LLL

$EVWUDFW

7KH ̋&RQVWUXFWLRQ ̋ DQG ̋%XLOGLQJ ̋ 6XEFRPPLWWHH ̋ RI ̋WKH ̋ 1DWLRQDO ̋ 6FLHQFH ̋ DQG ̋ 7HFKQRORJ\

&RXQFLO ̋ LV ̋ GHYHORSLQJ ̋ EDVHOLQH ̋ PHDVXUHV ̋ RI ̋ FXUUHQW ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ SUDFWLFHV ̋ DQG

PHDVXUHV ̋RI ̋SURJUHVV ̋ZLWK ̋UHVSHFW ̋WR ̋HDFK ̋RI ̋WKH ̋VHYHQ ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOVÔ ̋ ̋7KH

VHYHQ ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOV ̋DUH ̋FRQFHUQHG ̋ZLWK„ ̋ıÏÙ ̋UHGXFWLRQV ̋LQ ̋WKH ̋GHOLYHU\ ̋WLPH

RI ̋FRQVWUXFWHG ̋IDFLOLWLHV‚ ̋ıÎÙ ̋UHGXFWLRQV ̋LQ ̋RSHUDWLRQVÒ ̋PDLQWHQDQFHÒ ̋DQG ̋HQHUJ\ ̋FRVWV‚ ̋ıÍÙ

LQFUHDVHV ̋ LQ ̋ RFFXSDQW ̋ SURGXFWLYLW\ ̋ DQG ̋ FRPIRUW‚ ̋ ıÈÙ ̋ UHGXFWLRQV ̋ LQ ̋ RFFXSDQWðUHODWHG

LOOQHVVHV ̋DQG ̋LQMXULHV‚ ̋ıËÙ ̋UHGXFWLRQV ̋LQ ̋ZDVWH ̋DQG ̋SROOXWLRQ‚ ̋ıÁÙ ̋LQFUHDVHV ̋LQ ̋WKH ̋GXUDELOLW\

DQG ̋IOH[LELOLW\ ̋RI ̋FRQVWUXFWHG ̋IDFLOLWLHV‚ ̋DQG ̋ıÊÙ ̋UHGXFWLRQV ̋LQ ̋FRQVWUXFWLRQ ̋ZRUNHU ̋LOOQHVVHV

DQG ̋LQMXULHVÔ ̋ ̋%DVHOLQH ̋PHDVXUHV ̋DQG ̋PHDVXUHV ̋RI ̋SURJUHVV ̋DUH ̋EHLQJ ̋SURGXFHG ̋IRU ̋HDFK ̋RI

WKH ̋ IRXU ̋ NH\ ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ VHFWRUVÔ ̋  ̋ 7KH ̋ IRXU ̋ VHFWRUV ̋ DUH„ ̋  ̋ ıÏÙ ̋ UHVLGHQWLDO‚ ̋ ıÎÙ

FRPPHUFLDOÓLQVWLWXWLRQDO‚ ̋ıÍÙ ̋LQGXVWULDO‚ ̋DQG ̋ıÈÙ ̋SXEOLF ̋ZRUNVÔ ̋ ̋7KLV ̋GRFXPHQW ̋SURYLGHV ̋D

GHWDLOHG ̋VHW ̋RI ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDO ̋Ï ̋ıUHGXFWLRQV ̋LQ ̋GHOLYHU\

WLPHÙÔ ̋  ̋ $V ̋ VXFKÒ ̋ LW ̋ GHVFULEHV ̋ GDWD ̋ VRXUFHVÒ ̋ GDWD ̋ FODVVLILFDWLRQV ̋ DQG ̋ KLHUDUFKLHVÒ ̋ DQG ̋ WKH

PHWULFV ̋XVHG ̋WR ̋GHYHORS ̋WKH ̋EDVHOLQH ̋PHDVXUHVÔ ̋ ̋([WHQVLYH ̋XVH ̋RI ̋FKDUWV ̋DQG ̋WDEOHV ̋LV ̋PDGH

WKURXJKRXW ̋WKLV ̋ GRFXPHQW ̋WR ̋LOOXVWUDWH ̋WKH ̋ SURFHVV ̋ E\ ̋ZKLFK ̋WKH ̋ EDVHOLQH ̋PHDVXUHV ̋ZHUH

GHYHORSHGÔ

.H\ZRUGV

EXLOGLQJ ̋HFRQRPLFV‚ ̋EXLOGLQJV‚ ̋FRQVWUXFWLRQ‚ ̋FRQVWUXFWLRQ ̋FRVWV‚ ̋FRQVWUXFWLRQ ̋WLPH‚ ̋FRVWV‚

F\FOH ̋WLPH ̋UHGXFWLRQ‚ ̋GHOLYHU\ ̋WLPH‚ ̋HFRQRPLF ̋DQDO\VLV‚ ̋PHWULFV‚ ̋VFKHGXOH ̋FRPSUHVVLRQ

Y

3UHIDFH

7KLV ̋VWXG\ ̋ZDV ̋FRQGXFWHG ̋E\ ̋WKH ̋2IILFH ̋RI ̋$SSOLHG ̋(FRQRPLFV ̋LQ ̋WKH ̋%XLOGLQJ ̋DQG ̋)LUH

5HVHDUFK ̋ /DERUDWRU\ ̋ ı%)5/Ù ̋ DW ̋ WKH ̋ 1DWLRQDO ̋ ,QVWLWXWH ̋ RI ̋ 6WDQGDUGV ̋ DQG ̋ 7HFKQRORJ\

ı1,67ÙÔ ̋ ̋7KH ̋VWXG\ ̋ZDV ̋VSRQVRUHG ̋E\ ̋WKH ̋&RQVWUXFWLRQ ̋DQG ̋%XLOGLQJ ̋6XEFRPPLWWHH ̋RI ̋WKH

1DWLRQDO ̋6FLHQFH ̋DQG ̋7HFKQRORJ\ ̋&RXQFLOÔ ̋ ̋7KH ̋%)5/ ̋ SURMHFWÒ ̋ RI ̋ZKLFK ̋WKLV ̋ VWXG\ ̋LV ̋D

SDUWÒ ̋VHHNV ̋WR ̋GHYHORS ̋EDVHOLQH ̋PHDVXUHV ̋DQG ̋PHDVXUHV ̋RI ̋SURJUHVV ̋ZLWK ̋UHVSHFW ̋WR ̋HDFK ̋RI

WKH ̋ VHYHQ ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOVÔ ̋  ̋ 7KHVH ̋ PHDVXUHV ̋ DUH ̋ WR ̋ EH ̋ GLVVHPLQDWHG ̋ ERWK

WKURXJK ̋ SXEOLFDWLRQV ̋ DQGÒ ̋ XOWLPDWHO\Ò ̋ HOHFWURQLFDOO\ ̋ YLD ̋ WKH ̋ :RUOG ̋ :LGH ̋ :HEÔ ̋  ̋ 7KH

LQWHQGHG ̋ DXGLHQFH ̋ IRU ̋ WKLV ̋ GRFXPHQW ̋ LV ̋ WKH ̋ &RQVWUXFWLRQ ̋ DQG ̋ %XLOGLQJ ̋ 6XEFRPPLWWHH

PHPEHU ̋ RUJDQL]DWLRQV ̋ DV ̋ ZHOO ̋ DV ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ UHSUHVHQWDWLYHV ̋ DQG ̋ RWKHU

LQWHUHVWHG ̋SDUWLHVÔ

YLL

$FNQRZOHGJPHQWV

7KH ̋ DXWKRUV ̋ ZLVK ̋ WR ̋ WKDQN ̋ DOO ̋ WKRVH ̋ ZKR ̋ FRQWULEXWHG ̋ VR ̋ PDQ\ ̋ H[FHOOHQW ̋ LGHDV ̋ DQG

VXJJHVWLRQV ̋ZKLFK ̋WKH\ ̋ KDYH ̋DWWHPSWHG ̋WR ̋LQFRUSRUDWH ̋LQWR ̋WKLV ̋ GRFXPHQWÔ ̋ ̋7KH ̋ DXWKRUV

ZLVK ̋ WR ̋ WKDQN ̋ 'UVÔ ̋ 5LFKDUG ̋ 1Ô ̋ :ULJKW ̋ DQG ̋ $UWKXU ̋ +Ô ̋ 5RVHQIHOGÒ ̋ &Rð&KDLUV ̋ RI ̋ WKH

&RQVWUXFWLRQ ̋DQG ̋%XLOGLQJ ̋6XEFRPPLWWHHÒ ̋DQG ̋'UÔ ̋$QGUHZ ̋ -Ô ̋)RZHOOÒ ̋6HFUHWDULDW ̋ RI ̋WKH

&RQVWUXFWLRQ ̋ DQG ̋%XLOGLQJ ̋ 6XEFRPPLWWHHÒ ̋ IRU ̋WKHLU ̋ JXLGDQFHÒ ̋ VXJJHVWLRQVÒ ̋ DQG ̋ VXSSRUWÔ

7KH ̋ DXWKRUV ̋ DOVR ̋ ZLVK ̋ WR ̋ WKDQN ̋ WKH ̋ %ULWLVK ̋ *RYHUQPHQWÒ ̋ WKH ̋ 5R\DO ̋ $FDGHP\ ̋ RI

(QJLQHHULQJÒ ̋ DQG ̋ :6 ̋ $WNLQV ̋ 3/&Ò ̋ ZKR ̋ SURYLGHG ̋ ERWK ̋ ILQDQFLDO ̋ DQG ̋ WHFKQLFDO ̋ VXSSRUW

WKURXJKRXW ̋WKH ̋SUHSDUDWLRQ ̋RI ̋WKLV ̋GRFXPHQWÔ ̋ ̋6SHFLDO ̋WKDQNV ̋DUH ̋H[WHQGHG ̋WR ̋0V ̋$OLVRQ

%RZHQÒ ̋ 3URMHFWV ̋ 0DQDJHU ̋ DW ̋ WKH ̋ 5R\DO ̋ $FDGHP\ ̋ RI ̋ (QJLQHHULQJÒ ̋ DQG ̋ 'UÔ ̋ 7LP ̋ %UR\GÒ

7HFKQRORJ\ ̋ 'HYHORSPHQW ̋ 'LUHFWRU ̋ DW ̋:6 ̋ $WNLQVÔ ̋  ̋ 7KH ̋ DXWKRUV ̋ DOVR ̋ ZLVK ̋ WR ̋ WKDQN ̋ WKH

&RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ ,QVWLWXWH ̋ ı&,,Ù ̋ IRU ̋ SURYLGLQJ ̋ DQ ̋ DJJUHJDWHGÒ ̋ SURMHFWðOHYHO ̋ GDWD ̋ VHW

FRYHULQJ ̋ WKH ̋ FRPPHUFLDOÓLQVWLWXWLRQDOÒ ̋ LQGXVWULDOÒ ̋ DQG ̋ SXEOLF ̋ ZRUNV ̋ VHFWRUVÔ ̋  ̋ 6SHFLDO

WKDQNV ̋ DUH ̋ H[WHQGHG ̋ WR ̋ 'UÔ ̋ 5LFKDUG ̋ 7XFNHUÒ ̋ 'LUHFWRUÒ ̋ &,, ̋ DQG ̋ WR ̋ 'UÔ ̋ .LUN ̋ 0RUURZÒ

IRUPHUO\ ̋ ZLWK ̋ &,,Ò ̋ IRU ̋ WKHLU ̋ VWLPXODWLQJ ̋ GLVFXVVLRQV ̋ RQ ̋ WKH ̋ XVHV ̋ RI ̋ WKHVH ̋ GDWDÔ ̋  ̋ 6SHFLDO

DSSUHFLDWLRQ ̋LV ̋H[WHQGHG ̋WR ̋'UVÔ ̋+DUROG ̋(Ô ̋0DUVKDOO ̋DQG ̋6LHJOLQGH ̋.Ô ̋)XOOHU ̋RI ̋WKH ̋2IILFH

RI ̋$SSOLHG ̋(FRQRPLFV ̋DW ̋1,67©V ̋%XLOGLQJ ̋DQG ̋)LUH ̋5HVHDUFK ̋/DERUDWRU\ ̋ı%)5/Ù ̋IRU ̋WKH

WKRURXJKQHVV ̋RI ̋WKHLU ̋UHYLHZV ̋DQG ̋IRU ̋WKHLU ̋PDQ\ ̋LQVLJKWV ̋DQG ̋0VÔ ̋6DQG\ ̋.HOOH\ ̋ IRU ̋KHU

DVVLVWDQFH ̋LQ ̋SUHSDULQJ ̋WKH ̋PDQXVFULSW ̋IRU ̋UHYLHZ ̋DQG ̋SXEOLFDWLRQÔ ̋ ̋6SHFLDO ̋DSSUHFLDWLRQ ̋LV

DOVR ̋ H[WHQGHG ̋ WR ̋ 0VÔ ̋ -XOLD ̋ 'Ô ̋ 5KRWHQ ̋ RI ̋ 9LUJLQLD ̋ 3RO\WHFKQLF ̋ ,QVWLWXWH ̋ DQG ̋ 6WDWH

8QLYHUVLW\Ò ̋IRUPHUO\ ̋ZLWK ̋%)5/©V ̋2IILFH ̋RI ̋$SSOLHG ̋(FRQRPLFVÒ ̋ZKR ̋KHOSHG ̋LPPHQVHO\

ZLWK ̋ WKH ̋ GDWD ̋ FROOHFWLRQ ̋ DQG ̋ DQDO\VLV ̋ HIIRUW ̋ GXULQJ ̋ KHU ̋ VXPPHU ̋ DQG ̋ ZLQWHU ̋ LQWHUQVKLSVÔ

7KDQNV ̋DUH ̋ GXH ̋WR ̋0UÔ ̋1RHO ̋ -Ô ̋5DXIDVWH ̋ RI ̋%)5/©V ̋2IILFH ̋ RI ̋7HFKQRORJ\ ̋7UDQVIHU ̋ DQG

&RRSHUDWLYH ̋5HVHDUFK ̋IRU ̋KLV ̋FRPPHQWV ̋DQG ̋KHOSIXO ̋VXJJHVWLRQVÔ

L[

7DEOH ̋RI ̋&RQWHQWV

$EVWUDFW ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔLLL

.H\ZRUGVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔLLL

3UHIDFHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Y

$FNQRZOHGJPHQWVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ YLL

/LVW ̋RI ̋)LJXUHV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ [LL

/LVW ̋RI ̋7DEOHVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ[YLL

([HFXWLYH ̋6XPPDU\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ [[L

ÏÔ ̋ ̋,QWURGXFWLRQ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Ï

ÏÔÏÔ ̋ ̋%DFNJURXQG ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Ï

ÏÔÎÔ ̋ ̋3XUSRVHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Î

ÏÔÍÔ ̋ ̋6FRSH ̋DQG ̋$SSURDFK ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Î

ÎÔ ̋ ̋7KH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOV„ ̋$ ̋7RRO ̋IRU ̋3URPRWLQJ ̋&RPSHWLWLYHQHVV ̋:LWKLQ

WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Ë

ÎÔÏÔ ̋ ̋'HVFULSWLRQ ̋RI ̋WKH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Ë

ÎÔÎÔ ̋ ̋%DVHOLQH ̋0HDVXUHV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Â

ÎÔÍÔ ̋ ̋0HDVXUHV ̋RI ̋3URJUHVV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Â

ÎÔÈÔ ̋ ̋,QWHUDFWLRQV ̋%HWZHHQ ̋WKH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOVÒ ̋WKH ̋%DVHOLQH ̋0HDVXUHVÒ

DQG ̋WKH ̋0HDVXUHV ̋RI ̋3URJUHVVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰

ÎÔËÔ ̋ ̋3URMHFW ̋$SSURDFK ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌ

ÎÔËÔÏÔ ̋ ̋&ULWHULD ̋IRU ̋'DWD ̋6HOHFWLRQÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎ

ÎÔËÔÎÔ ̋ ̋,GHQWLI\ ̋DQG ̋&ROOHFW ̋'DWDÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎ

ÎÔËÔÍÔ ̋ ̋&RQVHQVXV ̋RQ ̋.H\ ̋0HDVXUHV ̋DQG ̋6XSSRUWLQJ ̋'DWD ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ

ÎÔËÔÈÔ ̋ ̋3URGXFWLRQ ̋DQG ̋'LVVHPLQDWLRQ ̋RI ̋%DVHOLQH ̋0HDVXUHV ̋DQG ̋0HDVXUHV ̋RI

3URJUHVV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÈ

ÎÔËÔËÔ ̋ ̋/LPLWDWLRQV ̋RI ̋WKH ̋3URMHFW ̋$SSURDFK ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÈ

ÎÔÁÔ ̋ ̋+RZ ̋7KLV ̋'RFXPHQW ̋+HOSVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏË

ÍÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÊ

ÍÔÏÔ ̋ ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÊ

ÍÔÎÔ ̋ ̋1DWXUH ̋RI ̋&RQVWUXFWLRQ ̋$FWLYLW\ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÎÎ

ÍÔÍÔ ̋ ̋(PSOR\PHQW ̋LQ ̋&RQVWUXFWLRQ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÍÁ

ÍÔÈÔ ̋ ̋6SHFLDO ̋&RQVLGHUDWLRQVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÈÎ

ÈÔ ̋ ̋'HYHORSLQJ ̋%DVHOLQH ̋0HDVXUHV ̋DQG ̋0HDVXUHV ̋RI ̋3URJUHVV ̋IRU ̋5HGXFWLRQV ̋LQ

'HOLYHU\ ̋7LPHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ËË
[

ÈÔÏÔ ̋ ̋'DWD ̋&ODVVLILFDWLRQ ̋6FKHPHVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ËË

ÈÔÏÔÏÔ ̋ ̋,QGXVWU\ ̋2ULHQWHG ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ËË

ÈÔÏÔÎÔ ̋ ̋'DWD ̋2ULHQWHGÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÊÌ

ÈÔÎÔ ̋ ̋'DWD ̋&ROOHFWLRQ ̋DQG ̋$QDO\VLVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÊÎ

ËÔ ̋ ̋'HOLYHU\ ̋7LPH ̋0HDVXUHV ̋IRU ̋WKH ̋5HVLGHQWLDO ̋6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÊË

ËÔÏÔ ̋ ̋.H\ ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋5HVLGHQWLDO ̋6HFWRU ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÊË

ËÔÏÔÏÔ ̋ ̋'DWD ̋&RQVLGHUDWLRQV„ ̋6RXUFHVÒ ̋$YDLODELOLW\Ò ̋DQG ̋&RQVWUDLQWVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÊË

ËÔÏÔÎÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋5HVLGHQWLDO ̋6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÊÊ

ËÔÎÔ ̋ ̋%DVHOLQH ̋0HDVXUHV ̋IRU ̋WKH ̋5HVLGHQWLDO ̋6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÁ

ËÔÎÔÏÔ ̋ ̋0HDVXUHV ̋%DVHG ̋RQ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV ̋'DWD ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÊ

ËÔÎÔÏÔÏÔ ̋ ̋7RWDO ̋7LPH ̋)URP ̋$XWKRUL]DWLRQ ̋RI ̋&RQVWUXFWLRQ ̋WR ̋6WDUW ̋RI ̋3ULYDWH

5HVLGHQWLDO ̋%XLOGLQJV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÂ

ËÔÎÔÏÔÎÔ ̋ ̋7RWDO ̋7LPH ̋)URP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋RI ̋3ULYDWH

5HVLGHQWLDO ̋%XLOGLQJV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰Î

ËÔÎÔÎÔ ̋ ̋0HDVXUHV ̋%DVHG ̋RQ ̋1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUV ̋'DWD ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰Á

ËÔÎÔÍÔ ̋ ̋6XPPDU\ ̋RI ̋%DVHOLQH ̋0HDVXUHV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰‰

ÁÔ ̋ ̋'HOLYHU\ ̋7LPH ̋0HDVXUHV ̋IRU ̋WKH ̋1RQð5HVLGHQWLDO ̋6HFWRUV„

&RPPHUFLDOÓ,QVWLWXWLRQDOÒ ̋,QGXVWULDOÒ ̋DQG ̋3XEOLF ̋:RUNVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌÏ

ÁÔÏÔ ̋ ̋.H\ ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋1RQð5HVLGHQWLDO ̋6HFWRUV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌÏ

ÁÔÏÔÏÔ ̋ ̋'DWD ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋1RQð5HVLGHQWLDO ̋6HFWRUV„ ̋6RXUFHVÒ

$YDLODELOLW\Ò ̋DQG ̋&RQVWUDLQWV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌÏ

ÁÔÏÔÏÔÏÔ ̋ ̋'DWD ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋&RPPHUFLDOÓ,QVWLWXWLRQDO ̋6HFWRU ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌÏ

ÁÔÏÔÏÔÎÔ ̋ ̋'DWD ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋,QGXVWULDO ̋6HFWRU ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌÎ

ÁÔÏÔÏÔÍÔ ̋ ̋'DWD ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋3XEOLF ̋:RUNV ̋6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌÍ

ÁÔÏÔÎÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋1RQð5HVLGHQWLDO ̋6HFWRUV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌÊ

ÁÔÏÔÎÔÏÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋&RPPHUFLDOÓ,QVWLWXWLRQDO ̋6HFWRU ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌÊ

ÁÔÏÔÎÔÎÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋,QGXVWULDO ̋6HFWRU ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÎ

ÁÔÏÔÎÔÍÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋3XEOLF ̋:RUNV ̋6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÍ

ÁÔÎÔ ̋ ̋%DVHOLQH ̋0HDVXUHV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎÈ

ÁÔÎÔÏÔ ̋ ̋0HDVXUHV ̋%DVHG ̋RQ ̋86 ̋%XUHDX ̋RI ̋&HQVXV ̋'DWD ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎË

ÁÔÎÔÎÔ ̋ ̋0HDVXUHV ̋%DVHG ̋RQ ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH ̋ı&,,Ù ̋'DWDÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍÁ

ÁÔÎÔÎÔÏÔ ̋ ̋0HWULFV ̋5HODWHG ̋WR ̋7RWDO ̋3URMHFW ̋'XUDWLRQ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍÊ

ÁÔÎÔÎÔÎÔ ̋ ̋0HWULFV ̋5HODWHG ̋WR ̋WKH ̋&RQVWUXFWLRQ ̋3KDVH ̋2QO\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

ÁÔÎÔÎÔÍÔ ̋ ̋0HWULFV ̋5HODWHG ̋WR ̋6FKHGXOH ̋*URZWK ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

ÁÔÎÔÎÔÈÔ ̋ ̋5HODWLRQVKLSV ̋%HWZHHQ ̋WKH ̋8VH ̋RI ̋&,, ̋%HVW ̋3UDFWLFHV ̋DQG ̋'HOLYHU\

7LPH ̋0HWULFV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

ÁÔÎÔÍÔ ̋ ̋6XPPDU\ ̋RI ̋%DVHOLQH ̋0HDVXUHV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

ÊÔ ̋ ̋6XPPDU\ ̋DQG ̋6XJJHVWLRQV ̋IRU ̋)XUWKHU ̋5HVHDUFK ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

ÊÔÏÔ ̋ ̋6XPPDU\ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

ÊÔÎÔ ̋ ̋6XJJHVWLRQV ̋IRU ̋)XUWKHU ̋5HVHDUFK ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

$SSHQGL[ ̋$Ô ̋ ̋'DWD ̋&ODVVLILFDWLRQ ̋+LHUDUFKLHV ̋IRU ̋WKH ̋5HVLGHQWLDO ̋6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰
[L

$SSHQGL[ ̋%Ô ̋ ̋'DWD ̋&ODVVLILFDWLRQ ̋+LHUDUFKLHV ̋IRU ̋WKH ̋&RPPHUFLDOÓ,QVWLWXWLRQDO

6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

$SSHQGL[ ̋&Ô ̋ ̋'DWD ̋&ODVVLILFDWLRQ ̋+LHUDUFKLHV ̋IRU ̋WKH ̋,QGXVWULDO ̋6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

$SSHQGL[ ̋'Ô ̋ ̋'DWD ̋&ODVVLILFDWLRQ ̋+LHUDUFKLHV ̋IRU ̋WKH ̋3XEOLF ̋:RUNV ̋6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

$SSHQGL[ ̋(Ô ̋ ̋$VVLJQPHQW ̋RI ̋6WDWHV ̋WR ̋&HQVXV ̋5HJLRQVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

$SSHQGL[ ̋)Ô ̋ ̋7ZRð'LJLW ̋6WDQGDUG ̋,QGXVWULDO ̋&ODVVLILFDWLRQ ̋ı6,&Ù ̋&RGHVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

$SSHQGL[ ̋*Ô ̋ ̋/LVW ̋RI ̋$FURQ\PV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

5HIHUHQFHV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰
[LL

/LVW ̋RI ̋)LJXUHV

)LJXUH ̋ÍðÏÔ ̋ ̋ ̋9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÎÏ

)LJXUH ̋ÍðÎÔ ̋ ̋ ̋7RWDO ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋:RUN„ ̋&RPSDULVRQ ̋RI ̋9DOXH ̋3XW ̋LQ ̋3ODFH ̋DQG

Ï‰‰Î ̋&HQVXV ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÍÌ

)LJXUH ̋ÍðÍÔ ̋ ̋ ̋'LVWULEXWLRQ ̋RI ̋7RWDO ̋&RQVWUXFWLRQ ̋([SHQGLWXUHV ̋LQ ̋Ï‰‰Î ̋E\ ̋1DWXUH ̋RI

&RQVWUXFWLRQ ̋$FWLYLW\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÍÌ

)LJXUH ̋ÍðÈÔ ̋ ̋ ̋$QQXDO ̋([SHQGLWXUHV ̋IRU ̋0DLQWHQDQFH ̋DQG ̋5HSDLU ̋$FWLYLWLHV ̋E\ ̋6HFWRUÔÔÔÔÔÔ ÍÏ

)LJXUH ̋ÍðËÔ ̋ ̋ ̋$QQXDO ̋([SHQGLWXUHV ̋IRU ̋$GGLWLRQV ̋DQG ̋$OWHUDWLRQV ̋E\ ̋6HFWRU ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÍÏ

)LJXUH ̋ÍðÁÔ ̋ ̋ ̋&RPSDULVRQ ̋RI ̋'HULYHG ̋'DWD ̋DQG ̋+RXVHKROG ̋6XUYH\ ̋'DWD ̋IRU ̋7RWDO

([SHQGLWXUHV ̋RQ ̋,PSURYHPHQWV ̋DQG ̋0DLQWHQDQFH ̋DQG ̋5HSDLUV ̋LQ ̋WKH ̋5HVLGHQWLDO

6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÍÍ

)LJXUH ̋ÍðÊÔ ̋ ̋ ̋7RWDO ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋:RUN ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÍÍ

)LJXUH ̋ÍðÂÔ ̋ ̋ ̋5HODWLYH ̋,PSRUWDQFH ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋WR ̋WKH ̋86 ̋(FRQRP\ ÔÔÔÔÔÔÔ ÍË

)LJXUH ̋Íð‰Ô ̋ ̋ ̋&RQVWUXFWLRQ ̋(PSOR\PHQW ̋DV ̋D ̋3URSRUWLRQ ̋RI ̋WKH ̋7RWDO ̋86 ̋&LYLOLDQ

:RUNIRUFHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÍÁ

)LJXUH ̋ÍðÏÌÔ ̋ ̋1XPEHU ̋RI ̋(VWDEOLVKPHQWV ̋ZLWK ̋3D\UROO ̋E\ ̋7ZRð'LJLW ̋6,& ̋&RGH„ ̋Ï‰‰ÎÔÔÔÔÔ Í‰

)LJXUH ̋ÍðÏÏÔ ̋ ̋1XPEHU ̋RI ̋(PSOR\HHV ̋IRU ̋(VWDEOLVKPHQWV ̋ZLWK ̋3D\UROO ̋E\ ̋7ZRð'LJLW

6,& ̋&RGH„ ̋Ï‰‰Î ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Í‰

)LJXUH ̋ÍðÏÎÔ ̋ ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋:RUN ̋IRU ̋(VWDEOLVKPHQWV ̋ZLWK ̋3D\UROO ̋E\

7ZRð'LJLW ̋6,& ̋&RGH„ ̋Ï‰‰Î ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÈÌ

)LJXUH ̋ÍðÏÍÔ ̋ ̋9DOXH ̋$GGHG ̋IRU ̋(VWDEOLVKPHQWV ̋ZLWK ̋3D\UROO ̋E\ ̋7ZR ̋'LJLW ̋6,& ̋&RGH„

Ï‰‰ÎÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÈÏ

)LJXUH ̋ÍðÏÈÔ ̋ ̋9DOXH ̋$GGHG ̋SHU ̋(PSOR\HH ̋IRU ̋(VWDEOLVKPHQWV ̋ZLWK ̋3D\UROO„ ̋Ï‰‰Î ÔÔÔÔÔÔÔÔÔÔÔ ÈÏ

)LJXUH ̋ÍðÏËÔ ̋ ̋$YHUDJH ̋&RVW ̋SHU ̋6TXDUH ̋)RRW ̋DQG ̋SHU ̋6TXDUH ̋0HWHU ̋RI ̋1HZ

&RQVWUXFWLRQ ̋DQG ̋0DMRU ̋$GGLWLRQV ̋WR ̋%XLOGLQJV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÈÍ

)LJXUH ̋ÍðÏÁÔ ̋ ̋'DWDEDVH ̋E\ ̋5HVSRQGHQW ̋7\SHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÈÂ

)LJXUH ̋ÍðÏÊÔ ̋ ̋'DWDEDVH ̋E\ ̋&RQWUDFWRU ̋)XQFWLRQ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ È‰
[LLL

)LJXUH ̋ÍðÏÂÔ ̋ ̋'DWDEDVH ̋E\ ̋,QGXVWU\ ̋7\SH ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ È‰

)LJXUH ̋ÍðÏ‰Ô ̋ ̋'DWDEDVH ̋E\ ̋&RVW ̋RI ̋3URMHFWÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ËÌ

)LJXUH ̋ÍðÎÌÔ ̋ ̋'DWDEDVH ̋E\ ̋1DWXUH ̋RI ̋3URMHFW ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ËÏ

)LJXUH ̋ËðÏÔ ̋ ̋ ̋6L]H ̋RI ̋86 ̋+RXVLQJ ̋6HFWRU ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH„ ̋Ï‰‰Ë ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÊÂ

)LJXUH ̋ËðÎÔ ̋ ̋ ̋7RWDO ̋86 ̋+RXVLQJ ̋ð ̋'HWDLOHG ̋'HVFULSWLRQ ̋RI ̋7\SHV ̋RI ̋6WUXFWXUH„ ̋Ï‰‰ËÔÔÔÔÔÔÔÔ ÊÂ

)LJXUH ̋ËðÍÔ ̋ ̋ ̋2FFXSLHG ̋+RXVLQJ ̋8QLWV ̋E\ ̋&HQVXV ̋5HJLRQ„ ̋Ï‰‰ËÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÌ

)LJXUH ̋ËðÈÔ ̋ ̋ ̋7RWDO ̋+RXVLQJ ̋8QLWV ̋E\ ̋$JH ̋RI ̋6WUXFWXUH„ ̋Ï‰‰ËÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÌ

)LJXUH ̋ËðËÔ ̋ ̋ ̋6L]H ̋RI ̋2FFXSLHG ̋'HWDFKHG ̋6LQJOH ̋)DPLO\ ̋+RPHV ̋DQG ̋0RELOH ̋+RPHV„

Ï‰‰ËÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÏ

)LJXUH ̋ËðÁÔ ̋ ̋ ̋([WHUQDO ̋:DOO ̋&RQVWUXFWLRQ ̋ı$OO ̋+RXVHKROGVÙ„ ̋Ï‰‰Í ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÏ

)LJXUH ̋ËðÊÔ ̋ ̋ ̋1HZ ̋3ULYDWHO\ð2ZQHG ̋+RXVLQJ ̋8QLWV ̋6WDUWHGÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÍ

)LJXUH ̋ËðÂÔ ̋ ̋ ̋1HZ ̋$SDUWPHQWV ̋&RPSOHWHG ̋DV ̋D ̋3HUFHQWDJH ̋RI ̋ ̋7RWDO ̋1HZ

3ULYDWHO\ð2ZQHG ̋+RXVLQJ ̋8QLWV ̋6WDUWHG ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÍ

)LJXUH ̋Ëð‰Ô ̋ ̋ ̋1HZ ̋0RELOH ̋+RPHV ̋3ODFHG ̋DV ̋D ̋3HUFHQWDJH ̋RI ̋ ̋7RWDO ̋1HZ

3ULYDWHO\ð2ZQHG ̋+RXVLQJ ̋8QLWV ̋6WDUWHG ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÈ

)LJXUH ̋ËðÏÌÔ ̋ ̋0DQXIDFWXUHG ̋+RXVLQJ ̋6KLSSHG ̋DQG ̋1HZ ̋0RELOH ̋+RPHV ̋3ODFHG ̋DV ̋D

3HUFHQWDJH ̋RI ̋ ̋1HZ ̋3ULYDWHO\ð2ZQHG ̋+RXVLQJ ̋6WDUWHGÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÈ

)LJXUH ̋ËðÏÏÔ ̋ ̋0HGLDQ ̋6DOHV ̋3ULFH ̋RI ̋ ̋1HZ ̋3ULYDWHO\ð2ZQHG ̋6LQJOH ̋)DPLO\ ̋+RXVLQJ ÔÔÔÔÔÔ ÂË

)LJXUH ̋ËðÏÎÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋$XWKRUL]DWLRQ ̋WR ̋6WDUW ̋RI ̋&RQVWUXFWLRQ

IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Â‰

)LJXUH ̋ËðÏÍÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋$XWKRUL]DWLRQ ̋WR ̋6WDUW ̋RI ̋&RQVWUXFWLRQ

IRU ̋1HZ ̋6LQJOH ̋)DPLO\ ̋+RXVLQJ ̋8QLWV ̋E\ ̋&HQVXV ̋5HJLRQ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ Â‰

)LJXUH ̋ËðÏÈÔ ̋ ̋3HUFHQWDJH ̋'LVWULEXWLRQ ̋E\ ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋$XWKRUL]DWLRQ ̋WR

6WDUW ̋RI ̋&RQVWUXFWLRQ ̋IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰Ï

)LJXUH ̋ËðÏËÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰Í
[LY

)LJXUH ̋ËðÏÁÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

IRU ̋1HZ ̋6LQJOH ̋)DPLO\ ̋+RXVLQJ ̋8QLWV ̋E\ ̋&HQVXV ̋5HJLRQ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰Í

)LJXUH ̋ËðÏÊÔ ̋ ̋3HUFHQWDJH ̋'LVWULEXWLRQ ̋E\ ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ

WR ̋&RPSOHWLRQ ̋IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰Ë

)LJXUH ̋ÁðÏÔ ̋ ̋ ̋7RWDO ̋1XPEHU ̋2I ̋%XLOGLQJV ̋E\ ̋3ULQFLSDO ̋%XLOGLQJ ̋$FWLYLW\„ ̋Ï‰‰Î ̋DQG

Ï‰‰ËÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌÂ

)LJXUH ̋ÁðÎÔ ̋ ̋ ̋7RWDO ̋)ORRUVSDFH ̋E\ ̋3ULQFLSDO ̋%XLOGLQJ ̋$FWLYLW\„ ̋Ï‰‰Î ̋DQG ̋Ï‰‰Ë ÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌ‰

)LJXUH ̋ÁðÍÔ ̋ ̋ ̋7RWDO ̋)ORRUVSDFH ̋E\ ̋3ULQFLSDO ̋%XLOGLQJ ̋$FWLYLW\ ̋DQG ̋&HQVXV ̋5HJLRQ„

Ï‰‰ÎÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÌ

)LJXUH ̋ÁðÈÔ ̋ ̋ ̋7RWDO ̋1XPEHU ̋RI ̋%XLOGLQJV ̋E\ ̋<HDU ̋RI ̋&RQVWUXFWLRQ„ ̋Ï‰‰Î ̋DQG ̋Ï‰‰Ë ÔÔÔÔÔÔÔ ÏÏÌ

)LJXUH ̋ÁðËÔ ̋ ̋ ̋7RWDO ̋)ORRUVSDFH ̋E\ ̋<HDU ̋RI ̋&RQVWUXFWLRQ„ ̋Ï‰‰Î ̋DQG ̋Ï‰‰ËÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÏ

)LJXUH ̋ÁðÁÔ ̋ ̋ ̋7RWDO ̋)ORRUVSDFH ̋E\ ̋<HDU ̋RI ̋&RQVWUXFWLRQ ̋DQG ̋&HQVXV ̋5HJLRQ„ ̋Ï‰‰ÎÔÔÔÔÔÔÔÔ ÏÏÏ

)LJXUH ̋ÁðÊÔ ̋ ̋ ̋6L]H ̋RI ̋(VWDEOLVKPHQWV„ ̋Ï‰‰ÎÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÎ

)LJXUH ̋ÁðÂÔ ̋ ̋ ̋*RYHUQPHQW ̋7UDQVSRUWDWLRQ ̋,QYHVWPHQW ̋E\ ̋0RGH„ ̋Ï‰ÂÊÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÈ

)LJXUH ̋Áð‰Ô ̋ ̋ ̋7RWDO ̋+LJKZD\ ̋0LOHDJH ̋E\ ̋)XQFWLRQDO ̋7\SH„ ̋Ï‰‰Í ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÁ

)LJXUH ̋ÁðÏÌÔ ̋ ̋7RWDO ̋+LJKZD\ ̋0LOHDJH ̋E\ ̋*HRJUDSKLF ̋/RFDWLRQ„ ̋Ï‰‰ÍÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÊ

)LJXUH ̋ÁðÏÏÔ ̋ ̋7RWDO ̋+LJKZD\ ̋0LOHDJH ̋E\ ̋-XULVGLFWLRQ„ ̋Ï‰‰Í ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÂ

)LJXUH ̋ÁðÏÎÔ ̋ ̋3ULFHV ̋IRU ̋6HOHFWHG ̋)HGHUDO ̋+LJKZD\ ̋&RQVWUXFWLRQ ̋$FWLYLWLHV„ ̋Ï‰ÂÌ ̋WR

Ï‰‰ÈÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÂ

)LJXUH ̋ÁðÏÍÔ ̋ ̋5DLOURDGV ̋2SHUDWHG ̋LQ ̋Ï‰‰Ë ̋E\ ̋7\SH ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏ‰

)LJXUH ̋ÁðÏÈÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋$OO ̋3ULYDWH ̋1RQð5HVLGHQWLDO ̋%XLOGLQJ ̋3URMHFWV ̋ ̋ ̋&RPSOHWHG

LQ ̋Ï‰‰Ìð‰ÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎÁ
[Y

)LJXUH ̋ÁðÏËÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋IRU

3URMHFWV ̋&RVWLQJ ̋ ̆ÏÌ ̋0LOOLRQ ̋RU ̋0RUH ̋E\ ̋7\SH ̋RI ̋3URMHFW„ ̋ ̋$OO ̋3ULYDWH ̋1RQð

5HVLGHQWLDO ̋%XLOGLQJ ̋3URMHFWV ̋&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰ÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎÊ

)LJXUH ̋ÁðÏÁÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋3ULYDWH ̋,QGXVWULDO ̋%XLOGLQJ ̋3URMHFWV ̋&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰ÏÔÔ ÏÎÊ

)LJXUH ̋ÁðÏÊÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋3ULYDWH ̋2IILFH ̋%XLOGLQJV ̋&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰ÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎ‰

)LJXUH ̋ÁðÏÂÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋3ULYDWH ̋+RVSLWDO ̋DQG ̋,QVWLWXWLRQDO ̋%XLOGLQJ ̋3URMHFWV

&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰ÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎ‰

)LJXUH ̋ÁðÏ‰Ô ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

IRU ̋3URMHFWV ̋&RVWLQJ ̋ ̆ÏÌ ̋0LOOLRQ ̋RU ̋0RUH ̋E\ ̋7\SH ̋RI ̋3URMHFW„ ̋ ̋6WDWH ̋DQG ̋/RFDO

1RQð5HVLGHQWLDO ̋3URMHFWV ̋&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰ÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍÎ

)LJXUH ̋ÁðÎÌÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋(GXFDWLRQDO ̋3URMHFWV ̋&RPSOHWHG ̋LQ

Ï‰‰Ìð‰ÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍÎ

)LJXUH ̋ÁðÎÏÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋+RVSLWDO ̋3URMHFWV ̋&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰ÏÔÔÔÔÔ ÏÍÎ

)LJXUH ̋ÁðÎÎÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋+LJKZD\V ̋DQG ̋6WUHHWV ̋3URMHFWV ̋&RPSOHWHG

LQ ̋Ï‰‰Ìð‰Ï ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍÍ

)LJXUH ̋ÁðÎÍÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋E\

3URMHFW ̋9DOXH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋6HZHU ̋6\VWHPV ̋3URMHFWV ̋&RPSOHWHG ̋LQ

Ï‰‰Ìð‰ÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍÈ

)LJXUH ̋ÁðÎÈÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋:DWHU ̋6XSSO\ ̋3URMHFWV ̋&RPSOHWHG ̋LQ

Ï‰‰Ìð‰ÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍÈ

)LJXUH ̋ÁðÎËÔ ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋,QGXVWU\ ̋*URXSÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍÂ

)LJXUH ̋ÁðÎÁÔ ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋&RVW ̋&DWHJRU\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÎÊÔ ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋3URMHFW ̋1DWXUH ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÎÂÔ ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ ̋E\ ̋,QGXVWU\ ̋*URXSÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰
[YL

)LJXUH ̋ÁðÎ‰Ô ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ ̋E\ ̋&RVW ̋&DWHJRU\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÍÌÔ ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ ̋E\ ̋3URMHFW ̋1DWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÍÏÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU ̋E\ ̋,QGXVWU\ ̋*URXSÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÍÎÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU ̋E\ ̋&RVW ̋&DWHJRU\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÍÍÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU ̋E\ ̋3URMHFW ̋1DWXUH ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÍÈÔ ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋,QGXVWU\ ̋*URXS ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÍËÔ ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋&RVW ̋&DWHJRU\ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÍÁÔ ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋3URMHFW ̋1DWXUH ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÍÊÔ ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋,QGXVWU\ ̋*URXSÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÍÂÔ ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋&RVW ̋&DWHJRU\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÍ‰Ô ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋3URMHFW ̋1DWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÈÌÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋,QGXVWU\ ̋*URXS ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÈÏÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋&RVW ̋&DWHJRU\ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÈÎÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋3URMHFW ̋1DWXUH ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÈÍÔ ̋ ̋7HDP ̋%XLOGLQJ ̋9HUVXV ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

)LJXUH ̋ÁðÈÈÔ ̋ ̋&RQVWUXFWDELOLW\ ̋9HUVXV ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰
[YLL

/LVW ̋RI ̋7DEOHV

7DEOH ̋ÎðÏÔ ̋ ̋3KDVHV ̋LQ ̋WKH ̋'HYHORSPHQW ̋RI ̋%DVHOLQH ̋0HDVXUHVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏ

7DEOH ̋ÍðÏÔ ̋ ̋9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÎÌ

7DEOH ̋ÍðÎÔ ̋ ̋)RXUð'LJLW ̋6,& ̋&RGHV ̋IRU ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÎË

7DEOH ̋ÍðÍÔ ̋ ̋&RPSDULVRQ ̋RI ̋'HULYHG ̋'DWD ̋DQG ̋+RXVHKROG ̋6XUYH\ ̋'DWD ̋IRU ̋7RWDO

([SHQGLWXUHV ̋RQ ̋,PSURYHPHQWV ̋DQG ̋0DLQWHQDQFH ̋DQG ̋5HSDLUV ̋LQ ̋WKH ̋5HVLGHQWLDO

6HFWRUÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÍÎ

7DEOH ̋ÍðÈÔ ̋ ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋:RUN„ ̋Ï‰‰Î ̋ð ̋Ï‰‰Á ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÍÈ

7DEOH ̋ÍðËÔ ̋ ̋(PSOR\PHQW ̋DQG ̋2XWSXW ̋)LJXUHV ̋IRU ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\„ ̋Ï‰‰ÎÔÔÔÔÔÔÔÔÔÔÔ ÍÂ

7DEOH ̋ÍðÁÔ ̋ ̋ ̋%DFNJURXQG ̋,QIRUPDWLRQ ̋8VHG ̋WR ̋&RPSXWH ̋$YHUDJH ̋&RVW ̋SHU ̋6TXDUH ̋)RRW

DQG ̋$YHUDJH ̋&RVW ̋SHU ̋6TXDUH ̋0HWHU ̋)LJXUHVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÈÍ

7DEOH ̋ÍðÊÔ ̋ ̋'HILQLWLRQV ̋DQG ̋'HVFULSWLRQV ̋RI ̋&,, ̋3URMHFW ̋3KDVHVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ËÎ

7DEOH ̋ÍðÂÔ ̋ ̋'HILQLWLRQV ̋RI ̋.H\ ̋&,, ̋6FKHGXOHð5HODWHG ̋0HWULFV ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ËÍ

7DEOH ̋ËðÏÔ ̋ ̋&RPSDUDWLYH ̋&RVWV ̋RI ̋6LWHð%XLOW ̋DQG ̋0DQXIDFWXUHG ̋+RXVLQJ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÂÁ

7DEOH ̋ËðÎÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋$XWKRUL]DWLRQ ̋WR ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋IRU

1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH ̋DQG ̋&HQVXV ̋5HJLRQ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰Ì

7DEOH ̋ËðÍÔ ̋ ̋3HUFHQWDJH ̋'LVWULEXWLRQ ̋E\ ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋$XWKRUL]DWLRQ ̋WR ̋6WDUW

RI ̋&RQVWUXFWLRQ ̋IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰Ï

7DEOH ̋ËðÈÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋IRU

1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH ̋DQG ̋&HQVXV ̋5HJLRQ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰È

7DEOH ̋ËðËÔ ̋ ̋3HUFHQWDJH ̋'LVWULEXWLRQ ̋E\ ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ

WR ̋&RPSOHWLRQ ̋IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ‰Ë

7DEOH ̋ËðÁÔ ̋ ̋6XPPDU\ ̋RI ̋%DVHOLQH ̋0HDVXUHV„ ̋5HVLGHQWLDO ̋6HFWRU ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÌÌ

7DEOH ̋ÁðÏÔ ̋ ̋*RYHUQPHQW ̋7UDQVSRUWDWLRQ ̋,QYHVWPHQW ̋E\ ̋0RGH„ ̋Ï‰ÂÍ ̋DQG ̋Ï‰‰Í ÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÈ

7DEOH ̋ÁðÎÔ ̋ ̋7UDQVSRUWDWLRQ ̋&RQVWUXFWLRQ ̋([SHQGLWXUHV ̋E\ ̋0RGH„ ̋Ï‰ÂÊÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏÈ
[YLLL

7DEOH ̋ÁðÍÔ ̋ ̋9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ ̋SXW ̋LQ ̋3ODFH ̋IRU ̋+LJKZD\V ̋6WUHHWV ̋DQG ̋5HODWHG

)DFLOLWLHV ̋LQ ̋&RQVWDQW ̋Ï‰‰Î ̋'ROODUV„ ̋Ï‰Â‰ ̋WR ̋Ï‰‰ÁÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÏË

7DEOH ̋ÁðÈÔ ̋ ̋1XPEHU ̋RI ̋(VWDEOLVKPHQWV ̋LQ ̋WKH ̋3RZHU ̋8WLOLWLHV ̋6XEð6HFWRU„ ̋Ï‰‰ÎÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎÎ

7DEOH ̋ÁðËÔ ̋ ̋1XPEHU ̋RI ̋(VWDEOLVKPHQWV ̋LQ ̋WKH ̋:DWHU ̋6XEð6HFWRU„ ̋Ï‰‰Î ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎÍ

7DEOH ̋ÁðÁÔ ̋ ̋1XPEHU ̋RI ̋(VWDEOLVKPHQWV ̋LQ ̋WKH ̋3LSHOLQHV ̋6XEð6HFWRU„ ̋Ï‰‰Î ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÎÈ

7DEOH ̋ÁðÊÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋E\

9DOXH ̋RI ̋3URMHFW ̋DQG ̋7\SH ̋RI ̋6WUXFWXUH„ ̋ ̋3ULYDWH ̋1RQð5HVLGHQWLDO ̋3URMHFWV

&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰ÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍÌ

7DEOH ̋ÁðÂÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋E\

9DOXH ̋RI ̋3URMHFW ̋DQG ̋7\SH ̋RI ̋6WUXFWXUH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋3URMHFWV ̋&RPSOHWHG ̋LQ

Ï‰‰Ìð‰ÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍË

7DEOH ̋Áð‰Ô ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋,QGXVWU\ ̋*URXSÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍÂ

7DEOH ̋ÁðÏÌÔ ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋&RVW ̋&DWHJRU\ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÏÏÔ ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋3URMHFW ̋1DWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÏÎÔ ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋,QGXVWU\ ̋*URXS ÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÏÍÔ ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋&RVW ̋&DWHJRU\ÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÏÈÔ ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋3URMHFW ̋1DWXUH ÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÏËÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU„ ̋ ̋5DWLR ̋RI ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ ̋WR

7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋,QGXVWU\ ̋*URXSÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÏÁÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU„ ̋ ̋5DWLR ̋RI ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ ̋WR

7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋&RVW ̋&DWHJRU\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÏÊÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU„ ̋ ̋5DWLR ̋RI ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ ̋WR

7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋3URMHFW ̋1DWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÏÂÔ ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋,QGXVWU\ ̋*URXS ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÏ‰Ô ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋&RVW ̋&DWHJRU\ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÎÌÔ ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋3URMHFW ̋1DWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰
[L[

7DEOH ̋ÁðÎÏÔ ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋,QGXVWU\ ̋*URXSÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÎÎÔ ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋&RVW ̋&DWHJRU\ ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÎÍÔ ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋3URMHFW ̋1DWXUH ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÎÈÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋,QGXVWU\ ̋*URXS ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÎËÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋&RVW ̋&DWHJRU\ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÎÁÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋3URMHFW ̋1DWXUHÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

7DEOH ̋ÁðÎÊÔ ̋ ̋6XPPDU\ ̋RI ̋%DVHOLQH ̋0HDVXUHV„ ̋1RQð5HVLGHQWLDO ̋6HFWRUVÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ ÏÍ‰

[[L

([HFXWLYH ̋6XPPDU\

7KH ̋&RQVWUXFWLRQ ̋ DQG ̋%XLOGLQJ ̋ 6XEFRPPLWWHH ̋ RI ̋WKH ̋ 1DWLRQDO ̋ 6FLHQFH ̋ DQG ̋ 7HFKQRORJ\

&RXQFLO ̋KDV ̋HVWDEOLVKHG ̋VHYHQ ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOV ̋LQ ̋FROODERUDWLRQ ̋ZLWK ̋D ̋EURDG

FURVV ̋ VHFWLRQ ̋ RI ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ÔL ̋ ̋'DWD ̋ GHVFULELQJ ̋FXUUHQW ̋ SUDFWLFHV ̋ RI ̋WKH ̋86

FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ DUH ̋ QHHGHG ̋ WR ̋ HVWDEOLVK ̋ EDVHOLQHV ̋ DJDLQVW ̋ ZKLFK ̋ WKH ̋ LQGXVWU\ ̋ FDQ

PHDVXUH ̋ LWV ̋ SURJUHVV ̋ WRZDUGV ̋ DFKLHYLQJ ̋ WKH ̋ VHYHQ ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOVÔ ̋  ̋ 7KH

*RDOV ̋DUH„ ̋ ıÏÙ ̋ UHGXFWLRQV ̋LQ ̋WKH ̋ GHOLYHU\ ̋WLPH ̋ RI ̋FRQVWUXFWHG ̋ IDFLOLWLHV‚ ̋ ıÎÙ ̋ UHGXFWLRQV ̋LQ

RSHUDWLRQVÒ ̋ PDLQWHQDQFHÒ ̋ DQG ̋ HQHUJ\ ̋ FRVWV‚ ̋ ıÍÙ ̋ LQFUHDVHV ̋ LQ ̋ RFFXSDQW ̋ SURGXFWLYLW\ ̋ DQG

FRPIRUW‚ ̋ıÈÙ ̋UHGXFWLRQV ̋LQ ̋RFFXSDQWðUHODWHG ̋LOOQHVVHV ̋DQG ̋LQMXULHV‚ ̋ıËÙ ̋UHGXFWLRQV ̋LQ ̋ZDVWH

DQG ̋SROOXWLRQ‚ ̋ıÁÙ ̋LQFUHDVHV ̋LQ ̋WKH ̋GXUDELOLW\ ̋DQG ̋ IOH[LELOLW\ ̋RI ̋FRQVWUXFWHG ̋ IDFLOLWLHV‚ ̋DQG

ıÊÙ ̋ UHGXFWLRQV ̋ LQ ̋ FRQVWUXFWLRQ ̋ ZRUNHU ̋ LOOQHVVHV ̋ DQG ̋ LQMXULHVÔ ̋  ̋ %DVHOLQH ̋ PHDVXUHV ̋ DQG

PHDVXUHV ̋RI ̋SURJUHVV ̋ZLOO ̋EH ̋SURGXFHG ̋IRU ̋HDFK ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDO ̋LQ ̋HDFK ̋RI ̋WKH

IRXU ̋ NH\ ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ VHFWRUVÔ ̋  ̋ 7KH ̋ IRXU ̋ VHFWRUV ̋ DUH„ ̋ ıÏÙ ̋ UHVLGHQWLDO‚ ̋ ıÎÙ

FRPPHUFLDOÓLQVWLWXWLRQDO‚ ̋ıÍÙ ̋LQGXVWULDO‚ ̋DQG ̋ıÈÙ ̋SXEOLF ̋ZRUNVÔ

7KLV ̋GRFXPHQW ̋LV ̋WKH ̋VHFRQG ̋LQ ̋D ̋VHULHV ̋RI ̋VWXGLHV ̋SUHSDUHG ̋E\ ̋1,67©V ̋%XLOGLQJ ̋DQG ̋)LUH

5HVHDUFK ̋ /DERUDWRU\ÔLL ̋  ̋ ,W ̋ SURYLGHV ̋ D ̋ GHWDLOHG ̋ VHW ̋ RI ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ 1DWLRQDO

&RQVWUXFWLRQ ̋ *RDO ̋ ÏÒ ̋ UHGXFWLRQV ̋ LQ ̋ WKH ̋ GHOLYHU\ ̋ WLPH ̋ RI ̋ FRQVWUXFWHG ̋ IDFLOLWLHVÔ ̋  ̋ 7KH

EDVHOLQH ̋ PHDVXUHV ̋ FKDUDFWHUL]H ̋ FXUUHQW ̋ LQGXVWU\ ̋ SHUIRUPDQFH ̋ IRU ̋ *RDO ̋ ÏÔ ̋  ̋ ,QGXVWU\

SHUIRUPDQFH ̋LQ ̋Ï‰‰È ̋LV ̋XVHG ̋DV ̋WKH ̋UHIHUHQFH ̋SRLQW ̋IURP ̋ZKLFK ̋WKH ̋YDOXHV ̋RI ̋WKH ̋EDVHOLQH

PHDVXUHV ̋ DUH ̋ FDOFXODWHGÔ ̋  ̋ *RDO ̋ Ï ̋ ZDV ̋LGHQWLILHG ̋ DV ̋ RQH ̋ RI ̋ WKH ̋ KLJKHVW ̋ SULRULW\ ̋ 1DWLRQDO

&RQVWUXFWLRQ ̋*RDOV ̋E\ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\Ô

'HOLYHU\ ̋WLPH ̋LV ̋GHILQHG ̋DV ̋WKH ̋HODSVHG ̋WLPH ̋IURP ̋WKH ̋GHFLVLRQ ̋WR ̋FRQVWUXFW ̋D ̋QHZ ̋IDFLOLW\

XQWLO ̋LWV ̋UHDGLQHVV ̋IRU ̋VHUYLFHÔ ̋ ̋'HOLYHU\ ̋WLPH ̋LVVXHV ̋DIIHFW ̋ERWK ̋LQGXVWULDO ̋FRPSHWLWLYHQHVV

DQG ̋SURMHFW ̋FRVWVÔ ̋ ̋2ZQHUVÒ ̋XVHUVÒ ̋GHVLJQHUVÒ ̋DQG ̋FRQVWUXFWRUV ̋DUH ̋FDOOLQJ ̋IRU ̋WHFKQRORJLHV

DQG ̋SUDFWLFHV ̋WR ̋UHGXFH ̋GHOLYHU\ ̋WLPHÔ

7KH ̋LQWHQGHG ̋DXGLHQFH ̋IRU ̋WKLV ̋GRFXPHQW ̋LV ̋WKH ̋&RQVWUXFWLRQ ̋DQG ̋%XLOGLQJ ̋6XEFRPPLWWHH

PHPEHU ̋ RUJDQL]DWLRQVÒ ̋ WKH ̋ IRXU ̋ VHFWRU ̋ FRXQFLO ̋ PHPEHU ̋ RUJDQL]DWLRQVÒLLL ̋ FRQVWUXFWLRQ

LQGXVWU\ ̋UHSUHVHQWDWLYHVÒ ̋DQG ̋RWKHU ̋LQWHUHVWHG ̋SDUWLHVÔ ̋ ̋,Q ̋DGGLWLRQÒ ̋EHFDXVH ̋WKLV ̋GRFXPHQW

LQFOXGHV ̋ ERWK ̋ GHWDLOHG ̋ LQIRUPDWLRQ ̋ RQ ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ

*RDO ̋Ï ̋DQG ̋D ̋FRPSLODWLRQ ̋RI ̋VWDWLVWLFV ̋RQ ̋WKH ̋IRXU ̋VHFWRUV ̋DQG ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋DV

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

L ̋:ULJKWÒ ̋ 5LFKDUG ̋ 1ÔÒ ̋ $UWKXU ̋ +Ô ̋ 5RVHQIHOGÒ ̋ DQG ̋ $QGUHZ ̋ -Ô ̋ )RZHOOÔ ̋  ̋ Ï‰‰ËÔ ̋  ̋&RQVWUXFWLRQ ̋ DQG ̋ %XLOGLQJ„

)HGHUDO ̋ 5HVHDUFK ̋ DQG ̋ 'HYHORSPHQW ̋ LQ ̋ 6XSSRUW ̋ RI ̋ WKH ̋ 86 ̋ &RQVWUXFWLRQ ̋ ,QGXVWU\Ô ̋  ̋ :DVKLQJWRQÒ ̋ '&„

1DWLRQDO ̋6FLHQFH ̋DQG ̋7HFKQRORJ\ ̋&RXQFLOÔ

LL ̋$Q ̋HDUOLHU ̋FRPSDQLRQ ̋GRFXPHQW ̋IRFXVHV ̋RQ ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDO ̋ÎÔ ̋ ̋)RU ̋LQIRUPDWLRQ ̋RQ ̋UHGXFWLRQV

LQ ̋RSHUDWLRQVÒ ̋PDLQWHQDQFHÒ ̋DQG ̋HQHUJ\ ̋FRVWVÒ ̋VHH ̋&KDSPDQÒ ̋5REHUW ̋(ÔÒ ̋DQG ̋5RGHULFN ̋5HQQLVRQÔ ̋ ̋Ï‰‰ÂÔ ̋ ̋$Q

$SSURDFK ̋IRU ̋0HDVXULQJ ̋5HGXFWLRQV ̋LQ ̋2SHUDWLRQVÒ ̋0DLQWHQDQFHÒ ̋DQG ̋(QHUJ\ ̋&RVWV„ ̋ ̋%DVHOLQH ̋0HDVXUHV

RI ̋ &RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ 3UDFWLFHV ̋ IRU ̋ WKH ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOVÔ ̋  ̋ 1,67,5 ̋ ÁÏÂËÔ ̋  ̋ *DLWKHUVEXUJÒ

0'„ ̋1DWLRQDO ̋,QVWLWXWH ̋RI ̋6WDQGDUGV ̋DQG ̋7HFKQRORJ\Ô

LLL ̋7KH ̋IRXU ̋VHFWRU ̋FRXQFLO ̋PHPEHU ̋RUJDQL]DWLRQV ̋DUH„ ̋ıÏÙ ̋1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUV ̋5HVHDUFK

&HQWHU ̋ıUHVLGHQWLDOÙ‚ ̋ıÎÙ ̋1DWLRQDO ̋,QVWLWXWH ̋RI ̋%XLOGLQJ ̋6FLHQFHV ̋ıFRPPHUFLDOÓLQVWLWXWLRQDOÙ‚ ̋ıÍÙ ̋&RQVWUXFWLRQ

,QGXVWU\ ̋,QVWLWXWH ̋ıLQGXVWULDOÙ‚ ̋DQG ̋ıÈÙ ̋$PHULFDQ ̋3XEOLF ̋:RUNV ̋$VVRFLDWLRQ ̋ıSXEOLF ̋ZRUNVÙÔ
[[LL

D ̋ZKROHÒ ̋LW ̋LV ̋DQWLFLSDWHG ̋WKDW ̋WKLV ̋GRFXPHQW ̋ZLOO ̋VHUYH ̋DV ̋D ̋UHVRXUFH ̋UHIHUHQFH ̋IRU ̋UHDGHUV

ZLWK ̋D ̋ZLGH ̋YDULHW\ ̋RI ̋LQWHUHVWV ̋LQ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\Ô

7KLV ̋GRFXPHQW ̋KDV ̋VHYHQ ̋FKDSWHUV ̋DQG ̋VHYHQ ̋DSSHQGLFHVÔ ̋ ̋&KDSWHU ̋Ï ̋H[SODLQV ̋WKH ̋SXUSRVHÒ

VFRSHÒ ̋ DQG ̋ JHQHUDO ̋ DSSURDFKÔ ̋  ̋ &KDSWHU ̋ Î ̋ LQWURGXFHV ̋ WKH ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOVÒ

GHVFULEHV ̋KRZ ̋D ̋ZHOOðGHILQHG ̋VHW ̋RI ̋PHWULFV ̋LV ̋XVHG ̋WR ̋GHYHORS ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋DQG

PHDVXUHV ̋RI ̋SURJUHVVÒ ̋DQG ̋RXWOLQHV ̋WKH ̋SURMHFW ̋DSSURDFKÔ ̋ ̋&KDSWHU ̋Í ̋SURYLGHV ̋DQ ̋RYHUYLHZ

RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\Ô ̋  ̋ 7KH ̋ RYHUYLHZ ̋ SURYLGHV ̋ WKH ̋ FRQWH[W ̋ ZLWKLQ ̋ ZKLFK ̋ WKH

EDVHOLQH ̋ PHDVXUHV ̋ DUH ̋ GHYHORSHGÔ ̋  ̋ &KDSWHU ̋ È ̋ SUHVHQWV ̋ WZR ̋ GDWD ̋ FODVVLILFDWLRQ ̋ VFKHPHVÔ

7KHVH ̋GDWD ̋FODVVLILFDWLRQ ̋VFKHPHV ̋DUH ̋XVHG ̋WR ̋FRQVWUXFW ̋GDWD ̋KLHUDUFKLHV ̋ IURP ̋ZKLFK ̋NH\

PHWULFV ̋DUH ̋ GHULYHG ̋DQG ̋ XVHG ̋WR ̋ GHYHORS ̋WKH ̋ EDVHOLQH ̋PHDVXUHVÔ ̋ ̋&KDSWHU ̋ Ë ̋ SUHVHQWV ̋WKH

EDVHOLQH ̋PHDVXUHV ̋IRU ̋WKH ̋UHVLGHQWLDO ̋VHFWRUÔ ̋ ̋7KHVH ̋PHDVXUHV ̋DUH ̋EDVHG ̋RQ ̋GDWD ̋SXEOLVKHG

E\ ̋ WKH ̋ 86 ̋ %XUHDX ̋ RI ̋ WKH ̋ &HQVXVÒ ̋ VXSSOHPHQWHG ̋ E\ ̋ LQIRUPDWLRQ ̋ IURP ̋ WKH ̋ 1DWLRQDO

$VVRFLDWLRQ ̋ RI ̋+RPH ̋%XLOGHUVÔ ̋ ̋&KDSWHU ̋ Á ̋ SUHVHQWV ̋WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋WKH ̋WKUHH

