You are on page 1of 10



%HQHWVRI6XQOLJKW$%ULJKW6SRWIRU+XPDQ+HDOWK

(QYLURQ+HDOWK3HUVSHFW$SU  $$

30&,'30&

(QYLURQHZV
)RFXV

%HQHILWVRI6XQOLJKW$%ULJKW6SRWIRU+XPDQ+HDOWK
01DWKDQLHO0HDG
&RS\ULJKWQRWLFH
3XEOLFDWLRQRI(+3OLHVLQWKHSXEOLFGRPDLQDQGLVWKHUHIRUHZLWKRXWFRS\ULJKW$OOWH[WIURP(+3PD\EHUHSULQWHGIUHHO\8VHRIPDWHULDOVSXEOLVKHG
LQ(+3VKRXOGEHDFNQRZOHGJHG IRUH[DPSOH"5HSURGXFHGZLWKSHUPLVVLRQIURP(QYLURQPHQWDO+HDOWK3HUVSHFWLYHV" SHUWLQHQWUHIHUHQFH
LQIRUPDWLRQVKRXOGEHSURYLGHGIRUWKHDUWLFOHIURPZKLFKWKHPDWHULDOZDVUHSURGXFHG$UWLFOHVIURP(+3HVSHFLDOO\WKH1HZVVHFWLRQPD\FRQWDLQ
SKRWRJUDSKVRULOOXVWUDWLRQVFRS\ULJKWHGE\RWKHUFRPPHUFLDORUJDQL]DWLRQVRULQGLYLGXDOVWKDWPD\QRWEHXVHGZLWKRXWREWDLQLQJSULRUDSSURYDOIURP
WKHKROGHURIWKHFRS\ULJKW

