UHVHDUFKIRU 5,-.6,167,7887922592/.

6*(=21'+(,'(10,/,(8
PDQDQGHQYLURQPHQW 1$7,21$/,167,787(2)38%/,&+($/7+$1'7+((19,5210(17

5,90UHSRUW

9DOLGDWLRQRI0LFURELRORJLFDO0HWKRGV
(QXPHUDWLRQRI&ORVWULGLXPSHUIULQJHQV
DFFRUGLQJWR,62 VHFRQGHGLWLRQ

606FKXOWHQ(%HQVFKRS1-'1DJHONHUNH
.$0RRLMPDQ
)HEUXDU\

7KLVLQYHVWLJDWLRQKDVEHHQSHUIRUPHGE\RUGHUDQGIRUWKHDFFRXQWRIWKH'LUHFWRUDWH*HQHUDO
RIWKH1DWLRQDO,QVWLWXWHRI3XEOLF+HDOWKDQGWKH(QYLURQPHQWDQGRIWKH0HDVXUHPHQWVDQG
7HVWLQJ3URJUDPPHRIWKH(8 FRQWUDFWQXPEHU607&7 ZLWKLQWKHIUDPHZRUNRI
SURMHFWQR9 0*% YDOLGDWLRQRI,62(QXPHUDWLRQRI&ORVWULGLXP
SHUIULQJHQVLQIRRGVDQGDQLPDOIHHGLQJVWXIIV

5,9032%R[%$%LOWKRYHQWHOHSKRQHWHOHID[
SDJHRI 5,90UHSRUW

$EVWUDFW
7KHPHWKRGIRUWKHHQXPHUDWLRQRI&ORVWULGLXPSHUIULQJHQVLQIRRGVDQGDQLPDOIHHGLQJ
VWXIIVDVGHVFULEHGLQ,62  ZDVYDOLGDWHGLQWKHFRQWH[WRID(XURSHDQSURMHFW$
FROODERUDWLYHVWXG\ZDVRUJDQLVHGZLWKWKHDLPRIDWWDLQLQJSUHFLVLRQLQWHUPVRI
UHSHDWDELOLW\ U DQGUHSURGXFLELOLW\ 5 RIWKLVPHWKRG6HYHQWHHQODERUDWRULHVLQ(XURSHDQ
FRXQWULHVH[DPLQHGFKHHVHPHDWGULHGDQLPDOIHHGDQGDUHIHUHQFHPDWHULDODFFRUGLQJWRD
VWDQGDUGLVHGSURWRFRO$OOVDPSOHVZHUHDUWLILFLDOO\FRQWDPLQDWHGWRDFKLHYHWKHGHVLUHG
LQRFXODWLRQOHYHOV EODQNORZPHGLXPDQGKLJK DQGKRPRJHQHLW\7ZRWHFKQLTXHVXVLQJ
 ODFWRVHVXOILWHPHGLXP ,62 DQG ODFWRVHJHODWLQHPHGLXPDQGPRWLOLW\QLWUDWH
PHGLXP RSWLRQDOPHWKRGLQ(1 ZHUHLQFOXGHGLQWKLVVWXG\IRUFRQILUPDWLRQRI
SUHVXPSWLYH&SHUIULQJHQV7KLVHQDEOHGGHWHFWLRQRISRVVLEOHGLIIHUHQFHVLQWKHSHUIRUPDQFH
RIWKHWZRFRQILUPDWLRQPHWKRGV7KHSUHFLVLRQFKDUDFWHULVWLFVZHUHFDOFXODWHGXVLQJERWK
,62  DQGSU(1,62  5HSHDWDELOLW\ U DQGUHSURGXFLELOLW\ 5 ZHUH
FDOFXODWHGIRUHDFKVDPSOHW\SHLQRFXODWLRQOHYHODQGFRQILUPDWLRQPHWKRGVHSDUDWHO\7KH
SUHFLVLRQGHSHQGHGRQWKHW\SHRIVDPSOHDQDO\VHG7KHEHVWSHUIRUPDQFHZDVIRXQGZKHQ
DQDO\VLQJWKH50V
5,90UHSRUW SDJHRI

$EEUHYLDWLRQVDQGV\PEROV
&(1 (XURSHDQ&RPPLWWHHIRU6WDQGDUGL]DWLRQ
,62 ,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ
(1 (XURSHDQ6WDQGDUG
SU(1,62 GUDIW(XURSHDQDQG,QWHUQDWLRQDOVWDQGDUG

$)66$ $JHQFH)UDQoDLVHGH6pFXULWp6DQLWDLUHGHV$OLPHQWV
&(&$/$,7 &HQWUHG¶(WXGHHWGH&RQWUROHGHV$QDO\VHVHQ,QGXVWULH/DLWLHUH
0$))&6/ 0LQLVWU\RI$JULFXOWXUH)LVKHULHVDQG)RRGV&HQWUDO6FLHQFH/DERUDWRU\
5,900*% 1DWLRQDO,QVWLWXWHRI3XEOLF+HDOWKDQGWKH(QYLURQPHQW0LFURELRORJLFDO
/DERUDWRU\IRU+HDOWK3URWHFWLRQ

623 6WDQGDUG2SHUDWLQJ3URFHGXUH
50 UHIHUHQFHPDWHULDO FDSVXOH
FIS FRORQ\IRUPLQJSDUWLFOH
+&03 KLJKO\FRQWDPLQDWHGPLONSRZGHU
1&7& 1DWLRQDO&ROOHFWLRQRI7\SH&XOWXUHV
1&'2 1DWLRQDO&ROOHFWLRQRI'DLU\2UJDQLVPV5HDGLQJ(QJODQG

' 6 'XQFDQDQG6WURQJPHGLXP
)7* IOXLGWKLRJO\FROODWHPHGLXP
/* ODFWRVHJHODWLQPHGLXP
/6 ODFWRVHVXOILWHPHGLXP
01 PRWLOLW\QLWUDWHPHGLXP
01 /* PRWLOLW\QLWUDWHDQGODFWRVHJHODWLQPHGLXP
056 GH0DQ5RJRVDDQG6KDUSDJDUEURWK
76& WU\SWRVHVXOILWHF\FORVHULQHDJDU

7UHSO LQGLFDWRUIRUWKHYDULDWLRQEHWZHHQUHSOLFDWHFRXQWV
7GXSO LQGLFDWRUIRUWKHYDULDWLRQEHWZHHQVDPSOHV
U UHSHDWDELOLW\YDOXH
5 UHSURGXFLELOLW\YDOXH
56' U UHSHDWDELOLW\YDOXHUHODWLYHWRFRQWDPLQDWLRQOHYHO
56' 5 UHSURGXFLELOLW\YDOXHUHODWLYHWRFRQWDPLQDWLRQOHYHO
SDJHRI 5,90UHSRUW

&RQWHQWV
6DPHQYDWWLQJ 

6XPPDU\ 

 ,QWURGXFWLRQ 

 0DWHULDOVDQGPHWKRGV 

 3UHSDUDWLRQRIWHVWPDWHULDOV 
 ,QWURGXFWLRQ 
 &KHHVHVDPSOHV 
 0HDWVDPSOHV 
 'ULHGDQLPDOIHHGVDPSOHV 
 5HIHUHQFHPDWHULDO 
 +RPRJHQHLW\DQGVWDELOLW\RIWHVWPDWHULDOV 
 &KHHVHVDPSOHV 
 0HDWVDPSOHV 
 'ULHGDQLPDOIHHGVDPSOHV 
 'HVLJQRIWKHFROODERUDWLYHWULDO 
 'LVSDWFKRIWHVWPDWHULDOV 
 6WDQGDUG2SHUDWLQJ3URFHGXUH 
 'DWDDQDO\VLVWULDO 
 6FUHHQLQJWHVWUHVXOWV 
 3HUIRUPDQFHZLWKLQHDFKODERUDWRU\ 
 &RPSDULVRQRIFRQILUPDWLRQWHFKQLTXHV 
 3UHFLVLRQGDWDIURPWULDO 
 5HVXOWVDQGGLVFXVVLRQ 

 +RPRJHQHLW\DQGVWDELOLW\RIWHVWPDWHULDOV 
 &KHHVHVDPSOHV 
 0HDWVDPSOHV 
 'ULHGDQLPDOIHHGVDPSOHV 
 *HQHUDOUHVXOWVRIWKHWULDO 
 3DUWLFLSDQWV 
 'LVSDWFKRIWHVWPDWHULDOV 
 0HGLD 
 ,QFXEDWLRQFRQGLWLRQVRIPHGLD 
 /DERUDWRU\WHPSHUDWXUH 
 8VHRISLSHWWHV 
 6WDWLVWLFDODQDO\VLVRIWULDOGDWD 
 6FUHHQLQJGDWD 
 3HUIRUPDQFHZLWKLQHDFKODERUDWRU\ 
 &RPSDULVRQRIFRQILUPDWLRQWHFKQLTXHV 
 3UHFLVLRQGDWDIURPWULDO 
 &RQFOXVLRQVDQGUHFRPPHQGDWLRQVWR,62&(1 

3DUWLFLSDQWVDQGDFNQRZOHGJHPHQWV 

5HIHUHQFHV 

$SSHQGL[ 0DLOLQJOLVW 
5,90UHSRUW SDJHRI

$SSHQGL[ *HQHUDOLQIRUPDWLRQ 

$SSHQGL[ 6WDQGDUG2SHUDWLQJ3URFHGXUH 623 

$SSHQGL[ 7HVWUHSRUW 

$SSHQGL[ 5HVXOWVFROODERUDWLYHWULDO 

$SSHQGL[ 'XQFDQ¶VWHVWUHVXOWV 

$SSHQGL[ 'HYLDWLQJWHVWUHVXOWV 

$SSHQGL[ 6$6SURWRFRO 

$SSHQGL[ 5HSHDWDELOLW\DQGUHSURGXFLELOLW\YDOXHV 

$SSHQGL[ 0HGLD 
SDJHRI 5,90UHSRUW

6DPHQYDWWLQJ
'HYDOLGDWLHYDQGHWHOOLQJYDQ&ORVWULGLXPSHUIULQJHQVLQYRHGLQJVPLGGHOHQHQGLHUYRHGHUV
]RDOVEHVFKUHYHQLQ,62  LVXLWJHYRHUGLQKHW NDGHUSURJUDPPDYDQKHW
H

µ6WDQGDUGV0HDVXULQJDQG7HVWLQJSURMHFW¶YDQGH(XURSHVH8QLH 60 7SURMHFWQU607
&7 'HUHVXOWDWHQ]LMQEHGRHOGYRRUSXEOLFDWLHGRRU,62LQGH,62VWDQGDDUGHQGRRU
GH(XURSHVH8QLH &(1 LQGHFRUUHVSRQGHUHQGH&(1PHWKRGH(1  
=HYHQWLHQODERUDWRULDXLW(XURSHVHODQGHQKHEEHQGHHOJHQRPHQDDQKHWULQJRQGHU]RHNGDW
ZHUGJHRUJDQLVHHUGRPGHSUHVWDWLHNHQPHUNHQYDQGH]HPHWKRGHWHEHSDOHQLQWHUPHQYDQ
KHUKDDOEDDUKHLG U HQUHSURGXFHHUEDDUKHLG 5 .DDVYOHHVHQJHGURRJGGLHUYRHGHUZHUGHQ
DOVYRHGLQJVPDWULFHVJHEUXLNW9RRUHONHPDWUL[ZHUGHQPRQVWHUVRQGHU]RFKWEOLQGH
GXSOLFDWHQYRRUHONYDQFRQFHQWUDWLHQLYHDXV EODQFRODDJPLGGHQKRRJ $OOHPRQVWHUV
]LMQNXQVWPDWLJEHVPHWRPGHJHZHQVWHQLYHDXVHQKRPRJHQLWHLWWHEHUHLNHQ'DDUQDDVW]LMQ
WZHHUHIHUHQWLHPDWHULDOHQ 50 LQKHWULQJRQGHU]RHNPHHJHQRPHQFDSVXOHVPHWPHONSRHGHU
GDWNXQVWPDWLJLVEHVPHWPHW&SHUIULQJHQV'HWHVWPDWHULDOHQ]LMQLQGULHODERUDWRULDEHUHLG
HQJHFRQWUROHHUGRSKRPRJHQLWHLWHQVWDELOLWHLWRPYDVWWHVWHOOHQGDWGHPDWHULDOHQJHVFKLNW
ZDUHQYRRUJHEUXLN'HPRQVWHUV]LMQPHWHHQNRHULHUVGLHQVWQDDUGHGHHOQHPHUVJHVWXXUG'H
PRQVWHUV]LMQJHDQDO\VHHUGYROJHQVHHQJHVWDQGDDUGLVHHUGSURWRFRO7ZHHPHWKRGHQYRRUGH
EHYHVWLJLQJYDQYHUGDFKWH&SHUIULQJHQVNRORQLHV]LMQLQGH]HVWXGLHPHHJHQRPHQRP
PRJHOLMNHYHUVFKLOOHQLQUHVXOWDDWWHEHSDOHQ ODFWRVHVXOILHWPHGLXP ]RDOVLQ,62
 LVYRRUJHVFKUHYHQ HQ ODFWRVHJHODWLQHPHGLXPEHZHHJOLMNKHLGVQLWUDDWPHGLXP
DOWHUQDWLHYHEHYHVWLJLQJLQ(1  
'HSUHVWDWLHNHQPHUNHQ]LMQEHUHNHQGYROJHQV]RZHO,62  DOVYROJHQVSU(1,62
  'HKHUKDDUEDDUKHLG U HQUHSURGXFHHUEDDUKHLG 5 ]LMQYRRUHONPRQVWHUW\SH
FRQFHQWUDWLHQLYHDXHQEHYHVWLJLQJVPHWKRGHDI]RQGHUOLMNEHUHNHQG
'HSUHFLVLHYDULHHUWSHUPRQVWHUW\SH+HWLVQLHWGXLGHOLMNRIGLWHHQJHYROJLVYDQGHPDWUL[
RIYDQGHYHUVFKLOOHQGHPDQLHUHQYDQNXQVWPDWLJEHVPHWWHQYDQGHPRQVWHUV'HDQDO\VHYDQ
GH50VOHYHUGHGHEHVWHSUHVWDWLHNHQPHUNHQRS'HSUHFLVLHYDULHHUGHSHUEHVPHWWLQJVQLYHDX
%HLGHEHYHVWLJLQJVPHWKRGHQJDYHQYHUJHOLMNEDUHUHVXOWDWHQ
$DQ,62HQ&(1ZRUGWDDQEHYROHQRP
œ 'HSUHVWDWLHNHQPHUNHQ]RDOVJHYRQGHQLQGLWULQJRQGHU]RHNHQEHUHNHQGYROJHQV
SU(1,62  RSWHQHPHQLQ,62  HQ(1  
œ %HLGHPHWKRGHQYRRUGHEHYHVWLJLQJYDQ&SHUIULQJHQVGLHLQGLWULQJRQGHU]RHN]LMQ
JHWHVWRSWHQHPHQLQ,62  ZDDUELMGHNHX]HDDQGHJHEUXLNHUZRUGWJHODWHQ
ZHONHYDQGHWZHHPHWKRGHQWHKDQWHUHQ+LHUPHH]RXGHQ,62  HQ(1
 ZRUGHQJHKDUPRQLVHHUG
5,90UHSRUW SDJHRI

6XPPDU\
7KHHYDOXDWLRQRIWKHHQXPHUDWLRQPHWKRGIRU&ORVWULGLXPSHUIULQJHQVLQIRRGVDQGDQLPDO
IHHGLQJVWXIIVDVGHVFULEHGLQ,62  KDVEHHQFDUULHGRXWLQWKH IUDPHZRUNRID
WK

6WDQGDUGV0HDVXUHPHQWDQG7HVWLQJSURMHFWRIWKH(XURSHDQ8QLRQ 60 7SURMHFWQR
607&7 5HVXOWVDUHLQWHQGHGIRUSXEOLFDWLRQE\WKH,QWHUQDWLRQDO2UJDQL]DWLRQIRU
6WDQGDUGL]DWLRQLQWKH,62VWDQGDUGDQGIRUWKH(XURSHDQ&RPPLWWHHIRU6WDQGDUGL]DWLRQ
&(1 LQWKHFRUUHVSRQGLQJ&(1PHWKRG(1  
6HYHQWHHQODERUDWRULHVLQ(XURSHDQFRXQWULHVSDUWLFLSDWHGLQWKHFROODERUDWLYHWULDOWKDW
ZDVRUJDQLVHGWRGHWHUPLQHWKHSUHFLVLRQLQWHUPVRIUHSHDWDELOLW\ U DQGUHSURGXFLELOLW\ 5 RI
WKLVPHWKRG&KHHVHPHDWDQGGULHGDQLPDOIHHGZHUHXVHGDVIRRGPDWULFHV)RUHDFKW\SHRI
IRRGVDPSOHVZHUHH[DPLQHGEOLQGGXSOLFDWHVDWHDFKRIFRQFHQWUDWLRQOHYHOV EODQN
ORZPHGLXPKLJK $OOVDPSOHVZHUHDUWLILFLDOO\FRQWDPLQDWHGWRDFKLHYHWKHGHVLUHG
LQRFXOXPOHYHOVDQGKRPRJHQHLW\,QDGGLWLRQWZRUHIHUHQFHPDWHULDOV 50 ZHUHLQFOXGHGLQ
WKHWULDOFDSVXOHVFRQWDLQLQJPLONSRZGHUDUWLILFLDOO\FRQWDPLQDWHGZLWK&SHUIULQJHQV7HVW
PDWHULDOVZHUHSUHSDUHGDWWKUHHODERUDWRULHVDQGYHULILHGRQKRPRJHQHLW\DQGVWDELOLW\WR
HQVXUHILWQHVVIRUSXUSRVH6DPSOHVZHUHVKLSSHGWRSDUWLFLSDQWVE\H[SUHVVGHOLYHU\VHUYLFHV
$QDO\VHV RI WKH WHVW PDWHULDOV KDYH EHHQ GRQH DFFRUGLQJ WR D VWDQGDUGLVHG SURWRFRO 7ZR
WHFKQLTXHV IRU FRQILUPDWLRQ RI SUHVXPSWLYH & SHUIULQJHQV ZHUH LQFOXGHG LQ WKLV VWXG\ WR
GHWHFW SRVVLEOH GLIIHUHQFHV LQ SHUIRUPDQFH   ODFWRVH VXOILWH PHGLXP DV GHVFULEHG LQ ,62
   DQG   ODFWRVHJHODWLQH PHGLXP  PRWLOLW\QLWUDWH PHGLXP DOWHUQDWLYH
FRQILUPDWLRQPHWKRGLQ(1  
7KHSUHFLVLRQFKDUDFWHULVWLFVZHUHFDOFXODWHGXVLQJERWK,62  DQGSU(1,62
  5HSHDWDELOLW\ U DQGUHSURGXFLELOLW\ 5 ZHUHFDOFXODWHGIRUHDFKVDPSOHW\SH
LQRFXODWLRQOHYHODQGFRQILUPDWLRQPHWKRGVHSDUDWHO\7KHSUHFLVLRQGHSHQGHGRQWKHW\SHRI
VDPSOHDQDO\VHG,WLVQRWFOHDUZKHWKHUWKLVZDVGXHWRWKHPDWUL[RUWKHGLIIHUHQWZD\RI
DUWLILFLDOO\FRQWDPLQDWLQJWKHWHVWPDWHULDOV7KHEHVWSHUIRUPDQFHZDVIRXQGZKHQDQDO\VLQJ
WKH50V7KHSUHFLVLRQYDULHGEHWZHHQWKHGLIIHUHQWFRQWDPLQDWLRQOHYHOV%RWKFRQILUPDWLRQ
WHFKQLTXHVVKRZHGVLPLODUSHUIRUPDQFH
5HFRPPHQGDWLRQVWREHPDGHWR,62DQG&(1DUH
œ 7RLQFOXGHWKHSUHFLVLRQGDWDIRXQGLQWKLVWULDODQGFDOFXODWHGXVLQJSU(1,62
 LQWR,62  DQG(1  
œ 7RLQFOXGHERWKWHFKQLTXHVIRUWKHFRQILUPDWLRQRI&SHUIULQJHQVDVWHVWHGLQWKLVWULDO
LQWR,62  OHDYLQJWKHFKRLFHDWWKHXVHUZKLFKRQHWRSHUIRUP7KLVZLOO
KDUPRQLVH,62  ZLWK(1  
SDJHRI 5,90UHSRUW

 ,QWURGXFWLRQ
)RUDFFHSWDQFHRIVWDQGDUGVE\WKH(XURSHDQ&RPPLWWHHIRU6WDQGDUGL]DWLRQ &(1 PHWKRGV
QHHGWREHYDOLGDWHG3URMHFWQR607&7VXSSRUWHGE\WKH(XURSHDQ&RPPLVVLRQ
 IUDPHZRUN6WDQGDUGV0HDVXUHPHQWVDQG7HVWLQJ3URJUDP 60 7 ZDVHODERUDWHG WR
WK

GHWHUPLQHWKHSUHFLVLRQGDWDLQWHUPVRIUHSHDWDELOLW\ U DQGUHSURGXFLELOLW\ 5  TXDQWLWDWLYH

PHWKRGV  RU SHUIRUPDQFH FKDUDFWHULVWLFV TXDOLWDWLYH PHWKRGV  RI VL[ ,QWHUQDWLRQDO
2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ ,62  PHWKRGV 7KHVH ZHUH SULRULWLVHG IRU DFFHSWDQFH E\
&(1DVIROORZV
œ ,62  (QXPHUDWLRQRI%DFLOOXVFHUHXV
œ (1,623DUW  'HWHFWLRQRI/LVWHULDPRQRF\WRJHQHV
œ (1,623DUW  (QXPHUDWLRQRI/LVWHULDPRQRF\WRJHQHV
œ (1 ,62  3DUW  DQG    (QXPHUDWLRQ RI FRDJXODVH SRVLWLYH 6WDSK\ORFRFFL
6WDSK\ORFRFFXVDXUHXVDQGRWKHUVSHFLHV
œ ,62  (QXPHUDWLRQRI&ORVWULGLXPSHUIULQJHQV
œ ,62',6  'HWHFWLRQRI6DOPRQHOOD

7KUHHFRQWUDFWRUVZHUHLQYROYHGLQWKLVSURMHFW
œ $JHQFH)UDQoDLVHGH6pFXULWp6DQLWDLUHGHV$OLPHQWV $)66$ )UDQFHDOVRFRRUGLQDWRU
RIWKHSURMHFW
œ 0LQLVWU\RI$JULFXOWXUH)LVKHULHVDQG)RRGV&HQWUDO6FLHQFH/DERUDWRU\ 0$))&6/ 
<RUN(QJODQG
œ 1DWLRQDO,QVWLWXWHRI3XEOLF+HDOWKDQGWKH(QYLURQPHQW0LFURELRORJLFDO/DERUDWRU\IRU
+HDOWK3URWHFWLRQ 5,900*% %LOWKRYHQ7KH1HWKHUODQGV

(DFKFRQWUDFWRUZDVUHVSRQVLEOHIRUWKHRUJDQLVDWLRQRIWZRRIWKHVHVL[,62PHWKRGV
œ $)66$ ,62',6  DQG(1,623DUWDQG  
œ 0$))&6/ (1,623DUW  DQG(1,623DUW  
œ 5,900*% ,62  DQG,62  

$OO PHWKRGV ZHUH YDOLGDWHG E\ FROODERUDWLYH VWXGLHV DFFRUGLQJ WR D VLPLODU GHVLJQ ZKLFK
FRQIRUPVWRWKHUXOHVRIWKH,QWHUQDWLRQDO+DUPRQLVHG3URWRFROIRU&ROODERUDWLYH6WXGLHV>@
$SSUR[LPDWHO\WZHQW\ODERUDWRULHVIURPYDULRXVFRXQWULHVZHUHLQYLWHGWRSDUWLFLSDWHLQHDFK
WULDO3DUWLFLSDQWVUHFHLYHGGHWDLOHGWULDOFKURQRORJ\VWDQGDUGRSHUDWLQJSURFHGXUHV 623 DQG
DWHVWUHSRUWRQZKLFKWRUHFRUGWKHLUUHVXOWVDQGUHWXUQWRWKHWULDOOHDGHUIRUDQDO\VLV3ULRUWR
HDFK FROODERUDWLYHWULDODSUHWULDOZDVRUJDQLVHGEHWZHHQWKHWKUHH FRQWUDFWRUV WR YHULI\ WKH
623DV ZULWWHQ LGHQWLI\ DQ\ DPELJXLWLHVDQGWRHVWDEOLVKWKDWWKHWHVWPDWHULDOVZHUHILWIRU
SXUSRVH )RU HDFK YDOLGDWLRQ WKH PHWKRG ZDV FKDOOHQJHG ZLWK WKUHH W\SHV RI IRRG IURP WKH
GDLU\ PHDW DQG GULHG IRRG JURXSV ,Q DGGLWLRQ D UHIHUHQFH PDWHULDO 50  ZDV LQFOXGHG WR
LGHQWLI\ DQ\ VHULRXV HUURUV LQ D SDUWLFLSDQW¶V SHUIRUPDQFH DQG WR GHWHUPLQH WKH PD[LPXP
5,90UHSRUW SDJHRI

SUHFLVLRQ SRVVLEOH LQ FDVH RI TXDQWLWDWLYH PHWKRGV 7HVW PDWHULDOV XVHG WR YDOLGDWH WKH
PHWKRGV QHHGHG WR EH DUWLILFLDOO\ LQRFXODWHG WR DFKLHYH WKH GHVLUHG LQRFXOXP OHYHOV DQG
KRPRJHQHLW\7KHVHPDWHULDOVZHUHWHVWHGH[WHQVLYHO\SULRUWRWKHSUHWULDODQGFROODERUDWLYH
WULDO WR HQVXUH WKDW WKH\ FRXOG EH PDLQWDLQHG LQ D VWDEOH DQG KRPRJHQHRXV VWDWH IRU WKH
GXUDWLRQRIWKHGLVWULEXWLRQDQGWKHWULDOSHULRG'DWDIURPWKHFROODERUDWLYHWULDOVZHUHXVHGWR
FDOFXODWH
 WKHUHSHDWDELOLW\ U DQGUHSURGXFLELOLW\ 5 RIWKHTXDQWLWDWLYHPHWKRGVLQUHODWLRQWRIRRG
W\SHDQGLQRFXOXPOHYHO
 WKHSHUIRUPDQFHFKDUDFWHULVWLFVUHODWLQJWRDQµHTXLYDOHQWYDOXH¶RIUDQG5DSSURSULDWHWR
TXDOLWDWLYH GDWD XVLQJ PRGHO VWDWLVWLFDO V\VWHPV ZKLFK LV GHYHORSHG DV RQH RI WKH
REMHFWLYHVRIWKLVSURMHFW>@ 

7KH SURMHFW VWDUWHG LQ 'HFHPEHU  DQG ZDV ILQLVKHG LQ 'HFHPEHU  7KH UHVXOWV DUH
LQWHQGHGIRUSXEOLFDWLRQE\,62LQWKHFRUUHVSRQGLQJ,62VWDQGDUGVDQGVXEVHTXHQWO\E\&(1
LQWKH&(1VWDQGDUGVYLDWKH9LHQQD$JUHHPHQW7KHUHVXOWVRIWKHYDOLGDWLRQRIPHWKRGV
KDYHDOUHDG\EHHQUHSRUWHG>@

7KLV UHSRUW GHVFULEHV WKH YDOLGDWLRQ RI WKH PHWKRG IRU WKH HQXPHUDWLRQ RI &ORVWULGLXP
SHUIULQJHQVDFFRUGLQJWR,62  >@7KHYDOLGDWLRQVWXG\ZDVRUJDQLVHGE\5,90
0*% ,Q WKLV VHFRQG HGLWLRQ RI ,62  ODFWRVHVXOILWH /6  PHGLXP LV SUHVFULEHG WR
FRQILUP WKH FKDUDFWHULVWLF FRORQLHV IRXQG RQ WU\SWRVHVXOILWHF\FORVHULQH 76&  DJDU
+RZHYHU LQ WKH ILUVW HGLWLRQ RI ,62    D FRPELQDWLRQ RI PRWLOLW\QLWUDWH 01
PHGLXPDQGODFWRVHJHODWLQH /* PHGLXPZDVSUHVFULEHGLQVWHDG,QWKH(XURSHDQVWDQGDUG
IRU WKH HQXPHUDWLRQ RI &ORVWULGLXP SHUIULQJHQV (1    >@  D FKRLFH LV DOORZHG
EHWZHHQFRQILUPDWLRQXVLQJODFWRVHVXOILWHPHGLXPDQGFRQILUPDWLRQXVLQJPRWLOLW\QLWUDWH
ODFWRVHJHODWLQH 01 /* PHGLXP VHH)LJXUH ,QWKLVYDOLGDWLRQVWXG\ERWKFRQILUPDWLRQ
PHWKRGVKDYHEHHQLQFOXGHGLQRUGHUWRSURYLGHGDWDIRUFRPSDULVRQWHVWLQJ

7R HVWDEOLVK WKH SUHFLVLRQ RI ,62  WKH PHWKRG ZDV FKDOOHQJHG ZLWK VDPSOHV RI IUHVK
FKHHVHPLQFHGEHHIGULHGDQLPDOIHHGDQGDUHIHUHQFHPDWHULDO 50 &KHHVHVDPSOHVZHUH
SUHSDUHGE\ &HQWUH G¶(WXGH HW GH &RQWUROHGHV$QDO\VHVHQ,QGXVWULH/DLWLHUH &(&$/$,7
3ROLJQ\ )UDQFH  PHDW VDPSOHV E\ 0$))&6/ DQG GULHG SRWDWR VDPSOHV E\ 5,900*%
7KH50DFDSVXOHFRQWDLQLQJPLONSRZGHUWKDWLVLQRFXODWHGZLWK&SHUIULQJHQVVSRUHVZDV
VXSSOLHG E\ WKH )RXQGDWLRQ IRU WKH $GYDQFHPHQW RI 3XEOLF +HDOWK DQG (QYLURQPHQWDO
3URWHFWLRQ 690%LOWKRYHQ7KH1HWKHUODQGV 7KHFROODERUDWLYHWULDOZDVFDUULHGRXWGXULQJ
-DQXDU\)HEUXDU\
SDJHRI 5,90UHSRUW

