&\FORDUWDQH7ULWHUSHQRLGDQG$ONDORLGVIURP
$PHLGHD
633
&HOFLRQH66DQWRVD$QD+-DQXiULRE3DXOR&9LHLUDE -RmR%)HUQDQGHVE0)iWLPD*)GD6LOYDEDQG-RVp53LUDQLF
D
'HSDUWDPHQWRGH4XtPLFD8QLYHUVLGDGH)HGHUDOGR0DUDQKmR6mR/XLV0$%UD]LO
E
'HSDUWDPHQWRGH4XtPLFD8QLYHUVLGDGH)HGHUDOGH6mR&DUORV&3
6mR&DUORV63%UD]LO
F
,QVWLWXWRGH%LRFLrQFLDV'HSDUWDPHQWRGH%RWkQLFD8QLYHUVLGDGH6mR3DXOR
6mR3DXOR63%UD]LO
5HFHLYHG$SULO
2SUHVHQWHWUDEDOKRGHVFUHYHRLVRODPHQWRGRQRYRWULWHUSHQRE2WLJO\OPHWLOFLFORDUWDQRO HXPDPLVWXUDFRQWHQGRRViFLGRVXUVyOLFRHROHDQyOLFRGH$OPHLGHDFRHUXOHD$OpPGRVWULWHUSHQRV IRUDPLVRODGRVFLQFRDOFDOyLGHVGDPHVPDSODQWD2DFHWLOKDSORILOLGLQDGXWDGUXSLQDLVRGXWDG UXSLQDPHWR[LGLPHWLODOLOGLFWDPLQDHDUERULQLQD'H$UXEUDIRUDPLVRODGRVRVVHJXLQWHV DOFDOyLGHVDUERULQLQDPHWLODUERULQLQDHYROLWULQDHVTXLPLDQLQDFRFXVDJLQDHIROLQLQD$VHVWUXWXUDV GDVVXEVWkQFLDVLVRODGDVIRUDPHVWDEHOHFLGDVFRPEDVHHPGDGRVHVSHFWURVFySLFRV2VDOFDOyLGHV PHWR[LGLPHWLODOLOGLFWDPLQDH2DFHWLOKDSORILOLGLQDHVWmRVHQGRGHVFULWRVSHODSULPHLUD YH]QDOLWHUDWXUD
$ QHZ WULWHUSHQH EWLJO\OPHWK\OF\FORDUWDQRO MRLQWO\ ZLWK D PL[WXUH FRQWDLQLQJ EK\ GUR[\XUVHQHRLFDQGK\GUR[\ROHDQHQHRLFDFLGVZHUHLVRODWHGIURP$OPHLGHD FRHUXOHD ,Q DGGLWLRQ WR WKH WULWHUSHQHV ILYH DONDORLGV ZHUH DOVR LVRODWHG IURP WKH VDPH SODQW 2DFHW\OKDSORSK\OOLGLQH GXWDGUXSLQH LVRGXWDGUXSLQH PHWKR[\GLPHWK\ODOO\OGLF WDPQLQH DQG DUERULQLQH )URP$ UXEUD WKH DONDORLGV DUERULQLQH PHWK\ODUERULQLQH HYROLWULQH VNLPPLDQLQHNRNXVDJLQHDQGIROLQLQHZHUHLVRODWHG7KHLUVWUXFWXUHVZHUHHVWDEOLVKHGEDVHGRQ WKHLU VSHFWUDO GDWD 7KH DONDORLGV PHWKR[\GLPHWK\ODOO\OGLFWDPQLQH DQG 2DFHW\OKDSOR SK\OOLGLQHDUHGHVFULEHGIRUWKHILUVWWLPHDVQDWXUDOSURGXFWV
.H\ZRUGV$OPHLGHDFRHUXOHD$OPHLGHDUXEUD5XWDFHDHOHDYHVWULWHUSHQHVDONDORLGV
,QWURGXFWLRQ