7KLVDUWLFOHKDVEHHQFRUUHFWHG6HH(QYLURQ+HDOWK3HUVSHFW0D\  $
7KLVDUWLFOHKDVEHHQFLWHGE\RWKHUDUWLFOHVLQ30&

(DFKGD\$SROORVILHU\FKDULRWPDNHVLWVZD\DFURVVWKHVN\EULQJLQJOLIHJLYLQJOLJKWWRWKHSODQHW)RUWKH
DQFLHQW*UHHNVDQG5RPDQV$SROORZDVWKHJRGRIPHGLFLQHDQGKHDOLQJDVZHOODVRIVXQDQGOLJKWEXW$SROOR
FRXOGEULQJVLFNQHVVDVZHOODVFXUH7RGD\VVFLHQWLVWVKDYHFRPHWRDVLPLODUO\GLFKRWRPRXVUHFRJQLWLRQWKDW
H[SRVXUHWRWKHXOWUDYLROHWUDGLDWLRQ 895 LQVXQOLJKWKDVERWKEHQHILFLDODQGGHOHWHULRXVHIIHFWVRQKXPDQ
KHDOWK
0RVWSXEOLFKHDOWKPHVVDJHVRIWKHSDVWFHQWXU\KDYHIRFXVHGRQWKHKD]DUGVRIWRRPXFKVXQH[SRVXUH89$
UDGLDWLRQ RIWKH895WKDWUHDFKHV(DUWKVVXUIDFH SHQHWUDWHVGHHSO\LQWRWKHVNLQZKHUHLWFDQ
FRQWULEXWHWRVNLQFDQFHULQGLUHFWO\YLDJHQHUDWLRQRI'1$GDPDJLQJPROHFXOHVVXFKDVK\GUR[\ODQGR[\JHQ
UDGLFDOV6XQEXUQLVFDXVHGE\WRRPXFK89%UDGLDWLRQWKLVIRUPDOVROHDGVWRGLUHFW'1$GDPDJHDQG
SURPRWHVYDULRXVVNLQFDQFHUV%RWKIRUPVFDQGDPDJHFROODJHQILEHUVGHVWUR\YLWDPLQ$LQVNLQDFFHOHUDWH
DJLQJRIWKHVNLQDQGLQFUHDVHWKHULVNRIVNLQFDQFHUV([FHVVLYHVXQH[SRVXUHFDQDOVRFDXVHFDWDUDFWVDQG
GLVHDVHVDJJUDYDWHGE\895LQGXFHGLPPXQRVXSSUHVVLRQVXFKDVUHDFWLYDWLRQRIVRPHODWHQWYLUXVHV
+RZHYHUH[FHVVLYH895H[SRVXUHDFFRXQWVIRURQO\RIWKHWRWDOJOREDOEXUGHQRIGLVHDVHLQGLVDELOLW\
DGMXVWHGOLIH\HDUV '$/<V DFFRUGLQJWRWKH:RUOG+HDOWK2UJDQL]DWLRQ :+2 UHSRUW7KH*OREDO
%XUGHQRI'LVHDVH'XHWR8OWUDYLROHW5DGLDWLRQ'$/<VPHDVXUHKRZPXFKDSHUVRQVH[SHFWDQF\RIKHDOWK\
OLIHLVUHGXFHGE\SUHPDWXUHGHDWKRUGLVDELOLW\FDXVHGE\GLVHDVH&RDXWKRU5RE\Q/XFDVDQHSLGHPLRORJLVWDW
WKH1DWLRQDO&HQWUHIRU(SLGHPLRORJ\DQG3RSXODWLRQ+HDOWKLQ&DQEHUUD$XVWUDOLDH[SODLQVWKDWPDQ\GLVHDVHV
OLQNHGWRH[FHVVLYH895H[SRVXUHWHQGWREHUHODWLYHO\EHQLJQDSDUWIURPPDOLJQDQWPHODQRPDDQGRFFXULQ
ROGHUDJHJURXSVGXHPDLQO\WRWKHORQJODJEHWZHHQH[SRVXUHDQGPDQLIHVWDWLRQWKHUHTXLUHPHQWRIFXPXODWLYH
H[SRVXUHVRUERWK7KHUHIRUHZKHQPHDVXULQJE\'$/<VWKHVHGLVHDVHVLQFXUDUHODWLYHO\ORZGLVHDVHEXUGHQ
GHVSLWHWKHLUKLJKSUHYDOHQFH
,QFRQWUDVWWKHVDPH:+2UHSRUWQRWHGWKDWDPDUNHGO\ODUJHUDQQXDOGLVHDVHEXUGHQRIELOOLRQ'$/<V
ZRUOGZLGHPLJKWUHVXOWIURPYHU\ORZOHYHOVRI895H[SRVXUH7KLVEXUGHQVXEVXPHVPDMRUGLVRUGHUVRIWKH
PXVFXORVNHOHWDOV\VWHPDQGSRVVLEO\DQLQFUHDVHGULVNRIYDULRXVDXWRLPPXQHGLVHDVHVDQGOLIHWKUHDWHQLQJ
FDQFHUV
7KHEHVWNQRZQEHQHILWRIVXQOLJKWLVLWVDELOLW\WRERRVWWKHERG\VYLWDPLQ'VXSSO\PRVWFDVHVRIYLWDPLQ'
KWWSVZZZQFELQOPQLKJRYSPFDUWLFOHV30&





%HQHWVRI6XQOLJKW$%ULJKW6SRWIRU+XPDQ+HDOWK

GHILFLHQF\DUHGXHWRODFNRIRXWGRRUVXQH[SRVXUH$WOHDVWGLIIHUHQWJHQHVJRYHUQLQJYLUWXDOO\HYHU\WLVVXH
LQWKHERG\DUHQRZWKRXJKWWREHUHJXODWHGE\GLK\GUR[\YLWDPLQ' >2+@' WKHDFWLYHIRUPRIWKH
YLWDPLQLQFOXGLQJVHYHUDOLQYROYHGLQFDOFLXPPHWDEROLVPDQGQHXURPXVFXODUDQGLPPXQHV\VWHPIXQFWLRQLQJ
$OWKRXJKPRVWRIWKHKHDOWKSURPRWLQJEHQHILWVRIVXQH[SRVXUHDUHWKRXJKWWRRFFXUWKURXJKYLWDPLQ'
SKRWRV\QWKHVLVWKHUHPD\EHRWKHUKHDOWKEHQHILWVWKDWKDYHJRQHODUJHO\RYHUORRNHGLQWKHGHEDWHRYHUKRZ
PXFKVXQLVQHHGHGIRUJRRGKHDOWK>VHH2WKHU6XQ'HSHQGHQW3DWKZD\VS$@$VIRUZKDWFRQVWLWXWHV
H[FHVVLYH895H[SRVXUHWKHUHLVQRRQHVL]HILWVDOODQVZHUVD\V/XFDV([FHVVLYHUHDOO\PHDQV
LQDSSURSULDWHO\KLJKIRU\RXUVNLQW\SHXQGHUDSDUWLFXODUOHYHORIDPELHQW895