0HWKRG 0HWKRG

VHOHFWFRORQLHV VHOHFWFRORQLHV

IOXLGWKLRJO\FROODWH ODFWRVHJHODWLQHPRWLOLW\QLWUDWH
Kƒ& Kƒ&

DGGGURSVWR ODFWRVHIHUPHQWDWLRQ PRWLOLW\

ODFWRVHVXOILWHPHGLXP JDV\HOORZ QRQPRWLOH
Kƒ& Kƒ& QLWULWHUHDJHQW

EODFNHQLQJ JHODWLQHOLTXHIDFWLRQ QLWUDWHUHGXFWLRQ

JDVIRUPDWLRQ
!'XUKDPWXEHJDV

)LJXUH 7ZRPHWKRGVIRUFRQILUPDWLRQRIFRORQLHVDV&ORVWULGLXPSHUIULQJHQV
5,90UHSRUW SDJHRI

 0DWHULDOVDQGPHWKRGV

 3UHSDUDWLRQRIWHVWPDWHULDOV
 ,QWURGXFWLRQ
)RUHDFKIRRGW\SHLQRFXOXPOHYHOVZHUHSUHSDUHGLQDUDQJHWKDWFDQEHIRXQGLQQDWXUDO
FRQWDPLQDWHGVDPSOHV
œ %ODQNOHYHOFRQWDLQLQJRQO\EDFNJURXQGIORUD
œ /RZOHYHO  FISJ &SHUIULQJHQVSOXVEDFNJURXQGIORUD
  

œ 0HGLXPOHYHO FISJ&SHUIULQJHQVSOXVEDFNJURXQGIORUD


œ +LJKOHYHO FISJ&SHUIULQJHQVSOXVEDFNJURXQGIORUD


%DFNJURXQGIORUDGLIIHUHGIRUHDFKIRRGW\SHVLPXODWLQJWKHDXWRFKWKRQRXVIORUD
7RDFKLHYHWHVWPDWHULDOVFRQWDLQLQJDVWDEOHFRQFHQWUDWLRQRI&SHUIULQJHQVVDPSOHVQHHGHG
WREHLQRFXODWHGZLWK&SHUIULQJHQVVSRUHV'LIIHUHQWVWUDLQVZHUHWHVWHGKRZHYHURQO\WZR
VWUDLQV SURGXFHG D VXIILFLHQW DPRXQW RI VSRUHV WR DFKLHYH LQRFXOXP OHYHOV XS WR   FISJ 

&SHUIULQJHQV 74$ RULJLQDWLQJ IURP VSDJKHWWL ERORJQHVH $)66$/(53$& 0DLVRQV

$OIRUW)UDQFH DQG&SHUIULQJHQV'RULJLQDWHGIRUPSDWLHQWPDWHULDO 5,90%LOWKRYHQ
7KH1HWKHUODQGV &KHHVHVDPSOHVZHUHLQRFXODWLQJZLWKWKH74$VWUDLQ7KHPHDWGULHG
DQLPDOIHHGDQGWKH50ZHUHLQRFXODWHGZLWKWKH'VWUDLQ
$FFHSWDQFHRIDOOSURGXFWLRQEDWFKHVIRUXVHLQWKHWULDOVZDVPDGHRQWKHEDVLVRIDFKLHYLQJ
VDWLVIDFWRU\KRPRJHQHLW\DQGVWDELOLW\ VHH 

 &KHHVHVDPSOHV
&KHHVHVDPSOHVZHUHSUHSDUHGE\&(&$/$,7 3ROLJQ\)UDQFH $OOEDWFKHVZHUHSUHSDUHG
DFFRUGLQJWRWKHIROORZLQJSURFHGXUH

3UHSDUDWLRQRI&SHUIULQJHQVVSRUHVXVSHQVLRQ
& SHUIULQJHQV 74$ ZDV FXOWLYDWHG LQWR GHDHUDWHG WKLRJO\FROODWH )7*  EURWK VHH
$SSHQGL[ IRU±KDW “ ƒ&2QHPORIWKLVFXOWXUHZDVDGGHGWRHDFKRI
WXEHVFRQWDLQLQJPO'XQFDQ 6WURQJ ' 6 PHGLXP VHH$SSHQGL[ VXSSOHPHQWHG
ZLWKmOVRGLXPELFDUERQDWHVROXWLRQDQGLQFXEDWHGDW “ ƒ&$IWHUGD\VRI
LQFXEDWLRQWKHFXOWXUHVZHUHFHQWULIXJHGIRUPLQDWJDQGULQVHGZLWKVWHULOHGLVWLOOHG
ZDWHU7KHSHOOHWZDVUHVXVSHQGHGLQWRVWHULOHGLVWLOOHGZDWHUPDNLQJDWRWDORIPOVSRUH
VXVSHQVLRQ7KLVVSRUHVXVSHQVLRQZDVKHDWHGIRUPLQXWHVDWƒ&WRNLOODOOYHJHWDWLYH
FHOOV 7KH VSRUH VXVSHQVLRQ ZDV SUHVHUYHG E\ IUHH]LQJ DW ± ƒ& RYHUQLJKW IROORZHG E\
IUHH]LQJ DW ± ƒ& IRU  GD\V %HIRUH DQG DIWHU IUHH]LQJ WKH VSRUH OHYHO ZDV YHULILHG RQ
7U\SWRVH6XOILWH&\FORVHULQHDJDU 76&VHH$SSHQGL[ LQFXEDWHGDQDHURELFDOO\DW


7KHWHUPFRORQ\IRUPLQJXQLWV FIX LVFRPPRQO\XVHGLQPLFURELRORJ\+RZHYHUWKHZRUGµXQLW¶LQPHWURORJ\
LVUHVHUYHGIRU6,XQLWVWKHUHIRUHWKHWHUPFRORQ\IRUPLQJSDUWLFOHV FIS ZLOOEHXVHGLQVWHDG>@
SDJHRI 5,90UHSRUW

“   ƒ& IRU  “   KRXUV )LQDO VSRUH OHYHO ZDV FD  [   VSRUHV  PO 7KH VWUDLQ


VKRZHGSRVLWLYHUHDFWLRQVIRUDOOFRQILUPDWLRQWHVWVXVHGLQWKLVWULDO5HVXOWVIURP$3,$
&SHUIULQJHQV

%DFNJURXQGIORUD
7RJHWKHUZLWK&SHUIULQJHQVVSRUHVDOVRRWKHUVWUDLQVLVRODWHGIURPFKHHVHE\WKH,15$
ODERUDWRU\ZHUHDGGHGWRWKHFKHHVHVDPSOHVWRVLPXODWHQDWXUDOEDFNJURXQGIORUD
œ /DFWRFRFFXVODFWLVODFWLV
œ (QWHURFRFFXVIDHFDOLV
œ /DFWREDFLOOXVSDUDFDVHL
œ /DFWREDFLOOXVSODQWDUXP
/ ODFWLV ODFWLV DQG ( IDHFDOLV ZHUH LVRODWHG RQ 0 DJDU VHH $SSHQGL[   DQG WKH WZR
/DFWREDFLOOXVVWUDLQVRQ056DJDU VHH$SSHQGL[ 7KHEDFWHULDZHUHLQRFXODWHGLQ0
RU 056 EURWK VHH $SSHQGL[   UHVSHFWLYHO\ GXULQJ  KRXUV DW ƒ& $IWHU WKDW FXOWXUHV
ZHUHPL[HG:/ODFWLVZLWK(IDHFDOLVDQGWKH/DFWREDFLOOXVVWUDLQVWRJHWKHU7KHLQRFXOXP
OHYHOVIRUWKHWDUJHWRUJDQLVPVZHUHYHULILHGXVLQJDVSLUDOSODWLQJV\VWHP

3UHSDUDWLRQRIFKHHVHVDPSOHV
&KHHVH VDPSOHV ZHUH SUHSDUHG LQ D OLTXLG IRUP 7KH FXOWXUHV DQG WKH VSRUH VROXWLRQ ZHUH
GLOXWHGLQó5LQJHU¶VVROXWLRQ VHHDSSHQGL[ DQGWKHQDGGHGWRWKHFKHHVH)LQDOOHYHOVRI
&SHUIULQJHQVZHUHFD[ [ DQG[ FISJ%DFNJURXQGIORUDZDVDGGHGDW
  

WKH VDPH OHYHO DV & SHUIULQJHQV H[FHSW IRU WKH EODQN VDPSOHV  [   FISJ EDFNJURXQG


IORUD $ EDFWHULRVWDWLF PL[WXUH &(&$/$,7 IRUPXODWLRQ  ZDV DGGHG WR VWDELOLVH WKH
PLFURIORUD 7KH EDFWHULRVWDWLF HIIHFW LV QHJDWHG ZKHQ WKH VDPSOH LV GLOXWHG GXULQJ
H[DPLQDWLRQ 6XEVHTXHQWO\ WKH LQRFXODWHG FKHHVH ZDV FORWWHG DIWHU GLVSHQVLQJ DOLTXRWV RI
POLQWRLQGLYLGXDOYLDOVE\WKHDGGLWLRQRIUHQQHW )LJXUH 6DPSOHVZHUHVWRUHGDW
ƒ& XQWLO XVH %DWFKHV RI FKHHVH VDPSOHV WR EH XVHG LQ WKH FROODERUDWLYH WULDO ZHUH
SUHSDUHGGD\SULRUWRGLVSDWFKWRSDUWLFLSDQWVGXHWRWKHLUUHODWLYHO\VKRUWVWDELOLW\

'LOXWHGFXOWXUHVDQGVSRUHVROXWLRQ
Ï
%DFWHULRVWDWLF Í /,48,' Ì 5HQQHW
0L[WXUH &+((6(

Ï
'LVSHQVHDOLTXRWVRIPOLQWR
LQGLYLGXDOYLDOV
Ï
&ORWWLQJRIFKHHVH

)LJXUH 3UHSDUDWLRQRIFKHHVHVDPSOHV
5,90UHSRUW SDJHRI

 0HDWVDPSOHV
0HDW VDPSOHV ZHUH SUHSDUHG E\ WKH 0$)) &HQWUDO 6FLHQFH /DERUDWRU\ <RUN 8QLWHG
.LQJGRP 

3UHSDUDWLRQRI&SHUIULQJHQVVSRUHVXVSHQVLRQ
&SHUIULQJHQVVWUDLQ'ZDVFXOWLYDWHGLQFRRNHGPHDWPHGLXP $SSHQGL[ IRU “
KDW “ ƒ&XQGHUDQDHURELFFRQGLWLRQV7KHFXOWXUHZDVWKHQDGGHGWR' 6PHGLXP VHH
DSSHQGL[ DQGLQFXEDWHGIRU “ KDW “ ƒ& DQDHURELFFRQGLWLRQV 

%DFNJURXQGIORUD
$OO VDPSOHV ZHUH DGGLWLRQDOO\ LQRFXODWHG ZLWK D VLPXODWHG DXWRFKWKRQRXV PHDW IORUD
FRPSULVLQJ /DFWREDFLOOXV SODQWDUXP 1&'2  &/6 <RUN  0LFURFRFFXV OXWHXV
1&7& 3+/6/RQGRQ DQG3VHXGRPRQDVDHUXJLQRVD1&'2 &6/<RUN DW D
OHYHORIFD[ FISJ7KLVEDFNJURXQGIORUDZDVFXOWLYDWHGLQWR1XWULHQW%URWK DSSHQGL[


 LQFXEDWHGDW “ ƒ&IRU “ KDQGDJDLQIRU “ KLQDIUHVKWXEH

3UHSDUDWLRQRIPHDWVDPSOHV
%DWFKHVRIWHVWPDWHULDOVZHUHSUHSDUHGXVLQJUHWDLOIUHVKPLQFHGEHHIZKLFKZDVIUHH]HGULHG
LQEXONVXEVDPSOHGLQWRYLDOV SRUWLRQVRIJHTXLYDOHQWV DQGLUUDGLDWHGDWN*\7KH
WHVWVWUDLQDQGEDFNJURXQGIORUDZHUHGLOXWHGWRWKHDSSURSULDWHOHYHODQGDGGHGDVDµFRFNWDLO¶
WR HDFK YLDO )LQDOO\ WKH YLDOV ZHUH IUHH]H GULHG D VHFRQG WLPH WR VWDELOLVH WKH VDPSOHV DQG
VWRUHGDW±ƒ&XQWLOXVH,WZDVQHFHVVDU\WRSUHSDUHGLIIHUHQWEDWFKHVIRUWKHSUHWULDODQG
WULDOWRDFKLHYHWKHGHVLUHGVWDELOLW\DQGKRPRJHQHLW\

 'ULHGDQLPDOIHHGVDPSOHV
'ULHGDQLPDOIHHGVDPSOHVZHUHSUHSDUHGE\WKH5,900*% %LOWKRYHQ7KH1HWKHUODQGV 
'XH WR WKH VWLFNLQHVV RI WKH GULHG DQLPDO IHHG LW ZDV QRW SRVVLEOH WR FRQWDPLQDWH WKH GULHG
DQLPDOIHHGGLUHFWO\ZLWKVSRUHVRIWKH'VWUDLQ7KHUHIRUHLWZDVGHFLGHGWRSUHSDUHDPLON
SRZGHU FRQWDPLQDWHG ZLWK & SHUIULQJHQV VSRUHV ZKLFK ZRXOG WKHQ EH DGGHG WR WKH GULHG
DQLPDOIHHG

3UHSDUDWLRQRI&SHUIULQJHQVVSRUHVXVSHQVLRQV
&SHUIULQJHQV'ZDVXVHGWRLQRFXODWHGWKHGULHGDQLPDOIHHG7KHVWUDLQZDVFXOWLYDWHG
LQWRPOGHDHUDWHG)7* $SSHQGL[ IRU “ KDW “ ƒ&DWDQDHURELFFRQGLWLRQV
7ZRVSRUHVXVSHQVLRQVZHUHSUHSDUHGIRUWKHPHGLXPDQGORZOHYHOVDPSOHVWKHFRPSOHWH
PO )7* FXOWXUH ZDV DGGHG WR  PO ' 6 PHGLXP DSSHQGL[   DQG LQFXEDWHG
DQDHURELFDOO\DW “ ƒ&IRU “ ƒ&)RUWKHKLJKOHYHOVDPSOHVPORIWKH)7*
FXOWXUHZDVDGGHGWRHDFKRIWXEHVFRQWDLQLQJPO' 6PHGLXP DSSHQGL[ 7KHVH
 WXEHV KDYH EHHQ LQFXEDWHG XQGHU DQDHURELF FRQGLWLRQV IRU  “   K DW  “   ƒ&
H[WHQVLRQRIWKHLQFXEDWLRQSHULRGDQGWKHXVHRIPRUH' 6PHGLXPLQFUHDVHVWKHOHYHORI
SDJHRI 5,90UHSRUW

VSRUHV IRUPHG  7R NLOO YHJHWDWLYH FHOOV WKH ' 6 FXOWXUHV ZHUH KHDWHG IRU  PLQXWHV DW
ƒ&7KHFXOWXUHVZHUHFHQWULIXJHGIRUPLQXWHVDWJ7KHSHOOHWVZHUHUHVXVSHQGHG
LQPOSHSWRQHVDOWVROXWLRQ $SSHQGL[ DQGFHQWULIXJHGDJDLQIRUPLQXWHVDWJ

3UHSDUDWLRQRIKLJKO\FRQWDPLQDWHGPLONSRZGHUV +&03
(DFK SHOOHW RI VSRUHV ZDV GLVVROYHG LQ FD  PO FRQGHQVHG VWHULOH PLON )ULHVFKH 9ODJ
*RXGEDQG7KH1HWKHUODQGV GLUHFWO\DIWHUFHQWULIXJDWLRQ7KHQFDPORIHDFKVXVSHQVLRQ
ZDV GULHG RQWR  J RI VWHULOH PLON SRZGHU &DUQDWLRQ 1HVWOp LUUDGLDWHG DW  N*\  E\
PHDQV RI IOXLG EHG VSUD\ JUDQXODWLRQ 675($ 1LUR$HURPDWLF  7KLV UHVXOWHG LQ WZR
KLJKO\FRQWDPLQDWHGPLONSRZGHUV +&03 DKLJKOHYHO+&03 EDWFK,FRQWDLQLQJ
DSSUR[ FISJ DQGDPHGLXPOHYHO+&03 EDWFKFRQWDLQLQJDSSUR[ FISJ 
 

)RUWKHORZOHYHOSDUWRIWKHPHGLXPOHYHO+&03ZDVPL[HGZLWKVWHULOHPLONSRZGHU
&DUQDWLRQ 1HVWOp  7KH LQRFXOXP OHYHO RI WKLV +&03 EDWFK 0  ZDV DSSUR[
 FISJ &RQWDPLQDWLRQ OHYHOV KDYH EHHQ YHULILHG RQ 76& $SSHQGL[   LQFXEDWHG


DQDHURELFDOO\DW “ ƒ&IRU “ K7KH'VWUDLQVKRZHGSRVLWLYHUHDFWLRQVIRUDOO

FRQILUPDWLRQWHVWVXVHGLQWKLVWULDO VHH623$SSHQGL[ 7KH+&03VZHUHVWRUHGDW±
ƒ&XQWLOXVH

%DFNJURXQGIORUD
7KHQDWXUDOFRQWDPLQDWLRQRIWKHDQLPDOIHHGZDVXVHGDVEDFNJURXQGIORUD7KHGULHGDQLPDO
IHHGSRZGHUZDVREWDLQHGLQEXONIURP&HKDYHQY 9HJKHO7KH1HWKHUODQGV 7KHOHYHORI
EDFWHULDZKLFKJURZXQGHUDQDHURELFFRQGLWLRQVRQ3ODWH&RXQWDJDU 3&$DSSHQGL[ ZDV
DERXW[ FISJ7KHOHYHORI&SHUIULQJHQVFRXQWHGRQ76&DJDUZDVDERXWFISJ$V


WKLV &SHUIULQJHQV OHYHO LV QHJOLJLEOH WR WKH OHYHOV RI DUWLILFLDO FRQWDPLQDWLRQ   WR


 FISJ WKLVEDWFKRIDQLPDOIHHGZDVDSSURYHGIRUXVHLQWKHWULDO


3UHSDUDWLRQRIGULHGDQLPDOIHHGVDPSOHV
)LQDO VDPSOHV ZHUH REWDLQHG E\ DGGLQJ D FHUWDLQ DPRXQW RI FRQWDPLQDWHG PLON SRZGHU
GHSHQGLQJRQWKHLQRFXOXPOHYHORIWKHPLONSRZGHUEDWFKHVVHH WRDYLDOFRQWDLQLQJ
GULHGDQLPDOIHHGPDNLQJDWRWDORIJRIWHVWVDPSOH 7DEOH $VWKHFRQWHQWVRIWKHYLDOV
ZHUHQRWKRPRJHQLVHGWKHYLDOVQHHGHGWREHDQDO\VHGFRPSOHWHO\7KHILQDOVDPSOHVZHUH
VWRUHGDWƒ&XQWLOXVH
5,90UHSRUW SDJHRI

7DEOH 3UHSDUDWLRQRIGULHGDQLPDOIHHGVDPSOHV

/HYHO 0LONSRZGHU $QLPDOIHHG 7HVWVDPSOH

%ODQN JVWHULOHPLONSRZGHU J J
/RZ JPLONSRZGHUEDWFK0 J J
0HGLXP J+&03EDWFK J J
+LJK J+&03EDWFK, J J
+&03 KLJKO\FRQWDPLQDWHGPLONSRZGHU
:HLJKWWROHUDQFHPLONSRZGHUVDQLPDOIHHGSRZGHU
 1HVWOp&DUQDWLRQPLONSRZGHULUUDGLDWHGDWN*\

 5HIHUHQFHPDWHULDO
)RUUHIHUHQFHPDWHULDO 50 FDSVXOHVFRQWDLQLQJ&SHUIULQJHQV'ZHUHREWDLQHGIURPWKH
)RXQGDWLRQIRUWKH$GYDQFHPHQWRI3XEOLF+HDOWKDQG(QYLURQPHQWDO3URWHFWLRQ %LOWKRYHQ
7KH1HWKHUODQGV 
EDWFKQXPEHU5%H[SGDWH0D\
PHDQOHYHO FRQILGHQFHOLPLWV RI&SHUIULQJHQVSHUFDSVXOHZDV
[ FIS [ ±[ FIS 
  

7KHFDSVXOHVZHUHVWRUHGDW±ƒ&XQWLOXVH

 +RPRJHQHLW\DQGVWDELOLW\RIWHVWPDWHULDOV
 &KHHVHVDPSOHV

 +RPRJHQHLW\
7HQVDPSOHVRIWKHORZOHYHOEDWFKZHUHH[DPLQHG7KHVDPSOHVZHUHH[DPLQHGLQGXSOLFDWH
GD\VDIWHUSUHSDUDWLRQZKLFKZDVWKHGD\RIH[DPLQDWLRQDWWKHWULDO)RUHDFKH[DPLQDWLRQ
JRIFKHHVHZDVGLOXWHGLQPO. +32 VROXWLRQ>@DQGEOHQGHGGXULQJPLQXWHV7KLV
 

VROXWLRQZDVLQRFXODWHGRQSODWHVRI76&DJDU $SSHQGL[ LQFXEDWHGDQDHURELFDOO\

KRXUVDW “ ƒ&

7KH&(&$/$,7FRPSXWHUSURJUDPZDVXVHGIRUVWDWLVWLFDODQDO\VLV7KHc &KLVTXDUHWHVW


a  ZDVFDOFXODWHGRQWKHWRWDOFRXQWRI&SHUIULQJHQVFRORQLHVSHUVDPSOH,QWKLVZD\
WKH GLVSHUVLRQ RI WKH FRQWDPLQDWLRQ ZDV FRPSDUHG WR WKH GLVSHUVLRQ REWDLQHG LQ D 3RLVVRQ
VHULHV

 6WDELOLW\
)UHVKO\SUHSDUHGFKHHVHVDPSOHVDUHVWDEOHIRUDIHZGD\VRQO\)RUWKHWULDOWKHVWDELOLW\RI
WKH ORZ OHYHO EDWFK ZDV WHVWHG E\ DQDO\VLQJ  VDPSOHV HDFK GD\ LQ GXSOLFDWH RQ 76& DJDU
$SSHQGL[   XS WR  GD\V DIWHU SUHSDUDWLRQ RI WKHVH VDPSOHV 7KH VDPH H[DPLQDWLRQ
SURFHGXUHZDVXVHGDVIRUWKHKRPRJHQHLW\WHVWLQJ  
SDJHRI 5,90UHSRUW

 0HDWVDPSOHV

 +RPRJHQHLW\
7HQVDPSOHVRIWKHORZPHGLXPDQGKLJKOHYHOEDWFKHVZHUHH[DPLQHGLQGXSOLFDWHRQ76&
DJDU $SSHQGL[   DW WKH GD\ RI SUHSDUDWLRQ DQG DW WKH WHVW GD\ LQ WULDO  GD\V DIWHU
SUHSDUDWLRQ  7KH H[DPLQDWLRQ SURFHGXUH LV DV ZULWWHQ LQ WKH 623 VHH $SSHQGL[  
+RPRJHQHLW\ZDVGHWHUPLQHGE\DQ)WHVW a  RQWKHFRXQWV

 6WDELOLW\
7KHVWDELOLW\RIWKHFRQWDPLQDWLRQOHYHOVRIWKHPHDWVDPSOHVZDVPRQLWRUHGRYHUDSHULRGRI
GD\V$W VHYHUDO LQWHUYDOV  VDPSOHVRIWKHORZPHGLXPDQGKLJKOHYHOSUHWULDOEDWFK
ZHUHH[DPLQHGLQGXSOLFDWHRQ76&DJDU $SSHQGL[ ([DPLQDWLRQZDVGRQHDFFRUGLQJWR
WKH623 VHH$SSHQGL[ 

 'ULHGDQLPDOIHHGVDPSOHV

 +RPRJHQHLW\
)RU WHVWLQJ WKH KRPRJHQHLW\ RI WKH FRQWDPLQDWHG PLON SRZGHU EDWFKHV DQG WKXV WKH ILQDO
VDPSOHVDVHDFKVDPSOHFRQWDLQVWKHVDPHDPRXQWRIFRQWDPLQDWHGPLONSRZGHU [J
PLON SRZGHU ZDV GLOXWHG LQ  PO SHSWRQH VDOW VROXWLRQ DSSHQGL[   DQG PL[HG IRU
VHFRQGV RQ D ZKLUOPL[HU 2QH PO RI WKLV ± GLOXWLRQ DQG VXEVHTXHQW GLOXWLRQV ZHUH
DQDO\VHGRQWR76&DJDU $SSHQGL[ 7KHUHVXOWVRIWKHGXSOLFDWHFRXQWVSHUVDPSOHRQ76&
DJDUZHUHDQDO\VHGIRUWKHYDULDWLRQEHWZHHQGXSOLFDWHFRXQWV 7 WHVW >@DQGEHWZHHQWKH


DYHUDJHRIGXSOLFDWHFRXQWVEHWZHHQVDPSOHV 7 WHVW >@$YDOXHIRU7  , ˆZKHUH

 

, WKHQXPEHURIVDPSOHVDQDO\VHGLVUHJDUGHGDVLQGLFDWLRQRIJRRGKRPRJHQHLW\

 6WDELOLW\
7KH VWDELOLW\ RI & SHUIULQJHQV VSRUHV LQ HDFK EDWFK RI DQLPDO IHHG ZDV PRQLWRUHG E\
DQDO\VLQJWKHLQRFXOXPOHYHOVLQWKHPLONSRZGHUEDWFKHV ERWKDQLPDOIHHGVDPSOHVDQGPLON
SRZGHUEDWFKHVZHUHVWRUHGDW±ƒ& )RUWKHKLJKOHYHO EDWFK, DQGPHGLXPOHYHO
EDWFK   VWDELOLW\ ZDV PRQLWRUHG RYHU D SHULRG RI  ZHHNV IURP SUHSDUDWLRQ XQWLO
WULDO  )RU WKH ORZ OHYHO EDWFK 0  VWDELOLW\ ZDV RQO\ PRQLWRUHG RYHU D SHULRG RI 
ZHHNVDVWKLVEDWFKZDVSUHSDUHGVKRUWO\EHIRUHWKHWULDO$WVHYHUDOLQWHUYDOVWRVDPSOHV
RIJUDPPLONSRZGHUZHUHH[DPLQHGDWHDFKLQWHUYDO7KHH[DPLQDWLRQSURFHGXUHZDVWKH
VDPHDVIRUKRPRJHQHLW\WHVWLQJ
5,90UHSRUW SDJHRI

 'HVLJQRIWKHFROODERUDWLYHWULDO
 'LVSDWFKRIWHVWPDWHULDOV

,QWKHFROODERUDWLYHWULDOSHUIRRGW\SHVDPSOHVZHUHDQDO\VHGEOLQGGXSOLFDWHVRIHDFKRI
WKH IRXU LQRFXODWLRQ OHYHOV EODQN ORZ PHGLXP DQG KLJK ,Q DGGLWLRQ  UHIHUHQFH FDSVXOHV
ZHUHH[DPLQHG7KHVDPSOHFRGHVZHUH&&IRUFKHHVHVDPSOHV00IRUPHDWVDPSOHV
'' IRU GULHG DQLPDO IHHG VDPSOHV DQG 55 IRU WKH UHIHUHQFH PDWHULDOV 7KH VDPSOH
FRGHVZHUHUDQGRPLVHGIRUHDFKSDUWLFLSDQW
0HDWGULHGDQLPDOIHHGDQGUHIHUHQFHFDSVXOHVZHUHGLVSDWFKHGWRWKHSDUWLFLSDQWVE\5,90
RQ-DQXDU\&KHHVHVDPSOHVZHUHSUHSDUHGE\&(&$/$,7RQ)HEUXDU\DQG
GLVSDWFKHG RQ  )HEUXDU\  WR SDUWLFLSDQWV $OO VDPSOHV ZHUH VKLSSHG E\ LQWHUQDWLRQDO
H[SUHVV FDUULHUV LQ SRO\VW\UHQH LVRODWHG ER[HV 6HYHUDO LFH SDFNV IUR]HQ WR  ƒ&  ZHUH
LQFOXGHGLQWKHSDUFHOWRSUHYHQWWKHVDPSOHVIURPEHLQJVXEMHFWHGWRKLJKWHPSHUDWXUHV7R
GHWHFW SRVVLEOH WHPSHUDWXUH DEXVH GXULQJ WUDQVSRUW WZR WLPHWHPSHUDWXUH FRQWURO GHYLFHV
:DUP0DUN%ODQNHQ&RQWUROV/RHQHQ7KH1HWKHUODQGV ZHUHLQFOXGHGLQHDFKSDUFHOZLWK
UHVSRQVHWHPSHUDWXUHVRIƒ&DQGƒ&:KHQWKHWHPSHUDWXUHLQWKHSDUFHOH[FHHGVWKH
UHVSRQVH WHPSHUDWXUH IRU PRUH WKDQ  ƒ& WKH GHYLFH WXUQV UHG 7KH ORQJHU WKH WHPSHUDWXUH
DEXVHRUWKHKLJKHUWKHWHPSHUDWXUHLQWKHER[WKHPRUHFRPSDUWPHQWV EULHIPRGHUDWH RU
SURORQJHGH[SRVXUH RIWKHGHYLFHZLOOWXUQUHG3DUWLFLSDQWVZHUHDVNHGWRFKHFNWKHGHYLFHV
DWDUULYDODQGLQFDVHRIVHYHUHWHPSHUDWXUHDEXVHWRFRQWDFWWKHRUJDQLVLQJODERUDWRU\

