7KH9LGDO6DVVRRQ,QWHUQDWLQDO&HQWHUIRUWKH6WXG\RI$QWLVHPLWLVP
7+(+(%5(:81,9(56,7<2)-(586$/(0
$QDO\VLVRI&XUUHQW7UHQGVLQ$QWLVHPLWLVP
DFWDQR
2Q,JQRUDQFH5HVSHFWDQG6XVSLFLRQ&XUUHQW-DSDQHVH$WWLWXGHVWRZDUG
-HZV5RWHP.RZQHU
$%675$&7
-DSDQUHSUHVHQWVDVSHFLDOFDVHLQWKHUHVHDUFKRQDWWLWXGHVWRZDUG-HZVLQPRGHUQWLPHVIRU-DSDQHVH-HZLVKGLVFRXUVH
ZDVVHWIRUWKRQO\DIWHU-DSDQKDGEHHQIRUFHGWRRSHQLWVSRUWVLQ7KHILUVWRXWEXUVWRIDQWL-HZLVKUDFHKDWUHGLQ
-DSDQRFFXUUHGZLWKWKHRXWEUHDNRIWKH3DFLILF:DULQ,QWKHODWWHUKDOIRIWKHVWKHUHZDVDUHVXUUHFWLRQRI
QHJDWLYH-HZLVKLPDJHVDVDQHZZDYHRIDQWLVHPLWLFZULWLQJVVZHSW-DSDQ
7KHSUHVHQWUHVHDUFKDWWHPSWVWRHYDOXDWHFXUUHQW-DSDQHVHDWWLWXGHVWRZDUG-HZVDVUHIOHFWHGLQLQGLFDWRUVVXFKDV
VWHUHRW\SHVVRFLDOGLVWDQFHDQGWKHLUJHQHUDODVVHVVPHQWRIWKH-HZV,QDGGLWLRQLWVRXJKWWRLQYHVWLJDWHWKHUHODWLRQV
EHWZHHQNQRZOHGJHDQGH[SRVXUHWRLQIRUPDWLRQDERXW-HZVDQGDWWLWXGHVWRZDUGWKHP7KHVWXG\LQFOXGHGWKUHHVXUYH\V
DQGWKHUHVHDUFKSRSXODWLRQFRQVLVWHGRI-DSDQHVHXQLYHUVLW\VWXGHQWV
7KHILUVWVXUYH\H[DPLQHGUHSUHVHQWDWLYHVWHUHRW\SHVRIVL[QDWLRQDOHWKQLFJURXSVDQGWKHUHVXOWVLQGLFDWHGWKHH[LVWHQFHRI
DUDWKHUSRVLWLYHLPDJHRI-HZV7KLVLPDJHFRQWDLQVVROLGSHUFHSWLRQVRIWKH-HZVDVLQGXVWULRXVFRPSHWHQWDQGVWURQJ
PLQGHGSHRSOHEXWDOVRDVVRPHZKDWXQVWDEOHDQGLQVXODUSHRSOH$PRQJWKHILYHRXWJURXSVH[DPLQHG-HZVZHUH
SHUFHLYHGDVWKHJURXSPRVWVLPLODUWRWKH-DSDQHVH7KHVHFRQGVXUYH\IXUWKHULQYHVWLJDWHGVWHUHRW\SHVRI-HZVDQG
UHYHDOHGDPRUHFRPSOH[LPDJHZKLFKDOVRFRQWDLQVGHILQLWHQHJDWLYHDVSHFWV5HVSRQGHQWVZKRKDGJUHDWHUNQRZOHGJHDQG
H[SRVXUHWRLQIRUPDWLRQDERXW-HZVH[SUHVVHGPRUHSRVLWLYHVWHUHRW\SHVRIWKHP7KHWKLUGVXUYH\H[DPLQHGDWWLWXGHV
WRZDUG-HZVDQGLQGLFDWHGWKHH[LVWHQFHRIVXVSLFLRQDQGIHDURI-HZVDVLQGLYLGXDOVDVFRPSDUHGZLWK:HVWHUQHUVDQG
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
IRUHLJQHUV7KHVHDWWLWXGHVDUHSDUWLFXODUO\HYLGHQWZLWKUHJDUGWRFRQWDFWZLWK-HZV
%DVHGRQWKHVHILQGLQJVWKLVZRUNDWWHPSWVWRDQDO\]HFXUUHQWUHDVRQVEHKLQG-DSDQHVHDWWLWXGHVWRZDUG-HZVDQGVXJJHVWV
ZD\VRIFKDQJLQJWKHVHDWWLWXGHV
&855(17-$3$1(6($77,78'(672:$5'-(:6
-DSDQUHSUHVHQWVDVSHFLDOFDVHLQWKHUHVHDUFKRIPRGHUQDQWLVHPLWLVPVLQFHWKHUHKDYHEHHQIHZ-HZVLQ-DSDQDQGWKH-DSDQHVH
DUHXQDEOHWRGLVWLQJXLVK-HZVIURPRWKHUQRQ-DSDQHVH7KLVKDVQRWSUHYHQWHGVHYHUDOZDYHVRIDQWLVHPLWLVPWRDULVHGXULQJWKHODVW
FHQWXU\
7KHH[LVWHQFHRIUHFXUUHQWQHJDWLYHDWWLWXGHVWRZDUG-HZVLQ-DSDQLVDIDVFLQDWLQJSKHQRPHQRQEHFDXVHRIWKHDEVHQFHRIPRVWRI
WKHEDVHVIRULWWKDWFKDUDFWHUL]HDQWLVHPLWLFDWWLWXGHVLQRWKHUQDWLRQV)LUVWDQWLVHPLWLVPLQ-DSDQKDVQRWEHHQHYROYHGIURPDQ
HQFRXQWHUZLWK-HZVIRUWKH-HZLVKFRPPXQLW\LQ-DSDQFRQVLVWVRIDERXWDWKRXVDQGPHPEHUVDQGWKH-DSDQHVHGRQRWDQG
SUREDEO\FDQQRWGLVWLQJXLVKEHWZHHQWKHPDQGRWKHU:HVWHUQUHVLGHQWV$QWLVHPLWLVPGRHVQRWKDYHORQJURRWVLQ-DSDQLWVWDUWHGWR
IORXULVKRQO\LQWKHWZHQWLHWKFHQWXU\6LPLODUO\LWGRHVQRWKDYHDQ\UHOLJLRXVURRWV-XGDLVPKDVQHYHUWKUHDWHQHGRUFRPHLQWR
WKHRORJLFDOFRQIOLFWZLWKDQ\RIWKHOHDGLQJUHOLJLRQVSUDFWLFHGLQ-DSDQ
)XUWKHUPRUHDQWLVHPLWLVPLQ-DSDQQHYHUJDLQHGIXOOJRYHUQPHQWDOVXSSRUWQRUGLGLWEHFRPHDQDWLRQDOLGHRORJ\,WGLGQRWGHYHORS
RXWRIDQ\VLJQLILFDQWFRQIOLFWEHWZHHQ,VUDHODQG-DSDQDVLVWKHFDVHZLWK$UDEFRXQWULHV,QIDFWDQWLVHPLWLVPQHYHUSHQHWUDWHGWKH
ORZHUFODVVHVLQ-DSDQQRUKDGLWDQ\SRSXODUVXSSRUW)LQDOO\LWKDVDSSHDUHGDOPRVWVROHO\LQZULWWHQIRUPDQGQHYHUGHWHULRUDWHGWR
WKHSRLQWRIPDWHULDOGDPDJHRUSK\VLFDODWWDFNVRQ-HZV
7+(&216758&7,212)7+(-(:,6+,0$*(,1-$3$1$%5,()+,6725<
7KH-DSDQHVH-HZLVKGLVFRXUVHEHJDQRQO\DIWHU-DSDQZDVIRUFHGWRRSHQLWVSRUWVLQ$PRQJWKH:HVWHUQYLVLWRUVDQG
PHUFKDQWVWKDWIORFNHGWR-DSDQ VVKRUHVWKHUHZHUHDIHZ-HZVDQGDWWKHWLPHRI0HLML5HVWRUDWLRQ WKH\QXPEHUHGDERXW
ILIW\IDPLOLHVDWWKHPDLQSRUWRI<RNRKDPD$SSDUHQWO\WKH-HZLVKUHVLGHQWVOHIWOLWWOHLPSUHVVLRQLIDQ\RQWKHORFDOSRSXODWLRQ
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
'UHVVHGDVRWKHU:HVWHUQHUVWKH-HZVZHUHSHUFHLYHGDVSDUWRIWKHIRUHLJQFRPPXQLW\DQGLQ-DSDQHVHH\HVWKHUHOLJLRQRI
-XGDLVPZDVLQLWLDOO\UHJDUGHGDVDSDUWRI&KULVWLDQLW\
7KHILUVWSXEOLFDWLRQZLWKDQDQWLVHPLWLFLPSOLFDWLRQVHQFRXQWHUHGE\WKH-DSDQHVHLQWKHLURZQODQJXDJHZDVSUREDEO\WKHWUDQVODWLRQ
RI6KDNHVSHDUH V0HUFKDQWRI9HQLFHLQWKHHDUO\SDUWRIWKH0HLML(UD ± 7KHSOD\ZDVDQLQVWDQWVXFFHVV6RRQDIWHULWV
SXEOLFDWLRQLWZDVVHULDOL]HGLQDQHZVSDSHUDQGWKDQDGDSWHGIRUWKH.DEXNLVWDJH/DFNLQJQXDQFHVDQGFRPSOH[LW\WKH-HZLVK
SURWDJRQLVWZDVSRUWUD\HGDVDJUHHG\YLOODLQDQGIRUWKRVHZKRGLGQRWXQGHUVWDQGWKHWUDQVODWRUH[SODLQHG7KH,WDOLDQ-HZ
6K\ORFNLVZKDWZHFDOOLQRXUFRXQWU\(WDKLQLQ>RXWFDVWJURXSZLWKLQWKH-DSDQHVHVRFLHW\@,WZDVQRWXQWLOWKHODWHVDV
QRWHGE\*RRGPDQDQG0L\D]DZDWKDW6K\ORFNZDVSRUWUD\HGV\PSDWKHWLFDOO\LQ-DSDQ
:LWKWKHHQGRIWKHORQJEDQRQ&KULVWLDQLW\LQWUDQVODWLRQVRIWKH1HZ7HVWDPHQWLQWR-DSDQHVHDOVRZHUHLQVWUXPHQWDOLQ
VKDSLQJHDUO\LPDJHVRI-HZV$OWKRXJKWKHQXPEHURI&KULVWLDQFRQYHUWVKDVQHYHUH[FHHGHGRQHSHUFHQWRIWKH-DSDQHVH
SRSXODWLRQ&KULVWLDQLW\KDVJUHDWSUHVWLJHLQPRGHUQ-DSDQDQGLWVIROORZHUVRIWHQILOOHGLPSRUWDQWSRVLWLRQVHVSHFLDOO\LQHGXFDWLRQ
&XULRXVO\WKH&KULVWLDQLQIOXHQFHGLGPRUHJRRGWKDQKDUPWRWKH-HZLVKLPDJHLQ-DSDQ7URXEOHGZLWKWKHLULGHQWLW\YLVjYLVWKH
:HVWHDUO\-DSDQHVH&KULVWLDQWKHRORJLDQV HJ8FKLPXUD.DQ]{1DNDGD-MLDQG6DHNL<RVKLU{ UHJDUGHGWKH-HZVDVVDYLRUV
DQGHYHQDVVKDULQJDFRPPRQDQFHVWU\ZLWKWKH-DSDQHVH *RRGPDQ 0L\D]DZD±
2QO\DWWKHHQGRI:RUOG:DU,GLGFRQWHPSRUDU\DQWLVHPLWLFPDWHULDOVEHJLQWRSHQHWUDWH-DSDQLQLWLDOO\E\ZD\RIWKH:KLWH
5XVVLDQWURRSVZLWKZKRPWKH-DSDQHVHJRYHUQPHQWFRRSHUDWHGLQDQDWWHPSWWRKDOWWKH%ROVKHYLNFRQWURORI6LEHULDIROORZLQJWKH
5XVVLDQ5HYROXWLRQ%HWZHHQ±-DSDQHVHIRUFHVRILQWHUYHQWLRQFRQWUROOHGSDUWVRI6LEHULDDQGPDLQWDLQHGFORVHFRQWDFWV
ZLWKWKH:KLWH$UPLHVPDQ\-DSDQHVHDFFHSWHGWKHQRWLRQWKDWWKH%ROVKHYLN5HYROXWLRQZDVD-HZLVKSORWDQG-HZVZHUHLGHQWLILHG
ZLWKWKHPHQDFHRIFRPPXQLVP,QWKHILUVWWUDQVODWLRQRI7KH3URWRFROVRIWKH(OGHUVRI=LRQ²UHTXLUHGUHDGLQJDPRQJWKH
:KLWHWURRSV²DSSHDUHGLQ-DSDQHVH6WLOODQWLVHPLWLVPDVUHIOHFWHGLQWKHLGHDVDQGWKHRULHVRIH[WUHPLVWVVXFKDV+LJXFKL
7VX\DQRVXNHDQG6DNDL6K{JXQGUHZWKHVXSSRUWRIIHZSHRSOHLQWKHIROORZLQJGHFDGH
:LWKWKHHQGRIWKHUHODWLYHO\OLEHUDOGD\VRIWKH7DLVKR(UD ± DQGWKHRQVHWRIDIDUUHDFKLQJHFRQRPLFFULVLVDWWKHHQG
RIWKHVQHZZLQGVZHUHEORZLQJ9DULRXVJHRSROLWLFDOLQWHUHVWVDQGVLPLODUQDWLRQDOLVWLFPRRGVGXULQJWKHVFDWDO\]HGWKH
ZDUPLQJRIUHODWLRQVZLWK*HUPDQ\$OWKRXJKLQLWLDOO\-DSDQHVHLQWHOOHFWXDOVDQGLWVPHGLDVHHPHGXQLWHGLQWKHLUFULWLFLVPDQG
FRQGHPQDWLRQRIWKH-HZLVKSHUVHFXWLRQLQ*HUPDQ\LWZDVLQHYLWDEOHWKDW1D]LSURSDJDQGDZRXOGFRPHWREHDFFHSWHG$ORQJZLWK
WKHWUDQVODWLRQRI+LWOHU V0HLQ.DPSIDQG5RVHQEHUJ V0\WKRIWKH7ZHQWLHWK&HQWXU\DJURZLQJQXPEHURIRULJLQDO-DSDQHVH
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
SXEOLFDWLRQVRQWKH-HZLVKWKUHDWEHJDQWRDSSHDU
:LWKWKHRXWEUHDNRIWKH3DFLILF:DU ± WKHUHZDVDQRXWEXUVWRIDQWL-HZLVKDORQJZLWKDQWL&KULVWLDQUDFHKDWUHGLQ
-DSDQZKLFKKLVWRULDQ-RKQ'RZHUSRLQWVRXWKDVQRH[SODQDWLRQEH\RQGPLQGOHVVDGKHUHQFHWR1D]LGRFWULQH 'RZHU
'XULQJWKLVSHULRGDQXPEHURI-DSDQHVHZULWHUVDFFHSWHG1D]LWKHRULHVRIWKH-HZVDVDQDOLHQVLQLVWHUDQGFRUUXSWHOHPHQW
LQWKH:HVWHUQFLYLOL]DWLRQ 6KLOORQ\± -DSDQ VPLVVLRQDUJXHGVRPHDQWLVHPLWHVZDVQRWRQO\WROLEHUDWH$VLDIURP
ZKLWHFRORQLDOLVPEXWWRIUHHDOOKXPDQNLQGIURPWKH-HZV6RSHUYDVLYHGLGDQWLVHPLWLVPEHFRPHLQWKDWSHULRGWKDW-DSDQ VPDMRU
GDLOLHVRFFDVLRQDOO\SULQWHGDUWLFOHVRQWKH-HZLVKLQIOXHQFHDQGSHULO<HWZKLOHWKHJRYHUQPHQWPD\KDYHPDQLSXODWHGWKHLPDJHRI
-HZVLQLQYRNLQJXOWUDQDWLRQDOLVPDQWLVHPLWLVPZDVQHYHUDQRIILFLDOLGHRORJ\LQ-DSDQ0RUHRYHU-HZVOLYLQJLQDUHDVFRQWUROOHGE\
-DSDQUHPDLQHGXQKDUPHGDQGWKRXVDQGVRI-HZLVKUHIXJHHVRZHWKHLUOLYHVWRWKHDFWLRQVRI-DSDQHVHRIILFLDOV
'XULQJWKHILUVWWZRGHFDGHVDIWHUWKHZDUWKH-DSDQHVHZHUHHQJDJHGLQHFRQRPLFUHFRQVWUXFWLRQDQGWKH-HZLVKTXHVWLRQ²
HVSHFLDOO\LWVQHJDWLYHDVSHFWV²GLVDSSHDUHGIURPWKHSXEOLFH\H-DSDQHVHLQWHOOHFWXDOVKRZHYHULQYROYHGLQUHWURVSHFWLRQDQG
SDLQIXOO\DZDUHRIWKH+RORFDXVWDSSURDFKHG-HZLVKWKHPHVIURPDVHULRXVDQGHPSDWKLFVWDQGSRLQW2OGHULPDJHVRI-HZVZHUH
UHSUHVVHGDQGVRPHDQWLVHPLWLFDFWLYLVWVEHFDPHVXSSRUWHUVRIWKH-HZLVKFDXVH2WKHUVLGHQWLILHGZLWKWKH-HZLVKH[SHULHQFHWR
H[FXOSDWHWKHPVHOYHVE\FODLPLQJWREHWKHLQQRFHQWYLFWLPVQRWWKHSHUSHWUDWRUVRIWKHZDU *RRGPDQ 0L\D]DZD
7KHKHUDOGRIFKDQJHLQDWWLWXGHWRZDUG-HZVZDV-DSDQ VEHVWVHOOHURI7KH-DSDQHVHDQGWKH-HZV %HQ'DVDQ
+LGLQJEHKLQGWKHSVHXGRQ\P,VDLDK%HQ'DVDQWKHERRN VDXWKRUDQGSXEOLVKHU<DPDPRWR6KLFKLKHLLQVLVWHGIRU\HDUVRQWKH
JHQXLQH-HZLVKLGHQWLW\RIWKHDXWKRU7KHERRNZDVDFWXDOO\DQH[DPSOHRID1LKRQMLQURQSXEOLFDWLRQUDWKHUWKDQKDYLQJPXFKWRGR
ZLWKDQWLVHPLWLVP,WVLQWHQWZDVWRUHGHILQHWKHHVVHQFHRIEHLQJ-DSDQHVHDQGLWFRPSDUHGWKH-DSDQHVHLVRODWHGSHRSOHOLYLQJLQD
SODFHZLWKDQDEXQGDQFHRIZDWHUWRWKHQRPDGLF-HZVZKRRULJLQDWHGLQWKHGHVHUWDQGODFNVHFXULW\
,QWKHDIWHUPDWKRILWVWUHPHQGRXVSRSXODULW\ PRUHWKDQRQHPLOOLRQFRSLHVVROGLQLWVILUVW\HDUDVZHOODVUHFHLYLQJDOLWHUDU\SUL]H
PDQ\PRUH1LKRQMLQURQSXEOLFDWLRQVIROORZHGDQGWKH-HZLVKLVVXHJUDGXDOO\UHWXUQHGWRWKH-DSDQHVHLQWHOOHFWXDODUHQD$WILUVW
WKHUHZHUHRQO\DWULFNOHRISXEOLFDWLRQVEXWWKH\EURXJKWRXWWKHROGVLQLVWHULPDJHRIEXVLQHVVVNLOOH[HUFLVHGDVSDUWRIDFRQVSLUDF\
WRFRQWUROWKHZRUOG HJ)XMLWD6DLWR
$'(&$'(2),1&5($6,1*$17,6(0,7,&$&7,9,7,(6723,&6$1'75(1'66,1&(7+(0,'6
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7KHUHVXUUHFWLRQRIQHJDWLYH-HZLVKLPDJHVFXOPLQDWHGLQDQHZZDYHRIDQWLVHPLWLFZULWLQJVGXULQJWKHODWWHUKDOIRIWKHV
(PHUJLQJGXULQJWKLVOLWHUDU\UHQDLVVDQFHZDVWKH&KULVWLDQSDVWRU8QR0DVDPLDVWKHPRVWLQIOXHQWLDODXWKRURIDQWLVHPLWLFPDWHULDO
,QDORQHWZRRI8QR VERRNVVROGDFRPELQHGWRWDORIPLOOLRQFRSLHV 8QRDE 8QR²FHUWDLQO\WKHPRVW
VXFFHVVIXOSURPXOJDWRURIDQWLVHPLWLVPLQPRGHUQ-DSDQ²ZDVRIFRXUVHQRWDORQH%\QHDUO\DKXQGUHGERRNVZKLFK
FDUULHGWKHZRUG-HZLQWKHLUWLWOHVZHUHLQFLUFXODWLRQDQGPDQ\ODUJHERRNVWRUHVGLVSOD\HGWKHPLQDVSHFLDO-HZLVKFRUQHU
8QRDQGRWKHUZULWHUVVXFKDV8VKL\DPD.DLFKLDQGÐWD5\UHSHDWHGVRPHRIWKHROGDOOHJDWLRQVDERXW-HZVHVSHFLDOO\IRFXVLQJRQ
D-HZLVKFRQVSLUDF\WRGRPLQDWHWKHZRUOGDQGWRWDNHRYHU-DSDQWKHODVWREVWDFOHLQWKHLUSODQ7KH\DVVRFLDWHGYDULRXVHYHQWV
LQ-DSDQ VPRGHUQKLVWRU\ HJWKH5XVVR-DSDQHVH:DUWKHDWWDFNRQ3HDUO+DUERUWKHDWRPERPEVGURSSHGRQ+LURVKLPDDQG
1DJDVDNL ZLWK-HZLVKLQWULJXHVDQGVLPLODUO\WKH\SXWWKHEODPHRQWKH-HZVIRU-DSDQ VFRQWHPSRUDU\HFRQRPLFGLIILFXOWLHVDVZHOO
DVWKHWUDGHIULFWLRQZLWKWKH8QLWHG6WDWHV)LQDOO\LQIOXHQFHGE\IRUHLJQDQWLVHPLWLVP8QRDQGRWKHUZULWHUVRIKLVLONKDYHGHQLHGWKH
+RORFDXVWDQGGHFODUHGDQXPEHURIZRUOGZLGHPDODGLHV HJ$,'6 DVD-HZLVKFUHDWLRQ
7KHSXEOLFDWLRQRI+RORFDXVWGHQLDOERRNVLQWKHIULQJHLQHYLWDEO\OHGWRWKHHPHUJHQFHRIVXFKFODLPVLQWKHPDLQVWUHDP-DSDQHVH
PHGLD,Q-DQXDU\RQWKHILIWLHWKDQQLYHUVDU\RIWKHOLEHUDWLRQRI$XVFKZLW]DVW\OLVKPRQWKO\0DUFR3RORFDUULHGDQDUWLFOH
GHQ\LQJWKH+RORFDXVW 1LVKLRND ,QWKHVXEVHTXHQWVFDQGDOZKLFKHUXSWHGWKHSXEOLVKHUGHFLGHGWRFORVHWKHMRXUQDODQG
GLVPLVVLWVHGLWRU FI.DZDGRDE
3UHYLRXVO\LQWKH6KNDQ3RVWDSRSXODUZHHNO\EODPHGWKH-HZVIRUDUHFHQWGURSLQWKH-DSDQHVHVWRFNPDUNHWDQGSRLQWHG
RXWWKDWWKH\FRXOGGHVWUR\WKHHQWLUH-DSDQHVHQDWLRQZKHQHYHUWKH\GHVLUHG,Q'HFHPEHUWKHVDPH\HDUDZHHNO\RIDVLPLODU
FKDUDFWHUDQGFLUFXODWLRQ PRUHWKDQDKDOIPLOOLRQFRSLHV 6KNDQ*HQGDLEDVHGRQLQVLGHLQIRUPDWLRQFODLPHGWKDWWKH-HZLVK
FRQWUROOHGPDVVPHGLDLQWKH8QLWHG6WDWHVPDQLSXODWHG$PHULFDQSXEOLFRSLQLRQLQIDYRURI3UHVLGHQW&OLQWRQ
$QRWKHUDVSHFWRIWKHH[SDQGLQJH[SRVXUHRIDQWLVHPLWLFZULWLQJVZDVWKHFRQVSLFXRXVDGYHUWLVHPHQWVIRUWKHPSXEOLVKHGZLWKRXW
KHVLWDWLRQE\WKHJUHDWHVWDQGPRVWUHVSHFWDEOHQHZVSDSHUVLQ-DSDQ2QHH[DPSOHZDVDSURPLQHQWDGYHUWLVHPHQWIRUDQDQWLVHPLWLF
