1、%5,7,6+67$1$5 %6(1 ,QFRUSRUDWLQJ $PHQGPHQW1R )RRGVWXIIV HWHUPLQDWLRQRI QLWUDWHDQGRUQLWULWH FRQWHQW 3DUW*HQHUDOFRQVLGHUDWLRQV 7KH(XURSHDQ6WDQGDUG(1ZLWKWKHLQFRUSRUDWLRQRILWV DPHQGPHQW$KDVWKHVWDWXVRID%ULWLVK6WDQGDUG ,&6 %6(1 7KLV%ULWLVK6WDQGDUGKDYLQJ EHHQSUHSDUHGXQGHUWKH GLUHFWLRQRIWKH&RQVXPHU 3URGXFWV
2、DQG6HUYLFHV 6HFWRU%RDUGZDVSXEOLVKHG XQGHUWKHDXWKRULWRIWKH 6WDQGDUGV%RDUGDQG FRPHVLQWRHIIHFWRQ $XJXVW %6, 7KHIROORZLQJ%6,UHIHUHQFHV UHODWHWRWKHZRUNRQWKLV VWDQGDUG &RPPLWWHHUHIHUHQFH$: UDIWIRUFRPPHQW& ,6%1 &RPPLWWHHVUHVSRQVLEOHIRUWKLV %ULWLVK6WDQGDUG 7KHSUHSDUDWLRQRIWKLV%ULWLVK6WDQGDUGZDVHQWUXVWHGWR7H
3、FKQLFDO3DQHO $:)RRGDQDOVLV+RULRQWDOPHWKRGVXSRQZKLFKWKHIROORZLQJERGLHV ZHUHUHSUHVHQWHG $VVRFLDWLRQRI3XEOLF$QDOVWV )RRGDQGULQN)HGHUDWLRQ ,QVWLWXWHRI)RRG6FLHQFHDQG7HFKQRORJ /DERUDWRURIWKH*RYHUQPHQW&KHPLVW/WG 0LQLVWURI$JULFXOWXUH)LVKHULHVDQG)RRG 5RDO6RFLHWRI&KHPLVWU $PHQGPHQWVLVVXHGVLQFHSXEOLFDWLRQ $PG1
4、R DWH &RPPHQWV -DQXDU &KDQJHVLQGLFDWHGEDVLGHOLQH%6(1 %6, L &RQWHQWV 3DJH &RPPLWWHHVUHVSRQVLEOH ,QVLGHIURQWFRYHU 1DWLRQDOIRUHZRUG LL )RUHZRUG 7HWRI(1 %6(1 LL %6, 1DWLRQDOIRUHZRUG 7KLVSDUWRI%6(1KDVEHHQSUHSDUHGE7HFKQLFDO3DQHO$:DQGLVWKH (QJOLVKODQJXDJHYHUVLRQRI(1 )RRGVWXIIVHWHUPLQDWLRQRI QLWUDWHDQGRUQLW
5、ULWHFRQWHQW3DUW*HQHUDOFRQVLGHUDWLRQV LQFOXGLQJLWV DPHQGPHQW$SXEOLVKHGEWKH(XURSHDQ&RPPLWWHHIRU6WDQGDUGLDWLRQ &(1 &URVVUHIHUHQFHV 7KHSDUWVRI(1OLVWHGLQFODXVH DUHDOOSXEOLVKHGRUXQGHUSXEOLFDWLRQDV LGHQWLFDOSDUWVRI%6(1 $%ULWLVK6WDQGDUGGRHVQRWSXUSRUWWRLQFOXGHDOOWKHQHFHVVDUSURYLVLRQVRID FRQWUDFW8VHUVRI%ULWLV
6、K6WDQGDUGVDUHUHVSRQVLEOHIRUWKHLUFRUUHFWDSSOLFDWLRQ &RPSOLDQFHZLWKD%ULWLVK6WDQGDUGGRHVQRWRILWVHOIFRQIHULPPXQLW IURPOHJDOREOLJDWLRQV 6XPPDURISDJHV 7KLVGRFXPHQWFRPSULVHVDIURQWFRYHUDQLQVLGHIURQWFRYHUSDJHVLDQGLL WKH(1WLWOHSDJHSDJHVWRDQLQVLGHEDFNFRYHUDQGDEDFNFRYHU 7KH%6,FRSULJKWQRWLFHGLVSODHGLQWKLVGRFXPHQ
