Advanced Science Letters - sipeg unj

20

Transcript of Advanced Science Letters - sipeg unj

$GYDQFHG�6FLHQFH�/HWWHUV�,661�������������3ULQW���(,661�������������2QOLQH��

&RS\ULJKW�������������$PHULFDQ�6FLHQWLILF�3XEOLVKHUV��$OO�5LJKWV�5HVHUYHG�

(',725,$/�%2$5'

(',725�,1�&+,()'U��+DUL�6LQJK�1DOZD��86$��

(GLWRULDO�2IILFH��$'9$1&('�6&,(1&(�/(77(56$PHULFDQ�6FLHQWLILF�3XEOLVKHUV��������7KH�2OG�5RDG��6XLWH������

9DOHQFLD��&DOLIRUQLD�������������86$��7HO������������������)D[������������������

(�PDLO��VFLHQFH#DVSEV�FRP

(8523($1�(',7253URI��'U��:ROIUDP�6FKRPPHUV�)RUVFKXQJV]HQWUXP�.DUOVUXKH��

,QVWLWXW�I�U�:LVVHQVFKDIWOLFKHV�5HFKQHQ��'�������.DUOVUXKH��*HUPDQ\��

7HO���������������������)D[��������������������

(PDLO� ZROIUDP�VFKRPPHUV#LZU�I]N�GH

$6,$1�(',725'U��.DWVXKLNR�$ULJD��3K'

$GYDQFHG�0DWHULDOV�/DERUDWRU\��1DWLRQDO�,QVWLWXWH�IRU�0DWHULDOV�6FLHQFH��

����1DPLNL��7VXNXED��,EDUDNL�����������-$3$1��3KRQH�)D[�������������������

(�PDLO� DULJD�NDWVXKLNR#QLPV�JR�MS

6XEVFULSWLRQ�$PHULFDQ�6FLHQWLILF�3XEOLVKHUV��������7KH�2OG�5RDG��6XLWH�����

9DOHQFLD��&DOLIRUQLD�������������86$��7HO������������������)D[������������������

(PDLO��RUGHU#DVSEV�FRP

$GYDQFHG�6FLHQFH�/HWWHUV�,661�������������3ULQW���(,661�������������2QOLQH��

&RS\ULJKW�������������$PHULFDQ�6FLHQWLILF�3XEOLVKHUV��$OO�5LJKWV�5HVHUYHG��

$EVWUDFWLQJ�DQG�,QGH[LQJx &RQIHUHQFH�3URFHHGLQJV�&LWDWLRQ�,QGH[�6FLHQFH��&3&,�6��x &KHPLFDO�$EVWUDFWV��x (OVHYLHU�%LEOLRJUDSKLF�'DWDEDVHV�x &RPSHQGH[�x 6FRSXV�x %LRORJLFDO�6FLHQFHV�$EVWUDFWV�x %LRWHFKQRORJ\�DQG�%LR(QJLQHHULQJ�$EVWUDFWV�x %LRWHFKQRORJ\�5HVHDUFK�$EVWUDFWV�x %DFWHULRORJ\�$EVWUDFWV��0LFURELRORJ\�%��x 1HXURVFLHQFHV�$EVWUDFWV�x (QJLQHHULQJ�5HVHDUFK�'DWDEDVH�x 7HFKQRORJ\�5HVHDUFK�'DWDEDVH�x (QYLURQPHQWDO�6FLHQFH�DQG�3ROOXWLRQ�0DQDJHPHQW�

9ROXPH�����1XPEHU����-DQXDU\�������SS�������

$�63(&,$/�,668(6HOHFWHG�3HHU�5HYLHZHG�$UWLFOHV�IURP�WKH������$GYDQFHG�5HVHDUFK�RQ�%XVLQHVV��0DQDJHPHQW�DQG�+XPDQLWLHV���$5%8+80�������%DQGXQJ��,QGRQHVLD����±���0DUFK�����*XHVW�(GLWRUV�0RKG�+DL]DO�%LQ�-DPDOXGGLQ��$KPDG�1DLP�%LQ�&KH�3HH��0RKG�)DLUX]�,VNDQGDU�%LQ�2WKPDQ���+DP]DK�$V\UDQL�%LQ�6XODLPDQ��DQG�0RKG�$]OLVKDK�%LQ�2WKPDQ�$GY��6FL��/HWW�������±���������

5(9,(:6��

6LEOLQJ�5LYDOU\�DQG�2IIVSULQJ�&RQIOLFW��$�5HYLHZ5XJD\DK�+DVKLP��+DVKLP�$KPDG��0RKG�$QXDU�0D]XNL��1XU�/L\DQD�=DLQDO�%DKULQ��DQG�$]ODQ�$KPDG$GY��6FL��/HWW�������±���������

$�5HYLHZ�RI�/HJDOLVDWLRQ�RI�,OOHJDO�)DFWRULHV�3URJUDP��&DVH�6WXG\�RI�6HODQJRU��0DOD\VLD�6\DKULDK�%DFKRN��0DULDQD�0RKDPHG�2VPDQ��0XKDPPDG�)DULV�$EGXOODK��DQG�1XUXO�$LQ�0RKG�'DQLDU$GY��6FL��/HWW�������±����������

6KDUL¶DK�*RYHUQDQFH�)UDPHZRUN�LQ�,VODPLF�&DSLWDO�0DUNHW��$�5HYLHZ�RI�WKH�/LWHUDWXUH6XULDQRP�0LVNDP��1RRU�,QD\DK�<DDNXE��DQG�0RKDPDG�$EGXO�+DPLG�$GY��6FL��/HWW��������±����������

5HYHUVHG�6L]H��%RRN�WR�0DUNHW�DQG�0RPHQWXP�(IIHFWV��$�5HYLHZ�RI�0DOD\VLDQ�(TXLW\�5HWXUQV�%HKDYLRU&KDQGDQD�*XQDWKLODND��0RKDPDG�-DLV��6RSKHH�6XORQJ�%DOLD��$]ODQ�=DLQRO�$ELGLQ��DQG�.DPDUXO�%DKUDLQ�$EGXO�

0DQDI$GY��6FL��/HWW��������±����������

5(6($5&+�$57,&/(6$�7UDYHO�RI�5HPLQLVFHQFH�LQ�D�7UDGLWLRQDO�0LQ�1DQ�6HWWOHPHQW�7RZDUG�6RFLDO�(QWUHSUHQHXUVKLS+XQJ�&KHQJ�&KHQ$GY��6FL��/HWW��������±����������

([SORULQJ�,QWHULRU�DQG�$UFKLWHFWXUDO�3DWWHUQ�RI�:HVW�6XPDWUD�DQG�&LUHERQ�IRU�6WXGHQWV�'DWD�5HIHUHQFHV%XGL�6HWLDZDQ��8OOL�$XOLD�5XNL��DQG�'LOD�+HQGUDVVXNPD$GY��6FL��/HWW��������±����������

0RGH�'LYLVLRQ�0XOWLSOH[LQJ�RI�+HOLFDO�3KDVHG�/*�0RGHV�LQ�0XOWLPRGH�)LEHU�ZLWK�(OHFWURQLF�'LVSHUVLRQ��&RPSHQVDWLRQ<RXVHI�)D]HD�DQG�$QJHOD�$PSKDZDQ$GY��6FL��/HWW��������±����������

$�&RUUHODWLRQDO�6WXG\�%HWZHHQ�WKH�9RODWLOLW\�RI�WKH�6WRFN�5HWXUQV�DQG�5HPLWWDQFHV��([SRUWV��,PSRUWV�DQG��,QWHUQDWLRQDO�5HVHUYHV��(YLGHQFH�RQ�WKH�3KLOLSSLQH�0DUNHW)UHGHULFN�3��5RPHUR�$GY��6FL��/HWW��������±����������

3RWHQWLDOV�IRU�,QWHJUDWHG�)ODWV�ZLWK�WKH�&HQWHUV�RI�(FRQRPLF��7UDQVSRUWDWLRQ��DQG�(GXFDWLRQ�$FWLYLWLHV���&DVH�6WXG\�0DUXQGD�)ODWV�LQ�1RUWK�-DNDUWD��6KHUOH\�5XQWXQXZX��$QWDULNVD�6XGLNQR��6XUMRQR��DQG�$JXV�6XKDU\DQWR$GY��6FL��/HWW��������±����������

'HFLVLRQ�6XSSRUW�6\VWHP�IRU�+RXVLQJ�/DQG�6HOHFWLRQ�8VLQJ�$QDO\WLFDO�+LHUDUFK\�3URFHVV�DQG�7HFKQLTXH��IRU�2UGHU�3UHIHUHQFH�E\�6LPLODULW\�WR�,GHDO�6ROXWLRQ�0HWKRGV�6KHLOD�1XUXO�+XGD��5L]TL�%DJXV�3DPXQJNDV��DQG�7DXILT�+LGD\DW$GY��6FL��/HWW��������±����������

+HUEDO�,QIRUPDWLRQ�6\VWHP�IRU�/HDUQLQJ�DQG�7RXULVP��4XLFN�5HVSRQVH�&RGH�DQG�6HDUFKLQJ9HUD\XWK�/HUWQDWWHH��6LQWKRS�&KRP\D��$QQXSXQ�5RGWRRN��,WKLSDQ�0HWKDVDWH��DQG�&KDQLVDUD�/XHYLSKDQ$GY��6FL��/HWW��������±����������

8WLOL]LQJ�%ULFRODJH�DV�DQ�$OWHUQDWLYH�5HVHDUFK�0HWKRGRORJ\�IRU�,QVWDOODWLRQ�$UW�3UDFWLFH�LQ�3RVWJUDGXDWH��DQG�8QGHUJUDGXDWH�/HYHO�$SULQD�0XUZDQWL$GY��6FL��/HWW��������±����������

7KH�6WRU\�RI�*LQJHU�%UHDG�+HULWDJH�+RXVH��3KUDH��1RUWKHUQ�7KDLODQG0DQLVVDZDUG�-LQWDSLWDN�DQG�1DQWDQDW�-LQWDSLWDN$GY��6FL��/HWW��������±����������

0DQDJLQJ�:RUN�3URGXFWLYLW\�7KURXJK�0DQDJHPHQW�RI�,QIRUPDWLRQ�6\VWHP��6WXG\�RQ�7HONRP�,QGRQHVLD��2QOLQH�3RUWDO��0DKLU�3UDGDQD�DQG�7UL�,QGUD�:LMDNVDQD$GY��6FL��/HWW��������±����������

,PDJHV�&DSWXULQJ�LQ�3KRWRJUDSK\�RI�&KLQHVH�&XOWXUDO�)HVWLYDO�LQ�,QGRQHVLD+HQGUL�+DUWRQR�DQG�1XQQXQ%RQDIL[$GY��6FL��/HWW��������±����������

6DIHW\�&XOWXUH�,QYHVWLJDWLRQ�LQ�7DLZDQ�0HWDO�,QGXVWULHV��$�6WXG\�RI�:RUNHUV�-RE�5HODWHG�%DFNJURXQG,OPD�0XILGDK�DQG�6KX�&KLDQJ�/LQ$GY��6FL��/HWW��������±����������

6HUYLFH�9DOXH�1HWZRUN�0RGHO�IRU�WKH�&ODVVLFDO�0XVLF�0DUNHW�LQ�6RXWK�.RUHD+\HRJ�,Q�.ZRQ��+\XQ�6X�.LP��DQG�-LQRN�-DQJ$GY��6FL��/HWW��������±����������

6DOW�DV�6XEMHFW�RI�([SORUDWLRQ�WR�'HYHORS�1HZ�3HUVSHFWLYH�RI�&RQWHPSRUDU\�$UW�-RQDWD�:LWDERUD�DQG�+DQQ\�:LMD\D$GY��6FL��/HWW��������±����������

$UW�DQG�6FLHQFH��7KH�&RQFHSWXDO�,GHD�RI�6HOI�3RUWUDLW�7KURXJK�0LFURELRORJLFDO�3UDFWLFH3RQLULQ�$PLQ��1XU�$PLUD�+DQDIL��%DVLWDK7DLI��DQG�5DIHDK�/HJLQR$GY��6FL��/HWW��������±����������

/HDUQLQJ�(QYLURQPHQW�0DQDJHPHQW�IRU�7RWDO�/DQJXDJH�,PPHUVLRQ�LQ�WKH�&ODVVURRP��$�&DVH�6WXG\�RI��7KDL�(GXFDWLRQ�'HYHORSPHQW�0DQLVVDZDUG�-LQWDSLWDN��1RSDVLW�&KDNSLWDN��3UDGRUQ�6XUHHSRQJ��DQG�2ODUQ�&KDLSUDYDW$GY��6FL��/HWW��������±����������

+RZ�'R�3HRSOH¶V�3HUFHSWLRQV�RI�(QMR\�-DNDUWD�$GYHUWLVLQJ�&DPSDLJQ�8VLQJ�D�6RFLDO�6HPLRWLFV�2SLQLRQ"$UVD�:LGLWLDUVD�8WR\R$GY��6FL��/HWW��������±����������

&KLDQJ�0DL¶V�,GHQWLW\�7KDW�,QIOXHQFH�7UDYHOLQJ�RI�7KDL�7RXULVWV�LQ�&KLDQJ�0DL�7RXULVP�3URPRWLRQ5DWWKDQDQ�3RQJZLULWWRQ�DQG�3DNSKXP�3DNYLSDV$GY��6FL��/HWW��������±����������

)DFWRU�$QDO\VLV�RI�.DQVHL�:RUGV�IRU�)HPDOH�%DWLN�&ORWKHV�8VLQJ�7KUHH�6WDJHV�5HVHDUFK��/RRNLQJ���7RXFKLQJ��DQG�:HDULQJ�&XFXN�1XU�5RV\LGL��3ULQJJR�:LG\R�/DNVRQR��DQG�0LWVXR�1DJDPDFKL$GY��6FL��/HWW���������±�����������

%DUULHUV�RI�&RPPXQLFDWLRQ�%HWZHHQ�*RYHUQPHQW�2IILFHUV�DQG�7UDYHOHUV�DW�DQ�,PPLJUDWLRQ�&KHFN�3RLQW���7KDL�/DR�)ULHQGVKLS�%ULGJH��0DOHHUDW�.D�.DQ�'HH$GY��6FL��/HWW���������±�����������

