦ªµŠ<br />

Ÿœ„µ¦Ÿ¨·˜ÁœºÉ°Š‹µ„ž{‹‹» ´œ„µ¦ªµŠÂŸœŸ¨·˜Ä o …o°¤¼¨<br />

š¸ÉœÎ µ¤µ‹µ„‡nµÁŒ¨¸É¥…°Š„¦³ ªœ„µ¦Ÿ¨· ˜ ‹¹ŠšÎ µÄ®oÁ„·—<br />

‡ªµ¤‡¨µ—Á‡¨ºÉ°œ…°ŠÁª¨µŸ¨·˜š¸ÉÄ oÄœ„µ¦ªµŠÂŸœ„µ¦Ÿ¨·˜<br />

„´ Áª¨µš¸ÉÄ oÄœ„µ¦Ÿ¨·˜‹¦·Š­¼ Š Ž¹ÉŠ„µ¦«¹„¬µÄœ­nªœœ¸ÊÅ—o<br />

ž¦³¥»„˜r®¨´„„µ¦°°„ „µ¦š—¨°ŠšµŠª·«ª„¦¦¤ Á¡ºÉ°<br />

­¦oµŠ­¤„µ¦‡ªµ¤­´¤¡´œ›r…°ŠÁª¨µÄœ„µ¦ {Š°´ ¤–¸‹µ„œ´Êœ<br />

œÎ µ­¤„µ¦‡ªµ¤­´¤¡´œ›r—´Š„¨nµªÅžž¦³¥»„˜rÄ o­Î µ®¦´ Áª¨µ<br />

Äœ„µ¦Ÿ¨·˜Äœ„µ¦ªµŠÂŸœ„µ¦Ÿ¨·˜Âšœ‡nµÁŒ¨¸É¥…°Š<br />

„¦³ ªœ„µ¦Ÿ¨·˜ ®¨´Š‹µ„„µ¦ž¦´ ž¦»Šª·›¸„µ¦ ¡ ªnµ‡nµ<br />

‡¨µ—Á‡¨ºÉ°œ…°ŠÁª¨µÄœ„µ¦šÎ µŠµœ‹¦·Š¨—¨Š‹µ„Áª¨µÁ—·¤<br />

œµš¸‡·—Áž}œ ×¥¤¸‡nµÁ ¸É¥ŠÁ œ¤µ˜¦“µœ<br />

¨—¨Š‹µ„Áª¨µÁ—·¤œµš¸Ž¹ÉŠ‡·—Áž} œÂ¨³<br />

Á¤ºÉ°¡·‹µ¦–µ¹Š£µ¡¦ª¤…°Š„¦³ ªœ„µ¦£µ¥®¨´Š‹µ„„µ¦<br />

ž¦´ ž¦»Šš´ÊŠ ­nªœ ¡ ªnµ¤¸‡ªµ¤‡¨µ—Á‡¨ºÉ°œ…°ŠÁª¨µÄœ<br />

„µ¦šÎ µŠµœ‹¦·Š¨—¨Š‹µ„Áª¨µÁ—·¤ œµš¸ ‡·—Áž}œ<br />

Ž¹ÉŠ‹µ„Ÿ¨¨´¡›r—´Š„¨nµªšÎ µÄ®o­µ¤µ¦˜° ­œ°Š<br />

‡ªµ¤˜o°Š„µ¦…°Š¨¼„‡oµÅ—o¦ª—Á¦Èª…¹ Êœš´ ÊŠÄœ—oµœ„µ¦Ÿ¨· ˜<br />

¨³„µ¦­nŠ¤° ­·œ‡oµ˜µ¤„Î µ®œ—Áª¨µ…°Š¨¼„‡oµ<br />

1&„µ¦ž¦³¥»„˜r„µ¦Ÿ¨·˜Â<br />

°»˜­µ®„¦¦¤Á¢°¦rœ·Á‹°¦rŤo<br />

ÁŽ¨¨¼¨nµ¦rÄœ<br />

œ´„ª·‹´¥ ž–·›µœ›¸¦³«´„—·Íª· ¥µ<br />

Á˜º°œÄ‹­¤ ¼¦–rª·ª´•œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

°»˜­µ®„¦¦¤Á¢°¦rœ·Á‹°¦r¤´„¤¸Áª¨µœÎ µ„µ¦Ÿ¨·˜¥µª<br />

šÎ µÄ®oÁ„·—ž{ ®µš¸ÉŤn­µ¤µ¦˜° ­œ°Š¨¼„‡oµ˜µ¤„Î µ®œ—<br />

Áª¨µ ×¥ÁŒ¡µ³°»˜­µ®„¦¦¤Á¢°¦rœ·Á‹°¦rš¸É¤¸¨´„¬–³„µ¦<br />

Ÿ¨·˜˜µ¤‡Î µ­´ÉŠŽºÊ°…°ŠŸ¨·˜£´–”r˜µ¤Â ‡ªµ¤˜o°Š„µ¦…°Š<br />

1DWLRQDO&RQIHUHQFH


¨¼„‡oµÂ¨³¨´„¬–³…°Š„µ¦Ÿ¨·˜š¸É®¨µ„®¨µ¥ œ· —ž¦³„°<br />

„´ ‡ªµ¤˜o°Š„µ¦­·œ‡oµŽ¹ÉŠ¤¸…œµ—¦»nœš¸É Á¨È„ šÎ µÄ®oÁ„·—‡ªµ¤<br />

­¼ Áž¨iµš¸ÉŤnÁ¡·É¤‡»–‡n µ š‡ªµ¤œ¸ÊÅ—oœÎ µÁ­œ°„µ¦ž¦³¥»„˜r<br />

Ä o¦³ „µ¦Ÿ¨·˜Â ÁŽ¨¨¼¨nµ¦r&HOOXODUPDQXIDFWXULQJ<br />

„´ „µ¦Ÿ¨·˜Á¢°¦rœ·Á‹°¦rŤo‹µ„„µ¦«¹„¬µ¹ŠÂœª‡ªµ¤‡·—<br />

…°Š„µ¦Â…nŠ…´œšµŠ—oµœÁª¨µ Á¡ºÉ°‹»—¤»nŠ®¤µ¥„µ¦¡´•œµ<br />

‡ªµ¤­µ¤µ¦Äœ„µ¦˜° ­œ°Šš¸É¦ª—Á¦È ª…¹ÊœÄœ°»˜­µ®„¦¦¤<br />

Á¢°¦rœ·Á‹°¦rŤo „¦–¸«¹„¬µÅ—ož¦³¥»„˜r­Î µ®¦´ ­·œ‡oµ®¨´„<br />

‡º°Ã˜p³Â¨³Á„oµ°¸Êš¸É¤¸¨´„¬–³…°Š„µ¦Ÿ¨·˜­·œ‡oµ®¨µ„®¨µ¥<br />

œ·— ¨³¤¸‡ªµ¤Ž´ Žo°œÄœ„µ¦Ÿ¨·˜ª·›¸„µ¦Á¦·É¤‹µ„„µ¦‹´—<br />

„¨»n¤…°ŠÁ‡¦ºÉ°Š‹´„¦ ¨³ ·Êœ­nªœ„µ¦Ÿ¨·˜ 3DUW<br />

)DPLOLHV ×¥Ÿ¨…°Š„µ¦­Î µ¦ª‹Šµœª·‹´¥š¸ÉŸn µœ¤µšÎ µÄ®o<br />

­µ¤µ¦„Î µ®œ—°´¨„°¨·š¹É¤š¸É‡ª¦¡´•œµ˜n°ÅžÅ—o—oª¥„µ¦<br />

Áž¦¸¥ Áš¸¥ „µ¦‹´—„¨»n¤Ž¹ÉŠÄ o°´¨„°¨·š¹É ¤ %RQG (QHUJ\<br />

$QDO\VLV%($¨³&RPSOHWH/LQNDJH&OXVWHULQJ<br />

&/& ¨³Ä o„µ¦Á—·œšµŠ¦³®ªnµŠ„¨»n¤Â¨³£µ¥Äœ„¨»n¤<br />

,QWHUDQG,QWUD*URXS0RYHPHQWÁž}œÁ„–”rª´—Ÿ¨<br />

Äœ„µ¦Á¨º°„ª·›¸š¸É„µ¦‹´—„¨»n¤š¸É—¸š¸É­»—¦³®ªnµ Š %($ ¨³<br />

&/& ¨³œÎ µ¦³ „µ¦Ÿ¨·˜Â ÁŽ¨¨¼¨nµ¦r¤µ‹´—„µ¦„µ¦<br />

Ÿ¨·˜Ä®¤n ¨oªšÎ µ„µ¦‹´—„µ¦Ä oÁ‡¦ºÉ°Š‹´„¦­Î µ®¦´ ·Êœ­nªœ<br />

„µ¦Ÿ¨·˜ ‹µ„œ´ÊœÅ—o¡´•œµ„µ¦­¦oµŠÂ ‹Î µ¨°Š…°Š¦³<br />

ž{‹‹» ´œÂ¨³¦³ ÁŽ¨¨¼¨nµ¦r—oª¥Ãž¦Â„¦¤‡°¤¡·ªÁ˜°¦r<br />

Á¡ºÉ°šÎ µ„µ¦ª·Á‡¦µ³®rÁž¦¸¥ Áš¸¥ ¦³ š´ÊŠ­°Š Ÿ¨‹µ„„µ¦<br />

‹Î µ¨°Š­µœ„µ¦–rÁž¦¸¥ Áš¸¥ ¦³®ªnµŠž{‹‹» ´œ„´ ¦³<br />

ÁŽ¨¨¼¨nµ¦r ¡ ªnµ¦³ „µ¦Ÿ¨·˜Â ÁŽ¨¨¼¨nµ¦r­µ¤µ¦¨—<br />

Áª¨µœÎ µ„µ¦Ÿ¨·˜¨ŠÅ—o¦o°¥¨³ šÎ µÄ®oÁ„·—„µ¦˜°<br />

­œ°Š‡ªµ¤˜o°Š„µ¦…°Š¨¼„‡oµš¸É¦ª—Á¦È ª…¹Êœ ´ÉªÃ¤Š­nŠ<br />

Ÿ¨Ä®oÁ¡·É¤‡ªµ¤­µ¤µ¦Äœ„µ¦Â…n Š…´œ…°Š ¦·¬´š<br />

1&„µ¦ž¦³¥»„˜rš§¬‘¸…o°‹Î µ„´—Äœ„µ¦ž¦´ ž¦»Š<br />

„µ¦ªµŠÂŸœÂ¨³‡ª ‡»¤„µ¦Ÿ¨·˜„¦³‹„ž¦¦¼ž<br />

œ·¦£´¥<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

£¸¦³«¦¸°Î µ¡´œ›rÁ˜º°œÄ‹­¤ ¼¦–rª·ª´•œr<br />

„µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

š‡ªµ¤œ¸ÊÁ­œ°„µ¦ž¦³¥»„˜rš§¬‘¸…o°‹Î µ„´—š¸É¤¸<br />

„µ¦¤»nŠÁœoœ„µ¦¨—˜oœš»œÄœ„µ¦ž¦´ ž¦»Š„µ¦ªµŠÂŸœÂ¨³<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

‡ª ‡»¤„µ¦Ÿ¨·˜ ×¥„µ¦Ÿ¨·˜Áž}œÂ ˜µ¤‡Î µ­´ÉŠŽºÊ ° ¨³¤¸<br />

„¦³ ªœ„µ¦„µ¦Ÿ¨·˜®¨µ¥…´Êœ˜°œ „µ¦ª·‹´¥œ¸ÊÅ—o¡´•œµ˜´ª<br />

 ‹µ„š§¬‘¸…o°‹Î µ„´—Äœ„µ¦ªµŠÂŸœ„µ¦Ÿ¨·˜ Á¡·É°Á¡·É¤<br />

ž¦·¤µ–„µ¦Ÿ¨·˜Â¨³¨—ŠµœŠµœ¦³®ªnµŠšÎ µ„µ¦ž¦³¥»„˜r<br />

š§¬‘¸…o°‹Î µ„´—œ¸ÊÅ—o­—Š„¦³ ªœ„µ¦Â„ož{ ®µŽ¹ÉŠ­µ¤µ¦<br />

ž¦³¥»„˜rÄ oÅ—o„´ š»„­£µ¡ž{ ®µ ×¥ž¦³„° —oª¥ …´Êœ<br />

˜°œÁ¦·É¤‹µ„„µ¦¦³ »®µ…o°‹Î µ„´—…°Š¦³ ¡·‹µ¦–µÂ¨³˜´—<br />

­·œÄ‹Äœ„µ¦Ä ož¦³Ã¥ œr‹µ„…o°‹Î µ„´—°¥nµŠÁ˜È¤š¸ É ‡ª ‡»¤<br />

„µ¦šÎ µŠµœÄ®o°¥¼n£µ¥Ä˜oÂœªšµŠš¸É˜´—­·œÄ‹ ž¦´ ž¦»ŠÁ¡ºÉ°¨—<br />

‡ªµ¤Áž}œ…o°‹Î µ„´— ¨³—Î µÁœ·œ„µ¦ž¦´ ž¦»Š¦³ °¥nµŠ˜n°<br />

ÁœºÉ°Š ¦ª¤¹Š„µ¦œÎ µª·›¸„µ¦ªµŠÂŸœ—oª¥Áš‡œ·‡ 'UXP ±<br />

%XIIHU ± 5RSH¤µÄ oÄœ„µ¦ªµŠÂŸœÂ¨³‡ª ‡»¤„µ¦Ÿ¨·˜<br />

ÄœŠµœª·‹´¥œ¸ÊÅ—oœÎ µ˜´ªÂ ¨³…´Êœ˜°œš¸ ÉÅ—o¡´•œµÅž<br />

ž¦³¥»„˜rÄ o„´ „µ¦ž¦´ ž¦»Š„µ¦ªµŠÂŸœÂ¨³‡ª ‡»¤„µ¦<br />

Ÿ¨·˜…°ŠÃ¦ŠŠµœ„¦³‹„ž¦¦¼žœ·¦£´¥ „µ¦Ÿ¨·˜ž{‹‹» ´œ…°Š<br />

把µœÁž}œ¦³ „µ¦Ÿ¨·˜Â Ÿ¨´„ ¤¸Šµœ¦³®ªnµŠŸ¨·˜Áž}œ<br />

‹Î µœªœ¤µ„¨³¤¸‹»—‡°…ª—…°Š„¦³ ªœ„µ¦Ÿ¨·˜ „µ¦<br />

ž¦³¥»„˜rª·›¸„µ¦œ¸ÊšÎ µÃ—¥­¦oµŠÂ ‹Î µ¨°Šž{ ®µ…°Š˜´ªÂ<br />

¨³Â„ož{ ®µ—oª¥Ãž¦Â„¦¤‡°¤¡·ªÁ˜°¦r Áž¦¸¥ Áš¸¥<br />

¦³ „µ¦Ÿ¨·˜ž{‹‹» ´œš¸ÉÁž}œ¦³ „µ¦Ÿ¨·˜Â Ÿ¨´„„´<br />

¦³ „µ¦Ÿ¨·˜Â š§¬‘¸…o°‹Î µ„´— Ÿ¨„µ¦—Î µÁœ·œ„µ¦ž¦´<br />

ž¦»Š…o°‹Î µ„´—…°Š¦³ ¡ ªnµ ®¨´Šž¦´ ž¦»Š¦³ ­µ¤µ¦šÎ µ<br />

„µ¦Ÿ¨·˜Å—o¤µ„…¹Êœ¦o°¥¨³‹µ„Á—·¤Â¨³‹µ„„µ¦ª·Á‡¦µ³®r<br />

 ‹Î µ¨°Š¡ ªnµ¦³ „µ¦Ÿ¨·˜Â š§¬‘¸…o°‹Î µ„´—¤¸<br />

ž¦·¤µ–¦³®ªnµŠŸ¨·˜:RUN ,Q 3URFHVVœo°¥„ªnµ¦³<br />

Ÿ¨·˜Â ž{‹‹» ´œš¸ÉÁž}œ¦³ „µ¦Ÿ¨·˜Â Ÿ¨´ „ 3XVK<br />

6\VWHP¹ŠÁšnµÁ¤ºÉ°Ÿ¨Ÿ¨·˜…°Šš´ÊŠ­°Š¦³ „µ¦Ÿ¨·˜<br />

¤¸‡nµÁšnµ„´œ Ÿ¨š¸ÉÅ—o‹µ„„µ¦ª·Á‡¦µ³®r ‹Î µ¨°Šž{ ®µ¡<br />

ªnµ¦³ š§¬‘¸…o°‹Î µ„´—­µ¤µ¦¨—˜oœš»œš¸ÉÁ„·—…¹ Êœ‹µ„Šµœ<br />

¦³®ªnµŠŸ¨·˜Å—o¹Š¦o°¥¨³Á¤ºÉ°Áš¸¥ „´ „Î µÅ¦­nªœÁ„·œ…°Š<br />

把µœ<br />

1&„µ¦¡¥µ„¦–r‡ªµ¤Á¦¸¥ Ÿ·ªŠµœÂ¨³…œµ—<br />

…°ŠÁ«¬Ã¨®³…°Š ·ÊœŠµœš¸ÉŸ¨·˜ œÁ‡¦ºÉ°Š°¸—¸Á°È¤<br />

œ´„ª·‹´¥ ª¸¦³«´„—·Í »˜¦ÁºÉ°œ­»…­´œ˜·Í¡¦®¤ ´ ¡Š«r<br />

Å ¥µ—Î µ‡Î µ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„µ¦Ÿ¨·˜ ·ÊœŠµœš¸É ¤¸‡ªµ¤¨³Á°¸¥—­¼Š—oª¥Á‡¦ºÉ°Š°¸<br />

—¸Á°È¤Äœž{‹‹» ´œ¤¸‹Î µœªœÁ¡·É¤¤µ„…¹ÊœÂ˜nž{ ®µ°´œ®œ¹ÉŠš¸É<br />

¤´„‹³¡ ‡º° ‡ªµ¤Á¦¸¥ …°ŠŸ·ªŠµœÅ¤n­¤ÎÉ µÁ­¤° ®¦º°<br />

‡ªµ¤Á¦¸¥ …°ŠŸ·ªŠµœÅ¤nÅ—o˜µ¤š¸É˜o°Š„µ¦—´Šœ´Êœ‹¹ŠÅ—o¤¸„µ¦<br />

šÎ µª·‹´¥Á¡ºÉ°®µ‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ¡µ¦µ¤·Á˜°¦rš¸ ɘ´ ÊŠ œ<br />

Á‡¦ºÉ°Š°¸ —¸ Á°È¤ ¨³‡ªµ¤Á¦¸¥ …°ŠŸ·ªŠµœ °´˜¦µ„µ¦„´—<br />

ÁœºÊ°Ã¨®³Â¨³…œµ—…°ŠÁ«¬Ã¨®³ ×¥šÎ µ„µ¦š—¨°Š„´— ·Êœ<br />

ŠµœÁ®¨È„6.3š¸É­£µª³˜nµŠÇ œÁ‡¦ºÉ°Š°¸—¸Á°È¤Ž¹ÉŠ<br />

Ä o°·Á¨È‡Ãš¦—š°ŠÂ—Š¦¼žÂ ‡º°¦¼žš¦Š„¦³ °„¨³¦¼ž<br />

­¸ÉÁ®¨¸É¥¤ ‹µ„Ÿ¨„µ¦š—¨°Š„´— ·ÊœŠµœ‹Î µœªœ ·Êœ š¸É<br />

‡ªµ¤¨¹„¤¤Â¨oªœÎ µ…o°¤¼¨Á®¨nµœ¸Ê¤µª·Á‡¦µ³®r—oª¥ª·›¸<br />

$129$ ץަ„¦¤¤·œ·ÂšžÂ ‹Î µ¨°ŠšµŠ<br />

‡–·˜«µ­˜¦rÅ—o¼„­¦oµŠ…¹Êœ¤µ Á¡ºÉ°Ä oÄœ„µ¦¡¥µ„¦–r‡ªµ¤<br />

Á¦¸¥ Ÿ·ª…°ŠŠµœ °´˜¦µ„µ¦„´—ÁœºÊ°Ã¨®³Â¨³…œµ—…°ŠÁ«¬<br />

讳 „µ¦ª·‹´¥œ¸Êœ´ ªnµ¤¸ž¦³Ã¥ œr˜n°„µ¦Á¡·É¤ž¦³­·š›·£µ¡<br />

„µ¦šÎ µŠµœ…°ŠÁ‡¦ºÉ°Š°¸—¸Á°È¤°´œÁž}œ„µ¦¨—˜oœš»œÄœ„µ¦<br />

Ÿ¨·˜ ¨³­µ¤µ¦œÎ µÅž¡¥µ„¦–r‡nµ‡ªµ¤Á¦¸¥ Ÿ·ª…°Š ·Êœ<br />

ŠµœÄœ¦³®ªnµŠž’· ´˜·ŠµœÃ—¥Å¤n˜o°ŠšÎ µ„µ¦ª´—‹¦·Š®¦º° ·Êœ<br />

Šµœš¸ÉŤn­µ¤µ¦œÎ µÅžª´—‡nµ‡ªµ¤®¥µ Ÿ·ªÅ—o×¥˜¦Š<br />

1&„µ¦¨—¦³¥³Áª¨µš¸É¦¥œ˜r °¥¼nÄœ«¼œ¥r ¦·„µ¦<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

…‹¦°´‹‹·¤µ‹·¦´“·˜·„µ¨ <br />

°´¬‘µ‹·¦ž¦³¥»„˜rÁ¨·« <br />

¡‹¤µœÁ˜¸¥ª´•œ¦´“˜·„µ¨<br />

„µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

ǦŠŠµœª·‹´¥°»˜­µ®„¦¦¤Å—oœÎ µÁ­œ°ÂœªšµŠÄœ<br />

„µ¦Â„oÅ…ž{ ®µ‡ªµ¤ „¡¦n°Š…°Š¦³ ¨³ª·›¸„µ¦Žn°¤<br />

Î µ¦»Š˜µ¤¦³¥³…°Š¦¥œ˜r ¦³ „µ¦Žn°¤ Î µ¦»Š˜µ¤¦³¥³<br />

œ´ Á¦·É¤˜´ÊŠÂ˜n„µ¦¦´ ¦‹µ„¨¼„‡oµ‹œ¹Š­nŠ¤° ¦‡ºœª·›¸„µ¦<br />

„Î µ®œ—®´ª…o°ž{ ®µÂ¨³„µ¦ª·Á‡¦µ³®r­µÁ®˜»…°Šž{ ®µÅ—o<br />

°oµŠ°·ŠÂœªšµŠ„µ¦—Î µÁœ·œ„µ¦…°Š‡·ªŽ¸­˜°¦¸É ¡ ªnµž{ ®µ<br />

­Î µ‡´ Äœš¸É­»—„¦³ ªœ„µ¦Žn°¤ Î µ¦»Š‡º°¦¥œ˜r‡´œ®œ¹ÉŠÇ<br />

Ä oÁª¨µ°¥¼nÄœ«¼œ¥r ¦·„µ¦œµœ Ž¹ÉŠ­µÁ®˜»­Î µ‡´ °´œ®œ¹ÉŠ„È<br />

ÁœºÉ°Š¤µ‹µ„‡ªµ¤­¨´ Ž´ Žo°œ…°Š…´Êœ˜°œ„µ¦Žn°¤Î µ¦»Š‹¹Š<br />

¤¸‡ªµ¤‹Î µÁž}œš¸É˜o°ŠÂ„oÅ…¨—¦³¥³Áª¨µ…°Š¦š¸É°¥¼nÄœ«¼œ¥r<br />

¦·„µ¦œµœÁ„·œÅž…´Êœ˜°œœ¸ Ê­nŠŸ¨šÎ µÄ®oŤn­µ¤µ¦Ä®o<br />

<br />

¦·„µ¦„´ ¦¥œ˜r‡´œ°ºÉœÇš¸É‹³Á…oµ¤µÄ o ¦·„µ¦Å—oÁœºÉ°Š‹µ„<br />

¡ºÊœš¸É‹ Î µ„´— —´Šœ´Êœ„µ¦šÎ µª·‹´¥œ¸ÊŸ¼oª·‹´¥Å—o šÎ µ„µ¦Â„oÅ…ž{ ®µ<br />

×¥„µ¦¨—‡ªµ¤­¨´ Ž´ Žo°œ…°Š„¦³ ªœ„µ¦Žn°¤ Î µ¦»Š<br />

×¥Ä o„µ¦ª·Á‡¦µ³®r„µ¦Å®¨…°Š…o°¤¼¨­µ¦­œÁš«‹µ„„µ¦<br />

Áž¨¸É¥œÂž¨Šª·›¸„µ¦¡ ªn µ ‡nµ¤´›¥“µœ…°Š¦³¥³Áª¨µ˜´ÊŠÂ˜n<br />

¦´ ¦‹œ¹Š­nŠ¤° Ä®o„´ ¨¼„‡oµ¨—¨Š‹µ„Á—·¤‡º° <br />

œµš¸Á®¨º°œµš¸œ°„‹µ„œ¸Ê¥´Š¡ ªnµ„µ¦ž¦´ ž¦»Š‡¦´ÊŠœ¸Ê<br />

­nŠŸ¨Ä®o‡nµ—´ œ¸‡ªµ¤¡¹Š¡°Ä‹…°Š„µ¦Ä o ¦·„µ¦Á¡·É¤…¹Êœ‹µ„<br />

Á—·¤¦o°¥¨³Áž}œ¦o°¥¨³<br />

1&„µ¦‹´—„µ¦Á¡ºÉ°„µ¦‡ª ‡» ¤‡»–£µ¡Ã‡¦Š„µ¦<br />

¡·Á«¬…°Š‡–³<br />

œ´„ª·‹´¥ ­¤ µ¥‡ŠÁ¤º°Š<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·‹´¥­µ ´œž¦³‹Î µže<br />

Á¦ºÉ°Š¥»š›«µ­˜¦r„µ¦¡´•œµ°»—¤«¹„¬µ<br />

­¼ n­´Š‡¤“µœ‡ªµ¤¦¼o„´œ¥µ¥œ«¼œ¥r<br />

ž¦³ »¤­µ ´œª·‹´¥‹»¯µ£¦–r„¦»ŠÁš¡²<br />

®œoµ<br />

„µ¦ª·‹´¥„µ¦‹´—„µ¦Á¡ºÉ°„µ¦‡ª ‡»¤‡»–£µ¡Ã‡¦Š<br />

„µ¦¡·Á«¬…°Š‡–³¤¸‹»—¤»nŠ®¤µ¥š¸É‹³«¹„¬µª·‹´¥¹ŠÂœªšµŠ<br />

„µ¦‹´—„µ¦Á¡ºÉ°„µ¦‡ª ‡»¤‡»–£µ¡Ã‡¦Š„µ¦¡·Á«¬…°Š‡–³<br />

«¹„¬µÁŒ¡µ³„¦–¸…°ŠÃ‡¦Š„µ¦¡·Á«¬Ÿ¨·˜ ´–”·˜—oµœ<br />

ª·«ª„¦¦¤«µ­˜¦r¦nª¤„´ ­£µ°»˜­µ®„¦¦¤Â®nŠž¦³Áš«Åš¥<br />

¦³¥³š¸É ‡–³ª·«ª„¦¦¤«µ­˜¦r ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸<br />

¡¦³‹°¤Á„¨oµ›œ »¦¸ ×¥«¹„¬µž{‹‹´¥š¸É‹³Áž}œÂœªšµŠ„µ¦<br />

‹´—„µ¦Á¡ºÉ°„µ¦‡ª ‡» ¤Ã‡¦Š„µ¦¡·Á«¬…°Š‡–³Ä®o¤¸‡»–£µ¡<br />

Ž¹ÉŠšµŠŸ¼o ¦·®µ¦¤®µª·š¥µ¨´¥Å—o‡´—Á¨º°„„µ¦­¦oµŠŸ¨„Î µÅ¦<br />

3URILWDELOLW\ ®¦º°„µ¦®µ¦µ¥Å—o 5HYHQXHGULYHQ<br />

Áž}œž{‹‹´¥®¨´„ .329 ¨oª«¹„¬µ®µ­µÁ®˜»­Î µ‡´ <br />

.3,9 Á¡ºÉ°Áž}œÂœªšµŠÄœ„µ¦‹´—„µ¦Á¡ºÉ°‡ª ‡»¤‡»–<br />

£µ¡Ã‡¦Š„µ¦¡·Á«¬…°Š‡–³ °´œÁž}œ‡»–£µ¡ž¦³„µ¦®œ¹ÉŠ<br />

…°Š„µ¦ ¦·®µ¦‹´—„µ¦Ã‡¦Š„µ¦¡·Á«¬ ž¦³ µ„¦š¸ÉÄ o«¹„¬µ<br />

ž¦³„° —oª¥£µ‡ª· µ£µ‡ª· µš¸É¦nª¤°¥¼nĜǦŠ„µ¦²Ÿ¨<br />

„µ¦«¹„¬µª·‹´¥¡ ªnµ „¨»n¤ž{‹‹´¥š¸É¤¸Ÿ¨¤µ„š¸É­»—˜n °„µ¦­¦oµŠ<br />

„Î µÅ¦ ®¦º°„µ¦®µ¦µ¥Å—o ‡º° „µ¦ ¦·®µ¦˜oœš»œ°¥nµŠ¤¸ž¦³<br />

­·š›·Ÿ¨ °´œž¦³„° —oª¥ „µ¦Ä oš¦´¡¥µ„¦š¸É¤¸°¥¼nÄ®oÁ„·—<br />

ž¦³Ã¥ œr­¼Š­»— ¨³„µ¦ ¦·®µ¦‹´—„µ¦‡nµÄ o‹nµ¥—Î µÁœ·œ„µ¦<br />

°¥nµŠ¤¸ž¦³­·š›·£µ¡…°Š£µ‡ª· µš¸É¦nª¤°¥¼nĜǦŠ„µ¦¡·Á«¬<br />

…°Š‡–³<br />

1DWLRQDO&RQIHUHQFH


)DFXOW\RI6FLHQFH<br />

1&„µ¦Á˜¦¸¥¤ÂŸnœ¢d¨r¤ µŠÃ¡¨·‡µ¦r °Áœ˜<br />

Á¡ºÉ°Ä o«¹„¬µ¦°¥°œ»£µ‡œ·ªÁ‡¨¸¥¦r‹µ„„µ¦Â˜„˜´ª<br />

…°Š¥¼Á¦Áœ¸¥¤<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

°µ£µ¡¦š°ŠŸ»—ª·Á ¸¥¦¦˜œ›Š ´¥<br />

Á ‹µŠ‡r­Š‹´„¦r¡· r«»£Ÿ¨<br />

¡·œ¡¦¦–ª·«µ¨°´˜¡´œ›»r<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

‹µ„„µ¦Á˜¦¸¥¤ÂŸnœ¢d¨r¤ µŠÃ¡¨·‡µ¦r °Áœ˜Ã—¥<br />

Ä o„¦³ ªœ„µ¦°´—¦¸— Å—oŸnœ¢d¨r¤ µŠš¸É¤¸‡ªµ¤®œµÁŒ¨¸É ¥<br />

ŤÇ¦Á¤˜¦ œÎ µÂŸnœ¢d¨r¤ µŠš¸ÉÁ˜¦¸¥¤…¹Êœž¦³„ „´<br />

ŸnœŒµ„¥¼Á¦Áœ¸¥¤ °µ —oª¥œ·ª˜¦°œ‹µ„Á‡¦ºÉ°Šž’·„¦–r<br />

ž¦¤µ–¼ª·‹´¥² ¨oª¨oµŠ—oª¥­µ¦¨³¨µ¥ÃŽÁ—¸¥¤Å±—¦°„ÅŽ—r<br />

­µ¦¨³¨µ¥ÃžÂ˜­ÁŽ¸¥¤Å±—¦°„ÅŽ—r¨³­µ¦¨³¨µ¥¨·Áš¸¥¤<br />

ű—¦°„ÅŽ—r š¸É‡ªµ¤Á…o¤…oœ œ°¦r¤°¨ °»–®£¼¤· <br />

°Š«µÁŽ¨ÁŽ¸¥­ ×¥Ä oÁª¨µÄœ„µ¦„´—…¥µ¥¦°¥°œ»£µ‡ <br />

´ÉªÃ¤Š ¦°¥…°Šœ·ªÅ‡¨rš¸ÉÁ„·—‹µ„„µ¦Â˜„˜´ª…°Š¥¼Á¦Áœ¸¥¤<br />

œÂŸnœ¢d¨r¤ µŠÃ¡¨·‡µ¦r °Áœ˜ ¤¸‡nµÁ­oœŸnµœ«¼œ¥r<br />

„¨µŠ°¥¼nÄœ nªŠ ¹Š ŤÇ¦Á¤˜¦ ¨³¤¸‡nµ‡ªµ¤<br />

®œµÂœnœ…°Š¦°¥°œ»£µ‡°¥¼nÄœ nªŠ [ ¹Š<br />

[ ¦°¥˜n°˜µ¦µŠÁŽœ˜·Á¤˜¦ Ž¹ÉŠ„µ¦¨oµŠ„´—¦°¥<br />

°œ»£µ‡—oª¥­µ¦¨³¨µ¥ÃŽÁ—¸¥¤Å±—¦°„ÅŽ—r ¡ ªnµ¦°¥<br />

°œ»£µ‡¤¸…œµ—Ä® nš¸É­»—Á¤º É°Áš¸¥ „´ ­µ¦¨³¨µ¥š´ÊŠ­µ¤<br />

œ·—<br />

1&Á‡¦ºÉ°Š­ž{ ˜Á˜°¦·ÉŠÂ —¸Ž¸Â¤„œ¸˜¦°œÁ¡ºÉ°<br />

Á‡¨º° ·ÊœŠµœš¸ÉÄ oš—­° Äœ„¨o°Š‹»¨š¦¦«œr<br />

°·Á¨È„˜¦°œÂ „ªµ—<br />

œ´„ª·‹´¥ ­¤ µ¥ž{ µ°·ÉœÂ„oª­Î µÁ¦·ŠÁ¨¸¥ µ¥<br />

ª¦ª·š¥r—·¬“rÁ‹¦·<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÅ—oœÎ µÁ­œ°„µ¦­¦oµŠÁ‡¦ºÉ°Š­ž{˜Á˜°¦·ÉŠ <br />

 —¸Ž¸Â¤„œ¸˜¦°œÁ¡ºÉ°Á‡¨º° ·ÊœŠµœš¸ ÉÄ o„´ „¨o°Š<br />

‹»š¦¦«œr „ªµ— ­nªœž¦³„° ®¨´„…°ŠÁ‡¦ºÉ°Šš¸É­¦oµŠ…¹Êœ<br />

¤¸­nªœ—oª¥„´œÅ—o„n¦³ ­» µ„µ«®´ª‡µ<br />

Ú—š¸É¤¸ ¤nÁ®¨È„µª¦ªµŠ°¥¼n£µ¥Äœ ®¨nŠ‹nµ¥„Î µ¨´ŠÅ¢<br />

¢jµÂ¦Š—´œ­¼ŠÂ ­ª·š ·ÉŠš¸É ž¦´ ‡nµÅ—o Äœ„µ¦Ä oŠµœÅ—oœÎ µÁ°µ<br />

Á‡¦ºÉ°Š­ž{˜Á˜°¦· ÉŠÅžš—¨°ŠÁ‡¨º° š°Š‡Î µ¨Š œ„¦³‹„<br />

­Å¨—r‹µ„„µ¦Á‡¨º° —´Š„¨nµªÅ—o¢d¨r¤ µŠ…°ŠÃ¨®³š°Š‡Î µš¸É<br />

¤¸‡ªµ¤ªµªÁŠµÁž¨iŠž¨´ÉŠ ¨³Á¤ºÉ°Ä oÁª¨µÄœ„µ¦Á‡¨º° œµœ<br />

¹Šª·œµš¸‹³Å—o¢d¨r¤š¸É¤¸‡ªµ¤®œµ°¥¼nÄœ nªŠ<br />

œµÃœÁ¤˜¦<br />

1&„µ¦®µ‡nµ‡ªµ¤Á¦nŠ…°Šª´˜»Äœ„¦° °oµŠ°·Šš¸É<br />

¤¸‡ªµ¤Á¦nŠÃ—¥Ä oÁ‡¦ºÉ°Š„¨Â°šª¼—Á ºÉ°¤˜n°„´<br />

ŤÇ¦‡°¤¡·ªÁ˜°¦r<br />

œ´„ª·‹´¥ µÁ®œÈ‹­»— Î<br />

¤ÃŒ¤Á—à Ř¦Ã„¤»š<br />

­¤¥«Á—nœ‹·˜˜rÁ‹¦· ­¤ µ¥ž{ µ°·ÉœÂ„oª<br />

žd¥³¦´˜œr¡¦µ®¤–¸<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÅ—oœÎ µÁ­œ°„µ¦®µ‡ªµ¤Á¦nŠ…°Šª´˜»š¸É<br />

Á‡¨ºÉ°œš¸ É°¥¼nÄœ„¦° °oµŠ°·Šš¸É¤¸‡ªµ¤Á¦n Š ×¥Ä oÁ‡¦ºÉ°Š„¨<br />

°šª¼— ǦŠ­¦oµŠ®¨´„…°Š »—„µ¦š—¨°ŠÂ nŠ°°„Áž}œ <br />

­nªœ‡º°Á‡¦ºÉ°Š„¨Â°šª¼—ŤÇ¦‡°œÃš¦¨Á¨°¦r<br />

¨³ªŠ‹¦°·Á¨È„š¦°œ·„­r­´ µ–Å¢¢jµš¸ÉÁ„·—‹µ„„µ¦šÎ µŠµœ<br />

¦nª¤„´œ…°Š­nªœž¦³„° ®¨´„š´ÊŠ­°Š‹³¼„Áž¨¸É¥œÄ®oÁž}œ‡nµ<br />

…°Š…o°¤¼¨š¸ÉÁ„¸É¥ª…o°Š„´ ‡ªµ¤Á¦n Š Ž¹ÉŠ°µ«´¥„µ¦šÎ µŠµœ…°Š<br />

ŤÇ¦‡°œÃš¦Á¨°¦r …o°¤¼¨Á®¨nµœ¸Ê‹³¼„­nŠÅž¥´ŠÅ¤Ã‡¦<br />

‡°¤¡·ªÁ˜°¦r ×¥¤¸Ãž¦Â„¦¤ª· ª¨Á ­·„šÎ µ®œoµš¸Éž¦³¤ª¨<br />

Ÿ¨…o°¤¼¨Â¨³‡Î µœª–®µ‡nµ‡ªµ¤Á¦nŠš¸ÉÁ„·—‹µ„„µ¦Á‡¨ºÉ°œš¸É<br />

…°Šª´˜» ¡¦o°¤„´ ­—ŠŸ¨¨´¡›rš¸ÉÅ—o œ‹°‡°¤¡·ªÁ˜°¦r<br />

‡ªµ¤Á¦nŠš¸ÉÅ—o‹µ„„µ¦«¹„¬µÄœ‡¦´ÊŠœ¸Ê¤¸‡nµÁŒ¨¸É¥…°Š<br />

‡ªµ¤‡¨µ—Á‡¨ºÉ°œ˜Î É µ„ªnµ¦o°¥¨³Á¤ºÉ°Áš¸¥ ‡nµš¸ ÉÅ—o<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

‹µ„„µ¦‡Î µœª–<br />

1&„µ¦«¹„¬µ„µ¦Áž¨¸É¥œ­¸…°ŠÂŽžÅ¢¦m ­¸Á…¸¥ª<br />

×¥„µ¦ÁŸµ<br />

œ´„ª·‹´¥ ­»ž¦µ–¸¨·Ê¤­»ª¦¦–œ·˜·œ´¥°»—¤„´œ<br />

<br />

¡Š«rš·¡¥rª·Ãœš´¥<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸‡¦´ÊŠš¸É¤¸œµ‡¤<br />

¤®µª·š¥µ¨´¥›¦¦¤«µ­˜¦r„¦»ŠÁš¡²<br />

®œoµ<br />

‡ªµ¤¤»nŠ®¤µ¥…°ŠŠµœª·‹´¥œ¸Ê Áž}œ„µ¦«¹„¬µŸ¨…°Š<br />

‡ªµ¤¦o°œ˜n°­¤ ´˜·šµŠ„µ¥£µ¡…°ŠÂŽžÅ¢¦r­¸Á…¸¥ª‹µ„<br />

ž¦³Áš«¤µ—µ„´­„µ¦r šª¸ž°µ¢¦·„µ š´ÊŠœ¸ÊÁ¡ºÉ°˜o°Š„µ¦®µ<br />

ÁŠºÉ°œÅ…š¸ÉÁ®¤µ³­¤š¸ÉÄ oÄœ„µ¦ÁŸµÁ¡ºÉ °Áž¨¸É¥œ­¸ …°ŠÂŽžÅ¢¦m<br />

‹µ„­¸Á…¸¥ªÄ®oÁž}œ­¸Á®¨º°ŠÁ¡ºÉ°Ä®o ¤¸¤¼¨‡nµÁ¡·É¤…¹Ê œ „n°œ„µ¦<br />

ÁŸµÅ—ošÎ µ„µ¦ª·Á‡¦µ³®rÂŽžÅ¢¦m×¥Ä oÁ‡¦ºÉ°Š¤º°˜nµŠÇ—´Š<br />

œ¸Ê Á‡¦ºÉ°ŠÁ¦º°Š¦´Š­¸Á°„Žr (';5) Äœ„µ¦®µ°Š‡r<br />

ž¦³„° …°ŠÂŽžÅ¢¦mŽ¹ÉŠÅ—o„n °°„ÅŽ—r…°ŠÃ¨®³˜nµŠÇ<br />

Á nœ $O 2 )H2¨³ 7L2 Áž}œ˜oœÁ‡¦ºÉ°Šª·Á‡¦µ³®r<br />

„µ¦Á¨¸Ê¥ªÁ œ…°Š¦´ Š­¸Á°„Žr;5'Á¡ºÉ°ª·Á‡¦µ³®r®µÃ‡¦Š<br />

­¦oµŠ…°ŠÂŽžÅ¢¦r­¸Á…¸¥ªÁ‡¦ºÉ°Š(65VSHFWURPHWHUÁ¡ºÉ°<br />

ª·Á‡¦µ³®r®µž¦·¤µ–)H ĜŽžÅ¢¦r¨³Á‡¦ºÉ°Š­Áž„ئ<br />

âؤ·Á˜°¦rÁ¡ºÉ°ª´—­¸…°ŠÂŽ Å¢¦r ‹µ„„µ¦š—¨°ŠÁŸµÂŽž<br />

Å¢¦r­¸Á…¸¥ªš¸É°»–®£¼¤·˜nµŠÇ ‹µ„ R & ¡ ªnµ<br />

ÂŽžÅ¢¦m­¸Á…¸¥ªÁž¨¸É¥œÁž}œ­¸Á®¨º°Šš¸É°»–®£¼¤· R &<br />

×¥„µ¦ª´—˜´ª°¥nµŠÂŽžÅ¢¦m®¨´ŠÁŸµš¸É R & ×¥Ä o<br />

Á‡¦ºÉ°Š ;5' ¨³ (65 ­¦»žÅ—oªnµ ¤¸„µ¦Áž¨¸É¥œ<br />

ž¨ŠÃ‡¦Š­¦oµŠ…°ŠÂŽžÅ¢¦m ¤¸„µ¦Áž¨¸É¥œÂž¨Š…°Š<br />

ž¦·¤µ–)H Á nœ„´œ<br />

1&Ÿ¨…°Š„µ¦°µ ¦´Š­¸˜n°‡»–­¤ ´˜·…°ŠÁ¡ ¦<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹·˜¦µÁ„˜»Â„oª¡Š«rš·¡¥rª·Ãœš´¥<br />

­»ž¦µ–¸¨·Ê¤­»ª¦¦–<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸‡¦´ÊŠš¸É¤¸œµ‡¤<br />

¤®µª·š¥µ¨´¥›¦¦¤«µ­˜¦r„¦»ŠÁš¡²<br />

®œoµ<br />

<br />

Šµœª·‹´¥œ¸Ê Å—o«¹„¬µŸ¨…°Š„µ¦°µ ¦´Š­¸œ·ª˜¦°œ<br />

…°ŠÁ¡ ¦„¨»n¤ ,D ×¥Ä oÁš‡œ·‡„µ¦—¼—„¨ºœ‡¨ºÉœÅ¤Ã‡¦Áª¢<br />

…°Š°·Á¨È„˜¦°œÅ¦o‡¼n Ÿ¨…°Š„µ¦ª´—„µ¦—¼—„¨ºœ‡¨ºÉœ<br />

ŤÇ¦Áª¢…°Š°·Á¨È„˜¦°œÅ¦o ‡¼n „n°œ„µ¦°µ ¦´Š­¸œ·ª˜¦°œ‹³<br />

Á„·—¡¸‡„µ¦—¼—„¨ºœ®¨´„ ¡¸‡ Ž¹ÉŠ­µ¤µ¦°›· µ¥Å—oªn µ ¤¸<br />

ŜئÁ‹œÁž}œ›µ˜»¤¨š·œÂ¨³­µ¤µ¦‡Î µœª–®µž¦·¤µ–<br />

ŜئÁ‹œÂ¨³„µ¦Â˜„°°„…°Š¡´œ›³‡µ¦r °œÄœÁ¡ ¦Å—o<br />

®¨´Š„µ¦°µ ¦´Š­¸œ·ª˜¦°œÅ—oª´—„µ¦—¼—„¨ºœ‡¨ºÉœÅ¤Ã‡¦Áª¢<br />

…°Š°·Á¨È„˜¦°œÅ¦o ‡¼nŽÎÊ µ°¸„‡¦´ÊŠ¡ ªn µ¤¸ž¦·¤µ–ŜئÁ‹œÂ¨³<br />

„µ¦Â˜„°°„…°Š¡´œ›³‡µ¦r °œÁ¡·É¤­¼Š…¹Êœ<br />

1&¦³ „µ¦ª´—‡ªµ¤¥µª—oª¥Áš‡œ·‡„µ¦ª´—<br />

Áª¨µ„µ¦Á—·œšµŠ…°ŠÂ­ŠÁ¨ÁŽ°¦r¡´¨­r­´Êœ<br />

œ´„ª·‹´¥ ÁŒ¨·¤ ´¥¤° ­»…Î µª¸¦³¡Š«r‹·Ìªž¦³—·¬“r„»¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦že‡–³ª·«ª„¦¦¤<br />

«µ­˜¦r¤®µª·š¥µ¨´¥…°œÂ„nœ<br />

¤„¦µ‡¤¤®µª·š¥µ¨´¥…°œÂ„nœ<br />

‹…°œÂ„nœ®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦ž¦³¥»„˜rÄ o­ŠÁ¨ÁŽ°¦r¡´¨­r­´ Êœ<br />

­Î µ®¦´ ª´—‡ªµ¤¥µª ×¥°µ«´¥„µ¦ª´—Áª¨µ„µ¦Á—·œšµŠ…°Š<br />

­ŠÁ¨ÁŽ°¦r¡´¨­r­´Êœ WLPH RI IOLJKW ×¥ª·›¸œ¸Ê¡´¨­r­Š<br />

Á¨ÁŽ°¦rš¸É¤¸‡ªµ¤¥µª‡¨ºÉ œQP‡ªµ¤¸ÉN+]‹µ„<br />

Á¨ÁŽ°¦rŗ𗼄­nŠŸnµœÅž¥´Š˜´ªÂ¥„¨Î µÂ­Š SRODUL]LQJ<br />

EHDP VSOLWWHU Ž¹ÉŠšÎ µ®œoµš¸ÉÂ¥„¨Î µÂ­Š…œµœ°°„Áž}œ <br />

¨Î µÂ­Š ×¥š¸É¨Î µÂ­Š®œ¹ÉŠ­³šo°œÅž¥´ŠÃ¢Ã˜Å—ð—Ž¹É Š‹³¦´<br />

­´ µ–¡´¨­rÁ¦·É¤˜o œVWDUWSXOVH­nªœ°¸„¨Î µÂ­Š®œ¹ÉŠš³¨»<br />

ŸnµœÅž¥´Š®¨°—šª¸‡¼–­Š 3KRWR 0XOWLSOLHU 7XEH<br />

307 Ž¹ÉŠ‹³¦´ ­´ µ–¡´¨­r­·Êœ­» — VWRS SXOVH nªŠ<br />

Áª¨µ¦³®ªnµŠ¡´¨­rÁ¦·É¤˜oœÂ¨³¡´¨­r­· Êœ­»—‹³¼„Áž¨¸É¥œÁž}œ<br />

‡ªµ¤¥µª ×¥¦³ š¸ÉÁž¨¸É¥œÁª¨µÁž} œÂ°¤¡¨·‹¼— 7LPH<br />

WR$PSOLWXGH&RQYHUWHU7$& ¨³0XOWLFKDQQHO<br />

$DQDO\VHU 0&$ ÄœŠµœª·‹´¥œ¸ÊÅ—ošÎ µ„µ¦ª´—­Á„¨…°Š<br />

˜¨´ Á¤˜¦Á®¨È„¥µª Á¤˜¦ š¸É˜Î µÂ®œnŠ˜nµŠÇ ×¥šÎ µ„µ¦<br />

Á¨ºÉ°œ˜Î µÂ®œnŠ…°Š®¨°—šª¸‡¼–­Š˜¨°— nªŠ‡ªµ¤¥µª <br />

Á¤˜¦ ×¥¤¸‡nµ­´¤ž¦³­·š›·Í­®­´¤¡´œ›r FRUUHODWLRQ<br />

FRHIILFLHQW …°Š‡ªµ¤¥µªÂ¨³˜´ªÁ¨… n°Š FKDQQHO<br />

QXPEHU…°Š0&$Ášnµ„´ ¨³¤¸‡nµÁž°¦rÁŽœ˜r<br />

‡ªµ¤‡¨µ—Á‡¨ºÉ°œ­´¤¡´š›rUHODWLYH SHUFHQW HUURU°¥¼n<br />

¦³®ªnµŠ¹ŠÁž°¦rÁŽÈœ˜rŽ¹ÉŠÁš‡œ·‡œ¸Ê¤¸‡ªµ¤<br />

1DWLRQDO&RQIHUHQFH


Á®¤µ³­¤­Î µ®¦´ „µ¦ª´—‡ªµ¤¥µª…°Š¦³¥³š¸É¤¸‡ªµ¤¥µª<br />

¤µ„Å—o—¸<br />

1&„µ¦«¹„¬µÁ ºÊ°Š˜oœ„µ¦Á„·—¢¨¼ °°Á¦­ÁŽœŽr<br />

…°ŠÄ Ťo­¸Á…¸¥ªÃ—¥„µ¦„¦³˜»oœ—oª¥Â­ŠÁ¨ÁŽ°¦r<br />

œ´„ª·‹´¥ ¡·Á ¬“¨·Ê¤­»ª¦¦–š·¡¥r¡µ¡¦—µ—ªœ<br />

°µš¦Ã£Å‡¥¡·­·“<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²<br />

„µ¦«¹„¬µ„µ¦Á„·—¢¨¼°°Á¦­ÁŽœŽr…°ŠÄ Ťo­¸Á…¸¥ª<br />

œ·—Å—o„nÄ ¡¨¼—nµŠÄ ¤³¤nªŠÂ¨³Ä Á¢g~°Š¢jµÃ—¥<br />

„µ¦„¦³˜»oœ—oª¥Â­ŠÁ¨ÁŽ°¦r œ·—¡´¨­r‹µ„œ¸Ã°œ¸Á¤¸¥¤Â¥p„<br />

Á¨ÁŽ°¦rŽ¹ÉŠ¤¸‡ªµ¤¥µª‡¨ºÉ œ œµÃœÁ¤˜¦ ¤¸¡¨´ŠŠµœ<br />

☰œ°·Á¨È„˜¦°œÃª¨˜r¨³Ä oÁ‡¦ºÉ°Šª´—­Áž„˜¦´ ¤<br />

Áž}œÁ‡¦ºÉ°Š¤º°­Î µ®¦´ ª´—­Áž„˜¦´¤¢¨¼°°Á¦­ÁŽœŽrš¸ÉÅ—o ¡<br />

ªnµ­Áž„˜¦´¤¢¨¼°°Á¦­ÁŽœŽr…°ŠÄ ¡¨¼—nµŠÄ ¤³¤nªŠÂ¨³<br />

Ä Á¢g~°Š¢jµ¤¸¡¸‡°¥¼nš¸É‡ªµ¤¥µª‡¨ºÉ œÂ¨³<br />

œµÃœÁ¤˜¦˜µ¤¨Î µ—´ Á¤ºÉ°Áž¦¸¥ Áš¸¥ „´ ­Áž„˜¦´¤¢¨¼°°<br />

Á¦­ÁŽœŽr…°Š‡¨°Ã¦¢d¨¨r¡ ªnµ¡¸‡…°Š­Áž„˜¦´¤¢¨¼°°Á¦­<br />

ÁŽœŽr…°ŠÄ Ťoš´ÊŠ œ·— °¥¼nÄœ nªŠÁ—¸¥ª„´œ„´ …°Š<br />

‡¨°Ã¦¢d¨¨r ­—Š¹Š„µ¦Á„·—­Áž„˜¦´¤¢¨¼°°Á¦­ÁŽœŽr…°Š<br />

Ä Å¤o‹µ„‡¨°Ã¦¢d¨¨rÄœÄ Å¤o<br />

1&„µ¦«¹„¬µ„µ¦Á‡¨º° ¢d¨r¤ µŠ°³¨¼¤·Áœ¸¥¤<br />

°°„ÅŽ—r<br />

œ´„ª·‹´¥ ›œ´­µ¦´˜œ³°µš¦Ã£Å‡¥¡·­·“<br />

<br />

¡·Á ¬“¨·Ê¤­»ª¦¦–<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²<br />

Šµœª·‹´¥œ¸ÊÅ—oÁ‡¨º° ¢d¨r¤°³¨¼¤·Áœ¸¥¤°°„ÅŽ—r ×¥<br />

Ä o讳°³¨¼¤·Áœ¸¥¤ ¦·­»š›·Í¨³„pµŽŸ­¤…°Š°µ¦r„°œ„´<br />

°°„Ž·Á‹œ—oª¥ª·›¸¦¸Â°‡š¸¢ —¸Ž¸ ¡¨µœµ¦r¤„œ·˜¦°œ­ž{˜<br />

Á˜°¦·Š¢d¨r¤Å—o¼„Á‡¨º° œ ·ÊœŠµœš¸ÉÁž}œÂ„oªÂ¨³­Á˜œÁ¨­<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Á °¦r £µ¥Ä˜o„µ¦Á‡¨º° š¸ÉÁŠºÉ°œÅ…˜nµŠÇ Å—o„n °´˜¦µ<br />

„µ¦Å®¨…°Š„pµŽ°µ¦r„°œÂ¨³°´˜¦µ„µ¦Å®¨…°Š„pµŽ°°„Ž·Á‹œ<br />

Äœ„µ¦ª·Á‡¦µ³®rǦŠ­¦oµŠÂ¨³¨´„¬–³…°Š¢d¨r¤Å—oÄ oÁ‡¦ºÉ°Š<br />

Á°„ŽÁ¦¥r—·¢Â¢¦‡Ã˜¤·Á˜°¦r Á‡¦ºÉ°Š¦µ¤µœ­Áž„ئ¤·Á˜°¦r<br />

¨³°³˜°¤¤·„¢°¦rŽÅ¤Ã‡¦­Ã‡ž ‹µ„¦¼žÂ „µ¦Á¨¸Ê¥ªÁ œ<br />

…°Š¦´Š­¸Á°„Žr ;5' ‹³Å—oÁ¢­ D$O 2 œ¦³œµ <br />

š¸É¤»¤ T °Š«µ Á¤ºÉ°šÎ µ„µ¦Á‡¨º° š¸É°´˜¦µ<br />

„µ¦Å®¨…°Š„pµŽ°µ¦r„°œÂ¨³„pµŽ°°„Ž·Á‹œÁšnµ„´ ¨³<br />

¨¼„ µ«„rÁŽœ˜·Á¤˜¦œµš¸˜µ¤¨Î µ—´ „µ¦Á„·—¢d¨r¤D<br />

$O 2 ­œ´ ­œ»œÃ—¥Ÿ¨‹µ„­Áž„˜¦´¤…°Š¦µ¤µœ<br />

1&„µ¦¡´•œµŽ°¢šmª¦r¦³ „µ¦ª´—­¤ ´˜·šµŠ<br />

¤nÁ®¨È„…°ŠÁ‡¦ºÉ°Š¤º °ª´— œ·—960<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

Á­’“ª»•·—ªŠ‹´œš¦r¡·Á ¬“¨·Ê¤­»ª¦¦–<br />

¡´•œ³¦´„‡ªµ¤­»…<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸‡¦´ÊŠš¸É¤¸œµ‡¤<br />

¤®µª·š¥µ¨´¥›¦¦¤«µ­˜¦r„¦»ŠÁš¡²<br />

®œoµ<br />

Á‡¦ºÉ°Š¤º°ª´—­¤ ´˜·šµŠÂ¤nÁ®¨È„ œ· — 960 ¤¸…o°<br />

Å—oÁž¦¸¥ „ªnµÁ‡¦ºÉ°Š¤º°ª´—­¤ ´˜·šµŠÂ¤nÁ®¨È„ž¦³Á£š°ºÉœ<br />

˜¦Šš¸É 960 ­µ¤µ¦ª´—‡»–­¤ ´˜·Â¤nÁ®¨È„…°Šª´­—»Â¤n<br />

Á®¨È„®¨µ¥Â Á nœ šnŠ ŸŠ ®¦º°¢d¨r¤ µŠ šÎ µÄ®oÁž}œ<br />

Á‡¦ºÉ°Š¤º°ª· ‹´¥šµŠª´­—»Â¤nÁ®¨È„š¸É­Î µ‡´ „µ¦¡´•œµ¦³ „µ¦<br />

ª´—…°ŠÁ‡¦ºÉ°Š¤º°ª´— œ·—œ¸Ê‹³­nŠÁ­¦·¤Ä®oÁ„·—Šµœª·‹´¥Â¤nÁ®¨È„<br />

Ä®¤nÇ …¹ÊœÄœž¦³Áš«Äœ°œµ‡˜ „µ¦ª·‹´¥œ¸ÊÁž}œ„µ¦¡´•œµ<br />

Ž°¢šmª¦rÁ¡ºÉ°ž¦´ ž¦»Š¦³ „µ¦ª´—…°ŠÁ‡¦º É°Š¤º°ª´— œ· —<br />

960 Ž¹ÉŠÁ‡¦ºÉ°ŠÁ—·¤¤¸¨´„¬–³„µ¦ª´—š¸ÉŸ¼ošÎ µ„µ¦ª´—˜o°Šž¦´<br />

‡nµ¡µ¦µ¤·Á˜°¦rš¸ÉÁ„¸É¥ª…o°Š˜nµŠÇ—oª¥˜œÁ°ŠÂ¨³˜o°Š ´œš¹„<br />

Ÿ¨„µ¦š—¨°Š—oª¥¤º° „µ¦¡´•œµ‹³¤»nŠÁœoœ¡´•œµŽ°¢šm<br />

ª¦rÁ¡ºÉ°Ä®oÁ‡¦ºÉ°Š 960 šÎ µŠµœ°´˜Ãœ¤´˜· nª¥Ä®oŸ¼oÄ o<br />

­µ¤µ¦­´ÉŠ‡nµ„µ¦ª´ —˜´ÊŠ‡nµ¡µ¦µ¤·Á˜°¦rš¸ÉÁ„¸É¥ª…o°Š„´ „µ¦ª´—<br />

Ÿnµœ‡°¤¡·ªÁ˜°¦r ¨³­µ¤µ¦Á„È …o°¤¼¨„µ¦ª´—Åžª·Á‡¦µ³®r<br />

Å—o×¥­³—ª„<br />

1&„µ¦«¹„¬µ„µ¦Á„·—±µ¦r¤°œ·‡š¸É­µ¤Ã—¥Ä o<br />

œ¸Ã°—¸Á¤¸¥¤Â¥p„Á¨ÁŽ°¦r<br />

œ´„ª·‹´¥<br />

°µš¦Ã£Å‡¥­·“¡·Á ¬“¨·Ê¤­»ª¦¦–<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ÁŸ¥Â¡¦n<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸‡¦´ÊŠš¸É¤¸œµ‡¤<br />

¤®µª·š¥µ¨´¥›¦¦¤«µ­˜¦r„¦»ŠÁš¡²<br />

®œoµ<br />

„µ¦ª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„µ¦Á„·—±µ¦r¤°œ·‡š¸É­µ¤<br />

×¥Ä oœ¸Ã°—¸Á¤¸¥¤Â¥È„Á¨ÁŽ°¦r Ž¹ÉŠÄ®o­ŠÁ¨ÁŽ°¦rš¸ ɤ¸<br />

‡ªµ¤¥µª‡¨ºÉœ QP ‡ªµ¤„ªoµŠ…°Š¡´¨­rÁ¨ÁŽ°¦r<br />

PV ¨³¤¸¡¨´ŠŠµœ P-SXOVH Á¤ºÉ°Ä®o­ŠÁ¨ÁŽ°¦r<br />

‡ªµ¤¥µª‡¨ºÉœ QP ŸnµœŸ¨¹„ ŤnÁž}œÁ ·ŠÁ­oœ <br />

·Êœ‡º°Á ˜oµÂ Á¦¸¥¤ °Á¦˜ E %D% 2 %%2W\SH<br />

, ‹³Á„·—±µ¦r¤°œ·‡š¸É­°ŠŽ¹ÉŠÁž}œÂ­ŠÁ¨ÁŽ°¦r­¸Á…¸¥ªš¸É¤¸<br />

‡ªµ¤¥µª‡¨ºÉœ QP ¨³¤¸¡¨´ŠŠµœ P-SXOVH<br />

¨³Á¤ºÉ°Á¨ÁŽ°¦r­¸Á…¸¥ªÂ¨³Á¨ÁŽ°¦r‡ªµ¤¥µª‡¨ºÉ œ <br />

QPŸnµœŸ¨¹„Á ˜oµÂ Á¦¸¥¤ °Á¦˜ ·Êœš¸ÉŽ¹ÉŠÁž} œ W\SH ,,<br />

‹³Á„·—±µ¦r¤°œ·‡š¸É­µ¤Ž¹ÉŠÁž}œÂ­ŠÁ¨ÁŽ°¦rš¸É¤¸‡ªµ¤¥µª‡¨ºÉ œ<br />

QP ¨³¤¸¡¨´ŠŠµœ P-SXOVH ž¦³­·š›·£µ¡<br />

„µ¦Âž¨Š‡ªµ¤¥µª‡¨ºÉœ…°Š„µ¦Á„·—±µ¦r¤°œ·‡š¸ É­°ŠÂ¨³<br />

­µ¤Ášnµ„´ ¨³˜µ¤¨Î µ—´<br />

1&­ª·˜ ·ŠÁ¡µÁª°¦rŽ´¡¡¨µ¥­Î µ®¦´ „µ¦Á‡¨º°<br />

­µ¦Â ­ž{˜Á˜°¦·Š<br />

œ´„ª·‹´¥ °»š´¥„¦¦–„oª¡·Á ¬“¨·Ê¤­»ª¦¦–<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦­¦oµŠÂ®¨nŠ‹nµ¥Å¢¢jµÂ ­ª·˜<br />

·ŠÁ¡µªrÁª°¦rŽ´¡¡¨µ¥š¸É­µ¤µ¦‹nµ¥Â¦Š—´œÅ¢¢jµš¸É y<br />

ꨚr Ä®o„´ Á‡¦ºÉ°ŠÁ‡¨º° ­µ¦Â ­ž{˜Á˜°¦·ŠŽ¹ÉŠÁž}œ<br />

ª·›¸„µ¦Á‡¨º° ­µ¦ œ ·ÊœŠµœÂ ˜nµŠÇ š¸ÉÄ oÄœ¦³ °»˜<br />

­µ®„¦¦¤„´œ°¥nµŠ„ªoµŠ…ªµŠÄœ…–³š¸É‡ª ‡» ¤„¦³Â­Å¢¢jµ<br />

Ä®oÅ®¨ œ…´Êª‡µÃ—…°ŠÁ‡¦ºÉ°ŠÁ‡¨º° ­µ¦Â ­ž{˜Á˜°¦· Š<br />

˜ÎÉ µ„ªnµ °¤Âž¦r ×¥¤¸„µ¦‡ª ‡»¤„¦³Â­Å¢¢jµ‡Šš¸É<br />

 ž¦´ ‡nµÅ—o ¨³Â®¨nŠ‹nµ¥—´Š„¨nµª‹³˜o°Ššœ˜n°„µ¦<br />

Á„·— +LJK 9ROWDJH 7UDQVLHQWV Ž¹ÉŠÁ„·—‹µ„¡¨µ­¤µÄœ<br />

¦³ ¤„œ¸˜¦°œ¦ª¤š´ÊŠ„µ¦°µ¦r‡…°Š¦³ —oª¥ Äœ„µ¦<br />

°µ¦r‡Á¡¸¥ŠÁ¨È„œo°¥°´œÁ„·—‹µ„­µ¦Á‹º°žœÂ¨³'LHOHFWULF<br />

%UHDNGRZQ œÁžjµ­µ¦Á‡¨º° Ž¹ÉŠÁ„·—…¹Êœ ´Éª…–³¦³<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

žj°Š„´œ…°ŠÁ‡¦ºÉ°Š‡ª¦‹³‹Î µ„´—„¦³Â­°µ¦r‡œ¸ÊץŤn˜´—ªŠ‹¦<br />

‹µ„œ´ÊœœÎ µÂ®¨nŠ‹nµ¥Å¢¢jµÂ ­ª·˜ ·ŠÁ¡µÁª°¦rŽ´¡¡¨µ¥¤µ<br />

š—¨°Š„´ Á‡¦ºÉ°ŠÁ‡¨º° ­µ¦Â ­ž{˜Á˜°¦· Š ¨³šÎ µ„µ¦<br />

ª·Á‡¦µ³®rŸ¨„µ¦Á‡¨º° ­µ¦ œª´­—»š—­° Áš¸¥ „´ ‡nµš¸ÉÅ—o<br />

‹µ„„µ¦‡Î µœª– ˜¨°—‹œšÎ µ„µ¦˜¦ª‹­° ž¦³­·š›·£µ¡<br />

…°Š­ª·˜Ž·ŠÁ¡µÁª°¦rŽ´¡¡¨µ¥š¸É­¦oµŠ…¹ ʜ¨³šÎ µ„µ¦ž¦´ ˜nŠ<br />

‹œÅ—o­ª·˜ ·ŠÁ¡µÁª°¦rŽ´¡¡¨µ¥ š¸É¤¸ž¦³­·š›·£µ¡­¼Š­»—Ášnµš¸É<br />

‹³šÎ µÅ—o<br />

1&„µ¦Áž¨¸É¥œÂž¨Š…°Š‹» ¨·œš¦¸¥rÄœœÎÊ µ°œ» µ¨<br />

¨¼„„»oŠÁ˜¦¸¥¤Ã—¥¦³ ðΜ¨³¦³ ‡¨°¦¸œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

œ£µ‹·¦³„·˜˜·Á‹¦· ¡·Á ¬“¨·Ê¤­»ª¦¦–<br />

ž¦³Áªš¥r˜»o¥Á˜È¤ªŠ«r¡·¡´•œrÅš¦š°Š<br />

„µ¦ž¦³ »¤šµŠª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²<br />

Á¦·É¤‹µ„„µ¦®µž¦·¤µ–‡ªµ¤Á…o¤…oœš¸ ÉÁ®¤µ³­¤Äœ<br />

„µ¦Ä oðÎœ‰nµÁ ºÊ°Ã¦‡ÄœœÎÊ µ‹µ„ n°Á¨¸Ê¥Š„»o Š Äœ®o°Šž’· ´˜·<br />

„µ¦¡ ªnµš¸É„Î µ¨´ŠŸ¨·˜PJKU˜n°œÎÊ µ/ Ä oÁª¨µ‰nµ<br />

Á ºÊ°š¸ ÉÁž} œ°´œ˜¦µ¥˜n°„»oŠ Á ºÊ°š´É ªÅž 9LEULR VS ¨³<br />

9LEULR KDUYH\L œµœ œµš¸ š¸É‡ªµ¤Á…o¤…oœÃ°ÃŽœ<br />

PJ/ ‹µ„„µ¦š—¨°ŠÁž¦¸¥ Áš¸¥ Ÿ¨‹µ„„µ¦Á˜¦¸¥¤<br />

œÎÊ µÃ—¥„µ¦‰nµÁ ºÊ°—oª¥¦³ ðΜ¨³¦³ ‡¨°¦¸ œ Äœ¦¼ž<br />

…°Š &D2&, ×¥¦³ ðÎœ‹³Ážd—Á‡¦ºÉ°Š„Î µ¨´ŠŸ¨·˜<br />

JKU˜n°œÎÊ µ/ Áž}œÁª¨µ ´ÉªÃ¤ŠŽ¹ÉŠ¤¸‡ªµ¤Á…o ¤<br />

…oœÃ°ÃŽœ PJ/ ¡´„œÎÊ µÁž}œÁª¨µ ´ÉªÃ¤Š ­nªœ<br />

¦³ ‡¨°¦¸œ‹³¤¸„µ¦Á˜·¤&D2&, Äœ°´˜¦µ­nªœ J<br />

˜n°œÎÊ µ / ¡´„œÎÊ µÁž}œÁª¨µ ª´œ …¹Êœ„´ °´˜¦µ„µ¦<br />

­¨µ¥˜´ª…°Š‡¨°¦¸œÄœ¦¼žš¸ÉÁž}œ¡·¬˜„‡oµŠ°¥¼nÄœœÎÊ µ ‹µ„œ´Êœ<br />

œÎ µÅ…n„»oŠš¸É‹³Á¡µ³Á¨¸Ê¥Š¤µ¢°ŠÄ­n¨Š n°…°ŠœÎÊ µš¸É<br />

Á˜¦¸¥¤—oª¥¦³ ðΜ¨³¦³ ‡¨°¦¸œ °¥nµŠ¨³ n°<br />

Á¦·É¤šÎ µ„µ¦ª·Á‡¦µ³®rÁ ºÊ°7RWDOSODWHFRXQW%DFLOOXVVS<br />

9LEULRVS¨³9LEULRKDUYH\L˜´ÊŠÂ˜n„n°œÄ­nÅ…n„»oŠ¨Š ° n<br />

š»„Ǫ´œ‹œ„¦³š´ÉŠ¨¼„„»oŠ­µ¤µ¦¨Š n°—·œÅ—o¡ ªnµÁ ºÊ°<br />

懚¸ÉÁž}œ°´œ˜¦µ¥˜n°„»oŠ‹³¡ ¤µ„ÄœœÎ Ê µš¸É‰nµÁ ºÊ°—oª¥¦³<br />

‡¨°¦¸œ¤µ„„ªnµ¦³ ðÎœ ˜nÁ ºÊ° %DFLOOXV VS š¸É¤¸<br />

ž¦³Ã¥ œr˜n°„µ¦ Î µ ´—œÎÊ µ ¨³˜n°˜´ª¨¼„„»oŠ ‹³¡ ÄœœÎÊ µš¸É<br />

Á˜¦¸¥¤—oª¥¦³ ðÎœ¤µ„„ªnµ¦³ ‡¨°¦¸œÁœºÉ°Š‹µ„Å—o¤¸


„µ¦Á˜·¤‹»¨·œš¦¸¥rš¸É¤¸ É°šµŠ„µ¦‡oµªn º µ %= Ÿ¨„µ¦<br />

˜¦ª‹Á ºÊ°¡ %DFLOOXVVS¨³‹µ„‡»–­¤ ´˜·…°Š„¨Å„…n¤<br />

¨³Â…nŠ…´œ„´ ‹»¨·œš¦¸¥rš¸É„n°Ä®oÁ„·—Ú¬ šÎ µÄ®ö ¼„„»oŠš¸ÉÁ¨¸Ê¥Š<br />

Äœ¦³ ðÎœ¤¸„µ¦Á‹¦· Å—oÁ¦Èª„ªnµÄœ nªŠÂ¦„¨³¤¸°´˜¦µ<br />

„µ¦¦°—­¼Š„ªnµ¦³ ‡¨°¦¸œ<br />

1&„µ¦®µ­£µª³Á®¤µ³­¤Äœ„µ¦ÁŸµš´ š·¤<br />

Áª¸¥—œµ¤<br />

œ´„ª·‹´¥ ¡Š«rš·¡¥rª·Ãœš´¥¡·Á ¬“¨·Ê¤­»ª¦¦–<br />

Å°¤·Š´Š<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦¦³—´ µ˜·‡¦´ÊŠš¸É—oµœ<br />

„µ¦ª·‹´¥¡´•œµœª´˜„¦¦¤Â¨³„µ¦°°„<br />

 ¡§¬£µ‡¤¤®µª·š¥µ¨´¥<br />

®°„µ¦‡oµÅš¥„¦»ŠÁš¡²®œoµ<br />

„µ¦®µ­£µª³Á®¤µ³­¤Á¡ºÉ°Á¡·É¤¤¼¨‡nµš´ š·¤<br />

Áª¸¥—œµ¤ ×¥„µ¦ÁŸµÄœ ¦¦¥µ„µ«°°„Ž·Á‹œ‹³Á¡·É¤­¸<br />

‡ªµ¤Ä­ ¨³¦µ‡µÄ®o­¼Š…¹Êœ ­¸…°Šš´ š·¤Á„·—‹µ„ &U <br />

Å°°°œ°ºÉœÇ‹³šÎ µÄ®o­¸Â—Š…°Šš´ š·¤Áž¨¸É¥œÅž)H Ä®o­¸<br />

Á®¨º°Š„µ¦Â¨„Áž¨¸É¥œž¦³‹»¦³®ªnµŠ )H ¨³ 7L Ä®o­¸<br />

œÎÊ µÁŠ·œ‹¹ŠšÎ µÄ®oš´ š·¤¤¸­¸Â—ŠÂ„¤¤nªŠ Á¦µ¨—„¨Å„œ¸Ê×¥<br />

ÁŸµš´ š·¤Äœ°°„Ž·Á‹œŽ¹ÉŠšÎ µÄ®o )H Áž¨¸É¥œÁž}œ )H <br />

š´ š·¤‹³¤¸­¸Â—Š ´—Á‹œ…¹Êœ ž¦·¤µ–…°Š &U Äœš´ š·¤„È<br />

Á¡·É¤…¹Êœ—o ª¥ ‹µ„Ÿ¨ ;5' ¡ ªnµ°´˜¦µ­nªœ…°Š FD …°Š<br />

ǦŠ­¦oµŠ +H[DJRQDO ¨—¨Š¤µ„š¸É­»—°»–®£¼¤· R &<br />

„µ¦Á¡·É¤…°Š )H Áž}œ )H ¥ºœ¥´œÃ—¥ (65 ¨³¡ ªnµ<br />

Á¡·É¤…¹Êœ˜µ¤°»–®£¼¤·š¸ÉÁŸµ Á¤ºÉ°ÁŸµš¸É R & ´ÉªÃ¤Š<br />

Ä®o­¸Â—ŠÁ—nœ ´—š¸É­» — ­£µª³š¸ÉÁ®¤µ³­¤Á¡ºÉ°Á¡· ɤ¤¼¨‡nµ<br />

š´ š·¤Áª¸¥—œµ¤‡º°š¸É R & „µ¦Áž¨¸É¥œ­¸…°Šš´ š·¤¤µ<br />

‹µ„„µ¦¨—¨Š…°ŠFD¨³„µ¦Á¡·É¤…¹Êœ…°Š)H <br />

1& )/$721)/$7:($57(67<br />

(48,30(17)25)5(77,1*:($5$7+,*+<br />

7(03(5$785(<br />

œ´„ª·‹´¥ ®š´¥¡´•œr‡n°¥ž¦³Á­¦·“<br />

<br />

žœ´——µœ·¦œµš¨ÎÊ µ¡Š«r<br />

­»¡´•œr¡Š¬r—Î µ¦Š¦´˜œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤šµŠª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸ª´­—»Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

­·Š®µ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨<br />

„¦œ—r„¦»ŠÁš¡²®œoµ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

0DFKLQHU\ HTXLSPHQW VXFK DV FRXSOLQJ<br />

FRPSRQHQWV VKULQN ILW SDUWV DQG ODUJH SXOOH\V<br />

KDYH PDQ\ SUREOHPV LQFOXGLQJ SRZHU DQG<br />

HIILFLHQF\ ORVV DQG QRLVH SROOXWLRQ ZKHQ IUHWWLQJ<br />

ZHDU RFFXUV GXULQJ RSHUDWLRQ 0RUHRYHU IUHWWLQJ<br />

ZHDUFDQOHDGWRRWKHUZHDUW\SHVVXFKDVDEUDVLYH<br />

ZHDUIDWLJXHZHDUDQGWKUHHERG\ZHDU,QRUGHU<br />

WRGHYHORSPDWHULDOVRUVXUIDFHWHFKQLTXHVWKDWFDQ<br />

SURYLGH DQ LPSURYHG ZHDU UHVLVWDQFH IRU WKHVH<br />

KLJK FRVW FRPSRQHQWV D IUHWWLQJ ZHDU WHVW<br />

PDFKLQH ZKLFK FDQ VLPXODWH YDULRXV RSHUDWLQJ<br />

FRQGLWLRQVDQGZHDUPHFKDQLVPVLVUHTXLUHG<br />

7KLV UHVHDUFK ZRUN SUHVHQWV WKH GHVLJQ<br />

DQG WHVWLQJ RI IODWRQIODW W\SH IUHWWLQJ ZHDU<br />

WHVWLQJ HTXLSPHQW ZKLFK FDQ VLPXODWH RU<br />

DFFHOHUDWH WKH ZHDU FRQGLWLRQV E\ DGMXVWLQJ WKH<br />

ORDG PRYLQJ GLVWDQFH RI WKH IUHWWLQJ FRXSOHV<br />

IUHTXHQF\ RI YLEUDWLRQ DQG WHVWLQJ WHPSHUDWXUH<br />

5HVXOWVRQWKHVWXG\RIWKHIUHWWLQJZHDUDWq&<br />

RI D VWDLQOHVV VWHHO VXEVWUDWH DQG WZR W\SHV RI<br />

+92) VSUD\HG FRDWLQJ ZKLFK DUH :&&R<br />

DQG&R0R&U6LDUHDOVRSUHVHQWHG<br />

7KH UHVXOWV VKRZ GLIIHUHQW ZHDU<br />

PHFKDQLVPV RFFXUULQJ GXULQJ WHVWLQJ RI WKH<br />

YDULRXV PDWHULDOV 7KH VWDLQOHVV VWHHO WHVW SLHFHV<br />

H[KLELWHGFRQWLQXRXVDQGXQLIRUPZHDU7KH:&<br />

&R FRDWLQJV RQ WKH RWKHU KDQG ZHUH<br />

VXEMHFWHG WR FKHPLFDO GHJUDGDWLRQ LQFOXGLQJ<br />

R[LGDWLRQ DQG GHFDUEXUL]DWLRQ ZKLFK FDXVHG<br />

IDLOXUH RI WKH FRDWLQJV 7KH &R0R&U6L FRDWLQJV<br />

HYHQ WKRXJ WKH\ DOVR VXIIHUHG IURP R[LGDWLRQ<br />

H[KLELWHG H[FHOOHQW ZHDU DQG R[LGDWLRQ UHVLVWDQW<br />

SURSHUWLHV<br />

1&ÁŽÈœÁŽ°¦r‹µ„Á­oœÄ¥œÎ µÂ­Š­Î µ®¦´ ˜¦ª‹ª´—Å°<br />

…°Š­µ¦Á‡¤¸Ã—¥Ä o®¨´„„µ¦Áž¨¸É¥œÂž¨Š‡nµ—´ œ¸<br />

®´„Á®…°ŠÂ­Š<br />

œ´„ª·‹´¥ ¤¥»¦¸„·˜˜·Á— µ µ «»£¨´„¬–r°nµŠÂ„oª<br />

š·ª„µ¨ÂŸœ­œ·š°¦ª¦¦–Á ·— ¼<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦¡´•œµÁŽÈœÁŽ°¦rÁ ·ŠÂ­Š œ·—<br />

Ä®¤n­Î µ®¦´ ˜¦ª‹ª´—Å°…°Š­µ¦Á‡¤¸ ×¥Ä o®¨´„„µ¦Áž¨¸É¥œ<br />

‡nµ—´ œ¸®´„Á®…°Š¢d¨r¤SRO\YLQ\ODOFRKRO392+<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

‹µ„„µ¦«¹„¬µ„´ Å°…°Š­µ¦®¨µ¥Ç œ·—¡ ªnµ ­µ¦Áž}œÅ°<br />

­nªœ¤µ„‹³¨—‡nµ—´ œ¸®´„Á®…°Š¢d¨r¤392+¨³¥´Š¡ ªnµ<br />

„µ¦Áž¨¸É¥œÂž¨Š‡nµ—´ œ¸®´„Á®Å¤n…¹Êœ„´ ǦŠ­¦oµŠšµŠÁ‡¤¸<br />

…°ŠÃ¤Á¨„»¨­µ¦Áž}œÅ°š¸É«¹„¬µ Ž¹ÉŠ„µ¦¨—¨Š…°Š—´ œ¸®´„Á®<br />

…°Š¢d¨r¤šÎ µÄ®o‡ªµ¤Á…o¤Â­Šš¸ÉŸnµœÁŽÈœÁŽ°¦rÁ¡·É¤…¹ÊœÂ¨³<br />

Á¡·É¤Áž}œ­´—­nªœ„´ ‡nµ„µ¦Áž¨¸É¥œÂž¨Š—´ œ¸®´„Á®…°ŠÂ­Š<br />

­µ¤µ¦°›· µ¥Å—o—oª¥„¨Å„„µ¦œÎ µÂ­ŠÂ OHDN\W\SH<br />

œ°„‹µ„œ¸Ê¥´Š¡ ªnµ VHQVLQJ FKDUDFWHULVWLFV …°Š¢d¨r¤š¸É<br />

ŸnµœÅ°­µ¦˜nµŠ œ·—„´œ¤¸¨´„¬–³ÁŒ¡µ³Ž¹ÉŠ‹³¤¸ ž¦³Ã¥ œrÄœ<br />

„µ¦¡´•œµÁŽÈœÁŽ°¦rš¸É˜¦ª‹ª´ — œ·—…°Š­µ¦Å—o—oª¥<br />

1&„µ¦˜¦¹ŠÂ¨³ª·Á‡¦µ³®rÁ°œÅŽ¤r¥¼Á¦Á°­Á¡ºÉ°<br />

ž¦³¥»„˜rÄ o®µž¦·¤µ–¥¼Á¦¸¥ÄœÁ¨º°—<br />

œ´„ª·‹´¥ „¦ª¨´¥¡´œ›»r¡­»„´ µ­»…Áž¦¤<br />

‘µ¡¦­»¡¦¦–œµœ»Ã¥‡<br />

œ»‹¦·œš¦r¦´˜œ¡¦°µ‹µ¦¸¥r­´ ›· ´¥<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Äœ„¦³ ªœ„µ¦Å±Ã—¦¨·Ž·­…°Š¥¼Á¦¸¥ Á¡ºÉ°Ä®oÅ—o<br />

1+ ¨³ &2 œ´ÊœÄ oÁ°œÅŽ¤r¥¼Á¦Á°­ ¥¼Á¦¸¥ °³¤·Ãœ<br />

űצÁ¨­ Ž¹ÉŠÃ‡¦Š­¦oµŠÁž}œœ·„Á„·¨Á¤š´¨Ã¨Á°œÅŽ¤rÁž}œ<br />

˜´ª‡³˜³¨·­˜r šÎ µÄ®ož’·„·¦·¥µÅ±Ã—¦¨·Ž·­Á„·—Á¦Èª…¹Ê œž¦³¤µ–<br />

Ášnµ…°Š„¦³ ªœ„µ¦š¸ÉŤnÅ—oÄ o‡³˜³¨·­˜r ˜n„µ¦œÎ µ<br />

Á°œÅŽ¤r¤µÄ oÄœ„¦³ ªœ„µ¦—´Š„¨nµª‹³¤¸…o°‹Î µ„´——oµœ<br />

¦µ‡µ ž¦·¤µ– „µ¦­¨µ¥˜´ªÅ—oŠnµ¥Ã—¥‡ªµ¤¦o°œÂ¨³š¸É<br />

­Î µ‡´ ‡º°Å¤n­µ¤µ¦œÎ µÁ°œÅŽ¤r„¨´ ¤µÄ oÅ—oÄ®¤n ž{ ®µ—´Š<br />

„¨nµªÅ—o¦´ „µ¦«¹„¬µÁ¡ºÉ°‡oœ‡ªoµÂ¨³ª·‹´ ¥„µ¦˜¦¹ŠÁ°œÅŽ¤r¥¼<br />

Á¦Á°­—oª¥ª·›¸˜nµŠÇ ª·›¸„µ¦®n°®»o¤ HQWUDSPHQW Áž}œª·›¸<br />

®œ¹ÉŠš¸É˜¦¹ ŠÁ°œÅŽ¤r°¥nµŠÅ—oŸ¨Ã—¥Ä o‡´¨ÁŽ¸¥¤°´¨‹·Áœ˜ Šµœ<br />

ª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„µ¦˜¦¹Š¥¼Á¦Á°­š¸É­„´—Å—o‹µ„Á¤¨È—¡º <br />

-DFNEHDQ œ·—W\SH,,,Ä®o°¥¼nÄœ¦¼ž…°ŠÁ¤È—„¨¤EHDG<br />

‡´¨ÁŽ¸¥¤°´¨‹·Áœ˜ Ž¹ÉŠ¡ ªnµÁ¤È—„¨¤¥¼Á¦Á°­°´¨‹·Áœ˜ ¤¸‡nµ<br />

‡ªµ¤Á­¸¥¦š¸Éq& —¸¤µ„„¨nµª‡º°‡nµ‡¦¹ÉŠ ¸ª·˜aª´œ<br />

Á¤ºÉ°Áš¸¥ „´ ­µ¦¨³¨µ¥¥¼Á¦Á°­š¸ÉŤnÅ—o¼„˜¦¹ Š a ª´œ<br />

œ°„‹µ„œ¸Ê¥´ŠÅ—o«¹„¬µÁž¦¸¥ Áš¸¥ ‡»–­¤ ´˜·—oµœ°ºÉœÇ¦ª¤<br />

š´ÊŠœÎ µ¥¼Á¦Á°­°´¨‹·Áœ˜Åžž¦³¥»„˜rÄ oÁ¡ºÉ°Ä oª·Á‡¦µ³®r<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

ž¦·¤µ–¥¼Á¦¸¥ÄœÁ¨º°— Áž¦¸¥ Áš¸¥ „´ ¥¼Á¦Á°­Äœ¦¼ž­µ¦<br />

¨³¨µ¥Â¨³Á‡¦ºÉ°Šª·Á‡¦µ³®r°´˜Ãœ¤´˜· Ž¹ÉŠ¡ ªnµŸ¨„µ¦<br />

ª·Á‡¦µ³®r‹µ„¥¼Á¦Á°­°´¨‹·Áœ˜Ä®oŸ¨¼„˜o°ŠÂ¤nœ¥Î µ­¼ŠÂ¨³<br />

…o°—¸‡º°­µ¤µ¦Á„È ¦´„¬µÁ¡ºÉ°œÎ µ„¨´ ¤µÄ oÄ®¤nÅ—o<br />

1&„µ¦­„´—¨³ª·Á‡¦µ³®rŤÇ¦‡¦·­˜´¨¨¸œ<br />

ª„Žr‹µ„„µ„˜³„°œ°o°¥ÄœÃ¦ŠŠµœ°»˜­µ®„¦¦¤<br />

œÎÊ µ˜µ¨Äœž¦³Áš«Åš¥<br />

œ´„ª·‹´¥ ¡¦¦–¸¦´˜œ ´¥­·š›r<br />

‹·œ˜œµ¡·–ª´•œµœ»¦´„¬rÁ¦ª—¸«¦¸­„»¨—¸<br />

»¨¸Á­¦¸°Î µœª¥š¦¦«œ¸¥r¡¸¦³¥»š›<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„µ¦­„´—Å…‹µ„„µ„<br />

˜³„°œ°o°¥ÄœÃ¦ŠŠµœ°»˜­µ®„¦¦¤œÎÊ µ˜µ¨š¸ÉŸ¨·˜Äœ£µ‡<br />

˜nµŠÇÄœž¦³Áš«Åš¥Å—o„n£µ‡„¨µŠ£µ‡˜³ª´œ°°„£µ‡<br />

˜³ª´œ°°„ÁŒ¸¥ŠÁ®œº° £µ‡Á®œº° ×¥Ä o˜´ªšÎ µ¨³¨µ¥Å—‡¨°<br />

椸ÁšœÂ¨³Å°ÃŽÃ¡¦¡µœ°¨Áž}œ˜´ª­„´— Ÿ¨·˜£´–”rš¸ÉÅ—o¤¸<br />

¨´„¬–³Áž}œÅ…­¸Á®¨º°Š ¤´œªµªÁ¤ºÉ°Ÿnµœ… ªœ„µ¦¢°„—oª¥<br />

DFWLYDWHG FKDUFRDO ‹³Ä®o­¸Á®¨º°Š‡¦¸¤ Ž¹ÉŠž¦·¤µ–Å…°o°¥š¸É<br />

Å—o‹µ„£µ‡„¨µŠ£µ‡Á®œº°£µ‡˜³ª´œ°°„£µ‡˜³ª´œ°°„<br />

ÁŒ¸¥ŠÁ®œº° Ášnµ„´ ¨³<br />

×¥¨Î µ—´ ‹µ„„µ¦ª·Á‡¦µ³®rÁ ·Š‡»–£µ¡¡ ‹»—<br />

®¨°¤Á®¨ª°¥¼n¦³®ªnµŠ q& „¦—Å…¤´œ°·­¦³<br />

‡nµÂŽ¡°œ·¢dÁ‡ ´œ œÎÊ µ®œ´„<br />

äÁ¨„»¨‡nµÁ¨…Ű𗸜Ášnµ„´ <br />

1&Á±—­ÁžŽÂ„p­Ã‡¦¤µÃ˜„¦µ¢eÁš‡œ·‡<br />

­³°µ—­Î µ®¦´ „µ¦ª·Á‡¦µ³®r­µ¦%7(;ÄœœÎÊ µš·ÊŠ‹µ„<br />

°»˜­µ®„¦¦¤<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ª· s¼‹·˜­´¤¡´œ›Áª <br />

µ ª·š¥r¡ ¦³¡Š«„»¨„§¬‘µŠµ¤š´<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ


¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

„µ¦ª·Á‡¦µ³®r­µ¦ %7(; ÄœœÎÊ µš·ÊŠ‹µ„<br />

°»˜­µ®„¦¦¤ ×¥Ä oÁš‡œ·‡Á±—­ÁžŽÂ„p­Ã‡¦¤µÃ˜„¦µ¢e<br />

¡ ªnµ„µ¦Ä®o‡ªµ¤¦o°œÂ„nœÎÊ µ˜´ª°¥nµŠ¤·¨¨·¨·˜¦¨ŠÄœ<br />

…ª—…œµ—¤·¨¨·¨·˜¦š¸Éžd—­œ· šš¸É°Š«µÁŽ¨ÁŽ¸¥­<br />

œµš¸Â¨oªÂ¥„­µ¦—oª¥‡°¨´¤œr (&°»–®£¼¤·‡Šš¸É<br />

°Š«µÁŽ¨ÁŽ¸¥­°´˜¦µ„µ¦Å®¨…°Š±¸Á¨¸¥¤¤·¨¨·¨·˜¦<br />

˜n°œµš¸ Áž}œ­£µª³š¸ÉÁ®¤µ³­¤ „µ¦Á˜·¤Á„¨º°ÃŽÁ—¸¥¤Ž´¨<br />

Á¢˜Å¤n¤¸Ÿ¨˜n°„µ¦Á¡·É¤‡ªµ¤Á…o¤…o œ…°Š­µ¦ %7(; Äœ<br />

¦·Áª–Á±—­ÁžŽÄ oÁª¨µª·Á‡¦µ³®rœµš¸˜n°˜´ª°¥nµŠ„µ¦<br />

ª·Á‡¦µ³®rž¦·¤µ–Ä oª·›¸„µ¦Áš¸¥ „¦µ¢¤µ˜¦“µœ Å—o­¦oµŠ<br />

„¦µ¢¤µ˜¦“µœš¸ÉÁž}œÁ­oœ˜¦Š5 ¤µ„„ªnµ‡ªµ¤<br />

Á…o¤…oœ˜ÎÉ µš¸É­»—š¸Éª·Á‡¦µ³®rÅ— o­nªœÄœ¡´œ¨oµœ­nªœ‡nµÁ ¸É¥Š<br />

Á œ¤µ˜¦“µœ­´¤¡´š›r ‡nµ„µ¦Å—o„¨´ ‡ºœ<br />

„µ¦ª·Á‡¦µ³®r˜´ª°¥nµŠœÎÊ µš·ÊŠ‹µ„把µœ<br />

‹Î µœªœ ˜´ª°¥nµŠ ¡ ªnµ¤¸Á œŽ¸œ ­nªœÄœ<br />

¨oµœ­nªœ Ú¨¼°¸œ ­nªœÄœ¨oµœ­nªœ Á°š·¨Á œ<br />

Ž¸œ ­nªœÄœ¨oµœ­nªœ ¨³ÅŽ¨¸œ <br />

­nªœÄœ¨oµœ­nªœ<br />

1&ª·›¸š¸É¦ª—Á¦Èª­Î µ®¦´ „µ¦ª·Á‡¦µ³®r®µž¦·¤µ–<br />

°¨„°±°¨rÄœ…oµª®¤µ„×¥Ä oÁš‡œ·‡Á±—­ÁžŽ<br />

„p­Ã‡¦¤µÃ˜„¦µ¢e<br />

œ´„ª·‹´¥ ª· s¼‹·˜­´¤¡´œ›Áª ž¦³Á­¦·“¤µ—¦´„¬µ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤°·¤Â¡È‡<br />

Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ3<br />

Šµœª·‹´¥œ¸ÊœÎ µÁš‡œ·‡Á±—­ÁžŽ¤µÄ oÁ¡ºÉ°¨—…´Êœ<br />

˜°œ„µ¦Á˜¦¸¥¤˜´ª°¥nµŠš¸É¥»nŠ¥µ„ Å—o«¹„¬µ­£µª³š¸ÉÁ®¤µ³<br />

­¤¡ ªnµÁ¤ºÉ°œÎ µœÎÊ µ…oµª®¤µ„¤·¨¨·¨·˜¦®¦º°ÁœºÊ°…oµª<br />

®¤µ„„¦´¤Ä­n…ª—Á±—­ÁžŽžd— µÄ®oÂœnœÄ®o‡ªµ¤<br />

¦o°œ°Š«µÁŽ¨ÁŽ¸¥­œµš¸­µ¦š¸É¦³Á®¥Šnµ¥Äœ˜´ª°¥nµŠ<br />

…oµª®¤µ„‹³„¨µ¥Áž}œÅ°Â¨³Å°…°Š­µ¦‹³¼„­nŠŸnµœÁ…oµÅž<br />

ª·Á‡¦µ³®r—oª¥Á‡¦ºÉ°ŠÂ„p­Ã‡¦¤µÃ˜„¦µ¢š¸ÉÄ oÁ‡¦ºÉ°Š˜¦ª‹ª´ —<br />

œ·— Á¢¨¤Å°°°ÅœÁŽ ´œÄ o‡°¨´¤œrÁž}œÂ ‡žžd¨µ¦¸<br />

œ·—°¸Ž¸°»–®£¼¤·…°Š‡°¨´¤œr°Š«µÁŽ¨ÁŽ¸¥­°´˜¦µ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„µ¦Å®¨…°ŠÂ„p­±¸Á¨¸¥¤ ¤·¨¨·¨·˜¦˜n°œµš¸ Ä oÁª¨µ<br />

ª·Á‡¦µ³®r œµš¸ ˜n° ˜´ª°¥nµŠ „µ¦ª·Á‡¦µ³®r œ·—Ä oª·›¸<br />

Áš¸¥ Áª¨µ¦¸Ášœ ´œ„´ ­µ¦¤µ˜¦“µœÂ°¨„°±°¨r „µ¦<br />

ª·Á‡¦µ³®rž¦·¤µ–Ä oª·›¸„µ¦Áš¸¥ „¦µ¢¤µ˜¦“µœš¸É¤¸‡nµ 5 !<br />

„µ¦ª·Á‡¦µ³®r˜´ª°¥nµŠ…oµª®¤µ„¡ ªnµ¤¸ž¦·¤µ–Á°šµ<br />

œ°¨ ZY Á¤šµœ°¨ <br />

PJ/ᦡµœ°¨˜¦ª‹Å¤n¡ yPJ/Å°<br />

ÃŽ ·ªšµœ°¨PJ/¨³Äœš»„˜´ª°¥nµŠ¤¸Å°<br />

ÃŽÁ°¤·¨Â°¨„°±°¨r ž¦·¤µ–°¨„°±°¨r˜n¨³ œ·—…¹Êœ„´<br />

‹Î µœªœª´œÂ¨³°»–®£¼¤·Äœ„µ¦Á„È …oµª®¤µ„ ‡ªµ¤Â¤nœ¥Î µ<br />

…°Š„µ¦ª·Á‡¦µ³®rÄœÁš°¤‡nµÁ ¸É¥ŠÁ œ¤µ˜¦“µœ­´¤¡´š›r¤¸‡nµ<br />

Äœ nªŠ<br />

1& šÁ¦¸¥œ‡°¤¡·ªÁ˜°¦r nª¥­°œÁ¦ºÉ°Š<br />

°·œ¢¦µÁ¦—­Áž„Ú¦­Ã‡že<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ªµ­œµ‹µ˜»¦œ˜r¦´«¤¸…œ·¬“µ£´š¦„·˜˜·<br />

¦´˜œµ£¦–r¡·Á “¦»‹·Ã¦‹œr<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Å—o­¦oµŠÃž¦Â„¦¤‡°¤¡·ªÁ˜°¦r nª¥­°œÁ¦ºÉ°Š<br />

°·œ¢¦µÁ¦—­Áž„Ú¦­Ã‡že ‹µ„ަ„¦¤ $XWKRUZDUH<br />

ަ„¦¤$GREH,PDJH6W\OHU¨³Ãž¦Â„¦¤<br />

$GREH 3KRWRVKRS ÁœºÊ°®µž¦³„° —oª¥ š§¬‘¸<br />

Á‡¦ºÉ°Š¤º ° „µ¦ª·Á‡¦µ³®r­Áž„˜¦´¤ ˜µ¦µŠÂ­—Š nªŠ„µ¦—¼—<br />

„¨ºœÂ­Š°·œ¢¦µÁ¦—…°Š®¤¼n¢{Š„r ´œ˜nµŠÇ œ°„‹µ„œ¸Ê¥´Š¤¸˜´ª<br />

°¥nµŠÂ¨³Â š—­° Ž¹ÉŠÁœoœ„µ¦ª·Á‡¦µ³®r®¤¼n¢{Š„r ´œ…°Š<br />

­µ¦‹µ„°·œ¢¦µÁ¦—­Áž„˜¦´¤¤¸ÁŒ¨¥Â¨³ž¦³Á¤·œŸ¨Á¡ºÉ°Ä®o<br />

œ´„«¹„¬µ­µ¤µ¦Ä o f„ œÂ¨³ž¦³Á¤·œŸ¨—oª¥˜œÁ°ŠÅ—o<br />

Áž}œ„µ¦Á¡·É¤¡¼œ„µ¦Á¦¸¥œ„µ¦­°œÄ®o¤¸ž¦³­·š›·£µ¡¥·ÉŠ…¹Ê œ<br />

1&„µ¦ª·Á‡¦µ³®rž¦·¤µ–›µ˜»Â¨³ª·˜µ¤·œš¸É<br />

¨³¨µ¥œÎÊ µÅ—o µŠ œ·—Äœ¨¼„¥°­—¨³Ÿ¨·˜£´–”r¨¼„¥°<br />

œ´„ª·‹´¥ £´–”·¦µÁ„˜»Â„oª­·¦·¦´˜œr§„¬rœÎ<br />

<br />

µ ´¥<br />

–´“„µ ‹œrœ·Ã‡¦›µœœšr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤°·¤Â¡È‡<br />

Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ3<br />

Ÿ¨·˜£´–”r‹µ„¨¼„¥°Áž}œ°µ®µ¦Á­¦·¤­»…£µ¡š¸É‡œ<br />

Ä®o‡ªµ¤­œÄ‹ ¦·Ã£‡„´œ¤µ„ ¨³¤¸‹Î µ®œnµ¥š´ÉªÅžÄœšo°Š<br />

˜¨µ— ˜nŸ¨·˜£´–”r­nªœÄ® nŤn¤¸„µ¦˜·—Œ¨µ„¦³ »ž¦·¤µ–<br />

­µ¦°µ®µ¦Áž}œ…o°¤¼¨­Î µ®¦´ Ÿ¼o ¦·Ã£‡ Šµœª·‹´¥œ¸Ê‹¹ŠÁž}œ„µ¦<br />

«¹„¬µª·›¸ª·Á‡¦µ³®rž¦·¤µ–›µ˜»˜nµŠÇ Å—o„n . &D )H &X<br />

¨³ 3E ×¥Áš‡œ·‡ ,&3 ,QGXFWLYHO\ &RXSOHG<br />

3ODVPD 6SHFWURPHWU\ ¨³ª·Á‡¦µ³®rž¦·¤µ–ª·˜µ¤·œš¸É<br />

¨³¨µ¥œÎÊ µÅ—oÅ—o„nª·˜µ¤·œ ¸ ¸Åœ°µŽ·œÂ¨³ª·˜µ¤·œ<br />

Ž¸ ×¥Áš‡œ·‡ +3/& ×¥šÎ µ„µ¦«¹„¬µ­£µª³š¸ÉÁ®¤µ³­¤<br />

Äœ„µ¦ª·Á‡¦µ³®r‡ªµ¤¼„˜o°Š ‡ªµ¤Áš¸É¥Š…°Šª·›¸ª·Á‡¦µ³®r<br />

¨³«¹„¬µ‡ªµ¤Á…o¤…oœ˜ÎÉ µ­»—š¸É­µ¤µ¦šÎ µž¦·¤µ–ª·Á‡¦µ³®r<br />

Å—o°¥nµŠ¼„˜o°Š /LPLW RI 4XDQWLWDWLRQ ‹µ„Ÿ¨„µ¦<br />

š—¨°Š¡ ªnµ Äœ¨¼„¥°š¸É„n‹´ — „·Ã¨„¦´¤ ®¦º°Åªœr<br />

¨¼„¥°¨·˜¦‹³¤¸ž¦·¤µ–. „¦´¤Â¨³<br />

&D„¦´¤°¥¼nÄœ¦³—´ ­¼Š­nªœ›µ˜»°ºÉœ‹³¤¸ °¥¼nÄœ<br />

ž¦·¤µ–š¸É˜ÎÉ µ‡º°¤·¨¨·„¦´¤Â¨³¡ ªnµž¦·¤µ–<br />

ª·˜µ¤·œ ¸ ¸ª·˜µ¤·œŽ¸Â¨³Åœ°µŽ·œÄœ¨¼„¥°Â¨³Åªœr<br />

¨¼„¥°‹³¤¸°¥¼nÄœ nªŠ¤·¨¨·„¦´¤Â¨³<br />

¤·¨¨·„¦´¤ ˜µ¤¨Î µ—´ Áš‡œ·‡ ,&3 ¨³Áš‡œ·‡<br />

+3/& š¸ÉÄ oÄœ„µ¦ª·Á‡¦µ³®r¤¸‡ªµ¤¼„˜o°ŠÄœ¦¼ž<br />

Áž°¦rÁŽÈœ˜r„µ¦Å—o„¨´ ‡ºœÄœªŠ n ¨³¤¸‡ªµ¤<br />

Áš¸É¥ŠÄœ¦¼ žÁž°¦rÁŽÈœ˜r ‡ªµ¤Á ¸É¥ŠÁ œ¤µ˜¦“µœ­´¤¡´š›rŤn<br />

Á„·œ<br />

1&237,0,=$7,212).(5$7,1$6(<br />

352'8&7,21)520%DFLOOXVOLFKHQLIRUPLV).<br />

œ´„ª·‹´¥ £¦–¸°n°œœ·É¤ª¦¡‹œr­»œš¦­»…<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤Á­œ°Ÿ¨Šµœª·‹´¥¦³—´ ´–”·˜<br />

«¹„¬µÂ®nŠ µ˜·‡¦´ÊŠš¸É­·Š®µ‡¤<br />

æŠÂ¦¤Ã¨˜´­žµŠ­ªœÂ„oª<br />

‹Á ¸¥ŠÄ®¤n<br />

7KH UHVSRQVH VXUIDFH PHWKRGRORJ\<br />

560 ZDV XVHG WR RSWLPL]H WKH FXOWLYDWLRQ<br />

FRQGLWLRQV S+ WHPSHUDWXUH URWDWLRQ<br />

LQRFXOXP DQG LQFXEDWLRQ WLPH IRU WKH<br />

NHUDWLQDVHSURGXFWLRQE\%DFLOOXVOLFKHQLIRUPLV<br />

).$QDO\VHVRIWKHTXDGUDWLFVXUIDFHVVKRZHG<br />

WKHPD[LPXPNHUDWLQDVHDFWLYLW\RI8PO<br />

<br />

XQGHU WKH RSWLPXP FRQGLWLRQ ZKLFK ZDV DQ<br />

LQLWLDO PHGLXP S+ RI D FHOO LQRFXOXP RI<br />

DSSUR[LPDWHO\ [ FHOOVPO DW D<br />

WHPSHUDWXUHRIq&DQGDVKDNLQJVSHHGRI<br />

USPIRUGD\V<br />

1&„µ¦¥n°¥­¨µ¥­µ¦¦³Á®¥°·œš¦¸¥r—oª¥ª·›¸„µ¦<br />

šµŠ ¸ª£µ¡<br />

œ´„ª·‹´¥ ªÃ¦š´¥¦´˜œÁª µœœšrª¦¡‹œr­»œš¦­»…<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤Á­œ°Ÿ¨Šµœª·‹´¥¦³—´ ´–”·˜<br />

«¹„¬µÂ®nŠ µ˜·‡¦´ÊŠš¸É­·Š®µ‡¤<br />

æŠÂ¦¤Ã¨˜´­žµŠ­ªœÂ„oª<br />

‹Á ¸¥ŠÄ®¤n<br />

7KHLQYHVWLJDWLRQZDVFDUULHGRXWWRVFUHHQ<br />

IRU DQG LGHQWLI\ D YRODWLOH RUJDQLF FRPSRXQGV<br />

92&VGHJUDGLQJ EDFWHULXP LVRODWHG IURP D<br />

FRQWDPLQDWHG VLWHDQGWRVWXG\LWV PHFKDQLVPV RI<br />

92& GHJUDGDWLRQ XVLQJ EHQ]HQH WROXHQH<br />

HWK\OEHQ]HQH DQG [\OHQH %7(; DV<br />

UHSUHVHQWDWLYHV7KHUHVXOWVVKRZHGWKDWLVRODWHV<br />

ZHUH DEOH WR JURZ RQ D EDVDO VDOW DJDU PHGLXP<br />

FRQWDLQLQJ %7(; DV D VROH FDUERQ DQG HQHUJ\<br />

VRXUFH 2I LVRODWHV WKH LVRODWH 0 GHJUDGHG<br />

%7(; ZHOO DQG ZDV DEOH WR WROHUDWH KLJK<br />

FRQFHQWUDWLRQV RI %7(; ,W ZDV FODVVLILHG DV<br />

3VHXGRPRQDV DHUXJLQRVD $ SDUW RI LWV<br />

PHFKDQLVPV IRU %7(; GHJUDGDWLRQ ZDV<br />

ELRVXUIDFWDQW DQG ELRILOP SURGXFWLRQ 7KH<br />

HQ]\PH LQVLGH LWV FHOO IRU ULQJ FOHDYDJH RI<br />

%7(;FRPSRXQGVZDVVWLOOXQFOHDU<br />

1&&+(0,&$/3523(57,(62)<br />

+


ZHUH LQFUHDVHG IURP IUHVK JLQJHU =LQJHURQH<br />

DQG&LV6KDJDROSXQJHQWFRPSRXQGVZHUH<br />

IRXQG LQ IUHVK JLQJHU EXW RQO\ OLWWOH ]LQJHURQH<br />

FRQWHQWZDVIRXQGLQWKHSLFNOHGRQH<br />

1&„µ¦«¹„¬µ­£µª³š¸ÉÁ®¤µ³­¤Äœ„µ¦¥n°¥…œ<br />

Å„n—oª¥Á°œÅŽ¤rÁ‡¦µ˜·Áœœ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¡´ ¦µ£¦–rÁ­¦¸Ä‹›¦¦¤<br />

œœš„µª· ¼¨¥rÁ— µÃ ‡ª¦¡‹œr­»œš¦­»…<br />

ŠµœÂ­—ŠŸ¨Šµœ¡´•œµÁš‡ÃœÃ¨¥¸<br />

š»œž¦· µ˜¦¸­„ª‡¦´ÊŠš¸ÉÁ¤¬µ¥œ<br />

¡§¬£µ‡¤«¼œ¥r„µ¦‡oµÅ°š¸¤°¨<br />

¢°¦r‹¼œ„¦»ŠÁš¡²<br />

‹µ„„µ¦«¹„¬µ­£µª³š¸ÉÁ®¤µ³­¤Äœ„µ¦¥n°¥…œÅ„n<br />

—oª¥Á°œÅŽ¤rÁ‡¦µ˜·Áœ­š¸ÉŸ¨·˜‹µ„ %DFLOOXV<br />

OLFKHQLIRUPLV ). ×¥°°„ „µ¦š—¨°Š—oª¥ª·›¸ N<br />

)DFWRULDO 'HVLJQ ¨³ &HQWUDO &RPSRVLWH 'HVLJQ<br />

¡ ªnµ­£µª³š¸ÉÁ®¤µ³­¤˜n°„µ¦¥n°¥…œÅ„n ‡º°°»–®£¼¤·<br />

q& ¨³°´˜¦µ­nªœ…°Šž¦·¤µ–…œÅ„n˜n°ž¦·¤µ–Á°œÅŽ¤rÁšnµ<br />

„´ „¦´¤˜n°¤·¨¨·„¦´¤Ãž¦˜¸œ J PO<br />

×¥¤¸„µ¦¥n°¥…œÅ„n­¼Š­»—‡º° ­£µª³š¸ÉÁ®¤µ³­¤<br />

˜n°ž¦·¤µ–Þ¦˜¸œš¸ÉÁ„·—…¹Êœ‡º ° °»–®£¼¤· q& °´˜¦µ­nªœ<br />

…°Šž¦·¤µ–…œÅ„n˜n°ž¦·¤µ–Á°œÅŽ¤rÁšnµ„´ „¦´¤˜n°<br />

¤·¨¨·„¦´¤Ãž¦˜¸œ J PO ×¥¤¸ž¦·¤µ–<br />

Þ¦˜¸œ­¼Š­»—‡º° PJPO¨³­£µª³š¸ÉÁ®¤µ³­¤˜n °<br />

ž¦·¤µ–„¦—°³¤·Ãœ°·­¦³š¸ÉÁ„·—…¹Êœ‡º °q& ¨³°´˜¦µ­nªœ<br />

…°Šž¦·¤µ–…œÅ„n˜n°ž¦·¤µ–Á°œÅŽ¤rÁšnµ„´ „¦´¤˜n°<br />

¤·¨¨·„¦´¤Ãž¦˜¸œJPO×¥¤¸ž¦·¤µ–„¦—<br />

°³¤·Ãœ°·­¦³­¼Š­»—‡º°PJPO<br />

1&„µ¦Ÿ¨·˜…·Š—°Š°¥nµŠ¦ª—Á¦Èª—oª¥ª·›¸‡ªµ¤<br />

—´œÅ±Ã—¦­Â˜˜·„<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

„§¬–r­Šªœ¡ª„‹·¦ª´•œr„´œ˜rÁ„¦¸¥ŠªŠ«r<br />

ž¦³Áªš¥r˜»o¥Á˜È¤ªŠ«rª¦¡‹œr­»œš¦­»…<br />

„µ¦ž¦³ »¤šµŠª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦ž¦³¥»„˜rÄ o‡ªµ¤—´œÅ±Ã—¦<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­Â˜˜·„ Á¡ºÉ°¨—¦³¥³Áª¨µ„µ¦Ÿ¨·˜…·Š—°Š­µ¤¦­ ¨³<br />

¡´•œµ­¼˜¦œÎÊ µ—°Š­Î µ®¦´ …·Š—°Š Å—o«¹„¬µš—¨°Š ž{‹‹´¥<br />

­Î µ®¦´ ®µ­£µª³„µ¦Ÿ¨·˜ ‡º°‡ªµ¤—´œÂ¨³Áª¨µÃ—¥Ä o„µ¦<br />

ªµŠÂŸœ„µ¦š—¨°ŠÂ [ IXOO IUDFWLRQDO IDFWRULDO<br />

¨³„µ¦‡´—Á¨º°„­¼˜¦œÎÊ µ—°ŠœÎÊ µ­o¤­µ¥ ¼œÎÊ µ˜µ¨š¦µ¥<br />

Á„¨º° ×¥Ä o„µ¦ªµŠÂŸœ„µ¦š—¨°ŠÂ 0L[WXUH<br />

'HVLJQ „µ¦‡´—Á¨º°„­£µª³š¸ÉÁ®¤µ³­¤Â¨³„µ¦¡´•œµ­¼˜¦<br />

œÎÊ µ—°Š ‹µ„„µ¦ž¦³Á¤·œ‡»–£µ¡šµŠž¦³­µš­´¤Ÿ´­ ¨³<br />

¨´„¬–³šµŠ„µ¥£µ¡¡ ªnµ ­£µª³š¸É—¸š¸É­»—Äœ„µ¦Ÿ¨·˜…·Š<br />

—°Š­µ¤¦­—oª¥„µ¦Ä o‡ªµ¤—´œÅ±Ã—¦­Â˜˜·„ ‡º° š¸É‡ªµ¤<br />

—´œ µ¦r ¨³Ä oÁª¨µ ª´œ Ž¹ÉŠÁž}œ­£µª³š¸ÉÄ®o‡nµ‡ªµ¤<br />

° ¦ª¤¤µ„š¸É­»—¨³¦­ µ˜·Å¤n˜„˜nµŠ‹µ„ »—‡ª ‡»¤…·Š<br />

—°Š‹µ„­£µª³œ¸Ê¤¸¨´„¬–³šµŠ„µ¥£µ¡Å¤n˜„˜nµŠ‹µ„ »—<br />

‡ª ‡»¤ ­Î µ®¦´ „µ¦¡´•œµ­¼˜¦œÎÊ µ—°Š ¡ ªnµ°´˜¦µ­nªœ œÎÊ µ<br />

­o¤­µ¥ ¼œÎÊ µ˜µ¨š¦µ¥Á„¨º°š¸ÉÁ®¤µ³­¤Ášnµ„´ <br />

ÄœœÎÊ µ°»nœ¤·¨¨·¨·˜¦Ž¹ÉŠÁž}œ­¼˜¦š¸ÉÄ®o‡nµ„µ¦<br />

ž¦³Á¤·œšµŠž¦³­µš­´¤Ÿ´­¤µ„š¸É­» — ×¥…·Š—°Š­µ¤¦­Ä®o<br />

‡nµÂ¦ŠÂ¨³‡nµŠµœš¸ÉÄ oÄœ„µ¦˜´—˜´ª°¥nµŠÁšnµ„´ œ·ª<br />

˜´œÂ¨³œ·ª˜´œ¤·¨¨·Á¤˜¦˜µ¤¨Î µ—´ ¨³Ä®o‡nµ­¸<br />

/D¨³EÁšnµ„´ ¨³˜µ¤<br />

¨Î µ—´ ×¥­¦»ž‹³Á®Èœªn µ‡ªµ¤—´œÅ±Ã—¦­Â˜˜·„­µ¤µ¦¨—<br />

Áª¨µ„µ¦Ÿ¨·˜…·Š—°Š‹µ„ª´œÁ®¨º°Á¡¸¥Šª´œÂ¨³…·Š<br />

—°Šš¸ÉŸ¨·˜Å—o¤¸ ‡»–£µ¡­¤ÎÉ µÁ­¤°Â¨³¦­ µ˜·Ä„¨oÁ‡¸¥Š„´ »—<br />

‡ª ‡»¤<br />

1& „µ¦«¹„¬µ°µ¥»„µ¦Á„È ¦´ „¬µ…·Š—°Š°´—<br />

‡ªµ¤—´œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

„§¬–r­Šªœ¡ª„‹·¦ª´•œr„´œ˜rÁ„¦¸¥ŠªŠ«r<br />

ž¦³Áªš¥r˜»o¥Á˜È¤ªŠ«rª¦¡‹œr­»œš¦­»…<br />

„µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤°·¤Â¡È‡<br />

Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊšÎ µ…¹ÊœÁ¡ºÉ°«¹„¬µ°µ¥»„µ¦Á„È ¦´„¬µ…·Š—°Š<br />

Ÿnµœ„µ¦°´—‡ªµ¤—´œš¸É ¦¦‹»Äœ ¦¦‹»£´–”r œ·—‡º°…ª—<br />

„oªÂ¨³»Š­» µ„µ«Ã—¥„µ¦«¹„¬µÄ o°»–®£¼¤·Áž}œ˜´ªÁ¦nŠ<br />

‡Î µœª–°µ¥»„µ¦Á„È ¦´„¬µ—oª¥ª· ›¸ 4 ¨³šÎ µ„µ¦ž¦³Á¤·œ<br />

¨´„¬–³šµŠ„µ¥£µ¡ ÁœºÊ°­´¤Ÿ´­ ¨³‡nµ­¸ ‡nµ‡ªµ¤Áž}œ<br />

„¦——nµŠž¦·¤µ–‹»¨·œš¦¸¥rš´ÊŠ®¤—¨³¥¸­˜r¨³¦µ¡ ªnµ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

…·Š—°Š ¦¦‹»Äœ»Š­» µ„µ« ¨³…·Š—°Š ¦¦‹»Äœ…ª—„oª<br />

¤¸ÂœªÃœo¤¨´„¬–³ÁœºÊ°­´¤Ÿ´ ­ ¦Šš¸ÉÄ oÄœ„µ¦˜´—˜´ª°¥nµŠ<br />

¨—¨Š˜µ¤¦³¥³Áª¨µš¸ÉÁ„È ¦´„¬µ­Î µ®¦´ ‡nµ‡ªµ¤­ªnµŠ/<br />

‡nµ‡ªµ¤Áž}œ­¸Â—ŠÁ…¸¥ª D ¨³‡nµ‡ªµ¤Áž}œ­¸Á®¨º°Š<br />

œÎÊ µÁŠ·œ E ¤¸ÂœªÃœo¤¨—¨ŠÁ nœ„´œ …·Š—°Š¤¸ž¦·¤µ–<br />

‹»¨·œš¦¸¥rš´ÊŠ®¤— Ç蜸˜n°„¦´¤ – Áª¨µ ª´œ š¸É<br />

°»–®£¼¤· °Š«µÁŽ¨ÁŽ¸¥­ ¨³¤¸‡nµ‡ªµ¤Áž}œ„¦——nµŠ<br />

Ášnµ„´ Ž¹ÉŠ¨—¨Š‹µ„‡nµ‡ªµ¤Áž}œ„¦——n µŠÁ¦·É¤˜oœš¸É<br />

Ÿ¨„µ¦ž¦³Á¤·œ°µ¥»„µ¦Á„È ¦´„¬µ…·Š—°Š—oª¥ª· ›¸4<br />

¡ ªnµ…·Š—°Š ¦¦‹»Äœ…ª—„oª­µ¤µ¦Á„È Å—oœµœ„ªnµ…·Š<br />

—°Š ¦¦‹»Äœ»Š­» µ„µ«‡º°Á—º°œÂ¨³Á—º°œ<br />

˜µ¤¨Î µ—´ š¸É°»–®£¼¤·°Š«µÁŽ¨ÁŽ¸¥­<br />

1& „µ¦ž¦³Á¤·œ‡ªµ¤Á­¸É¥ŠÁ Šž¦·¤µ–˜n°Á · ºÊ°<br />

6DOPRQHOODVSSĜ®œ¤®¤¼<br />

<br />

‡ªµ¤œnµ‹³Áž}œ­¼Š­»—°¥¼nš¸Éž¦³¤µ– ¡ ªnµ ž¦·¤µ–<br />

Á ºÊ°Žµ¨Ã¤Áœ¨¨µÄœÁœºÊ°­»„¦Á¤ºÉ°œ Î µ¤µÁ…oµ­¼n„¦³ ªœ„µ¦Âž¦<br />

¦¼žÁž}œÂ®œ¤Â¨oª ž¦·¤µ–Á ºÊ°Žµ¨Ã¤Áœ¨¨µ¤¸‡n µ¨—¨Š °´œ<br />

ÁœºÉ°Š¤µ‹µ„ž¦·¤µ–„¦—¨„˜·‡£µ¥ÄœÂ®œ¤Ž¹ÉŠÁ„· —‹µ„„µ¦<br />

®¤´„®œ¤ °¥nµŠÅ¦„Șµ¤¡ ªn µ ¤¸‡nµ‡ªµ¤Á­¸É¥Š­¼Š­»—°¥¼nš¸É<br />

ž¦³¤µ–¦o°¥¨³ ž¦·¤µ–Á ºÊ°Žµ¨Ã¤Áœ¨¨µ ¡ ˜´ÊŠÂ˜n<br />

&)8 ×¥¡ ž¦·¤µ–Á ºÊ°Žµ¨Ã¤Áœ¨¨µ­¼Š­»—°¥¼nš¸É<br />

ž¦³¤µ– &)8®µ„Á„È Â®œ¤ÅªoÄœ˜¼oÁ¥Èœš¸É °Š«µ<br />

ÁŽ¨ÁŽ¸¥­ œµœ ª´œ ‹³¤¸ž¦·¤µ–Á ºÊ°Žµ¨Ã¤Áœ¨¨µÄœ<br />

®œ¤°¥¼nÄœ nªŠ &)8 ˜n° ·Êœ ®¦º° <br />

&)8J ץð„µ­­¼Šš¸É­»—š¸É‹³¡ Á ºÊ°Žµ¨Ã¤Áœ¨¨µš¸É<br />

‹Î µœªœ &)8˜n° ·Êœ®¦º°&)8J<br />

1& Ÿ¨„µ¦ž¦´ ­£µ¡ ¦¦¥µ„µ«˜n°‡»–£µ¡Â¨³<br />

°µ¥»„µ¦Á„È ¦´„¬µ…°Š®¤¼¥°<br />

œ´„ª·‹´¥ ž¦³Áªš¥r˜»o¥Á˜È¤ªŠ«r­»‡´œ›µÃ°«·¦·¡´œ›»r<br />

<br />

°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í‰¦–¸˜»o¥Á˜È¤ªŠ«r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²<br />

Žµ¨Ã¤Áœ¨¨µÁž}œÁ ºÊ°‹»¨·œš¦¸¥rš¸É„n°Ä®oÁ„·—æ‡Äœ<br />

®œ¤ ¤´„¡ Á ºÊ°œ¸Ê¤µ„ÄœÁœºÊ°­»„¦Ž¹ÉŠÄ oÁž}œª´˜»—· Äœ„µ¦<br />

šÎ µÂ®œ¤ Ž¹ÉŠ„µ¦žœÁžg°œ…°ŠÁ °œ¸ÊÁ¦·É¤˜´ÊŠÂ˜n„µ¦¤¸°¥¼n…°Š<br />

ºÊ<br />

Á ºÊ°œ¸ ÊÄœ˜´ª­»„¦ ÁœºÊ°­»„¦ ¨³Â®œ¤ —´Šœ´ÊœÃ°„µ­š¸ÉŸ¼o<br />

¦·Ã£‡‹³Á„·—„µ¦Á‹È žiª¥°´œÁœºÉ °Š¤µ‹µ„„µ¦ ¦·Ã£‡Â®œ¤<br />

š¸É¤¸„µ¦žœÁžg°œÁ Ê°Žµ¨Ã¤Âœ¨¨µÄœ¦³—´ º<br />

š¸É°µ‹„n °Ä®oÁ„·—<br />

„µ¦Á‹È žiª¥Å—o‹¹Š¤¸­¼ Š ‹¹Š¤¸„µ¦œÎ µ„µ¦ž¦³Á¤·œ‡ªµ¤Á­¸É¥Š<br />

Á ·Šž¦·¤µ–…°ŠÁ ºÊ°‹»¨·œš¦¸¥r Äœ°µ®µ¦ 405$ ¤µÄ o<br />

Á¡ºÉ°žj°Š„´œ„µ¦Á‹È žiª¥‹µ„懎µ¨Ã¤Áœ¨Ã¨Ž· ­ ×¥‹µ„<br />

„µ¦šÎ µ„µ¦ž¦³Á¤·œ‡ªµ¤Á­¸É¥Š…°ŠÁ Ê°Žµ¨Ã¤Áœ¨¨µÄœ<br />

º<br />

®œ¤ ¡ ªnµ‡ªµ¤œnµ‹³Áž}œ…°Š„µ¦žœÁžg°œÁ ºÊ°Žµ¨Ã¤<br />

Áœ¨¨µÄœÂ®œ¤¤¸‡nµÁšnµ„´ ¨³¡ ªnµ‡ªµ¤œnµ‹³<br />

Áž}œ…°Š„µ¦Â¡¦n„¦³‹µ¥…°ŠÁ ºÊ°Žµ¨Ã¤Áœ¨¨µÄœÂ®œ¤¤¸<br />

‡nµ‡ªµ¤œnµ‹³Áž}œ­¼Š­»—°¥¼nš¸Éž¦³¤µ– ¨³ž¦·¤µ–<br />

Á ºÊ°6DOPRQHOODVSS š¸É¡ Ĝ®œ¤¤¸‡nµž¦³¤µ–<br />

&)8 ˜n°Â®œ¤ „¦´¤ Á¤ºÉ°Áž¦¸¥ Áš¸¥ „´ „µ¦<br />

¡¦n„¦³‹µ¥…°ŠÁ ºÊ° 6DOPRQHOOD VSS ÄœÁœºÊ°­»„¦°¥¼nš¸É<br />

ž¦³¤µ–&)8˜n°ÁœºÊ°­»„¦„¦´¤Â¨³¤¸<br />

1DWLRQDO&RQIHUHQFH<br />

œ´„ª·‹´¥ žd¥³Œ´˜¦Ä‹Á°ºÊ°ž¦³Áªš¥r˜»o¥Á˜È¤ªŠ«r<br />

<br />

‰¦–¸˜»o¥Á˜È¤ªŠ«r°¦»–«¦¸¨¸‹¸¦‹Î µÁœ¸¥¦<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²<br />

®¤¼¥°š¸É‹Î µ®œnµ¥˜µ¤šo°Š˜¨µ—¤´„Ä o„¦—Á œÃŽ<br />

°·„®¦º°Á„¨º°…°Š„¦—Á œÃŽ°·„SSP<br />

Ŝئrš SSP ¨³ ÅœÁ˜¦š <br />

SSP Áž}œ­µ¦„´œÁ­¸¥ „µ¦«¹„¬µœ¸Ê¤»nŠš¸É‹³®µšµŠ<br />

Á¨º°„Äœ„µ¦¨—ž¦·¤µ–¨³„µ¦Ä oª´˜»„´œÁ­¸¥ ×¥«¹„¬µŸ¨<br />

…°Š„µ¦ ¦¦‹»­£µª³˜nµŠÇ ¦nª¤„´ °»–®£¼¤·š¸É¤¸˜n°‡»–£µ¡<br />

¨³°µ¥»„µ¦Á„È š¸É°»–®£¼¤ · q& ¨³ q& š¸É¤¸˜n°„µ¦<br />

Á‹¦· …°Š ( FROL 6 DXUHXV 6 7\SKL ¨³ &<br />

SHUIULQJHQV ¨³ /DFWREDFLOOXV VS ¡ ªnµš¸É°»–®£¼¤·<br />

q& Ťn¡ „µ¦Á‹¦· …°ŠÁ ºÊ°‹»¨·œš¦¸¥rš»„ œ·—¥„Áªoœ 6<br />

7\SKL¨³š¸É°»–®£¼¤· q&Á¤ºÉ°Á¡·É¤ž¦·¤µ–„pµŽ‡µ¦r °œ<br />

Å—°°„ÅŽ—r‹µ„¦o°¥¨³¡ ªnµ„µ¦Á‹¦· …°Š‹»¨·œš¦¸¥r<br />

š»„ œ·—¨—¨Š ¥„Áªoœ & SHUIULQJHQV ¨³<br />

/DFWREDFLOOXV VS ×¥„pµŽ‡µ¦r °œÅ—°°„ÅŽ—r¦o°¥¨³<br />

Ä®oŸ¨¥´ ¥´ÊŠÁ ºÊ°Â ‡š¸Á¦¸¥°ºÉœÅ—o— ¸ ®¤¼¥° ¦¦‹»Â ¤¸<br />

°µ„µ«ž„˜·$LU­» µ„µ«9DF¨³„µ¦ž¦´ ­£µ¡<br />

¦¦¥µ„µ« 0$3 &2 1 ×¥Á˜·¤­µ¦<br />

ÃŽÁ—¸¥¤Á œÃŽÁ°˜%HQ ¨³SSP¨³


Á„È š¸Éq& ¨³q& ¡ ªnµš¸Éq& ®¤¼¥°¤¸°µ¥»„µ¦<br />

Á„È ª´œ­nªœš¸Éq& ˜´ª°¥nµŠ $LU%HQ]RDWH¤¸°µ¥»<br />

„µ¦Á„È ª´œ ˜n„µ¦¥°¤¦´ šµŠž¦³­µš­´¤Ÿ´­˜ÎÉ µ<br />

„ªnµÂ 9DF ¨³ 0$3 Äœ…–³š¸É®¤¼¥° 0$3%HQ<br />

SSP ­µ¤µ¦¨—„µ¦Ä oª´˜»„´œÁ­¸¥Å—o˜n¥´Š¤¸°µ¥»<br />

„µ¦Á„È ž¦³¤µ– ª´œÁšnµ„´ ®¤¼¥° 9DF%HQ <br />

SSPš¸Éq& ˜n¤¸‡»–£µ¡šµŠž¦³­µš­´¤Ÿ´­Å¤n˜nµŠ„´œ<br />

S! ­—Šªnµ 0$3 ­µ¤µ¦¨—„µ¦Ä o­µ¦ª´˜»„´œ<br />

Á­¸¥¨ŠÅ—o×¥¥´Š‡Š‡»–£µ¡ÅªoÅ—o<br />

1&„µ¦Ÿ¨·˜Å…nÁ‡È¤¢jµš³¨µ¥Ã‹¦Ã—¥Ä o‡ªµ¤<br />

—´œÅ±Ã—¦­Â˜˜·„<br />

œ´„ª·‹´¥ œ£µ‹·¦³„·˜˜·Á‹¦· ¡·¡´•œrÅš¦š°Š<br />

ž¦³Áªš¥r˜»o¥Á˜È¤ªŠ«rª¦¡‹œr­»œš¦­»…<br />

‹·¦ª´•œr„´œ˜rÁ„¦¸¥ŠªŠ«r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤°·¤Â¡È‡<br />

Á¤º°Šš°Š›µœ¸®œoµ3<br />

„µ¦Ÿ¨·˜Å…nÁ‡È¤¢jµš³¨µ¥Ã‹¦Ã—¥Ä o‡ªµ¤—´œ<br />

űצ­Â˜˜·„ Áž}œ„µ¦Ÿ¨·˜Å…nÁ‡È¤Äœ¦³¥³Áª¨µ°´œ¦ª—Á¦Èª<br />

¡¦o°¤š´ÊŠÅ…nÁ‡È ¤š¸ÉÅ—o‹³¤¸˜´ª¥µ­¤»œÅ¡¦ Á¡ºÉ°Ä®oŸ¼o ¦·Ã£‡Å—o<br />

¦´ ¥µ­¤»œÅ¡¦¢jµš³¨µ¥Ã‹¦Å—oŠnµ¥…¹Êœ ×¥œÎ µÅ…nÁž}—­—¤µ<br />

Á¡·É¤‡ªµ¤—´œÄœœÎÊ µÁ„¨º°­¤»œÅ¡¦°·É¤˜´ªš¸Éq6DORPH š¸É<br />

ž{‹‹´¥‡º°‡ªµ¤Á…o¤…oœ­¤»œÅ¡¦Â¨³„¦´¤<br />

…°ŠœÎÊ µ®œ´„¡º ®oŠ˜n°œÎÊ µÁ„¨º°°·É¤˜´ ª ¨·˜¦ š¸É‡ªµ¤—´œ<br />

„·Ã¨žµ­‡µ¨ œµœ ª´œ ¡¦o°¤Å…nÁ‡È¤­¤»œÅ¡¦ »—<br />

‡ª ‡»¤ Ä oœÎÊ µÁ„¨º°­¤»œÅ¡¦°·É¤˜´ªœµœ ª´œ Å…nÁž}—<br />

­—š¸ÉÄ o¤¸…œµ—„ªoµŠr¤·¨¨·Á¤˜¦¥µªr<br />

¤·¨¨·Á¤˜¦®œ´„r„¦´¤Á¤ºÉ°ª·Á‡¦µ³®rÅ…n<br />

Á‡È¤­¤»œÅ¡¦šµŠÁ‡¤¸Â¨³ž¦³­µš­´¤Ÿ´­¡ ªn µ ž¦·¤µ–<br />

Á„¨º°ÄœÅ…nÁ‡È¤­¤»œÅ¡¦¤¸œo°¥„ªnµÄœÅ…nÁ‡È ¤š¸ÉŤn¤¸­¤»œÅ¡¦<br />

¨³š¸É‡ªµ¤Á…o¤…oœ…°Š­¤»œÅ¡¦¤µ„‹³¤¸ ž¦·¤µ–Á„¨º°ÄœÅ…n<br />

œo°¥˜µ¤¨Î µ—´ ‹µ„„µ¦š—­° šµŠž¦³­µš­´¤Ÿ´­ ¡ ªnµ<br />

Ÿ¼oš—­° Ä®o„µ¦¥°¤¦´ Å…nÁ‡È¤­¤»œÅ¡¦š¸É‡ªµ¤Á…o ¤…oœ <br />

„¦´¤˜n°¨·˜¦ Ž¹ÉŠÃ—¥¨´„¬–³š´ÉªÅž…°ŠÅ…nÁ‡È¤—´Š„¨nµ ª ¤¸<br />

¨´„¬–³Ä„¨oÁ‡¸¥Š„´ Å…nÁ‡È¤›¦¦¤—µ ˜n¤¸‡ªµ¤Áž}œ¤´œÁ¥·Ê¤<br />

œo°¥„ªnµÂ¨³˜¦Š„¨µŠÅ…n—Š¤¸¨´„¬–³‡¨oµ¥Å…ñ o¤›¦¦¤—µ<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1&„µ¦¡´•œµ°µ®µ¦Á¨¸Ê¥ŠÁ ºÊ°Ã—¥Ä o­µ¦Â°¨‹·<br />

ÁœšÁž}œ­µ¦Ä®o‡ªµ¤Â…ÈŠ˜´ª<br />

œ´„ª·‹´¥ ‡´š¥ª¦¦–­´¤¡´œ›r¥»š›r‰¦–¸˜»o¥Á˜È¤ªŠ«r<br />

<br />

…ª´ šª¸¡n°‡oµš°Šž¦³Áªš¥r˜»o¥Á˜È¤ªŠ«r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤šµŠª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²<br />

¡´•œµ­¼˜¦°µ®µ¦Á¨¸Ê¥ŠÁ Ê° º 3ODWH &RXQW<br />

PHGLXP 3&0 ץŤnÄ oª»oœ ­¼˜¦ ‡º° ­¼˜¦š¸É Ä o<br />

°¨‹·ÁœšÁ °¦r ) ) 6RGLXP<br />

KH[D PHWD SKRVSKDWH 1DKS 7U\SWRQH<br />


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Šµœª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡º É°«¹„¬µŸ¨…°Š°µ¥»<br />

„µ¦Á„È ¦´„¬µÁœºÊ°ž¨µ˜µ®ªµœ˜n°­¤ ´˜·…°ŠÃŽ¨Â¨³¨¼ „ ·Êœ<br />

ž¨µ Ÿ¨„µ¦«¹„¬µ¡ ªnµÁœºÊ°ž¨µ˜µ®ªµœš¸ÉÁ„È ¦´„¬µÄœœ ÎÊ µ<br />

Â…ÈŠŽ¹ÉŠ‡ª ‡» ¤°»–®£¼¤·Åªoš¸Ér°Š«µÁŽ¨ÁŽ¸¥­Áž}œ¦³¥³<br />

Áª¨µª´œ¤¸‡nµ70$¨³79%Á¡·É¤…¹Êœ‹µ„<br />

Áž}œ ¤·¨¨·„¦´¤˜n° „¦´¤˜´ª°¥nµŠ ¨³‹µ„<br />

Áž}œ¤·¨¨·„¦´¤˜n°„¦´¤˜´ª°¥nµŠ˜µ¤<br />

¨Î µ—´ Äœ…–³š¸É¤¸‡n µ S+ Á¡·É¤…¹Êœ‹µ„ Áž}œ <br />

­Î µ®¦´ Ÿ¨„µ¦«¹„¬µ­¤ ´˜·šµŠÁœºÊ°­´¤Ÿ´­…°ŠÃŽ¨Â¨³¨¼ „ ·Êœ<br />

ž¨µ Á¤ºÉ°Ä oÁœºÊ°ž¨µš¸É¤¸°µ¥»„µ¦Á„È ˜nµŠ Ç „´œ¡ ªnµ ÃŽ¨š¸É<br />

Å—o‹³¤¸‡nµH[WUXVLRQIRUFH¨³JHOVWUHQJWK¨—¨Š‹µ„<br />

Áž}œ„¦´¤Â¨³Áž}œ„¦´¤<br />

ÁŽœ˜·Á¤˜¦˜µ¤¨Î µ—´ Á¤ºÉ°Ä ož¨µš¸É¤¸°µ¥»„µ¦Á„È ¦´„¬µœµœ<br />

…¹Êœ Äœ…–³š¸ÉÁœºÊ°­´¤Ÿ´­…°Š¨¼„ ·Êœž¨µ¤¸‡n µ KDUGQHVV<br />

FRKHVLYHQHVVVSULQJLQHVV¨³FKHZLQHVV¨—¨Š‹µ„<br />

Áž}œ „¦´¤ Áž}œ Áž}œ<br />

¨³Áž}œ˜µ¤¨Î µ—´ Ÿ¨„µ¦ª·Á‡¦µ³®r<br />

®µ‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ­¤ ´˜·…°ŠÃŽ¨Â¨³¨¼„ ·Êœž¨µ¡<br />

ªnµ ‡nµ H[WUXVLRQ IRUFH …°ŠÃŽ¨¤¸‡ªµ¤­´¤¡´œ›r„´ ‡nµ<br />

KDUGQHVV FRKHVLYHQHVV VSULQJQHVV ¨³<br />

FKHZLQHVV…°Š¨¼„ ·Êœž¨µÃ—¥¤¸‡n µU Äœ nªŠ<br />

1&Ÿ¨…°Š­£µª³„µ¦° ®oŠÁŸº°„˜n°‡»–<br />

­¤ ´˜·šµŠ„µ¥£µ¡Á‡¤¸Â¨³¦¸Ã°Ã¨‹¸…°ŠÂžjŠÁŸº°„š¸É<br />

Å—o‹µ„„¦¦¤ª·›¸Ã¤n®oŠ<br />

œ´„ª·‹´¥ ¡¦¦–‹·¦µªŠ«r­ª´­—·Í¤–”·¦µœ¡¦´˜œr<br />

<br />

­»¡¦¦¬µ®»˜·œ´œšr­¦´ µÁ„·— œ³<br />

›´ µ¦´˜œrÁ˜ ³š¦´¡¥r°¤¦<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤°·¤Â¡È‡<br />

Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ3<br />

Šµœª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡º É°«¹„¬µŸ¨…°Š­£µª³<br />

„µ¦° ®oŠÁŸº°„˜n°‡»–­¤ ´˜·šµŠ„µ¥£µ¡Á‡¤¸Â¨³¦¸Ã°Ã¨<br />

‹¸…°ŠÂžjŠÁŸº°„š¸ÉÅ—o‹µ„„¦¦¤ª· ›¸Ã¤n®oŠ ×¥ÁŸº°„‹³¼„œÎ µ<br />

¤µ° ®oŠ—oª¥˜¼o° ®oŠ¨¤¦o°œÂ µ—Ž¹ÉŠÅ—ož¦‡nµ<br />

°»–®£¼¤·Äœ„µ¦° ®oŠš¸É ¨³ °Š«µÁŽ¨ÁŽ¸¥­<br />

¨³‡ªµ¤Á¦Èª¨¤¦o °œ…µÁ…oµš¸É ¨³ Á¤˜¦˜n°<br />

ª·œµš¸„n°œœÎ µ¤µÃ¤nŸ¨„µ¦š—¨°Š¡ ªnµÂžjŠÁŸº°„š¸ÉÅ—o¤¸­¸<br />

<br />

…µª°¤Á®¨º°ŠÁ¨È„œo°¥ ¤¸ž¦·¤µ–‡ªµ¤ ºÊœ°¥¼nÄœ nªŠ¦o °¥¨³<br />

¹Š¤¸ž¦·¤µ–Þ¦˜¸œ°¥¼nÄœ nªŠ¦o°¥¨³<br />

¹Š¤¸ž¦·¤µ–Å…¤´œ°¥¼nÄœ nªŠ¦o°¥¨³¹Š¤¸<br />

ž¦·¤µ–žjŠ°¥¼nÄœ nªŠ¦o°¥¨³ ¹Š ¤¸ž¦·¤µ–<br />

Á­oœÄ¥°¥¼nÄœ nªŠ¦o°¥¨³¹Š¤¸ž¦·¤µ–Áoµ¦o°¥¨³<br />

¨³¤¸ž¦·¤µ–°³¤·Ã¨­°¥¼nÄœ nªŠ¦o°¥¨³ ¹Š<br />

­Î µ®¦´ ‡ªµ¤Á­¸¥®µ¥…°ŠÁ¤È—žjŠœ´Êœ¡ µ ªn ¤¸‡nµ°¥¼n<br />

Äœ nªŠ¦o°¥¨³¹ŠÂ¨³Á¤ºÉ°šÎ µ„µ¦š—­° ‡»–<br />

­¤ ´˜·šµŠ¦¸Ã°Ã¨‹¸…°ŠÂžjŠÁŸº°„—oª¥ª·›¸ RVFLOODWRU\<br />

WHVWLQJ ¡ ªnµÂžjŠÁŸº°„š¸É° ®oŠÃ—¥Ä o°»–®£¼¤·Â¨³<br />

‡ªµ¤Á¦Èª¨¤¦o°œ…µÁ…oµš¸É­¼Š…¹Êœ‹³¤¸‡n µ VWRUDJH PRGXOXV<br />

*¨³ORVVPRGXOXV*´Á¡·É¤…¹Êœ<br />

1&„µ¦Ÿ¨·˜‡µ¦r °„Ž¸Á¤š·¨ÁŽ¨¨¼Ã¨­‹µ„<br />

¸­Áª¥r<br />

œ´„ª·‹´¥ ¡¦¦–‹·¦µªŠ«r­ª´­—·Í°µ£¦–rªŠ¬rª·‹µ¦–r<br />

<br />

­»¡‹œr ¼ªŠ«rÁ„¬«·¦·œš¦r„n°Á„·—<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤°·¤Â¡È‡<br />

Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ3<br />

Šµœª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°Ÿ¨·˜‡µ¦r °„Ž¸Á¤š·¨<br />

ÁŽ¨¨¼Ã¨­‹µ„ ¸­Áª¥rץ nŠ„µ¦š—¨°ŠÁž}œ…´Êœ˜°œ‡º°<br />

…´ÊœÂ¦„Áž}œ„µ¦®µ­£µª³š¸ÉÁ®¤µ³­¤Äœ„µ¦Ÿ¨·˜ÁŽ¨¨¼Ã¨­<br />

‹µ„ ¸­Áª¥r×¥Ä o $FHWREDFWHU [\OLQXP ¨³…´Êœ˜°œš¸É<br />

­°ŠÁž}œ„µ¦Ÿ¨·˜‡µ¦r °„Ž¸Á¤š·¨ÁŽ¨¨¼Ã¨­ Ÿ¨„µ¦š—¨°Š<br />

¡ ªnµ ­£µª³š¸ÉÁ®¤µ³­¤Äœ„µ¦Ÿ¨· ˜ÁŽ¨¨¼Ã¨­‡º° ­£µª³š¸É<br />

¸­Áª¥r¤¸‡nµ S+ Ášnµ„´ ¤¸ž¦·¤µ–œÎÊ µ˜µ¨¦o°¥¨³<br />

œÎÊ µ®œ´„×¥ž¦·¤µ˜¦ ¨³Ä ož¦·¤µ–®´ªÁ ºÊ°<br />

$FHWREDFWHU[\OLQXP¦o°¥¨³Ã—¥ž¦·¤µ˜¦Ã—¥¡<br />

ªnµž¦·¤µ–ÁŽ¨¨¼Ã¨­š¸É‹»¨·œš¦¸¥r­¦oµŠÅ—o°¥¼nÄœ nªŠ <br />

„¦´¤˜n°¨·˜¦ Á¤ºÉ°œÎ µÁŽ¨¨¼Ã¨­š¸ÉÅ—o¤µŸ¨·˜‡µ¦r °„Ž¸Á¤š·¨<br />

ÁŽ¨¨¼Ã¨­ ×¥Ä o„¦³ ªœ„µ¦°¸Áš°¦·¢dÁ‡ ´Éœ¡ ªnµ°´˜¦µ­nªœ<br />

š¸ÉÁ®¤µ³­¤Äœ„µ¦Ÿ¨·˜‡º°„µ¦Ä oÁŽ¨¨¼Ã¨­Â®o Š œÎÊ µ <br />

ÃŽÁ—¸¥¤Å±—¦°„ÅŽ—r ÃŽÁ—¸¥¤‡¨°Ã¦°³Ž·Á˜š ‡º° <br />

×¥œÎÊ µ®œ´„Ž¹ÉŠ­£µª³œ¸Ê‹³Ä®o<br />

‡µ¦r °„Ž¸Á¤š·¨ÁŽ¨¨¼Ã¨­š¸É¤¸‡nµ‡ªµ¤®œº—Ášnµ„´ <br />

FS¨³¤¸‡nµ°Š«µ„µ¦Âšœš¸ÉÁšnµ„´ <br />

1DWLRQDO&RQIHUHQFH


1& '(9(/230(172)<br />

7+(50272/(5$17*OXFRQREDFWHU$1'<br />

7+(,5$33/,&$7,216722;,'$7,9(<br />

)(50(17$7,21<br />

œ´„ª·‹´¥ ðŽµÃ°³°—µ ·—ªŠš·¡¥r¤¼¨¤´ÉŠ¤¸ <br />

­¤ ¼¦–r›œµ«»£ª´•œr±·Ã¦±·Á—³Ã˜¥µ¤µ<br />

‡µŽ»Ãœ »¤´˜­¹ ·˜³<br />

ÁŸ¥Â¡¦n 6\PSRVLXPRQ7KHUPRWROHUDQW<br />

0LFURRUJDQLVPV$LPLQJDW,QGXVWULDO<br />

$SSOLFDWLRQV7KH$QQXDO0HHWLQJRI<br />

7KH-DSDQ6RFLHW\RI%LRVFLHQFH<br />

%LRWHFKQRORJ\DQG$JURFKHPLVWU\<br />

¤¸œµ‡¤°·Ã¦ ·¤nµ ¸Éž»iœ<br />

®œoµ<br />

/HWXVWDNHWKLVRSSRUWXQLW\WRVKRZ\RX<br />

KRZWKHGHYHORSPHQWRIWKHUPRWROHUDQWVWUDLQVRI<br />

*OXFRQREDFWHU LV LPSRUWDQW LQ ELRWHFKQRORJ\<br />

RIR[LGDWLYHIHUPHQWDWLRQ$OOPLFURELDOVWUDLQV<br />

GHDOW LQ WKLV VXEMHFW DUH W\SLFDO PHVRSKLOHV DQG<br />

DEVROXWHO\ GLIIHUHQW IURP WKHUPRSKLOHV RU<br />

K\SHUWKHUPRSKLOHV 6XFK WKHUPRWROHUDQW<br />

PHVRSKLOHV KDYH DGDSWHG WR WKH JURZWK<br />

WHPSHUDWXUHKLJKHUE\VHYHUDOGHJUHHVRI&HOVLXV<br />

WKDQQRUPDOPHVRSKLOHV<br />

2IWKHVL[JHQHUDRIDFHWLFDFLGEDFWHULD<br />

*OXFRQREDFWHU VWUDLQVDUHZHOONQRZQDV VWURQJ<br />

R[LGL]HUWRYDULRXVVXJDUVDQGVXJDUDOFRKROV<br />

VXFK DV JOXFRVH JOXFRQDWH JO\FHURO VRUELWRO<br />

DQG VR RQ 7KH\ KDYH VXSSRUWHG LPSRUWDQW<br />

IHUPHQWDWLRQ LQGXVWU\ WKDW LV UHDOL]HG ZLWK RQO\<br />

E\ WKH VWUDLQV RI *OXFRQREDFWHU IRU QHDU RQH<br />

FHQWXU\ 6XFK R[LGDWLRQ UHDFWLRQV DUH FDOOHG<br />

R[LGDWLYH IHUPHQWDWLRQ VLQFH WKH\ FDWDO\]H<br />

DQ LQFRPSOHWH VXEVWUDWH R[LGDWLRQ HQDEOLQJ<br />

KLJK DFFXPXODWLRQ RI WKH FRUUHVSRQGLQJ<br />

R[LGDWLRQ SURGXFWV LQ WKH FXOWXUH PHGLXP<br />

7KXVR[LGDWLYHIHUPHQWDWLRQE\ *OXFRQREDFWHU<br />

VWUDLQV LV UHJDUGHG DV D W\SLFDO PLFURELDO<br />

ELRFRQYHUVLRQ DQG WKH PRVW FODVVLF IRUP RI<br />

ELRWHFKQRORJ\ +RZHYHU FKDUDFWHUL]DWLRQ RI<br />

WKH UHVSRQVLEOH HQ]\PHV DQG LQGLYLGXDO<br />

R[LGDWLRQ UHDFWLRQV VXSSRUWLQJ WKH R[LGDWLYH<br />

IHUPHQWDWLRQ UHPDLQHG WR EH FODULILHG 9DULRXV<br />

R[LGDWLYH IHUPHQWDWLRQ DUH FDWDO\]HG<br />

H[FOXVLYHO\ E\ PHPEUDQHERXQG GHK\GUR<br />

JHQDVHV ZKLFK DUH LQGHSHQGHQW RI 1$'3<br />

7KH HQ]\PH DFWLYLW\ LV OLQNHG WR WKH UHVSLUDWRU\<br />

FKDLQV ORFDWHG LQ WKH F\WRSODVPLF PHPEUDQH RI<br />

WKH RUJDQLVPV DOORZLQJ WKH RUJDQLVPV WR<br />

DFTXLUH ELRHQHUJ\ GXULQJ R[LGDWLYH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

IHUPHQWDWLRQ 6XFK FOHDU ILJXUHV IRU R[LGDWLYH<br />

IHUPHQWDWLRQ KDYH RQO\ EHFRPH HYLGHQW LQ<br />

V DIWHU TXLQRSURWHLQV KDYLQJ D QRYHO<br />

FRHQ]\PH 344 ZHUH LQGLFDWHG WR EH PDLQO\<br />

LQYROYHG LQ WKH V\VWHP LQ DGGLWLRQ WR IODYLQ<br />

FRQWDLQLQJGHK\GURJHQDVHV<br />

,QXVXDOFDVHVR[LGDWLYHIHUPHQWDWLRQE\<br />

*OXFRQREDFWHU LV SHUIRUPHG DW q& DQG D<br />

VWULFW WHPSHUDWXUH FRQWURO LV UHTXLUHG DV LQ WKH<br />

FDVH RI YLQHJDU IHUPHQWDWLRQ $ WHPSHUDWXUH<br />

LQFUHDVH E\ q& FDXVHV D VHULRXV IDLOXUH LQ<br />

ERWKIHUPHQWDWLRQUDWHDQGIHUPHQWDWLRQHIILFLHQF\<br />

,WFDQEHUHDGLO\VXJJHVWHGWKDWLIIDYRUDEOHVWUDLQV<br />

RI DFHWLF DFLG EDFWHULD ZRUNLQJ RSWLPDOO\ HYHQ DW<br />

q& DUH DYDLODEOH FRROLQJ FRVWV ZRXOG EH<br />

PXFKUHGXFHG7KHQWKHR[LGDWLYHIHUPHQWDWLRQFDQ<br />

EH GRQH XQGHU PRUH ORRVH WHPSHUDWXUH FRQWURO<br />

6FUHHQLQJDQGLGHQWLILFDWLRQZHUHWULHGWRGHYHORS<br />

WKHUPRWROHUDQW *OXFRQREDFWHU 0DQ\ QXPEHUV RI<br />

WKHUPRWROHUDQWVWUDLQVZHUHIRXQGWREHXVHIXO<br />

IRU R[LGDWLYH IHUPHQWDWLRQ DW KLJK WHPSHUDWXUH<br />

VXFKDVDWq&ZKHUHDVWKHW\SLFDOPHVRSKLOLF<br />

*OXFRQREDFWHU VWUDLQV VKRZHG QR DSSUHFLDEOH<br />

JURZWK<br />

,Q DGGLWLRQ WR LQGXVWULDO SURGXFWLRQ RI<br />

GLK\GUR[\DFHWRQH JOXFRQDWH NHWRJOXFRQDWH DQG<br />

VRUERVHZLWKPHVRSKLOLF *OXFRQREDFWHU VWUDLQV<br />

VHYHUDOUHFHQWVXFFHVVIXOH[DPSOHVLQR[LGDWLYH<br />

IHUPHQWDWLRQ UHDOL]HG ZLWK WKHUPRWROHUDQW<br />

*OXFRQREDFWHUZLOOEHH[HPSOLILHG7KH\LQFOXGH<br />

WKHSURGXFWLRQRIHU\WKUXORVHIUXFWRVH<br />

ULEXORVHVRUERVHYDULRXVF\FOLFNHWRQHV<br />

DQG[\OXORVH)XUWKHUPRUHVHYHUDOUHFHQW<br />

SURJUHVVHV SHUIRUPHG E\ PHDQV RI R[LGDWLYH<br />

IHUPHQWDWLRQ WKDW PXVW EH WDNHQ RYHU ZLWK<br />

WKHUPRWROHUDQW *OXFRQREDFWHU ZLOO DOVR EH<br />

WRXFKHG EULHIO\ 5HFHQWO\ GLIIHUHQW IURP<br />

SUHVXPSWLRQ NHWRJOXFRQDWH SURGXFWLRQ KDV<br />

EHHQ FRQILUPHG WR EH FDWDO\]HG E\ JO\FHURO<br />

GHK\GURJHQDVHEXWQRWE\DVSHFLILFJOXFRQDWH<br />

GHK\GURJHQDVH 7KLV ILQGLQJ DOORZV XV WR<br />

RYHUFRPH WKH ERWWOHQHFN KRZ WR VXSSO\ <br />

NHWRJOXFRQDWHUHDOL]LQJDQHZURXWHIRU YLWDPLQ<br />

&PDQXIDFWXULQJDVSURSRVHGE\*UD\EHFDXVH<br />

RIWKHOHDVWQXPEHUVRIXQVWDEOHLQWHUPHGLDWHV<br />

LQYROYHGZKHQFRPSDUHGWRRWKHUPHWKRGV$<br />

TXLQRSURWHLQ TXLQDWH GHK\GURJHQDVH \LHOGLQJ<br />

GHK\GURTXLQDWHKDVEURXJKWXVPRUHFORVHWRWKH<br />

VKLNLPDWHSDWKZD\2[LGDWLYHIHUPHQWDWLRQRI<br />

TXLQDWHPD\KDYHDSUDFWLFDOPHDQLQJWRVDOYDJH<br />

V\QWKHVLVRIQXPHURXVDQWLELRWLFVKHUELFLGHV<br />

DQGDURPDWLFDPLQR DFLGVGHULYHGIURPWKH<br />

SDWKZD\ +H[RVDPLQH GHK\GURJHQDVH D QHZ<br />

HQ]\PHGLVFRYHUHGLQDFHWLFDFLGEDFWHULDLV<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SURPLVLQJ WR SURGXFH DPLQR VXJDU DFLGV E\<br />

R[LGDWLYHIHUPHQWDWLRQ6XFKFRPSRXQGVPD\EH<br />

ZRYHQ WR V\QWKHWLF SRO\PHUV RI UHDGLO\<br />

GHFRPSRVDEOH E\ PLFURELDO DWWDFN ZKHQ<br />

GLVFKDUJHG<br />

1& $129(/0(0%5$1(%281''<br />

*/8&26('(+


„»¤£µ¡´œ›ræŠÂ¦¤Ã¨˜´­žµŠ­ªœ<br />

„oª‹Á ¸¥ŠÄ®¤n®œoµ<br />

0RUSKRORJ\RIIXQJLLVRQHRIWKHPDMRU<br />

IDFWRUV LQIOXHQFLQJ SURGXFWLRQV 6RPH IXQJL DUH<br />

SDUWLFXODUO\ PRUSKRORJ\ GHSHQGHQW RQ WKH<br />

SURGXFWLRQ 0RUSKRORJ\ RI $VSHUJLOOXV RU\]DH<br />

8 ZKHWKHU HIIHFW DONDOLQH SURWHDVH<br />

SURGXFWLRQ GXULQJ VXEPHUJHG IHUPHQWDWLRQ LV<br />

DLPHG LQ WKH ZRUN +\SKDO DQG SHOOHW<br />

PRUSKRORJLHV DUH FRPSDUHG IRU DONDOLQH<br />

SURWHDVH SURGXFWLRQ LQ D WZR OLWUH IHUPHQWRU<br />

FRQWDLQLQJ GHIDWWHG VR\EHDQ ODFWRVH<br />

.+ 32 DQG FDVLWRQH DW q& <br />

USP7KHUHVXOWVZHUHVKRZQWKDWWKHPD[LPXP<br />

DONDOLQH SURWHDVH 8QLWPO ZDV REWDLQHG<br />

IURP VKRUW K\SKDO JURZWK PRUSKRORJ\ DW <br />

KRXUV LQ IHUPHQWRU ,Q FRQWUDVW WR WKH SHOOHW<br />

PRUSKRORJ\ ZLWK PP GLDPHWHU DW <br />

KRXUV FXOWXUH ORZHU DONDOLQH SURWHDVH <br />

8QLWPOZDVGHWHFWHG7KHVHLQGLFDWHGWKDWWKH<br />

PRUSKRORJ\ LQ VXEPHUJHG IHUPHQWDWLRQ RI<br />

$VSHUJLOOXV RU\]DH LQIOXHQFHG WKH DONDOLQH<br />

SURWHDVH SURGXFWLRQ 7KH VXLWDEOH IRUP IRU<br />

DONDOLQH SURWHDVH SURGXFWLRQ E\ $VSHUJLOOXV<br />

RU\]DH LV LQ D VKRUW K\SKDO JURZWK GXULQJ<br />

VXEPHUJHGIHUPHQWDWLRQ<br />

1&œÎÊ µž¨µŸŠ‹µ„„µ¦šÎ µÂ®oŠÄœ­£µ¡Â nÂ…ÈŠ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­µ¥¡·–Å ¥œ´œšœr ´ ªµ¨Ã¡›·„Î µ‹¦<br />

¥»š›„µ¦œ´œšª·˜¦<br />

„µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤°·¤Â¡È‡<br />

Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ3<br />

œÎÊ µž¨µŸ¨·˜—oª¥„µ¦šÎ µÂ®oŠÄœ­£µ¡Â n…Ȋ×¥<br />

Ä o‡ªµ¤Á…o¤…oœ…°Š¤°¨Ã˜Á—„Žr˜¦·œÄœž¦·¤µ–˜nµŠÇ<br />

ž¦µ„’ªnµ ¤°¨Ã˜Á—„Žr˜¦·œ Áž°¦rÁŽÈœ˜r Ä®oœÎÊ µž¨µŸŠ<br />

‡»–£µ¡—¸š¸É­» — œÎÊ µž¨µŸŠš¸ÉÅ—o¤¸¨´„¬–³Áž}œÁ„¨È—­¸Á®¨º°Š<br />

°n°œÂ¨³¨³¨µ¥œÎÊ µÅ—o—¸ ž¦·¤µ–ŜئÁ‹œš´ÊŠ®¤— <br />

„¦´¤„·Ã¨„¦´¤ ÃŽÁ—¸¥¤‡¨°Å¦—r Áž°¦rÁŽÈœ˜r S+<br />

¨³‡nµª°Á˜°¦r°‡˜·ª·˜¸Ê$ Z Á¤ºÉ°š—­° „µ¦<br />

¥°¤¦´ ¨³ª·Á‡¦µ³®r‡»–£µ¡œÎÊ µž¨µŸŠ‡ºœ¦¼ž¡ ªnµ­¸ „¨·Éœ<br />

¦­ ¨³‡ªµ¤®œº—…°ŠœÎÊ µž¨µš¸ÉÅ—o‹µ„œÎÊ µž¨µŸŠÅ¤n¤¸‡ªµ¤<br />

˜„˜nµŠ‹µ„œÎÊ µž¨µ›¦¦¤—µ°¥nµŠ¤¸œ´¥­Î µ‡´ šµŠ­·˜·—oª<br />

‡ªµ¤Á ºÉ°¤´ Éœ¦o°¥¨³ž¦·¤µ–„¦—Å…¤´œš¸É¦³Á®¥Å—o<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

š´ÊŠ®¤—ÄœœÎ Ê µž¨µš¸ÉÅ—o‹µ„œÎ Ê µž¨µŸŠª·Á‡¦µ³®r×¥ª·›¸Â„pŽ<br />

Ǧ¤µÃ˜„¦µ¢e˜ÎÉ µ„ªnµÄœœÎÊ µž¨µš¸ÉŤnÅ—oŸnµœ… ªœ„µ¦ ˜n<br />

°¥nµŠÅ¦„È—¸ œ·—¨³­´—­nªœ…°Š„¦—Å…¤´œÁ®¤º °œ„´ …°ŠœÎÊ µ<br />

ž¨µš¸ÉŤnÅ—ošÎ µÂ®oŠ‡º°¤¸„¦—°³Ž¸˜·‡ž¦·¤µ–¤µ„š¸É­» — „¦—<br />

Þ¦žd𜷇¨³„¦— ·ªÅš¦·‡¦°Š¨Š¤µ˜µ¤¨Î µ—´<br />

1&œÎÊ µž¨µŸŠ‹µ„„µ¦° ®oŠÂ ¡nœ °¥<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­µ¥¡·–Å ¥œ´œšœrª»•·¡Š¬r­·š›·¡¦°œ´œ˜r<br />

«·¦·¡¦Ã ˜·¥µœ´œšªŠ«r<br />

„µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤°·¤Â¡È‡<br />

Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ3<br />

Ÿ¨·˜œÎÊ µž¨µŸŠ‹µ„… ªœ„µ¦° ®oŠÂ ¡nœ °¥<br />

×¥Ä o¤°¨Ã˜Á—„Žr˜¦·œ nª¥Äœ„µ¦šÎ µÂ®oŠ œÎÊ µž¨µŸŠš¸ÉÅ—o¤¸<br />

¨´„¬–³Áž}œŸŠ¨³Á°¸¥—­¸Á®¨º°Š°n°œÂ¨³¨³¨µ¥œÎÊ µÅ—oŠnµ¥ ¤¸<br />

‡nµÅœÃ˜¦Á‹œš´ÊŠ®¤— „¦´¤„·Ã¨„¦´¤ Áž°¦rÁŽœ˜r<br />

Á„¨º°S+¨³‡nµª°Á˜°¦r°‡˜·ª·˜¸ÊÁ¤ºÉ°<br />

ª·Á‡¦µ³®rÁž¦¸¥ Áš¸¥ ‡»–£µ¡Â¨³„µ¦¥°¤¦´ …°ŠœÎÊ µž¨µš¸É<br />

Å—o‹µ„œÎÊ µž¨µŸŠ„´ œÎÊ µž¨µž„˜· ¡ ªnµ­£µª³Äœ„µ¦šÎ µŸŠ¤¸<br />

Ÿ¨˜n°­¸ „¨·ÉœÂ¨³¦­…°ŠœÎÊ µž¨µÁ¤ºÉ°¨³¨µ¥œÎÊ µ„¨´ ž¦·¤µ–<br />

„¦—Å…¤´œ¦³Á®¥Å—oš´ÊŠ®¤—š¸Éª·Á‡¦µ³®r—oª¥ª·›¸Â„pŽÃ‡¦¤µÃ ˜<br />

„¦µ¢e…°ŠœÎÊ µž¨µŸŠ‡ºœ¦¼žœj°¥„ªnµ…°ŠœÎÊ µž¨µ„n°œŸnµœ<br />

… ªœ„µ¦°¥nµŠ¤¸œ´¥­Î µ‡´ —oª¥¦³—´ ‡ªµ¤Á ºÉ°¤´ Éœ <br />

Áž°¦rÁŽÈœ˜r­—Šªnµ‡ªµ¤¦o°œ‹µ„„µ¦° ®oŠšÎ µÄ®o„¨·Éœ…°Š<br />

œÎÊ µž¨µ­¼ ®µ¥Åž µŠ­nªœ ­·ÉŠœ¸Ê°µ‹œ´Áž}œ…o°—¸…°Š„µ¦šÎ µ<br />

œÎÊ µž¨µŸŠÂ œ¸Êš¸ É‹³Å—oœÎ Ê µž¨µš¸É¤¸„¨·ÉœÅ¤n¦»œÂ¦ŠÁ®¤µ³<br />

­Î µ®¦´ Ÿ¼oš¸É ° ¦­ µ˜·…°ŠœÎÊ µž¨µÂ˜nŤn ° „¨·Éœ<br />

1&„µ¦ž¦³¥»„˜rÄ oE-JOXFDQÁ¡ºÉ°Áž}œ­µ¦<br />

„¦³˜»oœ£¼¤·‡»o¤„´œ­Î µ®¦´ „»oŠ„»¨µ—Î µ<br />

œ´„ª·‹´¥ ¡Š‡r«´„—·Í…»œÂ¦nŽ°¦µ±¼—¸œ¤µ¤³<br />

<br />

¤¨§š´¥ ¦¦š¤£¼ªœµ¦Â­œ¥·œ—¸<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦°»˜­µ®„¦¦¤Á„¬˜¦<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤°·¤Â¡È‡<br />

Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²<br />

,QRUGHUWRHYDOXDWHWKHELRORJLFDODFWLYLW\


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

RI %UHZHUV \HDVW JOXFDQ %


­° µ¤°Š‡rž¦³„° š¸ÉÁ„¸É¥ª…o°Š„´ ‡ªµ¤¡¹Š¡°Ä‹Äœ„µ¦<br />

Á¦¸¥œÄœ—oµœ˜´ªŸ¼oÁ¦¸¥œ —oµœ°µ‹µ¦¥rŸ¼o­°œ —oµœÁœºÊ°®µª· µ<br />

—oµœ„·‹„¦¦¤„µ¦Á¦¸¥œ„µ¦­°œ—oµœ„·‹„¦¦¤œ´„«¹„¬µ—oµœ<br />

ž{‹‹´¥­œ´ ­œ»œ„µ¦Á¦¸¥œ„µ¦­°œ —oµœŸ¼o ¦·®µ¦Â¨³—oµœŸ¼o<br />

ž„‡¦°Š „¨»n¤˜´ª°¥nµŠž¦³„° —oª¥œ´„«¹„¬µ¦³—´ ž¦· µ<br />

˜¦¸ ަ„¦¤ª· µ‡°¤¡·ªÁ˜°¦r«¹„¬µ ´Êœže š¸É ¨³ š¸É<br />

«¹„¬µÄœže„µ¦«¹„¬µ®¨´„­¼˜¦že®¨´Š°œ»ž¦· µ<br />

Äœ„¨»n¤­µ ´œ¦µ £´’Á…˜£¼¤·«µ­˜¦r£µ‡Ä˜o Ž¹ÉŠÅ—o¤µÃ—¥<br />

­» n¤Â ´Êœ£¼¤· ‹Î µœªœ ‡œ Å—o ­° µ¤„¨´ ‡ºœ<br />

¤µ¦o°¥¨³ ¨³œÎ µ¤µª·Á‡¦µ³®rŸ¨Ã—¥„µ¦®µ‡nµ¦o°¥¨³<br />

‡nµÁŒ¨¸É¥ ‡nµ‡ªµ¤‡¨µ—Á‡¨ºÉ°œ¤µ˜¦“µœÂ¨³„µ¦ª·Á‡¦µ³®r<br />

°Š‡rž¦³„°<br />

Ÿ¨„µ¦ª·‹´¥¡ ªnµ ¤¸°Š‡rž¦³„° š¸ÉÁ„¸É¥ª…o°Š„´<br />

‡ªµ¤¡¹Š¡°Ä‹Äœ„µ¦Á¦¸¥œ…°Šœ´„«¹„¬µš´ÊŠ­·Ê œ °Š‡r<br />

ž¦³„° ‡º° ¡§˜·„¦¦¤…°ŠŸ¼o ¦·®µ¦ ¡§˜·„¦¦¤…°ŠŸ¼ož„<br />

‡¦°Š ¡§˜·„¦¦¤…°Š°µ‹µ¦¥rŸ¼o­°œ ­£µ¡®o°ŠÁ¦¸¥œ®o°Š<br />

ž’· ´˜·„µ¦ ®o°Š­¤»—ž{‹‹´¥Á„ºÊ°®œ» œ ¨´„¬–³„·‹„¦¦¤œ´„<br />

«¹„¬µ¡§˜·„¦¦¤…°Š˜´ªŸ¼oÁ¦¸¥œÂ¨³¨´„¬–³ÁœºÊ°®µª·µÃ—¥<br />

¤¸‡ªµ¤¡¹Š¡°Ä‹°¥¼nÄœÁ„–”ržµœ„¨µŠÁ„º° š»„°Š‡r<br />

ž¦³„° ¥„Áªoœ°Š‡rž¦³„° ¡§˜·„¦¦¤…°ŠŸ¼ož„‡¦°ŠŸ¨<br />

…°ŠŠµœª·‹´¥šÎ µÄ®oš¦µ ªnµ „¨»n¤­µ ´œ¦µ £´’Á…˜<br />

£¼¤·«µ­˜¦r£µ‡Ä˜o‡ª¦ž¦´ ž¦»Š¡§˜·„¦¦¤…°ŠŸ¼o ¦·®µ¦<br />

¡§˜·„¦¦¤…°Š°µ‹µ¦¥rŸ¼o­°œ ­£µ¡®o°ŠÁ¦¸¥œ®o°Šž’· ´˜·<br />

„µ¦ ­£µ¡®o°Š­¤»—ž{‹‹´¥Á„ºÊ°®œ» œ ¨´„¬–³„·‹„¦¦¤œ´„<br />

«¹„¬µ¡§˜·„¦¦¤…°Š˜´ªŸ¼oÁ¦¸¥œÂ¨³¨´„¬–³ÁœºÊ°®µª· µ<br />

1&„µ¦ª·Á‡¦µ³®r˜´ªž¦³„° ­¤¦¦£µ¡…°Š<br />

‡¦¼°µ‹µ¦¥rŸœ„ nµŠ„¨Ã¦ŠŠµœš¸É‹Î µÁž}œ­Î µ®¦´<br />

„µ¦šÎ µª·‹´¥Äœ ´ÊœÁ¦¸¥œ<br />

œ´„ª·‹´¥ °—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í<br />

<br />

¦¦‹ °¦ ¦ª·š¥µÂ­œ‡Î µ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦­·˜·ž¦³¥»„˜r£µ‡Á®œº°<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤Ã¨˜´­žµŠ­ªœÂ„oª‹Á ¸¥ŠÄ®¤n<br />

®œoµ‡‡<br />

„µ¦«¹„¬µ‡¦´ÊŠœ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°ª·Á‡¦µ³®r˜´ª<br />

ž¦³„° ­¤¦¦£µ¡š¸É­Î µ‡´ ¨³¤¸‡ªµ¤‹Î µÁž}œ­Î µ®¦´ „µ¦<br />

šÎ µª·‹´¥Äœ ´ÊœÁ¦¸¥œ…°Š‡¦¼°µ‹µ¦¥r š¸Éž’· ´˜·„µ¦­°œÄœ<br />

­µ…µª· µ nµŠ„¨Ã¦ŠŠµœÂ¨³­µ…µª· µ nµŠÁš‡œ·‡„µ¦Ÿ¨·˜<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„¨» n¤˜´ª°¥nµŠÅ—o„n ‡¦¼°µ‹µ¦¥r š¸Éž’· ´˜·„µ¦­°œÄœ­µ…µ<br />

ª· µ nµŠ„¨Ã¦ŠŠµœÂ¨³­µ…µª· µ nµŠÁš‡œ·‡„µ¦Ÿ¨·˜ ‹Î µœªœ<br />

‡œ Å—o¤µÃ—¥­»n¤Â ´Êœ£¼¤· ‹µ„­µœ«¹„¬µ­´Š„´—<br />

„°Šª·š¥µ¨´¥ „¦¤°µ ¸ª«¹„¬µš¸ÉÁžd—­°œ­µ…µª· µ nµŠ„¨<br />

把µœÂ¨³­µ…µª· µ nµŠÁš‡œ·‡„µ¦Ÿ¨·˜‹Î µœªœ­µœ<br />

«¹„¬µ Á‡¦ºÉ°Š¤º°š¸ÉÄ oÁž}œÂ ­° µ¤ Ÿ¨ª·‹´¥¡ ªnµ ¤¸˜´ª<br />

ž¦‹Î µœªœ˜´ªÂž¦‹´—Áž}œ˜´ªž¦³„° ­¤¦¦£µ¡…°Š<br />

‡¦¼°µ‹µ¦¥rŸœ„ nµŠ„¨Ã¦ŠŠµœš¸É‹Î µÁž}œ­Î µ®¦´ „µ¦šÎ µŠµœ<br />

ª·‹´¥Äœ ´ÊœÅ—o ˜´ªž¦³„° ‡º° ˜´ªž¦³„° š¸É ­¤¦¦<br />

£µ¡—oµœ„µ¦¦ª ¦ª¤Â¨³œÎ µÁ­œ°…o°¤¼¨‹Î µœªœ˜´ªÂž¦<br />

˜´ªž¦³„° š¸É ­¤¦¦£µ¡—oµœ„µ¦­´ŠÁ‡¦µ³®rž¦³­<br />

„µ¦–r‡ªµ¤¦¼o¨³Šµœª·‹´¥Á¡ºÉ°Ä oÁž}œÂœªšµŠÄœ„µ¦šÎ µª·‹´¥<br />

‹Î µœªœ˜´ªÂž¦Â¨³˜´ªž¦³„° š¸É­¤¦¦£µ¡—oµœ„µ¦<br />

°°„ „µ¦ª·‹´¥Â¨³„µ¦­¦»žŸ¨„µ¦ª·‹´¥‹Î µœªœ˜´ªÂž¦<br />

Á¤ºÉ°œÎ µÂ˜n¨³˜´ªž¦³„° ¤µª·Á‡¦µ³®r®µ¦³—´ ‡ªµ¤‹Î µÁž}œ<br />

˜µ¤‡ªµ¤‡·—Á®Èœ…°Š ‡¦¼°µ‹µ¦¥r ¡ ªnµ ˜´ªž¦³„°<br />

­¤¦¦£µ¡—oµœ„µ¦¦ª ¦ª¤Â¨³œÎ µÁ­œ°…o°¤¼¨ ¨³˜´ª<br />

ž¦³„° ­¤¦¦£µ¡—oµœ„µ¦­´ŠÁ‡¦µ³®rž¦³­ „µ¦–r ‡ªµ¤<br />

¦¼o¨³Šµœª·‹´¥Á¡ºÉ°Ä oÁž}œÂœªšµŠÄœ„µ¦šÎ µª·‹´¥ ¤¸¦³—´<br />

‡ªµ¤‹Î µÁž}œ°¥¼nÄœ¦³—´ ¤µ„ ˜´ªž¦³„° ­¤¦¦£µ¡—oµœ<br />

„µ¦°°„ „µ¦ª·‹´¥Â¨³„µ¦­¦»žŸ¨Šµœª·‹´¥ ¤¸¦³—´ ‡ªµ¤<br />

‹Î µÁž}œ°¥¼nÄœ¦³—´ žµœ„¨µŠ<br />

1&„µ¦Áž¦¸¥ Áš¸¥ ž¦³­·š›·£µ¡…°ŠÂŸœ£¼¤·<br />

‡ª ‡»¤‡nµÁŒ¨¸É¥nªŠœÎÊ µ®œ´„¨³¡·­´¥Ã—¥ª·›¸„µ¦‹µ„<br />

‡ªµ¤Âž¦ž¦ªœª·›¸„µ¦nªŠœÎÊ µ®œ´„‹µ„‡ªµ¤<br />

ž¦ž¦ªœš¸É¤¸…œµ—ª·›¸„µ¦…°ŠÁœ¨­´œÂ¨³ª·›¸„µ¦…°Š<br />

·ª±µ¦rš„¦–¸…o°¤¼¨¤¸‡ªµ¤Á o<br />

œ´„ª·‹´¥ °—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í<br />

<br />

ª· ´¥­»¦Á ·—Á„¸¥¦˜·¡·£´­­¦Å„¦ª¸¦³Á— µ ´¥<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦­·˜·ž¦³¥»„˜r£µ‡Á®œº°<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤Ã¨˜´­žµŠ­ªœÂ„oª‹Á ¸¥ŠÄ®¤n<br />

®œoµ‡‡<br />

„µ¦ª·‹´¥‡¦´ÊŠœ¸ ʤ¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°Áž¦¸¥ Áš¸¥<br />

ž¦³­·š›·£µ¡…°ŠÂŸœ£¼¤·‡ª ‡»¤‡nµÁŒ¨¸É¥Â¨³¡·­´¥Ã—¥ª·›¸<br />

„µ¦nªŠœÎÊ µ®œ´„‹µ„‡ªµ¤Âž¦ž¦ªœ :9 ª·›¸„µ¦nªŠœÎÊ µ<br />

®œ´„‹µ„‡ªµ¤Âž¦ž¦ªœš¸É¤¸…œµ—6:9ª·›¸„µ¦…°Š<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Áœ¨­´œÂ¨³ª·›¸„µ¦…°Š ·ª±µ¦rš„¦–¸š¸É…o°¤¼ ¨¤¸‡ªµ¤Á o×¥<br />

Ä o‡ªµ¤Ÿ·—¡¨µ—ž¦³Á£šš¸É ¨³‡nµ‹Î µœªœ‡¦´ÊŠÁŒ¨¸É¥Áž}œ<br />

Á„–”r „Î µ®œ—­´¤ž¦³­·š›·Í‡ªµ¤Á D o ‡º° <br />

„Î µ®œ—<br />

¦³—´ „µ¦Áž¨¸É¥œÂž¨Š…°Š‡n µÁŒ¨¸É¥ 6KLIW ‡º° V<br />

VVVVVV „Î µ®œ—…œµ—<br />

˜´ª°¥nµŠ‡º° Ä o„µ¦‹Î µ¨°Š—oª¥Áš‡œ·‡¤°œ˜·‡µ¦rè<br />

‹Î µœªœ ˜´ª°¥nµŠ ‹Î µœªœ ¦° Ÿ¨„µ¦ª·‹´¥<br />

¡ ªnµ¦³—´ 6KLIW˜´ÊŠÂ˜nVV Ÿœ£¼¤·‡ª ‡»¤‡nµ<br />

ÁŒ¨¸É¥Ã—¥ª· ›¸6:9¨³ÂŸœ£¼¤·‡ª ‡»¤¡·­´¥Ã—¥ª·›¸Áœ¨­´œ<br />

¤¸ž¦³­·š›·£µ¡¤µ„š¸É­»— oµÄ o„µ¦Â‹„‹ŠÅª ¼¨¨rš¸É…œµ—<br />

˜´ª°¥nµŠQ ­´¤ž¦³­·š›·Í‡ªµ¤Á Do<br />

¨³…œµ—<br />

˜´ª°¥nµŠQ ­´¤ž¦³­·š›·Í‡ªµ¤Á Do<br />

˜µ¤¨Î µ—´ <br />

Ä®oŸ¨—¸š¸É­»—<br />

1&„µ¦«¹„¬µ˜´ªÂž¦„µ¦Ÿ¨·˜Äœ„¦³ ªœ„µ¦<br />

Ÿ¨·˜…°Š­·ÉŠ¡·¤¡rš¸É¡·¤¡r—oª¥¦³ °°¢ÁŽ˜ „¦–¸<br />

«¹„¬µÃ¦Š¡·¤¡rÄœÁ…˜„¦»ŠÁš¡¤®µœ‡¦<br />

œ´„ª·‹´¥ ª´¥ª´•œr­µ¥š»o¤°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í<br />

<br />

Ÿ„µ¤µ«Ÿ‹ „¨oª<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²®œoµ<br />

ª´˜»ž¦³­Š‡r…°ŠŠµœª·‹´¥Á¡ºÉ°«¹„¬µ˜´ªÂž¦„µ¦<br />

Ÿ¨·˜Äœ„¦³ ªœ„µ¦Ÿ¨·˜…°Š­·ÉŠ¡·¤¡rš¸É¡·¤¡r—oª¥¦³<br />

°°¢ÁŽ˜ ×¥«¹„¬µ‹µ„„¨»n¤˜´ª°¥nµŠš¸ÉÅ—o‹µ„„µ¦Â nŠ ´Êœ<br />

£¼¤·Ã¦Š¡·¤¡rÄœÁ…˜„¦»ŠÁš¡¤®µœ‡¦ ¨³­»n¤˜´ª°¥nµŠÂ˜n¨³<br />

´Êœ£¼ ¤·Å—o˜´ª°¥nµŠš´ÊŠ­·Ê œÃ¦Š¡·¤¡rÁ„È ¦ª ¦ª¤…o °¤¼¨<br />

—oª¥Â ­° µ¤ Ž¹ÉŠ­° µ¤Á‹oµ…°Š­µœž¦³„° „µ¦<br />

¨³ Ÿ¼o‹´—„µ¦Ã¦Š¡·¤¡rÁ„¸É¥ª„´ ­µœ£µ¡š´ÉªÅž‡ªµ¤‡·—<br />

Á®Èœ ˜´ªÂž¦„µ¦Ÿ¨·˜šÎ µ„µ¦ª·Á‡¦µ³®rŸ¨Ã—¥Ä o­·˜·Á ºÊ°Š<br />

˜oœ ¨³Ä o­¼˜¦š—­° „µ¦Ÿ¨·˜ ‡º° ‡ªµ¤—°¥Á ·ŠÁ­oœ<br />

 Á­oœ˜¦Š 0XOWLSOH /LQHDU 5HJUHVVLRQ ‹µ„Ÿ¨<br />

„µ¦«¹„¬µ¡ ªnµÄœ­nªœ…°Šš´«œ‡˜·…°ŠŸ¼o˜°  ­°<br />

µ¤­nªœ¤µ„ Á®Èœ˜¦Š„´ œªnµ„µ¦Ÿ¨·˜ Á‡¦ºÉ°Š‹´„¦ ¨³ª´­—»<br />

„µ¦¡·¤¡r°¥¼nÄœ¦³—´ ¤µ„­nªœ »‡¨µ„¦„µ¦ ¦·®µ¦°Š‡r„¦<br />

¨³„µ¦ªµŠŸ´Š°¥¼nÄœ¦³—´ žµœ„¨µŠÄœ­nªœ…°Š˜´ªÂž¦<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

„µ¦Ÿ¨·˜š¸ÉÅ—o‹µ„„µ¦‡Î µœª– Å—o„n ˜´ªÂž¦Á‡¦ºÉ°Š‹´„¦š¸É¤¸<br />

‡ªµ¤­´¤¡´œ›r„´ „µ¦Ÿ¨·˜ÄœšµŠ ª„ ­nªœ˜´ªÂž¦ª´­—» ¤¸<br />

‡ªµ¤­´¤¡´œ›r„´ „µ¦Ÿ¨·˜ÄœšµŠ¨ ‡º°„µ¦Á¡·É¤‡»–£µ¡<br />

ª´­—»‹³šÎ µÄ®oŸ¨Ÿ¨·˜¤¸‡»–£µ¡—¸…¹Êœ˜µ¤Â˜n‹Î µœªœŸ¨Ÿ¨·˜<br />

š¸ÉÅ—o¨—¨Š<br />

1&„µ¦«¹„¬µ°Š‡rž¦³„° šµŠ »‡¨·„£µ¡…°Š<br />

œ´„«¹„¬µ‡°¤¡·ªÁ˜°¦r­µ ´œ¦µ £´’„¨»n¤¡»š› ·œ¦µ<br />

„¨»n¤šªµ¦µª—¸Â¨³„¨»n¤«¦¸°¥»›¥µ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ª´ ¦·œš¦rŸn°Š«¦¸°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í<br />

Å¡ ¼¨¥rÁ„¸¥¦˜·Ã„¤¨<br />

„µ¦ž¦³ »¤ª· µ„µ¦­·˜·ž¦³¥»„˜r£µ‡Á®œº°<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤Ã¨˜´­žµŠ­ªœÂ„oª‹Á ¸¥ŠÄ®¤n<br />

