(IIHFWVRILQRFXOXPGHQVLW\FDUERQFRQFHQWUDWLRQDQGIHHGLQJVFKHPH
RQWKHJURZWKRIWUDQVIRUPHGURRWVRI$UWHPLVLDDQQXD LQDPRGLILHG
QXWULHQWPLVWELRUHDFWRU
E\
0HOLVVD-7RZOHU
$'LVVHUWDWLRQ
6XEPLWWHGWRWKH)DFXOW\RI
:25&(67(532/<7(&+1,&,167,787(
LQSDUWLDOIXOILOOPHQWRIWKHUHTXLUHPHQWVIRUWKH
'HJUHHRI'RFWRURI3KLORVRSK\
LQ
%LRFKHPLFDO(QJLQHHULQJ
E\
$33529('
BBBBBBBBBBBBBBBBB
0D\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'U%DUEDUD(:\VORX]LO$GYLVRU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'U3DPHOD-:HDWKHUV&R$GYLVRU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'U5RQDOG'&KHHWKDP&RPPLWWHH0HPEHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'U$OH[$'L,RULR&RPPLWWHH0HPEHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'U:LOOLDP0&ODUN&RPPLWWHH0HPEHU
L
$%675$&7
3UHYLRXVZRUNKDVVKRZQWKDWGHVSLWHWKHODFNRIR[\JHQOLPLWDWLRQWUDQVIRUPHG
URRWVRI$UWHPLVLDDQQXD KDGORZHUELRPDVVSURGXFWLYLW\LQDQXWULHQWPLVWELRUHDFWRU
WKDQLQDOLTXLGSKDVHEXEEOH FROXPQUHDFWRUZKHUHWKHURRWVGHPRQVWUDWHGPHWDEROLF
VLJQVRIR[\JHQVWUHVV0DWKHPDWLFDOPRGHOLQJVXJJHVWHGWKDWWKHURRWVZHUHWRRVSDUVHO\
SDFNHGWRFDSWXUHPLVWSDUWLFOHVHIILFLHQWO\DQGWRDFKLHYHKLJKJURZWKUDWHV,QWKLV
VWXG\KLJKHUSDFNLQJIUDFWLRQVZHUHWHVWHGDQGWKHJURZWKUDWHLQFUHDVHGVLJQLILFDQWO\
6LPLODUO\KLJKHUVXFURVHFRQFHQWUDWLRQVLQFUHDVHGWKHJURZWKUDWH*URZWKNLQHWLFVIRU
DQGGD\VVKRZHGDQXQH[SHFWHGGHFUHDVHRUVWDWLRQDU\JURZWKUDWHDIWHURQO\
GD\VIRUERWK DQGVXFURVHIHHGV5HVLGXDOPHGLDDQDO\VHVLQGLFDWHGWKDWFDUERQ
ZDVQRWH[KDXVWHGQRUZHUHRWKHUPDMRUQXWULHQWVLQFOXGLQJSKRVSKDWH,QFUHDVLQJWKH
PLVWLQJIUHTXHQF\VXFKWKDWWKHWRWDODPRXQWRIFDUERQGHOLYHUHGIURPDVXFURVHIHHG
ZDVHTXLYDOHQWWRWKDWGHOLYHUHGLQDVXFURVHIHHGVKRZHGWKDWJURZWKZDVDIIHFWHGE\
WKHPRGLILHGF\FOH7KHVHVWXGLHVVKRZHGWKDWERWKWKHFRQFHQWUDWLRQRIFDUERQVRXUFH
DQGDOWHUDWLRQRIPLVWLQJIUHTXHQF\FDQVLJQLILFDQWO\LQFUHDVHJURZWKUDWHVRIKDLU\URR WV
LQPLVWUHDFWRUV
L
$&.12:/('*(0(176
7KHDXWKRUDFNQRZOHGJHVWKHIROORZLQJDJHQFLHVIRUIXQGLQJVRPHRIWKHGHVFULEHGZRUN
'2(3$16)%(686'$DQG1,+5
*0
3HUVRQDODSSUHFLDWLRQJRHVWR6HY5LWFKLH-U IRUDVVLVWDQFHZLWKUHDFWRU
IDEULFDWLRQV+HLVGHDUO\PLVVHG5DWKHUWKDQOLVWWKHGR]HQVRIVWXGHQWVZKRKDYH
VXUYLYHGWKH3ODQW/DERYHUWKHVHPDQ\\HDUVDQGULVNRPLWWLQJVRPHRQH,ZRXOGOLNHWR
WKDQNWKHPDOOIRUWKHLURZQXQLTXHDGGLWLRQVWROLIH LQ7KRVHRI\RXZKRZHUH
FORVHVWWRPHNQRZZKR\RXDUH,PXVWVLQJOHRXW<RRMHRQJ.LPIRUDOORIKHU
DVVLVWDQFHDQGDGYLFH6KHDOZD\VPDGHKHUVHOIDYDLODEOHZKHQHYHULWZDVQHHGHG3DP
:HDWKHUVDGYLVHGPHRQPXOWLSOHSURMHFWVRYHUWKH\HDUVDQGKDGDQLQFUHGLEOHNQDFNIRU
UHIRFXVLQJWKLQJVZKHQHYHULWVHHPHGOLNHZHKLWDZDOO%DUEDUD:\VORX]LOZDVDQ
LQYDOXDEOHUHVRXUFHLQUHDFWRUDQDO\VLVDQG,DPWKDQNIXOWKDWVKHUHPDLQHGZLWKWKLV
SURMHFWDIWHUOHDYLQJ:3,5RQ&KHHWKDP$OH['L,RULRDQG'RQ&ODUNZHUHYHU\
SDWLHQWDVWKLVUHVHDUFKHYROYHGLQYDULRXVGLUHFWLRQVRYHUWLPH&DURO%XWOHUZDVDOZD\V
GHSHQGDEOHDQGUHDG\WRKHOSRIWHQDWWKHODVWPLQXWHZLWKVFKHGXOLQJDQGSDSHUZRUN
DQGPDLOLQJV,IVKHGLGQ¶WNQRZWKHDQVZHUWRVRPHWKLQJVKHNQHZZKRWRDVN
7KDQN\RXWRP\IULHQGVERWKWKRVHZKRXQGHUVWRRGZKDW,ZDVJRLQJWKURXJKDQG
GRLQJDQGWKRVHZKRGLGQ¶WKDYHDQ\LGHDEXWVXSSRUWHGPHWKHEHVWZD\WKH\NQHZKRZ
(PRWLRQDOVXSSRUWLVHYHU\WKLQJ7KDQNVWR$QWKRQ\IRUKLVJHQHURVLW\DQGSDWLHQFHDQG
IRUIRUFLQJPHWRILQGVWUHQJWKWKDW,GLGQ¶WNQRZ,KDG6RPHGD\\RXZLOOXQGHUVWDQG
LL
SVTXDFN/RYHWRP\ZRQGHUIXO)ROGLHVZKRNHSWPHFRPSDQ\GXULQJWKHQHYHU
HQGLQJVWULQJRIDOOQLJKWHUVWRWKRVHFDWVZKRKDYHFURVVHG WKH5DLQERZ%ULGJHDQGWR
SHRSOHLQWKHFDWIDQF\ZKRHQFRXUDJHGPHHVSHFLDOO\1DQFLH6SHFLDOORYHDQGWKDQNV
WRP\IDPLO\IRUVXSSRUWLQJPHILQDQFLDOO\DQGHPRWLRQDOO\DQGQRWSXVKLQJPHWRGR
DQ\WKLQJ,GLGQ¶WZDQWWRGR<RXGRQ¶WNQRZKRZPXFKWKDWPHDQWWRPH7UXHFDULQJ
LVDERXWSXWWLQJDQRWKHUSHUVRQ¶VQHHGVDQGZHOOEHLQJDERYHDOO,GHGLFDWHWKLVWRP\
JUDQGPRWKHUZKRGLGQRWOLYHWRVHHWKLVGD\EXWGLGJHWWRVHHPHGDQFHIRUKHU6KH
ZRXOGKDYHEHHQSURXGQRPDWWHUZKDW,GLGDQGWKDWLVRQHRIWKHWKLQJV,ORYHGPRVW
DERXWKHU
)LQDOO\,RZHDORWWRWULPHWK\O[DQWKLQH DQG1PHWK\OSKHQ\O>DDD
WULIOXRURSWRO\OR[\@SURS\ODPLQHK\GURFKORULGH ORRNLWXSLI\RX¶UHFXULRXVIRUNHHSLQJ
PHIXQFWLRQDOIRUWKHPRVWSDUWGXULQJVRPHRIWKHGDUNHVWGD\V,KDYHHYHUKDGWKH
GLVSOHDVXUHRIH[SHULHQFLQJDQGWR*RGIRUJLYLQJPHWKHVWUHQJWKWRFRQWLQXH6DLQW
-XGH7KDGGHXVSUD\IRUXVDQGDOOZKRLQYRNH\RXUDLG
,QFORVLQJDTXRWHIURP(H\RUH³6LWWLQJRQWKLVWOHVGRHVQ
WGRWKHPDQ\*RRG
7DNHVDOOWKH/LIHRXWRIWKHP´,QWHUSUHWWKDWDQ\ZD\\RXVHHILW)HZWUXO\DSSUHFLDWH
(H\RUH¶VSURIXQGLWLHV
³7KDQNVIRUQRWLFLQ¶PH´
LLL
7$%/(2)&217(176
$EVWUDFW L
$FNQRZOHGJHPHQWV LL
7DEOHRI&RQWHQWV LY
/LVWRI7DEOHV YL
/LVWRI)LJXUHV YLL
&+$37(5
,QWURGXFWLRQDQGOLWHUDWXUHUHYLHZ 0LVWUHDFWRUFRQILJXUDWLRQV 0LVWUHDFWRUVIRUKDLU\URRWFXOWXUH 0LVWGHSRVLWLRQPRGHOLQJ &RQFOXVLRQV 2EMHFWLYHVDQGRUJDQL]DWLRQRIWKHVLV &+$37(5
$GKHVLRQRISODQWURRWVWRSRO\/O\VLQHFRDWHGSRO\SURS\OHQHVXEVWUDWHV $EVWUDFW ,QWURGXFWLRQ 0DWHULDOVDQGPHWKRGV 3ODQWPDWHULDODQGFXOWLYDWLRQ %LRPDVVPHDVXUHPHQWV %LQGLQJWHVWV\VWHP 3RO\/O\VLQHFRDWLQJ $QWLERG\LQWHUDFWLRQSURWRFRO 3URWHLQHIIHFWVRQURRWELQGLQJWRPHVKDQGJURZWK 7U\SVLQL]DWLRQ /HFWLQLQWHUDFWLRQZLWKURRWELQGLQJ 6WDWLVWLFDODQDO\VLV 5HVXOWVDQGGLVFXVVLRQ *HQHUDOELQGLQJIHDWXUHV 3URWHLQVLQYROYHGLQELQGLQJ 3URWHLQHIIHFWVRQURRWJURZWK ,PPRELOL]DWLRQHIIHFWVRQURRWJURZWK 'LYDOHQWFDWLRQVDIIHFWELQGLQJ 2WKHUIDFWRUVDQGELQGLQJ &RQFOXVLRQV LY
&+$37(5
(IIHFWRIELRPDVVGHQVLW\VXFURVHFRQFHQWUDWLRQDQGIHHGUDWHRQJURZWKDQGELRPDVV
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
/,672)7$%/(6
&+$37(5
7DEOH6XPPDU\RIKDLU\URRWPLVWUHDFWRUVWXGLHV &+$37(5
7DEOH(IIHFWRISRO\/O\VLQHDQGVKHHSVHUXPRQ$DQQXD URRWJURZWK 7DEOH(IIHFWRIPHVKSRO\/O\VLQHFRDWLQJDQGVKHHSVHUXPVRDNLQJRQ$DQQXD
URRWJURZWK 7DEOH(IIHFWRI0Q&DDQG0J RQELQGLQJRI$DQQXD URRWVHJPHQWVWRSRO\
/O\VLQHFRDWHGSRO\SURS\OHQHPHVK &+$37(5
7DEOH$OWHUDWLRQRIJURZWKUDWHPZLWKFKDQJHVLQPLVWUHDFWRURSHUDWLRQDQG
FRPSDUDWLYHVKDNHIODVNGDWD 7DEOH&RPSDULVRQRIPLVWLQJF\FOHVIRUWUDQVIRUPHGURRWVJURZQLQYDULRXVPLVW
UHDFWRUV 7DEOH(IIHFWRIVSHQWPHGLXPDQGPHGLXPUHSODFHPHQWRQJURZWKRIWUDQVIRUPHG
URRWVRI$DQQXD LQVKDNHIODVNV 7DEOH(IIHFWRIYROXPHWULFHUURUVDQGHVWLPDWLRQRIVXJDUFRQFHQWUDWLRQRQ
FDOFXODWLRQRIDSSDUHQWELRPDVV\LHOGRIURRWVJURZQLQUHDFWRU$ YL
/,672)),*85(6
&+$37(5
)LJXUH7KUHHW\SHVRIXOWUDVRQLFPLVWUHDFWRUV )LJXUH$FRXVWLFZLQGRZPLVWUHDFWRU )LJXUH7ZRW\SHVRIJDVSKDVHELRUHDFWRUVIRUKDLU\URRWFXOWXUH &+$37(5
)LJXUH5RRWIUDJPHQWZLWKH[WHQGHGURRWKDLUVERXQGWRSRO\/O\VLQHFRDWHG
SRO\SURS\OHQHPHVK &+$37(5
)LJXUH3KRWRRIWKHGLIIHUHQWLDOQXWULHQWPLVWELRUHDFWRUDQGDQH[DPSOHRI
KDUYHVWHGURRWPDVVDIWHUGJURZWK )LJXUH(IIHFWRILQLWLDOSDFNLQJIUDFWLRQRQWKHVSHFLILFJURZWKUDWHRIWUDQVIRUPHG
URRWVRI$DQQXD LQWKHGLIIHUHQWLDOPLVWUHDFWRU )LJXUH*URZWKRIWUDQVIRUPHGURRWVRI$DQQXD RQRUVXFURVHLQWKH
GLIIHUHQWLDOPLVWUHDFWRU )LJXUH5HVLGXDOVXJDUFRQWHQWRIPHGLXPDIWHUDQGGD\VRIJURZWK RI
WUDQVIRUPHGURRWVRI$DQQXD RQRUVXFURVHLQWKHGLIIHUHQWLDOPLVWUHDFWRU )LJXUH*URZWKNLQHWLFVRIWUDQVIRUPHGURRWVRI$DQQXD RQRUVXFURVHLQ
VKDNHIODVNV )LJXUH(IIHFWRIPLVWLQJF\FOHRQWKHVSHFLILFJURZWKUDWHRIWUDQVIRUPHGURRWVRI$
DQQXD LQWKHGLIIHUHQWLDOPLVWUHDFWRU )LJXUH(IIHFWRILQLWLDOVXFURVHFRQFHQWUDWLRQRQJURZWKRIWUDQVIRUPHGURRWVRI$
DQQXD LQVKDNHIODVNV )LJXUH(IIHFWRILQLWLDOVXFURVHFRQFHQWUDWLRQDQGPDQQLWRORQJURZWKRIWUDQVIRUPHG
URRWVRI$DQQXD LQVKDNHIODVNV YLL
)LJXUH5HVLGXDOVXJDUFRQWHQWDIWHUGD\VRIJURZWKRIWUDQVIRUPHGURRWVRI$
DQQXD RQYDULRXVVXFURVHFRQFHQWUDWLRQVLQVKDNHIODVNV )LJXUH(IIHFWRILQGLYLGXDOVXJDUVDQG PRQRVDFFKDULGHUDWLRRQJURZWKRI
WUDQVIRUPHGURRWVRI$DQQXD LQVKDNHIODVNV )LJXUH(IIHFWRIPHGLDUHSODFHPHQWRQJURZWKRIWUDQVIRUPHGURRWVRI$DQQXD LQ
VKDNHIODVNV )LJXUH$SSDUHQWELRPDVV\LHOGDWGLIIHUHQWWLPHSRLQWVIRUWUDQVIRUPHGURRWVRI$
DQQXD JURZQRQRUVXFURVHLQVKDNHIODVNV )LJXUH$SSDUHQWELRPDVV\LHOGDIWHUGD\VIRUWUDQVIRUPHGURRWVRI$DQQXD
JURZQRQYDULRXVLQLWLDOVXFURVHFRQFHQWUDWLRQVLQVKDNHIODVNV )LJXUH$SSDUHQWELRPDVV\LHOGDIWHUDQGGD\VRIJURZWKRIWUDQVIRUPHG
URRWVRI$DQQXD RQRUVXFURVHLQWKHGLIIHUHQWLDOPLVWUHDFWRU YLLL
,QWURGXFWLRQDQGOLWHUDWXUHUHYLHZ
WKHPDMRUSRUWLRQRIWKLVFKDSWHULVWDNHQIURPDQLQYLWHGUHYLHZFRDXWKRUHGE\
7RZOHU0-.LP<-&RUUHOO0-:\VORX]LO%(DQG:HDWKHUV3-DQG
SXEOLVKHGDV'HVLJQGHYHORSPHQWDQGDSSOLFDWLRQVRIPLVWELRUHDFWRUV,Q3ODQW
WLVVXHFXOWXUHHQJLQHHULQJHG6'*XSWD.OXZHU$FDGHPLF3XEOLVKHUV7KH
1HWKHUODQGV $HURSRQLFWHFKQRORJ\KDVEHHQXVHGH[WHQVLYHO\WRVWXG\ELRORJLFDOSKHQRPHQDLQ
SODQWVLQFOXGLQJGURXJKWVWUHVVV\PELRWLFUHODWLRQVKLSVP\FRUUKL]DODVVRFLDWLRQVGLVHDVH
HIIHFWVPLQHUDOQXWULWLRQRYHUDOOSODQWPRUSKRORJ\DQGSK\VLRORJ\:HDWKHUVDQG=REHO
DQGVRPHZRUNKDVDOVREHHQFRPSOHWHGZLWKDQLPDOWLVVXHFXOWXUH)ULEHUJHWDO
$HURSRQLFVRIIHUVPDQ\DGYDQWDJHVWRZKROHSODQWJURZWKEHFDXVHRIWKH
HQKDQFHGJDVH[FKDQJHWKDWLVSURYLGHG7KHIRFXVKHUHLVRQWKHXVHRIDHURSRQLFV
QXWULHQWPLVWVIRULQYLWUR FXOWXUHRIGLIIHUHQWLDWHGWLVVXHVVSHFLILFDOO\WKHFXOWXUHRI
WUDQVIRUPHGKDLU\URRWV
7KHUHDUHWZRPDLQFDWHJRULHVRIELRUHDFWRUVOLTXLGSKDVHDQGJDVSKDVHUHDFWRUV
.LPHWDOE,QOLTXLGSKDVH UHDFWRUVWKHWLVVXHLVLPPHUVHGLQWKHPHGLXP
7KHUHIRUHRQHRIWKHELJJHVWFKDOOHQJHVLQDOLTXLGSKDVHFXOWXUHLVGHOLYHULQJR[\JHQWR
WKHVXEPHUJHGWLVVXHVGXHWRORZJDVVROXELOLW\,QJDVSKDVHUHDFWRUVZKLFKLQFOXGH
QXWULHQWPLVWFXOWXUHWKHELRPDVVLVH[SRVHGWRDLURUDJDVPL[WXUHDQGQXWULHQWVDUH
GHOLYHUHGDVGURSOHWV'URSOHWVL]HVFDQUDQJHIURPPIRUPLVWVPIRU
IRJVDQG PIRUVSUD\V3HUU\DQG*UHHQ7KHPDVVWUDQVIHUOLPLWDWLRQ
HVSHFLDOO\RIR[\JHQFDQEHVLJQLILFDQWO\UHGXFHGRUHOLPLQDWHGE\XVLQJDJDVSKDVH
FXOWXUHV\VWHP:HDWKHUVHWDO
0LVWUHDFWRUFRQILJXUDWLRQV
7KHRULJLQDOGHVLJQRIDHURSRQLFVV\VWHPVGLVSHUVHGQXWULHQWPHGLXPYLDVSUD\
QR]]OHVWKDWUHTXLUHGFRPSUHVVHGJDVDQGZHUHSURQHWRFORJJLQJE\PHGLXPVDOWV
:HDWKHUVDQG=REHOZKLOHODWHUPLVWUHDFWRUVXVHGVXEPHUJHGXOWUDVRQLF
WUDQVGXFHUV,QWKHHDUO\PLVWUHDFWRUV)LJXUHV$%WKHXOWUDVRQLFWUDQVGXFHU
ZDVLQGLUHFWFRQWDFWZLWKQXWULHQWPHGLXPVDOWV DQGKDGWREHDXWRFODYHGFRQVLGHUDEO\
VKRUWHQLQJWKHOLIHRIWKHWUDQVGXFHU7LVVHUDWHWDO:RRDQG3DUN%XHUHW
DO%XHUHWDOIDEULFDWHGDQDFRXVWLFDOO\WUDQVSDUHQWSRO\XUHWKDQHZLQGRZ
WRLVRODWHWKHPHGLXPIURPWKHWUDQVGXFHU)LJXUH&EXWPDNLQJWKHZLQGRZVZDV
GLIILFXOWWLPHFRQVXPLQJDQGWKHVWDUWLQJPDWHULDOVZHUHH[SHQVLYH&KDWWHUMHHHWDO
UHSODFHGWKHFXVWRPZLQGRZZLWKDQLQH[SHQVLYHFRPPHUFLDOO\DYDLODEOH
SRO\SURS\OHQHFRQWDLQHU)LJXUHDQGWKLVGHVLJQZDVVXFFHVVIXOO\XVHGIRUERWKKDLU\
URRW&KDWWHUMHHHWDODQGPLFURSURSDJDWLRQVWXGLHV&RUUHOOHWDO&RUUHOO
DQG:HDWKHUVDE6LPLODUO\%DLVHWDOXVHGDSRO\FDUERQDWH*$
YHVVHO7KHQXWULHQWPLVWV\VWHPFXUUHQWO\XVHGE\:HDWKHUVHWDO)LJXUH
KDVDQDFRXVWLFZLQGRZFRQVLVWLQJRIDWKLQWHIORQVKHHWWKDWKDVDKLJKHUWHPSHUDWXUH
WROHUDQFHWKDQSRO\SURS\OHQHDQGFDQDOVREHLQFRUSRUDWHGLQWRDUHDFWRURIDOPRVWDQ\
VL]HRUVKDSH7KHGHVLJQVRIWKHPLVWUHDFWRUFRQILJXUDWLRQKDYHHYROYHGDVWKH
DSSOLFDWLRQVRIWKHVHV\VWHPVKDYHEHFRPHPRUHYDULHG
0LVWUHDFWRUVIRUKDLU\URRWFXOWXUH
$QXPEHURIYDOXDEOHSKDUPDFHXWLFDOVIODYRUVG\HVRLOVDQGUHVLQVDUHSODQW
GHULYHGVHFRQGDU\PHWDEROLWHV6LQFHVHFRQGDU\PHWDEROLWHVDUHXVXDOO\SURGXFHGE\
VSHFLDOL]HGFHOOVDQGRUDWGLVWLQFWGHYHORSPHQWDOVWDJHV%DODQGULQHWDOSODQW
FHOOVXVSHQVLRQFXOWXUHVDUHQRWXVXDOO\SUDFWLFDOVRXUFHVRIWKHVHFKHPLFDOV+DLU\URRW
FXOWXUHVFDQKDYH WKHVDPHRUJUHDWHUELRV\QWKHWLFFDSDFLW\IRUVHFRQGDU\PHWDEROLWH
SURGXFWLRQFRPSDUHGWRWKHLUPRWKHUSODQWV%DQHUMHHHWDO.LWWLSRQJSDWDQDHWDO
,QGHHGKDLU\URRWVKDYHEHHQFRQVLGHUHGSRWHQWLDOSURGXFWLRQVRXUFHVIRU
LPSRUWDQWVHFRQGDU\PHWDEROLWHV)ORUHVDQG&XUWLV$VXPPDU\RIVWXGLHVXVLQJ
KDLU\URRWVLQPLVWUHDFWRUVLVSURYLGHGLQ7DEOH,QQHDUO\DOOFDVHVKDLU\URRWJURZWK
LQPLVWUHDFWRUVZDVDVJRRGDVRUEHWWHUWKDQOLTXLGSKDVHFXOWXUHV
6HFRQGDU\PHWDEROLVPRIKDLU\URRWVJURZQLQYDULRXVELRUHDFWRUVKDVEHHQ
UHFHQWO\UHYLHZHGE\.LPHWDOE.LPHWDOQRWHGDIROGLQFUHDVHLQ
DUWHPLVLQLQDFFXPXODWLRQLQPLVWUHDFWRUVDQGVXEVHTXHQWO\6RXUHWHWDOSURYLGHG
DIXUWKHUDQDO\VLVZKHQ WKH\FRPSDUHGWKHH[SUHVVLRQOHYHOVRIIRXUNH\WHUSHQRLG
ELRV\QWKHWLFJHQHVLQ$DQQXD KDLU\URRWVJURZQLQPLVWUHDFWRUVYHUVXVOLTXLGSKDVH
V\VWHPV$OWKRXJKWKHUHZDVQRWDEOHKHWHURJHQHLW\LQWHUSHQRLGJHQHH[SUHVVLRQWKH
GLIIHUHQFHVFRXOGQRWEHDWWULEXWHGGLUHFWO\WRRQHVLQJOHIDFWRUDQGZHUHOLNHO\WKHUHVXOW
RIFRPSOH[LQWHUDFWLRQVRIPXOWLSOHIDFWRUVLQFOXGLQJR[\JHQVWDWXVSUHVHQFHRUDEVHQFH
RIOLJKWFXOWXUHDJHDQGWLVVXHORFDWLRQZLWKLQWKHJURZWKFKDPEHURIWKHELRUHDFWRU
%DLVHWDO DQG3DOD]RQHWDOOLNHZLVHQRWHGDOWHUDWLRQVLQVHFRQGDU\
PHWDEROLWHFRQWHQWZKHQKDLU\URRWVRI&LFKRULXP DQG3DQD[UHVSHFWLYHO\ZHUHJURZQ
LQPLVWUHDFWRUV
6HYHUDOKDLU\URRWOLQHVFDQGHYHORSPDWXUHFKORURSODVWVFDSDEOHRISKRWRV\QWKHVLV
)ORUHVHWDODQGWKHVHJUHHQURRWVKDYHGLIIHUHQWPHWDEROLFFDSDELOLWLHVFRPSDUHG
WRQRQJUHHQURRWVDOWKRXJKUHVSRQVHWROLJKWLVQRWQHFHVVDULO\GHSHQGHQWRQZKHWKHUWKH
URRWVWXUQYLVLEO\JUHHQ,QDGGLWLRQOLJKWFDQKDYHDVLJQLILFDQW HIIHFWRQJURZWKRIKDLU\
URRWV7D\DHWDODQGPDQ\HQ]\PHVLQWKHELRV\QWKHWLFSDWKZD\VIRUVHFRQGDU\
PHWDEROLWHVDUHUHJXODWHGE\OLJKW.LPHWDOE+RZHYHUGHOLYHU\RIOLJKWLQWRD
ELRUHDFWRUHVSHFLDOO\RQHWKDWLVGHQVHO\SDFNHGZLWKURRWVLVSUREOHPDWLF,QWHUHVWLQJO\
WKHURRWVWKHPVHOYHVPD\KDYHOLJKWJXLGLQJSURSHUWLHV0DQGROLDQG%ULJJV
$DQQXD KDLU\URRWVZHUHDEOHWRWUDQVPLWOLJKWIURPDKHOLXPQHRQODVHUWKURXJK
WKHLQWHULRURIWKHURRW:HDWKHUVDQG6ZDUW]ODQGHUXQSXEOLVKHGLQGLFDWLQJWKDWURRWV
PD\KDYHWKHDELOLW\WRIXQFWLRQDVOHDN\RSWLFDOILEHUV
7KHPRUSKRORJLFDOFKDUDFWHULVWLFVRIKDLU\URRWVGHPDQGVSHFLDOFRQVLGHUDWLRQZLWK
UHJDUGVWRELRUHDFWRUGHVLJQ7KHPLVWUHDFWRUSURYLGHVDORZVKHDUHQYLURQPHQWIRU
JURZLQJKDLU\URRWVDQGUHGXFHVJDVH[FKDQJHOLPLWDWLRQVQRUPDOO\IRXQGLQOLTXLGSKDVH
ELRUHDFWRUV6WXGLHVE\0F.HOYH\HWDOVXJJHVWHGWKDWURRWVDUHPRUHFDSDEOHRI
FRPSHQVDWLQJIRUSRRUOLTXLGGLVSHUVLRQWKDQIRUSRRUJDVGLVSHUVLRQZLWKLQUHDFWRU
V\VWHPV&XUWLV$QHFRQRPLFDOO\YLDEOHSURGXFWLRQVFKHPHGHSHQGVLQSDUWRQ
WKHDELOLW\WRDWWDLQDKLJKELRPDVVGHQVLW\7KHPD[LPXPURRWWLVVXHFRQFHQWUDWLRQWKDW
FDQEHDFKLHYHGLVGHSHQGHQWRQWKHGHOLYHU\RIR[\JHQDQGRWKHUQXWULHQWVLQWRWKHGHQVH
PDWUL[&XUWLV*DVSKDVHUHDFWRUVVXFKDVWKHPLVWUHDFWRUFDQYLUWXDOO\HOLPLQDWH
DQ\R[\JHQGHILFLHQF\LQGHQVHURRWEHGV:HDWKHUVHWDO.LPHWDOD
KRZHYHUQRWHGWKDWWKHDYDLODELOLW\RIQRQJDVHRXVQXWULHQWVPD\EHDFRQFHUQLHJDV
GLVSHUVLRQLVLPSURYHGDWWKHH[SHQVHRIOLTXLGGLVSHUVLRQ)XUWKHUPRUHLWLVGLIILFXOWWR
XQLIRUPO\GLVWULEXWHURRWVLQWKHJURZWKFKDPEHURIDJDVSKDVHUHDFWRUZLWKRXWPDQXDO
ORDGLQJ.LPHWDOE6HYHUDOJURXSV)ORUHVDQG&XUWLV5DPDNULVKQDQHW
DO:LOVRQ.LPHWDOD5DPDNULVKQDQDQG&XUWLV
FLUFXPYHQWHGWKLVLVVXHZLWKK\EULGOLTXLG DQGJDVSKDVHUHDFWRUVZKLFKZHUHILUVW
RSHUDWHGDVOLTXLGSKDVHV\VWHPVWRDOORZWKHURRWVWRFLUFXODWHGLVWULEXWHDQGRUDWWDFK
WRLPPRELOL]DWLRQSRLQWV*DVSKDVHRSHUDWLRQFRXOGWKHQEHLQLWLDWHGDVGHVLUHGXVXDOO\
ZKHQWKHOLTXLGSKDVHUHDFWRUZDVQRORQJHUHIIHFWLYHDWVXSSRUWLQJURRWJURZWKGXHWR
OLPLWDWLRQVLQQXWULHQWGHOLYHU\WRWKHGHQVHURRWEHGV7RZOHUDQG:HDWKHUVVHH
