$87(;5HVHDUFK-RXUQDO9RO1R0DUFK‹$87(;

'(9(/230(17 2) 6+$3( 0(025< $//2< )$%5,&6 )25

&20326,7(6758&785(6
)UDQoRLV%28668*XLOODXPH%$,//(8/
*(07(;/DERUDWRU\*HQLXVDQG7(;WLOH0DWHULDOV
(16$,7)UHQFK(QJLQHHULQJ6FKRROLQ7H[WLOH
UXHGHO¶(UPLWDJH%3
5RXEDL[&HGH[)UDQFH
(PDLOIUDQFRLVERXVVX#HQVDLWIU

-HDQ/XF3(7,71,27
21(5$1DWLRQDO2IILFHRI5HVHDUFKDQG6WXGLHVLQ$HURQDXWLFV
'06(5&6
ERXOHYDUG3DXO3DLQOHYp
/LOOH)UDQFH
(PDLOSHWLWQLR#LPIOLOOHIU

+XJXHV9,1&+21
'8%$5:$51(721
UXH-XOHV*XHVGH
:DWWUHORV)UDQFH
(PDLOKYLQFKRQ#GXEDUZDUQHWRQFRP

$EVWUDFW
6KDSH PHPRU\ DOOR\V 60$V DUH D XQLTXH FODVV RI DOOR\V ZKLFK DUH DEOH ERWK WR µUHPHPEHU¶ WKHLU
VKDSHDWKLJKWHPSHUDWXUHGXULQJWKHLUPRGLILFDWLRQDWORZHUWHPSHUDWXUHXQGHUWKHLUWUDQVLWLRQGRPDLQ
DQG DEOH WR UHFRYHU WKDW LQLWLDO VKDSH ZKHQ KHDWHG 7KLV DELOLW\ LV NQRZQ DV WKH RQHZD\ VKDSH
PHPRU\HIIHFW0RUHRYHU60$VSUHVHQWWZRRWKHULQWHUHVWLQJSURSHUWLHVVXSHUHODVWLFLW\DQGGDPSLQJ
FDSDELOLWLHVZKLFKFDQEHPRUHRUOHVVFRPELQHGZLWKWKHILUVWRQH
$Q60$ZLUHRI1LWLQROPHVKZDVPDQXIDFWXUHGLQWRWHFKQLFDOIDEULFLQRUGHUWRH[DPLQHLWVZHDYLQJ
DGDSWDELOLW\LQFRPSDULVRQZLWKDVWDLQOHVVZLUHDQGWRLQYHVWLJDWHWKHGLIIHUHQWSRVVLELOLWLHVRIXVHRI
WKH PDWHULDO LQVLGH FRPSRVLWH VWUXFWXUHV 6HYHUDO WHVWV KDYH EHHQ RU ZLOO EH FDUULHG RXW LQ RUGHU WR
FKHFNWKHHIIHFWRIWKHZHDYLQJRSHUDWLRQDQGODWHUWRPHDVXUHWKHHIILFLHQFLHVRIGDPSLQJDQGVKDSH
PRGLILFDWLRQ

