28
2PHJD )DWW\ $FLGV DQG $6&9' &OLQLFDO 7ULDO (YLGHQFH RI 2PHJD )DWW\ $FLGV LQ $6&9' -RVHSK 6DVHHQ 3KDUP' %&36 %&$&3 3URIHVVRU DQG 9LFH &KDLU 'LVFORVXUH -RVHSK - 6DVHHQ 5HSRUWV QR UHOHYDQW ILQDQFLDO UHODWLRQVKLSV ϭ Ϯ

LVFORVXUH · gldehwhv 7* pj g/ +'/ & pj g/ ± /'/ & pj g/li rq vwdwlq pj g/li vwdwlq lqwrohudqw ± \hdu h[shfwhg gxudwlrq exw gulyhq wr sulpdu\ hyhqwv ± 3ulpdu\ (qgsrlqw &9 ghdwk

  • Upload
    others

  • View
    4

  • Download
    0

Embed Size (px)

Citation preview

PDF File2PHJD)DWW\$FLGVDQG$6&9'
&OLQLFDO7ULDO(YLGHQFHRI 2PHJD)DWW\$FLGVLQ$6&9' -RVHSK6DVHHQ3KDUP'%&36%&$&3 3URIHVVRUDQG9LFH&KDLU
'LVFORVXUH


:KHUHDUHZHZLWK/LSLG/RZHULQJ7KHUDS\"
/'/FKROHVWHURO
9HU\VWURQJGLUHFWDVVRFLDWLRQ ZLWK$6&9'ULVN ± (YLGHQFHIURPRXWFRPHWULDOV
$6&9'HYHQWULVNLVUHGXFHG DFURVVDEURDGUDQJHRISDWLHQWV
1HZ/'/&ORZHULQJWKHUDSLHV DQGVWXGLHVDUHIRUWKFRPLQJ
(OHYDWHG7ULJO\FHULGHV7*
5HVLGXDO$6&9'ULVNLQKLJK ULVNVWDWLQWUHDWHGSDWLHQWV ± +LJKHU&9HYHQWULVNDQG HFRQRPLFEXUGHQZLWK7* PJG/ YHUVXVPJG/
± (YLGHQFHIURPRXWFRPHWULDOV /DQGPDUNWULDOVZLWKWUDGLWLRQDO WULJO\FHULGHORZHULQJPHGLFDWLRQV KDYHQRWFOHDUO\VKRZQDEHQHILW
*UXQG\60HWDO&LUFXODWLRQHH 7RWK33HWDO-$P+HDUW$VVRFH 1LFKROV*$HWDO-&OLQ(QGRFULQRO0HWDE










7*/HYHOPJG/
6WDWLQ8VHUVZLWK7* PJG/ %DVHGRQWUHDWHG/'/&9DOXH
)DQ:HWDO-&OLQ /LSLGRORJ\


'UXJV$IIHFWLQJ/LSRSURWHLQ0HWDEROLVP
-DFREVRQ7$HWDO-&OLQ/LSLGRO 6KLPDGD <-DQG&DQQRQ&3(XURSHDQ +HDUW -RXUQDOGRLHXUKHDUWMHKY 1H[OHWRO EHPSHGRLF DFLG>SDFNDJHLQVHUW@$QQ$UERU0,(VSHULRQ 7KHUDSHXWLFV,QF
/'/& +'/& 7* 6WDWLQV
3&6.LQKLELWRUV
%HPSHGRLF DFLG WR
3ULPDULO\IRU/'/&ORZHULQJ
3ULPDULO\IRU7*ORZHULQJ
2PHJD)DWW\$FLG8VHDQG&9'LVHDVH5LVNV 0HWDDQDO\VLVRISODFHERFRQWUROOHGWULDOVHYDOXDWLQJPDULQH
GHULYHGRPHJDIDWW\DFLGVPHDQ\HDUV
$XQJ7HWDO-$0$&DUGLRO *,66,3UHYHQ]LRQH ,QYHVWLJDWRUV/DQFHW± *,66,+)LQYHVWLJDWRUV/DQFHW± 7KH5LVNDQG3UHYHQWLRQ6WXG\&ROODERUDWLYH*URXS1(QJO -0HG± (LQYLN *HWDO(XU -3UHY &DUGLRO±
6WXG\\HDU (3$'+$PJGD\ 3ULRU&+' 3ULRU6WURNH 3ULRU 'LDEHWHV 6WDWLQXVH
'2,7Q
$5('6 Q
$OSKD2PHJDQ
W