&KDSWHUKDYHDOVRGHVFULEHGDPHWKRGE\ZKLFKURRWVPD\EHTXLFNO\DWWDFKHGWRD
PHVKVXSSRUWWKHUHE\DOORZLQJPLVWPRGHWRFRPPHQFHVKRUWO\DIWHULQRFXODWLRQ
7KHJDVSKDVHVXUURXQGLQJWLVVXHVDOVRSOD\VDNH\UROHLQWKHFXOWXUHDQG
VHFRQGDU\PHWDEROLWHSURGXFWLYLW\RIKDLU\URRWVVHHUHYLHZE\.LPHWDOE2QH
RIWKHPDMRUDGYDQWDJHVRIWKHPLVWUHDFWRULVWKHDELOLW\WRDOWHUWKHJDVFRPSRVLWLRQ
2[\JHQLVHVVHQWLDOIRUUHVSLUDWLRQDQGWKXVWKHJURZWKRIURRWV7RDVVHVVWKHUHVSRQVH
RIKDLU\URRWVWRDOWHUHGOHYHOVRIR[\JHQLQPLVWUHDFWRUVDOFRKROGHK\GURJHQDVH$'+
P51$DQLQGLFDWRURIR[\JHQVWUHVVZDVPHDVXUHGLQ$DQQXD KDLU\URRWV
&RPSDULVRQRI$'+P51$H[SUHVVLRQLQERWKVKDNHIODVNVDQGEXEEOHFROXPQUHDFWRUV
WRPLVWUHDFWRUVLQGLFDWHGWKDWWKHPLVWJURZQURRWVZHUHQRWR[\JHQOLPLWHG:HDWKHUVHW
DO5RRWVJURZQLQWKHPLVWUHDFWRUWRDGHQVLW\RIDERXWYYKDGQR
GHWHFWDEOHH[SUHVVLRQRI$'+.LP ZKHUHDV$'+P51$ZDVGHWHFWHGLQURRWV
IURPWKHEXEEOHFROXPQDWSDFNLQJGHQVLWLHVDVORZDVYY:HDWKHUVHWDO
5RRWVJURZQLQWKHEXEEOHFROXPQUHDFWRUKRZHYHUKDGKLJKHUGU\PDVVFRPSDUHGWR
WKRVHKDUYHVWHGIURPWKHPLVWUHDFWRU 7KLVXQH[SHFWHGUHVXOWPD\EHH[SODLQHGWKURXJK
PRGHOLQJRIPLVWGHSRVLWLRQG\QDPLFVVHH0LVWGHSRVLWLRQPRGHOLQJEHORZ
,QDGGLWLRQWRR[\JHQFDUERQGLR[LGHDOVRDIIHFWVWKHJURZWKRIKDLU\URRWV&2 HQULFKHGQXWULHQWPLVWFXOWXUHVRI&DUWKDPXVWLQFWRULXV DQG%HWDYXOJDULV KDLU\URRWV
VKRZHGLQFUHDVHGJURZWKYHUVXVFRQWUROFXOWXUHVWKDWZHUHIHGDPELHQWDLU'L,RULRHWDO
D+RZHYHUDVLPLODUHIIHFWZDVQRWREVHUYHGLQKDLU\URRWVRI$UWHPLVLDDQQXD
:KHQJURZQLQPLVWHQULFKHGZLWK&2 URRWJURZWKZDVQRWVLJQLILFDQWO\GLIIHUHQW
WKDQWKDWRIURRWVJURZQLQDPELHQWDLU:\VORX]LOHWDODOWKRXJKYLVXDOO\WKH
URRWVDSSHDUHGPXFKKHDOWKLHUDQGWKHUHZDVDFKDQJHLQWKHEUDQFKLQJUDWH.LPHWDO
DDOVRQRWHGVLPLODUUHVXOWV ZKHUHWKHELRPDVVDFFXPXODWLRQZDVVLPLODUEHWZHHQ
URRWFXOWXUHVJURZQLQDPELHQWDLUDQGWKRVHVXSSOHPHQWHGZLWK&2 ,WLVSRVVLEOH
WKDWSHUKDSVWKHRSWLPXPOHYHORI&2 HQULFKPHQWIRU$DQQXD KDLU\URRWVZDVQRW
SURYLGHGWRWKHVHFXOWXUHVSDUWLFXODUO\FRQVLGHULQJWKDWWKHUHVSRQVHRIURRWVWR&2 FDQ
YDU\GHSHQGLQJRQVSHFLHVDQGJURZWKHQYLURQPHQW'L,RULRHWDOD:HDWKHUVDQG
=REHO
(WK\OHQHDFFXPXODWLRQPD\DOVREHLQYROYHGLQUHJXODWLQJELRPDVVDQGVHFRQGDU\
PHWDEROLWHSURGXFWLRQ$OWKRXJKDOOSODQWWLVVXHVFDQERWKSURGXFHDQGDEVRUEWKH
JDVHRXVSK\WRKRUPRQHHWK\OHQHZKLFKKDVSURIRXQGHIIHFWVRQJURZWKGHYHORSPHQW
DQGHYHQWKHSURGXFWLRQRIVHFRQGDU\PHWDEROLWHV:HDWKHUVDQG:\VORX]LOVRPH
VSHFLHVRISODQWVPD\SURGXFHPRUHHWK\OHQHWKDQRWKHUV,QGHHG%LRQGLHWDO
VKRZHGWKDWKDLU\URRWVRI+\RVF\DPXVPXWLFXV SURGXFHGWLPHVPRUHHWK\OHQHWKDQ
XQWUDQVIRUPHGURRWVDQGJURZWKRI$DQQXD KDLU\URRWVZDVVLJQLILFDQWO\UHGXFHGE\
HWK\OHQH:HDWKHUVHWDO 6XQJDQG+XDQJVKRZHGWKDWKDLU\URRWVRI
6WL]RORELXPKDVVMRR KDGORZHUELRPDVVDQGSURGXFHGORZHUOHYHOVRIVHFRQGDU\
PHWDEROLWHVZKHQHWK\OHQHZDVDOORZHGWRDFFXPXODWHLQWKHKHDGVSDFHRIWKHFXOWXUH
YHVVHO5HFHQWO\ZHDOVRREVHUYHGWKDWHWK\OHQHSURYLGHGDVHWKHSKRQVLJQLILFDQWO\
LQKLELWHGERWKJURZWKDQGDUWHPLVLQLQSURGXFWLRQLQ$DQQXD KDLU\URRWV:HDWKHUVHWDO
&RQVLGHULQJWKDWHWK\OHQHSURGXFWLRQLVLQKLELWHGE\&2 LWLVSRVVLEOHWKDWWKH
VWLPXODWLRQLQURRWJURZWKE\KLJKHUOHYHOVRI&2 LVWKHUHVXOWRILQKLELWLRQRIHWK\OHQH
ELRV\QWKHVLV'HVLJQVLQUHDFWRUVWKDWVFUXEHWK\OHQHIURPWKHJDVSKDVHPD\IXUWKHU
LPSURYHKDLU\URRWJURZWKDQGSURPRWHVHFRQGDU\PHWDEROLWHSURGXFWLRQ
0LVWGHSRVLWLRQPRGHOLQJ
'URSOHW WUDQVSRUWDQGGHSRVLWLRQLQDEHGRIKDLU\URRWVPD\OLPLWJURZWKLIDQ
DGHTXDWHVXSSO\RIQXWULHQWVGRHVQRWUHDFKWKHVXUIDFHRIDOOURRWV&RQVHTXHQWO\PLVW
GHSRVLWLRQLVDNH\VWHSLQWKHPDVVWUDQVIHURIQXWULHQWVWRWKHURRWVLQDPLVWUHDFWRU
:\VORX]LOHWDO7KHVWDQGDUGDHURVROGHSRVLWLRQPRGHOIRUILEURXVILOWHUVZDV
DSSOLHGWRPLVWGHSRVLWLRQLQKDLU\URRWEHGVE\:\VORX]LOHWDO7KHLGHDOILOWHU
KDVHYHQO\GLVWULEXWHGILEHUVWKDWOLHSHUSHQGLFXODUWRWKHIORZ7KRXJKURRW EHGVKDYH
UHJLRQVRIKLJKDQGORZSDFNLQJGHQVLW\DQGJURZLQDOOGLUHFWLRQVWKHPRGHOFDQVWLOOEH
XVHGWRVWXG\WKHTXDOLWDWLYHWUHQGVRIPLVWGHSRVLWLRQEHKDYLRU:KHQWKHPRGHOZDV
WHVWHGRQURRWEHGVWKDWKDGEHHQPDQXDOO\SDFNHGWR. . YROXPHIUDFWLRQ
RFFXSLHGE\URRWVLWZDVIRXQGWRFRUUHVSRQGZHOOWRH[SHULPHQWDOGDWDDVORQJDVWKH
5H\QROGVQXPEHU5HEDVHGRQWKHURRWGLDPHWHUZDV7KH5H\QROGVQXPEHU
FKDUDFWHUL]HVWKHUHODWLYHLPSRUWDQFHRILQHUWLDODQGYLVFRXVIRUFHVDQGIRUILOWUDWLRQ
SUREOHPV
5H
!8 R ' 5
J
>@
ZKHUH! DQG J DUHWKHGHQVLW\DQGYLVFRVLW\RIWKHFDUULHUJDV'5 LVWKHGLDPHWHURIWKH
URRWDQG8R LVWKHJDVYHORFLW\LQWKHURRWEHG,QWHUPVRIWKHQXPEHURIGURSOHWV
FDSWXUHGWKHHIILFLHQF\%RIWKHURRWEHGLVDIXQFWLRQRIWKHSDUWLFOHGLDPHWHU'3DQG
LVHTXDOWR
K%
ª /DK & º
H[S «
»
¬ ' 5 D ¼
>@
K ,03 ,17 u K ' >@
ZKHUH/ LVWKHOHQJWKRIWKHURRWEHGDQG
K&
WKHFRPELQHGFDSWXUHHIILFLHQF\GXHWRLPSDFWLRQLQWHUFHSWLRQDQGGLIIXVLRQ
UHVSHFWLYHO\'HWHUPLQLQJ,03,17 LQYROYHVVROYLQJWZRQRQOLQHDUHTXDWLRQVDVIRXQGLQ
&UDZIRUGDQGWKHH[SUHVVLRQIRUFDOFXODWLQJ' LVJLYHQLQ)ULHGODQGHU
7KHRYHUDOOPDVVGHSRVLWLRQHIILFLHQF\20RIWKHURRWEHGLVWKHSURGXFWRIWKHURRWEHG
HIILFLHQF\%'3LDQGWKHPDVVIUDFWLRQP'3LRIPLVWSDUWLFOHVRIGLDPHWHU'3L VXPPHG
RYHUWKHDHURVROVL]HGLVWULEXWLRQGDWD
K 20
¦K
L
%
' 3L u P ' 3L >@
7\SLFDOPLVWSDUWLFOHVL]HGDWDZHUHREWDLQHGH[SHULPHQWDOO\E\:\VORX]LOHWDO
7KHDPRXQWRIPHGLXPFDSWXUHGE\ WKHURRWV9GHSLQP/SHUGD\LV
9GHS
Z u 4 / u K 20
>@
ZKHUHLVWKHFRQYHUVLRQIDFWRUIURPKRXUVWRGD\VZ LVWKHGXW\F\FOHLQPLQXWHVSHU
KRXUDQG4/ LVWKHPHGLXPIORZUDWHLQP/SHUPLQXWHZKLOHPLVWLQJLVRFFXUULQJ7KH
DPRXQWRIPHGLXPUHTXLUHGWRVXSSRUWWKHJURZWKRIURRWV9UHTGHSHQGVRQWKHGHQVLW\
RIWKHURRWV!): JUDPVIUHVKZHLJKWSHUP/WKHGU\ZHLJKWIUHVKZHLJKWUDWLR
':):WKHVSHFLILFJURZWKUDWH GD\WKHQXWULHQWFRQFHQWUDWLRQLQWKHPHGLXP&V
JSHU/WKHDSSDUHQWELRPDVV\LHOGRIWKHJURZWKOLPLWLQJQXWULHQW<;6 J':ELRPDVV
SHUJQXWULHQWFRQVXPHGWKHZRUNLQJYROXPHRIWKHUHDFWRU9 /DQGSDFNLQJIUDFWLRQ
. 7KHH[SUHVVLRQIRU9UHT LV
9 UHT
U ): u
':
P
u
u
u9 uD ): & 6 < ; 6
>@
7KHJURZWKOLPLWLQJQXWULHQWLVDVVXPHGWREHVXJDU&OHDUO\9GHS PXVWEHHTXDOWRRU
JUHDWHUWKDQ9UHT LQRUGHUWRPDLQWDLQDGHVLUHGJURZWKUDWH
.LPHWDODDSSOLHGWKHPRGHOWR$DQQXD KDLU\URRWVJURZQLQWKHQXWULHQW
PLVWELRUHDFWRUDQGLWVXJJHVWHGWKDW JURZWKZDVOLPLWHGE\LQVXIILFLHQWQXWULHQW
DYDLODELOLW\7KLVK\SRWKHVLVKDVEHHQWHVWHGLQVHYHUDOZD\V7RZOHUWKLVWKHVLV6LQFH
9GHS LVDIXQFWLRQRIWKHSDFNLQJIUDFWLRQ.LQFUHDVLQJ. VKRXOGLQFUHDVH9GHS DQGWKXV
VXSSRUWDKLJKHUJURZWKUDWHE\DOORZLQJPRUHQXWULHQWVWREHFDSWXUHGE\WKHURRWV7R
WHVWWKLVK\SRWKHVLVWKHQXWULHQWPLVWELRUHDFWRUGHVFULEHGE\:HDWKHUVHWDO ZDV
PRGLILHGZKHUHE\WKHJURZWKFKDPEHUZDVUHSODFHGZLWKDPXFKVPDOOHUaP/
YROXPHaPPGLDPHWHUF\OLQGHULQWRZKLFKURRWVZHUHPDQXDOO\LQRFXODWHGDWDQ
LQLWLDOSDFNLQJIUDFWLRQRI7KHV\VWHPZDVWKHQLPPHGLDWHO\UXQLQPLVWPRGH
UDWKHUWKDQDVDK\EULGOLTXLG DQGJDVSKDVHUHDFWRU7KRVHVWXGLHVDUHGHVFULEHGKHUH
&KDSWHU:KLOH.LPHWDODFRPPHQFHGPLVWPRGHDWSDFNLQJIUDFWLRQVWKDW
ZHUHDWPRVWDQGREVHUYHGDQDYHUDJHVSHFLILFJURZWKUDWHRIGD\ WKHDYHUDJH
JURZWKUDWHLQWKHPRGLILHGPLVWUHDFWRUZDVGD\ IRUDGD\SHULRGVHH&KDSWHU
'XHWRWKHGLVSDULW\LQFXOWXUHWLPHVDQGRWKHURSHUDWLQJFRQGLWLRQVGLUHFW
FRPSDULVRQEHWZHHQWKHVHV\VWHPVLVGLIILFXOWKRZHYHUURRWVJURZQLQWKHPRGLILHGPLVW
UHDFWRUKDGKLJKHUJURZWKUDWHVFRPSDUHGWRWKRVHREWDLQHGE\.LPHWDOD
WKHUHE\VXSSRUWLQJWKHK\SRWKHVLVWKDWLQLWLDOLQRFXOXPGHQVLW\LQIOXHQFHVVXEVHTXHQW
JURZWKLQPLVWUHDFWRUV
$OWHUQDWLYHO\VLQFH9UHT LVLQYHUVHO\SURSRUWLRQDOWRWKHFRQFHQWUDWLRQRIWKH
OLPLWLQJQXWULHQW&6LQFUHDVLQJ&6 VKRXOGGHFUHDVH9UHT 8VLQJWKHVPDOOHUPRGLILHGPLVW
UHDFWRUSUHYLRXVO\GHVFULEHG$DQQXD KDLU\URRWVZHUHIHGPHGLXPFRQWDLQLQJHLWKHU
RUVXFURVH$IWHUGD\VURRWVJURZQZLWKVXFURVHKDGDVLJQLILFDQWO\KLJKHU
VSHFLILFJURZWKUDWHFRPSDUHGWRURRWVJURZQLQVXFURVHGD\V DQGGD\V
IRUDQGVXFURVHUHVSHFWLYHO\7KHJURZWKUDWHGHSHQGHQFHRQVXFURVH
FRQFHQWUDWLRQLVH[DPLQHGIXUWKHULQ&KDSWHU
:KLOHWKHPRGHOVXJJHVWVWKDWOHQJWKHQLQJWKHGXUDWLRQRIWKHPLVWLQJF\FOH
LQFUHDVHVWKHDPRXQWRIQXWULHQWVGHOLYHUHGWRWKHURRWVDQGVKRXOGWKHUHE\LQFUHDVH
JURZWKWKLVVROXWLRQLVDFWXDOO\PRUHFRPSOH[)RUUHDVRQVDV\HWXQNQRZQWKHPLVWLQJ
F\FOHSOD\VD VLJQLILFDQWUROHLQWKHVXFFHVVIXORSHUDWLRQRIDPLVWELRUHDFWRU/LXHWDO
IRXQGWKDWDPLVWLQJF\FOHRIPLQRQPLQRIIZDVWKHRSWLPXPRIWKRVH
WHVWHGIRUWUDQVIRUPHGURRWVRI$DQQXD JURZQLQWKHLUQXWULHQWPLVWELRUHDFWRUWKRXJK
LWV GHVLJQDQGRSHUDWLQJFRQGLWLRQVZHUHGLIIHUHQWWKDQWKRVHLPSOHPHQWHGE\:HDWKHUVHW
DO/LXHWDOSURYLGHGJDVHLWKHURQO\ZKHQPLVWZDVQRWEHLQJJHQHUDWHG
RUFRQWLQXRXVO\ZKLOH:HDWKHUVHWDOSURYLGHGJDVRQO\ZKHQWKHPLVWZDV
SURYLGHG,QWHUHVWLQJO\'L,RULRHWDOEDOVRREVHUYHGWKDWKDLU\URRWVVHHPHGWR
KDYHRSWLPXPPLVWGXUDWLRQIRUJURZWK7KHLUVWXGLHVZLWKKDLU\URRWVRI%HWDYXOJDULV
DQG&DUWKDPXVWLQFWRULXV VKRZHGWKDWHLWKHULQFUHDVLQJRUGHFUHDVLQJWKH³RII´WLPH
EH\RQGDFHUWDLQOLPLWDGYHUVHO\DIIHFWHGURRWJURZWKRIWKRVHVSHFLHV&KDWWHUMHHHWDO
IRXQGWKDWDPLVWF\FOHRIPLQRQPLQRIIFDXVHGWUDQVIRUPHGURRWVRI $
DQQXD WRGDUNHQDQGEHFRPHQHFURWLFDIWHUG<HWVWXGLHVZLWKDVLQJOHWUDQVIRUPHG
URRWRI$DQQXD :\VORX]LOHWDOVKRZHGWKDWDPLVWF\FOHRIPLQRQPLQ
RIISURPRWHGKHDOWKLHUORRNLQJURRWVDQGKLJKHUIUHVKILQDOELRPDVV\LHOGVYHUVXVWKH
RWKHUF\FOHVWHVWHG6WXGLHVGHVFULEHGKHUHVHH&KDSWHULQ ZKLFKWKHPLVWLQJF\FOH
ZDVPRGLILHGVRWKDWWKHPDVVIORZUDWHRIVXFURVHZDVPDLQWDLQHGZKLOHWKHVXFURVH
FRQFHQWUDWLRQYDULHGLQGLFDWHGWKDWURRWJURZWKFRXOGEHLQFUHDVHGE\LQFUHDVLQJWKH
OHQJWKRIPLVWLQJF\FOHZKLOHGHFUHDVLQJWKHPLVWRIIWLPH7KHVHUHVXOWVVXSSRUWWKH
K\SRWKHVLVWKDWLQDPLVWUHDFWRUKLJKHUJURZWK\LHOGVFDQEHDFKLHYHGZLWKLQFUHDVHG
GURSOHWGHSRVLWLRQDQGE\PDQLSXODWLQJWKHRQRIIF\FOHSHULRG
'URSOHWVL]HDQGRULHQWDWLRQRIIORZPXVWDOVREHFRQVLGHUHGIRURSWLPDOJURZWK
DQGVHFRQGDU\PHWDEROLWHSURGXFWLRQRIKDLU\URRWFXOWXUHV,IWKHGURSOHWVL]HLVWRR
ODUJHWKHIRUPDWLRQRIDOLTXLGOD\HUDORQJWKHURRWVXUIDFHZLOOLPSHGHJDVWUDQVIHUWRWKH
URRWVDQGWKHV\VWHPZLOOEHKDYHDVLILWZHUHDOLTXLGSKDVHUHDFWRU:HDWKHUVDQG
:\VORX]LO6LPLODUO\ZKHQPLVWLVSURYLGHGLQDQXSZDUGGLUHFWLRQWKHPLVWFDQ
FRDOHVFHQFHRQWKHURRWVFORVHVWWRWKHPLVWIHHGZLWKOHVVPLVWUHDFKLQJWKHWLVVXHLQWKH
KLJKHUOD\HUVRIWKHJURZWKFKDPEHU/LXHWDOFRQVWUXFWHGDQXSZDUGIHGPLVW
UHDFWRUZLWKWKUHHOD\HUVRIVWDLQOHVVVWHHOPHVKWRVXSSRUWWKHURRWVDQGIRXQGWKDWWKHUH
ZDVDJUHDWHUWKDQGHFUHDVHLQELRPDVVEHWZHHQWKHILUVWERWWRPOD\HUDQGWKH
VHFRQGDQGWKLUGOD\HUV,WLVDOVROLNHO\WKDWDVWKHURRWEHGEHFRPHVYHU\GHQVHWKH
ORZHUVHFWLRQVZLOODFFXPXODWHOLTXLGDQGHVVHQWLDOO\EHFRPHVXEPHUJHG0LVWUHDFWRUV
WKDWDUHWRSIHGKDYHWKHDGYDQWDJHRIFRFXUUHQWGRZQIORZRIJDVDQGOLTXLGSKDVHV
DORQJZLWKJUDYLW\ZKLFKIDFLOLWDWHVGUDLQDJH,QFRQWUDVWWRSYHUVXVERWWRPPLVWIHHGLQJ
VHHPVWREHRIOHVVFRQVHTXHQFHLQPLFURSURSDJDWLRQV\VWHPVDQGWKHRULHQWDWLRQFKRVHQ
LVRIWHQDPDWWHURIFRQYHQLHQFH
$QRWKHUIDFWRUWKDWPD\SOD\DUROHLQWKHJURZWKRIKDLU\URRWVLVWKDWRI
FRQGLWLRQHGPHGLXP%RWK&KDWWHUMHHHWDODQG:\VORX]LOHWDOXVHG
DXWRFODYHGPHGLXPZLWKYDU\LQJGHJUHHVRISUHFRQGLWLRQLQJE\SUHJURZLQJURRWVLQWKH
PHGLXPEHIRUHXVLQJLWLQVXEVHTXHQWH[SHULPHQWV:\VORX]LOHWDODOVRVKRZHG
WKDWWKHUHZHUH KLJKHUEUDQFKLQJUDWHVZKHQURRWVZHUHJURZQLQFRQGLWLRQHGPHGLXP
YHUVXVIUHVKPHGLXP7KHLGHQWLW\RIWKHVH³FRQGLWLRQLQJIDFWRUV´UHPDLQVHOXVLYH
DOWKRXJKVWXGLHVKDYHFKDUDFWHUL]HGVRPHRIWKHPDVROLJRVDFFKDULGHV6FKURGHUHWDO
SHSWLGHV0DWVXED\DVKLDQG6DNDJDPLDQGDX[LQV:HDWKHUVHWDO
)RUFRQVLVWHQF\LWLVUHFRPPHQGHGWKDWIUHVKILOWHUVWHULOL]HGPHGLXPEHXVHGLQDOO
H[SHULPHQWV:HDWKHUVHWDO:RUNIURPRXUODEKDVURXWLQHO\XVHGILOWHU
VWHULOL]HGPHGLXPIRUH[SHULPHQWVVLQFH
&RQFOXVLRQV
3ODQWWLVVXHVDUHKLJKO\UHVSRQVLYHWRJDVHVLQWKHLUHQYLURQPHQWHVSHFLDOO\2 &2DQGHWK\OHQH'XHWRWKHORZVROXELOLW\RIWKHVHJDVHVPDVVWUDQVIHURIWKHVHJDVHV
WRWKHURRWVLVKLQGHUHGLQDOLTXLGV\VWHP$WWHPSWLQJWRHQKDQFHJDVWUDQVSRUWE\
VWLUULQJEXEEOLQJRUVSDUJLQJWKHOLTXLGFDQGDPDJHVKHDUVHQVLWLYHSODQWWLVVXHV
7KHUHIRUHJDVSKDVHUHDFWRUVVKRZPDQ\DGYDQWDJHVRYHUOLTXLGSKDVHUHDFWRUV
HVSHFLDOO\LQWHUPVRIWKHDELOLW\WRHDVLO\PDQLSXODWHJDVFRPSRVLWLRQDQGDOORZHIIHFWLYH
JDVH[FKDQJHLQGHQVHO\JURZLQJELRPDVV+RZHYHUWKHLQWHUDFWLRQVEHWZHHQSODQW
WLVVXHVDQGWKHQXWULHQWPLVWHQYLURQPHQWFDQEHFRPSOH[ZLWKPDQ\GLIIHULQJGHVLJQ
DVSHFWVGLFWDWHGE\WKHDSSOLFDWLRQ)RUH[DPSOHFRPSDUHWKHGHVLJQRIWKHJURZWK
FKDPEHUDQGWKHPLVWLQJUHJLPHQVUHTXLUHGIRUJURZLQJKDLU\URRWVYVPLFURSURSDJDWHG
SODQWOHWV)LJXUHVDQG$EHWWHUXQGHUVWDQGLQJRIWKHELRORJLFDOUHVSRQVHVRIWKH
FXOWXUHGWLVVXHVPXVWEHGHYHORSHGLQRUGHUIRUPLVWUHDFWRUVWREHH[SORLWHGWRWKHLU
IXOOHVWSRWHQWLDO5HFHQWUHVXOWVDUHSURPLVLQJDQGIXUWKHUVWXGLHVDUHZDUUDQWHG
2EMHFWLYHVDQGRUJDQL]DWLRQRIWKHVLV
7KHREMHFWLYHVRIWKHZRUNSUHVHQWHGLQWKHVXEVHTXHQWFKDSWHUVDUHDVIROORZV)RU
WKHSXUSRVHVRIVWXG\LQJWKHJURZWKRIWUDQVIRUPHGURRWVLQDJDVSKDVHUHDFWRULWZDV
GHVLUDEOHWRGHFUHDVHRUHOLPLQDWHWKHOLTXLGSKDVHLPPRELOL]DWLRQDQGJURZWKSHULRG
SULRUWRWKHVZLWFKWRDHURSRQLFPRGH7KLVZDVDFFRPSOLVKHGE\GHYLVLQJDPHWKRGL Q
ZKLFKWKHURRWVDWWDFKWRDJURZWKPDWUL[YHU\TXLFNO\WKHUHE\DOORZLQJWKHUHPRYDORI
WKHOLTXLGSKDVHDQGLQLWLDWLQJJDVSKDVHFXOWXUHDOPRVWLPPHGLDWHO\7KLVWHFKQLTXHLV
GHVFULEHGLQ&KDSWHU,WEHFDPHDSSDUHQWKRZHYHUWKDWWKHLQLWLDOURRWELRPDVVGHQVLW\
LQWKHPLVWUHDFWRUZDVDNH\SDUDPHWHUWRVWXG\ZLWKUHJDUGVWRLWVHIIHFWVRQQXWULHQW
FDSWXUHDQGVXEVHTXHQWJURZWKVRUDSLGLPPRELOL]DWLRQZDVQRWSXUVXHGIXUWKHU
,QVWHDGWKHVL]HRIWKHJURZWKFKDPEHUZDVUHGXFHGDQGLWZDVPDQXDOO\ SDFNHGZLWK
URRWVDWYDULRXVLQLWLDOGHQVLWLHV%DVHGRQPDWKHPDWLFDOPRGHOLQJRIPLVWGHSRVLWLRQRQ
URRWVVHYHUDORWKHUSDUDPHWHUVZHUHDOVRGHHPHGZRUWK\RILQYHVWLJDWLRQLQFOXGLQJWKH
FRQFHQWUDWLRQRIQXWULHQWVLQWKHJURZWKPHGLXPDQGWKHPLVWGHOLYHU\UDWH7KH
UHVSRQVHVRIWKHURRWVWRWKHH[SHULPHQWDOFRQGLWLRQVZHUHHYDOXDWHGE\QRWRQO\
PRQLWRULQJELRPDVVDFFXPXODWLRQEXWQXWULHQWFRQVXPSWLRQDVZHOO7KLVDOORZHGWKH
GHWHUPLQDWLRQRIJURZWKHIILFLHQF\RUWKHDELOLW\RIWKHURRWVWRXVHWKH QXWULHQWV
SURYLGHGWRWKHLUKLJKHVWSRWHQWLDO7KHUDWLRQDOHKHUHZDVWREHDULQPLQGWKDWLIKLJK
ELRPDVVSURGXFWLRQFDQQRWEHDWWDLQHGLQDFRVWHIIHFWLYHPDQQHUXVHRIWKHJURZWK
V\VWHPZLOOQRWEHFRPPHUFLDOO\IHDVLEOH7KHVHDQDO\VHVDUHGLVFXVVHG LQ&KDSWHU
/DVWO\VLQFHUHVHDUFKXQGHUWDNHQWRDQVZHURQHTXHVWLRQDOZD\VVHHPVWREHJHWHYHQ
PRUHTXHVWLRQV&KDSWHUSURYLGHVVRPHWKRXJKWVRQIXWXUHZRUNDQGUHFRPPHQGDWLRQV
IRUIXUWKHUUHVHDUFK
7DEOH 6XPPDU\RIKDLU\URRWPLVWUHDFWRUVWXGLHV
6SHFLHV
6\VWHP
$UWHPLVLD
VXEPHUJHGXOWUDVRQLFV
$UWHPLVLD
$UWHPLVLD
$UWHPLVLD
$UWHPLVLD
$UWHPLVLD
$UWHPLVLD
%HWD
&DUWKDPXV
&LFKRULXP
'DWXUD
'DWXUD
)UDJDULD
DFRXVWLFZLQGRZ PLVWUHDFWRU
DFRXVWLFZLQGRZ PLVWUHDFWRU
DFRXVWLFZLQGRZ PLVWUHDFWRU
DFRXVWLFZLQGRZ PLVWUHDFWRU
DFRXVWLFZLQGRZ PLVWUHDFWRU
DFRXVWLFZLQGRZ PLVWUHDFWRU
VXEPHUJHGXOWUDVRQLFV
VXEPHUJHGXOWUDVRQLFV
DFRXVWLFZLQGRZ PLVWUHDFWRU
GURSOHWUHDFWRU
PLVWUHDFWRU
+\RVF\DPXV VSUD\UHDFWRU
3DQD[
5HIHUHQFH
PRGLILHGLQQHUORRSUHDFWRUJURZWKFRPSDUDEOHWRIODVNV
/LXHWDO
JURZWKFRPSDUDEOHWRIODVNVDQGSODWHV
QR2 OLPLWDWLRQEXWOHVVELRPDVVWKDQOLTXLGV\VWHPV
DOWHUHGEUDQFKLQJUDWHYHUVXVIODVNV
[KLJKHUDUWHPLVLQLQFRQWHQWWKDQEXEEOHFROXPQ
JURZWKFRPSDUDEOHWREXEEOHFROXPQ
DOWHUHGWHUSHQRLGJHQHH[SUHVVLRQYHUVXVIODVNV
JURZWKFRPSDUDEOHWRIODVNV