.H\ZRUGVVKDSHPHPRU\DOOR\VVKDSHPHPRU\HIIHFWVXSHUHODVWLFLW\GDPSLQJFDSDELOLWLHV

,QWURGXFWLRQ
,QWKHHDUO\VL[WLHV6KDSH0HPRU\$OOR\V60$ZHUHODUJHO\FRQVLGHUHGDVFXULRVLWLHV QGZHUHQRW
ZLGHO\ GLVVHPLQDWHG EHFDXVH RI WKHLUUHODWLYHO\ SRRU DJHLQJ SURSHUWLHV ORZ GHIRUPDWLRQ UHSHDWDELOLW\
DQGDQH[FHVVLYHHODERUDWLRQFRVWZKLFKZDVXQIDYRXUDEOHWRJHQHUDOSXEOLFDSSOLFDWLRQV$IWHUDTXLHW
SHULRGZKLFKVDZIHZODUJHDSSOLFDWLRQVEXWDOVRDQLPSURYHPHQWLQWKHTXDOLW\RIPDWHULDOVZLWKWKH
GHYHORSPHQWRIQHZFRPSRVLWLRQV 60$VDUHRQFHDJDLQUHFHLYLQJFRQVLGHUDEOHLQWHUHVWIURPYDULRXV
FRPPRQLQGXVWULDOILHOGV>@$SSOLFDWLRQVDUHRQO\GHYHORSHGIURPWZRJUHDWIDPLOLHVQLFNHOWLWDQLXP
DQG FRSSHU EDVHG DOOR\V 6KDSH 0HPRU\ $OOR\V ZKHWKHU WKHUPDOO\ RU HOHFWULFDOO\ DFWLYDWHG DUH
DWWUDFWLYHZKHQJUHDWIRUFHVDQGODUJHGLVSODFHPHQWVDUHERWKUHTXLUHGLQRUGHUWRDWWDLQFRPSOH[DQG
QRWLFHDEOH WKUHHGLPHQVLRQDO VKDSHV EXW DW WKH SULFH RI XQIRUWXQDWHO\ VORZ PRGLILFDWLRQV ,QGHHG LI
WKHWUDQVLWLRQIURPWKHPDUWHQVLWLFWRWKHDXVWHQLWLFSKDVHFDQEHUDSLGGHSHQGLQJRQWKHKHDWJUDGLHQW
WKHUHWXUQWRWKHRULJLQDWHVWDWHE\FRROLQJRIWHQWDNHVDORQJHUWLPH,QVWHDGRID-RXOHHIIHFWKHDWLQJ
FDQ WDNH SODFH WKDQNV WR FORVH KRW DHURG\QDPLF FRQYHFWLYH IORZ 6LPSOH VKDSH PHPRU\ DQG
VXSHUHODVWLF HIIHFWV FDQ EH XVHG DV ZHOO 6XSHUHODVWLFLW\ DOORZV D ODUJH VWURNH WR EH FRYHUHG DW
FRQVWDQWHIIRUW)RUDJLYHQPDVVZLUHJHRPHWU\SURFXUHVWKHRSWLPDOZRUNZLWKDXQLIRUP VROLFLWDWLRQ
ZKLFK FDQ QDWXUDOO\ RQO\ FRQVLVW RI WHQVLRQ 21(5$ ZDV LQWHUHVWHG LQ WKHVH H[RWLF PDWHULDOV IRU WKH
ILUVWWLPHEHFDXVHRIWKHVKDSHPHPRU\HIIHFWDQGLWVSRWHQWLDOXVHLQFU\RJHQLFPRGHOWHFKQRORJ\WR

KWWSZZZSORG]SODXWH[UM1RSGI 
$87(;5HVHDUFK-RXUQDO9RO1R0DUFK‹$87(;

PDQXIDFWXUH VFUHZ FDSV DQG DVVHPEO\ GHYLFHV > @ 7KH\ ZHUH DOVR XVHG DV DFWXDWRUV IRU WKH
PRGLILFDWLRQRIDHURG\QDPLFSURILOHV>@
7KHLU LQWURGXFWLRQ LQWR LQQHU FRPSRVLWH PDWHULDO VWUXFWXUHV LQ RUGHU WR LPSURYH RU H[WHQG WKHLU LQLWLDO
SRVVLELOLWLHVFRQVWLWXWHVWKHOHDGLQJD[LVRIWKHSUHVHQWGHYHORSPHQW0XFKUHVHDUFKXVLQJODUJHZLUHV
LQGLYLGXDOO\HPEHGGHGLQWKHFRPSRVLWHSOLHVKDYHDOUHDG\GHPRQVWUDWHGWKHSRWHQWLDOLQWHUHVWRIVXFK
DFRPELQDWLRQ%XWXQIRUWXQDWHO\WRWKHEHVWRIRXUNQRZOHGJHQRZLUHIDEULFH[LVWVDV RIQRZDOORZLQJ
IXUWKHULQYHVWLJDWLRQDWDORZHUFRVWRIWKHHIIHFWRIPRUHGLVWULEXWHGHOHPHQWVSDUWLFXODUO\LQVLGHWKLQ
SDQHOV 7KH H[SHFWHG SURSHUWLHV ZLWK DOLJQHG LQGLYLGXDO ZLUHV JLYLQJ D FHUWDLQ DQLVRWURSLF FKDUDFWHU
DV ZDV SDUWLDOO\ GHPRQVWUDWHG LQ WKH 86 FRQFHUQ WKH GDPSLQJ RI FRQWLQXRXV IDWLJXH RU VKRFN
YLEUDWLRQV WKH SRWHQWLDO UHGXFWLRQ RI GDPDJH XQGHU LPSDFWV DQGRU SHUIRUDWLRQ WKH VWUDLJKWHQLQJ WR
EXFNOLQJ RI SDQHOV DQG D VORZVSHHG EXW QRWLFHDEOH DQG PRUH VHOHFWLYH VKDSH FRQWURO RI VWUXFWXUHV
6RPHSUHOLPLQDU\ZRUNKDVEHHQFDUULHGRXWDW21(5$RQWKHGDPSLQJFDSDELOLW\RIFRPSRVLWHSDQHOV
ZLWKHPEHGGHG60$ZLUHV>@7HVWVRQWKLFNQDYDOSDQHOVKDYHEHHQOHVVFRQFOXVLYH> @$FFRUGLQJ
WR WKH W\SH RI PDWHULDO XVHG WHPSHUDWXUH WUDQVLWLRQ GRPDLQ DQG HGXFDWLRQ PRGH  WKH VXLWDEOH
LQIOXHQFHVRIWKHVKDSHFRQWURODQGGDPSLQJSURSHUWLHVPD\EHMXGLFLRXVO\FRPELQHG7KHSXUSRVHRI
WKLV SUHOLPLQDU\ ZHDYLQJ VWXG\ KDV EHHQ WR GHPRQVWUDWH WKH SRVVLELOLW\ RI ZHDYLQJ QLFNHOWLWDQLXP
\DUQV WR VKRZ WKH HIIHFWLYH LPSURYHPHQW RI WKH SURSHUWLHV DQG WR PDQXIDFWXUH VRPH VLPSOH
GHPRQVWUDWRUVZKLFKFRXOGQRWEHHDVLO\FRQFHLYHGZLWKRXWIDEULF7KHUHLQIRUFHPHQWWH[WXUHFRQVLVWV
LQ D JULG SODLQ ZHDYH IDEULF ZKLFK HQVXUHV D UHODWLYHO\ JRRG VWDELOLW\ RI WKH PHVK ZLWK D TXDVL
LVRWURSLFFRQWULEXWLRQLQVLGHWKHFRPSRVLWH7KLVFKRLFHDOORZVWKHPDWHULDOWREHHPEHGGHGLQHLWKHU
ILEUHJODVV RU FDUERQ ILEUH FRPSRVLWHV 7KH IDYRXUDEOH JDS RI GDPSLQJ DQG GDPDJH UHGXFWLRQ
SURSHUWLHV LV FRPSDUHG WR WKH QRQHIIHFW RI D VLPLODU PHVK UHLQIRUFHPHQW XVLQJ VWDLQOHVV ZLUH ZLWK
FRPSDUDEOH JHRPHWULF ZLUH 7H[ QXPEHU DQG ZHDYLQJ ZDUS DQG ZHIW FRXQWV ZHDYH GLDJUDP
FKDUDFWHULVWLFV

