&RQFOXGLQJ5HPDUNV$OWKRXJK PRUH WKDQ ILYH PRQWKV KDYH SDVVHG DIWHU WKH HDUWKTXDNH RFFXUUHGDSSUR[LPDWHO\HYDFXHHVVWLOOOLYHLQGLIILFXOWLHVDQGZKROHGDPDJHRIWKHGLVDVWHUFDQQRW EH FDSWXUHG 7KHVH IDFWV PDNH XV UHDOL]H WKDW WKH GLVDVWHU ZDV XQSUHFHGHQWHG
KXJHRQH,WZDVDOVRWKHILUVWH[SHULHQFHIRUXVWKDWWKHLQYHVWLJDWLRQDUHDVQHHGHGWREH
OLPLWHG FRQVLGHULQJ WKH LQIOXHQFH RI WKH DFFLGHQW LQ WKH )XNXVKLPDGDLLFKL QXFOHDUSRZHUSODQWDQGWKDWZHKDGWREHFRQFHUQHGZLWKWKHVDIHW\RIVWDIIPHPEHUVDJDLQVWIUHTXHQWDIWHUVKRFNVLQFOXGLQJODUJHRQHV
7KLV UHSRUW VXPPDUL]HG WKH VXUYH\ UHVXOWV GHVFULEHG LQ RXU TXLFN UHSRUW DOUHDG\SXEOLVKHG LQ -DSDQHVH ZLWK VRPH DGGLWLRQDO VXUYH\ UHVXOWV RQ WKH VHLVPLFDOO\ LVRODWHG
EXLOGLQJV7KHRXWOLQHRIHDFKFKDSWHULVDVIROORZV
7KH ILUVW FKDSWHU IRUPV ³,QWURGXFWLRQ´ WR EULHIO\ ILJXUH KRZ 1,/,0 DQG %5,FRRSHUDWHGWRSUHSDUHWKHV\VWHP 7KH-RLQW6XUYH\7HDPRQEXLOGLQJGDPDJH LQRUGHUWRUHVSRQGWRWKHVXSSRUWUHTXHVWVRIDIIHFWHGDUHDVDQGKRZWKHWHDPFRQGXFWHGYDULRXVVXUYH\VDQGUHVHDUFKHVDIWHURFFXUUHQFHRIWKHHDUWKTXDNH
7KH VHFRQG FKDSWHU WLWOHG 2XWOLQH RI 5HVHDUFK DQG )LHOG 6XUYH\ GHVFULEHV WKHRXWOLQH RI WKH UHVHDUFKHV DQG ILHOG VXUYH\V DQG WKH QDPHV RI WKH VWDII PHPEHUV ZKRZHUHLQFKDUJHRIWKHZRUNV
7KH WKLUG FKDSWHU WLWOHG DV ³2YHUYLHZ RI 'DPDJH´ UHYLHZV RXWOLQH RI WKH 
7RKRNX HDUWKTXDNH DSSOLHG VLWXDWLRQ RI HQIRUFHPHQW RI WKH ODZV UHODWHG WR GLVDVWHUPDQDJHPHQW GDWD RQ KXPDQ DQG SK\VLFDO GDPDJH DQG VLWXDWLRQ RI SURYLVLRQ RI
WHPSRUDU\ KRXVHV HWF PDLQO\ EDVHG RQ WKH RIILFLDOO\ DQQRXQFHG GDWD DV RI $SULO 
ZKHQ WKLV UHSRUW ZDV VXPPDUL]HG LI QHZ GDWD EHFRPHV DYDLODEOH WKLV UHSRUW XVHVXSGDWHGGDWDLQGLFDWLQJQHZGDWH 
7KHIRXUWKFKDSWHU³2XWOLQHRI(DUWKTXDNHDQG7VXQDPL´SURYLGHVUHVHDUFKUHVXOWVRQHDUWKTXDNHVRXUFHPRGHOVRIWVXQDPLVRXUFHDQGPD[LPXPKHLJKWRIWVXQDPLDQGVR
RQ
