+RHYHLOLJLVGH
KRXGEDDUKHLGVGDWXP"
(HQRQGHU]RHNQDDUGHKRXGEDDUKHLGVWHUPLMQDOVZDDUERUJYRRU
YRHGVHOYHLOLJKHLGELMJHVQHGHQJURHQWHQ
+DMR5LMJHUVEHUJ-RRVW6QHOV6HWK7URPS$)6* ,UHQH3RO+RIVWDG5,.,/7 5DSSRUW$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXSOLGYDQ:DJHQLQJHQ85
&RORIRQ
2QGHUOLJJHQGGRFXPHQWEHWUHIWGHHLQGUDSSRUWDJHYDQKHWSURMHFW´9RHGVHOYHLOLJKHLGHQ7+7µ 'LWSURMHFWLVJHILQDQFLHUGGRRUKHW0LQLVWHULHYDQ/DQGERXZ1DWXXUHQ9RHGVHONZDOLWHLW'H GDQNYDQGHDXWHXUVJDDWXLWQDDUGHJHw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sQRSQDPHQRIHQLJHDQGHUHPDQLHU]RQGHUYRRUDIJDDQGHVFKULIWHOLMNHWRHVWHPPLQJYDQGHXLWJHYHU'H XLWJHYHUDDQYDDUGWJHHQDDQVSUDNHOLMNKHLGYRRUHYHQWXHOHIRXWHQRIRQYRONRPHQKHGHQ $OOULJKWVUHVHUYHG1RSDUWRIWKLVSXEOLFDWLRQPD\EHUHSURGXFHGVWRUHGLQDUHWULHYDOV\VWHPRIDQ\QDWXUHRUWUDQVPLWWHGLQDQ\IRUP RUE\DQ\PHDQVHOHFWURQLFPHFKDQLFDOSKRWRFRS\LQJUHFRUGLQJRURWKHUZLVHZLWKRXWWKHSULRUSHUPLVVLRQRIWKHSXEOLVKHU7KHSXEOLVKHU GRHVQRWDFFHSWDQ\OLDELOLW\IRULQDFFXUDFLHVLQWKLVUHSRUW$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
6DPHQYDWWLQJ
.RHOYHUVHSURGXFWHQGLHQHQHHQKRXGEDDUKHLGVGDWXPWHKHEEHQ'H´WHJHEUXLNHQWRW«µ 7*7GDWXPJHHIWHHQJDUDQWLHGDWWRWGLHGDWXPKHWSURGXFWPLFURELHHOYHLOLJHQGXVQLHW ]LHNPDNHQGLV)\VLRORJLVFKHHLJHQVFKDSSHQ]XOOHQLQKHWDOJHPHHQHHUGHUEHSHUNHQG]LMQYRRU GHKRXGEDDUKHLG(FKWHUKRHYHHO´VSHHOUXLPWHµHULVWXVVHQKHWYHUORSHQYDQGH KRXGEDDUKHLGVGDWXPHQKHWRSWUHGHQYDQPLFURELRORJLVFKHJHYDUHQLVQLHWH[DFWEHNHQGHQ]DO YHUVFKLOOHQSHUSURGXFWFDWHJRULH'H]HVSHHOUXLPWHLVYDQEHODQJRPGDWHULQGHPDUNWHHQWUHQG JDDQGHLVQDDUKHWYHUOHQJHQYDQGHKRXGEDDUKHGHQYDQNRHOYHUVHSURGXFWHQ'RRUGH]HWUHQG EHVWDDWGHNDQVGDWGHVSHHOUXLPWHWXVVHQI\VLRORJLVFKHFULWHULDHQPLFURELRORJLVFKHFULWHULDVWHHGV NOHLQHUZRUGW+LHUZRUGWRRNLQZHWHQVFKDSSHOLMNHOLWHUDWXXUPHOGLQJYDQJHPDDNW 'HKRRIGYUDDJLQGLWRQGHU]RHNZDVRIGUXNRSGHKRXGEDDUKHLGVWHUPLMQPLFURELRORJLVFKH JHYDUHQGLFKWHUELMEUHQJW+HWDQWZRRUGRSGH]HYUDDJLV´MDµPDDUZDDUVFKLMQOLMNLQEHSHUNWH PDWH7HQHLQGHGHRQGHU]RHNVYUDDJWHEHDQWZRRUGHQLVJHIRFXVWRSHHQVSHFLDOH SURGXFWFDWHJRULHQDPHOLMNJHVQHGHQJURHQWHQ(HUVWLVRQGHU]RFKWKRHGHKRXGEDDUKHLGVWHUPLMQ RSGLWPRPHQWZRUGWEHSDDOGHQKRHRPJHJDDQZRUGWPHWPLFURELsOHDVSHFWHQ9HUYROJHQVLV JHNHNHQZHONHIDFWRUHQPLFURELsOHYHLOLJKHLGEHwQYORHGHQ+HWRQGHU]RHNKHHIWSODDWVJHYRQGHQ DDQGHKDQGYDQOLWHUDWXXUVWXGLHHQLQWHUYLHZVPHWH[SHUWVXLWKHWEHGULMIVOHYHQHQGHZHWHQVFKDS ([SHUWVJHYHQDDQGDWHHQEHSHUNLQJYDQGHKRXGEDDUKHLGVWHUPLMQ]DOKHOSHQGHPLFURELsOH YHLOLJKHLGYDQJHVQHGHQJURHQWHQWHYHUJURWHQPDDUELMDDQEHYROHQNRHOWHPSHUDWXUHQDOOHHQPHW EHWUHNNLQJWRW/PRQRF\WRJHQHV2QGHUUHDOLVWLVFKHLQGHSUDNWLMNYRRUNRPHQGHNHWHQWHPSHUDWXUHQ ]DOHHQKRXGEDDUKHLGVEHSHUNLQJRRNGHXLWJURHLYDQ6DOPRQHOODEHSHUNHQ2IKHW]LQYROLVRPGH KRXGEDDUKHLGVWHUPLMQRRNGDDGZHUNHOLMNWHEHSHUNHQGLHQWDIJHZRJHQWHZRUGHQWHJHQPRJHOLMN DQGHUHELMYHFRQRPLVFKHHQORJLVWLHNHFULWHULD %LMGHEHSDOLQJYDQGHKRXGEDDUKHLGVWHUPLMQZRUGWRSGLWPRPHQWQLHWRSPLFURELsOHDVSHFWHQ JHWHVW*URHQWHVQLMGHULMHQLQ1HGHUODQGJHYHQDDQQLHWKHWJHYRHOWHKHEEHQLQGH´JHYDUHQ]RQHµ WHUHFKWWHNRPHQPHWQDPHRPGHUHGHQGDW]HKHWWRWRSKHGHQHHQYRXGLJZHJQRJQRRLW KHEEHQPHHJHPDDNW'HVQLMGHULMHQKHEEHQWRWRSKHGHQQRJQRRLWNODFKWHQRIFODLPVRQWYDQJHQ YDQDIQHPHUVLQYHUEDQGPHW]LHNWHJHYDOOHQ +HWULVLFR]RXHFKWHURQRSJHPHUNWNXQQHQEOLMYHQGRRUGDWHYHQWXHOH]LHNWHYDQGHFRQVXPHQW ]LFKSDVRIGDJHQODWHURSHQEDDUW]RGDWGHOLQNQDDUZDWHHUGHUJHFRQVXPHHUGLVPLQGHUYOXJ JHOHJG]DOZRUGHQ%RYHQGLHQLVKHWEHVHIGDWJURHQWHQGHEURQNXQQHQ]LMQYDQ]LHNWHODDJELMGH FRQVXPHQW %LMGHPRQLWRULQJYDQYRHGVHOYHLOLJKHLG]LWWHQYDQXLWKHWSHUVSHFWLHIYDQGHYRONVJH]RQGKHLG GHQRGLJHKDNHQHQRJHQDDQGHPDQLHUYDQVDPSOHQHPLQJHQVWHHNSURHIJURRWWHV'H PRQVWHUQDPHVELMVQLMGHULMHQ]LMQYRRUQDPHOLMNJHULFKWRSKHWLQNDDUWEUHQJHQYDQGHVWUXFWXUHOH ULVLFR·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·VLVHHQDGHTXDDW VLPXODWLHPRGHOYDQGHNHWHQQRRG]DNHOLMNGDWUHNHQLQJKRXGWPHWUHDOLVWLVFKH WHPSHUDWXXUYHUGHOLQJHQHQORJLVWLHNHSURFHVVHQ+HWLVDDQWHUDGHQNHQQLVWHRQWZLNNHOHQRPWRW GHUJHOLMNHVLPXODWLHPRGHOOHQYDQGHNHWHQWHNRPHQ
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
,QKRXGVRSJDYH
6DPHQYDWWLQJ ,QOHLGLQJ 'RHOVWHOOLQJ 2QGHU]RHNVYUDJHQ $DQSDNYDQKHWRQGHU]RHN +HWEHSDOHQYDQGHKRXGEDDUKHLGVWHUPLMQ 6HQVRULVFKHNZDOLWHLW &RPPHUFLHHQORJLVWLHN :HWHQUHJHOJHYLQJ 0LFURRUJDQLVPHQ 5ROYDQSURFHVEHZDNLQJ :LHLVYHUDQWZRRUGHOLMNELMDIZLMNLQJHQ" )DFWRUHQYRRUPLFURELsOHYHLOLJKHLG *H]RQGKHLGVULVLFRZDDUKHEEHQZHKHWRYHU" )DFWRUHQYDQLQYORHG (HQEHVPHWWLQJYDQGHJURQGVWRIIHQ +HWEHWUHIIHQGHSURGXFW 9HUEOLMIWLMGHQWHPSHUDWXUHQLQGHNHWHQ &RQVXPHQWHQJHGUDJ 'HSURFHVVHQELMGHVQLMGHULM 9HUSDNNLQJVFRQGLWLHVDQDHUREHFRQGLWLHV 9HLOLJKHLGHQKRXGEDDUKHLG 2Q]LFKWEDDUKHLGYDQKHWULVLFR 'HUROYDQGHKRXGEDDUKHLGVWHUPLMQ 6XJJHVWLHVWRWYHUEHWHULQJ &RQFOXVLHVHQDDQEHYHOLQJHQ 5HIHUHQWLHV *HwQWHUYLHZGHSHUVRQHQ %LMJHZRRQGHV\PSRVLDHQZRUNVKRSV $SSHQGL[$,QWHUYLHZYUDJHQVQLMGHULMHQ $SSHQGL[%,QWHUYLHZYUDJHQH[SHUWVXLWGHZHWHQVFKDS$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
,QOHLGLQJ
+HWDDQGHHOYDQNRHOYHUVHSURGXFWHQ²SURGXFWHQGLHHHQPLQLPDOHSURFHVVLQJKHEEHQ RQGHUJDDQDOVPHGHWKXLVPDDOWLMGHQ²LQGHVFKDSSHQYDQGHVXSHUPDUNWHQZRUGWHONMDDUJURWHU 'HQNKLHUELMDDQNRHOYHUVHYUXFKWHQVDSSHQWKXLVPDDOWLMGHQHQJHVQHGHQJURHQWHQHQIUXLW'H]H SURGXFWHQGLHQHQHHQKRXGEDDUKHLGVGDWXPWHKHEEHQ+HWEHSDOHQYDQGHKRXGEDDUKHLGVWHUPLMQ LVGHYHUDQWZRRUGHOLMNKHLGYDQGHSURGXFHQW$IKDQNHOLMNYDQGHEHGHUIHOLMNKHLGHQGH YHUSDNNLQJ]LMQHUWZHHPRJHOLMNKHGHQ2SPLQGHUEHGHUIHOLMNHSURGXFWHQ]RDOVJURHQWHLQEOLN NRHNMHVHQPHHOVWDDW´WHQPLQVWHKRXGEDDUWRWµGH]RJHQDDPGH7+7GDWXP'H]HJHHIWDDQ GDWGHIDEULNDQWWRWGLHGDWXPHHQJRHGHNZDOLWHLWJDUDQGHHUW'HGDWXPJHOGWDOOHHQDOVGH YHUSDNNLQJQLHWRSHQLVJHZHHVW´7HQPLQVWHKRXGEDDUWRWµZLO]HJJHQGDWGHNZDOLWHLWYDQKHW SURGXFWQDGHYHUPHOGHGDWXPDFKWHUXLWNDQJDDQ2S]HHUEHGHUIHOLMNHSURGXFWHQ]RDOVYOHHV YLVNLSYRRUJHVQHGHQJURHQWHQHQNRHOYHUVHPDDOWLMGHQVWDDW´WHJHEUXLNHQWRW«µ'LWLVGH ]RJHQDDPGH7*7GDWXP'H]HGDWXPLVGHXLWHUVWHGDWXPZDDURSKHWSURGXFWJHJHWHQPDJ ZRUGHQ(LJHQOLMNLVKHWGXVWHJHEUXLNHQ´WRWHQPHWµGHYHUPHOGHGDWXP'HSURGXFHQWJHHIW PHWGH]HGDWXPHHQYHLOLJKHLGVJDUDQWLHDI ,QWZHHJHYDOOHQLVGHYHUPHOGLQJ´WHJHEUXLNHQWRWµRSHHQYRRUYHUSDNWOHYHQVPLGGHOYHUSOLFKW 9:$ • ZDQQHHUGHSURGXFHQWRSGHYHUSDNNLQJYRRUVFKULMIWGDWKHWOHYHQVPLGGHOWXVVHQGH& HQGH&EHZDDUGPRHWZRUGHQ • ZDQQHHUHHQOHYHQVPLGGHOYROJHQVGHSURGXFHQWQLHWODQJHUKRXGEDDULVGDQYLMIGDJHQ 'H]HEHSDOLQJHQ]LMQHURSJHULFKWGDWELQQHQGHKRXGEDDUKHLGVWHUPLMQPLFURELRORJLVFKHJHYDUHQ QLHWGHNRSRS]XOOHQVWHNHQ,QKHWDOJHPHHQ]XOOHQI\VLRORJLVFKHHLJHQVFKDSSHQHHUGHU EHSHUNHQG]LMQYRRUGHKRXGEDDUKHLG'HQNKLHUELMDDQEUXLQYHUNOHXULQJELMYOHHVRIJURHQWH VPHWXLWGURJLQJYHUOHSSLQJHWF(FKWHUKRHYHHO´VSHHOUXLPWHµ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