WULORJ\DSSHDUHGLQWKH1LKRQ.HL]DL6KLPEXQLQ-XO\(YHQLIRQHGLGQRWUHDGWKHERRNLWZRXOGKDYHEHHQKDUGWRLJQRUH
WKHDGYHUWLVHPHQW VRXWOLQHRID-HZLVKSODQWRGHVWUR\-DSDQDQGWKHDFFXVDWLRQVWKDWWKH-HZVLQVXOWWKH(PSHURUDQGWKH-DSDQHVH
SHRSOH,QUHVSRQVHWRFULWLFLVPRIILFLDOVRIWKHQHZVSDSHUGHFODUHGWKDWWKHDGYHUWLVHPHQWZDVQRWVODQGHURXV
)LQDOO\LQ-DQXDU\WKH9DMUD\DQD6DFFDWKHSXEOLFDWLRQRIWKHRFFXOWVHFW$XP6KLQULN\RSXEOLVKHGDQDQWLVHPLWLFWUDFWWLWOHG
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
0DQXDORI)HDU7KH-HZLVK$PELWLRQ²7RWDO:RUOG&RQTXHVW,WFODLPHGWKDWWKH-HZVKDGH[SORLWHGWKH:RUOG:DU,,GHIHDWRI
-DSDQLQWKHLUFRQVSLUDF\WRFRQWUROWKHZRUOG7KH-HZVZHUHSUHVHQWHGDVDXQLYHUVDOHQHP\ZKLFKZLWKWKHDLGRI
LQWHUQDWLRQDOL]HG-DSDQHVHZHUHSORWWLQJWRH[WHUPLQDWHWKUHHELOOLRQSHRSOHLQWKHQH[WILYH\HDUV7ZRPRQWKVODWHUPHPEHUVRI
WKHVHFWFDPHWRZRUOGDWWHQWLRQZKHQWKH\DWWDFNHG7RN\R VXQGHUJURXQGNLOOLQJDQGLQMXULQJPRUHWKDQSHRSOH/DWHU
LQYHVWLJDWLRQUHYHDOHGWKDWFKLOGUHQRIWKHVHFWZHUHWDXJKWLQVFKRROWKDW+LWOHUZDVDKHURDQGZDVVWLOODOLYH
027,9(6)25$17,6(0,7,&$77,78'(6,1&217(0325$5<-$3$1
2XWOLQHGEHORZDUHVHYHUDOSRVVLEOHH[SODQDWLRQVIRUWKHXSVXUJHRIDQWLVHPLWLFZULWLQJVLQ-DSDQLQWKHODVWGHFDGHDVVHHQLQWKUHH
EURDGDUHDV
-HZVDVD5HIOHFWLRQRIWKHLPDJHRIWKH2WKHU7KHLPDJHRIWKH-HZPD\UHSUHVHQWRUGLVSODFHWKDWRIRWKHUH[WHUQDOJURXSV
ZLWKZKRPWKH-DSDQHVHDUHLQFRQIOLFWEXWZKLFKDUHOHVVOHJLWLPDWHIRUFULWLFLVP
'LVSODFHPHQWRIIUXVWUDWLRQWRZDUGWKH:HVW0RUHWKDQIUXVWUDWLRQWRZDUGWKH:HVW-DSDQHVHDQWLVHPLWLVPPD\KDYH
EHFRPHUHFHQWO\DVWUDQGRIDQWL$PHULFDQLVPDUJXHV1HLO6DQGEHUJGLUHFWRURIWKH$PHULFDQ-HZLVK&RPPLWWHH V3DFLILF
5LP,QVWLWXWH,W VQRWIDVKLRQDEOHWRDWWDFN$PHULFDVR-HZVEHFRPHVFDSHJRDWV /HH -HZVDVVXFKDUH
SHUFHLYHGDVWKHXOWLPDWHRUTXLQWHVVHQWLDO:HVWHUQHUDQHSLWRPHRIDOOWKDWLVQHJDWLYHDERXWWKH:HVW
'LVSODFHPHQWRI[HQRSKRELFIHHOLQJVWRZDUGIRUHLJQHUV6RPHREVHUYHUVKDYHVXJJHVWHGWKDWWKH-DSDQHVHDQWL-HZLVK
SKHQRPHQRQLVDFWXDOO\DQLQGLUHFWZD\RIH[SUHVVLQJUHVHQWPHQWDJDLQVWIRUHLJQHUVLQJHQHUDO7KHLQFUHDVHRIOHJDODQGLOOHJDO
ZRUNHUVGXULQJWKHSHULRGRIUHFHVVLRQUHLJQLWHG-DSDQHVH[HQRSKRELD2QHH[DPSOHXVHGWRVXSSRUWWKLVWKHRU\LVWKH
GHPRQVWUDWLRQLQ7RN\RLQWKHVSULQJRIE\XOWUDULJKWZLQJJURXSVZKRXVHG1D]LVZDVWLNDVRQWKHWKHLUSRVWHUVZKHQ
FDOOLQJIRUWKHH[SXOVLRQRILOOHJDOLPPLJUDQWV 6RXWK(DVW$VLDQV.RUHDQVDQG,UDQLDQV-HZVDVVXFKDUHSHUFHLYHGDV
WKHTXLQWHVVHQWLDOIRUHLJQHUDQHSLWRPHRIDOOWKDWLVQHJDWLYHDERXWIRUHLJQHUV
5HIOHFWLRQRI,VUDHO VLPDJHDQG-DSDQ VVWDQFHWRZDUGWKH$UDEZRUOG7KHLPDJHRIWKH-HZVLVDIIHFWHGE\WKHQHJDWLYH
LPDJHWKDW,VUDHOKDVLQWKH-DSDQHVHPDVVPHGLDHVSHFLDOO\DIWHUWKHRLOFULVLVLQ%RWKULJKWDQGOHIWZLQJSURSRQHQWVRI
DQWLVHPLWLVPDUJXHIRUDSUR$UDEVWDQFHDQGYHKHPHQWO\RSSRVHWKH6WDWHRI,VUDHO
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
,,,QWHUSUHWLQJ-DSDQ
7KHLPDJHRIWKH-HZLVXVHGWRIDFLOLWDWHLQWHUQDOQHHGV-HZVVHUYHDVDEHDFRQRI-DSDQ VTXHVWIRUVHOIGHILQLWLRQDVDQH[SODQDWLRQ
IRU-DSDQ VFXUUHQWSUREOHPVDQGDVDZDUQLQJIRUIXWXUHGHYHORSPHQWV
5HLQIRUFHPHQWRIWKH-DSDQHVHVHQVHRIXQLTXHQHVV6LQFHWKHLUHDUO\KLVWRU\DVDQDWLRQWKH-DSDQHVHKDYHLQYRNHGDQG
PDQLSXODWHGLPDJHVRIIRUHLJQHUVRIWHQIDUIURPUHDOLW\EXWLQDFFRUGDQFHZLWKFHUWDLQVRFLDORUSROLWLFDODJHQGDVLQRUGHUWR
GHILQHWKHLURZQLGHQWLW\-HZVLQWKLVVHQVHVHUYHGDVWKHTXLQWHVVHQWLDORWKHULQFRQWUDVWWRWKH-DSDQHVHLQDQ\RIWKHLU
WUDLWV7KHH[DPSOHRI<DPDPRWR6KLFKLKHL VERRN7KH-DSDQHVHDQGWKH-HZVZKLFKFRQWLQXHGWKHHDUOLHUWUHQGRI
WUHDWLQJWKH-HZDVWKHDUFKHW\SDORWKHUIDFLOLWDWHGRWKHU1LKRQMLQURQWKHRULVWVLQFRPSDULQJWKH-DSDQHVHZLWK-HZV
$QH[SODQDWLRQIRU-DSDQ VHFRQRPLFGLVWUHVV7KHQHZZDYHRIDQWLVHPLWLFZULWLQJVHSLWRPL]HGE\8QRDSSHDOHGWRPDQ\
-DSDQHVHEHFDXVHWKH\RIIHUHGDQH[SODQDWLRQIRU-DSDQ VHFRQRPLFZRHV'XULQJWKHPLGVDV-DSDQ VHFRQRPLF
H[SDQVLRQUHDFKHGQHZSHDNVWUDGHIULFWLRQZLWKWKH8QLWHG6WDWHVJUHZ7KHFROODSVHRIWKHEXEEOHHFRQRP\DWWKHHQGRI
WKHVDQGWKHEHJLQQLQJRIDQXQSUHFHGHQWHGUHFHVVLRQLQWHQVLILHGDQ[LHW\DERXWWKH-DSDQ VHFRQRPLFIXWXUH
$ZDUQLQJDQGQHJDWLYHPRGHOIRU-DSDQ7KHLPDJHRIWKHDYDULFLRXV-HZLVXVHGDVDQHJDWLYHPRGHOWRZDUQ-DSDQRIWKH
GDQJHUWRLWVLPDJHLILWFRQWLQXHVWREHKDYHOLNHDQHFRQRPLFDODQLPDO 6KLOORQ\
,,,6XSSO\DQGGHPDQG
6LGHE\VLGHZLWKQDWLRQDOQHHGVDQGSV\FKRORJLFDOPRWLYHVWKHUHPD\EHDGGLWLRQDOIDFWRUVLQWKHUHFHQWXSVXUJHRIDQWLVHPLWLF
ZULWLQJVXQUHODWHGWRWKH-HZLVKTXHVWLRQRU-DSDQ VFXUUHQWVLWXDWLRQ
$WWUDFWLRQWRWKHRFFXOW7KHLQWHUHVWLQ-HZVLVGXHWRWKHLULPDJHDVDVPDOOVHFOXGHGJURXSZKLFKLQIOXHQFHVDQGFRQWUROV
ZRUOGDIIDLU7KHUHLVLQ-DSDQVQH[FHSWLRQDOLQWHUHVWLQRFFXOWLVPVXSHUQDWXUDOSKHQRPHQDDQGDZLGHUDQJHRIFRQVSLUDF\
WKHRULHV:LWKLQWKLVPLOLHXWKH-HZVDVDQXQIDPLOLDUDQGOHJHQGDU\SHRSOHSOD\WKHUROHRIZRUOGPDQLSXODWRUV
&RPPHUFLDOVXFFHVV7KHRXWODQGLVKVXFFHVVRI<DPDPRWR V7KH-DSDQHVHDQGWKH-HZVOHGWRDZDYHRISXEOLFDWLRQV
SDUWO\EHFDXVHWKHWRSLFDSSHDUHGDVDJROGHQPLQHIRUSXEOLVKHUVDQGIOH[LEOHZULWHUV7KHVXSSO\RIERRNVOXUHGQHZUHDGHUV
WKDWSUHYLRXVO\PD\KDYHKDGQRLQWHUHVWLQWKHVXEMHFW6LQFHWKHERRPRIWKHPLGVDQXPEHURIXQVFUXSXORXV
SXEOLVKHUVKDYHHQWHUHGWKHDUHQD6RPHVHHPWRKDYHYHU\OLPLWHGNQRZOHGJHRIWKH-HZVDQGLQWKHQDPHRIIUHHGRPRI
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
VSHHFKWKH\FRQWLQXHSXEOLVKLQJFDULQJRQO\DERXWWKHVXFFHVVRIWKHLUERRNV
$77,78'(672:$5'-(:65(9,(:2)(03,5,&$/678',(6
$OWKRXJKDORWKDVEHHQZULWWHQDERXW-DSDQHVHDWWLWXGHVWRZDUG-HZVRQO\DIHZVFKRODUVKDYHYHQWXUHGWRDVVHVVWKHVHDWWLWXGHV
WKURXJKDQHPSLULFDOLQYHVWLJDWLRQ,QLQDQHUDRIUHODWLYHODWHQF\WRZDUGWKH-HZVLQ-DSDQWKHVRFLDOVFLHQWLVW$NLWD.L\RVKL
FRQGXFWHGKLVILUVWVWXG\RIDWWLWXGHVWRZDUGYDULRXVHWKQLFJURXSVDPRQJVWXGHQWVRI'{VKLVKD8QLYHUVLW\$VNHGDERXWWKHLUVHQVHRI
DWWUDFWLRQWRZDUGJURXSVWKHVWXGHQWVXQIODWWHULQJO\UDQNHGWKH-HZVWHQWK
$\HDUODWHU$NLWDHODERUDWHGKLVLQYHVWLJDWLRQ7KLVWLPHKHDVNHGKLVVWXGHQWVWRFKDUDFWHUL]HGWKHHWKQLFJURXSVE\VHOHFWLQJ
IURPSDLUVRIDGMHFWLYHV-HZVZHUHDOPRVWXQHTXLYRFDOO\GHSLFWHGLQDQHJDWLYHOLJKW7KH\ZHUHVHOHFWHGDVWKHPRVWGDUN
YHUVXVEULJKW DVWKHVHFRQGPRVWXQKDSS\VWLIIDQGFRPSOH[ YHUVXVVLPSOH DVWKHWKLUGPRVWDVRFLDODQGSK\VLFDOO\
VPDOODQGDVWKHIRXUWKPRVWZHDNWLPLGXJO\DQGFOHYHUDPRQJDOOWKHJURXSV,QPRVWRIWKHUHPDLQLQJSDLUVRIDGMHFWLYHV
DVZHOO-HZVZHUHSODFHGLQWKHQHJDWLYHVLGH $NLWDFLWHGLQ*RRGPDQ 0L\D]DZD
,QWKH6SDQLVKVRFLDOSV\FKRORJLVW)HUGLQDQGR%DVDEHFRQGXFWHGDVXUYH\RIHWKQLFDWWLWXGHVDQGVWHUHRW\SHVDW6RSKLD
8QLYHUVLW\DOHDGLQJ&KULVWLDQXQLYHUVLW\ORFDWHGLQ7RN\R$VNHGWRFKDUDFWHUL]HWKH-HZVXVLQJDOLVWRIDGMHFWLYHVWKHVWXGHQWV
SURILOHZDVQHJDWLYHEXWFRQWDLQHGVRPHSRVLWLYHWUDLWVDVZHOO7KH-HZVZHUHGHSLFWHGDVUHOLJLRXV RIWKHUHVSRQGHQWV
FKRVHWKLVDGMHFWLYH PRQH\VHHNHUV FXQQLQJ WHQDFLRXV FOHYHU LQGXVWULRXV DQG
RIVWURQJZLOO %DVDEH
)ROORZLQJWKHQHZZDYHRIDQWLVHPLWLFZULWLQJVWKHUHKDVEHHQRQO\RQHVXUYH\WKDWH[DPLQHGDWWLWXGHVWRZDUG-HZVDQGWKHLULPDJH
,QWKH$QWL'HIDPDWLRQ/HDJXH $'/ RI% QDL% ULWKFRPPLVVLRQHGDODUJHVFDOHVXUYH\RI-DSDQHVHDGXOWV :DWWV
5HVSRQGHQWVZHUHDVNHGWRFKRRVHDPRQJHLJKWSDLUVRIDGMHFWLYHVUHJDUGLQJ-HZVDQGVHYHUDORWKHUVJURXSV %XGGKLVWV
&KULVWLDQV$VLDQV%ODFNV$UDEVDQG0XVOLPV -HZVWHQGHGWREHVHHQDVJUHHG\DQGXQIULHQGO\DQGWRDOHVVHUH[WHQWDVXQFOHDQ
DQGGHFHLWIXO$WWKHVDPHWLPHWKH\ZHUHDVVHVVHGPRUHRIWHQWKDQQRWDVEUDYHKDUGZRUNLQJLQWHOOLJHQWDQGVSLULWXDO-HZVZHUH
FRQVLVWHQWO\UDQNHGEHORZ&KULVWLDQVDQG%XGGKLVWVDQGRIWHQZHUHFOXVWHUHGWRJHWKHUZLWK0XVOLPV$UDEVDQG%ODFNV
6HYHQSHUFHQWRIWKHUHVSRQGHQWVKDGUHDGRQHRUPRUHDQWLVHPLWLFERRNDERXW-HZV WKHVXUYH\GHILQHGVXFKERRNVDVWKRVH
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
ZKLFKKDYHEHHQYHU\SRSXODUUHFHQWO\DQGKDYHFDXVHGDORWRIGLVFXVVLRQ ZKLOHDQRWKHUKDGKHDUGRIWKHP,QIDFWRI
WKRVHIDPLOLDUZLWKWKHVHERRNVIHOWWKH\ZHUHXQIDLUZKHUHDVIHOWWKHRSSRVLWH)XUWKHUPRUHRQO\RIWKRVHH[SRVHGWRWKDW
VRUWRIOLWHUDWXUHVDLGLWKDGPDGHWKHLURSLQLRQDERXW-HZVZRUVHZKHUHDVVDLGLWKDGPDGHWKHLURSLQLRQEHWWHU
'HVSLWHWKLVFRVWO\DWWHPSWWRVDPSOHWKH-DSDQHVHSRSXODWLRQWKHVXUYH\VXIIHUHGIURPVHYHUDOIODZVLWXVHGRQO\DIHZLWHPV
UHJDUGLQJ-HZVWKHJURXSVWRZKLFK-HZVZHUHFRPSDUHGVHHPWREHDKRGJHSRGJHODFNLQJDFOHDUHWKQLFLGHQWLW\ZLWKLQ-DSDQHVH
FXOWXUH ZHUH&KULVWLDQVVXSSRVHGWRUHSUHVHQWRQO\:HVWHUQHUVRU)LOLSLQRVDVZHOO":HUH%XGGKLVWV-DSDQHVHRURWKHUSHRSOHVDV
ZHOO" DQGILQDOO\WKHVWDWLVWLFDODQDO\VLVZDVRQO\GHVFULSWLYHDQGGLGQRWSURYLGHPXFKLQIRUPDWLRQDERXWWKHLGHQWLW\RIWKRVHZKR
KDUERUHGSRVLWLYHRUQHJDWLYHDWWLWXGHVWRZDUG-HZV
7+(35(6(175(6($5&+
7KH6DPSOHDQG)LHOG:RUN
7KHUHVHDUFKSRSXODWLRQFRQVLVWHGRI-DSDQHVHXQLYHUVLW\VWXGHQWVHLJKWHHQ\HDUVRIDJHDQGRYHUHQUROOHGDWWKUHHXQLYHUVLWLHV
DQHOLWHQDWLRQDOXQLYHUVLW\ZLWKDVWXGHQWSRSXODWLRQIURPDOORYHU-DSDQ WKH8QLYHUVLW\RI7VXNXED DSUHIHFWXUDOQDWLRQDOXQLYHUVLW\
ZLWKDORFDOVHPLUXUDOVWXGHQWSRSXODWLRQ ,EDUDNL8QLYHUVLW\ DQGDPHWURSROLWDQSULYDWHXQLYHUVLW\ZLWKDVWXGHQWSRSXODWLRQPDLQO\
IURPXUEDQDUHDRI7RN\R 0HLNDL8QLYHUVLW\ 7KHVWXGHQWVZHUHUHFUXLWHGWKURXJKWKHUHTXHVWRIWKHLUWHDFKHUVDQGWKHIHZZKR
UHIXVHGWRSDUWLFLSDWHZHUHRPLWWHGIURPWKHVDPSOH)LHOGZRUNWRRNSODFHEHWZHHQ)HEUXDU\DQG2FWREHU
$LPV
7KHSUHVHQWUHVHDUFKDLPHGWRH[DPLQHVHYHUDOLVVXHV)LUVWLWVRXJKWWRGHWHUPLQHFXUUHQW-DSDQHVHDWWLWXGHVWRZDUG-HZVDV
UHIOHFWHGE\YDULRXVPHDVXUHVVXFKDVLPDJHVDWWUDFWLRQDQGJHQHUDODVVHVVPHQW6HFRQGLWVRXJKWWRFRPSDUHWKHILQGLQJVZLWKWKH
LPDJHVRIVHYHUDORWKHUHWKQLFJURXSVLQ-DSDQDVZHOODVWKHDWWLWXGHVWRZDUGVWKHP7KLUGLWVRXJKWWRLQYHVWLJDWHWKHUHODWLRQ
EHWZHHQNQRZOHGJHDERXW-HZVDQGH[SRVXUHWRLQIRUPDWLRQDERXW-HZVDQGDWWLWXGHVWRZDUGWKHP
+DYLQJIXOILOOHGWKHVHLQLWLDOWDVNVWKHSUHVHQWVWXG\PD\HQDEOHVRQHWRDFFHSWRUUHMHFWVHYHUDOIXQGDPHQWDOK\SRWKHVHVUHJDUGLQJWKH
VRXUFHVRIWKH-DSDQHVHDWWLWXGHVWRZDUG-HZVDQGPD\SURYLGHFHUWDLQLQVLJKWVUHJDUGLQJWKHUHFHQWERRPRIDQWLVHPLWLFZULWLQJV
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
6LPLODUO\LWPD\VKHGVRPHOLJKWUHJDUGLQJWKHSHQHWUDWLRQRIUHFHQWDQWLVHPLWLFLGHDVLQWRWKH-DSDQHVHPDLQVWUHDPDVZHOODVWKH
H[WHQWRIWKHLULQIOXHQFH
+\SRWKHVHV
7KLVVWXG\VRXJKWWRH[DPLQHWZRVHWVRIK\SRWKHVHV
$0RWLYHVIRUFXUUHQWDWWLWXGHVWRZDUG-HZV
$WWLWXGHVKHOGE\WKHJHQHUDOSXEOLFWRZDUG-HZVRUDQ\RWKHUHWKQLFJURXSUHIOHFWRUDWOHDVWLOOXPLQDWH,EHOLHYHWKHPRWLYHVIRU
WKRVHDWWLWXGHV&RQVHTXHQWO\VHYHUDOK\SRWKHVHVFDQEHDGYDQFHGUHJDUGLQJDWWLWXGHVWRZDUG-HZVLQ-DSDQLQUHODWLRQWRRWKHU
JURXSV
,ILQGHHGWKH-HZVDUHUHJDUGHGDVDQDQWLWKHVLVRIWKH-DSDQHVH-DSDQHVHVHOIDWWLWXGHVVKRXOGEHGLVVLPLODUWRDWWLWXGHV
WRZDUG-HZV,QWHUPVRIVWHUHRW\SHVLWLVH[SHFWHGWKDWVHOILPDJHDQGWKH-HZLVKLPDJHZRXOGEHFRUUHODWHGQHJDWLYHO\ZLWK
HDFKRWKHU
,ILQGHHGWKH-HZVDUHUHJDUGHGDVWKHTXLQWHVVHQWLDO:HVWHUQHUVDWWLWXGHVWRZDUGWKHPVKRXOGEHVLPLODUWRDWWLWXGHV
WRZDUG:HVWHUQHUVDQGPRUHGLYHUJHQWIURPWKH-DSDQHVHVHOIDWWLWXGHVWKDQWKHGLYHUJHQFHEHWZHHQWKHDWWLWXGHVWRZDUG
:HVWHUQVDQGVHOIDWWLWXGHV,QWHUPVRIVWHUHRW\SHVLWLVH[SHFWHGWKDWWKHVWHUHRW\SHVRI-HZVDQG:HVWHUQHUVZRXOGEH
FRUUHODWHGQHJDWLYHO\ZLWKHDFKRWKHU6LPLODUO\LWLVH[SHFWHGWKDW-HZVZLOOEHSHUFHLYHGDQGWUHDWHGPRUHQHJDWLYHO\WKDQ
:HVWHUQHUVZKHQDWWLWXGHVWRZDUG:HVWHUQHUVDUHQHJDWLYHDQGPRUHSRVLWLYHO\ZKHQWKHDWWLWXGHVDUHSRVLWLYH
,ILQGHHGWKH-HZVDUHUHJDUGHGDVWKHTXLQWHVVHQWLDOIRUHLJQHUVDWWLWXGHVWRZDUGWKHPVKRXOGEHVLPLODUWRDWWLWXGHV
WRZDUGRIIRUHLJQHUVDQGPRUHGLYHUJHQWIURPWKH-DSDQHVHVHOIDWWLWXGHVWKDQWKHGLYHUJHQFHEHWZHHQWKHDWWLWXGHVWRZDUG
:HVWHUQVDQGVHOIDWWLWXGHV,QWHUPVRIVWHUHRW\SHVLWLVH[SHFWHGWKDWWKHVWHUHRW\SHVRI-HZVDQGIRUHLJQHUVZRXOGEH
FRUUHODWHGQHJDWLYHO\ZLWKHDFKRWKHU6LPLODUO\LWLVH[SHFWHGWKDW-HZVZLOOEHSHUFHLYHGDQGWUHDWHGPRUHQHJDWLYHO\WKDQ
IRUHLJQHUVZKHQDWWLWXGHVWRZDUGIRUHLJQHUVDUHQHJDWLYHDQGPRUHSRVLWLYHO\ZKHQWKHDWWLWXGHVDUHSRVLWLYH
