2.259 MB - Annonaceae

Transcription

&RQWHQWV
$QQRQDFHDH1HZVOHWWHU1R
$QQRQDFHDH:RUNVKRS0DODJD1RYHPEHU
S
7KHSURJUDPPH
S
$QQRQDFHDH:RUNVKRSUHSRUWRIWKHJHQHUDOGLVFXVVLRQ
S
7H[WVDQGDEVWUDFWV
S
/LVWRISDUWLFLSDQWV
7KHWK )ORUDRI7KDLODQGPHHWLQJ%DQJNRN± 1RYHPEHU
S
5HSRUWRIWKHFRRUGLQDWRUIRU$QQRQDFHDHIRUWKH)ORUDRI
7KDLODQG
S
/LVWRIWKH$QQRQDFHDHZRUNJURXSIRUWKH)ORUDRI7KDLODQG
&RPSLOHGDQGHGLWHGE\-RVp0)DUUp-LINH.RHN1RRUPDQDQG0LFKDHO'3LULH
&RYHUGHVLJQDQGWHFKQLFDOKHOSZLWKLOOXVWUDWLRQV+HQGULN55\SNHPDDQG5+-(UNHQV
1DWLRQDO+HUEDULXP1HGHUODQG
8WUHFKW8QLYHUVLW\%UDQFK
+HLGHOEHUJODDQ
&68WUHFKW8QLYHUVLW\7KH1HWKHUODQGV
3DUWLFLSDQWVRIWKH$QQRQDFHDH:RUNVKRS0DODJD)URPOHIWWRULJKWIURQWURZ/XEEHUW:HVWUD
0DUF6RVHI-RVp+HUPRVR-RVp0)DUUp8ZH6FKDUI$GULDQD/REmR)UHHN%DNNHU0LFKDHO3LULH/DUV
&KDWURX'DULR*URVVEHUJHUEDFNURZ$QJHOHV3pUH]GH2WH\]D5\RVXNH2JD WD&DUORV/ySH],xDNL
+RUPD]D-LINH.RHN1RRUPDQ3DXO0DDV(ULN-DQYDQ0DUOH5R\(UNHQV0DUWLQ6PHHWV&KL KXD7VRX
+HLPR5DLQHU-RKDQ0ROV
$QQRQDFHDH:RUNVKRS0DODJD1RYHPEHU
$OJDUURER&RVWD
(VWDFLyQ([SHULPHQWDO/D0D\RUD
&RQVHMR 6XSHULRUGH,QYHVWLJDFLRQHV&LHQWLILFDV
0DODJD6SDLQ
7KHSURJUDPPH
6XQGD\1RYHPEHU
K 5HJLVWUDWLRQDWKRWHO/DV<XFDV
K ,QIRUPDOWRXUWRQHDUE\EDUVWRHDWVRPHWDSDV
0RQGD\1RYHPEHU
K :HOFRPHE\WKH'LUHFWRU0DULD/XLVD*RPH]
K -0)DUUp $QQRXQFHPHQWV
K 0RUQLQJVHVVLRQV
3-00DDV $QQRQDFHDHRI$FUH%UD]LO
5+-(UNHQV $&HQWUDO$PHULFDQRULJLQIRU*XDWWHULD $QQRQDFHDHEDVHGRQ
FKORURSODVWPDUNHUV
$4/REmR *XDWWHULD IURP5LRGH-DQHLUR6WDWH
86FKDUI 7KH*HQXV*XDWWHULD LQWKH*XLDQDV
-%0ROV ,GHQWLI\LQJFODGHVLQ$VLDQVRXUVRSV PROHFXODUSK\ORJHQ\RI0LOLXVD DQG
3RO\DOWKLD $QQRQDFHDH
0'3LULH 3K\ORJHQ\UHFRQVWUXFWLRQLQ1HRWURSLFDOWD[DRIWKH
VKRUWEUDQFK
FODGH
(-YDQ0DUOH /HDIDQDWRP\RISDOHRWURSLFDO$QQRQDFHDH
/<7K:HVWUD +DQGOHQVDVSHFWVRIDQQRQDFHRXVZRRG
K /XQFK
K 9LVLWWRWKHFKHULPR\DJHUPSODVPEDQNDQG$QQRQDFHDHFROOHFWLRQ
7XHVGD\1RYHPEHU
K
0RUQLQJSURJUDP
/:&KDWURX 0ROHFXODUZRUNLQ$QQRQDFHDH
+5DLQHU &KDUDFWHUSURJUHVVLRQLQ$QQRQD DQGWKHLUVLJQLILFDQFHIRUV\VWHPDWLFDQG
SK\WRJHRJUDSKLFFRQFHSWV
$3pUH]GH2WH\]D 7KH6SDQLVKFKHULPR\DJHUPSODVPEDQN
&KLKXD7VRX 9DULDWLRQVRIDQWKHUVWUXFWXUHLQ$QQRQDFHDH
-0)DUUp 0DQLSXODWLRQE\SUXQQLQJRIJURZWKDQGFURSSLQJRIFKHULPR\D$QQRQD
FKHULPROD 0LOO
1:HVWHQGRUS) 0LFURSURSDJDWLRQRIWKHFKHULPR\DFY)LQRGH-HWH
&/ySH]( 5HJHQHUDWLRQDQGJHQHWLFWUDQVIRUPDWLRQRIFKHULPR\D$QQRQDFKHULPROD
0LOO
,+RUPD]D 'HYHORSPHQWRIPROHFXODUPDUNHUVIRULGHQWLILFDWLRQDQGEUHHGLQJRI
FKHULPR\D$QQRQDFKHULPROD 0LOO
'*URVVEHUJHU &KHULPR\D$QQRQDFKHULPROD 0LOOSURGXFWLRQVWXGLHVLQ&DOLIRUQLD
K /XQFK
K %XVLQHVV0HHWLQJ
K 'LQQHUZLWKWKHRSSRUWXQLW\WRWDVWHMDPRQLEHULFR,EHULFRKDPDQGUHGZLQH
:HGQHVGD\1RYHPEHU
)LHOG'D\
9LVLWWRWKHDYRFDGRPDQJRDQGRWKHUVXEWURSLFDOIUXLWRUFKDUGVDW(VWDFLyQ([SHULPHQWDO/D
0D\RUD
)ROORZHGE\WUDYHOWR0RWULONPHDVWDORQJWKHFRDVWIRUDYLVLWWRFKHULPR\DH[SHULPHQWVDW
)LQFD([SHULPHQWDO/D1DFOD
K K/XQFK
9LVLWWRWKHROGFKHULPR\DSODQWDWLRQVDQGRQHRIWKHIUXLWVRUWLQJDQGSDFNLQJZDUHKRXVHVLQ
$OPXxHFDU -HWH
)LJXUH&KHULPR\DRUFKDUGLQ$OJDUURER&RVWD
)LJXUH(VWDFLyQ([SHULPHQWDO/D0D\RUD
)LJXUH&KHULPR\DRUFKDUGQHDU$OPXxHFDU
)LJXUH&KHULPR\DIUXLW
)LJXUH&KHULPR\DWUHH
)LJXUH([FXUVLRQLQROG&KHULPR\DRUFKDUG
)LJXUH)UXLWVRUWLQJDQGSDFNLQJZDUHKRXVHVLQ
$OPXxHFDU -HWH
)LJXUH&KHULPR\DIUXLWUHDG\IRUWUDQVSRUWDWLRQ
$QQRQDFHDH:RUNVKRSUHSRUWRIWKHJHQHUDOGLVFXVVLRQ
7KHFKDLUPDQWKDQNVDOOSDUWLFLSDQWVIRUWK HLUFRQWULEXWLRQVWRWKHZRUNVKRSLQSDUWLFXODUPU-RVp0)DUUp
DQGFROOHDJXHVIRUWKHVPRRWKRUJDQLVDWLRQDQGWKHLUKRVSLWDOLW\
7KHPDLQWRSLFVWREHGLVFXVVHGZHUH
1HZVOHWWHU
2QJRLQJZRUNSODQQLQJ
&RRUGLQDWLRQ
1H[WPHHWLQJ
1HZVOHWWHU
1RWZLWKVWDQGLQJWKHIHHOLQJRIQRVWDOJLDWKDWWKLVGHFLVLRQEULQJVDERXWLWLVGHFLGHGWKDWWKHQH[W
1HZVOHWWHUQUZLOOEHRIIHUHGDVD:HEGRFXPHQWLQVWHDGRIWKH\HOORZKDUGFRS\ YHUVLRQ
$EVWUDFWVDQGFRQWULEXWLRQVPXVWEHVHQWWR-0)D UUpWURSLFDOHVIDVLS#WHUUDHVRU-.RHN 1RRUPDQ
-.RHN1RRUPDQ#ELRXXQOEHIRUHQH[W&KULVWPDVVHHDOVRXQGHUSW:HEVLWH
2QJRLQJZRUNSODQQLQJ
/&KDWURX
$/REmR
/:HVWUD
'*URVVEHUJHU
FRQFHQWUDWHVRQWKHSK\ORJHQ\RI$QQRQDFHDHZKROHPDLQO\RQ'1$ZLOOYLVLW&RVW D
5LFDZLWK0DDVDQG(UNHQV
ZLOOILQLVK06FZRUNRQ *XDWWHULDLQWHQGVWRFRQWLQXHRQVDPHLQFOXGLQJDQDWRP\
PROHFXODUDVSHFWVLISRVVLEOHZLOOFRQVLGHUDERXWWKHH[DFWJURXSZLWKWKH8WUHFKW
SHRSOH
ZLOOVWDUWWD[RQRPLFUHYLVLRQRI8QRQRSVLV ZLWK0DDVDERXWVSSWKHSLFWXUHVRIWKH
ZRRGZLOOEHSXEOLVKHGLQVRPHZD\
SURGXFHURI&KHULPR\DIRULQIRVHHKLVZHEVLWH KWWSZZZFKHULPR\DVRUJ
)%DNNHUDQG06RVHIDUHVWDUWLQJXS$QQRQDFHDHRI$IULFDSURMHFWLQ:DJHQLQJHQZLOOWKHPVHOYHVMRLQ
DIWHUILQLVKLQJFXUUHQWFRPPLWPHQWVWKHILUVWDFWLYLW\LVDUHYLVLRQRI $QQLFNLD E\06F
VWXGHQWLQWKHQHDUIXWXUHDVHQLRUGRFHQWDQGD3K'VWXGHQWZLOOE HDSSRLQWHG
0RQDQWKRWD[LV FRXOGEHDQRWKHUVWDUWLQJSRLQWIXUWKHUVXJJHVWLRQVDUHZHOFRPH
0$9LUXHO
DLPLQJWRGHYHORSQHZPLFURVDWHOLWHPDUNHUV
(-9DQ0DUOH
KRSHVWRFRQWLQXHZLWKOHDIDQDWRP\RI3DOHRWURSLFDO$QQRQDFHDH
-.RHN1RRUPDQ DIWHUIRUPDOUHWLUHPHQWDVDVVRFLDWHVWDIIPHPEHULQWHQGVWRFDUU\RXWVRPH
DQDWRPLFDOSURMHFWVLQWKHVFRSHRIUHVHDUFK SURMHFWVFDUULHGRXWLQ8WUHFKW
+5DLQHU
&KLKXD7VRX 0ROV
(UNHQV
6PHHWV
6FKDUI
03LULH
ZLOOILQLVKD3K'WKHVLVRQ$QQRQDHDUO\QH[W\HDUZLOOFRQWLQXHZLWKDFRQWULEXWLRQ WR
)ORUDRIWKH*XLDQDV$QQRQDFHDHIRU)ORUDGH&XEDPRQRJUDSKRI $QQRQD FRQWLQXHG
SK\WRFKHPLVWU\DQGZRRGDQDWRP\VWLOOPLVVLQJ
WRSLFVDUHDQWKHUGHYHORSPHQWFRPSRXQGSROOHQIRUPDWLRQLVLQQHHGRIPRUHPDWHULDO
KRSHVWROLQNKHU GDWDZLWK&KDWURX
VFODGRJUDP
ZLOOFRQWLQXHRQ0LOLXVDXVLQJPRUH'1$VHTXHQFHVZLOOUHYLVH 0LOLXVD IRU)ORUD
0DOHVLDQDD06FVWXGHQWZLOOVWXG\0LOLXVD RI7KDLODQG06FVWXGHQWIURP7DLZDQ
UHYLVLRQRI1HR8YDULDIRU0DOHVLDWKHODUJHJHQHU DUHPDLQVWLOOWREHGRQH3.HVOHU
ZLOOFRQWULEXWH
*XDWWHULDZLOODGGQXFOHDUPDUNHUVWR'1$GDWDPDWUL[VPDOODOOLHGJHQHUD
*XDWWHULRSVLV*XDWWHULHOOD+HWHURSHWDOXP ZLOOEHLQFRUSRUDWHG
ZRXOGOLNHWRILQGDSRVVLELOLW\WRGRILHO GZRUNLQ6RXWK$PHULFD
LVVSHHGLQJXSZLWK*XDWWHULD IRU)ORUDRIWKH*XLDQDVZLOOFRPSOHWH3K'WKHVLVQH[W
DXWXPQIXWXUHFRPPLWPHQWXQFHUWDLQ
FRQFHQWUDWHVRQWD[DLQ
VKRUWEUDQFK
FODGH &UHPDVWRVSHUPDLVLQQHHGRID06F
VWXGHQW
1:HVWHQGRUSDQG/RSH](FRQWLQXLQJUHVHDUFKRQPLFURSURSDJDWLRQDQGJHQHWLFWUDQVIRUPDWLRQ /RSH]
(ZLOOGRWKHPLFURJUDIWLQJDVSDUWRIWKHPLFURSURSDJDWLRQ
,+RUPD]D
ZLOOFRQVLGHUMRLQHGLQWHUHVW LQPROHFXODUUHVHDUFKZLWK&KDWURX
30DDV
LQSUHVVWRDSSHDUVRRQPRQRJUDSKRI 'XJXHWLD ZLWK:HVWUD&KDWURXFROODERUDWRUV
UHYLVLRQRI3VHXGR[DQGUD ZLWK:HVWUD$QQRQDFHDHIRU)ORUDRI6DODQGIRU)ORUDRI
'XFNH5HVHUYHUHYLVLRQRI8QRQRSVLV ZLWK:HVWUD$QQRQDFHDHIRU)ORUDRIWKH
*XLDQDVZLWK5DLQHU$QQRQDZLWK6FKDUI*XDWWHULDZLWK-RKQVRQ;\ORSLDYLVLWWR
&RVWD5LFD3DQDPD-XQHZLOOEHUHWLUHGHDUO\
0$3pUH]GH2WH\]DFRQWLQXHVZRUNZLWKWKH&KHULPR\DJHUPSODVPEDQN
-0)DUUp
UHPDLQVLQWHUHVWHGLQSROOHQVWRUDJHGXULQJKRWVHDVRQWKHHIIHFWRQIUXLWVHWWLQJ
FURVVIHUWLOL]DWLRQSUXQLQJH[SHULPHQWVJHUPSODVPEDQNH[SHULHQFLQJLQFUHDVLQJ
SROLWLFDOSUREOHPVZKHQWU\LQJWRDFTXLUHPDWHULDO
&RRUGLQDWLRQ
6RPHSRLQWVDQGRUGHVLGHUDWDHPHUJHGIU RPWKHGLVFXVVLRQV
7KHUHLVDJHQHUDOFRQVHQVXVDERXWWKHQHHGRIVWURQJHUFRRUGLQDWLRQDQGFRRSHUDWLRQHVSHFLDOO\ZLWKUHJDUG
WRPRGHUQV\VWHPDWLFVSK\ORJHQ\7KHDLPVKRXOGEHWRNHHSSHRSOHPRUHLQIRUPHGDERXWZKDWLVJRLQJRQ
HLWKHUWKDQWRJLYHGLUHFWLRQV
7KHVHQLRUOHFWXUHUWREHDSSRLQWHGLQ:DJHQLQJHQWRJHWKHUZLWK&KDWURX8WUHFKWDQG.HVOHU/HLGHQ
ZLOOIRUPDJXLGDQFHJURXSZLWK&KDWURXDVFHQWUDOSHUVRQ
:HEVLWH5DLQHU&KDWURXZLOOWDNHFDUHRIWKLV5DLQHUWKHWHFKQLFDODVSHFWV &KDWURXWKHFRQWHQWV
QHZVOHWWHUV
VKRUWSURMHFWGHVFULSWLRQVZLWKH PDLODGUHVVHVNH\ZRUGV
LQGH[HVVSHFLHVLQGH[IRU1HRWURSLFVDYDLODEOH
VSHFLHVLQGH[IRU$VLDDQG$XVWUDOLDDYDLODEOHSURYLVLRQDO
VSHFLHVLQGH[IRU$IULFDQRWH[LVWLQJZ DQWHG
W\SHVSHFLPHQVEXWVHHW\SHVSHFLPHQFROOHFWLRQRIWKH1+1 1HWKHUODQGV
'1$PDWHULDOLQYHQWRU\RI
NQRZOHGJHJDSV
VSHFLPHQEDVHGGDWDEDVH
QRWLFHERDUGPRGR7D[DFRP
PDQXVFULSWVWKDWDUHQRWSURSHUO\SXEOLVKHGEXWYDOXDEOHIRURWKHUV LH3K'WKHVHV
1H[WPHHWLQJ
1H[W$QQRQDFHDH:RUNVKRSWREHKRVWHGE\9LHQQD$XWXPQ
$QQRQDFHDH:RUNVKRSWH[WVDQGDEVWUDFWV
7KHIDPLO\RI$QQRQDFHDHLQWKH%UD]LOLDQVWDWHRI$FUH
3DXO-00DDV
1DWLRQDO+HUEDULXPRIWKH1HWKHUODQGV ± 8WUHFKW8QLYHUVLW\EUDQFK
,Q2FWREHUP\ZLIHDQG,KDGWKHRSSRUWXQLW\WRYLVLWWKH%UD]LOLDQVWDWHRI$FUH6LQFHWKH1HZ
<RUN%RWDQLFDO*DUGHQZLWKDVFRRUGLQDWRU'U'RXJODV'DO\LVH[HFXWLQJLQFORVHDVVRFLDWLRQZLWKWKH
)HGHUDO8QLYHUVLW\RI$FUHDSURMHFWQDPHG )ORULVWLFVDQG(FRQRPLF%RWDQ\RI $FUH7KDWSURMHFWKDV
WZRPDLQJRDOV
