&217(;7$:$5(9(57,&$/+$1'29(5
0(&+$1,606)2502%,/(3$7,(17
021,725,1*
3UDYLQ$PUXW3DZDU
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²$((QVFKHGH7KH1HWKHUODQGV
%$&.*5281'$1'027,9$7,21 ,,,
&217(;7$:$5(9(57,&$/+$1'29(5
0(&+$1,606)2502%,/(3$7,(17
021,725,1*
352()6&+5,)7
WHUYHUNULMJLQJYDQ GHJUDDGYDQGRFWRUDDQGH8QLYHUVLWHLW7ZHQWH RSJH]DJYDQGHUHFWRUPDJQLILFXV SURIGU+%ULQNVPD YROJHQVEHVOXLWYDQKHW&ROOHJHYRRU3URPRWLHV LQKHWRSHQEDDUWHYHUGHGLJHQ RSZRHQVGDJRNWREHURPXXU GRRU3UDYLQ$PUXW3DZDU
JHERUHQRSDXJXVWXV WH-DOJDRQ,QGLD,9 'LWSURHIVFKULIWLVJRHGJHNHXUGGRRU SURIGULU++HUPHQVSURPRWRU SURIGULU'.RQVWDQWDVSURPRWRU GULU%-)YDQ%HLMQXPDVVLVWHQWSURPRWRU
%$&.*5281'$1'027,9$7,21 9
6DUDVZDWL6DOXWDWLRQV
ȡǕȲɅǕǕȡ¡ȡȡȡǕħèğȡǙȡ_ ȡȢȡÖȲͫȡȡæȯƬȡ ȡ__ ȡĦéȡÍǕȲĤħǙǓͧȶȰ ȡǔÛȡ_ ȡȡȲȡǕ èȢȢǓȯȡɬȡ¡ȡ__ 6DUDVZDWL6DQVNULW èȢLVNQRZQDVWKHJRGGHVVRINQRZOHGJHPXVLFDUWV VFLHQFHDQGWHFKQRORJ\DFFRUGLQJWRWKHDQFLHQW,QGLDQFXOWXUH 6DOXWDWLRQVWRWKHVXSUHPH*RGGHVV6DUDVZDWLZKRVHIDFHLVIDLUDVDMDVPLQHIORZHU OXPLQHVFHQWOLNHWKHPRRQDQGGHOLFDWHDVDVQRZIODNHZKRLVGUHVVHGLQEULOOLDQW ZKLWHJDUPHQWV6KHKROGVWKHPXVLFDOLQVWUXPHQWLQKHUKDQGVWREHVWRZERRQVWR KHUGLVFLSOHVDVVKHVLWVRQKHUZKLWHORWXVWKURQH%$&.*5281'$1'027,9$7,21 9,,
$EVWUDFW
7KLV 3K' WKHVLV LV D VFLHQWLILF RXWSXW RI DXWKRU·V ZRUN LQ D 'XWFK *RYHUQPHQW SURMHFW WLWOHG )5((%$1' $:$5(1(66 SURMHFW 7KH $:$5(1(66 SURMHFW KDV FRQWULEXWHG WR WKH DUHD RI PRELOH FRPSXWLQJ DQG FRQVXPHU HOHFWURQLFV WR HQDEOH D QHZ JHQHUDWLRQ RI FRQWH[WDZDUH DSSOLFDWLRQV RQH RI WKHP LV PRELOH SDWLHQW PRQLWRULQJ 7KH PRELOH SDWLHQW PRQLWRULQJ UHIHUV WR FRQWLQXRXV RU IUHTXHQW PHDVXUHPHQW DQG DQDO\VLVRIELRVLJQDOVRIDPRELOHSDWLHQWE\HPSOR\LQJPRELOHFRPSXWLQJDQGZLUHOHVV FRPPXQLFDWLRQWHFKQRORJLHV$W\SLFDOPRELOHSDWLHQWPRQLWRULQJV\VWHPFRQVLVWVRI WKHIROORZLQJDVHQVRUV\VWHPIRUFDSWXULQJSDWLHQW·VELRVLJQDOVHJ(OHFWUR&DUGLR*UDP (&*DPRELOHEDVHXQLW0%8WRIDFLOLWDWHVWRUDJHSURFHVVLQJDQGWUDQVPLVVLRQRI ELRVLJQDOVDQGDEDFNHQGV\VWHPWKDWREWDLQVELRVLJQDOVIURPWKH0%8DQGSURYLGHV KHDOWKUHODWHG VHUYLFHV WR WKH SDWLHQW HJ GLVSDWFKLQJ DPEXODQFH WR WKH SDWLHQW·V ORFDWLRQ LQ WKH FDVH VXFK D QHHG DULVHV 7KH VHQVRU VHW DQG WKH 0%8 WRJHWKHU FRPSULVHD%RG\$UHD1HWZRUN%$17KHFRPPXQLFDWLRQEHWZHHQWKH0%8DQGWKH EDFNHQGV\VWHPLVUHIHUUHGDVH[WUD%$1FRPPXQLFDWLRQDQGLWUHTXLUHVDYDLODELOLW\RI ZLUHOHVV ,QWHUQHW FRQQHFWLYLW\ WR WKH 0%8 ,Q WKH PRELOH SDWLHQW PRQLWRULQJ FDVHV FRQVLGHUHGLQWKLVWKHVLVLWLVQHFHVVDU\WRFRQWLQXRXVO\GHOLYHUSDWLHQW·VELRVLJQDOVWR WKH ORFDWLRQ RI D KHDOWKFDUH SURIHVVLRQDO LQ UHDOWLPH (J ,Q D UHPRWH SK\VLRWKHUDS\
WUHDWPHQW D SDWLHQW PD\ EH SHUIRUPLQJ H[HUFLVHV DW KRPH ZKLOH KHU ELRVLJQDOV DUH
FRQWLQXRXVO\ VHQW WR WKH VLWH RI SK\VLRWKHUDSLVW XVLQJ D PRELOH SDWLHQW PRQLWRULQJ V\VWHP 7KH PRELOH SDWLHQW PRQLWRULQJ V\VWHP XVHG LQ WKLV WKHVLV LV NQRZQ DV
0REL+HDOWK3DWLHQW0RQLWRULQJ6\VWHP0+306
,Q RUGHU WR WDNH DQ DFFXUDWH GHFLVLRQ DERXW SDWLHQW·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² VSHFLILFDOO\ LW LV GHSHQGHQW RQ ORFDWLRQ WLPH ZLUHOHVV QHWZRUN WHFKQRORJ\ DQG QXPEHU RI XVHUV VLPXOWDQHRXVO\ WUDQVPLWWLQJ GDWD DQG LW LV LQDGHTXDWH IRU WKH FRQWLQXRXV PRELOH SDWLHQW PRQLWRULQJ DSSOLFDWLRQV DQG 7KH GXUDWLRQ RI D
9,,,
FRQWLQXRXVSDWLHQWPRQLWRULQJVHVVLRQLVUHVWULFWHGGXHWROLPLWHGEDWWHU\FDSDFLW\RI WKH0%8
,Q WKH PRELOH FRPSXWLQJ GRPDLQ LW LV D VWDQGDUG SUDFWLFH WR XVH D WHFKQLTXH NQRZQ DV YHUWLFDO KDQGRYHU WR KDQGOH ZLUHOHVV QHWZRUN DYDLODELOLW\ FKDQJHV UHVXOWLQJ IURP SHUVRQDO PRELOLW\ DQG DOVR IRU WKH 4R6 LPSURYHPHQW 7KH WHUP YHUWLFDO KDQGRYHUUHIHUVWRWKHVZLWFKRYHURIDPRELOHGHYLFHIURPRQHQHWZRUNFRQQHFWLRQWR DQRWKHUIRUVHQGLQJDQGUHFHLYLQJGDWD,QFDVHRIWKHDYDLODELOLW\RIPXOWLSOHQHWZRUNV WRVZLWFKRYHUWRYHUWLFDOKDQGRYHUWHFKQLTXHVDOVRSURYLVLRQDOJRULWKPVWRVHOHFWWKH PRVWVXLWDEOHZLUHOHVVQHWZRUN+HQFHLQWKLVWKHVLVZHLQWURGXFHDQGHYDOXDWHWKH XVH RI FRQWH[WDZDUH YHUWLFDO KDQGRYHU PHFKDQLVPV WR DGGUHVV WKH SUREOHPV LQ WKH PRELOHSDWLHQWPRQLWRULQJGRPDLQ7KHVSHFLILFUHVHDUFKSUREOHPDGGUHVVHGLQWKLV WKHVLVLVDVIROORZV
,Q WKH 0+306 IRU WKH FRQWLQXRXV PRELOH SDWLHQW PRQLWRULQJ FDVHV KRZ WR XVH D YHUWLFDO KDQGRYHUWHFKQLTXHWRVDWLVI\4R6UHTXLUHPHQWVRIELRVLJQDOVGHOLYHU\LQWKHHQYLURQPHQWFKDUDFWHUL]HG E\ SDWLHQW·V PRELOLW\ GHSOR\PHQW RI PXOWLSOH ZLUHOHVV QHWZRUNV WHFKQRORJLHV XQHYHQ JHRJUDSKLF GLVWULEXWLRQRIWKHZLUHOHVVQHWZRUNVYDULDEOH4R6FKDUDFWHULVWLFVRIWKHZLUHOHVVQHWZRUNVDQGOLPLWHG EDWWHU\FDSDFLW\RIWKH0%8"