7、WLQGLFDWHVZKHQWKH GRFXPHQWZDVODVWLVVXHG (8523($167$1$5 1250(8523e(11( (8523b,6&+(1250 (1 $SULO $ -XO ,&6 HVFULSWRUVIRRGSURGXFWVFKHPLFDODQDOVLVGHWHUPLQDWLRQRIFRQWHQWQLWUDWHVQLWULWHV (QJOLVKYHUVLRQ )RRGVWXIIVHWHUPLQDWLRQRIQLWUDWHDQGRUQLWULWH FRQWHQW3DUW*HQHUDOFRQVLGHUDWLRQV LQFOXGHVDPHQGPHQW$ 3URGXLWV
8、DOLPHQWDLUHVpWHUPLQDWLRQGHODWHQHXU HQQLWUDWHVHWRXHQQLWULWHV 3DUWLH&RQVLGpUDWLRQVJpQpUDOHV LQFOXWO“DPHQGHPHQW$ /HEHQVPLWWHO%HVWLPPXQJGHV 1LWUDWXQGRGHU1LWULWJHKDOWHV 7HLO$OOJHPHLQHV HQWKlOWbQGHUXQJ$ 7KLV(XURSHDQ6WDQGDUGZDVDSSURYHGE&(1RQDPHQGPHQW$ ZDVDSSURYHGE&(1RQ&(1PHPEHUVDUHERXQGWRFRPSOZLWK WKH&(1&(
9、1(/(&,QWHUQDO5HJXODWLRQVZKLFKVWLSXODWHWKHFRQGLWLRQVIRU JLYLQJWKLV(XURSHDQ6WDQGDUGWKHVWDWXVRIDQDWLRQDOVWDQGDUGZLWKRXWDQ DOWHUDWLRQ 8SWRGDWH OLVWV DQG ELEOLRJUDSKLFDO UHIHUHQFHV FRQFHUQLQJ VXFK QDWLRQDO VWDQGDUGVPDEHREWDLQHGRQDSSOLFDWLRQWRWKH&HQWUDO6HFUHWDULDWRUWRDQ &(1PHPEHU 7KLV(XURSHDQ6WDQGDUGHLVWV
10、LQWKUHHRIILFLDOYHUVLRQV(QJOLVK)UHQFK *HUPDQ$YHUVLRQLQDQRWKHUODQJXDJHPDGHEWUDQVODWLRQXQGHUWKH UHVSRQVLELOLWRID&(1PHPEHULQWRLWVRZQODQJXDJHDQGQRWLILHGWRWKH &HQWUDO6HFUHWDULDWKDVWKHVDPHVWDWXVDVWKHRIILFLDOYHUVLRQV &(1 PHPEHUV DUH WKH QDWLRQDO VWDQGDUGV ERGLHV RI $XVWULD %HOJLXP HQPDUN )LQODQG )UDQFH *HUP
11、DQ *UHHFH ,FHODQG ,UHODQG ,WDO /XHPERXUJ1HWKHUODQGV1RUZD3RUWXJDO6SDLQ6ZHGHQ6ZLWHUODQGDQG 8QLWHG.LQJGRP &(1 (XURSHDQ&RPPLWWHHIRU6WDQGDUGLDWLRQ &RPLWp(XURSpHQGH1RUPDOLVDWLRQ (XURSlLVFKHV.RPLWHHIU1RUPXQJ &HQWUDO6HFUHWDULDWUXHGH6WDVVDUW%UXVVHOV &(1$OOULJKWVRIHSORLWDWLRQLQDQIRUPDQGEDQPHDQVUHVHUYHGZRUOGZL