7KH ILIWK FKDSWHU GHVFULEHV ³(DUWKTXDNH 0RWLRQ 2EVHUYDWLRQ DQG 5HVXOWV´ WKDWLQFOXGHV FKDUDFWHULVWLFV RI HDUWKTXDNH UHFRUGV IURP %5, VWURQJ PRWLRQ REVHUYDWLRQQHWZRUNHWF,WLVQRWHZRUWK\WKDWWKHGDWDRIDERYHPHQWLRQHG%5,HDUWKTXDNHGDWDZDVUHIHUUHG JOREDOO\ DV WKH ILUVW VHLVPLF GDWD RI WKH HDUWKTXDNH VLQFH WKH GDWD QHWZRUNV\VWHP RI WKH 1DWLRQDO 5HVHDUFK ,QVWLWXWH IRU (DUWK 6FLHQFH DQG 'LVDVWHU 3UHYHQWLRQ
1,('  WKDW ZDV XVXDOO\ RQH RI WKH ILUVW GDWD UHVRXUFH IURP HDUWKTXDNH GLG QRW ZRUNZHOO EHFDXVH GDPDJH WR QHWZRUN IDFLOLWLHV KDG RFFXUUHG LPPHGLDWHO\ DIWHU WKHHDUWKTXDNH

‑ ɌɑɎȻ‑‑ 163 ‑7KH VL[WK FKDSWHU WLWOHG ³'DPDJH WR %XLOGLQJV E\ (DUWKTXDNH 0RWLRQV´VXPPDUL]HVWKHSROLF\RIWKHLQYHVWLJDWLRQDQGWKHUHVXOWVRIGDPDJHVXUYH\VRQZRRGVWHHO IUDPH DQG UHLQIRUFHG FRQFUHWH VWUXFWXUHV UHVLGHQWLDO ODQG IRXQGDWLRQ DQGQRQVWUXFWXUDOHOHPHQWV7KHUHVXOWVDUHVXPPDUL]HGDVIROORZV  :RRG KRXVHV 7KH GDPDJH RI XSSHU VWUXFWXUH ZDV REVHUYHG LQ VHYHUDO DUHDVKRZHYHUWKHGDPDJHWRZRRGKRXVHVVHHPHGQRWVRKHDY\DVDQLPSUHVVLRQLQ.XULKDUDFLW\ZKHUHVHLVPLFLQWHQVLW\ZDVUHFRUGHG0DQ\GDPDJHRIVWUXFWXUHZHUHREVHUYHG
GXHWRGHIRUPDWLRQRIGHYHORSHGUHVLGHQWLDOODQGLQ6HQGDLFLW\0L\DJLSUHIHFWXUHDQG
<DLWDFLW\7RFKLJLSUHIHFWXUH7KHGDPDJHWRURRIWLOHVFRXOGEHPRUHREVHUYHGLQERWK)XNXVKLPDDQG,EDUDNLSUHIHFWXUHVWKDQLQ0L\DJLSUHIHFWXUHZKHUHPDMRUHDUWKTXDNHVIUHTXHQWO\RFFXUUHGVLQFHWKH0L\DJLNHQRNL(DUWKTXDNH7KHGDPDJHW\SHVDUH
VLPLODUWRWKRVHRIWKHSDVWHDUWKTXDNHV  6WHHO IUDPH VWUXFWXUHV 7KHUH ZDV DOPRVW QR GDPDJH WR PDLQ VWHHO VWUXFWXUH
PHPEHUV VXFK DV FROXPQV DQG EHDPV 'DPDJH RI YHUWLFDO EUDFHV¶ UXSWXUH HWF ZDV REVHUYHGLQWKHVFKRROJ\PQDVLXPWKDWZDVFRQVWUXFWHGLQWKH\HDUVRIROGVHLVPLFFRGHEHIRUH   KRZHYHU WKH GDPDJH UDWLR ZDV VPDOOHU WKDQ WKH FDVH RI WKH 
1LLJDWDNHQ&KXHWVX(DUWKTXDNH2QWKHRWKHUKDQGGDPDJHWRQRQVWUXFWXUDOHOHPHQWVLQFOXGLQJIDOOLQJRIFHLOLQJVZDVREVHUYHGFRPSDUDWLYHO\PRUHWKDQWKHSDVWFDVHV 5HLQIRUFHGFRQFUHWHVWUXFWXUHV0RVWRIVWUXFWXUDOGDPDJHWRUHLQIRUFHGFRQFUHWHVWUXFWXUH ZDV REVHUYHG LQ WKH EXLOGLQJV GHVLJQHG ZLWK WKH SUHYLRXV VHLVPLF FRGH 7KHQXPEHURIGDPDJHGUHLQIRUFHGFRQFUHWHEXLOGLQJVZDVQRWVRODUJHDVFRQVLGHUHGZLWKWKHVHLVPLFLQWHQVLW\REVHUYHGQHDUE\7KHGDPDJHW\SHVZHUHPRVWO\VLPLODUWRWKHSDVWVHLVPLF GDPDJHV WKDW LQFOXGHG VHYHUH GDPDJH VXFK DV ORVV RI D[LDO IRUFH EHDULQJFDSDFLW\GXHWRVKHDUIDLOXUHRIFROXPQV 5HVLGHQWLDOODQG)RXQGDWLRQ/LTXHIDFWLRQRFFXUUHGLQVRZLGHDUHDVWKDWFRXOG