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
SURFHVVLQJ DQG FRQWH[W UHDVRQLQJ ,Q WKH SURSRVHG FRQWH[WDZDUH YHUWLFDO KDQGRYHU
PHFKDQLVPV WKH FRPSRQHQWV FRQWH[W VRXUFHV FRQWH[W SURFHVVRU DQG FRQWH[W UHDVRQHU DUH SURYLVLRQHG WR DLG WKH KDQGRYHU GHFLVLRQ PDNLQJ SURFHVV LQ ZKLFK D VXLWDEOH ZLUHOHVV QHWZRUNVXUURXQGLQJWKH0%8LVFKRVHQIRUGHOLYHULQJELRVLJQDOV'HSHQGLQJRQWKH DYDLODELOLW\RIFRQWH[WVRXUFHVDQGWKHLUSODFHPHQWZHSURSRVHWZRYHUWLFDOKDQGRYHU PHFKDQLVPVQDPHO\WKHPRELOHFRQWUROOHGYHUWLFDOKDQGRYHU0&+2PHFKDQLVPDQGWKH
QHWZRUNDVVLVWHGYHUWLFDOKDQGRYHU1$+2PHFKDQLVP
7KH SHUIRUPDQFH HYDOXDWLRQ RI 0&+2 PHFKDQLVP LQ DQ RSHUDWLRQDO 0+306 WHVWEHG GHPRQVWUDWHV WKDW WKH SURSRVHG PHFKDQLVP DGGUHVVHV SUREOHP RI SDWLHQW PRELOLW\ DQG SURYLGHV KLJKHU H[WUD%$1 FRPPXQLFDWLRQ 4R6 FRPSDUHG WR WKH 0+306ZKLFKXVHVRQO\::$1QHWZRUNIRUWKHELRVLJQDOVGHOLYHU\
%DVHGRQWKHH[SHULHQFHZLWK0&+2PHFKDQLVPDQGGHYHORSPHQWVLQWKHDUHDRI
4R6SUHGLFWLRQVZHSURSRVHWKH1$+2PHFKDQLVPZKHUHLQWKHFRQWH[WLQIRUPDWLRQ
LV REWDLQHG IURP WKH FRQWH[W VRXUFHV ORFDWHG RQ WKH 0%8 DQG IL[HG QHWZRUN 7KH 4R6 SUHGLFWLRQV FRQWH[W VRXUFH LV SURYLVLRQHG LQ WKH IL[HG QHWZRUN WR SURYLGH IROORZLQJFRQWH[WLQIRUPDWLRQZLUHOHVVQHWZRUNVDYDLODELOLW\DQGWKHLUDSSOLFDWLRQOHYHO4R6
FKDUDFWHULVWLFVDVDIXQFWLRQRIORFDWLRQWLPHDQGZLUHOHVVQHWZRUNWHFKQRORJ\,QWKH1$+2
PHFKDQLVPWKH4R6SUHGLFWLRQVDUHIHWFKHGRQWKH0%8DQGSURFHVVHGFRQWLQXRXVO\ IRU WDNLQJ D QHWZRUN VHOHFWLRQ GHFLVLRQ DFFRUGLQJ WR WKH FXUUHQW QHWZRUN FRQWH[W
%$&.*5281'$1'027,9$7,21 ,;
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
%$&.*5281'$1'027,9$7,21 ;,
$FNQRZOHGJHPHQWV
,WDNHWKLVRSSRUWXQLW\WRWKDQNHYHU\RQHZKRFROODERUDWHGZLWKPHDQGVXSSRUWHG PHLQWKHHQWLUHGXUDWLRQRIWKLVWKHVLVZRUN²ZKLFKLVPRUHWKDQVL[\HDUV
,Q WKH 8QLYHUVLW\ RI 7ZHQWH , WKDQN WR 3URI /LQJ )HQJ QRZ LQ 7VLQJKXD 8QLYHUVLW\&KLQDIRUFRQVLGHULQJP\DSSOLFDWLRQDVD3K'FDQGLGDWHLQWKH&HQWHU IRU 7HOHPDWLFV DQG ,QIRUPDWLRQ 7HFKQRORJ\ &7,7 , WKDQN WR 'U ,U 0DUWHQ YDQ 6LQGHUHQDQG'U,U$DUWYDQ+DOWHUHQ²ZKRKDGEHHQP\3K'VXSHUYLVRUVLQWKH $UFKLWHFWXUHDQG6HUYLFHVRI1HWZRUN$SSOLFDWLRQV$61$JURXS%HFDXVHRIWKHP, XQGHUVWRRG WKH PHWKRGRORJLHV WR SURGXFH VFLHQWLILF UHVXOWV DQG SXEOLVK WKHP DV D UHVHDUFKSDSHU
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
, DFNQRZOHGJH WKH LQSXWV RI IROORZLQJ UHVHDUFKHUV LQ RUGHU WR YHULI\ WHFKQLFDO GHVFULSWLRQVLQWKH6WDWHRIWKH$UWFKDSWHU3URI<XDQ+VLDQJ/LQ1DWLRQDO7DLZDQ 8QLYHUVLW\ RI 6FLHQFH DQG 7HFKQRORJ\ 7DLZDQ 3URI 'U ,U 3HWHU /HLMGHNNHUV 8QLYHUVLW\ RI 7HFKQRORJ\ 6\GQH\ 'U 6KXQ)DQJ <DQJ 1DWLRQDO &HQWUDO 8QLYHUVLW\ 7DLZDQ &KXQJ3\R +RQJ <RQVHL 8QLYHUVLW\ .RUHD DQG $XQJ $XQJ 3K\R:DL,QVWLWXHIRU,QIRFRPP5HVHDUFK6LQJDSRUH,DFNQRZOHGJHSUHFLRXVKHOS RI )UpGpULF GH &OHUFT KWWSZZZGRWIUHGQHW IRU KLV VRIWZDUH 7DVN 0DQDJHU IRU :QGRZV 0RELOH , DFNQRZOHGJH D JUHDW OHYHO RI KHOS DQG VXSSRUW IURP 'U $UMDQ 3HGGHPRUV ² IRU KLV VRIWZDUH &263+(5( DQG UHVHDUFK GLVFXVVLRQV , DP DOVR WKDQNIXOWR'U.DWDU]\QD:DFIRUZRUNLQJWRJHWKHURQFRQWH[WDZDUHFRPSXWLQJDQG 4R6SUHGLFWLRQVUHODWHGUHVHDUFK7KH0REL+HDOWKV\VWHPVHWXSDQGH[SHULPHQWDWLRQ ZRXOGKDYH QRWEHHQSRVVLEOH ZLWKRXWDJHQHURXVKHOSLQJKDQG IURP5LFKDUG%XOWV
;,,
DQG VRIWZDUH HQJLQHHULQJ VXSSRUW IURP 'DQLsO.QRSSHO KWWSZZZPRELKHDOWKFRP
'XULQJP\HPSOR\PHQWDWWKH8QLYHUVLW\RI7ZHQWH,KDGDQRSSRUWXQLW\WRZRUN RQYDULRXVUHVHDUFKSURMHFWV+HUHZLWK,DFNQRZOHGJHUHVSHFWLYHSURMHFWPDQDJHUVDV IROORZV 'U ,U 0DUWHQ :HJGDP )UHHEDQG $:$5(1(66 SURMHFW 'U 0DGG\ ' -DQVH,67$PLJRSURMHFW3DRORGH6WHIDQLV)3(8%UDYH+HDOWKSURMHFW3URI'U ,U+HUPLH+HUPHQV'XWFK&23'&20SURMHFWDQG'U,U-DQ%XLWHQZHJ'XWFK 1RFL75$&.SURMHFW,DPDOVRWKDQNIXOWRDOOWKHSURMHFWSDUWQHUVDQGUHVHDUFKHUV² IRUPDNLQJPHDSDUWRIWKHLUJURXSDQGZRUNLQJZLWKPHRQDWHFKQLFDOSODWIRUPWR VKRZFDVHP\UHVHDUFKUHVXOWV
, JUHDWO\ DSSUHFLDWH WKH FRDXWKRUVKLS RSSRUWXQLWLHV ZLWK IROORZLQJ UHVHDUFKHUV .DWDU]\QD :DF 7RP %URHQV $UMDQ 3HGGHPRUV -DQ:LOOHP YDQ·W .ORRVWHU /DPLD (OORXPL +DLOLDQJ 0HL &KDUL] 'XODZDQ ,QJ :LG\D 9DO -RQHV +DQJD %RURV *HHUW +HLMHQN )HL OLX 0RUWD]D %DUJK +DLOLDQJ 0HL -XOLHQ 6XEHUFD]H 3LHUUH 0DUHW -DFTXHV &DOPHW $NVKDL $JJDUZDO )UpGpULF 'H &OHUFT +DUWPXW %HQ] 0DUWHQ :HJGDP 0DUWLQ :LEEHOV -DFFR %URN 6DWLVK 6ULUDPD .DPUDQ 6KHLNK $QGUHZ 7RNPDNRII6RULQ,DFRE5REHUWR5LJROLQR(GVRQ0RUHLUDDQG5DMDVHNKDU.DNXPDQL 0RVWRIWKHPDUHP\JRRGIULHQGV²DQGZLWKRXW\RXLWLVQRWSRVVLEOHWRULGHRQWKH MRXUQH\DVDUHVHDUFKHU
