8VLQJ3HUVRQDO6WRULHV83'$7('&+$37(5(
86,1*3(5621$/6725,(6
6(&7,21
$87+256$)),/,$7,216
+LODU\/%HNNHU
OHDG$QQD:LQWHUERWWRPFROHDG

8QLYHUVLW\RI/HHGV/HHGV8.

8QLYHUVLW\RI/HHGV/HHGV

8.

-DFN)RZOHU

86$

5REHUW-9RON)RXQGDWLRQIRU,QIRUPHG'HFLVLRQMaNLQJ%RVWRQ
7KH8QLYHUVLW\RI7H[DV7H[DV'HE)HOGPDQ6WHZDUW

4XHHQ¶V8QLYHUVLW\2QWDULR&DQDGD

3K\OOLV%XWRZ

8QLYHUVLW\RI6\GQH\$XVWUDOLD

9LFWRULD6KDIIHU

8QLYHUVLW\RI0LVVRXUL&ROXPELD

86$

0DULD-LEDMD:HLVV%D\ORU&ROOHJHRI0HGLFLQH7H[DV86$$PDQGD'LOODUG*UDQG9DOOH\6WDWH8QLYHUVLW\0LFKLJDQ

86$

86$



6(&7,21&+$37(56800$5<
:KDWLVWKLVTXDOLW\GLPHQVLRQ"
3HUVRQDOVWRULHVDUHQDUUDWLYHVWKDWSURYLGHLOOXVWUDWLYHH[DPSOHVRIRWKHUV¶H[SHULHQFHVUHOHYDQWWRWKHGHFLVLRQ:LWKLQSDWLHQWGHFLVLRQDLGVSHUVRQDOVWRULHVSURYLGHRQHSHUVRQ¶V
LQWHUSUHWDWLRQRIDQDVSHFWRIWKHGHFLVLRQH[SHULHQFHIRUFRQVLGHUDWLRQE\WKHGHFLVLRQPDNHU
7KHVHVWRULHVFDQEHSUHVHQWHGDVWH[WDXGLRDQGYLGHRFOLSVDQGIDFHWRIDFHHQFRXQWHUV3HUVRQDOVWRULHVFDQEHGHOLYHUHGE\WKHSHUVRQZKRVHVWRU\LWLVRUDQDFWRU3HUVRQDOVWRULHVPD\LQFOXGHQDUUDWLYHVIURPWKHVW±SHUVRQ HJSDWLHQWV¶RUFDUHUV¶DFFRXQWVRIWKHLU
RZQH[SHULHQFH DQGWKHUG±SHUVRQ HJSURIHVVLRQDOV¶RUFDUHUV¶DFFRXQWRIWKHRWKHU¶VH[SHULHQFH SHUVSHFWLYHVDQGUHSUHVHQWDWLRQVRIWKHFRQYHUVDWLRQVEHWZHHQWKHSDWLHQWDQG
DQRWKHUSHUVRQ HJSDWLHQWSOXVSURIHVVLRQDOVDQGRUFDUHU :KDWLVWKHWKHRUHWLFDOUDWLRQDOHIRULQFOXGLQJWKLVTXDOLW\GLPHQVLRQ"
7KHUHLVQRVLQJOHWKHRUHWLFDODSSURDFKH[SODLQLQJKRZDQGRUZK\SHUVRQDOVWRULHVLQIOXHQFH
WKHZD\LQGLYLGXDOVSURFHVVLQWHUSUHWDQGUHSUHVHQWLQIRUPDWLRQLQDZD\WKDWVXSSRUWVSHRSOH¶VLQIRUPHGGHFLVLRQPDNLQJ:LWKLQKHDOWKFDUHSHUVRQDOVWRULHVDUHXVHGLQUHVHDUFK
DVDPHWKRGWRLQYHVWLJDWHPHDQLQJVDERXWKHDOWKDQGLOOQHVVDVDQHVWDEOLVKHGUHVRXUFHLQWKHHGXFDWLRQRISURIHVVLRQDOVDQGSDWLHQWVDQGDVSDUWRIWKHWKHUDSHXWLFHQFRXQWHU3DWLHQWVILQG
RWKHUV¶VWRULHVRIWKHLOOQHVVH[SHULHQFHLPSRUWDQWWRWKHLUKHDOWKFDUHFKRLFHV3HUVRQDOVWRULHVDUHDOVRVHHQDVDFWLYHLQJUHGLHQWVZLWKLQLQWHUYHQWLRQVGHVLJQHGWRFKDQJHSHRSOH¶VEHKDYLRXU
Suggested Citation:
Bekker HL, Winterbottom A, Butow P, Dillard A, Feldman-Stewart D, Fowler J, Jibaja-Weiss M, Shaffer Vi, Volk R. (2012).
Using personal stories. In Volk R & Llewellyn-Thomas H (editors). 2012 Update of the International Patient Decision Aids Standards (IPDAS) Collaboration's Background Document. Chapter E. http://ipdas.ohri.ca/resources.html.

8VLQJ3HUVRQDO6WRULHV
UDWKHUWKDQIDFLOLWDWHLQIRUPHGGHFLVLRQPDNLQJ3HUVRQDOVWRULHVKDYHWKHSRWHQWLDOWRHLWKHUKLQGHURUIDFLOLWDWHSDWLHQWV¶LQIRUPHGGHFLVLRQPDNLQJ:KDWLVXQFOHDULVKRZWRLQFRUSRUDWHSHUVRQDOVWRULHVDQGRUWKHLQIRUPDWLRQFRQWDLQHGZLWKLQQDUUDWLYHVLQDZD\WKDWHQKDQFHVWKHHIIHFWLYHQHVVRIGHFLVLRQDLGWRIDFLOLWDWHSDWLHQWV¶GHFLVLRQPDNLQJ:KDWLVWKHHYLGHQFHWRVXSSRUWLQFOXGLQJRUH[FOXGLQJWKLVTXDOLW\GLPHQVLRQ"
7KHUHLVLQVXIILFLHQWHYLGHQFHH[DPLQLQJZKHWKHURUQRWSHUVRQDOVWRULHVFRQWULEXWHWR
WKHHIIHFWLYHQHVVRISDWLHQWGHFLVLRQDLGLQWHUYHQWLRQV2IWKHVWXGLHVVLQFHWKDWLQYHVWLJDWHGWKHDGGHGYDOXHRISHUVRQDOVWRULHVDQGWKHLULPSDFWRQLQIRUPHGGHFLVLRQPDNLQJDOOIRXQGWKDWSHUVRQDOVWRULHVDIIHFWHGWKHMXGJHPHQWVDQGFKRLFHVRISDUWLFLSDQWVGLIIHUHQWLDOO\IURPSUHVHQWLQJIDFWVDORQH7KHUHZDVYDULDELOLW\LQWKHZD\SHUVRQDOVWRULHV
ZHUHVRXUFHGFRQVWUXFWHGGHOLYHUHGLQWHJUDWHGZLWKLQWKHLQWHUYHQWLRQDQGHYDOXDWHG
7KHVWXG\SXUSRVHDQGWKHUHIRUHWKHIXQFWLRQRIWKHSHUVRQDOVWRU\YDULHGLQWHUPVRI
LQYHVWLJDWLQJHLWKHUELDVHVLQGHFLVLRQPDNLQJKHDOWKEHKDYLRXUFKDQJHRUSDUWLFLSDQW
HQJDJHPHQWZLWKLQIRUPDWLRQ$VDUHVXOWWKHV\QWKHVLVZDVQRWDEOHWRLGHQWLI\WKHDFWLYH
LQJUHGLHQWVRIWKHSHUVRQDOVWRU\WKDWPD\HQKDQFHRUOLPLWWKHHIIHFWLYHQHVVRISDWLHQW
GHFLVLRQDLGLQWHUYHQWLRQV+RZHYHUWKHUHZHUHVRPHVLPLODULWLHVDFURVVWKHH[SHULPHQWDODQGUHDOZRUOGVWXGLHVVXJJHVWLQJWKDWSHRSOHXVHERWKSHUVRQDOVWRU\DQGIDFWXDOLQIRUPDWLRQZKHQPDNLQJKHDOWKFDUHGHFLVLRQVDQGWKDWWKHUHLVDQLQWHUSOD\EHWZHHQWKHSURFHVVLQJRISHUVRQDOVWRU\DQGIDFWXDOLQIRUPDWLRQZLWKVXEVHTXHQWDWWHQWLRQWRLQIRUPDWLRQHYDOXDWLRQVDQGGHFLVLRQV
,WZDVXQFOHDUKRZWKLVLQWHUSOD\FRXOGEHPD[LPLVHGWRHQVXUHSDWLHQWV¶KHDOWKFDUHGHFLVLRQPDNLQJZDVVXSSRUWHGUDWKHUWKDQELDVHG7KHUHZDVOLWWOHHYLGHQFHWKDWSHUVRQDOVWRULHVZHUH
DVVRFLDWHGZLWKHQKDQFLQJKHDOWKOLWHUDF\RYHUDQGDERYHWKHRWKHUFRPSRQHQWSDUWVRID
GHFLVLRQDLGLQWHUYHQWLRQ
6(&7,21'(),1,7,21 &21&(378$/23(5$7,21$/ 2)7+,648$/,7<',0(16,21
D
2ULJLQDO'HILQLWLRQ
7KHHGLWLRQRIWKLVFKDSWHUGHVFULEHGSHUVRQDOVWRULHVDV³H[DPSOHVRIRWKHUV¶
H[SHULHQFHVZLWKGHFLVLRQPDNLQJ´,PSOLFLWLQWKHGHILQLWLRQZDVWKHDVVXPSWLRQWKDWSHUVRQDOVWRULHVZHUHV\QRQ\PRXVZLWKSDWLHQWQDUUDWLYHVRUWHVWLPRQLDOV0RVWGHFLVLRQDLGVWKDWLQFOXGHGDSHUVRQDOVWRU\SURYLGHGDWOHDVWRQHH[DPSOHRIDSDWLHQWQDUUDWLYH
RUWHVWLPRQLDODERXWKLVKHUGHFLVLRQPDNLQJDQGFRQVHTXHQFHVRIWKHFKRLFHPDGH
H[SHULPHQWDOVWXGLHVWHVWHGWKHLPSDFWRIUHFHLYLQJLQIRUPDWLRQDVDSDWLHQWWHVWLPRQLDOFRPSDUHGZLWKVWDQGDUG VWDWLVWLFDO LQIRUPDWLRQRQK\SRWKHWLFDOWUHDWPHQWFKRLFHV HJ8EHOHWDO 
8SGDWHG'HILQLWLRQďͿ
7KLVHGLWLRQRIWKHFKDSWHUGHILQHVSHUVRQDOVWRULHVPRUHEURDGO\DV³QDUUDWLYHVWKDWSURYLGHLOOXVWUDWLYHH[DPSOHVRIRWKHUV¶H[SHULHQFHVUHOHYDQWWRWKHGHFLVLRQ´7KLVGHVFULSWLRQUHFRJQLVHVWKHUDQJHRIµRWKHUV¶ZKRKDYHQDUUDWLYHVRIUHOHYDQFHWRDSDWLHQW¶VGHFLVLRQ
HJFDUHUVIDPLO\DQGSURIHVVLRQDOV 1DUUDWLYHVSURYLGHDFRKHUHQWFDXVDODFFRXQWRIDQ
H[SHULHQFHWKDWKDVRFFXUUHGRUWKDWLVH[SHFWHGWRRFFXU1DUUDWLYHVSURYLGHDVWUXFWXUHRUSORWWRVKDSHDSHUVRQ¶VLQWHUSUHWDWLRQRIDQHYHQWRUH[SHULHQFH 0XUUD\ 7KHVWRU\SURYLGHVWKHPHDQLQJWLPHOLQHDQGFRQWH[WRIDQHYHQWIURPWKHQDUUDWRU¶VSHUVSHFWLYH8VLQJ3HUVRQDO6WRULHV
FDXVDOO\OLQNLQJWKHLUNQRZOHGJHEHOLHIVH[SHULHQFHVDFWLRQVDQGHPRWLRQVZLWKVRFLDODQGHWKLFDOPRUHVRIUHOHYDQFHWRWKDWSHUVRQ *UHHQKDOJKDQG+XUZLW]+\GHQ
%XU\ :LWKLQSDWLHQWGHFLVLRQDLGVSHUVRQDOVWRULHVSURYLGHRQHSHUVRQ¶VLQWHUSUHWDWLRQRIDQDVSHFWRIWKHGHFLVLRQH[SHULHQFHIRUFRQVLGHUDWLRQE\WKHGHFLVLRQPDNHU7KHVHVWRULHVFDQEH
SUHVHQWHGDVWH[WLQOHDIOHWV ZLWKDQGZLWKRXWSKRWRVDQGRULPDJHV DXGLRDQGYLGHRFOLSVYLD'9'VDQGRULQWHUQHWSURYLGHUV DQGIDFHWRIDFHHQFRXQWHUV LQGLYLGXDOO\RULQJURXSV 
3HUVRQDOVWRULHVFDQEHGHOLYHUHGE\WKHSHUVRQZKRVHVWRU\LWLVRUE\DQDFWRU3HUVRQDOVWRULHVPD\LQFOXGHQDUUDWLYHVIURPWKHVW±SHUVRQ HJWKHSDWLHQWV¶RUFDUHUV¶DFFRXQWVRIWKHLURZQH[SHULHQFH DQGWKHUG±SHUVRQ HJWKHSURIHVVLRQDOV¶RUFDUHUV¶DFFRXQWRIWKH
RWKHU¶VH[SHULHQFH SHUVSHFWLYHVDQGUHSUHVHQWDWLRQVRIGLVFXVVLRQVEHWZHHQWKHSDWLHQWDQG
DQRWKHUSHUVRQ HJSDWLHQWSOXVSURIHVVLRQDOVDQGRUFDUHU 7KHIROORZLQJGHVFULEHVWKH
UDQJHRIUHVRXUFHVZHFRQVLGHUHG
7HVWLPRQLDOVRISDWLHQWV RUDFWRUV WDONLQJDERXWWKHLUH[SHULHQFHVUHOHYDQWWRWKH
•GHFLVLRQ
6FULSWHGQDUUDWLYHVRISDWLHQWV RUDFWRUV WDONLQJDERXWWKHLUH[SHULHQFHVUHOHYDQWWR
•WKHGHFLVLRQ1DUUDWLYHVE\KHDOWKSURIHVVLRQDOV RUDFWRUV GHVFULELQJWKHLUSDWLHQWV¶GHFLVLRQ•PDNLQJH[SHULHQFHV'RFXPHQWDULHV UHDORUHQDFWHG LOOXVWUDWLQJWKHLQWHUDFWLRQEHWZHHQSDWLHQWVZLWK•SURIHVVLRQDOVDQGRWKHUV HJIDPLO\FDUHUV ZKHQPDNLQJGHFLVLRQVDERXWKHDOWKFDUHRSWLRQV&RQYHUVDWLRQV UHDORUHQDFWHG LOOXVWUDWLQJWKHLQWHUDFWLRQEHWZHHQSDWLHQWVZLWKRWKHU•SDUWLHV HJKHDOWKSURIHVVLRQDOVIDPLO\RUFDUHUV ZKHQPDNLQJGHFLVLRQVDERXWKHDOWKFDUHRSWLRQVF(PHUJLQJ,VVXHV5HVHDUFK$UHDVLQ'HILQLWLRQ7KHHPHUJLQJLVVXHLVWKHXVHIXOQHVVRIWKLVGHILQLWLRQLQDOORZLQJRWKHUVWRFODVVLI\SHUVRQDOVWRULHVDVDGLVFUHWHFRPSRQHQWRISDWLHQWGHFLVLRQDLGVRYHUDQGDERYHWKHRWKHUFRPSRQHQWVRISDWLHQWGHFLVLRQDLGV HJLQIRUPDWLRQDERXWWKHGHFLVLRQRSWLRQVDWWULEXWHVDQGFRQVHTXHQFHVLQIRUPDWLRQFRQWHQWDQGDFFHVVLELOLW\YDOXHDQGULVNFODULILFDWLRQPRGHRI
GHOLYHU\ 
6(&7,21
7+(25(7,&$/5$7,21$/()25,1&/8',1*7+,648$/,7<',0(16,21
D
2ULJLQDO7KHRUHWLFDO5DWLRQDOH,QWKHUDWLRQDOHSURYLGHGIRULQFOXGLQJSDWLHQWVWRULHVZLWKLQGHFLVLRQDLGVZDVLQIRUPHGE\ILQGLQJVWKDWSDWLHQWVOLNHUHFHLYLQJLQIRUPDWLRQDVDVWRU\ILQGVWRULHVPRUHPHPRUDEOH
WKDQLQIRUPDWLRQDERXWIDFWVDQGILJXUHVDQGILQGRWKHUV¶H[SHULHQFHRIWUHDWPHQWGHFLVLRQPDNLQJDQGLOOQHVVXVHIXO3DWLHQWVWRULHVZHUHLGHQWLILHGDVKDYLQJIRXUIXQFWLRQV ZKLFKZLOO
EHUHYLVLWHGKHUHLQDODWHUVHFWLRQ 
7RSURYLGHIDFWXDOLQIRUPDWLRQWRKHOSSDWLHQWVXQGHUVWDQGWKHRSWLRQVDQGWKHLU•RXWFRPHV