JURZWKFRPSDUDEOHWRIODVNVIDVWHUWKDQDLUOLIWUHDFWRU
KLJKHUELRPDVVDQGHVFXOLQFRQWHQWWKDQEXEEOHFROXPQ
[ORZHUGRXEOLQJWLPHWKDQVXEPHUJHGFXOWXUHV
K\EULGVXEPHUJHGGURSOHWUHDFWRU VXFFHVVIXOODUJHVFDOH/FXOWXUH
+\RVF\DPXV K\EULGWULFNOHEHGUHDFWRU
1LFRWLDQD
0DLQ5HVXOWV
VSUD\UHDFWRU
VSUD\UHDFWRU
ELRPDVV\LHOGKLJKHUWKDQGURSOHWELRUHDFWRU
J):/ DFKLHYHGLQIHGEDWFK2HQULFKHGV\VWHP
JURZWKFRPSDUDEOHWRVKDNHIODVNV
ORZHUGRXEOLQJWLPHWKDQIODVNV
DOWHUHGJLQVHQRVLGHSDWWHUQYHUVXVQDWLYHUKL]RPH
&RQDS
V(17HIORQSRO\FDUERQDWH
%XHUHWDO
:HDWKHUVHWDO
:\VORX]LOHWDO
.LPHWDO
.LPHWDOD
6RXUHWHWDO
:HDWKHUVHWDO
'L,RULRHWDOE:HDWKHUVHWDO
%DLVHWDO
:LOVRQHWDO
:LOVRQ
1XXWLODHWDO
5DPDNULVKQDQDQG&XUWLV
0F.HOYH\HWDO
:KLWQH\
3DOD]RQHWDO
%
$
$LU,QOHW
0LVW*HQHUDWRU
&
0LVW*HQHUDWRU
$QG*URZWK&KDPEHU
*URZWK&KDPEHU
$LU,QOHW
$FRXVWLFDOO\
7UDQVSDUHQW
:LQGRZ
0LVW*HQHUDWRU
*URZWK&KDPEHU
)LJXUH 7KUHHW\SHVRIXOWUDVRQLFPLVWUHDFWRUVWKHPLVWJHQHUDWRUDQGWKHJURZWK
FKDPEHUDUHLQVHSDUDWHYHVVHOV$PLVWJHQHUDWRUDQGJURZWKFKDPEHUDUHLQWKHVDPH
YHVVHO%DQGWKHWUDQVGXFHULVVHSDUDWHGIURPDXWRFODYHGFRPSRQHQWVE\DQDFRXVWLF
ZLQGRZ&'LUHFWLRQRIPLVWPRYHPHQWLVLQGLFDWHGE\DUURZV)LJXUHFRXUWHV\RI0
&RUUHOO
1D2+)ODVN
$LU
,QOHW
$LU
,QOHW
$
%
&
)LJXUH $FRXVWLFZLQGRZPLVWUHDFWRU$PLVWJHQHUDWRU%PLFURSURSDJDWLRQ
FKDPEHU&PHGLDUHVHUYRLUSRO\SURS\OHQHPLVWFKDPEHUQXWULHQWPHGLXPOHYHO
+ROPHVKXPLGLILHUEDVHXOWUDVRQLFWUDQVGXFHUFRDOHVFHURQHZD\YDOYH
PLFURSURSDJDWLRQFKDPEHUSODQWSODWIRUPJDVVDPSOLQJSRUWFKDPEHU
VXSSRUWV3SHULVWDOWLFSXPSXVHGIRUSXPSLQJPHGLXPWRPLVWFKDPEHU)LJXUHFRXUWHV\
RI0&RUUHOO
DLULQ
PHGLXP
DLURXW
DLULQ
JDVSKDVH
FXOWXUH
FKDPEHU
UHVHUYRLU
PLVW
FRDOHVFHU
PHGLXP
PLVW
PHGLXP
PLVW
FKDPEHU
UHVHUYRLU
JDVSKDVH
DLULQ
FXOWXUH
FKDPEHU
PLVWJHQHUDWRU
PLVW
)LJXUH 7ZRW\SHVRIJDVSKDVHELRUHDFWRUVIRUKDLU\URRWFXOWXUH7RSWULFNOHEHG
UHDFWRU%RWWRPQXWULHQWPLVWUHDFWRU)LJXUHFRXUWHV\RI<.LP
$GKHVLRQRISODQWURRWVWRSRO\/O\VLQHFRDWHG
SRO\SURS\OHQHVXEVWUDWHV
WKLVFKDSWHUZDVSXEOLVKHGDV7RZOHU0-DQG:HDWKHUV3-$GKHVLRQRI
SODQWURRWVWRSRO\/O\VLQHFRDWHGSRO\SURS\OHQHVXEVWUDWHV-RXUQDORI%LRWHFKQRO
$EVWUDFW
7KHDELOLW\WRLPPRELOL]HSODQWWLVVXHLQDELRUHDFWRULVDQLPSRUWDQWSURFHVVWRRO:H
KDYHVKRZQWKDWURRWVRIVHYHUDOVSHFLHVUDSLGO\ DWWDFKWRSRO\/O\VLQHFRDWHG
SRO\SURS\OHQHPHVKLQDOLTXLGHQYLURQPHQW8VLQJWUDQVIRUPHGURRWVRI$UWHPLVLDDQQXD
DVDPRGHOWKHDWWDFKPHQWSURFHVVZDVIRXQGWREHHQKDQFHGE\VKHHSVHUXPEXWQRW%6$
DQGLQKLELWHGE\H[FHVV0Q EXWXQDIIHFWHGE\&D RU0J$WWHPSWVWRFKDUDFWHUL]HWKH
PROHFXOHVUHVSRQVLEOHIRUELQGLQJXVLQJOHFWLQVDQGDQWLERGLHVVKRZHGWKDWWKHELQGLQJVLWH
GRHVQRWDSSHDUWREHJO\FRV\ODWHGRUYLWURQHFWLQOLNH7KLVPHWKRGRIUDSLGDWWDFKPHQW
VKRXOGSURYHXVHIXOIRUFRQWUROOHGLPPRELOL]DWLRQRIURRWVLQELRUHDFWRUV
,QWURGXFWLRQ
0DQ\ELRORJLFDOO\DFWLYHFRPSRXQGVDFFXPXODWHGLQSODQWVKDYHEHHQXVHGDV
SK\WRSKDUPDFHXWLFDOV3HUHLUDHWDO +DLU\URRWVKDYHEHHQVXJJHVWHGDVDGHVLUDEOH
VRXUFHRIWKHVHFKHPLFDOVEHFDXVHWKH\FDQSURGXFHFRPSRXQGVQRUPDOO\V\QWKHVL]HGLQ
URRWVDVZHOODVLQRWKHUSDUWVRIWKHZKROHSODQW$GGLWLRQDOO\KLJKHUOHYHOVRIVHFRQGDU\
PHWDEROLWHVFDQEHREWDLQHGLQGLIIHUHQWLDWHGWLVVXHFXOWXUHVDVFRPSDUHGWRXQGLIIHUHQWLDWHG
FHOOVXVSHQVLRQFXOWXUHV6KDQNVDQG0RUJDQ
7KRXJKPDQ\UHDFWRUVKDYHEHHQXVHGWRJURZKDLU\URRWVWKH\FDQEHGLYLGHGLQWR
WKUHHPDMRUW\SHVVHHUHYLHZE\.LPHWDOE/LTXLGSKDVHW\SHVLQFOXGHVWLUUHG
WDQNVDLUVSDUJHGYHVVHOVDQGURWDWLQJGUXPV*DVSKDVHRUOLTXLGGLVSHUVHGW\SHV
LQFOXGHQXWULHQWPLVWGURSOHWWULFNOHEHGRUWULFNOLQJILOPDQGGULSWXEHUHDFWRUV7KH
WKLUGW\SHLQFOXGHVK\EULGUHDFWRUVZKHUHJDVDQGOLTXLGSKDVHVDUHXVHGDWGLIIHUHQWSRLQWV
GXULQJWKHFXOWXUHSHULRG:KHQHYHUURRWVDUHJURZQLQOLTXLGSKDVHUHDFWRUVWKH\UHPDLQ
VXVSHQGHGDQGFDQEHFRPHHYHQO\GLVWULEXWHGXOWLPDWHO\ILOOLQJWKHJURZWKFKDPEHUDQG
HIIHFWLYHO\EHFRPLQJLPPRELOL]HG*DVSKDVHUHDFWRUVKRZHYHUSRVHDFKDOOHQJHLIWKHUH
LVQRVXSSRUWLQJOLTXLGSKDVHDIWHULQRFXODWLRQWKHURRWVVHWWOHWRWKHERWWRPRIWKHUHDFWRU
UHVXOWLQJLQXQHYHQELRPDVVGLVWULEXWLRQWKDWFDQOHDGWRFKDQQHOLQJDQGOLPLWDWLRQVLQPDVV
WUDQVIHU&HUWDLQO\LPPRELOL]DWLRQRIWKHURRWLQRFXOXPRQDVXSSRUWZRXOGIDFLOLWDWHDPRUH
HYHQGLVWULEXWLRQRIWKHJURZLQJURRWEHGDQGPLQLPL]HPDVVWUDQVIHUSUREOHPV,QGHHG
HYHQDK\EULGUHDFWRUZRXOGEHQHILWIURPELRPDVVLPPRELOL]DWLRQ$GGLQJLQRFXOXPLQWR
WKHOLTXLGSKDVHZRXOGDIWHULPPRELOL]DWLRQDOORZLWWRUHPDLQ GLVWULEXWHGDWDWWDFKPHQWRU
FDWFKSRLQWV:LOVRQDQGFRXOGVXEVHTXHQWO\EHJURZQIXUWKHUHLWKHULQDOLTXLG RU
JDVSKDVHV\VWHP$PHDQVRIDFKLHYLQJXQLIRUPUDSLGDQGSUHGLFWDEOHDWWDFKPHQWZLWKLQ
DELRUHDFWRULVWKHUHIRUHGHVLUHG
0DQ\VWXGLHVKDYHIRFXVHGRQFHOODGKHVLRQWRYDULRXVVXEVWUDWHVLQFOXGLQJSODQWFHOO
DWWDFKPHQWSKHQRPHQD5RELQVHWDO:DODFKDQG3LUW)DFFKLQLHWDO
)DFFKLQLHWDO$UFKDPEDXOWHWDO)DFFKLQL)DFFKLQLDQG'L&RVPR
,QWHUDFWLRQVEHWZHHQURRWVDQGEDFWHULDHJ5KL]RELXPKDYHEHHQVWXGLHGIRUPDQ\
\HDUV'XYHUJHUDQG'HOPRWWH.LMQHHWDO,QWHUDFWLRQVEHWZHHQURRWVDQGVRLO
KDYHDOVREHHQGLVFXVVHG%RZHQDQG5RYLUDEXWWKHQDWXUHRIDQ\ ERQGLQJEHWZHHQ
LQGLYLGXDOURRWVDQGVRLOSDUWLFOHVKDVUHFHLYHGOLWWOHDWWHQWLRQ)LWWHU(YHQOHVVLV
NQRZQDERXWKRZURRWVPLJKWDGKHUHWRVXUIDFHVLPPHUVHGLQOLTXLGDOWKRXJKHDUO\ZRUNE\
7DQDGDLQYHVWLJDWHGDGKHVLRQRIURRWWLSVRIEDUOH\+RUGHXPYXOJDUH /YDU
&RPSDQDDQGPXQJEHDQ3KDVHROXVDXUHXVWRJODVV7DNHQWRJHWKHUWKHVHVWXGLHV
VXJJHVWHGWKDWURRWVKDYHDGKHVLYHSURSHUWLHVWKDWPLJKWEHH[SORLWHGDVDQLPPRELOL]DWLRQ
VWUDWHJ\LQDELRUHDFWRU
$WWKHS+OHYHOVRIW\SLFDOJURZWKPHGLDSODQWFHOOVKDYHDQHWQHJDWLYHFKDUJH
)DFFKLQLHWDO0DQ\VXEVWUDWHVXVHGIRULPPRELOL]DWLRQDUHDOVRQHJDWLYHO\
FKDUJHGDQGWKXVLQWHUDFWLRQVDUHXQIDYRUDEOH:HLQYHVWLJDWHGYDULRXVSRO\FDWLRQVIRU
WKHLUDELOLW\WRUHGXFHWKHUHSXOVLRQEHWZHHQSODQWWLVVXHDQGVXEVWUDWHVZLWKRXWDIIHFWLQJ
ELRPDVVYLDELOLW\+HUHZHUHSRUWRQWKHFKDUDFWHULVWLFVRIWKHUDSLGELQGLQJRIURRWVWRD
SRO\SURS\OHQHPDWUL[FRDWHGZLWKWKHSRO\FDWLRQSRO\/O\VLQH
0DWHULDOVDQGPHWKRGV
3ODQWPDWHULDODQGFXOWLYDWLRQ
+DLU\URRWVRI$UWHPLVLDDQQXD FORQH<87:HDWKHUVHWDOZHUH
VXEFXOWXUHGHYHU\GD\VLQWRP/*DPERUJ
V%PHGLXPZLWKZYVXFURVHS+
EHIRUHDXWRFODYLQJLQP/VKDNHIODVNV*DPERUJHWDODQGLQFXEDWHGRQD
URWDU\VKDNHUDWUSPDQGq&LQDPELHQWOLJKWDERXWPROPVHF5RRWVJURZQ
LQWKHGDUNDWq&RQVHPLVROLGZY3K\WDJHO6LJPD3%PHGLXPLQ
SHWULGLVKHVZHUHLQRFXODWHGLQWROLTXLG%PHGLXPLQVKDNHIODVNV $IWHUGD\VWKHVH
URRWVZHUHWUDQVIHUUHGWRVKDNHIODVNVIRUDQDGGLWLRQDOGD\VVXEVHTXHQWO\WKHWLVVXHZDV
XVHGIRUH[SHULPHQWV
+DLU\URRWVRI%HWDYXOJDULV ZHUHLQLWLDWHGYLDWKHURRWGLVNPHWKRG'L,RULRHWDO
FXVLQJ$JUREDFWHULXPUKL]RJHQHV VWUDLQ$7&&DQGZHUHPDLQWDLQHGLQWKH
GDUNDWq&RQVHPLVROLG%PHGLXPLQSHWULGLVKHV$VLQJOHFORQHZDVVHOHFWHGDQG
LQRFXOXPIRUH[SHULPHQWVZDVREWDLQHGIURPGD\ROGOLTXLGFXOWXUHVWKDWZHUHLQRFXODWHG
ZLWKURRWVJURZQRQVHPLVROLGPHGLXPDQGWKHQJURZQDVGHVFULEHGDERYHIRU$DQQXD
VKDNHIODVNV
1RUPDOURRWVRI$UDELGRSVLVWKDOLDQD VWUDLQ'LZHUHREWDLQHGE\VWHULOL]LQJVHHGV
DFFRUGLQJWR5HHGHWDODQGWKHQLQFXEDWLQJWKHVHHGVLQOLTXLG%PHGLXPLQVKDNH
IODVNVDVGHVFULEHGDERYHIRU$DQQXD ,QRFXOXPIRUH[SHULPHQWVZDVREWDLQHGIURP
SODQWOHWVWKDWZHUHVXEFXOWXUHGHYHU\GD\V
%LRPDVVPHDVXUHPHQWV
)UHVKZHLJKWVZHUHGHWHUPLQHGDIWHUEORWWLQJURRWWLVVXHRQSDSHUWRZHOV'U\ZHLJKWV
ZHUHREWDLQHGDIWHUGU\LQJWKHURRWWLVVXHLQDq&RYHQWRFRQVWDQWZHLJKW
%LQGLQJ7HVW6\VWHP
$OOELQGLQJVWXGLHVRFFXUUHGLQP/JODVVWHVWWXEHVPP,'PP2'
PPKLJK$[FPSLHFHRISRO\SURS\OHQHPHVK5&036PDOO3DUWV,QF
ZDVSODFHGYHUWLFDOO\LQWKHERWWRPRIHDFKWXEHFRQWDLQLQJP/DXWRFODYHG%PHGLXP
S+XQOHVVRWKHUZLVHQRWHG(DFKWXEHFRQWDLQHGURRWVHJPHQWVXQOHVVRWKHUZLVH
VSHFLILHG5RRWVHJPHQWVZHUHFXWPPIURPWKHURRWWLSDQGDJDLQPPEHKLQGWKH
ILUVWFXWLHWZRVHJPHQWVZHUHFXWIURPHDFKURRW7HVWWXEHVZHUHLQFXEDWHGLQVODQW
UDFNVRQDURWDU\VKDNHUDWUSPDQGq&LQDPELHQWOLJKWDQGREVHUYHG$IWHUDKU
LQFXEDWLRQURRWVUHPDLQLQJLPPRELOL]HGRQWKHPHVKSLHFHDIWHUJHQWOHPDQXDOVZLUOLQJ
ZHUHFRQVLGHUHGWREHERXQG%LQGLQJLVGHILQHGDV>RIURRWVHJPHQWVDWWDFKHGWRPHVK@
>WRWDOVHJPHQWV@[
3RO\/O\VLQHFRDWLQJ
6ROXWLRQVRIZYSRO\/O\VLQH36LJPD&KHPLFDO&RPSDQ\LQG+2
ZHUHNHSWIUR]HQq&XQWLOXVH7KHVROXWLRQZDVILOWHUVWHULOL]HGWKURXJKDP
Q\ORQILOWHU1DOJHQHSULRUWRXVHLIQHFHVVDU\3RO\SURS\OHQHPHVKPDWULFHV
ZHUHFRDWHGE\VXEPHUVLRQLQWKHVROXWLRQIRUPLQXWHVDIWHUZKLFKWKHPHVKZDVDLU
GULHG
$QWLERG\LQWHUDFWLRQSURWRFRO
5RRWVHJPHQWVZHUHLQFXEDWHGLQEORFNLQJVROXWLRQYYVKHHSVHUXP6
6LJPDLQ%PHGLXPIRUPLQXWHVDQGWKHQVXEMHFWHGWRWKUHHPLQXWHULQVHV
LQSKRVSKDWHEXIIHUHGVDOLQH3%601D&OP0.&OP0.+32
P01D+32S+:DQJHWDOIROORZHGE\LQFXEDWLRQZLWKDQWLERG\VKHHS
DQWLKXPDQYLWURQHFWLQSXULILHG,J*6$91,*(Q]\PH5HVHDUFK/DERUDWRULHV,QF
GLOXWHGLQ3%6IRUWZRKRXUVDQGDQDGGLWLRQDOVHWRIWKUHHPLQXWH ULQVHVZLWK
3%6EHIRUHEHLQJUHSODFHGLQWRWKHELQGLQJWHVWV\VWHPSUHYLRXVO\GHVFULEHG$OO
LQFXEDWLRQVSULRUWRELQGLQJDVVHVVPHQWRFFXUUHGLQP/JODVVEHDNHUVRQDURWDU\
VKDNHUDWUSPDQGq&LQDPELHQWOLJKWZLWKWKHH[FHSWLRQRIDQWLERG\
LQFXEDWLRQWKDWZDVSHUIRUPHGLQP/JODVVWHVWWXEHVWRPLQLPL]HWKHYROXPHRI
DQWLERG\QHHGHG3UHYLRXVVWXGLHVXVHGDQWLERG\GLOXWLRQVIURPWRDVORZDV 6DQGHUVHWDO :DJQHUDQG0DWWK\VVHWKXVZHFRQVLGHUHGWKDWDGLOXWLRQ
RIZDVDGHTXDWHIRURXUDSSOLFDWLRQ
3URWHLQHIIHFWVRQURRWELQGLQJWRPHVKDQGJURZWK
3URWHLQVRDNHGURRWVZHUHGHILQHGDVURRWVHJPHQWVWKDWZHUHLQFXEDWHGLQWKH
IROORZLQJSURWHLQVROXWLRQVGLOXWHGZLWK%PHGLXPIRUPLQXWHVDVLIEORFNLQJWKHWLVVXH
IRUDQWLERG\VWXGLHVYYVKHHSVHUXPRUDQDSSUR[LPDWHDOEXPLQHTXLYDOHQWRI
ZYERYLQHVHUXPDOEXPLQ%6$6LJPD7RGHWHUPLQHWKHHIIHFWVRISRO\/
O\VLQHRQURRWJURZWKWKHDPRXQWRISRO\/O\VLQHQHHGHGWRFRDWRQHSLHFHRIPHVKZDV
PHDVXUHGE\ZHLJKWGLIIHUHQFHZHWPHVKZHLJKWPLQXVGU\PHVKZHLJKWEDVHGRQDQ
HVWLPDWHGVROXWLRQGHQVLW\RIJP/$VDZRUVWFDVHVFHQDULRLWZDVDVVXPHGWKDWDOO
RIWKHSRO\/O\VLQHRQWKHPHVKZHQWLQWRVROXWLRQ 5RRWVZHUHLQRFXODWHGLQWR%PHGLXP
FRQWDLQLQJWKHFRUUHVSRQGLQJFRQFHQWUDWLRQRISRO\/O\VLQH3RO\SURS\OHQHPHVKZDVQRW
LQFOXGHG7RGHWHUPLQHWKHHIIHFWVRIVKHHSVHUXPRQURRWJURZWKURRWVZHUHHLWKHU
LQRFXODWHGLQWRYYVKHHSVHUXPLQ%PHGLXPLQIODVNVRUVRDNHGLQYY
VKHHSVHUXPIRUPLQXWHVEHIRUHLQRFXODWLRQLQWR%PHGLXPDJDLQQRPHVKZDV
LQFOXGHGZLWKWKHURRWV,QDVXEVHTXHQWVHWRIH[SHULPHQWVPHVKERWKFRDWHGDQG
XQFRDWHGZDVLQFOXGHGZLWKWKHLQRFXOXPWRDVVHVVLWVHIIHFWVRQURRWJURZWK
7U\SVLQL]DWLRQ
$IWHUELQGLQJWRSRO\/O\VLQHFRDWHGSRO\SURS\OHQHPHVKIRUKRXUVLQ%PHGLXP
P/DOLTXRWVRIWU\SVLQ76LJPDZHUHDGGHGWRJLYHILQDOFRQFHQWUDWLRQVRIRU
ZY&RQWUROFXOWXUHVUHFHLYHGP/RI%PHGLXP7KHQXPEHURIURRWVWKDW
UHPDLQHGERXQGWRWKHPHVKZDVPHDVXUHGPLQXWHVDIWHUWU\SVLQDGGLWLRQ
/HFWLQLQWHUDFWLRQZLWKURRWELQGLQJ
)RXUOHFWLQVZHUHVWXGLHGIRUWKHLUDELOLW\WREORFNWKHELQGLQJVLWHFRQFDQDYDOLQ$
FRQ$&6LJPDSHDQXWDJJOXWLQLQ31$/6LJPDZKHDWJHUPDJJOXWLQLQ
:*$/6LJPDDQG5LFLQXVFRPPXQLV DJJOXWLQLQ,5&$,/6LJPD
/HFWLQVZHUHGLVVROYHGRUGLOXWHGLQG+2DWDFRQFHQWUDWLRQRIJP/WKLV
FRQFHQWUDWLRQ ZDVVXIILFLHQWWREORFNQRGXODWLRQRI0DFURSWLOLXPDWURSXUSXUHXP E\
5KL]RELXP 5LGJHDQG5ROI8QFXWURRWVJ):ZHUHLQFXEDWHGLQP/RI
VROXWLRQIRUPLQXWHVDQGWKHQVHJPHQWVZHUHFXWIURPWKHURRWVDQGLQRFXODWHGLQWRWKH
ELQGLQJWHVWV\VWHP,QDVHSDUDWHH[SHULPHQWURRWVHJPHQWVZHUHLQFXEDWHGZLWKYDULRXV
FRQFHQWUDWLRQVRIFRQFDQDYDOLQ$IRUPLQXWHVSULRUWRDGGLWLRQRISRO\/O\VLQHFRDWHG
SRO\SURS\OHQHPHVK6KDURQDQG/LVUHSRUWHGWKDWFRQ$UHTXLUHV0Q DQG&D LQ
RUGHUWREHDFWLYHWKHUHIRUHWKHVHFDWLRQVZHUHDGGHGWRWKHLQFXEDWLRQPHGLXPDV
0Q&OÂ+206LJPDDQG&D&OÂ+2&6LJPDUHVSHFWLYHO\6XEVHTXHQW
VWXGLHVH[DPLQHGWKHLQGLYLGXDOHIIHFWVRIERWKGLYDOHQWFDWLRQVDVZHOODVWKDWRI0J DV
0J&OÂ+206LJPDRQURRWELQGLQJ
6WDWLVWLFDODQDO\VLV
6WDQGDUGGHYLDWLRQVIURPWKHPHDQZHUHFDOFXODWHGIRUHDFKH[SHULPHQW8QSDLUHG
VWXGHQWWWHVWVZHUHXVHGWRGHWHUPLQHVWDWLVWLFDOVLJQLILFDQFHDW3 5HVXOWVDQGGLVFXVVLRQ
:H XQGHUWRRNDVWXG\RIURRWELQGLQJWRLQHUWVXEVWUDWHVEHFDXVHZHKDGQRWLFHG
WKDWURRWVRIWHQEHFDPHDWWDFKHGWRZDOOVRIJODVVVKDNHIODVNVDQGSODVWLFUHDFWRUYHVVHOV
%DVHGRQSUHOLPLQDU\VWXGLHVRIDQXPEHURIPHVKVXEVWUDWHVQHRSUHQHQ\ORQSRO\HVWHU
SRO\SURS\OHQHVWDLQOHVVVWHHODQGSRO\FDWLRQVFHW\OS\ULGLQLXPFKORULGHFKLWRVDQ
KH[DGLPHWKULQHEURPLGHSRO\HWK\OHQLPLQHSRO\/O\VLQHSURWDPLQHZHFKRVHWR
IXUWKHULQYHVWLJDWHWKHXVHRISRO\/O\VLQHFRDWHGSRO\SURS\OHQHPHVKIRU
LPPRELOL]DWLRQRIURRWV
*HQHUDOELQGLQJIHDWXUHV
0LFURVFRSLFH[DPLQDWLRQRI$DQQXD URRWVHJPHQWVERXQGWRWKHPHVKUHYHDOHGWKDW
WKHURRWVZHUHRIWHQERXQGWRWKHSRO\SURS\OHQHVWUDQGVYLDH[WHQGHGURRWKDLUV)LJXUH
DOWKRXJKDGKHVLRQDOVRRFFXUUHGGLUHFWO\ZLWKKDLUOHVVHSLGHUPDOFHOOV7KHDWWDFKHGURRW
KDLUVVHHPHGWRIXQFWLRQOLNHHODVWLFWHWKHUV5RRWVDWWDFKHGE\URRWKDLUVZRXOGERXQFH
EDFNDQGIRUWKZKHQJHQWO\VKDNHQEXWWKHQUHWXUQHGWRWKHLURULJLQDOWHWKHUHGSRVLWLRQ
$SSUR[LPDWHO\RIWKH$DQQXD KDLU\URRWVHJPHQWVEHFDPHERXQGWRSRO\/O\VLQH
FRDWHGSRO\SURS\OHQHPHVKZLWKLQDIHZPLQXWHVDIWHUDGGLWLRQWRWKHWHVWV\VWHPVDQGDOO
ELQGLQJZDVFRPSOHWHZLWKLQWZRKRXUVGDWDQRWVKRZQ7RGHWHUPLQHLIWKLVELQGLQJZDV
XQLTXHWR$DQQXD RUPRUHEURDGO\DSSOLFDEOHWRRWKHUVSHFLHVZHDOVRFRPSDUHG%HWD
YXOJDULV WUDQVIRUPHGZLWKWKHVDPHVWUDLQRI$JUREDFWHULXPUKL]RJHQHVDQGD
QRQWUDQVIRUPHGVSHFLHV$UDELGRSVLVWKDOLDQD 7KHURRWVRIDOOWKUHHVSHFLHVUHVSRQGHG
VLPLODUO\LQWKDWDOOVKRZHGDVLJQLILFDQWLQFUHDVHLQWKHOHYHORIELQGLQJDFKLHYHGZKHQWKH
VXSSRUWLQJPDWUL[ZDVFRDWHGZLWKSRO\/O\VLQH$DQQXD%YXOJDULV$
WKDOLDQD)RUDOOWKUHHVSHFLHVWKHSURFHVVZDVFRPSOHWHZLWKLQPLQXWHVGDWDQRW
VKRZQ7KHVHUHVXOWVVXJJHVWWKDWWKHELQGLQJSURFHVVLVFRPPRQWRDYDULHW\RIVSHFLHV
DQGWKDWLWLVQRWQHFHVVDULO\LQIOXHQFHGE\$JUREDFWHULXP WUDQVIRUPDWLRQ2IWKHWKUHH
VSHFLHVWHVWHG%HWDYXOJDULV KDLU\URRWVFRQVLVWHQWO\VKRZHGORZHUOHYHOVRIELQGLQJ
SRVVLEO\EHFDXVHSRO\/O\VLQHDOVRDIIHFWVFHOOPHPEUDQHVDQGFDXVHVSLJPHQWHIIOX[IURP
EHHWURRWWLVVXH6LHJHODQG'DO\3LJPHQWOHYHOVLQWKHPHGLXPZHUHQRWDQDO\]HG
QRUZDVJURZWKPRQLWRUHGLQWKHH[SHULPHQWVUHSRUWHGKHUHKRZHYHUQRYLVLEOHFRORUDWLRQ
RIWKHPHGLXPLQGLFDWLYHRISLJPHQWOHDNDJHZDVQRWHG
3URWHLQVLQYROYHGLQELQGLQJ
,QDQHIIRUWWRXQGHUVWDQGWKHELQGLQJSURFHVVZHVHDUFKHGIRUDGKHVLRQPROHFXOHV
LQFOXGLQJSODQWYLWURQHFWLQVDQGJO\FRSURWHLQVLQWKHURRWVWKDWPLJKWEHFRPPRQWRD
QXPEHURIVSHFLHV:HK\SRWKHVL]HGWKDWLIWKHVHPROHFXOHVZHUHEORFNHGWKURXJKXVHRI
VSHFLILFFRPSRXQGVDQGVXEVHTXHQWDGKHVLRQGLGQRWRFFXULWZDVOLNHO\WKDWDVLPLODU
PROHFXOHZDVLQYROYHGLQWKHPHFKDQLVPRIURRWDWWDFKPHQWWR SRO\/O\VLQHFRDWHG
SRO\SURS\OHQHPHVK
3ODQWDGKHVLRQPROHFXOHVVLPLODUWRKXPDQYLWURQHFWLQVDUHFRPPRQLQPDQ\SODQWV
6DQGHUVHWDO:DJQHUDQG0DWWK\VVH:DJQHUHWDO=KXHWDO
=KXHWDO:DQJHWDO$YLWURQHFWLQOLNHPROHFXOHKRZHYHULVSUREDEO\QRW
LQYROYHGLQWKHSURFHVVRIURRWDWWDFKPHQWIRU$DQQXD%YXOJDULVRU$WKDOLDQD EHFDXVH
ELQGLQJRFFXUUHGGHVSLWHWKHDGGLWLRQRIYLWURQHFWLQDQWLERGLHVWRWKHELQGLQJWHVWV\VWHP
GDWDQRWVKRZQ
3ODQWFHOOVDUHDOVRNQRZQWRKDYHDGLYHUVLW\RISRO\VDFFKDULGHVSURWHLQVDQG
JO\FRSURWHLQVDVVRFLDWHGZLWKWKHLUFHOOVXUIDFH.ROVWHUDQG%LHGHUEHFNDQGXVHRI
OHFWLQVFDQSURYLGHXVHIXOLQIRUPDWLRQDERXWELQGLQJVLWHV7RWHVWZKHWKHUJO\FRSURWHLQV
PD\EHLQYROYHGLQELQGLQJZHXVHGIRXUOHFWLQVFRQFDQDYDOLQ$FRQ$VSHFLILFIRU./
PDQQRVH./JOXFRVHSHDQXWDJJOXWLQLQ31$VSHFLILFIRU'JDODFWRVH1DFHW\O.