3URSHUWLHVRIVKDSHPHPRU\DOOR\V
$PHWDOOLFDOOR\SUHVHQWVDVLPSOHVKDSHPHPRU\HIIHFWLIDIWHUKDYLQJEHHQGHIRUPHGW\SLFDOO\E\D
IHZ SHU FHQW LQ D SHUPDQHQW VWDWH DW D ORZ WHPSHUDWXUH LW UHFRYHUV LWV RULJLQDO VKDSH E\ KHDWLQJ
DERYHDWUDQVLWLRQGRPDLQ)LJXUH7KHUHWXUQWRWKHORZWHPSHUDWXUHWDNHVSODFHZLWKRXWYROXPH
LQFUHDVHE\DQDFFRPPRGDWLRQHIIHFWRIWKHSRVVLEOH PDUWHQVLWHYDULDQWV7KLVSKHQRPHQDZKLFK
FRQVLVWVLQDUHYHUVLEOHPDUWHQVLWLFWUDQVIRUPDWLRQDSSHDUVEHWZHHQWZRWHPSHUDWXUHVFDOOHGµORZ¶DQG
µKLJK¶ EXW ZKLFK GR QRW  SUHMXGJH WKHLU OHYHO WRZDUGV DPELHQW WHPSHUDWXUH 7KH F\FOH RI PDUWHQVLWLF
WUDQVIRUPDWLRQ ZKLFK SUHVHQWV D K\VWHUHVLV LV GHILQHG E\ IRXU FULWLFDO WHPSHUDWXUHV 0V $V 0I $I
)LJXUH7KHPDLQGHILQLWLRQVSURSHUWLHVDQGWHVWVRIVKDSHPHPRU\DOOR\VDUHVSHFLILHGLQ$)125
1RUPQƒ

)LJXUH3ULQFLSOHRIWKHVLPSOHPHPRU\HIIHFW )LJXUH0DUWHQVLWLFWUDQVIRUPDWLRQF\FOH

%HORZ0IWHPSHUDWXUHWKHDOOR\LVFRPSOHWHO\LQD PDUWHQVLWLFSKDVHDERYH$IWHPSHUDWXUHLWLVLQDQ
DXVWHQLWLF VWDWH 7KH FU\VWDOOLQH VWUXFWXUH YDULHV IURP D FHQWUHIDFHG FXELF ODWWLFH WR D FHQWUHG FXELF
ODWWLFH )LJXUH  7KHVH W\SLFDO WHPSHUDWXUHV HVVHQWLDOO\ GHSHQG RQ WKH QDWXUH DQG WKH FKHPLFDO
FRPSRVLWLRQDQGLQVRPHGHJUHHRQWKHYDULRXV WKHUPRPHFKDQLFDOWUHDWPHQWVXVHGWRHODERUDWHWKH
ILQLVKSURGXFWV8QGHUVHUYLFHVWUHVV WKHVHWHPSHUDWXUHVDUHDIWHUZDUGVPRGLILHGE\DIHZWKVRI
DGHJUHHRIDPHJD3DVFDO
7KHVXSHUHODVWLFEHKDYLRXULVFKDUDFWHULVHGE\WKHIDFWWKDWWKHPDWHULDOGHIRUPDWLRQXQGHUVWUHVVLV
REWDLQHGE\DSDUWLDOWUDQVIRUPDWLRQRI DXVWHQLWHLQWRRULHQWHG PDUWHQVLWH)LJXUH2QH[FHHGLQJWKH
ILUVW \LHOG SRLQW RIWHQ FDOOHG µSODWHDX VWUHVV¶ VHYHUDO SHUFHQW RI VWUDLQ FDQ EH DFFXPXODWHG ZLWK RQO\
OLWWOHVWUHVVLQFUHDVH7KLVSURSHUW\SURYLGHVD KLJKHQHUJ\VWRUDJHFDSDFLW\WRWKHPDWHULDOPDNLQJLW
VXLWDEOH IRU YDULRXV DSSOLFDWLRQV ZLWK GDPSLQJ FDSDELOLW\ 7KH RULJLQDO VKDSH FDQ EH UHFRYHUHG E\
KHDWLQJ DERYH WKH FRPSOHWH DXVWHQLWH WHPSHUDWXUH $I 7KH WHPSHUDWXUH UDQJH ZKHUH WKH VWUHVV