12、GHIRU&(1QDWLRQDO PHPEHUV 5HI1R(1$(1 %6, )RUHZRUG 7KLV(XURSHDQ6WDQGDUGKDVEHHQSUHSDUHGE &(17&)RRGDQDOVLV+RULRQWDOPHWKRGV WKHVHFUHWDULDWRIZKLFKLVKHOGE,1 7KLVVHULHV )RRGVWXIIVHWHUPLQDWLRQRIQLWUDWH DQG RUQLWULWHFRQWHQW FRQVLVWVRIWKHIROORZLQJSDUWV 3DUW*HQHUDOFRQVLGHUDWLRQV 3DUW+3/& ,&PHWKRGIRUWKHGHWHUPLQD
13、WLRQ RIQLWUDWHFRQWHQWRIYHJHWDEOHVDQGYHJHWDEOH SURGXFWV 3DUW6SHFWURPHWULFGHWHUPLQDWLRQRIQLWUDWH DQGQLWULWHFRQWHQWRIPHDWSURGXFWVDIWHU HQPDWLFUHGXFWLRQRIQLWUDWHWRQLWULWH 3DUW,&PHWKRGIRUWKHGHWHUPLQDWLRQRI QLWUDWHDQGQLWULWHFRQWHQWRIPHDWSURGXFWV 3DUW(QPDWLFGHWHUPLQDWLRQRIQLWUDWH FRQWHQWRIYHJHWDEOHFRQWDLQL
14、QJIRRGIRUEDELHV DQGLQIDQWV 3DUW&RQWLQXRXVIORZPHWKRGIRUWKH GHWHUPLQDWLRQRIQLWUDWHFRQWHQWRIYHJHWDEOHVDQG YHJHWDEOHSURGXFWVDIWHUFDGPLXPUHGXFWLRQ 7KLV(XURSHDQ6WDQGDUGVKDOOEHJLYHQWKHVWDWXVRI DQDWLRQDOVWDQGDUGHLWKHUESXEOLFDWLRQRIDQ LGHQWLFDOWHWRUEHQGRUVHPHQWDWWKHODWHVWE 2FWREHUDQGFRQIOLFWLQJQDWLRQDOVWDQGD
15、UGV VKDOOEHZLWKGUDZQDWWKHODWHVWE2FWREHU $FFRUGLQJWRWKH&(1&(1(/(&,QWHUQDO 5HJXODWLRQVWKHQDWLRQDOVWDQGDUGVRUJDQLDWLRQV RIWKHIROORZLQJFRXQWULHVDUHERXQGWRLPSOHPHQW WKLV(XURSHDQ6WDQGDUG$XVWULD%HOJLXP HQPDUN)LQODQG)UDQFH*HUPDQ*UHHFH ,FHODQG,UHODQG,WDO/XHPERXUJ1HWKHUODQGV 1RUZD3RUWXJDO6SDLQ6ZHGHQ6ZLWHUODQG
16、DQG WKH8QLWHG.LQJGRP )RUHZRUGWRDPHQGPHQW$ 7KLVDPHQGPHQW(1$WR (1KDVEHHQSUHSDUHGE7HFKQLFDO &RPPLWWHH&(17&)RRGDQDOVLV +RULRQWDOPHWKRGVWKHVHFUHWDULDWRIZKLFKLVKHOG E,1 7KLVDPHQGPHQWWRWKH(XURSHDQ6WDQGDUG (1VKDOOEHJLYHQWKHVWDWXVRID QDWLRQDOVWDQGDUGHLWKHUESXEOLFDWLRQRIDQ LGHQWLFDOWHWRUEHQGRUVHPHQWDWWKHODWHV
17、WE )HEUXDUDQGFRQIOLFWLQJQDWLRQDOVWDQGDUGV VKDOOEHZLWKGUDZQDWWKHODWHVWE)HEUXDU $FFRUGLQJWRWKH&(1&(1(/(&,QWHUQDO 5HJXODWLRQVWKHQDWLRQDOVWDQGDUGVRUJDQLDWLRQV RIWKHIROORZLQJFRXQWULHVDUHERXQGWRLPSOHPHQW WKLV(XURSHDQ6WDQGDUG$XVWULD%HOJLXP&HFK 5HSXEOLFHQPDUN)LQODQG)UDQFH*HUPDQ *UHHFH,FHODQG,UHODQG,WDO/XHPE
