You are on page 1of 24

 7RS3RZHU)RRGVIRU'LDEHWHV

3XEOLVKHGRQ'LDEHWLF/LYLQJ2QOLQH
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRP

7RS3RZHU)RRGVIRU'LDEHWHV
7KHEHVWIRRGVIRUGLDEHWHVDUHPRVWRIWHQZKROHIRRGVWKDWDUHQRWSURFHVVHGVXFKDV
IUXLWVDQGYHJHWDEOHV,QFOXGLQJWKHVHH[WUDKHDOWK\SRZHUIRRGVLQ\RXUGLHWZLOOKHOS\RX
PHHW\RXUQXWULWLRQDOQHHGVDVZHOODVORZHU\RXUULVNRIGLDEHWHVFRPSOLFDWLRQVVXFKDV
KHDUWGLVHDVH2IFRXUVHWKHIRRGVRQWKLVOLVWVKRXOGQ
WEHWKHRQO\IRRGV\RXHDWEXW
LQFRUSRUDWLQJVRPHRUDOOLQWR\RXUGLDEHWHVPHDOSODQZLOOKHOSLPSURYH\RXURYHUDOO
KHDOWK

7KH%HVW)RRGVIRU'LDEHWHV
,I\RXDOUHDG\IROORZDKHDOWKIXOPHDO
SODQILOOHGZLWKZKROHJUDLQVIUHVK
IUXLWVDQGYHJJLHVDQGOHDQSURWHLQ
FRQJUDWXODWLRQV<RX
UHRQ\RXUZD\
WRDORQJKHDOWK\OLIHDQGDUHWDNLQJ
DPDMRUVWHSLQFRQWUROOLQJ\RXU
ZHLJKWDQGEORRGVXJDUOHYHOV3OXV
\RX
UHSUREDEO\DOUHDG\HDWLQJD
EXQFKRIWKHIRRGVRQWKLVOLVW

)RUWKRVHZKRDUHWDNLQJWKHEDE\
VWHSVDSSURDFKWRHDWLQJEHWWHUWKLV
OLVWLVHYHQPRUHKHOSIXO1RWRQO\DUH
WKHVHSRZHUIRRGVKLJKLQILEHU
DQWLR[LGDQWVDQGYLWDPLQVDQG
PLQHUDOVWKH\
UHDOVRIDPLOLDUDQG
HDV\WRILQG7KDWPHDQV\RXGRQ
W
KDYHWRKXQWGRZQDQ\H[RWLF
LQJUHGLHQWVRUVKRSDWVSHFLDOW\
JURFHU\VWRUHVWRILQGIRRGVWKDWZLOO
KHOS\RXJHWRQWUDFNZLWKDKHDOWKIXO
PHDOSODQ

)5((+HDOWK\*URFHU\6KRSSLQJ*XLGH>@ DQG*XLGHWR3URGXFH>@

$SSOHV
$QDSSOHDGD\NHHSVWKHGRFWRUDZD\VSHFLILFDOO\WKHFDUGLRORJLVW$VWXG\DW2KLR
6WDWH8QLYHUVLW\SXEOLVKHGLQWKH-RXUQDORI)XQFWLRQDO)RRGVIRXQGWKDWHDWLQJMXVWRQH
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  DSSOHDGD\IRUIRXUZHHNVORZHUHG 
 7RS3RZHU)RRGVIRU'LDEHWHV

DSSOHDGD\IRUIRXUZHHNVORZHUHG
/'/ EDG FKROHVWHUROE\SHUFHQW
7KHSURIHVVRUOHDGLQJWKHVWXG\
H[SODLQHGWKDWQRWDOODQWLR[LGDQWVDUH
FUHDWHGHTXDODQGWKDWDSDUWLFXODU
W\SHRIDQWLR[LGDQWLQDSSOHVKDGD
SURIRXQGHIIHFWRQORZHULQJ/'/VD
FRQWULEXWRUWRKHDUWGLVHDVH7KH
VWXG\ZDVIXQGHGLQSDUWE\DJUDQW
IURPWKH86$SSOH$VVRFLDWLRQ
DPRQJRWKHUVXSSRUWHUV

0RUHUHDVRQVZK\DSSOHVDUHJRRG
IRUDGLDEHWHVGLHW>@

7KLVFUXQFK\IUXLWDOVRDSSHDUVWR
RIIHUSURWHFWLRQDJDLQVWGLDEHWHV7KH
+DUYDUG6FKRRORI3XEOLF+HDOWK
H[DPLQHGWKHGLHWVRI
SHRSOHDQGIRXQGWKDWWKRVHZKR
UHSRUWHGHDWLQJILYHRUPRUHDSSOHVD
ZHHNKDGDSHUFHQWORZHUULVNRIGHYHORSLQJW\SHGLDEHWHVFRPSDUHGZLWKVXEMHFWV
ZKRGLGQRWHDWDQ\DSSOHV

0RUHJRRGQHZV$PHGLXPVL]HDSSOHFRQWDLQVJUDPVRIILEHUZKLFKLQFOXGHVERWK
VROXEOHDQGLQVROXEOHILEHU+RZ
ERXWWKHPDSSOHV"

'RUHPHPEHUKRZHYHUWKDWRQHVPDOODSSOHKDVDERXWJUDPVRIFDUE6RPHRIWKH
ODUJHDSSOHVLQWKHJURFHU\VWRUHDUHHTXLYDOHQWWRWZRVHUYLQJVRIIUXLW

*HWRXUEHVWDSSOHUHFLSHV>@

$VSDUDJXV
%DVHGRQWDVWHDORQHDVSDUDJXVLVDIDYRULWHIRRGIRUPDQ\%XW\RX
OOUHDOO\ORYHWKDWLW
VD
QRQVWDUFK\YHJHWDEOHZLWKRQO\JUDPVRIFDUEFDORULHVDQGDOPRVWJUDPVRIGLHWDU\
ILEHUSHUVHUYLQJ,W
VHVSHFLDOO\KLJKLQDQDQWLR[LGDQWFDOOHGJOXWDWKLRQHZKLFKSOD\VDNH\
UROHLQHDVLQJWKHHIIHFWVRIDJLQJDQGPDQ\GLVHDVHVLQFOXGLQJGLDEHWHVKHDUWGLVHDVH
DQGFDQFHU

/HDUQPRUHDERXWDVSDUDJXV>@

2QHH[DPSOHLVWKHSUHOLPLQDU\UHVHDUFKUHSRUWHGLQLQWKH%ULWLVK-RXUQDORI
1XWULWLRQZKLFKVXJJHVWVWKDWDVSDUDJXVFDQKHOSNHHSEORRGVXJDUOHYHOVLQFKHFNDQG
LQFUHDVHLQVXOLQSURGXFWLRQ

$QRWKHUSOXVIRUDVSDUDJXVLVLWVIRODWHFRQWHQWDFXSVHUYLQJRUDERXWVL[LQFK
VSHDUVSURYLGHVSHUFHQWRIWKHPLFURJUDPVRIIRODWHUHFRPPHQGHGGDLO\7KH
$PHULFDQ+HDUW$VVRFLDWLRQDGYLVHVHDWLQJIRRGVFRQWDLQLQJIRODWHDQGRWKHU%YLWDPLQVWR
KHOSORZHUKRPRF\VWHLQHOHYHOVDULVNIDFWRUIRUFRURQDU\KHDUWGLVHDVH

(QMR\WKHVHDVSDUDJXVUHFLSHV

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

6DXWHHG6KULPSDQG$VSDUDJXV>@

$VSDUDJXVZLWK*RDW&KHHVH>@

$YRFDGRV
$YRFDGRVDUHNQRZQIRUWKHLUKHDUW
KHDOWK\PRQRXQVDWXUDWHGIDWFRQWHQW
:KHQVXEVWLWXWLQJWKHVHIDWVIRU
VDWXUDWHGIDWWKH\FDQLPSURYH
FKROHVWHUROOHYHOVGHFUHDVLQJ\RXU
ULVNRIKHDUWGLVHDVHDFFRUGLQJWR
WKH$FDGHP\RI1XWULWLRQDQG
'LHWHWLFV

6L[UHDVRQVWRHDWDYRFDGRV>@

7KHUHLVHYHQDSRVLWLYHFRQQHFWLRQ
EHWZHHQDYRFDGRVDQGGLDEHWHV
7KH$PHULFDQ-RXUQDORI&OLQLFDO
1XWULWLRQSXEOLVKHGDVWXG\LQ
WKDWIRXQGWKDWZRPHQZKRUHSRUWHG
HDWLQJWKHKLJKHVWDPRXQWRIJRRG
IDWVXQVDWXUDWHGYHJHWDEOHIDWV
VXFKDVWKRVHIRXQGLQDYRFDGRV
ZHUHSHUFHQWOHVVOLNHO\WR
GHYHORSW\SHGLDEHWHVFRPSDUHG
ZLWKZRPHQZKRDWHWKHOHDVWDPRXQW

7HFKQLFDOO\DQDYRFDGRLVDIUXLWEXWEHFDXVHRILWVKLJKIDWFRQWHQWJUDPVLQRID
PHGLXPVL]HDYRFDGRLWVKRXOGEHWUHDWHGOLNHDIDW7KDWVDPHVHUYLQJRIDYRFDGR
FRQWDLQVDUHVSHFWDEOHJUDPVRIILEHUZLWKMXVWFDUEJUDPV

,QDGGLWLRQWRJXDFDPROH\RXFDQXVHDYRFDGRVLQVDODGVDQGVDQGZLFKHVRUPDNHD
VDODGGUHVVLQJE\SXUHHLQJLWZLWKDOLWWOHOHPRQMXLFHJDUOLFDQGROLYHRLO

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

,I\RXZDQWWRVSHHGXSWKHULSHQLQJSURFHVVSXWDQXQGHUULSHDYRFDGRLQDEURZQSDSHU
EDJFORVHLWDQGOHDYHLWRQ\RXUNLWFKHQFRXQWHUIRUDGD\RUWZR

&OLFNKHUHIRUWZRDZHVRPHDYRFDGRUHFLSHV

&REE6DODG>@

5RDVWHG3REODQR*XDFDPROH>@

%HDQV
7KHUHPD\MXVWEHVRPHWKLQJWRWKDW
ROGOLQH%HDQVEHDQVWKHPDJLFDO
IUXLW2IFRXUVH\RXSUREDEO\NQRZ
WKDWEHDQVDUHKLJKLQILEHUDQGD
JRRGVRXUFHRISURWHLQEXWQRZ
WKHUHDUHHYHQPRUHUHDVRQVWR
LQFOXGHWKHPLQDGLDEHWLFGLHW,QD
VWXG\UHVHDUFKHUVIRXQGWKDW
HDWLQJDERXWDFXSRIOHJXPHVGDLO\
UHVXOWHGLQEHWWHUEORRGVXJDUFRQWURO
IRUERWKEORRGJOXFRVHDQG$&
DQGORZHUEORRGSUHVVXUH