$Q�$VVHVVPHQW�RQ�+RXVLQJ�$IIRUGDELOLW\�RQ�6HOHFWHG�8UEDQ�$UHDV�LQ�3HUDN0DULDQD�0RKDPHG�2VPDQ��6\DILHH�6KXLG��6\DULDK�%DFKRN��DQG�6LWL�:DKLGDK�0XKDPDG�<XVRS$GY��6FL��/HWW���������±�����������

(IIHFW�RI�(XURSH�RQ�5R\DO�:HGGLQJ�&ORWKHV�<RJ\DNDUWD�3DODFH-HQQ\�6LVWD�6LUHJDU$GY��6FL��/HWW���������±�����������

0HDVXULQJ�&KDQJLQJ�RI�3UREOHP�6ROYLQJ�$ELOLW\�8VLQJ�5DVFK�0HDVXUHPHQW�0RGHO1RU�)DGLOD�$PLQ��$GLEDK�$EGXO�/DWLI��0DK\XGGLQ�$UVDW��DQG�1RUQD]LUD�6XKDLURP$GY��6FL��/HWW���������±�����������

7KH�(IIHFW�RI�*UHHQ�$GYHUWLVHPHQWV��%URDGHQLQJ�WKH�'LIIHUHQFHV�%HWZHHQ�6HOI�%HQHILW�$SSHDO�YHUVXV��(QYLURQPHQWDO�%HQHILW�$SSHDO�:LZLQ�%DQMDUQDKRU��/LWD�1DSLWXSXOX��DQG�)UHGHULN�6LWXPHDQJ$GY��6FL��/HWW���������±�����������

9LVXDO�7DFWLOLW\�RI��'�3ULQWLQJ�8WLOL]DWLRQ�LQ�6WRS�0RWLRQ�$QLPDWLRQ%KDURWR�<HNWL$GY��6FL��/HWW���������±�����������

7KH�,QIOXHQFH�RI�7DVN�7HFKQRORJ\�)LW�DQG�+DELWXDO�8VH�RQ�-RE�3HUIRUPDQFH�LQ�,QGRQHVLDQ�(GXFDWLRQ��,QGXVWU\��,QQRYDWLYH�:RUN�%HKDYLRU�DV�D�0RGHUDWRU�.KDLUDQL�5DWQDVDUL�6LUHJDU�DQG�&KHQJ�/LQJ�7DQ$GY��6FL��/HWW���������±�����������

5XUDO�3XEOLF�%XV�5RXWLQJ�DQG�%XV�6WRSV�'HWHFWLQJ�8VLQJ�*OREDO�3RVLWLRQLQJ�6\VWHP�DQG�*HRJUDSKLFDO��,QIRUPDWLRQ�6\VWHP�=DNLDK�3RQUDKRQR��6\DULDK�%DFKRN��0DULDQD�0RKDPHG�2VPDQ��DQG�0DQVRU�,EUDKLP$GY��6FL��/HWW���������±�����������

$�'HVFULSWLYH�$QDO\VLV�RI�(DWLQJ�6W\OH�LQ�2EHVH�DQG�2YHUZHLJKW�$GROHVFHQW$QJJLWD�'LDQ�&DK\DQL�DQG�,�0DGH�3DUDPDZLUD�3XWUD$GY��6FL��/HWW���������±�����������

%UDQGLQJ�(PSOR\HH�%HKDYLRU��&RUSRUDWH�%UDQG�3HUVRQDOLW\��6WUDWHJLF�/HDGHUVKLS��DQG�&XOWXUDO�2UJDQL]DWLRQDO��9DOXHV�WR�'HYHORS�%UDQG�6XVWDLQDEOH�9DOXH�LQ�WKH�,QGRQHVLDQ�%DQNLQJ�,QGXVWU\0DULD�0LD�.ULVWDQWL$GY��6FL��/HWW���������±�����������

,PSDFW�RI�)LQDQFLDO�DQG�1RQ�)LQDQFLDO�,QFHQWLYHV�RQ�(PSOR\HH�3HUIRUPDQFH�+DUFKDUDQMLW�6LQJK��5RVVLODK�-DPLO��0DV�%DPEDQJ�%DURWR��0DL]DLWXODLGDZDWL�+XVVLQ��<X�%R\L��DQG�6XNPLQGDU�6LQJK$GY��6FL��/HWW���������±�����������

%9,&¶V�&,6�LQ�WKH�7HFKQRORJLFDO�(QYLURQPHQW�$EG�/DWLI�$EGXO�5DKPDQ��7HQJNX�5DILGDWXO�$NPD�7J�5D]DOL��$VPDGL�0RKDPPHG�*KD]DOL��DQG�0RKG�+DIH]�.DPDUXGLQ$GY��6FL��/HWW���������±�����������

7KH�5ROH�RI�8QLYHUVLWLHV�LQ�(QJLQHHU�&HUWLILFDWLRQ�DV�4XDOLW\�$VVXUDQFH�RI�(QJLQHHUV�3URIHVVLRQDOLVP,ULND�:LGLDVDQWL$GY��6FL��/HWW���������±�����������

3HUIRUPDQFH�$VVHVVPHQW�,QVWUXPHQW��3$,��0RGHO�IRU�%DGPLQWRQ�%DVHG�RQ�7HDFKLQJ�*DPHV�IRU��8QGHUVWDQGLQJ��7*I8��0RKG��,]ZDQ�6KDKULO��-XOLVPDK�-DQL��DQG�1RUNKDOLG�6DOLPLQ$GY��6FL��/HWW���������±�����������

)DFWRUV�,QIOXHQFLQJ�+RXVLQJ�3ULFHV�$PRQJ�/RFDO�3HRSOH��$�6WXG\�LQ�3HUDN��0DOD\VLD�0DULDQD�0RKDPHG�2VPDQ��6\DILHH�6\XLG��6\DKULDK�%DFKRN��DQG�1DMLKDQ�.KDOLG$GY��6FL��/HWW���������±�����������

6KDUL¶DK�*RYHUQDQFH�LQ�,VODPLF�&DSLWDO�0DUNHW��7RZDUGV�$FKLHYLQJ�0DTDVLG�6KDUL¶DK6XULDQRP�0LVNDP��1RRU�,QD\DK�<DDNXE��DQG�0RKDPDG�$EGXO�+DPLG$GY��6FL��/HWW���������±�����������

/HDGHUVKLS�DQG�6HOI�(IILFDF\��,WV�(IIHFW�RQ�(PSOR\HHV�0RWLYDWLRQ,�0DGH�3XWUDZDQ$GY��6FL��/HWW���������±�����������

7KH�5ROH�RI�8VHU�([SHULHQFH�7RZDUGV�&XVWRPHU�/R\DOW\�LQ�,QGRQHVLDQ�&HOOXODU�2SHUDWRU�ZLWK�WKH�0HGLDWLQJ��5ROH�RI�8VHU�6DWLVIDFWLRQ�DQG�&XVWRPHU�%DVHG�%UDQG�(TXLW\�

,QGLUD�5DFKPDZDWL�6XPLUDW�DQG�=XULQD�0RKDLGLQ$GY��6FL��/HWW���������±�����������

7KH�,QIOXHQFH�RI�7HDFKHUV¶�&RPSHWHQF\�7HVW�6FRUH�,QHTXDOLW\��*RYHUQPHQW�([SHQGLWXUH�LQ�(GXFDWLRQ��6HFWRU��DQG�6SHFLILF�$OORFDWLRQ�)XQG�RI�(GXFDWLRQ�$JDLQVW�1DWLRQDO�([DP�,QHTXDOLW\�LQ�,QGRQHVLD�6LWL�1XUMDQDK$GY��6FL��/HWW���������±�����������

(PSOR\PHQW�&RQWUDFWV��$Q�([SORUDWLRQ�RQ�WKH�%DODQFH�RI�3RZHUV�%HWZHHQ�(PSOR\HUV�DQG�(PSOR\HHV��7KURXJK�D�/LQJXLVWLF�$QDO\VLV�6DURMD�'KDQDSDO��+HDPD�/DWKD�1DUD\DQDQ�1DLU��-HQLWD�.DQDSDWK\��DQG�1RRUDQHGD�0XWDOLS�/DLGH\$GY��6FL��/HWW���������±�����������

)DFWRUV�$IIHFWLQJ�WKH�/HYHO�RI�(PSOR\PHQW�&RUH�$ELOLW\�6NLOOV�RI�7UDLQHHV�ZLWK�3K\VLFDO�'LVDELOLWLHV)DFWRUV�$IIHFWLQJ�WKH�/HYHO�RI�(PSOR\PHQW�&RUH�$ELOLW\�6NLOOV�RI�7UDLQHHV�ZLWK�3K\VLFDO�'LVDELOLWLHV$GY��6FL��/HWW���������±�����������

$�&RQFHSWXDO�0RGHO�RI�6FHQDULR�%DVHG�/HDUQLQJ�IRU�'HYHORSLQJ�+LJKHU�2UGHU�7KLQNLQJ�6NLOOV�LQ�(QJLQHHULQJ��(GXFDWLRQ0XKDPPDG�6XNUL�6DXG��<XVUL�.DPLQ��$]ODQ�$EG�/DWLE��DQG�1RU�)DGLOD�$PLQ$GY��6FL��/HWW���������±�����������

7KH�)X]]\�)URQW�(QG�LQ�3URGXFW�,QQRYDWLRQ�'HYHORSPHQW��7KH�6WXG\�RI�,GHD�*HQHUDWLRQ�RQ�7KDL�)XQFWLRQDO��)RRG�IRU�WKH�(OGHUO\�6LULSDW�3KDLVXZDW��&KDOHHGD�%RURPSLFKDLFKDUWNXO��DQG�$FKDUD�&KDQGUDFKDL$GY��6FL��/HWW���������±�����������

7KH�*DS�%HWZHHQ�'HPDQG�IRU�/DERU�DQG�6XSSO\�RI�/DERU�LQ�7KDLODQG��%RWK�4XDQWLW\�DQG�4XDOLW\�'LPHQVLRQV���$Q�$QDO\VLV�8VLQJ�WKH�(FRQRPLF�3ULQFLSOH�RI�(QWUHSUHQHXU¶V�'HFLVLRQ�0DNLQJ�6LZD�+RQJQDSD�DQG�2ODUQ�&KDLSUDYDW$GY��6FL��/HWW���������±�����������

%XLOGLQJ�D�3RVLWLYH�%UDQG�,PDJH�7KURXJK�$GYHUWLVHPHQW��&DVH�6WXG\��,QVXUDQFH�$GYHUWLVLQJ�LQ�&RPLF�6WULS�)RUPDW�IRU�&KLOGUHQ�$QJHOD�2VFDULR��%XGL�6ULKHUODPEDQJ��DQG�$]GLQ�$NEDU$GY��6FL��/HWW���������±�����������

7KH�,PSRUWDQFH�RI�&RSLHV�DV�WKH�5HPLQLVFHQFH�RI�/RVW�&ROOHFWLRQV�DW�.HQZRRG�+RXVH+DQQ\�:LMD\D$GY��6FL��/HWW���������±�����������

7KH�5ROH�RI�/RRN�DQG�)HHO�LQ�:RPHQ¶V�8QGHUZHDU�,QGXVWU\�7RELDV�:DUEXQJ�DQG�$UQROG�6DQMD\D$GY��6FL��/HWW���������±�����������

'HYHORSPHQW�RI�-DSDQHVH�&RPLF�DV�DQ�,OOXVWUDWLRQ�DQG�&XOWXUDO�,GHRORJ\�3URSDJDQGD:DK\XGL�3UDWDPD��6XSUD\LWQR��DQG�'DQHQGUR�$GL$GY��6FL��/HWW���������±�����������

6XVWDLQDELOLW\�RI�79(7�7(�3URJUDPPH��$Q�([SORUDWRU\�6HTXHQWLDO�0L[HG�0HWKRG�'HVLJQ-DLODQL�0G��<XQRV��/DL�&KHH�6HUQ��DQG�1RU�+LGD\DK�+DPGDQ$GY��6FL��/HWW���������±�����������

0RELOH�7HFKQRORJ\�IRU�/HDUQLQJ�6DWLVIDFWLRQ�$PRQJ�6WXGHQWV�DW�0DOD\VLDQ�7HFKQLFDO�8QLYHUVLWLHV��0781�1J�.LP�6RRQ��0RKDPXG�$KPHG�,EUDKLP��:DKLG�5D]]DO\��$EG�5DKPDQ�$KPDG��DQG�1J�0HL�;LQ�6LULVD$GY��6FL��/HWW���������±�����������

,QFRPSOHWH�&RQWUDFW�LQ�3ULYDWH�)LQDQFH�,QLWLDWLYH��3),���$�0RGLILHG�'HOSKL�6WXG\�1XU�6\DLPDV\D]D�0DQVRU��0RKG�)DLUXOOD]L�$\RE��DQG�.KDLUXGGLQ�$EGXO�5DVKLG$GY��6FL��/HWW���������±�����������

/RVW�LQ�$QLPDWLRQ��)LQGLQJ�,QGRQHVLDQ�3RVLWLRQ�LQ�WKH�:RUOG�$QLPDWLRQ�+LVWRU\$ULN�.XUQLDQWR�DQG�$KPDG�)DLVDO�&KRLULO�$QDP�)DWKRQL$GY��6FL��/HWW���������±�����������

'HVLJQ�ZLWK�3HWXQJDQ��-DYDQHVH�0HDVXUHPHQW�6\VWHP��0HWKRG�LQ�*UDSKLF�'HVLJQ�,PSOHPHQWDWLRQ,UZDQ�+DUQRNR��-DPHV�'DUPDZDQ��DQG�/LQWDQJ�:LG\RNXVXPR$GY��6FL��/HWW���������±�����������

(QKDQFLQJ�6WXGHQW¶V�7LPH�0DQDJHPHQW�6NLOOV�LQ�WKH�3XUVXLW�RI�3URIHVVLRQDO�&KDUDFWHU��$�5HVHDUFK�RQ��6WXGHQWV�DW�'RXEOH�'HJUHH�3URJUDP�1LNRGHPXV�7KRPDV�0DUWRUHGMR�DQG�3HWUXV�/DNRQDZD$GY��6FL��/HWW���������±�����������

$Q�$VVHVVPHQW�RI�6WDNHKROGHU�3DUWLFLSDWLRQ�RQ�WKH�'HYHORSPHQW�RI�,VNDQGDU�0DOD\VLD1RRU�6X]LODZDWL�5DEH��0DULDQD�0RKDPHG�2VPDQ��0L]DQ�+LWDP��DQG�6\DKULDK�%DFKRN$GY��6FL��/HWW���������±�����������

(YDOXDWLQJ�6WXGHQWV¶�$ELOLW\�LQ�&RPSUHKHQGLQJ�0HWDSKRUV�DQG�,WV�&RUUHODWLRQ�WR�(QJOLVK�3URILFLHQF\�DQG��(QJOLVK�([SRVXUH�,HQQHNH�,QGUD�'HZL$GY��6FL��/HWW���������±�����������

+XPDQLVP�LQ�WKH�1DPHV�RI�&KDUDFWHUV�LQ�6DZXQJ�.DPSUHW�)LOP�E\�'ZL�.RHQGRUR'\DK�*D\DWUL�3XVSLWDVDUL�DQG�+DQQ\�:LMD\D$GY��6FL��/HWW���������±�����������

(\HLQJ�6XPDWHUD�7KURXJK�WKH�&RORU�RI�,WV�7H[WLOH�DQG�&XOLQDU\0LWD�3XUEDVDUL��$QLWD�5DKDUGMD��DQG�/DXUD�&��/X]DU$GY��6FL��/HWW���������±�����������

3DUWLFLSDWRU\�'HVLJQ�ZLWK�8QGHUSULYLOHJHG�&LWL]HQV�RI�'HYHORSLQJ�&RXQWULHV��2EVWDFOH�DQG�3URVSHFW��(QFRXQWHUHG�LQ�WKH�)LHOG�6WXG\�LQ�-DNDUWD��,QGRQHVLD�6DUL�:XODQGDUL��0LWD�3XUEDVDUL��'��5LR�$GLZLMD\D��DQG�)HUGLQDQG�,QGUDMD\D$GY��6FL��/HWW���������±�����������

3RWHQWLDO�RI�%DPERR�DV�0DWHULDO�IRU�)XUQLWXUH�LQ�5XUDO�$UHD�LQ�,QGRQHVLD<XQLGD�6RILDQD��&��2FWDYLDQD�6\OYLD��DQG�0LWD�3XUEDVDUL$GY��6FL��/HWW���������±�����������

0HWKRGV�RI�'LVFRYHULQJ�(IIHFWLYH�/LVWHQLQJ�6NLOOV�LQ�'LUHFW�6HOOLQJ�$FWXDO�&RQYHUVDWLRQV1XUHGD\X�2PDU$GY��6FL��/HWW���������±�����������

+RZ�'RHV�WKH�3KLOLSSLQH�3HVR�([FKDQJH�5DWH�5HVSRQG�WR�,QIODWLRQ��,QGXVWULDO�3URGXFWLRQ�DQG�7UDGH��%DODQFH"�$�*UDQJHU�&DXVDOLW\�$QDO\VLV�)UHGHULFN�3��5RPHUR$GY��6FL��/HWW���������±�����������

,QWHUSUHWDWLRQ�IURP�WKH�,OOXVWUDWLRQV�RI�6RHKDUWR�RQ�WKH�&RYHU�RI�7(032��DQ�,QGHSHQGHQW�,QGRQHVLDQ��:HHNO\�1HZV�0DJD]LQH�'DQHQGUR�$GL��:DK\XGL�3UDWDPD��6XSUD\LWQR��DQG�+DJXQJ�.XQWMDUD�6DPEDGD�:LMDVD$GY��6FL��/HWW���������±�����������

0DOD\VLD�'HVLJQ�,QGXVWU\��&RPSHWLWLRQ�IRU�0DOD\VLD�'HVLJQ�%XVLQHVVHV�����1DGLDK�0RKDPDG��6DDGLDK�.DVSLQ��DQG�5RVLDK�0G��1RRU$GY��6FL��/HWW���������±�����������

0HDVXULQJ�3V\FKRORJLFDO�&OLPDWH�$IWHU�0HUJHU)LGD�1XJUDKD��7E��=XOUL]ND�,VNDQGDU��0D\D�$UGLZLQDWD��DQG�$QQLVD�.DGL\RQR$GY��6FL��/HWW���������±�����������

$XGLW�&RPPLWWHH�&KDUDFWHULVWLFV��5LVN�0DQDJHPHQW�&RPPLWWHH�DQG�)LQDQFLDO�5HVWDWHPHQWV0D]XULQD�0RKG�$OL��6\DULIDK�6DIID�1DMZD�7XDQ�%HVDU��DQG�1RU$]DP�0DVWXNL�0DVWXNL$GY��6FL��/HWW���������±�����������

&RQWULEXWLRQ�RI�(QYLURQPHQW�2QOLQH�6WRUH�IRU�3XUFKDVH�'HFLVLRQ��$�&DVH�6WXG\�2QOLQH�6WRUH�+\SHUPDUW²%DQGXQJ�5DKPDW�+LGD\DW�DQG�$JXV�0DRODQD�+LGD\DW$GY��6FL��/HWW���������±�����������

)DPLO\�&RPPXQLFDWLRQ�RQ�)DFHERRN��$�&RPSDUDWLYH�$QDO\VLV�IURP�3DUHQW�&KLOG�3HUVSHFWLYH&KH�6X�0XVWDIID$GY��6FL��/HWW���������±�����������

6XVWDLQDEOH�&XOWXUDO�7RXULVP�'HYHORSPHQW�IRU�+LOO�7ULEH�&RPPXQLW\5DWWKDQDQ�3RQJZLULWWRQ�DQG�3DNSKXP�3DNYLSDV$GY��6FL��/HWW���������±�����������

1HZV�)UDPLQJ�/\QDV�3ODQW�3URMHFW��$�6WXG\�RI�)LYH�0DOD\VLDQ�1HZVSDSHUV,VPDLO�6XDOPDQ��5RVQL�-DDIDU��DQG�/LDQD�6DOELDK$GY��6FL��/HWW���������±�����������

*DXJLQJ�H�3ROLWLFDO�3DUWLFLSDWLRQ�$PRQJ�8QLYHUVLW\�6WXGHQWV1DGH\D�=DLQRQ��5XJD\DK�+DVKLP��0RKG�)DL]�,VPDLO��DQG�0RKG�$QXDU$GY��6FL��/HWW���������±�����������

(PSOR\HHV¶�&RPSHWHQFH�DQG�-RE�3HUIRUPDQFH0RKDPHG�<��$��$OVDEEDK�DQG�+D]ULO�,]ZDU�,EUDKLP$GY��6FL��/HWW���������±�����������

4XDOLW\�$VVXUDQFH�3UDFWLFHV�RI�WKH�)RRG�0DQXIDFWXUHUV�LQ�0DOD\VLD1J�.LP�6RRQ��/LP�+XL�&KLQ��DQG�$EG�5DKPDQ�$KPDG$GY��6FL��/HWW���������±�����������

(IIHFWV�RI�60$57�7XQQHO�0DLQWHQDQFH�:RUNV�RQ�)ORRG�&RQWURO�DQG�7UDIILF�)ORZ1J�.LP�6RRQ��1XKX�,VDK��0DLPXQDK�%LQWL�$OL��DQG�$EG�5DKPDQ�$KPDG$GY��6FL��/HWW���������±�����������

(QKDQFLQJ�RI�1XUVH�,QWHUSHUVRQDO�6NLOO�%RRVWV�&DQFHU�3DWLHQW�6DWLVIDFWLRQ1J�.LP�6RRQ��)DGLD�$EGDOOD�0XVEDK��DQG�$EG�5DKPDQ�$KPDG$GY��6FL��/HWW���������±�����������

&DSLWDO�%XGJHWLQJ�DQG�&DSLWDO�6WUXFWXUH�'HFLVLRQV�LQ�6DXGL�$UDELD1RUD�$ONKDPLV��8PDUD�1RUHHQ��/DUD�*KRQDLP��6DUDK�,EUDKLP�6DOLK�$OJKRQDLP��DQG�5HHP�$EGXOODK�$��$OWXUNL$GY��6FL��/HWW���������±�����������

7KH�5ROH�RI�3V\FKRORJLFDO�(PSRZHUPHQW�DV�WKH�0RGHUDWRU�%HWZHHQ�'HYHORSPHQWDO�([SHULHQFH�DQG��3HUFHLYHG�2UJDQL]DWLRQDO�6XSSRUW�-HQLER\�.LPSDK��+D]ULO�,]ZDU�,EUDKLP��DQG�-XUJLWD�5DXGHOLXQLHQH$GY��6FL��/HWW���������±�����������

'LUHFWLYH�/HDGHUVKLS�DQG�6DWLVIDFWLRQ��$�8QLTXH�5HODWLRQVKLS6DMHHOD�5DEEDQL��5DELD�,PUDQ��6XPDLUD�6KDPRRQ��DQG�1LGD�.DPDO$GY��6FL��/HWW���������±�����������

)DFWRUV�,QIOXHQFLQJ�&RQVXPHUV¶�,QWHQWLRQ�WR�,QVWDOO�6RODU�3RZHU�6\VWHP6DUDQ\DSRQJ�7KLDQJWDP$GY��6FL��/HWW���������±�����������

$�&DXVDO�5HODWLRQVKLS�0RGHO�RI�WKH�$FFHSWDQFH�RI�0RELOH�6DOHV�)RUFH�$XWRPDWLRQ�RI�/LIH�,QVXUDQFH�$JHQWV6DUDQ\DSRQJ�7KLDQJWDP��3RQJSXQ�$QXQWDYRUDQLFK��DQG�:LOHUW�3XULZDW$GY��6FL��/HWW���������±�����������

7KH�(IIHFWV�RI�0DQDJHULDO��(QYLURQPHQWDO�DQG�2UJDQL]DWLRQDO�)DFWRUV�RQ�WKH�3HUIRUPDQFH�RI�6WUDWHJLF�3ODQQLQJ��LQ�,QGXVWULDO�3ODQWDWLRQ�)RUHVWV��(PSLULFDO�6WXG\�LQ�+7,�&RPSDQLHV±,VODQGV�RI�6XPDWHUD�DQG�.DOLPDQWDQ��:��+HUL�6XNHQGDU�DQG�(GL�$EGXUDFKPDQ$GY��6FL��/HWW���������±�����������

,QVWUXPHQW�IRU�,QWHJUDWHG�,QIRUPDWLRQ�6\VWHP�$VVHVVPHQW�LQ�+LJKHU�/HDUQLQJ�,QVWLWXWLRQV5X]DLQL�$EGXOODK�$UVKDK��0RKDPPDG�,VKDN�'HVD��DQG�$E��5D]DN�&KH�+XVVLQ$GY��6FL��/HWW���������±�����������

7KH�(IIHFW�RI�7LPH�%XGJHW�3UHVVXUH�RQ�$XGLWRUV¶�%HKDYLRXU0RKG�1D]OL�0RKG�1RU��0DOFROP�6PLWK��=XEDLGDK�,VPDLO��DQG�5RVKDL]D�7DKD$GY��6FL��/HWW���������±�����������

,QYHVWLJDWLQJ�+RVSLWDOLW\�*UDGXDWHV�.QRZOHGJH��6NLOOV�DQG�$ELOLWLHV�8VLQJ�'HOSKL�7HFKQLTXH1XUKD]DQL�0RKG�6KDULII��5RVKLWD�$EGXO�5D]DN��DQG�1RRU�$]LPLQ�=DLQRO$GY��6FL��/HWW���������±�����������

7KH�5HODWLRQVKLS�%HWZHHQ�3K\VLFDO�,QIUDVWUXFWXUH�DQG�WKH�3HUFHSWLRQ�RI�6WXGHQWV�3HUIRUPDQFH�LQ�&RPPXQLW\��,VODPLF�6FKRROV�LQ�3HUDN��0DOD\VLD0DULDQD�0RKDPHG�2VPDQ��6\DKULDK�%DFKRN��1RRU�6X]LODZDWL�5DEH��6DPVXGGLQ�-DDIDU��DQG�6LWL�1XU�µ$OLD�$KPDG�7KDQL$GY��6FL��/HWW���������±�����������

'RHV�)LUP�6L]H�,QIOXHQFH�,QQRYDWLYH�:DWHU�0DQDJHPHQW�5HVSRQVHV�LQ�WKH�+RWHO�6HFWRU"$]LODK�.DVLP��+LVKDP�']DNLULD��DQG�5R]LOD�$KPDG$GY��6FL��/HWW���������±�����������

'RHV�(QYLURQPHQWDO�.QRZOHGJH�$IIHFW�(QYLURQPHQWDO�5HVSRQVLYHQHVV"�$�/RRN�DW�WKH�+RWHO�0DQDJHUV�LQ�0DOD\VLD$]LODK�.DVLP$GY��6FL��/HWW���������±�����������

7KH�(IIHFW�RI�&RUSRUDWH�*RYHUQDQFH�0HFKDQLVP�RQ�WKH�,QIRUPDWLYHQHVV�RI�(DUQLQJV�LQ�,QGRQHVLD'RGG\�6HWLDZDQ��-DND�:LQDUQD��DQG�<��$QQL�$U\DQL$GY��6FL��/HWW���������±�����������

4XDOLW\�$VVXUDQFH�3UDFWLFHV�RI�6PDOO�6L]H�)RRG�0DQXIDFWXULQJ�&RPSDQLHV�LQ�0DOD\VLD1J�.LP�6RRQ��/LP�+XL�&KLQ��DQG�$EG�5DKPDQ�$KPDG$GY��6FL��/HWW���������±�����������

'HYHORSPHQW�$VVHVVPHQW�,QVWUXPHQW�IRU�%DVLF�6NLOOV�RI�,QYDVLRQ�LQ�3K\VLFDO�(GXFDWLRQ1RUNKDOLG�6DOLPLQ��0RKG��,]ZDQ�6KDKULO��-XOLVPDK�-DQL��$]DOL�5DKPDW��*XQDWKHYDQ�(OXPDODL��/L]D�6DDG��DQG��1RRU�$NPDQLDK�$UZDH�$GY��6FL��/HWW���������±�����������

)DFWRUV�$IIHFWLQJ�3XEOLF�6FKRRO�&KRLFHV�$PRQJ�3DUHQWV�LQ�*RPEDN�'LVWULFW�RI�6HODQJRU��0DOD\VLD0DULDQD�0RKDPHG�2VPDQ��6\DKULDK�%DFKRN��1RU�=DOLQD�+DUXQ��1RRU�6X]LODZDWL�5DEH��DQG�1XUDLKDQ�0RKG�,EUDKLP$GY��6FL��/HWW���������±�����������

7KH�5ROH�RI�,QQRYDWLRQ�LQ�WKH�5HODWLRQ�%HWZHHQ�3V\FKLF�'LVWDQFH�DQG�2UJDQL]DWLRQDO�3HUIRUPDQFH1RPDKD]D�0DKDGL��-LKDG�0RKDPPDG��$]L]XO�<DGL�<DDNRS��DQG�1XU�5DKLGD�5DKPDQ$GY��6FL��/HWW���������±�����������

+RQRULILF�7LWOH�DQG�3RZHU�'LVWDQFH�LQ�-DSDQHVH�&RPSDQLHV�LQ�:DND\DPD�-DSDQ(OLVD�&DUROLQD�0DULRQ$GY��6FL��/HWW���������±����������

:RPHQ�LQ�0HGLD�&RQVWUXFWLRQ��0RGHUQL]DWLRQ�RU�&RQVXPHULVP"'LQL�6DILWUL$GY��6FL��/HWW���������±�����������

,QWHOOHFWXDO�&DSLWDO�&RQWULEXWLRQ�WR�2UJDQL]DWLRQDO�3HUIRUPDQFH�LQ�0DOD\VLDQ�%DQNLQJ�DQG�1RQ�%DQNLQJ�6HFWRUV0DU\DP�-DPHHODK�+DVKLP��,GULV�2VPDQ��DQG�6\HG�0XVD�$OKDEVKL$GY��6FL��/HWW���������±�����������

%DVHO�5HTXLUHPHQW�DQG�)LQDQFLDO�6WDELOLW\�RI�,VODPLF�%DQNV�LQ�6HOHFWHG�$VLDQ�&RXQWULHV+D]OLQD�$EG�.DGLU��$XURUD�1RRU�$LVD��=DUHKDQ�6HODPDW��DQG�+DPVDWXOD]XUD�+DP]DK$GY��6FL��/HWW���������±�����������

&KLDURVFXUR�LQ�9LVXDO�1DUUDWLYH�RI�6DQJ�3HQFHUDK�)LOP�E\�+DQXQJ�%UDPDQW\R'\DK�*D\DWUL�3XVSLWDVDUL��6HWLDZDQ�6DEDQD��+DIL]�$]LV�$KPDG��DQG�+DQQ\�:LMD\D$GY��6FL��/HWW���������±�����������

$QDO\VLV�RQ�WKH�)XOILOOPHQW�RI�+LHUDUFK\�RI�1HHGV�IRU�&HQWUDO�5HJLRQ�RI�0DOD\VLD0DULDQD�0RKDPHG�2VPDQ��6\DKULDK�%DFKRN��$OLDV�$EGXOODK��0DQVRU�,EUDKLP��DQG�$LV\DK�$EX�%DNDU$GY��6FL��/HWW���������±�����������

)DYRXUDEOH�DQG�8QIDYRXUDEOH�$WWLWXGHV�RI�<RXQJ�)HPDOH�5HVLGHQWV�7RZDUG�0LGGOH�(DVWHUQ�0DOH�7RXULVWV8VHS�6XKXG�DQG�*UHJ�:LOOVRQ$GY��6FL��/HWW���������±�����������

&RPPXQLW\�(PSRZHUPHQW�0RGHO�RQ�WKH�$ELOLW\�LQ�+HDOWK�3UREOHP�6ROYLQJ��$�&RPPXQLW\�%DVHG�6WXG\�LQ�,QGRQHVLD(QGDQJ�6XWLVQD�6XODHPDQ��5DYLN�.DUVLGL��%KLVPD�0XUWL��DQG�'UDMDW�7UL�.DUWRQR$GY��6FL��/HWW���������±�����������

&RQFHSWXDO�6WXG\�RI�0RELOH�5HWDLOLQJ�$FFHSWDQFH�$PRQJ�0DOD\VLDQ�:RPHQ$]OLQD�%XMDQJ��1RUED\DK�0RKG�6XNL��DQG�1RUD]DK�0RKG�6XNL$GY��6FL��/HWW���������±�����������

'HWHUPLQDQWV�RI�0DUNHW�5HDFWLRQ�WR�'LYLGHQG�$QQRXQFHPHQWV��7KH�&DVH�LQ�,QGRQHVLDQ�6WDWH�2ZQHG�(QWHUSULVHV'RGG\�6HWLDZDQ��-DND�:LQDUQD��DQG�/LDQ�.HH�3KXD$GY��6FL��/HWW���������±�����������

+DUPRQL]DWLRQ�RI�&RQWUDFW�/DZV�LQ�$6($1��&RQWUDFW�(QWURS\1DQWDQDW�-LQWDSLWDN�DQG�-LDQ[X�/LX$GY��6FL��/HWW���������±�����������

8QODZIXO�2FFXSDWLRQ�RI�6WDWH�/DQG�LQ�0DOD\VLD�DQG�,WV�,PSOLFDWLRQV0DULDQD�0RKDPHG�2VPDQ��6\DKULDK�%DFKRN��0XKDPPDG�)DULV�$EGXOODK��5XVWDP�.KDLUL�=DKDUL��DQG�+DQLVDK�$E�:DKDE$GY��6FL��/HWW���������±�����������

.QRZOHGJH�+XEV�IRU�(PSRZHULQJ�,QGRQHVLDQ�60(V�DQG�WKH�6XVWDLQDELOLW\%XODQ�3UDEDZDQL��6DU\DGL��:LGLDUWDQWR��DQG�:DK\X�+LGD\DW$GY��6FL��/HWW���������±�����������

7KH�3XVK�)DFWRUV�LQ�%XVLQHVV��7KH�&DVH�RI�2LO�3DOP�6PDOOKROGHUV$]KDU�$KPDG��$KPDG�5DILV�&KH�2PDU��/RNKPDQ�+DNLP�2VPDQ��0G��6KDILLQ�6KXNRU��1RUD]ODQ�$OLDV���0DUD�5LGKXDQ��6XUDL\D�,VKDN��DQG�0RKG�$EGXOODK�-XVRK�$GY��6FL��/HWW���������±�����������

*RRG�*RYHUQDQFH�3UDFWLFHV�DW�/RFDO�*RYHUQPHQW��([SHULHQFH�IURP�WKH�6HUHPEDQ�0XQLFLSDO�&RXQFLO6X]HL�0DW�1XUXGLQ��5XJD\DK�+DVKLP��1XUV\DKLGD�=XONLIOL��6KDPVLQDU�5DKPDQ��6DLGDWXO�$NPD�+DPLN��DQG��$KPDG�6KDK�3DNHHU�0RKDPHG�$GY��6FL��/HWW���������±�����������

8QGHUVWDQGLQJ�WKH�5HODWLRQVKLS�RI�7UDYHO�0RWLYDWLRQ�)DFWRUV�DQG�'HFLVLRQ�0DNLQJ�$PRQJ�9LVXDO�,PSDLUHG��7RXULVWV��([SORULQJ�WKH�0RGHUDWLQJ�(IIHFW�RI�6RFLDO�0HGLD�)DL]�,��$QXDU��1RUPDV]OLP�<DK\D��DQG�$VWUL�<XOLD$GY��6FL��/HWW���������±�����������

([SORULQJ�WKH�.QRZOHGJH��6NLOOV��DQG�$ELOLWLHV�5HODWHG�WR�6HUYLFH�4XDOLW\��$�7KLUG�3DUW\�/RJLVWLFV�3HUVSHFWLYH(WD�:DKDE��$OLQD�6KDPVXGGLQ��1RU�+D]DQD�$EGXOODK��DQG�1RU�$WLTDK�$LPD�5RVODQ$GY��6FL��/HWW���������±�����������

$QWHFHGHQW�RI�,QQRYDWLRQ�DQG�0DUNHWLQJ�3HUIRUPDQFH�LQ�%DWLN�,QGXVWU\1DLOL�)DULGD$GY��6FL��/HWW���������±�����������

7KH�3RZHU�RI�3HUVSHFWLYH�RQ�7R\V�3KRWRJUDSK\�LQ�2QH�)UDPH�6WRU\&LWUD�)DGLOODK��'HUPDZDQ�6\DPVXGGLQ��DQG�5LR�6DVRQJNR$GY��6FL��/HWW���������±�����������

8QLGURLW�3ULQFLSOHV�RI�,QWHUQDWLRQDO�&RPPHUFLDO�&RQWUDFW�DV�WKH�5XOHV�RI�/DZ�*RYHUQLQJ�&URVV�%RUGHU�&RQWUDFWV$]QL�$ULIILQ�DQG�1RRU�,QD\DK�<DDNXE$GY��6FL��/HWW���������±�����������

7KH�5HODWLRQVKLS�%HWZHHQ�:RUN�)DPLO\�%DODQFH�DQG�$IIHFWLYH�2UJDQL]DWLRQDO�&RPPLWPHQW�$PRQJ��$FDGHPLF�6WDII�RI�0DOD\VLDQ�5HVHDUFK�8QLYHUVLWLHV�1RU�6D¶DGDK�$EG�5DKPDQ��6DOPLDK�0RKDPDG�$PLQ��1RUPDKD]D�0DKDGL��DQG�)DGLOODK�,VPDLO$GY��6FL��/HWW���������±�����������

,QVWUXPHQW�RI�6RXUFHV�RI�6SRUW�&RQILGHQFH�IRU�-XQLRU�6RFFHU�3OD\HU-XULDQD�.XUQLD�7DKNL$GY��6FL��/HWW���������±�����������

$�6WXG\�7RZDUG�:HEVLWH�$GRSWLRQ�/HYHO�$PRQJ�7UDYHO�$JHQFLHV�LQ�,QGRQHVLD�8VLQJ�7HFKQRORJ\�2UJDQL]DWLRQ��(QYLURQPHQW�0RGHO9HUD�3XMDQL��0HXWKLD��<XOLD�+HQGUL�<HQL��(UQD�:LGLDVWXW\��DQG�7KDWRN�$VPRQ\$GY��6FL��/HWW���������±�����������

7UDQVIRUPDWLRQ�RI�WKH�5ROH�RI�:DTI�LQ�0DOD\VLD6X]LDQD�%LQWL�0RKDPHG�1RU�DQG�1RRU�,QD\DK�<DDNXE$GY��6FL��/HWW���������±�����������

7KDLODQG�,QIRUPDO�'HEW��/LYLQJ�LQ�3RYHUW\�DQG�,QHTXDOLW\6D\DPRO�&KDURHQUDWDQD$GY��6FL��/HWW���������±�����������

7KH�9LVXDOLVP�DQG�3RWHQWLDOV�RI�+RXVH�1XPEHULQJ2ODGRNXQ�2PRMROD�DQG�2ODPLGH�$VDQL\DQ$GY��6FL��/HWW���������±�����������

7KH�5ROH�RI�0HGLD�LQ�5HDOL]LQJ�µ�0DOD\VLD¶�&RQFHSW-XOLDQD�0DQDQ��$EGXO�0XD¶WL�#�=DPUL�$KPDG��DQG�+DPLVDK�=DKDUDK�+DVDQ$GY��6FL��/HWW���������±�����������

$VVHVVLQJ�2SSRUWXQLWLHV�DQG�&KDOOHQJHV�LQ�:DWHUIURQW�'HYHORSPHQW�LQ�0DOD\VLD$]OLQD�0G��<DVVLQ��5RKDL]DQ�5DPODQ��DQG�0RKG��1DMLE�0RKG��5D]DOL$GY��6FL��/HWW���������±�����������

,QWUDSUHQHXUVKLS�DQG�7DOHQW�5HWHQWLRQ�$PRQJ�(QJLQHHUV�LQ�WKH�0DOD\VLDQ�3ULYDWH�2UJDQLVDWLRQV,GULV�2VPDQ��)DX]LDK�1RRUGLQ��1RUPDOD�'DXG��DQG�0DU\DP�-DPHHODK�0RKG�+DVKLP$GY��6FL��/HWW���������±�����������

(�&RPPHUFH�8VDJH�DQG�8VHU�3HUVSHFWLYHV�LQ�0\DQPDU��$Q�([SORUDWRU\�6WXG\$EKLVKHN�%KDWL��<HLQ�7XQ�7KX��6DL�.KXQ�+WXQ�:RRQ��/H�/DQ�3KXRQJ��DQG�0RQ�0RQ�/\QQ$GY��6FL��/HWW���������±�����������

(IIHFWLYHQHVV�RI�6FKRRO�2SHUDWLRQDO�6XSSRUW�)XQGV�WR�4XDOLW\�RI�6WXGHQWV�/HDUQLQJ�3URFHVV�DQG�2XWFRPHV��LQ�9RFDWLRQDO�+LJK�6FKRRO�%DHGKRZL��7ULVQR�0DUWRQR��'HZL�.��:DUGDQL��6DOPDQ�$��7RWDOLD��3ULQJJR�:��/DNVRQR��7UL\DQWR��DQG�'LQL�2FWDULD$GY��6FL��/HWW���������±�����������

7KH�5ROH�RI�3XEOLF�5HODWLRQV�LQ�6SRUW�2UJDQL]DWLRQ�LQ�,QGRQHVLD,ND�1RYLWDULD$GY��6FL��/HWW���������±�����������

7KH�'HFLVLRQ�3URFHVVHV�RI�'HGXFWLYH�,QIHUHQFH6DIDZL�$EGXO�5DKPDQ��+DU\DQL�+DURQ��6KDULIDOLOODK�1RUGLQ��$P]DUL�$EX�%DNDU��)DGLOQRU�5DKPDG��=DKDUL�0RKG�$PLQ���DQG�0RKG�5LGZDQ�6HPDQ�$GY��6FL��/HWW���������±�����������

7KH�,PSDFW�RI�0HWDFRJQLWLRQ�DQG�9RFDEXODU\�0DVWHU\�RQ�5HDGLQJ�&RPSUHKHQVLRQ�LQ�(OHPHQWDU\�6WXGHQW���$�3DWK�$QDO\VLV�0RKDPDG�6\DULI�6XPDQWUL��1XUMDQQDK��DQG�<XEDHGL�6LURQ$GY��6FL��/HWW���������±�����������

6XVWDLQDELOLW\�DQG�&RUSRUDWH�*RYHUQDQFH�DQ�,QYHVWLJDWLRQ�RQ�)LUP�3HUIRUPDQFH��$�6WXG\�RQ�0DOD\VLDQ��3XEOLF�/LVWHG�)LUPV�6DWLUHQMLW�.DXU�-RKO�DQG�2ODGLSXSR�/XTPDQ�6DODPL$GY��6FL��/HWW���������±�����������

7KH�(IIHFWLYHQHVV�RI�,PSOHPHQWLQJ�&UHGLW�+RXUV�&R�&XUULFXODU�&RXUVHV�LQ�6XOWDQ�,GULV�(GXFDWLRQ�8QLYHUVLW\$]DOL�5DKPDW��0RKG��,]ZDQ�6KDULO��0RKDPDG�$OL�5RVKLGL�$KPDG��1XU�$NPDO�,VKDN��DQG�1RUNKDOLG�6DOLPLQ$GY��6FL��/HWW���������±�����������

*DPH�0HGLDWHG�([SHULHQFH��'RHV�%UDQG�([SRVXUH�&KDQJLQJ�8VHUV¶�$WWLWXGHV"=XKDO�+XVVHLQ�DQG�1DEVLDK�$EG�:DKLG$GY��6FL��/HWW���������±�����������

%DQN�6WDELOLW\�0HDVXUHV�IRU�'XDO�%DQNLQJ�6\VWHP1RU]LWDK�$EGXO�.DULP�DQG�6\HG�0XVD�6\HG�-DDIDU�$O+DEVKL$GY��6FL��/HWW���������±�����������

$�4XDQWLWDWLYH�,QYHVWLJDWLRQ�RQ�WKH�,PSDFW�RI�)HDU�$SSHDO�LQ�0DUNHWLQJ�&DPSDLJQ=XULQD�,VPDLO��<XVULQD�+D\DWL�1LN�0XKDPPDG�1D]LPDQ��DQG�.KDLUXO�1DMPL�0RKG�1D]DUL$GY��6FL��/HWW���������±�����������

&RPPRGLILFDWLRQ�RI�/DQJXDJH�LQ�*OREDOL]DWLRQ�&RQWH[W��*OREDO�DQG�/RFDO�,QWHUFRQQHFWLRQ�RI�(QJOLVK�9DOXLQJ��LQ�,QGRQHVLDQ�0DJD]LQH�$GYHUWLVHPHQW�8GLDQD�3XVSD�'HZL$GY��6FL��/HWW���������±�����������

%RDUG�&RPSRVLWLRQ��&RUSRUDWH�5HVWUXFWXULQJ�DQG�&RUSRUDWH�3ROLF\1RUD]ODQ�$OLDV��0RKG�+DVLPL�<DDFRE��DQG�1DKDULDK�-DIIDU$GY��6FL��/HWW���������±�����������

,PSOHPHQWDWLRQ�RI�7HDFKLQJ�0HWKRGV�LQ�0HFKDQLFDO�(QJLQHHULQJ�3URJUDP�DW�WKH�0DOD\VLD¶V�9RFDWLRQDO�&ROOHJH<XVUL�.DPLQ��0XKDPPDG�6XNUL�6DXG��0RKG�=RONLIOL�$EGXO�+DPLG��DQG�$GQDQ�$KPDG$GY��6FL��/HWW���������±�����������

7HFKQLFDO�6NLOOV�&RPSHWHQF\�/HYHO�$PRQJ�6WXGHQWV�DW�9RFDWLRQDO�&ROOHJHV�LQ�0DOD\VLD<XVUL�%LQ�.DPLQ��$]ODQ�$EGXO�/DWLE��1RU�)DGLOD�$PLQ��DQG�0XKDPPDG�6XNUL�6DXG$GY��6FL��/HWW���������±�����������

7KH�(IIHFWV�RI�4XDOLW\�DQG�%LR�/DEHOV�RQ�WKH�:LOOLQJQHVV�WR�3D\5LFDUGR�6LWXPHDQJ�DQG�)UHGHULN�6LWXPHDQJ$GY��6FL��/HWW���������±�����������

6RFLDO�0HGLD�LQ�3URMHFW�&RPPXQLFDWLRQ�0DQDJHPHQW²$�&RQFHSWXDO�)UDPHZRUN9LSDNRUQ�9DGKDQDVLQ��6XWKDV�5DWDQDNXDNDQJZDQ��DQG�.DPDOHV�6DQWLYHMNXO$GY��6FL��/HWW���������±�����������

$Q�,QWURGXFWRU\�6WXG\�RQ�WKH�0DOD\�:RUN�(WKLFV�DQG�%XVLQHVV�&XOWXUH�LQ�0DOD\VLD:DQ�1RUKDVQLDK�:DQ�+XVLQ$GY��6FL��/HWW���������±�����������

(GXFDWLRQDO�(QGRZPHQWV�*RYHUQDQFH�IRU�,QVWLWXWLRQV�RI�+LJKHU�(GXFDWLRQ�LQ�0DOD\VLD��$�3UHOLPLQDU\�6WXG\6X]LDQD�%LQWL�0RKDPHG�1RU�DQG�1RRU�,QD\DK�<DDNXE$GY��6FL��/HWW���������±�����������

0HDVXULQJ�3URWHFWLYH�)DFWRUV�WR�5HVLOLHQFH��$�6WXG\�RQ�0DOD\VLDQ�<RXQJ�$GXOWV1RU�=DLKDQ�0DW�+DVVDQ��(UQH�6X]LOD�.DVVLP��6LWL�1RUDLQL�0RKG�7REL��DQG�5RVLQWDQ�6DILQDV�0XQLU$GY��6FL��/HWW���������±�����������

,PSDFW�RI�D�6HUYLFH�/HDUQLQJ�3URJUDP�WR�WKH�8QLYHUVLW\�DQG�WKH�&RPPXQLW\$]ODQ�$EGXO�/DWLE��1RU�)DGLOD�$PLQ��0XKDPPDG�6XNUL�6DXG��DQG�<XVUL�.DPLQ$GY��6FL��/HWW���������±�����������

,QWHUQDO�6HFXULW\�$FWV��$�&RPSDULVRQ�RI�0DOD\VLDV�6HFXULW\�2IIHQFHV��6SHFLDO�0HDVXUHV��$FW������DQG��6RXWK�$IULFD¶V�32&'$7$5$$���������6DURMD�'KDQDSDO�DQG�-RKDQ�6KDPVXGGLQ�6DEDUXGGLQ$GY��6FL��/HWW���������±�����������

%HDXW\�&RQVWUXFWLRQ�LQ�WKH�6RYHUHLJQW\�RI�-DYDQHVH�:RPHQ%KHUQDGHWWD�3UDYLWD�:DK\XQLQJW\DV$GY��6FL��/HWW���������±�����������

)DFWRUV�,QIOXHQFLQJ�8VHU�$GRSWLRQ�RI�0DOD\VLD�&\EHU�6HFXULW\�&OLQLF��0\&6&��6HUYLFHV5RVKGL�$KPDG�DQG�0RKDPDG�1RRUPDQ�0DVUHN$GY��6FL��/HWW���������±�����������

.QRZOHGJH�0DQDJHPHQW�,PSOHPHQWDWLRQ�LQ�6PDOO�0DQXIDFWXULQJ�)LUPV6LWL�6DUDK�2PDU��5RKDL]DQ�5DPODQ��&KDQ�6KLDX�:HL��DQG�$L]DW�=KDULHI�.DVLP$GY��6FL��/HWW���������±�����������

/LTXLGLW\�DQG�$VVHW�3ULFLQJ�LQ�,QGRQHVLD�6WRFN�([FKDQJH'HDQQHV�,V\QXZDUGKDQD�DQG�9D\D�-XOLDQD�'LOODN$GY��6FL��/HWW���������±�����������

7KH�)DFWRUV�$IIHFWLQJ�,QIRUPDWLRQ�6\VWHP�6XFFHVV�LQ�,QYHQWRU\�5HWDLO�6\VWHP'XGL�3UDWRPR�DQG�'LQL�:��+DSVDUL$GY��6FL��/HWW���������±�����������

7R�:KDW�([WHQW�'R�%HDXW\�%ORJJHUV�,QIOXHQFH�WKH�3XUFKDVH�%HKDYLRU�RI�7KHLU�$XGLHQFH"�([SORULQJ�WKH�/LQNV�%HWZHHQ�&RQVXPHU�3HUVRQDOLW\�DQG�%ORJ�3UHIHUHQFHV0DULDQD�6LPDQMXQWDN��0DL�1JX\HQ��DQG�)UHGHULN�6LWXPHDQJ$GY��6FL��/HWW���������±�����������

)DFWRUV�,QIOXHQFLQJ�&XVWRPHU�$GRSWLRQ�RI�0RELOH�%DQNLQJ�6HUYLFHV��(PSLULFDO�([DPLQDWLRQ�%HWZHHQ��*HQHUDWLRQ�<�DQG�*HQHUDWLRQ�=�LQ�7KDLODQG�$WKDSRO�5XDQJNDQMDQDVHV�DQG�6XSKLWFKD�:RQJSUDVRSFKDL$GY��6FL��/HWW���������±�����������

)DFWRUV�,QIOXHQFLQJ�,QWHQWLRQ�WR�3XUFKDVH�6WLFNHUV�LQ�D�0HVVDJLQJ�$SSOLFDWLRQ��$�&RPSDUDWLYH�6WXG\��%HWZHHQ�0DOH�DQG�)HPDOH�&XVWRPHUV�LQ�7KDLODQG�$WKDSRO�5XDQJNDQMDQDVHV�DQG�0XDQIXQ�:XWWKLVLWK$GY��6FL��/HWW���������±�����������

$�0RGHO�/LQNLQJ�WKH�.QRZOHGJH�0DQDJHPHQW��.0��(QDEOHU��.0�&DSDELOLW\�DQG�2SHUDWLRQDO�3HUIRUPDQFH�LQ��,QGRQHVLDQ�$XWRPRELOH�,QGXVWU\$QLWD�6LOYLDQLWD�DQG�&KHQJ�/LQJ�7DQ$GY��6FL��/HWW���������±�����������

0HGLDWLQJ�(IIHFW�RI�/HDUQLQJ�2ULHQWDWLRQ�RQ�WKH�5HODWLRQVKLS�RI�0DUNHW�2ULHQWDWLRQ�DQG�3HUIRUPDQFH�RI��0LFUR�6PDOO�0HGLXP�(QWHUSULVHV�<XOLD�+HQGUL�<HQL��/DVWL�<RVVL�+DVWLQL��DQG�1RYULQL�+DVWL$GY��6FL��/HWW���������±�����������

,QWHUQDWLRQDO�7HDFKLQJ�3UDFWLFH�LQ�7HFKQLFDO�DQG�9RFDWLRQDO�(GXFDWLRQ1RU�)DGLOD�$PLQ��0XKDPPDG�6XNUL�6DXG��<XVUL�.DPLQ��$]ODQ�/DWLE��DQG�1XUXO�,GD�0RKG�$]PL$GY��6FL��/HWW���������±�����������

,QWHJUDWLQJ�6XVWDLQDELOLW\�LQ�D�6WXGHQW�&HQWHUHG�/HDUQLQJ�(QYLURQPHQW�IRU�(QJLQHHULQJ�(GXFDWLRQ0DK\XGGLQ�$UVDW��1RU�)DGLOD�$PLQ��$GLEDK�$EGXO�/DWLI��DQG�5DVKLGDK�$UVDW$GY��6FL��/HWW���������±�����������

0DQDJHULDO�5ROHV�LQ�D�'\QDPLF�(QYLURQPHQW(UQLH�7LVQDZDWL�6XOH�DQG�5DWUL�:DK\XQLQJW\DV$GY��6FL��/HWW���������±�����������

,QYHVWLJDWLQJ�WKH�,PSXOVH�%X\LQJ�RI�<RXQJ�2QOLQH�6KRSSHUV8VHS�6XKXG�DQG�*KDVVDQL�+HUVWDQWL$GY��6FL��/HWW���������±�����������

1RQ�$XGLW�6HUYLFHV��$XGLW�2SLQLRQ��&XOWXUDO��$IILOLDWHG�'LUHFWRUV�DQG�)UDXGXOHQW�)LQDQFLDO�5HSRUWLQJ���(YLGHQFH�IURP�0DOD\VLD�1RRU�0DULQL�+DML�$EGXOODK��5RKDQD�2WKPDQ��DQG�0DU]LDQD�0DGDK�0DU]XNL$GY��6FL��/HWW���������±�����������

0HQWDO�$FFRXQWLQJ�LQ�&RQVXPHU�'HFLVLRQ�0DNLQJ��$FFRXQWDQWV�DQG�1RQ�$FFRXQWDQWV��5HODWHG�WR��'LVFRXQW�&RXSRQV�6KDQWL$GY��6FL��/HWW���������±�����������

&RQWLQXRXV�,PSURYHPHQW�ZLWK�9DOXH�6WUHDP�0DSSLQJ��960���$�&DVH�6WXG\�LQ�60(�)RRG�3URFHVVLQJ�,QGXVWU\�5RKDL]DQ�5DPODQ��$KPDG�1XU�$L]DW�$KPDG��6LWL�6DUDK�2PDU��DQG�$GDP�+DUULV�6XKDLPL$GY��6FL��/HWW���������±�����������

7HDFKLQJ�LQ�$XWRPRWLYH�3UDFWLFDO�:RUN��7KUHH�0DMRU�7KHPHV�IURP�([SHUWV�9LHZ�$GQDQ�$KPDG��$VQXO�'DKDU�0LQJKDW��$KPDG�1DELO�0G��1DVLU��<DK\D�%XQWDW��<XVUL�.DPLQ��DQG�$]ODQ�$EGXO�/DWLE$GY��6FL��/HWW���������±�����������

7KH�(IIHFWV�RI�7HOHSUHVHQFH�RQ�8VHU¶V�,QWHQWLRQ�WR�5HYLVLW�WKH�*DPH�=XKDO�+XVVHLQ�DQG�1DEVLDK�$EG�:DKLG$GY��6FL��/HWW���������±�����������

7KH�(IIHFWV�RI�&RQYHUVLRQ�WR�,VODP�RI�D�1RQ�0XVOLP�6SRXVH�RQ�WKH�&XVWRG\�RI�0LQRU�&KLOGUHQ�7KRXJKWV��DQG�7UHQGV�IURP�D�0DOD\VLD�3HUVSHFWLYH�+HDPD�/DWKD�1DLU�DQG�*DQ�&KLQJ�&KXDQ$GY��6FL��/HWW���������±�����������

$GY��6FL��/HWW������������������������������������������������������������������������5(6($5&+�$57,&/(�

����

&RS\ULJKW�����������������������������������������������������������������������������������������������$PHULFDQ�6FLHQWLILF�3XEOLVKHUV�$GYDQFHG�6FLHQFH�/HWWHUV����������������������������������������$OO�ULJKWV�UHVHUYHG�9RO������1XPEHU����-DQXDU\�������3ULQWHG�LQ�WKH�8QLWHG�6WDWHV�RI�$PHULFD�

:RPHQ�LQ�0HGLD�&RQVWUXFWLRQ��0RGHUQL]DWLRQ�RU�&RQVXPHULVP"

'LQL�6DILWUL�

�)DFXOW\�RI�6RFLDO�6FLHQH��-DNDUWD�6WDWH�8QLYHUVLW\��-DNDUWD��������,QGRQHVLD�

7KH�SXUSRVH�RI�WKLV�VWXG\�LV�WR�GHVFULEH��KRZ�WKH�PHGLD�FRQVWUXFWV�WKH�EXVLQHVV�LQWHUHVW�WR�ZRPHQ��7KLV�VWXG\�H[DPLQH�WH[WV�

SURGXFHG�E\�WZR�SRSXODU�QHZV�VLWHV�LQ�,QGRQHVLD��ZKLFK�KDV�D�VSHFLDO�VHFWLRQ�RI�ZRPHQ��7KH�UHVXOWV�VKRZHG�WKDW�WKH�PHGLD�

GR� VRPH� ODEHOV� WR� WKH� EXVLQHVV� LQWHUHVWV� RI� ZRPHQ� DV� REMHFWV�� ZKLFK� LV� ODEHOHG� DV� D� PRGHUQ� ZRPDQ�� WUHQG\� ZRPDQ�� D�

EHDXWLIXO�ZRPDQ��DQG�DWWUDFWLYH�ZRPDQ�

.H\ZRUGV��*HQGHU��0HGLD�&RQVWUXFWLRQ��0RGHUQL]DWLRQ��&RQVXPHULVP��

���,1752'8&7,21�0HGLD�DQG�FRPPXQLFDWLRQ�WHFKQRORJ\�GHYHORSPHQWV�

EURXJKW�JUHDW�FKDQJHV�LQ�WKH�OLIH�RI�PDQNLQG��QRW�OHDVW�ZRPHQ��7KH� PHGLD� SUHVHQFH�� LW� DOVR� PDNHV� WKH� UROH� DQG� GXWLHV� RI�ZRPHQ� H[SDQGHG� DQG� SHQHWUDWHG� LQ� DOO� VSKHUHV� RI� OLIH�� 7R�VXSSRUW�WKHVH�FKDQJHV��WKH�RQOLQH�QHZV�PHGLD�DOVR�GR�QRW�ZDQW�WR� IDOO� EHKLQG� WR�SURYLGH�D� VSHFLDO� VHFWLRQ� IRU�ZRPHQ��%DVHG�RQ� DXWKRU� VHDUFKHV� IRU� WKH� PRVW� SRSXODU� RQOLQH� PHGLD� LQ�,QGRQHVLD�� XQIRUWXQDWHO\� WKHUH� DUH� RQO\� WZR�PDMRU�PHGLD� SXW�VSHFLDO� DWWHQWLRQ� LQ� WKH� IRUP� RI� D� VSHFLDO� VHFWLRQ� RI� ZRPHQ��QDPHO\� NRPSDV�FRP� ZLWK� IHPDOH� UXEULF�� DQG� GHWLN�FRP� ZLWK�ZROLSRS�UXEULF��� 7KH�SUHVHQFH�RI�ERWK�VHFWLRQ��JLYH�HQRXJK�VSDFH�IRU�IHPDOH�H[SUHVVLRQ��)HZ�DUWLFOHV�LQ�IHPDOH�UXEULF�SXEOLVKHG�RQ������������ DUH� �� +DLU� &RORU� 7UHQGV� ����� 7\SLFDO� &RQWRXU�7HFKQLTXHV� IRU� 0DNHXS� $SSHDU� )UHVK� DQG� %HDXWLIXO� :KLOH�'ULYLQJ� �5LGH� � %HDXW\��� +DLUVW\OH� 7UHQGV� ����� LV� PRUH�IOH[LEOH�� 6FDYHQJHU¶V� 'DXJKWHU� LQ 7KDLODQG� %HFDPH� %HDXW\�4XHHQ�� DQG� RWKHUV��:KLOH� WKH� GLVFXVVLRQ� LQ� ZROLSRS� RQ� WKH�VDPH� GD\��6XUYH\� VKRZV� ���� RI�:RPHQ�:LOOLQJ� KHU� /HJV� WR�EHDU�3DLQ� IRU�:HDULQJ� 6W\OLVK�6KRHV��6KRZ�6W\OH�ZLWK�/DWHVW�7UHQGV� (DUULQJV�� -XPER� 6L]H� (DUULQJ�� DQG� RWKHUV�� %DVHG� RQ�WKH�DUWLFOHV�LQ�ERWK�VHFWLRQ��WKH�GLVFXVVLRQ�IRU�ZRPHQ�LV�PRUH�DERXW� FRQVXPSWLRQ� SDWWHUQV� WKDW� OHDG� WR� OLIHVW\OH�� LQ� DGGLWLRQ�WKHUH� LV� DOVR� D� KHDOWK\� OLIHVW\OH� FDPSDLJQ��$FFRUGLQJO\�� WKLV�UHVHDUFK�ZDQW�WR�IRFXV�RQ�WKH�FRQVXPSWLRQ�SDWWHUQV�RI�ZRPHQ�LQ�WKH�PHGLD�FRQVWUXFWLRQ��� 7R� JHW� DQ� RYHUYLHZ� RI� WKH� DQDO\VLV� RI� WKH�SKHQRPHQRQ�� UHVHDUFKHUV� VWXG\LQJ� WR� GHYHORS� D� WKHRU\� RI�HFRIHPLQLVP��ZKLFK� DULVH� EHFDXVH� RI� GLVVDWLVIDFWLRQ�ZLWK� WKH�GLUHFWLRQ� RI� GHYHORSPHQW� HFRORJLFDO� ZRUOG� LV� JHWWLQJ� ZRUVH��7KLV�WKHRU\�KDV�D�FRQWUDGLFWRU\�FRQFHSW�EDFN�WR�WKH�WKHRU\�RI�PRGHUQ� IHPLQLVP�� )HPLQLVW� PRGHUQ� WKHRU\� DVVXPH� WKDW�LQGLYLGXDOV� DUH� DXWRQRPRXV� EHLQJV� ZKR� HVFDSH� IURP� WKH�

LQIOXHQFH�WKH�HQYLURQPHQW�DQG�WKH�ULJKW�WR�GHWHUPLQH�KLV�RZQ�GHVWLQ\���

0HDQZKLOH�� WKHRULHV� HFRIHPLQLVP� PRUH�FRPSUHKHQVLYH� ORRN� DW� WKH� LQGLYLGXDO�� QDPHO\� DV� D� FUHDWXUH�ERXQG�DQG� LQWHUDFW�ZLWK� WKH�HQYLURQPHQW� �5DWQD�0HJDZDQJL��������� $FFRUGLQJ� WR� WKLV� WKHRU\�� ZKDW� KDSSHQV� DIWHU� WKH�ZRPHQ� HQWHUHG� WKH� ZRUOG� PDVFXOLQH�� ZKLFK� KDG� EHHQ�GRPLQDWHG�E\�PHQ��ZRPHQ�DUH�FKDQJLQJ�WKH�FKDUDFWHU�DQG�QR�ORQJHU� LQFOXGHV� IHPLQLQH� TXDOLWLHV�� EXW� SUHFLVHO\� LQWR� D� PDOH�FORQH�DQG�HQWHU�WKH�WUDS�RI�PDVFXOLQH�KLHUDUFKLFDO�V\VWHP��7KH�HQWU\�RI�ZRPHQ�LQWR�WKH�ZRUOG�PDVFXOLQH�RU�SXEOLF�ZRUOG��KDV�OHG� WR� PRGHUQ� FLYLOL]DWLRQ� LQFUHDVLQJO\� FRORUHG� E\� WKH�GRPLQDQW� PDVFXOLQH� TXDOLWLHV�� $V� D� UHVXOW�� WKH� ORRN� LV�FRPSHWLWLRQ��VHOI�FHQWHUHG��GRPLQDWLRQ��DQG�H[SORLWDWLRQ��7KLV�LV�HYLGHQW�LQ�WKH�QXPEHU�RI�VHUYLQJV�D�WH[W��ZULWWHQ�LQ�D�VSHFLDO�VHFWLRQ�� RQ� WKH� ZRPHQV� RQOLQH� PHGLD� VLWHV�� 7R� WKDW� HQG��UHVHDUFKHUV�DUH�LQWHUHVWHG�LQ�VWXG\LQJ�WKH�SKHQRPHQRQ��

���7+(25(7,&$/�)5$0(:25.�,Q�WKH�LQWURGXFWLRQ�WR�)UHLGPDQ�RQ�&RQVXPSWLRQ�DQG�

,GHQWLW\�� FRQVXPSWLRQ� LV� XVXDOO\� VHHQ� DV� DQ� HFRQRPLF� HYHQW��UDWKHU� WKDQ� EH� VHHQ� DV� DQ� DXWRQRPRXV� VRFLDO� SKHQRPHQRQ��(YHQ�WKRXJK�FRQVXPSWLRQ�LV�D�VRFLDO�SKHQRPHQRQ�WKDW�FRPHV�IURP� WKH� H[SDQVLRQ� RI� GRPHVWLF� FRQVXPHUV� ZKLFK� LV�GHWHUPLQHG� E\� WKH� VWDWXV� RI� VRFLDO� DQG� HFRQRPLF� QHHGV� RI� D�SHUVRQ�� &RQVXPSWLRQ� DV� D� VRFLDO� SKHQRPHQRQ� LQ� PRGHUQ�VRFLHW\�� LV� DOVR� VXSSRUWHG� E\� WKH� H[SDQVLRQ� RI� ZDJH� VHFWRUV�FRQQHFWHG� ZLWK� WKH� GHPDQG� IDFWRU�� &ULWLFDO� WKLQNHUV� VHH�FRQVXPSWLRQ�DV�D�VRFLDO�SKHQRPHQRQ��DQG�DV�D�UHVXOW�RI�GHFHLW��LI�WKHUH�LV�FRQVXPSWLRQ�WKDW�LV�QRW�D�UHTXLUHPHQW��7KLV�FULWLFDO�WKLQNHUV� VHH� WKH� QRQ�QHFHVVLW\� FRQVXPSWLRQ� DV� D� UHVXOW� RI�SV\FKRORJLFDO� PDQLSXODWLRQ� E\� PDUNHW� UHVHDUFKHUV� DQG�DGYHUWLVHUV�� WKDW� PDQXIDFWXUHUV� LQFUHDVH� SURGXFWLRQ� GXH� WR�FRQVXPHU�GHPDQG���&DSLWDOLVP�PDNHV�D� IDOVH� V\VWHP� WR�NHHS�

$GY��6FL��/HWW������������������������������������������������������������������������5(6($5&+�$57,&/(�

����

WKH�QHHGV�RI�FRQVXPHUV�QHYHU�HQG��EHFDXVH�RI�WKH�LPSRUWDQFH�RI� FDSLWDO� DFFXPXODWLRQ��7KLV� FRQFOXVLRQ� FDQ�EH� IURP�VLPSOH�PRGHOV� RI� HFRQRPLF� SUHPLVH�� WKH� HFRQRPLF� UHSURGXFWLRQ��ZKLFK�VWDWHV�WKDW�DOO�QRQ�SURGXFWLYH�FRQVXPSWLRQ�LV�D�SURGXFW�RI� IDOVH� FRQVFLRXVQHVV� DQG� EHKDYLRU� RI� FRPSHQVDWLRQ�� 7KH�HPHUJHQFH�RI� OX[XU\�JRRGV�FDUU\�D�QHJDWLYH� WKLQJ��EHFDXVH�LW�LV�GHILQHG�DV�WKLQJV�WKDW�DUH�QRW�LPSRUWDQW�DQG�LV�QRW�QHFHVVDU\�IRU�VXUYLYDO��� 'LIIHUHQFHV� LQ� GHILQLWLRQ� EHWZHHQ� QHFHVVLWLHV� DQG�OX[XULHV� DUH� LQ� WKH� FDWHJRU\� RI� FRQVXPSWLRQ� RI� GLVFXVVLRQ� LQ�DOO� WKH� VRFLDO� VFLHQFHV�� ,Q� WKH� WZHQWLHWK� FHQWXU\�� WKH�FRQVXPSWLRQ� IXQFWLRQ� GLVFXVVHG� DPRQJ� QHR�FODVVLFDO�HFRQRPLVWV�� QDPHO\� WKDW� SHRSOH� EX\� ZKDW� WKH\� ZDQW�� WKH�UHODWLRQVKLS�EHWZHHQ�LQFRPH��VDYLQJV�DQG�FRQVXPSWLRQ��/DWHU��LW�ZDV� IRXQG� WKH�PRWLYDWLRQ� WR� FRQVXPH��ZKLFK� LV� DVVRFLDWHG�ZLWK�ZKDW�LV�QHHGHG��DV�D�IXQFWLRQ�RI�WKH�LQFUHDVH�LQ�UHYHQXH��7KH� SKHQRPHQRQ� RI� FRQVXPSWLRQ� WKHQ� EHFRPHV� VXEMHFW� RI�VWXG\�DQG�UHVHDUFK�RI�LWV�RZQ�WKDW�FDQ�EH�YLHZHG�IURP�YDULRXV�EUDQFKHV� RI� VFLHQFH�� ,Q� UHFHQW� \HDUV� WKHUH� KDV� EHHQ� D� ODUJH�LQFUHDVH� LQ� WKH� OLWHUDWXUH� RQ� FRQVXPSWLRQ��$PRQJ� WKHP�� WKH�HFRQRPLVWV� LQWURGXFH� H[WHUQDO� YDULDEOHV�� VXFK� DV� OLIH� F\FOH��0RGLJOLDQL�������DQG�WKH�VWUXFWXUH�RI�WKH�KRXVHKROG��%HFNHU������� LQ� WKH� DQDO\VLV� RI� WKH� FODVVLFDO� UDWLRQDO� FKRLFH� PRGHO��%XW�WKH�WKHRU\�RI�FRQVXPSWLRQ�LQ�D�PRGHUQ�HFRQRP\�VWLOO�WHQG�WR�UHIHU�WR�WKH�WKHRU\�RI�XWLOLW\�GHPDQG��ZKLFK�LV�WR�VD\�SHRSOH�EX\�ZKDW�WKH\�ZDQW��PDQXIDFWXUHUV�JHQHUDOO\�SURGXFH�ZKDW�LV�GHPDQGHG�� FRQVXPSWLRQ� LV� D� IXQFWLRQ� DV\PSWRWLFDOO\�SURGXFWLRQ��WKH�VRXUFH�RI�WKH�UHTXHVW�HQWLUHO\�LV�WKH�VXEMHFW�RI�DQ� LQGLYLGXDO� DQG� LV� QRW� DIIHFWHG� E\� WKH� VRFLDO� FRQWH[W� DQG�FXOWXUH��� 0HDQZKLOH�� FULWLFDO� WKHRU\� VWDWHV�� WKDW� WKH� FRQVXPHU�GHVLUHV� LV� DOVR�EDVHG�RQ� IDOVH� FRQVFLRXVQHVV� RXWVLGH� WKH� ILHOG�RI�HFRQRPLFV��VXFK�DV�WUHDWLQJ�FRQVXPSWLRQ�DV�D�OLIHVW\OH�WKDW�LV�LQIOXHQFHG�E\�PDQ\�IDFWRUV��VXFK�DV�HPRWLRQDO�RUJDQL]DWLRQ�IRUPHG� E\� D� IRUP� RI� VRFLDO� LGHQWLW\�� $V� H[SUHVVHG� E\�%DXGULOODUG��WKDW�FRQVXPSWLRQ�DW�WKH�HQG�RI�WKH�PRGHUQ�SHULRG�LV�PDQLIHVWHG�LQ�WKH�FRPPRGLW\�WKDW�LV�WUDQVIRUPHG�LQWR�D�VLJQ��%UDQGV� FRPPRGLW\� LV� WKH� UHVXOW� RI� SURGXFWLRQ� H[FHVV�FRPELQHG� ZLWK� SURGXFWLRQ� RI� LQIRUPDWLRQ�� 5HVXOWHG� LQ� WKH�GUDLQLQJ�RI�PHDQLQJ�RI�FRQVXPSWLRQ�LQ�VRFLDO�OLIH��ZKLFK�GULYH�FRQVXPSWLRQ� PHUHO\� EDVHG� RQ� LQIRUPDWLRQ� IURP� WKH� PHGLD��7KH� ZRUOG� RI� IDQWDV\� SURYLGHG� E\� PHGLD� LV� EURXJKW� LQWR�UHDOLW\�� 0HDQZKLOH�� WKH� FRQVXPSWLRQ� SKHQRPHQRQ� %RXUGLHX�IRFXVHV� RQ� WKH� UHODWLRQVKLS� EHWZHHQ� JURXS� LGHQWLW\� DV� D�OLIHVW\OH� DQG� FRQVXPSWLRQ� VWUDWHJ\�� WKH� UHODWLRQVKLS� EHWZHHQ�FRQVXPSWLRQ�� VRFLDO� FRQWH[W�� DQG� KDELWXV�� $� PHWKRG� IRU�H[SODLQLQJ� WKH� UHODWLRQVKLS� EHWZHHQ� WKH� VRFLDO� FRQGLWLRQV� RI�H[LVWHQFH�� WKH� IRUPDWLRQ� DQG� FRQVXPSWLRQ� SUDFWLFHV� DV� WKH�FRQVWUXFWLRQ�RI�WKH�OLYLQJ�ZRUOG��

���0(7+2'6�� 7KH� PHWKRGRORJ\� LQ� WKLV� VWXG\� LV� � TXDOLWDWLYH�DSSURDFK� WR� LQYHVWLJDWH� WKH� WH[W� RQ� QHZ� PHGLD�� QDPHO\�NRPSDV�FRP� ZLWK� IHPDOH� UXEULF�� DQG�GHWLN�FRP� ZLWK�ZROLSRSUXEULF�� DQG� DQDO\]HG� E\� WKH� PHWKRG� RI� FULWLFDO� GLVFRXUVH��$�TXDOLWDWLYH�DSSURDFK��DFFRUGLQJ�6XPDQWR��������� LV�D�PHWKRG�WKDW� HPSKDVL]HV� WKH� DVSHFWV� LQ� GHSWK� XQGHUVWDQGLQJ� RI� DQ�LVVXH�� 7KLV� UHVHDUFK� PHWKRG� XVLQJ� WKH� WHFKQLTXH� RI� LQ�GHSWK�DQDO\VLV� �LQ�GHSWK� DQDO\VLV��� ZKLFK� H[DPLQHV� WKH� SUREOHPV�FDVH� E\� FDVH�� ,Q� D� TXDOLWDWLYH� PHWKRGRORJ\�� WKH� QDWXUH� RI� D�SUREOHP�RQH�ZLOO�EH�GLIIHUHQW� LQ�QDWXUH� IURP�RWKHU�SUREOHPV��

7KH�SXUSRVH�RI� WKLV�PHWKRGRORJ\� LV� QRW� D�JHQHUDOL]DWLRQ��EXW�LQ�GHSWK� XQGHUVWDQGLQJ� RI� DQ� LVVXH�� 7KH� TXDOLWDWLYH� UHVHDUFK�VWXG\� WKLQJV� LQ� WKH� VHWWLQJ� RI� KXPDQ� QDWXUH�� WU\LQJ� WR�XQGHUVWDQG��RU�WR�LQWHUSUHW��SKHQRPHQD�LQ�PHDQLQJ��'HQ]LQ��/LQFROQ������������:LWK�D�TXDOLWDWLYH�DSSURDFK��WKH�UHVHDUFKHUV�KRSH�� WKLV� UHVHDUFK� FDQ� SURYLGH� LQ�GHSWK� GLVFXVVLRQ� DERXW�FRQVWUXFWLRQ�PHGLD�GLVFRXUVH�LQ�QHZ�PHGLD��

���),1',1*�$1'�$1$/<6,6�� :RPHQ�LQ�WKLV�PRGHUQ�HUD��OLYH�ZLWK�DOO�WKH�IUHHGRP�RI�H[SUHVVLRQ��EXW� LW� LV�QRW�HQWLUHO\�IUHH��8QFRQVFLRXVO\�� WKHUH�LV� D�PHGLD� FRQVWUXFWLRQ� VKH� VKRXOG� IROORZ�� LI� VKH�ZDQW� WR� EH�ODEHOHG� DV�PRGHUQ�ZRPDQ��:H� FDQ� WUDFH� WKH� FRQWHQWV� RI� WKH�ZHE� WKDW�DXWKRU�PHQWLRQHG�DERYH�� ,Q�RQH�PDLQ� IHPDOH�UXEULF�RQ� NRPSDV�FRP�� WKHUH¶V� D� ZULWLQJ� WLWOHG� ³+DLU� &RORU� 7UHQGV������7\SLFDO�&RQWRXU�7HFKQLTXHV�IRU�0DNHXS´��7KH�IROORZLQJ�QHZV�H[FHUSW��

.203$6�FRP���PDNHXS�ORYHUV�FHUWDLQO\�IDPLOLDU�ZLWK�WKH�FRQWRXUV�RI�WKH�IDFH�RU�FRQWRXULQJ�WHFKQLTXHV��0DNHXS� WHFKQLTXHV� SRSXODUL]HG� E\� .LP� .DUGDVKLDQ� LV�LQGHHG�TXLWH�PDJLFDO��7KHUHIRUH�� FRXQWXULQJ� FDQ� KLGH� IODZV� DQG� KLJKOLJKW� WKH�DGYDQWDJHV� RI� IDFLDO� IHDWXUHV� WKDW� H[LVW� RQ� WKH� IDFLDO�IHDWXUHV��7KH�NH\�LV�D�JDPH�RI�FRORU�RI�IRXQGDWLRQ�VKDGHV�GDUNHU�RU�OLJKWHU�LQ�WKH�IDFH��1RZ��FRXQWXULQJ�JURZLQJ�WHFKQLTXHV��1RW�RQO\�LQ�WKH�IDFH��FRXQWXULQJ� WHFKQLTXHV� FDQ� DOVR� EH� IRXQG� LQ� WKH� ZRUOG� RI�KDLUGUHVVLQJ��,QVSLUHG�E\� WKHVH� WUHQGV��/2UHDO� 3URIHVVLRQQHO� LQWURGXFHV�,7� /RRNV� )DOO�:LQWHU� ���������� DW�$WULXP� 6HQD\DQ�&LW\��-DNDUWD���������������2QH�KDLU�WUHQG�WKDW�GLVSOD\HG�WKH�:LOG�&RRSHU�&RXQWXULQJ��LV� D� EOHQG� RI� FRSSHU� RU� UHGGLVK� KDLU� FRORU� ZLWK� ORQJ�KDLUFXWV�� $V� D� VXSSRUWHU�� VWDLQLQJ� WHFKQLTXHV� FRXQWXULQJ�GRQH�ZLWK�WKH�DLP�RI�KLJKOLJKWLQJ�WKH�DGYDQWDJHV�VKRUWIDOOV�DQG�IDFH�VKDSH���,QGUD� 7DQXGDUPD�� (GXFDWLRQ� 0DQDJHU� RI� /2UHDO�3URIHVVLRQQHO� ,QGRQHVLD� VDLG�� �:H� DUH� LQVSLUHG� E\� WKH�SKHQRPHQDO� FRXQWXULQJ� PDNHXS� WR� FUHDWH� D� QHDU�SHUIHFW�KDLU���0RUH� VSHFLILFDOO\�� ,QGUD� JDYH� DQ� H[DPSOH�� �6XSSRVH� WKDW�LQYHUWHG�WULDQJOH�VKDSHG�IDFH��WDSHU�DW�WKH�ERWWRP���LQ�RUGHU�WR� IDFH� PRUH� SURSRUWLRQDO� WKHQ� JLYHQ� D� OLJKWHU� WRXFK� RI�FRORU� RQ� WKH� KDLU� OHIW� ULJKW� QHDU� WKH� WRS� RI� WKH� IRUHKHDG���VDLG�,QGUD��7R� LGHQWLI\�WKH�FRORU�DQG� OD\RXW�VXLWDEOH�FRXQWXULQJ�� ,QGUD�VXJJHVWHG�� IRU� SULRU� FRQVXOWDWLRQ� ZLWK� D� SURIHVVLRQDO� KDLU�VW\OLVW���1HYHU�EHHQ�WR�D�VDORQ�WKDW�QR�DGYDQFH�FRQVXOWDWLRQ�EHIRUHKDQG���DGYLVHV�,QGUD��

������ 7KH�DUWLFOH�VXJJHVW�WKDW�WR�EH�PRGHUQ�DQG�EHDXWLIXO��D�ZRPDQ� VKRXOG� IROORZ� FRQWHPSRUDU\� WUHQG�� %DVHG� RQ� WKH�DUWLFOH�� D� PRGHUQ� ZRPDQ� VKRXOG� KDYH� DGHTXDWH� FRJQLWLRQ�DERXW�WKH�FRQWRXU�WHFKQLTXH�RI�WKH�IDFH��,W�LV�DOVR�WHOO�WKDW�WKH�WHFKQLTXH� ZDV� SRSXODUL]HG� E\� .LP� .DUGDVKLDQ�� ZKLFK� LV�SHUFHLYHG� DV� D� EHDXWLIXO� ZRPDQ�� ,QWHUHVWLQJO\�� LQ� WKH� DUWLFOH�WKHUH�LV�D�VHQWHQFH�WKDW�VDLG�FRQWRXU�WHFKQLTXH�FDQ�KLGH�IODZV�DQG� KLJKOLJKW� � H[WUD� IDFLDO� IHDWXUHV�� ,Q� WKLV� VHQWHQFH�� WKHUH� LV�UHFRJQLWLRQ�WKDW�WKHUH�LV�QR�SHUIHFW�EHDXW\��WKHUH�LV�DOZD\V�SDUW�RI� ZRPDQV� IDFH� WR� KLGH�� :KLFK� SDUWV� DUH� WR� EH� KLGGHQ�� LV�

ϭŚƚƚƉ͗ͬͬĨĞŵĂůĞ͘ŬŽŵƉĂƐ͘ĐŽŵͬƌĞĂĚͬϮϬϭϱͬϭϭͬϬϮͬϭϳϭϭϬϬϱϮϬͬdƌĞŶ͘tĂƌŶĂ͘ZĂŵďƵƚ͘ϮϬϭϲ͘dĞŬŶŝŬ͘<ŽŶƚƵƌ͘ŬŚĂƐ͘ZŝĂƐ͘tĂũĂŚ�

$GY��6FL��/HWW������������������������������������������������������������������������5(6($5&+�$57,&/(�

����

EDVHG� RQ� WKH� FRQVWUXFWLRQ� RI� WKH� PHGLD� WKLQNLQJ�� QRW� WKH�WKRXJKW� RI� WKH� ZRPDQ� KHUVHOI�� 7KHQ�� WKH� DUWLFOH� DOVR� JLYH�VXJJHVWLRQV� WKDW� IDFH�FRQWRXU� WHFKQLTXH�FDQ�EH�XVHG� IRU�KDLU��,QWHUHVWLQJO\��WKLV�DUWLFOH�LV�EDVHG�RQ�DQ�LQWHUYLHZ�ZLWK�D�PDOH�VW\OLVK�� 7KLV� LQGLFDWHV� WKDW� WKH� FRQVWUXFWLRQ� RI� D� SHUIHFW� KDLU�EHDXW\�LV� WKH�UHVXOW�RI� WKH�FRQVWUXFWLRQ�RI�DQRWKHU�SHUVRQ��QRW�WKH� ZRPDQ� KHUVHOI�� ,Q� DGGLWLRQ�� RWKHU� FRQVWUXFWLRQ� LV� WKH�LQGXFHPHQW� WR� EX\� SURGXFWV� XQFRQVFLRXVO\�� EHFDXVH� WKHVH�SURGXFWV� FDQ� PDNH� D� ZRPDQ� EHDXWLIXO� DQG� IROORZ�FRQWHPSRUDU\�WUHQGV��7KLV�DUWLFOH�HQGV�ZLWK�D�SXUFKDVH�DGYLFH��DV�LI�D�PRGHUQ�ZRPDQ�QHHGV�WKHVH�SURGXFWV��$ZDUHQHVV�DERXW�SURGXFWV�DQG�SURGXFW� WUHQGV�DUH�DOVR�D�PXVW�KDYH�NQRZOHGJH�IRU�PRGHUQ�ZRPDQ��� 7KH�DUWLFOH�SXEOLVKHG�LQ�ZROLSRS��LV�PRUH�QDUUDWLYH�LQ�FRQVWUXFWLQJ� WKH�PRGHUQ�ZRPDQ�DV� D�ZRPDQ� FRQVXPHU��2QH�RI�WKHP��WLWOHG���6XUYH\�VKRZV�����RI�ZRPHQ�ZLOOLQJ�KHU�OHJV�WR�HQGXUH�SDLQ� IRU� WKH�VDNH�ZHDULQJ�VW\OLVK�VKRHV��+HUH� LV�DQ�H[FHUSW�RI�WKH�ZULWLQJV��

�-DNDUWD���%HDXW\�LV�SDLQ��LW�VHHPHG�DSSURSULDWH�H[SUHVVLRQ�DGGUHVVHG� WR� WKH� ZRPHQ�� 'HPL� ORRN� EHDXWLIXO� DQG�DWWUDFWLYH��QRW�D� IHZ�ZRPHQ�ZKR�DUH�ZLOOLQJ� WR� VXIIHU�E\�XVLQJ�SURGXFWV�WKDW�PDNH�SDUW�RI�KLV�ERG\�DFKH�HYHQ�WR�WKH�GD\��2QH�WKLQJ�WKDW�PDNHV�ZRPHQ�ZLOOLQJ�WR�EH�VLFN�LW�LV�VKRHV��<HV�� PDQ\� ZRPHQ� ZKR� GR� QRW� KDYH� WR� EHDU� WKH� SDLQ�SUREOHP�LQ�KHU�OHJV�WR�ORRN�HOHJDQW�DQG�EHDXWLIXO�RQ�HYHU\�RFFDVLRQ�E\�ZHDULQJ�KLJK�KHHOV��$� VXUYH\� LQ� WKH� 8.�� DV� TXRWHG� E\� )HPDOH� )LUVW� UHYHDOHG�WKDW� ��� SHUFHQW� RI� ZRPHQ� VXUYLYH� ZHDU� XQFRPIRUWDEOH�VKRHV�� ,Q� IDFW�� ��� SHUFHQW� RI�ZRPHQ� DGPLWWHG� WR� VWLOO� EX\�VKRHV� EHFDXVH� WKH�PRGHO� LV� JRRG�� HYHQ� WKRXJK� WKH\�NQRZ�WKDW�WKH�VKRHV�ZRXOG�PDNH�KHU�IHHW�KXUW�ZKHQ�ZRUQ��5HFRJQLWLRQ� RI� WKH� UHVSRQGHQWV� LV� LQ� FRQWUDVW� WR� WKH�SUHYLRXV� TXHVWLRQQDLUH� DQVZHUV�� )URP� WKH� UHVXOWV� RI� WKH�VXUYH\� FRQGXFWHG� 6OLP6ROHV�� EUDQG� VKRH� LQVROH� SURGXFWV����� SHUFHQW� RI� ZRPHQ� FKRVH� FRPIRUW� DV� D� PDMRU� IDFWRU� LQ�VHOHFWLQJ� VKRHV�� :KLOH� ��� SHUFHQW� FRQVLGHU� WKH� SULFH�� ���SHUFHQW� DQG� ��� SHUFHQW� FRORU� KLJK� KHHOV�� %XW� LQ� SUDFWLFH��WKH\�SUHIHU�WKH�PRGHOV�UDWKHU�WKDQ�FRPIRUW��7KH� VXUYH\� DOVR� UHYHDOHG� WKDW� WKH� DYHUDJH� ZRPDQ� KDV� DW�OHDVW� ��� SDLUV� RI� VKRHV� RI� GLIIHUHQW�PRGHOV��5DQJLQJ� IURP�ERRWV��VQHDNHUV�WR�VDQGDOV��,Q�DYHUDJH����LQ����ZRPHQ�KDYH�D�VKRH�FROOHFWLRQ�ZLWK�D�WRWDO�YDOXH�RI�����SRXQGV��RU�DERXW�86'������PLOOLRQ��$OWKRXJK� LW�KDG�D� ORW�RI�VKRHV��QRW�DOO�FROOHFWLRQV�DUH�XVHG�HYHU\�GD\��1LQH�RXW�RI����ZRPHQ�VD\� WKH\�ZHDU�WKH�VDPH�VKRHV�WZR�GD\V�LQ�D�URZ��+RZ�DERXW�\RX"�,QFOXGLQJ�ZRPHQ�ZKR�SULRULWL]H�FRPIRUW�RU�VW\OLVK�DSSHDUDQFH"��+67���+67����

� )URP�WKH�DUWLFOH��WKH�DXWKRU�RI�WKH�WH[W�LV�DJUHHG�WKDW�D�ZRPDQV� EHDXW\� LV� D� SDLQ�� 0RGHUQ� ZRPHQ� WRGD\�� PDQ\� RI�WKHP�DUH�ZLOOLQJ�WR�VXIIHU�IRU�ZHDULQJ�SURGXFWV�WKDW�PDNH�SDUW�RI� KLV� ERG\� KXUW� DOO� GD\�� MXVW� WR� EH� ORRNHG� EHDXWLIXO� DQG�DWWUDFWLYH��+LJK�KHHOV�DUH�RQH�RI�WKH�WKLQJV�WKDW�PDNH�ZRPHQ�ZLOOLQJ�WR�VXIIHU��7KHQ��WKH�DXWKRU�WHOOV�D�VXUYH\�LQ�WKH�8QLWHG�.LQJGRP�� ZKHUH� ���� RI� ZRPHQ� VXUYLYH� LQ� ZHDULQJ�XQFRPIRUWDEOH� VKRHV�� ���� RI� ZRPHQ� DGPLWWHG� WR� EX\� VKRHV�IRU� D� JRRG�PRGHO�� GHVSLWH� PDNLQJ� KLV� IRRW� KXUW�� 7KH� VXUYH\�DOVR�PHQWLRQHG�WKDW�WKH�DYHUDJH�%ULWLVK�ZRPDQ�KDV����SDLUV�RI�

ϮŚƚƚƉ͗ͬͬǁŽůŝƉŽƉ͘ĚĞƚŝŬ͘ĐŽŵͬƌĞĂĚͬϮϬϭϱͬϭϭͬϬϯͬϭϮϯϯϱϱͬϯϬϲϬϲϰϵͬϮϯϯͬƐƵƌǀĞŝͲϳϳͲǁĂŶŝƚĂͲƌĞůĂͲŬĂŬŝŶLJĂͲŬĞƐĂŬŝƚĂŶͲĚĞŵŝͲƉĂŬĂŝͲƐĞƉĂƚƵͲƐƚLJůŝƐŚ͍͍ǁϵϵϭϭϬϭϴϰϲ

VKRHV� RI� GLIIHUHQW� PRGHOV�� DQG� DOVR� PHQWLRQHG� WKH� ZRPDQV�VSHQGLQJ� EXGJHW� WR� EX\� VKRHV�� 7KH� DUWLFOH� LOOXVWUDWHG� KRZ�PRGHUQ�ZRPHQ�DUH�VR�HDJHU�WR�FRQVXPH�EHDXW\�LQ�WKH�IRUP�RI�SURGXFWV��$QG� WKH� SURGXFW� LV� SXUFKDVHG� QRW� IRU� WKH� QHHG� WR�SURWHFW�WKH�IRRW��LW�JLYHV�SDLQ�LQ�WKH�IHHW��� )URP�)URP�WKH�PHGLD¶V�IUDPH��RULJLQDOO\�H[SHFWHG�WR�SURYLGH�VSDFH�IRU�D�ZRPDQV�IUHHGRP�RI�H[SUHVVLRQ��EXW�LQ�WKH�GLVSOD\HG� WH[W�� PHGLD� GLG� D� QXPEHU� RI� FRQVWUXFWLRQV� WKDW�FRQILQH� ZRPHQ� LQ� PRGHUQ� ODEHOV�� WUHQGV�� EHDXWLIXO� DQG�DWWUDFWLYH� ORRN�� :KHUHDV� WKLV� ODEHO� LV� LQWHQG� WR� EXLOG� WKH�FRQVXPSWLRQ�EHKDYLRU�RI�IHPDOH�EHDXW\��ZLWK�EX\LQJ�SURGXFWV��VR�WKDW�ZRPDQ�FDQ�KLGH�IODZV�DQG�KLJKOLJKW�KHU�DGYDQWDJHV��� %DVHG�HFRIHPLQLVW� WKHRU\�� WKDW�DUWLFOH��DOVR�VKRZHG�D�FDSLWDOLVW�SDWULDUFKDO�SHUVSHFWLYH�LQ�LQWHUSUHWLQJ�WKH�EHDXW\�WKDW�LV�XQLIRUP�DV�D�SUHUHTXLVLWH�IRU�WKH�ODEHO�DV�D�PRGHUQ�ZRPDQ��0DQ\� ZRPHQ� LQ� WKH� VSHFLDO� VHFWLRQ� RQOLQH� PHGLD� VLWHV� WKDW�H[SUHVV�EHDXW\� DQG� LPDJH�RI�PRGHUQ�ZRPHQ��EXW� LQ� IDFW� WKH�DUWLFOH� LQ� WKH� IHPDOH� VHFWLRQ�� DOVR� QRW� RXW� RI� WKH� HFRQRPLF�SUDFWLFHV�GRPLQDWHG�FDSLWDOLVW�SDWULDUFKDO�SHUVSHFWLYH��

���&21&/86,216�7KH� SUHVHQFH� RI� PHGLD� WKDW� SURYLGHV� WKH� UXEULF� RI�

ZRPHQ�� LV� DSSUHFLDWHG��+RZHYHU�� LI� WKH� UXEULFV�� DUH� LQWHQGHG�RQO\� WR�PDNH�ZRPHQ�DV�REMHFWV�RI�PHUH�EXVLQHVV� LQWHUHVWV�� LW�PXVW�EH�FULWLFL]HG��,Q�IDFW��WKH�ILQGLQJV�RI�WKLV�UHVHDUFK��PHGLD�VWLOO� PDNHV� ZRPDQ� DV� WKH� REMHFW� RI� EXVLQHVV� LQWHUHVWV� ZLWK�YDULRXV� ODEHOV�� /DEHO� RI� EHDXWLIXO� ZRPDQ� ZLWK� YDULRXV�NQLFNNQDFNV�PDNHXS�� VWLOO�GRPLQDWH� WKH�FRQWHQWV��(YHQ� WR� EH�DEOH�WR�JHW�D�SUHWW\�ODEHO��ZRPDQ�LV�ZLOOLQJ�WR�VXIIHU��7KRXJK�VKH� KDV� EHHQ� VSHQGLQJ� D� ORW� RI� PRQH\� DQG� HQGXUH� WKH� SDLQ��RQO\� WR� EH� ODEHOHG� DV� EHDXWLIXO� ZRPDQ� RU� UHVHPEOH� VRPH�ILJXUHV� ODEHOHG� DV� EHDXWLIXO� ZRPDQ�� DV� VKRZQ� LQ� WKH� IHPDOH�VHFWLRQ��

5()(5(1&(6�>�@ %DXGULOODUG��-HDQ�3��0DV\DUDNDW�.RQVXPVL��<RJ\DNDUWD��.UHDVL�

:DFDQD���������>�@ )ULHGPDQ�� -RQDWKDQ��&RQVXPSWLRQ�DQG� ,GHQWLW\��8.��7D\ORU��

)UDQFLV���������>�@ 'HQ]LQ�� 1�� � � /LQFROQ�� <�� (GV�� +DQGERRN� RI� TXDOLWDWLYH�

UHVHDUFK� �WK�HG��7KRXVDQG�2DNV��&$��6DJH���������>�@ 3LOLDQJ��<DVUDI�$PLU��'XQLD�\DQJ�GLOLSDW��7DPDV\D�0HODPSDXL�

%DWDV�%DWDV�.HEXGD\DDQ��%DQGXQJ��-DODVXWUD���������>�@ 0HJDZDQJL��5DWQD��0HPELDUNDQ�%HUEHGD��6XGXW�3DQGDQJ�%DUX�

WHQWDQJ�5HODVL�*HQGHU� %DQGXQJ��0L]DQ���������>�@ 0LHV��0DUtD��9DQGDQD�6KLYD��(FRIHPLQLVP��86$��)HUQZRRG�

3XEOLFDWLRQV���������>�@ 6XPDQWR�� 0HWRGRORJL� 3HQHOLWLDQ� 6RVLDO� GDQ� 3HQGLGLNDQ��

<RJ\DNDUWD��$QGL�2IIVHW���������>�@ %DUDQ]LQL��0DXUR��0RGLJOLDQLV�OLIH�F\FOH�WKHRU\�RI�VDYLQJV�

ILIW\�\HDUV�ODWHU��36/�4XDUWHUO\�5HYLHZ��������������������>�@ %HFNHU��*�6��DQG�1��7RPHV��+XPDQ�FDSLWDO�DQG�WKH�ULVH�DQG�IDOO�

RI�IDPLOLHV��-RXUQDO�RI�/DERU�(FRQRPLFV��������������������>��@ 0RGLJOLDQL�� )�� /LIH� F\FOH�� LQGLYLGXDO� WKULIW�� DQG� WKH� ZHDOWK� RI�

QDWLRQV�� 7KH�$PHULFDQ� (FRQRPLF� 5HYLHZ�� ��� ���������� ���������

>��@ KWWS���IHPDOH�NRPSDV�FRP�UHDG����������������������7UHQ�:DUQD�5DPEXW������7HNQLN�.RQWXU�NKDV�5LDV�:DMDK�

>��@ KWWS���ZROLSRS�GHWLN�FRP�UHDG�������������������������������VXUYHL����ZDQLWD�UHOD�NDNLQ\D�NHVDNLWDQ�GHPL�SDNDL�VHSDWX�VW\OLVK""Z����������

$GY��6FL��/HWW������������������������������������������������������������������������5(6($5&+�$57,&/(�

����