®œoµ‡‡<br />

„µ¦ª·‹´¥‡¦´ÊŠœ¸ ʤ»nŠ«¹„¬µ°Š‡rž¦³„° šµŠ »‡¨·„<br />

£µ¡…°Šœ´„«¹„¬µ‡°¤¡·ªÁ˜°¦r ­µ ´œ¦µ £´’„¨»n¤¡»š› ·œ<br />

¦µ „¨»n¤šªµ¦µª—¸Â¨³„¨»n¤«¦¸°¥»›¥µ‹Î µœªœ„¨»n¤˜´ª°¥nµŠ<br />

š¸ÉšÎ µ„µ¦«¹„¬µ ‡œ ‹µ„‹Î µœªœœ´„«¹„¬µš´ÊŠ­·Ê œ<br />

‡œš¸ÉÅ—o‹µ„„µ¦­»n¤Â ´Êœ£¼¤·Ã—¥Ä o š—­°<br />

»‡¨·„£µ¡ 1(2 …°Š 3DXO 7&RVWD DQG 5REHUW 5<br />

0F&UDH Ž¹ÉŠŸ¼oª·‹´¥œÎ µ¤µ—´—ž¨ŠÁ¡ºÉ°Ä oÁž}œ<br />

Á‡¦ºÉ°Š¤º°Äœ„µ¦ª·‹´ ¥ ¨³Ä o„µ¦ª·Á‡¦µ³®r…o°¤¼¨—oª¥<br />

‡°¤¡·ªÁ˜°¦r×¥„µ¦Ä oަ„¦¤ 6366 )RU :LQGRZV<br />

¨³ 6WDWLVWLFD­·˜·š¸ÉÄ oÄœ„µ¦ª·Á‡¦µ³®r‡º °‡nµ¦o°¥¨³‡nµ<br />

ÁŒ¨¸É¥ ‡nµ‡ªµ¤‡¨µ—Á‡¨ºÉ°œ¤µ˜¦“µœ…°Š‡nµÁŒ¨¸ ɥ¨³ª·›¸<br />

ª·Á‡¦µ³®r°Š‡rž¦³„° )DFWRU$QDO\VLV<br />

Ÿ¨„µ¦ª·‹´¥¡ ªnµœ´„«¹„¬µ‡°¤¡·ªÁ˜°¦r ­µ ´œ<br />

¦µ £´’„¨»n¤¡»š› ·œ¦µ „¨»n¤šªµ¦µª—¸Â¨³„¨»n¤«¦¸°¥»›¥µ<br />

­nªœÄ® nÁž}œœ´„«¹„¬µÁ¡«® ·Š¦o°¥¨³Á¤ºÉ°Áš¸¥<br />

„´ ‹Î µœªœž¦³ µ„¦š´ÊŠ®¤— ¤¸°µ¥»ÁŒ¨¸É¥ž¦³¤µ– že <br />

Á—º°œ ×¥Áž}œŸ¼oš¸É¤¸°µ¥»°¥¼nÄœ nªŠ že ¹Š¦o°¥¨³<br />

×¥„Î µ¨´Š«¹„¬µ°¥¼nÄœ ´Êœžeš¸É ¤µ„„ªnµš»„ ´Êœže ‡·—<br />

Áž}œ¦o°¥¨³ ¨³Áž}œŸ¼oš¸É¤¸£¼¤·¨Î µÁœµ°¥¼nÄœ£µ‡„¨µŠ<br />

¤µ„š¸É­» —¦o°¥¨³¤¸°Š‡rž¦³„° šµŠ »‡¨·„£µ¡<br />

°Š‡rž¦³„° ‡º° °Š‡rž¦³„° ‡ªµ¤¦´ Ÿ·— ° ¤¸‡nµÅ°Á„œ<br />

Ášnµ„´ ×¥œ´„«¹„¬µ¤¸¦³—´ ¡§˜·„¦¦¤Äœ°Š‡r<br />

ž¦³„° œ¸Ê°¥¼nÄœ¦³—´ n°¥Ç°Š‡rž¦³„° ‡ªµ¤ª·˜„„´Šª¨¤¸<br />

‡nµÅ°Á„œÁšnµ„´ œ´„«¹„¬µ¤¸¦³—´ ¡§˜·„¦¦¤ µŠ‡¦´ÊŠ


¨³°Š‡rž¦³„° „µ¦„¨oµÂ­—Š°°„¤¸‡nµÅ°Á„œÁšnµ„´ <br />

×¥œ´„«¹„¬µ¤¸¦³—´ ¡§˜·„¦¦¤°¥¼nÄœ¦³—´ µŠ‡¦´ÊŠ<br />

1&°Š‡rž¦³„° š¸É¤¸‡ªµ¤­´¤¡´œ›r„´ „µ¦¥°¤<br />

¦´ Ÿ¼o­Î µÁ¦È‹„µ¦«¹„¬µ®¨´„­¼˜¦ž¦³„µ«œ¸¥ ´˜¦ª· µ<br />

¸¡ ´Êœ­¼Š­µ…µª· µ nµŠÁš‡œ·‡„µ¦Ÿ¨·˜­´Š„´—<br />

ª·š¥µ¨´¥Áš‡œ·‡„¦¤°µ ¸ª«¹„¬µ<br />

œ´„ª·‹´¥ ª¦„¦Áª ž¦³­·š›·Í<br />

°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í ¦¦‹ °¦ ¦<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²®œoµ<br />

„µ¦«¹„¬µª·‹´¥‡¦´ÊŠœ¸ ʤ¸ª´˜»ž¦³­Š‡r Á¡ºÉ°«¹„¬µ°Š‡r<br />

ž¦³„° š¸É¤¸‡ªµ¤­´¤¡´œ›r„´ „µ¦¥°¤¦´ Ÿ¼o­Î µÁ¦È‹„µ¦«¹„¬µ<br />

®¨´„­¼˜¦ž¦³„µ«œ¸¥ ´˜¦ª· µ ¸¡ ´Êœ­¼ Š­µ…µª· µ nµŠÁš‡œ·‡<br />

„µ¦Ÿ¨·˜ ­´Š„´—ª·š¥µ¨´¥Áš‡œ·‡ „¦¤°µ ¸ª«¹„¬µ „¨»n¤˜´ª<br />

°¥nµŠš¸ÉÄ oÄœ„µ¦«¹„¬µª·‹´¥ Å—o„n Ÿ¼o‹´—„µ¦Ã¦ŠŠµœÄœ­µœ<br />

ž¦³„° „µ¦‹Î µœªœ‡œŸ¨„µ¦«¹„¬µª·‹´¥¡ ªnµÃ—¥<br />

¦ª¤Ÿ¼o‹´—„µ¦Ã¦ŠŠµœÄœ­µœž¦³„° „µ¦¤¸‡ªµ¤‡·—Á®ÈœÄœ<br />

„µ¦¥°¤¦´ Ÿ¼o­Î µÁ¦È‹„µ¦«¹„¬µ¦ª¤š´Ê Š …´Êœ…°Š„µ¦¥°¤¦´<br />

°¥¼nÄœ¦³—´ žµœ„¨µŠ Äœ„µ¦ª·Á‡¦µ³®r­®­´¤¡´œ›r‡µÃœ<br />

œ·‡°¨¡ ªnµ¤¸œ´¥­Î µ‡´ šµŠ­·˜·Á¡¸¥Š¦µ„‡º°¦µ„š¸É<br />

¨³¦µ„š¸É Ž¹ÉŠ‹µ„Ÿ¨‡nµ­´¤ž¦³­·š›·Í‡µÃœœ·‡°¨¤¸…´Êœ„µ¦<br />

¥°¤¦´ Ÿ¼o­Î µÁ¦È‹„µ¦«¹„¬µÁ¡¸¥Š …´Êœ ‡º° „µ¦¥°¤¦´ Ÿ¼o<br />

­Î µÁ¦È‹„µ¦«¹„¬µ…´Êœ„µ¦¦´ ¼o¦<br />

¨³…´Êœ„µ¦‹¼ŠÄ‹ ×¥¤¸˜´ªÂž¦<br />

°·­¦³š¸É¤¸°·š›·¡¨˜n°˜´ªÂž¦˜µ¤ ˜´ªÂž¦ Å—o„n ª»•·„µ¦<br />

«¹„¬µ­¼Š­»—…œµ—…°Š­µœž¦³„° „µ¦‡ªµ¤¦¼o¨³š´„¬³<br />

ª· µ ¸¡¡ºÊœ“µœÂ¨³ª· µ ¸¡ÁŒ¡µ³ ‡ªµ¤¦¼o¨³š´„¬³­µ…µ<br />

ŠµœÁ‡¦ºÉ°Š¤º°„¨Â¨³ ·Êœ­nªœÁ‡¦º É°Š„¨ ‡ªµ¤¦¼o¨³š´„¬³<br />

­µ…µŠµœÂ¤n¡·¤¡r讳 ¨³Á‹˜‡˜·˜n°„µ¦šÎ µŠµœ…°ŠŸ¼o<br />

­Î µÁ¦È‹„µ¦«¹„¬µ<br />

1&Ÿœ£¼¤·‡ª ‡»¤‡»–£µ¡šµŠ­·˜·…°Š<br />

„¦³ ªœ„µ¦šµŠ­·˜·„¦–¸…o°¤¼¨Á„·—„¦³ ªœ„µ¦<br />

°°Ã˜¦¸Á„¦ŽŽ¸¢¤¼¢ª·ŠÂ°Áª°Á¦‹°´œ—´ <br />

$50$<br />

œ´„ª·‹´¥ ‡–·˜µÁ¡È ¦´˜œr °—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í<br />

ÁŸ¥Â¡¦n<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ª· ´¥­»¦Á ·—Á„¸¥¦˜· ª·œ´¥Ã¡›·Í­»ª¦¦–r<br />

„µ¦ž¦³ »¤ª· µ„µ¦­·˜·ž¦³¥»„˜r£µ‡Á®œº°<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤Ã¨˜´­žµŠ­ªœÂ„oª‹Á ¸¥ŠÄ®¤n<br />

®œoµ‡‡<br />

„µ¦ª·‹´¥‡¦´ÊŠœ¸Ê‹¹Š¤»nŠÁœoœÁ¡ºÉ°«¹„¬µ¹Š„µ¦­¦oµŠÂŸœ<br />

£¼¤·‡ª ‡»¤°°Ã˜¦¸Á„¦ŽŽ¸¢¤¼¢ª·ŠÂ°Áª°Á¦‹°´œ—´ <br />

$50$ &KDUW Äœ„¦–¸š¸É…o°¤¼¨…°Š„¦³ ªœ¤¸<br />

¨´„¬–³°´˜˜—°¥°´œ—´ ÁŒ¨¸É¥Á‡¨ºÉ°œš ¸É °´œ—´ <br />

6HFRQG2UGHU $XWRUHJUHVVLYH)LUVW2UGHU<br />

0RYLQJ$YHUDJH$50$¨³šÎ<br />

µ„µ¦®µž¦³<br />

­·š›·£µ¡…°ŠÂŸœ£¼¤·Ã—¥„µ¦œ´ ‹Î µœªœ‡¦´ÊŠÁŒ¨¸É¥<br />

$YHUDJH 5XQ /HQJWK $5/ …°ŠÂŸœ£¼¤·‡ª ‡»¤<br />

$50$ Äœ„¦–¸„¦³ ªœ„µ¦ž„˜·‹Î µœªœ‡¦´ÊŠÁŒ¨¸É¥š¸É<br />

¥µªš¸É­»—‹³Áž}œÂŸœ£¼¤·š¸ ÉÄ oÄœ„µ¦‡ª ‡» ¤„¦³ ªœ„µ¦Ÿ¨·˜<br />

š¸É—¸ ˜noµÄœ„¦–¸š¸É„¦³ ªœ„µ¦Ÿ¨· ˜¤¸„µ¦Áž¨¸É¥œÂž¨ŠÄœ‡nµ<br />

ÁŒ¨¸É¥6KLIW‹Î µœªœ‡¦´ÊŠÁŒ¨¸É¥„n°œ˜„°°„œ°„Á…˜‡ª ‡»¤<br />

œo°¥š¸É­» — ‹³Áž}œÂŸœ£¼¤·š¸É—¸Äœ„µ¦Â„ož{ ®µ…°Š„µ¦Á„·—<br />

°´˜˜­®­´¤¡´œ›r¦³—´ ­¼Š Ÿ¨„µ¦ª·‹´¥­¦»žÅ—oªnµÄœ„¦³ ªœ„µ¦<br />

ž„˜·ÂŸœ£¼¤·‡ª ‡»¤$50$Ä®o‹Î µœªœ‡¦´ÊŠÁŒ¨¸É ¥¥µª<br />

š¸É­» —¤¸‡nµš¸É¡µ¦µ¤·Á˜°¦r I<br />

<br />

I<br />

<br />

<br />

T<br />

<br />

¨³„¦–¸‡nµÁŒ¨¸É¥…°Š„¦³ ªœ„µ¦Á„·—„µ¦Áž¨¸É¥œ<br />

ž¨ŠÁ¡¸¥ŠÁ¨È„œo°¥ V V š¸É¡µ¦µ¤·Á˜°¦r<br />

I<br />

<br />

I <br />

T <br />

‹³Ä®o‡nµ‹Î µœªœ‡¦´ÊŠÁŒ¨¸É¥š¸É˜„<br />

°°„œ°„Á…˜„µ¦‡ª ‡»¤œo°¥š¸É­»—œ´Éœ‡º°Á¤ºÉ°„¦³ ªœ„µ¦¤¸<br />

­´¤ž¦³­·š›·Í°´˜˜—°¥ Áž}œ ª„Á¡·É¤…¹Êœ Ÿœ£¼¤·‡ª ‡»¤<br />

$50$ ­µ¤µ¦˜¦ª‹‹´ „¦³ ªœ„µ¦š¸É¤¸ „µ¦Áž¨¸É¥œ<br />

ž¨ŠÄœ‡nµÁŒ¨¸É¥Á¨È„œo°¥Å—o—¸<br />

1&„µ¦«¹„¬µž{‹‹´¥š¸É¤¸˜n°Ÿ¨­´¤§š›·Í šµŠ„µ¦<br />

Á¦¸¥œ…°Šœ´„Á¦¸¥œ­µ…µª· µ‡°¤¡·ªÁ˜°¦r›»¦„·‹š¸ÉÁ¦¸¥œ<br />

°¥¼nÄœª·š¥µ¨´¥Áš‡œ·‡Á…˜„µ¦«¹„¬µ£µ‡Ä˜o<br />

œ´„ª·‹´¥ ­¦µ¥»š›¤µ¨µ°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í<br />

<br />

šæ‹œr˜¸¦–›œµ„»¨Ÿn°Š¡¦¦–Á„·—¡·š´„¬r<br />

„·˜˜·«´„—·ÍÁ„·—ž¦³­¡<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤šµŠª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²®œoµ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„µ¦ª·‹´¥‡¦´ÊŠœ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µž{‹‹´¥š¸É¤¸<br />

Ÿ¨˜n°Ÿ¨­´¤§š›·ÍšµŠ„µ¦Á¦¸¥œ …°Šœ´„Á¦¸¥œ­µ…µª· µ<br />

‡°¤¡·ªÁ˜°¦r›»¦„·‹ š¸ÉÁ¦¸¥œ°¥¼nÄœª·š¥µ¨´¥Áš‡œ·‡ Á…˜„µ¦<br />

«¹„¬µ£µ‡Ä˜oÁ‡¦ºÉ°Š¤º°š¸ÉÄ oÁž}œÂ ­° µ¤Â¨³Â<br />

š—­° Á¨º°„„¨»n¤˜´ª°¥nµŠ‹Î µœªœ‡œŽ¹ÉŠÅ—o¤µÃ—¥<br />

­»n¤Â ´Êœ£¼¤·Â¨³œÎ µ¤µª·Á‡¦µ³®rŸ¨Ã—¥Ä o‡nµ¦o°¥¨³ ‡nµ<br />

ÁŒ¨¸É¥Á¨…‡–·˜ ‡nµ‡ªµ¤‡¨µ—Á‡¨ºÉ°œ¤µ˜¦“µœÂ¨³<br />

ª·Á‡¦µ³®rÁ­oœšµŠŸ¨„µ¦ª·‹´¥¡ ªnµŸ¼ož„‡¦°Š…°Šœ´„Á¦¸¥œ<br />

­nªœ¤µ„ ¤¸„µ¦«¹„¬µ¦³—´ ´Êœž¦³¤«¹„¬µ ¤¸¦µ¥Å—o˜n°<br />

Á—º°œ˜ÎÉ µ„ªnµ µš ¤¸°µ ¸¡šÎ µ„µ¦Á„¬˜¦ ¤¸‡ªµ¤<br />

‡µ—®ª´Š­¼ŠÁ„¸É¥ª„´ °µ ¸¡…°Šœ´„Á¦¸¥œœ´„Á¦¸¥œ­nªœÄ® nŤn<br />

Á‡¥…µ—Á¦¸¥œ ° ¤¸­nªœ¦nª¤Äœ„·‹„¦¦¤„µ¦Á¦¸¥œ Ťn¤¸<br />

‡°¤¡·ªÁ˜°¦rÄ oš¸É oµœ ˜n¤¸Ã°„µ­Ä o‡°¤¡·ªÁ˜°¦rš¸É­µœ<br />

«¹„¬µœ°„Áª¨µÁ¦¸¥œ ŤnšÎ µŠµœ¦³®ªnµŠÁ¦¸¥œ ¨³„¼o¥º¤ÁŠ·œ<br />

Á¡ºÉ°„µ¦«¹„¬µ Äœ„µ¦ª·‹´¥‡¦´ÊŠœ¸Ê¥´Š¡ ªnµŸ¨­´¤§š›·ÍšµŠ„µ¦<br />

Á¦¸¥œÅ—o¦´ °·š›·¡¨Ã—¥˜¦Š‹µ„š´„¬³¡ºÊœ“µœšµŠ<br />

‡°¤¡·ªÁ˜°¦r<br />

1&‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ¦³¥³Áª¨µÂ¨³‡ªµ¤¸É<br />

Äœ„µ¦Ä o‡°¤¡·ªÁ˜°¦r„´ ‡ªµ¤Á‡¦¸¥—…°Š »‡¨µ„¦<br />

­Î µœ´„‡°¤¡·ªÁ˜°¦rÄœ¤®µª·š¥µ¨´¥…°Š¦´“<br />

Á…˜„¦»ŠÁš¡¤®µœ‡¦<br />

œ´„ª·‹´¥ Œ´œšœµ£¼n›¦µ£¦–r°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í<br />

Å¡ ¼¨¥rÁ„¸¥¦˜·Ã„¤¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦­·˜·ž¦³¥»„˜r£µ‡Á®œº°<br />

‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤Ã¨˜´­žµŠ­ªœÂ„oª‹Á ¸¥ŠÄ®¤n<br />

®œoµ‡‡<br />

„µ¦ª·‹´¥‡¦´ÊŠœ¸ ʤ¸ª´˜»ž¦³­Š‡rÁ¡º É°«¹„¬µ‡ªµ¤<br />

­´¤¡´œ›r¦³®ªnµŠ¦³¥³Áª¨µÂ¨³‡ªµ¤¸ÉÄœ„µ¦Ä o<br />

‡°¤¡·ªÁ˜°¦r„´ ‡ªµ¤Á‡¦¸¥—…°Š »‡¨µ„¦­Î µœ´„<br />

‡°¤¡·ªÁ˜°¦rÄœ¤®µª·š¥µ¨´¥…°Š¦´“ Á…˜„¦»ŠÁš¡¤®µœ‡¦<br />

×¥«¹„¬µ‹µ„„¨»n¤˜´ª°¥nµŠ‹Î µœªœ‡œÁ‡¦ºÉ°Š¤º°š¸ÉÄ o<br />

Äœ„µ¦ª·‹´¥Áž}œÂ ­° µ¤ž¦³Á¤·œ°µ„µ¦¡§˜·„¦¦¤Â¨³<br />

‡ªµ¤¦¼o­¹„š¸É nŠ ʹŠ‡ªµ¤Á‡¦¸¥— ¸ „µ¦ª·Á‡¦µ³®r…o°¤¼¨­µœ<br />

£µ¡š´ÉªÅžÂ¨³¦³¥³Áª¨µÄœ„µ¦Ä‡°¤¡·ªÁ˜°¦ršÎ<br />

o µŠµœ Ä o<br />

­·˜·‡nµ¦o°¥¨³‡nµÁŒ¨¸É¥„µ¦ž¦³¤µ–‡nµÁŒ¨¸É¥ž¦³ µ„¦‡nµ<br />

‡¨µ—Á‡¨ºÉ°œ¤µ˜¦“µœ…°Š‡n µÁŒ¨¸É¥ „µ¦š—­° ‡ªµ¤Â˜„<br />

˜nµŠ…°Š°µ„µ¦Â¨³¡§˜·„¦¦¤š¸É­—Š°°„…°Š‡ªµ¤Á‡¦¸¥—<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

—oª¥ª·›¸š—­° …°Š¢¦¸—¤œ )ULHGPDQ WZRZD\<br />

DQDO\VLV RI YDULDQFH E\ UDQNV ¨³„¦–¸š¸É¡ ‡ªµ¤<br />

˜„˜nµŠ°¥nµŠ¤¸œ´¥­Î µ‡´ šµŠ­·˜· Å—oÄ oª·›¸„µ¦š—­° Áž}œ<br />

¦µ¥‡¼n×¥ª·›¸…°Š :LOFR[RQ 6LJQHG 5DQNV 7HVW ¨³<br />

„µ¦ª·Á‡¦µ³®r‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ¦³¥³Áª¨µÂ¨³‡ªµ¤¸ÉÄœ<br />

„µ¦Ä o‡°¤¡·ªÁ˜°¦rªnµ¤¸°·š›·¡¨˜n°‡ªµ¤Á‡¦¸¥—…°Š »‡¨µ„¦<br />

­Îµœ´„‡°¤¡·ªÁ˜°¦r ¤®µª·š¥µ¨´¥…°Š¦´“ Á…˜<br />

„¦»ŠÁš¡¤®µœ‡¦ ×¥„µ¦ª·Á‡¦µ³®r­®­´¤¡´œ›r‡µÃœœ·‡°¨<br />

&DQRQLFDO&RUUHODWLRQ$QDO\VLV<br />

Ÿ¨‹µ„„µ¦ª·‹´¥¡ ªnµ »‡¨µ„¦­Î µœ´„‡°¤¡·ªÁ˜°¦r<br />

¤¸¦³—´ °µ„µ¦šµŠ­»…£µ¡Â¨³¡§˜·„¦¦¤š¸É­—Š°°„šµŠ<br />

‡ªµ¤Á‡¦¸¥— „n°œ ¦³®ªnµŠÂ¨³®¨´Š„µ¦šÎ µŠµœ—oª¥<br />

‡°¤¡·ªÁ˜°¦r°¥¼nÄœ¦³—´ ˜ÎÉ µ ‡º°¤¸°µ„µ¦Á„·—…¹ÊœÁž}œ‡¦´ ÊŠ<br />

‡¦µª ¤¸‡nµÁŒ¨¸É¥…°Š°µ„µ¦°¥¼n¦³®ªnµŠ ×¥<br />

°µ„µ¦šµŠ­»…£µ¡Â¨³¡§˜·„¦¦¤š¸É­—Š‡ªµ¤Á‡¦¸¥—š¸ ɤ¸<br />

‡ªµ¤Â˜„˜nµŠ„´œ°¥nµŠ¤¸œ´¥­Î µ‡´ š¸É¦³—´ Å—o„n<br />

°µ„µ¦¦¼o­¹„ªnµ˜œÁ°ŠÅ¤n¤¸­¤µ›· °µ„µ¦¦¼o­¹„Á¡¨¸¥Å¤n¤¸Â¦Š‹³<br />

šÎ µ°³Å¦ °µ„µ¦˜ºÉœÁ˜oœŠn µ¥„´ Á®˜»„µ¦–rš¸ÉŤn‡»oœÁ‡¥ ¨³<br />

°µ„µ¦š¸É¤¸‡ªµ¤Â˜„˜nµŠ„´œ°¥nµŠ¤¸œ´¥­Î µ‡´ šµŠ­·˜·š¸É¦³—´ <br />

Å—o„n°µ„µ¦šÎ µ°³Å¦Å¤nÅ—oÁœºÉ°Š‹µ„ž¦³­µš˜¹ŠÁ‡¦¸¥—<br />

°µ„µ¦ª»nœªµ¥Ä‹ °µ„µ¦Å¤n°¥µ„¡ ž³Ÿ¼o‡œ °µ„µ¦žª—<br />

«¸¦¬³…oµŠÁ—¸¥ª®¦º°žª—…¤´ š´ÊŠ­°Š…oµŠ °µ„µ¦žª—®¦º°<br />

Á„¦ÈŠ„¨oµ¤ÁœºÊ° ¦·Áª–šoµ¥š°¥ ®¨´Š®¦º°Å®¨n ¨³°µ„µ¦<br />

¤¹œŠŠ®¦º°Áª¸¥œ«¸¦¬³ œ°„‹µ„œ¸Ê¥´Š¡ ªnµ˜´ªÂž¦°· ­¦³š¸É¤¸<br />

°·š›·¡¨˜n°‡ªµ¤Á‡¦¸¥—…°Š »‡¨µ„¦­Î µœ´„‡°¤¡·ªÁ˜°¦r Å—o<br />

„n‹Î µœªœ‡¦´ÊŠÁŒ¨¸É¥˜n°ª´œÂ¨³¦³¥³Áª¨µ˜n°‡¦´ÊŠ…°Š„µ¦<br />

šÎ µŠµœ ´œš¹„…o°¤¼¨ Šµœ¡·¤¡rÁ°„­µ¦ ŠµœÁ…¸¥œÃž¦Â„¦¤<br />

Šµœ‡Î µœª–¨³Šµœ°ºÉœÇ ‹Î µœªœ‡¦´ÊŠÁŒ¨¸É¥˜n°ª´œ…°ŠŠµœ<br />

ž¦³Á£šÁ¦nŠ—nªœ ¦³¥³Áª¨µÁŒ¨¸É¥˜n°‡¦´ÊŠ…°ŠŠµœž¦³‹ Î µ<br />

¦³¥³Áª¨µÁŒ¨¸É¥˜n°‡¦´ÊŠ…°Š„µ¦Ä o‡°¤¡·ªÁ˜°¦r˜n°ÁœºÉ°Š„´ œ<br />

‹Î µœªœ‡¦´ÊŠÁŒ¨¸É¥˜n°ª´œš¸ ÉÄ o‡°¤¡·ªÁ˜°¦r ¨³‹Î µœªœžeš¸É<br />

šÎ µŠµœÁ„¸É¥ª…o °Š„´ ‡°¤¡·ªÁ˜°¦r<br />

1&Ÿ¨„¦³š …°Š„·‹„¦¦¤œ´„«¹„¬µ˜n°Ÿ¨<br />

­´¤§š›·ÍšµŠ„µ¦Á¦¸¥œ…°Šœ´„«¹„¬µ¤®µª·š¥µ¨´¥<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸<br />

œ´„ª·‹´¥ £» Š‡r¡¦…µª°¦§—¸­»š›·«¦¸<br />

<br />

ºÉœ¤¡Š¬r ª¨·˜°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦­·˜·ž¦³¥»„˜r£µ‡Á®œº°


‡¦´ÊŠš¸ É¡§¬£µ‡¤<br />

æŠÂ¦¤Ã¨˜´­žµŠ­ªœÂ„oª‹Á ¸¥ŠÄ®¤n<br />

®œoµ‡‡<br />

Šµœª·‹´¥œ¸ÊÁž} œŠµœª·‹´¥Á ·Š ¦¦¥µ¥Â¨³Á ·Šž¦·¤µ–<br />

Á¡ºÉ°ª·Á‡¦µ³®r®µ˜´ªÂž¦Ÿ¨„¦³š „¨»n¤„·‹„¦¦¤˜nµŠÇ …°Š<br />

œ´„«¹„¬µš¸É­µ¤µ¦‹Î µÂœ„œ´„«¹„¬µ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸<br />

¡¦³‹°¤Á„¨oµ›œ »¦¸ š¸É¤¸Ÿ¨­´¤§š›·ÍšµŠ„µ¦Á¦¸¥œ¡°Ä o¨³<br />

—¸ Å—o°¥nµŠ¤¸œ´¥­Î µ‡´ šµŠ­·˜· „¨»n¤˜´ª°¥nµŠ ‡º° ˜´ª°¥nµŠ<br />

­»n¤‹µ„œ´„«¹„¬µš¸ÉÁ…oµ¦nª¤„·‹„¦¦¤˜µ¤ ¤¦¤˜nµŠÇ …°Š<br />

¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸ Äœže„µ¦«¹„¬µ<br />

×¥¤¸Á‡¦ºÉ°Š¤º°š¸ÉÄ oª·Á‡¦µ³®rª·‹´ ¥‡º°Â ­° µ¤<br />

Ÿ¨„¦³š …°Š„·‹„¦¦¤œ´„«¹„¬µ…°Šœ´„«¹„¬µš¸ÉÁ…oµ¦nª¤<br />

„·‹„¦¦¤…°Š¤®µª·š¥µ¨´¥š¸É˜„Áž}œ˜´ª°¥nµŠ  nŠÁž}œ¦³—´<br />

‡³Âœœ ¦³—´ ¤µ„š¸É­» — °¥nµŠ¤µ„ žµœ„¨µŠ œo°¥<br />

œo°¥š¸É­» — ¨³Å¤n¤¸Ÿ¨„¦³š ¨oª®µ‡nµÁŒ¨¸É¥…°ŠŸ¨<br />

„¦³š ˜n¨³„¨»n¤„·‹„¦¦¤ÂšœÁž}œ˜´ªÂž¦ ¸Êª´—Ÿ¨„¦³š<br />

…°Š„¨»n¤„·‹„¦¦¤œ´Êœ…°ŠÂ˜n ¨³˜´ª°¥nµŠ œÎ µ¤µª·Á‡¦µ³®r®µ<br />

˜´ªÂž¦Ÿ¨„¦³š š¸É­Î µ‡´ š¸É­µ¤µ¦‹Î µÂœ„„¨»n¤œ´„«¹„¬µ<br />

¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸ š¸É¤¸Ÿ¨­´¤§š›·Í<br />

šµŠ„µ¦Á¦¸¥œ¡°Ä o¨³—¸ ž¦µ„’ªnµ˜´ªÂž¦Ÿ¨„¦³š „·‹<br />

„¦¦¤„¸¯µÁž}œ˜´ªÂž¦š¸É­Î µ‡´ š¸É­µ¤µ¦œÎ µ¤µ­¦oµŠ­¤„µ¦<br />

‹Î µÂœ„„¨»n¤Ÿ¨­´¤§š›·Í„µ¦Á¦¸¥œ…°Šœ´ „«¹„¬µÅ—o—¸–¦³—´<br />

œ´¥­Î µ‡´ œ°„‹µ„œ¸ÊŸ¨„µ¦ª·‹´¥¥´Š­¦» žž¦³Á—Èœš¸É<br />

­Î µ‡´ ×¥¡·‹µ¦–µ‹µ„Ÿ¨„µ¦ª·Á‡¦µ³®rÁž¦¸¥ Áš¸¥ Ÿ¨<br />

„¦³š …°Š„¨»n¤„·‹„¦¦¤š¸É¤¸˜n°„¨»n¤Ÿ¨­´¤§š›·ÍšµŠ„µ¦<br />

Á¦¸¥œ…°Šœ´„«¹„¬µ­nªœÄ® n —´Šœ¸Êœ´„«¹„¬µš¸É¤¸Ÿ¨­´¤§š›·Í<br />

šµŠ„µ¦Á¦¸¥œ¡°Ä o¨³—¸š¸ÉÁ…oµ¦nª¤„·‹„¦¦¤…°Š<br />

¤®µª·š¥µ¨´¥˜µ¤ ¤¦¤˜nµŠÇ Å—o¦´ Ÿ¨„¦³š …°Š„·‹„¦¦¤<br />

˜nµŠÇŤn˜„˜nµŠ„´œ–¦³—´ œ´¥­Î µ‡´ ­—Šªnµ„µ¦<br />

š¸Éœ´„«¹„¬µ‹³¤¸Ÿ¨­´¤§š›·ÍšµŠ„µ¦Á¦¸¥œ¡°Ä o®¦º°—¸œ´ÊœÅ¤n<br />

…¹Êœ°¥¼n„´ Ÿ¨„¦³š …°Š„·‹„¦¦¤<br />

1&26&,//$7,21$1'$6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

Å¡ ¼¨¥rÁ„¸¥¦˜·Ã„¤¨<br />

°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Í<br />

Ÿn°Š¡¦¦–Á„·—¡·š´„¬r<br />

­·¦·¡¦­»š›·¡¦¤–¸ª´•œr<br />

„µ¦ž¦³ »¤šµŠª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²®œoµ<br />

„µ¦ª·‹´¥‡¦´ÊŠœ¸ ʤ¸ª´ ˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µ¡§˜·„¦¦¤<br />

„n°œ„µ¦Ä o ¦³®ªnµŠ„µ¦Ä o ¨³®¨´Š„µ¦Ä o°·œÁš°¦rÁœÈ˜<br />

¨³ž{‹‹´¥š¸É­´¤¡´œ›r„´ ¡§˜·„¦¦¤„µ¦Ä o°·œÁš°¦rÁœÈ ˜ …°Š<br />

œ´„«¹„¬µ«¼œ¥r„¨µŠ­µ ´œÁš‡ÃœÃ¨¥¸¦µ ¤Š‡¨ ×¥«¹„¬µ<br />

‹µ„„¨»n¤˜´ª°¥nµŠ‹Î µœªœ ‡œ Á‡¦ºÉ°Š¤º°š¸ÉÄ oÄœ„µ¦<br />

ª·‹´¥ Áž}œÂ ­° µ¤„µ¦«¹„¬µ¡§˜·„¦¦¤„µ¦Ä o°·œÁš°¦r<br />

ÁœÈ˜ „µ¦ª·Á‡¦µ³®r…o°¤¼¨Ä o­·˜·¦o°¥¨³ ‡nµÁŒ¨¸É¥ ‡nµ‡¨µ—<br />

Á‡¨ºÉ°œ¤µ˜¦“µœ…°Š‡nµÁŒ¨¸ É¥ ¨³‡nµ­®­´¤¡´œ›r‡µÃœœ·<br />

‡°¨<br />

Ÿ¨„µ¦ª·‹´¥¡ ªnµ ˜´ªÂž¦°·­¦³š¸É¤¸°·š›·¡¨˜n°<br />

¡§˜·„¦¦¤„n°œ„µ¦Ä o ¦³®ªnµŠ„µ¦Ä o ¨³®¨´Š„µ¦Ä o<br />

°·œÁš°¦rÁœÈ˜¤¸­´—­nªœš¸É­—Š‡ªµ¤­´ ¤¡´œ›r‡·—Áž}œ¦o°¥¨³<br />

¨³ ˜µ¤¨Î µ—´ ×¥¤¸ž{‹‹´¥š¸É¤¸‡ªµ¤<br />

­´¤¡´œ›r„´ ¡§˜·„¦¦¤„µ¦Ä o°·œÁš°¦rÁœÈ˜ Å—o„n ž¦³­<br />

„µ¦–rÁŒ¨¸É¥Äœ„µ¦Ä o‡°¤¡·ªÁ˜°¦r Áª¨µÁŒ¨¸É¥Äœ„µ¦Ä o<br />

‡°¤¡·ªÁ˜°¦r Á®˜»Ÿ¨Äœ„µ¦Ä o°·œÁš°¦rÁœÈ˜ „µ¦˜·—˜n°°·œ<br />

Áš°¦rÁœÈ˜ ×¥Ä o°ȇÁ‡µœšr°·œÁš°¦r ÁœÈ˜…°Š­µ ´œ‹µ„š¸É<br />

oµœ ¨³š´«œ‡˜·Á„¸É¥ª„´ °·œÁš°¦r ÁœÈ˜ —oµœ„µ¦¤¸‡ªµ¤¦¼o<br />

¦° ˜´ª<br />

1&„µ¦¡´•œµ˜oœÂ ¦³ ­µ¦­œÁš«<br />

„µ¦ ¦·„µ¦­´ÉŠ°µ®µ¦ œ¦Å¢Ã—¥Ä Áš‡ÃœÃ¨¥¸ o<br />

¤´¨˜·¤¸Á—¸¥<br />

œ´„ª·‹´¥ Å¡ ¼¨¥rÁ„¸¥¦˜·Ã„¤¨­»ª¦¦–µ­¤ » ­»…Ã…<br />

­»¦·¥Š‡rÁ¨·«„»¨ªµ–· ¥r£¸¥rÃ¥Á®¨º°Š—·¨„<br />

œ¦µª´¨¥r­»‹¦·˜¦´ œ·—µš°Š‡Î µ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦¦³—´ µ˜·‡¦´ÊŠš¸É—oµœ<br />

„µ¦ª·‹´¥¡´•œµœª´˜„¦¦¤Â¨³„µ¦°°„<br />

 ¡§¬£µ‡¤¤®µª·š¥µ¨´¥<br />

®°„µ¦‡oµÅš¥„¦»ŠÁš¡²®œoµ<br />

<br />

ǦŠŠµœœ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°¡´•œµ˜oœÂ ¦³<br />

­µ¦­œÁš«„µ¦ ¦·„µ¦­´ÉŠ°µ®µ¦ œ¦Å¢Ã—¥Ä oÁš‡ÃœÃ¨¥¸<br />

¤´¨˜·¤¸Á—¸¥Á¡ºÉ°­¦oµŠ‡ªµ¤¡¹Š¡°Ä‹„´ Ÿ¼oÄ o ץǦŠ­¦oµŠ<br />

…°Š¦³  nŠÅ—oÁž}œ ­nªœ Äœ¦¼žÂ …°ŠÁ‡¦º°…nµ¥šo°Š<br />

·ÉœÂ ¤¸­µ¥Â¨³Â Ŧo­µ¥Äœ„µ¦Á É°¤˜n°…o º °¤¼¨ °´œÅ—o<br />

„n­nªœ®¨´„‡º° ­nªœÁ‡¦ºÉ°Š¨¼„…nµ¥­Î µ®¦´ Ÿ¼oÄ o×¥‹°£µ¡<br />

¦³ ­´¤Ÿ´­Â¨³œÎ µÁ­œ°…o°¤¼¨Áž}œ£µ¡„¦µ¢d„Ž¹ÉŠ­µ¤µ¦<br />

Á¨º°„­´ÉŠ°µ®µ¦˜µ¤ž¦³Á£š°µ®µ¦ Á¡·É¤¨—®¦º°¥„Á¨·„¦µ¥<br />

„µ¦°µ®µ¦Â¨³Â­—Š¦µ‡µ°µ®µ¦ ­nªœÁ‡¦ºÉ°ŠÂ¤n…nµ¥­Î µ®¦´<br />

Ÿ¼o—¼Â¨¦³ ‹³Á„¸É¥ª„´ „µ¦‹´—„µ¦°µ®µ¦ ¨³­nªœÁ‡¦ºÉ°Š<br />

®o°Š‡¦´ªÂ­—Š¦µ¥„µ¦°µ®µ¦š¸É˜o°Š‹´—šÎ µ¦ª¤¹Š‹´—¡·¤¡rÄ<br />

Á­¦È‹ Äœ˜°œšoµ¥Ã‡¦ŠŠµœœ¸ÊÅ—oœÎ µÅžž¦³Á¤·œ‡»–£µ¡Ã—¥Ÿ¼o<br />

Á ¸É¥ª µ Á‹oµ®œoµš¸É—¼Â¨¦³ ¨³ž¦³Á¤·œ‡ªµ¤¡¹Š¡°Ä‹<br />

…°ŠŸ¼oÄ o„¨»n¤˜´ª°¥nµŠ<br />

Ÿ¨‹µ„„µ¦ž¦³Á¤·œ‡»–£µ¡…°ŠÃ‡¦ŠŠµœÃ—¥Ÿ¼o<br />

Á ¸É¥ª µ Á‹oµ®œoµš¸É—¼Â¨¦³ ¨³Ÿ¨ž¦³Á¤· œ‡ªµ¤¡¹Š¡°<br />

Ä‹…°ŠŸ¼ oÄ oÅ—o‡nµÁŒ¨¸É¥Ášnµ„´ ¨³˜µ¤<br />

¨Î µ—´ Ž¹ÉŠ‹µ„Ÿ¨š¸ÉÅ—o­—Šªnµ¦³ ˜oœÂ ¤¸‡»–£µ¡‹´—°¥¼n<br />

Äœ¦³—´ —¸Á®¤µ³­¤Äœ„µ¦œÎ µÃ‡¦ŠŠµœÅžÁž}œ¦³ ˜oœÂ<br />

Äœ„µ¦¡´•œµ¦³ °ºÉœš¸É¤¸¨´„¬–³š¸É‡¨oµ¥„´œ<br />

1&„µ¦«¹„¬µŸ¨„¦³š …°Š°´˜¦µ‡ªµ¤Á‡¦¸¥—<br />

¨³°»–®£¼¤·˜n°¡§˜·„¦¦¤šµŠ„¨…°ŠÁ®¨È„„¨oµ<br />

6&<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¦´Š­´œ˜rœ»­˜· ¦¦‹ °¦ ¦¡Š¬r«´„—·Í¹Š­»…<br />

„µ¦ž¦³ »¤ª· µ„µ¦…nµ¥Šµœª·«ª„¦¦¤<br />

°»˜­µ®„µ¦‡¦´ÊŠš¸É˜»¨µ‡¤<br />

æŠÂ¦¤—ªŠ˜³ª´œ‹Á ¸¥ŠÄ®¤n<br />

®œoµ<br />

Šµœª·‹´¥œ¸ÊÅ—o«¹„¬µ Ÿ¨„¦³š …°Š°´˜¦µ<br />

‡ªµ¤Á‡¦¸¥— ¨³°»–®£¼¤·˜n°¡§˜·„¦¦¤šµŠ„¨…°ŠÁ®¨È„<br />

„¨oµ6& ×¥ª·›¸„µ¦—¹Šš—­° Äœ nªŠ°»–®£¼¤·q&<br />

¹Š q& š¸É‡ªµ¤Á¦È ªÄœ„µ¦—¹Š PPPLQ ¨³ <br />

PPPLQ ·ÊœŠµœš—­° ¤¸…œµ—Á­oœŸnµ«¼œ¥r„¨µŠ <br />

PP‡ªµ¤¥µª¡·„´—*DJH /HQJWK PP‹µ„„µ¦<br />

š—¨°Š¡ ªnµ oµÁ¡·É¤°´˜¦µ‡ªµ¤Á‡¦¸¥— ¨³¨—°»–®£¼¤·‹³<br />

šÎ µÄ®o‡nµ‡ªµ¤Â…Ȋ¦ŠÁ¡·É¤…¹Ê œ ×¥¤¸‡nµ‡ªµ¤Á‡oœ­¼Š­»—<br />

8OWLPDWH6WUHQJWK6 X 03D‡nµ­´¤ž¦³­·š›·Í<br />

‡ªµ¤Â…Ȋ¦Š6WUHQJWKFRHIILFLHQW.03D<br />

1DWLRQDO&RQIHUHQFH


‡nµ˜´ªÁ¨…¥„„Î µ¨´Š…°Š‡ªµ¤Á‡¦¸¥—Â…ÈŠ 6WUDLQ<br />

KDUGHQLQJ H[SRQHQW Q š¸É°»–®£¼¤· q&<br />

‡ªµ¤Á¦Èª—¹Šš—­° PPPLQ ˜noµÁ¡·É¤°´˜¦µ<br />

‡ªµ¤Á‡¦¸¥—¨³Á¡·É¤°»–®£¼¤· ‹³šÎ µÄ®o°´˜¦µ„µ¦¨—¨Š…°Š<br />

¡ºÊœš¸É®œoµ˜´—5HGXFWLRQRI$UHD5$ …°Š ·ÊœŠµœ<br />

š—­° ¤¸‡nµ­¼Š­»—š¸É°»–®£¼¤·q& ‡ªµ¤Á¦Èª<br />

—¹ŠÄœ„µ¦š—­° PPPLQ ˜n‡ªµ¤Â…Ȋ¦Š‹³¨—<br />

¨Š‡º°¤¸‡nµ8OWLPDWH6WUHQJWKÁšnµ„´ 03DŽ¹ÉŠ<br />

®¤µ¥¹Š°´˜¦µ‡ªµ¤Á‡¦¸¥—¨³°»–®£¼¤·š¸É¤¸Ÿ¨„¦³š ˜n°<br />

¡§˜·„¦¦¤šµŠ„¨…°ŠÁ®¨È„„¨o µ6<br />

1&„µ¦«¹„¬µž{ ®µÂ¨³‡ªµ¤˜o°Š„µ¦Äœ„µ¦<br />

Á¦¸¥œ„µ¦­°œÄœ¦¼žÂ H/HDUQLQJÄœ¦³—´<br />

ž¦³„µ«œ¸¥ ´˜¦ª· µ ¸¡ ´Êœ­¼Š­µ…µ nµŠ°»˜­µ®„µ¦<br />

…°Š­µ ´œÁš‡ÃœÃ¨¥¸¦µ ¤Š‡¨<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­´œ˜·¦´“œ´œ­³°µŠ­»ž¦¸¥µ«·¦·¡´•œ„»¨…‹¦<br />

„µ¦ž¦³ »¤šµŠª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²<br />

ǦŠŠµœ«¹„¬µœ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µ¹ Š<br />

­µœ£µ¡…°Š„µ¦Á¦¸¥œ„µ¦­°œÄœ¦¼žÂ H/HDUQLQJ<br />

˜µ¤®¨´„­¼˜¦ nµŠ°»˜­µ®„µ¦…°Š­µ ´œÁš‡ÃœÃ¨¥¸¦µ<br />

¤Š‡¨ ¨³«¹„¬µž{ ®µÂ¨³‡ªµ¤˜o°Š„µ¦Äœ„µ¦Á¦¸¥œ„µ¦<br />

­°œÄœ¦¼žÂ H/HDUQLQJ ¤µÄ õ µ¤®¨´„­¼˜¦ nµŠ°»˜<br />

­µ®„µ¦…°Š­µ ´œÁš‡ÃœÃ¨¥¸¦µ ¤Š‡¨„¨»n¤˜´ª°¥nµŠš¸ÉÄ o<br />

Äœ„µ¦«¹„¬µ‡¦´ÊŠœ¸Ê‡º ° °µ‹µ¦¥rŸ¼o­°œš¸ÉšÎ µ„µ¦­°œÄœ¦³—´<br />

ª· µ ¸¡ ´Êœ­¼ Š žª­ ­µ…µ nµŠ°»˜­µ®„µ¦ ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¦µ ¤Š‡¨š´Éªž¦³Áš« ×¥¤¸ ª·š¥µÁ…˜ <br />

­µ…µª· µ Á‡¦ºÉ°Š¤º°š¸ÉÄ oÄœ„µ¦«¹„¬µ‡º°Â ­° µ¤Ã—¥<br />

 nŠÁž}œ˜°œ<br />

Ÿ¨„µ¦«¹„¬µ¡ ªnµÄœ„µ¦—Î µÁœ·œ„µ¦Á¦¸¥œ„µ¦<br />

­°œÄœ¦¼žÂ H/HDUQLQJ …°Š­µ…µ nµŠ°»˜­µ®„µ¦<br />

­µ ´œÁš‡ÃœÃ¨¥¸¦µ ¤Š‡¨š´ÊŠª·š¥µÁ…˜¤¸ž{ ®µÂ¨³<br />

‡ªµ¤˜o°Š„µ¦Äœ„µ¦—Î µÁœ·œ„µ¦Á¦¸¥œ„µ¦­°œÄœ¦¼žÂ <br />

H/HDUQLQJ š¸ÉŤn ˜„˜nµŠ„´œ ×¥—oµœž{ ®µš¸ÉÁž}œž{ ®µ<br />

¤µ„š¸É­»—‡º° —oµœŠ ž¦³¤µ– ¦°Š¨Š¤µ‡º°—oµœ„µ¦Ä oŠµœ<br />

—oµœ¦³ Á‡¦º°…nµ¥Â¨³—oµœ »‡¨µ„¦—oµœ­ºÉ°„µ¦­°œ˜µ¤<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¨Î µ—´ Äœ­nªœ…°Š‡ªµ¤˜o°Š„µ¦Äœ„µ¦Á¦¸¥œ„µ¦­°œÄœ<br />

¦¼žÂ H/HDUQLQJ¤µ„š¸É­»—‡º °—oµœ f„° ¦¤¦°Š¨Š¤µ<br />

‡º°—oµœ„µ¦‹´—„µ¦—oµœ­ºÉ°„µ¦­°œÂ¨³—oµœŠ ž¦³¤µ–<br />

˜µ¤¨Î µ—´ ¨³Á¤ºÉ°¡·‹µ¦–µÃ—¥¦ª¤Â¨oª¡ ªn µ —oµœ‡ªµ¤<br />

˜o°Š„µ¦Äœ„µ¦Á¦¸¥œ„µ¦­°œÄœ¦¼žÂ H/HDUQLQJ …°Š<br />

ª·š¥µÁ…˜Äœ­µ ´œÁš‡ÃœÃ¨¥¸¦µ ¤Š‡¨š¸É—Î µÁœ·œ„µ¦Á¦¸¥œ<br />

„µ¦­°œ­µ…µ nµŠ°»˜­µ®„µ¦¤¸‡ªµ¤‡·—Á®Èœ˜n°ž{ ®µÂ¨³<br />

‡ªµ¤˜o°Š„µ¦Äœ„µ¦Á¦¸¥œ„µ¦­°œÄœ¦¼žÂ H/HDUQLQJ<br />

Ťn˜„˜nµŠ„´œŽ¹ÉŠ„µ¦Á¦¸¥œ„µ¦­°œÄœ¦¼žÂ H/HDUQLQJ<br />

œ¸ÊÁž}œ„µ¦Á¦¸¥œ„µ¦­°œš¸ É‹³¤¸ÂœªÃœo¤Äœ„µ¦œÎ µ¤µÄ oÄœ<br />

°œµ‡˜˜n°Åž<br />

1&„µ¦ª·Á‡¦µ³®r‡»–£µ¡Šµœ¡·¤¡r¦³<br />

°°¢ÁŽ˜Ã—¥Ä o®¤¹„¡·¤¡r“µœœÎÊ µ¤´œšµœ˜³ª´œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

›œ›¦š°Š­´¤§š›·Í¡Š«r¥»š›r‹´Éœš°Š<br />

­» žµÁœ˜¦ž¦³—·¬“r<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Á¡ºÉ°Ÿ¨·˜®¤¹„¡·¤¡r“µœœÎ Ê µ¤´œšµœ˜³ª´œÂ¨³<br />

ª·Á‡¦µ³®r‡»–£µ¡…°ŠŠµœ¡·¤¡rš¸ÉÅ—o ×¥Áž¦¸¥ Áš¸¥ „´<br />

®¤¹„¡·¤¡r“µœœÎÊ µ¤´œÂ¦nš¸ÉÅ—o‹µ„„µ¦„¨´ÉœždئÁ¨¸¥¤ Äœ„µ¦<br />

š—¨°Šœ¸Ê Å—oŸ¨·˜®¤¹„¡·¤¡r°°¢ÁŽ˜“µœœÎÊ µ¤´œšµœ˜³ª´œ<br />

¨³“µœœÎÊ µ¤´œÂ¦n ×¥Ä o­¼˜¦®¤¹„Á—¸¥ª„´œ ˜nµŠ„´œš¸É œ· —<br />

…°ŠœÎÊ µ¤´œÄœ„µ¦Ÿ­¤ªµœ· ¨³ž¦´ ž¦»Š‡ªµ¤®œº—…°Š®¤¹„<br />

‹µ„œ´ÊœœÎ µÅžš—­° ¡·¤¡r œ„¦³—µ¬°µ¦r˜¤´œ—oª¥¦³<br />

°°¢ÁŽ˜Ã—¥Ä o­£µª³Á—¸¥ª„´œ ¨³˜¦ª‹­° ‡»–£µ¡Šµœ<br />

¡·¤¡r ¡ ªnµ¤¸œÎÊ µ®œ´„Úœ­¸Ä„¨oÁ‡¸¥Š„´œ ˜n®¤¹„¡·¤¡r“µœ<br />

œÎÊ µ¤´œšµœ˜³ª´œ¤¸…o°—¸Á®œº°„ªnµÄœ—oµœ‡ªµ¤¤´œªµª „µ¦<br />

Žo°œš´ „´œ…°Š®¤¹„¤n­¸…° Á…˜­¸Â¨³‡ªµ¤°·É¤˜´ª­¸­nªœ<br />

…o°—o°¥‡º°®¤¹„®oŠ˜´ª oµ„ªnµÁœºÉ°Š‹µ„¤¸…œµ—äÁ¨„»¨Ä® n<br />

„ªnµ —´Šœ´ÊœœÎÊ µ¤´œšµœ˜³ª´œŽ¹ÉŠŸ¨· ˜‹µ„¡º Äœž¦³Áš«Åš¥<br />

¨³ž¨°—­µ¦¡·¬œnµ‹³Å—o¦´ „µ¦¡´•œµ¤µÄ ošœœÎÊ µ¤´œÂ¦n<br />

Äœ„µ¦Ÿ¨·˜®¤¹„¡·¤¡r°°¢ÁŽ˜­Î µ®¦´ ¦¦‹»£´–”r°µ®µ¦<br />

1&Ÿ¨…°Š„µ¦Á‡¨º° ¡°¨·Åªœ·¨°´¨„°±°¨r œ<br />

„¦³—µ¬ œ·—˜nµŠÇ˜n°‡»–£µ¡Šµœ¡·¤¡r­¸…°Š¦³<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¡nœ®¤¹„<br />

œ´„ª·‹´¥ ¡· ·˜…‹¦Á— ³­» žµÁœ˜¦ž¦³—·¬“r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Á¡ºÉ°«¹„¬µŸ¨…°Š„µ¦Á‡¨º° ¡°¨·Á¤°¦r œ<br />

„¦³—µ¬ œ·—˜nµŠÇ ˜n°‡»–£µ¡Šµœ¡·¤¡r­¸¦³ ¡nœ®¤¹„<br />

×¥Ä o­µ¦Á‡¨º° ¡ª„¡°¨·Åªœ·¨°´¨„°±°¨r ¨³¨µ¥ÄœœÎÊ µ<br />

„¨´Éœ—oª¥‡ªµ¤Á…o¤…oœ¦o°¥¨³ ×¥œÎÊ µ®œ´„ ‡œš¸É<br />

°»–®£¼¤· °Š«µÁŽ¨ÁŽ¸¥­ Å—o‡nµ‡ªµ¤®œº— ÁŽÈœ˜·<br />

¡°¥­rÁ‡¨º° Áž}œ ´Êœ µŠÅ¤‡¦°œ œ„¦³—µ¬­¸…µª<br />

œ·—‡º°ž°œ—r°µ¦r˜¤´œ„µ¦r—¨³°µ¦r˜„µ¦r—‹µ„œ´Êœ‹¹Š<br />

œÎ µ„¦³—µ¬š¸ÉÁ‡¨º° ¨³Å¤nÁ‡¨º° Åž¡·¤¡r£µ¡Â<br />

š—­° ¤µ˜¦“µœ ,7 —oª¥Á‡¦ºÉ°Š¡·¤¡r¡nœ®¤¹„š¸ÉÄ o<br />

®¤¹„“µœœÎÊ µ¡ ªnµ„¦³—µ¬Á‡¨º° ¡°¨·Á¤°¦r—¼—Ž´ œÎÊ µ®¤¹„<br />

Å—o—¸ ®¤¹„®oŠ˜´ªŠnµ¥…¹Êœ ­¸®¤¹„Ťn‹¤ÄœÁœºÊ°„¦³—µ¬®¦º°<br />

Ÿn…¥µ¥¤µ„‹œÁ„·œÅžÁ¤ºÉ°Áž¦¸¥ Áš¸¥ ‡»–£µ¡Šµœ¡·¤¡r­¸<br />

¡ ªnµ„¦³—µ¬š´ÊŠ œ·—š¸ÉÁ‡¨º° ¡°¨·Á¤°¦rÄ®o‡ªµ¤Á…o¤<br />

­¸Â¨³‡ªµ¤°·É¤˜´ª­¸ ­¼Š…¹Êœ …° Á…˜„µ¦Ÿ¨·˜­¸„ªoµŠ…¹Êœ £µ¡<br />

‡¤ ´—¤µ„…¹ÊœÂ¨³Á¤È—­„¦¸œ¤¸…œµ—Á¨È „¨Š<br />

1&­£µ¡ž{ ®µÂ¨³‡ªµ¤˜o°Š„µ¦Äœ„µ¦Ä o<br />

°·œÁš°¦rÁœÈ˜…°Š›»¦„·‹Ã¦Š¡· ¤¡rÄœÁ…˜<br />

„¦»ŠÁš¡¤®µœ‡¦<br />

œ´„ª·‹´¥ „»¨›·—µ›¦¦¤ª·£´ œr„´¨¥µ–¸‹·˜˜r„µ¦»–¥r<br />

ž¦· µ¦»nŠ„·‹Å¡«µ¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤šµŠª· µ„µ¦…°Š¤®µª·š¥µ¨´¥<br />

Á„¬˜¦«µ­˜¦r‡¦´ÊŠš¸É„»¤£µ¡´œ›r<br />

¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²®œoµ<br />

„µ¦ª·‹´¥‡¦´ÊŠœ¸ ʤ¸ª´˜»ž¦³­Š‡rÁ¡º É°«¹„¬µ­£µ¡<br />

ž{ ®µÂ¨³‡ªµ¤˜o°Š„µ¦„µ¦Ä o°·œÁš°¦rÁœÈ˜…°Š›»¦„·‹Ã¦Š<br />

¡·¤¡rÄœÁ…˜„¦»ŠÁš¡¤®µœ‡¦Ã—¥„¨»n¤˜´ª°¥nµŠš¸ÉÄ oÄœ„µ¦<br />

«¹„¬µž¦³„° —oª¥Ÿ¼o ¦·®µ¦…°Š­µœž¦³„° „µ¦›»¦„·‹<br />

抡·¤¡r®nŠÄœÁ…˜„¦»ŠÁš¡¤®µœ‡¦Â¨³Ä o¦³Á ¸¥<br />

ª·›¸ª·‹´¥Á ·Šž¦·¤µ–­nªœÁ‡¦ºÉ°Š¤º°š¸ÉÄ oÁž}œÂ ­° µ¤Ÿ¨<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

„µ¦ª·‹´¥­µ¤µ¦­¦»žÅ—o—´Šœ¸Ê­£µ¡›»¦„·‹Ã¦Š¡·¤¡r®nŠ<br />

Äœ„¦»ŠÁš¡² ­nªœÄ® nÄ oŠµœ°·œÁš°¦rÁœÈ˜Ã—¥ 3& ¦³<br />

ž’· ´˜·„µ¦š¸ÉÄ o‡º °:LQGRZVަ„¦¤š¸ÉÄ oŠµœ‡º°,QWHUQHW<br />

([SORUHU ¤¸„µ¦Á ºÉ°¤˜n°°·œÁš°¦r ÁœÈ˜Ã—¥Ÿnµœ­µ¥Ãš¦«´¡šr<br />

0RGHP„µ¦Ä ož¦³Ã¥ œr‹µ„°·œÁš°¦rÁœÈ˜‡º°„µ¦‹´—„µ¦<br />

„µ¦˜·—˜µ¤…nµª­µ¦®¦º°­µ¦­œÁš« „µ¦˜¨µ—¨³„µ¦Ÿ¨·˜<br />

ž{ ®µ„µ¦Ä o°·œÁš°¦rÁœÈ˜…°Š›»¦„·‹Ã¦Š¡·¤¡rÄœ¦³—´ ¤µ„š¸É<br />

­»— ‡º° „µ¦…µ—š¸Éž¦¹„¬µ„µ¦Ä o°·œÁš°¦rÁœÈ˜ ¦°Š¨Š¤µ ‡º°<br />

‡ªµ¤„¦³˜º°¦º°¦oœ…°Š »‡¨µ„¦Äœ„µ¦®µ‡ªµ¤¦¼o°·œÁš°¦r<br />

ÁœÈ˜ ‡ªµ¤˜o°Š„µ¦Äœ„µ¦Ä o°·œÁš°¦rÁœÈ˜…°Š›»¦„·‹Ã¦Š¡·¤¡r<br />

Äœ¦³—´ ¤µ„š¸É­» — ‡º° ˜o°Š„µ¦ »‡¨µ„¦š¸É¤¸‡ªµ¤¦¼o °·œÁš°¦r<br />

ÁœÈ˜¦°Š¨Š¤µ‡º°˜o°Š„µ¦„µ¦ f„° ¦¤—oµœ°»ž„¦–r<br />

6FKRRORI(QHUJ\DQG0DWHULDOV<br />

1&&2035(66,9(%(+$9,2562)'85,$1<br />

6/,&(6'85,1*+27$,5$1'683(5+($7('<br />

67($0'5


+RZHYHU LW ZDV QRW HYLGHQW WKDW KDUGQHVV DQG<br />

LQLWLDO VORSH RI IRUFHGHIRUPDWLRQ FXUYH ZHUH<br />

DIIHFWHG E\ PDWHULDOWKLFNQHVV7KH UHODWLRQVKLS<br />

EHWZHHQ QXPEHU RI SHDNV RI IRUFHGHIRUPDWLRQ<br />

FXUYH DQG PRLVWXUH UDWLR LQGLFDWHG WKDW WKH<br />

QXPEHU RI SHDNV LQFUHDVHG ZLWK GHFUHDVLQJ<br />

PRLVWXUH UDWLR 1HYHUWKHOHVV QR REYLRXV HIIHFWV<br />

RI WHPSHUDWXUH WKLFNQHVV DQG GU\LQJ PHGLXP<br />

W\SH RQ QXPEHU RI SHDNV ZHUH VLJQLILFDQWO\<br />

SURQRXQFHG<br />

1&„µ¦°°„ Á‡¦ºÉ°Š° ®oŠ—oª¥ž{€¤<br />

‡ªµ¤¦o°œÃ—¥Ä oÁš‡œ·‡„µ¦®µ‡nµš¸ÉÁ®¤µ³­¤š¸É­»—<br />

œ´„ª·‹´¥ °Î<br />

µÅ¡«´„—·Íš¸ » ¤µ­¤ µ˜·Ã­£–¦–§š›·Í<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°°°„ ­¦oµŠÂ¨³<br />

š—­° Á‡¦ºÉ°Š° ®oŠ—oª¥ž{€¤‡ªµ¤¦o°œš¸ ÉÁ®¤µ³­¤š¸É­» —<br />

ÄœŠµœª·‹´¥œ¸ÊÅ—o¡´•œµÂ ‹Î µ¨°Š‡–·˜«µ­˜¦rÁ‡¦ºÉ°Š°<br />

®oŠ—oª¥ž{€¤‡ªµ¤¦o°œ ®¨´Š‹µ„œ´ÊœÂ ‹Î µ¨°Š‡–·˜«µ­˜¦r<br />

š¸É¡´•œµ…¹Êœ¼„œÎ µ¤µÄ o¦nª¤„´ ަ„¦¤„µ¦®µ‡nµš¸ÉÁ®¤µ³<br />

­¤š¸É­»—×¥Ä oª·›¸„µ¦‡oœ®µ ‹µ„„µ¦«¹„¬µ¡ ªnµ„µ¦<br />

„¦³‹µ¥˜´ª…°Š°»–®£¼¤·°µ„µ«° ®oŠÂ¨³‡ªµ¤ ºÊœ…°Š˜´ ª<br />

°¥nµŠÄœµ—˜n¨³ ´ÊœÂ˜„˜nµŠ„´œÁ¡¸¥ŠÁ¨È„œo°¥ œ°„‹µ„<br />

œ´Êœ‹µ„„µ¦š—¨°Š¥´Š¡ ªnµž{‹‹´¥š¸É ¤¸Ÿ¨˜n°­¤¦¦œ³Á‡¦ºÉ°Š<br />

° ®oŠ—oª¥ž{€¤‡ªµ¤¦o°œ¤µ„š¸É­» — ‡º° ‡ªµ¤ ºÊœ­»—šoµ¥<br />

…°Š˜´ª°¥nµŠ<br />

1&&203$5$7,9($66(660(172)5D<br />

5&$1'5$$6$/7(51$7,9(6725<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

°Î µÅ¡«´„—·Íš¸ » ¤µ­¤ µ˜·Ã­£–¦–§š›·Í<br />

„µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

5 5D 5& DQG 5$ DUH<br />

FKRVHQ WR FRPSDUDWLYHO\ VWXG\ WKHLU<br />

WKHUPRG\QDPLFSHUIRUPDQFHVIRFXVLQJRQ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

VDWXUDWHG SUHVVXUH SUHVVXUH UDWLR UHIULJHUDWLQJ<br />

HIIHFW VSHFLILF FRPSUHVVRU GLVSODFHPHQW DQG<br />

FRHIILFLHQWRISHUIRUPDQFHRIKHDWSXPS5D<br />

5& DQG 5$ DUH DOWHUQDWLYHV WR 5 IRU<br />

XVLQJLQWKHDLUFRQGLWLRQHUVDQGKHDWSXPSGU\HU<br />

7KHVWXG\FRQGLWLRQVZHUHDVIROORZVHYDSRUDWRU<br />

RXWOHW WHPSHUDWXUHV UDQJLQJ IURP WR q& DQG<br />

FRQGHQVLQJ RU GHZ SRLQW WHPSHUDWXUHV UDQJLQJ<br />

IURPWRq&<br />

7KH UHVXOWV UHYHDOHG WKDW 5& LV D<br />

VXLWDEOH UHIULJHUDQW IRU UHSODFLQJ 5 7KLV LV<br />

GXHWRLWVVDWXUDWHGSUHVVXUHUHIULJHUDWLQJHIIHFW<br />

DQG VSHFLILF FRPSUHVVRU GLVSODFHPHQW DUH WKH<br />

FORVHVWWRWKRVHIRU5$OWKRXJK5$KDVD<br />

SRWHQWLDOWRUHSODFH5LWVVDWXUDWHG SUHVVXUH<br />

LV UDWKHU KLJK $V D UHVXOW RI KLJKVDWXUDWHG<br />

SUHVVXUHVRPHFRPSRQHQWVRIIRUPHUKHDWSXPS<br />

FDQQRW EH DSSOLHG ZLWK 5$ VXFK DV VROHQRLG<br />

YDOYHDQGH[SDQVLRQYDOYH<br />

1&­¤„µ¦‹¨«µ­˜¦r„µ¦° ®oŠ…oµªÁ®œ¸¥ªœ¹ÉŠ<br />

­»„—oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠÂ¨³°µ„µ«¦o °œ<br />

œ´„ª·‹´¥ ¤œ˜¦¸¤œ˜¦¸¡·¨µ­¤ <br />

µ˜·Ã­£–¦–§š›·Í<br />

–´“¡¨£¼¤·­³°µ—<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

Šµœª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µÁž¦¸¥ Áš¸¥<br />

‹¨«µ­˜¦r…°Š„µ¦° ®oŠ…oµªÁ®œ¸¥ªœ¹ÉŠ­»„—oª¥Å°œÎ Ê µ¦o°œ<br />

¥ª—¥·ÉŠÂ¨³°µ„µ«¦o°œ ×¥Ä o°»–®£¼¤·…°Š˜´ª„¨µŠÄœ<br />

„µ¦° ®oŠ‡º° ¨³ °Š«µÁŽ¨ÁŽ¸¥­<br />

‡ªµ¤Á¦Èª…°Š˜´ª„¨µŠÄœ®o°Š° ®oŠÁ¤˜¦ª·œµš¸­¤„µ¦<br />

„µ¦° ®oŠÄœ¦¼žÂ ˜nµŠÇ ¦¼žÂ œÎ µ¤µª·Á‡¦µ³®r<br />

Áž¦¸¥ Áš¸¥ šµŠ­·˜·Á¡ºÉ°®µ­¤„µ¦š¸ÉšÎ µœµ¥Ÿ¨„µ¦° ®oŠ<br />

Å—o—¸š¸É­»—‹µ„„µ¦š—¨°Š¡ ªnµ°´˜¦µ„µ¦° ®´ŠÁ¡·É¤…¹Êœ˜µ¤<br />

°»–®£¼¤·š¸É°»–®£¼¤·­¼Š„ªnµ °Š«µÁŽ¨ÁŽ¸¥­ ¡ ªnµ°´˜¦µ<br />

„µ¦° ®oŠ—oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠÁ¦· ɤ­¼Š„ªnµ°µ„µ«¦o°œ<br />

­¤„µ¦…°Š 3DJH ­µ¤µ¦šÎ µœµ¥Ÿ¨…°Š°´˜¦µ„µ¦° ®oŠ<br />

—oª¥¨¤¦o°œÅ—o—¸š¸É­»— ­nªœ„µ¦° ®oŠ—oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠ<br />

­¤„µ¦0RGLILHG3DJH­µ¤µ¦šÎ µœµ¥Å—o—¸š¸É­»—<br />

1&„µ¦° ®oŠÁœºÊ°®¤¼ —oª¥Å°œÎÊ µ¥ª—¥·ÉŠÂ¨³°µ„µ«<br />

¦o°œ<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

–¦Š‡r°¹ÊŠ„·¤ oªœ­¤ µ˜·Ã­£–¦–§š›·Í<br />

­¤Á„¸¥¦˜·ž¦´ µª¦µ„¦<br />

°—·«´„—·Íœµ„¦–„»¨<br />

„µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡r Á¡ºÉ°«¹„¬µÁž¦¸¥ Áš¸¥ <br />

„µ¦° ®oŠÁœºÊ°®¤¼—oª¥Å°œÎ Ê µ¦o°œ¥ª—¥·ÉŠÂ¨³°µ„µ«¦o°œ<br />

×¥šÎ µ„µ¦«¹„¬µ‹¨œ«µ­˜¦r…°Š„µ¦° ®oŠ ­´¤ž¦³­·š›·Í<br />

„µ¦Â¡¦n‡ªµ¤ ºÊœ „µ¦Áž¨¸É¥œÂž¨Š­¸…°ŠŸ¨·˜£´–”r£µ¥Ä˜o<br />

ÁŠºÉ°œÅ…„µ¦š—¨°Š ‡º° °»–®£¼¤·…°ŠÅ°œÎÊ µ¦o°œ¥ª—¥·ÉŠÂ¨³<br />

°µ„µ«¦o°œ ¨³ q& ‡ªµ¤Á¦Èª˜´ª<br />

„¨µŠÁšnµ„´ PV ¨³‡ªµ¤—´œ…°Š¦³ ° ®oŠ—oª¥<br />

Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠ N3D ‹µ„Ÿ¨„µ¦«¹„¬µ¡ ªnµ ‡nµ<br />

­´¤ž¦³­·š›·Í„µ¦Â¡¦n‡ªµ¤ ºÊœ…°ŠÁœºÊ°®¤¼Á¤ºÉ°° ®oŠ—oª¥Å°<br />

œÎÊ µ¦o°œ¥ª—¥·ÉŠ‹³œo°¥„ªnµÁ¤º É°° ®oŠ—oª¥°µ„µ«¦o°œš¸É<br />

°»–®£¼¤·Á—¸¥ª„´œ šÎ µÄ®o°´˜¦µ„µ¦° ®oŠÁœºÊ°®¤¼—oª¥Å°œÎÊ µ<br />

¦o°œ¥ª—¥·ÉŠ‹³˜ÎÉ µ„ªnµ„µ¦° ®oŠ—oª¥°µ„µ«¦o°œ ÁœºÊ°®¤¼š¸É<br />

Ÿnµœ„µ¦° ®oŠ—oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠ¤¸­¸„ªnµÁ¤ºÉ°Ÿnµœ<br />

„µ¦° ®oŠ—oª¥°µ„µ«¦o°œ<br />

1&„µ¦° ®oŠ´ÉªÁ®¨º°Š—oª¥¢¨¼ °·Å—ŽrÁ —Â<br />

Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠ<br />

œ´„ª·‹´¥ žª¸–µž¦´ µª«·œ­¤ µ˜·Ã­£–¦–§š›·Í<br />

­¤Á„¸¥¦˜·ž¦´ µª¦µ„¦<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µŸ¨…°Š°»–®£¼¤·Â¨³<br />

‡ªµ¤ ºÊœš¸ ɤ¸ ˜n°­´¤ž¦³­·š›·Í„µ¦Â¡¦nž¦³­·š›·Ÿ¨‹¨œ«µ­˜¦r<br />

„µ¦Á­ºÉ°¤­¨µ¥…°ŠÁ°œÅŽ¤r¥¼¦¸Á°­ ‡nµ„µ¦¨³¨µ¥…°Š<br />

Þ¦˜¸œ ¨³„¦—°³¤·ÃœÅ¨Ž·œ…°Š´ÉªÁ®¨º°Šš¸ÉŸnµœ„µ¦°<br />

®oŠ—oª¥Áš‡œ·‡¢¨¼°·Å—ÁŽ ´ÉœÃ—¥Ä oÅ°œÎÊ µ¦o°œ¥ª—¥·ÉŠ £µ¥<br />

ĘoÁŠºÉ°œÅ…„µ¦š—¨°Š—´Šœ¸Ê°»–®£¼¤·Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠÄœ nªŠ<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

q& ¨³‡ªµ¤ ºÊœÁ¦·É¤˜o œ…°Š´ÉªÁ®¨º°Š <br />

¤µ˜¦“µœÂ®oŠ ‹µ„Ÿ¨„µ¦š—¨°Š¡ ªnµ°´˜¦µ„µ¦°<br />

®oŠŽ¹ÉŠ°›· µ¥—oª¥‡nµ­´¤ž¦³­·š›·Í„µ¦Â¡¦nž¦³­·š›·Ÿ¨¤¸‡nµ<br />

Á¡·É¤…¹ÊœÂ Á°È„ÞÁœœÁ ¥¨„´ ¸ °»–®£¼¤· œ°„‹µ„œ´Êœ°´˜¦µ<br />

„µ¦° ®oŠ¤¸‡nµ­¼ŠÁ¤ºÉ°‡ªµ¤ ºÊœÁ¦·É¤˜oœ…°Š´É ªÁ®¨º°Š¤¸‡nµ­¼Š<br />

¨³‹µ„„µ¦° ®oŠ´ÉªÁ®¨º°Šš¸É°»–®£¼¤·­¼Š­nŠŸ¨Ä®oÁ„·—„µ¦<br />

Á­ºÉ°¤­¨µ¥…°ŠÁ°œÅŽ¤r¥¼¦¸Á°­Äœ´ÉªÁ®¨º°Š Ž¹ÉŠ­µ¤µ¦<br />

°›· µ¥—oª¥ž’·„¦·¥µ°´œ—´ ®œ¹ÉŠÂ ž¦´ ž¦» ŠÃ—¥¡ ªnµ ‡nµ<br />

‡Šš¸É„µ¦Á­ºÉ°¤­¨µ¥…°ŠÁ°œÅŽ¤r¥¼¦¸Á°­¤¸‡nµ­¼ Š Á¤ºÉ°»–®£¼¤·<br />

¨³‡ªµ¤ ºÊœÁ¦· ɤ˜oœ…°Š´ ɪÁ®¨º°Š­¼ Š Á¤ºÉ°¡·‹µ¦–µŸ¨…°Š<br />

„µ¦Á­ºÉ°¤­¨µ¥…°ŠÁ°œÅŽ¤r¥¼¦¸Á°­¦nª¤„´ ‡nµ„µ¦¨³¨µ¥…°Š<br />

Þ¦˜¸œ ¨³„¦—°³¤·ÃœÅ¨Ž¸œ¡ ªnµ‡ª¦Ä o°»–®£¼¤·…°ŠÅ°<br />

œÎÊ µ¦o°œ¥ª—¥·ÉŠÄœ nªŠ q& Äœ„µ¦° ®oŠ´Éª<br />

Á®¨º°ŠÂ¨³„µ¦° ®oŠ—oª¥Áš‡œ·‡¢¨¼°·Å—ÁŽ ´ÉœÃ—¥Ä oÅ°œÎÊ µ<br />

¦o°œ¥ª—¥·ÉŠÁ®¤µ³„´ ´ÉªÁ®¨º°Šš¸É¤¸‡ªµ¤ ºÊœÁ¦·É¤˜oœ˜Î É µ„ªnµ<br />

¤µ˜¦“µœÂ®oŠ ×¥­µ¤µ¦¨—ž¦·¤µ–Á°œÅŽ¤r¥¼¦¸Á°­<br />

¨³‡ªµ¤ ºÊœÅ—oÄœ nªŠš¸ ÉÁ®¤µ³­¤ ­Î µ®¦´ ´ÉªÁ®¨º°Šš¸É¤¸<br />

‡ªµ¤ ºÊœÁ¦· ɤ˜oœ­¼Š‡ª¦Ä o„µ¦° ®oŠÂ ­°Š…´Êœ˜°œÁ¡ºÉ°<br />

®¨¸„Á¨¸É¥Š„µ¦Ä®o‡ªµ¤¦o°œ„´ ´ÉªÁ®¨º°Š¤µ„Á„·œÅž<br />

1&„µ¦«¹„¬µŸ¨…°Š˜´ªž¦³­µœš¸ÉŸ¨·˜‹µ„¢µŠ<br />

…oµª˜n°­¤ ´˜·šµŠ„µ¥£µ¥…°ŠÁ ºÊ°Á¡¨·Š°´—šnŠ<br />

œ´„ª·‹´¥ “µœ·˜¥rÁ¤›·¥µœœšrž¦³­µœ­·˜Á¦º°Š«´„—·Í<br />

<br />

­¤ µ˜·Ã­£–¦–§š›·Í<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

ª´˜»ž¦³­Š‡r…°ŠŠµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ„µ¦Ÿ¨·˜<br />

˜´ªž¦³­µœš¸ÉšÎ µ¤µ‹µ„„µ¦œÎ µ¢µŠ…oµªÅž®¤´„„´ ­µ¦¨³¨µ¥<br />

ÃŽÁ—¸¥¤Å±—¦°„ÅŽ—r Á¡ºÉ°œÎ µÅžÄ oÁž}œ˜´ªž¦³­µœÄœ„µ¦<br />

Ÿ¨·˜Á ºÊ°Á¡¨·ŠÂ…ÈŠ°´—šnŠ—oª¥„¦³ ªœ„µ¦Á°È„Žrš¦¼ ´œÂ<br />

°´—¦¸—Á¥ÈœÂ¨³«¹„¬µ¹Š°·š›·¡¨…°Š­´—­nªœ„µ¦Ÿ­¤˜´ª<br />

ž¦³­µœ˜n°œÎÊ µ®œ´„…°Šª´˜»—· š¸É¤¸˜n°­¤ ´˜·šµŠ„µ¥£µ¡<br />

…°ŠÂšnŠÁ ºÊ°Á¡¨·Šš¸ÉŸ¨·˜Å—oŽ¹ÉŠ­¤ ´˜·šµŠ„µ¥£µ¡š¸ ɚΠµ„µ¦<br />

š—­° ‡º° ‡ªµ¤®œµÂœnœ „µ¦˜oµœšµœÂ¦Š„—¨³‡nµ<br />

‡ªµ¤¦o°œ ×¥ª´˜»—· š¸ÉœÎ µ°´—Áž}œÂšnŠÁ ºÊ°Á¡¨·Š‡º ° ŸŠnµœ<br />

„³¨µ¤³¡¦oµªŸ­¤„´ ŸŠnµœÄ¥„³¨µ¤³¡¦oµª š¸É­´—­nªœ<br />

¨³ž¦´ Áž¨¸É¥œ­´—­nªœ„µ¦Ÿ­¤…°Š˜´ªž¦³­µœ


¢µŠ…oµª®¤´„˜n°œÎÊ µ®œ´„…°Šª´˜»—· ‹µ„ÅžÁž}œ<br />

¨³ Ÿ¨š¸ÉÅ—o¡ ªnµ°´˜¦µ„µ¦Ÿ¨·˜<br />

¨³‡nµ‡ªµ¤¦o°œ…°ŠÂšnŠÁ ºÊ°Á¡¨·Š‹³Á¡·É¤…¹Êœ˜µ¤­´—­nªœ<br />

„µ¦Ÿ­¤˜´ªž¦³­µœš¸ÉÁ¡·É¤…¹ ʜ˜n‡ªµ¤®œµÂœn œ „µ¦˜oµœ<br />

šµœÂ¦Š„— ¨³¡¨´ŠŠµœš¸ÉÄ oÄœ„µ¦°´—‹Î µÁ¡µ³‹³¨—¨Š<br />

˜µ¤­´—­nªœ˜´ªž¦³­µœš¸ÉÁ¡·É¤…¹Ê œ ‹µ„„µ¦š—¨°ŠŸ¨·˜ÂšnŠ<br />

Á ºÊ°Á¡¨·Šš¸É‡ªµ¤Á¦Èª¦° …°Š­„¦¼ °´—šnŠÁ ºÊ°Á¡¨·Š¤¸‡n µ<br />

¦° ˜n°œµš¸ ¡ ªnµ°´˜¦µ„µ¦Ÿ¨·˜ÂšnŠÁ ºÊ°Á¡¨·Š¤¸‡nµ¦³®ªnµŠ<br />

NJPLQ ¨³„µ¦Ä o¡¨´ŠŠµœ‹Î µÁ¡µ³š¸É¤¸‡nµ<br />

¦³®ªnµŠ 0-NJ ×¥š¸É‡ªµ¤®œµÂœnœ¤¸‡nµÄœ<br />

nªŠ NJP Ž¹ÉŠ‡nµ„µ¦˜oµœšµœÂ¦Š„—<br />

¦³®ªnµŠ 03D ¨³‡nµ‡ªµ¤¦o°œ…°ŠÂšnŠÁ ºÊ°<br />

Á¡¨·Š¤¸‡nµy0-NJ<br />

1&Á˜µÁŸµÅ®¤oª°¦rÁš‡¢¨¼°·Å—ŽrÁ —3DUW,<br />

Ÿ¨„¦³š …°Š°µ„µ«­nªœš¸É®œ¹ÉŠ˜n °­¤¦¦œ³Á˜µ<br />

œ´„ª·‹´¥ “µœ·˜¥rÁ¤›·¥µœœšrœ·ª´˜·¡·¦·¥³¦»nŠÃ¦‹œr<br />

<br />

¡¸¦³ª´˜¦rš°Šœ°„­¤ µ˜·Ã­£–¦–§š›·Í<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

Á˜µÁŸµÅ®¤oª°¦rÁš‡¢¨¼°·Å—ŽrÁ — 9RUWH[<br />

)OXLGL]HG %HG &RPEXVWRU 9)%& Å—o¼„¡´•œµ…¹Êœ<br />

×¥¦ª¤¨´„¬–³Á—nœ…°ŠÁ˜µÁŸµÅ®¤oŎǨœÂ¨³Á˜µÁŸµ<br />

Å®¤o¢¨¼°·Å—ŽrÁ —Á¡ºÉ°˜o°Š„µ¦Á˜µÁŸµÅ®¤o  Į¤nš¸ÉÄ®o‡nµ<br />

£µ¦³‡ªµ¤¦o°œ 0: WK 0 ¨³ž¦³­·š›·£µ¡Á ·Š‡ªµ¤<br />

¦o°œ K WK ­¼Š ˜n¤¸‡nµ­´—­nªœ‡ªµ¤­¼Š˜n°Á­oœŸnµœ«¼œ¥r<br />

„¨µŠ˜ÎÉ µ ×¥ª´˜»ž¦³­Š‡r…°ŠÃ‡¦Š„µ¦ª·‹´¥œ¸Ê‹³šÎ µ„µ¦<br />

«¹„¬µ¹Šž¦·¤µ–°µ„µ«­nªœš¸É®œ¹ÉŠ Ž¹ÉŠ‹nµ¥¤µ¡¦o°¤„´ Á ºÊ°<br />

Á¡¨·ŠÄœÂœª­´¤Ÿ´­š¸É˜Î µÂ®œnŠ—oµœ œ…°ŠÁ˜µš¸É¤¸Ÿ¨„¦³š<br />

˜n°­¤¦¦œ³…°ŠÁ˜µÁŸµ 9)%& ×¥¤¸„µ¦ž¦´ Áž¨¸É¥œ<br />

°´˜¦µ„µ¦Å®¨…°Š°µ„µ«­nªœš¸É®œ¹ÉŠ Äœ…–³‡Šš¸É°´˜¦µ„µ¦<br />

žj°œÁ ºÊ°Á¡¨·ŠÂ„¨ ‹Î µÁ¡µ³ 6)5 °´˜¦µ„µ¦Å®¨…°Š<br />

°µ„µ«­nªœš¸É­°Š Áž}œ°µ„µ«š¸ÉšÎ µÄ®oÁ„·—¢¨¼°·Å—ŽrÁŽ ´œ<br />

¨³°´˜¦µ„µ¦Å®¨…°Š°µ„µ«­nªœš¸É­µ¤š¸É¼„‹nµ¥ÄœÂœª<br />

­´¤Ÿ´­˜´ÊŠš¸É ˜Î µÂ®œnŠ˜ÎÉ µ„ªnµªŠÂ®ªœª°¦rÁš‡ Ĝ˜n¨³ÁŠºÉ°œ<br />

Å……°Š„µ¦š—¨°Š ‹µ„„µ¦š—¨°Š¡ ªnµÁ¤ºÉ°ž¦´ °´˜¦µ„µ¦<br />

Å®¨…°Š°µ„µ«­nªœš¸É®œ¹ÉŠšÎ µÄ®o¤¸ž¦·¤µ–°µ„µ«­nªœÁ„·œš´ÊŠ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

®¤—š¸ÉÄ oÄœ„µ¦ÁŸµÅ®¤oÁšnµ„´ Á˜µÁŸµ 9)%& ¤¸<br />

­¤¦¦œ³…°ŠÁ˜µ­¼Š­»— ˜noµÄ ož¦·¤µ–­nªœš¸É®œ¹ÉŠ¤µ„„ªnµ<br />

®¦º°œo°¥„ªnµœ´Êœ‹³šÎ µÄ®oK WK ¨—¨Š¡ ªnµš¸Éž¦·¤µ–°µ„µ«<br />

­nªœÁ„·œ šÎ µÄ®oÅ—o°»–®£¼¤·š¸É˜Î µÂ®œnŠšµŠ°°„…°Š<br />

Á˜µ­¼Š­»—Ášnµ„´ °Š«µÁŽ¨ÁŽ¸¥­ K WK Ášnµ„´ <br />

Å—o‡nµ£µ¦³‡ªµ¤¦o°œ­¼Š­»—Ášnµ„´ 0:P Å—o<br />

ž¦·¤µ–„pµŽ &2 &2 ¨³ 12 [ Ášnµ„´ <br />

¨³ SSP˜µ¤¨Î µ—´ ‡nµ„pµŽ &2¨³12 [ ‡·—š¸É<br />

2 ­nªœÁ„·œÁšnµ„´ <br />

1&Á˜µÁŸµÅ®¤oª°¦rÁš‡¢¨¼°·Å—ŽrÁ —3DUW,,<br />

Ÿ¨„¦³š …°Š°µ„µ«­nªœš¸É­°Š˜n °­¤¦¦œ³Á˜µ<br />

œ´„ª·‹´¥ “µœ·˜¥rÁ¤›·¥µœœšrœ·ª´˜·¡·¦·¥³¦»nŠÃ¦‹œr<br />

<br />

¡¸¦³ª´˜¦rš°Šœ°„­¤ µ˜·Ã­£–¦–§š›·Í<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

‹µ„„µ¦«¹„¬µŸ¨„¦³š …°Š°µ„µ«­nªœš¸É®œ¹ ÉŠÄœ<br />

3DUW , ¡ ªnµž¦³­·š›·£µ¡Á ·Š‡ªµ¤¦o°œ K WK ‹³Âž¦Ÿ´œ<br />

˜¦Š„´ °µ„µ«­nªœš¸É®œ¹É Š ˜nÁ¤ºÉ°°µ„µ«­nªœ®œ¹ÉŠš¸É¤¸‡nµ¤µ„<br />

Á„·œÅžK WK „È‹³¨—¨ŠŽ¹ÉŠÃ‡¦Š„µ¦ª·‹´¥œ¸Ê Áž}œÃ‡¦Š„µ¦ª·‹´¥˜n°<br />

ÁœºÉ°ŠÃ—¥¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°«¹„¬µŸ¨„¦³š …°Š°µ„µ«­n ªœ<br />

š¸É­°Š Ž¹ÉŠÁž}œ°µ„µ«­nªœš¸ÉšÎ µÄ®oÁ„·—¢¨¼°·Å—ŽrÁŽ ´œ ˜n°<br />

­¤¦¦œ³Á˜µÁŸµÅ®¤oª°¦rÁš‡¢¨¼°·Å—ŽrÁ —×¥ž¦´ Áž¨¸É¥œ<br />

°´˜¦µ„µ¦Å®¨…°Š°µ„µ«­nªœš¸É­°ŠŽ¹ ÉŠšÎ µÄ®ož¦·¤µ–°µ„µ«<br />

­nªœÁ„·œš¸ÉÁž¨¸É¥œÅž ˜n‡Šš¸É°´˜¦µ„µ¦žj°œÁ ºÊ°Á¡¨·ŠÂ„¨<br />

‹Î µÁ¡µ³6)5°´˜¦µ„µ¦Å®¨…°Š°µ„µ«­nªœš¸É®œ¹ÉŠŽ¹ÉŠ‹nµ¥<br />

¤µ¡¦o°¤„´ Á ºÊ°Á¡¨·ŠÄœÂœª­´¤Ÿ´­š¸É˜Î µÂ®œnŠ—oµœ œ…°Š<br />

Á˜µ ¨³°´˜¦µ„µ¦Å®¨…°Š°µ„µ«­nªœš¸É­µ¤š¸É¼„‹nµ¥ÄœÂœª<br />

­´¤Ÿ´­˜´ÊŠš¸É˜Î µÂ®œnŠ˜ÎÉ µ„ªnµªŠÂ®ªœª°¦rÁš‡ ×¥‡nµ 6)5<br />

Ášnµ„´ NJKP ‹µ„„µ¦š—¨°Š¡ ªnµž¦·¤µ–°µ„µ«<br />

­nªœš¸É­°Š¤¸Ÿ¨˜n°­¤¦¦œ³…°ŠÁ˜µÄœ¤¸¨´„¬–³‡¨oµ¥‡¨¸Š<br />

„´ „¦–¸„µ¦«¹„¬µŸ¨„¦³š …°Š°µ„µ«­nªœš¸É®œ¹ÉŠÄœ3DUW,<br />

×¥¡ ªnµ K WK ‹³Á¡·É¤…¹ÊœÁ¤ºÉ°Á¡·É¤ž¦·¤µ–°µ„µ«­n ªœÁ„·œ<br />

×¥„µ¦Á¡·É¤ž¦·¤µ–°µ„µ«­nªœš¸ É­°Š ˜n®µ„ž¦·¤µ–<br />

°µ„µ«­nªœš¸É­°Š¤¸‡nµ¤µ„Á„·œ‹³šÎ µÄ®o‡nµK WK ¨—˜ÎÉ µ¨ŠÃ—¥<br />

š¸Éž¦· ¤µ–°µ„µ«­nªœÁ„·œ¡ ªnµÁ˜µ¤¸­¤¦¦œ³­¼Šš¸É<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­»— ×¥šÎ µÄ®oÅ—o°»–®£¼¤·š¸É˜Î µÂ®œnŠšµŠ°°„…°ŠÁ˜µ­¼Š­»—<br />

Ášnµ„´ °Š«µÁŽ¨ÁŽ¸¥­ K WK Ášnµ„´ Å—o‡nµ<br />

£µ¦³‡ªµ¤¦o°œ­¼Š­»—Ášnµ„´ 0: WK P ž¦·¤µ–<br />

„pµŽ &2 &2 ¨³ 12 [ š¸ÉÅ—o‹µ„„µ¦ÁŸµÅ®¤oÁšnµ„´ <br />

¨³ SSP š¸É2 ­nªœÁ„·œÁšnµ„´ <br />

<br />

1&„µ¦Ÿ¨·˜Á ºÊ°Á¡¨·ŠÂ…ÈŠ°´—šnŠ‹µ„„³¨µ<br />

¤³¡¦oµª—oª¥Áš‡œ·‡Á°È„Žr š¦¼ ´œÃ—¥Ä o䨵­Áž}œ<br />

˜´ªž¦³­µœ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ž¦³­µœ­·˜¥rÁ¦º°Š«´„—·Í<br />

“µœ·˜¥rÁ¤›·¥µœœšr ­¤ µ˜·Ã­£–¦–§š›·Í<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

ª´˜»ž¦³­Š‡r…°ŠŠµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µÂ¨³°°„<br />

 ­„¦¼°´—šnŠÁ ºÊ°Á¡¨·Š­Î µ®¦´ Ä oÄœ„¦³ ªœ„µ¦Á°È„Žr<br />

š¦¼ ´œÂ °´—¦¸—Á¥Èœ ¦ª¤¹Š«¹„¬µ­¤ ´˜·šµŠ„µ¥£µ¡…°Š<br />

šnŠÁ ºÊ°Á¡¨·Šš¸ÉŸ¨·˜Å— oŽ¹ÉŠª´˜» —· š¸ÉÄ oÄœ„µ¦š—¨°Š‡º°ŸŠ<br />

nµœ„³¨µ¤³¡¦oµªŸ­¤„´ ŸŠnµœÄ¥„³¨µ¤³¡¦oµª ­´—­nªœ<br />

¨³Ä o䨵­Áž}œ˜´ªž¦³­µœ ×¥‹³«¹„¬µ¹Š°·š›·<br />

¡¨…°Š­´—­nªœ„µ¦Ÿ­¤Ã¤¨µ­˜n°œÎÊ µ®œ´„…°Šª´˜»—· š¸É¤¸<br />

˜n°­¤ ´˜·šµŠ„µ¥£µ¡…°ŠÂšnŠÁ ºÊ°Á¡¨· Šš¸É°´—Å—o Ž¹ÉŠ‹³ž¦´<br />

Áž¨¸É¥œ­´—­nªœ„µ¦Ÿ­¤Ã¤¨µ­˜n°œÎ Ê µ®œ´„…°Šª´˜»—· —´Šœ¸Ê<br />

‡º° ¨³ Ž¹ÉŠ­¤ ´˜·šµŠ„µ¥<br />

£µ¡…°ŠÂšnŠÁ ºÊ°Á¡¨·Šš¸Éš—­° Å—o„ n ‡nµ‡ªµ¤®œµÂœnœ<br />

‡nµ„µ¦˜oµœšµœÂ¦Š„— ¨³‡nµ‡ªµ¤¦o°œ…°ŠÂšnŠÁ ºÊ°Á¡¨· Š<br />

Ÿ¨š¸ÉÅ—o¡ ªnµ°´˜¦µ„µ¦Ÿ¨·˜Â¨³„µ¦˜oµœšµœÂ¦Š„—…°Š<br />

šnŠÁ ºÊ°Á¡¨· Š ‹³Âž¦Ÿ´œ˜¦Š„´ ž¦·¤µ–­´—­nªœ„µ¦Ÿ­¤Ã¤<br />

¨µ­˜n°œÎÊ µ®œ´„…°Šª´˜»—· ˜n‡nµ‡ªµ¤®œµÂœnœÂ¨³„µ¦Ä o<br />

¡¨´ŠŠµœÄœ„µ¦°´—šnŠÁ ºÊ°Á¡¨·Š‹Î µÁ¡µ³‹³Âž¦Ÿ„Ÿ´œ„´<br />

ž¦·¤µ–­´—­nªœ„µ¦Ÿ­¤Ã¤¨µ­ ­Î µ®¦´ °´˜¦µ„µ¦Ÿ¨·˜ÂšnŠ<br />

Á ºÊ°Á¡¨·Š…°Š­„¦¼°´—šnŠÁ ºÊ°Á¡¨·Š¤¸‡ªµ¤‡¨µ—Á‡¨ºÉ°œ‹µ„<br />

„µ¦š—¨°Šž¦³¤µ– ×¥¤¸°´˜¦µ„µ¦Ÿ¨·˜ÂšnŠÁ ºÊ°<br />

Á¡¨·Šš¸É‡ªµ¤Á¦Èª¦° …°Š­„¦¼°´—šnŠÁ ºÊ°Á¡¨· Š¦° ˜n°<br />

œµš¸¤¸‡nµ¦³®ªnµŠNJPLQ¨³ÂšnŠÁ ºÊ°Á¡¨·Šš¸ÉÅ—o<br />

¤¸‡ªµ¤®œµÂœnœ°¥¼nÄœ nªŠ NJP Ž¹ÉŠ¤¸‡n µ<br />

„µ¦˜oµœšµœÂ¦Š„—¦³®ªnµŠ03D ­Î µ®¦´ ‡nµ<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