KWWSZZZSORG]SODXWH[UM1RSGI 
$87(;5HVHDUFK-RXUQDO9RO1R0DUFK‹$87(;

LQGXFHG PDUWHQVLWLF WUDQVIRUPDWLRQ SVHXGRHODVWLFLW\ RFFXUV OLHV EHWZHHQ 0V DQG 0G 0G VOLJKWO\
JUHDWHUWKDQ$I

)LJXUH&U\VWDOOLQHODWWLFHWUDQVIRUPDWLRQ )LJXUH6XSHUHODVWLFHIIHFW

'DPSLQJSURSHUWLHVRIVKDSHPHPRU\DOOR\
'DPSLQJLVVXHGIURPWKHPHFKDQLFDOHQHUJ\GLVVLSDWLRQE\LQWHUQDOIULFWLRQLVYHU\KLJK LQ WKH SXUH
PDUWHQVLWLF GRPDLQ EXW FDQ EH VWLOO PRUH LPSRUWDQW LQ WKH WUDQVLWLRQ ]RQH ZKHUH PDUWHQVLWH DQG
DXVWHQLWHSKDVHVFRH[LVW7KHPRGHOOLQJRIWKHLQWHUDFWLRQEHWZHHQGHIHFWVDQGWKHYDULRXVLQWHUIDFHV
LVUDWKHU FRPSOH[ >@ 7ZR W\SHV RI VLWXDWLRQKDYH WR EH FRQVLGHUHG)LJXUH  'DPSLQJ WR VKRFN LV
PRUHHIILFLHQWLQWKHWUDQVLWLRQ]RQHZKHUHDVGDPSLQJRIFRQWLQXRXVYLEUDWLRQLVUHDGLO\VROYHGLQWKH
PDUWHQVLWLF GRPDLQ :KHUHDV 1LWLQRO LV LQWHUHVWLQJ IRU LWV KLJK HQHUJ\ GHQVLW\ RI DFWXDWLRQ SRWHQWLDO
GDPSLQJSURSHUWLHVDUHKDOIWKDWRI&X$O =QDOOR\6'& LQVWHDGRI6'&LV6KRFN'DPSLQJ
&DSDFLW\WKLVODWWHUDOOR\SUHVHQWVSRRUPHFKDQLFDOSURSHUWLHVDQGLVQRORQJHUSURGXFHG$FFRUGLQJ
WROLWHUDWXUHRSWLPXPGDPSLQJSURSHUWLHVZRXOGEHREWDLQHGE\D60$YROXPHUHLQIRUFHPHQWRIDERXW
DQGDSUHVWUHVVRIWKHPDWHULDOFRUUHVSRQGLQJWRDQHORQJDWLRQRIWR


)LJXUH60$GDPSLQJFDSDELOLWLHV )LJXUH60$UHLQIRUFHGEHDPIRUGDPSLQJWHVWV

7KHILUVWWHVWVZHUHLQYHVWLJDWHGDW21(5$RQWKHGDPSLQJRISO\FDUERQHSR[\EHDPVUHLQIRUFHG
E\ VHYHUDO XQVWUHVVHG &X$O=Q ZLUHV $V ƒ& 7KH EHDPV )LJXUH  ZHUH FODPSHG DW RQH HQG
DQG VXEPLWWHG WR LPSDFWV )RXU RU WHQ ‡  PP ZLUHV VLPSOH HIIHFW WUHDWHG RU XQWUHDWHG
FRUUHVSRQGLQJUHVSHFWLYHO\WRDQGYROXPHUDWLRZHUHHPEHGGHGLQWKHFRPSRVLWHSOLHV
$Wƒ&LQWKHWUDQVLWLRQGRPDLQGDPSLQJLQFUHDVHVSDUWLFXODUO\IRUWKHVHFRQGIOH[XUHDQG VWWRUVLRQ
PRGHVZKHQDWƒ&LQWKHDXVWHQLWHVWDWHDVKDUSGHFUHDVHFDQEHQRWHG7DEOH