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85 VRPPLJHSDWKRJHQHQELMJHEUHNDDQFRPSHWLWLHIORUDGHNDQVNULMJHQRPXLWWHJURHLHQPHWQDPH ELMWHPSHUDWXXUPLVEUXLN 'RHOVWHOOLQJ +HWGRHOYDQKHWSURMHFWLVRPLQNZDOLWDWLHYH]LQLQWHVFKDWWHQLQKRHYHUUHGUXNRSGH KRXGEDDUKHLGVWHUPLMQYDQNRHOYHUVHSURGXFWHQPLFURELRORJLVFKHJHYDUHQGLFKWHUELMEUHQJW(U ZRUGWKLHUELMJHIRFXVWRSGHSURGXFWFDWHJRULHJHVQHGHQJURHQWHQRPGDW • GLWSURGXFWUDXZJHJHWHQNDQZRUGHQ • YDDNPLOGHYHUSDNNLQJVWHFKQLHNHQZRUGHQWRHJHSDVW • HUUHNHQLQJPRHWZRUGHQJHKRXGHQPHWDQDHUREHFRQGLWLHVLQGH0$YHUSDNNLQJ • YHUJHOHNHQPHWPHWQDPHYOHHVGHSDWKRJHQHJHYDUHQYDQJHVQHGHQJURHQWHPRJHOLMN RQGHUEHOLFKW]LMQ 2QGHU]RHNVYUDJHQ 2PKHWGRHOYDQKHWSURMHFWWHEHUHLNHQZRUGHQGHYROJHQGHRQGHU]RHNVYUDJHQEHDQWZRRUG +RHZRUGWGHKRXGEDDUKHLGVWHUPLMQQXEHSDDOG",QKRHYHUUHZRUGWGDDUELMUHNHQLQJ JHKRXGHQPHWPLFURELHHOJHYDDU"2SEDVLVYDQZHONHZHWHQUHJHOJHYLQJ" :HONHIDFWRUHQEHwQYORHGHQGHPLFURELsOHYHLOLJKHLG" :DWLVRSEDVLVYDQHQGHLQVFKDWWLQJGDWGUXNRSGHKRXGEDDUKHLGVWHUPLMQKHWULVLFR YRRUGHYRONVJH]RQGKHLG]DOYHUKRJHQ" $DQSDNYDQKHWRQGHU]RHN ,QGLWRQGHU]RHNZRUGWGHVSHHOUXLPWHWXVVHQGHKRXGEDDUKHLGHQPLFURELsOHYHLOLJKHLGQDGHU RQGHU]RFKWDDQGHKDQGYDQZHWHQVFKDSSHOLMNHHQYDNOLWHUDWXXUHQDDQGHKDQGYDQLQWHUYLHZV PHWH[SHUWVXLWKHWEHGULMIVOHYHQHQZHWHQVFKDSSHUV(ULVEHJRQQHQPHWOLWHUDWXXURQGHU]RHN QDDUSDWKRJHQHULVLFR·VLQUHODWLHWRWJHVQHGHQJURHQWHHQLQKRHYHUUHKLHUELMKHWEHSDOHQYDQGH KRXGEDDUKHLGUHNHQLQJPHHZRUGWJHKRXGHQ9HUYROJHQV]LMQH[SHUWVXLWKHWEHGULMIVOHYHQ KRRIGHQNZDOLWHLWYDQVQLMGHULMHQHQZHWHQVFKDSSHUVPLFURELRORJHQGHVNXQGLJHQ YRHGVHOYHLOLJKHLGJHwQWHUYLHZG2RN]LMQHQNHOHFRQIHUHQWLHVZRUNVKRSVRSKHWJHELHGYDQ YRHGVHOYHLOLJKHLGHQGHWHFWLHELMJHZRRQG %LQQHQGLWRQGHU]RHN]LMQJHHQPHWLQJHQYHUULFKW'DDUWRHZDVGHRPYDQJYDQKHWRQGHU]RHN WHNOHLQ3DUDOOHODDQGLWRQGHU]RHNPDDURQDIKDQNHOLMNHUYDQZHUGHQZHOPHWLQJHQYHUULFKWQDDU SUHYDOHQWLHHQDDQWDOOHQPLFURRUJDQLVPHQLQJHVQHGHQJURHQWHQELQQHQKHWRQGHU]RHN ´%DFWHULsOHYHLOLJKHLGJURHQWHHQIUXLWµYDQGH9:$HQ5,90'HUHVXOWDWHQKLHUYDQNRPHQQDDU YHUZDFKWLQJLQGHORRSYDQEHVFKLNEDDU
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
+HWEHSDOHQYDQGHKRXGEDDUKHLGVWHUPLMQ
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pp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pQ VQLMGHULMJHHIWDDQGDWDOVKHWSURGXFWRSWLPDDOEHZDDUG]RXZRUGHQS]HOIVZHOKDDOEDDU]RX ]LMQ0DDUGHWHPSHUDWXXULQGHNHWHQLVLQGHSUDNWLMNQLHWDOWLMGRSWLPDDOYRRUKHWSURGXFW %RYHQGLHQKHHIWRRNGHKDQGOLQJLQGHNHWHQ]RDOVKHW´DDQGXZHQµ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pQVQLMGHULMJHHIWDDQGDWGLWVRPVHHQODVWLJHVSDJDDWLVRPGDWGHJHYUDDJGH FRPPHUFLsOHKRXGEDDUKHLGQLHWDOWLMGNZDOLWDWLHIVHQVRULVFKYHUDQWZRRUGKRHIWWH]LMQ$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85 (HQYHUDQWZRRUGHYHUOHQJLQJYDQGHKRXGEDDUKHLGPHWELMYRRUEHHOGWZHHGDJHQ]RXYRRUGH SURGXFWLHHHQEHSDDOGHUXVWNXQQHQFUHsUHQHQKHWSODQQHQYDQGHSURGXFWLHJHPDNNHOLMNHU NXQQHQPDNHQPDDUGLWLVQLHWHHQQRHPHQVZDDUGLJHUHGHQRPGHKRXGEDDUKHLGGDQPDDURSWH KRJHQ :HWHQUHJHOJHYLQJ ,QKRHYHUUHKRXGWPHQRSGLWPRPHQWUHNHQLQJPHWPLFURELHHOJHYDDUELMKHWYDVWVWHOOHQYDQGH KRXGEDDUKHLGVWHUPLMQ"2SEDVLVYDQZHONHZHWHQUHJHOJHYLQJ"2SLQWHUQDWLRQDDOQLYHDXZHUNHQ GH:+2HQ)$2DDQQLHXZHULFKWOLMQHQLQGH&RGH[$OLPHQWDULXVYRRUGHSURGXFWLH