'JDODFWRVDPLQHZKHDWJHUPDJJOXWLQLQ:*$VSHFLILFIRUVLDOLFDFLGDQG5LFLQXV
FRPPXQLV DJJOXWLQLQ,5&$,VSHFLILFIRU'JDODFWRVH+RZHYHUQRQHRIWKHIRXU
OHFWLQVLQKLELWHGDGKHVLRQRI$DQQXD URRWVWRWKHSRO\/O\VLQHFRDWHGPHVKVXJJHVWLQJ
WKDWJO\FRSURWHLQVDUHQRWLQYROYHGLQWKHDGKHVLRQSURFHVVGDWDQRWVKRZQ
0DPPDOLDQFHOOVUHDGLO\DGKHUHWRVXUIDFHVFRDWHGZLWKSRO\/O\VLQHDQGFDQEH
UDSLGO\GHWDFKHGXVLQJWU\SVLQ:HWU\SVLQL]HGDWWDFKHGURRWVIRUPLQXWHVEXWQR
GHWDFKPHQWRIURRWVRFFXUUHGGDWDQRWVKRZQ.ROVWHUDQG%LHGHUEHFNVLPLODUO\
VKRZHGWKDWYDULRXVHQ]\PHVZHUHLQHIIHFWLYHLQGHWDFKLQJFHOOVRI&DO\VWHJLDVHSLXP /
WKDWZHUHERXQGWRYDULRXVVXEVWUDWHVLQFOXGLQJJODVVSRO\VW\UHQHSRO\HWK\OHQH
WHWUDSKWKDOHQHDQGDOXPLQXPIRLO
3URWHLQHIIHFWVRQURRWJURZWK
,ISRO\/O\VLQHLVWREHXVHGWRLPPRELOL]HURRWVLQDELRUHDFWRULWLVLPSRUWDQWWR
GHWHUPLQHZKHWKHUVXEVHTXHQWJURZWKLVDIIHFWHG3RO\/O\VLQHGLGQRWVLJQLILFDQWO\
LQFUHDVHURRWELRPDVVFRPSDUHGWRWKH%FRQWURODOWKRXJKWKH':):UDWLRGLGLQFUHDVH
VOLJKWO\7DEOH7KHVHGDWDDOVRVKRZHGWKDWWKHDPRXQWRISRO\/O\VLQHXVHGWRFRDWWKH
PHVKZDVQRWWR[LFWR$DQQXD KDLU\URRWV7DEOH7KHDPRXQWRISRO\/O\VLQHXVHGLQ
WKLVH[SHULPHQWZYZDVDQDPRXQWHVWLPDWHGWREHFRDWLQJWKHPHVK 5RRWV
FXOWLYDWHGZLWKSRO\/O\VLQHFRDWHGPHVKZLWKRUZLWKRXWDSULRULQFXEDWLRQLQVKHHS
VHUXPVKRZHGLQFUHDVHGJURZWKFRPSDUHGWRFRQWUROVJURZQZLWKXQFRDWHGPHVK7DEOH
':):UDWLRVZHUHKRZHYHUVWDWLVWLFDOO\LGHQWLFDOIRUDOOFRQGLWLRQV
,QWHUHVWLQJO\WKHVKHHSVHUXPXVHGLQWKHYLWURQHFWLQDQWLERG\H[SHULPHQWVDSSHDUHG
WRLQFUHDVHWKHQXPEHURI$DQQXD URRWVWKDWERXQGWRSRO\/O\VLQHFRDWHGPHVKDQGD
VXEVHTXHQWH[SHULPHQWFRQILUPHGWKDWLQFXEDWLQJURRWVRI$DQQXD LQVKHHSVHUXP
HQKDQFHGWKHELQGLQJSURFHVVE\DERXW7KLVHIIHFWZDVQRWDJHQHUDOSURWHLQHIIHFW
KRZHYHUEHFDXVHURRWVVRDNHGLQDVROXWLRQRI%6$ZHUHQRWVLPLODUO\VWLPXODWHG
7RGHWHUPLQHZKHWKHUWKHVKHHSVHUXPFUHDWHGDQDUWLIDFWLQDQWLERG\ELQGLQJVWXGLHV
E\DIIHFWLQJURRWJURZWKURRWVZHUHLQFXEDWHGLQ%PHGLXPFRQWDLQLQJVKHHSVHUXPDQG
JURZWKZDVPHDVXUHGDIWHUGD\V&RQWLQXRXVFXOWXUHLQYYVKHHSVHUXPLQKLELWHG
URRWJURZWKDQGSURPRWHGYLVXDOFDOOXVIRUPDWLRQDVHYLGHQFHGDOVRE\WKHKLJKHU':):
UDWLR7DEOH,QFRQWUDVWWKHVKRUWPLQLQFXEDWLRQSHULRGLQVKHHSVHUXPXVHGSULRU
WRWKHYLWURQHFWLQELQGLQJVWXG\UHVXOWHGLQJURZWKHTXLYDOHQWWRWKDWRIURRWVJURZQLQ%
PHGLXPDOWKRXJKWKH':):UDWLRZDVVOLJKWO\KLJKHU7DEOH:KHUHDV%6$LVDVLQJOH
SXUHSURWHLQVKHHSVHUXPLVDFRPSOH[PL[WXUHRISURWHLQVDQGRWKHUVPDOOPROHFXOHV,WLV
WKXVSRVVLEOHWKDWDQ\RQHRIWKHVHRWKHUFRPSRXQGVDIIHFWVWKHVWLPXODWLRQRIELQGLQJE\
VKHHSVHUXP
,PPRELOL]DWLRQHIIHFWVRQURRWJURZWK
7RGHWHUPLQHZKHWKHUWKHSK\VLFDOSURFHVVRILPPRELOL]DWLRQVWLPXODWHGURRW
JURZWKURRWVZHUHJURZQZLWKRXWPHVKDQGFRPSDUHGWRWKRVHJURZQZLWKXQFRDWHGRU
SRO\/O\VLQHFRDWHGPHVK7KHUHZDVQRVLJQLILFDQWLQFUHDVHLQJURZWKLQWKHSUHVHQFH
RIPHVK7DEOH$OWKRXJKWKHUHZDVDVPDOOEXWVLJQLILFDQWLQFUHDVHLQ':WKHUHE\
DOVRDOWHULQJWKH':):UDWLRVWKLVLQFUHDVHPD\KDYHEHHQGXHWRDVOLJKWLQFUHDVHLQ
FDOOXVIRUPDWLRQLQURRWPDWVHQWDQJOHGLQWKHPHVKSLHFHV7DNHQWRJHWKHUWKHVHGDWD
VXJJHVWWKDWWKHUHDUHQRPHDVXUDEOHHIIHFWVRQJURZWKIURPHLWKHUWKHDGGLWLRQRISRO\/
O\VLQHRUWKHSK\VLFDOSURFHVVRILPPRELOL]DWLRQRIURRWVRQPHVK
'LYDOHQWFDWLRQVDIIHFWELQGLQJ
'XULQJRXUVWXGLHVZLWKWKHOHFWLQFRQ$ZHREVHUYHGWKDWWKHUHTXLUHGDFWLYDWLQJ
FDWLRQV0Q DQG&DVLJQLILFDQWO\GHFUHDVHG$DQQXD URRWELQGLQJ7RLQYHVWLJDWH
WKLVIXUWKHUVXEVHTXHQWH[SHULPHQWVLQYROYHGWKHDGGLWLRQRUH[FOXVLRQRIGLYDOHQW
FDWLRQV0Q&DDQG0JIURPWKHELQGLQJVROXWLRQ 7KHGDWDLQ7DEOHVKRZWKDW
RQO\0Q DSSHDUHGWRDIIHFWELQGLQJ,QFUHDVHGOHYHOVRI0Q UHVXOWHGLQDVLJQLILFDQW
GHFUHDVHLQELQGLQJ6WXGLHVZLWKYDULRXVFRQFHQWUDWLRQVRI0Q LQGLFDWHGWKDWWKLV
HIIHFWLVQRWDSSDUHQWXQWLODWOHDVWP0H[FHVV0Q LVSUHVHQWGDWDQRWVKRZQ7KH
EDVDOOHYHOVRI0Q&DDQG0J LQ%PHGLXPDUHDQGP0
UHVSHFWLYHO\)RU0QP0UHSUHVHQWVDQHDUO\IROGLQFUHDVHLQFRQFHQWUDWLRQ
$OWKRXJKH[FHVV0Q FDQLQKLELWDWWDFKPHQWRQFHWKHURRWVDUHERXQGWRWKHPHVK
DGGLWLRQRIP0H[FHVV0Q GLGQRWUHVXOWLQGHWDFKPHQWGDWDQRWVKRZQ
,QPDQ\LQVWDQFHVWKHSK\VLRORJLFDOVWDWHRIWKHFHOORUJDQLVPKDVDVLJQLILFDQWHIIHFW
RQLWVDGKHVLRQSURSHUWLHV9DQ+DHFKWHWDO)DFFKLQLHWDO$UFKDPEDXOWHW
DO&RQVHTXHQWO\ZHFRQVLGHUHGWKDWWKHODUJHLQFUHDVHLQ0Q FRQFHQWUDWLRQPD\
KDYHDIIHFWHGWKHPHWDEROLVPRIWKHURRWV:KHQURRWVZHUHJURZQLQ%PHGLXPSOXV
P00Q IRUGD\VWKHUHZDVYHU\OLWWOHLQFUHDVHLQELRPDVV+RZHYHULIURRWVZHUH
LQFXEDWHGLQWKLVPHGLXPIRUKRXUVDQGWKHQWUDQVIHUUHGLQWRQRUPDO%PHGLXPJURZWK
ZDVFRPSDUDEOHWRFRQWUROVGDWDQRWVKRZQ7KHFDWLRQV&D DQG0J ZHUHQRWWHVWHG
IRUWKHLUHIIHFWVRQJURZWKEHFDXVHWKH\KDGQRWEHHQVKRZQWRDIIHFWWKHELQGLQJSURFHVV
$OWKRXJKLWLVQRWFOHDUZK\0Q DQGQRWWKHRWKHUGLYDOHQWFDWLRQVWHVWHGDIIHFWHGWKHOHYHO
RIDWWDFKPHQWRI$DQQXD URRWVWRWKHPHVKRWKHUVKDYHREVHUYHGVRPHVSHFLHVDQG
VXEVWUDWHVSHFLILFLW\RIFDWLRQVLQDGKHVLYHUHVSRQVHV:DODFKDQG3LUW)DFFKLQLHWDO
)RUH[DPSOH1D KDGQRHIIHFWRQWKHDGKHVLRQRI&DWKDUDQWKXVURVHXV FHOOVWR
VHYHUDOSODVWLFVXEVWUDWHVZKHUHDV&D VOLJKWO\VWLPXODWHGDGKHVLRQDQG$O LQFUHDVHG
DGKHVLRQXSWRDFRQFHQWUDWLRQRIP0DIWHUZKLFKDGKHVLRQGHFUHDVHG)DFFKLQLHWDO
)RUWKHDIRUHPHQWLRQHGVWXGLHVWKHSODVWLFVXEVWUDWHVZHUHQRWFRDWHGZLWKSRO\/
O\VLQHDQGWKHUHIRUHZHUHQHJDWLYHO\FKDUJHG,QVWXGLHVXVLQJ&KORUHOOD:DODFKDQG3LUW
REVHUYHGWKDWWKHFHOOVERXQGPRUHHIILFLHQWO\WRJODVVZKHQJURZQLQDPRGLILHG
PHGLXPDQGLQFRQWUDVWWRRXUUHVXOWVDGHFUHDVHGOHYHORIPDJQHVLXPGHFUHDVHGWKHOHYHO
RIFHOODGKHVLRQ5HGXFLQJWKHFRQFHQWUDWLRQRILURQFDOFLXPDQGWUDFHHOHPHQWVUHVXOWHGLQ
DQLQFUHDVHGOHYHORIDGKHVLRQKRZHYHUWKHVHFRPSRQHQWVWHVWHGLQGLYLGXDOO\VKRZHGOLWWOH
HIIHFWRQELQGLQJRI&KORUHOOD
2WKHUIDFWRUVDQGELQGLQJ
,QDQHIIRUWWRUHGXFHYDULDELOLW\LQWKHSHUFHQWDJHRIURRWVELQGLQJWR SRO\/O\VLQH
FRDWHGSRO\SURS\OHQHPHVKIRUDJLYHQVHWRIFRQGLWLRQVDQXPEHURIRWKHUIDFWRUVZHUH
WHVWHG7KHUHZDVQRVLJQLILFDQWGLIIHUHQFHLQELQGLQJIRUURRWWLSVYHUVXVWKHDGMDFHQW
VHJPHQWGDWDQRWVKRZQ$OWKRXJK $DQQXD URRWVJURZEHWWHULQILOWHUVWHULOL]HGPHGLXP
WKDQLQDXWRFODYHGPHGLXPXQSXEOLVKHGGDWDDGKHVLRQZDVQRWDIIHFWHG:KLOH)DFFKLQL
HWDODQG0R]HVHWDOIRXQGWKDWWKHS+RIWKHVXVSHQGLQJPHGLXPKDGD
PHDVXUDEOHHIIHFWRQWKHDGKHVLRQRI&DWKDUDQWKXVURVHXV FHOOVDQG0RQLOLHOODSROOLQLV
UHVSHFWLYHO\RXUH[SHULPHQWVVKRZHGWKDWWKHOHYHORIELQGLQJRI$DQQXD URRWVZDVQRW
DIIHFWHGLQDS+UDQJHRI)XUWKHUPRUHWKHLRQLFVWUHQJWKRIWKHSKRVSKDWHEXIIHU
XVHGP0WRP0GLGQRWDSSHDU WRDIIHFWELQGLQJ$OORZLQJWKHURRWVHJPHQWVD
SHULRGRIDFFOLPDWL]DWLRQWRPLQXWHVSULRUWRWKHDGGLWLRQRIPHVKDQGYDU\LQJWKH
WLPHSHULRGEHWZHHQPHVKDGGLWLRQDQGREVHUYDWLRQRIELQGLQJWRKRXUVDOVRKDGQR
VLJQLILFDQWHIIHFWRQELQGLQJPHDVXUHPHQWVGDWDQRWVKRZQ
&RQFOXVLRQV
:HKDYHGHPRQVWUDWHGWKDWURRWVRIWKUHHGLIIHUHQWVSHFLHV$UWHPLVLDDQQXD%HWD
YXOJDULVDQG$UDELGRSVLVWKDOLDQDZLOODGKHUHWRDSRO\/O\VLQHFRDWHGSRO\SURS\OHQH
VXEVWUDWH5RRWVDWWDFKWRWKHVXEVWUDWHZLWKLQPLQXWHVDQGGRQRWDGKHUHWRSRO\SURS\OHQH
ZLWKRXWWKHSRO\/O\VLQHFRDWLQJ7KHDWWDFKPHQWSKHQRPHQRQDSSDUHQWO\GRHVQRWLQYROYH
HLWKHUYLWURQHFWLQOLNHPROHFXOHVRUJO\FRSURWHLQV7KHDPRXQWRISRO\/O\VLQHXVHGLQ
WKHVHVWXGLHVZDVQRWWR[LFWRURRWVRI$DQQXD$OWKRXJKWKHGLYDOHQWFDWLRQ0Q DGGHGLQ
H[FHVVGHFUHDVHGELQGLQJ&D RU0J GLGQRW+RZHYHURQFHURRWVZHUHDWWDFKHGWRWKH
VXEVWUDWHDGGLWLRQRI0Q GLGQRWHIIHFWGHWDFKPHQW7KHH[FHVV0Q ZDVQRWGHWULPHQWDO
WR URRWJURZWKDIWHUVKRUWWHUPH[SRVXUHEXWJURZWKZDVDUUHVWHGLQFRQWLQXRXVFXOWXUH
$WWDFKPHQWRIURRWVGRHVQRWDSSHDUWREHDIIHFWHGE\WKHPHWKRGRIPHGLDVWHULOL]DWLRQS+
LRQLFVWUHQJWKDFFOLPDWL]DWLRQSHULRGLQELQGLQJVROXWLRQRUOHQJWKRILQFXEDWLRQSULRUWR
ELQGLQJPHDVXUHPHQWV$GKHUHGURRWVGLGQRWGHWDFKDIWHUWU\SVLQL]DWLRQ7KHVHUHVXOWV
VKRZWKDWURRWVFDQEHERXQGTXLFNO\DQGLQDFRQWUROOHGPDQQHUWRDQLQHUWVXEVWUDWH7KLV
LQIRUPDWLRQZLOOSURYHXVHIXOQRWRQO\IRUWKHLPPRELOL]DWLRQRIKDLU\URRWVLQELRUHDFWRUV
EXWDOVRLQIXUWKHULQJWKHXQGHUVWDQGLQJRIWKHIXQGDPHQWDOELRORJ\RIURRWV
7DEOH (IIHFWRISRO\/O\VLQHDQGVKHHSVHUXPRQ$DQQXD URRWJURZWK
&21',7,21
FRQWURO%
ZYSRO\/
O\VLQHLQ%
YYVKHHSVHUXP
LQ%
VKHHSVHUXP
VRDNWKHQJURZQLQ%
): I ):R ': I ':R
):R
DIWHUG
':R
DIWHUG
D
D
E
E
D
D
D
D
':
UDWLRu ):
D
E
F
E
,QRFXOXPZDVJEORWWHGIUHVKZHLJKWRI$DQQXD KDLU\URRWVLQP/VKDNHIODVNV
FRQWDLQLQJP/%PHGLXP7KHUHZHUHDWOHDVWUHSOLFDWHVSHUFRQGLWLRQWHVWHG
&XOWXUHVZHUHLQFXEDWHGDWUSPDQGq&LQDPELHQWOLJKWIRUGD\V/HWWHUV
LQGLFDWHVWDWLVWLFDOVLJQLILFDQFHZLWKLQDFROXPQDW3 7DEOH (IIHFWRIPHVKSRO\/O\VLQHFRDWLQJDQGVKHHSVHUXPVRDNLQJRQ$DQQXD
URRWJURZWK
&21',7,21
XQFRDWHGPHVKURRWV
): I ):R ': I ':R
):R
DIWHUG
D
SRO\/O\VLQHFRDWHGPHVKURRWV E
SRO\/O\VLQHFRDWHGPHVKVKHHS
E
VHUXPSUHVRDNHGURRWV
QRPHVK
XQFRDWHGPHVKURRWV
D
D
':R
DIWHUG
D
E
F
D
E
SRO\/O\VLQHFRDWHGPHVKURRWV D DE
':
UDWLRu ):
D
D
D
D
E
E
,QRFXOXPZDVJEORWWHGIUHVKZHLJKWRI$DQQXD KDLU\URRWVLQP/VKDNHIODVNV
FRQWDLQLQJP/%PHGLXP7KHUHZHUHDWOHDVWUHSOLFDWHVSHUFRQGLWLRQWHVWHG
&XOWXUHVZHUHLQFXEDWHGDWUSPDQGq&LQDPELHQWOLJKWIRUGD\V%UHDNLQ
WDEOHLQGLFDWHVVHSDUDWHH[SHULPHQWV /HWWHUVLQGLFDWHVWDWLVWLFDOVLJQLILFDQFHZLWKLQD
FROXPQDQGIRUHDFKVHSDUDWHH[SHULPHQWDW3 7DEOH (IIHFWRI0Q&DDQG0J RQELQGLQJRI$DQQXD URRWVHJPHQWVWRSRO\
/O\VLQHFRDWHGSRO\SURS\OHQHPHVK
0Q&O
P0
&D&O
P0
0J&O
P0
%281'
E
D
D
D
D
D
D
$WRWDORIURRWVHJPHQWVIRUHDFKFRQGLWLRQZDVLQRFXODWHGLQWRWKHLQGLFDWHGWHVW
VROXWLRQVDQGWKHUHZHUHDWOHDVWUHSOLFDWHVSHUFRQGLWLRQWHVWHG0HDVXUHPHQWVZHUH
WDNHQKRXUVDIWHUDGGLWLRQRIPHVK/HWWHUVLQGLFDWHVWDWLVWLFDOVLJQLILFDQFHDW3 )LJXUH 5RRWIUDJPHQWZLWKH[WHQGHGURRWKDLUVERXQG WRSRO\/O\VLQHFRDWHG
SRO\SURS\OHQHPHVK5URRW0SRO\SURS\OHQHPHVK7+WHWKHUHGURRWKDLUV%DU P
(IIHFWRIELRPDVVGHQVLW\VXFURVHFRQFHQWUDWLRQ
DQGIHHGUDWHRQJURZWKDQGELRPDVV\LHOGRI
WUDQVIRUPHGURRWVRI$UWHPLVLDDQQXD LQ DQXWULHQW
PLVWELRUHDFWRU
,QWURGXFWLRQ
7KHGHVLJQRIDELRUHDFWRUIRUJURZWKRIKDLU\URRWVPXVWWDNHLQWRFRQVLGHUDWLRQ
WKHPRUSKRORJLFDOFKDUDFWHULVWLFVRIWKHWLVVXH7KHPLVWUHDFWRUUHGXFHVWKHJDV
H[FKDQJHOLPLWDWLRQVDQGVKHDUFRQGLWLRQVQRUPDOO\IRXQGLQOLTXLGSKDVHUHDFWRUV,W
VKRXOGEHQRWHGWKDWVXFFHVVIXOHVWDEOLVKPHQWRIDKDLU\URRWFXOWXUHRQVROLGPHGLXP
GRHVQRWJXDUDQWHHWKDWWKHVHURRWVZLOOFRQWLQXHWRJURZZKHQWUDQVIHUUHGWROLTXLG
PHGLXP+DOODUGHWDOVRDJDVSKDVH UHDFWRUPD\EHDQHFHVVDU\RSWLRQLQWKRVH
LQVWDQFHV2[\JHQLVHVVHQWLDOIRUUHVSLUDWLRQDQGWKXVJURZWKRIURRWV7KHDELOLW\WR
DWWDLQDKLJKELRPDVVGHQVLW\LVDQLPSRUWDQWSDUWRIDQHFRQRPLFDOO\YLDEOHSURGXFWLRQ
VFKHPHDQGWKHPD[LPXPURRWWLVVXHFRQFHQWUDWLRQWKDWFDQEHDFKLHYHGGHSHQGVRQWKH
GHOLYHU\RIR[\JHQDQGRWKHUQXWULHQWVLQWRWKHGHQVHPDWUL[&XUWLV$FFRUGLQJWR
VWXGLHVE\0F.HOYH\HWDOURRWVDUHPRUHFDSDEOHRIFRPSHQVDWLQJIRUSRRU
OLTXLGGLVSHUVLRQWKDQIRUSRRUJDVGLVSHUVLRQZLWKLQUHDFWRUV\VWHPV&XUWLV7R
DVVHVVWKHUHVSRQVHRIKDLU\URRWVWRDOWHUHGOHYHOVRIR[\JHQLQPLVWUHDFWRUVDOFRKRO
GHK\GURJHQDVH$'+P51$ZDVPHDVXUHGLQ$DQQXD KDLU\URRWV&RPSDULVRQRI
$'+P51$H[SUHVVLRQLQERWKVKDNHIODVNVDQGEXEEOHFROXPQUHDFWRUVWRPLVWUHDFWRUV
VKRZHGWKDWPLVWJURZQURRWVZHUHQRWR[\JHQOLPLWHG:HDWKHUVHWDO7KHUH
ZDVQRGHWHFWDEOHH[SUHVVLRQRI$'+P51$LQURRWVJURZQLQWKHPLVWUHDFWRUWRD
GHQVLW\RIDERXWYY.LP7KLVLVHTXLYDOHQWWRDSDFNLQJIUDFWLRQD
ZKLFKHTXDOVWKHIUHVKZHLJKWFRQFHQWUDWLRQJ/u RI+RZHYHU
H[SUHVVLRQZDVGHWHFWHGLQURRWVIURPWKHEXEEOHFROXPQDWSDFNLQJGHQVLWLHVDVORZDV
YYD :HDWKHUVHWDO
7KHUHVSLUDWRU\TXRWLHQWZKLFKLVWKHUDWLRRI&2 SURGXFHGWR2 FRQVXPHG
LQFUHDVHVZLWKWKHGHJUHHRIDQDHURELFUHVSLUDWLRQ%RUGRQDURDQG&XUWLV$V
SUHYLRXVO\VWDWHG$DQQXD URRWVDUHR[\JHQGHSULYHGLQDOLTXLGSKDVHEXEEOHFROXPQ
UHDFWRU:HDWKHUVHWDODQGWKXVDUHQRWIXQFWLRQLQJDWWKHLUIXOOHVWDHURELF
FDSDFLW\:KHQ%RUGRQDURDQG&XUWLVFRPSDUHGWKHUHVSLUDWRU\TXRWLHQWVRI
+\RVF\DPXVPXWLFXV KDLU\URRWVJURZQLQHLWKHUDEXEEOHFROXPQUHDFWRURUDWULFNOHEHG
UHDFWRUDQGQRWHGWKDWWKHIRUPHUZDVFRQVLVWHQWO\KLJKHULWVXJJHVWHGWKDWDQDHURELF
UHVSLUDWLRQZDVRFFXUULQJLQWKHOLTXLGSKDVHV\VWHP7KHUHVSLUDWRU\TXRWLHQWLQWKHPLVW
UHDFWRUV\VWHPGHVFULEHGKHUHLQFRXOGQRWEHPHDVXUHGDFFXUDWHO\EHFDXVHWKH
LQWHUPLWWHQWDLUIORZXVHGGLGQRWDOORZWKHURRWVWRUHDFKDVWHDG\VWDWHRIUHVSLUDWLRQEXW
EDVHGRQWKHODFNRIPHWDEROLFR[\JHQVWUHVVLQGLFDWRUVDQGWKHKLJKO\DHUDWHG
HQYLURQPHQWLQWKHPLVWUHDFWRUWKHURRWVVKRXOGJURZPRUHHIILFLHQWO\FRPSDUHGWR
OLTXLGSKDVHV\VWHPV8OWLPDWHO\LIDSURILWDEOHPHWKRGRIURRWFXOWXUHLVGHVLUHGQRW
RQO\PXVWWKHDPRXQWRIELRPDVVSURGXFHGSHUXQLWYROXPHEHPD[LPL]HGEXWWKH
FRQYHUVLRQRIFRVWO\QXWULHQWVLQWRWKDWELRPDVVVKRXOGEHRSWLPL]HGDVZHOO
.LPHWDODVXJJHVWHGWKDWLQDPLVWUHDFWRUJDVGLVSHUVLRQLVLPSURYHGDW
WKHH[SHQVHRIOLTXLGGLVSHUVLRQWKDWLVDYDLODELOLW\RIQXWULHQWVLQWKHOLTXLGSKDVHPD\
EHDQLVVXH5RRWVJURZQLQDEXEEOHFROXPQUHDFWRUKDGKLJKHUGU\PDVVFRPSDUHGWR
WKRVHKDUYHVWHGIURPWKHPLVWUHDFWRU7KLVXQH[SHFWHGUHVXOWZDVH[SODLQHGWKURXJK
PRGHOLQJRIPLVWGHSRVLWLRQG\QDPLFV.LPHWDOD,IDQDGHTXDWHVXSSO\RI
QXWULHQWVGRHVQRWUHDFKWKHVXUIDFHRIDOOURRWVGXHWRLQVXIILFLHQWGURSOHWWUDQVSRUWDQG
GHSRVLWLRQJURZWKPD\EHOLPLWHG0LVWGHSRVLWLRQLVFRQVHTXHQWO\DFUXFLDOVWHSLQWKH
PDVVWUDQVIHURIQXWULHQWVWRWKHURRWVLQDPLVWUHDFWRU:\VORX]LOHWDO
$SSOLFDWLRQRIWKHVWDQGDUGDHURVROGHSRVLWLRQPRGHOIRUILEURXVILOWHUVWRPLVWGHSRVLWLRQ
LQKDLU\URRWEHGVZDVGHVFULEHGE\:\VORX]LOHWDO:HK\SRWKHVL]HGWKDWWKHUH
ZHUHVHYHUDOSRVVLEOHDSSURDFKHVWRLPSURYHWKHJURZWKUDWHLQDPLVWUHDFWRU,QFUHDVLQJ
WKHLQLWLDOELRPDVVGHQVLW\VKRXOGLQFUHDVHWKHHIILFLHQF\RIQXWULHQWPLVWSDUWLFOHFDSWXUH
E\WKHURRWV,QFUHDVLQJWKHQXWULHQWFRQFHQWUDWLRQVKRXOGLQFUHDVHWKHJURZWKUDWHVLQFH
WKHYROXPHRIPHGLXPUHTXLUHGDQGWKXVWKHDPRXQWRIPLVWWKHURRWVPXVWFDSWXUH
ZRXOGEHORZHU,QFUHDVLQJWKHPHGLXPGHOLYHU\UDWHVKRXOGDOVRLQFUHDVHWKHDPRXQWRI
QXWULHQWVDYDLODEOHWRWKHURRWVWKRXJKWKHUHDUHDGGLWLRQDOLVVXHVFRQFHUQLQJWKH
DOWHUDWLRQRIPLVWLQJF\FOHVWKDWZLOOEHDGGUHVVHGODWHU
:HVWXGLHGWKHHIIHFWRISDFNLQJIUDFWLRQRQJURZWKUDWHE\UHGXFLQJWKHVL]HRIWKH
PLVWUHDFWRUJURZWKFKDPEHUIURP/WR/DQGLQRFXODWLQJZLWKURRWVDWSDFNLQJ
IUDFWLRQVRID *URZWKUDWHVZHUHPHDVXUHGDQGFRPSDUHGDWGLIIHUHQWVXFURVH
FRQFHQWUDWLRQVDQGPLVWLQJF\FOHVLQRUGHUWRH[DPLQHWKHHIIHFWVRIQXWULHQW
FRQFHQWUDWLRQDQGIHHGUDWH6LQFHLWKDVDOUHDG\EHHQGHWHUPLQHGWKDWKLJKELRPDVV
GHQVLWLHVRIWLVVXHFDQEHJURZQLQWKHPLVWUHDFWRUZLWKRXWR[\JHQGHSULYDWLRQLIZHFDQ
DOVRLPSURYHWKHJURZWKUDWHVXFKWKDWLWPHHWVRUH[FHHGVWKDWDFKLHYHGLQFRQYHQWLRQDO
OLTXLGSKDVHUHDFWRUVLWZLOOEHDYHU\LPSRUWDQWVWHSWRZDUGSURPRWLQJFRPPHUFLDO
IHDVLELOLW\RIWKLVXQLTXHV\VWHP
0DWHULDOVDQGPHWKRGV
&XOWXUHVDQGWKHLUPDLQWHQDQFH
7UDQVIRUPHGURRWVRI$DQQXD FORQH<87:HDWKHUVHWDOZHUH
PDLQWDLQHGRQSHWULGLVKHVFRQWDLQLQJVHPLVROLGPHGLD*DPERUJ¶V%PHGLXP
*DPERUJHWDOZLWKZYVXFURVHDQGZY3K\WDJHO7KHPHGLXPZDV
DGMXVWHGWRS+EHIRUHDXWRFODYHVWHULOL]DWLRQDQGSODWHVZHUHLQFXEDWHGLQWKHGDUNDW
rq&$OOLQRFXOXPIRUH[SHULPHQWVZDVREWDLQHGIURPFXOWXUHVWKDWZHUHILUVW
VXEFXOWXUHGIURPSODWHVWROLTXLGFXOWXUHP/VKDNHIODVNVFRQWDLQLQJP/
*DPERUJ¶V%PHGLXPZLWKZYVXFURVHIRUWZRSDVVDJHV)ODVNVZHUHSODFHGRQD
VKDNHUDWUSPrq&XQGHUFRQWLQXRXVDPELHQWFRROZKLWHIOXRUHVFHQWOLJKWaP(
PV,QRFXOXPXVHGIRUH[SHULPHQWVZDVGD\VROGDQGDOOPHGLDZHUHILOWHU
VWHULOL]HGPPWRHOLPLQDWHYDULDWLRQLQLQLWLDOVXJDUSURILOHVIURPWKHUPDOO\
GHJUDGHG PRQRVDFFKDULGHVGXULQJDXWRFODYLQJ:HDWKHUVHWDO
0LVWUHDFWRUFXOWXUH
7KHQXWULHQWPLVWELRUHDFWRUGHVFULEHGE\:HDWKHUVHWDOZDVPRGLILHG)LJ
IRUWKHVHVWXGLHVDQGLVKHQFHIRUWKUHIHUUHGWRDVWKHGLIIHUHQWLDOPLVWUHDFWRU7KH
/JURZWKFKDPEHUZDVUHSODFHGZLWKDPXFKVPDOOHUaP/YROXPHaPP
GLDPHWHUF\OLQGHUIDEULFDWHGIURPDP/SRO\SURS\OHQHFRQLFDOFHQWULIXJHWXEH7KH
PLVWLQJF\FOHZDVPLQRQPLQRIIXQOHVVQRWHGRWKHUZLVHDQGZDVFRQWUROOHG
XVLQJD WLPHU*UD/DEWLPHU'LPFR*UD\&R&HQWHUYLOOH2+7KHDLUIORZUDWH
ZDV/PLQ GXULQJWKH³RQ´F\FOHDQGZDVVXSSOLHGE\DYDFXXPSUHVVXUHSXPS
%DUQDQW&R%DUULQJWRQ,/7KLVF\FOHGHOLYHUHGP/PLQ RIOLTXLG
QXWULHQWV $LUZDVKXPLGLILHGXVLQJD0+VLQJOHWXEH1DILRQKXPLGLILHU3HUPD3XUH
,QF7RPV5LYHU1-EHIRUHSDVVDJHWKURXJKDVWHULOHPPILOWHU5RRWVKDUYHVWHG
IURPVKDNHIODVNVZHUHEORWWHGDQGZHLJKHGSULRUWRPDQXDOLQRFXODWLRQLQWRWKHJURZWK
F\OLQGHUDWWKHGHVLUHGLQLWLDOSDFNLQJIUDFWLRQDZKLFKHTXDOVWKHIUHVKZHLJKW
FRQFHQWUDWLRQJ/u 7KHELRPDVVPHGLXPYROXPHUDWLRZDVNHSWFRQVWDQWDW
J):/ J':/LQERWKPLVWUHDFWRUDQGVKDNHIODVNVWXGLHV
%LRPDVVPHDVXUHPHQWV
5RRWVZHUHKDUYHVWHGDIWHUGD\VRIJURZWKLQWKHGLIIHUHQWLDOPLVWUHDFWRUIRU
SDFNLQJIUDFWLRQH[SHULPHQWVRURQGD\VDQGIRUJURZWKNLQHWLFVVWXGLHV$IHZ
PLVWUHDFWRUH[SHULPHQWVZHUHUXQORQJHUGD\V6KDNHIODVNVZHUHKDUYHVWHGRQ
GD\IRUVXFURVHFRQFHQWUDWLRQH[SHULPHQWVDQGRQGD\VDQGIRU
JURZWKNLQHWLFVVWXGLHV5RRWVZHUHULQVHGZLWKGLVWLOOHGZDWHUDQGEORWWHGRQSDSHU
WRZHOVWRGHWHUPLQHIUHVKZHLJKWDQGWKHQGULHGLQDq&RYHQWRGHWHUPLQHGU\ZHLJKW
7KHDYHUDJHVSHFLILFJURZWKUDWHPDYJZDVFDOFXODWHGDV
P DYJ
OQ
': I
':L
'W
>@
ZKHUHVXEVFULSWVIDQGLGHQRWHILQDODQGLQLWLDOGU\ZHLJKWVUHVSHFWLYHO\DQGXQLWVRI
WLPHWDUHGD\V
7KHDSSDUHQWELRPDVV\LHOG<;6ZDVFDOFXODWHGDVWKHUDWLRRIELRPDVVLQFUHDVHWR
WRWDOVXJDUFRQVXPSWLRQ
<;6 ' J':' JJOXFRVHHTXLYDOHQW
>@
ZKHUHJJOXFRVHHTXLYDOHQW JJOXFRVHJIUXFWRVHu JVXFURVH7KHIDFWRU
RIWDNHVLQWRDFFRXQWWKHPROHFXOHRIZDWHUWKDWLVLQFRUSRUDWHGGXULQJ
K\GURO\VLVRIVXFURVH6KDUSDQG'RUDQ7KHWRWDOUHPDLQLQJYROXPHRIPHGLXP
LQWKHUHVHUYRLUDQGWXELQJRUVKDNHIODVNDVDSSURSULDWHZDVPHDVXUHGDQGDQDOLTXRW
ZDVVWRUHGDW±q&XQWLOUHVLGXDOQXWULHQWVZHUHDQDO\]HG
0HGLDDQDO\VHV
6XFURVHJOXFRVHDQGIUXFWRVHFRQFHQWUDWLRQVZHUHPHDVXUHGYLD+3/&:DWHUV
0LOIRUG0$XVLQJD0LFURVRUEDPLQRFROXPQPPu PPc9DULDQ
$QDO\WLFDO,QVWUXPHQWV:DOQXW&UHHN&$ZLWKD5UHIUDFWLYHLQGH[GHWHFWRU