 6WDQGDUG2SHUDWLQJ3URFHGXUH

3ULRUWRWKHWULDOSDUWLFLSDQWVUHFHLYHGJHQHUDOLQIRUPDWLRQUHJDUGLQJWKHREMHFWLYHVRIWKHWULDO
$SSHQGL[ $QDO\VLVRIWKHVDPSOHVKDGWRWDNHSODFHZLWKLQDVSHFLILHGWLPHVFKHGXOHWKH
H[DPLQDWLRQRIWKHPHDWVDPSOHVKDGWRVWDUWEHWZHHQDQG-DQXDU\'ULHGDQLPDO
IHHGVDPSOHVKDGWREHDQDO\VHGEHWZHHQDQG-DQXDU\&KHHVHVDPSOHVKDGWREH
H[DPLQHGRQDVSHFLILFGD\)HEUXDU\GXHWRWKHOLPLWHGVWDELOLW\RI WKHVH VDPSOHV
7KHH[DPLQDWLRQRIWKHUHIHUHQFHVDPSOHVKDGWRWDNHSODFHFRQFXUUHQWO\ZLWKRQHRIWKHIRRG
W\SHVFKRVHQE\WKHSDUWLFLSDQW
'HWDLOHG LQVWUXFWLRQV IRU WKH DQDO\VLV RI WKH WHVW PDWHULDOV LV ZULWWHQ LQ D VWDQGDUG RSHUDWLQJ
SURFHGXUH 623  $SSHQGL[ 7KLV623ZDVLQFRQFRUGDQFHZLWK,62VXSSOHPHQWHG
ZLWK H[WUD LQIRUPDWLRQ RQ KRZ WR KDQGOH WKH VSHFLILF VDPSOH W\SHV 0HGLD QHHGHG IRU WKH
H[DPLQDWLRQV ZHUH QRW VXSSOLHG E\ WKH RUJDQLVLQJ ODERUDWRU\ EXW ZDV WKH UHVSRQVLELOLW\ RI
HDFK SDUWLFLSDQW 0HGLD FRPSRVLWLRQV DQG LQVWUXFWLRQV RQ SUHSDUDWLRQ ZHUH DOVR LQFOXGHG LQ
WKH623
SDJHRI 5,90UHSRUW

,QWKH623 $SSHQGL[ WKHDQDO\VLVRIWKHWHVWVDPSOHVLVJLYHQLQVWHSV

  3UHSDUDWLRQ RI WKH LQLWLDO VXVSHQVLRQV ZLWK GHWDLOHG LQVWUXFWLRQV IRU WKH GLIIHUHQW VDPSOH
W\SHV
  3RXU SODWLQJ LQ GXSOLFDWH RI  PO RI WKH LQLWLDO VXVSHQVLRQ DQG WKUHH IXUWKHU GHFLPDO
GLOXWLRQV ZLWK  PO (JJ<RON)UHH7U\SWRVH6XOILWH&\FORVHULQH 76&  DJDU DQG
DGGLQJDQRYHUOD\HURIFDPORIWKHVDPHDJDU
 $QDHURELFLQFXEDWLRQRIWKHSODWHVDW “ ƒ&IRU “ K
 (QXPHUDWLRQRIWKHFKDUDFWHULVWLF EODFN FRORQLHV
 &RQILUPDWLRQ RI PD[  FKDUDFWHULVWLF FRORQLHV RI HDFK SODWH FRQWDLQLQJ OHVV WKDQ 
FKDUDFWHULVWLFFRORQLHVDWDOOGLOXWLRQV
±XVLQJODFWRVHVXOILWHPHGLXP
±XVLQJPRWLOLW\QLWUDWHPHGLXPDQGODFWRVHJHODWLQHPHGLXP
 &DOFXODWLRQRIWKHILQDOQXPEHURI&SHUIULQJHQVSHUJUDPRIVDPSOHXVLQJDOOSODWHVZLWK
FRORQ\ FRXQWV   RI WZR VXFFHVVLYH GLOXWLRQV &DOFXODWLRQV DUH PDGH RQ ERWK
FRQILUPDWLRQWHFKQLTXHV

3DUWLFLSDQWVZHUHDVNHGWRFRPSOHWHWKHWHVWUHSRUW $SSHQGL[ WKDWWKH\UHFHLYHGWRJHWKHU

ZLWKWKH6237KHWHVWUHSRUWFRQWDLQHGWKHIROORZLQJVXEMHFWVWREHILOOHGLQ
œ VKLSPHQWFRQGLWLRQV
œ PHGLDLQJUHGLHQWV PDQXIDFWXUHUFRGHQXPEHUVEDWFKQXPEHUVH[SLU\GDWHV
œ WHPSHUDWXUHLQODERUDWRU\URRPGXULQJH[DPLQDWLRQ
œ WKHNLQGRISLSHWWHWKDWZDVXVHG
œ LQFXEDWLRQFRQGLWLRQV
œ WHVWUHVXOWVDVQXPEHURIW\SLFDOFRORQLHVSHUSODWH
œ FRQILUPDWLRQUHVXOWVSHUFRORQ\WHVWHG
œ DOOGHYLDWLRQVIURP623
7KLVGHWDLOHGLQIRUPDWLRQHQDEOHGGHYLDQWRUDEHUUDQWUHVXOWVWREHFRUUHODWHGZLWKWHFKQLFDO
HUURUV OLNH LQFXEDWRU IDLOXUH LQFRUUHFW FRPSRVLWLRQ RI PHGLD  7KH WHVW UHSRUW KDG WR EH
UHWXUQHGWRWKHWULDOOHDGHUIRUDQDO\VLVEHIRUH)HEUXDU\

 'DWDDQDO\VLVWULDO
 6FUHHQLQJWHVWUHVXOWV

$OOWHVWUHSRUWVKDYHEHHQVWXGLHGFDUHIXOO\ZKHWKHUUHVXOWVZHUHREWDLQHGFRUUHFWO\ZHUHWKH
PHGLDXVHGLQFXEDWLRQWHPSHUDWXUHVSHULRGVHWFDFFRUGLQJWRWKH623":KHQWKH623ZDV
QRWVWULFWO\IROORZHGDQGWKHGHYLDWLRQFRXOGKDYHLQIOXHQFHGWKHWHVWUHVXOWV WKLVZDVGHFLGHG
DIWHU GLVFXVVLRQ ZLWK WKH JURXS RI SDUWLFLSDWLQJ ODERUDWRULHV  WKH FRQFHUQLQJ GDWD ZHUH
H[FOXGHGIURPIXUWKHUDQDO\VLV $SSHQGL[ 
5,90UHSRUW SDJHRI

$ 'XQFDQ V 0XOWLSOH 5DQJH WHVW ZDV SHUIRUPHG RQ DOO WHVW UHVXOWV WR FKHFN IRU RXWOLHUV
$SSHQGL[   ,Q WKLV WHVW WKH PHDQ ORJ  YDOXHV RI WKH EOLQG GXSOLFDWH VDPSOHV IRU HDFK


LQRFXODWLRQOHYHODQGHDFKVDPSOHW\SHDUHFRPSDUHGEHWZHHQDOOODERUDWRULHV0HDQVWKDWDUH
QRWVLJQLILFDQWO\GLIIHUHQW a  IURPHDFKRWKHUDUHLQGLFDWHGZLWKWKHVDPHFKDUDFWHU$
VLQJOHPHDQVLJQLILFDQWGLIIHUHQWIURPDOOWKHRWKHUPHDQVLVLQGLFDWLQJIRUDQRXWO\LQJUHVXOW
7KHUHVXOWVWKDWZHUHUHJDUGHGDVVXVSHFWHGRXWOLHUVLQWKH'XQFDQ¶V0XOWLSOH5DQJHWHVWZHUH
FKHFNHGIRUHUURUVGXULQJDQDO\VLV:KHQDUHDVRQFRXOGEHDSSRLQWHGH[SODLQLQJWKDWWKHVH
UHVXOWV ZHUH QRW REWDLQHG FRUUHFWO\ WKH UHVXOWV ZHUH H[FOXGHG IURP IXUWKHU DQDO\VLV
$SSHQGL[  :KHQ QR H[SODQDWLRQ FRXOG EH IRXQG WKH UHVXOWV ZHUH UHJDUGHG DV QDWXUDO
RFFXUULQJYDULDWLRQDQGWKXVQRWH[FOXGHGIURPIXUWKHUDQDO\VLV
7KH EODQN VDPSOHV ZHUH RQO\ VWXGLHG IRU IDOVH SRVLWLYHV 'DWD IURP EODQN VDPSOHV ZHUH
H[FOXGHGIURPIXUWKHUDQDO\VLV
$OOUHPDLQLQJGDWDZHUHDQDO\VHGXVLQJWKHVWDWLVWLFDOFRPSXWHUSURJUDP6$6IRU:LQGRZV
YHUVLRQ 6$6,QVWLWXWH,QF&DU\86$ 7KHSURWRFROLVJLYHQLQ$SSHQGL[

 3HUIRUPDQFHZLWKLQHDFKODERUDWRU\

7RFKHFNWKHSHUIRUPDQFHZLWKLQHDFKODERUDWRU\WZRWHVWVZHUHFDUULHGRXWEDVHGRQWKH7 

WHVWDQG7 WHVWIRUPLFURELRORJLFDOUHIHUHQFHPDWHULDOV>@7KHDGMXVWHGYHUVLRQVDUHFDOOHG


7  DQG 7
UHSO DQG ZHUH FDOFXODWHG IRU HDFK VDPSOH W\SH VHSDUDWHO\ 7  UHSUHVHQWV WKH
GXSO  UHSO

YDULDWLRQ EHWZHHQ WKH UHSOLFDWH FRXQWV ZLWKLQ HDFK GLOXWLRQ LH ZKHWKHU WKH LQRFXODWLRQ RI
SODWHV ZDV SHUIRUPHG FRUUHFWO\ ,W ZDV H[SHFWHG WKDW WKH YDULDWLRQ EHWZHHQ UHSOLFDWH FRXQWV
IURP WKH VDPH GLOXWLRQ LV 3RLVVRQ GLVWULEXWHG ZKLFK PHDQV WKDW WKH 7  PHDVXUH ZRXOG
UHSO

IROORZDc GLVWULEXWLRQZLWK,GHJUHHVRIIUHHGRP a  $KLJK7 YDOXHPHDQVODUJH


UHSO

GLIIHUHQFHVEHWZHHQWKHUHVXOWVIURPUHSOLFDWHFRXQWV

7 UHSO = Ê
*
ÊÊ
( , - ]JLM -
]JL +
-
)


J = L = M = ]JL +
-
ZKHUH ] 
JLM FRXQWRIUHSOLFDWHMRIVDPSOHGLOXWLRQLRIVDPSOHJ
] 
JL VXPRIFRXQWVRIDOOUHSOLFDWHVRIGLOXWLRQLRIVDPSOHJ
- QXPEHURIUHSOLFDWHVH[DPLQHGSHUVDPSOHGLOXWLRQLRIVDPSOHJ
, QXPEHURIGLOXWLRQVH[DPLQHGSHUVDPSOHJ
* QXPEHURIVDPSOHVH[DPLQHGIRUHDFKVDPSOHW\SH

7 GXSO  UHSUHVHQWV WKH YDULDWLRQ EHWZHHQ WKH EOLQG GXSOLFDWH VDPSOHV ZLWKLQ HDFK LQRFXOXP
OHYHO,QLGHDOFDVHWKHVXPRIWKHFRXQWVSHUGLOXWLRQLV3RLVVRQGLVWULEXWHGZKLFKPHDQVWKDW
WKH 7  PHDVXUHZRXOGIROORZDc GLVWULEXWLRQZLWK,GHJUHHVRIIUHHGRP a   ,Q
GXSO 

SDJHRI 5,90UHSRUW

SUDFWLVHDYDULDWLRQRI[3RLVVRQLVVWLOOFRQVLGHUHGDVDFFHSWDEOHYDULDWLRQ$KLJK7 GXSO

YDOXHPHDQVWKDWDODUJHGLIIHUHQFHEHWZHHQEOLQGGXSOLFDWHVDPSOHVZDVIRXQG

7 GXSO = Ê
+
ÊÊ
(, . ]KLN - )
]KL +


.
K = L = N = ]KL +
.
ZKHUH ]
KLN FRXQWRIGXSOLFDWHVDPSOHN VXPRIFRXQWVRIUHSOLFDWHVM RIGLOXWLRQ
LRIFRQWDPLQDWLRQOHYHOK = LQ7
JL UHSO 

] 
KL VXPRIFRXQWVRIDOOGXSOLFDWHVDPSOHVNRIGLOXWLRQLRIFRQWDPLQDWLRQ
OHYHOK
. QXPEHURIGXSOLFDWHVDPSOHVH[DPLQHGSHUFRQWDPLQDWLRQOHYHOK
, QXPEHURIGLOXWLRQVH[DPLQHGSHUFRQWDPLQDWLRQOHYHOK
+ QXPEHURIFRQWDPLQDWLRQOHYHOVH[DPLQHGSHUVDPSOHW\SH

 &RPSDULVRQRIFRQILUPDWLRQWHFKQLTXHV

7KHUHVXOWVREWDLQHGXVLQJODFWRVHVXOILWHPHGLXPDQGXVLQJERWKPRWLOLW\QLWUDWH ODFWRVH
JHODWLQPHGLXPDVFRQILUPDWLRQWHFKQLTXHZHUHFRPSDUHGXVLQJDQ)WHVW a  

 3UHFLVLRQGDWDIURPWULDO

7KHSUHFLVLRQFKDUDFWHULVWLFVLQWHUPVRIUHSHDWDELOLW\DQGUHSURGXFLELOLW\ZHUHFDOFXODWHGLQ
WZRZD\V
  $FFRUGLQJWR,62  >@7KLVLVWKHWUDGLWLRQDODSSURDFKIRUGHWHUPLQDWLRQRI
SUHFLVLRQ FKDUDFWHULVWLFV UHSHDWDELOLW\ U DQG UHSURGXFLELOLW\ 5  RULJLQDOO\ GHYHORSHG IRU
DQDO\VLQJGDWDIURPFKHPLFDODQDO\VHV&DOFXODWLRQVKDYHEHHQSHUIRUPHGE\5,90XVLQJ
DQDO\VLV RI YDULDQFH  6$6 6\VWHP UHOHDVH  >@ 7KH 6$6 SURWRFRO LV JLYHQ LQ
$SSHQGL[
  $FFRUGLQJWRWKHGUDIW(1,62  >@7KLVLVWKHQHZDSSURDFKGHULYHGIURP
WKH 0LFURYDO SURMHFW >@ DQG FXUUHQWO\ VWDQGDUGLVHG E\ &(17&:* 7DVN
&RPPLWWHH )RRG $QDO\VLV±+RUL]RQWDO 0HWKRGV  :RUNLQJ *URXS  0LFURELDO
&RQWDPLQDWLRQ  7KLV VWDQGDUG LV VSHFLDOO\ GHYHORSHG IRU GDWD IURP PLFURELRORJLFDO
DQDO\VHV7KHSUHFLVLRQGDWDDUHFDOFXODWHGZLWKUREXVWVWDWLVWLFVXVLQJWKHPHGLDQLQVWHDG
RIWKHPHDQYDOXHV,QWKLVZD\RXWO\LQJUHVXOWVZLOOQRWLQIOXHQFHWKHFDOFXODWLRQV
&DOFXODWLRQVKDYHEHHQSHUIRUPHGE\$)66$ 0DLVRQV$OIRUW)UDQFH XVLQJ([FHO
5,90UHSRUW SDJHRI

 5HVXOWVDQGGLVFXVVLRQ

 +RPRJHQHLW\DQGVWDELOLW\RIWHVWPDWHULDOV
 &KHHVHVDPSOHV

 +RPRJHQHLW\

7KHc YDOXHRQWKHWRWDOFRXQWRIFRORQLHVRI&SHUIULQJHQVSHUVDPSOHRIWKHVDPSOHV


WHVWHGIURPWKHORZOHYHOWULDOEDWFKZDVZLWKDLQWHUYDORI)RUWKLVYDOXH
DJUHHPHQWZLWKD3RLVVRQVHULHVZDVQRWUHMHFWHGDWWKHSUREDELOLW\OHYHODQGWKHUHIRUH
WKHWHVWEDWFKZDVUHJDUGHGDVKRPRJHQHRXV+RPRJHQHLW\RIWKHRWKHUEDWFKHVZDVDVVXPHG
WREHVLPLODUWRWKHORZOHYHOEDWFK

 6WDELOLW\

6WDELOLW\UHVXOWVRIWKHORZOHYHOEDWFKDUHSUHVHQWHGLQ)LJXUH7KHOHYHORI&SHUIULQJHQV
VSRUHVZDVVWDEOH OHVVWKDQGHFOLQHRYHUWKHSHULRGWHVWHG IRUDWOHDVWXSWRGD\VDIWHU
SUHSDUDWLRQ 6WDELOLW\ RI WKH RWKHU OHYHOV ZDV DVVXPHG WR EH VLPLODU WR WKH ORZ OHYHO EDWFK
'XULQJ WKH WULDO VDPSOHV ZHUH DQDO\VHG ZLWKLQ  RU  GD\V DIWHU SUHSDUDWLRQ H[FHSW IRU
ODERUDWRU\VHH 


ORJFISJ


          

6WRUDJHDWƒ& GD\V

)LJXUH 6WDELOLW\RIWKHORZOHYHORI&SHUIULQJHQV74$VSRUHVLQIUHVKFKHHVHVDPSOHV
VWRUHGDWƒ&
SDJHRI 5,90UHSRUW

 0HDWVDPSOHV

 +RPRJHQHLW\
+RPRJHQHLW\GDWDIRUWKHGLIIHUHQWEDWFKHVWKDWZHUHXVHGLQWKHWULDODUHJLYHQLQ7DEOH$Q
)WHVW a    ZDV SHUIRUPHG RQ WKHFRXQWVRQWKHSODWHV$WWKHGD\RISUHSDUDWLRQ WKH
ORZOHYHODQGPHGLXPOHYHOZHUHKRPRJHQHRXVWKHKLJKOHYHOVKRZHGPRUHYDULDELOLW\WKDQ
FDQEHH[SODLQHGE\3RLVVRQGLVWULEXWLRQ$WGD\RIH[DPLQDWLRQLQWKHWULDO GD\ RQO\WKH
ORZOHYHOVKRZHGKHWHURJHQHLW\

7DEOH +RPRJHQHLW\RIPHDWVDPSOHV

,QRFXOXPOHYHO 7HVWGD\ , PHDQORJFISJ 7 , )WHVW 3

ORZ 'D\    1RWVLJQLILFDQW 
'D\    6LJQLILFDQW  
0HGLXP 'D\    1RWVLJQLILFDQW 
'D\    1RWVLJQLILFDQW 
+LJK 'D\    6LJQLILFDQW  
'D\    1RWVLJQLILFDQW 
, QXPEHURIVDPSOHVDQDO\VHGRQ76&DJDU
7  ,  GLVSHUVLRQIDFWRU&ULWHULRQˆ


 HYLGHQFHRIKHWHURJHQHLW\EHWZHHQYLDOVWHVWHG

 6WDELOLW\
6WDELOLW\WHVWUHVXOWVDUHSUHVHQWHGLQ)LJXUH7KHOHYHORI&SHUIULQJHQVVSRUHVZDVVWDEOH
OHVVWKDQGHFOLQH IRUDWOHDVWXSWRGD\VDIWHUSUHSDUDWLRQ,QWKHFROODERUDWLYHWULDO
VDPSOHVZHUHDQDO\VHGZLWKLQGD\V

KLJK
ORJFISJ

 PHGLXP
ORZ


      

VWRUDJHWLPH GD\V

)LJXUH 6WDELOLW\RIWKHOHYHORI&SHUIULQJHQV'VSRUHVLQPHDWVDPSOHVVWRUHGDWƒ&
5,90UHSRUW SDJHRI

 'ULHGDQLPDOIHHGVDPSOHV

 +RPRJHQHLW\
7KH KRPRJHQHLW\ RI WKH FRQWDPLQDWLRQ LQ WKH +&03 EDWFKHV LV JLYHQ LQ 7DEOH 
+RPRJHQHLW\ZDVVDWLVIDFWRU\IRUDOOEDWFKHVDV7  , ˆLQDOOFDVHV ORZOHYHOEDWFKZDV


MXVW VDWLVIDFWRU\  1RWH WKDW DOO LQRFXOXP OHYHOV JLYHQ DUH WKH FRQWDPLQDWLRQ OHYHOV LQ WKH
+&03WKXVDIROGKLJKHUWKDQLQWKHILQDOGULHGDQLPDOIHHGVDPSOHV7KHILQDOLQRFXOXP
OHYHOVLQWKHDQLPDOIHHGVDPSOHV VHHDOVR7DEOH ZHUH FISJ QDWXUDOFRQWDPLQDWLRQ 


 [   FISJ[ FISJDQG[ FISJIRUEODQNORZ PHGLXP DQG KLJK OHYHO

  

VDPSOHVUHVSHFWLYHO\

7DEOH +RPRJHQHLW\RIWKH+&03VFRQWDLQLQJ&SHUIULQJHQV'
+&03EDWFK , 0HDQ FISJ  PHDQORJ FISJ
 7  ,


, KLJK  [ 

 
 PHGLXP  [ 
 
0 ORZ  [ 
 
, QXPEHURIVDPSOHVDQDO\VHG JSRZGHU 
7  ,  GLVSHUVLRQIDFWRU&ULWHULRQˆ


)LQDOOHYHOVLQDQLPDOIHHGVDPSOHV VHHDOVR7DEOH [ ORZ [ PHGLXP [ KLJK

  

 )LQDOOHYHOVLQDQLPDOIHHGVDPSOHV VHHDOVR7DEOH  ORZ  PHGLXP  KLJK

 6WDELOLW\DWƒ&
6WDELOLW\UHVXOWVDUHSUHVHQWHGLQ)LJXUH$VPLONSRZGHUEDWFKHVZHUHWHVWHGLQVWHDGRIWKH
DQLPDOIHHGVDPSOHVWKHPHDQOHYHOVDVVKRZQLQ)LJXUHDUHDERXWIROGKLJKHUWKDQLQ
WKHDFWXDOVDPSOHV$OOEDWFKHVZHUHVWDEOHRYHUWKHSHULRGWHVWHG QRVLJQLILFDQWGHFUHDVH 




,

KLJK

PHGLXP
ORJFIXJ



0

ORZ







MXO DXJ VHS RNW QRY GHF MDQ IHE PUW

VWRUDJHWLPHLQZHHNV

)LJXUH 6WDELOLW\RIWKHOHYHORI&SHUIULQJHQVVSRUHVLQ+&03EDWFKHVVWRUHGDWƒ&
SDJHRI 5,90UHSRUW

 *HQHUDOUHVXOWVRIWKHWULDO
 3DUWLFLSDQWV
$WRWDORIODERUDWRULHVIURP(XURSHDQFRXQWULHVSDUWLFLSDWHGLQWKHFROODERUDWLYHWULDO
7ZHOYHODERUDWRULHVH[DPLQHGDOOVDPSOHW\SHVDQGXVHGERWKFRQILUPDWLRQWHFKQLTXHV7ZR
ODERUDWRULHV  GLGQRWSHUIRUPWKHODFWRVHVXOILWHFRQILUPDWLRQDQGWKUHHODERUDWRULHV
DQG GLGQRWSHUIRUPWKHPRWLOLW\QLWUDWHODFWRVHJHODWLQHFRQILUPDWLRQ7KHUHIRUHD
WRWDORIODERUDWRULHVDQDO\VHGDOOVDPSOHVXVLQJODFWRVHVXOILWHWHFKQLTXH ,62 DQG
ODERUDWRULHVH[DPLQHGWKHVDPSOHVXVLQJWKHPRWLOLW\QLWUDWHDQGODFWRVHJHODWLQHWHFKQLTXH
(1 

 'LVSDWFKRIWHVWPDWHULDOV
0HDW GULHG DQLPDO IHHG DQG 50V ZHUH VKLSSHG RQ  -DQXDU\  IURP 5,90 7KH
1HWKHUODQGV DQGZHUHGHOLYHUHGDWODERUDWRULHVZLWKLQKRXUVDWODERUDWRULHVEHWZHHQ
DQGKRXUVDQGDWWKUHHODERUDWRULHVEHWZHHQDQGKRXUVDIWHUGLVSDWFK2QO\WKUHH
ODERUDWRULHV ODERUDWRULHVDQG UHFHLYHGVDPSOHVWKDWKDGEHHQH[SRVHGWRWHPSHUDWXUHV
DERYHƒ& RQO\EULHIWRPRGHUDWHH[SRVXUH 
&KHHVHVDPSOHVZHUHVKLSSHGIURP&(&$/$,7 )UDQFH WRWKHSDUWLFLSDWLQJODERUDWRULHVRQ
)HEUXDU\  7ZHOYH ODERUDWRULHV UHFHLYHG WKH SDUFHO ZLWKLQ KRXUV DQG WKUHH
ODERUDWRULHV ZLWKLQ  KRXUV 7KHVH  ODERUDWRULHV FRPPHQFHG H[DPLQDWLRQV RQ WKH
SUHVFULEHG GDWH RI )HEUXDU\  +RZHYHU WZR ODERUDWRULHV  DQG   UHFHLYHG WKH
VDPSOHV RQ  )HEUXDU\  KRXUV DIWHU VKLSPHQW  2QO\ VDPSOHV GLVSDWFKHG WR
ODERUDWRULHVDQGZHUHH[SRVHGWRWHPSHUDWXUHVDERYHƒ& RQO\EULHIH[SRVXUH 1RQH
RIWKHVDPSOHVKDYHEHHQH[SRVHGWRWHPSHUDWXUHVRYHUƒ&
/DERUDWRU\ZDVDEOHWRVWDUWWKHH[DPLQDWLRQRQ)HEUXDU\KRZHYHUODERUDWRU\
VWDUWHGH[DPLQDWLRQRQ)HEUXDU\ DIWHUWKHZHHNHQG %DVHGRQWKHUHVXOWVRIWKHVWDELOLW\
WHVWV RI WKH FKHHVH VDPSOHV   LW ZDV DJUHHG WKDW WKH UHVXOWV IURP ODERUDWRU\  ZKR
DQDO\VHG WKH VDPSOHV  GD\V DIWHU SUHSDUDWLRQ ZHUH QRW H[FOXGHG IURP VWDWLVWLFDO DQDO\VLV
$SSHQGL[ 

 0HGLD
(DFK SDUWLFLSDQW ZDV DOORZHG WR FKRRVH ZKHWKHU WR XVH FRPPHUFLDOO\ DYDLODEOH GHK\GUDWHG
PHGLD RU XVH PHGLD SUHSDUHG IURP LQGLYLGXDO LQJUHGLHQWV DV ORQJ DV WKH LQJUHGLHQWV DQG
FRQFHQWUDWLRQV ZHUH LGHQWLFDO WR WKH SUHVFULSWLRQ LQ WKH 623 ,Q FDVH RI XVLQJ LQGLYLGXDO
LQJUHGLHQWVDOOEDWFKQXPEHUVDQGFRQFHQWUDWLRQVXVHGKDGWREHUHFRUGHGRQWKHWHVWUHSRUW
7DEOHVXPPDULVHVWKHQXPEHURIODERUDWRULHVXVLQJHLWKHUFRPPHUFLDODYDLODEOHPHGLDDQG
KRPHSUHSDUHGPHGLDIRUHDFKPHGLXPXVHGLQWKHWULDO
&RPSOHWH GHK\GUDWHG 76& DJDU EDVH ZDV REWDLQHG IURP 0(5&. [  'LIFR [  %LRNDU
[  DQG $(6 /DERUDWRULHV [  /DERUDWRU\  XVHG 76& DJDU EDVH IURP 2[RLG 7KLV
5,90UHSRUW SDJHRI

GHK\GUDWHG IRUPXOD FRQWDLQV DGGLWLRQDO WR WKH FRPSRVLWLRQ GHVFULEHG LQ ,62   J
ODEOHPFRSRZGHU $SDUWIURPWKDWDOVRHJJ\RONZDVDGGHGWRWKHEDVH QRWWRWKHEDVHXVHG


IRUDQDO\VLQJWKHFKHHVHVDPSOHV ZKLFKZDVQRWDFFRUGLQJWRWKH6237KLVUHVXOWHGLQDQ
DJDUZKLFKLVPRUHHQULFKHGDQGVXEVHTXHQWO\WKLVPLJKWKDYHUHVXOWHGLQHQKDQFHGJURZWKRI
&SHUIULQJHQVRQWKH76&SODWHV$VWKHREMHFWLYHRIWKLVWULDOZDVWRYDOLGDWHWKH,62
  DV ZULWWHQLWZDVGHFLGHGEHWZHHQWKHSDUWQHUVRI WKLV SURMHFW WR H[FOXGH WKH UHVXOWV
IURPODERUDWRU\
&RPPHUFLDO )OXLG WKLRJO\FROODWH )7*  ZDV REWDLQHG IURP 2[RLG [  0(5&. [ 
'LDJQRVWLFV3DVWHXU [ DQG/DE0 [ 
&RPSOHWH ODFWRVHVXOILWH PHGLXP ZDV XVHG IURP 6DQRIL 'LDJQRVWLFV 3DVWHXU [  DQG
6&+$5/$1 [ DQGODERUDWRU\XVHGODFWRVHJHODWLQHPHGLXPIURP$(6/DERUDWRLUHV