WRPDNHDERWDQLFDOLQYHQWRU\RIWKHVWDWHRI$FUHDQG
WRHVWDEOLVKIRUHVWUHVHUYHVEDVHGRQWKHDVVHPEOHGERWDQLFDOGDWD
,QRUGHUWRPDNHDJRRGE RWDQLFDOVXUYH\RI$FUHWKHSURMHFWKDVDFORVHDVVRFLDWLRQZLWKORWVRISODQW
WD[RQRPLVWVDOORYHUWKHZRUOGDQGVRIDUDERXWZHUHLQYLWHGWRMRLQRQHRIWKHUHJXODUH[SHGLWLRQV7KHVH
VSHFLDOLVWVDUHWKHQDVNHGWRMRLQRQHRUPRUHERWDQLFDOILHOGH[FX UVLRQVDQGWRPDNHH[FHOOHQWJDWKHULQJVRI
³WKHLURZQ´SODQWIDPLOLHV7KH\DUHDOVRDVNHGWRDVVLVWLQWHDFKLQJ\RXQJ%UD]LOLDQVWXGHQWVIRUH[DPSOH
IRUHVWHUVSODQWFROOHFWRUVDQGELRORJ\VWXGHQWVLQLWHPVOLNHHFRORJ\WKHWD[RQRP\RIWKHLURZQVS HFLDO
JURXSRULQRXUFDVHWRJLYHDVPDOOFRXUVH1HRWURSLFDO)ORUD7KLVSURYHGWREHYHU\VWLPXODWLQJIRUERWK
WKHWHDFKHUVDQGWKHEUD]LOLDQVWXGHQWV 7KHSURMHFWKDVLWVKRPHEDVHLQ5LR%UDQFRIDU LQWKH6RXWKRI$FUH
DQG FORVH WR WKH ERUGHU ZLWK %ROLYLD 5LR %UDQFRKDV D VPDOOEXWQLFH KHUEDULXP RIILFLDO DEEUHYLDWLRQ LV
+3=DWWKHHGJHRIDQROGUXEEHUSODQWDWLRQDQGWKXVVXUURXQGHGE\DEHDXWLIXOSLHFHRIIRUHVW
)RUWKRVHZKRGRQRWNQRZVR PXFKDERXW%UD]LODYHU\ODUJHSRUWLRQRI%UD]LOLVWKH$PD]RQ5HJLRQ,WLW
LVDQLPPHQVHUHJLRQDQG,URXJKO\PHDVXUHGLWDVE\NP7KH$PD]RQ5HJLRQLQFOXGHVPDQ\
FRXQWULHVOLNH%UD]LO9HQH]XHOD&RORPELD(FXDGRU3HUXGRZQWR%ROLYLDLQ WKH6RXWK,Q%UD]LOVHYHUDO
ODUJHVWDWHVOLNHIRUH[DPSOH3DUiLQWKH(DVW$PD]RQDVLQWKHPLGGOHDQG$FUHLQWKHZHVWIRUPDSDUWRI
WKH$PD]RQ5HJLRQ$FUHLVWKHUHJLRQ,ZLOOLQIRUP\RXDERXWLWFRYHUVDQDUHDRIDERXWNPDQG
LWLVDERXWNPORQJDQGXSWRNPZLGH7KHUHDUHELJWRZQVLQ$FUHQDPHO\&UX]HLURGR6XOLQ
WKH1RUWK:HVWLWVSRSXODWLRQLVFDDQGWKHFDSLWDO5LR%UDQFRLQWKH6RXWK(DVWZLWKFD
LQKDELWDQWV ,Q WKH ZKROH VWDWH RI $FUH WKHUH LV RQ O\ RQH ELJ URDG FRQQHFWLQJ &UX]HLUR GR 6XO ZLWK 5LR
%UDQFRDERXWNPORQJEXWWKDWURDGLVRQO\RSHQWRWKHSXEOLFGXULQJWKHGULHVWPRQWKVRIWKH\HDU
$FUHLVQRWYHU\ZHOOERWDQLFDOO\H[SORUHGVRIDUQRWPRUHWKDQSODQWFROOHFWLRQVSHUNP QXPEHUIRU
WRWDO%UD]LODQGIRU9HQH]XHODWKDWIRU&RVWD5LFDDQG,ZLOOPHQWLRQSHUVRQVZKRZHUHDFWLYH
FROOHFWRUV
7KHIDPRXV(UQHVW8OH ZDVWKHILUVWRQHZKRPDGHSODQWFROOHFWLRQVLQ$FUH+LVPDLQJRDOGXULQJKLVILHOG
ZRUN ZDV WKH VWXG\ RI UXEEHU SURGXFLQJ WUHHV +HYHD VSS EXW DOVR 6DSLXP DQG UHSUHVHQWDWLYHV RI RWKHU
IDPLOLHV+HWUDYHOOHGDQGFROOHFWHGLQ$FUHEHWZHHQDQGDQGWKHPDLQUHJLRQKHYLVLWHGZDVWKH
1:QDPHO\WKH5LR-XUXDDQGLWVDIIOXHQWV+HFROOHFWHGDE RXWQUVPDQ\RIZKLFKDUHW\SHV
7KHVHFRQGSHUVRQH[SORULQJ$FUHZDVWKHZHOONQRZQWD[RQRPLVW *KLOOHDQ3UDQFH ZKRPDGHH[WHQVLYH
FROOHFWLRQV LQ DQG LQ GXULQJ WKDW ODVW H[SHGLWLRQ KH ZDV DVVLVWHG E\ WKH \RXQJ 8WUHFKW
WD[RQRPLVW0DDV
7KHODUJHVWFROOHFWLQJDFWLYLWLHVDIWHUWKH3UDQFHSHULRGWRRNSODFHEHWZHHQDQGLQWKHIUDPHZRUN
RIWKH3URMHWR)ORUD$PD]RQLFDD SURMHFWVSRQVRUHGE\WKHJRYHUQPHQWVRI%UD]LODQGWKH86$,QWKRVH
\HDUVPRUHWKDQERWDQLFDOLQWHUQDWLRQD OH[SHGLWLRQVWRRNSODFHLQ$PD]RQLDQ%UD]LORIZKLFKWKUHH
ZHUHH[HFXWHGLQ$FUH
$FUH KDV D TXLWH ULFK DQG LQWHUHVWLQJ IORUD DQG DFFRUGLQJ WR 'RXJODV 'DO\ WKHUH RFFXU DERXW VSHFLHV,Q$FUHWKHUHLVVWLOODORWRIIRUHVWOHIWDQGQROHVVW KDQRILWVVXUIDFHLVVWLOOIRUHVWHG,WKDVE\
IDUWKH ORZHVWUDWH RI GHIRUHVWDWLRQLQ %UD]LO ,W ZDV DOVRWKH UHJLRQ RI WKH VR FDOOHG $VHULQJXHLURV# SHRSOH
ZKR H[WUDFWHG UXEEHU IURP WKH WUHHV RI SDUWLFXODUO\ +HYHD EUDVLOLHQVLV 7KDW H[WUDFWLRQ ZDV RI YHU\ KLJK
LQWHUHVW DQG FRPPHUFLDO YDOXH PDLQO\ LQ WKH EHJLQQLQJ RI EXW HYHQ XS WR QRZ UXEEHU LV VWLOO
H[WUDFWHG7KHUXEEHUH[WUDFWLRQDQGFRQVHTXHQWO\WKHFRQVHUYDWLRQRIWKH$PD]RQLDQUDLQIRUHVWZDVPXFK
GHIHQGHGE\WKHOHDGHURIWKHVHULQJXH LURVWKHIDPRXV&KLFR0HQGHVZKRZDVILQDOO\PXUGHUHGLQ
7KHVWDWHRI$FUHFDQEHGLYLGHGLQWRWZRSDUWV
7KH1:SDUWZLWKULFKVRLOVDQGGUDLQHGE\WKH5LR-XUXiDQGLWVDIIOXHQWVOLNHIRUH[DPSOHWKH5LR
0RDDQG5LR-XUXi0LULP
7KH6(SDUW ZLWKSRRUHUVRLOVDQGGUDLQHGE\WKH5LR3XUXVDQGE\WKH5LR$FUH
7KH1:XSSHURI$FUHGUDLQHGE\WKH5LR-XUXiDQGLWVDIIOXHQWVLVYHU\ZHW7KHUHLVHVVHQWLDOO\QRGU\
VHDVRQ DQGWKHUH DUHUHODWLYHO\ ULFK \RXQJ VRLOV7KH ULYHUV KDYH RIWHQ D Y HU\ ULFK YHJHWDWLRQ RI SDOPV DW
WKHLUPDUJLQV7KH:IURQWLHUZLWK3HUXLVPDUNHGE\ORZPRXQWDLQVQRWKLJKHUWKDQPHWHUVQDPHO\
6HUUDGR0RDDQG6HUUDGR'LYLVRUZKLFKDUHLQKDELWHGE\VRPHW\SLFDOO\$QGHDQHOHPHQWV7KHWRSRIWKH
6HUUDGR0RDZKLFK\RXVHHKHUHLVKDUGO\UHDFKDEOHDV,SHUVRQDOO\H[SHULHQFHGLQDVLWLVFRYHUHG
E\DYHU\ORZVSLQ\YHJHWDWLRQRIWHUUHVWULDO%URPHOLDFHDH
9HU\W\SLFDOYHJHWDWLRQW\SHVLQWKH1:DUHWKRVHRQZKLWHVDQGVZKLFKRFFXURQO\DWDIHZSODFHVLQ WKH
XSSHU5LR-XUXi7KRVHZKLWHVDQGYHJHWDWLRQVDUHTXLWHUDUHLQ$PD]RQLDQ%UD]LOZKHUHWKH\FDQDOVREH
IRXQGIRUH[DPSOHLQWKH5LR0DGHLUDDQGWKH8SSHU5LR1HJUR
6RPH$QQRQDFHDHDUHW\SLFDOIRU1:$FUH
7KHPRVWFRPPRQIRUHVWW\SHLVUDLQIRUHV WRQFOD\LVKRUORDP\VRLOV,QWKDWYHJHWDWLRQW\SHZHFROOHFWHG
RXUVHOYHV'LFOLQDQRQDFDO\FLQD 'LFOLQDQRQD LVDVPDOOJHQXVZLWKRQO\VSHFLHVYHU\W\SLFDOE\LWVIUXLW
ZKLFKLVUHGXFHGWRRQO\ PRQRFDUSDQG *XDWWHULDGLVFRORU RQHRIWKHIHZ $HDV\# VSHFLHVLQWKHJHQXV
*XDWWHULDQLFHO\FKDUDFWHUL]HGE\GLVFRORURXVOHDYHVOHDYHVZLWKERWKVLGHVYHU\GLIIHUHQWO\FRORXUHGDQG
E\SRLQWHGIORZHUEXGV
6SHFLHVRFFXUULQJLQSHULRGLFDOO\LQXQGDWHGIRUHVWVDUHQRWFRPPRQDWDOOLQWKH1:$VRQO\H[DP SOH ,
JLYH 'XJXHWLD RGRUDWD YHU\ W\SLFDO DPRQJ WKH $PD]RQLDQ VSHFLHV RI 'XJXHWLD E\ LWV ORZHU OHDI VLGH
GHQVHO\FRYHUHGZLWKSHOWDWHKDLUV
$YHU\SDUWLFXODUVRLOW\SHLQ$FUHLVWKHZKLWHVDQGV7KHRQO\SODFHZKHUHZHILQGWKHPLQ$FUHLVLQWKH
1: 7KH ZKLWH VDQGV DUH FRYHUHG ZLWK ORZ YHJHWDWLRQV YDU\LQJ IURP VDYDQQDV ZKHUH ZH GR QRW ILQG
$QQRQDFHDH DW DOO WR VRPHZKDW KLJKHU YHJHWDWLRQV ORFDOO\ FDOOHG µFDPSLQDUD¶ &DPSLQDUDQDV DUH ORZ
IRUHVWV YDU\LQJ IURP D IHZ PHWHUV XS WR P WDOO ZLWK PXFK OLJKW UHDFKLQJ WKH IRUHVW IORRU DQG ZLWK
FRQVHTXHQWO\ RIWHQ D TXLWH ULFK KHUE OD\HU ZLWK YDULRXV 0RQRFRWV IHUQV DQG OLFKHQV 7KDW W\SH RI
YHJHWDWLRQLVQRWULFKLQVSHFLHVDQGLVQRWULFKLQ$QQRQDFHDHEXWWKHVSHFLHVIRXQGWKHUHDUHRIWHQTXLWH
VSHFLDO$ILUVWH[DPSOHLV $QD[DJRUHDEUDFK\FDUSD DW\SLFDOUHSUHVHQWDWLYHRIWKHJHQXV $QD[DJRUHD E\
LWVFOXEVKDSHGILQDOO\H[SORVLYHO\GHKLVFHQWIUXLWVEXWDEHUUDQWIURPDOORWKHUVSHFLHVLQWKHJHQXVE\LWV
PLGULEZKLFKLVUDLVHGLQVWHDGRILPSUHVVH GRQWKHXSSHUVLGHRIWKHODPLQD$QRWKHUZKLWHVDQGHOHPHQW
LV;\ORSLDPXOWLIORUD DYHU\ZHLUGVSHFLHVRIWKDWJHQXVZLWKLWVYHU\HORQJDWHDQGQDUURZPRQRFDUSVQRW
VHHQLQPDQ\RWKHU1HRWURSLFDOVSHFLHVRI ;\ORSLD$QH[FLWLQJGLVFRYHU\ZDVDVSHFL HVZKLFKZHIRXQG
TXLWH UHJXODUO\ DORQJ WKH PDUJLQ RI D FDPSLQDUDQD IRUHVW QDPHO\ WKH RQO\ FROOHFWLRQ RI DQ XQGHVFULEHG
VSHFLHVRI*XDWWHULDFKDUDFWHUL]HGE\YHU\VPDOOOHDYHVOHVVWKDQFPORQJDQGVPDOOIORZHUVDQGZLWKWKH
LQQHUVLGHRIWKHEDUNUHGGLVKFRORXUHG
7KH6(SDUWRI$FUHGUDLQHGE\5LR3XUXVDQG5LR$FUHKDVLQFRQWUDVWWRWKH1:DSURQRXQFHGGU\
VHDVRQSRRUHUVRLOVDQGLWLVIODWWRVOLJKWO\XQGXODWLQJ6RPHIRUHVWVDUHVHPL GHFLGXRXVDQGDQXPEHURI
VSHFLHVVKRZDIILQLWLHVWRGU\IRUHVWDQGVDYDQQDVSDUWLFXODUO\6RIWKH$PD]RQ5HJLRQ7KHIORRGSODLQVRI
WKH5LR3XUXVDUHRIWHQFRYHUHGZLWKODUJHJUDVV\YHJHWDWLRQVDQGDVWUHHVRIWHQZLWKJHQHUDOLNH 6DOL[ DQG
&HFURSLDZKHUHDVSDOPVDUHSRRUO\UHSUHVHQWHG
0DQ\SODFHV LQWKH6(DUHFRYHUHGZLWKUDLQIRUHVWRQFOD\H\RUORDP\VRLOV
6RPH RI WKH $QQRQDFHDH IRXQG WKHUH DUH 2Q\FKRSHWDOXP SHULTXLQR LW LV ORFDOO\ FDOOHG $HQYLUD FDM~#
EHFDXVHRILWVHGLEOHIUXLWVZKLFKDUHVXSHUILFLDOO\UHVHPEOLQJFDM~V 2Q\FKRSHWDOXP LV DYHU\VPDOOJHQXV
ZLWKRQO\VSHFLHVDQGLWLVFKDUDFWHUL]HGE\PLQXWHIORZHUVLQGHQVHLQIORUHVFHQFHVDQGWKHQXPEHURI
PRQRFDUSV UHGXFHG WR $ VHFRQG VSHFLHV LV (SKHGUDQWKXV DII DPD]RQLFXV (SKHGUDQWKXV LV D SRRUO\
NQRZQVPDOOJHQXVZLWKOHVV WKDQVSHFLHVLWFDQDOUHDG\UHFRJQL]HGE\LWVOHDIYHQDWLRQVKRZLQJVKDUS
DQJOHV EHWZHHQ PLGULE DQG VHFRQGDU\ YHLQV DQG LWV IORZHUV DUH XQLVH[XDO $ WKLUG DQG ODVW H[DPSOH RI D
IRUHVW VSHFLHV RI WKH 6( LV D UHSUHVHQWDWLYH RI D JHQXV ZLWK VSHFLHV R QO\ QDPHO\ &DUGLRSHWDOXP
FDORSK\OOXP 7KLVVSHFLHVLVTXLWHFRPPRQLQWKHGU\FHUUDGRVRI6%UD]LODQG%ROLYLDZKHUHDV$FUHLVWKH
ZHVWHUQPRVWERUGHURILWVGLVWULEXWLRQ
/LNHLQWKH1(IHZVSHFLHVRI$QQRQDFHDHLQKDELWSHULRGLFDOO\LQXQGDWHGUDLQIRU HVWVDQGDVRQO\H[DPSOH,
LQFOXGH3VHXGR[DQGUDOXFLGD DJHQXVZLWKDERXWVSHFLHVRQHRIWKHPDLQFKDUDFWHUVWRGLVWLQJXLVKWKH
JHQXV LV D YHJHWDWLYH RQH QDPHO\ WKH SUHVHQFH RI D PDUJLQDO YHLQ ZKLFK LV RIWHQ YHU\ FORVH WR WKH OHDI
PDUJLQ
:KLWHVDQGVGRQRWRFFXULQWKH6(
7KHUHDUHDOVRTXLWHDIHZ$QQRQDFHDHZKLFKRFFXUDOORYHUWKHVWDWHRI$FUH2IWKDWJURXS,ZRXOGOLNHWR
LQFOXGHWKHIROORZLQJVSHFLHVLQKDELWLQJUDLQIRUHVWV 5ROOLQLDPDPPLIHUD RFFXUULQJLQ$PD]RQLDQ3HUX
DQGDOORYHU$FUHLWLVYHU\DEHUUDQWIURPDOPRVWDOOVSHFLHVRI 5ROOLQLD E\LWVDOPRVWIUHHIUXLWLQJFDUSHOV$
