2[LGDWLYH$GGLWRQRI7LQ7KLRODWHV<LHOGLQJ
1HZ3W6Q+HWHURELPHWDOOLF&RPSOH[HV
5RGULJR+HUEHUW9D]D$QXDU$EUDVEDQG5RVDOLFH0HQGRQoD6LOYDD
D
'HSWRGH4XtPLFD8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV
%HOR+RUL]RQWH0*%UD]LO
E
'HSWRGH)tVLFD8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV
%HOR+RUL]RQWH0*%UD]LO
5HFHLYHG$SULO
)RUDPHVWXGDGDVDVUHDo}HVHQWUH&2'3W&O&2' FLFORRFWDGLHQRHRVFRPSRVWRVWLRODWR
GHHVWDQKR3K6Q63KH3K6Q63K5HDomRHQWUH&2'3W&OH3K6Q63KRULJLQRXGRLV
QRYRV FRPSOH[RV KHWHURELPHWiOLFRV FRQWHQGR 3W H 6Q GHSHQGHQGR GD UD]mR PRODU &2'3W&O3K6Q63K3DUDXPDUD]mRPRODUGHIRLREWLGR&2'3W63K&O6Q3K&+
&OFRPSOH[RMXQWDPHQWHFRPRFRPSOH[RKRPRPHWiOLFR&2'3W63K&O&+&O3DUDDUD]mR
PRODURFRPSOH[RIRUPDGRIRL&2'3W63K&O6Q3K&+&OFRPSOH[R5HDomRFRP
3K6Q63KQmRRULJLQRXQHQKXPFRPSOH[RKHWHURELPHWiOLFRDSHQDV&2'3W63K&+&O
2VFRPSOH[RVIRUDPFDUDFWHUL]DGRVSRUHVSHFWURVFRSLDV0|VVEDXHUGH,9501GH+&3W
6QDQiOLVHHOHPHQWDUHDEVRUomRDW{PLFD
7KHUHDFWLRQVEHWZHHQ&2'3W&O&2' F\FORRFWDGLHQHDQGWKHWLQWKLRODWHFRPSRXQGV
3K6Q63KDQG3K6Q63KKDYHEHHQVWXGLHG5HDFWLRQEHWZHHQ&2'3W&ODQG3K6Q63K
\LHOGHG WZR QHZ 3W6Q KHWHURELPHWDOOLF FRPSOH[HV GHSHQGLQJ RQ WKH &2'3W&O3K6Q63K
PRODUUDWLR)RUDPRODUUDWLR&2'3W63K&O6Q3K&+&OFRPSOH[ZDVREWDLQHG
WRJHWKHUZLWKWKHKRPRPHWDOOLFFRPSOH[&2'3W63K&O&+&O)RUDPRODUUDWLRWKHFRPSOH[
IRUPHGZDV&2'3W63K&O6Q3K&+&OFRPSOH[5HDFWLRQZLWK3K6Q63KGLGQRW
\LHOGHG DQ\ KHWHURELPHWDOOLF FRPSOH[ EXW UDWKHU &2'3W63K&+&O 7KH FRPSOH[HV ZHUH
FKDUDFWHUL]HGE\,5+105&1053W1056Q105DQG0|VVDEDXHUVSHFWURVFR SLHVHOHPHQWDODQDO\VLVDQGDWRPLFDEVRUSWLRQ
.H\ZRUGVWLQWKLRODWHVR[LGDWLYHDGGLWLRQ3W6QKHWHURELPHWDOOLFV
,QWURGXFWLRQ