7DEOH 1XPEHURIODERUDWRULHVXVLQJFRPPHUFLDOO\DYDLODEOHPHGLDDQGKRPHSUHSDUHGPHGLD

0HGLXP &RPSOHWH GHK\GUDWHG PHGLD ,QGLYLGXDOLQJUHGLHQWV

76&DJDUEDVH  
)7*  
/DFWRVHVXOILWH  
0RWLOLW\QLWUDWH  
/DFWRVHJHODWLQH  

$OO PHGLD SUHSDUHG IURP LQGLYLGXDO LQJUHGLHQWV KDYH EHHQ FKHFNHG DQG FRQILUPHG EHLQJ
PDGHDFFRUGLQJWRWKHIRUPXODWLRQLQWKH6237KHS+YDOXHVZHUHQHDUO\DOODFFRUGLQJWRWKH
FULWHULDRQO\IRUDVPDOOQXPEHURIPHGLDWKHS+GLIIHUHGIRUPD[S+XQLWVRXWVLGHWKH
JLYHQUDQJH7KLVVPDOOGHYLDWLRQZDVFRQVLGHUHGDVRIPLQRULQIOXHQFHLQWKHILQDOUHVXOWV,W
ZDVDJUHHGWKDWDOOPHGLDWKDWZHUHXVHGLQWKHFROODERUDWLYHWULDOZHUHDSSURYHGH[FHSWIRU
WKH76&DJDUEDVHIURP2[RLGXVHGE\ODERUDWRU\
,WZDVVXJJHVWHGE\DSDUWLFLSDQWWRLQFOXGHLQ,62  DPD[LPXPVWRUDJHWLPHIRU
76&DJDUSODWHVLQFDVHWKH\DUHQRWIUHVKO\SUHSDUHGEHIRUHXVH7KLVODERUDWRU\H[SHULHQFHG
WKDW & SHUIULQJHQV FRORQLHV ZHUH ZKLWH RQ 76& SODWHV ZKLFK ZHUH SUHSDUHG FD  GD\V
EHIRUHXVH

 ,QFXEDWLRQFRQGLWLRQVRIPHGLD
7KH LQFXEDWLRQ RI WKH ODFWRVH VXOILWH PHGLXP YDULHG EHWZHHQ SDUWLFLSDQWV GXH WR
LQGLVWLQFWQHVVRIWKHGHVFULSWLRQLQ,62,WZDVQRWFOHDUIURPWKHSURFHGXUHLQWKLV,62
ZKHWKHUWKHWXEHVQHHGHGWREHLQFXEDWHGXQGHUDHURELFRUDQDHURELFFRQGLWLRQV3DUWRIWKH
SDUWLFLSDQWV LQFXEDWHG WKH WXEHV LQ D ZDWHU EDWK DV SUHVFULEHG LQ WKH ,62 ZKLOH RWKHUV
LQFXEDWHGWKHWXEHVLQDQDQDHURELFMDULQDQLQFXEDWRU,WLVQRWFOHDUZKHWKHUDZDWHUEDWKLV


1RWH2[RLGFKDQJHGWKHFRPSRVLWLRQRIWKH76&EDVHVLQFH6XPPHULQDFFRUGDQFHZLWK,62 ODE
OHPFRSRZGHULVQRWLQWKHIRUPXODDQ\PRUH 
SDJHRI 5,90UHSRUW

REOLJDWRU\RUWKDWDQDHURELFLQFXEDWLRQLQDMDULVDOVRDOORZHGLQWKHFDVHWKDWWKHVSHFLILHG
WHPSHUDWXUHUDQJHRI“ƒ&FDQEHDFKLHYHGLQWKHLQFXEDWRUXVHG)XUWKHUPRUHVRPH
ODERUDWRULHVKDGGLIILFXOWLHVZLWKUHDGLQJRIWKHJDVIRUPDWLRQDVLQVRPHFDVHVRQO\DVPDOO
DPRXQWRIJDVZDVIRUPHG8VLQJWXEHVRUERWWOHVPD\KDYHHIIHFWHGWKLV
,QFXEDWLRQSHULRGVDQGLQFXEDWRUWHPSHUDWXUHVZHUHQHDUO\DOODFFRUGLQJWRWKHFULWHULDLQWKH
623'HYLDWLRQVZHUHUHJDUGHGDVRIPLQLPDOLQIOXHQFHRQWKHILQDOUHVXOWVDQGWKHUHIRUHQR
UHVXOWVKDYHEHHQH[FOXGHGRQWKLVEDVLV

 /DERUDWRU\WHPSHUDWXUH
7HPSHUDWXUH LQ WKH ODERUDWRU\ URRPV YDULHG IURP  ƒ& WR  ƒ& ZLWK QR PRUH WKDQ  ƒ&
GHYLDWLRQRYHUWKHGLIIHUHQWGD\VRIDQDO\VLVZLWKLQRQHODERUDWRU\

 8VHRISLSHWWHV
(DFK ODERUDWRU\ ZDV DOORZHG WR XVH WKH NLQG RI SLSHWWH WKH\ QRUPDOO\ XVH DOWKRXJK LW ZDV
VWDWHG LQ WKH 623 WKDW D PLFURSLSHWWH ZDV SUHIHUUHG )RU SUHSDUDWLRQ RI WKH GLOXWLRQV 
ODERUDWRULHV XVHG JUDGXDWHG SLSHWWHV PDGH RI JODVV RU SODVWLF DQG  ODERUDWRULHV XVHG D
PLFURSLSHWWH ZLWK IL[HG RU YDULDEOH YROXPH )RU LQRFXODWLQJ WKH SODWHV WKLV ZDV  DQG 
ODERUDWRULHVUHVSHFWLYHO\

 6WDWLVWLFDODQDO\VLVRIWULDOGDWD
 6FUHHQLQJGDWD
7KHUHVXOWVIURPWKHFROODERUDWLYHWULDODUHVXPPDULVHGLQ$SSHQGL[IRUHDFKIRRGW\SHDQG
IRUERWKFRQILUPDWLRQWHFKQLTXHVVHSDUDWHO\
%ODQN VDPSOHV ZHUH FKHFNHG RQ IDOVH SRVLWLYH WHVW UHVXOWV ,Q QRQH RI WKH EODQN FKHHVH
VDPSOHV&SHUIULQJHQVZDVLVRODWHG2QO\FRORQ\DWWKH±GLOXWLRQZDVLVRODWHGLQDEODQN
PHDWVDPSOH ODE0 7KLVZDVQRWUHJDUGHGDVDIDOVHSRVLWLYHWHVWUHVXOWRULQGLFDWLQJDQ
H[FKDQJH RI WZR VDPSOHV )RU WKH GULHG DQLPDO IHHG LQ  RI WKH  EODQN VDPSOHV
WRFRORQLHVRIWKH±GLOXWLRQZHUHFRQILUPHGDV&SHUIULQJHQV$VWKLVOHYHOFRUUHVSRQGV
WRWKHQDWXUDOOHYHORIFRQWDPLQDWLRQLQWKHGULHGDQLPDOIHHG FDFISJ QRVDPSOHVKDYH
EHHQ H[FKDQJHG DQG UHVXOWV FDQQRW EH VHHQ DV µIDOVH SRVLWLYH WHVW UHVXOWV¶ +RZHYHU LQ
ODERUDWRU\VDPSOH' EODQN DQGVDPSOH' ORZ WKHOHYHOVIRXQGZHUH[ FISJLQ 

' DQG FISJ LQ ' 7KLV FDQ EH GXH WR H[FKDQJLQJ WKHVH VDPSOHV GXULQJ DQDO\VLV RU D
PLVWDNHLQFRGLQJWKHVDPSOHV+RZHYHUDVERWKSRVVLEOHH[SODQDWLRQVFDQQRWEHFRQILUPHG
E\ODERUDWRU\RUE\WKH5,90LWZDVGHFLGHGWRH[FOXGHWKHUHVXOWVRIWKHVHWZRVDPSOHV
IURP IXUWKHU DQDO\VLV ([FHSW IRU VDPSOHV ' DQG ' LQ ODERUDWRU\  DOO RWKHU UHVXOWV
FRUUHVSRQGWRWKHVDPSOHOHYHOVPHDQLQJWKDWQRRWKHUVDPSOHVKDYHEHHQH[FKDQJHGRUWKDW
IDOVH SRVLWLYH WHVW UHVXOWV ZHUH REWDLQHG %ODQN VDPSOHV ZHUH H[FOXGHG IURP VWDWLVWLFDO
DQDO\VHV
5,90UHSRUW SDJHRI

'HYLDWLRQV IURP WKH SURWRFRO DUH OLVWHG LQ $SSHQGL[  ,I WKH GHYLDWLRQV FRXOG KDYH KDG D
VLJQLILFDQWLQIOXHQFHRQWKHUHVXOWVREWDLQHGWKHQWKHFRUUHVSRQGLQJGDWDZHUHH[FOXGHGIURP
IXUWKHUDQDO\VLV'HFLVLRQVRQWKLVZHUHDJUHHGXSRQLQDPHHWLQJZLWKDOOSDUWLFLSDQWV
,QODERUDWRU\PDQ\IDOVHQHJDWLYHWHVWUHVXOWVZHUHIRXQGXVLQJODFWRVHVXOILWHPHGLXP7KH
ODERUDWRU\ LQGLFDWHG WR KDYH RQO\ OLWWOH H[SHULHQFH ZLWK WKLV PHGLXP 8VLQJ WKH 01 /*
PHGLD PRVWO\ SRVLWLYH FRQILUPDWLRQ UHVXOWV ZHUH REWDLQHG ,W ZDV DJUHHG XSRQ ZLWK
ODERUDWRU\DQGZLWKWKHSDUWQHUVRIWKLVSURMHFWWKDWWKHUHVXOWVIURPODERUDWRU\XVLQJ/6
PHGLXP ZHUH QRW UHIOHFWLQJ QRUPDO SHUIRUPDQFH RI WKLV PHGLXP EXW ZHUH D UHVXOW RI WKHLU
ODFNRIH[SHULHQFHZLWKWKLVPHGLXP7KHUHIRUHWKHUHVXOWVRIODERUDWRU\XVLQJ/6PHGLXP
ZHUH H[FOXGHG IURP IXUWKHU DQDO\VLV WKHLU UHVXOWV XVLQJ 01 /* FRQILUPDWLRQ ZHUH QRW
UHMHFWHG 
5HVXOWV RI WKH 'XQFDQ¶V 0XOWLSOH 5DQJH WHVW DUH VXPPDULVHG LQ $SSHQGL[  6RPH UHVXOWV
FDPH RXW DV VXVSHFWHG RXWOLHUV +RZHYHU DV DQDO\VHV RI WKHVH WHVW UHVXOWV KDYH EHHQ
SHUIRUPHGDFFRUGLQJWRWKH623WKHVHUHVXOWVZHUHUHJDUGHGDVQDWXUDOO\RFFXUULQJYDULDWLRQ

 3HUIRUPDQFHZLWKLQHDFKODERUDWRU\

6WDWLVWLFDODQDO\VLV GDWDQRWSXEOLVKHG VKRZHGWKDWWKHYDULDWLRQEHWZHHQUHSOLFDWHFRXQWVDW

WKHVDPHGLOXWLRQ 7  ZDVJHQHUDOO\QRWVLJQLILFDQWO\GLIIHUHQWIURP3RLVVRQGLVWULEXWLRQ
UHSO

H[FHSWIRUODERUDWRU\UHJDUGLQJFKHHVH 6WDWLVWLFDODQDO\VLVRQWKHYDULDWLRQEHWZHHQWKH
GXSOLFDWH VDPSOHV 7   JDYH PRUH GHYLDWLRQV IURP 3RLVVRQ GLVWULEXWLRQ )RU VRPH
GXSO

ODERUDWRULHVWKLVZDVHYHQPRUHWKDQ[3RLVVRQ

 &RPSDULVRQRIFRQILUPDWLRQWHFKQLTXHV
$OO FRQILUPDWLRQ UHVXOWV REWDLQHG E\ DOO SDUWLFLSDQWV WRJHWKHU H[FHSW IURP WKH QRQYDOLG
UHVXOWV PHQWLRQHG LQ $SSHQGL[   KDYH EHHQ VXPPDULVHG IRU HDFK VDPSOH W\SH LQ 7DEOH 
ODFWRVHVXOILWHPHGLXP DQG7DEOH PRWLOLW\QLWUDWH ODFWRVHJHODWLQHPHGLXP 
$OOPHGLDJDYHDFFHSWDEOHWHVWUHVXOWV*HQHUDOO\RIWKHFRORQLHVFRQILUPHGXVLQJ/6
PHGLXPZDVLGHQWLILHGDV&SHUIULQJHQV8VLQJWKH01 /*WHFKQLTXHWKLVSHUFHQWDJHZDV
7KLVZDVPDLQO\GXHWRWKHPRWLOLW\QLWUDWHPHGLXPDVWKLVPHGLXPVKRZHGDQXPEHU
RI IDOVH QHJDWLYH UHVXOWV ZKLOH ODFWRVHJHODWLQH PHGLXP JDYH QHDUO\  SRVLWLYH WHVW
UHVXOWV $Q )WHVW GDWD QRW SXEOLVKHG  VKRZHG QR VLJQLILFDQW GLIIHUHQFH EHWZHHQ WKH WZR
FRQILUPDWLRQWHFKQLTXHV%RWKPHWKRGVDUHFXUUHQWO\XVHGLQODERUDWRULHVDQGWKHUHIRUHLWLV
GHVLUDEOH WR UHFRPPHQG WR ,62 WR LQFOXGH ERWK FRQILUPDWLRQ WHFKQLTXHV /6 DV ZHOO DV
01 /* LQ,62OLNHLQ(1,QWKLVZD\WKHXVHUFDQFKRRVHWKHWHFKQLTXHWKH\
SUHIHUDQGLWZLOOJLYHDQKDUPRQLVDWLRQEHWZHHQ,62DQG(1+RZHYHULWKDVWR
EHNHSWLQPLQGWKDWGXULQJWKLVWULDORQO\WZRVWUDLQVKDYHEHHQWHVWHG)RUDFFHSWDQFHE\,62
WKDW ERWK FRQILUPDWLRQ PHWKRGV SHUIRUP HTXDOO\ LW PLJKW EH QHFHVVDU\ WR WHVW PRUH VWUDLQV
LQFOXGLQJQDWXUDOO\FRQWDPLQDWHGVDPSOHV
SDJHRI 5,90UHSRUW

7DEOH &RQILUPDWLRQRI&SHUIULQJHQVFRORQLHVXVLQJODFWRVHVXOILWHPHGLXP
/DFWRVHVXOILWHWHFKQLTXH &KHHVH 0HDW 'ULHG 50 7RWDOV
DQLPDO
IHHG
1RRIFRORQLHVWHVWHG     
LQ/6PHGLXP

)RUPDWLRQRIJDV      

     

%ODFNHQLQJ      

     

1RRIFRORQLHVFRQILUPHG     

DV&SHUIULQJHQV      

7DEOH &RQILUPDWLRQRI&SHUIULQJHQVFRORQLHVXVLQJ01 /*PHGLXP

0RWLOLW\QLWUDWH &KHHVH 0HDW 'ULHG 50 7RWDOV
/DFWRVHJHODWLQHWHFKQLTXH DQLPDO
01 /* IHHG
1RRIFRORQLHVWHVWHGLQ     
01 /*WXEHV

0RWLOLW\       

     

1LWUDWHUHGXFWLRQ      

     

/DFWRVHIHUPHQWDWLRQ      

     

*HODWLQHOLTXHIDFWLRQ      

     

1RRIFRORQLHVFRQILUPHG     

DV&SHUIULQJHQV      
SRVLWLYHUHDFWLRQPHDQVSRVLWLYHIRU&SHUIULQJHQVLHQRQPRWLOH
5,90UHSRUW SDJHRI

 3UHFLVLRQGDWDIURPWULDO

7KHSUHFLVLRQSDUDPHWHUVLQWHUPVRIUHSHDWDELOLW\ U DQGUHSURGXFLELOLW\ 5 ZHUHFDOFXODWHG

XVLQJ ERWK ,62 >@ DQG SU(1,62>@ DQG IRU HDFK FRQILUPDWLRQ WHFKQLTXH
VHSDUDWHO\ 5HSHDWDELOLW\ DQG UHSURGXFLELOLW\ YDOXHV FDOFXODWHG DFFRUGLQJ WR ,62  ZHUH
YHU\ VLPLODU WR WKRVH FDOFXODWHG DFFRUGLQJ WR SU(1,62 7KH SU (1 ,62  LV
HVSHFLDOO\ GHYHORSHG IRU PLFURELRORJLFDO DQDO\VLV DQG ZLOO EH WKH QHZ VWDQGDUG IRU
FDOFXODWLQJSUHFLVLRQFKDUDFWHULVWLFVRQPLFURELRORJLFDOGDWD7KHUHIRUHWKHYDOXHVFDOFXODWHG
ZLWKWKHSU(1,62VWDQGDUGZLOOEHDGRSWHGDVWKHSUHFLVLRQFKDUDFWHULVWLFVRIWKH,62
 PHWKRG UHVXOWLQJ IURP WKLV FROODERUDWLYH VWXG\ 7KH UHVXOWV XVLQJ SU (1 ,62 
 DUHSUHVHQWHGLQ7DEOHWKHUHVXOWVRI,62DUHJLYHQLQ$SSHQGL[

7KH FRQWDPLQDWLRQ OHYHOV DV IRXQG LQ WKLV WULDO FRUUHVSRQGHG WR WKH OHYHOV IRXQG LQ WKH
KRPRJHQHLW\VWXGLHV VHH 7KHUHSHDWDELOLW\YDOXHVUDQJHGIURPRQORJ VFDOH 

RU    RQ QRUPDO VFDOH ZKLFK PHDQV WKDW WKH PHWKRG SHUIRUPV YHU\ ZHOO XQGHU
UHSHDWDELOLW\ FRQGLWLRQV 8QGHU UHSURGXFLELOLW\ FRQGLWLRQV PRUH YDULDWLRQ ZDV IRXQG
5HSURGXFLELOLW\YDOXHVYDULHGIURPRQORJ VFDOHRURQQRUPDOVFDOH


7KH PHWKRG VKRZHG WKH EHVW SHUIRUPDQFH ZKHQ DQDO\VLQJ WKH 50V 7KLV ZDV DOUHDG\
H[SHFWHG DV WKLV PDWHULDO ZDV YHU\ KRPRJHQHRXV DQG FRQWDLQHG QR GLVWXUELQJ EDFNJURXQG
IORUD )XUWKHUPRUH WKH SURFHGXUH RI DQDO\]LQJ WKH 50V LV YHU\ VWULFW 7KH YDULDWLRQ LQ
SUHFLVLRQIRXQGEHWZHHQWKHWKUHHIRRGW\SHVPLJKWEHH[SODLQHGE\WKHGLIIHUHQFHLQPDWUL[
EXW FDQ DOVR EH FDXVHG E\ WKH GLIIHUHQFH LQ WKH ZD\ WKH VDPSOHV ZHUH DUWLILFLDOO\
FRQWDPLQDWHG7KHKLJKHVWUHSURGXFLELOLW\YDOXHZDVIRXQGIRUWKHORZOHYHOGULHGDQLPDOIHHG
VDPSOHV7KHKRPRJHQHLW\RIWKLVEDWFKRIVDPSOHVZDVMXVWDFFHSWDEOH VHH KRZHYHU
KRPRJHQHLW\ZDVWHVWHGRQO\RQWKHEDWFKRI+&03DQGQRWRQWKHILQDOHJJSRZGHUVDPSOHV
$Q H[SODQDWLRQ PLJKW EH WKDW DGGLQJ WKH +&03 WR WKH HJJ SRZGHU PD\ KDYH FDXVHG VRPH
H[WUD YDULDWLRQ EHWZHHQ WKH VDPSOHV RU WKDW WKH EDFNJURXQG IORUD LQ WKH ILQDO VDPSOHV KDG
VRPHHIIHFWRQWKH&SHUIULQJHQVFRXQWVIRXQG

7KHYDOXHV56' DQG56'  7DEOH FDQEHXVHGWRREVHUYHDWUHQGEHWZHHQFRQWDPLQDWLRQ

U 5

OHYHO DQG SUHFLVLRQ WKH YDOXHV H[SUHVV WKH UHSHDWDELOLW\ DQG UHSURGXFLELOLW\ UHODWLYH WR WKH
FRQWDPLQDWLRQ OHYHO 7KH PHWKRG ZDVFKDOOHQJHGZLWKFRQWDPLQDWLRQOHYHOVRYHUD UDQJH RI
     FISJ)RUFKHHVHDQGGULHGDQLPDOIHHGWKHUHSHDWDELOLW\DQGUHSURGXFLELOLW\ZHUH
 

WKHKLJKHVWIRUWKHORZOHYHOFRQWDPLQDWLRQ)RUWKHPHDWVDPSOHVKRZHYHUQRWUHQGFRXOGEH
REVHUYHGEHWZHHQSUHFLVLRQDQGFRQWDPLQDWLRQOHYHO

7KH SUHFLVLRQ GDWD REWDLQHG XVLQJ /6 FRQILUPDWLRQ ZHUH YHU\ VLPLODU WR WKH SUHFLVLRQ GDWD
REWDLQHGZLWKWKH01 /*FRQILUPDWLRQ7RJHWKHUZLWKWKHUHVXOWVIURP7DEOHDQGLWFDQ
EHFRQFOXGHGWKDWERWKWHFKQLTXHVVKRZHTXDOSHUIRUPDQFH,WZLOOWKHUHIRUHEHVXJJHVWHGWR
SDJHRI 5,90UHSRUW

LQFOXGHERWKPHWKRGVLQWKH,62VWDQGDUGOHDYLQJWKHFKRLFHDWWKHXVHUZKLFKRQHWR
SHUIRUP
1RFRQFOXVLRQVFDQEHPDGHWRZDUGVWKHHIIHFWRIVWUDLQW\SHRQWKHSUHFLVLRQRIWKHPHWKRG
DVRQO\WZRVWUDLQVZHUHXVHG PHDWGULHGDQG50ZHUHLQRFXODWHGZLWK'FKHHVHZLWK
74$ 7RGRVRPDQ\PRUHVWUDLQVVKRXOGKDYHEHHQWDNHQLQWRFRQVLGHUDWLRQ

7DEOH 3UHFLVLRQ YDOXHV RI ,62    DQG (1    FDOFXODWHG DFFRUGLQJ WR
SU(1,62   IRU HDFK VDPSOH W\SH FRQWDPLQDWLRQ OHYHO DQG FRQILUPDWLRQ
WHFKQLTXH

&21),50('&2817686,1*/$&726(68/),7(0(',80
6DPSOH /HYHO 1RRI 0HGLDQ U ORJ  D
U E
5 ORJ  F
5 G
56' U
H
56' 5
I

W\SH /DEV ORJFISJ

&KHHVH /RZ        
0HGLXP        
+LJK        
0HDW /RZ        
0HGLXP        
+LJK        
'ULHG /RZ        
0HGLXP        
+LJK        
50        

&21),50('&2817686,1*027,/,7<1,75$7( /$&726(*(/$7,1(0(',80
6DPSOH /HYHO 1RRI 0HGLDQ U ORJ  D
U E
5 ORJ  F
5 G
56' U
H
56' 5
I

W\SH /DEV ORJFISJ

&KHHVH /RZ        
0HGLXP        
+LJK        
0HDW /RZ        
0HGLXP        
+LJK        
'ULHG /RZ        
0HGLXP        
+LJK        
50        
D  U ORJ  UHSHDWDELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHGLIIHUHQFHEHWZHHQWZRWHVWUHVXOWV
H[SUHVVHGLQORJXQLWVDQGREWDLQHGXQGHUUHSHDWDELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
E  U UHSHDWDELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHUDWLREHWZHHQWZRWHVWUHVXOWVH[SUHVVHGRQ
QRUPDOVFDOHDQGREWDLQHGXQGHUUHSHDWDELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
F  5 ORJ  UHSURGXFLELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHGLIIHUHQFHEHWZHHQWZRWHVWUHVXOWV
H[SUHVVHGLQORJXQLWVDQGREWDLQHGXQGHUUHSURGXFLELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
G  5 UHSURGXFLELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHUDWLREHWZHHQWZRWHVWUHVXOWVH[SUHVVHGRQ
QRUPDOVFDOHDQGREWDLQHGXQGHUUHSURGXFLELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
H  56'U [6UPHGLDQH[SUHVVLQJWKHYDOXHRIUUHODWLYHWRWKHFRQWDPLQDWLRQOHYHO
I  56'5 [65PHGLDQH[SUHVVLQJWKHYDOXHRI5UHODWLYHWRWKHFRQWDPLQDWLRQOHYHO
5,90UHSRUW SDJHRI

$YHUDJH UHSHDWDELOLW\ DQG UHSURGXFLELOLW\ YDOXHV IRU HDFK IRRG W\SH ZHUH FDOFXODWHG DV WKH
DULWKPHWLFPHDQRIWKHYDOXHVREWDLQHGLQWKHWKUHHOHYHOV 7DEOH 

7DEOH 3UHFLVLRQYDOXHVSHUVDPSOHW\SHFDOFXODWHGXVLQJSU(1,62  

/6FRQILUPDWLRQWHFKQLTXH 01 /*FRQILUPDWLRQWHFKQLTXH
6DPSOHW\SH U ORJ  D
U E
5 ORJ  F
5 G
U ORJ  D
U E
5 ORJ  F
5 G

&KHHVH        

0HDW        
'ULHGDQLPDOIHHG        
50        
D  U ORJ  UHSHDWDELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHGLIIHUHQFHEHWZHHQWZRWHVWUHVXOWV
H[SUHVVHGLQORJXQLWVDQGREWDLQHGXQGHUUHSHDWDELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
E  U UHSHDWDELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHUDWLREHWZHHQWZRWHVWUHVXOWVH[SUHVVHGRQ
QRUPDOVFDOHDQGREWDLQHGXQGHUUHSHDWDELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
F  5 ORJ  UHSURGXFLELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHGLIIHUHQFHEHWZHHQWZRWHVWUHVXOWV
H[SUHVVHGLQORJXQLWVDQGREWDLQHGXQGHUUHSURGXFLELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI

G  5 UHSURGXFLELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHUDWLREHWZHHQWZRWHVWUHVXOWVH[SUHVVHGRQ
QRUPDOVFDOHDQGREWDLQHGXQGHUUHSURGXFLELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
SDJHRI 5,90UHSRUW

 &RQFOXVLRQVDQGUHFRPPHQGDWLRQVWR,62&(1
7KHFRQFOXVLRQVIURPWKLVFROODERUDWLYHWULDODQGUHFRPPHQGDWLRQVWR,62DQG&(1DUH

œ 7KHPHWKRGIRUWKHHQXPHUDWLRQRI&ORVWULGLXPSHUIULQJHQVLQIRRGVDQGDQLPDOIHHGLQJ
VWXIIVDVFXUUHQWO\ZULWWHQLQ,62  DQG(1  LVVDWLVIDFWRU\

œ 7R LQFOXGH WKH SUHFLVLRQ GDWD DV IRXQG LQ WKLV WULDO IRU ERWK FRQILUPDWLRQ WHFKQLTXHV
/6DQG01 /* LQWRWKH,62  VWDQGDUGDQGWKH(1  VWDQGDUG
IRUWKHHQXPHUDWLRQRI&ORVWULGLXPSHUIULQJHQVLQIRRGVDQGDQLPDOIHHGLQJVWXIIV

œ 7RLQFOXGHWKHSUHFLVLRQGDWDFDOFXODWHGXVLQJSU(1,62  

œ 7R LQFOXGH FRQILUPDWLRQ XVLQJ PRWLOLW\QLWUDWH PHGLXP DQG ODFWRVHJHODWLQH PHGLXP LQ

,62   DV DQ DOWHUQDWLYH FRQILUPDWLRQ WR WKH FRQILUPDWLRQ XVLQJ ODFWRVHVXOILWH
PHGLXP,QWKLVFROODERUDWLYHWULDOWKHWZRPHWKRGVKDYHEHHQJLYHQHTXDOSHUIRUPDQFH
LQERWKDFFXUDF\DQGSUHFLVLRQDQGERWKPHWKRGVDUHFXUUHQWO\XVHGLQWKHODERUDWRULHV,W
LVUHFRPPHQGHGWRKDUPRQLVHWKH,62  VWDQGDUGZLWKWKH(1 
VWDQGDUGLQZKLFKERWKFRQILUPDWLRQWHFKQLTXHVDUHDOORZHG

œ 7R LPSURYH WKH WH[W RI ,62    DQG (1    LQ WKH IROORZLQJ
SDUDJUDSKVDWWKHQH[WUHYLVLRQ
½ †(JJ\RONIUHHWU\SWRVHVXOILWHF\FORVHULQHDJDULWLVVXJJHVWHGWRLQFOXGHLQ,62
 D PD[LPXP VWRUDJH WLPH IRU WKH 76& SODWHV LQ FDVH WKH\ DUH SUHSDUHG LQ
DGYDQFH
½ †  /DFWRVHVXOILWH PHGLXP LW LV VXJJHVWHG WKDW WKLV PHGLXP VKRXOG RQO\ EH
GLVSHQVHGLQWRWHVWWXEHVDVERWWOHVGRQRWVHHPWRZRUN
½ †&RQILUPDWLRQWHFKQLTXHXVLQJWKH/DFWRVHVXOILWHPHGLXP
Œ HGLWRULDO 127(LQ†RI(1,WLVWKHUHIRUH127QHFHVVDU\WRHQVXUH
WKDW WKH EODFN FRORQLHV SLFNHGIURPWKHDJDUDUHSXUHEHIRUH LQRFXODWLRQ LQWR WKH
WKLRJO\FROODWHEURWKDQGVXEVHTXHQWO\LQWRWKHODFWRVHVXOILWHPHGLXP
Œ †RI,62DQG†RI(1$FODULILFDWLRQZKHWKHUODFWRVH
VXOILWH PHGLXP QHHGV WR EH LQFXEDWHG DHURELFDOO\ LQ D ZDWHUEDWK RU ZKHWKHU
DQDHURELFLQFXEDWLRQLQDQLQFXEDWRUFDSDEOHRIKROGLQJWKHWHPSHUDWXUHDW “
 ƒ&LVDOVRDOORZHG
5,90UHSRUW SDJHRI