2PHJD)DWW\$FLG8VHDQG&9'LVHDVH5LVNV
$XQJ7HWDO-$0$&DUGLRO
2XWFRPH
WULDOV
1HZHU7ULDOVZLWK2PHJD )DWW\$FLGV
7KH$6&(1'6WXG\ ± 5DQGRPL]HGGRXEOHEOLQGWULDOLQSULPDU\SUHYHQWLRQ SDWLHQWVDJH \UVZLWKGLDEHWHV
± (3$'+$PJGD\YVSODFHERROLYHRLOPHDQ\UV 6HULRXVYDVFXODUHYHQWV YV55>@
7KH9,7$/6WXG\ ± 5DQGRPL]HGGRXEOHEOLQGWULDOLQSULPDU\SUHYHQWLRQ SDWLHQWVDJH \UV PHQRU \UV ZRPHQ
± (3$'+$PJGD\YVSODFHERPHDQ\UV 0DMRU&9HYHQWV YV55>@ 7RWDO0, YV55>@
%RZPDQ/HWDO1(QJO -0HG 0DQVRQ -(HWDO1(QJO -0HG


2PHJD)DWW\$FLG8VHDQG&9'LVHDVH5LVNV
+X<HWDO-$P+HDUW$VVRFH
2XWFRPH
WULDOV
(3$LQ+\SHUFKROHVWHURODHPLF 3DWLHQWV-(//,6
-DSDQHVHSDWLHQWVDJH \UVPHQRU SRVWPHQRSDXVDOWRDJH\UV ZRPHQ
3ULPDU\DQGVHFRQGDU\ SUHYHQWLRQZLWKWRWDOFKROHVWHURO !PPRO/
$OOSDWLHQWVUHFHLYHGORZ LQWHQVLW\VWDWLQDQGUDQGRPO\ DVVLJQHGRSHQODEHO ± (3$PJGD\RUSODFHER ± \HDUPHDQGXUDWLRQ
3ULPDU\(QGSRLQW5HVXOWV


2PHJD)DWW\$FLGVDQG$6&9'
5HGXFWLRQRI&DUGLRYDVFXODU(YHQWVZLWK ,FRVDSHQW (WK\O±,QWHUYHQWLRQ7ULDO5('8&(,7
5DQGRPL]HGGRXEOHEOLQGWULDO
SDWLHQWVDJH \U ZLWK$6&9'RUDJH \U ZLWK GLDEHWHVSOXV&9ULVNIDFWRUVRQVWDWLQWKHUDS\ZLWK
± )DVWLQJWULJO\FHULGHPJG/ PHGLDQPJG/
± /'/&PJG/ PHGLDQPJG/
5DQGRPL]HGWRLFRVDSHQW HWK\OJGD\RUSODFHERIRU\U
3ULPDU\(QGSRLQW&9GHDWKQRQIDWDO0,QRQIDWDOVWURNH FRURQDU\UHYDVFXODUL]DWLRQRUXQVWDEOHDQJLQD
%KDWW'/HWDO1(QJO -0HG1(QJO -0HG
5('8&(,73DWLHQW&KDUDFWHULVWLFV
,FRVDSHQW (WK\O 1