QRQðUHVLGHQWLDO ̋ VHFWRUV•FRPPHUFLDOÓLQVWLWXWLRQDOÒ ̋ LQGXVWULDOÒ ̋ DQG ̋ SXEOLF ̋ ZRUNVÔ ̋  ̋ 7KHVH

PHDVXUHV ̋ DUH ̋ EDVHG ̋ SULPDULO\ ̋ RQ ̋ DJJUHJDWHGÒ ̋ SURMHFWðOHYHO ̋ GDWD ̋ PDGH ̋ DYDLODEOH ̋ E\ ̋ WKH

&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWHÔ ̋ ̋$ ̋GLVFRQWLQXHG ̋GDWD ̋VHULHV ̋SXEOLVKHG ̋E\ ̋WKH ̋86 ̋%XUHDX

RI ̋WKH ̋&HQVXV ̋LV ̋LQFOXGHG ̋DV ̋D ̋UHIHUHQFH ̋SRLQW ̋DQG ̋IRU ̋SXUSRVHV ̋RI ̋FRPSDULVRQÔ ̋ ̋&KDSWHU ̋Ê

FRQFOXGHV ̋ WKH ̋ GRFXPHQW ̋ ZLWK ̋ D ̋ VXPPDU\ ̋ DQG ̋ VXJJHVWLRQV ̋ IRU ̋ IXUWKHU ̋ UHVHDUFKÔ ̋  ̋ 7KH

LQGLYLGXDO ̋ GDWD ̋ KLHUDUFKLHV ̋ IRU ̋ HDFK ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ VHFWRU ̋ DUH ̋ SUHVHQWHG ̋ LQ

$SSHQGLFHV ̋$ ̋WKURXJK ̋'Ô ̋ ̋(DFK ̋ VHFWRU ̋ RFFXSLHV ̋ DQ ̋ DSSHQGL[„ ̋  ̋ $SSHQGL[ ̋ $ ̋ FRYHUV ̋WKH

UHVLGHQWLDO ̋ VHFWRU‚ ̋ $SSHQGL[ ̋ % ̋ FRYHUV ̋ WKH ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ VHFWRU‚ ̋ $SSHQGL[ ̋ &

FRYHUV ̋ WKH ̋ LQGXVWULDO ̋ VHFWRU‚ ̋ DQG ̋ $SSHQGL[ ̋ ' ̋ FRYHUV ̋ WKH ̋ SXEOLF ̋ ZRUNV ̋ VHFWRUÔ ̋  ̋ 7KUHH

DGGLWLRQDO ̋ DSSHQGLFHV ̋ DUH ̋ DOVR ̋ LQFOXGHG ̋ DV ̋ DQ ̋ DLG ̋ WR ̋ FURVV ̋ UHIHUHQFLQJ ̋ WHUPVÒ ̋ VWDWLVWLFDO

LQIRUPDWLRQÒ ̋ DQG ̋ RWKHU ̋ PDWHULDO ̋ FRQWDLQHG ̋ LQ ̋ WKLV ̋ GRFXPHQWÔ ̋  ̋ $SSHQGL[ ̋ ( ̋ OLVWV ̋ WKH

DVVLJQPHQW ̋RI ̋HDFK ̋VWDWH ̋WR ̋RQH ̋RI ̋WKH ̋IRXU ̋FHQVXV ̋UHJLRQV„ ̋ıÏÙ ̋1RUWKHDVW‚ ̋ıÎÙ ̋0LGZHVW‚ ̋ıÍÙ

6RXWK‚ ̋ RU ̋ ıÈÙ ̋ :HVWÔ ̋  ̋ $SSHQGL[ ̋ ) ̋ OLVWV ̋ WKH ̋ WZRðGLJLW ̋ 6WDQGDUG ̋ ,QGXVWULDO ̋ &ODVVLILFDWLRQ

ı6,&Ù ̋&RGHVÔ ̋ ̋$SSHQGL[ ̋* ̋SURYLGHV ̋D ̋OLVW ̋RI ̋DFURQ\PV ̋DQG ̋WKHLU ̋GHILQLWLRQVÔ

&KDSWHU ̋ Î ̋ SURYLGHV ̋ SHUVSHFWLYH ̋ RQ ̋ WKH ̋ RYHUDOO ̋ HIIRUW ̋ WR ̋ GHYHORS ̋ EDVHOLQH ̋ PHDVXUHV ̋ DQG

PHDVXUHV ̋ RI ̋ SURJUHVV ̋ IRU ̋ HDFK ̋ RI ̋ WKH ̋ VHYHQ ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOVÔ ̋  ̋ )LUVWÒ ̋ HDFK

1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDO ̋LV ̋LQWURGXFHG ̋DQG ̋GHVFULEHGÔ ̋ ̋1H[WÒ ̋WKH ̋SURFHVV ̋IRU ̋GHYHORSLQJ

EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ HDFK ̋ *RDO ̋ LV ̋ GHVFULEHGÔ ̋  ̋ 7KLV ̋ SURFHVV ̋ LQYROYHV„ ̋ ıÏÙ ̋ VSHFLI\LQJ ̋ D

GDWDðRULHQWHG ̋ KLHUDUFK\‚ ̋ ıÎÙ ̋ FROOHFWLQJ ̋ DQG ̋ FRPSLOLQJ ̋ WKH ̋ NH\ ̋ GDWD ̋ DQG ̋ VXSSRUWLQJ

LQIRUPDWLRQ ̋ IRU ̋ WKH ̋ EDVH ̋ \HDUÒ ̋ Ï‰‰È‚ ̋ ıÍÙ ̋ GHILQLQJ ̋ PHWULFV ̋ IRU ̋ HDFK ̋ JRDOÓVHFWRU

FRPELQDWLRQ‚ ̋DQG ̋ıÈÙ ̋SURGXFLQJ ̋WKH ̋PHWULFV ̋LQ ̋D ̋VXPPDU\ ̋IRUP ̋ıLÔHÔÒ ̋ILJXUHV ̋DQG ̋WDEOHV ̋WR

GHSLFW ̋ WKH ̋ PHWULFVÙÔ ̋  ̋ 7KH ̋ PHWKRGV ̋ IRU ̋ PHDVXULQJ ̋ SURJUHVV ̋ XVH ̋ WKH ̋ EDVHOLQHV ̋ DV ̋ WKHLU

UHIHUHQFH ̋ SRLQWÔ ̋  ̋ %HFDXVH ̋ WKH ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOV ̋ PD\ ̋ EH ̋ VSHFLILHG ̋ DV ̋ WDUJHWV

PHDVXUHG ̋DJDLQVW ̋EDVHOLQH ̋YDOXHVÒ ̋¶JDS ̋DQDO\VLVß ̋LV ̋WKH ̋SUHIHUUHG ̋PHWKRG ̋IRU ̋GHILQLQJ ̋WKH

PHDVXUHV ̋RI ̋SURJUHVVÔ ̋ ̋7KH ̋DGYDQWDJH ̋RI ̋WKLV ̋PHDVXUH ̋RI ̋SHUIRUPDQFH ̋LV ̋WKDW ̋LW ̋HPSOR\V

WKH ̋VDPH ̋YDOXHV ̋IRU ̋HDFK ̋PHDVXUH ̋DV ̋XVHG ̋LQ ̋FRPSXWLQJ ̋WKH ̋EDVHOLQHVÔ ̋ ̋7KH ̋JDS ̋DQDO\VLV

PHWKRG ̋PHDVXUHV ̋ KRZ ̋PXFK ̋ RI ̋WKH ̋LQLWLDO ̋ JDS ̋ ıLÔHÔÒ ̋ EHWZHHQ ̋WKH ̋ EDVHOLQH ̋ YDOXH ̋ DQG ̋WKH

JRDO ̋YDOXHÙ ̋KDV ̋EHHQ ̋FORVHG ̋E\ ̋VRPH ̋IXWXUH ̋GDWHÔ ̋ ̋&ULWHULD ̋DUH ̋WKHQ ̋SUHVHQWHG ̋ZKLFK ̋HQVXUH

WKDW ̋ WKH ̋ GDWD ̋ VHOHFWHG ̋ IRU ̋ DQDO\VLV ̋ DUH ̋ ZHOOðGHILQHGÒ ̋ FRQVLVWHQWÒ ̋ DQG ̋ UHSOLFDEOHÔ ̋  ̋ 7KH
[[LLL

FKDSWHU ̋ DOVR ̋ RXWOLQHV ̋ D ̋ VWUDWHJ\ ̋ IRU ̋ FROOHFWLQJ ̋ DQG ̋ GLVVHPLQDWLQJ ̋ LQIRUPDWLRQ ̋ RQ ̋ HDFK

1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOÔ

&KDSWHU ̋Í ̋SURYLGHV ̋D ̋VQDSVKRW ̋RI ̋WKH ̋86 ̋FRQVWUXFWLRQ ̋LQGXVWU\Ô ̋ ̋$V ̋VXFKÒ ̋LW ̋SURYLGHV ̋WKH

FRQWH[W ̋ZLWKLQ ̋ZKLFK ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋DUH ̋GHYHORSHGÔ ̋ ̋$Q ̋H[WHQVLYH ̋VHW ̋RI ̋VWDWLVWLFV

KDV ̋ EHHQ ̋ FRPSLOHG ̋ RQ ̋ HDFK ̋ VHFWRU‚ ̋ PDQ\ ̋ RI ̋ WKHVH ̋ VWDWLVWLFV ̋ DUH ̋ LQFOXGHG ̋ LQ ̋ &KDSWHU ̋ ÍÔ

7KHVH ̋VWDWLVWLFV ̋DUH ̋XVHIXO ̋QRW ̋RQO\ ̋DV ̋D ̋WRRO ̋IRU ̋GHILQLQJ ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋EXW ̋DOVR ̋DV

D ̋ UHVRXUFH ̋ UHIHUHQFH ̋ IRU ̋ UHDGHUV ̋ ZLWK ̋ D ̋ ZLGH ̋ YDULHW\ ̋ RI ̋ LQWHUHVWV ̋ LQ ̋ WKH ̋ FRQVWUXFWLRQ

LQGXVWU\Ô

&KDSWHU ̋Í ̋FRQWDLQV ̋IRXU ̋VHFWLRQVÔ ̋ ̋(DFK ̋VHFWLRQ ̋GHDOV ̋ZLWK ̋D ̋SDUWLFXODU ̋WRSLFÔ ̋ ̋7KH ̋WRSLFV

SURJUHVV ̋ IURP ̋ JHQHUDO ̋ LQ ̋ QDWXUH ̋ WR ̋ YHU\ ̋ VSHFLILFÔ ̋  ̋ )LUVWÒ ̋ LQIRUPDWLRQ ̋ RQ ̋ WKH ̋ YDOXH ̋ RI

FRQVWUXFWLRQ ̋ SXW ̋LQ ̋ SODFH ̋LV ̋ SURYLGHG ̋WR ̋ VKRZ ̋WKH ̋ VL]H ̋ RI ̋WKH ̋ FRQVWUXFWLRQ ̋LQGXVWU\ ̋ DQG

HDFK ̋ RI ̋ LWV ̋ IRXU ̋ VHFWRUV•UHVLGHQWLDOÒ ̋ FRPPHUFLDOÓLQVWLWXWLRQDOÒ ̋ LQGXVWULDOÒ ̋ DQG ̋ SXEOLF

ZRUNVÔ ̋ ̋6HFRQGÒ ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋QDWXUH ̋RI ̋FRQVWUXFWLRQ ̋DFWLYLW\ ̋IRU ̋HDFK ̋VHFWRU ̋RI ̋WKH

LQGXVWU\ ̋LV ̋ SUHVHQWHGÔ ̋  ̋ 7KH ̋ 6,& ̋&RGHV ̋ IRU ̋WKH ̋ FRQVWUXFWLRQ ̋LQGXVWU\ ̋ DUH ̋LQWURGXFHG ̋ DQG

GHVFULEHG ̋DV ̋D ̋PHDQV ̋ IRU ̋RUJDQL]LQJ ̋FRQVWUXFWLRQ ̋DFWLYLW\Ô ̋ ̋ ,QIRUPDWLRQ ̋ RQ ̋WKH ̋ QDWXUH ̋ RI

FRQVWUXFWLRQ ̋DFWLYLW\ ̋LQFOXGHV ̋EUHDNRXWV ̋EHWZHHQ ̋QHZ ̋FRQVWUXFWLRQ ̋DFWLYLWLHVÒ ̋PDLQWHQDQFH

DQG ̋ UHSDLU ̋DFWLYLWLHVÒ ̋DQG ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQVÔ ̋ ̋7KH ̋FKDOOHQJH ̋ RI ̋ GHYHORSLQJ ̋DQQXDO

HVWLPDWHV ̋ IRU ̋ HDFK ̋ VHFWRU ̋ E\ ̋ QDWXUH ̋ RI ̋ FRQVWUXFWLRQ ̋ DFWLYLW\ ̋LV ̋ GHVFULEHGÔ ̋ ̋([DPSOHV ̋ DUH

JLYHQ ̋ ZKLFK ̋ GHPRQVWUDWH ̋ KRZ ̋ GLIIHUHQW ̋ GDWD ̋ VRXUFHV ̋ UHVXOW ̋ LQ ̋ PDMRU ̋ GLIIHUHQFHV ̋ LQ ̋ D

SDUWLFXODU ̋ \HDU©V ̋ HVWLPDWHVÔ ̋  ̋ 7KLUGÒ ̋ LQIRUPDWLRQ ̋ RQ ̋ HPSOR\PHQW ̋ LQ ̋ WKH ̋ FRQVWUXFWLRQ

LQGXVWU\ ̋LV ̋VXPPDUL]HG ̋DQG ̋D ̋VHULHV ̋RI ̋HPSOR\PHQWðUHODWHG ̋VWDWLVWLFV ̋DUH ̋SUHVHQWHGÔ ̋ ̋7KH

6,& ̋ &RGHV ̋ IRU ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ DUH ̋ XVHG ̋ DV ̋ D ̋ PHDQV ̋ IRU ̋ RUJDQL]LQJ ̋ NH\

HPSOR\PHQWðUHODWHG ̋LQIRUPDWLRQÔ ̋  ̋&RPSDULVRQV ̋ EHWZHHQ ̋ HPSOR\PHQW ̋ DQG ̋ RXWSXW ̋ LQ ̋ WKH

FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ DQG ̋ HPSOR\PHQW ̋ DQG ̋ RXWSXW ̋ LQ ̋ WKH ̋ RYHUDOO ̋ 86 ̋ HFRQRP\ ̋ DUH ̋ DOVR

LQFOXGHGÔ ̋  ̋ )RXUWKÒ ̋ LQIRUPDWLRQ ̋ RQ ̋ FRVW ̋ WUHQGV ̋ DQG ̋ RQ ̋ RWKHUÒ ̋ VSHFLDO ̋ FRQVLGHUDWLRQVÒ ̋ LV

SUHVHQWHGÔ

7KH ̋ FRQVWUXFWLRQ ̋LQGXVWU\ ̋LV ̋ D ̋ NH\ ̋ FRPSRQHQW ̋ RI ̋ WKH ̋ 86 ̋ HFRQRP\Ô ̋  ̋ 7RWDO ̋ FRQVWUXFWLRQ

LQYHVWPHQW ̋ UHSUHVHQWV ̋DERXW ̋ ÏÏ ̋ SHUFHQW ̋ RI ̋*URVV ̋'RPHVWLF ̋3URGXFWÔ ̋ ̋$ ̋ NH\ ̋LQGLFDWRU ̋ RI

FRQVWUXFWLRQ ̋DFWLYLW\ ̋LV ̋WKH ̋YDOXH ̋RI ̋QHZ ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFHÔ ̋ ̋'DWD ̋SXEOLVKHG ̋E\ ̋WKH

86 ̋ %XUHDX ̋ RI ̋ WKH ̋ &HQVXV ̋ DUH ̋ XVHG ̋ WR ̋ HVWDEOLVK ̋ WKH ̋ FRPSRVLWLRQ ̋ RI ̋ FRQVWUXFWLRQ

H[SHQGLWXUHV ̋E\ ̋W\SH ̋RI ̋FRQVWUXFWLRQÔ ̋ ̋7KHVH ̋H[SHQGLWXUHV ̋DUH ̋WKHQ ̋DVVLJQHG ̋WR ̋RQH ̋RI ̋WKH

IRXU ̋NH\ ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋VHFWRUVÔ

7DEOH ̋(6ðÏ ̋VXPPDUL]HV ̋ERWK ̋WKH ̋DQQXDO ̋VHFWRU ̋WRWDOV ̋DQG ̋WKH ̋VXP ̋WRWDOÔ ̋ ̋6LQFH ̋Ï‰‰ÎÒ ̋WKH

YDOXH ̋RI ̋QHZ ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFH ̋KDV ̋ ULVHQ ̋VOLJKWO\ ̋ IURP ̋ ̆Í‰ÍÔÂ ̋ ELOOLRQ ̋LQ ̋ Ï‰‰Î ̋WR

 ̆ÈÍËÔË ̋ ELOOLRQ ̋ LQ ̋ Ï‰‰Á ̋ LQ ̋ FRQVWDQW ̋ Ï‰‰Î ̋ GROODUVÔ ̋  ̋ 7KH ̋ ODUJHVW ̋ FRPSRQHQW ̋ RI ̋ QHZ

FRQVWUXFWLRQ ̋RYHU ̋WKLV ̋SHULRG ̋ZDV ̋LQ ̋WKH ̋UHVLGHQWLDO ̋VHFWRU ̋ıDERXW ̋ÍÎ ̋SHUFHQW ̋RI ̋WKH ̋WRWDOÙÒ

ZLWK ̋WKH ̋VPDOOHVW ̋FRPSRQHQW ̋LQ ̋WKH ̋LQGXVWULDO ̋VHFWRU ̋ıDERXW ̋Á ̋SHUFHQWÙÔ
[[LY

7DEOH ̋(6ðÏÔ ̋ ̋9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH ̋LQ ̋0LOOLRQV ̋RI ̋Ï‰‰Î ̋'ROODUV„ ̋6HFWRU

7RWDOV ̋DQG ̋6XP ̋7RWDO

6HFWRU 9DOXH ̋RI ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH ̋ı ̆ ̋0LOOLRQVÙ

Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

5HVLGHQWLDO ÏÍÍÒÁËÂ ÏÈÏÒÌÊÁ ÏËÁÒËÊÁ ÏÈÁÒÏÁÊ ÏËÊÒÂÈÁ

&RPPHUFLDOÓ,QVWLWXWLRQDO ÏÎÎÒ‰ÁÌ ÏÎËÒÊÊÌ ÏÎÂÒÏÏÁ ÏÍÊÒÌÌÁ ÏÈ‰ÒÈÈË

,QGXVWULDO ÍÌÒ‰ÌÎ ÎÊÒÎÏÎ ÎÂÒÏÁÏ ÍÌÒÍ‰Ï Î‰ÒÎÏ‰

3XEOLF ̋:RUNV ÏÌÁÒÍÏÏ ÏÌÍÒÊÁÎ ÏÌÍÒÍÁÌ ÏÌÏÒË‰Í ‰ÂÒ‰ÊÍ

7RWDO ̋§ ̋$OO ̋6HFWRUV Í‰ÍÒÂÍÏ Í‰ÊÒÂÎÌ ÈÏÁÒÎÏÍ ÈÏËÒÏËÊ ÈÍËÒÈÂÍ

6RXUFH„ ̋ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

&KDSWHU ̋È ̋FRYHUV ̋WKH ̋GDWD ̋FODVVLILFDWLRQ ̋VFKHPHVÒ ̋KRZ ̋WKH ̋VHFWRUV ̋ZHUH ̋GHILQHGÒ ̋KRZ ̋GDWD

VRXUFHV ̋ ZHUH ̋ LGHQWLILHGÒ ̋ DQG ̋ KRZ ̋ NH\ ̋ GHOLYHU\ ̋ WLPH ̋ GDWD ̋ ZHUH ̋ FROOHFWHGÔ ̋  ̋ 'DWD

FODVVLILFDWLRQ ̋ KLHUDUFKLHV ̋ ZHUH ̋ GHYHORSHG ̋ IRU ̋ HDFK ̋ RI ̋ WKH ̋ IRXU ̋ LQGXVWU\ ̋ VHFWRUVÔ ̋  ̋ 7KHVH

KLHUDUFKLHV ̋ZHUH ̋HVVHQWLDO ̋LQ ̋RUGHU ̋WR ̋EH ̋DEOH ̋WR ̋VRUW ̋GDWD ̋LQWR ̋UHOHYDQW ̋VHFWRUVÒ ̋WR ̋SULRULWL]H

WKH ̋GDWDÒ ̋DQG ̋WR ̋HVWDEOLVK ̋GDWD ̋OLQNDJHVÔ ̋ ̋,QLWLDOO\Ò ̋DQ ̋¶LGHDOL]HGß ̋KLHUDUFK\ ̋ZDV ̋GHYHORSHG

IRU ̋HDFK ̋VHFWRUÔ ̋ ̋,GHDOL]HG ̋KLHUDUFKLHV ̋ZHUH ̋GHYHORSHG ̋ZLWK ̋D ̋YLHZ ̋WR ̋GHILQLQJ ̋IRU ̋WKH ̋IRXU

LQGXVWU\ ̋ VHFWRUV ̋WKH ̋ H[WHQW ̋ DQG ̋ NH\ ̋ FRPSRQHQWV ̋ FRQVLGHUHG ̋ UHOHYDQW ̋WR ̋*RDO ̋ ÏÔ ̋  ̋:LWKLQ

HDFK ̋ VHFWRU ̋ KLHUDUFK\Ò ̋WKH ̋ NH\ ̋ FRPSRQHQWV ̋ OLNHO\ ̋ WR ̋ KDYH ̋ DQ ̋ LPSDFW ̋ XSRQ ̋ WKH ̋ *RDO ̋ DUH

H[DPLQHGÔ ̋  ̋ 7KH ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFKLHV ̋ UHSUHVHQW ̋ WKH ̋ PRGLILFDWLRQ ̋ RI ̋ WKH ̋ LGHDOL]HG

KLHUDUFKLHV ̋ WR ̋ UHIOHFW ̋ GDWD ̋ DYDLODELOLW\ ̋ DQG ̋ FRQVWUDLQWVÔ ̋  ̋ 7KLV ̋ LV ̋ DQ ̋ LPSRUWDQW ̋ VWHS ̋ LQ

HQVXULQJ ̋WKDW ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋UHPDLQ ̋VXFFLQFW ̋ıVHH ̋$SSHQGLFHV ̋$ ̋WKURXJK ̋' ̋ZKHUH

WKH ̋GDWD ̋RULHQWHG ̋KLHUDUFKLHV ̋DUH ̋SUHVHQWHGÙÔ ̋ ̋7KH ̋WZR ̋SULPDU\ ̋W\SHV ̋RI ̋GDWD ̋FROOHFWHG ̋ZHUH

HOHFWURQLF ̋GDWD ̋DQG ̋SXEOLVKHG ̋GDWDÔ ̋ ̋$V ̋GDWD ̋ZHUH ̋FROOHFWHGÒ ̋WKH ̋GDWD ̋RULHQWHG ̋KLHUDUFKLHV

IRU ̋HDFK ̋LQGXVWU\ ̋VHFWRU ̋ZHUH ̋UHILQHG ̋WR ̋ UHIOHFW ̋GDWD ̋DYDLODELOLW\ ̋FRQVWUDLQWVÔ ̋ ̋6HFWLRQ ̋ÈÔÎ

VXPPDUL]HV ̋WKH ̋H[WHQVLYH ̋GDWD ̋VHDUFKHV ̋RI ̋SXEOLFO\ ̋DFFHVVLEOH ̋)HGHUDO ̋$JHQF\ ̋GDWDEDVHV

FDUULHG ̋RXW ̋E\ ̋WKH ̋DXWKRUVÔ ̋ ̋$ ̋ IXUWKHU ̋ VHW ̋RI ̋GDWD ̋ VHDUFKHV ̋ IRFXVHG ̋ XSRQ ̋ UHVHDUFKÒ ̋WUDGHÒ

SURIHVVLRQDOÒ ̋SULYDWH ̋VHFWRUÒ ̋DQG ̋DFDGHPLF ̋RUJDQL]DWLRQVÔ ̋ ̋,Q ̋DGGLWLRQÒ ̋D ̋QXPEHU ̋RI ̋XVHIXO

GDWD ̋ VRXUFHV ̋ KDYH ̋ EHHQ ̋LGHQWLILHG ̋ZKHUH ̋ RUJDQL]DWLRQV ̋ DUH ̋ V\VWHPDWLFDOO\ ̋ FROOHFWLQJ ̋ DQG

SXEOLVKLQJ ̋ GDWDÔ ̋  ̋ 7KH ̋ NH\ ̋ VRXUFHV ̋ RI ̋ GDWD ̋ DQG ̋ LQIRUPDWLRQÒ ̋ LQFOXGLQJ ̋ WKRVH ̋ WKDW ̋ DUH

DFFHVVLEOH ̋HOHFWURQLFDOO\Ò ̋DUH ̋OLVWHG ̋LQ ̋6HFWLRQ ̋ÈÔÎ ̋DQG ̋LQ ̋WKH ̋5HIHUHQFHV ̋VHFWLRQÔ

&KDSWHU ̋ Ë ̋ GHVFULEHV ̋ WKH ̋ UHVLGHQWLDO ̋ VHFWRU ̋ DQG ̋ WUDFHV ̋ WKH ̋ GHYHORSPHQW ̋ RI ̋ WKH ̋ EDVHOLQH

PHDVXUHV ̋ IRU ̋WKH ̋ UHVLGHQWLDO ̋VHFWRUÔ ̋ ̋7KH ̋EDVHOLQH ̋PHDVXUHV ̋ IRU ̋WKH ̋ UHVLGHQWLDO ̋ VHFWRU ̋DUH

EDVHG ̋RQ ̋GDWD ̋SXEOLVKHG ̋E\ ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXVÒ ̋VXSSOHPHQWHG ̋E\ ̋LQIRUPDWLRQ

IURP ̋WKH ̋1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUV ̋ı1$+%ÙÔ

7KH ̋&HQVXV ̋GDWD ̋FRYHU ̋WZR ̋NH\ ̋SDUWV ̋RI ̋WKH ̋UHVLGHQWLDO ̋FRQVWUXFWLRQ ̋SURFHVV„ ̋ıÏÙ ̋IURP ̋WKH

LVVXDQFH ̋ RI ̋WKH ̋ EXLOGLQJ ̋ SHUPLW ̋ XQWLO ̋WKH ̋ VWDUW ̋ RI ̋ FRQVWUXFWLRQ‚ ̋ DQG ̋ ıÎÙ ̋ IURP ̋WKH ̋ VWDUW ̋ RI

FRQVWUXFWLRQ ̋ XQWLO ̋WKH ̋FRPSOHWLRQ ̋ RI ̋FRQVWUXFWLRQÔ ̋ ̋7KH ̋&HQVXV ̋ GDWD ̋ GR ̋ QRW ̋LQFOXGH ̋ DQ\

HVWLPDWHV ̋RI ̋WKH ̋DPRXQW ̋RI ̋WLPH ̋UHTXLUHG ̋IRU ̋WKH ̋SHUPLWWLQJ ̋SURFHVVÔ ̋ ̋,Q ̋WKH ̋FRQWH[W ̋RI ̋WKLV

GRFXPHQWÒ ̋WKH ̋SHUPLWWLQJ ̋SURFHVV ̋LV ̋WKH ̋ILUVW ̋SDUW ̋RI ̋WKH ̋WKUHH ̋SDUW ̋UHVLGHQWLDO ̋FRQVWUXFWLRQ

SURFHVVÔ
[[Y

7KH ̋NH\ ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋WKH ̋UHVLGHQWLDO ̋VHFWRU ̋DUH ̋VXPPDUL]HG ̋LQ ̋7DEOH ̋(6ðÎÔ ̋ ̋,W ̋LV

LPSRUWDQW ̋WR ̋ QRWH ̋WKDW ̋WKH ̋ GDWD ̋ UHFRUGHG ̋LQ ̋7DEOH ̋(6ðÎ ̋ DUH ̋ IRU ̋WKH ̋ UHIHUHQFH ̋ \HDU ̋ Ï‰‰ÈÔ

7DEOH ̋ (6ðÎ ̋ VKRZV ̋ WKDW ̋ RQFH ̋ DXWKRUL]DWLRQ ̋ LV ̋ UHFHLYHGÒ ̋ FRQVWUXFWLRQ ̋ FRPPHQFHV ̋ ZLWKLQ

WZR ̋ PRQWKV ̋ RQ ̋ DYHUDJHÔ ̋  ̋ )RU ̋ H[DPSOHÒ ̋ FRQVWUXFWLRQ ̋ RI ̋ VLQJOHðIDPLO\ ̋ GZHOOLQJV

FRPPHQFHV ̋ ZLWKLQ ̋ ÌÔÊ ̋ PRQWKV ̋ RI ̋ DXWKRUL]DWLRQÔ ̋  ̋ 7DEOH ̋ (6ðÎ ̋ VKRZV ̋ WKDW ̋ FRQVWUXFWLRQ

GXUDWLRQ•IURP ̋VWDUW ̋RI ̋FRQVWUXFWLRQ ̋WR ̋FRPSOHWLRQ•UDQJHV ̋ IURP ̋ËÔÁ ̋PRQWKV ̋ IRU ̋VLQJOHð

IDPLO\ ̋GZHOOLQJV ̋WR ̋‰ÔÍ ̋PRQWKV ̋IRU ̋UHVLGHQWLDO ̋VWUXFWXUHV ̋ZLWK ̋Ë ̋XQLWV ̋RU ̋PRUHÔ

7DEOH ̋(6ðÎÔ ̋ ̋6HOHFWHG ̋%DVHOLQH ̋0HDVXUHV ̋IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH„

Ï‰‰È

%DVHOLQH ̋0HDVXUH $YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH

Ï ̋XQLW Î ̋WR ̋È ̋XQLWV Ë ̋XQLWV ̋RU ̋PRUH

)URP ̋$XWKRUL]DWLRQ ̋WR ̋6WDUW ̋RI

&RQVWUXFWLRQ

ÌÔÊ ÏÔÏ ÏÔÂ

)URP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR

&RPSOHWLRQ

ËÔÁ ÊÔÍ ‰ÔÍ

6RXUFH„ ̋ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

7KH ̋LQIRUPDWLRQ ̋IURP ̋WKH ̋1$+% ̋LV ̋GUDZQ ̋IURP ̋D ̋VLQJOH ̋UHVHDUFK ̋UHSRUW ̋ZKLFK ̋IRFXVHG ̋RQ

WKH ̋ $WODQWD ̋ UHJLRQDO ̋ PDUNHWÔ ̋  ̋ $OWKRXJK ̋ WKH ̋ 1$+% ̋ HVWLPDWHV ̋ PD\ ̋ QRW ̋ EH ̋ LQGLFDWLYH ̋ RI

QDWLRQDO ̋ DYHUDJHVÒ ̋ WKH\ ̋ DUH ̋ ZHOO ̋ GRFXPHQWHG ̋ DQG ̋ DUH ̋ EDVHG ̋ RQ ̋ GDWD ̋ SURYLGHG ̋ E\

SUDFWLWLRQHUV ̋ LQ ̋ WKH ̋ ILHOGÔ ̋  ̋ )XUWKHUPRUHÒ ̋ WKH ̋ 1$+% ̋ UHSRUW ̋ LGHQWLILHV ̋ RSSRUWXQLWLHV ̋ IRU

UHGXFLQJ ̋F\FOH ̋WLPH ̋ZKLFK ̋WUDQVODWH ̋LQWR ̋VLJQLILFDQW ̋UHGXFWLRQV ̋LQ ̋GHOLYHU\ ̋WLPHÔ

&KDSWHU ̋Á ̋GHVFULEHV ̋WKH ̋QRQðUHVLGHQWLDO ̋VHFWRUV ̋DQG ̋WUDFHV ̋WKH ̋GHYHORSPHQW ̋RI ̋WKH ̋EDVHOLQH

PHDVXUHV ̋ IRU ̋ WKH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUVÔ ̋  ̋ 7KH ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ WKH ̋ WKUHH ̋ QRQð

UHVLGHQWLDO ̋VHFWRUV ̋DUH ̋EDVHG ̋RQ ̋D ̋GLVFRQWLQXHG ̋GDWD ̋VHULHV ̋SXEOLVKHG ̋E\ ̋WKH ̋86 ̋%XUHDX ̋RI

WKH ̋&HQVXV ̋DQG ̋DJJUHJDWHGÒ ̋SURMHFWðOHYHO ̋GDWD ̋PDGH ̋DYDLODEOH ̋E\ ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\

,QVWLWXWH ̋ı&,,ÙÔ ̋ ̋7KH ̋&HQVXV ̋GDWD ̋FRYHU ̋WKH ̋HODSVHG ̋WLPH ̋IURP ̋WKH ̋VWDUW ̋RI ̋FRQVWUXFWLRQ ̋XQWLO

WKH ̋ FRPSOHWLRQ ̋ RI ̋ FRQVWUXFWLRQÔ ̋  ̋ 7KH ̋ &HQVXV ̋ GDWD ̋ GR ̋ QRW ̋ LQFOXGH ̋ DQ\ ̋ HVWLPDWHV ̋ RI ̋ WKH

DPRXQW ̋ RI ̋WLPH ̋ UHTXLUHG ̋ IRU ̋WKH ̋ SHUPLWWLQJ ̋ SURFHVVÔ ̋ ̋$OWKRXJK ̋&,, ̋ GDWD ̋ DUH ̋ XVHG ̋ DV ̋WKH

SULPDU\ ̋VRXUFH ̋IRU ̋QRQðUHVLGHQWLDO ̋GHOLYHU\ ̋WLPH ̋VWDWLVWLFVÒ ̋WKH ̋&HQVXV ̋GDWD ̋DUH ̋XVHG ̋DV ̋D

UHIHUHQFH ̋SRLQW ̋DQG ̋IRU ̋SXUSRVHV ̋RI ̋FRPSDULVRQÔ ̋ ̋,W ̋LV ̋LPSRUWDQW ̋WR ̋QRWH ̋WKDW ̋WKH ̋&,, ̋GDWD

LQFOXGH ̋HVWLPDWHV ̋ RI ̋ ERWK ̋WRWDO ̋ SURMHFW ̋ GXUDWLRQ ̋DQG ̋ FRQVWUXFWLRQ ̋ SKDVH ̋ GXUDWLRQÔ ̋ ̋7KXVÒ

WKH ̋ &,, ̋ GDWD ̋ FDSWXUH ̋ D ̋ PRUH ̋ FRPSOHWH ̋ PHDQLQJ ̋ RI ̋ GHOLYHU\ ̋ WLPHÒ ̋ WKDQ ̋ SURYLGHG ̋ E\ ̋ WKH

&HQVXV ̋GDWDÔ ̋ ̋+RZHYHUÒ ̋WR ̋ IDFLOLWDWH ̋FRPSDULVRQV ̋ZLWK ̋WKH ̋&HQVXV ̋GDWDÒ ̋HVWLPDWHV ̋RI ̋WKH

FRQVWUXFWLRQ ̋SKDVH ̋GXUDWLRQ ̋EDVHG ̋RQ ̋WKH ̋&,, ̋GDWD ̋DUH ̋LQFOXGHGÔ

&,, ̋GLYLGHV ̋LWV ̋GDWD ̋LQWR ̋IRXU ̋LQGXVWU\ ̋JURXSV„ ̋ıÏÙ ̋EXLOGLQJV‚ ̋ıÎÙ ̋KHDY\ ̋LQGXVWULDO‚ ̋ıÍÙ ̋OLJKW

LQGXVWULDO‚ ̋ DQG ̋ ıÈÙ ̋ LQIUDVWUXFWXUHÔ ̋  ̋ &,,©V ̋ IRXU ̋ LQGXVWU\ ̋ JURXSV ̋ DUH ̋ HDVLO\ ̋ DVVLJQHG ̋ WR ̋ WKH

WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUVÔ ̋  ̋ ,QGXVWU\ ̋ JURXS ̋ Ï ̋ PDSV ̋ LQWR ̋ WKH ̋ FRPPHUFLDOÓLQVWLWXWLRQDO

VHFWRUÔ ̋ ̋,QGXVWU\ ̋JURXSV ̋Î ̋DQG ̋Í ̋PDS ̋LQWR ̋WKH ̋LQGXVWULDO ̋VHFWRUÔ ̋ ̋,QGXVWU\ ̋JURXS ̋È ̋PDSV ̋LQWR
[[YL

WKH ̋SXEOLF ̋ZRUNV ̋VHFWRUÔ ̋ ̋7KH ̋&,, ̋GDWD ̋VHW ̋DOVR ̋FRQWDLQV ̋LQIRUPDWLRQ ̋RQ ̋PHWULFV ̋UHODWHG ̋WR

VFKHGXOH ̋JURZWK ̋DQG ̋WKH ̋UHODWLRQVKLS ̋EHWZHHQ ̋WKH ̋XVH ̋RI ̋EHVW ̋SUDFWLFHV ̋DQG ̋NH\ ̋GHOLYHU\

WLPH ̋PHWULFVÔ ̋ ̋%RWK ̋VHWV ̋RI ̋LQIRUPDWLRQ ̋DUH ̋GLVFXVVHG ̋LQ ̋WKLV ̋GRFXPHQWÔ

7KH ̋NH\ ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋WKH ̋QRQðUHVLGHQWLDO ̋VHFWRUV ̋DUH ̋VXPPDUL]HG ̋LQ ̋7DEOH ̋(6ðÍÔ

,W ̋LV ̋LPSRUWDQW ̋WR ̋QRWH ̋WKDW ̋WKH ̋GDWD ̋UHFRUGHG ̋LQ ̋7DEOH ̋(6ðÍ ̋DUH ̋QRW ̋IRU ̋WKH ̋UHIHUHQFH ̋\HDU

Ï‰‰È‚ ̋ WKH\ ̋ DUH ̋ IRU ̋ Ï‰‰Á ̋ DQG ̋ Ï‰‰ÊÔ ̋  ̋ 7KLV ̋ LV ̋ EHFDXVH ̋ WKH ̋ &HQVXV ̋ GDWD ̋ VHULHV ̋ ZDV

GLVFRQWLQXHG ̋LQ ̋Ï‰‰Î ̋DQG ̋WKH ̋&,, ̋GDWD ̋VHULHV ̋ZDV ̋EHJXQ ̋LQ ̋Ï‰‰ÁÔ ̋ ̋7DEOH ̋(6ðÍ ̋VKRZV ̋WKDW

FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IRU ̋ LQGXVWULDO ̋ SURMHFWV ̋ LV ̋ VKRUWHU ̋ WKDQ ̋ IRU ̋ FRPPHUFLDOÓLQVWLWXWLRQDO

SURMHFWV ̋DQG ̋SXEOLF ̋ZRUNV ̋SURMHFWVÔ ̋ ̋7\SLFDOO\Ò ̋LQGXVWULDO ̋SURMHFWV ̋DUH ̋SURFHVVðUHODWHG ̋DQG

KHQFH ̋DUH ̋GULYHQ ̋E\ ̋VFKHGXOH ̋FRQVLGHUDWLRQVÔ

7DEOH ̋(6ðÍÔ ̋ ̋6HOHFWHG ̋%DVHOLQH ̋0HDVXUHV ̋IRU ̋WKH ̋1RQð5HVLGHQWLDO ̋6HFWRUV„ ̋Ï‰‰ÁðÏ‰‰Ê

%DVHOLQH ̋0HDVXUH $YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋,QGXVWULDO ̋*URXS

&RPPHUFLDOÓ

,QGXVWULDO

+HDY\

,QGXVWULDO

/LJKW

,QGXVWULDO

3XEOLF ̋:RUNV

&RQVWUXFWLRQ ̋'XUDWLRQ ÎÍÔÊ ÏÍÔË ÏÈÔÎ ÎÏÔÌ

6RXUFH„ ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH

&KDSWHU ̋ Ê ̋ GLVFXVVHV ̋ DGGLWLRQDO ̋ DUHDV ̋ RI ̋ UHVHDUFK ̋ WKDW ̋ PLJKW ̋ EH ̋ RI ̋ YDOXH ̋ WR ̋ JRYHUQPHQW

DJHQFLHV ̋ DQG ̋ SULYDWH ̋ ERGLHV ̋ ZKR ̋ DUH ̋ FRQFHUQHG ̋ DERXW ̋ UHGXFLQJ ̋ WKH ̋ GHOLYHU\ ̋ WLPH ̋ RI

FRQVWUXFWHG ̋IDFLOLWLHVÔ ̋ ̋7KHVH ̋DUHDV ̋RI ̋UHVHDUFK ̋DUH ̋FRQFHUQHG ̋ZLWK„ ̋ıÏÙ ̋WKH ̋GXUDWLRQ ̋RI ̋WKH

SHUPLWWLQJ ̋SURFHVV ̋IRU ̋DOO ̋IRXU ̋VHFWRUV‚ ̋ıÎÙ ̋WKH ̋FROOHFWLRQ ̋RI ̋DGGLWLRQDO ̋GHOLYHU\ ̋WLPH ̋GDWD

IRU ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRU ̋DQG ̋WKH ̋SXEOLF ̋ZRUNV ̋VHFWRU‚ ̋ ıÍÙ ̋WKH ̋FROOHFWLRQ ̋RI

DGGLWLRQDO ̋ SURMHFWðOHYHO ̋ GDWD ̋ WR ̋ DQDO\]H ̋ WKH ̋ UHODWLRQVKLSV ̋ EHWZHHQ ̋ EHVW ̋ SUDFWLFH ̋ XVH ̋ DQG

UHGXFWLRQV ̋LQ ̋GHOLYHU\ ̋WLPH‚ ̋DQG ̋ ıÈÙ ̋WKH ̋PHDVXUHPHQW ̋DQG ̋HYDOXDWLRQ ̋RI ̋SURJUHVV ̋WRZDUG

DFKLHYHPHQW ̋RI ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDO ̋ÏÔ
Ï

ÏÔ ̋ ̋,QWURGXFWLRQ

ÏÔÏÔ ̋ ̋%DFNJURXQG

'DWD ̋GHVFULELQJ ̋FXUUHQW ̋SUDFWLFHV ̋RI ̋WKH ̋86 ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋DUH ̋QHHGHG ̋WR ̋HVWDEOLVK

EDVHOLQHV ̋ DJDLQVW ̋ ZKLFK ̋ LQGXVWU\ ̋ FDQ ̋ PHDVXUH ̋ LWV ̋ SURJUHVV ̋ WRZDUGV ̋ DFKLHYLQJ ̋ WKH ̋ VHYHQ

1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOVÔ ̋  ̋ 7KH ̋ VHYHQ ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOV ̋ DUH ̋ FRQFHUQHG

ZLWK„ ̋ ıÏÙ ̋ UHGXFWLRQV ̋ LQ ̋ WKH ̋ GHOLYHU\ ̋ WLPH ̋ RI ̋ FRQVWUXFWHG ̋ IDFLOLWLHV‚ ̋ ıÎÙ ̋ UHGXFWLRQV ̋ LQ

RSHUDWLRQVÒ ̋ PDLQWHQDQFHÒ ̋ DQG ̋ HQHUJ\ ̋ FRVWV‚ ̋ ıÍÙ ̋ LQFUHDVHV ̋ LQ ̋ RFFXSDQW ̋ SURGXFWLYLW\ ̋ DQG

FRPIRUW‚ ̋ıÈÙ ̋UHGXFWLRQV ̋LQ ̋RFFXSDQWðUHODWHG ̋LOOQHVVHV ̋DQG ̋LQMXULHV‚ ̋ıËÙ ̋UHGXFWLRQV ̋LQ ̋ZDVWH

DQG ̋SROOXWLRQ‚ ̋ıÁÙ ̋LQFUHDVHV ̋LQ ̋WKH ̋GXUDELOLW\ ̋DQG ̋ IOH[LELOLW\ ̋RI ̋FRQVWUXFWHG ̋ IDFLOLWLHV‚ ̋DQG

ıÊÙ ̋UHGXFWLRQV ̋LQ ̋FRQVWUXFWLRQ ̋ZRUNHU ̋LOOQHVVHV ̋DQG ̋LQMXULHVÔ

$OWKRXJK ̋LQIRUPDWLRQ ̋KDYLQJ ̋UHOHYDQFH ̋WR ̋WKH ̋VHYHQ ̋JRDOV ̋LV ̋DYDLODEOHÒ ̋IRU ̋WKH ̋PRVW ̋SDUWÒ

WKLV ̋LQIRUPDWLRQ ̋ KDV ̋ VXFK ̋D ̋ QDUURZ ̋ IRFXV ̋WKDW ̋D ̋FRQVLVWHQW ̋ VHW ̋ RI ̋ EDVHOLQH ̋PHDVXUHV ̋DQG

DVVRFLDWHG ̋PHDVXUHV ̋RI ̋SURJUHVV ̋FDQQRW ̋EH ̋SURGXFHG ̋ZLWKRXW ̋ILUVW ̋FRQGXFWLQJ ̋D ̋VLJQLILFDQW

UHVHDUFK ̋ HIIRUWÔ ̋  ̋ 6SHFLILFDOO\Ò ̋ LQIRUPDWLRQ ̋ IURP ̋ D ̋ ZLGH ̋ YDULHW\ ̋ RI ̋ GDWD ̋ VHWV ̋ QHHGV ̋ WR ̋ EH

FROOHFWHGÒ ̋ UHYLHZHGÒ ̋ DQDO\]HGÒ ̋ DQG ̋ FULWLTXHG ̋ WR ̋ HQVXUH ̋ WKDW ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ DQG

PHDVXUHV ̋RI ̋SURJUHVV ̋ZKLFK ̋UHVXOW ̋DUH„

ıÏÙ DGHTXDWH ̋ ıLÔHÔÒ ̋ WKH\ ̋ QRW ̋ RQO\ ̋ FDSWXUH ̋ WKH ̋ FRPSOH[LWLHV ̋ RI ̋ WKH ̋ 86 ̋ FRQVWUXFWLRQ

LQGXVWU\ ̋EXW ̋DOVR ̋UHSUHVHQW ̋D ̋FRQVHQVXV ̋DPRQJ ̋H[SHUWV ̋LQ ̋WKH ̋ILHOGÙ‚ ̋DQG

ıÎÙ VXLWDEOH ̋IRU ̋GLVVHPLQDWLRQ ̋WR ̋WKH ̋SXEOLFÔ

,W ̋LV ̋HVVHQWLDO ̋WR ̋KDYH ̋EDVHOLQH ̋GDWD ̋DQG ̋DVVRFLDWHG ̋PHDVXUHV ̋RI ̋SURJUHVV ̋WR ̋GHWHUPLQH ̋WKH

VXFFHVV ̋RI ̋DFWLRQV ̋WDNHQ ̋WR ̋LPSURYH ̋WKH ̋FRPSHWLWLYHQHVV ̋RI ̋WKH ̋86 ̋FRQVWUXFWLRQ ̋LQGXVWU\Ô

,Q ̋DGGLWLRQÒ ̋EDVHOLQHV ̋DQG ̋PHDVXUHV ̋RI ̋SURJUHVV ̋ZLOO ̋PDNH ̋LW ̋SRVVLEOH ̋WR ̋GHPRQVWUDWH ̋WKH

EHQHILWV ̋ RI ̋ DGYDQFHG ̋ WHFKQRORJLHV ̋ DQG ̋ SUDFWLFHVÒ ̋ DQG ̋ WR ̋ JXLGH ̋ GHFLVLRQ ̋ PDNHUV ̋ LQ

SULRULWL]LQJ ̋SRWHQWLDO ̋SURJUDPVÔ

7KH ̋JRDO ̋RI ̋WKLV ̋SURMHFW ̋LV ̋WR ̋GHYHORS ̋D ̋VXLWH ̋RI ̋SURGXFWV ̋ZKLFK ̋VXSSRUW ̋WKH ̋PHDVXUHPHQW

DQG ̋DWWDLQPHQW ̋RI ̋WKH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOV ̋E\ ̋WKH ̋IRXU ̋NH\ ̋FRQVWUXFWLRQ ̋LQGXVWU\

VHFWRUVÔ ̋  ̋ 7KH ̋ IRXU ̋ LQGXVWU\ ̋ VHFWRUV ̋ DUH„ ̋ ıÏÙ ̋ UHVLGHQWLDO‚ ̋ ıÎÙ ̋ FRPPHUFLDOÓLQVWLWXWLRQDO‚ ̋ ıÍÙ

LQGXVWULDO‚ ̋DQG ̋ıÈÙ ̋SXEOLF ̋ZRUNVÔ ̋ ̋7KUHH ̋EDVLF ̋VHWV ̋RI ̋SURGXFWV ̋DUH ̋HQYLVLRQHG„

ıÏÙ %DVHOLQH ̋ 0HDVXUHV„ ̋  ̋ 'HYHORS ̋ EDVHOLQH ̋ PHDVXUHV ̋ ZKLFK ̋ FKDUDFWHUL]H ̋ FXUUHQW

LQGXVWU\ ̋ SHUIRUPDQFH ̋ ZLWK ̋ UHVSHFW ̋WR ̋ HDFK ̋ RI ̋WKH ̋ VHYHQ ̋ JRDOVÔ ̋  ̋ 7KH ̋ DYHUDJHV ̋ RI

FXUUHQW ̋SUDFWLFH ̋ ıGHILQHG ̋LQ ̋WKLV ̋GRFXPHQW ̋DV ̋LQGXVWU\ ̋SHUIRUPDQFH ̋LQ ̋ Ï‰‰ÈÙ ̋ZLOO

EHFRPH ̋WKH ̋EDVHOLQHV ̋IRU ̋PHDVXULQJ ̋SURJUHVV ̋WRZDUGV ̋DFKLHYLQJ ̋HDFK ̋RI ̋WKH ̋JRDOVÔ

ıÎÙ 0HDVXUHV ̋ RI ̋ 3URJUHVV„ ̋  ̋  ̋ 'HYHORS ̋ PHWKRGV ̋ IRU ̋ PHDVXULQJ ̋ SURJUHVVÔ ̋  ̋ 7KHVH

¶UHVXOWVß ̋ PHDVXUHV ̋ DUH ̋ HQYLVLRQHG ̋ DV ̋ D ̋ FRPSRVLWH ̋ RI ̋ SHUIRUPDQFH ̋ PHDVXUHV
Î

RIIHULQJ ̋ D ̋ PHDQV ̋ QRW ̋ RQO\ ̋ IRU ̋ PRQLWRULQJ ̋ DFWXDO ̋ SHUIRUPDQFH ̋ EXW ̋ DOVR ̋ IRU

PDUVKDOLQJ ̋VXSSRUW ̋IRU ̋LPSURYLQJ ̋UHVXOWVÔ

ıÍÙ 3HULRGLF ̋ 5HSRUWV„ ̋  ̋ 3URYLGH ̋ LQIRUPDWLRQ ̋ RQ ̋ HDFK ̋ RI ̋ WKH ̋ VHYHQ ̋ JRDOVÔ ̋  ̋ 7KLV

LQIRUPDWLRQ ̋ZLOO ̋EH ̋PDGH ̋DYDLODEOH ̋WR ̋LQWHUHVWHG ̋SDUWLHV ̋ERWK ̋WKURXJK ̋SXEOLFDWLRQV

DQGÒ ̋XOWLPDWHO\Ò ̋HOHFWURQLFDOO\ ̋YLD ̋WKH ̋:RUOG ̋:LGH ̋:HEÔ ̋ ̋3RWHQWLDO ̋RXWOHWV ̋IRU ̋WKH

EDVHOLQHV ̋ DQG ̋ PHDVXUHV ̋ RI ̋ SURJUHVV ̋ LQFOXGH ̋ WKH ̋ &RQVWUXFWLRQ ̋ DQG ̋ %XLOGLQJ

6XEFRPPLWWHH ̋ PHPEHU ̋ RUJDQL]DWLRQV ̋ DQG ̋ WKH ̋ IRXU ̋ VHFWRU ̋ FRXQFLO ̋ PHPEHU

RUJDQL]DWLRQVÔÏ

ÏÔÎÔ ̋ ̋3XUSRVH

7KH ̋SXUSRVH ̋RI ̋WKLV ̋GRFXPHQW ̋LV ̋WZRIROGÔ ̋ ̋)LUVW ̋DQG ̋ IRUHPRVWÒ ̋WKLV ̋GRFXPHQW ̋SURYLGHV ̋D

GHWDLOHG ̋VHW ̋RI ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDO ̋Ï ̋ıUHGXFWLRQV ̋LQ ̋GHOLYHU\

WLPHÙÔ ̋  ̋ $V ̋ VXFKÒ ̋ LW ̋ GHVFULEHV ̋ GDWD ̋ VRXUFHVÒ ̋ GDWD ̋ FODVVLILFDWLRQV ̋ DQG ̋ KLHUDUFKLHVÒ ̋ DQG ̋ WKH

PHWULFV ̋XVHG ̋WR ̋GHYHORS ̋WKH ̋EDVHOLQH ̋PHDVXUHVÔ ̋ ̋([WHQVLYH ̋XVH ̋RI ̋FKDUWV ̋DQG ̋WDEOHV ̋LV ̋PDGH

WKURXJKRXW ̋WKLV ̋ GRFXPHQW ̋WR ̋LOOXVWUDWH ̋WKH ̋ SURFHVV ̋ E\ ̋ZKLFK ̋WKH ̋ EDVHOLQH ̋PHDVXUHV ̋ZHUH

GHYHORSHGÔ ̋  ̋ 7KLV ̋ GRFXPHQW ̋ LV ̋ WKH ̋ VHFRQG ̋ LQ ̋ D ̋ VHULHV ̋ RI ̋ VWXGLHV ̋ SUHSDUHG ̋ E\ ̋ 1,67©V

%XLOGLQJ ̋ DQG ̋ )LUH ̋ 5HVHDUFK ̋ /DERUDWRU\ ̋ ı%)5/ÙÔ ̋  ̋ $Q ̋ HDUOLHU ̋ FRPSDQLRQ ̋ GRFXPHQWÎ

IRFXVHV ̋ RQ ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDO ̋ ÎÒ ̋ UHGXFWLRQV ̋ LQ ̋ RSHUDWLRQVÒ ̋ PDLQWHQDQFHÒ ̋ DQG

HQHUJ\ ̋FRVWVÔ

7KH ̋ VHFRQG ̋ SXUSRVH ̋ RI ̋ WKLV ̋ GRFXPHQW ̋ LV ̋ WR ̋ RXWOLQH ̋ %)5/©V ̋ VWUDWHJ\ ̋ IRU ̋ FROOHFWLQJ

LQIRUPDWLRQ ̋ RQ ̋ HDFK ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOÒ ̋ IRU ̋ JDLQLQJ ̋ FRQVHQVXV ̋ RQ ̋ ZKDW

LQIRUPDWLRQ ̋ VKRXOG ̋ EH ̋LQFOXGHG ̋LQ ̋WKH ̋ EDVHOLQH ̋PHDVXUHV ̋DQG ̋PHDVXUHV ̋ RI ̋ SURJUHVVÒ ̋DQG

IRU ̋ GLVVHPLQDWLQJ ̋LQIRUPDWLRQ ̋WR ̋LQWHUHVWHG ̋ SDUWLHVÔ ̋ ̋6SHFLILFDOO\Ò ̋D ̋WZRðSKDVHÒ ̋ IRXUðVWHS

SURFHVV ̋IRU ̋GHYHORSLQJ ̋DQG ̋GLVVHPLQDWLQJ ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋DQG ̋PHDVXUHV ̋RI ̋SURJUHVV

LV ̋GHVFULEHGÔ

ÏÔÍÔ ̋ ̋6FRSH ̋DQG ̋$SSURDFK

7KLV ̋ GRFXPHQW ̋ KDV ̋ VL[ ̋ FKDSWHUV ̋ DQG ̋ VHYHQ ̋ DSSHQGLFHV ̋ LQ ̋ DGGLWLRQ ̋ WR ̋ WKH ̋ ,QWURGXFWLRQÔ

&KDSWHU ̋Î ̋LQWURGXFHV ̋WKH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOVÒ ̋GHVFULEHV ̋KRZ ̋D ̋ZHOOðGHILQHG ̋ VHW

RI ̋ PHWULFV ̋ LV ̋ XVHG ̋ WR ̋ GHYHORS ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ DQG ̋ PHDVXUHV ̋ RI ̋ SURJUHVVÒ ̋ DQG

RXWOLQHV ̋ WKH ̋ SURMHFW ̋ DSSURDFKÔ ̋  ̋ &KDSWHU ̋ Í ̋ SURYLGHV ̋ DQ ̋ RYHUYLHZ ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ

LQGXVWU\Ô ̋  ̋ 7KH ̋ RYHUYLHZ ̋ SURYLGHV ̋ WKH ̋ FRQWH[W ̋ ZLWKLQ ̋ ZKLFK ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ DUH

GHYHORSHGÔ ̋ ̋&KDSWHU ̋ È ̋ SUHVHQWV ̋WZR ̋ GDWD ̋ FODVVLILFDWLRQ ̋ VFKHPHV‚ ̋ RQH ̋ ZKLFK ̋LV ̋LGHDOL]HG

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

Ï

 ̋7KH ̋IRXU ̋VHFWRU ̋FRXQFLO ̋PHPEHU ̋RUJDQL]DWLRQV ̋DUH„ ̋ıÏÙ ̋1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUV ̋5HVHDUFK

&HQWHU ̋ı5HVLGHQWLDOÙ‚ ̋ıÎÙ ̋1DWLRQDO ̋,QVWLWXWH ̋RI ̋%XLOGLQJ ̋6FLHQFHV ̋ı&RPPHUFLDOÓ,QVWLWXWLRQDOÙ‚ ̋ıÍÙ

&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH ̋ı,QGXVWULDOÙ‚ ̋DQG ̋ıÈÙ ̋$PHULFDQ ̋3XEOLF ̋:RUNV ̋$VVRFLDWLRQ ̋ı3XEOLF ̋:RUNVÙÔ

Î

 ̋&KDSPDQÒ ̋5REHUW ̋(ÔÒ ̋DQG ̋5RGHULFN ̋5HQQLVRQÔ ̋ ̋Ï‰‰ÂÔ ̋ ̋$Q ̋$SSURDFK ̋IRU ̋0HDVXULQJ ̋5HGXFWLRQV ̋LQ

2SHUDWLRQVÒ ̋0DLQWHQDQFHÒ ̋DQG ̋(QHUJ\ ̋&RVWV„ ̋%DVHOLQH ̋0HDVXUHV ̋RI ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋3UDFWLFH ̋IRU ̋WKH

1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOVÔ ̋ ̋1,67,5 ̋ÁÏÂËÔ ̋ ̋*DLWKHUVEXUJÒ ̋0'„ ̋1DWLRQDO ̋,QVWLWXWH ̋RI ̋6WDQGDUGV ̋DQG

7HFKQRORJ\Ô
Í

DQG ̋ RQH ̋ ZKLFK ̋LV ̋ GDWD ̋ GULYHQÔ ̋  ̋ 7KHVH ̋ GDWD ̋ FODVVLILFDWLRQ ̋ VFKHPHV ̋ DUH ̋ XVHG ̋ WR ̋ FRQVWUXFW

GDWD ̋ KLHUDUFKLHV ̋ IURP ̋ ZKLFK ̋ NH\ ̋ PHWULFV ̋ DUH ̋ GHULYHG ̋ DQG ̋ XVHG ̋ WR ̋ GHYHORS ̋ WKH ̋ EDVHOLQH

PHDVXUHVÔ ̋  ̋ &KDSWHU ̋ Ë ̋ SUHVHQWV ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ WKH ̋ UHVLGHQWLDO ̋ VHFWRUÔ ̋  ̋ 7KHVH

PHDVXUHV ̋DUH ̋EDVHG ̋RQ ̋GDWD ̋SXEOLVKHG ̋E\ ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXVÒ ̋VXSSOHPHQWHG ̋E\

LQIRUPDWLRQ ̋ IURP ̋ WKH ̋ 1DWLRQDO ̋ $VVRFLDWLRQ ̋ RI ̋ +RPH ̋ %XLOGHUVÔ ̋  ̋ &KDSWHU ̋ Á ̋ SUHVHQWV ̋ WKH

EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ WKH ̋ WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUV•FRPPHUFLDOÓLQVWLWXWLRQDOÒ

LQGXVWULDOÒ ̋ DQG ̋ SXEOLF ̋ ZRUNVÔ ̋  ̋ 7KHVH ̋ PHDVXUHV ̋ DUH ̋ EDVHG ̋ RQ ̋ D ̋ GLVFRQWLQXHG ̋ GDWD ̋ VHULHV

SXEOLVKHG ̋ E\ ̋ WKH ̋ 86 ̋ %XUHDX ̋ RI ̋ WKH ̋ &HQVXV ̋ DQG ̋ DJJUHJDWHGÒ ̋ SURMHFWðOHYHO ̋ GDWD ̋ PDGH

DYDLODEOH ̋E\ ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWHÔ ̋ ̋&KDSWHU ̋Ê ̋FRQFOXGHV ̋WKH ̋GRFXPHQW ̋ZLWK

D ̋VXPPDU\ ̋DQG ̋VXJJHVWLRQV ̋IRU ̋IXUWKHU ̋UHVHDUFKÔ

7KH ̋ LQGLYLGXDO ̋ GDWD ̋ KLHUDUFKLHV ̋ IRU ̋ HDFK ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ VHFWRU ̋ DUH ̋ SUHVHQWHG ̋ LQ

$SSHQGLFHV ̋$ ̋WKURXJK ̋'Ô ̋ ̋(DFK ̋ VHFWRU ̋ RFFXSLHV ̋ DQ ̋ DSSHQGL[„ ̋  ̋ $SSHQGL[ ̋ $ ̋ FRYHUV ̋WKH

UHVLGHQWLDO ̋ VHFWRU‚ ̋ $SSHQGL[ ̋ % ̋ FRYHUV ̋ WKH ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ VHFWRU‚ ̋ $SSHQGL[ ̋ &

FRYHUV ̋ WKH ̋ LQGXVWULDO ̋ VHFWRU‚ ̋ DQG ̋ $SSHQGL[ ̋ ' ̋ FRYHUV ̋ WKH ̋ SXEOLF ̋ ZRUNV ̋ VHFWRUÔ ̋  ̋ 7KUHH

DGGLWLRQDO ̋ DSSHQGLFHV ̋ DUH ̋ DOVR ̋ LQFOXGHG ̋ DV ̋ DQ ̋ DLG ̋ WR ̋ FURVV ̋ UHIHUHQFLQJ ̋ WHUPVÒ ̋ VWDWLVWLFDO

LQIRUPDWLRQÒ ̋ DQG ̋ RWKHU ̋ PDWHULDO ̋ FRQWDLQHG ̋ LQ ̋ WKLV ̋ GRFXPHQWÔ ̋  ̋ $SSHQGL[ ̋ ( ̋ OLVWV ̋ WKH

DVVLJQPHQW ̋RI ̋HDFK ̋VWDWH ̋WR ̋RQH ̋RI ̋WKH ̋IRXU ̋FHQVXV ̋UHJLRQV„ ̋ıÏÙ ̋1RUWKHDVW‚ ̋ıÎÙ ̋0LGZHVW‚ ̋ıÍÙ

6RXWK‚ ̋ RU ̋ ıÈÙ ̋ :HVWÔ ̋  ̋ $SSHQGL[ ̋ ) ̋ OLVWV ̋ WKH ̋ WZRðGLJLW ̋ 6WDQGDUG ̋ ,QGXVWULDO ̋ &ODVVLILFDWLRQ

ı6,&Ù ̋&RGHVÔ ̋ ̋$SSHQGL[ ̋* ̋SURYLGHV ̋D ̋OLVW ̋RI ̋DFURQ\PV ̋DQG ̋WKHLU ̋GHILQLWLRQVÔ

Ë

ÎÔ ̋ ̋7KH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOV„ ̋$ ̋7RRO ̋IRU ̋3URPRWLQJ