:HKDYHEHHQXVLQJWKLRODWHFRPSRXQGVRIWLQDPDLQ JURXSPHWDOWRUHDFWZLWKQLRELXPFRPSRXQGVWRREWDLQ KHWHURELPHWDOOLF FRPSOH[HV 5HDFWLRQ EHWZHHQ K &+1E&ODQG3K6Q63K\LHOGHGDKHWHURELPHWDOOLF FRPSOH[EULGJHGE\DVXOIXUDWRPLQVWHDGRIWKHWKLRODWH OLJDQG GXH WR D &6 ERQG FOHDYDJH%LVWKLRODWR FRP SOH[HVRIWLWDQLXPDQHDUO\WUDQVLWLRQPHWDOOLNHQLRELXP DUHNQRZQWRUHDFWZLWKKDOLGHFRPSOH[HVRISODWLQXPD ODWH WUDQVLWLRQ PHWDO \LHOGLQJ WKLRODWH FRPSOH[HV ERWK WHUPLQDORUEULGJLQJEXWQRQHZLWKDVXOIXUDWRPQR&6
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
$UWLFOH
([SHULPHQWDO
*HQHUDOFRPPHQWV
$OORSHUDWLRQVZHUHFDUULHGRXWXQGHUSXUHGLQLWURJHQ XVLQJ6FKOHQNDQGYDFXXPWHFKQLTXHV1LWURJHQZDVSUH GULHG RYHU DQ LQ OLQH FROXPP FRQVLVWLQJ RI PROHFXODU VLHYHV FDOFLXP FKORULGH DQG FDOFLXP VXOIDWH 'LFKOR URPHWKDQHZDVGLVWLOOHGIURPFDOFLXPK\GULGHSHQWDQHDQG KH[DQH IURP VRGLXPEHQ]RSKHQRQH DQG SHWUROHXP HWKHU ZDV OHIW RYHU PROHFXODU VLHYHV EHIRUH EHLQJ XVHG $OO VROYHQWV ZHUH XVHG LPPHGLDWHO\ IROORZLQJ GLVWLOODWLRQ RU VWRUHG XQGHU QLWURJHQ RYHU WKH DSSURSULDWH PROHFXODU VLHYHV&2'3W&O3K6Q63KDQG3K6Q63KZHUH SUHSDUHGDFFRUGLQJWROLWHUDWXUHSURFHGXUHV6Q0|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|VVEDXHUGDWDDQG+105RIDQDXWKHQWLFVDPSOH &2'63K&O3W6Q3K&+&O$QDO&DOFIRU&+ 6&O3W6QIRXQG& + 3W
,5 FP &V,
+105G&'&O
P+&+EU+&+ &+-3W+ +] P + &+&105 G &'&O DURPDWLFV &+ -3W&QRWREVHUYHG&+6Q105G&'&O 3W105 G &'&O
0|VVEDXHU
PPVG r DQG' r
&2'3W63K&O&+&O$QDO&DOFIRU&+6&O3W
IRXQG& + ,5FP&V,
+105G&'&O
P + &+ EU +-3W+ +] P + &+&105 G &'&O
DURPDWLFV &+ -3W&
+]&+
E7KHUHDFWLRQGHVFULEHGLQDZDVUHSHDWHGXVLQJD PRODUUDWLRRIWKHUHDFWDQWVPPRORIHDFKXQGHU URRPWHPSHUDWXUH$IWHUDIHZPLQXWHVRIUHDFWLRQD\HOORZ VROLGVWDUWHGWRSUHFLSLWDWH7KHUHDFWLRQZDVOHIWVWLUULQJIRU RQHKRXU$IWHUWKLVWLPHWKHVROYHQWZDVUHPRYHGXQGHU UHGXFHG SUHVVXUH OHDYLQJ D \HOORZ UHVLGXH WKDW ZDV ILUVW ZDVKHG WKUHH WLPHV ZLWK KH[DQH DQG WKHQ GLVVROYHG LQ DFHWRQH8SRQDGGLWLRQRIKH[DQHD\HOORZVROLGSUHFLSL WDWHG &2'63K&O3W6Q3K&+&O FRPSOH[ <LHOG$QDO&DOFIRU&+6&O3W6QIRXQG&
+ ,5FP&V,
+105G&'
&2P&+DQG
P+&+ &+-3W+ DQG+]
P + &+&105 G &'&2 DURPDWLFV &+-3W&QRWREVHUYHG&+
