,17(51$7,21$/7+(50218&/($5(;3(5,0(17$/5($&725
,7(5('$1(:6/(77(5
92/1R 0$5&+
,17(51$7,21$/$720,&(1(5*<$*(1&<9,(11$$8675,$
,661
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7(&+1,&$/0((7,1*210$7(5,$/6)25,19(66(/&20321(1762),7(5
E\'UV*.DOLQLQDQG9%DUDEDVK,7(5-&7*DUFKLQJ-RLQW:RUN6LWH
7KH GHWDLOHG LQIRUPDWLRQ RQ WKH VHOHFWLRQ RI PDWHULDOV WKHLU SURSHUWLHV WKH HIIHFW RI FRPSRQHQWV PDQXIDFWXULQJF\FOHDQGWKHHQYLURQPHQWDOHIIHFWRQPDWHULDOVEHKDYLRXUKDVEHHQGHVFULEHGLQWKH0DWHULDO
$VVHVVPHQW 5HSRUW 0$5 DQG LQ WKH ,7(5 0DWHULDOV 3URSHUWLHV +DQGERRN 03+ 7KH VHOHFWLRQ RI PDWHULDOV ZDV GLVFXVVHG LQ GHWDLO ZLWK WKH +RPH 7HDPV +7V GXULQJ WKH PDWHULDOV ZRUNVKRS KHOG LQ 'HFHPEHUVHH,7(51HZVOHWWHUYRO1R0D\0RGLILFDWLRQRIWKH,7(5GHVLJQWRUHGXFH FRVWSURYLVLRQDOO\QDPHG,7(5)($7UHVXOWHGLQFKDQJHVRIWKHGHVLJQRIFRPSRQHQWVDQGLQVRPHFDVHV RIWKHRSHUDWLRQFRQGLWLRQVIRUPDWHULDOV7KHQHZ5 'SURJUDPLQFOXGHVIXUWKHUGHWDLOHGVWXGLHVRIPDWHULDOV SURSHUWLHVDQGLQFOXGHVDOOFULWLFDOLVVXHVQHHGHGIRUGHVLJQGHYHORSPHQW
7KHVHLVVXHVZHUHGLVFXVVHGGXULQJWKHWHFKQLFDOPHHWLQJ³0DWHULDOVIRU,Q9HVVHO&RPSRQHQWV´KHOGDWWKH ,7(5*DUFKLQJ-:6IURPVW-DQXDU\WRWK)HEUXDU\7KHPDLQREMHFWLYHVRIWKHPHHWLQJZHUH
7RVXPPDUL]HWKHFXUUHQWUHTXLUHPHQWVDQGVHOHFWLRQRIPDWHULDOVIRU,7(5)($7
WR UHYLHZ WKH QHZ GDWD ZKLFK KDYH EHHQ JHQHUDWHG GXULQJ WKH ODVW WZR \HDUV DQG ZKLFK KDYHQRWEHHQLQFOXGHGLQWKH0$5YHUVLRQRIPLGDQGLQWKH03+
WRGLVFXVVLQGHWDLOWKH5 'SURJUDPDQGXUJHQWWDVNVZLWKWKH+7VDQGWRGLVFXVVWDVN VKDULQJDQGFRRSHUDWLRQDPRQJWKH+7V
WRGLVFXVVWKH0$5DQGWRGHWHUPLQHUHTXLUHGPRGLILFDWLRQVIRUWKHQHZ,7(5FRQGLWLRQV
