6+257ꢆꢆ
&20081,&$7,216ꢆ
.HWRQHꢀ2ꢀꢁꢂꢃꢄꢃꢄꢀ7ULPHWK\OꢀꢅꢃꢄꢀGLK\GURꢀꢆ
ꢇ+ꢀS\UD]ROꢀꢇꢀ\OPHWK\OꢈR[LPHVꢆ
ꢆ%ꢉꢆ)ꢉꢆ.XNKDUHYꢃꢆꢆ9ꢉꢆ.ꢉꢆ6WDQNHYLFKꢃꢆꢆ(ꢉꢆ.Kꢉꢆ6DG\NRYꢃꢆꢆ1ꢉꢆ$ꢉꢆ/REDQRYDꢃꢆꢆDQGꢆꢆ9ꢉꢆ$ꢉꢆ.XNKDUHYDꢆ
)DYRUVNLL ,UNXWVN ,QVWLWXWH RI &KHPLVWU\ꢀ 6LEHULDQ 'LYLVLRQꢀ 5XVVLDQ $FDGHP\ RI 6FLHQFHVꢀ
XOꢁ )DYRUVNRJR ꢂꢀ ,UNXWVNꢀ ꢃꢃꢄꢅꢆꢆ 5XVVLD
HꢇPDLOꢈ LUNBLQVWBFKHP#LULRFKꢁLUNꢁUX
5HFHLYHGꢄ)HEUXDU\ꢄꢅꢂꢆꢄꢅꢁꢁꢇꢄ
'2,ꢊꢄꢀꢁꢈꢀꢀꢊꢋꢒ6ꢀꢁꢃꢁꢋꢅꢂꢁꢁꢏꢁꢃꢁꢅꢐꢊꢄ
/LNHꢄFRPPRQꢄDOFRKROVꢆꢄNHWRQHꢄR[LPHVꢄDUHꢄFDSDEOHꢄ
RIꢄ IRUPLQJꢄ PL[HGꢄ DQGꢄ V\PPHWULFꢄ DFHWDOVꢄ >ꢀ@ꢈꢄ :LWKꢄꢄ DEVRUSWLRQꢄEDQGVꢄLQꢄWKHꢄUHJLRQVꢄꢀꢏꢀꢇ±ꢀꢏꢋꢁꢄDQGꢄꢀꢏꢅꢁ±
Dꢄ YLHZꢄ WRꢄ REWDLQꢄ SRWHQWLDOꢄ ELRORJLFDOO\ꢄ DFWLYHꢄ FRPꢉ ꢀꢏꢏꢇꢄFP ꢄGXHꢄWRꢄVWUHWFKLQJꢄYLEUDWLRQVꢄRIꢄWKHꢄGLK\GURꢉ
SRXQGVꢆꢄZHꢄPDGHꢄDQꢄDWWHPSWꢄWRꢄV\QWKHVL]HꢄR[LPHꢄ S\UD]ROHꢄDQGꢄR[LPHꢄ& 1ꢄERQGVꢆꢄUHVSHFWLYHO\ꢈꢄ1Rꢄ
7KHꢄ ,5ꢄ VSHFWUDꢄ RIꢄ FRPSRXQGVꢄ ,D±,Fꢄ FRQWDLQHGꢄ
HWKHUVꢄ,D±,FꢄIURPꢄNHWRQHꢄR[LPHVꢄ,,D±,,FꢄDQGꢄꢊꢆꢇꢆꢇꢉWULꢉ
PHWK\OꢉꢋꢆꢇꢉGLK\GURꢉꢀ+ꢉS\UD]ROHꢄ ꢌ,,,ꢍꢈꢄ 7KHꢄ UHDFWLRQVꢄ
RIꢄNHWRQHꢄR[LPHVꢄ,,D±,,FꢄZLWKꢄGLK\GURS\UD]ROHꢄ,,,ꢄDQGꢄ