,ILQGHHGWKHLPDJHRIWKH-HZVLVDIIHFWHGE\DWWLWXGHVWRZDUG,VUDHOLVDWWLWXGHVWRZDUGWKHPVKRXOGEHVLPLODUWRWKH
DWWLWXGHVWRZDUG,VUDHOLV,QWHUPVRIVWHUHRW\SHVLWLVH[SHFWHGWKDWWKHVWHUHRW\SHVRI-HZVDQG,VUDHOLVZRXOGEHFRUUHODWHG
QHJDWLYHO\ZLWKHDFKRWKHUDQGZRXOGEHVLPLODUHVSHFLDOO\LQDUHDVZKHUH,VUDHOLVGLIIHUIURPRWKHUQRQ-DSDQHVHJURXSV
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
%(IIHFWRINQRZOHGJHRI-HZVDQGH[SRVXUHWRLQIRUPDWLRQDERXWWKHP
7KHVHFRQGSUHPLVHRIWKLVVWXG\LVWKDWNQRZOHGJHDERXW-HZVDQGH[SRVXUHWRLQIRUPDWLRQDERXWWKHPPD\DIIHFWDWWLWXGHVWRZDUG
WKHP&RQVHTXHQWO\VHYHUDOK\SRWKHVHVFDQEHDGYDQFHGUHJDUGLQJWKDWUHODWLRQVKLS
7KHJUHDWHUH[SRVXUHRQHKDVWRLQIRUPDWLRQUHJDUGLQJ-HZVWKHPRUHSRVLWLYHDWWLWXGHVKHRUVKHGLVSOD\VWRZDUGWKHP8S
WRDFHUWDLQOHYHOWKLVW\SHRILQIRUPDWLRQPD\UHYHDODIXOOVSHFWUXPRIIHDWXUHVRIWKH-HZVDQGWKXVUHGXFHWKHVHQVHRI
RWKHUQHVVRQHKDVWRZDUGWKHP
7KHJUHDWHUH[SRVXUHRQHKDVWRQHJDWLYHLQIRUPDWLRQRQ-HZVWKHPRUHQHJDWLYHDWWLWXGHVKHRUVKHGLVSOD\WRZDUGWKHP
7KLVW\SHRILQIRUPDWLRQVXFKDVSURYLGHGE\DQWLVHPLWLFSXEOLFDWLRQVIRFXVHVRQWKHDOOHJHGO\XQIDYRUDEOHDQGHYLOIHDWXUHVRI
-HZVDQGWKXVLQFUHDVHVUHSXOVLRQDQGVHQVHRIRWKHUQHVVRQHKDVWRZDUGWKHP
7KHJUHDWHUIDFWXDONQRZOHGJHRQHKDVDERXW-HZVWKHPRUHSRVLWLYHDWWLWXGHVKHRUVKHGLVSOD\V8SWRDFHUWDLQOHYHO
NQRZOHGJHDERXW-HZVPD\UHIOHFWRQH VNHHQLQWHUHVWLQWKHP.QRZOHGJHPD\DOVROLPLWWKHVHQVHRIRWKHUQHVVWRZDUG
-HZV
.QRZOHGJHDQG([SRVXUH
,QHDFKRIWKHWKUHHVXUYH\VZHPDGHXVHRIDVKRUWTXHVWLRQQDLUHUHJDUGLQJWKHSDUWLFLSDQWV NQRZOHGJHDERXW-HZVDQGH[SRVXUHWR
LQIRUPDWLRQDERXW-HZV7KLVTXHVWLRQQDLUHZKLFKFDPHDWWKHHQGRIHDFKVXUYH\ZDVFRPSRVHGIRUDSLORWVWXG\EXWGXHWRWKH
OLPLWHGNQRZOHGJHDQGH[SRVXUHUHYHDOHGLWZDVUHWDLQHGLQLWVUXGLPHQWDU\IRUPLQWKHVXUYH\VZKLFKIROORZHG7KHVHFWLRQRQ
NQRZOHGJHFRQVLVWHGRIVL[LWHPVWKHSDUWRQH[SRVXUHWRLQIRUPDWLRQDERXW-HZVRIILYHLWHPV
.QRZOHGJHRI-HZVYDULHGDFFRUGLQJWRWKHTXHVWLRQ2QO\RQHRXWRIHLJKWSDUWLFLSDQWVNQHZWKDW1LHW]VFKHZDVWKHQRQ-HZLVK
SHUVRQDOLW\DPRQJWKHIRXUSHUVRQDOLWLHVSUHVHQWHG WKHRWKHUFKRLFHV0DU[)UHXGDQG(LQVWHLQKDGEHHQRIWHQPHQWLRQHGLQWKH
SDVWDVDQH[DPSOHRIWKH-HZLVK*HQLXV ,QFRQWUDVWDOPRVWKDOIRIWKHSDUWLFLSDQWVNQHZWKDW0RVHVZDV-HZLVK
$ERXWNQHZWKDW-HZVGRQRWHDWSRUN²DWUDGLWLRQDO-HZLVKWDERRFRPPRQO\NQRZQE\(XURSHDQV$VIRUWKH-HZLVKGD\RI
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
UHVWRQO\NQHZLWZDV6DWXUGD\$ERXWDTXDUWHURIWKHSDUWLFLSDQWVZDVDFFXUDWHDERXWWKHQXPEHURI-HZVDQGPRUH
XQGHUHVWLPDWHGWKHQXPEHUWKDQRYHUHVWLPDWHGLW6XUSULVLQJO\NQHZWKDWWKH%LEOHZDVZULWWHQRULJLQDOO\LQ+HEUHZSUREDEO\
EHFDXVHWKLVTXHVWLRQUHODWHVWRJHQHUDONQRZOHGJHDERXW:HVWHUQFLYLOL]DWLRQ
7RH[DPLQHWKHH[LVWHQFHRIVH[DQGLQVWLWXWLRQDOGLIIHUHQFHVLQNQRZOHGJHDERXW-HZVDPRQJWKHSDUWLFLSDQWVD VH[ [
XQLYHUVLW\ $129$RQWKHWRWDONQRZOHGJHZDVFRQGXFWHG7KH$129$UHYHDOHGRQO\LQVWLWXWLRQDOGLIIHUHQFH) S
7KHPRUHSUHVWLJLRXVWKHLQVWLWXWLRQWKHJUHDWHUNQRZOHGJHLWVVWXGHQWVGLVSOD\HG6WXGHQWVRIWKHHOLWHSXEOLFXQLYHUVLW\
VFRUHGWKHKLJKHVWDYHUDJHUHVSRQVHUDWH 0 RXWRIVL[SRVVLEOHFRUUHFWDQVZHUV VWXGHQWVRIWKHSUHIHFWXUDOXQLYHUVLW\VHFRQG
0 DQGWKHVWXGHQWVRIWKHSULYDWHXQLYHUVLW\VFRUHWKHORZHVW 0
:KLOHWKHNQRZOHGJHGLVSOD\HGE\WKHUHVSRQGHQWVPD\EHVRPHZKDWOLPLWHGDVFRPSDUHGZLWKSHRSOHZLWKVLPLODUEDFNJURXQGLQ
WKH:HVWLWVHHPVLPSUHVVLYHZKHQFRPSDUHGZLWKWKHNQRZOHGJHRI:HVWHUQHUVSDUWLFXODUO\,VUDHOLVUHJDUGLQJ-DSDQHVH
SHUVRQDOLWLHVDQGFXVWRPV
$VIRUH[SRVXUHWRLQIRUPDWLRQDERXW-HZV VWXGHQWV UHSRUWHGKDYLQJ-HZLVKDFTXDLQWDQFHV7KLVSHUFHQWDJHLVVOLJKWO\
KLJKHUDOWKRXJKLQVLJQLILFDQWO\GLIIHUHQWWKDQWKHIRXQGLQWKH$'/VXUYH\$ERXWRIWKHSDUWLFLSDQWVKDYHUHDGDERRN
DERXW-HZVDQGWKHSHUFHQWDJHURVHWRZKHQDUWLFOHVZHUHDGGHG/HVVWKDQRQHLQWHQSDUWLFLSDQWVKDGUHDGDERRNRQWKH
-HZLVKUHOLJLRQDQGRQHLQHLJKWSDUWLFLSDQWVKDGUHDGDQ\ERRNRUDUWLFOHDERXWD-HZLVKSORWWRFRQWUROWKHZRUOG
7RH[DPLQHWKHH[LVWHQFHRIVH[DQGLQVWLWXWLRQDOGLIIHUHQFHVLQH[SRVXUHWRLQIRUPDWLRQRQ-HZVDPRQJWKHSDUWLFLSDQWVD VH[ [
XQLYHUVLW\ $129$RQWKHWRWDOH[SRVXUHZDVFRQGXFWHG7KH$129$UHYHDOHGVH[GLIIHUHQFHDQGDWHQGHQF\IRULQVWLWXWLRQDO
GLIIHUHQFH) S) SUHVSHFWLYHO\:RPHQKDGJUHDWHUH[SRVXUHWRLQIRUPDWLRQWKDQ
PHQDQGDJDLQWKHPRUHSUHVWLJLRXVWKHLQVWLWXWLRQWKHJUHDWHUH[SRVXUHLWVVWXGHQWVKDG,QSDUWLFXODUZRPHQKDGE\IDUJUHDWHU
H[SRVXUHWKDQPHQWRERRNVDERXW-HZV YV WRERRNVDQGDUWLFOHVDERXW-HZVDQG-XGDLVP YV DQG
WRERRNVDQGDUWLFOHVDERXWD-HZLVKSORWIRUFRQWURORIWKHZRUOG YV
$PRQJWKHSDUWLFLSDQWVZKRILOOHGRXWWKLVTXHVWLRQQDLUHWKHUHZDVDSRVLWLYHEXWPRGHUDWHFRUUHODWLRQEHWZHHQH[SRVXUHWR
LQIRUPDWLRQDERXW-HZVDQGNQRZOHGJHDERXWWKHP
U S
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
6859(<
5(35(6(17$7,9(,0$*(62)-(:6
2YHUYLHZ
7KHJRDORIWKLVVXUYH\ZDVWRH[DPLQHWKHEDVLFLPDJHRI-HZVDQGWRFRPSDUHLWZLWKWKHLPDJHRIILYHDGGLWLRQDOJURXSV
:HVWHUQHUVIRUHLJQHUV,VUDHOLV$UDEVDQG-DSDQHVH7KLVVXUYH\IROORZHGWKHFODVVLFSDWWHUQRIVWHUHRW\SHVWXGLHVLQZKLFK
VXEMHFWVVHOHFWDOLPLWHGQXPEHURIVWHUHRW\SHV7KHLUVHOHFWLRQ\LHOGVDOLVWRIW\SLFDOVWHUHRW\SHVZKLFKFDQEHDUUDQJHGIURPWKH
PRVWSRSXODUWRWKHOHDVW
0HWKRG
3DUWLFLSDQWV2QHKXQGUHGQLQHW\QLQH ZRPHQDQGPHQ XQGHUJUDGXDWHVHQUROOHGLQ,EDUDNL8QLYHUVLW\DQGWKH8QLYHUVLW\RI
7VXNXED PHDQDJH6' $OOSDUWLFLSDQWVZHUH-DSDQHVHQDWLRQDOVZKRWRRNSDUWDWWKHUHTXHVWRIWKHLULQVWUXFWRUV
7HVWLQJPDWHULDO7ZRTXHVWLRQQDLUHVZHUHXVHG7KHILUVWRQH6WHUHRW\SH/LVW4XHVWLRQQDLUHFRQVLVWHGRIDOLVWRIWUDLW
DGMHFWLYHVEDVHGRQDVWXG\RI'HDQ3HDERG\ 3HDERG\VRXJKWWRVHOHFWYDULDEOHVIURPQDWXUDOODQJXDJHWRPHDVXUH
SHUVRQDOLW\FKDUDFWHULVWLFV6HYHUDOIDFWRUDQDO\VHVUHGXFHGKLVOLVWWRELSRODUDGMHFWLYHV7KHUHZHUHIRXUYHUVLRQVWRWKLV
TXHVWLRQQDLUHGLIIHULQJRQO\LQWKHJURXSOLVWHG(DFKYHUVLRQUHIHUUHGWRWKUHHJURXS-DSDQHVH VHOILPDJH -HZVDQGRQHRIWKH
IROORZLQJJURXSV:HVWHUQHUVIRUHLJQHUV,VUDHOLVRU$UDEV5HVSRQGHQWVZHUHUHTXHVWHGWRVHOHFWWKHILYHPRVWGHVFULSWLYH
DGMHFWLYHVIRUHDFKRIWKHWKUHHJURXSV7KHVHFRQGTXHVWLRQQDLUHZDV.QRZOHGJH([SRVXUHTXHVWLRQQDLUHPHQWLRQHGDERYH
3URFHGXUH7KHVXUYH\ZDVSUHVHQWHGDVDUHVHDUFKRQLQWHUQDWLRQDOSHUVSHFWLYHV7KHSDUWLFLSDQWVZHUHUDQGRPO\KDQGHGRQH
YHUVLRQRIWKH6WHUHRW\SH/LVW4XHVWLRQQDLUHDQGDIWHUFRPSOHWLQJLWWKH\ILOOHGLQWKH.QRZOHGJH([SRVXUHTXHVWLRQQDLUHZKLFKZDV
DWWDFKHGWRWKHILUVWTXHVWLRQQDLUH
5HVXOWV
7RDVVHVVWKHLPDJHRIHDFKJURXSZHFRXQWWKHQXPEHURIWLPHVHDFKDGMHFWLYHZDVVHOHFWHG7DEOHFRQWDLQVDOOWKHDGMHFWLYHV
VHOHFWHGE\PRUHWKDQRIWKHSDUWLFLSDQWVIRUHDFKJURXS7KHLPDJHRI-HZVLQFOXGHVVHYHUDOSRVLWLYHDGMHFWLYHVVXFKDV
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
LQWHOOLJHQWFDSDEOHSHDFHIXODQGKDUGZRUNLQJDQGDIHZDGMHFWLYHVWKDWPD\FDUU\DQHJDWLYHQXDQFHVXFKDVXQVWDEOHVNHSWLFDO
DQGWKULIW\
*URXSLPDJH7KHVHOILPDJHRIWKH-DSDQHVHZDVVLPLODUWRHDUOLHUVHOIGHVFULSWLRQVRIWKH-DSDQHVHVXFKDVKDUGZRUNLQJ VHOHFWHG
E\DOPRVWKDOIRIWKHSDUWLFLSDQWV PRGHVWVHULRXVUHVHUYHGDQGSROLWH7KHLPDJHRI:HVWHUQHUVFRQWDLQHGSRVLWLYHDQGQHJDWLYH
DWWULEXWHVUHODWHGWRWKHWUDGLWLRQDO-DSDQHVHSHUFHSWLRQRIWKHPDVH[WURYHUWLQGLYLGXDOLVWVDQGLWGLIIHUVJUHDWO\IURPWKHVHOILPDJHRI
WKH-DSDQHVH7KHPRVWIUHTXHQWO\VHOHFWHGDGMHFWLYHUHJDUGLQJ:HVWHUQHUVZDVVHOIFRQILGHQFH&RQILGHQFHZHQWWRJHWKHUZLWK
VRFLDELOLW\EXWVRPHWLPHVERUGHUHGRQVHOILVKQHVVFRQFHLWDQGHYHQTXDUUHOVRPHQHVV)URPWKHVRFLDOYLHZSRLQW:HVWHUQHUVZHUH
SHUFHLYHGDVIULHQGO\DQGFKHHUIXOIURPWKHLQWHOOHFWXDOYLHZSRLQWDVORJLFDODQGZLWW\DQGIURPWKHEHKDYLRUDOYLHZSRLQWDVDFWLYH
EROGDQGVSRQWDQHRXV)RUHLJQHUVZHUHSHUFHLYHGYHU\VLPLODUO\WR:HVWHUQHUV7KH\ZHUHQRWSHUFHLYHGDVKDYLQJWKHVDPHH[WHQW
RIVHOIFRQILGHQFHEXWWKH\KDGQHLWKHURIWKHQHJDWLYHFKDUDFWHULVWLFVWKDWDFFRPSDQ\VXFKFRQILGHQFH6LPLODUO\WKH\ZHUHQRW
SHUFHLYHGDVHQGRZHGZLWKPXFKLQWHOOHFWXDOFDSDFLW\
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7DEOH
)UHTXHQF\RIWKHPRVWFRPPRQVWHUHRW\SHV PHQWLRQHGE\RYHURIWKHUHVSRQGHQWV IRUHDFKHWKQLFJURXS
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
,VUDHOLVZHUHSHUFHLYHGLQQHJDWLYHWHUPV7KHLUPDLQIHDWXUHLVEHLQJDVRFLDOWKH\DUHTXDUUHOVRPHKDUVKXQIULHQGO\GLVWUXVWIXODQG
XQVWDEOH$WWKHVDPHWLPHWKH\ZHUHDOVRDVVRFLDWHGZLWKDIHZWUDLWVWKDWFDUU\VRPHSRVLWLYHQXDQFHWKH\DUHRUJDQL]HGVHOI
FRQILGHQWVHOIFRQWUROOHGDQGWKRURXJK7KHLPDJHRI$UDEVLVVLPLODUWRWKHLPDJHRI,VUDHOLVZLWKDIHZQRWDEOHGLIIHUHQFHV$UDEV
ZHUHDOVRSHUFHLYHGDVTXDUUHOVRPHHQWKXVLDVWLFVHOIFRQILGHQWWHPSHUDPHQWDODQGLQGHSHQGHQWEXWWKH\GLGQRWKDYHWKHDVRFLDO
LPDJH,VUDHOLVGLG7KHLULPDJHFRQWDLQHGVRPHSRVLWLYHDVSHFWVVLPLODUWRWKDWIRUHLJQHUVDQG:HVWHUQHUVVXFKDVEHLQJEROG
FKHHUIXODQGIUDQN
&RUUHODWLRQEHWZHHQJURXSVWHUHRW\SHV7RH[DPLQHVWDWLVWLFDOO\WKHVLPLODULW\EHWZHHQWKHFROOHFWLYHLPDJHRIWKHVL[JURXSVZH
PHDVXUHGWKHFRUUHODWLRQEHWZHHQWKHIUHTXHQF\RIDGMHFWLYHVHOHFWLRQRIDOOWKHJURXSV 7DEOH 7KHFRUUHODWLRQFRHIILFLHQWV
FDOFXODWHGLQGLFDWHWKDWWKHLPDJHRI-HZVLVWKHRQO\RQHWRKDYHVRPHUHVHPEODQFHWRWKH-DSDQHVHVHOILPDJH7KHLPDJHRI,VUDHOLV
ZDVWKHPRVWVLPLODUWRWKH-HZLVKLPDJH:HVWHUQVDQGIRUHLJQHUVZHUHSHUFHLYHGDVWKHPRVWVLPLODUJURXSVDQG$UDEVDQG,VUDHOLV
ZHUHDOVRSHUFHLYHGDVKLJKO\VLPLODUWRHDFKRWKHU
7DEOH&RUUHODWLRQEHWZHHQIUHTXHQF\RIVWHUHRW\SHV LWHPV RIWKHVL[JURXSV
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
'LVFXVVLRQ
7KHUHVXOWVVXJJHVWWKHH[LVWHQFHRIDUDWKHUSRVLWLYHLPDJHRI-HZV7KLVLPDJHFRQWDLQVVROLGSHUFHSWLRQRIWKH-HZVDVLQGXVWULRXV
FRPSHWHQWDQGVWURQJPLQGHGSHRSOHRQWKHRQHKDQGDQGDSHUFHSWLRQRIWKH-HZVDVDVRPHZKDWQHUYRXVDQGLVRODWHGSHRSOHRQ
WKHRWKHU$PRQJWKHILYHRXWJURXSVH[DPLQHG-HZVZHUHSHUFHLYHGDVWKHFORVHVWJURXSWRWKH-DSDQHVH7KHLUVLPLODULW\LVVHHQLQ
EHLQJKDUGZRUNLQJRUJDQL]HGSHDFHIXODQGFDXWLRXV,QFHUWDLQDVSHFWVKRZHYHUWKHWZRSHRSOHDUHSHUFHLYHGDVWKHH[DFW
RSSRVLWHV-HZVDUHLQGHSHQGHQW-DSDQHVHDUHFRQIRUPLQJ-HZVDUHWKULIW\-DSDQHVHDUHH[WUDYDJDQW-HZVDUHQDWXUDO ZKLFK
WUDQVODWHVLQ-DSDQHVHDVXQDIIHFWHG -DSDQHVHDUHHDVLO\DIIHFWHG6WLOOWKLVGLVFUHSDQF\LVOHVVDFXWHWKDQWKHGLIIHUHQFHVUHYHDOHG
EHWZHHQWKH-DSDQHVHDQGRWKHUJURXSV
7KHVHILQGLQJVLQGLFDWHWKDWWKH-HZVDUHQRWSHUFHLYHGDVWKHDQWLWKHVLVRIWKH-DSDQHVHEXWUDWKHUWKHRSSRVLWHWKH\DUHWKHPRVW
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
VLPLODUJURXS)XUWKHU-HZVDUHSHUFHLYHGQHLWKHUDVWKHTXLQWHVVHQWLDOIRUHLJQHUVQRUDVTXLQWHVVHQWLDO:HVWHUQHUV)LQDOO\WKH
PRGHUDWHFRUUHODWLRQEHWZHHQWKHLPDJHRI-HZVDQG,VUDHOLVVXJJHVWVRPHVLPLODULW\EXWWKHWZRLPDJHVDUHFHUWDLQO\QRWLGHQWLFDO,Q
IDFWWKH,VUDHOLLPDJHLVE\IDUFORVHUWRWKH$UDEVXJJHVWLQJWKHSHUFHSWLRQRIWKH0LGGOH(DVWFRQIOLFWDVDWULEDOULYDOU\
7KHJUHDWVLPLODULW\EHWZHHQWKHLPDJHRI:HVWHUQHUVDQGIRUHLJQHUVVXJJHVWVWKDWRXUUHVSRQGHQWVPDGHOLWWOHGLVWLQFWLRQEHWZHHQWKH
WZRWHUPV7KLVUDLVHVVRPHGRXEWUHJDUGLQJWKHFODULW\RIWKHFRQFHSWV7KHSUREOHPSUREDEO\OLHVZLWKWKHGHILQLWLRQRIIRUHLJQHUV
DQGZKRWKH\LQFOXGH7KHWHUPXVHGLQWKLVVXUYH\JDLNRNXMLQ OLWSHRSOHRIIRUHLJQFRXQWULHV LVXVXDOO\SHUFHLYHGLQ-DSDQDV
LQGLFDWLQJIRUHLJQHUVLQJHQHUDOLQFRQWUDVWWRJDLMLQ OLWIRUHLJQSHRSOH ZKLFKUHIHUVRQO\WR:HVWHUQHUV7RGHQRWH:HVWHUQHUVZH
XVHGWKHPRUHDFFXUDWHWHUP{EHLMLQ OLWSHRSOHRI(XURSHDQGWKH8QLWHG6WDWHV 6HPDQWLFDOO\-DSDQHVHSHUFHLYHWKH:HVWDQG
IRUHLJQQHVVYHU\GLIIHUHQWO\DQGDVVRFLDWHWKHPZLWKGLIIHUHQWOHYHORISUHVWLJHEXWWKLVKDVQRWEHHQGRQHLQRXUVXUYH\IRUXQFOHDU
UHDVRQV
6859(<
7+(67(5(27<3,&352),/(2)-(:6
2YHUYLHZ
7KHJRDORIWKLVVXUYH\ZDVWRIXUWKHULQYHVWLJDWHWKHLPDJHRI-HZVDQGWRFRPSDUHLWZLWKWKHLPDJHRIWKHILYHJURXSVH[DPLQHG
SUHYLRXVO\7KLVVXUYH\ZDVLQWHQGHGWRRIIVHWWKHPHWKRGRORJLFDOVKRUWFRPLQJRI6XUYH\WKDWLVWKHIRFXVRQUHSUHVHQWDWLYH
VWHUHRW\SHVZKLOHQHJOHFWLQJWKHZKROHSLFWXUHZKLFKRIWHQFRQWDLQVPRUHQHJDWLYHDVSHFWVRIWKHLPDJH$QDGGLWLRQDODLPRIWKLV