YHUZHUNLQJHQKDQGHOLQJURHQWHQHQIUXLW%HGRHOLQJLVGDWKHWEHOHLGEHWHULQVSHHOWRSGHULVLFR·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s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sUHQGYDQ[SHUZHHNWRW[SHUPDDQGHQDIKDQNHOLMNYDQULVLFRFDWHJRULHYDQ KHWSURGXFWHQJURRWWHYDQKHWEHGULMI9:$2RNVFKULMIWGH9:$UHJHOJHYLQJYRRUPHW EHWUHNNLQJWRWWHJHEUXLNHQPHWKRGHQ 0LFURRUJDQLVPHQ 'HHLQGSURGXFWHQZRUGHQPHWHHQEHSDDOGHIUHTXHQWLHZHNHOLMNVPLFURELRORJLVFKJHWHVW(U ZRUGWLQKHWDOJHPHHQYDQXLWJHJDDQGDWGHVHQVRULVFKHNZDOLWHLWUXLPVFKRRWVHHUGHUGHQRUP EHUHLNWGDQPLFURELRORJLVFKHNZDOLWHLWEHGHUIEDFWHULsQHQSDWKRJHQHQ6DPHQJHVWHOGH
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85 SURGXFWHQZRUGHQYDNHUPLFURELRORJLVFKJHWHVWYDQZHJHKHWKRJHUHULVLFRRSEDFWHULs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sOHJURHLRIEHVPHWWLQJLVQDKHWGRRUORSHQYDQHHQZHUNHOLMNH NHWHQ:HOJHEHXUWGLWGRRUGH9:$LQKHWNDGHUYDQPRQLWRULQJHQVXUYHLOODQFHVWXGLHV (pQVQLMGHULMJHHIWDDQGDWHLJHQPHWLQJHQPHWEHWUHNNLQJWRWHHQEHSDDOGSURGXFWJHPHQJGH JURHQWHQGXVULMNHJHYDULHHUGHYRHGLQJVERGHPLQFKDOOHQJHWHVWVODWHQ]LHQGDWJURHLYDQ/LVWHULD QDGDJHQDIYODNW=RZHOELM0$YHUSDNNLQJHQDOVELMFRQYHQWLRQHOHYHUSDNNLQJHQLVGH KXLGLJHKRXGEDDUKHLGVHQVRULVFKEHSDDOGQRJ]RYHUZHJYDQKRXGEDDUKHGHQELMYRRUEHHOG WRWGDJHQZDDUELMPLFURELRORJLHHQGXVPRJHOLMNSDWKRJHQHQHHQUROJDDQVSHOHQGDWKLHUQLHW VQHOVSUDNHYDQ]DO]LMQ(pQVQLMGHULMJHHIWDDQGDWELMKHWYHUGHURSUHNNHQYDQGH KRXGEDDUKHLGVGDWXPKHWJHQRHPGHULVLFRPLVVFKLHQZHO]RXNXQQHQRQWVWDDQ(HQDQGHUHJHHIW HFKWHUDDQGDWQDMDDUYDQDDQSDVVLQJHQLQDIROLHVEJDVVDPHQVWHOOLQJHQF LQJDQJVNZDOLWHLWGWHPSHUDWXXUFRQGLWLHVLQGHNHWHQHQHUHFHSWXXUGHKRXGEDDUKHLGPHWWRW GDJHQLVYHUOHQJGGXVGDQGXXUWKHWQRJYHOHMDUHQYRRUGDWZHYDQGHKXLGLJHWRWGDJHQ ELMKRXGEDDUKHGHQDOVRIGDJHQXLWNRPHQ 'HJHwQWHUYLHZGHVQLMGHULMHQJHYHQDDQGDWGH(8ZHWJHYLQJHQHLJHQNZDOLWHLWVV\VWHPHQOHLGHQG ]LMQYRRUKHWXLWYRHUHQYDQPLFURELRORJLVFKHWHVWHQ6RPVHQKHWOLMNWVWHHGVYDNHUYHUHLVHQ
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85 DIQHPHUVNODQWHQEHSDDOGHWHVWHQ:DQQHHUGH]HDIZLMNHQYDQZDWHUDOJHGDDQZRUGWEHWUHIWKHW RYHUKHWDOJHPHHQKHWWHVWHQYDQKHWDOJHPHHQNLHPJHWDO2RNEHVWDDQHUVRPVHLVHQYDQXLWGH NODQW]RDOV+$&&3%5&4XDOLWlWXQG6LFKHUKHLG46HWFHWHUD6RPVZLOOHQDIQHPHUVRRNGDW HUYDNHUJHVDPSOHGZRUGW *HFRQFOXGHHUGNDQZRUGHQGDWRSGHGRRUGHZHWYRRUJHVFKUHYHQSDWKRJHQHEDFWHULsQZRUGW JHWHVWPDDUGDWGHKRXGEDDUKHLGDOOHHQGRRUVHQVRULVFKHNHQPHUNHQZRUGWEHSDDOG 5ROYDQSURFHVEHZDNLQJ 'HVQLMGHULMHQJHYHQDDQGDW]HYDQKXQOHYHUDQFLHUVYHUZDFKWHQGDW]LM´YULMYDQSDWKRJHQHQµ OHYHUHQPDDUHUZRUGHQLQKHWDOJHPHHQJHHQPHWLQJHQGRRUGHVQLMGHULMHQRSGHJURQGVWRIIHQ XLWJHYRHUG6RPVZRUGHQVWHHNSURHIVJHZLMVWHVWUDSSRUWHQELMGHOHYHUDQFLHURSJHYUDDJGGLH PRHWHQDDQWRQHQGDW]LMYULMYDQSDWKRJHQHQOHYHUHQ'HWHOHUKRHIW]HOIJHHQPLFURELRORJLVFK RQGHU]RHNWHODWHQXLWYRHUHQ ,QKHWDOJHPHHQZRUGHQHUJHHQPHWLQJHQRSJURQGVWRIIHQXLWJHYRHUG(pQVQLMGHULMJHHIWDDQ LQKHWYHUOHGHQJHWHVWWHKHEEHQRSDOJHPHHQNLHPJHWDOHQPHON]XXUPDDUVWHOWYUDJHQELMGH ]HJJLQJVNUDFKWYDQ]R·QPRQVWHU'HYHUVFKLOOHQELQQHQpp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´]LMQGHPDFKLQHVVFKRRQµ :DWEHWUHIW/LVWHULDJHHIWLQHONJHYDOppQVQLMGHULMDDQSURGXFWLHUXLPWHRQGHU]RHNWHGRHQ ELMYRRUEHHOGRPDDQWHWRQHQGDW]LMGHEURQQLHW]LMQ,QJHYDOGDW]H/LVWHULDDDQWUHIIHQJDDQ]H JURQGLJUHLQLJHQHQGHVLQIHFWHUHQ'LWLVLQKHWYHUOHGHQELMGH]HVQLMGHULMpp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
