%HOJ-=RRO 6XSSOHPHQW  $SULO

2QWKHHFRORJ\RI$FRHOD
OLYLQJLQWKH$UFWLF6HDLFH
&KULVWLQH)ULHGULFK  DQG-DQ+HQGHOEHUJ 
 ,QVWLWXWHIRU 3RODU (FRORJ\:LVFKKRIVWUDVVH*HE'.LHO*HUPDQ\
 *|WHERUJ8QLYHUVLW\'HSDUWPHQWRI=RRORJ\32%R[6(*|WHERUJ6ZHGHQ

$%675$&7$ FRPPRQ PHLRIDXQD UHSUHVHQWDWLYH IRXQG LQ WKH SRUH V\VWHP RI WKH DUFWLF VHD LFH IURP WKH
/DSWHY%DUHQWVDQG*UHHQODQG6HDVZDVIRXQGWREHDVSHFLHVRIWKH$FRHODFKDUDFWHUL]HGDPRQJRWKHUIHD
WXUHVE\LWVEULJKWUHGFRORXU,WZDVVWXGLHGE\YLGHRUHFRUGLQJRIVSHFLPHQVPRYLQJLQVOLFHVRILFHDQGLQ
ƒ&VHDZDWHUFXOWXUHVDIWHUWKDZLQJRIWKHLFH,WLVHYLGHQWO\ZHOODGDSWHGWROLYHDQGPRYHLQWKHSDUWO\YHU\
QDUURZEULQHFKDQQHOV,WKDVDJUHDWYHUWLFDOGLVWULEXWLRQLQWKHLFHEXWKDVLWVKLJKHVWFRQFHQWUDWLRQLQWKHORZ
HUPRVWFP,QLFHFRUHVDPSOHVIURPWKH*UHHQODQG6HDGHQVLWLHVRIXSWRVSHFLPHQVSHUVTXDUH
PHWHUZHUHIRXQG'LDWRPVZHUHVHHQEHLQJHDWHQDQGZHUHDOVRIRXQGLQWKHGLJHVWLYHSDUHQFK\PDRIVHF
WLRQHG VSHFLPHQV 2QFH D \RXQJ QHPDWRGH ZDV REVHUYHG EHLQJ HDWHQ$ GHVFULSWLRQ RI WKH DFRHO VSHFLHV LV
JLYHQHOVHZKHUH

.(< :25'6 3ODW\KHOPLQWKHV$FRHODDUFWLFPHLRIDXQDVHDLFH

,1752'8&7,21 +6,$2   *5$',1*(5 HW DO   DQG 0(/1,.29

$ERXW  \HDUV DJR DUFWLF DQG DQWDUFWLF VHD LFH RI
EURZQ FRORXU ZDV GLVFRYHUHG WKH FRORXU RI ZKLFK ZDV
IRXQGWREHGXHWRSHQQDWHGLDWRPVDQGRWKHUPLFURVFRSLF
DOJDH (+5(1%(5*   +22.(5   &LOLDWHV
LQ WKH DUFWLF LFH ZHUH UHSRUWHG E\ 1$16(1   DQG
86$&+(9  ,QDGGLWLRQWRWKHVHRUJDQLVPVPXOWLFHO
OXODU DQLPDOV RFFXU LQ WKH EULQH FKDQQHOV RI DUFWLF DQG
DQWDUFWLFVHDLFH7KHVHFKDQQHOVIRUPDEUDQFKHGQHWZRUN
LQVLGHWKHLFHPDWUL[DQGWKH\DUHPRVWRIWHQYHU\QDUURZ
W\SLFDOO\DERXW—PLQGLDPHWHUEXWVRPHWLPHVXSWR
FPLQGLDPHWHU :(,66(1%(5*(5 HWDO(,&.(1 HW
DO  RZQ REVHUYDWLRQV 7KLV OLPLWV WKH VL]H RI WKH
PHWD]RDQLQKDELWDQWVZKLFKUHSUHVHQWPHLRIDXQDOVSHFLHV
RIDQXPEHURIJURXSV
,Q WKH *UHHQODQG 6HD SDFN LFH FLOLDWHV QHPDWRGHV
DFRHOVDQGFUXVWDFHDQVZHUHIRXQGWREHGRPLQDQWDPRQJ
WKH PHLRIDXQD )5,('5,&+   *5$',1*(5 HW DO
 $FRHOVZHUHIRXQGWREHDSURPLQHQWFRPSRQHQWRI
WKH DQWDUFWLF LFH DV ZHOO WZR VSHFLHV QRW GHWHUPLQHG
ZHUH IRXQG E\ -$166(1 DQG *5$',1*(5   (DUOLHU
UHSRUWV RI WKH RFFXUUHQFH RI WXUEHOODULDQV LQ WKH VHD LFH
ZHUHJLYHQE\HJ.(51 DQG&$5(<  *5$,1*(5
&RUUHVSRQGLQJDXWKRU-+HQGHOEHUJHPDLOMDQKHQGHOEHUJ#]RROJXVH
 