VXUYH\ZDVWRLQYHVWLJDWHWKHUHODWLRQEHWZHHQWKHLPDJHRI-HZVDQGWKHH[WHQWRINQRZOHGJHDQGLQIRUPDWLRQDERXWWKHP
0HWKRG
3DUWLFLSDQWV7ZRKXQGUHGIRXUWHHQ ZRPHQDQGPHQ XQGHUJUDGXDWHVHQUROOHGLQWKH8QLYHUVLW\RI7VXNXED PHDQDJH
6' $OOSDUWLFLSDQWVZHUH-DSDQHVHQDWLRQDOVZKRSDUWLFLSDWHGDWWKHUHTXHVWRIWKHLULQVWUXFWRUV
7HVWLQJPDWHULDO7ZRTXHVWLRQQDLUHVZHUHXVHGLQWKLVVXUYH\7KHILUVWRQH6WHUHRW\SH5DWLQJ4XHVWLRQQDLUHZDVDOLVWRI
VFDOHVRISRLQWELSRODUWUDLWDGMHFWLYHVEDVHGRQ3HDERG\ VVWXG\7KHUHZHUHIRXUYHUVLRQVWRWKLVTXHVWLRQQDLUHGLIIHULQJ
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
RQO\LQWKHJURXSOLVWHG(DFKYHUVLRQLQFOXGHGUDWLQJVRI-DSDQHVH VHOILPDJH -HZVDQGRQHRIWKHIROORZLQJJURXSV:HVWHUQHUV
IRUHLJQHUV,VUDHOLVRU$UDEV5HVSRQGHQWVZHUHUHTXHVWHGWRUDWHVLPXOWDQHRXVO\WKHWKUHHJURXSV XVLQJGLIIHUHQWV\PEROVIRUHDFK
JURXS RQHDFKLWHPV7KHVHFRQGTXHVWLRQQDLUHZDVWKH.QRZOHGJH([SRVXUHTXHVWLRQQDLUHPHQWLRQHGDERYH
3URFHGXUH7KHVXUYH\ZDVSUHVHQWHGDVDUHVHDUFKRQLQWHUQDWLRQDOSHUVSHFWLYHV7KHSDUWLFLSDQWVZHUHUDQGRPO\KDQGHGRQH
YHUVLRQRIWKH6WHUHRW\SH5DWLQJ4XHVWLRQQDLUHDQGDIWHUFRPSOHWLQJLWWKH\ILOOHGLQWKH.QRZOHGJH([SRVXUHTXHVWLRQQDLUHZKLFK
ZDVDWWDFKHGWRWKHILUVWTXHVWLRQQDLUH
5HVXOWV
*URXSVWHUHRW\SHV:HILUVWPHDVXUHGWKHGLIIHUHQFHVEHWZHHQWKHUDWLQJVRI-HZVDQGHDFKRIWKHRWKHUJURXSV7DEOHVKRZVWKH
GLIIHUHQFHVDVFDOFXODWHGE\ZLWKLQVXEMHFWVXQLODWHUDO$129$VIRUHDFKLWHP7KHOLVWRIVFDOHVLVGLYLGHGDFFRUGLQJWRWUDLW
IDFWRUVGHWHUPLQHGE\3HDERG\ DQGDQXQZHLJKWHGPHDQZDVFDOFXODWHGIRUHDFKJURXSLQHDFKWUDLWIDFWRU,QWHUPVRI
DVVHUWLYHQHVV LQGHSHQGHQFHEROGQHVVFRQILGHQFHFRRSHUDWLRQFDXWLRQHWF DOORXWJURXSVZHUHSHUFHLYHGDVDVVHUWLYHDQGWKXV
WKH\GLIIHUVXEVWDQWLDOO\IURPWKH-DSDQHVH$PRQJWKHILYHRXWJURXSVKRZHYHU-HZVZHUHSHUFHLYHGDVWKHPRVWVLOHQW
XQFRRSHUDWLYHFDXWLRXVDQGDVWKHOHDVWDVVHUWLYHDPRQJRXWJURXSVDQGWKXVWKHPRVWVLPLODUWR-DSDQHVH
,QWHUPVRIDIILOLDWLRQ VHOILVKQHVVNLQGQHVVZDUPWKVRFLDELOLW\SHDFHIXOQHVVHWF -HZVZHUHSHUFHLYHGDVVWLQJ\VHOILVKKDUVK
XQIULHQGO\DQGLUULWDEOH$ORQJZLWK,VUDHOLVWKH\ZHUHOLQHGXSRQWKHQHJDWLYHH[WUHPHRIWKHDIILOLDWLRQDQGVRFLDELOLW\FRQWLQXXP
ZKHUHDV:HVWHUQHUVDQGIRUHLJQHUVZHUHRQWKHSRVLWLYHH[WUHPHZLWKWKH-DSDQHVHDQG$UDEVLQWKHPLGGOH,QWHUPVRILPSXOVH
H[SUHVVLRQ-HZVZHUHSHUFHLYHGDVGLVWUXVWIXOJULPDQGJORRP\DQGRYHUDOOWKH\ZHUHVLPLODUWR-DSDQHVHDQG,VUDHOLV,QWHUPVRI
LPSXOVHFRQWUROERWK-HZVDQG-DSDQHVHZHUHSHUFHLYHGDVWKULIW\VHOIFRQWUROOHGDQGVHULRXV-HZVZHUHVLPLODULQWKHLUVNHSWLFLVP
DQGWKULIWLQHVVWR,VUDHOLVEXWGLIIHUHGVXEVWDQWLDOO\IURPWKHRWKHURXWJURXSVHVSHFLDOO\IURP:HVWHUQHUV
,QWHUPVRIFRQVFLHQWLRXVQHVV-HZVZHUHSHUFHLYHGDVUDWKHULQDFWLYHDQG\HWDVKDUGZRUNLQJSHUVLVWHQWWKRURXJKDQGRUJDQL]HG
,QPRVWRIWKHVHWUDLWV-HZVZHUHSHUFHLYHGDVPRUHFRQVFLHQWLRXVWKDQRWKHURXWJURXSVEXWOHVVWKDQWKH-DSDQHVH,QWHUPVRI
YDOXHV-HZVZHUHSHUFHLYHGDVPRUDODQGKRQHVWDQGDVVXFKDVVLPLODUWRWKH-DSDQHVH,QWHUPVRIHPRWLRQDOVWDELOLW\-HZVZHUH
SHUFHLYHGDVGLVFRQWHQWHGXQVWDEOHWHQVHDQGWHPSHUDPHQWDO2YHUDOOWKH\ZHUHSHUFHLYHGLQWKLVGRPDLQDVWKHRSSRVLWHRI
-DSDQHVHDQGDVVLPLODUWR,VUDHOLV,QWHUPVRILQWHOOLJHQFHDQGDELOLW\-HZVZHUHSHUFHLYHGDVFDSDEOHSHUFHSWLYHDQGLQWHOOLJHQW
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7DEOH5DWLQJVIRUE\SRODUDGMHFWLYHVIRUHDFKJURXS ZLWKLQVXEMHFWDQDO\VLV
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
$WWKHVDPHWLPHDVODFNLQJWKHORJLFLPDJLQDWLRQDQGZLWWLQHVVWKDW:HVWHUQHUVDQGHYHQIRUHLJQHUVDUHVXSSRVHGWRSRVVHVV
2YHUDOO-HZVZHUHFOXVWHUHGLQWKLVGRPDLQZLWK:HVWHUQHUVDQGIRUHLJQHUVZKLOHWKH-DSDQHVHZHUHFOXVWHUHGQRWIDUEHKLQGZLWK
WKH,VUDHOLVDQG$UDEV
&RUUHODWLRQEHWZHHQJURXSVWHUHRW\SHV:HPHDVXUHGWKHFRUUHODWLRQEHWZHHQWKHUDWLQJVRIWKHELSRODUDGMHFWLYHVRIDOOWKH
JURXSV 7DEOH 7KHFRUUHODWLRQFRHIILFLHQWVFDOFXODWHGLQGLFDWHWKDWLPDJHRI-HZVLVXQUHODWHGWRWKHVHOILPDJHRIWKH-DSDQHVH
2WKHURXWJURXSVKRZHYHUDUHKLJKO\QHJDWLYHO\FRUUHODWHGWRWKH-DSDQHVH$PRQJDOOJURXS,VUDHOLVWUDLWVDSSHDUDJDLQDVKLJKO\
VLPLODUWRWKH-HZLVKLPDJHZKLOHWKHLPDJHRI$UDEVLVPRGHUDWHO\FRUUHODWHGDQGWKHLPDJHRI:HVWHUQHUVDQGIRUHLJQHUVLVWRWDOO\
XQUHODWHG:HVWHUQVDQGIRUHLJQHUVDUHSHUFHLYHGDVWKHPRVWVLPLODUJURXSVZKHUHDV-DSDQHVHDQGIRUHLJQHUVDUHSHUFHLYHGDVWKH
PRVWGLVVLPLODUJURXSV
7DEOH&RUUHODWLRQVEHWZHHQDGMHFWLYHUDWLQJV LWHPV RIWKHVL[JURXSV
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
.QRZOHGJHLQIRUPDWLRQDQGH[SRVXUHWRDQWLVHPLWLFOLWHUDWXUH:HDQDO\]HGWKHUHODWLRQEHWZHHQVWHUHRW\SHVRI-HZVDQG
H[SRVXUHWRDQWLVHPLWLFOLWHUDWXUHNQRZOHGJHDERXW-HZVDQGH[SRVXUHWRLQIRUPDWLRQDERXWWKHP 7DEOH 7KLUW\WZRRIWKH
SDUWLFLSDQWV KDGUHDGDQDUWLFOHRUDERRNRQ-HZLVKFRQVSLUDF\RUGHVLUHIRUZRUOGGRPLQDWLRQ:KHQFRPSDUHGZLWK
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
SDUWLFLSDQWVZKRKDGQRWUHDGVXFKPDWHULDOWKHIRUPHUSHUFHLYHG-HZVDVPRUHIRUFHIXOIUDQNGLVWUXVWIXOVSRQWDQHRXVJULP
LPSXOVLYHDQGORJLFDO,QDQDQRWKHUVHWRIXQLYDULDWHDQDO\VHVZHGLYLGHGWKHSDUWLFLSDQWVLQWRWZRJURXSVRIDERXWHTXDOQXPEHUV
DFFRUGLQJWRWKHLUNQRZOHGJHRQ-HZV$ORZNQRZOHGJHJURXS WKRVHZKRDQVZHUHGRQHFRUUHFWDQVZHURUQRQHRXWRIVL[
TXHVWLRQV DQGDKLJKNQRZOHGJHJURXS WKRVHZKRDQVZHUHGWZRFRUUHFWDQVZHUVRUPRUH
)LQGLQJVUHYHDOWKDWWKHKLJKNQRZOHGJHSDUWLFLSDQWVSHUFHLYHG-HZVDVPRUHVHOIFRQILGHQWXQFRRSHUDWLYHFDXWLRQVGLVFUHHWVHOI
FRQWUROOHGRUGHUO\RUJDQL]HGKRQHVWORJLFDODQGLQWHOOLJHQW,QWKHILQDOVHWRIXQLYDULDWHDQDO\VHVZHGLYLGHGWKHSDUWLFLSDQWVLQWR
WZRJURXSVRIDFFRUGLQJWRWKHLUH[SRVXUHWRLQIRUPDWLRQDERXW-HZV$ORZLQIRUPDWLRQJURXS WKRVHZKRZHUHH[SRVHGWRRQHLWHP
RUOHVV DQGDKLJKLQIRUPDWLRQJURXS WKRVHZKRZHUHH[SRVHGWRWZRLWHPVRUPRUH )LQGLQJVUHYHDOWKDWWKHKLJKLQIRUPDWLRQ
SDUWLFLSDQWVSHUFHLYHG-HZVDVPRUHGLVFUHHWIOH[LEOHVHULRXVKDUGZRUNLQJSHUVLVWHQWWKRURXJKRUGHUO\RUJDQL]HGSUDFWLFDO
KRQHVWFDOPFDSDEOHSHUFHSWLYHORJLFDOLQWHOOLJHQWDQGZLWW\
'LVFXVVLRQ
7KH-HZLVKLPDJHUHYHDOHGLQWKLVVXUYH\GRHVQRWGLIIHUVXEVWDQWLDOO\IURPWKHUXGLPHQWDU\SURILOHSURYLGHGE\6XUYH\$VQRWHG
EHIRUHWKH-HZLVKLPDJHFRQWDLQVSRVLWLYHDQGQHJDWLYHDVSHFWVDQGEDVLFDOO\-HZVZHUHSHUFHLYHGLQERWKVXUYH\VDVFRPSHWHQW
EXWDVRFLDOSHRSOH1HYHUWKHOHVVWKHSUHVHQWVXUYH\SUHVHQWVDPRUHDFFXUDWHSLFWXUHDERXWWKHVXEWOHWLHVRIWKLVFRPSOH[VWHUHRW\SH
DQGLWVGLIIHUHQFHVIURPVWHUHRW\SHVRIRWKHUJURXSV7KHQHJDWLYHDVSHFWVRI-HZVDUHPRUHHYLGHQWLQWKLVVXUYH\-HZVDUH
SHUFHLYHGDVVWLQJ\KDUVKXQIULHQGO\XQVRFLDEOHGLVWUXVWIXODQGXQVWDEOHDQGWKHVHFKDUDFWHULVWLFVDUHDSSDUHQWHLWKHUDEVROXWHRU
UHODWLYHWRRWKHUJURXSV
-HZVGLIIHUIURP-DSDQHVHLWDSSHDUVLQWKHLUJUHDWHUDVVHUWLYHQHVVOHVVHUVRFLDELOLW\DQGHPRWLRQDOVWDELOLW\DQGUHVHPEOHWKHPLQ
YDULRXVDVSHFWVRIWKHLUDWWLWXGHVWRZRUN7KH-HZLVKLPDJHLVGHILQLWHO\GLIIHUHQWIURPWKHLPDJHRI:HVWHUQHUVDQGIRUHLJQHUVLQLWV
DVRFLDOEHDULQJLWVFRQWUROOHGH[SUHVVLRQVDQGLPSXOVHVOLPLWHGHPRWLRQDOVWDELOLW\DQGOHVVHUDVVHUWLYHQHVV7KHUHLVPXFKVLPLODULW\
EHWZHHQWKHLPDJHRI-HZVDQG,VUDHOLVEXW-HZVDUHSHUFHLYHGLQPRUHSRVLWLYHOLJKWDVPRUHFRPSHWHQWVRFLDEOHKDUGZRUNLQJ
PRUDODQGLQWHOOLJHQWWKDQ,VUDHOLV
7KHFRUUHODWLRQFRHIILFLHQWFRQGXFWHGEHWZHHQWKHJURXSVLQGLFDWHWKDWWKHLPDJHRI,VUDHOLVLVE\IDUWKHPRVWVLPLODUWRWKHLPDJHRI
-HZV7KHSRUWUDLWRIWKH-DSDQHVH:HVWHUQHUVDQGIRUHLJQHUVLVXQUHODWHGWRWKDWRI-HZV,QWHUHVWLQJO\WKH-HZLVKLPDJHZDVQRW
FRUUHODWHGWRWKH-DSDQHVHVHOILPDJHZKHUHDVLPDJHVRIDOOWKHRWKHURXWJURXSVHPHUJHGDVDQWLWKHVLVRIWKH-DSDQHVHLPDJH
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7DEOH$129$VRQWKHHIIHFWRINQRZOHGJHRIFRQVSLUDF\JHQHUDOOHYHORINQRZOHGJHRQ-HZVDQGH[SRVXUHWRLQIRUPDWLRQRQ
-HZVRQUDWLQJRI-HZV
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7KHVHILQGLQJVGRQRWOHQGVXSSRUWWRK\SRWKHVHVWKDW-HZVIXQFWLRQHLWKHUDVDQDQWLWKHVLVRIWKH-DSDQHVHRUDVDTXLQWHVVHQWLDO
:HVWHUQHURUIRUHLJQHU7KHJUHDWUHVHPEODQFHWRWKHLPDJHRI,VUDHOLVKRZHYHUVXJJHVWVRPHDVVRFLDWLRQEHWZHHQWKHLPDJHRIWKH
WZRJURXSVDQGPD\LQGLFDWHWKDWWKH0LGGOH(DVWFRQIOLFWDIIHFWVWKHFXUUHQWLPDJHRI-HZVLQJHQHUDO
$QDO\VHVRILPDJHVRISDUWLFLSDQWVZKRKDGUHODWLYHO\PRUHNQRZOHGJHDERXW-HZVGHPRQVWUDWHDFOHDUUHODWLRQVKLSEHWZHHQ
NQRZOHGJHDQGPRUHSRVLWLYHVWHUHRW\SHVRI-HZV/LNHZLVHSDUWLFLSDQWVH[SRVHGWRPRUHLQIRUPDWLRQDERXW-HZVDOVRH[SUHVVHG
PRUHSRVLWLYHRSLQLRQVDERXW-HZV$OWKRXJKHQFRXUDJLQJWKHVHILQGLQJVGRQRWLGHQWLI\WKHFDXVHDQGHIIHFWUHODWLRQVKLSEHWZHHQ
VWHUHRW\SHVDQGNQRZOHGJHDQGLQIRUPDWLRQ,WLVKLJKO\SRVVLEOHWKDWJUHDWHUNQRZOHGJHDQGPRUHLQIRUPDWLRQLQFUHDVHVWKHSRVLWLYH
IHDWXUHVRI-HZVPDNHWKHPSHUFHLYHGDVPRUHKXPDQDQGUHGXFHVWKHDVSHFWVRIRWKHUQHVVRIWKH-HZLVKLPDJH,WDOVRSRVVLEOH
KRZHYHUWKDWKDYLQJDPRUHSRVLWLYHRSLQLRQRQ-HZVLQLWLDOO\VWLPXODWHVSHRSOHWREHLQWHUHVWHGLQWKHWRSLFDQGWKHQOHDGVWKHPWR
JDLQJUHDWHUNQRZOHGJHDQGLQFUHDVHWKHLUH[SRVXUHWRLQIRUPDWLRQDERXW-HZV
7KHPRVWLQWHUHVWLQJILQGLQJLVWKHUHODWLRQVKLSEHWZHHQH[SRVXUHWRDQWLVHPLWLFWKHRULHVDQGVWHUHRW\SHVRI-HZV([SRVHGDQG
XQH[SRVHGSDUWLFLSDQWVGLIIHUHGRQO\LQDIHZLWHPVDQGWKHGLIIHUHQFHVDUHHTXLYRFDO([SRVXUHWRDQWLVHPLWLFOLWHUDWXUHZDVUHODWHG
WRVWUHQJWKHQLQJRIFHUWDLQFKDUDFWHULVWLFVDVVRFLDWHGZLWKWKH-HZLVKLPDJH7KXVWKHUHZDVVWUHQJWKHQLQJRIQHJDWLYHIHDWXUHVVXFKDV
EHLQJGLVWUXVWIXODQGJULPEXWDOVRRIEHLQJIUDQNDQGORJLFDO%RWKWKHQHJDWLYHDQGWKHSRVLWLYHWUDLWVKRZHYHUZHUHSHUFHLYHGDV
WKHRSSRVLWHRIWKRVHWUDLWVDVVRFLDWHGZLWKWKH-DSDQHVHVHOILPDJH7KXVDOWKRXJKH[SRVXUHZDVRQO\VOLJKWO\UHODWHGWRFKDQJHLQ
LPDJHLWLVUHODWHGWRDQLQFUHDVHLQWKHVHQVHRIWKHRWKHUQHVVRI-HZV$JDLQLWLVLPSRVVLEOHWRGHWHUPLQHFDXVHDQGHIIHFWKHUH
VLQFHLWLVSODXVLEOHWKDWSDUWLFLSDQWVZKRKDGQHJDWLYHLPDJHVRI-HZVZHUHPRUHLQWHUHVWHGLQREWDLQLQJDQWLVHPLWLFLQIRUPDWLRQRU
ZHUHIDVFLQDWHGWRUHDGVXFKOLWHUDWXUH
6859(<
$77,78'(672:$5'-(:6
2YHUYLHZ
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
9DULRXVVWXGLHVSRVWXODWHDFORVHUHODWLRQVKLSEHWZHHQVWHUHRW\SHVDQGDWWLWXGHVWRZDUGRXWJURXSV7KHGLVWLQFWLRQEHWZHHQRSLQLRQV
DQGDWWLWXGHVSDUDOOHOVWKHGLVWLQFWLRQFRPPRQO\PDGHEHWZHHQVWHUHRW\SHVDQGSUHMXGLFH7KH\DUHFORVHO\UHODWHGDOWKRXJKWKHUHLV
GLVDJUHHPHQWDERXWWKHGLUHFWLRQRIFDXVDOLW\7KHJRDORIWKLVVXUYH\ZDVWRH[DPLQHDWWLWXGHVWRZDUG-HZVDVUHIOHFWHGE\
GLVSRVLWLRQSHUFHSWLRQVRIVLPLODULW\DQGDIIHFWRIFRQWDFWDQGWRFRPSDUHLWZLWKDWWLWXGHVWRZDUGRWKHURXWJURXSV
0HWKRG
3DUWLFLSDQWVDQGGHVLJQ7ZRKXQGUHGWZHQW\VL[ ZRPHQDQGPHQ XQGHUJUDGXDWHVWKHPDMRULW\RIZKRPHQUROOHGDW
0HLNDL8QLYHUVLW\DQGWKHUHVWDWWKH8QLYHUVLW\RI7VXNXED PHDQDJH6' $OOSDUWLFLSDQWVZHUH-DSDQHVHQDWLRQDOV
ZKRSDUWLFLSDWHGDWWKHUHTXHVWRIWKHLULQVWUXFWRUV
7HVWLQJPDWHULDO)RXUTXHVWLRQQDLUHVZHUHXVHGLQWKLVVXUYH\7KHILUVWRQHWKH'LVSRVLWLRQ4XHVWLRQQDLUHDLPHGWRH[DPLQHWKH
JHQHUDOGLVSRVLWLRQDERXW-HZVDQGWRFRPSDUHLWZLWKWKHGLVSRVLWLRQDERXW:HVWHUQHUVDQG)RUHLJQHUV,WFRQVLVWHGRIVWDWHPHQWV
DGDSWHGIURPWKH&DOLIRUQLD(6FDOHDQGWKH%ODWDQWDQG6XEWOH3UHMXGLFH6FDOHV:HXVHGWKUHHYHUVLRQVRIWKLVTXHVWLRQQDLUH
GLIIHULQJRQO\LQWKHQDPHRIWKHWDUJHWJURXS7KDWLVHDFKYHUVLRQGHDOWZLWKHLWKHU-HZV:HVWHUQHUVRUIRUHLJQHUV5HVSRQGHQWVRQ
WKH'LVSRVLWLRQ4XHVWLRQQDLUHZHUHUHTXHVWHGWRUDWHWKHLUDJUHHPHQWZLWKDVWDWHPHQWXVLQJDSRLQW/LNHUWVFDOHUDQJLQJIURP
DEVROXWHO\GRQRWWKLQNVR GRQRWTXLWHWKLQNVR FDQQRWVD\ TXLWHWKLQNVR WR DEVROXWHO\WKLQNVR 7KHVHFRQGWKH
6LPLODULW\4XHVWLRQQDLUHDLPHGWRH[DPLQHSHUFHSWLRQVRIGLVVLPLODULW\EHWZHHQ-DSDQHVHDQG-HZVDQGWRFRPSDUHWKHPZLWK
SHUFHSWLRQVRIGLVVLPLODULWLHVWRZDUG:HVWHUQHUVDQGIRUHLJQHUV,WFRQVLVWHGLWHPV HJYDOXHVWDXJKWWRFKLOGUHQOLYLQJVW\OH DQG
KDGWKUHHYHUVLRQVGLIIHULQJDVWKHSUHYLRXVTXHVWLRQQDLUHRQO\LQWKHQDPHRIWKHWDUJHWJURXS5HVSRQGHQWVZHUHUHTXHVWHGWRUDWH
WKHGHJUHHRIGLVVLPLODULW\RIWKHRXWJURXSXVLQJDSRLQW/LNHUWVFDOHUDQJLQJIURP DEVROXWHO\GLIIHUHQW GLIIHUHQW FDQQRW