3DUWLFLSDQWVDQGDFNQRZOHGJHPHQWV
5HVSRQVLEOHSHUVRQRI(83URMHFW607&7
,GH)URLGPHQW*|UW](XURSHDQ&RPPLVVLRQ %UXVVHOV %
'LUHFWRUDWH*pQpUDOH;,,&
 UHVSRQVLEOHFRPPLVVLRQVFLHQWLILFRIILFHU
&/DKHOOHF$)66$'LUHFWLRQ*pQpUDOH 3DULV )
 SURMHFWFRRUGLQDWRU
/&R[0$))&6/)RRG6FLHQFH/DERUDWRU\ SDUWQHU <RUN 8.
.$0RRLMPDQ5,900*% SDUWQHU %LOWKRYHQ 1/

2UJDQLVDWLRQ&SHUIULQJHQVWULDO
.$0RRLMPDQ606FKXOWHQ5,900*% %LOWKRYHQ 1/
1-'1DJHONHUNH5,90,0$ VWDWLVWLFDODQDO\VLV

3UHSDUDWLRQRIWHVWPDWHULDO
&KHHVH35ROOLHU&(&$/$,7,15$657$/ 3ROLJQ\ )
0HDW.&DSSV0$))&6/)RRG6FLHQFH/DERUDWRU\ <RUN 8.
'ULHGDQLPDOIHHG(%HQVFKRS5,900*% %LOWKRYHQ 1/

3DUWLFLSDQWVSUHWULDO
+%HUJLV65XGHOOH$)66$/(53$& 0DLVRQV$OIRUW )
/&R[.&DSSV0$))&6/)RRG6FLHQFH/DERUDWRU\ <RUN 8.
606FKXOWHQ(%HQVFKRS5,900*% %LOWKRYHQ 1/

3DUWLFLSDQWVFROODERUDWLYHWULDO
+$VSHUJHU9HWHULQlUPHGL]LQLVFKH8QLYHUVLWlW:LHQ :LHQ $
,QVWLWXWIU0LOFKK\JLHQHXQG0LOFKWHFKQRORJLH
.GH5HX'DLU\5HVHDUFK6WDWLRQ0LFURELRORJ\ 0HOOH %
/DERUDWRU\
(+HFN1HVWOp5HVHDUFK&HQWHU/DXVDQQH4XDOLW\ /DXVDQQH &+
DQG6DIHW\$VVXUDQFH'HSDUWPHQW
(%DUWHOW)HGHUDO,QVWLWXWHIRU+HDOWK3URWHFWLRQRI %HUOLQ '
&RQVXPHUVDQG9HWHULQDU\0HGLFLQH)RRG0LFURELRORJ\
64YLVW,QVWLWXWHRI)RRGVDIHW\DQG7R[LFRORJ\ 6RHERUJ '.
&$OODHUW/DERI0LFURELRORJ\RIWKH)RRG7HFKQRORJ\ /OHLGD (
'HSDUWPHQW
+%HUJLV65XGHOOH$)66$/(53$& 0DLVRQV$OIRUW )
7-RKDQVVRQ1DWLRQDO9HWHULQDU\DQG)RRG5HVHDUFK +HOVLQNL ),1
,QVWLWXW'HSDUWPHQWRI)RRG0LFURELRORJ\
0/DPELUL1DWLRQDO6FKRRORI3XEOLF+HDOWK%DFWHULRORJ\ $WKHQV *5
'HSDUWPHQW
'U0.QRGOVHGHU'U.)ULHGULFK0LOFKZLUWVFKDIWOLFKH .HPSWHQ '
8QWHUVXFKXQJVXQG9HUVXFKVDQVWDOW.HPSW
0/6WHFFKLQL'LSDUWLPHQWRGL6FLHQ]H'HJOL$OLPHQWL 8GLQH ,
9<RXQJ(+%3XEOLF$QDO\VWV/DERUDWRU\ 'XEOLQ ,5(
+6WHJHPDQ5,.,/7'/2 :DJHQLQJHQ 1/
606FKXOWHQ5,900*% %LOWKRYHQ 1/
SDJHRI 5,90UHSRUW

'5REHUWV&HQWUDO3XEOLF+HDOWK/DERUDWRU\)RRG+\JLHQH /RQGRQ 8.
/DERUDWRU\
6+DOO8QLOHYHU5HVHDUFK&ROZRUWK/DERUDWRU\ %HGIRUG 8.
+%HFNHU/HKUVWXKOIU+\JLHQHXQG7HFKQRORJLHGHU0LOFK 0QFKHQ '
/XGZLJ0D[LPLOLDQV8QLYHUVLWlW0QFKHQ

$FNQRZOHGJHPHQWV
7KHFROODERUDWLYHWULDOGHPDQGHGDORWRIWLPHDQGHIIRUWIURPHDFKSDUWLFLSDQW$OVRWKH
H[SHQVHVIRUWKHPHGLDDQGFDUU\LQJRXWWKHH[DPLQDWLRQVFRXOGXQIRUWXQDWHO\QRWEHFRYHUHG
7KH5,90DQGDOORWKHUSDUWQHUVLQWKLVSURMHFWDUHWKHUHIRUHH[WUHPHO\JUDWHIXOWRHDFK
SDUWLFLSDQWIRUDOOWKHZRUNWKH\KDYHGRQHLQSURGXFLQJSUHFLVLRQGDWDIRUWKH,62
PHWKRGDQGIRUKDYLQJDQDFWLYHUROHGXULQJWKHGLVFXVVLRQRIWKHUHVXOWVLQWKHILQDOPHHWLQJ

7KDQN\RXYHU\PXFK
5,90UHSRUW SDJHRI

5HIHUHQFHV
>@ 6FKXOWHQ60%(%YDQGH/XVWJUDDI1-'1DJHONHUNH3+LQµW9HOG 
³9DOLGDWLRQRI0LFURELRORJLFDO0HWKRGV(QXPHUDWLRQRI%DFLOOXVFHUHXVDFFRUGLQJWR
,62 VHFRQGHGLWLRQ ´1DWLRQDO,QVWLWXWHRI3XEOLF+HDOWKDQGWKH
(QYLURQPHQW 5,90 %LOWKRYHQ7KH1HWKHUODQGV5HSRUWQR
>@ 6FKXOWHQ603+LQµW9HOG1-'1DJHONHUNH66FRWWHU0/GH%X\VHU3
5ROOLHU&/DKHOOHF  ³(YDOXDWLRQRIWKH,62VWDQGDUGIRUWKHHQXPHUDWLRQ
RI%DFLOOXVFHUHXVLQIRRGV´,QWHUQDWLRQDO-RXUQDORI)RRG0LFURELRORJ\S
>@ 6FRWWHU6DQG/DQJWRQ6  ³(8SURMHFW607&79DOLGDWLRQRI
0LFURELRORJLFDO0HWKRGV'HWHFWLRQRI/LVWHULDPRQRF\WRJHQHVE\(1,62
3DUW)LQDOUHSRUW´0LQLVWU\RI$JULFXOWXUH)LVKHULHVDQG)RRG&HQWUDO6FLHQFH
/DERUDWRU\<RUN(QJODQG5HSRUWQR)'
>@ 6FRWWHU6DQG/DQJWRQ6  ³(8SURMHFW607&79DOLGDWLRQRI
0LFURELRORJLFDO0HWKRGV(QXPHUDWLRQRI/LVWHULDPRQRF\WRJHQHVE\(1,62
3DUW)LQDOUHSRUW´0LQLVWU\RI$JULFXOWXUH)LVKHULHVDQG)RRG&HQWUDO6FLHQFH
/DERUDWRU\<RUN(QJODQG5HSRUWQR)'
>@ %X\VHU0/GH%/RPEDUG  ³(8SURMHFW607&79DOLGDWLRQRI
0LFURELRORJLFDO0HWKRGV(QXPHUDWLRQRIFRDJXODVHSRVLWLYHVWDSK\ORFRFFL 6DXUHXV
DQGRWKHUVSHFLHV E\(1,623DUWDQG3DUW  'UDIW)LQDO5HSRUW´
$JHQFH)UDQoDLVHGH6pFXULWp6DQLWDLUHGHV$OLPHQWV/DERUDWRLUH&HQWUDOG¶+\JLqQH
$OLPHQWDLUH
>@ +RUZLW]:  ³,QWHUQDWLRQDO+DUPRQLVHGSURWRFROIRUWKH'HVLJQ&RQGXFWDQG
,QWHUSUHWDWLRQRI0HWKRG3HUIRUPDQFH6WXGLHV 7HFKQLFDOUHSRUW ´,83$&$2$&,62
3XUHDQG$SSOLHG&KHPLVWU\QRS
>@ /DQJWRQ6 WREHSXEOLVKHG  7LWOHDUWLFOHQRW\HWNQRZQ 0LQLVWU\RI$JULFXOWXUH
)LVKHULHVDQG)RRG&HQWUDO6FLHQFH/DERUDWRU\<RUN(QJODQG
>@ $QRQ\PRXV  ,62VHFRQGHGLWLRQ0LFURELRORJ\RIIRRGDQGDQLPDO
IHHGLQJVWXIIV±+RUL]RQWDOPHWKRGIRUWKHHQXPHUDWLRQRI&ORVWULGLXPSHUIULQJHQV±
&RORQ\FRXQWWHFKQLTXH,QWHUQDWLRQDO2UJDQLVDWLRQIRU6WDQGDUGL]DWLRQ*HQHYD
6ZLW]HUODQG
>@ $QRQ\PRXV  (10LFURELRORJ\RIIRRGDQGDQLPDOIHHGLQJVWXIIV±
+RUL]RQWDOPHWKRGIRUWKHHQXPHUDWLRQRI&ORVWULGLXPSHUIULQJHQV±&RORQ\FRXQW
WHFKQLTXH ,62PRGLILHG (XURSHDQ&RPPLWWHHIRU6WDQGDUGL]DWLRQ
%UXVVHOV%HOJLXP
>@ ,QµW9HOG3+1*:0YDQ6WULMS/RFNHIHHU$++DYHODDUDQG($0DLHU
 7KHFHUWLILFDWLRQRIDUHIHUHQFHPDWHULDOIRUWKHHYDOXDWLRQRIWKH,62PHWKRG
IRUWKHGHWHFWLRQRI6DOPRQHOOD-$SSO%DFWHULRO
SDJHRI 5,90UHSRUW

>@ $QRQ\PRXV  ),/%XOOHWLQ&0LONDQG0LONSURGXFWV±3UHSDUDWLRQRIWHVW

VDPSOHVDQGGLOXWLRQVIRUPLFURELRORJLFDOH[DPLQDWLRQ)HGHUDWLRQ,QWHUQDWLRQDOHGH
/DLWHULHUH,QWHUQDWLRQDO'DLU\)HGHUDWLRQ ),/,') 
>@ $QRQ\PRXV  ,62$SSOLFDWLRQRIVWDWLVWLFV±$FFXUDF\ WUXQHVVDQG
SUHFLVLRQ RIPHDVXUHPHQWPHWKRGVDQGUHVXOWV±SDUWEDVLFPHWKRGIRUWKH
GHWHUPLQDWLRQRIUHSHDWDELOLW\DQGUHSURGXFLELOLW\RIDVWDQGDUGPHDVXUHPHQWPHWKRG
,QWHUQDWLRQDO2UJDQLVDWLRQIRU6WDQGDUGL]DWLRQ*HQHYD6ZLW]HUODQG
>@ $QRQ\PRXV  SU(1,620LFURELRORJ\RIIRRGDQGDQLPDOIHHGLQJVWXIIV±
3URWRFROIRUWKHYDOLGDWLRQRIDOWHUQDWLYHPHWKRGV(XURSHDQ&RPPLWWHHIRU
6WDQGDUGL]DWLRQ%UXVVHOV%HOJLXP
>@ +HLVWHUNDPS6+-$+RHNVWUD1*:0YDQ6WULMS/RFNHIHHU$++DYHODDU
.$0RRLMPDQ3+LQµW9HOG6+:1RWHUPDQV($0D\HU%*ULHSLQN
6WDWLVWLFDODQDO\VLVRIFHUWLILFDWLRQWULDOVIRUPLFURELRORJLFDOUHIHUHQFHPDWHULDOV
&RPPLVLRQRIWKH(XURSHDQ&RPPXQLWLHV&RPPXQLW\%XUHDXRI5HIHUHQFH %&5 
%UXVVHOV%HOJLXP5HSRUWQR(85(1
>@ 6$667$78VHU¶VJXLGH9HUVLRQ HGLWLRQYROXPH&DU\1&6$6
WK

,QVWLWXWH,QFS
>@ 5HQWHQDDU,0)0LFUR9DODFKDOOHQJLQJ(XUHNDSURMHFW)RRG&RQWUROYRO
 S
5,90UHSRUW SDJHRI

$SSHQGL[ 0DLOLQJOLVW
 'LUHFWRU*HQHUDO3XEOLF+HDOWKWKH1HWKHUODQGV 9:6
 0UV,GH)URLGPHQW*|UW](XURSHDQ&RPPLVVLRQ(8'*;,,60 7%UXVVHOV
 3UHVLGHQWRIWKH&RXQFLORI+HDOWKWKH1HWKHUODQGV
 0UV&/DKHOOHF$)66$3DULVFR|UGLQDWRU(8SURMHFW607&7
 0UV35ROOLHU&(&$/$,73ROLJQ\)UDQFH
 0U5&KHYHQQHPHQW(1,/%,23ROLJQ\)UDQFH
 0UV5/HXVFKQHU0$))&6/<RUN8.
 0U6/DQJWRQ0$))&6/<RUN8.
 0U:$QGUHZV$2$&$UOLQJWRQ86$
 0UV&*XLVVp6HFUHWDULDW,627&6&$)1253DULV)UDQFH
 0U3LQµW9HOG,QVSHFWRUDWHIRU+HDOWK3URWHFWLRQ'HQ%RVFKWKH1HWKHUODQGV
 3DUWLFLSDQWVFROODERUDWLYHWULDO
 'XWFK1DWLRQDO/LEUDU\IRU3XEOLFDWLRQVDQG%LEOLRJUDSK\
 0U+3RQW%RDUGRI'LUHFWRUV5,90
 0U'.URPKRXW'LUHFWRU6HFWRU3XEOLF+HDOWK5HVHDUFK
 0U$0+HQNHQKHDG0LFURELRORJLFDO/DERUDWRU\IRU+HDOWK3URWHFWLRQ5,90
 0U)YDQ/HXVGHQ0LFURELRORJLFDO/DERUDWRU\IRU+HDOWK3URWHFWLRQ5,90
 $XWKRUV
 6%',QIRUPDWLRQDQG3XEOLF5HODWLRQV
 5HJLVWUDWLRQDJHQF\IRU6FLHQWLILF5HSRUWV
 /LEUDU\5,90
 6DOHVGHSDUWPHQWRI5,90UHSRUWV
 6SDUHFRSLHV
SDJHRI 5,90UHSRUW

$SSHQGL[ *HQHUDOLQIRUPDWLRQ
(YDOXDWLRQRIWKHKRUL]RQWDOPHWKRGIRUWKHHQXPHUDWLRQRI&ORVWULGLXP
SHUIULQJHQV(860 7SURMHFWQR607&7

,1752'8&7,21
7KLVJHQHUDOLQIRUPDWLRQLQFRPELQDWLRQZLWKWKHVWDQGDUGRSHUDWLQJSURFHGXUH 623 DQGWHVWUHSRUW
GHVFULEHV WKH SURFHGXUH IRU WKH HYDOXDWLRQ RI WKH PHWKRG IRU WKH HQXPHUDWLRQ RI &ORVWULGLXP
SHUIULQJHQV DV GHVFULEHG LQ WKH ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ ,62  PHWKRG 
  DQG LQ WKH GUDIW  (XURSHDQ 6WDQGDUG SU(1    7KH DSSOLFDWLRQ RI WKH WLPH
VFKHGXOH623DQGWHVWUHSRUWLVOLPLWHGWRWKHHYDOXDWLRQRIWKH&SHUIULQJHQVPHWKRGFDUULHGRXWLQ
WKH IUDPHZRUN RI D 6WDQGDUGV 0HDVXUHPHQW DQG 7HVWLQJ SURMHFW (8 60 7 SURMHFW QR 607
&7  7KH UHVXOWV DUH LQWHQGHG XOWLPDWHO\ IRU SXEOLFDWLRQ E\ WKH &HQWUH (XURSLHQQH GH
1RUPDOL]DWLRQ &(1 LQWKHFRUUHVSRQGLQJ&(1PHWKRGV

2%-(&7,9(6
 7RGHWHUPLQHWKHSUHFLVLRQLQWHUPVRIUHSHDWDELOLW\ U DQGUHSURGXFLELOLW\ 5 RIWKH,62PHWKRGLQ
UHODWLRQWRWKHW\SHRIIRRGDQGRUWKHFRQFHQWUDWLRQRI&SHUIULQJHQV
 7RHYDOXDWHGLIIHUHQFHVEHWZHHQWKHFRQILUPDWLRQSURFHGXUHVDVGHFVULEHGLQ,62  DQGLQ
SU(1  

287/,1(2)7+(75,$/
:LWKLQDSUHVFULEHGSHULRG VHHWLPHVFKHGXOH WKHYDULRXVW\SHVRIIRRGVDPSOHVPXVWEHH[DPLQHG
%RWKUHIHUHQFHPDWHULDOVPXVWEHH[DPLQHGFRQFXUUHQWO\ZLWKRQHRIWKHIRRGW\SHV7KHVDPSOHVZLOO
EHHQXPHUDWHGDIWHUUHFRQVWLWXWLRQDQGVHULDOGLOXWLRQRQWRHJJ\RONIUHHWU\SWRVHVXOILWHF\FORVHULQH
DJDU 6&  7\SLFDO FRORQLHV ZLOO EH FRQILUPHG DV & SHUIULQJHQV XVLQJ WKH FRQILUPDWLRQ SURFHGXUH
DFFRUGLQJWR,62  DQGSU(1  )RUGHWDLOVVHHWKH6WDQGDUG2SHUDWLQJ3URFHGXUH
623 $OOGDWDPXVWEHUHSRUWHGWRWKHRUJDQLVLQJODERUDWRU\RQWKHWHVWUHSRUWVXSSOLHG)D[WKHUHSRUW
DQGVHQGWKHRULJLQDOWHVWUHSRUWE\PDLO5HWDLQDFRS\WR\RXUVHOI
7KH SUDFWLFDO ZRUN PD\ EH GLYLGHG DPRQJ PRUH WKDQ RQH WHFKQLFLDQ +RZHYHU IRU UHDVRQ RI
UHSHDWDELOLW\FRQGLWLRQVGLIIHUHQWWHFKQLFLDQVPD\H[DPLQHGLIIHUHQWIRRGW\SHVEXWLWLV127
DOORZHGWRKDYHPRUHWKDQRQHWHFKQLFLDQZRUNLQJRQWKHVDPHIRRGW\SH

7(670$7(5,$/6
7KUHH W\SHV RI VLPXODWHG  IRRG VDPSOHV FKHHVH VDPSOHV PHDW VDPSOHV DQG GULHG DQLPDO IHHG
VDPSOHV DQGDUHIHUHQFHPDWHULDO 50 ZLOOEHH[DPLQHG)RUHDFKW\SHRIIRRGVDPSOHVZLOOEH
H[DPLQHGDVZHOODVWZRUHIHUHQFHPDWHULDOV VDPSOHVLQWRWDO 
&KHHVHVDPSOHVDUHSUHSDUHGE\WKH&(&$/$,7 3ROLJQ\)UDQFH PHDWVDPSOHVE\WKH0LQLVWU\RI
$JULFXOWXUH)LVKHULHVDQG)RRGV&HQWUDO6FLHQFH/DERUDWRU\ 0$))&6/<RUN8QLWHG.LQJGRP 
GULHG DQLPDO IHHG VDPSOHV E\ WKH 1DWLRQDO ,QVWLWXWH RI 3XEOLF +HDOWK DQG WKH (QYLURQPHQW 5,90
%LOWKRYHQ7KH1HWKHUODQGV DQGWKH50VE\WKH)RXQGDWLRQIRUWKH$GYDQFHPHQWRI3XEOLF+HDOWK
DQG(QYLURPHQWDO3URWHFWLRQ 690%LOWKRYHQ7KH1HWKHUODQGV 
7KHFKHHVHVDPSOHVDUHVHQWE\&(&$/$,7E\VSHFLDOGHOLYHU\DQGPXVWEHH[DPLQHGZLWKLQWZRGD\V
DIWHUVKLSPHQW VHHWLPHVFKHGXOH 7KHRWKHUVDPSOHV PHDWGULHGDQLPDOIHHGDQG50 ZLOOEHVHQWE\
5,90UHSRUW SDJHRI

WKH 5,90 E\ '+/ GHOLYHU\ VHUYLFHV $W UHFHLYDO FKHFN WKH SDUFHOV IRU FRPSOHWHQHVV FKHFN WKH
WHPSHUDWXUHFRQWUROGHYLFHVDQGUHSRUWWKLVRQWKHWHVWUHSRUW

&+5212/2*,&$/'(6&5,37,212)7+(75,$/

'DWH $FWLRQ
'HFHPEHU 0DLOLQJRI623DQGWHVWUHSRUWWRSDUWLFLSDQWV
-DQXDU\ 0HDWVDPSOHVGULHGDQLPDOIHHGVDPSOHVDQGUHIHUHQFHVFDSVXOHV
GLVSDWFKHGE\5,90
8SRQDUULYDOQRWHGDWHWHPSHUDWXUHFRQGLWLRQDQGUHFRUGRQWHVWUHSRUW
6WRUHPHDWVDPSOHVDWƒ&±ƒ&XQWLOH[DPLQDWLRQ
6WRUHGULHGDQLPDOIHHGVDPSOHVDQGUHIHUHQFHVFDSVXOHVDW-ƒ&
–ƒ&XQWLOH[DPLQDWLRQ
-DQXDU\ &RPPHQFHH[DPLQDWLRQRIPHDWVDPSOHV
-DQXDU\ &RPPHQFHH[DPLQDWLRQRIGULHGDQLPDOIHHGVDPSOHV
)HEUXDU\ &KHHVHVDPSOHVGLVSDWFKHGE\&(&$/$,7
8SRQDUULYDOQRWHGDWHWHPSHUDWXUHFRQGLWLRQDQGUHFRUGRQWHVWUHSRUW
6WRUHFKHHVHVDPSOHVDWƒ&±ƒ&XQWLOH[DPLQDWLRQ
)HEUXDU\ &RPPHQFHH[DPLQDWLRQRIFKHHVHVDPSOHV
)HEUXDU\ &ORVLQJGDWHIRUUHFHLSWUHVXOWVE\5,90IRUDQDO\VLV)D[WKHUHSRUWDQG
VHQGWKHRULJLQDOWHVWUHSRUWE\PDLO5HWDLQDFRS\WR\RXUVHOI
2FW1RY 'LVFXVVLRQRIWKHUHVXOWVZLWKFRQWUDFWRUVDQGSDUWLFLSDQWV
1RWHWKHUHIHUHQFHVFDSVXOHVPXVWEHH[DPLQHGFRQFXUUHQWO\ZLWKDQ\RIWKHIRRGW\SHVDQGLV
DWWKHGLVFUHWLRQRIWKHSDUWLFLSDQW

)RUDQ\LQIRUPDWLRQFRQFHUQLQJWKHVWXG\FRQWDFW

6DVNLD6FKXOWHQ 7HOHSKRQH(PDLO6DVNLD6FKXOWHQ#ULYPQO
.LUVWHQ0RRLMPDQ 7HOHSKRQH(PDLO.LUVWHQ0RRLMPDQ#VYPULYPQO
1DWLRQDO,QVWLWXWHRI3XEOLF+HDOWKDQGWKH(QYLURQPHQW 5,90
0LFURELRORJLFDO/DERUDWRU\IRU+HDOWK3URWHFWLRQ
SE
32%R[
%$%LOWKRYHQ
7KH1HWKHUODQGV
)D[
 SDJHRI 5,90UHSRUW

$SSHQGL[ 6WDQGDUG2SHUDWLQJ3URFHGXUH 623

(YDOXDWLRQRIWKHKRUL]RQWDOPHWKRGIRUWKHHQXPHUDWLRQRI&ORVWULGLXP
SHUIULQJHQV±FRORQ\FRXQWWHFKQLTXH

 6&23($1'),(/'2)$33/,&$7,21
7KLVSDUWRIWKHVWDQGDUGRSHUDWLQJSURFHGXUH 623 GHVFULEHVWKHSURFHGXUHIRUWKHHYDOXDWLRQRI
WKH PHWKRG IRU WKH HQXPHUDWLRQ RI &ORVWULGLXP SHUIULQJHQV DV GHVFULEHG LQ WKH ,QWHUQDWLRQDO
2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ ,62 PHWKRG,62VHFRQGHGLWLRQ)RUFRQILUPDWLRQ
RI VXVSHFWHG FRORQLHV ERWK /DFWRVH VXOILWH /6  PHGLXP ,62   DV ZHOO DV D
FRPELQDWLRQ RI PRWLOLW\QLWUDWH DQG ODFWRVHJHODWLQH PHGLXP ,62   ZLOO EH HYDOXDWHG
7KLVEHFDXVHLQWKHQHZ(XURSHDQ6WDQGDUG SU(1 DFKRLFHEHWZHHQERWKPHWKRGVLV
DOORZHG 7KUHH W\SHV RI VLPXODWHG  IRRG VDPSOHV DQG D UHIHUHQFH PDWHULDO ZLOO EH H[DPLQHG WR
GHWHUPLQHWKHSUHFLVLRQRIWKHPHWKRG

 1250$7,9(5()(5(1&(6
 ,620LFURELRORJ\RI IRRG DQG DQLPDO IHHGLQJ VWXIIV  +RUL]RQWDO PHWKRG IRU WKH
HQXPHUDWLRQRI&ORVWULGLXPSHUIULQJHQV&RORQ\FRXQWWHFKQLTXH
 SU(1  ILQDO GUDIW  0LFURELRORJ\ RI IRRG DQG DQLPDO IHHGLQJ VWXIIV  +RUL]RQWDO
PHWKRG IRU HQXPHUDWLRQ RI &ORVWULGLXP SHUIULQJHQV  &RORQ\ FRXQW WHFKQLTXH ,62 
PRGLILHG 
 ,62  0LFURELRORJ\  *HQHUDO JXLGDQFH IRU WKH SUHSDUDWLRQ RI GLOXWLRQV IRU
PLFURELRORJLFDOH[DPLQDWLRQ
 ,62  0LFURELRORJ\ RI IRRG DQG DQLPDO IHHGLQJ VWXIIV  *HQHUDO UXOHV IRU
PLFURELRORJLFDOH[DPLQDWLRQV

 '(),1,7,216
)RUWKHSXUSRVHRIWKLV623WKHIROORZLQJGHILQLWLRQVDSSO\
 &ORVWULGLXP SHUIULQJHQV EDFWHULD WKDW IRUP W\SLFDO FKDUDFWHULVWLF FRORQLHV VXUURXQGHG E\ D
EODFN KDOR  LQ WKH VSHFLILHG VHOHFWLYH PHGLXP DQG ZKLFK JLYH SRVLWLYH FRQILUPDWRU\ UHDFWLRQV
ZKHQWKHWHVWLVFDUULHGRXWE\WKHPHWKRGVSHFLILHGLQWKLV623
 (QXPHUDWLRQRI&ORVWULGLXPSHUIULQJHQVGHWHUPLQDWLRQRIWKHQXPEHURIYLDEOHDQGFRQILUPHG
&ORVWULGLXPSHUIULQJHQVEDFWHULDSHUPLOOLOLWUHRUSHUJUDPRIVDPSOHZKHQWKHWHVWLVFDUULHGRXW
E\WKHPHWKRGVSHFLILHGLQWKLV623
 5HIHUHQFH PDWHULDO 50  D JHODWLQ FDSVXOH FRQWDLQLQJ FD  J RI DUWLILFLDOO\ FRQWDPLQDWHG
VSUD\GULHGPLON

 35,1&,3/(
7KUHHW\SHVRI VLPXODWHG IRRGVDPSOHV FKHHVHPHDWDQG GULHG DQLPDO IHHG  DQG 50V ZLOO EH
SUHWUHDWHGDFFRUGLQJWRDVWDQGDUGL]HGSURFHGXUHWRREWDLQDQLQLWLDOVXVSHQVLRQ3HWULGLVKHVZLOO
EHLQRFXODWHGZLWKPORIWKHLQLWLDOVXVSHQVLRQVDQGVHULDOGLOXWLRQVDQGPL[HG ZLWK HJJ\RON
IUHHWU\SWRVHVXOILWHF\FORVHULQH 6& DJDU SRXUSODWHWHFKQLTXH $IWHUDGGLQJDQRYHUOD\RIWKH
VDPHPHGLXPSODWHVDUHLQFXEDWHGDQDHURELFDOO\IRU“KDW“ƒ&7\SLFDOFRORQLHVZLOO
EH VXEPLWWHG  WR WKH FRQILUPDWLRQ WHVWV )RU HDFK W\SH RI IRRG  VDPSOHV ZLOO EH H[DPLQHG LQ
DGGLWLRQWR50V
127( )RU UHDVRQ RI UHSHDWDELOLW\ FRQGLWLRQV GLIIHUHQW WHFKQLFLDQV PD\ H[DPLQH GLIIHUHQW
IRRG W\SHV EXW LW LV 127 DOORZHG WR KDYH PRUH WKDQ RQH WHFKQLFLDQ ZRUNLQJ RQ WKH VDPH
IRRGW\SH
 5,90UHSRUW SDJHRI

 ',/8(176&8/785(0(',$$1'5($*(176

,WLVUHFRPPHQGHGWKDWFRPPHUFLDOO\DYDLODEOHGHK\GUDWHGPHGLDDUHXVHGZKHQHYHUSRVVLEOH)RU
WKHSUHSDUDWLRQRIWKHVHPHGLDWKHPDQXIDFWXUHU VLQVWUXFWLRQVVKRXOGEHIROORZHGFDUHIXOO\1RWH
WKHPDQXIDFWXUHU VQDPHFRGHQXPEHUDQGEDWFKQXPEHURIWKHPHGLDXVHGRQWKHWHVWUHSRUW,I
WKHPHGLDDUHSUHSDUHGIURPLQGLYLGXDOLQJUHGLHQWVQRWHWKHLQJUHGLHQWVDQGWKHLUFRQFHQWUDWLRQLQ
DQDQQH[RQWKHWHVWUHSRUW