‡ªµ¤¦o°œ…°ŠÂšnŠÁ ºÊ°Á¡¨·Š¤¸‡n µ 0-NJ Äœ<br />

…–³š¸É¡¨´ŠŠµœ‹Î µÁ¡µ³Äœ„µ¦Ÿ¨·˜ÂšnŠÁ ºÊ°Á¡¨·Š¤¸‡n µ <br />

0-NJ<br />

1&°·š›·¡¨…°Š„µ¦„¦³‹µ¥…œµ—¦¼¡¦»œš¸É¤¸˜n°<br />

„µ¦Á‡¨ºÉ°œš¸É…°ŠœÎÊ µÄœª´­—»¦¼¡¦»œ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ž¦¸—µž¦µ„’¤µ„­¤ µ˜·Ã­£–¦–§š›·Í<br />

­¤Á„¸¥¦˜·ž¦´ µª¦µ„¦<br />

„µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦¡´•œµÂ ‹Î µ¨°ŠÃ‡¦Š…nµ¥ª´­—»<br />

¦¼¡¦»œÂ ­°Š¤·˜· Á¡ºÉ°„µ¦«¹„¬µ°·š›·¡¨…°Š¦¼žÂ „µ¦<br />

‹„‹Š…œµ—šn°¦¼¡¦»œš¸É¤¸˜n°°´˜¦µ„µ¦° ®o Š £µ¥Ä˜o<br />

­£µª³°»–®£¼¤·‡Šš¸É×¥Ä o­¤„µ¦„µ¦Â¡¦nÄœ­£µª³Å¤n‡Š˜´ª<br />

˜µ¤„’…°Š¢d‡ ¤µ°›· µ¥„¨Å„„µ¦Á‡¨ºÉ°œš¸É…°ŠœÎÊ µÄœª´­—»<br />

¦¼¡¦»œ ×¥¦¼¡¦»œ¤¸¦¼žÂ ­»n¤„µ¦Â‹„‹ŠÂ Á­oœÃ‡oŠž„˜·<br />

¨³„µ¦Â‹„‹ŠÂ Á°„¦¼ž£µ¥Ä˜o¢{Š„r ´œ‡ªµ¤®œµÂœnœ<br />

…°Š‡ªµ¤œnµ‹³Áž}œ Ÿ¨…°Š„µ¦Â‹ŠÂ‹Š…œµ—¦¼¡¦»œš¸É¤¸ ˜n°<br />

°´˜¦µ„µ¦Á‡¨ºÉ°œš¸É…°ŠœÎ Ê µ£µ¥ÄœÃ‡¦Š…nµ¥¦¼¡¦»œ°›· µ¥—oª¥<br />

‡nµ‡ªµ¤ ºÊœÁŒ¨¸É¥Â¨³š´«œ³„µ¦„¦³‹µ¥‡ªµ¤ ºÊœ£µ¥ÄœÃ‡¦Š<br />

…nµ¥Ž¹ÉŠÂ­—ŠÁž}œ‡ªµ¤Á…o¤­¸¦³—´ Ášµ Ÿ¨„µ¦«¹„¬µ¡ ªnµ<br />

Á¤ºÉ°Áž¨¸É¥œ¨´„¬–³šµŠÃ‡¦Š­¦oµŠ…°ŠÃ‡¦Š…nµ¥Ä®oÁž}œ<br />

¦³Á ¸¥ Äœ¨´„¬–³Â „oœ®°¥ 6SLUDO ¡ ªnµÃ‡¦Š…nµ¥š¸É<br />

‹´—Á¦¸¥ŠÂ ,QZDUG VSLUDOÄ®o„µ¦Â¡¦n…°ŠœÎÊ µ—¸„ªnµÃ‡¦Š<br />

…nµ¥š¸ÉÁ¦¸¥ŠÂ 2XWZDUGVSLUDO<br />

1&„µ¦¡´•œµÂ ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r<br />

„µ¦° ®oŠ´ÉªÁ®¨º°ŠÃ—¥Áš‡œ·‡¢¨¼°·Å—Á ——oª¥<br />

Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠ<br />

œ´„ª·‹´¥ ¦˜·¥µ›»ª¡µ–· ¥µœ´œšr<br />

­¤ µ˜·Ã­£–¦–§š›·Í<br />

­¤Á„¸¥¦˜·ž¦´ µª¦µ„¦<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨


¦µ µ°°¦r‡·—‹…°œÂ„nœ®œoµ<br />

Šµœª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡º É°¡´•œµÂ ‹Î µ¨°Š<br />

šµŠ‡–·˜«µ­˜¦r „µ¦° ®oŠ´ÉªÁ®¨º°ŠÃ—¥Áš‡œ·‡¢¨¼°·Å—<br />

Á ——oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠÁ¡ºÉ°šÎ µœµ¥°´˜¦µ„µ¦° ®oŠ ¨³<br />

«¹„¬µ°·š›·¡¨…°Š˜´ªÂž¦š¸É¤¸Ÿ¨˜n°°´˜¦µ„µ¦° ®o Š Á nœ<br />

°»–®£¼¤·…°ŠÅ°œÎÊ µ¦o°œ¥ª—¥·ÉŠ ‡ªµ¤­¼ŠÁ — ¨³‡ªµ¤ ºÊœ<br />

Á¦·É¤˜o œ…°Š´ÉªÁ®¨º°Š ­Î µ®¦´  ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦rš¸É<br />

¡´•œµ…¹Êœœ´ Êœ‹³Ä o­¤„µ¦„µ¦nµ¥¤ª¨Â¨³‡ªµ¤¦o°œÄœ„µ¦<br />

°›· µ¥„¦³ ªœ„µ¦° ®oŠ ×¥„¦³ ªœ„µ¦° ®oŠ´Éª<br />

Á®¨º°Š—oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠ‹³Â nŠ°°„Áž}œ nªŠ‡º° nªŠ<br />

Á¡·É¤°»–®£¼¤·…°Š´ÉªÁ®¨º°Š +HDW XS 3HULRG ¨³ nªŠ<br />

°´˜¦µ„µ¦° ®oŠ¨—¨Š )DOOLQJ 5DWH 3HULRG Â<br />

‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦rš¸É¡´•œµ…¹ Êœ­µ¤µ¦šÎ µœµ¥°´˜¦µ<br />

„µ¦° ®oŠÅ—oÄ„¨oÁ‡¸¥Š„´ Ÿ¨„µ¦š—¨°Š ×¥˜´ªÂž¦š¸É¤¸<br />

°·š›·¡¨˜n°°´˜¦µ„µ¦° ®oŠš¸É­Î µ‡´ Å—o„n °»–®£¼¤·…°Š<br />

Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠÂ¨³‡ªµ¤ ºÊœÁ¦· ɤ˜oœ…°Š´ ɪÁ®¨º°Š ×¥<br />

°»–®£¼¤·…°ŠÅ°œÎÊ µ¦o°œ¥ª—¥·ÉŠÂ¨³‡ªµ¤ ºÊœÁ¦· ɤ˜oœ…°Š´ ɪ<br />

Á®¨º°Š­¼Š‹³Ä®o°´˜¦µ„µ¦° ®oŠ­¼Š ­nªœ‡ªµ¤­¼ŠÁ —œ´Êœ¤¸<br />

Ÿ¨˜n°°´˜¦µ„µ¦° ®oŠœo°¥<br />

1&„µ¦° ®oŠŸ¨Å¤o¨³­¤»œÅ¡¦Ã—¥Ä ož{€¤<br />

‡ªµ¤¦o°œ¦nª¤„´ °·œ¢¦µÁ¦—Å„¨<br />

œ´„ª·‹´¥ «¦¸¤µÂ‹o‡Î<br />

µ­¤ µ˜·Ã­£–¦–§š›·Í<br />

°—·«´„—·Íœµ„¦–„»¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«Åš¥<br />

Á¤¬µ¥œ­µ ´œÁš‡ÃœÃ¨¥¸<br />

¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦¨µ—„¦³ ´Š<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÅ—ošÎ µ„µ¦«¹„¬µª·‹´¥ „µ¦° ®oŠŸ¨Å¤o<br />

¨³­¤»œÅ¡¦Ã—¥Ä ož{€¤‡ªµ¤¦o°œ¦nª¤„´ ¦´Š­¸°·œ¢¦µÁ¦—<br />

Å„¨Ã—¥šÎ µ„µ¦š—¨°Š° ®oŠ¤³¨³„°Á­oœ…nµÂ¨³˜³Å‡¦o<br />

˜¨°—‹œ«¹„¬µ¹Šž{‹‹´¥š¸É¤¸Ÿ¨˜n°ž¦³­·š›·£µ¡Äœ„µ¦<br />

šÎ µŠµœ…°ŠÁ‡¦ºÉ°Š° ®oŠÂ ž{€¤‡ªµ¤¦o°œ¦nª¤„´ ¦´Š­¸<br />

°·œ¢¦µÁ¦—Å„¨ Äœ„µ¦«¹„¬µÄ o°»–®£¼¤·Äœ„µ¦° ®oŠ <br />

°Š«µÁŽ¨ÁŽ¸¥­ °»–®£¼¤·‡ª ‡»¤„µ¦Ážd—žd—šnŠ¦´Š­¸<br />

°·œ¢¦µÁ¦—Å„¨ °Š«µÁŽ¨ÁŽ¸¥­ Ÿ¨„µ¦«¹„¬µ¡ ªnµ<br />

Ÿ¨·˜£´–”rš¸É‡ªµ¤ ÊœÁ¦· º ɤ˜oœ­¼Š¦´Š­¸°·œ¢¦µÁ¦—Å„¨ nª¥¨—<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Áª¨µÄœ„µ¦° ®oŠÅ—o¤µ„š¸É­» — nª¥Ä®oŸ¨·˜£´–”rÄœ®o°Š°<br />

®oŠ¤¸„µ¦„¦³‹µ¥˜´ª…°Š‡ªµ¤ ºÊœ­¤Î É µÁ­¤°Â¨³‡»–£µ¡<br />

—oµœ­¸…°ŠŸ¨·˜£´–”r°¥¼nÄœÁ„–”r—¸ „µ¦° ®oŠ¤³¨³„°Á­oœ<br />

Ž¹ÉŠ¤¸‡ªµ¤ ºÊœÁ¦·É ¤˜oœÁž°¦rÁŽÈœ˜r ¤µ˜¦“µœÂ®oŠ nª¥<br />

¨—Áª¨µÄœ„µ¦° ®oŠÅ—o¤µ„š¸É­»—Ášnµ„´ ¨—„µ¦­·Êœ<br />

Áž¨º°Š¡¨´ŠŠµœ‹Î µÁ¡µ³ ‡nµ­¤¦¦œ³…°Šž{€¤‡ªµ¤¦o°œ<br />

Ášnµ„´ ¨³‹µ„„µ¦ª·Á‡¦µ³®ršµŠ—oµœÁ«¦¬“«µ­˜¦r<br />

Á¤ºÉ°Ä o¤³¨³„°Á­oœÁž}œŸ¨·˜£´–”rÄœ„µ¦° ®o Š ¡ ªnµ<br />

Á‡¦ºÉ°Š° ®oŠÂ ž{€¤‡ªµ¤¦o°œ¦nª¤„´ ¦´Š­¸ °·œ¢¦µÁ¦—Å„¨<br />

¤¸¦³¥³Áª¨µ„µ¦‡ºœš»œÁ¦Èª„ªnµÁ‡¦º É°Š° ®oŠÂ ž{€¤‡ªµ¤<br />

¦o°œž¦³¤µ–Á—º°œ<br />

1&‡ªµ¤ ºÊœ­¤—»¨Â¨³­¤„µ¦„µ¦° ®oŠ…°Š<br />

Ä ®¤n°œ<br />

œ´„ª·‹´¥ ›œµ„¦ ¼¦–Á¡ ¦­¤ µ˜·Ã­£–¦–§š›·Í<br />

–´“¡¨£¼¤·­³°µ—<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

ª´˜»ž¦³­Š‡r…°ŠŠµœª·‹´¥œ¸ÊÁ¡ºÉ°­¦oµŠ­¤„µ¦ <br />

‹¨«µ­˜¦r…°Š„µ¦° ®oŠÄ ®¤n°œ Ž¹ÉŠž¦³„° Åž—jª¥<br />

­¤„µ¦‡ªµ¤ ºÊœ­¤—»¨Â¨³­¤„µ¦° ®oŠ ´Êœ µŠ­Î µ®¦´ <br />

Ä ®¤n°œ­°Š¡´œ›»r‡º° ¡´œ›»rœ‡¦¦µ ­¸¤µ ¨³¡´œ›»r<br />

»¦¸¦´¤¥r ×¥‡ªµ¤ ºÊœ­¤—»¨šÎ µ„µ¦š—¨°Šš¸É°»–®£¼¤·<br />

q&¨³‡ªµ¤ ºÊœ­´¤¡´š›r…°Š°µ„µ«¡<br />

ªnµ‡ªµ¤ ºÊœ­¤—»¨…°ŠÄ ®¤n°œ¨—¨Š˜µ¤°»–®£¼¤· ¨³Á¡·É¤<br />

…¹Êœ˜µ¤‡ªµ¤ Êœ­´¤¡´š›r º ­¤„µ¦Äœ¦¼žÂ …°Š +DOVH\<br />

­µ¤µ¦šÎ µœµ¥Ÿ¨„µ¦š—¨°Š‡ªµ¤ ºÊœ­¤—»¨Å—o—¸š¸ É­»—<br />

­Î µ®¦´ Ä ®¤n°œš´ÊŠ­°Š¡´œ›»r Äœ­nªœ…°Š„µ¦° ®oŠ ´Êœ µŠ<br />

Ž¹ÉŠš—¨°Šš¸É°»–®£¼¤· q& ‡ªµ¤Á¦Èª…°Š°µ„µ«<br />

Äœ®o°Š° ®oŠÁ¤˜¦˜n°ª·œµš¸¡ ªnµÄ ®¤n°œš´ÊŠ­°Š<br />

¡´œ›»rÄ®oŸ¨š¸ÉÁ®¤º°œ„´œ‡º°°´˜¦µ„µ¦° ®oŠÁ¡· ɤ…¹ Êœ˜µ¤<br />

°»–®£¼¤·Â¨³­¤„µ¦…°Š 3DJH ­µ¤µ¦°›· µ¥Ÿ¨„µ¦<br />

š—¨°ŠÅ—o—¸„ªnµ­¤„µ¦° ®oŠ„¹ÉŠš§¬’¸<br />

1&„µ¦š—­° ­¤¦¦œ³…°ŠÁ‡¦ºÉ°Š°»nœ°µ„µ«<br />

 šn°‡ªµ¤¦o°œ œ·—­´Éœž¨µ¥žd—­Î µ®¦´ Á‡¦ºÉ°Š<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

° ®oŠ<br />

œ´„ª·‹´¥ ª·¦·¥³Â—Ššœ­´¤¡´œ›r§š›·ÍÁ— <br />

<br />

­¤ µ˜·Ã­£–¦–§š›·Í<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á‡¦º°…nµ¥ª·«ª„¦¦¤<br />

Á‡¦ºÉ°Š„¨Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤ÃŽ¢dÁš¨<br />

¦µ µ°°¦r‡·—‹…°œÂ„nœ<br />

®œoµ<br />

„µ¦«¹„¬µ‡¦´ÊŠœ¸ÊÁž}œ„µ¦«¹„¬µÁ¡ºÉ°°°„ ­¦oµŠ<br />

¨³š—­° Á‡¦ºÉ°Š°»nœ°µ„µ«Â šn°‡ªµ¤¦o°œ œ·—­´Éœ<br />

ž¨µ¥žd— &(2+3 $LUSUHKHDWHU ­Î µ®¦´ Á‡¦ºÉ°Š°<br />

®oŠÁ‡¦ºÉ°Š°»nœ°µ„µ«Â &(2+3ž¦³„° —oª¥­nªœ<br />

‡º°„¨n°Š­Î µ®¦´ ˜·—˜´ÊŠ »—šn°‡ªµ¤¦o °œ &(2+3¨³°¸„<br />

­nªœ‡º°šn°‡ªµ¤¦o°œ&(2+3¤¸®œoµš¸ÉÁž}œ˜´ª„¨µŠÄœ„µ¦<br />

¨„Áž¨¸É¥œ‡ªµ¤¦o °œ ž¦³„° —oª¥ ­nªœ‡º° ­nªœšÎ µ<br />

¦³Á®¥ ­nªœ„´œ‡ªµ¤¦o°œÂ¨³ ­nªœ‡ª Âœnœ &(2+3<br />

Ÿ¨·˜‹µ„šn°š°ŠÂ—Š Á­oœŸnµœ«¼œ¥r„¨µŠ£µ¥Äœ P<br />

‹Î µœªœ »—‡ªµ¤¥µª—oµœ‡ª ÂœnœÂ¨³­nªœ¦³Á®¥¥µª<br />

P Äœ„µ¦š—¨°Š‹³Ä o°»–®£¼¤·¨¤¦o°œš¸ÉÁ…oµ­nªœ<br />

¦³Á®¥Áž}œ q& š¸É‡ªµ¤Á¦È ª¨¤¦o°œ PV<br />

°»–®£¼¤·°µ„µ«­—q& ­µ¦šÎ µŠµœ‡º°œÎÊ µ5E¨³<br />

5š¸É°´˜¦µ„µ¦Á˜·¤­µ¦…°Šž¦·¤µ˜¦š´ÊŠ®¤—¨³<br />

‹Î µœªœÃ‡oŠÁ¨¸Ê¥ª…°Ššn ° &(2+3 ¨³ ‹µ„„µ¦<br />

š—¨°Š¡ ªnµÁ¤ºÉ°°»–®£¼¤·¨¤¦o°œÁ¡·É¤…¹Êœ‹µ „¹Šq<br />

& ‡nµ…°Šž¦³­·š›·Ÿ¨…°ŠÁ‡¦ºÉ°ŠÂ¨„Áž¨¸É¥œ‡ªµ¤¦o°œ‹³<br />

Á¡·É¤…¹ÊœÁž}œ˜µ¤¨Î µ—´ Á¤ºÉ°‹Î µœªœÃ‡oŠ<br />

Á¨¸Ê¥ªÁ¡·É¤…¹ Êœ ‡nµž¦³­·š›·Ÿ¨…°ŠÁ‡¦ºÉ°ŠÂ¨„Áž¨¸É¥œ‡ªµ¤<br />

¦o°œ‹³Á¡·É¤…¹ÊœÁž} œ ˜µ¤¨Î µ—´ Á¤ºÉ°<br />

Áž¨¸É¥œ­µ¦šÎ µŠµœ£µ¥Äœ‹µ„œÎÊ µÁž}œ 5E ¨³ 5<br />

‡nµž¦³­·š›·Ÿ¨…°ŠÁ‡¦ºÉ°ŠÂ¨„Áž¨¸É¥œ‡ªµ¤¦o°œ‹³Á¡·É¤…¹ Êœ<br />

Áž}œ˜µ¤¨Î µ—´<br />

1&„µ¦° ®oŠ…oµªœ¹ÉŠ­Î µ®¦´ …oµª®°¤Ã—¥<br />

Áš‡œ·‡¢¨¼°·Å—ŽrÁ ——oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠ<br />

œ´„ª·‹´¥ ´¥¥Š‡rÁ˜ ³Å¡Ã¦‹œrÁŒ¨·¤¡¦Á°¸É¥¤¤· <br />

¡´ ¦¸˜´ÊŠ˜¦³„¼¨­¤ µ˜·Ã­£–¦–§š›·Í<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

<br />

Šµœª·‹´¥œ¸ÊÅ—o«¹„¬µ„µ¦° ®oŠ…oµªœ¹ÉŠ­Î µ®¦´ …oµª<br />

®°¤—oª¥Á‡¦ºÉ°Š¢¨¼°·Å—ŽrÁ —¤¸Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠÁž}œ˜´ª„¨µŠ<br />

Ž¹ÉŠ¡·‹µ¦–µ¹Š°·š›·¡¨…°Š¦³¥³Áª¨µÄœ„µ¦Â n…oµªÁž¨º°„<br />

¨³¦³¥³Áª¨µš¸ÉÄ oÄœ„µ¦° ®oŠš¸ ɤ¸˜n°„µ¦Á¡·É¤ž¦·¤µ–˜oœ<br />

…oµª ­¸ :KLWH EHOO\ ‡»–£µ¡„µ¦®»Š˜o¤Â¨³„µ¦Á„·—<br />

JHODWLQL]DWLRQ šÎ µ„µ¦š—¨°ŠÃ—¥Ä o…oµªÁž¨º°„š¸É¤¸<br />

‡ªµ¤ ºÊœÁ¦·É ¤˜oœ„n°œÂ nGE nÄœœÎÊ µ°»–®£¼¤·<br />

q& Áž}œÁª¨µ ´ÉªÃ¤Š ‹µ„œ´ÊœœÎ µ¤µ° ®oŠ š¸É<br />

°»–®£¼¤·° ®oŠ q& Áž}œ¦³¥³Áª¨µ œµš¸<br />

‡ªµ¤Á¦Èª…°ŠÅ°œÎÊ µ¦o°œ¥ª—¥·ÉŠÁšnµ„´ PV ¨³‡ªµ¤<br />

­¼Š…°ŠÁ — FP ‹µ„Ÿ¨„µ¦«¹„¬µ¡ ªnµ „µ¦Â n¨³<br />

„µ¦° ®oŠ­µ¤µ¦Á¡·É¤ž¦·¤µ–˜oœ…oµªÅ—o­¼Š­» — <br />

Á¤ºÉ°ÂÁž}œ¦³¥³Áª¨µ n ´ÉªÃ¤ŠÂ¨³„µ¦° ®oŠœµš¸Ã—¥<br />

‡»–£µ¡—oµœ‡ªµ¤…µª ‹³¨—¨Š˜µ¤Áª¨µš¸ÉÁ¡·É¤…¹Êœ…°Š„µ¦<br />

 n¨³„µ¦° ®oŠ ­nªœ :KLWH %HOO\ ‹³Á¡·É¤­¼Š…¹Êœ„ªn µ<br />

…oµª°oµŠ°·Šš»„ÁŠºÉ°œÅ…„µ¦š—¨°Š œ°„‹µ„œ¸Ê ‹µ„„µ¦<br />

ª·Á‡¦µ³®r„µ¦Á„·—JHODWLQL]DWLRQ—oª¥Á‡¦ºÉ°Š'6&…oµªš¸É<br />

 nœµœ ´ÉªÃ¤ŠÂ¨³° ®o Š œµš¸ Á„·—„µ¦<br />

JHODWLQL]DWLRQ ¤µ„„ªnµ…oµªš¸É nÁž}œ¦³¥³Áª¨µ ´ÉªÃ¤Š<br />

¨³° ®oŠ œµš¸Ã—¥¤¸ 'HJUHH RI JHODWLQL]DWLRQ<br />

Ášnµ„´ ¨³˜µ¤¨Î µ—´<br />

1&„µ¦«¹„¬µÂœªšµŠ„µ¦¨—‡ªµ¤ ºÊœ…°Š…oµª<br />

­µ¨¸—oª¥Â„¨<br />

œ´„ª·‹´¥ ¥»š›œµ’·¦³ª–· ¥r„»¨Á‡œ°· ·°·ÃœÁ°³<br />

Ú¦»±µ¥µ ·­¤ µ˜·Ã­£–¦–§š›·Í<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

ª´˜»ž¦³­Š‡r…°ŠŠµœª·‹´¥œ¸ÊÁ¡ºÉ°«¹„¬µ„µ¦¨—<br />

‡ªµ¤ ºÊœÁ¤¨È—¡º ץ„¨ Ž¹ÉŠ¤¸…o°—¸ ‡º°¤¸‡ªµ¤­·ÊœÁž¨º°Š<br />

¡¨´ŠŠµœ˜ÎÉ µÂ¨³Áž}œ„µ¦œÎ µª´­—»Á®¨º°Ä ošµŠ„µ¦Á„¬˜¦¤µÄ o<br />

ž¦³Ã¥ œr¨³Â ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r¼„¡´•œµ…¹Êœ<br />

1DWLRQDO&RQIHUHQFH


Á¡ºÉ°Ä ošÎ µœµ¥‡ªµ¤ ºÊœš¸ ÉÁž¨¸É¥œÂž¨Š…°ŠÁ¤¨È—¡º ¦³®ªnµŠ<br />

nªŠÁª¨µ° ®oŠ Ÿ¨„µ¦šÎ µœµ¥¡ ªnµ °´˜¦µ„µ¦° ®oŠ…¹Êœ<br />

„´ °´˜¦µ­nªœ¤ª¨ ®¦º°ž¦·¤µ˜¦ Ÿ­¤¦³®ªnµŠÁ¤¨È—¡º<br />

„´ „¨ ¨³‡nµ‡ªµ¤ ºÊœÁ¦· ɤ˜oœ…°ŠÁ¤¨È—¡º ¨³Â„¨<br />

Ÿ¨„µ¦š—¨°Š¨—‡ªµ¤ ºÊœ…oµª­µ¨¸—oª¥Â„¨ š¸É‡ªµ¤ ºÊœÁ¦·É ¤<br />

˜oœÂ¨³¤µ˜¦“µœÁže¥„˜µ¤¨Î µ—´ š¸É°´˜¦µ<br />

­nªœ˜n°Ã—¥ž¦·¤µ˜¦¡ ªnµ°´˜¦µ­nªœ„µ¦° ®oŠ<br />

‡n°œ…oµŠ oµÁœºÉ°Š‹µ„‡ªµ¤ ÊœÁ¦· º ɤ˜oœ…°Š…oµª­µ¨¸­¼Š¤µ„<br />

°¥nµŠÅ¦„È—¸Ÿ¨…°ŠÂ ‹Î µ¨°ŠÂ¨³Ÿ¨„µ¦š—¨°Š¤¸‡ªµ¤<br />

­°—‡¨o°Š„´œ —´Šœ´Êœ„µ¦¨—‡ªµ¤ Êœ…°ŠŸ¨·˜£´–”r—oª¥<br />

º<br />

„¨ ‹¹ŠÁž}œÁš‡œ·‡š¸É­µ¤µ¦œÎ µ¤µÄ oŠµœÅ—oÄœšµŠž’· ´˜·<br />

1&„µ¦Ä o¡´—¨¤¦³ µ¥°µ„µ«Â ˜n°˜¦Š„´<br />

ÁŽ¨¨r­Š°µš·˜¥rÁ¡ºÉ°‡ª ‡»¤°»–®£¼¤·£µ¥ÄœÃ¦Š<br />

Á¦º°œ¡¨µ­˜·„Äœ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

„§ ˜¦µ ¼«·¦· ´¥Áš¡µ<br />

„µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÅ—oœÎ µÁ­œ°Â ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r<br />

…°Š°»–®£¼¤·ÄœÃ¦ŠÁ¦º°œ¡¨µ­˜·„Ä­ š¸ÉÁ„·—‹µ„„µ¦¦³ µ¥<br />

°µ„µ«—oª¥ª·›¸„µ¦šÎ µ‡ªµ¤Á¥ÈœÂ ¦³Á®¥ ×¥„µ¦¦³ µ¥<br />

°µ„µ«‹³Ä o¡´—¨¤„¦³Â­˜¦Šš¸É˜n°˜¦Š‹µ„ÁŽ¨¨r­Š<br />

°µš·˜¥r¦³ µ¥°µ„µ«Á¡ºÉ°¨—°»–®£¼¤·£µ¥ÄœÃ¦ŠÁ¦º°œ Äœ<br />

„µ¦«¹„¬µ‹³Ä oª·›¸„µ¦­¦oµŠÃ¦ŠÁ¦º°œ‹Î µ¨°Š…œµ— [<br />

P ­¼Š P  ®œoµ‹´Éªš¸É‡¨»¤—oª¥¢d¨r¤¡¨µ­˜·„Ä­<br />

39&®œµPP ªµŠ œ¡¸Êœš¦µ¥®œµP ˜µ¤<br />

Âœª Á®œº° y Ęo ×¥š·«Ä˜o˜·—Ÿnœ¦³Á®¥œÎÊ µ …œµ—<br />

; P ®œµ P ¨³š·«Á®œº°˜·—˜´ÊŠ¡´—¨¤<br />

„¦³Â­˜¦Š…œµ— YROWV $PSV ˜´ª š¸É°µ«´¥<br />

„Î µ¨´ŠÅ¢¢jµ‹µ„ÁŽ¨¨r­Š°µš·˜¥rÁž}œÂ®¨nŠ¡¨´ŠŠµœ Ÿ¨„µ¦<br />

š—¨°ŠÃ—¥Áž¦¸¥ Áš¸¥ ¦³®ªnµŠ…o°¤¼¨š¸ÉÅ—o„´  ‹Î µ¨°Š<br />

šµŠ‡–·˜«µ­˜¦r¡ ªnµ °»–®£¼¤·°µ„µ«£µ¥ÄœÃ¦ŠÁ¦º°œ¤¸‡nµ<br />

Ä„¨oÁ‡¸¥Š„´œ<br />

1&Á‡¦ºÉ°Š„„¨¼„Å„n¡¨´ŠŠµœÂ­Š°µš·˜¥r<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

œ´„ª·‹´¥ œ§ —¸«¦¸­´Š…rÁ¡ ¦¦´˜œr‡»–µœ¡¦´˜œr<br />

«·¦· ´¥Áš¡µ¡· ´¥œµ¤ž¦³„µ¥<br />

¦´˜œ ´¥Å¡¦·œš¦r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸Ê¤¸ª´˜»ž¦³­Š‡rÁ¡ºÉ°¡´•œµÁ‡¦ºÉ°Š„„¨¼„Å„n<br />

š¸ÉœÎ µ¡¨´ŠŠµœÂ­Š°µš·˜¥r¤µž¦³¥»„˜rÄ oÄœ„µ¦„„¨¼„Å„n ×¥<br />

Á‡¦ºÉ°Š„„¨¼„Å„n¡¨´ŠŠµœÂ­Š°µš·˜¥r¤¸­nªœž¦³„° ®¨´„Ç<br />

‡º° ˜´ªÁ„È ¦´Š­¸°µš·˜¥ršÎ µ®œoµš¸ÉŸ¨·˜œÎÊ µ¦o°œ‹µ„­Š°µš·˜¥r<br />

´ŠÁ„È œÎÊ µ¦o°œ…œµ—[[P šÎ µ®œoµš¸É„´„Á„È µ œÎÊ<br />

¦o°œš¸ÉŸ¨·˜Å—o °»ž„¦–r¨„Áž¨¸É¥œ‡ªµ¤¦o°œ­Î µ®¦´ nµ¥Áš<br />

‡ªµ¤¦o°œ­¼n‡°„„„š¸ÉÄ o„„¨¼„Å„n®o°Šž¦´ °µ„µ«…œµ—<br />

[[ P Á¡ºÉ°‹Î µ¨°Š­£µ¡°µ„µ«š¸É®œµªÁ¥ÈœšµŠ£µ‡<br />

Á®œº°š¸É¤¸°»–®£¼¤·ÁŒ¨¸É¥°¥¼nš ¸Éq& ×¥´ŠÁ„È œÎÊ µ¦o°œ<br />

‹³œÎ µÅžž¦³„° Á…oµ„´ ˜´ªÁ„È ¦´Š­¸…œµ—P ‹Î µœªœ<br />

»— ˜n°Â °œ»„¦¤ ¨³ž¦³„° Á…oµ„´ »—°»ž„¦–r¨„<br />

Áž¨¸É¥œ‡ªµ¤¦o°œ Ž¹ÉŠ »—°»ž„¦–r¨„Áž¨¸É¥œ‡ªµ¤¦o°œš¸ÉÄ o<br />

Äœ„µ¦š—¨°Š¤¸  —oª¥„´œ‡º° »—¨„Áž¨¸É¥œ‡ªµ¤<br />

¦o°œÂ ´Š‡´ Ž¹ÉŠ‹³Ä o¡´—¨¤„¦³Â­˜¦Š…œµ— YROWV<br />

˜·—˜´ÊŠÁ®œº°®¤o°œÎÊ µ¦¥œ˜r…œµ— [ P Á¡ºÉ°—¼—<br />

°µ„µ«Ä®oÅ®¨Ÿnµœ®¤o°œÎÊ µ¨Š­¼n¡ºÊœš¸É„„¨³ »—¨„Áž¨¸É¥œ<br />

‡ªµ¤¦o°œÂ ›¦¦¤ µ˜· Ž¹ÉŠÅ—o°°„ Ūo ¦¼žÂ —oª¥<br />

„´œÂ š¸É ‹³Ä o…—¨ª—‡ªµ¤¦o°œ…œµ—Z ˜·—°¥¼n<br />

Ęõ ´ª­³šo°œ¦´Š­¸‡ªµ¤¦o°œ ×¥˜´ª­³šo°œ¦´Š­¸‡ªµ¤¦o°œ‹³<br />

šÎ µ‹µ„­´Š„³­¸Â¨³¤¸¨´„¬–³Áž}œ¦¼žš¦Š„¦ª¥˜´—ž¨µ¥ Â<br />

š¸É‹³Ä ošn°š°ŠÂ—Š…œµ—Á­oœŸnµœ«¼œ¥r„¨µŠÁ¤˜¦<br />

˜·—°¥¼ nĘo˜´ª­³šo°œ¦´Š­¸‡ªµ¤¦o°œ ×¥˜´ª­³šo°œ¦´Š­¸‡ªµ¤<br />

¦o°œ‹³šÎ µ‹µ„­´Š„³­¸Â¨³¤¸¨´„¬–³Áž}œ¦¼žš¦Š¡µ¦µÃ ¨µŽ¹ÉŠ<br />

Ĝ š¸É‹³¤¸„µ¦šÎ µ‡ªµ¤¦o°œ—oª¥„µ¦ŸnµœœÎÊ µ¦o°œÁ…oµÅž<br />

Äœšn°š°ŠÂ—ŠŸ¨š¸ÉÅ—o¡ ªnµ »—¨„Áž¨¸É¥œ‡ªµ¤¦o °œÂ<br />

´Š‡´ Á®¤µ³­¤š¸É‹³œÎ µ¤µÄ oÄœ„µ¦„„¨¼„Å„n¤µ„š¸É­» — Á¤ºÉ°<br />

œÎ µ¤µ¡·‹µ¦–µÁž¦¸¥ Áš¸¥ „´ »—¨„Áž¨¸É¥œ‡ªµ¤¦o°œÄœ<br />

¦¼žÂ °ºÉœ ÁœºÉ°Š‹µ„¤¸„µ¦„¦³‹µ¥°»–®£¼¤·š¸ ÉÁ®¤µ³­¤<br />

q& ¨³‡¦° ‡¨»¤¡ºÊœš¸ÉÄœ„µ¦„„š¸É¤µ„„ªn µ<br />

¤¸‡nµÄ o‹nµ¥Äœ„µ¦­¦oµŠš¸É˜ÎÉ µ ¨³Ä o¡¨´ŠŠµœÂ­Š<br />

°µš·˜¥rÁž}œÂ®¨nŠ¡¨´ŠŠµœŽ¹ÉŠÁž}œ„µ¦ž¦³®¥´—¡¨´ŠŠµœÂ¨³<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Ťn„n°Ä®oÁ„·—¤¨£µª³<br />

1&­¤ ´˜·‡ªµ¤Áž}œŒœªœ‡ªµ¤¦o°œ…°ŠÁ­oœÄ¥<br />

ž°Â„oª<br />

œ´„ª·‹´¥ œ·¤·˜¨º°ž¦³Á­¦·“Ä«¨—Î<br />

<br />

µ­·¤<br />

¡´•œ³¦´„‡ªµ¤­»…°œ»­¦µ«¦¸­¦ª¨<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µÁ ºÊ°Š˜oœÁ„¸É¥ª„´ ­¤ ´˜·<br />

‡ªµ¤Áž}œŒœªœ‡ªµ¤¦o°œ…°ŠÁ­oœÄ¥ž°Â„oª —oª¥ª´˜»<br />

ž¦³­Š‡rÄœ„µ¦¡´•œµÁ­oœÄ¥›¦¦¤ µ˜·Á¡ºÉ°š—šœÁ­oœÄ¥<br />

­´ŠÁ‡¦µ³®rš¸ÉÄ oÄœ„µ¦Ÿ¨·˜Œœªœ‡ªµ¤¦o°œ ×¥„µ¦œÎ µÁ­oœ<br />

Ä¥ž°Â„oª¤µšÎ µ„µ¦ž¦´ ž¦»Š­¤ ´˜· ‹µ„œ´Êœ„ȜΠµÅžŸiµœ<br />

„¦³ ªœ„µ¦…¹Êœ¦¼ žÁž}œÂŸnœŒœªœÁ¤ºÉ°Å—oŸnœŒœªœÂ¨oª‹¹Š<br />

œÎ µÂŸnœŒœªœš¸ÉÅ—oÅžšÎ µ„µ¦®µ‡nµ„µ¦œÎ µ‡ªµ¤¦o°œ ‹µ„Ÿ¨<br />

„µ¦š—­° ŸnœŒœªœÂ˜n¨³ÂŸnœš¸ÉÅ—o¡ ªn µ Œœªœš¸ÉŸ¨·˜<br />

Å—o¤¸‡nµ„µ¦œÎ µ‡ªµ¤¦o°œ°¥¼nÄœ nªŠ ¹Š <br />

:P. Ž¹ÉŠÄ®oŸ¨Ä„¨oÁ‡¸¥Š„´ ŒœªœÄœÁ ·Š¡µ–· ¥r —´Šœ´Êœ<br />

‹µ„Ÿ¨„µ¦ª·‹´¥œ¸Ê­—ŠÄ®oÁ®Èœªn µ ¤¸‡ªµ¤Áž}œÅžÅ—o°¥nµŠ¥·ÉŠ<br />

Äœ„µ¦œÎ µÁ­oœÄ¥ž°Â„oª¤µŸ¨·˜Áž}œŒœªœ‡ªµ¤¦o°œÁ¡ºÉ°š—<br />

šœŒœªœ‡ªµ¤¦o°œ‹µ„Á­oœÄ¥­´ŠÁ‡¦µ³®r<br />

1&/2:&26763,1&2$7('0(+<br />

339& %/(1'62/$5&(//6<br />

œ´„ª·‹´¥ ´ œµ›œ ¥µœœšr­¤ » ­®­·š›·ª´•œr<br />

¨³°°Š—µªÁ¤nœ µŠŸ¹ÊŠ<br />

«»£§„¬r°´‡¦ª·š¥¡´œ›»r<br />

š·¡¦´˜œr­»…»¤µœœšr¡´•œ³¦´„‡ªµ¤­»…<br />

«·¦·¡¦¦–‹´œš¦µ­„»¨<br />

—µ¦µ£¦–rÁ˜¦¸¥¤Ã¡›·Íšª¸ ´¥°¤¦«´„—·Í ´¥<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤šµŠª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸ª´­—»Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

­·Š®µ‡¤Ã¦ŠÂ¦¤¤·¦µÁ‡·¨<br />

„¦œ—r„¦»ŠÁš¡²®œoµ<br />

,Q WKLV SDSHU D SUHOLPLQDU\ DWWHPSW WR<br />

PDNH VRODU FHOOV IURP FRQMXJDWHG SRO\ ><br />

PFWKR[\HWK\OKH[\OR[\SKHQ\OHQH<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

YLQ\OHQH 0(+339 SRO\PHU DQG IXOOHUHQH<br />

EOHQGPDWHULDOV\VWHPLVSUHVHQWHG0(+339LVD<br />

KROH WUDQVSRUW PDWHULDO ZKHUHDV IXOOHUHQH LV DQ<br />

HOHFWURQWUDQVSRUWPDWHULDO7KUHHPDLQLPSRUWDQW<br />

SDUWVRIVRODUFHOOVWUXFWXUHVDUHEHLQJLQYHVWLJDWHG<br />

FDUHIXOO\ 7KHVH SDUWV DUH IURQW HOHFWURGH FDUULHU<br />

WUDQVSRUW OD\HUV DQG EDFN PHWDO HOHFWURGH 7KH<br />

IURQW HOHFWURGH FRQVLVWV RI WUDQVSDUHQW PDWHULDOV<br />

VXFK DV JODVV RU WUDQVSDUHQW SRO\PHU DQG PHWDO<br />

R[LGH FRQGXFWLQJ OD\HU ,Q WKLV SDSHU VRODU FHOO<br />

FKDUDFWHULVWLFV RI SRO\PHU VRODU FHOOV IDEULFDWHG<br />

XVLQJ WKH EOHQG 0(+339& PDWHULDO V\VWHP<br />

DQG FRPPHUFLDO LQGLXP WLQ R[LGH ,72 FRDWHG<br />

JODVVVXEVWUDWHVDUFUHSRUWHG+RZHYHULQRUGHUWR<br />

EH DEOH WR SURGXFH SRO\PHU VRODU FHOOV<br />

LQH[SHQVLYHO\ LQ 7KDLODQG D KRPHPDGH VSUD\<br />

S\URO\VLV V\VWHP RI WLQ R[LGH GRSHG IOXRULGH<br />

)6Q2 KDV EHHQ GHYHORSHG DQG LV EHLQJ<br />

LQYHVWLJDWHG<br />

1&())(&762)0$/(,&$1+


WKDW WKH S\URO\]DWH FRQWDLQV VRPH LQVROXEOH JHO<br />

DQG UHVLGXDO FKORULQH 7KH DERYH UHVXOWV ZHUH<br />

GLVFXVVHGLQ WKHOLJKW RIDQLQKLELWLQJ HIIHFWRI<br />

PDOHLF DQK\GULGH DQG VRPH VLGH UHDFWLRQV RI<br />

SRO\HQH<br />

1&'(9(/230(172)&$5%21%/$&.<br />

&%+,*+,03$&732/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ÁŸ¥Â¡¦n<br />

„µ¦ž¦³ »¤ª· µ„µ¦­·ÉŠÂª—¨o°¤Â®nŠ µ˜·<br />

‡¦´ÊŠš¸ ɤ„¦µ‡¤Ã¦ŠÂ¦¤ ¸¡¸<br />

„¦œ—ršµªÁª°¦r®µ—Ä® n‹­Š…¨µ<br />

5+0&0 SDUWLFOHV ZHUH V\QWKHVL]HG<br />

XVLQJVRGLXPVLOLFDWHSUHSDUHGIURPULFHKXVNDVD<br />

VLOLFD VRXUFH DQG KH[DGHF\OWULPHWK\ODPPRQLXP<br />

EURPLGH &7$% DV D VXUIDFWDQW 7KH PRODU<br />

FRPSRVLWLRQVZHUH6L2 1D2+&7$%<br />

+ 2 7KLV PDWHULDO ZDV XVHG IRU DGVRUSWLRQ<br />

LVRWKHUPVWXGLHVRIFDUERQWHWUDFKORULGH&7DW<br />

R &XVLQJDPDJQHWLFDOO\FRXSOHGPLFUREDODQFHDQG<br />

FRPSDUHGZLWKDGVRUSWLRQLVRWKHUPVXVLQJQLWURJHQ<br />

DW . 7KH &7 LVRWKHUPV ZHUH FODVVLILHG DV<br />

UHYHUVLEOH 7\SH 9 LVRWKHUPV DQG WKH QLWURJHQ<br />

DGVRUSWLRQ LVRWKHUP ZDV 7\SH ,9F &DSLOODU\<br />

FRQGHQVDWLRQZDVIRXQGLQDYHU\QDUURZSUHVVXUH<br />

UDQJH LQGLFDWLQJ WKH SUHVHQFH RI QHDUO\ XQLIRUP<br />

SRUHV LQ WKH 5+0&0 SDUWLFOHV ZKLFK DJUHHV<br />

YHU\ ZHOO ZLWK 7(0 UHVXOWV 7KH VXUIDFH DUHD<br />

HVWLPDWHGE\ XVLQJWKH%(7PHWKRGZDV r <br />

P J 3RUHVL]HGLVWULEXWLRQV36'RIQLWURJHQDQG<br />

&7 DGVRUSWLRQ LVRWKHUPV IRU D VHULHV RI 0&0<br />

ZHUHFDOFXODWHGE\XVLQJPHWKRGUHFRPPHQGHGE\<br />

1DRQR DQG +DNXPDQ 7KH SRUH VL]H<br />

GLVWULEXWLRQVIURP WKHQLWURJHQLVRWKHUP XVLQJ WKH<br />

%-+ DQG 1DRQR PHWKRGV VKRZHG TXLWH QDUURZ<br />

SRUH GLDPHWHU GLVWULEXWLRQV FHQWHUHG DURXQG <br />

DQG c UHVSHFWLYHO\ 6LPLODUO\ WKH SHDN SRUH<br />

GLDPHWHUVFDOFXODWHGIURP&7LVRWKHUPVXVLQJ WKH<br />

%-+DQG1DRQRPHWKRGVZHUHDQGc,WZDV<br />

IRXQGWKDWWKH36'VDQDO\]HGE\WKH%-+PHWKRG<br />

ZHUHXQGHUHVWLPDWHGFRPSDUHGWRWKDWIURP1DRQR<br />

PHWKRG<br />

1& „µ¦Ÿ¨·˜ÂŸnœ„¦°ŠÁŽ¦µ¤·„š¸ÉÁ®¤µ³­Î µ®¦´<br />

œÎ µÅžž¦³¥»„˜rÄ o‹´ Á„È »iœ‹µ„„p­š¸É¤¸°»–®£¼¤·­¼Š<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¤µœ³°¤¦„·‹ µ¦»Š¤µœ³Ä‹Á„¨¸Ê¥Š<br />

Î<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·«ª„¦¦¤Á‡¤¸Â¨³<br />

Á‡¤¸ž¦³¥»„˜r®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

›´œªµ‡¤„¦»ŠÁš¡²®œoµ„<br />

¹Š„<br />

Šµœª·‹´¥œ¸ÊÅ—ošÎ µ„µ¦š—¨°ŠŸ¨·˜˜´ª„¦°ŠÁŽ¦µ¤·„<br />

‹µ„ª´­—»£µ¥Äœž¦³Áš« ¡¦o°¤š´ÊŠšÎ µ„µ¦š—­° ž¦³­·š›·<br />

£µ¡Äœ„µ¦„¦°Š »iœ…°Š˜´ª„¦°Šš¸ÉŸ¨·˜Å—o „µ¦Ÿ¨·˜˜´ª<br />

„¦°ŠšÎ µÃ—¥œÎ µ—·œ 3%$ š¸ÉŸn µœ„µ¦…¹Êœ¦¼žÂ¨oª¤µ˜´—Ä®oÅ—o<br />

…œµ—˜µ¤˜o°Š„µ¦Â¨oªœÎ µÅžÁŸµš¸É°»–®£¼¤·Â¨³<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

°Š«µÁŽ¨ÁŽ¸¥­Áž}œÁª¨µ ´ÉªÃ¤Š‹µ„œ´ÊœœÎ µÅžš—­° ‡»–<br />

­¤ ´˜·šµŠ„µ¥£µ¡˜nµŠÇ Å—o„n „µ¦Â‹„‹Š…°Š…œµ—¦¼<br />

¡¦»œ ‡nµ‡ªµ¤¡¦»œÂ¨³‡ªµ¤Â…Ȋ¦ŠÁ ·Š„¨ Á¡ºÉ°ž¦³Á¤·œ<br />

‡ªµ¤Á®¤µ³­¤Á ºÊ°Š˜oœ„n°œœÎ µÅžÄ o„¦°Š »iœ Ÿ¨„µ¦<br />

š—­° ¡ ªnµ ˜´ª„¦°ŠÁŽ¦µ¤·„š¸ÉÁŸµš¸É°»–®£¼¤ · °Š«µ<br />

ÁŽ¨ÁŽ¸¥­ ¤¸…œµ—¦¼¡¦»œÁŒ¨¸É¥ Ť‡¦°œ ‡ªµ¤¡¦»œ<br />

Áž°¦rÁŽÈœ˜r ¨³‡ªµ¤Â…Ȋ¦ŠÁ ·Š„¨ Á¤„³<br />

žµ­‡µ¨ ¤¸‡»–­¤ ´˜·Á®¤µ³­¤„ªnµ˜´ª„¦°ŠÁŽ¦µ¤·„š¸ÉÁŸµš¸É<br />

°»–®£¼¤·°Š«µÁŽ¨ÁŽ¸¥­Ž¹ÉŠ¤¸…œµ—¦¼¡¦»œÁŒ¨¸É ¥<br />

Ť‡¦°œ‡ªµ¤¡¦»œÁž°¦rÁŽÈœ˜r¨³‡ªµ¤Â…Ȋ¦Š<br />

Á ·Š„¨ Á¤„³žµ­‡µ¨ ÁœºÉ°Š‹µ„¤¸‡nµ‡ªµ¤¡¦»œÂ¨³<br />

…œµ—¦¼¡¦»œÁŒ¨¸É¥š¸É­¼Š„ªn µ ­Î µ®¦´ „µ¦š—­° ž¦³­·š›·£µ¡<br />

Äœ„µ¦„¦°Š »iœ „¦³šÎ µš¸É­£µª³„µ¦„¦°ŠÂ Áž}œŠª— ×¥<br />

Ä o‡ªµ¤Á¦ÈªÄœ„µ¦„¦°ŠÁšnµ„´ ÁŽœ˜·Á¤˜¦˜n°ª·œµš¸ ¨³<br />

‡ªµ¤Á…o¤…oœ…°Š »iœš¸ÉšµŠÁ…oµÁšnµ„´ „¦´¤˜n°˜µ¦µŠ<br />

ÁŽœ˜·Á¤˜¦¡ ªnµž¦³­·š›·£µ¡Äœ„µ¦„¦°Š »iœ…°Š˜´ª„¦°Š<br />

ÁŽ¦µ¤·„š¸ÉÁ˜¦¸¥¤…¹ÊœÁ°Š¤¸‡nµÁšnµ„´ Áž°¦rÁŽÈœ˜r Ä„¨o<br />

Á‡¸¥Š„´œ„´ ˜´ª„¦°ŠÁŽ¦µ¤·„‹µ„ž¦³Áš« ¸Éž»i œ ¨³Á¤ºÉ°<br />

«¹„¬µž¦³­·š›·£µ¡„µ¦šÎ µ‡ªµ¤­³°µ— ×¥Ä o‡ªµ¤—´œšÎ µ<br />

‡ªµ¤­³°µ—Ášnµ„´ „·Ã¨žµ­‡µ¨¡ ªnµž¦³­·š›·£µ¡<br />

„µ¦šÎ µ‡ªµ¤­³°µ—˜´ª„¦°ŠÁŽ¦µ¤·„š¸ÉÁ˜¦¸¥¤…¹Ê œÁ°Š ¤¸‡nµÁšnµ<br />

„´œ„´ ˜´ª„¦°Š‹µ„ž¦³Áš« ¸Éž»i œ ×¥¤¸‡nµÁšnµ„´ <br />

Áž°¦rÁŽÈœ˜r<br />

1&35(3$5$7,21$1'<br />

&+$5$&7(5,=$7,212)&(5$0,&),/7(5<br />

)25+27*$6&/($1,1*<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¤µœ³°¤¦„·‹ µ¦»Š£µ­„¦š°Šœ·É¤<br />

Î<br />

—»¬‘¸°»˜£µ¡ª·ª´•œr˜´–”³¡µœ· „»¨<br />

&RQIHUHQFHRQ0DWHULDOV'HYHORSPHQW<br />

DQG3DUWLFOH7HFKQRORJ\˜»¨µ‡¤<br />

æŠÂ¦¤Â¤œ—µ¦·œ„¦»ŠÁš¡²<br />

®œoµ<br />

,QWKHFKHPLFDODQGSURFHVVLQGXVWULHVDQG<br />

LQ WKH ZDVWH WUHDWPHQW LQGXVWULHV WKH QHHGV IRU<br />

JDVFOHDQLQJDUHEHLQJ GULYHQLQFUHDVLQJO\ E\ WKH<br />

HQYLURQPHQWDO UHTXLUHPHQW LQ ZKLFK LW SOD\V<br />

DWWHQWLRQWRSDUWLFXODWHVDFLG JDVHV KHDY\ PHWDOV<br />

FRPSRXQGV K\GURJHQ FKORULGH DQG RUJDQLF<br />

FKORULGHVVXFKDVGLR[LQVDQGIXUDQV7KHDELOLW\<br />

WR FOHDQ SURFHVV JDVHV DW KLJK WHPSHUDWXUH<br />

DOORZVWKHHQHUJ\WREHUHFRYHUHGIURPWKHJDV<br />

VWUHDPDQGVLPXOWDQHRXVO\WKHJDVHRXV


FRPSRQHQWV WR EH UHPRYHG E\ GU\ VFUXEELQJ $<br />

IXUWKHU SRVVLEOH DGYDQWDJH FRQFHUQV WKH<br />

UHIRUPDWLRQ RI FKORULQDWHG RUJDQLFV VXFK DV<br />

GLR[LQV ZKLFK DUH WKRXJKW WR EH FDWDO\]HG E\<br />

HOHPHQWV RI WKH SDUWLFXODWHV LQ WKH LQFLQHUDWLRQ<br />

JDVHV DV WKH\ DUH FRROHG UHPRYDO RI VXFK<br />

SDUWLFXODWH FDWDO\VWV VKRXOG WKHUHIRUH SUHYHQW<br />

HPLVVLRQVRIWKHVHWR[LFFRPSRXQGV<br />

&HUDPLF EDUULHU ILOWHUV DUH WKH PRVW<br />

DGYDQFH WHFKQRORJ\ IRU KRW JDV SDUWLFXODWH<br />

ILOWUDWLRQ ([SHULHQFH WR GDWH KDV VKRZQ WKDW WKH<br />

WHFKQRORJ\ LV FDSDEOH RI DFKLHYLQJ KLJK<br />

FROOHFWLRQ HIILFLHQF\ ZLWK D ORZ SUHVVXUH DQG<br />

WHPSHUDWXUHGURSDFURVVWKHV\VWHP<br />

7KLV SDSHU GHVFULEHV WKH SUHSDUDWLRQ RI<br />

FHUDPLFILOWHUVIURPORFDOPDWHULDO3%$VRLODQG<br />

WKHLUDSSOLFDELOLW\WRJDVFOHDQLQJRISDUWLFXODWHV<br />

1&„µ¦Á¡·É¤ž¦³­·š›·£µ¡…°ŠÁ‡¦ºÉ°Šž¦´ °µ„µ«<br />

Á„nµÂ Â¥„­nªœ<br />

œ´„ª·‹´¥ ‹·¦ª¦¦–Á˜¸¥¦r­»ª¦¦–ªµ¦»–¸Á˜¸¥<br />

<br />

°µœœšr­µ¥®°¤ž¦µÃ¤š¥r¨µ¥ž¦³—·¬“r<br />

Å¡ ¼¨¥r®´Š­¡§„¬r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á¦ºÉ°Š„µ¦nµ¥Áš¡¨´ŠŠµœ<br />

‡ªµ¤¦o°œÂ¨³¤ª¨Äœ°»ž„¦–r—oµœ‡ªµ¤¦o°œ<br />

‡¦´ÊŠš¸ É­·Š®µ‡¤Á ¨ª·¨¨nµ<br />

¦¸­°¦rš‹Á ¸¥ŠÄ®¤n®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µÂœªšµŠÁ¡·É¤­¤¦¦œ³Ä®o<br />

„nÁ‡¦ºÉ°Šž¦´ °µ„µ«Á„nµÃ—¥‹µ„„µ¦«¹„¬µÃ‡¦Š„µ¦°µ‡µ¦<br />

…°Š¦´“š¸ÉÅ—ošÎµ„µ¦Áž¨¸É¥œÁ‡¦ºÉ°Šž¦´ °µ„µ«š¸É¤¸ <br />

ž¦³­·š›·£µ¡˜ÎÉ µÂ¨³¤¸°µ¥»„µ¦Ä oŠµœ že…¹ÊœÅžÁž}œÁ‡¦ºÉ°Š<br />

ž¦´ °µ„µ«Ä®¤n šÎ µÄ®oÁ®¨º°Á‡¦ºÉ°Šž¦´ °µ„µ«Á„nµš¸É¼„°—<br />

°°„‹Î µœªœ¤µ„ oµ­µ¤µ¦œÎ µÁ‡¦ºÉ°Šž¦´ °µ„µ«Á„nµÁ®¨nµ<br />

œ´Êœ¤µž¦´ ž¦»ŠÁ¡ºÉ°Á¡·É¤­¤¦¦œ³Ä®oÁ¡·É¤…¹ÊœÅ— o ‹³Áž}œ„µ¦<br />

¨—ž¦·¤µ–…°ŠÁ­¸¥š¸ÉÁ„·—‹µ„Á‡¦ºÉ°Šž¦´ °µ„µ«¨ŠÅ—o<br />

‹µ„„µ¦«¹„¬µ ¡ ªnµ ÂœªšµŠÄœ„µ¦Á¡·É¤<br />

­¤¦¦œ³Ä®o„nÁ‡¦ºÉ°Šž¦´ °µ„µ«Á„n µ ‡º° „µ¦Á¡·É¤¡ºÊœš¸É<br />

„µ¦nµ¥Áš‡ªµ¤¦o°œ…°Š »—°¸Âªž°Á¦Á˜°¦r¨³<br />

‡°œÁ—œÁŽ°¦r ×¥„µ¦œÎ µ‡°œÁ—œÁŽ°¦r ¨³°¸Âªž°Á¦<br />

Á˜°¦r…°ŠÁ‡¦ºÉ°Šž¦´ °µ„µ«Á„nµš¸É¤¸…œµ—Ä® n„ªn µ ¤µ˜·—˜´ÊŠ<br />

šœ…°ŠÁ—·¤ ‹µ„Ÿ¨„µ¦š—­° „´ Á‡¦ºÉ°Šž¦´ °µ„µ«<br />

…œµ— ¸š¸¥¼ ´ÉªÃ¤Š ¡ ªnµ®¨´Š‹µ„ž¦´<br />

ž¦»ŠÂ¨oª‡nµ((5(QHUJ\(IILFLHQF\5DWLR‹³¤¸‡nµ<br />

1DWLRQDO&RQIHUHQFH<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¦³®ªnµŠ ¨³‹µ„„µ¦š¸ÉÁ¡·É¤¡ºÊœš¸É„µ¦nµ¥Áš<br />

‡ªµ¤¦o°œ šÎ µÄ®o¤¸Ÿ¨„¦³š ˜n°­nªœ°ºÉœš¸É˜o°Š«¹„¬µ Å—o„n<br />

Ÿ¨„¦³š …°Š‡ªµ¤¥µª…°Ššn°‡µžd¨¨µ¦¸É ¨³Ÿ¨„¦³š<br />

‹µ„ž¦·¤µ–­µ¦šÎ µ‡ªµ¤Á¥ÈœÄœ¦³ ‹µ„„µ¦«¹„¬µ¡ ªnµ<br />

Á¤ºÉ°šn°‡µžd¨¨µ¦¸É…°ŠÁ‡¦ºÉ°Šž¦´ °µ„µ«¥µª…¹Êœ ‹³šÎ µÄ®o‡nµ<br />

&23 ¨—¨ŠÂ¨³ž¦·¤µ–­µ¦šÎ µ‡ªµ¤Á¥Èœš¸ÉÁ®¤µ³­¤Äœ„µ¦<br />

Á˜·¤Á…oµÅžÄœ¦³ °¥¼nš¸É„·Ã¨„¦´¤<br />

1&„µ¦Ä ož¦³Ã¥ œr‹µ„­µ¦—¼—‡ªµ¤ ºÊœÄœ„µ¦<br />

¨—£µ¦³‡ªµ¤¦o°œŸnµœ®¨´Š‡µ…°Š°µ‡µ¦<br />

œ´„ª·‹´¥ ‹·¦ª¦¦–Á˜¸¥¦r­»ª¦¦–›· <br />

—·œš¦r­Š­ªnµŠ<br />

‹´„¦£¡žµœ»¦µ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á¦ºÉ°Š„µ¦nµ¥Áš¡¨´ŠŠµœ<br />

‡ªµ¤¦o°œÂ¨³¤ª¨Äœ°»ž„¦–r—oµœ‡ªµ¤¦o°œ<br />

‡¦´ÊŠš¸ É­·Š®µ‡¤<br />

Á ¨ª·¨¨nµ¦¸­°¦rš‹Á ¸¥ŠÄ®¤n®œoµ<br />

Šµœª·‹´¥œ¸Ê Áž}œ„µ¦œÎ µª´­—»Á¡ºÉ°¤µšÎ µŒœªœ„´œ<br />

‡ªµ¤¦o°œ­Î µ®¦´ jµÁ¡—µœ ×¥ª´­—»š¸ÉÁ¨º°„Ä o‹³˜o°Š¤¸<br />

‡ªµ¤ž¨°—£´¥ ¨³°µ¥»„µ¦Ä oŠµœ¤µ„„ªnµŒœªœ„´œ‡ªµ¤<br />

¦o°œš¸ÉÄ„´œÄœž{‹‹» o ´œª´­—»š¸ÉÄ oÄœŠµœª·‹´¥œ¸Ê‡º°Ž·¨·„µÁ‹¨<br />

‡»–­¤ ´˜·ÁŒ¡µ³˜´ª…°ŠŽ·¨·„µÁ‹¨š¸É—¼—Ž´ ‡ªµ¤ ºÊœ<br />

Ūo Á¤ºÉ°Å—o¦´ ‡ªµ¤¦o°œ œÎÊ µš¸É°¥¼n£µ¥ÄœŽ·¨·„µÁ‹¨‹³Á‡¨ºÉ°œ<br />

˜´ª°°„¤µ°¥¼n ¦·Áª–…°ŠŸ·ªŽ·¨·„µÁ‹¨Â¨³¦³Á®¥°°„šÎ µÄ®oŽ·<br />

¨·„µÁ‹¨¤¸°»–®£¼¤·˜ÎÉ µ¨Š ¨³Á¤ºÉ° ¦¦¥µ„µ«¦° Ç ¤¸<br />

‡ªµ¤ ºÊœ¤µ„…¹Ê œ šÎ µÄ®oŽ·¨·„µÁ‹¨‹³—¼—‡ªµ¤ ºÊœÁ…oµÅžÁ„È Åªo<br />

Äœ˜´ª ¨³˜´ªŽ·¨·„µÁ‹¨‹³¤¸°»–®£¼¤·­¼Š…¹Êœ ‹µ„‡»–­¤ ´˜·œ¸Ê<br />

Á°Š„µ¦Ä o­µ¦—¼—‡ªµ¤ ºÊœš¸É—¼ —Ž´ ‡ªµ¤ ºÊœÅªo ‹¹Š¤¸‡ªµ¤Áž}œ<br />

Şŗoš¸É‹³œÎ µ¤µÄ ö —£µ¦³‡ªµ¤¦o°œš¸ÉŸnµœ®¨´Š‡µ<br />

‹µ„Ÿ¨„µ¦š—­° ž¦³­·š›·£µ¡„µ¦—¼—‡ªµ¤ ºÊœ<br />

…°ŠŽ·¨·„µÁ‹¨ ¡ ªnµ ž{‹‹´¥š¸É¤¸Ÿ¨˜n°°´˜¦µ„µ¦—¼—‡ªµ¤ ºÊœ<br />

…°ŠŽ·¨·„µÁ‹¨‡º°‡ªµ¤Á¦Èª¨¤Â¨³°»–®£¼¤·¦° ÇŽ·¨·„µÁ‹¨<br />

­nªœ‡ªµ¤®œµ…°ŠŽ·¨·„µÁ‹¨ Ťn¤¸Ÿ¨˜n°°´˜¦µ„µ¦—¼—<br />

‡ªµ¤ ºÊœ<br />

Á¤ºÉ°Ž·¨·„µÁ‹¨¤µ­¦oµŠÁž}œÁ —Á¡ºÉ°š—­° „´ ®¨´Š<br />

‡µ‹Î µ¨°ŠÃ—¥Ä o„¦³Á ºÊ°ŠŽ¸Â¡‡Ã¤Áœ¸ ¥Â¨³„¦³Á ºÊ°Š¨°œ‡¼n<br />

Áž}œ®¨´Š‡µÂ¨³Ä o jµ®œµÂ¨³„¦³Á ºÊ°Š¥·žŽ´É¤Áž}œ µÁ¡—µœ j<br />

¡ ªnµ­µ¤µ¦¨—°»–®£¼¤·…°Š jµÁ¡—µœ¨ŠÅ—o°¥¼nÄœ nªŠ <br />

q&Á¤ºÉ°Áš¸¥ „´ ®¨´Š‡µÂ¨³ jµÁ¡—µœ œ· —Á—¸¥ª„´œš¸ÉŤnÅ—o<br />

˜·—˜´ÊŠÁ —Ž·¨·„µÁ‹¨


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1&Ÿ¨…°Š‹´Š®ª³„µ¦Œ¸—Á ºÊ°Á¡¨·Š˜n°­¤¦¦œ³<br />

…°ŠÁ‡¦ºÉ°Š¥œ˜r—¸ÁŽ¨š¸ÉÄ oŠð—¸ÁŽ¨Ÿ­¤œÎÊ µ¤´œ—¸ÁŽ¨<br />

œ´„ª·‹´¥ œ£—¨¡·œ›»„œ„‹·¦ª¦¦–Á˜¸¥¦r­»ª¦¦–<br />

<br />

¤µœ³°¤¦„·‹ µ¦»Š Î<br />

šœŠÁ„¸¥¦˜·Á„¸¥¦˜·«·¦·Ã¦‹œr<br />

¡·¡´•œr¡· Á¥œš¦Ã¥›·œ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á¦ºÉ°Š„µ¦nµ¥Áš¡¨´ŠŠµœ<br />

‡ªµ¤¦o°œÂ¨³¤ª¨Äœ°»ž„¦–r—oµœ‡ªµ¤¦o°œ<br />

‡¦´ÊŠš¸ É­·Š®µ‡¤Á ¨ª·¨¨nµ<br />

¦¸­°¦rš‹Á ¸¥ŠÄ®¤n®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µŸ¨…°Š‹´Š®ª³„µ¦Œ¸—Á ºÊ°<br />

Á¡¨·Š˜n°­¤¦¦œ³…°ŠÁ‡¦ºÉ°Š¥œ˜r—¸ÁŽ¨š¸ ÉÄ oœÎ Ê µ¤´œÅ ð<br />

—¸ÁŽ¨Ÿ­¤Äœ—¸ÁŽ¨ š¸É­´—­nªœ ( <br />

% % % ¨³ <br />

' Šð—¸ÁŽ¨˜n°—¸ÁŽ¨ Áž¦¸¥ Áš¸¥ š¸É‹´Š®ª³„µ¦Œ¸—<br />

Á ºÊ°Á¡¨· ŠÂ¨³°Š«µ„n°œ«¼œ¥r˜µ¥ œš¸É£µ¦³<br />

Á‡¦ºÉ°Š¥œ˜r˜´ªÁž¨iµÂ¨³N:Á‡¦ºÉ°Š¥œ˜rš¸É<br />

Ä oÄœŠµœª·‹´¥Áž}œÁ‡¦ºÉ°Š¥œ˜r—¸ÁŽ¨ ­¼ ¥¸É®o° -RKQ<br />

'HHUH ¦»nœ 7) œÎ µÅ°—¸Á…oµÂ Áš°¦rà µ¦r‹<br />

7XUERFKDUJLQJ¨³œÎÊ µ¤´œÅ ð—¸ÁŽ¨š¸ÉÄ oÁž}œœÎÊ µ¤´œÅ<br />

ð—¸ÁŽ¨ œ·—Á°š·¨Á°­Áš°¦r š¸ÉŸ¨·˜¤µ‹µ„œÎÊ µ¤´œ¡º Ä o¨oª<br />

‹µ„„µ¦š—­° ¡ ªnµ Á‡¦ºÉ°Š¥œ˜r ¤¸ž¦³­·š›·£µ¡ÁŒ¨¸É¥­¼Š<br />

­»—š¸É£µ¦³N:„¦–¸„µ¦Ä oŠð—¸ÁŽ¨ ¦·­»š›·Í(<br />

Á‡¦ºÉ°Š¥œ˜r ¤¸ž¦³­·š›·£µ¡­¼Š­»—š¸É‹´ Š®ª³„µ¦Œ¸—<br />

Á ºÊ°Á¡¨· Š °Š«µ„n°œ«¼œ¥r˜µ¥ œ „¦–¸„µ¦Ä o—¸ÁŽ¨<br />

¦·­»š›·Í ' Á‡¦ºÉ°Š¥œ˜r¤¸ž¦³­·š›·£µ¡­¼Š­»—<br />

š¸É‹´ Š®ª³„µ¦Œ¸—Á ºÊ°Á¡¨· Š °Š«µ„n°œ«¼œ¥r<br />

˜µ¥ œ ¨³„µ¦Ÿ­¤Å ð—¸ÁŽ¨Äœ—¸ÁŽ¨Äœ­´—­nªœš¸É¤µ„<br />

…¹ÊœšÎ µÄ®o„µ¦Ä oÁ ºÊ°Á¡¨·Š‹Î µÁ¡µ³­¼Š…¹Êœ „¦–¸„µ¦Ä oœÎÊ µ¤´œÅ<br />

ð—¸ÁŽ¨ ¦·­»š›·Í ¤¸‡nµ„µ¦Ä oÁ ºÊ°Á¡¨·Š‹Î µÁ¡µ³ÁŒ¨¸É¥­¼Š„ªnµ<br />

—¸ÁŽ¨<br />

1&­¤¦¦œ³Â¨³¤¨¡·¬‹µ„Á‡¦ºÉ°Š¥œ˜rŽ¸Å°<br />

š¸ÉÄ oœÎÊ µ¤´œÁ°­Áš°¦rŸ­¤Áž}œÁ ºÊ°Á¡¨·Š<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

„·˜·¡Š¬rœµ‡£´„—¸‹·¦ª¦¦–Á˜¸¥¦r­»ª¦¦–<br />

¤µœ³°¤¦„·‹ µ¦»Š¦´˜œ Î ´¥Å¡¦·œš¦r<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á¦ºÉ°Š„µ¦nµ¥Áš¡¨´ŠŠµœ<br />

‡ªµ¤¦o°œÂ¨³¤ª¨Äœ°»ž„¦–r—oµœ‡ªµ¤¦o°œ<br />

<br />

‡¦´ÊŠš¸ É­·Š®µ‡¤<br />

Á ¨ª·¨¨nµ¦¸­°¦rš‹Á ¸¥ŠÄ®¤n®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µ­¤¦¦œ³Â¨³¤¨¡·¬‹µ„<br />

„µ¦Ä oœÎÊ µ¤´œžµ¨r¤Á¤š·¨Á°­Áš°¦r Á¡ºÉ°œÎ µ¤µÄ oÄœÁ‡¦ºÉ°Š<br />

¥œ˜r—¸ÁŽ¨­¼ ‹´Š®ª³¥¸É®o°°¸Ž¼Ž»Ã˜Ã¥˜oµÂ¨³œ·­­´œ<br />

×¥šÎ µ„µ¦š—­° „´ Á ºÊ°Á¡¨· Š œ·—‡º°œÎÊ µ¤´œ—¸ÁŽ¨œÎÊ µ<br />

¤´œ—¸ÁŽ¨Ÿ­¤Á°­Áš°¦r¨³œÎÊ µ¤´œÂ°­Áš°¦rš¸É<br />

‡ªµ¤Á¦Èª¦° ˜nµŠÇŸ¨„µ¦«¹„¬µÁ‡¦ºÉ°Š¥œ˜rš´ÊŠ¥¸É®o°‹³<br />

Ä®oŸ¨­°—‡¨o°Š„´œ ¡ ªnµ‡nµÂ¦Š ·—¨³„Î µ¨´Š…°ŠÁ‡¦ºÉ°Š<br />

¥œ˜rš¸ÉÄ oœÎ Ê µ¤´œÁ°­Áš°¦r‹³¤¸‡nµ˜ÎÉ µ„ªnµœÎÊ µ¤´œ—¸ÁŽ¨Â¨³¤¸‡nµ<br />

°´˜¦µ„µ¦­·ÊœÁž¨º°ŠÁ ºÊ°Á¡¨·Š­¼Š„ªnµœÎ Ê µ¤´œ—¸ÁŽ¨ ˜nÁ‡¦ºÉ°Š<br />

¥œ˜rš¸ÉÄ oœÎÊ µ¤´œÁ°­Áš°¦r ‹³¤¸ž¦·¤µ–‡ª´œ—Î µœo°¥„ªnµœÎÊ µ¤´œ<br />

—¸ÁŽ¨ ­Î µ®¦´ œÎÊ µ¤´œ—¸ÁŽ¨Ÿ­¤Á°­Áš°¦r ‹³¤¸Ÿ¨„µ¦<br />

š—¨°ŠÄ„¨oÁ‡¸¥Š„´ „µ¦Ä oœÎÊ µ¤´œ—¸ÁŽ¨<br />

1&„µ¦«¹„¬µÁž¦¸¥ Áš¸¥ ­¤¦¦œ³„µ¦„¨´Éœ<br />

Á°šµœ°¨—oª¥˜´ª¦´ ­Š°µš·˜¥r šn°‡ªµ¤¦o°œ<br />

­» µ„µ«„´ œ·—ŸnœÁ¦¸¥<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

‹µ¦»ª´•œrÁ‹¦· ‹·˜‹·¦ª¦¦–Á˜¸¥¦r­»ª¦¦–<br />

¤µœ³°¤¦„·‹ µ¦»Š Î<br />

šœŠÁ„¸¥¦˜·Á„¸¥¦˜·«·¦·Ã¦‹œr<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á¦ºÉ°Š„µ¦nµ¥Áš¡¨´ŠŠµœ<br />

‡ªµ¤¦o°œÂ¨³¤ª¨Äœ°»ž„¦–r—oµœ‡ªµ¤¦o°œ<br />

‡¦´ÊŠš¸ É­·Š®µ‡¤<br />

Á ¨ª·¨¨nµ¦¸­°¦rš‹Á ¸¥ŠÄ®¤n®œoµ<br />

Šµœª·‹´¥œ¸ÊÅ—ošÎ µ„µ¦«¹„¬µÂ¨³¡´•œµÂ ‹Î µ¨°Š<br />

šµŠ‡–·˜«µ­˜¦r…°Š¦³ „¨´ÉœÁ°šµœ°¨—oª¥˜´ª¦´ ¦´Š­¸Â­Š<br />

°µš·˜¥r šn°‡ªµ¤¦o°œ­» µ„µ«„´ œ·—ŸnœÁ¦¸¥ Á¡ºÉ°<br />

Áž¦¸¥ Áš¸¥ ­¤¦¦œ³„µ¦„¨´ÉœÁ°šµœ°¨ ×¥œÎ µÂŸŠ¦´<br />

­Š°µš·˜¥rÁž}œ°»ž„¦–ršÎ µœÎÊ µ¦o°œ­nŠÅž¥´Š…—š°ŠÂ—ŠÁ¡ºÉ°<br />

nµ¥Áš‡ªµ¤¦o°œÄ®o­µ¦¨³¨µ¥Äœ´Š„¨´Éœ ‹µ„Ÿ¨„µ¦‹Î µ¨°Š<br />

‡ªµ¤Á…o¤…oœ ¨³°´˜¦µ„µ¦„¨´Éœ¦µ¥ª´œ…°ŠŸ¨Ÿ¨· ˜ ×¥<br />

‡Î µœª–‹µ„‡nµ¦´Š­¸°µš·˜¥r¦µ¥ ´ÉªÃ¤ŠÁš¸¥ „´ „µ¦š—¨°ŠÄœ<br />

¦³ š¸ÉÄ õ ´ª¦´ ¦´ Š­¸Â­Š°µš·˜¥r ŸnœÁ¦¸¥ …œµ— <br />

P ¡ ªnµ¤¸‡ªµ¤‡¨µ—Á‡¨ºÉ°œÃ—¥ÁŒ¨¸É¥œo °¥„ªnµ ¨³<br />

˜µ¤¨Î µ—´ œ°„‹µ„œ¸ÊÁ¤ºÉ°šÎ µ„µ¦Áž¦¸¥ Áš¸¥ Ÿ¨‹µ„<br />

 ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r…°ŠÂŸŠš´ÊŠ  š¸É­£µª³<br />

Á—¸¥ª„´œ¡ ªnµ°´˜¦µ„µ¦„¨´ÉœÂ¨³‡ªµ¤Á…o¤…oœ…°ŠÁ°šµœ°¨<br />

1DWLRQDO&RQIHUHQFH


š¸É„¨´ÉœÅ— o Áž}œ˜´ªÂž¦š¸É…¹ Êœ„´ ‡ªµ¤Á…o ¤…oœ…°Š­µ¦¨³¨µ¥<br />

Á¦·É¤˜oœ °»–®£¼¤· ¨³ž¦·¤µ˜¦­µ¦¨³¨µ¥Á°šµœ°¨Äœ<br />

¦³ ×¥¦³ š¸ÉÄ o˜´ª¦´ ¦´Š­¸Â­Š°µš·˜¥r šn°‡ªµ¤<br />

¦o°œ­» µ„µ«¤¸­¤¦¦œ³šµŠ‡ªµ¤¦o°œ­¼Š„ªnµ¦³ š¸ÉÄ o<br />

˜´ª¦´ ¦´Š­¸Â­Š°µš·˜¥r œ·—ŸnœÁ¦¸¥<br />

1&«¹„¬µ‡ªµ¤Áž}œÅžÅ—oÄœ„µ¦Ä o˜´ª¦´ ¦´Š­¸<br />

­Š°µš·˜¥r šn°­» µ„µ«­Î µ®¦´ Ÿ¨·˜‡ªµ¤<br />

¦o°œÄœ¦³ šÎ µ‡ªµ¤Á¥ÈœÂ —¼—Ž´<br />

œ´„ª·‹´¥ ­»¤µ—µ£¼¡µ—š°Š‹·¦ª¦¦–Á˜¸¥¦r­»ª¦¦–<br />

<br />

šœŠÁ„¸¥¦˜·Á„¸¥¦˜·«·¦·Ã¦‹œr<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Á¦ºÉ°Š„µ¦nµ¥Áš¡¨´ŠŠµœ<br />

‡ªµ¤¦o°œÂ¨³¤ª¨Äœ°»ž„¦–r—oµœ‡ªµ¤¦o°œ<br />

‡¦´ÊŠš¸ É­·Š®µ‡¤<br />

Á ¨ª·¨¨nµ¦¸­°¦rš‹Á ¸¥ŠÄ®¤n®œoµ<br />

Šµœª·‹´¥œ¸ÊÅ—ošÎ µ„µ¦«¹„¬µ‡ªµ¤Áž}œÅžÅ—oÄœ„µ¦Ä o<br />

˜´ª¦´ ¦´Š­¸Â­Š°µš·˜¥r šn°­» µ„µ«­Î µ®¦´ Ÿ¨·˜‡ªµ¤<br />

¦o°œÄœ¦³ šÎ µ‡ªµ¤Á¥ÈœÂ —¼—Ž´ Ž¹ÉŠ˜´ª¦´ ¦´Š­¸Â­Š<br />

°µš·˜¥rœ´Êœ¤¸ …œµ— P ץĜ­nªœœ¸Ê‹³Áž}œ„µ¦Á…¸¥œ<br />

 ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦rÁ¡ºÉ°‡Î µœªœ®µ‡nµ¦´Š­¸°µš·˜¥r<br />

ž¦³­·š›·£µ¡°»–®£¼¤·…°ŠœÎÊ µš¸É°°„¨³‡nµ¡¨´ŠŠµœ‡ªµ¤<br />

¦o°œš¸É˜´ª¦´ ¦´Š­¸Â­Š°µš·˜¥r­µ¤µ¦šÎ µÅ—o ¡¦o°¤š´ÊŠšÎ µ„µ¦<br />

®µ­¤„µ¦š¸ÉÄ oÄœ„µ¦Á…¸¥œÂ ‹Î µ¨°ŠÄœ­nªœ…°Š¦³ šÎ µ<br />

‡ªµ¤Á¥Èœ ‹µ„Ÿ¨„µ¦‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r Äœª´œš¸É<br />

„»¤£µ¡´œ›r ¡ ªnµ˜´ª¦´ ¦´Š­¸Â­Š°µš·˜¥rœ´Êœ­µ¤µ¦<br />

Ä®o‡nµ¡¨´ŠŠµœ‡ªµ¤¦o°œ¤¸‡nµ­¼Š­»—Ášnµ„´ :<br />

°»–®£¼¤·…°ŠœÎÊ µš¸ÉšÎ µÅ—o­¼Š­»—Ášnµ„´ . ¨³‡nµ¦´Š­¸¤¸<br />

‡nµ¤µ„š¸É­»—Ášnµ„´ :P š¸ÉÁª¨µœ<br />

1&­¤¦¦œ³…°ŠÂŸnœ­µ¦—¼—‡ªµ¤ ºÊœ­Î µ®¦´<br />

„µ¦¨—£µ¦³‡ªµ¤¦o°œš¸ÉŸnµœ®¨´Š‡µ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

«»£¦´˜œr„p„Á‡¦º°‹·¦ª¦¦–Á˜¸¥¦r­»ª¦¦–<br />

šœŠÁ„¸¥¦˜·Á„¸¥¦˜·«·¦·Ã¦‹œr<br />

£µª—¸°´Š‡rª´•œ³œ´œšœrµª¦´Š„¼¦<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á¦ºÉ°Š„µ¦nµ¥Áš¡¨´ŠŠµœ<br />

‡ªµ¤¦o°œÂ¨³¤ª¨Äœ°»ž„¦–r—oµœ‡ªµ¤¦o°œ<br />

‡¦´ÊŠš¸ É­·Š®µ‡¤<br />

Á ¨ª·¨¨nµ¦¸­°¦rš‹Á ¸¥ŠÄ®¤n®œoµ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„µ¦Á˜¦¸¥¤ÂŸnœ­µ¦—¼—‡ªµ¤ ºÊœÁ¡ºÉ°œÎ µÅž¨—£µ¦³<br />

‡ªµ¤¦o°œš¸ÉŸnµœ®¨´Š‡µÄ oª·›¸JUDYLW\FRDWLQJŽ·¨·„µÁ‹¨ŸŠ<br />

œQP%(7VXUIDFHDUHD<br />

š¸ÉÄ o¤¸…œµ—¦¼¡¦»<br />

P J „µ¦š—­° °µ¥»„µ¦Ä oŠµœšÎ µ„µ¦š—­° £µ¥Ä˜o <br />

­£µª³Ž¹ÉŠÅ—o„n­£µª³Á¦nŠÂ¨³­£µª³®¨´Š‡µ‹Î µ¨°ŠÄœ„µ¦<br />

š—­° £µ¥Ä˜o­£µª³Á¦nŠ ¡ ªnµÁ¤ºÉ°Ž·¨·„µÁ‹¨Ÿnµœ„µ¦—¼—<br />

¨³‡µ¥‡ªµ¤ ºÊœ ¦° š—­° ¦° š—­° ‡º° „µ¦°<br />

š¸Éq& Áž}œÁª¨µ ´ÉªÃ¤ŠÂ¨³—¼—‡ªµ¤ ºÊœš¸É‡ªµ¤ ºÊœ<br />

­´¤¡´š›r…°Š°µ„µ« °»–®£¼¤· q& Áž}œÁª¨µ <br />

´ÉªÃ¤Š ¡ ªnµ‡ªµ¤­µ¤µ¦Äœ„µ¦—¼—‡ªµ¤ ºÊœ ¨³­¤ ´˜·<br />

šµŠ„µ¥£µ¡ Ž¹ÉŠÅ—o„n …œµ—¦¼¡¦»œ ¨³ %(7 VXUIDFH<br />

DUHD Áž¨¸É¥œÂž¨ŠÁ¨È„œo °¥ Ž¹ÉŠ„µ¦š—­° š¸É­£µª³®¨´Š‡µ<br />

‹Î µ¨°Š£µ¥Ä˜o ¦¦¥µ„µ«Âª—¨o°¤Áž}œÁª¨µÁ—º°œ„ÈÄ®oŸ¨<br />

Á nœÁ—¸¥ª„´œÄœ­nªœ…°Š‡ªµ¤­µ¤µ¦Äœ„µ¦¨—°»–®£¼¤·…°Š<br />

ŸnœŽ·¨·„µÁ‹¨ÂŸnœÁ¦¸¥ š¸ÉÄ ož¼ œ jµÁ¡—µœ…°Š oµœ‹Î µ¨°Š<br />

Ž¹ÉŠ¤¸¡ºÊœš ¸É P ­µ¤µ¦¨—°»–®£¼¤·£µ¥Äœ oµœ‹Î µ¨°ŠÅ—o<br />

Ťn¹Šq& ¨³ÂŸnœŽ·¨·„µÁ‹¨š¸É¤¸¨´„¬–³Áž}œÂŸnœ®¥´„Ž¹ÉŠ¤¸<br />

¡ºÊœš¸É P Á¤ºÉ°ž¼ ¨Š œ jµÁ¡—µœ…°Š oµœ‹Î µ¨°Š®¨´Š<br />

Á—¸¥ª„´œ­µ¤µ¦¨—°»–®£¼¤·£µ¥Äœ oµœ‹Î µ¨°ŠÅ—ož¦³¤µ–<br />

q& Ž¹ÉŠÁž}œŸ¨šÎ µÄ®o¨—£µ¦³‡ªµ¤¦o°œÄœ„µ¦ž¦´ °µ„µ«<br />

Å—ož¦³¤µ–<br />

1& &203$5,6212)<br />

(/(&752+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ZKHQ WKH 5H\QROGV QXPEHU DQG WKH GLVWDQFH<br />

EHWZHHQWKHZLUHHOHFWURGHVDQGWKHZDOOVXUIDFH<br />

DUHDXJPHQWHG(OHFWURGHDQGZDY\DUUDQJHPHQWV<br />

LQ FURVV IORZ GLUHFWLRQ \LHOGV WKH EHVW KHDW<br />

WUDQVIHU SHUIRUPDQFH IRU ZDY\ FKDQQHO<br />

FRQILJXUDWLRQ 0RUHRYHU WKH KHDW WUDQVIHU<br />

HQKDQFHPHQWLVDOVRGHSHQGHGRQWKHQXPEHURI<br />

WKH ZLUH HOHFWURGHV WKH QXPEHU RI ZDYH SHU<br />

OHQJWKDQGWKHZDYHDVSHFWUDWLR<br />

1& «´„¥£µ¡„µ¦Ÿ¨·˜Å¢¢jµÂ¨³‡ªµ¤¦o°œ¦nª¤Äœ<br />

抭¸…oµªœ¹ÉŠ<br />

œ´„ª·‹´¥ ªµ¦»–¸Á˜¸¥­¤ µ˜·Ã­£–¦–§š›·Í<br />

­µœ·“°´˜«µ­˜¦r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦‡¦´ÊŠš¸Éž¦³‹Î µže<br />

…°Š­¤µ‡¤ª·«ª„¦¦¤Á„¬˜¦Â®nŠž¦³Áš«<br />

Åš¥Á¤¬µ¥œ­µ ´œ<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµÁ‹oµ‡»–š®µ¦<br />

¨µ—„¦³ ´Š„¦»ŠÁš¡²®œoµ<br />

š‡ªµ¤œ¸ÊÁž}œ„µ¦ž¦³Á¤·œ«´„¥£µ¡šµŠÁš‡œ·‡<br />

¨³šµŠ„µ¦ÁŠ·œÄœ„µ¦œÎ µ¦³ Ÿ¨·˜Å¢¢jµÂ¨³‡ªµ¤¦o°œ<br />

¦nª¤¤µÄ oŠµœÄœÃ¦Š­¸…oµªœ¹ÉŠÂ®nŠ®œ¹ÉŠ Ž¹ÉŠ¤¸…œµ—„Î µ¨´Š„µ¦<br />

Ÿ¨·˜ ˜´œ…oµªÁž¨º°„˜n°ª´œ ץŗo«¹„¬µ ˜¦ª‹<br />

ª·Á‡¦µ³®r„µ¦Ä o¡¨´ŠŠµœÁ¡ºÉ°®µ‡ªµ¤˜o°Š„µ¦Ä oÅ¢¢j µ ¨³<br />

‡ªµ¤¦o°œÄœ„¦³ ªœ„µ¦Ÿ¨·˜ ‹µ„Ÿ¨„µ¦ª·Á‡¦µ³®r‡nµ<br />

‡ªµ¤˜o°Š„µ¦¡¨´ŠŠµœÅ—oÁ¨º°„¦³ Ÿ¨·˜Å¢¢jµÂ¨³‡ªµ¤<br />

¦o°œ¦nª¤Â Ä o„´Š®´œÅ°œÎÊ µ Äœ„µ¦®µ…œµ—…°Š¦³ Å—o<br />

¡·‹µ¦–µ „¦–¸ Å—o„n Ÿ¨·˜‡ªµ¤¦o°œÄ®o¡°—¸„´ ‡ªµ¤<br />

˜o°Š„µ¦ WKHUPDO PDWFK ¨³Ÿ¨·˜Ã—¥Ä o„¨ š´ÊŠ®¤—<br />

KXVN PDWFK­Î µ®¦´ „µ¦ž¦³Á¤·œ‡ªµ¤‡»o¤‡nµšµŠ„µ¦ÁŠ·œ<br />

Å—o®µ‡nµ¦³¥³Áª¨µ„µ¦‡ºœš»œ °´˜¦µŸ¨˜° šœ£µ¥Äœ<br />

,55 °´˜¦µŸ¨˜° šœ„µ¦¨Šš»œ…°ŠŸ¼ö Šš»œ 52( š¸É<br />

‹Î µœªœª´œšÎ µŠµœ ¨³ ª´œ˜n°že Ÿ¨„µ¦<br />

ž¦³Á¤·œ¡ ªnµ „¦–¸ KXVN PDWFK Ÿ¨·˜„Î µ¨´ŠŠµœÅ—o<br />

N:Ž¹ÉŠ­¼Š„ªnµ„¦–¸WKHUPDOPDWFK‡º°Ÿ¨·˜Å—o<br />

N: ­Î µ®¦´ Ÿ¨„µ¦ž¦³Á¤·œšµŠ„µ¦ÁŠ·œ…°Šš´ÊŠ <br />

„¦–¸¡ ªnµ¦³¥³Áª¨µ‡ºœš»œ°¥¼nÄœ nªŠ¹Šže,55<br />

°¥¼nÄœ nªŠ ¹Š ¨³ 52( °¥¼ nÄœ nªŠ<br />

¹Š<br />

1&„µ¦ž¦´ ž¦»Š­¤ ´˜·Â¦Š—¹Š…µ—…°ŠÂŸnœšÎ µ<br />

‡ªµ¤Á¥ÈœÂ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¦³Á®¥‹µ„„¦³—µ¬®œ´Š­º °¡·¤¡r<br />