8VLQJ3HUVRQDO6WRULHV
7RGHPRQVWUDWHKRZSDWLHQWVYDOXHGHFLVLRQVGLIIHUHQWO\•
7RVKDUHDUDQJHRIRSLQLRQV
•7RH[HPSOLI\WKHVWHSVRWKHUVKDYHXVHGWRPDNHDGHFLVLRQ•1RWKHRUHWLFDOIUDPHZRUNZDVH[SORUHGH[SOLFLWO\ZLWKLQWKHSUHYLRXVYHUVLRQRIWKHFKDSWHU
WRH[SODLQZK\SHUVRQDOVWRULHVVKRXOGEHLQFOXGHGZLWKLQSDWLHQWGHFLVLRQDLGV1DUUDWLYHV
ZHUHSHUFHLYHGDVSURYLGLQJHVVHQWLDOHPRWLRQDODQGVRFLDOLQIRUPDWLRQQRWXVXDOO\IRXQGZLWKLQURXWLQHUHVRXUFHVWKDWSURYLGHPHDQLQJDQGSHUVSHFWLYHWRDSDWLHQW¶VSUHGLFDPHQW
*UHHQKDOJK )RUKHDOWKSURIHVVLRQDOVDQGSDWLHQWVSHUVRQDOVWRULHVLOOQHVVVFULSWVDQGQDUUDWLYHVZHUHGHHPHGWREHDYDOXHGUHVRXUFHWRHQDEOHXQGHUVWDQGLQJRIDSDWLHQW¶VH[SHULHQFHRIDQLOOQHVVDQGWKHLPSDFWRIDQLOOQHVVRQWKHSDWLHQW¶VOLIHDQGZHOOEHLQJDQGWRSURYLGHLQVLJKWVLQWRFRSLQJDGMXVWLQJDQGOLYLQJZLWKLWVFRQVHTXHQFHV +\GHQ%XU\ ,WZDVVXJJHVWHGWKDWSHUVRQDOVWRULHVZHUHEHQHILFLDOWRSDWLHQWV¶KHDOWKFDUHGHFLVLRQPDNLQJEHFDXVHD LQIRUPDWLRQZLWKLQQDUUDWLYHVLVHDVLHUWRSURFHVVDQGE QDUUDWLYHV
SURYLGHDQRWKHUSHUVRQ¶VUHDVRQLQJDQGVRHQDEOHSDWLHQWVWROHDUQKRZWRPDNHGHFLVLRQV
LHHQKDQFLQJWKHLU³GHFLVLRQOLWHUDF\´7KHDXWKRUVQRWHGVRPHFRQFHUQVDERXWSHUVRQDOVWRULHVDQGSRVVLEOHOLPLWDWLRQVLQHQKDQFLQJLQIRUPHGSDWLHQWGHFLVLRQVVSHFLILFDOO\
2QHVWRU\FDQQRWUHSUHVHQWDOOWKHSRVVLEOHFRQVHTXHQFHVDQGPD\RYHUULGH•FRQVLGHUDWLRQRIPRUHUHSUHVHQWDWLYHIDFWVDQGILJXUHV:KLFKVWRULHVDUHFKRVHQFRXOGDOWHUWKHµEDODQFHRILQIRUPDWLRQ¶SUHVHQWHGZLWKLQWKH
•GHFLVLRQDLGDQGELDVSDWLHQWV¶LQWHUSUHWDWLRQRIWKHRWKHULQIRUPDWLRQLQWKHGHFLVLRQDLG
6WRULHVLQZKLFKWKHSDWLHQWLGHQWLILHVWKHFKRLFHWKH\PDGHPD\GHPRQVWUDWHDELDVHG•WKLQNLQJSURFHVVGXHWRSRVWFKRLFHMXVWLILFDWLRQVDQGFRJQLWLYHGLVVRQDQFH
7KRVHZKRKDYHQRWVXUYLYHGFDQQRWWHOOWKHLUVWRU\DQGWKHVXUYLYRUVPD\•
PLVUHSUHVHQWDVSHFWVRIWKHH[SHULHQFH
6RPHVWRULHVPD\KDYHEHHQVHOHFWHGE\QRQLPSDUWLDOLQYHVWLJDWRUVIRUH[DPSOH•SURYLGHUVRUSDWLHQWVZDQWLQJWRHQGRUVHRQHRSWLRQRYHUDQGDERYHDQRWKHU HJDQ
XQOLFHQVHGWUHDWPHQW 
7KHUHLVRIWHQLQHTXLW\EHWZHHQWKHULJRUXQGHUWDNHQWRFKRRVHDQGGHYHORSGHFLVLRQ•LQIRUPDWLRQZLWKWKDWWRVHOHFWWKHVHFWLRQRIWKHSDWLHQWQDUUDWLYHIRULQFOXVLRQLQWKHGHFLVLRQDLG8SGDWHG7KHRUHWLFDO5DWLRQDOHE&XUUHQWO\WKHUHLVQRVLQJOHWKHRUHWLFDODSSURDFKH[SODLQLQJKRZDQGRUZK\SHUVRQDOVWRULHVLQIOXHQFHWKHZD\LQGLYLGXDOVSURFHVVLQWHUSUHWDQGUHSUHVHQWLQIRUPDWLRQLQDZD\WKDWVXSSRUWVSHRSOH¶VLQIRUPHGGHFLVLRQPDNLQJ+LQ\DUGDQG.UHXWHU  VXPPDULVH
VHYHUDOWKHRULHVWRXQGHUVWDQGLQJWKHPHFKDQLVPVZLWKLQQDUUDWLYHVWKDWPRWLYDWHDQGVXSSRUWKHDOWKEHKDYLRXUFKDQJHWKDWDUHRIUHOHYDQFHWRWKLVFKDSWHU VHHVHFWLRQEHORZ )LQGLQJVUHLQIRUFHWKHLVVXHVUDLVHGDERYHDQGVXJJHVWD RWKHUV¶VWRULHVRIWKHLULOOQHVVH[SHULHQFHDUH
LPSRUWDQWWRSDWLHQWV¶KHDOWKFDUHFKRLFHV 0RUWRQHWDO(QWZLVWOHHWDO DQG
E LQIRUPDWLRQSUHVHQWHGZLWKLQSHUVRQDOVWRULHVDIIHFWVLQGLYLGXDOV¶MXGJPHQWVDQGFKRLFHVGLIIHUHQWLDOO\IURPSUHVHQWLQJIDFWXDOLQIRUPDWLRQ :LQWHUERWWRPHWDO :LWKRXWDFOHDUHUWKHRUHWLFDOIUDPHZRUNWRJXLGHWKHUHVHDUFKLWLVXQFOHDUZKHWKHURUQRWWKLVLQIOXHQWLDOZD\RISUHVHQWLQJLQIRUPDWLRQHQKDQFHVWKHHIIHFWLYHQHVVRISDWLHQWGHFLVLRQDLGV
7KHDEVHQFHRIDWKHRUHWLFDOIUDPHZRUNIRUSHUVRQDOVWRULHVUHVHDUFKLVLQSDUWDWWULEXWDEOH
WRVWRULHVRUQDUUDWLYHVEHLQJXVHGDVDPHWKRGE\ZKLFKWRLQYHVWLJDWHPHDQLQJ *UHHQKDOJK SURYLGLQJH[SODQDWLRQVRILGHQWLW\DQGVRFLHW\VSHFLILFDOO\LQWKHFRQWH[WRIKHDOWKDQG8VLQJ3HUVRQDO6WRULHVLOOQHVV 0XUUD\ 3DUWO\LWPD\KDYHDULVHQEHFDXVHSDWLHQWQDUUDWLYHVDUHDQHVWDEOLVKHGUHVRXUFHLQWKHHGXFDWLRQRISURIHVVLRQDOVDQGSDWLHQWVDQGWKHWKHUDSHXWLFHQFRXQWHU*UHHQKDOJK +RZHYHULWLVIHDVLEOHWKDWSURYLGLQJDSHUVRQDOVWRU\DERXWVRPHRQH
HOVH¶VWUHDWPHQWH[SHULHQFHHQFRXUDJHVSDWLHQWVWRHYDOXDWHDQRWKHU¶VGHFLVLRQPDNLQJUDWKHUWKDQUHDVRQDERXWWKHIDFWVLQDFFRUGDQFHZLWKWKHLURZQYDOXHV²WKDWLVPD\GLVFRXUDJH
SDWLHQWVIURPPDNLQJLQIRUPHGGHFLVLRQV *DYDUX]]LHWDO (PHUJLQJ,VVXHV5HVHDUFK$UHDVLQ5DWLRQDOHF7ZRSUHVVLQJWKHRUHWLFDOLVVXHVIRUWKHXVHRISHUVRQDOVWRULHVZLWKLQSDWLHQWGHFLVLRQDLGVDUHWR
8QGHUVWDQGWKHGLPHQVLRQVWKDWFRQVWLWXWHSHUVRQDOVWRULHV:HQHHGWRUHFRJQLVH•WKDWSHUVRQDOVWRULHVDUHWKHPVHOYHVFRPSOH[LQWHUYHQWLRQVSURYLGLQJWKHGHFLVLRQPDNHUZLWKGLIIHUHQWW\SHVRILQIRUPDWLRQIURPWKDWSUHVHQWHGLQIDFWXDOLQIRUPDWLRQ7KHVWUXFWXUH
FRQWHQWDQGIXQFWLRQRISHUVRQDOVWRULHVYDU\EXWIHZDXWKRUVGHVFULEHWKHVHGLPHQVLRQVZLWKLQWKHLUGLVVHPLQDWLRQ:HQHHGWREHDEOHWRLGHQWLI\WKHDFWLYHLQJUHGLHQWVZLWKLQSHUVRQDOVWRULHVDQGDVVHVVWKHLUUROHLQIDFLOLWDWLQJRUELDVLQJSDWLHQWV¶GHFLVLRQPDNLQJ
6KDIIHUDQG=LNPXQG)LVKHU  KDYHEHJXQWRXQSDFNWKHVHGLPHQVLRQVZLWKDWD[RQRP\WRHQFRXUDJHGHFLVLRQDLGGHYHORSHUVWRWKLQNRIWKHSXUSRVHRIWKHLULQWHUYHQWLRQ HJ
LQIRUPHQJDJHPRGHOEHKDYLRXUSHUVXDGHFRPIRUW DQGWKHQDUUDWLYH¶VFRQWHQW HJ
SURFHVVRIGHFLVLRQPDNLQJGHFLVLRQH[SHULHQFHGHFLVLRQRXWFRPH ,GHQWLI\WKHPHFKDQLVPVE\ZKLFKSHUVRQDOVWRULHVLQIOXHQFHLQGLYLGXDOV¶MXGJPHQWV•
DQGFKRLFHV'HFLVLRQVFLHQWLVWVVXJJHVWZHKDYHWZREURDGV\VWHPVIRUSURFHVVLQJ
LQIRUPDWLRQZKHQPDNLQJGHFLVLRQVDQH[SHULHQWLDODXWRPDWLFSURFHVV V\VWHP WKDWLVTXLFNHIIRUWOHVVDQGGRHVQRWUHTXLUHGHOLEHUDWLRQEHIRUHDFWLRQ HJUHO\LQJRQDQKHXULVWLF
RUUXOHRIWKXPEVXFKDVWUXVWLQDQRWKHU¶VMXGJPHQWV DQGDQDQDO\WLFGHOLEHUDWLYHSURFHVV
V\VWHP WKDWLVHIIRUWIXOFRJQLWLYHO\GHPDQGLQJDQGUHTXLUHVDFWLYHUHDVRQLQJEHIRUHDFWLRQ HJZHLJKLQJXSWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRIDOORSWLRQV  VHH.DKQHPDQ )UHGHULFN6WDQRYLFK(SVWHLQHWDO6ORYLFHWDO 3DUWLFXODUDVSHFWVRIWKHW\SHVWUXFWXUHDQGFRQWHQWRISHUVRQDOVWRULHVKDYHEHHQLGHQWLILHGDVHQFRXUDJLQJDXWRPDWLFSURFHVVLQJRIWKHGHFLVLRQLQIRUPDWLRQ²IRUH[DPSOHWKHFUHGLELOLW\RIWKH
QDUUDWRU &KDLNHQDQG0DKHVZDUDQ WKHDIIHFWLYHDQGRUYDOXHWHUPVXVHGZLWKLQWKHVWRU\ +DEHUPDVVHWDO,WRHWDO/RHZHQVWHLQ'LOODUG WKHVRFLDOUHIHUHQFHVDQDUUDWRUSURYLGHVLPSOLFLWO\ZKHQWHOOLQJDVWRU\ 6KHULIDQG+RYODQG
)HVWLQJHU%DQGXUD DQGWKHWHPSRUDODQGFDXVDOIUDPHZRUNSURYLGHGLPSOLFLWO\E\KDYLQJWROLQNWRJHWKHUHYHQWVLQRUGHUWRWHOODVWRU\ 0F&OHOODQG0DQGOHU -RKQVRQ6FKDQNDQG%HUPDQ (TXDOO\SDUWLFXODUDVSHFWVKDYHEHHQLGHQWLILHG
DVHQFRXUDJLQJGHOLEHUDWLYHSURFHVVLQJ²IRUH[DPSOHLQFUHDVLQJPRWLYDWLRQWRDWWHQGWRWKH
LQIRUPDWLRQ 3HWW\DQG&DFLRSSR PDNLQJWKHLQIRUPDWLRQPRUHVDOLHQWDQGPHPRUDEOH
3ULFHDQG&]LOOL6DQIUH\DQG+DVWLH6DWWHUILHOG DQGPRGHOOLQJWKHSURFHVVRIGHFLVLRQPDNLQJWKURXJKGHSLFWLRQRILQWHUDFWLRQVZLWKRWKHUV -LEDMD:HLVVDQG9RON 
3HUVRQDOVWRULHVKDYHWKHSRWHQWLDOWRHLWKHUKLQGHURUIDFLOLWDWHSDWLHQWV¶LQIRUPHGGHFLVLRQPDNLQJ VHH7DEOH :KDWLVXQFOHDULVKRZWRLQFRUSRUDWHSHUVRQDOVWRULHVDQGRUWKH
LQIRUPDWLRQFRQWDLQHGZLWKLQQDUUDWLYHVLQDZD\WKDWHQKDQFHVWKHHIIHFWLYHQHVVRIGHFLVLRQDLGWRIDFLOLWDWHSDWLHQWV¶GHFLVLRQPDNLQJ