 3HSWRQHVDOWVROXWLRQ

3HSWRQH J
6RGLXPFKORULGH 1D&O J
:DWHU PO

:HLJKVXIILFLHQWLQJUHGLHQWVWRSUHSDUHFDOVROXWLRQ'LVVROYHWKHFRPSRQHQWVLQWKHZDWHULI
QHFHVVDU\E\KHDWLQJZLWKIUHTXHQWVWLUULQJ$GMXVWWKHS+LIQHFHVVDU\VRWKDWDIWHUVWHULOL]DWLRQLW
LV  “  7UDQVIHU WKH VROXWLRQ WR VFUHZ FDSSHG ERWWOHV   6WHULOL]H E\ DXWRFODYLQJ DW
“ ƒ& IRU  PLQXWHV &RRO DQG VWRUH DW  “  ƒ& IRU DW PD[  PRQWKV 7KH SHSWRQHVDOW
VROXWLRQLVXVHGWRSUHSDUHWKHLQLWLDOVXVSHQVLRQVRIWKHPHDWDQGDQLPDOIHHGVDPSOHV DWOHDVW
SRUWLRQVRIPODUHQHHGHG IRUWKHUHFRQVWLWXWLRQRIWKH50V WZRWLPHVPOLVQHHGHG DQGIRU
WKH SUHSDUDWLRQ RI WKH VHULDO GLOXWLRQV )RU WKH VHULDO GLOXWLRQV WUDQVIHU WKH SHSWRQHVDOW VROXWLRQ LQ
TXDQWLWLHVRIPO–POWRVWHULOHWXEHV  DWOHDVWWXEHVDUHQHHGHG

 6RGLXPFLWUDWHVROXWLRQ

7ULVRGLXPFLWUDWH 1D & + 2 + 2

     J
:DWHU PO

:HLJKVXIILFLHQWWULVRGLXPFLWUDWHWRSUHSDUHFDPOVROXWLRQ'LVVROYH WKH FRPSRQHQW LQ WKH

ZDWHU E\ KHDWLQJ DW  ƒ& ZLWK IUHTXHQW VWLUULQJ $GMXVW WKH S+ LI QHFHVVDU\ VR WKDW DIWHU
VWHULOL]DWLRQLWLV“7UDQVIHUWKHPHGLXPLQPOYROXPHVWRVFUHZFDSSHGERWWOHV  
6WHULOL]HE\DXWRFODYLQJDW “ ƒ&IRUPLQXWHV&RRODQGVWRUHDW “ ƒ&IRUDWPD[
PRQWKV8VHWKLVVROXWLRQWRSUHSDUHWKHLQLWLDOVXVSHQVLRQRIWKHFKHHVHVDPSOHV$WOHDVWSRUWLRQV
RIPOLVQHHGHG

 %XIIHUHG3HSWRQHZDWHU

3HSWRQH J
6RGLXPFKORULGH 1D&O J
'LVRGLXP SKRVSKDWH GRGHFDK\GUDWH J
1D +32 + 2
  

3RWDVVLXP GLK\GURJHQ SKRVSKDWH J

.+ 32
 

:DWHU PO

:HLJKVXIILFLHQWPHGLXPWRSUHSDUHFDPOVROXWLRQ'LVVROYHWKHFRPSRQHQWLQWKHZDWHUE\
KHDWLQJDWƒ&ZLWKIUHTXHQWVWLUULQJ$GMXVWWKHS+LIQHFHVVDU\VRWKDWDIWHUVWHULOL]DWLRQLW
 SDJHRI 5,90UHSRUW

LV“7UDQVIHUWKHPHGLXPLQPOYROXPHVWRVFUHZFDSSHGERWWOHV  6WHULOL]HE\

DXWRFODYLQJDW “ ƒ&IRUPLQXWHV&RRODQGVWRUHDW “ ƒ&IRUDWPD[PRQWKV8VHWKLV
VROXWLRQWRUHK\GUDWHWKHPHDWVDPSOHV$WOHDVWSRUWLRQVRIPOLVQHHGHG

 (JJ\RONIUHHWU\SWRVHVXOILWHF\FORVHULQHDJDU 6&

 %DVHPHGLXP

7U\SWRVH D
J
6R\WRQH D
J
<HDVWH[WUDFW J
'LVRGLXP GLVXOILWH 1D 6 2 
   J
DQK\GURXV
$PPRQLXPLURQ ,,, FLWUDWH E
J
$JDU JWRJ F

:DWHU PO
D 7KHQDPHVWU\SWRVHDQGVR\WRQHDUHXVHGDWSUHVHQWRQO\E\
FHUWDLQ SURGXFHUV RI PHGLD $Q\ RWKHU SDQFUHDWLF FDVHLQ RU
VR\EHDQGLJHVWJLYLQJFRPSDUDEOHUHVXOWVPD\EHXVHG
E 7KLVUHDJHQWVKRXOGFRQWDLQDWOHDVW PP RILURQ
F 'HSHQGLQJRQWKHJHOVWUHQJKRIWKHDJDU

:HLJKRXWVXIILFLHQWDPRXQWVRIEDVHPHGLXPWRSUHSDUHDWOHDVWORIFRPSOHWHPHGLXP HQRXJK
WRSUHSDUHFDSODWHVRYHUOD\HULQFOXGHG 'LVVROYHWKHFRPSRQHQWVLQWKHZDWHUE\ERLOLQJ
$GMXVWWKHS+VRWKDWDIWHUVWHULOL]DWLRQLWZLOOEH“DWƒ&'LVSHQVHWKHEDVHLQWRIODVNV
RUERWWOHVRIDSSURSULDWHFDSDFLW\6WHULOL]HIRUPLQDW “ ƒ&6WRUHDW “ ƒ&IRUQRW
PRUHWKDQZHHNV

1%)RUFRQILUPDWLRQZLWKWKHPRWLOLW\QLWUDWHPHGLXPDQGWKHODFWRVHJHODWLQHPHGLXPLWPD\
EHQHFHVVDU\WRSUHSDUHGLVKHVRI6&DJDUEDVHPHGLXP)RUWKLVSXUSRVHWUDQVIHUSRUWLRQVRI
DERXWPORIWKHEDVHPHOWHGDQGFRROHGWRDSSUR[LPDWHO\ƒ& ZDWHUEDWK LQWR3HWUL
GLVKHVDQGDOORZWRVROLGLI\'U\WKHSODWHVLPPHGLDWHO\EHIRUHXVH

 '&\FORVHULQHVROXWLRQ

'F\FORVHULQH J
D

:DWHU PO
D 8VHZKLWHFU\VWDOOLQHSRZGHURQO\

'LVVROYHWKH'F\FORVHULQHLQWKHZDWHUDQGVWHULOL]HWKHVROXWLRQE\ILOWUDWLRQWKURXJKDILOWHUZLWK
 PSRUHVL]H6WRUHDW “ ƒ&'LVFDUGXQXVHGVROXWLRQVZHHNVDIWHUSUHSDUDWLRQ

 &RPSOHWHPHGLXP

,PPHGLDWHO\EHIRUHXVHLQWKHSRXUSODWHPHWKRG VHH DGGWRHDFKPORIVWHULOHPROWHQ

EDVH  FRROHGWR “ ƒ&PORI'F\FORVHULQHVROXWLRQ  
 5,90UHSRUW SDJHRI

 )OXLGWKLRJO\FROODWHPHGLXP )7*

(Q]\PDWLFGLJHVWRIFDVHLQ J
/&\VWHLQH J
'*OXFRVH J
<HDVWH[WUDFW J
6RGLXPFKORULGH J
6RGLXPWKLRJO\FROODWH PHUFDSWRDFHWDWH J
$JDU JWRJ
D

5HVD]XULQ J
:DWHU PO
D 'HSHQGLQJRQWKHJHOVWUHQJWKRIWKHDJDU

:HLJKVXIILFLHQWPHGLXPWRSUHSDUHDWOHDVWOEURWK HQRXJKWRSUHSDUHFDWXEHV 'LVVROYH

WKHFRPSRQHQWVLQWKHZDWHUE\ERLOLQJ$GMXVWWKHS+VRWKDWDIWHUVWHULOL]DWLRQLWLV–DW
ƒ&'LVSHQVHPOSRUWLRQVLQWRWXEHVDQGVWHULOL]HDW “ ƒ&IRUPLQ%HIRUHXVHWKLV
PHGLXPVKDOOEHGHDHUDWHG

 /DFWRVHVXOILWH /6 PHGLXP LIQHFHVVDU\

 %DVHPHGLXP

(Q]\PDWLFGLJHVWRIFDVHLQ J
<HDVWH[WUDFW J
6RGLXPFKORULGH J
/DFWRVH J
/F\VWHLQHK\GURFKORULGH J
:DWHU PO

3UHSDUHDVXIILFLHQWDPRXQWRIEDVHPHGLXPWRSUHSDUHDWOHDVWORIFRPSOHWHPHGLXP HQRXJK
WRSUHSDUHFDWXEHV 'LVVROYHWKHFRPSRQHQWVLQWKHZDWHUE\ERLOLQJ LIQHFHVVDU\ $GMXVW
WKHS+VRWKDWDIWHUVWHULOL]DWLRQLWZLOOEH“DWƒ&'LVSHQVHPOSRUWLRQVLQWRWHVWWXEHV
RUERWWOHVZLWKLQYHUWHG'XUKDPWXEHV  DQGVWHULOL]HDW “ ƒ&IRUPLQ7KHPHGLXP
PD\EHVWRUHGDW “ ƒ&IRUDWPD[ZHHNV

 'LVRGLXPGLVXOILWHDQK\GURXVVROXWLRQ

'LVRGLXP GLVXOILWH 1D 6 2 
   J
DQK\GURXV
:DWHU PO
'LVVROYHWKHGLVRGLXPGLVXOILWHLQWKHZDWHUDQGVWHULOL]HWKHVROXWLRQE\ILOWUDWLRQWKURXJKDILOWHU
ZLWK PSRUHVL]H8VHWKHVROXWLRQZLWKLQRQHGD\
 SDJHRI 5,90UHSRUW

 $PPRQLXPLURQ ,,, FLWUDWHVROXWLRQ

$PPRQLXPLURQ ,,, FLWUDWH J

:DWHU PO
'LVVROYHWKHDPPRQLXPLURQ ,,, FLWUDWHLQWKHZDWHUDQGVWHULOL]HWKHVROXWLRQE\ILOWUDWLRQWKURXJK
DILOWHUZLWK PSRUHVL]H8VHWKHVROXWLRQZLWKLQRQHGD\

 &RPSOHWHPHGLXP
,IWKHEDVHPHGLXPLVQRWXVHGRQWKHGD\RIWKHSUHSDUDWLRQWKHQGHDHUDWHWKHPHGLXPEHIRUH
DGGLQJWKHVXSSOHPHQWV DQG WRWKHEDVHPHGLXP,IWKHEDVHPHGLXPLVLQVFUHZFDS
ERWWOHVORRVHQWKHFDSVEHIRUHKHDWLQJDQGWLJKWHQWKHPEHIRUHFRROLQJ
$IWHUFRROLQJWRƒ&DGGPORIWKHGLVRGLXPGLVXOILWHVROXWLRQ  DQGPORIWKH
DPPRQLXPLURQ ,,, FLWUDWHVROXWLRQ  WRHDFKPORIEDVH 

 0RWLOLW\QLWUDWHPHGLXP LIQHFHVVDU\

3HWRQH J
%HHIH[WUDFW J
*DODFWRVH J
*O\FHURO J
3RWDVVLXPQLWUDWH .12  J
'LVRGLXPK\GURJHQRUWKRSKRVSKDWH 1D +32   J
$JDU JWRJ
D

:DWHU PO
D 'HSHQGLQJRQWKHJHOVWUHQJWKRIWKHDJDU

:HLJKVXIILFLHQWDPRXQWVRIHDFKLQJUHGLsQWWRSUHSDUHDWOHDVWORIPHGLXP HQRXJKWRSUHSDUH
FDWXEHV 'LVVROYHWKHFRPSRQHQWVLQWKHZDWHUE\ERLOLQJ$GMXVWWKHS+VRWKDWDIWHU
VWHULOL]DWLRQLWZLOOEH–DWƒ&7UDQVIHUWKHPHGLXPWRFXOWXUHWXEHVLQPOTXDQWLWLHV
DQGVWHULOL]HDW “ ƒ&IRUPLQ,IQRWXVHGWKHVDPHGD\VWRUHDW “ ƒ&'LVFDUG
XQXVHGPHGLXPZHHNVDIWHUSUHSDUDWLRQ3ULRUWRXVHKHDWLQERLOLQJZDWHURUIORZLQJVWHDPIRU
PLQ&RROUDSLGO\WRWKHLQFXEDWLRQWHPSHUDWXUH ƒ& 

 1LWULWHGHWHFWLRQUHDJHQW LIQHFHVVDU\

 DPLQRQDSKWKDOHQHVXOIRQLFDFLG $16$ VROXWLRQ

$16$ J
 YY DFHWLFDFLGVROXWLRQ PO

'LVVROYHWKH$16$LQWKHDFHWLFDFLGVROXWLRQ)LOWHUWKURXJKDILOWHUSDSHU6WRUHWKH
ILOWUDWHLQDZHOOVWRSSHUHGEURZQERWWOH SUHIHUDEO\ZLWKDEXOEW\SHGURSSHU DW “ ƒ&
 5,90UHSRUW SDJHRI

 6XOIDQLOLFDFLGVROXWLRQ

VXOIDQLOLFDFLG J
 YY DFHWLFDFLGVROXWLRQ PO

'LVVROYHWKHVXOIDQLOLFDFLGLQWKHDFHWLFDFLGVROXWLRQ)LOWHUWKURXJKDILOWHUSDSHU6WRUHWKH
ILOWUDWHLQDZHOOVWRSSHUHGEURZQERWWOH SUHIHUDEO\ZLWKDEXOEW\SHGURSSHU DW “ ƒ&

 &RPSOHWHUHDJHQW
0L[HTXDOYROXPHVRIWKHWZRVROXWLRQV DQG MXVWEHIRUHXVH'LVFDUGXQXVHGUHDJHQW
LPPHGLDWHO\

 =LQFGXVW LIQHFHVVDU\

 /DFWRVHJHODWLQHPHGLXP LIQHFHVVDU\

7U\SWRVH D
J
<HDVWH[WUDFW J
/DFWRVH J
*HODWLQH J
3KHQROUHG J
:DWHU PO
D 7KHQDPHWU\SWRVHLVXVHGDWSUHVHQWRQO\E\FHUWDLQ
SURGXFHUVRIPHGLD$Q\RWKHUSDQFUHDWLFFDVHLQGLJHVW
JLYLQJFRPSDUDEOHUHVXOWVPD\EHXVHG

:HLJKVXIILFLHQWPHGLXPWRSUHSDUHDWOHDVWORIPHGLXP HQRXJKWRSUHSDUHFDWXEHV 
'LVVROYHWKHFRPSRQHQWVH[FHSWWKHODFWRVHDQGSKHQROUHGLQWKHZDWHU$GMXVWWKHS+VRWKDW
DIWHUVWHULOL]DWLRQLWZLOOEHDWƒ&$GGWKHODFWRVHDQGSKHQROUHGGLVSHQVHPOSRUWLRQV
LQWRWHVWWXEHVDQGVWHULOL]HDW “ ƒ&IRUPLQ,IQRWXVHGWKHVDPHGD\VWRUHDW “ ƒ&
-XVWSULRUWRXVHKHDWLQERLOLQJZDWHURUIORZLQJVWHDPIRUPLQ&RROUDSLGO\WRWKHLQFXEDWLRQ
WHPSHUDWXUH ƒ& 'LVFDUGXQXVHGPHGLXPZHHNVDIWHUSUHSDUDWLRQ

 $33$5$786$1'*/$66:$5(
8VXDOPLFURELRORJLFDOODERUDWRU\HTXLSPHQW VHH,62 DQGLQSDUWLFXODU

 $SSDUDWXVIRUGU\VWHULOL]DWLRQ RYHQ DQGZHWVWHULOL]DWLRQ DXWRFODYH VHH,62

 ,QFXEDWRUFDSDEOHRIEHLQJPDLQWDLQHGDW ƒ&– ƒ&
 $QDHURELFMDUVRUDQ\RWKHUDSSDUDWXVDSSURSULDWHIRUDQDHURELFFXOWXUHDQGDQDHURELFV\VWHPV
HJEDJVRUJDV
 S+PHWHUFDSDEOHRIEHLQJUHDGWRWKHQHDUHVW“S+XQLWDWƒ&HQDEOLQJPHDVXUHPHQWVWR
EHPDGHZKLFKDUHDFFXUDWHWRS+XQLW
 /RRSV RI SODWLQXPLULGLXP RU QLFNHOFKURPLXP RI GLDPHWHU DSSUR[LPDWHO\  PP DQG VWDE
LQRFXODWLRQQHHGOHRIWKHVDPHPDWHULDO
 )LOWUDWLRQDSSDUDWXVIRUVWHULOL]DWLRQRIVROXWLRQV
 7HVW WXEHV ERWWOHV RU IODVNV RI DSSURSULDWH FDSDFLW\ LQ SDUWLFXODU  PP [  PP WHVW WXEHV
ZLWKLQYHUWHG'XUKDPWXEHVIRUH[DPSOHRIOHQJWKPPDQGRIGLDPHWHUPP
 7HVWWXEHVZLWKFDSV VWHULOH OHQJWKGLDPHWHUPPIRUUHFRQVWLWXWLRQRI50V
7ZRWXEHVZLOOEHLQFOXGHGLQWKHSDUFHOFRQWDLQLQJWKH50V
 SDJHRI 5,90UHSRUW

 7RWDOGHOLYHU\ JUDGXDWHG SLSHWWHV RI QRPLQDO FDSDFLWLHV  PO DQG  PO JUDGXDWHG LQ PO
DQGPOUHVSHFWLYHO\RUPLFURSLSHWWHVZLWKFDSDFLW\RIPODQGILOWHUWLSV
 3HWULGLVKHVPDGHRIJODVVRUSODVWLFPDWHULDORIGLDPHWHUPPWRPP
 :DWHUEDWKRUVLPLOLDUDSSDUDWXVFDSDEOHRIEHLQJPDLQWDLQHGDW – ƒ&
 :DWHUEDWKRUVLPLOLDUDSSDUDWXVFDSDEOHRIEHLQJPDLQWDLQHGDW – ƒ&
 :DWHUEDWKRUVLPLOLDUDSSDUDWXVFDSDEOHRIEHLQJPDLQWDLQHGDW – ƒ&
 5XEEHUEXOEVIRUXVHZLWKWKHJUDGXDWHGSLSHWWHVIRUGLVWULEXWLQJWKHFRPSRQHQWVRIWKHQLWULWH
GHWHFWLRQUHDJHQW

 352&('85(

 3UHWUHDWPHQWDQGSUHSDUDWLRQRILQLWLDOVXVSHQVLRQ

 &KHHVHVDPSOHV VDPSOHVPDUNHG&&

/DEHOVWHULOHVWRPDFKHUEDJVZLWKWKHVDPSOHFRGH && :HLJKRXWJJRIHDFK

VDPSOHLQWKHVWRPDFKHUEDJZLWKFRUUHVSRQGLQJVDPSOHFRGHDQGDGGPOPOVRGLXPFLWUDWH
VROXWLRQ   DW URRP WHPSHUDWXUH 0L[ WKH FRQWHQWV IRU  PLQXWHV DW QRUPDO VSHHG XVLQJ D
VWRPDFKHU5HSHDWIRUWKHRWKHUVDPSOHV/HDYHWKHVWRPDFKHUEDJVVWDQGLQJIRUPLQXWHVVR
WKDWWKHODUJHSDUWLFOHVFDQVHWWOHEHIRUHSUHSDULQJIXUWKHUGLOXWLRQVDVGHVFULEHGLQ
1RWHWKHWLPHRIWKHVWDUWRIWKHSUHSDUDWLRQRIWKHLQLWLDOVXVSHQVLRQV

 0HDWVDPSOHV VDPSOHVPDUNHG00

&DUHIXOO\RSHQDYLDODGGPO%XIIHUHG3HSWRQHZDWHU  DWURRPWHPSHUDWXUHDQGFORVHWKH

OLG 6KDNH WKH YLDO YLJRURXVO\ IRU D IHZ VHFRQGV DQG DOORZ WR VWDQG DW URRP WHPSHUDWXUH IRU 
PLQXWHV7KLVUHK\GUDWHGPHDWVDPSOHLVHTXLYDOHQWWRJRIPHDWDQGVKRXOGEHUHJDUGHGDVWKH
PHDW VDPSOH /DEHO  VWHULOH VWRPDFKHU EDJV ZLWK WKH VDPSOH FRGH 0  0  7LS WKH
UHFRQVWLWXWHG PHDW LQWR WKH VWRPDFKHU EDJ ZLWK FRUUHVSRQGLQJ VDPSOH FRGH 7DNH  PO    PO
SHSWRQHVDOWVROXWLRQ  DWURRPWHPSHUDWXUH$GGFDPOWRWKHHPSW\YLDOUHSODFHWKHOLGDQG
LQYHUWVHYHUDOWLPHVWRULQVHWKRURXJKO\DQGDGGWKHULQVHWRWKHVWRPDFKHUEDJZLWKFRUUHVSRQGLQJ
VDPSOHFRGH5HSHDWWKHULQVLQJRIWKHYLDORQHPRUHWLPH3RXUWKHUHPDLQLQJRIWKHSHSWRQHVDOW
VROXWLRQLQWRWKHVWRPDFKHUEDJ0L[WKHFRQWHQWVIRUPLQXWHVDWQRUPDOVSHHGXVLQJWKHVWRPDFKHU
5HSHDWIRUWKHRWKHUVDPSOHV1RWHWKHWLPHRIWKHVWDUWRIWKHSUHSDUDWLRQRIWKHLQLWLDOVXVSHQVLRQV

 'ULHGDQLPDOIHHGVDPSOHV VDPSOHVPDUNHG''

(DFK YLDO FRQWDLQV H[DFWO\  J RI GULHG DQLPDO IHHG /DEHO  VWHULOH VWRPDFKHU EDJV ZLWK WKH
VDPSOHFRGH '' (PSW\WKHYLDOVLQWRWKHVWRPDFKHUEDJZLWKFRUUHVSRQGLQJVDPSOHFRGH
7DNHPO“POSHSWRQHVDOWVROXWLRQ  DWURRPWHPSHUDWXUH$GGFDPOWRWKHHPSW\YLDO
UHSODFH WKH OLG DQG LQYHUW VHYHUDO WLPHV WR ULQVH WKRURXJKO\ DQG DGG WR WKH VWRPDFKHU EDJ ZLWK
FRUUHVSRQGLQJVDPSOHFRGH5HSHDWWKHULQVLQJRIWKHYLDORQHPRUHWLPH3RXUWKHUHPDLQLQJRIWKH
SHSWRQHVDOWVROXWLRQLQWRWKHVWRPDFKHUEDJ0L[WKHFRQWHQWVIRUPLQXWHDWQRUPDOVSHHGXVLQJD
VWRPDFKHU5HSHDWIRUWKHRWKHUVDPSOHV/HDYHWKHVWRPDFKHUEDJVVWDQGLQJIRUPLQXWHVVR
WKDWWKHODUJHSDUWLFOHVFDQVHWWOHEHIRUHSUHSDULQJIXUWKHUGLOXWLRQVDVGHVFULEHGLQ
1RWHWKHWLPHRIWKHVWDUWRIWKHSUHSDUDWLRQRIWKHLQLWLDOVXVSHQVLRQV
 5,90UHSRUW SDJHRI

 5HIHUHQFHPDWHULDOV VDPSOHVPDUNHG55

7RWKHODUJHWHVWWXEHV  DGGPOPORISHSWRQHVDOWVROXWLRQ  3ODFHWKHWXEHVLQWKH

ZDWHUEDWKDW “ ƒ&  IRUDWOHDVWPLQ7DNHWKHFDSVXOHVRXWRIWKHIUHH]HUKRXU
EHIRUH UHFRQVWLWXWLRQ $VHSWLFDOO\ DGG RQH JHODWLQ FDSVXOH WR HDFK WXEH 5HSODFH WKH WXEHV LQ WKH
ZDWHUEDWK$IWHU PLQXWHV SODFH WKH ILUVW WXEH RQ WKH ZKLUOPL[HU DQG PL[ ZHOO IRU  VHFRQGV
PL[LQJ VSHHG DERXW  USP QRW IDVWHU WKDQ  USP  5HSODFH WKH WXEH LPPHGLDWHO\ LQ WKH
ZDWHUEDWK  5HSHDW IRU WKH RWKHU WXEH $IWHU  DQG  PLQXWHV RI UHFRQVWLWXWLRQ PL[ DJDLQ DV
GHVFULEHG DERYH HDFK FDSVXOH WKHUHIRUH UHFHLYHV  PL[LQJV DIWHU   DQG  PLQXWHV RI
UHFRQVWLWXWLRQ WRWDO GXUDWLRQ RI UHFRQVWLWXWLRQ LV  PLQXWHV  3ODFH WKH WXEHV DIWHU WKH ODVW PL[LQJ
LPPHGLDWHO\LQPHOWLQJLFH8VHWKHUHFRQVWLWXWHGFDSVXOHVROXWLRQZLWKLQKRXUV
1RWHWKHWLPHRIWKHVWDUWDQGHQGRIWKHUHFRQVWLWXWLRQSURFHGXUHRQWKHWHVWUHSRUW

 ,QRUGHUWRHQVXUHJRRGGLVSHUVLRQRIWKHJHODWLQFDSVXOHLWLVFULWLFDOO\LPSRUWDQWWKDWWKHWXEHVDUHNHSWRXWRIWKHZDWH UEDWK GXULQJ

PL[LQJ IRUWKHPLQLPXPOHQJWKRIWLPH

 6HULDOGLOXWLRQDQGLQRFXODWLRQRISODWHV

 )RRGVDPSOHV VDPSOHV&&00DQG''

7KHVXVSHQVLRQVREWDLQHGIURPVDPSOHV&&00DQG''DUHWKHLQLWLDOVXVSHQVLRQV
FRUUHVSRQGLQJ WR WKH  GLOXWLRQ )RU SUHSDULQJ VHULDO GLOXWLRQV  PO   PO RI WKH LQLWLDO
VXVSHQVLRQ LV WUDQVIHUUHG WR D WXEH FRQWDLQLQJ  PO   PO SHSWRQHVDOW VROXWLRQ   DQG LV
PL[HG WKRURXJKO\ RQ D ZKLUOPL[HU IRU  VHFRQGV WR REWDLQ WKH  GLOXWLRQ 5HSHDW WKLV
SURFHGXUHWRREWDLQDGLOXWLRQVHULHVXSWLOOGLOXWLRQIRUHDFKVDPSOH,WLVUHFRPPHQGHGWRXVH
DPLFURSLSHWWHZLWKILOWHUWLSVDQGWRULQVHWKH SLSHWWLS EHIRUHXVH
/DEHOHPSW\3HWULGLVKHVZLWKVDPSOHLGHQWLILFDWLRQQXPEHU IRUH[DPSOH& UHSOLFDWH DDQGE
DQGGLOXWLRQRIWKHVDPSOH DQG 7UDQVIHUE\PHDQVRIDVWHULOHSLSHWWHPO“
PORIHDFKRIWKHGLOXWLRQVWLOOWRHDFKRIWZRSHWULGLVKHV,WLVUHFRPPHQGHGWRXVHD
PLFURSLSHWWHZLWKILOWHUWLSDQGWRULQVHWKH SLSHWWLS EHIRUHXVH3RXUPOWRPORIWKH6&DJDU
  PDLQWDLQHG DW  “  ƒ& LQ WKH ZDWHU EDWK   LQWR HDFK GLVK DQG PL[ ZHOO ZLWK WKH
LQRFXOXPE\JHQWO\URWDWLQJHDFKGLVK3URFHHGLQWKHVDPHZD\IRUWKHRWKHUVDPSOHV:KHQWKH
PHGLXPKDVVROLGLILHGDGGDQRYHUOD\HURIPORIWKHVDPH6&DJDU$OORZWRVROLGLI\
1RWH WKH NLQG RI SLSHWWH XVHG RQ WKH WHVW UHSRUW 1RWH WKH WLPH RI WKH HQG RI WKH LQRFXODWLRQ
SURFHGXUH7KHWLPHEHWZHHQWKHSUHSDUDWLRQRIWKHLQLWLDOVXVSHQVLRQVDQGDGGLQJWKHDJDUWRWKH
LQRFXOXPVKRXOGQRWH[FHHGPLQXWHV

 5HIHUHQFHPDWHULDOV VDPSOHV55

7KH UHFRQVWLWXWHG UHIHUHQFH PDWHULDO LV UHJDUGHG DV WKH  GLOXWLRQ 3UHSDUH D  GLOXWLRQ E\
WUDQVIHUULQJPOPORIWKHLQLWLDOVXVSHQVLRQWRDWXEHFRQWDLQLQJPOPOSHSWRQHVDOW
VROXWLRQ  DQGPL[WKRURXJKO\RQDZKLUOPL[HUIRUVHFRQGV/DEHOHPSW\3HWULGLVKHVZLWK
VDPSOH LGHQWLILFDWLRQ QXPEHU 5 5  DQG UHSOLFDWH D DQG E  7UDQVIHU E\ PHDQV RI D VWHULOH
SLSHWWHPORIWKHGLOXWLRQWRHDFKRIWZRGLVKHV,WLVUHFRPPHQGHGWRXVHDPLFURSLSHWWH
ZLWK ILOWHU WLS DQG WR ULQVH WKH SLSHWWLS  EHIRUH XVH 3RXU  PO WR  PO RI WKH 6& DJDU 
PDLQWDLQHGDW “ ƒ&LQWKHZDWHUEDWK  LQWRHDFKGLVKDQGPL[ZHOOZLWKWKHLQRFXOXP
E\JHQWO\URWDWLQJHDFKGLVK:KHQWKHPHGLXPKDVVROLGLILHGDGGDQRYHUOD\HURIPORIWKH
VDPH6&DJDU$OORZWRVROLGLI\
1RWH WKH NLQG RI SLSHWWH XVHG RQ WKH WHVW UHSRUW 1RWH WKH WLPH EHWZHHQ SUHSDUDWLRQ RI VHULDO
GLOXWLRQDQGHQGRIWKHLQRFXODWLRQSURFHGXUHRQWKHWHVWUHSRUW7KLVSHULRGVKRXOGQRWH[FHHG
PLQXWHV
 SDJHRI 5,90UHSRUW