, DP WKDQNIXO WR 3URI 3LHUUH 0DUHW DQG KLV UHVHDUFK WHDP PHPEHUV -XOLHQ 6XEHUFD]H$GULHQ-RO\DQG6RQLD/DMPLIRUULJRURXVWHFKQLFDOGLVFXVVLRQVDQGRIIHULQJ PHDWDVWHRI)UHQFKOLIHVW\OHGXULQJP\LQWHUQVKLSDW,16$/\RQ)UDQFH,DPJUHDWO\ LQGHEWHGWR'U-LW%LVZDV0RKPPHG)HNLDQG$XQJ$XQJ3K\R:DLIRUWHFKQLFDO FROODERUDWLRQV DQG RIIHULQJ PH VXSSRUW GXULQJ P\ LQWHUQVKLS DW WKH ,QVWLWXWH IRU ,QIRFRPP5HVHDUFK6LQJDSRUH,DPWKDQNIXOWR3URI(GVRQGRV6DQWRV0RUHLUDIRU DOORZLQJ PH WKH RSSRUWXQLW\ WR YLVLW 8QLYHUVLW\ 8QLYHUVLGDGH GH 6mR 3DXOR 6mR &DUORV%UD]LO
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
7KH WHDFKHU LQ 6DQVNULW *XUX LV RI VXSUHPH LPSRUWDQFH LQ WKH ,QGLDQ SKLORVRSK\$JXUXLVRQHZKRLVUHJDUGHGDVKDYLQJJUHDWNQRZOHGJHZLVGRPDQG DXWKRULW\ LQ D FHUWDLQ DUHD DQG ZKR XVHV LW WR JXLGH RWKHUV )RU WKLV UHDVRQ , DP JUDWHIXO WR DOO P\ WHDFKHUV IURP WKH IROORZLQJ LQVWLWXWLRQV ,QGLDQ ,QVWLWXWH RI 7HFKQRORJ\0XPEDL'U%DEDVDKHE$PEHGNDU7HFKQRORJLFDO8QLYHULVLW\/RQHUH 0DKDUDVKWUD,QGLDDQG*%9DGHU+LJKVFKRRO3DOL5DLJDG,QGLD
%$&.*5281'$1'027,9$7,21 ;,,,
, DFNQRZOHGJH WKUHH QREOH SHUVRQV ² ZKRVH EOHVVLQJV JLYH PH WKH FRXUDJH WR UHMRLFH WKLV PRPHQW GHHSO\ 7KH\ DUH ² P\ PRWKHU 6DX 6KDLODMD P\ IDWKHU 6KUL $PUXW5HYDML3DZDUDQG'U,U9LVKZDV*DGJLO0\PRWKHU·VHIIRUWVDQGGHGLFDWLRQ WRZDUGVP\ZHOOEHLQJDUHLQFUHGLEOH0\IDWKHUUHFHQWO\UHWLUHGDVDVFKRROWHDFKHU 'XULQJ P\ FKLOGKRRG KH XVHG WR WHDFK PH VFKRRO OHVVRQV DKHDG RI WLPH 9LVKZDV *DGJLOEURXJKWUDGLFOHFKDQJHVLQP\WKLQNLQJSHUVSHFWLYH+HKDVEHHQDVRXUFHRI FRQVWDQWLQVSLUDWLRQ
)LQDOO\ , JUHDWO\ DGPLUH ORYLQJ VXSSRUW RI P\ ZLIH <RJLWD LQ P\ FDUHHU 0\VRQ +HUVFKHOLVJURZLQJIDVWHUDQGKLVGUHDPLVWREHDQDVWURQDXW'XULQJWKHODVWIHZ \HDUVERWKRIWKHPPDQDJHGDJUHDWGHDO²VRWKDW,FRXOGVWD\IRFXVHGRQP\3K' ZRUN ,DPSURXGWREHDVVRFLDWHGZLWKWKH8QLYHUVLW\RI7ZHQWH,GHHSO\DFNQRZOHGJH WKHOHDUQLQJVDQGZHOOIXQGHGUHVHDUFKRSSRUWXQLWLHVSURYLGHGE\&7,7²LQWHUPVRI YDULRXVWHFKQLFDOHYHQWVV\PSRVLXPVVSHHFKHVDQGFRQIHUHQFHV,QDGGLWLRQP\VWD\ LQ7KH1HWKHUODQGVH[FHHGHGP\RZQH[SHFWDWLRQV7KHSHRSOHDUHZDUPFDULQJDQG UHDOLVWLF,DPKDSS\WKDWWKHGHFLVLRQPDGHLQ)HEUXDU\WRWDNHRQWKHUHVHDUFK RSSRUWXQLW\LQ7KH1HWKHUODQGVKDVEHHQWKHPRVWSRWHQWGHFLVLRQLQP\OLIH &HUWDLQO\FRPSOHWLQJWKLVWKHVLVKDVEHHQDGHPDQGLQJWDVNWKDWQHHGHGWKHEHVW RIPHDQG,DPLQGHEWHGWRWKRVHZKRKHOSHGPHWRUHGLVFRYHUP\LQQHUDELOLWLHVDQG NHHS P\ PRWLYDWLRQ KLJK ² HYHQ LQ WKH URXJK WLPHV RI OLIH 7KH OLVW RI SHRSOH , DFNQRZOHGJHKHUHZLWKLVQRWDWDOOH[KDXVWLYH+HUHZLWK,WKDQNWRDOORIWKHPZKRVH QDPHV GR QRW DSSHDU KHUH KRZHYHU ZLWKRXW ZKRVH VXSSRUW DQG JXLGDQFH , ZRXOG KDYHQRWVHHQWKLVGD\ 3UDYLQ$PUXW3DZDU (QVFKHGH7KH1HWKHUODQGV 2FWREHU
;,9
%$&.*5281'$1'027,9$7,21 ;9
&RQWHQWV
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
&KDSWHU
,QWURGXFWLRQ
7KLV 3K' WKHVLV LV D VFLHQWLILF RXWSXW RI WKH DXWKRU·V ZRUN LQ WKH )5((%$1' $:$5(1(66SURMHFW7KH$:$5(1(66SURMHFWH[SORLWHGLQQRYDWLRQVLQWKHDUHD RI PRELOH FRPSXWLQJ DQG FRQVXPHU HOHFWURQLFV WR HQDEOH D QHZ JHQHUDWLRQ RI FRQWH[WDZDUHDSSOLFDWLRQV>:HJG@,QWKLVSURMHFWDSDUWLFXODUDWWHQWLRQZDVSDLG WRWKHDSSOLFDWLRQVLQWKHPRELOHKHDOWKGRPDLQ7KH$:$5(1(66DSSOLFDWLRQVLQWKH PRELOHKHDOWKGRPDLQDFTXLUHFRQWH[WLQIRUPDWLRQDERXWPRELOHSDWLHQWVKHDOWKFDUH SURIHVVLRQDOVDQGFRPSXWLQJDQGFRPPXQLFDWLRQUHVRXUFHVWRDVVLVWDSDWLHQWLQGD\ WRGD\ OLYLQJ DQG HPHUJHQF\ VLWXDWLRQV ,Q WKLV FKDSWHU ZH SUHVHQW RXU PRWLYDWLRQ EHKLQG WKH UHSRUWHG UHVHDUFK VSHFLILF UHVHDUFK SUREOHP DQG WKHVLV UHVHDUFK REMHFWLYHV7KLVFKDSWHULVRUJDQL]HGDVIROORZV6HFWLRQSUHVHQWVEDFNJURXQGDQG PRWLYDWLRQEHKLQGWKHUHSRUWHGUHVHDUFK6HFWLRQLOOXVWUDWHVWKHUHVHDUFKSUREOHP 6HFWLRQ GHWDLOV RQ WKH UHVHDUFK REMHFWLYHV ZKLFK IROORZ IURP WKH UHVHDUFK SUREOHP7KHWKHVLVRXWOLQHLVSUHVHQWHGLQ6HFWLRQ
%DFNJURXQGDQG0RWLYDWLRQ
7KH ,QIRUPDWLRQ DQG &RPPXQLFDWLRQ 7HFKQRORJ\ SUHYDOHQWO\ UHIHUUHG WR DV ,&7 KDV EHFRPHDQLQWHJUDWHGSDUWRIRXUGDLO\OLYHVWRWUDQVIRUPLQWRDQRWKHUEDVLFQHHGRI WKHPDQNLQG7KH,&7LVUHYROXWLRQL]LQJGDLO\OLYLQJFRPPXQLFDWLRQDQGEHKDYLRURI SHRSOH ZLWK DSSOLFDWLRQV LQ DOPRVW HYHU\ DUHD RI OLIH 2IWHQ ,&7 LV UHIHUUHG ZLWK UHVSHFWWRDSDUWLFXODUGRPDLQLQZKLFKLWLVDSSOLHGHJ,&7LQHGXFDWLRQRU,&7LQ
