Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics
The carbonated hydroxyapatite powder was obtained by reaction of calcium carbonate with ortho-phosphoric acid. The compacted powder samples were sintered in the 800- 1000°C range in dry carbon dioxide atmosphere under atmospheric pressure. It is revealed that ceramics synthesized in such conditions...
Збережено в:
Дата: | 2008 |
---|---|
Автори: | , |
Формат: | Стаття |
Мова: | English |
Опубліковано: |
НТК «Інститут монокристалів» НАН України
2008
|
Назва видання: | Functional Materials |
Теми: | |
Онлайн доступ: | http://dspace.nbuv.gov.ua/handle/123456789/136550 |
Теги: |
Додати тег
Немає тегів, Будьте першим, хто поставить тег для цього запису!
|
Назва журналу: | Digital Library of Periodicals of National Academy of Sciences of Ukraine |
Цитувати: | Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics // M.V. Tkachenko, Z.Z. Zyman // Functional Materials. — 2008. — Т. 15, № 4. — С. 574-579. — Бібліогр.: 12 назв. — англ. |
Репозитарії
Digital Library of Periodicals of National Academy of Sciences of Ukraineid |
irk-123456789-136550 |
---|---|
record_format |
dspace |
spelling |
irk-123456789-1365502018-06-17T03:12:16Z Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics Tkachenko, M.V. Zyman, Z.Z. Technology The carbonated hydroxyapatite powder was obtained by reaction of calcium carbonate with ortho-phosphoric acid. The compacted powder samples were sintered in the 800- 1000°C range in dry carbon dioxide atmosphere under atmospheric pressure. It is revealed that ceramics synthesized in such conditions is the AB type carbonated hydroxyapatite. The carbonization kind varies from mainly B type (at relatively low sintering temperatures) to mainly A type (at high ones). The carbonic gas atmosphere did not allow to suppress disintegration of a carbonated apatite at a sintering temperatures above 1100°C, a partial decomposition of the B type apatite occurs with calcium oxide release. As a result, porosity of the ceramics increases and its mechanical properties drop sharply. However, at temperatures below 1100°C, the carbon dioxide favors the activated shrinkage of compacts due to accelerated diffusion migration of the powder particles. In particular, the maximum density of ceramics (~94% from the theoretical value) is reached at 1000°C. Порошок карбонізованого гідроксилапатиту отримано реакцією між карбонатом кальцію та ортофосфорною кислотою. Виготовлені з нього пресовані зразки спікалися в інтервалі температур 800-1000°С у атмосфері сухого діоксиду вуглецю (при нормальному тиску). Кераміка, отримана у такий спосіб, є карбонізованим гідроксилапатитом АЕ-типу. Вид карбонізації змінюється від переважно В-типу при відносно низьких температурах до переважно А-типу - при високих температурах спікання. Вище 1100°С відбувається частковий розпад апатиту В-типу та виділення окису кальцію. При цьому пористість кераміки зростає та різко падають її механічні властивості. При температурах нижче 1100°С атмосфера діоксиду вуглецю сприяє активованій усадці пресовок завдяки прискоренню дифузійної міграції частинок порошку. Зокрема, це приводить до досягнення високої щільності кераміки (~94% від теоретичного значення ГА) при температурі 