7DEOH)LUVWYLEUDWLRQPRGHVRIDEHDPFODPSHGDWRQHHQGDQGUHLQIRUFHGZLWKVRPH60$ZLUHV
)OH[LRQ 7RUVLRQ )OH[LRQ 7RUVLRQ
0RGHV 0RGHV VW QG VW
VW
 0RGH
QG
 0RGH
VW
 0RGH  0RGH  0RGH  0RGH
) [ ) [ ) [ ) [ ) [ ) [
&DVHV &DVHV
+]  +]  +]  +]  +]  +] 
XQUHLQIRUFHG       XQUHLQIRUFHG      
XQWUHDWHGZLUHV       XQWUHDWHGZLUHV      
WUHDWHGZLUHV       WUHDWHGZLUHV      
XQWUHDWHGZLUHV       XQWUHDWHGZLUHV      
WUHDWHGZLUHV       WUHDWHGZLUHV      

DWHVWVDWƒ& EWHVWVDWƒ&

KWWSZZZSORG]SODXWH[UM1RSGI 
$87(;5HVHDUFK-RXUQDO9RO1R0DUFK‹$87(;

)RU RXU DSSOLFDWLRQ ZH KDYH XVHG 1LWLQRO ZKLFK LV D VKDSH PHPRU\ DOOR\ LQFOXGLQJ WLWDQLXP RQ WKH
EDVLVRIDQLFNHOFRQWHQWDQGZDVGLVFRYHUHGDWWKH1DYDO2UGQDQFH/DERUDWRU\LQIURP
ZKLFK LWV QDPH FRPHV ,W LV NQRZQ WKDW 1LWLQRO LQ FROG ZRUNHG DQG DQQHDOHG FRQGLWLRQV H[KLELWV
FRQYHQWLRQDOQRQOLQHDUVXSHUHODVWLFLW\7KHQLFNHOWLWDQLXPIDPLO\RIIHUVWKHODUJHUPHPRU\HIIHFWXS
WRRIUHYHUVLEOHGHIRUPDWLRQDFWXDWLRQHQHUJ\GHQVLW\XSWRN-NJZLWKKLJKIRUFHVVWUHVVHVXS
GV
WR  03D DQG IRUFH JUDGLHQW YHUVXV WHPSHUDWXUH FKDQJH  G7  |  03D& ,WV UHVLVWDQFH WR
IDWLJXHDQGFRUURVLRQDUHKLJKDQGWKHPDWHULDOFDQVXSSRUWUDWKHUKLJKWHPSHUDWXUHVXSWRƒ&
IRUDIHZPRPHQWVZLWKRXWDQ\GDPDJH2QWKHRWKHUKDQGWKH PLFURVWUXFWXUHRIWKH SRO\FU\VWDOLV
ILQHUWKDQWKDWRIFRSSHUEDVHGDOOR\VZKLFKIDYRXUVDWKLQZLUHSURGXFW)RUWKHFRSSHUIDPLO\RQO\D
VLQJOHFU\VWDOPDWHULDOFRXOGPHHWDVLPLODUZHDYLQJGHYHORSPHQW

:HDYLQJWKHPHWDOOLFZLUHV
,I WKH ZHDYLQJ RI VWDLQOHVV ZLUH DV D WHFKQLFDO WH[WLOH LV UHODWLYHO\ FRPPRQ WR RXU NQRZOHGJH QR
ZHDYLQJWULDOKDVEHHQPDGHLQ)UDQFHFRQFHUQLQJ 1LWLQRO,QWKH8QLWHG6WDWHVDOWKRXJKVRPHORFDO
ODERUDWRU\ H[SHULPHQWV KDYH EHHQ FRQGXFWHG QR ODUJHVFDOH SURGXFWLRQ KDV EHHQ GRQH 7KLV ILUVW
LQYHVWLJDWLRQZDVPDGHZLWKD—PGLDPHWHUZLUHFRUUHVSRQGLQJWRDPHWULFQXPEHU7KHZLUH
LVFROGGUDZQWKURXJKILIW\RSHUDWLRQVIURPDPPGLDPHWHUZLWKVHYHUDOLQWHUPHGLDWHKHDWWUHDWPHQWV
WR EH FRUUHFWO\ UHGXFHG WR WKDW GLDPHWHU ZLWKRXW SUHMXGLFLDO FUDFNV DQG WR UHDFK WKH H[SHFWHG
WHPSHUDWXUHRIƒ&IRU$V

