1)6'%83463+)88%>-32)%440-'%>-32-
1)6'%83
+2%%<63257
%,20,0(6,(67$03$75,',0(16,21$/((/(77521,&$(0$7(5,$/,
+,*+7(&+*/,())(77,63(&,$/,'(/'(6,*1'(//263257
%,20,0(6,6$1'7+5((',0(16,21$/35,17,1*(/(&7521,&6
$1'+,*+7(&+0$7(5,$/67+(63(&,$/())(&762)63257'(6,*1
0HUFXULR
H$SROOR
0HUFXU\DQG$SROOR
,Q%UD]XFDVHLHOHPHQWLLQSHOOL
SROLXUHWDQLFKHVRQRWHUPRVDOGDWH
FRQO
DGHVLYR'LVSHUFROOËSURGRWWR
GD$GLGDVFRQPDWHULDOL
GL%D\HU0DWHULDO6FLHQFH
/HJJHUH]]DSHUIHWWDFDO]DELOLWj
JULSOHVFDUSHWWH1LNH0HUFXULDO
6XSHUIO\PHWWHUDQQROHDOLDLSLHGL
GHLJLRFDWRUL
,Q%UD]XFDVL[HOHPHQWVLQ
SRO\XUHWKDQHVNLQDUHKHDWZHOGHG
ZLWKWKH'LVSHUFROODGKHVLYH,WLV
PDQXIDFWXUHGE\$GLGDVZLWK%D\HU
0DWHULDO6FLHQFHPDWHULDOV
/LJKWQHVVSHUIHFWZHDUDELOLW\
DQGJULSWKH1LNH0HUFXULDO
6XSHUIO\VKRHVZLOOSXWZLQJVRQ
DWKOHWHV·IHHW
,OILRUILRUHGHOODWHFQRORJLDVERFFLDQHOVHWWR
UHGHOO
DXWRG
DFFRUGR(SSXUHDQFKHXQ
DPELWRGHFLVDPHQWHGLYHUVRFRPHTXHOOR
GHJOLDUWLFROLVSRUWLYLqWHUUHQRSULYLOHJLDWR
SHUPHWWHUHDSXQWRO
HFFHOOHQ]DGLPDWHULDOL
HODYRUD]LRQLSRLFKpLOOXPLQDWRGDOODOXFH
DEEDJOLDQWHGHLPHGLDLQRFFDVLRQLGLJUDQGL
HYHQWLFRPHL*LRFKL2OLPSLFLRL0RQGLDOLGL
FDOFLRVRQRLQPROWLDVRJQDUHGLHPXODUHOH
JHVWDGHJOLHURLGDVWDGLRLQGRVVDQGROHVWHVVH
OLYUHH
7KHERDVWRIWHFKQRORJ\EORVVRPVLQWKH
DXWRPRWLYHVHFWRUZHNQRZWKDW<HWHYHQLQ
DWUXO\GLIIHUHQWFRPSDUWPHQWWKDWRIVSRUWV
LWHPVWKHUHLVDSULYLOHJHGJURXQGWRGHYHORS
WKHH[FHOOHQFHRIPDWHULDOVDQGSURFHVVHV
VLQFHLWLVLOOXPLQDWHGE\WKHJODULQJOLJKWRI
WKHPHGLDGXULQJJUHDWHYHQWVVXFKDVWKH
2O\PSLF*DPHVRUWKH:RUOG)RRWEDOOFKDP
SLRQVKLSPDQ\DUHWKRVHZKRGUHDPDERXW
HPXODWLQJWKHH[SORLWVRIWKHVWDGLXPKHUR
HVE\ZHDULQJWKHVDPHOLYHU\
'LULPEDO]RHLQYROR
,OIHHGEDFNGHOO
XWLOL]]DWRUHqLPSRUWDQWHVSH
FLDOPHQWHVHVLWUDWWDGLXQSURIHVVLRQLVWDFKH
PLHWHVXFFHVVL4XHVWRWUHQGWUDVYHUVDOH
VWUDWHJLDFKHPROWLPDUFKLGLFKLDUDQRGLDGRW
WDUHqVWDWDSUDWLFDWDLQRFFDVLRQHGHL
0RQGLDOLGLFDOFLR
%RXQFLQJDQGIO\LQJ
7KHIHHGEDFNIURPWKHXVHULVLPSRUWDQW
HVSHFLDOO\LIKHLVDVXFFHVVIXOSURIHVVLRQDO
7KLVWUDQVYHUVDOWUHQGDVWUDWHJ\WKDWPDQ\
EUDQGVVD\WKH\LPSOHPHQWKDVEHHQSUDFWL
FHGGXULQJWKH:RUOG)RRWEDOOFKDPSLRQVKLS
)RULQVWDQFHWKHVRFFHUEDOOZKLFKWKLV
WLPHLVFDOOHG%UD]XFD´OLYLQJMR\µLQ
%UD]LOLDQKDVEHHQWHVWHGE\PRUHWKDQ
SURIHVVLRQDOSOD\HUVLQFOXGLQJ=LGDQH,WLV
PDQXIDFWXUHGE\$GLGDVFRQVROLGDWLQJDORQJ
FROODERUDWLRQZLWK%D\HU0DWHULDO6FLHQFH
PDWHULDOVEDVLFDOO\LWLVPDGHRIDODWH[
EODGGHUIXOORIDLUOLQHGZLWKDWH[WLOHIDEULF
WKDWDFWVDVVXEVWUDWHIRUWKHILYHVXEVHTXHQW
OD\HUVEDVHGRQSRO\XUHWKDQH,PSUDQLOPDWH
ULDOV$ILUVWDGKHVLYHOD\HULVIROORZHGE\D
OD\HULQIRDPHG38PDGHE\PLOOLRQVRI
PLFURVSKHUHVILOOHGZLWKVKDSHPHPRU\JDV