0HGLDQ7ULJO\FHULGHEDVHOLQH\HDU PJG/
%KDWW'/HWDO1(QJO -0HG1(QJO -0HG


5('8&(,73ULPDU\(QGSRLQW5HVXOWV
<HDUV6LQFH5DQGRPL]DWLRQ

5('8&(,7$GYHUVH(IIHFWV
6HULRXVWUHDWPHQWHPHUJHQW DGYHUVHHYHQWQ
$GYHUVH HYHQWOHDGLQJWRZLWKGUDZDO
*DVWURLQWHVWLQDO 'LVRUGHUV 'LDUUKHD &RQVWLSDWLRQ


2PHJD)DWW\$FLG8VHDQG&9'LVHDVH5LVNV
+X<HWDO-$P+HDUW$VVRFH
2XWFRPH
WULDOV
)RRGDQG'UXJ$GPLQLVWUDWLRQ
³7KHKLJKGRVH(3$SURGXFWLFRVDSHQW HWK\O 9DVFHSD$PDULQ ZDVWRGD\XQDQLPRXVO\ UHFRPPHQGHGE\WKH)'$ V(QGRFULQRORJLF DQG 0HWDEROLF'UXJV$GYLVRU\&RPPLWWHHIRUDSSURYDO WRUHGXFH&9HYHQWVDVDQDGMXQFWWRVWDWLQWKHUDS\ LQSDWLHQWVZLWKHOHYDWHGWULJO\FHULGHOHYHOV´
)'$3DQHO5HFRPPHQGV+LJK'RVH(3$IRU&9(YHQW5HGXFWLRQ 0HGVFDSH 1RY
³7KHKLJKGRVH(3$SURGXFWLFRVDSHQW HWK\O 9DVFHSD$PDULQ ZDVWRGD\XQDQLPRXVO\ UHFRPPHQGHGE\WKH)'$ V(QGRFULQRORJLF DQG 0HWDEROLF'UXJV$GYLVRU\&RPPLWWHHIRUDSSURYDO WRUHGXFH&9HYHQWVDVDQDGMXQFWWRVWDWLQWKHUDS\ LQSDWLHQWVZLWKHOHYDWHGWULJO\FHULGHOHYHOV´
)'$3DQHO5HFRPPHQGV+LJK'RVH(3$IRU&9(YHQW5HGXFWLRQ 0HGVFDSH 1RY


5HFRPPHQGDWLRQVWR$GG,FRVDSHQW (WK\OWR 6WDWLQ7KHUDS\
$PHULFDQ'LDEHWHV$VVRFLDWLRQ'LDEHWHV&DUH6XSSO 66 0DFK)HWDO(XU +HDUW- 2UULQJHU&(HWDO-&OLQ /LSLGRO
^s s >> d' >
/ d' >
$'$
^
$'$ $PHULFDQ'LDEHWHV$VVRFLDWLRQ (6& (XURSHDQ6RFLHW\RI&DUGLRORJ\ 1/$ 1DWLRQDO/LSLG$VVRFLDWLRQ
675(1*7+7ULDO 2PHJD&DUER[\OLF$FLGV(3$'+$
1LFKROOV6-HWDO&OLQ &DUGLRO KWWSVZZZGLUHFWRUVWDONLQWHUYLHZVFRPDVWUD]HQHFDWRFORVHSKDVHLLLVWUHQJWKWULDOIRUHSDQRYD
6WXG\VWRSSHG GXHWRLWVORZ OLNHOLKRRGRI GHPRQVWUDWLQJ EHQHILW
)XOOGDWDWREH SUHVHQWHGDWD IRUWKFRPLQJ VFLHQWLILF PHHWLQJ
+LJK&9ULVNSDWLHQWVZLWK (VWDEOLVKHG$6&9''LDEHWHVZLWKDQDGGLWLRQDOULVNIDFWRURU+LJK ULVNSULPDU\SUHYHQWLRQ
2QRSWLPDOVWDWLQWKHUDS\ 7ULJO\FHULGHVPJG/ DQG+'/&PJG/ PHQPJG/ ZRPHQ
2PHJDFDUER[\OLFDFLGVJGDLO\ Q
&RUQRLOJGDLO\ Q
6FUHHQLQJDQG OLSLG
VWDELOL]DWLRQ SHULRG
ZHHNV
3ULPDU\(QGSRLQW &9GHDWKQRQIDWDO0,QRQIDWDOVWURNHFRURQDU\UHYDVFXODUL]DWLRQRU KRVSLWDOL]DWLRQIRUXQVWDEOHDQJLQD
7UHDWXQWLO SULPDU\HQGSRLQWV SURMHFWHGPHGLDQ \HDUGXUDWLRQRI
WKHUDS\