:DWHUV0LOIRUG0$DQGDPRELOHSKDVHRIYYDFHWRQLWULOHZDWHUDWDIORZUDWH
RIP/PLQ)UXFWRVHJOXFRVHDQGVXFURVHZHUHXVHGDVVWDQGDUGV1LWUDWH
FRQFHQWUDWLRQVZHUHDQDO\]HGVSHFWURSKRWRPHWULFDOO\DVGHVFULEHGLQ.LPHWDO
6WDQGDUGVROXWLRQVZHUHPDGHIURP.12 3KRVSKDWHFRQFHQWUDWLRQVZHUHPHDVXUHG
VSHFWURSKRWRPHWULFDOO\E\PL[LQJP/VDPSOHZLWKP/ZRUNLQJSKRVSKRUXVUHDJHQW
DQGWKHQUHDGLQJWKHDEVRUEDQFHDWQPDIWHUPLQXWHV:RUNLQJSKRVSKRUXV
UHDJHQWUHFLSHLVDVIROORZVJDPPRQLXPPRO\EGDWHZHUHGLVVROYHGLQP/RI
P// VXOIXULFDFLG7KLVVROXWLRQZDVDGGHGWRP/RIJ/ SRO\YLQ\OS\UUROLGRQH6LJPD3)HUURXVDPPRQLXPVXOIDWHJZDVWKHQ
DGGHGWRWKHFRPELQHGVROXWLRQV6WDQGDUGVROXWLRQVZHUHPDGHIURP1D+ 32Â+2
6SHFLILFFRQGXFWLYLW\RIWKHPHGLXPZDVPHDVXUHGXVLQJDFRQGXFWLYLW\PHWHU&ROH
3DOPHU9HUQRQ+LOOV,/
'DWDDQDO\VHV
8QSDLUHGVWXGHQWWWHVWVZHUHXVHGWRGHWHUPLQHVWDWLVWLFDOVLJQLILFDQFHEHWZHHQ
YDULRXVH[SHULPHQWDOFRQGLWLRQV7KHUHZDVDPLQLPXPRIUHSOLFDWHVLQHDFKFDVH
H[FHSWZKHUHQRWHGRWKHUZLVH
5HVXOWVDQGGLVFXVVLRQ
,QFUHDVHGSDFNLQJIUDFWLRQLQFUHDVHVJURZWKUDWH
7KHPLVWGHSRVLWLRQPRGHO:\VORX]LOHWDOVKRZVWKDWGHQVHEHGVRIURRWV
FDQEHFRPSDUHGWRILEURXVILOWHUV7KHLGHDOILOWHUKDVHYHQO\GLVWULEXWHGILEHUVWKDWOLH
SHUSHQGLFXODUWRWKHIORZ7KRXJKURRWEHGVKDYHUHJLRQVRIKLJKDQGORZSDFNLQJ
GHQVLW\DQGJURZWKRFFXUVLQDOOGLUHFWLRQVWKHTXDOLWDWLYHWUHQGVDQGEHKDYLRURIPLVW
GHSRVLWLRQFDQVWLOOEHVWXGLHGE\DSSO\LQJWKHPRGHO:KHQWKHPRGHOZDVWHVWHGRQURRW
EHGVWKDWKDGEHHQPDQXDOO\SDFNHGWRD LWZDVIRXQGWRFRUUHVSRQGZHOOWR
H[SHULPHQWDOGDWDDVORQJDVWKH5H\QROGVQXPEHU5HZDV :\VORX]LOHWDO
,QWKLVV\VWHP5H7KH5H\QROGVQXPEHUFKDUDFWHUL]HVWKHUHODWLYH
LPSRUWDQFHRILQHUWLDODQGYLVFRXVIRUFHVDQGIRUILOWUDWLRQSUREOHPV
5H
!8 R ' 5
J
>@
ZKHUHU DQGPJ DUHWKHGHQVLW\DQGYLVFRVLW\RIWKHFDUULHUJDV'5 LVWKHGLDPHWHURIWKH
URRWDQG8R LVWKHJDVYHORFLW\LQWKHURRWEHG,QWHUPVRIWKHQXPEHURIGURSOHWV
FDSWXUHGWKHHIILFLHQF\K%RIWKHURRWEHGLVDIXQFWLRQRIWKHSDUWLFOHGLDPHWHU'3DQG
LVHTXDOWR
K%
ª /DK & º
H[S «
»
¬ ' 5 D ¼
>@
K ,03 ,17 u K ' >@
ZKHUH/ LVWKHOHQJWKRIWKHURRWEHGDQG
K&
WKHFRPELQHGFDSWXUHHIILFLHQF\K&GXHWRLPSDFWLRQDQGLQWHUFHSWLRQK,03,17DQG
GLIIXVLRQK''HWHUPLQLQJK,03,17 LQYROYHVVROYLQJWZRQRQOLQHDUHTXDWLRQVDVIRXQG
LQ&UDZIRUGDQGWKHH[SUHVVLRQIRUFDOFXODWLQJK' LVJLYHQLQ)ULHGODQGHU
7KHHTXDWLRQVIRUK,03,17 DUHDOVRJLYHQLQ.LPHWDOD7KHRYHUDOOPDVV
GHSRVLWLRQHIILFLHQF\K20RIWKHURRWEHGLVWKHSURGXFWRIWKHURRWEHGHIILFLHQF\
K%'3LDQGWKHPDVVIUDFWLRQP'3LRIPLVWSDUWLFOHVRIGLDPHWHU'3L VXPPHGRYHUWKH
DHURVROVL]HGLVWULEXWLRQGDWD
K 20
¦K
L
%
' 3L u P ' 3L >@
7KHDPRXQWRIPHGLXPFDSWXUHGE\WKHURRWV9GHSLQP/SHUGD\LVH[SUHVVHGDV
9GHS
>@
Z u 4 / u K 20
ZKHUHLVWKHFRQYHUVLRQIDFWRUIURPKRXUVWRGD\VZ LVWKHGXW\F\FOHLQPLQXWHVSHU
KRXUDQG4/ LVWKHPHGLXPIORZUDWHLQP/SHUPLQXWHGXULQJWKHPLVW³RQ´F\FOH
7KHDPRXQWRIPHGLXPUHTXLUHGWRVXSSRUWWKHJURZWKRIURRWV9UHTLQP/SHUGD\
GHSHQGVRQWKHGHQVLW\RIWKHURRWVU): JUDPVIUHVKZHLJKWSHUP/WKHGU\ZHLJKW
IUHVKZHLJKWUDWLR':):WKHVSHFLILFJURZWKUDWHP GD\WKHQXWULHQWFRQFHQWUDWLRQ
LQWKHPHGLXP&6 J/WKHDSSDUHQWELRPDVV\LHOGRIWKHJURZWKOLPLWLQJQXWULHQW<;6
J':ELRPDVVSHUJQXWULHQWFRQVXPHGWKHZRUNLQJYROXPHRIWKHUHDFWRU9 /DQG
SDFNLQJIUDFWLRQD 7KHH[SUHVVLRQIRU9UHT LV
9 UHT
U ): u
':
P
u
u
u9 uD
): & 6 < ; 6
>@
2EYLRXVO\9GHS PXVWEHHTXDOWRRUJUHDWHUWKDQ9UHT LQRUGHUWRPDLQWDLQDGHVLUHGJURZWK
UDWHP
,QVXIILFLHQWQXWULHQWDYDLODELOLW\ZDVSURSRVHGDVDSRVVLEOHH[SODQDWLRQIRUWKH
DSSDUHQWJURZWKOLPLWDWLRQVRI$DQQXD KDLU\URRWVLQWKHQXWULHQWPLVWELRUHDFWRU.LP
HWDOD6LQFH9GHS LVDIXQFWLRQRIWKHSDFNLQJIUDFWLRQDLQFUHDVLQJD VKRXOG
LQFUHDVH9GHS DQGWKXVVXSSRUWDKLJKHUJURZWKUDWHE\DOORZLQJPRUHQXWULHQWVWREH
FDSWXUHGE\WKHURRWV9UHT DOVRGHSHQGVRQDEXWLWGRHVVRLQDOLQHDUPDQQHUZKLOHD
SORWRI9GHS YHUVXVD \LHOGVDVLJPRLGDOFXUYH7KRXJKYDOXHVZLOOYDU\GHSHQGLQJRQ
WKHJURZWKUDWHQXWULHQWFRQFHQWUDWLRQDQGURRWGLDPHWHUJHQHUDOO\VSHDNLQJ9GHS ! 9UHT
DWKLJKHUYDOXHVRID:KHQPLVWPRGHFRPPHQFHGDWSDFNLQJIUDFWLRQVWKDWZHUHDW
PRVW.LPHWDODREVHUYHGDQDYHUDJHVSHFLILFJURZWKUDWHPRIGD\
,QFRQWUDVWWKHDYHUDJHVSHFLILFJURZWKUDWHLQWKHGLIIHUHQWLDOPLVWUHDFWRUDWLQLWLDO
SDFNLQJIUDFWLRQVUDQJLQJIURPZDVGD\ IRUDGD\SHULRG)LJ
'LUHFWFRPSDULVRQEHWZHHQWKHVHV\VWHPVKRZHYHULVFRPSOLFDWHGGXHWRGLIIHUHQW
FXOWXUHWLPHVDQGRSHUDWLQJFRQGLWLRQV1HYHUWKHOHVVLWDSSHDUVWKDWURRWVJURZQLQWKH
GLIIHUHQWLDOPLVWUHDFWRUKDGKLJKHUJURZWKUDWHVWKDQWKRVHREVHUYHGE\.LPHWDO
DVXSSRUWLQJWKHK\SRWKHVLVWKDWDKLJKHULQLWLDOLQRFXOXPGHQVLW\SRVLWLYHO\DIIHFWV
VXEVHTXHQWJURZWKLQPLVWUHDFWRUV,WZDVQRWSRVVLEOHWRPDQXDOO\SDFNWKHURRWVWRD VLQFHWKHURRWVKDGDQDWXUDOWHQGHQF\WRFRPSDFWWKHPVHOYHVWRWKLVPLQLPXP
GHQVLW\LQWKHJURZWKFKDPEHU6LQFHWKHUHZDVQRVWDWLVWLFDOGLIIHUHQFHEHWZHHQWKH
WKUHHSDFNLQJIUDFWLRQVWHVWHGWKHLQWHUPHGLDWHYDOXHD ZDVXVHGLQVXEVHTXHQW
H[SHULPHQWV$VDFRPSDULVRQURRWVZHUHLQRFXODWHGLQWRDVKDNHIODVNDWWKHVDPH
SDFNLQJIUDFWLRQJ):LQP/%PHGLXPZLWKVXFURVHDQGWKHJURZWKUDWH
DIWHUGD\VZDVRQO\GD\ 7DEOH,IZHDVVXPHDQDSSDUHQWELRPDVV\LHOGRI
J':SURGXFHGSHUJVXJDUFRQVXPHGWKHKLJKHVWSRVVLEOHELRPDVVLQFUHDVHZRXOG
EHJ':ZKLFKFRUUHVSRQGVWRDJURZWKUDWHRIGD\ 6LQFHWKLVZDVQRW
DFKLHYHGRQHFDQLQIHUDFRPELQDWLRQRIOLTXLGQXWULHQWDQGJDVR[\JHQPDVVWUDQVIHU
OLPLWDWLRQLQWRWKHGHQVHO\LQRFXODWHGURRWVZKLFKZHUHSDFNHGDWDOHYHODSSUR[LPDWHO\
u KLJKHUWKDQWKDWXVHGIRUH[SHULPHQWVXVLQJVKDNHIODVNV
,QRQHPLVWUHDFWRUH[SHULPHQWURRWVZHUHDOORZHGWRJURZIURPDQLQLWLDOSDFNLQJ
IUDFWLRQRILQWKHGLIIHUHQWLDOPLVWUHDFWRUIRUGD\V $ILQDOSDFNLQJIUDFWLRQRI
ZDVDFKLHYHGZLWKDJURZWKUDWHRIGD\ DQGWKHKDUYHVWHGURRWVDSSHDUHG
KHDOWK\DQGQRQQHFURWLFWKURXJKRXWWKHGHQVHEHG7KLVGHQVLW\RIELRPDVVLVH[WUHPHO\
GLIILFXOWWRDFKLHYHLQDOLTXLGSKDVHV\VWHP$WKLJKWLVVXHFRQFHQWUDWLRQVJ':
/RUDSDFNLQJIUDFWLRQUDQJHRIDERXWWKHKLJKIOXLGIORZUHVLVWDQFHRIWKH
URRWEHGVOLPLWVWKHDELOLW\WRVFDOHXSVXEPHUJHGFXOWXUHUHDFWRUV&DUYDOKRDQG&XUWLV
+\RVF\DPXVPXWLFXV KDLU\URRWVJURZQLQD/FRQYHFWLYHIORZELRUHDFWRU
UHDFKHGDILQDOIUHVKZHLJKWGHQVLW\RIJ/ D DIWHURQHPRQWK2[\JHQZDV
VXSSOLHGYLDH[WHUQDODHUDWLRQRIWKHPHGLXPZKLFKZDVWKHQIRUFHGWKURXJKWKHURRWEHG
XVLQJDSRVLWLYHGLVSODFHPHQWSXPS7KHSRZHUUHTXLUHGWRRYHUFRPHWKHIORZUHVLVWDQFH
DQGPDLQWDLQDPLQLPXPR[\JHQFRQFHQWUDWLRQLQWKH/UHDFWRUDWWKHWLPHRIKDUYHVW
ZDVHVWLPDWHGDV:/ZKLFKLVFRPSDUDEOHWRDW\SLFDODJLWDWRUSRZHUUHTXLUHPHQW
IRUPLFURELDOIHUPHQWDWLRQ&DUYDOKRDQG&XUWLV+RZHYHUZKLOHRQHFDQ
DSSUR[LPDWHVFDOHXSFRQGLWLRQVE\DVVXPLQJFRQVWDQWSRZHUSHUXQLWYROXPHLQDZHOO
PL[HGPLFURELDOIHUPHQWDWLRQWKHSRZHUUHTXLUHGWRPDLQWDLQDJLYHQIORZUDWHLQFUHDVHV
DVWKHOHQJWKDQGRUZLGWKRIWKHURRWEHGLQFUHDVHVGXHWRWKHKLJKHUSUHVVXUHGURSDFURVV
WKHEHGDQGVFDOHXSEHFRPHVXQIHDVLEOH7KHIORZUHVLVWDQFHRIDKLJKO\SDFNHGURRW
EHGLVVLPLODUWRDFROXPQRISDFNHGVDQG1LHOGDQG%HMDQ
$ILQDOIUHVKZHLJKWGHQVLW\RIJ/ D ZDVDWWDLQHGE\5DPDNULVKQDQ
DQG&XUWLVIRUKDLU\URRWVRI+PXWLFXV LQD/WULFNOHEHGUHDFWRUZLWKR[\JHQ
HQULFKPHQWDQGIHGEDWFKDGGLWLRQVRIIUHVKPHGLXP7KHJURZWKUDWHZDVGD\ RU
GD\ ZLWKRXWR[\JHQVXSSOHPHQWDWLRQ,QDVFDOHGGRZQ/YHUVLRQRIWKDW
UHDFWRU5DPDNULVKQDQDQG&XUWLVDFKLHYHGDJURZWKUDWHRIGD\ DWWKH
LQLWLDWLRQRIWULFNOHEHGRSHUDWLRQEXWLWWKHQVWHDGLO\GHFOLQHGWROHVVWKDQGD\ DIWHU
RQO\GD\V:HZHUHDEOHWRDWWDLQDFRPSDUDEOHELRPDVVGHQVLW\DVKLJKDVD DQGJURZWKUDWHLQRXUV\VWHPZLWKRXWVXSSOHPHQWDWLRQRIWKHJURZWKPHGLXPDQG
R[\JHQZDVVXSSOLHGIURPDPELHQWURRPDLU7KDWVDLGRXUPLVWUHDFWRUVKRXOGEH
FRQVLGHUHGD³GLIIHUHQWLDO´UHDFWRU0F.HOYH\HWDODQGWKHELRPDVVPHGLXP
UDWLRZDVDERXWu KLJKHUDQGWKHEHGGHSWKZDVDERXWu GHHSHULQWKH/WULFNOHEHG
UHDFWRUWKDQLQWKHRXUPLVWUHDFWRU$Q\SHUIRUPDQFHFRPSDULVRQVPXVWWDNHWKLVLQWR
DFFRXQW
,QFUHDVHGFDUERQFRQFHQWUDWLRQLQFUHDVHVJURZWKUDWH
9UHT WKHYROXPHRIPHGLDUHTXLUHGE\WKHURRWVWRJURZDWDSDUWLFXODUJURZWKUDWH
LVLQYHUVHO\SURSRUWLRQDOWRWKHQXWULHQWFRQFHQWUDWLRQ&6 WKHUHIRUHLQFUHDVLQJ&6 VKRXOG
GHFUHDVH9UHT 7KHPDMRUQXWULHQWVLQ%PHGLXPDUHVXJDUQLWURJHQFRQWDLQLQJ
FRPSRXQGVQLWUDWHDQGDPPRQLXPDQGSKRVSKDWH+HUHZHFKRVHWRDOWHUVXFURVH
FRQFHQWUDWLRQ8VLQJWKHGLIIHUHQWLDOPLVWUHDFWRUV\VWHPSUHYLRXVO\GHVFULEHG$DQQXD
KDLU\URRWVZHUHIHGPHGLXPFRQWDLQLQJRUVXFURVH$IWHUGD\VURRWVJURZQ
ZLWKVXFURVHKDGDVLJQLILFDQWO\KLJKHUVSHFLILFJURZWKUDWHVHH)LJGD\ IRUVXFURVHYHUVXVGD\ IRUVXFURVH:KHQWKHJURZWKNLQHWLFVRIURRWV
JURZQLQRUVXFURVH)LJDUHH[DPLQHGLWDSSHDUVWKDWWKHKLJKHVWJURZWK
UDWHRFFXUVE\GD\DWERWKVXJDUOHYHOV$WGD\LQVXFURVHWKHJURZWKUDWHLV
HTXLYDOHQWWRWKDWLQVKDNHIODVNV7DEOH$OWKRXJKWKHJURZWKUDWHDFWXDOO\
GHFUHDVHG)LJIURPGD\VIRUURRWVJURZQLQVXFURVHFDUERQPHDVXUHGDV
VXJDU)LJZDVQRWGHSOHWHGLQWKLVEULHIWLPHSHULRG$QDO\VLVRIRWKHUPHGLXP
FRQVWLWXHQWVLVGLVFXVVHGODWHU:KLOHWKHUHDVRQVIRUWKHVORZHUJURZWKDWWKLVHDUO\VWDJH
DUHQRWNQRZQWKHUHVXOWVVXJJHVWWKDWDKLJKVXFURVHFRQFHQWUDWLRQQHHGVWREH
PDLQWDLQHGERWKWRDFKLHYHDQGWRVXVWDLQDKLJKHUJURZWKUDWHLQWKHPLVWUHDFWRU$
VLPLODUWUHQGLQJURZWKZDVVHHQLQVKDNHIODVNVZKHQURRWVZHUHJURZQRQVXFURVH
)LJ7KHUHZDVDQRWLFHDEOHODJSKDVHIRUURRWVJURZQRQVXFURVHDQGJURZWK
GHFUHDVHZDVHYLGHQWDIWHUGD\DOWKRXJKVXJDUZDVQRWH[KDXVWHGVHH)LJIRU
UHVLGXDOVXJDUGDWD
,QFUHDVHGPLVWLQJGRHVQRWVLJQLILFDQWO\LQFUHDVHJURZWKUDWH
/HQJWKHQLQJWKHGXUDWLRQRIWKHPLVWLQJF\FOHZRXOGDSSHDUWREHDQREYLRXVZD\
RILQFUHDVLQJWKHDPRXQWRIQXWULHQWVGHOLYHUHGWRWKHURRWVDQGWKHUHE\LQFUHDVHJURZWK
EXWWKLVVROXWLRQLVDFWXDOO\QRWVRVLPSOH)RUUHDVRQVQRWIXOO\XQGHUVWRRGWKHPLVWLQJ
F\FOHSOD\VDVLJQLILFDQWUROHLQJURZWKRIURRWVLQDPLVWELRUHDFWRU7DEOH/LXHWDO
IRXQGWKDWDPLVWLQJF\FOHRIPLQRQPLQRIIZDVWKHRSWLPXPRIWKRVH
WHVWHGIRUWUDQVIRUPHGURRWVRI$DQQXD JURZQLQWKHLUQXWULHQWPLVWELRUHDFWRUWKRXJK
LWVGHVLJQDQGRSHUDWLQJFRQGLWLRQVZHUHGLIIHUHQWWKDQWKRVHLPSOHPHQWHGE\:HDWKHUVHW
DO/LXHWDOSURYLGHGJDVHLWKHUZKHQPLVWZDVQRWEHLQJJHQHUDWHGRU
FRQWLQXRXVO\ZKLOH:HDWKHUVHWDOSURYLGHGJDVRQO\ZKHQWKHPLVWZDVEHLQJ
JHQHUDWHG$GGLWLRQDOO\/LXHWDOIHGPLVWWRWKHERWWRPRIWKHJURZWKFKDPEHU
ZKHUHDV:HDWKHUVHWDOIHGPLVWIURPWKHWRS&RFXUUHQWGRZQIORZRIJDVDQG
OLTXLGSKDVHVDORQJZLWKJUDYLW\IDFLOLWDWHVGUDLQDJHLQPLVWUHDFWRUVWKDWDUHWRSIHG
5HDFWRUVIHGIURPWKHERWWRPHQFRXUDJHOLTXLGDFFXPXODWLRQLQORZHUOD\HUVRIWLVVXH
SDUWLFXODUO\ZKHQWKHEHGKDVEHFRPHGHQVH,QGHHG/LXHWDOQRWHGDJUHDWHU
WKDQGHFUHDVHLQELRPDVVEHWZHHQWKHERWWRPDQGWRSOD\HUV)HHGLQJIURPWKH
ERWWRPFDQQRWRQO\LQKLELWPLVWIURPUHDFKLQJWKHXSSHUOD\HUVEXWLIDVLJQLILFDQW
DPRXQWRIOLTXLGEHFRPHVHQWUDSSHGLQWKHORZHUOD\HUVWKDWVHFWLRQRIWLVVXHEHFRPHVD
OLTXLG UDWKHUWKDQDJDVSKDVHFXOWXUH&KDWWHUMHHHWDOIRXQGWKDWDPLVWLQJF\FOH
RIPLQRQPLQRIIFDXVHGWUDQVIRUPHGURRWVRI$DQQXD WRGDUNHQDQGEHFRPH
QHFURWLFDIWHUG$VLQ/LXHWDOWKLVV\VWHPZDVDOVRIHGPLVWIURPWKH
ERWWRP
6WXGLHVZLWKKDLU\URRWVRI%HWDYXOJDULV DQG&DUWKDPXVWLQFWRULXV VKRZHGWKDW
HLWKHULQFUHDVLQJRUGHFUHDVLQJWKH³RII´WLPHEH\RQGDFHUWDLQSRLQWDGYHUVHO\DIIHFWHG
URRWJURZWKRIWKRVHVSHFLHV'L,RULRHWDOE<HWVWXGLHVRIVLQJOHWUDQVIRUPHG
URRWVRI$DQQXD :\VORX]LOHWDOVKRZHGWKDWDPLVWLQJF\FOHRIPLQRQ
PLQRIISURPRWHGKHDOWKLHUORRNLQJURRWVDQGKLJKHUIUHVKILQDOELRPDVV\LHOGVYHUVXVWKH
RWKHUF\FOHVWHVWHGPLQRQPLQRIIDQGPLQRQPLQRII,QRXUVWXGLHVWKH
PLVWLQJF\FOHZDVPRGLILHGVRWKDWWKHWRWDO DPRXQWRIVXFURVHIHGZDVPDLQWDLQHGZKLOH
WKHVXFURVHFRQFHQWUDWLRQZDVYDULHG)LJXUHFRPSDUHVWKHJURZWKUDWHVRIURRWV
JURZQZLWKHTXLYDOHQWKRXUO\VXFURVHIHHGUDWHVXQGHUGLIIHUHQWPLVWLQJF\FOHV$OWKRXJK
DPLVWLQJF\FOHRIZLWKVXFURVHSURYLGHGWKHVDPHDPRXQWRIFDUERQSHUKRXU
DVDPLVWLQJF\FOHRIZLWKVXFURVHJURZWKZDVVLJQLILFDQWO\GLIIHUHQW6LPLODU
UHVXOWVZHUHREVHUYHGZLWKDPLVWLQJF\FOHRIZLWKVXFURVHZKLFKZDV
HTXLYDOHQWWRDPLVWLQJF\FOHZLWKVXFURVH*URZWKZDVVLJQLILFDQWO\GLIIHUHQW
)LJ*URZWKZDVHVVHQWLDOO\WKHVDPHIRUVXFURVHDWWZRGLIIHUHQWPLVWLQJ
F\FOHV7DNHQWRJHWKHUWKHVHUHVXOWVLQGLFDWHWKDWGHFUHDVLQJWKHPLVW³RII´WLPHFDQLQ
VRPHLQVWDQFHVLQFUHDVHURRWJURZWKEXWWKHLQFUHDVHREVHUYHGLVOHVVWKDQWKDWREWDLQHG
E\VLPSO\LQFUHDVLQJWKHVXFURVHFRQFHQWUDWLRQ,IWKHPLVWLQJF\FOHKDVQRHIIHFWWKHQ
JURZWKVKRXOGKDYHEHHQWKHVDPHIRUHTXLYDOHQWVXFURVHIHHGUDWHV$PLVWWROHUDQFH
OLPLWIRU$DQQXD URRWVLQWKLVV\VWHPLVQRWVXUSULVLQJJLYHQWKHREVHUYDWLRQVRIRWKHU
UHVHDUFKHUVLQWHUPVRIURRWUHVSRQVHVWRDOWHUHGPLVWLQJF\FOHV
(IIHFWVRIVXJDUFRQFHQWUDWLRQDQGFRPSRVLWLRQLQVKDNHIODVNV
6LQFHHDUOLHUZRUNVXJJHVWHGWKDWURRWVLQWKHPLVWUHDFWRUQHHGHGDKLJKHU
FRQFHQWUDWLRQRIVXJDUWRDFKLHYHKLJKJURZWKUDWHV)LJURRWVZHUHJURZQDWKLJK
LQLWLDOVXFURVHFRQFHQWUDWLRQVWRGHWHUPLQHWKHFRQFHQWUDWLRQWKDWSURGXFHGWKHKLJKHVW
ELRPDVV5RRWVJURZQLQVKDNHIODVNVZLWKVXFURVHFRQFHQWUDWLRQVUDQJLQJIURPWR
ZYVKRZHGLQFUHDVHGELRPDVVXSWRDIWHUZKLFKDGHFUHDVHZDVREVHUYHG
)LJ7KLVGHFUHDVHDSSHDUVWREHDQRVPRWLFHIIHFWVLQFHURRWVJURZQLQ
VXFURVHJUHZEHWWHUWKDQURRWVJURZQLQHLWKHUVXFURVHRUDQ RVPRWLFDOO\HTXDO
VROXWLRQRIVXFURVHSOXVPDQQLWRO)LJ5RRWVJURZQRQPDQQLWRODORQHVKRZHG
QRJURZWK&RQVLGHULQJWKDWPLVWUHDFWRUH[SHULPHQWVDOOXVHGVXFURVHDWFRQFHQWUDWLRQV
RIRUOHVVWKHJURZWKGHFUHDVHRIURRWVLQWKHPLVWUHDFWRULVQRWRVPRWLFDOO\LQGXFHG
:KHQWKHPHGLDRIURRWVJURZQLQVKDNHIODVNVFRQWDLQLQJVXFURVHZHUH
DQDO\]HGIRUUHVLGXDOVXJDUDQLQWHUHVWLQJWUHQGZDVQRWLFHG)LJ5HJDUGOHVVRIWKH
LQLWLDOVXFURVHFRQFHQWUDWLRQDVORQJDVWKHUHZDVVWLOOVRPHVXFURVHSUHVHQWWKHUDWLRRI
UHVLGXDOJOXFRVHWRIUXFWRVHZDVUHODWLYHO\FRQVWDQWDW7KHVDPHJOXFRVHIUXFWRVH
UDWLRZDVFRQVLVWHQWO\REVHUYHGZKHQUHVLGXDOVXJDUGDWDIURPRWKHUH[SHULPHQWVZLWK$
DQQXD URRWVZHUHH[DPLQHGLQFOXGLQJPHGLDIURPURRWVJURZQLQVKDNHIODVNVEXEEOH
FROXPQUHDFWRUVPLVWUHDFWRUV.LPDQGWKHGLIIHUHQWLDOPLVWUHDFWRUGHVFULEHG
KHUHLQ7KHSK\VLRORJLFDOVLJQLILFDQFHRIWKLVJOXFRVHIUXFWRVHUDWLRLVXQNQRZQ:KLOH
WKHURRWVKDYHDQDSSDUHQWSURFOLYLW\IRUWKLVUDWLRWKH\GRQRWJURZZHOOLILWLV
DUWLILFLDOO\SURYLGHGDWLQRFXODWLRQ)LJ$OWKRXJKWKHWRWDODPRXQWRIFDUERQLQ
HDFKFDVHZDVHTXLYDOHQWWRWKDWLQVXFURVHURRWVJURZQRQJOXFRVHRU
JOXFRVHIUXFWRVHDWDUDWLRJUHZOHVVWKDQKDOIDVPXFKDVURRWVJURZQRQVXFURVHRU
IUXFWRVHZKLFKZHUHVWDWLVWLFDOO\LQGLVWLQJXLVKDEOHIURPHDFKRWKHU
$DQQXD SUHIHUHQWLDOO\FRQVXPHVJOXFRVHEHIRUHIUXFWRVH.LPHWDO
$GGLWLRQDOO\SURGXFWLRQRIWKHVHFRQGDU\PHWDEROLWHDUWHPLVLQLQZDVKLJKHUIRUURRWV
JURZQRQIUXFWRVHRUJOXFRVH DQGIROGKLJKHUUHVSHFWLYHO\WKDQURRWVJURZQRQ
VXFURVH:HDWKHUVHWDO,WLVFOHDUWKDWVXJDUFRPSRVLWLRQFDQKDYHDGUDPDWLF
HIIHFWRQERWKELRPDVVSURGXFWLRQDQGVHFRQGDU\PHWDEROLWHDFFXPXODWLRQLQ$DQQXD
URRWV:HDWKHUVHWDODQGLQRWKHUVSHFLHVDVZHOOLQFOXGLQJ&DWKDUDQWKXVURVHXV
-XQJHWDO9LWLVYLQLIHUD 9LWUDFHWDODQG$WURSDEHOODGRQQD 5RWKHDQG
'UDJHU6HFRQGDU\PHWDEROLWHSURGXFWLRQZDVQRWWKHPDLQIRFXVRIWKLVUHVHDUFK
VRPLVWUHDFWRUVWXGLHVXVLQJGLIIHUHQWVXJDUVRWKHUWKDQVXFURVHZHUHQRWSXUVXHG
+RZHYHUVLQFHLWKDVEHHQVKRZQWKDW$DQQXD URRWVSURGXFHWKUHHWLPHVPRUH
DUWHPLVLQLQLQWKHPLVWUHDFWRUWKDQLQOLTXLGV\VWHPV.LPHWDODORJLFDOQH[W
VWHSZRXOGEHWRDWWHPSWWRHQKDQFHDUWHPLVLQLQSURGXFWLRQIXUWKHUE\LQFRUSRUDWLQJ
JOXFRVHDVDFDUERQVRXUFHDIWHUILUVWJURZLQJWKHURRWVRQVXFURVH
*URZWKGHFUHDVHVDOWKRXJKPDMRUQXWULHQWVDUHQRWOLPLWLQJ
:KHQJURZWKRIDFXOWXUHGHFOLQHVWKHUHDUHPDLQO\WZRSRVVLEOHEXWQRQH[FOXVLYH
UHDVRQVGHSOHWLRQRINH\QXWULHQWVDQGRUWKHSUHVHQFHRIJURZWKLQKLELWRUV$OWKRXJK
WKHJURZWKNLQHWLFVRIURRWVJURZQLQWKHGLIIHUHQWLDOPLVWUHDFWRUZLWKRUVXFURVH
)LJVKRZWKDWWKHKLJKHVWJURZWKUDWHRFFXUVE\GD\IRUERWKVXJDUOHYHOVFDUERQ
ZDVQRWGHSOHWHGIURPWKHPHGLXPLQWKLVEULHIWLPHSHULRG5HVLGXDOVXJDUGDWDDUH
VKRZQLQ)LJ$QDO\VLVRIVKDNHIODVNPHGLDLQGLFDWHGWKDWRIWKHSKRVSKDWH
RIWKHQLWUDWHDQGRIWKHWRWDOVXJDUZHUHGHSOHWHGDIWHUGD\VGDWDQRW
VKRZQ6LQFHDVLPLODUWUHQGLQSKRVSKDWHFRQVXPSWLRQZDVVHHQLQPLVWUHDFWRUFXOWXUH
PHGLDPRUHWKDQKDOIRIWKHLQLWLDOSKRVSKDWHUHPDLQHG GDWDQRWVKRZQLWZDV
OLNHZLVHDVVXPHGWKDWQLWUDWHZDVQRWOLPLWLQJ:KLOH.LPGLGQRWDVVD\
SKRVSKDWHOHYHOVLQPLVWUHDFWRUPHGLDWKHUHZDVQRDSSUHFLDEOHGHFUHDVHLQQLWUDWH
REVHUYHGXQWLODWOHDVWGD\VRIPLVWPRGHFXOWXUHKDGHODSVHG 7KHUHDVRQVIRUWKH
VORZHUJURZWKDWWKLVHDUO\VWDJHGD\VLQWKHGLIIHUHQWLDOPLVWUHDFWRUDUHQRWNQRZQ
,WUHPDLQVWREHVHHQLIWKHJURZWKGHFHOHUDWLRQFDQEHGHOD\HGE\VXSSO\LQJDKLJKHU
FRQFHQWUDWLRQRIVXFURVH
*URZWKLQKLELWRUVDUHQRW DSSDUHQW
+DLU\URRWVSURGXFHHWK\OHQHLQVRPHLQVWDQFHVLQJUHDWHUTXDQWLWLHVWKDQLQ
XQWUDQVIRUPHGURRWV%LRQGLHWDO)XUWKHUJURZWKRI$DQQXD URRWVLV
VLJQLILFDQWO\GHFUHDVHGE\HWK\OHQH:HDWKHUVHWDO(WK\OHQHSUHVHQFHLQWKHPLVW
UHDFWRUV\VWHPZDVDVVD\HGXVLQJWKHWULSOHUHVSRQVHRISHDVHHGOLQJV1HOMXERZ
:KHQWKHYHQWJDVZDVIHGLQWRDFRQWDLQHURISHDVHHGOLQJVWKHWULSOHUHVSRQVHLQGLFDWLYH
RIHWK\OHQHZDVQRWHYLGHQW7KLVZDVQRWDQXQH[SHFWHGUHVXOWVLQFHJDVHVDUHSXUJHG
HYHU\PLQXWHVGXULQJWKHPLVWLQJF\FOH$WDQDLUIORZUDWHRI/PLQ WKHJDV
ZLWKLQWKHJURZWKFKDPEHULVH[FKDQJHGDWDSSUR[LPDWHO\990$OWKRXJKSXUJLQJD
FXOWXUHWRRIUHTXHQWO\PD\DOVRLQKLELWJURZWKE\³VWULSSLQJ´EHQHILFLDOJDVHVVXFKDV
&2 ZKLFKKDVEHHQVKRZQWRHQKDQFHWKHJURZWKRIRWKHUVSHFLHVRIKDLU\URRWV'L,RULR
HWDOD&2 KDVQRWEHHQVKRZQWRDIIHFWWKHJURZWKUDWHRI$DQQXD VLJQLILFDQWO\
:\VORX]LOHWDO.LPHWDOD
7RGHWHUPLQHLIWKHUHZHUHDQ\HIIHFWVRQJURZWKIURPRWKHUDV\HWXQNQRZQ
JURZWKLQKLELWRUVLQWKHPHGLXPDVKDNHIODVNH[SHULPHQWZDVGHVLJQHG7KUHHVHWVRI
FXOWXUHVZHUHJURZQIRUDWRWDORIRUGD\V2QGD\WKHILUVWVHWKDGLWV
PHGLXPUHSODFHGDQGWKHVHFRQGGLGQRW$VVKRZQLQ)LJXUHWKHUHLVQR
VLJQLILFDQWGLIIHUHQFHEHWZHHQWKHWZRFRQGLWLRQVXQWLODWOHDVWGD\VSRVWPHGLXP
UHSODFHPHQW:KHQWKHFRQYHUVHRIWKDWH[SHULPHQWZDVGRQHXVLQJGD\ROGVKDNHIODVN
PHGLDWRJURZVLQJOHKDLU\URRWVLQDPLVWUHDFWRUWKHUHZDVDVLJQLILFDQWLQFUHDVHLQ
JURZWK:\VORX]LOHWDO7KLVEXUVWRIJURZWKZDVSUREDEO\IURPWKHSUHVHQFHRI