7KH PRVW FRPPRQ DFRHO IRXQG LQ WKH SRUH V\VWHP RI
WKH DUFWLF VHD LFH LV D VSHFLHV FKDUDFWHUL]HG E\ LWV EULJKW
UHG FRORXU )5,('5,&+   ,WV YHUWLFDO GLVWULEXWLRQ LQ
WKHVHDLFHRIWKH/DSWHY%DUHQWVDQG*UHHQODQG6HDVLWV
PRYHPHQWVLQWKHLFHDQGLWVXSWDNHRIIRRGDUHUHSRUWHG
KHUH,QWKLVFRQWH[WVRPHRIWKHHDUOLHUUHVXOWVRIVWXGLHV
RILWVHFRORJ\UHSRUWHGLQ*HUPDQ )5,('5,&+ DUH
VXPPDUL]HG
0$7(5,$/ $1'0(7+2'6
7KHPDWHULDOIRUWKLVVWXG\ZDVFROOHFWHGGXULQJFUXLVHV
$5.,;  DQG$5.; 
ZLWK59 ³3RODUVWHUQ´WRWKH$UFWLF6HD7KHPDWHULDOXVHG
IRU WKH VWXGLHV RI WKH EHKDYLRXU RI WKH$FRHOD LQ WKH LFH
ZDV FROOHFWHG LQ WKH *UHHQODQG 6HD GXULQJ WKH 
FUXLVH 6DPSOLQJ VWDWLRQV ZHUH HUHFWHG RQ UHODWLYHO\ IODW
SDUWVRIWKHLFHIORHVUHDFKDEOHIURPWKHVKLSRUE\XVLQJ
DKHOLFRSWHU,FHFRUHVRIRUFPLQGLDPHWHUZHUH
GULOOHG IURP WKH VXUIDFH WR WKH ERWWRP RI WKH LFH DQG
LPPHGLDWHO\FXWLQWRFPORQJVHFWLRQV:KLOHLQWKH
ORZHUPRVWSDUWVDQGFPWKLFNVHFWLRQVZHUHLQYHV
WLJDWHGLQWKHXSSHUVHJPHQWVWKDWXVXDOO\FRQWDLQORZHU
RUJDQLVP GHQVLWLHV VHFWLRQV RI  FP [ FP  ZHUH
LQYHVWLJDWHGIRUDEXQGDQFHRIWKHPHLRIDXQD7KHVHVHF
 &KULVWLQH)ULHGULFKDQG-DQ+HQGHOEHUJ
WLRQV ZHUH WKDZHG LQ GDUNQHVV LQ  —P SUHILOWHUHG VHD
ZDWHUDWƒ&WRDYRLGRVPRWLFVWUHVV *$55,621 %8&.
  $IWHU FRPSOHWH PHOWLQJ RI WKH VHJPHQWV DIWHU
DERXW K WKH DQLPDOV ZHUH ILOWHUHG IURP WKH VHD ZDWHU
XVLQJD—PVLHYH,QWKLVSDSHUWKHGHVLJQDWLRQPHLR
IDXQDLVXVHGIRUDOOWKHPXOWLFHOOXODUDQLPDOVUHWDLQHGE\
WKLVPHWKRGZKHUHDVWKHFLOLDWHVDUHQRWLQFOXGHG
0RVWRIWKHPDWHULDOZDVVRUWHGDOLYHLQWKHODERUDWRU\
RI WKH VKLS %RXLQV IOXLG RU IRUPDOLQ VROXWLRQ ZDV XVHG
IRU IL[DWLRQ VDPSOHV IRU WD[RQRPLF VWXGLHV ZHUH IL[HG
H[FOXVLYHO\ZLWK%RXLQVIOXLG6RPHRIWKHODUJHVWDFRHOV
ZHUH HPEHGGHG LQ SDUDIILQ VHULDOO\ VHFWLRQHG VWDLQHG
ZLWK HRVLQ DQG KHPDWR[\OLQ DQG PRXQWHG RQ VOLGHV IRU
OLJKWPLFURVFRSHVWXGLHV