:DWFK:K\EHDQVWUXO\KDYHVXSHU
SRZHUV>@

)XUWKHUFRQVXPLQJPRUHILEHUPD\
ORZHUWKHULVNRIDILUVWWLPHVWURNH
DFFRUGLQJWRWKH$PHULFDQ+HDUW
$VVRFLDWLRQ $+$ MRXUQDO6WURNH
7KHUHVHDUFKHUVFRQFOXGHGWKDW
HYHU\JUDPLQFUHDVHLQWRWDOGLHWDU\ILEHUZDVDVVRFLDWHGZLWKDSHUFHQWORZHUULVNRID
ILUVWWLPHVWURNH

7KH$+$UHFRPPHQGVJHWWLQJDWOHDVWJUDPVRIGLHWDU\ILEHUGDLO\$FXSVHUYLQJRI
FRRNHGQDY\EHDQVKDVPRUHWKDQJUDPVRIILEHUDQGFRXQWVDVRQHVWDUFKDQGRQHOHDQ
PHDW

2WKHUGHOLFLRXVYDULHWLHVRIEHDQVLQFOXGHEODFNNLGQH\JDUEDQ]RZKLWHOLPDDQGSLQWR
<RXFDQFRRNGU\EHDQVRUXVHFDQQHGEHDQVEXWUHPHPEHUWRORRNIRUORZVRGLXP
YHUVLRQV

7U\XVLQJEHDQVDV\RXUPDLQSURWHLQVRXUFHDFRXSOHRIWLPHVDZHHNSODLQLQVDODGVLQ
VRXSVRUDVDVXEVWLWXWHIRUJURXQGEHHILQ0H[LFDQGLVKHVVXFKDVEHDQWDFRVRU
EXUULWRV%HDQVDUHJRRGIRU\RXUZDOOHWWRRWKH\DUHDERXWWKHFKHDSHVWSURWHLQVRXUFH
DURXQG

7U\WKHVHILEHUULFKEHDQUHFLSHV

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

)L[DQG)RUJHW:KLWH%HDQ&KLOL>@

%HHIDQG%ODFN%HDQ:UDSV>@

%OXHEHUULHV
%OXHEHUULHVDUHSDUWRIWKHIDPLO\RI
IUXLWVFRQWDLQLQJIODYRQRLGVNQRZQ
IRUWKHLUPDQ\KHDOWKEHQHILWV
LQFOXGLQJKHDUWKHDOWK,QDGGLWLRQ
EOXHEHUULHV
KLJKILEHUFRQWHQWPD\
UHGXFHWKHULVNRIGLDEHWHVDQG
FRJQLWLYHGHFOLQHDQGKHOSNHHS
EORRGVXJDUPRUHOHYHOVD\V-RDQQH
0*DOOLYDQ065'GLUHFWRURIWKH
1DWLRQDO'LDEHWHV(GXFDWLRQ
3URJUDPDWWKH1DWLRQDO,QVWLWXWHVRI
+HDOWK5HFHQWVWXGLHVKDYHDOVR
VKRZQWKDWEHUULHVKDYHDQ
DQWLFDQFHUHIIHFWE\LQKLELWLQJWXPRU
JURZWKDQGGHFUHDVLQJ
LQIODPPDWLRQ*DOOLYDQVD\V

6HHWKHKLGGHQSRZHURIEOXHEHUULHV
>@

2QHRIWKHVSHFLILFW\SHVRI
DQWLR[LGDQWVIRXQGLQEOXHEHUULHVDUHDQWKRF\DQLQVZKLFKJLYHWKHPWKHLUEOXHFRORU
5HFHQWUHVHDUFKOLQNVHDWLQJIRRGVULFKLQDQWKRF\DQLQVZLWKDORZHUULVNRIW\SH
GLDEHWHV7KHUHVHDUFKHUVIRXQGWKDWSHRSOHZKRDWHWZRRUPRUHVHUYLQJVRIEOXHEHUULHV
ZHHNO\UHGXFHGWKHLUULVNRIGHYHORSLQJW\SHE\SHUFHQWHYHQDIWHUDGMXVWLQJIRUDJH
ZHLJKWDQGOLIHVW\OHIDFWRUV:KLOHWKHVHUHVXOWVDUHSURPLVLQJLWVKRXOGEHQRWHGWKDW
IXUWKHUVWXGLHVDUHQHHGHGWRGHWHUPLQHWKHFDXVDOUHODWLRQVKLSEHWZHHQHDWLQJEOXHEHUULHV
DQGGHFUHDVHGFKDQFHVRIGHYHORSLQJGLDEHWHV

(QMR\IUHVKEOXHEHUULHV0D\WKURXJK2FWREHURUEX\IUR]HQEHUULHVDQ\WLPH

+HUHDUHWZRRIRXUWRSEOXHEHUU\UHFLSHV

%OXHEHUU\%XFNZKHDW3DQFDNHV>@

3HDFK%OXHEHUU\3DUIDLWV>@

%URFFROL
7KLVQRQVWDUFK\YHJHWDEOHPDNHVMXVWDERXWHYHU\VXSHUIRRGOLVWDQGLW
VHDV\WRVHHZK\
)RUVWDUWHUVLWKDVPRUHYLWDPLQ&SHUJUDPVWKDQDQRUDQJHSOXVLW
VKLJKLQWKH
DQWLR[LGDQWEHWDFDURWHQHZKLFKWKHERG\XVHVWRPDNHYLWDPLQ$7KLVGDUNJUHHQ
YHJHWDEOH
VYLWDPLQ$SRZHUSURPRWHVKHDOWK\YLVLRQWHHWKERQHVDQGVNLQ,WLVDOVRULFK

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  LQIRODWHDQGILEHUDOOZLWKPLQLPDO 


 7RS3RZHU)RRGVIRU'LDEHWHV

LQIRODWHDQGILEHUDOOZLWKPLQLPDO
FDORULHVDQGFDUEV

&DQEURFFROLUHYHUVHFHOOGDPDJH
IURPKLJKEORRGVXJDU">@

%URFFROLLVDPHPEHURIWKH
FUXFLIHURXVYHJHWDEOHIDPLO\ZKLFK
LQFOXGHVRWKHUYHJJLHVVXFKDV
%UXVVHOVVSURXWVFDEEDJH
FDXOLIORZHUDQGERNFKR\:KDW
PDNHVWKLVFODVVRIYHJJLHVXQLTXHLV
WKHKLJKOHYHOVRIVXOIXUFRQWDLQLQJ
FRPSRXQGVNQRZQDV
JOXFRVLQRODWHV3HUKDSVEHWWHU
NQRZQIRUWKHLUSRWHQWLDODQWLFDQFHU
HIIHFWVWKHVHFRPSRXQGVPD\DOVR
KDYHDUROHLQUHGXFLQJKHDUWGLVHDVH
ULVNDQGKHDUWUHODWHGGHDWKV,QD
VWXG\UHSRUWHGLQ7KH$PHULFDQ
-RXUQDORI&OLQLFDO1XWULWLRQLQ
UHVHDUFKHUVIRXQGWKDWFUXFLIHURXVYHJHWDEOHFRQVXPSWLRQZDVDVVRFLDWHGZLWKDUHGXFHG
ULVNRIGHDWKIURPKHDUWGLVHDVH7KHLUUHFRPPHQGDWLRQ,QFUHDVHFRQVXPSWLRQRI
YHJHWDEOHVSDUWLFXODUO\FUXFLIHURXVYHJHWDEOHVDQGIUXLWWRSURPRWHFDUGLRYDVFXODUKHDOWK\
DQGRYHUDOOORQJHYLW\

2QHVHUYLQJRIEURFFROLLVFXSUDZRUFXSFRRNHG<RXFDQHQMR\LWUDZZLWKKXPPXV
RUDORZFDORULHGUHVVLQJRUXVHLWFKRSSHGLQHJJVSL]]DVSDVWDVVDODGVDQGVWLUIULHV
7KHNH\WRJUHDWWDVWLQJFRRNHGEURFFROL'RQ
WRYHUFRRNLW7KHVWHPSRUWLRQVKRXOGEH
EDUHO\WHQGHUDQGWKHEURFFROLVKRXOGEHEULJKWJUHHQ

(QMR\WKHVHGHOLFLRXVEURFFROLUHFLSHV

%HHIDQG%URFFROL>@

%RZ7LH3DVWDZLWK&KLFNHQDQG%URFFROL>@

&DUURWV
&RRNHGRUUDZFDUURWVDUHDKHDOWK\DGGLWLRQWRDQ\PHDOSODQ:KLOHFRRNHGFDUURWVKDYH
WKHULFKWH[WXUHRIVWDUFK\YHJHWDEOHVVXFKDVSRWDWRHVWKH\DUHFODVVLILHGDVQRQVWDUFK\
YHJJLHVEHFDXVHWKH\GRQ
WFRQWDLQDORWRIFDUERK\GUDWH$FXSVHUYLQJRIUDZFDUURWV
KDVDERXWJUDPVRIFDUEDVGRHVDFXSFRRNHGVHUYLQJ$FFRUGLQJWRWKH$PHULFDQ
'LDEHWHV$VVRFLDWLRQILYHEDE\FDUURWVDUHFRQVLGHUHGDIUHHIRRGDQGGRQRWQHHGWREH
FRXQWHGLQDPHDOSODQ

&DQFDUURWVUDLVHEORRGVXJDU">@

&DUURWVDUHQRWHGIRUWKHLUKLJKYLWDPLQ$PDGHIURPWKHDQWLR[LGDQWEHWDFDURWHQHLQ
FDUURWV7KLVYLWDPLQLVQHFHVVDU\IRUJRRGYLVLRQDQGLPPXQHIXQFWLRQDQGLWPD\KHOS
SUHYHQWWKHGHYHORSPHQWRIVRPHFDQFHUVDFFRUGLQJWRWKH0D\R&OLQLF

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

7KHUHDUHQRZHYHQPRUHJRRG
UHDVRQVWRHDW\RXUFDUURWV
$FFRUGLQJWRDVWXG\UHSRUWHGLQ
IURPWKH6WDQIRUG8QLYHUVLW\
6FKRRORI0HGLFLQHEHWDFDURWHQH
PD\HYHQKHOSORZHUWKHULVNRI
GHYHORSLQJW\SHGLDEHWHVDPRQJ
SHRSOHZKRKDYHDJHQHWLF
SUHGLVSRVLWLRQIRUWKHGLVHDVH