&RPSHWLWLYHQHVV ̋:LWKLQ ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\

ÎÔÏÔ ̋ ̋'HVFULSWLRQ ̋RI ̋WKH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOV

7KH ̋ &RQVWUXFWLRQ ̋ DQG ̋ %XLOGLQJ ̋ ı& ̃%Ù ̋ 6XEFRPPLWWHH ̋ KDV ̋ VWXGLHG ̋ UHVHDUFK ̋ SULRULWLHV

H[SUHVVHG ̋E\ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\Ô ̋ ̋7KHVH ̋SULRULWLHV ̋WUDQVODWH ̋LQWR ̋WKH ̋IROORZLQJ ̋VHYHQ

1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOV„

ÏÔ ËÌ ̄ ̋5HGXFWLRQ ̋LQ ̋'HOLYHU\ ̋7LPH

ÎÔ ËÌ ̄ ̋5HGXFWLRQ ̋LQ ̋2SHUDWLRQÒ ̋0DLQWHQDQFHÒ ̋DQG ̋(QHUJ\ ̋&RVWV

ÍÔ ÍÌ ̄ ̋,QFUHDVH ̋LQ ̋3URGXFWLYLW\ ̋DQG ̋&RPIRUW

ÈÔ ËÌ ̄ ̋)HZHU ̋2FFXSDQWð5HODWHG ̋,OOQHVVHV ̋DQG ̋,QMXULHV

ËÔ ËÌ ̄ ̋/HVV ̋:DVWH ̋DQG ̋3ROOXWLRQ

ÁÔ ËÌ ̄ ̋0RUH ̋'XUDELOLW\ ̋DQG ̋)OH[LELOLW\

ÊÔ ËÌ ̄ ̋5HGXFWLRQ ̋LQ ̋&RQVWUXFWLRQ ̋:RUNHU ̋,OOQHVVHV ̋DQG ̋,QMXULHV

7R ̋ PDNH ̋ WKH ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOV ̋ RSHUDWLRQDOÒ ̋ WKHLU ̋ YDOXHV ̋ DUH ̋ EDVHG ̋ RQ ̋ WKH

YDOXHV ̋ RI ̋ D ̋ ZHOOðGHILQHG ̋ VHW ̋ RI ̋ EDVHOLQH ̋ PHDVXUHVÔ ̋  ̋ $V ̋ QRWHG ̋ LQ ̋ WKH ̋ ,QWURGXFWLRQÒ ̋ WKH

YDOXHV ̋ RI ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ HDFK ̋ JRDO ̋ DUH ̋ DYHUDJHV ̋ RI ̋ LQGXVWU\ ̋ SHUIRUPDQFH ̋ LQ

Ï‰‰ÈÔ ̋  ̋ 7KH ̋ \HDU ̋ Ï‰‰È ̋ ZDV ̋ HVWDEOLVKHG ̋ DV ̋ WKH ̋ EDVLV ̋ IRU ̋ FRPSXWLQJ ̋ WKH ̋ YDOXHV ̋ RI ̋ WKH

EDVHOLQH ̋ PHDVXUHV ̋ EHFDXVH ̋LW ̋ ZDV ̋WKH ̋ \HDU ̋ ZKHQ ̋ WKH ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOV ̋ ZHUH

ILUVW ̋IRUPXODWHGÔÍ

7ZR ̋SULRULW\ ̋WKUXVWVÒ ̋EHWWHU ̋FRQVWUXFWHG ̋IDFLOLWLHV ̋DQG ̋KHDOWK ̋DQG ̋VDIHW\ ̋RI ̋WKH ̋FRQVWUXFWLRQ

ZRUN ̋ IRUFHÒ ̋ ZHUH ̋ GHILQHG ̋ DV ̋ WKH ̋ IRFXV ̋ RI ̋ & ̃%ðUHODWHG ̋ UHVHDUFKÒ ̋ GHYHORSPHQWÒ ̋ DQG

GHSOR\PHQW ̋ı5' ̃'Ù ̋DFWLYLWLHVÔ ̋ ̋7KH ̋REMHFWLYH ̋RI ̋WKH ̋& ̃%ðUHODWHG ̋5' ̃' ̋DFWLYLWLHV ̋LV ̋WR

PDNH ̋ WHFKQRORJLHV ̋ DQG ̋ SUDFWLFHV ̋ FDSDEOH ̋ RI ̋ DFKLHYLQJ ̋ WKH ̋ JRDOV ̋ XQGHU ̋ WKH ̋ WZR ̋ SULRULW\

WKUXVWV ̋DYDLODEOH ̋IRU ̋JHQHUDO ̋XVH ̋LQ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋E\ ̋ÎÌÌÍÔ

$FKLHYHPHQW ̋RI ̋WKH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOV ̋ZLOO„ ̋ıÏÙ ̋UHGXFH ̋WKH ̋ILUVW ̋FRVWV ̋DQG ̋OLIHð

F\FOH ̋ FRVWV ̋ RI ̋ FRQVWUXFWHG ̋ IDFLOLWLHV ̋ LQ ̋ WKH ̋ IRXU ̋ NH\ ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ VHFWRUV ̋ ıLÔHÔÒ

UHVLGHQWLDOÒ ̋ FRPPHUFLDOÓLQVWLWXWLRQDOÒ ̋ LQGXVWULDOÒ ̋ DQG ̋ SXEOLF ̋ ZRUNVÙ‚ ̋ ıÎÙ ̋ UHVXOW ̋ LQ ̋ EHWWHU

FRQVWUXFWHG ̋ IDFLOLWLHV‚ ̋DQG ̋ ıÍÙ ̋ UHVXOW ̋LQ ̋LPSURYHG ̋ KHDOWK ̋DQG ̋ VDIHW\ ̋ IRU ̋ ERWK ̋FRQVWUXFWLRQ

ZRUNHUV ̋DQG ̋ RFFXSDQWV ̋ RI ̋FRQVWUXFWHG ̋ IDFLOLWLHVÔ ̋ ̋$FKLHYHPHQW ̋ RI ̋WKH ̋ JRDOV ̋ZLOO ̋ FRQYH\

EHQHILWV ̋WR ̋HDFK ̋RI ̋WKH ̋IRXU ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋VHFWRUV ̋ıHÔJÔÒ ̋KRXVLQJ ̋ZLOO ̋EHFRPH ̋PRUH

DIIRUGDEOH ̋WKURXJK ̋UHGXFWLRQV ̋LQ ̋ILUVW ̋FRVWV ̋DQG ̋OLIHðF\FOH ̋FRVWVÙÔ ̋ ̋+RZHYHUÒ ̋GHSHQGLQJ ̋RQ

WKH ̋JRDO ̋DQG ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋VHFWRUÒ ̋WKH ̋EHQHILFLDO ̋LPSDFWV ̋DUH ̋H[SHFWHG ̋WR ̋YDU\Ô

7R ̋JDLQ ̋D ̋EHWWHU ̋DSSUHFLDWLRQ ̋RI ̋WKH ̋LPSRUWDQFH ̋RI ̋WKH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOVÒ ̋ERWK

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

Í

 ̋:ULJKWÒ ̋5LFKDUG ̋1ÔÒ ̋$UWKXU ̋+Ô ̋5RVHQIHOGÒ ̋DQG ̋$QGUHZ ̋-Ô ̋)RZHOOÔ ̋ ̋Ï‰‰ÈÔ ̋ ̋5DWLRQDOH ̋DQG ̋3UHOLPLQDU\ ̋3ODQ

IRU ̋)HGHUDO ̋5HVHDUFK ̋IRU ̋&RQVWUXFWLRQ ̋DQG ̋%XLOGLQJÔ ̋ ̋1,67,5 ̋ËËÍÁÔ ̋ ̋:DVKLQJWRQÒ ̋'&„ ̋1DWLRQDO ̋6FLHQFH

DQG ̋7HFKQRORJ\ ̋&RXQFLOÔ
Á

LQGLYLGXDOO\Ò ̋ DQG ̋ WDNHQ ̋ WRJHWKHUÒ ̋ DQG ̋ RI ̋ WKHLU ̋ UHODWLRQVKLS ̋ WR ̋ WKH ̋ IRXU ̋ NH\ ̋ FRQVWUXFWLRQ

LQGXVWU\ ̋VHFWRUVÒ ̋D ̋EULHI ̋GHVFULSWLRQ ̋RI ̋HDFK ̋JRDO ̋IROORZVÔ ̋ ̋7KH ̋GHVFULSWLRQV ̋DUH ̋SDWWHUQHG

DIWHU ̋WKRVH ̋JLYHQ ̋LQ ̋WKH ̋UHSRUW ̋E\ ̋:ULJKWÒ ̋5RVHQIHOGÒ ̋DQG ̋)RZHOOÔÈ

*RDO ̋Ï„ ËÌ ̄ ̋5HGXFWLRQ ̋LQ ̋'HOLYHU\ ̋7LPH

'HOLYHU\ ̋WLPH ̋LV ̋GHILQHG ̋DV ̋WKH ̋HODSVHG ̋WLPH ̋IURP ̋WKH ̋GHFLVLRQ ̋WR ̋FRQVWUXFW ̋D ̋QHZ ̋IDFLOLW\

XQWLO ̋LWV ̋UHDGLQHVV ̋IRU ̋VHUYLFHÔ ̋ ̋'HOLYHU\ ̋WLPH ̋LVVXHV ̋DIIHFW ̋ERWK ̋LQGXVWULDO ̋FRPSHWLWLYHQHVV

DQG ̋ SURMHFW ̋ FRVWVÔ ̋  ̋ 'XULQJ ̋ WKH ̋ LQLWLDO ̋ SODQQLQJÒ ̋ GHVLJQÒ ̋ SURFXUHPHQWÒ ̋ FRQVWUXFWLRQÒ ̋ DQG

VWDUWðXS ̋SURFHVVÒ ̋WKH ̋QHHGV ̋RI ̋WKH ̋FOLHQW ̋DUH ̋QRW ̋EHLQJ ̋PHWÔ ̋ ̋)XUWKHUPRUHÒ ̋WKH ̋FOLHQW©V ̋QHHGV

HYROYH ̋RYHU ̋WLPHÒ ̋VR ̋D ̋IDFLOLW\ ̋ORQJ ̋LQ ̋GHOLYHU\ ̋PD\ ̋EH ̋XQFRPSHWLWLYH ̋RU ̋XQVXLWDEOH ̋ZKHQ

LW ̋ LV ̋ ILQLVKHGÔ ̋  ̋ 'HOD\V ̋ DOPRVW ̋ DOZD\V ̋ WUDQVODWH ̋ LQWR ̋ LQFUHDVHG ̋ SURMHFW ̋ FRVWV ̋ GXH ̋ WR

LQIODWLRQDU\ ̋ HIIHFWVÒ ̋ KLJKHU ̋ ILQDQFLDO ̋ KROGLQJ ̋ FRVWVÒ ̋ DQG ̋ UHGXFHG ̋ SURGXFWLYLW\Ô

)XUWKHUPRUHÒ ̋ WKH ̋ LQYHVWPHQWV ̋ LQ ̋ SURGXFLQJ ̋ WKH ̋ IDFLOLW\ ̋ FDQQRW ̋ EH ̋ UHFRXSHG ̋ XQWLO ̋ WKH

IDFLOLW\ ̋LV ̋RSHUDWLRQDOÔ ̋ ̋2ZQHUVÒ ̋XVHUVÒ ̋GHVLJQHUVÒ ̋DQG ̋FRQVWUXFWRUV ̋DUH ̋DPRQJ ̋WKH ̋JURXSV

FDOOLQJ ̋IRU ̋WHFKQRORJLHV ̋DQG ̋SUDFWLFHV ̋WR ̋UHGXFH ̋GHOLYHU\ ̋WLPHÔ

*RDO ̋Î„ ËÌ ̄ ̋5HGXFWLRQ ̋LQ ̋2SHUDWLRQÒ ̋0DLQWHQDQFHÒ ̋DQG ̋(QHUJ\ ̋&RVWV

2SHUDWLRQVÒ ̋PDLQWHQDQFHÒ ̋DQG ̋HQHUJ\ ̋ ı20 ̃(Ù ̋FRVWV ̋DUH ̋D ̋PDMRU ̋ IDFWRU ̋LQ ̋WKH ̋OLIHðF\FOH

FRVWV ̋ RI ̋ D ̋ FRQVWUXFWHG ̋ IDFLOLW\Ô ̋  ̋ ,Q ̋ VRPH ̋ FDVHVÒ ̋ 20 ̃( ̋ FRVWV ̋ RYHU ̋ WKH ̋ OLIH ̋ RI ̋ D ̋ IDFLOLW\

H[FHHG ̋LWV ̋ ILUVW ̋FRVWÔ ̋ ̋+RZHYHUÒ ̋EHFDXVH ̋ UHGXFWLRQV ̋LQ ̋20 ̃( ̋FRVWV ̋DUH ̋RIWHQ ̋DVVRFLDWHG

ZLWK ̋LQFUHDVHG ̋ILUVW ̋FRVWVÒ ̋IDFLOLW\ ̋RZQHUV ̋DQG ̋PDQDJHUV ̋PD\ ̋XQGHU ̋LQYHVW ̋LQ ̋FRVW ̋VDYLQJ

WHFKQRORJLHVÔ ̋  ̋ )XUWKHUPRUHÒ ̋ XQGXH ̋ DWWHQWLRQ ̋ RQ ̋ PLQLPL]LQJ ̋ ILUVW ̋ FRVWV ̋ PD\ ̋ UHVXOW ̋ LQ ̋ D

IDFLOLW\ ̋ZKLFK ̋LV ̋H[SHQVLYH ̋WR ̋RSHUDWH ̋DQG ̋PDLQWDLQÒ ̋ZDVWHV ̋HQHUJ\ ̋UHVRXUFHVÒ ̋LV ̋LQIOH[LEOHÒ

DQG ̋ UDSLGO\ ̋ EHFRPHV ̋ REVROHWHÔ ̋  ̋ )LQDOO\Ò ̋ EHFDXVH ̋ 20 ̃( ̋ FRVWV ̋ WHQG ̋ WR ̋ LQFUHDVH ̋ PRUH

UDSLGO\ ̋WKDQ ̋WKH ̋JHQHUDO ̋UDWH ̋RI ̋LQIODWLRQÒ ̋IDFLOLW\ ̋RZQHUV ̋DQG ̋RSHUDWRUV ̋DUH ̋RIWHQ ̋IRUFHG ̋WR

UHDOORFDWH ̋ IXQGV ̋ WR ̋ FRYHU ̋ 20 ̃( ̋ FRVWVÔ ̋  ̋ 5HGXFWLRQV ̋ LQ ̋ 20 ̃( ̋ FRVWV ̋ ZLOO ̋ SURGXFH ̋ WZR

W\SHV ̋ RI ̋ EHQHILWVÔ ̋  ̋ )LUVWÒ ̋ FRQVWUXFWHG ̋ IDFLOLWLHV ̋ ZLOO ̋ EHFRPH ̋ PRUH ̋ DIIRUGDEOH ̋ EHFDXVH

IDFLOLW\ ̋RZQHUV ̋DQG ̋RSHUDWRUV ̋DUH ̋PDNLQJ ̋PRUH ̋FRVWðHIIHFWLYH ̋FKRLFHV ̋DPRQJ ̋LQYHVWPHQWV

ıHÔJÔÒ ̋ GHVLJQ ̋FRQILJXUDWLRQVÙ ̋ZKLFK ̋DIIHFW ̋OLIHðF\FOH ̋FRVWVÔ ̋ ̋6HFRQGÒ ̋WKHVH ̋ VDPH ̋ IDFLOLWLHV

ZLOO ̋EHWWHU ̋FRQVHUYH ̋VFDUFH ̋HQHUJ\ ̋UHVRXUFHVÔ

*RDO ̋Í„ ÍÌ ̄ ̋,QFUHDVH ̋LQ ̋3URGXFWLYLW\ ̋DQG ̋&RPIRUW

,QGXVWU\ ̋DQG ̋JRYHUQPHQW ̋VWXGLHV ̋KDYH ̋VKRZQ ̋WKDW ̋WKH ̋DQQXDO ̋VDODU\ ̋FRVWV ̋RI ̋WKH ̋RFFXSDQWV

RI ̋D ̋FRPPHUFLDO ̋RU ̋LQVWLWXWLRQDO ̋EXLOGLQJ ̋DUH ̋RI ̋WKH ̋VDPH ̋RUGHU ̋RI ̋PDJQLWXGH ̋DV ̋WKH ̋FDSLWDO

FRVW ̋ RI ̋ WKH ̋ EXLOGLQJÔË

 ̋  ̋ 2FFXSDQW ̋ FRPIRUW ̋ GHSHQGV ̋ ODUJHO\ ̋ RQ ̋ WKH ̋ QDWXUH ̋ RI ̋ EXLOGLQJVÒ

EXLOGLQJ ̋IXUQLVKLQJVÒ ̋DQG ̋LQGRRU ̋HQYLURQPHQWVÔ ̋ ̋7KH ̋TXDOLW\ ̋RI ̋LQGRRU ̋HQYLURQPHQWV ̋DOVR

KDV ̋D ̋ODUJH ̋LPSDFW ̋RQ ̋RFFXSDQW ̋KHDOWK ̋DQG ̋SURGXFWLYLW\Ô ̋ ̋,PSURYHPHQW ̋RI ̋WKH ̋SURGXFWLYLW\

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

È

 ̋:ULJKWÒ ̋ 5LFKDUG ̋ 1ÔÒ ̋ $UWKXU ̋ +Ô ̋ 5RVHQIHOGÒ ̋ DQG ̋ $QGUHZ ̋ -Ô ̋ )RZHOOÔ ̋  ̋ Ï‰‰ËÔ ̋  ̋&RQVWUXFWLRQ ̋ DQG ̋ %XLOGLQJ„

)HGHUDO ̋ 5HVHDUFK ̋ DQG ̋ 'HYHORSPHQW ̋ LQ ̋ 6XSSRUW ̋ RI ̋ WKH ̋ 86 ̋ &RQVWUXFWLRQ ̋ ,QGXVWU\Ô ̋  ̋ :DVKLQJWRQÒ ̋ '&„

1DWLRQDO ̋6FLHQFH ̋DQG ̋7HFKQRORJ\ ̋&RXQFLOÔ

Ë

 ̋ %XLOGLQJ ̋ 2ZQHUV ̋ DQG ̋ 0DQDJHUV ̋ $VVRFLDWLRQÔ ̋  ̋ Ï‰‰ÈÔ ̋  ̋ ([SHULHQFH ̋ ([FKDQJH ̋ 5HSRUWÒ ̋ 1DWLRQDO ̋ &URVVð

7DEXODWLRQVÒ ̋Ï‰‰ÈÔ ̋ ̋:DVKLQJWRQÒ ̋'&„ ̋%XLOGLQJ ̋2ZQHUV ̋DQG ̋0DQDJHUV ̋$VVRFLDWLRQÔ
Ê

RI ̋ WKH ̋ RFFXSDQWV ̋ ıRU ̋ IRU ̋ DQ ̋ LQGXVWULDO ̋ IDFLOLW\Ò ̋ LPSURYHPHQW ̋ RI ̋ WKH ̋ SURGXFWLYLW\ ̋ RI ̋ WKH

SURFHVV ̋ KRXVHG ̋ E\ ̋ WKH ̋ IDFLOLW\Ù ̋ LV ̋ DQ ̋ LPSRUWDQW ̋ SHUIRUPDQFH ̋ FKDUDFWHULVWLF ̋ IRU ̋ PRVW

FRQVWUXFWHG ̋IDFLOLWLHVÔ

*RDO ̋È„ ËÌ ̄ ̋)HZHU ̋2FFXSDQWð5HODWHG ̋,OOQHVVHV ̋DQG ̋,QMXULHV

%XLOGLQJV ̋DUH ̋LQWHQGHG ̋WR ̋VKHOWHU ̋DQG ̋VXSSRUW ̋KXPDQ ̋DFWLYLWLHVÒ ̋\HW ̋WKH ̋HQYLURQPHQW ̋DQG

SHUIRUPDQFH ̋ RI ̋ EXLOGLQJV ̋ FDQ ̋ FRQWULEXWH ̋ WR ̋ LOOQHVVHV ̋ DQG ̋ LQMXULHV ̋ IRU ̋ EXLOGLQJ ̋ XVHUVÔ

([DPSOHV ̋DUH ̋DYRLGDEOH ̋LQMXULHV ̋FDXVHG ̋E\ ̋ILUH ̋RU ̋QDWXUDO ̋KD]DUGVÒ ̋VOLSV ̋DQG ̋IDOOVÒ ̋GLVHDVH

IURP ̋ DLUERUQH ̋ PLFUREHVÒ ̋ RIWHQ ̋ DVVRFLDWHG ̋ ZLWK ̋ D ̋ ZRUNSODFH ̋ HQYLURQPHQWÒ ̋ DQG ̋ EXLOGLQJ

GDPDJH ̋RU ̋FROODSVH ̋IURP ̋ILUHÒ ̋HDUWKTXDNHVÒ ̋RU ̋H[WUHPH ̋ZLQGVÔ ̋ ̋5HGXFWLRQV ̋LQ ̋LOOQHVVHV ̋DQG

LQMXULHV ̋ZLOO ̋LQFUHDVH ̋EXLOGLQJ ̋XVHUV© ̋SURGXFWLYLW\ ̋DV ̋ZHOO ̋DV ̋ UHGXFH ̋WKH ̋FRVWV ̋RI ̋PHGLFDO

FDUH ̋DQG ̋OLWLJDWLRQÔ

*RDO ̋Ë„ ËÌ ̄ ̋/HVV ̋:DVWH ̋DQG ̋3ROOXWLRQ

,PSURYHPHQW ̋RI ̋WKH ̋SHUIRUPDQFH ̋RI ̋FRQVWUXFWHG ̋IDFLOLWLHV ̋SURYLGHV ̋PDMRU ̋RSSRUWXQLWLHV ̋WR

UHGXFH ̋ ZDVWH ̋ DQG ̋ SROOXWLRQ ̋ DW ̋ HYHU\ ̋ VWHS ̋ RI ̋ WKH ̋ GHOLYHU\ ̋ SURFHVVÒ ̋ IURP ̋ UDZ ̋ PDWHULDO

H[WUDFWLRQ ̋WR ̋ ILQDO ̋ GHPROLWLRQ ̋ DQG ̋ UHF\FOLQJ ̋ RI ̋WKH ̋ IDFLOLW\ ̋ DQG ̋LWV ̋ FRQWHQWVÔ ̋  ̋ $GGLWLRQDO

UHGXFWLRQV ̋FRPH ̋IURP ̋UHGXFHG ̋HQHUJ\ ̋XVHÒ ̋UHGXFHG ̋ZDWHU ̋FRQVXPSWLRQÒ ̋DQG ̋UHGXFWLRQV ̋LQ

ZDVWH ̋ZDWHU ̋SURGXFWLRQÒ ̋ZKLFK ̋DUH ̋FRQVLGHUHG ̋LQ ̋SDUW ̋E\ ̋*RDO ̋ÎÔ

*RDO ̋Á„ ËÌ ̄ ̋0RUH ̋'XUDELOLW\ ̋DQG ̋)OH[LELOLW\

'XUDELOLW\ ̋GHQRWHV ̋WKH ̋FDSDELOLW\ ̋RI ̋WKH ̋FRQVWUXFWHG ̋IDFLOLW\ ̋WR ̋FRQWLQXH ̋ıJLYHQ ̋DSSURSULDWH

PDLQWHQDQFHÙ ̋LWV ̋LQLWLDO ̋SHUIRUPDQFH ̋RYHU ̋WKH ̋LQWHQGHG ̋VHUYLFH ̋OLIHÔ ̋ ̋)OH[LELOLW\ ̋GHQRWHV ̋WKH

FDSDELOLW\ ̋WR ̋DGDSW ̋WKH ̋FRQVWUXFWHG ̋ IDFLOLW\ ̋WR ̋FKDQJHV ̋LQ ̋XVH ̋RU ̋XVHUV© ̋QHHGVÔ ̋ ̋ ,QFUHDVHG

GXUDELOLW\ ̋DQG ̋IOH[LELOLW\ ̋RI ̋FRQVWUXFWHG ̋IDFLOLWLHV ̋UHGXFHV ̋OLIHðF\FOH ̋FRVWV ̋DQG ̋SURORQJV ̋WKH

HFRQRPLF ̋ OLIH ̋ RI ̋ WKH ̋ IDFLOLW\ ̋ ıLÔHÔÒ ̋ WKH ̋ SHULRG ̋ RI ̋ WLPH ̋ RYHU ̋ ZKLFK ̋ DQ ̋ LQYHVWPHQW ̋ LQ ̋ WKH

RULJLQDO ̋ IDFLOLW\ ̋ LV ̋ FRQVLGHUHG ̋ WR ̋ EH ̋ WKH ̋ OHDVWðFRVW ̋ DOWHUQDWLYH ̋ IRU ̋ PHHWLQJ ̋ D ̋ SDUWLFXODU

REMHFWLYHÙÔ

*RDO ̋Ê„ ËÌ ̄ ̋5HGXFWLRQ ̋LQ ̋&RQVWUXFWLRQ ̋:RUNHU ̋,OOQHVVHV ̋DQG ̋,QMXULHV

+HDOWK ̋ DQG ̋ VDIHW\ ̋ LVVXHV ̋ H[HUW ̋ D ̋ PDMRU ̋ HIIHFW ̋ RQ ̋ WKH ̋ FRPSHWLWLYHQHVV ̋ RI ̋ WKH ̋ 86

FRQVWUXFWLRQ ̋LQGXVWU\Ô ̋ ̋&RQVWUXFWLRQ ̋ZRUNHUV ̋ GLH ̋DV ̋D ̋ UHVXOW ̋ RI ̋ZRUNðUHODWHG ̋WUDXPD ̋DW ̋D

UDWH ̋ZKLFK ̋LV ̋KLJKHU ̋WKDQ ̋DOO ̋RWKHU ̋LQGXVWULHV ̋H[FHSW ̋PLQLQJ ̋DQG ̋DJULFXOWXUHÔ ̋ ̋&RQVWUXFWLRQ

ZRUNHUV ̋ DOVR ̋ H[SHULHQFH ̋ D ̋ KLJKHU ̋ LQFLGHQFH ̋ RI ̋ QRQIDWDO ̋ LQMXULHV ̋ WKDQ ̋ ZRUNHUV ̋ LQ ̋ RWKHU

LQGXVWULHV ̋GRÔ ̋ ̋$OWKRXJK ̋WKH ̋FRQVWUXFWLRQ ̋ZRUNIRUFH ̋UHSUHVHQWV ̋OHVV ̋WKDQ ̋Ë ̋SHUFHQW ̋RI ̋WKH

QDWLRQ©V ̋ZRUNIRUFHÒ ̋LW ̋LV ̋HVWLPDWHG ̋WKDW ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋SD\V ̋DERXW ̋ÏË ̋SHUFHQW ̋RI

WKH ̋QDWLRQ©V ̋ZRUNHUV© ̋FRPSHQVDWLRQÔÁ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

Á

 ̋ 7KH ̋ &HQWHU ̋ WR ̋ 3URWHFW ̋ :RUNHUV© ̋ 5LJKWVÔ ̋  ̋ Ï‰‰ÊÔ ̋  ̋ 7KH ̋ &RQVWUXFWLRQ ̋ &KDUW ̋ %RRN„ ̋ 7KH ̋ 86 ̋ &RQVWUXFWLRQ

,QGXVWU\ ̋DQG ̋,WV ̋:RUNHUVÔ ̋5HSRUW ̋'Ïð‰ÊÔ ̋:DVKLQJWRQÒ ̋'&„ ̋7KH ̋&HQWHU ̋WR ̋3URWHFW ̋:RUNHUV© ̋5LJKWVÔ
Â

ÎÔÎÔ ̋ ̋%DVHOLQH ̋0HDVXUHV

$V ̋ QRWHG ̋ HDUOLHUÒ ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ HDFK ̋ JRDO ̋ DUH ̋ DYHUDJHV ̋ RI ̋ LQGXVWU\

SHUIRUPDQFH ̋ LQ ̋ Ï‰‰ÈÔ ̋  ̋ 7KXVÒ ̋ ZLWK ̋ UHJDUG ̋ WR ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHVÒ ̋ Ï‰‰È ̋ LV ̋ WKH ̋ ¶EDVH

\HDUÔß ̋ ̋&RQVHTXHQWO\Ò ̋GDWD ̋IURP ̋Ï‰‰È ̋GULYH ̋WKH ̋GDWD ̋FROOHFWLRQ ̋HIIRUW ̋FXOPLQDWLQJ ̋ZLWK ̋WKH

GHYHORSPHQW ̋RI ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋HDFK ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOÔ

7KH ̋SURFHVV ̋IRU ̋GHYHORSLQJ ̋EDVHOLQH ̋PHDVXUHV ̋XVHG ̋LQ ̋WKLV ̋SURMHFW ̋LQYROYHV„ ̋ıÏÙ ̋VSHFLI\LQJ

D ̋ GDWDðRULHQWHG ̋ KLHUDUFK\‚ ̋ ıÎÙ ̋ FROOHFWLQJ ̋ DQG ̋ FRPSLOLQJ ̋ WKH ̋ NH\ ̋ GDWD ̋ DQG ̋ VXSSRUWLQJ

LQIRUPDWLRQ ̋ IRU ̋ WKH ̋ EDVH ̋ \HDUÒ ̋ Ï‰‰È‚Ê ̋ ıÍÙ ̋ GHILQLQJ ̋ PHWULFV ̋ IRU ̋ HDFK ̋ JRDOÓVHFWRU

FRPELQDWLRQ‚ ̋ DQG ̋ ıÈÙ ̋ SURGXFLQJ ̋ WKH ̋ PHWULFV ̋ LQ ̋ D ̋ WDEXODU ̋ VXPPDU\ ̋ IRUP ̋ DQGÒ ̋ ZKHUH

DSSURSULDWHÒ ̋ SURGXFLQJ ̋ FKDUWV ̋ DQG ̋ JUDSKV ̋ WR ̋ GHSLFW ̋ WKH ̋ PHWULFVÔ ̋  ̋ ,I ̋ WKH ̋ JRDOÓVHFWRU

FRPELQDWLRQ ̋KDV ̋FRPSRQHQWV ̋DQG ̋VXEFRPSRQHQWVÒ ̋WKHQ ̋PHWULFV ̋DUH ̋GHILQHG ̋IRU ̋HDFKÔ ̋ ̋7KLV

SURFHVV ̋ LV ̋ HPSOR\HG ̋ EHFDXVH ̋ WKH ̋ PHWULFV ̋ UHSUHVHQW ̋ QRW ̋ RQO\ ̋ D ̋ VWDWHPHQW ̋ RI ̋ FXUUHQW

FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ SHUIRUPDQFH ̋ EXW ̋ WRROV ̋ IRU ̋ PHDVXULQJ ̋ DQ ̋ LQGLYLGXDO ̋ RUJDQL]DWLRQ©V

SHUIRUPDQFH ̋ DV ̋ ZHOOÔ ̋  ̋ %\ ̋ SURYLGLQJ ̋ D ̋ VPDOO ̋ VHW ̋ RI ̋ ZHOOðGHILQHG ̋ PHWULFVÒ ̋ LQGLYLGXDO

RUJDQL]DWLRQV ̋ FDQ ̋ FRQVWUXFW ̋ WKHLU ̋ RZQ ̋ SHUIRUPDQFH ̋ EDVHOLQHVÔ ̋  ̋ )RU ̋ H[DPSOHÒ ̋ LQGLYLGXDO

RUJDQL]DWLRQV ̋FDQ ̋VHH ̋KRZ ̋D ̋FROOHFWLRQ ̋RI ̋WKHLU ̋SURMHFWV ̋SHUIRUPV ̋YLVðjðYLV ̋WKH ̋¶QDWLRQDOß

GDWDÔ ̋ ̋7R ̋VXPPDUL]HÒ ̋WKH ̋EDVLF ̋SKLORVRSK\ ̋EHKLQG ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋LV ̋WKDW ̋WKH\ ̋DUH

QRW ̋D ̋VWDWLF ̋WRRO ̋ZKRVH ̋VROH ̋SXUSRVH ̋LV ̋TXDQWLI\LQJ ̋WKH ̋YDOXH ̋RI ̋WKH ̋JRDO ̋EXW ̋D ̋PHDQV ̋IRU

GULYLQJ ̋SHUIRUPDQFH ̋LPSURYHPHQW ̋ZLWKLQ ̋LQGLYLGXDO ̋RUJDQL]DWLRQVÔ

ÎÔÍÔ ̋ ̋0HDVXUHV ̋RI ̋3URJUHVV

7KH ̋ PHWKRGV ̋ IRU ̋ PHDVXULQJ ̋ SURJUHVV ̋ XVH ̋ WKH ̋ EDVHOLQHV ̋ DV ̋ WKHLU ̋ UHIHUHQFH ̋ SRLQWÔ ̋  ̋ 7KH

PHDVXUHV ̋ RI ̋ SURJUHVV ̋ HPSOR\ ̋ D ̋ PHWKRG ̋ ZKLFK ̋ PDNHV ̋ XVH ̋ RI ̋ ERWK ̋ NH\ ̋ RXWSXWV ̋ ıLÔHÔÒ

VXPPDU\ ̋PHDVXUHVÙ ̋DQG ̋LQWHUOLQNLQJ ̋PHWULFV ̋ ̋ıLÔHÔÒ ̋D ̋FRPSRVLWH ̋RI ̋SHUIRUPDQFH ̋PHDVXUHV

LQFOXGLQJ ̋ FRQVWLWXHQW ̋ SDUWV ̋ DQG ̋ IXQFWLRQDO ̋ UHODWLRQVKLSVÙÔ ̋  ̋ %HFDXVH ̋ WKH ̋ 1DWLRQDO

&RQVWUXFWLRQ ̋ *RDOV ̋ PD\ ̋ EH ̋ VSHFLILHG ̋ DV ̋WDUJHWV ̋ PHDVXUHG ̋ DJDLQVW ̋ EDVHOLQH ̋ YDOXHVÒ ̋ ¶JDS

DQDO\VLVß ̋LV ̋DQ ̋DSSURSULDWH ̋PHWKRG ̋IRU ̋GHILQLQJ ̋WKH ̋PHDVXUHV ̋RI ̋SURJUHVVÔ

7R ̋ JDLQ ̋ D ̋ EHWWHU ̋ XQGHUVWDQGLQJ ̋ RI ̋ KRZ ̋ JDS ̋ DQDO\VLV ̋ PD\ ̋ EH ̋ DSSOLHGÒ ̋ FRQVLGHU ̋ WKH

IROORZLQJ ̋FDVH ̋LOOXVWUDWLRQÔ ̋ ̋2QH ̋FRPSRQHQW ̋RI ̋*RDO ̋ÊÒ ̋&RQVWUXFWLRQ ̋:RUNHU ̋,OOQHVVHV ̋DQG

,QMXULHVÒ ̋LV ̋UHFRUGDEOH ̋LQMXULHVÔ ̋ ̋,I ̋*RDO ̋Ê ̋WDUJHWV ̋D ̋ËÌ ̄ ̋UHGXFWLRQ ̋LQ ̋FRQVWUXFWLRQ ̋ZRUNHU

LOOQHVV ̋ DQG ̋ LQMXULHVÒ ̋ ZH ̋ PD\ ̋ DGRSW ̋ DQ ̋ DFURVVðWKHðERDUG ̋ UHGXFWLRQ ̋ RI ̋ ËÌ ̄ ̋ IRU ̋ DOO

FRPSRQHQWV ̋RI ̋WKDW ̋JRDOÔ ̋ ̋7KHUHIRUHÒ ̋IRU ̋WKLV ̋FRPSRQHQWÒ ̋WKH ̋JRDO ̋LV ̋WR ̋UHGXFH ̋UHFRUGDEOH

LQMXULHV ̋E\ ̋ËÌ ̄Ô ̋ ̋'HQRWH ̋WKH ̋LQGXVWU\ ̋DYHUDJH ̋LQ ̋Ï‰‰È ̋E\ ̋%5‰È ̋ıLÔHÔÒ ̋WKH ̋%DVHOLQH ̋YDOXH ̋IRU

5HFRUGDEOH ̋LQMXULHVÙÔ ̋ ̋'HQRWH ̋WKH ̋JRDO ̋IRU ̋UHFRUGDEOH ̋LQMXULHV ̋IRU ̋ÎÌÌÎ ̋E\ ̋*5ÌÎ‚ ̋LW ̋LV ̋HTXDO

WR ̋ÌÔËÛ%5‰ÈÔ ̋ ̋'HQRWH ̋WKH ̋GLIIHUHQFH ̋EHWZHHQ ̋WKH ̋EDVHOLQH ̋DQG ̋WKH ̋JRDO ̋ıLÔHÔÒ ̋%5‰È ̋ð ̋*5ÌÎÙ

E\ ̋ G5‰ÈÔ ̋  ̋ 7KLV ̋ GLIIHUHQFH ̋ PD\ ̋ EH ̋ WKRXJKW ̋ RI ̋ DV ̋ D ̋ JDS ̋ ıLÔHÔÒ ̋ WKH ̋ GLIIHUHQFH ̋ EHWZHHQ ̋ WKH

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

Ê

 ̋,I ̋GDWD ̋DUH ̋DYDLODEOH ̋IRU ̋\HDUV ̋LQ ̋DGGLWLRQ ̋WR ̋Ï‰‰È ̋ıHÔJÔÒ ̋Ï‰‰Î ̋WKURXJK ̋Ï‰‰ÁÙÒ ̋WKHQ ̋WKHVH ̋GDWD ̋DUH ̋FROOHFWHG

DW ̋WKH ̋VDPH ̋WLPH ̋DV ̋WKH ̋EDVH ̋\HDU ̋GDWD ̋DQG ̋XVHG ̋WR ̋LOOXVWUDWH ̋WUHQGV‚ ̋WKHVH ̋GDWD ̋DUH ̋DOVR ̋XVHG ̋WR ̋FRPSXWH ̋WKH

DVVRFLDWHG ̋PHDVXUHV ̋RI ̋SHUIRUPDQFHÔ
‰

DFWXDO ̋ OHYHO ̋ DQG ̋ WKH ̋ GHVLUHG ̋ OHYHOÙÔ ̋  ̋ 6LPLODUO\Ò ̋ IRU ̋ VRPH ̋ IXWXUH ̋ \HDUÒ ̋ VD\ ̋ Ï‰‰ÊÒ ̋ ZKRVH

DFWXDO ̋YDOXH ̋LV ̋5‰ÊÒ ̋WKH ̋JDS ̋EHFRPHV ̋G5‰Ê ̋ıLÔHÔÒ ̋5‰Ê ̋ð ̋*5ÌÎÙÔ

7KLV ̋ PHWKRG ̋ DOVR ̋ HQDEOHV ̋ XV ̋ WR ̋ PHDVXUH ̋ KRZ ̋ PXFK ̋ RI ̋ WKH ̋ LQLWLDO ̋ JDS ̋ KDV ̋ EHHQ ̋ FORVHGÔ

2QH ̋PHDVXUH ̋ RI ̋ SHUIRUPDQFH ̋LV ̋WKH ̋ SHUFHQW ̋ RI ̋WKH ̋LQLWLDO ̋ JDS ̋ZKLFK ̋ KDV ̋ EHHQ ̋FORVHG ̋ E\

VRPH ̋IXWXUH ̋GDWHÒ ̋VD\ ̋Ï‰‰ÊÔ ̋ ̋'HQRWH ̋WKLV ̋DPRXQW ̋DV ̋3ıG5‰ÊÙÒ ̋ZKHUH„

3ıG5‰ÊÙ ı ̋Ï ̋ð ̋ıG5‰Ê ̋Ó ̋G5‰È ̋Ù ̋Ù ̋Û ̋ÏÌÌ

7KH ̋DGYDQWDJH ̋RI ̋WKLV ̋PHDVXUH ̋RI ̋SHUIRUPDQFH ̋LV ̋WKDW ̋LW ̋HPSOR\V ̋WKH ̋VDPH ̋YDOXHV ̋IRU ̋HDFK

PHDVXUH ̋ XVHG ̋LQ ̋FRPSXWLQJ ̋WKH ̋ EDVHOLQHVÔ ̋ ̋$OWKRXJK ̋WKH ̋ JDS ̋ DQDO\VLV ̋PHWKRG ̋LV ̋ VLPSOH

DQG ̋ VWUDLJKWIRUZDUGÒ ̋ LW ̋ RIIHUV ̋ FRQVLGHUDEOH ̋ IOH[LELOLW\Ô ̋  ̋ &RQVHTXHQWO\Ò ̋ LW ̋ LV ̋ WKH

UHFRPPHQGHG ̋PHWKRG ̋IRU ̋JHQHUDWLQJ ̋PHDVXUHV ̋RI ̋SURJUHVVÔÂ

ÎÔÈÔ ̋ ̋,QWHUDFWLRQV ̋%HWZHHQ ̋WKH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOVÒ ̋WKH ̋%DVHOLQH ̋0HDVXUHVÒ

DQG ̋WKH ̋0HDVXUHV ̋RI ̋3URJUHVV

$V ̋ QRWHG ̋ HDUOLHUÒ ̋ WKH ̋ REMHFWLYH ̋ RI ̋ WKH ̋ & ̃%ðUHODWHG ̋ 5' ̃' ̋ DFWLYLWLHV ̋ LV ̋ WR ̋ KDYH

WHFKQRORJLHV ̋DQG ̋SUDFWLFHV ̋FDSDEOH ̋RI ̋PHHWLQJ ̋WKH ̋JRDOV ̋DYDLODEOH ̋LQ ̋ÎÌÌÍÔ ̋ ̋7KLV ̋REMHFWLYH

UDLVHV ̋ DQ ̋LPSRUWDQW ̋LVVXHÒ ̋ QDPHO\Ò ̋WKH ̋ UHODWLRQVKLSV ̋ EHWZHHQ ̋WKH ̋ EDVHOLQH ̋ PHDVXUHVÒ ̋WKH

PHDVXUHV ̋RI ̋SURJUHVVÒ ̋DQG ̋WKH ̋JRDOVÔ ̋ ̋6HYHUDO ̋ UHODWLRQVKLSV ̋ZKLFK ̋ZDUUDQW ̋FRQVLGHUDWLRQ

DUH ̋ WKH ̋ IROORZLQJÔ ̋  ̋ )LUVWÒ ̋ LW ̋ LV ̋ LPSRUWDQW ̋ WR ̋ UHFRJQL]H ̋ WKDW ̋ WKH ̋ JRDO ̋ FDQ ̋ DOZD\V ̋ EH

UHSUHVHQWHG ̋DV ̋D ̋IXQFWLRQ ̋RI ̋WKH ̋EDVHOLQH ̋PHDVXUHÔ ̋ ̋7KXVÒ ̋JLYHQ ̋D ̋EDVHOLQH ̋¶YDOXHÒß ̋D ̋WDUJHW

RU ̋ JRDO ̋¶YDOXHß ̋FDQ ̋ EH ̋ VSHFLILHGÔ ̋ ̋6HFRQGÒ ̋ IRU ̋ EDVHOLQH ̋PHDVXUHV ̋WR ̋ EH ̋PRVW ̋ EHQHILFLDOÒ

WKH\ ̋QHHG ̋WR ̋EH ̋WLHG ̋WR ̋VSHFLILF ̋¶PHWULFVß ̋ZKLFK ̋DUH ̋ZHOOðGHILQHG ̋DQG ̋DEOH ̋WR ̋EH ̋XVHG ̋E\

LQWHUHVWHG ̋ SDUWLHV ̋ ıHÔJÔÒ ̋ D ̋ VSHFLILF ̋ JRYHUQPHQW ̋ DJHQF\ ̋ FRXOG ̋ VXEVWLWXWH ̋LWV ̋ RZQ ̋ GDWD ̋LQWR

WKH ̋ PHWULF ̋ DQG ̋ XVH ̋ LW ̋ WR ̋ HVWDEOLVK ̋ LWV ̋ RZQ ̋ ¶EDVHOLQHß ̋ YDOXHVÙÔ ̋  ̋ )LQDOO\Ò ̋ WKH ̋ PHDVXUHV ̋ RI

SURJUHVV ̋ QHHG ̋WR ̋ PDNH ̋ H[SOLFLW ̋WKH ̋ UHODWLRQVKLS ̋ EHWZHHQ ̋WKH ̋ EDVHOLQHÒ ̋WKH ̋ JRDOÒ ̋ DQG ̋ WKH

FXUUHQW ̋OHYHO ̋RI ̋LPSURYHPHQWÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

Â

7KH ̋JDS ̋DQDO\VLV ̋PHWKRG ̋KDV ̋DQRWKHU ̋DGYDQWDJH ̋LQ ̋WKDW ̋SULRULWLHV ̋FDQ ̋EH ̋HDVLO\ ̋LQFRUSRUDWHGÔ ̋ ̋)RU ̋H[DPSOHÒ

GXULQJ ̋WKH ̋FRQVHQVXV ̋EXLOGLQJ ̋VWHSÒ ̋WKH ̋IRFXV ̋JURXS ̋PLJKW ̋IHHO ̋VWURQJO\ ̋WKDW ̋RQH ̋FRPSRQHQW ̋RI ̋DQ ̋1DWLRQDO

&RQVWUXFWLRQ ̋*RDO ̋ ı1&*Ù ̋LV ̋RI ̋JUHDWHU ̋LPSRUWDQFH ̋WKDQ ̋DQRWKHUÔ ̋ ̋&RQVHTXHQWO\Ò ̋ SURJUHVV ̋WRZDUGV ̋ FORVLQJ

WKH ̋JDS ̋RQ ̋WKLV ̋FRPSRQHQW ̋ZRXOG ̋EH ̋YLHZHG ̋DV ̋PRUH ̋LPSRUWDQW ̋WKDQ ̋SURJUHVV ̋RQ ̋DQRWKHU ̋FRPSRQHQW ̋IRU ̋WKDW

1&*Ô ̋ ̋0XOWLDWWULEXWH ̋GHFLVLRQ ̋DQDO\VLV ̋ı0$'$Ù ̋SURYLGHV ̋D ̋ZHOOðHVWDEOLVKHG ̋WRRO ̋IRU ̋DVVLJQLQJ ̋SULRULWLHV ̋WR

FRPSRQHQWVÔ ̋ ̋ ı6HHÒ ̋$PHULFDQ ̋6RFLHW\ ̋ IRU ̋7HVWLQJ ̋ DQG ̋0DWHULDOVÔ ̋ ̋ Ï‰‰ËÔ ̋ ̋6WDQGDUG ̋ 3UDFWLFH ̋IRU ̋ $SSO\LQJ

$QDO\WLFDO ̋ +LHUDUFK\ ̋ 3URFHVV ̋ ı$+3Ù ̋ WR ̋ 0XOWLDWWULEXWH ̋ 'HFLVLRQ ̋ $QDO\VLV ̋ RI ̋ ,QYHVWPHQWV ̋ 5HODWHG ̋ WR

%XLOGLQJV ̋DQG ̋%XLOGLQJ ̋6\VWHPVÔ ̋ ̋( ̋ÏÊÁËÔ ̋ ̋3KLODGHOSKLDÒ ̋3$„ ̋$PHULFDQ ̋6RFLHW\ ̋IRU ̋7HVWLQJ ̋DQG ̋0DWHULDOVÔÙ

0$'$ ̋PD\ ̋ DOVR ̋ EH ̋ XVHG ̋WR ̋ GHYHORS ̋ D ̋ KLHUDUFKLFDO ̋ UHODWLRQVKLS ̋ DPRQJ ̋ FRPSRQHQWV ̋ ıLÔHÔÒ ̋ D ̋ FRPSRVLWH ̋ RI

SHUIRUPDQFH ̋PHDVXUHV ̋LQFOXGLQJ ̋FRQVWLWXHQW ̋SDUWV ̋DQG ̋ IXQFWLRQDO ̋ UHODWLRQVKLSVÙÔ ̋ ̋6XFK ̋DQ ̋DSSURDFK ̋ZRXOG

KHOS ̋WR ̋DQDO\]H ̋KRZ ̋FKDQJHV ̋LQ ̋LQGLYLGXDO ̋PHWULFV ̋ıLÔHÔÒ ̋FRPSRQHQWV ̋DW ̋D ̋ORZHU ̋OHYHO ̋ZLWKLQ ̋WKH ̋KLHUDUFKLFDO

UHODWLRQVKLSÙ ̋ DIIHFW ̋ WKH ̋ OHYHO ̋ DQG ̋ UDWH ̋ RI ̋ FKDQJH ̋ RI ̋ NH\ ̋ RXWSXWV ̋ ıLÔHÔÒ ̋ WKH ̋ KLJKHVW ̋ OHYHO ̋ PHWULF ̋ LQ ̋ WKH

KLHUDUFKLFDO ̋UHODWLRQVKLSÙÔ
ÏÌ

7KH ̋SUHYLRXV ̋GLVFXVVLRQ ̋LPSOLHV ̋WKDW ̋WKH ̋ IRUP ̋RI ̋WKH ̋EDVHOLQH ̋PHDVXUH ̋LV ̋LPSRUWDQW ̋DV ̋D

¶IDFLOLWDWRUß ̋ RI ̋ SHUIRUPDQFH ̋ ıLÔHÔÒ ̋ D ̋OLQNDJH ̋WR ̋ SHUIRUPDQFHðLPSURYLQJ ̋WHFKQRORJLHV ̋ DQG

SUDFWLFHVÙÔ ̋  ̋ 7ZR ̋ IRUPV ̋ RI ̋ EDVHOLQH ̋ PHDVXUHV ̋ ZKLFK ̋ PD\ ̋ VHUYH ̋ DV ̋ IDFLOLWDWRUV ̋ DUH ̋ SRLQW

HVWLPDWHV ̋ıLÔHÔÒ ̋DQ ̋DYHUDJH ̋YDOXHÙ ̋DQG ̋D ̋GLVWULEXWLRQ ̋RI ̋YDOXHVÔ ̋ ̋$OWKRXJK ̋DQ ̋DYHUDJH ̋YDOXH

LV ̋D ̋JRRG ̋EDVHOLQH ̋PHDVXUHÒ ̋LW ̋FROODSVHV ̋D ̋JUHDW ̋GHDO ̋RI ̋LQIRUPDWLRQ ̋LQWR ̋D ̋VLQJOH ̋UHIHUHQFH

SRLQWÔ ̋  ̋ $Q ̋ DOWHUQDWLYH ̋ ZD\ ̋ WR ̋ WKLQN ̋ DERXW ̋ D ̋ EDVHOLQH ̋ PHDVXUH ̋ LV ̋ DV ̋ WKH ̋ GLVWULEXWLRQ ̋ RI

YDOXHV ̋RI ̋LQGXVWU\ ̋SHUIRUPDQFH ̋LQ ̋Ï‰‰ÈÔ ̋ ̋7KLV ̋DSSURDFKÒ ̋ZKLOH ̋PRUH ̋GDWD ̋LQWHQVLYHÒ ̋LV ̋D

JUHDW ̋ GHDO ̋ PRUH ̋ IOH[LEOHÔ ̋  ̋ 2YHU ̋ WKH ̋ ORQJ ̋ WHUPÒ ̋ WKH ̋ NH\ ̋ VWDNHKROGHUV ̋ ıHÔJÔÒ ̋ UHVHDUFKHUVÒ

LQQRYDWRUVÒ ̋RZQHUVÒ ̋DQG ̋FRQWUDFWRUVÙ ̋FDQ ̋IRFXV ̋RQ ̋SXVKLQJ ̋WKH ̋HQWLUH ̋GLVWULEXWLRQ ̋WRZDUGV

D ̋ PRUH ̋ FRPSHWLWLYH ̋ SRVLWLRQ ̋ ıHÔJÔÒ ̋ IDVWHU ̋ GHOLYHU\ ̋ WLPHÙ ̋ UDWKHU ̋ WKDQ ̋ MXVW ̋ IRFXVLQJ ̋ RQ

LPSURYLQJ ̋ WKH ̋ DYHUDJH ̋ YDOXH ̋ RI ̋ VRPH ̋ ¶XQNQRZQß ̋ GLVWULEXWLRQÔ ̋  ̋ ,W ̋ LV ̋ LPSRUWDQW ̋ WR

UHFRJQL]H ̋WKDW ̋WKH ̋GLVWULEXWLRQ ̋RI ̋YDOXHV ̋FRQWDLQV ̋QRW ̋RQO\ ̋WKH ̋PHDQ ̋RU ̋DYHUDJH ̋YDOXH ̋RI

WKH ̋PHWULF ̋ZKLFK ̋GHILQHV ̋WKH ̋EDVHOLQH ̋PHDVXUHÒ ̋EXW ̋WKH ̋KLJKHVW ̋DQG ̋ORZHVW ̋YDOXHV ̋DV ̋ZHOOÔ

)RU ̋H[DPSOHÒ ̋LI ̋WKH ̋SHUFHQWLOHV ̋RI ̋WKH ̋GLVWULEXWLRQ ̋DUH ̋DYDLODEOHÒ ̋DQ ̋LQGLYLGXDO ̋RUJDQL]DWLRQ

ıHÔJÔÒ ̋JRYHUQPHQW ̋DJHQF\Ò ̋FRQVWUXFWLRQ ̋ ILUPÒ ̋HWFÔÙ ̋FRXOG ̋FDOFXODWH ̋D ̋ UHSUHVHQWDWLYH ̋ VHW ̋ RI

YDOXHV ̋ DQGÒ ̋ KHQFHÒ ̋ GHWHUPLQH ̋ WKHLU ̋ ORFDWLRQ ̋ ZLWKLQ ̋ WKH ̋ GLVWULEXWLRQÔ ̋  ̋ 7KLV ̋ LQIRUPDWLRQ

FRXOG ̋ WKHQ ̋ EH ̋ XVHG ̋ IRU ̋ JRDO ̋ VHWWLQJ ̋ DQG ̋ IRU ̋ GHYHORSLQJ ̋ PHDVXUHV ̋ RI ̋ SURJUHVV ̋ ZLWKLQ ̋ D

SDUWLFXODU ̋RUJDQL]DWLRQÔ

ÎÔËÔ ̋ ̋3URMHFW ̋$SSURDFK

'HYHORSLQJ ̋ EDVHOLQH ̋ PHDVXUHV ̋ DQG ̋ PHDVXUHV ̋ RI ̋ SURJUHVVððZKHWKHU ̋ WKH\ ̋ DUH ̋ EDVHG ̋ RQ

DYHUDJH ̋ YDOXHV ̋ RU ̋ D ̋ GLVWULEXWLRQððIRU ̋ HDFK ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDO ̋ DQG ̋ HDFK

FRQVWUXFWLRQ ̋LQGXVWU\ ̋VHFWRU ̋LV ̋D ̋FRPSOH[ ̋SURFHVVÔ ̋ ̋)RUWXQDWHO\Ò ̋VRPH ̋JRDOV ̋DUH ̋UHODWLYHO\

PRUH ̋ LPSRUWDQW ̋ WR ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\Ò ̋ ZKLFK ̋ VXJJHVWV ̋ VHWWLQJ ̋ SULRULWLHV ̋ IRU ̋ GDWD

FROOHFWLRQÔ ̋ ̋7KH ̋UHSRUW ̋E\ ̋:ULJKWÒ ̋5RVHQIHOGÒ ̋DQG ̋)RZHOO‰

 ̋SURYLGHV ̋LQIRUPDWLRQ ̋UHIOHFWLQJ

WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\©V ̋ SULRULWLHVÔ ̋  ̋ 7KH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\©V ̋ IRXU ̋ KLJKHVW ̋ SULRULW\

JRDOV ̋DUH ̋*RDO ̋ÏÒ ̋*RDO ̋ÎÒ ̋*RDO ̋ÁÒ ̋DQG ̋*RDO ̋ÊÔ ̋ ̋7KH ̋WKUHH ̋ORZHVW ̋SULRULW\ ̋JRDOV ̋DUH ̋*RDO ̋ÍÒ

*RDO ̋ÈÒ ̋DQG ̋*RDO ̋ËÔ

7KH ̋ DYDLODELOLW\ ̋ RI ̋ GDWD ̋ DQG ̋ OHYHO ̋ RI ̋ VHFWRUðVSHFLILF ̋ LQIRUPDWLRQ ̋ DUH ̋ RWKHU ̋ NH\

FRQVLGHUDWLRQVÔ ̋  ̋ )RU ̋ VRPH ̋ JRDOVÒ ̋ WKHUH ̋ LV ̋ D ̋ ZHOOðGHILQHG ̋ OLQNDJH ̋ WR ̋ GDWD ̋ ıHÔJÔÒ

QDWLRQDOÓUHJLRQDO ̋ VWDWLVWLFV ̋ RU ̋ VHFWRUðVSHFLILF ̋ LQIRUPDWLRQÙÔ ̋  ̋ )RU ̋ RWKHU ̋ JRDOVÒ ̋ OLWWOH

TXDQWLWDWLYH ̋ LQIRUPDWLRQ ̋ LV ̋ DYDLODEOHÔ ̋  ̋ &RQVHTXHQWO\Ò ̋ D ̋ WZRðSKDVH ̋ DSSURDFK ̋ LV ̋ EHLQJ

HPSOR\HGÔ ̋  ̋ 7KH ̋ RUGHU ̋ ıLÔHÔÒ ̋ SKDVHÙ ̋ LQ ̋ ZKLFK ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ DQG ̋ PHDVXUHV ̋ RI

SURJUHVV ̋DUH ̋GHYHORSHG ̋LV ̋EDVHG ̋RQ ̋WKUHH ̋FKDUDFWHULVWLFV„ ̋ ıÏÙ ̋WKH ̋SULRULW\ ̋RI ̋WKH ̋JRDO‚ ̋ ıÎÙ

WKH ̋DYDLODELOLW\ ̋ RI ̋ GDWD‚ ̋DQG ̋ ıÍÙ ̋WKH ̋OHYHO ̋ RI ̋ VHFWRUðVSHFLILF ̋LQIRUPDWLRQÔ ̋ ̋3KDVH ̋ , ̋FRYHUV

WKH ̋IRXU ̋KLJKHVW ̋SULRULW\ ̋JRDOVÔ ̋ ̋3KDVH ̋,, ̋FRYHUV ̋WKH ̋WKUHH ̋ORZHVW ̋SULRULW\ ̋JRDOVÔ

7KLV ̋ WZRðSKDVH ̋  ̋ DSSURDFK ̋ ZDV ̋ GHVLJQHG ̋ WR ̋ SURGXFH ̋ D ̋ VHW ̋ RI ̋ EDVHOLQH ̋ PHDVXUHV ̋ DQG

PHDVXUHV ̋RI ̋SURJUHVV ̋LQ ̋WKH ̋PRVW ̋WLPHO\ ̋PDQQHUÔ ̋ ̋7KLV ̋DSSURDFK ̋LV ̋VXPPDUL]HG ̋LQ ̋7DEOH

ÎðÏ‚ ̋LW ̋FRPELQHV ̋LQIRUPDWLRQ ̋RQ ̋SULRULWLHV ̋IURP ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋ZLWK ̋FRQVWUDLQWV

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

‰

:ULJKWÒ ̋5RVHQIHOGÒ ̋DQG ̋)RZHOOÔ ̋ ̋Ï‰‰ËÔ ̋ ̋2SÔ ̋&LWÔÒ ̋SÔ ̋ÏÌÔ
ÏÏ

RQ ̋GDWD ̋DYDLODELOLW\ ̋DQG ̋WKH ̋OHYHO ̋RI ̋VHFWRUðVSHFLILF ̋LQIRUPDWLRQÔ ̋ ̋7KLV ̋DSSURDFK ̋SURYLGHV

WKH ̋ EDVLV ̋ IRU ̋ IRFXVLQJ ̋ SURMHFW ̋ UHVRXUFHV ̋ RQ ̋ WKRVH ̋ JRDOV ̋ ZKHUH ̋ EDVHOLQH ̋ PHDVXUHV ̋ DQG

PHDVXUHV ̋RI ̋SURJUHVV„ ̋ıÏÙ ̋DUH ̋PRVW ̋QHHGHG ̋E\ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\‚ ̋ıÎÙ ̋FDQ ̋EH ̋GHILQHG

DQG ̋DJUHHG ̋XSRQ ̋E\ ̋NH\ ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋VWDNHKROGHUV‚ ̋DQG ̋ıÍÙ ̋FDQ ̋EH ̋GHYHORSHG ̋LQ ̋D

WLPHO\ ̋PDQQHUÔ ̋ ̋&RQVHTXHQWO\Ò ̋WKHVH ̋GDWD ̋VHWVÒ ̋RQFH ̋GHYHORSHG ̋DQG ̋GLVVHPLQDWHGÒ ̋RIIHU ̋WKH

JUHDWHVW ̋SRWHQWLDO ̋IRU ̋DFFHSWDQFH ̋DQG ̋XVH ̋E\ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\Ô

7DEOH ̋ÎðÏÔ ̋ ̋3KDVHV ̋LQ ̋WKH ̋'HYHORSPHQW ̋RI ̋%DVHOLQH ̋0HDVXUHV

3KDVH

1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOV 'DWD ̋&KDUDFWHULVWLFV

*RDOV

&RYHUHG

3ULRULW\ 'DWD ̋$YDLODELOLW\ 6HFWRU ̋'HILQLWLRQ

, Ê

ÏÒÎÒÁ

+LJK

+LJK

5HDGLO\ ̋$YDLODEOH

:HOO ̋'RFXPHQWHG

$XWKRULWDWLYH ̋6RXUFHV

¶3RFNHWVß ̋RI ̋*RRG ̋'DWD

*RRG ̋6HFWRU

'HILQLWLRQ

6RPH ̋6HFWRUV ̋1RW

&OHDUO\ ̋'HILQHG

,, ÍÒÈÒË /RZ ¶&RPSRVLWHß ̋'DWD ̋7\SHV„

(LWKHU ̋)HZ ̋3RFNHWV ̋RI

*RRG ̋'DWD ̋2U

7RWDO ̋/DFN ̋RI ̋'DWD

6RPH ̋6HFWRUV ̋1RW

&OHDUO\ ̋'HILQHG

)RU ̋HDFK ̋RI ̋WKH ̋SKDVHV ̋VKRZQ ̋LQ ̋7DEOH ̋ÎðÏÒ ̋D ̋ IRXUðVWHS ̋SURFHVV ̋LV ̋HQYLVLRQHGÔ ̋ ̋7KH ̋ IRXU

VWHSV ̋DUH„

ÏÔ (VWDEOLVK ̋&ULWHULD ̋IRU ̋'DWD ̋6HOHFWLRQ‚

ÎÔ ,GHQWLI\ ̋DQG ̋&ROOHFW ̋'DWD‚

ÍÔ 'HYHORS ̋&RQVHQVXV ̋RQ ̋.H\ ̋0HDVXUHV ̋DQG ̋6XSSRUWLQJ ̋'DWD‚ ̋DQG

ÈÔ 3URGXFH ̋DQG ̋'LVVHPLQDWH ̋%DVHOLQH ̋0HDVXUHV ̋DQG ̋0HDVXUHV ̋RI ̋3URJUHVVÔ

,Q ̋WKH ̋VHFWLRQV ̋ZKLFK ̋IROORZÒ ̋HDFK ̋VWHS ̋LV ̋GHVFULEHG ̋EULHIO\ ̋DQGÒ ̋ZKHUH ̋DSSURSULDWHÒ ̋UHODWHG

WR ̋HDFK ̋SKDVHÔ
ÏÎ

ÎÔËÔÏÔ ̋ ̋&ULWHULD ̋IRU ̋'DWD ̋6HOHFWLRQ

&ULWHULD ̋ DUH ̋ QHHGHG ̋ WR ̋ HQVXUH ̋ WKDW ̋ WKH ̋ GDWD ̋ VHOHFWHG ̋ IRU ̋ DQDO\VLV ̋ DUH ̋ ZHOO ̋ GHILQHGÒ

FRQVLVWHQWÒ ̋ DQG ̋ UHSOLFDEOHÔ ̋  ̋%HFDXVH ̋ GDWD ̋ DUH ̋ VR ̋ LPSRUWDQW ̋ WR ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU

HDFK ̋JRDOÒ ̋%)5/ ̋UHYLHZHG ̋PDQ\ ̋SRWHQWLDO ̋VRXUFHV ̋ıHÔJÔÒ ̋MRXUQDOVÒ ̋WHFKQLFDO ̋SXEOLFDWLRQVÒ

HOHFWURQLF ̋ PHGLDÙ ̋ RI ̋ EDVHOLQHðUHODWHG ̋ GDWDÓLQIRUPDWLRQÔ ̋  ̋ 7KLV ̋ UHYLHZ ̋ VXJJHVWHG ̋ WKUHH

FULWHULD ̋ZKLFK ̋PXVW ̋EH ̋PHW ̋E\ ̋DQ\ ̋GDWD ̋LQ ̋RUGHU ̋WR ̋EH ̋DFFHSWHG ̋IRU ̋DQDO\VLVÔ ̋ ̋7KHVH ̋FULWHULD

DUH„

ıÏÙ 3XEOLVKHG ̋ E\ ̋ D ̋ UHOLDEOHÒ ̋ QDWLRQDOO\ ̋ UHFRJQL]HG ̋ RUJDQL]DWLRQ ̋ DQG ̋ DYDLODEOH ̋ WR ̋ WKH

SXEOLF‚

ıÎÙ 8SGDWHG ̋RQ ̋D ̋UHJXODU ̋EDVLV‚ ̋DQG

ıÍÙ $EOH ̋WR ̋EH ̋QRUPDOL]HG ̋WR ̋DFFRXQW ̋IRU ̋FKDQJHV ̋LQ ̋WKH ̋EXLOGLQJ ̋VWRFN ̋DQG ̋WKH ̋OHYHO

RI ̋FRQVWUXFWLRQ ̋DFWLYLW\Ô

7KHVH ̋WKUHH ̋FULWHULD ̋DUH ̋DSSURSULDWH ̋ IRU ̋HVWDEOLVKLQJ ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋ IRU ̋HDFK ̋ JRDO

IRU ̋HDFK ̋RI ̋WKH ̋WZR ̋SKDVHV ̋VKRZQ ̋LQ ̋7DEOH ̋ÎðÏÔ ̋ ̋7KHVH ̋FULWHULD ̋DUH ̋DOVR ̋DSSURSULDWH ̋IRU ̋DQ\

GDWD ̋DVVRFLDWHG ̋ZLWK ̋PHDVXUHV ̋RI ̋SURJUHVV ̋IRU ̋HDFK ̋JRDOÔ

ÎÔËÔÎÔ ̋ ̋,GHQWLI\ ̋DQG ̋&ROOHFW ̋'DWD

0DWFKLQJ ̋GDWD ̋WR ̋JRDOV ̋HPSOR\V ̋WKH ̋WZR ̋SKDVHV ̋VKRZQ ̋LQ ̋7DEOH ̋ÎðÏÒ ̋EHJLQQLQJ ̋ZLWK ̋3KDVH

,Ô ̋ ̋7KH ̋REMHFWLYH ̋RI ̋WKLV ̋VWHS ̋LV ̋WR ̋EHJLQ ̋ZLWK ̋WKRVH ̋JRDOV ̋ZKHUH ̋GDWD ̋LV ̋ERWK ̋ZHOO ̋GHILQHG

DQG ̋UHDGLO\ ̋DYDLODEOHÔ ̋ ̋7KLV ̋VWUDWHJ\ ̋HQDEOHV ̋XV ̋WR ̋JDLQ ̋H[SHULHQFH ̋IURP ̋WKH ̋RXWVHWÒ ̋OHDUQ

IURP ̋WKHVH ̋H[SHULHQFHVÒ ̋DQG ̋PRGLI\ ̋WKH ̋GDWD ̋FROOHFWLRQ ̋HIIRUW ̋DFFRUGLQJO\Ô

7KH ̋3KDVH ̋ , ̋HIIRUW ̋LV ̋ GLYLGHG ̋LQWR ̋WKUHH ̋ VWDJHVÔ ̋ ̋7KH ̋ ILUVW ̋ VWDJH ̋ IRFXVHG ̋ RQ ̋*RDO ̋ Ê ̋ ıLÔHÔÒ

&RQVWUXFWLRQ ̋:RUNHU ̋,OOQHVVHV ̋DQG ̋,QMXULHVÙÔ ̋ ̋,Q ̋WKLV ̋VWDJHÒ ̋WZR ̋KLHUDUFKLHV ̋IRU ̋FODVVLI\LQJ

GDWD ̋ ZHUH ̋ HVWDEOLVKHG ̋ SULRU ̋ WR ̋ LQLWLDWLQJ ̋ WKH ̋ GDWD ̋ FROOHFWLRQ ̋ HIIRUWÔ ̋  ̋ 7KH ̋ ILUVW ̋ KLHUDUFK\

SURGXFHG ̋DQ ̋RYHUOD\ ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋6WDQGDUG ̋,QGXVWULDO ̋&ODVVLILFDWLRQ ̋ı6,&Ù

&RGHV ̋DQG ̋WKH ̋IRXU ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋VHFWRUV ̋XVHG ̋LQ ̋WKLV ̋VWXG\Ô ̋ ̋7KH ̋VHFRQG ̋KLHUDUFK\

ZDV ̋SXUHO\ ̋GDWD ̋RULHQWHGÔ ̋ ̋%RWK ̋KLHUDUFKLHV ̋SURGXFHG ̋¶ZRUNDEOHß ̋EDVHOLQH ̋PHDVXUHVÔ ̋ ̋7KH

SXUSRVH ̋RI ̋WKH ̋ILUVW ̋VWDJH ̋ZDV ̋WR ̋HYDOXDWH ̋LIÒ ̋RU ̋KRZÒ ̋WKH ̋GDWD ̋FROOHFWLRQ ̋HIIRUW ̋ZDV ̋WR ̋EH

UHILQHGÔ ̋ ̋1R ̋UHILQHPHQWV ̋ZHUH ̋LGHQWLILHGÔ

7KH ̋ VHFRQG ̋ VWDJH ̋ IRFXVHG ̋ RQ ̋ WKH ̋ WZR ̋ ¶KLJKHVW ̋ SULRULW\ß ̋ JRDOVÒ ̋ *RDO ̋ Ï ̋ DQG ̋ *RDO ̋ ÎÔ

:KHUHYHU ̋¶SRFNHWVß ̋RI ̋JRRG ̋GDWD ̋H[LVWHG ̋ıHÔJÔÒ ̋VHOHFWHG ̋LQIRUPDWLRQ ̋RQ ̋GHOLYHU\ ̋WLPH ̋IRU

WKH ̋UHVLGHQWLDO ̋DQG ̋LQGXVWULDO ̋VHFWRUVÙÒ ̋WKH\ ̋ZHUH ̋FROOHFWHG ̋DQG ̋DQDO\]HGÔ ̋ ̋7KLV ̋VWDJHÒ ̋OLNH

WKH ̋ ILUVWÒ ̋ EHJDQ ̋ ZLWK ̋ WKH ̋ HVWDEOLVKPHQW ̋ RI ̋ WZR ̋ GDWD ̋ FODVVLILFDWLRQ ̋ KLHUDUFKLHVÔ ̋  ̋ $ ̋ NH\

GLIIHUHQFH ̋ EHWZHHQ ̋ WKH ̋ ILUVW ̋ DQG ̋ VHFRQG ̋ VWDJHV ̋ ZDV ̋ WKH ̋ VHFRQG ̋ VWDJH©V ̋ XVH ̋ RI ̋ D

FRPSUHKHQVLYH ̋ ¶LGHDOL]HGß ̋ VHFWRUðVSHFLILF ̋ KLHUDUFK\ ̋ DV ̋ D ̋ VWDUWLQJ ̋ SRLQWÔ ̋  ̋ 7KH ̋ LGHDOL]HG

KLHUDUFK\ ̋ ZDV ̋ WKHQ ̋ PRGLILHG ̋ WR ̋ UHIOHFW ̋ GDWD ̋ FRQVWUDLQWVÔ ̋  ̋ 7KH ̋ UHVXOWDQW ̋ GDWDðRULHQWHG
ÏÍ

KLHUDUFK\ ̋ZDV ̋VLPLODU ̋WR ̋WKH ̋SXUHO\ ̋GDWDðRULHQWHG ̋KLHUDUFK\ ̋SURGXFHG ̋IRU ̋*RDO ̋Ê ̋EXW ̋ZLWK

VOLJKWO\ ̋EHWWHU ̋VHFWRU ̋GHILQLWLRQÔ ̋ ̋&RPSOHWLRQ ̋RI ̋WKH ̋VHFRQG ̋VWDJH ̋UHYHDOHG ̋QR ̋UHILQHPHQWV

WR ̋WKH ̋GDWD ̋FROOHFWLRQ ̋HIIRUWÔ ̋ ̋+RZHYHUÒ ̋VHYHUDO ̋FDYHDWV ̋DVVRFLDWHG ̋ZLWK ̋WKH ̋LQWHUSUHWDWLRQ

RI ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋ZHUH ̋QRWHG ̋ıVHH ̋6HFWLRQ ̋ÎÔËÔËÙÔ

7KH ̋WKLUG ̋VWDJH ̋ZLOO ̋IRFXV ̋RQ ̋*RDO ̋Á ̋ıLÔHÔÒ ̋'XUDELOLW\ ̋DQG ̋)OH[LELOLW\ÙÔ ̋ ̋,W ̋LV ̋DQWLFLSDWHG ̋WKDW

XSRQ ̋ FRPSOHWLRQ ̋ RI ̋ WKH ̋ WKLUG ̋ VWDJHÒ ̋ UHILQHPHQWV ̋ WR ̋ WKH ̋ GDWD ̋ FROOHFWLRQ ̋ HIIRUW ̋ ZLOO ̋ EH

LGHQWLILHGÔ ̋ ̋,Q ̋SDUWLFXODUÒ ̋ZKHWKHU ̋WR ̋HVWDEOLVK ̋OLQNDJHV ̋EHWZHHQ ̋GXUDELOLW\ ̋DQG ̋IOH[LELOLW\Ò

RU ̋WR ̋WUHDW ̋WKH ̋WZR ̋PDMRU ̋FRPSRQHQWV ̋RI ̋*RDO ̋Á ̋DV ̋VHSDUDWH ̋HQWLWLHVÔ

7KH ̋ 3KDVH ̋ ,, ̋ HIIRUW ̋ LV ̋ QRW ̋ SODQQHG ̋ IRU ̋ LQLWLDWLRQ ̋ XQWLO ̋ WKH ̋ 3KDVH ̋ , ̋ HIIRUW ̋ LV ̋ QHDUO\

FRPSOHWHGÔ ̋ ̋7KLV ̋VWUDWHJ\ ̋LV ̋EDVHG ̋RQ ̋WKH ̋DVVXPSWLRQ ̋WKDW ̋H[SHULHQFH ̋JDLQHG ̋LQ ̋WKH ̋3KDVH ̋,

GDWD ̋FROOHFWLRQ ̋HIIRUWVÒ ̋SDUWLFXODUO\ ̋WKH ̋VHFRQG ̋DQG ̋WKLUG ̋VWDJHVÒ ̋ZLOO ̋VXJJHVW ̋VRXUFHV ̋DQG

ZD\V ̋LQ ̋ZKLFK ̋GDWD ̋RQ ̋3KDVH ̋,,©V ̋JRDOV ̋FDQ ̋EH ̋FROOHFWHG ̋DQG ̋DQDO\]HGÔ

ÎÔËÔÍÔ ̋ ̋&RQVHQVXV ̋RQ ̋.H\ ̋0HDVXUHV ̋DQG ̋6XSSRUWLQJ ̋'DWD

*DLQLQJ ̋FRQVHQVXV ̋LV ̋HVVHQWLDO ̋LI ̋WKH ̋GDWD ̋DUH ̋WR ̋EH ̋XVHIXO ̋WR ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋DQG

KHQFH ̋XVHG ̋WR ̋PHDVXUH ̋LPSURYHPHQW ̋WRZDUGV ̋JRDO ̋DWWDLQPHQWÔ ̋ ̋7KLV ̋¶FRQVHQVXV ̋EXLOGLQJß

VWHS ̋LV ̋FRPSRVHG ̋RI ̋ILYH ̋SDUWVÔ ̋ ̋7KH ̋ILYH ̋SDUWV ̋DUH„

ıÏÙ &RQGXFW ̋DQDO\WLFDO ̋VWXGLHV ̋RI ̋WKH ̋¶3KDVHß ̋GDWD ̋DQG ̋RWKHU ̋GDWD ̋UHFRPPHQGHG ̋E\ ̋WKH

& ̃% ̋6XEFRPPLWWHH‚

ıÎÙ 3URGXFH ̋D ̋¶6HWß ̋RI ̋SURSRVHG ̋GDWD ̋DQG ̋GHULYHG ̋PHDVXUHV ̋ ıHÔJÔÒ ̋EDVHOLQH ̋PHDVXUHV

DQG ̋PHDVXUHV ̋RI ̋SURJUHVVÙ‚

ıÍÙ )RUP ̋ D ̋ ¶)RFXV ̋ *URXSß ̋ IURP ̋ WKH ̋ & ̃% ̋ 6XEFRPPLWWHH ̋ PHPEHU ̋ RUJDQL]DWLRQVÒ

LQGXVWU\ ̋UHSUHVHQWDWLYHVÒ ̋DQG ̋RWKHU ̋LQWHUHVWHG ̋SDUWLHV ̋WR ̋GLVFXVV ̋WKH ̋SURSRVHG ̋GDWD

DQG ̋GHULYHG ̋PHDVXUHV‚

ıÈÙ %ULHI ̋WKH ̋& ̃% ̋6XEFRPPLWWHH ̋RQ ̋SURJUHVV ̋DQG ̋VROLFLW ̋IHHGEDFN‚ ̋DQG

ıËÙ 5HYLVH ̋ WKH ̋ GDWD ̋ DQG ̋ GHULYHG ̋ PHDVXUHV ̋ DQG ̋ SUHVHQW ̋ ILQGLQJV ̋ WR ̋ WKH ̋ & ̃%

6XEFRPPLWWHH

'DWD ̋FROOHFWHG ̋RQ ̋EDVHOLQHV ̋DQG ̋PHDVXUHV ̋RI ̋SURJUHVV ̋IRU ̋HDFK ̋SKDVH ̋ZLOO ̋JR ̋WKURXJK ̋WKLV

VWHSÔ ̋ ̋)RU ̋WKH ̋3KDVH ̋, ̋JRDOVÒ ̋D ̋VLQJOH ̋LWHUDWLRQ ̋VKRXOG ̋EH ̋VXIILFLHQWÔ ̋ ̋)RU ̋WKH ̋3KDVH ̋,, ̋JRDOVÒ

PXOWLSOH ̋LWHUDWLRQV ̋PD\ ̋EH ̋UHTXLUHGÔ
ÏÈ

ÎÔËÔÈÔ ̋ ̋3URGXFWLRQ ̋DQG ̋'LVVHPLQDWLRQ ̋RI ̋%DVHOLQH ̋0HDVXUHV ̋DQG ̋0HDVXUHV ̋RI

3URJUHVV

%DVHG ̋ RQ ̋ WKH ̋ IRFXV ̋ JURXS ̋ GLVFXVVLRQV ̋ DQG ̋ IHHGEDFN ̋ IURP ̋ WKH ̋ & ̃% ̋ 6XEFRPPLWWHHÒ ̋ WKH

GDWD ̋VHWV ̋DQG ̋GHULYHG ̋PHDVXUHV ̋DUH ̋ILQDOL]HG ̋IRU ̋HDFK ̋JRDOÔ ̋ ̋7KH ̋GDWD ̋DUH ̋GHOLYHUHG ̋LQLWLDOO\

LQ ̋ WKH ̋ IRUP ̋ RI ̋ WDEOHV ̋ DQG ̋ UHSRUWVÔ ̋  ̋ 1R ̋ GDWD ̋ DUH ̋ GLVVHPLQDWHG ̋ RQ ̋ LQGLYLGXDO ̋ FRPSDQLHVÔ

3RWHQWLDO ̋ RXWOHWV ̋ IRU ̋ WKH ̋ EDVHOLQHV ̋ DQG ̋ PHDVXUHV ̋ RI ̋ SURJUHVV ̋ LQFOXGH ̋ WKH ̋ & ̃%

6XEFRPPLWWHH ̋PHPEHU ̋RUJDQL]DWLRQV ̋DQG ̋WKH ̋ IRXU ̋VHFWRU ̋FRXQFLO ̋PHPEHU ̋RUJDQL]DWLRQVÔ

,Q ̋RUGHU ̋WR ̋UHDFK ̋DQ ̋HYHQ ̋ODUJHU ̋DXGLHQFHÒ ̋GDWD ̋ZLOO ̋EH ̋LQFRUSRUDWHG ̋LQWR ̋D ̋FRPSXWHUL]HG

GHOLYHU\ ̋V\VWHP ̋DQG ̋PDGH ̋DYDLODEOH ̋RQ ̋WKH ̋:RUOG ̋:LGH ̋:HEÔ

ÎÔËÔËÔ ̋ ̋/LPLWDWLRQV ̋RI ̋WKH ̋3URMHFW ̋$SSURDFK

7KH ̋SURMHFW ̋DSSURDFK ̋GHVFULEHG ̋LQ ̋6HFWLRQV ̋ÎÔËÔÏ ̋WKURXJK ̋ÎÔËÔÈ ̋KDV ̋WZR ̋EDVLF ̋OLPLWDWLRQVÔ

,W ̋LV ̋LPSRUWDQW ̋IRU ̋UHDGHUV ̋WR ̋XQGHUVWDQG ̋ZKDW ̋WKHVH ̋OLPLWDWLRQV ̋DUH ̋DQG ̋KRZ ̋WKH\ ̋DIIHFW ̋WKH

YDOXHV ̋RI ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋SUHVHQWHG ̋LQ ̋WKLV ̋GRFXPHQW ̋ RU ̋ RWKHU ̋ GRFXPHQWV ̋ IRFXVHG

RQ ̋WKH ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOVÔ ̋ ̋7KH ̋WZR ̋EDVLF ̋OLPLWDWLRQV ̋RI ̋WKH ̋SURMHFW ̋DSSURDFK ̋DUH

FRQFHUQHG ̋ZLWK ̋WKH ̋DYDLODELOLW\ ̋RI ̋GDWD ̋DQG ̋WKH ̋VHOHFWLRQ ̋RI ̋GDWDÒ ̋LQIRUPDWLRQÒ ̋DQG ̋PHWULFV

IRU ̋LQFOXVLRQ ̋ZLWK ̋ıRU ̋H[FOXVLRQ ̋IURPÙ ̋WKH ̋EDVHOLQH ̋PHDVXUHVÔ

7KH ̋ ILUVW ̋ OLPLWDWLRQ ̋ WR ̋ WKH ̋ SURMHFW ̋ DSSURDFK ̋ LV ̋ FRQFHUQHG ̋ ZLWK ̋ WKH ̋ DYDLODELOLW\ ̋ RI ̋ GDWDÔ

'DWD ̋DYDLODELOLW\ ̋SUREOHPV ̋PDQLIHVW ̋WKHPVHOYHV ̋LQ ̋WKUHH ̋ZD\V„ ̋ıÏÙ ̋XQVSHFLILHG ̋IXQFWLRQDO

UHODWLRQVKLSV ̋EHWZHHQ ̋PHWULFV ̋ZLWKLQ ̋D ̋JLYHQ ̋JRDO ̋ıHÔJÔÒ ̋OLQNDJHV ̋DPRQJ ̋FRPSRQHQWV ̋DW ̋D

ORZHU ̋OHYHO ̋LQ ̋WKH ̋ JRDO©V ̋ KLHUDUFK\Ù„ ̋ ıÎÙ ̋ QR ̋ GDWD ̋ IRU ̋ D ̋ VSHFLILF ̋ JRDOÓVHFWRU ̋ FRPELQDWLRQ‚

DQG ̋ıÍÙ ̋LQFRPPHQVXUDWH ̋EDVHð\HDU ̋GDWD ̋ıHÔJÔÒ ̋QR ̋LQIRUPDWLRQ ̋LV ̋DYDLODEOH ̋SULRU ̋WR ̋Ï‰‰ÁÙÔ

7KH ̋ ILUVW ̋ WZR ̋ SUREOHPV ̋ DUH ̋ EHLQJ ̋ DGGUHVVHG ̋ WKURXJK ̋ UHVHDUFKÔ ̋  ̋ ([WHQVLYH ̋ UHVHDUFK ̋ KDV

EHHQ ̋ GRQH ̋ DQG ̋ FRQWLQXHV ̋ RQ ̋ VRXUFHV ̋ RI ̋ GDWDÔ ̋  ̋ 7KLV ̋ UHVHDUFK ̋ KDV ̋ XQFRYHUHG ̋ VHYHUDO

UHVHDUFK ̋ UHSRUWV ̋WKDW ̋ DGGUHVV ̋ ZD\V ̋LQ ̋ ZKLFK ̋ FRPSRQHQWV ̋ DVVRFLDWHG ̋ ZLWK ̋ D ̋ JRDO ̋ FDQ ̋ EH

PRGHOHGÔ ̋  ̋ 6HYHUDO ̋ UHVHDUFK ̋ UHSRUWV ̋ WKDW ̋ UHSUHVHQW ̋ ¶SRLQWß ̋ HVWLPDWHV ̋ IRU ̋ D ̋ JRDOÓVHFWRU

FRPSRQHQW ̋ KDYH ̋ DOVR ̋ EHHQ ̋ XQFRYHUHGÔ ̋  ̋ 8QIRUWXQDWHO\Ò ̋ ZKLOH ̋ WKHVH ̋ UHSRUWV ̋ SURYLGH

YDOXDEOH ̋ LQVLJKWVÒ ̋ WKH\ ̋ ODFN ̋ VSHFLILFLW\Ô ̋  ̋ ,Q ̋ WKH ̋ ILUVW ̋ FDVHÒ ̋ DOWKRXJK ̋ WKH ̋ UHVHDUFK ̋ UHSRUWV

LPSO\ ̋ IXQFWLRQDO ̋ UHODWLRQVKLSV ̋ ıLÔHÔÒ ̋ D ̋ OLQNDJH ̋ PHFKDQLVPÙÒ ̋ WKH ̋ IXQFWLRQDO ̋ IRUP ̋ LV

XQVSHFLILHGÔ ̋  ̋ )RU ̋ H[DPSOHÒ ̋ ERWK ̋ *RDO ̋ Íðð3URGXFWLYLW\ ̋ DQG ̋ &RPIRUWððDQG ̋ *RDO ̋ Áðð

'XUDELOLW\ ̋DQG ̋)OH[LELOLW\ððKDYH ̋WZR ̋PDMRU ̋FRPSRQHQWVÔ ̋ ̋,GHDOO\Ò ̋WKHVH ̋FRPSRQHQWV ̋ZRXOG

EH ̋OLQNHG ̋ YLD ̋D ̋ IXQFWLRQDO ̋ UHODWLRQVKLSÔ ̋ ̋7KH ̋DOWHUQDWLYH ̋LV ̋WR ̋WUHDW ̋HDFK ̋FRPSRQHQW ̋DV ̋D

VHSDUDWH ̋ DQG ̋ GLVWLQFW ̋ HQWLW\Ô ̋  ̋ ,Q ̋ WKH ̋ VHFRQG ̋ FDVHÒ ̋ RQH ̋ RI ̋ D ̋ NLQG ̋ ¶HVWLPDWHVß ̋ RU

¶LQIRUPDWLRQß ̋DUH ̋WDQWDPRXQW ̋WR ̋QR ̋GDWDÔ ̋ ̋7KHUH ̋LV ̋QR ̋RSSRUWXQLW\ ̋WR ̋UHSOLFDWH ̋WKH ̋UHVXOWV

ZLWKRXW ̋UHSHDWLQJ ̋WKH ̋UHVHDUFK ̋WKDW ̋SURGXFHG ̋WKH ̋¶HVWLPDWHVß ̋RU ̋¶LQIRUPDWLRQß ̋LQ ̋WKH ̋ILUVW

SODFHÔ

7KH ̋WKLUG ̋ SUREOHPÒ ̋LQFRPPHQVXUDWH ̋ EDVHð\HDU ̋ GDWDÒ ̋LV ̋ EHLQJ ̋ DGGUHVVHG ̋WKURXJK ̋ D ̋ VHW ̋ RI

FDUHIXOO\ ̋VWDWHG ̋FDYHDWVÔ ̋ ̋,I ̋GDWD ̋DUH ̋EHLQJ ̋FROOHFWHG ̋QRZ ̋WKDW ̋VDWLVI\ ̋WKH ̋FULWHULD ̋ IRU ̋GDWD
ÏË

VHOHFWLRQ ̋ EXW ̋ ZHUH ̋ QRW ̋ DYDLODEOH ̋ LQ ̋ Ï‰‰È ̋ ıLÔHÔÒ ̋ WKH ̋ \HDU ̋ VSHFLILHG ̋ IRU ̋ WKH ̋ EDVHOLQH

PHDVXUHVÙÒ ̋WKHQ ̋WKH\ ̋VWLOO ̋UHSUHVHQW ̋PHDQLQJIXO ̋PHWULFVÔ ̋ ̋7KH ̋FDYHDWV ̋FRPH ̋LQ ̋UHJDUGLQJ

KRZ ̋WR ̋LQWHUSUHW ̋WKH ̋YDOXHV ̋RI ̋WKHVH ̋PHWULFVÔ ̋ ̋,Q ̋FDVHV ̋ZKHUH ̋VXFK ̋FDYHDWV ̋DUH ̋PDGH ̋ıHÔJÔÒ

GHOLYHU\ ̋ WLPH ̋ PHWULFV ̋ IRU ̋ WKH ̋ WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUVÙÒ ̋ WKH\ ̋ DUH ̋ VWDWHG ̋ FOHDUO\Ô ̋  ̋ ,Q

DGGLWLRQÒ ̋JXLGDQFH ̋LV ̋JLYHQ ̋ RQ ̋ KRZ ̋WR ̋LQWHUSUHW ̋WKH ̋ YDOXHV ̋ RI ̋WKHVH ̋PHWULFV ̋ YLVðjðYLV ̋WKH

JRDOÔ

7KH ̋VHFRQG ̋OLPLWDWLRQ ̋VWHPV ̋IURP ̋GHFLVLRQV ̋WKH ̋SURMHFW ̋WHDP ̋PDGH ̋UHJDUGLQJ ̋ZKDW ̋ZDV ̋WR

EH ̋ LQFOXGHG ̋ LQ ̋ RU ̋ H[FOXGHG ̋ IURP ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHVÔ ̋  ̋ $OWKRXJK ̋ RXU ̋ REMHFWLYH ̋ LV ̋ WR

SURGXFH ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ HDFK ̋ JRDOÓVHFWRU ̋ FRPELQDWLRQÒ ̋ LW ̋ EHFDPH ̋ QHFHVVDU\ ̋ WR

LQFOXGH ̋ VRPH ̋ W\SHV ̋ RI ̋ LQIRUPDWLRQ ̋ RQO\ ̋ DW ̋ D ̋ KLJKHU ̋ OHYHO ̋ RI ̋ DJJUHJDWLRQ ̋ ıHÔJÔÒ ̋ DW ̋ WKH

FRQVWUXFWLRQ ̋LQGXVWU\ ̋OHYHO ̋ UDWKHU ̋WKDQ ̋WKH ̋LQGLYLGXDO ̋ VHFWRU ̋OHYHOÙÔ ̋ ̋ 6LPLODUO\Ò ̋ GHFLVLRQV

ZHUH ̋PDGH ̋WR ̋H[FOXGH ̋VRPH ̋W\SHV ̋RI ̋LQIRUPDWLRQ ̋IRU ̋ZKLFK ̋GDWD ̋ZHUH ̋DYDLODEOH ̋EXW ̋WKHLU

LQFOXVLRQ ̋ZRXOG ̋SURYLGH ̋QR ̋QHZ ̋LQVLJKWVÔ ̋ ̋,Q ̋ERWK ̋FDVHVððZKHWKHU ̋GDWD ̋ZHUH ̋LQFOXGHG ̋DW ̋D

KLJKHU ̋ OHYHO ̋ RI ̋ DJJUHJDWLRQ ̋ RU ̋ H[FOXGHG ̋ IURP ̋ WKH ̋ GRFXPHQWððWKH ̋ DXWKRUV ̋ KDYH ̋ FOHDUO\

VWDWHG ̋WKHLU ̋UHDVRQV ̋DQG ̋JLYHQ ̋JXLGDQFH ̋WR ̋KHOS ̋UHDGHUV ̋LQWHUSUHW ̋WKH ̋UHVXOWVÔ

ÎÔÁÔ ̋ ̋+RZ ̋7KLV ̋'RFXPHQW ̋+HOSV

7KLV ̋GRFXPHQW ̋LV ̋SDUW ̋RI ̋D ̋VHULHVÔ ̋ ̋$V ̋VXFKÒ ̋LW ̋SURYLGHV ̋SHUVSHFWLYH ̋RQ ̋WKH ̋RYHUDOO ̋HIIRUW ̋WR

GHYHORS ̋ EDVHOLQH ̋ PHDVXUHV ̋ DQG ̋ PHDVXUHV ̋ RI ̋ SURJUHVV ̋ IRU ̋ HDFK ̋ RI ̋ WKH ̋ VHYHQ ̋ 1DWLRQDO

&RQVWUXFWLRQ ̋*RDOVÔ ̋ ̋,W ̋DOVR ̋VHUYHV ̋WR ̋KLJKOLJKW ̋KRZ ̋WKHVH ̋PHDVXUHV ̋DQG ̋WKHLU ̋DVVRFLDWHG

PHWULFV ̋FDQ ̋EH ̋XVHG ̋WR ̋GULYH ̋SHUIRUPDQFH ̋LPSURYHPHQWÔ

2Q ̋D ̋GHHSHU ̋OHYHOÒ ̋WKLV ̋GRFXPHQW ̋SURYLGHV ̋VWHSðE\ðVWHS ̋GHVFULSWLRQV ̋RI ̋KRZ ̋WR ̋FRQVWUXFW ̋D

ZHOOðGHILQHG ̋ VHW ̋ RI ̋ EDVHOLQH ̋ PHDVXUHVÒ ̋ WKHLU ̋ FRPSRQHQWVÒ ̋ DQG ̋ DVVRFLDWHG ̋ PHWULFV ̋ IRU ̋ D

VSHFLILF ̋ JRDO ̋ IRU ̋ HDFK ̋ RI ̋ WKH ̋ IRXU ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ VHFWRUVÔ ̋  ̋ ,QIRUPDWLRQ ̋ RQ ̋ GDWD

FODVVLILFDWLRQÒ ̋GDWD ̋VRXUFHVÒ ̋DQG ̋GDWD ̋FROOHFWLRQ ̋DQG ̋DQDO\VLV ̋SURYLGH ̋WKH ̋XQGHUSLQQLQJV ̋IRU

WKH ̋UHVXOWV ̋SUHVHQWHG ̋LQ ̋WKLV ̋GRFXPHQWÔ ̋ ̋,W ̋LV ̋DQWLFLSDWHG ̋WKDW ̋RQFH ̋XVHUV ̋RI ̋WKLV ̋GRFXPHQW

KDYH ̋ XQGHUVWRRG ̋WKH ̋ YLWDO ̋ UROH ̋ RI ̋ PHWULFV ̋ DV ̋ D ̋ SURFHVV ̋ LPSURYHPHQW ̋ WRROÒ ̋ WKH\ ̋ ZLOO ̋ VHH

KRZ ̋ WKH ̋ 1DWLRQDO ̋ &RQVWUXFWLRQ ̋ *RDOV ̋ ZLOO ̋ EHQHILW ̋ ERWK ̋ WKHLU ̋ RUJDQL]DWLRQ ̋ DQG ̋ WKH ̋ 86

FRQVWUXFWLRQ ̋LQGXVWU\Ô

ÏÊ

ÍÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\

7KH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ LV ̋ D ̋ NH\ ̋ FRPSRQHQW ̋ RI ̋ WKH ̋ 86 ̋ HFRQRP\ ̋ DQG ̋ LV ̋ YLWDO ̋ WR ̋ WKH

FRQWLQXHG ̋JURZWK ̋RI ̋WKH ̋86 ̋HFRQRP\Ô ̋ ̋,QYHVWPHQW ̋LQ ̋SODQW ̋DQG ̋IDFLOLWLHVÒ ̋LQ ̋WKH ̋IRUP ̋RI

FRQVWUXFWLRQ ̋DFWLYLW\Ò ̋SURYLGHV ̋WKH ̋EDVLV ̋IRU ̋WKH ̋SURGXFWLRQ ̋RI ̋SURGXFWV ̋DQG ̋WKH ̋GHOLYHU\ ̋RI

VHUYLFHVÔ ̋ ̋ ,QYHVWPHQW ̋LQ ̋LQIUDVWUXFWXUH ̋ SURPRWHV ̋WKH ̋ VPRRWK ̋ IORZ ̋ RI ̋ JRRGV ̋ DQG ̋ VHUYLFHV

DQG ̋WKH ̋PRYHPHQW ̋RI ̋LQGLYLGXDOVÔ ̋ ̋,QYHVWPHQW ̋LQ ̋KRXVLQJ ̋DFFRPPRGDWHV ̋QHZ ̋KRXVHKROGV

DQG ̋ DOORZV ̋ H[LVWLQJ ̋ KRXVHKROGV ̋ WR ̋ H[SDQG ̋ RU ̋ LPSURYH ̋ WKHLU ̋ KRXVLQJÔ ̋  ̋ ,W ̋ LV ̋ FOHDU ̋ WKDW

FRQVWUXFWLRQ ̋ DFWLYLWLHV ̋ DIIHFW ̋ QHDUO\ ̋ HYHU\ ̋ DVSHFW ̋ RI ̋ WKH ̋ 86 ̋ HFRQRP\Ô ̋  ̋ +RZHYHUÒ

FRQVWUXFWLRQ ̋ DFWLYLWLHV ̋ DUH ̋ DOVR ̋ VWURQJO\ ̋ DIIHFWHG ̋ E\ ̋ WKH ̋ KHDOWK ̋ RI ̋ WKH ̋ HFRQRP\ ̋ DQG ̋ WKH

DVVRFLDWHG ̋EXVLQHVV ̋F\FOHÔÏÌ

7KLV ̋FKDSWHU ̋ SURYLGHV ̋D ̋ VQDSVKRW ̋ RI ̋WKH ̋86 ̋FRQVWUXFWLRQ ̋LQGXVWU\Ô ̋ ̋$V ̋ VXFKÒ ̋LW ̋ SURYLGHV

WKH ̋FRQWH[W ̋ZLWKLQ ̋ZKLFK ̋EDVHOLQH ̋PHDVXUHV ̋DUH ̋GHYHORSHGÒ ̋D ̋VXEMHFW ̋ZKLFK ̋RFFXSLHV ̋WKH

UHPDLQGHU ̋RI ̋WKLV ̋GRFXPHQWÔ ̋ ̋7KH ̋FKDSWHU ̋FRQWDLQV ̋IRXU ̋VHFWLRQVÔ ̋ ̋(DFK ̋VHFWLRQ ̋GHDOV ̋ZLWK

D ̋ SDUWLFXODU ̋ WRSLFÔ ̋  ̋ 7KH ̋ WRSLFV ̋ SURJUHVV ̋ IURP ̋ JHQHUDO ̋ LQ ̋ QDWXUH ̋ WR ̋ YHU\ ̋ VSHFLILFÔ ̋  ̋ 7KLV

SURJUHVVLRQ ̋LV ̋GHVFULEHG ̋EHORZÔ

)LUVWÒ ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋YDOXH ̋RI ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFH ̋LV ̋SURYLGHG ̋WR ̋VKRZ ̋WKH ̋VL]H ̋RI

WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ DQG ̋ HDFK ̋ RI ̋ LWV ̋ IRXU ̋ VHFWRUVððUHVLGHQWLDOÒ ̋ FRPPHUFLDOÓ

LQVWLWXWLRQDOÒ ̋ LQGXVWULDOÒ ̋ DQG ̋ SXEOLF ̋ ZRUNVÔ ̋  ̋ 6HFRQGÒ ̋ LQIRUPDWLRQ ̋ RQ ̋ WKH ̋ QDWXUH ̋ RI

FRQVWUXFWLRQ ̋DFWLYLW\ ̋IRU ̋HDFK ̋VHFWRU ̋RI ̋WKH ̋LQGXVWU\ ̋LV ̋SUHVHQWHGÔ ̋ ̋7KH ̋6WDQGDUG ̋,QGXVWULDO

&ODVVLILFDWLRQ ̋ı6,&Ù ̋&RGHV ̋IRU ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋DUH ̋LQWURGXFHG ̋DQG ̋GHVFULEHG ̋DV ̋D

PHDQV ̋ IRU ̋ RUJDQL]LQJ ̋ FRQVWUXFWLRQ ̋ DFWLYLW\Ô ̋  ̋ ,QIRUPDWLRQ ̋ RQ ̋ WKH ̋ QDWXUH ̋ RI ̋ FRQVWUXFWLRQ

DFWLYLW\ ̋LQFOXGHV ̋ EUHDNRXWV ̋ EHWZHHQ ̋ QHZ ̋FRQVWUXFWLRQ ̋DFWLYLWLHVÒ ̋PDLQWHQDQFH ̋DQG ̋ UHSDLU

DFWLYLWLHVÒ ̋DQG ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQVÔ ̋ ̋7KH ̋FKDOOHQJH ̋RI ̋GHYHORSLQJ ̋DQQXDO ̋HVWLPDWHV ̋IRU

HDFK ̋ VHFWRU ̋ E\ ̋ QDWXUH ̋ RI ̋ FRQVWUXFWLRQ ̋ DFWLYLW\ ̋ LV ̋ GHVFULEHGÔ ̋  ̋ ([DPSOHV ̋ DUH ̋ JLYHQ ̋ ZKLFK

GHPRQVWUDWH ̋KRZ ̋GLIIHUHQW ̋GDWD ̋VRXUFHV ̋ UHVXOW ̋LQ ̋PDMRU ̋GLIIHUHQFHV ̋LQ ̋D ̋SDUWLFXODU ̋\HDU©V

HVWLPDWHVÔ ̋ ̋7KLUGÒ ̋LQIRUPDWLRQ ̋RQ ̋HPSOR\PHQW ̋LQ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋LV ̋VXPPDUL]HG

DQG ̋ D ̋ VHULHV ̋ RI ̋ HPSOR\PHQWðUHODWHG ̋ VWDWLVWLFV ̋ DUH ̋ SUHVHQWHGÔ ̋  ̋ 7KH ̋ 6,& ̋ &RGHV ̋ IRU ̋ WKH

FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ DUH ̋ XVHG ̋ DV ̋ D ̋ PHDQV ̋ IRU ̋ RUJDQL]LQJ ̋ NH\ ̋ HPSOR\PHQWðUHODWHG

LQIRUPDWLRQÔ ̋ ̋&RPSDULVRQV ̋EHWZHHQ ̋HPSOR\PHQW ̋DQG ̋RXWSXW ̋LQ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\

DQG ̋ HPSOR\PHQW ̋ DQG ̋ RXWSXW ̋ LQ ̋ WKH ̋ RYHUDOO ̋ 86 ̋ HFRQRP\ ̋ DUH ̋ DOVR ̋ LQFOXGHGÔ ̋  ̋ )RXUWKÒ

LQIRUPDWLRQ ̋ RQ ̋ FRVW ̋ WUHQGV ̋ ıHÔJÔÒ ̋ DYHUDJH ̋ FRVW ̋ SHU ̋ VTXDUH ̋ IRRW ̋ IRU ̋ UHVLGHQWLDO ̋ DQG ̋ QRQð

UHVLGHQWLDO ̋EXLOGLQJVÙ ̋DQG ̋RQ ̋RWKHUÒ ̋VSHFLDO ̋FRQVLGHUDWLRQVÒ ̋LV ̋SUHVHQWHGÔ

ÍÔÏÔ ̋ ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH

7KLV ̋VHFWLRQ ̋SURYLGHV ̋LQIRUPDWLRQ ̋RQ ̋D ̋NH\ ̋LQGLFDWRU ̋RI ̋FRQVWUXFWLRQ ̋DFWLYLW\Ò ̋WKH ̋YDOXH ̋RI

FRQVWUXFWLRQ ̋ SXW ̋LQ ̋ SODFHÔ ̋ ̋'DWD ̋ SXEOLVKHG ̋ E\ ̋WKH ̋86 ̋%XUHDX ̋ RI ̋WKH ̋&HQVXV ̋DUH ̋ XVHG ̋WR

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÏÌ ̋ 5HDGHUV ̋ LQWHUHVWHG ̋ LQ ̋ OHDUQLQJ ̋ PRUH ̋ DERXW ̋ FRQVWUXFWLRQ ̋ VWDWLVWLFVÒ ̋ WKHLU ̋ VRXUFHV ̋ DQG ̋ LQWHUSUHWDWLRQÒ ̋ DUH

UHIHUUHG ̋WR ̋DQ ̋H[FHOOHQW ̋VRXUFH ̋GRFXPHQW ̋E\ ̋5RJHUV ̋ı5RJHUVÒ ̋5Ô ̋0DUNÔ ̋Ï‰‰ÈÔ ̋+DQGERRN ̋RI ̋.H\ ̋(FRQRPLF

,QGLFDWRUVÔ ̋%XUU ̋5LGJHÒ ̋,/„ ̋,UZLQ ̋3URIHVVLRQDO ̋3XEOLVKLQJÙÔ
ÏÂ

HVWDEOLVK ̋WKH ̋ FRPSRVLWLRQ ̋ RI ̋ FRQVWUXFWLRQ ̋ H[SHQGLWXUHV ̋ E\ ̋W\SH ̋ RI ̋ FRQVWUXFWLRQÓIXQFWLRQ

ıHÔJÔÒ ̋ QRQðUHVLGHQWLDOÓRIILFH ̋ EXLOGLQJÙÔ ̋ ̋7KHVH ̋H[SHQGLWXUHV ̋DUH ̋WKHQ ̋DVVLJQHG ̋WR ̋WKH ̋ IRXU

NH\ ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋VHFWRUVÔ ̋ ̋7KH ̋UHIHUHQFH ̋GRFXPHQW ̋XVHG ̋WKURXJKRXW ̋WKLV ̋VHFWLRQ ̋LV

WKH ̋&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUWV ̋VHULHV ̋&ÍÌ ̋SXEOLFDWLRQ ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋3XW ̋LQ

3ODFHÔ

ÏÏ ̋ ̋$ ̋EULHI ̋GHVFULSWLRQ ̋RI ̋WKH ̋¶&ÍÌ ̋UHSRUWß ̋IROORZVÔ ̋ ̋6SHFLDO ̋DWWHQWLRQ ̋LV ̋JLYHQ ̋WR ̋WKH

RUJDQL]DWLRQ ̋ RI ̋ WKH ̋ GDWD ̋ LQ ̋ WKH ̋ &ÍÌ ̋ UHSRUW ̋ DQG ̋ KRZ ̋ WKHVH ̋ GDWD ̋ PDS ̋ LQWR ̋ WKH ̋ IRXU ̋ NH\

FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ VHFWRUVÔ ̋  ̋ 7KH ̋ VHFWLRQ ̋ FRQFOXGHV ̋ ZLWK ̋ WDEXODU ̋ DQG ̋ JUDSKLFDO

VXPPDULHV ̋RI ̋WKH ̋YDOXH ̋RI ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFHÔ

&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUWV ̋6HULHV ̋&ÍÌ

&RQVWUXFWLRQ ̋ H[SHQGLWXUHV ̋ GDWD ̋ DUH ̋ SXEOLVKHG ̋ PRQWKO\ ̋ LQ ̋ WKH ̋ &XUUHQW ̋ &RQVWUXFWLRQ

5HSRUWV ̋ VHULHV ̋ &ÍÌ ̋ SXEOLFDWLRQ ̋ 9DOXH ̋ RI ̋ &RQVWUXFWLRQ ̋ 3XW ̋ LQ ̋ 3ODFHÔ ̋  ̋ &RQVWUXFWLRQ

H[SHQGLWXUHV ̋UHIHU ̋WR ̋DFWXDO ̋FRQVWUXFWLRQ ̋UDWKHU ̋WKDQ ̋SODQQHG ̋RU ̋MXVW ̋LQLWLDWHG ̋DFWLYLW\Ô ̋ ̋,W ̋LV

QRWHZRUWK\ ̋ WKDW ̋ WKH ̋ &ÍÌ ̋ UHSRUW ̋ FRYHUV ̋ ERWK ̋ SULYDWH ̋ UHVLGHQWLDO ̋ DQG ̋ QRQðUHVLGHQWLDO

FRQVWUXFWLRQ ̋DFWLYLWLHV ̋DQG ̋SXEOLF ̋VHFWRU ̋FRQVWUXFWLRQ ̋DFWLYLWLHVÔ

7KH ̋YDOXH ̋RI ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFH ̋LV ̋D ̋PHDVXUH ̋RI ̋WKH ̋YDOXH ̋RI ̋FRQVWUXFWLRQ ̋LQVWDOOHG

RU ̋HUHFWHG ̋DW ̋D ̋VLWH ̋GXULQJ ̋D ̋JLYHQ ̋SHULRGÔ ̋ ̋)RU ̋DQ ̋LQGLYLGXDO ̋SURMHFWÒ ̋WKLV ̋LQFOXGHV„ ̋ıÏÙ ̋FRVW

RI ̋PDWHULDOV ̋LQVWDOOHG ̋RU ̋HUHFWHG‚ ̋ıÎÙ ̋FRVW ̋RI ̋ODERU ̋ıERWK ̋E\ ̋FRQWUDFWRUV ̋DQG ̋IRUFH ̋DFFRXQW

ıLÔHÔÒ ̋FRQVWUXFWLRQ ̋GRQH ̋IRU ̋RZQ ̋XVHÙÙ ̋DQG ̋D ̋SURSRUWLRQDWH ̋VKDUH ̋RI ̋FRQVWUXFWLRQ ̋HTXLSPHQW

UHQWDO‚ ̋ ıÍÙ ̋ FRQWUDFWRU©V ̋ SURILW‚ ̋ ıÈÙ ̋ FRVW ̋ RI ̋ DUFKLWHFWXUDO ̋ DQG ̋ HQJLQHHULQJ ̋ ZRUN‚ ̋ ıËÙ

PLVFHOODQHRXV ̋RYHUKHDG ̋DQG ̋RIILFH ̋FRVWV ̋FKDUJHDEOH ̋WR ̋WKH ̋SURMHFW ̋RQ ̋WKH ̋RZQHU©V ̋ERRNV‚

DQG ̋ıÁÙ ̋LQWHUHVW ̋DQG ̋WD[HV ̋SDLG ̋GXULQJ ̋FRQVWUXFWLRQÔ ̋ ̋([SHQVHV ̋GR ̋QRW ̋LQFOXGH ̋WKH ̋FRVW ̋RI

ODQG ̋ QRU ̋ GR ̋ WKH\ ̋ LQFOXGH ̋ PDLQWHQDQFH ̋ DQG ̋ UHSDLUV ̋ WR ̋ H[LVWLQJ ̋ VWUXFWXUHV ̋ RU ̋ VHUYLFH

IDFLOLWLHVÔ

7KH ̋&ÍÌ ̋GDWD ̋DUH ̋FRPSLOHG ̋YLD ̋VXUYH\ ̋DQG ̋WKURXJK ̋LQGLUHFW ̋HVWLPDWLRQÔ ̋ ̋,Q ̋WKH ̋FRQWH[W ̋RI

WKH ̋&ÍÌ ̋VXUYH\Ò ̋FRQVWUXFWLRQ ̋LQFOXGHV ̋WKH ̋IROORZLQJ„ ̋ıÏÙ ̋QHZ ̋EXLOGLQJV ̋DQG ̋VWUXFWXUHV‚ ̋ıÎÙ

DGGLWLRQVÒ ̋ DOWHUDWLRQVÒ ̋ FRQYHUVLRQVÒ ̋ H[SDQVLRQVÒ ̋ UHFRQVWUXFWLRQÒ ̋ UHQRYDWLRQVÒ

UHKDELOLWDWLRQVÒ ̋ DQG ̋ PDMRU ̋ UHSODFHPHQWV ̋ ıHÔJÔÒ ̋ WKH ̋ FRPSOHWH ̋ UHSODFHPHQW ̋ RI ̋ D ̋ URRI ̋ RU ̋ D

KHDWLQJ ̋ V\VWHPÙ‚ ̋ ıÍÙ ̋ PHFKDQLFDO ̋ DQG ̋ HOHFWULFDO ̋ LQVWDOODWLRQV ̋ ıHÔJÔÒ ̋ SOXPELQJÒ ̋ KHDWLQJÒ

HOHFWULFDO ̋ ZRUNÒ ̋ DQG ̋ RWKHU ̋ VLPLODU ̋ EXLOGLQJ ̋ VHUYLFHVÙ‚ ̋ ıÈÙ ̋ VLWH ̋ SUHSDUDWLRQ ̋ DQG ̋ RXWVLGH

FRQVWUXFWLRQ ̋RI ̋IL[HG ̋VWUXFWXUHV ̋RU ̋IDFLOLWLHV ̋ıHÔJÔÒ ̋VLGHZDONVÒ ̋KLJKZD\V ̋DQG ̋VWUHHWVÒ ̋ZDWHU

VXSSO\ ̋OLQHVÒ ̋VHZHUVÒ ̋DQG ̋VLPLODU ̋ IDFLOLWLHV ̋ZKLFK ̋DUH ̋EXLOW ̋LQWR ̋ RU ̋ IL[HG ̋WR ̋WKH ̋ODQGÙ‚ ̋ ıËÙ

LQVWDOODWLRQ ̋ RI ̋ ERLOHUVÒ ̋ RYHUKHDG ̋ KRLVWV ̋DQG ̋FUDQHVÒ ̋DQG ̋ EODVW ̋ IXUQDFHV‚ ̋ ıÁÙ ̋ IL[HGÒ ̋ODUJHO\

VLWHðIDEULFDWHG ̋ HTXLSPHQW ̋ QRW ̋ KRXVHG ̋ LQ ̋ D ̋ EXLOGLQJ ̋ ıHÔJÔÒ ̋ SHWUROHXP ̋ UHILQHULHV ̋ DQG

FKHPLFDO ̋ SODQWVÙ‚ ̋ DQG ̋ ıÊÙ ̋ FRVW ̋ DQG ̋LQVWDOODWLRQ ̋ RI ̋ FRQVWUXFWLRQ ̋PDWHULDOV ̋ SODFHG ̋LQVLGH ̋ D

EXLOGLQJ ̋ DQG ̋ XVHG ̋ WR ̋ VXSSRUW ̋ SURGXFWLRQ ̋ PDFKLQHU\ ̋ ıHÔJÔÒ ̋ FRQFUHWH ̋ SODWIRUPVÒ ̋ RYHUKHDG

VWHHO ̋ JLUGHUV ̋ DQG ̋ SLSHVÒ ̋ HWFÔÙÔ ̋  ̋ ,W ̋ LV ̋ LPSRUWDQW ̋ WR ̋ QRWH ̋ WKDW ̋ WKH ̋ &ÍÌ ̋ VXUYH\ ̋ SURGXFHV

LQIRUPDWLRQ ̋QRW ̋RQO\ ̋RQ ̋WKH ̋YDOXH ̋RI ̋QHZ ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFH ̋EXW ̋DOVR ̋FRQWDLQV ̋DQ

XQTXDQWLILHG ̋FRPSRQHQW ̋IRU ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋IRU ̋WKH ̋QRQðUHVLGHQWLDO ̋VHFWRUVÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÏÏ ̋7KURXJKRXW ̋WKLV ̋FKDSWHUÒ ̋UHIHUHQFH ̋LV ̋PDGH ̋WR ̋WKH ̋&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUWV ̋VHULHV ̋&ÍÌ ̋SXEOLFDWLRQÔ

7KHVH ̋ UHIHUHQFHV ̋LQFOXGH ̋ ERWK ̋ KRZ ̋LW ̋LV ̋ XVHG ̋ DV ̋WKH ̋ EDVLV ̋ IRU ̋ RWKHU ̋ VHWV ̋ RI ̋ FDOFXODWLRQV ̋ SUHVHQWHG ̋ LQ ̋ WKLV

FKDSWHU ̋DQG ̋DV ̋D ̋YHKLFOH ̋IRU ̋FRPSDULQJ ̋FDOFXODWLRQV ̋EDVHG ̋RQ ̋RWKHU ̋&HQVXV ̋SXEOLFDWLRQVÔ
Ï‰

7KH ̋GDWD ̋SUHVHQWHG ̋LQ ̋WKH ̋&ÍÌ ̋UHSRUW ̋DUH ̋GLYLGHG ̋LQWR ̋WZR ̋SDUWV„ ̋ıÏÙ ̋SULYDWH ̋FRQVWUXFWLRQ‚

DQG ̋ıÎÙ ̋SXEOLF ̋FRQVWUXFWLRQÔ ̋ ̋7KHVH ̋GDWD ̋DUH ̋VXPPDUL]HG ̋LQ ̋7DEOH ̋ÍðÏÔ ̋ ̋7KH ̋WDEOH ̋UHFRUGV

DQQXDO ̋ YDOXHV ̋ ıLQ ̋ PLOOLRQV ̋ RI ̋ FRQVWDQW ̋ Ï‰‰Î ̋ GROODUVÙ ̋ IRU ̋ WKH ̋ \HDUV ̋ Ï‰‰Î ̋ WKURXJK ̋ Ï‰‰ÁÔ

6HSDUDWH ̋ FROXPQ ̋ KHDGLQJV ̋ VKRZLQJ ̋ WKH ̋ W\SH ̋ RI ̋ FRQVWUXFWLRQÓIXQFWLRQ ̋ DQG ̋ WKH ̋ DVVLJQHG

VHFWRUðð5 ̋IRU ̋UHVLGHQWLDOÒ ̋& ̋IRU ̋FRPPHUFLDOÓLQVWLWXWLRQDOÒ ̋, ̋IRU ̋LQGXVWULDOÒ ̋DQG ̋3 ̋IRU ̋SXEOLF

ZRUNVððDUH ̋DOVR ̋LQFOXGHGÔ ̋ ̋7KH ̋VHFWRU ̋DVVLJQPHQW ̋ZDV ̋PDGH ̋E\ ̋WKH ̋DXWKRUVÔ

3ULYDWH ̋ FRQVWUXFWLRQ ̋ FRQWDLQV ̋ WZR ̋ PDMRU ̋ FRPSRQHQWVððUHVLGHQWLDO ̋ EXLOGLQJV ̋ DQG ̋ QRQð

UHVLGHQWLDO ̋EXLOGLQJVððSOXV ̋D ̋QXPEHU ̋RU ̋VXEFRPSRQHQWVÔ ̋ ̋%RWK ̋WKH ̋WZR ̋PDMRU ̋FRPSRQHQWV

DQG ̋WKH ̋YDULRXV ̋VXEFRPSRQHQWV ̋DUH ̋VKRZQ ̋DV ̋KHDGLQJV ̋LQ ̋WKH ̋ILUVW ̋FROXPQ ̋RI ̋7DEOH ̋ÍðÏÔ

7KH ̋ UHVLGHQWLDO ̋ EXLOGLQJV ̋ FRPSRQHQW ̋ LQFOXGHV ̋ QHZ ̋ SULYDWH ̋ KRXVLQJ ̋ DQG ̋ LPSURYHPHQWVÔ

1HZ ̋SULYDWH ̋KRXVLQJ ̋LQFOXGHV ̋QHZ ̋KRXVHVÒ ̋DSDUWPHQWVÒ ̋FRQGRPLQLXPVÒ ̋DQG ̋WRZQ ̋KRXVHVÔ

1HZ ̋SULYDWH ̋KRXVLQJ ̋XQLWV ̋DUH ̋FODVVLILHG ̋DV ̋¶Ï ̋XQLWß ̋RU ̋¶Î ̋RU ̋PRUH ̋XQLWVÔß ̋ ̋7KH ̋YDOXH ̋RI

LPSURYHPHQWV ̋SXW ̋LQ ̋SODFH ̋DUH ̋D ̋GLUHFW ̋PHDVXUH ̋RI ̋WKH ̋YDOXH ̋RI ̋UHVLGHQWLDO ̋DGGLWLRQV ̋DQG

DOWHUDWLRQV ̋ DFWLYLWLHVÔ ̋  ̋ &RQVHTXHQWO\Ò ̋ LPSURYHPHQWV ̋ DUH ̋ QRW ̋ LQFOXGHG ̋ LQ ̋ WKH ̋ ¶QHZ

FRQVWUXFWLRQß ̋UHVLGHQWLDO ̋VHFWRU ̋WRWDOV ̋UHFRUGHG ̋DW ̋WKH ̋ERWWRP ̋RI ̋7DEOH ̋ÍðÏÔ

7KH ̋QRQðUHVLGHQWLDO ̋EXLOGLQJV ̋FRPSRQHQW ̋LQFOXGHV ̋LQGXVWULDOÒ ̋RIILFH ̋EXLOGLQJVÒ ̋KRWHOV ̋DQG

PRWHOVÒ ̋ DQG ̋ ¶RWKHU ̋ FRPPHUFLDOß ̋ ıHÔJÔÒ ̋ VKRSSLQJ ̋ FHQWHUVÒ ̋ EDQNVÒ ̋ VHUYLFH ̋ VWDWLRQVÒ

ZDUHKRXVHVÒ ̋ DQG ̋ RWKHU ̋ FDWHJRULHVÙÔ ̋  ̋ $OVR ̋ IDOOLQJ ̋ XQGHU ̋ WKH ̋ QRQðUHVLGHQWLDO ̋ EXLOGLQJV

FRPSRQHQW ̋DUH ̋UHOLJLRXVÒ ̋HGXFDWLRQDOÒ ̋KRVSLWDO ̋DQG ̋LQVWLWXWLRQDOÒ ̋DQG ̋¶PLVFHOODQHRXVß ̋QRQð

UHVLGHQWLDO ̋EXLOGLQJVÔ

5RXQGLQJ ̋ RXW ̋ WKH ̋ SULYDWH ̋ FRQVWUXFWLRQ ̋ FRPSRQHQW ̋ DUH ̋ IDUP ̋ QRQðUHVLGHQWLDOÒ ̋ SXEOLF

XWLOLWLHVÒ ̋DQG ̋¶DOO ̋RWKHU ̋SULYDWHÔß ̋ ̋7KHVH ̋DUH ̋ JHQHUDOO\ ̋ RI ̋D ̋ QRQðUHVLGHQWLDO ̋ QDWXUH ̋ EXW ̋DUH

QRW ̋ SDUW ̋ RI ̋ QRQðUHVLGHQWLDO ̋ EXLOGLQJVÔ ̋  ̋ )DUP ̋ QRQðUHVLGHQWLDO ̋ FRQVWUXFWLRQ ̋ LQFOXGHV

VWUXFWXUHV ̋ VXFK ̋ DV ̋ EDUQVÒ ̋ VWRUDJH ̋ KRXVHVÒ ̋ DQG ̋ IHQFHVÔ ̋  ̋ /DQG ̋ LPSURYHPHQWV ̋ VXFK ̋ DV

OHYHOLQJÒ ̋ WHUUDFLQJÒ ̋ SRQGVÒ ̋ DQG ̋ URDGV ̋ DUH ̋ DOVR ̋ D ̋ SDUW ̋ RI ̋ WKLV ̋ VXEFRPSRQHQWÔ ̋  ̋ 3ULYDWHO\

RZQHG ̋SXEOLF ̋XWLOLWLHV ̋FRQVWUXFWLRQ ̋LV ̋FDWHJRUL]HG ̋E\ ̋LQGXVWU\ ̋UDWKHU ̋WKDQ ̋ IXQFWLRQ ̋RI ̋WKH

EXLOGLQJ ̋ RU ̋ VWUXFWXUHÔ ̋  ̋ 7KLV ̋ VXEFRPSRQHQW ̋ LQFOXGHV ̋ H[SHQGLWXUHV ̋ PDGH ̋ E\ ̋ XWLOLWLHV ̋ IRU

WHOHFRPPXQLFDWLRQVÒ ̋UDLOURDGVÒ ̋SHWUROHXP ̋SLSHOLQHVÒ ̋HOHFWULF ̋OLJKW ̋DQG ̋SRZHUÒ ̋DQG ̋QDWXUDO

JDVÔ ̋ ̋ ¶$OO ̋ RWKHU ̋ SULYDWHß ̋LQFOXGHV ̋ SULYDWHO\ ̋ RZQHG ̋ VWUHHWV ̋ DQG ̋ EULGJHVÒ ̋ VHZHU ̋ DQG ̋ZDWHU

IDFLOLWLHVÒ ̋DLUILHOGVÒ ̋DQG ̋VLPLODU ̋FRQVWUXFWLRQÔ

)RU ̋ SXEOLF ̋ FRQVWUXFWLRQÒ ̋ WKHUH ̋ DUH ̋ WZR ̋ PDMRU ̋ FRPSRQHQWVððEXLOGLQJ ̋ DQG ̋ QRQðEXLOGLQJÔ

%RWK ̋WKH ̋WZR ̋PDMRU ̋FRPSRQHQWV ̋DQG ̋WKH ̋YDULRXV ̋VXEFRPSRQHQWV ̋DUH ̋VKRZQ ̋DV ̋KHDGLQJV ̋LQ

WKH ̋ILUVW ̋FROXPQ ̋RI ̋7DEOH ̋ÍðÏÔ ̋ ̋7KH ̋EXLOGLQJ ̋FRPSRQHQW ̋FRQWDLQV ̋VXEFRPSRQHQWV ̋VLPLODU

WR ̋ WKRVH ̋ IRU ̋ SULYDWH ̋ FRQVWUXFWLRQÒ ̋ ZLWK ̋ HGXFDWLRQDO ̋ EXLOGLQJV ̋ EHLQJ ̋ WKH ̋ ODUJHVW

VXEFRPSRQHQWÔ ̋ ̋([SHQGLWXUHV ̋IRU ̋WKH ̋QRQðEXLOGLQJ ̋FRPSRQHQW ̋RYHUZKHOPLQJO\ ̋FRQVLVW ̋RI

RXWOD\V ̋ IRU ̋ KLJKZD\V ̋ DQG ̋ VWUHHWVÒ ̋ ZLWK ̋ VHZHU ̋ V\VWHPV ̋ EHLQJ ̋ D ̋ GLVWDQW ̋ VHFRQG

VXEFRPSRQHQWÔ

7R ̋JHW ̋WKH ̋¶QHZ ̋FRQVWUXFWLRQß ̋VHFWRU ̋WRWDOVÒ ̋ZKLFK ̋DSSHDU ̋LQ ̋WKH ̋ERWWRP ̋SRUWLRQ ̋RI ̋7DEOH

ÍðÏÒ ̋HDFK ̋VXEFRPSRQHQW ̋ZDV ̋DVVLJQHG ̋WR ̋D ̋VHFWRU ̋DQG ̋VXPPHGÔ ̋ ̋7KH ̋VHFWRU ̋DVVLJQPHQWV
ÎÌ

DUH ̋UHFRUGHG ̋LQ ̋WKH ̋VHFRQG ̋FROXPQ ̋RI ̋7DEOH ̋ÍðÏÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ERWWRP ̋SRUWLRQ ̋RI ̋WKH