1DWXUHRIWKHPHWDOOLFZLUHVWHVWHG

7KUHH ZLUHV RI D GLDPHWHU RI  PLFURQV ZHUH VWXGLHG D VWDLQOHVV ZLUH DQG WZR 1LWLQRO ZLUHV 7KH
VWDLQOHVVLVDFODVVLFDO$/W\SH7KH 1LWLQROZLUHVKDYHEHHQUHVSHFWLYHO\VXSSOLHGE\WKH 0HPU\
5D\FKHP 86 &RPSDQ\ ORW UHIHUHQFH 'P DQG E\ 0pPRPpWDO LQ )UDQFH UHI FDVWLQJ 
7KHWHPSHUDWXUHVRIWKHWUDQVLWLRQF\FOHZHUHGHWHUPLQHGE\ '6&DQDO\VLV7KH5D\FKHPZLUHGDWD
0I ƒ& $V ƒ& 0V ƒ& $I ƒ& DUH VOLJKWO\ XQGHU WKH UHTXLUHG VSHFLILFDWLRQV )RU
0pPRPpWDO$VLVDERXWƒ& 7KHVXUIDFHRIWKH 1LWLQRO1LWLQROZLUHVLVVOLJKWO\R[LGLVHGEXWFRXOGEH
HYHQWXDOO\JUDSKLWLVHG

7HFKQLFDOVSHFLILFDWLRQVRIWKHIDEULFVPDQXIDFWXUHG

7KHVSHFLILFDWLRQVRIWKHZLUHVDQGRIWKHJULGWH[WXUHVDUHJLYHQLQ7DEOHDQG7DEOHUHVSHFWLYHO\
7KHZDUSDQGZHIWSDUDPHWHUVUHWDLQHGIRUWKLVILUVWIDEULFDUHHTXDO ‡ ‡DQG3 3)LJXUH
7KHFKRLFHRIWKHZLUHGLDPHWHULVDJRRGFRPSURPLVHEHWZHHQ60$HIILFLHQF\DQGWKHWKLFNQHVVRI
WKHFRPSRVLWHSOLHV

7DEOH:LUHGDWD
<DUQ 1LWLQRO ,QR[
'LDPHWHURIWKH\DUQLQPP  
1P0HWULFQXPEHU  
'7H['HFLWH[  

7DEOH0HWDOOLFZHDYLQJSDUDPHWHUV
:HDYHGLDJUDP 3ODLQZHDYH
7KUHDGFRXQWZDUSSHUFP 
7KUHDGFRXQWZHIWSHUFP 
)DEULF:LGWK FP
:HLJKWLQJP 

0RUH SUDFWLFDO GHWDLOV FRQFHUQLQJ WKH SURFHVV DUH DYDLODEOH EXW FDQQRW EH SXEOLVKHG KHUH IRU
FRQILGHQWLDO UHDVRQV >@ 6RPH FXUOLQJ GHIHFWV RFFXU ZLWKLQ WKH IDEULFV SDUWLFXODUO\ IRU VWDLQOHVV ZLUH
ZKLFKLVPRUHULJLGDQGWZLVWVHQVLWLYH)LJXUH

KWWSZZZSORG]SODXWH[UM1RSGI 
$87(;5HVHDUFK-RXUQDO9RO1R0DUFK‹$87(;

0LFURVFRSLFREVHUYDWLRQ

2EVHUYDWLRQE\PHDQVRIWKH$)0WHFKQLTXH$WRPLF)RUFH0LFURVFRSHFRQVLVWLQJLQ'PLFURVFRS\

DORQJ WKH IXOO VFDOH RI WKH ZLUH GLVSOD\V WKH VXUIDFH VWDWH RI WKH ZLUH DFFRUGLQJ WR WUDQVYHUVH DQG
ORQJLWXGLQDOVHFWLRQVERWKEHIRUHDQGDIWHUWKHZHDYLQJRSHUDWLRQ

9LHZD 9LHZE
)LJXUH'9LHZVRIWKH1LWLQROZLUH

6HYHUDO YLHZV KDYH EHHQ WDNHQ 2Q YLHZ D RI )LJXUH  WZR NLQGV RI ORQJLWXGLQDO JURRYHV FRPLQJ
IURPWKHZLUHGUDZLQJRSHUDWLRQDUHREVHUYHG2QYLHZEWZRDGMDFHQWKROHVSHUKDSVUHVXOWLQJIURP
EDGKDQGOLQJFDQEHDOVRVHHQ

0HFKDQLFDOWHVWV
7HVWRQZLUHV


)LJXUH6WDLQOHVVZLUHWHQVLOHFXUYHV9W )LJXUH1LWLQRO1LWLQROZLUHWHQVLOHFXUYHV9W
PPPLQ PPPLQ




5D\FKHP 
 0pPRPpWDO

6WUHVV*SD

 
6WUHVV*3D

 

 


 [ZLUH
 IDEULFZDUSZLUHV
    


     

(ORQJDWLRQ
(ORQJDWLRQ

)LJXUH7HQVLOHFXUYHVRIWKHWZR1LWLQRO1LWLQRO )LJXUH&RPSDULVRQEHWZHHQIDEULFDQGHTXLYDOHQW
ZLUHV ZLUHV

KWWSZZZSORG]SODXWH[UM1RSGI 
$87(;5HVHDUFK-RXUQDO9RO1R0DUFK‹$87(;