VRWKDWDIWHUWKHNLFNWKHEDOOSUHVHUYHVLWV
VSKHULFLW\DQGZLWKLWLWVRSWLPXPWUDMHFWR
U\2WKHUWKUHHOD\HUVRIFRPSDFWSRO\XUHWKD
QHZLWKYDULRXVWKLFNQHVVHVPDNHXSWKH
H[WHUQDOOD\HUWKDWHQVXUHVHODVWLFLW\DQG
3ODVW'HVLJQ
8)'2303+-)69&6-',)-2'34)68-2%
3HUHVHPSLRLOSDOORQHFKHVWDYROWDVLFKLDPD
%UD]XFDLQEUDVLOLDQR´JLRLDGLYLYHUHµq
VWDWRFROODXGDWRGDSLGLJLRFDWRULSUR
IHVVLRQLVWL=LGDQHLQFOXVRËSURGRWWRFRQVROL
GDQGRXQDOXQJDFROODERUD]LRQHGD$GLGDVFRQ
PDWHULDOLGL%D\HU0DWHULDO6FLHQFHLQEXRQD
VRVWDQ]DqFRVWLWXLWRGDXQDVDFFDGLODWH[
SLHQDG
DULDULYHVWLWDGDXQWHVVXWRFKHIXQ
]LRQDGDVXEVWUDWRSHULFLQTXHVWUDWLVXFFHVVL
YLDEDVHGLPDWHULDOLSROLXUHWDQLFL,PSUDQLO$
XQSULPRVWUDWRDGHVLYRVHJXHXQOD\HUGL38
HVSDQVRFRPSRVWRGDPLOLRQLGLPLFURVIHUH
ULHPSLWHGLJDVDPHPRULDGLIRUPDDIILQFKp
GRSRLOFDOFLRLOSDOORQHFRQVHUYLODSURSULD
VIHULFLWjHFRQHVVDODWUDLHWWRULDRWWLPDOH
$OWULWUHVWUDWLGLSROLXUHWDQRFRPSDWWRFRQ
GLIIHUHQWLVSHVVRULFRVWLWXLVFRQRORVWUDWR
HVWHUQRFKHJDUDQWLVFHHODVWLFLWjHUHVLVWHQ]D
DOOHDEUDVLRQL'LIIHUHQWHPHQWHGDLSDOORQLGD
FDOFLRFRQYHQ]LRQDOLFRPSRVWLGDR
HOHPHQWLPRGXODULODVXSHUILFLHHVWHUQDGL
%UD]XFDQHFRQWDVRORSRLFKpOHJLXQ]LRQL
DVVRUERQRO
XPLGLWj6RQRDVVHPEODWLDFDOGR
FRQXQDWHFQRORJLDEUHYHWWDWDFKHLPSLHJDXQ
DGHVLYRDEDVHGL'LVSHUFROO8
6FDUSHWWHELRPLPHWLFKH
3HUFDOFLDUHLOSDOORQHFRQODPDVVLPDHIILFD
FLD1LNHKDVYLOXSSDWROHVFDUSHWWH0HUFXULDO
UHVLVWDQFHWRDEUDVLRQV8QOLNHFRQYHQWLRQDO
VRFFHUEDOOVPDGHE\RUSDQHOV
%UD]XFD·VH[WHUQDOVXUIDFHRQO\KDVVLQFH
WKHVHDPVDEVRUEKXPLGLW\7KH\DUHKHDW
DVVHPEOHGZLWKDSDWHQWHGWHFKQRORJ\WKDW
XVHVD'LVSHUFROO8EDVHGDGKHVLYH
%LRPLPHWLFVKRHV
7RNLFNWKHEDOOZLWKPD[LPXPHIILFDF\1LNH
KDVGHYHORSHGWKHVRFFHUVKRHV0HUFXULDO
6XSHUIO\/DXQFKHGLQWKHODWHVWYHUVLRQ
ERUURZVPDQ\VROXWLRQVIURPWKH0DJLVWD
LQWURGXFHGRQWKHPDUNHWDIHZPRQWKVDJR
)LUVWRIDOOWKH\¶VWHDO·WKH)O\NQLWWHFKQRORJ\
DQXSSHUZLWKRXWVHDPVWKDWZUDSVWKHIRRW
DVDVHFRQGVNLQWKHZHDYHLQWKUHHPLFUR
WH[WXUL]HGOD\HUVSURYLGHVWRWKHSHUVRQZHD
ULQJWKHPWKHEDUHIRRWIHHODQGFUHDWHVDQ
RSWLPXPFRQWDFWZLWKWKHEDOOZKLOHWKHKLJK
WRSFROODU'\QDPLF)LWWUDQVIRUPVWKHERRWV
LQWRDQH[WHQVLRQRIWKHERG\7KHVROHSODWH
LQEORFNSRO\HWKHULPLGH3HED[E\$UNHPDDQG
Q\ORQKDVFRQLFDOVWXGVWRHQVXUHWUDF
WLRQ7KHQRYHOWLHVLPSOHPHQWHGLQWKH
0HUFXULDO6XSHUIO\VKRHVLQFOXGHWKH%ULR
FDEOHVWKDWFRQQHFWWKHKHHOWRWKHUHVWRIWKH
IRRWLPLWDWLQJWKHIXQFWLRQRIWHQGRQVUHVWR
ULQJHQHUJ\DWHDFKIOH[LQJRIWKHIRUHIRRW
7KHXSSHUHQGLVOLQHGLQDYHU\WKLQVLOLFRQH
,OSLDWWRVXRODGHOOH6XSHUIO\q
UHVRIOHVVLELOHGDGXHVWUDWL
GLILEUDGLFDUERQLRWDFFKHWWL
VXSSOHPHQWDULPLJOLRUDQRLO
JULSLQWXWWHOHGLUH]LRQL
7RPDLDLQWUHFFLDWDFROODUH
GLQDPLFR
SLDWWRVXRODLQ738