<br />

ž{š¤¦´˜œr«µ­˜¦r­µ¦³ªµ¦»–¸Á˜¸¥<br />

šœŠÁ„¸¥¦˜·Á„¸¥¦˜·«·¦·Ã¦‹œr<br />

¸ªµ¦´˜œr¤nªŠ¡´•œr‹·¦ª¦¦–Á˜¸¥¦r­»ª¦¦–<br />

œ´œšœrµª¦´Š„¼¦<br />

„µ¦ž¦³ »¤ª· µ„µ¦Á¦ºÉ°Š„µ¦nµ¥Áš¡¨´ŠŠµœ<br />

‡ªµ¤¦o°œÂ¨³¤ª¨Äœ°»ž„¦–r—oµœ‡ªµ¤¦o°œ<br />

‡¦´ÊŠš¸ É­·Š®µ‡¤<br />

Á ¨ª·¨¨nµ¦¸­°¦rš‹Á ¸¥ŠÄ®¤n®œoµ<br />

„µ¦ž¦´ ž¦»Š­¤ ´˜·‡ªµ¤Â…Ȋ¦Š…°Š®œ´Š­º°¡·¤¡r<br />

Á¡ºÉ°„µ¦¡´•œµÁž}œÂŸnœšÎ µ‡ªµ¤Á¥ÈœÂ ¦³Á®¥ ×¥„µ¦<br />

Á‡¨º° Ÿ·ª„¦³—µ¬®œ´Š­º°¡·¤¡r—oª¥¨·Á¤°¦rž¦³Á£šÁš°¦rä<br />

ÁŽÈ˜˜·ÊŠ‡º°Á¤¨µ¤¸œ¢°¦r¤µ¨—¸Å±—rÁ¦Ž·ÉœÂ¨³Ã¡¨·Á°Å¤—r°¸<br />

¡·‡¨°Ã¦Å±—¦·œÁ¦ ·Éœ ¡ ªnµÄœš»„„¦–¸…°Š ·ÊœŠµœ‹µ„<br />

„¦³—µ¬®œ´Š­º°¡·¤¡rš¸ÉÁ‡¨º° Áš°¦räÁŽÈ˜˜·ÊŠ¤¸­¤ ´˜·šµŠ„¨<br />

‡º°‡nµšœ˜n°Â¦Š—¹Š…µ—˜µ¤¤µ˜¦“µœ7$33,7š¸É<br />

¨³­¤ ´˜·„µ¦—¼—Ž¹¤œÎÊ µ˜µ¤¤µ˜¦“µœ7$33,7š¸É<br />

¤µ„„ªnµ„¦³—µ¬ÁŽ¨¨¼Ã¨­˜oœÂ ‹µ„ŸnœšÎ µ‡ªµ¤Á¥Èœ<br />

 ¦³Á®¥š¸É¤¸Ä oš´ÉªÅžÄœž{‹‹» œ´<br />

×¥„¦³—µ¬š¸ÉÁ‡¨º° Á¤<br />

¨µ¤¸œ¢°¦r¤µ¨—¸Å±—rÁ¦Ž·Éœ ¤¸­¤ ´˜·„µ¦—¼—Ž¹¤œÎÊ µš¸É˜Î É µ„ªnµ<br />

„¦³—µ¬š¸ÉÁ‡¨º° ᨷÁ°Å¤—r°¸¡·‡¨°Ã¦Å±—¦·œÁ¦Ž·Éœ ˜n¤¸<br />

­¤ ´˜·šµŠ„¨ ‡º°‡nµšœÂ¦Š—¹Š…µ—š¸É¤µ„„ªnµš´ÊŠÄœ­£µª³<br />

®oŠÂ¨³Áže¥„<br />

7KH-RLQW*UDGXDWH6FKRRORI(QHUJ\DQG<br />

(QYLURQPHQW<br />

1&&203$5$7,9(678',(621<br />

$1$/


FRPSDULQJ WKH DQDO\WLFDO PHWKRGV IRU<br />

GHWHUPLQDWLRQRIOHDGFRQWHQWLQ3773HWUROHXP<br />

$XWKRULW\ RI 7KDLODQG JDVROLQH 7KH<br />

UHSUHVHQWDWLYH JDVROLQH VDPSOHV ZHUH H[WUDFWHG<br />

ZLWK LRGLQHPRQRFKORULGH DQG DQDO\VHG E\<br />

,QGXFWLYHO\ &RXSOHG 3ODVPD $WRPLF (PLVVLRQ<br />

6SHFWURPHWHU,&3$(6DQG$WRPLF$EVRUSWLRQ<br />

6SHFWURPHWHU$$67KHRWKHUPHWKRGXVHGZDV<br />

WKHH[WUDFWLRQRIWKHJDVROLQHVDPSOHVZLWKLRGLQH<br />

DQG WHWUDHWK\O DPPRQLXP FKORULGH DQG<br />

VXEVHTXHQWO\ DQDO\VHG E\ 899,6<br />

6SHFWURSKRWRPHWHU IRU GHWHUPLQDWLRQ RI OHDG<br />

FRQWHQW *DVROLQH VDPSOHV ZHUH FROOHFWHG IURP<br />

JDV VWDWLRQV VLWXDWHG LQ %DQJNRN


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

HIIHFWRIPRLVWXUHFRQWHQWRQIHGEDWFKUHDFWRUIRU<br />

FRPSRVWLQJ RI YHJHWDEOH DQG IUXLW ZDVWHV 7KH<br />

LQLWLDOPRLVWXUHFRQWHQWRIPL[WXUHZDVDGMXVWHGWR<br />

DQG E\ PL[LQJ WKH ZDVWHV<br />

ZLWKVDZGXVWDWWKHUDWLRRIDQG<br />

ZHW ZHLJKW EDVLV UHVSHFWLYHO\ 8UHD ZDV DGGHG<br />

WR FRQWURO SURSHU &1 UDWLR RI VWDUWLQJ PDWHULDOV<br />

EHWZHHQ 7KH H[SHULPHQWV ZHUH GXSOLFDWHG<br />

DQGRSHUDWHGXQGHUWKHZDVWHIHHGLQJUDWHRI<br />

NJP GD\ DQG DLU IORZ UDWH RI P <br />

PLQ 7KH FKDQJHV LQ SK\VLFDO FKHPLFDO DQG<br />

PLFURELRORJLFDO SURSHUWLHV RI FRPSRVW ZHUH<br />

PRQLWRUHG 7KH HIIHFW RI PRLVWXUH FRQWHQW RQ WKH<br />

FKDQJHRIIUHHDLUVSDFHDQGGU\PDVV ORVVRI IHG<br />

EDWFKFRPSRVWLQJZDVDOVRGHWHUPLQHG<br />

7KH UHVXOWV LQGLFDWHG WKDW WKH LQLWLDO<br />

PRLVWXUHFRQWHQWRIZDVRSWLPXP FRQGLWLRQ<br />

IRU IHG EDWFK UHDFWRU ,W ZDV IRXQG WKDW D KLJK<br />

ZDVWHLQSXW J DQG SHUFHQWDJH RI GU\ PDVV<br />

ORVVLQERWKIHHGLQJDQGFXULQJ<br />

VWDJHVZHUHDFKLHYHGZLWKLQWKHVKRUWFRPSRVWLQJ<br />

WLPH GD\V 7KH VWXG\ DOVR UHYHDOHG WKDW WKH<br />

FKDQJHV RI PRLVWXUH FRQWHQW GXULQJ IHG EDWFK<br />

FRPSRVWLQJKDGDVWURQJHIIHFWRQPDWUL[SURSHUWLHV<br />

RI FRPSRVW DV ZHOO DV WKH UDWH RI GHFRPSRVLWLRQ<br />

&RQWUROOLQJ WKH PRLVWXUH FRQWHQW QRW H[FHHG <br />

VDWLVI\LQJ WKH GHJUHH RI IUHH DLU VSDFH DERXW <br />

ZDV UHFRPPHQGHG IRU VDWLVIDFWRU\<br />

FRPSRVWLQJSHUIRUPDQFHHVSHFLDOO\LQWKHIHHGLQJ<br />

VWDJH ,W KDV EHHQ IRXQG WKDW WKH FRPSRVWLQJ<br />

NLQHWLFV RI YHJHWDEOH DQG IUXLW ZDVWH PL[HG ZLWK<br />

VDZGXVWFDQEHGHVFULEHGE\ILUVWRUGHUPRGHO<br />

1&„µ¦ž¦³¥»„˜r˜´ª¥´ ¥´ÊŠŽ¸­Á˜°¸œÃž¦˜·Áœ­<br />

­Î µ®¦´ „µ¦°°„ ¥µ¦´„¬µÃ¦‡Žµ¦r­Ã—¥ª·›¸<br />

02/(&8/$5'2&.,1*<br />

œ´„ª·‹´¥ ‡¦°Š«´„—µœo°¥¡µœ· „œ„¦´˜œ³„œ„ ´¥<br />

‡·œÁ¨¥r‡¼­»¦¡Š¬r¡·œ·‹„¨µŠ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª·š¥µ«µ­˜¦r¨³Áš‡ÃœÃ¨¥¸<br />

®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É˜»¨µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤<br />

°·¤Â¡È‡Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ<br />

Šµœª·‹´¥œ¸ÊÁž}œ„µ¦«¹„¬µÁ¡ºÉ° nª¥Ä®oÁ…oµÄ‹¹Š<br />

¨´„¬–³ÁŒ¡µ³…°Š ¦·Áª–Á¦nŠž’·„·¦·¥µ 6 VXEVLWH …°Š<br />

Á°œÅŽ¤ržµÁžœ (& ¨³Á°œÅŽ¤r°‡š·œ·Á—œ<br />

(&×¥šÎ µ„µ¦«¹„¬µPROHFXODUGRFNLQJ<br />

¦³®ªnµŠÁ°œÅŽ¤r„´ ­´ ­Á˜¦šš¸ÉÁž}œ°œ»¡´œ›»r…°Š¡µ¦µÅœÃ˜¦<br />

°³œ·Å¨—r—oª¥Ãž¦Â„¦¤$XWR'RFN¨³šÎ µ„µ¦<br />

1DWLRQDO&RQIHUHQFH<br />

<br />

‡Î µœª–‡nµ¡¨´ŠŠµœ…°Š„µ¦Á„·—°´œ˜¦„·¦·¥µ¦³®ªnµŠÁ°œÅŽ¤r<br />

„´ ­´ ­Á˜¦š Ÿ¨š¸ÉÅ—o‹µ„„µ¦‡Î µœª– LQWHUPROHFXODU<br />

HQHUJ\ …°ŠÁ°œÅŽ¤ržµÁžœÂ¨³Â°‡š·œ·Á—œ„´ ­´ ­Á˜¦š<br />

1$F/3KH*O\S1$ 1$F/3KH3KHS1$<br />

1$F/3KH$UJS1$ 1$F/3KH*OXS1$<br />

¨³1$F/3KH/HXS1$¡ ªnµ­´ ­Á˜¦š1$F<br />

/3KH$UJS1$¤¸‡nµ¡¨´ŠŠµœ˜ÎÉ µš¸É­» —°³˜°¤°°„Ž·Á‹œ<br />

…°Š„¦—°³¤·Ãœš¸É°¥¼nÄœ 6 VXEVLWH …°ŠÁ°œÅŽ¤ržµÁžœ¤¸<br />

‡ªµ¤­Î µ‡´ Äœ„µ¦Á„·—¡´œ›³Å±Ã—¦Á‹œ„´ VLGHFKDLQ…°Š<br />

3 Á¡ºÉ°Á¡·É¤Äœ„µ¦¥¹—‹´ „´ ­´ ­Á˜¦š1$F/3KH$UJ<br />

S1$ „µ¦­Î µ¦ª‹ ¦·Áª–Á¦nŠž’·„·¦·¥µ…°ŠÁ°œÅŽ¤rŽ¸­Á˜°¸œ<br />

Þ¦˜·Áœ­š¸ÉšÎ µž’·„·¦·¥µ„´ ­´ ­Á˜¦š­µ¤µ¦Ä oÁž}œ®¨´„“µœ<br />

 ‹Î µ¨°Š­Î µ®¦´ „µ¦ž¦³¥»„˜r…°Š˜´ª¥´ ¥´ÊŠÁ°œÅŽ¤rŽ¸­Á˜<br />

°¸œÃž¦˜·Áœ­­Î µ®¦´ „µ¦°°„ ¥µ¦´„¬µÃ¦‡Žµ¦r­Ã—¥ª·›¸<br />

PROHFXODUGRFNLQJ<br />

1&„µ¦«¹„¬µ+RPRORJ\0RGHOLQJ¨³<br />

0ROHFXODU'\QDPLF…°ŠÁ°ÈœÅŽ¤rÅŽ¨µÁœ­‹µ„<br />

%DFLOOXVILUPXV.<br />

œ´„ª·‹´¥ ¡´˜¦µ¡¦‹°¤Á¤º°Š »˜¦<br />

‹´„¦„§¬–rÁ˜ ³°£´¥‡»–<br />

„œ„¦´˜œ³„œ„ ´¥‡·œÁ¨¥r‡¼<br />

­»¦¡Š¬r¡·œ·‹„¨µŠ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ž¦³‹Î µže…°Š­¤µ‡¤<br />

Áš‡ÃœÃ¨¥¸ ¸ª£µ¡Â®nŠž¦³Áš«Åš¥<br />

‡¦´ÊŠš¸ É›´œªµ‡¤<br />

æŠÂ¦¤šÈ°žÂ¨œ—r‹¡·¬–»Ã¨„®œoµ<br />

Á°ÈœÃ—ÅŽ¨µÁœ­š¸ÉŸ¨·˜¤µ‹µ„ %DFLOOXV ILUPXV<br />

. Áž}œ [\ODQELQGLQJ [\ODQDVH ;%; š¸É¤¸ Á¡¸¥Š<br />

FDWDO\WLF GRPDLQ ˜n­µ¤µ¦‹´ „´ Ŏ¨œš¸ÉŤn¨³¨µ¥œÎÊ µ<br />

Å—o°¥nµŠ‹Î µÁ¡µ³ Šµœª·‹´¥œ¸ÊÁž}œ„µ¦šÎ µœµ¥Ã‡¦Š­¦oµŠ ¤·˜·<br />

…°Š ;%; š¸Éš¦µ ¨Î µ—´ „¦—°³¤·Ãœ Ž¹ÉŠÅ—o‹µ„„µ¦Ã‡¨œ<br />

¨³H[SUHVV¥¸œ…°Š[E[Äœ(&ROL×¥Ä oǦŠ­¦oµŠ…°Š<br />

%FLUFXODQV[\ODQDVH%99Áž}œ˜oœÂ ÁœºÉ°Š‹µ„<br />

¤¸Áž°¦rÁŽÈœ˜r‡ªµ¤‡¨oµ¥‡¨¹Š…°Š¨Î µ—´ „¦—°³¤·Ãœ­¼Š­»—<br />

ž¦³¤µ– ¨³‹µ„„µ¦Áž¦¸¥ Áš¸¥ ¨Î µ—´ „¦—<br />

°³¤·Ãœ—oª¥ª·›¸ 0XOWLSOH 6HTXHQFH DOLJQPHQW ¡ ªnµ<br />

JOXWDPLF DFLG ˜Î µÂ®œnŠš¸É ¨³ ¤¸ š µšÁž}œ<br />

FDWDO\WLF VLWH ¨³Á¤ºÉ°šÎ µ„µ¦«¹„¬µ„µ¦‹´ „´œ¦³®ªnµŠœÎÊ µ<br />

˜µ¨ÅŽÃ¨­Â¨³Ã¤ÃœÁ¤°¦r„´ ;%;×¥Ä oަ„¦¤


$XWRGRFN¡ ªnµ„¦—°³¤·Ãœš¸É¤¸ š µš­Î µ‡´ ‡º°<br />

3UR$UJ¨³*OQ<br />

1&385,),&$7,212)$6(5,1(<br />

3527(,1$6()520$/.$/,3+,/,&%DFLOOXV63<br />

56%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

WKH TXDQWLWDWLRQ RI VL[ ELRJHQLF DPLQHV<br />

WU\SWDPLQH SKHQ\OHWK\ODPLQH SXWUHVFLQH<br />

FDGDYHULQH KLVWDPLQH DQG W\UDPLQH LQ<br />

IHUPHQWHG PLON SURGXFWV FKHHVHV DQG \RJXUWV<br />

$PLQHV ZHUH H[WUDFWHG ZLWK 0 +&,<br />

GHULYDWL]HG ZLWK GDQV\O FKORULGH VHSDUDWHG<br />

XVLQJJUDGLHQWHOXWLRQPHWKDQRODQGZDWHU<br />

DQG GHWHFWHG E\ 89 DEVRUSWLRQ<br />

VSHFWURSKRWRPHWU\ 'LDPLQRKHSWDQH ZDV<br />

XVHG DV WKH LQWHUQDO VWDQGDUG /LQHDULW\<br />

UHSHDWDELOLW\ DQG UHFRYHU\ RI WKH PHWKRG ZHUH<br />

HYDOXDWHG 7KH PHWKRG ZDV OLQHDU IRU DOO RI WKH<br />

DPLQHV VWXGLHG DW FRQFHQWUDWLRQV UDQJLQJ IURP <br />

WR PJNJ $YHUDJH UHFRYHULHV UDQJHG IURP<br />

WR IRU DOO DPLQHV H[FHSW IRU<br />

SXWUHVFLQHZKLFKZDV<br />

1& „µ¦«¹„¬µÁ°¤¸œ°°„Ž·Á—­‹µ„Á¤¨È—›´ ¡º<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

Á„nŠ®š´¥¥ºœ¥Š­»ª¦¦–‹·¦«´„—·Í‡ŠÁ„¸¥¦˜·…‹¦<br />

„µ¦ž¦³ »¤ª·š¥µ«µ­˜¦r¨³Áš‡ÃœÃ¨¥¸<br />

®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É˜»¨µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤<br />

°·¤Â¡È‡Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ<br />

Á°¤¸œ°°„Ž·Á—­Å—o¼„­„´—‹µ„Á¤¨È—´ÉªÁ…¸¥ª ´Éª<br />

Á®¨º°Š ¨³…oµªÃ¡—š¸É„Î µ¨´ŠŠ°„Äœš¸É¤º — °µ¥» ª´œ<br />

Á°œÅŽ¤r¤¸°¥¼nÄœ¦µ„¨³¥°—…°ŠÁ¤¨È—š¸É„Î µ¨´ŠŠ°„ Á°œÅŽ¤r<br />

­µ¤µ¦°°„Ž·Å—­r Á°›·¨Á°¤¸œÂ¨³¡¼Áš­Ž¸œ Å—oűצÁ‹œ<br />

Áž°¦r°°„ÅŽ—rŽ¹ÉŠ­µ¤µ¦˜¦ª‹ª·Á‡¦µ³®r„·‹„¦¦¤…°Š<br />

Á°œÅŽ¤r×¥ž’·„·¦·¥µ‡ª ‡¼n„´ Áž°¦r°°„Ž·Á—­ „·‹„¦¦¤<br />

‹Î µÁ¡µ³…°ŠÁ°œÅŽ¤r­Î µ®¦´ Á°›·¨Á°¤¸œ‡·—Áž}œ<br />

¨³ ®œnª¥¤·¨¨·„¦´¤Ãž¦˜¸œ š¸É‡ªµ¤Áž}œ¡¸Á° <br />

­Î µ®¦´ Á°œÅŽ¤r‹µ„´ÉªÁ®¨º°Š …oµªÃ¡—¨³´ÉªÁ…¸¥ª ˜µ¤<br />

¨Î µ—´ „·‹„¦¦¤‹Î µÁ¡µ³…°ŠÁ°œÅŽ¤r­Î µ®¦´ ¡¼Áš­Ž¸œ‡·—Áž}œ<br />

¨³ ®œnª¥¤·¨¨·„¦´¤Ãž¦˜¸œš¸É‡ªµ¤<br />

Áž}œ¡¸Á° ­Î µ®¦´ Á°œÅŽ¤r‹µ„´ÉªÁ®¨º°Š…oµªÃ¡—¨³<br />

´ÉªÁ…¸¥ª ˜µ¤¨Î µ—´ ‹µ„„µ¦«¹„¬µœ¸Ê­—ŠªnµÁ¤¨È—š¸É„ Î µ¨´Š<br />

Š°„¤¸Á°œÅŽ¤räÜÁ°¤¸œ°°„Ž·Á—­Â¨³Å—Á°¤¸œ°°„Ž·Á—­<br />

×¥‹³¤¸Á°œÅŽ¤rÄœ´ÉªÁ®¨º°Š¤µ„„ªnµÄœÁ¤¨È—¡º °¸„­°Š<br />

œ·—<br />

1&„µ¦Ÿ¨·˜Á°›µœ°¨Â „³Ã—¥<br />

6DFFKDURP\FHVFHUHYLVLDH‹µ„„µ„Áž¨º°„¤´œ<br />

­Î µž³®¨´Š<br />

<br />

œ´„ª·‹´¥ „´¨¥µ°¥¼nœµœ‹·¦«´„—·Í‡ŠÁ„¸¥¦˜·…‹¦<br />

<br />

„œ„¦´˜œ³„œ„ ´¥<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª·š¥µ«µ­˜¦r¨³Áš‡ÃœÃ¨¥¸<br />

®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É˜»¨µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤<br />

°·¤Â¡È‡Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ<br />

Áž¨º°„¤´œ­Î µž³®¨´Š­µ¤µ¦œÎ µ¤µÄ oÁž}œª´˜»<br />

—· ­Î µ®¦´ „µ¦Ÿ¨·˜œÎÊ µ˜µ¨¦¸—·ª­rÅ—o Äœ„µ¦«¹„¬µš—¨°Š<br />

­µ¤µ¦Ÿ¨·˜œÎÊ µ˜µ¨¦¸—·ª­rÅ—o­¼Š­»—×¥Ä oÁž¨º°„¤´œ<br />

­Î µž³®¨´Š ¨³šÎ µ„µ¦Å±Ã—¦Å¨Ž·­Ã—¥Ä o„¦—Ž´¨¢¼¦·„<br />

‡ªµ¤Á…o¤…oœ 䨵¦r š¸É°»–®£¼¤· °Š«µÁŽ¨ÁŽ¸¥­<br />

£µ¥Ä˜o‡ªµ¤—´œž°œ—r˜n°˜µ¦µŠœ·ÊªÁž}œÁª¨µœµš¸<br />

Å—oœÎÊ µ˜µ¨¦¸—·ª­r ­Î µ®¦´ „µ¦¥n°¥—oª¥Â°¨¢iµ°³Å¤<br />

Á¨­Â¨³°³Å¤Ã¨„¨¼Ã‡Ž·Á—­­µ¤µ¦Ÿ¨·˜œÎÊ µ˜µ¨Å—o<br />

„µ¦ª·Á‡¦µ³®r—oª¥ +3/& ­—Šªnµ¤¸œÎÊ µ˜µ¨„¨¼Ã‡­ Ŏè­<br />

¨³Â¦¤Ãœ­Â¨³˜µ¤¨Î µ—´ Äœ­µ¦<br />

¨³¨µ¥¤¸ ű—¦°„Ž·¨Á¤›·¨Á¢°¢¼¦°¨ ‹µ„„µ¦<br />

ª·Á‡¦µ³®r—oª¥ +3/& Äœ­µ¦¨³¨µ¥š¸É¥n°¥—oª¥Á°œÅŽ¤r¡<br />

ªnµ ¤¸œÎÊ µ˜µ¨„¨¼Ã‡­Â¨³ÅŽÃ¨­ ¨³ ˜µ¤<br />

¨Î µ—´ Äœ„µ¦«¹„¬µ„µ¦®¤´„œÎÊ µ˜µ¨¦¸—·ª­rš¸ÉÅ—o×¥<br />

6DFFKDURP\FHV FHUHYLVLDH ¡ ªnµ­µ¤µ¦Ä oœÎÊ µ˜µ¨Å—o<br />

×¥ n¤Äœ˜¼o n¤Á ºÊ°š¸É °»–®£¼¤· °Š«µÁŽ¨ÁŽ¸¥­ ‡ªµ¤Á¦Èª<br />

¦° ¦° ˜n°œµš¸®¨´Š‹µ„ n¤Áž}œÁª¨µ ´ÉªÃ¤Š‹³<br />

Ÿ¨·˜Á°›µœ°¨Å—o „¦´¤˜n°¨·˜¦ ‹µ„„µ¦«¹„¬µª·‹´¥œ¸Ê<br />

­—ŠªnµÁž¨º°„¤´œ­µ¤µ¦œÎ µ¤µÄ oÁž}œÂ®¨nŠ‡µ¦r °œ<br />

­Î µ®¦´ „µ¦®¤´„…°Š¥¸­˜rÁž}œÁ°›µœ°¨Å—o<br />

1&5('8&,1*68*$56352'8&7,21<br />

)520&$66$9$3((/6%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

5HGXFLQJ VXJDUV ZHUH PD[LPDO SURGXFHG E\<br />

FDVVDYDSHHOK\GURO\VHGE\0VXOIXULF<br />

DFLG ZY DW q& XQGHU SUHVVXUH OELQFK <br />

IRU PLQ SURGXFLQJ \LHOG RI UHGXFLQJ<br />

VXJDUVZKLOH0K\GURFKORULFDFLGSURGXFHG<br />

\LHOG RI UHGXFLQJ VXJDUV DQG 0<br />

DFHWLF DFLG FRXOG SURGXFHG \LHOG RI<br />

UHGXFLQJ VXJDUV XQGHU WKH VDPH FRQGLWLRQ D<br />

$P\ODVHFRXOGK\GURO\VHFDVVDYDSHHODW<br />

S+q&IRUKUSURGXFHG\LHOGRI<br />

UHGXFLQJ VXJDUV $IWHU WKDW DP\ORJOXFRVLGDVH<br />

FRQWLQXRXVO\ K\GURO\VHG WKH UHDFWLRQ PL[WXUH DW<br />

S+q&IRUKU7KHUHVXOWVKRZHGWKDW<br />

WKHUHDFWLRQPL[WXUHFRQWDLQHGWKH\LHOG<br />

RI UHGXFLQJ VXJDUV &HOOXODVH K\GURO\VHG <br />

FDVVDYDSHHODWS+q&IRUKUSURGXFLQJ<br />

\LHOGZKLOH[\ODQDVHK\GURO\VHG<br />

FDVVDYD SHHO XQGHU WKH RSWLPDO FRQGLWRQ DW S+<br />

q& IRU KU SURGXFLQJ \LHOG<br />

3HFWLQDVHK\GURO\VLVRIFDVVDYDSHHODWS+<br />

q& IRU KU SURGXFHG \LHOG RI<br />

UHGXFLQJ VXJDU )URP WKLV VWXG\ LW ZDV VKRZQ<br />

WKDW GLOXWHG DFLGV FRXOG K\GURO\]HG FDVVDYD<br />

SHHOVWRSURGXFHUHGXFLQJVXJDUVPRUHWKDQ WKH<br />

LQGLYLGXDO K\GURO\WLF HQ]\PH 7KH UHGXFLQJ<br />

VXJDUV ZHUH GHWHUPLQHG PDLQO\ JOXFRVH DQG<br />

[\ORVH0XOWLHQ]\PHVK\GURO\VLVPLJKWEHXVHG<br />

IRUKLJKHU\LHOGRIUHGXFLQJVXJDUVSURGXFWLRQ<br />

7KHVHVXJDUVFRXOGDOVREHXVHGIRUWKHIXUWKHU<br />

DSSOLFDWLRQV<br />

1&())(&72)+$59(67,1*7,0(21<br />

620(3523(57,(62)(',%/(&$11$<br />

67$5&+(6<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

„·˜˜·ª»•·“·˜·ž¦³¡´œ›r„»¨—»¬‘¸°»˜£µ¡<br />

‹»¦¸¦´˜œr¡»—˜µ¨Á¨È„ª·Å¨¦´Š­µ—š°Š<br />

ª¦¥»š›ž’·£µ–ª´•œrÁ„ºÊ°„¼ ¨žd¥³‹°¤…ª´ <br />

¥µ­¹±·Ã˜³šµÁ‡—³<br />

7KH WK $QQXDO0HHWLQJRIWKH<br />

7KDL6RFLHW\IRU%LRWHFKQRORJ\<br />

³6XVWDLQDEOH'HYHORSPHQWRI60(V<br />

7KURXJK%LRWHFKQRORJ\´<br />

„»¤£µ¡´œ›ræŠÂ¦¤Ã¨˜´­žµŠ­ªœ<br />

„oª‹Á ¸¥ŠÄ®¤n®œoµ<br />

(IIHFW RI KDUYHVWLQJ WLPH WK WR WK<br />

PRQWK RQ SURSHUWLHV RI WKUHH FXOWLYDUV RI HGLEOH<br />

FDQQD VWDUFKHV -DSDQHVHJUHHQ 7KDLJUHHQ DQG<br />

7KDLSXUSOH ZDV VWXGLHG ,QYHVWLJDWLRQ E\<br />

VFDQQLQJ HOHFWURQ PLFURVFRS\ VKRZHG WKDW WKH<br />

VWDUFKJUDQXOHVIURPDQ\KDUYHVWLQJWLPHRIDOO<br />

1DWLRQDO&RQIHUHQFH<br />

FXOWLYDUVZHUHRYDOVKDSHGZLWKVPRRWKVXUIDFH<br />

7KH FDQQD VWDUFKHV IURP GU\ SHULRG RI<br />

KDUYHVWLQJWLPHVL[WKWRQLQWKPRQWKKDGODUJHU<br />

JUDQXOHVL]HVWKDQWKRVHIURP HDUO\UDLQ\ SHULRG<br />

RI KDUYHVWLQJ WLPH HOHYHQWK WR WKLUWHHQWK<br />

PRQWK3DVWLQJWHPSHUDWXUHDQGSHDN YLVFRVLW\<br />

RIVWDUFKHVIURPDOOFXOWLYDUVZHUHDIIHFWHGE\WKH<br />

KDUYHVWLQJ WLPH 7KH SDVWLQJ WHPSHUDWXUH RI WKH<br />

VWDUFKHV KDUYHVWHG LQ WKH GU\ SHULRG ZHUH<br />

DSSUR[LPDWHO\DWq&ORZHUWKDQWKRVHIURP<br />

WKHHDUO\UDLQ\SHULRGq&3HDNYLVFRVLW\<br />

RI WKH VWDUFKHV GURSSHG GXULQJ WKH HDUO\ UDLQ\ <br />

SHULRG UHDFKLQJ WKH RZHVW YDOXHV DW WKH HOHYHQWK<br />

PRQWK IRU DOO WKH FXOWLYDUV 7KH VHWEDFN YDOXHV<br />

FRQVLGHUDEO\ IOXFWXDWHG ZLWKWKH KDUYHVWLQJ WLPH<br />

7KH VWDUFKHV KDUYHVWHG GXULQJ WKH HDUO\ UDLQ\<br />

SHULRGVHHPWRKDYHKLJKHUEUHDNGRZQWKDQWKRVH<br />

KDUYHVWHG GXULQJ WKH GU\ SHULRG $VK DQG<br />

SKRVSKRUXV FRQWHQWV LQFUHDVHG LQ WKH HDUO\ UDLQ\<br />

SHULRG<br />

1&3+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„»¤£µ¡´œ›ræŠÂ¦¤Ã¨˜´­žµŠ­ªœ<br />

„oª‹Á ¸¥ŠÄ®¤n®œoµ<br />

6HYHUDO VWUDLQV RI $ RU\]DH ZHUH<br />

LQYHVWLJDWHGIRUWKHLUDELOLW\WRSURGXFHDFHW\O<br />

S\UUROLQH $&3< LQ D V\QWKHWLF OLTXLG<br />

PHGLXP $VSHUJLOOXV RU\]DH 7,675 <br />

UHYHDOHGKLJKHU$&3


VS$°¥¼nÄœ nªŠ¹ŠÂ¨³¤¸‡ªµ¤Á­¸¥¦­¼Šš¸É<br />

¡¸Á° Äœ nªŠ¹Šœµœ ´ÉªÃ¤Š°»–®£¼¤·š¸ÉÁ®¤µ³<br />

­¤Äœ„µ¦šÎ µŠµœ…°ŠÁ°œÅŽ¤r‡º°°Š«µÁŽ¨ÁŽ¸¥­Â¨³¤¸<br />

‡ªµ¤Á­¸¥¦­¼Š¦³®ªnµŠ°»–®£¼¤·¹Š°Š«µÁŽ¨ÁŽ¸¥­<br />

œµœ ´ÉªÃ¤Š ‹µ„„µ¦Ž´„Ÿoµ jµ¥—· ­¸…µªš¸É¼„šÎ µÄ®oÁžg°œ<br />

Á¨º°—ª´ªŸ­¤œÎÊ µ¤´œžµ¨r¤ ¡ ªnµŸoµ­„ž¦„š¸ÉŽ´„—oª¥­µ¦Ž´„<br />

¨oµŠ¦nª¤„´ FUXGH OLSDVH‹µ„ %DFLOOXV VS $ ¨³<br />

FUXGHSURWHDVH‹µ„%DFLOOXVVS%Ä®ož¦³­·š›·£µ¡<br />

Äœ„µ¦…‹´—‡¦µ ­„ž¦„­¼Š„ªnµŸoµ­„ž¦„š¸ÉŽ´„—oª¥­µ¦Ž´„<br />

¨oµŠ°¥nµŠÁ—¸¥ª —´Šœ´Êœ‹¹Š¤¸ÂœªÃœo¤š¸É‹³œÎ µ FUXGH OLSDVH<br />

‹µ„%DFLOOXVVS$Åžž¦³¥»„˜rÄ oÄœ­µ¦Ž´„¨oµŠ<br />

1&„µ¦Ÿ¨·˜ÅŽ¨·š°¨‹µ„œÎÊ µ˜µ¨Ÿ­¤…°Š<br />

„¨¼Ã‡­Â¨³ÅŽÃ¨­Ã—¥„µ¦Á¨¸Ê¥ŠÁ ºÊ°Ÿ­¤¦³®ªnµŠÂŽ‡<br />

‡µÃ¦Å¤Ž¸­Ž¸¦¸ª·Ž¸°¸¦nª¤„´ ‡œ—·—µÃš¦že‡µ¨·­<br />

œ´„ª·‹´¥ °¦·­¦µ¦°—¤»o¥¥»ª¡·œ—nµœ—»­·˜µ¡´œ›r<br />

<br />

‹·¦«´„—·Í‡ŠÁ„¸¥¦˜·…‹¦<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª·š¥µ«µ­˜¦r¨³Áš‡ÃœÃ¨¥¸<br />

®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É˜»¨µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤<br />

°·¤Â¡È‡Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡²®œoµ<br />

„µ¦«¹„¬µª·‹´¥œ¸ÊÅ—o¡´•œµ¦³ Á ºÊ°‹»¨·œš¦¸¥rŸ­¤<br />

Á¡ºÉ°„µ¦Ÿ¨·˜ÅŽ¨·š°¨°¥nµŠ¤¸ž¦³­·š›·£µ¡¤µ„…¹ Êœ‹µ„œÎ Ê µ<br />

˜µ¨Ÿ­¤…°Š„¨¼Ã‡­Â¨³ÅŽÃ¨­Ã—¥Á ºÊ°Ÿ­¤<br />

6DFFKDURP\FHVFHUHYLVLDH¨³&DQGLGDWURSLFDOLV<br />

Äœ„µ¦Ÿ¨·˜ÅŽ¨·š°¨„¦³ ªœ„µ¦®¤´„Å—ošÎ µÃ—¥Ä oÁ ºÊ°Ÿ­¤<br />

×¥Ä o°µ®µ¦­´ŠÁ‡¦µ³®rš¸É¤¸„¨¼Ã‡­„¦´¤¨·˜¦ÅŽ¨·š°<br />

¨„¦´¤¨·˜¦Â¨³œÎÊ µ˜µ¨Ÿ­¤¦³®ªnµŠ„¨¼Ã‡­„¦´¤<br />

¨·˜¦Â¨³ÅŽÃ¨­„¦´¤¨·˜¦Áž}œÂ®¨nŠ‡µ¦r °œ®¨´Š‹µ„<br />

n¤ÅªoÁž}œÁª¨µ ´ÉªÃ¤Šš¸É °»–®£¼¤· °Š«µÁŽ¨ÁŽ¸¥­<br />

&DQGLGD WURSLFDOLV ­µ¤µ¦Ä oŎè­Â¨³„¨¼Ã‡­Áž}œ<br />

®¨nŠ‡µ¦r °œÄœ„µ¦Ÿ¨·˜ÅŽ¨·š°¨Ášnµ„´ ¨³<br />

„¦´¤¨·˜¦ ˜µ¤¨Î µ—´ £µ¥Ä˜o­£µª³„µ¦š—¨°ŠÁ—¸¥ª„´œ<br />

Á ºÊ°Ÿ­¤ 6DFFKDURP\FHV FHUHYLVLDH ¨³ &DQGLGD<br />

WURSLFDOLV Ÿ¨·˜ÅŽ¨·š°¨Å—oÁšnµ„´ ¨³<br />

„¦´¤¨·˜¦ Á¤ºÉ°Ä oŎè­ „¨¼Ã‡­ ¨³œÎÊ µ˜µ¨Ÿ­¤<br />

…°Š„¨¼Ã‡­Â¨³ÅŽÃ¨­Áž}œÂ®¨nŠ‡µ¦r °œ ˜µ¤¨Î µ—´ „µ¦<br />

«¹„¬µœ¸Ê­—Šªnµ„µ¦Á¨¸Ê¥ŠÁ ºÊ°‹»¨·œš¦¸¥rŸ­¤ÄœœÎ Ê µ˜µ¨Ÿ­¤<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

…°Š„¨¼Ã‡­Â¨³ÅŽÃ¨­­µ¤µ¦Ÿ¨·˜ÅŽ¨·š°¨Å—oÄœž¦·¤µ–<br />

¤µ„š¸É­» — —´Šœ´Êœ°µ‹œÎ µÅžž¦³¥»„˜rÄ oÄœ„µ¦Á¨¸Ê¥ŠÁ ºÊ°Ÿ­¤<br />

×¥Ä o®¨nŠ°µ®µ¦š¸É¤¸œÎ<br />

µ˜µ¨Ÿ­¤…°Š„¨¼Ã‡­Â¨³œÎÊ µ˜µ¨<br />

Ŏè­ Å—o„n­µ¦¨³¨µ¥‹µ„„µ¦¥n°¥­µ¦ž¦³„° ¨·„Ãœ<br />

ÁŽ¨¨¼Ã¨­ Á¡ºÉ°Á¡·É¤ž¦·¤µ–„µ¦Ÿ¨·˜ÅŽ¨·š°¨Å—o¤µ„„ªnµ„µ¦<br />

Á¨¸Ê¥ŠÁ ºÊ°Á¡¸¥Š œ·—Á—¸¥ª<br />

1&02/(&8/$502'(//,1*2)<br />

$&7,9(&(175(&+$5$&7(5,67,&62)<br />

&


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

DPLQR DFLG UHVLGXHV &\V 7\U 3UR<br />

7US 9DO 9DO $VS +LV<br />

$OD6HUDQG3KH)RUDFDOFXODWLRQ<br />

RIGRFNLQJHQHUJ\FRPSDUHGE\URRWPHDQVTXDUH<br />

GHYLDWLRQ H[KLELWV WKH ORZHVW GRFNHG<br />

FRQIRUPDWLRQ DUH .FDOPRO .FDOPRO<br />

DQG .FDOPRO RI 1DFHW\O/3KH*O\S<br />

1$ 1DFHW\O/3KH3KHS1$ DQG 1DFHW\O/<br />

3KH$UJS1$ UHVSHFWLYHO\ 7KHUH DUH WKUHH<br />

K\GURJHQERQGVWRZDUGVWKHEDFNERQHFDUERQ\O<br />

JURXS RI $VS DQG WKH EDFNERQH FDUERQ\O<br />

DQGDPLQRJURXSVRI*O\LQ6 VXEVLWH<br />

1&$520$352'8&,1*(1'23+


1&„µ¦Á˜¦¸¥¤Å‡Ã˜Žµœš¸É¦³—´ „µ¦„Î µ‹´—®¤¼n<br />

°³Ž¸˜·¨˜nµŠÇ×¥„µ¦‡ª ‡»¤°»–®£¼¤·‹Î µœªœ„µ¦<br />

šÎ µŽÎÊ µÂ¨³Áª¨µš¸ÉÄ oÄœ„¦³ ªœ„µ¦„Î µ‹´—®¤¼n°³Ž¸˜·¨<br />

œ´„ª·‹´¥ Á¥µª£µÅ®ª¡¦· œ´œš·¥µÁŒ¸¥ ®¨¤<br />

°œ´œ˜rš°Ššµ¡· µ ­ªnµŠªŠ«r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª·š¥µ«µ­˜¦r¨³Áš‡ÃœÃ¨¥¸<br />

®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É˜»¨µ‡¤<br />

«¼œ¥r­—Š­·œ‡oµÂ¨³„µ¦ž¦³ »¤<br />

°·¤Â¡È‡Á¤º°Šš°Š›µœ¸„¦»ŠÁš¡² <br />

®œoµ<br />

«¹„¬µ„µ¦Á˜¦¸¥¤Å‡Ã˜Žµœš¸É¦³—´ „µ¦„Î µ‹´—®¤¼n<br />

°³Ž¸˜·¨˜nµŠÇ ×¥„µ¦‡ª ‡»¤°»–®£¼¤· ‹Î µœªœ„µ¦šÎ µŽÎÊ µ<br />

¨³Áª¨µš¸ÉÄ oÄœ„¦³ ªœ„µ¦„Î µ‹´—®¤¼n°³Ž¸˜·¨ Á¦·É¤‹µ„<br />

Á˜¦¸¥¤Å‡˜·œ‹µ„Áž¨º°„„»oŠ° ®oŠ ×¥„µ¦„Î µ‹´—¦n›µ˜»<br />

—oª¥„¦—űצ‡¨°¦·„ 1 š¸É°»–®£¼¤·®o°Š ´ÉªÃ¤Š˜n°<br />

¤µ„Î µ‹´—Þ¦˜¸œ—oª¥ÃŽÁ—¸¥¤Å±—¦°„ÅŽ—r 1 š¸É°»–®£¼¤·<br />

q& ´ÉªÃ¤ŠÅ—oŇ˜·œ ˜n°¤µÁ˜¦¸¥¤Å‡Ã˜Žµœ‹µ„Ň<br />

˜·œ — š¸É¦³—´ „µ¦„Î µ‹´—®¤¼n°³Ž¸˜·¨˜nµŠÇ —oª¥ÃŽÁ—¸¥¤Å±—<br />

¦°„ÅŽ—rÁž°¦rÁŽÈœ˜r ×¥œÎÊ µ®œ´„×¥‡ª ‡»¤°»–®£¼¤·<br />

‹Î µœªœ„µ¦šÎ µŽÎÊ µÂ¨³Áª¨µš¸ÉÄ oÄœ„¦³ ªœ„µ¦„Î µ‹´—®¤¼n°³Ž¸<br />

˜·¨Å—o„n°»–®£¼¤·š¸É¨³°Š«µÁŽ¨ÁŽ¸¥­<br />

‹Î µœªœ„µ¦šÎ µŽÎÊ µÁž}œ ¨³ ŽÎÊ µ ¨³Áª¨µÁž}œ <br />

¨³ ´ÉªÃ¤Š¡ ªnµ­µ¤µ¦Á˜¦¸¥¤Å‡Ã˜Žµœš¸É¤¸¦³—´ „µ¦<br />

„Î µ‹´—®¤¼n°³Ž¸˜·¨­¼Š…¹ÊœÅ—o×¥Ä o­£µª³°»–®£¼¤·­¼Š…¹ Êœ<br />

‹Î µœªœ„µ¦šÎ µŽÎÊ µ­¼Š…¹Êœ ¨³Áª¨µš¸ÉÄ oÄœ„¦³ ªœ„µ¦„Î µ‹´—<br />

®¤¼n°³Ž¸˜·¨œµœ…¹Êœ Sd ץŇØŽµœš¸É¤¸¦³—´ „µ¦<br />

„Î µ‹´—®¤¼n°³Ž¸˜·¨­¼Š­»—š¸ÉÁ˜¦¸¥¤Å—o‡º ° r <br />

Á¤ºÉ°Ä­£µª³°»–®£¼¤· o °Š«µÁŽ¨ÁŽ¸¥­ ‹Î µœªœ„µ¦šÎ µ<br />

ŽÎÊ µÁž}œ ŽÎÊ µÇ ¨³ ´ÉªÃ¤Š ¨³Å‡Ã˜Žµœš¸É¤¸¦³—´ „µ¦<br />

„Î µ‹´—®¤¼n°³Ž¸˜·¨˜ÎÉ µ­»—š¸ÉÁ˜¦¸¥¤Å—o ‡º° r š¸É<br />

­£µª³°»–®£¼¤·š¸É°Š«µÁŽ¨ÁŽ¸¥­‹Î µœªœ„µ¦šÎ µŽÎÊ µÁž}œ<br />

ŽÎÊ µÇ¨³ ´ÉªÃ¤Š<br />

1&0,&52%,$/3238/$7,21$6<br />

,1',&$7,1*)$&725)25&21752//,1*<br />

$1$(52%,&+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

œ´„ª·‹´¥ ««·ª¦¦–‹·˜¦¡·š´„¬rÁ¨·«<br />

<br />

£µª·–¸ ´¥ž¦³Á­¦·“­»—µ¦´˜œr˜¦¸Á¡ ¦„»¨<br />

ÁŸ¥Â¡¦n 7KH WK $QQXDO0HHWLQJRIWKH<br />

7KDL6RFLHW\IRU%LRWHFKQRORJ\<br />

³6XVWDLQDEOH'HYHORSPHQWRI60(V<br />

7KURXJK%LRWHFKQRORJ\´<br />

„»¤£µ¡´œ›ræŠÂ¦¤Ã¨˜´­žµŠ­ªœ<br />

„oª‹Á ¸¥ŠÄ®¤n®œoµ<br />

$QQXDOO\DODUJHDPRXQWRIIRRGZDVWH<br />

KDYH EHHQ JHQHUDWHG &RPPRQ SUDFWLFHV IRU<br />

WUHDWLQJ WKHVH ZDVWHV DUH ODQGILOOLQJ DQG<br />

LQFLQHUDWLRQ 7KHQ WZR DSSURDFKHV PD\ EULQJ<br />

DERXWSROOXWLRQRIDLUVRLOXQGHUJURXQGZDWHU<br />

ULYHUDQGVRRQLQODWHUVWDJH,QRUGHUWRUHGXFH<br />

WKH SROOXWDQWV GLVFKDUJH WR WKH HQYLURQPHQW<br />

WUHDWPHQW RI WKHVH ZDVWHV RQ VLWH VR FDOOHG<br />

LQWHUPLWWHQWO\FRPSRVWLQJXVLQJFRFRQXWKXVNDV<br />

EXONLQJDJHQWKDYHEHHQWHVWHGE\XVLQJ,<br />

RI YHVVHO 3DUWLFOH VL]HV RI EXONLQJ DJHQW XVHG<br />

SOD\V DQ LPSRUWDQW UROH IRU SURYLGLQJ VWUXFWXUDO<br />

VXSSRUW IRU WKH FRPSRVWLQJ SURFHVV 7KHUHIRUH<br />

WKHHIIHFWRISDUWLFOHVL]HVRIFRFRQXWKXVNZKLFK<br />

LV QRQJULQGHG FRFRQXW KXVN JULQGHG FRFRQXW<br />

KXVNDQGFRFRQXWKXVNDWWKHVL]HRIPHVK<br />

RQ FRPSRVWLQJ SURFHVV ZHUH DOVR FDUULHG RXW<br />

7KHUHVXOWVUHYHDO WKDW DW WR RI IRRG ZDVWH<br />

DQGFRFRQXWKXVNUDWLRZWZWDQGIRRGZDVWH<br />

IHHGUDWHRIJGD\ DOO GLIIHUHQW VL]HV RI<br />

FRFRQXW KXVN FRXOG EH XVHG DV D EXONLQJ DJHQW<br />

IRUFRPSRVWLQJ+RZHYHUWKHORDGLQJDELOLW\RI<br />

WKHFRPSRVWLQJV\VWHPVGHSHQGHGRQZDVWHIHHG<br />

UDWHDQGSDWWHUQRIIRRGZDVWHDGGLWLRQ<br />

1&/2&$/,=$7,212)'()(&7,9(6,7(<br />

,13+2726


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

VKDUSLQFUHDVHLQWKHOHYHORIP51$RI' DQG'<br />

GHVDWXUDVHJHQHVZDVFRUUHVSRQGHG ZHOOZLWK<br />

DQ LQFUHDVH LQ & DQG */$ FRQWHQWV<br />

VXJJHVWLQJ WKH LPSRUWDQFH RI & DQG */$<br />

GXULQJ JHUPLQDWLRQ SURFHVV $GGLWLRQ RI<br />

H[RJHQRXV & WR WKH JHUPLQDWLQJ FXOWXUH<br />

FOHDUO\H[SHGLWHGFRPSOHWLRQRIJHUPLQDWLRQLQ<br />

PXWDQW VWUDLQ ZKLOH QRW PXFK FKDQJH ZDV<br />

REVHUYHGLQ ZLOGW\SHFXOWXUH0RUHRYHUVSRUH<br />

VZHOOLQJDQGQXPEHUVRIJHUPWXEHHPHUJHGSHU<br />

VSRUH ZHUH REYLRXVO\ VWLPXODWHG E\ &<br />

VXSSOHPHQWDWLRQ $QDO\VLV RI IDWW\ DFLG<br />

FRPSRVLWLRQ RI '0 VSRUDQJLRVSRUHV<br />

FRQILUPHG WKDW & ZDV XSWDNHQ LQWR WKH<br />

VSRUHV DQG HVVHQWLDOO\ XWLOL]HG LQ WKH<br />

JHUPLQDWLRQSURFHVV<br />

1&0,&52%,$/%$6('%2'6(16256<br />

œ´„ª·‹´¥ «¤µ„¦Â¡š¥µœœšr¡¦¡·¤¨«¦¸š°Š‡Î<br />

<br />

µ<br />

«´œ­œ¨´„¬–r¦´ ‘µªŠ«r<br />

šª¸¦´˜œrª·‹·˜¦­»œš¦„»¨ª¸¦³«´„—·Í­»¦³Á¦º°Š ´¥<br />

ÁŸ¥Â¡¦n 7KH WK $QQXDO0HHWLQJRIWKH<br />

7KDL6RFLHW\IRU%LRWHFKQRORJ\<br />

³6XVWDLQDEOH'HYHORSPHQWRI60(V<br />

7KURXJK%LRWHFKQRORJ\´<br />

„»¤£µ¡´œ›ræŠÂ¦¤Ã¨˜´­žµŠ­ªœ<br />

„oª‹Á ¸¥ŠÄ®¤n®œoµ<br />

7KLV UHVHDUFK ZRUN UHODWHV WR ZDWHU<br />

TXDOLW\ DQDO\VLV DQG SDUWLFXODUO\ WR D PHWKRG<br />

DQG WR VHQVLQJ SUREH IRU GHWHUPLQLQJ<br />

ELRFKHPLFDOR[\JHQGHPDQG%2'LQ DTXHRXV<br />

OLTXLGV FRQWDLQLQJ RUJDQLF VXEVWDQFHV 7KH<br />

REMHFWLYH RI WKH ZRUN LV IRU DQ LQFUHDVH LQ<br />

VWDQGDUG WHFKQRORJLFDO NQRZKRZ RQ %2'<br />

VHQVRUV DQG IRU SURYLVLRQ RI WKH PHWKRG RI<br />

GHWHUPLQLQJ%2'WRWKHHQYLURQPHQWDOGRPDLQ<br />

LQ7KDLODQG<br />

7KH GHYHORSHG %2' YDOXH<br />

GHWHUPLQDWLRQ UHODWHV WR D VHQVRU EDVHG RQ<br />

LPPRELOLVHG PLFUREHLQFRQWDFW ZLWK DQ R[\JHQ<br />

HOHFWURGH ,Q WKLV SURMHFW WKH PLFURRUJDQLVPV<br />

KDYH EHHQ VFUHHQHG DQG LVRODWHG IURP ORFDO<br />

VHZDJHWUHDWPHQWSODQWVDQGVRLOV7KHUHVXOWLQJ<br />

VL[ LVRODWHV RI VFUHHQHG PLFURRUJDQLVP DUH<br />

LQGLYLGXDOO\ LPPRELOLVHG RQWR WKH FHOOXORVH<br />

DFHWDWH PHPEUDQH DQG SODFH LQ IURQW RI DQ<br />

R[\JHQ HOHFWURGH ZLWK P9 DFURVV WKH<br />

JROG FDWKRGH DQG WKH VLOYHU DQRGH<br />

5HODWLRQVKLS EHWZHHQ FRQFHQWUDWLRQ RI<br />

VXEVWDQFHVDJDLQVWFXUUHQWUHVSRQVHLVREWDLQHG<br />

1DWLRQDO&RQIHUHQFH<br />

)RXU RXWRIVL[VWUDLQVVKRZ DKLJKVHQVLWLYLW\<br />

DQG UDSLGO\ FXUUHQW UHVSRQVH WR VXEVWUDWHV<br />

LQFOXGLQJ FDUERK\GUDWHV DPLQR DFLGV RUJDQLF<br />

DFLGV DQG DOFRKROV 2SWLPDO FRQGLWLRQV VXFK DV<br />

WKHQXPEHURIFHOOORDGLQJS+ UDQJHDQGLRQLF<br />

VWUHQJWK DQG WHPSHUDWXUH KDYH EHHQ<br />

LQYHVWLJDWHG $OVR WKH IROORZLQJ FKDUDFWHULVWLFV<br />

RI VHQVRUV ZLWK WKH GLIIHUHQW VWUDLQV KDYH EHHQ<br />

HYDOXDWHG OLQHDU UDQJH VHQVLWLYLW\ OLPLW RI<br />

GHWHFWLRQDQGUHVSRQVHWLPH<br />

1&3+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

DQGORZUSPURWDWLRQDOVSHHG7KHHIIHFWRI<br />

URWDWLRQ RQ DHULDO P\FHOLDO SURGXFWLRQ ZDV<br />

H[DPLQHG XQGHU VWHUHRPLFURVFRSH 7KH DHULDO<br />

K\SKD ZHUH SURGXFHG OHVV ZKHQ XVLQJ KLJK<br />

VSHHGURWDWLRQ6LQFHRSHUDWLRQRI5'%XVXDOO\<br />

GHVWUR\VDHULDOP\FHOLXP DQGFDQLQWHUIHUHWKH<br />

VHFUHWLRQRIH[WUDFHOOXODUSURWHLQVWKHVHFUHWLRQ<br />

RI HQ]\PHV ZDV DOVR LQYHVWLJDWHG 7KH UHVXOWV<br />

VXJJHVWHG WKDW $ RU\]DH VHFUHWHG OHVV DPRXQW<br />

RI ERWK DP\ODVHV DQG SURWHDVHV LQ DJLWDWHG<br />

FXOWXUHV<br />

6FKRRORI$UFKLWHFWXUHDQG'HVLJQ<br />

1&®o°Š¨°ŠÁ­ºÊ°­œ´ ­œ»œ„µ¦˜´—­·œÄ‹<br />

Äœ„µ¦ŽºÊ°­·œ‡oµ<br />

œ´„ª·‹´¥ ­Á¤›´­˜´–”¦´˜œrÁ‹¦· ­„¨›¸¦³ª¦´ s¼<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦¦³—´ µ˜·‡¦´ÊŠš¸É<br />

—oµœ„µ¦ª·‹´¥¡´•œµœª´˜„¦¦¤Â¨³<br />

„µ¦°°„ ¡§¬£µ‡¤<br />

¤®µª·š¥µ¨´¥®°„µ¦‡oµÅš¥„¦»ŠÁš¡²<br />

®œoµ<br />

¡§˜·„¦¦¤…°ŠŸ¼oÄ o¤¸­nªœ­Î µ‡´ ˜n°„µ¦˜´—­·œÄ‹<br />

Äœ„µ¦Á¨º°„ŽºÊ°­·œ‡oµš¸ÉÁ®¤µ³­¤ „µ¦°°„ Ÿ¨·˜£´–”rš¸É<br />

Ťn‡Î µœ¹Š¹Š¡§˜·„¦¦¤…°ŠŸ¼oÄ ošÎ µÄ®oÁ„·—ž{ ®µ—oµœ‡ªµ¤<br />

˜o°Š„µ¦š¸Éšo‹¦·Š<br />

—´Šœ´Êœ„µ¦«¹„¬µÄœÁ¦ºÉ°Šœ¸Ê‹³Áž}œ„µ¦­¦oµŠÁ‡¦ºÉ°Š<br />

¤º°š¸É nª¥Äœ„µ¦­œ´ ­œ»œÄœ—oµœ„µ¦˜´—­·œÄ‹­Î µ®¦´ „µ¦<br />

Á¨º°„ŽºÊ°Á­ºÊ°Ÿo µ … ªœ„µ¦…°Š„µ¦«¹„¬µ‹³Á¦·É¤‹µ„„µ¦Á„È<br />

…o°¤¼¨‹µ„Ÿ¼oÄ o „µ¦ª·Á‡¦µ³®r„µ¦˜´—­·œÄ‹ ®¨´Š‹µ„œ´Êœ‹¹Š<br />

­¦oµŠ®o°Š¨°ŠÁ­ºÊ°š¸É­µ¤µ¦‹ Î µ¨°Š­µœ„µ¦–r„µ¦Ä oŠµœ<br />

œ°„­µœš¸É¡¦o°¤—oª¥Ž°¢šrª¦r š¸É­œ´ ­œ»œÄœ—oµœ„µ¦‹´<br />

‡¼nÁ­ºÊ°Ÿoµ—oª¥“µœ…o°¤¼ ¨…°ŠŸ¼oŽºÊ° Ÿ¼o¼„š—­° Å—oÁ…oµšÎ µ„µ¦<br />

ž¦³Á¤·œŸ¨…°Š¦³ ×¥„µ¦Ä oŸ¨·˜£´–”r¨³˜° Â<br />

­° µ¤‹µ„„µ¦ž¦³Á¤·œŸ¨¡ ªnµŸ¼o¼„š—­° ¤¸‡ªµ¤Á ºÉ°<br />

¤´ÉœÄœ„µ¦˜´—­·œÄ‹¤µ„…¹ ʜ¨³­µ¤µ¦š¸É‹³¤¸˜´—­·œÄ‹Å—o<br />

°¥nµŠ¤¸ž¦³­·š›·£µ¡<br />

1& °»ž„¦–rÁ­¦·¤ž¦³­·š›·£µ¡—oµœ‡ªµ¤¥º—<br />

®¥»nœ…°Š¦nµŠ„µ¥­Î µ®¦´ Ÿ¼o­¼Š°µ¥»<br />

šµŠ—oµœ„µ¦¥«µ­˜¦rž¦³‹Î µže<br />

˜»¨µ‡¤­µ ´œÁš‡ÃœÃ¨¥¸<br />

¡¦³‹°¤Á„¨oµ¡¦³œ‡¦Á®œº°„¦»ŠÁš¡²<br />

<br />

Äœž{‹‹» ´œ°» ´˜·Á®˜»š¸ÉÁ„·—‹µ„„µ¦®„¨o¤¡ ¤µ„Äœ<br />

Ÿ¼o­¼Š°µ¥» „µ¦°°„„Î µ¨´Š„µ¥‹¹ŠÁž}œ­·ÉŠš¸É nª¥žj°Š„´œÂ¨³¢gœ¢¼<br />

ž{ ®µ‡ªµ¤Á­ºÉ°¤šµŠ„µ¥£µ¡°¸„š´ ÊŠ¥´Š nª¥Ä®oŸ¼o­¼Š°µ¥»¤¸<br />

‡ªµ¤‡¨n°Š˜´ªÄœ„µ¦Ä o ¸ª·˜ž¦³‹Î µª´œ ¤o„¦³œ´Êœ„È ˜µ¤Ÿ¼o­¼Š<br />

°µ¥»­nªœÄ® nÁ„·—‡ªµ¤šo°Âšo¨³Á ºÉ°®œnµ¥ÄœÁ¦ºÉ°Š…°Š„µ¦<br />

°°„„Î µ¨´Š„µ¥ —´Šœ´Êœ„µ¦«¹„¬µÄœÁ¦ºÉ°Šœ¸Ê‹¹ŠÁž}œ„µ¦­¦oµŠ<br />

Á‡¦ºÉ°Š°°„„Î µ¨´Š„µ¥š¸É­µ¤µ¦Â„oÅ…ž{ ®µ­»…£µ¡‡ª ‡¼nÅž<br />

„´ „µ¦­¦oµŠÂ¦Š„¦³˜»oœ‡ªµ¤­œÄ‹Äœ„µ¦°°„„Î µ¨´Š„µ¥<br />

ž¦³„° „´ „µ¦®µ‡ªµ¤Á®¤µ³­¤„´ ‡ªµ¤­µ¤µ¦šµŠ—oµœ<br />

¦nµŠ„µ¥Â¨³‡ªµ¤˜o°Š„µ¦…°ŠŸ¼o­¼Š°µ¥» … ªœ„µ¦«¹„¬µÁ¦·É¤<br />

‹µ„„µ¦Á„È …o°¤¼¨¡§˜·„¦¦¤„µ¦Ä o ¸ª·˜ž¦³‹Î µª´œ…°ŠŸ¼o­¼Š<br />

°µ¥»…o°¤¼¨š¸ÉÁ„¸É¥ª„´ ž{®µšµŠ—oµœ­»…£µ¡šµŠ„µ¥­»…£µ¡<br />

‹·˜ …o°‹Î µ„´—Äœ„µ¦°°„„Î µ¨´Š„µ¥ ¨³ž{ ®µšµŠ­´Š‡¤š¸É<br />

¤´„Á„·—…¹Êœ„´ Ÿ¼o­¼Š°µ¥» ‹µ„…o°¤¼¨¡ ªnµ‡ªµ¤¥º—®¥»nœ…°Š<br />

„¨oµ¤ÁœºÊ°Â¨³„µ¦Á‡¨ºÉ°œÅ®ª…o°˜n°˜nµŠÇ­nŠŸ¨„¦³š ˜n°<br />

‡ªµ¤­µ¤µ¦Äœ„µ¦Á—·œ…°ŠŸ¼o­¼Š°µ¥» —´Šœ´Êœ‹¹Š˜o°ŠÁ¡·É¤<br />

‡ªµ¤¥º—®¥»nœ…°Š„¨oµ¤ÁœºÊ°˜oœ…µ—oµœ®¨´Š +DPVWULQJ<br />

PXVFOH¨³„¨oµ¤ÁœºÊ°œn°Š*DVWRVROHXVPXVFOH®¨´Š<br />

‹µ„œ´Êœ‹¹ŠœÎ µ…o°¤¼¨¤µª·Á‡¦µ³®r ¨³œÎ µŸ¨¤µÄ oÄœ„µ¦°°„<br />

 Ÿ¨·˜£´–”r×¥¤¸„µ¦­¦oµŠÂ ‹Î µ¨°ŠÂ¨³š—¨°ŠÄ o„´<br />

Ÿ¼o­¼Š°µ¥»Ã—¥Ä®oÁž}œ„µ¦°°„„Î µ¨´Š„µ¥Áž}œ„¨»n¤Ã—¥¤¸„µ¦<br />

Á¡·É¤ž’·­´¤¡´œ›ršµŠ­´Š‡¤Ä®o„nŸ¼o­¼Š°µ¥»—oª¥„µ¦Á¨nœÁ„¤­r<br />

‹µ„„µ¦š—­° ¡ ªnµŸ¼o¼„š—¨°Š¤¸‡ªµ¤­œÄ‹ÄœŸ¨·˜£´–”r<br />

¤¸‡ªµ¤­œ»„¨³°¥µ„¤¸­nªœ¦nª¤Äœ„µ¦°°„„Î µ¨´Š„µ¥Áž}œ<br />

„¨»n¤ ­nªœšµŠ—oµœž¦³­·š›·£µ¡…°ŠÁ‡¦ºÉ°Š¤º° œ´„„µ¥£µ¡<br />

Î µ ´—Å—oÄ®o‡Î µÂœ³œÎ µªnµÁ‡¦ºÉ°Š¤º°œ¸ Ê‹³¤¸ž¦³Ã¥ œr˜n°Ÿ¼o­¼Š<br />

°µ¥»Â¨³­µ¤µ¦œÎ µÅž¡´•œµ˜n°Äœ—oµœ„µ¦ª·‹´¥…´Êœ­¼Š<br />

1&7+$,&5,7,&$/9(51$&8/$5<br />

$5&+,7(&785(<br />

œ´„ª·‹´¥ µœµ Î ˜·¦£µ­<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦­µž{˜¥žµ“³‡¦´ÊŠš¸É<br />

¤¸œµ‡¤¤®µª·š¥µ¨´¥«·¨žµ„¦<br />

„¦»ŠÁš¡²®œoµ<br />

œ´„ª·‹´¥ ¡¦¡¦¦–­Š¤µ¨µ­„¨›¸¦³ª¦´ <br />

s¼<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦Â¨³„µ¦œÎ µÁ­œ°Ÿ¨Šµœ<br />

1DWLRQDO&RQIHUHQFH<br />

0RGHUQLVP FRORQL]DWLRQ DQG<br />

JOREDOL]DWLRQKDYHDIIHFWHGPDQ\DVSHFWVRI


VRFLHW\ DURXQG WKH ZRUOG VXFK DV FXOWXUH<br />

HFRQRP\ DQG SROLWLFV )RU DUFKLWHFWXUH LQ<br />

SDUWLFXODUO\ WKHUH KDV EHHQ DQ RQJRLQJ FRQIOLFW<br />

EHWZHHQ ORFDO DQG JOREDO LGHQWLWLHV<br />

*OREDOL]DWLRQ IRU WKH PRVW SDUW LV LQ IDFW<br />

:HVWHUQL]DWLRQ WR ZKLFK PDQ\ VRFLHWLHV LQ WKH<br />

(DVWHUQ ZRUOG KDYH EHHQ VXEMHFWHG 7KLV<br />

:HVWHUQL]DWLRQ KDV ODUJHO\ RFFXUUHG WKURXJK<br />

FRORQL]DWLRQ :HVWHUQ HFRQRPLF GRPLQDQFH DQG<br />

YROXQWDU\:HVWHUQL]DWLRQ+RZHYHUJOREDOL]DWLRQ<br />

KDV QRW IXOO\ RYHUZKHOPHG ORFDOL]DWLRQ D IDFW<br />

WKDWKDVEHHQZHOODGGUHVVHGE\VFKRODUVVXFKDV<br />

$QWKRQ\.LQJ5RODQG5REHUWVRQ<br />

DQG6WXDUW +DOO ,Q 7KDLODQG PDQ\ LGHDV<br />

RI YHUQDFXODU DUFKLWHFWXUH KDYH EHHQ XVHG WR<br />

UHVSRQG WR WKH KRPRJHQL]DWLRQ RI WKH EXLOW<br />

HQYLURQPHQW FDXVHG E\ JOREDOL]DWLRQ 7KH<br />

SXUSRVH RI WKLV SDSHU ZLOO EH WR LQYHVWLJDWH<br />

UHVSRQVHVWRWKHIRUFHVRIJOREDOKRPRJHQL]DWLRQ<br />

E\ 7KDL EXLOGHUV ERWK SURIHVVLRQDO DUFKLWHFWV<br />

DQG HYHU\GD\ SHRSOH ZKR VHDUFK IRU 7KDL<br />

VSHFLILF DUFKLWHFWXUH DQG VSDFHV VXLWDEOH IRU<br />

FRQWHPSRUDU\FXOWXUH<br />

6FKRRORI,QIRUPDWLRQ7HFKQRORJ\<br />

1& „µ¦ž¦³¥»„˜rÄ o)HDWXUHV([WUDFWLRQÄœ„µ¦<br />

‹Î µÂœ„…o°¤¼¨&RQWURO&KDUW3DWWHUQV×¥1HXUDO<br />

1HWZRUNV<br />

œ´„ª·‹´¥ „·˜˜· ´¥¨ª´œ¥µœœšr°£·ª—¸žd¥›¦¦¤¦Š‡r<br />

°£·­·š›·Íœµ‡›œ<br />

ÁŸ¥Â¡¦n 7KH WK 1DWLRQDO&RPSXWHU6FLHQFH<br />

DQG(QJLQHHULQJ&RQIHUHQFH<br />

1&6(&˜»¨µ‡¤<br />

æŠÂ¦¤Á‹ ¸®µ—Ä® n‹­Š…¨µ<br />

®œoµ<br />

&RQWURO &KDUW 3DWWHUQV Áž}œ…o°¤¼¨š¸ÉŸ¼o—¼ ¨<br />

¦³ Ä oÄœ„µ¦˜¦ª‹®µ­£µª³š¸ÉŸ·—ž¦„˜·Äœ„µ¦šÎ µŠµœ…°Š<br />

Á‡¦ºÉ°Š‹´„¦Ž¹ÉŠ 1HXUDO 1HWZRUNV Áž}œÁš‡œ·‡®œ¹ÉŠš¸É<br />

­µ¤µ¦Ä oÄœ„µ¦‹Î µÂœ„…o°¤¼¨ž¦³Á£š &RQWURO &KDUW<br />

3DWWHUQV °¥nµŠÅ¦„È—¸ „µ¦Ä o 1HXUDO 1HWZRUNV °µ‹Å¤n<br />

­µ¤µ¦‹Î µÂœ„…o°¤¼¨š¸É¤¸‡ªµ¤Âž¦ž¦ªœ­¼ ŠÅ—o°¥nµŠ¼„˜o°Š<br />

Á¡¸¥Š¡°<br />

š‡ªµ¤œ¸ÊÅ—oÁ­œ°ÂœªšµŠ„µ¦¡´•œµž¦³­·š›·<br />

£µ¡„µ¦‹Î µÂœ„…o°¤¼¨&RQWURO&KDUW3DWWHUQV„¦–¸š¸É<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

…o°¤¼¨¤¸‡ªµ¤Âž¦ž¦ªœ­¼ŠÃ—¥„µ¦Ä o 1HXUDO 1HWZRUNV<br />

¦nª¤„´ Áš‡œ·‡ )HDWXUHV([WUDFWLRQš¸É¤¸‡ªµ¤­µ¤µ¦Äœ<br />

„µ¦­„´—‡»–¨´„¬–³š¸ÉÁž}œÁ°„¨´„¬–r…°Š µŠ 3DWWHUQV Äœ<br />

&RQWURO &KDUW 3DWWHUQV Å—o Ž¹ÉŠ )HDWXUHV š¸ÉÄÄœŠµœ<br />

o<br />

ª·‹´¥œ¸Ê‡º° 0HDQ 6WDQGDUG 'HYLDWLRQ 6NHZQHVV<br />

.XUWRVLV6ORSH¨³3HDUVRQ&RUUHODWLRQ&RHIILFLHQW<br />

—oª¥ª·›¸„µ¦—´Š„¨nµªÁ¤ºÉ°šÎ µ„µ¦Áž¦¸¥ Áš¸¥ Ÿ¨¨´¡›r„´ Šµœ<br />

ª·‹´¥„n°œ®œoµ Å—o­—ŠÄ®oÁ®Èœ¹Š„µ¦Á¡·É¤ž¦³­·š›·£µ¡Äœ<br />

„µ¦‹Î µÂœ„…o°¤¼¨ &RQWURO&KDUW3DWWHUQV×¥Ä oÁª¨µÄœ<br />

„µ¦ž¦³¤ª¨Ÿ¨¨—¨Š‹µ„…œµ— 21 ĜœªšµŠ„n°œ<br />

®œoµœ¸Ê¤µ°¥¼nš¸É 2Á¤ºÉ° 1 Ášnµ„´ ‹Î µœªœ‡nµÄœÂ˜n¨³ »—…o°<br />

¤¼¨ ¨³¤¸‡ªµ¤¼„˜o°ŠÁ¡·É¤…¹Êœ‹µ„ÂœªšµŠ„n°œ®œoµœ¸ Ê<br />

Áž}œ<br />

1& °Š‡rž¦³„° ¨³„µ¦Ä oŠµœÁ‡¦ºÉ°Š¨Š‡³Âœœ<br />

Á¨º°„˜´ÊŠ…°Šž¦³Áš«Åš¥<br />

œ´„ª·‹´¥ ª·Á ¸¥¦ »˜·¤µ­„»¨­»¦¸¥r¢¼œ·¨„»¨<br />

ÁŸ¥Â¡¦n 7KH WK 1DWLRQDO&RPSXWHU6FLHQFH<br />

DQG(QJLQHHULQJ&RQIHUHQFH1&6(&<br />

˜»¨µ‡¤Ã¦ŠÂ¦¤<br />

Á‹ ¸®µ—Ä® n‹­Š…¨µ®œoµ<br />

š‡ªµ¤œ¸ÊœÎ µÁ­œ°¦¼žÂ ¨³¨´„¬–³„µ¦šÎ µŠµœ<br />

…°ŠÁš‡ÃœÃ¨¥¸Á‡¦ºÉ°Š¨Š‡³ÂœœÁ¨º°„˜´ÊŠÄœ˜nµŠž¦³Áš« Ž¹ÉŠ<br />

Å—o„n „¦³—µ¬¨Š‡³ÂœœÂ šÎ µÁ‡¦ºÉ°Š®¤µ¥ 3DSHU<br />

%DOORW Á‡¦ºÉ°Š¨Š‡³ÂœœÂ ‡´œ ´„ /HYHU 0DFKLQH<br />

„¦³—µ¬¨Š‡³ÂœœÂ Á‹µ³¦¼3XQFK&DUG¨³Á‡¦ºÉ°Š¨Š<br />

‡³ÂœœÂ ´œš¹„×¥˜¦ŠŸnµœ­ºÉ°°·Á¨È„š¦°œ·„­r 'LUHFW<br />

5HFRUGLQJ (OHFWURQLF 9RWLQJ 6\VWHP ¡¦o°¤š´ÊŠœÎ µ<br />

Á­œ°ž{‹‹´¥š¸ÉÁž}œ¤¼¨Á®˜»Ä®oÁ„·— ´˜¦Á­¸¥Äœ„µ¦Á¨º°„˜´ÊŠ<br />

­¤µ ·„­£µŸ¼ošœ¦µ¬‘¦¡«…°Šž¦³Áš«Åš¥Â¨³<br />

°Š‡rž¦³„° …°ŠÁ‡¦ºÉ°Š¨Š‡³ÂœœÁ¨º°„˜´ÊŠ…°Šž¦³Áš«Åš¥<br />

¡¦o°¤„´ ª·›¸„µ¦Ä oŠµœ Šµœª·‹´¥œ¸ÊÁ­œ°…o°Á­œ°Âœ³Äœ„µ¦<br />

ž¦´ ž¦»ŠÁ‡¦ºÉ°Š¨Š‡³ÂœœÁ¨º°„˜´ÊŠÁ¡ºÉ°Ä®o­µ¤µ¦¡·¤¡r<br />

„¦³—µ¬­¦»žŸ¨„µ¦Á¨º°„˜´ÊŠÄ®oŸ¼o¤¸­·š›·Á¨º°„˜´ÊŠ­µ¤µ¦<br />

˜¦ª‹­° ‡ªµ¤¼„˜o°ŠÅ—o—oª¥˜œÁ°Š<br />

1&5(48,5(0(176(1*,1((5,1*$1'<br />

(*29(510(17<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

œ´„ª·‹´¥ ª·Á ¸¥¦ »˜·¤µ­„»¨ª·š·—µ‹Š«»£ ´¥­·š›·Í<br />

ÁŸ¥Â¡¦n 7KH WK 1DWLRQDO&RPSXWHU6FLHQFH<br />

DQG(QJLQHHULQJ&RQIHUHQFH<br />

1&6(&˜»¨µ‡¤<br />

æŠÂ¦¤Á‹ ¸®µ—Ä® n‹­Š…¨µ<br />

7KHSDSHUILUVWORRNVDWHJRYHUQPHQWDQG<br />

LWV IDLOXUH IDFWRUV %HFDXVH VRPH RI WKH IDLOXUH<br />

IDFWRUV FDQ EH UHGXFHG RU SUHYHQWHG E\ JRRG<br />

V\VWHP UHTXLUHPHQWV WKH SDSHU WKHQ ORRNV DW WKH<br />

GLVFLSOLQH RI UHTXLUHPHQWV HQJLQHHULQJ ZKLFK DLPV<br />

WR SURGXFH JRRG V\VWHP UHTXLUHPHQWV 7KH<br />

DSSOLFDWLRQ RI VRPH UHTXLUHPHQWV HQJLQHHULQJ<br />

DFWLYLWLHV LQ WKH FRQWH[W RI ORFDO HJRYHUQPHQW LV<br />

DOVRH[SODLQHG<br />

1&°Š‡rž¦³„° š¸É—¹Š—¼—Ÿ¼oÁ¦¸¥œÄ®oÄ o¦³ „µ¦<br />

Á¦¸¥œŸnµœÁªÈ<br />

œ´„ª·‹´¥ ª´ ¦ª¨¸Á¨·«¨ÎÊ µ ª¦ž£´­¦µš¦<br />

ÁŸ¥Â¡¦n 7KH WK 1DWLRQDO&RPSXWHU6FLHQFH<br />

DQG(QJLQHHULQJ&RQIHUHQFH<br />

1&6(&˜»¨µ‡¤<br />

æŠÂ¦¤Á‹ ¸®µ—Ä® n‹­Š…¨µ<br />

Šµœª·‹´¥œ¸ÊÅ—oœÎ µÁ­œ°°Š‡rž¦³„° …°ŠÃ±¤Á¡‹š¸É<br />

—¹Š—¼—Ÿ¼ oÁ¦¸¥œÄ®oÄ o¦³ „µ¦Á¦¸¥œŸnµœÁªÈ °Š‡rž¦³„° š´ÊŠ<br />

®oµž¦³„µ¦Å—o„n ÁœºÊ°®µ°´œÁž}œž¦³Ã¥ œr Šnµ¥˜n°„µ¦Šµœ<br />

Ä oŠµœÅ—o°¥nµŠ­œ»„­œµœ ‡ªµ¤­ª¥Šµ¤Â¨³­³—»—˜µ…°Š<br />

ñ¤Á¡‹Â¨³Á‹oµ…°ŠÁªÈ Áž}œŸ¼o ¤¸ ºÉ°Á­¸¥ŠÂ¨³Áž}œš¸É¦¼o‹´ „×¥<br />

Å—ošÎ µ„µ¦­Î µ¦ª‹°Š‡rž¦³„° š¸É¤¸Ÿ¨˜n°‡ªµ¤¦¼o­¹„˜o°Š„µ¦<br />

Á¦¸¥œŸnµœÁªÈ ž¦µ„’ªnµ°Š‡rž¦³„° š¸É¤¸Ÿ¨„¦³š ˜n°<br />

‡ªµ¤¦¼o­¹„°¥µ„Á¦¸¥œÂ¨³„µ¦—¹Š—¼—Ä®oŸ¼oÁ¦¸¥œÁ¦¸¥œŸnµœÁªÈ<br />

¤µ„š¸É­»—‡º°°Š‡rž¦³„° —oµœÁœºÊ°®µ°´œÁž}œž¦³Ã¥ œr­nªœ<br />

°Š‡rž¦³„° —oµœ ºÉ°Á­¸¥Š…°ŠÁ‹oµ…°ŠÁªÈ Êœ œ´ Ťn¤¸Ÿ¨<br />

„¦³š ×¥˜¦ŠÄœ„µ¦—¹Š—¼—Ÿ¼oÁ¦¸¥œš¸É¤¸‡ªµ¤­µ¤µ¦—oµœ<br />

Áš‡ÃœÃ¨¥¸­µ¦­œÁš«<br />

1&'(7(&7,1*:(%,0$*(385326(<br />

:,7+%$&.3523$*$7,211(85$/<br />

1(7:25.<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

µ‡¦·—µœ»„¼¨„·‹ª¦ª·š¥rª·¦·¥³Œ´˜¦<br />

7KH WK 1DWLRQDO&RPSXWHU6FLHQFH<br />

DQG(QJLQHHULQJ&RQIHUHQFH<br />

1&6(&˜»¨µ‡¤<br />

æŠÂ¦¤Á‹ ¸®µ—Ä® n‹­Š…¨µ<br />

®œoµ<br />

<br />

7KH JURZWK RI :RUOG :LGH :HE<br />

WHFKQRORJ\ PHDQV LQFUHDVHG XVHU GHPDQG IRU<br />

UHTXHVWLQJ ZHESDJH GRFXPHQWV (YHQ WKRXJK<br />

QHWZRUN LQIUDVWUXFWXUH FRQWLQXHV WR LPSURYH LW<br />

LVVWLOOQRWDEOHWRNHHSXSZLWKQHWZRUNVHUYLFH<br />

GHPDQG7KHUHIRUHLWLVEHFRPLQJLPSRUWDQWWR<br />

GHYHORS DV\VWHP WKDW ILOWHUV XQXVDEOHFRQWHQW WR<br />

GHFUHDVH QHWZRUN FRQJHVWLRQ $SSUR[LPDWHO\<br />

RI LQWHUQHW WUDIILF FRQVLVWV RI XQZDQWHG<br />

LPDJHV EDQQHUV DGYHUWLVHPHQWV DQG GHFRUDWLYH<br />

LPDJHV 7KHVH WKLQJV FRQVXPH QHWZRUN<br />

EDQGZLGWKDQGLQFUHDVHVHUYLFHGHOD\V 6HYHUDO<br />

UHVHDUFK H[WUDFW LPDJH IHDWXUHV WR FODVVLI\ LPDJH<br />

W\SH RQ WKH ZHE 5HFHQW UHVHDUFK DSSOLHG UXOH<br />

EDVHG WHFKQLTXHV WR H[WUDFW UXOHV IRU ILOWHULQJ<br />

ZHELPDJHV7KLVSDSHUGLVFXVVHVDQDOWHUQDWLYH<br />

WHFKQLTXH WR HQKDQFH LQIRUPDWLRQ TXDOLW\ RQ<br />

ZHESDJHV %DFNSURSDJDWLRQ 1HXURQ 1HWZRUN<br />

%311 FDQ EH DSSOLHG WR FODVVLI\ LPDJH W\SH<br />

:LWKRXW D XQLIRUP UXOH VHW WKLV V\VWHP FDQ<br />

JHQHUDWH D QHWZRUN LQ ZKLFK LW FDQ OHDUQ IURP<br />

VDPSOH GDWDVHWV WR FODVVLI\ ZHE LPDJHV<br />

&RQWULEXWLRQ RI %311 WR LPDJH<br />

FODVVLILFDWLRQ FDQ LQFUHDVH LQIRUPDWLRQ TXDOLW\ RI<br />

ZHESDJHVRQDQHZVILOWHULQJV\VWHPZLWKPRUH<br />

WKDQDFFXUDF\DQLQFUHDVHIURPWKHH[LVWLQJ<br />

DSSURDFK<br />

1&„µ¦‹´—„¨»n¤Â¨³„µ¦®µ‡ªµ¤‡¨oµ¥‡¨¹Š<br />

…°Š…o°¤¼¨°œ»„¦¤Áª¨µÃ—¥ª·›¸„µ¦‹´—Á¦¸¥Š¨Î µ—´<br />

œ´„ª·‹´¥ µ‡¨·—µœ»„¼¨„·‹­Ã¦ ·œ¸¦´˜œ¤®µª· ´¥<br />

ÁŸ¥Â¡¦n 7KH VW 7KDLODQG&RPSXWHU6FLHQFH<br />

&RQIHUHQFH7K&6&<br />

›´œªµ‡¤¤®µª·š¥µ¨´¥Á„¬˜¦«µ­˜¦r<br />

„¦»ŠÁš¡²®œoµ<br />

,Q FOXVWHU DQDO\VLV DQG VLPLODULW\<br />

PDWFKLQJILQGLQJVLPLODULW\RIGDWDLVRQHRIWKH<br />

FUXFLDO FRQFHSWV LQ VHYHUDO GDWD PLQLQJ<br />

DSSOLFDWLRQV ,Q WKLV SDSHU ZH SURSRVH XVLQJ<br />

VHTXHQFHDOLJQPHQWIRUPHDVXULQJWKHVLPLODULW\<br />

EHWZHHQWZRWLPHVHULHV:HXVHWKHVHYDOXHVDV<br />

GLVWDQFH YDOXHV LQ SHUIRUPLQJ VLPLODULW\<br />

PDWFKLQJDQGH[WUDFWLQJWKHUHVXOWGHQGURJUDPRI<br />

KLHUDUFKLFDO FOXVWHULQJ ,Q RXU SURSRVHG PHWKRG<br />

ZKLFK XVHV VHTXHQFH DOLJQPHQW DV GLVWDQFH<br />

YDOXHWKHDFFXUDF\RIVLPLODULW\PDWFKLQJLV<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

EHWWHU WKDQ WKH FODVVLFDO PHDVXUH :H LOOXVWUDWH<br />

RXU H[SHULPHQWDO UHVXOWV WKDW VKRZ WKH<br />

FRPSDULVRQ EHWZHHQ HXFOLGHDQ GLVWDQFH DQG<br />

VHTXHQFHDOLJQPHQWE\XVLQJSXEOLFO\DYDLODEOH<br />

WLPHVHULHVGDWD<br />

1&(0%('',1*2%-(&7),/(6,1$1<br />

(;,67,1*23(5$7,1*6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

+RZHYHU VWDWLVWLF DQDO\VLV DW 3d LQGLFDWHG<br />

WKDWWKHJROGF\DQLGHDGVRUSWLRQE\6')+ 62 <br />

DQG 6') ZDWHU ZHUH KLJKHU WKDQ 6')<br />

7KLV FDQ EH H[SODLQHG WKDW 6')+ 62 <br />

DQG 6')ZDWHU KDG KLJKHU VXUIDFH DUHD WKDQ<br />

6')7KHUHVXOWVDOVRVKRZHGWKDWSUHWUHDWPHQW<br />

RI6')E\VXOIXULFDFLGRUZDWHUFRXOGLQFUHDVH<br />

WKH JROG DGVRUSWLRQ HIILFLHQF\ 7KHUHIRUH<br />

6')ZDWHU ZDV VHOHFWHG IRU VWXG\ WKH<br />

HTXLOLEULXP WLPH S+ DQG PD[LPXP DGVRUSWLRQ<br />

FDSLFDW\ 7KH 6')ZDWHU UDSLGO\ DGVRUEHG JROG<br />

ZLWKLQPLQXWHVDQGUHDFKHGHTXLOLEULXPWLPH<br />

DW KRXUV 7KHUH ZDV QR GLIIHUHQFH RI JROG<br />

DGVRUSWLRQ DW V\VWHP S+ RI DQG 7KH<br />

PD[LPXPJROGDGVRUSWLRQFDSDFLW\RI6')ZDWHU<br />

DWq&q&q&DQGq&ZHUHPJJ <br />

PJ J PJ J DQG PJ J <br />

UHVSHFWLYHO\ 7KLV LPSOLHG WKDW WKH PHFKDQLVP<br />

ZDV SK\VLFDO DGVRUSWLRQ +RZHYHU WKH<br />

PHFKDQLVPZLOOEHQHHGHGWRVWXG\IXUWKHU<br />

1&())(&72)6(5,$/3$66$*(621<br />

%DFXORYLUXV7++$139352'8&(',1<br />

,16(&7&(//&8/785(<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

„»¨›·—µ¡¨šª¸­¤Á„¸¥¦˜·Á˜ „µ ‹œµ¦´„¬r<br />

Á¡È ‹´œš¦rÁ¤‰ª·‹·˜¦Â­Š<br />

„œ„ª¦¦–¡»n¤¡»š¦µ<br />

7KH WK $QQXDO0HHWLQJRIWKH<br />

7KDL6RFLHW\IRU%LRWHFKQRORJ\<br />

³6XVWDLQDEOH'HYHORSPHQWRI60(V<br />

7KURXJK%LRWHFKQRORJ\w<br />

„»¤£µ¡´œ›ræŠÂ¦¤Ã¨˜´­žµŠ­ªœ<br />

„oª‹Á ¸¥ŠÄ®¤n®œoµ<br />

6HULDOSDVVDJLQJRIEDFXORYLUXVHVLQFHOO<br />

FXOWXUH OHDGV WR UDSLGO\ DFFXPXODWLQJ PXWDQW<br />

DOVRNQRZQDVWKHSDVVDJHHIIHFWZKLFKUHVXOW<br />

LQFKDQJLQJRIYLUXVHIILFDF\7KHHIIHFWRIYLUDO<br />

SDVVDJLQJ YDULHV EHWZHHQ GLIIHUHQW W\SHV RI<br />

EDFXORYLUXV7KLVVWXG\DLPHGWRLQYHVWLJDWHWKH<br />

HIIHFW RI VHULDO SDVVDJHV RQ D 7KDL LVRODWHG<br />

EDFXORYLUXV7K+D139SURGXFWLYLW\LQLQVHFW<br />

FHOOFXOWXUH+]FHOOOLQHDQGWRGHWHUPLQHWKH<br />

RYHUDOOSURWHLQH[SUHVVLRQSURWHRPHFKDQJHV<br />

LQGXFHGE\VHULDOSDVVDJHRIEDFXORYLUXVHV<br />

7KHYLUDOHIILFDF\ RQWKHLQIHFWLRQLQ WR<br />

LQVHFW FHOOV SURGXFWLRQ RI H[WUDFHOOXODU YLUXV<br />

(&9 DQG RFFOXVLRQ ERG\ SRO\KHGUD ZHUH<br />

GHWHUPLQHGWKURXJKRXWWHQVHULDOSDVVDJHV7KH<br />

UHVXOWV VKRZHG WKDW WKH GHIHFWLYH YLUXVHV<br />

EHFRPLQJSUHGRPLQDQWLQLQVHFWFXOWXUHVDIWHU<br />

1DWLRQDO&RQIHUHQFH<br />

SDVVDJHV 7KH SHUFHQWDJH RI LQIHFWHG FHOOV<br />

SURGXFLQJ SRO\KHGUD GHFUHDVHG WR DW<br />

SDVVDJH7KHQXPEHU RISRO\KHGUD SURGXFHG<br />

SHUFHOOGHFUHDVHGIURPSRO\KHGUDSHUFHOODW<br />

SDVVDJHWRSRO\KHGUDSHUFHOODWSDVVDJH<br />

UHSUHVHQWLQJ D UHGXFWLRQ LQ \LHOG 7KHVH<br />

UHVXOWV LQGLFDWHG WKDW WKH YLUDO SURGXFWLYLW\<br />

GHFUHDVHG UDSLGO\ GXULQJ VHULDO SDVVDJHV RI 7K<br />

+D139LQLQVHFWFHOOFXOWXUHDQGWKLVZDVVLPLODU<br />

WR +D6139 DQG /G0139 7ZRGLPHQVLRQDO<br />

SRO\DFU\ODPLGH JHO HOHFWURSKRUHVLV '3$*(<br />

ZDV XVHG WR GHWHUPLQH WKH FKDQJH RI RYHUDOO<br />

SURWHLQV H[SUHVVLRQ RI H[WUDFHOOXODU YLUXV<br />

(&9 (&9 ZDV REWDLQHG IURP YLUXV VWRFN DW<br />

SDVVDJH UHIHUHQFH SDVVDJH SDVVDJH KLJK<br />

(&9 WLWHUV DQG SDVVDJH ORZ (&9 WLWHUV<br />

7KH UHVXOWV VKRZHG WKDW WKH VHULDO SDVVDJHV<br />

UHVXOWHGLQSURWHLQSURILOHVFKDQJHVZKLFKFRXOG<br />

EHGHWHFWHGE\ '3$*(6RPHSURWHLQVZKLFK<br />

KDYH EHHQ SUHYLRXV UHSRUWHG WR EH LQYROYHG LQ<br />

WUDQVFULSWLRQDOO\WUDQVDFWLYDWLQJRIYLUDOJHQHDQG<br />

DXJPHQWLQJYLUDO'1$UHSOLFDWLRQVXFKDV3(<br />

DQG . )3 SURWHLQ ZHUH IRXQG WR EH FKDQJHG<br />

DFFRUGLQJ WR WKHLU HIILFDF\ LQ WKLV VWXG\ ,Q<br />

DGGLWLRQRWKHUSURWHLQVRIEDFXORYLUXV+D139<br />

ZKLFKKDGWKHLUH[SUHVVLRQFKDQJHGGXULQJVHULDO<br />

SDVVDJH EXW KDYH QRW EHHQ SUHYLRXVO\ UHSRUWHG<br />

ZHUH DOVR GHWHFWHG E\ WKLV WHFKQLTXH 7KHVH<br />

SURWHLQVPD\EHXVHGDVPDUNHUSURWHLQWRSUHGLFW<br />

WKHYLUDOHIILFDF\<br />

1&678'