$VXPPDU\RIWKHFXUUHQWUHTXLUHPHQWVIHDWXUHVRIWKHQHZGHVLJQVRIWKH,7(5YDFXXPYHVVHOEODQNHWILUVW ZDOODQGGLYHUWRUDQGVHOHFWLRQRIPDWHULDOVIRUWKH,7(5)($7ZDVSUHVHQWHGE\WKH-&7,WZDVSRLQWHGRXW WKDWPRVWRIWKHPDWHULDOVUHPDLQWKHVDPHDVLQWKHSUHYLRXVGHVLJQ7KHUHDUHVRPHFKDQJHVLQZRUNLQJ FRQGLWLRQVHJLQOHWZDWHUWHPSHUDWXUHWRWDOQXPEHURIF\FOHVUHGXFWLRQRIWKHSXOVHOHQJWKHWFDQGWKHVH FKDQJHVVKRXOGEHWDNHQLQWRDFFRXQWIRUWKHVSHFLILFDWLRQVRIWKHQHZ5 'WDVNV
(DFK+RPH7HDPSUHVHQWHGLWVJHQHUDOVWUDWHJ\RIPDWHULDOVGHYHORSPHQWDQGLQYHVWLJDWLRQVIRU,7(5 (8+7ZRUNLVIRFXVHGRQDQXPEHURIDUHDV
,UUDGLDWLRQHIIHFWVRIPDWHULDOVIRUWKHIOH[LEOHDWWDFKPHQWDQGEROWV
TXDOLILFDWLRQRIFRSSHUDOOR\VDQGMRLQWVLQWKHLUUDGLDWHGFRQGLWLRQ
GHYHORSPHQWRI%H&XDOOR\EUD]LQJDQG+,3LQJWHFKQLTXHVDQG%HSODVPDVSUD\
ILUVWZDOOPRFNXSPDQXIDFWXUHDQGWKHUPDOWHVWLQJ
IXOOVFDOHLQVXODWLQJFRDWLQJGHYHORSPHQW
WKLFNVHFWLRQUHZHOGLQJRILUUDGLDWHGVWDLQOHVVVWHHO
TXDOLILFDWLRQRI:&)&:&XDQG&)&&8MRLQWVPDQXIDFWXUHDQGWKHUPDOWHVWLQJRIPRFNXSV -$+7DFWLYLW\LVPDLQO\IRFXVHGRQWKHIROORZLQJ
,UUDGLDWLRQWHVWLQJRIPDWHULDOVIRUWKHIOH[LEOHDWWDFKPHQWEROWVDQGHOHFWULFDOLQVXODWRUV
GHYHORSPHQW RI D ZHOGLQJERQGLQJ WHFKQLTXH EHWZHHQ GLIIHUHQW PDWHULDOV IULFWLRQ ZHOGLQJ +,3 FDVWLQJHWF
GHYHORSPHQWRIPDJQHWLFVHQVRUV
VWXGLHV RI DUPRXU %H &)& : DQG DUPRXUKHDW VLQN PDWHULDOV MRLQLQJ WHFKQRORJLHV GHYHORSPHQW
HYDOXDWLRQRIUHZHOGDELOLW\RILUUDGLDWHGPDWHULDOV
LUUDGLDWLRQDVVLVWHGVWUHVVFRUURVLRQFUDFNWHVWDQGFUHYLFHHIIHFW
SODVPDZDOOLQWHUDFWLRQ
,QWKH5)+7WKHPDWHULDOV5 'WDVNVDUHJLYHQILUVWSULRULW\7KHZRUNLVIRFXVHGRQWKHIROORZLQJ
,UUDGLDWLRQHIIHFWVRQWKHPDWHULDOVSURSRVHGIRU,7(5'(02DQGQHXWURQVRXUFHV
GHYHORSPHQWDQGLQYHVWLJDWLRQRIDGYDQFHGPDWHULDOV9DOOR\V/LHQYLURQPHQWDOHIIHFWHWF
GHYHORSPHQWRIGDWDEDVHRQIXVLRQUHDFWRUPDWHULDOV
GHYHORSPHQW RI PHWKRGV IRU WKH OLIHWLPH DVVHVVPHQW RI KLJK KHDW IOX[ FRPSRQHQWV DQG IRU WKH PRGHOOLQJRIPDWHULDOVEHKDYLRXUXQGHUIXVLRQUHDFWRUFRQGLWLRQV
7KHPDLQ,7(57DVNVLQ5)DUH
