,QWURGXFWLRQ,EHJDQP\DVVLJQPHQWDW.\UJ\]7XUNLVK0DQDV8QLYHUVLW\LQ%LVKNHNWKHFDSLWDORI.\UJ\]VWDQGXULQJWKHDFDGHPLF\HDUZKLOH,ZDVDIDFXOW\PHPEHURIøVWDQEXO8QLYHUVLW\¶V)DFXOW\RI/HWWHUV+LVWRU\'HSDUWPHQW6LQFHP\DUHDRIH[SHUWLVHLVSULPDULO\QRPDGVDQGQRPDGLVP
DVDQLPSRUWDQWHOHPHQWRI2WWRPDQVRFLHW\IURPWKHPRPHQW,DUULYHG,
ZDVH[FLWHGDERXWEHLQJLQWKHDFWXDOZRUOGRIPLJUDWLRQLQ.\UJ\]VWDQDQG
DERXW GRLQJ UHODWHG VFLHQWLILF UHVHDUFK 7KH IDFW WKDW WKH .\UJ\] SHRSOHDOZD\V VKDUHG WKLV HQWKXVLDVP RI PLQH DQG VDZ PH DV RQH RI WKHLU RZQSOD\HGDQLPSRUWDQWUROHLQSURYLGLQJLPSHWXVWRP\ZRUN,QWKLVUHJDUG,
PXVWVD\WKDWWKHVHODVW\HDUVWKDW,KDYHOLYHGLQ.\UJ\]VWDQKDYHEHHQ
WKHKDSSLHVWDQGPRVWSURGXFWLYHRIP\OLIH'XULQJWKHILUVWGD\VDIWHUFRPLQJWR.\UJ\]VWDQ,WULHGSULPDULO\WR
PDNH DQ LQYHQWRU\ RI WKH UHVHDUFK DQG SXEOLFDWLRQV GRQH FRQFHUQLQJ WKHQRPDGLF.\UJ\]FRPPXQLW\7KHILUVWWKLQJWKDWFDXJKWP\DWWHQWLRQDERXWWKHVHSXEOLFDWLRQVZDVWKDWSULRUWRWKH6RYLHWSHULRGWKHIRFXVZDVRQGLVFRYHULQJ JHRJUDSK\ DQG VRFLHW\ GXULQJ WKH 6RYLHW SHULRG HIIRUWVFRQFHQWUDWHG RQ LGHQWLI\LQJ DQG XQGHUVWDQGLQJ VRFLHW\ ZKLOH DIWHU WKH 6RYLHWSHULRGWKHIRFXVWXUQHGWRUHVHDUFKRQWKH.\UJ\]FRPPXQLW\LWVLGHQWLW\DQGWKHQRPDGLFFODQV XUXX RUWKHVXEFODQV XUXN WKDWPDNHXS.\UJ\]
VRFLHW\ $QRWKHU LVVXH ZDV WKH LPSRUWDQFH RI GDWD EDVHG RQ RUDO KLVWRU\VRXUFHV DQG ILHOG VWXGLHV FRQFHUQLQJ .\UJ\] VRFLHW\ ZKLFK LV D QRPDGLF
VRFLHW\DQGZKLFKKDVUHDFKHGWKHSUHVHQWGD\E\SUHVHUYLQJWKHYDOXHRIQRPDGLVP 7KLV VLWXDWLRQ SURPSWHG PH WR WKLQN DERXW WKH LPSRUWDQFH RI
RUDOKLVWRU\VRXUFHVDQGILHOGVWXGLHVUHJDUGLQJWKH.\UJ\]FRPPXQLW\$VWLPHSDVVHGDQGDV,FDPHWRNQRZWKHHQYLURQPHQWDQG.\UJ\]
VRFLHW\PRUHFORVHO\,EHJDQWREHWWHUXQGHUVWDQGWKDWUHVHDUFKDQGLQYHVWLJDWLRQVLQWKHILHOGVXQGHUFRQVLGHUDWLRQZRXOGEHYHU\DSSURSULDWHEHFDXVHWKHREVHUYDWLRQVDQGGHWHUPLQDWLRQV,PDGHVKRZHGWKDWWKHQRPDGLF.\U