«¹„¬µœ¸Ê¤¸‹»—ž¦³­Š‡rÁ¡ºÉ°«¹„¬µ„µ¦Ä oÁš‡œ·‡ 51$<br />

LQWHUIHUHQFH 51$L Äœ„µ¦¨—„µ¦Á„·— SDVVDJH<br />

HIIHFW …°ŠÂ ‡‡·ªÃ¦Åª¦´­ +D139 ÄœÁŽ¨¨r¤¨Š +]<br />

×¥¥´ ¥´ÊŠ„µ¦Â­—Š°°„…°Š¥¸œš¸É‡µ—ªnµ¤¸Ÿ¨˜n°„µ¦Á„·—<br />

SDVVDJH HIIHFW ×¥Á¦·É¤‹µ„„µ¦š—­° Ÿ¨…°Š 51$L<br />

Äœ„µ¦¥´ ¥´ÊŠ„µ¦Â­—Š°°„…°Š¥¸œ…°ŠÂ ‡‡·ªÃ¨Åª¦´­<br />

+D139 šÎ µÃ—¥„µ¦ LQIHFW  ‡‡·ªÃ¨Åª¦´­<br />

UHFRPELQDQW +D139 Ž¹ÉŠ¤¸„µ¦Â­—Š°°„…°Š *)3<br />

Á…oµ­¼nÁŽ¨¨r¤¨Š +] ‹µ„œ´ÊœšÎ µ„µ¦ ´„œÎ µ GV51$ Ž¹ÉŠ<br />

KRPRORJRXV „´ ¥¸œ *)3 Ÿ¨„µ¦š—¨°Š¡ ªnµ Á¤ºÉ°<br />

GV51$ Á…oµ­¼nÁŽ¨¨r‹³­µ¤µ¦¥´ ¥´ÊŠ„µ¦Â­—Š°°„…°Š¥¸œ<br />

*)3 Å—o —´Šœ´ÊœÁš‡œ·‡ 51$L ‹¹ŠÄ oÅ—oÄœÁŽ¨¨r¤¨Šš¸É¤¸<br />

„µ¦ LQIHFW —oª¥Â ‡‡·ªÃ¨Åª¦´­ Ž¹ÉŠ‹³Å—oœÎ µÅž«¹„¬µ˜n°<br />

Á¡ºÉ°œÎ µ¤µž¦´ Ä oÄœ„µ¦¨—„µ¦Á„·—SDVVDJHHIIHFW˜n°Åž<br />

1&(;35(66,212)&+,7,1$6(*(1(<br />

2)7+$,,62/$7('+D6139%$&8/29,586<br />

,1%$&8/29,586$F0139(;35(66,21<br />

6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

%XW\ULFOLEUDU\PRVWRI6FORQHVZDVFOXVWHULQ<br />

IHUPLFXWHVFORQHV7KHGRPLQDQWRIEXW\ULF<br />

FORQHV ZDV UHODWHG WR &ORVWULGLXP ELIHUPHQWDQV<br />

'3+ FORQHV $ V\QWURSKLF DFHWRJHQLF<br />

EDFWHULD 6\QWURSKRPRQDV VDSRYRUDQV ZDV DOVR<br />

IRXQG LQ EXW\ULF HQULFKPHQW FXOWXUH (WKDQRO<br />

OLEUDU\ WKH PDMRU FORQHV ZDV UHODWHG WR<br />

&ORVWULGLXP VDFFKDURO\WLFXP FORQHV<br />

6\QWURSKRPRQDGDFHDH FORQHV GHOWD<br />

3URWHREDFWHULD VXEGLYLVLRQ FORQHV<br />

%DFWHURLGHV FORQHV DQG 6SLURFKDHWHV 7KH<br />

GHOWD3URWHREDFWHULD ZDV IRXQG LQ HWKDQRO<br />

HQULFKPHQW FORVHO\ WR 'HVXOIRYLEULR<br />

DOFRKRORYRUDQVZKLFKLVDV\QWURSKLFJURXSDQG<br />

DOFRKROGHJUDGLQJ EDFWHULD /DFWLF OLEUDU\ WKH<br />

PDMRU FORQHV ZHUH UHODWHG WR IDPLO\<br />

$FLGDPLQRFRFDFHDH FORQHV &ORVWULGLDFHDH<br />

FORQHV 6SLURFKDHWHV FORQHV DQG<br />

%DFWHURLGHV 7KH KLJK YDULDQW RI PLFURELDO<br />

SRSXODWLRQ ZDV IRXQG LQ SURSLRQLF HQULFKPHQW<br />

FXOWXUH +RZHYHU WKH GRPDLQDQW JURXSV ZHUH<br />

FOXVWHULQVSLURFKDHWDFORQHVDQGIHUPLFXWHV<br />

FORQHV<br />

1&()),&$&


SRO\KHGUD šÎ µÄ®o‡ªµ¤­µ¤µ¦Äœ„µ¦­¦oµŠŸ¨¹„¨—¨Š<br />

¨³Á¤ºÉ°šÎ µ„µ¦«¹„¬µŸ¨…°Š„µ¦Ä oŪ¦´­ž¦·¤µ–˜nµŠÇ Äœ<br />

„µ¦ LQIHFWÁŽ¨¨r×¥Ä o‡nµ 02, Ášnµ„´ <br />

SIXPOÄœ¦³¥³„µ¦Á‹¦· …°ŠÁŽ¨¨rÄœ<br />

nªŠHDUO\ORJSKDVH¡ ªnµ„µ¦Ÿ¨·˜(&9¤¸‡nµ­¼Š­»—š¸É<br />

02,Ášnµ„´ Ž¹ÉŠ°µ‹Á„·—‹µ„„µ¦LQIHFWÁŽ¨¨r—oª¥Åª<br />

¦´­ž¦·¤µ–œ¸ÊšÎ µÄ®oÁŽ¨¨r µŠ­nªœÁšnµœ´Êœ¼ „ LQIHFW¨³ÁŽ¨¨r<br />

š¸ÉÁ®¨º°­µ¤µ¦Á‹¦· ˜n°ÅžÅ—o®¨´Š‹µ„œ´ÊœSURJHQ\YLUXV<br />

š¸ÉÁ„·—‹µ„„µ¦ LQIHFW ÁŽ¨¨r¦»nœÂ¦„­µ¤µ¦ LQIHFW ÁŽ¨¨rš¸É<br />

Á¡·É¤‹Î µœªœ‹µ„ÁŽ¨¨rš¸ÉÁ®¨º°Å—o˜nÁ¤ºÉ°Ä o‡nµ 02, Ášnµ„´ <br />

Ž¹ÉŠ°µ‹­¼ŠÁ„·œÅž šÎ µÄ®oÁŽ¨¨rš´ÊŠ®¤— LQIHFW Äœ‡¦´ÊŠÂ¦„<br />

ž¦·¤µ–ÁŽ¨¨rš¸É¼„LQIHFWš´ÊŠ®¤—‹¹ Šœo°¥„ªnµšÎ µÄ®oŸ¨Ÿ¨·˜<br />

Ū¦´­š¸ÉÅ—õ µ„ªnµÁœºÉ°Š¤µ‹µ„„µ¦LQIHFW‹µ„¦° ÎÉ<br />

Á—¸¥ª<br />

1&,03529(0(172)',5(&73&5<br />

&/21,1*7(&+1,48()25*(1(7,&<br />

(1*,1((5,1*2)%$&8/29,586<br />

œ´„ª·‹´¥ «·¦·¥µ£¦–rœ œ° „œ„ª¦¦–¡»n¤¡»š¦µ<br />

Á¡È ‹´ œš¦rÁ¤‰ª·‹·˜¦Â­Š<br />

­¤Á„¸¥¦˜·Á˜ ³„µ ‹œµ¦´„¬r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ž¦³‹Î µže…°Š­¤µ‡¤<br />

Áš‡ÃœÃ¨¥¸ ¸ª£µ¡Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

›´œªµ‡¤Ã¦ŠÂ¦¤<br />

šÈ°žÂ¨œ—r‹¡·¬–»Ã¨„®œoµ<br />

„µ¦šÎ µ¡´œ›»ª·«ª„¦¦¤…°ŠÂ ‡‡·ªÃ¨Åª¦´­Ã—¥ª·›¸<br />

„µ¦Ã‡¨œ 3&5 SURGXFW ×¥˜¦ŠÄœ„µ¦«¹„¬µœ¸ÊÄ oª·›¸„µ¦<br />

ž¦´ ž¦»ŠÁš‡œ·‡„µ¦Ã‡¨œ 3&5 SURGXFW ×¥šÎ µ„µ¦<br />

LQVHUW ¥¸œš¸É­œÄ‹Äœ‹¸Ãœ¤…°ŠÂ ‡‡·ªÃ¨Åª¦´­ °µ«´¥<br />

„¦³ ªœ„µ¦ +RPRORJRXV UHFRPELQDWLRQ ‹µ„„µ¦<br />

°°„ 3&5SULPHUÄ®o¤¸‡ªµ¤¥µª…°Š+RPRORJRXV<br />

UHJLRQ š¸É˜„˜nµŠ„´œÁ¡ºÉ°Áž¦¸¥ Áš¸¥ ž¦³­·š›·£µ¡„µ¦<br />

Ǩœ Äœ„µ¦«¹„¬µœ¸ÊÄ oÞ¦˜¸œš¸ÉÁ¦º°ŠÂ­Š­¸Á…¸¥ª *UHHQ<br />

IOXRUHVFHQW SURWHLQ Áž}œ¥¸œ˜·—˜µ¤Ã—¥œÎ µÁ…oµ­¼n¥¸œÅ‡˜·<br />

Áœ­…°ŠÂ ‡‡·ªÃ¨Åª¦´­­µ¥¡´œ›»rš¸ÉÂ¥„Å—oÄœž¦³Áš«Åš¥<br />

7K+D139 +HOLFRYHUSD DPLJHUD<br />

QXFOHRSRO\KHGURYLUXV ×¥¤¸­nªœ FKLWLQDVH ORFXV<br />

VHTXHQFHÁž}œ +RPRORJRXVUHJLRQ‹µ„„µ¦°°„Â<br />

3&5 SULPHU ­µ¤µ¦ž¦´ Áž¨¸É¥œ‡ªµ¤¥µª…°Š<br />

+RPRORJRXV UHJLRQ Áž}œ ¨³ ES —oª¥<br />

Áš‡œ·‡3RO\PHUDVHFKDLQUHDFWLRQ3&5×¥Ä o<br />

¡¨µ­¤·—S19%*)3Áž}œ˜oœÂ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Ž¹ÉŠÅ—o3&5SURGXFW<br />

FKLWLQDVH*)3 3&5 SURGXFW š¸É¤¸‡ªµ¤¥µª…°Š<br />

+RPRORJRXV UHJLRQ Áž}œ¥¸œÅ‡˜·Áœ­˜nµŠ„´œ ‹µ„œ´ÊœšÎ µ<br />

„µ¦ FRWUDQVIHFWLRQ ÁŽ¨¨r¤¨Š +HOLFRYHUSD ]HD<br />

—oª¥FKLWLQDVH*)33&5SURGXFW¨³—¸Á°ÈœÁ°…°ŠÂ ‡<br />

‡·ªÃ¨Åª¦´­­µ¥¡´œ›»r—´ÊŠÁ—·¤ 7++D139 JHQRPLF<br />

'1$ Ÿ¨„µ¦ FRWUDQVIHFWLRQ ¡ ªnµ‡ªµ¤¥µª…°Š<br />

+RPRORJRXVUHJLRQš¸ÉšÎ µ®œoµš¸ÉÁž}œDUPOHQJWKš¸É˜„<br />

˜nµŠ„´œÅ¤n¤¸Ÿ¨˜n°Äœ„µ¦­nŠŸnµœ¥¸œ *)3 Á…oµ­¼n‹¸Ãœ¤…°Š<br />

UHFRPELQDQWEDFXORYLUXVÁœºÉ°Š‹µ„¡ ÁŽ¨¨rÁ¦º°ŠÂ­ŠÄœ<br />

‹Î µœªœÄ„¨oÁ‡¸¥Š„´œ ­nªœ‡ªµ¤‹Î µÁ¡µ³ VSHFLILFLW\ …°Š<br />

„µ¦LQVHUW¥¸œ *)3Äœ¥¸œÅ‡˜·Áœ­…°ŠÂ ‡‡·ªÃ¨Åª¦´­¡<br />

ªnµ 3&5 SURGXFW š¸É¤¸‡ªµ¤¥µª…°Š +RPRORJRXV<br />

UHJLRQ ¨³ œ·ª‡¨¸Ã°Åš—r ¤¸ UHFRPELQDWLRQ<br />

VSHFLILFLW\ Áž}œ ¨³ ˜µ¤¨Î µ—´ ˜n 3&5<br />

SURGXFWš¸É¤¸ ‡ªµ¤¥µª…°Š+RPRORJRXVUHJLRQœ·ª<br />

‡¨¸Ã°Åš—r°µ‹­´ÊœÁ„·œÅž‹¹ ŠÅ¤n¡ „µ¦LQVHUW…°Š¥¸œ *)3<br />

Äœ¥¸œÅ‡˜·Áœ­ —´Šœ´Êœ‹µ„„µ¦š—¨°Šœ¸Ê­—Šªn µ „µ¦Á¡·É¤<br />

‡ªµ¤¥µª…°Š +RPRORJRXV UHJLRQš¸ÉÁž} œ DUP OHQJWK<br />

‹µ„ 3&5 SURGXFW ×¥ª·›¸„µ¦Ã‡¨œÃ—¥˜¦Š­µ¤µ¦Á¡·É¤<br />

ž¦³­·š›·£µ¡…°Š„µ¦Á„·— +RPRORJRXV UHFRPELQDWLRQ<br />

Ž¹ÉŠ‹µ„„µ¦«¹„¬µœ¸Ê¡ ªnµ¤¸‡ªµ¤‹ Î µÁ¡µ³­¼Š„ªnµš¸ÉÁ‡¥¤¸¦µ¥<br />

Šµœ¤µ„n°œ®œoµœ¸Ê<br />

1&&8/7,9$7,212)$67$;$17+,1<br />

352'8&,1*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­¸š¸ÉÁž}œ°´œ˜¦µ¥ Á nœ EDJRQLVW °¥nµŠÅ¦„Șµ¤ 3<br />

UKRGR]\PD ­µ¥¡´œ›»r—´ÊŠÁ—·¤­µ¤µ¦Ÿ¨·˜Â°­šµÂŽœš¸œ<br />

Å—ož¦·¤µ–˜ÎÉ µ „µ¦Ÿ¨·˜Â°­šµÂŽœš¸œÄœ¦³—´ °»˜­µ®<br />

„¦¦¤Ã—¥ 3 UKRGR]\PD ‹¹ŠÁž}œÅžÅ—o¥µ„ ‹¹ŠšÎ µ„µ¦<br />

«¹„¬µ­¼˜¦°µ®µ¦¦µ‡µ¼„š¸ÉÁ®¤µ³­¤­Î µ®¦´ „µ¦Á‹¦· …°Š<br />

3 UKRGR]\PD Äœ„µ¦«¹„¬µÂ®¨nŠ‡µ¦r °œ œ·—˜nµŠÇ<br />

Á nœœÎÊ µ˜µ¨Ž¼Ã‡¦­¢¦»‡Ã˜­ÅŽ¦´žÂ¨³„µ„œÎÊ µ˜µ¨¡ ªnµœÎÊ µ<br />

˜µ¨Ž¼Ã‡¦­¢¦»‡Ã˜­ÅŽ¦´žÂ¨³Â ³ÂŽ­œ´ ­œ»œ„µ¦Á‹¦·<br />

…°Š¥¸­˜rÅ—o—¸ œ°„‹µ„œ¸Ê¥´Š¡ ªnµÅœÃ˜¦Á‹œÂ¨³ WUDFH<br />

HOHPHQWV ¤¸‡ªµ¤‹Î µÁž}œÄœ„µ¦Á‹¦· …°Š¥¸­˜r Á¤ºÉ°Ä o¥¼Á¦¸¥<br />

Áž}œÂ®¨nŠÅœÃ˜¦Á‹œÁ¡¸¥Š°¥nµŠÁ—¸¥ª¡ ªnµ¥¸­˜rÁ‹¦· Å—o<br />

œo°¥Â¨³Á¤ºÉ°Ä o¥¼Á¦¸¥¦nª¤„´ ­µ¦­„´—¥¸­˜rÄœ„µ¦Á¡µ³Á¨¸Ê¥Š<br />

¡ ªnµ ¥¸­˜rÁ‹¦· Å—o—¸…¹Êœ œ°„‹µ„œ¸Ê„µ¦Ä o<br />

ILVKVROXEOH<br />

Ž¹ÉŠÁž}œ…°ŠÁ®¨º°š·ÊŠ‹µ„把µœž¨µÁž}œÂ®¨nŠÅœÃ˜¦Á‹œ<br />

Á¡¸¥Š°¥nµŠÁ—¸¥ª¥´Š­µ¤µ¦­œ´ ­œ»œ„µ¦Á‹¦· …°Š 3<br />

UKRGR]\PDÅ—o—¸Á nœ„´œ<br />

1&(1+$1&(0(172)%/$&./(*<br />

9$&&,1(352'8&7,21<br />

œ´„ª·‹´¥ ˜·¦Ã£ œr¦´˜œ°¤¦<br />

Á¡È ‹´œš¦rÁ¤‰ª·‹·˜¦Â­Š<br />

„œ„ª¦¦–¡»n¤¡»š¦µ¦´ œ¸°´˜·<br />

ª´œ ´¥˜¸¦³³ª¦ª¦¦–<br />

­Š ´¥Á°„ž¦³š»¤ ´¥<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ž¦³‹Î µže…°Š­¤µ‡¤<br />

Áš‡ÃœÃ¨¥¸ ¸ª£µ¡Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

›´œªµ‡¤Ã¦ŠÂ¦¤<br />

šÈ°žÂ¨œ—r‹¡·¬–»Ã¨„®œoµ<br />

 ¨‡Á¨„ %ODFNOHJ Ž¹ÉŠ¤¸­µÁ®˜»¤µ‹µ„Á ºÊ°<br />

&ORVWULGLXPFKDXYRHLÁž}œÃ¦‡š¸É„n°Ä®oÁ„·—‡ªµ¤Á­¸¥®µ¥<br />

šµŠÁ«¦¬“„·‹°¥nµŠ¤µ„Á¤ºÉ°Á„·—„µ¦¦³ µ— æ‡Â ¨‡Á¨„<br />

¤´„Á„·—…¹Êœ„´ ­´˜ªr‹Î µ¡ª„­´˜ªrÁ‡¸Ê¥ªÁ°ºÊ°Š UXPLQDQW Á nœ<br />

Ç „¦³ º° ¡³ ¨³Â„³ æ‡Â ¨‡Á¨„œ¸Ê¤´ „Á„·—…¹Êœ„´<br />

­´˜ªrš¸É¤¸°µ¥»ž¦³¤µ– Á—º°œ¹Š že Ž¹ÉŠ®µ„Á„·—„µ¦˜·—<br />

æ‡Â¨oª¤¸°´˜¦µ„µ¦˜µ¥Á„º° ÁœºÉ°Š‹µ„¥´ŠÅ¤n¤¸¥µ<br />

æ‡Â ¨‡Á¨„ —´Šœ´Êœ‹¹Š¤¸„µ¦žj°Š„´œÃ—¥Ä oª´‡Ž¸ œ ª´˜»<br />

ž¦³­Š‡r…°Š„µ¦«¹„¬µœ¸Ê‡º ° Á¡ºÉ°«¹„¬µ­£µª³š¸ ÉÁ®¤µ³­¤<br />

­Î µ®¦´ „µ¦Á‹¦· …°Š&FKDXYRHLÁ¡ºÉ°Ä®oÅ—ož¦·¤µ–ÁŽ¨¨r<br />

YHJHWDWLYH FHOO ­¼Š­»— Á¡ºÉ°š¸É‹³Á¡·É¤ž¦³­·š›·£µ¡…°Š<br />

„µ¦Ÿ¨·˜ª´‡Ž¸œÂ ¨‡Á¨„‹µ„„µ¦«¹„¬µ¡ ªnµÁ¤ºÉ°‡ªµ¤<br />

<br />

Á…o¤…oœ…°ŠœÎÊ µ˜µ¨„¨¼Ã‡­Á¡·É¤…¹ÊœŸ¨Ÿ¨·˜…°ŠÁŽ¨¨r„ÈÁ¡·É¤…¹Êœ<br />

Äœš·«šµŠÁ—¸¥ª„´œ °¥nµŠÅ¦„Șµ¤‡ªµ¤Á…o¤…oœ…°ŠœÎ Ê µ˜µ¨<br />

„¨¼Ã‡­š¸É „¦´¤˜n°¨·˜¦ ¡ ªnµŸ¨Ÿ¨·˜…°ŠÁŽ¨¨rÁž}œš¸Éœnµ<br />

¡°Ä‹Äœ…–³š¸É®¨nŠÅœÃ˜¦Á‹œÂ¨³ WUDFH HOHPHQWV „Ȥ¸<br />

‡ªµ¤‹Î µÁž}œ‡µ—ªnµ„µ¦Á¨¸Ê¥Š&FKDXYRHL „¹ÉŠ„³IHG<br />

EDWFK œnµ‹³Ä®ož¦·¤µ–ÁŽ¨¨r­¼Š„ªnµ„µ¦Á¨¸Ê¥ŠÁ Ê°Â º „³<br />

EDWFK °¥nµŠÅ¦„Șµ¤‹µ„„µ¦«¹„¬µ¡ ªn µ ¤oªnµ‡ªµ¤Á…o¤<br />

…oœ…°ŠÁŽ¨¨r­»—šoµ¥‹µ„„µ¦Á¨¸Ê¥ŠÂ „¹ÉŠ„³‹³­¼ Š„ªnµÂ „³<br />

˜nÁ ºÊ°Á…oµ­ž°¦r®¨´Š‹µ„¡oœ ODJ SKDVH¨oªž¦³¤µ–<br />

´ÉªÃ¤Š Ž¹ÉŠÄ„¨oÁ‡¸¥Š„´ Äœ„µ¦Á¨¸Ê¥ŠÂ „³ ‹µ„„µ¦«¹„¬µ<br />

‡µ—ªnµ„µ¦Á…oµ­ž°¦r…°Š&FKDXYRHLœnµ‹³Áž}œŸ¨¤µ‹µ„<br />

EXW\ULFDFLGŽ¹ÉŠÁž}œVHFRQGDU\PHWDEROLWHš¸ÉÁ ºÊ°Ÿ¨·˜<br />

…¹ÊœÄœ¦³®ªnµŠ„µ¦Á‹¦·<br />

1&5$7,22)3$&.,1*=21(21<br />

3(5)250$1&(2)$1$(52%,&+


RSHUDWLQJ V\VWHP IRU \HDUV KLJKO\ LQFUHDVH<br />

2/5 WR NJ &2'P GD\ UHVXOWHG LQ<br />

GHFUHDVLQJ WKH SHUIRUPDQFH RI WKUHH UHDFWRUV<br />

DQG LQFUHDVLQJ VWDUFK SDUWLFOH LQ WKH ERWWRP RI<br />

UHDFWRU7KHUHIRUH&2'UHGXFWLRQLQDOOUHDFWRUV<br />

ZDV GUDPDWLFDOO\ GHFUHDVHG HVSHFLDOO\ LQ 5<br />

KDYLQJ KLJK SDFNLQJ ]RQH UHVXOWLQJ LQ UHGXFH<br />

PHWKDQHSURGXFWLRQDQGLQFUHDVHKLJKYRODWLOH<br />

DFLG FRQFHQWUDWLRQ 6XVSHQGHGELRPDVV DQG<br />

DWWDFKHGELRPDVVLQ55DQG5ZDV<br />

DQGPJ,DQGDQG<br />

JUHDFWRU UHVSHFWLYHO\ 7KRXJK KLJK<br />

VXVSHQGHGVROLG FRQFHQWUDWLRQ LQ 5 UDWLR RI<br />

YRODWLOH VXVSHQGHG VROLG 966 WRWDO VROLG<br />

76 ZDV ORZ LQGLFDWLQJ WKDW KLJK<br />

DFFXPXODWLRQ RI VWDUFK 0RUHRYHU KLJK<br />

DWWDFKHGELRPDVV LQ SDFNLQJ ]RQH RI 5<br />

UHVXOWHGLQUHGXFLQJYROXPHRIVOXGJH]RQHDV<br />

D UHVXOW K\GURO\WLF VWDJH ZDV DOVR UHGXFHG<br />

)XUWKHUPRUH DFWLYLW\ DQG SRSXODWLRQ RI<br />

PHWKDQRJHQV LQ 5 ZDV ORZHU WKDQ LQ WKH<br />

RWKHUVWKHUHIRUHORZHUSHUIRUPDQFHZDVIRXQG<br />

1&678'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¦ª¤š´ÊŠž¦·¤µ–„¦—Å…¤´œš´ÊŠ®¤—7)$¨—¨Š<br />

1&$17,+69$&7,9,7


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

DFLG FRPSRVLWLRQ RI DHURELF \HDVWOLNH FHOOV<br />

LQGXFHGE\ SRO\HWK\O DOFRKRO 3($ LV VLPLODU<br />

WRWKDWRIDHURELFDOO\JURZQP\FHOLD<br />

1&,16,/,&202'(/2)P\FREDFWHULXP<br />

WXEHUFXORVLV)25'58*7$5*(76<br />

,'(17,),&$7,21<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

ª¦¦›·—µ®°¤µª¦ ¼°´«ª·œ¤¸ ´¥<br />

­»£µ£¦–r ¸ª³›œ¦´„¬r «´„¦·œš¦r£¼¤·¦´˜œ<br />

7KH WK $QQXDO0HHWLQJRIWKH<br />

7KDL6RFLHW\IRU%LRWHFKQRORJ\<br />

³6XVWDLQDEOH'HYHORSPHQWRI60(V<br />

7KURXJK%LRWHFKQRORJ\w<br />

„»¤£µ¡´œ›ræŠÂ¦¤Ã¨˜´­žµŠ­ªœ<br />

„oª‹Á ¸¥ŠÄ®¤n®œoµ<br />

(YHQ LQ WKH VW FHQWXU\ 7XEHUFXORVLV<br />

7%GLVHDVHUHPDLQVWREHDVHULRXVSUREOHPWKDW<br />

WKUHDWVKXPDQKHDOWKDURXQGWKHZRUOG'HVSLWH<br />

RI KDYLQJ VHYHUDO DQWL7% GUXJV WKH OHQJWK\<br />

FKHPRWKHUDS\ WRJHWKHU ZLWK WKH HPHUJHQFH RI<br />

PXOWLGUXJV UHVLVWDQW 7% 0'57% FDXVHV D<br />

VHULRXV SUREOHP IRU 7% WKHUDS\ 7KLV SUREOHP<br />

PRWLYDWHV XV WR VHHN IRU QHZ GUXJ WDUJHWV IRU<br />

IXUWKHUGUXJGHVLJQDQGGHYHORSPHQW<br />

,QWKLVSUHVHQWVWXG\ZHDLPWRLGHQWLI\<br />

SRWHQWLDOWDUJHWVIRUDQWL7%GUXJVXVLQJV\VWHPV<br />

ELRORJ\ DSSURDFK 7KH FRPSOHWHG JHQRPH<br />

VHTXHQFLQJ DQG ELRLQIRUPDWLFV RI<br />

0\FREDFWHULXP WXEHUFXORVLV +5Y ZHUH<br />

HPSOR\HGIRUWKHFRQVWUXFWLRQRIDQLQVLOLFR7%<br />

PRGHO XVLQJ IOX[ EDODQFH DQDO\VLV )%$<br />

WHFKQLTXH 7KH GHYHORSHG 7% PRGHO FRQWDLQV<br />

LQWHUQDO PHWDEROLF UHDFWLRQV DQG <br />

WUDQVSRUW UHDFWLRQV ZKLFK JRYHUQ <br />

PHWDEROLWHV $Q LQ VLOLFR PLQLPDO PHGLXP<br />

UHTXLUHG IRU WKH JURZWK RI WKLV LQ VLOLFR<br />

7XEHUFXORVLV ZDV IRXQG WR FRQVLVW RI JOXFRVH<br />

VXOIDWHDPPRQLDLQRUJDQLF SKRVSKDWH PHWK\O<br />

WHWUDK\GURIRODWH XQGHFDSUHQRO R[\JHQ DQG DQ<br />

DPLQR DFLG WU\SWRSKDQ %\ XVLQJ WKH LQ VLOLFR<br />

FHOO JHQH GHOHWLRQ VWXGLHV ZHUH VLPXODWHG RQ<br />

WKH ZKROH PHWDEROLF QHWZRUN 'HOHWLRQV RI <br />

JHQHV UHSUHVHQWLQJ NQRZQ GUXJ WDUJHWV OHG WR<br />

FHOO IDWDOLW\ LPSO\LQJ WKDW WKLV PRGHO FRXOG EH<br />

XVHG WR VHDUFK IRU QHZ FDQGLGDWHV IRU GUXJ<br />

WDUJHWV:LWKWKHLQVLOLFRJHQHGHOHWLRQVRXW<br />

RIJHQHVZHUHIRXQGWREORFNFHOOJURZWK<br />

7KLV VHW RI JHQHV FRXOG EH FRQVLGHUHG DV<br />

SRWHQWLDO GUXJ WDUJHWV IRU IXUWKHU GHYHORSPHQW<br />

RIQHZ7%GUXJV<br />

1DWLRQDO&RQIHUHQFH<br />

1&6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

DW RXU GLVSRVDO YDULRXV WRROV LQFOXGLQJ<br />

PDWKHPDWLFDO PRGHOLQJ ELRLQIRUPDWLFV WRROV<br />

DQG GDWDEDVHV DORQJ ZLWK PROHFXODU ELRORJ\<br />

DQG IHUPHQWDWLRQ ODERUDWRULHV :LWK WKHVH<br />

UHVRXUFHVZHDUHDEOHWREXLOGDQGLPSURYHRQ<br />

,QVLOFRPRGHOVDQGYHULI\WKHPH[SHULPHQWDOO\<br />

WR VWXG\ FHOOXODU EHKDYLRUV XQGHU FKDQJLQJ<br />

HQYLURQPHQWDO SK\VLRORJLFDO DQG JHQHWLF<br />

FRQGLWLRQVRQDSHUVRQDOFRPSXWHU,WLVRXUKRSH<br />

WR EXLOG EHWWHU XQGHUVWDQGLQJ RI KRZ WKLQJV<br />

ZRUN ZLWK DQ DPELWLRXV JRDO WR DSSO\ WKH<br />

NQRZOHGJH WR SURYLGH EHWWHU WRROV IRU DQG WR<br />

ZRUNZLWKRWKHUVFLHQWLVWVDQGHQJLQHHUVWRVROYH<br />

WKH SUREOHPV LQ DJULFXOWXUDO DQG PHGLFDO<br />

ELRWHFKQRORJ\LQ7KDLODQG,QWKLVWDONZHZLOO<br />

SUHVHQW DQ RYHUYLHZ RI RXU RQJRLQJ PXOWL<br />

GLVFLSOLQDU\ PXOWLLQVWLWXWLRQ UHVHDUFK WKH<br />

DSSOLFDWLRQV DQG IXWXUH SODQ WR SOD\ D SDUW LQ<br />

KDUQHVVLQJ RI WKLV H[FLWLQJ QHZ ILHOG RI 6\VWHPV<br />

%LRORJ\<br />

1&$1$/


˜nšªnµ…o°¤¼¨—´Š„¨nµª…°Š¤´œ­Î µž³®¨´Š¥´Š¤¸‹Î µ„´— ‹¹Š˜o°ŠÄ o<br />

…o°¤¼¨…°Š¤´œ ¦´ÉŠŽ¹ÉŠ¤¸‡ªµ¤‡¨oµ¥Á‡¸¥Š„´œ¤µÁž}œ˜oœÂ <br />

×¥Ÿ¨š¸ÉÅ—o‹µ„ ‹Î µ¨°Šœ¸Ê ÄœÁ ºÊ°Š˜oœ¡ ªn µ­µ¤µ¦ nŠ<br />

°„¹Šž¦·¤µ–…°Š°³Å¤Ã¨­Â¨³°³Å¤Ã¨Á¡‡˜·œš¸ÉÁž}œ­µ¦<br />

š¸É­—Š¹Šž¦·¤µ–…°ŠÂžjŠÅ—oÄ„¨oÁ‡¸¥Š„´ ‡nµš¸Éž¦µ„’Äœ<br />

¦µ¥Šµœ„µ¦ª·‹´¥˜nµŠÇ ¥·ÉŠÅž„ªnµœ´Êœ ÁœºÉ°Š—oª¥‡»–­¤ ´˜·<br />

…°ŠÂžjŠ µŠ°¥nµŠ­µ¤µ¦ °„Å—o‹µ„°´˜¦µ­nªœ…°Š°³Å¤<br />

è­Â¨³°³Å¤Ã¨Á¡‡˜·œ ‹¹Š¤¸‡ªµ¤Áž}œÅžÅ—o°¥nµŠ­¼Šš¸ÉÂ<br />

‹Î µ¨°Šœ¸Ê‹³­µ¤µ¦‡µ—Á—µÅ—oš´ÊŠž¦·¤µ–¨³‡»–­¤ ´˜·…°Š<br />

žjŠ<br />

1&(1=5$7(35(',&725$722/)25<br />

35(',&7,1*(1=


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„»¤£µ¡´œ›ræŠÂ¦¤Ã¨˜´­žµŠ­ªœ<br />

„oª‹Á ¸¥ŠÄ®¤n®œoµ<br />

3ODVPRGLXPIDOFLSDUXP FDXVHVWKH PRVW<br />

VHYHUH IRUP RI PDODULD LQ KXPDQ ,WV FRPSOHWH<br />

OLIHF\FOH HQFRPSDVVHV PDQ\ VWDJHV LQFOXGLQJ<br />

WKH LQWUDHU\WKURF\WLF GHYHORSPHQWDO F\FOH<br />

,'& %HFDXVH LW LV WKH UHSUHVHQWDWLYH RI<br />

PDODULDV V\PSWRP DV ZHOO DV WKH WDUJHW IRU<br />

DQWLPDODULDO GUXJV ,'& KDV DWWUDFWHG PDQ\<br />

UHVHDUFKHUV WR LQYHVWLJDWH $V D UHVXOW D ORW RI<br />

LQIRUPDWLRQ UHODWLQJ WR ,'& VXFK DV SURWHRPH<br />

DQG WUDQVFULSWRPH LV DYDLODEOH 7KLV<br />

LQIRUPDWLRQVKRXOGEHDQDO\]HGV\VWHPDWLFDOO\<br />

E\ELRLQIRUPDWLFVWRROVWRJDLQXQGHUVWDQGLQJRI<br />

UHJXODWRU\ DQG PHWDEROLF QHWZRUN WKDW GULYHV<br />

WKHPDODULDOOLIH7KLVLQVLJKWFRXOGOHDGXVWR<br />

LGHQWLI\ QHZ WDUJHWV IRU DQWLPDODULDO GUXJV ,Q<br />

WKLV ZRUN ZH DQDO\]HG WKH JHQH H[SUHVVLRQ<br />

SURILOLQJ RI 3 IDOFLSDUXP GXULQJ ,'& VWDJH WR<br />

LQIHU SRVVLEOH UHJXODWRU\ HOHPHQWV RI JHQH<br />

FOXVWHUV 2XU SUHYLRXVO\ GHYHORSHG FOXVWHULQJ<br />

SURJUDPZDVXVHGWRJURXSJHQHVIROORZLQJWKHLU<br />

VLPLODULW\ LQ WUDQVFULSWLRQDO SURILOHV *HQHV LQ<br />

WKH VDPH FOXVWHU ZHUH DVVXPHG WR EH UHJXODWHG<br />

E\WKHVDPHVHWRIUHJXODWRU\SURWHLQV:HWKXV<br />

H[SORUHG WKH XSVWUHDP UHJLRQ WR RI<br />

JHQH FOXVWHUV E\ XVLQJ 5HJXODWRU\ 6HTXHQFH<br />

$QDO\VLV 7RRO 56$7 DQG REWDLQHG D ORVW RI<br />

SRWHQWLDO UHJXODWRU\ HOHPHQWV IRU HDFK JHQH<br />

FOXVWHU %\ FRPSDULQJ WKHP ZLWK NQRZQ<br />

UHJXODWRU\ HOHPHQWV LQ RWKHU RUJDQLVP ZH<br />

ZLOO REWDLQ D ORVW RI SRVVLEOH WUDQVFULSWLRQ<br />

IDFWRUV 7KLV LQIRUPDWLRQ DOWRJHWKHU ZLOO EH<br />

IXUWKHUXVHGWRLQIHUWKHUHJXODWRU\PHFKDQLVP<br />

DQGQHWZRUNRI3IDOFLSDUXP<br />

1&$1,17(*5$7('3/$7)250)25<br />

*(1(5(*8/$725


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

DQG SHUKDSV HQDEOH XV WR GHSLFW WKH JHQH<br />

UHJXODWRU\QHWZRUNRI3)<br />

1&6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

SURJUDPPLQJ ODQJXDJH ZKLOH WKH<br />

FRPSXWDWLRQDO PRGXOH WKDW FRPSXWHV<br />

HOHPHQWDU\ IOX[ PRGHV KDV EHHQ ZULWWHQ RQ<br />

& SURJUDP DV UHSRUWHG LQ D OLWHUDWXUH 7KLV<br />

WRRO UHTXLUHV RQO\ WKH VWRLFKLRPHWU\ UHDFWLRQ<br />

GLUHFWLRQDOLW\LQWHUQDODQGH[WHUQDOELRFKHPLFDO<br />

FRPSRXQGVDVLQSXWLQIRUPDWLRQ,WDOORZVXVHUV<br />

WRGHILQHWKHELRFKHPLFDOURXWHVLQFOXGLQJOLQHDU<br />

F\FOLF DQG EUDQFKHG SDWKZD\V OHDGLQJ IURP D<br />

VXEVWUDWHWR DSURGXFW ,W LGHQWLILHV D GUXJ WDUJHW<br />

E\VHDUFKLQJIRUHQ]\PHVWKDWDUHPRVWFULWLFDOWR<br />

WKHSURGXFWLRQRILPSRUWDQWFRPSRXQGVUHTXLUHG<br />

IRUSDWKRJHQVVXUYLYDO<br />

1&$1,17(*5$7('%,2,1)250$7,&6<br />

722/)25*(1()81&7,21<br />

,'(17,),&$7,212)3ODVPRGLXPIDOFLSDUXP<br />

œ´„ª·‹´¥ ª¦¦–ª·£µªŠ«r­Šœµ‡<br />

<br />

­Š—µªÂ®¨nŠ­œµ¤<br />

°´«ª·œ¤¸ ´¥Á„¦¸¥ŠÅ„¦ž°Â„oª<br />

­»£µ£¦–r ¸ª³›œ¦´„¬r«´„¦·œš¦r£¼¤·¦´˜œ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ž¦³‹Î µže…°Š­¤µ‡¤<br />

Áš‡ÃœÃ¨¥¸ ¸ª£µ¡Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

›´œªµ‡¤Ã¦ŠÂ¦¤<br />

šÈ°žÂ¨œ—r‹¡·¬–»Ã¨„®œoµ<br />

1RZDGD\V RI WKH 3ODVPRGLXP<br />

IDOFLSDUXPJHQHVRQO\aKDVEHHQDVVLJQHG<br />

E\IXQFWLRQVE\XVLQJELRLQIRUPDWLFVWRROVVXFKDV<br />

VLPSOH %/$673 DQG 7%/$671 5HFHQWO\<br />

*OHQQ 0 HW DO KDV SURSRVHG D PRUH<br />

V\VWHPDWLF PHWKRG WKDW FRPELQHV YDULRXV<br />

ELRLQIRUPDWLFV WRROV IRU LGHQWLILFDWLRQ RI<br />

DGGLWLRQDOJHQHIXQFWLRQV+RZHYHUWKRVHWRROV<br />

UHTXLUHKLJKO\ VNLOOHGDQGWUDLQHG SHUVRQQHO DQG<br />

DOVR WDNH ORWV RI WLPH WR LGHQWLI\ D IXQFWLRQ WR<br />

HYHQ RQH JHQH ,Q WKLV UHVHDUFK ZH KDYH<br />

GHYHORSHG D XVHUIULHQGO\ WRRO WKDW HQDEOHV WKH<br />

LGHQWLILFDWLRQRIJHQHIXQFWLRQEDVHGRQ*OHQQV<br />

PHWKRGZLWKLQDVLQJOHVWHS7KHGHYHORSHGWRRO<br />

EDVHVRQHVWDEOLVKHGDOJRULWKPVVXFKDV+00HU<br />

DQG 36,7%/$671 ZKLFK UHO\ RQ VWDWLVWLFDO<br />

'1$ SURSHUWLHV DQG FRPSDUDWLYH PHWKRG<br />

UHVSHFWLYHO\,WKDVEHHQDSSOLHGWRLGHQWLI\JHQH<br />

IXQFWLRQ ZLWKLQ JHQRPH VHTXHQFHV RI 3<br />

IDOFLSDUXP E\ VLJQLILFDQW KRPRORJ\ WR DQ<br />

HQ]\PHZLWKNQRZQIXQFWLRQLQRWKHURUJDQLVPV<br />

7KLV WRRO KDV SURYHQ WR EH D XVHUIULHQGO\ DQG<br />

SRZHUIXO VWDQG DORQH WRRO ZKLFK LV DXWRPDWLF<br />

HDVLO\WRXVHHYHQE\QRQVSHFLDOLVWV<br />

1&'(9(/230(172)$*5$3+,&$/<br />

86(5,17(5)$&()25*(120(6&$/(<br />

02'(/,1*<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

<br />

­¤‡·— »¤¸Â­Š—µªÂ®¨nŠ­œµ¤<br />

ª ·¦«´„—·Íªµœ· µ°´«ª·œ¤¸ ´¥<br />

­»£µ£¦–r ¸ª³›œ¦´„¬r«´„¦·œš¦r£¼¤·¦´˜œ<br />

„µ¦ž¦³ »¤ª· µ„µ¦ž¦³‹Î µže…°Š­¤µ‡¤<br />

Áš‡ÃœÃ¨¥¸ ¸ª£µ¡Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

›´œªµ‡¤Ã¦ŠÂ¦¤šÈ°žÂ¨œ—r<br />

‹¡·¬–»Ã¨„®œoµ<br />

0DQ\ JHQRPHVFDOH PRGHOV RI YDULRXV<br />

RUJDQLVPV VXFK DV 6DFFKDURP\FHV FHUHYLVLDH<br />

0\FREDFWHULXP WXEHUFXORVLV DQG 3ODVPRGLXP<br />

IDOFLSDUXP KDYH EHHQ GHYHORSHG LQ RXU UHVHDUFK<br />

JURXS E\ XVLQJ WKH LQWHJUDWLRQ RI JHQRPH<br />

DQQRWDWLRQV DQG FRPSXWDWLRQDO IOX[ EDODQFH<br />

EDVHGDQDO\VLV+RZHYHUWKHPRGHOVGHYHORSHG<br />

RIWHQ WLPH UHPDLQV XQXVHG DV PRVW RI WKH VR<br />

FDOOHG ELRSHRSOH ILQG WKHP GLIILFXOW ,Q WKLV<br />

VWXG\ZHKDYHIXUWKHUGHYHORSHGWKHPRGHOVE\<br />

DGGLQJ D JUDSKLFDO XVHU LQWHUIDFH *8, 7KLV<br />

*8,EDVHGRQ9LVXDO%DVLFDOJRULWKPIDFLOLWDWHV<br />

DXVHUWRUHDGLO\HGLWWKHPRGHODQGFKDQJHLQSXW<br />

LQIRUPDWLRQ 7KH LQWHUIDFH DOVR KDV D<br />

YLVXDOL]DWLRQSODWIRUPWKDWKHOSVDXVHUWRDQDO\]H<br />

DQG LQWHUSUHW WKH PRGHO RXWSXW VXFK DV SDWKZD\<br />

PDSVDQGRSWLPDOIOX[GLVWULEXWLRQXQGHUYDULRXV<br />

FRQGLWLRQV $SSO\LQJ WKLV LQWHUIDFH ZLWK WKH<br />

JHQRPHVFDOHRI6FHUHYLVLDHZHKRSHWRHDVLO\<br />

SHUIRUP LQ VLOLFR H[SHULPHQWV WR VWXG\ WKH<br />

JHQRW\SHSKHQRW\SH UHODWLRQVKLS RI \HDVW XQGHU<br />

FKDQJLQJJHQHWLFDQGHQYLURQPHQWDOFRQGLWLRQV<br />

1&3527(20,&6678'


WKH SURWHRPH SDWWHUQV RI WKH \HDVW JURZQ XQGHU<br />

WKH WHPSHUDWXUHV RI DQG q& LQ KRSH WR<br />

XQGHUVWDQG KRZ WKH WHPSHUDWXUH DIIHFWV OLSLG<br />

PHWDEROLVPDWSURWHRPLFOHYHO7KHDQDO\VHVRI<br />

WKH SURWHLQ SDWWHUQV REWDLQHG IURP WZR<br />

GLPHQVLRQDO JHO HOHFWURSKRUHVLV ZLWK WULSOLFDWH<br />

H[SHULPHQWV E\ WKH 7DJOGHQW VRIWZDUH UHYHDOHG<br />

WKDW D QXPEHU RI SURWHLQV ZHUH GLIIHUHQWLDOO\<br />

H[SUHVVHGDVDUHVXOWRIWKHGLVWLQFWWHPSHUDWXUHV<br />

:H IRXQG WKDW SURWHLQ VSRWV ZHUH RQO\<br />

H[SUHVVHG RQ q& JURZWK FRQGLWLRQ ZKLOH <br />

VSRWV ZHUH RQO\ H[SUHVVHG RQ q& FRQGLWLRQ<br />

:H LGHQWLILHG WKDW SURWHLQV (UJS DQG<br />

(UJSZKLFKDUHLQYROYHGLQOLSLGPHWDEROLVP<br />

ZHUH RQO\ H[SUHVVHG DW q& )XUWKHU GHWDLOHG<br />

DQDO\VLV RI WKH SURWHLQ SDWWHUQ XVLQJ<br />

ELRLQIRUPDWLFV WRROV LV XQGHU VWXGLHG WR JDLQ D<br />

EHWWHU XQGHUVWDQGLQJ RI KRZ VRPH SURWHLQV DUH<br />

XS RU GRZQ UHJXODWHG LQ UHVSRQVH WR WKH<br />

WHPSHUDWXUHFKDQJHV<br />

1&'(9(/230(172)6(&21'$5<<br />

6758&785$/$1$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Ÿ¨·˜°µ®µ¦­´˜ªr ˜´ª°¥nµŠœÎÊ µš·ÊŠÃ¦ŠŠµœŸ¨·˜Âžj Š ˜´ª<br />

°¥nµŠ ‡nµ¢°­Á¢˜š¸ÉÅ—o×¥ »—š—­° ¢°­Á¢˜°¥¼nÄœ nªŠ<br />

¤·¨¨·„¦´¤˜n°¨·˜¦ ¨³‡nµ¢°­Á¢˜š¸ÉÅ—o×¥ª·›¸<br />

š—­° ¢°­Á¢˜¤µ˜¦“µœ°¥¼nÄœ nªŠ ¤·¨¨·„¦´¤<br />

˜n°¨·˜¦ ‡nµ­´¤ž¦³­·š›·Í­®­´¤¡´œ›r &RUUHODWLRQ<br />

FRHIILFLHQWU ¦³®ªnµŠ »—š—­° „´ ª·›¸¤µ˜¦“µœ…°ŠœÎÊ µ<br />

š·ÊŠ ¤ » œ œÎÊ µš·ÊŠ¢µ¦r¤Á¨¸Ê¥Š®¤¼ œÎÊ µš·ÊŠÃ¦ŠŠµœŸ¨·˜°µ®µ¦<br />

­´˜ªr¨³œÎÊ µš·ÊŠÃ¦ŠŠµœÂžjŠ Å—oÁž}œ Á¤ºÉ°œÎ µ¤µ<br />

Áž¦¸¥ Áš¸¥ šµŠ­·˜·¡ ªnµ ÄœœÎÊ µš·ÊŠš¸ÉœÎ µ¤µ«¹„¬µš»„ œ·—<br />

Ťn¤¸‡ªµ¤Â˜„˜nµŠ°¥nµŠ¤¸œ´¥­Î µ‡´ S ‹µ„„µ¦<br />

«¹„¬µ‡¦´ÊŠœ¸Ê­µ¤µ¦­¦»žÅ—oªn µ »—š—­° ¢°­Á¢˜š¸ÉœÎ µ¤µ<br />

«¹„¬µÄ®oŸ¨œnµÁ ºÉ°º°Á®¤µ³­¤š¸É‹³Ä ož¦³¤µ–‡nµ¢°­Á¢˜<br />

ÄœÁ ºÊ°Š˜oœÂ¨³­µ¤µ¦Ä ož¦³¤µ–‡nµ°¥nµŠ‡¦nµªÅ—o ÄœœÎÊ µ<br />

š·ÊŠš¸É œÎ µ¤µšÎ µ„µ¦«¹„¬µ<br />

1&(7+$12/352'8&7,21%<<br />

=\PRPRQDVPRELOLV6&5((1,1*2)<br />

1875,(17686,1*3/$&.(77%850$1<br />

'(6,*1<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­»—µ¦´˜œr˜¦¸Á¡ ¦„»¨—Î µ¦ŠÁ— ¤–¸ª´•œµ<br />

¥»ª¡·œ—nµœ—»­·˜µ¡´œ›rª«·¤œÁ¦º°ŠÁ¨È„<br />

7KH WK $QQXDO0HHWLQJRIWKH<br />

7KDL6RFLHW\IRU%LRWHFKQRORJ\<br />

³6XVWDLQDEOH'HYHORSPHQWRI60(V<br />

7KURXJK%LRWHFKQRORJ\w<br />

„»¤£µ¡´œ›ræŠÂ¦¤Ã¨˜´­žµŠ­ªœ<br />

„oª‹Á ¸¥ŠÄ®¤n®œoµ<br />

3ODFNHWW%XUPDQ GHVLJQ ZDV XVHG WR<br />

HIILFLHQWO\VHOHFWLPSRUWDQWPHGLDFRPSRQHQWV<br />

LQIOXHQFLQJ HWKDQRO SURGXFWLRQ HPSOR\LQJ<br />

=\PRPRQDV PRELOLV %\SURGXFW IURP ILVK<br />

FDQQLQJ LQGXVWULHV VRFDOOHG ILVK VROXEOH ZDV<br />

XVHGDVQXWULWLRQDOUHSODFHPHQWRI\HDVWH[WUDFW<br />

LQWKLVVWXG\7KHILYHLQJUHGLHQWVYL]JOXFRVH<br />

ILVK VROXEOH XUHD .+ 32 DQG 0J62 + 2<br />

ZHUH VFUHHQHG E\ D 3ODFNHWW%XUPDQ GHVLJQ<br />

FRQVLVWLQJ RI H[SHULPHQWV $PRQJ WKH<br />

QXWULWLRQDO FRPSRQHQWV VFUHHQHG JOXFRVH DQG<br />

ILVKVROXEOHVKRZHGWKHVWURQJHVWQHJDWLYHHIIHFW<br />

DQGSRVLWLYHHIIHFWUHVSHFWLYHO\RQERWKJURZWK<br />

DQG HWKDQRO SURGXFWLRQ DQG WKHUHIRUH VHOHFWHG<br />

IRULQFOXVLRQLQIXUWKHURSWLPL]DWLRQVWXGLHV<br />

6FKRRORI/LEHUDO$UWV<br />

1&$1(:0(7+2'2/2*


%DFLOOXVVXEWLOLV%VÁž}œÂ ‡š¸Á¦¸¥ œ·—®œ¹ÉŠ<br />

š¸É¤¸ «´„¥£µ¡Äœ°»˜­µ®„¦¦¤—oµœ„µ¦Á¡µ³Á¨¸Ê¥Š­´˜ªrœÎÊ µ ×¥<br />

%V µŠ­µ¥¡´œ›»r ¤¸«´„¥£µ¡­¼ŠÄœ°»˜­µ®„¦¦¤Ã¡¦Å ð˜·<br />

‡ ×¥ÁŒ¡µ³°»˜­µ®„¦¦¤„µ¦Á¨¸Ê¥Š„»oŠŽ¹ÉŠ nª¥Ä®oÁ„·—„µ¦¨—<br />

ž{ ®µ—oµœ­µ¦˜„‡oµŠÄœ„»oŠÁ¡ºÉ°„µ¦­nŠ°°„ „µ¦¡´•œµ<br />

„¦³ ªœ„µ¦Ÿ¨·˜ %V Äœ¦³—´ °»˜­µ®„¦¦¤Ã—¥Ä oª´­—»<br />

Á®¨º°š·ÊŠ‹µ„°»˜­µ®„¦¦¤„µ¦Á„¬˜¦Áž}œª´˜»—· ‹¹ŠÁž}œ°¸ „<br />

ÂœªšµŠÁ¨º°„š¸ÉÄ oÁ¡ºÉ°¨—˜oœš»œ„µ¦Ÿ¨·˜Â¨³„n°Ä®oÁ„· —„µ¦<br />

Á¡·É¤¤¼¨‡nµ…°ŠÁ®¨º°Ä oÄœ°»˜­µ®„¦¦¤„µ¦Á„¬˜¦ ‡–³Ÿ¼o<br />

ª·‹´¥Å—ošÎ µ„µ¦«¹„¬µÂ¨³¡´•œµ„¦³ ªœ„µ¦Ÿ¨·˜ %V ­µ¥<br />

¡´œ›»r 3'7, Ž¹ÉŠœÎ µ¤µÁ¨¸Ê¥ŠÃ—¥Ä o„µ„œÎÊ µ˜µ¨Â¨³„µ„´Éª<br />

Á®¨º°Š Ž¹ÉŠšÎ µ„µ¦Á˜·¤­µ¦š¸É‹Î µÁž}œÄœ„µ¦Á‹¦· Á˜· Ø µŠ<br />

œ·—¨ŠÅž Ÿ¨š¸ÉÅ—o¡ ªnµ Äœ„µ¦Ÿ¨·˜ %V Äœ´Š®¤´„…œµ—<br />

¨·˜¦Ã—¥Ä o„µ„œÎÊ µ˜µ¨Â¨³„µ„´ÉªÁ®¨º°ŠÅ—oŸ¨Ÿ¨·˜<br />

­¼Š­»—[ ÁŽ¨¨r˜n°¤·¨¨·¨·˜¦ÄœÁª¨µ„µ¦Ÿ¨·˜ ´Éª<br />

äŠ ¨³„µ¦Ÿ¨·˜ %V Äœ´Š®¤´„…œµ— ¨·˜¦ ×¥Ä o<br />

„µ„œÎÊ µ˜µ¨Â¨³„µ„´ÉªÁ®¨º°ŠÅ—oŸ¨Ÿ¨·˜­¼Š­»— [ <br />

ÁŽ¨¨r˜n°¤·¨¨·¨·˜¦ ÄœÁª¨µ„µ¦Ÿ¨·˜š´ÊŠ­·Ê œ ´ÉªÃ¤Š Ÿ¨<br />

Ÿ¨·˜š¸ÉÅ—o­µ¤µ¦¡´•œµ˜n°Ä®oÅ—oŸ¨·˜£´–”r %V Äœ¦¼žŸ¨·˜<br />

£´–”rœÎÊ µÂ¨³Ÿ¨·˜£´–”rŸŠ ×¥Á˜·¤­µ¦ nª¥Á„È ¦´„¬µŸ¨·˜<br />

£´–”r¨³­µ¦‹´ ˜´ªÁ¡ºÉ° nª¥Äœ„µ¦° ®oŠŽ¹ ÉŠ¡ ªnµŸ¨·˜<br />

£´–”rš¸ÉÅ—o¤¸‡ªµ¤‡Š˜´ª°¥nµŠœo°¥š¸ É­»—®œ¹ÉŠž e ‹µ„„µ¦<br />

š—¨°ŠŸ¨·˜Ã—¥ iµ¥ ¦·„µ¦„µ¦Ÿ¨·˜ ­ªœ°»˜­µ®„¦¦¤<br />

¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸ Ž¹ÉŠÄ o把µœ<br />

˜oœÂ …œµ— ¨·˜¦ „Î µ¨´Š„µ¦Ÿ¨·˜ ¨·˜¦<br />

¨³šÎ µ„µ¦ž¦³Á¤·œšµŠÁ«¦¬“«µ­˜¦rÁ ºÊ°Š˜o œ ¡ ªnµ°´˜¦µ<br />

Ÿ¨˜° šœ­µ¤µ¦‹¼ŠÄ‹°»˜­µ®„¦¦¤Ä®oÁ…oµ¤µ¨Šš»œÄœ<br />

¦³—´ ®œ¹ÉŠ…–³œ¸Ê°¥¼nÄœ nªŠ­µ›·˜Áš‡ÃœÃ¨¥¸Á¡ºÉ°Ä®oÁ„·—„µ¦<br />

nµ¥š°—Áš‡ÃœÃ¨¥¸—oµœ„¦³ ªœ„µ¦Ÿ¨·˜ %VÄ®o„´ °»˜­µ®<br />

„¦¦¤š¸É­œÄ‹˜n°Åž<br />

1&¦³ ¦·®µ¦‹´—„µ¦­·ÉŠÂª—¨o°¤‡ªµ¤ž¨°—<br />

£´¥£µ¥Äœ¤®µª·š¥µ¨´¥„¦–¸«¹„¬µ¤®µª·š¥µ¨´¥<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸<br />

œ´„ª·‹´¥ í¯­­»ª¦¦–¥ºœ­» µ—µÅ ¥­ª´­—·Í<br />

‹µ¦»¦´˜œrª¦œ·­¦µ„»¨œ¦µ¡¦®µ ª‹œªŠ«r<br />

ÁŒ¨·¤¦µ ª´œšª·œ­·¦·œš¦Áš¡Á˜oµž¦³¥¼¦<br />

œ·£µª¦¦–°—·«¦ª¦ª»•·œ´œš¡¦œ´œš³<br />

¨·œ—µÁ¡nŠ­»ª¦¦–<br />

ÁŸ¥Â¡¦n<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

¸<br />

o<br />

×¥ª´˜»ž¦³­Š‡rš¸É˜o°Š„µ¦Â„ož{ ®µ—oµœ­·ÉŠÂª—<br />

¨o°¤š¸É­º Áœº É°Š¤µ‹µ„„·‹„¦¦¤—oµœ„µ¦­°œÂ¨³„µ¦ª·‹´ ¥<br />

£µ¥Äœ¤®µª·š¥µ¨´¥ ¦³ ¦·®µ¦‹´—„µ¦­·ÉŠÂª—¨o°¤‡ªµ¤<br />

ž¨°—£´¥£µ¥Äœ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸<br />

‹¹ŠÅ—o¼„¡´•œµ…¹ÊœÁ¡ºÉ°Ä®o ¦¦¨»¹ŠÁžjµ®¤µ¥…°Š¤®µª·š¥µ¨´¥<br />

Äœ„µ¦š¸É‹³¤»nŠ­¼n„µ¦Áž}œ¤®µª·š¥µ¨´¥­¸Á…¸¥ªš¸É¤¸„µ¦‹´—„µ¦<br />

—oµœ­·ÉŠÂª—¨o°¤‡ªµ¤ž¨°—£´ ¥š¸É—¸ ×¥¤¸„µ¦‹´—˜´ÊŠ«¼œ¥r„µ¦<br />

‹´—„µ¦—oµœ¡¨´ŠŠµœ­·ÉŠÂª—¨o°¤‡ªµ¤ž¨°—£´¥Â¨³°µ ª<br />

°œµ¤´¥®¦º° ((6+ Á¡ºÉ°¡´•œµ¦³ ¨³­œ´ ­œ»œÄ®oÁ„·—<br />

„µ¦œÎ µ¦³ Åžž’· ´˜·¦³ ¦·®µ¦‹´—„µ¦­·ÉŠÂª—¨o°¤‡ªµ¤<br />

ž¨°—£´¥š¸É¡´•œµ…¹Êœœ¸ Êž¦³„° —oª¥¦³ ¦·®µ¦‹´—„µ¦­·ÉŠ<br />

ª—¨o°¤š¸ÉÁœoœ—oµœ„µ¦‹´—„µ¦­µ¦Á‡¤¸Â¨³…°ŠÁ­¸¥Â¨³<br />

¦³ ¦·®µ¦ ‹´—„µ¦‡ªµ¤ž¨°—£´¥š¸ÉÁœoœ—oµœ„µ¦‹´—¦³<br />

‡ªµ¤ž¨°—£´¥Äœ„µ¦šÎ µŠµœ„´ ­µ¦Á‡¤¸ ­µ¦ ¸ª£µ¡ Å¢¢jµ<br />

¨³Á‡¦ºÉ°Š‹´„¦„¨š¸É­°—‡¨o°Š„´ œÃ¥ µ¥…°Š¤®µª·š¥µ¨´¥<br />

¨³Áž}œÅž˜µ¤¤µ˜¦“µœ­µ„¨ ¦³ š¸É¡´•œµ…¹ÊœÄœ—oµœ<br />

„µ¦‹´—„µ¦­µ¦Á‡¤¸Å—o nŠ­µ¦Á‡¤¸Áž}œ „¨»n¤ ˜µ¤‡ªµ¤<br />

Áž}œ°´œ˜¦µ¥Â¨³Ä o¦®´­­¸Äœ„µ¦‹´—Á„È Â¨³Ä o“µœ…o °¤¼¨Á…oµ<br />

¤µ nª¥Äœ„µ¦ ¦·®µ¦‹´—„µ¦ ­nªœÄœ—oµœ„µ¦‹´—„µ¦…°ŠÁ­¸¥<br />

Å—oÂ¥„…°ŠÁ­¸¥‹µ„®o°Šž’· ´˜·„µ¦ œ·—…°ŠÁ®¨ª °°„Áž}œ<br />

ž¦³Á£š˜µ¤ž¦³Á£š…°Š„µ¦Á„È Â¨³ª·›¸„µ¦š¸ÉÄÄœ„µ¦<br />

Î µ ´— ¨³¦³ ¦·®µ¦ ‹´—„µ¦‡ªµ¤ž¨°—£´¥Äœ„µ¦<br />

šÎ µŠµœ„´ ­µ¦Á‡¤¸ ­µ¦ ¸ª£µ¡ Å¢¢jµÂ¨³Á‡¦ºÉ°Š‹´„¦„¨ Å—o<br />

—Î µÁœ·œ„µ¦˜µ¤¦³ „µ¦‹´—„µ¦‡ªµ¤ž¨°—£´¥˜µ¤¤µ˜¦<br />

“µœ­µ„¨ ¦³ ¦·®µ¦‹´—„µ¦­·ÉŠÂª—¨o°¤‡ªµ¤ž¨°—£´¥š¸É<br />

¡´•œµ…¹Êœœ¸ Êž¦³­ ‡ªµ¤­Î µÁ¦È‹‹µ„„µ¦œÎ µÅžž’· ´˜·‹¦·ŠÄœ<br />

®o°Šž’· ´˜·„µ¦˜oœÂ ‹Î µœªœÂ®nŠ£µ¥Äœ¤®µª·š¥µ¨´¥<br />

Ÿ¨š¸ÉÅ—o‹µ„„µ¦œÎ µ¦³ Åžž’· ´˜·Äœ®o°Šž’· ´˜·„µ¦˜oœÂ<br />

¸ÊÄ®oÁ®Èœªnµ¦³ ¦·®µ¦‹´—„µ¦­·ÉŠÂª—¨o°¤‡ªµ¤ž¨°—£´¥š¸É<br />

¡´•œµ…¹Êœœ¸Ê ­µ¤µ¦œÎ µÅžž¦³¥»„˜rÄ o„´ ®o°Šž’· ´˜·„µ¦°ºÉœÇ<br />

š´ÊŠ£µ¥ÄœÂ¨³£µ¥œ°„¤®µª· š¥µ¨´¥ ×¥¤¸„µ¦ž¦´ Áž¨¸É¥œ<br />

Á¡¸¥ŠÁ¨È„œo °¥ šµŠ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ<br />

»¦¸ Å—oÁžd—Ä®o¤¸„µ¦ f„° ¦¤Ä®o‡ªµ¤¦¼o¨³ f„° ¦¤Á ·Š<br />

ž’· ´˜·„µ¦Á¡ºÉ°ÁŸ¥Â¡¦n¦³ ¨³ª· ›¸„µ¦Á¡ºÉ°…¥µ¥Ÿ¨Ä®oÁ„·—<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„µ¦Ä o¦³ £µ¥Äœ¤®µª·š¥µ¨´¥Ä®o„ªoµŠ…ªµŠ¤µ„…¹Êœ ‹œ¹Š<br />

ž{‹‹» ´œœ¸Ê¤¸®o°Šž’· ´˜·„µ¦£µ¥Äœ¤®µª·š¥µ¨´¥Å—oœÎ µ¦³<br />

¦·®µ¦‹´—„µ¦­·ÉŠÂª—¨o°¤‡ªµ¤ž¨°—£´¥Á…o µÅžÄ o¹Š <br />

…°Š®o°Šž’· ´˜·„µ¦š´ÊŠ®¤— ¨³‡µ—ªnµšµŠ¤®µª·š¥µ¨´¥‹³<br />

­µ¤µ¦…¥µ¥Ÿ¨Ä®oÁ„·—„µ¦Ä o¦³ ‡¦ oªœš»„®o°Šž’· ´˜·<br />

„µ¦Å—o£µ¥Äœ°œµ‡˜°´œÄ„¨o<br />

1&„µ¦¡´•œµ¦³ “µœ…o°¤¼¨„µ¦‹´—„µ¦…°Š<br />

Á­¸¥‹µ„®o°Šž’· ´˜·„µ¦£µ¥Äœ¤®µª·š¥µ¨´¥<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸<br />

œ´„ª·‹´¥ ­» µ—µÅ ¥­ª´­—·Í›¸¦³«´„—·Í¨º° µ¡Š«rš·¡¥r<br />

œ´œš¡¦œ´œš³Á¡È ž¦³£µ ´ª¨°¥<br />

í¯­­»ª¦¦–¥ºœ<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

¦³ “µœ…o°¤¼¨„µ¦‹´—„µ¦…°ŠÁ­¸¥‹µ„®o°Š<br />

ž’· ´˜·„µ¦£µ¥Äœ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ<br />

»¦¸ Å—o¼„¡´•œµ…¹ÊœÃ—¥ª´˜»ž¦³­Š‡rÁ¡ºÉ°Ä®oÁ„·—¦³<br />

¦·®µ¦‹´—„µ¦…°ŠÁ­¸¥‹µ„®o°Šž’· ´˜·„µ¦š¸É¤¸„µ¦‹´—„µ¦…°Š<br />

Á­¸¥š¸ÉÁž}œÅžÄœ¦¼ žÂ Á—¸¥ª„´œÂ¨³­µ¤µ¦Á„È ¦ª ¦ª¤…o °<br />

¤¼¨ œ·—¨³ž¦·¤µ–…°ŠÁ­¸¥£µ¥Äœ¤®µª·š¥µ¨´¥š´ÊŠ®¤—<br />

Á¡ºÉ°œÎ µÅžÄ oÄœ„µ¦®µÂœªšµŠ¨—ž¦·¤µ–…°ŠÁ­¸¥Â¨³­µ¦<br />

°´œ˜¦µ¥š¸ÉÁ®¤µ³­¤ÄœÂ˜n¨³®o°Šž’· ´˜·„µ¦ ¦³ š¸É¡´•œµ<br />

…¹Êœœ¸ ÊÅ—ošÎ µ„µ¦Â¥„…°ŠÁ­¸¥‹µ„®o°Šž’· ´˜·„µ¦ œ·—…°Š<br />

Á®¨ª°°„Áž}œ ž¦³Á£š ˜µ¤ž¦³Á£š…°Š„µ¦Á„È Â¨³<br />

ª·›¸„µ¦š¸ÉÄ oÄœ„µ¦ Î µ ´— ˜n°‹µ„œ´Êœ‹¹Š¤¸„µ¦šÎ µ„µ¦­Î µ¦ª‹<br />

œ·—¨³ž¦·¤µ–…°ŠÁ­¸¥‹µ„®o°Šž’· ´˜·„µ¦˜nµŠÇš¸ÉÁ…oµ¦nª¤<br />

ǦŠ„µ¦ ¨oªšÎ µ„µ¦°°„ “µœ…o°¤¼¨Ã—¥Ä o 64/<br />

6HUYHU Áž}œ¦³ ž’· ´˜·„µ¦“µœ…o°¤¼¨ Ä o 0LFURVRIW<br />

:LQGRZ 6HUYHU Áž}œ¦³ ž’· ´˜·„µ¦­Î µ®¦´<br />

Á‡¦ºÉ°Š 6HUYHU ¨³Ä o£µ¬µ $63 Äœ„µ¦¡´•œµ<br />

:HESDJH ¦³ “µœ…o°¤¼¨š¸É¡´•œµ…¹Êœœ¸ Êž¦³­ ‡ªµ¤<br />

­Î µÁ¦È‹‹µ„„µ¦œÎ µÅžž’· ´˜·Šµœ‹¦·ŠÄœ®œnª¥ ¦·„µ¦„¨µŠÁ¡ºÉ°<br />

„µ¦ª·Á‡¦µ³®r„¦³ ªœ„µ¦Â¨³­·ÉŠÂª—¨o°¤ ­µ ´œ¡´•œµ<br />

¨³ f„° ¦¤Ã¦ŠŠµœ˜oœÂ Ž¹ÉŠÁž}œ®o°Šž’· ´˜·„µ¦˜oœ<br />

 Ÿ¨š¸ÉÅ—o‹µ„„µ¦œÎ µ¦³ Åžž’· ´˜·Äœ®o°Šž’· ´˜·„µ¦<br />

<br />

˜oœÂ ¸ÊÄ®oÁ®Èœªnµ¦³ ‹µ„®o°Šž’· ´˜·„µ¦š¸ É¡´•œµ…¹Êœ<br />

­µ¤µ¦Ä oÄœ„µ¦Á„È ¦ª ¦ª¤…o°¤¼¨ œ·—¨³ž¦·¤µ–…°Š<br />

Á­¸¥š¸ÉÁ„·—…¹Êœ£µ¥Äœ®o°Šž’· ´˜·„µ ¦ ¨³­µ¤µ¦ª·Á‡¦µ³®r¹Š<br />

„µ¦¨—®¦º°Á¡·É¤ž¦·¤µ–…°ŠÁ­¸¥‹µ„®o°Šž’· ˜·ÄœÂ˜n¨³ ´ nªŠ<br />

Áª¨µ Á¡ºÉ°œÎ µÅžÄ oÄœ„µ¦®µÂœªšµŠ„µ¦¨—ž¦·¤µ–…°ŠÁ­¸¥<br />

…°Š®o°Šž’· ´˜·„µ¦Å—o˜n°Åž šµŠ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸<br />

¡¦³‹°¤Á„¨oµ›œ »¦¸ Å—oÁžd—Ä®o¤¸„µ¦ f„° ¦¤Á ·Šž’· ´˜·„µ¦<br />

Á¡ºÉ°ÁŸ¥Â¡¦n¦³ ¨³ª·›¸„µ¦Á¡º É°…¥µ¥Ÿ¨Ä®oÁ„·—„µ¦Ä o<br />

¦³ £µ¥Äœ¤®µª·š¥µ¨´¥Ä®o„ªoµŠ…ªµŠ¤µ„…¹Êœ ‹œ¹Š<br />

ž{‹‹» ´œœ¸Ê¤¸®o°Šž’· ´˜·„µ¦ª·Á‡¦µ³®r£µ¥Äœ¤®µª·š¥µ¨´¥Å—o<br />

œÎ µ¦³ “µœ…o°¤¼¨„µ¦‹´—„µ¦…°ŠÁ­¸¥‹µ„®o°Šž’· ´˜·„µ¦Á…oµ<br />

ÅžÄ o¹Š …°Š®o°Šž’· ´˜·„µ¦š´ÊŠ®¤— ¨³‡µ—ªnµšµŠ<br />

¤®µª·š¥µ¨´¥‹³­µ¤µ¦…¥µ¥Ÿ¨Ä®oÁ„·—„µ¦Ä o¦³<br />

‡¦ oªœš»„®o°Šž’· ´˜·„µ¦Å—o£µ¥Äœ°œµ‡˜°´œÄ„¨o<br />

1&„µ¦¡´•œµ„¦³ ªœ„µ¦­„´—œÎÊ µ¤´œ®°¤¦³Á®¥<br />

‹µ„¡º ˜¦³„¼¨­o¤Ã—¥ª·›¸„µ¦„¨´Éœ—oª¥Å°œÎÊ µ<br />

œ´„ª·‹´¥ ­» µ—µÅ ¥­ª´­—·Í—µ¦µª¦¦–š°Š »˜¦<br />

­¦Á­„…r„»¨¤´¥­»ªµ¦¸­¤¡Š¬r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Á¡ºÉ°¡´•œµ„¦³ ªœ„µ¦­„´—œÎ Ê µ¤´œ®°¤¦³Á®¥‹µ„<br />

¡º ˜¦³„¼¨­o¤Ä®oÁ®¤µ³­¤„´ „µ¦Ÿ¨·˜ÄœÁ ·Š¡µ–· ¥r ‡–³Ÿ¼o<br />

ª·‹´¥‹¹ŠÅ—ošÎ µ„µ¦°°„ „¦³ ªœ„µ¦­„´—œÎÊ µ¤´œ®°¤¦³Á®¥<br />

‹µ„¡º ˜¦³„¼¨­o¤Ä®oÁ„·—„µ¦Ä o…°ŠÁ®¨º°Äœ„¦³ ªœ„µ¦Ä®o<br />

Á„·—ž¦³Ã¥ œr­¼Š­»—¨³—Î µÁœ·œ„µ¦«¹„¬µÄœ¤³„¦¼—¨³­o¤<br />

×¥„¦³ ªœ„µ¦š¸É°°„ …¹Êœœ¸ Êž¦³„° —oª¥…´ Êœ˜°œ„µ¦<br />

ž°„Áž¨º°„ Á¡ºÉ°Ä®oÅ—oÁŒ¡µ³­nªœÁž¨º °„¨oªœÎ µ­nªœÁž¨º°„<br />

š¸ÉÅ—o¤µšÎ µ„µ¦ ¸ œÎÊ µ¤´œ°°„×¥Ä oÁ‡¦ºÉ°Š ¸ ¨³œÎ µÅž­„´—<br />

œÎÊ µ¤´œ®°¤¦³Á®¥˜n°Ã—¥ª·›¸„¨´Éœ—oª¥Å°œÎÊ µ—oª¥Á‡¦ºÉ°Š„¨´ÉœÅ°<br />

œÎÊ µš¸É¡´•œµ…¹ÊœÁž¦¸¥ Áš¸¥ „´ Á‡¦º É°Š 527$5<<br />

(9$325$725 ¨oª—Î µÁœ·œÁ„È …o°¤¼¨Äœ­nªœ…°ŠœÎÊ µ¤´œ<br />

®°¤˜n°‹µ„œ´Êœ‹¹ ŠœÎ µÁž¨º°„¡º ˜¦³„¼¨­o¤š¸ÉÁ®¨º°Äœ…´Êœ˜°œ<br />

…°Š„µ¦ ¸ ¤µž{~œ¥n°¥Ã—¥Ä oÁ‡¦ºÉ°Šž{~œ¥n°¥Â¨oªœÎ µÅž° ®oŠ<br />

š¸É°»–®£¼¤·°Š«µÁŽ¨ÁŽ¸¥­Â¨oªœÎ µÁž¨º°„° ®oŠš¸ÉÅ—oÅž<br />

¡´•œµ˜n°Ä®oÁ„·—Ÿ¨·˜£´–”r­»‡œ› Î µ ´—‹µ„Áž¨º°„¡º<br />

1DWLRQDO&RQIHUHQFH


˜¦³„¼¨­o¤ Ÿ¨‹µ„„µ¦«¹„¬µÁž¦¸¥ Áš¸¥ ª·›¸„µ¦­„´—×¥Ä o<br />

„µ¦„¨´Éœ—oª¥Å°œÎ Ê µ—oª¥Á‡¦ºÉ°Š„¨´Éœš¸ É¡´•œµ…¹ÊœÂ¨³Á‡¦ºÉ°Š<br />

527$5< (9$325$725 ¡ ªnµª·›¸„µ¦­„´—×¥<br />

„µ¦„¨´Éœ—oª¥Å°œÎ Ê µ…°Š¤³„¦¼—¨³­o¤ —oª¥Á‡¦ºÉ°Š„¨´Éœš¸É<br />

¡´•œµ…¹ÊœÄ®oŸ¨Ÿ¨·˜­¼Š„ªnµÁ‡¦ºÉ°Š 527$5<<br />

(9$325$725 Áž}œ ¨³ ˜µ¤¨Î µ—´ Ž¹ÉŠ<br />

°µ‹ÁœºÉ°Š¤µ‹µ„„µ¦Ä oÁ‡¦ºÉ°Š 527$5<<br />

(9$325$725 Ä®oÅ—ož¦³­·š›·£µ¡­¼Š­»—Äœ¡º ˜¦³„¼¨<br />

­o¤Â˜n¨³ œ·—˜o°Š¤¸„µ¦®µ­£µª³š¸ÉÁ®¤µ³­¤Äœ„µ¦„¨´ Éœ<br />

°¥nµŠÂšo‹¦·Š„n°œ—Î µÁœ·œ„µ¦­„´— „¦³ ªœ„µ¦­„´—œÎÊ µ¤´œ<br />

®°¤¦³Á®¥‹µ„¡º ˜¦³„¼¨­o¤š¸É°°„ …¹ Êœœ¸ Ê ­µ¤µ¦Ä o<br />

ž¦³Ã¥ œr‹µ„…°ŠÁ®¨º°Ä oÄœ„¦³ ªœ„µ¦Ÿ¨·˜Å—oš´ÊŠ®¤—<br />

Ž¹ÉŠ‹µ„„µ¦š—¨°ŠŸ¨·˜š¸É­ªœ°»˜­µ®„¦¦¤ ¤®µª·š¥µ¨´¥<br />

Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸ ¨³šÎ µ„µ¦ž¦³Á¤·œ<br />

Á«¦¬“«µ­˜¦rÁ ºÊ°Š˜o œ ¡ ªnµ°´˜¦µŸ¨˜° šœ­µ¤µ¦‹¼Š<br />

Ä‹°»˜­µ®„¦¦¤60(Ä®oÁ…oµ¤µ¨Šš»œÅ—oÄœ¦³—´ ®œ¹ÉŠ<br />

1&„¦³ ªœ„µ¦Âž¦¦¼ž­j¤ŸŠ œ·—° ®oŠ<br />

  nÂ…ÈŠ‡¦ ªŠ‹¦Äœ¦³—´ ˜o œÂ<br />

œ´„ª·‹´¥ ­» µ—µÅ ¥­ª´­—·Íª¦µ£¦–rÁ¤›µª·¦·¥³«·¨žm<br />

­¦Á­„…r„»¨¤´¥—µ¦µª¦¦–š°Š »˜¦<br />

­»ªµ¦¸­¤¡Š¬r<br />

ÁŸ¥Â¡¦n „µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

Á¡ºÉ°®µÂœªšµŠ„µ¦Âž¦¦¼ž­j¤ŸŠ œ·—° ®oŠ<br />

  nÂ…ÈŠÄœ¦³—´ ˜oœÂ š¸ ÉÄ oª´˜»—· ¨³…°ŠÁ®¨º°Ä o<br />

Äœ„¦³ ªœ„µ¦Ÿ¨·˜„n°Ä®oÁ„·—ž¦³Ã¥ œrÄœÁ ·Š¡µ–· ¥r°¥nµŠ<br />

‡¦ oªœÂ¨³Å¤nÁ„·—…°ŠÁ­¸¥š¸É„n°Ä®oÁ„·—¤¨¡·¬˜n°­·ÉŠÂª—<br />

¨o°¤ ‡–³Ÿ¼oª·‹´¥‹¹ŠÅ—o°°„ „¦³ ªœ„µ¦Âž¦¦¼ž­j¤ŸŠ<br />

‡¦ ªŠ‹¦ š¸É¤¸„µ¦Ä oÁš‡ÃœÃ¨¥¸­³°µ—Á…oµ¤µž¦³¥»„˜r ×¥<br />

‡Î µœ¹Š¹Š„µ¦Ä o…°ŠÁ®¨º°Ä oÄœ„¦³ ªœ„µ¦Ÿ¨·˜ °´œ„n°Ä®o<br />

Á„·—ž¦³Ã¥ œr­¼Š­»—ץŤnšÎ µÄ®oÁ„·—…°ŠÁ­¸¥š¸ÉÁ„·—¤¨¡·¬˜n°<br />

­·ÉŠÂª—¨o°¤ Á¡ºÉ°¨—‡nµÄ o‹nµ¥Äœ„µ¦‹´—„µ¦„´ …°ŠÁ­¸¥Á®¨nµ<br />

œ´Êœ„¦³ ªœ„µ¦Âž¦¦¼ž­j¤ŸŠ œ·—° ®oŠÂ  nÂ…ÈŠ‡¦<br />

ªŠ‹¦š¸ÉÅ—o°°„ …¹Êœœ¸Êž¦³„° —oª¥„¦³ ªœ„µ¦Ÿ¨·˜­o¤<br />

ŸŠÃ—¥Ä oÁ‡¦ºÉ°Š° ®oŠÂ  nÂ…ÈŠŽ¹ÉŠÁ„·—…°ŠÁ®¨º°Ä o…¹Êœ<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Äœ„¦³ ªœ„µ¦‡º° Áž¨º°„­o¤ ÁœºÊ°Á¥ºÉ°­o¤Â¨³Á¤¨È—­o¤š¸É¼„<br />

„¦°Š°°„ ‹¹Š—Î µÁœ·œ„µ¦˜n°Áž}œ„¦³ ªœ„µ¦¥n°¥Á¡ºÉ°Ä o<br />

ž¦³Ã¥ œr‹µ„…°ŠÁ®¨º°Äœ„¦³ ªœ„µ¦Ÿ¨·˜ ×¥„¦³ ªœ<br />

„µ¦¥n°¥Á®¨nµœ¸Êž¦³„° —oª¥„µ¦œÎ µÁž¨º°„­o¤š¸ÉÁ®¨º°Ä o‹µ„<br />

„¦³ ªœ„µ¦Ÿ¨·˜¤µ‡´ÊœœÎÊ µÂ¨³œÎÊ µ¤´œ°°„ ×¥Ä oÁ‡¦ºÉ°Š ¸<br />

¨³œÎ µÅž­„´—œÎÊ µ¤´œ®°¤¦³Á®¥Ã—¥ª·›¸„¨´Éœ—oª¥Å°œÎ Ê µ<br />

Áž¨º°„­o¤š¸ÉÁ®¨º°‹µ„„µ¦‡´ÊœœÎ Ê µ¤´œÂ¨³ÁœºÊ°Á¥ºÉ°­o¤š¸ÉÁ®¨º °<br />

œÎ µ¤µÂž¦¦¼žÁž}œÂ¥¤­o¤Â¨³Áž¨º°„­o¤Â n°·É¤ ­nªœÁ¤¨È—­o¤<br />

š¸É¼„„¦°Š°°„¤µ¼„œÎ µÅžž{~œ¥n°¥Â¨oª° ®oŠœÎ µÅžšÎ µÁž}œ<br />

­µ¦ ¸ª£µ¡Å¨n¤¨Š „¦³ ªœ„µ¦Âž¦¦¼ž­j¤ŸŠ‡¦ ªŠ‹¦Äœ<br />

¦³—´ ˜oœÂ š¸É°°„ …¹Êœœ¸Ê­µ¤µ¦Ä ož¦³Ã¥ œr‹µ„…°Š<br />

Á®¨º°Ä oÄœ„¦³ ªœ„µ¦Ÿ¨·˜Å—oš´ÊŠ®¤— Ž¹ÉŠ‹µ„„µ¦š—¨°Š<br />

Ÿ¨·˜š¸É­ªœ°»˜­µ®„¦¦¤ ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤<br />

Á„¨oµ›œ »¦¸ ¨³šÎ µ„µ¦ž¦³Á¤·œšµŠÁ«¦¬“«µ­˜¦rÁ ºÊ°Š˜oœ<br />

¡ ªnµ °´˜¦µŸ¨˜° šœ­µ¤µ¦‹¼ŠÄ‹ª·­µ®„·‹ »¤ œÄ®oÁ…oµ<br />

¤µ¨Šš»œÅ—oÄœ¦³—´ ®œ¹ÉŠ<br />

1& „µ¦¡´•œµª·›¸„µ¦ª·Á‡¦µ³®r&2'Â<br />

­nªœ<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

¥n°<br />

­» µ—µÅ ¥­ª´­—·Íª¦µ£¦–rÁ¤›µª·¦·¥³«·¨žm<br />

¥·ÉŠ«´„—·ÍÅ„¦¡·œ·‹­¦Á­„…r„»¨¤´¥<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

×¥¤»nŠÁœoœš¸É‹³Á¨º°„Ä oª·›¸„µ¦ª·Á‡¦µ³®rš¸ÉšÎ µÄ®oÁ„·—<br />

…°ŠÁ­¸¥œo°¥š¸É­» — °´œ‹³Áž}œ„µ¦ nª¥¨—ž¦·¤µ–…°ŠÁ­¸¥<br />

°´œ˜¦µ¥£µ¥Äœ®o°Šž’· ´˜·„µ¦ª·Á‡¦µ³®r­·ÉŠÂª—¨o°¤ ‡–³<br />

Ÿ¼oª·‹´¥Å—ošÎ µ„µ¦¡´•œµª·›¸„µ¦ª·Á‡¦µ³®r®µ‡nµ &2' ×¥ª·›¸<br />

¥n°­nªœÃ—¥¡´•œµ˜n°‹µ„ª·›¸„µ¦ª·Á‡¦µ³®r &2' ×¥ª·›¸<br />

FORVHGUHIOX[FRORULPHWULFPHWKRGŽ¹ÉŠÁž}œª·›¸„µ¦˜µ¤<br />

¤µ˜¦“µœÂ˜n¨—…œµ—…°ŠœÎÊ µ¥µÂ¨³˜´ª°¥nµŠ¨ŠÁšnµŽ¹ÉŠª·›¸<br />

š¸É¡´•œµ…¹Êœ¤¸„µ¦Ä ož¦·¤µ–­µ¦Á‡¤¸œo°¥„ªnµÁ¤ºÉ°Áž¦¸¥<br />

Áš¸¥ „´ ª·›¸ FORVHG UHIOX[WLWUDWLRQ PHWKRG Ž¹ÉŠÁž}œª·›¸<br />

„µ¦˜µ¤¤µ˜¦“µœš¸ÉÄ o°¥¼nÄœ®o°Šž’· ´˜·„µ¦ž{‹‹» œ ´ „µ¦<br />

«¹„¬µ‡¦´ÊŠœ¸ ÊÅ—ošÎ µ„µ¦ž¦³Á¤·œž¦³­·š›·£µ¡…°Šª·›¸¥n°­nªœš¸É<br />

¡´•œµ…¹Êœ ×¥šÎ µ„µ¦Áž¦¸¥ Áš¸¥ ª·›¸¥n°­nªœ„´ ª·›¸¤µ˜¦“µœ<br />

FORVHGUHIOX[FRORULPHWULFPHWKRG ×¥šÎ µ„µ¦<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ª·Á‡¦µ³®r­µ¦¨³¨µ¥¤µ˜¦“µœ .+3 Ž¹ÉŠ¤¸‡nµ &2' <br />

¤„¨·˜¦ šÎ µ„µ¦Á˜·¤­µ¦¨³¨µ¥¤µ˜¦“µœ .+3 Äœ˜´ª<br />

°¥nµŠœÎÊ µš·ÊŠVSLNH¨³œÎÊ µš·ÊŠ œ·—˜n µŠÇŽ¹ÉŠ¤¸‡n µ &2'Äœ<br />

nªŠ¹Š¤„¨·˜¦Äœ‹Î µœªœš´ÊŠ­·Êœ˜´ª<br />

°¥nµŠ Ÿ¨„µ¦«¹„¬µ¡ ªnµ„µ¦ª·Á‡¦µ³®r®µ‡nµ &2' ×¥ª·›¸<br />

¥n°­nªœš¸É¡´•œµ…¹ÊœÅ—o‡nµ­µ¦¨³¨µ¥¤µ˜¦“µœ.+3VSLNH<br />

¨³ œÎÊ µš·ÊŠ œ·—˜nµŠÇ Áž}œ ¤„¨·˜¦<br />

¤„¨·˜¦Â¨³¤„¨·˜¦<br />

˜µ¤¨Î µ—´ Äœ…–³š¸Éª·›¸¤µ˜¦“µœFORVHGUHIOX[Å—o‡nµÁž}œ<br />

¤„¨·˜¦¤„¨·˜¦Â¨³<br />

¤„¨·˜¦˜µ¤¨Î µ—´ Ž¹ÉŠÁ¤ºÉ°œÎ µ‡nµ…°Š­µ¦<br />

¨³¨µ¥ .+3 ¨³ VSLNH ¤µ®µ‡nµ…°Š UHFRYHU\ ¨oª<br />

¡ ªnµª·›¸ª·Á‡¦µ³®r®µ‡nµ&2'×¥ª·›¸¥n°­nªœš¸É¡´•œµ…¹Êœ‹³<br />

Å—o r ¨³ r<br />

Äœ…–³š¸Éª· ›¸¤µ˜¦“µœ FORVHG<br />

UHIOX[ Å—o r ¨³<br />

r˜µ¤¨Î µ—´ Äœ…–³š¸É„µ¦<br />

«¹„¬µÄœœÎÊ µš·ÊŠ œ·—˜n µŠÇ…°Šª·›¸¤µ˜¦“µœFORVHGUHIOX[<br />

¨³ª·›¸¥n°­nªœš¸É¡´•œµ…¹Êœœ´ Êœ Á¤ºÉ°œÎµ¤µ®µ‡nµ<br />

­´¤ž¦³­·š›·Í­®­´¤¡´œ›r FRUUHODWLRQFRHIILFLHQWU¡<br />

ªnµ¤¸‡nµÂ¨³Á¤ºÉ°œÎ µ¤µš—­° šµŠ­·˜·Ã—¥®µ‡nµSDLU<br />

WWHVW ¡ ªnµ‡nµš¸ÉÅ—o‹µ„š´ÊŠ­°Šª·›¸Å¤n¤¸‡ªµ¤Â˜„˜nµŠ„´œ<br />

°¥nµŠ¤¸œ´¥­Î µ‡´ S‹µ„Ÿ¨„µ¦«¹„¬µ‡¦´ÊŠœ¸Ê­µ¤µ¦<br />

­¦»žÅ—oªnµ„µ¦ª·Á‡¦µ³®r®µ&2'×¥ª·›¸¥n°­nªœš¸É¡´•œµ…¹Êœ<br />

¤¸‡ªµ¤Á®¤µ³­¤š¸É‹³œÎ µ¤µÄ oª·Á‡¦µ³®r®µ‡nµ &2' ÄœœÎÊ µ<br />

š·ÊŠ œ· —˜nµŠÇ Äœ®o°Šž’· ´˜·„µ¦ª·Á‡¦µ³®r­·ÉŠÂª—¨o°¤ Ž¹ÉŠ<br />

­µ¤µ¦ nª¥¨—ž¦·¤µ–­µ¦Á‡¤¸š¸ÉÄ o¦ª¤¹Š¨—ž¦·¤µ–…°Š<br />

Á­¸¥°´œ˜¦µ¥Äœ®o°Šž’· ´˜·„µ¦¨ŠÅ—o°¸„šµŠ®œ¹ÉŠ—oª¥<br />

1&„µ¦Áž¦¸¥ Áš¸¥ „µ¦ª·Á‡¦µ³®r&2'×¥ª·›¸<br />

¤µ˜¦“µœÂ¨³„µ¦Ä oª·›¸„µ¦ª´— &2' ŤnÄ o<br />

ž¦°š<br />

œ´„ª·‹´¥<br />

ÁŸ¥Â¡¦n<br />

­» µ—µÅ ¥­ª´­—·Íª¦µ£¦–rÁ¤›µª·¦·¥³«·¨žm<br />

­¦Á­„…r„»¨¤´¥¥·ÉŠ«´„—·ÍÅ„¦¡·œ·‹<br />

„µ¦ž¦³ »¤ª· µ„µ¦ª·š¥µ«µ­˜¦r¨³<br />

Áš‡ÃœÃ¨¥¸Â®nŠž¦³Áš«Åš¥‡¦´ÊŠš¸É<br />

˜»¨µ‡¤«¼œ¥r­—Š­·œ‡oµ<br />

¨³„µ¦ž¦³ »¤°·¤Â¡È‡Á¤º°Šš°Š›µœ¸<br />

„¦»ŠÁš¡²®œoµ<br />

<br />

×¥ª´˜»ž¦³­Š‡rš¸É˜o°Š„µ¦¡´•œµª·›¸„µ¦ª·Á‡¦µ³®r<br />

š¸ÉÁ®¤µ³­¤°´œšÎ µÄ®o„µ¦¨—„µ¦Ä o­µ¦°´œ˜¦µ¥£µ¥Äœ®o°Š<br />

ž’· ´˜·„µ¦„µ¦ª·Á‡¦µ³®r­·ÉŠÂª—¨o°¤ ‡–³Ÿ¼oª·‹´¥‹¹ŠÅ—ošÎ µ„µ¦<br />

¡´•œµª·›¸„µ¦ª·Á‡¦µ³®r &2'  ŤnÄ ož¦°šÂ¨³«¹„¬µ<br />

Áž¦¸¥ Áš¸¥ „µ¦ª·Á‡¦µ³®r &2' ×¥ª·›¸¤µ˜¦“µœ FORVHG<br />

UHIOX[ FRORULPHWULF PHWKRG „´ „µ¦Ä oª·›¸„µ¦ª·Á‡¦µ³®r<br />

&2' ŤnÄ ož¦°šÁ¡ºÉ°ž¦³Á¤·œ‡ªµ¤œn µÁ ºÉ°º°…°Šª·›¸š¸É<br />

¡´•œµ…¹ÊœÄœœÎÊ µš·ÊŠ°»˜­µ®„¦¦¤ œ·—˜nµŠÇ ×¥šÎ µ„µ¦«¹„¬µ<br />

Äœ­µ¦¨³¨µ¥¤µ˜¦“µœ.+3„µ¦Á˜·¤­µ¦¨³¨µ¥¤µ˜¦“µœ<br />

¨ŠÄœ˜´ª°¥nµŠ VSLNHG VDPSOH ¨³œÎÊ µš·ÊŠ°»˜­µ®„¦¦¤<br />

œ·—˜nµŠÇ‹Î µœªœ˜´ª°¥nµŠ°´œž¦³„° Åž—jª¥œÎÊ µš·ÊŠ<br />

°»˜­µ®„¦¦¤Á„¬˜¦Â¨³Âž¦¦¼ž„µ¦Á„¬˜¦ ˜´ª°¥nµŠ<br />

œÎÊ µš·ÊŠ‹µ„把µœŸ¨·˜°µ®µ¦­´˜ªr ˜´ª°¥nµŠ œÎÊ µš·ÊŠÃ¦Š<br />

Šµœž¨µ„¦³žl°Š ˜´ª°¥nµŠ œÎÊ µš·ÊŠÃ¦ŠÂžj Š ˜´ª°¥nµŠ<br />

¨³œÎÊ µš·ÊŠ »¤œ ˜´ª°¥nµŠ Ÿ¨„µ¦«¹„¬µ &2' ×¥ª·›¸<br />

¤µ˜¦“µœ¡ ªnµ UHFRYHU\ …°Š­µ¦¨³¨µ¥¤µ˜¦“µœ<br />

.+3 ¤„¨ ¨³„µ¦Á˜·¤­µ¦¨³¨µ¥¤µ˜¦“µœ<br />

.+3¤„¨Å—oÁž}œr¨³r<br />

˜µ¤¨Î µ—´ Äœ…–³š¸É‡nµ…°Š&2'×¥ª·›¸¤µ˜¦“µœ<br />

…°ŠœÎÊ µš·ÊŠ°» ˜­µ®„¦¦¤Á„¬˜¦Â¨³Âž¦¦¼ž„µ¦Á„¬˜¦ œÎÊ µš·ÊŠ<br />

‹µ„把µœŸ¨·˜°µ®µ¦­´˜ªr œÎÊ µš·ÊŠÃ¦ŠŠµœž¨µ„¦³žl°Š œÎÊ µ<br />

š·ÊŠÃ¦ŠÂžjŠÂ¨³œÎÊ µš·ÊŠ »¤ œÅ—oÁž} œ ¤„¨<br />

¤„¨ ¤„¨ <br />

¤„¨ ¨³ ¤„¨ ˜µ¤¨Î µ—´ <br />

Äœ…–³š¸É‡nµ…°Š&2'×¥ª·›¸Å¤nÄ ož¦°šÁž}œ<br />

¤„¨ ¤„¨ ¤„¨<br />

¤„¨ ¨³ ¤„¨ ˜µ¤<br />

¨Î µ—´ ‡nµ­´¤ž¦³­·š›·Í­®­´¤¡´œ›r FRUUHODWLRQ<br />

FRHIILFLHQWU ¦³®ªnµŠª·›¸„µ¦ª·Á‡¦µ³®r&2' ŤnÄ o<br />

ž¦°šÂ¨³‡nµ…°Š&2'×¥ª·›¸¤µ˜¦“µœ…°ŠœÎÊ µš·ÊŠ°»˜­µ®<br />

„¦¦¤Á„¬˜¦Â¨³Âž¦¦¼ž„µ¦Á„¬˜¦ œÎÊ µš·ÊŠ‹µ„把µœŸ¨·˜<br />

°µ®µ¦­´˜ªr œÎÊ µš·ÊŠÃ¦ŠŠµœž¨µ„¦³žl °Š œÎÊ µš·ÊŠÃ¦ŠÂžjŠÂ¨³<br />

œÎÊ µš·ÊŠ »¤ œÅ—oÁž}œÂ¨³<br />

˜µ¤¨Î µ—´ Á¤ºÉ°œÎ µ‡nµ…°Šª·›¸„µ¦ª·Á‡¦µ³®r &2'  ŤnÄ o<br />

ž¦°šÂ¨³ &2' ×¥ª·›¸¤µ˜¦“µœ¤µš—­° šµŠ­·˜·Ã—¥<br />

®µ‡nµ SDLU WWHVW ¡ ªnµ‡nµš¸ÉÅ—o‹µ„­°Šª·›¸œ¸ÊŤn¤¸‡ªµ¤Â˜„<br />

˜nµŠ„´œ°¥nµŠ¤¸œ´¥­Î µ‡´ S ¨³‡nµ­´¤ž¦³­·š›·Í­®<br />

­´¤¡´œ›r U …°Šš´ÊŠ­°Šª·›¸ÄœœÎÊ µš·ÊŠ°» ˜­µ®„¦¦¤ œ·—˜nµŠÇ<br />

°¥¼nÄœ nªŠ Ž¹ÉŠ­µ¤µ¦­¦»žŸ¨Å—oªnµ„µ¦Ä oª·›¸<br />

„µ¦ª·Á‡¦µ³®r&2' ŤnÄ ož¦°šÁ®¤µ³­¤š¸É‹³œÎ µÅžÄ o<br />

1DWLRQDO&RQIHUHQFH


Äœ„µ¦ª·Á‡¦µ³®r &2' ÄœœÎÊ µš·ÊŠ°» ˜­µ®„¦¦¤š¸ÉœÎ µ¤µ«¹„¬µ<br />

Äœ„µ¦«¹„¬µ‡¦´ÊŠœ¸ÊÅ—o<br />

1&678'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¼„˜o°Š Ä oÁª¨µÄœ˜¦ª‹­° š¸É¥µªœµœÂ¨³Á­¸¥‡nµÄ o‹nµ¥š¸É<br />