3HED[GL$UNHPDHQ\ORQFRQ
WDFFKHWWLSHUURWD]LRQHD
OH1LNH0DJLVWDFDO]DQRLSLHGL
GHJOLDSSDVVLRQDWL
/DVWUXWWXUDGLVXSSRUWRGHOODERUVD
5HEHQWRqUHDOL]]DWDLQ3$WUDPLWH
VWDPSD'FRQXQDWUDPDFKHFLWD
LOSLDWWRVXRODGHOOHFDO]DWXUHGD
FDPSR
7KHVROHSODWHLQ6XSHUIO\LVPDGH
IOH[LEOHE\WZROD\HUVRIFDUERQ
ILEHUDGGLWLRQDOVWXGVHQKDQFH
JULSLQDOOGLUHFWLRQV
,QWHUZRYHQXSSHU¶G\QDPLF·
FROODUVROHSODWHLQ7383HED[E\
$UNHPDDQGQ\ORQZLWKVWXGVIRU
URWDWLRQ1LNH0DJLVWDILWRQ
IDQV·IHHW
7KHVXSSRUWVWUXFWXUHRIWKH
5HEHQWREDJLVPDGHLQ3$WKURXJK
'SULQWLQJZLWKDZHDYHWKDW
TXRWHVWKHVROHSODWHRIILHOG
VKRHV
3ODVW'HVLJQ 1)6'%83
1)6'%83463+)88%>-32)%440-'%>-32-
+2%%<63257
6XSHUIO\,QWURGRWWHQHOO
XOWLPDYHUVLR
QHPXWXDPROWHVROX]LRQLGDOOH0DJLVWDLQWUR
GRWWHVXOPHUFDWRTXDOFKHPHVHID,QSULPLV
UXEDQR
ODWHFQRORJLD)O\NQLWXQDWRPDLD
SULYDGLFXFLWXUHFKHDYYROJHLOSLHGHFRPH
XQDVHFRQGDSHOOHO
LQWUHFFLRDWUHVWUDWL
PLFURWH[WXUL]]DWLIRUQLVFHDFKLOHLQGRVVDOD
VHQVD]LRQHGHOSLHGHQXGRHFUHDXQFRQWDWWR
RWWLPDOHFRQLOSDOORQHPHQWUHLOFROODUHDOWR
'\QDPLF)LWWUDVIRUPDODFDO]DWXUDLQXQ
HVWHQ
VLRQHGHOFRUSR,OSLDWWRVXRODLQSROLHWHUHDP
PLGHDEORFFKL3HED[GL$UNHPDHQ\ORQKD
WDFFKHWWLFRQLFLSHUJDUDQWLUHWUD]LRQHD
/HQRYLWjLQWURGRWWHQHOOH0HUFXULDO6XSHUIO\
LQFOXGRQRLFDYL%ULRFKHFRQQHWWRQRLOWDOOR
QHDOUHVWRGHOSLHGHLPLWDQGRODIXQ]LRQDOLWj
GHLWHQGLQLUHVWLWXHQGRHQHUJLDDRJQLIOHVVLR
QHGHOO
DYDPSLHGH/
HVWUHPLWjVXSHULRUHq
ULYHVWLWDGDXQRVWUDWRVRWWLOLVVLPRGLVLOLFRQH
FKHLPSHUPHDELOL]]DODFDO]DWXUDODVXRODqLQ
ILEUDGLFDUERQLROHYHUVLRQLSUHFHGHQWLXWLOL]
]DYDQRWUHVWUDWLLQTXHVW
XOWLPDFHQHVRQR
VRORGXHVXULFKLHVWDGHLJLRFDWRULFKHHVLJH
YDQRXQDPDJJLRUIOHVVLELOLWj
'XHWDFFKHWWLVXSSOHPHQWDULVRQRVWDWLDJJLXQ
WLVXOWDOORQHXQWHU]RVXVXJJHULPHQWRGL
&ULVWLDQR5RQDOGRVXOODSXQWDOD]RQDVRWWR
SRVWDDPDJJLRUHSUHVVLRQHQHOO
DFFHOHUD]LRQH
GHOODFRUVDSHUXQJULSRWWLPDOHLQWXWWHOH
GLUH]LRQL
/DVWDPSD'WUDPHDPLVXUDGLDWOHWD
,OFRUUHGRGHLFDOFLDWRULDL0RQGLDOLqDQFKH
WHQGHQ]DPRGD1LNHKDUHDOL]]DWRSHUORUR
DQ]LSHUDOFXQHVWDUFRPH5RRQH\5RQDOGRH
,SDUDVWLQFKL0HUFXULDO)O\/LWH*XDUG
VRQRSURGRWWLFRQQ\ORQVLQWHUL]]DWR
ODWH[WXUHDQWLXUWRVRVWLWXLVFHOH
LPERWWLWXUHLQHVSDQVR
8QRVFLFRQVHGXWDqVWDWRUHDOL]]DWR
GDO)UDXQKRIHU,:0FRQWHFQRORJLD
DGGLWLYDDSSRVLWHFDQDOLQHDFFROJRQR
ULQIRU]LPHWDOOLFL
,PRYLPHQWLGHOODUDFFKHWWDHGHOOD
SDOODGDWHQQLVQRQVIXJJRQRD6KRW
6WDWV&KDOOHQJHUGLVSRVLWLYRFRQ
WRXFKVFUHHQHPRGXOR%OXHWRRWK
7KHVKLQSDGV0HUFXULDO)O\/LWH
*XDUGDUHPDGHZLWKVLQWHUHG
Q\ORQWKHLPSDFWSURRIWH[WXUH
UHSODFHVIRDPEDFNLQJ
$VLWVNLKDVEHHQPDGHE\WKH
)UDXQKRIHU,QVWLWXWH,:0ZLWKDGGLWLYH
WHFKQRORJ\VSHFLDOFKDQQHOVKRVW
PHWDOOLFUHLQIRUFHPHQWV
7KHPRYHPHQWVRIWKHUDFNHWDQG