VD\ VLPLODU WR WKHVDPH 7KHWKLUGTXHVWLRQQDLUH$IIHFWRI&RQWDFW4XHVWLRQQDLUHZDVLQWHQGHGWRH[DPLQHIHHOLQJVUHJDUGLQJ
FRQWDFWEHWZHHQ-DSDQHVHDQG-HZVDQGWRFRPSDUHWKHPZLWKIHHOLQJVIRUFRQWDFWWRZDUG:HVWHUQHUVDQGIRUHLJQHUV,WFRQVLVWHG
LWHPV HJKDYLQJD-HZDVDQHLJKERUKDYLQJD-HZDVDFROOHDJXH DQGKDGWKUHHYHUVLRQVGLIIHULQJDVWKHSUHYLRXVWZR
TXHVWLRQQDLUHVRQO\LQWKHQDPHRIWKHWDUJHWJURXS5HVSRQGHQWVZHUHUHTXHVWHGWRUDWHWKHLUIHHOLQJIRUFRQWDFWXVLQJDSRLQW
/LNHUWVFDOHUDQJLQJIURP KDSS\ VRPHZKDWKDSS\ FDQQRWVD\ VRPHZKDWXSVHW WR XSVHW 7KHIRXUWKTXHVWLRQQDLUH
ZDVWKH.QRZOHGJH([SRVXUH4XHVWLRQQDLUHPHQWLRQHGDERYH
3URFHGXUH7KHVXUYH\ZDVSUHVHQWHGDVDUHVHDUFKRQLQWHUQDWLRQDOSHUVSHFWLYHV3DUWLFLSDQWVZHUHUDQGRPO\KDQGHGRQHYHUVLRQ
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
RIHDFKRIWKHWKUHHTXHVWLRQQDLUHVDOOGHDOLQJHLWKHUZLWK-HZV:HVWHUQHUVRUIRUHLJQHUV DOWRJHWKHUPRUHTXHVWLRQQDLUHVUHJDUGLQJ
-HZVZHUHJLYHQRXW $IWHUFRPSOHWLQJWKLVSDUWWKHSDUWLFLSDQWVILOOHGLQWKH.QRZOHGJH([SRVXUH4XHVWLRQQDLUH
5HVXOWV
'LVSRVLWLRQ8QLYDULDWHDQDO\VHVRIWKHWRWDOUDWLQJVRIDJUHHPHQWWRHDFKRIWKHVWDWHPHQWVRQ-HZV:HVWHUQHUVDQGIRUHLJQHUV
UHYHDOHGVLJQLILFDQWGLIIHUHQFHVEHWZHHQWKHJURXSVLQPRUHWKDQKDOIRIWKHLWHPV-HZVZHUHSHUFHLYHGDVPRUHKRPRJHQHRXVDQG
VWUDQJHWKDQWKHWZRRWKHURXWJURXSV&RPSDUHGZLWKIRUHLJQHUVEXWQRW:HVWHUQHUV-HZVZHUHDOVRSHUFHLYHGDVPRUHUHVSRQVLEOH
IRUWKHSUHMXGLFHDJDLQVWWKHPDVPRUHKRPRJHQHRXVDVPRUHRIWHQWDNLQJDGYDQWDJHDQGFDXVLQJWURXEOHDQGDVFDXVLQJWKH
-DSDQHVHWRUHOD[OHVVLQWKHLUSUHVHQFH,QDGGLWLRQUHVSRQGHQWVVKRZHGPRUHRSSRVLWLRQWRPDUU\LQJD-HZKDYLQJD-HZLVKORYHU
OHWWLQJRQH VRZQFKLOGUHQSOD\ZLWK-HZLVKFKLOGUHQZLVKHGWRKDYHJUHDWHUVHJUHJDWLRQIURP-HZVDQGIHOWPDQXDOODERUUDWKHUWKDQ
UHVSRQVLEOHZRUNVXLWV-HZVPRUHWKDQPHPEHUVRIWKHRWKHUWZRRXWJURXSV 7DEOHV±
,QWHUHVWLQJO\WKHUHVSRQGHQWVEHOLHYHG-HZVKDYHPXFKOHVVLQIOXHQFHRQ-DSDQHVHSROLWLFVWKDQ:HVWHUQHUVDQGIRUHLJQHUV+DOIRI
WKHPDJUHHGZLWKWKHVWDWHPHQWUHJDUGLQJ:HVWHUQHUV LQIOXHQFHRQ-DSDQHVHSROLWLFVUHJDUGLQJIRUHLJQLQIOXHQFHDQGRQO\
DERXWUHJDUGLQJ-HZLVKLQIOXHQFH7KHUHZDVQRGLIIHUHQFHEHWZHHQSHUFHSWLRQVRI-HZLVKDQG:HVWHUQDLPVWRFRQWUROWKHZRUOG
IRUHLJQHUVKDGDVLJQLILFDQWO\ORZHUUDWLQJ DQGRQO\RIWKHUHVSRQGHQWVDJUHHGWRWKDWVWDWHPHQWIRUHDFKRIWKHRXWJURXSV
)LQDOO\WKHUHZDVQRGLIIHUHQFHEHWZHHQWKHWRWDOUDWLQJVRIHDFKRIWKHRXWJURXSVIRUWKHLQWHQWLRQWRFRQTXHU-DSDQ,QIDFWPDQ\
PRUHUHVSRQGHQWVDJUHHGZLWKWKHVWDWHPHQWUHJDUGLQJD:HVWHUQLQWHQWLRQWRFRQTXHU-DSDQ WKDQZLWKDIRUHLJQLQWHQWLRQ
RU-HZLVKLQWHQWLRQ
6LPLODULW\8QLYDULDWHDQDO\VHVRIWKHWRWDOUDWLQJVRIDIIHFWIRUHDFKRIWKHILYHLWHPVUHYHDOHGVHYHUDOVLJQLILFDQWGLIIHUHQFHVEHWZHHQ
WKHDWWLWXGHVWRZDUGWKHWKUHHRXWJURXSV-HZVZHUHSHUFHLYHGDVPRUHVLPLODUWR-DSDQHVHWKDQ:HVWHUQHUVEXWQRWIRUHLJQHUVLQ
YDOXHVWDXJKWWRFKLOGUHQLQKXPDQUHODWLRQVKLSVDQGLQIDPLO\UHODWLRQVKLSV 7DEOH -HZVZHUHDOVRSHUFHLYHGDVPRUHGLVVLPLODUWR
-DSDQHVHWKDQERWKJURXSVLQFORWKHVDQGLQWHOOLJHQFH3HUFHQWDJHZLVHIHZHUUHVSRQGHQWVEHOLHYHG-HZVZHUHGLVVLPLODUWR-DSDQHVH
WKDQ:HVWHUQHUVDQGIRUHLJQHUVLQYDOXHVWDXJKWFKLOGUHQ YVDQGUHVSHFWLYHO\ UHODWLRQVEHWZHHQPHQDQGZRPHQ
YVDQGUHVSHFWLYHO\ IDPLO\UHODWLRQVKLS YVDQGUHVSHFWLYHO\ DQGKXPDQUHODWLRQVKLS YV
DQGUHVSHFWLYHO\ 7DEOH
&RQWDFW8QLYDULDWHDQDO\VHVRIWKHWRWDOUDWLQJVRIGLVVLPLODULWLHVRIHDFKRIWKHLWHPVUHYHDOHGVLJQLILFDQWGLIIHUHQFHVEHWZHHQWKH
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
DWWLWXGHVWRZDUGWKHWKUHHRXWJURXSV 7DEOHV± ,QIRXURIWKHLWHPVUHVSRQGHQWVVKRZHGJUHDWHUQHJDWLYHIHHOLQJVIRUFRQWDFW
ZLWK-HZVDVFRPSDUHGZLWKWKHLUIHHOLQJVWRZDUG:HVWHUQHUVDQGIRUHLJQHUV7KHRQO\LWHPZKHUHQRVWDWLVWLFDOGLIIHUHQFHVZHUH
UHYHDOHGZDVDQLPSHUVRQDORQH7KHUHVSRQGHQWVZHUHPRUHXSVHWE\SXUFKDVHRID-DSDQHVHFRPSDQ\E\:HVWHUQHUV WKDQ
E\-HZV
,QDQRWKHULWHPKDYLQJD-HZLVKFROOHDJXHDWWKHVDPHFRPSDQ\WKHWRWDOUDWLQJZDVPRVWQHJDWLYHIRU-HZVDQG\HWOHVV
UHVSRQGHQWVZHUHXSVHWDERXWLWWKDQIRUWKHRWKHUJURXSV
5HODWLRQVKLSEHWZHHQWKHTXHVWLRQQDLUHV:HPHDVXUHGWKHFRUUHODWLRQEHWZHHQWKHVFRUHVRIWKHTXHVWLRQQDLUHVIRU-HZV 7DEOH
1HJDWLYHGLVSRVLWLRQDERXW-HZVZHUHFRUUHODWHGZLWKEHOLHILQGLVVLPLODULW\RI-HZVQHJDWLYHDIIHFWIRUFRQWDFWDQGOHVV
H[SRVXUHWRLQIRUPDWLRQRQ-HZV*UHDWHUH[SRVXUHWRLQIRUPDWLRQZDVUHODWHGZLWKPRUHSRVLWLYHDIIHFWIRUFRQWDFWDQGZLWKJUHDWHU
NQRZOHGJH.QRZOHGJHSHUVHKDGQRVLJQLILFDQWUHODWLRQZLWKDQ\RIWKHVFDOHVXVHG
7DEOH&RPSDULVRQRIWRWDOUDWLQJRIDWWLWXGHVWRZDUG-HZV)RUHLJQHUVDQG:HVWHUQHUV
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7DEOH5DWLQJVRIDWWLWXGHVWRZDUG-HZV)RUHLJQHUVDQG:HVWHUQV LQSHUFHQW
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7DEOH&RPSDULVRQRIWRWDOUDWLQJVRIVLPLODULW\WRVHOI-HZV)RUHLJQHUVDQG:HVWHUQHUV
9HU\GLIIHUHQW WKHVDPH
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7DEOH6LPLODULW\WRVHOI-HZVYV)RUHLJQHUVDQG:HVWHUQHUV LQSHUFHQW
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7DEOH&RPSDULVRQRIDIIHFWWRFRQWDFW7RWDOUDWLQJVIRU-HZV)RUHLJQHUVDQG:HVWHUQHUV
KDSS\ VLFNHQHG
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7DEOH$IIHFWIRUFRQWDFW-HZV)RUHLJQHUVDQG:HVWHUQHUV LQSHUFHQW
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7DEOH&RUUHODWLRQVEHWZHHQDWWLWXGHVWRZDUG-HZVDIIHFWVLPLODULW\NQRZOHGJHDQGH[SRVXUHWRLQIRUPDWLRQRQ-HZ
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
'LVFXVVLRQ
7KHUHVXOWVRIWKHWKUHHDWWLWXGHTXHVWLRQQDLUHVLQGLFDWHDFHUWDLQOHYHORIVXVSLFLRQDQGIHDURI-HZVDVLQGLYLGXDOVFRPSDUHGZLWK
:HVWHUQHUVDQGIRUHLJQHUV7KHVHDWWLWXGHVDUHLQSDUWLFXODUHYLGHQWLQUHJDUGWRFRQWDFWZLWK-HZV7KHUHVSRQGHQWVH[SUHVVHG
JUHDWHURSSRVLWLRQWRSHUVRQDOFRQWDFWZLWK-HZVHLWKHULQWLPDWHO\RUMXVWDVQHLJKERUVRUFROOHDJXHV,WVKRXOGEHQRWHGWKDWWKH
UHVSRQGHQWVVKRZHGRIWHQDORZOHYHORIDJUHHPHQWZLWKQHJDWLYHVWDWHPHQWVDERXW-HZVVLPLODUWRWKHLUUHVSRQVHWR:HVWHUQHUVDQG
IRUHLJQHUV1HYHUWKHOHVVWKH\ZHUHPRUHDPELYDOHQWDERXW-HZVDQGWHQGHGOHVVWRUHMHFWQHJDWLYHVWDWHPHQWVDERXWWKHPWKXVWKHLU
WRWDOUHVSRQVHWRZDUG-HZVLVRIWHQPRUHQHJDWLYHWKDQWRZDUGWKHRWKHURXWJURXSV
7KHIHDURUVXVSLFLRQH[SUHVVHGWRZDUG-HZVLVHVSHFLDOO\QRWHZRUWK\EHFDXVHRIWZRILQGLQJV)LUVW-HZVZHUHSHUFHLYHGDV
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
UHODWLYHO\PRUHVLPLODUWRWKH-DSDQHVHLQVHYHUDOUHVSHFWVWKDQPHPEHUVRIWKHRWKHUJURXSV$QGVHFRQG-HZVZHUHQRWSHUFHLYHG
DVKDYLQJPRUHLQWHQWLRQWKDQRWKHUVWRFRQWURO-DSDQDQGWKHZRUOG²DVDQWLVHPLWLFSXEOLFDWLRQVDUJXH
&21&/86,216
7KH,PDJHRI-HZV
7KLVVWXG\UHYHDOVDFRPSOH[LPDJHRI-HZV,WFRQWDLQVDSRVLWLYHIDFHW²HVWHHPIRU-HZVIRUWKHLULQWHOOLJHQFHFRPSHWHQFHDQG
PRUDOV²DQGDWWKHVDPHWLPHLWFRQWDLQVDQHJDWLYHIDFHW²SHUFHSWLRQRIWKH-HZVDVDQDVRFLDODQGVHFOXGHGSHRSOH7KHSRVLWLYH
DVSHFWVRIWKLVLPDJHDUHFRQVSLFXRXVEHFDXVHRIWZRIDFWRUV)LUVWWKH-HZLVKLPDJHVHHPVPRUHSRVLWLYHWKDQLPDJHVRIRWKHU
JURXSVH[DPLQHG:KLOHFRQVLGHUDEO\ORZLQDIILOLDWLRQDQGLPSXOVHFRQWURO-HZVDUHSHUFHLYHGPRUHSRVLWLYHO\ LQ-DSDQHVHWHUPV
WKDQRWKHUJURXSVLQRWKHUGRPDLQV6HFRQGWKHLPDJHRI-HZVLVWKHOHDVWGLVVLPLODUWRWKHLPDJHRIWKH-DSDQHVHVHOILPDJH
7KHVHILQGLQJVDUHLPSRUWDQWEHFDXVHWKH\UHSXGLDWHHDUOLHUQRWLRQVWKDW-HZVVHUYHDVDQDQWLWKHVLVWRWKH-DSDQHVH7KLVUROH
DFFRUGLQJWRRXUILQGLQJVLVDVVXPHGE\:HVWHUQHUVDQGIRUHLJQHUVZKRHSLWRPL]HGLQPRVWRIWKHLUWUDLWVWKHRSSRVLWHRIZKDWWKH
-DSDQHVHSHUFHLYHLQWKHPVHOYHV1RZRQGHUWKHQWKDWWKHLPDJHRI-HZVLVGLVVLPLODUWRWKDWRIIRUHLJQHUVRU:HVWHUQHUV7KHJUHDW
GLIIHUHQFHVEHWZHHQWKHLPDJHVRI-HZVRQWKHRQHKDQGDQGIRUHLJQHUVDQG:HVWHUQHUVRQWKHRWKHUKDQGHVSHFLDOO\LQDIILOLDWLRQ
VWDELOLW\LPSXOVHH[SUHVVLRQDQGLPSXOVHFRQWUROLQGLFDWHWKDWWKH-HZVDUHQRWSHUFHLYHGDVWKHTXLQWHVVHQWLDO:HVWHUQHUVRU
IRUHLJQHUV,QIDFWLQPRVWRIWKHLUWUDLWVWKH\DUHFKDUDFWHUL]HGDVVWDQGLQJEHWZHHQ-DSDQHVHDQGWKHVHWZRJURXSV:KLOHWKHUHLV
VLPLODULW\EHWZHHQWKHLPDJHRI-HZVDQGWKHLPDJHRI,VUDHOLVDQGWRDOHVVHUH[WHQWWKHLPDJHRI$UDEVWKHUHLVDFOHDUGLVWLQFWLRQ
EHWZHHQWKHWZR,VUDHOLVDUHPRUHQHJDWLYHO\GHSLFWHGWKDQ-HZV7KHKLJKFRUUHODWLRQEHWZHHQWKHLPDJHRI-HZVDQG,VUDHOLV
VXJJHVWVDFHUWDLQFDXVDOHIIHFW\HWWKLVUHVHDUFKFDQQRWSURYLGHDQDQVZHUWRZKHWKHUWKHLPDJHRI-HZVDIIHFWVWKH,VUDHOLLPDJHWKH
RSSRVLWHRULIWKHUHLVDPXWXDOLQIOXHQFH
:KHQZHFRPSDUHWKHVHILQGLQJVZLWKWKHIHZVWXGLHVFRQGXFWHGLQWKHSDVWDPRQJ-DSDQHVHVWXGHQWVWKHPRVWDSSDUHQWFRQFOXVLRQ
LVWKHSHUSHWXLW\RIWKH-HZLVKLPDJH-HZVZHUHYLHZHGLQWKHVDVGDUN HPRWLRQDOO\ XQKDSS\DQGVWLIIRQWKHRQHKDQGDQG
FOHYHUDQGLQGXVWULRXVRQWKHRWKHU$OOWKHVHVWHUHRW\SHVKDYHVXEVLVWHGWLOOWKLVYHU\GD\6WLOOLWVHHPVWKDWWKH-HZLVKLPDJHWKDW
DSSHDUVLQWKLVVWXG\FRQWDLQHGE\IDUOHVVHPSKDVLVRQWKHQHJDWLYHIDFHWRI-HZV7KHUHSUHVHQWDWLYHVWHUHRW\SHVRI-HZVZHUHE\
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
DQGODUJHSRVLWLYHLQFRQWUDVWWRWKHFKRLFHRIVWHUHRW\SHVWKUHHGHFDGHVHDUOLHU:KLOHDFHUWDLQLPSURYHPHQWLQWKH-HZLVKLPDJHLV
DSSDUHQWLWLVKDUGWRDVVHVVWKHH[WHQWRIWKHWUDQVIRUPDWLRQ1RWRQO\GLGZHXVHDGLIIHUHQWOLVWRIDGMHFWLYHVWKDQHDUOLHUVWXGLHVEXW
ZHGLGQRWDVNWKHUHVSRQGHQWVWRUDQNYDULRXVRXWJURXSV7KXVLWLVLPSRVVLEOHWRWHOOZKHWKHU-HZVIDUHEHWWHULQWKHLQWHUQDWLRQDO
KLHUDUFK\RIWKH-DSDQHVH
5HFRQVLGHULQJ,PDJHVRI-HZLVK3RZHUDQG,QIOXHQFH
3UHYLRXVZULWLQJVRQWKH-DSDQHVHDWWLWXGHVRQ-HZVHPSKDVL]HGWKHQRWLRQWKDWWKH-DSDQHVHSHUFHLYH-HZVDVYHU\SRZHUIXODQG
LQIOXHQWLDO7KHKLVWRULDQ'DYLG.UDQ]OHUIRUH[DPSOHVXJJHVWHGWKDWWKH-DSDQHVHODFNWKH&KULVWLDQUHOLJLRXVLGHQWLILFDWLRQRIWKH-HZ
ZLWKWKH'HYLODQGWKXVWKH\EURXJKWWRWKHLUUHDGLQJRIWKH3URWRFROVDWRWDOO\GLIIHUHQWSHUVSHFWLYH7KH&KULVWLDQWULHGWRVROYHWKH
SUREOHPRIWKH-HZE\HOLPLQDWLQJKLPWKH-DSDQHVHWULHGWRKDUQHVVKLVDOOHJHGLPPHQVHZHDOWKDQGSRZHUWR-DSDQ VDGYDQWDJH
.UDQ]OHU± 1HLO6DQGEHUJGLUHFWRURIWKH3DFLILF5LP,QVWLWXWHRIWKH$PHULFDQ-HZLVK&RPPLWWHHQRWHGDIWHU
PHHWLQJZLWKOHDGHUVRIWKH-DSDQHVH%RRN3XEOLVKHUV$VVRFLDWLRQUHJDUGLQJWKHUHFHQWZDYHRIDQWLVHPLWLFSXEOLFDWLRQVWKDWWKH\
ZHUHSX]]OHGE\WKHSURWHVWVZRQGHULQJZK\-HZVZHUHQRWIODWWHUHGWREHWKRXJKWVRSRZHUIXO7KH\WROGXVC<RX UHDPHPEHURI
DVXSHULRUUDFHDQG\RXFRPHIURPDVXFFHVVIXOJURXSDQGZH UHVXUSULVHGWKLVPDWHULDOFRQFHUQV\RX 6DQGEHUJFLWHGLQ
*ROXE
1HYHUWKHOHVVWKHILQGLQJVRIWKLVVWXG\GRQRWFRQILUPWKLVRIWVXJJHVWHGQRWLRQDERXW-HZLVKSRZHU0RUHUHVSRQGHQWV
XQGHUHVWLPDWHGWKHQXPEHURI-HZVLQWKHZRUOGWKDQUHVSRQGHQWVZKRRYHUHVWLPDWHGWKHQXPEHU/LNHZLVHRQO\DERXWRIWKH
UHVSRQGHQWVEHOLHYHG-DSDQHVHSROLWLFLDQVWREHLQIOXHQFHGE\-HZVZKLOHDQGEHOLHYHGIRUHLJQHUVDQG:HVWHUQHUV
UHVSHFWLYHO\GRH[HUWLQIOXHQFHRQ-DSDQHVHSROLWLFV$JUHDWHUSHUFHQWDJHRIWKHUHVSRQGHQWVEHOLHYHGLWLVDGYDQWDJHRXVIRU
-DSDQHVHWRPDUU\:HVWHUQHUVDQGIRUHLJQHUVWKDQ-HZV6LPLODUO\RQO\DIHZRIWKHUHVSRQGHQWV DERXW EHOLHYHGWKDW-HZV
LQWHQGWRFRQTXHU-DSDQZKLOHEHOLHYHG:HVWHUQHUVLQWHQGWRGRVR)LQDOO\WKHUHVSRQGHQWVGLGQRWEHOLHYH-HZVDLPWR
FRQWUROWKHZRUOGPRUHWKDQRWKHUJURXSVWKXVGHPRQVWUDWLQJWKHLUGLVEHOLHIIRUWKHRULHVRID-HZLVKFRQVSLUDF\:KLOHLQJHQHUDO
WKHUHZDVORZVXSSRUWIRUFRQVSLUDF\WKHRULHV:HVWHUQHUVZHUHFHUWDLQO\SHUFHLYHGDVPRUHWKUHDWHQLQJWKDQ-HZV7KHVH
GLIIHUHQFHVVXJJHVWSHUKDSVWKDWWKH-HZLVKFRQVSLUDF\DJDLQVW-DSDQDQGWKHZRUOGLVPRUHDUHIOHFWLRQRIIHDUVWRZDUGWKH:HVW
WKDQJHQXLQHIHDUVRIDIDFWXDOHQHP\
:KDWLVWKHVRXUFHRIWKHVHFRQIOLFWLQJQRWLRQVUHJDUGLQJ-HZLVKSRZHU":HPD\VSHFXODWHWKDWZKLOHFHUWDLQDQWLVHPLWLFZULWHUVKDYH
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
GHDOWH[WHQVLYHO\ZLWK-HZLVKSRZHUDQGLWVHIIHFWRQ-DSDQWKHLULGHDVKDYHKDUGO\UHDFKHGRUGLQDU\-DSDQHVH6XFKLGHDVDUH
DFFHSWHGSHUKDSVE\WKRVHZKRGHDOZLWK-HZVRUWKRVHZKREHOLHYHWKHPVHOYHVWREHDIIHFWHGE\WKHPVXFKDVEXVLQHVVPHQ