KHDOWKFDUH,&7LQKHDOWKFDUHLVDOVRNQRZQDVWKHHOHFWURQLF+HDOWK(+HDOWK(KHDOWK
LVDUDSLGO\JURZLQJILHOGLQWKHLQWHUVHFWLRQRIPHGLFDOLQIRUPDWLFVSXEOLFKHDOWKDQG EXVLQHVV (+HDOWK UHIHUV WR WKH KHDOWK VHUYLFHV DQG LQIRUPDWLRQ GHOLYHUHG RU HQKDQFHGWKURXJKWKH,QWHUQHWDQGUHODWHGWHFKQRORJLHV>(\VH@
7KHKHDOWKFDUHVHFWRULVDFKDLQPRGHOZKHUHHYHU\VWDNHKROGHULVUHVSRQVLEOHWR IXOILOO FHUWDLQ IXQFWLRQDOLW\ 'XH WR WKH ZLGHVSUHDG DGRSWLRQ RI PRELOH GHYLFHV DQG
,1752'8&7,21
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
%LRVLJQDOV3URFHVVLQJ6WHSVLQWKH0RELOH+HDOWK6\VWHPV
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|QL@ DV VKRZQ LQ )LJXUH 'DWD DFTXLVLWLRQ 6LJQDO SURFHVVLQJ )HDWXUH H[WUDFWLRQ 6HQVRU IXVLRQ 'HFLVLRQ PDNLQJ 'DWD DFTXLVLWLRQ 6LJQDO SURFHVVLQJ )HDWXUH H[WUDFWLRQ 6HQVRU IXVLRQ 'HFLVLRQ PDNLQJ )LJXUH*HQHUDOVWHSVLQWKHELRVLJQDOVSURFHVVLQJ
'XULQJ WKH GDWD DFTXLVLWLRQ VWHS WKH SK\VLRORJLFDO VHQVRUV REWDLQ SDWLHQW·V SK\VLRORJLFDOGDWDDQGFRQYHUWLWLQWRHOHFWULFDOVLJQDOV7KHVHFRQGVWHSQDPHGVLJQDO
SURFHVVLQJ FRQVLVWV RI WUDQVIRUPDWLRQ DPSOLILFDWLRQ ILOWHULQJ DQG LQWHUSUHWDWLRQ RI
ELRVLJQDOV HJ FRQVWUXFWLRQ RI DQ (&* XVLQJ GDWD REWDLQHG IURP WKH (&* HOHFWURGHV7KHLQIRUPDWLRQREWDLQHGGXULQJWKLVVWHSLVIXUWKHUXVHGIRUH[WUDFWLQJ
IHDWXUHVHYHQWV WKDW LQGLFDWH FKDQJHV LQ ELRVLJQDOV WKDW PHHW FHUWDLQ FRQGLWLRQV HJ
LQFUHDVHG KHDUW UDWH DERYH D FHUWDLQ WKUHVKROG 7KH GDWD REWDLQHG IURP PXOWLSOH VHQVRUV FDQ SRVVLEO\ EH FRPELQHG WR FUHDWH D KLJKHU OHYHO KHDOWK VWDWH GHVFULSWLRQ GXULQJWKHVHQVRUIXVLRQVWHS7KHVHQVRUIXVLRQVWHSGRHVQ·WKDYHDFHUWDLQSRVLWLRQLQ WKHELRVLJQDOVSURFHVVLQJFKDLQ>7|QL@,WPD\EHSHUIRUPHGDWVHYHUDOOHYHOVHJ
%$&.*5281'$1'027,9$7,21
UDZGDWDIXVLRQDQGIHDWXUHOHYHOIXVLRQRUPD\QRWEHSHUIRUPHGDWDOO7KHILQDOVWHS LQWKHELRVLJQDOVSURFHVVLQJFKDLQLVFDOOHGGHFLVLRQPDNLQJ,QWKLVVWHSWKHGHFLVLRQRI ZKHWKHU D FRQGLWLRQ IRU D SDUWLFXODU W\SH RI KHDOWK SUREOHP LV PHW LV WDNHQ 7KH RXWSXWRIWKLVVWHSPD\DOVREHXVHGWRSURYLGHDIHHGEDFNWRWKHSDWLHQW
0RELOH3DWLHQW0RQLWRULQJ6\VWHP
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
6HQVRUDFWXDWRU ZLUHOHVVFRPPXQLFDWLRQ ZLUHGFRPPXQLFDWLRQ
%DFN(QG6HUYHUV 6HQVRU )URQW (QG 0RELOH %DVH8QLW ,QWUD%$1 &RPPXQLFDWLRQ %LRVLJQDOV 3URFHVVLQJ %RG\$UHD1HWZRUN%$1 %$1 %DFN(QG 6HUYHU %LRVLJQDOV 3URFHVVLQJ &OLQLFDO %DFN(QG 6HUYHU %LRVLJQDOV 3URFHVVLQJ ([WUD%$1&RPPXQLFDWLRQ 6XSSOHPHQWDU\ $SSOLFDWLRQV %DFN(QG6\VWHP &RPPXQLFDWLRQ %DFN(QG6\VWHP
6HQVRUDFWXDWRU ZLUHOHVVFRPPXQLFDWLRQ ZLUHGFRPPXQLFDWLRQ
)LJXUH$JHQHULFDUFKLWHFWXUHRIPRELOHSDWLHQWPRQLWRULQJV\VWHPV
$V VKRZQ LQ )LJXUH D JHQHULF DUFKLWHFWXUH RI PRELOH SDWLHQW PRQLWRULQJ V\VWHPVLVDVHWRIWKHERG\DUHDQHWZRUN%$1DQGWKHEDFNHQGV\VWHP%(6\V7KH %$1 FRQVLVWV RI WKH PRELOH EDVH XQLW 0%8 DQG RWKHU %$1 GHYLFHV >-RQH@ 7KH FRPPXQLFDWLRQ ZLWKLQ WKH %$1 GHYLFHV LV UHIHUUHG DV LQWUD%$1 FRPPXQLFDWLRQ 7KH %$1 GHYLFHV DUH VHQVRUV DFWXDWRUV DQG RWKHU GHYLFHV XVHG IRU FOLQLFDO SXUSRVHV 'HSHQGLQJ RQ WKHLU SRVLWLRQ WKH %$1 GHYLFHV DUH RI WZR W\SHV LQYDVLYH DQG QRQ
LQYDVLYH7KHLQYDVLYHGHYLFHVHJVHQVRUVDQGDFWXDWRUVDUHLQVHUWHGLQWKHOLYLQJERG\
E\ LQFLVLRQ RU E\ LQVHUWLRQ RI DQ LQVWUXPHQW ZKLOH WKH QRQLQYDVLYH GHYLFHV GR QRW LQILOWUDWHSDWLHQW·VERG\DQGGRQRWQHHGDQ\LQYDVLYHPHGLFDOSURFHGXUH7KHLQWUD %$1FRPPXQLFDWLRQLVVXSSRUWHGE\ZLUHGOLQNVZLUHOHVVOLQNVRUDPL[WXUHRIWKH WZR
7KH VHQVRUV DUH XVHG WR DFTXLUH ELRVLJQDOV RI D SDWLHQW 7KHVH ELRVLJQDOV FDQ EH GLUHFWO\VHQWWRWKH0%8RUYLDWKHVHQVRUIURQWHQG6)(7KH6)(PD\SHUIRUPVLJQDO
,1752'8&7,21
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·VORFDWLRQDQG(&*SDWWHUQDFWLYLW\DUHVHQWWRWKH%(6\V 7KH%(6\VIXUWKHUDODUPVWRWKHUHVSRQVLEOHKHDOWKFDUHSURIHVVLRQDO
7KH %(6\V FRPSULVHV RI WKH EDFNHQG VHUYHUV DQG KHDOWKFDUH DSSOLFDWLRQV ZKLFK PDNH XVH RI ELRVLJQDOV EHLQJ UHFHLYHG DW WKHVH VHUYHUV (J $IWHU LQWHUSUHWLQJ WKH ELRVLJQDOVWKHKHDOWKFDUHDSSOLFDWLRQPD\SURYLGHHPHUJHQF\DVVLVWDQFHWRWKHSDWLHQW E\GLVSDWFKLQJDPHGLFDOWHDPWRWKHSDWLHQW·VORFDWLRQ7KHEDFNHQGVHUYHUVDUHRI WZRW\SHV%$1EDFNHQGVHUYHUDQGFOLQLFDOEDFNHQGVHUYHU>-RQH@7KHVHWZRVHUYHUV FRXOGEHFROORFDWHGZLWKHDFKRWKHUIRUPLQJDVLQJOHEDFNHQGVHUYHU7KH%$1EDFN HQG VHUYHU LV WKH VHUYHU WR ZKLFK 0%8 WUDQVPLWV SDWLHQW·V ELRVLJQDOV 7KH FOLQLFDO EDFNHQG VHUYHU PD\ KRVW VHUYLFHV HJ (&* YLHZLQJ VHUYLFH ZKLFK PDNH XVH RI ELRVLJQDOV REWDLQHG IURP WKH %$1 EDFNHQG VHUYHU IRU IXUWKHU XVH E\ KHDOWKFDUH SURIHVVLRQDOV 7KH FRPPXQLFDWLRQ ZLWKLQ WKH HOHPHQWV RI %(6\V LV UHIHUUHG DV WKH