J\]SHRSOHZKRVHKLVWRU\UHDFKHVEDFNWRORQJDJRSHULRGVKDYHSUHVHUYHG
WKHLUFXVWRPVDQGWUDGLWLRQVZLWKRXWPDQ\FKDQJHVXSXQWLOWKHSUHVHQWGD\$WWKHVDPHWLPHWKLVVLWXDWLRQGHPDQGHGWKDWLQWKHVFLHQWLILFVWXGLHVWREH
PDGHRQWKHQRPDGLF.\UJ\]SHRSOHWKHIRFXVVKRXOGEHRQRUDOKLVWRU\VRXUFHVVLQFHWKH\GRQRWKDYHPDQ\ZULWWHQUHFRUGV,QRUGHUWRFRQGXFWUHVHDUFKLQWKHIUDPHZRUNRIWKHVWDWHGVXEMHFWVZHIROORZHGWKHIROORZLQJPHWKRGILUVWZHEHJDQE\FKRRVLQJWKHLVVXHVWREHUHVHDUFKHGQRWLQDJHQHUDOZD\EXWZLWKFDUHWDNHQWRFKRRVHVSHFLILFVXEMHFWV1H[WWKHILHOGVUHODWHGWRWKHVHVXEMHFWVDQGWKHVRXUFHLQGLYLGXDOVZHUHGHWHUPLQHG,QWKLVUHJDUGXVLQJWKHVQRZEDOOPHWKRGRXUILUVW

1RPDGVDQG1RPDGLVPVRXUFH LQGLYLGXDOV ZHUH RXU XQLYHUVLW\ VWXGHQWV7KURXJK WKH VWXGHQWV ZH
WULHG WR UHDFK WKH UHJLRQV ZKHUH WKH UHVHDUFK ZRXOG WDNH SODFH DQG WKHLU
PRWKHUVIDWKHUVDQGUHODWLYHVZKRZRXOGEHRXUILUVWVRXUFHLQGLYLGXDOV
6XEVHTXHQWO\ZHZHUHDEOHWRILQGRWKHUVRXUFHLQGLYLGXDOVWKURXJKWKHPDQGLQWKLVZD\WKHVQRZEDOOJUDGXDOO\EHJDQWRJURZELJJHU6RE\VWDUWLQJ ZLWK WKH MRLQW SURMHFWV FDOOHG µ7KH )RUPDWLRQ 3URFHVV RI WKH .\UJ\]
1DWLRQDO,GHQWLW\'XULQJWKHWK&HQWXU\¶ZKLFKKDVEHHQFRPSOHWHGDQG
WKHSURMHFWVFDOOHGµ/LYLQJ+LVWRU\RIWKH&HQWUDO$VLDQ3HRSOH7KH&DVH
RI .\UJ\]VWDQ¶ DQG µ(XUDVLD 1RPDGLF 5HVHDUFK¶ ZKLFK DUH RQJRLQJ ZH
KDYHHQVXUHGWKDWRXUUHVHDUFKUHDFKHVDEURDGHUVHFWLRQDQGILHOGDVZHOODVPRUHYDULHGVXEMHFWV$VRXUUHVHDUFKDGYDQFHGZHWULHGWRV\VWHPL]HDQGFRQFHSWXDOL]HWKH
GDWDZKLFKLVEDVHGRQREVHUYDWLRQVDQGRUDOKLVWRU\E\W\LQJLWWRWKHUH
FHVVHVRIKLVWRU\WRWKHH[WHQWSRVVLEOH$GGLWLRQDOO\ZHWULHGWRFRPSDUHRXUILQGLQJVDQGDVVXPSWLRQVRQFHUWDLQPDWWHUVZLWKWKHQRPDGVDQGPLJUDWLRQV LQ $QDWROLD GXULQJ WKH 2WWRPDQ SHULRG LQ SDUWLFXODU $IWHUZDUGVFHUWDLQVXEMHFWVZHUHSUHVHQWHGDVSDSHUVWRUHODWHGFRQJUHVVHVDQGV\PSR
VLD HVSHFLDOO\ DW WKH LQWHUQDWLRQDO OHYHO DQG JUDGXDOO\ WKH\ EHJDQ WR EH