WDEOH ̋ UHYHDOV ̋ WKDW ̋ VHFWRU ̋ WRWDOV ̋ YDU\ ̋ FRQVLGHUDEO\Ò ̋ ZLWK ̋ UHVLGHQWLDO ̋ EHLQJ ̋ WKH ̋ ODUJHVW ̋ DQG

LQGXVWULDO ̋WKH ̋VPDOOHVWÔ

7DEOH ̋ÍðÏÔ ̋ ̋9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH

9$/8( ̋2) ̋&216758&7,21 ̋387 ̋,1 ̋3/$&( ̋ı6(5,(6 ̋&ÍÌÙ

7\SH ̋RI ̋&RQVWUXFWLRQ

$VVLJQHG ̋

6HFWRU &RQVWDQW ̋Ï‰‰Î ̋'ROODUV ̋LQ ̋0LOOLRQV

Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

7RWDO ̋FRQVWUXFWLRQ ̋ ̋ ÈËÏÒ‰‰Â ÈÁÏÒÌÊÂ ÈÂÌÒ‰ÁË ÈÊÈÒÈÎÁ È‰ÍÒËÂÊ

3ULYDWH ̋FRQVWUXFWLRQ ̋ ̋ ÍÍÁÒÏÎÁ ÍÈÊÒÂËÏ ÍÁÊÒÎÁË ÍË‰ÒÈÏÏ ÍÊÂÒÏËÌ

5HVLGHQWLDO ̋EXLOGLQJV ̋ ÏÂÊÒÁÂÊ ÎÌÌÒËÌÎ ÎÏÂÒÌÌË ÎÌÏÒÁÂÎ ÎÏÎÒÌÁ‰

1HZ ̋KRXVLQJ ̋XQLWV ̋ ÏÎ‰ÒËÎÎ ÏÍÊÒÎÈÍ ÏËÍÒÎËÌ ÏÈÎÒÈÏÍ ÏËÍÒ‰ÁË

Ï ̋XQLW ̋ ̋ 5 ÏÏÁÒÈÏ‰ ÏÎÁÒ‰ÁÌ ÏÈÌÒÈÏÁ ÏÎÁÒÊÊÍ ÏÍÁÒËÏÁ

Î ̋RU ̋PRUH ̋XQLWV ̋ 5 ÏÍÒÏÌÍ ÏÌÒÎÂÍ ÏÎÒÂÍÍ ÏËÒÁÈÌ ÏÊÒÈÈ‰

,PSURYHPHQWV  ̋ ËÂÒÏÁË ÁÍÒÎË‰ ÁÈÒÊËË Ë‰ÒÎÁÂ ËÂÒÏÌÈ

1RQUHVLGHQWLDO ̋EXLOGLQJV ̋ ÏÌËÒÁÏË ÏÌÁÒÊÎ‰ ÏÏÏÒÈÏÁ ÏÎÌÒÁÎÊ ÏÍÌÒÍ‰È

,QGXVWULDO ̋ ̋ , Î‰ÒÌÎÊ ÎËÒËËÈ ÎÁÒÂÌÍ Î‰ÒÌÈÍ ÎÂÒÌÌÍ

2IILFH & ÎÌÒÎÊÏ ÎÌÒÏ‰Ê ÎÌÒËËÍ ÎÎÒÂ‰Ï ÎÈÒÌ‰‰

+RWHOVÒ ̋PRWHOV & ÍÒÁ‰Ì ÈÒÈÌË ÈÒÍÌÂ ÁÒÍËÏ ÏÌÒÎÁÍ

2WKHU ̋FRPPHUFLDO ̋ ̋ & Î‰ÒÏÊÎ ÍÏÒÎ‰Î ÍÈÒÊËÁ ÍÂÒÌ‰Â ÈÏÒÍÌÏ

5HOLJLRXV & ÍÒÈÂÍ ÍÒÊÈÂ ÍÒËÂÈ ÍÒÂÁÈ ÍÒ‰ÁÏ

(GXFDWLRQDO ̋ & ÈÒÈÊË ÈÒÈÂÈ ÈÒÈÊÏ ÈÒ‰ÌÂ ËÒÊ‰Ì

+RVSLWDO ̋DQG ̋LQVWLWXWLRQDO ̋ ̋ & ÏÏÒÈÂË ÏÎÒÌËÌ ÏÏÒÍÊÊ ÏÌÒÌËÏ ÏÌÒÈÁÌ

0LVFHOODQHRXV ̋ & ÈÒÌÏÏ ËÒÌÌÌ ËÒËÁË ËÒÈÎÏ ÁÒËÏÁ

)DUP ̋QRQUHVLGHQWLDO & ÎÒÍ‰Á ÍÒÎÊÏ ÍÒÌÌÂ ÎÒÁ‰Í ÎÒÊÍÁ

3XEOLF ̋XWLOLWLHV ̋ 3 ÍÁÒÂË‰ ÍÈÒÏÎÌ ÍÎÒÌÊÈ ÍÏÒÊÁÊ ÍÌÒÂÈÎ

7HOHFRPPXQLFDWLRQV 3 ‰ÒÌÌË ‰ÒÈÁÂ ‰ÒÊÂË ÏÌÒÌÊÏ ÏÌÒÈÎÌ

2WKHU ̋SXEOLF ̋XWLOLWLHV 3 ÎÊÒÂËÈ ÎÈÒÁËÎ ÎÎÒÎÂ‰ ÎÏÒÁ‰Á ÎÌÒÈÎÎ

5DLOURDGV ̋ 3 ÎÒ‰ÎÁ ÍÒÌËÁ ÍÒÏÂÁ ÍÒÎÌÎ ÈÒÌÍÌ

(OHFWULF ̋OLJKW ̋DQG ̋SRZHU ̋ 3 ÏÊÒÏÂÈ ÏËÒÌ‰Á ÏÍÒÂÊÊ ÏÎÒÁËÁ ÏÏÒÏ‰Ï

*DV 3 ÁÒÂ‰Ë ËÒËÍÁ ÈÒÍÌÂ ËÒÌÌÈ ÈÒÎ‰Ï

3HWUROHXP ̋SLSHOLQHV 3 ÂÈ‰ ‰ÁË ‰ÏÂ ÂÍÈ ‰ÏÌ

$OO ̋RWKHU ̋SULYDWH 3 ÍÒËÁ‰ ÍÒÎÎ‰ ÎÒÊÁÍ ÎÒÁÈÈ ÎÒÏÌ‰

3XEOLF ̋FRQVWUXFWLRQ ÏÏËÒÂÊÎ ÏÏÍÒÎÎÊ ÏÏÍÒÊÌÌ ÏÏËÒÌÏÈ ÏÏËÒÈÍÊ

%XLOGLQJV È‰Ò‰ÂÂ ÈÁÒÂÏÍ ÈËÒÏÊÊ ÈÊÒÂÍÎ È‰ÒÈÏË

+RXVLQJ ̋DQG ̋GHYHORSPHQW ̋ 5 ÈÒÏÍÁ ÍÒÂÍÍ ÍÒÍÎÁ ÍÒÊËÈ ÍÒÂÂÏ

,QGXVWULDO , ÏÒÂÊË ÏÒÁËÂ ÏÒÍËÂ ÏÒÍÈÂ ÏÒÎÏÁ

(GXFDWLRQDO ̋ & ÎÌÒÁÈË ÏÂÒÈÁË ÏÊÒË‰Í Ï‰ÒÎÍÊ ÎÌÒÏÍÏ

+RVSLWDO & ÍÒÍÂÍ ÍÒËÊ‰ ÍÒÊÂÊ ÍÒÂËÈ ÍÒ‰ÂÏ

2WKHU ̋ ̋ & Ï‰Ò‰È‰ Ï‰ÒÎÊ‰ Ï‰ÒÏÏÈ Ï‰ÒÁÍÂ ÎÌÒÎÌÊ

+LJKZD\V ̋DQG ̋VWUHHWV ̋ 3 ÍÍÒÏÍÎ ÍÈÒÏÁÈ ÍÁÒÏËÏ ÍÍÒËÌÌ ÍÍÒÎ‰Ê

0LOLWDU\ ̋IDFLOLWLHV ̋ 3 ÎÒËÌÎ ÎÒÈÌË ÎÒÏ‰Á ÎÒÊÎ‰ ÎÒÎÎË

&RQVHUYDWLRQ ̋DQG ̋GHYHORSPHQW 3 ËÒ‰ÈÁ ËÒÊÊÏ ÁÒÌ‰Ï ËÒÊÊÍ ËÒÎÈÈ

6HZHU ̋V\VWHPV 3 ‰ÒÁËÂ ÂÒÁÎÎ ÂÒË‰Î ÂÒ‰ÊË ‰ÒÌÁÌ

:DWHU ̋VXSSO\ ̋IDFLOLWLHV ̋ 3 ËÒÏÊÌ ÈÒÂÁÂ ÈÒÈÈÍ ÈÒ‰ÎÍ ËÒÏÎÏ

0LVFHOODQHRXV ̋SXEOLF 3 ‰ÒÈÊË ÏÌÒËÂÍ ÏÏÒÌËÌ ÏÏÒÎÂÎ ÏÏÒÌÊË

1HZ ̋&RQVWUXFWLRQ

6(&725 ̋727$/6 ̋DQG ̋6800$5<

5HVLGHQWLDO ̋ı5Ù ÏÍÍÒÁËÂ ÏÈÏÒÌÊÁ ÏËÁÒËÊÁ ÏÈÁÒÏÁÊ ÏËÊÒÂÈÁ

&RPPHUFLDOÓ,QVWLWXWLRQDO ̋ı&Ù ÏÎÎÒ‰ÁÌ ÏÎËÒÊÊÌ ÏÎÂÒÏÏÁ ÏÍÊÒÌÌÁ ÏÈ‰ÒÈÈË

,QGXVWULDO ̋ı,Ù ÍÌÒ‰ÌÎ ÎÊÒÎÏÎ ÎÂÒÏÁÏ ÍÌÒÍ‰Ï Î‰ÒÎÏ‰

3XEOLF ̋:RUNV ̋ı3Ù ÏÌÁÒÍÏÏ ÏÌÍÒÊÁÎ ÏÌÍÒÍÁÌ ÏÌÏÒË‰Í ‰ÂÒ‰ÊÍ

7RWDO ̋IRU ̋DOO ̋6HFWRUV Í‰ÍÒÂÍÏ Í‰ÊÒÂÎÌ ÈÏÁÒÎÏÍ ÈÏËÒÏËÊ ÈÍËÒÈÂÍ
ÎÏ

7DEOH ̋ÍðÏ ̋KLJKOLJKWV ̋DQ ̋LPSRUWDQW ̋GLVWLQFWLRQ ̋EHWZHHQ ̋WKH ̋UHVLGHQWLDO ̋VHFWRU ̋DQG ̋WKH ̋WKUHH

QRQðUHVLGHQWLDO ̋VHFWRUVÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋¶5HVLGHQWLDO ̋%XLOGLQJVß ̋FRPSRQHQW ̋RI ̋WKH ̋WDEOH

ıLÔHÔÒ ̋WKH ̋HQWU\ ̋LPPHGLDWHO\ ̋EHORZ ̋WKH ̋KHDGLQJ ̋3ULYDWH ̋&RQVWUXFWLRQÙ ̋ IRU ̋WKH ̋\HDU ̋Ï‰‰Î

SURGXFHV ̋ D ̋ YDOXH ̋ RI ̋  ̆ÏÂÊÒÁÂÊ ̋ PLOOLRQÔ ̋  ̋ 7KLV ̋ YDOXH ̋ GLIIHUV ̋ IURP ̋ WKH ̋ YDOXH ̋ IRU ̋ WKH

UHVLGHQWLDO ̋VHFWRUÒ ̋ ̆ÏÍÍÒÁËÂ ̋PLOOLRQÒ ̋JLYHQ ̋LPPHGLDWHO\ ̋EHORZ ̋WKH ̋KHDGLQJ ̋RI ̋6(&725

727$/6 ̋ DQG ̋ 6800$5< ̋ LQ ̋ WKH ̋ ERWWRP ̋ SRUWLRQ ̋ RI ̋ WKH ̋ WDEOHÔ ̋  ̋ 7KH ̋ UHDVRQ ̋ IRU ̋ WKH

GLIIHUHQFH ̋LV ̋GXH ̋WR ̋WKH ̋ H[FOXVLRQ ̋ RI ̋WKH ̋ YDOXH ̋ RI ̋ SULYDWH ̋ UHVLGHQWLDO ̋LPSURYHPHQWV ̋ ıLÔHÔÒ

DGGLWLRQV ̋ DQG ̋ DOWHUDWLRQVÙ ̋ DQG ̋ WKH ̋ LQFOXVLRQ ̋ RI ̋ WKH ̋ YDOXH ̋ RI ̋ SXEOLF ̋ KRXVLQJ ̋ DQG

GHYHORSPHQWÔ ̋ ̋%HFDXVH ̋WKH ̋YDOXHV ̋JLYHQ ̋LQ ̋WKH ̋ERWWRP ̋SRUWLRQ ̋RI ̋7DEOH ̋ÍðÏ ̋DUH ̋HVWLPDWHV

RI ̋ WKH ̋ YDOXHV ̋ RI ̋ QHZ ̋ FRQVWUXFWLRQ ̋ SXW ̋ LQ ̋ SODFHÒ ̋ LW ̋ LV ̋ QHFHVVDU\ ̋ WR ̋ QHW ̋ RXW ̋ WKH ̋ YDOXH ̋ RI

UHVLGHQWLDO ̋ LPSURYHPHQWVÔ ̋  ̋ :KLOH ̋ WKLV ̋ LV ̋ D ̋ VWUDLJKWIRUZDUG ̋ SURFHVV ̋ IRU ̋ WKH ̋ SULYDWH

UHVLGHQWLDO ̋VHFWRUÒ ̋QR ̋VSHFLILF ̋LQIRUPDWLRQ ̋RQ ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋LV ̋SXEOLVKHG ̋LQ ̋WKH

&ÍÌ ̋ UHSRUW ̋ IRU ̋ HLWKHU ̋ WKH ̋ WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUV ̋ RU ̋ IRU ̋ SXEOLF ̋ KRXVLQJ ̋ DQG

GHYHORSPHQWÔ ̋  ̋ &RQVHTXHQWO\Ò ̋ ZH ̋ KDYH ̋ DVVXPHG ̋ WKDW ̋ WKH ̋ YDOXHV ̋ IRU ̋ DGGLWLRQV ̋ DQG

DOWHUDWLRQV ̋ IRU ̋WKH ̋WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUV ̋DQG ̋ IRU ̋ SXEOLF ̋ KRXVLQJ ̋DQG ̋ GHYHORSPHQW

DUH ̋]HURÔ ̋ ̋7KLV ̋LPSOLHV ̋WKDW ̋WKH ̋ VHFWRU ̋WRWDOV ̋ IRU ̋FRPPHUFLDOÓLQVWLWXWLRQDOÒ ̋LQGXVWULDOÒ ̋DQG

SXEOLF ̋ZRUNV ̋DUH ̋WKH ̋YDOXHV ̋RI ̋QHZ ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFH ̋IRU ̋HDFK ̋RI ̋WKH ̋\HDUV ̋Ï‰‰Î

WKURXJK ̋Ï‰‰ÁÔ ̋ ̋$ ̋UDWLRQDOH ̋IRU ̋WKLV ̋DVVXPSWLRQ ̋LV ̋JLYHQ ̋LQ ̋WKH ̋QH[W ̋VHFWLRQÒ ̋ZKLFK ̋FRYHUV

WKH ̋QDWXUH ̋RI ̋FRQVWUXFWLRQ ̋DFWLYLWLHVÔ

)LJXUH ̋ÍðÏÔ ̋ ̋9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH

7KH ̋7DEOH ̋ ÍðÏ ̋ VHFWRU ̋WRWDOV ̋ DQG ̋WKH ̋ RYHUDOO ̋ FRQVWUXFWLRQ ̋LQGXVWU\ ̋WRWDOV ̋ IRU ̋WKH ̋ YDOXH ̋ RI

QHZ ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFH ̋DUH ̋VKRZQ ̋JUDSKLFDOO\ ̋LQ ̋)LJXUH ̋ÍðÏÔ ̋ ̋7KH ̋KRUL]RQWDO ̋D[LV ̋RI

WKH ̋ILJXUH ̋UHFRUGV ̋WKH ̋\HDUÒ ̋IURP ̋Ï‰‰Î ̋WKURXJK ̋Ï‰‰ÁÔ ̋ ̋7KH ̋YHUWLFDO ̋D[LV ̋UHFRUGV ̋WKH ̋YDOXH

ð

ËÌÒÌÌÌ

ÏÌÌÒÌÌÌ

ÏËÌÒÌÌÌ

ÎÌÌÒÌÌÌ

ÎËÌÒÌÌÌ

ÍÌÌÒÌÌÌ

ÍËÌÒÌÌÌ

ÈÌÌÒÌÌÌ

ÈËÌÒÌÌÌ

ËÌÌÒÌÌÌ

Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

<HDU

9DOXH ̋RI ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH ̋ı&RQVWDQW ̋Ï‰‰Î ̋

'ROODUV ̋LQ ̋0LOOLRQVÙ

7RWDO ̋ı$OO ̋6HFWRUVÙ

5HVLGHQWLDO

&RPPHUFLDOÓ,QVWLWXWLRQDO

,QGXVWULDO

3XEOLF ̋:RUNV
ÎÎ

RI ̋QHZ ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFHÒ ̋LQ ̋PLOOLRQV ̋RI ̋FRQVWDQW ̋Ï‰‰Î ̋GROODUVÔ ̋ ̋(DFK ̋WUDFH ̋LV ̋NH\HG

WR ̋GHVLJQDWH ̋HLWKHU ̋WKH ̋VHFWRU ̋RU ̋WKH ̋RYHUDOO ̋WRWDOÔ

ÍÔÎÔ ̋ ̋1DWXUH ̋RI ̋&RQVWUXFWLRQ ̋$FWLYLW\

7KH ̋ QDWXUH ̋ RI ̋ FRQVWUXFWLRQ ̋ DFWLYLW\ ̋ PD\ ̋ EH ̋ FRQYHQLHQWO\ ̋ FODVVLILHG ̋ DV ̋ HLWKHU ̋ QHZ

FRQVWUXFWLRQÒ ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQVÒ ̋RU ̋PDLQWHQDQFH ̋DQG ̋UHSDLUÔ ̋ ̋'HILQLWLRQV ̋RI ̋HDFK ̋DUH

DV ̋IROORZVÔ

1HZ ̋ FRQVWUXFWLRQ ̋ DFWLYLWLHV ̋ LQFOXGH ̋ WKH ̋ FRPSOHWH ̋ RULJLQDO ̋ EXLOGLQJ ̋ RI ̋ VWUXFWXUHV

DQG ̋ HVVHQWLDO ̋ VHUYLFH ̋ IDFLOLWLHV ̋ DQG ̋ WKH ̋ LQLWLDO ̋ LQVWDOODWLRQ ̋ RI ̋ LQWHJUDO ̋ HTXLSPHQW

VXFK ̋ DV ̋ HOHYDWRUV ̋ DQG ̋ SOXPELQJÒ ̋ KHDWLQJÒ ̋ DQG ̋ DLUðFRQGLWLRQLQJ ̋ VXSSOLHV ̋ DQG

HTXLSPHQWÔ

$GGLWLRQV ̋ DQG ̋ DOWHUDWLRQV ̋LQFOXGH ̋ FRQVWUXFWLRQ ̋ZRUN ̋ ZKLFK ̋ DGGV ̋WR ̋WKH ̋ YDOXH ̋ RU

XVHIXO ̋ OLIH ̋ RI ̋ DQ ̋ H[LVWLQJ ̋ EXLOGLQJ ̋ RU ̋ VWUXFWXUHÒ ̋ RU ̋ ZKLFK ̋ DGDSWV ̋ D ̋ EXLOGLQJ ̋ RU

VWUXFWXUH ̋WR ̋D ̋QHZ ̋RU ̋GLIIHUHQW ̋XVHÔ ̋ ̋ ,QFOXGHG ̋DUH ̋PDMRU ̋ UHSODFHPHQWV ̋RI ̋EXLOGLQJ

V\VWHPV ̋ VXFK ̋ DV ̋ WKH ̋ LQVWDOODWLRQ ̋ RI ̋ D ̋ QHZ ̋ URRI ̋ RU ̋ KHDWLQJ ̋ V\VWHP ̋ DQG ̋ WKH

UHVXUIDFLQJ ̋RI ̋VWUHHWV ̋RU ̋KLJKZD\VÔ ̋ ̋7KLV ̋FRQWUDVWV ̋WR ̋WKH ̋UHSDLU ̋RI ̋D ̋KROH ̋LQ ̋D ̋URRI

RU ̋ WKH ̋ URXWLQH ̋ SDWFKLQJ ̋ RI ̋ KLJKZD\V ̋ DQG ̋ VWUHHWVÒ ̋ ZKLFK ̋ ZRXOG ̋ EH ̋ FODVVLILHG ̋ DV

PDLQWHQDQFH ̋DQG ̋UHSDLUÔ

0DLQWHQDQFH ̋ DQG ̋ UHSDLU ̋ DFWLYLWLHV ̋ LQFOXGH ̋ LQFLGHQWDO ̋ FRQVWUXFWLRQ ̋ ZRUN ̋ ZKLFK

NHHSV ̋ D ̋ SURSHUW\ ̋ LQ ̋ RUGLQDU\ ̋ ZRUNLQJ ̋ FRQGLWLRQÔ ̋  ̋ ([FOXGHG ̋ DUH ̋ WUDVK ̋ DQG ̋ VQRZ

UHPRYDOÒ ̋ODZQ ̋PDLQWHQDQFH ̋DQG ̋ODQGVFDSLQJÒ ̋FOHDQLQJ ̋DQG ̋MDQLWRULDO ̋VHUYLFHVÔ

7KLV ̋VHFWLRQ ̋SUHVHQWV ̋LQIRUPDWLRQ ̋IURP ̋WKUHH ̋GLIIHUHQW ̋GDWD ̋VRXUFHV„ ̋ıÏÙ ̋WKH ̋Ï‰‰Î ̋&HQVXV

RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\‚ ̋ıÎÙ ̋&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUWV ̋VHULHV ̋&ÍÌÒ ̋9DOXH ̋RI

&RQVWUXFWLRQ ̋ 3XW ̋ LQ ̋ 3ODFH‚ ̋ DQG ̋ ıÍÙ ̋ &XUUHQW ̋ &RQVWUXFWLRQ ̋ 5HSRUWV ̋ VHULHV ̋ &ËÌÒ

([SHQGLWXUHV ̋ IRU ̋ 5HVLGHQWLDO ̋ ,PSURYHPHQWV ̋ DQG ̋ 5HSDLUVÔ ̋  ̋ $OWKRXJK ̋ HDFK ̋ GDWD ̋ VRXUFH

SURYLGHV ̋LQVLJKWV ̋LQWR ̋WKH ̋ QDWXUH ̋ RI ̋FRQVWUXFWLRQ ̋DFWLYLW\Ò ̋WKH\ ̋ GLIIHU ̋LQ ̋ GHJUHH ̋ RI ̋ GHWDLOÒ

IUHTXHQF\ ̋RI ̋SXEOLFDWLRQÒ ̋DQG ̋VHFWRU ̋FRYHUDJHÔ ̋ ̋%ULHI ̋GHVFULSWLRQV ̋RI ̋WKH ̋Ï‰‰Î ̋&HQVXV ̋RI

WKH ̋ &RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ DQG ̋ WKH ̋ ¶&ËÌ ̋ UHSRUWß ̋ DUH ̋ JLYHQ ̋ LQ ̋ WKH ̋ WH[W ̋ WKDW ̋ IROORZVÔ

5HDGHUV ̋VHHNLQJ ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋&ÍÌ ̋UHSRUW ̋DUH ̋UHIHUUHG ̋WR ̋6HFWLRQ ̋ÍÔÏ ̋RI ̋WKLV ̋UHSRUWÔ

6WDWLVWLFV ̋ IURP ̋ HDFK ̋ VRXUFH ̋ DUH ̋ DOVR ̋ SUHVHQWHG ̋ DQGÒ ̋ ZKHUH ̋ DSSURSULDWHÒ ̋ FRPSDULVRQV ̋ DUH

PDGHÔ

Ï‰‰Î ̋&HQVXV ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\

7KH ̋&HQVXV ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋LV ̋FRQGXFWHG ̋HYHU\ ̋ILYH ̋\HDUVÔ ̋ ̋7KH ̋FRQVWUXFWLRQ

LQGXVWU\ ̋ LV ̋ RQH ̋ RI ̋ VHYHQ ̋ LQGXVWULHV ̋ WDEXODWHG ̋ DV ̋ SDUW ̋ RI ̋ WKH ̋ (FRQRPLF ̋ &HQVXVÔ ̋  ̋ 7KH

(FRQRPLF ̋ &HQVXV ̋ LV ̋ KLJKO\ ̋ GHWDLOHGÔ ̋  ̋ +RZHYHUÒ ̋ EHFDXVH ̋ WKH ̋ (FRQRPLF ̋ &HQVXV ̋ LV

SHUIRUPHG ̋RQO\ ̋LQ ̋\HDUV ̋HQGLQJ ̋ZLWK ̋Î ̋RU ̋ÊÒ ̋Ï‰‰Î ̋LV ̋WKH ̋ODWHVW ̋\HDU ̋IRU ̋ZKLFK ̋VXFK ̋KLJKO\

GHWDLOHG ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋GDWD ̋LV ̋DYDLODEOHÔ
ÎÍ

7KH ̋FHQVXV ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋HQXPHUDWHV ̋HVWDEOLVKPHQWV ̋ZLWK ̋SDLG ̋HPSOR\HHV

HQJDJHG ̋SULPDULO\ ̋LQ ̋RQH ̋RI ̋WKH ̋IROORZLQJ ̋WKUHH ̋DUHDV„ ̋ıÏÙ ̋FRQVWUXFWLQJ ̋QHZ ̋KRPHV ̋DQG

RWKHU ̋EXLOGLQJV‚ ̋ıÎÙ ̋KHDY\ ̋FRQVWUXFWLRQÒ ̋VXFK ̋DV ̋KLJKZD\V‚ ̋DQG ̋ıÍÙ ̋VSHFLDO ̋WUDGHVÒ ̋VXFK

DV ̋ SOXPELQJ ̋ DQG ̋ HOHFWULFDO ̋ ZRUNÔ ̋  ̋ 0RVW ̋ FRQVWUXFWLRQ ̋ HVWDEOLVKPHQWV ̋ DUH ̋ GHVFULEHG ̋ DV

FRQWUDFWRUV ̋ ıHÔJÔÒ ̋ JHQHUDO ̋FRQWUDFWRUV ̋DQG ̋ VSHFLDO ̋WUDGHV ̋FRQWUDFWRUVÙÒ ̋ EXW ̋WKH ̋FHQVXV ̋DOVR

LQFOXGHV ̋ RSHUDWLYH ̋ EXLOGHUV ̋ ZKR ̋ FRQVWUXFW ̋ EXLOGLQJV ̋ RU ̋ RWKHU ̋ VWUXFWXUHV ̋ RQ ̋ WKHLU ̋ RZQ

DFFRXQW ̋WR ̋EH ̋VROG ̋ZKHQ ̋FRPSOHWHGÔ

$ ̋¶FRQVWUXFWLRQ ̋HVWDEOLVKPHQWß ̋LV ̋GHILQHG ̋DV ̋D ̋UHODWLYHO\ ̋SHUPDQHQW ̋RIILFH ̋RU ̋RWKHU ̋SODFH

RI ̋ EXVLQHVV ̋ ZKHUH ̋ WKH ̋ XVXDO ̋ EXVLQHVV ̋ DFWLYLWLHV ̋ UHODWHG ̋ WR ̋ FRQVWUXFWLRQ ̋ DUH ̋ FRQGXFWHGÔ

:LWK ̋VRPH ̋H[FHSWLRQVÒ ̋D ̋UHODWLYHO\ ̋SHUPDQHQW ̋RIILFH ̋LV ̋RQH ̋WKDW ̋KDV ̋EHHQ ̋HVWDEOLVKHG ̋IRU

WKH ̋PDQDJHPHQW ̋RI ̋PRUH ̋WKDQ ̋RQH ̋SURMHFW ̋RU ̋MRE ̋DQG ̋ZKLFK ̋LV ̋H[SHFWHG ̋WR ̋EH ̋PDLQWDLQHG

RQ ̋ D ̋ FRQWLQXLQJ ̋ EDVLVÔ ̋  ̋ 6XFK ̋ ¶HVWDEOLVKPHQWß ̋ DFWLYLWLHV ̋ LQFOXGHÒ ̋ EXW ̋ DUH ̋ QRW ̋ OLPLWHG ̋ WR

HVWLPDWLQJÒ ̋ ELGGLQJÒ ̋ SXUFKDVLQJÒ ̋ VXSHUYLVLQJÒ ̋ DQG ̋ RSHUDWLRQ ̋ RI ̋ WKH ̋ DFWXDO ̋ FRQVWUXFWLRQ

ZRUN ̋ EHLQJ ̋ FRQGXFWHG ̋ DW ̋ RQH ̋ RU ̋ PRUH ̋ FRQVWUXFWLRQ ̋ VLWHVÔ ̋  ̋ 7KH ̋ FHQVXV ̋ GLG ̋ QRW ̋ UHTXLUH

VHSDUDWH ̋FRQVWUXFWLRQ ̋UHSRUWV ̋IRU ̋HDFK ̋SURMHFW ̋RU ̋FRQVWUXFWLRQ ̋VLWHÔ ̋ ̋+RZHYHUÒ ̋FRPSDQLHV

ZLWK ̋PRUH ̋WKDQ ̋RQH ̋FRQVWUXFWLRQ ̋HVWDEOLVKPHQW ̋ZHUH ̋UHTXLUHG ̋WR ̋VXEPLW ̋D ̋VHSDUDWH ̋UHSRUW

IRU ̋HDFK ̋VXFK ̋HVWDEOLVKPHQW ̋RSHUDWHG ̋GXULQJ ̋DOO ̋RU ̋DQ\ ̋SDUW ̋RI ̋Ï‰‰ÎÔ

)RU ̋SXUSRVHV ̋RI ̋WKH ̋FHQVXVÒ ̋FRQVWUXFWLRQ ̋HVWDEOLVKPHQWV ̋DUH ̋FODVVLILHG ̋E\ ̋NLQG ̋RI ̋EXVLQHVV

DFFRUGLQJ ̋ WR ̋ WKH ̋ SULQFLSDO ̋ ZRUN ̋ SHUIRUPHGÔ ̋  ̋ 7KHUH ̋ DUH ̋ WKUHH ̋ PDMRU ̋ 6WDQGDUG ̋ ,QGXVWULDO

&ODVVLILFDWLRQ ̋ı6,&Ù ̋JURXSVððWZRðGLJLW ̋6,& ̋FRGHVððLQ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\„

ÏË  ̋ ̋%XLOGLQJ ̋FRQVWUXFWLRQððJHQHUDO ̋FRQWUDFWRUV ̋DQG ̋RSHUDWLYH ̋EXLOGHUV

ÏÁ  ̋ ̋+HDY\ ̋FRQVWUXFWLRQ ̋RWKHU ̋WKDQ ̋EXLOGLQJ ̋FRQVWUXFWLRQððFRQWUDFWRUV

ÏÊ  ̋ ̋6SHFLDO ̋WUDGH ̋FRQWUDFWRUV

7KHVH ̋PDMRU ̋6,& ̋JURXSV ̋DUH ̋VXEðGLYLGHG ̋LQWR ̋ÏÍ ̋WKUHHðGLJLW ̋6,& ̋FRGHV ̋ZKLFK ̋LQ ̋WXUQ ̋DUH

VXEðGLYLGHG ̋LQWR ̋ÎÁ ̋IRXUðGLJLW ̋6,& ̋FRGHVÔ ̋ ̋7DEOH ̋ÍðÎ ̋SURYLGHV ̋D ̋GHVFULSWLRQ ̋RI ̋HDFK ̋RI ̋WKH

ÎÁ ̋IRXUðGLJLW ̋6,& ̋FRGHVÔ ̋ ̋3DUW ̋$ ̋RI ̋WKH ̋WDEOH ̋FRYHUV ̋WKH ̋WZRðGLJLW ̋6,& ̋FRGHV ̋ÏË ̋ıEXLOGLQJ

FRQVWUXFWLRQððJHQHUDO ̋ FRQWUDFWRUV ̋ DQG ̋ RSHUDWLYH ̋ EXLOGHUVÙ ̋ DQG ̋ ÏÁ ̋ ıKHDY\ ̋ FRQVWUXFWLRQ

RWKHU ̋ WKDQ ̋ EXLOGLQJ ̋ FRQVWUXFWLRQððFRQWUDFWRUVÙ‚ ̋ 3DUW ̋ % ̋ RI ̋ WKH ̋ WDEOH ̋ FRYHUV ̋ WKH ̋ WZRðGLJLW

6,& ̋FRGH ̋ÏÊ ̋ıVSHFLDO ̋WUDGH ̋FRQWUDFWRUVÙÔ

'DWD ̋ WDEXODWHG ̋ LQ ̋ WKH ̋ Ï‰‰Î ̋ &HQVXV ̋ RI ̋ WKH ̋ &RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ SURYLGH ̋ LQIRUPDWLRQ

JURXSHG ̋ E\ ̋ WKH ̋ W\SHV ̋ RI ̋ EXLOGLQJVÒ ̋ VWUXFWXUHVÒ ̋ RU ̋ RWKHU ̋ IDFLOLWLHV ̋ EHLQJ ̋ FRQVWUXFWHG ̋ RU

ZRUNHG ̋ RQ ̋ E\ ̋ FRQVWUXFWLRQ ̋ HVWDEOLVKPHQWV ̋ LQ ̋ Ï‰‰ÎÔ ̋  ̋ 5HVSRQGHQWV ̋ ZHUH ̋ LQVWUXFWHG ̋ WR

FODVVLI\ ̋HDFK ̋EXLOGLQJÒ ̋VWUXFWXUHÒ ̋RU ̋RWKHU ̋IDFLOLW\ ̋LQ ̋WHUPV ̋RI ̋LWV ̋IXQFWLRQÔ ̋ ̋)RU ̋H[DPSOHÒ ̋D

UHVWDXUDQW ̋EXLOGLQJ ̋ZDV ̋WR ̋EH ̋FODVVLILHG ̋LQ ̋WKH ̋UHVWDXUDQW ̋FDWHJRU\ ̋ZKHWKHU ̋LW ̋ZDV ̋GHVLJQHG

DV ̋D ̋FRPPHUFLDO ̋UHVWDXUDQW ̋EXLOGLQJ ̋RU ̋DQ ̋DX[LOLDU\ ̋XQLW ̋RI ̋DQ ̋HGXFDWLRQDO ̋LQVWLWXWLRQÔ ̋ ̋,I

UHVSRQGHQWV ̋ZRUNHG ̋ RQ ̋PRUH ̋WKDQ ̋ RQH ̋W\SH ̋ RI ̋ EXLOGLQJ ̋ RU ̋ VWUXFWXUH ̋LQ ̋ D ̋ PXOWLðEXLOGLQJ

FRPSOH[Ò ̋WKH\ ̋ZHUH ̋LQVWUXFWHG ̋WR ̋UHSRUW ̋VHSDUDWHO\ ̋IRU ̋HDFK ̋EXLOGLQJ ̋RU ̋W\SH ̋RI ̋VWUXFWXUHÔ

,I ̋WKH\ ̋ZRUNHG ̋RQ ̋D ̋EXLOGLQJ ̋WKDW ̋KDG ̋PRUH ̋WKDQ ̋RQH ̋SXUSRVH ̋ıHÔJÔÒ ̋RIILFH ̋DQG ̋UHVLGHQWLDOÙÒ
ÎÈ

WKH\ ̋ZHUH ̋DVNHG ̋WR ̋FODVVLI\ ̋WKH ̋ EXLOGLQJ ̋ E\ ̋PDMRU ̋ SXUSRVHÔ ̋ ̋ ,Q ̋DGGLWLRQÒ ̋DOO ̋ UHVSRQGHQWV

ZHUH ̋ UHTXHVWHG ̋WR ̋ UHSRUW ̋WKH ̋SHUFHQWDJH ̋RI ̋WKH ̋YDOXH ̋RI ̋FRQVWUXFWLRQ ̋ZRUN ̋GRQH ̋ IRU ̋ QHZ

FRQVWUXFWLRQÒ ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQVÒ ̋DQG ̋PDLQWHQDQFH ̋DQG ̋UHSDLU ̋DFWLYLWLHV ̋IRU ̋HDFK ̋W\SH

RI ̋EXLOGLQJÒ ̋VWUXFWXUHÒ ̋RU ̋IDFLOLW\Ô

7KH ̋ GHWDLOHG ̋ EUHDNRXW ̋ IRU ̋ QHZ ̋ FRQVWUXFWLRQÒ ̋ DGGLWLRQV ̋ DQG ̋ DOWHUDWLRQVÒ ̋ DQG ̋ PDLQWHQDQFH

DQG ̋ UHSDLU ̋ DFWLYLWLHV ̋ SURYLGHG ̋ E\ ̋WKH ̋ Ï‰‰Î ̋ FHQVXV ̋LV ̋ QRWHZRUWK\ ̋ EHFDXVH ̋ SULRU ̋WR ̋ Ï‰ÂÊÒ

FRQVWUXFWLRQ ̋ UHFHLSWV ̋ RQO\ ̋ZHUH ̋ FROOHFWHGÔ ̋ ̋ ,Q ̋ Ï‰ÂÊ ̋ DQG ̋ Ï‰‰ÎÒ ̋WKH ̋ YDOXH ̋ RI ̋ FRQVWUXFWLRQ

ZRUN ̋ZDV ̋ FROOHFWHG ̋WR ̋ EHWWHU ̋PHDVXUH ̋ DFWXDO ̋ FRQVWUXFWLRQ ̋ DFWLYLW\ ̋ GRQH ̋ GXULQJ ̋WKH ̋ \HDUÔ

7KLV ̋FRQFHSWXDO ̋FKDQJH ̋ZDV ̋PDGH ̋ EHFDXVH ̋ UHFHLSWV ̋ GXULQJ ̋ D ̋ FDOHQGDU ̋ \HDU ̋PD\ ̋LQFOXGH

DGYDQFH ̋ SD\PHQWV ̋ RU ̋ SD\PHQWV ̋ IRU ̋ ZRUN ̋ GRQH ̋ LQ ̋ D ̋ SULRU ̋ \HDUÒ ̋ DQG ̋ WKXV ̋ QRW ̋ DFFXUDWHO\

UHIOHFW ̋FRQVWUXFWLRQ ̋ZRUN ̋GRQH ̋GXULQJ ̋WKH ̋FHQVXV ̋\HDUÔ ̋ ̋)RU ̋FHUWDLQ ̋NH\ ̋LQGXVWULHVÒ ̋VXFK ̋DV

RSHUDWLYH ̋ EXLOGHUV ̋ DQG ̋ GHYHORSHUVÒ ̋ UHFHLSWV ̋ DQG ̋ ZRUN ̋ GRQH ̋ PD\ ̋ DOVR ̋ GLIIHU ̋ EHFDXVH

UHFHLSWV ̋ GR ̋ QRW ̋LQFOXGH ̋ZRUN ̋FRQWUDFWRUV ̋ SHUIRUP ̋ IRU ̋WKHLU ̋ RZQ ̋ DFFRXQW ̋ DQG ̋ XVHÒ ̋ZKLFK

FDQ ̋EH ̋VXEVWDQWLDOÔ

$W ̋WKH ̋WLPH ̋RI ̋WKH ̋Ï‰‰Î ̋FHQVXVÒ ̋WKHUH ̋ZHUH ̋DERXW ̋ÏÔÈ ̋PLOOLRQ ̋FRQVWUXFWLRQ ̋HVWDEOLVKPHQWVÒ

DQG ̋ DERXW ̋ RQH ̋ WKLUG ̋ RI ̋ WKHP ̋ KDG ̋ SDLG ̋ HPSOR\HHVÔ ̋  ̋ (VWDEOLVKPHQWV ̋ ZLWKRXW ̋ SD\UROOÒ

W\SLFDOO\ ̋RQHðSHUVRQ ̋RSHUDWLRQV ̋RU ̋SDUWQHUVKLSVÒ ̋ZHUH ̋QRW ̋VXUYH\HG ̋E\ ̋WKH ̋86 ̋%XUHDX ̋RI

WKH ̋&HQVXVÔ ̋ ̋7KH ̋%XUHDX ̋RI ̋WKH ̋&HQVXV ̋GLGÒ ̋KRZHYHUÒ ̋REWDLQ ̋D ̋OLPLWHG ̋DPRXQW ̋RI ̋GDWD ̋RQ

VHOIðHPSOR\HG ̋ FRQVWUXFWLRQ ̋ ZRUNHUV ̋ IURP ̋ WKH ̋ DGPLQLVWUDWLYH ̋ UHFRUGV ̋ RI ̋ RWKHU ̋ )HGHUDO

DJHQFLHVÔ

&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUWV ̋6HULHV ̋&ËÌÒ

([SHQGLWXUHV ̋IRU ̋5HVLGHQWLDO ̋,PSURYHPHQWV ̋DQG ̋5HSDLUV

7KH ̋&ËÌ ̋ UHSRUW ̋LV ̋ SXEOLVKHG ̋ TXDUWHUO\‚ ̋LW ̋ SUHVHQWV ̋LPSURYHPHQW ̋DQG ̋ UHSDLU ̋H[SHQGLWXUHV

E\ ̋SURSHUW\ ̋RZQHUV ̋IRU ̋UHVLGHQWLDO ̋SURSHUWLHVÔ ̋ ̋'DWD ̋SUHVHQWHG ̋LQ ̋WKH ̋&ËÌ ̋UHSRUW ̋DUH ̋EDVHG

RQ ̋ SHUVRQDO ̋ LQWHUYLHZV ̋ REWDLQHG ̋ IURP ̋ KRXVHKROG ̋ PHPEHUV ̋ DV ̋ SDUW ̋ RI ̋ WKH ̋ &RQVXPHU

([SHQGLWXUH ̋ 6XUYH\V ̋ FRQGXFWHG ̋ E\ ̋ WKH ̋ %XUHDX ̋ RI ̋ WKH ̋ &HQVXV ̋ IRU ̋ WKH ̋ %XUHDX ̋ RI ̋ /DERU

6WDWLVWLFVÔ ̋  ̋ 7KHVH ̋ GDWD ̋ FRYHU ̋ VLQJOH ̋ DQG ̋ PXOWLðXQLW ̋ VWUXFWXUHVÒ ̋ SXEOLFO\ð ̋ DQG ̋ SULYDWHO\ð

RZQHG ̋ VWUXFWXUHVÒ ̋ QRQðIDUP ̋ DQG ̋ IDUP ̋ SURSHUWLHVÒ ̋ DQG ̋ UHVLGHQWLDO ̋ SURSHUWLHV ̋ ZKLFK ̋ DUH

RFFXSLHG ̋E\ ̋RZQHUV ̋RU ̋UHQWHUV ̋RU ̋DUH ̋YDFDQWÔÏÎ

7KH ̋H[SHQGLWXUHV ̋FRYHUHG ̋LQ ̋WKH ̋&ËÌ ̋UHSRUW ̋DUH ̋WKRVH ̋FRQQHFWHG ̋ZLWK ̋FRQVWUXFWLRQ ̋DFWLYLW\

LQWHQGHG ̋WR ̋PDLQWDLQ ̋RU ̋LPSURYH ̋WKH ̋SURSHUW\Ô ̋ ̋7KHVH ̋H[SHQGLWXUHV ̋LQYROYH ̋H[SHQVHV ̋ IRU

PDLQWHQDQFH ̋DQG ̋UHSDLUÒ ̋DGGLWLRQVÒ ̋DOWHUDWLRQVÒ ̋DQG ̋PDMRU ̋UHSODFHPHQWV ̋ZKLFK ̋DUH ̋PDGH ̋WR

WKH ̋SURSHUW\ ̋E\ ̋WKH ̋RZQHUVÔ ̋ ̋,QFOXGHG ̋DUH ̋DOO ̋FRVWVÒ ̋IRU ̋ERWK ̋WKH ̋LQVLGH ̋DQG ̋RXWVLGH ̋RI ̋WKH

KRXVHÒ ̋ZKHWKHU ̋RQ ̋WKH ̋PDLQ ̋GZHOOLQJÒ ̋RQ ̋RWKHU ̋VWUXFWXUHV ̋RQ ̋WKH ̋SURSHUW\ ̋LQFLGHQWDO ̋WR ̋WKH

UHVLGHQWLDO ̋ XVH ̋ RI ̋ WKH ̋ PDLQ ̋ GZHOOLQJVÒ ̋ RU ̋ IRU ̋ WKH ̋ JURXQGV ̋ RQ ̋ ZKLFK ̋ WKH ̋ VWUXFWXUHV ̋ DUH

HUHFWHGÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÏÎ ̋ ([SHQGLWXUHV ̋ PDGH ̋ E\ ̋ UHQWHUV ̋ DUH ̋ QRW ̋ LQFOXGHG ̋ LQ ̋ WKH ̋ &ËÌ ̋ UHSRUWÔ ̋  ̋ $ ̋ VWXG\ ̋ RI ̋ UHQWHUV© ̋ H[SHQGLWXUHV

FRQGXFWHG ̋ LQ ̋ Ï‰Â‰ ̋ VKRZHG ̋ WKDW ̋ WKH\ ̋ DFFRXQWHG ̋ IRU ̋ OHVV ̋ WKDQ ̋ RQH ̋ SHUFHQW ̋ RI ̋ DOO ̋ H[SHQGLWXUHV ̋ IRU

LPSURYHPHQWV ̋DQG ̋UHSDLUVÔ
ÎË

7DEOH ̋ÍðÎÔ ̋ ̋)RXUð'LJLW ̋6,& ̋&RGHV ̋IRU ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\

3DUW ̋$„ ̋ ̋7ZRð'LJLW ̋6,& ̋&RGHV ̋ÏË ̋ı%XLOGLQJ ̋&RQVWUXFWLRQ ̋ð ̋*HQHUDO ̋&RQWUDFWRUV ̋DQG ̋

2SHUDWLYH ̋%XLOGHUVÙ ̋DQG ̋ÏÁ ̋ı+HDY\ ̋&RQVWUXFWLRQ ̋2WKHU ̋WKDQ ̋%XLOGLQJ

&RQVWUXFWLRQ ̋ð ̋&RQWUDFWRUVÙ

6,& ̋FRGH /DEHO 'HVFULSWLRQ

ÏËÎÏ *HQHUDO ̋FRQWUDFWRU ̋ð ̋VLQJOHðIDPLO\

KRXVHV

,QFOXGHV ̋WRZQKRXVHVÒ ̋UHSDLU ̋RI

PRELOH ̋KRPHV ̋RQ ̋VLWHÒ ̋DQG ̋DVVHPEO\

RI ̋SUHPDQXIDFWXUHG ̋DQG ̋PRGXODU

XQLWV

ÏËÎÎ *HQHUDO ̋FRQWUDFWRUV ̋ð ̋UHVLGHQWLDO

EXLOGLQJV ̋RWKHU ̋WKDQ ̋VLQJOHðIDPLO\

,QFOXGHV ̋KRWHOVÒ ̋PRWHOVÒ ̋DQG

GRUPLWRULHV

ÏËÍÏ 2SHUDWLYH ̋EXLOGHUV &RQGRPLQLXPVÒ ̋FRRSHUDWLYH

DSDUWPHQWVÒ ̋DQG ̋VLQJHðIDPLO\ ̋KRXVHV

EXLOW ̋E\ ̋GHYHORSHUV ̋WR ̋VHOOÒ ̋LQVWHDG

RI ̋DV ̋FRQWUDFWRUV ̋ZRUNLQJ ̋IRU ̋RWKHU

FRPSDQLHV

ÏËÈÏ *HQHUDO ̋FRQWUDFWRUV ̋ð ̋LQGXVWULDO

EXLOGLQJV ̋DQG ̋ZDUHKRXVHV

,QFOXGHV ̋JUDLQ ̋HOHYDWRUV ̋DQG

DXWRPRELOH ̋DVVHPEO\Ò

SKDUPDFHXWLFDO ̋PDQXIDFWXULQJÒ ̋DQG

DOXPLQXP ̋SODQWV

ÏËÈÎ *HQHUDO ̋FRQWUDFWRUV ̋ð ̋QRQUHVLGHQWLDO

EXLOGLQJVÒ ̋RWKHU ̋WKDQ ̋LQGXVWULDO

EXLOGLQJV ̋DQG ̋ZDUHKRXVHV

&RPPHUFLDOÒ ̋LQVWLWXWLRQDOÒ ̋UHOLJLRXVÒ

DQG ̋DPXVHPHQW ̋DQG ̋UHFUHDWLRQDO

EXLOGLQJV

ÏÁÏÏ +LJKZD\ ̋DQG ̋VWUHHW ̋FRQVWUXFWLRQÒ

H[FHSW ̋HOHYDWHG ̋KLJKZD\V

5RDGVÒ ̋VWUHHWVÒ ̋DOOH\VÒ ̋SXEOLF

VLGHZDONVÒ ̋JXDUGUDLOVÒ ̋SDUNZD\VÒ ̋DQG

DLUSRUWV ̋ıJHQHUDO ̋DQG ̋VSHFLDOðWUDGH

FRQWUDFWRUVÙ

ÏÁÎÎ %ULGJHÒ ̋WXQQHOÒ ̋DQG ̋HOHYDWHG

KLJKZD\ ̋FRQVWUXFWLRQ

%ULGJHVÒ ̋YLDGXFWVÒ ̋HOHYDWHG

KLJKZD\VÒ ̋DQG ̋KLJKZD\Ò ̋SHGHVWULDQÒ

DQG ̋UDLOZD\ ̋WXQQHOV ̋ıJHQHUDO

FRQVWUXFWLRQÙ

ÏÁÎÍ :DWHUÒ ̋VHZHUÒ ̋SLSHOLQHÒ ̋DQG

FRPPXQLFDWLRQV ̋DQG ̋SRZHUðOLQH

FRQVWUXFWLRQ

,QFOXGHV ̋WUDQVPLVVLRQ ̋WRZHUV

ıJHQHUDO ̋DQG ̋VSHFLDOðWUDGH

FRQWUDFWRUVÙ

ÏÁÎ‰ +HDY\ ̋FRQVWUXFWLRQÒ ̋QRW ̋HOVHZKHUH

FODVVLILHG

)RU ̋LQVWDQFHÒ ̋DWKOHWLF ̋ILHOGVÒ ̋EODVWLQJ

ıH[FHSW ̋EXLOGLQJ ̋GHPROLWLRQÙÒ ̋FDQDOVÒ

GDPVÒ ̋K\GURHOHFWULF ̋SODQWVÒ ̋ODQG

FOHDULQJÒ ̋QXFOHDU ̋UHDFWRU

FRQWDLQPHQWÒ ̋SHWUROHXP ̋UHILQHULHVÒ

SLHUV ̋ıJHQHUDO ̋DQG ̋VSHFLDOðWUDGH

FRQWUDFWRUVÙ
ÎÁ

3DUW ̋%„ ̋ ̋7ZRð'LJLW ̋6,& ̋&RGH ̋ÏÊ ̋ı6SHFLDO ̋7UDGH ̋&RQWUDFWRUVÙ

6,& ̋FRGH /DEHO 'HVFULSWLRQ

ÏÊÏÏ 3OXPELQJÒ ̋KHDWLQJÒ ̋DQG ̋DLU ̋FRQGLWLRQLQJ ,QFOXGHV ̋GUDLQDJH ̋V\VWHP ̋LQVWDOODWLRQÒ

FHVVSRROÒ ̋DQG ̋VHSWLF ̋WDQN‚ ̋ODZQ ̋VSULQNOHU

V\VWHP‚ ̋VHZHU ̋KRRNXSV ̋IRU ̋EXLOGLQJV‚ ̋VRODU

KHDWLQJ‚ ̋DQG ̋UHODWHG ̋VKHHW ̋PHWDO ̋ZRUN

ÏÊÎÏ 3DLQWLQJ ̋DQG ̋SDSHU ̋KDQJLQJ ([FOXGHV ̋URRI ̋SDLQWLQJ

ÏÊÍÏ (OHFWULFDO ̋ZRUN &RYHUV ̋ZRUN ̋RQ ̋VLWHÒ ̋LQFOXGLQJ ̋LQVWDOODWLRQ

RI ̋WHOHSKRQHV ̋DQG ̋DODUPV

ÏÊÈÏ 0DVRQU\Ò ̋VWRQH ̋VHWWLQJÒ ̋DQG ̋RWKHU ̋VWRQH

ZRUN

([FOXGHV ̋IRXQGDWLRQ ̋GLJJLQJ ̋DQG ̋FRQFUHWH

ZRUN

ÏÊÈÎ 3ODVWHULQJÒ ̋GU\ZDOOÒ ̋DFRXVWLFDOÒ ̋DQG

LQVXODWLRQ ̋ZRUN

,QFOXGHV ̋LQVWDOODWLRQ ̋RI ̋ODWKLQJ ̋DQG ̋RWKHU

DFFHVVRULHV ̋WR ̋UHFHLYH ̋SODVWHU

ÏÊÈÍ 7HUUD]]RÒ ̋WLOHÒ ̋PDUEOHÒ ̋DQG ̋PRVDLF ̋ZRUN ([FOXGHV ̋PDQXIDFWXUH ̋RI ̋SUHFDVW ̋WHUUD]]R

VWHSVÒ ̋EHQFKHVÒ ̋DQG ̋RWKHU ̋WHUUD]]R ̋DUWLFOHV

ÏÊËÏ &DUSHQWU\ ̋ZRUN ,QFOXGHV ̋RQðVLWH ̋LQVWDOODWLRQ ̋RI ̋FDELQHWVÒ

IROGLQJ ̋GRRUVÒ ̋IUDPLQJÒ ̋VKLS ̋MRLQHU\Ò ̋VWRUH

IL[WXUHVÒ ̋WULP ̋DQG ̋ILQLVKÒ ̋DQG ̋SUHIDE

ZLQGRZV ̋DQG ̋GRRUV

ÏÊËÎ )ORRU ̋OD\LQJÒ ̋DQG ̋RWKHU ̋IORRU ̋ZRUNÒ ̋QRW

HOVHZKHUH ̋FODVVLILHG

,QFOXGHV ̋OD\LQJ ̋DQG ̋UHPRYDO ̋RI ̋FDUSHWÒ

ILQLVKLQJ ̋RI ̋SDUTXHW ̋IORRULQJÒ ̋LQVWDOODWLRQ ̋RI

DVSKDOW ̋WLOHÔ ̋ ̋([FOXGHV ̋FHUDPLF ̋IORRU ̋WLOHÒ

FRQFUHWH ̋IORRUV

ÏÊÁÏ 5RRILQJÒ ̋VLGLQJÒ ̋DQG ̋VKHHW ̋PHWDO ̋ZRUN ,QFOXGHV ̋PHWDO ̋FHLOLQJV ̋VN\OLJKWÒ ̋JXWWHUÒ ̋DQG

GRZQVSRXW ̋LQVWDOODWLRQ‚ ̋URRI ̋SDLQWLQJ ̋DQG

VSUD\LQJ

ÏÊÊÏ &RQFUHWH ̋ZRUN ,QFOXGHV ̋SULYDWH ̋GULYHZD\V ̋DQG ̋ZDONV ̋RI ̋DOO

PDWHULDOVÔ ̋ ̋([FOXGHV ̋FRQFUHWH ̋IRXQGDWLRQVÒ

H[FDYDWLRQVÒ ̋SXEOLF ̋VLGHZDONVÒ ̋DQG

KLJKZD\V

ÏÊÂÏ :DWHU ̋ZHOO ̋GULOOLQJ ([FOXGHV ̋RLOð ̋RU ̋JDVðILHOG ̋ZDWHU ̋LQWDNH

ZHOOV

ÏÊ‰Ï 6WUXFWXUDO ̋VWHHO ̋HUHFWLRQ ̋ıLURQZRUNÙ ,QFOXGHV ̋VLPLODU ̋SURGXFWV ̋RI ̋SUHVWUHVVHG ̋RU

SUHFDVW ̋FRQFUHWH ̋DQG ̋SODFLQJ ̋RI ̋FRQFUHWH

UHLQIRUFHPHQW

ÏÊ‰Í *ODVV ̋DQG ̋JOD]LQJ ̋ZRUN ([FOXGHV ̋DXWRPRWLYH

ÏÊ‰È ([FDYDWLRQ ̋ZRUN ,QFOXGHV ̋JUDGLQJ ̋ıH[FHSW ̋IRU ̋KLJKZD\VÒ

VWUHHWV ̋DQG ̋DLUSRUW ̋UXQZD\VÙ ̋DQG ̋LQFLGHQWDO

FRQFUHWH ̋ZRUN

ÏÊ‰Ë :UHFNLQJ ̋DQG ̋GHPROLWLRQ ,QFOXGHV ̋FRQFUHWH ̋EUHDNLQJ ̋IRU ̋VWUHHWV ̋DQG

GLVPDQWOLQJ ̋RI ̋VWHHO ̋RLO ̋WDQNVÔ ̋ ̋([FOXGHV

PDULQH ̋ZUHFNLQJ ̋DQG ̋GHPROLWLRQ

ÏÊ‰Á ,QVWDOODWLRQ ̋RU ̋HUHFWLRQ ̋RI ̋EXLOGLQJ

HTXLSPHQWÒ ̋QRW ̋HOVHZKHUH ̋FODVVLILHG

,QFOXGHV ̋HOHYDWRUVÒ ̋SQHXPDWLF ̋WXEH ̋V\VWHPVÒ

VPDOO ̋LQFLQHUDWRUVÒ ̋GXVWðFROOHFWLQJ

HTXLSPHQWÒ ̋DQG ̋UHYROYLQJ ̋GRRUVÔ ̋ ̋$OVR

LQFOXGHV ̋GLVPDQWOLQJ ̋DQG ̋PDLQWHQDQFH

ÏÊ‰‰ 6SHFLDO ̋WUDGH ̋FRQWUDFWRUVÒ ̋QRW ̋HOVHZKHUH

FODVVLILHG

,QFOXGHV ̋FRQVWUXFWLRQ ̋RI ̋VZLPPLQJ ̋SRROV

DQG ̋IHQFHVÒ ̋KRXVH ̋PRYLQJÒ ̋VKRULQJ ̋ZRUNÒ

ILUHSURRILQJÒ ̋DQG ̋VDQGEODVWLQJ ̋DQG

VWHDPFOHDQLQJ ̋RI ̋EXLOGLQJ ̋H[WHULRUV
ÎÊ

$V ̋ D ̋ JHQHUDO ̋ SULQFLSOHÒ ̋ H[SHQVHV ̋ FRQQHFWHG ̋ ZLWK ̋ LWHPV ̋ QRW ̋ SHUPDQHQWO\ ̋ DWWDFKHG ̋ RU

DIIL[HG ̋WR ̋ VRPH ̋ SDUW ̋ RI ̋ WKH ̋ KRXVH ̋ RU ̋ SURSHUW\ ̋ DUH ̋ RXWVLGH ̋ WKH ̋ VFRSH ̋ RI ̋ WKH ̋ &ËÌ ̋ UHSRUWÔ

7KXVÒ ̋H[SHQVHV ̋FRQQHFWHG ̋ZLWK ̋WKH ̋ UHSDLU ̋ RU ̋ UHSODFHPHQW ̋ RI ̋ KRXVHKROG ̋DSSOLDQFHV ̋ ıHÔJÔÒ

VWRYHVÒ ̋ UHIULJHUDWRUVÒ ̋ HWFÔÙ ̋ DUH ̋ H[FOXGHGÒ ̋ DV ̋ DUH ̋ FRVWV ̋ FRQQHFWHG ̋ ZLWK ̋ KRXVH ̋ IXUQLVKLQJVÔ

:KLOH ̋ WKH ̋ FRVWV ̋ RI ̋ DSSOLDQFHV ̋ DUH ̋ H[FOXGHGÒ ̋ WKH ̋ FRQVWUXFWLRQ ̋ FRVWV ̋ RI ̋ EXLOGLQJðLQ ̋ VXFK

DSSOLDQFHV ̋ıHÔJÔÒ ̋WKH ̋FRVW ̋RI ̋EXLOGLQJðLQ ̋D ̋ZDOO ̋RYHQÙ ̋DUH ̋LQFOXGHG ̋LQ ̋WKH ̋VFRSH ̋RI ̋WKH ̋&ËÌ

UHSRUWÔ ̋ ̋([SHQGLWXUHV ̋IRU ̋JUDGLQJÒ ̋GUDLQLQJÒ ̋IHQFLQJÒ ̋DQG ̋SDYLQJ ̋DUH ̋LQFOXGHGÒ ̋EXW ̋WKH ̋FRVWV

RI ̋ODQGVFDSLQJ ̋DUH ̋QRW ̋LQFOXGHG ̋LQ ̋WKH ̋&ËÌ ̋UHSRUWÔ

7KH ̋NLQGV ̋RI ̋H[SHQGLWXUHV ̋LQFOXGHG ̋FRYHU ̋ZRUN ̋GRQH ̋XQGHU ̋FRQWUDFW ̋RU ̋ZLWK ̋KLUHG ̋ODERUÒ

DQG ̋WKH ̋FRVWV ̋RI ̋SXUFKDVLQJ ̋RU ̋ UHQWLQJ ̋WRROV ̋DQG ̋HTXLSPHQW ̋ IRU ̋SXUSRVHV ̋RI ̋FDUU\LQJ ̋ RXW

MREV ̋ ZKLFK ̋ IDOO ̋ ZLWKLQ ̋ WKH ̋ VFRSH ̋ RI ̋ WKH ̋ &ËÌ ̋ UHSRUWÔ ̋  ̋ +RZHYHUÒ ̋ QR ̋ DWWHPSW ̋ LV ̋ PDGH ̋ WR

HVWLPDWH ̋RU ̋LQFOXGH ̋WKH ̋YDOXH ̋RI ̋ODERU ̋LQ ̋GRðLWð\RXUVHOI ̋MREVÔ

7KH ̋ W\SHV ̋ RI ̋ H[SHQGLWXUHV ̋ DUH ̋ FODVVLILHG ̋ EURDGO\ ̋ DV ̋ HLWKHU ̋ PDLQWHQDQFH ̋ DQG ̋ UHSDLU ̋ RU

FRQVWUXFWLRQ ̋LPSURYHPHQWVÔ ̋ ̋0DLQWHQDQFH ̋DQG ̋UHSDLU ̋H[SHQGLWXUHV ̋UHSUHVHQW ̋FXUUHQW ̋FRVWV

IRU ̋ LQFLGHQWDO ̋ PDLQWHQDQFH ̋ DQG ̋ UHSDLU ̋ DFWLYLWLHV ̋ ZKLFK ̋ NHHS ̋ D ̋ SURSHUW\ ̋ LQ ̋ RUGLQDU\

ZRUNLQJ ̋ FRQGLWLRQÒ ̋ UDWKHU ̋WKDQ ̋ DGGLWLRQDO ̋LQYHVWPHQW ̋LQ ̋WKH ̋ SURSHUW\Ô ̋  ̋ ([SHQGLWXUHV ̋ IRU

FRQVWUXFWLRQ ̋LPSURYHPHQWV ̋DUH ̋FDSLWDO ̋H[SHQGLWXUHV ̋ZKLFK ̋DGG ̋WR ̋WKH ̋YDOXH ̋RU ̋XVHIXO ̋OLIH

RI ̋D ̋ SURSHUW\Ô ̋ ̋ ,PSURYHPHQWV ̋DUH ̋ IXUWKHU ̋FODVVLILHG ̋ DV ̋ DGGLWLRQV ̋WR ̋ UHVLGHQWLDO ̋ VWUXFWXUHV

ıHÔJÔÒ ̋ HQODUJHPHQW ̋ RI ̋ WKH ̋ VWUXFWXUH ̋ E\ ̋ DGGLQJ ̋ D ̋ URRPÙÒ ̋ DOWHUDWLRQV ̋ ZLWKLQ ̋ UHVLGHQWLDO

VWUXFWXUHV ̋ıHÔJÔÒ ̋FKDQJHV ̋RU ̋LPSURYHPHQWV ̋PDGH ̋ZLWKLQ ̋RU ̋RQ ̋WKH ̋VWUXFWXUHÙÒ ̋DGGLWLRQV ̋DQG

DOWHUDWLRQV ̋ RQ ̋ SURSHUW\ ̋ RXWVLGH ̋ UHVLGHQWLDO ̋ VWUXFWXUHV ̋ ıHÔJÔÒ ̋OD\LQJ ̋ RU ̋LPSURYLQJ ̋ZDONV ̋ RU

GULYHZD\VÙÒ ̋DQG ̋PDMRU ̋UHSODFHPHQWV ̋ıHÔJÔÒ ̋D ̋URRI ̋UHSODFHPHQWÙÔ

6XPPDU\ ̋RI ̋.H\ ̋'DWD ̋6HWV ̋DQG ̋6HOHFWHG ̋&RPSDULVRQV

$W ̋WKLV ̋SRLQWÒ ̋LW ̋LV ̋XVHIXO ̋WR ̋FRPSDUH ̋WKH ̋WKUHH ̋GDWD ̋VHWV ̋DQG ̋H[DPLQH ̋WKH ̋GLIIHULQJ ̋YDOXHV

IRU ̋QHZ ̋FRQVWUXFWLRQÒ ̋PDLQWHQDQFH ̋DQG ̋UHSDLUÒ ̋DQG ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋ZKLFK ̋UHVXOW