'XHWRWKHLUEULJKWUHGFRORXUDFRHOVRFFDVLRQDOO\FRXOG
EH REVHUYHG LQ WKH XQGHUVLGH RI WKH FRUHV LPPHGLDWHO\
DIWHUGULOOLQJ7RREWDLQDQLPSUHVVLRQRIWKHLUPRELOLW\LQ
WKHLFH±FPWKLFNVOLFHVRIWKHXQGHUVLGHVRIWKRVHLFH
FRUHV ZLWK YLVLEOH KLJK GHQVLWLHV RI DFRHOV ZHUH WUDQV
IHUUHGLQWLJKWVHDOHGVDPSOHFRQWDLQHUVWRWKHVKLSODERUD
WRU\ZLWKLQDIHZPLQXWHV7KHVOLFHVZHUHFRROHGGRZQ
RQDWLVVXHFRROSODWH 5HLFKHUW-XQJ HYHU\WLPHWKHPHOW
LQJ RI WKH LFH ZDV YLVLEOH %\ WKLV PHWKRG WKH VDPSOHV
FRXOGEHREVHUYHGIRUXSWRDERXWPLQXWHV7KHDFRHOV
PRYLQJLQWKHLFHSRUHV\VWHPZHUHUHFRUGHGE\XVLQJD
YLGHRFDPHUD -9& PRXQWHGRQDGLVVHFWLQJPLFURVFRSH
7RUHFRUGWKHDQLPDOVLQPHOWHGLFHFXOWXUHVDQLQYHUWHG
PLFURVFRSHZDVXVHG =HLVV$[LRYHUW HTXLSSHGZLWK
DYLGHRFDPHUD 6RQ\ 6RPHRIWKHYLWDOVWXGLHVZHUHSHU
IRUPHG XQGHU WKH GLVVHFWLQJ PLFURVFRSH RQ PDWHULDO
EURXJKWWRWKHODERUDWRU\LQ.LHODQGNHSWLQFXOWXUHDW
ƒ&LQGDUNOLJKWSHULRGVRIKKXVLQJDPL[HGDOJDO
FXOWXUHDVIRRG
5(68/76
$ GRPLQDWLQJDFRHOVSHFLHV
$OO ZRUPV RI WXUEHOODULDQ VKDSH LQ WKH VDPSOHV ZHUH
IRXQGWREHORQJWRWKH$FRHOD7KLVZDVHYLGHQWIURPIHD
WXUHVRIWKHLUJHQHUDOPRUSKRORJ\LQFOXGLQJDW\SLFDOVWD
WRF\VWVRPHZKDWEHKLQGWKHIURQWHQGDQGIURPVWXGLHVRI
WKH VHFWLRQHG PDWHULDO XQGHU D OLJKW PLFURVFRSH ,Q OLIH
PRVWRIWKHPZHUHRIDEULJKWUHGFRORXUDQGZHUHVRVLP
LODUWRHDFKRWKHULQDSSHDUDQFHWKDWZHFDPHWRWKHFRQ
FOXVLRQWKDWWKH\EHORQJWRRQHDQGWKHVDPHVSHFLHV,Q
RQH VWDWLRQ LQ WKH *UHHQODQG 6HD ILYH ZKLWH VSHFLPHQV
ZHUHIRXQG7KH\ZHUHQRWVWXGLHGIXUWKHUDQGPD\UHSUH
VHQWDQRWKHUVSHFLHVRIWKH$FRHOD7KLVPHDQVWKDWDOOWKH
LQIRUPDWLRQJLYHQEHORZUHIHUVWRWKHEULJKWUHGDFRHOV
$VIDUDVZHNQRZWKLVVSHFLHVIRXQGLQWKHDUFWLFVHD
LFHLVQRWGHVFULEHGLQWKHOLWHUDWXUHEXWYLGHRSULQWVRILW
KDYH EHHQ SXEOLVKHG E\ )5,('5,&+   6LQFH WKLV
VSHFLHVRFFXUUHGIUHTXHQWO\LQDOOLQYHVWLJDWHGUHJLRQVDQG
PDNHVXSDVLJQLILFDQWSDUWRIWKHPHLRIDXQDOELRPDVVRI