EDFNHQGV\VWHPFRPPXQLFDWLRQ
&RQWLQXRXV'HOLYHU\RI%LRVLJQDOVWRWKH%DFN(QG6\VWHP
7KHELRVLJQDOVSURFHVVLQJVWHSVVKRZQLQ)LJXUHDUHPDSSHGRQWRFRPSXWLQJ GHYLFHV LQ D PRELOH SDWLHQW PRQLWRULQJ V\VWHP 7KHVH GHYLFHV DUH VHQVRU V\VWHP 0%8EDFNHQGVHUYHUVDQGGHYLFHVKRVWLQJKHDOWKFDUHDSSOLFDWLRQV7KHPDSSLQJRI ELRVLJQDOVSURFHVVLQJVWHSVRQWRWKHVHFRPSXWLQJGHYLFHVLVQRWIL[HGDQGLWLVVSHFLILF WR WKH PHGLFDO DSSOLFDWLRQ SXUSRVH )RU FHUWDLQ SDWLHQW PRQLWRULQJ SXUSRVHV D GHFLVLRQPDNLQJVWHSLVPDSSHGRQWRWKH%$1GHYLFHV(JLQWKH0\RIHHGEDFNV\VWHP HYDOXDWHG LQ >9HOG@ D SDWLHQW VXIIHULQJ IURP WKH QHFN DQG VKRXOGHU SDLQ ZHDUV D %$1 FRQVLVWLQJ RI VXUIDFH HOHFWURP\RJUDSK\ 6(0* HOHFWURGHV 7KHVH HOHFWURGHV UHFRUGELRVLJQDOVDFWLYLW\RIWKHXSSHUWUDSH]LXVPXVFOHV,QFDVHWKHVHPXVFOHVDUHQRW UHOD[HG HQRXJK D SDWLHQW LPPHGLDWHO\ UHFHLYHV D ORFDO IHHGEDFN LQ WKH IRUP RI YLEUDWLRQ RI D FHUWDLQ %$1 GHYLFH 7KH YLEUDWLRQ LV D IHHGEDFN VXJJHVWLRQ IRU WKH SDWLHQW WR UHOD[ ,Q WKH 0\RIHHGEDFN V\VWHP DOO WKH JHQHUDO VWHSV RI ELRVLJQDOV SURFHVVLQJDUHLPSOHPHQWHGZLWKLQWKH%$1 7KHUHDUHSRVVLEOHUHDVRQVIRUPDSSLQJDGHFLVLRQPDNLQJVWHSRQWRWKHGHYLFHVRI WKHEDFNHQGV\VWHP(JLQWKH0REL+HDOWK3DWLHQW0RQLWRULQJ6\VWHP>+DOW@XVHGIRU WKHWUDXPDVLWXDWLRQVWKHVXUJHRQLQWKHKRVSLWDOWDNHVDGHFLVLRQDERXWWKHVXUJHU\ RQDWUDXPDSDWLHQW,QWKLVV\VWHPDWUDXPDSDWLHQWZHDUVD%$1FRQVLVWLQJRIWKH VHQVRUVZKLFKDFTXLUHUHVSLUDWLRQUDWH(&*DQGSXOVHR[LPHWU\ELRVLJQDOV:KLOHWKH
%$&.*5281'$1'027,9$7,21
RQVLWHWUDXPDWHDPLVWUDQVSRUWLQJDSDWLHQWWRWKHKRVSLWDOWKHLQKRVSLWDOWUDXPD WHDPPRQLWRUVWKHFRQGLWLRQRIDSDWLHQWXVLQJELRVLJQDOVEHLQJUHFHLYHGFRQWLQXRXVO\ DW WKH EDFNHQG V\VWHP LQ WKH KRVSLWDO :H UHIHU WR WKHVH W\SHV RI FDVHV DV WKH FRQWLQXRXVELRVLJQDOVGHOLYHU\FDVHVVLQFHGXULQJWKHSDWLHQWPRQLWRULQJVHVVLRQWKH ELRVLJQDOVLQIRUPDWLRQLVVKDUHGVLPXOWDQHRXVO\DPRQJDWOHDVWWZRSDUWLFLSDQWV²WKH SDWLHQWDQGWKHKHDOWKFDUHSURIHVVLRQDO 4R65HTXLUHPHQWVIRUWKH&RQWLQXRXV%LRVLJQDOV'HOLYHU\&DVHV )RUWKHGHFLVLRQPDNLQJVWHSWKHKHDOWKFDUHSURIHVVLRQDOVKDYHUHTXLUHPHQWVRQ WKHTXDQWLW\TXDOLW\DQGWLPHGXUDWLRQRIELRVLJQDOVEHLQJUHFHLYHGDWWKHEDFNHQG V\VWHP 7KH TXDQWLW\ RI ELRVLJQDOV VDPSOHG SHU VHFRQG GHWHUPLQHV WKH EDQGZLGWK UHTXLUHPHQWVRIELRVLJQDOVGHOLYHU\,QWKHLQVWDQFHVZKHUHFHUWDLQDFWLRQLVH[SHFWHG IURP WKH SDWLHQW WKHUH LV D WHPSRUDO UHTXLUHPHQW RQ WKH LQWLPH UHFHSWLRQ RI WKH KHDOWKFDUH SURIHVVLRQDO·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
7KH SUREOHPV UHSRUWHG GXULQJ WKH WULDOV RI WKHVH V\VWHPV DUH DV IROORZV 7KH ZLUHOHVV QHWZRUN SUREOHPV UHIHU WR WKH ODFN RI VXIILFLHQW EDQGZLGWK IRU ELRVLJQDOV WUDQVPLVVLRQKLJKGHOD\ZLUHOHVVQHWZRUNFRYHUDJHXQDYDLODELOLW\DQGSODXVLEOHHIIHFW RI ZHDWKHU FRQGLWLRQV RQ WKH ZLUHOHVV VLJQDO TXDOLW\ 7KHVH SUREOHPV UHVXOW LQ D VLWXDWLRQWKDWWKHKHDOWKFDUHSURIHVVLRQDOVGRQRWKDYHDFFHVVWRKLJKTXDOLW\ELRVLJQDOV GDWD &RQVLGHULQJ WKHVH DVSHFWV WKH PRELOH SDWLHQW PRQLWRULQJ V\VWHPV QHHG WR
,1752'8&7,21
LQFRUSRUDWHPHFKDQLVPVIRUPDNLQJDYDLODEOHKLJKTXDOLW\ELRVLJQDOVGDWDWRWKHEDFN HQGV\VWHP
9HUWLFDO+DQGRYHU
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
5HVHDUFK3UREOHP
$ PRELOH SDWLHQW PRQLWRULQJ V\VWHP FRQVLGHUHG LQ WKLV WKHVLV LV WKH0REL+HDOWK 3DWLHQW0RQLWRULQJ6\VWHP0+306>+DOW@7KHYLVLRQRIWKH0+306V\VWHPLVWKDW
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
,QWKHUHFHQWGHYHORSPHQWVWKH*::$1WHFKQRORJLHVVXFKDV/7(SURPLVHKLJKGDWDUDWHVRI
5(6($5&+352%/(0
SURWRW\SHV\VWHPIRUWKHUHVHDUFKDQGWULDOVLQFOXGH+HDOWK6HUYLFH$:$5(1(66DQG
0\RWHO 7KH 0+306 KDV D IRFXV RQ GHYHORSLQJ D JHQHULF %$1 ZKLFK FDQ EH
VSHFLDOL]HGIRUDQ\SDUWLFXODUW\SHRIWUHDWPHQWE\XVLQJDVSHFLILFVHWRIVHQVRUVDQG DSSURSULDWHDSSOLFDWLRQIXQFWLRQDOLW\(JD%$1PD\KDYHGLIIHUHQWVHQVRUVHWVIRU SDWLHQWVVXIIHULQJIURPKLJKULVNSUHJQDQF\WUDXPDDQGFDUGLRYDVFXODUGLVHDVHV)RU GHWDLOVRIWKHVHYDULDQWVZHUHIHUWR>%XLM@,Q6HFWLRQZHVWDWHWKDWLQRUGHU WR FRUUHFWO\ H[HFXWH WKH GHFLVLRQ PDNLQJ VWHS LQ WKH ELRVLJQDO SURFHVVLQJ WKH 4R6 UHTXLUHPHQWVRIELRVLJQDOVGHOLYHU\QHHGWREHIXOILOOHGE\WKHH[WUD%$1FRPPXQLFDWLRQ
SDWK
)LJXUH$EVWUDFW4R69LHZRIWKH0REL+HDOWK3DWLHQW0RQLWRULQJ6\VWHP
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