3W
G &'&2 0|VVEDXHU PPVG
rDQG' r
5HFDWLRQEHWZHHQ&2'3W&ODQG3K6Q63KD PJ PPRO RI &2'3W&ODQG PJ PPRO RI 3K6Q63KZHUH SXW WR UHDFW XQGHU URRP WHPSHUDWXUH LQ &+&O IRU PLQ $IWHU WKLV WLPH WKH VROYHQW ZDV UHPRYHG XQGHU UHGXFHG SUHVVXUH OHDYLQJ D \HOORZUHVLGXH7KLVUHVLGXHZDVZDVKHGWKUHHWLPHVZLWK SHWUROHXPHWKHU\LHOGLQJVPDOODPRXQWVRIDZKLWHVROLG 7KH\HOORZUHVLGXHZDVUHGLVVROYHGLQ&+&ODQGXSRQ DGGLWLRQ RI KH[DQH &2'3W63K&+&OFRPSOH[ SUHFLSLWDWHGDVD\HOORZVROLG<LHOG$QDO&DOFIRU &+6&O3WIRXQG& +
,5FP&V,
+105G
&'&O P + &+ EU + &+
-3W+ +] P + &+&105 G
&'&O DURPDWLFV
WKUHH WLPHV ZLWK KH[DQH DQG WKHQ GLVVROYHG LQ DFHWRQH 8SRQDGGLWLRQRIKH[DQHFRPSOH[SUHFLSLWDWHG
5HVXOWVDQG'LVFXVVLRQ
5HDFWLRQEHWZHHQ&2'3W&O&2' F\FORRFWDGL HQHDQG3K6Q63K\LHOGHGWZRGLIIHUHQWKHWHURELPHW DOOLF FRPSOH[HV GHSHQGLQJ RQ WKH &2'3W&O 3K6Q63KPRODUUDWLR)RUDPRODUUDWLRFRPSOH[ ZDV REWDLQHG DQG IRU D PRODU UDWLRFRPSOH[ ZDV REWDLQHG7RJHWKHUZLWKFRPSOH[DKRPRPHWDOOLFFRP SOH[FRPSOH[ZDVREWDLQHGLQPLQRUDPRXQWV5HDFWLRQ RI&2'3W&OZLWK3K6Q63K\LHOGHGDKRPRPHWDOOLF FRPSOH[ FRPSOH[ )LJ LUUHVSHFWLYH RI WKH UHDJHQW PRODUUDWLRQRKHWHURPHWDOOLFFRPSOH[ZDVREWDLQHG$OO WKHFRPSOH[HVZHUH\HOORZDQGDLUVWDEOH
,PSRUWDQW,5GDWDIRUWKHFRPSOH[HVDUHVKRZQLQ7DEOH )RU FRPSOH[HV DQG WKHQ3W6 ZHUH REVHUYHG DV D GRXEOHW)RUFRPSOH[WKLVLVLQGLFDWLYHRIWKHFLVSRVLWLRQ RIWKHWZRWKLRODWHOLJDQGV7KHVDPHLVWUXHIRUFRPSOH[
UHJDUGLQJWKHWZRREVHUYHGQ3W&OVWUHFKLQJIUHTXHQFLHV )LJXUHVKRZQVWKH+105VSHFWUDRIFRPSOH[7KH VLJQDOGXHWRWKHROHILQLFSRUWLRQRIWKH&2'OLJDQGZDV REVHUYHGDVDEURDGVLQJOHWWRJHWKHUZLWKWKH3WVDWHOOLWHV 7KH YDOXHV RI WKH
-3W+FRXSOLQJ FRQVWDQWV DUH JLYHQ LQ 7DEOH
)RUFRPSOH[WZRRIWKHVHFRXSOLQJFRQVWDQWVFRXOG EHREVHUYHGZKLFKLVLQDFFRUGDQFHZLWKWKHIDFWWKDWWKH 63KOLJDQGDQGRQHRIWKH&OOLJDQGVDUHFLVWRHDFKRWKHU