7KHILUVWWHVWVZHUHPDGHDW(16$,7RQWKHVWDLQOHVVDQG 1LWLQROZLUHV)LJXUHDQG)LJXUH 1LWLQRO

SUHVHQWVDKLJKHUUHVLVWDQFHWRIDLOXUHWKDQWKHVWDLQOHVVZLUHEXWZLWKDORZHUILQDOHORQJDWLRQWR
 FRPSDUHG WR  &RPSOHPHQWDU\ WHVWV ZHUH PDGH DW 21(5$ )RU WKH VWDLQOHVV ZLUH QR
YLVLEOHPRGLILFDWLRQRIWKHWHQVLOHFXUYHZDVGHWHFWHGLQWKH>@VGHIRUPDWLRQVSHHGUDQJH7KH
WZR 1LWLQRO ZLUHV KDYH LGHQWLFDO PD[LPXP VWUHQJWKV 7KH µSODWHDX¶ ]RQH LV ORZHU EXW ORQJHU IRU WKH
5D\FKHPVDPSOHZLWKDKLJKHUHORQJDWLRQWRIDLOXUH)LJXUH

7HVWVRQIDEULFV

7KH IDEULF ZDV RQO\ ZRYHQ ZLWK VWDLQOHVV ZLUH DQG 1LWLQRO IURP 5D\FKHP 7KH TXDQWLW\ RI 1LWLQRO
SURYLVLRQHGE\ 0pPRPpWDOZDVWRRVPDOOWRFDUU\RXWFRQVLVWHQWWHVWV7KHWHQVLOHVSHFLPHQRIVL]H
[PPKDVEHHQVSHFLDOO\WUHDWHGLQWKHPPORQJFHQWUDO]RQHWRREWDLQDSXUHPHWDOOLFJULG
)LJXUH

QWKHZDUSGLUHFWLRQWKHPD[LPXPVWUHQJWKRIWKHIDEULFLVFRPSDUDEOHWRWKHPD[LPXPVWUHQJWKRIWKH
DYHUDJH RI DQ LGHQWLFDO QXPEHU RI SDUDOOHO LQGLYLGXDO ZLUHV LQGLFDWLQJ WKDW WKH ZLUH KDV QRW EHHQ
GDPDJHGGXULQJWKHZHDYLQJRSHUDWLRQ7KHWRWDOHORQJDWLRQLVUHSUHVHQWDWLYHRIWKHZDYLQHVVRIWKH
JULG7KHEUHDNRIHDFKZLUHLVHDVLO\GHWHFWHGDWWKHHQGSDUWRIWKHFXUYH)LJXUH

)RU WKH WZR 1LWLQRO IDEULFV HODVWLF SURSHUW\ HORQJDWLRQ DQG VWUHVV LQFUHDVH VLJQLILFDQWO\ ZLWK WKH
GHIRUPDWLRQ VSHHG )LJXUH D DOWKRXJK WKH\ DUH QHYHUWKHOHVV VWLOO ORZ FRPSDUHG WR WKH ZHDYLQJ
VSHHGRIDERXWPV,IWKHµSODWHDXVWUHVV¶LQFUHDVHVDOLWWOHLWVOHQJWKLVQRWPRGLILHG)LJXUHE,Q
WKH VDPH RUGHU ILQDO SURSHUWLHV DUH QRW SURIRXQGO\ PRGLILHG ZLWKLQ WKH LQYHVWLJDWHG VSHHG UDQJH
)LJXUHF

    

 

    H 5

H
0 ( 

H
 3

3D 
  
(
 0
V 

3D  


V
3
0 
   3D 


V
5


6LJPD(5D\FKHP  

 
6LJPD35D\FKHP
6LJPD(
   6LJPD5
6LJPD30pPRPpWDO 
 0pPRPpWDO
(SVLORQ(5D\FKHP 6LJPD5
5 K 
 (SVLORQ35D\FKHP
(SVLORQ(   (SVLORQ5
0p pW O 
(SVLORQ30pPRPpWDO (SVLORQ5
5 K 
0pPRPpWDO
     0p pW O 

H H
           
 
[ V 
 
[ V 
H   
[ V 

D±HODVWLFVORSH E±³SODWHDX´]RQH F±IDLOXUHSURSHUWLHV

)LJXUH,QIOXHQFHRIWKHGHIRUPDWLRQVSHHGRQWKHVLJQLILFDQWSURSHUWLHVRIWKHWZR1LWLQROZLUHV

ˆ

ˆ 3

3


)LJXUH0HWDOOLFJULGWH[WXUH )LJXUH/RFDOZHDYLQJGHIHFWV

KWWSZZZSORG]SODXWH[UM1RSGI 
$87(;5HVHDUFK-RXUQDO9RO1R0DUFK‹$87(;