­¼Š‹¹ŠÅ—o¤¸„µ¦­¦oµŠ®»nœ¥œ˜r…¹ÊœÁ¡ºÉ°Ä oÄœ„µ¦˜¦ª‹­° šœ<br />

„µ¦Ä o‡œ®»nœ¥œ˜rš¸ÉÅ—o°°„ ¨³­¦oµŠ…¹Êœœ´Êœ‹³­µ¤µ¦<br />

˜¦ª‹­° „µ¦­¹„®¦°‡ªµ¤®œµ…°ŠŸœ´Š…°Š´Š ¦¦‹»œÎÊ µ¤´œ<br />

ždئÁ¨¸¥¤Ã—¥°´˜Ãœ¤´˜· …o°¤¼¨…°Š„µ¦˜¦ª‹­° ‹³¼„­nŠ<br />

Ÿnµœ¤µÁ„È ¥´Š°»ž„¦–r ´œš¹„…o°¤¼¨ œ£µ‡¡ºÊœ—· œ Ÿ¼o‡ª<br />

‡»¤­µ¤µ¦‡ª ‡»¤®»nœ¥œ˜ršµŠÅ„¨Å—oŸnµœšµŠ­µ¥­´ µ–<br />

¨´„¬–³…°ŠÃ‡¦Š­¦oµŠ…°Š˜´ª®»nœ¥œ˜rœ´Êœ‹³¤¸„µ¦šÎ µŠµœ<br />

®¨´„‡º° „µ¦Á‡¨ºÉ°œš¸ ÉŞĜœª—· Ɋ×¥‹³¥¹—Á„µ³„´ Ÿœ´Š<br />

…°Š´Š—oª¥Â¦Š¥¹—Á„µ³‹µ„¨o°Â¤nÁ®¨È„µª¦®oµ¨o°Ž¹ ÉŠªµŠ<br />

Á¥ºÊ°Š„´œÁ¡ºÉ°Ä®o®»nœ¥œ˜rÁ‡¨ºÉ°œš¸ÉŸnµœ¦°¥Á ºÉ°¤Å—o×¥<br />

­µ¤µ¦¦´„¬µ®´ª°»¨˜¦oµÃŽœ·‡Ã¡¦ Ä®oÂœ „´ Ÿœ´Š´ŠÅ—o<br />

˜¨°—„µ¦Á‡¨ºÉ°œš¸É Ž¹ÉŠ¨´„¬–³…°Š¨o°š´ÊŠ®¤—‹³¥¹—„´ ‹»—<br />

®¤»œ œ˜´ª®»nœšÎ µÄ®oÁ‡¨ºÉ°œš¸ÉÁž}œ°·­¦³˜n°„´œŽ¹ÉŠÁ¤ºÉ°¨o°Ä—<br />

¨o°®œ¹ÉŠª· ÉŠŸnµœ¦°¥Á É°¤¨o°š¸ÉÁ®¨º°¥´Š‡Š­´¤Ÿ´­„´ º<br />

¡ºÊœ…°Š<br />

Ÿœ´ŠÃ¨®³šÎ µÄ®o®»nœ¥œ˜r­µ¤µ¦¦´„¬µ­¤—»¨¥rÅ—oŤnÁ„·—„µ¦<br />

˜¸¨´Š„µ„¨´ ®¨´Š<br />

<br />

1DWLRQDO&RQIHUHQFH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

„<br />

„œ„¦´˜œ³„œ„ ´¥hhhhhhhhhhh<br />

hhhhhhhhhhhhhhhhhhhhhhhhh<br />

„œ„ª¦¦–¡»n¤¡»š¦µhhhhhhhhh<br />

hhhhhhhhhhhhhhhhhhhhhhhh<br />

„œ„ª¦¦–°·œÂ œhhhhhhhhhhhhhhhhhhhhh<br />

„¦„ šª¸­·œhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„¦¦–·„µ¦rª·¦´ «·¨žmhhhhhhhhhhhhhhhhhhhhh<br />

„¦ª¨´¥¡´œ›»r¡hhhhhhhhhhhhhhhhhhhhhhhh<br />

„¦»–µ˜´œª·­»š›·Íhhhhhhhhhhhhh<br />

„§ ˜¦µ ¼hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„§—µ„µ¦¥¤£´„—ḩhhhhhhhhhhhhhhhhhhhhh<br />

„§˜· µÁ„¦¸¥Š«´„—·Í«¦¸hhhhhhhhhhhhhhhhhhhh<br />

„§¬‘µŠµ¤š´ hhhhhhhhhhhhhhhhhhhhhhhh<br />

„§¬–rÁ‹È—ª¦¦–³hhhhhhhhhhhhhhhhhhhhhh<br />

„§¬–rž¦³­Š‡rÁ‹¦· hhhhhhhhhhhhhhhhhhh<br />

„§¬–r­Šªœ¡ª„hhhhhhhhhhhhhhhhhh<br />

„§¬–¡Š«r„¸¦˜·„¦hhhhhhhhhhhhhhhhhhhhhhh<br />

„§¬—µÂŽn®¨¸hhhhhhhhhhhhhhhhhhhhhhhhh<br />

„ª¸Á„ºÊ°Á„¬¤ » hhhhhhhhhhhhhhhhhhhhhhhh<br />

„° „»¨Á®¨nµÁšoŠhhhhhhhhhhhhhhhhhhhhhhh<br />

„° Á„¸¥¦˜·®¨·¤Á‹¦· hhhhhhhhhhhhhhhhhhhh<br />

„° ­·œšª¸­·œhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„´Š­—µ¨­„»¨¡Š¬r¤µ¨¸hhhhhhhhhhhhhhhhhhhhh<br />

„´¨¥µ°¥¼nœµœhhhhhhhhhhhhhhhhhhhhh<br />

„´¨¥µ–¸‹·˜˜r„µ¦»–¥rhhhhhhhhhhhhhhhhhhhhh<br />

„´¨¥µ–¸¤¸Á¡¸¥¦hhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ ‹œµª—¸‡Š…¹¤hhhhhhhhhhhhhhhhhhhhh<br />

„oµœ‹´œš¦r¡¦®¤¤µhhhhhhhhhhhhhhhhhhhhh<br />

„µœ˜rª·¦»–¡´œ›rhhhhhhhhhhhhhhhhhhhhhhhh<br />

„Î µ¡¨Å¡Ã¦‹œr„¸¦˜·„»¨hhhhhhhhhhhhhhhhhhhh<br />

„·˜˜· ´¥¨ª´œ¥µœœšrhhhhhhhhhhhhhhhhhhhhh<br />

„·˜˜·¡´œ›r¤»œ·œš¦µŠ„¼¨hhhhhhhhhhhhhhhhhhh<br />

„·˜˜·ª»•·“·˜·ž¦³¡´œ›r„»¨hhhhhhhhhhhhhhhhhhh<br />

„·˜˜·«´„—·ÍÁ„·—ž¦³­¡hhhhhhhhhhhhhhhhhhhh<br />

„·˜˜·«´„—·Íª·›·œ´œš„·˜˜rhhhhhhhhhhhhhhhhhhhh<br />

„·˜·¡Š¬rœµ‡£´„—¸hhhhhhhhhhhhhhhhhhhhhhh<br />

„·˜·¡¨°´«£µ£¦–rhhhhhhhhhhhhhhhhhhhhhh<br />

„»¨ µ˜·‹»¨Á¡È hhhhhhhhhhhhhhhhhhhhhhhh<br />

„»¨›·—µ›¦¦¤ª·£´ œrhhhhhhhhhhhhhhhhh<br />

<br />

„»¨›·—µ¡¨šª¸hhhhhhhhhhhhhhhhhhhhhhhhh<br />

„»¨›·—µ¥«®¨oµhhhhhhhhhhhhhhhhhhhhhh<br />

„»«¨¡¦o°¤¤¼¨hhhhhhhhhhhhh<br />

Á„nŠ®š´¥¥ºœ¥Š­»ª¦¦–hhhhhhhhhhhhhhhh<br />

Á„¦¸¥ŠÅ„¦ž°Â„oªhhhhhhhhhhhhhhh<br />

Á„ª¨¸‹´œš¦r¡´œ›»rhhhhhhhhhhhhhhhhhhhhhhh<br />

Á„¬¤Á¡ ¦Á„˜»hhhhhhhhhhhhhhhhhhhhh<br />

Á„¬«·¦·œš¦r„n°Á„·—hhhhhhhhhhhhhhhhhhhhhh <br />

Á„ºÊ°„¼ ¨žd¥³‹°¤…ª´ hhhhhhhhhhhhhhhhhhhhh<br />

Ä«¨—Î µ­·¤hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ä­·œš¦r‹Î µœŠÅš¥hhhhhhhhhhhhhhhhhhhhhhh<br />

…<br />

…‹¦°´‹‹·¤µ‹·¦´“·˜·„µ¨hhhhhhhhhhhhhhhhhhhh<br />

…œ·¬“µ—µ¦µÁ¤º°Šhhhhhhhhhhhhhhhhhhhhhh<br />

…œ·¬“µ£´š¦„·˜˜·hhhhhhhhhhhhhhhhhhhhhh<br />

…ª´ šª¸¡n°‡oµš°Šhhhhhhhhhhhhhhhhhhhhh<br />

‡<br />

‡–·˜µÁ¡È ¦´˜œrhhhhhhhhhhhhhhhhhhhhhhhh<br />

‡¤„¦· ¨³ª¦¦–ªŠ¬rhhhhhhhhhhhhhhhhhhhhh<br />

‡¦°Š«´„—µœo°¥¡µœ· hhhhhhhhhhhhhhhh<br />

‡´š¥ª¦¦–­´¤¡´œ›r¥»š›rhhhhhhhhhhhhhhhhhhh<br />

‡µŽ»Ãœ »¤´˜­¹ ·˜³hhhhhhhhhhhhhhhhhhh<br />

‡·œÁ¨¥r‡¼hhhhhhhhh <br />

Á‡œ°· ·°·ÃœÁ°³hhhhhhhhhhhhhhhhhhhhhhhh <br />

‡š¦·¥µŸ·ª…µªhhhhhhhhhhhhhhhhhhhhhhhhh <br />

‰<br />

‰¦–¸˜»o¥Á˜È¤ªŠ«rhhhhhhhhhhhhhhhhhhh<br />

‹<br />

‹Š‹·˜¦r®·¦´ ¨µ£hhhhhhhhhhhhhhhhhhhhhhhhh<br />

‹˜»¡¦ª»•·„œ„„µ ‹œrhhhhhhhhhhhhhhhhhhhh<br />

‹¦´­—µª°·œš¦š´«œrhhhhhhhhhhhhhhhhhhhh <br />

‹¦´­¡·¤¡rœµ‡¡»„hhhhhhhhhhhhhhhhhhhhhhh<br />

‹´„¦„§¬–rÁ˜ ³°£´¥‡»–hhhhhhhhhhhhhhh<br />

‹´„¦£¡žµœ»¦µ hhhhhhhhhhhhhhhhhhhhhhh <br />

‹´œš·¤µ£¼Šµ¤ÁŠ·œhhhhhhhhhhhhhhhhhhhhhhhh<br />

‹µ¦»¦´˜œrª¦œ·­¦µ„»¨hhhhhhhhhhhhhhhhhhhhhh<br />

‹µ¦»ª´•œrÁ‹¦· ‹·˜hhhhhhhhhhhhhhhhhhhhhhh<br />

$XWKRUV,QGH[


‹·˜¦µÁ„˜»Â„oªhhhhhhhhhhhhhhhhhhhhhhhh <br />

‹·˜¦·¥µÂ­Š¦³ª¸hhhhhhhhhhhhhhhhhhhhhhhh<br />

‹·œ—µ¥ºœ¥Šhhhhhhhhhhhhhhhhhhhhhh <br />

‹·œ—µ¡¦‹Î µ¦´­Á¨·«¨´„¬–rhhhhhhhhhhhhhhhhhh<br />

‹·œ—µ¦´˜œr¡·¤¡r­¤µœhhhhhhhhhhhhhhhh<br />

‹·œ˜r°Ã–š´¥hhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

‹·œ˜œµ¡·–ª´•œµœ»¦´„¬rhhhhhhhhhhhhhhhhhhh<br />

‹·¦ µ‡oŠ˜¦³„¼¨hhhhhhhhhhhhhhhhhhhhhhhh<br />

‹·¦¡Š¬rÁ°„¡µœ· hhhhhhhhhhhhhhhhhhhhhhh<br />

‹·¦ª¦¦–Á˜¸¥¦r­»ª¦¦–hhhhhhhh<br />

‹·¦ª´•œr„´œ˜rÁ„¦¸¥ŠªŠ«rhhhhhhhhhhhh <br />

‹·¦«´„—·Í‡ŠÁ„¸¥¦˜·…‹¦hhhhhhhhhh<br />

‹»”µ¤µ«‡»–­»…hhhhhhhhhhhhhhhhhhhhhhhhh <br />

‹»¦¸¡¦Ã­£µ¡¦°¤¦hhhhhhhhhhhhhhhhhhhhhh <br />

‹»¦¸¦´˜œr¡»—˜µ¨Á¨È„hhhhhhhhhhhhhhhhhh <br />

‹»¯µ¨´„¬–r µ „¼¨hhhhhhhhhhhhhhhhhhhhh<br />

Á‹œ«´„—·ÍÁ°„ ¼¦–³ª´•œrhhhhhhhhhhhhhhhhhh<br />

Á‹¦· ­»œš¦µªµ–· ¥rhhhhhhhhhhhhhhhhhhhhh<br />

Á‹¬‘µ‹Î µÁ—·¤hhhhhhhhhhhhhhhhhhhhhhhhh<br />

ËÁŽ¢Á‡—µ¦¸hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Œ<br />

Œ´˜¦ ´¥Â¤ÁŠ·œhhhhhhhhhhhhhhhhhhhhhhhh<br />

ÁŒ¨·¤¦µ ª´œšª·œhhhhhhhhhhhhh<br />

ÁŒ¨·¤ ´¥¤° ­»…Î µhhhhhhhhhhhhhhhhhhhhhh<br />

Œ´œšœµ£¼n›¦µ£¦–rhhhhhhhhhhhhhhhhhhhhhh<br />

ÁŒ¨·¤­´¤¡´œ›r›œ¦´„¬rhhhhhhhhhhhhhhhhhhhh <br />

ÁŒ¨·¤¡¦Á°¸É¥¤¤· hhhhhhhhhhhhhhhhhhhhhhh<br />

‘µ¡¦­»¡¦¦–œµœ»Ã¥‡hhhhhhhhhhhhhhhhhhh<br />

‘µ£µ›¥µ¤µœœšrhhhhhhhhhhhhhhhhhhhhhh<br />

œ³ ´¥˜´ÊŠ ¦¦‹Š„·‹hhhhhhhhhhhhhhhhhhhhh<br />

œ·„µ ‹œr„µ¦š®µ¦hhhhhhhhhhhhhhhhhhhhh<br />

œ·—µÁ¨·««¨µ¦´„¬rhhhhhhhhhhhhhhhhhhhhhhh <br />

œ·œš¦rá›·¥µhhhhhhhhhhhhhhhhhhhhhhhh<br />

¥´œ˜r‡»o¤£´¥hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

曦‹·œ—µ¦¤¥rhhhhhhhhhhhhhhhhhhhhhhh<br />

´ ªµ¨Ã¡›·„Î µ‹¦hhhhhhhhhhhhhhhhhhhhhhh<br />

´ œµ›œ ¥µœœšrhhhhhhhhhhhhhhhhhhhhh<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

´¥‹µ˜»¦¡·š´„¬r„»¨hhhhhhhhhhhhhhhhhhh<br />

´¥œ´œšœr¤³ ¦µhhhhhhhhhhhhhhhhhhhhhhh<br />

´¥¡¨¡·š¥„·˜˜·ªŠ«rhhhhhhhhhhhhhhhhhhhhh<br />

´¥¥Š‡rÁ˜ ³Å¡Ã¦‹œrhhhhhhhhhhhhhhhhhh<br />

´¥¥»š› ·œ–³¦µ«¦¸hhhhhhhhhhhhhhhhhhhhh<br />

µ‡¦·—µœ»„¼¨„·‹hhhhhhhhhhhhhhhh<br />

µ ª·š¥r¡ ¦³¡Š«„»¨hhhhhhhhhhhhhhhhhhh<br />

µ˜·Á‹¸¥¤Å ¥«¦ḩhhhhhhhhhhhhhhhhhhhhhh<br />

µ˜·œ´¥Ã‡­œµª·š¥rhhhhhhhhhhhhhhhhhhhhhhh<br />

µ¨·–¸­·¦·Â­Š­ªnµŠhhhhhhhhhhhhhhhhhhhhhh<br />

µœµ Î ˜·¦£µ­hhhhhhhhhhhhhhhhhhhhhhhh<br />

·˜Á®¨nµª´•œµhhhhhhhhhhhhhhhhhhhhhhhh<br />

·œª¦¦–¡´œ›»rš¦´¡¥r­µ¦hhhhhhhhhhhhhhhhhhh<br />

·Áœ›Î µ¤¦Š‡r›¦¦¤hhhhhhhhhhhhhhhhhhhhhhh <br />

¸ªµ¦´˜œr¤nªŠ¡´•œrhhhhhhhhhhhhhhhhhhhhhh<br />

¸ª·œ°¦¦­µ­œrhhhhhhhhhhhhhhhhhhhhhhhh<br />

ºÉœ¤¡Š¬r ª¨·˜hhhhhhhhhhhhhhhhhhhhhhh<br />

»˜·Á— Ÿn°ŠÄ­hhhhhhhhhhhhhhhhhhhhhhhhh<br />

»˜·¤´œ˜rž¦´ µÃ–š´¥hhhhhhhhhhhhhhhhhhhh<br />

»¨¸Á­¦¸°Î µœª¥hhhhhhhhhhhhhhhhhhhhhhhhh <br />

¼Á„¸¥¦˜·Á¨·«š¦´¡¥r­»¦¸¥rhhhhhhhhhhhhhhhhhh<br />

Á ¬“°»š›·¥´Šhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Á µª¨·˜¨·Ê¤¤–¸ª·‹· ˜¦hhhhhhhhhhhhhhhhhhhhh <br />

Á ·— ´¥ž¦³£µœª¦´˜œrhhhhhhhhhhhhhhhh <br />

Á ·—¡Š¬r‹°¤Á— hhhhhhhhhhhhhhhhhhhhhh <br />

Å ¥µ—Î µ‡Î µhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ž<br />

Ž°¦µ±¼—¸œ¤µ¤³hhhhhhhhhhhhhhhhhhhhhhhh<br />

“<br />

“µœ·˜¥rÁ¤›·¥µœœšrhhhhhhhhhhh<br />

“µžœ«´„—·Íš°Š­»ª¦¦–hhhhhhhhhhhhhhhhhhh<br />

“·˜·£´š¦…Î µ‹µhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

•<br />

•¸¦Ã ‡­»¡¦¦–¡Š«rhhhhhhhhhhhhhhhhhhhhh <br />

–<br />

–¦Š‡r°¹ÊŠ„·¤ oªœhhhhhhhhhhhhhhhhhhhhhhh<br />

–¦Š‡r ´¥¡·¡´•œr›œªŠ«rhhhhhhhhhhhhhhhhhhhh<br />

$XWKRUV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

–¦Š‡r ´¥ª·ª´•œµ nµŠhhhhhhhhhhhhhhhhhhhhhh<br />

–¦Š‡r§š›·Í­¤ ´˜·­¤£¡hhhhhhhhhhhhhhhhhhhh<br />

–¦Š‡r«´„—·Í„oªœ·¨hhhhhhhhhhhhhhhhhhhhhh<br />

–®š´¥¡·¤Á­œhhhhhhhhhhhhhhhhhhhhhhhh<br />

–´’“r„µ«¥žœ´œšrhhhhhhhhhhhhhhhhhhhhhh<br />

–´“„µ ‹œrœ·Ã‡¦›µœœšrhhhhhhhhhhhhhhhhhh<br />

–´“¡¨£¼¤·­³°µ—hhhhhhhhhhhhhhhhhhh<br />

–´“¥µ£¦–r ·¦³­»ª¦¦–hhhhhhhhhhhhhhhh<br />

–´“ª»•· ¥µªœ· hhhhhhhhhhhhhhhhhhhhhhhh<br />

–µ˜¥µ¡¼¨Â„oªhhhhhhhhhhhhhhhhhhhhhhhh<br />

—<br />

—ªŠš·¡¥r¤¼¨¤´ÉŠ¤¸ hhhhhhhhhhhhhhhhhhh<br />

—µ¦µ£¦–rÁ˜¦¸¥¤Ã¡›·Íhhhhhhhhhhhhhhhhhhhh<br />

—µ¦µª¦¦–š°Š »˜¦hhhhhhhhh<br />

—Î µ¦ŠÁ— ¤–¸ª´•œµhhhhhhhhhhhhhhhhhhhhhh<br />

—·¨„«¦¸ž¦³Å¡hhhhhhhhhhhhhhhhhhhhhhhh<br />

—»¬‘¸°»˜£µ¡hhhhhhhhhhhhhhhh<br />

Á—à Ř¦Ã„¤»šhhhhhhhhhhhhhhhhhhhhhhhh<br />

Á—œœ·­š¸Á °¦r„µÃ—hhhhhhhhhhhhhhhhhhhhh<br />

˜<br />

˜¦¸œ» ­µ¥š°Šhhhhhhhhhhhhhhhhh<br />

˜·¦Ã£ œr¦´˜œ°¤¦hhhhhhhhhhhhhhhhhhhhhh<br />

Á˜ª· ª¦ž¦¸—µhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Á˜º°œÄ‹­¤ ¼¦–rª·ª´•œrhhhhhhhhhhhh<br />

<br />

ª·—µ¤–¸ª¦¦–rhhhhhhhhhhhhhhhhhhhhhhhh <br />

·¦œ´œšr‡»–µœ¡¦´˜œrhhhhhhhhhhhhhhhhhhhhh<br />

š<br />

šœŠÁ„¸¥¦˜·Á„¸¥¦˜·«·¦·Ã¦‹œrhhhhhhhhh<br />

šœŠ«´„—·Í°Î µ¡œÁ„¸¥¦˜·hhhhhhhhhhhhhhhhhhhh<br />

š¦Š«·¨žm¡‹œr œ³ ´¥hhhhhhhhhhhhhhhhhhhhh<br />

š¦Š­»—µÁ®¤º°œš´ hhhhhhhhhhhhhhhhhhhhhh<br />

š¦¦«œ¸¥r¡¸¦³¥»š›hhhhhhhhhhhhhhhhhhhhhh <br />

šª¸ ´¥°¤¦«´„—·Í ´¥hhhhhhhhhhhhhhhhhhhhhh<br />

šª¸¦´˜œrª·‹·˜¦­»œš¦„»¨hhhhhhhhhhhh<br />

š«œ¡„Î µÁœ·—š°Šhhhhhhhhhhhhhhhhhhhhhh<br />

š«¡¦š°ŠÁš¸É¥Šhhhhhhhhhhhhhhhhhhhhhhhh<br />

<br />

š«¡¨‹˜»¦³ »¨hhhhhhhhhhhhhhhhhhhhhhhhh<br />

š´˜­¹¥³šµœµ„³hhhhhhhhhhhhhhhhhhhhhh<br />

š·¡¥r¡µ¡¦—µ—ªœhhhhhhhhhhhhhhhhhhhhhh<br />

š·¡¥ª¦¦–—ªŠ¤–¸hhhhhhhhhhhhhhhhhhhhhh<br />

š·¡¦´˜œr­»…»¤µœœšrhhhhhhhhhhhhhhhhhhhhhh<br />

š·¡ª¦¦–¤µÅ¡«µ¨š¦´¡¥rhhhhhhhhhhhhhhhhhh<br />

š·¡µ¡¦°¥¼nª·š¥µhhhhhhhhhhhhhhhhhhhhhhh<br />

š·ª„µ¨ÂŸœ­œ·šhhhhhhhhhhhhhhhhhhhhhh<br />

Áš·—«´„—·Í°µ¨´¥hhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ú¦»±µ¥µ ·hhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

›<br />

›œ›¦š°Š­´¤§š›·Íhhhhhhhhhhhhhhhhhhhhhh<br />

›œ£´„¬rÁ¤›œµª·œhhhhhhhhhhhhhhhhhhhhhh<br />

›œ´­µ¦´˜œ³hhhhhhhhhhhhhhhhhhhhhhhhh<br />

›œµ„¦ ¼¦–Á¡ ¦hhhhhhhhhhhhhhhhhhhhhh<br />

›œµ„¦­´Š‰¦´˜œ³hhhhhhhhhhhhhhhhhhhhhh<br />

›œµª´•œrª»•· ´¥›œµ„¦hhhhhhhhhhhhhhhhhhh<br />

›¦¦¤«´„—·Í›¦¦¤¤³hhhhhhhhhhhhhhhhhhhhhh<br />

›ª´ ´¥ ¥µªœ· hhhhhhhhhhhhhhhhhhhhhhh<br />

›ª´ ´¥Á®¨nµ«·¦·®Š¬rš°Šhhhhhhhhhhhh<br />

›ª· ¼¦–›œ·˜hhhhhhhhhhhhhhhhhhhh<br />

›´ µ¦´˜œrÁ˜ ³š¦´¡¥r°¤¦hhhhhhhhhhhhhhhh<br />

›Î µ¦Š¦´˜œr°¤¦¦´„¬µhhhhhhhhhhhhhhhhhhhhhh<br />

›· —·œš¦r­Š­ªnµŠhhhhhhhhhhhhhhhhhhhhh<br />

›¸¦›·—µ »˜¦—µhhhhhhhhhhhhhhhhhhhhhhhh<br />

›¸¦¡´ ¦°n°œ—ḩhhhhhhhhhhhhhhhhhhhhhhhh<br />

›¸¦¥»š›rÁ‹œª·š¥µhhhhhhhhhhhhhhhhhhhhhhh<br />

›¸¦ª´•œr¡´•œ„·˜˜·Áªš¥rhhhhhhhhhhhhhhhhhh<br />

›¸¦ª´•œr­·œ«·¦·hhhhhhhhhhhhhhhhhhhhhhhhh<br />

›¸¦³¨·¨·˜ª¦µŠ„¼¦hhhhhhhhhhhhhhhhhhh<br />

›¸¦³«´„—·Í¨º° µ¡Š«rš·¡¥rhhhhhhhhhhhhhhhhh<br />

›¸¦³«´„—·ÍÁ­£µ„¨n°¤hhhhhhhhhhhhhhhhhhhhh<br />

›¸¦³«´„—·Í®¤µ„Ÿ·œhhhhhhhhhhhhhhhhhhhhhhh<br />

œ<br />

œ„»¨¦´˜œ¡´œ›rhhhhhhhhhhhhhhhhhhhhhhhh<br />

œœš„µª· ¼¨¥rÁ— µÃ ‡hhhhhhhhhhhhhhhhhh <br />

œ£Œ´˜¦›µ¦¸¨µ£hhhhhhhhhhhhhhhhhhhhhhh<br />

œ£—¨¡·œ›»„œ„hhhhhhhhhhhhhhhhhhhhhh<br />

$XWKRUV,QGH[


œ£µ‹·¦³„·˜˜·Á‹¦· hhhhhhhhhhhhhhhhhh<br />

œ£µ¡¦Á ¸É¥ª µ hhhhhhhhhhhhhhhhhhhhhh<br />

œ¦µ¡¦®µ ª‹œªŠ«rhhhhhhhhhhhhhhhhhhhh<br />

œ¦µª´¨¥r­»‹¦·˜hhhhhhhhhhhhhhhhhhhhhhhh<br />

œ¦·œš¦r°·œ˜p³ªŠ‡rhhhhhhhhhhhhhhhhhhhhhh<br />

œ§ —¸«¦¸­´Š…rhhhhhhhhhhhhhhhhhhhhhhhh<br />

œ§¤¨‹¸¥Ã ‡hhhhhhhhhhhhhhhhhhhhhhhhh<br />

œ§¤¨ª´•œ¡Š«„¦hhhhhhhhhhhhhhhhhhhhhh<br />

œ§¤¨­º ­µ¥­·Š®rhhhhhhhhhhhhhhhhhhhhhh<br />

œª¡¦Ãž¬¥³¡·­·¬“rhhhhhhhhhhhhhhhhhhhh<br />

œª¨¨³°°­»£µŸ¨hhhhhhhhhhhhhhhhhhhhhh<br />

œo°Šœ» Á‹¦· „»¨hhhhhhhhhhhhhhhhhhhhhh<br />

œ´œšœrµª¦´Š„¼¦hhhhhhhhhhhhhhh<br />

œ´œš¡¦œ´œš³hhhhhhhhhhhhhhhhhhhh<br />

œ´œš·¥µÁŒ¸¥ ®¨¤hhhhhhhhhhhhhhhhhhhhh<br />

œµ˜¥µ°¦¦µÁª hhhhhhhhhhhhhhhhhhhhhh<br />

œÎÊ µš·¡¥r¨¸¦´˜œ¦´„¬rhhhhhhhhhhhhhhhhhhhhh<br />

œ·˜¥µ®ª´ŠªŠ«rª·Ã¦‹œrhhhhhhhhhhhhhhhhhhhh<br />

œ·˜·œ´¥…Î µ¤µ¨´¥hhhhhhhhhhhhhhhhhhhhhhh<br />

œ·˜·œ´¥°»—¤„´œhhhhhhhhhhhhhhhhhhhhh<br />

œ·¡œ›rÁ„˜»‹o°¥hhhhhhhhhhhhhhhhhhhhhhhhh<br />

œ·¡œ›rÁ‹¦· „·‹„µ¦hhhhhhhhhhhhhhhhhhhh<br />

œ·£µª¦¦–°—·«¦ª¦ª»•·hhhhhhhhhhhhhhhhhhh<br />

œ·¤·˜¨º°ž¦³Á­¦·“hhhhhhhhhhhhhhhhhhhhhh<br />

œ·¦´œ—¦r­´¡¡ª· s¼hhhhhhhhhhhhhhh<br />

œ·ª´˜·¡·¦·¥³¦»nŠÃ¦‹œrhhhhhhhhhhhhhhhhh<br />

œ»‹¦·œš¦r¦´˜œ¡¦hhhhhhhhhhhhhhhhhhhhhh<br />

œ»£µ¡Â¥o¤Å˜¦¡´•œrhhhhhhhhhhhhhhhhhhhhh<br />

œ»¦´„¬r„§¬—µœ»¦´„¬rhhhhhhhhhhhhhhhh<br />

¡·› »žŸÃ ˜·hhhhhhhhhhhhhhhhhhhhhh<br />

¦¦‹ °¦ ¦hhhhhhhhhhhhhhhhh<br />

¦¦®µ¦­»š›·¡¦­¤ ´˜·hhhhhhhhhhhhhhhhhhh<br />

ª¦ž£´­¦µš¦hhhhhhhhhhhhhhhhhhhhhhh<br />

ª¦Ã ‡Ÿ¼o¡´•œrhhhhhhhhhhhh<br />

´œÁš·Š­»ª¦¦–˜¦³„¼¨hhhhhhhhhhhhhhhhhhh<br />

´¨¨´Š„r®¤ºÉœ¡·œ·‹hhhhhhhhhhhhhhhhhhhhhh<br />

µÁ®œÈ‹­»— Î ¤ÃŒ¤hhhhhhhhhhhhhhhhhhhhh<br />

» ´¥‹´œš¦r„¦³‹nµŠÁ¨·«hhhhhhhhhhhhhhhhhh<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

»¬¥µ »œœµ‡hhhhhhhhhhhhhh<br />

Á ‹Á°¸É¥¤¡nªŠhhhhhhhhhhhhhhhhhhhhhhh<br />

Á ‹¡¦­»¦µ¦´„¬rhhhhhhhhhhhhhhhhhhh<br />

Á ‹¦´˜œr®Š¬r‡Î µ¤¸hhhhhhhhhhhhhhhhhhhhhh<br />

Á ‹µŠ‡r­Š‹´„¦rhhhhhhhhhhhhhhhhhhhhh<br />

ž<br />

ž„¦–r„oª˜¦³„¼¨¡Š¬rhhhhhhhhhhhhhhhhhhh<br />

ž„¦–rÁ­¦¸„·‹„µ¦„»¨hhhhhhhhhhhhhhhhhhhhh<br />

ž„¦–rÁ®¨º°Š¤µ¨µª´•œrhhhhhhhhhhhhhhhhhhh<br />

ž’·Áª› ·œÁ ¬“hhhhhhhhhhhhhhhhhhhhhhhh <br />

ž–·›µœ›¸¦³«´„—·Íª· ¥µhhhhhhhhhhhhhhhhhhh<br />

žœ´——µœ·¦œµš¨ÎÊ µ¡Š«rhhhhhhhhhhhhhhhhhh<br />

ž¦³¡¦¦–¡¦¦´˜œ³hhhhhhhhhhhhhhhhhhhh<br />

ž¦³Áªš¥r˜»o¥Á˜È¤ªŠ«rhhhhhhhh<br />

ž¦³­µœ­·˜¥rÁ¦º°Š«´„—·Íhhhhhhhhhhhhhh<br />

ž¦³­·š›·ÍðÄ ·hhhhhhhhhhhhhhhhhhhhhhhh<br />

ž¦³­·š›·¡¦¡Š«rª«·œhhhhhhhhhhhhhhhhhhhh<br />

ž¦³Á­¦·“¤µ—¦´„¬µhhhhhhhhhhhhhhhhhhhhh<br />

ž¦µ r­»…­µ‡¦hhhhhhhhhhhhhhhhhhhhhhh<br />

ž¦µÃ¤š¥r¨µ¥ž¦³—·¬“rhhhhhhhhhhhhhhhhhhh<br />

ž¦µ¦œµª´œ¡¦³Â„oªhhhhhhhhhhhhhhhhhhhhh<br />

ž¦· µ‹·œ—µž¦³Á­¦·“hhhhhhhhhhhhhhhhhh<br />

ž¦· µ¦»nŠ„·‹Å¡«µ¨hhhhhhhhhhhhhhhhhhh<br />

ž¦¸—µž¦µ„’¤µ„hhhhhhhhhhhhhhhhhhhhhh<br />

ž¦»Š‹´œš¦rªŠ«rª·Á«¬hhhhhhhhhhhhhhhhhhhhhh<br />

žª¸–µž¦´ µª«·œhhhhhhhhhhhhhhhhhhhhh<br />

ž{ ‹¦´˜œr˨µœ´œšrhhhhhhhhhhhhhhhhhhhh<br />

ž{“¡Š«r¦µÃ hhhhhhhhhhhhhhhhhhhhhhhh<br />

ž{–¦­¸§š›·ž¦³ª´˜·hhhhhhhhhhhhhhhhhhhhh<br />

ž{š¤¦´˜œr«µ­˜¦r­µ¦³hhhhhhhhhhhhhhhhhhhh<br />

ž{š¤µ¡¦Á¡È ¦rž¦³„° hhhhhhhhhhhhhhhhhh <br />

žµœ‹´œš¦r«¦¸‹¦¼ hhhhhhhhhhhhhhhhhhhhh<br />

žµœ‹´œš¦r®¨Šž¦³—·¬“rhhhhhhhhhhhhhhh<br />

žd¥š´«œrš°ŠÅ˜¦£¡hhhhhhhhhhhhhhhhhhhhh<br />

žd¥­ª´­—·Íœª¦´˜œr–°¥»›¥µhhhhhhhhhhhhhhhh<br />

žd¥³Œ´˜¦Ä‹Á°ºÊ°hhhhhhhhhhhhhhhhhhhhhhh<br />

žd¥³ »˜¦ªµœ· ¡Š¬r¡´œ›»rhhhhhhhhhhh<br />

hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

žd¥³¡¦Á­¸¥¦£´š¦›µœ¸hhhhhhhhhhhhhhhhhhh<br />

$XWKRUV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

žd¥³¦´˜œr¡¦µ®¤–¸hhhhhhhhhhhhhhhhhhhhh<br />

Ÿ<br />

Ÿ„µ¤µ«Ÿ‹ „¨oªhhhhhhhhhhhhhhhhhhhh<br />

Ÿn°Š¡¦¦–Á„·—¡·š´„¬rhhhhhhhhhhhhhhhh<br />

¡<br />

¡Š‡r«´„—·Í…»œÂ¦nhhhhhhhhhhhhhhhhhhhhhhh<br />

¡Š«rš·¡¥rª·Ãœš´¥hhhhhhhhhhhhhh <br />

¡Š«r¡´œ›r„oª˜µš·¡¥rhhhhhhhh<br />

¡Š«r¥»š›r‹´Éœš°Šhhhhhhhhhhhhhhhhhhhhhh<br />

¡Š¬r«´„—·Í¹Š­»…hhhhhhhhhhhhhhhhhhhhhhh<br />

¡Š¬r«´„—·Íª´•œ‹¦¼ æ‹œrhhhhhhhhhhhhhhhhh<br />

¡‹¤µœÁ˜¸¥ª´•œ¦´“˜·„µ¨hhhhhhhhhhhhhhhhh<br />

¡œ¤šoµª—ḩhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¡¦Á„¬¤‹Šž¦³—·¬“rhhhhhhhhhhhhhhhhh<br />

¡¦œ£·­—µ¦µ­ªnµŠhhhhhhhhhhhhhhhhhhhhhhh<br />

¡¦¡¦¦–¡µ–· ¥rœÎ µ­·œhhhhhhhhhhhhhhhhhh<br />

¡¦¡¦¦–­Š¤µ¨µhhhhhhhhhhhhhhhhhhhhh<br />

¡¦¡·¤¨«¦¸š°Š‡Î µhhhhhhhhhhhhhhhhhhhhh<br />

¡¦£´š›r­Š¤–¸hhhhhhhhhhhhhhhhhhhhhhhh<br />

¡¦¦–‹·¦µªŠ«r­ª´­—·Íhhhhhhhhhh<br />

¡¦¦–¸¦´˜œ ´¥­·š›rhhhhhhhhhhhhhhhhhhhhhh<br />

¡§®´­š¦Šž¦³„° hhhhhhhhhhhhhhhhhhhh<br />

¡¨„§¬–rØ­¤£µ¡hhhhhhhhhhhhhhhhhhhh<br />

¡ªŠ¦´˜œr…‹·˜ª· ¥µœ»„¼¨hhhhhhhhhhhh<br />

¡´ ¦µ£¦–rÁ­¦¸Ä‹›¦¦¤hhhhhhhhhhhhhhhhhhh<br />

¡´ ¦¸˜´ÊŠ˜¦³„¼¨hhhhhhhhhhhhhhhhhhhhhhh<br />

¡´•œšª¸Ã£‡hhhhhhhhhhhhhhhhhhhhhhhhh<br />

¡´•œ³¦´„‡ªµ¤­»…hhhhhhhhhhhhhhhhhh<br />

¡´˜¦µ¡¦‹°¤Á¤º°Š »˜¦hhhhhhhhhhhhhhhhhhh<br />

¡´«¦µ£¦–r¨·žd„µ ‹œ„»¨hhhhhhhhhhhhhhhhh<br />

¡µœ· ª»•·¡§„¬rhhhhhhhhhhhhhhhhhhhhhhhh<br />

¡µ­·š›·Í®¨n°›¸¦¡Š«rhhhhhhhhhhhhhhhhhhhhh<br />

¡·„»¨­¤‹·˜˜rhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¡· r«»£Ÿ¨hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¡· ´¥œµ¤ž¦³„µ¥hhhhhhhhhhhhhhhhhhhhhh<br />

¡· ´¥ž¤µ–·„ »˜¦hhhhhhhhhhhhhhhhhhhhh<br />

¡· µ ­ªnµŠªŠ«rhhhhhhhhhhhhhhhhhhhhhhh<br />

¡· ·˜…‹¦Á— ³hhhhhhhhhhhhhhhhhhhhhhhh<br />

<br />

¡·Á ¬“¨·Ê¤­»ª¦¦–hhhhhhhhhhhhhhh<br />

¡·Á ¬“r­º ­µ¥¡¦®¤hhhhhhhhhhhhhhhhhhhh<br />

¡·– »„¦–r ° Áš¸É¥Š›¦¦¤hhhhhhhhhhhhh<br />

¡·š¥µÂ‹n¤­ªnµŠhhhhhhhhhhhhhhhhhhhhhhh<br />

¡·œ¡¦¦–ª·«µ¨°´˜¡´œ›»rhhhhhhhhhhhhhh<br />

¡·œ·˜˜´ÊŠ » Á˜·¤hhhhhhhhhhhhhhhhhhhhhhh<br />

¡· ¼¨¥r µ˜·˜´ÊŠ˜·Áª „»¨hhhhhhhhhhhhhhhhhhhh <br />

¡·¡´•œrÅš¦š°Šhhhhhhhhhhhhhhhhhhh<br />

¡·¡´•œr¡· Á¥œš¦Ã¥›·œhhhhhhhhhhhhhhhhhhh<br />

¡·¡´•œr«»£«·¦·­´œ˜rhhhhhhhhhhhhhhhhhhhhhhh<br />

¡·£´­­¦Å„¦ª¸¦³Á— µ ´¥hhhhhhhhhhhhhhhhhhh<br />

¡·¤¡¦Â‹oŠ¡¨°¥hhhhhhhhhhhhhhhhhhhhhhhh<br />

<br />

¡·¤¨‹Î µœŠhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¡·«·¬“r‡Î µ®œn°Â„oªhhhhhhhhhhhhhhhhhhhhh<br />

¡¸¦ª´•œr­µ¥­·¦·¦´˜œrhhhhhhhhhhhhhhhhhhhhh<br />

¡¸¦³ª´˜¦rš°Šœ°„hhhhhhhhhhhhhhhhhhhh<br />

Á¡ ¦¦´˜œr‡»–µœ¡¦´˜œrhhhhhhhhhhhhhhhhhhh<br />

Á¡È ‹´œš¦rÁ¤‰ª·‹·˜¦Â­Šhhhhhhhhhh<br />

hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Á¡È µ¦´ ˜œr‹·œ—µhhhhhhhhhhhhhhhhhhhhhh<br />

Á¡È ž¦³£µ ´ª¨°¥hhhhhhhhhhhhhhhhhhhhh<br />

Á¡¨Š¡·–«·ª¡¦¦´„¬rhhhhhhhhhhhhhhhhhhhhhh<br />

Á¡¸¥ŠÃ­¤ µ ´¥ª¦ª·š¥rhhhhhhhhhhhhhhhhhhh<br />

Å¡‹·˜¦Ÿµª´œhhhhhhhhhhhhhhhhhhhhhhhh<br />

Å¡š·¡¥r›¸¦Áª µ–hhhhhhhhhhhhhhhhhhhh<br />

Å¡ ¼¨¥rÁ„¸¥¦˜·Ã„¤¨hhhhhhhh<br />

Å¡ ¼¨¥r®´Š­¡§„¬rhhhhhhhhhhhhhhhhhhhhh<br />

Å¡¦­´œ˜·Í¡· ´¥hhhhhhhhhhhhhhhhhhhhhhhh<br />

šæ‹œr˜¸¦–›œµ„»¨hhhhhhhhhhhhhhhhhhhh<br />

šæ‹œrš°Š«¦¸­»œš¦hhhhhhhhhhhhhhhhhhh<br />

Å¡«µ¨­´œ˜·›¦¦¤œœšrhhhhhhhhhhhhhhhhhhhh<br />

Å¡«µ¨Á­˜­»ª¦¦–hhhhhhhhhhhhhhhhhhhhhhh<br />

£<br />

£¦–¸°n°œœ·É¤hhhhhhhhhhhhhhhhhhhhhhhhh<br />

£´–”·¦µÁ„˜»Â„oªhhhhhhhhhhhhhhhhhhhhhhh<br />

£´š¦£¼¤·¦µhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

£µ‡£¼¤·«¦¸¦¤¦ºÉœhhhhhhhhhhhhhhhhhhhhhhhh<br />

£µ–»š´˜ » ž¦³¤»…hhhhhhhhhhhhhhhhhhhh<br />

£µ–»ª´•œr­»¦·¥Œ´˜¦hhhhhhhhhhhhhhhhhh<br />

$XWKRUV,QGH[


£µª—¸°´Š‡rª´•œ³hhhhhhhhhhhhhhhhhhhhhh <br />

£µª·–¸ ´¥ž¦³Á­¦·“hhhhhhhhhh<br />

£µ­„¦š°Šœ·É¤hhhhhhhhhhhhhhhhhhhhhhh<br />

£¸¥rÃ¥Á®¨º°Š—·¨„hhhhhhhhhhhhhhhhhhhhhhh<br />

£¸¦³«¦¸°Î µ¡´œ›rhhhhhhhhhhhhhhhhhhhhhhhh<br />

£» Š‡r¡¦…µªhhhhhhhhhhhhhhhhhhhhhhh<br />

£¼¤·‡Î µÁ°¤hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

£¼ªœµ¦Â­œ¥·œ—ḩhhhhhhhhhhhhhhhhhhhhh<br />

¤<br />

¤Š‡¨ ª¦ª–· ¡Š¬rhhhhhhhhhhhhhhhhhhhhh<br />

¤Š‡¨­¸œ³ª´•œrhhhhhhhhhhhhhhh<br />

¤–”·¦µœ¡¦´˜œrhhhh<br />

¤›»¦µ­·¦·‹´œš¦´˜œrhhhhhhhhhhhhhhhhhhhhhh<br />

¤œ˜¦¸ nµŠž¦³—·¬“rhhhhhhhhhhhhhhhhhhhhh<br />

¤œ˜¦¸¤œ˜¦¸¡·¨µhhhhhhhhhhhhhhhhhhhhhh<br />

¤œ¼ Á‹œ¡‹œ­»œš¦hhhhhhhhhhhhhhhhhhhh<br />

¤¥»¦¸„·˜˜·Á— µ µ hhhhhhhhhhhhhhhhhhhhh<br />

¤¦„˜˜´œ˜·Á‹¦· hhhhhhhhhhhh<br />

¤¨§š´¥ ¦¦š¤hhhhhhhhhhhhhhhhhhhhhhhh<br />

¤µœ³Ä‹Á„¨¸Ê¥Šhhhhhhhhhhhhhhhhhhhhhhhh<br />

¤µœ³°¤¦„·‹ µ¦»Šhhhhhhhhhhhhhhhhh<br />

Î<br />

¤µ¦«¦¸Á¦º°Š‹·˜ ´ ªµ¨¥rhhhhh<br />

¥<br />

¥Š¥»š›Á¡·É¤¡¼œ›œ¨µ£hhhhhhhhhhhhhhhhhhh<br />

¥¦¦¥Š‹´œšœÅ¡¦ª´œhhhhhhhhhhhhhhhhhhh<br />

¥µ­¹±·Ã˜³šµÁ‡—³hhhhhhhhhhhhhhhhhhhhhh<br />

¥·ÉŠ«´„—·ÍÅ„¦¡·œ·‹hhhhhhhhhhhhhhhhhh<br />

¥»š›„µ¦œ´œšª·˜¦hhhhhhhhhhhhhhhhhhhhhh<br />

¥»š›œµ’·¦³ª–· ¥r„»¨hhhhhhhhhhhhhhhhhhhh<br />

¥»š›¡Š«r­µ¡¦®¤hhhhhhhhhhhhhhhhhhhhh<br />

¥»ª¡·œ—nµœ—»­·˜µ¡´œ›rhhhhhhhhhhh <br />

Á¥µª£µÅ®ª¡¦· hhhhhhhhhhhhhhhhhh <br />

¦<br />

¦˜·¥µ›»ª¡µ–· ¥µœ´œšrhhhhhhhhhhhhhhhhhh<br />

¦¡¸¡¦¦–¡Š¬rÁ ºÊ° ·—Åš¥hhhhhhhhhhhhhhhhh<br />

¦£´­Á¡È ¦œ· ¥¤hhhhhhhhhhhhhhhhhhhhhhhh<br />

¦­ª¦¦– »¡«·¦·hhhhhhhhhhhhhhhhhhhhhhhhh<br />

¦´Š­¦¦‡r » œ¦µhhhhhhhhhhhhhhhhhhhhhhhh<br />

$XWKRUV,QGH[<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

¦´Š­´œ˜rœ»­˜·hhhhhhhhhhhhhhhhhhhhhhhhh<br />

¦´Š­·¥µ¡¦ž¦³­µšhhhhhhhhhhhhhhhhhhhhhh<br />

¦´ ‘µª¦¦–œ·É¤œª¨hhhhhhhhhhhhhhhhhhhhhh<br />

¦´ œ·—µš°Š‡Î µhhhhhhhhhhhhhhhhhhhhhhh<br />

¦´ œ¸Å¡«µ¨hhhhhhhhhhhhhhhhhhhhhh<br />

¦´ œ¸Å­¥ž¦³‹Šhhhhhhhhhhhhhhhhhhhhhh<br />

¦´ œ¸°´˜·hhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¦´“¡¨­¤œµhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¦´˜œ ´¥Å¡¦·œš¦rhhhhhhhhhhhhhhhhhh<br />

¦´˜œµ ´¥„¨oµ®µ hhhhhhhhhhhhhhh<br />

¦´˜œµ£¦–r¡·Á “¦»‹·Ã¦‹œrhhhhhhhhhhhhhhhhh<br />

¦· µ¦r—ª´˜­´œš°——rhhhhhhhhhhhhhhh<br />

¦» nŠÃ¦‹œr­Š‡rž¦³„° hhhhhhhhhhhhhhhhhhhhh<br />

Á¦ª—¸«¦¸­„»¨—¸hhhhhhhhhhhhhhhhhhhhhhhhh<br />

§<br />

§š›· ´¥Á£µÁœ¸¥¤hhhhhhhhhhhhhhhhhhhhhh<br />

¨<br />

¨³°°Š—µªÁ¤nœ µŠŸ¹ÊŠhhhhhhhhhhhhhhhhhhh<br />

¨·œ—µÁ¡nŠ­»ª¦¦–hhhhhhhhhhhhhhhhhhhhhh <br />

ª<br />

ª ¦·œš¦r„oª°£· ´¥hhhhhhhhhhhhhhhhhhhh<br />

ª ·¦«´„—·Íªµœ· µhhhhhhhhhhhhhhhhhh<br />

ªœ·—µÁ°„ ¼¦–³ª´•œrhhhhhhhhhhhhhhhhhhhh<br />

ª¦„¦Áª ž¦³­·š›·Íhhhhhhhhhhhhhhhhhhhhh<br />

ª¦œ´œ˜rœµ‡ ¦¦¡˜hhhhhhhhhhhhhhhhhhhh<br />

ª¦œ» Á„·—­·œ›r ´¥hhhhhhhhhhhhhhhhhhhhhh<br />

ª¦¡Š¬r„¸¦˜·«´„—·Íhhhhhhhhhhhhhhhhhhhhhhh<br />

ª¦¡‹œr­»œš¦­»…hhhhhhhhhhhh<br />

ª¦¥»š›ž’·£µ–ª´•œrhhhhhhhhhhhhhhhhhh<br />

ª¦¦–ª·£µªŠ«r­Šœµ‡hhhhhhhhhhhhhhhhhhh<br />

ª¦¦–¸Œ·œ«·¦·„»¨hhhhhhhhhhhhhhhhhhhhhhh<br />

ª¦¦›·—µ®°¤µª¦ ¼hhhhhhhhhhhhhhhhhh<br />

ª¦ª·š¥r—·¬“rÁ‹¦· hhhhhhhhhhhhhhhhhhhhh<br />

ª¦ª·š¥rª·¦·¥³Œ´˜¦hhhhhhhhhhhhhhhhhhh<br />

ª¦µ„¦ÂŽn˜´ÊŠhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ª¦µ£¦–r ª¦«·¦·hhhhhhhhhhhhhhhhhhhhhhh<br />

ª¦µ£¦–rÁ¤›µª·¦·¥³«·¨žmhhhhhhhhhhh<br />

ª¦¸­·¦·­·Š®«·¦·hhhhhhhhhhhhhhhhhhhhhhhhhh


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

ªÃ¦š´¥¦´˜œÁª µœœšrhhhhhhhhhhhhhhhhhhh<br />

ª¨´¥¡¦«¦¸ »¤¡ªŠhhhhhhhhhhhhhhhhhhhhh <br />

ª«·¤œÁ¦º°ŠÁ¨È„hhhhhhhhhhhhhhhhhhhh<br />

ª´ ¦ª¨¸Á¨·«¨ÎÊ µhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ª´ ¦·œš¦rŸn°Š«¦¸hhhhhhhhhhhhhhhhhhhhhhh<br />

ª´ ¦·œš¦r­·š›·Á‹¦· hhhhhhhhhhhhhhhhhhhhhh<br />

ª´œ ´¥˜¸¦³³ª¦ª¦¦–hhhhhhhhhhhhhhhhhhh<br />

ª´œ ´¥­³˜³hhhhhhhhhhhhhhhhhhhhhhhhh<br />

ª´œ ´¥°´«ª£¼¬·˜„»¨hhhhhhhhhhhhhhhhhhhhh<br />

ª´¥ª´•œr­µ¥š»o¤hhhhhhhhhhhhhhhhhhhhhhhh<br />

ªµ¦»–¸Á˜¸¥hhhhhhhhhhhhhhhhh<br />

ªµ¦»–¸Áž¦¤µœœšrhhhhhhh<br />

ªµ­œµ„·˜˜·„œ„¦´˜œrhhhhhhhhhhhhhhhhhhh<br />

ªµ­œµ‹µ˜»¦œ˜r¦´«¤¸hhhhhhhhhhhhhhhhhhhhh<br />

ªµ­œµ µœµ Î hhhhhhhhhhhhhhhhhhhhhhh<br />

ªµ­œµÁ°„­»ª¦¦–Á‹¦· hhhhhhhhhhhhhhhhhhh<br />

ª·‹µ¦·–¸«¦¸œª¨hhhhhhhhhhhhhhhhhhhhhhh<br />

ª· ´¥­´Šª¦žšµœ­„»¨hhhhhhhhhhhhhhhhhhhhh<br />

ª· ´¥­»¦Á ·—Á„¸¥¦˜·hhhhhhhhhhhhhhh<br />

ª·Á ¸¥¦ »˜·¤µ­„»¨hhhhhhhhhhhhhhhhhh<br />

ª·Á ¸¥¦¦˜œ›Š ´¥hhhhhhhhhhhhhhhhhhh<br />

ª· s¼‹·˜­´¤¡´œ›Áª hhhhhhhhhhhhhhhh<br />

ª·š¥µÂ­œ‡Î µhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ª·š·—µ‹Š«»£ ´¥­·š›·Íhhhhhhhhhhhhhhhhhhhh<br />

ª·œ´¥Ã¡›·Í­»ª¦¦–rhhhhhhhhhhhhhhhhhhhhhh<br />

ª·¦·¥³Â—Ššœhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ª·Ã¦‹œr » °Î µœª¥ª·š¥µhhhhhhhhhhhhhhh<br />

ª·Ã¦‹œr«¦¸­»¦£µœœšrhhhhhhhhhhhhhhhhhhhh<br />

ª·¨´„¬–µ«¦¸¤µª·œhhhhhhhhhhhhhhhhhhhhhh<br />

ª·Å¨¦´Š­µ—š°Šhhhhhhhhhhhhhhhhhhhh<br />

ª·ª´•œr‹¼ž¦³¡´š›«¦¸hhhhhhhhhhhhhhhhhhhh<br />

ª·ª´•œr˜´–”³¡µœ· „»¨hhhhhhhhhhhhhhh<br />

ª·ª´•œrÁ¦º°ŠÁ¨·«ž{ µ„»¨hhhhhh<br />

ª·«µ¨«µ­˜¦r­´˜œµhhhhhhhhhhhhhhhhhh<br />

ª·¬–»¤¸°¥¼nhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ª¸¦³ ´¥ª·ª´•œ¡Š«r¡´œ›rhhhhhhhhhhhhhhhhhhhh<br />

ª¸¦³¡Š«r‹·Ìªž¦³—·¬“r„»¨hhhhhhhhhhhhhhhhhhh<br />

ª¸¦³¡¨Ã¤œ¥³„»¨hhhhhhhhhhhhhhhhhhhhhh<br />

ª¸¦³¥»š›„·˜˜·Ã ˜·¦´˜œrhhhhhhhhhhhhhhhhhhhh<br />

ª¸¦³«´„—·Í »˜¦ÁºÉ°œhhhhhhhhhhhhhhhhhhhhh<br />

<br />

ª¸¦³«´„—·Í­»¦³Á¦º°Š ´¥hhhhhhhhhhhhhhhhhhhh<br />

ª»•·—Î µ¦Š«´„—·Íhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ª»•·¡Š¬r­·š›·¡¦°œ´œ˜rhhhhhhhhhhhhhhhhhhh<br />

Ū¦»‹Á— ¤®·›„»¨hhhhhhhhhhhhhhhhhhhhhhh<br />

«<br />

«¤µ„¦Â¡š¥µœœšrhhhhhhhhhhhhhhhhhhhh<br />

«¦´ µ­º ˜¦³„¼¨hhhhhhhhhhhhhhhhhhhhhh<br />

«¦µª»•·‹´œš¦r­»…hhhhhhhhhhhhhhhhhhhhhh<br />

«¦¸›œµ›¦¦¤µ›¦hhhhhhhhhhhhhhhhhhhhhhh<br />

«¦¸¤µÂ‹o‡Î µhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

««·ª¦¦–‹·˜¦¡·š´„¬rÁ¨·«hhhhhhhhhhhhhhhhhh<br />

«´„—·Í´¥¡´ªš¦´¡¥rÁ‹¦· hhhhhhhhhhhhhhhhhhh<br />

«´„—·Í ¥­»¦·¥‹´œš¦µš°Šhhhhhhhhhhhhhhhhhhhh<br />

´<br />

«´„—·¦´˜œr„oª°»nœÁ¦º°œhhhhhhhhhhhhhhhhhhh<br />

«´„¦·œš¦r£¼¤·¦´˜œhhhhhhh<br />

hhhhhhhhhhhhhhhhhhhhhhhhh<br />

«´œ­œ¨´„¬–r¦´ ‘µªŠ«rhhhhhhhhhhh<br />

«·¦· ´¥Áš¡µhhhhhhhhhhhhhhhhhhhh<br />

«·¦·¡Š‡r‡Š ¼hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

«·¦·¡¦Ã ˜·¥µœ´œšªŠ«rhhhhhhhhhhhhhhhhhhhh<br />

«·¦·¡¦¦–‹´œš¦µ­„»¨hhhhhhhhhhhhhhhhhhhh<br />

«·¦·¥µ£¦–rœ œ° hhhhhhhhhhhhhhhhhhhhhh<br />

«·ª—¨žµ¦· µ˜·„µœœšrhhhhhhhhhhhhhhhhhhhh<br />

«»£ ´¥ » œÎ µ¤µhhhhhhhhhhhhhhhhhhhhhhh<br />

«»£¦´˜œr„p„Á‡¦º°hhhhhhhhhhhhhhhhhhhhhhh<br />

«»£§„¬r­·˜›¦¦¤‹·˜¦hhhhhhhhhhhhhhhhhhhh<br />

«»£§„¬r°´‡¦ª·š¥¡´œ›»rhhhhhhhhhhhhhhhhhhhh<br />

«»£¨´„¬–r°nµŠÂ„oªhhhhhhhhhhhhhhhhhhhhh<br />

­<br />

­„¨›¸¦³ª¦´ s¼hhhhhhhhhhhhhhhhhhhhhhh<br />

­œ›·—µÁ„¥¼¦ªŠ«rhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤Á„¸¥¦˜·Á˜ „µ ‹œµ¦´„¬rhhhhh<br />

­¤Á„¸¥¦˜·ž¦´ µª¦µ„¦hhh<br />

­¤Á„¸¥¦˜·¦»nŠš°ŠÄ ­»¦¸¥rhhhhhhhhhhhhhhhhhhh<br />

­¤‡·— »¤ḩhhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤ µ˜·Ã­£–¦–§š›·Íhhhh<br />

hhhhhhhhhhhhhhhhhhhhhhhh <br />

hhhhhhhhhhhhhhhhhhhhhhhh <br />

$XWKRUV,QGH[


­¤ µ¥‡ŠÁ¤º°Šhhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤ µ¥‹´œš¦r µªœµhhhhhhhhhhhhhhh<br />

­¤ µ¥ ¼ ¸¡­„»¨hhhhhhhhhhhhhhhhhh <br />

­¤ µ¥—°œÁ‹—¸¥rhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤ µ¥ž{ µ°·ÉœÂ„oªhhhhhhhhhhhhhhhhhhh<br />

­¤ µ¥¤–¸ª¦¦–rhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤ µ¥ªŠ«rª·Á«¬hhhhhhhhhhhhhhhhhhhhhhhh <br />

­¤Ã ‡ž¦³Á­¦·“ª·œ·‹„»¨hhhhhhhhhhhhhhhhhhh<br />

­¤Ã ‡­œ›·Â„oªhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤Á— °·Š‡³ª³¦³hhhhhhhhhhhhhhhhhhhhhh<br />

­¤œ¹„‹µ¦»—·¨„„»¨hhhhhhhhhhhhhhhhhh<br />

­¤ ´˜·š¸‰š¦´¡¥rhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤ » ­®­·š›·ª´•œrhhhhhhhhhhhhhhhhhhhhh<br />

­¤ ¼¦–r›œµ«»£ª´•œrhhhhhhhhhhhhhhhhhhh<br />

­¤¡¦Á„«Ã¡‡³«·¦·hhhhhhhhhhhhhhhhhhhhhh<br />

­¤¡¦‹°Š‡Î µhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤¡¦Á¡¸¥¦­»…¤–¸hhhhhhhhhhhhhhhhhhhhh<br />

­¤¡¦¤¼¨¤´ÉŠ¤¸ hhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤Ã¡›·°¥¼nŪhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤£¡­œ°Š¦µ¬‘¦rhhhhhhhhhhhhhhhhhhhhh<br />

­¤¥«Á—nœ‹·˜˜rÁ‹¦· hhhhhhhhhhhhhhhhhhh<br />

­¤«´„—·Í«·ª· ´¥hhhhhhhhhhhhhhhhhhhhhhhh<br />

­Á¤›´­˜´–”¦´˜œrÁ‹¦· hhhhhhhhhhhhhhhhhh<br />

­¦ µ¡· ¼¨„»¨­´¤§š›·Íhhhhhhhhhhhhhhhhhhhh<br />

­¦ª·«œ§žd˜·hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­¦Á­„…r„»¨¤´¥hhhhhhhhhhhh<br />

­¦´ µÁ„·— œ³hhhhhhhhhhhhhhhhhhhhhhh<br />

­¦µ¥»š›¤µ¨µhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­¦µ¥»›š°Š„° Á®¤º°œhhhhhhhhhhhhhhhhhh<br />

­Ã¦ Åš¦Á¤‰hhhhhhhhhhhhhhhhhhhhhhhh<br />

­Ã¦ ·œ¸¦´˜œ¤®µª· ´¥hhhhhhhhhhhhhhhhhhhhh <br />

­ªœ·˜°· ¥µª–· ¥rhhhhhhhhhhhhhhhhhhhhhhh<br />

­®¨µ£®°¤ª»•·ªŠ«rhhhhhhhhhhhhhhhhhhhhh<br />

­´–®„¦¦´˜œ ¸ª¦hhhhhhhhhhhhhhhhhhhhhhh<br />

­´œ˜·¦´“œ´œ­³°µŠhhhhhhhhhhhhhhhhhhhhhh<br />

­´œ˜·­»…¡·¤¡r¡¦³‹´œš¦rhhhhhhhhhhhhhhhhhh<br />

­´¤¡´œ›r§š›·ÍÁ— hhhhhhhhhhhhhhhhhhhhhhh<br />

­µ‡¦Ã¡›·ÍŠµ¤hhhhhhhhhhhhhhhhh<br />

­µš·­­rš¦Š œhhhhhhhhhhhhhhhhhhhhhhh<br />

­µœ·“°´˜«µ­˜¦rhhhhhhhhhhhhhhhhhhhhhh<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­µ¤µ¦¥³Á ¸¥Š‡Î µhhhhhhhhhhhhhhhhhhhhh<br />

­µ¥ ¨ »—Á‹º°‹¸œhhhhhhhhhhhhhhhhhhhhhh<br />

­µ¥¡·–Å ¥œ´œšœrhhhhhhhhhhhhhhhhhhhhhh<br />

­µª·˜¦¸ž{ µªŠ«rhhhhhhhhhhhhhhhhhhhhh<br />

­Î µ¦µ ¤¸¨n°Šhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­Î µÁ¦·Š‹´„¦Ä‹hhhhhhhhhhhhhhhhhhhhh<br />

­Î µÁ¦·ŠÁ¨¸¥ µ¥hhhhhhhhhhhhhhhhhhhhhhh<br />

­·š›·¡¦¡¥´‡‰¦´„¬rhhhhhhhhhhhhhhhhhhhhh<br />

­·¦·œš¦Áš¡Á˜oµž¦³¥¼¦hhhhhhhhhhhhhhh<br />

­·¦·¡¦­»š›·¡¦¤–¸ª´•œrhhhhhhhhhhhhhhhhhhh<br />

­·¦·¦´˜œr§„¬rœÎ µ ´¥hhhhhhhhhhhhhhhhhhhhh<br />

­·¦·¦´˜œr­°µ—¦´˜œrhhhhhhhhhhhhhhhhhhhhhh<br />

­·¦·¨´„¬–rÁ‹¸¥¦µ„¦hhhhhhhhhhhhhhhhhhh<br />

­»„´ µ‹¸œÁ®œµ³hhhhhhhhhhhhhhhhhhhhhh <br />

­»„´ µ­»…Áž¦¤hhhhhhhhhhhhhhhhhhhhhhh<br />

­»„·‹ž{ ‹›œ«´„—·Íhhhhhhhhhhhhhhhhhhhhhh<br />

­»…­´œ˜·Í¡¦®¤ ´ ¡Š«rhhhhhhhhhhhhhhhhhh<br />

­»‡´œ›µÃ°«·¦·¡´œ›»rhhhhhhhhhhhhhhhhhhhhhh<br />

­» žµÁœ˜¦ž¦³—·¬“rhhhhhhhhhhhhhhhhh<br />

­» µ—µÅ ¥­ª´­—·Íhhh<br />

­»“·˜µ­·Š‡µ¦ªµœ· hhhhhhhhhhhhhhhhhhhhhh<br />

­»—µ¦´˜œr˜¦¸Á¡ ¦„»¨hhhhhhhhhh<br />

­»—µª¦¦–Á ¥ ¤«¦ḩhhhhhhhhhhhhhhhhhhhh<br />

­»š›·¦´„¬rš°Š°¦´ ·„hhhhhhhhhhhhhhhhhhh<br />

­»š´«œr¨¸¨µšª¸ª´•œrhhhhhhhhhhhhhhhhhhhhhh<br />

­»›œ¦»nŠÁ¦º°Šhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­»›·–¸°¤¦¡´•œ„»¨hhhhhhhhhhhhhhhhhhhhh<br />

­»›¸°´Š‡³«·¦·„»¨hhhhhhhhhhhhhhhhhhhhhhhh<br />

­»œš¦œ´œš¡¨hhhhhhhhhhhhhhhhhhhhhhh<br />

­»œ´œšr«·¦·¦´„¬rí£–hhhhhhhhhhhhhhhhhhhhh<br />

­»œ¸¦´˜œr¡·¡´•œr¤Ãœ¤´¥hhhhhhhhhhhhhhh<br />

­»ž¦µ–¸¨·Ê¤­»ª¦¦–hhhhhhhhhhhhhhhhhh <br />

­»ž¦¸¥µ«·¦·¡´•œ„»¨…‹¦hhhhhhhhhhhhhhhhhh<br />

­»¡‹œr ¼ªŠ«rhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­»¡‹·˜­»…„´œ˜³hhhhhhhhhhhhhhhhhhhhhhh<br />

­»¡¦¦¬µ®»˜·œ´œšrhhhhhhhhhhhhhhhhhhhhhh<br />

­»¡´•œr¡Š¬r—Î µ¦Š¦´˜œrhhhhhhhhhhhhhhhhhhhh<br />

­»£µ¡«·¨ž‡´¤£¸¦£µ¡hhhhhhhhhhhhhhhhhhh<br />

­»£µ£¦–r ¸ª³›œ¦´„¬rhhhhh<br />

hhhhhhhhhhhhhhhhhh<br />

$XWKRUV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­»¤¨œ·¨¦´˜œrœ·«µ„¦hhhhhhhhhhhhhhhhhhhh<br />

­»¤µ—µ£¼¡µ—š°Šhhhhhhhhhhhhhhhhhhhhh<br />

­»¦ ´¥­œ·šÄ‹hhhhhhhhhhhhhhhhhhhh<br />

­»¦Á ¬“r »˜·¤µhhhhhhhhhhhhhhhhhhhhh<br />

­»¦Á— „oªž¦³Á­¦·“hhhhhhhhhhhhhhhhhhhhh<br />

­»¦¡Š¬r ¼Á— hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­»¦¡Š¬r¡·œ·‹„¨µŠhhhhhhhhhhhhh<br />

­»¦¡‹œr„¤¨Á— Á— µhhhhhhhhhhhhhhhhhhhh<br />

­»¦«´„—·Í­»¦œ´œš ´¥hhhhhhhhhhhhhhhhh<br />

­»¦­·Š®r°¥¼n­»…hhhhhhhhhhhhhhhhhhhhhhhhh<br />

­»¦³„·˜‹·¦³­µœ˜rhhhhhhhhhhhhhhhhhhhhhhh<br />

­»¦´˜œr«¦¸‹´œš¦rhhhhhhhhhhhhhhhhhhhhhhh<br />

­»¦´­ª—¸°·œ µ¦»Šhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Î<br />

­»¦·¥Š‡rÁ¨·«„»¨ªµ–· ¥rhhhhhhhhhhhhhhhhhhh<br />

­»¦¸¥r¢¼œ·¨„»¨hhhhhhhhhhhhhhhhhhhhhhhhh<br />

­»Ã¦•¤r£´„—¸hhhhhhhhhhhhhhhhhhhhhhhhh<br />

­»ª¦¦–´Š¤–¸hhhhhhhhhhhhhhhhhhhhhhhhh<br />

­»ª¦¦–µ­¤ » ­»…Ã…hhhhhhhhhhhhhhhhhhhh<br />

­»ª´‹ ´¥Ážjµž¦³¥¼¦hhhhhhhhhhhhhhhhhhhhhhh<br />

­»ªµ¦¸­¤¡Š¬rhhhhhhhhhhhhhhhhh<br />

­»ª· «·¦·ª´•œÃ¥›·œhhhhhhhhhhhhhhhhhh<br />

­»ª·¤¨°´«ª¡·«·¬“hhhhhhhhhhhhhhhhhhhhh<br />

Á­’“ª»•·—ªŠ‹´œš¦rhhhhhhhhhhhhhhhhhhhh<br />

Á­¦¸«»£¦µš·˜¥rhhhhhhhhhhhhhhhhhhhhhhh<br />

Á­µª‡œ›r¡·š´„¬r«»¦·¥³¦µ hhhhhhhhhhhhhhhhh<br />

Á­µª¨´„¬–r„´¨ž–»¨´„¬–rhhhhhhhhhhhhhh<br />

­Š‹´œš¦rÂŽnÁ°¸Ë¥ªhhhhhhhhhhhhhhhhhhhhhh<br />

­Š ´¥Á°„ž¦³š»¤ ´¥hhhhhhhhhhh<br />

­Š—µªÂ®¨nŠ­œµ¤hhhhhhhhhhhhhhhhh<br />

í¯­­»ª¦¦–¥ºœhhhhhhhhhhhhhhh<br />

®<br />

®š´¥¡´•œr‡n°¥ž¦³Á­¦·“hhhhhhhhhhhhhhhhhh<br />

®š´¥¦´˜œr‹¸¦³›ª´ ´¥hhhhhhhhhhhhhhhhhhhhh<br />

°<br />

°—·«´„—·Íœµ„¦–„»¨hhhhh<br />

°—·«´„—·Í¡Š¬r¡¼¨Ÿ¨«´„—·Íhhhh<br />

hhhhhhhhhhhhhhhhhhhhhh<br />

°—·«´„—·Í®ª´Š®œ´ hhhhhhhhhhhhhhhhhhhhhhh<br />

<br />

°˜·¡¨ž¨´ÉŠÂ­Š¤µ«hhhhhhhhhhhhhhhhhhhhh<br />

°œ¦¦‰…´œ›³ ªœ³hhhhhhhhhhhhhhhhh<br />

°œ´œ˜rš°Ššµhhhhhhhhhhhhhhhh<br />

°œ»­¦µ«¦¸­¦ª¨hhhhhhhhhhhhhhhhhhhhhhh<br />

°£· œª´ Á¦œš¦rªŠ«rhhhhhhhhhhhhhhhhhh<br />

°£· µ˜·°·É¤¥·Ê¤hhhhhhhhhhhhhhhhhhhhhhhh<br />

°£·¦—¸®Š­rš°Šhhhhhhhhhhhhhhhhh<br />

°£·ª—¸žd¥›¦¦¤¦Š‡rhhhhhhhhhhhhhhhhhhhhh<br />

°£·­·š›·Íœµ‡›œhhhhhhhhhhhhhhhhhhhhhhh<br />

°¤¦¡´œ›r » š°Š nª¥hhhhhhhhhhhhhhhhhhh<br />

°¦‹¸¦µ›œ¼Áš¡hhhhhhhhhhhhhhhhhhhh<br />

°¦œ·˜¥r¡´œ›rž¦³­·š›·ÍÁª hhhhhhhhhhhhhhhhhh<br />

°¦¦–¡œ¡¦´˜œrhhhhhhhhhhhhhhhhhhhhhh<br />

°¦¦–¡Á¦º°Šª·Á«¬hhhhhhhhhhhhhhhhhh<br />

°¦¦¡¨Â„oª…µªhhhhhhhhhhhhhhhhhhhhhhh<br />

°¦¦¡¨ª· ¼¨¥r‹´œš¦rhhhhhhhhhhhhhhhhhhhh<br />

°¦¦ª»•·…Î µ­µ¥š°Šhhhhhhhhhhhhhhhhhhhh<br />

°¦§—¸­»š›·«¦¸hhhhhhhhhhhhhhhhhhhhhhhhh<br />

°¦ª¦¦–„oª„µ ‹œµhhhhhhhhhhhhhhhhhhh<br />

°¦ª¦¦–Á ·— ¼hhhhhhhhhhhhhhhhhhhhhhhh<br />

°¦·­¦µ¦°—¤»o¥hhhhhhhhhhhhhhhhhhhhhhh<br />

°¦»–­»ª¦¦– ¸ª³«·¦·hhhhhhhhhhhhhhhhhhhhh<br />

°¦»–«¦¸¨¸‹¸¦‹Î µÁœ¸¥¦hhhhhhhhhhhhhhhhhhhhh<br />

°¨·¬µª·¨´œÃšhhhhhhhhhhhhhhhhhhhhhhhh<br />

°´Š­œµ‹´ÉœÂ—Šhhhhhhhhhhhhhhhhhhhhhhhh<br />

°´ ¡¦«·¨µ„°Šhhhhhhhhhhhhhhhhhhhhhh<br />

°´¤¡ª¦¦–«¦¸š°Šhhhhhhhhhhhhhhhhhhhhh<br />

°´«ª·œ¤¸ ´¥hhhhhhhhhh<br />

hhhhhhhhhhhhhhhhhhhhhhhhh<br />

°´¬‘µ‹·¦ž¦³¥»„˜rÁ¨·«hhhhhhhhhhhhhhhhhhh<br />

°µ‹µ¦¸¥r­´ ›· ´¥hhhhhhhhhhhhhhhhhhhhhhh<br />

°µš¦Ã£Å‡¥¡·­·“hhhhhhhhhhhhhhhhhhhhhhh<br />

°µš·˜¥r‡Î µšµhhhhhhhhhhhhhhhhhhhhhhhhh<br />

°µš·˜¥rÅ ¥°¦œ´œšœrhhhhhhhhhhhhhhhhhhhhh<br />

°µš·˜¥r­º «·¦·ª·¦·¥³„»¨hhhhhhhhhhhhhhhhhhh<br />

°µœœšr­µ¥®°¤hhhhhhhhhhhhhhhhhhhhhh<br />

°µ£¦–rªŠ¬rª·‹µ¦–rhhhhhhhhhhhhhhhh<br />

°µ£µ¡¦š°ŠŸ»—hhhhhhhhhhhhhhhhhhhhhhh<br />

°µ¦rŽ¸¤·¨Á¨°¦rhhhhhhhhhhhhhhhhhhhhh<br />

°µ¦¸¦´˜œr‡°œ—ªŠÂ„oªhhhhhhhhhhhhhhhhhhhh<br />

$XWKRUV,QGH[


°µ¬µž¦³š¸žÁ­œhhhhhhhhhhhhhhhhhhhhhh<br />

°Î µ¡¨°µª¦–rhhhhhhhhhhhhhhhhhhhhhhhhh<br />

°Î µÅ¡«´„—·Íš¸ » ¤µhhhhhhhhhhhhhhhhhhhhh<br />

°·œš·¦µ«¦¸¡· ´¥hhhhhhhhhhhhhhhhhhhhhhhhh<br />

°·«¦µ­„»¨š°ŠÅ¡«µ¨hhhhhhhhhhhhhhhhhhhh<br />

°·¬‘µ » µ°¦»–Áœ˜¦hhh<br />

°·­¦¸¥rª·Á ¸¥¦Å ¥hhhhhhhhhhhhhhhhhhhhhhh<br />

°»„§¬ž{‹Œ·¤hhhhhhhhhhhhhhhhhhhhhhhhh<br />

°»—¤«·¨ž°µ µhhhhhhhhhhhhhhhhhhhhhhhh<br />

°»—¤¡¦…´œš°Šhhhhhhhhhhhhhhhhhhhhhhhh<br />

°»—¤«´„—·Í¥´ÉŠ¥ºœhhhhhhhhhhhh<br />

°»—¤«´„—·Í°·«¦µŠ„¼¦–°¥»›¥µhhhhhhhhhhhh<br />

°»š´¥„¦¦–„oªhhhhhhhhhhhhhhhhhhhhhhhh<br />

°»š´¥Á„˜»œ»˜·hhhhhhhhhhhhhhhhhhhhhhhhh<br />

°»¬–¸¡¹ÉŠž¦³¥¼¦¡Š«rhhhhhhhhhhhhhhhhhhhh<br />

Á°„Å ¥­ª´­—·Íhhhhhhhhhhhhhhhhh<br />

Á°„ ´¥Á¨·«‹»”µ¡¦hhhhhhhhhhhhhhhhhhhhh<br />

Á°„ ´¥ªµ¦·œ«·¦·¦´„¬rhhhhhhhhhhhhhhhhh<br />

Á°„ ´¥­»›¸¦«´„—·Íhhhhhhhhhhhhhhhhhhhhhhh<br />

Á°„¨´„¬–rÁ‡¦º°¥«hhhhhhhhhhhhhhhhhhhhh<br />

Á°œ„«·¦·¡µœ· „¦hhhhhhhhhhhhhhhhhhhhhh<br />

Á°°¦rª·œ¤¼­hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

°œœµÁŽ¸¥±´ÉŠ°·Šhhhhhhhhhhhhhhhhhhhhhh<br />

ðŽµÃ°³°—µ ·hhhhhhhhhhhhhhhhhhhh<br />

𤵘¥µ¤œ˜¦¸„»¨hhhhhhhhhhhhhhhhhhhhh<br />

Å°¤·Š´Šhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

±<br />

±°Š¤·Š‡¼hhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

±·Ã¦±·Á—³Ã˜¥µ¤µhhhhhhhhhhhhhhhhhh<br />

$<br />

$&KDQVDNUDQhhhhhhhhhhhhhhhhhhhhhhh<br />

$&&RZDUGhhhhhhhhhhhhhhhhhhhhhhhhh<br />

$EGHONULP%RXNKDOIDhhhhhhhhhhhhhhhhhh<br />

$GLVDN1DWKDNDUDQDNXOHhhhhhhhhhhhhhhhhh<br />

$GLVDN3RQJSXOSRQVDNhhhhhhhhhhhhhhhhhh<br />

$GVDGD-LUDSUD\XNOHUWhhhhhhhhhhhhhhhhhhhh<br />

$NH&KDLVDZDGLhhhhhhhhhhhhhhhhhhhhhh <br />

$NHNDFKDL7DZHHNLWZDQLFKhhhhhhhhhhhhhhhh<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

$ODQ$+HURGhhhhhhhhhhhhhhhhhhhhhhhhh <br />

$PQDUW5LWWLURQJhhhhhhhhhhhhhhhhhhhhhhh<br />

$PQDW&KLGWKDLVRQJhhhhhhhhhhhhh<br />

$PRUQUDW&KDLNULWVDGDNDUQhhhhhhhhhhhhhhhh<br />

$PSDZDQ7DQVDNXOhhhhhhhhhhhhhhhhhhh<br />

$PSKRO$ZRUQhhhhhhhhhhhhhhhhhhhhhh <br />

$QDN.KDQWDFKDZDQDhhhhhhhhhhhhhhh<br />

$QDNKDRUQ6ULVDLSHWhhhhhhhhhhhhhhhhhhhh<br />

$QDQ3RQJWRUQNXOSDQLFKhhhhhhhhhhhhhhhhhh<br />

$QDQWDFKDL6DZDQDQRQhhhhhhhhhhhhhhhhhh <br />

$QDZDFK6DQJVZDQJhhhhhhhhhhhhhhhhh <br />

$QDZDW3LQLVDNXOhhhhhhhhhhhhhhhhhh<br />

$QDZDW6XQJSHWhhhhhhhhhhhhhhhhhhhhh <br />

$QGUHZ-3LHUFHhhhhhhhhhhhhhhhhhhhhhh<br />

$QHN6DODQRQhhhhhhhhhhhhhhhhhhhhhh<br />

$QQD6XNOXDQhhhhhhhhhhhhhhhhhhhhhhhh<br />

$QQRS1RSKDUDWDQDhhhhhhhhhhhh<br />

$QRWKDL3UDVDUQhhhhhhhhhhhhhhhhhhhhhh<br />

$QVKXPDQ5D]GDQhhhhhhhhhhhhhhhhhhhh<br />

$QWRLQH(1DDPDQhhhhhhhhhhhhhhhhhhh<br />

$QXVRUQ6ULNKDMRKQODEhhhhhhhhhhhhhhhhh <br />

$QXWWDUD1DWKDODQJhhhhhhhhhhhhhhhhhhh<br />

$SLFKDL7KHUGWKLDQZRQJhhhhhhhhhh<br />

$SLFKLW7KHUG\RWKLQhhhhhhhhhhhhhhhhhhhh<br />

$SLFKRQ9DWFKDUHQZRQJhhhhhhhhhhhhhhhhh <br />

$SLQDQ$XUDVRSRQhhhhhhhhhhhhhhhhhhhhhh <br />

$SLVLW6DQFRPhhhhhhhhhhhhhhhhhhhhhhhhh<br />

$SLYDGHH3L\DWXPURQJhhhhhhhhhhhhhhhhhh<br />

$SRUQ:RQJZLFKDUQhhhhhhhhhhhhhhhhhhhh<br />

$UD\D$MFKDUL\DSDJRUQhhhhhhhhhhhhhhhhhhh<br />

$USD:DQJNLDWhhhhhhhhhhhhhhhhhhhhhhhh <br />

$UXQ60XMXPGDUhhhhhhhhhhhhhhhhhhhh<br />

$UXQHH7ULVLULURMhhhhhhhhhhhhhhhhhhhhhhh <br />

$VD3UDWHHSDVHQhhhhhhhhhhhhhhhhhhhhhhhh<br />

$VDZLQ0HHFKDLhhhhhhhh <br />

$WLW7LSSLFKDLhhhhhhhhhhhhhhhhhhhhhhhhh <br />

$WWDJRUQ5RRQJUXDQJSUXNhhhhhhhhhhhhhhhh<br />

$XWWDSRO57*RODNDhhhhhhhhhhhhhhhhhhhh<br />

$\DNR,WRhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

$XWKRUV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

%<br />

%$GH&XHYDVhhhhhhhhhhhhhhhhhhhhhhhh <br />

%DUXFK*LYRQLhhhhhhhhhhhhhhhhhhhhhhhh <br />

%HONDFHP=HJKPDWLhhhhhhhhhhhhhhhhhh <br />

%HQFKDQJ6DQJFKDNUhhhhhhhhhhhhhhhhhhh<br />

%HQFKDSRUQ/RHWDQDQWDZRQJhhhhhhhhhhhhhh<br />

%HQMDSKRQ6XUDUDNVDhhhhhhhhhhhhhhhhhhhh<br />

%HUQKDUG.DUQLQJhhhhhhhhhhhhhhhhhhhhh <br />

%RRQFKDL+DUXWKDLWDQDVRQhhhhhhhhhhhhhhhh<br />

%RRQFKDL3KXQJSDLJUDPhhhhhhhhhhhhhhhhhh<br />

%RRQFKDURHQ6LULQDRYDNXOhhhhhhhhhhhhhhh<br />

%RRQOHUW$UFKHYDUDKXSURNhhhhhhhhhhhhh<br />

%RUZRUQ3DSDVUDWRUQhhhhhhhhhhhhhhhhhhhh<br />

%XQGLW)XQJWDPPDVDQhhhhhhhhhhhh <br />

%XQGLW/LPPHHFKRNFKDLhhhhhhhhhhhhh <br />

%XQGLW7KLSDNRUQhhhhhhhhhhhhhhhhhhhhhh <br />

&<br />

&)%DEEVhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

&,PMDUGhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

&DOYLQ7KRPDVhhhhhhhhhhhhhhhhhhhhhhhh<br />

&KDGD.RQJFKDQhhhhhhhhhhhhhhhhhhhhhh <br />

&KDL-DWXUDSLWDNNXOhhhhhhhhhhhhhhhhh<br />

&KDLUDW3DPDNKDWD\hhhhhhhhhhhhhhhhhhhhh <br />

&KDLUDWK7DQJGXDQJGHHhhhhhhhhhhhhhhhhhh<br />

&KDL\DQ&KDL\Dhhhhhhhhhhhhhhhhhhhhhhhhh <br />

&KDL\RQJ7DHFKDSDLURMhhhhhhhhhhhhhhhhhhhhh<br />

&KDL\XWK&KLQQDUDVULhhhhhhhhhhhhhhhhhh <br />

&KDNDULGD1XNRRONLWhhhhhhhhhhhhhhhhhhhh<br />

&KDNDULQ3KURPFKLUDVXNhhhhhhhhhhhhhhhhhh<br />

&KDOHUPNLDW-LUDUXQJVDWHDQhhhhhhhhhhhhhhhhh <br />

&KDOHUPSRO&KDUQVULSLQ\Rhhhhhhhhhhhhhhhh <br />

&KDOHUPUDM:DQWDZLQhhhh<br />

&KDOLWD/LDPVDQJXDQhhhhhhhhhhhhhhhhhhhh<br />

&KDPQDQ/LPVDNXOhhhhhhhhhhhhhhhhhhhhhh<br />

&KDQFKDL7KRQJSLQhhhhhhhhhhhhhhhhhhhhhh<br />

&KDQFKDQD7KDQDFKD\DQRQWhhhhhhhhhhhhhhh<br />

&KDQWDQD8QJFKXVXNhhhhhhhhhhhhhhhhhhhh<br />

&KDQ\DSRUQ.LWLSUDVFUWhhhhhhhhhhhhhhhhhh<br />

&KDQ\XG.ULWVXQDQNXOhhhhhhhhhhhhhhh <br />

<br />

&KDRZDQD


'HQQHV7%HUJDGRhhhhhhhhhhhhhhhhh<br />

'HQYLW0HWKDQDY\Qhhhhhhhhhhhhhhhhhhhhh <br />

'KLUD\XW&KHQYLGK\Dhhhhhhhhhhhhhhhhh<br />

'MLWW/DRZDWWDQDhhhhhhhhhhhhhhhhhhhh <br />

'RNUDN3RQJFKDZHHhhhhhhhhhhh <br />

'XDQJUDW,QWKRUQhhhhhhhhhhhhhhhhhhhhhhh<br />

'XDQJUXHGHH&KRWNODQJhhhhhhhhhhhhhhhhhhh <br />

'XDQJWLS0RRQPDQJPHHhhhh<br />

'XVDGHH6XNDZDWhhhhhhhhhhhhhhhhhhhhhh <br />

(<br />

(-'HOShhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

(DNDODN.KDQhhhhhhhhhhhhhhhhhhhhhhhhh <br />

(JRQ2UWMRKDQQhhhhhhhhhhhhhhhhhhhhhhhhh<br />

(NDFKDL:LPROPDODhhhhhhhhhhhhhhhhhhhhh<br />

)<br />

)UDQN+DUWXQJhhhhhhhhhhhhhhhhhhhhhhhhh <br />

*<br />

*HRUJH$*DOHhhhhhhhhhhhhhhhhhhhhhhhh<br />

*HRUJH$QGUHZ*DOHhhhhhhhhhhhhhhhhhhh<br />

*HUDOG()DULQhhhhhhhhhhhhhhhhhhhhhhhh <br />

*LXVHSSH5HJDhhhhhhhhhhhhhhhhhhhhhhh<br />

*RODP0XVWDIDhhhhhhhhhhhhhhhhhhhhhhh<br />

*XPSRQ3UDWHHSFKDLNXOhhhhhhhhhhhhhhhhhh<br />

+<br />

+DQV%XUNKDUGWhhhhhhhhhhhhhhhhhhhhhhh<br />

+DWDLWHS:RQJVXZDQhhhhhhhhhhhhhhhhhhhh<br />

+DWKDLSDW.RLSUDVHUWhhhhhhhhhhhhhhhhhhhhh<br />

+DWKDLUDWDQD*DULYDLWhhhhhhhhhhhhhhhhhhhhh<br />

+HH


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

.DVHP3HFKJDWHhhhhhhhhhhhhhhhhhhhhhhh<br />

.DXVKLN&KDNUDEDUWLhhhhhhhhhhhhhhhhhhhh <br />

.D]XQREX0DWVXVKLWDhhhhhhhhhh<br />

.HHUDWL/DUSWDYHHFKRNhhhhhhhhhhhhhhhhhhh<br />

.HOO\3$OYHUH]hhhhhhhhhhhhhhhhhhhhhhhh<br />

.HVLQL-DQWKDZRQJZLODLhhhhhhhhhhhhhhhhhhh <br />

.KDMRUQVDN6RSDMDUHHhhhhhhhhhhhhhhhhhhhh <br />

.KDQFKDL7XQODVDNXQhhhhhhhhhhhhh<br />

.KDQLWWD+DWKDLVDPLWhhhhhhhhhhhhhhhhhhhh<br />

.LWWL3HDZNKDZhhhhhhhhhhhhh<br />

.LWWL6DWKDSRUQSUDVDWKhhhhhhhhhhhhhhhhhhhh<br />

.LWWLFKDL/DYDQJQDQDQGDhhhhhhhhhhhhhhhhh <br />

.LWWLVDN'RXQJSDQhhhhhhhhhhhhhhhhhhhhhh<br />

.RENXO/DRWHQJhhhhhhhhhhhhhhhhhhhhhhh<br />

.RKHL2GDhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

.RLFKL$RNLhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

.ROODWRXFK3HWFKSDWKRPFKROhhhhhhhhhhhhhh<br />

.RPVDQ3DOLhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

.RPVLOS:DQJ


0RQWLUD1RSKDUDWDQDhhhhhhhhhhhhhhhhhhhhh <br />

0RQWUL3KRWKLVRQRWKDLhhhhhhhhhhhhhhhhhhh <br />

0RUDNRW7DQWLFKDURHQhhhhhhhhhhhh <br />

0XQWDQD5XQJVL\RSDVhhhhhhhhhhhhhhhhhhh<br />

1<br />

1DNRUQ6ULVXNKXPERZRUQFKDLhhhhhhhhhhhhh<br />

1DNRUQ:RUDVXZDQQDUDNhhhhhhhhhhhhhhhhh<br />

1DQQDSKDWV7DQXWSRQJSDOLQhhhhhhhhhhhhhhh <br />

1DSDFKDW7DUHHODShhhhhhhhhhhhhhhhhhhhhh<br />

1DSKDSRUQ&KLHZFKDQhhhhhhhhhhhhhhhhhhh <br />

1DUD7R\DPhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

1DUDNRUQ6ULQLOhhhhhhhhhhhhhhhhhhhhhh<br />

1DUDSRUQ+DQYDMDQDZRQJhhhhhhh<br />

1DUDWLS3RNDEDOhhhhhhhhhhhhhhhhhhhhhhh<br />

1DUHW,QWDZRQJhhhhhhhhhhhhhhhhhhhhhhhhh<br />

1DUHW0HHVRhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

1DULV3UDWLQWKRQJhhhhhhhhhhhhhhhhhhhhhh<br />

1DURQJ0HWWULSXQhhhhhhhhhhhhhhhhhhhhhhh<br />

1DURQJULW6RPEDWVRPSRShhhhh <br />

1DUXHPRQ:DWWDQDSRQJVDNRUQhhhhhhhh<br />

1DUXPRQ-H\DFKRNHhhhhhhhhhhhhhhhhhh<br />

1DUXPRQ:+DUYH\hhhhhhhhhhhhhhhhh<br />

1DUXPRQ:LWKHUV+DUYH\hhhhhhhhhhhhhhhhh <br />

1DW.DVD\DSDQDQGhhhhhhhhhhhhhhhhhhhhhh<br />

1DWWDSRQJ&KD\DZDWWRhhhhhhhhhhhhhhhhhhhhh<br />

1DWWDVXW0DQWDQDQRQWhhhhhhhhhhhhhhhhhh<br />

1DWWKDSKRO/LFKDLNXOhhhhhhhhhhhhhhhhhhhh<br />

1DYRGRO/DRVLULSRMDQDh <br />

1HXQJUXWKDL6XSDUHRNWKDZHHFKDLhhhhhhhhhhhhh <br />

1LFN&HUFRQHhhhhhhhhhhhhhhhhhhhhhhhhh<br />

1LJHO3DWHUVRQhhhhhhhhhhhhhhhhhhhhhh<br />

1LRQ1XWWDZRUDNXOhhhhhhhhhhhhhhhhhhhhhhh<br />

1LSDSRUQ6LULQDQWDFKDLhhhhhhhhhhhhhhhhhh<br />

1LSRQ7DQJWKDPhhhhhhhhhhhhhhhhhhhhhhh <br />

1LUXGK-LUDVXZDQNXOhhhhhhhhhhhhhhhhhhhh <br />

1LUXQ:LWLWDQXQhhhhhhhhhhhhhhhhhhhhhhh<br />

1LVDNRUQ7KRQJNRQhhhhhhhhhhhhhhhhh<br />

1LVDUD:DHQNDHZhhhhhhhhhhhhhhhhhhhhhh<br />

1LWLPD$VFKDUL\DSKRWKDhhhhhhhhhhhhhhhhhh<br />

.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1LWLQDL3XQEXVD\DNXOhhhhhhhhhhhhhhhhhhhh <br />