DX[LQVLQWKHPHGLXP:HDWKHUVHWDO7KHWKLUGVHWRIIODVNVKDGLWVURRWV
UHPRYHGRQGD\DQGZDVUHLQRFXODWHGZLWKQHZURRWVDWWKHVDPHRULJLQDOLQRFXOXP
OHYHODQGJURZQIRUDQDGGLWLRQDOGD\V7KHUHVXOWLQJUDWHRIELRPDVVLQFUHDVH'':
GD\ZDVDERXWRIWKHFRQWUROFXOWXUHV7DEOHURZV$DQG%&RPSDULVRQRI
FRQWUROFXOWXUHVDQGFXOWXUHVZKLFKUHFHLYHGIUHVKPHGLXPRQGD\VKRZVWKDWIRUWKH
GD\WLPHSHULRGWKHFRQWUROFXOWXUHVJUHZDERXWDVZHOODVWKHFXOWXUHVZKLFK
UHFHLYHGIUHVKPHGLXP7DEOHURZV*DQG- 7KHJURZWKSDWWHUQVXJJHVWVWKH
SUHVHQFHRI JURZWKHQKDQFLQJ³FRQGLWLRQLQJ´IDFWRUVWKDWDUHQRWLQLWLDOO\SUHVHQWLQWKH
PHGLXP:KHQWKHPHGLXPEXWQRWWKHURRWVZDVH[FKDQJHGWKHUDWHRIELRPDVV
LQFUHDVHIRUGD\VIRUWKHFRQWUROFXOWXUHVZLWKRXWPHGLXPUHSODFHPHQWZDVRQO\D
IUDFWLRQRIWKDWRIWKHFXOWXUHVWKDWUHFHLYHGIUHVKPHGLXP7DEOHURZV)DQG,,I
WKHUDWHVRIELRPDVVLQFUHDVHIRUGD\LQWHUYDOVDUHH[DPLQHGWKHKLJKHVWUDWHRFFXUV
EHWZHHQGD\V7DEOHURZ(DQGWKLVFDQRQO\EHPDLQWDLQHGLIWKHPHGLXPLV
UHSODFHG$WVRPHSRLQWEHWZHHQDQGGD\VWKHJURZWKHQKDQFLQJHIIHFWVRI
FRQGLWLRQHGPHGLXPEHFRPHOHVVSUHYDOHQWDQGLQKLELWRU\IDFWRUVDQGQXWULHQWGHSOHWLRQ
SUHGRPLQDWH2QHPD\LQIHUIURPWKHVHVKDNHIODVNH[SHULPHQWVWKDWLIJURZWKLQKLELWRUV
ZHUHSUHVHQWLQWKHPLVWUHDFWRUPHGLDWKH\GLGQRWDFFXPXODWHLQVXIILFLHQWOHYHOVLQWKH
VKRUWHUWLPHSHULRGXVHGLQWKHGLIIHUHQWLDOPLVWUHDFWRUVWXGLHVGD\V7KLVDVVXPHV
WKDWURRWVJURZLQJLQWKHPLVWUHDFWRUDUHSURGXFLQJDQGH[XGLQJWKHVDPHJURZWK
LQKLELWRUVLQWKHVDPHTXDQWLWLHVDVLQVKDNHIODVNV7KLVDVVXPSWLRQFRXOGEH
VXEVWDQWLDWHGE\XVLQJFRQGLWLRQHGPHGLXPIURPWKHPLVWUHDFWRUWRJURZURRWVLQVKDNH
IODVNVDQGPRQLWRULQJHIIHFWVRQELRPDVVDFFXPXODWLRQYHUVXVIUHVKPHGLXP
$SSDUHQWELRPDVV\LHOGRIURRWVJURZQLQVKDNHIODVNVYHUVXVPLVWUHDFWRU
&RPSDULVRQRIWKHELRPDVVLQFUHDVHRISODQWWLVVXHJURZQLQUDGLFDOO\GLIIHUHQW
HQYLURQPHQWV\LHOGVOLWWOHLQIRUPDWLRQUHJDUGLQJWKHLPSOLFDWLRQVRQWKHLQQHUZRUNLQJVRI
WKHFRPSRQHQWFHOOV(IILFLHQF\RIJURZWKH[SUHVVHGDVWKHELRPDVV\LHOGRQDVXEVWUDWH
LVDPRUHLQIRUPDWLYHLQGLFDWRURIDWLVVXH¶VPHWDEROLFUHVSRQVHWRLWVVXUURXQGLQJV+HUH
ZHKDYHFKRVHQVXFURVHDVWKHVXEVWUDWHWKRXJKWKH\LHOGPD\EHH[SUHVVHGLQWHUPVRI
DQ\FKRVHQQXWULHQW7\SLFDOO\WKHFDUERQVRXUFHLVXVHGDQGWKLVLVORJLFDOFRQVLGHULQJ
WKDW$DQQXD URRWVDUH!ZZFDUERQDVGHWHUPLQHGE\HOHPHQWDODQDO\VLV.LPHW
DO7KHDSSDUHQWELRPDVV\LHOG<;6 RIWUDQVIRUPHGURRWVRI$DQQXD LQVKDNH
IODVNVLVDSSUR[LPDWHO\J':JJOXFRVHHTXLYDOHQWLQVXFURVHDQGLQ
VXFURVH)LJ6LPLODUO\)LJXUHVKRZVWKDW<;6 LVDERXWDQGGHFUHDVHVIRU
VXFURVHFRQFHQWUDWLRQVRIRUKLJKHU5RRWVJURZQRQIUXFWRVHKDGDVWDWLVWLFDOO\
LQGLVWLQJXLVKDEOHDSSDUHQWELRPDVV\LHOGYHUVXVURRWVJURZQRQVXFURVHZKLOHWKHYDOXH
IRUURRWVJURZQRQJOXFRVHZDVDERXWORZHU<;6 7KHYDOXHVVKRZQLQ
)LJVDQGDUHFRPSDUDEOHWRWKRVHUHSRUWHGE\.LPHWDOIRU$DQQXD
URRWVJURZQLQVKDNHIODVNV<;6 DQGEXEEOHFROXPQUHDFWRUV<;6 DQG
DOVRIRU$WURSDEHOODGRQQD KDLU\URRWVJURZQLQDEXEEOHFROXPQUHDFWRU<;6 .ZRNDQG'RUDQDQG&DWKDUDQWKXVURVHXV KDLU\URRWV JURZQLQVKDNHIODVNV<;6
%KDGUDDQG6KDQNV7KHDSSDUHQWELRPDVV\LHOGVIRU$DQQXD URRWV
JURZQLQWKHGLIIHUHQWLDOPLVWUHDFWRUKRZHYHUZHUHVLJQLILFDQWO\ORZHU)LJ
LQVXFURVHDQGLQVXFURVH$VGLVFXVVHGEHORZLWLVYHU\OLNHO\WKDWWKHVH
YDOXHVDUHDUWLILFLDOO\ORZEHFDXVHWKHPDVVEDODQFHRIFDUERQLVLQFRPSOHWH7KHQDWXUH
RIWKHGLIIHUHQWLDOPLVWUHDFWRUV\VWHPPDGHLWGLIILFXOWWRWUDFNDOORIWKHPHGLXPDQG
VOLJKWHUURUVLQWKHFDUERQEDODQFHJUHDWO\DIIHFWWKHDSSDUHQWELRPDVV\LHOGFDOFXODWLRQ
GXHWRWKHPLQLPDODPRXQWRIELRPDVVXVHGLQWKHVHVWXGLHV
'HWHUPLQDWLRQRIELRPDVV\LHOGUHTXLUHVDFDUERQPDVVEDODQFH
$VDURXJKHVWLPDWHRIDSSDUHQWELRPDVV\LHOGLQWKHGLIIHUHQWLDOPLVWUHDFWRURQH
PD\DVVXPHWKDWDQ\GHFUHDVHLQPHGLDYROXPHLVRQO\GXHWRHYDSRUDWLRQDQGUHWHQWLRQ
E\URRWV+RZHYHUWKLVDVVXPSWLRQYHU\OLNHO\RYHUHVWLPDWHVWKHDPRXQWRIVXJDU
FRQVXPHGE\WKHURRWVE\QRWWDNLQJLQWRDFFRXQWWKHYROXPHRIPHGLDWKDWH[LWVWKH
FRDOHVFHUDQGWKXVYHQWVXQFRQVXPHG7KHGDWDLQ)LJRQO\VKRZWKHWRWDODPRXQWRI
VXJDUUHPDLQLQJLQWKHPHGLXPUHVHUYRLUDWKDUYHVWDQGDUHQRWDWUXHLQGLFDWLRQRI
FRQVXPSWLRQ&RQVHTXHQWO\WKHELRPDVV\LHOGLVXQGHUHVWLPDWHG:KLOHVXFKDQ
DQDO\VLVRQVKDNHIODVNGDWDSURGXFHGUHVXOWVFRQVLVWHQWZLWK.LPHWDOPLVW
UHDFWRUGDWDJDYHOHVVUHDVRQDEOHUHVXOWVDQGZHUHOHVVWKDQKDOIRIWKHYDOXHGHWHUPLQHG
E\.LPHWDO7RWU\WRUHVROYHWKLVGLVFUHSDQF\WKHUHVHUYRLUPHGLDOHYHOVRIDOO
UHDFWRUUXQVZHUHPRQLWRUHGDSSUR[LPDWHO\RQDGDLO\EDVLVWKHUHE\DOORZLQJIRUD
FDOFXODWLRQRIWKHUDWHRIYROXPHGHFUHDVH7KHUHODWLYHSURSRUWLRQVRIHYDSRUDWLRQDQG
YHQWORVVKRZHYHUDUHVWLOOXQNQRZQDQGZLOOYDU\ZLWKWKHDPELHQWWHPSHUDWXUHDQG
KXPLGLW\RIWKHFXOWXUHURRP
,QRUGHUWRGHWHUPLQHWKHDPRXQWRIHYDSRUDWLRQDEHGRIPPJODVVEDOOVZDV
XVHGLQSODFHRIURRWVVLQFHWKHVHKDGSUHYLRXVO\EHHQVKRZQWREHKDYHVLPLODUO\WRD
SDFNHGURRWEHGLQWHUPVRIPLVWGHSRVLWLRQ:KLSSOH %\XVLQJLQHUWSDFNLQJ
PDWWHURQHFDQDVVHUWWKDWDQ\DOWHUDWLRQLQWKHPHGLXPFRPSRVLWLRQKDVRFFXUUHGYLD
QRQFRQVXPSWLYHPHFKDQLVPVDOORZLQJPHDVXUHPHQWRIDQ\EDFNJURXQGHIIHFWVLQKHUHQW
LQWKHGLIIHUHQWLDOPLVWUHDFWRUV\VWHPLWVHOI0RQLWRULQJWKHFRQGXFWLYLW\RIWKHPHGLXP
HYHU\KRXUVIRUVHYHUDOGD\VVXJJHVWHGWKDWZKLOHFKDQJHVLQFRQGXFWLYLW\ZHUHVPDOO
YDULDEOHDQGSHUKDSVDSSURDFKHGWKHDFFXUDF\OLPLWRIWKHFRQGXFWLYLW\PHWHUXVHGRQ
DYHUDJHDSSUR[LPDWHO\P/GD\ HYDSRUDWHGIURPUHDFWRU$PHGLDDQGP/GD\ HYDSRUDWHGIURPUHDFWRU%PHGLD7KHGLIIHUHQFHLQHYDSRUDWLRQUDWHVFDQEHDWWULEXWHGWR
WKHWZR1DILRQKXPLGLILFDWLRQXQLWV$KDGPRUHVXUIDFHDUHDWKDQ%$IWHUUHPRYLQJWKH
LQOLQHDLUKXPLGLILFDWLRQXQLWVWKHUHZDVDWOHDVWDILYHIROGLQFUHDVHLQWKHPHGLXP
FRQGXFWLYLW\DQGYROXPHORVVSHUGD\YHUVXVZKHQKXPLGLILHGDLUZDVXVHGGDWDQRW
VKRZQ7KLVLQGLFDWHGWKDWWKHDLUZDVKXPLGLILHGDQGHYDSRUDWLYHHIIHFWVZHUHOHVVHQHG
GXULQJPLVWUHDFWRURSHUDWLRQ EXWVKRXOGQRWEHLJQRUHG7KHYROXPHORVVREVHUYHGZDV
WKXVGXHWRERWKHYDSRUDWLRQRIZDWHUDQGQXWULHQWPLVWGURSOHWVH[LWLQJWKHFRDOHVFHU
2QHPXVWDOVRFRQVLGHUWKHUHODWLYHSURSRUWLRQRIVXJDUEHLQJFRQVXPHGE\WKH
URRWV/HWXVDVVXPHWKHDSSDUHQWELRPDVV\LHOGLQWKHGLIIHUHQWLDOPLVWUHDFWRUV\VWHPLV
HTXDOWRRUJUHDWHUWKDQWKDWREVHUYHGE\.LPIRU$DQQXD URRWVJURZQLQVKDNH
IODVNVDQGEXEEOHFROXPQUHDFWRUVDSSUR[LPDWHO\:KLOHWKLVYDOXHLVPXFKKLJKHU
WKDQGHWHUPLQHGHDUOLHU)LJLJQRULQJYHQWORVVDQGHYDSRUDWLRQZHFDQMXVWLI\WKH
KLJKHUYDOXHDVIROORZV$KLJKUHVSLUDWRU\TXRWLHQWLVDVVRFLDWHGZLWKDQDHURELF
UHVSLUDWLRQZKLFKLVOHVVHIILFLHQWLQWKHPHWDEROLVPRIFDUERQWKDQDHURELFUHVSLUDWLRQ
%RUGRQDUR DQG&XUWLVREVHUYHGDFRQVLVWHQWO\KLJKHUUHVSLUDWRU\TXRWLHQWIRU
+\RVF\DPXVPXWLFXV URRWVJURZQLQDEXEEOHFROXPQUHDFWRUWKDQLQDPRUHDHURELF
WULFNOHEHGUHDFWRU6LQFHWKHPLVWUHDFWRULVDKLJKO\DHURELFHQYLURQPHQWURRWVJURZQLQ
WKHGLIIHUHQWLDOPLVWUHDFWRUVKRXOGPHWDEROL]HQXWULHQWVYHU\HIILFLHQWO\DWOHDVWDVZHOO
DVLQVKDNHIODVNV
)RUDQDSSDUHQWELRPDVV\LHOGRILIJ':RIURRWVKDYHEHHQSURGXFHG
W\SLFDOIRUURRWVJURZQGRQVXFURVHJJOXFRVHHTXLYDOHQWV KDYHEHHQ
FRQVXPHG7KLVDPRXQWLVP/RURI/VXFURVHRUP/RU
RI/VXFURVH,WLVFOHDUWKDWVPDOOHUURUVLQYROYHGLQHVWLPDWLQJYROXPHV
DQGNHHSLQJDQDFFXUDWHDFFRXQWRIDOOWKHPHGLDLQWKHV\VWHPFDQKDYHDVLJQLILFDQW
HIIHFWRQVXEVHTXHQWFDOFXODWLRQVRIDSSDUHQWELRPDVV\LHOG7KHIROORZLQJVDPSOHVXJDU
EDODQFHLOOXVWUDWHVWKLV,I
JOXFHTY L JOXFHTY I JOXFHTY ORVW '':
<; 6
>@
ZKHUHJOXFHTY JJOXFRVHHTXLYDOHQWVLIORVW LQLWLDOILQDODQGORVWWRYHQW'': ILQDO± LQLWLDO':J<;6 '': 'JOXFHTY WKHDSSDUHQWELRPDVV\LHOGDQG
> JOXFHDY I @
> JOXFHTY I @PHDV u 9 I 9 I 9 HYDS >@
ZKHUH>JOXFHTYI@PHDV ILQDOFRQFHQWUDWLRQDVPHDVXUHGE\+3/&DQDO\VLVDQG9HYDS
LVWKHHYDSRUDWLRQYROXPHLQ/DQG
> JOXFHTY ORVW @ DYHUDJHRI > JOXFHDY L @ > JOXFHTY I @ >@
JOXFHTY Q >@
> JOXFHTY Q @ u 9 Q ZKHUHQ LIRUORVW>JOXFHTYQ@ FRQFHQWUDWLRQLQJ/DQG9Q YROXPHLQ/DQG
9 ORVW 9 I 9 L 9 HYDS >@
WKHQRQHFDQDOWHUYDULRXVFRPSRQHQWVLHYROXPHVXJDUFRQFHQWUDWLRQDQGQRWHWKH
FKDQJHLQ<;6 ,QWKLVH[DPSOHGDWDIURPUHDFWRUUXQ$DUHXVHG
JOXFHTYL J
JOXFHTYI >J/ u ///@u / J
JOXFHTYORVW J/ u / J
'': J
8VLQJWKHVHGDWDLQ(TQJLYHVDQDSSDUHQWELRPDVV\LHOG<;6 RIZKLFKLVQRW
XQUHDVRQDEOH,IZHDVVXPHWKHHOHPHQWDOFRPSRVLWLRQRI$DQQXD URRWVLV
&+21 DVHVWLPDWHGE\.LPDQGWKDWWKHVXJDUFRQVXPHGZDVFRQYHUWHG
HQWLUHO\WRELRPDVVWKHPD[LPXPSRVVLEOHELRPDVV\LHOGLV,WVKRXOGEHQRWHGWKDW
WKHFDOFXODWHG<;6 YDOXHVIRUPLVWUHDFWRUUXQVXVLQJWKHVXJDUEDODQFHLQ(TQVKRZHG
DUDQJHIURPWRZLWKDQRYHUDOODYHUDJHRIIRUWKHUXQVDQDO\]HG7KH
VDPSOHFDOFXODWLRQDERYHKDSSHQHGWRSURGXFHWKHGHVLUHGUHVXOWEXWLWLVFOHDUWKDWD
VDWLVIDFWRU\FDUERQEDODQFHVWLOOKDVQRWEHHQDFKLHYHGIRUWKHYDVWPDMRULW\RIWKHPLVW
UHDFWRUGDWD
7DEOHVKRZVWKHHIIHFWRIYROXPHWULFHUURUVRQ<;6 IRUUHDFWRU$
VSHFLILFDOO\HUURUVLQPHDVXUHPHQWRILQLWLDOYROXPHHYDSRUDWLRQYROXPHIDLOXUHWR
UHPRYHDOORIWKHOLTXLGIURPWKHUHDFWRUV\VWHPDQGDVVXPLQJKLJKHUDQGORZHUJOXF HTY
FRQFHQWUDWLRQVLQWKHYHQWORVVYROXPH7KHODUJHVWHIIHFWZDVFDXVHGE\GLVFUHSDQFLHVLQ
LQLWLDOPHGLXPYROXPHDQGFRQVHTXHQWO\WKHLQLWLDODPRXQWRIVXJDU(YDSRUDWLRQ
YROXPHDOVRKDGDQHIIHFWWKRXJKWRDOHVVHUH[WHQW+HUHZHLQFOXGHGDQHUURUUDQJHRI
rVLQFHWKLVYROXPHFRPSRQHQWLVH[SHFWHGWRYDU\ZLWKHDFKUHDFWRUUXQDQGZH
ZHUHXQDEOHWRSHUIRUPDUHOLDEOHDVVHVVPHQWRIWKHHYDSRUDWLRQUDWH$QXQGHUHVWLPDWLRQ
RIWKHILQDOYROXPHE\QRWDFFRXQWLQJIRUOLTXLGOHIWEHKLQGLQWKHUHDFWRUV\VWHPRU
UHWDLQHGE\WKHURRWVIRUH[DPSOHPDGHOLWWOHGLIIHUHQFHDVGLGWKHSUHVXPHGVXJDU
FRQFHQWUDWLRQLQWKHYHQWORVVYROXPH7KHDPRXQWRIOLTXLGKROGXSLQWKHURRWVDW
KDUYHVWZDVDVVXPHGWREHPLQLPDODQGZDVLJQRUHGLQWKHSUHYLRXVPHGLDYROXPH
EDODQFH$QH[DPLQDWLRQRI XQEORWWHGKDUYHVWHG):DQG':GDWDVKRZHGWKDWJRI
OLTXLGPHGLDLVUHWDLQHGSHUJ':URRWV7KHHTXLYDOHQWYROXPHRIPHGLDFDQEH
FDOFXODWHGIURPWKHGHQVLW\7KH':UDQJHGIURPWRJWKHUHIRUHDIWHU
VXEWUDFWLQJWKHGU\PDVVJRIOLTXLGPHGLDZHUHQRWWDNHQLQWRDFFRXQW7KLVLV
DERXWP/DVVXPLQJDVXFURVHFRQFHQWUDWLRQRI(DFKSRVVLEOHVRXUFHRI
HUURUFRQWULEXWHVWRWKHDFFXUDF\RIWKHRYHUDOOFDUERQEDODQFHDQGQRQHVKRXOG
QHFHVVDULO\EHGLVPLVVHGLIWKHUHDUHPHDQVWRDFKLHYHPRUHUHOLDEOHPHDVXUHPHQWV
$JDLQEHFDXVHWKHGU\ZHLJKWGLIIHUHQWLDOLVQRWODUJHLQWKLVSDUWLFXODUV\VWHPDGGLWLYH
GLVFUHSDQFLHVLQWUDFNLQJWKHFDUERQIORZZLOODIIHFWWKHFDOFXODWLRQRIDSSDUHQWELRPDVV
\LHOG
:HKDYHVRIDURQO\YLHZHGWKHFDUERQEDODQFHLQWHUPVRIVXJDUDQGELRPDVV7KH
ORVVRIFDUERQWRUHVSLUDWLRQDV&2LQWKHGLIIHUHQWLDOPLVWUHDFWRUPD\QRWEH
QHJOLJLEOH$VVXPLQJDJURZWKUDWHRIGD\DFKLHYHGE\$DQQXD URRWVJURZQLQ
WKHPLVWUHDFWRUZLWKVXFURVHIRUGD\VDQDSSUR[LPDWH\LHOGRIJ':SHU
PPRO&2 UHVSLUHGYDOXHEHWZHHQWKRVHGHWHUPLQHGE\.LPIRU$DQQXD LQD
EXEEOHFROXPQUHDFWRUDQG5DPDNULVKQDQHWDOIRU+PXWLFXV LQDWULFNOHEHG
UHDFWRUDQGD'':RIURRWVRI JWKHQJRI&2 ZRXOGEHUHVSLUHG6LQFHWKH
LQLWLDODPRXQWRIJOXFHTY LVJWKHQWKHDPRXQWRIFDUERQUHVSLUHGDV&2 LVRQO\
RIWKHWRWDOLQLWLDOFDUERQSURYLGHG+RZHYHULIWKHDSSDUHQWELRPDVV\LHOGRQ
VXFURVHLVWKHQJRIJOXFHTY DUHFRQVXPHGDQGWKHDPRXQWRIFDUERQUHVSLUHGLV
RIWKHWRWDOFDUERQFRQVXPHGZKLFKLVDFRPSDUDWLYHO\VLJQLILFDQWSURSRUWLRQRIWKH
GLIIHUHQWLDOZHDUHWU\LQJWRPHDVXUH
&RQFOXVLRQV
7KHGDWDSUHVHQWHGKHUHLQVXSSRUWWKHK\SRWKHVLVWKDWURRWLQRFXOXPGHQVLW\SOD\VD
VLJQLILFDQWUROHLQWKHFDSWXUHRIQXWULHQWVLQDPLVWUHDFWRUDVVXJJHVWHGE\WKHDHURVRO
GHSRVLWLRQPRGHO,QFUHDVLQJQXWULHQWFRQFHQWUDWLRQSDUWLFXODUO\VXFURVHDOVRLQFUHDVHV
WKHJURZWKUDWHDOWKRXJKWKHRSWLPXP LVQRW\HWNQRZQ0LVWLQJZLWKDKLJKVXFURVH
FRQFHQWUDWLRQDSSHDUVWREHHVVHQWLDOLQRUGHUWRPDLQWDLQDKLJKJURZWKUDWHLQWKHPLVW
UHDFWRU$OWKRXJKDOWHULQJWKHIUHTXHQF\RIPLVWLQJVKRXOGDOVR\LHOGDKLJKHUJURZWK
UDWHWKLVDSSURDFKLVOHVVHIILFLHQWWKDQLQFUHDVLQJWKHVXFURVHFRQFHQWUDWLRQ7KRXJKD
GHFUHDVHLQJURZWKUDWHZDVREVHUYHGHDUOLHULQWKHPLVWUHDFWRUWKDQLQVKDNHIODVNVWKH
FDXVHLVVWLOOXQFOHDU0DMRUQXWULHQWVDUHQRWGHSOHWHGDQGWKHSUHVHQFHRIJURZWK
LQKLELWRUVLQWKHPHGLXPQHHGVWREHYHULILHGH[SHULPHQWDOO\E\FRPSDULQJWKHHIIHFWVRI
FRQGLWLRQHGPHGLXPIURPPLVWUHDFWRUJURZQURRWVWRWKDWIURPVKDNHIODVNJURZQURRWV
'XHWRWKHGUDVWLFGLIIHUHQFHVLQWKHPRGHRIQRQJDVHRXVQXWULHQWGHOLYHU\LQVKDNH
IODVNVYHUVXV WKHPLVWUHDFWRUWKHRSWLPXPFRQFHQWUDWLRQRIQXWULHQWVQHFHVVDU\IRUUDSLG
JURZWKPD\EHYHU\GLIIHUHQW:KLOH$DQQXD URRWVJURZQLQVKDNHIODVNVGRQRWJURZ
ZHOODWVXFURVHFRQFHQWUDWLRQVJUHDWHUWKDQZYLWLVXQNQRZQZKHWKHUDVLPLODU
HIIHFW ZLOORFFXULQWKHPLVWUHDFWRU5RRWVPD\DFWXDOO\UHTXLUHDKLJKHUQXWULHQW
FRQFHQWUDWLRQLQWKLVHQYLURQPHQWDVQXWULHQWVDUHFDSWXUHGIURPVPDOOGURSOHWVUDWKHU
WKDQIURPDFRQWLQXRXVOLTXLGPLOLHX7KHHIILFLHQF\RIJURZWKRUDSSDUHQWELRPDVV
\LHOGFRXOGQRWEHGHWHUPLQHGLQWKLVV\VWHPGXHWRWKHVPDOOELRPDVVGLIIHUHQWLDODQGWKH
LQDELOLW\WRWUDFHWKHFDUERQIORZDFFXUDWHO\*DVSKDVHUHDFWRUVVKRZPDQ\DGYDQWDJHV
RYHUOLTXLGSKDVHUHDFWRUVHVSHFLDOO\LQWHUPVRIWKHDELOLW\WRDOORZHIIHFWLYHJDV
H[FKDQJHLQGHQVHO\JURZLQJELRPDVVDVLQGLFDWHGKHUHE\WKHVXFFHVVIXOJURZWKRIURRWV
WRDKLJKGHQVLW\ZLWKRXWDGGLWLRQDOR[\JHQVXSSOHPHQWDWLRQ+RZHYHULWLVFOHDUWKDW
WKHELRORJLFDOUHVSRQVHVRIWUDQVIRUPHGURRWVWRWKLVHQYLURQPHQWDUHFRPSOH[DQGWKH
SRWHQWLDOEHQHILWVRIWKLVV\VWHPFDQQRWEHUHDOL]HGZLWKRXWIXUWKHUVWXG\
)LJXUH 3KRWRRIWKHGLIIHUHQWLDOPLVWUHDFWRUDQGDQH[DPSOHRIKDUYHVWHGURRWPDVV
DIWHUGJURZWKLQVHW$UURZLQGLFDWHVJURZWKFKDPEHU
P GD\ DIWHUG
SDFNLQJIUDFWLRQ D
)LJXUH (IIHFWRILQLWLDOSDFNLQJIUDFWLRQRQWKHVSHFLILFJURZWKUDWHRIWUDQVIRUPHG
URRWVRI$DQQXD JURZQLQWKHGLIIHUHQWLDOPLVWUHDFWRU5RRWVZHUHLQRFXODWHGDWWKH
LQGLFDWHGSDFNLQJIUDFWLRQDQGJURZQIRUGD\VDIWHUZKLFKWKHJURZWKUDWHZDV
PHDVXUHGIURPWKHLQFUHDVHLQGU\ZHLJKW0LVWLQJF\FOHZDVPLQRQPLQRIIDQG
DLUIORZGXULQJWKH³RQ´F\FOHZDV/PLQ { PLVWUHDFWRUGDWDIURP.LP
(UURUEDUVUHSUHVHQWRQHVWDQGDUGGHYLDWLRQ
7DEOH $OWHUDWLRQ RIJURZWKUDWHPZLWKFKDQJHVLQPLVWUHDFWRURSHUDWLRQDQG
FRPSDUDWLYHVKDNHIODVNGDWD
V\VWHP
EXEEOHFROXPQ
PLVWUHDFWRU
PLVWUHDFWRU
VXFG
VKDNHIODVNV
VXFG
VKDNHIODVNV
VXFG
PLVWUHDFWRU
VXFG
VKDNHIODVNV
VXFG
SDFNLQJIUDFWLRQ
D
JURZWKUDWHP
GD\
r
r
r
r
GDWDIURP.LP
':J
GD\V
P
PGD\ VXFURVH
VXFURVH
)LJXUH *URZWKRIWUDQVIRUPHGURRWVRI$DQQXD RQRUVXFURVHLQWKH
GLIIHUHQWLDOPLVWUHDFWRU7RSJUDSKGU\ZHLJKW%RWWRPJUDSKJURZWKUDWH,QLWLDO
SDFNLQJIUDFWLRQD DQGRWKHURSHUDWLQJFRQGLWLRQVZHUHDVGHVFULEHGLQ)LJXUH
(UURUEDUVUHSUHVHQWRQHVWDQGDUGGHYLDWLRQ
VXJDUJ
IUXFWRVH
JOXFRVH
VXFURVH
VXFURVH
VXFURVH
GD\V
)LJXUH 5HVLGXDOVXJDUFRQWHQWRIPHGLXPDIWHUDQGGD\VRIJURZWKRI
WUDQVIRUPHGURRWVRI$DQQXD RQRUVXFURVHLQWKHGLIIHUHQWLDOPLVWUHDFWRU
,QLWLDOSDFNLQJIUDFWLRQD DQGRWKHURSHUDWLQJFRQGLWLRQVZHUHDVGHVFULEHGLQ
)LJXUH(UURUEDUVUHSUHVHQWRQHVWDQGDUGGHYLDWLRQ
P GD\ RU':J
VXFURVH
VXFURVH
GD\V
)LJXUH *URZWKRIWUDQVIRUPHGURRWVRI$DQQXD RQRUVXFURVHLQVKDNH
IODVNVH[SUHVVHGDV':RUJURZWKUDWHP,QRFXOXPZDVJ):/ J':/LQ
P/PHGLXP*URZWKUDWHGDVKHGOLQHV':VROLGOLQHV(UURUEDUVUHSUHVHQWRQH
VWDQGDUGGHYLDWLRQ
7DEOH &RPSDULVRQRIPLVWLQJF\FOHVIRUWUDQVIRUPHGURRWVJURZQLQYDULRXVPLVW
UHDFWRUV
VSHFLHV
%HWDYXOJDULV
PLVWLQJF\FOHVPLQRQRII RSWLPXP
&DUWKDPXVWLQFWRULXV UHIHUHQFH
'L,RULR HWDOE
'L,RULRHWDOE
$UWHPLVLDDQQXD
QG
&KDWWHUMHHHWDO
$DQQXD
/LXHWDO
$DQQXD
:\VORX]LOHWDO
$DQQXD
QG
.LP
$DQQXD
7KLVZRUN
QG QRWGHWHUPLQHG
P GD\ DIWHUG
F
D
E
E
VXFURVH
RQRIIPLQ
)LJXUH (IIHFWRIPLVWLQJF\FOHRQWKHVSHFLILFJURZWKUDWHRIWUDQVIRUPHGURRWVRI$
DQQXD LQWKHGLIIHUHQWLDOPLVWUHDFWRU$VXFURVHIHHGDWDPLVWLQJF\FOHRILV
HTXLYDOHQWWRDVXFURVHIHHGDWDPLVWLQJF\FOHRIDQGDVXFURVHIHHGDWD
PLVWLQJF\FOHRILVHTXLYDOHQWWRDVXFURVHIHHGDWDPLVWLQJF\FOHRI
,QLWLDOSDFNLQJIUDFWLRQD DQGRWKHU RSHUDWLQJFRQGLWLRQVZHUHDVGHVFULEHGLQ
)LJXUH(UURUEDUVUHSUHVHQWRQHVWDQGDUGGHYLDWLRQ/HWWHUVLQGLFDWHVWDWLVWLFDO
VLJQLILFDQFHDW3 ':JDIWHUG
D
EFH
EG
G
E
H
LQLWLDOVXFURVH
)LJXUH (IIHFWRILQLWLDOVXFURVHFRQFHQWUDWLRQRQJURZWKRIWUDQVIRUPHGURRWVRI$
DQQXD LQ VKDNHIODVNV,QLWLDOLQRFXOXPZDVJ):/ J':/LQP/%
PHGLXPZLWKWKHLQGLFDWHGFRQFHQWUDWLRQRIVXFURVH(UURUEDUVUHSUHVHQWRQHVWDQGDUG
GHYLDWLRQ/HWWHUVLQGLFDWHVWDWLVWLFDOVLJQLILFDQFHDW3 ' ':DIWHUG
E
D
VXFURVH
D
VXF
PDQQLWRO
VXFURVH
F
PDQQLWRO
)LJXUH(IIHFWRILQLWLDOVXFURVHFRQFHQWUDWLRQDQGPDQQLWRORQJURZWKDVFKDQJHLQ
GU\ZHLJKWRIWUDQVIRUPHGURRWVRI$DQQXD LQVKDNHIODVNV,QLWLDOLQRFXOXPZDVJ
):/ J':/LQP/%PHGLXPZLWKWKHLQGLFDWHGFRQFHQWUDWLRQRIVXFURVH
r PDQQLWRO7KH VROXWLRQRIVXFURVHPDQQLWROZDVRVPRWLFDOO\HTXLYDOHQWWR
VXFURVHDQGWKHPDQQLWROFRQWUROZDVRVPRWLFDOO\HTXLYDOHQWWRVXFURVH(UURUEDUV
UHSUHVHQWRQHVWDQGDUGGHYLDWLRQ/HWWHUVLQGLFDWHVWDWLVWLFDOVLJQLILFDQFHDW3 VXJDUJDIWHUG
IUXFWRVH
JOXFRVH
VXFURVH
LQLWLDOVXFURVH
)LJXUH 5HVLGXDOVXJDUFRQWHQWDIWHUGD\VRIJURZWKRIWUDQVIRUPHGURRWVRI$
DQQXD RQYDULRXVVXFURVHFRQFHQWUDWLRQVLQVKDNHIODVNV,QRFXOXPZDVJ):/ J':/LQP/%PHGLXP(UURUEDUVUHSUHVHQWRQHVWDQGDUGGHYLDWLRQ
':JDIWHUG
IUXFWRVH
JOXFRVH
VXFURVH
*) )LJXUH (IIHFWRILQGLYLGXDOVXJDUVDQGPRQRVDFFKDULGHUDWLRRQJURZWKRI
WUDQVIRUPHGURRWVRI$DQQXD LQVKDNHIODVNV,QLWLDOLQRFXOXPZDVJ):/ J
':/LQP/%PHGLXPIRUVXFURVHIUXFWRVHDQGJOXFRVHGDWDIURP:HDWKHUVHW
DODQGJ):/ J':/IRUJOXFRVHIUXFWRVH &DUERQ
DPRXQWVLQHDFKFDVHDUHHTXLYDOHQWWRWKDWLQVXFURVH(UURUEDUVUHSUHVHQWRQH
VWDQGDUGGHYLDWLRQ
':J
PHGLDUHSODFHGRQGD\
GD\V
QRUHSODFHPHQW
)LJXUH(IIHFWRIPHGLDUHSODFHPHQWRQJURZWKRIWUDQVIRUPHGURRWVRI$DQQXD LQ
VKDNHIODVNV2QGD\DUURZWKHPHGLDLQRQHVHWRIIODVNVZDVGUDLQHGDQGUHSODFHG
ZLWKP/RIIUHVKPHGLD5RRWVZHUHLQRFXODWHGZLWKHTXLYDOHQWDPRXQWVIRUHDFK
H[SHULPHQWDOFRQGLWLRQ(UURUEDUVUHSUHVHQWRQHVWDQGDUGGHYLDWLRQ
7DEOH (IIHFWRIVSHQWPHGLXPDQGPHGLXPUHSODFHPHQWRQJURZWKRIWUDQVIRUPHG
URRWVRI$DQQXD LQVKDNHIODVNV
FRQGLWLRQ
ELRPDVV
J):
GD\V'
'':PJGD\
G
G
G
'
G
(
G
)
G
*
G
G
,
G
-
G
$
%
&
QHZURRWVLQIUHVK
PHGLXPDWGD\
QHZURRWVLQWRVSHQW
PHGLXPDWGD\