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85 ELMGHYROJHQGH]HQGLQJ,QGHSUDNWLMNEOLMNWGHRRU]DDNGDQWHOLJJHQELMHHQWHKRJHWHPSHUDWXXU WLMGHQVWUDQVSRUWRIKHWWHYURHJRIYHUNHHUGORVVHQELMGHZLQNHO$OVHHQSURGXFWERYHQGLHQ HHQPDDOYHUODDWLQKHWNRHOPHXEHOWHUHFKWNRPWUDDNWKHWQLHWPHHUWHUXJJHNRHOGRPGDWGH NRHOPHXEHOVKLHUQLHWYRRU]LMQLQJHULFKW
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
)DFWRUHQYRRUPLFURELsOHYHLOLJKHLG
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s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´%DFWHULsOHYHLOLJKHLGJURHQWHHQIUXLWµYDQGH9:$HQ5,90HHQSURMHFWZDDULQRYHU HHQSHULRGHYDQHHQMDDULQRSJURWHVFKDDOJHVQHGHQJURHQWHSURGXFWHQ]LMQJHWHVWRS DDQWDOOHQSDWKRJHQHEDFWHULs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´5HSRUWRQ]RRQRWLFDJHQWVLQ%HOJLXPLQµHHQSXEOLFDWLHYDQ)$99:,9HQ&2'$LV YDQGHYRHGVHOJHUHODWHHUGHXLWEUDNHQWRHWHZLMGHQDDQUDXZHJURHQWHQHQIUXLW(HQVWXGLHLQ ,HUODQG)UDQFLVHWDOODDW]LHQGDWYDQGHPRQVWHUVJHVQHGHQJURHQWH JHNRFKWLQHHQVXSHUPDUNWSRVLWLHIZHUGEHYRQGHQRS/PRQRF\WRJHQHV(FKWHUPDDUNHHU ZHUGGHQRUPYDQNYHJRYHUVFKUHGHQ'LWLVLQOLMQPHWKHWJHQRHPGHJHWDOYDQ RS 'LWOLMNWGXVZHLQLJPDDUZHLQLJNDQWHJHOLMNHUWLMGRRNYHHO]LMQRIZDQQHHULVHHQNOHLQULVLFR RRNHFKWNOHLQ"RSOLMNWNOHLQPDDUDOVMHKHWYHUWDDOWLQ´&LUFDSRUWLHV YRRUJHVQHGHQJURHQWHQZRUGHQSHUMDDUEHVPHWPHW/LVWHULDµ-RSSHQLQ(OVHYLHU 9RHGLQJVPLGGHOHQLQGXVWULHVHSWHPEHUOLMNWKHWZHHUYHHO$DQZHONHULVLFR·VZHRQV GDJHOLMNVZLOOHQEORRWVWHOOHQEHWUHIWGHHOVGXVRRNHHQSROLWLHNHDIZHJLQJ )DFWRUHQYDQLQYORHG 7ZHHH[SHUWVLVJHYUDDJGRPHHQUDQJRUGHDDQWHJHYHQLQGHYROJHQGHIDFWRUHQGLHYDQLQYORHG ]LMQRSKHWULVLFRYDQSDWKRJHQHQRSJHVQHGHQJURHQWHQYRRUGHYRONVJH]RQGKHLG • (HQEHVPHWWLQJYDQGHJURQGVWRIIHQ • 'HSURFHVVHQELMGHVQLMGHULM • +HWEHWUHIIHQGHSURGXFW • 9HUEOLMIWLMGHQHQWHPSHUDWXUHQLQGHNHWHQ • 9HUSDNNLQJVFRQGLWLHV • &RQVXPHQWHQJHGUDJ (YHQWXHHOPRFKWHQQRJDQGHUHIDFWRUHQYDQLQYORHGZRUGHQWRHJHYRHJGPDDUGDWLVQLHW JHEHXUG'HWZHHH[SHUWVZDUHQYULMZHOXQDQLHPLQKXQUDQJRUGH$OVEHODQJULMNVWHIDFWRUHQ ZHUGHQ´HHQEHVPHWWLQJYDQGHJURQGVWRIIHQµHQ´KHWEHWUHIIHQGHSURGXFWµJHQRHPG'H ´YHUEOLMIWLMGHQHQWHPSHUDWXUHQLQGHNHWHQµZDVELMEHLGHQHHQJRHGHGHUGHZDDUQD ´FRQVXPHQWHQJHGUDJµRSYLHUHQ´GHSURFHVVHQELMGHVQLMGHULMµRSYLMIYROJGHQ'HIDFWRU ´YHUSDNNLQJVFRQGLWLHVµYRUPGHGHKHNNHQVOXLWHU (HQEHVPHWWLQJYDQGHJURQGVWRIIHQ 9ROJHQVppQH[SHUWGHEHODQJULMNVWHIDFWRU$DQJH]LHQLQKHWYHUGHUHSURGXFWLHSURFHVYDQ JHVQHGHQJURHQWHSURGXFWHQHUJHHQYROOHGLJHHOLPLQDWLHYDQSDWKRJHQHQNDQ]LMQHQRPGDWHU ELQQHQGH(8JHHQGHVLQIHFWLHJHEUXLNWPDJZRUGHQ]XOOHQGHSDWKRJHQHQGLHDDQZH]LJ]LMQXLW GHSULPDLUHSURGXFWLHGHDDQOHLGLQJJHYHQWRWDDQZH]LJKHLGRSKHWHLQGSURGXFW 'HEHKHHUVLQJYDQEHPHVWLQJNZDOLWHLWYDQLUULJDWLHZDWHUVSRHOZDWHUHQSHUVRRQOLMNHK\JLsQH YDQGHODQGERXZHUVSHOHQHHQJURWHUROQDDUKHWYHUPLMGHQYDQEHVPHWWLQJPHW6DOPRQHOODIHFDOH EHVPHWWLQJRI/LVWHULDRPJHYLQJVSDWKRJHHQJHUHODWHHUGPHWDDUGHRQYROGRHQGHK\JLsQH%LM RSHQWHHOW]DOHUZDDUVFKLMQOLMNPHHUEHVPHWWLQJSODDWVYLQGHQYLDPHVWHQLUULJDWLHZDWHU'H SUREOHPHQPHWSDWKRJHQHQRSWRPDWHQLQGH96EHWURIIHQELMYRRUEHHOGWRPDWHQGLHLQGH96 ]HOIJHWHHOGZDUHQ'LWKHHIWZDDUVFKLMQOLMNPHWGHWHHOWRPVWDQGLJKHGHQWHPDNHQ2RN]LMQGH