(QMR\UDZFDUURWVZLWKDORZFDORULH
GLSRUVDODGGUHVVLQJVKUHGWKHPIRU
VDODGVILQHO\FKRSWKHPDQGDGGWR
VRXSFKLOLRUVSDJKHWWLVDXFHRU
URDVWWKHPLQWKHRYHQ3XUHHG
FRRNHGFDUURWVDOVRPDNHVDWLVI\LQJ
VRXSV

(QMR\RXUEHVWFDUURWUHFLSHV>@

&UDQEHUULHV
7KH\
UHQRWMXVWIRUKROLGD\GLQQHUV
DQ\PRUH7KHUHDUHQRZJRRG
UHDVRQVWRHQMR\WKLVSRZHUSDFNHG
IUXLW\HDUURXQG$OWKRXJKEHVW
NQRZQIRUKHOSLQJWRSUHYHQWXULQDU\
WUDFWLQIHFWLRQVFUDQEHUULHVZLWK
WKHLUDEXQGDQWSK\WRQXWULHQWV
LQFOXGLQJDQWKRF\DQLQVPD\EH
HVSHFLDOO\EHQHILFLDOLQDGLDEHWLF
PHDOSODQ

7KHUHLVDOVRDJURZLQJERG\RI
HYLGHQFHWKDWWKHDQWLR[LGDQWVIRXQG
LQFUDQEHUULHVPD\UHGXFHWKHULVNRI
KHDUWGLVHDVHE\UHGXFLQJ/'/ EDG
FKROHVWHUROPDLQWDLQLQJRULPSURYLQJ
+'/ JRRG FKROHVWHURODQGORZHULQJ
EORRGSUHVVXUH

)UHVKFUDQEHUULHVZKLFKFRQWDLQWKH
KLJKHVWOHYHOVRIEHQHILFLDOQXWULHQWV
DUHDWWKHLUSHDNIURP2FWREHUWKURXJK'HFHPEHU$VFUDQEHUULHVJURZZLOGLQWKH
QRUWKHUQUHJLRQVRIWKH8QLWHG6WDWHVWKH\DUHUHDGLO\DYDLODEOHLQDOOUHJLRQVGXULQJWKH
IDOOPRQWKVDQGDOPRVWDOZD\VDUHVROGSDFNDJHGLQSODVWLFEDJV&KRRVHEDJVRI
FUDQEHUULHVZLWKILUPSOXPSUHGEHUULHVZLWKQRVLJQVRIOHDNDJH8QFRRNHGFUDQEHUULHV
FDQEHNHSWLQWKHUHIULJHUDWRUDERXWDZHHN2QHFXSRIZKROHXQVZHHWHQHGEHUULHVKDV
RQO\FDORULHVDQGJUDPVRIFDUEDQGWKH\DUHDJRRGVRXUFHRIYLWDPLQ&
)RUWXQDWHO\\RXFDQIUHH]HFUDQEHUULHVWRXVHWKURXJKRXWWKH\HDU

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

6HUYLQJVL]HVIRUGLIIHUHQWIRUPVRIFUDQEHUULHV

FXSIUHVK
WDEOHVSRRQVGULHG
FXSFUDQEHUU\MXLFHFRFNWDLO
FXSVOLJKWFUDQEHUU\MXLFHFRFNWDLO

$GGFUDQEHUULHVWRVPRRWKLHVVDODGVFKXWQH\VRUPXIILQV%HVXUHWRORRNIRUUHGXFHG
VXJDURUVXJDUIUHHFUDQEHUU\SURGXFWV

&KHFNRXWWKHVHJUHDWFUDQEHUU\UHFLSHV

7DQJHULQH&UDQEHUU\5HOLVK>@

&UDQ5DVSEHUU\6KRUWFDNHV>@

)LVK
7KH'LHWDU\*XLGHOLQHVIRU
$PHULFDQVUHFRPPHQGVHDWLQJILVK
WZLFHDZHHN8QOLNHPDQ\PHDWV
VHDIRRGLVORZLQXQKHDOWK\VDWXUDWHG
IDWDQGFKROHVWHUROSOXVLW
VDJRRG
VRXUFHRIRPHJDIDWW\DFLGV
SDUWLFXODUO\IDWW\ILVKVXFKDVVDOPRQ
PDFNHUHOKHUULQJODNHWURXW
VDUGLQHVKDOLEXWDQGDOEDFRUHWXQD
$FFRUGLQJWRWKH$PHULFDQ+HDUW
$VVRFLDWLRQRPHJDIDWW\DFLGV
ORZHUWKHULVNRIDUUK\WKPLDV
DEQRUPDOKHDUWEHDWV ZKLFKFDQ
OHDGWRVXGGHQGHDWK2PHJDV
DOVRGHFUHDVHWULJO\FHULGHOHYHOV
VORZWKHJURZWKUDWHRI
DWKHURVFOHURWLFSODTXHORZHUEORRG
SUHVVXUHDQGFXUELQIODPPDWLRQ
)XUWKHURQJRLQJVWXGLHVDUH
HYDOXDWLQJWKHLUHIIHFWLYHQHVVIRU
GHFUHDVLQJWKHULVNIRU$O]KHLPHU
V
GLVHDVHDQGGHPHQWLD

)LYHWKLQJV\RXPLJKWQRWNQRZDERXWILVK>@

2QHGRZQVLGHRIHDWLQJILVKLVVRPHNLQGVPD\FRQWDLQKLJKOHYHOVRIPHUFXU\QRWDEO\
VKDUNVZRUGILVKNLQJPDFNHUHODQGWLOHILVK:KLOHFKLOGUHQDQGSUHJQDQWZRPHQDUH
DGYLVHGE\WKH86)RRGDQG'UXJ$GPLQLVWUDWLRQ )'$ WRDYRLGHDWLQJWKHVHYDULHWLHV
WKHEHQHILWVRIHDWLQJILVKRXWZHLJKWKHSRWHQWLDOULVNVIRUPLGGOHDJHGDQGROGHUPHQDQG
ZRPHQDVORQJDVWKHDPRXQWRIILVKLVHDWHQZLWKLQ)'$DQG(QYLURQPHQWDO3URWHFWLRQ
$JHQF\JXLGHOLQHV(DWLQJDYDULHW\RIVHDIRRGKHOSVPLQLPL]HWKHDPRXQWRIPHUFXU\LQ
\RXUGLHW
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

7KHVHUYLQJVL]HJXLGHOLQHIRUVHDIRRGLVWKHVDPHIRUPHDWDQGSRXOWU\RXQFHV(YHQ
WKRXJKILVKPLJKWEHPRUHH[SHQVLYHWKDQRWKHUSURWHLQVRXUFHVSUHSDULQJLWDWKRPH
UDWKHUWKDQRUGHULQJLWLQDUHVWDXUDQWNHHSVWKHFRVWGRZQ

7U\RXUIDYRULWHVDOPRQUHFLSHV>@

*HWILVKDQGVHDIRRGUHFLSHV>@

)OD[VHHG
6RPHWLPHVJRRGWKLQJVFRPHLQ
WKUHHVDQGWKDW
VFHUWDLQO\WUXHRI
IOD[VHHG

,WFRQWDLQVDOSKDOLQROHQLFDFLG
$/$ ZKLFKFDQEHFRQYHUWHGLQWR
RPHJDIDWW\DFLGVRIIHULQJVLPLODU
EHQHILWVRIWKRVHIRXQGLQILVK

)OD[VHHGLVDJRRGVRXUFHRI
OLJQDQVDQWLR[LGDQWVWKDWKDYHEHHQ
VKRZQWRKHOSSUHYHQWKHDUWGLVHDVH
DQGFDQFHUDFFRUGLQJWRWKH
&OHYHODQG&OLQLF

$WDEOHVSRRQVHUYLQJRIZKROH
IOD[VHHGFRQWDLQVDUHVSHFWDEOH
JUDPVRIILEHUERWKVROXEOHDQG
LQVROXEOHDQGMXVWJUDPVRIFDUE
EXWQRWHWKDWLWGRHVKDYH
FDORULHV

+RZWRLQFRUSRUDWHIOD[VHHGLQWR\RXUGLDEHWHVGLHW>@

5HFHQWUHVHDUFKPDNHVDVWURQJFDVHIRULQFOXGLQJIOD[VHHGLQDGLDEHWLFGLHW

‡7KH1DWLRQDO,QVWLWXWHVRI+HDOWKVWDWHVWKDWIOD[VHHGLVSRVVLEO\HIIHFWLYHIRUORZHULQJ
KHPRJORELQ$&LQSHRSOHZLWKW\SHGLDEHWHVDPHDVXUHRIDYHUDJHEORRGVXJDUOHYHOV
RYHUWZRWRWKUHHPRQWKV

‡,QDVPDOOVWXG\UHSRUWHGLQWKH-RXUQDORI'LHWDU\6XSSOHPHQWVLQUHVHDUFKHUV
IRXQGWKDWZKHQSHRSOHZLWKW\SHGLDEHWHVVXSSOHPHQWHGWKHLUGLHWVZLWKJURXQG
IOD[VHHGIDVWLQJEORRGJOXFRVHOHYHOVGHFUHDVHGSHUFHQWWRWDOFKROHVWHUROGHFUHDVHG
PRUHWKDQSHUFHQWWULJO\FHULGHVORZHUHGSHUFHQWDQGORZGHQVLW\/'/ EDG
FKROHVWHUROGHFOLQHGSHUFHQW

‡,QDQDQDO\VLVRIVFLHQWLILFVWXGLHVUHVHDUFKHUVFRQFOXGHGIOD[VHHGVLJQLILFDQWO\
UHGXFHGWRWDODQG/'/ EDG FKROHVWHURO

‡$QRWKHUVWXG\IRXQGWKDWSHRSOHZKRDGGHGJUDPVRIJURXQGIOD[VHHGWRWKHLUGLHWV
H[SHULHQFHGDGURSRISRLQWVLQV\VWROLFDQGSRLQWVLQGLDVWROLFEORRGSUHVVXUHOHYHOV

:KLOHWKHUHDUHQRVSHFLILFUHFRPPHQGDWLRQVPRVWKHDOWKDXWKRULWLHVUHFRPPHQGHDWLQJ
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