8VLQJ3HUVRQDO6WRULHV
7DEOH([SODQDWLRQV)RU7KH%LDVLQJRU)DFLOLWDWLQJ5ROHRI,QIRUPDWLRQ:LWKLQ3HUVRQDO6WRULHV
8VH2I3HUVRQDO6WRULHV7KDW0D\
8VH2I3HUVRQDO6WRULHV7KDW0D\+LQGHU,QIRUPHG'HFLVLRQ0DNLQJ)DFLOLWDWH,QIRUPHG'HFLVLRQ0DNLQJ
6HOHFWHGIDFWVXVHGE\WKHRWKHUSHUVRQWR,QFUHDVHGHFLVLRQOLWHUDF\E\H[SODLQLQJMXVWLI\WKHLUFKRLFHSRVWKRF
KRZRWKHUVPDNHVHQVHRIWKHIDFWVWRUHDFKDGHFLVLRQ3URFHVVLQJDQRWKHUSHUVRQ¶VUDWLRQDOH
,QFUHDVHSDWLHQWV¶DZDUHQHVVRIKRZRWKHUV¶YDOXHVH[SHULHQFHVDQGFKRLFHWRPDNHDVWRULHVPD\EHGLIIHUHQWIURPWKHLURZQFKRLFHH[SHULHQFH LHGHELDVLPSDFWRIRWKHUV¶VWRULHV 
3ULRULWLVHVLQIRUPDWLRQDOUHDG\OLQNHGZLWKLQ 3URYLGHLQIRUPDWLRQWRKHOSSHRSOHKDYH
WKHSHUVRQDOVWRU\PDNLQJLWPRUHHDVLO\UHDOLVWLFH[SHFWDWLRQVDERXWVRPHRIWKH
SURFHVVHGDQGUHPHPEHUHGWKDQRWKHUGHFLVLRQFRQVHTXHQFHV HJ,KDG[LQIRUPDWLRQSUREOHPGHDOWZLWKLQWKLVZD\ 
3DWLHQWVPDNHFKRLFHEDVHGRQWKHLUUHDFWLRQ 3URYLGHVµDSSURSULDWH¶VRFLDOUHIHUHQFH
WRWKHSHUVRQGHOLYHULQJWKHVWRU\QRWWKH
LQIRUPDWLRQ HJRWKHUSDWLHQWVLQWKLVLQIRUPDWLRQFRQWHQW HJWKDWSHUVRQLVLV
FOLQLFZLWKWKLVFRQGLWLRQ 
QRWOLNHPH 
5DWLRQDOHSURYLGHGLQRWKHU¶VVWRU\LVEDVHG 3URYLGHVDQLOOXVWUDWLRQWKDWD WUDGH
RQWKHLUUHDVRQVIRUFKRRVLQJRSWLRQ[RIIVQHHGWREHPDGHRQWKHSDWLHQW¶VDQGUHMHFWLQJRSWLRQV\DQG]UDWKHUWKDQHYDOXDWLRQVDQGE KRZWRPDNHDWUDGHRIIHYDOXDWLQJSURVDQGFRQVRIDOORSWLRQVLH
HJWUHDWPHQW[LVULVNLHUEXWTXLFNHUZLWKHDUO\FORVLQJGRZQRIRSWLRQVSHUPDQHQWLPSDFWRSWLRQ\LVVKRUWHUOHVVULVN\ZLWKXQFOHDULPSDFW ,QWURGXFHVPRUHYDOXHODGHQDQGHPRWLRQDO 3URYLGHVDZD\RIDFNQRZOHGJLQJWHUPVEHFDXVHXVLQJµQDWXUDO¶ODQJXDJHHPRWLRQDODVSHFWVRIGHFLVLRQPDNLQJ HJ
LWZDVUHDOO\KDUGWRFRPPXQLFDWHP\
GHFLVLRQZLWKP\IDPLO\ 
6(&7,21
(9,'(1&(%$6(81'(5/<,1*7+,648$/,7<',0(16,21

D
2ULJLQDO(YLGHQFH%DVH
,QWKHUHZDVOLPLWHGDQGFRQIOLFWLQJHYLGHQFHUHJDUGLQJWKHXVHIXOQHVVRISHUVRQDOVWRULHVZLWKLQSDWLHQWGHFLVLRQDLGLQWHUYHQWLRQV$OWKRXJKSDWLHQWGHFLVLRQDLGVLQFOXGHGSDWLHQWQDUUDWLYHVSDWLHQWVWRULHVZHUHLQWHJUDWHGZLWKLQWKHGHFLVLRQDLGDQGWKHLU
LQGHSHQGHQWFRQWULEXWLRQWRHQDEOLQJLQIRUPHGGHFLVLRQPDNLQJFRXOGQRWEHDVVHVVHG
2¶&RQQRU&RFKUDQH&ROODERUDWLRQUHYLHZ 6XEVHTXHQWO\LQDUHYLHZLGHQWLILHG
VWXGLHVZKLFKH[DPLQHGWKHLQIOXHQFHRIQDUUDWLYHVRQSHRSOH¶VMXGJPHQWVDQGFKRLFHVFRPSDUHGZLWKWKHSUHVHQWDWLRQRIIDFWXDOLQIRUPDWLRQFDUULHGRXWLQUHDOZRUOGVHWWLQJV
:LQWHUERWWRP $WKLUGRIWKHVWXGLHVIRXQGWKDWQDUUDWLYHVDIIHFWHGWKHFKRLFHVDQG
MXGJPHQWVRISDUWLFLSDQWVZLWKVWSHUVRQQDUUDWLYHVEHLQJPRUHWKDQWZLFHDVOLNHO\WRLQIOXHQFHSHRSOH¶VFKRLFHVWKDQUGSHUVRQQDUUDWLYHV






8VLQJ3HUVRQDO6WRULHV
E
8SGDWHG(YLGHQFH%DVH
8SGDWLQJ3URFHVV)RUWKLVYHUVLRQRIWKHFKDSWHUZHFDUULHGRXWDVFRSLQJUHYLHZWRLGHQWLI\VWXGLHVHYDOXDWLQJDSHUVRQDOVWRU\FRPSRQHQWRIDGHFLVLRQDLGRQSHRSOH¶VKHDOWKFDUHGHFLVLRQPDNLQJ7KHVHDUFKVWUDWHJ\LQFOXGHGGHFLVLRQPDNLQJWHUPV GHFLVLRQPDNLQJGHFLVLRQVXSSRUWGHFLVLRQDLGGHFLVLRQWKHRU\FKRLFHSUHIHUHQFH SHUVRQDOVWRU\WHUPV QDUUDWLYHVSDWLHQWVWRULHVDQHFGRWDOHYLGHQFHWHVWLPRQLDOVH[HPSODUV 
7ZRHOHFWURQLFGDWDEDVHVZHUHVHDUFKHG0HGOLQH WR-DQXDU\ DQG3V\F,1)2WR-DQXDU\ DUWLFOHVZHUHLGHQWLILHGLQWKHVHDUFK$GGLWLRQDOO\WKHUHIHUHQFH
OLVWVRIUHOHYDQWUHYLHZVZHUHVHDUFKHG HJ6WDFH\DWDO)HOGPDQ6WHZDUWHWDO
:LQWHUERWWRPHWDO+LQ\DUGDQG.UHXWHU&OHPHQWHWDO%HNNHU 
DQGNH\DXWKRUVLQWKHILHOGZHUHFRQWDFWHGDQGRUDQDXWKRUVHDUFKFDUULHGRXWXVLQJ*RRJOH
6FKRODU

7KHLQFOXVLRQFULWHULDZHUHGHYHORSHGWRLGHQWLI\WKRVHDUWLFOHVWKDWHYDOXDWHGDSHUVRQDOVWRU\
HOHPHQWRYHUDQGDERYHDGHFLVLRQDLGRQSHRSOH¶VKHDOWKFDUHGHFLVLRQVDUWLFOHVHYDOXDWLQJWKHUROHRISHUVRQDOVWRULHVFRPSDUHGZLWKVWDQGDUGLQIRUPDWLRQSURYLVLRQZHUHH[FOXGHGIURPWKHUHYLHZ VHH7DEOH 

7DEOH,QFOXVLRQ$QG([FOXVLRQ&ULWHULD)RU7KH6FRSLQJ5HYLHZ,QFOXVLRQ&ULWHULD([FOXVLRQ&ULWHULD
6WXGLHVHYDOXDWLQJDSHUVRQDOVWRU\6WXGLHVDVVHVVLQJPHVVDJH••FRPSRQHQWRIDGHFLVLRQDLGRQSHRSOH¶VIUDPLQJRQO\
KHDOWKFDUHGHFLVLRQPDNLQJ6WXGLHVDVVHVVLQJYLGHRRUYHUEDO•,QGLYLGXDOVPDNLQJUHDORUK\SRWKHWLFDOQDUUDWLYH IRUPDWVRILQIRUPDWLRQ•
GHFLVLRQV
GHOLYHU\RQO\
3HUVRQDOVWRULHVLQWKHILUVWRUWKLUG
3UR[\GHFLVLRQPDNLQJLH••SHUVRQ
GHFLVLRQPDNLQJE\DQLQGLYLGXDOIRUDQRWKHU([SHULPHQWDODQGRU5&7GHVLJQV•
EHIRUHDQGDIWHUVWXGLHVDQGRUFRKRUWVWXGLHV
1RQH[SHULPHQWDORUVLQJOHFDVH•GHVLJQV$QDGXOWSRSXODWLRQ•'LVFXVVLRQDQGRUUHYLHZSDSHUV3XEOLVKHGLQ(QJOLVK••
1RWHZRUWK\([FOXVLRQV:LVHHWDO  ZDVH[FOXGHGEHFDXVHWKHLUSULPDU\RXWFRPHZDVZRPHQ¶V
•SUHIHUHQFHVIRUSDUWLFLSDWLRQDQGWKHVWXG\GHVLJQZDVQRQH[SHULPHQWDO7KHVWXG\
H[SORUHGWKHLPSDFWRIGLIIHUHQWW\SHVRILQIRUPDWLRQQDUUDWLYHDQGRUIDFWXDO GLGDFWLF ZLWKLQDZHEEDVHGUHVRXUFHDERXWEUHDVWFDQFHU &+(66 RQZRPHQ¶VSUHIHUHQFHVIRU
KHDOWKFDUHSDUWLFLSDWLRQ)LQGLQJVLQGLFDWHGERWKVRXUFHVRILQIRUPDWLRQZHUHDVVRFLDWHGZLWKSHUFHLYHGKHDOWKFDUHSDUWLFLSDWLRQUHJDUGOHVVRIHGXFDWLRQOHYHO+RZHYHUWKHVWUHQJWKRIWKH
DVVRFLDWLRQZDVKLJKHUIRU$IULFDQ$PHULFDQZRPHQ7KHDXWKRUVK\SRWKHVLVHGWKDWQDUUDWLYH
LQIRUPDWLRQHQDEOHGZRPHQWRSURFHVVVWRUHDQGUHWULHYHWKHIDFWXDO GLGDFWLF LQIRUPDWLRQ
PRUHHIIHFWLYHO\8VLQJ3HUVRQDO6WRULHV
6WXGLHVLQYHVWLJDWLQJWKHGLIIHUHQWZD\VRISUHVHQWLQJIDFWXDOLQIRUPDWLRQRQSHUVRQDO•SHUFHSWLRQVRIULVNDQGLQWHQGHGFKRLFHVEHKDYLRXUVZHUHH[FOXGHGIURPWKLVFKDSWHU
VHH&KDSWHU&3UHVHQWLQJ3UREDELOLWLHV 6WXGLHVRIULVNSUHVHQWDWLRQDQGSHUFHSWLRQDUH
WKHRUHWLFDOO\LPSRUWDQWWRWKLVFKDSWHUDVWKH\SURYLGHH[SODQDWLRQVIRUZK\SUHVHQWLQJ
LQIRUPDWLRQDVQDUUDWLYHVPD\EHGLVSURSRUWLRQDOO\PRUHSHUVXDVLYHWKDQWKHILJXUHVVWDWLVWLFDOLQIRUPDWLRQ DQGLQZKLFKFRQWH[WV IRUH[DPSOHGH:LWHWDO%HWVFKHW
DO )LQGLQJVLQGLFDWHD SHRSOHPDNHFKRLFHVEDVHGRQLQWHJUDWLQJERWKVWDWLVWLFDODQGQDUUDWLYHLQIRUPDWLRQE QDUUDWLYHLQIRUPDWLRQLQIOXHQFHVSHRSOH¶VFKRLFHVGLUHFWO\DQG
LQGLUHFWO\YLDFRJQLWLRQVVXFKDVSHUFHSWLRQVRISHUVRQDOULVNDQGF WKHSHUVXDVLYHHIIHFWRIQDUUDWLYHRUVWDWLVWLFDOLQIRUPDWLRQYDULHVZLWKUHIHUHQFHWRWKHLQLWLDOSHUVSHFWLYHRIWKH
GHFLVLRQPDNHU %HWVFKHWDOGH:LWHWDO 6RPHRIWKHSRVVLEOHH[SODQDWLRQV
IRUWKHSHUVXDVLYHQHVVRIQDUUDWLYHLQIRUPDWLRQLQFOXGHPHPRU\ VXSSOHPHQWDU\QDUUDWLYHVZLWKLQKHDOWKLQIRUPDWLRQLQWHUUXSWSHRSOH¶V
SURFHVVLQJDQGUHFDOORIWKHIDFWXDOLQIRUPDWLRQ %HWVFKHWDO HYDOXDWLRQ QDUUDWLYHLQIRUPDWLRQLVOHVVWKUHDWHQLQJWKDQVWDWLVWLFDOLQIRUPDWLRQDQG
VRFLUFXPYHQWVWKHLQLWLDWLRQRIGHIHQVLYHUHVSRQVHVDVVRFLDWHGZLWKQHJDWLYHDIIHFW GH:LWHW
DO RULVLQWHJUDWHGE\DXWRPDWLFSURFHVVHVDQGVRLVPRUHGLIILFXOWWRGLVFRXQWDQDO\WLFDOO\RULVJLYHQPRUHZHLJKWEHFDXVHRIWKHQDUUDWLYH¶VFKDUDFWHULVWLFV HJHPRWLRQ 
GH:LWHWDO%HWVFKHWDO DQG
GXDOSURFHVVFRQWUROOHU LIQDUUDWLYHDQGVWDWLVWLFDOLQIRUPDWLRQLVSURFHVVHG
GLIIHUHQWO\WKHQWKHUHLVOLNHO\WREHDQLQWHUSOD\EHWZHHQWKHMXGJPHQWVPDGHIURPHYDOXDWLQJVWDWLVWLFDORUQDUUDWLYHLQIRUPDWLRQILUVWDQGWKHSHUVRQ¶VPRWLYDWLRQWRDWWHQGWR
DQGDVVLPLODWHIXUWKHULQIRUPDWLRQ %HWVFKHWDO 
5HVXOWVRI6FRSLQJ5HYLHZ:HLGHQWLILHGSXEOLVKHGDUWLFOHVWKDWSURYLGHVRPHHYLGHQFHDERXWWKHFRQWULEXWLRQRIDSHUVRQDOVWRU\FRPSRQHQWZLWKLQDSDWLHQWGHFLVLRQDLGWRSHRSOH¶VKHDOWKFDUHFKRLFHV VHH7DEOHV  7KHUHLVVWLOODSDXFLW\RIUHVHDUFKH[SORULQJWKHDGGHGYDOXHRISHUVRQDOVWRULHVZLWKLQSDWLHQWGHFLVLRQDLGVDQGLWVLPSDFWRQLQIRUPHGGHFLVLRQPDNLQJ2IWKH
LGHQWLILHGDUWLFOHVHYDOXDWHGWKHLULQWHUYHQWLRQVZLWKSDWLHQWVPDNLQJDKHDOWKFDUHFKRLFH
9RONHWDO-LMDED:HLVVHWDO.UHXWHUHWDO WKHUHVWHOLFLWHGSUHIHUHQFHV
9RODQGHVHWDO(O-DZDKULHWDO DQGRUK\SRWKHWLFDOFKRLFHV)DJHUOLQHWDO'LOODUGHWDO:LQWHUERWWRPHWDO 

7KHKHDOWKFRQWH[WVZHUHVFUHHQLQJIRUSURVWDWH 9RONHWDO EUHDVW .UHXWHUHWDO DQGFRORUHFWDOFDQFHU 'LOODUGHWDO WUHDWPHQWGHFLVLRQVEHWZHHQDQJLRSODVW\E\SDVVVXUJHU\ )DJHUOLQHWDO PDVWHFWRP\EUHDVWFRQVHUYLQJVXUJHU\ -LMDED:HLVVHWDO DQGSHULWRQHDOGLDO\VLVKDHPRGLDO\VLV :LQWHUERWWRPHWDO DQGHQG
RIOLIHOHYHORIFDUHLQFDQFHU (O-DZDKULHWDO DQGGHPHQWLD 9RODQGHVHWDO
E ,QWHUYHQWLRQVZHUHGHOLYHUHGGLUHFWO\YLDDFFHVVWRZHEOLQNV )DJHUOLQHWDO'LOODUGHWDO:LQWHUERWWRPHWDO RUIDFHWRIDFHZLWKFRPSXWHUVXSSRUW
9RODQGHVHWDO(O-DZDKULHWDO9RONHWDO9RONHWDO 