WKH DUFWLF VHD LFH *5$',1*(5 HW DO   LW ZLOO EH
GHVFULEHGLQVSLWHRIWKHIDFWWKDWZHGLGQRWILQGDQ\IXOO\
PDWXUHVSHFLPHQV±LQIDFWPRVWRIWKHVSHFLPHQVZHUH
VPDOOOHVVWKDQPPZKLOHWKHODUJHVWRQHVZHUHDERXW
PP7KHGHVFULSWLRQZLOOEHSXEOLVKHGVHSDUDWHO\
2FFXUUHQFHDQGGLVWULEXWLRQLQWKHLFH
7KH UHG DFRHO ZDV IRXQG LQ LFH FRUHV LQ WKH /DSWHY
%DUHQWV DQG WKH *UHHQODQG 6HDV PHGLDQ LFH WKLFNQHVV
 FP  FP DQG  FP UHVSHFWLYHO\ )5,('5,&+
 ,WKDVDJUHDWYHUWLFDOGLVWULEXWLRQDVLVVKRZQLQ
)LJ7KHDFRHOVZHUHIRXQGDWDPD[LPXPGLVWDQFHRI
)LJ±9HUWLFDOGLVWULEXWLRQRIWKHUHGDFRHOLQWKHVHDLFHRI
%DUHQWV 6HD /DSWHY 6HD DQG *UHHQODQG 6HD 2QO\ FRUHV IURP
ZKLFKDOOVHJPHQWVZHUHLQYHVWLJDWHGDUHVKRZQ$QH[FHSWLRQ
LVWKHFRUHIURPVWDWLRQZKHUHRQO\WKHVHJPHQWV
    DQG  FP ZHUH LQYHVWL
JDWHG ,Q RQH VWDWLRQ   WKUHH FRUHV ZHUH WDNHQ DQG IXOO\
LQYHVWLJDWHG
FPIURPWKHERWWRPRIWKHLFH+RZHYHUWKHLUKLJK
HVWFRQFHQWUDWLRQZDVIRXQGLQWKHORZHUPRVWFPZLWK
XSWRVSHFLPHQVOLFH 6WDWLRQ/DSWHY6HD 
VSHFLPHQVO 6WDWLRQ  %DUHQWV 6HD  DQG  VSHFL
PHQVO 6WDWLRQ*UHHQODQG6HD ,QWKHORZHUPRVW
 FP XS WR  VSHFLPHQVO ZHUH IRXQG 6WDWLRQ 
*UHHQODQG 6HD  EXW LQ WKH OHYHOV DERYH  FP IURP WKH
ERWWRPWKHGHQVLWLHVIRXQGGLGQRWH[FHHGVSHFLPHQVO
,QWKHUHODWLYHO\ROGDQGWKLFNLFHRIWKH*UHHQODQG6HD
LQWHJUDWHG GHQVLWLHV RI XS WR  VSHFLPHQVP LFH
)LJ  ZHUHIRXQGZLWKDPHGLDQYDOXHRIVSHFL
PHQVP,QWKH\RXQJHUDQGWKLQQHULFHRIWKH/DSWHY6HD
WKHDEXQGDQFHRIWKHDFRHOVZDVORZHVWZLWKXSWR
VSHFLPHQVP ZKLOH LQ WKH %DUHQWV 6HD LFH XS WR 
VSHFLPHQVP ZLWKDPHGLDQGHQVLW\RIVSHFLPHQVP
ZHUHIRXQG,Q)LJWKHSHUFHQWDJHRIWKHWRWDOPHLRIDXQD
DEXQGDQFH WKDW LV PDGH XS E\ WKH VSHFLPHQV RI WKH UHG
DFRHO LV LQGLFDWHG VKRZLQJ LWV KLJK YDULDELOLW\ IURP  WR
,QWKHFRUHZKHUHWKHUHGDFRHO ZDVIRXQGWRKDYH
LWVKLJKHVWGHQVLW\LWPDGHXSRIWKHWRWDOPHLRIDXQD
 $FRHODOLYLQJLQWKH$UFWLF6HDLFH 