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85 PDUNWHQGDDUYULMHUZDDUGRRUPLQGHUVDPHQZHUNLQJHQRSWLPDOLVDWLHELQQHQGHNHWHQSODDWVYLQGW 'HK\JLsQHHQFRQWUROHPLQGHUSDSLHUZHUN]LMQHUODJHUGDQELMRQVHQGHRSOHLGLQJYDQ PHGHZHUNHUVLVODJHUPLQGHUORRQNRVWHQ2RNKHHIWPHQLQGH9HUHQLJGH6WDWHQHHQFHQWUDDO GHWHFWLHV\VWHHPDQGHUVGDQLQ(XURSDZDDUGRRUZHOOLFKWJHPDNNHOLMNHU YRHGVHOYHLOLJKHLGVSUREOHPHQNXQQHQZRUGHQJHGHWHFWHHUG +HWEHWUHIIHQGHSURGXFW 9ROJHQVGHDQGHUHH[SHUWGHEHODQJULMNVWHIDFWRU2SZLWWHNRRO]LWWHQELMYRRUEHHOGKHHOZHLQLJ (QWHUREDFWHULDFHDHRPGDWGHNURSJHVORWHQLVORJ2SJHZRQHJURHQWHQ]LWRQJHYHHUORJ WHUZLMORSXLHQRXGHQRJZHOPHHUNDQ]LWWHQ'XVGHLQLWLsOHEHVPHWWLQJLV]HHUDIKDQNHOLMNYDQ GHEHWUHIIHQGHJURQGVWRI(HQYDQGHH[SHUWVDFKWGHNDQVRSLQZHQGLJHEHVPHWWLQJYDQKHW JHZDV]HHUJHULQJYHUZDFKWGHPHHVWHSDWKRJHQHQDDQGHEXLWHQNDQW'DDUQDDVWLVXLWFKDOOHQJH WHVWVJHEOHNHQGDWGHJURHLYDQ/LVWHULDRSJURHQWHQVWHUNSURGXFWDIKDQNHOLMNLV 9HUEOLMIWLMGHQWHPSHUDWXUHQLQGHNHWHQ 'HYHUEOLMIWLMGHQWHPSHUDWXUHQLQGHNHWHQ]XOOHQDOOHHQYDQLQYORHG]LMQRS/LVWHULDDDQJH]LHQ DQGHUHEHODQJULMNHSDWKRJHQHQ]RDOV6DOPRQHOODHQ&DPS\OREDFWHUQLHWXLWJURHLHQELM NRHOWHPSHUDWXUHQ8LWHLJHQFKDOOHQJHWHVWVYDQpp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·VYDQJURHQWHQKHWHGXFDWLHQLYHDXYDQGHFRQVXPHQWHWF 'HSURFHVVHQELMGHVQLMGHULM 'HSURFHVVHQELMGHVQLMGHULMNXQQHQHHQLQYORHGKHEEHQYRRUDORSKHWJHELHGYDQ NUXLVEHVPHWWLQJGRRUELMYRQYROGRHQGHYHUYHUVHQYDQZDVZDWHUPDDURRNLQKHWNDGHUYDQ /LVWHULDGRRURQYROGRHQGHK\JLsQHYQOYHQWLODWRUHQLQNRHOFHOOHQDIYRHUJRWHQHQSXWMHVZDDU /LVWHULDLQNDQZRHNHUHQZLHOHQYDQDIYDOFRQWDLQHUVGLHQDDUEXLWHQHQELQQHQUROOHQHWF/LVWHULD GLHQWLQHHQVQLMGHULMEHVFKRXZGWHZRUGHQDOVHHQRPJHYLQJVEHVPHWWHUHQPHQGLHQWGXVGH RPJHYLQJUHJHOPDWLJWHVFUHHQHQRSDDQZH]LJKHLGYDQ/LVWHULD(U]LWQXWHYHHORUJDQLVFK PDWHULDDOLQKHWZDWHUYRRUHHQGHFRQWDPLQDWLHPLGGHORPJRHGWHNXQQHQZHUNHQ%RYHQGLHQ ]LMQGHFRQWDPLQDWLHPLGGHOHQLQGH(8QLHWWRHJHVWDDQ+HWZDVSURFHV]RXYHUEHWHUGNXQQHQ
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sQGLHDQDHURRE]XOOHQXLWJURHLHQ ELMYJLVWHQPHON]XXUEDFWHULsQVWHUN]XOOHQFRQFXUUHUHQPHWGHSDWKRJHQHEDFWHULsQ'DDUQDDVW ]DOGRRUGHDQDHUREHFRQGLWLHVGHNZDOLWHLWYDQKHWSURGXFWVQHODFKWHUXLWJDDQZDDUGRRU FRQVXPHQWHQKHWSURGXFWQLHWPHHU]XOOHQFRQVXPHUHQYROJHQVHHQYDQGHH[SHUWV
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
9HLOLJKHLGHQKRXGEDDUKHLG
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·QPRPHQWDIJHGDDQZRUGHQDOVHHQLQFLGHQW$OVKHWKHUKDOLQJVPRQVWHU SRVLWLHILVLVKHWWHODDWYRRUHHQUHFDOOKHWSURGXFWKHHIWGHFRQVXPHQWGDQDOEHUHLNW6WDWLVWLVFK JH]LHQLVKHWHFKWHUJH]LHQGHODJHSUHYDOHQWLHWHYHUZDFKWHQGDWKHWKHUKDOLQJVPRQVWHUQHJDWLHI ]DO]LMQ'HPRQVWHUQDPHVELMVQLMGHULMHQ]LMQYRRUQDPHOLMNJHULFKWRSKHWLQNDDUWEUHQJHQYDQGH VWUXFWXUHOHULVLFR·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´JHYDUHQ]RQHµPHWEHWUHNNLQJWRWSDWKRJHQHQWHUHFKW WHNRPHQPHWQDPHRPGHHHQYRXGLJHUHGHQGDW]HKHWWRWRSKHGHQQRJQRRLWKHEEHQ PHHJHPDDNW'HJHGDFKWHLVRDGDWGRRUKRJHFRQFHQWUDWLHYDQEHGHUIIORUDSDWKRJHQHQRRNELM ODQJHKRXGEDDUKHLGVGDWXPJHHQNDQVNULMJHQRPXLWWHJURHLHQ=RZHOELM0$YHUSDNNLQJHQDOV ELMFRQYHQWLRQHOHYHUSDNNLQJHQLVGHKXLGLJHKRXGEDDUKHLGVHQVRULVFKEHSDDOGQRJ]RYHUZHJ YDQKRXGEDDUKHGHQELMYRRUEHHOGWRWGDJHQZDDUELMPLFURELRORJLHHQGXVPRJHOLMN SDWKRJHQHQHHQUROJDDQVSHOHQGDWKLHUQLHWVQHOVSUDNHYDQ]DO]LMQ(p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sOH