 ,QFXEDWLRQRIWKHSODWHV

3ODFHWKHSODWHVLQDQDHURELFMDUVRURWKHUVXLWDEOHFRQWDLQHUV  DQGLQFXEDWHDW “ ƒ& 

IRUK“KDQDHURELFDOO\/RQJHULQFXEDWLRQPD\UHVXOWLQH[FHVVEODFNHQLQJRIWKHSODWHV
1RWHWKHGDWHWLPHDQGWHPSHUDWXUHDWWKHVWDUWRIWKHLQFXEDWLRQSHULRGRQWKHWHVWUHSRUW,IWKH
LQFXEDWRULVFRQQHFWHGWRDFRQWLQXRXVWHPSHUDWXUHUHDGLQJV\VWHPLWLVSUHIHUUHGWRVHQGDSULQW
RXWRIWKHVSHFLILFLQFXEDWLRQSHULRG

 &RXQWLQJRIWKHSODWHVDIWHULQFXEDWLRQ

5HFRUGRQWKHWHVWUHSRUWWKHGDWHWLPHDQGWHPSHUDWXUHDWWKHHQGRIWKHLQFXEDWLRQSHULRGDQG
ZKHWKHUDOOMDUVXVHGZHUHDQDHURELFGXULQJWKHIXOOLQFXEDWLRQSHULRG
&RXQWRQHDFKSODWHWKHEODFNFRORQLHVRISUHVXPSWLYH&SHUIULQJHQV1RWHWKHQXPEHURIW\SLFDO
FRORQLHVRQWDEOHVWRLQWKHFROXPQPDUNHGQXPEHURISUHVXPSWLYHFRORQLHV.HHSWKHSODWHV
FRQWDLQLQJOHVVWKDQFRORQLHVDWDOOGLOXWLRQVDQGLISRVVLEOHDWWZRVXEVHTXHQWGLOXWLRQV

 6HOHFWLRQRIFRORQLHVIRUFRQILUPDWLRQ

6HOHFWFKDUDFWHULVWLFFRORQLHVIURPHDFKSODWHUHWDLQHGIRUWKHHQXPHUDWLRQ,IOHVVWKDQ
FRORQLHVDUHDYDLODEOHRQWKHSODWHVFRXQWHGVHOHFWDOOWKHFKDUDFWHULVWLFFRORQLHVSUHVHQW&RQILUP
WKHVHFRORQLHVDVGHVFULEHGLQ1RWHWKHQXPEHURIFRORQLHVWREHFRQILUPHGRQWDEOHVWRLQ
WKHFROXPQPDUNHGQXPEHURIFRORQLHVVXEPLWWHGWRFRQILUPDWLRQ

 %LRFKHPLFDOFRQILUPDWLRQ

7ZRFRQILUPDWLRQPHWKRGVDUHGHVFULEHGLQWKLV623XVLQJODFWRVHVXOILWHPHGLXP  RU

XVLQJERWKPRWLOLW\QLWUDWHUHGXFWLRQPHGLXPDQGODFWRVHJHODWLQHPHGLXP  
127(,IERWKSURFHGXUHVDUHFDUULHGRXWXVHWKHVDPHFRORQ\WRLQRFXODWHDOOWKUHHPHGLD
WREHDEOHWRFRPSDUHERWKPHWKRGV

 /DFWRVHVXOILWH /6 PHGLXP

127(  7KH UHDFWLRQ REWDLQHG LQ ODFWRVH VXOILWH PHGLXP   ZKHQ LQFXEDWHG DW  ƒ& LV YHU\
VSHFLILFIRU&SHUIULQJHQVDQGVRPHVWUDLQVRI&SDUDSHUIULQJHQVDQG&DEVRQXP,WLVWKHUHIRUH
QRWQHFHVVDU\WRHQVXUHWKDWWKHEODFNFRORQLHVSLFNHGIURPWKHDJDUDUHSXUHEHIRUHLQRFXODWLRQ
LQWRWKHWKLRJO\FROODWHEURWKDQGVXEVHTXHQWO\LQWRWKHODFWRVHVXOILWHPHGLXP

,QRFXODWHHDFKVHOHFWHGFRORQ\LQWRIOXLGWKLRJO\FROODWHPHGLXP  ,QFXEDWHXQGHUDQDHURELF

FRQGLWLRQVDW“ƒ&IRUKWRWK$IWHULQFXEDWLRQWUDQVIHUZLWKQRGHOD\GURSVRIWKH
WKLRJO\FROODWHFXOWXUHWRWKH/6PHGLXPE\PHDQVRIDVWHULOHSLSHWWH,QFXEDWHDW “ ƒ&IRU
KWRKLQWKHZDWHUEDWK 
7XEHVRI/6PHGLXPDUHUHDGIRUWKHSURGXFWLRQRIJDVDQGWKHSUHVHQFHRIDEODFNFRORXU LURQ
VXOILGHSUHFLSLWDWH 'XUKDPWXEHVEHLQJPRUHWKDQRQHTXDUWHUIXOORIJDVDQGWXEHVKDYLQJD
EODFNSUHFLSLWDWHDUHFRQVLGHUHGSRVLWLYH
,QFDVHRIGRXEWZKHQWKH'XUKDPWXEHLQDEODFNHQHGPHGLXPLVOHVVWKDQRQHTXDUWHUIXOORI
JDVWUDQVIHUZLWKQRGHOD\XVLQJDVWHULOHSLSHWWHGURSVRIWKHSUHYLRXVJURWKRQ/6PHGLXPWR
DQRWKHUWXEHRI/6PHGLXP,QFXEDWHLQWKHZDWHUEDWKDW “ ƒ&IRUKWRK5HDGWKLV
WXEHDVGHVFULEHGDERYH,QDOORWKHUFDVHVWKHWXEHVZLOOEHFRQVLGHUHGDVQHJDWLYH
5HFRUGRQ7DEOHVRQWKHWHVWUHSRUWWKHUHVXOWVIRUHDFKFRORQ\VHSHUDWHO\ VHHH[DPSOH RQ
SDJHRIWKHWHVWUHSRUW 
 5,90UHSRUW SDJHRI

 0RWLOLW\QLWUDWHUHGXFWLRQPHGLXPDQGODFWRVHJHODWLQHPHGLXP

 *HQHUDOLQIRUPDWLRQ

7KLVFRQILUPDWLRQWHFKQLTXHQHFHVVLWDWHVZHOOLVRODWHGFKDUDFWHULVWLFFRORQLHV,ILWLVQRWWKHFDVH
WKHVXUIDFHDUHDRIWKHSODWHVLVRYHUJURZQDQGLWLVQRWSRVVLEOHWRVHOHFWZHOOLVRODWHG
FKDUDFWHULVWLFFRORQLHV LQRFXODWHFKDUDFWHULVWLFFRORQLHVLQWRSUHGHDHUDWHGIOXLGWKLRJO\FROODWH
PHGLXP  ,QFXEDWHXQGHUDQDHURELFFRQGLWLRQVDW “ ƒ&IRUKWRK6WUHDNWKH
FRORQLHVRQ6&EDVHDJDUSODWHV VHH DQGDGGDQRYHUOD\HURIPORIWKH6&EDVHDJDU
$OORZWRVROLGLI\DQGLQFXEDWHDQDHURELFDOO\DW “ ƒ&IRUKWRK6HOHFWIURPHDFKSODWH
DWOHDVWRQHFKDUDFWHULVWLFDQGZHOOVHSDUDWHGFRORQ\,IQHFHVVDU\UHSHDWWKHVWUHDNLQJDQG
LQRFXODWLRQRQ6&EDVHDJDUSODWHVXQWLOZHOOLVRODWHGFKDUDFWHULVWLFEODFNFRORQLHVDUHREWDLQHG
8VHWKHVDPHFRORQ\WRLQRFXODWHERWKWKHPRWLOLW\QLWUDWHDQGWKHODFWRVHJHODWLQHPHGLXP

 0RWLOLW\QLWUDWHPHGLXP

6WDELQRFXODWHHDFKVHOHFWHGFRORQ\LQWRSUHGHDHUDWHGPRWLOLW\QLWUDWHPHGLXP  ,QFXEDWH

XQGHUDQDHURELFFRQGLWLRQVDW “ ƒ&IRUK“K
([DPLQHWKHWXEHRIPRWLOLW\QLWUDWHPHGLXPIRUWKHW\SHRIJURZWKDORQJWKHVWDEOLQH0RWLOLW\LV
HYLGHQWIURPGLIIXVHJURZWKRXWLQWRWKHPHGLXPDZD\IURPWKHVWDEOLQH
7HVWIRUWKHSUHVHQFHRIQLWULWHE\DGGLQJZLWKWKHUXEEHUEXOE  POWRPORIWKH
QLWULWHGHWHFWLRQUHDJHQW  WRHDFKWXEHRIPRWLOLW\QLWUDWHPHGLXP)RUKHDOWKUHDVRQVWKLVWHVW
VKRXOGEHFDUULHGRXWXQGHUDIXPHKRRG7KHIRUPDWLRQRIDUHGFRORXUFRQILUPVWKHUHGXFWLRQRI
QLWUDWHWRQLWULWH,IQRUHGFRORXULVIRUPHGZLWKLQPLQDGGDVPDOODPRXQWRI]LQFGXVW 
DQGDOORZWRVWDQGIRUPLQ,IDUHGFRORXULVIRUPHGDIWHUWKHDGGLWLRQRI]LQFGXVWQR
UHGXFWLRQRIQLWUDWHKDVWDNHQSODFH5HFRUGRQ7DEOHVRQWKHWHVWUHSRUWWKHUHVXOWVIRUHDFK
FRORQ\VHSHUDWHO\ VHHH[DPSOHRQSDJHRIWKHWHVWUHSRUW 

 /DFWRVHJHODWLQHPHGLXP

8VHWKHVDPHFRORQLHVDVXVHGLQWRLQRFXODWHWKHSUHGHDHUDWHGODFWRVHJHODWLQHPHGLXP
WXEHV  ,QFXEDWHXQGHUDQDHURELFFRQGLWLRQVDW “ ƒ&IRUK“K
([DPLQHWKHWXEHVRIODFWRVHJHODWLQHPHGLXPIRUWKHSUHVHQFHRIJDVDQGRID\HOORZFRORXU GXH
WRDFLG LQGLFDWLQJIHUPHQWDWLRQRIODFWRVH&KLOOWKHWXEHVIRUKDW “ ƒ&DQGFKHFNIRU
JHODWLQHOLTXHIDFWLRQ,IWKHPHGLXPKDVVROLGLILHGUHLQFXEDWHIRUDQDGGLWLRQDOKDQGDJDLQ
FKHFNIRUJHODWLQHOLTXHIDFWLRQ5HFRUGRQ7DEOHVRQWKHWHVWUHSRUWWKHUHVXOWVIRUHDFK
FRORQ\VHSHUDWHO\ VHHH[DPSOHRQSDJHRIWKHWHVWUHSRUW 

 ,QWHUSUHWDWLRQRIFRQILUPDWLRQWHVWUHVXOWV

5HFRUG RQ 7DEOHV  RQ WKH WHVW UHSRUW WKH QXPEHU RI FRORQLHV WKDW KDV EHHQ FRQILUPHG DV &
SHUIULQJHQVIRUERWKPHWKRGVVHSDUDWHO\LQWKHFROXPQVPDUNHGQXPEHURIFRORQLHVFRQILUPHGDV
&SHUIULQJHQV

%LRFKHPLFDOUHVXOWVIRUWKHLGHQWLILFDWLRQRI&ORVWULGLXPSHUIULQJHQV
ODFWRVHVXOILWHPHGLXP EODFNHQLQJ
JDVIRUPDWLRQ 'XUKDPWXEHVDWOHDVWRQHTXDUWHUIXOORIJDV
PRWLOLW\QLWUDWHPHGLXP QRQPRWLOH
UHGXFWLRQRIQLWUDWHD
ODFWRVHJHODWLQHPHGLXP SURGXFWLRQRIDFLGDQGJDVIURPODFWRVH JDV\HOORZ 
JHODWLQHOLTXHIDFWLRQ
D
&XOWXUHVWKDWVKRZDIDLQWUHDFWLRQIRUQLWULWH LHDSLQNFRORXU VKRXOGEHHOLPLQDWHGVLQFH&SHUIULQJHQV
FRQVLVWHQWO\JLYHVDQLQWHQVHDQGLPPHGLDWHUHDFWLRQ
 SDJHRI 5,90UHSRUW

 7(675(3257

7KHWHVWUHSRUWVKRXOGFRQWDLQDOOLQIRUPDWLRQRQRSHUDWLRQDOGHWDLOVQRWPHQWLRQHGRUVSHFLILHGLQ
WKLV623WKDWPLJKWLQIOXHQFHWKHWHVWUHVXOW$Q\LQFLGHQWVRUGHYLDWLRQVIURPWKHVSHFLILFDWLRQV
VKRXOGDOVREHUHFRUGHG3OHDVHUHFRUGDOVRWKHWHPSHUDWXUHLQWKHODERUDWRU\URRPGXULQJWKH
H[DPLQDWLRQV7KHWHVWUHSRUWPXVWVWDWHWKHQDPHVRIWKHSHUVRQVFDUU\LQJRXWWKHZRUNDQGPXVW
EHVLJQHGE\WKHPDQGE\WKHSHUVRQLQFKDUJH,IWKHH[DPLQDWLRQLVFDUULHGRXWE\PRUHWKDQRQH
WHFKQLFLDQSOHDVHZULWHGRZQ LISRVVLEOH LQZKLFKZD\WKHWDVNVZHUHGHYLGHG
127()RUUHDVRQRIUHSHDWDELOLW\FRQGLWLRQVGLIIHUHQWWHFKQLFLDQVPD\H[DPLQHGLIIHUHQW
IRRGW\SHVEXWLWLV127DOORZHGWRKDYHPRUHWKDQRQHWHFKQLFLDQZRUNLQJRQWKHVDPH
IRRGW\SH
5,90UHSRUW SDJHRI

$SSHQGL[ 7HVWUHSRUW

(YDOXDWLRQRIWKHKRUL]RQWDOPHWKRGIRUWKHHQXPHUDWLRQRI&ORVWULGLXP
SHUIULQJHQV±FRORQ\FRXQWWHFKQLTXH

/DERUDWRU\FRGH
/DERUDWRU\QDPH

6KLSPHQWPHDWDQLPDOIHHGDQGUHIHUHQFHVDPSOHV
'DWHRIDUULYDOSDUFHO
3DUFHOGDPDJHG o\HV oQR
&RORXURIFRPSDUWPHQWVRIWHPSHUDWXUHGHYLFHDWWLPHRIDUULYDO
%ULHI oZKLWH oSDUWO\FRORXUHG UHG oFRPSOHWHO\FRORXUHG UHG
0RGHUDWH oZKLWH oSDUWO\FRORXUHG UHG oFRPSOHWHO\FRORXUHG UHG
3URORQJHG oZKLWH oSDUWO\FRORXUHG UHG oFRPSOHWHO\FRORXUHG UHG

6KLSPHQWFKHHVHVDPSOHV
'DWHRIDUULYDOSDUFHO
3DUFHOGDPDJHG o\HV oQR
&RORXURIFRPSDUWPHQWVRIWHPSHUDWXUHGHYLFHDWWLPHRIDUULYDO
%ULHI oZKLWH oSDUWO\FRORXUHG UHG oFRPSOHWHO\FRORXUHG UHG
0RGHUDWH oZKLWH oSDUWO\FRORXUHG UHG oFRPSOHWHO\FRORXUHG UHG
3URORQJHG oZKLWH oSDUWO\FRORXUHG UHG oFRPSOHWHO\FRORXUHG UHG
SDJHRI 5,90UHSRUW

0(',$86('

3HSWRQHVDOWVROXWLRQ
0HGLXPSUHSDUHGIURP
oLQGLYLGXDOLQJUHGLHQWV SOHDVHUHFRUGLQJUHGLHQWVDQGFRQFHQWUDWLRQXVHGRQDQQH[
oFRPPHUFLDOO\DYDLODEOHPHGLXP
0DQXIDFWXUHU
&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 
S+RIPHGLXPPHDVXUHGDW««ƒ&«««

6RGLXPFLWUDWHVROXWLRQ
0HGLXPSUHSDUHGIURP
oLQGLYLGXDOLQJUHGLHQWV SOHDVHUHFRUGLQJUHGLHQWVDQGFRQFHQWUDWLRQXVHGRQDQQH[
oFRPPHUFLDOO\DYDLODEOHPHGLXP
0DQXIDFWXUHU
&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 
S+RIPHGLXPPHDVXUHGDW««ƒ&«««

%XIIHUHG3HSWRQHZDWHU
0HGLXPSUHSDUHGIURP
oLQGLYLGXDOLQJUHGLHQWV SOHDVHUHFRUGLQJUHGLHQWVDQGFRQFHQWUDWLRQXVHGRQDQQH[
oFRPPHUFLDOO\DYDLODEOHPHGLXP
0DQXIDFWXUHU
&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 
S+RIPHGLXPPHDVXUHGDW««ƒ&«««
5,90UHSRUW SDJHRI

6&DJDU
6&EDVHSUHSDUHGIURP
oLQGLYLGXDOLQJUHGLHQWV SOHDVHUHFRUGLQJUHGLHQWVDQGFRQFHQWUDWLRQXVHGRQDQQH[
oFRPPHUFLDOO\DYDLODEOHPHGLXP
0DQXIDFWXUHU
&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 
S+RIEDVHPHDVXUHGDW««ƒ&«««
'F\FORVHULQH
0DQXIDFWXUHU
&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 

)OXLGWKLRJO\FROODWHPHGLXP )7*
0HGLXPSUHSDUHGIURP
oLQGLYLGXDOLQJUHGLHQWV SOHDVHUHFRUGLQJUHGLHQWVDQGFRQFHQWUDWLRQXVHGRQDQQH[
oFRPPHUFLDOO\DYDLODEOHPHGLXP
0DQXIDFWXUHU
&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 
S+RIPHGLXPPHDVXUHGDW««ƒ&«««

/DFWRVHVXOILWHPHGLXP
0HGLXPSUHSDUHGIURP
oLQGLYLGXDOLQJUHGLHQWV SOHDVHUHFRUGLQJUHGLHQWVDQGFRQFHQWUDWLRQXVHGRQDQQH[
oFRPPHUFLDOO\DYDLODEOHPHGLXP
0DQXIDFWXUHU
&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 
S+RIEDVHPHDVXUHGDW««ƒ&«««

0RWLOLW\QLWUDWHPHGLXP
0HGLXPSUHSDUHGIURP
oLQGLYLGXDOLQJUHGLHQWV SOHDVHUHFRUGLQJUHGLHQWVDQGFRQFHQWUDWLRQXVHGRQDQQH[
oFRPPHUFLDOO\DYDLODEOHPHGLXP
0DQXIDFWXUHU
SDJHRI 5,90UHSRUW

&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 
S+RIPHGLXPPHDVXUHGDW««ƒ&«««

1LWULWHGHWHFWLRQUHDJHQW
5HDJHQWSUHSDUHGIURP
oLQGLYLGXDOLQJUHGLHQWV SOHDVHUHFRUGLQJUHGLHQWVDQGFRQFHQWUDWLRQXVHGRQDQQH[
oFRPPHUFLDOO\DYDLODEOHVROXWLRQV
$16$VROXWLRQ
0DQXIDFWXUHU
&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 
6XOIDQLOLFDFLGVROXWLRQ
0DQXIDFWXUHU
&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 

/DFWRVHJHODWLQHPHGLXP
0HGLXPSUHSDUHGIURP
oLQGLYLGXDOLQJUHGLHQWV SOHDVHUHFRUGLQJUHGLHQWVDQGFRQFHQWUDWLRQXVHGRQDQQH[
oFRPPHUFLDOO\DYDLODEOHPHGLXP
0DQXIDFWXUHU
&RGHQXPEHU
%DWFKQXPEHU V 
([SLU\GDWH V 
S+RIPHGLXPPHDVXUHGDW««ƒ&«««

/$%7(03(5$785('85,1*75,$/
'DWH 7HPSHUDWXUH 5HPDUNV
5,90UHSRUW SDJHRI

(;$0,1$7,212)6$03/(6
&KHHVHVDPSOHV

([DPLQDWLRQRIFKHHVHVDPSOHVVWDUWHGDW

7LPHEHWZHHQVWDUWRISUHSDUDWLRQRILQLWLDOVXVSHQVLRQVDQGSRXULQJWKHDJDULQWKHGLVKHV
:DVWKLVIRUHDFKVDPSOHOHVVWKDQPLQXWHV" o\HV oQR 


7\SHRISLSHWWHXVHG
oPLFURSLSHWWH 0DQXIDFWXUHU
$FFXUDF\ 9ROXPHUDQJH
WLSVXVHG oZLWKILOWHU oZLWKRXWILOWHU
SLSHWWHXVHGIRU oSUHSDULQJVHULDOGLOXWLRQV oLQRFXODWLRQRISODWHV
oRWKHUSLSHWWHW\SH oJUDGXDWHG oRWKHUQDPHO\
$FFXUDF\ 9ROXPHUDQJH
'LVSRVDEOH o\HV oQR 0DGHRI oJODVV oSODVWLF
SLSHWWHXVHGIRU oSUHSDULQJVHULDOGLOXWLRQV oLQRFXODWLRQRISODWHV

,1&8%$7,21&21',7,216
&+((6( 'DWH 7LPH 7HPSLQFXEDWRU $QDHURELF
FRQGLWLRQV"
6&SODWHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
)7*WXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
/DFWRVHVXOILWHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
0RWLOLW\QLWUDWHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
/DFWRVHJHODWLQHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
SDJHRI 5,90UHSRUW

0HDWVDPSOHV

([DPLQDWLRQRIPHDWVDPSOHVVWDUWHGDW

7LPHEHWZHHQVWDUWSUHSDUDWLRQRILQLWLDOVXVSHQVLRQVDQGSRXULQJWKHDJDULQWKHGLVKHV
:DVWKLVIRUHDFKVDPSOHOHVVWKDQPLQXWHV" o\HV oQR 


7\SHRISLSHWWHXVHG
VDPHDVIRUVDPSOHVo\HV oQR ILOOLQTXHVWLRQVEHORZ
oPLFURSLSHWWH 0DQXIDFWXUHU
$FFXUDF\ 9ROXPHUDQJH
WLSVXVHG oZLWKILOWHU oZLWKRXWILOWHU
SLSHWWHXVHGIRU oSUHSDULQJVHULDOGLOXWLRQV oLQRFXODWLRQRISODWHV
oRWKHUSLSHWWHW\SH oJUDGXDWHG oRWKHUQDPHO\
$FFXUDF\ 9ROXPHUDQJH
'LVSRVDEOH o\HV oQR 0DGHRI oJODVV oSODVWLF
SLSHWWHXVHGIRU oSUHSDULQJVHULDOGLOXWLRQV oLQRFXODWLRQRISODWHV

0($7 'DWH 7LPH 7HPSLQFXEDWRU $QDHURELF

FRQGLWLRQV"
6&SODWHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
)7*WXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
/DFWRVHVXOILWHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
0RWLOLW\QLWUDWHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
/DFWRVHJHODWLQHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
5,90UHSRUW SDJHRI

'ULHGDQLPDOIHHGVDPSOHV ''

([DPLQDWLRQRIWKHGULHGDQLPDOIHHGVDPSOHVVWDUWHGDW

7LPHEHWZHHQVWDUWSUHSDUDWLRQRILQLWLDOVXVSHQVLRQVDQGSRXULQJWKHDJDULQWKHGLVKHV
:DVWKLVIRUHDFKVDPSOHOHVVWKDQPLQXWHV" o\HV oQR 


7\SHRISLSHWWHXVHG
VDPHDVIRUVDPSOHVo\HV oQR ILOOLQTXHVWLRQVEHORZ
oPLFURSLSHWWH 0DQXIDFWXUHU
$FFXUDF\ 9ROXPHUDQJH
WLSVXVHG oZLWKILOWHU oZLWKRXWILOWHU
SLSHWWHXVHGIRU oSUHSDULQJVHULDOGLOXWLRQV oLQRFXODWLRQRISODWHV
oRWKHUSLSHWWHW\SH oJUDGXDWHG oRWKHUQDPHO\
$FFXUDF\ 9ROXPHUDQJH
'LVSRVDEOH o\HV oQR 0DGHRI oJODVV oSODVWLF
SLSHWWHXVHGIRU oSUHSDULQJVHULDOGLOXWLRQV oLQRFXODWLRQRISODWHV

'5,('$1,0$/)((' 'DWH 7LPH 7HPSLQFXEDWRU $QDHURELF

FRQGLWLRQV"
6&SODWHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
)7*WXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
/DFWRVHVXOILWHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
0RWLOLW\QLWUDWHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
/DFWRVHJHODWLQHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
SDJHRI 5,90UHSRUW

5HIHUHQFHPDWHULDOV 55

([DPLQDWLRQRIUHIHUHQFHPDWHULDOVVWDUWHGDW

5HFRQVWLWXWLRQRIUHIHUHQFHPDWHULDOV
:HUHWKHFDSVXOHVWDNHQRXWRIWKHIUHH]HUKRXUEHIRUHUHFRQVWLWXWLRQ"o\HVoQR
5HFRQVWLWXWLRQSHULRGVWDUW«««HQG 0L[LQJVSHHGUSP
7HPSRIZDWHUEDWKGXULQJUHFRQVWLWXWLRQDWVWDUWƒ& HQGƒ&
:HUHDOOJHODWLQFDSVXOHVGLVVROYHGDIWHUUHFRQVWLWXWLRQ"o\HVoQR««««««
:HUHWKHWXEHVSODFHGLQPHOWLQJLFHLPPHGLDWHO\DIWHUWKHODVWPL[LQJ"o\HVoQR
7LPHRIVWDUWSUHSDUDWLRQRIVHULDOGLOXWLRQ«««(QG DGGLQJDJDUWRLQRFXOXP ««««

7\SHRISLSHWWHXVHG
VDPHDVIRUVDPSOHVo\HV oQR ILOOLQTXHVWLRQVEHORZ
oPLFURSLSHWWH 0DQXIDFWXUHU
$FFXUDF\ 9ROXPHUDQJH
WLSVXVHG oZLWKILOWHU oZLWKRXWILOWHU
SLSHWWHXVHGIRU oSUHSDULQJVHULDOGLOXWLRQV oLQRFXODWLRQRISODWHV
oRWKHUSLSHWWHW\SH oJUDGXDWHG oRWKHUQDPHO\
$FFXUDF\ 9ROXPHUDQJH
'LVSRVDEOH o\HV oQR 0DGHRI oJODVV oSODVWLF
SLSHWWHXVHGIRU oSUHSDULQJVHULDOGLOXWLRQV oLQRFXODWLRQRISODWHV

50 'DWH 7LPH 7HPSLQFXEDWRU $QDHUFRQGLWLRQV"

6&SODWHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
)7*WXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
/DFWRVHVXOILWHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
0RWLOLW\QLWUDWHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
/DFWRVHJHODWLQHWXEHV ƒ&
VWDUWRILQFXEDWLRQ ƒ&
HQGRILQFXEDWLRQ ƒ& <(612
5,90UHSRUW SDJHRI

7DEOHVIRUUHFRUGLQJWKHWHVWUHVXOWV H[DPSOH

6DPSOH;

GLOXWLRQ UHSOLFDWH QXPEHURI QXPEHURI ODFWRVHVXOILWHPHGLXP QXPEHURI PRWLOLW\QLWUDWH ODFWRVHJHODWLQHPHGLXP QXPEHURI

FRORQLHV PHGLXP FRORQLHV

SUHVXPSWLYH FRORQLHV JDV EODFNHQLQJ FRQILUPHGDV PRWLOLW\ QLWUDWH ODFWRVH JHODWLQH FRQILUPHGDV

FRORQLHV VXEPLWWHGWR IRUPDWLRQ &SHUIULQJHQV UHGXFWLRQ IHUPHQWDWLRQ OLTXHIDFWLRQ &SHUIULQJHQV

FRQILUPDWLRQ JDV\HOORZ


D   + + - + + + + + + +  - - - - - + + - + + + + + + + + + - + + 
E   + + + + + + + + + +  - - - - - + + + + + + + + + + + + + + + 

D   + - + + + + + + + +  - - - - - + + + + + + - + + + + + + + + 
E   + + - + + + + +  - - - - + + + + + + + + + + + + 
 

D
 
E
 

D
 
E

5HPDUN V RQRSHUDWLRQDOGHWDLOVWKDWPLJKWKDYHLQIOXHQFHGWKHWHVWUHVXOWV

1DPH V RIWHFKQLFDQ V ZKRFDUULHGRXWWKHWULDO«

6LJQDWXUH V ««««
1DPHRISHUVRQLQFKDUJH««««««««««««««
6LJQDWXUH«««««'DWH
SDJHRI 5,90UHSRUW

$SSHQGL[ 5HVXOWVFROODERUDWLYHWULDO

&+((6(86,1*/$&726(68/),7(&21),50$7,21

ODEFRGH UHSO %ODQN /RZ 0HGLXP +LJK

1 /RJ1 1 /RJ1 1 /RJ1 1 /RJ1
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D
 E
 D
 E
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
1 QXPEHURI&SHUIULQJHQVSHUJUDPVDPSOH FISJ 
 UHVXOWVH[FOXGHGIURPDQDO\VLV VHHDSSHQGL[
5,90UHSRUW SDJHRI

