0HX YHOLNLP EURMHP UD]OL LWLK GRGDWDND NRML VX SR WUHEQL 39&²X ]D QMHJRYX XVSHåQX SUHUDGX ]QD DMQR PHVWR ]DX]LPD VNXS SRVHEQLK GRGDWDND SRG ]DMHGQL NLP QD]LYRP SXQLOD
3RG SRMPRP SXQLOD X WHKQRORJLML SUHUDGH 39&²D SRGUD]XPHYDMX VH XJODYQRP YUOR MHIWLQL QHRUJDQVNL PD WHULMDOL L] HJD SURL]LOD]L L QMLKRY SUYL ]DGDWDN D WR MH VQL çHQMH FHQH NRåWDQMD VYHXNXSQH PHåDYLQH RGQRVQR JRWRYRJ SURL]YRGD[]
0LQHUDOQD SXQLOD PHX NRMH VSDGD L &D&2 VYRMX QDMYHþX SULPHQX QDOD]H XSUDYR X LQGXVWULML WHUPRSODVWL QLK PDVD D SRVHEQR NRG 39&²D JGH VH QDMYLåH L NR ULVWH
,QGXVWULMD ]D SURL]YRGQMX 39&²D SRVWDYOMD RGUHH QH ]DKWHYH ]D NYDOLWHWRP NRML YDçH ]D VYD SXQLOD SD WDNR L ]D &D&2 D WR VX
² SXQLOR PRUD EH] LNDNYLK SURPHQD GD L]GUçL WHP SHUDWXUX SULWLVDN PHKDQL NR QDSUH]DQMH L VYH RVWDOH XVORYH NRML SUDWH SUHUDGX 39&²D
² SXQLOR WUHED GD VH RGOLNXMH ODNRþRP GLVSHU]LMH VYRMLK HVWLFD
² WUHED GD EXGX EHOD EH] QH LVWRþD L VWUDQLK PD WHULMD
² QH VPHMX GD GHOXMX DEUD]LYQR ² QH VPHMX GD LPDMX YLåH RG YODJH
² LDNR VX SXQLOD ]D 39& QHDNWLYQD SRWUHEQR MH LSDN QDJODVLWL SRWUHEX ]D QMLKRYRP LQHUWQRåþX L NRPSDWL ELOQRåþX VD VYLP GRGDFLPD SULVXWQLP X VPHVL
² &D&2 NDR L RVWDOD QHRUJDQVND SXQLOD GRGDMX VH 39&²X XYHN X IRUPL ILQRJ VXYRJ SUDKD L WR X ID]L PH åDQMD 39&²D VD VYLP RVWDOLP GRGDFLPD VD FLOMHP åWR EROMH L SRWSXQLMH KRPRJHQL]DFLMH[]
2SUDYGDQRVW XSRWUHEH NDUERQDWQLK VWHQD NDR SX QLRFD OHçL X QMLKRYRM YHOLNRM UDVSURWUDQMHQRVWL X SRYUåLQ
VNRP SULVWXSD QRP GHOX ]HPOMLQH NRUH RELPX SRMDYD L UHODWLYQRM ODNRþL VSUDåLYDQMD[]
=DKWHYL SUHUDLYD NH LQGXVWULMH ]D RGUHHQLP NDU ERQDWQLP SXQLOLPD XWLFDOL VX QD WUDçHQMH ODERUDWRULMVNRJ UHåHQMD SUREOHPD REUDGH ILQR PLNURQL]LUDQLK NDUERQDWQLK SXQLOD VD PDVQLP NLVHOLQDPD L QMLKRYLP VROLPD