1LWWD\D:DQJZRQJZLURMhhhhhhhhhhhhhhhhhh<br />

1REXKLUR.RJDhhhhhhhhhhhhhhhhhhhhhh<br />

1RQJ\DR3UHPNDPROQHWUhhhhhhhhhhhhhhhhhh <br />

1RSSDQXQ1DQNRQJQDEhhhhhhhhhhhhhhhhhhh<br />

1XFKWKDQD3RROWKRQJhhhhhhhhhhhhhhhhhhhh<br />

1XQWLFKD.RQFKDQhhhhhhhhhhhhhhhhhhhhh<br />

1XWWDQDUW0XDQVXZDQhhhhhhhhhhhhhhhhh<br />

1XWWKDSRQ6XSDZLZDWhhhhhhhhhhhhhhhhhhhh<br />

1XWWKDSRQ:RQJ\DRhhhhhhhhhhhhhhhhh<br />

2<br />

2OLYHU7UDSShhhhhhhhhhhhhhhhhhhhhhhhhh <br />

2UDSLQ.HUGFKRHFKXHQhhhhhhhhhhhhhhhhhhhh<br />

2UUDZDQ5HZWKRQJhhhhhhhhhhhhhhhhhhhhh<br />

2VDR$GDFKLhhhhhhhhhhhh<br />

3<br />

3:%ODQGhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

3DLERRQ.LDWWLNRPROhhhhhhhhhhhhhhhhhhhh <br />

3DLURDM7LUDQDWKDQDNXOhhhhhhhhhhhhhhhhhhh<br />

3DLVDQ/HUWVDODOXFNhhhhhhhhhhhhhhhhhhhhh <br />

3DLVDUQ1DSKRQhhhhhhhhhhhhhhhhhhhhhhhh<br />

3DLWLS7KLUDYHW\DQhhhhhhhhhhhhhh<br />

hhhhhhhhhhhhhhhhhhhhhhhh<br />

3DNRUQ.DHZWUDNXOSRQJhhhhhhhhhhhhhhhhhhh <br />

3DPDUDUDW:LUL\DNDUXQhhhhhhhhhhhhhhhhhh<br />

3DQDGGD1LUDQDWOXPSRQJhhhhhhhhhhhhhhhhhh<br />

3DQLFK9RRWWLSUXH[hhhhhhhhhhhhhhhhhhhhh <br />

3DQUDVHH5LWWKLSUDYDWhhhhhhhhhhhhhhhhhhhh<br />

3DQVDN$PDUDQDQZDWDQDhhhhhhhhhhhhhhhhh<br />

3DQWKLUD.HWNDHZhhhhhhhhhhhhhhhhhhhhh<br />

3DQWLS%XQVRQJhhhhhhhhhhhhhhhhhhhhhhh<br />

3DQWLS.D\HHhhhhhhhhhhhhhhhhhhhhhhhhh<br />

3DUFKDUHH\D,QWDVXNhhhhhhhhhhhhhhhhhhhh<br />

3DULFKDW+RQJVSUDEKDVhhhhhhhhhhhhhhhhhhhh <br />

3DULFKDW.RQJVXSDSVLULhhhhhhhhhhhhhhhhhh <br />

3DULQGD6XNVDE\Hhhhhhhhhhhhhhhhhhhhhhh<br />

3DVDQ.XOYDQLWhhhhhhhhhhhhhhhhhhhhhhhh <br />

3DVDYRQ7KHSUXDQJFKDLhhhhhhhhhhhhhhhhhh<br />

$XWKRUV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

3DWDPDSRUQ6ULSDGXQJWXPhhhhhhhhhhhhhhhh<br />

3DWDUDYXWK9LFKDSDWDQDhhhhhhhhhhhhhhhhhhh <br />

3DWFKDUDSRUQ'HVKQLXPhhhhhhhhhhhhhhhhhhh<br />

3DWFKDUHH7XQJWUDNXOhhhhhhhhhhhhhhhhhhhhh <br />

3DWKXPWKLS7RQWKXEWKLPWKRQJhhhhhhhhhhhhhhh<br />

3DWLPDSRUQ.XPQJDRhhhhhhhhhhhhhhhhhh<br />

3DWVDPRQ5LMLUDYDQLFKhhhhhhhhhhhhhhhhhhh <br />

3DWWDQD5DNNZDPVXNhhhhhhhhhhhhhhh<br />

3DWWDUDSRUQ6XWWLSDWhhhhhhhhhhhhhhhhhhhhh<br />

3DWWDUDSRUQ


3XDQJUDW.DMLWYLFK\DQXNXOhhhhhhhhhhhhhhhhh<br />

3XP\RV9DOOLNXOhhhhhhhhhhhhhhhhhhh <br />

5<br />

5DIDHO.DQGL\RWLhhhhhhhhhhhhhhhhhhhh <br />

5DMFKDZLW6DURFKDZLNDVLWhhhhhhhhhhhhhhhhh <br />

5DMHQGUD3UDVDGhhhhhhhhhhhhhhhhhhhhhh <br />

5DQJVLW6DUDFKLWWLhhhhhhhhhhhhhhhhhhhhhhh<br />

5DWDQD-LUDUDWDQDQRQhhhhhhhhhhhhhhhhhh<br />

5DWFKDQHH3DLVDUQhhhhhhhhhhhhhhhhhhhhh<br />

5DWWDQDFKDL3DLULQWUDhhhhhhhhhhhhhhhhhhhh<br />

5HXQJUXW&KHHUDURWhhhhhhhhhhhhhhhhhhh<br />

5LFKDUG:DWVRQ7RGGhhhhhhhhhhhhhh<br />

5REHUW+%([HOOhhhhhhhhhhhhhhhhhh<br />

5REHUW6KHOOLHhhhhhhhhhhhhhhhhhhhhhhhhh<br />

5RODQG7UDXQP OOHUhhhhhhhhhhhhhhhhhhhh<br />

5RRQJURMDQD6RQJSUDNRUEhhhhhhhhhhhhh <br />

6<br />

6-:DQJhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

6DGDKLUR2KPRPRhhhhhhhhhhhhhhhhhhhhhh <br />

6DLFKLW&KDZDQDhhhhhhhhhhhhhhhhhhhhhhh <br />

6DLFKRO&KXGMXDUMHHQhhhhhhhhhhhhhhhhhhhh<br />

6DLMDL6DZDQJGXDQSHQhhhhhhhhhhhhhhhhhhhh<br />

6DNDPRQ'HYDKDVWLQ«hhhhhhhhhhh<br />

6DNDULQGU%KXPLUDWDQDhhhhhhhhhh<br />

hhhhhhhhhhhhhhhhhhhhhhhh <br />

6DNHVXQ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

6RPERRQ:HWFKDFDPDhhhhhhhhhhhhhhhhhhhh <br />

6RPFKDL$UXQUXQJUXVPLhhhhhhhhhhhhhhhhh<br />

6RPFKDL&KDWUDWDQDhhhhhhhhhhhhhhhhhhhh<br />

6RPFKDL&KXFKHHSVDNXOhhhhhhhhhhhhhhhh<br />

6RPFKDL&RQJPXDQJhhhhhhhhhhhhhhhhhhhh<br />

6RPFKDL0DQHHZDQhhhhhhhhhhhhhhhhhhhhh<br />

6RPFKDL1LPQXDQhhhhhhhhhhhhhhhhhhhhhh <br />

6RPFKDL9LUL\DNUDVDUShhhhhhhhhhhhhhhhhhh<br />

6RPFKDL:RQJZLVHVhhhhhh <br />

6RPFKDUW6RSRQURQQDULWhhhhhhh <br />

hhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

6RPMHW6DLVHQJhhhhhhhhhhhhhhhhhhhhhhhh <br />

6RPMLQ'LVDZDVhhhhhhhhhhhhhhhhhhhhhhhh<br />

6RPNLDW%RRQQDVDhhhhhhhhhhhhhhhhhhhhhhh<br />

6RPNLDW3UDFKD\DZDUDNRUQhhhhhh<br />

6RPNLHW-LWWLSDQSURQQHHhhhhhhhhhhhhhhhhhh<br />

6RPNLHW7HFKNDUQMDQDUXNhhhhhhhhhhhhhhhhhh<br />

6RPQXN-DUXGLORNNXOhhhhhhhhhhhhhhhhhhhh<br />

6RPSKXP%XQWRPhhhhhhhhhhhhhhhhhhhhhh <br />

6RPSRE3XQ\DVRPSXQhhhhhhhhhhhhhhhhhhh<br />

6RPSRUQ0RRQPDQJPHHhhhhhhhhhhhhh<br />

6RPSRUQ3OHDQMDLhhhhhhhhhhhhhhhhhhhhhh <br />

6RPSRWH


6XWKHS0DGDUDVPLhhhhhhhhhhhhhhhhhhhhhh <br />

6XWKLSRQJ6WKLDQQRSNDRhhhhhhhhhhhhhhhhhh<br />

6XWKXP3DWXPVDZDGhhhhhhhhhhhhh<br />

6XWMD%RRQ\DFKXWhhhhhhhhhhhhhhhh<br />

6XWWLFKDL$VVDEXPUXQJUDWhhhh<br />

6XYLW7LDhhhhhhhhhhhhhhhhhhh<br />

6XZDMFKDL3DRSUD\RRQhhhhhhhhhhhhhhhhhhh<br />

6XZDQQD6RPEXQVXNKRhhhhhhhhhhhhhhh<br />

6XZDVVD3RQJDPSKDLhhhhhhhhhhhhhhhhhhh<br />

6XZLPRO$VDYDSLVLWhhhhhhhhhhhhhhhhhhhhh<br />

6XZLW3HQJ\RQJhhhhhhhhhhhhhhhhhhhhhhh <br />

6XZLW6LULZDWWDQD\RWLQhhhhhhhhhhhhhhhhh <br />

6XZXW.XQWDQDSUHHGDhhhhhhhhhhhhhhhhhh<br />

6]DWK\V6RQJVFKRQhhhhhhhhhhhhhhhhhhhhhh<br />

7<br />

7


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

9DQLVVD6RUDSLSLWKhhhhhhhhhhhhhhhhhhhhh<br />

9DUDSRUQ.UL\DSDNhhhhhhhhhhhhhhhhhhhhh <br />

9DUDSRUQ3RQJWRQNXOSDQLFKhhhhhhhhhhhhhhhh<br />

9DURQJ3DYDUDMDUQhhhhhhhhhhhhhhhhhhh<br />

9DUXQHH3UHPDQRQGhhhhhhhhhhhhhhhhhhhhh<br />

9DVLPRQ5XDQJOHNhhhhhhhhhhhhhhhhhhhhh<br />

9HHUDFKDL/HUWVDWKDSRUQVXNhhhhhhhhhhhh<br />

9HHUDSRO0RQ\DNXOhhhhhhhhh<br />

9LERO6DRhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

9LFKDUQ7DQHWVDNXQYDWDQDhhhhhhhhhhhhhhhh <br />

9LFKXGD0HWWDQDQWhhhhhhhhhhhhhhhhhhhhh<br />

9LUHQGUD.9LMD\hhhhhhhhhhhhhhhhhhhhhh<br />

9LURWH%RRQDPQXD\YLWD\Dhhhhhhhhhhhhhhhh<br />

9LWKLGD&KRQJVXSKDMDLVLGGKLhhhhhhhhhhhhhhh <br />

9ODGLPLU,.RXSULDQRYhhhhhhhhhhhhhhhh <br />

9RONHU6FKXULJhhhhhhhhhhhhhhhhhhhhhhhh <br />

9RUDYXG6DQWLUDYHHZDQhhhhhhhhhhhhhhhhhh<br />

9X'XH+LHQhhhhhhhhhhhhhhhhhhhhhhhhh<br />

:<br />

:-DPVDNDhhhhhhhhhhhhhhhhhhhhhhhhh <br />

:/DFDUERQDUDhhhhhhhhhhhhhhhhhhhhhhhh <br />

:DLZDW6DLWXPhhhhhhhhhhhhhhhhhhhhhhh<br />

:DOHHURV6XZDQDQHNhhhhhhhhhhhhhhhhhhhh<br />

:DQFKDUW6XSKHQJhhhhhhhhhhhhhhhhhhhhhh<br />

:DQJ3LQJ7LQJhhhhhhhhhhhhhhhhhhhhhhh<br />

:DQLGD$NHEXUDQDZDWhhhhhhhhhhhhhhhhhhh<br />

:DQLGD:DQLFKSRQJSDQhhhhhhhhhhhhhhhhh<br />

:DUHHVLUL6LQJKDVLULhhhhhhhhhhhhhhhhh<br />

:DULQ-LUDVXNWKDYHHNXOhhhhhhhhhhhhhhhhhh<br />

:DULQ5DNUXDPhhhhhhhhhhhhhhhhhhhhhhh <br />

:DULQWKRUQ6RQJNDVLULhhhhhhhhhhhhhhhhhh <br />

:DUUHQ


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<<br />


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

„<br />

„¦³ ªœ„µ¦Âž¦¦¼ž­j¤ŸŠ œ·—° ®oŠÂ  nÂ…ÈŠ‡¦ ªŠ‹¦Äœ¦³—´ ˜oœÂ hhhhhhhhhhhhhhhhhhhhhhhhhh <br />

„¦³ ªœ„µ¦° š¸ÉÁ®¤µ³­¤…°ŠÁ®¨È„„¨oµ‡µ¦r °œÄœ„¦¦¤ª·›¸Å¢œm ¨Š‡rhhhhhhhhhhhhhhhhhhhhhhh <br />

„µ¦„Î µ‹´—š°ŠÂ—Š—oª¥Å‡Ã˜Žµœ¡°¦´­ ¸—hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ã„nŠÁ—µ³Â¨³®¨´Š„µ¦Ã„nŠÁ—µ³…°ŠÃ‡¦Š…o°Â…ÈŠ£µ¥Ä˜oœÎÊ µ®œ´„ ¦¦š»„<br />

š¸ÉŤnÁž¨¸É¥œÂž¨Šš· «šµŠ˜µ¤„µ¦Á­¸¥¦¼ž—jª¥ª·›¸°¸¨·ž˜·‡°·œš·„¦´¨hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦…´ ¤°Á˜°¦r„¦³Â­˜¦ŠÂ „¦³˜»oœÂ¥„ŦoÁŽœÁŽ°¦rª´—‡ªµ¤Á¦Èª<br />

—oª¥˜´ªž¦³¤ª¨Ÿ¨­´ µ–—·‹·˜°¨hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦‡ª ‡»¤‡ªµ¤Á¦Èª…°Š¤°Á˜°¦rÁ®œ¸É¥ªœÎ µÂ Ä®¤n<br />

×¥Ä oª·›¸„µ¦‡ª ‡»¤Â ¤°Á˜°¦rÅ¢˜¦Šhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦‡ª ‡»¤Â žj°œ„¨´ ¨³žj°œÅž®œoµ…°Š°·œÁª°¦rÁ˜°¦r œ·—­µ¤Á¢­hhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦‡ª ‡»¤ªŠ‹¦„¦°ŠÂ°„š¸¢Â …œµœÁ¢­<br />

×¥Ä õ ´ªž¦³¤ª¨Ÿ¨­´ µ–—·‹·˜°¨š¸É¤¸„µ¦˜¦ª‹‹´ „¦³Â­±µ¦r¤°œ·„°¥nµŠŠnµ¥hhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦‡´—Á¨º°„¨³«¹„¬µ‡»–­¤ ´˜·…°ŠÁ°œÅŽ¤rŨÁž­‹µ„ µŽ·¨¨´­Á¡ºÉ°œÎ µÅžÄ oÄœ­µ¦Ž´„¨oµŠhhhhhhhhhhhhhhhhhh<br />

„µ¦‹´—„¨»n¤Â¨³„µ¦®µ‡ªµ¤‡¨oµ¥‡¨¹Š…°Š…o°¤¼¨°œ»„¦¤Áª¨µÃ—¥ª·›¸„µ¦‹´—Á¦¸¥Š¨Î µ—´ hhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦‹´—„µ¦Á¡ºÉ°„µ¦‡ª ‡»¤‡»–£µ¡Ã‡¦Š„µ¦¡·Á«¬…°Š‡–³hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦‹Î µ¨°Š„µ¦Å®¨ªœ…°Š°œ»£µ‡Ž·¨·‡°œ‡µ¦rÅ —r…°Š±°¦rœ<br />

Äœ„µ¦Á ºÉ°¤Ã—¥‡¨ºÉœÁ­¸¥Š‡ªµ¤¸É ­¼Šhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦‹Î µ¨°Š‡´œšµŠ œ“µœ¦µ„Á­µÁ…Ȥ—·œŽ¸Á¤œ˜rÄœ—·œÁ®œ¸¥ª°n°œÃ—¥ª·›¸šµŠÅ¢Åœ˜rÁ°¨·Á¤œ˜rhhhhhhhhhhhhhhhhhh<br />

„µ¦Ä oÁš‡œ·‡šµŠÅ¢Åœ˜rÁ°¨·Á¤œ˜rÄœ„µ¦ª·Á‡¦µ³®rž¦³­·š›·£µ¡…°Šž¦³Á„Èœhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ä ož¦³Ã¥ œr‹µ„­µ¦—¼—‡ªµ¤ ºÊœÄœ„µ¦¨—£µ¦³‡ªµ¤¦o°œŸnµœ®¨´Š‡µ…°Š°µ‡µ¦hhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ä o¡´—¨¤¦³ µ¥°µ„µ«Â ˜n°˜¦Š„´ ÁŽ¨¨r­Š°µš·˜¥r<br />

Á¡ºÉ°‡ª ‡»¤°»–®£¼¤·£µ¥ÄœÃ¦ŠÁ¦º°œ¡¨µ­˜·„Ä­hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ä o¢d¨r¤Å±Ã—¦‡°¨¨°¥—rÁ¡ºÉ°¦´„¬µ‡»–£µ¡…°Š„¨oª¥®¨´Šš°—hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦˜¦ª‹‹´ ª´˜»Á‡¨ºÉ°œÅ®ª­Î µ®¦´ ®»nœ¥œ˜rÁ¨nœ¢»˜ °¨hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦˜¦¹ŠÂ¨³ª·Á‡¦µ³®rÁ°œÅŽ¤r¥¼Á¦Á°­Á¡ºÉ°ž¦³¥» „˜rÄ o®µž¦·¤µ–¥¼Á¦¸¥ÄœÁ¨º°—hhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦˜° ­œ°Š°¥nµŠ¦ª—Á¦ÈªÄœ°»˜­µ®„¦¦¤Á‡¦ºÉ°Šž¦³—´ ¨³°´ ¤–¸hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Á˜¦¸¥¤Å‡Ã˜Žµœš¸É¦³—´ „µ¦„Î µ‹´—®¤¼n°³Ž¸˜·¨˜nµŠÇ×¥„µ¦‡ª ‡»¤°»–®£¼¤·<br />

‹Î µœªœ„µ¦šÎ µŽÎÊ µÂ¨³Áª¨µš¸ÉÄ oÄœ„¦³ ªœ„µ¦„Î µ‹´—®¤¼n°³Ž¸˜·¨hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

„µ¦Á˜¦¸¥¤ÂŸnœ¢d¨r¤ µŠÃ¡¨·‡µ¦r °Áœ˜<br />

Á¡ºÉ°Ä o«¹„¬µ¦°¥°œ»£µ‡œ·ªÁ‡¨¸¥¦r‹µ„„µ¦Â˜„˜´ª…°Š¥¼Á¦Áœ¸¥¤hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦š—¨°Š„µ¦Ä o„µ¦‡ª ‡»¤—oª¥„µ¦Á¦¸¥œ¦¼o<br />

7LWOHV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Á¡ºÉ°¨—‡ªµ¤Ÿ·—¡¨µ—Äœ„µ¦˜·—˜µ¤…°Š®»nœ¥œ˜r­„µ¦µhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦š—­° „µ¦Á­¸¥­£µ¡Œ´ ¡¨´œÄœ„pµŽ6) š¸É¦³¥³Â„žÅ¤Ã‡¦Á¤˜¦hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦š—­° ­¤¦¦œ³…°ŠÁ‡¦ºÉ°Š°»nœ°µ„µ«Â šn°‡ªµ¤¦o°œ<br />

œ·—­´Éœž¨µ¥žd—­Î µ®¦´ Á‡¦ºÉ°Š° ®oŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦šÎ µœµ¥‡»–¨´„¬–³„µ¦nµ¥Áš‡ªµ¤¦o°œ…°Š„µ¦Å®¨ž{~œžiªœÄœšn°<br />

Äœ nªŠÁ¨…Á¦¥rÃœ¨—r˜ÎÉ µÃ—¥Ä oNH PRGHOhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦šÎ µœµ¥Ã®¨—­¼Š­»—¦³¥³­´ÊœÂ¨³¦³¥³¥µª°µ«´ ¥Ã‡¦Š…nµ¥ž¦³­µšÁš¸¥¤Â Â¥„ǦŠ…nµ¥hhhhhhhhhhhhhhhhhh<br />

„µ¦šÎ µœÎÊ µ¦o°œ—oª¥ž{€¤‡ªµ¤¦o°œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦œ´ ‹Î µœªœÃ‡Ã¨œ¸‹µ„‹µœÁ¨¸Ê¥ŠÁ ºÊ°°µ®µ¦—oª¥Áš‡œ·‡„µ¦ž¦³¤ª¨Ÿ¨£µ¡hhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ µ Î ´—œÎÊ µš·ÊŠ‹µ„„µ¦Á¨¸Ê¥Š„»oŠ—oª¥„¦³ ªœ„µ¦šµŠ ¸ª£µ¡hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ Î µ ´—œÎÊ µÁ­¸¥¢°„¥o°¤­¸—·­Á¡°¦r­Ã—¥„¦³ ªœ„µ¦¥¼Á°Á°­ ḩhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³¤µ–¡µ¥» œ°°„ ¦³¥³­´Êœ­Î µ®¦´ ¨»n¤œÎÊ µ£µ‡Á®œº°Ã—¥„µ¦ª·Á‡¦µ³®rÁ ·Š£¼¤·£µ‡hhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³Á¤·œ„¦µ¢®œ¹ÉŠ®œnª¥œÎÊ µšnµ‹µ„…o°¤¼¨¡µ¥» œ®¨µ¥¨¼„<br />

¨³„µ¦ª·Á‡¦µ³®r®µ‡ªµ¤Å¤nÂœnœ°œÃ—¥ª·›¸ ¼˜­Â˜¦žhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³Á¤·œ‡ªµ¤Á­¸É¥ŠÁ ·Šž¦·¤µ–˜n°Á ºÊ°6DOPRQHOODVSSĜ®œ¤®¤¼hhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³Á¤·œ šÁ¦¸¥œ‡°¤¡·ªÁ˜°¦r nª¥­°œ­Î µ®¦´ œ´„«¹„¬µ¤‹›<br />

š¸ÉÁ¦¸ ¥œ£µ¬µ°´Š„§¬Áž}œ£µ¬µ˜nµŠž¦³Áš«hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³Á¤·œž¦³­·š›·£µ¡„µ¦ª·Á‡¦µ³®r¢°­Á¢˜Ã—¥Ä o »—š—­° ¢°­Á¢˜ÄœœÎÊ µš·ÊŠ œ·—˜n µŠÇhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³¥»„˜r„µ¦Ÿ¨·˜Â ÁŽ¨¨¼¨nµ¦rÄœ°»˜­µ®„¦¦¤Á¢°¦rœ·Á‹°¦rŤohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³¥»„˜rÄ oEJOXFDQÁ¡ºÉ°Áž}œ­µ¦„¦³˜»oœ£¼¤·‡»o¤„´œ­Î µ®¦´ „»oŠ„»¨µ—Î µhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³¥»„˜rÄ o)HDWXUHV([WUDFWLRQÄœ„µ¦‹Î µÂœ„…o°¤¼¨<br />

&RQWURO&KDUW3DWWHUQV×¥1HXUDO1HWZRUNVhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

„µ¦ž¦³¥»„˜rÄ oŠµœ‹¦·Š…°ŠÁš‡ÃœÃ¨¥¸Ä®¤n„µ¦ÁŸµÅ®¤oÁ ºÊ°Á¡¨· ŠÁ®¨ª<br />

×¥®´ªÁŸµª´­—»¡¦»œ œ·—Ťn¤¸„µ¦Â˜„˜´ªÁž}œ¨³°°Š­Áž¦¥rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³¥»„˜rÄ oÁš‡œ·‡„µ¦šÎ µÁ®¤º°Š…o°¤¼¨Äœ„µ¦šÎ µœµ¥¦³—´ œÎÊ µ­¼Š­»—hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³¥»„˜rÄ o¢{ŽŽ¸É¨°‹·„­Î µ®¦´ „µ¦„Î µ®œ—Ÿ¨„Î µÅ¦ž¦³¤¼¨Šµœ…°ŠŸ¼o¦´ Á®¤µ„n°­¦oµŠhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³¥»„˜rÄ ö ¼„Á®¤Èœ­Î µ®¦´ ª´—„µ¦nµ¥Áš¤ª¨Â¨³„µ¦nµ¥Áš‡ªµ¤¦o°œhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³¥»„˜r˜´ª¥´ ¥´ÊŠŽ¸­Á˜°¸œÃž¦˜·Áœ­­Î µ®¦´ „µ¦°°„ ¥µ¦´„¬µÃ¦‡Žµ¦r­<br />

×¥ª·›¸02/(&8/$5'2&.,1*hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦³¥»„˜rš§¬‘¸…o°‹Î µ„´—Äœ„µ¦ž¦´ ž¦»Š„µ¦ªµŠÂŸœ<br />

¨³‡ª ‡»¤„µ¦Ÿ¨·˜„¦³‹„ž¦¦¼žœ·¦£´¥hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦´ ž¦»Š¦¼žÂ „µ¦šÎ µŠµœ…°Šªµ¨rª­Î µ®¦´ Á‡¦ºÉ°Š¥œ˜r š¸ÉÄ o„pµŽÁž}œÁ ºÊ°Á¡¨·Š<br />

7LWOHV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

×¥Ä oš§¬‘¸„µ¦Á‡¨ºÉ°œš¸É …°Š‡¨ºÉœ‡ªµ¤—´œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦´ ž¦»Š­¤ ´˜·Â¦Š—¹Š…µ—…°ŠÂŸnœšÎ µ‡ªµ¤Á¥ÈœÂ ¦³Á®¥‹µ„„¦³—µ¬®œ´Š­º°¡·¤¡rhhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦´ ž¦»Š°´˜¦µ„µ¦¦¼o‹Î µ‡Î µ¡¼—£µ¬µÅš¥Ã—¥Ä o„µ¦œ°¦r¤´¨Å¨Žr…°Š­´¤ž¦³­·š›·ÍÁŽ ­˜¦´¤hhhhhhhhhhhhhhhhhhh<br />

„µ¦ž¦´ ž¦»Š°´˜¦µ„µ¦¦¼o‹Î µ‡Î µ¡¼—£µ¬µÅš¥Ã—¥Ä o„µ¦œ°¦r¤´¨Å¨Žr˜µ¤ª·¸Ã‡oŠhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Áž¦¸¥ Áš¸¥ „µ¦ª·Á‡¦µ³®r&2'×¥ª·›¸¤µ˜¦“µœ<br />

¨³„µ¦Ä oª·›¸„µ¦ª´—&2' ŤnÄ ož¦°šhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Áž¦¸¥ Áš¸¥ ž¦³­·š›·£µ¡…°ŠÂŸœ£¼¤·‡ª ‡»¤‡nµÁŒ¨¸É¥nªŠœÎÊ µ®œ´„<br />

¨³¡·­´¥Ã—¥ª·›¸„µ¦‹µ„‡ªµ¤Âž¦ž¦ªœª·›¸„µ¦nªŠœÎÊ µ®œ´„‹µ„‡ªµ¤Âž¦ž¦ªœ<br />

š¸É¤¸ …œµ—ª·›¸„µ¦…°ŠÁœ¨­´œÂ¨³ª·›¸„µ¦…°Š ·ª±µ¦rš„¦–¸…o°¤¼¨¤¸‡ªµ¤Á ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Áž¨¸É¥œÂž¨Š…°Š‹»¨·œš¦¸¥rÄœœÎÊ µ°œ» µ¨¨¼„„»oŠÁ˜¦¸¥¤Ã—¥¦³ ðΜ¨³¦³ ‡¨°¦¸œhhhhhhhhhhhhhhhhhh<br />

„µ¦Áž¨¸É¥œÂž¨Š‡»–­¤ ´˜·šµŠÁ‡¤¸Â¨³Á‡¤¸„µ¥£µ¡<br />

…°Š…oµª…µª—°„¤³¨·­µ¥¡´œ›»rÄœ¦³®ªnµŠ„µ¦Á„È ¦´„¬µš¸É°»–®£¼¤· ˜nµŠ„´œhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜…·Š—°Š°¥nµŠ¦ª—Á¦Èª—oª¥ª·›¸‡ªµ¤—´œÅ±Ã—¦­Â˜˜·„hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜Å…nÁ‡È¤¢jµš³¨µ¥Ã‹¦Ã—¥Ä o‡ªµ¤—´œÅ±Ã—¦­Â˜˜·„hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜‡µ¦r °„Ž¸Á¤š·¨ÁŽ¨¨¼Ã¨­‹µ„ ¸­Áª¥rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜Á ºÊ°Á¡¨·ŠÂ…ÈŠ°´—šnŠ‹µ„„³¨µ¤³¡¦oµª<br />

—oª¥Áš‡œ·‡Á°È„Žrš¦¼ ´œÃ—¥Ä o䨵­Áž}œ˜´ªž¦³­µœhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜ÅŽ¨µÁœ­š¸Éž¦µ«‹µ„ÁŽ¨¨¼Á¨­Äœ´Š®¤´„š¸É¤¸Áž¨º°„…oµªÃ¡—<br />

Áž}œÂ®¨nŠ‡µ¦r °œÃ—¥DONDOLSKLOLF%DFLOOXVILUPXV.hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜ÅŽ¨·š°¨‹µ„œÎÊ µ˜µ¨Ÿ­¤…°Š„¨¼Ã‡­Â¨³ÅŽÃ¨­<br />

×¥„µ¦Á¨¸Ê¥ŠÁ ºÊ°Ÿ­¤¦³®ªnµŠÂŽ‡‡µÃ¦Å¤Ž¸­Ž¸¦¸ª· Ž¸°¸¦nª¤„´ ‡œ—·—µÃš¦že‡µ¨·­hhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜œÎÊ µ® oµž{„„·ÉŠ¡¦o°¤—ºÉ¤Á…o¤…oœ—oª¥Á‡¦ºÉ °Š° ®oŠÅ¤Ã‡¦Áª¢­» µ„µ«hhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜Â ‡‡·ªÃ¨Åª¦´­‹µ„ÁŽ¨¨r¤¨ŠÄœ¦³—´ 把µœ˜oœÂ Á¡ºÉ°Ä ž¦µ o ¤¨Š«´˜¦¼¡º hhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜ÂŸnœ„¦°ŠÁŽ¦µ¤·„š¸ÉÁ®¤µ³­Î µ®¦´ œÎ µÅžž¦³¥»„˜rÄ o‹´ Á„È »iœ‹µ„„p­š¸É¤¸°»–®£¼¤· ­¼Šhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜Á°›µœ°¨‹µ„„µ„¤´œ­Î µž³®¨´ŠÃ—¥„µ¦®¤´„—oª¥ÂŽ‡‡µÃ¦Å¤Ž¸­Ž¸¦¸ª¸Ž¸°¸hhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Ÿ¨·˜Á°›µœ°¨Â „³Ã—¥6DFFKDURP\FHVFHUHYLVLDH‹µ„„µ„Áž¨º°„¤´œ­Î µž³®¨´Šhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¡¥µ„¦–r‡ªµ¤˜o°Š„µ¦Å¢¢jµ¦³¥³­´ÊœÃ—¥Ä oǦŠ…nµ¥ž¦³­µšÁš¸¥¤hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¡¥µ„¦–r‡ªµ¤Á¦¸¥ Ÿ·ªŠµœÂ¨³…œµ—…°ŠÁ«¬Ã¨®³…°Š ·ÊœŠµœš¸ÉŸ¨·˜ œÁ‡¦ºÉ °Š°¸—¸Á°È¤hhhhhhhhhhhhhhhhhhh<br />

„µ¦¡´•œµ„¦³ ªœ„µ¦Ÿ¨·˜%DFLOOXVVXEWLOLV%VÄœ¦³—´ °»˜­µ®„¦¦¤hhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¡´•œµ„¦³ ªœ„µ¦­„´—œÎÊ µ¤´œ®°¤¦³Á®¥‹µ„¡º ˜¦³„¼¨­o¤Ã—¥ª·›¸„µ¦„¨´Éœ—o ª¥Å°œÎÊ µhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¡´•œµ‡»–­¤ ´˜·…°ŠÃ¨®³‹Î µ¦¼ž7L1L×¥ª·›¸„µ¦Ÿ¨·˜Â PHOWVSLQQLQJhhhhhhhhhhhhhhhhhhhhhhhhh<br />

7LWOHV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„µ¦¡´•œµŽ°¢šmª¦r¦³ „µ¦ª´—­¤ ´˜·šµŠÂ¤nÁ®¨È„…°ŠÁ‡¦ºÉ°Š¤º°ª´— —960hhhhhhhhhhhhhhhhhhhhhhhh<br />

œ·<br />

„µ¦¡´•œµ˜oœÂ ¦³ ­µ¦­œÁš«„µ¦ ¦·„µ¦­´ÉŠ°µ®µ¦ œ¦Å¢Ã—¥ÄÁš‡ÃœÃ¨¥¸¤´¨˜·¤¸Á—¸¥hhhhhhhhhhhhhhhhh<br />

o<br />

„µ¦¡´•œµÂ ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r„µ¦° ®oŠ´ÉªÁ®¨º°Š<br />

×¥Áš‡œ·‡¢¨¼°·Å—Á ——oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¡´•œµÂ ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r…°Š¦³ „µ¦šÎ µ‡ªµ¤Á¥Èœ…oµªÁž¨º°„hhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¡´•œµ¦³ “µœ…o°¤¼¨„µ¦‹´—„µ¦…°ŠÁ­¸¥‹µ„®o°Šž’· ´˜·„µ¦<br />

£µ¥Äœ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦ḩhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¡´•œµª·›¸„µ¦ª·Á‡¦µ³®r&2' ¥n°­nªœhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¡´•œµ°µ®µ¦Á¨¸Ê¥ŠÁ ºÊ°Ã—¥Ä o­µ¦Â°¨‹·ÁœšÁž}œ­µ¦Ä®o‡ªµ¤Â…ÈŠ˜´ªhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Á¡·É¤ž¦³­·š›·£µ¡…°ŠÁ‡¦ºÉ°Šž¦´ °µ„µ«Á„n µÂ Â¥„­nªœhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Á¡·É¤Ÿ¨·˜£µ¡„µ¦Ÿ¨·˜Äœ„¦³ ªœ„µ¦˜¦ª‹­° Ÿ¨·˜£´–”r­»…£´–”rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Á¡·É¤­¤¦¦£µ¡„µ¦ªµŠÂŸœ‡ªµ¤˜o°Š„µ¦…°ŠÃŽn°»žšµœ<br />

°»˜­µ®„¦¦¤„µ¦Ÿ¨·˜°µ®µ¦¡µ­Á‹°¦rŦ­rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¥n°¥­¨µ¥­µ¦¦³Á®¥°·œš¦¸¥r—oª¥ª·›¸„µ¦šµŠ ¸ª£µ¡hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¨—„µ¦Â˜„˜´ª…°ŠÁ¤È—°µ®µ¦Â¨³‡»–£µ¡œÎÊ µÁ­¸¥Ã—¥Ä oŇØŽµœhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¨—‡ªµ¤­¼ Á­¸¥…°Š„µ¦˜´— nŠÅ¤o0')Äœ„µ¦Ÿ¨·˜Á¢°¦rœ·Á‹°¦rŤohhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¨—¦³¥³Áª¨µš¸É¦¥œ˜r°¥¼nÄœ«¼œ¥r ¦·„µ¦hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦¨—Áª¨µ„µ¦ž¦´ ˜´ÊŠÁ‡¦ºÉ°Š‹´„¦—o ª¥„µ¦Á¡·É¤ž¦³­·š›·Ÿ¨Ã—¥¦ª¤…°ŠÁ‡¦ºÉ °Š‹´„¦hhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ª´—¦Š¥„¨³„µ¦‹Î µ¨°Š„µ¦Á‡¨ºÉ°œš¸ÉÂœª—·É ŠÂ Á ºÊ°Š˜oœ…°Š®»nœ„¦³¡º°že„hhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ª´—°¤ž¨·‹¼—Äœ„µ¦­´Éœš¸É®´ªÁ ºÉ°¤…°ŠÁ‡¦ºÉ °ŠÁ ºÉ°¤¡¨µ­˜·„ °´¨˜¦µÃŽœ·„hhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ªµŠ°»ž„¦–ržj°Š„´œš¸ÉÁ®¤µ³­¤š¸É­»—Äœ¦³ Î µ®œnµ¥„¦³Â­Å¢¢jµ<br />

‹<br />

×¥‡Î µœ¹Š¹Š‡ªµ¤­¼ Á­¸¥Á¤ºÉ°Å¢—´ ¦µ‡µ˜¨°—°µ¥»„µ¦Ä oŠµœÂ¨³—´ œ¸‡ªµ¤Á ºÉ°º°Å—ohhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ª·Á‡¦µ³®r„µ¦¨—‡ªµ¤Á­¸É¥Š˜n°„µ¦Á„·—¦°¥¦oµª…°ŠÂœªÁ °¤šœÂ¦Š—¹Š­¼Š ºÉ<br />

$670$ Á„¦—„¦–¸«¹„¬µ°»ž„¦–r nª¥˜·—˜´ÊŠ­nªœ œ…°ŠÂšnœÁ‹µ³„pµŽ›¦¦¤ µ˜·hhhhhhhhhhhhhhhh<br />

„µ¦ª·Á‡¦µ³®r‡»–£µ¡Šµœ¡·¤¡r¦³ °°¢ÁŽ˜Ã—¥Ä o®¤¹„¡·¤¡r“µœœÎÊ µ¤´œšµœ˜³ª´œhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ª·Á‡¦µ³®rǦŠ­¦oµŠÁ µ³¦¥œ˜r­Î µ®¦´ „µ¦Â…nŠ…´œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ª·Á‡¦µ³®r˜´ªž¦³„° ­¤¦¦£µ¡…°Š‡¦¼°µ‹µ¦¥r<br />

Ÿœ„ nµŠ„¨Ã¦ŠŠµœš¸É‹Î µÁž}œ­Î µ®¦´ „µ¦šÎ µª·‹´¥Äœ ´ÊœÁ¦¸ ¥œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ª·Á‡¦µ³®rž¦³­·š›·£µ¡„µ¦žj°Š„´œ„µ¦¦´Éª…°Šž³Á„È œ—oª¥‡°¤¡·ªÁ˜°¦r˜°œš¸É<br />

£µ¥Ä˜o„µ¦š—­° „µ¦¦´ÉªÁœºÉ°Š‹µ„Å—o¦´ ‡ªµ¤¦o°œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦ª·Á‡¦µ³®rž¦·¤µ–›µ˜»Â¨³ª·˜µ¤·œš¸É¨³¨µ¥œÎÊ µÅ—o µŠ œ·—Äœ¨¼„¥°­—¨³Ÿ¨·˜£´–”r¨¼„¥°hhhhhhhhhhhhhhhhh<br />

7LWOHV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

„µ¦ª·Á‡¦µ³®rŸ¨…°Š„µ¦°»nœœÎÊ µ¤´œ—¸ÁŽ¨‡»–¨´„¬–³…°Š„µ¦ÁŸµÅ®¤o¨³­µ¦¤¨¡·¬hhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ+RPRORJ\0RGHOLQJ¨³0ROHFXODU'\QDPLF<br />

…°ŠÁ°ÈœÅŽ¤rÅŽ¨µÁœ­‹µ„%DFLOOXVILUPXV.hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ„µ¦„¦³‹µ¥…°ŠÂ¦Š—´œœÎÊ µÄœÃ¡¦Š—·œ¦³®ªnµŠ„µ¦„n°­¦oµŠÁ­µÁ…Ȥ—·œŽ¸Á¤œ˜r hhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ„µ¦„Î µ‹´—Þ¦˜¸œ—oª¥Å‡Ã˜Žµœ¡°¦´­ ¸—hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ„µ¦Á„·—±µ¦r¤°œ·‡š¸É­µ¤Ã—¥Ä oœ¸Ã°—¸Á¤¸¥¤Â¥p„Á¨ÁŽ°¦r hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ„µ¦Á‡¨º° ¢d¨r¤ µŠ°³¨¼¤·Áœ¸¥¤°°„ÅŽ—rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ„µ¦Ä ož¦³Ã¥ œrŇØŽµœÁž}œ­µ¦Á¦nŠ„µ¦Á‹¦· Á˜· ØĜÁž}—ÁœºÊ°hhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ„µ¦ž¨¼„¢d¨r¤Á¡ ¦„´ „µ¦ž¦´ ž¦»Š­¤ ´˜·<br />

šµŠ—oµœ„µ¦¥¹—Á„µ³…°Š¢d¨r¤Á¡ ¦„´ “µœ¦°Šhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ„µ¦Áž¨¸É¥œ­¸…°ŠÂŽžÅ¢¦m­¸Á…¸¥ªÃ—¥„µ¦ÁŸµhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ„µ¦­¹„®¦°…°ŠÂ¤n¡·¤¡r˜´—š¸É¤¸¦´«¤¸š¸É¤» ¤Â˜„˜nµŠ„´œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ… ªœ„µ¦Á ºÉ°¤Ã‡¦Š­¦oµŠÁ®¨È„…œµ—Ä® n…°ŠÃ‡¦Š„µ¦„n°­¦oµŠ­œµ¤ ·œ­»ª¦¦–£¼¤·hhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ‡ªµ¤Áž}œÅžÅ—oÄœ„µ¦œÎ µ„µ„˜³„°œ µœ°o°¥Â¨³„µ„˜³„°œ¥¼‡µ¨·ž˜´­<br />

‹µ„¦³ Î µ ´—œÎÊ µÁ­¸¥…°Š°»˜­µ®„¦¦¤Ÿ¨·˜Á¥ºÉ°„¦³—µ¬¤µÄ oÄœ„µ¦Ÿ¨·˜ª´­—»Ž¸Á¤œ˜rÁ­¦·¤Á­oœÄ¥hhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ­´ µ–‡¨ºÉœÁ­¸¥ŠÂ¨³‡ªµ¤Â…Ȋ¦ŠšµŠ„¨…°Š¡°¨· Á°›·¨¸œ<br />

‡ªµ¤®œµÂœnœ­¼ŠÄœ„¦³ ªœ„µ¦Á ºÉ°¤¡¨µ­˜·„ ®¤»œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ‡nµ˜´ªÂž¦Äœ„µ¦Á ºÉ°¤Á¨ÁŽ°¦r ­n°Šš³¨»Ÿnµœ—oª¥1G


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

„µ¦«¹„¬µÁ ºÊ°Š˜oœ…°Š„µ¦ž¦´ ž¦»Š‡»–£µ¡Åªœr—Šš¸ÉÅ—o‹µ„°Š»nœ—oª¥Å‡Ã˜Žµœhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µž¦³­·š›·Ÿ¨…°Š¦³ Å„—r…°ŠÂ¤n¡·¤¡r<br />

£µ¥Ä˜o¦Š„¦³šÎ µÂ Á¥ºÊ°Š«¼œ¥r œÁ‡¦ºÉ °ŠÁ¡¦­Ã‡¦Š­¦oµŠ¦¼ž˜´ªŽ¸hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µž¦³­·š›·£µ¡Œµ„Áž¨¸É¥œœ·ª˜¦°œÁ¡ºÉ°Ä oŸ¨·˜ÂŸnœ„¦°Š¦¼¡¦»œ…œµ—Á¨È„hhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µž{‹‹´¥š¸É¤¸˜n°Ÿ¨­´¤§š›·ÍšµŠ„µ¦Á¦¸¥œ…°Šœ´ „Á¦¸¥œ­µ…µª· µ‡°¤¡·ªÁ˜°¦r›»¦„·‹<br />

š¸ÉÁ¦¸ ¥œ°¥¼nÄœª·š¥µ¨´¥Áš‡œ·‡Á…˜„µ¦«¹„¬µ£µ‡Ä˜ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µž{ ®µ‡ªµ¤Á­ºÉ°¤Ãš¦¤…°Š‡»–£µ¡œÎÊ µÄœÂ¤nœÎÊ µšnµ‹¸œ˜°œ¨nµŠhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µž{ ®µÂ¨³‡ªµ¤˜o°Š„µ¦Äœ„µ¦Á¦¸¥œ„µ¦­°œÄœ¦¼žÂ H/HDUQLQJ<br />

Äœ¦³—´ ž¦³„µ«œ¸¥ ´˜¦ª· µ ¸¡ ´Êœ­¼ Š­µ…µ nµŠ°»˜­µ®„µ¦…°Š­µ ´œÁš‡ÃœÃ¨¥¸¦µ ¤Š‡¨hhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µÁž¦¸¥ Áš¸¥ ­¤¦¦œ³„µ¦„¨´ÉœÁ°šµœ°¨—oª¥˜´ ª¦´ ­Š°µš·˜¥r<br />

 šn°‡ªµ¤¦o°œ­» µ„µ«„´ œ·—ŸnœÁ¦¸¥ hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µŸ¨„¦³š …°Š°´˜¦µ‡ªµ¤Á‡¦¸¥—¨³°»–®£¼¤·<br />

˜n°¡§˜·„¦¦¤šµŠ„¨…°ŠÁ®¨È„„¨o µ6&hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µŸ¨…°Š˜´ªž¦³­µœš¸ÉŸ¨·˜‹µ„¢µŠ…oµª˜n°­¤ ´˜·šµŠ„µ¥£µ¥…°ŠÁ ºÊ°Á¡¨·Š°´—šn Šhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ«´„¥£µ¡…°Š˜oœ›¼ž§µ¬¸Äœ„µ¦ Î µ ´—­¸hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ­µœ£µ¡Â¨³­¤¦¦£µ¡…°Š »‡¨µ„¦<br />

Äœ°»˜­µ®„¦¦¤„µ¦¡·¤¡rÄœÁ…˜„¦»ŠÁš¡¤®µœ‡¦hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ­£µª³š¸ÉÁ®¤µ³­¤Äœ„µ¦¥n °¥…œÅ„n—oª¥Á°œÅŽ¤rÁ‡¦µ˜·Áœ­hhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ­¤—»¨¤ª¨­µ¦„µ¦Á‹¦· Á˜· Ø…°Š„»oŠ…µª/LWRSHQDHXVYDQQDPHLhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ°Š‡rž¦³„° šµŠ »‡¨·„£µ¡…°Šœ´„«¹„¬µ‡°¤¡·ªÁ˜°¦r<br />

­µ ´œ¦µ £´’„¨»n¤¡»š› ·œ¦µ „¨» n¤šªµ¦µª—¸Â¨³„¨»n¤«¦¸°¥»›¥µhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

„µ¦«¹„¬µ°Š‡rž¦³„° š¸ÉÁ„¸É¥ª…o°Š„´ „µ¦Á„·—°» ´˜·Á®˜»‹¦µ‹¦šµŠœœhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ°Š‡rž¦³„° š¸ÉÁ„¸É¥ª…o °Š„´ ‡ªµ¤¡¹Š¡°Ä‹Äœ„µ¦Á¦¸¥œ…°Šœ´„«¹„¬µ<br />

ަ„¦¤ª· µ‡°¤¡·ªÁ˜°¦r«¹„¬µ¦³—´ ž¦· µ˜¦¸„¨»n¤­µ ´œ¦µ £´’Á…˜£¼¤·«µ­˜¦r£µ‡Ä˜ohhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ°µ¥»„µ¦Á„È ¦´„¬µ…·Š—°Š°´—‡ªµ¤—´œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ°·š›·¡¨…°Š‡ªµ¤Á¦Èª®¤»œ…°ŠÃ¦¨Á¨°¦r<br />

˜n°‡»–­¤ ´˜·…°ŠÃ¨®³‹Î µ¦¼ž7L1L&XŸ¨·˜Ã—¥ª·›¸0HOW6SLQQLQJhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ°·š›·¡¨…°Š‡ªµ¤­¼Š—µ¥Â¨œ—rÄœ„¦¦¤ª·›¸„µ¦¨µ„…¹Êœ¦¼ž¨¹„hhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦«¹„¬µ°·š›·¡¨…°Š˜´ªÂž¦Äœ„¦¦¤ª·›¸„—˜´—<br />

¨³—´œ„¨´ …°Š ·ÊœŠµœš¸É ¤¸¦¼ž¦iµŠÁž}œ¤»¤Â˜„˜nµŠ„´œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

„µ¦«¹„¬µ°·š›·¡¨…°Š˜´ªÂž¦Äœ„µ¦¨µ„…¹Êœ¦¼ž¨¹„ ·ÊœŠµœ<br />

Ÿnœ°³¨¼¤·Áœ¸¥¤­³šo°œÂ­Š—oª¥ª·›¸„µ¦šµŠÅ¢Åœ˜rÁ°¨·Á¤œ˜rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

7LWOHV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

„µ¦«¹„¬µÁ°¤¸œ°°„Ž·Á—­‹µ„Á¤¨È—›´ ¡º hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦­„´—¨³ª·Á‡¦µ³®rŤÇ¦‡¦·­˜´¨¨¸œÂª„Žr‹µ„„µ„˜³„°œ°o°¥<br />

Ĝ把µœ°»˜­µ®„¦¦¤œÎÊ µ˜µ¨Äœž¦³Áš«Åš¥hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦­¦oµŠÃ‡oŠ°´˜¦µ„µ¦Å®¨ nªŠÁª¨µÁ ·Š£¼¤·£µ‡<br />

­Î µ®¦´ ¨»n¤œÎÊ µÄœ£µ‡Á®œº°…°Šž¦³Áš«Åš¥Ã—¥Ä o„¦³—µ¬‡ªµ¤œnµ‹³Áž}œhhhhhhhhhhhhhhhhhhhhhhh <br />

„µ¦­¦oµŠÂ ‹Î µ¨°Š¤·˜·—oª¥ª·›¸„µ¦nµ¥£µ¡¦³¥³Ä„¨ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦­¨µ¥¡¨´ŠŠµœÂ¨³‡ªµ¤Á¦Èªšoµ¥¦µŠ œ¦µŠ…´Êœ œÅ— ´ ¤¸›¦–¸š¸Éž¨µ¥…´Êœhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦­´ŠÁ‡¦µ³®rª´­—»œµÃœ0&0‹µ„…¸ÊÁoµÂ„¨ š¸ÉÅ—o‹µ„æŠÅ¢¢jµhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦­´Éœ°·­¦³Â ŤnÁ ·ŠÁ­oœ…°ŠÂŸnœ¡ºÊœ®œµ œ“µœ¦µ„¥º—®¥»nœÂ ¡µ¦µ¤·Á˜°¦rhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦­Î µ¦ª‹®µ¦¼žÂ „µ¦Á¦¸¥œ¦¼o…°Šœ´„«¹„¬µ‡–³­µž{˜¥„¦¦¤«µ­˜¦r<br />

Á¡ºÉ°œÎ µÅžÄ oÄœ„µ¦ž¦´ ž¦»Š¦µ¥ª· µÂ¨³„µ¦Á¦¸¥œ„µ¦­°œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦®¨n°Â…ÈŠ„µ„˜³„°œÃ¨®³®œ´ „‹µ„æŠ » ǦÁ¤¸¥¤<br />

—oª¥ž¼œŽ¸Á¤œ˜rŸ­¤Áoµ¨°¥¨·„Åœ˜r¨³ »iœš¦µ¥—Î µhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦®µ‡nµ‡ªµ¤Á¦nŠ…°Šª´˜»Äœ„¦° °oµŠ°·Šš¸É¤¸‡ªµ¤Á¦nŠ<br />

×¥Ä oÁ‡¦ºÉ°Š„¨Â°šª¼—Á ºÉ°¤˜n°„´ ŤÇ¦‡°¤¡·ªÁ˜°¦rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦®µ˜Î µÂ®œnŠ…°Š‹»——´ œ¸Ã—¥°´˜Ãœ¤´˜·—oª¥Áš‡œ·‡„µ¦‹´ ‡¼n£µ¡hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦®µ­£µª³Á®¤µ³­¤Äœ„µ¦ÁŸµš´ š·¤Áª¸¥—œµ¤hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦Å®¨ŸnµœšµŠ¦³ µ¥œÎÊ µ¨oœ…´Êœ ´œÅ— „¨n°Š˜µ…nµ¥hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦° ®oŠ…oµªœ¹ÉŠ­Î µ®¦´ …oµª®°¤Ã—¥Áš‡œ·‡¢¨¼°·Å—ŽrÁ ——oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦° ®oŠ…oµªÁž¨º°„×¥Ä o„¨ Áž}œ˜´ª„¨µŠÄœ„µ¦—¼—Ž´ hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦° ®oŠ´ÉªÁ®¨º°Š—oª¥¢¨¼°·Å—ŽrÁ — ŰœÎÊ µ¦o°œ¥ª—¥·ÉŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦° ®oŠÁœºÊ°®¤¼—oª¥Å°œÎÊ µ¥ª—¥·ÉŠÂ¨³°µ„µ«¦o°œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦° ®oŠŸ¨Å¤o¨³­¤»œÅ¡¦Ã—¥Ä ož{€¤‡ªµ¤¦o°œ¦nª¤„´ °·œ¢¦µÁ¦—Å„¨hhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦°°„ Á‡¦ºÉ°Š° ®oŠ—oª¥ž{€¤‡ªµ¤¦o °œÃ—¥Ä oÁš‡œ·‡„µ¦®µ‡nµš¸ÉÁ®¤µ³­¤š¸É ­»—hhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦°°„ ¨³¡´•œµ¦³ » Á‡¨º° Ÿ·ªª´­—»Ÿ­¤—oª¥Å¢¢jµ<br />

×¥„µ¦®¤»œ…´Êª‡µÃš—¦° ˜´ªÁ°ŠÂ¨³¦° …´Êª°µÃœ—hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

„µ¦°°„ °´˜¦µ…¥µ¥žj°œ„¨´ š¸ÉÁ®¤µ³­¤Äœ„µ¦ÄŠµœ‹¦·Š<br />

o<br />

…°Š˜´ª­´ŠÁ„˜Á˜È¤°´œ—´  ž¦´ ˜´ªš¸É¤¸Á­¸¥¦£µ¡­Î µ®¦´ ¦³ …´ Á‡¨ºÉ°œ<br />

¤°Á˜°¦rÁ®œ¸É¥ªœÎ µÂ ŦoÁŽÈœÁŽ°¦rª´—‡ªµ¤Á¦Èªhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

…<br />

…o°¡·‹µ¦–µÄœ„µ¦°°„Â<br />

‹µœÁ ¦„­Î µ®¦´ ¦¥œ˜rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

7LWOHV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

‡<br />

‡ªµ¤‹Î µÁ¡µ³…°ŠÅŽ¨µÁœ­ ¦·­»š›·Í‹µ„DONDOLSKLOLF%DFLOOXVKDORGXUDQV­µ¥¡´œ›»r&<br />

˜n°„µ¦¥n°¥ÅŽÂ¨œ¨³¨µ¥œÎÊ µ˜nµŠÇhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

‡ªµ¤ ºÊœ­¤—» ¨Â¨³­¤„µ¦„µ¦° ®oŠ…°ŠÄ ®¤n°œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

‡ªµ¤—´œ œ¡ºÊœ¦µŠÂ¨³‡ªµ¤¨¹„…°Š„µ¦Å®¨ œ¦µŠ…´Êœ ´œÅ— „¨n°Š˜µ…nµ¥hhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

‡ªµ¤¸É›¦¦¤ µ˜·Â ŤnÁ ·ŠÁ­oœ…°Ššn°ÄœÂœª—·ÉŠš¸É¦´ ¦Š—¹Šhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ¦³¥³Áª¨µÂ¨³‡ªµ¤¸ÉÄœ„µ¦Ä ‡°¤¡·ªÁ˜°¦r o<br />

„´ ‡ªµ¤Á‡¦¸¥—…°Š »‡¨µ„¦­Î µœ´„‡°¤¡·ªÁ˜°¦rÄœ¤®µª·š¥µ¨´¥…°Š¦´“Á…˜„¦»ŠÁš¡¤®µœ‡¦hhhhhhhhhhhhhhhh <br />

‡»–­¤ ´˜·šµŠ„µ¥£µ¡Â¨³šµŠ„¨…°Š¢d¨r¤Å‡Ã˜Žµœš¸ÉÁ˜¦¸¥¤‹µ„„¦—°·œš¦¸¥rhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

‡»–­¤ ´˜·šµŠÁ‡¤¸„µ¥£µ¡Â¨³¦¸Ã°Ã¨‹¸…°ŠÂžjŠ…oµªÁ‹oµš¸ÉŸ¨·˜<br />

×¥„¦³ ªœ„µ¦Ã¤nÁže¥„¨³Ã¤n®oŠÄœ¦³—´ °»˜­µ®„¦¦¤hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

‡»–­¤ ´˜·›¦–¸Áš‡œ·‡…°Š—·œÁ®œ¸¥ª µŠ„°„Ÿ­¤Â¦n¥·žŽ´¤hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Á‡¦ºÉ°Š„„¨¼„Å„n¡¨´ŠŠµœÂ­Š°µš·˜¥rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Á‡¦ºÉ°Š­ž{˜Á˜°¦·ÉŠÂ —¸Ž¸Â¤„œ¸˜¦°œ<br />

Á¡ºÉ°Á‡¨º° ·ÊœŠµœš¸ÉÄ oš—­° Äœ„¨o°Š‹»¨š¦¦«œr°·Á¨È„˜¦°œÂ „ªµ—hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Á‡¦ºÉ°ŠÄ®o‡ªµ¤¦o°œÂ Á®œ¸É¥ªœÎ µ­Î µ®¦´ Šµœš» …¹Êœ¦¼žÃ¨®³<br />

×¥Ä o°·œÁª°¦rÁ˜°¦r®¨nŠ‹nµ¥„¦³Â­Á˜È¤ ¦·—‹rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

‹<br />

‹»—˜n°Ã‡¦Š­¦oµŠ¦³®ªnµŠ°Š‡r°µ‡µ¦Á®¨È„¨³°Š‡r °µ‡µ¦‡°œ„¦¸˜Á­¦·¤Á®¨È„hhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

Ž<br />

ÁŽÈœÁŽ°¦r‹µ„Á­oœÄ¥œÎ µÂ­Š­Î µ®¦´ ˜¦ª‹ª´—Å°…°Š­µ¦Á‡¤¸<br />

×¥Ä o®¨´„„µ¦Áž¨¸É¥œÂž¨Š‡nµ—´ œ¸®´„Á®…°ŠÂ­Šhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

˜<br />

Á˜µÁŸµÅ®¤oª°¦rÁš‡¢¨¼°·Å—ŽrÁ — 3DUW, Ÿ¨„¦³š …°Š°µ„µ«­nªœš¸É®œ¹ÉŠ˜n°­¤¦¦œ³Á˜µhhhhhhhhhhhhhhhhh<br />

Á˜µÁŸµÅ®¤oª°¦rÁš‡¢¨¼°·Å—ŽrÁ — 3DUW,,Ÿ¨„¦³š …°Š°µ„µ«­nªœš¸É­°Š˜n°­¤¦¦œ³Á˜µhhhhhhhhhhhhhhhhh<br />

Á˜µÁŸµÅ®¤oª°¦rÁš‡¢¨¼°·Å—ŽrÁ — ­°Š®o°ŠÁŸµÅ®¤o­Î µ®¦´ Á ºÊ°Á¡¨·ŠÂ„¨ hhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

š<br />

šµŠÁ¨º°„Ä®¤nÄœ„µ¦„Î µ‹´—űצÁ‹œÄœŠµœ®¨n°Ã¨®³Ÿ­¤°³¨¼¤·Áœ¸¥¤Ã—¥Ä o„pµŽ5Dhhhhhhhhhhhhhhhhhhhh<br />

Áš‡œ·‡„µ¦ž¦´ ‡nµ°¥nµŠ°´˜Ãœ¤´˜·…°Š„µ¦‡ª ‡»¤Â šÎ µŽÎÊ µÄœÁª¨µ‹¦·Šhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Áš‡œ·‡Ä®¤nÄœ„µ¦Ÿ¨·˜…oµªœ¹ÉŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

œ<br />

œÎÊ µž¨µŸŠ‹µ„„µ¦šÎ µÂ®oŠÄœ­£µ¡Â nÂ…ÈŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

7LWOHV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

œÎÊ µž¨µŸŠ‹µ„„µ¦° ®oŠÂ ¡nœ °¥hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ÂœªšµŠ„µ¦ž¦´ ž¦»Š‡»–£µ¡„µ¦ ¦·„µ¦…°Š¦Å¢¢jµ…œ­nŠ¤ª¨ œ„¦–¸«¹„¬µ¦Å¢¢jµ%76hhhhhhhhhhhhhhhh<br />

ÂœªšµŠ„µ¦¨—‡ªµ¤Ÿ´œÂž¦…°ŠœÎÊ µ®œ´„Å°«„¦¸¤Ã—¥Â¥„°Š‡rž¦³„° …°Š‡ªµ¤Ÿ´œÂž¦hhhhhhhhhhhhhhhhhhhh<br />

ÂœªšµŠ‡ªµ¤¦nª¤¤º°Äœ„µ¦ž¦³„° „µ¦…œ­nŠ­·œ‡oµ¦³®ªnµŠ£¼¤·£µ‡<br />

„¦–¸«¹„¬µ­µœ¸…œ­nŠ­·œ‡oµ‡¨°Š®¨ªŠ¡»š›¤–”¨Â¨³¦n¤Á„¨oµhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

šÁ¦¸¥œ‡°¤¡·ªÁ˜°¦r nª¥­°œÁ¦ºÉ°Š°·œ¢¦µÁ¦—­Áž„Ú¦­Ã‡žehhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

´¨¨µ­˜r°·Á¨È„š¦°œ·„­r¢¨¼°°Á¦­ÁŽœ˜r£µ‡Á—¸ ¥ªÂ Ä®¤nš¸É¤¸ž¦³­·š›·£µ¡­¼Š<br />

­ª·˜Žrš¸É¦Š—´ œ«¼œ¥r¨³GYGW¤¸‡nµ˜ÎÉ µÂ¦Š—´œÅ¢¢jµš¸É ´­˜ÎÉ µ œ“µœªŠ‹¦Âž¨ŠŸ´œ‡¨µ­—¸°¸hhhhhhhhhhhhhhhhhhh<br />

 ‹Î µ¨°ŠšµŠ‡–·˜«µ­˜¦r…°Š„µ¦Áž¨¸É¥œÂž¨Š°»–®£¼ ¤·Â¨³‡ªµ¤ ºÊœÄœÃ¦ŠÁ¦º°œÁ¨¸Ê¥ŠÅ„nhhhhhhhhhhhhhhhhhhhh<br />

 ‹Î µ¨°ŠÁ­¸¥Š¡ºÊœ“µœ…°Š¦¥œ˜r Äœž¦³Áš«Åš¥hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ž<br />

ž¦³­·š›·£µ¡…°Š„µ¦šÎ µ£µ¡¡·¤¡r¨µ¥œÎÊ µ—·‹·˜°¨Ã—¥Ä oÁ­¸¥Š¡¼—­Î µ®¦´ ª¸—¸š´«œrhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ž{‹‹´¥š¸ÉÁ„¸É¥ª…o °Š„´ ¡§˜·„¦¦¤„µ¦­¼ »®¦¸É…°Šœ´„«¹„¬µ<br />

¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ž{‹‹´¥š¸É­´¤¡´œ›r„´ ¡§˜·„¦¦¤„µ¦Ä o°·œÁš°¦rÁœÈ˜…°Šœ´ „«¹„¬µ<br />

«¼œ¥r„¨µŠ­µ ´œÁš‡ÃœÃ¨¥¸¦µ ¤Š‡¨hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ž{ ®µ‡ªµ¤ž¨°—£´¥…°Šœœš¸ÉÄ oÄœ„µ¦ž¦³ »¤Á°Áž‡š¸Éž¦³Áš«Åš¥hhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ž{ ®µ‡ªµ¤ž¨°—£´¥ ¦·Áª–šµŠÃ‡oŠ°´œ˜¦µ¥Äœž¦³Áš«Åš¥hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ž{ ®µÂ¨³°»ž­¦¦‡Äœ„µ¦šÎ µŠµœª·‹´¥…°Š°µ‹µ¦¥r¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦¸hhhhhhhhhhhhhhhhhhh<br />

Ÿ<br />

Ÿ¨„¦³š …°Š„µ¦Ä oÁoµnµœ®·œÂ®¨nŠÄœž¦·¤µ–­¼Š<br />

˜n°„Î µ¨´Š°´—¨³„µ¦˜oµœšµœ„¦—…°Š‡°œ„¦¸˜hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨„¦³š …°Š„·‹„¦¦¤œ´„«¹„¬µ˜n°Ÿ¨­´¤§š›·ÍšµŠ„µ¦Á¦¸¥œ<br />

…°Šœ´„«¹„¬µ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦ḩhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨„¦³š …°ŠÃ‡¦Š­¦oµŠ…°Šª´­—»˜n°‡nµ­´¤ž¦³­·š›·Í„µ¦Â¡¦n„¦³‹µ¥…°Š‡¨ºÉœÁ­¸¥Šhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨„¦³š …°ŠÁoµnµœ®·œ˜n°ž¦·¤µ˜¦Ã¡¦ŠÂ¨³ž’·„·¦·¥µž°ŽÃŽ¨µœÄœÁ¡­˜rhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨„¦³š …°Š°»–®£¼¤·Œ¸—š¸É¤¸˜n°„µ¦­´ Áž¨¸É¥œ‹´Š®ª³Œ¸—Á˜·¤Áž}œŒ¸—¥ÎÊ µhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨„¦³š ‹µ„‡ªµ¤¨³Á°¸¥—…°ŠÁoµnµœ®·œ<br />

˜n°‡ªµ¤‡Ššœ…°Š¤°¦r˜oµ¦r‹µ„„µ¦„´—„¦n°œ…°Š„¦—Ž´¨¢¼¦·‡Â¨³Ž´¨Á¢˜hhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨„¦³š —oµœ„µ¦‹¦µ‹¦‹µ„„µ¦¡´•œµÃ‡¦Š„µ¦Á¡ºÉ°„µ¦¡µ–· ¥r …œµ—Ä® nÄœÁ…˜„¦»ŠÁš¡¤®µœ‡¦hhhhhhhhhhhhh<br />

7LWOHV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

Ÿ¨„µ¦ž¦´ ­£µ¡ ¦¦¥µ„µ«˜n°‡»–£µ¡Â¨³°µ¥»„µ¦Á„È ¦´„¬µ…°Š®¤¼¥°hhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š„µ¦Á‡¨º° Ÿ·ª­o¤Ã „»œ—oª¥Å‡Ã˜Žµœ˜n°„µ¦Á„È ¦´„¬µhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š„µ¦Á‡¨º° ¡°¨·Åªœ·¨°´¨„°±°¨r œ„¦³—µ¬ œ·—˜nµŠÇ<br />

˜n°‡»–£µ¡Šµœ¡·¤¡r­¸…°Š¦³ ¡nœ®¤¹„hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š„µ¦Ä oŇØŽµœ˜n°„µ¦¨°„‡¦µ …°Š„»oŠ„»¨µ—Î µ 3HQDHXVPRQRGRQ)DEULFLXVhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š„µ¦Ä®o­Š˜n°„µ¦„Î µ‹´—°¤Ã¤Áœ¸¥Äœ n°Á¨¸Ê¥Š„»oŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š„µ¦°µ ¦´Š­¸˜n°‡»–­¤ ´˜·…°ŠÁ¡ ¦hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š‹´Š®ª³„µ¦Œ¸—Á ºÊ°Á¡¨·Š˜n°­¤¦¦œ³…°ŠÁ‡¦ºÉ°Š¥œ˜r—¸ÁŽ¨š¸ÉÄ oŠð—¸ÁŽ¨Ÿ­¤œ ÎÊ µ¤´œ—¸ÁŽ¨hhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š˜Î µÂ®œnŠ…°ŠÁ‡¦ºÉ°ŠÁ˜·¤°µ„µ«˜n°„µ¦„ªœŸ­¤Äœ n°Á¨¸Ê¥Š„»oŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š¦³¥³Áª¨µ„µ¦Á„È ¦´„¬µž¨µ˜µ®ªµœÄœœÎÊ µÂ…ÈŠ˜n°­¤ ´˜·…°ŠÃŽ¨Â¨³¨¼„ ·Êœž¨µhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š­£µª³„µ¦° ®oŠÁŸº°„˜n°‡»–­¤ ´˜·šµŠ„µ¥£µ¡Á‡¤¸<br />

¨³¦¸Ã°Ã¨‹¸…°ŠÂžjŠÁŸº°„š¸ÉÅ—o‹µ„„¦¦¤ª·›¸Ã¤n®oŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š­µ¦Á¡·É¤‡ªµ¤‡Š˜´ ª µŠ œ·—˜n°‡»–£µ¡œÎÊ µ„³š·Å…¤´œ­¼Š ¦¦‹»„¦³žl°Šhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿ¨…°Š­µ¦°´¨‡µ¨°¥—rÁ °¦rÁ °¦¸œ˜n°°Š‡rž¦³„° „¦—Å…¤´œÄœÁŽ¨¨rÁ¤¤Á ¦œ<br />

¨³Åš¨µ‡°¥—rÁ¤¤Á ¦œ…°Š­µ®¦nµ¥­Åž¦¼¨·œµ6SLUXOLQDVShhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ÁŸµÅ®¤oÁ ºÊ°Á¡¨·ŠÁ®¨ªÃ—¥®´ªÁŸµª´­—»¡¦»œ œ·—Ťn¤¸„µ¦Â˜„˜´ªÁž} œ¨³°°Š­Áž¦¥rhhhhhhhhhhhhhhhhhhhhhhhh<br />

Ÿœ£¼¤·‡ª ‡»¤‡»–£µ¡šµŠ­·˜·…°Š„¦³ ªœ„µ¦šµŠ­·˜·<br />

„¦–¸…o°¤¼¨Á„·—„¦³ ªœ„µ¦°°Ã˜¦¸Á„¦ŽŽ¸¢¤¼¢ª·ŠÂ°Áª°Á¦‹°´œ—´ $50$hhhhhhhhhhhhhhhhhhhh <br />

¡<br />

¡§˜·„¦¦¤„µ¦—¼—Ž´ ǦÁ¤¸¥¤9, œŸ·ª…°ŠÅššµÁœ¸¥¤Å—°°„ÅŽ—rhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¡§˜·„¦¦¤…°Š®¼ oµŠÁ®¨È„š¸É¥¹—˜·—„´ Á­µ‡°œ„¦¸˜Á­¦·¤Á®¨È„hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¡§˜·„¦¦¤—oµœÅ˜¦ °Ã¨¥¸…°ŠŸ·ª­´¤Ÿ´­¦³®ªnµŠÁ®¨È„šÎ µ¡·¤¡r¨³Á®¨È„„¨oµÅ¦o­œ·¤<br />

×¥„µ¦‹Î µ¨°Š„µ¦šÎ µŠµœ œÁ‡¦ºÉ°ŠÂ %DOORQGLVNhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¡§˜·„¦¦¤Á­µÁ…Ȥ—·œŽ¸ Á¤œ˜r¦´ ¦Š—oµœ…oµŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¡µ¦µ¤·Á˜°¦r…°ŠÂ¦ŠÁ­¸¥—šµœ¦³®ªnµŠš¦µ¥„´ “µœ¦µ„‡°œ„¦¸˜hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¢<br />

¢{Š„r ´œÁ¨¸¥¡¼œ°¢š¸É˜´ÊŠ˜µ¤¡ºÊœ“µœ„<br />

µ¨´Š­Î µ®¦´ ‡ª ‡»¤Á­¸¥¦£µ¡…°ŠÁ‡¦ºÉ°Š ·œhhhhhhhhhhhhhhhhhhhhhhhh<br />

¦<br />

¦³—´ Á­¸¥Š°oµŠ°·Š…°Š¦¥œ˜rÄœž¦³Áš«Åš¥Äœ­£µ¡„µ¦Å®¨Â Ťn˜n°ÁœºÉ°Šhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¦³ „µ¦ª´—‡ªµ¤¥µª—oª¥Áš‡œ·‡„µ¦ª´—Áª¨µ„µ¦Á—·œšµŠ…°ŠÂ­ŠÁ¨ÁŽ°¦r¡´¨­r­´Êœhhhhhhhhhhhhhhhhhhhhhhhhh<br />

7LWOHV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

¦³ ¦·®µ¦‹´—„µ¦­·ÉŠÂª—¨o°¤‡ªµ¤ž¨°—£´¥£µ¥Äœ¤®µª·š¥µ¨´¥<br />

„¦–¸«¹„¬µ¤®µª·š¥µ¨´¥Áš‡ÃœÃ¨¥¸¡¦³‹°¤Á„¨oµ›œ »¦ḩhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¦³ ž¦³‹»Â ˜Á˜°¦¸ÉÂ Ä o¡¨´ŠŠµœ‹µ„Áš°¦rä°·Á¨È„˜¦·„hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¦³ Ÿ¨·˜œÎÊ µ¦o°œÄ o£µ¥Äœ oµœÂ Ä®¤n×¥Ä o¡¨´ŠŠµœÂ­Š°µš·˜¥r<br />

¦nª¤„´ ‡ªµ¤¦o°œš·ÊŠ‹µ„¦³ ž¦´ °µ„µ«š¸ÉÄ oÁš°¦rä°·Á¨È„š¦· „hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¦³ ­Î µ®¦´ „µ¦ Î µ¦»Š¦´„¬µ¦µª„´œ°´œ˜¦µ¥Â¨³Å¢¢jµ­n°Š­ªnµŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¦¼žÂ „µ¦„¦³‹µ¥˜´ª…°Šž¦·¤µ– œ˜µ¤ nªŠÁª¨µ„µ¦˜„Äœ¡ºÊœš¸É<br />

¨» n¤œÎÊ µ£µ‡„¨µŠ£µ‡˜³ª´œ˜„¨³£µ‡Ä˜o…°Šž¦³Áš«Åš¥hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

¨<br />

¨´„¬–³ÁŒ¡µ³Äœš§¬‘¸ š®¨´„¤¼¨ šš¸É®œ¹ÉŠ…°ŠÁœªµœ¨· œœµhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ª<br />

ªŠ‹¦Â„o‡nµ˜´ªž¦³„° „Î µ¨´Š œ¡ºÊœ“µœ…°ŠªŠ‹¦š ¦³—´<br />

œ·—¡µ­Ž¸¢Ž°¢˜m­ª·˜ ·ÉŠš¸É Ä õ ´ªÁ®œ¸É¥ªœÎ µ¦nª¤„´œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ªŠ‹¦°´—ž¦³‹»Â ˜Á˜°¦¸É°¥nµŠŠnµ¥š¸ÉÄ o®¨´„„µ¦…°Š0337­Î µ®¦´ ¦³ ÁŽ¨¨r­Š°µš·˜¥rhhhhhhhhhhhhhhhhhhh<br />

ª·›¸š¸É¦ª—Á¦È ª­Î µ®¦´ „µ¦ª·Á‡¦µ³®r®µž¦·¤µ–°¨„°±°¨rÄœ…oµª®¤µ„<br />

×¥Ä oÁš‡œ·‡Á±—­ÁžŽÂ„p­Ã‡¦¤µÃ˜„¦µ¢ehhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ª·Á‡¦µ³®rž¦³­·š›·£µ¡„µ¦žj°Š„´œ„µ¦¦´Éª…°Šž³Á„Èœ—oª¥‡°¤¡·ªÁ˜°¦r˜°œš¸É<br />

£µ¥Ä˜o„µ¦š—­° „µ¦¦´ÉªÁœºÉ°Š‹µ„Å—o¦´ ‡ªµ¤—´œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ª·›¸„µ¦‡Î µœª–„¦µ¢®œ¹ÉŠ®œnª¥œÎÊ µšnµÃ—¥ª·›¸Á ­rÁŽ¸¥œhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

ÁªÈ ÅŽ˜ršµŠ„µ¦«¹„¬µª· µ„µ¦­Î µ¦ª‹Á¦ºÉ°ŠŠµœªŠ¦° hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

«<br />

«´„¥£µ¡„µ¦Ÿ¨·˜Å¢¢jµÂ¨³‡ªµ¤¦o°œ¦nª¤ÄœÃ¦Š­¸…oµªœ¹ÉŠhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

«¹„¬µ‡ªµ¤Áž}œÅžÅ—oÄœ„µ¦Ä o˜´ª¦´ ¦´Š­¸Â­Š°µš·˜¥r šn°­» µ„µ«<br />

­Î µ®¦´ Ÿ¨·˜‡ªµ¤¦o°œÄœ¦³ šÎ µ‡ªµ¤Á¥ÈœÂ —¼—Ž´ hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­<br />

­µœ£µ¡Â¨³ÂœªšµŠ„µ¦ª·‹´¥¡¨´ŠŠµœ¤ª¨ ¸ª£µ¡Äœž¦³Áš«Åš¥hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­£µ¡ž{ ®µÂ¨³‡ªµ¤˜o°Š„µ¦Äœ„µ¦Ä o°·œÁš°¦rÁœÈ˜…°Š›»¦„·‹Ã¦Š¡·¤¡rÄœÁ…˜„¦»ŠÁš¡¤®µœ‡¦hhhhhhhhhhhhhhhh<br />

­¤„µ¦‹¨«µ­˜¦r„µ¦° ®oŠ…oµªÁ®œ¸¥ªœ¹ÉŠ­»„—oª¥Å°œÎÊ µ¦o°œ¥ª—¥·ÉŠÂ¨³°µ„µ«¦o°œhhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤„µ¦­®­´¤¡´œ›rÁ ·Š£¼¤·£µ‡Á¡ºÉ°ž¦³Á¤·œ°´ ˜¦µ„µ¦Å®¨­¼Š­»—<br />

­Î µ®¦´ ¨»n¤œÎÊ µ£µ‡Á®œº°…°Šž¦³Áš«Åš¥hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤—»¨­·˜…°ŠÁ‡Á ·¨­µ¤¤·˜·Ä˜oš³Á¨Äœ¡·„´—š¦Š„¦³ °„hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤ ´˜·‡ªµ¤Áž}œŒœªœ‡ªµ¤¦o°œ…°ŠÁ­oœÄ¥ž°Â„oªhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

7LWOHV,QGH[


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

­¤¦¦œ³…°ŠÂŸnœ­µ¦—¼—‡ªµ¤ ºÊœ­Î µ®¦´ „µ¦¨—£µ¦³‡ªµ¤¦o°œš¸ÉŸnµœ®¨´Š‡µhhhhhhhhhhhhhhhhhhhhhhhhh<br />

­¤¦¦œ³Â¨³¤¨¡·¬‹µ„Á‡¦ºÉ°Š¥œ˜rŽ¸Å°š¸ÉÄ oœÎÊ µ¤´œÁ°­Áš°¦rŸ­¤Áž}œÁ ºÊ°Á¡¨·Šhhhhhhhhhhhhhhhhhhhhhhhh<br />

­ª·˜ ·ŠÁ¡µÁª°¦rŽ´¡¡¨µ¥­Î µ®¦´ „µ¦Á‡¨º° ­µ¦Â ­ž{˜Á˜°¦·Šhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

®<br />

®o°Š¨°ŠÁ­ºÊ°­œ´ ­œ»œ„µ¦˜´—­·œÄ‹Äœ„µ¦ŽºÊ°­·œ‡oµhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

®» nœ¥œ˜rž¨µhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

®» nœ¥œ˜r­Î µ¦ª‹‡ªµ¤®œµ…°Š´Š ¦¦‹»œÎÊ µ¤´œždئÁ¨¸¥¤hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

°·Á¨È„š¦°œ· „­r­Î µ®¦´ š—­° Á‡¦ºÉ°Š‹nµ¥„¦³Â­Å¢¢jµ˜n °ÁœºÉ°Š œ·—‡ºœ¡¨´ŠŠµœ„¨´ ­¼n¦³ hhhhhhhhhhhhhh<br />

°<br />

°Š‡rž¦³„° š¸É—¹Š—¼ —Ÿ¼oÁ¦¸¥œÄ®oÄ o¦³ „µ¦Á¦¸¥œŸnµœÁªÈ hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

°Š‡rž¦³„° š¸É¤¸‡ªµ¤­´ ¤¡´œ›r„´ „µ¦¥°¤¦´ Ÿ¼o­Î µÁ¦È‹„µ¦«¹„¬µ®¨´„­¼˜¦ž¦³„µ«œ¸¥ ´˜¦ª· µ ¸¡ ´Êœ­¼Š<br />

­µ…µª· µ nµŠÁš‡œ·‡„µ¦Ÿ¨·˜­´Š„´—ª·š¥µ¨´¥Áš‡œ·‡„¦¤°µ ¸ª«¹„¬µhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

°Š‡rž¦³„° ¨³„µ¦Ä oŠµœÁ‡¦ºÉ°Š¨Š‡³ÂœœÁ¨º°„˜´Ê Š…°Šž¦³Áš«Åš¥hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

°´¨‡µÅ¨œrÞ¦˜¸Á°­‹µ„DONDORWROHUDQW%DFLOOXVVS%¨³„µ¦œÎ µÅžÄ oÄœ­µ¦Ž´„¨oµŠhhhhhhhhhhhhhhhhhhhhh<br />

°·š›·¡¨…°Š„µ¦„¦³‹µ¥…œµ—¦¼¡¦»œš¸É¤¸˜n °„µ¦Á‡¨ºÉ°œš¸É…°ŠœÎÊ µÄœª´­—»¦¼¡¦»œhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

°·š›·¡¨…°Š„µ¦­¹„®¦°ÄœŠµœÂ¤n¡·¤¡r˜´—š¸É¤¸Ÿ¨˜n°‡»–£µ¡ ·ÊœŠµœhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

°·š›·¡¨…°Š„µ¦Ä®ož»l¥š¸É¤¸˜n°„µ¦Á‹¦· Á˜· ب³Ÿ¨Ÿ¨·˜…°Š­˜¦°Á °¦¸Éhhhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

°·š›·¡¨…°Š˜´ªÂž¦˜nµŠÇÄœ„µ¦˜´—Ťo¥µŠ¡µ¦µÃ—¥Ä oÄ ¤¸—š´Š­Á˜œ‡µ¦rÅ —rhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

°·š›·¡¨…°Šž{‹‹´¥šµŠ„µ¥£µ¡š¸É¤¸˜n°‡ªµ¤¦¼o­¹„šµŠ‡ªµ¤¦o°œ<br />

…°Š‡œÅš¥Äœ­£µ¡Âª—¨o°¤Â ­Î µœ´„Šµœhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

°»ž„¦–rÁ­¦·¤ž¦³­·š›·£µ¡—oµœ‡ªµ¤¥º—®¥»nœ…°Š¦nµŠ„µ¥­Î µ®¦´ Ÿ¼o­¼Š°µ¥»hhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

±<br />

Á±—­ÁžŽÂ„p­Ã‡¦¤µÃ˜„¦µ¢eÁš‡œ·‡­³°µ—­Î µ®¦´ „µ¦ª·Á‡¦µ³®r<br />

­µ¦%7(;ÄœœÎÊ µš·ÊŠ‹µ„°»˜­µ®„¦¦¤hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

$<br />

$&$6(678'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

$&216758&7,21&20387(5$66,67(',16758&7,213$&.$*(<br />

)257(&+1,48(2)*5$3+,&'(6,*1hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

$&216758&7,21&20387(5$66,67(',16758&7,213$&.$*(<br />

)25',*,7$/&$0(5$hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

$'4$;,6&855(17&21752/7(&+1,48()25<br />

)$6775$16,(175(63216(6,19(&725&21752//('<br />

'5,9(2)3(50$1(170$*1(76


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

$397(32:(5*(1(5$725)25$60$//&$57)22'67$//hhhhhhhhhhhhhhhhhhhh<br />

$5(62/9(5%$6('9(&725&21752/'5,9(2)3(50$1(170$*1(7<br />

6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

,55$',$1&(35(',&7,21,17+$,/$1'hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

$1$66(660(172)7+(&267())(&7,9(1(662)$'60352*5$0,1<br />

7+(6287+(513$572)7+$,/$1'hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

$1()),&,(1708/7,3/(+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

$1$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

&$5%21,=$7,21&+$5$&7(5,67,&62)7+$,$*5,&8/785$/5(6,'8(6hhhhhhhhhhhhhhhhhh<br />

&$7$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

:$7(586(',17+(%/$&.7,*(56+5,03)$50,1*hhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

&203$5,6212)&$'0,80837$.(%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

'(&2/25,=$7,212)/2:92/80(&2/25(':$67(:$7(5hhhhhhhhhhhhhhhhhhhhhhhh<br />

'(&2/25,=$7,212)02/$66(6:$67(:$7(5%<<br />

$675$,112%32)$&(72*(1,&%$&7(5,$hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

'(&2/25,=$7,212)02/$66(6:$67(:$7(5%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

'+(;26$0,1$7(352'8&7,21%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

+(55,1*%21(:$9


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

())(&762)&5266/,1.,1*$*(176'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

&$6(678'


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

(;3(5,0(17$/,19(67,*$7,212)3(5)250$1&(2)<br />

$08/7,385326(396/$7(:,1'2:hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

(;3(5,0(17$/,19(67,*$7,2121,&(21&2,/<br />

7+(50$/(1(5*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

)/2:5(*,0(6$1'(1(5*


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

$33/,('&+(0,&$//$%25$725


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

,1)/8(1&(2)0(7+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

6+5(''('58%%(57,5(6$1'0,;785(6hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

/$660$7(6$1'7($&+(5$6&2168/7$17652/(<br />

&+$1*,1*)25%(77(581'(567$1',1*hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

/($'5(029$/,1:$67(:$7(5%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

0(7+$1(67($05()250,1*3(5)250$1&(21<br />

6(/(&7,9(+


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

1<br />

1$12&5


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

2;


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

327(17,$/&2175,%87,2162)5(*(1(5$7,9(<br />

)8(/&(//6723+27292/7$,&6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

48$17,=$7,21(55256,1',*,7$/02725&21752/6


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

(/(&75,&6833/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

86,1*3$57,$/(0%('',1*$1'5('8&(''


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

86,1*+,''(10$5.2902'(/6hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

7+($33/,&$7,212)$'$37,9(0(6+727+(180(5,&$/<br />

)25(&$67,1*2)7523,&$/6725075$&.hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

7+(%$0%225(6($5&+&20%,1$7,212)<br />

7:29(51$&8/$50(7+2'2/2*,(6hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh <br />

7+(&283/('5$',$/$;,$/'()250$7,216<br />

$1$/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

7+(352727


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

&217,1828667,55('7$1.5($&7256hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

75($70(172)&+520,80&217$0,1$7('<br />

:$67(:$7(5%


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

87,/,=$7,212)&+,726$1)253$&,),&<br />

:+,7(6+5,03/LWRSHQDHXVYDQQDPHL&8/785(,17+$,/$1'hhhhhhhhhhhhhhhhhhhhhhhhhhh<br />

87,/,=$7,212)(;&(66$&7,9$7('6/8'*($1'<br />

)(50(17(':$67(:$7(5$65$:0$7(5,$/,1<br />

%,2'(*5$'$%/(3/$67,&352'8&7,21(&2120,&&216,'(5$7,21hhhhhhhhhhhhhhhhhh<br />

87,/,=$7,212))22':$67($1'&2&2187+86.<br />

)25,17(50,77(17/


.0877$QQXDO5HVHDUFK$EVWUDFWV<br />

<br />

.087765(6($5&+3$3(56<br />

5(6($5&+3$3(56<br />

25*$1,=$7,216<br />

-2851$/6 &21)(5(1&(6<br />

,17(51$7,21$/<br />

5(*,21$/<br />

1$7,21$/ ,17(51$7,21$/ 1$7,21$/<br />

)DFXOW\RI(QJLQHHULQJ <br />

)DFXOW\RI6FLHQFH <br />

)DFXOW\RI,QGXVWULDO(GXFDWLRQ <br />

6FKRRORI(QHUJ\DQG0DWHULDOV <br />

6FKRRORI,QIRUPDWLRQ7HFKQRORJ\ <br />

6FKRRORI /LEHUDO$UWV <br />

6FKRRORI $UFKLWHFWXUH <br />

6FKRRORI%LRUHVRXUFHVDQG7HFKQRORJ\ <br />

6FKRRORI%LRUHVRXUFHVDQG7HFKQRORJ\<br />

3LORW3ODQW'HYHORSPHQWDQG7UDLQLQJ,QVWLWXWH<br />

,QVWLWXWHIRU6FLHQWLILFDQG7HFKQRORJLFDO5HVHDUFKDQG<br />

6HUYLFHV,6756<br />

<br />

<br />

,QVWLWXWHRI)LHOGUR%RWLFV <br />

3LORW3ODQW'HYHORSPHQWDQG7UDLQLQJ,QVWLWXWH3'7, <br />

7KH-RLQW*UDGXDWH6FKRRORI(QHUJ\DQG(QYLURQPHQW<br />

-*6((<br />

<br />

727$/ <br />

*5$1'727$/ <br />

$VRI<br />

$SSHQGL[

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!