WHQQLVEDOODUHFDSWXUHGE\6KRW
6WDWV&KDOOHQJHUDGHYLFHZLWK
WRXFKVFUHHQDQG%OXHWRRWK
PRGXOH
3ODVW'HVLJQ
OD\HUWKDWPDNHVWKHVKRHZDWHUSURRIWKH
VROHLVLQFDUERQILEHUWKHSUHYLRXVYHUVLRQV
XVHGWKUHHOD\HUVZKLOHLQWKHODWHVWYHUVLRQ
WKHUHDUHRQO\WZRDVNHGE\SOD\HUVZKR
UHTXLUHGHQKDQFHGIOH[LELOLW\7ZRDGGLWLRQDO
VWXGVKDYHEHHQDGGHGRQWKHKHHODWKLUG
IROORZLQJWKHUHFRPPHQGDWLRQRI&ULVWLDQR
5RQDOGRRQWKHSRLQWWKHDUHDWKDWXQGHUJR
HVWKHJUHDWHVWSUHVVXUHGXULQJWKHDFFHOHUD
WLRQZKHQUXQQLQJIRUDQRSWLPXPJULSLQDOO
GLUHFWLRQV
'SULQWLQJDWKOHWHFXVWRPL]HGZHDYHV
7KHRXWILWRIVRFFHUSOD\HUVLQWKH:RUOG
&KDPSLRQVKLSDOVREHFRPHVDWUHQG\IDVKLRQ
1LNHKDVUHDOL]HGIRUWKHPDFWXDOO\IRUVRPH
VWDUVVXFKDV5RRQH\5RQDOGRDQG1H\PDU
WKH5HEHQWRGXIIOHEDJZKLFKLQ3RUWXJXHVH
PHDQV¶H[SORGHV·LWXVHVWKUHHGLPHQVLRQDO
SULQWLQJE\QRZDPXVWIRUIDVKLRQGHVLJQIRU
WKHVXSSRUWVWUXFWXUHLQODVHUVLQWHUHGQ\ORQ
LPLWDWLQJWKHWH[WXUHRIWKHVWXGSODWHRIWKH
ERWWRPLQVKRHV$WRXFKRISUHVWLJHLVIRXQG
LQWKHXSSHUSDUWLQOHDWKHUWKHVWDU·VLQLWLDOV
DUHLPSUHVVHGRQDJROGHQSODWHOHW'SULQ
WLQJLVDOVRXVHGIRUWKHDHURG\QDPLFVKLQ
SDGV0HUFXULDO)O\/LWH*XDUGLQZKLFKDZHE
EHGKRQH\FRPEVWUXFWXUHWRDEVRUEWKH
LPSDFWRINLFNVDQGIDOOVUHSODFHVWKHWUDGL
WLRQDOIRDPEDFNLQJ/LJKWDQGEUHDWKDEOH
WKHVKLQSDGVFDQEHZRUQFRPIRUWDEO\IRUD
ORQJSHULRGRIWLPHµ7KHXVHRI'SULQWLQJ
VD\V0DULQ/RWWLFUHDWLYHGLUHFWRUDW1LNH·V
VRFFHUGLYLVLRQKDVHQDEOHGXVWRH[SHULPHQW
WKRXVDQGVRISDWWHUQVDQGPRGHOVWRHQJLQHHU
DQRSWLPXPDQWLVKRFNV\VWHPµ$GGLWLYH
WHFKQRORJLHVUHSUHVHQWWKHLGHDOVROXWLRQHYHQ
WRPHHWWKHQHHGVRIGLVDEOHGDWKOHWHV
5HVHDUFKHUVDWWKH)UDXQKRIHU,QVWLWXWHIRU
0HFKDQLFVRI0DWHULDOV,:0KDYHSDUWLFLSD
WHGLQWKHSURMHFW6QRZVWRUPUHDOL]LQJDVLW
VNLWDLORUPDGHIRUWKHELDWKORQDWKOHWHWKH
GLVFLSOLQHWKDWFRPELQHVVKRRWLQJZLWKWKH
ULIOHDQGFURVVFRXQWU\VNLLQJ0DUWLQ)OHLJ
7KHVLWVNLPXVWKDYHPHFKDQLFDOUHVLVWDQFH
WKDWLVIXQGDPHQWDOGXULQJWKHVWDJHLQZKLFK
WKHDWKOHWHOLHVGRZQRQWKHPDWWRVKRRWDQG
TXLFNO\JHWVXSDJDLQKHQFHWKH'ELRPHWULF
8)'2303+-)69&6-',)
1H\PDUODERUVD5HEHQWRFKHLQSRUWRJKHVH
VLJQLILFD´HVSORGHµLPSLHJDODVWDPSDWULGL
PHQVLRQDOHRUPDLXQPXVWSHULOIDVKLRQ
GHVLJQSHUODVWUXWWXUDGLVXSSRUWRLQQ\ORQ
VLQWHUL]]DWRLPLWDQGRODWH[WXUHGHOSLDWWR
VXRODGHOOHFDO]DWXUH8QWRFFRGLSUHVWLJLRq
ODSDUWHVXSHULRUHLQSHOOHOHLQL]LDOLGHOOD
VWDUVRQRLPSUHVVHVXXQDSODFFKHWWDGRUDWD
/DVWDPSD'qXWLOL]]DWDDQFKHSHULSDUD
VWLQFKLDHURGLQDPLFL0HUFXULDO)O\/LWH*XDUG
QHLTXDOLXQDVWUXWWXUDDQLGRG
DSHSHUDVVRU
ELUHO
LPSDWWRGLFDOFLHFDGXWHVRVWLWXLVFHOD
WUDGL]LRQDOHLPERWWLWXUDLQHVSDQVR/HJJHULH
WUDVSLUDQWLLSDUDVWLQFKLSRVVRQRHVVHUHLQGRV
VDWLDOXQJRFRQIRUWHYROPHQWH´/
XVRGHOOD
VWDPSD'²KDGLFKLDUDWR0DUWLQ/RWWLGLUHW