2PHJD)DWW\$FLGVDQG$6&9'
2XWFRPHV'DWD2WKHU7*/RZHULQJ0HGLFDWLRQV
)LEULF $FLG'HULYDWLYHV &9HYHQWORZHULQJZLWK JHPILEUR]LOYVSODFHER ± +HOVLQNL+HDUWVWXG\SULPDU\ ± 9$+,7WULDOVHFRQGDU\
1R&9HYHQWORZHULQJZLWK IHQRILEUDWH YVSODFHERLQW\SH GLDEHWHV ± ),(/'7ULDO ± $&&25'ZLWKVLPYDVWDWLQ
1LDFLQ 1R&9HYHQWORZHULQJZLWK QLDFLQYVSODFHERLQ$6&9' SDWLHQWVWUHDWHGZLWK VLPYDVWDWLQ ± $,0+,*+ ± +367KLUYH
)ULFN0+HWDO1(QJO-0HG 5XELQV +%HWDO1(QJO -0HG .HHFK $HWDO/DQFHW $&&25'6WXG\*URXS1(QJO -0HG
7KH+367+5,9(&ROODERUDWLYH*URXS1(QJO -0HG %RGHQ:(HWDO1(QJO -0HG
3HPDILEUDWH1RYHOVHOHFWLYH33$5PRGXODWRU
6LPLODUWRRWKHUILEUDWHVZLWKKLJKHUUHFHSWRUVHOHFWLYLW\DQG SRVVLEO\DQLPSURYHGVDIHW\DSSURYHGLQ-DSDQ
³3HPDILEUDWH WR5HGXFH&92XWFRPHVE\5HGXFLQJ7ULJO\FHULGHV LQ3DWLHQWVZLWK'LDEHWHV3520,1(17´ ± SULPDU\VHFRQGDU\SUHYHQWLRQSDWLHQWVZLWKW\SH GLDEHWHV7*PJG/+'/& PJG/
± /'/& PJG/ LIRQVWDWLQ PJG/ LIVWDWLQLQWROHUDQW ± \HDUH[SHFWHGGXUDWLRQEXWGULYHQWRSULPDU\HYHQWV ± 3ULPDU\(QGSRLQW
&9GHDWK0,LVFKHPLFVWURNHXQVWDEOHDQJLQDUHTXLULQJXQSODQQHG UHYDVFXODUL]DWLRQ
KWWSVFOLQLFDOWULDOVJRYFWVKRZ1&7


&RQFOXVLRQV
/DUJHVFDOHFOLQLFDOWULDOVHYDOXDWLQJRPHJDIDWW\DFLGV FROOHFWLYHO\KDYHGHPRQVWUDWHGDUHGXFWLRQLQ&9HYHQWV
%HQHILWVVHHQLQFOLQLFDOWULDOVDUHQRWKRPRJHQRXV
0RVWUREXVWUHVXOWVZHUHGHPRQVWUDWHGLQWKH5('8&(,7WULDO ZKLFKXVHGDXQLTXH(3$RQO\RPHJDIDWW\DFLGGRVHGJGD\