H[HUWLQJGLIIHUHQWWUDQVLQIOXHQFHVRQWKH&+ &+SRUWLRQ RIWKH&2'OLJDQG7KHUHVRQDQFHRIWKHK\GURJHQVRIWKH ROHILQLVREVHUYHGDVDPXOWLSOHWLQGLFDWLQJWKDWWKH\DUHQRW HTXLYDOHQW,WLVZRUWKPHQWLRQLQJWKDWDOWKRXJKFRPSOH[
LVXVHGDVDVWDUWLQJPDWHULDOLQWKHUHDFWLRQVRIELVWKLR
ODWRWLWDQRFHQHZLWK&2'3W&OQRVSHFWURVFRSLFGDWDRU HOHPHQWDODQDO\VLVZDVUHSRUWHGIRUDQGZHGLGQRWILQG
&RPSOH[
&O
6Q3K 3W
63K
63K
&RPSOH[
&O
6Q3K 3W
&O
63K
&RPSOH[ &RPSOH[
63K 63K 3W 63K
63K 3W
)LJXUH3URSRVHGPROHFXODUVWUXFWXUHVIRUFRPSOH[HVWR
7DEOH&KDUDFWHULVWLF,5GDWDFP&V,IRUFRPSOH[HVWR
&RPSOH[ Q&+ Q3W6 Q3W&O
)LJXUH+105VSHFWUXP0+]&'&ORIFRPSOH[-3W+
+]3HDNVDWG DQGDUHGXHWRZDWHUSUHVHQWLQWKHVROYHQW DQGWR&+&OUHVSHFWLYHO\
7DEOH-3W+FRXSOLQJFRQVWDQWVLQ+]RIFRPSOH[HVWR
&RPSOH[ -3W+
D EU-3W+ +]
D DQGP-3W+ DQG
D V-3W+ +]
E V-3W+ +]
D'DWDREWDLQHGLQ&'&O
VXFKGDWDLQWKHOLWHUDWXUH$OVRFRPSOH[ZDVUHSRUWHGDV DQ LQWHUPHGLDWH EXW WKH OLWHUDWXUH VWDWHV LW FRXOG QRW EH LVRODWHG7KH-3W+FRXSOLQJFRQVWDQWVIRUFRPSOH[DQG DUH ZLWKLQ WKH UDQJH REVHUYHG IRU RWKHU 3W,96Q FRP SOH[HV ,Q WKH&105 VSHFWUXP RI FRPSOH[ IRXU UHVRQDQFHVDUHREVHUYHGIRUWKHFDUERQVRIWKHROHILQDQG WZRUHVRQDQFHVIRUWKH&+JURXS+RZHYHUZHZHUHQRW DEOHWRGHWHUPLQHWKH-3W&FRXSOLQJFRQVWDQWVIRUFRPSOH[HV
DQGDVIRUFRPSOH[HVDQG$OWKRXJKWKHVLJQDOVLQ WKH&105ZHUHZHOOGHILQHGWKH\ZHUHRIOLWWOHLQWHQ VLW\ ZKLFK SUHFOXGHG WKH GHWHUPLQDWLRQ RI WKLV FRXSOLQJ FRQVWDQW
:H HQFRXQWHUHG VROXELOLW\ SUREOHPV HVSHFLDOO\ ZLWK FRPSOH[HVDQG,QDOOFDVHVDQHPXOVLRQZDVREWDLQHG /RZ VROXELOLW\ KDV EHHQ REVHUYHG IRU RWKHU 3W,9 FRP SOH[HVD+RZHYHUWKHORZVROXELOLW\ZDVWKHIDFWRUWKDW SHUPLWWHGXVWRLVRODWHFRPSOH[HVDQG$VSRLQWHGRXW E\RWKHUVPDQ\3W,9FRPSOH[HVDUHIRUPHGEXWWKH\DUH UDUHO\LVRODWHGEHFDXVHWKH\KDYHDWHQGHQF\LQVROXWLRQ WRXQGHUJRUDSLGUHGXFWLYHHOLPLQDWLRQ\LHOGLQJ3W,,FRP