7KHUHVHDUFKIDOOVLQWRWKUHHJURXSV
7KHILUVWVHWRIVWXGLHVGUHZRQWKHGHFLVLRQVFLHQFHVWRWHVWZKHWKHUFRPSRQHQWSDUWV•RIGHFLVLRQDLGVDQGSHUVRQDOVWRULHVELDVDQGIDFLOLWDWHSHRSOH¶VLQIRUPHGGHFLVLRQPDNLQJDERXWKHDOWKFDUHGHFLVLRQV)DJHUOLQHWDO  UHSRUWVWZRUHODWHGVWXGLHVLQYHVWLJDWLQJ8VLQJ3HUVRQDO6WRULHV
WKHVLQJOHDQGFRPELQHGLPSDFWRISDWLHQWDQHFGRWHVDQGVWDWLVWLFDOLQIRUPDWLRQZLWKLQLQIRUPDWLRQDERXWDQJLQDDQGWUHDWPHQWRSWLRQV:LQWHUERWWRPHWDO  UHSRUWWZRUHODWHG
VWXGLHVLQYHVWLJDWLQJWKHVLQJOHDQGFRPELQHGLPSDFWRIDSDWLHQWVWRU\DGHFLVLRQDWWULEXWH
WDEOHDQGEDODQFHGLQIRUPDWLRQDERXWFKURQLFNLGQH\GLVHDVHDQGGLDO\VLVRSWLRQV,QERWKVWXGLHVWKHSDWLHQWQDUUDWLYHVLQIOXHQFHGWKHFKRLFHVWKDWSDUWLFLSDQWVPDGHLQNHHSLQJZLWKWKHSDWLHQWV¶VWRULHV&OHDUO\SUHVHQWHGVWDWLVWLFDOLQIRUPDWLRQFRXQWHUHGWKHELDVLQWURGXFHGE\WKHSDWLHQWDQHFGRWHVLQWKHDQJLQDFRQWH[W+RZHYHUVWUXFWXULQJLQIRUPDWLRQZLWKLQD
GHFLVLRQDWWULEXWHWDEOHGLGQRWFRXQWHUWKHHIIHFWRIWKHSDWLHQWVWRU\
7KHVHFRQGVHWRIVWXGLHVGUHZRQWKHEHKDYLRXUDOVFLHQFHVDQGSHUVXDVLRQOLWHUDWXUHWR
•LQYHVWLJDWHWDUJHWLQJRUWDLORULQJLQIRUPDWLRQZLWKLQSHUVRQDOVWRULHVRQWKHEDUULHUVWRZDUGVKDYLQJVFUHHQLQJ +LQG\DUGDQG.UHXWHU .UHXWHUHWDO  GHYHORSHGWZRYLGHRVRQHXVLQJFOLSVIURPYLGHRVRIZRPHQ¶VYLHZVDQGH[SHULHQFHVWRZDUGVPDPPRJUDSK\VFUHHQLQJ ³OLYLQJSURRI´ WKHRWKHUDQDUUDWHGYHUVLRQRIWKHLQIRUPDWLRQFRQWDLQHGZLWKWKHWUDQVFULSWRIOLYLQJSURRI ³IDFWVIRUOLIH´ 'LOODUGHWDO  GHYHORSHGDZHEEDVHG
GHFLVLRQDLGWKDWSURYLGHGSDWLHQWPHVVDJHVWDLORUHGWRWKHDQVZHUVSDUWLFLSDQWVJDYHLQWKH
SUHLQWHUYHQWLRQTXHVWLRQQDLUHFRPSDUHGZLWKWKHGHFLVLRQDLGZLWKRXWWKHPHVVDJHV$FURVV
ERWKVWXGLHVLQWKHSHUVRQDOVWRULHVJURXSVWKHUHZHUHLQLWLDOLQFUHDVHVLQFDQFHUIHDUVDQG
GHFUHDVHVLQWKHSHUFHSWLRQRIEDUULHUVWRVFUHHQLQJDQGVRPHWUHQGVWRZDUGVLQFUHDVHVLQNQRZOHGJHRUUHFDOORIIDFWVDQGLQWHUHVWLQVFUHHQLQJ

7KHWKLUGVHWRIVWXGLHVGUHZRQHGXFDWLRQDODQGRUFRPPXQLFDWLRQWKHRU\WR•GHYHORSLQWHUYHQWLRQVWRLQFUHDVHHQJDJHPHQWZLWKSDWLHQWGHFLVLRQDLGVSDUWLFXODUO\LQJURXSVZLWKYDULDEOHHGXFDWLRQOHYHOV VRPHWLPHVNQRZQDVHGXWDLQPHQWLQWHUYHQWLRQV 
9DXJKDQDQG5RJHUV-LEDMD:HLVVDQG9RON $OORIWKHVHLQWHUYHQWLRQVKDGDFRPSDULVRQJURXSWKDWZHUHSURYLGHGZLWKHTXLYDOHQWLQIRUPDWLRQZLWKRXWSHUVRQDOVWRULHV+RZHYHUWKHLQWHUYHQWLRQZLWKWKHSHUVRQDOVWRU\XVXDOO\FRQWDLQHGRWKHUFRPSRQHQWSDUWV
HJLQIRUPDWLRQGHOLYHUHGE\DGLIIHUHQWPHGLXPSURYLVLRQRIDUHVRXUFHWRDLGPHPRU\D
FOHDUHUVWUXFWXUHRULQWHUDFWLYHRUWDLORULQJH[HUFLVHV WKDWPD\H[SODLQWKHILQGLQJV9RODQGHVE DQG(O-DZDKUL  KDGWZRJURXSVWKDWUHFHLYHGLQIRUPDWLRQDERXWWKHGLVHDVHDQGFDUHSODQRSWLRQVYHUEDOO\WKHLQWHUYHQWLRQJURXSWKHQZDWFKHGDQDGGLWLRQDOYLGHRZLWKFOLSVRISURFHGXUHVDQGRUSHUVRQDOVWRULHV9RONHWDO  FRPSDUHGDQDXGLRERRNOHWZLWKDQHQWHUWDLQPHQWEDVHGLQWHUYHQWLRQFRQWDLQLQJLQWHUDFWLYHOHDUQLQJPRGXOHVDQG
VWRULHVSUHVHQWHGDVWHOHQRYHOODV-LEDMD:HLVVHWDO  FRPSDUHGURXWLQHLQIRUPDWLRQDERXWWKHIDFWVDQGILJXUHVRIWKHGLVHDVHDQGFKRLFHVZLWKDQHQWHUWDLQPHQWEDVHG
LQWHUYHQWLRQ7KHHGXWDLQPHQWLQWHUYHQWLRQVXVHFRPSXWHUEDVHGPXOWLPHGLDWRGHOLYHUWKH
LQIRUPDWLRQDVVRDSRSHUDWLFGUDPDFRPSRQHQWVVXSSOHPHQWHGE\YRLFHRYHUVSHUVRQDOVWRULHVQDUUDWLRQDQGDQLPDWLRQLQIRUPDWLRQWDLORUHGWRSDWLHQWFKDUDFWHULVWLFVDQG
LQWHUDFWLYHH[HUFLVHVWRFODULI\YDOXHV 9RONHWDO -LEDMD:HLVVHWDO FRPSDUHG
URXWLQHLQIRUPDWLRQDERXWWKHIDFWVDQGILJXUHVRIWKHGLVHDVHDQGFKRLFHVZLWKDQ
HGXWDLQPHQWLQWHUYHQWLRQ2YHUDOOWKHLQWHUYHQWLRQZLWKWKHSHUVRQDOVWRULHVLQIOXHQFHG
SDWLHQWV¶WUHDWPHQWFKRLFHV3DUWLFLSDQWVUHFHLYLQJWKHLQWHUYHQWLRQZLWKWKHSHUVRQDOVWRULHVFRPSRQHQWZHUHPRUHOLNHO\WREHFHUWDLQDERXWWKHLUFKRLFHDQGRUKDYHFOHDUHUYDOXHVRYHU
WLPHDQGIRXQGWKHPXOWLPHGLDPHWKRGVWREHDFFHSWDEOHDQGHQJDJLQJ+RZHYHUWKHUHZDV
PL[HGHYLGHQFHWKDWWKHVHLQWHUYHQWLRQVZHUHGLIIHUHQWLDOO\HIIHFWLYHZLWKWKRVHRIGLIIHULQJKHDOWKOLWHUDF\OHYHOV









3DWLHQWVZLWKPDOLJQDQWJOLRPD
FDQFHU(O-DZDKULHW
DO 

1 

6WXGHQWV:LQWHUERWWRP 1 
HWDO 9RODQGHVHW
DO 

SDLUVRI *HQHUDO
SDWLHQWVDQG SRSXODWLRQWKHLUFDUHU
1 
*HQHUDOSRSXODWLRQ

9RODQGHVHW
DO E*HQHUDOSRSXODWLRQ

1 

9RODQGHVHW
DO 

6DPSOH
7\SH*HQHUDOSRSXODWLRQ

1 

6DPSOH'LOODUGHWDO$XWKRUV

86$

8.

86$

86$

86$

1RQHVWDWHG,QIRUPDWLRQSURFHVVLQJWKHRU\

1RQHVWDWHG

1RQHVWDWHG

1RQHVWDWHG/RFD
7KHRU\WLRQ
86$ $IIHFWLYH
IRUHFDVWLQJWKHRU\

7DEOH5HYLHZHG5&76WXGLHV6WXG\&KDUDFWHULVWLFV0HDVXUHV

7RH[DPLQHZKHWKHUXVLQJD.QRZOHGJHDQGH[SHULHQFHRIYLGHRRIDSDWLHQWZLWKDGYDQFHG GHPHQWLDFDUHSUHIHUHQFHKHDOWKGHPHQWLDFRXOGVKDSHIXWXUH
OLWHUDF\DFFHSWDELOLW\RIYLGHR
FDUHFKRLFHV
7RFRPSDUHFRQFRUGDQFHRI.QRZOHGJHDQGH[SHULHQFHRI
SUHIHUHQFHVDPRQJHOGHUO\GHPHQWLDFDUHSUHIHUHQFHKHDOWKSDWLHQWVDQGWKHLUFDUHUVOLWHUDF\DFFHSWDELOLW\RIYLGHR
7RH[DPLQHZKHWKHUXVLQJD.QRZOHGJHDQGH[SHULHQFHRIYLGHRRIDSDWLHQWZLWKDGYDQFHG GHPHQWLDFDUHSUHIHUHQFHKHDOWKGHPHQWLDFRXOGVKDSHIXWXUH
OLWHUDF\DFFHSWDELOLW\RIYLGHR
FDUHFKRLFHV
7RLQYHVWLJDWHWKHLPSDFWRI.QRZOHGJHDQGH[SHULHQFHDQRWKHUSDWLHQW¶VGLDO\VLVVWRU\NLGQH\GLVHDVHK\SRWKHWLFDO
RQSDUWLFLSDQWV¶FKRLFHVDQGRUD WUHDWPHQWGHFLVLRQGHFLVLRQDWWULEXWHWDEOHGHELDVHVLQIRUPDWLRQ
7RH[DPLQHZKHWKHUXVLQJD
3UHIHUHQFHVIRUHQGRIOLIHFDUH
YLGHRRILPDJHVRISDWLHQWVRQ
DQG&35NQRZOHGJHFHUWDLQW\
WKUHHOHYHOVRIPHGLFDOFDUHZLWKGHFLVLRQDFFHSWDELOLW\RI
OLIHSURORQJLQJEDVLFDQG
YLGHR
FRPIRUWFDUH IRUDGYDQFHG
FDQFHURQFRPIRUWFDUH
SUHIHUHQFHV

7RXVHSDWLHQWVWRULHVWRSURPRWH 3HUFHLYHGEDUULHUVRIVFUHHQLQJFRORUHFWDOFDQFHUVFUHHQLQJULVNSHUFHSWLRQNQRZOHGJH
VFUHHQLQJLQWHUHVWWLPHVSHQWUHDGLQJWH[W$LP

8VLQJ3HUVRQDO6WRULHV








)DJHUOLQHWDO

9RONHWDO

1 

-LEDMD:HLVVHWDO $IULFDQ
$PHULFDQZRPHQIURP
JHQHUDOSRSXODWLRQ)HPDOHSDWLHQWVZLWKHDUO\VWDJHEUHDVWFDQFHU1 
3DWLHQWVQ 
HOLJLEOHIRU
ORZOLWHUDF\ SURVWDWH
Q 
FDQFHUKLJK
VFUHHQLQJ
OLWHUDF\VWVWXG\*HQHUDO
1 SRSXODWLRQQGVWXG\1 

1 .UHXWHUHWDO


86$

86$

86$

86$

,QIRUPDWLRQSURFHVVLQJWKHRU\&RPPXQLFDWLRQWKHRULHVXQGHUWKHUXEULFRIHQWHUWDLQPHQWHGXFDWLRQ&RPPXQLFDWLRQWKHRULHVXQGHUWKHUXEULFRIHQWHUWDLQPHQWHGXFDWLRQ,QIRUPDWLRQSURFHVVLQJDQG
EHKDYLRXUFKDQJHWKHRULHV$FFHSWDELOLW\DQGHQJDJHPHQWZLWKWKH3W'$NQRZOHGJHRISURVWDWHFDQFHUDQGVFUHHQLQJ
GHFLVLRQDOFRQIOLFWVFDOHVHOIDGYRFDF\VFDOH.QRZOHGJHDQGH[SHULHQFHEUHDVWFDQFHUPHGLFDOPLVWUXVWSHUFHLYHG
SK\VLFLDQUHFRPPHQGDWLRQPDPPRJUDSK\XVHEHOLHIVDERXWFDQFHUSHUFHLYHGEDUULHUVPDPPRJUDSK\SHUFHLYHG
ULVNDFTXLVLWLRQLQIRUPDWLRQUHDVRQLQJ FRXQWHUDUJXLQJ WDONLQJWRIDPLO\DQGIULHQGV.QRZOHGJHRIEUHDVWFDQFHU
GHFLVLRQDOFRQIOLFWVFDOHVXUJHU\VXUJLFDOWUHDWPHQW
SUHIHUHQFHGHFLVLRQDOFRQIOLFW

7RH[DPLQHZKHWKHUJUDSKLFDO+\SRWKHWLFDOWUHDWPHQWGHFLVLRQUHSUHVHQWDWLRQVRIVWDWLVWLFVZLOOUHGXFHWKHLQIOXHQFHRIWHVWLPRQLDOLQIRUPDWLRQRQGHFLVLRQPDNLQJDERXWWUHDWPHQW
IRUDQJLQD VXUJHU\EDOORRQDQJLRSODVW\ 

7RHYDOXDWHDQHQWHUWDLQPHQWEDVHGGHFLVLRQDLGIRUSURVWDWH
FDQFHUVFUHHQLQJDPRQJVWKLJKDQGORZKHDOWKOLWHUDF\SDWLHQWV

7RHYDOXDWHDQHQWHUWDLQPHQWEDVHGGHFLVLRQDLGIRUHDUO\VWDJHEUHDVWFDQFHUVXUJHU\LQ
ORZKHDOWKOLWHUDF\SDWLHQWV

7RFRPSDUHWKHHIIHFWVRIQDUUDWLYHDQGLQIRUPDWLRQDOYLGHRVRQPDPPRJUDSK\XSWDNH

8VLQJ3HUVRQDO6WRULHV







9RODQGHVHWDO 9LGHRRID
SDWLHQWH[SHULHQFH
QRYHUEDOGLDORJXH

9HUEDOLQIRUPDWLRQEDVHGRQWKH
)XQFWLRQDO$VVHVVPHQW6WDJLQJ
)$67 VWDJHD
LHFULWHULDIRU
WKHPRVWDGYDQFHGVWDJHRIGHPHQWLD'HPHQWLDSDWLHQWLVVKRZQXQDEOHWR
FRPPXQLFDWHLQDZKHHOFKDLUXQDEOH
WRIHHGKHUVHOI7DEOH5HYLHZHG5&76WXGLHV&KDUDFWHULVWLFVRI1DUUDWLYH&RQWHQW$XWKRUV1DUUDWLYH)DFWXDO&RQWHQW &RQWHQWRI3DWLHQW
7\SH
6WRU\
'LOODUGHWDO
)LUVWSHUVRQ,QIRUPDWLRQ
3DWLHQWVWRU\
ZULWWHQREWDLQHGIURPGHVFULEHGRQH
QDUUDWLYH
1DWLRQDO&DQFHULQGLYLGXDO¶V,QVWLWXWHRQOLQH
H[SHULHQFHRIERRNOHW
GHFLGLQJDERXWVFUHHQLQJQRDGGLWLRQDOIDFWXDOLQIRUPDWLRQ
3UHVHQWDWLRQRI
3DWLHQW6WRU\:ULWWHQSDWLHQWVWRU\LQWHJUDWHG
LQWRVWDQGDUGLQIRUPDWLRQLQVHFWLRQVIRFXVLQJRQIHHOLQJXQFHUWDLQDERXWWKH
GHFLVLRQEDUULHUVWR
VFUHHQLQJLPSDFWELDV
9LGHRGHFLVLRQVXSSRUWWRRO
SUHVHQWHGRQDFRPSXWHU ODVWLQJPLQXWHV $UHDOSDWLHQWZLWKDGYDQFHGGHPHQWLD\HDUROGIHPDOH 
DQGGDXJKWHUV
LQDQXUVLQJKRPHVHWWLQJZHUHXWLOLVHG
LQWKHYLGHR
9LGHRGHYHORSHG
LQFRQVXOWDWLRQZLWKVSHFLDOLVWVLQ
GHPHQWLDILOPHGZLWKRXWSURPSWVDQGEDVHGRQSXEOLVKLQJILOPLQJJXLGHOLQHV