IUHVKPHGLXPDWGD\
+ IUHVKPHGLXPDWGD\
<[V
GD\V
)LJXUH $SSDUHQWELRPDVV\LHOG<;6 ' J':' JJOXFRVHHTXLYDOHQWDW
GLIIHUHQWWLPHSRLQWVIRUWUDQVIRUPHGURRWVRI$DQQXD JURZQRQRUVXFURVHLQ
VKDNHIODVNVIRUDWRWDORIGD\V,QLWLDOLQRFXOXPZDVJ):/ J':/LQ
P/%PHGLXP(UURUEDUVUHSUHVHQWRQHVWDQGDUGGHYLDWLRQ
<[VDIWHUG
LQLWLDOVXFURVH
)LJXUH $SSDUHQWELRPDVV\LHOG<;6 ' J':' JJOXFRVHHTXLYDOHQWDIWHU
GD\VIRUWUDQVIRUPHGURRWVRI$DQQXD JURZQRQYDULRXVLQLWLDOVXFURVHFRQFHQWUDWLRQVLQ
VKDNHIODVNV,QLWLDOLQRFXOXPZDVJ):/ J':/LQP/%PHGLXP
(UURUEDUVUHSUHVHQWRQHVWDQGDUGGHYLDWLRQ
<;6
VXFURVH
VXFURVH
GD\V
)LJXUH $SSDUHQWELRPDVV\LHOG<;6 ' J':' JJOXFRVHHTXLYDOHQWDIWHU
DQGGD\VRIJURZWKRIWUDQVIRUPHGURRWVRI$DQQXD RQRUVXFURVHLQWKH
GLIIHUHQWLDOPLVWUHDFWRUQRWWDNLQJLQWRDFFRXQWHYDSRUDWLRQRUPHGLDORVVIURPWKHYHQW
,QLWLDOSDFNLQJIUDFWLRQD PLVWLQJF\FOHZDVPLQRQPLQRIIDQGDLUIORZ
GXULQJWKH³RQ´F\FOHZDV/PLQ (UURUEDUVUHSUHVHQWRQHVWDQGDUGGHYLDWLRQ
7DEOH (IIHFWRIYROXPHWULFHUURUVDQGHVWLPDWLRQRIVXJDUFRQFHQWUDWLRQRQ
FDOFXODWLRQRIDSSDUHQWELRPDVV\LHOGRIURRWVJURZQLQUHDFWRUUXQ$
FRQGLWLRQ
RULJLQDOFDOFXODWLRQ
DSSDUHQWELRPDVV\LHOG<;6
J':JJOXFHTY
FKDQJH
HUURULQ9L
HUURULQ9L
HUURULQ9HYDS
HUURULQ9HYDS
RUP/OHIW
LQUHDFWRUV\VWHP
>JOXFHTYORVW@ >JOXFHTYL@
>JOXFHTYORVW@ >JOXFHTYI@
2YHUDOOFRQFOXVLRQVDQGIXWXUHZRUN
7KHVHQVLWLYLW\RISODQWWLVVXHVWRVPDOOFKDQJHVLQWKHJDVSKDVHFRPSRVLWLRQRI
WKHLUFXOWXUHHQYLURQPHQWLPSOLHVDQHHGIRUWKHDELOLW\WRFRQWURORUDOWHULWZLWKUHODWLYH
HDVH$GGLWLRQDOO\VLQFHYROXPHWULFSURGXFWLYLW\LVFRQWLQJHQWXSRQWKHGHQVLW\WRZKLFK
RQHFDQJURZYDOXDEOHELRPDVVWKHFDSDFLW\WRGHOLYHUJDVHVWRKLJKO\SDFNHGWLVVXHV
EHFRPHVDQLPSRUWDQWLVVXH*DVWUDQVSRUWLVQRWDWULYLDOPDWWHULQDOLTXLGSKDVHFXOWXUH
V\VWHPGXHWRORZJDVVROXELOLW\DQGVKHDUVHQVLWLYLW\RISODQWWLVVXHVWRWKHVWLUULQJ
EXEEOLQJRUVSDUJLQJQHFHVVDU\WRHQKDQFHPDVVWUDQVIHU&RQVHTXHQWO\LWLV
DGYDQWDJHRXVWRXVHJDVSKDVHELRUHDFWRUVZKHQGHQVHWLVVXHDQGRUJDVPDQLSXODWLRQDUH
GHVLUHGRUUHTXLUHG3UHYLRXVZRUNKDVVKRZQWKDWSODQWWLVVXHVSHFLILFDOO\WUDQVIRUPHG
URRWVJURZQLQDPLVWUHDFWRUUHVSRQGWRWKLVHQYLURQPHQWLQFRPSOH[ZD\V7KHZRUN
SUHVHQWHGKHUHKDVDWWHPSWHGWRDQVZHUVRPHHVVHQWLDOTXHVWLRQVDERXWWKHEHKDYLRURI
URRWVLQDJDVSKDVHPLVWUHDFWRULQRUGHUWRGHYHORSEHWWHUZD\VRIGHVLJQLQJDQG
H[SORLWLQJWKHV\VWHPWRPD[LPL]HLWVEHQHILWVIRUWKLVDSSOLFDWLRQ
(DUOLHUZRUNXVHGDK\EULGUHDFWRUZKHUHLQWKHURRWVZHUHJURZQ LQOLTXLGSKDVH
XQWLOWKH\EHFDPHLPPRELOL]HGDQGWKHQWKHJURZWKFKDPEHUZDVGUDLQHGRIPHGLXPDQG
UXQDVDJDVSKDVHPLVWUHDFWRU.LP,QRUGHUWRGHFUHDVHWKHOHQJWKRIWLPHWKH
URRWVZHUHH[SRVHGWRWKHOLTXLGSKDVHHQYLURQPHQWVRWKDWDPRUHDFFXUDWHDSSUDLVDORI
WLVVXHUHVSRQVHWRWKHJDVSKDVHHQYLURQPHQWFRXOGEHPDGHDPHWKRGRIUDSLG
DWWDFKPHQWZDVVRXJKW5RRWVRIWKUHHGLIIHUHQWVSHFLHV$UWHPLVLDDQQXD%HWDYXOJDULV
DQG$UDELGRSVLVWKDOLDQDDGKHUHGWRDSRO\/O\VLQHFRDWHGSRO\SURS\OHQHVXEVWUDWHZLWKLQ
PLQXWHVDOWKRXJKWKHPHFKDQLVPRIDWWDFKPHQWZDVQRWFRPSOHWHO\XQGHUVWRRG7RZOHUDQG
:HDWKHUV7KLVZRUNZDVQRWSXUVXHGH[WHQVLYHO\VLQFHVKRUWO\WKHUHDIWHUDQ
LQWHUHVWLQJK\SRWKHVLVUHJDUGLQJWKHHIIHFWRIURRWLQRFXOXPGHQVLW\RQJURZWKVHHPHG
ZRUWK\RILPPHGLDWHLQYHVWLJDWLRQ
7KHPLVWUHDFWRUZDVDOWHUHGE\JUHDWO\UHGXFLQJWKHVL]HRIWKHJURZWKFKDPEHUVR
WKDWLWFRXOGEHPDQXDOO\SDFNHGZLWKURRWVWKHUHE\HOLPLQDWLQJWKHOLTXLGSKDVHPRGH
FRPSOHWHO\,WZDVGHPRQVWUDWHGWKDWE\XVLQJKLJKHULQLWLDOLQRFXOXPGHQVLWLHVWKDQWKRVH
VWXGLHGE\.LPJURZWKFRXOGEHLQFUHDVHG7KLVVXSSRUWHGWKHK\SRWKHVLVWKDWWKH
FDSWXUHRIQXWULHQWVIURPWKHPLVWZDVKLJKO\GHSHQGHQWRQWKHGHQVLW\RIWKHELRPDVVDV
VXJJHVWHGE\WKHDHURVROGHSRVLWLRQPRGHO:\VORX]LOHWDO6LPLODUO\LQFUHDVLQJ
QXWULHQWFRQFHQWUDWLRQSDUWLFXODUO\VXFURVHDOVRLQFUHDVHGWKHJURZWKUDWHDOWKRXJKWKH
RSWLPXPKDVQRW\HWEHHQGHWHUPLQHG$GGLWLRQDOVWXGLHVDUHUHFRPPHQGHG0LVWLQJ
ZLWKDKLJKVXFURVHFRQFHQWUDWLRQPD\EHHVVHQWLDOWRPDLQWDLQLQJDKLJKJURZWKUDWHLQ
WKHPLVWUHDFWRU7KRXJKDJURZWKUDWHGHFUHDVHZDVREVHUYHGDIWHURQO\GD\VLQWKH
PLVWUHDFWRUWKHFDXVHLVQRWFHUWDLQ0HGLDDQDO\VLVVKRZHGWKDWPDMRUQXWULHQWVZHUH
QRWH[KDXVWHGLQWKLVWLPHSHULRG*DVHRXVJURZWKLQKLELWRUVVSHFLILFDOO\HWK\OHQHZHUH
DOVRQRWGHWHFWHG:KLOHLWLVXQOLNHO\WKDWJURZWKLQKLELWRUVLQWKHPHGLXPKDG
DFFXPXODWHGVXIILFLHQWO\WRDIIHFWJURZWKWKLVQHHGVWREHYHULILHG H[SHULPHQWDOO\E\
FRPSDULQJWKHHIIHFWVRIFRQGLWLRQHGPHGLXPIURPPLVWUHDFWRUJURZQURRWVWRWKDWIURP
VKDNHIODVNJURZQURRWV$OWKRXJKDOWHULQJWKHIUHTXHQF\RIPLVWLQJVKRXOGKDYHDOVR
\LHOGHGKLJKHUJURZWKUDWHVDFFRUGLQJWRWKHPLVWGHSRVLWLRQPRGHOWKLVDSSURDFKZDVQRW
DVVXFFHVVIXODVLQFUHDVLQJWKHVXFURVHFRQFHQWUDWLRQ7KHRSWLPXPFRQFHQWUDWLRQRI
QXWULHQWVWKDWDUHUHTXLUHGIRUUDSLGJURZWKLQWKHPLVWUHDFWRUPD\YDU\IURPWKDW
REVHUYHGLQVKDNHIODVNFXOWXUHEHFDXVHRIWKHGLIIHUHQFHVLQ WKHPRGHRIQXWULHQW
GHOLYHU\$DQQXD URRWVLQVKDNHIODVNVGRQRWJURZZHOODWVXFURVHFRQFHQWUDWLRQV
JUHDWHUWKDQZYEXWVLQFHWKHQXWULHQWVDUHFDSWXUHGIURPVPDOOGURSOHWVUDWKHUWKDQ
IURPDFRQWLQXRXVOLTXLGSKDVHLQWKHPLVWUHDFWRUURRWV PD\UHTXLUHDKLJKHUQXWULHQW
FRQFHQWUDWLRQLQWKLVHQYLURQPHQW
7KHVPDOOELRPDVVGLIIHUHQWLDODQGWKHLQDELOLW\WRWUDFNWKHFDUERQIORZFRPSOHWHO\
PDGHLWLPSRVVLEOHWRFDOFXODWHWKHDSSDUHQWELRPDVV\LHOGLQWKHGLIIHUHQWLDOPLVWUHDFWRU
,IWKHYROXPHRIPHGLDZDVGHFUHDVHGVXFKWKDWPRUHH[DFWPHDVXUHPHQWVRIFKDQJHVLQ
FRQFHQWUDWLRQDQGYROXPHFRXOGEHPDGHSHUKDSVWKHELRPDVV\LHOGFRXOGEHGHWHUPLQHG
+RZHYHUDOWHULQJWKHELRPDVVPHGLXPUDWLRZKLFKZDVNHSWFRQVWDQWLQWKHVHVWXGLHV
PD\LQWURGXFHDGGLWLRQDOHIIHFWV
7KHRYHUDOOUHVXOWVRIWKHVHVWXGLHVVKRZHGJUHDWSURPLVHLQWKDWZHZHUHDEOHWR
LPSURYHWKHJURZWKUDWHLQWKHPLVWUHDFWRUVXFKWKDWLWSDUDOOHOHGWKDWREVHUYHGLQVKDNH
IODVNVZKLFKQRWRQO\VXSSRUWHGRXUSURSRVHGK\SRWKHVHV EXWDOVRLQGLFDWHGWKDWDPLVW
EDVHGQXWULHQWGHOLYHU\V\VWHPLVZRUWK\RIIXUWKHUUHVHDUFK
5HIHUHQFHV
$UFKDPEDXOW-9ROHVN\%DQG.XU]:*:6XUIDFHLPPRELOL]DWLRQRISODQW
FHOOV%LRWHFKQRO%LRHQJ
%DLV+36XUHVK%5DJKDYDUDR.606DQG5DYLVKDQNDU*$3HUIRUPDQFH
RIKDLU\URRWFXOWXUHVRI&LFKRULXPLQW\EXV /LQELRUHDFWRUVRIGLIIHUHQWFRQILJXUDWLRQV
,Q9LWUR&HOO'HY%LRO3ODQW
%DODQGULQ0).ORFNH-$:XUWHOH(6DQG%ROOLQJHU:+1DWXUDOSODQW
FKHPLFDOVVRXUFHVRILQGXVWULDODQGPHGLFLQDOPDWHULDOV6FLHQFH
%DQHUMHH65DKPDQ/8QL\DO*&DQG$KXMD36(QKDQFHGSURGXFWLRQRI
YDOHSRWULDWHVE\$JUREDFWHULXPUKL]RJHQHV LQGXFHGKDLU\URRWFXOWXUHVRI9DOHULDQD
ZDOOLFKLL '&3ODQW6FL
%KDGUD5DQG6KDQNV-97UDQVLHQWVWXGLHVRIQXWULHQWXSWDNHJURZWKDQG
LQGROHDONDORLGDFFXPXODWLRQLQKHWHURWURSKLFFXOWXUHVRIKDLU\URRWVRI&DWKDUDQWKXV
URVHXV %LRWHFKQRO%LRHQJ
%LRQGL6/HQ]L&%DUDOGL5DQG%DJQL1+RUPRQDOHIIHFWVRQJURZWKDQG
PRUSKRORJ\RIQRUPDODQGKDLU\URRWVRI+\RVF\DPXVPXWLFXV -3ODQW*URZWK
5HJXODWLRQ
%RUGRQDUR-/DQG&XUWLV:5 ,QKLELWRU\UROHRIURRWKDLUVRQWUDQVSRUWZLWKLQ
URRWFXOWXUHELRUHDFWRUV%LRWHFKQRO%LRHQJ
%RZHQ*'DQG5RYHUD$'7KHUKL]RVSKHUHWKHKLGGHQKDOIRIWKHKLGGHQKDOI
,Q3ODQW5RRWVWKH+LGGHQ+DOIHGV<:DLVHO$ (VKHO8.DINDIL0DUFHO'HNNHU
1HZ<RUN
%XHU&6&RUUHOO0-6PLWK7&7RZOHU0-:HDWKHUV3-1DGOHU06HDPDQ
-DQG:DOFHU]''HYHORSPHQWRIDQRQWR[LFDFRXVWLFZLQGRZQXWULHQWPLVW
ELRUHDFWRUDQGUHOHYDQWJURZWKGDWD,Q9LWUR&HOO'HY%LRO3ODQW
&DUYDOKR(%DQG&XUWLV:5&KDUDFWHUL]DWLRQRIIOXLGIORZUHVLVWDQFHLQURRW
FXOWXUHVZLWKDFRQYHFWLYHIORZWXEXODUELRUHDFWRU%LRWHFKQRO%LRHQJ
&KDWWHUMHH&&RUUHOO0-:HDWKHUV3-:\OVORX]LO%(DQG:DOFHU]'%
6LPSOLILHGDFRXVWLFZLQGRZPLVWELRUHDFWRU%LRWHFKQRO7HFKQ
&RUUHOO0-DQG:HDWKHUV3-D2QHVWHSDFFOLPDWL]DWLRQRISODQWOHWVXVLQJD
PLVWUHDFWRU%LRWHFKQRO%LRHQJ
&RUUHOO0-DQG:HDWKHUV3-E(IIHFWVRIOLJKW&2 DQGKXPLGLW\RQFDUQDWLRQ
JURZWKK\SHUK\GUDWLRQDQGFXWLFXODUZD[GHYHORSPHQWLQDPLVWUHDFWRU,Q9LWUR&HOO
'HY%LRO3ODQW
&RUUHOO0-:X<DQG:HDWKHUV3-&RQWUROOLQJK\SHUK\GUDWLRQRIFDUQDWLRQV
'LDQWKXVFDU\RSK\OOXV /JURZQLQDPLVWUHDFWRU%LRWHFKQRO%LRHQJ
&UDZIRUG0$LU3ROOXWLRQ&RQWURO7KHRU\0F*UDZ+LOO1HZ<RUN
&XUWLV:5&XOWLYDWLRQRIURRWVLQELRUHDFWRUV&XUU2S%LRWHFKQRO
&XUWLV:5+DLU\URRWVELRUHDFWRUJURZWK,Q(QF\FORSHGLDRI&HOO
%LRWHFKQRORJ\HG5(6SLHU-RKQ:LOH\DQG6RQV1HZ<RUN1<
'L,RULR$$&KHHWKDP5'DQG:HDWKHUV3-D&DUERQGLR[LGHLPSURYHVWKH
JURZWKRIKDLU\URRWVFXOWXUHGRQVROLGPHGLXPDQGLQQXWULHQWPLVWV$SSO0LFURELRO
%LRWHFKQRO
'L,RULR$$&KHHWKDP5'DQG:HDWKHUV3-E*URZWKRIWUDQVIRUPHGURRWV
LQDQXWULHQWPLVWELRUHDFWRUUHDFWRUSHUIRUPDQFHDQGHYDOXDWLRQ$SSO0LFURELRO
%LRWHFKQRO
'L,RULR$$:HDWKHUV3-DQG&KHHWKDP5'F1RQOHWKDOVHFRQGDU\SURGXFW
UHOHDVHIURPWUDQVIRUPHGURRWFXOWXUHVRI%HWDYXOJDULV $SSO0LFURELRO%LRWHFKQRO
'XYHUJHU(DQG'HOPRWWH)03XULILFDWLRQRIOHFWLQVIURP5RELQLDSVHXGRDFDFLD
/URRWWLSV3ODQW6FLHQFH
)DFFKLQL3-$GKHVLRQRIYDULRXVVSHFLHVRIVXVSHQVLRQFXOWXUHGSODQWFHOOVWRLQHUW
VXEVWUDWHVLQLWLDOLQWHUDFWLRQV)(060LFURELRO/HWW
)DFFKLQL3-DQG'L&RVPR),PPRELOL]DWLRQRIFXOWXUHG&DWKDUDQWKXVURVHXV FHOOV
XVLQJDILEUHJODVVVXEVWUDWXP$SSO0LFURELRO%LRWHFKQRO
)DFFKLQL3-1HXPDQQ$:DQG'L&RVPR)7KHUPRG\QDPLFDVSHFWVRISODQW
FHOODGKHVLRQWRSRO\PHUVXUIDFHV$SSO0LFURELRO%LRWHFKQRO
)DFFKLQL3-1HXPDQQ$:DQG'L&RVPR)$GKHVLRQRIVXVSHQVLRQFXOWXUHG
&DWKDUDQWKXV URVHXV FHOOVWRVXUIDFHVHIIHFWRIS+LRQLFVWUHQJWKDQGFDWLRQYDOHQF\
%LRPDWHULDOV
)LWWHU$&KDUDFWHULVWLFVDQGIXQFWLRQVRIURRWV\VWHPV,Q3ODQW5RRWVWKH+LGGHQ
+DOIHGV<:DLVHO$(VKHO8.DINDIL0DUFHO'HNNHU1HZ<RUN
)ORUHV+(DQG&XUWLV:5$SSURDFKHVWRXQGHUVWDQGLQJDQGPDQLSXODWLQJWKH
ELRV\QWKHWLFSRWHQWLDORISODQWURRWV$QQ1<$FDG6FL
)ORUHV+(<DR5HP'&XHOOR-/0DOGRQDGR0HQGR]D,(DQG/R\ROD9DUJDV
90*UHHQURRWVSKRWRV\QWKHVLVDQGSKRWRDXWRWURSK\LQDQXQGHUJURXQGSODQW
RUJDQ3ODQW3K\VLRO
)ULEHUJ-$:HDWKHUV3-DQG*LEVRQ'*&XOWXUHRIDPHERF\WHVLQDQXWULHQW
PLVWELRUHDFWRU,Q9LWUR&HOO'HY%LRO$
)ULHGODQGHU6.,Q6PRNH'XVWDQG+D]H)XQGDPHQWDOVRI$HURVRO%HKDYLRU
:LOH\1HZ<RUN
*DPERUJ2/0LOOHU5$DQG2MLPD.1XWULHQWUHTXLUHPHQWVRIVXVSHQVLRQ
FXOWXUHVRIVR\EHDQURRWFHOOV([S &HOO5HV
+DOODUG'*HHUOLQJV$YDQGHU+HLMGHQ5/RSHV&DUGRVR0,+RJH-+&DQG
9HUSRRUWH50HWDEROLFHQJLQHHULQJRIWHUSHQRLGLQGROHDQGTXLQROLQHDONDORLG
ELRV\QWKHVLVLQKDLU\URRWFXOWXUHV,Q+DLU\5RRWV&XOWXUHDQG$SSOLFDWLRQVHG30
'RUDQ+DUZRRG$FDGHPLF3XEOLVKHUV$PVWHUGDP7KH1HWKHUODQGV
-XQJ.+.ZDN66.LP6:/HH+&KRL&<DQG/LX-5
,PSURYHPHQWRIWKHFDWKDUDQWKLQHSURGXFWLYLW\LQKDLU\URRWFXOWXUHVRI&DWKDUDQWKXV
URVHXV E\XVLQJPRQRVDFFKDULGHVDVDFDUERQVRXUFH%LRWHFKQRO/HWW
.LMQH-:%DXFKURZLW]0$DQG'LD]&/5RRWOHFWLQVDQGUKL]RELD3ODQW
3K\VLRO
.LP<-$VVHVVPHQWRIELRUHDFWRUVIRUWUDQVIRUPHGURRWFXOWXUHV3K'WKHVLV
:RUFHVWHU3RO\WHFKQLF,QVWLWXWH:RUFHVWHU0$
.LP<:\VORX]LO%(DQG:HDWKHUV3-$FRPSDUDWLYHVWXG\RIPLVWDQG
EXEEOHFROXPQUHDFWRUVLQWKHLQYLWUR SURGXFWLRQRIDUWHPLVLQLQ3ODQW&HOO5HS
.LP<-:HDWKHUV3-DQG:\VORX]LO%(D*URZWKRI$UWHPLVLDDQQXD KDLU\
URRWVLQOLTXLG DQGJDVSKDVHUHDFWRUV%LRWHFKQRO%LRHQJ
.LP<:\VORX]LO%(DQG:HDWKHUV3-E6HFRQGDU\PHWDEROLVPRIKDLU\URRW
FXOWXUHVLQELRUHDFWRUV,Q9LWUR&HOO'HY%LRO3ODQW
.LP<-:HDWKHUV3-DQG:\VORX]LO%(*URZWKG\QDPLFVRI$UWHPLVLD
DQQXD KDLU\URRWVLQWKUHHFXOWXUHV\VWHPV%LRWHFKQRO%LRHQJ
.LWWLSRQJSDWDQD1+RFN56DQG3RUWHU-53URGXFWLRQRIVRODVRGLQHE\KDLU\
URRWFDOOXVDQGFHOOVXVSHQVLRQFXOWXUHVRI6RODQXPDYLFXODUH)RUVW3ODQW&HOO7LVV
2UJDQ&XOW
.ROVWHU$DQG%LHGHUEHFN5&RQGLWLRQVIRUWKHDWWDFKPHQWRI&DO\VWHJLD FHOOVWR
VROLGVXEVWUDWHV$QQ%RW
.ZRN.+DQG'RUDQ30.LQHWLFDQGVWRLFKLRPHWULFDQDO\VLVRIKDLU\URRWVLQ
DVHJPHQWHGEXEEOHFROXPQUHDFWRU%LRWHFKQRO3URJ
/LX&=:DQJ<&=KDR%*XR&2X\DQJ)<H+&DQG/L*)
'HYHORSPHQWRIDQXWULHQWPLVWELRUHDFWRUIRUJURZWKRIKDLU\URRWV,Q9LWUR&HOO'HY
%LRO3ODQW
0DQGROL')DQG%ULJJV:52SWLFDOSURSHUWLHVRIHWLRODWHGSODQWWLVVXHV
3URF1DWO $FDG6FL
0DQGROL')DQG%ULJJV:53K\VLRORJ\DQGRSWLFVRISODQWWLVVXHV:KDW
V
1HZLQ3ODQW3K\VLRORJ\
0DWVXED\DVKL<DQG6DNDJDPL<3K\WRVXOIRNLQHVXOIDWHGSHSWLGHVWKDWLQGXFH
WKHSUROLIHUDWLRQRIVLQJOHPHVRSK\OOFHOOVRI$VSDUDJXVRIILFLQDOLV /3URF1DWO$FDG
6FL
0F.HOYH\6$*HKULJ-$+RODU.$DQG&XUWLV:5*URZWKRISODQWURRW
FXOWXUHVLQOLTXLG DQGJDVGLVSHUVHGUHDFWRUHQYLURQPHQWV%LRWHFKQRO3URJ
0R]HV10DUFKDO)+HUPHVVH03DQG9DQ+DHFKW-/,PPRELOL]DWLRQRI
PLFURRUJDQLVPVE\DGKHVLRQLQWHUSOD\RIHOHFWURVWDWLFDQGQRQHOHFWURVWDWLFLQWHUDFWLRQV
%LRWHFKQRO%LRHQJ
1HOMXERZ'18EHUGLHKRUL]RQWDOHQXWDWLRQGHUVWHQJHOYRQ3LVXPVDWLYXPXQG
HLQLJHUDQGHUHQ3IODQ]HQ%HLWUDJHXQG%RWDQLN=HQWUDOEODWW
1LHOG'$DQG%HMDQ$&RQYHFWLRQLQSRURXVPHGLD6SULQJHU9HUODJ1HZ
<RUN
1XXWLOD$0/LQGTYLVW$6DQG .DXSSLQHQ9*URZWKRIKDLU\URRWFXOWXUHVRI
VWUDZEHUU\)UDJDULD [DQDQDVVD'XFKLQWKUHHGLIIHUHQWW\SHVRIELRUHDFWRUV
%LRWHFKQRO7HFKQ
3DOD]RQ-0DOORO$(LEO5/HWWHQEDXHU&&XVLGR50DQG3LQRO07
*URZWKDQGJLQVHQRVLGHSURGXFWLRQLQKDLU\URRWFXOWXUHVRI3DQD[JLQVHQJ XVLQJDQRYHO
ELRUHDFWRU3ODQWD0HGLFD
3HUHLUD$06%HUWRQL%:&DPDUD)/$'XDUWH,%4XHLUR]0(&/HLWH
9*00RUDHV50&DUYDOKR'DQG)UDQFD6&&RFXOWLYDWLRQRISODQWFHOOVDV
DWHFKQLTXHIRUWKHHOLFLWDWLRQRIVHFRQGDU\PHWDEROLWHSURGXFWLRQ3ODQW&HOO7LVV2UJ
&XOW
3HUU\5+DQG*UHHQ':3HUU\
V&KHPLFDO(QJLQHHU
V+DQGERRN WK HG
0F*UDZ+LOO1HZ<RUN
5DPDNULVKQDQ'DQG&XUWLV:57ULFNOHEHGURRWFXOWXUHELRUHDFWRUGHVLJQDQG
VFDOHXSJURZWKIOXLGG\QDPLFVDQGR[\JHQPDVVWUDQVIHU%LRWHFKQRO%LRHQJ
5DPDNULVKQDQ'/X\N'DQG&XUWLV:50RQLWRULQJELRPDVVLQURRWFXOWXUH
V\VWHPV%LRWHFKQRO%LRHQJ
5DPDNULVKQDQ'6DOLP-DQG&XUWLV:5,QRFXODWLRQDQGWLVVXHGLVWULEXWLRQ
LQSLORWVFDOHSODQWURRWFXOWXUHELRUHDFWRUV%LRWHFKQRO7HFK
5HHG5&%UDG\65DQG0XGD\*.,QKLELWLRQRIDX[LQPRYHPHQWIURPWKH
VKRRWLQWRWKHURRWLQKLELWVODWHUDOURRWGHYHORSPHQWLQ$UDELGRSVLV3ODQW3K\VLRO
5LGJH5:DQG5ROIH%*/HFWLQELQGLQJWRWKHURRW DQGURRWKDLUWLSVRIWKH
WURSLFDOOHJXPH0DFURSWLOLXPDWURSXUSXUHXP 8UE$SSO(QYLURQ0LFURELRO
5RELQV5-+DOO'26KL'-7XUQHU5-DQG5KRGHV0-&0XFLODJHDFWV
WRDGKHUHF\DQREDFWHULDDQGFXOWXUHGSODQWFHOOVWRELRORJLFDODQGLQHUWVXUIDFHV)(06
0LFURELRO/HWW
5RWKH*DQG'UDJHU%7URSDQHDONDORLGV± PHWDEROLFUHVSRQVHWRFDUERK\GUDWH
VLJQDOLQURRWFXOWXUHVRI$WURSDEHOODGRQQD 3ODQW6FL
6DQGHUV/&:DQJ&:DOOLQJ//DQG/RUG(0$KRPRORJRIWKHVXEVWUDWH
DGKHVLRQPROHFXOHYLWURQHFWLQRFFXUVLQIRXUVSHFLHVRIIORZHULQJSODQWV3ODQW&HOO
6FKURGHU5*HUWQHU)6WHLQEUHQQHU%.QRRS%DQG%HLGHUEHFN5
9LDELOLW\IDFWRUVLQSODQWVXVSHQVLRQFXOWXUHV± VRPHSURSHUWLHV-3ODQW3K\VLRO
6KDQNV-DQG0RUJDQ-3ODQW
KDLU\URRW
FXOWXUH&XUU2SLQLRQLQ%LRWHFKQRO
6KDURQ1DQG/LV+/HFWLQV &KDSPDQDQG+DOO1HZ<RUN1<
6KDUS-0DQG'RUDQ30&KDUDFWHULVWLFVRIJURZWKDQGWURSDQHDONDORLG
V\QWKHVLVLQ$WURSDEHOODGRQQD URRWVWUDQVIRUPHGE\$JUREDFWHULXPUKL]RJHQHV -
%LRWHFKQRO
6LHJHO60DQG'DO\25HJXODWLRQRIEHWDF\DQLQHIIOX[IURPEHHWURRWE\SRO\/
O\VLQH&DLRQDQGRWKHUVXEVWDQFHV3ODQW3K\VLRO
6RXUHW)).LP<-:\VORX]LO%(:REEH..DQG:HDWKHUV3-6FDOH
XSRI$UWHPLVLDDQQXD /KDLU\URRWVFXOWXUHVSURGXFHVFRPSOH[SDWWHUQVRIWHUSHQRLG
JHQHH[SUHVVLRQ%LRWHFKQRO%LRHQJ
6XQJ/6DQG+XDQJ6<+HDGVSDFHHWK\OHQHDFFXPXODWLRQLQ6WL]RORELXP
KDVVMRR KDLU\URRWFXOWXUHSURGXFLQJ/GLK\GUR[\SKHQ\ODODQLQH%LRWHFKQRO/HWW
7DQDGD 7$UDSLGSKRWRUHYHUVLEOHUHVSRQVHRIEDUOH\URRWWLSVLQWKHSUHVHQFHRI
LQGROHDFHWLFDFLG3URF1DWO$FDG6FL
7D\D06DWR+0DVDKLUR.DQG7RQH6&KDUDFWHULVWLFVRISDNEXQJJUHHQ
KDLU\URRWVFXOWLYDWHGXQGHUOLJKWLUUDGLDWLRQ-)HUPHQW%LRHQJ
7LVVHUDW%-RQHV'DQG*DOOHWWD3'&RQVWUXFWLRQDQGXVHRIDQLQH[SHQVLYH
LQYLWURXOWUDVRQLFPLVWLQJV\VWHP+RUW7HFKQRO
7RZOHU0-DQG:HDWKHUV3-$GKHVLRQRISODQWURRWVWRSRO\/O\VLQHFRDWHG
SRO\SURS\OHQHVXEVWUDWHV-RXUQDORI%LRWHFKQRO
9DQ+DHFKW-/'H%UHPDHNHU0DQG5RX[KHW3*,PPRELOL]DWLRQRI\HDVW
E\DGKHVLRQWRDVXSSRUWZLWKRXWXVHRIDFKHPLFDODJHQW(Q]\PH0LFURELDO7HFKQRO
9LWUDF;/DUURQGH).ULVD6'HFHQGLW$'HIILHX[*DQG0HULOORQ-0
6XJDUVHQVLQJDQG&DFDOPRGXOLQUHTXLUHPHQWLQ9LWLVYLQLIHUD FHOOVSURGXFLQJ
DQWKRF\DQLQV3K\WRFKHPLVWU\
:DODFK05DQG3LUW6-7KHJURZWKDQGDGKHVLRQWRJODVVRIDOJDO&KORUHOOD
FHOOVWKHHIIHFWVRILURQDQGRWKHUPLQHUDOQXWULHQWV$SSO0LFURELRO%LRWHFKQRO
:DJQHU97%ULDQ/DQG4XDWUDQR565ROHRIDYLWURQHFWLQOLNHPROHFXOHLQ
HPEU\RDGKHVLRQRIWKHEURZQDOJD)XFXV 3URF1DWO$FDG6FL
:DJQHU97DQG0DWWK\VVH$*,QYROYHPHQWRIDYLWURQHFWLQOLNHSURWHLQLQ
DWWDFKPHQWRI$JUREDFWHULXPWXPHIDFLHQV WRFDUURWVXVSHQVLRQFXOWXUHFHOOV-%DFWHULRO
:DQJ&:DOOLQJ//*X<4:DUH&)DQG/RUG(07ZRFODVVHVRI
SURWHLQVDQGP51$VLQ/LOLXPORQJLIORUXP /LGHQWLILHGE\KXPDQYLWURQHFWLQSUREHV3ODQW
3K\VLRO
:DQJ-/:DOOLQJ//-DXK *<*X<4DQG/RUG(0/LO\FRIDFWRU
LQGHSHQGHQWSKRVSKRJO\FHUDWHPXWDVHSXULILFDWLRQSDUWLDOVHTXHQFLQJDQG
LPPXQRORFDOL]DWLRQ3ODQWD
:HDWKHUV3-%XQN*DQG0F&R\07KHHIIHFWRISK\WRKRUPRQHVRQJURZWK
DQGDUWHPLVLQLQSURGXFWLRQLQ$UWHPLVLDDQQXD KDLU\URRWV,Q9LWUR&HOO'HY%LRO
3ODQWLQSUHVV
:HDWKHUV3-&KHHWKDP5')ROODQVEHH(DQG7HRK.$UWHPLVLQLQ
SURGXFWLRQE\WUDQVIRUPHGURRWVRI$UWHPLVLDDQQXD %LRWHFKQRO/HWW
:HDWKHUV3-'H-HVXV*RQ]DOH]/.LP<-6RXUHW))DQG7RZOHU0-
$OWHUDWLRQRIELRPDVVDQGDUWHPLVLQLQSURGXFWLRQLQ$DQQXD KDLU\URRWVE\PHGLD
VWHULOL]DWLRQPHWKRGDQGVXJDUV3ODQW&HOO5HS
:HDWKHUV3-'L,RULR$$DQG&KHHWKDP5'$ELRUHDFWRUIRUGLIIHUHQWLDWHG
SODQWWLVVXHV,Q3URFHHGLQJVRIWKH%LRWHFK86$&RQIHUHQFH6DQ)UDQFLVFR&$
:HDWKHUV3-:\VORX]LO%(:REEH...LP<-DQG<LJLW(:RUNVKRS
RQELRUHDFWRUWHFKQRORJ\7KHELRORJLFDOUHVSRQVHRIKDLU\URRWVWR2 OHYHOVLQ
ELRUHDFWRUV,Q9LWUR&HOO'HY%LRO3ODQW
:HDWKHUV3-DQG:\VORX]LO%(%LRUHDFWRUVPLVW,Q(QF\FORSHGLDRI&HOO
7HFKQRORJ\HG5(6SLHU-RKQ:LOH\DQG6RQV1HZ<RUN1<
:HDWKHUV3-DQG=REHO5:$HURSRQLFVIRUWKHFXOWXUHVRIRUJDQLVPVWLVVXHV
DQGFHOOV%LRWHFK$GY
:KLSSOH0'HSRVLWLRQRIQXWULHQWPLVWRQWRKDLU\URRWFXOWXUHV067KHVLV
:RUFHVWHU3RO\WHFKQLF,QVWLWXWH:RUFHVWHU0$
:LOVRQ'*7KHSLORWVFDOHFXOWLYDWLRQRIWUDQVIRUPHGURRWV,Q+DLU\5RRWV
FXOWXUHDQGDSSOLFDWLRQVHG30'RUDQ*RUGRQDQG%UHDFK+DUZRRG$FDGHPLF8.