9LWDPLQ'3URGXFWLRQ

*RWR

8QOLNHRWKHUHVVHQWLDOYLWDPLQVZKLFKPXVWEHREWDLQHGIURPIRRGYLWDPLQ'FDQEHV\QWKHVL]HGLQWKHVNLQ
WKURXJKDSKRWRV\QWKHWLFUHDFWLRQWULJJHUHGE\H[SRVXUHWR89%UDGLDWLRQ7KHHIILFLHQF\RISURGXFWLRQGHSHQGV
RQWKHQXPEHURI89%SKRWRQVWKDWSHQHWUDWHWKHVNLQDSURFHVVWKDWFDQEHFXUWDLOHGE\FORWKLQJH[FHVVERG\
IDWVXQVFUHHQDQGWKHVNLQSLJPHQWPHODQLQ)RUPRVWZKLWHSHRSOHDKDOIKRXULQWKHVXPPHUVXQLQDEDWKLQJ
VXLWFDQLQLWLDWHWKHUHOHDVHRI,8 PJ YLWDPLQ'LQWRWKHFLUFXODWLRQZLWKLQKRXUVRIH[SRVXUH
WKLVVDPHDPRXQWRIH[SRVXUH\LHOGV,8LQWDQQHGLQGLYLGXDOVDQG,8LQGDUN
VNLQQHGSHRSOH
7KHLQLWLDOSKRWRV\QWKHVLVSURGXFHVYLWDPLQ'PRVWRIZKLFKXQGHUJRHVDGGLWLRQDOWUDQVIRUPDWLRQVVWDUWLQJ
ZLWKWKHSURGXFWLRQRIK\GUR[\YLWDPLQ' >2+@' WKHPDMRUIRUPRIYLWDPLQ'FLUFXODWLQJLQWKH
EORRGVWUHDPDQGWKHIRUPWKDWLVURXWLQHO\PHDVXUHGWRGHWHUPLQHDSHUVRQVYLWDPLQ'VWDWXV$OWKRXJKYDULRXV
FHOOW\SHVZLWKLQWKHVNLQFDQFDUU\RXWWKLVWUDQVIRUPDWLRQORFDOO\WKHFRQYHUVLRQWDNHVSODFHSULPDULO\LQWKH
OLYHU$QRWKHUVHWRIWUDQVIRUPDWLRQVRFFXUVLQWKHNLGQH\DQGRWKHUWLVVXHVIRUPLQJ 2+ '7KLVIRUPRIWKH
YLWDPLQLVDFWXDOO\DKRUPRQHFKHPLFDOO\DNLQWRWKHVWHURLGKRUPRQHV
 2+ 'DFFXPXODWHVLQFHOOQXFOHLRIWKHLQWHVWLQHZKHUHLWHQKDQFHVFDOFLXPDQGSKRVSKRUXVDEVRUSWLRQ
FRQWUROOLQJWKHIORZRIFDOFLXPLQWRDQGRXWRIERQHVWRUHJXODWHERQHFDOFLXPPHWDEROLVP0LFKDHO+ROLFND
PHGLFDOSURIHVVRUDQGGLUHFWRURIWKH%RQH+HDOWK&DUH&OLQLFDW%RVWRQ8QLYHUVLW\0HGLFDO&HQWHUVD\V7KH
SULPDU\SK\VLRORJLFIXQFWLRQRIYLWDPLQ'LVWRPDLQWDLQVHUXPFDOFLXPDQGSKRVSKRURXVOHYHOVZLWKLQWKH
QRUPDOSK\VLRORJLFUDQJHWRVXSSRUWPRVWPHWDEROLFIXQFWLRQVQHXURPXVFXODUWUDQVPLVVLRQDQGERQH
PLQHUDOL]DWLRQ
:LWKRXWVXIILFLHQWYLWDPLQ'ERQHVZLOOQRWIRUPSURSHUO\,QFKLOGUHQWKLVFDXVHVULFNHWVDGLVHDVH
FKDUDFWHUL]HGE\JURZWKUHWDUGDWLRQDQGYDULRXVVNHOHWDOGHIRUPLWLHVLQFOXGLQJWKHKDOOPDUNERZHGOHJV0RUH
UHFHQWO\WKHUHKDVEHHQDJURZLQJDSSUHFLDWLRQIRUYLWDPLQ'VLPSDFWRQERQHKHDOWKLQDGXOWV,Q$XJXVW
WKH$JHQF\IRU+HDOWK&DUH3ROLF\DQG5HVHDUFKSXEOLVKHG(IIHFWLYHQHVVDQG6DIHW\RI9LWDPLQ'LQ5HODWLRQWR
%RQH+HDOWKDV\VWHPDWLFUHYLHZRIVWXGLHVWKDWIRXQGIDLUHYLGHQFHRIDQDVVRFLDWLRQEHWZHHQFLUFXODWLQJ
 2+ 'FRQFHQWUDWLRQVDQGHLWKHULQFUHDVHGERQHPLQHUDOGHQVLW\RUUHGXFHGIDOOVLQROGHUSHRSOH DUHVXOWRI
VWUHQJWKHQHGPXVFOHVDVZHOODVVWUHQJWKHQHGERQHV /RZYLWDPLQ'OHYHOVZLOOSUHFLSLWDWHDQGH[DFHUEDWH
RVWHRSRURVLVLQERWKPHQDQGZRPHQDQGFDXVHWKHSDLQIXOERQHGLVHDVHRVWHRPDODFLDVD\V+ROLFN