18、RXUJ 1HWKHUODQGV1RUZD3RUWXJDO6SDLQ6ZHGHQ 6ZLWHUODQGDQGWKH8QLWHG.LQJGRP &RQWHQWV 3DJH )RUHZRUG ,QWURGXFWLRQ 6FRSH 1RUPDWLYHUHIHUHQFHV 3ULQFLSOHVDQGVFRSHVRIWKH RWKHUSDUWVRI(1 7HVWUHSRUW (1 %6, ,QWURGXFWLRQ XHWRHLVWLQJDQGSRVVLEOHIXWXUHOHJLVODWLRQIRU QLWUDWHDQGRUQLWULWHFRQWHQWRIIRRGVWXIIVDQG HVSHFLDOOWR
19、DYRLGWUDGHEDUULHUVWKHUHLVDQHHGIRU (XURSHDQ6WDQGDUGVIRUWKHGHWHUPLQDWLRQRI QLWUDWHDQGRUQLWULWHLQWKHIROORZLQJIRRGVWXIIV YHJHWDEOHVDQGYHJHWDEOHSURGXFWV PHDWSURGXFWV IRRGIRUEDELHVDQGLQIDQWV PLONDQGPLONSURGXFWV ,WZDVGHFLGHGWRQRWFRQVLGHUDQPHWKRGLQYROYLQJ WKHXVHRIRSHQVRXUFHVRIVSRQJFDGPLXPRQWKH JURXQGVRILWVS
20、RWHQWLDOWKUHDWWRWKHHQYLURQPHQW $VDUHVXOWWKHRQOPHWKRGVDYDLODEOHIRULQFOXVLRQ LQWKLVVWDQGDUGZHUHYHUWLFDOPHWKRGVIRUWKH SDUWLFXODUVXEVWUDWHVRILQWHUHVW 6FRSH 7KLV(XURSHDQ6WDQGDUGSURYLGHVDVXPPDURI HDFKVFRSHDQGSULQFLSOHDQGGHVFULEHVJHQHUDO FRQVLGHUDWLRQVIRUWKHDSSOLFDELOLWRIWKHIROORZLQJ SDUWVRI(1 1RUPDWLYHUHI
21、HUHQFHV 7KLV(XURSHDQ6WDQGDUGLQFRUSRUDWHVEGDWHGRU XQGDWHGUHIHUHQFHSURYLVLRQVIURPRWKHU SXEOLFDWLRQV7KHVHQRUPDWLYHUHIHUHQFHVDUHFLWHG DWWKHDSSURSULDWHSODFHVLQWKHWHWDQGWKH SXEOLFDWLRQVDUHOLVWHGKHUHDIWHU)RUGDWHG UHIHUHQFHVVXEVHTXHQWDPHQGPHQWVWRRUUHYLVLRQV RIDQRIWKHVHSXEOLFDWLRQVDSSOWRWKLV(XURSHDQ 6WDQGDUG
22、RQOZKHQLQFRUSRUDWHGLQLWE DPHQGPHQWRUUHYLVLRQ)RUXQGDWHGUHIHUHQFHVWKH ODWHVWHGLWLRQRIWKHSXEOLFDWLRQUHIHUUHGWRDSSOLHV (1 )RRGVWXIIVHWHUPLQDWLRQRIQLWUDWH DQG RUQLWULWHFRQWHQW3DUW+3/& ,&PHWKRGIRU WKHGHWHUPLQDWLRQRIQLWUDWHFRQWHQWRIYHJHWDEOHV DQGYHJHWDEOHSURGXFWV (19 )RRGVWXIIVHWHUPLQDWLRQRI QLWUDWHDQG RUQ