SDUDIRUPDOGHK\GHꢄZHUHꢄFDUULHGꢄRXWꢄE\ꢄKHDWLQJꢄDQꢄHTXLꢉ
PRODUꢄPL[WXUHꢄRIꢄWKHꢄUHDFWDQWVꢄLQꢄERLOLQJꢄEHQ]HQHꢄZLWKꢄ
VLPXOWDQHRXVꢄUHPRYDOꢄRIꢄZDWHUꢄE\ꢄD]HRWURSLFꢄGLVWLOODꢉ
WLRQꢎꢄWKHꢄSURGXFWVꢄZHUHꢄLVRODWHGꢄE\ꢄVXEVHTXHQWꢄYDFXXPꢄ
GLVWLOODWLRQꢈꢄ7KHꢄ\LHOGVꢄRIꢄR[LPHꢄHWKHUVꢄ,D±,FꢄZHUHꢄQRWꢄ
KLJKꢄꢌꢊꢏ±ꢇꢋ2ꢍꢆꢄZKLOHꢄWKHꢄPDLQꢄE\ꢉSURGXFWꢄZDVꢄV\Pꢉ
PHWULFꢄ DPLQDOꢄ ,9ꢈꢄ ,Qꢄ DOOꢄ FDVHVꢆꢄ WKHꢄ \LHOGꢄ RIꢄ WKHꢄODWWHUꢄ
UDQJHGꢄIURPꢄꢅꢁꢄWRꢄꢊꢁ2ꢈꢄ
DPLQRꢄRUꢄK\GUR[\ꢄJURXSꢄDEVRUSWLRQꢄZDVꢄREVHUYHGꢄLQꢄ
WKHꢄUHJLRQꢄꢊꢅꢁꢁ±ꢊꢇꢁꢁꢄFP ꢈꢄꢄ
&RPSRXQGVꢄ,D±,FꢄVKRZHGꢄLQꢄWKHꢄ +ꢄ105ꢄVSHFWUDꢄꢄ
Dꢄ VLQJOHWꢄDWꢄ ꢄ ꢇꢈꢀꢀ±ꢇꢈꢊꢊꢄSSPꢄ GXHꢄ WRꢄ SURWRQVꢄ RIꢄ WKHꢄ
PHWK\OHQHꢄJURXSꢄꢌ1&+ 21ꢍꢈꢄ,QꢄDGGLWLRQꢆꢄVLJQDOVꢄIURPꢄ
SURWRQVꢄ LQꢄ WKHꢄ S\UD]ROHꢄ DQGꢄ R[LPHꢄ IUDJPHQWVꢄ ZHUHꢄ
SUHVHQWꢈꢄ-XGJLQJꢄE\ꢄWKHꢄ +ꢄ105ꢄGDWDꢆꢄR[LPHꢄHWKHUꢄ,Fꢄ
ZDVꢄIRUPHGꢄDVꢄDꢄVLQJOHꢄLVRPHUꢈꢄ7DNLQJꢄLQWRꢄDFFRXQWꢄWKHꢄ
FKHPLFDOꢄVKLIWꢄRIꢄWKHꢄPHWK\OꢄSURWRQVꢄLQꢄWKHꢄDFHWRSKHQꢉ
RQHꢄIUDJPHQWꢄꢌ ꢄꢅꢈꢅꢀꢄSSPꢍꢄDQGꢄSXEOLVKHGꢄGDWDꢄIRUꢄYDULꢉ
RXVꢄDFHWRSKHQRQHꢄR[LPHꢄGHULYDWLYHVꢄ>ꢅ@ꢆꢄFRPSRXQGꢄ,Fꢄ
LVꢄ(ꢄLVRPHUꢈꢄ