(IIHFWVRILUUDGLDWLRQRQVWHHOVXEMHFWHGWRWKHPDQXIDFWXULQJF\FOH+,3DQQHDOHWF
TXDOLILFDWLRQRIFRSSHUDOOR\VDQGWKHLUMRLQWVLQWKHLUUDGLDWHGFRQGLWLRQ
LUUDGLDWLRQHIIHFWVRQPDWHULDOVXVHGIRUIOH[LEOHDWWDFKPHQWRIWKHPRGXOHV
TXDOLILFDWLRQRI%H:%H&XDQG:&XMRLQWVDQGPDQXIDFWXUHDQGWKHUPDOWHVWLQJRIPRFNXSV
7KHQHZUHVXOWVIURPWKH+RPH7HDP('$H[WHQVLRQWDVNVZHUHSUHVHQWHGDWWKHPHHWLQJ$ZLGHUDQJHRI WKH PDWHULDOV VWXGLHG ZDV SUHVHQWHG RQ VWDLQOHVV VWHHO &X DOOR\V 7L DOOR\V ,QFRQHO %H : &)& DQG FHUDPLFV )RU HDFK PDWHULDO WKH NH\ LVVXHVUHODWHGWRDSSOLFDWLRQLQ,7(5ZHUHSUHVHQWHGDQGGLVFXVVHG GXULQJWKHPHHWLQJ7KHVHDUHPDLQO\DFWLYLWLHVTXRWHGLQWKH5 '7DVNV
6SHFLDO VHVVLRQV ZHUH GHYRWHG WR WKH XSGDWLQJ RI ,7(5 GRFXPHQWV LQ SDUWLFXODU WKH 0$5 03+ DQG WKH
$SSHQGL[ $ WR WKH 6WUXFWXUDO 'HVLJQ &ULWHULD ZKHUH TXDOLILHG PDWHULDO SURSHUWLHV DQG GHVLJQ DOORZDEOHV VKRXOGEHGHVFULEHG$GHWDLOHGSURFHGXUHDQGVFKHGXOHIRUXSGDWLQJWKH0$5DQGWKHDSSHQGL[WRWKH,6'&
ZDVGLVFXVVHGGXULQJWKHPHHWLQJ
&RPPHQWV DQG SURSRVDOV IRU PRGLILFDWLRQ RI WKH 0$5 ZHUH VXJJHVWHG E\ WKH +7V 7KH PDLQ UHFRPPHQGDWLRQVZHUHWKHIROORZLQJ
WR XSGDWH SDUDJUDSKV RQ WKH ZRUNLQJ FRQGLWLRQV RI PDWHULDOV WDNLQJ LQWR DFFRXQW WKH PRGLILHG ,7(5GHVLJQ
WR JLYH D PRUH H[WHQGHG GHVFULSWLRQ RI WKH HIIHFW RI PDQXIDFWXULQJ F\FOH RQ WKH SURSHUWLHV LQFOXGLQJLUUDGLDWLRQHIIHFWRI&X&U=UDOOR\
DYDLODEOH SURSHUWLHV RI GLIIHUHQW JUDGHV &X$O FRXOG EH FRPELQHG WR SURYLGH D PRUH YDOXDEOH VWDWLVWLFDOGDWDEDVHIRUWKHVSHFLILFDWLRQRIGHVLJQDOORZDEOHV
WRPRGLI\WKHSDUDJUDSKRQ7LDOOR\V
WRDGGDGGLWLRQDOLQIRUPDWLRQRQSURSHUWLHVRI%H:DQG&)&
,WZDVSRLQWHGRXWWKDWWKHDYDLODEOHGDWDEDVHRQWKHHIIHFWRIWKH+,3WKHUPDOF\FOHRQ66LVQRWVXIILFLHQWIRU OLFHQVLQJZKLFKLQFOXGHVVWUXFWXUDOGHVLJQVWDQGDUGVJXLGHOLQHV