4R6 UHIHUV WR 4R6 H[SHULHQFHG DORQJ WKH H[WUD%$1 FRPPXQLFDWLRQ SDWK IURP WKH
0%8WRWKHEDFNHQGVHUYHU
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
,1752'8&7,21
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
5HYHUVDORIWKH3URGXFHU&RQVXPHU3DUDGLJP
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
3RZHU&RQVXPSWLRQRIWKH0%8
'XULQJ WKH 0+306 WULDOV LW ZDV DOVR REVHUYHG WKDW D 0%8 FRQWLQXRXVO\ WUDQVPLWWLQJELRVLJQDOVGDWDRYHUWKH::$1FRPSOHWHO\GUDLQVLWVEDWWHU\LQOHVVWKDQ WZRKRXUV>:DFD@$QRWKHUVWXG\RIWKH0+306>:DFD@FRQVLVWVRIWUDQVIHURI NESV GDWDXVLQJD*356QHWZRUNGXULQJZKLFKLWLVREVHUYHGWKDWWKLVWUDQVIHU GUDLQV WKH EDWWHU\ RI WKH 0%8 47(. 3'$ LQ OHVV WKDQ WZR KRXUV 7KLV REVHUYDWLRQ DUH DOVR VXSSRUWHG LQ >+DOW@ WKDW SRZHULQJ DOZD\V RQ GHYLFHV DQG
+RZHYHU WKLV VLWXDWLRQ LV OLNHO\ WR FKDQJH DV ZLUHOHVV QHWZRUNV DUH HYROYLQJ LQ FDSDFLW\ DQG KHDY\
QHWZRUN FHQWULF DSSOLFDWLRQV VXFK DV YLGHRRQGHPDQG XWLOL]H PRVW RI WKH DYDLODEOH IL[HG QHWZRUN EDQGZLGWKLQWKH,QWHUQHW
5(6($5&+2%-(&7,9(6 FRQWLQXRXVWUDQVPLVVLRQRIELRVLJQDOVFRQWLQXHVWRUDLVHWHFKQLFDOFKDOOHQJHVVXFKDV IDVWHUGUDLQRIWKHEDWWHU\OLIH)URPWKHVHREVHUYDWLRQVZHGHGXFHWKDWIRUWKHFDVHV LQZKLFKLWLVQRWSRVVLEOHWRUHFKDUJHWKH0%8IUHTXHQWO\RQHRIWKHKXUGOHVLQWKH GXUDWLRQRIWKHFRQWLQXRXVWUDQVPLVVLRQRIWKHELRVLJQDOVLVWKHSRZHUFRQVXPSWLRQ RIWKH0%8
$V PRWLYDWHG IURP WKH GLVFXVVLRQ DERYH ZH IRUPXODWH RXU UHVHDUFK SUREOHP DV IROORZV
,QWKH0+306IRUWKHPRELOHSDWLHQWPRQLWRULQJFDVHVUHTXLULQJFRQWLQXRXVELRVLJQDOVGHOLYHU\ WR WKH EDFNHQG V\VWHP KRZ WR XVH D YHUWLFDO KDQGRYHU WHFKQLTXH WR VDWLVI\ 4R6 UHTXLUHPHQWV RI ELRVLJQDOVGHOLYHU\LQWKHHQYLURQPHQWFKDUDFWHUL]HGE\SDWLHQWPRELOLW\GHSOR\PHQWRIPXOWLSOHZLUHOHVV QHWZRUNV WHFKQRORJLHV XQHYHQ JHRJUDSKLF GLVWULEXWLRQ RI WKH ZLUHOHVV QHWZRUNV YDULDEOH 4R6 FKDUDFWHULVWLFVRIWKHZLUHOHVVQHWZRUNVDQGOLPLWHGEDWWHU\FDSDFLW\RIWKH0%8"
5HVHDUFK2EMHFWLYHV
,Q WKLV VHFWLRQ ZH RXWOLQH VWHSZLVH UHVHDUFK REMHFWLYHV LQ RUGHU WR DGGUHVV WKH WKHVLVUHVHDUFKSUREOHP
• 5HVHDUFK2EMHFWLYH+RZWRLQIHU4R6UHTXLUHPHQWVIRUWKHPRELOHSDWLHQWPRQLWRULQJ
FDVHVUHTXLULQJFRQWLQXRXVELRVLJQDOVGHOLYHU\IURPWKH0%8WRWKHEDFNHQGV\VWHP"
,Q WKH PRELOH SDWLHQW PRQLWRULQJ FDVHV UHTXLULQJ FRQWLQXRXV ELRVLJQDOV GHOLYHU\ SDWLHQW·V ELRVLJQDOV EHLQJ UHFHLYHG DW WKH EDFNHQG V\VWHP DUH XVHG LQ D GHFLVLRQ PDNLQJSURFHVV)URPWKHYLHZSRLQWRIKHDOWKFDUHSURIHVVLRQDOVLQRUGHUWRPDNHDQ DFFXUDWH GHFLVLRQ DERXW WKH SDWLHQW·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·V UHTXLUHPHQWV RQWR 4R6 UHTXLUHPHQWV IRU WKH ELRVLJQDOVWUDQVPLVVLRQ)RUWKHFRQFHSWVRI4R6ZHUHIHUWRSULQFLSOHVRI4R6LQWKH PRELOHFRPSXWLQJHQYLURQPHQWSUHVHQWHGLQ>&KDO@,Q&KDSWHUZHDGGUHVVWKLV UHVHDUFKREMHFWLYHZLWKWKHKHOSRIWKUHHLOOXVWUDWLYHPRELOHSDWLHQWPRQLWRULQJFDVHV
• 5HVHDUFK 2EMHFWLYH +RZ WR XVH D YHUWLFDO KDQGRYHU WHFKQLTXH WR PDLQWDLQ +773
FRQQHFWLYLW\WRWKH0%8LQWKHHYHQWVRISDWLHQWPRELOLW\DQGQHWZRUNRXWDJH"
:LWKLQWKH0+306+773FRQQHFWLYLW\WRWKH0%8LVXVHGWRWUDQVPLWSDWLHQW·V ELRVLJQDOV WR WKH %(6\V $ FRPPRQ SUREOHP REVHUYHG GXULQJ WKH WULDOV RI PRELOH SDWLHQWPRQLWRULQJV\VWHPVLVZLUHOHVVQHWZRUNXQDYDLODELOLW\GXHWRSDWLHQW·VPRELOLW\
,1752'8&7,21
2WKHUUHDVRQIRUQHWZRUNXQDYDLODELOLW\LVVXGGHQRXWDJHRIWKHH[LVWLQJQHWZRUNLH WKH QHWZRUN WR ZKLFK 0%8 LV FRQQHFWHG EHFRPHV XQDYDLODEOH GXH WR XQIRUHVHHQ UHDVRQVVXFKDVSRZHUIDLOXUH)RUWKHVHUHDVRQVWKHVHFRQGUHVHDUFKREMHFWLYHLVWR LQYHVWLJDWHPHFKDQLVPVWRPDLQWDLQ+773FRQQHFWLYLW\WRWKH0%8LQWKHHYHQWVRI SDWLHQW PRELOLW\ RU QHWZRUN RXWDJH ,Q ERWK RI WKHVH FDVHV D YHUWLFDO KDQGRYHU WHFKQLTXH LV D SURYHQ ZD\ WR PDLQWDLQ WKH FRQQHFWLYLW\ ,Q WKH UHVHDUFK OLWHUDWXUH YHUWLFDOKDQGRYHUUHIHUVWRDVZLWFKRYHUIURPRQHDFFHVVQHWZRUNWRWKHRWKHUDFFHVV QHWZRUNIRUWKHH[FKDQJHRIGDWD>.DVV@
$ FRPSUHKHQVLYH VWDWH RI WKH DUW RI YHUWLFDO KDQGRYHU PDQDJHPHQW VWUDWHJLHV LV SUHVHQWHG LQ &KDSWHU 7ZR YHUWLFDO KDQGRYHU PHFKDQLVPV IRU DGGUHVVLQJ WKLV UHVHDUFK REMHFWLYH DUH SUHVHQWHG LQ &KDSWHU DQG &KDSWHU UHVSHFWLYHO\ 7KHVH PHFKDQLVPVDUHQDPHGDV0RELOH&RQWUROOHG+DQGRYHU0&+2PHFKDQLVPDQG1HWZRUN
$VVLVWHG +DQGRYHU 1$+2 PHFKDQLVP UHVSHFWLYHO\ $ YHUWLFDO KDQGRYHU SURFHVV LV
GLYLGHG LQWR WKUHH SKDVHV KDQGRYHU LQIRUPDWLRQ JDWKHULQJ KDQGRYHU GHFLVLRQ PDNLQJ DQG
KDQGRYHU H[HFXWLRQ >.DVV@ 7KH KDQGRYHU LQIRUPDWLRQ JDWKHULQJ SKDVH FROOHFWV