&+((6(86,1*01 /* &21),50$7,21


ODEFRGH UHSO %ODQN /RZ 0HGLXP +LJK

1 /RJ1 1 /RJ1 1 /RJ1 1 /RJ1
 D       
 E       
 D
 E
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D 
 E 
 D       
 E       
 D
 E
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
1 QXPEHURI&SHUIULQJHQVSHUJUDPVDPSOH FISJ 
 01 /* PRWLOLW\QLWUDWH ODFWRVHJHODWLQHPHGLXP
 UHVXOWVH[FOXGHGIURPDQDO\VLV VHHDSSHQGL[
SDJHRI 5,90UHSRUW

0($786,1*/$&726(68/),7(&21),50$7,21

ODEFRGH UHSO %ODQN /RZ 0HGLXP +LJK

1 /RJ1 1 /RJ1 1 /RJ1 1 /RJ1
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D    
 E    
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D
 E
 D
 E
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
1 QXPEHURI&SHUIULQJHQVSHUJUDPVDPSOH FISJ 
 UHVXOWVH[FOXGHGIURPDQDO\VLV VHHDSSHQGL[
5,90UHSRUW SDJHRI

0($786,1*01 /* &21),50$7,21


ODEFRGH UHSO %ODQN /RZ 0HGLXP +LJK

1 /RJ1 1 /RJ1 1 /RJ1 1 /RJ1
 D       
 E       
 D
 E
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
 D
 E
 D       
 E       
 D
 E
 D       
 E       
 D       
 E        
 D       
 E       
 D       
 E       
 D       
 E       
 D       
 E       
1 QXPEHURI&SHUIULQJHQVSHUJUDPVDPSOH FISJ 
 01 /* PRWLOLW\QLWUDWH ODFWRVHJHODWLQHPHGLXP
 UHVXOWVH[FOXGHGIURPDQDO\VLV VHHDSSHQGL[
SDJHRI 5,90UHSRUW

'5,('$1,0$/)(('86,1*/$&726(68/),7(&21),50$7,21

ODEFRGH UHSO %ODQN /RZ 0HGLXP +LJK

1 /RJ1 1 /RJ1 1 /RJ1 1 /RJ1
 D       
 E        
 D       
 E        
 D        
 E       
 D        
 E        
 D       
 E       
 D       
 E       
 D      
 E      
 D        
 E        
 D       
 E       
 D        
 E        
 D        
 E       
 D
 E
 D
 E
 D       
 E        
 D       
 E       
 D        
 E        
 D       
 E       
1 QXPEHURI&SHUIULQJHQVSHUJUDPVDPSOH FISJ 
 UHVXOWVH[FOXGHGIURPDQDO\VLV VHHDSSHQGL[
5,90UHSRUW SDJHRI

'5,('$1,0$/)(('86,1*01 /* &21),50$7,21 

ODEFRGH UHSO %ODQN /RZ 0HGLXP +LJK

1 /RJ1 1 /RJ1 1 /RJ1 1 /RJ1
 D       
 E        
 D
 E
 D        
 E       
 D        
 E        
 D        
 E       
 D       
 E       
 D       
 E       
 D        
 E        
 D
 E
 D        
 E        
 D
 E
 D        
 E       
 D        
 E       
 D       
 E        
 D       
 E       
 D        
 E        
 D       
 E       
1 QXPEHURI&SHUIULQJHQVSHUJUDPVDPSOH FISJ 
 01 /* PRWLOLW\QLWUDWH ODFWRVHJHODWLQHPHGLXP
 UHVXOWVH[FOXGHGIURPDQDO\VLV VHHDSSHQGL[
SDJHRI 5,90UHSRUW

50V

ODEFRGH UHSO /6 01 /*
1 /RJ1 1 /RJ1
 D    
 E    
 D  
 E  
 D    
 E    
 D    
 E    
 D    
 E    
 D    
 E    
 D   
 E    
 D    
 E    
 D  
 E  
 D    
 E    
 D  
 E  
 D  
 E  
 D  
 E  
 D    
 E    
 D    
 E    
 D    
 E    
 D    
 E    
1 QXPEHURI&SHUIULQJHQVSHUJUDPVDPSOH FISJ 
/6 ODFWRVHVXOILWHFRQILUPDWLRQ
01 /* PRWLOLW\QLWUDWH ODFWRVHJHODWLQHFRQILUPDWLRQ
 UHVXOWVH[FOXGHGIURPDQDO\VLV VHHDSSHQGL[
5,90UHSRUW SDJHRI

$SSHQGL[ 'XQFDQ¶VWHVWUHVXOWV
*HQHUDO/LQHDU0RGHOV3URFHGXUH
'XQFDQ V0XOWLSOH5DQJH7HVWIRUYDULDEOH/2*&)8
127(7KLVWHVWFRQWUROVWKHW\SH,FRPSDULVRQZLVHHUURUUDWHQRWWKHH[SHULPHQWZLVHHUURUUDWH

'XQFDQ*URXSLQJ PHDQVZLWKWKHVDPHOHWWHUDUHQRWVLJQLILFDQWO\GLIIHUHQW
0HDQ PHDQORJ YDOXHVRIWKHEOLQGGXSOLFDWHVDPSOHV


1 QXPEHURIEOLQGGXSOLFDWHVDPSOHVZLWKLQHDFKODERUDWRU\ 1 
/$% ODERUDWRU\FRGH
 RXWO\LQJWHVWUHVXOW QRWH[FOXGHGIURPDQDO\VLV
0D[GLIIHUHQFH   GLIIHUHQFHLQORJ FISJEHWZHHQWKHKLJKHVWDQGORZHVWPHDQYDOXH7KHYDOXHLQ


EUDFNHWVLVWKHPD[LPXPYDOXHZLWKRXWWKHRXWOLHU V PDUNHGZLWK 

5()(5(1&(0$7(5,$/6/6&21),50$7,21

0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
% $   
% $ &   
% $ &   
% $ &   
% ' &   
% ' &   
' ( &   
' ( &   
) ' (   
) (   
) (   
)   

5()(5(1&(0$7(5,$/601 /*&21),50$7,21

0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
% $   
% $ &   
% $ &   
% ' &   
% ' ( &   
) ' ( &   
) ' ( &   
) ' ( &   
) ' (   
) (   
)   
SDJHRI 5,90UHSRUW

&+((6(6$03/(6±/6&21),50$7,21

/(9(/ /2: 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
$   
$   
$   
% $   
% $   
% $   
% $   
% $   
% $   
% $   
%   

/(9(/ 0(',80 0($1/2*&)8  0D[GLIIHUHQFH  

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
$   
$   
$   
$   
$   
$   
$   
 $   
$   
$   
%   

/(9(/ +,*+ 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
$   
$   
$   
$   
$   
% $   
% $ &   
% $ &   
% &   
% &   
&   
5,90UHSRUW SDJHRI

&+((6(6$03/(6±01 /*&21),50$7,21

/(9(/ /2: 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
$   
$   
$   
$   
% $   
% $   
% $   
% $   
% $   
% $   
%   

/(9(/ 0(',80 0($1/2*&)8  0D[GLIIHUHQFH  

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
% $   
% $   
% $   
% $   
% $   
% $   
% $   
% $   
%   
%   
&   
'   

/(9(/ +,*+ 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
% $   
% $   
% $   
% $   
% $   
% $   
% $   
% $   
% $ &   
% &   
% &   
&   
SDJHRI 5,90UHSRUW

0($76$03/(6±/6&21),50$7,21

/(9(/ /2: 0($1/2*&)8  0D[GLIIHUHQFH  

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
% $   
% $ &   
% ' &   
% ' &   
% ' &   
% ' &   
% ' &   
' &   
' &   
'   
(   

/(9(/ 0(',80 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
% $   
% $ &   
% ' &   
% ( ' &   
) ( ' &   
) ( ' *   
) ( *   
) + *   
+ *   
, +   
,   

/(9(/ +,*+ 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
% $   
% $   
% $   
% $   
% $ &   
% $ &   
% $ &   
% &   
% &   
' &   
'   
5,90UHSRUW SDJHRI

0($76$03/(6±01 /*&21),50$7,21

/(9(/ /2: 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
% $   
% $ &   
% $ &   
% ' $ &   
% ' $ &   
( % ' $ &   
( % ' $ &   
( % ' &   
( ' &   
( ' &   
( '   
(   

/(9(/ 0(',80 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
% $   
% $   
% $   
% $ &   
% $ &   
% ' $ &   
% ' &   
' ( &   
' ( &   
' (   
' (   
(   

/(9(/ +,*+ 0($1/2*&)8  0D[GLIIHUHQFH  

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
% $   
% $ &   
% $ &   
% $ &   
% $ &   
% $ &   
% &   
% &   
&   
'   
'   
SDJHRI 5,90UHSRUW

'5,('$1,0$/)(('6$03/(6±/6&21),50$7,21

/(9(/ /2: 0($1/2*&)8  0D[GLIIHUHQFH  

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
%   
&   
' &   
' &   
' & (   
' & (   
' (   
' (   
) (   
* )   
*   
*   

/(9(/ 0(',80 0($1/2*&)8  0D[GLIIHUHQFH  

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
% $   
% &   
' &   
' & (   
' & (   
' ) (   
' * ) (   
' * ) (   
* ) (   
* )   
*   
+   

/(9(/ +,*+ 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
$   
%   
%   
& %   
& % '   
& % '   
& % '   
& '   
( '   
( '   
(   
5,90UHSRUW SDJHRI

'5,('$1,0$/)(('6$03/(6±01 /*&21),50$7,21

/(9(/ /2: 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
% $   
%   
&   
' &   
' &   
' &   
' &   
' &   
' (   
) (   
) (   
)   

/(9(/ 0(',80 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
$   
$   
%   
& %   
& %   
& %   
&   
& '   
& '   
( '   
( '   
(   

/(9(/ +,*+ 0($1/2*&)8  0D[GLIIHUHQFH 

'XQFDQ*URXSLQJ 0HDQ 1 /$%

$   
% $   
% $   
%   
&   
&   
' &   
' (   
' ( )   
' ( )   
* ( )   
* )   
*   
SDJHRI 5,90UHSRUW

$SSHQGL[ 'HYLDWLQJWHVWUHVXOWV

ODE 6DPSOHV &RQILUPDWLRQ 'HYLDWLRQ ([FOXGHG"

WHFKQLTXH
 '±'  5HVXOWVLQGLFDWHDVZLWFKEHWZHHQWKHVH <HVWHVWUHVXOWVIURP'DQG
VDPSOHV+RZHYHUWKLVFDQQRWEH 'KDYHEHHQH[FOXGHGIURP
FRQILUPHGE\WKLVODERUDWRU\ VWDWLVWLFDODQDO\VLV

 &0'5 /6 5HVXOWV/6FRQILUPDWLRQQRWUHOLDEOHWRR <HV

PDQ\QHJDWLYHWHVWUHVXOWVGXHWR
SUREOHPVXVLQJWKLVPHGLXP

 $OO  76&DJDUSUHSDUHGIURP2[RLGEDVH <HV

ZKLFKLVGLIIHUHQWIURPWKHFRPSRVLWLRQ
DVZULWWHQLQ,62  
)XUWKHUPRUHHJJ\RONZDVDGGHGWRWKH
PHGLXP H[FHSWIRUFKHHVH 

 &KHHVH  6WDUWHGDQDO\VLVRIVDPSOHVGD\VODWHU 1RVWDELOLW\UHVXOWVVKRZWKDW

WKDQSODQQHGZKLFKZDVGD\VDIWHU WKHFRQWDPLQDWLRQOHYHOGLGQRW
SUHSDUDWLRQRIWKHVDPSOHV FKDQJHVLJQLILFDQWO\GXULQJD
SHULRGRIGD\V
5,90UHSRUW SDJHRI

$SSHQGL[ 6$6SURWRFRO
6RIWZDUH6$6UHOHDVH&RS\ULJKW‹E\6$6,QVWLWXWH,QF&DU\1&86$
3URJUDPILOHV6$6SHUIVDV  6$6UPVDV  
'DWDILOHVFKHHVHVGPHDWVGGULHGVGUPVG 

 &ORVWULGLXPSHUIULQJHQVWULDOMDQIHEU 

OLEQDPHVDVNLD Q?SHUIULQJ?WULDO?UHVXOWV?FDOFXOD 

SURFSULQWGDWD VDVNLDGULHG REV  

UXQ

 DUUDQJHGDWD 

SURFFRQWHQWVGDWD VDVNLDGULHG
UXQ

GDWDIRRG
VHWVDVNLDGULHG
GURSOVJDVOVEODFNPRWLOLW\QLWUDWHODFWRVHJHODWLQHFIXBJORJBFIXBSTWXYZ
UXQ

SURFSULQWGDWD IRRG
ZKHUH ODE  
UXQ

 UHPRYHFRORQ\FRXQWV! 

GDWDIRRG
VHWIRRG
LI FRXQWV  
UXQ

 PHUJHVDPSOHFRGHVZLWKWHVWUHVXOWV 

SURFSULQWGDWD VDVNLDFRGHVUXQ

GDWDFRGHULQJ
VHWVDVNLDFRGHV
LI ODE! 
UXQ

SURFSULQWGDWD FRGHULQJ
UXQ

SURFVRUWGDWD IRRG
E\ODEVDPSOH
UXQ

SURFVRUWGDWD FRGHULQJ
E\ODEVDPSOH
UXQ

GDWDIRRG
PHUJHIRRG ,1 LQHHQ FRGHULQJ ,1 LQWZHH 
E\ODEVDPSOH
SDJHRI 5,90UHSRUW

,)LQHHQ  LQWZHH 
UXQ

SURFSULQWGDWD IRRG
UXQ

 H[FOXGHEODQFVDPSOHV 

GDWDIRRG
VHWIRRG
LI OHYHOQH% 
UXQ

GDWDIRRG
VHWIRRG
UXQ

 UHPRYHHPSW\FHOOV 

GDWDIRRG
VHWIRRG
LIFRXQWV!  FRXQWV 
UXQ

GDWDIRRG
VHWIRRG
ZKHUH
 OHYHO 0 DQG GLOXWLRQ RUGLOXWLRQ   RU
 OHYHO / DQG GLOXWLRQ RUGLOXWLRQ   RU
 OHYHO + DQG GLOXWLRQ RUGLOXWLRQ    
UXQ

SURFIUHTGDWD IRRG
WDEOHVOHYHO GLOXWLRQ
UXQ

 PXOWLSO\FRORQ\FRXQWVZLWKFRQILUPDWLRQIDFWRU 

GDWDIRRG
VHWIRRG
LI FRXQWV! WKHQWUXHIDF OVSRVWHVWHG
LI FRXQWV! WKHQWUXHIDF 01OJSRVWHVWHG
LI FRXQWV  DQGOVSRV  WKHQWUXHIDF 
LI FRXQWV  DQGPQOJSRV  WKHQWUXHIDF 
WUXHIDF 
FROF LQW FRXQWV WUXHIDF  ZKHUH FROF  FRQILUPDWLRQXVLQJ/6PHGLXP 
FROF LQW FRXQWV WUXHIDF  ZKHUH FROF  FRQILUPDWLRQXVLQJ01/*PHGLXP 
FROF LQW FRXQWV WUXHIDF  ZKHUH FROF  QRFRQILUPDWLRQUHVXOWVLQFOXGHG 
UXQ

SURFSULQWGDWD IRRG
UXQ

SURFVRUWGDWD IRRG
E\ODEVDPSOHGLOXWLRQ
UXQ
5,90UHSRUW SDJHRI

 FDOFXODWHWKHGLOXWLRQIDFWRUIRUHDFKSODWHLQGLYLGXDOO\ 

SURFVRUWGDWD IRRG
E\ODEVDPSOHOHYHOGLOXWLRQ
UXQ

GDWDIRRG
VHWIRRG
GLOSRZHU  GLOXWLRQ
GLOSRZH GLOSRZHU
GLOSRZH GLOSRZHU
GLOSRZH GLOSRZHU
LI WUXHIDF  WKHQGLOSRZH 
LI WUXHIDF  WKHQGLOSRZH 
LI WUXHIDF  WKHQGLOSRZH 
UXQ

 VXPPDULVLQJFRXQWVDQGGLOXWLRQIDFWRUVIRUHDFKVDPSOH SODWHVWRJHWKHU  

SURFPHDQVGDWD IRRG
E\ODEVDPSOHOHYHO
YDUFROFFROFFROFGLOSRZHGLOSRZHGLOSRZH
RXWSXWRXW IRRG
VXP FROF FIXVRP
VXP FROF FIXVRP
VXP FROF FIXVRP
VXP GLOSRZH GSRZHU
VXP GLOSRZH GSRZHU
VXP GLOSRZH GSRZHU
UXQ

 FDOFXODWH1DQGORJ1SHUVDPSOH 

GDWDIRRG
VHWIRRG
FIX FIXVRPGSRZHU
FIX FIXVRPGSRZHU
FIX FIXVRPGSRZHU
ORJFIX ORJ FIX 
ORJFIX ORJ FIX 
ORJFIX ORJ FIX 
UXQ

SURFSULQWGDWD IRRG
ZKHUH OHYHO  / 
UXQ

 DQDO\VLVRIYDULDQFHDQG'XQFDQ V0XOWLSOH5DQJHWHVWSHUOHYHOFDOFXODWHGRQORJ1YDOXHV 

SURFVRUWGDWD IRRG
E\OHYHO
UXQ

SURFJOPGDWD IRRG
E\OHYHO
FODVVODE
PRGHOORJFIX ODEVROXWLRQ
UDQGRPODE
PHDQVODEGXQFDQ
SDJHRI 5,90UHSRUW

UXQ  ÅFDOFXODWLRQRISUHFLVLRQGDWDXVLQJ/6PHGLXP 

SURFJOPGDWD IRRG
E\OHYHO
FODVVODE
PRGHOORJFIX ODEVROXWLRQ
UDQGRPODE
PHDQVODEGXQFDQ
UXQ  ÅFDOFXODWLRQRISUHFLVLRQGDWDXVLQJ01 /*PHGLXP

SURFJOPGDWD IRRG
E\OHYHO
FODVVODE
PRGHOORJFIX ODEVROXWLRQ
UDQGRPODE
PHDQVODEGXQFDQ
UXQ  ÅFDOFXODWLRQRISUHFLVLRQGDWDRQQRQFRQILUPHGFRXQWV 

 )WHVWRQGLIIHUHQFHEHWZHHQUHVXOWVIURPERWKFRQILUPDWLRQPHWKRGV 

GDWDIRRG
VHWIRRG
GHOWFIX ORJFIXORJFIX
UXQ

SURFJOP
PRGHOGHOWFIX VROXWLRQ
UXQ

 FDOFXODWH7 7IRUHDFKODERUDWRU\ 

SURFVRUWGDWD IRRG
E\ODEVDPSOHGLOXWLRQ
UXQ

SURFPHDQVGDWD IRRG
E\ODEVDPSOHGLOXWLRQ
YDUFRXQWV
RXWSXWRXW IRRG
VXP FRXQWV  VXPFROF
PHDQ FRXQWV  PHDQFROF
YDU FRXQWV  YDUFROF
UXQ

SURFVRUWGDWD IRRG
E\ODEVDPSOH
UXQ

GDWDIRRG
VHWIRRG
LI BIUHTB  WKHQVXPFROF  PHDQFROF
UXQ

 FDOFXODWLRQRI7 

SURFVRUWGDWD FRGHULQJ
E\ODEVDPSOH
UXQ
5,90UHSRUW SDJHRI

GDWDIRRG
PHUJHIRRG LQ LQHHQ FRGHULQJ LQ LQWZHH 
E\ODEVDPSOH
LI LQHHQ  LQWZHH  
UXQ

SURFVRUWGDWD IRRG
E\ODEOHYHOGLOXWLRQ
UXQ

SURFPHDQVGDWD IRRG
E\ODEOHYHOGLOXWLRQ
YDUVXPFROF
RXWSXWRXW IRRG
PHDQ VXPFROF  PQVFROF
YDU VXPFROF  YDUVFROF
UXQ

GDWDIRRG
VHWIRRG
WFRQW YDUVFROFPQVFROF
ZKHUH YDUVFROF!   PQVFROF!   PQVFROF! 
UXQ

SURFVRUWGDWD IRRG
E\ODE
UXQ

SURFPHDQVGDWD IRRG
E\ODE
YDUWFRQW
RXWSXWRXW IRRG
VXP WFRQW  W
UXQ

GDWDIRRG7
VHWIRRG
XSSHUOP BIUHTB VTUW  BIUHTB 
UXQ

SURFSULQWGDWD IRRG7
UXQ

 FDOFXODWLRQRI7 

GDWDIRRG
VHWIRRG
WFRQW YDUFROFPHDQFROF
ZKHUH YDUFROF!   PHDQFROF!   PHDQFROF! 
UXQ

SURFVRUWGDWD IRRG
E\ODE
UXQ

SURFPHDQVGDWD IRRG
E\ODE
YDUWFRQW
SDJHRI 5,90UHSRUW

RXWSXWRXW IRRG
VXP WFRQW  W
UXQ

GDWDIRRG7
VHWIRRG
XSSHUOP BIUHTB VTUW  BIUHTB 
UXQ

SURFSULQWGDWD IRRG7
UXQ
5,90UHSRUW SDJHRI

$SSHQGL[ 5HSHDWDELOLW\DQGUHSURGXFLELOLW\YDOXHV
35(&,6,212),620(7+2'&$/&8/$7('86,1*,62 

&21),50('&2817686,1*/$&726(68/),7(0(',80
6DPSOHW\SH /HYHO /DEV VDPSOHV 0HDQ U ORJ  D
U E
5 ORJ  F
5 G
56' U
H
56' 5
I

ORJFISJ

&KHHVH /RZ         

0HGLXP         
+LJK         
0HDW /RZ         
0HGLXP         
+LJK         
'ULHGDQLPDO /RZ         
IHHG 0HGLXP         
+LJK         
50         

&21),50('&2817686,1*027,/,7<1,75$7( /$&726(*(/$7,1(0(',80
6DPSOHW\SH /HYHO /DEV VDPSOHV 0HDQ U ORJ  D
U E
5 ORJ  F
5 G
56' U
H
56' 5
I

ORJFISJ

&KHHVH /RZ         

0HGLXP         
+LJK         
0HDW /RZ         
0HGLXP         
+LJK         
'ULHGDQLPDO /RZ         
IHHG 0HGLXP         
+LJK         
50         
D  U ORJ  UHSHDWDELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHGLIIHUHQFHEHWZHHQWZRWHVWUHVXOWV
H[SUHVVHGLQORJXQLWVDQGREWDLQHGXQGHUUHSHDWDELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
E  U UHSHDWDELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHUDWLREHWZHHQWZRWHVWUHVXOWVH[SUHVVHGRQ
QRUPDOVFDOHDQGREWDLQHGXQGHUUHSHDWDELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
F  5 ORJ  UHSURGXFLELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHGLIIHUHQFHEHWZHHQWZRWHVWUHVXOWV
H[SUHVVHGLQORJXQLWVDQGREWDLQHGXQGHUUHSURGXFLELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI

G  5 UHSURGXFLELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHUDWLREHWZHHQWZRWHVWUHVXOWVH[SUHVVHGRQ
QRUPDOVFDOHDQGREWDLQHGXQGHUUHSURGXFLELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
H  56'U [6UPHDQH[SUHVVLQJWKHYDOXHRIUUHODWLYHWRWKHFRQWDPLQDWLRQOHYHO
I  56'5 [65PHDQH[SUHVVLQJWKHYDOXHRI5UHODWLYHWRWKHFRQWDPLQDWLRQOHYHO
SDJHRI 5,90UHSRUW

35(&,6,212),620(7+2'&$/&8/$7('86,1*SU(1,62 

&21),50('&2817686,1*/$&726(68/),7(0(',80
6DPSOHW\SH /HYHO /DEV VDPSOHV 0HGLDQ U ORJ  D
U E
5 ORJ  F
5 G
56' U
H
56' 5
I

ORJFISJ

&KHHVH /RZ         

0HGLXP         
+LJK         
0HDW /RZ         
0HGLXP         
+LJK         
'ULHGDQLPDO /RZ         
IHHG 0HGLXP         
+LJK         
50         

&21),50('&2817686,1*027,/,7<1,75$7( /$&726(*(/$7,1(0(',80
6DPSOHW\SH /HYHO /DEV VDPSOHV 0HGLDQ U ORJ  D
U E
5 ORJ  F
5 G
56' U
H
56' 5
I

ORJFISJ

&KHHVH /RZ         

0HGLXP         
+LJK         
0HDW /RZ         
0HGLXP         
+LJK         
'ULHGDQLPDO /RZ         
IHHG 0HGLXP         
+LJK         
50         

D  U ORJ  UHSHDWDELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHGLIIHUHQFHEHWZHHQWZRWHVWUHVXOWV
H[SUHVVHGLQORJXQLWVDQGREWDLQHGXQGHUUHSHDWDELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
E  U UHSHDWDELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHUDWLREHWZHHQWZRWHVWUHVXOWVH[SUHVVHGRQ
QRUPDOVFDOHDQGREWDLQHGXQGHUUHSHDWDELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
F  5 ORJ  UHSURGXFLELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHGLIIHUHQFHEHWZHHQWZRWHVWUHVXOWV
H[SUHVVHGLQORJXQLWVDQGREWDLQHGXQGHUUHSURGXFLELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI

G  5 UHSURGXFLELOLW\OLPLWWKHYDOXHOHVVWKDQRUHTXDOWRZKLFKWKHDEVROXWHUDWLREHWZHHQWZRWHVWUHVXOWVH[SUHVVHGRQ
QRUPDOVFDOHDQGREWDLQHGXQGHUUHSURGXFLELOLW\FRQGLWLRQVPD\EHH[SHFWHGWREHZLWKDSUREDELOLW\RI
H  56'U [6UPHGLDQH[SUHVVLQJWKHYDOXHRIUUHODWLYHWRWKHFRQWDPLQDWLRQOHYHO6U VWDQGDUGGHYLDWLRQUHIOHFWLQJ
UHSHDWDELOLW\>@
I  56'5 [65PHGLDQH[SUHVVLQJWKHYDOXHRI5UHODWLYHWRWKHFRQWDPLQDWLRQOHYHO65 VWDQGDUGGHYLDWLRQ
UHIOHFWLQJUHSURGXFLELOLW\>@
5,90UHSRUW SDJHRI

$SSHQGL[ 0HGLD
2WKHUPHGLDDUHSUHVFULEHGLQWKH623LQ$SSHQGL[

'XQFDQ 6WURQJPHGLXP
&RPSRVLWLRQ
<HDVWH[WUDFW J
3URWHRVHSHSWRQH  J
6WDUFK  J
'LVRGLXPK\GURJHQSKRVSKDWH  J
:DWHU PO

3UHSDUDWLRQ
'LVVROYHWKHFRPSRQHQWVLQZDWHUE\KHDWLQJ6WHULOLVHE\DXWRFODYLQJDWƒ&IRUPLQXWHV

5HIHUHQFH0DQDYDNLV0-$YDQ'RPPHOHQ3+LQµW9HOG(QXPHUDWLRQRI&ORVWULGLXPSHUIULQJHQV
LQUHIHUHQFHPDWHULDOVIRUIRRGPLFURELRORJ\±%&5)22'WULDO1DWLRQDO,QVWLWXWHRI3XEOLF+HDOWKDQGWKH
(QYLURQPHQW 5,90 5HSRUWQR

0EURWK
&RPPHUFLDOO\DYDLODEOHFRPSOHWHGHK\GUDWHGPHGLXP %LRNDU%. 3UHSDUHGDFFRUGLQJWRWKH
PDQXIDFWXUHU¶VLQVWUXFWLRQV

0DJDU
&RPPHUFLDOO\DYDLODEOHFRPSOHWHGHK\GUDWHGPHGLXP %LRNDU%. 3UHSDUHGDFFRUGLQJWRWKH
PDQXIDFWXUHU¶VLQVWUXFWLRQV

'H0DQ5RJRVDHW6KDUSH 056 EURWK

&RPPHUFLDOO\DYDLODEOHFRPSOHWHGHK\GUDWHGPHGLXP %LRNDU%. 3UHSDUHGDFFRUGLQJWRWKH
PDQXIDFWXUHU¶VLQVWUXFWLRQV

'H0DQ5RJRVDHW6KDUSH 056 DJDU

&RPPHUFLDOO\DYDLODEOHFRPSOHWHGHK\GUDWHGPHGLXP %LRNDU%. 3UHSDUHGDFFRUGLQJWRWKH
PDQXIDFWXUHU¶VLQVWUXFWLRQV

5LQJHU¶VVROXWLRQ
&RPPHUFLDOO\DYDLODEOHFRPSOHWHGHK\GUDWHGWDEOHWV 0HUFN 3UHSDUHGDFFRUGLQJWRWKHPDQXIDFWXUHU¶V
LQVWUXFWLRQV

&RRNHGPHDWPHGLXP
&RPPHUFLDOO\DYDLODEOHFRPSOHWHGHK\GUDWHGPHGLXP3UHSDUHGDFFRUGLQJWRWKHPDQXIDFWXUHU¶VLQVWUXFWLRQV

1XWULHQWEURWK
&RPPHUFLDOO\DYDLODEOHFRPSOHWHGHK\GUDWHGPHGLXP3UHSDUHGDFFRUGLQJWRWKHPDQXIDFWXUHU¶VLQVWUXFWLRQV

3ODWHFRXQWDJDU 3&$
&RPPHUFLDOO\DYDLODEOHFRPSOHWHGHK\GUDWHGPHGLXP 2[RLG&0 3UHSDUHGDFFRUGLQJWRWKH
PDQXIDFWXUHU¶VLQVWUXFWLRQV