7KHJHQXV$OPHLGHDEHORQJLQJWRWKHWULEH&XVSDULHDH LVDOPRVWXQNQRZQIURPWKHFKHPLFDOSRLQWRIYLHZ)HZ UHSRUWVKDYHEHHQIRXQGLQWKHOLWHUDWXUHDQGWKRVHWKDWH[LVW GHVFULEHRQO\WKHRFFXUUHQFHRIIODYRQHVDQGTXLQRORQH DONDORLGV:HKDYHEHHQLQWHUHVWHGLQWKHFKHPLVWU\RIWKH 6RXWK$PHULFDQ&XVSDULHDHIRUDEHWWHUXQGHUVWDQGLQJRI WKH FLUFXPVFULSWLRQ RI WKH WULEH +HUH ZH UHSRUW WKH LVRODWLRQDQGLGHQWLILFDWLRQRIWULWHUSHQRLGVDQGDONDORLGV IURPWZRVSHFLHVIURPWKHJHQXV$OPHLGHD
([SHULPHQWDO
,VRODWLRQRIWKHFRQVWLWXHQWVIURP$FRHUXOHD
7KHOHDYHVRI$FRHUXOHDFROOHFWHGLQ(VSLULWR6DQWR 6WDWHVRXWKHDVWRI%UD]LOZHUHH[WUDFWHGZLWKKH[DQHDQG &+&O \LHOGLQJ DIWHU HYDSRUDWLRQ RI WKH VROYHQW UHVSHF WLYHO\JDQGJRIWKHFUXGHH[WUDFWV7KHVHH[WUDFWV ZHUHFKURPDWRJUDSKHGVHSDUDWHO\RYHUVLOLFDJHOXVLQJDV HOXHQWKH[DQH&+&O(W2$FLQLQFUHDVLQJSRODULW\)URP WKHKH[DQHH[WUDFWZHUHLVRODWHGFRPSRXQGVPJ
PJ PJ DQG PJ )URP WKH &+&O $UWLFOH
-%UD]&KHP6RF9RO1R 6RF%UDV4XtPLFD
H[WUDFWZHUHLVRODWHGFRPSRXQGVPJPJ DQGPJ,QDVLPLODUZD\WKHSHWUROH[WUDFWREWDLQHG IURP WKH VWHPV \LHOGHG D PL[WXUH RI WULWHUSHQHV EK\ GUR[\XUVHQHRLF DQG EK\GUR[\ROHDQHQH RLF DFLGV PJ ZKLFK ZHUH ILUVW PHWK\ODWHG ZLWK GLD]RPHWKDQHDQGWKHQLVRODWHGDVDPL[WXUHE\7/&
,VRODWLRQRIDONDORLGVIURP$UXEUD
$UXEUDZDVFROOHFWHGLQ(VSLULWR6DQWR6WDWHVRXWKHDVW RI %UD]LO 7KH OHDYHV ZHUH H[WUDFWHG ZLWK &+&O DQG 0H2+VXFFHVVLYHO\7KH&+&OH[WUDFWZDVFKURPDWRJUD SKHGRQDVLOLFDJHOFROXPQGHDFWLYDWHGZLWKZDWHU IROORZHGE\FROXPQFKURPDWRJUDSK\RQVLOLFDJHOXVLQJDV HOXHQWPL[WXUHVRI&+&ODFHWRQHWRJHWLQFUHDVLQJSRODUL WLHV7KHIUDFWLRQVFROOHFWHGZHUHIXUWKHUSXULILHG\LHOGLQJ
FRPSRXQGVPJDPL[WXUHRIDQGPJ
PJPJDQGDPL[WXUHRIDQGPJ
7KH 0H2+ H[WUDFW ZDV VXEPLWWHG WR VROYHQW SDUWLWLRQ 0H2++&+&O 7KH 0H2+ IUDFWLRQ ZDV FKURPD WRJUDSKHGRQDVLOLFDJHOFROXPQXVLQJDVHOXHQWPL[WXUHV RI&+&ODFHWRQHRILQFUHDVLQJSRODULWLHVDIIRUGLQJ
PJDQGPJ$VHFRQG&+&OH[WUDFWIURPWKHVDPH SODQW ZDV VXEPLWWHG WR ILOWUDWLRQ FKURPDWRJUDSK\ XVLQJ &+&O(W2$FDQG0H2+VXFFHVVLYHO\7KH&+&OIUDF WLRQDIWHUFROXPQFKURPDWRJUDSK\\LHOGHGPJ