SXEOLVKHG:LWKWKH ILUVW SURGXFWV RI WKLV UHVHDUFKVHHLQJ WKHOLJKW ZH JRW WR
JHWKHUDQGFDPHWRWKHFRQFOXVLRQWKDWDSXEOLFDWLRQZRXOGEHDSSURSULDWH
:H WKHQ FROOHFWHG WKH SXEOLVKHG DQG XQSXEOLVKHG SDSHUV UHYLHZHG WKHPDQGUHFODVVLILHGWKHPEDVHGRQVXEMHFW7KHERRNWKDWUHVXOWHGIURPWKLVFODVVLILFDWLRQKDVWKUHHPDLQVHFWLRQV3DSHUV FRQFHUQLQJ WKH .\UJ\] FRPPXQLW\¶V VRFLDO DQG DGPLQLVWUDWLYHVWUXFWXUHEDVHGLQODUJHPHDVXUHRQRUDOKLVWRU\VRXUFHVDUHIRXQGLQ
WKHILUVWVHFWLRQRIWKHERRN&RPSDUDWLYHVXEMHFWVUHODWHGWRDGPLQLVWUDWLYH
VRFLDOFXOWXUDODQGHFRQRPLFKLVWRU\DUHLQWKHVHFRQGVHFWLRQ7KHVHFRPSDULVRQV IRFXV PDLQO\ RQ .\UJ\] DQG 2WWRPDQ QRPDGLF VRFLHWLHV ,Q WKHWKLUGVHFWLRQRIWKHERRNLVVXHVFRQFHUQLQJHVSHFLDOO\WKHWLPHNQRZQDV
WKH7UDQVLWLRQ3HULRGDIWHUDUHDGGUHVVHGWKHUHELUWKRIWKHFRPPXQLW\¶VFXOWXUDOVRFLDODQGHFRQRPLFYDOXHVWKHG\QDPLFHOHPHQWVWKDWIRUP
WKHEDVLVIRUUHODWLRQVEHWZHHQWKHXUEDQDQGUXUDOJURXSVIDPLO\WLHVEH
LQJDPHPEHURIWKHVDPHPLJUDQWJURXSDQGORFDOLW\WLHVWKHLQWHUQDOVROLGDULW\RUJDQL]DWLRQVIRUPHGE\WKHVHWLHVDQGWKHPRXQWDLQSDVWXUHODQGVRIWKHQRPDGLF.\UJ\]SHRSOHVDQGWKHLQWHJUDWLRQRIWKHVHODQGVLQWRWKH
PDUNHWHFRQRP\$VWKHSDSHUVZHUHFRPSLOHGRULJLQDOQDPHVDQGSODFHVZKLFKZHUH
SUHVHQWHG DQG SXEOLVKHG DV SDSHUV ZHUH IRRWQRWHG ,Q DGGLWLRQ VLQFH WKHDUWLFOHV ZHUH ZULWWHQDW YDULRXV WLPHV IRRWQRWHV PDUNV DQG DEEUHYLDWLRQVKDYHVRPHLQFRQVLVWHQFLHVZKLFKZHWULHGWRIL[DQGEULQJPRUHFRQVLVWHQF\WREHDUDVIDUDVSRVVLEOH$OVRDVZHUHYLHZHGWKHSDSHUVZHQRWLFHG
,QWURGXFWLRQWKDW LQ VRPH RI WKHP VWDWHPHQWV FRQWDLQLQJ WKH VDPH WKRXJKWV FRXOG EH
IRXQGKHUHDQGWKHUHEHFDXVHWKH\ZHUHZULWWHQDWGLIIHUHQWWLPHV$VEHVWZHFRXOGZHWULHGWRHGLWVWDWHPHQWVOLNHWKHVHDQGWRDGGFRPSOLPHQWDU\DQGFRPSDUDWLYHLQIRUPDWLRQZKHUHVXLWDEOH
,QWKLVVWXG\DQHIIRUWKDVEHHQPDGHWRSUHVHUYHWKHVSHFLILFQDPHV
DQGWHUPVUHODWHGWR.\UJ\]DQG2WWRPDQQRPDGV+RZHYHUEHFDXVHWKH