)LJ±$EXQGDQFHRI$FRHODLQWKHVHDLFHFRUHVIURP%DUHQWV6HD/DSWHY6HDDQG*UHHQODQG6HD$OOFRUHVLQ
ZKLFKWKHDEXQGDQFHRIPHLRIDXQDZDVVWXGLHGDUHLQFOXGHGDOVRWKRVHLQZKLFKQRDFRHOVZHUHIRXQG7KHUHG
DFRHOPDGHXSWKHWRWDOQXPEHURIDFRHOVLQDOOFRUHVH[FHSWIRULQZKLFKRIWKHVSHFLPHQVZHUHZKLWH
DQGWKXVPD\EHRIDQRWKHUVSHFLHV7KHSHUFHQWDJHRIWKHWRWDOPHLRIDXQDPDGHXSE\WKHDFRHOV LQHDFKVWDWLRQ
ZKHUHDFRHOVZHUHIRXQG LVLQGLFDWHGE\WKHILJXUHVDERYHWKHFROXPQV

0RYHPHQWVLQWKHLFHSRUHV\VWHP 8SWDNHRIIRRG

7KHVSHFLPHQVRIWKHUHGDFRHO )LJ ZHUHREVHUYHG :KHQWKHVSHFLPHQVRIWKHUHGDFRHO ZHUHREVHUYHGLQ

WRPRYHWKURXJKWKHEULQHFKDQQHOVLQGLIIHUHQWGLUHFWLRQV
YHUWLFDOO\DVZHOODVKRUL]RQWDOO\$VZDVGHPRQVWUDWHGLQ
RXUYLGHRUHFRUGLQJVWKH\RIWHQVHHPHGWREHKLQGHUHGE\
QDUURZSDVVDJHVEXWDIWHUDZKLOHWKH\VXFFHHGHGLQJHW
WLQJ LQWR D EURDGHU FKDQQHO E\ SUHVVLQJ WKHPVHOYHV
WKURXJK RSHQLQJV ZLWK D GLDPHWHU VPDOOHU WKDQ WKH RQH
WKH\ KDYH ZKHQ VZLPPLQJ LQ D UHOD[HG ZD\ :KHQ QR
KLQGUDQFHKDGWREHSDVVHGWKH\ZHUHREVHUYHGWRFRYHU
GLVWDQFHVRIDIHZFPZLWKLQIHZPLQXWHV
FXOWXUH GLVKHV WKH\ ZHUH RIWHQ VHHQ WR HQJXOI GLDWRPV
:KHQ D VSHFLPHQ ZKLOH JOLGLQJ E\ FLOLDU\ PRWLRQ LV
SDVVLQJRYHUDGLDWRPUHVWLQJRQWKHERWWRPRIWKHGLVKLW
IRUPVDIXUURZIURPWKHPRXWKRSHQLQJ ZKLFKLVVLWXDWHG
RQWKHYHQWUDOVLGHQHDUWKHPLGGOHRIWKHERG\ WRQHDUWKH
IURQW HQG 7KH HQJXOILQJ FDQ EH GHVFULEHG DV D VXFNLQJ
PRYHPHQWZKLFKHYLGHQWO\HQJDJHVPXFKRIWKHYHQWUDO
PXVFOH OD\HUV RI WKH DQLPDO$W WKH VDPH WLPH WKH DFRHO
RIWHQ FRQWUDFWV LWV VLGHV VR LW EHFRPHV EURDGHU ERWK LQ
IURQWRIDQGEHKLQGWKHPRXWK:KHQLWKDVSDVVHG
RYHUWKHSODFHWKHGLDWRPLVQRORQJHUVHHQLQWKH
GLVKVRHYLGHQWO\WKHHQJXOILQJLVVXFFHVVIXO2IWHQ
VHYHUDOGLDWRPVZHUHREVHUYHGEHLQJHQJXOIHGGXU
LQJ D WLPH SHULRG RI RQH WR WZR PLQXWHV 7KDW
GLDWRPVDUHUHDOO\HDWHQLVHYLGHQWDOVRIURPVWXG
LHVRIWKHVHFWLRQHGPDWHULDOLQZKLFKGLDWRPVZHUH
IRXQG LQ WKH GLJHVWLYH SDUHQFK\PD7KH UHG DFRHO
PD\DOVRIHHGRQRWKHUPHPEHUVRIWKHPHLRIDXQD
2QFHDVSHFLPHQZDVREVHUYHGWRHQJXOID\RXQJ
QHPDWRGH7KRXJKWKHODWWHUZDVEHQGLQJLWVERG\
LQGLIIHUHQWGLUHFWLRQVWKHDFRHOVXFFHHGHGLQVZDO
ORZLQJLW