SROLWLFLDQV DQGSXEOLVKHUVZKRSURILWIURPDQWLVHPLWLFSXEOLFDWLRQV EXWWKH\GRQRWDSSHDUWRKDYHJUHDWFXUUHQF\LQPDLQVWUHDP
-DSDQ
,QWHUSUHWLQJWKH)HDURI&RQWDFWZLWK-HZV
7KHPRVWDODUPLQJILQGLQJVLQWKLVVWXG\DUHWKHDWWLWXGHVH[SUHVVHGWRZDUG-HZV$OWKRXJK-HZVDUHQRWSHUFHLYHGDVDQHYLOSRZHU
FRQVSLULQJWRGHPROLVK-DSDQRXUUHVSRQGHQWVH[SUHVVHGDSSUHKHQVLRQRYHUFRQWDFWZLWK-HZV6XFKIHDUFDQQRWEHPHDVXUHGLQ
DEVROXWHWHUPV\HWFRPSDUHGZLWKRWKHURXWJURXSVDFHUWDLQOHYHORIUHSXOVLRQLVLQGLVSXWDEOH
7KHGLVFUHSDQF\EHWZHHQWKHUHODWLYHO\SRVLWLYHLPDJHRI-HZVDQGWKHDWWLWXGHVH[SUHVVHGWRZDUGWKHPLVVRPHZKDWEDIIOLQJ,WLV
SRVVLEOHWRDWWULEXWHWKHVHILQGLQJVWRWKHDVRFLDODQGXQVWDEOHIDFHWRIWKH-HZLVKLPDJH-HZVPD\EHFDSDEOHDQGLQWHOOLJHQWEXW
RQHWKLQNVWZLFHLIKHRUVKHZDQWVFRQWDFWZLWKSHRSOHZKRDUHKDUVKFROGXQVRFLDEOHJORRP\VNHSWLFDOWKULIW\XQVWDEOHDQG
WHQVH:HVWHUQHUVDQGIRUHLJQHUVE\FRQWUDVWDUHSHUFHLYHGDVPRUHLPPRUDOFRQFHLWHGLPSXOVLYHDQGRFFDVLRQDOO\TXDUUHOVRPH
EXWWKH\DOVRDUHSHUFHLYHGWRSRVVHVVQXPHURXVWUDLWVZKLFKPDNHLWHDV\WRDVVRFLDWHZLWKWKHP7KH\DUHSHUFHLYHG²PRUHWKDQ
-HZVDQGWKH-DSDQHVHWKHPVHOYHV²DVZDUPIUDQNXQVHOILVKWDONDWLYHIULHQGO\DQGYHU\VRFLDEOH
$QRWKHUGLUHFWLRQLQH[SODLQLQJWKHUHSXOVLRQRI-HZVLVUHODWHGWRWKHFRQWLQXDWLRQRIKLVWRULFDOLPDJHV-HZVZHUHLQWURGXFHGWR-DSDQ
DVWKHSDULDKRIWKH:HVW(YHQWKH+RORFDXVWZKLFKPDQ\-DSDQHVHDUHRQO\YDJXHO\DZDUHRIFDQEHDWWULEXWHGDVDQDGGLWLRQDO
SURRIRIWKH-HZV DEQRUPDOLW\3HRSOHZKRNQRZOLWWOHDERXWWKHEDFNJURXQGRIWKH+RORFDXVWDQGDUHLVRODWHGIURPWKH(XURSHDQ
VHWWLQJPD\EHOLHYHWKDWWKHUHPXVWKDYHEHHQVRPHMXVWLILHGUHDVRQIRUWKHSHUVHFXWLRQRI-HZVHVSHFLDOO\LILWZDVGRQHE\D
SUHVWLJLRXVDQGUDWLRQDOQDWLRQVXFKDV*HUPDQ\7KHLUUDWLRQDOIHDURIWKHGHYLDQWLVDKXPDQWUDLWDQGWKH-HZVLQWKHFRQWH[WRID
ORQJWUDGLWLRQRIDQWLVHPLWLFOLWHUDWXUHDQGODFNRIUHDOFRQWDFWFDQEHFRQVLGHUHGDVGHYLDQW
:KLOHWKH\PD\EHFRQVLGHUHGDVGHYLDQWRUWDOHQWHGSDULDKWKLVVWXG\VXJJHVWVWKDW-HZVDUHQRWSHUFHLYHG²DVKDGEHHQVXJJHVWHG
HDUOLHU²DVGHPRQV-HZVDUHFHUWDLQO\QHLWKHUDQLFRQIRUWKHEDGDQGWKHHYLORIWKHZRUOGQRUDVVRFLDWHGZLWKZKDWHYHULV
UHJDUGHGDVEDGHYLODQGLPPRUDO %HIX 'HPRQVLQFRQWUDVWWR-HZVDUHFRQFHSWXDOL]HGE\DEHUUDQWEHKDYLRUDQG
DSSHDUDQFH,QGHHGWKHUHKDVEHHQLQWKH-DSDQHVHSDVWGHPRQLFUHSUHVHQWDWLRQRI-HZVEXWWKH\ZHUHRQO\DQRIIVKRRWRIGHPRQLF
UHSUHVHQWDWLRQRIWKH$OOLHV1HLWKHU:HVWHUQHUVQRU-HZVDUHFXUUHQWO\SHUFHLYHGDVGHPRQLFSRZHUV
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
7KHUHMHFWLRQRIWKHGHPRQLFQRWLRQRI-HZVVWHPSDUWO\IURPP\FRQWHQWLRQWKDW-DSDQPDLQWDLQVDYHU\VXEWOHDQGUDWLRQDO
DVVHVVPHQWRISRZHUZKLFKLQFOXGHVLWVDVVHVVPHQWRI-HZLVKSRZHU$IWHUZKHQIHDUVRIDQRLOHPEDUJRZHUHUDPSDQW
-DSDQHVHFRUSRUDWLRQVDQGHYHQWKHJRYHUQPHQWDYRLGHGFORVHFRQWDFWVZLWK,VUDHODQG-HZLVKSRZHUFRXOGGRYHU\OLWWOHDERXWLW
:LWKWKHGHFOLQHRIWKH6RYLHWHPSLUHDWWKHHQGRIWKHVWKHLQWHUGHSHQGHQFHEHWZHHQWKH8QLWHG6WDWHVDQG-DSDQKDVEHHQ
VKDNHQ1RZZKHQ-DSDQGRHVQRWUHO\KHDYLO\RQ$UDERLODQGLWVGHSHQGHQFHRQWKH$PHULFDQPDUNHWLVFULWLFDOWKHYRLFHRIWKH
-HZLVKOREE\LWLVUHDVRQDEO\DVVHVVHGFDQDIIHFWLIQRWGHWHUPLQHUHVROXWLRQVOHJLVODWLRQDQGVDQFWLRQVFRQFHUQLQJ-DSDQ(YHQD
KLJKO\UDWLRQDOQDWLRQZRXOGEHLPSUXGHQWWRLJQRUHVXFKLQIOXHQFH
7KH,PSDFWRI$QWLVHPLWLF3XEOLFDWLRQVRQWKH-DSDQHVH3XEOLF
7KHVWXGHQWVZKRWRRNSDUWLQWKLVVWXG\DUHQRWDUHSUHVHQWDWLYHVDPSOHRIWKHZKROH-DSDQHVHSRSXODWLRQDQGWKXVWKHILQGLQJVRI
WKLVUHVHDUFKDUHUHVWULFWHGWRWKLVVHJPHQWRIWKHSRSXODWLRQ1RQHWKHOHVVWKHVL]HRIWKHVDPSOHDQGWKHTXDOLW\RIWKHUHVSRQGHQWV
PHPEHUVRIWKHHGXFDWHG\RXQJJHQHUDWLRQGRSURYLGHDFHUWDLQLQGLFDWLRQDERXWWKHSUHVHQWGLIIXVLRQRIDQWLVHPLWLVPLQ-DSDQDV
ZHOODVIXWXUHDWWLWXGHVWRZDUG-HZV
7KHLPSDFWRIDQWLVHPLWLFZULWLQJVRQWKHUHVSRQGHQWVDSSHDUVWREHYHU\OLPLWHG2QO\DERXWRIWKHUHVSRQGHQWVZHUHH[SRVHG
WRQHJDWLYHOLWHUDWXUHRQ-HZVDQGWKHLPSDFWRQWKHPZDVKDUGO\QRWLFHDEOH&RQVHTXHQWO\,WHQGWRDJUHHZLWK<DPDPRWR
6KLFKLKHL VFRPPHQWWKDWWKH-DSDQHVHDQWLVHPLWLFERRNVLQWKHLUFXUUHQWVWDWHDUHPRUHDQQR\LQJWKDQGDQJHURXV FLWHGLQ*RRGPDQ
E 1RQHWKHOHVVQHJDWLYHOLWHUDWXUHKDVDQDFFXPXODWHGLPSDFWDQGLIFRQWLQXHGXQFKHFNHGPRUHSHRSOHZRXOGEHH[SRVHGWR
LWVSUHFHSWVDQGPRUHSHRSOHPLJKWEHOLHYHLQWKHP
:KHQGHDOLQJZLWK-DSDQZHQHHGWRGLVWLQJXLVKEHWZHHQDQWLVHPLWLVPDQGLQVHQVLWLYLW\RUHYHQLJQRUDQFH'DYLG*RRGPDQ
UHJDUGHGWKHJUDQWLQJRIWKHPRVWSUHVWLJLRXVOLWHUDU\DZDUGWKH$NXWDJDZD3UL]HLQWR.RPHWDQL)XPLNRIRUKHUERRN
3DVVRYHUDVDQLQGLFDWLRQRIDQWLVHPLWLVPZLWKLQWKH-DSDQHVHLQWHOOLJHQWVLD*RRGPDQIXUWKHUFRQFOXGHGWKDWDQWL6HPLWLVPKDV
JUHDWHULQWHOOHFWXDOFXUUHQF\DQGUHVSHFWDELOLW\LQ-DSDQWKDQLQSHUKDSVDQ\RWKHULQGXVWULDOL]HGVRFLHW\ *RRGPDQE :KLOH
WKLVPD\EHWKHFDVHWKLVHYHQWPD\UHIOHFWLQVHQVLWLYLW\UDWKHUDQWLVHPLWLVP²PHPEHUVRIWKHLQWHOOHFWXDOHOLWHLQ-DSDQDUHQHLWKHU
VHQVLWLYHHQRXJKDVWKHLU(XURSHDQDQG$PHULFDQFRXQWHUSDUWVDUHWR-HZLVKVXIIHULQJQRUFRXUDJHRXVHQRXJKWRUHSXGLDWHRUHYHQ
FKDOOHQJHDQWLVHPLWLFFRQWHQWLRQVDQGSXEOLFDWLRQV7KLVUHJUHWIXOUHDOLW\VWHPVSDUWO\IURPWKHLQVLJQLILFDQWUROHWKDW-HZVSOD\LQ
-DSDQHVHKLVWRU\DQGFXUUHQWDIIDLUVIURPWKHFRQIRUPLW\WKDWFKDUDFWHUL]HVFXUUHQWLQWHOOHFWXDOOLIHLQ-DSDQDVZHOODVIURPODFNRI
XQGHUVWDQGLQJRIWKHKDUVKFRQVHTXHQFHVRIVXFKDWWLWXGHVIRUZKDWLVYLUWXDOO\DQLPDJLQDU\JURXS
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
0RWLYHVIRU&XUUHQW$QWLVHPLWLVPLQ-DSDQ
7KHFXUUHQWSHUFHSWLRQVRI-HZVDVUHYHDOHGLQWKLVVWXG\RIIHUVRPHFOXHVUHJDUGLQJWKHPRWLYHVIRUDQWLVHPLWLFZULWLQJVLQ-DSDQDW
OHDVWIURPWKHSHUVSHFWLYHRIWKHLUFRQVXPHUV7KHIDFWWKDW-HZVDUHQRWSHUFHLYHGDVWKHDQWLWKHVLVRI-DSDQHVHDQGDWWKHVDPHWLPH
DUHQRWSHUFHLYHGDVWRRVLPLODUWRWKHPFDVWVRPHGRXEWVRQWKHK\SRWKHVHVWKDW-HZVDUHXVHGWRIDFLOLWDWHLQWHUQDOQHHGVVXFKDV
VHOIGHILQLWLRQDVDQH[SODQDWLRQIRU-DSDQ VFXUUHQWSUREOHPVDQGDVDZDUQLQJIRUDIXWXUHGHYHORSPHQWV7KHJUHDWGLIIHUHQFHV
EHWZHHQ-HZVDQGIRUHLJQHUVDQG:HVWHUQHUVDQGWKHIDFWWKDW-HZVDUHSHUFHLYHGDVPRUHVLPLODUWR-DSDQHVHWKDQWKHVHWZR
RXWJURXSVVXJJHVWVWKDW-HZVGRQRWVHUYHDVDQRXWOHWWRUHSODFHIUXVWUDWLRQWRZDUGWKH:HVWRU[HQRSKRELFIHHOLQJVWRZDUG
IRUHLJQHUV
0\UHDGLQJRIWKHVXFFHVVRIDQWLVHPLWLFOLWHUDWXUHVXJJHVWVLWLVDVVRFLDWHGZLWKWKHWUDGLWLRQDOO\VLQLVWHULPDJHRIWKH-HZV7KH
-DSDQHVHSHUFHLYHWKHPDVDVPDOOJURXS²RIWHQVPDOOHUWKDQLWLVLQUHDOLW\²RIDGHWDFKHGDQGDVRFLDOSHRSOH(YHQ\RXQJ-DSDQHVH
SRVVHVVDGHHSVHDWHGLPDJHRIWKH-HZVHYHQWKRXJKLWPD\EHXQFRQVFLRXVDVDJURXSZKLFKFRQVSLUHVWRKDUPRWKHUV7KLV
QRWLRQLVHQFRXUDJHGE\WKHDWWUDFWLRQWRRFFXOWZULWLQJVDQGDQROGEHOLHILQWKHWKUHDWRQ-DSDQSRVHGE\IRUHLJQSRZHUV
:KHUHDV:HVWHUQHUVDQGIRUHLJQHUVGHQRWHDUHDOHQWLW\DQGFRQWDFWVZLWKWKHPDUHDPDWWHURIHYHU\GD\OLIH-HZVLQWKHLUYLUWXDO
QRQH[LVWHQFHILWLQWRDVORWDVGHPRQLFFRQVSLUDWRUV7KLVGRHVQRWPHDQWKDWUDWLRQDOO\WKHPDMRULW\RI-DSDQHVHUHMHFWVXFKQRWLRQ
%XWWKHDQWLVHPLWLFSXEOLFDWLRQVDUHQRWLQWHQGHGIRUWKHPDMRULW\7KH\DUHLQWHQGHGH[DFWO\IRUWKRVHZKRDUHFRQFHUQHGDERXW
-DSDQ VPLVIRUWXQHDWSUHVHQWDQGLWVSDWKLQWKHIXWXUH7KXVDQWLVHPLWLFOLWHUDWXUHLQ-DSDQKDVDVSHFLDODSSHDOLIVRPHZKDW
LUUDWLRQDOIRUEXVLQHVVPHQSROLWLFLDQVDQGIRUWKHPRUHHGXFDWHGHFKHORQV,WUHTXLUHVRQO\DOLPLWHGVXFFHVVWRVXVWDLQLW6WLOOWKH
UHFHQWO\JURZLQJGHPDQGIRUDQWLVHPLWLFZULWLQJVLVDQRWKHUPRWLYDWLQJIDFWRUIRUDIHZSURGXFWLYHDXWKRUVWRFRQWLQXHWRVDWLVI\WKHLU
FRQVXPHUV FUDYLQJ2QFHWKLVGHPDQGGHFOLQHVWKHFXUUHQWZDYHRIDQWLVHPLWLFZULWLQJVZLOOGZLQGOHDJDLQXQWLOWKHQH[WDZDNHQLQJ
-DSDQHVH$WWLWXGHVWRZDUG-HZVLQ,QWHUQDWLRQDO3HUVSHFWLYH
7KH-DSDQHVHDWWLWXGHVWRZDUG-HZVERWKSRVLWLYHDQGQHJDWLYHDUHVRPHZKDWXQLTXHZKHQFRPSDUHGZLWKPDQLIHVWDWLRQVRI
DQWLVHPLWLVPDQGSKLORVHPLWLVPLQRWKHUFRXQWULHV+DYLQJRQO\DIHZ-HZVUHVLGLQJLQ-DSDQDQGODFNLQJWKHDELOLW\WRWHOOWKHPDSDUW
IURPRWKHU:HVWHUQHUVWKH-DSDQHVHSUHMXGLFHWRZDUG-HZVLVVXEWOH7KLVFRROGLVWDQWDQGLQGLUHFWSUHMXGLFHFKDUDFWHUL]HVWKH
-DSDQHVHDSSURDFKWRZDUGRWKHURXWJURXSVDVZHOO,QRWKHUQDWLRQVWKLVIRUPRISUHMXGLFHLVFRQVLGHUHGDVDPRGHUQIRUPRI
UDFLVPLQFRQWUDVWWRWUDGLWLRQDORYHUWYLROHQFHDQGKDWUHG,Q-DSDQKRZHYHUDWWLWXGHVWRZDUG-HZVKDYHEHHQDOZD\VFKDUDFWHUL]HG
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
E\VXEWOHSUHMXGLFH7KHILUVWUHDVRQIRULWZDVWKHPLQLPDOFRQWDFWZLWK-HZVZKLFKPDGHDQ\SHUFHSWLRQRIWKUHDWDOOHJRULFDOPRUH
WKDQUHDO-HZVZHUHDOVRSHUFHLYHGDVDQLQWHJUDOWKRXJKUHMHFWHGSDUWRIDSUHVWLJLRXVJURXSWKHSHRSOHRIWKH:HVWDQGWKXV
SUHMXGLFHDJDLQVWWKHPQHYHUUHDFKHGDIXOOUDFLVWIRUPVXFKDVDEHOLHILQWKHLUJHQHWLFLQIHULRULW\
$VLPLODUGLVWLQFWLRQWKDWPD\LOOXPLQDWH-DSDQHVHDWWLWXGHVWRZDUGRXWJURXSVLQFOXGLQJ-HZVLVDGRPLQDWLYHUDFLVPYHUVXVDQ
DYHUVLYHUDFLVP7KHODWWHUIRUPRIUDFLVPZKLFKFKDUDFWHUL]HG-DSDQHVHDWWLWXGHVH[SUHVVHVLWVHOILQDUHOXFWDQFHRQWKHSDUWRIWKH
-DSDQHVHWRHQJDJHLQDQ\NLQGRILQWLPDF\ZLWKRXWJURXSPHPEHUVDQGWKHUHMHFWLRQRIFRQWDFWZLWKWKHP$YHUVLYHUDFLVPGRHVQRW
H[SUHVVHVLWVHOILQGLUHFWYLROHQFHDJDLQVWPHPEHUVRIRXWJURXSVDQGZKHQWKUHDWHQHGDYHUVLYHUDFLVWVZDOOWKHPVHOYHVRIIDQGWXUQ
DZD\
&ORVHWRRIRXUUHVSRQGHQWVH[SUHVVHGRSSRVLWLRQWRKDYLQJ-HZLVKQHLJKERUV:KHQZHFRPSDUHWKLVILJXUHZLWKWKHILQGLQJVRI
VXUYH\VLQRWKHUFRXQWULHVZHPD\REVHUYHDFHUWDLQSDWWHUQ7KLVILJXUHLVVLPLODUWRILQGLQJVRIUHFHQWVXUYH\VLQWKH8QLWHG6WDWHV
RIWKHWRWDOVDPSOH>DQGDPRQJWKHUHVSRQGHQWVRIWKHVDPHDJHJURXSDVRXUUHVSRQGHQWV@ LQ+XQJDU\
>@ LQDQG$]HUEDLMDQ LQ7KH-DSDQHVHILJXUHLVKLJKHUWKDQWKDWIRXQGLQ0ROGRYD LQ$UJHQWLQD
LQDQG%ULWDLQ >@ LQ6WLOOLWLVPXFKORZHUWKDQWKHRSSRVLWLRQLQ3RODQG >@ LQ/LWKXDQLD
LQ8]EHNLVWDQ LQ6ORYDNLD >@ LQ$XVWULD >@ DQG >@ LQDQG
UHVSHFWLYHO\/DWYLD LQ5XVVLD DQG LQDQGUHVSHFWLYHO\8NUDLQH LQ
&]HFKRVORYDNLD >@ LQ(VWRQLD LQ.D]DNKVWDQ LQ*HUPDQ\ >@ LQDQG
%HODUXV LQ
'HVSLWHWKHUHODWLYHO\ORZRSSRVLWLRQRIRXUUHVSRQGHQWVWRKDYLQJ-HZLVKQHLJKERUVRXUILQGLQJVDUHDODUPLQJ)LUVWQRQHRIRXU
UHVSRQGHQWVRUWKHLUIDPLOLHVSUREDEO\KDVHYHUH[SHULHQFHGUHVLGHQFHQHDU-HZLVKQHLJKERUV6HFRQGRQO\RQHDQGIRXUSHUFHQWRI
WKHUHVSRQGHQWVH[SUHVVHGRSSRVLWLRQWRKDYLQJIRUHLJQHUVRU:HVWHUQHUVUHVSHFWLYHO\DVQHLJKERUV,QFRQWUDVWLQPRVWRIWKH
QDWLRQVPHQWLRQHGDERYH-HZVKDYHEHHQUDQNHGDVRQHRIWKHOHDVWGLVOLNHGJURXSVZKHQFRPSDUHGZLWKRWKHUPLQRULWLHV
7KHULVHRIDQWLVHPLWLVPLQ-DSDQFDQEHYLHZHGDVDQHFKRRIDJOREDOXSVXUJHLQDQWLVHPLWLVP6LPRQ(SVWHLQVKRZVLQKLVVWXG\RI
F\FOLFDOSDWWHUQVLQDQWLVHPLWLVPWKDWDUHVXUJHQFHRI-HZKDWUHGEHJDQLQ0RUHRYHUKHSRLQWVRXWWKDWLWRFFXUUHGDIWHUWKUHH
\HDUVRIDFRQVLGHUDEOHGURSLQWKHQXPEHURILQFLGHQWV (SVWHLQ 7KHIDFWWKDWWKLVSHULRGPDWFKHVWKHEHJLQQLQJRIDZDYHRI
DQWLVHPLWLFSXEOLFDWLRQVLQ-DSDQVKRXOGQRWEHDVXUSULVH6LQFHPRGHUQWLPHVWKH-DSDQHVHKDYHFRQVWDQWO\IROORZHG:HVWHUQWUHQGV
DQGIDVKLRQVDQGDQWLVHPLWLVPKDVEHHQRQO\RQHRIWKHP$QWLVHPLWLFSXEOLFDWLRQVLQ-DSDQKDYHEHHQIURPWKHVWDUWDQLPLWDWLRQRI
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
ZKDWZDVFRQVLGHUHGDFXOWXUDODQGLQWHOOHFWXDOWUDGLWLRQWREHHPXODWHGLQRUGHUWRMRLQWKHILUVWOLQHRIFLYLOL]HGQDWLRQV
:KDWPD\EHFRPPRQWR-DSDQDQGRWKHUQDWLRQVZKHUHDQWLVHPLWLVPLVRQWKHULVHLVWKHPRUDOZHDNQHVVRIWKHPHGLD7KHULVHLQ
DQWLVHPLWLVPLQWKH8QLWHG6WDWHV7RP6PLWKFRQWHQGVLVDOVRUHODWHGWRDWWLWXGHVH[SUHVVHGLQWKHPHGLDDSRLQWFHUWDLQO\UHOHYDQWWR
-DSDQ>*@HQHUDOVWDQGDUGVRISXEOLFGLVFRXUVHKDYHGHWHULRUDWHGLQUHFHQW\HDUVKHDUJXHVDQGKDWHILOOHGUDQWLQJVRIH[WUHPLVWV
DUHQRWRQO\JLYHQZLGHSOD\E\WKHPHGLDEXWDUHDFWLYHO\VROLFLWHGE\VHQVDWLRQVHHNLQJWDONVKRZKRVWVDQGWDEORLG79
QHZVFDVWHUV 6PLWK
&KDQJLQJ$WWLWXGHVWRZDUG-HZV
7KLVVWXG\RIIHUVVRPHLQVLJKWLQWRWKHSURVSHFWRIDWWLWXGHFKDQJHUHJDUGLQJ-HZV)LUVWLWLQGLFDWHVWKDWJUHDWHUH[SRVXUHWR
LQIRUPDWLRQDERXW-HZVDQGJUHDWHUNQRZOHGJHDERXWWKHPLPSURYHVWKHLULPDJHDQGDWWLWXGHVWRZDUGWKHP7KHVHILQGLQJVVXJJHVW
WKDWWKHGLIIXVLRQRIPRUHXQELDVHGLQIRUPDWLRQZKHWKHULQERRNVRURWKHUPHGLDPD\OHDGWRDPRUHEDODQFHGDQGSRVLWLYHYLHZRI