WDEOHVSRRQVRIIOD[VHHGGDLO\HLWKHULQZKROHRUJURXQG PLOOHG IRUP(QMR\WKHQXWW\


IODYRUVHHGRQFHUHDORQVDODGVRUPL[HGLQWRTXLFNEUHDGVDQGVPRRWKLHV

2XUIOD[VHHGIDYHVLQFOXGH

6DOPRQDQG6SLQDFK6DODGZLWK)OD[VHHG'UHVVLQJ>@

7RDVWHG2DW0XHVOL>@

*DUOLF
*DUOLFWKHHGLEOHEXOEIURPDSODQWLQ
WKHOLO\IDPLO\KDVVHUYHGDVERWKD
PHGLFLQHDQGIODYRULQJDJHQWLQ
FRRNLQJIRUWKRXVDQGVRI\HDUV,W
KDVEHHQXVHGWRWUHDWKLJK
FKROHVWHUROKHDUWGLVHDVHKLJK
EORRGSUHVVXUHDQGFDQFHUV6R
GRHVLWUHDOO\ZRUN"+HUHLVZKDWWKH
FXUUHQWVFLHQFHVD\VDFFRUGLQJWR
WKH1DWLRQDO,QVWLWXWHVRI+HDOWK

‡6RPHHYLGHQFHLQGLFDWHV
FRQVXPLQJJDUOLFFDQVOLJKWO\ORZHU
EORRGFKROHVWHUROOHYHOVIRUVKRUW
WHUPXVHEXWRWKHUVWXGLHVFRQFOXGH
LWKDVQRHIIHFW

‡3UHOLPLQDU\UHVHDUFKVXJJHVWV
JDUOLFPD\VORZWKHGHYHORSPHQWRI
DWKHURVFOHURVLVDFRQGLWLRQWKDWFDQ
OHDGWRKHDUWGLVHDVHRUVWURNH

‡(YLGHQFHVXJJHVWVJDUOLFPD\VOLJKWO\ORZHUEORRGSUHVVXUHHVSHFLDOO\LQSHRSOHZKR
KDYHKLJKEORRGSUHVVXUH

0RUHUHDVRQVWRORYHJDUOLF>@

-RDQQH0*DOOLYDQ5'GLUHFWRURIWKH1DWLRQDO'LDEHWHV(GXFDWLRQ3URJUDPDWWKH
1DWLRQDO,QVWLWXWHVRI+HDOWKKDVWKLVNLWFKHQWLS*DUOLFKDVEHHQVKRZQWRKDYHPDQ\
KHDOWKIXOEHQHILWVLQFOXGLQJORZHULQJWKHULVNIRUPDQ\FDQFHUV%XWWKHZD\\RXWUHDWLW
ZKLOHSUHSDULQJDGLVKFDQHQKDQFHLWVFDQFHUILJKWLQJSURSHUWLHV$UHFHQWVWXG\VKRZHG
WKDWOHWWLQJJDUOLFUHVWIRUDERXWPLQXWHVEHIRUHLWLVXVHGLQFRRNLQJPD\HQKDQFHLWV
FDQFHUILJKWLQJEHQHILWV&KRSSLQJRUFUXVKLQJJDUOLFKHOSVWRSURGXFHWKHDFWLYH
FRPSRXQGVWKDWJLYHLWWKHGLVWLQFWVPHOODQGKHDOWKIXOVXOILGHFRPSRXQGV%XWKHDWLQJLW
LPPHGLDWHO\DIWHULWLVFKRSSHGLQDFWLYDWHVWKHFDQFHUILJKWLQJSURSHUWLHV

7KHVHUYLQJVL]HIRUIUHVKJDUOLFLVFORYHZKLFKKDVJUDPRIFDUE,W
VDJUHDWDGGLWLRQ
WRSDVWDVDXFHVVWLUIULHVDQGPDQ\VKULPSGLVKHV

*HWWZRJDUOLFUHFLSHV\RX
OOORYH

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

*DUOLF6KULPSRQ6SLQDFK>@

*DUOLF&DVKHZ&KLFNHQ&DVVHUROH>@

.DOH
,W
VQRZRQGHUWKHSRSXODULW\RIWKLV
OHDI\JUHHQQRQVWDUFK\YHJHWDEOH
KDVVRDUHGLQUHFHQW\HDUV,W
VWDVW\
KLJKO\QXWULWLRXVDQGDYHUVDWLOH
LQJUHGLHQWLQWKHNLWFKHQ

7KHKHDOWK\VHFUHWVEHKLQGWKHNDOH
WUHQG>@

$FXSVHUYLQJRIFRRNHGNDOH
KDVRQO\FDORULHVDQGJUDPVRI
FDUERK\GUDWH,WFRQWDLQVDOPRVWDOO
WKHLPSRUWDQWQXWULHQWVIURPYLWDPLQ
$WR]LQFVD\V&RQQLH&UDZOH\5'
/'1XWULWLRQDQG+HDOWK6SHFLDOLVWDW
WKH8QLYHUVLW\RI*HRUJLD([WHQVLRQ
6HUYLFH:KHQ\RXJRWRWKH
IDUPHU
VPDUNHWWKHUHDUHVRPDQ\
YDULHWLHVWRFKRRVHIURP\RXDUH
ERXQGWRILQGRQHWKDW\RXOLNH,WFDQ
EHVWHDPHGVDXWHHGPLFURZDYHG
RUVWLUIULHG

/LNHVSLQDFKNDOHLVRQHRIWKRVHJUHHQOHDI\YHJJLHVDVVRFLDWHGZLWKDUHGXFHGULVNRI
W\SHGLDEHWHV,QRQHPHWDDQDO\VLVRIVHYHUDOVWXGLHVSHRSOHZKRDWHWKHPRVWJUHHQ
OHDI\YHJHWDEOHVZHUHSHUFHQWOHVVOLNHO\WRGHYHORSGLDEHWHVWKDQWKRVHFRQVXPLQJWKH
OHDVWDPRXQWV

.DOH DQGVSLQDFK FRQWDLQVWZRSLJPHQWVOXWHLQDQG]HD[DQWKLQWKDWDUHEHQHILFLDOIRU


H\HKHDOWK$FFRUGLQJWR+DUYDUG
V6FKRRORI3XEOLF+HDOWKVXQOLJKWFLJDUHWWHVPRNHDLU
SROOXWLRQDQGLQIHFWLRQVFDQFDXVHIUHHUDGLFDOVWRIRUP7KHVHWZRSLJPHQWVVHHPWR
VQXIIRXWIUHHUDGLFDOVEHIRUHWKH\FDQKDUPWKHH\HV
VHQVLWLYHWLVVXHV7KH\DOVRDSSHDU
WREHSURWHFWLYHDJDLQVWFDWDUDFWV

&DURO\Q:DVKEXUQ([WHQVLRQDVVLVWDQWSURIHVVRUDW8WDK6DWH8QLYHUVLW\KDVWKHVHWLSV
IRUVHOHFWLQJVWRULQJDQGFRRNLQJZLWKNDOH

‡<RXFDQEX\NDOH\HDUURXQG$YRLGNDOHWKDWKDVZLOWHG\HOORZHGRULQVHFWGDPDJHG
OHDYHV6PDOOHUEXQFKHVZLOOEHPRUHWHQGHU
‡:DVKNDOHLQDYHJHWDEOHZDVKRUYLQHJDUDQGZDWHU'U\LWZLWKDSDSHUWRZHODQGIROG
LQKDOIIRUFXWWLQJ7KHVSLQHRINDOHLVRIWHQWRXJKVRLWLVEHVWUHPRYHLW
‡8VHNDOHZLWKLQILYHGD\VRISXUFKDVH7KHORQJHU\RXVWRUHLWWKHVWURQJHUDQGPRUH
ELWWHUWKHIODYRUEHFRPHV:UDSXQZDVKHGNDOHLQGDPSSDSHUWRZHOVLQDSODVWLFEDJDQG
VWRUHLQWKHYHJHWDEOHFULVSHU

*LYH\RXUPHDOVDNLFNZLWKWKHVHNDOHFUHDWLRQV
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

3RWDWR.DOH6DODG>@

0RUH.DOH5HFLSHV>@

0HORQ
:KHQ\RX
UHFUDYLQJVRPHWKLQJ
VZHHWPDNHWUDFNVWRWKHPHORQ
DLVOHZKHUH\RX
OOILQGPDQ\YDULHWLHV
LQFOXGLQJZDWHUPHORQFDQWDORXSH
PXVNPHORQKRQH\GHZFDVDED
FUHQVKDZ3HUVLDQDQGSHSLQR
:KLOHDOORIWKHVHDUHEXUVWLQJZLWK
KHDOWK\QXWULHQWVWKHPRVWFRPPRQ
W\SHVFRQWDLQVRPHXQLTXH
SURSHUWLHV

:DWHUPHORQ/LNHWRPDWRHV
ZDWHUPHORQLVDJRRGVRXUFHRIWKH
DQWLR[LGDQWO\FRSHQHZKLFKPD\
KHOSSURWHFWDJDLQVWVRPHFDQFHUV
DQGFHOOGDPDJHDVVRFLDWHGZLWK
KHDUWGLVHDVH7KH$PHULFDQ+HDUW
$VVRFLDWLRQKDVFHUWLILHGIUHVK
ZDWHUPHORQIRULWV+HDUW&KHFN
SURJUDPDVEHLQJORZLQVDWXUDWHGIDW
DQGFKROHVWHURO:KHQVHOHFWLQJ
ZDWHUPHORQORRNIRURQHVZLWKRXWEUXLVHVRUGHQWV6WRUHZKROHPHORQVDWURRP
WHPSHUDWXUHIRUXSWRGD\V2QHVHUYLQJLVFXSVFXEHG

+RQH\GHZ$FXSVHUYLQJRIKRQH\GHZFRQWDLQVSHUFHQWRIWKHGDLO\YDOXHIRU
YLWDPLQ&DQGOLNHRWKHUPHORQVLWJLYHV\RXDVHQVHRIIXOOQHVVZLWKRXWDORWRIFDORULHV
6HOHFWPHORQVWKDWIHHOKHDY\KDYHDVOLJKWIUDJUDQWVFHQWDQGGRQ
WKDYHEUXLVHVRUVRIW
VSRWV

&DQWDORXSH7KLVVXFFXOHQWPHORQJLYHV\RXDGRXEOHZKDPP\&DQWDORXSHLVDQ
H[FHOOHQWVRXUFHRIERWKYLWDPLQV&DQG$9LWDPLQ$VXSSRUWVJRRGH\HKHDOWKEHFDXVHLW
KHOSVSUHYHQWPDFXODUGHJHQHUDWLRQDQGLPSURYHVQLJKWYLVLRQDFFRUGLQJWRWKH$PHULFDQ
'LDEHWHV$VVRFLDWLRQ/RRNIRUFDQWDORXSHVWKDWKDYHZHOOGHILQHGQHWWLQJIHHOKHDY\DQG
KDYHDVWURQJRGRU2QHVHUYLQJLVFXSFXEHG