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85 EHVPHWWLQJYDQJURQGVWRIIHQYHURRU]DDNWGRRUPLQGHUK\JLs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s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pQVQLMGHULMJHHIWDDQGDWHUPLVVFKLHQLHWVYRRUWH]HJJHQLVRPDIWHVSUHNHQGDW HONHVQLMGHULMQDSURGXFWLHQRJPD[LPDDOGDJHQKRXGEDDUKHLGDIJHHIW ([SHUWVJHYHQDDQGDWDDQGDFKWGLHQWWHZRUGHQEHVWHHGDDQGHJHKHOHNHWHQ'LWEHWUHIWGH SURGXFWLHEHPHVWLQJLUULJDWLHHWFRRJVWRSVODJHQWUDQVSRUWYHUZHUNLQJVQLMGHQZDVVHQ VFKHUSHUHPHVVHQHWFEHZDDUFRQGLWLHVHWF3ULRULWHLWOLJWGDDUELMELMKHWYRRUNRPHQYDQ EHVPHWWLQJYDQGHJURQGVWRIIHQRSKHWYHOG´7ZHHNHHU]RZHLQLJ]LHNWHYHUZHNNHUVEHWHNHQW JURIZHJWZHHNHHU]RZHLQLJ]LHNWHJHYDOOHQµ%RYHQGLHQYUDJHQGHH[SHUWV]LFKDIRIYRRUYDVWH JURHQWHRRNJHHQEHSHUNLQJHQ]RXGHQPRHWHQJDDQJHOGHQGDDUGH]HGXVDOVEHODQJULMNHEURQ YDQEHVPHWWLQJZRUGHQEHVFKRXZG
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
&RQFOXVLHVHQDDQEHYHOLQJHQ
+RHYHLOLJLVGHKRXGEDDUKHLGVGDWXP",QKRHYHUUHLVGHKRXGEDDUKHLGVWHUPLMQHHQZDDUERUJYRRU YRHGVHOYHLOLJKHLGELMJHVQHGHQJURHQWHQ"%LMGHEHSDOLQJYDQGHKRXGEDDUKHLGVWHUPLMQZRUGWRS GLWPRPHQWQLHWRSPLFURELsOHDVSHFWHQJHWHVW'HKRRIGYUDDJLQGLWRQGHU]RHNZDVRIGUXNRS GHKRXGEDDUKHLGVWHUPLMQPLFURELRORJLVFKHJHYDUHQGLFKWHUELMEUHQJW+HWDQWZRRUGRSGH]H YUDDJLV´MDµPDDUZDDUVFKLMQOLMNLQEHSHUNWHPDWH *URHQWHVQLMGHULMHQLQ1HGHUODQGJHYHQDDQQLHWKHWJHYRHOWHKHEEHQLQGH´JHYDUHQ]RQHµ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·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s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·VLVHHQDGHTXDDW$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85 VLPXODWLHPRGHOYDQGHNHWHQQRRG]DNHOLMNGDWUHNHQLQJKRXGWPHWUHDOLVWLVFKH WHPSHUDWXXUYHUGHOLQJHQHQORJLVWLHNHSURFHVVHQ+HWLVDDQWHUDGHQNHQQLVWHRQWZLNNHOHQRPWRW GHUJHOLMNHVLPXODWLHPRGHOOHQYDQGHNHWHQWHNRPHQ 'DDUQDDVWLVKHWDDQWHUDGHQNHQQLVWHRQWZLNNHOHQRYHUEHVPHWWLQJVJUDGHQELQQHQ SURGXFWLHEDWFKHV]RGDWPRQVWHUQDPHDDQWDOOHQGDDURSDIJHVWHPGNXQQHQZRUGHQ
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
5HIHUHQWLHV
´%HWURXZEDUHFLMIHUVRYHURQYHLOLJKHLGYRRUJHVQHGHQJURHQWHRQWEUHNHQµ$JUL+ROODQG1LHXZV RNWREHU &RPPLVVLRQ5HJXODWLRQ(&1RRI1RYHPEHURQPLFURELRORJLFDOFULWHULD IRUIRRGVWXIIV (XURVXUYHLOODQFH67(&2RXWEUHDNLQWKH1HWKHUODQGV6HSWHPEHU2FWREHU KWWSZZZHXURVXUYHLOODQFHRUJHZDVS$FFHVVHG'HFHPEHU )DUEHU-1+DUULV/-3DULVK0(%HXFKDW/56XVORZ79*RUQH\-5*DUUHWW(+%XVWD ))0LFURELRORJLFDO6DIHW\RI&RQWUROOHGDQG0RGLILHG$WPRVSKHUH3DFNDJLQJRI)UHVK DQG)UHVK&XW3URGXFH&RPSUHKHQVLYH5HYLHZVLQ)RRG6FLHQFHDQG)RRG6DIHW\6XSSOHPHQW )$99:,9&2'$´5HSRUWRQ]RRQRWLFDJHQWVLQ%HOJLXPLQµ )UDQFLV*2·%HLUQH',VRODWLRQDQG3XOVHG)LHOG*HO(OHFWURSKRUHVLV7\SLQJRI /LVWHULDPRQRF\WRJHQHVIURP0RGLILHG$WPRVSKHUH3DFNDJHG)UHVK&XW9HJHWDEOHV&ROOHFWHGLQ ,UHODQG-RXUQDORI)RRG3URWHFWLRQ9RO1R -RSSHQ/´SRUWLHVEHVPHWPHW/LVWHULDµ(OVHYLHU9RHGLQJVPLGGHOHQ,QGXVWULH VHSWHPEHU -RSSHQ/´6DOPRQHOODDOHUWLQ*URRW%ULWWDQQLsµ(OVHYLHU9RHGLQJVPLGGHOHQ,QGXVWULH RNWREHU 9HUKHXO-´9:$RQGHU]RHNW(FROLXLWEUDDNVODµ$*'QOQRYHPEHU 9:$+RXGEDDUKHLGVGDWXPOHYHQVPLGGHOHQYRRUFRQVXPHQWHQLQIRUPDWLHEODGDXJXVWXV 9:$,QWHUYHQWLHEHOHLG9:$PEW9HURUGHQLQJ(*1ULQ]DNHPLFURELRORJLVFKH FULWHULDYRRUOHYHQVPLGGHOHQ-XOL$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
*HwQWHUYLHZGHSHUVRQHQ