QRW EH VHHQ GXULQJ WKH SDVW HDUWKTXDNHV LQ -DSDQ 5HVHDUFK RQ WKH PHFKDQLVP DQGFRQVLGHUDWLRQVRIFRXQWHUPHDVXUHVZLOOEHQHFHVVDU\QRWRQO\IRULQGLYLGXDOEXLOGLQJV
EXWDOVRIRULQIUDVWUXFWXUHOLNHURDGZD\VWUXFWXUHVZDWHUVXSSO\DQGVHZDJHV\VWHPV,Q
VRPH UHVLGHQWLDO ODQGV KHDY\ GDPDJH VXFK DV JURXQG IDLOXUH ZDV REVHUYHG VLPLODU WR
WKHGDPDJLQJHDUWKTXDNHVLQWKHSDVW 'DPDJH WR QRQVWUXFWXUDO HOHPHQWV RI EXLOGLQJV RI FRPSDUDWLYHO\ ROGFRQVWUXFWLRQ W\SHV ZDV FRQILUPHG LQ PDQ\ FDVHV ,Q DGGLWLRQ EUHDN DQG IDOOLQJ RIQRQVWUXFWXUDOHOHPHQWVDWUDWKHUKLJKHUSDUWVZHUHDOVRFRQILUPHG
7KHVHYHQWKFKDSWHUGHVFULEHV³'DPDJHWR%XLOGLQJVLQ,QXQGDWLRQ$UHDV,QGXFHGE\ 7VXQDPL´ WKDW LQFOXGHV UHVHDUFK RQ WKH H[LVWLQJ JXLGHOLQHV UHJDUGLQJ WKH EXLOGLQJGHVLJQ PHWKRGRORJLHV DJDLQVW WVXQDPL 7KLV FKDSWHU LQWURGXFHV FRQGXFWHG VXUYH\V RQ
UHPDLQLQJ FROODSVHG RU ZDVKHG DZD\ EXLOGLQJV LQ WKH PDMRU WVXQDPL DIIHFWHG DUHDVIURP WKH QRUWK LQ <DPDGD WRZQ ,ZDWH SUHIHFWXUH WR WKH VRXWK LQ <DPDPRWR WRZQ
0L\DJL SUHIHFWXUH 7KH VXUYH\V LQFOXGHG PHDVXULQJ GDPDJH RI EXLOGLQJV GHSWK RI

‑ ɌɑɏȻ‑‑ 164 ‑WVXQDPLDQGVWUXFWXUDOHOHPHQWGDWDIRUFDOFXODWLQJKRUL]RQWDOORDGEHDULQJFDSDFLW\DQG
RWKHUYDOXHV$IWHUYHULILFDWLRQRIH[LVWLQJJXLGHOLQHVDSURSRVDOZDVSUHSDUHGLQRUGHUWRPDNHWKHJXLGHOLQHVPRUHUDWLRQDOL]HGRQHV
7KHHLJKWKFKDSWHURQ³'DPDJHRI%XLOGLQJVHWFGXHWR)LUH´VXPPDUL]HVUHVXOWVRIILHOGVXUYH\VRQILUHVLQWVXQDPLDIIHFWHGDUHDVDQGVKDNHLQGXFHGILUHVLQRWKHUDUHDVDQGFODULILHVWKHIHDWXUHVRIGDPDJH7KHUHVXOWVKRZVWKDWPDQ\XVXDOW\SHRIILUHVGXH
WR HDUWKTXDNH KDSSHQHG HYHQ WKRXJK ILUHV LQ WVXQDPL DIIHFWHG DUHDV ZHUH QRWLFHG DQGUHSRUWHGPRUH
7KH QLQWK FKDSWHU VXPPDUL]HV ³5HVSRQVH RI 6HLVPLFDOO\ ,VRODWHG %XLOGLQJ´LQFOXGLQJ RXWOLQH RI VXUYH\HG EXLOGLQJV DQG WKH EHKDYLRU RI VHLVPLFDOO\ LVRODWHG
EXLOGLQJV