)LJ9LGHRSULQWVRIOLYLQJVSHFLPHQVRIWKHUHGDFRHOLQWKHLFHPDGH
',6&866,21
IURP IUHVKO\ FXW LFH FRUHV RQ ERDUG RI 59 ³3RODUVWHUQ´ E\ VWHUHRPL
FURVFRS\ $V WKH PDJQLILFDWLRQV ZHUH IUHTXHQWO\ FKDQJHG QR H[DFW
VFDOHEDUVFDQEHJLYHQEXWWKHOHQJWKRIHDFKZRUPLVDSSUR[LPDWHO\ $ ORWRIREVHUYDWLRQVVSHDNLQIDYRXURIWKHUHG
PP DFRHOEHLQJYHU\ZHOODGDSWHGIRUDOLIHLQWKHEULQH
 &KULVWLQH)ULHGULFKDQG-DQ+HQGHOEHUJ
FKDQQHOV\VWHPRIWKHDUFWLFVHDLFH  ,WVRFFXUUHQFHLQ
VHDLFHRYHUDODUJHDUHDRIWKH7UDQVSRODU'ULIW6\VWHPRI
WKH$UFWLF6HDWKH/DSWHY6HDQRUWKHUQ%DUHQWV6HDDQG
*UHHQODQG6HD  LWVJUHDWYHUWLFDOGLVWULEXWLRQLQWKHVHD
LFH   WKDW WKH VSHFLPHQV PRYH VR HDVLO\ LQ WKH EULQH
FKDQQHO V\VWHP   WKDW WKH\ HYLGHQWO\ WR D JUHDW H[WHQW
IHHGRQGLDWRPVDULFKIRRGUHVRXUFHLQWKHEULQHFKDQ
QHOV   WKDW WKH\ FDQ OLYH IRU ORQJ SHULRGV DW OHDVW 
\HDUV  LQ FXOWXUHV NHSW DW D WHPSHUDWXUH RI DERXW ƒ&
)5,('5,&+   DQG   WKDW WKH\ WROHUDWH VDOLQLWLHV
IURP  WR Å DQG WHPSHUDWXUHV GRZQ WR ƒ&
)5,('5,&+ 7KHW\SLFDOYHUWLFDOGLVWULEXWLRQRIWKH
$FRHOD LV YHU\ VLPLODU WR WKH FKORURSK\OO GLVWULEXWLRQ
ZKLFKLVDOVRKLJKHVWLQWKHERWWRPRIWKHLFH *5$',1*(5
HWDO SURYLGLQJDULFKIRRGVXSSO\IRUWKHDFRHOV,Q
DGGLWLRQWKHEULQHFKDQQHOVEHFRPHVPDOOHULQGLDPHWHULQ
WKHXSSHUSDUWVRIWKHLFH 0(/1,.29 WKXVOLPLWLQJ
WKHVSDFHIRUWKHRUJDQLVPV+RZHYHUWKHIOH[LEOHERG\
DQGFLOLDFRYHUDJHRQWKHLUVXUIDFHVHHPVWRHQDEOHDWOHDVW
VRPHVSHFLPHQVWRUHDFKWKHKLJKHUOHYHOVRIWKHIORHV
:KHWKHUWKHDFRHOVUHSURGXFHVH[XDOO\LQWKHEULQHV\V