23、LWULWHFRQWHQW 3DUW 6SHFWURPHWULFGHWHUPLQDWLRQRIQLWUDWHDQG QLWULWHFRQWHQWRIPHDWSURGXFWVDIWHUHQPDWLF UHGXFWLRQRIQLWUDWHWRQLWULWH (19 )RRGVWXIIVHWHUPLQDWLRQRI QLWUDWHDQG RUQLWULWHFRQWHQW3DUW,RQHFKDQJH FKURPDWRJUDSKLF,&PHWKRGIRUWKHGHWHUPLQDWLRQ RIQLWUDWHDQGQLWULWHFRQWHQWRIPHDWSURGXFWV (1 )RRGVWXIIVHWHUP
24、LQDWLRQRIQLWUDWH DQG RUQLWULWHFRQWHQW3DUW(QPDWLF GHWHUPLQDWLRQRIQLWUDWHFRQWHQWRI YHJHWDEOHFRQWDLQLQJIRRGIRUEDELHVDQGLQIDQWV (1 )RRGVWXIIVHWHUPLQDWLRQRIQLWUDWH DQG RUQLWULWHFRQWHQW3DUW&RQWLQXRXVIORZ PHWKRGIRUWKHGHWHUPLQDWLRQRIQLWUDWHFRQWHQWRI YHJHWDEOHVDQGYHJHWDEOHSURGXFWVDIWHUFDGPLXP UHGXFWLRQ 3ULQF
25、LSOHVDQGVFRSHVRIWKHRWKHU SDUWVRI(1 (1 )RRGVWXIIVHWHUPLQDWLRQRI QLWUDWHDQGRUQLWULWHFRQWHQW 3DUW+3/&,&PHWKRGIRUWKHGHWHUPLQDWLRQ RIQLWUDWHFRQWHQWRIYHJHWDEOHVDQGYHJHWDEOH SURGXFWV (WUDFWLRQRIQLWUDWHIURPWKHIRRGZLWKKRWZDWHU DQGUHPRYDORILQWHUIHULQJVXEVWDQFHVE FODULILFDWLRQZLWK&DUUHUHDJHQWVRUESXULILFDWLRQ Z
26、LWKVROLGSKDVHHWUDFWLRQFROXPQVHWHUPLQDWLRQ EUHYHUVHGSKDVHKLJKSHUIRUPDQFHOLTXLG FKURPDWRJUDSK+3/&ZLWKXOWUDYLROHW89 GHWHFWLRQRULRQHFKDQJHKLJKSHUIRUPDQFHOLTXLG FKURPDWRJUDSK,&ZLWKFRQGXFWLYLWGHWHFWLRQ 7KLVPHWKRGLVDSSOLFDEOHWRWKHDQDOVLVRI YHJHWDEOHVDQGYHJHWDEOHSURGXFWVDQGKDVEHHQ YDOLGDWHGIRUQLWUDWHFRQWHQW
27、VLQWKHUDQJH RIPJNJWRPJNJ 7KLVPHWKRGKDVEHHQVXFFHVVIXOOWHVWHGLQDQ LQWHUODERUDWRUWHVWRQVSLQDFKEHHWURRWMXLFHD VSLQDFKSURGXFWDQGDFDUURWSURGXFWIRUEDELHVDQG LQIDQWV (19 )RRGVWXIIVHWHUPLQDWLRQRI QLWUDWHDQGRUQLWULWHFRQWHQW 3DUW6SHFWURPHWULFGHWHUPLQDWLRQRIQLWUDWH DQGQLWULWHFRQWHQWRIPHDWSURGXFWVDIWHU HQPDWLFUH
28、GXFWLRQRIQLWUDWHWRQLWULWH 1LWULWHLQDQDTXHRXVHWUDFWRIWKHDQDOWLFDO VDPSOHLVWUHDWHGZLWKVXOIDQLODPLGHDQG 1QDSKWKOHWKOHQHGLDPLQHGLKGURFKORULGH $UHGFRPSRXQGLVSURGXFHGZKLFKLVPHDVXUHG VSHFWURPHWULFDOODWDZDYHOHQJWKRIQP 1LWUDWHLQDQDTXHRXVHWUDFWRIWKHDQDOWLFDO VDPSOHLVFRQYHUWHGLQWRQLWULWHEQLWUDWH UHGXFWDVH7UHDW
