In lieu of an abstract, here is a brief excerpt of the content:

  3H`VM[OL3HUK! >HYPJOP7YHJ[PJLPU0^HKL=PSSHNL 7UHYLRXV FKDSWHUV KDYH H[DPLQHG WKH JHQHUDO VWUXFWXUH RI ZDULFKL V\VWHPVDQGWKHEURDGHUKLVWRULFDOFRQWH[WVZLWKLQZKLFKWKH\RS HUDWHG7KH\KDYHDOVRVXPPDUL]HGWKHVFKRODUO\HYDOXDWLRQRIZDULFKLªV RULJLQV,WLVQRZWLPHWRORRNFORVHO\DWKRZWKHV\VWHPIXQFWLRQHG LQSUDFWLFHDWWKHYLOODJHOHYHO'LGSDUWLFLSDQWVDFWXDOO\PHDVXUHDQG UHHYDOXDWHILHOGVURXWLQHO\"'LGWKHGLVWULEXWLRQSURFHVVDGKHUHWRSULQ FLSOHVRIIDLUSOD\LQSUDFWLFH"'LGWKHV\VWHPDGMXVWIRUFKDQJLQJSUR GXFWLYLW\RYHUWLPH" ,Q&KDSWHUDYDULHW\RIHYLGHQWLDU\LVVXHVZHUHQRWHGWKDWFRP SOLFDWHDQDO\VLVRIZDULFKLV\VWHPVDQGWKHLURSHUDWLRQSDUWLFXODUO\RYHU H[WHQGHGVSDQVRIWLPH7KH6DWý)DPLO\'RFXPHQWVDWWKHFRUHRI WKHDQDO\VLVLQWKLVFKDSWHUDQG&KDSWHUSURYLGHDUDUHFROOHFWLRQRI UHOHYDQWYLOODJHGRFXPHQWVWKDWRYHUFRPHVRPHRIWKHVHOLPLWDWLRQV ,QSDUWLFXODUWKH\GHVFULEHUHSHDWHGLWHUDWLRQVWKDWSURYLGHDVHQVHRI GHYHORSPHQWDQGWUDQVIRUPDWLRQRYHUDQH[WHQGHGSHULRGRIWLPH'H VFULELQJZDULFKLLQ,ZDGH9LOODJHGXULQJWKHHLJKWHHQWKDQGQLQHWHHQWK FHQWXULHVWKHVHGRFXPHQWVUHFRUGSHULRGLFUHGLVWULEXWLRQVRYHUDSH ULRGRI\HDUV ¥ :KLOHUHDVRQLQJIURPWKHRXWFRPHV UHYHDOHG LQ WKHVH PDQXVFULSWV VWLOO KDV LWV OLPLWDWLRQV WKH ORQJWHUP SHUVSHFWLYHWKH\SURYLGHLVXQLTXH $VLQPDQ\H[DPSOHVRIODQGUHGLVWULEXWLRQWKHSUHFLVHRULJLQVRI WKHSUDFWLFHLQ(FKLJRDUHQRWFOHDU$FFRUGLQJWRWZR7RNXJDZDHUD  *KHUHWRIRUH@SDGG\ILHOGV 6HFWLRQ   >7R@DERXWWZR\DUGV@DQGVKDNX  QRWDXQLWRIDUHDVXFKDVDEXRUDWDQDQGLVSUHFLVHWRWHQWKVRIDVKDNX 7KHVDPHLVWUXHIRUWKHUHGLVWULEXWLRQQRWHERRN7KHVHGRFX PHQWVHYHQFDOFXODWHWKHGHJUHHRIDOORWPHQWVKRUWIDOO EXVRNX ZLWKWKH VDPHGHJUHHRISUHFLVLRQ 7KHSUHFLVHPHDVXUHVVXJJHVWWKHVSHFLDOYDOXHRIVHHGEHGDQGJDU GHQSORWODQGVWRVKDUHKROGHUV2QO\LQWKHFDVHRIVPDOOSDUFHOVQRWLQ FOXGHGLQDVWDQGDUGZHOORUJDQL]HGZDUL ]DQEX GLGWKH\HPSOR\WKLV GHJUHHRISUHFLVLRQWRPHDVXUHRWKHUDUDEOHODQGV LQWKHFDVHRI]DQEX ZHVHHPHDVXUHVDVVPDOODVWHQWKVRIEX  7KHHPSKDVLVRQSUHFLVLRQRIPHDVXUHPHQWVKRXOGQRWREVFXUH RQHYHU\LPSRUWDQWSRLQWZKHWKHUWKH\PHDVXUHGDOORIWKHDUDEOHRU MXVWDSDUWRILWGXULQJDUHGLVWULEXWLRQSDUWLFLSDQWVVWUHVVHGSDULW\LQ WKHRXWSXWRIWKHODQGLQHDFKVHFWLRQZLWKLQDZDULUDWKHUWKDQHTXDO DUHD7KLVHPSKDVLVLVQRWHGWKURXJKRXWWKHUHGLVWULEXWLRQQRWHERRNV LQUHPDUNVGHWDLOLQJFRPSHQVDWLRQIRUWKHVKRUWFRPLQJVRIDVHFWLRQ LQDSDUWLFXODUZDULDVZHOODVRWKHUFRPPHQWVRQWKHTXDOLW\RIODQG LQDVHFWLRQ§LQDGGLWLRQZLWKJUDVVODQGV¨§ZLWKGU\ILHOG¨DQGVLPL  *< 3; 0=(; 0 5 .