IRU ̋D ̋VLQJOH ̋\HDU ̋ ıÏ‰‰ÎÙ ̋RU ̋DFURVV ̋\HDUV ̋ IRU ̋D ̋VLQJOH ̋VHFWRU ̋ ıUHVLGHQWLDOÙÔ ̋ ̋7KH ̋ ILUVW ̋VHW ̋RI

FRPSDULVRQV ̋ DQG ̋ GDWD ̋ VXPPDULHV ̋ DUH ̋ IRU ̋ WKH ̋ Ï‰‰Î ̋ FHQVXV ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\

ı&&,Ù ̋DQG ̋WKH ̋HVWLPDWHV ̋IRU ̋QHZ ̋FRQVWUXFWLRQÒ ̋PDLQWHQDQFH ̋DQG ̋UHSDLUÒ ̋DQG ̋DGGLWLRQV ̋DQG

DOWHUDWLRQV ̋¶GHULYHGß ̋IURP ̋WKH ̋&ÍÌððYDOXH ̋RI ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFHððUHSRUW ̋ı9,3ÙÔ ̋ ̋7KH

VHFRQG ̋ VHW ̋ RI ̋ FRPSDULVRQV ̋ DQG ̋ GDWD ̋ VXPPDULHV ̋ WUDFH ̋ DQQXDO ̋ H[SHQGLWXUH ̋ HVWLPDWHV ̋ IRU

UHVLGHQWLDO ̋PDLQWHQDQFH ̋DQG ̋UHSDLU ̋DQG ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋¶GHULYHGß ̋IURP ̋WKH ̋&ÍÌ

UHSRUW ̋GDWD ̋DORQJ ̋VLGH ̋GDWD ̋SXEOLVKHG ̋LQ ̋WKH ̋&ËÌ ̋UHSRUWÔ

7KH ̋%XUHDX ̋ RI ̋WKH ̋&HQVXV ̋ UHFRJQL]HV ̋WKDW ̋ RQO\ ̋ DERXW ̋WZRðWKLUGV ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ DV

GHILQHG ̋ LQ ̋ 9,3 ̋ LV ̋ DFWXDOO\ ̋ GRQH ̋ E\ ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ DV ̋ GHILQHG ̋ E\ ̋ WKH ̋ &&,ÔÏÍ

([DPSOHV ̋RI ̋FRQVWUXFWLRQ ̋ZRUN ̋LQFOXGHG ̋ZLWKLQ ̋WKH ̋9,3 ̋HVWLPDWHV ̋EXW ̋H[FOXGHG ̋IURP ̋WKH

&&, ̋ DUH ̋ DUFKLWHFWXUDO ̋ DQG ̋ HQJLQHHULQJ ̋ GHVLJQ ̋ DQG ̋ IRUFHðDFFRXQW ̋ FRQVWUXFWLRQÔ ̋  ̋ $OVR

RXWVLGH ̋ WKH ̋ VFRSH ̋ RI ̋ WKH ̋ &&, ̋ LV ̋ ZRUN ̋ GRQH ̋ E\ ̋ QRQðHPSOR\HUV ̋ ıLÔHÔÒ ̋ VHOIðHPSOR\HG

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÏÍ ̋ 86 ̋ 'HSDUWPHQW ̋ RI ̋ &RPPHUFHÔ ̋ Ï‰‰ÊÔ ̋ 2YHUYLHZ ̋ RI ̋ &RQVWUXFWLRQ ̋ 6WDWLVWLFV ̋ 3URJUDPVÔ ̋ 'UDIW ̋ 0LPHRÔ

:DVKLQJWRQÒ ̋'&„ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXVÔ
ÎÂ

FRQVWUXFWLRQ ̋ ZRUNHUVÙÔ ̋  ̋ 7KXVÒ ̋ LQ ̋ GHYHORSLQJ ̋ FRPSDULVRQV ̋ EHWZHHQ ̋ 9,3 ̋ DQG ̋ &&, ̋ GDWDÒ

HVWLPDWHV ̋DQG ̋DVVXPSWLRQV ̋KDYH ̋WR ̋EH ̋PDGH ̋IRU ̋WKHVH ̋GLIIHUHQFHVÔÏÈ

7KH ̋ 9,3Ò ̋ &ÍÌ ̋ UHSRUW ̋ GDWDÒ ̋ ZHUH ̋ XVHG ̋ DV ̋ WKH ̋ EDVLV ̋ IRU ̋ GHULYLQJ ̋ HVWLPDWHV ̋ IRU ̋ QHZ

FRQVWUXFWLRQÒ ̋PDLQWHQDQFH ̋DQG ̋UHSDLUÒ ̋DQG ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋H[SHQGLWXUHV ̋IRU ̋HDFK

VHFWRU ̋ IRU ̋ HDFK ̋ \HDU ̋ EHWZHHQ ̋ Ï‰‰Î ̋ DQG ̋ Ï‰‰ÁÔ ̋  ̋ ,QIRUPDWLRQ ̋ IURP ̋ WKH ̋ &&, ̋ ZDV ̋ XVHG ̋ WR

FRQVWUXFW ̋D ̋VHULHV ̋RI ̋PXOWLSOLHUV‚ ̋RQH ̋VHW ̋IRU ̋HDFK ̋VHFWRUÔ ̋ ̋2QH ̋FRPSRQHQW ̋RI ̋HDFK ̋VHFWRU©V

VHW ̋ RI ̋ PXOWLSOLHUV ̋ UHFRUGHG ̋ WKH ̋ UDWLR ̋ RI ̋ PDLQWHQDQFH ̋ DQG ̋ UHSDLU ̋ H[SHQGLWXUHV ̋ WR ̋ QHZ

FRQVWUXFWLRQ ̋ H[SHQGLWXUHVÔ ̋  ̋ 7KH ̋ RWKHU ̋ FRPSRQHQW ̋ RI ̋ HDFK ̋ VHFWRU©V ̋ VHW ̋ RI ̋ PXOWLSOLHUV

UHFRUGHG ̋ WKH ̋ UDWLR ̋ RI ̋ H[SHQGLWXUHV ̋ IRU ̋ DGGLWLRQV ̋ DQG ̋ DOWHUDWLRQV ̋ WR ̋ QHZ ̋ FRQVWUXFWLRQ

H[SHQGLWXUHVÔ ̋ ̋7R ̋GHYHORS ̋D ̋IUDPHZRUN ̋IRU ̋GHULYLQJ ̋WKHVH ̋HVWLPDWHVÒ ̋LW ̋ZDV ̋QHFHVVDU\ ̋WR

PDNH ̋ HLJKW ̋ DVVXPSWLRQVÔ ̋ ̋7KHVH ̋ DVVXPSWLRQV ̋ DUH ̋ DV ̋ IROORZV‚ ̋WKH\ ̋ DUH ̋ HQXPHUDWHG ̋ IURP

$ÔÏ ̋WR ̋$ÔÂÔ

 ̋ ̋ ̋ ̋ ̋$ÔÏ ([SHQGLWXUHV ̋IRU ̋QHZ ̋UHVLGHQWLDO ̋FRQVWUXFWLRQ ̋IRU ̋HDFK ̋\HDUÒ ̋GHULYHG ̋IURP

WKH ̋ &ÍÌ ̋ UHSRUW ̋ GDWDÒ ̋ HTXDO ̋ H[SHQGLWXUHV ̋ IRU ̋ SULYDWH ̋ UHVLGHQWLDO ̋ EXLOGLQJV

SOXV ̋ H[SHQGLWXUHV ̋ IRU ̋ SXEOLF ̋ KRXVLQJ ̋ DQG ̋ GHYHORSPHQW ̋OHVV ̋ H[SHQGLWXUHV

IRU ̋UHVLGHQWLDO ̋LPSURYHPHQWV ̋ıVHH ̋7DEOH ̋ÍðÏÙÔ

 ̋ ̋ ̋ ̋ ̋$ÔÎ ([SHQGLWXUHV ̋ IRU ̋ QHZ ̋ QRQðUHVLGHQWLDO ̋ FRQVWUXFWLRQ ̋ IRU ̋ HDFK ̋ \HDUÒ ̋ GHULYHG

IURP ̋ WKH ̋ &ÍÌ ̋ UHSRUW ̋ GDWDÒ ̋ HTXDO ̋ WKH ̋ XQDGMXVWHG ̋ VHFWRU ̋ H[SHQGLWXUH ̋ WRWDOV

ıVHH ̋7DEOH ̋ÍðÏÙÔÏË

 ̋ ̋ ̋ ̋ ̋$ÔÍ 0XOWLSOLHUV ̋ IRU ̋PDLQWHQDQFH ̋DQG ̋ UHSDLU ̋DFWLYLWLHV ̋ IRU ̋ HDFK ̋ VHFWRU ̋ IRU ̋ HDFK

\HDU ̋ DUH ̋ D ̋ IL[HG ̋ SURSRUWLRQ ̋ HTXDO ̋ WR ̋ WKH ̋ UDWLR ̋ RI ̋ WKDW ̋ VHFWRU©V ̋ &&,

H[SHQGLWXUHV ̋ IRU ̋ PDLQWHQDQFH ̋ DQG ̋ UHSDLU ̋ DFWLYLWLHV ̋ WR ̋ WKDW ̋ VHFWRU©V ̋ &&,

H[SHQGLWXUHV ̋IRU ̋QHZ ̋FRQVWUXFWLRQÔ

 ̋ ̋ ̋ ̋ ̋$ÔÈ 0XOWLSOLHUV ̋IRU ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋IRU ̋HDFK ̋VHFWRU ̋IRU ̋HDFK ̋\HDU ̋DUH ̋D

IL[HG ̋ SURSRUWLRQ ̋ HTXDO ̋ WR ̋ WKH ̋ UDWLR ̋ RI ̋ WKDW ̋ VHFWRU©V ̋ &&, ̋ H[SHQGLWXUHV ̋ IRU

DGGLWLRQV ̋ DQG ̋ DOWHUDWLRQV ̋ WR ̋ WKDW ̋ VHFWRU©V ̋ &&, ̋ H[SHQGLWXUHV ̋ IRU ̋ QHZ

FRQVWUXFWLRQÔ

 ̋ ̋ ̋ ̋ ̋$ÔË ([SHQGLWXUHV ̋ IRU ̋ UHVLGHQWLDO ̋ PDLQWHQDQFH ̋ DQG ̋ UHSDLU ̋ DFWLYLWLHV ̋ LQ ̋ D ̋ JLYHQ

\HDU ̋HTXDO ̋WKDW ̋\HDU©V ̋QHZ ̋FRQVWUXFWLRQ ̋YDOXH ̋DV ̋GHILQHG ̋LQ ̋$ÔÏ ̋WLPHV ̋WKH

IL[HG ̋SURSRUWLRQ ̋PXOWLSOLHU ̋IRU ̋WKH ̋UHVLGHQWLDO ̋VHFWRU ̋GHILQHG ̋LQ ̋$ÔÍÔ

 ̋ ̋ ̋ ̋ ̋$ÔÁ ([SHQGLWXUHV ̋ IRU ̋ QRQðUHVLGHQWLDO ̋ PDLQWHQDQFH ̋ DQG ̋ UHSDLU ̋ DFWLYLWLHV ̋ IRU ̋ D

JLYHQ ̋ VHFWRU ̋LQ ̋ D ̋ JLYHQ ̋ \HDU ̋ HTXDO ̋ WKDW ̋ \HDU©V ̋ QHZ ̋ FRQVWUXFWLRQ ̋ YDOXH ̋ DV

GHILQHG ̋ LQ ̋ $ÔÎ ̋ WLPHV ̋ WKH ̋ IL[HG ̋ SURSRUWLRQ ̋ PXOWLSOLHU ̋ IRU ̋ WKH ̋ DSSURSULDWH

QRQðUHVLGHQWLDO ̋VHFWRU ̋DV ̋GHILQHG ̋LQ ̋$ÔÍÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÏÈ ,ELGÔÒ ̋SÔÎÁÔ ÏË ̋1RWH ̋WKDW ̋WKH ̋&ÍÌ ̋UHSRUW ̋GDWD ̋FRQWDLQ ̋DQ ̋XQTXDQWLILHG ̋FRPSRQHQW ̋IRU ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQVÔ
Î‰

 ̋ ̋ ̋ ̋ ̋$ÔÊ ([SHQGLWXUHV ̋IRU ̋UHVLGHQWLDO ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋LQ ̋D ̋JLYHQ ̋\HDU ̋HTXDO

WKDW ̋ \HDU©V ̋ QHZ ̋ FRQVWUXFWLRQ ̋ YDOXH ̋ DV ̋ GHILQHG ̋ LQ ̋ $ÔÏ ̋ WLPHV ̋ WKH ̋ IL[HG

SURSRUWLRQ ̋PXOWLSOLHU ̋IRU ̋WKH ̋UHVLGHQWLDO ̋VHFWRU ̋GHILQHG ̋LQ ̋$ÔÈÔ

 ̋ ̋ ̋ ̋ ̋$ÔÂ ([SHQGLWXUHV ̋ IRU ̋ QRQðUHVLGHQWLDO ̋ DGGLWLRQV ̋ DQG ̋ DOWHUDWLRQV ̋ IRU ̋ D ̋ JLYHQ

VHFWRU ̋LQ ̋D ̋JLYHQ ̋\HDU ̋HTXDO ̋WKDW ̋\HDU©V ̋QHZ ̋FRQVWUXFWLRQ ̋YDOXH ̋DV ̋GHILQHG

LQ ̋ $ÔÎ ̋ WLPHV ̋ WKH ̋ IL[HG ̋ SURSRUWLRQ ̋ PXOWLSOLHU ̋ IRU ̋ WKH ̋ DSSURSULDWH ̋ QRQð

UHVLGHQWLDO ̋VHFWRU ̋DV ̋GHILQHG ̋LQ ̋$ÔÈÔ

)LJXUH ̋ÍðÎ ̋VKRZV ̋WKH ̋UHVXOWV ̋RI ̋DSSO\LQJ ̋WKHVH ̋DVVXPSWLRQV ̋WR ̋WKH ̋&ÍÌ ̋UHSRUW ̋ı9,3Ù ̋GDWD

IRU ̋Ï‰‰Î ̋DQG ̋SORWWLQJ ̋WKHP ̋VLGHðE\ðVLGH ̋ZLWK ̋WKH ̋&&, ̋GDWDÔ ̋ ̋1RWLFH ̋WKDW ̋HDFK ̋FRPSRQHQWðð

QHZ ̋FRQVWUXFWLRQÒ ̋PDLQWHQDQFH ̋DQG ̋UHSDLUÒ ̋DQG ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQVððLV ̋KLJKHU ̋IRU ̋WKH

¶GHULYHGß ̋ 9,3 ̋ GDWD ̋ WKDQ ̋ IRU ̋ WKH ̋ &&, ̋ GDWDÔ ̋  ̋ 7KH ̋ XQGHUO\LQJ ̋ DVVXPSWLRQVÒ ̋ KRZHYHUÒ ̋ DUH

SODXVLEOH ̋ EHFDXVH ̋ WKH ̋ &&, ̋ FRQWDLQV ̋ RQO\ ̋ DERXW ̋ WZRðWKLUGV ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ DFWLYLW\

FRYHUHG ̋ LQ ̋ WKH ̋ 9,3 ̋ ıHÔJÔÒ ̋ &&, ̋ RQO\ ̋ LQFOXGHV ̋ HVWDEOLVKPHQWV ̋ ZLWK ̋ SD\UROO ̋ DQG ̋ H[FOXGHV

LWHPV ̋ VXFK ̋ DV ̋ DUFKLWHFWXUDO ̋ DQG ̋ HQJLQHHULQJ ̋ VHUYLFHV ̋ ZKLFK ̋ LQ ̋ Ï‰‰Î ̋ DPRXQWHG ̋ WR

DSSUR[LPDWHO\ ̋ ̆ËÌ ̋ELOOLRQÙÔ

7KH ̋¶GHULYHGß ̋WRWDO ̋IRU ̋DOO ̋FRQVWUXFWLRQ ̋H[SHQGLWXUHV ̋VKRZQ ̋LQ ̋)LJXUH ̋ÍðÎ ̋PD\ ̋EH ̋EURNHQ

GRZQ ̋ LQWR ̋ LWV ̋ FRQVWLWXHQW ̋ SDUWVÔ ̋  ̋ 7KLV ̋ EUHDN ̋ GRZQ ̋ LV ̋ VKRZQ ̋ LQ ̋ )LJXUH ̋ ÍðÍ ̋ IRU ̋ WKH ̋ \HDU

Ï‰‰ÎÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ )LJXUH ̋ ÍðÍ ̋ UHYHDOV ̋ WKDW ̋ ÁÏ ̋ SHUFHQWÒ ̋ RU ̋  ̆Í‰ÍÔÂ ̋ ELOOLRQÒ ̋ RI ̋ DOO

FRQVWUXFWLRQ ̋H[SHQGLWXUHV ̋DUH ̋DVVRFLDWHG ̋ZLWK ̋WKH ̋YDOXH ̋RI ̋QHZ ̋FRQVWUXFWLRQ ̋SXW ̋LQ ̋SODFHÔ

([SHQGLWXUHV ̋ IRU ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋DPRXQWHG ̋WR ̋  ̆ÏËÁÔË ̋ ELOOLRQÒ ̋ RU ̋ ÎÈ ̋ SHUFHQW ̋ RI

WKH ̋WRWDOÔ ̋ ̋([SHQGLWXUHV ̋ IRU ̋PDLQWHQDQFH ̋DQG ̋ UHSDLU ̋DFWLYLWLHV ̋DPRXQWHG ̋WR ̋ ̆‰ÍÔÍ ̋ELOOLRQÒ

RU ̋ÏË ̋SHUFHQW ̋RI ̋WKH ̋WRWDOÔ

:KHQ ̋ DVVXPSWLRQV ̋ $ÔË ̋ DQG ̋ $ÔÁ ̋ DUH ̋ DSSOLHGÒ ̋ DQQXDO ̋ HVWLPDWHV ̋ IRU ̋ WKH ̋ YDOXH ̋ RI

PDLQWHQDQFH ̋ DQG ̋ UHSDLU ̋ H[SHQGLWXUHV ̋ IRU ̋ HDFK ̋ VHFWRU ̋ UHVXOWÔ ̋  ̋ 7KHVH ̋ VHFWRU ̋ HVWLPDWHV ̋ DUH

SORWWHGÒ ̋ DV ̋ PXOWLð\HDU ̋ WUDFHV ̋ NH\HG ̋ WR ̋ HDFK ̋ VHFWRUÒ ̋ LQ ̋ )LJXUH ̋ ÍðÈÔ ̋  ̋ 7KHVH ̋ ¶GHULYHGß

HVWLPDWHV ̋ H[KLELW ̋ D ̋ VOLJKW ̋ XSZDUG ̋ WUHQGÔ ̋  ̋ 0DLQWHQDQFH ̋ DQG ̋ UHSDLU ̋ H[SHQGLWXUHV ̋ LQ ̋ WKH

FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRU ̋DUH ̋WKH ̋KLJKHVW ̋LQ ̋HDFK ̋\HDU ̋ZKLOH ̋PDLQWHQDQFH ̋DQG ̋UHSDLU

H[SHQGLWXUHV ̋LQ ̋WKH ̋LQGXVWULDO ̋VHFWRU ̋DUH ̋WKH ̋ORZHVW ̋LQ ̋HDFK ̋\HDUÔ

:KHQ ̋ DVVXPSWLRQV ̋ $ÔÊ ̋ DQG ̋ $ÔÂ ̋ DUH ̋ DSSOLHGÒ ̋ DQQXDO ̋ HVWLPDWHV ̋ IRU ̋ WKH ̋ YDOXH ̋ RI

H[SHQGLWXUHV ̋ IRU ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋ IRU ̋HDFK ̋ VHFWRU ̋ UHVXOWÔ ̋ ̋7KHVH ̋ VHFWRU ̋HVWLPDWHV

DUH ̋SORWWHGÒ ̋DV ̋PXOWLð\HDU ̋WUDFHV ̋NH\HG ̋WR ̋HDFK ̋VHFWRUÒ ̋LQ ̋)LJXUH ̋ÍðËÔ ̋ ̋$V ̋ZDV ̋WKH ̋FDVH ̋IRU

PDLQWHQDQFH ̋DQG ̋UHSDLU ̋H[SHQGLWXUHVÒ ̋H[SHQGLWXUHV ̋IRU ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋H[KLELW ̋D

VOLJKW ̋XSZDUG ̋WUHQGÔ ̋ ̋5HIHUHQFH ̋WR ̋)LJXUH ̋ÍðË ̋UHYHDOV ̋WKDW ̋WKH ̋GROODU ̋YDOXH ̋RI ̋H[SHQGLWXUHV

IRU ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRU ̋DUH ̋DERXW ̋WZR ̋WR ̋WKUHH

WLPHV ̋WKH ̋DPRXQW ̋IRU ̋WKH ̋RWKHU ̋VHFWRUVÔ
ÍÌ

)LJXUH ̋ÍðÎÔ ̋ ̋7RWDO ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋:RUN„ ̋&RPSDULVRQ ̋RI ̋9DOXH ̋3XW ̋LQ ̋3ODFH

DQG ̋Ï‰‰Î ̋&HQVXV ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\

Ì

ÏÌÌÌÌÌ

ÎÌÌÌÌÌ

ÍÌÌÌÌÌ

ÈÌÌÌÌÌ

ËÌÌÌÌÌ

ÁÌÌÌÌÌ

ÊÌÌÌÌÌ

0DLQWHQDQFH

DQG ̋5HSDLU

$GGLWLRQV ̋DQG

$OWHUDWLRQV

1HZ

&RQVWUXFWLRQ

7RWDO

1DWXUH ̋RI ̋&RQVWUXFWLRQ ̋$FWLYLWLHV

0LOOLRQV ̋RI ̋'ROODUV ̋ıÏ‰‰ÎÙ

%DVHG ̋RQ ̋&ÍÌ ̋9DOXH ̋3XW ̋LQ ̋3ODFH

'DWD ̋Ï‰‰Î

Ï‰‰Î ̋&HQVXV ̋RI ̋WKH ̋&RQVWUXFWLRQ

,QGXVWU\ ̋

)LJXUH ̋ÍðÍÔ ̋ ̋'LVWULEXWLRQ ̋RI ̋7RWDO ̋&RQVWUXFWLRQ ̋([SHQGLWXUHV ̋LQ ̋Ï‰‰Î ̋E\ ̋1DWXUH ̋RI

&RQVWUXFWLRQ ̋$FWLYLW\

0DLQWHQDQFH ̋DQG ̋5HSDLU

$GGLWLRQV ̋DQG ̋$OWHUDWLRQV

1HZ ̋&RQVWUXFWLRQ

1HZ ̋&RQVWUXFWLRQ

 ̆Í‰ÍÒÂÍÏ ̋PLOOLRQ ̋  ̋ÁÏ ̄

0DLQWHQDQFH ̋DQG ̋5HSDLU

 ̆‰ÍÒÍÍË ̋PLOOLRQ ̋  ̋ÏË ̄

$GGLWLRQV ̋DQG ̋$OWHUDWLRQV

 ̆ÏËÁÒÈËË ̋PLOOLRQ ̋  ̋ÎÈ ̄
ÍÏ

)LJXUH ̋ÍðÈÔ ̋ ̋$QQXDO ̋([SHQGLWXUHV ̋IRU ̋0DLQWHQDQFH ̋DQG ̋5HSDLU ̋$FWLYLWLHV ̋E\ ̋6HFWRU

Ì

ËÌÌÌ

ÏÌÌÌÌ

ÏËÌÌÌ

ÎÌÌÌÌ

ÎËÌÌÌ

ÍÌÌÌÌ

Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

<HDU

&RQVWDQW ̋Ï‰‰Î ̋'ROODUV ̋LQ ̋0LOOLRQV

&RPPHUFLDOÓ,QVWLWXWLRQDO

5HVLGHQWLDO

3XEOLF ̋:RUNV

,QGXVWULDO

)LJXUH ̋ÍðËÔ ̋ ̋$QQXDO ̋([SHQGLWXUHV ̋IRU ̋$GGLWLRQV ̋DQG ̋$OWHUDWLRQV ̋E\ ̋6HFWRU

Ì

ÏÌÌÌÌ

ÎÌÌÌÌ

ÍÌÌÌÌ

ÈÌÌÌÌ

ËÌÌÌÌ

ÁÌÌÌÌ

ÊÌÌÌÌ

ÂÌÌÌÌ

Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

<HDU

&RQVWDQW ̋Ï‰‰Î ̋'ROODUV ̋LQ ̋0LOOLRQV

&RPPHUFLDOÓ,QVWLWXWLRQDO

5HVLGHQWLDO

3XEOLF ̋:RUNV

,QGXVWULDO
ÍÎ

$OWKRXJK ̋ LQIRUPDWLRQ ̋ RQ ̋ H[SHQGLWXUHV ̋ IRU ̋ PDLQWHQDQFH ̋ DQG ̋ UHSDLUV ̋ DQG ̋ DGGLWLRQV ̋ DQG

DOWHUDWLRQV ̋DUH ̋QRW ̋DYDLODEOH ̋IRU ̋DOO ̋IRXU ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋VHFWRUVÒ ̋VXFK ̋LQIRUPDWLRQ ̋LV

DYDLODEOH ̋IRU ̋WKH ̋UHVLGHQWLDO ̋VHFWRU ̋YLD ̋WKH ̋&ËÌ ̋UHSRUWÔ ̋ ̋)LJXUH ̋ÍðÁ ̋VKRZV ̋WKHVH ̋GDWD ̋VLGHð

E\ðVLGH ̋ZLWK ̋WKH ̋GHULYHG ̋&ÍÌ ̋GDWDÔ ̋ ̋)LJXUH ̋ÍðÁ ̋FRQVLVWV ̋RI ̋D ̋VHULHV ̋RI ̋EDU ̋FKDUWV‚ ̋IRXU ̋EDUV

IRU ̋HDFK ̋\HDUÔ ̋ ̋)RU ̋HDFK ̋\HDUÒ ̋PDLQWHQDQFH ̋DQG ̋ UHSDLU ̋H[SHQGLWXUHV ̋DUH ̋WKH ̋WZR ̋OHIWPRVW

EDUV ̋DQG ̋H[SHQGLWXUHV ̋IRU ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋DUH ̋WKH ̋WZR ̋ULJKWPRVW ̋EDUVÔ ̋ ̋)RU ̋HDFK

WZRðEDU ̋ VHW ̋ ıLÔHÔÒ ̋PDLQWHQDQFH ̋DQG ̋ UHSDLU ̋RU ̋DGGLWLRQV ̋DQG ̋ DOWHUDWLRQVÙÒ ̋WKH ̋OHIWðKDQG ̋ EDU

UHFRUGV ̋WKH ̋DQQXDO ̋FRPELQHG ̋WRWDO ̋IRU ̋HVWLPDWHV ̋GHULYHG ̋IURP ̋WKH ̋&ÍÌ ̋UHSRUW ̋GDWD ̋DQG ̋WKH

&&, ̋PXOWLSOLHUV ̋ıLÔHÔÒ ̋EDVHG ̋RQ ̋DVVXPSWLRQV ̋$ÔÏÒ ̋$ÔÍÒ ̋$ÔÈÒ ̋$ÔËÒ ̋DQG ̋$ÔÊÙÔ ̋ ̋6LPLODUO\Ò ̋IRU

HDFK ̋WZRðEDU ̋VHWÒ ̋WKH ̋ULJKWðKDQG ̋EDU ̋UHFRUGV ̋WKH ̋DQQXDO ̋FRPELQHG ̋WRWDO ̋IRU ̋GDWD ̋SXEOLVKHG

LQ ̋WKH ̋&ËÌ ̋UHSRUWÔ ̋ ̋7KH ̋YDOXHV ̋XQGHUO\LQJ ̋HDFK ̋\HDU©V ̋VHW ̋RI ̋EDUV ̋DUH ̋JLYHQ ̋LQ ̋7DEOH ̋ÍðÍÔ

5HIHUHQFH ̋WR ̋)LJXUH ̋ÍðÁ ̋DQG ̋7DEOH ̋ÍðÍ ̋VKRZV ̋WKDW ̋WKH ̋HVWLPDWHG ̋YDOXHV ̋ IRU ̋WKH ̋&ÍÌÓ&&,

GHULYHG ̋GDWD ̋DUH ̋DERXW ̋WZRðWKLUGV ̋RI ̋WKH ̋H[SHQGLWXUHV ̋UHVXOWLQJ ̋IURP ̋WKH ̋&ËÌ ̋UHSRUW ̋GDWDÔ

7KHUH ̋ DUH ̋ WZR ̋ SODXVLEOH ̋ H[SODQDWLRQV ̋ IRU ̋ WKHVH ̋ GLIIHUHQFHVÔ ̋  ̋ )LUVWÒ ̋ WKH ̋ &&, ̋ GRHV ̋ QRW

FDSWXUH ̋LQIRUPDWLRQ ̋ RQ ̋ FRQVWUXFWLRQ ̋ HVWDEOLVKPHQWV ̋ZLWKRXW ̋ HPSOR\HHVÔ ̋  ̋ $OWKRXJK ̋ VXFK

HVWDEOLVKPHQWV ̋DUH ̋QRW ̋H[SHFWHG ̋WR ̋EH ̋PDMRU ̋SOD\HUV ̋LQ ̋WKH ̋QRQðUHVLGHQWLDO ̋VHFWRUÒ ̋WKH\ ̋DUH

RIWHQ ̋YHU\ ̋DFWLYH ̋LQ ̋WKH ̋ UHVLGHQWLDO ̋PDLQWHQDQFH ̋DQG ̋ UHSDLU ̋DQG ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV

PDUNHWVÔ ̋ ̋7KHVH ̋DFWLYLWLHV ̋DUH ̋FDSWXUHG ̋WKURXJK ̋WKH ̋&ËÌ ̋VXUYH\ ̋SURFHVVÔ ̋ ̋6HFRQGÒ ̋WKH ̋&&,

GRHV ̋ QRW ̋ FDSWXUH ̋ LQIRUPDWLRQ ̋ RQ ̋ PDWHULDOV ̋ DQG ̋ HTXLSPHQW ̋ SXUFKDVHV ̋ E\ ̋ UHVLGHQWLDO

SURSHUW\ ̋RZQHUV ̋IRU ̋XVH ̋LQ ̋PDLQWHQDQFH ̋DQG ̋UHSDLU ̋DQG ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQV ̋DFWLYLWLHVÔ

%HFDXVH ̋WKH ̋&ËÌ ̋VXUYH\ ̋LV ̋DLPHG ̋DW ̋ UHVLGHQWLDO ̋SURSHUW\ ̋RZQHUVÒ ̋LW ̋FDSWXUHV ̋LQIRUPDWLRQ

RQ ̋SXUFKDVHV ̋RI ̋PDWHULDOV ̋DQG ̋HTXLSPHQWÔ

7DEOH ̋ÍðÍÔ ̋ ̋&RPSDULVRQ ̋RI ̋'HULYHG ̋'DWD ̋DQG ̋+RXVHKROG ̋6XUYH\ ̋'DWD ̋IRU ̋7RWDO

([SHQGLWXUHV ̋RQ ̋,PSURYHPHQWV ̋DQG ̋0DLQWHQDQFH ̋DQG ̋5HSDLUV ̋LQ ̋WKH

5HVLGHQWLDO ̋6HFWRU

5(6,'(17,$/ ̋6(&725 9DOXH ̋ı0LOOLRQV ̋RI ̋&XUUHQW ̋Ï‰‰Î ̋'ROODUVÙ ̋%\ ̋<HDU

Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

0DLQWHQDQFH ̋DQG ̋5HSDLU ̋ı'HULYHG ̋'DWDÙ ÎÍÒÊÌ‰ ÎÍÒ‰È‰ ÎËÒÌËÊ ÎÈÒ‰‰Í ÎÁÒÎÏÊ

,PSURYHPHQWV ̋ı'HULYHG ̋'DWDÙ ÍÊÒÎÌÈ ÍÊÒËÂÏ Í‰ÒÍÏ‰ Í‰ÒÎÏ‰ ÈÏÒÏÍ‰

7RWDO ̋ı'HULYHG ̋'DWDÙ ÁÌÒ‰ÏÍ ÁÏÒËÍÌ ÁÈÒÍÊÁ ÁÈÒÎÏÎ ÁÊÒÍËÁ

0DLQWHQDQFH ̋DQG ̋5HSDLU ̋ı&ËÌ ̋'DWDÙ ÈËÒÏÎÏ ÈÌÒÏ‰Â Í‰ÒÊÍÏ ÍÊÒÍÍÂ ÍÎÒÏÏÍ

,PSURYHPHQWV ̋ı&ËÌ ̋'DWDÙ ̋ ËÂÒËÂÌ ÁÈÒÎÌÂ ÁÁÒÁÊÏ ÁÏÒÂÍÊ ÁÊÒÁÍÁ

7RWDO ̋ı&ËÌ ̋'DWDÙ ÏÌÍÒÊÍÈ ÏÌÈÒÈÌË ÏÌÁÒÈÌÎ ‰‰ÒÊÍÍ ‰‰ÒÊÈ‰

)RU ̋ WKH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUVÒ ̋ LW ̋ LV ̋ XQFOHDU ̋ ZKHWKHU ̋ WKH ̋ HVWLPDWHV ̋ GHULYHG ̋ IURP ̋ WKH

&ÍÌÓ&&, ̋GDWD ̋FDQ ̋EH ̋H[SHFWHG ̋WR ̋H[KLELW ̋D ̋VLPLODU ̋WUHQG ̋ıLÔHÔÒ ̋DUH ̋DERXW ̋WZRðWKLUGV ̋RI ̋WKH

YDOXH ̋ UHVXOWLQJ ̋ IURP ̋ D ̋ VXUYH\ ̋ RI ̋ WKH ̋ UHVSHFWLYH ̋ VHFWRUÙ ̋ RU ̋ QRWÔ ̋  ̋ &RQVHTXHQWO\Ò ̋ ZH ̋ KDYH

DGRSWHG ̋D ̋FRQVHUYDWLYH ̋DSSURDFK ̋DQG ̋RSWHG ̋WR ̋XVH ̋WKH ̋HVWLPDWHV ̋GHULYHG ̋IURP ̋WKH ̋&ÍÌÓ&&,

GDWD ̋ IRU ̋HDFK ̋RI ̋WKH ̋ IRXU ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋VHFWRUVÔ ̋ ̋7KHVH ̋GDWD ̋DUH ̋ SORWWHG ̋DV ̋PXOWLð

\HDU ̋ WUDFHV ̋ LQ ̋ )LJXUH ̋ ÍðÊÔ ̋  ̋ 'HWDLOHG ̋ HVWLPDWHV ̋ E\ ̋ \HDUÒ ̋ E\ ̋ VHFWRUÒ ̋ DQG ̋ E\ ̋ QDWXUH ̋ RI

FRQVWUXFWLRQ ̋DFWLYLW\ ̋DUH ̋UHFRUGHG ̋LQ ̋7DEOH ̋ÍðÈÔ
ÍÍ

)LJXUH ̋ÍðÁÔ ̋ ̋&RPSDULVRQ ̋RI ̋'HULYHG ̋'DWD ̋DQG ̋+RXVHKROG ̋6XUYH\ ̋'DWD ̋IRU ̋7RWDO

([SHQGLWXUHV ̋RQ ̋,PSURYHPHQWV ̋DQG ̋0DLQWHQDQFH ̋DQG ̋5HSDLUV ̋LQ ̋WKH

5HVLGHQWLDO ̋6HFWRU

Ì

ÏÌÌÌÌ

ÎÌÌÌÌ

ÍÌÌÌÌ

ÈÌÌÌÌ

ËÌÌÌÌ

ÁÌÌÌÌ

ÊÌÌÌÌ

ÂÌÌÌÌ

Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

<HDU

&RQVWDQW ̋Ï‰‰Î ̋'ROODUV ̋LQ ̋0LOOLRQV

0DLQWHQDQFH ̋DQG ̋5HSDLU

ı'HULYHG ̋'DWDÙ

0DLQWHQDQFH ̋DQG ̋5HSDLU

ı&ËÌ ̋'DWDÙ

,PSURYHPHQWV ̋ı'HULYHG

'DWDÙ

,PSURYHPHQWV ̋ı&ËÌ ̋'DWDÙ

)LJXUH ̋ÍðÊÔ ̋ ̋7RWDO ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋:RUN

Ì

ÏÌÌÌÌÌ

ÎÌÌÌÌÌ

ÍÌÌÌÌÌ

ÈÌÌÌÌÌ

ËÌÌÌÌÌ

ÁÌÌÌÌÌ

ÊÌÌÌÌÌ

ÂÌÌÌÌÌ

Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

<HDU

&RQVWDQW ̋Ï‰‰Î ̋'ROODUV ̋LQ ̋0LOOLRQV

7RWDO ̋&RQVWUXFWLRQ

1HZ  ̋&RQVWUXFWLRQ

$GGLWLRQV ̋DQG ̋DOWHUDWLRQV

0DLQWHQDQFH ̋DQG ̋5HSDLU
ÍÈ

7DEOH ̋ÍðÈÔ ̋ ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋:RUN„ ̋Ï‰‰Î ̋ð ̋Ï‰‰Á

 ̋ ̋ ̋3DUW ̋$„ 7RWDO ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋:RUN„ ̋Ï‰‰Î ̋ð ̋Ï‰‰Á

'(5,9(' ̋'$7$ ̋ð ̋

$// ̋6(&7256 7RWDO ̋&RQVWUXFWLRQ 1HZ ̋&RQVWUXFWLRQ $GGLWLRQV ̋DQG ̋DOWHUDWLRQV

0DLQWHQDQFH ̋DQG ̋

5HSDLU

Ï‰‰Î ÁÈËÒÊÁ‰ Í‰ÍÒÂÍÏ ÏËÁÒÈËË ‰ÍÒÍÍË

Ï‰‰Í ÁËÎÒÍÏÌ Í‰ÊÒÂÎÌ ÏËÂÒÌÈÌ ‰ÈÒÎÂÌ

Ï‰‰È ÁÂÎÒÈÁ‰ ÈÏÁÒÎÏÍ ÏÁËÒÍÈÊ ‰ÂÒÁÍ‰

Ï‰‰Ë ÁÂÌÒÊÍÂ ÈÏËÒÏËÊ ÏÁÈÒ‰ÎÂ ‰ÂÒÍÂ‰

Ï‰‰Á ÊÏÈÒÌÁÊ ÈÍËÒÈÂÍ ÏÊÍÒÌÌÎ ÏÌÍÒÎÌÁ

 ̋ ̋ ̋3DUW ̋%„ 9DOXH ̋RI ̋&RQVWUXFWLRQ ̋:RUN ̋E\ ̋6HFWRU ̋DQG ̋E\ ̋1DWXUH ̋RI ̋&RQVWUXFWLRQ

$FWLYLW\„ ̋Ï‰‰ÎðÏ‰‰Á

1(: ̋

&216758&7,21 ̋ $OO ̋6HFWRUV 5HVLGHQWLDO &RPPHUFLDOÓ ̋

,QVWLWXWLRQDO ,QGXVWULDO 3XEOLF ̋:RUNV

Ï‰‰Î Í‰ÍÒÂÍÏ ÏÍÍÒÁËÂ ÏÎÎÒ‰ÁÌ ÍÌÒ‰ÌÎ ÏÌÁÒÍÏÏ

Ï‰‰Í Í‰ÊÒÂÎÌ ÏÈÏÒÌÊÁ ÏÎËÒÊÊÌ ÎÊÒÎÏÎ ÏÌÍÒÊÁÎ

Ï‰‰È ÈÏÁÒÎÏÍ ÏËÁÒËÊÁ ÏÎÂÒÏÏÁ ÎÂÒÏÁÏ ÏÌÍÒÍÁÌ

Ï‰‰Ë ÈÏËÒÏËÊ ÏÈÁÒÏÁÊ ÏÍÊÒÌÌÁ ÍÌÒÍ‰Ï ÏÌÏÒË‰Í

Ï‰‰Á ÈÍËÒÈÂÍ ÏËÊÒÂÈÁ ÏÈ‰ÒÈÈË Î‰ÒÎÏ‰ ‰ÂÒ‰ÊÍ

'(5,9(' ̋'$7$ ̋ð ̋

0$,17(1$1&(Ó

5(3$,5

Ï‰‰Î ‰ÍÒÍÍË ÎÍÒÊÌ‰ ÎÈÒ‰ÍÏ ÎÏÒÍÏÌ ÎÍÒÍÂË

Ï‰‰Í ‰ÈÒÎÂÌ ÎÍÒ‰È‰ ÎËÒÏÂÍ ÎÏÒËÎÁ ÎÍÒÁÎÎ

Ï‰‰È ‰ÂÒÁÍ‰ ÎËÒÌËÊ ÎÁÒÍÈÂ ÎÎÒËÎÏ ÎÈÒÊÏÈ

Ï‰‰Ë ‰ÂÒÍÂ‰ ÎÈÒ‰‰Í ÎÁÒÎÂÏ ÎÎÒÈÁÈ ÎÈÒÁËÏ

Ï‰‰Á ÏÌÍÒÎÌÁ ÎÁÒÎÏÊ ÎÊÒËÁÂ ÎÍÒËÁÈ ÎËÒÂËÂ

'(5,9(' ̋'$7$ ̋ð ̋

$'',7,216Ó ̋

$/7(5$7,216

Ï‰‰Î ÏËÁÒÈËË ÍÊÒÎÌÈ ÁÊÒ‰ÌÈ ÎÏÒÁÍÎ Î‰ÒÊÏË

Ï‰‰Í ÏËÂÒÌÈÌ ÍÊÒËÂÏ ÁÂÒË‰Î ÎÏÒÂËÏ ÍÌÒÌÏÁ

Ï‰‰È ÏÁËÒÍÈÊ Í‰ÒÍÏ‰ ÊÏÒÊÁÈ ÎÎÒÂÁÏ ÍÏÒÈÌÈ

Ï‰‰Ë ÏÁÈÒ‰ÎÂ Í‰ÒÎÏ‰ ÊÏÒËÂÏ ÎÎÒÂÌÍ ÍÏÒÍÎÈ

Ï‰‰Á ÏÊÍÒÌÌÎ ÈÏÒÏÍ‰ ÊËÒÌÂÁ ÎÍÒ‰Ï‰ ÍÎÒÂËÂ
ÍË

,PSRUWDQFH ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋WR ̋WKH ̋86 ̋(FRQRP\

7KH ̋UHODWLYH ̋LPSRUWDQFH ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋WR ̋WKH ̋RYHUDOO ̋86 ̋HFRQRP\ ̋LV ̋VKRZQ

LQ ̋)LJXUH ̋ÍðÂÔ ̋ ̋)LJXUH ̋ÍðÂ ̋XVHV ̋WKH ̋HVWLPDWHG ̋DQQXDO ̋YDOXHV ̋RI ̋DOO ̋FRQVWUXFWLRQ ̋DFWLYLWLHVðð

QHZ ̋ FRQVWUXFWLRQÒ ̋ PDLQWHQDQFH ̋ DQG ̋ UHSDLUÒ ̋ DQG ̋ DGGLWLRQV ̋ DQG ̋ DOWHUDWLRQVððEDVHG ̋ RQ ̋ WKH

&ÍÌÓ&&, ̋ GDWD ̋ DQG ̋ WKH ̋ SXEOLVKHG ̋ ILJXUHV ̋ IRU ̋ WKH ̋ 86 ̋ JURVV ̋ GRPHVWLF ̋ SURGXFW ̋ ı*'3Ù ̋ WR

FUHDWH ̋D ̋PHDVXUH ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\©V ̋UHODWLYH ̋LPSRUWDQFHÔ ̋ ̋7KH ̋PHWULF ̋ZKLFK ̋LV

SORWWHG ̋ LQ ̋ )LJXUH ̋ ÍðÂ ̋ LV ̋ WKH ̋ SHUFHQW ̋ RI ̋ *'3 ̋ DFFRXQWHG ̋ IRU ̋ E\ ̋ DOO ̋ H[SHQGLWXUHV ̋ IRU

FRQVWUXFWLRQ ̋ DFWLYLWLHVÔ ̋  ̋ ,W ̋ LV ̋ ZRUWK ̋ QRWLQJ ̋ WKDW ̋ ZKLOH ̋ H[SHQGLWXUHV ̋ IRU ̋ DOO ̋ FRQVWUXFWLRQ

DFWLYLWLHV ̋ KDYH ̋ EHHQ ̋ LQFUHDVLQJ ̋ LQ ̋ HDFK ̋ \HDU ̋ ıLQ ̋ FRQVWDQW ̋ Ï‰‰Î ̋ GROODU ̋ WHUPVÙÒ ̋ WKH

FRQVWUXFWLRQ ̋LQGXVWU\©V ̋UHODWLYH ̋LPSRUWDQFH ̋SHDNHG ̋LQ ̋Ï‰‰È ̋DQG ̋KDV ̋EHHQ ̋GHFOLQLQJ ̋VLQFH

WKHQÔ ̋  ̋5HIHUHQFH ̋WR ̋ )LJXUH ̋ ÍðÏ ̋ VKRZV ̋WKDW ̋ Ï‰‰È ̋ ZDV ̋ D ̋ \HDU ̋ LQ ̋ ZKLFK ̋ WKH ̋ YDOXH ̋ RI ̋ QHZ

UHVLGHQWLDO ̋ FRQVWUXFWLRQ ̋ SXW ̋ LQ ̋ SODFH ̋ ZDV ̋ SDUWLFXODUO\ ̋ VWURQJÔ ̋  ̋ 7R ̋ JDLQ ̋ D ̋ EHWWHU

XQGHUVWDQGLQJ ̋RI ̋KRZ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋LQWHUDFWV ̋ZLWK ̋WKH ̋UHVW ̋RI ̋WKH ̋86 ̋HFRQRP\Ò

LW ̋LV ̋XVHIXO ̋WR ̋WXUQ ̋WR ̋WKH ̋ODERU ̋PDUNHWÔ

)LJXUH ̋ÍðÂÔ ̋ ̋5HODWLYH ̋,PSRUWDQFH ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋WR ̋WKH ̋86 ̋(FRQRP\

ÏÌÔÂ

ÏÌÔ‰

ÏÏ

ÏÏÔÏ

ÏÏÔÎ

ÏÏÔÍ

ÏÏÔÈ

ÏÏÔË

ÏÏÔÁ

ÏÏÔÊ

Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

<HDU

3HUFHQWDJH ̋RI ̋*URVV ̋'RPHVWLF ̋3URGXFW

 ̄ ̋RI ̋*'3
ÍÁ

ÍÔÍÔ ̋ ̋(PSOR\PHQW ̋LQ ̋&RQVWUXFWLRQ

&RQVWUXFWLRQ ̋ WHQGV ̋ WR ̋ EH ̋ D ̋ F\FOLFDO ̋ DFWLYLW\ ̋ WKDW ̋ FDQ ̋ KDYH ̋ D ̋ VLJQLILFDQW ̋ LPSDFW ̋ RQ ̋ WKH

QDWLRQDO ̋HFRQRP\ ̋DQG ̋HYHQ ̋PRUH ̋VR ̋RQ ̋YDULRXV ̋ORFDO ̋HFRQRPLHVÔ ̋&RQVWUXFWLRQ ̋DFWLYLW\ ̋KDV

D ̋VLJQLILFDQW ̋LPSDFW ̋RQ ̋ORFDO ̋HPSOR\PHQW ̋GXH ̋WR ̋VHFRQGDU\ ̋HIIHFWV ̋RQ ̋FRQVWUXFWLRQ ̋VXSSO\

DQG ̋VHUYLFH ̋LQGXVWULHVÔ

)LJXUH ̋ Íð‰ ̋ LOOXVWUDWHV ̋ WKH ̋ F\FOLFDO ̋ QDWXUH ̋ RI ̋ FRQVWUXFWLRQ ̋ DFWLYLW\Ô ̋  ̋ )LJXUH ̋ Íð‰ ̋ UHFRUGV

HPSOR\PHQW ̋ LQ ̋ FRQVWUXFWLRQ ̋ DV ̋ D ̋ SHUFHQW ̋ RI ̋ RYHUDOO ̋ HPSOR\PHQW ̋ LQ ̋ WKH ̋ 86 ̋ FLYLOLDQ

ZRUNIRUFH ̋IRU ̋WKH ̋\HDUV ̋Ï‰ÂÌ ̋WKURXJK ̋Ï‰‰ËÔ ̋ ̋%HFDXVH ̋WKH ̋FRQVWUXFWLRQ ̋ZRUNIRUFH ̋FRQVLVWV

RI ̋D ̋ODUJH ̋ QXPEHU ̋ RI ̋ VHOIðHPSOR\HG ̋ZRUNHUVÒ ̋ )LJXUH ̋ Íð‰ ̋ DOVR ̋LQFOXGHV ̋PXOWLð\HDU ̋WUDFHV

ZKLFK ̋ GLYLGH ̋ WKH ̋ FRQVWUXFWLRQ ̋ ZRUNIRUFH ̋ LQWR ̋ LWV ̋ WZR ̋ FRQVWLWXHQW ̋ SDUWVÔ ̋  ̋ 7KH ̋ ILUVW ̋ SDUW

UHFRUGV ̋ WKH ̋ SHUFHQWDJH ̋ RI ̋ WKH ̋ 86 ̋ FLYLOLDQ ̋ ZRUNIRUFH ̋ DVVRFLDWHG ̋ ZLWK ̋ FRQVWUXFWLRQ

HVWDEOLVKPHQWV ̋ ZLWK ̋ HPSOR\HHVÔ ̋  ̋ 7KH ̋ VHFRQG ̋ SDUW ̋ UHFRUGV ̋ WKH ̋ SHUFHQWDJH ̋ RI ̋ WKH ̋ 86

FLYLOLDQ ̋ZRUNIRUFH ̋DVVRFLDWHG ̋ZLWK ̋VHOIðHPSOR\HG ̋FRQVWUXFWLRQ ̋ZRUNHUVÔ

)LJXUH ̋Íð‰Ô ̋ ̋&RQVWUXFWLRQ ̋(PSOR\PHQW ̋DV ̋D ̋3URSRUWLRQ ̋RI ̋WKH ̋7RWDO ̋86 ̋&LYLOLDQ

:RUNIRUFH

ÌÔÌ

ÏÔÌ

ÎÔÌ

ÍÔÌ

ÈÔÌ

ËÔÌ

ÁÔÌ

Ï‰ÂÌÏ‰ÂÎÏ‰ÂÈÏ‰ÂÁÏ‰ÂÂÏ‰‰ÌÏ‰‰ÎÏ‰‰ÈÏ‰‰Á

<HDU

3HUFHQWDJH

$OO ̋&RQVWUXFWLRQ ̋(PSOR\PHQW ̋DV

3HUFHQWDJH ̋RI ̋7RWDO ̋86

:RUNIRUFH

3D\UROO ̋&RQVWUXFWLRQ ̋:RUNHUV

DV ̋3HUFHQWDJH ̋RI ̋7RWDO ̋86

:RUNIRUFH

6HOI ̋(PSOR\HG ̋&RQVWUXFWLRQ ̋DV

3HUFHQWDJH ̋RI ̋7RWDO ̋86

:RUNIRUFH

6RXUFH„ ̋%XUHDX ̋RI ̋/DERU ̋6WDWLVWLFVÒ ̋1DWLRQDO ̋(PSOR\PHQW ̋'DWDÒ ̋DQG ̋86 ̋,QGXVWULDO ̋2XWORRN

)LJXUH ̋ Íð‰ ̋ VKRZV ̋ WKH ̋ LPSDFW ̋ RI ̋ UHFHVVLRQV ̋ YHU\ ̋ FOHDUO\Ò ̋ DV ̋ WKHVH ̋ DUH ̋ \HDUV ̋ ZKHQ ̋ VKDUS

GHFOLQHV ̋LQ ̋WKH ̋ FRQVWUXFWLRQ ̋ZRUNIRUFH ̋ UHODWLYH ̋WR ̋WKH ̋ UHVW ̋ RI ̋WKH ̋ 86 ̋ FLYLOLDQ ̋ ZRUNIRUFH
ÍÊ

RFFXUÔ ̋  ̋ 1RWLFH ̋ WKDW ̋ PRVW ̋ RI ̋ WKH ̋ GHFOLQHV ̋ DQG ̋ LQFUHDVHV ̋ VKRZQ ̋ LQ ̋ )LJXUH ̋ Íð‰ ̋ DUH ̋ GXH ̋ WR

FRQVWUXFWLRQ ̋ HVWDEOLVKPHQWV ̋ZLWK ̋ HPSOR\HHVÔ ̋ ̋7KH ̋ SHUFHQWDJH ̋ RI ̋ VHOIðHPSOR\HG ̋ZRUNHUV

KRYHUV ̋ DURXQG ̋ RQH ̋ SHUFHQW ̋ WKURXJKRXW ̋ WKH ̋ ÏË ̋ \HDU ̋ SHULRGÔ ̋  ̋ 7KH ̋ UHODWLYH ̋ LQFUHDVH ̋ LQ

HPSOR\PHQW ̋LQ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋EHWZHHQ ̋Ï‰‰Î ̋DQG ̋Ï‰‰Á ̋VKRZQ ̋LQ ̋)LJXUH ̋Íð‰ ̋DQG

LWV ̋LQWHUDFWLRQ ̋ZLWK ̋WKH ̋UHVW ̋RI ̋WKH ̋HFRQRP\ ̋FDQ ̋EHWWHU ̋EH ̋XQGHUVWRRG ̋WKURXJK ̋UHIHUHQFH ̋WR

DQG ̋FRPSDULVRQ ̋ZLWK ̋)LJXUHV ̋ÍðÂ ̋DQG ̋ÍðÏÔ ̋ ̋ ,Q ̋)LJXUH ̋ÍðÂÒ ̋WKH ̋ UHODWLYH ̋LPSRUWDQFH ̋RI ̋WKH

FRQVWUXFWLRQ ̋LQGXVWU\ ̋YLVðjðYLV ̋WKH ̋UHVW ̋RI ̋WKH ̋HFRQRP\ ̋UHDFKHG ̋D ̋SHDN ̋LQ ̋Ï‰‰ÈÔ ̋ ̋7KXVÒ ̋RQH

ZRXOG ̋ H[SHFW ̋ D ̋ SRVLWLYH ̋ LQIOXHQFH ̋ RI ̋ WKH ̋ RYHUDOO ̋ HFRQRP\ ̋ RQ ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\

ODERU ̋PDUNHW ̋OHDGLQJ ̋XS ̋WR ̋WKDW ̋SHDNÔ ̋ ̋5HIHUHQFH ̋WR ̋)LJXUH ̋ÍðÏ ̋VKRZV ̋VWURQJ ̋LQFUHDVHV ̋LQ

WKH ̋ YDOXH ̋ RI ̋ QHZ ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ FRQVWUXFWLRQ ̋ SXW ̋LQ ̋ SODFH ̋ IURP ̋ Ï‰‰È ̋ WKURXJK

Ï‰‰ÁÔ ̋  ̋ 7KLV ̋ XSZDUG ̋ WUHQG ̋ ZDV ̋ UHLQIRUFHG ̋ E\ ̋ D ̋ VWURQJ ̋ SHUIRUPDQFH ̋ LQ ̋ Ï‰‰Á ̋ IRU ̋ WKH

UHVLGHQWLDO ̋VHFWRUÔ

7DEOH ̋ ÍðË ̋ SURYLGHV ̋ GHWDLOHG ̋LQIRUPDWLRQ ̋ IRU ̋D ̋ VLQJOH ̋ \HDUÒ ̋ Ï‰‰ÎÔ ̋ ̋7KH ̋ GDWD ̋ SUHVHQWHG ̋LQ

7DEOH ̋ÍðË ̋DUH ̋IURP ̋WKH ̋Ï‰‰Î ̋FHQVXV ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\Ô ̋ ̋7DEOH ̋ÍðË ̋LV ̋RUJDQL]HG

DURXQG ̋WKH ̋WKUHH ̋WZRðGLJLW ̋6,& ̋FRGHV ̋DQG ̋ ÎÁ ̋ IRXUðGLJLW ̋6,& ̋FRGHV ̋ GHVFULEHG ̋HDUOLHU ̋ ıVHH

7DEOH ̋ÍðÎÙÔ ̋ ̋7KH ̋WDEOH ̋OLVWV ̋D ̋VSHFLILF ̋VHJPHQW ̋RU ̋VXEVHJPHQW ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\

LQ ̋WKH ̋OHIWPRVW ̋FROXPQÔ ̋ ̋,PPHGLDWHO\ ̋WR ̋WKH ̋ULJKW ̋LV ̋WKH ̋FRUUHVSRQGLQJ ̋WZRðGLJLW ̋RU ̋IRXUð

GLJLW ̋ 6,& ̋ FRGH ̋ IRU ̋ WKH ̋ VHJPHQW ̋ RU ̋ VXEVHJPHQW ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\Ô ̋  ̋ 7KH ̋ IRXU

UHPDLQLQJ ̋FROXPQV ̋UHFRUG ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋QXPEHU ̋RI ̋HVWDEOLVKPHQWV ̋ZLWK ̋SD\UROOÒ ̋WKH

WRWDO ̋ QXPEHU ̋ RI ̋ HPSOR\HHV ̋LQ ̋WKRXVDQGVÒ ̋WKH ̋ YDOXH ̋ RI ̋ FRQVWUXFWLRQ ̋ ZRUN ̋ LQ ̋ PLOOLRQV ̋ RI

Ï‰‰Î ̋ GROODUVÒ ̋DQG ̋ YDOXH ̋DGGHG ̋LQ ̋PLOOLRQV ̋ RI ̋ Ï‰‰Î ̋ GROODUVÔ ̋ ̋ ,W ̋LV ̋LPSRUWDQW ̋WR ̋ UHFRJQL]H

WKDW ̋ RQO\ ̋ FRQVWUXFWLRQ ̋ HVWDEOLVKPHQWV ̋ ZLWK ̋ HPSOR\HHV ̋ DUH ̋ LQFOXGHG ̋ LQ ̋ WKHVH ̋ ILJXUHVÔ

&RQVHTXHQWO\Ò ̋WKH ̋YDOXHV ̋VKRZQ ̋LQ ̋7DEOH ̋ÍðË ̋GLIIHU ̋IURP ̋WKRVH ̋JLYHQ ̋LQ ̋6HFWLRQ ̋ÍÔÎ ̋ZKHUH

GDWD ̋IURP ̋WKH ̋&ÍÌ ̋UHSRUW ̋ZHUH ̋XVHG ̋WR ̋FRPSXWH ̋WKH ̋WRWDO ̋YDOXH ̋RI ̋FRQVWUXFWLRQ ̋ZRUN ̋ıVHH

)LJXUH ̋ÍðÎ ̋IRU ̋D ̋FRPSDULVRQ ̋RI ̋WKH ̋WZR ̋VHWV ̋RI ̋WRWDOVÙÔ

'DWD ̋ IURP ̋ WKH ̋ Ï‰‰Î ̋ FHQVXV ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ DUH ̋ XVHG ̋ KHUH ̋ EHFDXVH ̋ WKH\

SURYLGH ̋ WKH ̋ QHFHVVDU\ ̋ OHYHO ̋ RI ̋ GHWDLO ̋ WR ̋ OLQN ̋ HPSOR\PHQW ̋ DQG ̋ RXWSXW ̋ LQIRUPDWLRQÔ ̋  ̋ )RU

H[DPSOHÒ ̋D ̋ NH\ ̋PHDVXUH ̋ RI ̋ SURGXFWLYLW\ ̋ZLWKLQ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋LV ̋ YDOXH ̋DGGHG

SHU ̋HPSOR\HHÔ ̋ ̋7KH ̋LQIRUPDWLRQ ̋LQ ̋7DEOH ̋ÍðË ̋LV ̋YHU\ ̋XVHIXO ̋LQ ̋FKDUDFWHUL]LQJ ̋HPSOR\PHQW

DQG ̋RXWSXW ̋LQ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\Ô ̋ ̋2QH ̋VXFK ̋FKDUDFWHUL]DWLRQ ̋LV ̋LOOXVWUDWHG ̋WKURXJK ̋D

VHULHV ̋RI ̋IRXU ̋SLH ̋FKDUWV ̋DQG ̋RQH ̋EDU ̋FKDUWÔ

)LJXUH ̋ÍðÏÌ ̋VXPPDUL]HV ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋QXPEHU ̋RI ̋HVWDEOLVKPHQWV ̋DQG ̋WKH ̋SHUFHQWDJH

RI ̋DOO ̋FRQVWUXFWLRQ ̋HVWDEOLVKPHQWV ̋ZLWKLQ ̋HDFK ̋RI ̋WKH ̋WKUHH ̋WZRðGLJLW ̋6,& ̋FRGHVÔ ̋ ̋1RWH ̋WKDW

6,& ̋FRGH ̋ ÏÊÒ ̋ VSHFLDO ̋WUDGH ̋FRQWUDFWRUVÒ ̋DFFRXQW ̋ IRU ̋ QHDUO\ ̋WZRðWKLUGV ̋ RI ̋DOO ̋FRQVWUXFWLRQ

HVWDEOLVKPHQWVÔ ̋ ̋%\ ̋ FRQWUDVWÒ ̋ KHDY\ ̋ FRQVWUXFWLRQ ̋ FRQWUDFWRUVÒ ̋ 6,& ̋ FRGH ̋ ÏÁÒ ̋ DUH ̋ RQO\ ̋ VL[

SHUFHQW ̋RI ̋WKH ̋WRWDO ̋QXPEHU ̋RI ̋FRQVWUXFWLRQ ̋HVWDEOLVKPHQWVÔ

)LJXUH ̋ÍðÏÏ ̋VXPPDUL]HV ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋QXPEHU ̋RI ̋HPSOR\HHV ̋DQG ̋WKH ̋SHUFHQWDJH ̋RI

DOO ̋FRQVWUXFWLRQ ̋HPSOR\PHQW ̋ZLWKLQ ̋HDFK ̋RI ̋WKH ̋WKUHH ̋WZRðGLJLW ̋6,& ̋FRGHVÔ ̋ ̋1RWH ̋WKDW ̋WKH

SHUFHQWDJH ̋RI ̋HPSOR\PHQW ̋LQ ̋6,& ̋FRGH ̋ÏÁÒ ̋ ̋KHDY\ ̋FRQVWUXFWLRQ ̋FRQWUDFWRUVÒ ̋DPRXQWV ̋WR ̋ÏÊ

SHUFHQW ̋ RI ̋ WKH ̋ WRWDOÒ ̋ LPSO\LQJ ̋ WKDW ̋ HVWDEOLVKPHQWV ̋ LQ ̋ WKLV ̋ VHJPHQW ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ

LQGXVWU\ ̋WHQG ̋WR ̋EH ̋ODUJHU ̋WKDQ ̋IRU ̋6,& ̋FRGHV ̋ÏË ̋DQG ̋ÏÊÔ
ÍÂ

)LJXUH ̋ ÍðÏÎ ̋ VXPPDUL]HV ̋ LQIRUPDWLRQ ̋ RQ ̋ WKH ̋ YDOXH ̋ RI ̋ FRQVWUXFWLRQ ̋ ZRUN ̋ DQG ̋ WKH

SHUFHQWDJH ̋RI ̋WKH ̋WRWDO ̋YDOXH ̋ıLÔHÔÒ ̋ ̆ËÎÂÔÏ ̋ELOOLRQÙ ̋ZLWKLQ ̋HDFK ̋RI ̋WKH ̋WKUHH ̋WZRðGLJLW ̋6,&

FRGHVÔ ̋ ̋1RWH ̋WKDW ̋JHQHUDO ̋EXLOGLQJ ̋FRQWUDFWRUVÒ ̋6,& ̋FRGH ̋ÏËÒ ̋DQG ̋VSHFLDO ̋WUDGH ̋FRQWUDFWRUVÒ

6,& ̋FRGH ̋ÏÊÒ ̋HDFK ̋DFFRXQW ̋IRU ̋ÈÏ ̋SHUFHQW ̋RI ̋WKH ̋WRWDOÔ

7DEOH ̋ÍðËÔ ̋ ̋(PSOR\PHQW ̋DQG ̋2XWSXW ̋)LJXUHV ̋IRU ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\„ ̋Ï‰‰Î

,QGXVWU\ 6,& ̋

&RGH

(VWDEOLVKPHQWV ̋

ZLWK ̋3D\UROO ̋

ıÏÌÌÌˆVÙ

7RWDO ̋

(PSOR\HHV ̋

ıÏÌÌÌˆVÙ

9DOXH ̋RI ̋

&RQVWUXFWLRQ ̋

:RUN ̋

ı0LOOLRQ ̋

'ROODUVÙ

9DOXH ̋

$GGHG ̋

ı0LOOLRQ ̋

GROODUVÙ

$OO ̋LQGXVWULHVÒ ̋WRWDO ̋ ı;Ù ËÊÎÔ‰ ÈÒÁÁÂ ËÎÂÒÏÌÁ ÎÍÈÒÁÏÂ

*HQHUDO ̋EXLOGLQJ ̋FRQWUDFWRUV ÏË ÏÁÂÔÈ ÏÒÌ‰Ê ÎÏËÒÁÎ‰ ÁÍÒÏÏÊ

6LQJOHðIDPLO\ ̋KRXVHV ÏËÎÏ ÏÌÊÔË ÈÌÈ ÈÂÒÁÍÍ ÏÊÒÏÂÍ

2WKHU ̋UHVLGHQWLDO ̋EXLOGLQJV ÏËÎÎ ÁÔË È‰ ÊÒÂÍË ÎÒÈËÈ

2SHUDWLYH ̋EXLOGHUV ÏËÍÏ ÏÊÔÌ ÏÏÈ ÈÈÒËÂÂ ÏËÒÎÂ‰

,QGXVWULDO ̋EXLOGLQJV ̋DQG ̋ZDUHKRXVHV ÏËÈÏ ÊÔÊ ÏÎÍ ÎÌÒËÂÁ ÁÒÈÍÂ

1RQUHVLGHQWLDO ̋EXLOGLQJVÒ ̋QÔHÔFÔ ̋ ̋ ÏËÈÎ Î‰ÔÊ ÈÌÊ ‰ÍÒ‰ÂÊ ÎÏÒÊËÈ

+HDY\ ̋FRQVWUXFWLRQ ̋FRQWUDFWRUV ̋ ÏÁ ÍÊÔÎ Ê‰‰ ‰ËÒËÊÏ È‰ÒÏÁË

+LJKZD\ ̋DQG ̋VWUHHW ̋FRQVWUXFWLRQ ÏÁÏÏ ÏÌÔÏ ÎËÊ ÍËÒÍÍÎ ÏËÒÊÏÏ

%ULGJHÒ ̋WXQQHOÒ ̋DQG ̋HOHYDWHG ̋KLJKZD\ ÏÁÎÎ ÏÔÌ ÈÈ ÊÒÏ‰Â ÍÒÌÊÂ

:DWHUÒ ̋VHZHUÒ ̋DQG ̋XWLOLW\ ̋OLQHV ̋ ÏÁÎÍ ÏÌÔÎ Ï‰È ÎÌÒÎÌË ÏÏÒÊÍÈ

+HDY\ ̋FRQVWUXFWLRQÒ ̋QÔHÔFÔ ÏÁÎ‰ ÏËÔÂ ÍÌÈ ÍÎÒÂÍÊ ÏÂÒÁÈÎ

6SHFLDO ̋WUDGH ̋FRQWUDFWRUV ÏÊ ÍÁÊÔÍ ÎÒÊÊÎ ÎÏÁÒ‰ÌË ÏÎÎÒÍÍÁ

3OXPELQJÒ ̋KHDWLQJÒ ̋DLUðFRQGLWLRQLQJ ̋ ÏÊÏÏ ÊËÔÈ ÁÏÍ ËÁÒ‰ÌÎ Î‰ÒÈÍÎ

3DLQWLQJ ̋DQG ̋SDSHUKDQJLQJ ̋ ÏÊÎÏ ÍÎÔÌ ÏÁÍ ÂÒÁ‰Ì ËÒÂËË

(OHFWULFDO ̋ZRUN ̋ ÏÊÍÏ ËÈÔÌ ÈÂÊ ÈÌÒÎË‰ ÎÍÒËÈÂ

0DVRQU\ ̋DQG ̋RWKHU ̋VWRQHZRUN ̋ ̋ ÏÊÈÏ ÎÎÔÁ ÏÈÂ ÂÒÈËÂ ËÒÏÈÁ

3ODVWHULQJÒ ̋GU\ZDOOÒ ̋LQVXODWLRQ ̋ ÏÊÈÎ ÏÂÔÁ ÎÌÊ ÏÈÒÌËÁ ÂÒÏÈÍ

7HUUD]]RÒ ̋WLOHÒ ̋PDUEOHÒ ̋DQG ̋PRVDLF ̋ZRUN ÏÊÈÍ ÁÔË ÍÈ ÎÒÈÍ‰ ÏÒÍËÂ

&DUSHQWU\ ÏÊËÏ ÍÂÔÎ ÏÊÂ ÏÎÒÂËÎ ÁÒÊÁÌ

)ORRUOD\LQJ ̋DQG ̋RWKHU ̋IORRU ̋ZRUN ̋ ÏÊËÎ ÏÌÔÎ È‰ ÈÒÈÎÂ ÎÒÏÁÁ

5RRILQJÒ ̋VLGLQJÒ ̋DQG ̋VKHHW ̋PHWDO ̋ZRUN ̋ ÏÊÁÏ ÎÊÔÁ ÎÏÁ ÏÁÒÊÂÂ ÂÒ‰ÌÁ

&RQFUHWH ̋ZRUN ÏÊÊÏ ÎÁÔÏ Ï‰Í ÏÈÒÈÎÍ ÊÒÊÌÍ

:DWHU ̋ZHOO ̋GULOOLQJ ̋ ÏÊÂÏ ÍÔÁ Ï‰ ÏÒÊÎÊ ‰‰Ë

6WUXFWXUDO ̋VWHHO ̋HUHFWLRQ ̋ ÏÊ‰Ï ÍÔÂ ËÂ ÈÒ‰ËÎ ÍÒÌÎÏ

*ODVV ̋DQG ̋JOD]LQJ ̋ZRUN ÏÊ‰Í ÈÔÁ ÍÎ ÎÒÊÎÈ ÏÒÈÎÈ

([FDYDWLRQ ̋ZRUN ̋ ÏÊ‰È ÏÍÔ‰ ÊÊ ÁÒÂÊÌ ÈÒÍÈÌ

:UHFNLQJ ̋DQG ̋GHPROLWLRQ ̋ZRUN ÏÊ‰Ë ÏÔÌ ÏÍ ÏÒÌË‰ ÊÊË

,QVWDOOLQJ ̋EXLOGLQJ ̋HTXLSPHQWÒ ̋QÔHÔFÔ ÏÊ‰Á ÍÔ‰ ÂÍ ÁÒÁÏÏ ÈÒÈ‰È

6SHFLDO ̋WUDGH ̋FRQWUDFWRUVÒ ̋QÔHÔFÔ ̋ ÏÊ‰‰ ÎËÔÍ ÎÌÈ ÏÍÒÁÁÊ ÂÒÎÊÌ
Í‰

)LJXUH ̋ÍðÏÌÔ ̋ ̋1XPEHU ̋RI ̋(VWDEOLVKPHQWV ̋ZLWK ̋3D\UROO ̋E\ ̋7ZRð'LJLW ̋6,& ̋&RGH„ ̋Ï‰‰Î

6,& ̋ÏÊ„ ̋

ÍÁÊÒÍÌÌ ̋

HVWDEOLVKPHQWV

ıÁË ̄Ù

6,& ̋ÏÁ„

ÍÊÒÎÌÌ ̋HVWDEOLVKPHQWV

ıÁ ̄Ù

6,& ̋ÏË„

ÏÁÂÒÈÌÌ ̋

HVWDEOLVKPHQWV

ıÎ‰ ̄Ù 6,& ̋ÏË„ ̋*HQHUDO ̋%XLOGLQJ

&RQWUDFWRUV

6,& ̋ÏÁ„ ̋+HDY\ ̋&RQVWUXFWLRQ

&RQWUDFWRUV

6,& ̋ÏÊ„ ̋6SHFLDO ̋7UDGH ̋&RQWUDFWRUV

)LJXUH ̋ÍðÏÏÔ ̋ ̋1XPEHU ̋RI ̋(PSOR\HHV ̋IRU ̋(VWDEOLVKPHQWV ̋ZLWK ̋3D\UROO ̋E\ ̋7ZRð'LJLW

6,& ̋&RGH„ ̋Ï‰‰Î

6,& ̋ÏÊ„ ̋

ÎÒÊÊÎÒÌÌÌ ̋HPSOR\HHV

ıË‰ ̄Ù

6,& ̋ÏÁ„

Ê‰‰ÒÌÌÌ ̋HPSOR\HHV

ıÏÊ ̄Ù

6,& ̋ÏË„ ̋

ÏÒÌ‰ÊÒÌÌÌ ̋HPSOR\HHV

ıÎÈ ̄Ù

6,& ̋ÏË„ ̋*HQHUDO ̋%XLOGLQJ

&RQWUDFWRUV

6,& ̋ÏÁ„ ̋+HDY\ ̋&RQVWUXFWLRQ

&RQWUDFWRUV

6,& ̋ÏÊ„ ̋6SHFLDO ̋7UDGH ̋&RQWUDFWRUV
ÈÌ

)LJXUH ̋ÍðÏÎÔ ̋ ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋:RUN ̋IRU ̋(VWDEOLVKPHQWV ̋ZLWK ̋3D\UROO ̋E\ ̋7ZRð

'LJLW ̋6,& ̋&RGH„ ̋Ï‰‰Î

6,& ̋ÏÁ„ ̋

 ̆‰ËÒËÊÏ ̋PLOOLRQ

ıÏÂ ̄Ù

6,& ̋ÏË„ ̋

 ̆ÎÏËÒÁÎ‰ ̋PLOOOLRQ

ıÈÏ ̄Ù

6,& ̋ÏÊ„ ̋

 ̆ÎÏÁÒ‰ÌË ̋PLOOLRQ

ıÈÏ ̄Ù

6,& ̋ÏË„ ̋*HQHUDO ̋%XLOGLQJ

&RQWUDFWRUV

6,& ̋ÏÁ„ ̋+HDY\ ̋&RQVWUXFWLRQ

&RQWUDFWRUV

6,& ̋ÏÊ„ ̋6SHFLDO ̋7UDGH ̋&RQWUDFWRUV

)LJXUH ̋ÍðÏÍ ̋VXPPDUL]HV ̋LQIRUPDWLRQ ̋RQ ̋YDOXH ̋DGGHG ̋DQG ̋WKH ̋SHUFHQWDJH ̋RI ̋WKH ̋WRWDO ̋YDOXH

DGGHG ̋ ıLÔHÔÒ ̋  ̆ÎÍÈÔÁ ̋ ELOOLRQÙ ̋ ZLWKLQ ̋ HDFK ̋ RI ̋ WKH ̋ WKUHH ̋ WZRðGLJLW ̋ 6,& ̋ FRGHVÔ ̋  ̋ )LJXUH ̋ ÍðÏÈ

IDFWRUV ̋ HPSOR\PHQW ̋ LQWR ̋ WKH ̋ FDOFXODWLRQ‚ ̋ LW ̋ UHFRUGV ̋ YDOXH ̋ DGGHG ̋ SHU ̋ HPSOR\HH ̋ LQ

WKRXVDQGV ̋RI ̋Ï‰‰Î ̋GROODUVÔ

5HIHUHQFH ̋WR ̋)LJXUH ̋ÍðÏÈ ̋UHYHDOV ̋WKDW ̋6,& ̋FRGH ̋ÏÁÒ ̋KHDY\ ̋FRQVWUXFWLRQ ̋FRQWUDFWRUVÒ ̋KDV ̋WKH

KLJKHVW ̋ DYHUDJH ̋ YDOXH ̋ DGGHG ̋ SHU ̋ HPSOR\HHÒ ̋  ̆ÁÏÔË ̋ WKRXVDQGÒ ̋ DQG ̋ 6,& ̋ FRGH ̋ ÏÊÒ ̋ VSHFLDO

WUDGH ̋FRQWUDFWRUVÒ ̋ KDV ̋WKH ̋ORZHVW ̋ YDOXH ̋ DGGHG ̋ SHU ̋ HPSOR\HHÒ ̋  ̆ÈÈÔÏ ̋WKRXVDQGÔ ̋ ̋7KDW ̋ 6,&

FRGH ̋ÏÁ ̋LV ̋WKH ̋ KLJKHVW ̋ VKRXOG ̋FRPH ̋DV ̋ QR ̋ VXUSULVHÔ ̋ ̋(VWDEOLVKPHQWV ̋ZLWKLQ ̋6,& ̋FRGH ̋ ÏÁ

WHQG ̋ WR ̋ EH ̋ ODUJHU ̋ RQ ̋ WKH ̋ DYHUDJH ̋ WKDQ ̋ IRU ̋ 6,& ̋ FRGHV ̋ ÏË ̋ DQG ̋ ÏÊ ̋ DQG ̋ DFFRXQWHG ̋ IRU ̋ D

¶UHODWLYHO\ß ̋ODUJHU ̋ SHUFHQWDJH ̋ VKDUH ̋ RI ̋ RYHUDOO ̋ YDOXH ̋DGGHGÔ ̋ ̋)RU ̋H[DPSOHÒ ̋ IRU ̋6,& ̋FRGH

ÏÁÒ ̋WKH ̋SHUFHQWDJH ̋VKDUH ̋RI ̋RYHUDOO ̋YDOXH ̋DGGHG ̋H[FHHGHG ̋WKH ̋SHUFHQWDJH ̋VKDUH ̋RI ̋RYHUDOO

HPSOR\PHQWÔ ̋ ̋:KLOH ̋IRU ̋6,& ̋FRGHV ̋ÏË ̋DQG ̋ÏÊÒ ̋WKHLU ̋SHUFHQWDJH ̋VKDUHV ̋RI ̋YDOXH ̋DGGHG ̋ZHUH

HLWKHU ̋DSSUR[LPDWHO\ ̋HTXDO ̋RU ̋OHVV ̋WKDQ ̋WKH ̋SHUFHQWDJH ̋VKDUHV ̋RI ̋RYHUDOO ̋HPSOR\PHQWÔ
ÈÏ

)LJXUH ̋ÍðÏÍÔ ̋ ̋9DOXH ̋$GGHG ̋IRU ̋(VWDEOLVKPHQWV ̋ZLWK ̋3D\UROO ̋E\ ̋7ZR ̋'LJLW ̋6,& ̋&RGH„

Ï‰‰Î

6,& ̋ÏÊ„

 ̆ÏÎÎÒÍÍÁ ̋PLOOLRQ

ıËÎ ̄Ù

6,& ̋ÏÁ„ ̋

 ̆È‰ÒÏÁË ̋PLOOLRQ

ıÎÏ ̄Ù

6,& ̋ÏË„ ̋

 ̆ÁÍÒÏÏÊ ̋PLOOLRQ

ıÎÊ ̄Ù

6,& ̋ÏË„ ̋*HQHUDO ̋%XLOGLQJ ̋&RQWUDFWRUV

6,& ̋ÏÁ„ ̋+HDY\ ̋&RQVWUXFWLRQ

&RQWUDFWRUV

6,& ̋ÏÊ„ ̋6SHFLDO ̋7UDGH ̋&RQWUDFWRUV

)LJXUH ̋ÍðÏÈÔ ̋ ̋9DOXH ̋$GGHG ̋SHU ̋(PSOR\HH ̋IRU ̋(VWDEOLVKPHQWV ̋ZLWK ̋3D\UROO„ ̋Ï‰‰Î

ËÊÔËÍ

ÁÏÔËÍ

ÈÈÔÏÍ

ËÌÔÎÁ

ÌÔÌÌ

ÏÌÔÌÌ

ÎÌÔÌÌ

ÍÌÔÌÌ

ÈÌÔÌÌ

ËÌÔÌÌ

ÁÌÔÌÌ

ÊÌÔÌÌ

$// ÏË ÏÁ ÏÊ

6,& ̋&2'(

9DOXH ̋DGGHG ̋SHU ̋(PSOR\HH ̋LQ ̋Ï‰‰Î ̋LQ ̋WKRXVDQGV ̋RI ̋

GROODUV
ÈÎ

ÍÔÈÔ ̋ ̋6SHFLDO ̋&RQVLGHUDWLRQV

7KH ̋SXUSRVH ̋RI ̋WKLV ̋VHFWLRQ ̋LV ̋WZRIROGÔ ̋ ̋)LUVWÒ ̋LW ̋SURYLGHV ̋LQIRUPDWLRQ ̋RQ ̋FRVW ̋WUHQGVÔ ̋ ̋7KLV

LQIRUPDWLRQ ̋EXLOGV ̋RQ ̋WKH ̋PDWHULDO ̋SUHVHQWHG ̋LQ ̋WKH ̋HDUOLHU ̋VHFWLRQVÔ ̋ ̋$V ̋VXFKÒ ̋LW ̋SURPRWHV

D ̋EHWWHU ̋XQGHUVWDQGLQJ ̋RI ̋LQWHUDFWLRQV ̋EHWZHHQ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋DQG ̋WKH ̋UHVW ̋RI ̋WKH

86 ̋ HFRQRP\Ô ̋  ̋ 6HFRQGÒ ̋ WKLV ̋ VHFWLRQ ̋ LQWURGXFHV ̋ LQIRUPDWLRQ ̋ WKDW ̋ KDV ̋ UHOHYDQFH ̋ WR ̋ WKH

1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDO ̋RI ̋UHGXFLQJ ̋GHOLYHU\ ̋WLPH ̋EXW ̋LV ̋JHQHUDO ̋LQ ̋QDWXUHÔ

7UHQGV ̋LQ ̋5HVLGHQWLDO ̋DQG ̋1RQð5HVLGHQWLDO ̋&RQVWUXFWLRQ ̋&RVWV

,Q ̋ 6HFWLRQV ̋ ÍÔÎ ̋ DQG ̋ ÍÔÍÒ ̋ LQIRUPDWLRQ ̋ ZDV ̋ SUHVHQWHG ̋ DQG ̋ GLVFXVVHG ̋ RQ ̋ WKH ̋ UHODWLYH

LPSRUWDQFH ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ DQG ̋ RQ ̋ LQWHUDFWLRQV ̋ EHWZHHQ ̋ HPSOR\PHQW ̋ DQG

RXWSXW ̋LQ ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋DQG ̋WKH ̋RYHUDOO ̋86 ̋HFRQRP\Ô ̋ ̋%RWK ̋VHWV ̋RI ̋LQIRUPDWLRQ

LQFOXGHG ̋WUHQGV ̋ZKLFK ̋ VKRZHG ̋WKH ̋ F\FOLFDO ̋ QDWXUH ̋ RI ̋ FRQVWUXFWLRQ ̋ DFWLYLW\Ô ̋ ̋ )LJXUH ̋ ÍðÏË

SURYLGHV ̋D ̋GLIIHUHQW ̋SHUVSHFWLYH ̋RQ ̋WKH ̋VDPH ̋LVVXH‚ ̋QDPHO\Ò ̋WUHQGV ̋LQ ̋SHU ̋XQLW ̋FRQVWUXFWLRQ

FRVWV ̋ıLÔHÔÒ ̋FRVWV ̋SHU ̋VTXDUH ̋IRRW ̋DQG ̋FRVWV ̋SHU ̋VTXDUH ̋PHWHUÙÔ ̋ ̋)LJXUH ̋ÍðÏË ̋FRQVLVWV ̋RI ̋WKUHH

PXOWLð\HDU ̋ WUDFHV„ ̋ ıÏÙ ̋ DOO ̋ EXLOGLQJV‚ ̋ ıÎÙ ̋ UHVLGHQWLDO ̋ EXLOGLQJV‚ ̋ DQG ̋ ıÍÙ ̋ QRQðUHVLGHQWLDO

EXLOGLQJVÔ ̋ ̋7KH ̋FRVW ̋WUHQG ̋GDWD ̋FRYHU ̋WKH ̋ÏË ̋\HDU ̋SHULRG ̋Ï‰ÂÌ ̋WKURXJK ̋Ï‰‰ËÔ ̋ ̋5HIHUHQFH ̋WR

)LJXUH ̋ ÍðÏË ̋ VKRZV ̋DQ ̋ XSZDUG ̋WUHQG ̋ IRU ̋ UHVLGHQWLDO ̋ EXLOGLQJV ̋PRGXODWHG ̋ E\ ̋WKH ̋ EXVLQHVV

F\FOHÔ ̋ ̋)RU ̋QRQðUHVLGHQWLDO ̋EXLOGLQJVÒ ̋WKH ̋XSZDUG ̋WUHQG ̋LV ̋PRUH ̋KHDYLO\ ̋PRGXODWHG ̋E\ ̋WKH

EXVLQHVV ̋F\FOH ̋ıVHH ̋)LJXUHV ̋ÍðÂ ̋DQG ̋Íð‰ ̋IRU ̋SXUSRVHV ̋RI ̋FRPSDULVRQÙÔ

7DEOH ̋ ÍðÁ ̋ UHFRUGV ̋WKH ̋ GDWD ̋ XVHG ̋WR ̋ SURGXFH ̋ HDFK ̋PXOWLð\HDU ̋WUDFHÔ ̋ ̋7KH ̋WDEOH ̋LV ̋ GLYLGHG

LQWR ̋WKUHH ̋SDUWV„ ̋3DUW ̋$ ̋FRYHUV ̋DOO ̋EXLOGLQJV‚ ̋3DUW ̋% ̋FRYHUV ̋UHVLGHQWLDO ̋EXLOGLQJV‚ ̋DQG ̋3DUW

& ̋ FRYHUV ̋ QRQðUHVLGHQWLDO ̋ EXLOGLQJVÔ ̋  ̋ 7KH ̋ OHIWPRVW ̋ FROXPQ ̋ LQ ̋ HDFK ̋ SDUW ̋ RI ̋ 7DEOH ̋ ÍðÁ

UHFRUGV ̋WKH ̋ \HDUÔ ̋ ̋7KH ̋ UHPDLQGHU ̋ RI ̋WKH ̋WDEOH ̋ UHFRUGV ̋WKH ̋ FRQVWUXFWLRQ ̋ FRQWUDFW ̋ YDOXH ̋LQ

ELOOLRQV ̋ RI ̋ FRQVWDQW ̋ Ï‰‰Î ̋ GROODUVÒ ̋ WKH ̋ IORRU ̋ VSDFH ̋ LQ ̋ PLOOLRQV ̋ RI ̋ VTXDUH ̋ IHHWÒ ̋ WKH

FRQVWUXFWLRQ ̋FRVW ̋LQ ̋GROODUV ̋SHU ̋VTXDUH ̋IRRWÒ ̋WKH ̋IORRU ̋VSDFH ̋LQ ̋PLOOLRQV ̋RI ̋VTXDUH ̋PHWHUVÒ

DQG ̋WKH ̋FRQVWUXFWLRQ ̋FRVW ̋LQ ̋GROODUV ̋SHU ̋VTXDUH ̋PHWHUÔ

'HOLYHU\ ̋7LPH ̋6WDWLVWLFV ̋3XEOLVKHG ̋E\ ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

7KH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV ̋SXEOLVKHV ̋D ̋ZLGH ̋YDULHW\ ̋RI ̋FRQVWUXFWLRQ ̋VWDWLVWLFV ̋DV ̋SDUW ̋RI

LWV ̋ &XUUHQW ̋ &RQVWUXFWLRQ ̋ 5HSRUW ̋ VHULHVÔ ̋  ̋ 6WDWLVWLFV ̋ UHODWHG ̋ WR ̋ GHOLYHU\ ̋ WLPH ̋ KDYH

KLVWRULFDOO\ ̋EHHQ ̋SXEOLVKHG ̋XQGHU ̋WZR ̋GLIIHUHQW ̋&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUW ̋VHULHV„ ̋ ıÏÙ

&ÎÌÒ ̋ +RXVLQJ ̋ 6WDUWV‚ ̋ DQG ̋ ıÎÙ ̋ &ÍÌÒ ̋ 9DOXH ̋ RI ̋ &RQVWUXFWLRQ ̋ 3XW ̋ LQ ̋ 3ODFHÔ ̋  ̋ %HFDXVH ̋ WKH

&HQVXV ̋ VWDWLVWLFV ̋ SXEOLVKHG ̋ LQ ̋ WKH ̋ &ÎÌ ̋ DQG ̋ &ÍÌ ̋ UHSRUWV ̋ DUH ̋ FRQVLGHUHG ̋ WR ̋ EH ̋ ERWK

DXWKRULWDWLYH ̋DQG ̋UHSUHVHQWDWLYH ̋RI ̋QDWLRQDO ̋DYHUDJHVÒ ̋HYHU\ ̋HIIRUW ̋LV ̋PDGH ̋WR ̋LQFRUSRUDWH

WKHP ̋LQWR ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋HDFK ̋VHFWRUÔ
ÈÍ

)LJXUH ̋ÍðÏËÔ ̋ ̋$YHUDJH ̋&RVW ̋SHU ̋6TXDUH ̋)RRW ̋DQG ̋SHU ̋6TXDUH ̋0HWHU ̋RI ̋1HZ

&RQVWUXFWLRQ ̋DQG ̋0DMRU ̋$GGLWLRQV ̋WR ̋%XLOGLQJV

Ì

ÏÌ

ÎÌ

ÍÌ

ÈÌ

ËÌ

ÁÌ

ÊÌ

ÂÌ

‰Ì

ÏÌÌ

Ï‰ÂÏÏ‰ÂÍÏ‰ÂËÏ‰ÂÊÏ‰Â‰Ï‰‰ÏÏ‰‰ÍÏ‰‰Ë

<HDU

&RVW ̋SHU ̋6TXDUH ̋)RRW ̋LQ ̋&RQVWDQW ̋Ï‰‰Î ̋

'ROODUV

Ì

ÎÌÌ

ÈÌÌ

ÁÌÌ

ÂÌÌ

ÏÌÌÌ

&RVW ̋SHU ̋6TXDUH ̋0HWHU ̋LQ ̋&RQVWDQW ̋Ï‰‰Î ̋

'ROODUV

$OO ̋%XLOGLQJV

&RPELQHG

1RQð5HVLGHQWLDO

%XLOGLQJV

5HVLGHQWLDO

%XLOGLQJV

7DEOH ̋ÍðÁÔ ̋ ̋ ̋%DFNJURXQG ̋,QIRUPDWLRQ ̋8VHG ̋WR ̋&RPSXWH ̋$YHUDJH ̋&RVW ̋SHU ̋6TXDUH

)RRW ̋DQG ̋$YHUDJH ̋&RVW ̋SHU ̋6TXDUH ̋0HWHU ̋)LJXUHV

3DUW ̋$„ ̋$OO ̋%XLOGLQJV

<($5 $// ̋%8,/',1*6

&RQVWUXFWLRQ ̋

&RQWUDFW ̋9DOXH ̋

ı%LOOLRQ ̋&RQVWDQW ̋

Ï‰‰Î ̋'ROODUVÙ

)ORRUVSDFH ̋ı0LOOLRQ ̋

6TXDUH ̋)HHWÙ

)ORRUVSDFH ̋ı0LOOLRQ ̋

6TXDUH ̋0HWHUVÙ

&RQVWUXFWLRQ ̋&RVW ̋

ı'ROODUVÓ6TXDUH ̋)RRWÙ

&RQVWUXFWLRQ ̋&RVW ̋

ı'ROODUVÓ6TXDUH ̋

0HWHUÙ

Ï‰ÂÌ ÎÏÂÔÌ ÍÒÏÌÎ ÎÂÂÔÎ ÊÌÔÎÊ ÊËÁÔÏÍ

Ï‰ÂÏ ÎÌÂÔÁ ÎÒÂÌË ÎÁÌÔÁ ÊÈÔÍÁ ÂÌÌÔÏÏ

Ï‰ÂÎ ÎÌÌÔË ÎÒÈËË ÎÎÂÔÏ ÂÏÔÁË ÂÊÂÔË‰

Ï‰ÂÍ ÎÈÈÔÂ ÍÒÍÂÊ ÍÏÈÔÊ ÊÎÔÎÁ ÊÊÊÔËÊ

Ï‰ÂÈ ÎÁÍÔÈ ÍÒÁÁÏ ÍÈÌÔÏ ÊÏÔ‰È ÊÊÈÔÌÂ

Ï‰ÂË ÎÂÎÔË ÍÒÂËÍ ÍËÊÔ‰ ÊÍÔÍÎ ÊÂÂÔÂÊ

Ï‰ÂÁ ÎÂ‰ÔÎ ÍÒ‰ÍË ÍÁËÔÁ ÊÍÔÈ‰ Ê‰ÌÔÊÊ

Ï‰ÂÊ Î‰ÌÔÍ ÍÒÊËÁ ÍÈÂÔ‰ ÊÊÔÍÌ ÂÍÏÔÊË

Ï‰ÂÂ ÎÂÍÔÈ ÍÒË‰È ÍÍÍÔ‰ ÊÂÔÂÁ ÂÈÂÔËÂ

Ï‰Â‰ ÎÂÎÔÊ ÍÒËÏÁ ÍÎÁÔÁ ÂÌÔÈÌ ÂÁËÔÏÍ

Ï‰‰Ì ÎÈ‰ÔÈ ÍÒÌÎÌ ÎÂÌÔÁ ÂÎÔÁÌ ÂÂÂÔÊË

Ï‰‰Ï ÎÍÎÔÈ ÎÒÁÍÈ ÎÈÈÔÊ ÂÂÔÎÈ ‰È‰ÔÈÍ

Ï‰‰Î ÎËÎÔÎ ÎÒÊ‰‰ ÎÁÌÔÌ ‰ÌÔÏÌ ‰Á‰ÔËÏ

Ï‰‰Í ÎÁÏÔÊ ÍÒÌÁÎ ÎÂÈÔË ÂËÔÈÂ ‰Ï‰ÔÊÎ

Ï‰‰È ÎÊÈÔÌ ÍÒÈÏÌ ÍÏÁÔÂ ÂÌÔÍË ÂÁÈÔËÈ

Ï‰‰Ë ÎÊÏÔÍ ÍÒÈÈÂ ÍÎÌÔÍ ÊÂÔÁÂ ÂÈÁÔÁÏ
ÈÈ

3DUW ̋%„ ̋5HVLGHQWLDO ̋%XLOGLQJV

<($5 5(6,'(17,$/ ̋%8,/',1*6

&RQVWUXFWLRQ ̋

&RQWUDFW ̋9DOXH ̋

ı%LOOLRQ ̋&RQVWDQW ̋

Ï‰‰Î ̋'ROODUVÙ

)ORRUVSDFH ̋ı0LOOLRQ ̋

6TXDUH ̋)HHWÙ

)ORRUVSDFH ̋ı0LOOLRQ ̋

6TXDUH ̋0HWHUVÙ

&RQVWUXFWLRQ ̋&RVW ̋

ı'ROODUVÓ6TXDUH ̋)RRWÙ

&RQVWUXFWLRQ ̋&RVW ̋

ı'ROODUVÓ6TXDUH ̋

0HWHUVÙ

Ï‰ÂÌ ÂÁÔÊ ÏÒÂÍ‰ ÏÊÌÔÂ ÈÊÔÏÁ ËÌÊÔÈÂ

Ï‰ÂÏ ÊÈÔÊ ÏÒËÁÎ ÏÈËÔÏ ÈÊÔÊ‰ ËÏÈÔÎÁ

Ï‰ÂÎ ÊÌÔÎ ÏÒÈÈÌ ÏÍÍÔÂ ÈÂÔÊÈ ËÎÈÔÈÌ

Ï‰ÂÍ ÏÏÏÔË ÎÒÎÊÁ ÎÏÏÔÈ ÈÂÔ‰Â ËÎÊÔÌÌ

Ï‰ÂÈ ÏÏÊÔÏ ÎÒÍÏÏ ÎÏÈÔÊ ËÌÔÁÂ ËÈËÔÍÍ

Ï‰ÂË ÏÎÎÔÈ ÎÒÍÎÈ ÎÏËÔ‰ ËÎÔÁÂ ËÁÁÔÊ‰

Ï‰ÂÁ ÏÍÈÔÏ ÎÒÈÂÏ ÎÍÌÔË ËÈÔÌË ËÂÏÔËÊ

Ï‰ÂÊ ÏÎÊÔ‰ ÎÒÎÂÂ ÎÏÎÔÁ ËËÔ‰Ì ÁÌÏÔËÎ

Ï‰ÂÂ ÏÎËÔÁ ÎÒÏÂÏ ÎÌÎÔÁ ËÊÔË‰ ÁÏ‰ÔÊÏ

Ï‰Â‰ ÏÎÏÔÏ ÎÒÏÏË Ï‰ÁÔË ËÊÔÎË ÁÏËÔ‰‰

Ï‰‰Ì ÏÌÎÔÍ ÏÒÂÏÊ ÏÁÂÔÂ ËÁÔÍÏ ÁÌËÔÂÂ

Ï‰‰Ï ‰ËÔÏ ÏÒÁËÍ ÏËÍÔÁ ËÊÔËÏ ÁÏÂÔÊ‰

Ï‰‰Î ÏÏÌÔÁ ÏÒÂÁÈ ÏÊÍÔÎ Ë‰ÔÍÍ ÁÍÂÔÈÈ

Ï‰‰Í ÏÏ‰ÔÈ ÎÒÌ‰Ï Ï‰ÈÔÍ ËÊÔÏÎ ÁÏÈÔÁÎ

Ï‰‰È ÏÎÍÔÁ ÎÒÎÁÁ ÎÏÌÔË ËÈÔËÈ ËÂÁÔÂÏ

Ï‰‰Ë ÏÏÈÔÎ ÎÒÏÊÎ ÎÌÏÔÂ ËÎÔË‰ ËÁËÔÂÏ

3DUW ̋&„ ̋1RQð5HVLGHQWLDO ̋%XLOGLQJV

<($5 121ð5(6,'(17,$/ ̋%8,/',1*6

&RQVWUXFWLRQ ̋

&RQWUDFW ̋9DOXH ̋

ı%LOOLRQ ̋&RQVWDQW ̋

Ï‰‰Î ̋'ROODUVÙ

)ORRUVSDFH ̋ı0LOOLRQ ̋

6TXDUH ̋)HHWÙ

)ORRUVSDFH ̋ı0LOOLRQ ̋

6TXDUH ̋0HWHUVÙ

&RQVWUXFWLRQ ̋&RVW ̋

ı'ROODUVÓ6TXDUH ̋)RRWÙ

&RQVWUXFWLRQ ̋&RVW ̋

ı'ROODUVÓ6TXDUH ̋

0HWHUÙ

Ï‰ÂÌ ÂÏÔÊ ÏÒÎÁÍ ÏÏÊÔÍ ÁÈÔÁ‰ Á‰ÁÔÏÏ

Ï‰ÂÏ ÂÁÔ‰ ÏÒÎÈÍ ÏÏËÔË Á‰ÔÂÊ ÊËÏÔÂÈ

Ï‰ÂÎ ÂÎÔÈ ÏÒÌÏË ‰ÈÔÍ ÂÏÔÎÏ ÂÊÍÔÂÍ

Ï‰ÂÍ ÂËÔÁ ÏÒÏÏÏ ÏÌÍÔÎ ÊÊÔÌÊ ÂÎ‰ÔÎË

Ï‰ÂÈ ÏÌÌÔ‰ ÏÒÍËÌ ÏÎËÔÈ ÊÈÔÊÈ ÂÌÈÔÎÎ

Ï‰ÂË ÏÏÌÔÈ ÏÒËÎ‰ ÏÈÎÔÌ ÊÎÔÎÎ ÊÊÊÔÏÏ

Ï‰ÂÁ ÏÌÁÔÍ ÏÒÈËÈ ÏÍËÔÏ ÊÍÔÌÂ ÊÂÁÔÍÎ

Ï‰ÂÊ ÏÏÌÔÂ ÏÒÈÁ‰ ÏÍÁÔË ÊËÔÍ‰ ÂÏÏÔÎË

Ï‰ÂÂ ÏÌËÔÂ ÏÒÈÏÍ ÏÍÏÔÍ ÊÈÔ‰Ì ÂÌËÔ‰Ì

Ï‰Â‰ ÏÏÌÔÁ ÏÒÈÌÌ ÏÍÌÔÏ ÊÂÔ‰Ê ÂÈ‰ÔÊÌ

Ï‰‰Ì ‰ÁÔÊ ÏÒÎÌÍ ÏÏÏÔÂ ÂÌÔÈÏ ÂÁËÔÎÍ

Ï‰‰Ï ÂÁÔÂ ‰ÂÏ ‰ÏÔÏ ÂÂÔÈÂ ‰ËÎÔÌ‰

Ï‰‰Î ÂÊÔÌ ‰ÍÁ ÂÊÔÌ ‰ÎÔ‰Ë ÏÌÌÌÔÏÍ

Ï‰‰Í ÂËÔÁ ‰ÊÏ ‰ÌÔÎ ÂÂÔÏÁ ‰ÈÂÔÁÌ

Ï‰‰È ‰ÍÔÈ ÏÒÏÈÈ ÏÌÁÔÍ ÂÏÔÁÊ ÂÊÂÔÊÎ

Ï‰‰Ë ÏÌÌÔÈ ÏÒÎÊÁ ÏÏÂÔË ÊÂÔÁÁ ÂÈÁÔÈÏ

5HVLGHQWLDO ̋GHOLYHU\ ̋WLPH ̋VWDWLVWLFV ̋DUH ̋SXEOLVKHG ̋DQQXDOO\ ̋DV ̋D ̋VXSSOHPHQW ̋LQ ̋WKH ̋0DUFK

HGLWLRQ ̋RI ̋WKH ̋&ÎÌ ̋UHSRUWÔ ̋ ̋7KHVH ̋VWDWLVWLFV ̋SURYLGH ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋DYHUDJH ̋OHQJWK ̋RI

WLPH ̋LQ ̋PRQWKV ̋IURP ̋DXWKRUL]DWLRQ ̋RI ̋FRQVWUXFWLRQ ̋ıLÔHÔÒ ̋LVVXDQFH ̋RI ̋WKH ̋EXLOGLQJ ̋SHUPLWÙ

WR ̋WKH ̋VWDUW ̋RI ̋FRQVWUXFWLRQ ̋ıLÔHÔÒ ̋H[FDYDWLRQ ̋EHJLQVÙ ̋DQG ̋IURP ̋WKH ̋VWDUW ̋RI ̋FRQVWUXFWLRQ ̋WR

FRPSOHWLRQ ̋ ıLÔHÔÒ ̋ IORRU ̋ ILQLVKHV ̋ DUH ̋ LQVWDOOHGÙÔ ̋  ̋ 1R ̋ FRPSOHPHQWDU\ ̋ LQIRUPDWLRQ ̋ RQ ̋ WKH

OHQJWK ̋RI ̋WLPH ̋UHTXLUHG ̋WR ̋REWDLQ ̋DXWKRUL]DWLRQ ̋ıLÔHÔÒ ̋IURP ̋DSSOLFDWLRQ ̋IRU ̋XQWLO ̋LVVXDQFH ̋RI

WKH ̋ EXLOGLQJ ̋ SHUPLWÙ ̋LV ̋ SXEOLVKHG ̋LQ ̋WKH ̋&ÎÌ ̋ VXSSOHPHQWÔ ̋ ̋%HFDXVH ̋WKH ̋&ÎÌ ̋ VXSSOHPHQW
ÈË

SURYLGHV ̋DQ ̋XQEURNHQ ̋WLPH ̋VHULHV ̋RI ̋VWDWLVWLFV ̋RQ ̋WKH ̋GXUDWLRQ ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋SURFHVVÒ

LW ̋LV ̋XVHG ̋DV ̋WKH ̋SULPDU\ ̋VRXUFH ̋IRU ̋GHOLYHU\ ̋WLPH ̋HVWLPDWHV ̋IRU ̋WKH ̋UHVLGHQWLDO ̋VHFWRUÔ

3ULRU ̋ WR ̋ Ï‰‰ÍÒ ̋ QRQðUHVLGHQWLDO ̋ GHOLYHU\ ̋ WLPH ̋ VWDWLVWLFV ̋ ZHUH ̋ SXEOLVKHG ̋ DV ̋ DQ ̋ DQQXDO

VXSSOHPHQW ̋LQ ̋WKH ̋2FWREHU ̋HGLWLRQ ̋RI ̋WKH ̋&ÍÌ ̋UHSRUWÔ ̋ ̋7KHVH ̋VWDWLVWLFV ̋SURYLGH ̋LQIRUPDWLRQ

RQ ̋WKH ̋DYHUDJH ̋OHQJWK ̋RI ̋WLPH ̋LQ ̋PRQWKV ̋IURP ̋VWDUW ̋RI ̋FRQVWUXFWLRQ ̋XQWLO ̋FRPSOHWLRQÔ ̋ ̋1R

FRPSOHPHQWDU\ ̋ LQIRUPDWLRQ ̋ RQ ̋ WKH ̋ OHQJWK ̋ RI ̋ WLPH ̋ UHTXLUHG ̋ WR ̋ REWDLQ ̋ DXWKRUL]DWLRQ ̋ ZDV

SXEOLVKHG ̋ LQ ̋ WKH ̋ &ÍÌ ̋ VXSSOHPHQWÔ ̋  ̋ +RZHYHUÒ ̋ VLQFH ̋ 2FWREHU ̋ Ï‰‰ÎÒ ̋ QR ̋ QRQðUHVLGHQWLDO

GHOLYHU\ ̋ WLPH ̋ VWDWLVWLFV ̋ KDYH ̋ EHHQ ̋ SXEOLVKHG ̋ E\ ̋ WKH ̋ 86 ̋ %XUHDX ̋ RI ̋ WKH ̋ &HQVXVÔ

&RQVHTXHQWO\Ò ̋ LQ ̋ RUGHU ̋ WR ̋ JHQHUDWH ̋ GHOLYHU\ ̋ WLPH ̋ VWDWLVWLFV ̋ IRU ̋ WKH ̋ WKUHH ̋ QRQðUHVLGHQWLDO

VHFWRUVÒ ̋ LW ̋ ZDV ̋ QHFHVVDU\ ̋ WR ̋ ORFDWH ̋ DGGLWLRQDO ̋ GDWD ̋ VRXUFHVÔ ̋  ̋ $OWKRXJK ̋ DGGLWLRQDO ̋ GDWD

VRXUFHV ̋ DUH ̋ XVHG ̋ DV ̋ WKH ̋ SULPDU\ ̋ VRXUFH ̋ IRU ̋ QRQðUHVLGHQWLDO ̋ GHOLYHU\ ̋ WLPH ̋ VWDWLVWLFVÒ ̋ GDWD

IURP ̋WKH ̋2FWREHU ̋Ï‰‰Î ̋&ÍÌ ̋VXSSOHPHQW ̋DUH ̋XVHG ̋DV ̋D ̋UHIHUHQFH ̋SRLQW ̋DQG ̋IRU ̋SXUSRVHV ̋RI

FRPSDULVRQ ̋ıVHH ̋&KDSWHU ̋ÁÙÔ

'HOLYHU\ ̋7LPH ̋6WDWLVWLFV ̋3URYLGHG ̋E\ ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH

'DWD ̋ IURP ̋ WKH ̋ &RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ ,QVWLWXWH ̋ ı&,,Ù ̋ DUH ̋ XVHG ̋ WR ̋ SURGXFH ̋ HVWLPDWHV ̋ IRU

GHOLYHU\ ̋ WLPH ̋ VWDWLVWLFV ̋ IRU ̋ WKH ̋ WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUVÔ ̋  ̋ &,, ̋ LV ̋ DQ ̋ LQWHUQDWLRQDOO\ð

UHFRJQL]HG ̋UHVHDUFK ̋FRQVRUWLXP ̋IRFXVHG ̋RQ ̋DGYDQFLQJ ̋WKH ̋FDSLWDO ̋SURMHFWV ̋LQGXVWU\Ô ̋ ̋7KH

&,, ̋GDWD ̋DUH ̋XVHG ̋LQ ̋WKLV ̋GRFXPHQW ̋EHFDXVH ̋&,, ̋KDV ̋FRPPLWWHG ̋LWVHOI ̋WR ̋DQ ̋DQQXDO ̋F\FOH ̋RI

VXUYH\LQJ ̋LWV ̋PHPEHU ̋FRPSDQLHVÒ ̋FROOHFWLQJ ̋GDWD ̋RQ ̋DQ ̋LQGLYLGXDO ̋SURMHFW ̋EDVLVÒ ̋DQDO\]LQJ

WKHVH ̋GDWDÒ ̋DQG ̋SXEOLVKLQJ ̋LWV ̋ILQGLQJVÔ

5HVHDUFK ̋E\ ̋WKH ̋DXWKRUV ̋LQGLFDWHV ̋WKDW ̋&,, ̋LV ̋RQH ̋RI ̋WKH ̋IHZ ̋RUJDQL]DWLRQV ̋LQ ̋WKH ̋86 ̋WKDW ̋LV

V\VWHPDWLFDOO\ ̋ FROOHFWLQJ ̋ FRQVWUXFWLRQ ̋ SURMHFW ̋ GDWD ̋ LQ ̋ D ̋ PDQQHU ̋ FRQGXFLYH ̋ WR ̋ WKH

IRUPXODWLRQ ̋RI ̋ ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋DOO ̋WKUHH ̋QRQðUHVLGHQWLDO ̋VHFWRUVÔ ̋ ̋&,, ̋KDV ̋DJUHHG ̋WR

SURYLGH ̋1,67 ̋ZLWK ̋DJJUHJDWHG ̋GDWD ̋IURP ̋LWV ̋GDWDEDVHÒ ̋ZKLFK ̋ZLOO ̋HQDEOH ̋1,67 ̋WR ̋GHYHORS

EURDGðEDVHGÒ ̋LQGXVWU\ðZLGH ̋ EDVHOLQH ̋PHDVXUHV ̋ IRU ̋ UHGXFWLRQV ̋LQ ̋ GHOLYHU\ ̋WLPHÔÏÁ ̋  ̋ $W ̋WKH

VDPH ̋WLPHÒ ̋1,67©V ̋DQDO\VHV ̋ RI ̋WKH ̋ GDWD ̋ SURYLGHG ̋ E\ ̋&,, ̋ZLOO ̋ SURYLGH ̋&,, ̋ZLWK ̋ YDOXDEOH

LQVLJKWV ̋LQWR ̋WKH ̋VFKHGXOH ̋SHUIRUPDQFH ̋RI ̋LWV ̋PHPEHU ̋FRPSDQLHVÒ ̋ZKLFK ̋ZLOO ̋EH ̋RI ̋GLUHFW

EHQHILW ̋WR ̋LWV ̋PHPEHUVKLSÔ

6HYHUDO ̋SULYDWH ̋FRPSDQLHV ̋DOVR ̋FROOHFW ̋VRPH ̋FRQVWUXFWLRQ ̋SURMHFW ̋GDWD ̋IRU ̋RQH ̋RU ̋PRUH ̋RI

WKH ̋WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUVÔ ̋ ̋+RZHYHUÒ ̋WKHVH ̋ GDWD ̋ DUH ̋ RIWHQ ̋ VSHFLILF ̋WR ̋ D ̋ SDUWLFXODU

VHJPHQW ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ ıHÔJÔÒ ̋ SHWURFKHPLFDOVÙ ̋ DQG ̋ WKXV ̋ FDQQRW ̋ EH ̋ XVHG ̋ WR

GHYHORS ̋WKH ̋ EURDGðEDVHGÒ ̋LQGXVWU\ðZLGH ̋ EDVHOLQH ̋ PHDVXUHV ̋ DVVRFLDWHG ̋ ZLWK ̋ WKH ̋ 1DWLRQDO

&RQVWUXFWLRQ ̋ *RDOVÔ ̋  ̋ )XUWKHUPRUHÒ ̋ WKHUH ̋ PD\ ̋ EH ̋ QR ̋ IL[HG ̋ UHSRUWLQJ ̋ LQWHUYDOV ̋ RU ̋ EURDGð

EDVHG ̋ GDWD ̋ FROOHFWLRQ ̋ HIIRUW ̋ WKDW ̋ ZRXOG ̋ SURYLGH ̋ FRQILGHQFH ̋ WKDW ̋ WKHVH ̋ GDWD ̋ DUH

DXWKRULWDWLYHÔ ̋ ̋,Q ̋DGGLWLRQÒ ̋LW ̋LV ̋OLNHO\ ̋WKDW ̋VXFK ̋GDWD ̋FRXOG ̋RQO\ ̋EH ̋REWDLQHG ̋RQ ̋D ̋IHHðIRUð

VHUYLFH ̋EDVLVÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÏÁ ̋$OO ̋GDWD ̋SURYLGHG ̋WR ̋1,67 ̋E\ ̋&,, ̋KDYH ̋EHHQ ̋DJJUHJDWHG ̋LQ ̋D ̋PDQQHU ̋WKDW ̋SUHFOXGHV ̋LGHQWLILFDWLRQ ̋RI ̋DQ

LQGLYLGXDO ̋FRPSDQ\ˆV ̋RU ̋SURMHFWˆV ̋SHUIRUPDQFHÔ
ÈÁ

,Q ̋WKH ̋VHDUFK ̋IRU ̋VRXUFHV ̋RI ̋LQIRUPDWLRQ ̋RQ ̋GHOLYHU\ ̋WLPHÒ ̋D ̋ZLGH ̋UDQJH ̋RI ̋SXEOLF ̋ERGLHV

ZHUH ̋DOVR ̋FRQVXOWHGÔ ̋ ̋2XU ̋ILQGLQJV ̋LQGLFDWH ̋WKDW ̋WKHUH ̋LV ̋OLWWOH ̋GDWD ̋DYDLODEOH ̋ IURP ̋SXEOLF

DVVRFLDWLRQV ̋UHODWLQJ ̋WR ̋F\FOH ̋WLPHV ̋IRU ̋QRQðUHVLGHQWLDO ̋FRQVWUXFWLRQ ̋SURMHFWVÔ

7KHUHIRUHÒ ̋LW ̋LV ̋FRQVLGHUHG ̋WR ̋EH ̋DSSURSULDWH ̋WR ̋PDNH ̋XVH ̋RI ̋GDWD ̋IURP ̋&,,Ô ̋ ̋7KH ̋IUHTXHQF\

IRU ̋SXEOLVKLQJ ̋WKHVH ̋GDWD ̋DQG ̋WKH ̋PHWKRGV ̋RI ̋GDWD ̋FROOHFWLRQ ̋PHHW ̋WKH ̋FULWHULD ̋HVWDEOLVKHG

LQ ̋&KDSWHU ̋ÎÔ ̋ ̋)RU ̋SXUSRVHV ̋RI ̋WKLV ̋GRFXPHQWÒ ̋WKH ̋ RQO\ ̋OLPLWDWLRQ ̋ RI ̋WKH ̋&,, ̋ GDWD ̋LV ̋WKDW

WKH\ ̋ PD\ ̋ QRW ̋ EH ̋ UHSUHVHQWDWLYH ̋ RI ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ ¶DYHUDJHVß ̋ IRU ̋ WKH ̋ WKUHH ̋ QRQð

UHVLGHQWLDO ̋VHFWRUVÔ ̋ ̋7KLV ̋FDYHDW ̋LV ̋EDVHG ̋RQ ̋WKH ̋DVVXPSWLRQ ̋WKDW ̋&,, ̋PHPEHU ̋FRPSDQLHV

PD\ ̋EH ̋PRUH ̋DJJUHVVLYHO\ ̋SXUVXLQJ ̋SHUIRUPDQFH ̋LPSURYHPHQW ̋PHDVXUHV ̋WKDQ ̋FRPSDQLHV

WKDW ̋DUH ̋QRW ̋PHPEHUV ̋RI ̋&,,Ô ̋ ̋7KXV ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋GHULYHG ̋IURP ̋WKHVH ̋GDWD ̋PD\ ̋EH

VNHZHG ̋ WRZDUGV ̋ WKH ̋ ¶EHVW ̋ SUDFWLFHß ̋ HQG ̋ RI ̋ WKH ̋ QRQðUHVLGHQWLDO ̋ FRQVWUXFWLRQ ̋ SURMHFW

VSHFWUXPÔ ̋ ̋+RZHYHUÒ ̋LQ ̋WKH ̋DEVHQFH ̋RI ̋RWKHU ̋GDWDÒ ̋WKH ̋&,, ̋GDWD ̋DUH ̋FRQVLGHUHG ̋WR ̋EH ̋ERWK

DSSURSULDWH ̋ DQG ̋ RI ̋ YDOXH ̋ IRU ̋ HVWDEOLVKLQJ ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ SUHVHQWHG ̋ LQ ̋ WKLV

GRFXPHQWÔ

&,, ̋PHPEHUVKLS ̋LV ̋QHDUO\ ̋HTXDOO\ ̋VSOLW ̋EHWZHHQ ̋RZQHU ̋PHPEHUV ̋DQG ̋FRQWUDFWRU ̋PHPEHUVÔ

&,, ̋ GUDZV ̋ LWV ̋ PHPEHUVKLS ̋ SULPDULO\ ̋ IURP ̋ FRPSDQLHV ̋ LQYROYHG ̋ LQ ̋ WKH ̋ RSHUDWLRQ ̋ RU

FRQVWUXFWLRQ ̋RI ̋FKHPLFDO ̋PDQXIDFWXULQJÒ ̋RLO ̋UHILQLQJÒ ̋SXOS ̋DQG ̋SDSHUÒ ̋RU ̋VLPLODU ̋LQGXVWULDO

IDFLOLWLHVÔ ̋ ̋%HFDXVH ̋WKHVH ̋IDFLOLWLHV ̋DOVR ̋LQFOXGH ̋LQIUDVWUXFWXUH ̋DQG ̋FRPPHUFLDOÓRIILFH ̋W\SH

RSHUDWLRQVÒ ̋&,, ̋PHPEHU ̋FRPSDQLHV ̋VSDQ ̋DOO ̋WKUHH ̋QRQðUHVLGHQWLDO ̋VHFWRUVÔ ̋ ̋,Q ̋DGGLWLRQÒ ̋&,,

FRQWUDFWRU ̋ PHPEHUV ̋ RIWHQ ̋ SHUIRUP ̋ VXEVWDQWLDO ̋ DPRXQWV ̋ RI ̋ ZRUN ̋ LQ ̋ WKH ̋ FRPPHUFLDOÓ

LQVWLWXWLRQDO ̋DQG ̋SXEOLF ̋ZRUNV ̋VHFWRUV ̋DV ̋ZHOO ̋DV ̋LQ ̋WKH ̋LQGXVWULDO ̋VHFWRUÔ

&,,©V ̋ UROH ̋ DV ̋ D ̋ FDWDO\VW ̋ ZLWKLQ ̋WKH ̋ FDSLWDO ̋ SURMHFWV ̋LQGXVWU\ ̋ SURPRWHV ̋ D ̋ EHOLHI ̋WKDW ̋WKHVH

SURMHFWðRULHQWHG ̋ GDWD ̋ DUH ̋ OLNHO\ ̋ WR ̋ EHFRPH ̋ ZLGHO\ ̋ UHFRJQL]HG ̋ WKURXJKRXW ̋ WKH ̋ QRQð

UHVLGHQWLDO ̋ VHFWRUV ̋ RI ̋WKH ̋ FRQVWUXFWLRQ ̋LQGXVWU\ ̋ DV ̋ EHQFKPDUNV ̋ E\ ̋ZKLFK ̋WR ̋PHDVXUH ̋WKH

LPSURYHPHQW ̋ RI ̋WKH ̋LQGXVWU\Ô ̋ ̋ ,Q ̋DGGLWLRQÒ ̋&,,©V ̋PLVVLRQ ̋WR ̋LPSURYH ̋WKH ̋ VDIHW\Ò ̋ TXDOLW\Ò

VFKHGXOHÒ ̋ DQG ̋ FRVW ̋ HIIHFWLYHQHVV ̋ RI ̋ WKH ̋ FDSLWDO ̋ LQYHVWPHQW ̋ SURFHVVððQRW ̋ RQO\ ̋ WKURXJK

UHVHDUFK ̋EXW ̋DOVR ̋WKURXJK ̋D ̋V\VWHPDWLF ̋LPSOHPHQWDWLRQ ̋SURFHVVððVKRXOG ̋HQVXUH ̋WKH ̋EURDG

GLVVHPLQDWLRQ ̋RI ̋ILQGLQJV ̋IURP ̋WKH ̋DQQXDO ̋GDWD ̋FROOHFWLRQ ̋F\FOHÔ ̋ ̋)LQDOO\Ò ̋&,,©V ̋*RDO ̋ÎÌÌÌ

LQLWLDWLYH ̋FORVHO\ ̋SDUDOOHOV ̋WKH ̋DLPV ̋RI ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDOV ̋Ï ̋DQG ̋ÊÔ ̋ ̋7R ̋DFKLHYH