1000°С. Порошок карбонизированного гидроксилапатита получен путем проведения реакции между карбонатом кальция и ортофосфорной кислотой. Изготовленные из него прессовки спекались в интервале температур 800-1000°С в атмосфере сухого углекислого газа (при нормальном давлении). Керамика, полученная таким способом, является карбонизированным гидроксилапатитом АВ-типа. Вид карбонизации изменяется от преимущественно В-типа при относительно низких температурах до преимущественно А-типа - при высоких температурах спекания. Выше 1100°С происходит частичный распад апатита В-типа и выделение окиси кальция. При этом пористость керамики увеличивается и резко падают ее механические свойства. При температурах нижe 1100°С, атмосфера углекислого газа способствует активированной усадке прессовок благодаря ускорению диффузионной миграции частиц порошка. В частности, это приводит к достижению высокой плотности керамики (~94% от теоретического значения ГА) при температуре 1000°С. 2008 Article Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics // M.V. Tkachenko, Z.Z. Zyman // Functional Materials. — 2008. — Т. 15, № 4. — С. 574-579. — Бібліогр.: 12 назв. — англ. 1027-5495 http://dspace.nbuv.gov.ua/handle/123456789/136550 en Functional Materials НТК «Інститут монокристалів» НАН України |
institution |
Digital Library of Periodicals of National Academy of Sciences of Ukraine |
collection |
DSpace DC |
language |
English |
topic |
Technology Technology |
spellingShingle |
Technology Technology Tkachenko, M.V. Zyman, Z.Z. Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics Functional Materials |
description |
The carbonated hydroxyapatite powder was obtained by reaction of calcium carbonate with ortho-phosphoric acid. The compacted powder samples were sintered in the 800- 1000°C range in dry carbon dioxide atmosphere under atmospheric pressure. It is revealed that ceramics synthesized in such conditions is the AB type carbonated hydroxyapatite. The carbonization kind varies from mainly B type (at relatively low sintering temperatures) to mainly A type (at high ones). The carbonic gas atmosphere did not allow to suppress disintegration of a carbonated apatite at a sintering temperatures above 1100°C, a partial decomposition of the B type apatite occurs with calcium oxide release. As a result, porosity of the ceramics increases and its mechanical properties drop sharply. However, at temperatures below 1100°C, the carbon dioxide favors the activated shrinkage of compacts due to accelerated diffusion migration of the powder particles. In particular, the maximum density of ceramics (~94% from the theoretical value) is reached at 1000°C. |
format |
Article |
author |
Tkachenko, M.V. Zyman, Z.Z. |
author_facet |
Tkachenko, M.V. Zyman, Z.Z. |
author_sort |
Tkachenko, M.V. |
title |
Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics |
title_short |
Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics |
title_full |
Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics |
title_fullStr |
Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics |
title_full_unstemmed |
Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics |
title_sort |
effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics |
publisher |
НТК «Інститут монокристалів» НАН України |
publishDate |
2008 |
topic_facet |
Technology |
url |
http://dspace.nbuv.gov.ua/handle/123456789/136550 |
citation_txt |
Effect of sintering conditions on physical properties of carbonated hydroxyapatite ceramics // M.V. Tkachenko, Z.Z. Zyman // Functional Materials. — 2008. — Т. 15, № 4. — С. 574-579. — Бібліогр.: 12 назв. — англ. |
series |
Functional Materials |
work_keys_str_mv |
AT tkachenkomv effectofsinteringconditionsonphysicalpropertiesofcarbonatedhydroxyapatiteceramics AT zymanzz effectofsinteringconditionsonphysicalpropertiesofcarbonatedhydroxyapatiteceramics |
first_indexed |
2025-07-10T01:37:47Z |
last_indexed |
2025-07-10T01:37:47Z |
_version_ |
1837222034885574656 |
fulltext |
(IIHFW�RI�VLQWHULQJ�FRQGLWLRQV�RQ�SK\VLFDOSURSHUWLHV�RI�FDUERQDWHG�K\GUR[\DSDWLWHFHUDPLFV
0�9�7NDFKHQNR��=�=�=\PDQ
3K\VLFDO�'HSW���9�.DUD]LQ�1DWLRQDO�.KDUNLY�8QLYHUVLW\�
��6YRERG\�6T���������.KDUNLY��8NUDLQH
5HFHLYHG�-XO\��������
7KH�FDUERQDWHG�K\GUR[\DSDWLWH� SRZGHU�ZDV�REWDLQHG�E\� UHDFWLRQ�RI� FDOFLXP�FDUERQDWH
ZLWK� RUWKR�SKRVSKRULF� DFLG�� 7KH� FRPSDFWHG� SRZGHU� VDPSOHV� ZHUH� VLQWHUHG� LQ� WKH� ���Ü
�����&�UDQJH�LQ�GU\�FDUERQ�GLR[LGH�DWPRVSKHUH�XQGHU�DWPRVSKHULF�SUHVVXUH��,W�LV�UHYHDOHG
WKDW� FHUDPLFV� V\QWKHVL]HG� LQ� VXFK� FRQGLWLRQV� LV� WKH�$%� W\SH� FDUERQDWHG� K\GUR[\DSDWLWH�
7KH� FDUERQL]DWLRQ� NLQG� YDULHV� IURP�PDLQO\� %� W\SH� �DW� UHODWLYHO\� ORZ� VLQWHULQJ� WHPSHUD�
WXUHV�� WR� PDLQO\� $� W\SH� �DW� KLJK� RQHV��� 7KH� FDUERQLF� JDV� DWPRVSKHUH� GLG� QRW� DOORZ� WR
VXSSUHVV�GLVLQWHJUDWLRQ�RI�D�FDUERQDWHG�DSDWLWH�DW�D�VLQWHULQJ�WHPSHUDWXUHV�DERYH������&�
D� SDUWLDO� GHFRPSRVLWLRQ� RI� WKH� %� W\SH� DSDWLWH� RFFXUV� ZLWK� FDOFLXP� R[LGH� UHOHDVH�� $V� D
UHVXOW�� SRURVLW\� RI� WKH� FHUDPLFV� LQFUHDVHV� DQG� LWV� PHFKDQLFDO� SURSHUWLHV� GURS� VKDUSO\�
+RZHYHU��DW�WHPSHUDWXUHV�EHORZ������&��WKH�FDUERQ�GLR[LGH�IDYRUV�WKH�DFWLYDWHG�VKULQNDJH
RI�FRPSDFWV�GXH�WR�DFFHOHUDWHG�GLIIXVLRQ�PLJUDWLRQ�RI�WKH�SRZGHU�SDUWLFOHV��,Q�SDUWLFXODU�
WKH�PD[LPXP�GHQVLW\�RI�FHUDPLFV��a�����IURP�WKH�WKHRUHWLFDO�YDOXH��LV�UHDFKHG�DW������&�
�º¯º�º}�}ȯºÓÒÏÒ¯ºmÈÓÓº�º��Ò�¯º}°ÒãȹÈ�Ò�È�¹ºã��ËÓ�¹��Ëä�¹¯ºmË�ËÓÒ«�¯ËÈ}�ÒÒ
äËÎ���}ȯºÓÈ�ºä�}Èã �Ò«�Ò�º¯�ºÁº°Áº¯Óº®�}Ò°ãº�º®��jÏ�º�ºmãËÓÓ©Ë�ÒÏ�ÓË�º�¹¯Ë°°ºm�
}Ò�°¹Ë}ÈãÒ° �m�ÒÓ�˯mÈãË��Ëä¹Ë¯È��¯����Ü�����&�m�È�亰Á˯Ë�°�²º�º���ãË}Ò°ãº�º��ÈÏÈ
�¹¯Ò�Óº¯äÈã Óºä��ÈmãËÓÒÒ���z˯ÈäÒ}È��¹ºã��ËÓÓÈ«��È}Òä�°¹º°ººä��«mã«Ë�°«�}ȯºÓÒ�
ÏÒ¯ºmÈÓÓ©ä��Ò�¯º}°ÒãȹÈ�Ò�ºä�k{��Ò¹È��{Ò��}ȯºÓÒÏÈ�ÒÒ�ÒÏäËÓ«Ë�°«�º��¹¯ËÒä��Ë�
°�mËÓÓº�{��Ò¹È�¹¯Ò�º�Óº°Ò�Ëã Óº�ÓÒÏ}Ò²��Ëä¹Ë¯È��¯È²��º�¹¯ËÒä��˰�mËÓÓº�k��Ò¹È�Û
¹¯Ò�m©°º}Ò²��Ëä¹Ë¯È��¯È²�°¹Ë}ÈÓÒ«��{©�Ë������&�¹¯ºÒ°²º�Ò���Ȱ�Ò�Ó©®�¯È°¹È��ȹÈ�
�Ò�È�{��Ò¹È�Ò�m©�ËãËÓÒË�º}Ò°Ò�}Èã �Ò«���¯Ò�ª�ºä�¹º¯Ò°�º°� �}˯ÈäÒ}Ò��mËãÒ�ÒmÈË�°«�Ò
¯ËÏ}º�¹È�È
��ËË�ä˲ÈÓÒ�˰}ÒË�°mº®°�mÈ���¯Ò��Ëä¹Ë¯È��¯È²�ÓÒÎË������&��È�亰Á˯È���ãË�
}Ò°ãº�º��ÈÏÈ�°¹º°º°�m�Ë��È}�ÒmÒ¯ºmÈÓÓº®��°È�}Ë�¹¯Ë°°ºmº}�ãÈ�º�ȯ«��°}º¯ËÓÒ
��ÒÁÁ��
ÏÒºÓÓº®� äÒ�¯È�ÒÒ� �Ȱ�Ò�� ¹º¯º�}È�� {� �Ȱ�Óº°�Ò�� ª�º� ¹¯Òmº�Ò�� }� �º°�ÒÎËÓÒ
� m©°º}º®
¹ãº�Óº°�Ò�}˯ÈäÒ}Ò��a�����º���˺¯Ë�Ò�˰}º�º�ÏÓÈ�ËÓÒ«��k��¹¯Ò��Ëä¹Ë¯È��¯Ë������&�
7KH�PLQHUDO�FRPSRQHQW�RI�ERQH�WLVVXHV�LV
ILQHO\�GLVSHUVHG�K\GUR[\DSDWLWH� �+$��ZKLFK
FRQWDLQV� QXPHURXV� LPSXULWLHV�� 7KHUHIRUH�
WKH� FKHPLFDO� FRPSRVLWLRQ� RI� ERQH� LPSODQWV
VKRXOG�EH�FRQVLVWHQW�DV�PXFK�DV�SRVVLEOH�WR
WKDW� RI� ELRORJLFDO� DSDWLWH� LQ� RUGHU� WR� LP�
SURYH�WKH�ELRORJLFDO�UHVSRQVH�RI�RUJDQLVP�WR
WKH� +$� LPSODQWV�� 6LQFH� WKH� LPSXULWLHV� DUH
YHU\�GLIIHUHQW�LQ�FKHPLFDO�QDWXUH��LW�LV�IHD�
VLEOH�WR�LQWURGXFH�RQO\�LPSXULWLHV�SUHVHQW�LQ
ERQH�DW�KLJKHVW� FRQFHQWUDWLRQV�ZKHQ�VWXG\�
LQJ� V\VWHPDWLFDOO\� WKH� ERQH� LPSODQWV� LQ
YLYR�� )LUVW� RI� DOO�� WKHVH� DUH� FDUERQDWH� LRQV
KDYLQJ�FRQFHQWUDWLRQ�LQ�WKH�ERQH����ZW���
>����@�� 7KH� FDUERQDWH� LRQV� PD\� KDYH� RFFX�
SLHG�WZR�NLQGV�RI�SRVLWLRQV�LQ�WKH�+$�VWUXF�
WXUH� >��@��7KH� ILUVW� DUH� WKH� VLWHV� RFFXSLHG
E\�32���� LRQV� IRUPLQJ� WKH� IUDPH� RI� FU\VWDO
ODWWLFH� �VR� FDOOHG� %� W\SH� VXEVWLWXWLRQ��� WKH
RWKHU� DUH� VLWHV� RI�2+±� JURXSV� �$� W\SH� VXE�
VWLWXWLRQ���7KH�VXEVWLWXWLRQ�RI�WKH�ERWK�SRVL�
WLRQV� LV� QRW� LVRPRUSKRXV� LQ� WKH� EDODQFH� RI
LRQ�FKDUJH�DQG�VL]H��7KXV��YDULRXV�NLQGV�RI
VWUXFWXUDO� GHIHFWV� DSSHDU� GXULQJ� IRUPDWLRQ
)XQFWLRQDO�0DWHULDOV�����1R��������� ��������,QVWLWXWH�IRU�6LQJOH�&U\VWDOV
��� )XQFWLRQDO�PDWHULDOV�������������
RI�D� FDUERQDWHG�+$��ZKLFK�PD\�DIIHFW�FRQ�
VLGHUDEO\� WKH� PHFKDQLVP� RI� OLQNDJH� DW� WKH
LPSODQW�WLVVXH� LQWHUIDFH� DQG�� FRQVHTXHQWO\�
WKH�ELRDFWLYLW\�RI�WKH�LPSODQW�
7KH� ELRORJLFDO� LPSODQWV� DUH� XVXDOO\� FH�
UDPLF�DQG�QRW�SRZGHU�SURGXFWV��7KLV�LV�GXH
WR� WKH� IDFW� WKDW� SRZGHUV� DUH� HDVLO\�ZDVKHG
RXW�RI�WKH�ERQH�GHIHFW�E\�ERG\�OLTXLGV�ZKLOH
WKH� FHUDPLFV� DUH� UHVLVWDQW� DJDLQVW� WKRVH�
+RZHYHU�� VRPH� GLIILFXOWLHV� DULVH� LQ� WKH� FH�
UDPLFV� SUHSDUDWLRQ� IURP� FDUERQDWHG� +$
�&+$�� SRZGHU�� FDXVHG� E\� WKH� IDFW� WKDW� WKH
DFWLYH� VLQWHULQJ� WHPSHUDWXUH� H[FHHGV� WKH
&+$� GHFRPSRVLWLRQ� WHPSHUDWXUH�� 7KH� ILQDO
SURGXFW�LQ�WKLV�FDVH�LV�XVXDOO\�R[\K\GUR[\D�
SDWLWH� ZKLFK� LV� ELRDFWLYH� EXW� KDV� D� UDWKHU
ORZ� UHVRUSWLRQ� UDWH� LQ� ELRORJLFDO� HQYLURQ�
PHQW�� 7KHUHIRUH�� WR� SUHSDUH� DQ� DSSURSULDWH
IXQFWLRQDO� FHUDPLFV�� WKH� SURFHVVLQJ� FRQGL�
WLRQV�VKRXOG�KLQGHU�WKH�GHFRPSRVLWLRQ�SURF�
HVV�RU�DW�OHDVW�GHFHOHUDWH�LW��2QH�RI�WKH�VLP�
SOHVW�GHFLVLRQV�ZDV�IRXQG�WR�EH�WKH�VLQWHULQJ
LQ�&2��DWPRVSKHUH�>��@�
:HW�DQG�GU\�FDUERQ�GLR[LGH�DWPRVSKHUHV
ZHUH� WHVWHG��$� FRPSOH[� UHODWLRQ� RI� WKH� LP�
SXULW\�FRPSRVLWLRQ�RI�WKH�LQLWLDO�SRZGHU�DQG
WKH� NLQG� RI� JDVHRXV� DWPRVSKHUH� RQ� WKH� RQH
KDQG� DQG� WKH� VLQWHULQJ� FKDUDFWHULVWLFV� DQG
WKH�SURSHUWLHV� RI� WKH�FHUDPLFV�RQ� WKH�RWKHU
RQH��6R��LW�ZDV�VKRZQ�>�@�WKDW�WKH�WHPSHUD�
WXUH�GHSHQGHQFH�RI�WKH�FRPSDFW�VKULQNDJH�LV
LQGHSHQGHQW� RI� WKH� VLQWHULQJ� DWPRVSKHUH
�ZKHWKHU� EHLQJ� DLU� RU� ZHW� RU� GU\� FDUERQ
GLR[LGH���:KHQ� WKH� FRPSDFW� FRQWDLQV�&2���
JURXSV�� WKH� FDUERQL]DWLRQ� H[WHQW� RI� +$
SRZGHU� LQ� D� FRPSDFW� HIIHFWV� GHFLVLYHO\� WKH
SURFHVV� DFFHOHUDWLRQ� ZKLOH� WKH� DWPRVSKHUH
SOD\V� D� VWDELOL]LQJ� SDUW�� +RZHYHU�� WKH
PHFKDQLVP�RI�WKH�GHQVLILFDWLRQ�KDV�QRW�EHHQ
FODULILHG�XS�WR�QRZ�
7KH� DLP� RI� WKLV� ZRUN� ZDV� WR� VWXG\� WKH
HIIHFW�RI�WHPSHUDWXUH�FRQGLWLRQV�RQ�WKH�VLQ�
WHULQJ� RI� FRPSDFWHG� &+$� LQ� &2�� DWPRV�
SKHUH� DQG� WR� ILQG� DQG� H[SODQDWLRQ� RI� WKH
VLQWHULQJ�PHFKDQLVP�
7KH�SUHFLSLWDWH�ZDV�SUHSDUHG�E\�UHDFWLRQ
RI� FDOFLXP� FDUERQDWH� �VSHFLDO� SXULW\� JUDGH�
0HUFN�� DQG� RUWKR�SKRVSKRULF� DFLG� �DQDO\WL�
FDO�SXULW\�JUDGH���7KH�RUWKR�SKRVSKRULF�DFLG
VROXWLRQ�ZDV� SRXUHG� UDSLGO\� LQWR� D� DTXHRXV