WRUHFUHDWLYRGHOODGLYLVLRQHFDOFLRGL1LNHFL
KDSHUPHVVRGLVSHULPHQWDUHPLJOLDLDGLSDW
WHUQHGLPRGHOOLSHULQJHJQHUL]]DUHXQVLVWH
PDDQWLVKRFNRWWLPDOHµ
/HWHFQRORJLHDGGLWLYHUDSSUHVHQWDQRODVROX
]LRQHLGHDOHDQFKHSHUULVSRQGHUHDOOHHVLJHQ
]HGHJOLDWOHWLGLVDELOL,ULFHUFDWRULGHO
)UDXQKRIHU,QVWLWXWHIRU0HFKDQLFVRI
0DWHULDOV,:0KDQQRSDUWHFLSDWRDOSURJHWWR
6QRZVWRUPUHDOL]]DQGRXQRVFLFRQVHGXWDVX
PLVXUDSHUO
DWOHWDGLELDWKORQ²ODGLVFLSOLQD
FKHDEELQDLOWLURDVHJQRFRQODFDUDELQDHOR
VFLGLIRQGR0DUWLQ)OHLJ/RVFLGHYHHVVHUH
GRWDWRGLUHVLVWHQ]DPHFFDQLFDIRQGDPHQWDOH
QHOODIDVHLQFXLO
DWOHWDVLGLVWHQGHSHUVSDUD
UHHULDO]DUVLUDSLGDPHQWHSHUFLzVRQRVWDWL
ULOHYDWLLGDWLELRPHWULFL'GHLPRYLPHQWL
GHOO
DWOHWDPHQWUHVWUXPHQWLGLVLPXOD]LRQH
VRIWZDUHKDQQRIRUQLWRVXSSRUWRQHOGHVLJQ
GHOODVHGXWDFRQVWUXWWXUDOHJJHUD,GDWLGLJL
WDOLKDQQRSHUPHVVRODUHDOL]]D]LRQHGHOSULPR
SURWRWLSRLQ3$VLQWHUL]]DWDHTXLSDJJLDWR
GLVHQVRULFKHKDQQRPRQLWRUDWRORVWUHVV
GXUDQWHO
XVRXOWHULRULVHQVRULVRQRVWDWLFROOR
FDWLVXLEDVWRQLSHUULOHYDUHODIRU]DDSSOLFDWD
/HULOHYD]LRQLKDQQRJXLGDWRLOSHUIH]LRQDPHQ
WRGHOVHFRQGRSURWRWLSRDOTXDOHVRQRVWDWL
DJJLXQWLGHLULQIRU]LGLILOLGLDFFLDLR
3ODVW'HVLJQ 1)6'%83
1)6'%83463+)88%>-32)%440-'%>-32-
GDWDRIWKHDWKOHWH·VPRYHPHQWVKDVEHHQ
GHWHFWHGZKLOHVRIWZDUHVLPXODWLRQLQVWUX
PHQWVKDYHSURYLGHGVXSSRUWLQGHVLJQLQJWKH
VHDWZLWKDOLJKWVWUXFWXUH'LJLWDOGDWDKDV
PDGHLWSRVVLEOHWRUHDOL]HWKHILUVWSURWRW\SH
LQVLQWHUHG3$ILWWHGZLWKVHQVRUVWKDW
KDYHPRQLWRUHGVWUHVVGXULQJXVHDGGLWLRQDO
VHQVRUVKDYHEHHQSODFHGRQWKHVNLSROHVWR
GHWHFWWKHDSSOLHGIRUFH7KHFROOHFWHGGDWD
+2%%<63257
81$//(1$725((/(77521,&2
,OSDOORQHLQWHOOLJHQWHUHJLVWUDOH
SURSULHWUDLHWWRULHHWLLQVHJQDLWLULGD
JRDOPL&RDFK6PDUW%DOOGL$GLGDV
LQWHJUDXQPRGXOR%OXHWRRWK
/DWHOHFDPHUD):'GLVHJQDWDGD
4XDWWULXXPPLVXUDLPRYLPHQWL
FRPSOHVVLGLXQDPD]]DGDKRFNH\
7KHLQWHOOLJHQWEDOOUHFRUGVLWV
WUDMHFWRULHVDQGWHDFKHV\RXJRDO
NLFNVPL&RDFK6PDUW%DOOE\$GL
GDVLQWHJUDWHVD%OXHWRRWKPRGXOH
7KH):'FDPHUDGHVLJQHGE\
4XDWWULXXPPHDVXUHVWKHFRPSOH[
PRYHPHQW·VIDKRFNH\VWLFN
3ODVW'HVLJQ
,GLVSRVLWLYLHOHWWURQLFLLQGRVVDELOLFKHUHJL
VWUDQROHSUHVWD]LRQLVSRUWLYHGLFKLOLLQGRVVD
VRQRRUPDLGLIIXVLVVLPLODSURVVLPDIURQWLHUD
qLOFRDFKHOHWWURQLFRLQIRUPDGLVHQVRUL
DSSOLFDWL«DLIHUULGHOPHVWLHUH/DWHOHFDPH
UD):'GLVHJQDWDGDOWHDPFDQDGHVH
4XDWWULXXPVLDSSOLFDDOODPD]]DGDKRFNH\
SHUPLVXUDUQHO
DFFHOHUD]LRQHHODYHORFLWjOD
GXUDWDHO
DQJROD]LRQHGHOPRYLPHQWROD
YHORFLWjGLURWD]LRQH,OVLVWHPDDOLPHQWDWR
YLD%OXHWRRWKqLQROWUHLQJUDGRGLVWLPDUHOD
YHORFLWjGHOGLVFRGXUDQWHLOJLRFRXWLOL]]D
XQDSLDWWDIRUPDPLQLDWXUL]]DWDFKHHODERUD
JOLDOJRULWPLLQWHPSRUHDOHULOHYDQGRHDQD