.\UJ\]DOSKDEHWFRPHVIURPWKH&\ULOOLFDOSKDEHWFHUWDLQVSHFLILFQDPHV
DQGWHUPVUHODWHGWR.\UJ\]QRPDGVDSSHDULQVFKRODUO\VWXGLHVLQDFFRUGDQFHZLWKWKH/DWLQDOSKDEHW,QWKLVUHJDUGLQVFLHQWLILFVWXGLHVZULWWHQ
LQ(QJOLVKµM¶LVXVHGLQVWHDGRIµɠ¶ 7XUNLVKF µL¶LQVWHDGRIµɢ¶ L µƱ¶LQVWHDGRIµɣ¶ \ µNK¶LQVWHDGRIµ[¶ K µWV¶LQVWHDGRIµɰ¶µFK¶LQVWHDGRIµɱ¶ o µVK¶LQVWHDGRIµɲ¶ ú µ\¶LQVWHDGRIµɵ¶ Õ µ\X¶LQVWHDGRIµɸ¶LX  µ\D¶ LQVWHDG RI µɹ¶ LD  &RQVHTXHQWO\ WKH IROORZLQJ VSHOOLQJV DUHSUHIHUUHG µ.\UJ\]¶ LQVWHDG RI µ.ÕUJÕ]¶ µN\P\]¶ LQVWHDG RI µNÕPÕ]¶µEDDW\U¶LQVWHDGRIµEDDWÕU¶µ.DO\JXO¶LQVWHDGRIµ.DOÕJXO¶µ%LVKNHN¶LQ
VWHDGRIµ%LúNHN¶µNKDQ¶LQVWHDGRIµKDQ¶µNRONKR]¶LQVWHDGRIµNROKR]¶µ-LEHN -ROX¶ LQVWHDG RI µ&LEHN &ROX¶ µ,FKNLOLN¶ LQVWHDG RI µøoNLOLN¶ DQGµ.DƱUDW¶ LQVWHDG RI µ.D\UDW¶ ,W VKRXOG EH SRLQWHG RXW WKRXJK WKDW WKHVSHOOLQJV LQ WKH ERRN KDYH QRW EHHQ DGMXVWHG IRU DOO QDPHV WHUPV DQGVWDWHPHQWV LQ WKH .\UJ\] ODQJXDJH EXW UDWKHU MXVW IRU WKRVH QDPHV DQGWHUPVIRXQGPRVWO\LQLQWHUQDWLRQDOVWXGLHV$QLPSRUWDQWSRUWLRQRIWKHVWXGLHVLQWKHERRNLVEDVHGRQILHOGUHVHDUFKFRQGXFWHGZKLOH,ZDVDVVLJQHGDW.ÕUJÕ]7XUNLVK0DQDV8QLYHUVLW\,QWKLVUHJDUG,ZRXOGOLNHWRUHVSHFWIXOO\DFNQRZOHGJHWKHIROORZLQJLQGLYLGXDOV3URI'U.DU\EHN 0ROGREDHY IRUPHU5HFWRU RIWKH8QLYHUVÕW\ 3URI 'U 6H\IXOODK dHYLN IRUPHU 'HSXW\ 5HFWRU RI WKH 8QLYHUVLW\  DQG$\KDQ 6UHN IRUPHU *HQHUDO 6HFUHWDU\ RI WKH 8QLYHUVLW\  7KHVH YDOXHGDGPLQLVWUDWRUVDOZD\VHQVXUHGWKDWWKH8QLYHUVLW\NQRZQLQWKRVHGD\VDVµ*ROGHQ %ULGJH¶ KDG D ZDUP DWPRVSKHUH IRU VFLHQWLILF VWXGLHV &RQVH
TXHQWO\,ZRXOGOLNHWRH[WHQGP\KHDUWIHOWJUDWLWXGHWRWKHP
,QJDWKHULQJWRJHWKHUWKHVHSDSHUVIRUSXEOLFDWLRQDVWKHILUVWSURGXFWRIP\FRQWLQXLQJVWXGLHVRQWKHQRPDGLF.\UJ\]FRPPXQLW\DWDOOWLPHV,
UHFHLYHGKHOSDQGDWWLPHVDUJXPHQWVRQVRPH PDWWHUVIURPIULHQGVDQG
FROOHDJXHV ZKRVH QDPHV , PXVW PHQWLRQ 7KHVH DUH 3URI 'U $QYDUEHN