7KHGDPDJHVXUYH\VLQWKLVUHSRUWZHUHFRQGXFWHGDVFDUHIXOO\DVSRVVLEOHXVLQJDURXQGSHUVRQGD\V SHUVRQV +RZHYHUZKROHGDPDJHRIWKHHDUWKTXDNHPD\QRW EH FRYHUHG FRQVLGHULQJ WKH GDPDJH RI ZLGH DUHDV )XUWKHU VXUYH\V ZLOO EH
FRQWLQXRXVO\FDUULHGRXW
5HFRYHU\DQGUHKDELOLWDWLRQRIWKHDIIHFWHGDUHDVKDYHDGYDQFHGVORZO\EXWVWHDGLO\ZKLOH WKH LQWURGXFWLRQ 6HFWLRQ   RI WKLV UHSRUW VD\V WKDW ZKROH GDPDJH FDQQRW EH
JUDVSHG \HW 7KH JRYHUQPHQW VHW XS WKH 5HFRQVWUXFWLRQ 'HVLJQ &RXQFLO RQ $SULO ZKLFKVXEPLWWHGLWVUHSRUWRIUHFRPPHQGDWLRQLQ-XQH7KH0/,7DOVRHVWDEOLVKHGYDULRXV ZRUNLQJ FRPPLWWHHV ,Q WKH ILHOG RI EXLOGLQJV WKH %XLOGLQJ 6WUXFWXUDO &RGH
&RPPLWWHH FKDLUHGE\3URI7HWVXR.XERWKH8QLYHUVLW\RI7RN\R WKDWDLPVWRUHYLHZGUDIWVWUXFWXUDOFRGHRIEXLOGLQJVLQWKH1,/,0LVDQDO\]LQJWKHGDPDJHVDQGSURPRWH
UHODWHGWHFKQLFDOUHYLHZVDQGVRRQLQFRRSHUDWLRQZLWK%5,LQRUGHUWRVHFXUHWKHVDIHW\RIEXLOGLQJVEDVHGRQGDPDJHVFDXVHGE\WKH7RKRNXHDUWKTXDNH 1,/,0DQG%5,ZRXOGOLNHWRFRQWULEXWHWRWKHVRFLHW\WKURXJKWKLVUHSRUWDQGWKH
DGYDQFHGWHFKQLFDONQRZOHGJH,WZLOOEHYHU\PXFKDSSUHFLDWHGLIUHODWHGRUJDQL]DWLRQV
DQGLQGLYLGXDOVZLOOFRRSHUDWHZLWKXVFRQWLQXRXVO\LQWKHIXWXUH/DVWO\ 1,/,0 DQG %5, ZRXOG H[SUHVV GHHSHVW FRQGROHQFH WR WKH YLFWLPV RI WKHWVXQDPLDQGHDUWKTXDNHDQGWKHLUIDPLO\PHPEHUVDVZHOODVVXIIHUHUVDIIHFWHGIURPWKH
GLVDVWHU,QDGGLWLRQZHZRXOGOLNHWRH[SUHVVRXUKHDUWIHOWDSSUHFLDWLRQWRSHRSOHIURPDURXQGWKHZRUOGIRUWKHLUZDUPVXSSRUWDQGFRUGLDOIULHQGVKLS
1RWH$FRPPHQWYLDHPDLOVHQWIURP86$GDWHGRQ0DUFK ³,OHDUQHGWKDWWKH1,('VHUYHUVZHUHRXWVRWKHVKDNLQJPXVWKDYHEHHQSUHWW\EDG,ZDVDEOHWR
VHHWKH%5,JURXQGPRWLRQVDQGVRPHUHSRUWVRQEXLOGLQJV9HU\JRRGDQGTXLFNZRUN´‑ ɌɑɐȻ‑‑ 165 ‑7(&+1,&$/127(RI1,/,0
1R  6HSWHPEHU
%5,5HVHDUFK3DSHU
1R  6HSWHPEHU
1DWLRQDO,QVWLWXWHIRU/DQGDQG,QIUDVWUXFWXUH0DQDJHPHQW%XLOGLQJ5HVHDUFK,QVWLWXWH1DWLRQDO,QVWLWXWHIRU/DQGDQG,QIUDVWUXFWXUH0DQDJHPHQW
0LQLVWU\RI/DQG,QIUDVWUXFWXUH7UDQVSRUWDQG7RXULVP$VDKL7VXNXED,EDUDNL-DSDQ3KRQH  %XLOGLQJ5HVHDUFK,QVWLWXWH %5, ,QFRUSRUDWHG$GPLQLVWUDWLYH$JHQF\7DFKLKDUD7VXNXED,EDUDNL-DSDQ3KRQH  