VHFRQG H[DPSOH LV $QQRQD H[FHOOHQV D EHDXWLIXO VSHFLHV RIWKH JHQXV $QQRQDZLWK WKH ORZHU VLGH RI WKH
OHDYHVGHQVHO\KDLU\DQGZLWKTXLWHODUJHIORZHUV $WKLUGVSHFLHVLVDYHU\VSHFWDFXODURQHZLWKYHU\ORQJ
SHGLFHOVRIXSWRRYHUFPORQJDQGZLWKERDW VKDSHGLQQHUSHWDOVQDPHO\ &\PERSHWDOXPORQJLSHV
2QHRIWKHIHZVSHFLHVIRXQGLQSHULRGLFDOO\LQXQGDWHGIRUHVWVDOORYHU$FUHEXWDOVRDOORYHU WURSLFDO6RXWK
$PHULFDLV$QQRQDK\SRJODXFDYHU\HDVLO\GLVWLQJXLVKHGE\LWVOHDYHVZKLFKKDYHDJODXFRXVORZHUVLGHLWV
VSLQ\IUXLWLVDFFRUGLQJWR*RWWVEHUJHUILVK GLVSHUVHG
,QWKHIROORZLQJILJXUHWKHQXPEHURIVSHFLHVRFFXUULQJLQWKHYDULRXVUHJLR QVRI$FUHDUHVXPPDUL]HG
7KURXJKRXWWKHZKROHVWDWHRI$FUHWKXVERWKLQWKH1:DQGWKH6(VSSRI$QQRQDFHDHRIZKLFK
RFFXULQQRQLQXQGDWHGIRUHVWVDQGLQSHULRGLFDOO\LQXQGDWHGIRUHVWV
7KHUH DUH VSS RI $QQRQDFHDH H[FOXVLYHO\ RFFXUULQJ LQ QRQLQXQGDWHG IRUHVW RI WKH 1: DQG VSS
RFFXUULQJH[FOXVLYHO\LQWKH6(RI$FUH 7KHQXPEHURIVSHFLHVLQLQXQGDWHGIRUHVWVLVDOVRDOPRVWHTXDO
YHUVXVIRUERWKWKH1:DQG6(7KHRQO\LPSRUWDQWGLIIHUHQFHLVWKHWKHZKLWHVDQGVSHFLHVRIZ KLFK
WKHUHDUHLQWKH1:ZKHUHDVWKHUHDUHQRZKLWHVDQGVLQWKH6(
$VFRQFOXVLRQERWKUHJLRQVWKH1:ZLWKLWV5LR-XUXiDQGWKH6(ZLWKLWV5LR3XUXVDQGDIIOXHQWVKDYH
WKHLURZQTXLWHGLVWLQFWIORUDZLWKHDFKDERXWGLIIHUHQWVSHFLHVRI$QQRQD FHDHZKHUHDVWKH\KDYH
VSHFLHV LQ FRPPRQ &RXQWLQJ IURP WKH WDEOH ZH VHH WKDW $FUH ZLWK LWV VSHFLHV RI $QQRQDFHDH LV QRW
TXLWH ULFK EXW WKLV QXPEHU ZLOO SUREDEO\ ULVH WR DERXW DIWHU PRUH LQWHQVLYH H[SORUDWLRQ 7KHUH DUH
KDUGO\DQ\HQGHPLF$Q QRQDFHDHLQ$FUHH[FHSWIRUWKHPLQL OHDYHGVSHFLHVRI*XDWWHULD
7KHQXPEHURIVSHFLHVRI$QQRQDFHDHLVE\IDUWKHKLJKHVWLQ3HUXQDPHO\DOPRVWSUREDEO\FDXVHGE\
WKHIDFWWKDWWKHFRXQWU\LVYHU\ODUJHEXWDOVRWKDWLWLQFOXGHVPRXQWDLQUDQJHVO LNHWKH$QGHV6XUSULVLQJO\
WKHQXPEHURIJHQHUDRI$QQRQDFHDHLVWKHKLJKHVWLQ$FUHQROHVVWKDQ7KLVLVSUREDEO\GXHWRWKHIDFW
WKDW$FUHQRWRQO\LQFOXGHV$PD]RQLDQVSHFLHVEXWDOVRVSHFLHVFRPLQJIURPWKHGU\FHUUDGRVLQWKH6RXWK
WKDWLWKDVVRPHPRXQWDLQUDQJHVDQGWKDWZKLWHVDQGVDUHIRXQG
$ODVWUHPDUNDERXWIRUHVWFRQVHUYDWLRQLQ$FUHWKHPRVWLQWHUHVWLQJUHJLRQVUHJLRQVZKLFKZRXOGPHULWWKH
VWDWXVRIIRUHVWUHVHUYHVDUHWKHZKLWHVDQGYHJHWDWLRQVZLWKWKHLUVSHFWDFXODUDQGXQLTX HFDPSLQDUDVDV
IRXQGLQWKH1:
)LJXUH$FUH%UD]LOVKRZLQJ5LR%UDQFRLQWKH
6(DQG&UX]HLURGR6XOLQWKH01:
)LJXUH$FUH%UD]LO
)LJXUH5LR0RD
)LJXUH6HUUDGR0RDVOLGHIURP
)LJXUH;\ORSLDPXOWLIORUD0DDVHWDO
)LJXUH*XDWWHULDVSQRY0DDVHWDO
)LJXUH5LR3XUXVVOLGHIURP
)LJXUH2Q\FKRSHWDOXPSHULTXLQR0DDVHWDO
)LJXUH&DUGLRSHWDOXPFDORSK\OOXP0DDVHWDO
)LJXUH $QQRQDH[FHOOHQV0DDVHWDO
)LJXUH$QQRQDH[FHOOHQV0DDVHWDO
RSHQHGIORZHU
)LJXUH;\ORSLDVS0DDVHWDO
)LJXUH1XPEHURIJHQHUDDQGVSHFLHVRI$QQRQDFHDHLQ6RXWK$PHULFD
$&HQWUDO$PHULFDQRULJLQIRU*XDWWHULD $QQRQDFHDHEDVHGRQFKORURSODVW
PDUNHUV
5R\+-(UNHQV
1DWLRQDO+HUEDULXPRIWKH1HWKHUODQGV± 8WUHFKW8QLYHUVLW\EUDQFK
7KH1HRWURSLFDOJHQXV *XDWWHULD LVRQHRIWKHODUJHVWZRRG\SODQWJHQHUDLQWKHZRUOGDQGWKHODUJHVWZLW KLQ
WKH IDPLO\ RI $QQRQDFHDH FRPSULVLQJ DSSUR[LPDWHO\ VSHFLHV 5HYLVLRQ RI WKLV JHQXV GDWHV EDFN WR
ZKHQ)ULHVPDGHDWUHDWPHQWEDVHGRQIHZPDFURPRUSKRORFLDOFKDUDFWHUV+HGLYLGHGWKHJHQXVLQWR
VHFWLRQV8SWRQRZLWLVWKHRQO\PDMRUJHQX VRI1HRWURSLFDO$QQRQDFHDHWKDWDZDLWVUHYLVLRQ%HFDXVH
RILWVKRPRJHQHLW\LQPDQ\PRUSKRORJLFDOFKDUDFWHUVLWLVYHU\GLIILFXOWWRXQGHUVWDQGWKHV\VWHPDWLFVDQG
HYROXWLRQ RI WKH JHQXV 7KH ODFN RI D WD[RQRPLF IUDPHZRUN DQG RI D FODVVLILFDWLRQ RI WKH JH QXV VHYHUHO\
KDPSHUV WKH HYDOXDWLRQ RIWKH ODUJH TXDQWLWLHV RI QHZ PDWHULDO WKDW KDYH EHHQ FROOHFWHG WKURXJKRXWUHFHQW
\HDUV7KLVUHVHDUFKVWDUWHGWRXQUDYHOWKHFODVVLILFDWLRQRI *XDWWHULD E\XVLQJPROHFXODUPDUNHUV
,QWKLVVWXG\DSDUVLPRQ\DQDO\VLV ZDVSHUIRUPHGRQWD[DRI *XDWWHULD XVLQJ '1$VHTXHQFHGDWDRIWKH
SODVWLGJHQRPH UEF/UHJLRQPDW.UHJLRQWUQ/)VSDFHUDQG WUQ/ LQWURQDQG SVE$WUQ+ VSDFHU$OWKRXJK
WKHVHGDWDDUHVWLOOLQVXIILFLHQWWRUHVROYHWKHUHODWLRQVKLSVEHWZHHQDOOFORVHO\ UHODWHGVSHFLHVWKH\GRVKRZ
WKDW*XDWWHULDLVDYHU\ZHOOVXSSRUWHGPRQRSK\OHWLFJURXS)XUWKHUPRUHWKHJHQXVVHHPVWRKDYHLWVRULJLQ
LQ&HQWUDO$PHULFDUDWKHUWKDQLQ6RXWK $PHULFD
*XDWWHULD IURP5LRGH-DQHLUR
$GULDQD/REmR
8QLYGH6mR3DXOR ,QVWGH%LRVFLrQFLDV6mR3DXOR63%UD]LO
7KHJHQXV*XDWWHULD LVFKDUDFWHUL]HGE\OHDYHVZLWKLPSUHVVHGSULPDU\YHLQRQWKHXSSHUVLGHSHGLFHOVZLWK
VXSUDEDVDODUWLFXODWLRQLQGXPHQWRIVLPSOHKDLUVIORZHUVPRVWO\VROLWDU\D[LOODU\VHSDOVIUHHSHW DOVIUHH
JUHHQFUHDPWR\HOORZLQQHURQHVLPEULFDWHIUXLWDSRFDUSRXVPRQRFDUSVPDQ\LQGHKLVFHQW VHHGHG
,Q QXPEHU RI VSHFLHV *XDWWHULD LV WKH ELJJHVW JHQXV IURP $QQRQDFHDH DQG WKH PRVW SUREOHPDWLFDO RQH
%HFDXVH RI WKH PLVLQWHUSUHWDWLRQ RI IORZHU PDWXUDWLRQ WKH VLPLODULW\ RI UHSURGXFWLYH FKDUDFWHUV DPRQJ
VSHFLHV DQG WKH JUHDW PRUSKRORJLFDO YDULDWLRQ LQ YHJHWDWLYH FKDUDFWHUV 0DQ\ UHVHDFKHUV GHVFULEHG D ODUJH
QXPEHURIVSHFLHVEHFDXVHDOOWKHVHSRLQWVFRXOGKDYHFRQIXVHGWKHP
+DYLQJDOOWKHVHSRLQWVLQPLQGWKHDLPRIWKHVHZRUNZDVWRPDNHDVXUYH\RQ *XDWWHULDVSHFLHVLQ5LRGH
-DQHLUR 6WDWH LQ RUGHU WR NQRZ WKH PDLQ IHDWXUHV WR GLVWLQJXLVK VSHFLHV $V D UHVXOW VSHFLHV ZHUH
UHFRJQL]HGLQ5LRGH-DQHLUR7KHPDMRULW\RFFXULQKLOOIRUHVWQR UPDOO\QHDUULYHUV
,Q 5LR GH -DQHLUR 6WDWH WKH PDMRULW\ RI WKH UHSURGXFWLYH FKDUDFWHUV IURP *XDWWHULD VSHFLHV ZHUH QRW
LQIRUPDWLYHKRZHYHUVRPHRIWKHPZHUHLPSRUWDQWWRGLVWLQJXLVKVSHFLHV$YHU\LPSRUWDQWIHDWXUHZDVWKH
IXVLRQ RI WKH VHSDOV LQ WKH IORZHU EXG ,Q 5LR GH -DQHLUR WKH VSHFLHV PD\ KDYH IUHH RU FRQQDWH VHSDOV LQ
IORZHUEXG2WKHUUHSURGXFWLYHFKDUDFWHUXVHGZHUHWKHQXPEHURIIORZHUV7KHIORZHUVPD\EHVROLWDU\RU
SODFHGLQPDQ\IORZHUHGLQIORUHVFHQFHVRQWKHWUXQN7KHODVWLPSRUWDQ WUHSURGXFWLYHFKDUDFWHUXVHGZDVWKH
VKDSHRISHWDOV6RPHVSHFLHVKDYHQDUURZSHWDOZLWKDFXWHDSH[DQGRWKHUVKDYHREORQJSHWDOVZLWKREWXVH
DSH[
9HJHWDWLYHFKDUDFWHUVZHUHXVHGRQO\LQDVVRFLDWLRQZLWKRWKHUV
7KHZRUNLVQRWILQLVKHG\HWDQGZHNHH SORRNLQJIRUXVHIXOIHDWXUHVWRGLVWLQJXLVKVSHFLHVWKHUHIRUHZH
YH
EHHQZRUNLQJRQDQDWRPLFDOVWXGLHV$OVR,
YHEHHQYLVLWLQJKHUEDULDZKHUHW\SHVRIWKHVHVSHFLHVDUHDQG,
KRSHWKDWKHOSVPHVROYHVRPHSUREOHPVRI *XDWWHULDWD[RQRP\
7KHJHQXV*XDWWHULD $QQRQDFHDHLQWKH*XLDQDV
8ZH6FKDUI
/HLS]LJ8QLYHUVLW\*HUPDQ\DQG1DWLRQDO+HUEDULXPRIWKH1HWKHUODQGV8WUHFKW8QLYHUVLW\
EUDQFK
$V SDUW RI ERWK WKH $QQRQDFHDH DQG WKH )ORUD RI WKH *XLDQDV SURMHFWV D UHJLRQDO UHYLVLRQ RI WKH JHQXV
*XDWWHULD IRU WKH *XLDQDV )UHQFK *XLDQD *X\DQD 6XULQDPH LV LQ SURJUHVV 7KLV 3K' ZDV VWDUWHG LQ
8WUHFKWXQGHUWKHVXSHUYLVLRQRI3URI30DDV8WUHFKWDQG3URI:0RUDZHW]/HLS]LJWZR\HDUVDJR
7KHRYHUZKHOPLQJPDMRULW\RIWKHFROOHFWLRQVDVZHOODVWKH PRVWDFWLYHZRUNJURXSLQWKHVXEMHFWDUHORFDWHG
LQ8WUHFKW:RUNZLWKKHUEDULXPVKHHWV\LHOGHGWKHILUVWDQGPRVWUHVXOWV0RUHWKDQRIWKHFROOHFWLRQV
EHORQJ WR OHVV WKDQ RI WKH VSHFLHV LQFOXGLQJ VSHFLHV FRPSOH[HV 1HZ VSHFLHV IRU WKH *XLDQDV DUH
DOPRVWDOZD\VIURPUHPRWHDUHDVDQGSRRUO\FROOHFWHG
$ ILHOG VWXG\ RI VHYHQ ZHHNV ZDV FDUULHG RXW LQ 6HSWHPEHU2FWREHU LQ DOO WKUHH *XLDQDV DV D
FROODERUDWLRQ EHWZHHQ WKH KHUEDULD LQ /HLS]LJ /= DQG 8WUHFKW 8 DQG WKH QDWLRQDO KHUEDULD LQ &D\H QQH
&$< *HRUJHWRZQ %5* DQG 3DUDPDULER %%6 7ULSOLFDWH FROOHFWLRQV ZHUH PDGH IRU WKH QDWLRQDO
KHUEDULDDQG8DQG/=2IDSSUR[LPDWHO\FROOHFWLRQVEHORQJWRWKH$QQRQDFHDHIDPLO\WRVHYHQ
VSHFLHV RI WKH JHQXV *XDWWHULD $OO WKHVH FROOHFWLR QV ZHUH FROOHFWHG ERWK DV KHUEDULXP PDWHULDO DQG DV
VDPSOHV RQ VLOLFD JHO IRU PROHFXODU UHVHDUFK 7KH WULS FRQWULEXWHG HQRUPRXVO\ WR WKH XQGHUVWDQGLQJ RI
$QQRQDFHDHHVSHFLDOO\RI*XDWWHULDWKHLUHQYLURQPHQWDQGIORZHUELRORJ\
$Q RYHUYLHZ RI WKH SURMHFW DQG SUHOLPLQDU\ UHVXOWV FDQ QRZ EH SUHVHQWHG 7R GDWH RI WKH PRUH WKDQ QDPHVLQWKHFROOHFWLRQVIURPWKH*XLDQDVKDYHEHHQFRQILUPHGVL[QHZVSHFLHVKDYHEHHQGHVFULEHG
RQHQDPHKDVEHHQUHLQVWDWHGWRDQGRQHQDPHUHPRYHGIURPWKHOLVWRIWKHUH JLRQDQGDWOHDVWQDPHV
KDYH EHHQ GHFODUHG DV V\QRQ\PV )RXU GLIILFXOW VSHFLHV FRPSOH[HV KDYH EHHQ UHFRJQLVHG * DWUD *
EUDFK\SRGD*SXQFWDWD*VFKRPEXUJNLDQD7KHLUUHVROXWLRQWUHDWPHQWKDVEHHQSRVWSRQHG
$WWKHHQGRIDILUVWPDQXVFU LSWRIWKHVSHFLHVGHVFULSWLRQVZLOOEHVXEPLWWHGLQ8WUHFKW,Q)HEUXDU\
WKHQH[WZRUNVKRSRIWKH)R*SURMHFWLQ&D\HQQHZLOOEHDWWHQGHGDQGILHOGWULSVLQ)UHQFK*XLDQD
ZLOOEHXQGHUWDNHQ7KHWKHVLVZLOOEHVXEPLWWHGLQ/HLS]LJLQODWHDXWXPQ DQGGHIHQGHGDWWKHHQGRI
WKH\HDU
,GHQWLI\LQJFODGHVLQ$VLDQVRXUVRSV PROHFXODUSK\ORJHQ\RI 0LOLXVDDQG
3RO\DOWKLD $QQRQDFHDH
-RKDQ%0ROV3DXO-$.HVVOHU%DUEDUD*UDYHQGHHO
1DWLRQDO+HUEDULXPRIWKH1HWKHUODQGV/HLGHQ8QLYHUVLW\EUDQFK