-HZVDVKDVKDSSHQHGLQRWKHUFRXQWULHVDQGSUREDEO\LQ-DSDQDVZHOO0RUHLQIRUPDWLRQDOVRPD\UHGXFHXQFRQVFLRXVRU
P\VWLFDOIHDUVRI-HZV
$OWKRXJKH[SRVXUHWRDQWLVHPLWLFOLWHUDWXUHGRHVQRWOHDGWRDVXEVWDQWLDOVKLIWLQSHUFHSWLRQVRIWKH-HZLVKLPDJHLWWHQGVWRVOLJKWO\
XQGHUVFRUHLWVSRVLWLYHDQGQHJDWLYHIDFHWV1HJDWLYHO\-HZVDUHSHUFHLYHGDVPRUHGLVWUXVWIXOKDUVKDQGJULP7KLVILQGLQJVXJJHVWV
WKHQHHGIRUHIIRUWVWRUHVWULFWDQWLVHPLWLFOLWHUDWXUHDQGIXUWKHUDEROGDQGXQZDYHULQJFULWLTXHRIVXFKOLWHUDWXUHPD\IRUFHLWVUHDGHUV
WRWDNHDPRUHEDODQFHGDQGFULWLFDOYLHZRILWWKHPVHOYHV
5HVHDUFKRQDWWLWXGHFKDQJHRIIHUVVHYHUDOGLUHFWLRQVWKDWDUHYLUWXDOO\LPSUDFWLFDOLQWKHFDVHRI-DSDQ7KHPRVWDSSDUHQWRQHLVWKH
FRQWDFWK\SRWKHVLV 7VXNDVKLPD 0RQWHUR VLQFHWKHUHLVYHU\OLWWOHFRQWDFWEHWZHHQ-DSDQHVHDQG-HZVDQGLQLWLDWLYHVIRU
JUHDWHUFRQWDFW \RXWKH[FKDQJHOHFWXUHVHWF ZRXOGEHPHUHO\DGURSLQWKHRFHDQ&KDQJLQJDWWLWXGHVZLWKLQWKHUXOLQJHOLWHVHHPV
DPRUHIUXLWIXODSSURDFK1HYHUWKHOHVVSUHVVXUHRQWKH-DSDQHVHJRYHUQPHQWKDVKLWKHUWRPDGHYHU\OLWWOHLPSDFWRQWKHORFDOPDUNHW
RIDQWLVHPLWLFZULWLQJV(YHQZKHQ)RUHLJQ0LQLVWHU.XUDQDUL7DGDVKLFRQGHPQHGDQWLVHPLWLVPEHIRUHWKH)RUHLJQ$IIDLUV&RPPLWWHH
RIWKH'LHW WKH-DSDQHVHSDUOLDPHQW LQLWSURGXFHGRQO\DVPDOOHFKRLQWKHPHGLD7KLVLVQRWWRVD\WKDWSUHVVXUH²SDUWLFXODUO\
IRUHLJQSUHVVXUH²KDVQRHIIHFW,QIDFWWKHERRPRIIRUHLJQFULWLFLVPDJDLQVW-DSDQHVHDQWLVHPLWLVPOHGLQSDUWWRVHYHUDOJHVWXUHVRI
IULHQGVKLSWRZDUG,VUDHODIHZPRQWKVODWHU
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
&HUWDLQO\WKHPRVWHIILFLHQWZD\WRGHDOZLWKDQWLVHPLWLVPLVWRSXWIRUWKIXOO\RUFKHVWUDWHGRSHUDWLRQVZKLFKFRPELQHWKHXVHRIWKH
-DSDQHVHDQGIRUHLJQPHGLDFULWLFLVPRIZHOONQRZQIRUHLJQSHUVRQDOLWLHVSROLWLFDOLQWHUYHQWLRQDQGHYHQHFRQRPLFVDQFWLRQV7KH
EHVWFDVHVWXG\RIVXFKDQHIIRUWLVUHFHQWLQYROYLQJWKHPRVWEODWDQW+RORFDXVWGHQLDOWRDSSHDULQWKH-DSDQHVHPHGLD²WKH
SXEOLFDWLRQRIDQDUWLFOHLQWKHPRQWKO\0DUFR3ROR FLUFXODWLRQFRSLHV ZKLFKGHQLHGWKHH[LVWHQFHRIJDVFKDPEHUVGXULQJ
:RUOG:DU,, 1LVKLRND
)ROORZLQJWKHDSSHDUDQFHRIWKLVDUWLFOHLWVSXEOLVKHU%XQJHL6KXQM&RDWWUDFWHGILUHIURPVHYHUDOGLUHFWLRQV7KH,VUDHOL(PEDVV\
VHQWLWVSUHVVDWWDFKpWR0DUFR3RORKHDGTXDUWHUVWRSURWHVWWKHSXEOLFDWLRQDQGVLPLODUO\WKH6LPRQ:LHVHQWKDO&HQWHUGLVSDWFKHGD
SURWHVWDQGVHQWLWVH[SHULHQFHG5DEEL$EUDKDP&RRSHUWR-DSDQ,QLWLDOO\WKHSXEOLVKHURIIHUHGDQDSRORJ\WRWKH:LHVHQWKDO
&HQWHUDQGODWHUSURSRVHGWRSXEOLVKDFRXQWHUDUWLFOH²DQRIIHUWKDWZDVUHMHFWHGDVLWFRXOGPDNHWKHDUWLFOHDSSHDUWREHRSHQWR
OHJLWLPDWHGHEDWH
7KHPRVWHIIHFWLYHSUHVVXUHRQWKHSXEOLVKHUKRZHYHUZDVSUREDEO\WKHGHFLVLRQRIWZRODUJH-DSDQHVHFRUSRUDWLRQV0LWVXELVKL
0RWRUVDQG0LWVXELVKL(OHFWULFWRZLWKGUDZWKHLUDGYHUWLVHPHQWVIURPWKHPDJD]LQH(DUOLHUWZRIRUHLJQFRUSRUDWLRQV9RONVZDJHQ
DQG&DUWLHUWRRNDVLPLODUVWHSDWWKHUHTXHVWRIWKH:LHVHQWKDO&HQWHU8QGHUWKLVSUHVVXUHWKHSXEOLVKHUGHFLGHGWRGLVPLVVWKH
PDJD]LQHHGLWRUDQGWRSHUPDQHQWO\FORVHSXEOLFDWLRQRIWKHPDJD]LQH8OWLPDWHO\WKHFKDLUPDQRI%XQJHL6KXQMKLPVHOIGHFLGHGWR
VWHSGRZQQDPLQJWKHDIIDLUDVRQHRIKLVPRWLYHV .DZDGRE
%HVLGHVWKHGUDPDWLFDQGDUJXDEO\VXFFHVVIXOFRQVHTXHQFHVRIWKLVFDPSDLJQQXPHURXVDUWLFOHVRQ-HZLVKVXIIHULQJGXULQJWKHZDU
DQGPRUHLPSRUWDQWO\RQWKH-HZLVKSUREOHPLQWKH-DSDQHVHPLQG FI)XQDEDVKL 7KHRXWFRPHZDVIXOO\H[SORLWHGLQIDYRU
RIWKH-HZLVKLPDJH1RWRQO\GLG-HZVJDLQDPDVVLYHSRVLWLYHH[SRVXUHLQWKH-DSDQHVHPHGLDEXWIRUWKHILUVWWLPHDGLUHZDUQLQJ
ZDVLVVXHGWRSURGXFHUVRIDQWLVHPLWLFPDWHULDOWKDWWKHLUDFWLYLWLHVDUHPRQLWRUHGDQGZRXOGQRWEHWROHUDWHG
(1'127(6
7KHEHVWVLQJOHDFFRXQWVUHJDUGLQJWKHGHYHORSPHQWRIWKH-DSDQHVHDWWLWXGHVWRZDUG-HZVDUH6KLOORQ\ DQG*RRGPDQ
DQG0L\D]DZD
,QRXH7VXWRPXLQWURGXFWLRQWRWKH0HUFKDQWRI9HQLFHZKLFKZDVHQWLWOHGLQ-DSDQHVH-LQQLNX6KLFKL,UL6DLEDQ>OLW7KHWULDO
RIWKHKXPDQIOHVKSOHGJH@ 6KDNHVSHDUH±
$PRQJWKHUHVSRQGHQWVRIWKH$'/VXUYH\FRQGXFWHGLQVDLGWKH\KDGUHDGWKHSOD\DQGRIWKRVH
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
ZKRUHDGVDLGWKHSOD\JDYHWKHPDEDGIHHOLQJDERXW-HZV :DWWV *RRGPDQDQG0L\D]DZD ±
DUJXHWKDWWKHSRSXODULW\RIWKH0HUFKDQWRI9HQLFHGXULQJWKHKHFWLFGD\VRIPLG0HLML(UDZDVQRWGXHWRDQ\LQWHUHVWLQ
-HZVEXWVWHPPHGIURPDQREVHVVLRQZLWKPRQH\OHQGLQJDQGWULDOV
-DSDQHVHQDPHVLQWKHWH[WDQGQRWHVDSSHDULQWKH-DSDQHVHRUGHUVXUQDPHILUVW
:KHUHDVLQWKHILUVWGHFDGHRIWKH6KRZD(UD ± DERXWERRNVDQGDUWLFOHVUHJDUGLQJ-HZVDSSHDUHGLQWKH
-DSDQLQWKHIROORZLQJGHFDGHWKHQXPEHUVRDUHGWRDQGUHVSHFWLYHO\ 6KLOORQ\
)RUWKHRIILFLDOSROLF\WRZDUGWKH-HZVDGRSWHGLQDQGEDVLFDOO\UHPDLQHGXQFKDQJHGXQWLO-DSDQ¶VGHIHDWVHH.UDQ]OHU
±± DQG7RND\HUDQG6FKZDUW]
1LKRQMLQURQ OLWWKHWKHRU\RIWKH-DSDQHVHSHRSOH UHIHUVWRWKHFXUUHQWYDVWGLVFRXUVHWKDWVHHNVWRDFFRXQWIRUWKH
SDUWLFXODUFKDUDFWHULVWLFVRI-DSDQHVHVRFLHW\FXOWXUHDQGQDWLRQDOFKDUDFWHU1LKRQMLQURQDOVRVHUYHVDVDEURDGO\EDVHG
LGHRORJLFDOVWDQFHIRU-DSDQ¶VQDWLRQDOLVPWKURXJKLWVHPSKDVLVRQWKHQDWLRQDVWKHSUHHPLQHQWFROOHFWLYHLGHQWLW\RIWKHSHRSOH
DQGRYHUDOOLWKDVEHFRPHDVRFLHWDOIRUFHZKLFKVKDSHVWKHZD\-DSDQHVHUHJDUGWKHPVHOYHV)RUGLVFXVVLRQRQ1LKRQMLQURQ
DQGLWVIROORZHUVVHH<RVKLQR %HIX DQG.RZQHU%HIXDQG0DQDEH
7KHDQWKURSRORJLVW+DUXPL%HIXDQGWKHVRFLRORJLVW0DQDEH.D]XIXPLFRQGXFWHGLQDQH[WHQVLYHVXUYH\DPRQJWKH
DGXOWSRSXODWLRQRIWKHFLW\RI1LVKLQRPL\DFRQFHUQLQJ-DSDQHVHQDWLRQDOLVP2QHRIWKHLULQTXLULHVGHDOWZLWKH[SRVXUHWR
QLKRQMLQURQUHODWHGERRNV7KHPRVWIUHTXHQWO\UHDGERRNDPRQJWKHWZHQW\RQHWLWOHVOLVWHGZDV7KH-DSDQHVHDQGWKH-HZV
RIZKLFKRIWKHUHVSRQGHQWVFODLPHGWRKDYHUHDG %HIX 0DQDEH
)RUDFRPSUHKHQVLYHOLVWRIWKHSULQFLSDODVVHUWLRQVDJDLQVWWKH-HZVIRXQGLQUHFHQW-DSDQHVHZULWLQJVVHH3RUDW ±
.LQN\NHLNRNXCNDEXNDLFKLPDQHQ GHC<XGD\DVKLKRQ QLQHUDZDUHUX1LKRQNLJ\{>8UJHQWDOHUW-DSDQHVHLQGXVWU\
WKUHDWHQHGE\-HZLVKFDSLWDOZKHQVWRFNSULFHVKLW@6KNDQ3RVW-XO\±
6HHIRUH[DPSOH6HQULWVX.XULQWRQRD\DWVXUX<XGD\DVKLKRQQRWDLQLFKLVHQU\DNX>6KRFNLQJ7KHVWUDWHJ\WRZDUG-DSDQ
RIWKH-HZLVKFDSLWDOWKDWFRQWUROV&OLQWRQ@6KNDQ*HQGDL±
7KLVDGYHUWLVHPHQWZDVSXEOLVKHGRQ-XO\SURPRWLQJDWULORJ\ZULWWHQE\2VKLQ{6KRWDU{XQGHUWKHSVHXGRQ\P
-DFRE0RUJDQ 2VKLQ{
6HHIRUH[DPSOH$QWL6HPLWLFERRNDGDVVDLOHG-DSDQ7LPHV-XO\
%DVHGRQ-DSDQLQ3RUDW ±
$IHZGD\VDIWHUWKHDUUHVWRI0XUDL+LGHRRQHRIWKHOHDGHUVRIWKHVHFWKHZDVVWDEEHGWRGHDWK'\LQJ0XUDLZKLVSHUHG
WKHLGHQWLW\RIWKHDVVDVVLQ6RPHE\VWDQGHUVKHDUGKLPVD\LQJ<XGD>-XGDV,VFDULRWQDPHO\DWUDLWRUZLWKLQWKHVHFW@RWKHUV
ZHUHFHUWDLQLWZDV<XGD\D>WKH-HZV@ +DQLQZDC<XGD WR0XUDLVKL>7KHFULPLQDOLV-XGDVVDLG0U0XUDL@$VDKL
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
ZHUHFHUWDLQLWZDV<XGD\D>WKH-HZV@ +DQLQZDC<XGD WR0XUDLVKL>7KHFULPLQDOLV-XGDVVDLG0U0XUDL@$VDKL
6KLPEXQ0D\ $VIRUWKHHGXFDWLRQRIWKHVHFW¶VFKLOGUHQVHH+LWXUDN\{LNXRNRGRPRQL>(GXFDWLQJFKLOGUHQ
DERXW+LWOHU@$VDKL6KLPEXQ0D\
'DYLG*RRGPDQDVZHOOFRQWHQGVWKDW8QR¶VDLPLQDWWDFNLQJWKH-HZVLVWRGLVFUHGLWWKH86-DSDQHVHUHODWLRQVKLS8QR
LQVLVWVWKDW-DSDQ¶VSRVWZDUFRQVWLWXWLRQZKLFKZDVSURPXOJDWHGGXULQJWKH2FFXSDWLRQDQGZKLFKPDQGDWHV-DSDQ¶V
GHPRFUDWLFLQVWLWXWLRQVLVD-HZLVKSORWWRGHVWUR\-DSDQDVDQLQGHSHQGHQWFXOWXUHLQ*RRGPDQ D±
6HHIRUH[DPSOH*DLNRNXMLQKDLVHNLELUDGHPDZDUX 3RVWHUVFDOOLQJIRUH[SXOVLRQRIIRUHLJQHUVDSSHDU $VDKL6KLPEXQ
HYHQLQJHGLWLRQ $SULO6HHDOVR6FKRGW
)RUVXFKDYLHZVHH3RUDW )RUDUHFHQWDFFRXQWRI-DSDQ¶VDWWLWXGHVWRZDUG,VUDHODQGWKH0LGGOH(DVWVHH
6XJLKDUDDQG$OODQ
2QWKHORQJPDQLSXODWLRQRIWKH&KLQHVHLPDJHLQWKH-DSDQHVHWUDGLWLRQVHH3RODFN
)RUWKHFRQFHSWRIRWKHULQ-DSDQHVHVRFLHW\VHH5D] ±
$UHFHQWSRSXODUERRNGLVFXVVLQJKDUDJHLDXQLTXH-DSDQHVHIRUPRIFRPPXQLFDWLRQXVHGWKHLPDJHRIWKH:DQGHULQJ
-HZDVDQDQWLWKHVLVRIWKH-DSDQHVHDELOLW\WRFRPPXQLFDWHODFRQLFDOO\DQGLQDZD\WKDWGHILHV:HVWHUQORJLF7KHRQO\ZD\
ILVKFDQGHILQHWKHPVHOYHVDVDQLPDOVOLYLQJLQWKHZDWHULVIRUWKHPWRJHWRXWRIWKHZDWHU%\WKHVDPHWRNHQWKHVKRUWHVW
URXWHWRJLYLQJKDUDJHLFODULW\LVWRVKHGOLJKWRQDFXOWXUHZKRVHVHOIXQGHUVWDQGLQJDQGUHSUHVHQWDWLRQVHHPVWREHVRGLIIHUHQW
IURPWKH-DSDQHVH7KH-HZLVKSHRSOH VVWUXJJOHZLWKWKHGHILQLWLRQRILGHQWLW\VWLOOVXFKDQDPELJXRXVQRWLRQLVXQWUDQVODWDEOH
LQWR-DSDQHVH7KH-HZLVKSHRSOHGHYRLGRIWKHKLVWRULFDOSDUDOOHORIWKHGLYLQHZLQG NDPLND]H NHHSLQJDSHRSOHIURP
ZDQGHULQJEHLQJVFDWWHUHGKDVQHYHUKDGWKHPXWXDOLQGXOJHQFH $PDH WKHLGHDOLVWLF-DSDQHVHUDFHKDVHQMR\HG7KH
DZDUHQHVVWKDWEULQJVWKH-HZVWRJHWKHUVHHPVWREHEDVHGRQVRPHUHDOLW\SULQFLSOHLQ)UHXGLDQWHUPVE\QRPHDQVWKHVRUW
RISOHDVXUHSULQFLSOHWKDWCODXJKVDW GHEDWHVDERXWVXUYLYDOLQ0DWVXPRWR ±
,QWHUHVWLQRFFXOWDQGVXSHUQDWXUDOSKHQRPHQDFDQEHREVHUYHGLQWKHULWXDOVRIPDQ\QHZUHOLJLRQJURXSVWKHZLGHO\
DFFHSWHGEHOLHILQEORRGJURXSVVXSHUVWLWLRQVFRQFHUQLQJQXPEHUVWKHFRQWHQWRIFRPLFVHWF&I'DYLV DQG
+D\DVKLGD
,W VVLPSO\VXSSO\DQGGHPDQGH[SODLQV7DNDKLUR6KLPL]XRQHRIWKHPRVWSUROLILFSXEOLVKHUVRIDQWLVHPLWLFERRNVLQ-DSDQ
LQWKHHDUO\V,XQGHUVWDQGWKDWWKHUHLVDPDUNHWIRUWKHVHERRNV7KH\RIIHUDGLIIHUHQWSHUVSHFWLYHRQKLVWRU\
6KLPL]X VFRPSDQ\LVDQH[DPSOHRIDSXEOLVKLQJKRXVHWKDWVSHFLDOL]HGLQ-HZV)LYHRIWKHVL[ERRNVSXEOLVKHGLQE\
6KLPL]X VFRPSDQ\GHDOWZLWK-HZVLQRQHZD\RUDQRWKHU /D]DUXV
7KHRUGHUZDV-DSDQHVH$PHULFDQV(QJOLVK)UHQFK*HUPDQV,WDOLDQV,QGLDQV5XVVLDQV&KLQHVH-HZV$IULFDQV.RUHDQV
$NLWDFLWHGLQ*RRGPDQ 0L\D]DZD
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
)RUWKHVHPDQWLFGLIIHUHQWLDOPHWKRGVHH2VJRRG6XFL 7DQQHQEDXP
7KHVHFKDUDFWHULVWLFVKDYHEHHQUHSHWLWLYHO\VHOHFWHGE\-DSDQHVHUHVSRQGHQWVDVUHSUHVHQWLQJWKH-DSDQHVHFKDUDFWHU6HH
7{NHL6UL.HQN\MR
7KHOLQJXLVW+DUDOG+DDUPDQQIXUWKHUGLVWLQJXLVKHVEHWZHHQWKHV\PEROLFYDOXHRIZRUGVIURPYDULRXV:HVWHUQFRXQWULHV
LQGLFDWLQJWKDWHYHQWKH:HVWLVQRWSHUFHLYHGVRPRQROLWKLFDOO\LQ-DSDQ +DDUPDQQ
,QIRUPDWLRQSURFHVVLQJDSSURDFKHVDQGFRQVLVWHQF\WKHRULHVDVVXPHWKDWWKHDWWLWXGHWRZDUGDQREMHFWLVUHODWHGWRWKH
DWWULEXWHVSHUFHLYHGDVDVVRFLDWHGZLWKWKDWREMHFW)RUGLVFXVVLRQRQUHODWLRQVKLSEHWZHHQVWHUHRW\SHVDQGSUHMXGLFHVHH
6WURHEHDQG,QVNR
7KH&DOLIRUQLD(6FDOHZDVFRPSRVHGE\$GRUQR)UHQNHO%UXQVZLN/HYLQVRQDQG6DQIRUG DQGWKH%ODWDQWDQG
6XEWOH3UHMXGLFH6FDOHVZHUHFRPSRVHGE\3HWWLJUHZDQG0HHUWHQV
:HDOVRH[DPLQHGWKHUHODWLRQEHWZHHQHVWLPDWLRQRIWKHQXPEHURI-HZVLQWKHZRUOGDQGDWWLWXGHVWRZDUGWKHP
2YHUHVWLPDWLRQRIWKHQXPEHURI-HZVZDVIRXQGWREHUHODWHGLQ(XURSHDQFRXQWULHVZLWKDQWLVHPLWLVP IRUDUHFHQWH[DPSOH
VHH6DOSHWHU 2XUVDPSOHKRZHYHUGLGQRWFRQILUPWKLVSUHGLFWLRQ,QIDFWRYHUHVWLPDWLQJUHVSRQGHQWV
UHVSRQGHQWVZKRVHOHFWHGWKHILJXUHKXQGUHGPLOOLRQDVWKHQXPEHURI-HZVLQWKHZRUOG KHOGVOLJKWO\EXWVLJQLILFDQWO\PRUH
SRVLWLYHDWWLWXGHVWRZDUG-HZVWKDQWKRVHZKRZHUHDFFXUDWHDERXWWKHQXPEHURI-HZV UHVSRQGHQWVZKRVHOHFWHGWKH
ILJXUHWHQPLOOLRQDVWKHQXPEHURI-HZVLQWKHZRUOG RUWKRVHZKRXQGHUHVWLPDWHGWKHUHQXPEHU UHVSRQGHQWVZKR
VHOHFWHGWKHILJXUHRQHPLOOLRQRUKXQGUHGWKRXVDQGDVWKHQXPEHURI-HZVLQWKHZRUOG 7KHLUDWWLWXGHVGLGQRWGLIIHU
KRZHYHUIURPWKHUHVSRQGHQWVZKRGLGQRWNQRZWKHQXPEHU WKHDYHUDJHDWWLWXGHUHVSRQVHIRUHDFKJURXSZDV
DQGUHVSHFWLYHO\ $VIRUSHUFHSWLRQVRIVLPLODULW\DQGDIIHFWIRUFRQWDFWWKHGLIIHUHQFHVEHWZHHQDFFXUDWH
RYHUHVWLPDWLQJXQGHUHVWLPDWLQJDQGXQNQRZLQJUHVSRQGHQWVZHUHLQVLJQLILFDQW
6HH'RZHU DQG6KLOORQ\
7KHUHFHQWZDYHRI-DSDQHVHERRNVRQ$PHULFDQ-HZVRIZKLFKWKHPDMRULW\DUHFDUHIXOVWXGLHVPD\VHUYHDVLQGLFDWLRQRI
WKHJURZLQJFRQFHUQIRU-HZLVK$PHULFDQLQIOXHQFH$VKRUWOLVWPD\LQFOXGH0DUX\DPD DQG'RL 1RW
VXUSULVLQJO\8QR0DVDPLDOVRKDVRIIHUHGKLVRZQLQVLJKWRI$PHULFDWKURXJKLWV-HZV 8QRDQG&URZOH\
7KHILJXUHFDQDOVREHLQWHUSUHWHGDVKLJKKRZHYHU$QWLVHPLWLFSXEOLFDWLRQV GHDOLQJZLWKDQDOOHJHG-HZLVKSORWDJDLQVW
-DSDQDQGWKHZRUOG KDYHEHHQSXEOLVKHGLQDIHZPLOOLRQFRSLHVGXULQJWKHODVWGHFDGH7KLVILJXUHVXJJHVWVWKDWVWXGHQWVDUH
PXFKPRUHOLNHO\WRUHDGVXFKSXEOLFDWLRQVWKDQRWKHUVHJPHQWVRIWKHSRSXODWLRQ
$QDOPRVWFODVVLFDQHFGRWHUHFRXQWHGE\WKH,VUDHOL-DSDQRORJLVW%HQ$PL6KLOORQ\UHYHDOVPXFKDERXW-DSDQHVHLQVHQVLWLYLW\