2WKHU)HDWXUHVRI
3DWLHQW6WRU\
3KRWRJUDSKRIQDUUDWRULQFOXGHG±PDWFKHGWRSDUWLFLSDQWV¶GHPRJUDSKLF
FKDUDFWHULVWLFV$YHUEDOQDUUDWLYH
RUDGHFLVLRQVXSSRUWWRROYHUEDOQDUUDWLYH[GHVLJQSDWLHQWVWRU\ SUHVHQWRU
DEVHQW YHUVXVVFUHHQLQJW\SHFRORQRVFRS\RUYLUWXDOFRORQRVFRS\ 

6WXG\&RQGLWLRQV8VLQJ3HUVRQDO6WRULHV

9HUEDOLQIRUPDWLRQEDVHGRQWKH
)XQFWLRQDO$VVHVVPHQW6WDJLQJ
)$67 VWDJHD
LHFULWHULDIRU
WKHPRVWDGYDQFHGVWDJHRIGHPHQWLD

9RODQGHVHWDO 9LGHRRISDWLHQWH[SHULHQFH
QRYHUEDOGLDORJXH

9HUEDOLQIRUPDWLRQEDVHGRQWKH
)XQFWLRQDO$VVHVVPHQW6WDJLQJ
)$67 VWDJHD
LHFULWHULDIRU
WKHPRVWDGYDQFHGVWDJHRIGHPHQWLD

9RODQGHVHWDO 9LGHRRIE
SDWLHQWH[SHULHQFH
QRYHUEDOGLDORJXH'HPHQWLDSDWLHQWLVVKRZQXQDEOHWR
FRPPXQLFDWHLQDZKHHOFKDLUXQDEOH
WRIHHGKHUVHOI'HPHQWLDSDWLHQWLVVKRZQXQDEOHWR
FRPPXQLFDWHLQDZKHHOFKDLUXQDEOH
WRIHHGKHUVHOI9LGHRGHFLVLRQVXSSRUWWRRO
SUHVHQWHGRQDFRPSXWHU ODVWLQJPLQXWHV

9LGHRGHFLVLRQVXSSRUWWRRO
SUHVHQWHGRQDFRPSXWHU ODVWLQJPLQXWHV$Q\HDUROG
IHPDOHSDWLHQWZLWKDGYDQFHGGHPHQWLDDQGGDXJKWHUV
LQDQXUVLQJKRPHVHWWLQJ9LGHRGHYHORSHGLQFRQVXOWDWLRQZLWKVSHFLDOLVWVLQ
GHPHQWLDILOPHGZLWKRXWSURPSWVDQGEDVHGRQSXEOLVKHGILOPLQJJXLGHOLQHV
$Q\HDUROG
IHPDOHSDWLHQWZLWKDGYDQFHGGHPHQWLDDQGGDXJKWHUV
LQDQXUVLQJKRPHVHWWLQJ9LGHRGHYHORSHGLQFRQVXOWDWLRQZLWKVSHFLDOLVWVLQ
GHPHQWLDILOPHGZLWKRXWSURPSWVDQGEDVHGRQSXEOLVKHGILOPLQJJXLGHOLQHV$YHUEDOQDUUDWLYH
RUDGHFLVLRQVXSSRUWWRROYHUEDOQDUUDWLYH$YHUEDOQDUUDWLYH
RUDGHFLVLRQVXSSRUWWRROYHUEDOQDUUDWLYH

8VLQJ3HUVRQDO6WRULHV

9LGHRRI
SDWLHQWUHFHLYLQJGLIIHUHQWW\SHVRIWUHDWPHQWQRGLUHFWQDUUDWLRQ(O-DZDKULHW
DO 







6WXG\
ZULWWHQDQG
YLGHRWDSHGVWDQGUGSHUVRQQDUUDWLYHV
6WXG\YLGHRWDSHGVWDQGUGSHUVRQQDUUDWLYHV:LQWHUERWWRP
HWDO 9HUEDOQDUUDWLYH
GHVFULELQJOHYHOVRIPHGLFDOFDUHIRU
DGYDQFHGFDQFHU%ULHIGHVFULSWLRQ
RIIDFWXDOLQIRUPDWLRQDERXWKDHPRGLDO\VLV +' 
DQGFRQWLQXRXVF\FOLQJSHULWRQHDOGLDO\VLV &&3'

OHYHOVRIFDUH
SUHVHQWHGLGHQWLFDOWRWKHYHUEDOQDUUDWLYHEXWZLWKYLVXDOLPDJHVVKRZLQJSDWLHQWVLQ
YDULRXVVFHQDULRVUHODWLQJWRHDFKRI
WKHRSWLRQV

$PLQXWHVYLGHR
SUHVHQWHGRQDODSWRSFRPSXWHU)RXUK\SRWKHWLFDO
6WXG\ZULWWHQ
GHFLVLRQVFHQDULRV RUYLGHR 6WXG\
7ZRSDWLHQWVYLGHRRQO\ 
DQGWZRGRFWRUVQDUUDWLYHSUHVHQWHG
GHVFULELQJWUHDWPHQW DIWHUEDVLFIDFWXDOLQIRUPDWLRQKRZ
LQIRUPDWLRQDERXWWUHDWPHQWILWV+'DQG&&3'
LQWRSDWLHQWVOLYHV
DQGKRZSDWLHQWVW\SLFDOO\PDNHWKHLUGLDO\VLVGHFLVLRQ

9LGHRGHYHORSHGLQFRQVXOWDWLRQZLWKFDQFHUVSHFLDOLVWVILOPHGZLWKRXWSURPSWVDQGEDVHG
RQSXEOLVKLQJILOPLQJJXLGHOLQHV

,QVWXG\PDOHDQGIHPDOHDFWRU
SOD\HGUROHVHDFK,QVWXG\PDOHDQGIHPDOHDFWRUVSOD\HGHDFKRIWKH
UROHV1DUUDWLYHVGHYHORSHGIURPWKH
OLWHUDWXUHDQGLQFRQVXOWDWLRQZLWKUHQDOVSHFLDOLVW

6WXG\[[IRUPDW ZULWWHQYVYLGHR [VRXUFH
SDWLHQWYVGRFWRU [RUGHU +'
LQIRUPDWLRQYV3'
LQIRUPDWLRQ 
6WXG\[[[
GHFLVLRQWDEOH
QRQHEHIRUHRUDIWHUVWRU\ [RUGHU SDWLHQW
YVGRFWRUILUVW [VH[RISDWLHQW
PDOHIHPDOH [VH[RIGRFWRUPDOHIHPDOH &RQWUROJURXSUHDGRQO\EDVLFIDFWXDOLQIRUPDWLRQLQERWKVWXGLHV&RQWURO YHUEDOQDUUDWLYHDORQH 
YHUVXVLQWHUYHQWLRQYLGHRDIWHUYHUEDOQDUUDWLYH 

8VLQJ3HUVRQDO6WRULHV)LUVWSHUVRQVWRULHVIURPFDQFHUVXUYLYRUV







-LEDMD:HLVVHW 6WRU\OLQH
DO 
FRQYH\V
GHFLVLRQPDNLQJSURFHVVLQ
EULHIVRDSRSHUDVW\OHYLGHRV.UHXWHUHWDO

8VXDOFDUH

1RWDSSOLFDEOH)DFWXDOLQIRUPDWLRQDERXWVXUJHU\
RSWLRQVDQG
RWKHUWUHDWPHQWV
SUHVHQWHGLQ
LQWHUDFWLYHOHDUQLQJPRGXOHVFRPSRQHQWRISW'$%RWKYLGHRVERWKDGGUHVVHGNH\
PHVVDJHVDERXWEUHDVWFDQFHU
9LGHRSHUVRQDOVWRULHVIURP$IULFDQ$PHULFDQEUHDVWFDQFHUVXUYLYRUV
9LGHRGLGDFWLF
H[SRVLWRU\IRUPIURPDQ$IULFDQ$PHULFDQZRPDQFDQFHUVXUYLYRU

'HFLVLRQPDNLQJ
SURFHVVIRUPDNLQJDVXUJHU\GHFLVLRQ
SUHVHQWHGLQWKH
IRUPDWRIGLGDFWLF
VRDSRSHUDV

9LGHRVSUHVHQWHGYLDDPRELOHFRPPXQLFDWLRQUHVHDUFKIDFLOLW\LQ
WKHFRPPXQLW\

9LGHRVKRUWVWRULHVHOLFLWHGIURPFDQFHUVXUYLYRUV(GLWHGWRIRUPQDUUDWLYHDERXWULVN
WDONLQJDERXWFDQFHUDQGPDPPRJUDSK\VFUHHQLQJ
9LGHR0DWHULDOGHYHORSHGIURPYLGHRDQG
SUHVHQWHGE\DVLQJOHQDUUDWRUZLWKLPDJHVSKRWRVJUDSKLFVDQGPXVLF
9LGHRVSLORWHGIRUHTXLYDOHQFH,QWKH'$WKHVWRU\OLQHGRHVQRWUHYHDOZKDWVXUJHU\
RSWLRQWKHPDLQFKDUDFWHUFKRRVHVDYDOXHVFODULILFDWLRQ
H[HUFLVHLVLQFOXGHG
'$FRQIRUPVWR
,3'$6FULWHULD,QWHUYHQWLRQDFRPSXWHULVHG
LQWHUDFWLYHPXOWLPHGLD'$XWLOLVLQJHQWHUWDLQPHQW VRDSRSHUDHSLVRGHVDQG
LQWHUDFWLYHOHDUQLQJPRGXOHV DQGXVXDO
FDUHYHUVXVFRQWURO
RQO\XVXDOFDUH

&RPSDULVRQRIYLGHRV8VLQJ3HUVRQDO6WRULHV)DJHUOLQHWDO

9RONHWDO


0DLQ
FKDUDFWHU
FRQYH\VIDFWXDOLQIRUPDWLRQDQGGHFLVLRQPDNLQJSURFHVVLQ
VPDOOVRDSRSHUDVW\OHYLGHRV)LUVWSHUVRQZULWWHQQDUUDWLYHV$K\SRWKHWLFDO
VFHQDULRDQGWUHDWPHQWRSWLRQV
SUHVHQWHGWRDOO
SDWLHQWV(DFKWUHDWPHQWRSWLRQGLIIHUHGLQWHUPVRIWKHLUDUGXRXVQHVVDQGVXFFHVVUDWH

&RQWUROUHFHLYH
DQDXGLRERRNOHWZLWKQRYDOXHVFODULILFDWLRQHQWHUWDLQPHQWFRPSRQHQWWHVWLPRQLDOVRUYDOXHVFODULILFDWLRQ
H[HUFLVH
7KHH[SHULHQFH
RIIRUPHUSDWLHQWVZLWKHDFKRIWKH
WUHDWPHQWRSWLRQVZDVSUHVHQWHGZLWKWKHVFHQDULR)DFWXDOLQIRUPDWLRQDERXWSURVWDWH
FDQFHUDQG
VFUHHQLQJSUHVHQWHG
LQWKHIRUPDWRIGLGDFWLFVRDSRSHUDVDQGLQWHUDFWLYHOHDUQLQJPRGXOHV:ULWWHQSDWLHQWQDUUDWLYHVZLWKWKHQXPEHURIQDUUDWLYHVYDULHGWR
EHUHSUHVHQWDWLYHRUQRQUHSUHVHQWDWLYH
RIFXUHUDWH,QIRUPDWLRQLQ
WKHQDUUDWLYHVZDVUHSHWLWLRQRIWKDW
SUHVHQWHGLQWKH
VFHQDULRVRQRQHZLQIRUPDWLRQZDVVXSSOLHGLQWKH
QDUUDWLYHV6WXG\$SLFWRJUDSKDQG
WUDGHRIITXL]ZHUH
DOVRSUHVHQWHGWR
VRPHSDUWLFLSDQWV$FRPSXWHUEDVHG
,QWKH'$HWKQLFLW\
GHFLVLRQDLGEDVHG
RIPDLQFKDUDFWHU
RQWKH(GXWDLQPHQW WDLORUHGWRWKH
'HFLVLRQ$LG0RGHO YLHZHUFHOHEULW\('$0 
WHVWLPRQLDOVDQG
YDOXHVFODULILFDWLRQ
H[HUFLVHLQFOXGHG

6WXG\
UHSUHVHQWDWLYHYVQRQUHSUHVHQWDWLYHQDUUDWLYHV [SLFWRJUDSKDQG
TXL]YVQRSLFWRJUDSKRUTXL] 
6WXG\SLFWRJUDSKYQRSLFWRJUDSK [QRWUDGHRIITXL]
YVWUDGHRIITXL] >DOOSDUWLFLSDQWVUHFHLYHGQRQ
UHSUHVHQWDWLYHQDUUDWLYHV@,QWHUYHQWLRQ
DQLQWHUDFWLYHFRPSXWHUEDVHG
GHFLVLRQDLGYHUVXVFRQWURODQDXGLRERRNOHW

8VLQJ3HUVRQDO6WRULHV

8VLQJ3HUVRQDO6WRULHV
6XPPDU\
7KHUHLVOLPLWHGEXWLQFUHDVLQJHYLGHQFHRIWKHLPSDFWRISHUVRQDOVWRULHVZLWKLQLQWHUYHQWLRQVRQSHRSOH¶VKHDOWKFDUHGHFLVLRQPDNLQJ$OOVWXGLHVIRXQGWKDWSUHVHQWLQJLQIRUPDWLRQZLWKDSHUVRQDOVWRU\FRPSRQHQWDIIHFWHGSHRSOH¶VMXGJPHQWVDQGFKRLFHVGLIIHUHQWO\IURPSUHVHQWLQJIDFWXDOLQIRUPDWLRQDORQH7KHUHZDVYDULDELOLW\LQWKHZD\SHUVRQDOVWRULHV
ZHUHVRXUFHGFRQVWUXFWHGGHOLYHUHGLQWHJUDWHGZLWKLQWKHLQWHUYHQWLRQDQGHYDOXDWHG$GGLWLRQDOO\WKHVWXG\SXUSRVHDQGWKHUHIRUHWKHIXQFWLRQRIWKHSHUVRQDOVWRU\YDULHG
LQWHUPVRILQYHVWLJDWLQJHLWKHUELDVHVLQGHFLVLRQPDNLQJKHDOWKEHKDYLRXUFKDQJHRU
SDUWLFLSDQWHQJDJHPHQWZLWKLQIRUPDWLRQ$VDUHVXOWWKHV\QWKHVLVZDVQRWDEOHWRLGHQWLI\WKHDFWLYHLQJUHGLHQWVRIWKHSHUVRQDOVWRU\WKDWPD\HQKDQFHRUOLPLWWKHHIIHFWLYHQHVVRI
SDWLHQWGHFLVLRQDLGLQWHUYHQWLRQV+RZHYHUWKHUHZHUHVRPHVLPLODULWLHVDFURVVWKHH[SHULPHQWDODQGUHDOZRUOGVWXGLHVVXJJHVWLQJWKDWSHRSOHXVHERWKSHUVRQDOVWRU\DQGIDFWXDOLQIRUPDWLRQZKHQPDNLQJKHDOWKFDUHGHFLVLRQVDQGWKDWWKHUHLVDQLQWHUSOD\EHWZHHQWKHSURFHVVLQJRISHUVRQDOVWRU\DQGIDFWXDOLQIRUPDWLRQZLWKVXEVHTXHQWDWWHQWLRQWRLQIRUPDWLRQHYDOXDWLRQVDQGGHFLVLRQV
,WZDVXQFOHDUKRZWKLVLQWHUSOD\FRXOGEHPD[LPLVHGWRHQVXUHSDWLHQWV¶KHDOWKFDUHGHFLVLRQPDNLQJZDVVXSSRUWHGUDWKHUWKDQELDVHG7KHUHZDVOLWWOHHYLGHQFHWKDWSHUVRQDOVWRULHVZHUH
DVVRFLDWHGZLWKHQKDQFLQJKHDOWKOLWHUDF\RYHUDQGDERYHWKHRWKHUFRPSRQHQWSDUWVRID
GHFLVLRQDLG &OHPHQWHWDO F(PHUJLQJ,VVXHV5HVHDUFK$UHDVLQ(YLGHQFH%DVH