7KH$QQRQDFHDHDUHDSDQWURSLFDOIDPLO\RIWUHHVVKUXEVDQGOLDQDVFRQVLVWLQJRIFDJHQHUDDQG
VSHFLHV $OWKRXJK WKH IDPLO\ LV FOHDUO\ GHILQHG JHQHULF DQG WULEDO GHOLPLWDWLRQ RI HVSHFLDOO\ WKH $VLDQ
$QQRQDFHDHLVFRQWURYHUVLDOGXHWRPDQ\R YHUODSSLQJPRUSKRORJLFDOFKDUDFWHUV7KHPDLQJRDORIWKLVVWXG\
ZDVWRUHFRQVWUXFWDPROHFXODUSK\ORJHQ\RIWKHJHQXV 0LOLXVDZKLFKLVWUDGLWLRQDOO\DVVLJQHGWRWKHWULEH
0LOLXVHDHWRJHWKHUZLWKILYHRWKHUJHQHUDDQGRIWKHJHQXV 3RO\DOWKLDZKLFKLVJHQHUDOO\UHJDUGHGWREHD
SRO\SK\OHWLFJHQXV
3DUVLPRQ\ DQDO\VLV RI FS'1$ UEF/ WUQ/ LQWURQ DQG WUQ/WUQ) LQWHUJHQLF VSDFHU VHTXHQFH GDWD FROOHFWHG
IURP PRUH WKDQ WD[D RFFXUULQJ LQ $VLD $IULFD DQG $PHULFD ZDV SHUIRUPHG 0LOLXVD SURYHG WR EH
PRQRSK\OHWLF MXVW DV WKUHH RWKHU JHQHUD LQ WKH 0LOLXVHDH $OSKRQVHD 2URSKHD DQG 3ODW\PLWUD 6HSDUDWH
FODGHVLQ 0LOLXVD ZLOOEHFRUUHODWHGZLWKPRUSKRORJLFDODQGJHRJUDSKLFDOSDWWHUQV 3RO\DOWKLDSURYHGWREH
KLJKO\ SRO\SK\OHWLF ZLWK VSHFLHV HQGLQJ XS LQ GLIIHUH QW FODGHV 2SWLRQV IRU D SK\ORJHQHWLFDOO\ EDVHG
VXEGLYLVLRQRI3RO\DOWKLD LQWRVHYHUDOVPDOOHUJHQHUDZLOOEHGLVFXVVHG
)LJXUH6HFWLRQ0LOLXVD0WKRUHOLL&KDOHUPJOLQ
)LJXUH6HFWLRQ6DFFRSHWDOXP0KRUVILHOGLL
&KDOHUPJOLQ
)LJXUH7KLUG0LOLXVDFODGH0DPSOH[LFDXOLV
&KDOHUPJOLQ
$QQRQDFHDH3K\ORJHQ\UHFRQVWUXFWLRQLQ1HRWURSLFDOWD[DRIWKH
VKRUWEUDQFK
FODGH
0LFKDHO'3LULH-RKDQ%0ROVð/DUV:&KDWURX 1DWLRQDO+HUEDULXPRIWKH1HWKHUODQGV8WUHFKW8QLYHUVLW\EUDQFK
ð1DWLRQDO+HUEDULXPRIWKH1HWKHUODQGV/HLGHQ8QLYHUVLW\EUDQFK
3URMHFWV DW WKH 1DWLRQDO +HUEDULXP RI WKH 1HWKHUODQGV DUH FRQWULEXWLQJ WR WKH EXLOGLQJ RI D PROHFXODU
SK\ORJHQ\RIWKHIDPLO\$QQRQDFHDH5HVXOWVVRIDUGLYLGHWKHIDPL O\LQWRDQXPEHURIEDVDOOLQHDJHVSOXV
WZR PDMRU GHULYHG FODGHV ZLWK FRQWUDVWLQJ DSSDUHQW UDWHV RI PROHFXODU HYROXWLRQ 7KH FRQVHTXHQFHV IRU
UHFRQVWUXFWLQJSK\ORJHQ\LQWD[DRIWKH
VKRUWEUDQFK
FODGHLVDIDUJUHDWHUGHPDQGIRUFKDUDFWHUVDPSOLQJ
6XSSRUWLQJPRQRSK\O\RIJHQHUDDQGWKHLUFORVHVWVLVWHUJURXSVIRUXVHLQVSHFLHVOHYHOSK\ORJHQ\UHPDLQV
FKDOOHQJLQJ 7KLV LV WKH SDUWLFXODU DLP RI P\ 3K' SURMHFW ZLWK UHVSHFW WR WKH 1HRWURSLFDO JHQHUD
&UHPDVWRVSHUPD0DOPHD0RVDQQRQD DQG.ODUREHOLD:LWK WKHPDUNHUVUEF/DQGWUQ/)WKHVHJHQHUDIDOO
ZLWKLQ WKUHH VHSDUDWH FODGHV WKH UHODWLRQVKLSV EHWZHHQ ZKLFK DUH XQUHVROYHG LQ D EDVDO SRO\WRP\ DOVR
LQFOXGLQJDFRQWUDVWLQJO\ZHOOVXSSRUWHGODUJHFODGHRIDOPRVWH[FOXVLYHO\$VLDQGLVWULEXWLRQ5HODWLRQVKLS V
DWWKLVOHYHO FRXOG WKXV EHNH\ WR WKH XQGHUVWDQGLQJ RI ELRJHRJUDSKLFDO UHODWLRQVKLSV ZLWKLQ WKHFODGH DVD
ZKROH
3UHOLPLQDU\UHVXOWVRIDQDO\VHVXVLQJDUDQJHRIFKORURSODVWPDUNHUVDWVSHFLHVOHYHOLQ &UHPDVWRVSHUPD DQG
DWJHQHULFOHYHOZLOOEHSUHV HQWHGDQGELRJHRJUDSKLFLPSOLFDWLRQVGLVFXVVHG
/HDIDQDWRP\ZLWKLQWKH$QQRQDFHDHRIWKHROGZRUOG$SUHOLPLQDU\VXUYH\
(-YDQ0DUOH
1DWLRQDO+HUEDULXPRIWKH1HWKHUODQGV8WUHFKW8QLYHUVLW\EUDQFK
/HDIDQDWRP\RIWKH$QQRQDFHDHRIWKH1HRWURSLFVK DVEHHQVWXGLHGE\$.YDQ6HWWHQLQ7RFRQWLQXH
WKLVVWXG\,VWDUWHGZLWKDVXUYH\RIWKHJHQHUDIURPWKHUHVWRIWKHZRUOG7KHDLPRIWKLVUHVHDUFKLVWRVHHLI
LWLVSRVVLEOHWRILQGFKDUDFWHUVZKLFKDUHVSHFLILFWRUHFRJQL]HJHQHUDRUJURXSVRI JHQHUD
)URPWKHFROOHFWHGJHQHUDKDYHEHHQORRNHGDWUHSUHVHQWLQJVSHFLHV2YHUFROOHFWLRQVDUH
ZDLWLQJIRUIXUWKHUWUHDWPHQW
3UHOLPLQDU\FRQFOXVLRQV
$OOWKHFKDUDFWHUVIRXQGDUHLQDJUHHPHQWZLWKWKRVHIRXQGLQWKH1HRWURSLFDOJHQHUD
8QWLOQRZLWLVKDUGO\SRVVLEOHWRFRPHWRJURXSLQJVRIJHQHUDZLWKWKHSUHVHQWDYDLODEOHLQIRUPDWLRQ
7D[RQRPLFDOJURXSLQJVNQRZQIURPWKHOLWHUDWXUHDUHQRWVXSSRUWHGE\P\GDWD:LWKRQHH[FHSWLRQ2QH
JURXSRIJHQHUDUHFRJQL]HGE\6HWWHQYDQDQG.RHN 1RRUPDQLVGLVWLQJXLVKHGE\WKHSUHVHQFHRI
YHU\ODUJHFU\VWDOVLQWKHDGD[LDOHSLGHUPLV,Q 'LVHSDOXPDJHQXVDOVRDFFRPPRGDWHGLQWKLVJURXSE\
.RHNHWDOWKHVHODUJHFU\VWDOVDUHODFNLQJ+RZHYHUWKHJURXSPRVWUHSUHVHQWDWLYHVRIZKLF KDUH
FOLPEHUVGRHVQ¶WVKRZYHU\FOHDUO\LQWKHLUFOXVWHUDQDO\VLV
7KHODUJHFU\VWDOVZKLFKDUHVXFKDVWULNLQJIHDWXUHDUHDSDUWIURPWKLVJURXSRQO\IRXQGLQWKHJHQXV
([HOOLD
5RXQGRVWHRVFOHUHLGVDUHRQO\IRXQGLQRQHJHQXVWKDWRI ;\ORSLD$OD\HURIIODWWHQHGSDUHQFK\PDFHOOVWKDW
H[WHQGVDWERWKVLGHVRIWKHPLGYHLQLQWRWKHODPLQDLQ 0RQRGRUD,UUHJXODUVKDSHGYDVFXODUV\VWHPVLQ
%RXWLTXHD'DV\PDVFKDORQ DQG0LWUHOOD
5HIHUHQFHV
.RHN1RRUPDQ-$.YDQ6HWWHQ&0YDQ=XLOHQ 6WXGLHVLQ$QQRQDFHDH;;9,)ORZHUDQG
IUXLWPRUSKRORJ\LQ$QQRQDFHDH7KHLUFRQWULEXWLRQWRSDWWHUQVLQFOXVWHUDQDO\VLV%RW-DKUE6\VW
6HWWHQ$.YDQ%ODGDQDWRP\YDQGH$QQRQDFHDHPQGHQHRWURSLVFKHJHQHUD6WXGHQWUHSRUW
6HWWHQ$.YDQDQG-.RHN 1RRUPDQ6WXGLHVLQ$QQRQDFHDH9,$OHDIDQDWRPLFDOVXUYH\RIJHQHUD
RI$QQRQDFHDHLQWKH1HRWURSLFV%RW-DKUE6\VW 6HWWHQ$.YDQDQG-.RHN 1RRUPDQ)UXLWVDQGVHHGVRI$QQRQDFHDH0RUSKRORJ\DQGL WV
VLJQLILFDQFHIRUFODVVLILFDWLRQDQGLGHQWLILFDWLRQ6WXGLHVLQ$QQRQDFHDH;9,, %LEOLRWK%RW
SO
=XLOHQ&0YDQ 3DWWHUQVDQGDIILQLWLHVLQWKH'XJXHWLDDOOLDQFH$QQRQDFHDH0ROHFXODUDQG
PRUSKRORJLFDOVWXGLHV7KHVLV
+DQG/HQV$VSHFWVRI$QQRQDFHRXV:RRG
/XEEHUW<7K:HVWUD -LINH.RHN1RRUPDQ
1DWLRQDO+HUEDULXPRIWKH1HWKHUODQGV8WUHFKW 8QLYHUVLW\ EUDQFK
$VWKLVFRQWULEXWLRQJUHDWO\GHSHQGHGRQWKHVOLGHSUHVHQWDWLRQLWZDVGHFLGHGWRLQFRUSRUDWHWKHFRPSOHWH
WH[WDQGLOOXVWUDWLRQV
,QWURGXFWLRQ
$QQRQDFHDHKDYHDFKDUDFWHULVWLFZRRGVWUXFWXUH7ZRLPSRUWDQWIHDWXUHVVKRXOGEHPHQWLRQHGKHUHILUVW
WKHODUJHUD\VDQGVHFRQGO\WDQJHQWLDODSRWUDFKHDOSDUHQFK\PDEDQGV%RWKFRQWULEXWHWRWKHFREZHE OLNH
DSSHDUDQFHRIDQQRQDFHRXVZRRGLQFURVV VHFWLRQHQGJUDLQHYHQWRWKHQDNHGH\H$Q\WKLQJOLNHLWLVQRW
RUKDUGO\NQRZQLQRWKHUIDPLOLHVOHDYLQJWKH$QQRQDFHDHXQLTXHLQWKLVUHVSHFW
$VIRUWKHLQIUDIDPLOLDOOHYHODQQRQDFHRXVZRRGUHSRUWHGO\LVTXLWHKRP RJHQHRXVLHYDULDWLRQVXFKDV
FDQEHREVHUYHGVHHPVWRJLYHOLWWOHVXSSRUWWR RQO\ZHDNO\FRUUHODWHGWRFODVVLILFDWLRQVRQHJWULEDORU
JHQHULF OHYHO 0LFURVFRSLFDO LQYHVWLJDWLRQV LQ VHYHUDO 1HRWURSLFDO JHQHUD E\ 7HU :HOOH GXULQJ WKH SDVW
WZHQW\ \HDUV LQGLFDWH WKDW RFFDVLRQDOO\ D JHQXV RU SHUKDSV D JURXS RI JHQHUD LQ WKH VHQVH RI 5( )ULHV
PD\VWDQGRXWE\DXQLTXHIHDWXUHRUFRPELQDWLRQRIFKDUDFWHUVWDWHVEXWLQRWKHUFDVHVLWLVDWEHVW
RQHRUPRUHLQGLYLGXDOVSHFLHVWKDWFRXOGEH GLVWLQJXLVKHGE\WKHZRRG7HU:HOOHDE
7HU:HOOH9DQ5RRGHQ
1HYHUWKHOHVVJLYHQWKHYDULDWLRQWKDWLVGHILQLWHO\WKHUHQRWDEO\LQFURVV VHFWLRQDOYLHZWKHZRRGPLJKWVWLOO
EHRIKHOSLQLGHQWLILFDWLRQDOVRIRUWKH WD[RQRPLVWZRUNLQJRQWKHJURVVPRUSKRORJLFDOOHYHOEXWHTXLSSHG
ZLWK D JRRG KDQG OHQV 6RPH SLFWXUHV PD\ VHUYH DV H[DPSOHV KHUH 7KHVH HQG JUDLQ SKRWRJUDSKV DUH
FRPSDUDEOH WR DPRQJ RWKHUV WKRVH SXEOLVKHG E\ /LQGHPDQ 0HQQHJD VRPH WLPH DJR /LQGHPDQ 0HQQHJDRUPRUHUHFHQWO\E\,OLF
0DWHULDODQGPHWKRG
6PDOOZRRGEORFNVWKDWSUHYLRXVO\KDGEHHQFXWVRVL]HLQRUGHUWRIDFLOLWDWHPLFURWRPHVHFWLRQLQJZHUHXVHG
IRUSKRWRJUDSK\7KHIODWVXUIDFHOHIWDIWHUWKHFXWWLQJRIPLFURWRPHVOLFHV ZDVSKRWRJUDSKHGXVLQJD=HLVV
/XPLQDU PP I PDFUR REMHFWLYHVWRSSHG GRZQ VWRSRQ.RGDFKURPH ILOP $OO SKRWRJUDSKV
ZHUHWDNHQDWDUHSURUDWLRRIRQWKHPPIUDPH7KXVWKHLP DJHVUHSUHVHQWDUHFWDQJOHRI [PP
,FRQLFV
7KH$QQRQD5ROOLQLDFRPSOH[
([DPSOHV$QQRQD FIGHQVLFRPD )LJ$PRQWDQD )LJ$VHULFHD )LJ5ROOLQLDHGXOLV )LJ
5 H[VXFFD )LJ 5 PXFRVD )LJ ,Q $ FI GHQVLFRPD DQG $ PRQWDQD UD\V YDU\ IURP QDUURZ WR
SDUWLFXODUO\ LQ $ PRQWDQD EURDG ZKLOH $ VHULFHD VKRZV RQO\ QDUURZ UD\V 9HVVHOV LQ $ PRQWDQD DUH
UDWKHUODUJHDQGPRVWO\VROLWDU\DQGVLPLODUEXWHYHQODUJHULQ $VHULFHD$ FIGHQVLFRPD KDVGLVWLQFWO\
VPDOOHUYHVVHOVDQGPRVWO\LQUDGLDODUUDQJHPHQW7KHEDQGLQJSDWWH UQLVUHODWLYHO\ILQHLQ $ FIGHQVLFRPD
EXW FRDUVH LQ $ PRQWDQD DQG $ VHULFHD ,Q $ PRQWDQD PRUHRYHU WKH SDUHQFK\PD EDQGV DUH QRW YHU\
GLVWLQFWIURPWKHILEUHVKHQFHQRWHDV\WRVSRW7KHWKUHH 5ROOLQLD VSHFLHVOLNHWKHWZRSUHFHGLQJ$QQQRQDV
KDYHUDWKHUODUJHDQGPRVWO\VROLWDU\YHVVHOVODUJHVWLQ 5H[VXFFD7KHUD\VDUHQDUURZLQ 5H[VXFFDDQG
PRUHYDULDEOHLQ 5HGXOLV DQG 5PXFRVD7KHEDQGLQJLVUDWKHUFRDUVHWRYHU\FRDUVHLQDOOWKUHHVSHFLHV
ZLWKVHDVRQDOYDULDWLRQVLQ 5HGXOLV DQGTXLWHLQGLVWLQFWLQ5H[VXFFD
$QD[DJRUHD
([DPSOHV $QD[DJRUHDDFXPLQDWD )LJ $GROLFKRFDUSD )LJ7KHUD\VYDU\IURPQDUURZWREURDG
YHU\EURDGLQ $GROLFKRFDUSDDQGWHQGWREHUHODWLYHO\ZLGHDSDUW%RWKVSHFLHVVKRZTXLWHVPDOOY HVVHOV
RIWHQLQUDGLDODUUDQJHPHQWDQGWHQGWRZDUGDILQHEDQGLQJSDWWHUQ
7KH WDQJHQWLDO VHFWLRQ RI $ GROLFKRFDUSD )LJ VKRZV WKH FKDUDULVWLF UHWLFXODWH SDWWHUQ GXH WKH
EURDGUD\VWKLVDOVRDFFRXQWVIRUWKHUHWLFXODWHPDFURVFRSLFDVSHFWRIWKHEDUN ERWKKHUHDQGLQPDQ\RWKHU
PHPEHUV RI WKH $QQRQDFHDH ,Q UDGLDO YLHZ WKH SDUHQFK\PD EDQGV VWDQG RXW DV ILQH ORQJLWXGLQDO VWUHDNV
)LJ
*XDWWHULD