'DQLHO(+LOOHPDQ3KDUP')&&3 &UHLJKWRQ8QLYHUVLW\6FKRRORI3KDUPDF\
DQG+HDOWK3URIHVVLRQV 2PDKD1(
'LVFORVXUHV 'DQLHO(+LOOHPDQ3KDUP'
2EMHFWLYHV
'HVFULEHWKHGLIIHUHQFHVEHWZHHQGLHWDU\VXSSOHPHQWDQG SUHVFULSWLRQRPHJDIDWW\DFLGV
,GHQWLI\WKHDSSURSULDWHLQGLFDWLRQVDQGGRVHVRIWKHDYDLODEOH SUHVFULSWLRQRPHJDIDWW\DFLGV
,GHQWLI\DSSURSULDWHFRXQVHOLQJIRUSDWLHQWVWDNLQJSUHVFULSWLRQ RPHJDIDWW\DFLGV
2PHJD)$3URGXFWV 3UHVFULSWLRQ
2PHJDIDWW\DFLGHWK\OHVWHUV ± /RYD]D2PWU\JJHQHULFV
(3$PJDQG'+$PJSHUFDSVXOH JWZLFHGDLO\RUJRQFHGDLO\ 7\SLFDOO\WDNHQZLWKIRRG
(3$HWK\OHVWHUV ± 9DVFHSD
(3$PJSHUFDSVXOH JWZLFHGDLO\ZLWKIRRGDYDLODEOHDVDPJRUPJFDSVXOH
2PHJDFDUER[\OLFDFLGVIUHHIDWW\DFLGIRUP ± (SDQRYD
(3$PJDQG'+$PJSHUFDSVXOH JGDLO\ZLWKZLWKRXWIRRG 3URGXFWQRWFRPPHUFLDOO\DYDLODEOH
%DFNHV-HWDO/LSLGV+HDOWK'LV


3UHVFULSWLRQ 'LHWDU\6XSSOHPHQWV
&OLQLFDO7ULDOV5HTXLUHG 3UHDSSURYDO z
E &

)'$$SSURYDO z E
W
&RQWHQWDQG3XULW\
& '
W & D & h K W
6XEVWLWXWLRQ ,W W
Z KD &
'LHWDU\6XSSOHPHQW)LVK2LOV$UHD%\SURGXFWRI ,QGXVWULDO([WUDFWLRQ3URFHGXUHV



(YDOXDWHGIDWW\DFLGFRQWHQWDQGR[LGDWLRQLQILVKRLO
'LHWDU\6XSSOHPHQWV'6
'LHWDU\6XSSOHPHQWYV3UHVFULSWLRQ)LVK2LO *RRG0DQXIDFWXULQJ3UDFWLFHV± )'$5HJXODWLRQV
3XULILFDWLRQ
(3$ '+$
(3$ '+$
2PHJD (3$ '+$
6XSSOHPHQW 3UHVFULSWLRQ
9$6&(3$>SDFNDJHLQVHUW@%HGPLQVWHU1-$PDULQ3KDUPD,QF /RYD]D>SDFNDJHLQVHUW@5HVHDUFK7ULDQJOH3DUN1&*OD[R6PLWK.OLQH
3XUH(3$
SURGXFWV HYDOXDWHG
$PRXQWRI FRPELQHG (3$'+$UDQJHG IURPPJWR PJSHU VHUYLQJ
7KH5['RVH UDQJHGIURPWR GRVHVSHU GD\
0RQWKO\FRVW UDQJHGIURP WR
2QO\PHWRXU XVDJHFULWHULD
³7KHDPRXQWRI(3$DQG'+$SHUUHFRPPHQGHGVHUYLQJVLQWKHVH SURGXFWVZDVKLJKO\YDULDEOH&OLQLFLDQVVKRXOGKHLJKWHQWKHLUVFUXWLQ\
LQWHUPVRIVHOHFWLRQRIWKHDSSURSULDWHSURGXFW´