WHPLVQRW\HWVKRZQEXWWKHRFFXUUHQFHRIDOOVL]HGLPHQ
VLRQVIURPDORWRIYHU\VPDOOVSHFLPHQVWRVRPHYHU\ELJ
RQHV LQGLFDWH WKDW WKH\ OLYH DW OHDVW D YHU\ JUHDW SDUW RI
WKHLUOLYHVLQWKHLFH
7KH H[WUHPH FRQGLWLRQV XQGHU ZKLFK WKH PHLRIDXQDO
RUJDQLVPV OLYH LQ WKH EULQH FKDQQHO V\VWHP RI WKH DUFWLF
DQG DQWDUFWLF VHD LFH PD\ H[SODLQ WKH ORZ QXPEHU RI
WXUEHOODULDQVKDSHG VSHFLHV$OVR LQ WKH DQWDUFWLF VHD LFH
RQO\ RQH UHG DQG RQH ZKLWH VSHFLHV QHLWKHU RI WKHP
GHWHUPLQHG  RI WKH $FRHOD ZHUH IRXQG -$166(1 DQG
*5$',1*(5 ,QDGGLWLRQWRWKHDFRHOVDVSHFLHV QRW
GHWHUPLQHG RIWKH0DFURVWRPLGDKDVEHHQUHSRUWHGIURP
DUFWLFLFHE\0(/1,.29  
$&.12:/('*(0(176
:HWKDQNWKHFUHZRI59 ³3RODUVWHUQ´IRUWKHLUSURIHVVLRQDO
DVVLVWDQFH GXULQJ WKH H[SHGLWLRQV 7KH H[FHOOHQW VXSSRUW RI 5
*UDGLQJHUDQG06SLQGOHULVKLJKO\DFNQRZOHGJHG
7KHVWXG\ZDVVXSSRUWHGE\WKH&RPPLVVLRQRIWKH(XURSHDQ
&RPPXQLW\XQGHUFRQWUDFW0$6&7RIWKH0$67,,
SURJUDPPH DQG E\ WKH 6ZHGLVK 1DWXUDO 6FLHQFH 5HVHDUFK
&RXQFLOXQGHUFRQWUDFW$$%8
5()(5(1&(6
(+5(1%(5* &*   (LQ 1DFKWUDJ ]X GHP 9RUWUDJ EHU
9HUEUHLWXQJ XQG (LQIOXVV GHV PLNURVNRSLVFKHQ /HEHQV LQ
6G XQG 1RUG$PHULND 0RQDWVEHU 'WVFK $NDG :LVV
%HUOLQ
(+5(1%(5*&*  8HEHUQHXH$QVFKDXXQJHQGHVNOHLQ
VWHQQ|UGOLFKHQ3RODUOHEHQV0RQDWVEHU'WVFK$NDG:LVV
%HUOLQ
(,&.(1 + 0 /(168 0 /(33b5$17$ :% 78&.(5 ,,,
$- *2:  2 6$/0(/$   7KLFNQHVV VWUXFWXUH DQG
SURSHUWLHVRIOHYHOVXPPHUPXOWL\HDULFHLQWKH(XUDVLDQVHF
WRURIWKH$UFWLF2FHDQ-*HRSK\V5HV & 