(YROXWLRQRIWKH*UHDW6RODU'HEDWH

*RWR

,QWKHERRN%RQH/RVVDQG2VWHRSRURVLVLQ3DVW3RSXODWLRQV$Q$QWKURSRORJLFDO3HUVSHFWLYH5HLQKROG
9LHWKDQXWULWLRQSURIHVVRUDWWKH8QLYHUVLW\RI7RURQWRZULWHVWKDWHDUO\SULPDWHVSUREDEO\DFTXLUHGWKHLU
UHODWLYHO\KLJKYLWDPLQ'UHTXLUHPHQWVIURPIUHTXHQWJURRPLQJDQGLQJHVWLRQRIRLOVULFKLQYLWDPLQ'SUHFXUVRUV
WKDWZHUHVHFUHWHGE\WKHLUVNLQRQWRWKHLUIXU7KHILUVWKXPDQVHYROYHGLQHTXDWRULDO$IULFDZKHUHWKHGLUHFW
DQJOHRIVXQOLJKWGHOLYHUVYHU\VWURQJ895PRVWRIWKH\HDU7KHJUDGXDOORVVRISURWHFWLYHIXUPD\KDYHFUHDWHG
HYROXWLRQDU\SUHVVXUHWRGHYHORSGHHSO\SLJPHQWHGVNLQWRDYRLGSKRWRGHJUDGDWLRQRIPLFURQXWULHQWVDQGSURWHFW
VZHDWJODQGVIURP895LQGXFHGLQMXU\
KWWSVZZZQFELQOPQLKJRYSPFDUWLFOHV30&