WRWKH-HZV WRUPHQWHGSDVW$JURXSRI-DSDQHVHEXVLQHVVPHQZKRFDPHWR,VUDHOLQZDVIXOORIDGPLUDWLRQIRUWKH
=LRQLVWDFKLHYHPHQW,QDYLVLWWRWKH+HEUHZ8QLYHUVLW\RQHRIWKHPSUHVHQWHGWKHLU-HZLVKKRVWZLWKDERRNWKH\KDGUHDGRQ
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
=LRQLVWDFKLHYHPHQW,QDYLVLWWRWKH+HEUHZ8QLYHUVLW\RQHRIWKHPSUHVHQWHGWKHLU-HZLVKKRVWZLWKDERRNWKH\KDGUHDGRQ
WKHIOLJKWRYHU7KDWERRNZKLFKWKH\VDLGH[SODLQHG,VUDHOEHVWZDVDWUDQVODWLRQRIWKH3URWRFROVRIWKH(OGHUVRI=LRQ
6KLOORQ\
2Q3DVVRYHUVHH$GOHU
)RUDUDWKHUGLPSRUWUDLWRIWKH-DSDQHVHLQWHOOHFWXDOOLIHLQWKHVVHH:ROIHUHQ ±
6HH-RKQ5D\ V VWXG\RIWKHLUUDWLRQDOFKDUDFWHURIWKH$XVWUDOLDQ1HR1D]LZRUOGYLHZDQGWKHUROHRIWKH-HZV
WKHUHLQ
2QWKHGLVWLQFWLRQEHWZHHQVXEWOHDQGEODWDQWSUHMXGLFHVHH3HWWLJUHZDQG0HHUWHQV
)RUWKLVGLVWLQFWLRQVHH.RYHO DQG.OHLQSHQQLQJDQG+DJHQGRRUQ
6RXUFHV6PLWK *ROXE &RKHQDQG*ROXE *XGNRYDQG/HYLQVRQ %~WRURYiDQG%~WRUD
.DUPDVLQ *ROXEDQG&RKHQ DQG*ROXE
,WVKRXOGEHQRWHGKRZHYHUWKDWZHGLGQRWLQYHVWLJDWHDWWLWXGHVWRZDUGDGGLWLRQDOPRUHUHDOLVWLFPLQRULWLHVDQGRXWJURXSVLQ
-DSDQVXFKDV.RUHDQVDQG&KLQHVHUHVLGLQJLQ-DSDQ%XUDNXPLQ>KLVWRULFDOO\DQRXWFDVWJURXSLQ-DSDQ@$LQXV2NLQDZDQV
DQGLOOHJDOZRUNHUV&RPSDULVRQZLWKVXFKJURXSVPLJKWKDYHSXW-HZVLQDEHWWHUSRVLWLRQ
)RUDFULWLTXHRIWKH-DSDQHVHSUHVVLQWKLVUHVSHFWVHH:ROIHUHQ ± DQG.LP
2QWKHORQJLWXGLQDOFKDQJHRIVWHUHRW\SHVRI-HZVLQWKH86$VHH.DUOLQV&RIIPDQDQG:DOWHUV
7KHVHLQFOXGHGWKHUHVXPSWLRQRIWKHH[FKDQJHRIWUDGHPLVVLRQVEHWZHHQWKHWZRVWDWHVDIWHUWHQ\HDUV VXVSHQVLRQDODUJH
GRQDWLRQWRWKH7LNRWLQ0XVHXPRI-DSDQHVH$UWLQ+DLIDDQGWKHILUVWYLVLWRID-DSDQHVHPLQLVWHUWR,VUDHO
6HHIRUH[DPSOH3XEOLVKHUFORVHV 0DUFR3ROR IRUDQWL-HZLVKDUWLFOH'DLO\<RPLXUL-DQXDU\
5()(5(1&(6
$GOHU-3RUWQR\VDQ VFRPSODLQWV1HZVZHHN-XQH
$GRUQR7KHRGRUH:()UHQNHO%UXQVZLN'-/HYLQVRQDQG516DQIRUG7KH$XWKRULWDULDQ3HUVRQDOLW\1HZ<RUN+DUSHU 5RZ
$NLWD.L\RVKL1LKRQQRLFKLGDLJDNXVHLQRPLQ]RNXNDQM{ 7KHUDFLDOIHHOLQJVRIVWXGHQWVDWRQH-DSDQHVH8QLYHUVLW\ -LQPRQJDNX
'{VKLVKD8QLYHUVLW\.\RWR ±
$NLWD.L\RVKL6'K{NDUDPLWD1LKRQQRLFKLGDLJDNXJDNXVHLQRPLQ]RNXKHQNHQ 5DFLDOSUHMXGLFHDPRQJWKHVWXGHQWVRIRQH-DSDQHVH
8QLYHUVLW\DVVHHQRQWKHEDVLVRIWKH6HPDQWLF'LIIHUHQWLDOPHWKRG -LQPRQJDNX '{VKLVKD8QLYHUVLW\.\RWR ±
%DVDEH)HUGLQDQGR$WWLWXGHVRI-DSDQHVHVWXGHQWVWRZDUGIRUHLJQFRXQWULHV0RQXPHQWD1LSSRQLFD ±
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
%HIX+DUXPL1DWLRQDOLVPDQG1LKRQMLQURQ,Q&XOWXUDO1DWLRQDOLVPLQ(DVW$VLD5HSUHVHQWDWLRQDQG,GHQWLW\HG+DUXPL%HIX%HUNHOH\
&$,QVWLWXWHRI(DVW$VLDQ6WXGLHV±
%HIX+DUXPL'HPRQL]DWLRQRIKXPDQVDQGKXPDQL]DWLRQRIGHPRQV3DSHUUHYLVHGIURPWKHSURFHHGLQJVRIWKH&RQIHUHQFH7KH2WKHU
DV7KUHDW²'HPRQL]DWLRQDQG$QWLVHPLWLVPKHOGDWWKH9LGDO6DVVRRQ,QWHUQDWLRQDO&HQWHUIRUWKH6WXG\RI$QWLVHPLWLVP7KH+HEUHZ
8QLYHUVLW\-HUXVDOHP±-XQH
%HIX+DUXPLDQG.D]XIXPL0DQDEH$QHPSLULFDOLQYHVWLJDWLRQRQ1LKRQMLQURQ+RZUHDOLVWKH0\WK.ZDQVHL*DNXLQ8QLYHUVLW\
$QQXDO6WXGLHV ±
%HQ'DVDQ,VDLDK><DPDPRWR6KLFKLKHL@1LKRQMLQWR<XGD\DMLQ 7KH-DSDQHVHDQGWKH-HZV 7RN\R<DPDPRWR6KRWHQ
%HQ'DVDQ,VDLDK><DPDPRWR6KLFKLKHL@7KH-DSDQHVHDQGWKH-HZVWUDQVE\5LFKDUG/*DJH7RN\R:HDWKHUKLOO
%~WRURYi=RUDDQG0DUWLQ%~WRUD$WWLWXGHVWRZDUG-HZVDQGWKH+RORFDXVWLQ,QGHSHQGHQW6ORYDNLD1HZ<RUN$PHULFDQ-HZLVK
&RPPLWWHH:RUNLQJ3DSHUVRQ&RQWHPSRUDU\$QWL6HPLWLVPQR
&RKHQ5HQDHDQG-HQQLIHU/*ROXE$WWLWXGHVWRZDUG-HZVLQ3RODQG+XQJDU\DQG&]HFKRVORYDNLD$&RPSDUDWLYH6XUYH\1HZ<RUN
$PHULFDQ-HZLVK&RPPLWWHH:RUNLQJ3DSHUVRQ&RQWHPSRUDU\$QWL6HPLWLVPQR
'DYLV:LQVWRQ'RMR0DJLFDQG([RUFLVPLQ0RGHUQ-DSDQ6WDQIRUG&$6WDQIRUG8QLYHUVLW\3UHVV
'RL7RVKLNXQL$PHULNDQR<XGD\DMLQ $PHULFDQ-HZV 7RN\R,ZDQDPL6KRWHQ
'RZHU-RKQ:DU:LWKRXW0HUF\5DFHDQG3RZHULQWKH3DFLILF:DU1HZ<RUN3DQWKHRQ
(SVWHLQ6LPRQ&\FOLFDO3DWWHUQVLQ$QWLVHPLWLVP7KH'\QDPLFVRI$QWL-HZLVK9LROHQFHLQ:HVWHUQ&RXQWULHVVLQFHWKHV$&7$
RFFDVLRQDOSDSHUVQR-HUXVDOHP6,&6$
)XMLWD'HQ<XGD\DQR6K{K{ -HZLVK7UDGH0HWKRGV 7RN\R:DQLQRKRQ
)XQDEDVKL+LURND]X1LKRQPRQGDLWRVKLWHQR<XGD\DPRQGDL 7KH-HZLVKSUREOHPDVD-DSDQHVHSUREOHP <RPLXUL6KLPEXQ
)HEUXDU\
*ROXE-HQQLIHU-DSDQHVH$WWLWXGHVWRZDUG-HZV3DFLILF5LP,QVWLWXWHRIWKH$PHULFDQ-HZLVK&RPPLWWHH
*ROXE-HQQLIHU%ULWLVK$WWLWXGHVWRZDUG-HZVDQG2WKHUV0LQRULWLHV1HZ<RUN$PHULFDQ-HZLVK&RPPLWWHH:RUNLQJ3DSHUVRQ
&RQWHPSRUDU\$QWL6HPLWLVPQR
*ROXE-HQQLIHU&XUUHQW*HUPDQ$WWLWXGHVWRZDUG-HZVDQG2WKHU0LQRULWLHV1HZ<RUN$PHULFDQ-HZLVK&RPPLWWHH:RUNLQJ3DSHUVRQ
&RQWHPSRUDU\$QWL6HPLWLVPQR
*ROXE-HQQLIHUDQG5HQDH&RKHQ&XUUHQW$XVWULDQ$WWLWXGHVWRZDUG-HZVDQGWKH+RORFDXVW1HZ<RUN$PHULFDQ-HZLVK&RPPLWWHH
:RUNLQJ3DSHUVRQ&RQWHPSRUDU\$QWL6HPLWLVPQR
*RRGPDQ'DYLG D -DSDQHVHDQWLVHPLWLVP7KH:RUOG , 1RYHPEHU ±
*RRGPDQ'DYLG E 5HDVRQIRUFRQFHUQLQ-DSDQHVHDQWLVHPLWLVP/HWWHUWRWKHHGLWRU1HZ<RUN7LPHV0DUFK
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
*RRGPDQ'DYLGDQG0DVDQRUL0L\D]DZD-HZVLQWKH-DSDQHVH0LQG7KH+LVWRU\DQG8VHVRID&XOWXUDO6WHUHRW\SH1HZ<RUN)UHH
3UHVV
*XGNRY/HYDQG$OH[/HYLQVRQ$WWLWXGHVWRZDUG-HZVLQWKH&RPPRQZHDOWKRI,QGHSHQGHQW6WDWHV1HZ<RUN$PHULFDQ-HZLVK
&RPPLWWHH:RUNLQJ3DSHUVRQ&RQWHPSRUDU\$QWL6HPLWLVPQR
+DDUPDQQ+DUDOG6\PEROLF9DOXHVRI)RUHLJQ/DQJXDJH8VH)URPWKH-DSDQHVH&DVHWRD*HQHUDO6RFLROLQJXLVWLF3HUVSHFWLYH%HUOLQ
0RXWRQGH*UX\WHU
+D\DVKLGD&XOOHQ7DGDR,GHQWLW\5DFHDQGWKH%ORRG,GHRORJ\RI-DSDQ3K''LVV8QLYHUVLW\RI:DVKLQJWRQ6HDWWOH:DVK
.DUOLQV0DUYLQ&RIIPDQ7KRPDV/ :DOWHUV*DU\2QWKHIDGLQJRIVRFLDOVWHUHRW\SHV6WXGLHVLQWKUHHJHQHUDWLRQVRIFROOHJH
VWXGHQWV-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\ ±
.DUPDVLQ)ULW]$XVWULDQ$WWLWXGHVWRZDUG-HZV,VUDHODQGWKH+RORFDXVW1HZ<RUN$PHULFDQ-HZLVK&RPPLWWHH:RUNLQJ3DSHUVRQ
&RQWHPSRUDU\$QWL6HPLWLVPQR
.DZDGR.D]XIXPL D C1LVKLRNDURQEXQ WRZDQDQGDWWDQRND :KDWZDV1LVKLRND VDUWLFOH" $VDKL6KLPEXQ)HEUXDU\
.DZDGR.D]XIXPL E C+DQDGDU\ RG{V{NDWVXVXUXQRND +RZFDQZHVXPPDUL]H+DQDGD VPDQQHU" $VDKL6KLPEXQ
)HEUXDU\
.LP<RXQJ&-DSDQHVH-RXUQDOLVWVDQG7KHLU:RUOG&KDUORWWHVYLOOH9$8QLYHUVLW\3UHVVRI9LUJLQLD
.OHLQSHQQLQJ*HUDUGDQG/RXN+DJHQGRRUQ)RUPVRIUDFLVPDQGWKHFXPXODWLYHGLPHQVLRQRIHWKQLFDWWLWXGHV6RFLDO3V\FKRORJ\
4XDUWHUO\ ±
.RYHO-RHO:KLWH5DFLVP$3V\FKRKLVWRU\1HZ<RUN9LQWDJH
.RZQHU5RWHP+DUXPL%HIXDQG.D]XIXPL0DQDEH7KHKXPDQSURILOHRI-DSDQHVHQDWLRQDOLVP$VWXG\RI1LKRQMLQURQIROORZHUV0V
VXEPLWWHGIRUSXEOLFDWLRQ
.UDQ]OHU'DYLG-DSDQHVH1D]LVDQG-HZV7KH-HZLVK5HIXJHH&RPPXQLW\LQ6KDQJKDL±1HZ<RUN<HVKLYD8QLYHUVLW\3UHVV
.UDQ]OHU'DYLG-DSDQHVHSROLF\WRZDUGWKH-HZV±-DSDQ,QWHUSUHWHU ±
/D]DUXV'DYLG$QWL6HPLWLVPVWLOODEOLQGVSRWLQ-DSDQ-DSDQ7LPHV1RYHPEHU
/HH&KDUOHV6$QQH)UDQNWR(LQVWHLQ1HZVZHHN0D\
0DUX\DPD1DRNL$PHULNDQR<XGD\DMLQ6KDNDL<XGD\DQR3DZDDQR-LWVX]{WR+DQ<XGD\DVKXJL 7KH$PHULFDQ-HZLVK&RPPXQLW\7KH
5HDOLW\RI3RZHUDQG$QWLVHPLWLVP 7RN\R-DSDQ7LPH
0DWVXPRWR0LFKLKLUR7KH8QVSRNHQ:D\+DUDJHL6LOHQFHLQ-DSDQHVH%XVLQHVVDQG6RFLHW\ RULJLQDOO\SXEOLVKHGLQ-DSDQHVHDV
+DUDJHL 7RN\R.RGDQVKD
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
1LVKLRND0DVDQRUL1D]LJDVXVKLWVXJDQDNDWWD 7KHUHZHUHQR1D]LJDVFKDPEHUV 0DUFR3ROR)HEUXDU\±
2VJRRG&KDUOHV(*HRUJH-6XFLDQG3+7DQQHQEDXP7KH0HDVXUHPHQWRI0HDQLQJ8UEDQD,/8QLYHUVLW\RI,OOLQRLV3UHVV
2VKLQ{6KRWDU{6DLJRQR.\{WHNL1LKRQR8WWH=RNX<XGD\D6HNDL6KLKDLQR*LWHLVKR $WWDFN-DSDQ7KH/DVW(QHP\7KH-HZLVK
3URWRFROIRU:RUOG'RPLQDWLRQ&RQWLQXHG 7RN\R'DL LFKL.LNDNX6KXSSDQ
3HDERG\'HDQ6HOHFWLQJUHSUHVHQWDWLYHWUDLWDGMHFWLYHV-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\ ±
3HWWLJUHZ7KRPDV)DQG5:0HHUWHQV6XEWOHDQGEODWDQWSUHMXGLFHLQ:HVWHUQ(XURSH(XURSHDQ-RXUQDORI6RFLDO3V\FKRORJ\
±
3RODFN'DYLG7KH)UDFWXUHRI0HDQLQJ-DSDQ VV\QWKHVLVRI&KLQDIURPWKH(LJKWKWKURXJKWKH(LJKWHHQWK&HQWXULHV3ULQFHWRQ3ULQFHWRQ
8QLYHUVLW\3UHVV
3RUDW'LQDHG$QWL6HPLWLVP:RUOGZLGH7HO$YLY7HO$YLY8QLYHUVLW\
3RUDW'LQDHG$QWL6HPLWLVP:RUOGZLGH7HO$YLY7HO$YLY8QLYHUVLW\
5D\-RKQ-,VDQWLVHPLWLVPDFRJQLWLYHVLPSOLILFDWLRQ"6RPHREVHUYDWLRQVRQ$XVWUDOLDQ1HZ1D]LV-HZLVK-RXUQDORI6RFLRORJ\
±
5D]-DFRE$VSHFWVRI2WKHUQHVVLQ-DSDQHVH&XOWXUH 3HUIRUPDQFHLQ&XOWXUH1R 7RN\R,QVWLWXWHIRUWKH6WXG\RI/DQJXDJHVDQG
&XOWXUHVRI$VLD $IULFD
6DLWR(LVDEXUR6HNDLR8JRNDVX<XGD\D3DZDDQR+LPLWVX 7KH6HFUHWVRI-HZLVK3RZHUWKDW0RYHVWKH:RUOG 7RN\R1LKRQ.HL]DL
7VVKLQVKD
6DOSHWHU(OL\DKX=DULPWDPLG $OZD\VIRUHLJQHUV +D DUHW]'HFHPEHUSE
6DQGEHUJ1HLO-HZLVK:RUOG±0D\
6FKRGW)UHGHULN/$PHULFDDQGWKH)RXU-DSDQV%HUNHOH\6WRQH%ULGJH3UHVV
6KDNHVSHDUH:LOOLDP-LQQLNX6KLFKL,UL6DLEDQ 0HUFKDQWRI9HQLFHOLW7KHWULDORIWKH+XPDQ)OHVK3OHGJH 7RN\R.RQJRGR
6KLOORQ\%HQ$PL3ROLWLFVDQG&XOWXUHLQ:DUWLPH-DSDQ2[IRUG&ODUHQGRQ3UHVV
6KLOORQ\%HQ$PL7KH-HZVDQGWKH-DSDQHVH7KH6XFFHVVIXO2XWVLGHUV7RN\R7XWWOH
6KLOORQ\%HQ$PL+DVKNDIRW<DSDQL\RWDO<HKXGLP9H\DKDGXW -DSDQHVH9LHZVRQ-HZVDQG-XGDLVP -HUXVDOHP6KD]DU/LEUDU\
6PLWK7RP::KDW'R$PHULFDQV7KLQNDERXW-HZV"1HZ<RUN$PHULFDQ-HZLVK&RPPLWWHH:RUNLQJ3DSHUVRQ&RQWHPSRUDU\$QWL
6HPLWLVPQR
6PLWK7RP:$QWL6HPLWLVPLQ&RQWHPSRUDU\$PHULFD1HZ<RUN$PHULFDQ-HZLVK&RPPLWWHH:RUNLQJ3DSHUVRQ&RQWHPSRUDU\$QWL
6HPLWLVPQR
6WURHEH:ROIJDQJDQG&KHVWHU$,QVNR6WHUHRW\SHSUHMXGLFHDQGGLVFULPLQDWLRQ&KDQJLQJFRQFHSWLRQVLQWKHRU\DQGUHVHDUFK,Q
6WHUHRW\SLQJDQG3UHMXGLFH&KDQJLQJFRQFHSWLRQVHGV'DQLHO%DU7DO&)*UDXPDQQ$:.UXJODQVNLDQG:6WURHEH1HZ<RUN
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com
6SULQJHU9HUODJ±
6XJLKDUD.DRUXDQG-$$OODQHGV-DSDQLQWKH&RQWHPSRUDU\0LGGOH(DVW/RQGRQ5RXWOHGJH
7RND\HU0DUYLQDQG0D\6FKZDUW]7KH)XJX3ODQ7KH8QWROG6WRU\RIWKH-DSDQHVHDQGWKH-HZVGXULQJ:RUOG:DU,,1HZ<RUN
3DGGLQJWRQ3UHVV
7{NHL6UL.HQN\MR>5HVHDUFK&RPPLWWHHRI-DSDQHVH1DWLRQDO&KDUDFWHU,QVWLWXWHRI6WDWLVWLFDO0DWKHPDWLFV@1LKRQMLQ.RNXPLQVHL 7KH
-DSDQHVH1DWLRQDO&KDUDFWHU 7RN\R6KLVHLG{
7{NHL6UL.HQN\MR>5HVHDUFK&RPPLWWHHRI-DSDQHVH1DWLRQDO&KDUDFWHU,QVWLWXWHRI6WDWLVWLFDO0DWKHPDWLFV@'DLQL1LKRQMLQ.RNXPLQVHL
7KH6HFRQG6WXG\RIWKH-DSDQHVH1DWLRQDO&KDUDFWHU 7RN\R6KLVHLG{
7{NHL6UL.HQN\MR>5HVHDUFK&RPPLWWHHRI-DSDQHVH1DWLRQDO&KDUDFWHU,QVWLWXWHRI6WDWLVWLFDO0DWKHPDWLFV@'DLVDQ1LKRQMLQ
.RNXPLQVHL 7KH7KLUG6WXG\RIWKH-DSDQHVH1DWLRQDO&KDUDFWHU 7RN\R6KLVHLG{
7{NHL6UL.HQN\MR>5HVHDUFK&RPPLWWHHRI-DSDQHVH1DWLRQDO&KDUDFWHU,QVWLWXWHRI6WDWLVWLFDO0DWKHPDWLFV@'DL\RQ1LKRQMLQ
.RNXPLQVHL 7KH)RXUWK6WXG\RIWKH-DSDQHVH1DWLRQDO&KDUDFWHU 7RN\R,GHPLWVX6KRWHQ
7{NHL6UL.HQN\MR>5HVHDUFK&RPPLWWHHRI-DSDQHVH1DWLRQDO&KDUDFWHU,QVWLWXWHRI6WDWLVWLFDO0DWKHPDWLFV@'DLJR1LKRQMLQ.RNXPLQVHL
7KH)LIWK6WXG\RIWKH-DSDQHVH1DWLRQDO&KDUDFWHU 7RN\R,GHPLWVX6KRWHQ
7VXNDVKLPD5RQDOG7DQG0RQWHUR'DUUHO7KHFRQWDFWK\SRWKHVLV6RFLDODQGHFRQRPLFFRQWDFWDQGJHQHUDWLRQDOFKDQJHVLQWKHVWXG\
RI%ODFN$QWL6HPLWLVP6RFLDO)RUFHV ±
8QR0DVDPL D <XGD\DJD:DNDUXWR1LKRQJD0LHWHNXUX ,I<RX&RPSUHKHQGWKH-HZV<RXZLOO8QGHUVWDQG-DSDQ 7RN\R
7RNXPD6KRWHQ
8QR0DVDPL E <XGD\DJD:DNDUXWR6HNDLJD0LHWHNXUX1HQ 6KXPDWVX.HL]DL6HQV{HQR6KLQDULR ,I<RX&RPSUHKHQGWKH
-HZV<RX:LOO8QGHUVWDQGWKH:RUOG$6FHQDULRFRQFHUQLQJWKH)LQDO(FRQRPLF:DURI 7RN\R7RNXPD6KRWHQ
8QR0DVDPLDQG'DOH-U&URZOH\ <XGD\DJD:DNDUXWR$PHULNDJD0LHWHNXUX ,I<RX&RPSUHKHQGWKH-HZV<RXZLOO8QGHUVWDQG
$PHULFD 7RN\R&KW{0RQGDL.HQN\6HQWDD
:DWWV:LOOLDP$QWL6HPLWLVPLQ-DSDQ$6XUYH\5HVHDUFK6WXG\$UHSRUWFRPPLVVLRQHGE\WKH$QWL'HIDPDWLRQ/HDJXHRI% QDL% ULWK
:DVKLQJWRQ '& 3RWRPDF$VVRFLDWHV
:ROIHUHQ.DUHOYDQ7KH(QLJPDRI-DSDQHVH3RZHU3HRSOHDQG3ROLWLFVLQD6WDWHOHVV1DWLRQ/RQGRQ0DFPLOODQ
<RVKLQR.RVDNX&XOWXUDO1DWLRQDOLVPLQ&RQWHPSRUDU\-DSDQ/RQGRQ5RXWOHGJH
open in browser PRO version
Are you a developer? Try out the HTML to PDF API
pdfcrowd.com