SOH[HVERWKVROXEOHDQGLQVROXEOH7KLVEHKDYLRUFRXOGEH REVHUYHGLQWKHSUHVHQWZRUN,IFRPSOH[HVWRZHUHOHIW IRU ORQJ SHULRGV RI WLPH ! K LQ VROXWLRQ D \HOORZ LQVROXEOHVROLGSUHFLSLWDWHGRQWKHERWWRPRIWKHIODVN,Q ERWKWKH+DQG&105VSHFWUDRIWKHIRXUVROXWLRQV VPDOOSHDNVDWG -3W+ +]FRXOG EHREVHUYHG&RPSOH[ZDVWKHPRVWVROXEOHRIWKHWZR KHWHURELPHWDOOLFFRPSOH[HVDQGIRUWKLVUHDVRQZHFRXOG REWDLQD6Q105VSHFWUXPRIWKLVFRPSOH[3W105 VSHFWUDFRXOGEHREWDLQHGIRUERWKFRPSOH[HVWKHYDOXHV ZHUHG DQGG IRUFRPSOH[HVDQG
UHVSHFWLYHO\DQGDUHLQDFFRUGDQFHZLWKWKHIDFWWKDWVLQFH FRPSOH[LVVXUURXQGHGE\OHVVHOHFWURQGRQDWLQJOLJDQGV
G3WLVREVHUYHGDWKLJKHUILHOG7KHVHYDOXHVDUHIRXQG DW ORZHU ILHOG DV FRPSDUHG WR WKH UHVRQDQFH IRXQG IRU KHWHURELPHWDOOLF 3W,,6Q FRPSOH[HVHJ WUDQV3W&O 6Q&O3(WG DQGWUDQV3W6Q&O3(W
G 7KHGDWDREWDLQHGIURPWKH0|VVEDXHUVSHF WUDZHUHLQGLFDWLYHRIDWHWUDKHGUDOHQYLURQPHQWDURXQGWKH WLQDWRPDVZHOODVEHLQJERQGHGWRDQRWKHUPHWDO7DEOH JLYHV 0|VVEDXHU SDUDPHWHUV IRU RWKHU 3W,96Q FRP SRXQGV IRU FRPSDULVRQ )RU DOO WKH FRPSOH[HV D VLQJOHW FRXOGEHREVHUYHGDURXQGG LQWKH+105VSHF WUXPWKDWZDVDWWULEXWHGWRWKHK\GURJHQVRIWKHVROYHQW &+&O7KHVWUXFWXUHVSURSRVHGIRUWKHFRPSOH[HVVKRZQ LQ )LJ ZHUH EDVHG DOVR RQ WKH HOHPHQWDODQDO\VLVDQG DWRPLFDEVRUSWLRQ
7KHQDWXUDODEXQGDQFHRI6QDQG6QLVRWRSHVDUHUHVSHFWLYHOO\DQG7KLVORZDEXQGDQFHUHTXLUHVORQJHUSHULRGVRIWLPHWRREDWLQ DJRRGVSHFWUXP
7DEOH-3W&LQ+]RIFRPSOH[HVWR
&RPSOH[ -3W&
QRWREVHUYHG
QRWREVHUYHG
D -3W& +]
D -3W& +]
D'DWDREWDLQHGLQ&'&O
7DEOH0|VVEDXHUSDUDPHWHUVIRUVRPH3W6QFRPSOH[HV
&RPSOH[ GPPV 'PPV 5HI
&2'3W&O63K6Q3K WKLVZRUN
&2'3W&O63K6Q3K WKLVZRUN
WUDQV3K33W&O6Q&O
3K33W&O6Q&O
WUDQV(W33W+6Q&O
FLV0H1>3W&O6Q&O@
FLV3K$V>3W&O6Q&O@
3K6Q&O
63K 63K
3W 3K6Q&O
63K 63K 3W
6Q3K
&O
&RPSOH[
&2'3W&O3K6Q63K 3W
63K
0HFKDQLVWLF6WXGLHV
7KHPHFKDQLVPWKDWLVJHQHUDOO\SURSRVHGIRUUHDFWLRQV EHWZHHQ3W,,DQG6Q,9FRPSRXQGVOHDGLQJWRKHWHUREL PHWDOOLF3W,96QFRPSOH[HVLVWKHR[LGDWLYHDGGLWLRQRI WLQFKORULGHVWRWKHSODWLQXPQXFOHRSKLOLFFHQWHUDE7KH IRUPDWLRQRIFRPSOH[FRXOGEHH[SODLQHGSHUIHFWO\XVLQJ VXFKDPHFKDQLVPDVUHSUHVHQWHGLQ(TVDQG