29、PHQWRIWKLVQLWULWHWRJHWKHUZLWK WKHQLWULWHZKLFKLVDOUHDGLQWKHDQDOWLFDO VDPSOHZLWKVXOIDQLODPLGHDQG 1QDSKWKOHWKOHQHGLDPLQHGLKGURFKORULGH 3KRWRPHWULFPHDVXUHPHQWRIWKHFRORXULQWHQVLWRI WKLVUHGFRPSRXQGDWDZDYHOHQJWKRIQP7KH QLWUDWHFRQWHQWLVFDOFXODWHGIURPWKHGLIIHUHQFH EHWZHHQWKHVSHFWURPHWULFPHDVXUHPHQWV 7KLVPHWK
30、RGLVDSSOLFDEOHWRWKHDQDOVLVRIPHDW SURGXFWVDQGKDVEHHQYDOLGDWHGIRUWRWDOQLWUDWH DQGQLWULWHFRQWHQWVRIPJNJDVQLWULWHLRQ 127(SHULHQFHKDVVKRZQWKDWWKHPHWKRGLVDOVRDSSOLFDEOH IRUWRWDOQLWULWHDQGQLWUDWHFRQWHQWRIPJNJXSWRPJNJDV QLWULWHLRQ(1 %6, 7KLVPHWKRGKDVEHHQVXFFHVVIXOOWHVWHGLQDQ LQWHUODERUDWRUWHVWRQVDXVDJH (19
31、)RRGVWXIIVHWHUPLQDWLRQRI QLWUDWHDQGRUQLWULWHFRQWHQW3DUW,RQ HFKDQJHFKURPDWRJUDSKLF,&PHWKRGIRUWKH GHWHUPLQDWLRQRIQLWUDWHDQGQLWULWHFRQWHQWRI PHDWSURGXFWV 1LWUDWHDQGQLWULWHDUHHWUDFWHGIURPWKHWHVW VDPSOHZLWKKRWZDWHU7KHDTXHRXVVROXWLRQLV WUHDWHGZLWKDFHWRQLWULOHWRUHPRYHDQLQWHUIHULQJ VXEVWDQFH7KHQLWUDWHDQGQLW
32、ULWHFRQWHQWVRIWKH VROXWLRQDUHWKHQGHWHUPLQHGELRQHFKDQJH FKURPDWRJUDSK,&DQGXOWUDYLROHW89GHWHFWLRQ DWDZDYHOHQJWKRIQP 7KLVPHWKRGLVDSSOLFDEOHWRWKHGHWHUPLQDWLRQRI QLWUDWHDQGQLWULWHFRQWHQWVRIPHDWSURGXFWVKDYLQJ DQLWUDWHFRQWHQWRIPJNJWRPJNJDVQLWUDWH LRQVDQGDQLWULWHFRQWHQWRIDSSURLPDWHOPJNJ DVQLWULWHLRQ 127(9DO
33、LGDWLRQGDWDREWDLQHGIURPLQWHUODERUDWRUVWXGLHV VKRZWKDWWKLVPHWKRGPDDOVREHDSSOLHGWRWKHGHWHUPLQDWLRQ RIQLWUDWHLQYHJHWDEOHVDQGEDEIRRG)XUWKHUPRUHWKHPHWKRG PDEHDSSOLHGIRUWKHGHWHUPLQDWLRQRIQLWULWHLQPHDWSURGXFWV KDYLQJDQLWULWHFRQWHQWRIJUHDWHUWKDQPJNJ 7KLVPHWKRGKDVEHHQVXFFHVVIXOOWHVWHGLQDQ LQWHUODERUDWRUWHVWR