2PJHD)DWW\$FLGVDQG$6&9'
.QRZOHGJH3HUFHSWLRQVDQG3DWWHUQVRI)LVK2LO8VH LQ&DUGLDF3DWLHQWV
6XUYH\WRGHWHUPLQHFDUGLDFSDWLHQWV¶NQRZOHGJHDQGSDWWHUQVRIXVHRI ILVKRLOGHULYHGGLHWDU\DQG5[SURGXFWV
UHVSRQGHQWV
&RPPRQUHDVRQVIRUXVH± JHQHUDOKHDOWKKHDUWKHDOWK 0,&$'DUWKULWLVOLSLGGLVRUGHUV
DGYLVHGWRWDNHDQ20)$E\D+&3
RISDWLHQWVZHUHWDNLQJRQO\RUFDSVXOHVSHUGD\
NQHZWKHDFWLYHLQJUHGLHQW
SXUFKDVHGWKURXJKDQRQSKDUPDF\UHWDLORXWOHW
$SSUR[LPDWHO\KDGEHHQJLYHQDSUHVFULSWLRQIRUDQRPHJDIDWW\DFLG
+LOOHPDQ'HWDO-3KDUP3UDFW '2,
,VVXHVZLWK'LHWDU\6XSSOHPHQW)LVK2LOV
/DFNRISRWHQF\ ± 0RVWSURGXFWVGRQRWFRQWDLQVXEVWDQWLDOTXDQWLWLHVRI20)$ ± *UHDWHUQXPEHURIGDLO\GRVHVWRDFKLHYHJGRIDFWLYHLQJUHGLHQW
/DFNRISXULW\ ± 0RVWFRQWDLQIDWVRWKHUWKDQ20)$ ± 0DQ\FRQWDLQVDWXUDWHGIDWV ± 0RVWPHHWPLQLPXPVWDQGDUGVIRUWR[LQV3&%VPHUFXU\DUVHQLFGLR[LQ
/DFNRIGRFXPHQWDWLRQ± ODEHOOHGDPRXQWRIDFWLYHLQJUHGLHQWLVQRWYHULILHG
)LVKLQJODEHOOLQJ
± 3KDUPDFHXWLFDOJUDGH´
± 3URYLGH³'DLO\UHFRPPHQGHGLQWDNHIRU(3$DQG'+$´
9DULDELOLW\± ORWORWDQGVHDVRQDO
$GYHUVHHIIHFWV± *,RGRUWDVWHHUXFWDWLRQPRUHFRPPRQWKDQZLWKSUHVFULSWLRQSURGXFWV


,VVXHVZLWK3UHVFULSWLRQ20)$3URGXFWV
3XULW\FRQWHQWFRQVLVWHQF\± DVVXUHGE\*03 9DOXHRISUHVFULSWLRQ± HYDOXDWHDGKHUHQFHFRXQVHOLQJDQGPRQLWRULQJ
± 1HJDWLYHSDWLHQWSHUFHSWLRQVDERXWWDNLQJDQRWKHUSUHVFULSWLRQ ± $WWLWXGHVE\SDWLHQWDQGSURYLGHUVYDU\
&RVW ± ,QVXUDQFHFRYHUDJH ± &RSD\V
)'$,QGLFDWLRQV ± 6HYHUHK\SHUWULJO\FHULGHPLD± HLWKHUSUHVFULSWLRQSURGXFW ± &9ULVNUHGXFWLRQ± LFRVDSHQWHWK\O
*XLGHOLQHV± $'$1/$DQG(6&($6KDYHHQGRUVHGLFRVDSHQWHWK\OIRU&9ULVN UHGXFWLRQ
3DWLHQW&RXQVHOLQJ 3UHVFULSWLRQ2PHJD)DWW\$FLGV
'RVLQJ ± 2PHJDIDWW\DFLGHWK\OHVWHUV(3$'+$JWZLFHGDLO\RUJRQFHGDLO\ZLWKIRRG
± ,FRVDSHQWHWK\OJRUJFDSVXOHWZLFHGDLO\ZLWKIRRG
± 7DNHFDSVXOHVZKROH± GRQRWFKHZGLVVROYHRUFUXVK
± 0LVVLQJGRVHV± WDNHDVVRRQDVSRVVLEOHVDPHGD\EXWGRQRWGRXEOHXSRQGRVHV
$GYHUVHUHDFWLRQV3UHFDXWLRQV ± $OOHUJ\WRILVKVKHOOILVK± PRVWWROHUDWHILVKRLOVXSSOHPHQWRU5;(3$'+$
± +HDUWUK\WKPSUREOHPV± DWULDOILEULOODWLRQ
± %OHHGLQJ± DQWLSODWHOHWDQWLFRDJXODQWV
± /'/&OHYHOV± (3$'+$FRPELQDWLRQDFLGHWK\OHVWHUVPD\LQFUHDVH/'/&OHYHOV
± /LYHUGLVHDVH DEQRUPDOOLYHUIXQFWLRQWHVWV
± 6LGHHIIHFWV± PXVFOHMRLQWSDLQVZHOOLQJRIKDQGVIHHWOHJV*,FRPSODLQWVFRQVWLSDWLRQ G\VSHSVLDHUXFWDWLRQDQGWDVWHSHUYHUVLRQ