)5,('5,&+ &   gNRORJLVFKH 8QWHUVXFKXQJHQ ]XU )DXQD
GHV DUNWLVFKHQ 0HHUHVHLVHV ZLWK (QJOLVK VXPPDU\  5HS
3RODU5HV 
*$55,621 '/  .5 %8&.   2UJDQLVP ORVVHV GXULQJ
LFH PHOWLQJ D VHULRXV ELDV LQ VHD LFH FRPPXQLW\ VWXGLHV
3RODU%LRO
*5$',1*(5 5 0 63,1'/(5  ' +(16&+(/  
'HYHORSPHQWRI$UFWLFVHDLFHRUJDQLVPVXQGHUJUDGHGVQRZ
FRYHU,Q6$.6+$8*(&&(+23.,16 1$25,76/$1'
HGV  3URFHHGLQJV RI WKH 3UR 0DUH 6\PSRVLXP RQ 3RODU
0DULQH (FRORJ\7URQGKHLP  0D\  3RODU 5HV
  
*5$',1*(5 5 & )5,('5,&+  0 63,1'/(5  
$EXQGDQFHELRPDVVDQGFRPSRVLWLRQRIWKHVHDLFHELRWDRI
WKH*UHHQODQG6HDSDFNLFH'HHSVHD5HVHDUFK,,

*5$,1*(5 (+ 6,&+6,$2  7URSKLFUHODWLRQVKLSVRI
WKHVHDLFHPHLRIDXQDLQ)URELVKHU%D\$UFWLF&DQDGD3RODU
%LRO
+22.(5 -'   7KH ERWDQ\ RI WKH DQWDUFWLF YR\DJH RI
+0'LVFRYHU\VKLSV(UHEXVDQG7HUURULQWKH\HDUV
9RO&5$0(5 - HG :HLQKHLP
-$166(1 ++  5 *5$',1*(5   7XUEHOODULD
$UFKRRSKRUD$FRHOD IURP$QWDUFWLFVHDLFHHQGRIDXQD±
H[DPLQDWLRQRIWKHLUPLFURPRUSKRORJ\3RODU%LRO 

.(51-& $*&$5(<  7KHIDXQDODVVHPEODJHLQKDE
LWLQJ VHDVRQDO VHD LFH LQ WKH QHDUVKRUH $UFWLF 2FHDQ ZLWK
HPSKDVLVRQFRSHSRGV0DU(FRO3URJ6HU 
0(/1,.29,$  7KH$UFWLFVHDLFHHFRV\VWHP2YHUVHDV
3XEOLVKHU$VVRFLDWLRQ$PVWHUGDPSS
1$16(1)  3URWR]RDRQWKHLFHIORHVRIWKH1RUWK3RODU
6HD ,Q 1$16(1 ) HG  7KH 1RUZHJLDQ 1RUWK 3RODU
([SHGLWLRQ6FLHQWLILFUHVXOWV  
86$&+(93,  7KHPLFURIORUDRIWKHSRODULFH 7U,QVW
2NHDQRO$NDG1DXN665
:(,66(1%(5*(5 - * ',(&.0$1 5 *5$',1*(5
0 63,1'/(5   6HD LFH$ FDVW WHFKQLTXH WR H[DPLQH
DQG DQDO\VH EULQH SRFNHWV DQG FKDQQHO VWUXFWXUH /LPQRO
2FHDQRJU