([DPSOHV *XDWWHULDFKU\VRSHWDOD )LJ*VFKRPEXUJNLDQD )LJ*WULFKRVWHPRQ )LJ5D\V
WHQGWREHPRVWO\UDWKHUEURDGDQGUDWKHUFORVHWRJHWKHU9HVVHOVDUHJHQHUDOO\ODUJHDQGPRVWO\HVSHFLDOO\
WKHODUJHVWRQHVVROLWDU\7KHEDQGLQJLVRIWHQUDWKHUFRDUVH
&UHPDVWRVSHUPDDOOLDQFH
([DPSOHV&UHPDVWRVSHUPDFDXOLIORUXP )LJ &PLFURFDUSXP )LJ(SKHGUDQWKXVJXLDQHQVLV )LJ
.ODUREHOLDPHJDORFDUSD )LJ 0DOPHDGLHOVLDQD )LJ 0RERYDWD )LJ 0RVDQQRQD DII
GLVFRORU )LJ0SDFLILFD )LJ0UDLPRQGLL )LJ3VHXGRPDOPHDGLFOLQD )LJ2[DQGUD
DVEHFNLL )LJ2ULHGHOLDQD )LJ3VHXGR[DQGUDSRO\SKOHED )LJ%RFDJHRSVLVPXOWLIORUD )LJ
8QRQRSVLVJODXFRSHWDOD )LJ8JXDWWHULRLGHV )LJ8SHUURWWHWLL )LJ8UXIHVFHQV )LJ
7KHUD\VPRVWO\WH QGWREHQDUURZZLWKRFFDVLRQDOO\VRPHEURDGHURQHVLQEHWZHHQEURDGUD\VRFFXULQ
&UHPDVWRVSHUPDHVSHFLDOO\&FDXOLIORUXPLQ%RFDJHRSVLVDQGLQWKUHHRIWKH8QRQRSVLV VSHFLHVQRWLQ8
SHUURWWHWLL9HVVHOVVROLWDU\RULQUDGLDODUUDQJHPHQWDSSHDU WREHVPDOOLQPRVWFDVHVVRPHZKDWODUJHULQ
&UHPDVWRVSHUPD FDXOLIORUXP (SKHGUDQWKXV JXLDQHQVLV 3VHXGRPDOPHD GLFOLQD 2[DQGUD ULHGHOLDQD
3VHXGR[DQGUDSRO\SKOHEDKRZHYHUWKHELJORRNLVFDXVHGLQSDUWE\WKHVSDFLQJRIWKHUD\VQRWDEO\LQ
(SKHGUDQWKXV JXLDQHQVLV ZKHUH WKH UD\V DUH VR FORVH DV WR RIWHQ WRXFK WKH YHVVHOV RQ ERWK VLGHV 5HDOO\
ODUJHORRNLQJ YHVVHOV DSSHDU LQ %RFDJHRSVLV DQG LQ 8QRQRSVLV JODXFRSHWDOD 8 JXDWWHULRLGHV DQG 8
UXIHVFHQV 8 SHUURWWHWLL VWDQGV VRPHZKDW DSDUW E\ WKH VPDOO HU YHVVHOV DQG DV LQGLFDWHG EHIRUH E\ WKH
QDUURZHUUD\V$UDWKHUILQHEDQGLQJSUHYDLOVLQPRVWRIWKHJHQHUDLQGLVWLQFWLQ 3VHXGRPDOPHDGLFOLQD
,Q%RFDJHRSVLV DQG8QRQRSVLV WKHEDQGLQJLVUDWKHUFRDUVH
;\ORSLD
([DPSOHV ;\ORSLDDURPDWLFD )LJ ;EHQWKDPLL )LJ ;IUXWHVFHQV )LJ ;FXVSLGDWD )LJ
;SHUXYLDQD )LJ5D\VDUHQDUURZDQGTXLWHFORVHLQ ;DURPDWLFD;EHQWKDPLL DQG;IUXWHVFHQV
LQ;SHUXYLDQD WKHUHWHQGWRHPHUJHVRPHZKDWEURDGHUDQGPRUHGLVWDQWU D\VEHWZHHQWKHQDUURZRQHV,Q
; FXVSLGDWD WKH UD\V DUH PDUNHGO\ EURDGHU DQG PRUH GLVWDQW 9HVVHOV DUH ODUJH LQ ; DURPDWLFD DQG ;
IUXWHVFHQVVROLWDU\RULQUDGLDODUUDQJHPHQWDQGRIWHQWRXFKLQJUD\VRQERWKVLGHVLQ ;EHQWKDPLL WKH\DUH
VRPHZKDWVPDOOHUEXWVWLOOWHQGLQJWRWRXFKUD\V ;FXVSLGDWD DQG;SHUXYLDQD KDYHVPDOOYHVVHOVVROLWDU\
RULQUDGLDODUUDQJHPHQW%DQGLQJLVUDWKHUFRDUVHLQ ;DURPDWLFD;EHQWKDPLL DQG;IUXWHVFHQVGLVWLQFWO\
ILQHULQ;SHUXYLDQD DQGSDUWLFXODUO\;FXVSLGDWD
1RWH WKH QDUURZ UD\V RI ;\ORSLD DURPDWLFD DOVR LQ WDQJHQWLDO VHFWLRQ )LJ 7KH UHWLFXODWH SDWWHUQ DV
SUHVHQWLQHJ $QD[DJRUHD )LJLVPXFKOHVVREYLRXVKHUHDQGDOVRLQWKHFRUUHVSRQGLQJEDUNRQWKH
RXWVLGH
'XJXHWLD
([DPSOHV'XJXHWLDFDGDYHULFD )LJ'FDO\FLQD )LJ'QHJOHFWD )LJ'RGRUDWD )LJ
' VWDXGWLL )LJ 5D\V DUH EURDG WR YHU\ EURDG LQ ' FDGDYHULFD IURP QDUURZ WR UDWKHU EURDG LQ '
FDO\FLQD'QHJOHFWD DQG'VWDXGWLL ZLWKDQRFFDVLRQDO YHU\EURDGUD\LQEHWZHHQLQ 'FDO\FLQDLQ '
RGRUDWD LQ FRQWUDVW WKH UD\V DUH UDWKHU QDUURZ DQG FORVH WRJHWKHU 9HVVHOV DUH YHU\ VPDOO DQG PRVWO\ LQ
UDGLDODUUDQJHPHQWLQ 'FDGDYHULFDLQ'FDO\FLQD'QHJOHFWD DQG'RGRUDWD WKH\DUHVPDOOWRPHGLXPLQ
VL]HPRVWO\LQUDGLDODUUDQJHPHQWWRR 'VWDXGWLL KDVUDWKHUODUJHYHVVHOVVROLWDU\RULQUDGLDODUUDQJHPHQW
7KHEDQGLQJLVYHU\ILQHLQ 'FDGDYHULFDDQGILQHWRUDWKHUFRDUVHLQWKHRWKHUVSHFLHV
/LDQDV
([DPSOHV $QQRQD KDHPDWDQWKD )LJ )ULHVRGLHOVLD VR\DX[LL )LJ 7RXVVDLQWLD KDOOHL )LJ $GDSWDWLRQ LV HIIHFWHG WKURXJK HQODUJHPHQW RI YHVVHO GLDPHWHU LQ $QQRQD KDHPDWDQWKD 1HZ :RUOG WKH
WUDQVLWLRQLVPRUHRUOHVVJUDGXDOLQWKHWZR$IULFDQH[DPSOHVPXFKPRUHDEUXSWSDU WLFXODUO\LQ7RXVVDLQWLD
KDOOHL )ULHVRGLHOVLDVR\DX[LLLQWXUQKDVYHU\ZLGHYHVVHOVQRWHWKDWWDQJHQWLDOSDUHQFK\PDEDQGVWHQGWR
EHFRPHLQGLVWLQFWGLVDSSHDUIURPYLHZLQOLDQDZRRG
'LVFXVVLRQ
7KH $QQRQD5ROOLQLD FRPSOH[ LV YDULDEOH DQG WKLV LV UHIOHFWHGLQ WKH YDULDWLRQ LQ WKH ZRRG ZKLFK ODUJHO\
VHHPVWRFRLQFLGHZLWKWKDWRIWKHIDPLO\DVDZKROH:RRGRI $QD[DJRUHDRQWKHRWKHUKDQGVHHPVPXFK
PRUHXQLIRUPFKDUDFWHUL]HGE\IUHTXHQWSUHVHQFHRIEURDGUD\VUDWKHUZLGHDSDUWDQGVPDOOYHVV HOVRIWHQLQ
UDGLDO DUUDQJHPHQW :RRG RI *XDWWHULD DQRWKHU H[DPSOH RI D UDWKHU XQLIRUP DSSHDUDQFH VKRZV WKH UD\V
UDWKHU FORVH WR HDFK RWKHU LQ FRPELQDWLRQ ZLWK YHVVHOV RI TXLWH ODUJH GLDPHWHU DQG RIWHQ VROLWDU\ ,Q WKH
&UHPDVWRVSHUPD DOOLDQFHWKHUHVHHPVWREHDWHQGHQF\WRZDUGUDWKHUQDUURZUD\VDQGQRW WRRODUJHYHVVHOV
8QRQRSVLV DQGWRDOHVVHUH[WHQW %RFDJHRSVLV DQGSHUKDSV (SKHGUDQWKXVVHHPH[FHSWLRQVKHUH:LWKLQ
8QRQRSVLV WKH VRPHZKDW DEHUUDQW ORRN RI 8 SHUURWWHWLL LV UHPDUNDEOH DV WKLV VSH FLHV DOVR
PDFURPRUSKROLFDOO\VWDQGVPRUHRUOHVVDSDUWIURPRWKHU 8QRQRSVLV VSHFLHV0DDVSHUVFRPP ;\ORSLD
VHHPVWRIDOODSDUWLQWRWZRJURXSVRQHZLWKODUJHYHVVHOVDQGUDWKHUFORVHO\VSDFHGUD\VDQGWKHRWKHUZLWK
VPDOOYHVVHOVDQGPRUHZLGHO\VS DFHGUD\V&JLYLQJDQLPSUHVVLRQRIILQHUJUDLQ7KHVSHFLHVVHHQLQWKH
ILUVW JURXS KDYH IORZHUV ZLWK ORQJ SHWDOV DQG DUH VKUXEV WR WUHHV ZKLOH WKRVH LQ WKH VHFRQG JURXS KDYH
FRPSDUDWLYHO\EURDGSHWDOVDQGDUHVPDOOVKUXEV 'XJXHWLDZKLOHHDVLO\UHFRJQL]HGE\DPRQJRWKHUVOHDI
FKDUDFWHULVWLFVVHHPVYHU\YDULDEOHLQWKHZRRG(YHQVRDVIRUWKHZRRGWKH$IULFDQVSHFLHV 'VWDXGWLL
ORRNVTXLWHGLIIHUHQWIURPWKH1HRWURSLFDOUHSUHVHQWDWLYHVVHHQ,WPLJKWEHLQWHUHVWLQJKHUHWRYLHZWKHZRRG
RIWKH WKUHHRWKHU$IULFDQVSHFLHVDOOIRUPHUO\UHIHUUHGWR 3DFK\SRGDQWKLXPDVZHOO
$GDSWDWLRQWRFOLPELQJLQ$QQRQDFHDHVHHPVWRFRPHWKURXJKHQODUJHPHQWRIYHVVHOGLDPHWHU6RIDUQR
DEQRUPDOFDPELDODFWLYLW\RUEDUNLQWUXVLRQVHWFZHOONQRZQIURPOLDQ DVLQDQXPEHURIRWKHUIDPLOLHV
VHHPWRKDYHEHHQUHFRUGHG
&RQFOXVLRQ
:KLOHLWSUREDEO\JRHVWRRIDUWRH[SHFWZRRGIHDWXUHVXQLTXHO\UHVWULFWHGWRJHQHUDRUJURXSLQJVDWRWKHU
OHYHOV WKLV DSSOLHV WR DVSHFWV YLVLEOH E\ KDQG OHQV ZH DUH GHDOLQJ ZLWK KH UH EXW ZLOO HTXDOO\ EH WUXH
UHJDUGLQJ WKH PLFURVFRSH ZRRG RQ WKH RWKHU KDQG VKRXOG QRW EH GLVPLVVHG DV QRQ LQIRUPDWLYH HLWKHU
5DWKHU ZH FRXOG YDOXH ZRRG FKDUDFWHULVWLFV DV ZH GR ZLWK HJ OHDI FKDUDFWHULVWLFV :KHQHYHU SRVVLEOH
SODQWGHVFULSWLRQV VKRXOGDOVRLQFOXGHKDQGOHQVDVSHFWVRIWKHZRRG
$FNQRZOHGJPHQW
7KHDXWKRUVDUHYHU\WKDQNIXOWR'U$OEHUWD0:0HQQHJDIRUKHUDGYLFHLQIUXLWIXOGLVFXVVLRQVZHKDG
ZLWKKHUDQGIRUKHUZDUPVXSSRUW
5HIHUHQFHV
)ULHV5($QQRQDFHDH,Q0H OFKLRU+HG &'LH1DWUOLFKHQ3IODQ]HQIDPLOLHQEHJUQGHWYRQ
$(QJOHUXQG.3UDQWOHG%DQGD,, %HUOLQ'XQFNHU+XPEORW
,OLF-&6,52DWODVRIKDUGZRRGV %HUOLQ>HWF@6SULQJHU9HUODJ
/LQGHPDQ -& $0: 0HQQHJD %RPHQERHN YRRU 6XULQDPH 3DUDPDULER 'LHQVW V /DQGV
%RVEHKHHU
:HOOH%-+WHUD 9DULDWLRQDQGGLYHUVLW\LQWKH$QQRQDFHDH3URFHHGLQJVRI3DFLILFUHJLRQDOZRRG
DQDWRP\ FRQIHUHQFH ,EDUDNL -DSDQ :RRG 7HFKQRO 'LY )RUHVWU\ DQ G )RUHVW
3URGXFWV5HV,QVW
E:RRGDQDWRP\,Q0DDV3-0/<7K:HVWUD&6WXGLHVLQ$QQRQDFHDH,,$PRQRJUDSKRI
WKHJHQXV$QD[DJRUHD$6W+LO3DUW%RW-DKUE6\VW :RRG DQDWRP\ ,Q :HVWUD /<7K & 6WXGLHV LQ $QQRQDFHDH ,9 $ WD[RQRPLF UHYLVLRQ RI
7HWUDPHUDQWKXV5()ULHV3URF.RQ 1HGHUO$NDG:HWHQVFK &
:RRGDQDWRP\,Q0DDV3-0/<7K:HVWUD&ROODERUDWRUV 5ROOLQLD)O1HRWURS0RQRJU
:RRG DQDWRP\ ,Q :HVWUD /<7K 6WXGLHV LQ $QQRQDFHDH ;;,9 $ WD[RQRPLF UHYLVLRQ RI
5DLPRQGLD6DIIRUG%RW-DKUE6\VW :RRGDQDWRP\,Q+H3LQJ/:&KDWURX&6WXGLHVLQ$QQRQDFHDH;;;,,,$PRQRJUDSKRI
)XVDHD%DLOO6DII,Q+H3LQJ &1HRWURSLFDO$QQRQDFHDH6WXGLHVLQPRUSKRORJ\WD[RQRP\DQG
SK\ORJHQ\8WUHFKW8QLYHUVLW\7KHVLV
:HOOH %-+ WHU - YDQ 5RRGHQ 6\VWHPDWLF ZRRG DQDWRP\ RI 'HVPRSVLV 6DSUDQWKXV DQG
6WHQDQRQD$QQRQDFHDH,$:$%XOO )LJ$QQRQD FIGHQVLFRPD
8ZFURVVVHFWLRQ
)LJ$QQRQDPRQWDQD
8ZFURVVVHFWLRQ
)LJ$QQRQDVHULFHD
8ZFURVVVHFWLRQ
)LJ5ROOLQLDHGXOLV
8ZFURVVVHFW LRQ
)LJ5ROOLQLDH[VXFFD
8ZFURVVVHFWLRQ
)LJ5ROOLQLDPXFRVD
8ZFURVVVHFWLRQ
)LJ$QD[DJRUHDDFXPLQDWD
8ZFURVVVHFWLRQ
)LJ$QD[DJRUHD
)LJ$QD[DJRUHD
GROLFKRFDUSD 8ZFURVV GROLFKRFDUSD 8Z
VHFWLRQ
WDQJHQWLDOOJVHFWLRQ
)LJ$QD[DJRUHD
GROLFKRFDUSD 8Z
UDGLDOOJVHFWLRQ
)LJ*XDWWHULDFKU\VRSHWDOD
8ZFURVVVHFWLRQ
)LJ*XDWWHULD
VFKRPEXUJNLDQD 8Z
FURVVVHFWLRQ
)LJ*XDWWHULDWULFKRVWHPRQ
8ZIURPW\SH
FROOHFWLRQFURVVVHFWLRQ
)LJ&UHPDVWRVSHUPD
FDXOLIORUXP 8ZFURVV
VHFWLRQ
)LJ(SKHGUDQWKXV
JXLDQHQVLV 8ZFURVV
VHFWLRQ
)LJ.ODUREHOLD
)LJ0DOPHDGLHOVLDQD 8Z
PHJDORFDUSD 8ZFURVV
FURVVVHFWLRQ
VHFWLRQ
)LJ&UHPDVWRVSHUPD
PLFURFDUSXP 8ZFURVV
VHFWLRQ
)LJ0DOPHDRERYDWD
8ZFURVVVHFWLRQ
)LJ0RVDQQRQD DII
GLVFRORU 8ZFURVV
VHFWLRQ
)LJ0RVDQQRQDSDFLILFD
8ZFURVVVHFWLRQ
)LJ0RVDQQRQDUDLPRQGLL
8ZFURVVVHFWLRQ
)LJ3VHXGRPDOPHDGLFOLQD
8ZFURVVVHFWLRQ
)LJ2[DQGUDDVEHFNLL
8ZFURVVVHFWLRQ
)LJ2[DQGUDULHGHOLDQD
8ZFURVVVHFWLRQ
)LJ3VHXGR[DQGUD
SRO\SKOHED 8ZFURVV
VHFWLRQ
)LJ%RFDJHRSVLVPXOWLIORUD
8ZFURVVVHFWLRQ
)LJ8QRQRSVLVJODXFRSHWDOD