PJ DQG D PL[WXUH RI DQG PJ 7KH (W2$F IUDFWLRQDIWHUFKURPDWRJUDSK\DIIRUGHGPJDQG PJ7KH0H2+IUDFWLRQZDVVXEPLWWHGWR'&&&XVLQJ DVVWDWLRQDU\SKDVHWKHDTXHRXVOD\HURIWKHPL[WXUHSHWUR OHXP HWHU0H2++2 (W2$F DQG WKH RUJDQLF OD\HUDVPRELOHSKDVHDIIRUGLQJPJDQGPJ
E7LJO\OPHWK\OF\FORDUWHQRO
$PRUSKRXVVROLG,5QPD[FP
+105&'&O0+]GP+©
GG-+]+V0H©DQGG
-+]+&105&'&O0+]GV
&©V&©G&©G& G&G&G&G& V&V&G&G& W&W&W&W& W&G&W&W& W&V&W&W& T&W&G&T& T&©T&T&T& T &© T & T & T &
(,06P]UHOLQW
+\GURO\VLVRIXQGHUEDVLFFRQGLWLRQVDIIRUGHG PHWK\OFLFORDUWHQRO D DPRUSKRXV VROLG&105
&'&O0+]GG&G&V
&G&G&V&G &V&V&W&W &V&G&W&W &W&W&W&W &W&V&T& W&T&G&T& T&T&T&T& T& 2$FHW\OKDSORSK\OOLGLQH
0S,5QPD[FP
+105&'&O0+]GG-+]+
G-+]+P+©+V20H V 20H V 2$F V 0H©
0H©(,06P]UHOLQW
&1057DEOH
0HWKR[\GLPHWK\ODOO\OGLFWDPQLQH
0SR ,5QPD[ FP
+105&'&O0+]GG-+]+
G-+]+G-+]+G-+] +EUW-+]+©V20HV
20HV0H©0H©&105&'&O
0+]GG&G&V&
&\FORDUWDQH7ULWHUSHQRLGDQG$ODNDORLGVIURP$PHLGHD633 -%UD]&KHP6RF
1 2 2 20H 20H 1 2 2 2 0H 20H 1 2 0H2 1 2 20H 20H 0H 25 5 + 5 0H 5 7LJ 5 $F 1 2 20H
5 20H5 +
5 5 20H
5 5 2&+2
1 2 20H 0H 0H2 1 2 20H 52 52
D5 +
D5 +
G&G&V&V& V&V&V&V &W&©G&©V&© T&©T&©T20HT20H
5HVXOWVDQG'LVFXVVLRQ
:RUNLQJVHSDUDWHO\RQWZRVSHFLHV$FRHUXOHDDQG$ UXEUDZHKDYHLVRODWHGIURPWKHOHDYHVRIWKHILUVWDQHZ WULWHUSHQRLG E2WLJO\OPHWK\OF\FORDUWDQRO WR JHWKHU ZLWK WKH DONDORLGV 2DFHW\OKDSORSK\OOLGLQH GXWDGUXSLQHLVRGXWDGUXSLQHPHWKR[\GL PHWK\ODOO\OGLFWDPQLQH DQG DUERULQLQH $ UXEUD KDV\LHOGHGWKHDONDORLGVDUERULQLQHPHWK\ODUERULQLQH HYROLWULQHVNLPPLDQLQHNRNXVDJLQHDQG IROLQLQH