7KHHPHUJLQJLVVXHIURPWKHFXUUHQWHYLGHQFHEDVHLVWKDWLWLVXQFOHDUZKHWKHURUQRWSHUVRQDOVWRULHVDUHDQHFHVVDU\LQJUHGLHQWRISDWLHQWGHFLVLRQDLGLQWHUYHQWLRQV'HFLVLRQDLG
LQWHUYHQWLRQVDUHHYLGHQFHEDVHGUHVRXUFHVGHVLJQHGWRHQDEOHSDWLHQWVWRHQJDJHDFWLYHO\ZLWKWKHKHDOWKFDUHGHFLVLRQLQRUGHUWRPDNHDQLQIRUPHGGHFLVLRQ3HUVRQDOVWRULHVFRQWDLQFRPSOH[DQGGHWDLOHGLQIRUPDWLRQRIXVXDOO\RQHSHUVRQ¶VH[SHULHQFHRIDQLOOQHVVDQG
FRQVHTXHQFHVRIPDNLQJDKHDOWKFDUHFKRLFH7KHQDUUDWLYHERWKVWUXFWXUHVDQGLQWHUSUHWVWKHLQIRUPDWLRQVRWKDWLWPDNHVVHQVHIURPWKDWLQGLYLGXDO¶VSHUVSHFWLYHLQDFFRUGDQFHZLWKKLVRUKHUYLHZVDERXWKRZWKHLUFKRLFHVDQGH[SHULHQFHVDUHOLQNHGWRKLVRUKHUYDOXHV7KHHYLGHQFHVXJJHVWVWKDWSHRSOHHQJDJHGLIIHUHQWO\ZLWKLQIRUPDWLRQGHOLYHUHGDVSDUWRIDSHUVRQDOVWRU\WKDQIURPWKHIDFWXDOLQIRUPDWLRQZLWKLQSDWLHQWGHFLVLRQDLGV)XUWKHUPRUH
WKHHYLGHQFHLQGLFDWHVSHUVRQDOVWRULHVFKDQJHSHRSOH¶VMXGJPHQWVRIWKHUHOHYDQFHRIWKH
LQIRUPDWLRQWRWKHPVHOYHVDQGWKHFKRLFHVWKH\PDNHLQDZD\WKDWLVFRQVLVWHQWZLWKPRGHOVRIKHDOWKFDUHEHKDYLRXUFKDQJH +LQ\DUGDQG.UHXWHU &XUUHQWO\WKHUHLVLQVXIILFLHQW
HYLGHQFHWRDVFHUWDLQLISHUVRQDOVWRULHVDGGYDOXHRUDUHGHWULPHQWDOWRWKHHIIHFWLYHQHVVRID
SDWLHQWGHFLVLRQDLGWRVXSSRUWSHRSOHPDNLQJLQIRUPHGKHDOWKFDUHGHFLVLRQV
7KHUHLVWUHPHQGRXVVFRSHWRDGYDQFHXQGHUVWDQGLQJRIWKHUROHRISHUVRQDOVWRULHVLQSDWLHQW
GHFLVLRQDLGVRQSDWLHQWGHFLVLRQPDNLQJDQGKHDOWKFDUHEHKDYLRXUFKDQJH$SUDJPDWLFZD\IRUZDUGLVIRUGHYHORSHUVWREHH[SOLFLWDERXWWKHIXQFWLRQDQGUDWLRQDOHRIWKHLUSHUVRQDOVWRU\DQGLWVFRQWULEXWLRQWRWKHGHFLVLRQDLGRYHUDQGDERYHWKHSURYLVLRQRIZHOOGHVLJQHG
LQIRUPDWLRQ(VVHQWLDOWRWKHILHOGLVHYLGHQFHWKDWWKHSDWLHQWVWRU\FRPSRQHQWLVDQDFWLYH
LQJUHGLHQWZLWKLQWKHSDWLHQWGHFLVLRQDLGZKLFKPHDQVDVVHVVLQJLWVYDOXHVHSDUDWHO\IURPWKHRWKHUFRPSRQHQWVZLWKLQDGHFLVLRQDLGDQGLGHQWLI\LQJPHDVXUH V WRDVFHUWDLQLWVLPSDFW
RQSDWLHQWV¶GHFLVLRQPDNLQJSURFHVVHVDQGRXWFRPHV,WLVSRVVLEOHWKDWSDWLHQWVWRULHVHQDEOHGHFLVLRQDLGGHYHORSHUVWRGHVLJQHYLGHQFHEDVHGUHVRXUFHVWKDWLQFUHDVHKHDOWKFDUHHQJDJHPHQWDQGVXSSRUWSDWLHQWVLQPDNLQJLQIRUPHGGHFLVLRQ+RZHYHUZHQHHGHYLGHQFH8VLQJ3HUVRQDO6WRULHVWRLGHQWLI\WKHDFWLYHLQJUHGLHQWVZLWKLQSHUVRQDOVWRULHVWRHQVXUHWKDWWKH\GRQRWELDVWKH
KHDOWKFDUHGHFLVLRQVSDWLHQWVPDNHDQGLQYDOLGDWHSDWLHQWGHFLVLRQDLGUHVRXUFHV
5()(5(1&(6ϭ͘ %DQGXUD$&KDSWHU6RFLDOFRJQLWLYHWKHRU\,Q9DVWD5 (G $QQDOVRIFKLOGGHYHORSPHQW S 6L[WKHRULHVRIFKLOGGHYHORSPHQW  *UHHQZLFK&7-$,
3UHVV
Ϯ͘ %HNNHU+/7KHORVVRIUHDVRQLQSDWLHQWGHFLVLRQDLGUHVHDUFKGRFKHFNOLVWVDIIHFWWKH
YDOLGLW\RILQIRUPHGFKRLFHLQWHUYHQWLRQV"3DWLHQW(GXFDWLRQDQG&RXQVHOLQJ

ϯ͘ %HWVFK&8OVKRIHU&5HQNHZLW])%HWVFK77KHLQIOXHQFHRIQDUUDWLYHYVWDWLVWLFDOLQIRUPDWLRQRQSHUFHLYLQJYDFFLQDWLRQULVNV0HGLFDO'HFLVLRQPDNLQJ
ϰ͘ %XU\0,OOQHVVQDUUDWLYHVIDFWRUILFWLRQ"6RFLRORJ\RIKHDOWKDQGLOOQHVV
ϱ͘ &KDLNHQ60DKHVZDUDQ'+HXULVWLFSURFHVVLQJFDQELDVV\VWHPDWLFSURFHVVLQJ(IIHFWVRIVRXUFHFUHGLELOLW\DUJXPHQWDPELJXLW\DQGWDVNLPSRUWDQFHRQDWWLWXGHMXGJPHQW
-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
ϲ͘ &OHPHQW6,EUDKLP6&ULFKWRQ1:ROI05RZODQGV*&RPSOH[LQWHUYHQWLRQVWRLPSURYHWKHKHDOWKRISHRSOHZLWKOLPLWHGOLWHUDF\DV\VWHPDWLFUHYLHZ3DWLHQWHGXFDWLRQDQGFRXQVHOOLQJ
ϳ͘ 'H:LW-%)'DV(9HW5:KDWZRUNVEHVWREMHFWLYHVWDWLVWLFVRUDSHUVRQDOWHVWLPRQLDO"$QDVVHVVPHQWRIWKHSHUVXDVLYHHIIHFWVRIGLIIHUHQWW\SHVRIPHVVDJHHYLGHQFHRQULVNSHUFHSWLRQ+HDOWK3V\FKRORJ\
ϴ͘ 'LOODUG$-)DJHUOLQ$=LJPXQG)LVKHU%-8EHO3$1DUUDWLYHVWKDWDGGUHVVDIIHFWLYH
IRUHFDVWLQJHUURUVUHGXFHSHUFHLYHGEDUULHUVWRFRORUHFWDOFDQFHUVFUHHQLQJ6RFLDO6FLHQFH
0HGLFLQH  
ϵ͘ (DJO\$+&KDLNHQ6&KDSWHU3URFHVVWKHRULHVRIDWWLWXGHIRUPDWLRQDQGFKDQJHVWKH
HODERUDWLRQ OLNHOLKRRG DQG KHXULVWLFV\VWHPDWLF PRGHOV ,Q 7KH3V\FKRORJ\ RI $WWLWXGHV +DUFRXUWEUDFHDQGFRPSDQ\)RUW:RUWK7;86$ϭϬ͘ (O-DZDKUL$3RGJXUVNL/0(LFKOHU$)3ORWNLQ657HPHO-60LWFKHOO6/&KDQJ<%DUU\ 0- 9RODQGHV $( 8VH RI YLGHR WR IDFLOLWDWH HQGRIOLIH GLVFXVVLRQV ZLWK SDWLHQWVZLWKFDQFHUDUDQGRPL]HGFRQWUROOHGWULDO-RXUQDORI&OLQLFDO2QFRORJ\
ϭϭ͘ (QWZLVWOH9$)UDQFH():\NH6-HSVRQ5+XQW.=LHEODQG67KRPSVRQ$+RZ
LQIRUPDWLRQDERXWRWKHUSHRSOH¶VSHUVRQDOH[SHULHQFHVFDQKHOSZLWKKHDOWKFDUHGHFLVLRQPDNLQJDTXDOLWDWLYHVWXG\3DWLHQW(GXFDWLRQDQG&RXQVHOOLQJHϭϮ͘ )DJHUOLQ$:DQJ&8EHO3$5HGXFLQJWKHLQIOXHQFHRIDQHFGRWDOUHDVRQLQJRQSHRSOH¶V
KHDOWKFDUHGHFLVLRQVLVDSLFWXUHZRUWKDWKRXVDQGVWDWLVWLFV"0HGLFDO'HFLVLRQ0DNLQJϭϯ͘ )HOGPDQ6WHZDUW'%UHQQHQVWXK60F,VVDF.$V\VWHPDWLFUHYLHZRILQIRUPDWLRQLQ
GHFLVLRQDLGV+HDOWK([SHFWDWLRQV±ϭϰ͘ )HVWLQJHU/$WKHRU\RIVRFLDOFRPSDULVRQSURFHVVHV+XP5HODWLRQVϭϱ͘ *DYDUX]]L76XPPHUV%/DWFKIRUG*0RRQH\$6WLJJHOERXW$:LONLH08VLQJ3HUVRQDO6WRULHV:LQWHUERWWRP$%HNNHU+/+RZDGGLQJSDWLHQWRXWFRPHDQGSURFHVVQDUUDWLYHVLQIOXHQFHVSHRSOH¶VGHFLVLRQPDNLQJDERXWGLDO\VLVWUHDWPHQWV$EVWUDFWIRUWKH6RFLHW\
IRU-XGJPHQWDQG'HFLVLRQ0DNLQJFRQIHUHQFHϭϲ͘ *UHHQKDOJK7+XUZLW]%1DUUDWLYHEDVHGPHGLFLQH:K\VWXG\QDUUDWLYH%0-
ϭϳ͘ +DEHUPDV7'LHO97KHHPRWLRQDOLPSDFWRIORVVQDUUDWLYHVHYHQWVHYHULW\DQGQDUUDWLYHSHUVSHFWLYHV(PRWLRQ9RO1R±ϭϴ͘ +LQ\DUG/-.UHXWHU0:8VLQJQDUUDWLYHVFRPPXQLFDWLRQDVDWRROIRUKHDOWKEHKDYLRXUFKDQJHDFRQFHSWXDOWKHRUHWLFDODQGHPSLULFDORYHUYLHZ+HDOWK(GXFDWLRQDQG
%HKDYLRXU
ϭϵ͘ +\GHQ/&,OOQHVVDQGQDUUDWLYH6RFLRORJ\RIKHDOWKDQGLOOQHVV
ϮϬ͘ ,WR7$/DUVHQ-76PLWK1.&DFLRSSR-71HJDWLYHLQIRUPDWLRQZHLJKVPRUHKHDYLO\RQWKHEUDLQWKHQHJDWLYLW\ELDVLQHYDOXDWLYHFDWHJRUL]DWLRQV-3HUV6RF3V\FKRO
2FW  
Ϯϭ͘ -LEDMD:HLVV0/9RON5-*UDQFKL76(QWHUWDLQPHQWHGXFDWLRQIRUEUHDVWFDQFHUVXUJHU\GHFLVLRQV$UDQGRPL]HGWULDODPRQJSDWLHQWVZLWKORZKHDOWKOLWHUDF\3DWLHQW
(GXFDWLRQ &RXQVHOOLQJ
ϮϮ͘ -LEDMD:HLVV0/9RON5-8WLOL]LQJFRPSXWHUL]HGHQWHUWDLQPHQWHGXFDWLRQLQWKH
GHYHORSPHQWRIGHFLVLRQDLGVIRUORZHUOLWHUDWHDQGQDwYHFRPSXWHUXVHUV-RXUQDORI+HDOWK&RPPXQLFDWLRQ±.DKQHPDQ ' )UHGHULFN   5HSUHVHQWDWLYHQHVV UHYLVLWHG $WWULEXWH VXEVWLWXWLRQ LQ
LQWXLWLYHMXGJPHQW,Q*LORYLFK*ULIILQ .DKQHPDQ HGV +HXULVWLFVDQGELDVHV7KH
SV\FKRORJ\RILQWXLWLYHMXGJPHQW SS &DPEULGJH8QLYHUVLW\3UHVVϮϰ͘ .KDQJXUD6%HQQHWW&6WDFH\'2&RQQRU$03HUVRQDOVWRULHVLQSXEOLFO\DYDLODEOH
SDWLHQWGHFLVLRQDLGV3DWLHQW(GXFDWLRQDQG&RXQVHOLQJ  ±Ϯϱ͘ .UHXWHU0:+ROPHV.$OFDUD].&RPSDULQJQDUUDWLYHDQGLQIRUPDWLRQDOYLGHRVWRLQFUHDVHPDPPRJUDSK\LQORZLQFRPH$IULFDQ$PHULFDQZRPHQ3DWLHQW(GXFDWLRQDQG
&RXQVHOLQJ9ROXPH6XSSOHPHQW3DJHV66 Ϯϲ͘ /RHZHQVWHLQ*+RWFROGHPSDWK\JDSVDQGPHGLFDOGHFLVLRQPDNLQJ+HDOWK
3V\FKRORJ\ 6XSSO 66Ϯϳ͘ 0DQGOHU-0-RKQVRQ165HPHPEUDQFHRIWKLQJVSDUVHGVWRU\VWUXFWXUHDQGUHFDOO&RJQLWLYH3V\FKRO
Ϯϴ͘ 0F&OHOODQG$*53ULQJ/  ,PSOLFLWDQGH[SOLFLWPHPRU\2QWKHUHSUHVHQWDWLRQ
RILQIRUPDWLRQLQWKHPHPRU\V\VWHP0HHWLQJRIWKH([SHULPHQWDO3V\FKRORJ\6RFLHW\5HDGLQJϮϵ͘ 0RUWRQ5/+RZDUG.:HEVWHU$&6QHOOLQJ33DWLHQWLQIRUPDWLRQDERXWRSWLRQVIRUWUHDWPHQW 3,127 DSURVSHFWLYHQDWLRQDOVWXG\RILQIRUPDWLRQJLYHQWRLQFLGHQW&.'
VWDJHSDWLHQWV1HSKURO'LDO7UDQVSODQW
ϯϬ͘ 0XUUD\0&KDSWHU1DUUDWLYHSV\FKRORJ\DQGQDUUDWLYHDQDO\VLV,Q HGV &DPLF30
5KRGHV-(<DUGOH\/4XDOLWDWLYHUHVHDUFKLQSV\FKRORJ\H[SDQGLQJSHUVSHFWLYHV
LQPHWKRGRORJ\DQGGHVLJQ  :DVKLQJWRQ'&86$$PHULFDQ3V\FKRORJLFDO$VVRFLDWLRQϯϭ͘ 2 &RQQRU$06WDFH\'(QWZLVWOH9/OHZHOO\Q7KRPDV+5RYQHU'+ROPHV5RYQHU8VLQJ3HUVRQDO6WRULHV
07DLW97HWURH-)LVHW9%DUU\0-RQHV-'HFLVLRQDLGVIRUSHRSOHIDFLQJKHDOWKWUHDWPHQWRUVFUHHQLQJGHFLVLRQV>&RFKUDQH5HYLHZ@,Q7KH&RFKUDQH/LEUDU\
,VVXH2[IRUG8SGDWH6RIWZDUH
ϯϮ͘ 3HWW\5(&DFLRSSR-  7KHHODERUDWLRQOLNHOLKRRGPRGHORISHUVXDVLRQ,Q
%HUNRZLW]/ (G $GYDQFHVLQH[SHULPHQWDOVRFLDOSV\FKRORJ\ SS 6DQ
'LHJR&$$FDGHPLF3UHVVϯϯ͘ 3ULFH9&]LOOL(-0RGHOLQJSDWWHUQVRIQHZVUHFRJQLWLRQDQGUHFDOO-RXUQDORI&RPPXQLFDWLRQ  
ϯϰ͘ 6DQIUH\$ +DVWLH5'RHVHYLGHQFHSUHVHQWDWLRQIRUPDWDIIHFWMXGJPHQW"$Q
H[SHULPHQWDOHYDOXDWLRQRIGLVSOD\VRIGDWDIRUMXGJPHQWV3V\FKRORJLFDO6FLHQFH  
ϯϱ͘ 6DWWHUILHOG'6WRULHVFRQQHFWVFLHQFHWRVRXOV'LDEHWHV(GXFDWRU  
ϯϲ͘ 6FKDQN5&%HUPDQ75  7KHSHUYDVLYHUROHRIVWRULHVLQNQRZOHGJHDQGDFWLRQ
,Q*UHHQ0&6WUDQJH--%URFN7& (GV 1DUUDWLYHLPSDFW6RFLDODQGFRJQLWLYH
IRXQGDWLRQV SS 0DKZDK1-/DZUHQFH(UOEDXPϯϳ͘ 6KDIIHU9=LNPXQG)LVKHU%$OOVWRULHVDUHQRWDOLNH$SXUSRVHFRQWHQWDQGYDOHQFH
EDVHGWD[RQRP\RISDWLHQWQDUUDWLYHVLQGHFLVLRQDLGV VXEPLWWHGIRUSXEOLFDWLRQ
ϯϴ͘ 6KHULI0+RYODQG&,  6RFLDOMXGJPHQW$VVLPLODWLRQDQGFRQWUDVWHIIHFWVLQFRPPXQLFDWLRQDQGDWWLWXGHFKDQJH1HZ+DYHQ<DOH8QLYHUVLW\3UHVVϯϵ͘ 6ORYLF33HWHUV(5LVNSHUFHSWLRQDQGDIIHFW&XUUHQW'LUHFWLRQVLQ3V\FKRORJLFDO
6FLHQFH
ϰϬ͘6WDFH\ ' %HQQHWW &/ %DUU\ 0- &RO 1) (GHQ .% +ROPHV5RYQHU 0 /OHZHOO\Q
7KRPDV + /\GGLDWW $ /pJDUp ) 7KRPVRQ 5 ĞĐŝƐŝŽŶ ĂŝĚƐ ĨŽƌ ƉĞŽƉůĞ ĨĂĐŝŶŐ ŚĞĂůƚŚƚƌĞĂƚŵĞŶƚ Žƌ ƐĐƌĞĞŶŝŶŐ ĚĞĐŝƐŝŽŶƐ͘ &RFKUDQH 'DWDEDVH RI 6\VWHPDWLF 5HYLHZV  ,VVXH
$UW1R&''2,&'SXEϰϭ͘6WDQRYLFK   :KR LV UDWLRQDO" 6WXGLHV RI LQGLYLGXDO GLIIHUHQFHV LQ UHDVRQLQJ
3V\FKRORJ\3UHVVϰϮ͘ 8EHO3$-HSVRQ& %DURQ-7KHLQFOXVLRQRISDWLHQWWHVWLPRQLDOVLQGHFLVLRQDLGV(IIHFWVRQWUHDWPHQWFKRLFH0HGLFDO'HFLVLRQ0DNLQJ  
ϰϯ͘ 9DXJKDQ3:5RJHUV(0$VWDJHGPRGHORIFRPPXQLFDWLRQHIIHFWVHYLGHQFHIURPDQ
HQWHUWDLQPHQWHGXFDWLRQUDGLRVRDSRSHUDLQ7DQ]DQLD-RXUQDORIKHDOWKFRPPXQLFDWLRQ
ϰϰ͘ 9RODQGHV$()HUJXVRQ/$'DYLV$'+XOO1&*UHHQ0-&KDQJ<'HHS.3DDVFKH
2UORZ0.$VVHVVLQJHQGRIOLIHSUHIHUHQFHVIRUDGYDQFHGGHPHQWLDLQUXUDOSDWLHQWVXVLQJDQHGXFDWLRQDOYLGHRDUDQGRPL]HGFRQWUROOHGWULDO-RXUQDORI3DOOLDWLYH0HGLFLQH
)HEUXDU\  
ϰϱ͘ 9RODQGHV$(3DDVFKH2UORZ0.%DUU\0-HWDO9LGHRGHFLVLRQVXSSRUWWRROIRU
DGYDQFHFDUHSODQQLQJLQGHPHQWLDUDQGRPLVHGFRQWUROOHGWULDO%0-
GRLEPME
ϰϲ͘ 9RODQGHV$(0LWFKHOO6/*LOOLFN05&KDQJ<3DDVFKH2UORZ0.8VLQJYLGHRLPDJHVWRLPSURYHWKHDFFXUDF\RIVXUURJDWHGHFLVLRQPDNLQJDUDQGRPL]HGFRQWUROOHG
WULDO-RXUQDORIWKH$PHULFDQ0HGLFDO$VVRFLDWLRQ'LUHFWRUV$VVRFLDWLRQE