+HQULsWWH%HUNYHQV+RRIG.ZDOLWHLW*URHQWHKRI%9 *pUDUGYDQGHQ%RRJDDUG3DFNDJLQJ7UDQVSRUW /RJLVWLFV:DJHQLQJHQ85 ,IH)LW]-DPHV9:$ /LHVEHWK-DF[VHQV/DERUDWRU\RI)RRG0LFURELRORJ\DQG)RRG3UHVHUYDWLRQ)DFXOW\RI %LR6FLHQFH(QJLQHHULQJ8QLYHUVLWHLW*HQW -DQ.OHLQ6ZRUPLQN.ZDOLWHLWVPDQDJHU+HVVLQJ*URHQWH%9 )iWLPD.UHIW3DFNDJLQJ7UDQVSRUW /RJLVWLFV:DJHQLQJHQ85 %HQQRWHU.XLOH%XUHDXULVLFREHRRUGHOLQJ9:$ )UDQVYDQ/HXVGHQ3URMHFWOHLGHU´%DFWHULsOHYHLOLJKHLGJURHQWHHQIUXLWµ5,90 6HUYp1RWHUPDQV)RRG'RFWRUV $QQHPDULH3LHODDW5,90 0LFKHO6FKHHUVWUD4$7HFKQRORRJ:+HHPVNHUN%9 $QQDVLHW6LHEHQJD&R|UGLQDWRU.ZDOLWHLWVGLHQVW:+HHPVNHUN%9 0LHNH8\WWHQGDHOH/DERUDWRU\RI)RRG0LFURELRORJ\DQG)RRG3UHVHUYDWLRQ)DFXOW\RI %LR6FLHQFH(QJLQHHULQJ8QLYHUVLWHLW*HQW 6LPRQH9DUHNDPS9DQ9OLHW+RRIG.ZDOLWHLWHQ:HWJHYLQJ7XLQGHULM9HUV%9 /XFDV:LMQDQGV5,90$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
%LMJHZRRQGHV\PSRVLDHQZRUNVKRSV
67:HQ:DJHQLQJHQ8QLYHUVLWHLW:RUNVKRS´7RZDUGVPLFURELDOVDIHW\RIYHJHWDEOHVµ :DJHQLQJHQRNWREHU 6WLFKWLQJ)RRG0LFUR ,QQRYDWLRQ6\PSRVLXP´9HLOLJSURGXFHUHQNRUWKRXGEDUHSURGXFWHQ LQVFKDWWLQJHQPDQDJHPHQWYDQULVLFR·Vµ(GHGHFHPEHU$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
$SSHQGL[$,QWHUYLHZYUDJHQVQLMGHULMHQ
+RHNRPWXWRWHHQKRXGEDDUKHLGVGDWXPYRRUXZSURGXFWHQ" D :HONHVHQVRULVFKHFULWHULDVSHOHQKLHUELMHHQURO" E :HONHPLFURELsOHFULWHULDVSHOHQKLHUELMHHQURO" F ,QKRHYHUUHZRUGWHUUHNHQLQJJHKRXGHQPHWEHSDDOGHSDWKRJHQHQ":HONHSDWKRJHQHQHQ ZDDURPGLH" G :HONHFRPPHUFLsOHFULWHULDVSHOHQKLHUELMHHQURO" H :HONHSURGXFWLHWHFKQLVFKHRIORJLVWLHNHFULWHULDVSHOHQKLHUELMHHQURO" 2SZHONHPLFURRUJDQLVPHQODDWXXZSURGXFWHQWHVWHQ" D :DDURPZRUGHQGH]HVDPSOHVJHQRPHQ"ZHWJHYLQJHLJHQNZDOLWHLWVV\VWHHPHLVHQYDQXLW DIQHPHU« E :HONHHLVHQZRUGHQHUDDQHHQVDPSOHJHVWHOG"%LMYPLQLPDDOJUDP F ,QKRHYHUUHJHYHQGH]HVDPSOHVHHQJRHGEHHOGYDQGHZHUNHOLMNHEHVPHWWLQJ",VGH VHQVLWLYLWHLWYDQGHWHVWKRRJJHQRHJ":RUGWKHWKHOHDVVRUWLPHQWJHWHVW" G +RHYDDNZRUGWGH]HWHVWXLWJHYRHUG"ELMYRRUEHHOGHONHEDWFKRIppQNHHUSHUZHHN H :HONHDFWLHVPRHWHQYROJHQRSHHQSRVLWLHIVDPSOHELMYRRUEHHOGPHHUEHWHU VFKRRQPDNHQXLWYRHUHQUHFDOO":DDUNRPWGH]HUHJHOJHYLQJYDQGDDQ" I :LHQHHPWGH]HVDPSOHV" J =LMQHUXLWVODJHQYDQGH]HVDPSOHVEHVFKLNEDDUYRRURQV" 0HWZHONW\SHYHUSDNNLQJHQZHUNWX" D :DDURPZRUGWZHONHYHUSDNNLQJJHEUXLNW"$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85 E +HHIWXKHWJHYRHOGRRU0$YHUSDNNLQJHQLQGH´JHYDUHQ]RQHµPHWEHWUHNNLQJWRW SDWKRJHQHQWHUHFKWWHNRPHQ"=RMDZDDULVGLWJHYRHORSJHEDVHHUG" +RHZRUGWGHKRXGEDDUKHLGVGDWXPLQGHNHWHQJHERUJG"ELMYVWHHNSURHYHQLQGHZLQNHO D .ULMJWXRIppQYDQXZDIQHPHUVZHOHHQVNODFKWHQFODLPVLYP]LHNWHJHYDOOHQ"2PZHONH SDWKRJHQHQJDDWKHWGDQ" E :DDUOLJWGHEHZLMVODVWGDQ" ,QKRHYHUUH]RXEHSDOLQJYDQGHKRXGEDDUKHLGVGDWXPYRRUJHVQHGHQJURHQWHQYHUEHWHUG JHVWDQGDDUGLVHHUGWUDQVSDUDQWJHPDDNWRIJHFRQWUROHHUGPRHWHQZRUGHQ"
$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85
$SSHQGL[%,QWHUYLHZYUDJHQH[SHUWVXLWGHZHWHQVFKDS
,QKRHYHUUHYRUPHQSDWKRJHQHQRSJHVQHGHQJURHQWHHHQULVLFRYRRUGHYRONVJH]RQGKHLG" D+RHJURRWLVGLWULVLFRWHQRS]LFKWHYDQDQGHUHULVLFR·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« ,QKRHYHUUHNDQGHKRXGEDDUKHLGVGDWXPGLWULVLFREHSHUNHQ" D =RXHHQEHSHUNLQJYDQGHKRXGEDDUKHLGVWHUPLMQKHWULVLFRYHUODJHQ" E ,QKRHYHUUHOHLGWKRXGEDDUKHLGVYHUOHQJLQJGRRUGHWRHSDVVLQJYDQ0$YHUSDNNLQJHQWRW HHQYHUKRJLQJYDQKHWULVLFR" F ,QKRHYHUUH]RXGHKRXGEDDUKHLGVGDWXPYRRUJHVQHGHQJURHQWHQYHUEHWHUG JHVWDQGDDUGLVHHUGWUDQVSDUDQWJHPDDNWRIJHFRQWUROHHUGPRHWHQZRUGHQ"$JURWHFKQRORJ\DQG)RRG6FLHQFHV*URXS/LGYDQ:DJHQLQJHQ85 :HONHPDDWUHJHOHQPRHWHQYROJHQVXDOVHHUVWHJHQRPHQRIRQGHU]RFKWZRUGHQWDY SDWKRJHQHQRSJHVQHGHQJURHQWH"