7U\WKHVHGHOLFLRXVPHORQUHFLSHV

6XQULVH6PRRWKLHV>@

*ULOOHG*LQJHUHG0HORQ.DEREV>@

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

1XWV
,QDQXWVKHOOQXWVDUHRQHRIWKH
KHDOWKLHVWIRRGFKRLFHV\RXFDQ
PDNH$FFRUGLQJWRWKH0D\R&OLQLF
PRVWQXWVFRQWDLQDWOHDVWRQHRU
PRUHRIWKHVHKHDUWKHDOWK\
VXEVWDQFHVXQVDWXUDWHGIDWV
RPHJDIDWW\DFLGVILEHUYLWDPLQ(
SODQWVWHUROVDQG/DUJLQLQHZKLFK
PDNHVDUWHU\ZDOOVPRUHIOH[LEOHDQG
OHVVSURQHWREORRGFORWV

6XUSULVLQJIDFWVDERXWQXWV>@

7KHUHLVDOVRLQFUHDVLQJHYLGHQFH
WKDWQXWVFDQLPSURYHEORRGVXJDU
FRQWUROLQW\SHGLDEHWHV,QD
&DQDGLDQVWXG\SXEOLVKHGLQ
'LDEHWHV&DUHLQUHVHDUFKHUV
IRXQGSHRSOHZLWKW\SHGLDEHWHV
ZKRDWHRXQFHVRIPL[HGQXWVGDLO\
VDZDGHFUHDVHLQEORRGVXJDUOHYHOV
DQG/'/ EDG FKROHVWHURO7KHVWXG\ZDVIXQGHGLQSDUWE\WKH,QWHUQDWLRQDO7UHH1XW
&RXQFLO1XWULWLRQ5HVHDUFK)RXQGDWLRQDQGWKH$OPRQG%RDUGRI&DOLIRUQLDDPRQJRWKHU
VXSSRUWHUV

%HFDXVHWKH\GRQ
WUHTXLUHUHIULJHUDWLRQDQGDUHKLJKO\SRUWDEOHQXWVDUHDJUHDWVQDFN
FKRLFH2QHFDXWLRQ%HFDXVHQXWVDUHKLJKLQFDORULHVLW
VEHVWWRSRUWLRQWKHPEHIRUH
HDWLQJUDWKHUWKDQHDWLQJWKHPRXWRIDEDJRUFDQ6HUYLQJVL]HV

•$OPRQGVFDVKHZVRUPL[HGQXWVQXWV
•3HDQXWVQXWV
•3HFDQVKDOYHV
• +D]HOQXWVQXWV
•3LVWDFKLRVQXWV

1XWEXWWHUVVXFKDVSHDQXWEXWWHUDQGDOPRQGEXWWHUDUHRWKHUZD\VWRHQMR\QXWV
KHDOWK
EHQHILWV7KHVHUYLQJVL]HLVWDEOHVSRRQZKLFKDOVRZRUNVDVDPHDWSURWHLQ
UHSODFHPHQW

$YRLGVDOWHGVXJDUHGKRQH\HGRUFKRFRODWHFRYHUHGYDULHWLHVEHFDXVHWKH\DGG
FDORULHVFDUEVDQGVDOW

*HWRXUVZHHWDQGVDYRU\QXWUHFLSHVQRZ>@

2DWPHDO
7KHUH
VQRWKLQJPRUHFRPIRUWLQJWKDQDZDUPERZORIRDWPHDOLQWKHPRUQLQJ3OXVLW
VD
PRUHQXWULWLRXVRSWLRQWKDQPDQ\RWKHUVWDUFK\EUHDNIDVWIRRGVVXFKDVVXJDU\FHUHDOV
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  VZHHWUROOVDQGEDJHOVDFFRUGLQJWR 
 7RS3RZHU)RRGVIRU'LDEHWHV

VZHHWUROOVDQGEDJHOVDFFRUGLQJWR
WKH$PHULFDQ'LDEHWHV$VVRFLDWLRQ
$'$ $OVREHFDXVHRILWVILEHU
FRQWHQW JUDPVILEHULQDFXS
VHUYLQJRIFRRNHGRDWPHDO LWJLYHV
\RXPRUHVWD\LQJSRZHUWKDQORZ
ILEHURSWLRQV

:K\RDWPHDOLVEUHDNIDVW
VEHVWNHSW
VHFUHW>@

7KDW
VQRWDOO)RU\HDUVRDWPHDOKDV
KDGDQXEHUKHDOWK\UHSXWDWLRQDQG
IRUJRRGUHDVRQ$FFRUGLQJWRWKH
$PHULFDQ+HDUW$VVRFLDWLRQ $+$ 
RDWVKDYHWKHKLJKHVWSURSRUWLRQRI
VROXEOHILEHUWKDQDQ\RWKHUJUDLQ
ZKLFKFDQKHOSORZHU/'/ EDG
FKROHVWHURODQGGHFUHDVHWKHULVNRI
KHDUWGLVHDVH,QDGGLWLRQRDWPHDO
ZDVWKHILUVWIRRGWKH)RRGDQG'UXJ
$GPLQLVWUDWLRQ )'$ DSSURYHGIRUFDUU\LQJDVSHFLILFKHDOWKFODLP

7KHVROXEOHILEHULQRDWPHDOPLJKWDOVRKHOSEOXQWWKHULVHLQEORRGJOXFRVHE\GHOD\LQJ
VWRPDFKHPSW\LQJDQGSURYLGLQJDSK\VLFDOEDUULHUWRGLJHVWLYHHQ]\PHVDQGDEVRUSWLYH
VXUIDFHVDFFRUGLQJWRWKHSURIHVVLRQDOSXEOLFDWLRQ7RGD\¶V'LHWLWLDQ

7KHUHDUHVHYHUDOW\SHVRIRDWPHDOWRFKRRVHIURP

‡6WHHOFXWRDWPHDOKDVDGHQVHWKLFNWH[WXUH,WFDQWDNHXSWRPLQXWHVWRFRRNVR
VRPHSHRSOHPDNHDEDWFKDKHDGRIWLPHDQGZDUPLWXSIRUDQLQVWDQWEUHDNIDVW7KHVH
OHVVSURFHVVHGRDWVDUHORZHURQWKHJO\FHPLFLQGH[ZKLFKPD\KHOSFRQWUROEORRGVXJDU
‡2OGIDVKLRQHGRDWVDUHWKLQQHUDQGWDNHDERXWPLQXWHVWRFRRN
‡4XLFNFRRNLQJRDWPHDODQGLQVWDQWRDWPHDODUHDOVRDYDLODEOHEXWZDWFKIRUDGGHGVDOW
DQGVXJDULQWKHVHYDULHWLHV

-D]]XS\RXURDWVZLWKWKHVHDGGLWLRQV

‡6WLULQFKRSSHGQXWV
‡7RSZLWKIUHVKIUXLWEHUULHVFKRSSHGDSSOHVRUSHDUVRUVOLFHGEDQDQDV
‡6SULQNOHZLWKFLQQDPRQ
‡$GGDOLWWOHEURZQVXJDUVXEVWLWXWH
‡$GGDWDEOHVSRRQRIGULHGFUDQEHUULHVFKHUULHVUDLVLQVRUGDWHV

:KLSXSWZRWUHDVXUHGRDWPHDOUHFLSHV

6SLFHG,ULVK2DWPHDO>@

%XWWHU5XP2DWPHDO&RRNLHV>@

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

4XLQRD
,I\RX
UHLQWHUHVWHGLQH[SDQGLQJ\RXU
YHJHWDULDQRSWLRQV\RXPD\ZDQWWR
JLYHTXLQRD SURQRXQFHG.((1
ZDK DWU\$FFRUGLQJWRWKH:KROH
*UDLQV&RXQFLOTXLQRDLVDQDQFLHQW
JUDLQFRQVXPHGDVIDUEDFNDVWKH
ZKHQ,QFDFLYLOL]DWLRQZDVLQIXOO
VZLQJ,WZDVODUJHO\IRUJRWWHQXQWLOLW
ZDVUHGLVFRYHUHGLQWKHV
:KLOHWKLVDQFLHQWJUDLQWDVWHVDQG
FRRNVXSOLNHDVDJUDLQLW
VDFWXDOO\
DQXWULHQWULFKVHHGVD\V&RQQLH
&UDZOH\5'/'1XWULWLRQDQG
+HDOWK6SHFLDOLVWDWWKH8QLYHUVLW\RI
*HRUJLD([WHQVLRQ6HUYLFH

7LSVIRUFRRNLQJTXLQRD>@

:KDWLVXQLTXHDERXWTXLQRDLVQRW
VRPXFKLWVSURWHLQFRQWHQW JUDPV
LQHYHU\FXSVHUYLQJ EXWLWV
SURWHLQFRPSRVLWLRQ,WFRQWDLQVDOOQLQHHVVHQWLDODPLQRDFLGV DPLQRDFLGVWKHERG\
FDQQRWPDNH PDNLQJLWDFRPSOHWHSURWHLQ:LWKJUDPVRIFDUEVSHUVHUYLQJLWDOVR
FRQWULEXWHVIRODWHPDJQHVLXPPDQJDQHVHLURQDQGYLWDPLQ%WR\RXUGLHW,WKDV
JUDPVRIILEHUDQGLWLVYHU\ORZLQVRGLXP&UDZOH\VD\V/LNHRWKHUZKROHJUDLQKLJK
ILEHUIRRGVTXLQRDFDQKHOSSUHYHQWEORRGVXJDUVSLNHVDQGVWDYHRIIKXQJHU

0RUHWKDQGLIIHUHQWYDULHWLHVDUHNQRZQEXWZKLWHUHGDQGEODFNTXLQRDDUHWKHPRVW
FRPPRQW\SHVLQWKH867KHWLQ\JUDLQVFRRNXSTXLFNO\LQDERXWPLQXWHVDQGDUH
FRPPRQO\VHUYHGDVDVLGHGLVKVLPLODUWRFRXVFRXVRUULFH7KHPLOGQXWW\WDVWHPDNHV
TXLQRDDJRRGEDVHIRUVDODGVRULWFDQEHVWLUUHGLQWRVRXSV