*6 4 4 6 5 : ODU FRPPHQWV DUH VFDWWHUHG WKURXJKRXW WKHVH GRFXPHQWV LQ GHVFULE LQJZDULWKDWDUHGHVLJQDWHGDVSDGG\7KHSUHVHQFHRIVXFKQRQSDGG\ ODQGVZLWKLQDSDGG\VHFWLRQPHDQWWKDWFURSVZLWKRXWSXWDVKLJKDV ULFHFRXOGQRWXQLIRUPO\EHJURZQWKHUH,QVXFKFDVHVHYHQLIWKHVHF WLRQZDVODUJHUWKDQRWKHUVLQDZDULLWVRYHUDOORXWSXWZDVGHHPHGE\ DJUHHPHQWRIDOOVKDUHKROGHUVWREHHTXDOWRWKHRWKHUVXEGLYLVLRQVRI WKDWZDULDQGLWZRXOGQRWPDWWHULIRQHGUHZDORWIRURQHVHFWLRQRI ODQGUDWKHUWKDQDQRWKHUZLWKLQLW)XUWKHUPRUHUDQGRPGUDZLQJRI ORWVJHQHUDOO\DVVXUHGWKDWQRRQHFRXOGFRXQWRQFRQVLVWHQWDFFHVVWR DODUJHURUEHWWHUILHOGPHDQLQJWKDWHYHQLIWKHUHZHUHDVPDOOGLIIHU HQFHRQO\IDWHGHWHUPLQHGZKRUHFHLYHGEHQHILWVRUSDLGDSULFHLQD JLYHQUHDOORWPHQW ,QVXPODUJHFKDQJHVLQDUHDDUHLQIUHTXHQWDQGXVXDOO\PHDVXUHG (YHQ ZKHQ WKHUH ZDV D QRWDWLRQ §QRW PHDVXUHG¨ VDR LUD]X  VKDUH KROGHUVGLVFXVVHGDQGUHDFKHGDQDJUHHPHQWDERXWWKHFKDQJHVLQWKH VL]HRIHDFKSDGG\DQGGU\ILHOGRUFRQYHUVLRQRIODQGVIURPRQHWR WKHRWKHUDQGGHFLGHGZKHWKHUWRPHDVXUHDQGUHRUJDQL]HWKHODQGLQ HDFKZDUL2QVRPHRFFDVLRQVWKH\UHGUHZDQGUHPHDVXUHGVHFWLRQV RQRWKHUVWKH\VLPSO\XVHGWKHROGGLYLVLRQVZLWKRXWUHPHDVXUHPHQW 0HDVXUHPHQWRI§UHPDLQJEX¨ ]DQEX DQGVHHGEHGJDUGHQSORWODQGV ZDVE\FRQWUDVWTXLWHSUHFLVHDQGFRQVLVWHQWSHUKDSVEHFDXVHVHHGEHG DQGJDUGHQSORWODQGVZHUHFRQVLGHUHGHVSHFLDOO\LPSRUWDQWRQWKHRQH KDQGDQGWKHSORWVRI§UHPDLQLQJEX¨RQWKHRWKHUKDQGZHUHVPDOO DQGHDVLO\PHDVXUHG 9LOODJHUVªIDLOXUHWRXVHDFWXDOPHDVXUHPHQWVFRQVLVWHQWO\LQDOOR FDWLQJDOOODQGVDQGWKHYDU\LQJVL]HRIDVKDUHRIODQGIURPRQHZDUL WR DQRWKHU ZDV HPERGLHG LQ WKH ODEHO WKH\ JDYH WR HDFK VKDUH NHQ PDH,ZDGHYLOODJHªVXVHRIWKLVWHUPUHIOHFWHGFRPPRQSDUODQFHLQWKH (FKLJRUHJLRQ7UDQVODWLQJLWDV§VKDUH¨¦GHYRLGRIDVHQVHRIVSHFLILF ODQGDUHDRUYDOXH¦UHIOHFWVWKHSHUVSHFWLYHRIYLOODJHUV:KLOHYLOODJHUVª XVHRINHQPDHWRFDOFXODWHWKHLUDFFHVVWRODQGPD\VWULNHXVDVYDJXHDQG GLIILFXOWWRJUDVSYLOODJHUVKDGDIDLUFRQVHQVXVEDVHGXQGHUVWDQGLQJ RIWKHSRUWIROLRRIODQGULJKWVRQHZDVJHWWLQJZKHQDIDPLO\UHFHLYHG RUWUDQVIHUUHG DIXOORUSDUWLDOVKDUH/DQGDUHDZDVDSDUWRIWKDWDV VHVVPHQWEXWZDVWHPSHUHGE\DFRJQL]DQFHRIWKHODQGªVRYHUDOORXWSXW