OL]]DQGRPRYLPHQWLFRPSOHVVL(
SRVVLELOH
FRQGLYLGHUHLSURSULH[SORLWVXLVRFLDOQHW
ZRUNDOWULPHQWLFKHJXVWRFLVDUHEEH"e
VPDUWDQFKHLOSDOORQHPL&RDFK6PDUW%DOOGL
$GLGDVGLIRUPDWRHSHVRUHJRODPHQWDUHq
HTXLSDJJLDWRGLPRGXOR%OXHWRRWKSHUFDO
FRODUHODYHORFLWjO
DQJROD]LRQHHLOSRVL]LRQD
PHQWRGHOORIRU]DDSSOLFDWDFRVuFRPHODWUD
LHWWRULDGHOSDOORQHËFRQFHSLWRFRPHVWUX
PHQWRGLGDWWLFRSHULPSDUDUHFRPHIXQ]LRQD
QROHULPHVVHLQJLRFROHSHQDOLWjLFDOFL
G
DQJRORLWLULLQSRUWDHLOXQJKLSDVVDJJL,
GDWLVRQRLQYLDWLWUDPLWHXQDSSDOORVPDUW
SKRQHFKHLQFOXGHVLPXOD]LRQLSHUFDOFLDUHLO
SDOORQHVXXQPXURYLUWXDOHRHYLWDUHJOL
HIIHWWLDHURGLQDPLFLLUUHJRODULFDXVDWLGDOOD
VXSHUILFLHGHOODSDOOD0ROWRUDIILQDWHVRQROH
SUHVWD]LRQLGL6KRW6WDWV&KDOOHQJHUGDDJJDQ
FLDUHVXOODUDFFKHWWDGDWHQQLVIXQ]LRQD
FRPHVPRU]DWRUHGLYLEUD]LRQLHJUD]LHDOOD
SUHVHQ]DGLVHQVRULGLDFFHOHUD]LRQHHJLUR
VFRSLPLVXUDHLPPDJD]]LQDVWDWLVWLFKH
5LOHYDODYHORFLWjGHOODUDFFKHWWDQHOPRPHQ
WRGHOO
LPSDWWRFRQODSDOODLOQXPHURHOD
WLSRORJLDGHLFROSLSDUDWLHGHOOHURWD]LRQL
GHOODSDOODLSXQWLGLLPSDWWRVXOODUDFFKHWWD
YLVXDOL]]DQGROLVXXQWRXFKVFUHHQ'RWDWRGL
PRGXOR%OXHWRRWKLOGLVSRVLWLYRSXzHVSRUWD
UHLGDWLSHUDQDOLVLSLDSSURIRQGLWHRFRQGL
YLVLRQLWUDDWOHWLVHJQDOD]LRQLDXGLRSRVVRQR
DFFRPSDJQDUHLWLULLPSUHFLVLËDOLPHQWDWR
GDEDWWHULHOLWLRSROLPHURHDOORJJLDWRLQXQ
JXVFLRULYHVWLWRLQJRPPD
5HVLVWHQ]DHOHJJHUH]]D
OHPDWHULHGHJOLVSRUWLYL
6HODWHFQRORJLDFRVWUXWWLYDSXzIDUHODGLIIH
UHQ]DDIILQDQGROHSUHVWD]LRQLGLLQGXPHQWLH
DFFHVVRULO
LPSLHJRGLWDOXQLPDWHULDOLJDUDQWL
VFHGLSHUVpFDUDWWHULVWLFKHYDQWDJJLRVHLQWHU
PLQLGLHODVWLFLWjUREXVWH]]DSHVRULGRWWR,O
GHVLJQFRQFHQWULFRHO
LPSLHJRGHOSROLSURSL
OHQHHVSDQVR$USURLQFRUDJJLDQRO
XVRGHOFDVFR
$1(/(&7521,&&2$&+
(OHFWURQLFZHDUDEOHGHYLFHVWKDWUHFRUG
VSRUWVSHUIRUPDQFHVRIDWKOHWHVDUHE\QRZ
YHU\SRSXODUWKHQH[WIURQWLHULVWKHHOHF
WURQLFFRDFKLQWKHIRUPRIVHQVRUV
DSSOLHGWRWKHWRROVRIWKHWUDGH7KH
):'FDPHUDSRZHUVKRWGHVLJQHGE\WKH
&DQDGLDQWHDP4XDWWULXXPLVDSSOLHGWR
WKHKRFNH\VWLFNWRPHDVXUHLWVDFFHOHUD
WLRQDQGVSHHGPRYHPHQWGXUDWLRQDQG
DQJOHURWDWLRQVSHHG
7KHV\VWHPSRZHUHGYLD%OXHWRRWKFDQ
DOVRHVWLPDWHWKHGLVF·VVSHHGGXULQJWKH
JDPHLWXVHVPLQLDWXUL]HGSODWIRUPVWKDW
SURFHVVDOJRULWKPVLQUHDOWLPHGHWHFWLQJ
DQGDQDO\]LQJFRPSOH[PRYHPHQWV
,WLVSRVVLEOHWRVKDUHRQH·VH[SORLWVRQ
VRFLDOQHWZRUNDVRWKHUZLVHZKHUH·VWKH
IXQ"(YHQWKHEDOOPL&RDFK6PDUW%DOOE\
$GLGDVLVVPDUWZLWKUHJXODWLRQIRUPDW
DQGZHLJKWLWLVILWWHGZLWK%OXHWRRWK
PRGXOHWRFDOFXODWHWKHVSHHGDQJOHDQG
SRVLWLRQLQJRIWKHDSSOLHGIRUFHDVZHOODV
EDOOWUDMHFWRU\
,WLVFRQFHLYHGDVDGLGDFWLFLQVWUXPHQWWR
OHDUQKRZWKHIUHHNLFNVSHQDOWLHVFRU
QHUVJRDOVKRWVDQGORQJSDVVHVZRUN'DWD