:HORYHWKHVHTXLQRDUHFLSHV

+HDUW\9HJHWDEOH%DFRQDQG4XLQRD4XLFKH>@

0HGLWHUUDQHDQ4XLQRD6DODG>@

5DVSEHUULHV
7KHVHOLWWOHEHUULHVSDFNDELJQXWULWLRQDOSXQFK$FXSVHUYLQJSURYLGHVRYHUKDOIRIWKH
GD\
VYLWDPLQ&DSRZHUIXODQWLR[LGDQWEHQHILFLDOIRUERQHDQGVNLQKHDOWKDVZHOODV
FDQFHUDQGKHDUWGLVHDVHSUHYHQWLRQ(YHQPRUHDPD]LQJLVWKHLUILEHUFRQWHQWD
ZKRSSLQJJUDPVRIGLHWDU\ILEHULQSDUWGXHWRWKHHGLEOHVHHGV

/HDUQPRUHDERXWDQWLR[LGDQWULFKUDVSEHUULHV>@

7KHVHGHOLFDWHEHUULHVDUHDOVRULFKLQDQWKRF\DQLQVZKLFKJLYHUHGUDVSEHUULHVWKHLUFRORU
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  DQGDQWLR[LGDQWSRZHU,QDGGLWLRQ 
 7RS3RZHU)RRGVIRU'LDEHWHV

DQGDQWLR[LGDQWSRZHU,QDGGLWLRQ
UDVSEHUULHVFRQWDLQHOODJLFDFLG
ZKLFKDORQJZLWKRWKHUFRPSRQHQWV
LQUDVSEHUULHVKDVEHHQVWXGLHGIRU
LWVHIIHFWVRQLQVXOLQUHVLVWDQFH
ORZHULQJEORRGVXJDUDQGFRXQWHULQJ
LQIODPPDWLRQ

5DVSEHUULHVPDNHWKH$PHULFDQ
'LDEHWLF$VVRFLDWLRQ
VOLVWRI
VXSHUIRRGVDQGKDYHWKH$PHULFDQ
+HDUW$VVRFLDWLRQ
VHQGRUVHPHQW
(QMR\UHGEODFNDQGJROG
UDVSEHUULHVSODLQRULQVDODGVDQG
VPRRWKLHV

5DYHZRUWK\UDVSEHUU\UHFLSHV
LQFOXGH

%HUULHVZLWK&XVWDUG6DXFH>@

%URZQLH5DVSEHUU\7DUW>@

5HG*UDSHIUXLW
6ZHHWMXLF\DQGGHOLFLRXVUXE\UHG
JUDSHIUXLWSDFNVPRUHDQWLR[LGDQW
SRZHUDQGPRUHKHDOWKEHQHILWVWKDQ
ZKLWHJUDSHIUXLW,QDGD\WHVWRI
SHRSOHZLWKKHDUWGLVHDVHWKRVH
ZKRDWHRQHUHGJUDSHIUXLWGDLO\
GHFUHDVHGWKHLU/'/ EDG
FKROHVWHUROE\SHUFHQWDQG
WULJO\FHULGHVE\SHUFHQW,Q
FRQWUDVWWKRVHZKRDWHDZKLWH
JUDSHIUXLWUHGXFHG/'/E\
SHUFHQWZLWKQRVLJQLILFDQWFKDQJHLQ
WULJO\FHULGHVFRPSDUHGZLWKDJURXS
ZKRGLGQ
WHDWWKHIUXLW

:KDW\RXPXVWNQRZDERXW
JUDSHIUXLW>@

*UDSHIUXLWDOVRVHHPVWRKHOS
LPSURYH+'/ JRRG FKROHVWHURO
OHYHOV,QDUHFHQWVWXG\LQGLYLGXDOV
ZKRFRQVXPHGIUHVKJUDSHIUXLWRUJUDSHIUXLWMXLFHEHIRUHPHDOVKDGDSHUFHQWLQFUHDVH
LQ+'/ JRRG FKROHVWHUROFRPSDUHGZLWKWKHFRQWUROJURXSZKLFKGUDQNZDWHUEHIRUH
PHDOV*UDSHIUXLWMXLFHKDVDOVREHHQVKRZQWRKHOSORZHUEORRGSUHVVXUHLQSHRSOHZLWK
ERWKQRUPDODQGKLJKEORRGSUHVVXUH

7KLVYLWDPLQ&ULFKIUXLWFRQWDLQVVROXEOHILEHUDQGDOVRPDNHVWKH$PHULFDQ'LDEHWHV
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

$VVRFLDWLRQ
VOLVWRIVXSHUIRRGV(QMR\LWSODLQDQGLQVDODGVDQGVDOVDV

2QHFDXWLRQDU\QRWH*UDSHIUXLWFDQLQWHUDFWZLWKFHUWDLQGUXJVLQFOXGLQJVWDWLQDQG
DQWLDUUK\WKPLFPHGLFDWLRQVVRFKHFNZLWK\RXUKHDOWKFDUHSURIHVVLRQDOEHIRUHFRQVXPLQJ
WKHIUXLW

+DOIRIDODUJHJUDSHIUXLWRUFXSRIVHFWLRQVFRXQWVDVRQHVHUYLQJ

0DNHWKHVHUHIUHVKLQJUHFLSHVXVLQJUHGRUSLQNJUDSHIUXLW

2UDQJH*UDSHIUXLW&REEOHU>@

&LWUXV7XUNH\6SLQDFK6DODG>@

5HG2QLRQV
'RQ
WKROGWKHRQLRQVHVSHFLDOO\
UHGRQHV7KH\QRWRQO\DGGJUHDW
FRORUWRVDODGVEXUJHUVDQG
VDQGZLFKHVEXWWKH\DOVRVFRUH
KLJKHULQDQWLR[LGDQWSRZHU
FRPSDUHGZLWKWKHLU\HOORZDQGZKLWH
FRXVLQV

2QLRQVDUHDOVRDJRRGVRXUFHRI
ILEHUSRWDVVLXPDQGIRODWHDOO
JRRGIRUKHDUWKHDOWK2QLRQV
KLJK
IODYRQRLGFRQWHQWDOVRSXWVWKHPRQ
WKHPDSIRUFDQFHUDQG
FDUGLRYDVFXODUUHVHDUFKDVZHOODV
RWKHUFKURQLFGLVHDVHVVXFKDV
DVWKPD$FFRUGLQJWRDVWXG\LQ
7KH$PHULFDQ-RXUQDORI&OLQLFDO
1XWULWLRQKDYLQJDKLJKGLHWDU\LQWDNH
RIWKHIODYRQRLGTXHUFHWLQIRXQGLQ
RQLRQVPD\ORZHUWKHULVNRIWKHVH
FKURQLFLOOQHVVHV

2QHVHUYLQJRIWKLVQRQVWDUFK\YHJHWDEOHLVFXSUDZRUFXSFRRNHG,I\RXORYH
RQLRQVEXWQRWWKHOLQJHULQJVFHQWRQ\RXUEUHDWKWU\FKHZLQJRQDIHZVSULQJVRISDUVOH\
RUDPLQWOHDI

7U\WKHVHEUDJZRUWK\UHFLSHVIHDWXULQJUHGRQLRQV

3LQH1XW&UXVWHG&RGZLWK&DUDPHOL]HG2QLRQVDQG7RPDWRHV>@

*ULOOHG5HG2QLRQVDQG&RUQ6DODGZLWK5RDVWHG5HG3HSSHU9LQDLJUHWWH>@

5HG3HSSHUV
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

5HGSHSSHUVDUHDFWXDOO\JUHHQ
SHSSHUVWKDWKDYHEHHQDOORZHGWR
ULSHQRQWKHYLQHORQJHU7KH\
UH
ORDGHGZLWKQXWULHQWVLQFOXGLQJWKH
DQWLR[LGDQWVYLWDPLQ&DQGEHWD
FDURWHQH/LNHRWKHUUHGIUXLWVDQG
YHJHWDEOHVUHGSHSSHUVGHOLYHUD
KHDOWK\GRVHRIO\FRSHQH9LWDPLQV$
DQG&DORQJZLWKO\FRSHQHSURPRWH
JRRGKHDOWKDQGUHGXFHWKHULVNRI
KHDUWGLVHDVHGLDEHWHVDQGVRPH
FDQFHUVDFFRUGLQJWRWKH1DWLRQDO
,QVWLWXWHVRI+HDOWK 1,+ ,QIDFWLQ
WKH1,+
VHDWLQJJXLGHIRUVHQLRUV
UHGVZHHWSHSSHUVDUHOLVWHGDVRQH
RIIRXUYHJJLHVZLWKWKHKLJKHVW
DPRXQWVRIDQWLR[LGDQWVWKHRWKHUV
DUHVSLQDFKFDUURWVDQGWRPDWRHV

:K\UHGSHSSHUVDUHEHWWHUIRU\RX
WKDQJUHHQSHSSHUV>@

<RXPD\EHWHPSWHGWRUHO\RQDPXOWLYLWDPLQRUVXSSOHPHQWVIRUWKHVHQXWULHQWVEXW
UHVHDUFKKDVVKRZQWKDWVXSSOHPHQWVGRQRWDOZD\VIXQFWLRQDVZHOODVZKROHIRRGV

1HHGDQRWKHUUHDVRQWRFKRRVHWKLVQRQVWDUFK\YHJHWDEOH"7KHVHUYLQJVL]HIRUUDZ
SHSSHUVLVDZKROHFXS7KDW
VDORWRIIRRG$VHUYLQJRIFRRNHGRUURDVWHGUHGSHSSHUVLV
FXS6WULSVRIUDZSHSSHUVDUHKLJKO\SRUWDEOHWKH\FDQJRLQWKHOXQFKER[RULQ\RXU
FDUU\RQZKHQIO\LQJ7KH\
UHDOVRDFRORUIXODGGLWLRQRQDQDSSHWL]HUWUD\DQGSDLUZHOO
ZLWKPDQ\GLSV

,QDGGLWLRQWRHDWLQJSHSSHUVIUHVKWKH\FDQEHDGGHGWRSDVWDVHJJVDQGVWLUIULHV
5RDVWLQJLVDQRWKHUGHOLFLRXVSUHSDUDWLRQ6LPSO\SODFHZKROHSHSSHUVRQDEURLOLQJSDQ
EURLORQHDFKVLGHDERXWLQFKHVDZD\IURPKHDWXQWLOVOLJKWO\FKDUUHGWKHQSODFHSHSSHUV
LQDSODVWLFEDJ:KHQFRROSHHOVNLQDQGUHPRYHVHHGVDQGPHPEUDQHV7KHURDVWHG
SHSSHUVDUHUHDG\WRXVHLQVDXFHVGLSVDQGRWKHUGLVKHV