)LJXUH)DEULFWHQVLOHVSHFLPHQ

&RQFOXVLRQ
7KHWKLQ1LWLQROZLUHLVEHFRPLQJHDVLHUWRREWDLQLQODUJHTXDQWLWLHVEXWLVVWLOOGLIILFXOWWRDFTXLUH,WLV
QHYHUWKHOHVV KDUG WR REWDLQ WKH JRRG $V WHPSHUDWXUH 7KH ILUVW ZHDYLQJ WHVWV DUH SURPLVLQJ 1LWLQRO
ZLUH KDV VKRZQ D EHWWHU DSWLWXGH WR ZHDYLQJ WKDQ VWDLQOHVV ZLUH ZLWKRXW DQ\ VHULRXV GDPDJH $
VHFRQG 1LWLQRO ZHDYLQJ FDPSDLJQ LV SODQQHG LQ RUGHU WR FRPSOHWH WKH YDULRXV HYDOXDWLRQ WHVWV LQ
SURJUHVVGDPSLQJDQGLPSDFWWHVWV 'VKDSHFRQWUROFDSDELOLW\DQGWRH[DPLQHWKHLQIOXHQFHRID
GHQVHU WH[WXUH )XWXUH LPSURYHPHQWV FRQFHUQ WKH LQFUHDVH RI WKH ZHDYLQJ VSHHG ZLWK DQ DGDSWHG
GHYLFH

$FNQRZOHGJHPHQWV
7KH DXWKRUV DFNQRZOHGJH WKH VXSSRUW RI 'XEDU :DUQHWRQ $19$5 $JHQF\ DQG )UHQFK 0R'
5HSUHVHQWDWLYHVIRUWKHVHZRUNVZKLOHWKDQNLQJWKHPIRUWKHLUILQDQFLDODVVLVWDQFH

5HIHUHQFHV

 3DWRRU ( %HUYHLOOHU 0 ³7HFKQRORJLH GHV DOOLDJHV j PpPRLUH GH IRUPH´ 7UDLWp GHV 1RXYHOOHV
7HFKQRORJLHV±VpULHPDWpULDX[(GLWLRQV+(50(6
 %XFKDQLHN / )DELV - 3HWLWQLRW -/ ³8VH RI VKDSH PHPRU\ DOOR\V LQ FU\RJHQLF PRGHOOLQJ ±
SUHOLPLQDU\VWXG\´,0)/5HSRUWQƒGHFHPEHU
 )DELV-0RUHDX[13HWLWQLRW-/³2SWLPLVDWLRQGHVVWUXFWXUHVDpURQDXWLTXHVSDUGpIRUPDWLRQV
UpYHUVLEOHVHWSUpSURJUDPPpHV(WXGHVWDWLTXH´57Qƒ21(5$0DUV
 3ODQFNDHUW / 3HWLWQLRW -/ 'HOHWRPEH ( ³2SWLPLVDWLRQ GHV VWUXFWXUHV DpURQDXWLTXHV SDU
GpIRUPDWLRQV UpYHUVLEOHV HW SUpSURJUDPPpHV ± (WXGH QXPpULTXH HW H[SpULPHQWDOH G¶pOpPHQWV
VWUXFWXUDX[HQDOOLDJHjPpPRLUHGHIRUPH´57Qƒ21(5$GpFHPEUH
 0HUOLHU 6 3HWLWQLRW -/ ³&DUDFWpULVDWLRQ HW PRGpOLVDWLRQ GH O¶DPRUWLVVHPHQW GH ILOV G¶DOOLDJHV j
PpPRLUHGHIRUPH´5DSSRUWGHVWDJH067MXLQ
 %RXUDVVHDX60HUOLHU63HWLWQLRW-/³&DUDFWpULVDWLRQHWPRGpOLVDWLRQGHO¶DPRUWLVVHPHQWGHILOV
G¶DOOLDJHjPpPRLUHGHIRUPH´35)6,57Qƒ21(5$'06(5&6RFWREUH
 -RO\'3HWLWQLRW-/³(WXGHGHO¶HIIHWDPRUWLVVDQWGHILOVG¶$0)GDQVGHVSRXWUHVHQFRPSRVLWH
YHUUHpSR[\³57Qƒ21(5$'06(5&6DR€W
 +XPEHHFN -9 6WRLEHU - 'HODH\ / *RWWKDUGW 5´7KH +LJK 'DPSLQJ &DSDFLW\ RI 6KDSH
0HPRU\$OOR\V´0HWWDOONGSS
 %DLOOHXO * %RXVVX ) ³(ODERUDWLRQ GH PDWpULDX[ FRPSRVLWHV j EDVH GH WLVVXV PpWDOOLTXHV´
5DSSRUWGH3URMHWGHILQG¶pWXGHV(16$,7MXLQ

KWWSZZZSORG]SODXWH[UM1RSGI