%HQHWVRI6XQOLJKW$%ULJKW6SRWIRU+XPDQ+HDOWK

,QWKH-XO\LVVXHRIWKH-RXUQDORI+XPDQ(YROXWLRQ&DOLIRUQLD$FDGHP\RI6FLHQFHVDQWKURSRORJLVWV1LQD
-DEORQVNLDQG*HRUJH&KDSOLQZURWHWKDWEHFDXVHGDUNVNLQUHTXLUHVDERXWILYHWRVL[WLPHVPRUHVRODUH[SRVXUH
WKDQSDOHVNLQIRUHTXLYDOHQWYLWDPLQ'SKRWRV\QWKHVLVDQGEHFDXVHWKHLQWHQVLW\RI89%UDGLDWLRQGHFOLQHVZLWK
LQFUHDVLQJODWLWXGHRQHFRXOGVXUPLVHWKDWVNLQOLJKWHQLQJZDVDQHYROXWLRQDU\DGDSWDWLRQWKDWDOORZHGIRU
RSWLPDOVXUYLYDOLQORZ895FOLPHVDVVXPLQJDWUDGLWLRQDOGLHWDQGRXWGRRUOLIHVW\OH&RROHUWHPSHUDWXUHVLQ
WKHVHKLJKHUODWLWXGHVUHVXOWHGLQWKHQHHGIRUPRUHFORWKLQJDQGVKHOWHUIXUWKHUUHGXFLQJ895H[SRVXUH:LWK
VKRUWHUZLQWHUGD\VDQGLQVXIILFLHQWVRODUUDGLDWLRQLQWKH89%ZDYHOHQJWKVQHHGHGWRVWLPXODWHYLWDPLQ'
V\QWKHVLVGLHWDU\VRXUFHVVXFKDVIDWW\ILVKEHFDPHLQFUHDVLQJO\LPSRUWDQW
2YHUWLPHFORWKLQJEHFDPHWKHQRUPLQKLJKHUODWLWXGHVDQGWKHQHYHQWXDOO\DVRFLDODWWULEXWHLQPDQ\VRFLHWLHV
%\WKHVSHRSOHVLQWKHVHUHJLRQVFRYHUHGWKHLUZKROHERG\HYHQLQVXPPHUWLPH0DQ\FKLOGUHQZKROLYHG
LQWKHFURZGHGDQGSROOXWHGLQGXVWULDOL]HGFLWLHVRIQRUWKHUQ(XURSHGHYHORSHGULFNHWV%\WKHODWHV
DSSUR[LPDWHO\RIDOOFKLOGUHQOLYLQJLQLQGXVWULDOL]HG(XURSHDQG1RUWK$PHULFDKDGVRPHPDQLIHVWDWLRQVRI
WKHGLVHDVHDFFRUGLQJWRHVWLPDWHVEDVHGRQDXWRSV\VWXGLHVRIWKHGD\FLWHGE\+ROLFNLQWKH$XJXVW
-RXUQDORI&OLQLFDO,QYHVWLJDWLRQDQGWKH2FWREHU$PHULFDQ-RXUQDORI3XEOLF+HDOWK
'RFWRUVWKURXJKRXW(XURSHDQG1RUWK$PHULFDEHJDQSURPRWLQJZKROHERG\VXQEDWKLQJWRKHOSSUHYHQWULFNHWV
,WZDVDOVRUHFRJQL]HGWKDWZLQWHUWLPHVXQOLJKWLQWKHWHPSHUDWH]RQHZDVWRRIHHEOHWRSUHYHQWULFNHWV)RUWKLV
UHDVRQPDQ\FKLOGUHQZHUHH[SRVHGWR895IURPDPHUFXU\RUFDUERQDUFODPSIRURQHKRXUWKUHHWLPHVDZHHN
ZKLFKSURYHGWREHDQHIIHFWLYHSUHYHQWLYHPHDVXUHDQGWUHDWPHQW
$URXQGWKHWLPHWKHVRODUVROXWLRQWRULFNHWVJDLQHGZLGHVSUHDGWUDFWLRQLQPHGLFDOFLUFOHVDQRWKHUKLVWRULF
VFRXUJHWXEHUFXORVLV 7% ZDVDOVRIRXQGWRUHVSRQGWRVRODULQWHUYHQWLRQ7%SDWLHQWVRIDOODJHVZHUHVHQWWR
UHVWLQVXQQ\ORFDOHVDQGJHQHUDOO\UHWXUQHGLQJRRGKHDOWK'HUPDWRORJ\SURIHVVRU%DUEDUD$*LOFKUHVWRI
%RVWRQ8QLYHUVLW\6FKRRORI0HGLFLQHVD\VWKDWZKHUHDVVXQH[SRVXUHZDVVKRZQWRLPSURYHFXWDQHRXV7%
VDQDWRULXPSDWLHQWVZLWKSXOPRQDU\7%OLNHO\UHVSRQGHGDVPXFKRUPRUHWRUHVWDQGJRRGQXWULWLRQWKDQWR
8951HYHUWKHOHVVDPHWDDQDO\VLVSXEOLVKHGLQWKH)HEUXDU\,QWHUQDWLRQDO-RXUQDORI(SLGHPLRORJ\IRXQG
WKDWKLJKYLWDPLQ'OHYHOVUHGXFHWKHULVNRIDFWLYH7% LH7%VKRZLQJFOLQLFDOV\PSWRPV E\
$OPRVWRYHUQLJKWDVDZDUHQHVVRIWKHVXQVSRZHUDJDLQVWULFNHWVDQG7%VSUHDGDWWLWXGHVWRZDUGVXQH[SRVXUH
XQGHUZHQWDUDGLFDOVKLIW7KHVXQWDQEHFDPHYDOXHGLQWKH:HVWHUQZRUOGDVDQHZVWDWXVV\PEROWKDWVLJQLILHG
ERWKKHDOWKDQGZHDOWKDVRQO\WKHDIIOXHQWFRXOGDIIRUGWRYDFDWLRQE\WKHVHDDQGSOD\RXWGRRUVSRUWV
3KRWRWKHUDS\TXLFNO\HPHUJHGDVDSRSXODUPHGLFDOWUHDWPHQWQRWRQO\IRU7%EXWDOVRIRUUKHXPDWLFGLVRUGHUV
GLDEHWHVJRXWFKURQLFXOFHUVDQGZRXQGV7KHKHDOWK\WDQZDVLQDQGVLFNO\ORRNLQJSDOHVNLQZDVRXW