LQIRUPDWLRQ UHTXLUHG WR LGHQWLI\ WKH QHHG IRU WKH KDQGRYHU DQG LWV H[HFXWLRQ 7KH KDQGRYHUGHFLVLRQPDNLQJQHWZRUNVHOHFWLRQSKDVHGHWHUPLQHVWKHQHWZRUNVXLWDEOHIRU WKHKDQGRYHUH[HFXWLRQ7KHKDQGRYHUH[HFXWLRQSKDVHUHIHUVWRWKHVWDUWXVLQJWKH VHOHFWHG QHWZRUN IRU WKH GDWD WUDQVIHU %RWK WKH 0&+2 PHFKDQLVP DQG 1$+2 PHFKDQLVP SURSRVHG LQ WKLV WKHVLV DUH EDVHG RQ WKH YHUWLFDO KDQGRYHU SURFHVV RXWOLQHGLQ>.DVV@
• 5HVHDUFK2EMHFWLYH,ILQIRUPDWLRQDERXWWKH4R6FKDUDFWHULVWLFVRIZLUHOHVVQHWZRUNVDW
D JLYHQ ORFDWLRQ DQG WLPH DUH NQRZQ KRZ WR WDNH D QHWZRUN VHOHFWLRQ GHFLVLRQ IRU WKH FRQWLQXRXVGHOLYHU\RIELRVLJQDOV"
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
$ QXPEHU RI KDQGRYHU GHFLVLRQ PDNLQJ DOJRULWKPV DUH FRPSDUHG LQ >6WHY@ 7KHVHLQFOXGHPXOWLSOLFDWLYHH[SRQHQWZHLJKWLQJ0(:VLPSOHDGGLWLYHZHLJKWLQJ6$:
WHFKQLTXH IRU RUGHU SUHIHUHQFH E\VLPLODULW\WRLGHDOVROXWLRQ 7236,6 DQG DQDO\WLFKLHUDUFK\ SURFHVV FRPELQHG ZLWK JUH\ UHODWLRQDO DQDO\VLV $+3*5$ 7KH DSSOLFDWLRQ GDWD WUDIILF
5(6($5&+2%-(&7,9(6
VWUHDPLQJ HJ VWUHDPLQJ YLGHR LQWHUDFWLYH HJ ZHE EURZVLQJ DQG EDFNJURXQG HJ
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·V EDQGZLGWKUHTXLUHPHQWVDQGPLQLPL]HVGHOD\DQGORVVUHTXLUHPHQWV7KHVROXWLRQWR WKLVREMHFWLYHXVLQJDQ$+3EDVHGKDQGRYHUGHFLVLRQPDNLQJDOJRULWKPLVSUHVHQWHGLQ &KDSWHU • 5HVHDUFK2EMHFWLYH+RZWRXVHWKHZLUHOHVVQHWZRUNLQWHUIDFHVRIWKH0%8WRUHGXFHLWV SRZHUFRQVXPSWLRQGXULQJWKHFRQWLQXRXVGHOLYHU\RIELRVLJQDOV"
,Q 6HFWLRQ LW LV DUJXHG WKDW SRZHU FRQVXPSWLRQ RI WKH 0%8 LV RQH RI WKH OLPLWDWLRQVRQWKHGXUDWLRQRIDPRELOHSDWLHQWPRQLWRULQJVHVVLRQ,QWKH0+306D 0%8 LV VROHO\ XVHG IRU SDWLHQW PRQLWRULQJ SXUSRVHV 6LQFH WKH LQWUD%$1 FRPPXQLFDWLRQ SDUW RI 0%8 LV XVHG WR REWDLQ ELRVLJQDOV DQG SHUIRUP ELRVLJQDOV UHODWHG SURFHVVLQJ WKH RQO\ SDUW ZKLFK FDQ EH FRQVLGHUHG WR UHGXFH 0%8·V SRZHU FRQVXPSWLRQLVWKHH[WUD%$1FRPPXQLFDWLRQSDUW5HIHUULQJWRWKHDUFKLWHFWXUHRI PRELOH SDWLHQW PRQLWRULQJ V\VWHP SUHVHQWHG LQ 6HFWLRQ D0%8 XVHVZLUHOHVV QHWZRUNLQWHUIDFHVIRUWKHH[WUD%$1FRPPXQLFDWLRQ2XUIRXUWKUHVHDUFKREMHFWLYH LV WR LQYHVWLJDWH KRZ WR XVH ZLUHOHVV QHWZRUN LQWHUIDFHV RI D 0%8 WR PLQLPL]H LWV SRZHUFRQVXPSWLRQ
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
• 5HVHDUFK 2EMHFWLYH :KDW DUH WKH JDLQV DFKLHYHG E\ SURSRVHG YHUWLFDO KDQGRYHU
PHFKDQLVPVDQGZKDWDUHWKHFRUUHVSRQGLQJRYHUKHDGV"
7KH SURSRVHG YHUWLFDO KDQGRYHU PHFKDQLVPV IRU WKH 0+306 DUH DLPHG DW KDQGOLQJFKDQJHVLQWKHDYDLODELOLW\RIZLUHOHVVQHWZRUNVSURYLGHVXIILFLHQWH[WUD%$1 FRPPXQLFDWLRQ4R6IRUWKHELRVLJQDOVGHOLYHU\DQGPLQLPL]HSRZHUFRQVXPSWLRQRQ
,1752'8&7,21
WKH 0%8 7R PHDVXUH WKH JDLQV DFKLHYHG E\ WKHVH PHFKDQLVPV DQG FRUUHVSRQGLQJ RYHUKHDGVLQWKLVWKHVLVZHUHSRUWDVHWRIH[SHULPHQWVWKHUHVXOWVRIZKLFKSURYLGH DQLQGLFDWLRQRIDFKLHYHGJDLQVDQGFRUUHVSRQGLQJRYHUKHDGV7KHVHJDLQVRYHUKHDGV DUH TXDQWLILHG LQ WHUPV RI WKH PHWULFV GHULYHG IURP WKH UHYLHZ RI UHODWHG OLWHUDWXUH >%HUQ&KDO.DVV@DQGSHHUH[SHULHQFHLQWKH0+306GHYHORSPHQW>$ORQ +DOW :DFD@ 7KHVH PHWULFV TXDQWLI\ WKH IROORZLQJ YHUWLFDO KDQGRYHU SHUIRUPDQFH
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
7RDQDO\]HWKHSRVVLELOLW\RISRZHUVDYLQJVRQWKH0%8ZHSURSRVHGWZRYDULDQWV RI WKH 1$+2 PHFKDQLVP ZKLFK DUH 1$+2:/$12)) DQG 1$+2:/$12))::$12))
UHVSHFWLYHO\)RUWKHH[SHULPHQWVUHODWHGWRSRZHUVDYLQJVDQDO\VLVZHXVHQHWZRUN LQWHUIDFHVSRZHUFRQVXPSWLRQYDOXHVRIWZRPRELOHGHYLFHVQDPHO\47(.3'$ DQG ,3$4 3'$ 7KH SRZHU VDYLQJV DVSHFWV RI 1$+2 PHFKDQLVP YDULDQWV DUH UHSRUWHGLQ&KDSWHU
6FRSHDQG2XWOLQHRIWKH7KHVLV
6LQFH WKH KHDOWKFDUH LV DQ DQFLHQW UHVHDUFK GLVFLSOLQH DQG UHODWLYHO\ WKH PRELOH SDWLHQW PRQLWRULQJ LV D \RXQJHU UHVHDUFK GLVFLSOLQH KHUHZLWK ZH EULHIO\ LQWURGXFH VFRSHRIUHVHDUFKFRQGXFWHGLQWKLVWKHVLV
6&23($1'287/,1(2)7+(7+(6,6
)LJXUH0DSSLQJWKHVLVVFRSHRQWRWKHWD[RQRP\RIWHOHPHGLFLQHHIIRUWVSUHVHQWHGLQ>7XOX@