7KHUHZDVDSURSRVDOWRXSGDWHLQIRUPDWLRQLQWKH03+DQGWRSUHSDUHDUHYLVLRQUHDG\IRUSXEOLFDWLRQ )XWXUH SODQV DQG FRRSHUDWLRQ EHWZHHQ +7V ZHUH GLVFXVVHG ,Q VRPH DUHDV RQO\ MRLQW DQG FRRUGLQDWHG DFWLYLWLHV RI +7V FRXOG JLYH WKH QHHGHG UHVXOWV HJ ++) WHVWLQJ RI QHXWURQ LUUDGLDWHG PRFNXSV WHVWV RI
&X$ODOOR\VHWF,QWKHQHDUHVWIXWXUHWKHPDLQDFWLYLWLHVLQ+7VKDYHWREHFRQFHQWUDWHGRQWDVNVZKLFK DUHLQFOXGHGLQ7DVN$JUHHPHQWV7KHUHVXOWVRIWKHRQJRLQJWDVNVFRXOGEHLQFOXGHGLQWKH,7(5)($7ILQDO GHVLJQUHSRUWGHDGOLQH-XQH
0((7,1*3$57,&,3$176
3DUWWLPHSDUWLFLSDWLRQ
(8+7 +%XUOHW5&KDRXDGL3/RUHQ]HWWR30DUP\00HUROD$3HDFRFN05RHGLJ )6DLQW$QWRQLQ%6LQJK67DHKWLQHQ0GH9ULHV
-$+7 0$NLED$.RK\DPD01DNDPLFKL11RGD66DWR+<DPDGD
5)+7 9&KHUQRY6)DEULWVLHY$*HUYDVK$,YDQRY$0DNKDQNRY,0D]XO%5RGFKHQNRY
/=DY\DOVNL\
-&7 9%DUDEDVK-'LHW]+,LGD.,RNL&,EERWW*.DOLQLQ9.KULSXQRY02QR]XND-5DHGHU
57LYH\
,7(57(&+1,&$/0((7,1*2118&/($5$1$/<6,6
E\'U9.KULSXQRY,7(5-RLQW&HQWUDO7HDP*DUFKLQJ7KHFRPSUHKHQVLYHQXFOHDUDQDO\VLVRIWKH,7(5)($7PDFKLQHLVDYHU\LPSRUWDQWSDUWRIWKHRYHUDOO,7(5 DFWLYLW\RIWKLV\HDU
7KHUHGXFWLRQRIWKH,7(5)($7GLPHQVLRQVZKHQFRPSDUHGZLWKWKH,7(5GHVLJQKDVEURXJKWQHZ WHFKQLFDOFKDOOHQJHVLQILWWLQJLQDOOUHTXLUHGVKLHOGLQJDORQJZLWKWKHQHHGWRUHGXFHWHFKQLFDOPDUJLQV $ SUHOLPLQDU\ DQDO\VLV RI ,7(5)($7 KDV EHHQ SHUIRUPHG E\ WKH -RLQW &HQWUDO 7HDP DQG WKH PDFKLQH DSSHDUVWRPHHWWKHPDLQQXFOHDUVKLHOGLQJUHTXLUHPHQWV+RZHYHUDPRUHHODERUDWHDQDO\VLVQHHGVWREH FDUULHGRXWLQRUGHUWRDFKLHYHWKHUHTXLUHGPRGHOOLQJDFFXUDF\7KHUHIRUHJRRGFRRUGLQDWLRQLVLPSRUWDQW HVSHFLDOO\GXULQJWKHVKRUWWLPHZKHQGHVLJQGHYHORSPHQWDQGRSWLPL]DWLRQDUHSURJUHVVLQJVLPXOWDQHRXVO\
)RUWKLVUHDVRQWKHVSHFLDOWHFKQLFDOPHHWLQJ³1XFOHDU$QDO\VLVIRUWKH)LQDO'HVLJQ5HSRUW´ZDVRUJDQL]HG RQ)HEUXDU\DW,7(5*DUFKLQJ-:6VRDVWRFRPELQHDQGVSHFLI\WKHHIIRUWVRIWKH-RLQW&HQWUDO 7HDPDQG+RPH7HDPV