LVVHQWWKURXJKDQDSSWRWKHVPDUWSKRQH
WKDWLQFOXGHVVLPXODWLRQVWRNLFNWKHEDOO
DURXQGDYLUWXDOZDOORUDYRLGWKHXQHYHQ
DHURG\QDPLFHIIHFWVFDXVHGE\WKHEDOO·V
VXUIDFH
7KHSHUIRUPDQFHVRI6KRW6WDWV&KDOOHQJHU
DUHYHU\DFFRPSOLVKHGLWPXVWEHKRRNHG
RQWKHWHQQLVUDFNHWDQGDFWVDVYLEUDWLRQ
GDPSHQHUDQGWKDQNVWRWKHSUHVHQFHRI
DFFHOHUDWLRQVVHQVRUVDQGJ\URVFRSHVLW
PHDVXUHVDQGVWRUHVVWDWLVWLFV,WUHFRUGV
WKHUDFNHW·VVSHHGZKHQLWKLWVWKHEDOO
WKHQXPEHUDQGW\SHVRIVDYHGVKRWVDQG
EDOO·VURWDWLRQVWKHLPSDFWSRLQWVRQWKH
UDFNHWGLVSOD\LQJWKHPRQDWRXFKVFUHHQ
)LWWHGZLWK%OXHWRRWKPRGXOHWKHGHYLFH
FDQH[SRUWGDWDIRUPRUHLQGHSWKDQDO\VHV
LRUVKDULQJEHWZHHQDWKOHWHVDXGLRDOHUWV
FDQDFFRPSDQ\LPSUHFLVHVKRWV,WLVSRZH
UHGE\OLWKLXPSRO\PHUEDWWHULHVDQGKRX
VHGLQDUXEEHUOLQHGFDVLQJ
8)'2303+-)69&6-',)-2'34)68-2%
KDVJXLGHGWKHHQKDQFHPHQWRIWKHVHFRQG
SURWRW\SHWRZKLFKVWHHOZLUHUHLQIRUFHPHQWV
KDYHEHHQDGGHG
5HVLVWDQFHDQGOLJKWQHVV
WKHPDWHULDOVRIVSRUWVPHQ
,IFRQVWUXFWLYHWHFKQRORJ\FDQPDNHWKHGLIIH
UHQFHHQKDQFLQJWKHSHUIRUPDQFHRIFORWKHV
DQGDFFHVVRULHVWKHXVHRIJLYHQPDWHULDOV
DORQHHQVXUHVEHQHILFLDOIHDWXUHVLQWHUPVRI
HODVWLFLW\VWXUGLQHVVUHGXFHGZHLJKW
7KHFRQFHQWULFGHVLJQDQGWKHXVHRIIRDPHG
SRO\SURS\OHQH$USURHQFRXUDJHWKHXVHRIWKH
KHOPHWE\FLW\ELNHUVPDQXIDFWXUHGE\
&ORVFDWKHKHOPHWVFDQKDOYHWKHLUKHLJKW
ZKHQWKH\DUHQRWQHHGHG7KHFRPSDQ\·V
5'WHDPKDVFKRVHQ(33LQVWHDGRI$%6WR
HQVXUHHQKDQFHGHODVWLFLW\DQGEHWWHULPSDFW
UHVLVWDQFHDWORZHUVSHHGV/LQHGZLWKIDEULFV
LQDOOVW\OHVWKHKHOPHWVORRNOLNHKDWVDQG
DUHHDVLO\VWRUHGLQDEDJ$QHZUDQJHRI
UDFNHWVE\(NWHORQXVHVLQWHUZRYHQFDUERQ
ILEHUWDSHV7H;WUHPHWHVWHGLQUDFLQJVKLSV
ELF\FOHVKRFNH\DQGH[WUHPHVSRUWVWKLV
WHFKQRORJ\LVOLJKWHUFRPSDUHGWRVWDQ
GDUGFDUERQILEHUVZLWKRXWMHRSDUGL]LQJUHVL
VWDQFHRUULJLGLW\VLQFHWKHILODPHQWVDUH
GLVWULEXWHGRQDZLGHUVXUIDFHDQGVXEVHTXHQ
WO\LQWHUZRYHQ´7H;WUHPHWHFKQRORJ\KDV
EHHQLQVHUWHGLQIRXUFULWLFDOLPSDFWDUHDV
VD\V(NWHORQ7KHFDUERQILEHUVSURYLGHVWXU
GLQHVVDQGWRUVLRQDOVWDELOLW\WKDWWUDQVODWH
LQWRLQFUHDVHGSRZHUIUDPHVWUHQJWKDQG
VKRWDFFXUDF\µ,WLVDQDUDPLGLFILEHUWKDW
GRHVQ·WQHHGDQ\LQWURGXFWLRQIRULWVUHVLVWDQ
FHILYHWLPHVVXSHULRUWRVWHHODFFRPSDQLHG
E\UHVLVWDQFHWRVKHDULQJDQGILUHDQGOLJKW
QHVVIRUIRUW\\HDUVQRZ.HYODUE\'X3RQWKDV
EHHQXVHGLQEDOOLVWLFVRSWLFDOILEHUVLQDVWUR
QDXWVDQGILUHILJKWHUVSURWHFWLYHFORWKLQJLQ
FRPPHUFLDOYHKLFOHV7RIXUWKHUSURPRWHLWV
XVHLQWKHVSRUWVLWHPVHFWRUVWKHFRPSDQ\
KDVFUHDWHGDQHZSODWIRUP'DUH%LJJHUWKDW
ZLOOVSRQVRUWKHHGLWLRQRIWKH(631;
JDPHVGHGLFDWHGWRH[WUHPHVSRUWV$QDSSOL
FDWLRQH[DPSOHLQWKLVILHOGFRPHVIURP
8QHTXDO7HFKQRORJ\WKDWKDVGHYHORSHGSUR
WHFWLRQVIRUDWKOHWHV
ZKRUDFHRQPRWRUVOHG
JHVDQGVQRZERDUGV
DGDSWLQJDQLWHPFUHD