8VLQJ3HUVRQDO6WRULHV
ϰϳ͘ 9RON5--LEDED:HLVV0/+DZOH\67.QHXSHU66SDQQ6-0LOHV%-+\PDQ'-(QWHUWDLQPHQWHGXFDWLRQIRUSURVWDWHFDQFHUVFUHHQLQJDUDQGRPL]HGWULDODPRQJSULPDU\FDUHSDWLHQWVZLWKORZKHDOWKOLWHUDF\3DWLHQW(GXFDWLRQDQG&RXQVHOLQJϰϴ͘ :LQWHUERWWRP$(%HNNHU+/&RQQHU00RRQH\$3DWLHQWVWRULHVDERXWWKHLUGLDO\VLVH[SHULHQFHELDVHVRWKHUV¶FKRLFHVUHJDUGOHVVRIGRFWRU¶VDGYLFHDQH[SHULPHQWDOVWXG\1HSKURO'LDO7UDQVSODQWGRLQGWJIUϰϵ͘ :LQWHUERWWRP$(%HNNHU+/&RQQHU070RRQH\$  'RHVQDUUDWLYH
LQIRUPDWLRQELDVLQGLYLGXDO¶VGHFLVLRQPDNLQJ"$V\VWHPDWLFUHYLHZ6RFLDO6FLHQFH 
0HGLFLQH  
ϱϬ͘ :LVH0<HRE+DQ-6KDZ%0FWDYLVK)*XVWDIVRQ'+(IIHFWVRIXVLQJRQOLQHQDUUDWLYHDQGGLGDFWLFLQIRUPDWLRQRQKHDOWKFDUHSDUWLFLSDWLRQIRUEUHDVWFDQFHUSDWLHQWV3DWLHQW(GXFDWLRQDQG&RXQVHOLQJ






8VLQJ3HUVRQDO6WRULHV$33(1',;
25,*,1$/&+$37(5(
2ULJLQDO$XWKRUV
3K\OOLV%XWRZ 0HGLFDO3V\FKRORJ\5HVHDUFK8QLW8QLYHUVLW\RI6\GQH\
OHDG-DFN)RZOHU)RXQGDWLRQIRU,QIRUPHG0HGLFDO'HFLVLRQ0DNLQJ%RVWRQ0$
6XH=LHEODQG 8QLYHUVLW\RI2[IRUG'LYLVLRQRI3XEOLF+HDOWKDQG
3ULPDU\+HDOWK&DUH
$XVWUDOLD
86$
8.

2ULJLQDO5DWLRQDOH7KHRU\([DPSOHVRIRWKHUV¶H[SHULHQFHVZLWKGHFLVLRQPDNLQJDUHXVHGIRUIRXUPDLQUHDVRQV• WRSURYLGHIDFWXDOLQIRUPDWLRQWRKHOSSDWLHQWVXQGHUVWDQGWKHRSWLRQVDQGWKHLUDVVRFLDWHG
RXWFRPHV• WRGHPRQVWUDWHKRZSDWLHQWVYDOXHGHFLVLRQVGLIIHUHQWO\• WRVKDUHDUDQJHRIRSLQLRQVDQG
• WRH[HPSOLI\WKHVWHSVRWKHUVKDYHXVHGWRPDNHGHFLVLRQV
7UDGLWLRQDOO\LWKDVEHHQDUJXHGWKDWWRDFKLHYHLQIRUPHGFRQVHQWSDWLHQWVQHHGHYLGHQFH
EDVHGLQIRUPDWLRQDERXWRXWFRPHVDVVRFLDWHGZLWKDOORIWKHRSWLRQVDQGDQRSSRUWXQLW\WRZHLJKXSWKHVHRXWFRPHVLQWKHFRQWH[WRIWKHLURZQYDOXHVDQGOLYHV7KLVDSSURDFKDVVXPHV
WKDWLQIRUPDWLRQDERXWRXWFRPHVLVPHDQLQJIXOWRSDWLHQWV+RZHYHUSDWLHQWVZKRDUH
XQIDPLOLDUZLWKDKHDOWKVWDWHPD\ILQGLWGLIILFXOWWRLPDJLQHWKDWKHDOWKVWDWHDQGWKHH[WHQWWKDWLWPD\DIIHFWWKHLUOLYHV$QLPSRUWDQWSDUWRISURFHVVLQJHYLGHQFHEDVHGLQIRUPDWLRQLV
GHYHORSLQJDYLYLGDQGDXWKHQWLFSLFWXUHRIWKHKHDOWKVWDWHVXQGHUFRQVLGHUDWLRQ$SULPDU\PHWKRGWKDWSDWLHQWVXVHWRGHYHORSVXFKDSLFWXUHLVWRUHDGDERXWRUOLVWHQWRWKHVWRULHVRIRWKHUVZKRKDYHH[SHULHQFHGWKDWVWDWH
0RVWSDWLHQWVILQGVXFKVWRULHVHDVLHUWRSURFHVVDQGUHFDOOWKDQVWDWLVWLFV)RUH[DPSOHIDFWVDQGILJXUHVVXFKDVWKHPHDQQXPEHURIWLPHVVLGHHIIHFWVRFFXUDQGWKHDYHUDJHLQWHQVLW\
RUVHYHULW\RIWKHVHVLGHHIIHFWVDUHKDUGHUIRUPDQ\SDWLHQWVWRXQGHUVWDQGWKDQWKHVWRULHVRISDWLHQWVZKRKDYHH[SHULHQFHGWKHVHVLGHHIIHFWV7KHVWRULHVRISDWLHQWVZKRKDYHDFWXDOO\H[SHULHQFHGDKHDOWKVWDWHDUHVHHQDVKDYLQJDOHYHORIDXWKHQWLFLW\WKDWKHDOWKSURIHVVLRQDOVZKRKDYHQHYHUH[SHULHQFHGWKDWKHDOWKVWDWHFDQQRWSURYLGHHYHQLIWKH\KDYHSDUWLFXODUH[SHUWLVHLQWKDWKHDOWKVWDWH)RUH[DPSOHZRPHQZLWKEUHDVWFDQFHUVXJJHVWHGWKDWWKH
VHYHULW\RIO\PSKRHGHPDZDVXQGHUUHSUHVHQWHGIRUPDQ\\HDUVE\KHDOWKSURIHVVLRQDOVZKRGLGQRWPHDVXUHLWFRUUHFWO\RUIROORZXSZRPHQIRUORQJHQRXJKWRSHUFHLYHWKHWUXH
SUHYDOHQFHRIO\PSKRHGHPDUHODWHGGLVWUHVV)XUWKHUPRUHSURYLVLRQRIEDODQFHGH[DPSOHVRIKRZDQGZK\RWKHUSDWLHQWVKDYHFKRVHQ
FHUWDLQRSWLRQVLVVHHQDVLPSRUWDQWIRUHIIHFWLYHGHFLVLRQPDNLQJ,WDOORZVSDWLHQWVWROHDUQQRWRQO\ZKDWRWKHUVFKRRVHEXWDOVRWKHUHDVRQLQJRUYDOXHVEHKLQGWKHVHFKRLFHVZLWKWKH
GLIIHUHQWFDVHVUHLQIRUFLQJWKHQRWLRQWKDWGHFLVLRQPDNLQJLVYDULDEOH$VZHOOVWRULHVFDQ
H[HPSOLI\WKHVWHSVRUSURFHVVRWKHUVKDYHXVHGLQPDNLQJWKHGHFLVLRQV:KHWKHURUQRWVWRULHVDUHSURYLGHGLQSDWLHQWGHFLVLRQDLGVSDWLHQWVDUHOLNHO\WRVHHNLQGLYLGXDOVZKRKDYH8VLQJ3HUVRQDO6WRULHVH[SHULHQFHGWKHGHFLVLRQ$OWKRXJKZHNQRZYHU\OLWWOHDERXWWKHUROHRISDWLHQWVWRULHVLQSDWLHQWGHFLVLRQDLGVFRPSDUHGWRWKHPDQ\RWKHUVRXUFHVRISDWLHQWH[SHULHQFHVDYDLODEOHWKHLQFOXVLRQRIWKHVH
VWRULHVLQSDWLHQWGHFLVLRQDLGVDSSHDUVWREHZLGHO\VXSSRUWHG+RZHYHUDQXPEHURI
FRQFHUQVDERXWWKHLQFOXVLRQRISDWLHQWVWRULHVKDYHEHHQH[SUHVVHG7KHVHLQFOXGH7KHVWRULHVRIDIHZLQGLYLGXDOVFDQQHYHUUHSUHVHQWWKHH[SHULHQFHRIWKHPDMRULW\•
DQG\HWWKHVHPD\RYHUULGHFRQVLGHUDWLRQRIPRUHUHSUHVHQWDWLYHIDFWVDQGILJXUHV
7KHVHOHFWLRQRISDWLHQWVWRULHVPD\SURYLGHDELDVHGYLHZ)RUH[DPSOHRQO\SDWLHQWV•ZKRDUHDUWLFXODWHKDYHVWURQJPRWLYDWLRQVWRWHOOWKHLUVWRU\DQGVSHDNWKHVDPHODQJXDJHPD\EHLQFOXGHG$VZHOOHYHQD³EDODQFHG´SUHVHQWDWLRQRIYLHZVFDQSRWHQWLDOO\JLYH
IDOVHLPSUHVVLRQVWKDWWKHUHLVDQHTXDOVSOLWLQRSLQLRQDERXWWUHDWPHQWZKHQLQIDFWRI
SDWLHQWVUHFRPPHQGRUDFFHSWDSDUWLFXODURSWLRQ
3DWLHQWVZKRKDYHFKRVHQDSDUWLFXODURSWLRQDUHFRPPLWWHGWRVXSSRUWLQJWKDW•RSWLRQIRUIHDURIUHJUHW7KLVKDVEHHQFDOOHG³FRJQLWLYHGLVVRQDQFH´ LHWKHGHVFULSWLRQRIQHJDWLYHH[SHULHQFHVDULVLQJIURPDQRSWLRQZRXOGEHLQFRQIOLFWZLWKWKHSDWLHQWV¶GHVLUH
WREHOLHYHWKDWWKH\KDGFKRVHQWKHEHVWRSWLRQ 7KXVWKHDFFRXQWVRIDQ\SDWLHQWVZKRKDYHDOUHDG\FKRVHQDWUHDWPHQWRSWLRQDUHOLNHO\WREHELDVHG/RQJWHUPH[SHULHQFHVZKHQWKHGLVHDVHLVOLIHWKUHDWHQLQJFDQRQO\EHSURYLGHG•E\SDWLHQWVZKRVXUYLYHGE\GHIDXOWWKHH[SHULHQFHVRIWKRVHZKREHQHILWHGOHVVDUHQRWDYDLODEOHEHFDXVHWKHVHSDWLHQWVDUHQRORQJHUDOLYH
6RPHSDWLHQWV¶VWRULHVPD\EHHOLFLWHGE\XQHWKLFDOPHDQV)RUH[DPSOHGUXJ•FRPSDQLHVPD\SD\SDWLHQWVWRSURYLGHDSRVLWLYHGHVFULSWLRQRIWKHRXWFRPHVRIFHUWDLQWUHDWPHQWRSWLRQV
7KHUHLVRIWHQDPLVPDWFKEHWZHHQWKHULJRULQYROYHGLQWKHFROOHFWLRQDQG
•SUHVHQWDWLRQRIHYLGHQFHEDVHGLQIRUPDWLRQDERXWWKHHIIHFWVRIWUHDWPHQWVDQG
OLPLWLQJ³SDWLHQWVWRULHV´WRDYHU\IHZDFFRXQWVIURPSDWLHQWVZKRDUHDYDLODEOHSKRWRJHQLF
RUVXIILFLHQWO\OLWHUDWHWRVKDUHWKHLUH[SHULHQFHV)LQDOO\DSSURSULDWHULJRURXVPHWKRGVH[LVWIRUUHVHDUFKLQJDQGVHOHFWLQJSDWLHQWV¶
H[SHULHQFHVZLWKKHDOWKDQGLOOQHVV HJ3RSD\5RJHUV :LOOLDPV WRHQVXUHWKDWWKHVWRULHVDUHHYLGHQFHEDVHGFRYHUWKHIXOOUDQJHRIH[SHULHQFHVGLVFORVHWKHFRQWH[WLQZKLFKWKHGHFLVLRQZDVPDGHPLQLPL]HWKHSRWHQWLDOOLPLWDWLRQVRIXVLQJSDWLHQWVWRULHVDQG
PD[LPL]HWKHLUYDOXH:LWKDWWHQWLRQWRWKHULJRURXVPHWKRGVXVHGWRVHOHFWSDWLHQWVWRULHVSDWLHQWVVKRXOGILQGDSHUVSHFWLYHDNLQWRWKHLURZQWKDWFDQIDFLOLWDWHUDWKHUWKDQLPSHGHKLJKTXDOLW\GHFLVLRQPDNLQJ2ULJLQDO(YLGHQFH