&DQFHU&DXVH3URWHFWLRQRU%RWK"

*RWR

7KHILUVWUHSRUWVRIDQDVVRFLDWLRQEHWZHHQVXQH[SRVXUHDQGVNLQFDQFHUEHJDQWRVXUIDFHLQGHUPDWRORJ\
SXEOLFDWLRQVLQWKHODWHQLQHWHHQWKFHQWXU\1HYHUWKHOHVVLWZDVQRWXQWLOWKHVWKDWWKH863XEOLF+HDOWK
6HUYLFHEHJDQLVVXLQJZDUQLQJVDERXWVXQUHODWHGKHDOWKULVNV3HRSOHZHUHFDXWLRQHGWRDYRLGWKHPLGGD\
VXPPHUVXQFRYHUWKHLUKHDGVLQGLUHFWVXQOLJKWDQGJUDGXDOO\LQFUHDVHWKHWLPHRIVXQH[SRVXUHIURPDQLQLWLDO
PLQXWHVSHUGD\WRPLQLPL]HWKHULVNRIVXQEXUQ
,QWKHGHFDGHVWKDWIROORZHGWKHVNLQFDQFHUKD]DUGVRIH[FHVVLYHVXQH[SRVXUHZRXOGEHH[WHQVLYHO\VWXGLHGDQG
PDSSHG7RGD\WKHWKUHHPDLQIRUPVRIVNLQFDQFHUPHODQRPDEDVDOFHOOFDUFLQRPDDQGVTXDPRXVFHOO
FDUFLQRPDDUHODUJHO\DWWULEXWHGWRH[FHVVLYH895H[SRVXUH6NLQFDQFHUVEHFDPHWKHPRVWFRPPRQIRUPRI
FDQFHUZRUOGZLGHHVSHFLDOO\DPRQJJURXSVVXFKDVZKLWHUHVLGHQWVRI$XVWUDOLDDQG1HZ=HDODQG
:KHQDWPRVSKHULFVFLHQWLVWVILUVWFDOOHGDWWHQWLRQWRSRVVLEOHFKHPLFDOGHVWUXFWLRQRIWKHVWUDWRVSKHULFR]RQH
OD\HULQWKHHDUO\VRQHSUHGLFWHGFRQVHTXHQFHRIWKHLQFUHDVHG89%UDGLDWLRQZDVDULVHLQVNLQFDQFHU
UDWHVHVSHFLDOO\LQ$XVWUDOLD1HZ=HDODQG6RXWK$IULFDDQG/DWLQ$PHULFD7RFRXQWHUWKLVWKUHDWWKH:+2
WKH8QLWHG1DWLRQV(QYLURQPHQW3URJUDPPHWKH:RUOG0HWHRURORJLFDO2UJDQL]DWLRQWKH,QWHUQDWLRQDO$JHQF\
IRU5HVHDUFKRQ&DQFHUDQGWKH,QWHUQDWLRQDO&RPPLVVLRQRQ1RQ,RQL]LQJ5DGLDWLRQ3URWHFWLRQHVWDEOLVKHG
KWWSVZZZQFELQOPQLKJRYSPFDUWLFOHV30&



You might also like