WHGIRUVROGLHUV$
.HYODUJUDGHGHGLFDWHG
WRPLOLWDU\XVHLVHQFOR
VHGLQDFORVHGFHOOHOD
VWRPHUIRDPOD\HUWKDW
DEVRUEVLPSDFWVZKLOH
WKHILEHUOD\HUFDQGLVVL
SDWHODWHUDOLPSDFWV
R SUHVVRLFLFOLVWLGLFLWWjSURGRWWLGD&ORVFDJOL
HOPHWWLSRVVRQRGLPH]]DUHODORURDOWH]]D
TXDQGRQRQVHUYRQR,OWHDP5'GHOO
D]LHQGD
KDVFHOWRO
(33LQVRVWLWXL]LRQHGHOO
$%6SHU
JDUDQWLUHXQDPDJJLRUHHODVWLFLWjHPLJOLRUH
DVVRUELPHQWRGHJOLXUWLDSLEDVVHYHORFLWj
5LYHVWLWLGDWHVVXWLGLWXWWHOHIRJJHLFDVFKL
DVVRPLJOLDQRDFDSSHOOLHVLULSRQJRQRDJLOPHQ
WHLQXQDERUVD
8QDQXRYDJDPPDGLUDFFKHWWHGL(NWHORQ
DGRWWDLQDVWULGLILEUDGLFDUERQLRLQWUHFFLDWD
7H;WUHPHFROODXGDWLQHOUDFLQJQHOODQDXWLFD
QHOFLFOLVPRQHOO
KRFNH\HQHJOLVSRUWHVWUHPL
TXHVWDWHFQRORJLDqSLOHJJHUDGHOULVSHW
WRDOOHILEUHGLFDUERQLRVWDQGDUGVHQ]DFRP
SURPHVVLLQWHUPLQLGLUHVLVWHQ]DRULJLGLWjSRL
FKpLILODPHQWLVRQRGLVWULEXLWLVXXQDVXSHUILFLH
SLHVWHVDHVXFFHVVLYDPHQWHLQWUHFFLDWL´/D
WHFQRORJLD7H;WUHPHqVWDWDLQVHULWDLQTXDWWUR
SXQWLFULWLFLFKHULFKLHGRQRUHVLVWHQ]DDOO
LPSDW
WR²DIIHUPD(NWHORQ/HILEUHGLFDUERQLRIRU
QLVFRQRUREXVWH]]DHVWDELOLWjWRUVLRQDOHFKHVL
WUDGXFRQRLQPDJJLRUHSRWHQ]DUHVLVWHQ]DGHO
WHODLRHSUHFLVLRQHGLWLURµ
ËXQDILEUDDUDPLGLFDFKHQRQKDELVRJQRGL
SUHVHQWD]LRQLSHUODUHVLVWHQ]DFLQTXHYROWH
VXSHULRUHDOO
DFFLDLRDFFRPSDJQDWDDOODUHVL
VWHQ]DDOWDJOLRHDOIXRFRHDOODOHJJHUH]]DGD
TXDUDQW
DQQL.HYODUGL'X3RQWqXVDWDQHOOD
EDOLVWLFDQHOOHILEUHRWWLFKHQHOOHWXWHGD
ODYRURGLDVWURQDXWLHSRPSLHULQHLYHOLYROL
FRPPHUFLDOL3HUSURPXRYHUQHXOWHULRUPHQWH
ODGLIIXVLRQHQHOVHWWRUHGHJOLDUWLFROLVSRUWLYL
O
D]LHQGDKDFUHDWRXQDQXRYDSLDWWDIRUPD
'DUH%LJJHUOHWWHUDOPHQWH´RVDUHGLSLµFKH
VSRQVRUL]]HUjO
HGL]LRQHGHLJLRFKL(631;
GHGLFDWLDJOLVSRUWHVWUHPL8QHVHPSLRDSSOL
FDWLYRLQTXHVW
DPELWRqIRUQLWRGD8QHTXDO
7HFKQRORJ\FKHKDVYLOXSSDWRSURWH]LRQLSHUJOL
DWOHWLFKHJDUHJJLDQRVXPRWRVOLWWHHVQRZER
DUGDGDWWDQGRXQDUWLFRORFUHDWRSHULVROGDWL
8QJUDGRGL.HYODUGHGLFDWRDGXVLPLOLWDULq
UDFFKLXVRLQXQVWUDWRGLHODVWRPHURHVSDQVRD
FHOOHFKLXVHFKHDVVRUEHJOLXUWLPHQWUHOR
VWUDWRGLILEUDqLQJUDGRGLGLVVLSDUHJOLXUWL
ODWHUDOL
$)
&ORVFDFDVFRSHUFLFOLVWLFKHSXz
FRPSDWWDUVLILQRDGLPH]]DUHOD
VXDDOWH]]DUHVLVWHQ]DH
OHJJHUH]]DJOLVRQRFRQIHULWH
GDOO
XVRGHOO
(33$USUR
3URWH]LRQHSHULOWRUDFHGHGLFDWD
DJOLVSRUWHVWUHPLVYLOXSSDWDGD
8QHTXDO7HFKQRORJLHVFRQXQR
VWUDWRGL.HYODU'X3RQWULYHVWLWR
GDHODVWRPHURHVSDQVRDFHOOH
FKLXVH
&ORVFDELNHUKHOPHWWKDWFDQ
EHFRPHFRPSDFWWRWKHSRLQWRI
KDOYLQJLWVKHLJKWUHVLVWDQFHDQG
OLJKWQHVVDUHSURYLGHGE\WKHXVH
RI(33$USUR
&KHVWSURWHFWLRQGHGLFDWHGWR
H[WUHPHVSRUWVGHYHORSHGE\
8QHTXDO7HFKQRORJLHVZLWKD
OD\HURI.HYODU'X3RQWOLQHGE\
FORVHFHOOIRDPHODVWRPHU
3ODVW'HVLJQ