1DMQRYLML SUDYFL UD]YRMD XVPHUHQL VX ND VYH YHþRM SULPHQL SRYUåLQVNL REUDHQLK NUH QMDND RGQRVQR DNWLYL UDQLK NUH QMDND 1DM HåþH VH ]D DNWLYDFLMX NRULVWH UD]OL L WH NDOFLMXPRYH VROL PDVQLK NLVHOLQD UD]OL LWD XOMD D RG VYLK VH QDMYLåH NRULVWH &D²VWHDUDWL 3RVWXSNRP KHPLVRU SFLMH QD SRYUåLQL VYDNH HVWLFH SXQLOD VWYDUD VH PRQR PROHNXODUQL ILOP VWHDUDWD L WDNR KHPLMVNL YH]DQ SRVWDMH VDVWDYQL GHR VYDNH HVWLFH .ROL LQD RYDNR XSRWUHEOMH QRJ &D²VWHDUDWD NUHþH VH X JUDQLFDPD ²[]
,QWHUDNFLMD L]PHX MRQD NDOFLMXPD L VXVHGQRJ DWR PD NLVHRQLND NRML SULSDGD NDUERQDWQRP MRQX HOHNWURV WDWL NH MH SULURGH D L]PHX GYD DWRPD SRVWRML UHODWLYQR PDOD HOHNWURQVND JXVWLQD -HGQD RG SRVOHGLFD RYDNYLK HQHUJHWVNLK RGQRVD X NULVWDOX MH L VWYDUDQMH VWDELOQLK NRPSOHNVD [] .DG VH XSRWUHEL NDR SXQLOR NUH QMDN ]ERJ RYDNYH VWUXNWXUH GDMH SRVHEQH X LQNH SUL GLV SHU]LML
+HPLMVND RVRELQD &D&2MH GD VH UDVWYDUD X NLVHOL QDPD åWR QHSRYROMQR XWL H QD QMHJRYX åLUX XSRWUHEX 2VHWOMLYRVW QD NLVHOLQH XSUDYR VH VPDQMXMH SRYUåLQVNRP REUDGRP HVWLFD SUL HPX VH GRELMD L L]UD]LWR GREUD GLV SHU]LMD X RGUHHQRP VLVWHPX [] 2VLP WRJD DNWLYLUD QMHP NUH QMDND SRVWLçX VH L VOHGHþL HIHNWL
² GRELMD VH L]UD]LWL KLGURIREQL NDUDNWHU NRML RGELMD YRGX L YODJX åWR MH SRVHEQR YDçQR ]D VYDNR SXQLOR
² SRYUåLQVNRP REUDGRP ]QDWQR VH VPDQMXMH DEUD ]LYQR GHMVWYR &D&2
² RYDNYD SXQLOD SRND]XMX EROMD UHRORåND VYRMVWYD YHþX RWSRUQRVW QD XGDUDF L EROMD HOHNWUL QD VYRMVWYD
² XSRWUHERP RYDNYH YUVWH SXQLOD GRELMD VH ]QDWQR NYDOLWHWQLMD SRYUåLQD JRWRYRJ SURL]YRGD V RE]LURP QD JODWNRVW VMDM L QMHJRY L]JOHG
!"# $!%$"" &&
!" !
# $ % &'( ) * +,' - % ) (
!" ##$$$ % & '
! " [#]$
% & ' & " ( () * " $ % & $
D +HPLMVNL VDVWDY
+ &" ( ( ) ,$
+ , &" ( ()
& ' .*.!
$
E 0LQHUDORåNL VDVWDY
/ " &" ( ( ) " * 0 1* 2 $ %- * 3$
4 5 * * * * * * $ 4 $ 6 0 1$ ) 0 .7!1* - * "- 0 1* 0 1$ & 0 1 $
F *UDQXORPHWULMVNL VDVWDY
8 ( ( ) 2 ,$
' "- $
! " # !$ !!$ %"!!