34、QFRUQHGEHHI (1 )RRGVWXIIVHWHUPLQDWLRQRI QLWUDWHDQGRUQLWULWHFRQWHQW 3DUW(QPDWLFGHWHUPLQDWLRQRIQLWUDWH FRQWHQWRIYHJHWDEOHFRQWDLQLQJIRRGIRUEDELHV DQGLQIDQWV (QPDWLFGHWHUPLQDWLRQLQDQDTXHRXVVDPSOH HWUDFWEVSHFWURPHWULFPHDVXUHPHQWRIWKH DPRXQWRI1$3+XVHGXSLQWKHIROORZLQJ UHDFWLRQ ZKHUHWKHDPRXQWRI1$3+XVHGXSLVH
35、TXLYDOHQW WRWKHTXDQWLWRIQLWUDWH 7KLVPHWKRGLVDSSOLFDEOHIRUWKHDQDOVLVRI YHJHWDEOHFRQWDLQLQJIRRGIRUEDELHVDQGLQIDQWVDQG KDYLQJDQLWUDWHFRQWHQWRIPJNJWRPJNJ 7KHPHWKRGKDVEHHQVXFFHVVIXOOWHVWHGLQDQ LQWHUODERUDWRUWHVWRQDVSLQDFKSURGXFWDQGFDUURW MXLFH )RRGVWXIIVHWHUPLQDWLRQRIQLWUDWH DQGRUQLWULWHFRQWHQWHWHUPLQDWL
36、RQRI QLWUDWHDQGQLWULWHFRQWHQWRIPLONDQGPLON SURGXFWVLQSUHSDUDWLRQ 7KLVPHWKRGLVQRWHWVSHFLILHG (1 )RRGVWXIIVHWHUPLQDWLRQRI QLWUDWHDQGRUQLWULWHFRQWHQW 3DUW&RQWLQXRXVIORZPHWKRGIRUWKH GHWHUPLQDWLRQRIQLWUDWHFRQWHQWRIYHJHWDEOHV DQGYHJHWDEOHSURGXFWVDIWHUFDGPLXP UHGXFWLRQ 7HVWSRUWLRQVDUHHWUDFWHGZLWKZDWHUDQGIL
37、OWHUHG 7KHILOWUDWHLVWUDQVIHUUHGWRWKHGLDOLVHURID FRQWLQXRXVIORZ&)VVWHP$QDOLTXRWSRUWLRQRI WKHQLWUDWHLRQVGLIIXVHVLQWKHGLDOVLQJXQLWZLWKD KGURSKLOLFPHPEUDQHLQWRDVOLJKWODONDOLQH EXIIHUVROXWLRQLQZKLFKWKHQLWUDWHLVUHGXFHGWR QLWULWHEPHWDOOLFFDGPLXP7KHQLWULWHLRQV UHDFWZLWKVXOIDQLODPLGHDQG 1QDSKWKOHWKOHQHGLDPLQ
38、HWRSURGXFHD UHGGLVKSXUSOHDRGH 7KHDEVRUEDQFHRIWKLVGHLVGHWHUPLQHG VSHFWURPHWULFDOODWDZDYHOHQJWKEHWZHHQQP DQGQPSUHIHUDEODWLWVPDLPXP 7KLVPHWKRGLVDSSOLFDEOHWRWKHGHWHUPLQDWLRQ RIQLWUDWHFRQWHQWRIYHJHWDEOHVDQGYHJHWDEOH SURGXFWVKDYLQJDQLWUDWHFRQWHQWRIPJNJWR PJNJFDOFXODWHGDVQLWUDWHLRQ 127(SHULHQFHKDVVKRZQWKDWWKHPHWKRGPDDOVREH DSSOLHGWRYHJHWDEOHVDQGYHJHWDEOHSURGXFWVKDYLQJDQLWUDWH FRQWHQWRIJUHDWHUWKDQPJNJFDOFXODWHGDVQLWUDWHLRQ 7KHPHWKRGKDVEHHQVXFFHVVIXOOWHVWHGLQDQ LQWHUODERUDWRUWHVWRQEHHWURRWOHWWXFHHQGLYHDQG VSLQDFK 7HVWUHSRUW $OOWHVWUHSRUWVVKDOOFRQWDLQDWOHDVWWKHIROORZLQJ DDOOLQIRUP