8ZFURVVVHFWL RQ
)LJ8QRQRSVLV
JXDWWHULRLGHV 8ZFURVV
VHFWLRQ
)LJ8QRQRSVLVSHUURWWHWLL
8ZFURVVVHFWLRQ
)LJ8QRQRSVLVUXIHVFHQV
8ZFURVVVHFWLRQ
)LJ;\ORSLDDURPDWLFD
8ZFURVVVHFWLRQ
)LJ;\ORSLDDURPDWLFD 8Z
WDQJHQWLDOOJVHFWLRQ
)LJ;\ORSLDEHQWKDPLL
8ZFURVVVHFWLRQ
)LJ;\ORSLDIUXWHVFHQV
8ZFURVVVHFWLRQ
)LJ;\ORSLDFXVSLGDWD
8ZFURVVVHFWLRQ
)LJ;\ORSLDSHUXYLDQD
8ZFURVVVHFWLRQ
)LJ'XJXHWLDFDGDYHULFD
8ZFURVVVHFWLRQ
)LJ'XJXHWLDFDO\FLQD
8ZFURVVVHFWLRQ
)LJ'XJXHWLDQHJOHFWD
8ZFURVVVHFWLRQ
)LJ'XJXHWLDRGRUDWD
8ZFURVVVHFWLRQ
)LJ'XJXHWLDVWDXGWLL
8ZFURVVVHFWLRQ
)LJ$QQRQDKDHPDWDQWKD
8ZFURVVVHFWLRQ
)LJ)ULHVRGLHOVLDVR\DX[LL
8ZFURVVVHFWLRQ
)LJ7RXVVDLQWLDKDOOHL
8ZFURVVVHFWLRQ
6SHFLHVOHYHOSK\ORJHQHWLFVLQ1HRWURSLFDO$QQRQDFHDH
/DUV:&KDWURX0LFKDHO'3LULH5R\+-(UNHQV7LPRYDQGHU1LHW-RKDQ%0ROVDQG
-DQ:0DDV
1DWLRQDDO+HUEDULXP1HGHUODQG8WUHFKW8QLYHUVLW\%UDQFK
1DWLRQDDO+HUEDULXP1HGHUODQG/HLGHQ8QLYHUVLW\%UDQFK
1HRWURSLFDOUHSUHVHQWDWLYHVRIWKH$QQRQDFHDHKDYHEHHQDPDMRUIRFXVRIV\VWHPDWLFUHVHDUFKDWWKH8WUHFKW
EUDQFK RI WKH 1DWLRQDO +HUEDULXP RI WKH 1HWKHUODQGV VLQFH WKH IRXQGLQJ RI WKH LQWHUQDWLRQDO $QQRQDFHDH
SURMHFW \HDUV DJR ([WHQVLYH UHYLVLRQDU\ ZRUN DQG WKHDFFXPXODWLRQ RI QXPHURXVQHZ FROOHFWLRQV KDV
EHHQ FRPSOHPHQWHG LQ UHFHQW \HDUV E\ WKH EXLOGLQJ RI D SK\ORJHQ\ RI WKH IDPLO\ DV D ZKROH 'HVSLWH WKH
GLIILFXOW\RIDGHTXDWHO\VDPSOLQJZLWKUHVSHFWWRVS HFLHVOHYHOSK\ORJHQ\UHFRQVWUXFWLRQVXIILFLHQWPDWHULDO
KDVEHHQFROOHFWHGWRUHVROYHVSHFLHV OHYHOSK\ORJHQLHVRIDQXPEHURI1HRWURSLFDOJHQHUD
6SHFLHVOHYHO SURMHFWV DUH LQ SURJUHVV RQ 'XJXHWLD *XDWWHULD DQG &UHPDVWRVSHUPD 3K\ORJHQLHV RI WKH
WKUHH JHQHUD DUH UHYLHZHG LQ WKH FRQWH[W RI WKH IDPLO\ SK\ORJHQ\ RI WKH $QQRQDFHDH )LJ VKRZV D
SK\ORJUDPRIVSHFLHVRI$QQRQDFHDHUHSUHVHQWLQJJHQHUD*HQHUDDUHUHSUHVHQWHGE\QRPRUHWKDQ
WKUHHVSHFLHV:LWKWKHH[FHSWLRQRIDIHZEDVDOOLQHDJHV WKHPDMRULW\RIWKHVSHFLHVGLYHUJHLQWRWZRPDMRU
VLVWHUFODGHVGLVWLQFWRQWKHEDVLVRISROOHQPRUSKRORJ\JHRJUDSKLFGLVWULEXWLRQDQGSDWWHUQVRIPROHFXODU
HYROXWLRQ7KHSRLQWRIGLYHUJHQFHEHWZHHQWKHWZRFODGHVLVLQGLFDWHGE\DQDVWHULVN2QHRI WKHVHFODGHVLV
FKDUDFWHULVHGE\LQDSHUWXUDWHSROOHQDQGKDVDQDSSDUHQWUDWHRIPROHFXODUGLYHUJHQFHURXJKO\WZLFHWKHUDWH
RI WKH RWKHU FODGH FKDUDFWHULVHG E\ PRQRVXOFDWH DQG GLVXOFXODWH SROOHQ VHH )LJ 5DWHV RI PROHFXODU
GLYHUJHQFHIRUERWKFODGHV ZHUHLQIHUUHGE\WDNLQJWKHPHDQRIEUDQFKOHQJWKVIURPWKHPRVWUHFHQWFRPPRQ
DQFHVWRUWRDOOWHUPLQDOV
'XJXHWLD WKHWKUHHUHSUHVHQWDWLYHVSHFLHVLQ)LJDUHLQGLFDWHGE\DQDUURZDQG³'´DQG *XDWWHULD DUURZ
DQG³*´DUHLQWKHORQJEUDQFKFODGH &UHPDVWRVSHUPD DUURZDQG³&´LVLQWKHVKRUW EUDQFKFODGH)RU
RXUVSHFLHVOHYHOSK\ORJHQLHVZHLQFUHDVHGERWKWD[RQDQGFKDUDFWHUVDPSOLQJUHODWLYHWRWKHVDPSOLQJIRU
WKHIDPLO\SK\ORJHQ\)RU &UHPDVWRVSHUPD RXWRIVSHFLHVDUHLQFOXGHGLQRXUDQD O\VLVRXWRI
VSHFLHV RI 'XJXHWLD DQG RXW RI FD VSHFLHV RI *XDWWHULD )RU HDFK RI WKH JHQHUD SK\ORJHQLHV DUH
SUHVHQWHGRQWKHEDVLVRIWKHIROORZLQJFS'1$PDUNHUV UEF/WUQ7/LQWHUJHQLFVSDFHUWUQ/LQWURQWUQ/)
LQWHUJHQLFVSDFHUSVE$WUQ+ LQWHUJHQLFVSDFHUDQGSDUWLDO PDW.
0HDQ EUDQFK OHQJWK IURP WKH DQFHVWUDO QRGH WR WKH WHUPLQDOV IRU WKH WKUHH JHQHUD VHSDUDWHO\ VKRZ WKDW
*XDWWHULD KDV WKH KLJKHVW OHYHOV RI GLYHUJHQFH DQG GLIIHUV VLJQLILFDQWO\ IURP WKH OHYHOV RI
GLYHUJHQFHSUHVHQWLQ 'XJXHWLD DQG&UHPDVWRVSHUPD 5DWHVRIGLYHUJHQFHEHWZHHQ
WKHODWWHUWZRJHQHUDGRQRWGLIIHUVLJQLILFDQWO\7KHKLJKHUOHYHOVRIGLYHUJHQFHRI *XDWWHULD FRUUHVSRQGWR
EHWWHU UHVROYHG WUHHV PD[LPXP SDUVLPRQ\ DQG PRUH QRGHV WKDW DUH ZHOO VXSSRUWHG E\ ERRWVWUDS
SHUFHQWDJHVIRUWKLVJHQXVFRPSDUHGWRWUHHVRI 'XJXHWLD DQG&UHPDVWRVSHUPD
UEF/ WUQ/)
FKDU
JHQHUD
VSHFLHV
PD[SDUV
7UHHOHQJWK $VLDQ
PRQRVXOFDWHGLVXOFXODWHSROOHQ
PHDQEUDQFKOHQJWKIURP
DQFHVWUDOQRGH

&
1HRWURSLFDO
$IULFDQ
'
*
1HRWURSLFDO
$IULFDQ
$VLDQ
,QDSHUWXUDWHSROOHQ
PHDQEUDQFKOHQJWK
IURPDQFHVWUDOQRGH

7KH6SDQLVK&KHULPR\D $QQRQDFKHULPROD0LOO*HUPSODVP%DQN
0$QJHOHV3pUH]GH2WH\]D
(VWDFLyQ([SHULPHQWDO/D0D\RUD$OJDUURER± &RVWD0iODJD
7KH6SDQLVK*HUPSODVP%DQNZDVVWDUWHGLQ ± DVDVPDOOFRPPHUFLDOFXOWLYDUFROOHFWLRQ)URP
LW KDV JURZQ VWHDGLO\ 0RVW RI WKH PDWHULDO KDV EHHQ FROOHFWHG LQ WKH PDLQ $QGHDQ FRXQWULHV 3HUX
(FXDGRUDQG%ROLYLDZKHUH$QQRQDIUXLWLVSURGXFHG%HVLGHVFROOHFWLRQVKDYHEHHQDFTXLUHGE\H[FKDQJH
IURPPRVWRIWKHUHPDLQLQJFKHULPR\DSURGXFLQJFRXQWULHV7RGD\HQWULHVRIFKHULPR\DRIDWHPR\D
$ FKHULPROD [ $ 6TXDPRVD DQG RI RWKHU $QQRQDFHDH DUH LQF OXGHG 7KH IROORZLQJ FKDUDFWHUV DUH
VWXGLHG
)UXLWFRPSRQHQWV
(SLGHUPLVW\SHDQGUHVLVWDQFHWRSHQHWUDWLRQ
%UL[DQGDFLGLW\RIWKHPHVRFDUS
6HHGLQGH[
6HHGFRDWUHVLVWDQFH
6HHGVL]HDQGFRORXU
/HDIFKDUDFWHULVWLFVO DPLQDDQGSHWLROH
6WRPDWDOGHQVLW\
7KLFNQHVVRIOHDIODPLQD
7ULFKRPHVHSLGHUPLVPHVRFDUSDQGVHHGV
6XVFHSWLELOLW\WR0HGLWHUUDQHDQIUXLWIO\
)ORZHUFRPSRQHQWVSHWDOVSHGXQFOHDQGVWLJPDWLFFRQH
)ORZHUGHQVLW\
)ORZHULQJVHDVRQ
0DQLSXODWLRQE\3UXQLQJRI*URZWKDQG&URSSLQJRI&KHULPR\D $QQRQDFKHULPROD
0LOO
-RVp0)DUUp
(VWDFLyQ([SHULPHQWDO/D0D\RUD$OJDUURER± &RVWD0iODJD
3UXQLQJPHWKRGVIRUFKHULPR\D)LQRGH-HWH
0RGHUQ SUXQLQJ PHWKRGV UHGXFH FKHULPR\D WUHH VL]H I URP WR PHWHUV KHLJKW )RXU SUXQLQJ WUHDWPHQWV
ZHUHFRPSDUHGLQD\HDUVH[SHULPHQW
x 7UDGLWLRQDOSUXQLQJDOORZLQJWUHHJURZWKZLWKWUHHVSODQWHGDW[PVTXDUH
x 7RWDOSUXQLQJHOLPLQDWLQJDOOSUHYLRXV\HDUVKRRWV
x 6HPLWRWDOSUXQLQJHTXDOWRWRWD OSUXQLQJEXWNHHSLQJDIHZZLGHO\VFDWWHUHGSUHYLRXV\HDUVKRRWV
x 0HDQSUXQLQJFXWWLQJWKHSUHYLRXV\HDUVKRRWVE\DSSUR[LPDWHO\
7KHODVWWKUHHWUHDWPHQWVNHHSWUHHVL]HFRQVWDQWDQGWKHUHIRUHWUHHVZHUHSODQWHGDW[ P<LHOGSHU
WUHH ZDV KLJKHVW ZLWK WUDGLWLRQDO SUXQLQJ EXW LWV \LHOG SHU KHFWDUH ZDV ORZHVW GXH WR WKH ORZHU QXPEHU RI
WUHHV
0HDQIUXLWVL]HZDVKLJKHVWZLWKWRWDOSUXQLQJ$PRGLILHGPHWKRGRIWRWDOSUXQLQJOHDYLQJVKRUWWKXPEV
DERXWFPORQJDSSHDUWRFRPELQHWUHH VL]HFRQWUROKLJKSURGXFWLYLW\DQGODUJHIUXLWVL]H7KHH[SHULPHQW
LVSURFHHGLQJDORQJWKLVOLQH
2XWRIVHDVRQSURGXFWLRQRIFKHULPR\D
7KHWRWDOSUXQLQJSUHYLRXVO\GHVFULEHGUHGXFHVQDWXUDOIUXLWVHWWRQHDU]HUR,QPLGVXPPHUDSSUR[LPDWHO\
RIWKH QHZVKRRWVDUHFXWE\KDOIDQGDFRXSOHRIOHDYHVWDNHQRII$ERXWDPRQWKODWHUDQHZEORRP
VWDUWVLQWKHQDNHGEXGV$IWHUKDQGSROOLQDWLRQDFURSLVSURGXFHGRXWRIVHDVRQLQ0DUFK $SULO1RWDO
FXOWLYDUVDUHZHOODGDSWHGWRWKLVWHFKQLTXH
0LFURSURSDJDWLRQRIFKHULPR\D $QQRQDFKHULPROD 0LOOFY)LQRGH-HWH
:HVWHQGRUS1(QFLQD&/3DGLOOD,0*&D]RUOD-0'RPLQJXH]0%'tD](DQG&DUR(
/DERUDWRU\RI3ODQW7LVVXH&XOWXUHDQG%LRWHFKQRORJ\
(VWDFLyQ([SHULPHQWDO/D0D\RUD&6,&$OJDUURER&RVWD0iODJD
&KHULPR\D $QQRQD FKHULPROD 0LOO LV D GLIILFXOWWRSURSDJDWH VSHFLHV XVLQJ WUDGLWLRQDO PHWKRGV IRU
YHJHWDWLYHSURSDJDWLRQEHFDXVHRIWKHORZURRWLQJFDSDFLW\RIDGXOWFKHULPR\DPDWHULDO7KLVSUREOHPKDV
EHHQVROYHG E\WKHGHYHORSPHQWRIFORQDOPLFURSURSDJDWLRQSURWRFROV(QFLQD HWDO3DGLOOD
DIWHU QRGDO H[SODQWV RI MXYHQLOH DQG DGXOW $QQRQD FKHULPROD FY µ)LQR GH -HWH¶ $IWHU VSURXWLQJ DQG
PXOWLSOLFDWLRQ RI D[LOODU\ VKRRWV RQ 06 EDVDO PHGLXP VXSSOHPHQWH G ZLWK GLIIHUHQW F\WRNLQLQV %$3 DQG
]HDWLQDURRWLQJHIILFLHQF\LQMXYHQLOHPDWHULDO(QFLQDZDVDFKLHYHGLQWKUHHVWHSV
SUHWUHDWPHQWRILQYLWUR VKRRWVIRUGD\VRQ06PHGLXPFRQWDLQLQJDFWLYDWHGFKDUFRDO
URRW LQGXFWLRQ RQ 06 PH GLXP VXSSOHPHQWHG ZLWK ,%$ 0 VXFURVH P0 DQG FLWULF DFLG
PJO IRUGD\VGD\VLQWKHGDUNIROORZHGE\WKUHHGD\VOLJKWDQG
HORQJDWLRQRIURRWVLQKDOIVWUHQJWK06PHGLXP7KHDFFOLPDWL]DWLRQUDWHWKHQUHFRUGHGKDVODWHU
EHHQLQFUHDVHGWR(QFLQD HWDOD8VLQJDVLPLODUPHWKRGDGXOWH[SODQWVRIFKHULPR\DKDYH
EHHQPLFURSURSDJDWHGDOWKRXJKWURRWLQJDQGDFFOLPDWL]DWLRQZHUHDERXWOHVVHIILFLHQW3DGLOODDQG
(QFLQDLQSUHVV
7KHPLFURSURSDJDWLRQSURWRFROLV EHLQJDGDSWHGWRRWKHUVHOHFWHGFKHULPR\DFXOWLYDUVDQGURRWVWRFNV$QHZ
V\VWHPIRUDVHSWLFHVWDEOLVKPHQWRIH[SODQWVLVXQGHUVWXG\LHWKHDSSOLFDWLRQRI DPRGLILHGPLFURJUDIWLQJ
SURWRFRO³PLQLJUDIWLQJ´LQFDVFDGHLQFUHDVHVWKHVSURXWLQJDQGVKRR WGHYHORSPHQWLQDOOFXOWLYDUVDVVD\HG
2WKHUFRPSOHPHQWDU\PHWKRGVVXFKDVLQRFXODWLRQRIPLFURSURSDJDWHGSODQWOHWVZLWKDUEXVFXODUP\FRUUKL]DO
IXQJL *ORPXV VSS LPSURYH YHJHWDWLYH JURZWK DQG GHYHORSPHQW RI SODQWOHWV LQ WKH JODVVKRXVH DQG
VXEVWDQWLDOO\ UHGXFHDFFOLPDWL]DWLRQWLPHDQGLQFUHDVHSODQWUHFRYHU\$]FRQ $JXLODU HWDODE
5HIHUHQFHV
$]FyQ$JXLODU&(QFLQD&/$]FRQ5DQG%DUHD-0D0\FRWURSK\RI $QQRQDFKHULPROD DQG
WKHPRUSKRORJ\RILWVP\FRUUKL]DH 0\FRUUKL]D $]FyQ$JXLODU&(QFLQD&/$]FRQ5DQG%DUHD-0E(IIHFWRIDUEXVFXODUP\FRUUKL]DRQWKH
JURZWK DQG GHYHORSPHQW RI PLFURSURSDJDWHG $QQRQD FKHULPROD SODQWV $JULFXOWXUDO 6FLHQFH LQ