! "#
! "#
' ()*
µ '+ '+
," ! -" !, $ $
-, % $ " - %, % !!% # $" - %,$% ## %$ " -$%,#" ## #"" !" -#",%" "$# "#$ -%","$ $ -"$," " $ -", ! $! $$# -, ! $ $ "%$! $% - !, "$ %!% #!! - ,! $ $#"# ! %# -!, "#% "#%
Σ
!" #$%!"& ' (! )" *+(( , - (" # !)"& *+(( *
) *+(
6 0,+$-/29,ý L VDU 2%/2æ(1, .5(ÿ1-$. .$2 381,/2 =$ +HP LQG
!" # # $% &% '% ()* )+,-.*/ 01*2 3 # 454
6 # &
7 " # # # # # 8# 9 # # :/;,! +< $5 =5>
; ' ? = # # " #
@# # " " # $% < A5% 8 '9
! " # " &% < A=% 8 ?9
! "# $%& ' ( ! "# $%&
) ! "# %& )' ( ! "# %&
* ! %& * ( ! "# %&
6 0,+$-/29,ý L VDU 2%/2æ(1, .5(ÿ1-$. .$2 381,/2 =$ +HP LQG
;< " 8 B=%9 # " # '% 8 =9
; # " <C
;< " # " '% 8 B=%9 " # " $% &% " " 8< A5% A=%9
7 # "
: #
# 44 ;
/,7(5$785$
[1] *+. / 01/ *23. ,4-5 ,-60*- 0 786. 4-, -. 6.-9 309-% *-.,-9 6-130 - 6- ,4-5 60*% 0 9.5.0 053 *-.2 $":: 5 &!8(&
[2] *43 - ,4-5 60* 4-, -. 6.-9 309-*-.,-9 6-130 - 6- ,4-% 5 60* 0 9.5.0 053 *-.2 $":: 5 "8$;
[3] 5-. 5..3 0*-. -4*938< -=-4123 6256-9 ,*230 ,4-5 #77' 6- -9 9% 0*-9 ,*230 ,4-5 #>77' 5 6-3,5 ? -9 &)))
[4] @ A 7-B** =5 -= 77 7 5. ( % * 7-6-0 9 7-=2 7-*-9 >C &))$ 5 (!8(:
[5] 5-. 3 / ,0*/ ?<-,52 -= * -B 7-59 $)5< 0-6 C6-0 - 7-0% 5- *49 >C &))& --, -= 4525 &!
[6] 5-. 3 / *-+./ 3 .*-./ 7-59 -= * -B 4C 2<2* 25.5- 55-* 7-=28D0 5* 4 -= 2<-2<2* 5% 2<-*-9 -.-4, 03 &))$ 5 ;8E
/1* .:,1!/;1 ! D:..1@ D@ /)1 7@*+/; D 77@*+/! 8! 9
! ,< E !< , 7
: F
-7KH UHVXOWV RI ODERUDWRU\ LQYHVWLJDWLRQV RI WKH SRVVLELOLW\ WR REWDLQ FRDWHG OL PHVWRQH IRU WKH SURGXFWLRQ RI 39&²SURGXFWV DUH SUHVHQWHG LQ WKLV SDSHU /L PHVWRQH IURP WKH 9HQ DF GHSRVLW $UDQGMHORYDF 6HUELD DQG 0RQWHQHJUR ZDV XVHG DV WKH UDZ PDWHULDO 7KH LQYHVWLJDWLRQV ZHUH FDUULHG RXW LQ WZR SKD VHV REWDLQLQJ WKH FRDWHG OLPHVWRQH DQG GHWHUPLQDWLRQ RI WKH GHJUHH RI FR DWLQJ
7KH UHVXOWV RI WKH LQYHVWLJDWLRQV VKRZHG WKDW VXFFHVVIXO FRDWLQJ RI WKH VXUIDFH RI WKH OLPHVWRQH SDUWLFOHV ZLWK &D²VWHDUDWH &D²VWHDUDWH FRQWHQW ZDV DFKLHYHG LQ D YLEUR PLOO ZLWK ULQJV DQG WKH REWDLQHG GHJUHH RI FRDWLQJ ZDV KLJKHU WKDQ 7KH FRDWLQJ GHJUHH ZDV GHWHUPLQHG LQ WUDQVPLWWHG OLJKW E\ D SRODUL]DWLRQ PLFURVFRSH DSSO\LQJ WKH LPPHUVLRQ PHWKRG ZDWHU LPPHUVLRQ
.H\ ZRUGV /LPHVWRQH • )LOOHU • &RDWLQJ•39&²SURGXFWV•
.OMX QH UH L .UH QMDN • 3XQLOR • 2EODJDQMH•39&²SURL]YRGL•
6 0,+$-/29,ý L VDU 2%/2æ(1, .5(ÿ1-$. .$2 381,/2 =$ +HP LQG