0RNHHY3URI'U$KPHW%XUDQ3URI'U'||O|WEHN6DSDUDOLHY3URI'U
.XEDWEHN7DEDOGLHY3URI'U&HQJL]$O\ÕOPD]3URI'U.RQXUDOS(UFLODVXQ3URI'U+XJMLOWX:X$VVRF3URI'U0XUDWEHN.RMREHNRY$VVRF
3URI 'U 7DDODƱEHN $EGL\HY 'U 1XUGLQ 8VHHY 'U (PUH *UE] 'U6DZDL.D]XDNLDQG.L\RWDND6XJLKDUD,DPDZDUHRIWKHGHEWRIJUDWLWXGH,
RZHWRWKHVHYDOXHGIULHQGVRIPLQH
$GGLWLRQDOO\ , PXVW PHQWLRQ KHUH FROOHDJXHV ZKR QHYHU IDLOHG WR
SURYLGH KHOS WR PH GXULQJ WKH FRXUVH RI P\ UHVHDUFK 7KHVH FROOHDJXHV

1RPDGVDQG1RPDGLVPLQFOXGH $VVRF 3URI 'U *OMDQDW .XUPDQJDOLHYD (UFLODVXQ ZKR DFFRPSDQLHGPHRQVRPHILHOGUHVHDUFKWULSVDQGZKRUHDGWKURXJKFHUWDLQVHF
WLRQVRIWKHERRNDQG'U%DNW\EHNøVDNRYZKRHQVXUHGWKDW,ZDVDEOHWR
PDNH FRQWDFW ZLWK PDQ\ LQIRUPDQWV GXULQJ P\ ILHOG UHVHDUFK DQG ZKRDFFRPSDQLHGPHRQPRVWRIWKHILHOGWULSVDQGUHYLHZHGDQLPSRUWDQWSRU
WLRQ RI WKH WH[W $OVR 6WDPEXOEHN 0DPEHWDOLHY DQG .DƱUDW %HOHN PDGHVXUHWKDW,FRXOGVSHDNZLWKFHUWDLQVRXUFHVUHODWHGWRP\UHVHDUFKDQGWKH\ZHUHXQVWLQWLQJLQWKHLUDVVLVWDQFHWRPH,QWKLVUHJDUG,DPGHHSO\JUDWH
IXOWRWKHVHFROOHDJXHV%HIRUH EHLQJ EURXJKW WRJHWKHU VRPH RI WKH DUWLFOHV LQ WKH ERRNZHUHZULWWHQLQ(QJOLVKDQGVRPHLQ7XUNLVK0\YDOXHGIULHQGDQGFROOHDJXH-DFN6QRZGHQWRRNRQWKHLPSRUWDQWWDVNRIUHYLHZLQJWKHDUWLFOHVZULWWHQLQ(QJOLVKDQGWUDQVODWLQJWKH7XUNLVKDUWLFOHVLQWR(QJOLVK,QWKLVUHJDUGKRZHYHUPXFK,WKDQN-DFN6QRZGHQLWZRXOGEHLQVXIILFLHQW,Q
DGGLWLRQ,ZRXOGOLNHWRH[SUHVVP\JUDWLWXGHWRP\IULHQGDQGFROOHDJXH
3URI 'U +LVDR .RPDWVX ZKR HQVXUHG WKDW WKH DUWLFOHV LQ WKLV ERRNZKLFKDUHWKHSURGXFWRIQHDUO\\HDUVRIVWXG\ZRXOGEHSXEOLVKHGLQ
ERRN IRUPDW DQG PDGH DYDLODEOH WR WKH VFKRODUO\ ZRUOG /DVWO\ , PXVW
H[SUHVV P\ GHHSHVW JUDWLWXGH WR P\ UHODWLYHV P\ µ.\UJ\] WXXJDQ¶ ZKRWRRN XV LQWR WKHLUKHDUWVDV WKH\ZRXOGWKHLURZQFKLOGUHQGXULQJRXUILHOGZRUNDQGZKR DOZD\V VKRZHUHG XV ZLWK WKH WUDGLWLRQDO KRVSLWDOLW\ RI WKH.\UJ\]SHRSOH
øOKDQù$+ø1%LVKNHN