,W ZDV FRQILUPHG DW WKH PHHWLQJ WKDWRQO\UHFRPPHQGHGDQGZHOONQRZQFRGHV\VWHPVDQGFURVVVHFWLRQ OLEUDULHV DUH WR EH XVHG IRU WKH QXFOHDU DQDO\VHV RI ,7(5)($7 $PRQJ WKHP WKHUH DUH WKH ZHOO NQRZQ 0&13 V\VWHP IRU QHXWURQ DQG SKRWRQ WUDQVSRUW FDOFXODWLRQV E\ 0RQWH &DUOR PHWKRG WKH ),63$&7 UDGLRQXFOLGHLQYHQWRU\FRGHV\VWHPDQGWKH)(1'/QXFOHDUGDWDOLEUDU\7KHLUXVHZLOOHQDEOHUHOLDEOHDQG FRQVLVWHQWUHVXOWVWREHFDOFXODWHGE\GLIIHUHQW3DUWLHV
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
,Q DFFRUGDQFH ZLWK WKHVH SODQV WKH -&7 ZLOO SURYLGH RWKHU GHYHORSHUV ZLWK XSGDWHG GHVLJQ LQIRUPDWLRQ UHTXLUHGIRUWKH'PRGHOOLQJ6LPXOWDQHRXVO\WKH-&7ZLOOFRQWURODQGPHUJHGLIIHUHQWSDUWVRIWKHPRGHOLQ DVHOIFRQVLVWHQWZD\$IWHUFRPSLOLQJWKHPRGHOZLOOEHWUDQVIHUUHGWRWKHSDUWLHVIRUVKDUHGXVH)XUWKHU GHWDLOHGPRGHOOLQJRIWKHGLIIHUHQWV\VWHPVLQWKHSRUWVDQGRXWVLGHWKHYDFXXPYHVVHOZLOOEHFDUULHGRXWE\
WKHSDUWLHVLQDFFRUGDQFHZLWKWKHVSHFLILFREMHFWLYHVRIWKHLUWDVNDJUHHPHQWV
$ QHZ SUREOHP RI DFFXUDWH UHVLGXDO JDPPDUD\ WUDQVSRUW FDOFXODWLRQV LQ RSWLFDOO\ WKLFN DQG JHRPHWULFDOO\
FRPSOLFDWHG V\VWHPV KDV EHHQ LGHQWLILHG 7KH SUREOHP LV DFFHQWXDWHG E\ WKH VWURQJ UHTXLUHPHQW IRU SHUVRQQHODFFHVVWRVRPHLPSRUWDQWFRPSRQHQWVDURXQGWKH,7(5WRUXVWRFDUU\RXWKDQGVRQPDLQWHQDQFH ZKHUHUHPRWHFRQWUROOHGURERWLFPDLQWHQDQFHLVQRWGHVLUDEOH
,WZDVVKRZQWKDWWKHUHTXLUHPHQWWROLPLWWKHDOORZDEOHHTXLYDOHQWGRVHUDWHOHYHODIWHUVKXWGRZQLVPRUH VHYHUHLQWHUPVRIUDGLDWLRQVKLHOGWKLFNQHVVWKDQIRUH[DPSOHWKHUHTXLUHPHQWWRPLQLPL]HWKHQXFOHDUKHDW GHSRVLWLRQLQVXSHUFRQGXFWLQJPDJQHWV
7KH FRQYHUVLRQ IDFWRU PHWKRGRORJ\ XVHG LQ WKHVH UHVLGXDO GRVH FDOFXODWLRQV ZDV DFFRPSDQLHG E\ WKH XQFHUWDLQW\ FDXVHG E\ WKH FRPSOH[ ,7(5 JHRPHWU\ 7KLV XQFHUWDLQW\ LQ WKH GRVH UDWH SUHGLFWLRQ FDXVHG RYHUVKLHOGLQJWRJXDUDQWHHRFFXSDWLRQDOVDIHW\GXULQJKDQGVRQPDLQWHQDQFH