)LQODQG $]FyQ$JXLODU&(QFLQD&/%DUFHOy0XxR]$+HUUHUR&DVWDxR$DQG3OLHJR$OIDUR) ,Q
YLWUR PRUSKRJHQHVLV RI MXYHQLOH $QQRQD FKHULPROD 0LOO EXG H[SODQWV -RXUQDO RI +RUWLFXOWXUDO
6FLHQFH (QFLQD &/ 5RRWLQJ PHWKRG IRU FKHULPR\D $QQRQD FKHULPROD 0LOO FY )LQR GH -HWH
VHPLKDUGZRRGFXWWLQJVPLFURSURSDJDWHGE\WLVVXHFXOWXUH3DWHQWQ6SDLQSS
(QFLQD &/ 3DGLOOD ,0* &D]RUOD -0 DQG &DUR ( D 7LVVXH FXOWXUH LQ FKHULPR\D $FWD
+RUWLFXOWXUDH 3DGLOOD ,0* 0LFURSURSDJDWLRQ RI FKHULPR\D $QQRQD FKHULPROD 0LOO FY )LQR GH -HWH
8QSXEOLVKHG3K'WKHVLV8QLYHUVLW\RI0iODJD0DODJDSS
3DGLOOD,*(QFLQD&/$]FyQ5DQG%DUHD-0$UEXVFXODUP\FRUUKL]DOLQRFXODWLRQ
HQKDQFHV SODQW JURZWK DQG FKDQJHV URRW V\VWHP PRUSKRORJ\ LQ PLFURSURSDJDWHG $QQRQD
FKHULPROD 0LOO$JURQRPLH
5HJHQHUDWLRQDQGJHQHWLFWUDQVIRUPDWLRQLQFKHULPR\D $QQRQDFKHULPROD 0LOO
(QFLQD&/3DGLOOD,0*&D]RUOD-0:HVWHQGRUS1'RPLQJXH]0%DQG&DUR(
5HJHQHUDWLRQ RI PXOWLSOH DGYHQWLWLRXV VKRRWV IURP K\SRFRW\O KDV EHHQ UHSRUWHG LQ PRVW RI WKH VSHFLHV RI
$QQRQD VWXGLHG $VTXDPRVD /HPRVDQG%ODNHD $PXULFDWD %HMR\DQG+DULKDUDQ/HPRV
DQG%ODNHE$FKHULPROD [$VTXDPRVD 5DVDLHWDODQG $FKHULPROD -RUGDQ(QFLQD
HWDOD
$GYHQWLWLRXVVKRRWGHYHORSPHQWIURPOHDIDQGLQWHUQRGDOH[SODQWVKDVEHHQREWDLQHGLQ $PXULFDWD /HPRV
DQG%DNHUDQGLQDWHPR\D5DVDLHWDO,QFKHULPR\DSURWRFROVIRUDGYHQWLWLRXVRUJDQRJHQHVLV
DUH VWLOO XQGHU GHYHORSPHQW DOWKRXJK UHJHQHUDWLRQ DW D O RZ UDWH KDV DOUHDG\ EHHQ REWDLQHG &D]RUOD DQG
(QFLQD XQSXEOLVKHG UHVXOWV IURP MXYHQLOH DQG DGXOWPDWHULDO µ)LQR GH-HWH¶ %XG FOXVWHUV IURP MXYHQLOH
H[SODQWV GHYHORS DQGURRWHDVLO\ EXW EXGVLQGXFHGIURP DGXOWH[SODQWVUHTXLUHDQ HORQJDWLRQWUHDWPHQW WR
GHYHORSVKRRWV
5HJHQHUDWLRQRIFKHULPR\DLVIRFXVVHGWRZDUGVWZRPDLQREMHFWLYHV WKHUHFRYHULQJRIWULSORLGJHQRW\SHV
VHHGOHVVQHVV DQG ± WKH GHYHORSLQJ RI HIILFLHQW SURWRFROV WR GHYHORS WUDQVIRUPDWLRQ SURFHGXUHV XVLQJ
$JUREDFWHULXPWXPHIDFLHQV
7UDQVIRUPDWLRQRIFKHULPR\DLVDOVRXQGHUGHYHORSPHQWDQGLVIRFXVVHGWRWKHLQWURGXFWLRQRIJHQHV$&&
V\QWKDVHLQDQWLVHQVHLQRUGHUWRFRQWUROIUXLWULSHQLQJZKLFKGXHWRWKHVKRUWVKHOI OLIHRIFKHULPR\DIUXLWVLV
WKHPDLQFRPPHUFLDOSUREOHPRIWK LVDQGRWKHUDQQRQDVOLPLWLQJWKHLUH[SDQVLRQWRUHPRWHPDUNHWV$&&
V\QWKDVH JHQHV RI FKHULPR\D DQG DWHPR\D KDYH DOUHDG\ EHHQ FORQHG DQG VHTXHQFHG DQG WKH JHQHV DUH
DYDLODEOHIRUWUDQVIRUPDWLRQSXUSRVHV(QFLQDHWDODE
)XWXUHSURJUHVVRQ LQYLWUR WHFQRORJLHVIRUUHVFXHVHOHFWLRQDQGFORQLQJRIHOLWHJHQRW\SHVGHYHORSPHQWRI
HIILFLHQW UHJHQHUDWLRQ PHWKRGV PRGLILFDWLRQ RQ SORLG\ RI WKHVH VSHFLHV FRPELQHG ZLWK UHVXOWV REWDLQHG
XVLQJ PROHFXODU JHQHWLF DSSURDFKHV ZLOO VXSSRUW DGYDQFHV ZLWK UHVSH FW WR JHQHWLF PDQLSXODWLRQ DQG
LPSURYHPHQW
5HIHUHQFHV
%HMR\ 0 +DULKDUDQ 0 ,Q YLWUR SODQWOHW GLIIHUHQWLDWLRQLQ $QQRQD PXULFDWD 3ODQW &HOO 7LVVXH
DQG2UJDQ&XOWXUH (QFLQD &/ 3DGLOOD ,0* &D]RUOD -0 DQG &DUR ( D 7LVVXH FXOWXUH LQ FKHULPR\D $FWD
+RUWLFXOWXUDH (QFLQD&/&DYDOODUR$6DQG%RWHOOD-5D5LSHQLQJUHODWHG$&&V\QWKDVHIURPFXVWDUGDSSOH
$QQRQDFKHULPROD [$QQRQDVTXDPRVD*HQ%DQN$)
(QFLQD&/'LD]-$DQG% RWHOOD-5E5LSHQLQJUHODWHG$&&V\QWKDVHIURPFKHULPR\D $QQRQD
FKHULPROD 0LOO*HQ%DQN$)KWWSZZZQFELQOPQLKJRY*HQ%DQN -RUGiQ 0 0XOWLSOH VKRRW IRUPDWLRQ DQG UKL]RJHQH VLV IURP FKHULPROD $QQRQD FKHULPROD /
K\SRFRW\OVDQGSHWLROHH[SODQWV *DUWHQEDXZLVVHQVFKDIW -RUGiQ 0 ,WXUULDJD / DQG *RUHX[ $ 3URPRWLRQ RI $QQRQD FKHULPROD LQ YLWUR VKRRW
PRUSKRJHQHVLVDVLQIOXHQFHGE\DQWR[LGDQWV *DUWHQEDXZLVVHQVFKDIW /HPRV((3DQG%ODNH-D0LFURSURSDJDWLRQRIMXYHQLOHDQGPDWXUH $QQRQDVTXDPRVD /3ODQW
&HOO7LVVXHDQG2UJDQ&XOWXUH /HPRV((3DQG%ODNH-E0LFURSURSDJDWLRQRIMXYHQLOHDQGPDWXUH $QQRQDPXULFDWD /-RXUQDO
RI+RUWLFXOWXUDO6FLHQFH /HPRV ((3 DQG %DNHU '$ 6KRRW UHJHQHUDWLRQ LQ UHVSRQVH WR FDUERQ VRXUFH RQ LQWHUQRGDO
H[SODQWVRI$QQRQDPXULFDWD /3ODQW*URZWK5HJXODWLRQ 1DLU 6 *XSWD 3. 6KLUJXUNDU 09 DQG 0DVFDUHQKDV $) D ,Q YLWUR RUJDQRJHQHVLV IURP OHDI
H[SODQWVRI$QQRQDVTXDPRVD /LQQ3ODQW&HOO7LVVXHDQG2UJDQ&XOWXUH 5DVDL6.DQWKDUDM$6DQG'RGG:$7KHHIIHFWRIJURZWKUHJXODWRUVVRXUFHRIH[SODQWVDQG
LUUDGLDQFHRQLQYLWUR UHJHQHUDWLRQRIDWHPR\D $XVWUDOLDQ-RXUQDORI%RWDQ\ 'HYHORSPHQWRIPROHFXODUPDUNHUVIRULGHQWLILFDWLRQDQGEUHHGLQJRIFKHULPR\D
$QQRQDFKHULPROD 0LOO
+RUPD]D-, 03(VFULEDQR0$9LUXHO
/DERUDWRU\RI3ODQW7LVVXH &XOWXUHDQG%LRWHFKQRORJ\
,QWURGXFWLRQ
7KHFKHULPR\D*HUPSODVP%DQNRIWKH((OD0D\RUDPDLQWDLQVRYHUDFFHVVLRQVREWDLQHGLQGLYHUVH
JHRJUDSKLFDODUHDVRIZKLFKDUH FKHULPR\DV$QRSWLPDOPDQDJHPHQWRIWKH%DQNUHTXLUHVDSUHFLVH
LGHQWLILFDWLRQRIWKHDFFHVVLRQVDVZHOODVDQHYDOXDWLRQRIWKHGLYHUVLW\PDLQWDLQHG7UDGLWLRQDOO\DVLQRWKHU
SODQWVSHFLHVFKHULPR\DFXOWLYDUVKDYHEHHQFODVVLILHGDFFRUGLQJWRSKHQRW\S LFWUDLWVWKDWPD\YDU\DPRQJ
WUHHVRIWKHVDPHFXOWLYDUGHSHQGLQJRQYDULRXVIDFWRUVVXFKDVORFDWLRQ\HDUHWF&RQVHTXHQWO\DPROHFXODU
FKDUDFWHUL]DWLRQRIWKHJHQRW\SHVEHFRPHVQHFHVVDU\IROORZLQJVLPLODUSURFHGXUHVWRWKRVHXVHGZLWKRWKHU
IUXLW WUHH VSHFLHV :QVFK DQG +RUPD]D 9HU\ IHZ ZRUNV KDYH EHHQ FDUULHG RXW LQ WKH ILHOG RI
LGHQWLILFDWLRQDQGVLPLODULW\VWXGLHVLQFKHULPR\DXVLQJPROHFXODUPDUNHUV6RPHKDYHLQFOXGHGWKHXVHRI
LVR]\PHV(OOVWUDQGDQG/HH3DVFXDOHWDO EXWWKRVHVWXGLHVDUHOLPLWHGE\WKHQXPEHURI
ORFL6RPHVWXGLHVKDYHXVHG'1$ EDVHGPDUNHUVERWK5$3'V5RQQLQJHWDODQG$)/3V5DKPDQ
HW DO EXW RQO\ LQFOXGLQJ D OLPLWHG QXPEHU RI JHQRW\SHV &XUUHQWO\ PLFURVDWHOOLWHV RU 665V DUH
FRQVLGHUHGDVWKHPROHFXODUPDUNHUVRIUHIHUHQFHIRUJHQRW\SHLGHQWLILFDWLRQLQSODQWVGXHWRWKHLUJHQHWLF
FRGRPLQDQFH DQG KLJK GHJUHH RI SRO\PRUSKLVP UHYHDOHG DQG WHFKQLFDO UHSURGXFLELOLW\ DQG HDV\
DXWRPDWLRQTXDOLWLHV0LFURVDWHOOLWHVKDYHEHHQIRXQG LQDOOWKHJHQRPHVDQDO\]HGDQGFRQVLVWRIWDQGHPO\
UHSHDWHGPRWLIVRIWREDVHVIODQNHGE\FRQVHUYHGVHTXHQFHVWKDWDOORZWKHLUDPSOLILFDWLRQWKURXJK3&5
7KH\ DUH SUHVHQW LQ ERWK FRGLQJ DQG QRQFRGLQJ UHJLRQV DQG DUH FKDUDFWHUL]HG E\ D KLJK GHJUHH RI OHQJWK
SRO\PRUSKLVP $OWKRXJK PLFURVDWHOOLWHV DUH D YHU\ LQWHUHVWLQJ WRROIRU GLIIHUHQW JHQHWLF DSSOLFDWLRQVWKHLU
PDMRUGUDZEDFNLVWKHLULVRODWLRQSURFHVVWKDWUHTXLUHVWKHGHYHORSPHQWRIDJHQRPLFOLEUDU\WKHVHDUFKDQG
VHTXHQFLQJRIFORQHVZLWKWKHU HSHWLWLYHVHTXHQFHVDQGWKHGHVLJQRISULPHUVWKDWDPSOLI\WKHPLFURVDWHOOLWH
7UDGLWLRQDOPHWKRGVRIOLEUDU\VFUHHQLQJ5DVVPDQQHWDODUHRQO\HIIHFWLYHLQVSHFLHVZLWKDKLJK
IUHTXHQF\RIPLFURVDWHOOLWHVRUZKHQMXVWDYHU\VPDOOQXPEHURIPLFUR VDWHOOLWHVLVQHHGHG7KXVWKHSXUSRVH
RIWKLVZRUNLVWRGHYHORSJHQRPLFOLEUDULHVLQFKHULPR\DXVLQJDPLFURVDWHOOLWHHQULFKPHQWSURFHGXUH
0DWHULDOVDQG0HWKRGV
7ZROLEUDULHVZHUHPDGHIURP'1$RIWKHFXOWLYDU³)LQRGH-HWH´GLJHVWHGZLWK 3VW,DQG5VD,IROORZLQJDQ
HQULFKPHQW SURFHGXUH ZLWK &7Q VHTXHQFHV %LOORWH HW DO 7KH VHOHFWLYH K\EULGL]DWLRQ SURFHVV
LQYROYHVWKHELRWLQ\ODWLRQRIWKH&7QROLJRQXFOHRWLGHDQGWKHVHOHFWLRQRIWKHK\EULGL]HG'1$E\XVLQJ
VWUHSWDYLGLQFRDWHGPDJQHWLFEHDGV $IWHUVHOHFWLYHK\EULGL]DWLRQWKHFDSWXUHGIUDJPHQWVZHUHUHFRYHUHGE\
3&5DQGFORQHGXVLQJWKHS*(0 7HDV\SODVPLG3URPHJD0DGLVRQ86$LQ (FROL XOWUDFRPSHWHQWFHOOV
(SLFXULDQ FROL ;/ EOXH XOWUDFRPSHWHQW FHOOV 6WUDWDJHQH IROORZLQJ WKH PDQXID FWXUHU¶V
UHFRPPHQGDWLRQV7KHUHFRPELQDQWFORQHVZHUH3&5DPSOLILHGDQGWUDQVIHUUHGWRDQ\ORQPHPEUDQHWKDW
ZDVIXUWKHUK\EULGL]HGZLWKD&7SUREHODEHOHGZLWKGLJR[LJHQLQ',*ROLJRQXFOHRWLGH¶ HQGODEHOLQJ
NLW 5RFKH 3RVLWLYH FORQHV DUH WKHQ VHT XHQFHG WR LGHQWLI\ WKH IODQNLQJ UHJLRQV WKDW DUH XVHG WR GHVLJQ
DSSURSULDWH SULPHU SDLUV 7KH PLFURVDWHOOLWHV REWDLQHG DUH VWXGLHG RQ D UHGXFHG JURXS RI FKHULPR\D
FXOWLYDUVE\3&5DPSOLILFDWLRQDQGKLJKUHVROXWLRQDJDURVHJHOHOHFWURSKRUHVLV+RUPD]D 5HVXOWVDQGGLVFXVVLRQ
:HKDYHGHYHORSHGWZR&7HQULFKHGJHQRPLFOLEUDULHVIURPWKHFKHULPR\DFXOWLYDUµ)LQRGH-HWH¶XVLQJWKH
UHVWULFWLRQHQ]\PHV 3VW,DQG5VD,$OWKRXJKWKHZRUNLVLQSURJUHVVWKHSUHOLPLQDU\UHVXOWVREWDLQHGVRIDU
LQGLFDWHWKDW WKHSURFHGXUHIROORZHGLVDSSURSULDWHWRGHYHORSPLFURVDWHOOLWHVLQFKHULPR\D$QH[DPSOHRI
WKHDPSOLILFDWLRQREWDLQHGZLWKRQHRIWKHPLFURVDWHOOLWHVREWDLQHGLVVKRZQLQ)LJ7KHPLFURVDWHOOLWHV
REWDLQHGDUHYDOLGDWHGRQDUHGXFHGJURXSRIFKHULPR \DJHQRW\SHVWRVHOHFWWKRVHWKDWSURGXFHFOHDUDQG
UHSHDWDEOH DPSOLILFDWLRQ SDWWHUQV 6XEVHTXHQWO\ WKH VHOHFWHG PLFURVDWHOOLWHV DUH XVHG WR VFUHHQ WKH HQWLUH
JHUPSODVPEDQNDQGWKH\ZLOODOVREHWULHGLQRWKHUVSHFLHVRI$QQRQDFHDH2XUREMHFWLYHLVWRK DYHE\WKH
HQGRIDVHWRIDURXQGPLFURVDWHOOLWHVWKDWZLOOEHXVHGLQILQJHUSULQWLQJWKHDFFHVVLRQVPDLQWDLQHG