:LOVRQ3'*+LOWRQ0*0HHKDQ37+:DVSH&5DQG5KRGHV0-&
7KHFXOWLYDWLRQRIWUDQVIRUPHGURRWVIURPODERUDWRU\WRSLORWSODQW,Q3URJUHVVLQ3ODQW
&HOOXODUDQG0ROHFXODU%LRORJ\HGV+--1LMNDPS/+:YDQGHU3ODV-YDQ
$DUWULMN.OXZHU$FDGHPLF3XEOLVKHUV'RUGUHFKW7KH1HWKHUODQGV
:KLWQH\3-1RYHOELRUHDFWRUVIRUSODQWURRWRUJDQFXOWXUHV$EVWUDFWV9,,,QWO
&RQJ3ODQW7LVV&HOO&XOW$PVWHUGDP7KH1HWKHUODQGV$EVWUDFW&
:KLWQH\31RYHOELRUHDFWRUVIRUWKHJURZWKRIURRWVWUDQVIRUPHGE\
$JUREDFWHULXPUKL]RJHQHV (Q]\PH0LFURE7HFKQRO
:RR6+DQG3DUN-00XOWLSOHVKRRWFXOWXUHRI'LDQWKXVFDU\RSK\OOXV XVLQJ
PLVWFXOWXUHV\VWHP%LRWHFKQRO7HFKQ
:\VORX]LO%(:DWHUEXU\5*DQG:HDWKHUV3-7KHJURZWKRIVLQJOHURRWV
RI$UWHPLVLDDQQXD LQQXWULHQWPLVWELRUHDFWRUV%LRWHFKQRO%LRHQJ
:\VORX]LO%(:KLSSOH0&KDWWHUMHH&:DOFHU]'%:HDWKHUV3-DQG+DUW
'30LVWGHSRVLWLRQRQWRKDLU\URRWFXOWXUHVDHURVROPRGHOLQJDQGH[SHULPHQWV
%LRWHFKQRO3URJ
=KX-'DPV]%.RQRQRZLF]$.%UHVVDQ5$DQG+DVHJDZD30$KLJKHU
SODQWH[WUDFHOOXODUYLWURQHFWLQOLNHDGKHVLRQSURWHLQLVUHODWHGWRWKHWUDQVODWLRQDOHORQJDWLRQ
IDFWRU3ODQW&HOO
=KX-6KL-6LQJK8:\DWW6(%UHVVDQ5$+DVHJDZD30DQG&DUSLWD1&
(QULFKPHQWRIYLWURQHFWLQ DQGILEURQHFWLQOLNHSURWHLQVLQ1D&ODGDSWHGSODQW
FHOOVDQGHYLGHQFHIRUWKHLULQYROYHPHQWLQSODVPDPHPEUDQHFHOOZDOODGKHVLRQ3ODQW-
$SSHQGL[$5DZGDWD
0LVWUHDFWRUH[SHULPHQWV
3ODVWLFEDJUHDFWRUGDWD &HQWULIXJHWXEHUHDFWRUGDWD 6KDNHIODVNH[SHULPHQWV
5HGG\HWR[LFLW\WHVW *URZWKNLQHWLFVDQGRUVXFURVH)LJV 6XFURVHFRQFHQWUDWLRQVXFURVH)LJV *URZWKNLQHWLFVVXFURVH)LJ 6XFURVHFRQFHQWUDWLRQVXFURVH)LJV &DUERQVRXUFHVXFURVHJOXFRVHIUXFWRVH)LJ 5RRWPHGLDUHSODFHPHQW)LJ7DEOH 2VPRWLFWHVWVXFURVHPDQQLWRO)LJ *OXFRVHIUXFWRVHUDWLR VXJDU)LJ 0HGLDUHSODFHPHQW)LJ7DEOH +LJKLQRFXOXP7DEOH 6XFURVHFRQFHQWUDWLRQRVPRWLFWHVWVXFURVHPDQQLWRO 5HDFWRU
'DWH
-XO\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHG5H\QROG¶VRYHQEDJKRUL]RQWDO
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVKRUL]RQWDOEDJPLVWLQJSUREOHPVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
QG
5HDFWRU
$
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHG5H\QROG¶VRYHQEDJ
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVGU\URRWVGD\KROHLQWXELQJWRPLVWJHQHUDWRU
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHG5H\QROG¶VRYHQEDJ
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\UHDFWRUOHDN
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
5HDFWRU
$
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHG5H\QROG¶VRYHQEDJ
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\SRVVLEOHPLVWLQJSUREOHPVORZDLUIORZ
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
QG
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHG5H\QROG¶VRYHQEDJ
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFXOWXUHEDJEURNHDIWHUUHDFWRULQLWLDWLRQ
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHG5H\QROG¶VRYHQEDJ
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVELJPHGLDOHDNPHGLDJRQHGD\
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
5HDFWRU
$
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHG5H\QROG¶VRYHQEDJ
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHG5H\QROG¶VRYHQEDJ
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVOHDNHGPHGLDJRQHGD\
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
5HDFWRU
$
'DWH
6HSWHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHG5H\QROG¶VRYHQEDJ
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\OHDN\EDJ
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
5HDFWRU
%
'DWH
6HSWHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHG5H\QROG¶VRYHQEDJ
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQ PLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\OHDN\EDJ
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
5HDFWRU
$
'DWH
2FWREHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHGELRKD]DUGEDJ9:5FDW
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\
&RPPHQWVFORXG\GD\IRXQGOHDNDWWRSRIPLVWJHQHUDWRU
,QLWLDO
):J
':J
YROXPH/
5HDFWRU
%
'DWH
2FWREHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHGELRKD]DUGEDJ9:5FDW
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\PHGLDLVOHDNLQJLQWRKXPLGLILHUXQLW
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
5HDFWRU
$
'DWH
1RYHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHGELRKD]DUGEDJ9:5FDW
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
5HDFWRU
%
'DWH
'HFHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHGELRKD]DUGEDJ9:5FDW
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVPHOWHGILWWLQJPHGLDJRQHGD\PLVWJHQHUDWRUOHDN
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
$
'HFHPEHU
J):7G
KHDWVHDOHGELRKD]DUGEDJ9:5FDW
ILOWHUHG%VXFURVH
/PLQURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
QG
JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
'HFHPEHU
,QRFXOXPDQGDJH QRQH
&XOWXUHFKDPEHU
KHDWVHDOHGELRKD]DUGEDJ9:5FDW
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVHTXLSPHQWIDLOXUHDXWRFODYHGDPDJHGUHDFWRU
5HDFWRU
$
'DWH
-DQXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHGELRKD]DUGEDJ9:5FDW
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVGULSVJOXHGVWLOOORRNVFOHDQ
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
QG
JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
-DQXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHGELRKD]DUGEDJ9:5FDW
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\
&RPPHQWVEDJVSOLWGD\
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
5HDFWRU
%
'DWH
-DQXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
KHDWVHDOHGELRKD]DUGEDJ9:5FDW
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\OHDN\EDJDQGPLVWJHQHUDWRU
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
5HDFWRU
$
'DWH
-DQXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
5HDFWRU
$
'DWH
)HEUXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQORZHUPLVWGXHWRVOLPHXQGHUPLVWJHQHUDWRU
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO QG
IUXFWRVH
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
)HEUXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQPLVWLQJSUREOHPVEXEEOHXQGHUJHQHUDWRU
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
$
0DUFK
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
5HDFWRU
%
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
5HDFWRU
$
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
5HDFWRU
%
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
5HDFWRU
$
'DWH
$SULO
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVOHDNVWXELQJNLQNVPLVWLQJSUREOHPV
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
SDFNLQJIUDFWLRQ
QG
QG
5HDFWRU
%
'DWH
$SULO
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVEURNHPHGLDUHVHUYRLUGXULQJVHWXS
,QLWLDO
):J
':J
YROXPH/
)LQDO
):
':
YROXPH
QG
QG
QG
5HDFWRU
'DWH
,QRFXOXP DQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
$
$SULO
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO )LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
$SULO
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQORZDLUIORZa/PLQGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO )LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
0D\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\OHDNV
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
5HDFWRU
%
'DWH
0D\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\PLVWLQJSUREOHPV
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
0D\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\OHDNVPHGLDJRQH
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
0D\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU1D2+WUDSDWYHQW
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVOHDNVSUHVVXUHSUREOHPVUHVHUYRLUWRSEOHZRIIGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO )LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
0D\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQHDUO\OHDNV
,QLWLDO
):J
':J
YROXPH/
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO )LQDO
):
':
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
0D\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\PDOIXQFWLRQLQJIORZPHWHUDLUIORZWRRKLJK
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
-XQH
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\KXPLGLILHUWXELQJLQFRUUHFWO\FRQILJXUHGKXPLGLILHUPDOIXQFWLRQ
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
%
-XQH
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO )LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUH WLPH
&RPPHQWVFOHDQ
%
-XO\
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
-XO\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQEXWKXPLGLILHUIORRGHGDQGGLHGGD\UHSODFHG
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
-XO\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVOHDNVPHGLDUDQRXWVOLJKWO\FORXG\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
-XO\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVOHDNVEHORZJURZWKFKDPEHUEXWFOHDQ
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QRQEORWWHGEHGZHLJKWJ
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQVPDOOOHDNV
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVPHGLDJRQHGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
%
$XJXVW
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
6HSWHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVOHDNVKXPLGLILHUSUREOHPVFKDQJHGGD\DQGGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
6HSWHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVOHDNVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
6HSWHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
2FWREHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
%
'DWH
2FWREHU
,QRFXOXPDQGDJH QRQH
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVDLUIORZSUREOHPVJHQHUDWRUOHDNVLQWRKXPLGLILHUKXPLGLILHUOHIWRIIOHDNVEHORZJURZWK
FKDPEHUEOXHG\HLQPHGLD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
%
'DWH
2FWREHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVVPDOOIXQJXVLQPHGLDUHVHUYRLUDWKDUYHVWRWKHUZLVHFOHDUUHGG\HLQPHGLD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
1RYHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/ FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVKXPLGLILHUSUREOHPVIORRGVQRWPLVWLQJUHGG\HLQPHGLD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
1RYHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVSXPSFRQWUROOHUGLHGWKUHHWLPHVQRWPLVWLQJUHGG\HLQPHG
LD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
1RYHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQUHGG\HLQPHGLD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
7LPHGD\V
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
%
'DWH
1RYHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\UHGG\HLQPHGLD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
'HFHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVKXPLGLILHUIORRGHGVKRUWHGRXWIURPRYHUIORZUHSODFHGIORRGHG
± VSOLWWXELQJ IURPPLVW
JHQHUDWRUEXEEOHDVSLUDWRUUHGG\HLQPHGLD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
%
'DWH
'HFHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVPLVWSUREOHPVGD\DLUSXPSG\LQJ± UHSODFHGGD\UHGG\HLQPHGLD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V 9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
'HFHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVOHIWKXPLGLILHURIIGD\FORXG\GD\UHGG\HLQPHGLD
,QLWLDO
):J
':J
9ROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
'HFHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG% VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVNLQNHGWXELQJWRPLVWJHQHUDWRUGD\QRWPLVWLQJFORXG\GD\UHGG\HLQPHGLD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
'HFHPEHU
,QRFXOXPDQGDJH J ):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\UHGG\HLQPHGLD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
-DQXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\GD\PHGLDVWHULOHILOWUDWLRQSUREOHPV
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
%
-DQXDU\
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
VXFURVH
QRQEORWWHGEHGZHLJKW
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
-DQXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVQRWPLVWLQJGD\ UHSODFHGKXPLGLILHUVOLJKWO\FORXG\PHGLDDWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
-DQXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVVOLJKWO\FORXG\PHGLDDWKDUYHVWWHPSSUREOHPVLQFXOWXUHURRPFROG
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
SKRVSKDWHJ/
LQLWLDO ILQDO )LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
JOXFRVH
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
-DQXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVQRWPLVWLQJGD\± PHGLDIHHGSUREOHPVJHQHUDWRUYHQWQRWFODPSHG± ORVWPHGLD
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
$
'DWH
)HEUXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\
&RPPHQWV SRVVLEO\OHDNLQJLQWRKXPLGLILHUGD\PHGLDIHHGSUREOHPV
± EXUQHGRXWPLVWJHQHUDWRU
PHPEUDQH
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
%
'DWH
)HEUXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWV QRWPLVWLQJZHOOGD\FKDQJHGKXPLGLILHU
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
%
'DWH
)HEUXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWV EORWWHGZHLJKHGURRWVVLWWLQJIRUKUKDGWRUHVWHULOL]HUHDFWRURWKHUZLVHFOHDQ
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO )LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
QG
QG
VXFURVH
QRQEORWWHGEHGZHLJKW
JOXFRVHHTXLYDOHQWV
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
$
)HEUXDU\
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V 9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
%
)HEUXDU\
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V 9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
%
)HEUXDU\
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V 9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVVPDOOIXQJDOFRORQLHVLQUHVHUYRLUDWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V 9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVIXQJDOFRORQLHVLQPHGLDDWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
$
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWV FORXG\DWKDUYHVWWRRZDUPLQFXOWXUHURRP
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
$
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVVOLJKWO\FORXG\PHGLDDWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVPLVWJHQHUDWRURYHUIXOO± QRWPLVWLQJGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVEURZQPHGLDGD\EURZQURRWVGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
%
0DUFK
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
%
$SULO
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
$SULO
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVQRWPLVWLQJZHOO#KRXUV± IL[HGFOHDQDWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVH HTXLYDOHQWV
5HDFWRU
%
'DWH
$SULO
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVRYHUIXOOPLVWJHQHUDWRUGD\KXPLGLILHUOHYHOWRRORZGD\GDUNPHGLDGD\
EURZQIXQJXVURRWVGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO )LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
QG
QG
VXFURVH
QRQEORWWHGEHGZHLJKW
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
0D\ ,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\
&RPPHQWVVSOLWWXELQJIURPPLVWJHQHUDWRURYHUIORZ± ORVWPHGLDGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
$
0D\
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V 9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
0D\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\DWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
$
0D\
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V 9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
0D\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\DWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
-XQH
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVVOLJKWO\FORXG\DWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V 9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
%
-XQH
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
-XQH
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQ PLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVVRPHOHDNVVPDOOIXQJDOFRORQLHVLQUHVHUYRLUDWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
-XQH
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVIHOORYHUGD\ORZKXPLGLILHUOHYHOQRWPLVWLQJUHVHUYRLUPHGLDP\VWHULRXVO\JRQHGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
SKRVSKDWHJ/
LQLWLDO ILQDO )LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
%
'DWH
-XQH
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVQRWPLVWLQJGD\VPDOOURXQGEURZQWKLQJVLQPHGLDUHVHUYRLUDWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
-XO\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVQRWPLVWLQJGD\PHGLDUHVHUYRLUORZ:HLUG«
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
%
-XO\
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
'DWH
,QRFXOXPDQGDJH
&XOWXUHFKDPEHU
0HGLXP
$LUIORZ
0LVWLQJF\FOH
&XOWXUHWLPH
&RPPHQWVFOHDQ
$
-XO\
J):7G
P/FHQWULIXJHWXEH
ILOWHUHG%VXFURVH
/PLQKXPLGLILHGURRPDLU
PLQRQPLQRII
GD\V
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
SKRVSKDWHJ/
LQLWLDO ILQDO )LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
IUXFWRVH
JOXFRVH
QG
QG
VXFURVH
QRQEORWWHGEHGZHLJKW
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
-XO\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQVRPHPLVWSUREOHPVGD\DQG
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
-XO\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQ PLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQPLVWSUREOHPVWLPHUSRVVLEO\RIIGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQPLVWSUREOHPVSRZHUIDLOXUHRQGD\PD\KDYHUHVHWF\FOHWRXQWLOGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQPLVWSUREOHPVGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQPLVWSUREOHPVGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7 G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFOHDQPLVWSUREOHPVP\VWHU\OHDN"PHGLDGHFUHDVHGPXFKIDVWHUWKDQSDU
DOOHOUXQ$
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
VXJDUFRQFHQWUDWLRQJ/
LQLWLDO
ILQDO
IUXFWRVH
7LPHGD\V
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPH FKDQJHP/
SKRVSKDWHJ/
LQLWLDO ILQDO JOXFRVH
QG
QG
QG
QRQEORWWHGEHGZHLJKW
VXFURVH
JOXFRVHHTXLYDOHQWV
5HDFWRU
$
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVPLVWSUREOHPVGD\KXPLGLILHUGHDG UHSODFHGFORXG\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG% VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVPLVWSUREOHPVIXQJXVLQURRWV
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
$
'DWH
-XO\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVVPDOOIXQJXVLQPHGLDOLQHVDWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
7LPHGD\V
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
QG
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
%
'DWH
$XJXVW
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQ RII
&XOWXUHWLPH
GD\
&RPPHQWVQRWPLVWLQJGD\QRPHGLDZHLUG«
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
6HSWHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVFORXG\PHGLDGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
%
'DWH
6HSWHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVJHQHUDWRUVIHOORYHUVRPHWLPHRQGD\PHGLDVOLJKWO\FORXG\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\ P6FP
SDFNLQJIUDFWLRQ
7LPHGD\V
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
$
'DWH
6HSWHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVPLVWLQJSUREOHPVGD\PHGLDVOLJKWO\EURZQGD\PXFKORZHUWKDQ%PHGLDGHILQLWHO\
FORXG\GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
%
'DWH
6HSWHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVPLVWLQJSUREOHPVGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
7LPHGD\V
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
$
'DWH
2FWREHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVUHVHUYRLUPXFKORZHUWKDQ%EURZQDQGFRQWDPLQDWHGGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
QRQEORWWHGEHGZHLJKW
QG
5HDFWRU
%
'DWH
2FWREHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVURRWVORRNEURZQGD\YHU\EURZQTXLWH'($'GD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
7LPHGD\V
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
QG
QG
QG
QG
5HDFWRU
%
'DWH
2FWREHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVPLVWLQJSUREOHPVHYHU\GD\DQGFORXG\PHGLDDWKDUYHVW
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
7LPHGD\V
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
%
'DWH
1RYHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVJURZWKFKDPEHUFUDFNHGJOXHGIDVWGHFUHDVHLQPHGLDOHYHOSUREDEO\OHDNHGLQWRKXPLGLILHU
EDVHPHGLDDQGURRWVEURZQGD\PLVWLQJSUREOHPVNLQNHGWXELQJGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
7LPHGD\V
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
9ROXPHFKDQJHP/
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
1RYHPEHU
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVSRZHURXWDJHUHVHWWLPHUQRWUXQQLQJRQGD\PLVWLQJSUREOHPVGD\
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QG
QG
QG
5HDFWRU
$
'DWH
)HEUXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWV QRSUREOHPVPD\KDYHEHHQDLUIORZLVVXHVRQGD\VWXFNIORZPHWHUFKDQJHGDLUSXPS
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
$
'DWH
)HEUXDU\
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVNLQNHGWXELQJWRPLVWJHQHUDWRUGD\HQGHG
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QRQEORWWHGEHGZHLJKW
5HDFWRU
$
'DWH
0DUFK
,QRFXOXPDQGDJH J):7G
&XOWXUHFKDPEHU
P/FHQWULIXJHWXEH
0HGLXP
ILOWHUHG%VXFURVH
$LUIORZ
/PLQKXPLGLILHGURRPDLU
0LVWLQJF\FOH
PLQRQPLQRII
&XOWXUHWLPH
GD\V
&RPPHQWVWLPHUQRWZRUNLQJVRPHWLPHEHWZHHQGD\QRYROXPHFKDQJH
,QLWLDO
):J
':J
YROXPH/
FRQGXFWLYLW\P6FP
SDFNLQJIUDFWLRQ
QG
)LQDO
):
':
YROXPH
FRQGXFWLYLW\
SDFNLQJIUDFWLRQ
QG
QG
QRQEORWWHGEHGZHLJKW
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
UHG G\H
'HFHPEHU
J):7G
DXWRFODYHG%VXFURVH
GD\V
):J
':J
YRO/
,QLWLDO )LQDO
$
%
&
'
5$ 5%
5&
5' NH\5 UHGG\HDGGHGWRPHGLD
6KDNHIODVNH[S UHGG\H
'DWH
-DQXDU\
,QRFXOXPDQGDJH J):7G
0HGLXP
ILOWHUHG%VXFURVH
&XOWXUHWLPH
GD\V
&RPPHQWVYHU\FROGLQFXOWXUHURRPGD\VEHIRUHKDUYHVW
):J
':J
YRO/
,QLWLDO )LQDO
&
&
&
&
5
5
5
5
5
NH\& FRQWURO5 UHGG\HDGGHGWRPHGLD
&21&/86,21UHGG\HLVQRQWR[LFWRURRWVDVORQJDVLWLVQRWDXWRFODYHG
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
21(
)HEUXDU\
J):7G
ILOWHUHG%VXFURVH
GD\V
,QLWLDO
)LQDO
$
%
&
'
(
$
%
&
'
(
):J
':J
YRO/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
7:2
0DUFK
J):7G
ILOWHUHG%VXFURVH
GD\V
,QLWLDO
)LQDO
$
%
&
'
(
$
%
&
'
(
):J
':J
YRO/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
7+5((
$SULO
J):7G
ILOWHUHG%VXFURVH
GD\V
,QLWLDO
)LQDO
$
%
'
$
%
&
$
%
&
):J
SKRVSKDWHJ/
LQLWLDO ILQDO
$
%
&
'
$
%
&
$
%
&
':J
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
,QLWLDO
)LQDO
$
%
&
'
$
%
&
$
%
&
$
%
&
'
$
%
&
$
%
&
):J
)285
$SULO
J):7G
ILOWHUHG%VXFURVH
GD\V
':J
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
SKRVSKDWHJ/
LQLWLDO ILQDO
$
%
&
'
$
%
&
$
%
&
$
%
&
'
$
%
&
$
%
&
)285
$SULO
J):7G
ILOWHUHG%VXFURVH
GD\V
QLWUDWHJ/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
),9(
-XO\
J):7G
ILOWHUHG%VXFURVH
GD\V
,QLWLDO
)LQDO
$
%
&
'
$
%
&
'
$
%
&
'
$
%
&
$
%
'
):J
SKRVSKDWHJ/
LQLWLDO ILQDO
$
%
&
'
$
%
&
'
$
%
&
'
$
%
&
$ % & ' ':J
QLWUDWHJ/
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
,QLWLDO
)LQDO
$
%
&
'
$
%
&
'
$
%
&
'
):J
SKRVSKDWHJ/
LQLWLDO ILQDO
$
%
&
'
$
%
&
'
$ % & ' 6,;
$XJXVW
J):7G
ILOWHUHG%VXFURVH
GD\V
':J
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
QLWUDWHJ/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
6(9(1
$XJXVW
J):7G
ILOWHUHG%VXFURVH
GD\V
,QLWLDO
)LQDO
$
%
&
$
%
&
$
%
&
'
$
%
&
$
%
&
'
):J
SKRVSKDWHJ/
LQLWLDO ILQDO
$
%
&
$
%
&
$
%
&
'
$
%
&
$ % & ' ':J
QLWUDWHJ/
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
,QLWLDO
)LQDO
$
%
&
'
(
)
*
+
,
-
):J
SKRVSKDWHJ/
LQLWLDO ILQDO
$ % & ' ( )
*
+
,
(,*+7
$XJXVW
J):7G
ILOWHUHG%VXFURVH
GD\V
':J
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
QLWUDWHJ/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
,QLWLDO
)
*
6
)LQDO
)
)
)
)
)
*
*
*
*
*
6
6
6
6
6
):J
SKRVSKDWHJ/
LQLWLDO ILQDO
)
)
)
)
)
*
*
*
*
*
6
6
6
6
6
1,1(
'HFHPEHU
J):7G
ILOWHUHG%VXFURVHJOXFRVHRUIUXFWRVH
GD\V
':J
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
QLWUDWHJ/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
7(1
$SULO
J):7G
ILOWHUHG%VXFURVH
GD\V
):J
':J
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
,QLWLDO )LQDO
$
%
&
'
$
%
&
'
U$ U% U& U' U$ U% U& U' $
%
&
'
% & ' $
%
&
'
NH\ UHPRYHURRWV#GUHLQRFXODWHZLWKQHZURRWVDQGJURZIRUPRUHGD\VU UHPRYHURRWV
#GILOWHUPHGLDUHLQRFXODWHZLWKQHZURRWVDQGJURZIRUPRUHGD\VU GUDLQPHGLD#GDGG
IUHVKPHGLDDQGJURZIRUPRUHGD\V[ GFRQWURO
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
(/(9(1
-XQH
J):7G
ILOWHUHG%VXFURVHRUPDQQLWRO
GD\V
):J
':J
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
,QLWLDO
$
%
&
'
)LQDO
$
$
$
$
$
%
%
%
%
%
'
'
'
'
'
&
&
&
&
&
NH\$ VXFURVH% VXFURVHPDQQLWRORVPRWLFDOO\HTXLYDOHQWWRVXFURVH' VXFURVH& PDQQLWRO
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
7:(/9(
6HSWHPEHU
J):7G
ILOWHUHG%VXFURVHRUJOXFRVHIUXFWRVHUDWLR GD\V
):J
':J
YRO/
,QLWLDO )LQDO
6$ 6% 6& 6$ 6% 6& 6' 6$ 6% 6& 6' 6$ 6% 6& 6' 6$ 6% 6& $
%
&
'
$
%
&
'
$
%
&
'
$
%
&
'
$ % & ' NH\6 VXFURVHRWKHUVDUH*)UDWLR 6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
7+,57((1
2FWREHU
J):7G
ILOWHUHG%VXFURVH
GD\V
):J
':J
YRO/IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
,QLWLDO
)LQDO
$
%
&
'
$
%
&
'
(
$
%
&
'
(
$
%
&
'
(
NH\ G FRQWURO GPHGLDIURPFXOWXUHV IUHVKPHGLD#GDQGJURZQIRU
PRUHGD\V GFRQWURO
6KDNH IODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
$/3+$
2FWREHU
J):7G
ILOWHUHG%VXFURVH
GD\V
):J
,QLWLDO )LQDO ':J
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
6KDNHIODVNH[S
'DWH
,QRFXOXPDQGDJH
0HGLXP
&XOWXUHWLPH
)2857((1
'HFHPEHU
J):7G
ILOWHUHG%VXFURVHRUPDQQLWRO
GD\V
):J
':J
YRO/
IUXFWRVHJ/ JOXFRVHJ/ VXFURVHJ/ JOXFHTYJ/
,QLWLDO
0 )LQDO
$
%
&
'
0$ QG
0% QG
0& QG
$
%
&
'
NH\ VXFURVH0 VXFURVHPDQQLWRORVPRWLFDOO\HTXLYDOHQWWRVXFURVH VXFUR
VH
© Copyright 2026 Paperzz