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
PHHWLQJVKRZDZHDNGHSHQGHQFHRIWKHDYHUDJHGRVHUDWHOHYHOLQWKHLQFU\RVWDWVSDFHRI,7(5RQWKH GHWDLOVRIWKHQHXWURQVSHFWUXPGXULQJLUUDGLDWLRQ
$QRYHODSSURDFKWRWKHSUREOHPKDVUHFHQWO\EHHQSURSRVHGE\WKH-&77KHLGHDLVWRFRQGXFWWKHIXOO QHXWURQ WUDQVSRUW FDOFXODWLRQV WKH DFWLYDWLRQ DQG WKH UHVLGXDO JDPPDUD\ WUDQVSRUW FDOFXODWLRQV E\ 0RQWH
&DUORPHWKRGLQWKHVDPHUXQDQGXVLQJDVLQJOH'PRGHORIDV\VWHP,WLVEDVHGRQWKHIDFWWKDWRQO\D IHZRIWKHUDGLRQXFOLGHVSURGXFHGLQVLQJOHVWHSLVRWRSHIRUPDWLRQGRPLQDWHLQWKHLUUDGLDWHG,7(5PDWHULDOV LQDOOSHULRGVDIWHUVKXWGRZQ,WZDVUHSRUWHGWKDWLQVXFKDFDVHDVLPSOHGRVHFRUUHFWLRQDOJRULWKPFDQEH XVHGIRUDSXOVHGRSHUDWLRQVFHQDULR
7KH QHZ PHWKRG DOVR UHTXLUHV D PRGHVW FKDQJH RI WKH 0&13FRGH V\VWHP DQG WKH QXFOHDU GDWD OLEUDU\
UHSODFLQJ WKH SURPSW JDPPD VSHFWUXP ZLWK WKH GHFD\ JDPPD VSHFWUXP 7KH PDLQ SDUW RI WKH ZRUN LV DOUHDG\GRQHDQGWKHILUVWFDUHIXOEHQFKPDUNLQJFRQILUPVWKHDFFXUDF\RIWKHUHVXOWV
)URP WKH GLVFXVVLRQ LW ZDV FRQILUPHG WKDW ERWK VXJJHVWHG DSSURDFKHV LQFOXGLQJ LQWHUPHGLDWH RU GLUHFW UHVLGXDO JDPPDVRXUFH FDOFXODWLRQV FDQ EH LPSOHPHQWHG LQ SDUDOOHO IRU FXUUHQW SXUSRVHV DQG FDQ EH KDUPRQLVHGILQDOO\
)XUWKHU EHQFKPDUNLQJ FDQ EH GRQH RQ WKH EDVLV RI WKH QHXWURQLFV H[SHULPHQWV LQ WKH IUDPH RI WKH WDVN
³([SHULPHQWDO 9DOLGDWLRQ RI 6KXWGRZQ 'RVH 5DWH´ SODQQHG DW WKH )XVLRQ 1HXWURQ *HQHUDWRU LQ (1($
)UDVFDWL7KHH[SHULPHQWDOVHWXSLUUDGLDWLRQFRQGLWLRQVDQGPHDVXUHPHQWWHFKQLTXHVUHTXLUHGIRUDSUHFLVH DQDO\VLVDQGFDOFXODWLRQVZHUHGLVFXVVHGDWWKHPHHWLQJ
&DOFXODWHG VWUHDPLQJ HIIHFWV LQ JDSV DQG GXFWV ZLOO EH FKHFNHG DOVR LQ WKH UHVXOWV RI H[SHULPHQWV RQ WKH )XVLRQ1HXWURQLFV6RXUFHDWWKH-DSDQ$WRPLF(QHUJ\5HVHDUFK,QVWLWXWH7ZRGLIIHUHQWFRQILJXUDWLRQVDUHWR EH XVHG IRU VWUHDPLQJ QHXWURQ VSHFWUXP PHDVXUHPHQWV DQG IRU WKH GLUHFW VKXWGRZQ GRVH UDWH PHDVXUHPHQWV