&RPSRXQGLVDQDPRUSKRXVVROLGDQGZDVLGHQWLILHG DVE2WLJO\OPHWK\OF\FORDUWDQRO7KH,5VSHFWUXP RI VKRZHG D FKDUDFWHULVWLF FDUERQ\O EDQG FP )URPWKHPDVVVSHFWUXPWKHSDUHQWSHDNP]DOORZHG XVWRSURSRVHWKHIROORZLQJHOHPHQWDU\IRUPXOD&+2 IRUFRPSRXQGDVZHOODVWKHIUDJPHQWP]0 LQGLFDWLQJWKHORVVRIDWLJOLFDFLGRUDQJHOLFDFLG&+2 GDOWRQV7KH+105RIVKRZHGWZRGRXEOHWVDW G DQG - +] DWWULEXWHG WR WZR SURWRQV LQ D F\FORSURSDQHULQJDVZHOODV+LQWKHUHJLRQEHWZHHQG DQGFKDUDFWHUL]LQJ+DQG0H)XUWKHUPRUHD
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
GLQGLFDWLQJWKHSUHVHQFHRIWLJOR\OPRLHW\7KHVDPH VLJQDOZRXOGEHH[SHFWHGDWGLQWKHFDVHRIDQJHOR\O JURXS
2$FHW\OKDSORSK\OOLGLQHVKRZHGWREHDIXURTXL QROLQHDONDORLGKRZHYHULWKDVDUHGXFHGWHWUDK\GURTXLQR OLQHULQJ+105RIVKRZHGDSDLURIGRXEOHWVG DQG UHIHUULQJ WR WKH IXUDQ ULQJ WZR RYHUODSSLQJ VLJQDOV GXH WR D YLQ\OLF DQG 2DFHW\OFDUELQROLF SURWRQ
VLJQDOGWZRPHWKR[\OJURXSVGDQG
DQGRQHDFHW\OJURXSG7KHSUHVHQFHRIWKHGL PHWK\ODOO\OPRLHW\OLQNHGWR&ZDVDOVRGHGXFHGIURP
+105GDQG&RPSRXQGZDVK\GUR
O\]HGLQEDVLFFRQGLWLRQV\LHOGLQJWKHFRUUHVSRQGLQJDOFR KROKDSORSK\OOLGLQHD7KHPRVWVLJQLILFDQWGLIIHUHQFHV EHWZHHQWKH+105RIERWKFRPSRXQGVDDQGZDVWKH VKLHOGLQJREVHUYHGIRUWKHFDUELQROLFSURWRQVLJQDOG DQGWKHODFNRIWKHDFHW\OGVLJQDOLQWKHIRUPHU7KH &105DOVRFRQILUPHGWKHSUHVHQFHRIWKHSUHQ\OFKDLQ
IRUFRPSRXQGGDQGDQG
WZR PHWKR[\O JURXSV G DQG 7KH VLPLODULW\ EHWZHHQWKHFKHPLFDOVKLIWVREVHUYHGIRUDOOFDUERQVZKHQ FRPSDUHGZLWKWKHPRGHOFRPSRXQGKDSORSO\OOLGLQHDQG WKHGDWDUHSRUWHGIRUKDSORSK\OOLGLQHDQGLWVHSLPHUDW& 7DEOHOHGXVWRSURSRVHDFLVUHODWLRQVKLSEHWZHHQWKH DFHWR[\DQGSUHQ\OJURXSV
7KH+105RIFRPSRXQGVKRZHGVLJQDOVGXHWRD SUHQ\OGLPHWK\ODOO\OVXEVWLWXHQWGW+©DQG EUV+©+©WZRPHWKR[\JURXSV WZRRUWKRK\GURJHQVLQDTXLQROLQHV\VWHPG DQGDVXEVWLWXWHGIXUDQULQJGOHDGLQJ WRDIXURTXLQROLQHDONDORLGVWUXFWXUH7KH&105FRQ ILUPHGWKHVWUXFWXUHRIDIXURTXLQROLQHDONDORLGIRUZKLFK ZDV LGHQWLILHG DV PHWKR[\GLPHWK\ODOO\OGLF WDPQLQH7KHSRVVLELOLW\RIWKHLVRPHUGLPHWK\ ODOO\OPHWKR[\GLFWDPQLQHIRUFRPSRXQGZDVUXOHGRXW
9RO1R 6DQWRVHWDO