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
7KXV LW LV SRVVLEOH WR H[SODLQ ZK\ UHDFWLRQ EHWZHHQ &2'3W&ODQG3K6Q63KGLGQRW\LHOGDSURGXFWGXH
WR WKH R[LGDWLYH DGGWLRQ UHDFWLRQ $V 3K6Q63K LV D ZRUVHHOHWURSKLOHWKDQ3K6Q63KLWGRHVQRWDGGR[LGD WLYHO\WRWKHSODWLQXPQXFOHRSKLOLFFHQWHU$OVRWKHUHDF WLRQUHSUHVHQWHGLQ(TGRHVQRWRFFXUEHFDXVHDOWKRXJK 3K6Q63KLVWKHEHVWHOHWURSKLOH&2'3W63KLVDSRRU QXFOHRSKLOHDVFRPSDUHGWR&2'3W&O
&RQFOXVLRQV
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
$FNQRZOHGJPHQWV
7R WKH DJHQFLHV WKDW VXSSRUW RXU ZRUN )$3(0,* &13T3$'&7),1(3DQG353T7R3URI&DUORV$OEHUWR /RPEDUGL)LOJXHLUDVIRUYDOXDEOHVXJJHVWLRQVDQGWR:DJ QHU 0DJQR 7HOHV IRU KLV KHOS ZLWK WKH V\QWKHVLV RI &2'3W&O
5HIHUHQFHV
5HVXOWVWREHSXEOLVKHG
2VDNDGD .RKWDUR .DZDJXVKL <DVXKDUX <DPD PRWR7DNDND]X2UJDQRPHWDOOLFV 'UHZ''R\OH-5,QRUJ6\QWK 'XDUWH3DXOR+HQULTXH$JXLDU-XQLRU6LOYHVWUH5D
EHOOR 6LOYD 5RVDOLFH 0 *XLPDUmHV %HDWUL] * 6SH]LDOL1LYDOGR/4XtPLFD1RYD &2'3W63K3K6Q&O
&O
6Q3K&O 3W
63K
63K
&2'3W&O3K6Q63K &2'3W
63K
&O 3K6Q63K3K6Q&O
3K6Q63K
&O 63K &2'3W
&RPSOH[
&O
6Q3K
3W 63K
63K
3K6Q&O
&2'3W&O3K6Q63K
63K &O 3W
6Q3K &O
&RPSOH[
1DNDPRWR.D]XR,Q,QIUDUHGDQG5DPDQ6SHFWUDRI ,QRUJDQLF DQG &RRUGLQDWLRQ &RPSRXQGV WK (G -RKQ:LOH\ 6RQVS
D&ROLQ(DERUQD3LGFRFN$6WHHOH%5-&KHP 6RF'DOWRQE$OFRFN1:1HOVRQ-+
-&KHP6RF'DOWRQ
D /HY\ &- 9LWWDO -- 3XGGHSKDWW 5-2U JDQRPHWDOOLFVE,ELGF5HQGLQD /0 9LWWD -- 3XGGHSKDWW 5 -2UJQRPHWDOOLFV
D&OHPPLW$)*ORFNOLQJ)-&KHP6RF$ E *ORFNOLQJ ) 3ROORFN 5- ,YDQ -&KHP6RF'DOWRQ
(DERUQ&3LGFRFN$6WHHOH%5-&KHP6RF 'DOWRQ
D3UHJRVLQ366]H61+HOYHWLFD&KLPLFD$FWD
E6WDU]HZVNL.DUO+$23UH
JRVLQ36$QJHZ&KHP,QW(G(QJO F8UVLQL&94XtPLFD1RYD
.X\SHU-DQ,QRUJ&KHP
D0F.D\.01LFKROVRQ%.,Q&RPSUHKHQ VLYH 2UJDQRPHWDOOLF &KHPLVWU\ :LONLQVRQ * 6WRQH )*$ $EHO (: (GV 3HUJDPRP 2[ IRUG 9RO E .XERWD 0,QRUJ &KHP
3DULVK 59 5RZERWWRP 3--&KHP6RF 'DOWRQ