VRWKDWYLOODJHUVVWUHVVHGDQHVWLPDWHRIODQGYDOXHWKDWFRPELQHGDQG FRQIODWHGDUHDDQGSHUKHFWDUH\LHOG7KDWRYHUDOODVVHVVPHQWRIODQG TXDOLW\ZDVSDUDPRXQWLQWKHLUWKLQNLQJ  3H`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ªVPRXQWDLQODQG7KLVPD\VLPSO\VXJJHVWWKDWYLOODJHUV 7DEOH 'RFXPHQWV5HFRUGLQJ6KDUHKROGHUV  $OO6KDUHKROGHUV/LVWHG" $UDEOH 0RXQWDLQ 7RWDO $OO    2WKHUWKDQPLVVLQJSDUWVRI,ZDGHDOO      $SSDUHQWO\DOO      &OHDUO\QRWDOO      8QFOHDU XQODEHOHGPDSV      6RXUFH)RUSDGG\DQGGU\ILHOGGRFXPHQWVOLVWHGLQ7DEOHIRUPRXQWDLQGRFXPHQWV  ¥ DQG 7DEOH 'RFXPHQWV7KDW)DLOWR,QFOXGH$OO6KDUHKROGHUV 3DGG\ 'U\ 3DGG\ 'U\ 0RXQWDLQ &XOWLYDWRUVRQO\OLVWHG     5HYLVHGUHDOORFDWLRQVRQO\     5HDVRQXQFOHDU     6RXUFH)RUSDGG\DQGGU\ILHOGGRFXPHQWVOLVWHGLQ7DEOHIRUPRXQWDLQGRFXPHQWV  ¥ DQG  *< 3; 0=(; 0 5 .*6 4 4 6 5 : IHOWWKDWWKHYDULDWLRQVLQWKHTXDOLW\RIPRXQWDLQODQGVZHUHMXVWWRR VPDOOWRZRUU\DERXWDQGDOORFDWLRQVWRRNSODFHDFURVVVRPHVHFWLRQV ZLWKSHRSOHGUDZLQJORWVLQRQO\RQHRIWKHVHFWLRQVWKDWZHUHH[SOLF LWO\SDLUHG UDWKHUWKDQMXVWZLWKLQWKHP 7KHIROORZLQJFDVHVLOOXVWUDWHWKHVHXQXVXDOSDWWHUQVLQZDULVXE GLYLVLRQ,QWKHUHGLVWULEXWLRQRIPRXQWDLQODQGV QR IRXU ZDULZHUHGLYLGHGLQWRIRXUWHHQVXEVHFWLRQV 6XNH]DZD+LVDXHLPRQVD ZD6KLURQRVDZDDQG'ýFKąVDZD $WKLUWHHQWKXQQDPHGZDULZDVGL YLGHGLQWRHLJKWVHFWLRQV,QWKHH[DPSOHVGLYLGHGLQWRIRXUWHHQVHFWLRQV WKHIROORZLQJQRWHDSSHDUV§+RZHYHUWKHUHDUHH[FOXVLRQVEHFDXVHWZR VHFWLRQVRIPRXQWDLQODQGZHUHGUDZQWKDWZHUHRYHUWKHDOORWPHQW¨ ,QWKLVFDVHEHFDXVHODQGVGUDZQLQDQRWKHUVHFWLRQRIPRXQWDLQODQG ZHUHH[FHVVLYHO\ODUJHWZRVKDUHVZHUHQRWGUDZQLQWKHVHSDUWLFXODU VHFWLRQV7KLVSURFHVVZDVGHHPHGHDVLHUWKDQVXEGLYLGLQJDQGUHPHD VXULQJWKLVVHFWLRQRIPRXQWDLQODQG¦DWOHDVWUHODWLYHWRLWVHFRQRPLF YDOXHWRWKHYLOODJHUV+RZHYHUIRUWKHZDULGLYLGHGLQWRHLJKWVHFWLRQV WKHUHLVQRVXFKH[SODQDWLRQ6LPLODUO\LQDQRWKHUXQGDWHGGRFXPHQW QR WKHVHFRQGZDULUHFRUGHG QRQDPHLVDWWDFKHG ZDVGLYLG HGLQWRRQO\VHYHQVHFWLRQVDQG.D\DZDULZDVGLYLGHGLQWRVHYHQWHHQ VHFWLRQV1RH[SODQDWLRQZDVSURYLGHG 7KHUHDUHH[DPSOHVRIZDULFRPSRVHGRIIHZHUWKDQVL[WHHQVKDUHV IRUDUDEOHODQGWRR ,QWKHLQFRPSOHWHGDWDIRUWZRZDULZHUH GLYLGHGLQWRQLQHVXEVHFWLRQVRQHLQWRIRXUDQGWZRLQWRWZHOYH,QWKH VDPHPDQQHULQWKH¥UHGLVWULEXWLRQQRWHERRNWZRZDULZHUH GLYLGHG LQWR VL[ VXEVHFWLRQV ,Q WKH  LPSOHPHQWDWLRQ RQH ZDUL 6HQVKý6DZDGD

Share