6XPPDU\
'LHWDU\VXSSOHPHQWV± QRHYLGHQFHRIEHQHILWIRUDQ\PHGLFDOLQGLFDWLRQ
4XDOLW\RIGLHWDU\VXSSOHPHQWVLVDFRQFHUQ
1RLQWHUFKDQJHRI20)$SURGXFWV5;RUGLHWDU\VXSSOHPHQW
6HYHUHK\SHUWULJO\FHULGHPLD PJGO± ERWK5;SURGXFWVDSSURYHG
&9ULVNUHGXFWLRQ± LFRVDSHQWHWK\ORQO\
± 1HZ)'$LQGLFDWLRQ± HVWDEOLVKHG&9GLVHDVHRUGLDEHWHVPHOOLWXVZLWKRUPRUH DGGLWLRQDOULVNIDFWRUVPD[LPDOO\WROHUDWHGVWDWLQDQG7* PJGO
± $'$1/$(6&($6± LFRVDSHQWHWK\ODGGHGWRJXLGHOLQHVIRU&9ULVNUHGXFWLRQ
&RPSDULVRQRI2PHJD)DWW\$FLG3URGXFWV
7KDQN<RX
h d ^ ^s
Z > W & &W &E> W ^ >^
W Θ s ^
/


K
± ^s
± ^s
± h ^s
^ Z Z



W Z Z
Z WD :
, d' >
: >
K d' Ψ
,



s , s
± E EEd ± E
s ± EEd ± h
d E/ /Z
Ψ< Ψ< Ψ< Ψ<

, s / s > s
/Z / Z E/ d E / ,
Y>z Y > z
/ Ψ< Y>z


/
K / Z K
/Z s /
K / Z K


/
/ Ψ

Y>z
Y>z
/
t t^ , ^ ^
d
(]HWLPLEH6WDWLQ 4$/<
,&(5LQFUHPHQWDOFRVWHIIHFWLYHQHVVUDWLR /'/ORZGHQVLW\OLSRSURWHLQFKROHVWHURO 4$/<TXDOLW\DGMXVWHGOLIH\HDU
W E : D 'D : D

EEd


2PHJD)DWW\$FLGVDQG$6&9'
/Z s ' W^< / Y>z Ψ Ψ
Y>z Ψ Ψ



Ψ
Ψ
Ψ
Ψ
Ψ
Ψ
Ψ
Ψ
Ψ
Ψ



/
W d
d : / Z E & Z W
, D '
' ^D
s ^ > s >K EZ
W^< Ψ Y>z Ψ Y>z
s ^ h s
EZ
&, ^s W^< h^
EKd Ψ<
W K


E> ^ ^ s W^< /
Z :' : >
Z D t Ψ >>
W^< EEd >>

D ± ^ ^s
>> d' > ± >
^ ^ ^ ± , d' > ± > //
^ E > ± Z Zh /d ± / > Z
^ ^ ^ , :
: >


/ Et & /
d' > ± KZ ±

d , W ^

W^< W^<