5HGVZHHWSHSSHUGLVKHVWRVDYRU

6WXIIHG5HG3HSSHUV>@

5HG3HSSHU%DVLO5DYLROHWWLV>@

6R\
5HJDUGOHVVRIWKHIRUPVR\SURGXFWVKDYHDGHVHUYHGUHSXWDWLRQIRUSURYLGLQJKLJKTXDOLW\
SURWHLQWKDWLVORZLQVDWXUDWHGIDWDQGFKROHVWHURO,QIDFWVR\LVDJUHDWZD\WRKHOSPHHW
WKH'LHWDU\*XLGHOLQHVIRU$PHULFDQVUHFRPPHQGDWLRQWRUHSODFHSURWHLQIRRGVWKDW
DUHKLJKLQVROLGVIDWV VXFKDVPDQ\PHDWV ZLWKFKRLFHVWKDWDUHORZHULQVROLGIDWVDQG
FDORULHV

7KHRQHVR\SURGXFW\RXVKRXOGDYRLG>@
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

6R\LVDOVRDVRXUFHRIQLDFLQIRODWH
]LQFSRWDVVLXPLURQDQGDOSKD
OLQROHQLFDFLG $/$ DIDWW\DFLGWKDW
FDQEHFRQYHUWHGLQWRRPHJDIDWW\
DFLGV(GDPDPHLVDOVRKLJKLQILEHU
ZLWKJUDPVSHUVHUYLQJ

+HDOWKDXWKRULWLHVRQFHWKRXJKW
HDWLQJVR\ZDVDVLOYHUEXOOHWIRU
UHGXFLQJVHUXPFKROHVWHUROOHYHOV
0RVWKDYHFRQFOXGHGWKHVHIRRGV

HIIHFWVPD\QRWEHDVVLJQLILFDQWEXW
WKH\DJUHHVR\LVVWLOOEHQHILFLDO
HVSHFLDOO\ZKHQXVHGDVD
UHSODFHPHQWIRUKLJKIDWPHDWV,Q
IDFWWKH$PHULFDQ'LDEHWHV
$VVRFLDWLRQKDVVXJJHVWHGVHWWLQJD
JRDORIHDWLQJDWOHDVWWZRPHDWOHVV
PHDOVHDFKZHHN

7KHUHDUHQRVKRUWDJHRIVR\RSWLRQV
WRGD\
1RWH6HUYLQJVL]HVDUHJLYHQLQSDUHQWKHVHV

‡6R\PLON FXS DQGVR\FKHHVH RXQFH DUHQRZGDLU\DLVOHVWDSOHV

‡7RIXRUEHDQFXUG RXQFHV PDGHIURPFXUGOHGVR\PLONFDQEHHDWHQLQVDODGVRU


VWLUIULHVRUXVHGDVDQLQJUHGLHQWLQFRRNLQJ6LONHQWRIX FXS LVDVRIWHUIRUPRIWRIX
WKDWFDQEHXVHGWRPDNHVDXFHVDQGGHVVHUWVUHTXLULQJDWKLFNFUHDP\WH[WXUH

‡0RVWJURFHU\VWRUHVFDUU\DYDULHW\RIVR\EDVHPHDWVXEVWLWXWHVVXFKDVYHJJLHEXUJHUV
RXQFHV VDXVDJH OLQNV LPLWDWLRQEHHIFUXPEOHV RXQFHV DQGLPLWDWLRQFKLFNHQ
QXJJHWV QXJJHWV 

‡(GDPDPH FXS DUHLPPDWXUHVR\EHDQVSRSXODURQDSSHWL]HUPHQXV

‡6R\QXWV RXQFH DUHVR\EHDQVWKDWKDYHEHHQURDVWHGDQGVRPHWLPHVIODYRUHG

1HZWRVR\"7U\WKHVHHDV\DQGGHOLFLRXVUHFLSHV

&UHDP\(GDPDPH9HJJLH6RXS>@

8GRQ1RRGOHVZLWK7RIX>@

6SLQDFK
3RSH\HZDVULJKWVSLQDFKLVJRRGIRU\RX<RXSUREDEO\DOUHDG\NQRZWKDWLW
VORDGHG
ZLWKYLWDPLQVDQGPLQHUDOV$FXSVHUYLQJRIUDZVSLQDFKRUFXSFRRNHGSURYLGHV
RYHUSHUFHQWRIWKHGDLO\YDOXHIRUIRODWHDQGYLWDPLQ&$WWKHVDPHWLPHDVHUYLQJRI
WKLVQRQVWDUFK\YHJHWDEOHLVVXSHUORZLQFDORULHV  DQGFDUERK\GUDWH JUDP $òFXS
FRRNHGVHUYLQJFRQWDLQVMXVWFDORULHVDQGJUDPVRIFDUE

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

&UHDWLYHZD\VWRHDWVSLQDFK>@

7KLVOHDI\JUHHQYHJJLHLVKLJKLQ
EHWDFDURWHQHDQDQWLR[LGDQWWKH
ERG\XVHVWRPDNHYLWDPLQ$%HWD
FDURWHQHDOVRSURWHFWVFHOOVIURP
IUHHUDGLFDOGDPDJHZKLFK
FRQWULEXWHVWRFKURQLFLOOQHVVHVDQG
DJLQJ

1HHGDQRWKHUUHDVRQWRILWPRUH
VSLQDFKLQWR\RXUPHDOSODQ"7KH
$PHULFDQ'LDEHWHV$VVRFLDWLRQ
$'$ UHSRUWHGRQDVWXG\WR
GHWHUPLQHZKHWKHUHDWLQJPRUHIUXLWV
DQGYHJJLHVFDQORZHUWKHULVNRI
GHYHORSLQJGLDEHWHV7KHDQVZHU"
3HRSOHZKRDWHPRUHJUHHQOHDI\
YHJHWDEOHV LQFOXGLQJVSLQDFKLQ
SDUWLFXODU UHGXFHGWKHLUFKDQFHVRI
GHYHORSLQJW\SHGLDEHWHVE\
SHUFHQW'HVSLWHVRPHOLPLWDWLRQVRIWKHVWXG\WKH$'$
VWDNHZD\ZDVWKLV3HRSOHZKR
ZDQWWRORZHUWKHLUFKDQFHVIRUGHYHORSLQJGLDEHWHVVKRXOGFRQVLGHUHDWLQJPRUHJUHHQ
OHDI\YHJHWDEOHV

6SLQDFKLVZLGHO\DYDLODEOHLQERWKIUHVKDQGIUR]HQIRUPV,W
VQRWRQO\JUHDWLQVDODGVEXW
LWFDQEHOLJKWO\VWHDPHGVDXWHHGDGGHGWRVFUDPEOHGHJJVRUXVHGWRPDNHYHJHWDULDQ
ODVDJQD

7HD
7KHQH[WWLPH\RXSRXU\RXUVHOIDFXSRIWHD\RXFRXOGEHGRLQJ\RXUKHDOWKDIDYRU7HD
FRQWDLQVDQWLR[LGDQWULFKIODYRQRLGVFDOOHGFDWHFKLQVZKLFKVHHPWRUHGXFHWKHULVNRI
KHDUWGLVHDVHE\KHOSLQJEORRGYHVVHOVGLODWHDFFRUGLQJWRWKH$PHULFDQ'LDEHWHV
$VVRFLDWLRQ $'$ 7HDDOVRKDVEHHQVKRZQWRLPSURYHFKROHVWHUROOHYHOVDOOHYLDWH
VWUHVVDQGUHGXFHWKHULVNRIDQXPEHURIFDQFHUV

)LQGRXWPRUHDERXWWKHKHDOWKDGYDQWDJHVRIWHD>@

6RGR\RXFKRRVHJUHHQRUEODFN"$FFRUGLQJWRWKH$'$ZKLOHJUHHQWHDKDVEHHQWKH
GDUOLQJLQWKHWHDZRUOGWKHKHDOWKEHQHILWVRIJUHHQDQGEODFNWHDVDUHVLPLODUVD\V
-HIIUH\%OXPEHUJ3K')$&1GLUHFWRURIWKH$QWLR[LGDQWV5HVHDUFK/DERUDWRU\DWWKH
-HDQ0D\HU86'$+XPDQ1XWULWLRQ5HVHDUFK&HQWHURQ$JLQJDW7XIWV8QLYHUVLW\,QWKH
$'$DUWLFOHRQWHD0D\HUUHFRPPHQGVGULQNLQJIRXUWRILYHFXSVRIVWURQJWHDGDLO\%XW
EHZDUH%RWWOHGWHDVGRQ
WFRXQWEHFDXVHWKHEHQHILFLDOFDWHFKLQVEHJLQGHJUDGLQJRQFH
WHDKDVEHHQEUHZHGDQGWKHGULQNVFRXOGEHKLGLQJDGGHGVXJDUV$OVRWRRPXFKLFH
PD\GLOXWHWHDDQGLWVKHDOWK\FRPSRXQGV7HDKDVRQO\DERXWKDOIWKHFDIIHLQHRIFRIIHH

+HUHDUHDFRXSOHRIWHDVWRFXUOXSZLWK

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

*LQJHU/HPRQ7HD>@

6SLFHG3HDU7HD>@

7RPDWRHV
7RPDWRHVDUHDQH[FHOOHQWVRXUFHRI
YLWDPLQV&DQG$SOXVWKH\DUHULFK
LQO\FRSHQHDSRZHUIXODQWLR[LGDQW
<RX
YHSUREDEO\KHDUGWKDWO\FRSHQH
ULFKWRPDWRSURGXFWVPLJKWKHOS
SURWHFWDJDLQVWFHUWDLQFDQFHUV
SDUWLFXODUO\SURVWDWHFDQFHU7KHQHZ
QHZVLVWKDWLQFUHDVHGLQWDNHRI
O\FRSHQHLVDOVRDVVRFLDWHGZLWKD
VLJQLILFDQWO\GHFUHDVHGULVNIRUKHDUW
GLVHDVHDFFRUGLQJWRDUHSRUW
IURPUHVHDUFKHUVDW7XIWV8QLYHUVLW\

:KLFKWRPDWRHVDUHEHVWUHG
\HOORZRURUDQJH">@

,WLVHDVLHUIRU\RXUERG\WRDEVRUE
O\FRSHQHIURPFRRNHGDQG
SURFHVVHGWRPDWRHVVXFKDVWRPDWR
MXLFHWKDQIURPIUHVKWRPDWRHV$OVR
FDQQHGSURGXFWVVXFKDVWRPDWR
SDVWHWRPDWRVDXFHDQGSDVWDVDXFHKDYHDSSUR[LPDWHO\VHYHQWLPHVPRUHO\FRSHQH
WKDQUDZWRPDWRHV$GGLQJDELWRIRLOZKLOHVDXWHLQJRUFRRNLQJWRPDWRHVFDQDLG
O\FRSHQHDEVRUSWLRQDFFRUGLQJWR+HDOWK*RXUPHW(DWWR%HDW'LDEHWHV 0F*UDZ+LOO
 