*HQHUDOꢆ SURFHGXUHꢆ IRUꢆ WKHꢆ V\QWKHVLVꢆ RIꢆ NHWRQHꢆꢆ
2ꢀꢁꢂꢃꢄꢃꢄꢀWULPHWK\OꢀꢅꢃꢄꢀGLK\GURꢀꢇ+ꢀS\UD]ROꢀꢇꢀ\Oꢀ
PHWK\OꢈR[LPHVꢆ ,D±,Fꢉꢄ$ꢄPL[WXUHꢄRIꢄꢁꢈꢀꢄPROꢄRIꢄFRPꢉ
SRXQGꢄ,,,ꢆꢄ ꢁꢈꢀꢄ PROꢄ RIꢄ NHWRQHꢄ R[LPHꢄ,,D±,,FꢆꢄDQGꢄꢄ
ꢁꢈꢀꢄPROꢄRIꢄSDUDIRUPDOGHK\GHꢄLQꢄꢀꢁꢁꢄPOꢄRIꢄEHQ]HQHꢄZDVꢄ
KHDWHGꢄXQGHUꢄUHIOX[ꢄLQꢄDꢄIODVNꢄHTXLSSHGꢄZLWKꢄDꢄ'HDQ±
6WDUNꢄWUDSꢄXQWLOꢄZDWHUꢄQRꢄORQJHUꢄVHSDUDWHGꢈꢄ7KHꢄVROYHQWꢄ
ZDVꢄGLVWLOOHGꢄRIIꢆꢄDQGꢄWKHꢄUHVLGXHꢄZDVꢄGLVWLOOHGꢄXQGHUꢄ
UHGXFHGꢄSUHVVXUHꢄWRꢄLVRODWHꢄFRPSRXQGVꢄ,D±,FꢄDQGꢄ,9ꢈꢄ
$FHWRQHꢆ2ꢀꢁꢂꢃꢄꢃꢄꢀWULPHWK\OꢀꢅꢃꢄꢀGLK\GURꢀꢇ+ꢀS\Uꢀ
D]ROꢀꢇꢀ\OPHWK\OꢈR[LPHꢆꢁ,Dꢈꢉꢄ<LHOGꢄꢊꢏ2ꢆꢄ ESꢄ ꢀꢅꢅ±ꢄ
ꢀꢅꢇ&ꢄꢌꢀꢋꢄPPꢍꢆꢄG ꢄ ꢄꢀꢈꢁꢁꢁꢆꢄQ ꢄ ꢄꢀꢈꢋꢃꢇꢐꢈꢄ,5ꢄVSHFꢉ
WUXPꢆꢄ ꢆꢄFP ꢑꢄꢋꢏꢇꢆꢄꢇꢇꢁꢆꢄꢏꢁꢁꢆꢄꢏꢏꢁꢆꢄꢃꢅꢁꢆꢄꢂꢁꢇꢆꢄꢐꢊꢁꢆꢄꢀꢁꢇꢁꢆꢄ
ꢀꢁꢐꢁꢆꢄꢀꢀꢊꢁꢆꢄꢀꢀꢀꢇꢆꢄꢀꢅꢅꢁꢆꢄꢀꢅꢇꢁꢆꢄꢀꢊꢅꢁꢆꢄꢀꢊꢇꢁꢆꢄꢀꢊꢃꢇꢆꢄꢀꢋꢅꢁꢆꢄ
ꢀꢋꢇꢁꢆꢄꢀꢏꢀꢇꢆꢄꢀꢏꢏꢇꢆꢄꢅꢐꢊꢁꢆꢄꢅꢐꢏꢁꢈꢄ +ꢄ105ꢄVSHFWUXPꢆꢄ ꢆꢄ
SSPꢑꢄꢀꢈꢅꢅꢄVꢄꢌꢏ+ꢆꢄ&0H ꢍꢆꢄꢀꢈꢂꢀꢄVꢄꢌꢊ+ꢆꢄ1 &0HꢍꢆꢄꢀꢈꢂꢋꢄVꢄ
DQGꢄꢀꢈꢐꢁꢄVꢄꢌꢊ+ꢄHDFKꢆꢄ0H & 12ꢍꢆꢄꢅꢈꢋꢃꢄVꢄꢌꢅ+ꢆꢄ&&+ &ꢍꢆꢄ
ꢇꢈꢀꢀꢄVꢄꢌꢅ+ꢆꢄ1&+ 2ꢍꢈꢄ)RXQGꢆꢄ2ꢑꢄ&ꢄꢏꢁꢈꢂꢂꢎꢄ+ꢄꢀꢁꢈꢁꢊꢎꢄꢄ
5ꢄ ꢄ5ꢓꢄ ꢄ0HꢄꢌDꢍꢎꢄ55ꢓꢄ ꢄꢌ&+ ꢍ ꢄꢌEꢍꢎꢄ5ꢄ ꢄ0Hꢆꢄ5ꢓꢄ ꢄ3KꢄꢌFꢍꢈꢄ
ꢀꢁꢂꢃꢄ