LQWKHFKHULPR\DJHUPSODVPEDQNDVZHOODVWRLQIHUJHQHWLFVLPLODULW\UHODWLRQVKLSVDPRQJWKRVHDFFHVVLRQV
7KRVH UHVXOWV ZLOO EH FRPS DUHG WR SKHQRW\SLF GDWD WR DVVHVV WKH UHODWLRQVKLSV EHWZHHQ ERWK NLQGV RI
ILQJHUSULQWLQJPHWKRGV
5HIHUHQFHV
%LOORWH13-//DJRGD$ 05LVWHUXFFL)&%DXUHQV0LFURVDWHOOLWH HQULFKHGOLEUDULHVDSSOLHG
PHWKRGRORJ\IRUWKHGHYHORSPHQWRI66 5PDUNHUVLQWURSLFDOFURSV)UXLWV (OOVWUDQG 1& -0 /HH &XOWLYDU LGHQWLILFDWLRQ RI FKHULPR\D $QQRQD FKHULPROD 0LOO XVLQJ
LVR]\PHPDUNHUV6FLHQWLD+RUWLFXOWXUDH +RUPD]D -, 0ROHFXODU FKDUDFWHUL]DWLRQ DQG VLP LODULW\ UHODWLRQVKLSV DPRQJ DSULFRW 3UXQXV
DUPHQLDFD / JHQRW\SHV XVLQJ 6LPSOH 6HTXHQFH 5HSHDWV 7KHRUHWLFDO DQG $SSOLHG *HQHWLFV 3DVFXDO/)3HUIHFWWL0*XWLHUUH]$09DUJDV&KDUDFWHUL]LQJLVR]\PHVRI6SDQLVKFKHULPR\D
FXOWLYDUV+RUW6FLHQFH 3HUIHFWWL ) / 3DVFXDO &KDUDFWHUL]DWLRQ RI FKHULPR\D JHUPSODVP E\ LVR]\PH PDUNHUV )UXLW
9DULHWLHV-RXUQDO 5DKPDQ 060 7 6KLPDGD 7 <DPDPRWR -< <RQHPRWR 0 <RVKLGD *HQHWLFDO GLYHUVLW\ RI
FKHULPR\D FXOWLYDUV UHYHDOHG E\ $PSOLILHG )UDJPHQW /HQJWK 3RO\PRUSKLVP $)/3 DQDO\VLV
%UHHGLQJ6FLHQFH 5DVVPDQQ.&6FKO|WWHUHV'7DXW],VRODWLRQRIVLPSOH VHTXHQFHORFLIRUXVHLQSRO\PHUDVHFKDLQ
UHDFWLRQEDVHG'1$ILQJHUSULQWLQJ (OHFWURSKRUHVLV 5RQQLQJ&05-6FKQHOO6*D]LW8VLQJUDQGRPO\DPSOLILHGSRO\PRUSKLF'1$5$3'PDUNHUV
WR LGHQWLI\ $QQRQD FXOWLYDUV -RXUQDO RI WKH $PHULFDQ 6RFLHW\ IRU +RUWLFXOWXUDO 6FLHQFH :QVFK $ -, +RUPD]D &XOWLYDU LGHQWLILFDWLRQ DQG JHQHWLF ILQJHUSULQWLQJ RI WHPSHUDWH IUXLW WUHH
VSHFLHVXVLQJ'1$PDUNHUV (XSK\WLFD )LJXUH$PSOLILFDWLRQRIFKHULPR\DFXOWLYDUVZLWKPLFURVDWHOOLWH OPFK
/LVWRISDUWLFLSDQWV
)UHHN7%DNNHUIUHHNEDNNHU#ZXUQO
1DWLRQDDO+HUEDULXP1HGHUODQG:DJHQLQJHQ8QLYHUVLW\%UDQFK
*HQ)RXONHVZHJ
%/:DJHQLQJHQ
/DUV:&KDWURXOZFKDWURX#ELRXXQO
+HLGHOEHUJODDQ&6
8WUHFKW7KH1HWKHUODQGV
&DUORV/ySH](QFLQDFOHQFLQD#HHOPFVLFHV
&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWLILFDV
$OJDUURER&RVWD
0DODJD6SDLQ
5R\(UNHQVUKMHUNHQV#ELRXXQO
+HLGHOEHUJODDQ&6
8WUHFKW7KH 1HWKHUODQGV
3LODU(VFULEDGRSLOHVFUL#HHOPFVLFHV
$OJDUURER&RVWD
0DODJD6SDLQ
-RVp0)DUUpWURSLFDOHVIDVLS#WHUUDHV
$OJDUURER&RVWD
0DODJD6SDLQ
'DULR*URVVEHUJHUGDULR#HDUWKOLQNQHW
&RQGRU*URZHUV
:RUWK:D\
&DPDULOOR&$
-RVp0+HUPRVR*RQ]iOH]MPKHUPRVR#HHOPFVLFHV
$OJDUURER&RVWD
0DODJD6SDLQ
,xDNL+RUPD]DLKRUPD]D#HHOPFVLFHV
&RQVHMR6XSHULRUGH,QYHVWL JDFLRQHV&LHQWLILFDV
$OJDUURER&RVWD
0DODJD6SDLQ
$GULDQR4/REmRDOREDR#KRWPDLOFRP
8QLYGH6mR3DXOR,QVWGH%LRVFLrQFLDV
&DL[D3RVWDO
6mR3DXOR63%UD]LO
-LINH.RHN1RRUPDQMNRHNQRRUPDQ#ELRXXQO
+HLGHOEHUJODDQ&6
3DXO-00DDVSMPPDDV#ELRXXQO
+HLGHOEHUJODDQ&6
(ULN-DQYDQ0DUOHHMYDQPDUOH#ELRXXQO
+HLGHOEHUJODDQ&6
-RKDQ%0ROVPROV#QKQOHLGHQXQLYQO
1DWLRQDDO+HUEDULXP1HGHUODQG/HLGHQ8QLYHUVLW\%UDQFK
3RVWEXV
5$/HLGHQ
$QJHOHV3pUH]GH2WH\]DRWH\]D#HHOPFVLFHV
$OJDUURER&RVWD
0DODJD6SDLQ
0LFKDHO3LULHPGSLULH#ELRXXQO
1DWLRQDDO+HUEDULXP1HGHUODQG8WUHFKW8QLYHUVLW\ %UDQFK
+HLGHOEHUJODDQ&6
+HLPR5DLQHUKHLPRUDLQHU#XQLYLHDFDW
8QLYRI:LHQ,QVWIXU%RWDQLN
+HUEDULXP
5HQQZHJ
$:LHQ
$XVWULD
8ZH6FKDUIXVFKDUI#UVXQLOHLS]LJGH
+HLGHOEHUJODDQ&6
0DUWLQ6PHHWVWZLMQ#KRWPDLOFRP
&DOOHGHODV(VFROOHUDV
5RQGD0iODJD
0DUF6RVHIPDUFVRVHI#ZXUQO
1DWLRQDDO+HUEDULXP1HGHUODQG:DJHQLQJHQ8QLYHUVLW\UDQFK
*HQ)RXONHVZHJ
%/:DJHQLQJHQ
&KLKKXD7VRXERWVRX#FFYD[VLQLFDHGXWZ
,QVWRI%RWDQ\
$FDGHPLD6LQLFD
7DLSHL
7DLZDQ
0DULDQ9LUXHOPDULDQYLUXHO#HHOPFVLFHV
$OJDUURER&RVWD
0DODJD6SDLQ
1LHYHV:HVWHQGRUS)LJXHURODZHVWHQGRUS#HHOPFVLFHV
$OJDUURER&RVWD
0DODJD6SDLQ
/XEEHUW<7K:HVWUD O\WZHVWUD#ELRXXQO
+HLGHOEHUJODDQ&6
7KH WK )ORUD RI 7KDLODQG PHHWLQJ DQG WK RI 1RYHPEHU %DQJNRN
5HSRUWRIWKHFRRUGLQDWRUIRU$QQRQDFHDHIRUWKH)ORUDRI7KDLODQG
3DXO.HVVOHU1DWLRQDDO+HUEDULXP1HGHUODQG/HLGHQ%UDQFK
32%R[5$/HLGHQ7KH1HWKHUODQGV
(PDLONHVVOHU#QKQOHLGHQXQLYQO
7KH )RUHVW +HUEDULXP %.) 1DWLRQDO 3DUN :LOGOLIH DQG 3ODQW &RQVHUYDWLRQ 'HSDUWPHQW %DQJNRN
7KDLODQGRUJDQL]HGWKH WK )ORUDRI7KDLODQGPHHWLQJEHWZHHQDQG WK RI1RYHPEHULQ%DQJNRN
7KHUH WKH FRRUGLQDWRU SUHVHQWHG D SODQ LQ ZKLFK YDULRXV QDW LRQDO DQG LQWHUQDWLRQDO VWXGHQWV ZLOO WUHDW WKH
IDPLO\ZLWKLQWKHQH[WWKUHH\HDUV7KHILQDOPDQXVFULSWZLOOEHSUHVHQWHGDFFRUGLQJWRWKHVFKHGXOHLQWKH
ILUVWKDOIRI
'XULQJ D PHHWLQJ ZLWK WKRVH FROOHDJXHV ZKR ZKHUH LQWHUHVWHG WR MRLQ WKH ZRUNLQJ JURXS VHYHUDO SHRSOH
FRPPLWWHGWKHPVHOYHVWRVWXG\FHUWDLQJHQHUDDQGGHOLYHUPDQXVFULSWVDWWKHHQGRIQH[W\HDUVHHVXUYH\
QH[W SDJH :H ZRXOG OLNH WR LQYLWH WKRVH FROOHDJXHV ZKR DUH ZLOOLQJ WR VWXG\ RQH RU VHYHUDO JHQHUD WR
FRQWDFWWKHFRRUGLQDWRU .HVVOHU#QKQOHLGHQXQLYQO 'XULQJWKHPHHWLQJWKHZLVKZDVEURXJKWIRUZDUGWRRUJDQL]HDFRPPRQILHOGH[FXUVLRQLQ7KDLODQGZLWK
WKH ZKROH $QQRQDFHDH ZRUNJURXS LQ 1DURQJ .RRQNKXQWRG DQG WKH FRRUGLQD WRU ZLOO H[SORUH
SRVVLELOLWLHV
7KHFRRUGLQDWRUZRXOGOLNHWRWKDQNWKHRUJDQL]LQJFRPPLWWHHHVSHFLDOO\'U.RQJNDQGD&KD\DPDULWIRU
WKHLUKRVSLWDOLW\DQGDWKHLUVXSSRUWRIRXUZRUNLQJJURXS
6XUYH\RIJHQHUDWREHWUHDWHGLQWKHVFRSHRIWKH)ORUD RI7KDLODQG
1DPHRIJHQXV
$OSKRQVHD
$QD[DJRUHD
&\DWKRVWHPPD
0HLRJ\QH
0H]]HWWLD
0LOLXVD
0LWUHSKRUD
0RQRFDUSLD
2URSKHD
3KDHDQWKXV
3ODW\PLWUD
3VHXGXYDULD
6DJHUDHD
6WHOHFKRFDUSXV
7RWDOQURIVSHFLHV
$QQRQDFHDH
1URIVSHFLHV
$QQRQD
$QRPLDQWKXV
$UWDERWU\V
&DQDQJD
&OHLVWRSHWDOXP
&\DWKRFDO\[
'DVRFOHPD
'DV\PDVFKDORQ
'HQGURNLQJVWRQLD
'HVPRV
(QLFRVDQWKXP
)LVVLVWLJPD
)ULHVRGLHOVLD
*RQLRWKDODPXV
0DUV\SRSHWDOXP
0HORGRUXP
0LWUHOOD
1HRXYDULD
3RO\DOWKLD
3RSRZLD
7ULYDOYDULD
8YDULD
;\ORSLD
7RWDOQURIVSHFLHV
WUHDWHGE\
.HVVOHU
1DURQJ.RRQNKXQWKRG
8WWHULGJH
1DURQJ.RRQNKXQWKRG
&KDWFKDL1JDPULDEVDNXO
0ROV.HVVOHU
$UXQD
0ROV
.HVVOHU
0ROV
.HVVOHU
6X
3KRQJVDN3KRQVHPD
:DQJ
$GD1J
$GD1J
:LFKDQ(LDGWKRQJ
6DXQGHUV
&KDWFKDL1JHUQVDHQJVDUXD\
6KLK&KXQJ.HVVOHU
3DVDNRUQ%XQFKDOHH"
0HDGH"
-RKQVRQ
UHYLVLRQH[LVWV
[
[
[
[
[
[
[
[
[
[
[
[
[
[
/LVWRIWKH$QQRQDFHDHZRUNJURXSIRUWKH)ORUDRI7KDLODQG
1DURQJ.RRQNKXQWRG
7KH)RUHVW+HUEDULXP1DWLRQDO3DUN:LOGOLIHDQG3ODQW&RQVHUYDWLRQ'HSDUWPHQW
%DQJNRN
7KDLODQG
7HO
(PDLO.PQDURQJ#\DKRRFRPNPQDURQJ#IRUHVWJRWK
-HVVDGD'HQGXDQJERULSDQW
'HSDUWPHQWRI%LRORJ\)DFXOW\RI6FLHQFH
&KXODORQJNRUQ8QLYHUVLW\
%DQJNRN
7KDLODQG
(PDLO-HVVDGD#FKXODDFWK MHVVBGHQ#URFNHWPDLOFRP
)DFXOW\RI6FLHQFH:DODLODN8QLYHUVLW\
7KDLEXULVXEGLVWULFW7KDVDODGLVWULFW
1DNKRUQVULWKDPDUDW
7KDLODQG
7HO
(PDLOQFKDWFKDO#ZXDFWK QRNFKDWFKDL#KRWPDLORP
:RQJVDWLW&KXDNXO
'HSDUWPHQWRI3KDUPDFHXWLFDO%RWDQ\)DFXOW\RI3KDUPDF\
0DKLGRO8QLYHUVLW\3KD\DWKDL
%DQJNRN
7KDLODQG
)D[
(PDLOS\ZFN#PDKLGRODFWK
5LFKDUG6DXQGHUV
'HSDUWPHQWRI%LRORJ\%LRGLYHUVLW\
7KH8QLYHUVLW\RI+RQJNRQJ
3RNIXODP5RDG
+RQJ.RQJ
(PDLO6DXQGHUV#KNXFFKNXKN
&KDWFKDL1JHUQVDHQJVDUXD\
'HSDUWPHQWRI%RWDQ\)DFXOW\RI6FLHQFH
.DVHWVDUW8QLYHUVLW\
%DQJNRN
7KDLODQG
(PDLOIVFLFHQ#NXDFWK
3DVDNRUQ%XQFKDOHH
'HSDUWPHQWRI*HRORJ\)DFXOW\RI 6FLHQFH
%DQJNRN
7KDLODQG
7HO
(PDLOSDVVN#\DKRRFRP
7RVDN6HHODQ
'HSDUWPHQWRI%RWDQ\)DFXOW\RI6FLHQFH
%DQJNRN
7KDLODQG
7HO
(PDLOWRVDNV#FKXODDFWK
7LP8WWHULGJH
+HUEDULXP5R\DO%RWDQLF*DUGHQV.HZ
5LFKPRQG6XUUH\7:$(8.
(PDLOWXWWHULGJH#UEJNHZRUJXN
:LFKDQ(LDGWKRQJ
)RUHVW%LRORJ\'HSDUWPHQW)DFXOW\RI)RUHVWU\
.DVHWVDUW8QLYHUVLW\
%DQJNRN
7KDLODQG
(PDLO%NNIRUHVW#\DKRRFRP
3KRQJVDN3KRQVHQD
7KH)RUHVW+HUEDULXP1DWLRQDO3DUN:LOGOLIHDQG3ODQW&RQVHUYDWLRQ'HSD UWPHQW
%DQJNRN
7KDLODQG
.KDR+LQ6RQ%RWDQLF*DUGHQ3KDQRP6DUDNKDP
&KDFKRHQJVDR
7HO
(PDLOSBSKRQVHQD#\DKRRFRP
0DUXD\0HNDQDYDNXO
)DFXOW\RI%LRORJ\:DODLODN8QLYHUVLW\
6DLEXULVXEGLVWULFW7KDVDODGLVWULFW
1DNKRUQVULWKDPDUDW
7KDLODQG
(PDLOPPDUXD\#ZXDFWK
3L\D&KDOHUPJOLQ
7KDLODQG,QVWLWXWHRI6FLHQWLILFDQG7HFKQRORJLFDO5HVHDUFK
3KDKRQ\RWKLQ5G&KDWXFKDN
%DQJNRN
7KDLODQG
(PDLOWLVWU#PR]DUWLQHWFRWK
$UXQD'KDUPDSUL\D:HHUDVRRUL\D
8QLYHUVLW\0LVVLVVLSSL
32%R[
0LVVLVVLSSL
86$
7HO)D[ZRUN
(PDLODUXQDZ#ROHPLVVHGX
<YRQQH6X&KXDQ)DQ
3RNIXODP5RDG
+RQJ.RQJ
(PDLO\YRQQHVX#KNXVXDKNXKN
5XLMLDQJ:DQJ
'HSDUWPHQWRI%LRORJ\%LRGLYHU VLW\
3RNIXODP5RDG
+RQJ.RQJ
(PDLOUZDQJ#KNXVXDKNXKN
$GD1J
3RNIXODP5RDG
+RQJ.RQJ
'DYLG0-RKQVRQ
'HSDUWPHQWRI%RWDQ\0LFURELRORJ\
2KLR:HVOH\DQ8QLYHUVLW\
'HODZDUH2+
86$
(PDLOGPMRKQVR#FFRZXHGX
-RKDQ0ROV
1DWLRQDDO+HUEDULXP1HGHUODQG
32%R[
5$/HLGHQ
7KH1HWKHUODQGV
7HO
(PDLO0ROV#QKQOHLGHQXQLYQO
6KLK&KXQJ
32%R[
5$/HLGHQ
7KH1HWKHUODQGV
7HO
(PDLO 1XFKDR#JFQQHWWZ
3DXO-$.HVVOHU
32%R[
5$/HLGHQ
7KH1HWKHUODQGV
7HO
(PDLO.HVVOHU#QKQOHLGHQXQLYQO

2.259 MB - Annonaceae

Transcription

Similar documents