3DWLHQWV¶'HFLVLRQ0DNLQJ1HHGV$FURVVVHFWLRQDOWHOHSKRQHVXUYH\RI&DQDGLDQVZDVFRQGXFWHGWRGHVFULEHGHFLVLRQPDNLQJQHHGVRISDWLHQWVZKHQIDFHGZLWKFRPSOH[KHDOWKGHFLVLRQVFKDUDFWHUL]HGE\WKH
QHHGWREDODQFHEHQHILWVYHUVXVULVNVRIYDULRXVRSWLRQV 2¶&RQQRU'UDNHHWDO 2YHU8VLQJ3HUVRQDO6WRULHVKDOIRIWKHSDUWLFLSDQWVUHSRUWHGREWDLQLQJVXSSRUWDQGLQIRUPDWLRQDERXWZKDWRWKHUVGHFLGHG
2IWKHVHPRVWFLWHGWKHLUSHUVRQDOGRFWRU  IULHQGV  RWKHUSDWLHQWV  RURWKHUGRFWRUV  5HVSRQGHQWVZHUHDOVRSUHVHQWHGZLWKHLJKWIDFWRUV LQFOXGLQJNQRZLQJZKDWRWKHUVGHFLGHRUUHFRPPHQG WKDWFRXOGEHFRQVLGHUHGHVVHQWLDOFULWHULDIRUFRQFOXGLQJWKDWDGHFLVLRQLVVDWLVIDFWRU\,QWHUHVWLQJO\DOOIDFWRUVZHUHVWURQJO\HQGRUVHGE\SDUWLFLSDQWV! H[FHSWIRUWKHIDFWRUUHIHUULQJWR³RWKHUV¶H[SHULHQFH´   2¶&RQQRU$SHUVRQDOFRPPXQLFDWLRQ-DQXDU\ 7KHVHREVHUYDWLRQVVXJJHVWWKDWDOWKRXJKSDWLHQWVYDOXHDQGGHVLUHRWKHUV¶H[SHULHQFHVWREHLQFOXGHGLQSDWLHQWGHFLVLRQDLGVRWKHUDVSHFWVRISDWLHQW
GHFLVLRQDLGVVXFKDVNQRZLQJWKHPDLQRSWLRQVDQGWKHLUSURVDQGFRQVRUEHLQJVDWLVILHG
ZLWKWKHFKRLFHPDGHDUHFRQVLGHUHGPRUHLPSRUWDQWSDWLHQWGHFLVLRQDLGFRPSRQHQWV
5&7V,QYROYLQJ3DWLHQWV)DFLQJ$FWXDO&KRLFHV
2ILQGLYLGXDOSDWLHQWGHFLVLRQDLGVHYDOXDWHGLQ5&7VLQWKH&RFKUDQH5HYLHZZHUHDYDLODEOHIRUUHYLHZRIWKHLUFRQWHQW 2¶&RQQRU6WDFH\HWDO •  RI LQFOXGHGH[DPSOHVRIRWKHUV¶H[SHULHQFH2IWKHVHSURYLGHG
WHVWLPRQLDOVSURYLGHGH[DPSOHVRIEDODQFHVFDOHVFRPSOHWHGE\RWKHUVXVHGJURXSGLVFXVVLRQDQGVXSSOLHGUHJUHVVLRQZHLJKWV$YDLODEOHHYLGHQFHFRQFHUQLQJLQFOXVLRQRIRWKHUV¶H[SHULHQFHLQSDWLHQWGHFLVLRQDLGVLVVSDUVHWKRXJKLQFUHDVLQJ 8EHO 
8VHRI1DUUDWLYHV
7KHXVHRIQDUUDWLYHVFDQPDNHLQIRUPDWLRQPRUHVDOLHQWHDVLO\LPDJLQDEOHPHPRUDEOH
DQGPRUHUHDGLO\HYDOXDWHG 3ULFH &]LOOL6DQIUH\ +DVWLH6DWWHUILHOG
 0LFKLHOXWWHHWDO  UHSRUWHGWKDWDQDUUDWLYHVW\OHRIWH[WVLJQLILFDQWO\LPSURYHG
FRPSUHKHQVLRQSDUWLFXODUO\DPRQJUHDGHUVZLWKORZOLWHUDF\VNLOOV
8VHRI3DWLHQW7HVWLPRQLDOV
8EHO-HSVRQ %DURQ  LQYHVWLJDWHGZKHWKHUWKHLQFOXVLRQRISDWLHQWWHVWLPRQLDOVLQSDWLHQWGHFLVLRQDLGVDIIHFWVSDWLHQWV¶WUHDWPHQWFKRLFHV3URVSHFWLYH$PHULFDQMXURUV
ZHUHSUHVHQWHGZLWKK\SRWKHWLFDOVWDWLVWLFDOLQIRUPDWLRQDERXWWKHSHUFHQWDJHVRIDQJLQD
SDWLHQWVZKREHQHILWIURPDQJLRSODVW\DQGE\SDVVVXUJHU\ DQGUHVSHFWLYHO\ 
7KLVLQIRUPDWLRQZDVVXSSOHPHQWHGE\ZULWWHQWHVWLPRQLDOVIURPK\SRWKHWLFDOSDWLHQWVZKRKDGEHQHILWHGRUKDGQRWEHQHILWHGIURPHDFKRIWKHWZRWUHDWPHQWV7KHQXPEHUVRI
SDWLHQWVEHQHILWLQJQRWEHQHILWLQJZHUHYDULHGWREHHLWKHUSURSRUWLRQDWHRUGLVSURSRUWLRQDWHWRWKHVWDWLVWLFDOLQIRUPDWLRQ,WZDVIRXQGWKDWWKHSHUFHQWDJHRISDUWLFLSDQWVH[SUHVVLQJDSUHIHUHQFHIRUE\SDVVVXUJHU\RYHUDQJLRSODVW\YDULHGIURP DPRQJSDUWLFLSDQWVUHFHLYLQJQRWHVWLPRQLDOV WR DPRQJSDUWLFLSDQWVUHFHLYLQJSRVLWLYHDQGQHJDWLYHWHVWLPRQLDOIRUHDFKWUHDWPHQW HYHQWKRXJKDOOSDUWLFLSDQWVUHFHLYHGLGHQWLFDOVWDWLVWLFDOLQIRUPDWLRQDERXWWKHHIIHFWLYHQHVVRIWKHWUHDWPHQWV,WZDVFRQFOXGHGWKDWLQFOXVLRQRIZULWWHQSDWLHQWWHVWLPRQLDOVZKHQSUHVHQWHGZLWKVWDWLVWLFDOVXPPDU\GDWDRQWUHDWPHQWHIIHFWLYHQHVVVLJQLILFDQWO\LQIOXHQFHGK\SRWKHWLFDOWUHDWPHQWFKRLFHV7KHQXPEHU
RIWHVWLPRQLDOVLQIDYRXURIHLWKHURSWLRQVWURQJO\LQIOXHQFHGFKRLFH&XUUHQW5HVHDUFK
6LQFHWKHPDMRULW\RIVWXGLHVFRQFHUQLQJWKHLQFOXVLRQRIRWKHUV¶H[SHULHQFHVKDYHEHHQ
FRQGXFWHGZLWKQRQSDWLHQWSRSXODWLRQVRXWFRPHVRIVLPLODUVWXGLHVZLWKLQFOLQLFDO8VLQJ3HUVRQDO6WRULHV
VHWWLQJVVWLOOQHHGWREHDVFHUWDLQHG$VVRFLDWH3URIHVVRU3HWHU$8EHODQGFRLQYHVWLJDWRUVDUHFXUUHQWO\FRQGXFWLQJDVWXG\WRGHOLQHDWHWKHHIIHFWRISDWLHQWWHVWLPRQLDOVRQSDWLHQWV¶WUHDWPHQWFKRLFHVDQGWRILQGZD\VWRPLQLPL]HWKHFKDQFHWKDWWHVWLPRQLDOVZLOOGLVWUDFW
SDWLHQWVIURPSUREDELOLVWLFLQIRUPDWLRQ
6LPRQ:KLWQH\DQG0LFKDHO&URXFKIXQGHGE\D.&DUHHU'HYHORSPHQW$ZDUGIURP$+54DUHFXUUHQWO\FRQGXFWLQJDUDQGRPL]HGFRQWUROOHGWULDORIDSDWLHQWGHFLVLRQDLGIRU
VWDWLQWKHUDS\ 6WDWLQ7KHUDS\,QIRUPHG&KRLFH ,QWKHVHOIDGPLQLVWHUHGYHUVLRQDVHFWLRQHQWLWOHG:KDWZRXOGP\H[SHULHQFHEHOLNHLI,WRRNDVWDWLQFKROHVWHUROPHGLFLQH"
WHQPLQLVWRULHVGHSLFWWKHPDLQIRUHVHHDEOHRXWFRPHVRIWKHVWDWLQWKHUDS\GHFLVLRQ7KH
OLNHOLKRRGWKDWDQLQGLYLGXDO VH[SHULHQFHZRXOGEHOLNHWKDWRIWKHSHUVRQLQHDFKPLQLVWRU\
LVSURYLGHGLQWHUPVRIRGGVDQGFKDQFHVLQ´ EDVHGRQGDWDIURPWKHODUJHVWDWLQWULDOV 7KXVWKHLQYHVWLJDWRUVKDYHWULHGWRFRPELQHWKHK\SRWKHVL]HGYDOXHRIVWRULHV IRUPDNLQJSRVVLEOHVFHQDULRVVHHPPRUHUHDO ZLWKDIDFWEDVHGHVWLPDWHRIWKHOLNHOLKRRGWKDWWKHVWRULHVDUHDSSOLFDEOHWRWKHLQGLYLGXDO,QFRQFOXVLRQWKHFXUUHQWHYLGHQFHDERXWWKLVWRSLFLVOLPLWHGDQGFRQIOLFWLQJ,WUHPDLQVWREHFODULILHGZKHWKHULWLVSRVVLEOHWRLGHQWLI\DµEHVWVWUDWHJ\¶IRUWKHLQFOXVLRQRIRWKHUV
H[SHULHQFHVLQSDWLHQWGHFLVLRQDLGV,WLVOLNHO\WKDWGLIIHUHQWFRQGLWLRQVDQGW\SHVRIGHFLVLRQZLOOUHTXLUHGLIIHUHQWFRPELQDWLRQVRIPDWHULDOVXJJHVWLQJWKDWWKHHYLGHQFHZLOOQHYHUEHDSSOLFDEOHWRDOOHYHQLIEDVHGRQDSSURSULDWHFOLQLFDOSRSXODWLRQV+RZHYHUFRPPRQLVVXHVLQFOXGHKRZWRSUHVHQWEDODQFHGSDWLHQWV¶VWRULHVUHSUHVHQWLQJHDFKRXWFRPHDQGKRZWRLQWHJUDWHWKHSULRULWLHVH[SUHVVHGLQWKHSDWLHQWV¶VWRULHVZLWKWKHVWDWLVWLFDOLQIRUPDWLRQDERXWKHDOWKRXWFRPHV
2ULJLQDO5HIHUHQFHV
0LFKLHOXWWH5%DKQVRQ-'LJQDQ0%6FKURHGHU(07KHXVHRILOOXVWUDWLRQVDQGQDUUDWLYHWH[WVW\OH
WRLPSURYHUHDGDELOLW\RIKHDOWKHGXFDWLRQEURFKXUH-&DQFHU(GXFDWLRQ  

2¶&RQQRU$05RVWRP$)LVHW97HWURH-(QWZLVWOH9/OHZHOO\Q7KRPDV++ROPHV5RYQHU
0%DUU\0 -RQHV-'HFLVLRQDLGVIRUSDWLHQWVIDFLQJKHDOWKWUHDWPHQWRUVFUHHQLQJGHFLVLRQV
V\VWHPDWLFUHYLHZ%0-

2 &RQQRU$06WDFH\'(QWZLVWOH9/OHZHOO\Q7KRPDV+5RYQHU'+ROPHV5RYQHU0
7DLW97HWURH-)LVHW9%DUU\0-RQHV-'HFLVLRQDLGVIRUSHRSOHIDFLQJKHDOWKWUHDWPHQWRU
VFUHHQLQJGHFLVLRQV>&RFKUDQH5HYLHZ@,Q7KH&RFKUDQH/LEUDU\,VVXH2[IRUG8SGDWH
6RIWZDUH

2¶&RQQRU$0'UDNH(5:HOOV*$7XJZHOO3/DXSDFLV$ (OPVOLH7$VXUYH\RIWKHGHFLVLRQPDNLQJQHHGVRI&DQDGLDQVIDFHGZLWKFRPSOH[KHDOWKGHFLVLRQV+HDOWK([SHFWDWLRQV

2¶&RQQRU$0'UDNH(5)LVHW9*UDKDP,'/DXSDFLV$ 7XJZHOO37KH2WWDZDSDWLHQW
GHFLVLRQDLGV(IIHFWLYH&OLQLFDO3UDFWLFH  

2¶&RQQRU$0 -DFREVHQ0-:RUNERRNRQGHYHORSLQJDQGHYDOXDWLQJSDWLHQWGHFLVLRQDLGV2WWDZD+HDOWK5HVHDUFK,QVWLWXWH







8VLQJ3HUVRQDO6WRULHV
2¶&RQQRU$0/OHZHOO\Q7KRPDV+$6DZND&3LQIROG637R7 +DUULVRQ'(3K\VLFLDQV¶RSLQLRQVDERXWGHFLVLRQDLGVIRUSDWLHQWVFRQVLGHULQJV\VWHPLFDGMXYDQWWKHUDS\IRUD[LOODU\QRGHQHJDWLYHEUHDVWFDQFHU3DWLHQW(GXFDWLRQDQG&RXQVHOLQJ

3RSD\-5RJHUV$:LOOLDPV*5DWLRQDODQGVWDQGDUGVIRUWKHV\VWHPDWLFUHYLHZRITXDOLWDWLYH
OLWHUDWXUHLQKHDOWKVHUYLFHVUHVHDUFK4XDOLWDWLYH+HDOWK5HVHDUFK

3ULFH9 &]LOOL(-0RGHOLQJSDWWHUQVRIQHZVUHFRJQLWLRQDQGUHFDOO-RXUQDORI&RPPXQLFDWLRQ  
6DQIUH\$ +DVWLH5'RHVHYLGHQFHSUHVHQWDWLRQIRUPDWDIIHFWMXGJPHQW"$QH[SHULPHQWDOHYDOXDWLRQRIGLVSOD\VRIGDWDIRUMXGJPHQWV3V\FKRORJLFDO6FLHQFH  

6DWWHUILHOG'6WRULHVFRQQHFWVFLHQFHWRVRXOV'LDEHWHV(GXFDWRU  
8EHO3$,VLQIRUPDWLRQDOZD\VDJRRGWKLQJ"+HOSLQJSDWLHQWVPDNH³JRRG´GHFLVLRQV0HGLFDO&DUH
 6XSSO 99
8EHO3$-HSVRQ& %DURQ-7KHLQFOXVLRQRISDWLHQWWHVWLPRQLDOVLQGHFLVLRQDLGV(IIHFWVRQWUHDWPHQWFKRLFH0HGLFDO'HFLVLRQ0DNLQJ  