7RPDWRHVKDYHDOVREHHQVKRZQWRFRPEDWLQIODPPDWLRQGXHWRQXWULHQWVVXFKDV
FDURWHQRLGVDQGELRIODYRQRLGVWKDWFDQKHOSWRORZHUWKHULVNRUKHDUWGLVHDVHZKLFK
FDXVHVDWKLUGRIDOOGHDWKVLQWKH8QLWHG6WDWHV
KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

:KLOHFRRNHGWRPDWRHVDQGWRPDWRSURGXFWVFRQWDLQPRUHO\FRSHQHUDZWRPDWRHVDUH
VWLOODQH[FHOOHQWFKRLFHDQGORDGHGZLWKYLWDPLQVDQGPLQHUDOV7KH\DUHFODVVLILHGDV
QRQVWDUFK\YHJHWDEOHVZKLOHSDVWDDQGVSDJKHWWLVDXFHVDUHFODVVLILHGDVVWDUFK\
YHJHWDEOHV8QIRUWXQDWHO\PDQ\FDQQHGWRPDWRSURGXFWVDUHKLJKLQVDOW1RZORZ
VRGLXPYHUVLRQVRIWKHVHSURGXFWVDUHDYDLODEOH<RX
OOILQGWKHVHORZVRGLXPWRPDWR
SURGXFWVVXEVWLWXWHEHDXWLIXOO\LQ\RXUUHFLSHVDQGFXW\RXUVDOWLQWDNHVLJQLILFDQWO\VD\V
&RQQLH&UDZOH\5'/'1XWULWLRQDQG+HDOWK6SHFLDOLVWDWWKH8QLYHUVLW\RI*HRUJLD
([WHQVLRQ6HUYLFH

*HWRXUEHVWWRPDWRUHFLSHV>@

<RJXUW
<RJXUWLVDVZHHWWUHDWWKDWLV
FUHDP\GHOLFLRXVDQGJRRGIRU\RX
,W
VDQH[FHOOHQWVRXUFHRIFDOFLXP
ZKLFKKHOSVSURPRWHKHDOWK\ERQHV
DQGWHHWKDVZHOODVJRRGPXVFOH
DQGEORRGYHVVHOIXQFWLRQ,WLVDOVRD
JRRGVRXUFHRIYLWDPLQ% ULERIODYLQ
DQGSURWHLQ

7KHEHVW\RJXUWVWRFKRRVHSOXV
\RJXUWVWRDYRLG>@ 

3URELRWLF\RJXUWVFRQWDLQKHDOWK
SURPRWLQJEDFWHULDEHQHILFLDOIRU
GLJHVWLYHKHDOWKLQFOXGLQJDLGLQJ
ODFWRVHLQWROHUDQFHDQGLUULWDEOH
ERZHOV\QGURPH7KH\DOVRVXSSRUW
KHDOWK\LPPXQHIXQFWLRQ

$VWXG\SXEOLVKHGLQLQ7KH
$PHULFDQ-RXUQDORI&OLQLFDO1XWULWLRQ
VKRZHGWKDWFRQVXPLQJFKHHVHRU\RJXUWPLJKWKHOSSUHYHQWW\SHGLDEHWHV,QVWXG\LQJ
WKHGLHWVRIWKRXVDQGVRIDGXOWVZLWKDQGZLWKRXWGLDEHWHVLQYHVWLJDWRUVIRXQGWKRVHZKR
DWHDWOHDVWJUDPV DERXWRXQFHV RI\RJXUWDGD\ZHUHSHUFHQWOHVVOLNHO\WR
GHYHORSW\SH7KHUHVHDUFKHUVWKHRUL]HGWKDWSURELRWLFEDFWHULDLQ\RJXUWORZHUV
FKROHVWHURODQGSURGXFHVFHUWDLQYLWDPLQVWKDWSUHYHQWGLDEHWHV7KH\WKRXJKWWKHYLWDPLQ
'FDOFLXPDQGPDJQHVLXPIRXQGLQ\RJXUWFRXOGSOD\DUROHWRR

:KHQEX\LQJ\RJXUWWKH$PHULFDQ'LDEHWHV$VVRFLDWLRQUHFRPPHQGVRSWLQJIRUORZIDWRU
IDWIUHHSURGXFWV$QRWKHURSWLRQLQWKHPDUNHWSODFHLV*UHHN\RJXUWZKLFKLVVWUDLQHG
\RJXUWZLWKVRPHRIWKHOLTXLGUHPRYHG*UHHN\RJXUWLVKLJKHULQSURWHLQWKDQUHJXODU
\RJXUW$JDLQORRNIRU*UHHN\RJXUWWKDWLVORZIDWRUIDWIUHHZLWKRXWDGGHGVXJDU&KHFN
WKHODEHOIRUWRWDOFDUEVVR\RXFDQZRUNLWLQWR\RXUPHDOSODQ

)LQGZLQQLQJ\RJXUWVWKDWKDYHEHHQWDVWHWHVWHGDQGGLHWLWLDQDSSURYHG>@

5HDG1RZ)RRGVWR$YRLGZLWK'LDEHWHV>@

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

&RS\ULJKW‹0HUHGLWK&RUSRUDWLRQ$OO5LJKWV5HVHUYHG

6RXUFH85/ UHWULHYHGRQ KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPIRRGWRHDWQXWULWLRQWRS


SRZHUIRRGVGLDEHWHV"SDJH 

/LQNV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHEHVWIRRGVGLDEHWHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPIRRGWRHDWQXWULWLRQKHDOWK\JURFHU\VKRSSLQJJXLGH
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPIRRGWRHDWQXWULWLRQJXLGHWRSURGXFH
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHDSSOHV
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRDSSOHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPGLDEHWLFUHFLSHVGHVVHUWVZHHWDQGVDYRU\DSSOHUHFLSHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHDVSDUDJXV
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRDVSDUDJXV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHYHJHWDEOHVVDXWHHGVKULPSDQGDVSDUDJXV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHYHJHWDEOHVDVSDUDJXVZLWKJRDWFKHHVH
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHDYRFDGRV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHVDODGVFREEVDODG
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHSLHVURDVWHGSREODQRJXDFDPROH
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHEHDQV
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHREHDQV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHFKLFNHQIL[DQGIRUJHWZKLWHFKLOL
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHEHHIEHHIDQGEODFNEHDQZUDSV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHEOXHEHUULHV
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHREOXHEHUULHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHSDQFDNHVZDIIOHVEOXHEHUU\EXFNZKHDWSDQFDNHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHIUXLWSHDFKEOXHEHUU\SDUIDLWV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHEURFFROL
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHREURFFROL
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHEHHIDQGEURFFROL
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHFKLFNHQSHQQHZLWKFKLFNHQDQGEURFFROL
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHFDUURWV
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRFDUURWV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPGLDEHWLFUHFLSHVSRSXODUVZHHWDQGVDYRU\FDUURWUHFLSHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHFUDQEHUULHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHUHOLVKHVWDQJHULQHFUDQEHUU\UHOLVK
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHFUDQUDVSEHUU\VKRUWFDNHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHILVK
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPGLDEHWLFUHFLSHVILVKGLDEHWLFVDOPRQUHFLSHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPGLDEHWLFUHFLSHVILVKKHDOWK\ILVKVHDIRRGUHFLSHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHIOD[VHHG
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRIOD[VHHG
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHVDODGVVDOPRQDQGVSLQDFKVDODGZLWKIOD[VHHGGUHVVLQJ
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHJUDLQVWRDVWHGRDWPXHVOL
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHJDUOLF
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRJDUOLF
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHVHDIRRGJDUOLFVKULPSRQVSLQDFK
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHJDUOLFFDVKHZFKLFNHQFDVVHUROH
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHNDOH
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRNDOH
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHSRWDWRNDOHVDODG
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHVHDUFKUHVXOWNDOHKDVSKRWR

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  
 7RS3RZHU)RRGVIRU'LDEHWHV

>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHPHORQ
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHGULQNVVXQULVHVPRRWKLHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHGHVVHUWVJULOOHGJLQJHUHGPHORQNDEREV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHQXWV
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRQXWV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPGLDEHWLFUHFLSHVSRSXODUVZHHWVDYRU\QXWUHFLSHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHRDWPHDO
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRRDWPHDO
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHJUDLQVVSLFHGLULVKRDWPHDO
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHFRRNLHVEXWWHUUXPRDWPHDOFRRNLHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHTXLQRD
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRTXLQRD
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHKHDUW\YHJHWDEOHEDFRQDQGTXLQRDTXLFKH
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHVDODGVPHGLWHUUDQHDQTXLQRDVDODG
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHUDVSEHUULHV
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRUDVSEHUULHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHGHVVHUWVEHUULHVZLWKFXVWDUGVDXFH
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHEURZQLHUDVSEHUU\WDUW
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHUHGJUDSHIUXLW
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRUHGJUDSHIUXLW
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHFREEOHURUDQJHJUDSHIUXLWFREEOHU
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHWXUNH\FLWUXVWXUNH\VSLQDFKVDODG
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHUHGRQLRQV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHVHDIRRGSLQHQXWFUXVWHGFRGZLWKFDUDPHOL]HGRQLRQVDQG
WRPDWRHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHVDODGVJULOOHGUHGRQLRQDQGFRUQVDODGZLWKURDVWHGUHGSHSSHU
YLQDLJUHWWH
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHUHGSHSSHUV
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRUHGSHSSHUV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHEHHIVWXIIHGUHGSHSSHUV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHFKLFNHQUHGSHSSHUEDVLOUDYLROHWWLV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHVR\
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRVR\
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHFUHDP\HGDPDPHYHJJLHVRXS
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHSDVWDXGRQQRRGOHVZLWKWRIX
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHVSLQDFK
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRVSLQDFK
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHWHD
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRWHD
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHGULQNVJLQJHUOHPRQWHD
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPUHFLSHGULQNVVSLFHGSHDUWHD
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGHWRPDWRHV
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHRWRPDWRHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPIRRGWRHDWQXWULWLRQRXUIDYRULWHWRPDWRUHFLSHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPVOLGH\RJXUW
>@KWWSYLGHRVGLDEHWLFOLYLQJRQOLQHFRPYLGHR\RJXUW
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPIRRGWRHDWZKDWWRHDWZKDWWRHDWGLDEHWHVEHVW\RJXUWV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPIRRGWRHDWQXWULWLRQIRRGVWRDYRLGGLDEHWHV
>@KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPXVHUORJLQ"GHVWLQDWLRQ QRGHFRPPHQWIRUP

KWWSZZZGLDEHWLFOLYLQJRQOLQHFRPSULQW"SDJH  

You might also like