7DEOH&105GDWDIRUFRPSRXQGVDQGKDSORSK\OOLGLQHD
& D
©
©
©
©
©
20H
20H
RQWKHEDVLVRIWKHFKHPLFDOVKLIWIRUWKHPHWKR[\OG WKLV PHWKR[\ JURXS DW & ZRXOG GLVSOD\ D GRZQILHOG FKHPLFDOVKLIGa
7KH RWKHU DONDORLGVGXWDGUXSLQHLVRGXWDGUXSLQH DUERULQLQH PHWK\ODUERULQLQH HYROLWULQH VNLPPLDQLQH NRNXVDJLQH DQG IROLQLQH KDGWKHLUVWUXFWXUHVGHWHUPLQHGWKURXJKFRPSDULVRQ RIWKHLU+DQG&105GDWDZLWKWKHOLWHUDWXUH,VRGX WDGUXSLQH KDV DOUHDG\ EHHQ NQRZQ DV D UHDFWLRQ SURGXFW REWDLQHGIURPGXWDGUXSLQHKRZHYHUWKLVLVWKHILUVWWLPH WKDWLWKDVEHHQLVRODWHGDVQDWXUDOSURGXFW
7KHFKHPLFDOHYLGHQFHWRKDQGIRU$OPHLGHDVWURQJO\ UHLQIRUFHV LWV SRVLWLRQ DV D PHPEHU RI WKH &XVSDULHDH +RZHYHUXSWRQRZWKHRFFXUUHQFHRIGLK\GURDQGWHWUD K\GURIXURTXLQROLQHDONDORLGVKDVEHHQRQO\GHVFULEHGIRU WKH JHQXV+DSORSK\OOXPEHORQJLQJ WR WKH DOOLHG WULEH 5XWHDH
$FNQRZOHGJPHQWV
7KHDXWKRUVDUHJUDWHIXOWR)$3(63&13TDQG&$3(6 IRUWKHILQDQFLDOVXSSRUW&66DQG$+-WKDQN&$3(6 3,&'DQG&13TIRUWKHDZDUGRIDVFKRODUVKLS
5HIHUHQFHV
-D\ 0 *OH\H - %RXLOODQW 0/ 6WDQLVODV ( 0RUHWWL&3K\WRFKHPLVWU\
0RXOLV&:LUDVXWLVQD.5*OH\H-/RLVHDX3 6WDQLVODV ( 0RUHWWL &3K\WRFKHPLVWU\
0OOHU$+9LHLUD3&6LOYD0)*))HUQDQ GHV-%3K\WRFKHPLVWU\
6DUJHQWL 65 )HUQDQGHV -% 6LOYD 0)*) 9LHLUD3&6DODWLQR$3LUDQL-5%LRFKHP6\VW
(FRO
$UUXGD $& 9LHLUD 3& )HUQDQGHV -% 6LOYD 0)*)-%UD]&KHP6RF
0OOHU$+'HJDVSDUL/529LHLUD3&6LOYD 0)*))HUQDQGHV-%3LUDQL-53K\WRFKHPLV
WU\
:KHUOL ): 1LVKLGD 7)RUWVFK &KHP 2UJ 1DWXUVW
<DJXGDHY03%HVRQRYD,$.KLP3ULU6RHGLQ
(QJO(G
=V5y]D505DELN06]HQGUHL.$\QHFKL0 3HOF]HU,3K\WRFKHPLVWU\
%DXGRXLQ*7LOOHTXLQ).RFK0-1DW3URG
$KRQG$3LFRW)3RWLHU33RXSDW&6pYHQHW 73K\WRFKHPLVWU\
%RXVTXHW0%7LOOHTXLQ).RFK06pYHQHW7 3ODQWD0HGLFD
'H 6LOYD /% 'H 6LOYD 8// 0DKHQGUDQ 0 -HQQLQJV53K\WRFKHPLVWU\
<DMLPD7.DWR10XQDNDWD.$JULF%LRO&KHP
1DG]DQ$05LQHKDUW-U./-$P&KHP6RF
)$3(63KHOSHGLQPHHWLQJWKHSXEOLFDWLRQFRVWVRIWKLVDUWLFOH