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·VQHHGVZKLOH GHOLYHULQJ KHDOWKFDUH VHUYLFHV 7KH HQYLURQPHQWDO VHWWLQJ GLPHQVLRQ RI SURSRVHG KDQGRYHU PHFKDQLVPV UHODWHV WR GHOLYHULQJ SDWLHQW·V ELRVLJQDOV IURP KHU FXUUHQW ORFDWLRQWRDFRPSXWLQJGHYLFHLQWKHEDFNHQGV\VWHP7KHFRPPXQLFDWLRQLQIUDVWUXFWXUH GLPHQVLRQ LQFOXGHV D VHW RI KHWHURJHQHRXV ZLUHOHVV QHWZRUNV WKDW SURYLGH ,QWHUQHW FRQQHFWLYLW\WRWKH0%87KHGHOLYHU\RSWLRQVGLPHQVLRQLQ>7XOX@LVFODVVLILHGLQWR WZR FRPPXQLFDWLRQ JURXSV V\QFKURQRXV DQG DV\QFKURQRXV 7KH FRQWLQXRXV SDWLHQW PRQLWRULQJLVV\QRQ\PRXVWRWKHV\QFKURQRXVFRPPXQLFDWLRQEHFDXVHWKHELRVLJQDOV DUH EHLQJ DFTXLUHG IURP WKH SDWLHQW·V ERG\ DQG LW LV UHTXLUHG WR VHQG WKHP WR D KHDOWKFDUH SURIHVVLRQDO LPPHGLDWHO\ $ORQJ ZLWK WKH SDWLHQW WKH KHDOWKFDUH SURIHVVLRQDO LV DOVR D XVHU RI SDWLHQW PRQLWRULQJ VHUYLFH ZKRVH SULPDU\ WDVN LV WR UHFHLYHFXUUHQWDQGDFFXUDWHSDWLHQWLQIRUPDWLRQDQGSHUIRUPGHFLVLRQPDNLQJEDVHG RQ WKH SDWLHQW·V FRQGLWLRQV DQG QHHGV >9DVK@ 7KH ZRUN UHSRUWHG LQ WKLV WKHVLV DĞ Ě ŝĐ Ăů ŝŵ Ğ ŶƐ ŝŽ ŶƐ ƉƉůŝĐĂƚŝŽŶ WƵƌƉŽƐĞ ƉƉůŝĐĂƚŝŽŶ ƌĞĂ Ğ ůŝǀ Ğ ƌLJ ŝ ŵ Ğ Ŷ Ɛŝ Ž Ŷ Ɛ ŶǀŝƌŽŶŵĞŶƚĂů ^ĞƚƚŝŶŐ ŽŵŵƵŶŝĐĂƚŝŽŶ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ĞůŝǀĞƌLJ KƉƚŝŽŶƐ Kƌ ŐĂ Ŷ ŝnj Ăƚ ŝŽ Ŷ Ăů ŝ ŵ Ğ Ŷ Ɛŝ Ž Ŷ Ɛ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ /d DĂŶĂŐĞŵĞŶƚ ŽƐƚ ƵĚŐĞƚ &ŝŶĂŶĐŝĂů >ĞŐĂů WƌŽĐĞĚƵƌĞƐ ZĞŐƵůĂƚŝŽŶƐ dŚĞƐŝƐ^ĐŽƉĞ sĞƌƚŝĐĂů,ĂŶĚŽǀĞƌ DĞĐŚĂŶŝƐŵƐ ŝŽƐŝŐŶĂůƐ ĞůŝǀĞƌLJ YŽ^ZĞƋƵŝƌĞŵĞŶƚƐ
,1752'8&7,21
SURSRVHVYHUWLFDOKDQGRYHUPHFKDQLVPVLQWKHGHOLYHU\GLPHQVLRQVLQRUGHUWRVDWLVI\ QHHGVRIFRQWLQXRXVELRVLJQDOVGHOLYHU\DVGHWHUPLQHGE\WKHPHGLFDOGLPHQVLRQV
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
FRQWUROOHGKDQGRYHU0&+2PHFKDQLVP7KHDUFKLWHFWXUHH[SHULPHQWDWLRQDQGUHVXOWV
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
3URYLGHV YDULRXV LQIRUPDWLRQ DQG FRQFHSWV QHFHVVDU\ WR XQGHUVWDQG WKLV PXOWL GLVFLSOLQDU\WKHVLV
• 1HZ GHILQLWLRQV RI 0+HDOWK DQG PRELOHSDWLHQWPRQLWRULQJ
• $UFKLWHFWXUDO EXLOGLQJ EORFNV RI WKH SURSRVHGKDQGRYHUPHFKDQLVPV • $VVXPSWLRQV RQ ZKLFK WKH IXUWKHU
UHVHDUFKLVEDVHG 6WDWHRIWKH$UW 6XUYH\ RI WKH PRELOH SDWLHQW
PRQLWRULQJ V\VWHPV YHUWLFDO KDQGRYHU DSSURDFKHV DQG 4R6SUHGLFWLRQV
• &RPSDULVRQ RI VL[ PRELOH SDWLHQW PRQLWRULQJV\VWHPV
• &RPSDULVRQ RI VL[ YHUWLFDO KDQGRYHU PDQDJHPHQWDSSURDFKHV
• ,QWURGXFWRU\ LQIRUPDWLRQ DERXW 4R6 SUHGLFWLRQV
5HTXLUHPHQWV (OLFLWDWLRQ
$GGUHVVHV UHVHDUFK REMHFWLYH
• (OLFLWDWLRQ RI WKH ELRVLJQDOV GHOLYHU\ 4R6 UHTXLUHPHQWV LQ WKH PRELOH SDWLHQWPRQLWRULQJV\VWHPV
• (OLFLWDWLRQRIWKHKDQGRYHULQIRUPDWLRQ UHTXLUHPHQWV IRU WKH SURSRVHG KDQGRYHUDSSURDFKHV
0RELOH &RQWUROOHG
$GGUHVVHV UHVHDUFK REMHFWLYH DQGUHVHDUFKREMHFWLYH
$UFKLWHFWXUH LPSOHPHQWDWLRQ GHWDLOV H[SHULPHQWDO VHWXS GHVFULSWLRQ RI
6&23($1'287/,1(2)7+(7+(6,6
9HUWLFDO +DQGRYHU 0HFKDQLVP
H[SHULPHQWV DQG REWDLQHG UHVXOWV RI WKH 0&+2PHFKDQLVP 1HWZRUN $VVLVWHG 9HUWLFDO +DQGRYHU 0HFKDQLVP
$GGUHVVHV UHVHDUFK REMHFWLYH UHVHDUFK REMHFWLYH DQG UHVHDUFKREMHFWLYH
$UFKLWHFWXUH LPSOHPHQWDWLRQ GHWDLOV VLPXODWLRQ VHWXS GHVFULSWLRQ RI WKH VLPXODWRUV GHVFULSWLRQ RI WKH H[SHULPHQWV DQG REWDLQHG UHVXOWV RI WKH 1$+2 PHFKDQLVP
1$+2 0HFKDQLVPIRU 3RZHU6DYLQJV
$GGUHVVHV UHVHDUFK REMHFWLYH DQGUHVHDUFKREMHFWLYH
'HVFULSWLRQ RI WKH 1$+2 YDULDQWV IRU WKH SRZHU VDYLQJV GHVFULSWLRQ RI WKH H[SHULPHQWVDQGREWDLQHGUHVXOWV
&RQFOXVLRQV DQG)XWXUH :RUN
7KHHQGFKDSWHURIWKHWKHVLV • 5HVHDUFK REMHFWLYHZLVH WKHVLV FRQFOXVLRQV
• *HQHUDOFRQFOXVLRQV
• ,VVXHV WR EH FRQVLGHUHG ZKLOH LPSOHPHQWLQJ 1$+2 PHFKDQLVP LQ SUDFWLFH
• 'LUHFWLRQVIRUWKHIXWXUHZRUN
&21&(376'(),1,7,216$5&+,7(&785$/&216,'(5$7,216$1'$668037,216 &KDSWHU
&RQFHSWV'HILQLWLRQV$UFKLWHFWXUDO
&RQVLGHUDWLRQVDQG$VVXPSWLRQV
'XHWRLPPHGLDWHQRWLFHDEOHEHQHILWVDQGSRWHQWLDORIDFKLHYLQJJRRGUHWXUQRQ LQYHVWPHQWV WKH ,&7 LQ KHDOWKFDUH KDV DWWUDFWHG VLJQLILFDQW DWWHQWLRQ DPRQJ WKH UHVHDUFKHUV DQG LQGXVWU\ +RZHYHU WKLV KDV JLYHQ ULVH WR D SOHWKRUD RI ,&7 LQ KHDOWKFDUH WHUPV HJ (+HDOWK WHOHPHGLFLQH 0+HDOWK ZLUHOHVV PHGLFLQH ZLUHOHVV
WHOHPHGLFLQHWHOHWUHDWPHQWDQGWHOHPRQLWRULQJ6LPLODUO\GHSHQGLQJRQWKHH[SHUWLVHDQG
GRPDLQ WKH UHVHDUFKHUV KDYH GLIIHUHQW QRWLRQV DERXW WHUPV VXFK DV FRQWH[W 4R6
KDQGRYHUDQGVHUYLFHV7KLVFKDSWHULQWURGXFHVDQGSURYLGHVGHILQLWLRQVRIWKHVHWHUPV
DQGFRQFHSWVZLWKLQWKHFRQWH[WRIUHSRUWHGZRUN$SDUWIURPWKLVWKLVFKDSWHUDOVR SURYLGHVGHWDLOHGDUFKLWHFWXUHRIWKH0REL+HDOWK3DWLHQW0RQLWRULQJ6\VWHP0+306
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
,GHQWLI\LQJ0RELOH3DWLHQW0RQLWRULQJZLWKLQWKH,&7LQ
+HDOWKFDUH
7KH VFRSH RI ,&7 DV GHILQHG E\ WKH:RUOG %DQN FRQVLVWV RI KDUGZDUH VRIWZDUH
QHWZRUNV DQG PHGLD IRU WKH FROOHFWLRQ VWRUDJH SURFHVVLQJ WUDQVPLVVLRQ DQG
$SDUWRIWKLVFKDSWHULVEDVHGRQRXUZRUNSXEOLVKHGLQ>+DOW@DQG>3DZDD@ 7KHZRUOGEDQNZHEVLWHKWWSZZZZRUOGEDQNRUJ