FDOFLXP� FDUERQDWH� VXVSHQVLRQ� XQGHU� FRQ�
WLQXRXV�VWLUULQJ��7KH�V\QWKHWLF�UHDFWLRQ�SUR�
FHHGHG� DW� ���&� IRU� ��� K� XQWLO� QHXWUDO� S+
YDOXH� ZDV� DWWDLQHG�� 7KH� SUHFLSLWDWH� ZDV
WKHQ� LVRODWHG�E\�FHQWULIXJDWLRQ��GULHG� LQ�DQ
RYHQ�DW����&��JURXQGHG� LQ�D�SRUFHODLQ�PRU�
WDU��DQG�VLHYHG�WKURXJK�D�����PP�VLHYH��7KH
FRPSDFWV� IRU� VLQWHULQJ� ZHUH� SUHSDUHG� E\
VLQJOH�D[LDO� SUHVVLQJ� LQ� D� VWHHO� PRXOG�� WKH
FRPSDFWLQJ� SUHVVXUH� EHLQJ� ���� 03D�� 7KH
VDPSOHV�ZHUH�VLQWHUHG�LQ�GU\�FDUERQ�GLR[LGH
IRU� �� K� DW� ��������&� DW� D� ����&� VWHSV�
)LYH� VHULHV� RI� WKH� VDPSOHV� ���� SLHFHV� LQ
HDFK��ZHUH�SUHSDUHG�
;�UD\� PHDVXUHPHQWV� ZHUH� FDUULHG� RXW
XVLQJ�D�3KLOLSV�$3':��&�GLIIUDFWRPHWHU�LQ
&X.D� UDGLDWLRQ� LQ� WKH� �T� DQJOH� UDQJH� ��Ü
���� ZLWK� VFDQQLQJ� SLWFK� RI� ������ DQG� VFDQ�
QLQJ� WLPH� ���� V�� ,5� VSHFWUD�ZHUH�PHDVXUHG
XVLQJ� D� %,2�5$'� ))6� ���� VSHFWURPHWHU
�*HUPDQ\��ZLWK���FP��UHVROXWLRQ�DQG�DFFX�
PXODWLRQ� RI� ���� VFDQV�� 7KH� VDPSOHV� ZHUH
FRPSDFWV�RI�&+$�FHUDPLFV�DQG�FKLSV�RI�.%U
VLQJOH� FU\VWDO� SRZGHUHG� LQ� DQ� DJDWKLF�PRU�
WDU�� (OHFWURQ� PLFURVFRSLF� PHDVXUHPHQWV
ZHUH� SHUIRUPHG� XVLQJ� D� (6(0�4XDQWD� ���
VFDQQLQJ� PLFURVFRSH� �*HUPDQ\��� 'LODWRPHW�
ULF� PHDVXUHPHQWV� ZHUH� FDUULHG� RXW� E\� D
ODERUDWRU\� GLODWRPHWHU� DW� WKH� PHDVXUHPHQW
DEVROXWH�HUURU�RI������7KH�WHPSHUDWXUH�ZDV
FRQWUROOHG� E\� D� FKURPHO�DOXPHO� WKHUPRFRX�
SOH� DW� ��&� DFFXUDF\�� 6SHFLILF�ZHLJKW� RI� WKH
FHUDPLF�VDPSOHV�ZDV�PHDVXUHG�E\�$UFKLPHG
PHWKRG�DQG�DYHUDJHG�IRU����VDPSOHV�LQ�HDFK
VHULHV�� 0LFURKDUGQHVV� ZDV� GHWHUPLQHG� E\
9LFNHUV� PHWKRG� XQGHU� �� 1� PD[LPXP� ORDG
DQG� FRPSUHVVLYH� VWUHQJWK�� XVLQJ� D� ODERUD�
WRU\�WHVWLQJ�PDFKLQH�
7KH�GLIIUDFWRPHWULF�GDWD�KDYH�VKRZQ�WKDW
WKH� VDPSOHV� VLQWHUHG� DW� ��������&� KDYH
WKH� FU\VWDO� VWUXFWXUH� RI� +$� �)LJ������ 7KH
GLIIUDFWLRQ�SDWWHUQV�RI�WKH�VDPSOHV�VLQWHUHG
DW� ���������&� UHYHDOHG�� EHVLGH� WKH� PDLQ
DSDWLWH� UHIOHFWLRQ�� DQ� DGGLWLRQDO� RQH� ZKLFK
LV� XVXDOO\� DVVRFLDWHG� ZLWK� WKH� SULQFLSDO
PD[LPXP�RI�FDOFLXP�R[LGH��7KH�ODWWLFH�FRQ�
VWDQWV�È� DQG� °� RI� WKH� FRPSDFW�PDWHULDO� LQ�
FUHDVH� VWHDGLO\� ZLWK� LQFUHDVLQJ� VLQWHULQJ
)LJ����� 'LIIUDFWLRQ� SDWWHUQV� RI� FHUDPLF� VDP�
SOHV� VLQWHUHG� DW� WHPSHUDWXUHV� ��&��� ���� ����
��������������������������������������LQ�FDUE�
RQ�GLR[LGH�DWPRVSKHUH��&D2�SKDVH�LV�PDUNHG
E\��
��
0�9�7NDFKHQNR��=�=�=\PDQ���(IIHFW�RI�VLQWHULQJ����
)XQFWLRQDO�PDWHULDOV������������� ���
WHPSHUDWXUH� �)LJ������ ZKHUH� WKH� D� YDOXH� LV
VPDOOHU� WKDQ� WKDW� RI� VWRLFKLRPHWULF� +$� DW
VLQWHULQJ� WHPSHUDWXUHV� ORZHU� WKDQ� �����&
DQG� KLJKHU� DERYH� WKLV� WHPSHUDWXUH� YDOXH�
7KH� F� YDOXH� LQ� WKH�ZLGH� WHPSHUDWXUH� UDQJH
ZDV� KLJKHU� WKDQ� LQ� +$�� ,W� LV� GLIILFXOW� WR
MXGJH�WKH�QDWXUH�RI�WKHVH�DOWHUDWLRQV�EDVLQJ
RQO\�RQ�;�UD\�GDWD��7KHUHIRUH��WKH�,5�VSHF�
WUD� RI� WKH� VDPH� VDPSOHV� �)LJ����� PXVW� EH
WDNHQ� LQWR� FRQVLGHUDWLRQ�� 7KH� DEVRUSWLRQ
EDQGV� RI� FDUERQDWH� LRQV� ����� FPÜ��� ����Ü
�����FP��� DUH� SUHVHQW� LQ� DOO� WKH� VSHFWUD�
&RQVHTXHQWO\�� WKH� VDPSOHV� DUH� FDUERQDWHG
K\GUR[\DSDWLWHV��$V� IRU� WKH�NLQG�RI� VXEVWL�
WXWLRQ�� WKH� VDPSOHV� VLQWHUHG� DW� WHPSHUD�
WXUHV� ORZHU� WKDQ� �����&� PDQLIHVW� PDLQO\
WKH�EDQGV�RI�%�W\SH�VXEVWLWXWLRQ�ZKLFK�FRU�
UHODWHV�ZHOO�ZLWK�WKH�ODWWLFH�FRQVWDQW�YDOXHV
�WKH�D�YDOXH�RI�D�&+$� LV� VPDOOHU� WKDQ�WKDW
RI� +$�� >��@�� 7KH� VDPSOHV� VLQWHUHG� DW� WHP�
SHUDWXUHV� DERYH� �����&� VKRZ� DQ� DGGLWLRQDO
DEVRUSWLRQ� DW� ����� FP��� ZKLFK� LV� DVVRFL�
DWHG� ZLWK� $� W\SH� VXEVWLWXWLRQ�� 6LPXOWDQH�
RXVO\�� WKH� ERWK� ODWWLFH� FRQVWDQWV� LQFUHDVH
FRQVLGHUDEO\��WKLV�DOVR�LV�FRQVLVWHQW�ZLWK�WKH
NQRZQ� GDWD� >�����@�� 7KH�$� VXEVWLWXWLRQ� EH�
FRPHV� SUHGRPLQDQW� DV� FRPSDUHG� WR� WKH� %
VLWHV� DW� WKRVH� WHPSHUDWXUHV�� ,W� LV� WR� QRWH
WKDW�D�VOLJKW�VSOLWWLQJ�RI�SKRVSKDWH�EDQGV�LQ
WKH� ������� FP�� UDQJH� LV� VHHQ�� L�H�� WKH
VKRUW�UDQJH� HQYLURQPHQW� RI� 3 2���� � LRQV� LV
GLVWRUWHG�VWURQJO\�E\�WKH�FDUERQDWH�VXEVWLWX�
WLRQV�� 7KH� VDPSOHV� DUH� LQ� WKH� VWUDLQHG
VWDWHV�� ZKLFK� PD\� UHVXOW� LQ� LPSURYHG� ELR�
ORJLFDO� SURSHUWLHV� RI� WKH� LPSODQWV� SUHSDUHG
IURP� VXFK� FHUDPLFV� �GXH� WR� WKH� H[SHFWHG
LQFUHDVHG� WKH� UHVRUEWLRQ� UDWH��� +HQFH�� VLQ�
WHULQJ�WKH�FRPSDFWV�RI�&+$�LQ�WKH�GU\�FDUE�
RQ�GLR[LGH�DWPRVSKHUH�LQ�WKH�ZKROH�VWXGLHG
WHPSHUDWXUH� UDQJH� UHVXOWV� LQ�$%� IRUPDWLRQ
RI�$%�W\SH�FHUDPLFV��ZKHUH�WKH�$�W\SH�VXE�
VWLWXWLRQ� H[WHQW� LQFUHDVHV� DV� WKH� VLQWHULQJ
WHPSHUDWXUH� ULVHV�� $V� D� FRQVHTXHQFH�� FRP�
SDFWV� RI� SUHGRPLQDQW� %�W\SH� &+$� GXULQJ
VLQWHULQJ� GHFRPSRVH�ZLWK� IRUPDWLRQ� RI� FDO�
FLXP�R[LGH��)LJ�����
7KHVH� YDULDWLRQV� LQ� WKH� SKDVH� FRPSRVL�
WLRQ�DIIHFW�WKH�PHFKDQLFDO�FKDUDFWHULVWLFV�RI
WKH�FHUDPLFV��7DEOH����$OO�WKH�FKDUDFWHULVWLFV
LQFUHDVH� DV� WKH� VLQWHULQJ� WHPSHUDWXUH� ULVHV
XS� WR� �����&�� DQG� GURS� VKDUSO\� DERYH� WKH
WHPSHUDWXUH��7KH� FHUDPLFV�GHQVLW\� LV�����
RI� WKH� WKHRUHWLFDO� YDOXH� IRU� +$� DQG� WKHQ
GHFUHDVHV� GRZQ� WR� �������� 7KH� FRPSUHV�
VLYH� VWUHQJWK� DQG� WKH� PLFUR�KDUGQHVV� DOVR
GHFUHDVH�ZLWK�UHGXFLQJ�GHQVLW\��6XFK�SHFXOL�
DULWLHV� ZHUH� QRW� REVHUYHG� EHIRUH� ZKHQ� VLQ�
WHULQJ� &+$� FRPSDFWV� LQ� DLU� >��@� ZKHQ� WKH
GHQVLW\�� FRPSUHVVLYH� VWUHQJWK�� DQG� PLFUR�
KDUGQHVV� VWHDGLO\� LQFUHDVHG�ZLWK�ULVLQJ�VLQ�
WHULQJ� WHPSHUDWXUH��7KLV� LV� GXH� WR� WKH� IDFW
)LJ�����'HSHQGHQFH�RI�WKH� ODWWLFH�FRQVWDQWV�D
�D�� DQG� F� �E�� RI� FHUDPLFV� RQ� VLQWHULQJ� WHP�
SHUDWXUH�
)LJ�����,5�VSHFWUD�RI�FHUDPLF�VDPSOHV�VLQWHUHG
LQ� FDUERQ� GLR[LGH� DWPRVSKHUH�� 'HVLJQDWLRQV
DV�LQ�)LJ����
0�9�7NDFKHQNR��=�=�=\PDQ���(IIHFW�RI�VLQWHULQJ����
��� )XQFWLRQDO�PDWHULDOV�������������
WKDW�WKH�ILQDO�SURGXFW�LQ�WKH�VWXG\�>��@�ZDV
DQ�+$� DQG� LQ� RXU� FDVH�� D� &+$�� 7KXV�� WKH
VLQWHULQJ� DWPRVSKHUH� RI� &+$� FRPSDFWV� KDV
D�VWDELOL]LQJ�HIIHFW�RQ�WKH�SKDVH�FRPSRVLWLRQ
DQG�SURSHUWLHV�RI�WKH�FHUDPLFV�
7KH� SUHVHQFH� RI� WKH� FDUERQ� GLR[LGH� DW�
PRVSKHUH� FRQWULEXWHV� WR�ERWK� WKH�PDLQWDLQ�
LQJ�RI�WKH� LQLWLDO�FDUERQL]DWLRQ�WR�D�FHUWDLQ
GHJUHH� DQG� WKH� VLQWHULQJ� DFFHOHUDWLRQ�� 7KLV
LV� FRQILUPHG� E\� WKH� GLODWRPHWULF� PHDVXUH�
PHQWV� FRQGXFWHG� GXULQJ� VLQWHULQJ� WKH� FRP�
SDFWV�LQ�DLU�DQG�FDUERQ�GLR[LGH��)LJ������7KH
FRPSDULVRQ�RI�WKH�VKULQNDJH�FXUYHV�LQ�WKHVH
WZR� PHGLD� �WKH� KHDWLQJ� UDWH� LQ� WKH� ERWK
FDVHV� LV� ���PLQ�� VKRZV� WKDW� WKH� VKULQNDJH
UDWH� LQ� WKH� FDUERQ� GLR[LGH� DWPRVSKHUH� DW
WHPSHUDWXUHV� FORVH� WR� �����&� VKDUSO\� LQ�
FUHDVHV� DQG� D� VLJQLILFDQW� GHQVLILFDWLRQ� LQ
FRPSDFWV� RFFXUUV�� +RZHYHU�� WKH� GHQVLILFD�
WLRQ� SURFHVV� LQ� DLU� RFFXUV� LQ� D� ZLGHU� WHP�
SHUDWXUH�UDQJH�
7KH� IUDFWXUH� VXUIDFH� PLFURVWUXFWXUH� RI
FHUDPLFV� VLQWHUHG� DW� ��������&� LQ� FDUERQ
GLR[LGH� VKRZV� �)LJ���DÜF�� WKDW� DQ� DSSUHFLD�
EOH� GHQVLILFDWLRQ� DOUHDG\� RFFXUV� DW� ����&�
7KH�IUDFWXUH�VXUIDFH�PLFURVWUXFWXUH�RI�D�FH�
UDPLFV� VLQWHUHG� DW� �����&� LQ� DLU� LV� SUH�
VHQWHG� LQ� )LJ���G� IRU� FRPSDULVRQ�� 'HVSLWH
WKH�PXFK� KLJKHU� VLQWHULQJ� WHPSHUDWXUH� �E\
����&�� LW� LV�FOHDUO\�VHHQ�WKDW�VXFK�D�FHUDP�
LFV� LV� OHVV� GHQVH� DQG� LWV� VLQWHULQJ� SURFHVV
RQO\�VWDUWV�LQ�WKRVH�FRQGLWLRQV�
7KH�DERYH�UHVXOWV�HQULFK�WKH�LQIRUPDWLRQ
RQ�WKH�DFWLYDWLRQ�HIIHFW�>����@��7KH�HIIHFW�RI
WKH�VKULQNDJH�DFFHOHUDWLRQ�LQ�WKH�FDUERQ�GL�
R[LGH� DWPRVSKHUH� PD\� EH� DVVRFLDWHG� ZLWK
WKH� IDFW� WKDW� WKH� PDLQ� PDVV� WUDQVSRUW
PHFKDQLVP�GXULQJ�WKH�FRPSDFW�GHQVLILFDWLRQ
LV�EDVHG�PRVW�OLNHO\�RQ�WKH�VOLGLQJ�WKH�SRZ�
GHU� SDUWLFOHV� LQWR� WKH� YRLGV� WKHUHEHWZHHQ�
7KLV� SURFHVV� LV� DFWLYDWHG� EHFDXVH� WKH
ERXQGDULHV� RI� DOO� SDUWLFOHV� WDNLQJ� SDUW� LQ
WKH�SURFHVV�EHFDPH�UDWKHU�PRELOH��SURYLGLQJ
WKXV� D� ORZ�YDOXH� RI� WKH� ERXQGDU\�GLIIXVLYH
YLVFRVLW\� DQG�� DV� D� FRQVHTXHQFH�� D� KLJKHU
VKULQNDJH�UDWH��7KH�PRELOLW\�RI�WKH�ERXQGD�
ULHV�PD\�EH�FDXVHG�E\�WKH�SUHVHQFH�RI�FDUE�
RQ�GLR[LGH�DWPRVSKHUH�GXH�WR�IROORZLQJ�FLU�
FXPVWDQFHV�� WKH� FDUERQDWH� LRQV� DUH� ZHDNO\
NHSW� E\� WKH� &+$� ODWWLFH� DW� KLJK� WHPSHUD�
WXUHV� �VLQWHULQJ�� DQG� FRXOG� HDVLO\� PLJUDWH
IURP� %� SRVLWLRQV� WR� $� SRVLWLRQV� DQG� YLFH
YHUVD��EHFDXVH�WKH�&2��DWPRVSKHUH�SUHYHQWVWKHLU� UHPRYDO� IURP� WKH� VDPSOH�� &KDRWLF� DO�
WHUDWLRQV�LQ�WKH�ODWWLFH�FRQVWDQWV�RFFXU�GXU�
LQJ�WKDW�PRWLRQ�ZKLFK�FRXOG�UHVXOW�LQ�VOLJKW
VKRUWHQLQJ�DQG�RU�H[SDQVLRQ�RI�WKH�SDUWLFOHV
�DW� OHDVW� QHDU� WKHLU� VXUIDFHV��� KDYLQJ� VL]HV
RI� D� IHZ�KXQGUHG�RI�QDQRPHWHU� DV� WKRVH�DW
WKH� VKULQNDJH� RQVHW�� )LJ���D�� 6XFK� D
�EUHDWKLQJ�� SDUWLFOH� LQ� WKH� GLIIXVLYH� VOLS�
SLQJ� FRXOG�PRUH� HDVLO\� ILQG� DQ� DSSURSULDWH
SRVLWLRQ�LQ�WKH�GHQVLILFDWLRQ�SURFHVV��+HQFH�
WKH�VLQWHULQJ�DFFHOHUDWLRQ� LQ�FDUERQ�GLR[LGH
DWPRVSKHUH� RFFXUV� PDLQO\� DFFRUGLQJ� WR� WKH
JDV�DFWLYDWHG� VKULQNDJH� PHFKDQLVP�� GXULQJ
ZKLFK� WKH� PDLQ� PDVV� WUDQVSRUW� RFFXUV� E\
PRYLQJ� D� SDUWLFOH� DV� D� ZKROH�� ,Q� WKH� SURF�
HVV�� WKH� FHQWHUV� RI� WKH� VOLSSLQJ� DQG� YLEUDW�
LQJ� SDUWLFOHV� PRYH� LQ� DUELWUDU\� GLUHFWLRQV�
WKXV� SURYLGLQJ� PD[LPXP� GHQVLILFDWLRQ� RI
WKH�HQWLUH�HQVHPEOH�
7KXV�� WKH� IRUPDWLRQ� DQG� SURSHUWLHV� RI
SURGXFWV�LQ�WKH�VLQWHULQJ�SURFHVV�RI�FDUERQ�
DWH� VXEVWLWXWHG�+$�SRZGHU�FRPSDFWV� LQ� WKH
GU\� FDUERQ�GLR[LGH� DWPRVSKHUH� LQ� WKH����Ü
�����&� WHPSHUDWXUH� UDQJH� KDYH� EHHQ� VWXG�
LHG��$V�D�UHVXOW�� FDUERQDWHG�K\GUR[\DSDWLWH
FHUDPLFV� RI� $%� W\SH� VXEVWLWXWLRQ� KDV� EHHQ
SUHSDUHG�� 7KH� W\SH� RI� VXEVWLWXWLRQ� LV
FKDQJHG�IURP�PDLQO\�%�W\SH�WR�SULPDULO\�$
W\SH�DV�WKH�VLQWHULQJ�WHPSHUDWXUH�LQFUHDVHV�
7KH�%� W\SH�FDUERQDWHG�DSDWLWH� LV�SDUWO\�GH�
)LJ�����'LODWRPHWULF�PHDVXUHPHQWV�RI�VKULQN�
DJH�RI�FRPSDFWV�LQ�DLU�����DQG�FDUERQ�GLR[LGH
����DWPRVSKHUH�
7DEOH�� 'HQVLW\� �U��� 9LFNHUV� PLFURKDUGQHVV
�+9�� DQG�FRPSUHVVLRQ�VWUHQJWK� �W°��RI� FDU�ERQDWHG� K\GUR[\DSDWLWH� FHUDPLFV� VLQWHUHG
DW�YDULRXV�WHPSHUDWXUHV
�V���& U��J�FP� +9�r������
l3È
W°��r������
l3È
��� ����r���� ��� ���
��� ����r���� ��� ���
���� ����r���� ��� ���
���� ����r���� ��� ��
���� ����r���� ��� ��
0�9�7NDFKHQNR��=�=�=\PDQ���(IIHFW�RI�VLQWHULQJ����
)XQFWLRQDO�PDWHULDOV������������� ���
FRPSRVHG�LQWR�D�ELSKDVLF�PL[WXUH�RI�DSDWLWH�
FDOFLXP� R[LGH� DW� VLQWHULQJ� WHPSHUDWXUHV
DERYH� �����&�� ,Q� WKH� SURFHVV�� WKH� FDUERQ
GLR[LGH� VLQWHULQJ� DWPRVSKHUH� VWLPXODWHV� DQ
DFWLYDWHG� VKULQNDJH� RI� WKH� FRPSDFWHG� SRZ�
GHU�GXH� WR� DFFHOHUDWHG�GLIIXVLYH� VOLSSLQJ�RI
SDUWLFOHV�� ZKLFK� UHVXOWV� LQ� D� YHU\� KLJK� H[�
WHQW�RI�GHQVLILFDWLRQ�RI�DERXW������DWWDLQ�
DEOH�DOUHDG\�DW������&�
$FNQRZOHGJPHQW�� 7KH� VWXG\� ZDV� ILQDQ�
FLDOO\� VXSSRUWHG� E\� WKH� )XQGDPHQWDO� 5H�
VHDUFKHV� 6WDWH� )XQG� RI� WKH� 0LQLVWU\� IRU
(GXFDWLRQ� DQG� 6FLHQFH� RI� 8NUDLQH� XQGHU
FRQWUDFW� )������������� 7KH� DXWKRUV� WKDQN
3URI�0�(SSOH� �'XLVEXUJ�(VVHQ� 8QLYHUVLW\�
*HUPDQ\��IRU�RIIHUHG�SRVVLELOLW\�WR�FRQGXFW
WKH�FKHFNLQJ�H[SHULPHQWV�
5HIHUHQFHV
� ���6�9�'RUR]KNLQ�� -��0DWHU��6FL��� ���� ����
��������'2,���������V�����������������
� ���/�*�(OOLHV��'�*�$�1HOVRQ��-�'�%�)HDWKHUVWRQH�
-��%LRPHG��0DWHU��5HV������������������
� ���0�(�)OHHW�� ;LDR\DQJ� /LX�� -��6ROLG� 6WDWH
&KHP�������������������
� ���-�%DUUDOHW�� 6�%HVW�� :�%RQILHOG�� -��%LRPHG�
0DWHU��5HV�����������������
� ���0�(�)OHHW�� ;L� /LX�� %LRPDWHULDOV�� ���� ���
�������
� ���9�-RNDQRYLF�� '�,]YRQDU�� 0�'�'UDPLFDQLQ� HW
DO���-��0DWHU��6FL��0DWHU��0HG������������������
'2,���������V���������������]�
� ���-�&�0HUU\��,�5�*LEVRQ��6�0�%HVW��:�%RQILHOG�
-��0DWHU��6FL��0DWHU��0HG�����������������
� ���,DLQ� 5�*LEVRQ�� :LOOLDP� %RQILHOG�� -��%LRPHG�
0DWHU��5HV������������������
�����-�(�%DUUDOHW��*�-�3�)OHPLQJ��&�&DPSLRQ�
������-�-�+DUULV��-��0DWHU��6FL�������������������
����5�=�� /H*HURV�� 3K'��7KHVLV�� 1HZ� <RUN
8QLYHUVLW\��������
����=�=\PDQ�� '�5RFKPLVWURY�� ,�,YDQRY�� 0�(SSOH�
0DW��ZLVV�X��:HUNVWRIIWHFK������������������
����=�=\PDQ�� ,�,YDQRY�� '�5RFKPLVWURY� HW� DO��
%LRPHG��0DWHU��5HV������������������
)LJ�����0LFURVWUXFWXUH�RI�VXUIDFHV�RI�IUDFWXUHG�FHUDPLFV�VLQWHUHG�DW��������&���E������&���F�������&
LQ�FDUERQ�GLR[LGH�DWPRVSKHUH�DQG��G�������&�LQ�DLU�
0�9�7NDFKHQNR��=�=�=\PDQ���(IIHFW�RI�VLQWHULQJ����
��� )XQFWLRQDO�PDWHULDOV�������������
{¹ãÒm��äºm�°¹L}ÈÓÓ«�ÓÈ�ÁLÏÒ�ÓL�mãȰ�Òmº°�L}ȯºÓLϺmÈÓº���L�¯º}°ÒãȹÈ�Ò�Óº��}˯ÈäL}Ò
l�{��}È�ËÓ}R��~�~�~ÒäÈÓ
�º¯º�º}� }ȯºÓLϺmÈÓº�º� �L�¯º}°ÒãȹÈ�Ò��� º�¯ÒäÈÓº� ¯ËÈ}�L¼
� äLÎ� }ȯºÓÈ�ºä
}Èã �L
��È�º¯�ºÁº°Áº¯Óº
�}Ò°ãº�º
��{Ò�º�ºmãËÓL�Ï�Ó º�º�¹¯Ë°ºmÈÓL�ϯÈÏ}Ò�°¹L}ÈãÒ°«
m�LÓ�˯mÈãL��Ëä¹Ë¯È��¯����Ü�����&���È�亰Á˯L�°�²º�º��Lº}°Ò���m��ãË�
��¹¯Ò�Óº¯äÈã �
Óºä���Ò°}����z˯ÈäL}È��º�¯ÒäÈÓÈ����È}Ò®�°¹º°L��¼�}ȯºÓLϺmÈÓÒä��L�¯º}°ÒãȹÈ�Ò�ºä
k{��Ò¹��� {Ò�� }ȯºÓLÏÈ�L�� ÏäLÓ
¼� °«� mL�� ¹Ë¯ËmÈÎÓº� {��Ò¹�� ¹¯Ò� mL�Óº°Óº� ÓÒÏ }Ò²
�Ëä¹Ë¯È��¯È²� �º� ¹Ë¯ËmÈÎÓº� k��Ò¹�� Û� ¹¯Ò� mÒ°º}Ò²� �Ëä¹Ë¯È��¯È²� °¹L}ÈÓÓ«�� {Ò�Ë
�����&�mL��mȼ� °«��Ȱ�}ºmÒ®�¯ºÏ¹È��ȹÈ�Ò���{��Ò¹���È�mÒ�LãËÓÓ«�º}Ò°��}Èã �L
���¯Ò
� ºä�� ¹º¯Ò°�L°� � }˯ÈäL}Ò� ϯº°�ȼ� �È� ¯LÏ}º� ¹È�È
� � ��� ä˲ÈÓL�ÓL� mãȰ�Òmº°�L�� �¯Ò
�Ëä¹Ë¯È��¯È²� ÓÒÎ�Ë� �����&� È�亰Á˯È� �Lº}°Ò��� m��ãË�
� °¹¯Ò«¼� È}�ÒmºmÈÓL®� �°È��L
¹¯Ë°ºmº}� ÏÈm�«}Ò� ¹¯Ò°}º¯ËÓÓ
� �ÒÁ�ÏL®Óº�� äL�¯È�L�� �Ȱ�ÒÓº}� ¹º¯º�}��� ~º}¯ËäÈ�� �Ë
¹¯Òmº�Ò� ��º��º°«�ÓËÓÓ«�mÒ°º}º���Lã Óº°�L�}˯ÈäL}Ò��a������mL���˺¯Ë�Ò�Óº�º�ÏÓÈ�ËÓ�
Ó«��k��¹¯Ò��Ëä¹Ë¯È��¯L������&�
0�9�7NDFKHQNR��=�=�=\PDQ���(IIHFW�RI�VLQWHULQJ����
)XQFWLRQDO�PDWHULDOV������������� ���
|