,QWHQVLYH PHWKRGRORJLFDO FDOFXODWLRQ DQG H[SHULPHQWDO ZRUN DQG EHQFKPDUN DFWLYLW\ GLVFXVVHG DW WKH PHHWLQJZLOODOORZFRPSOHWLRQRIGHWDLOHGGHVLJQDQDO\VLV7KHUHVXOWVRIWKLVDFWLYLW\ZLOOEHVXPPDUL]HGLQWKH QXFOHDUDQDO\VHVUHSRUW7KHUHLWZLOOEHGHPRQVWUDWHGWKDWWKHEDVLF,7(5)($7GHVLJQZLOOPHHWWKHVSHFLILF GHVLJQDQGUHJXODWRU\UHTXLUHPHQWV,QSDUWLFXODULWZDVPHQWLRQHGDWWKHPHHWLQJWKDWLWHPVLQGLVSHQVDEOHWR WKHOLFHQFHUHTXLUHPHQWVLQ-DSDQIRUUDGLDWLRQVKLHOGGHVLJQZLOOEHZHOFRPHGLQWKHQXFOHDUDQDO\VLVUHSRUW 7KHVH LQFOXGH UDGLDWLRQ VKLHOG GLPHQVLRQV DQG FRPSRVLWLRQ GRVH UDWH FULWHULD MXVWLILFDWLRQ RI WKH PHWKRGRORJ\ FRGHV PRGHOV DQG FURVV VHFWLRQ OLEUDULHV XVHG IRU QXFOHDU DQDO\VLV ,Q WKLV FRQWH[W WKH PHHWLQJZDVYHU\XVHIXOLQFRRUGLQDWLQJWKHQXFOHDUDQDO\VHVUHSRUWSUHSDUDWLRQ
,WZDVFOHDUIURPWKHPHHWLQJWKDWFRQWLQXRXVQXFOHDUDQDO\VLVLVDIXQGDPHQWDOSDUWRIWKHGHVLJQSURFHVV 6SHFLDOLVWVLQQHXWURQLFVQRWRQO\FKHFNWKHFXUUHQWQXFOHDUVKLHOGLQJSHUIRUPDQFHEXWDUHDFWLYHO\LQYROYHGLQ WKH GHVLJQ GHYHORSPHQW 7KH\ UHFRPPHQG FRQFUHWH WHFKQLFDO VROXWLRQV UHODWLQJ WR WKH UDGLDWLRQ VKLHOG GLPHQVLRQVVWUXFWXUHDQGPDWHULDOFRPSRVLWLRQDQGRSWLPDOV\VWHPORFDWLRQV7KHUHFHQWLQFRUSRUDWLRQRI QXFOHDUDQDO\VLVSUREOHPVLQWRWKHOLVWRI,7(5'HVLJQ,QWHJUDWLRQ8QLWUHVSRQVLELOLWLHVUHIOHFWVWKLVIDFW
/,672)3$57,&,3$176
(8 :'DHQQHU()'$8)LVKHU)=.,.(7/3HWUL]]L(1($):DVDVWMHUQD977(QHUJ\
-$ 70DUXR66DWR06HNLDOO-$(5,
5) ,.DUWDVKHY(17(.*6KDWDORY55&.,1),
-&7 3%DUDEDVFKL9&KX\DQRY+,LGD9.KULSXQRY*5XYXWXVR<X8WLQ
,WHPVWREHFRQVLGHUHGIRULQFOXVLRQLQWKH,7(51HZVOHWWHUVKRXOGEHVXEPLWWHGWR%.XYVKLQQLNRY,7(52IILFH,$($
:DJUDPHU6WUDVVH32%R[$9LHQQD$XVWULDRU)DFVLPLOHRUHPDLOFEDVDOGHOOD#LDHDRUJ
SKRQH
3ULQWHGE\WKH,$($LQ$XVWULD
-XQH