*RDO ̋ ÎÌÌÌÒ ̋ &,, ̋ ZLOO ̋ SHUIRUP ̋ UHVHDUFK ̋ WKDW ̋ ZLOO ̋ KHOS ̋ UHGXFH ̋ WRWDO ̋ SURMHFW ̋ FRVWV ̋ E\ ̋ ÎÌ

SHUFHQWÒ ̋ UHGXFH ̋ WRWDO ̋ SURMHFW ̋ GXUDWLRQ ̋ E\ ̋ ÎÌ ̋ SHUFHQWÒ ̋ DQG ̋ LPSURYH ̋ SURMHFW ̋ VDIHW\ ̋ E\ ̋ ÎË

SHUFHQW ̋E\ ̋WKH ̋\HDU ̋ÎÌÌÌÔ

$ ̋ NH\ ̋ UHVRXUFH ̋ LQ ̋ &,,©V ̋ HIIRUW ̋ WR ̋ DFKLHYH ̋ *RDO ̋ ÎÌÌÌ ̋ LV ̋ WKH ̋ %HQFKPDUNLQJ ̋ DQG ̋0HWULFV

3URJUDPÔ ̋ ̋7KH ̋ SXUSRVHV ̋ RI ̋WKH ̋%HQFKPDUNLQJ ̋ DQG ̋0HWULFV ̋ 3URJUDP ̋ DUH„ ̋ ıÏÙ ̋WR ̋ SURYLGH

LQIRUPDWLRQ ̋ WR ̋ PHPEHU ̋ FRPSDQLHV ̋ RQ ̋ WKH ̋ QHW ̋ LPSDFW ̋ LQ ̋ RYHUDOO ̋ SURMHFW ̋ SHUIRUPDQFH

DVVRFLDWHG ̋ZLWK ̋XVLQJ ̋&,,ðHQGRUVHG ̋EHVW ̋SUDFWLFHV‚ ̋DQG ̋ıÎÙ ̋WR ̋DVVLVW ̋PHPEHU ̋FRPSDQLHV ̋LQ

VWDWLVWLFDO ̋ PHDVXUHPHQWV ̋ WKDW ̋ FDQ ̋ LPSURYH ̋ WKHLU ̋ RZQ ̋ FDSLWDO ̋ SURMHFW ̋ HIIHFWLYHQHVVÔ ̋  ̋ 7KH

YHKLFOH ̋ WKURXJK ̋ ZKLFK ̋ WKH ̋ SXUSRVHV ̋ RI ̋ WKH ̋ %HQFKPDUNLQJ ̋ DQG ̋ 0HWULFV ̋ 3URJUDP ̋ DUH

LPSOHPHQWHG ̋ LV ̋ &,,©V ̋ %HQFKPDUNLQJ ̋ DQG ̋ 0HWULFV ̋ &RPPLWWHHÔ ̋  ̋ 7KH ̋ %HQFKPDUNLQJ ̋ DQG

0HWULFV ̋&RPPLWWHH ̋ZDV ̋FKDUWHUHG ̋ E\ ̋&,,©V ̋%RDUG ̋ RI ̋$GYLVRUV ̋LQ ̋1RYHPEHU ̋ Ï‰‰ÍÔ ̋ ̋7KH
ÈÊ

%HQFKPDUNLQJ ̋DQG ̋0HWULFV ̋&RPPLWWHH ̋LV ̋FRPSRVHG ̋ RI ̋ UHSUHVHQWDWLYHV ̋ IURP ̋ ERWK ̋ RZQHU

DQG ̋FRQWUDFWRU ̋FRPSDQLHV‚ ̋LW ̋PHW ̋IRU ̋WKH ̋ILUVW ̋WLPH ̋LQ ̋)HEUXDU\ ̋Ï‰‰ÈÔ

7R ̋ SURYLGH ̋ TXDQWLWDWLYH ̋ PHDVXUHV ̋ RI ̋ SURMHFW ̋ SHUIRUPDQFHÒ ̋ WKH ̋ &,, ̋ %HQFKPDUNLQJ ̋ DQG

0HWULFV ̋ &RPPLWWHH ̋ HVWDEOLVKHG ̋ D ̋ EHQFKPDUNLQJ ̋ GDWDEDVH ̋ LQ ̋ Ï‰‰ÁÔ ̋  ̋ 7KH ̋ EHQFKPDUNLQJ

GDWDEDVH ̋ LV ̋ EDVHG ̋ RQ ̋ VXUYH\ ̋ GDWD ̋ FROOHFWHG ̋ IURP ̋ &,, ̋ PHPEHU ̋ FRPSDQLHVÔ ̋  ̋ 7KH

%HQFKPDUNLQJ ̋ DQG ̋ 0HWULFV ̋ &RPPLWWHH ̋ LV ̋ UHVSRQVLEOH ̋ IRU ̋ WKH ̋ GHVLJQ ̋ RI ̋ WKH ̋ VXUYH\

LQVWUXPHQWÒ ̋ WKH ̋ WUDLQLQJ ̋ RI ̋ GDWD ̋ OLDLVRQ ̋ RIILFHUV ̋ IURP ̋ PHPEHU ̋ FRPSDQLHVÒ ̋ DQG ̋ WKH

FRPSLODWLRQ ̋DQG ̋DQDO\VLV ̋RI ̋UHVSRQGHQW ̋GDWDÔ

7KH ̋ VXUYH\ ̋ LQVWUXPHQW ̋ IRFXVHV ̋ RQ ̋ LQIRUPDWLRQ ̋ RQ ̋ SURMHFW ̋ VL]HÒ ̋ FRVWÒ ̋ VFKHGXOHÒ ̋ RYHUDOO

SHUIRUPDQFHÒ ̋ DV ̋ ZHOO ̋ DV ̋ RQ ̋ GHWDLOV ̋ RI ̋ SURMHFW ̋ H[HFXWLRQÔ ̋  ̋ 7KH ̋ VXUYH\ ̋ LQVWUXPHQW ̋ LV

GHVLJQHG ̋WR ̋FROOHFW ̋LQIRUPDWLRQ ̋ERWK ̋RQ ̋SHUIRUPDQFH ̋PHWULFVððFRVWÒ ̋VFKHGXOHÒ ̋DQG ̋VDIHW\ðð

DQG ̋RQ ̋WKH ̋XVH ̋RI ̋&,,ðHQGRUVHG ̋EHVW ̋SUDFWLFHVÔ ̋ ̋3HUKDSV ̋PRVW ̋LPSRUWDQWO\Ò ̋&,,©V ̋DQDO\VLV ̋RI

UHVSRQGHQW ̋ GDWD ̋ VHHNV ̋ WR ̋ TXDQWLI\ ̋ WKH ̋ LPSDFWV ̋ RI ̋ EHVW ̋ SUDFWLFH ̋ XVDJH ̋ RQ ̋ WKH ̋ YDOXHV ̋ RI

SHUIRUPDQFH ̋ PHWULFV ̋ ıHÔJÔÒ ̋ KRZ ̋ WKH ̋ XVH ̋ RI ̋ EHVW ̋ SUDFWLFHV ̋ WUDQVODWHV ̋ LQWR ̋ UHGXFWLRQV ̋ LQ

GHOLYHU\ ̋ WLPHÙÔ ̋  ̋ 'HWDLOHG ̋ LQIRUPDWLRQ ̋ LV ̋ FROOHFWHG ̋ RQ ̋ Â ̋ RI ̋ WKH ̋ ÍÈ ̋ &,,ðHQGRUVHG ̋ EHVW

SUDFWLFHVÒ ̋ LQFOXGLQJ ̋ WKH ̋ IROORZLQJ„ ̋ ıÏÙ ̋ VDIHW\‚ÏÊ ̋ ıÎÙ ̋ SUHðSURMHFW ̋ SODQQLQJ‚ÏÂ ̋ ıÍÙ ̋ WHDP

EXLOGLQJ‚Ï‰ ̋DQG ̋ıÈÙ ̋FRQVWUXFWDELOLW\ÔÎÌ ̋ ̋7KHVH ̋GDWD ̋DUH ̋XVHG ̋WR ̋FRQVWUXFW ̋D ̋VHULHV ̋RI ̋LQGLFHV

IRU ̋PHDVXULQJ ̋WKH ̋GHJUHH ̋RI ̋XVDJH ̋ERWK ̋IRU ̋LQGLYLGXDO ̋EHVW ̋SUDFWLFHV ̋ıHÔJÔÒ ̋WHDP ̋EXLOGLQJÙ

DQG ̋IRU ̋WKH ̋RYHUDOO ̋VHWÔ ̋ ̋+DYLQJ ̋GDWD ̋ZKLFK ̋OLQNV ̋EHVW ̋SUDFWLFH ̋XVH ̋WR ̋UHGXFWLRQV ̋LQ ̋GHOLYHU\

WLPH ̋LV ̋D ̋YDOXDEOH ̋WRRO ̋IRU ̋LGHQWLI\LQJ ̋SHUIRUPDQFH ̋RSSRUWXQLWLHVÔ ̋ ̋7KXVÒ ̋WKH ̋LQFOXVLRQ ̋RI

WKHVH ̋ GDWD ̋ SURYLGH ̋ D ̋ YDOXDEOH ̋ DGGLWLRQDO ̋ GLPHQVLRQ ̋ WR ̋ RXU ̋ HIIRUW ̋ WR ̋ GHYHORS ̋ EDVHOLQH

PHDVXUHV ̋IRU ̋GHOLYHU\ ̋WLPH ̋LQ ̋WKH ̋WKUHH ̋QRQðUHVLGHQWLDO ̋VHFWRUVÔ

7R ̋ GDWHÒ ̋ LQIRUPDWLRQ ̋ IURP ̋ Í‰Í ̋ SURMHFWV ̋ WRWDOLQJ ̋  ̆ÎÌÔÁ ̋ ELOOLRQ ̋ ıLQVWDOOHG ̋ FRVWÙ ̋ KDV ̋ EHHQ

FROOHFWHGÒ ̋ FRPSLOHGÒ ̋ DQG ̋ DQDO\]HGÔ ̋  ̋ )LJXUH ̋ ÍðÏÁ ̋ VXPPDUL]HV ̋ WKH ̋ SURMHFW ̋ GDWD ̋ UHFHLYHG

IURP ̋ÍÌ ̋RZQHUV ̋DQG ̋Î‰ ̋FRQWUDFWRUVÔ ̋ ̋1RWH ̋WKDW ̋WKH ̋QXPEHU ̋RI ̋SURMHFWV ̋LV ̋DOPRVW ̋HTXDOO\

VSOLW ̋EHWZHHQ ̋RZQHUV ̋DQG ̋FRQWUDFWRUVÔ

:KLOH ̋DQ ̋RZQHU ̋LV ̋XOWLPDWHO\ ̋UHVSRQVLEOH ̋IRU ̋DQ ̋HQWLUH ̋SURMHFWÒ ̋D ̋FRQWUDFWRU ̋ZLOO ̋QRUPDOO\

KDYH ̋UHVSRQVLELOLW\ ̋RQO\ ̋IRU ̋D ̋VXEVHW ̋RI ̋WKH ̋WRWDO ̋IXQFWLRQV ̋UHTXLUHG ̋WR ̋GHYHORS ̋D ̋SURMHFWÔ

&RQWUDFWRU ̋ UHVSRQGHQW ̋ SURMHFWV ̋LQ ̋WKH ̋ GDWDEDVH ̋ UHSUHVHQW ̋ RQO\ ̋WKRVH ̋ IXQFWLRQV ̋ IRU ̋ZKLFK

WKH ̋FRQWUDFWRU ̋UHVSRQGHQW ̋KDV ̋UHVSRQVLELOLW\Ô ̋ ̋)LJXUH ̋ÍðÏÊ ̋UHSRUWV ̋WKH ̋UHVSRQVLELOLW\ ̋IRU ̋WKH

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÏÊ ̋6DIHW\ ̋SUDFWLFHV ̋LQFOXGH ̋WKH ̋VLWHðVSHFLILF ̋SURJUDP ̋DQG ̋HIIRUWV ̋WR ̋FUHDWH ̋D ̋SURMHFW ̋HQYLURQPHQW ̋DQG ̋VWDWH ̋RI

FRQVFLRXVQHVV ̋ HPEUDFLQJ ̋ WKH ̋ FRQFHSW ̋ WKDW ̋ DOO ̋ DFFLGHQWV ̋ DUH ̋ SUHYHQWDEOH ̋ DQG ̋ WKDW ̋ ]HUR ̋ DFFLGHQWV ̋ LV ̋ DQ

REWDLQDEOH ̋JRDOÔ

ÏÂ ̋ 3UHðSURMHFW ̋ SODQQLQJ ̋ LQYROYHV ̋ WKH ̋ SURFHVV ̋ RI ̋ GHYHORSLQJ ̋ VXIILFLHQW ̋ VWUDWHJLF ̋ LQIRUPDWLRQ ̋ ZLWK ̋ ZKLFK

RZQHUV ̋FDQ ̋DGGUHVV ̋ULVN ̋DQG ̋GHFLGH ̋WR ̋FRPPLW ̋UHVRXUFHV ̋WR ̋PD[LPL]H ̋WKH ̋FKDQFH ̋IRU ̋D ̋VXFFHVVIXO ̋SURMHFWÔ

Ï‰ ̋ 7HDP ̋ EXLOGLQJ ̋ LV ̋ D ̋ SURFHVV ̋ WKDW ̋ EULQJV ̋ WRJHWKHU ̋ D ̋ GLYHUVH ̋ JURXS ̋ RI ̋ SURMHFW ̋ SDUWLFLSDQWV ̋ DQG ̋ VHHNV ̋ WR

UHVROYH ̋ GLIIHUHQFHVÒ ̋ UHPRYH ̋ URDGEORFNVÒ ̋ DQG ̋ SURDFWLYHO\ ̋ EXLOG ̋ DQG ̋ GHYHORS ̋ WKH ̋ JURXS ̋ LQWR ̋ DQ ̋ DOLJQHGÒ

IRFXVHGÒ ̋ DQG ̋ PRWLYDWHG ̋ ZRUN ̋ WHDP ̋ WKDW ̋ VWULYHV ̋ IRU ̋ D ̋ FRPPRQ ̋ PLVVLRQ ̋ IRU ̋ VKDUHG ̋ JRDOVÒ ̋ REMHFWLYHVÒ ̋ DQG

SULRULWLHVÔ

ÎÌ ̋ &RQVWUXFWDELOLW\ ̋ SUDFWLFHV ̋ VHHN ̋ WR ̋ DFKLHYH ̋ RYHUDOO ̋ SURMHFW ̋ REMHFWLYHV ̋ WKURXJK ̋ WKH ̋ RSWLPXP ̋ XVH ̋ RI

FRQVWUXFWLRQ ̋ NQRZOHGJH ̋ DQG ̋ H[SHULHQFH ̋ LQ ̋ SODQQLQJÒ ̋ GHVLJQÒ ̋ SURFXUHPHQWÒ ̋ DQG ̋ ILHOG ̋ RSHUDWLRQVÔ

&RQVWUXFWDELOLW\ ̋LV ̋DFKLHYHG ̋WKURXJK ̋WKH ̋HIIHFWLYH ̋DQG ̋WLPHO\ ̋LQWHJUDWLRQ ̋RI ̋FRQVWUXFWLRQ ̋LQSXW ̋LQWR ̋SODQQLQJ

DQG ̋GHVLJQ ̋DV ̋ZHOO ̋DV ̋ILHOG ̋RSHUDWLRQVÔ
ÈÂ

ÎÌ‰ ̋ SURMHFWV ̋ VXEPLWWHG ̋ E\ ̋ FRQWUDFWRUVÔ ̋  ̋ 2I ̋ WKH ̋ SURMHFWV ̋ VXEPLWWHG ̋ E\ ̋ FRQWUDFWRUVÒ ̋ ÈÌ

FRQWUDFWRU ̋ UHVSRQGHQWV ̋KDG ̋ UHVSRQVLELOLW\ ̋RQO\ ̋ IRU ̋ GHVLJQÒ ̋ ÁÈ ̋ KDG ̋ UHVSRQVLELOLW\ ̋ RQO\ ̋ IRU

FRQVWUXFWLRQÒ ̋DQG ̋ÏÌË ̋KDG ̋UHVSRQVLELOLW\ ̋IRU ̋ERWK ̋GHVLJQ ̋DQG ̋FRQVWUXFWLRQÔ

)LJXUH ̋ÍðÏÁÔ ̋ ̋'DWDEDVH ̋E\ ̋5HVSRQGHQW ̋7\SH

Í‰Í ̋3URMHFWV

 ̆ÎÌÔÁ ̋%LOOLRQ

ÍÌ ̋2ZQHUV

ÏÂÈ ̋3URMHFWV

Î‰ ̋&RQWUDFWRUV

ÎÌ‰ ̋3URMHFWV

7KH ̋ %HQFKPDUNLQJ ̋ DQG ̋0HWULFV ̋ &RPPLWWHH ̋ XVHV ̋ IRXU ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ JURXSV ̋ DQG

DOORZV ̋IRU ̋FDWHJRUL]DWLRQ ̋RI ̋WKH ̋GDWDEDVH ̋E\ ̋WKHVH ̋JURXSVÔ ̋ ̋7KH ̋IRXU ̋LQGXVWU\ ̋JURXSV ̋DUH„

ıÏÙ ̋EXLOGLQJV‚ ̋ıÎÙ ̋KHDY\ ̋LQGXVWULDO‚ ̋ıÍÙ ̋LQIUDVWUXFWXUH‚ ̋DQG ̋ıÈÙ ̋OLJKW ̋LQGXVWULDOÔ ̋ ̋)LJXUH ̋ÍðÏÂ

UHSRUWV ̋WKH ̋GLVWULEXWLRQ ̋RI ̋SURMHFWV ̋LQ ̋WKH ̋GDWDEDVH ̋E\ ̋LQGXVWU\ ̋JURXSÔ ̋ ̋'DWD ̋RQ ̋ERWK ̋RZQHU

UHVSRQGHQW ̋ SURMHFWV ̋ DQG ̋ FRQWUDFWRU ̋ UHVSRQGHQW ̋ SURMHFWV ̋ DUH ̋ VKRZQ ̋ LQ ̋ )LJXUH ̋ ÍðÏÂÔ ̋  ̋ 7KH

KHDY\ ̋ LQGXVWULDO ̋ JURXS ̋ FRPSULVHV ̋ DSSUR[LPDWHO\ ̋ ÁÌ ̋ SHUFHQW ̋ RI ̋ WKH ̋ GDWDEDVHÔ ̋  ̋ 7KH

UHPDLQGHU ̋ RI ̋ WKH ̋ SURMHFWV ̋ DUH ̋ IDLUO\ ̋ HTXDOO\ ̋ GLVWULEXWHG ̋ DPRQJ ̋ WKH ̋ RWKHU ̋ WKUHH ̋ LQGXVWU\

JURXSVÔ ̋  ̋ 7KURXJKRXW ̋ WKLV ̋ GRFXPHQW ̋ EXLOGLQJV ̋ DUH ̋ FODVVLILHG ̋ XQGHU ̋ WKH

FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRUÒ ̋ERWK ̋KHDY\ ̋LQGXVWULDO ̋SURMHFWV ̋DQG ̋OLJKW ̋LQGXVWULDO ̋SURMHFWV

DUH ̋FODVVLILHG ̋ XQGHU ̋WKH ̋LQGXVWULDO ̋ VHFWRUÒ ̋DQG ̋LQIUDVWUXFWXUH ̋ SURMHFWV ̋DUH ̋FODVVLILHG ̋ XQGHU

WKH ̋SXEOLF ̋ZRUNV ̋VHFWRUÔ

7KH ̋&,, ̋GDWDEDVH ̋FXUUHQWO\ ̋UHSUHVHQWV ̋D ̋EURDG ̋UDQJH ̋RI ̋SURMHFW ̋VL]H ̋DV ̋PHDVXUHG ̋E\ ̋FRVWÔ

$V ̋VKRZQ ̋LQ ̋)LJXUH ̋ÍðÏ‰Ò ̋DSSUR[LPDWHO\ ̋RQHðWKLUG ̋RI ̋WKH ̋SURMHFWV ̋KDYH ̋D ̋FRVW ̋RI ̋OHVV ̋WKDQ

 ̆ÏË ̋PLOOLRQÒ ̋RQHðWKLUG ̋KDYH ̋D ̋FRVW ̋EHWZHHQ ̋ ̆ÏË ̋DQG ̋ ̆ËÌ ̋PLOOLRQÒ ̋DQG ̋RQHðWKLUG ̋KDYH ̋D ̋FRVW

LQ ̋ H[FHVV ̋ RI ̋  ̆ËÌ ̋ PLOOLRQÔ ̋  ̋ 7KH ̋ LQGLYLGXDO ̋ SURMHFW ̋ FRVWV ̋ UDQJH ̋ IURP ̋ VOLJKWO\ ̋ EHORZ ̋  ̆Ë

PLOOLRQ ̋WR ̋LQ ̋H[FHVV ̋RI ̋ ̆ËÌÌ ̋PLOOLRQÒ ̋ZLWK ̋DQ ̋DYHUDJH ̋FRVW ̋RI ̋DSSUR[LPDWHO\ ̋ ̆ËÌ ̋PLOOLRQÔ

'DWD ̋RQ ̋ERWK ̋RZQHU ̋DQG ̋FRQWUDFWRU ̋UHVSRQGHQW ̋SURMHFWV ̋DUH ̋VKRZQ ̋LQ ̋)LJXUH ̋ÍðÏ‰Ô
È‰

)LJXUH ̋ÍðÏÊÔ ̋ ̋'DWDEDVH ̋E\ ̋&RQWUDFWRU ̋)XQFWLRQ

ÎÌ‰ ̋3URMHFWV

 ̆ÏÏÔ‰ ̋%LOOLRQ

&RQVWUXFWLRQ ̋2QO\

ÁÈ ̋3URMHFWV

'HVLJQ ̋2QO\

ÈÌ ̋3URMHFWV

'HVLJQ ̋ ̃ ̋&RQVWUXFWLRQ

ÏÌË ̋3URMHFWV

)LJXUH ̋ÍðÏÂÔ ̋ ̋'DWDEDVH ̋E\ ̋,QGXVWU\ ̋7\SH

Ì

ÎÌ

ÈÌ

ÁÌ

ÂÌ

ÏÌÌ

ÏÎÌ

ÏÈÌ

ÏÁÌ

%XLOGLQJV +HDY\ ̋,QGXVWULDO ,QIUDVWUXFWXUH /LJKW ̋,QGXVWULDO

,QGXVWU\ ̋*URXS

1XPEHU ̋RI ̋3URMHFWV

2ZQHU

&RQWUDFWRU
ËÌ

)LJXUH ̋ÍðÏ‰Ô ̋ ̋'DWDEDVH ̋E\ ̋&RVW ̋RI ̋3URMHFW

Ì

ÏÌ

ÎÌ

ÍÌ

ÈÌ

ËÌ

ÁÌ

ÊÌ

ÂÌ

· ̋ ̆ÏË  ̆ÏË ̋ð ̋ ̆ËÌ  ̆ËÌ ̋ð ̋ ̆ÏÌÌ ! ̋ ̆ÏÌÌ

&RVW ̋&DWHJRULHV ̋ı ̆ ̋PLOOLRQVÙ

1XPEHU ̋RI ̋3URMHFWV

2ZQHU

&RQWUDFWRU

3URMHFWV ̋LQ ̋WKH ̋&,, ̋GDWDEDVH ̋FDQ ̋EH ̋LGHQWLILHG ̋DQG ̋FDWHJRUL]HG ̋E\ ̋WKH ̋QDWXUH ̋RI ̋WKH ̋SURMHFWÔ

3URMHFW ̋QDWXUH ̋LQGLFDWHV ̋WR ̋ZKLFK ̋RI ̋WKH ̋WKUHH ̋FDWHJRULHV ̋D ̋SURMHFW ̋EHORQJV„ ̋ıÏÙ ̋JUDVVURRWV‚

ıÎÙ ̋DGGLWLRQ‚ ̋DQG ̋ıÍÙ ̋PRGHUQL]DWLRQÔ ̋ ̋7KH ̋VXUYH\ ̋LQVWUXPHQW ̋GHILQHG ̋JUDVV ̋URRWV ̋DV ̋D ̋QHZ

IDFLOLW\Ô ̋ ̋$Q ̋DGGLWLRQ ̋ZDV ̋GHILQHG ̋DV ̋D ̋QHZ ̋IDFLOLW\ ̋FRPSRQHQW ̋WKDW ̋WLHV ̋LQ ̋WR ̋DQ ̋H[LVWLQJ

IDFLOLW\Ò ̋RIWHQ ̋LQWHQGHG ̋WR ̋H[SDQG ̋FDSDFLW\Ô ̋ ̋0RGHUQL]DWLRQ ̋ZDV ̋GHILQHG ̋DV ̋D ̋ IDFLOLW\ ̋ IRU

ZKLFK ̋ D ̋ VXEVWDQWLDO ̋ DPRXQW ̋ RI ̋ WKH ̋ HTXLSPHQW ̋ RU ̋ VWUXFWXUH ̋ LV ̋ UHSODFHG ̋ RU ̋ PRGLILHGÒ ̋ DQG

ZKLFK ̋ PD\ ̋ H[SDQG ̋ FDSDFLW\Ô ̋  ̋ )RU ̋ SXUSRVHV ̋ RI ̋ WKLV ̋ GRFXPHQWÒ ̋ JUDVVURRWV ̋ SURMHFWV ̋ DUH

FODVVLILHG ̋XQGHU ̋WKH ̋KHDGLQJ ̋RI ̋QHZ ̋FRQVWUXFWLRQÒ ̋DQG ̋DGGLWLRQ ̋DQG ̋PRGHUQL]DWLRQ ̋SURMHFWV

DUH ̋FODVVLILHG ̋XQGHU ̋WKH ̋KHDGLQJ ̋RI ̋DGGLWLRQV ̋DQG ̋DOWHUDWLRQVÔ ̋ ̋)LJXUH ̋ÍðÎÌ ̋VKRZV ̋KRZ ̋WKH

SURMHFWV ̋LQ ̋WKH ̋GDWDEDVH ̋DUH ̋GLVWULEXWHG ̋DPRQJ ̋WKH ̋WKUHH ̋FDWHJRULHV ̋RI ̋SURMHFW ̋QDWXUHÔ ̋ ̋7KH

SURMHFWV ̋DUH ̋DSSUR[LPDWHO\ ̋HTXDOO\ ̋GLVWULEXWHG ̋DPRQJ ̋DOO ̋WKUHH ̋FDWHJRULHVÔ ̋ ̋'DWD ̋RQ ̋ERWK

RZQHU ̋UHVSRQGHQW ̋SURMHFWV ̋DQG ̋FRQWUDFWRU ̋UHVSRQGHQW ̋SURMHFWV ̋DUH ̋VKRZQ ̋LQ ̋)LJXUH ̋ÍðÎÌÔ

&,, ̋ KDV ̋ DGRSWHG ̋ D ̋ V\VWHP ̋ IRU ̋ FODVVLI\LQJ ̋ SURMHFW ̋ DFWLYLWLHV ̋ LQWR ̋ ILYH ̋ SKDVHVÔ ̋  ̋ 7KH ̋ ILYH

SKDVHV ̋DUH„ ̋ıÏÙ ̋SUHðSURMHFW ̋SODQQLQJ‚ ̋ıÎÙ ̋GHWDLO ̋GHVLJQ‚ ̋ıÍÙ ̋SURFXUHPHQW‚ ̋ıÈÙ ̋FRQVWUXFWLRQ‚

DQG ̋ ıËÙ ̋ VWDUWðXSÔ ̋  ̋ 7KLV ̋ V\VWHP ̋ IRU ̋ FODVVLI\LQJ ̋ SURMHFW ̋ DFWLYLWLHV ̋ SURYLGHV ̋ WKH ̋ EDVLV ̋ IRU

QHDUO\ ̋ DOO ̋ RI ̋ WKH ̋ &,,ðGHILQHG ̋ PHWULFV ̋ DQG ̋ DVVRFLDWHG ̋ GDWD ̋ FROOHFWHG ̋ YLD ̋ WKH ̋ VXUYH\

LQVWUXPHQWÔ ̋  ̋ 7KH ̋ ILYH ̋ &,, ̋ SURMHFW ̋ SKDVHV ̋ DUH ̋ VXPPDUL]HG ̋ LQ ̋ 7DEOH ̋ ÍðÊÔÎÏ ̋  ̋ 7DEOH ̋ ÍðÊ ̋ LV

LQFOXGHG ̋ DV ̋ D ̋ PHDQV ̋ RI ̋OLQNLQJ ̋LQIRUPDWLRQ ̋ SUHVHQWHG ̋LQ ̋&KDSWHU ̋ ÈÒ ̋ ZKHUH ̋WKH ̋ DXWKRUV©

GDWD ̋ FODVVLILFDWLRQ ̋ VFKHPHV ̋ DUH ̋ SUHVHQWHGÒ ̋ ZLWK ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ SUHVHQWHG ̋ LQ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÎÏ ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWHÔ ̋ ̋Ï‰‰ÂÔ ̋ ̋%HQFKPDUNLQJ ̋DQG ̋0HWULFV ̋'DWD ̋5HSRUW ̋IRU ̋Ï‰‰ÊÔ ̋ ̋$XVWLQÒ ̋7;„

&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWHÔ
ËÏ

&KDSWHU ̋ ÁÔ ̋  ̋ 7KH ̋ WDEOH ̋ LQFOXGHV ̋ IRU ̋ HDFK ̋ SKDVH ̋ VXFK ̋ XVHIXO ̋ LQIRUPDWLRQ ̋ DV ̋ WKH ̋ W\SLFDO

SDUWLFLSDQWVÒ ̋ WKH ̋ VWDUW ̋ DQG ̋ VWRS ̋ SRLQWVÒ ̋ W\SLFDO ̋ DFWLYLWLHV ̋ DQG ̋ SURGXFWVÒ ̋ DQG ̋ W\SLFDO ̋ FRVW

HOHPHQWVÔ

)LJXUH ̋ÍðÎÌÔ ̋ ̋'DWDEDVH ̋E\ ̋1DWXUH ̋RI ̋3URMHFW

Ì

ÏÌ

ÎÌ

ÍÌ

ÈÌ

ËÌ

ÁÌ

ÊÌ

ÂÌ

$GGLWLRQ *UDVV ̋5RRWV 0RGHUQL]DWLRQ

1DWXUH ̋RI ̋3URMHFW

1XPEHU ̋RI ̋3URMHFWV

2ZQHU

&RQWUDFWRU

.H\ ̋&,,ðGHILQHG ̋PHWULFVÒ ̋ZKLFK ̋DUH ̋ XVHG ̋WR ̋ SURGXFH ̋WKH ̋ EDVHOLQH ̋PHDVXUHV ̋ SUHVHQWHG ̋LQ

&KDSWHU ̋ ÁÒ ̋ DUH ̋ VXPPDUL]HG ̋ LQ ̋ 7DEOH ̋ ÍðÂÔ ̋  ̋ 7DEOH ̋ ÍðÂ ̋ LQFOXGHV ̋ ERWK ̋ IRUPXODVÒ ̋ ZKLFK

UHSUHVHQW ̋HDFK ̋PHWULF ̋PDWKHPDWLFDOO\Ò ̋DQG ̋GHILQLWLRQV ̋RI ̋DOO ̋WHUPV ̋XVHG ̋LQ ̋HDFK ̋IRUPXODÔÎÎ

7KH ̋GHILQLWLRQV ̋RI ̋DOO ̋NH\ ̋WHUPV ̋DUH ̋VKRZQ ̋LQ ̋WKH ̋ERWWRP ̋SRUWLRQ ̋RI ̋7DEOH ̋ÍðÂÔ ̋ ̋,Q ̋VRPH

FDVHVÒ ̋ WKH ̋ IRUPXOD ̋ IRU ̋ D ̋ PHWULF ̋ GLIIHUV ̋ EHWZHHQ ̋ RZQHU ̋ UHVSRQGHQWV ̋ DQG ̋ FRQWUDFWRU

UHVSRQGHQWVÔ ̋ ̋6XFK ̋FDVHV ̋DUH ̋LGHQWLILHG ̋FOHDUO\ ̋ZLWKLQ ̋WKH ̋UHOHYDQW ̋VHFWLRQ ̋RI ̋7DEOH ̋ÍðÂÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÎÎ ,ELGÔ
ËÎ

7DEOH ̋ÍðÊÔ ̋ ̋'HILQLWLRQV ̋DQG ̋'HVFULSWLRQV ̋RI ̋&,, ̋3URMHFW ̋3KDVHV

3URMHFW ̋3KDVH 6WDUWÓ6WRS 7\SLFDO ̋$FWLYLWLHV ̋ ̃

3URGXFWV

7\SLFDO ̋&RVW ̋(OHPHQWV

3UHð3URMHFW ̋3ODQQLQJ

7\SLFDO ̋3DUWLFLSDQWV„

2ZQHU ̋SHUVRQQHO

3ODQQLQJ ̋&RQVXOWDQWV

&RQVWUXFWDELOLW\

&RQVXOWDQWV

6WDUW„ ̋'HILQHG ̋%XVLQHVV

1HHG ̋WKDW ̋UHTXLUHV

IDFLOLWLHV

6WRS„ ̋,QLWLDO ̋)XQGLQJ

$XWKRUL]HG

2SWLRQV ̋$QDO\VLV

/LIHðF\FOH ̋&RVW ̋$QDO\VLV

3URMHFW ̋([HFXWLRQ ̋3ODQ

$SSURSULDWLRQ ̋6XEPLWWDO

3DFNDJH

3 ̋ ̃ ̋,'V ̋DQG ̋6LWH ̋/D\RXW

3URMHFW ̋6FRSLQJ

3URFXUHPHQW ̋3ODQ

$UFKÔ ̋5HQGHULQJ

2ZQHU ̋3ODQQLQJ ̋WHDP

SHUVRQQHO ̋H[SHQVHV

&RQVXOWDQW ̋IHHV ̋ ̃ ̋H[SHQVHV

(QYLURQPHQWDO ̋3HUPLW ̋IHHV

3URMHFW ̋0DQDJHUÓ

&RQVWUXFWLRQ ̋0DQDJHU

IHHV

'HWDLO ̋'HVLJQ

7\SLFDO ̋3DUWLFLSDQWV„

2ZQHU ̋SHUVRQQHO

'HVLJQ ̋&RQWUDFWRU

&RQVWUXFWDELOLW\

&RQVXOWDQWV

6WDUW„ ̋ ̋'HVLJQ ̋%DVLV

6WRS„ ̋5HOHDVH ̋RI ̋DOO

ıODVW ̋SDFNDJH ̋IRU ̋IDVWð

WUDFNÙ ̋DSSURYHG

GUDZLQJV ̋DQG ̋VSHFV

IRU ̋FRQVWUXFWLRQ

'UDZLQJ ̋ ̃ ̋VSHF ̋SUHSÔ

%LOO ̋RI ̋PDWHULDO ̋SUHSÔ

3URFXUHPHQW ̋6WDWXV

6HTXHQFH ̋RI ̋RSHUDWLRQV

7HFKQLFDO ̋5HYLHZ

)LHOG ̋&RVW ̋(VWLPDWH

2ZQHU ̋SURMHFW

PDQDJHPHQW ̋SHUVRQQHO

'HVLJQHU ̋IHHV

3URMHFW ̋0DQDJHUÓ

&RQVWUXFWLRQ ̋0DQDJHU

IHHV

3URFXUHPHQW

7\SLFDO ̋3DUWLFLSDQWV„

2ZQHU ̋SHUVRQQHO

'HVLJQ ̋&RQWUDFWRU

6WDUW„ ̋3URFXUHPHQW ̋3ODQ

IRU ̋(QJLQHHUHG

(TXLSPHQW

6WRS„ ̋$OO ̋HQJLQHHUHG

HTXLSPHQW ̋KDV ̋EHHQ

GHOLYHUHG ̋WR ̋VLWH

9HQGRU ̋4XDOLILFDWLRQV

9HQGRU ̋,QTXLULHV

%LG ̋$QDO\VLV

3XUFKDVLQJ

([SHGLWLQJ

(QJLQHHUHG ̋(TXLSPHQW

2ZQHU ̋SURMHFW ̋PDQDJHPHQW

SHUVRQQHO

3URMHFW ̋0DQDJHUÓ

&RQVWUXFWLRQ ̋0DQDJHU

IHHV

3URFXUHPHQW ̋ ̃ ̋([SHGLWLQJ

SHUVRQQHO

(QJLQHHUHG ̋(TXLSPHQW

&RQVWUXFWLRQ

7\SLFDO ̋3DUWLFLSDQWV„

2ZQHU ̋SHUVRQQHO

'HVLJQ ̋&RQWUDFWRU

ı,QVSHFWLRQÙ

&RQVWUXFWLRQ

&RQWUDFWRU ̋DQG ̋LWV

VXEFRQWUDFWRUV

6WDUW„ ̋0RELOL]DWLRQ ̋IRU

FRQVWUXFWLRQ

6WRS„ ̋0HFKDQLFDO

&RPSOHWLRQ

6HW ̋XS ̋WUDLOHUV

6LWH ̋SUHSDUDWLRQ

3URFXUHPHQW ̋RI ̋EXONV

,VVXH ̋6XEFRQWUDFWV

&RQVWUXFWLRQ ̋SODQ ̋IRU

0HWKRGVÓ6HTXHQFLQJ

%XLOG ̋)DFLOLW\ ̋ ̃ ̋,QVWDOO

(QJLQHHUHG

(TXLSPHQW

&RPSOHWH ̋3XQFKOLVW

'HPRELOL]H ̋FRQVWUXFWLRQ

HTXLSPHQW

:DUUDQWLHV

2ZQHU ̋SURMHFW ̋PDQDJHPHQW

SHUVRQQHO

3URMHFW ̋0DQDJHUÓ

&RQVWUXFWLRQ ̋0DQDJHU

IHHV

%XLOGLQJ ̋SHUPLWV

,QVSHFWLRQ ̋IHHV

&RQVWUXFWLRQ ̋ODERUÒ

HTXLSPHQW ̋ ̃ ̋VXSSOLHV

%XON ̋PDWHULDOV

&RQVWUXFWLRQ ̋HTXLSPHQW

&RQWUDFWRU ̋PDQDJHPHQW

SHUVRQQHO

6WDUWðXS

1RWH„ ̋'RHV ̋QRW ̋XVXDOO\

DSSO\ ̋WR ̋LQIUDVWUXFWXUH ̋RU

EXLOGLQJ ̋W\SH ̋SURMHFWV

7\SLFDO ̋3DUWLFLSDQWV„

2ZQHU ̋SHUVRQQHO

'HVLJQ ̋&RQWUDFWRU

&RQVWUXFWLRQ

&RQWUDFWRU

7UDLQLQJ ̋&RQVXOWDQW

(TXLSPHQW ̋9HQGRUV

6WDUW„ ̋ ̋0HFKDQLFDO

FRPSOHWLRQ

6WRS„ ̋ ̋&XVWRG\ ̋WUDQVIHU ̋WR

XVHUÓRSHUDWRU

7HVWLQJ ̋6\VWHPV

7UDLQLQJ ̋RSHUDWRUV

'RFXPHQWLQJ ̋5HVXOWV

,QWURGXFH ̋IHHGVWRFNV ̋DQG

REWDLQ ̋ILUVW ̋3URGXFW

+DQGðRII ̋WR ̋XVHUÓRSHUDWRU

2SHUDWLQJ ̋6\VWHP

)XQFWLRQDO ̋)DFLOLW\

2ZQHU ̋SURMHFW ̋PDQDJHPHQW

SHUVRQQHO

3URMHFW ̋0DQDJHUÓ

&RQVWUXFWLRQ ̋0DQDJHU

IHHV

&RQVXOWDQW ̋IHHV ̋ ̃ ̋H[SHQVHV

2SHUDWRU ̋WUDLQLQJ ̋H[SHQVHV

:DVWHG ̋IHHGVWRFNV

9HQGRU ̋IHHV
ËÍ

7DEOH ̋ÍðÂÔ ̋ ̋'HILQLWLRQV ̋RI ̋.H\ ̋&,, ̋6FKHGXOHð5HODWHG ̋0HWULFV

0HWULF )RUPXOD

6FKHGXOH ̋*URZWK 7RWDO ̋3URMHFW ̋'XUDWLRQ ̋ð ̋,QLWLDO ̋3UHGLFWHG ̋3URMHFW ̋'XUDWLRQ

,QLWLDO ̋3UHGLFWHG ̋3URMHFW ̋'XUDWLRQ

3KDVH ̋'XUDWLRQ ̋)DFWRU

ı2ZQHU ̋GDWD ̋RQO\Ù

$FWXDO ̋3KDVH ̋'XUDWLRQ

$FWXDO ̋2YHUDOO ̋'XUDWLRQ

'HILQLWLRQ ̋RI ̋7HUPV

7RWDO ̋3URMHFW ̋'XUDWLRQ„

x 2ZQHUV ̋ð ̋'XUDWLRQ ̋IURP ̋EHJLQQLQJ ̋RI ̋GHWDLO

GHVLJQ ̋WR ̋WXUQRYHU ̋WR ̋XVHUÔ

x &RQWUDFWRUV ̋ð ̋7RWDO ̋GXUDWLRQ ̋IRU ̋WKH ̋ILQDO ̋VFRSH

RI ̋ZRUN ̋IURP ̋PRELOL]DWLRQ ̋WR ̋FRPSOHWLRQÔ

2YHUDOO ̋3URMHFW ̋'XUDWLRQ„

x 8QOLNH ̋7RWDO ̋3URMHFW ̋'XUDWLRQÒ ̋2YHUDOO ̋3URMHFW

'XUDWLRQ ̋DOVR ̋LQFOXGHV ̋WLPH ̋FRQVXPHG ̋IRU ̋WKH

3UHð3URMHFW ̋3ODQQLQJ ̋3KDVHÔ

$FWXDO ̋3KDVH ̋'XUDWLRQ„

x $FWXDO ̋WRWDO ̋GXUDWLRQ ̋RI ̋WKH ̋SURMHFW ̋SKDVH ̋LQ ̋TXHVWLRQÔ

6HH ̋7DEOH ̋ÍðÊ ̋IRU ̋SKDVH ̋GHILQLWLRQVÔ

,QLWLDO ̋3UHGLFWHG ̋3URMHFW ̋'XUDWLRQ„

x 2ZQHUV ̋ð ̋'XUDWLRQ ̋SUHGLFWLRQ ̋XSRQ ̋ZKLFK ̋WKH

DXWKRUL]DWLRQ ̋WR ̋SURFHHG ̋ZLWK ̋GHWDLO ̋GHVLJQ ̋LV ̋EDVHGÔ

x &RQWUDFWRUV ̋ð ̋7KH ̋FRQWUDFWRU©V ̋GXUDWLRQ ̋HVWLPDWH ̋DW ̋WKH

WLPH ̋RI ̋FRQWUDFW ̋DZDUGÔ

ËË

ÈÔ ̋ ̋'HYHORSLQJ ̋%DVHOLQH ̋0HDVXUHV ̋DQG ̋0HDVXUHV ̋RI ̋3URJUHVV ̋IRU

5HGXFWLRQV ̋LQ ̋'HOLYHU\ ̋7LPH

ÈÔÏÔ ̋ ̋'DWD ̋&ODVVLILFDWLRQ ̋6FKHPHV

7KH ̋ILUVW ̋VWDJH ̋LQ ̋GHYHORSLQJ ̋EDVHOLQH ̋PHDVXUHV ̋DQG ̋PHDVXUHV ̋RI ̋SURJUHVV ̋IRU ̋*RDO ̋Ï ̋ıLÔHÔÒ

UHGXFWLRQ ̋LQ ̋ GHOLYHU\ ̋WLPHÙ ̋LQYROYHG ̋HVWDEOLVKLQJ ̋ GDWD ̋FODVVLILFDWLRQ ̋ KLHUDUFKLHV ̋ IRU ̋HDFK

RI ̋WKH ̋IRXU ̋LQGXVWU\ ̋VHFWRUVÔ ̋ ̋7KHVH ̋KLHUDUFKLHV ̋ZHUH ̋HVVHQWLDO ̋LQ ̋RUGHU ̋WR ̋EH ̋DEOH ̋WR ̋VRUW

GDWD ̋LQWR ̋UHOHYDQW ̋VHFWRUVÒ ̋WR ̋SULRULWL]H ̋WKH ̋GDWDÒ ̋DQG ̋WR ̋HVWDEOLVK ̋GDWD ̋OLQNDJHVÔ ̋ ̋ ,QLWLDOO\Ò

DQ ̋¶LGHDOL]HGß ̋KLHUDUFK\ ̋ZDV ̋GHYHORSHG ̋IRU ̋HDFK ̋VHFWRUÒ ̋RQ ̋WKH ̋SUHPLVH ̋WKDW ̋WKHUH ̋ZRXOG

EH ̋ QR ̋ OLPLWDWLRQV ̋ XSRQ ̋ GDWD ̋ DYDLODELOLW\Ô ̋  ̋ +RZHYHUÒ ̋ DV ̋ WKH ̋ GDWD ̋ FROOHFWLRQ ̋ HIIRUW

SURJUHVVHGÒ ̋ WKHVH ̋ ¶LGHDOL]HGß ̋ KLHUDUFKLHV ̋ ZHUH ̋ PRGLILHG ̋ WR ̋ UHIOHFW ̋ GDWD ̋ DYDLODELOLW\ ̋ DQG

IRUPDW ̋FRQVWUDLQWVÔ

ÈÔÏÔÏÔ ̋ ̋,QGXVWU\ ̋2ULHQWHG

7KH ̋LQGXVWU\ ̋RULHQWHGÒ ̋RU ̋¶LGHDOL]HGß ̋KLHUDUFKLHV ̋ZHUH ̋GHYHORSHG ̋ZLWK ̋D ̋YLHZ ̋WR ̋GHILQLQJ

WKH ̋H[WHQW ̋DQG ̋NH\ ̋FRPSRQHQWV ̋IRU ̋WKH ̋IRXU ̋LQGXVWU\ ̋VHFWRUV ̋FRQVLGHUHG ̋UHOHYDQW ̋WR ̋*RDO ̋ÏÔ

7KH ̋ KLHUDUFKLHV ̋ IRU ̋ HDFK ̋ VHFWRU ̋ GLYLGHG ̋ WKH ̋ SURMHFW ̋ GHOLYHU\ ̋ VHTXHQFH ̋ LQWR ̋ D ̋ VHULHV ̋ RI

®SKDVHV© ̋ DQG ̋ WKHQ ̋ OLVWHG ̋ WKH ̋ NH\ ̋ FRPSRQHQWV ̋ ZLWKLQ ̋ HDFK ̋ RI ̋ WKHVH ̋ SKDVHVÔ ̋  ̋ $ ̋ EULHI

GHVFULSWLRQ ̋RI ̋HDFK ̋KLHUDUFK\Ò ̋RXWOLQLQJ ̋WKH ̋H[WHQW ̋DQG ̋NH\ ̋FRPSRQHQWV ̋RI ̋HDFK ̋VHFWRUÒ ̋DV

GHILQHG ̋LQ ̋WKLV ̋GRFXPHQWÒ ̋LV ̋JLYHQ ̋EHORZÔ

5HVLGHQWLDO ̋6HFWRU

7KH ̋ UHVLGHQWLDO ̋ VHFWRUÒ ̋ ZDV ̋ WDNHQ ̋ WR ̋ FRPSULVH ̋ DOO ̋ SHUPDQHQW ̋ VLQJOH ̋ DQG ̋ PXOWLðXQLW

VWUXFWXUHVÒ ̋DV ̋ZHOO ̋DV ̋PRELOH ̋KRPHV ̋RU ̋WUDLOHUV ̋LQ ̋WKH ̋8QLWHG ̋6WDWHVÔ ̋ ̋7KHVH ̋FDQ ̋EH ̋JURXSHG

DFFRUGLQJ ̋ WR ̋ ZKHWKHU ̋ WKH ̋ EXLOGLQJV ̋ DUH ̋ VLWH ̋ ıRU ̋ ®VWLFN©Ù ̋ EXLOWÒ ̋ RU ̋ PRGXODUÓPDQXIDFWXUHG

XQLWVÔ ̋ ̋+RXVLQJ ̋FDQ ̋EH ̋IXUWKHU ̋FDWHJRUL]HG ̋E\ ̋JHRJUDSKLF ̋ORFDWLRQÒ ̋W\SHÒ ̋VL]HÒ ̋DQG ̋DJHÔ

6LWH ̋RU ̋®6WLFNð%XLOW© ̋+RXVLQJ

)RU ̋VLWH ̋RU ̋®VWLFNðEXLOW© ̋UHVLGHQWLDO ̋KRXVLQJÒ ̋ZKLFKÒ ̋IRU ̋WKH ̋SXUSRVHV ̋RI ̋WKLV ̋GRFXPHQW ̋ZLOO

EH ̋GHILQHG ̋DV ̋KRXVLQJ ̋ZKHUH ̋WKH ̋EXLOGLQJ ̋VKHOO ̋LV ̋VXEVWDQWLDOO\ ̋FRQVWUXFWHG ̋RQ ̋VLWHÒ ̋VHYHQ

FRQVWUXFWLRQ ̋SKDVHV ̋DUH ̋GHILQHG ̋LQ ̋WKH ̋KLHUDUFK\Ô ̋ ̋7KHVH ̋DUH„

ıÏÙ ̋SUHðVWDUW

ıÎÙ ̋IRXQGDWLRQÒ ̋ILUVW ̋IORRUÒ ̋DQG ̋JURXQGZRUNV

ıÍÙ ̋IUDPLQJÒ ̋GHFNLQJÒ ̋DQG ̋VKHDWKLQJ

ıÈÙ ̋ZDOO ̋DQG ̋URRI ̋FRYHULQJV

ıËÙ ̋URXJK ̋PHFKDQLFDOÒ ̋HOHFWULFDOÒ ̋SOXPELQJ ̋DQG ̋LQVXODWLRQ

ıÁÙ ̋ILQLVKHV ̋DQG ̋VHUYLFH ̋FRQQHFWLRQV

ıÊÙ ̋H[WHUQDO ̋ZRUNV
ËÁ

7KH ̋ SUHðVWDUW ̋ SKDVH ̋ LQFOXGHV ̋ DOO ̋ DFWLRQV ̋ OHDGLQJ ̋ XS ̋ WR ̋ SHUPLW ̋ DFTXLVLWLRQ ̋ DQG ̋ VWDUW ̋ RI

FRQVWUXFWLRQ ̋RQ ̋VLWHÔ ̋ ̋$V ̋ZLWK ̋PRGXODU ̋KRXVLQJÒ ̋WKH ̋WLPH ̋UHTXLUHG ̋IRU ̋ ̋SHUPLW ̋DFTXLVLWLRQ

LV ̋ LQIOXHQFHG ̋ E\ ̋ IDFWRUV ̋ VXFK ̋ DV ̋ VLWH ̋ ORFDWLRQ ̋ DQG ̋ W\SHÒ ̋ GHVLJQÒ ̋ DHVWKHWLFÒ ̋ DQG

HQYLURQPHQWDO ̋UHTXLUHPHQWVÔ

7KH ̋ GXUDWLRQ ̋ RI ̋ SKDVHV ̋ WZR ̋ WKURXJK ̋ VHYHQ ̋ ıWKH ̋ ®FRQVWUXFWLRQ© ̋ SKDVHVÙ ̋ LV ̋ DIIHFWHG ̋ E\

LQYHQWRU\ ̋ SURFHGXUHV ̋ DQG ̋ VWRFN ̋ KDQGOLQJ ̋ DFWLYLWLHV ̋ FDUULHG ̋ RXW ̋ LQ ̋ SDUDOOHO ̋ ZLWK ̋ SHUPLW

DFTXLVLWLRQ ̋SURFHGXUHV ̋LQ ̋SKDVH ̋RQHÔ

7KH ̋IRXQGDWLRQÒ ̋ILUVW ̋ IORRUÒ ̋DQG ̋JURXQGðZRUNV ̋SKDVH ̋GXUDWLRQ ̋LV ̋DIIHFWHG ̋E\ ̋ IDFWRUV ̋VXFK

DV ̋WKH ̋W\SH ̋ DQG ̋ VL]H ̋ RI ̋ KRXVHÒ ̋ JHRJUDSKLF ̋ORFDWLRQÒ ̋ JURXQG ̋ FRQGLWLRQVÒ ̋ DQG ̋W\SH ̋ RI ̋ ILUVW

IORRU ̋ FRQVWUXFWLRQÔ ̋  ̋ )DFWRUV ̋ ZKLFK ̋ DUH ̋ OLNHO\ ̋ WR ̋ DIIHFW ̋ WKH ̋ GXUDWLRQ ̋ RI ̋ WKLV ̋ SKDVH ̋ DUH

XQIRUHVHHQ ̋JURXQG ̋FRQGLWLRQV ̋RU ̋DGYHUVH ̋ZHDWKHU ̋FRQGLWLRQVÔ

7KH ̋ IUDPLQJÒ ̋ GHFNLQJÒ ̋ DQG ̋ VKHDWKLQJ ̋ SKDVH ̋ GXUDWLRQ ̋ LV ̋ DIIHFWHG ̋ E\ ̋ IDFWRUV ̋ VXFK ̋ DV ̋ WKH

GHJUHH ̋ RI ̋ SUHðIDEULFDWLRQ ̋ RI ̋ FRPSRQHQWV ̋ ıHÔJÔÒ ̋ ZDOO ̋ SDQHOLQJ ̋ DQG ̋ WUXVVHG ̋ UDIWHUV ̋ IRU

URRILQJÙÒ ̋DQG ̋WKH ̋W\SH ̋RI ̋WRROV ̋XVHG ̋RQ ̋VLWH ̋ıHÔJÔÒ ̋XVH ̋RI ̋SQHXPDWLF ̋WRROVÙÔ ̋ ̋7KH ̋GXUDWLRQ ̋RI

WKLV ̋SKDVH ̋PD\ ̋DOVR ̋EH ̋DIIHFWHG ̋E\ ̋DGYHUVH ̋ZHDWKHU ̋FRQGLWLRQVÔ

7KH ̋ZDOO ̋DQG ̋URRI ̋FRYHULQJV ̋SKDVH ̋GXUDWLRQ ̋LV ̋DIIHFWHG ̋E\ ̋IDFWRUV ̋VLPLODU ̋WR ̋WKRVH ̋IRU ̋WKH

IUDPLQJ ̋VWDJHÔ

7KH ̋URXJK ̋PHFKDQLFDOÒ ̋HOHFWULFDOÒ ̋SOXPELQJÒ ̋DQG ̋LQVXODWLRQ ̋SKDVH ̋GXUDWLRQ ̋LV ̋DIIHFWHG ̋E\

IDFWRUV ̋ VXFK ̋ DV ̋ WKH ̋ W\SH ̋ RI ̋ KRXVLQJ ̋ XQLWÒ ̋ GHJUHH ̋ RI ̋ FRRUGLQDWLRQ ̋ EHWZHHQ ̋ WKH ̋ GLIIHUHQW

ZRUN ̋GLVFLSOLQHVÒ ̋WKH ̋W\SHV ̋RI ̋V\VWHPV ̋XVHGÒ ̋DQG ̋WKH ̋WRROV ̋DQG ̋ZRUN ̋PHWKRGV ̋HPSOR\HGÔ

7KH ̋ ILQLVKHV ̋ DQG ̋ VHUYLFH ̋ FRQQHFWLRQV ̋ SKDVH ̋ GXUDWLRQ ̋ LV ̋ GHSHQGHQW ̋ XSRQ ̋ WKH ̋ OHYHO ̋ RI

FXVWRPL]DWLRQ ̋ RI ̋ WKH ̋ XQLWÒ ̋ DQG ̋ WKH ̋ H[WHQW ̋ RI ̋ SUHðIDEULFDWLRQ ̋ RIIðVLWHÔ ̋  ̋ ,Q ̋ DGGLWLRQÒ

FRRUGLQDWLRQ ̋ ZLWK ̋ H[WHUQDO ̋ DJHQFLHV ̋ WR ̋ SURYLGH ̋ XWLOLWLHV ̋ FRQQHFWLRQV ̋ RU ̋ GLYHUVLRQV ̋ PD\

LPSDFW ̋SKDVH ̋GXUDWLRQÔ

)LQDOO\Ò ̋ WKH ̋ H[WHUQDO ̋ ZRUNV ̋ SKDVHÒ ̋ ZKLFK ̋ LQFOXGHV ̋ DOO ̋ ZRUNV ̋ RXWVLGH ̋ WKH ̋ KRXVH ̋ VXFK ̋ DV

ODQGVFDSLQJÒ ̋ IHQFLQJ ̋DQG ̋VR ̋ IRUWKÒ ̋LV ̋DIIHFWHG ̋ E\ ̋ IDFWRUV ̋ VXFK ̋DV ̋W\SH ̋DQG ̋ VHTXHQFLQJ ̋ RI

ZRUN ̋DQG ̋DGYHUVH ̋ZHDWKHU ̋FRQGLWLRQVÔ

$OO ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋SKDVHV ̋LGHQWLILHG ̋DERYH ̋DUH ̋LQIOXHQFHG ̋LQ ̋SDUWLFXODU ̋E\ ̋WKH ̋PHWKRGV

XVHG ̋ WR ̋ VFKHGXOH ̋ ZRUN ̋ DFWLYLWLHV ̋ DQG ̋ WR ̋ LGHQWLI\ ̋ DQG ̋ VROYH ̋ SUREOHPV ̋ RQ ̋ VLWHÔ ̋  ̋ )DFWRUV

ZKLFK ̋ZLOO ̋LQIOXHQFH ̋WKH ̋GXUDWLRQ ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋SKDVHV ̋DUH„

x FHQWUDOL]HG ̋RU ̋GHðFHQWUDOL]HG ̋V\VWHP ̋IRU ̋FRQVWUXFWLRQ ̋PDQDJHPHQW

x W\SH ̋RI ̋VLWHÓRIILFH ̋FRPPXQLFDWLRQV ̋V\VWHP ̋ıSKRQHÓID[ÓPRGHPÙ

x FRQFXUUHQW ̋RU ̋VHTXHQWLDO ̋VHTXHQFLQJ ̋RI ̋DFWLYLWLHV ̋XVLQJ ̋&ULWLFDO ̋3DWK ̋0HWKRG ̋RU ̋VLPLODU

V\VWHP ̋IRU ̋FRQWUROOLQJ ̋&KDQJH ̋2UGHUV

x XVH ̋RI ̋-XVWðLQð7LPH ̋RU ̋VLPLODU ̋VXFK ̋V\VWHP
ËÊ

x ERQXVÓLQFHQWLYH ̋SDFNDJH ̋UHZDUGLQJ ̋WLPHÓTXDOLW\ ̋DFKLHYHPHQW

x PHWKRG ̋IRU ̋UHYLHZLQJ ̋DQG ̋PRQLWRULQJ ̋V\VWHPV

x TXDOLW\ ̋DVVXUDQFHÓTXDOLW\ ̋FRQWURO ̋V\VWHPV ̋LQ ̋SODFH

x VWDII ̋WUDLQLQJ ̋SURYLGHG

x JRRG ̋VDIHW\ ̋UHFRUG ̋HPSKDVL]HG

0RGXODUÓ0DQXIDFWXUHG ̋+RXVLQJ

)RU ̋PRGXODUÓPDQXIDFWXUHG ̋UHVLGHQWLDO ̋KRXVLQJÒ ̋ZKLFKÒ ̋IRU ̋WKH ̋SXUSRVHV ̋RI ̋WKLV ̋GRFXPHQW

ZLOO ̋ EH ̋ GHILQHG ̋ DV ̋ KRXVLQJ ̋ ZKHUH ̋ WKH ̋ EXLOGLQJ ̋ VKHOO ̋ LV ̋ VXEVWDQWLDOO\ ̋ FRPSOHWH ̋ SULRU ̋ WR

DUULYDO ̋RQ ̋VLWHÎÍÒ ̋IRXU ̋FRQVWUXFWLRQ ̋SKDVHV ̋DUH ̋GHILQHG ̋LQ ̋WKH ̋KLHUDUFK\Ô ̋ ̋7KHVH ̋DUH„

ıÏÙ ̋SUHðVWDUW

ıÎÙ ̋KRXVLQJ ̋PDQXIDFWXUH

ıÍÙ ̋WUDQVSRUW ̋WR ̋VLWH

ıÈÙ ̋VLWH ̋ZRUNV

7KH ̋ SUHðVWDUW ̋ SKDVH ̋ LQFOXGHV ̋ DOO ̋ DFWLRQV ̋ OHDGLQJ ̋ XS ̋ WR ̋ SHUPLW ̋ DFTXLVLWLRQ ̋ DQG ̋ VWDUW ̋ RI

PDQXIDFWXUH ̋ RI ̋WKH ̋ KRXVLQJÒ ̋DQG ̋DQ\ ̋ VXEVHTXHQW ̋ VLWH ̋ZRUNV ̋ZKLFK ̋PLJKW ̋ EH ̋FDUULHG ̋ RXW

SULRU ̋WR ̋RU ̋ GXULQJ ̋PDQXIDFWXUHÔ ̋ ̋6LWH ̋ZRUNV ̋ GXULQJ ̋WKLV ̋ SKDVH ̋PLJKW ̋LQFOXGH ̋ SODFLQJ ̋WKH

IRXQGDWLRQV ̋ IRU ̋ WKH ̋ PRGXODU ̋ KRXVLQJÔ ̋  ̋ 7KH ̋ WLPH ̋ UHTXLUHG ̋ IRU ̋ SHUPLW ̋ DFTXLVLWLRQ ̋ LV

LQIOXHQFHG ̋E\ ̋IDFWRUV ̋VXFK ̋DV ̋VLWH ̋ORFDWLRQ ̋DQG ̋W\SHÒ ̋GHVLJQÒ ̋DHVWKHWLFÒ ̋DQG ̋HQYLURQPHQWDO

UHTXLUHPHQWVÔ

7KH ̋ KRXVLQJ ̋ PDQXIDFWXUH ̋ SKDVH ̋ FRQVLGHUV ̋ DOO ̋ DFWLYLWLHV ̋ FDUULHG ̋ RXW ̋ RIIðVLWH ̋ SULRU ̋ WR ̋ WKH

WUDQVSRUW ̋ RI ̋ WKH ̋ KRXVH ̋ WR ̋ WKH ̋ VLWHÔ ̋  ̋ 0DQ\ ̋ IDFWRUV ̋ ZLOO ̋ LQIOXHQFH ̋ WKH ̋ GXUDWLRQ ̋ RI ̋ WKH

PDQXIDFWXULQJ ̋ SURFHVVÔ ̋  ̋ 7KH ̋ W\SH ̋ DQG ̋ VL]H ̋ RI ̋ WKH ̋ KRXVH ̋ ZLOO ̋ FOHDUO\ ̋ DIIHFW ̋ WKH

PDQXIDFWXULQJ ̋GXUDWLRQÔ ̋ ̋,Q ̋DGGLWLRQÒ ̋WKH ̋VL]H ̋RI ̋PDQXIDFWXULQJ ̋HVWDEOLVKPHQWÓQXPEHU ̋RI

SURGXFWLRQ ̋OLQHVÒ ̋SURGXFWLRQ ̋OLQH ̋HIILFLHQF\Ò ̋TXDOLW\ ̋DVVXUDQFHÓTXDOLW\ ̋FRQWURO ̋SURFHGXUHVÒ

GHJUHH ̋RI ̋DXWRPDWLRQÒ ̋H[WHQW ̋RI ̋VWDQGDUGL]DWLRQÒ ̋ZRUN ̋VHTXHQFLQJÒ ̋H[WHQW ̋RI ̋RXWVRXUFLQJ

IRU ̋ VXEDVVHPEOLHVÒ ̋ DQG ̋ RUJDQL]DWLRQDO ̋ VWUXFWXUH ̋ RI ̋WKH ̋ HVWDEOLVKPHQW ̋ ZLOO ̋ DOO ̋LPSDFW ̋WKH

PDQXIDFWXULQJ ̋ GXUDWLRQÔ ̋  ̋ 7KH ̋ LQYHVWPHQW ̋ LQ ̋ UHVHDUFK ̋ DQG ̋ GHYHORSPHQW ̋ RI ̋ QHZ

WHFKQRORJLHVÒ ̋PDWHULDOVÒ ̋DQG ̋SURGXFWVÒ ̋DQG ̋WKH ̋LQYHVWPHQW ̋LQ ̋VWDII ̋WUDLQLQJ ̋ZLOO ̋DOVR ̋DIIHFW

GHOLYHU\ ̋WLPH ̋WR ̋VRPH ̋H[WHQWÔ ̋ ̋7KH ̋GXUDWLRQ ̋RI ̋SKDVH ̋WZR ̋ıWKH ̋KRXVLQJ ̋PDQXIDFWXUH ̋SKDVHÙ

LV ̋ DIIHFWHG ̋ E\ ̋LQYHQWRU\ ̋ SURFHGXUHV ̋ DQG ̋ VWRFN ̋ KDQGOLQJ ̋ DFWLYLWLHV ̋ FDUULHG ̋ RXW ̋LQ ̋ SDUDOOHO

ZLWK ̋SHUPLW ̋DFTXLVLWLRQ ̋SURFHGXUHV ̋LQ ̋SKDVH ̋RQHÔ

7KH ̋WUDQVSRUW ̋WR ̋VLWH ̋SKDVH ̋GXUDWLRQ ̋LV ̋LQIOXHQFHG ̋ E\ ̋ IDFWRUV ̋ VXFK ̋DV ̋ GLVWDQFH ̋ RI ̋WKH ̋ VLWH

IURP ̋ WKH ̋ IDFWRU\Ò ̋ JHRJUDSKLF ̋ DUHDÒ ̋ VL]H ̋ RI ̋ XQLWÒ ̋ DQG ̋ WKH ̋ W\SH ̋ RI ̋ HTXLSPHQW ̋ XVHG ̋ WR

WUDQVSRUW ̋WKH ̋XQLWÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÎÍ ̋)RU ̋PRUH ̋GHWDLOHG ̋GHILQLWLRQV ̋RI ̋WKH ̋GLIIHUHQW ̋W\SHV ̋RI ̋PDQXIDFWXUHG ̋KRXVLQJÒ ̋ UHIHU ̋WR ̋WKH ̋0DQXIDFWXUHG

+RXVLQJ ̋,QVWLWXWH©V ̋,QWHUQHW ̋VLWH ̋ı85/„ ̋KWWS„ÓÓZZZÔPIJKRPHÔRUJÙÔ
ËÂ

7KH ̋ VLWH ̋ZRUNV ̋ VWDJH ̋HQFRPSDVVHV ̋DOO ̋DFWLYLWLHV ̋FDUULHG ̋ RXW ̋ RQ ̋ VLWH ̋DIWHU ̋PDQXIDFWXUH ̋ RI

WKH ̋XQLWÒ ̋XS ̋WR ̋WKH ̋SRLQW ̋DW ̋ZKLFK ̋WKH ̋KRXVH ̋LV ̋KDQGHG ̋RYHU ̋WR ̋WKH ̋FXVWRPHU ̋LQ ̋D ̋FRPSOHWHG

FRQGLWLRQÔ ̋ ̋6LWH ̋ZRUNV ̋FDQ ̋EH ̋FRQYHQLHQWO\ ̋FDWHJRUL]HG ̋DV ̋IROORZV„

ıÏÙ ̋IRXQGDWLRQV ̋ıWR ̋UHFHLYH ̋WKH ̋PDQXIDFWXUHGÓPRGXODU ̋XQLWÙ

ıÎÙ ̋VHUYLFH ̋FRQQHFWLRQV ̋ıHOHFWULFLW\Ò ̋JDVÒ ̋ZDWHU ̋HWFÔÙ

ıÍÙ ̋ILQLVKHV

ıÈÙ ̋H[WHUQDO ̋ZRUNV ̋ıKDUG ̋ODQGVFDSLQJ ̋ıHÔJÔÒ ̋SDYHG ̋DUHDVÙÒ ̋ ̋DQG ̋VRIW ̋ODQGVFDSLQJ ̋ıHÔJÔÒ ̋WUHH

SODQWLQJÒ ̋HWFÔÙÙ

7KH ̋ GXUDWLRQ ̋ RI ̋ WKH ̋ VLWH ̋ ZRUNV ̋ SKDVH ̋ LV ̋ DIIHFWHG ̋ E\ ̋ WKH ̋ W\SH ̋ RI ̋ XQLW ̋ EHLQJ ̋ SODFHGÒ ̋ WKH

H[WHQW ̋RI ̋SUHIDEULFDWLRQÓRIIðVLWH ̋ILWWLQJðRXWÒ ̋DQG ̋OHYHO ̋RI ̋TXDOLW\ ̋DQG ̋FXVWRPL]DWLRQ ̋RI ̋WKH

XQLWÔ ̋  ̋ ,Q ̋ DGGLWLRQÒ ̋ WKH ̋ VFKHGXOLQJ ̋ RI ̋ WKHVH ̋ DFWLYLWLHV ̋ ıFRQFXUUHQW ̋ RU ̋ VHTXHQWLDO ̋ VLWH

DFWLYLWLHVÙ ̋ZLOO ̋DOVR ̋EH ̋RI ̋FULWLFDO ̋LPSRUWDQFHÔ ̋ ̋6RPH ̋RI ̋WKHVH ̋VLWH ̋DFWLYLWLHV ̋DUH ̋SDUWLFXODUO\

YXOQHUDEOH ̋WR ̋ GHOD\ ̋ UHVXOWLQJ ̋ IURP ̋ IDFWRUV ̋ VXFK ̋DV ̋DGYHUVH ̋ZHDWKHU ̋FRQGLWLRQV ̋ RU ̋ VDIHW\ð

UHODWHG ̋LQFLGHQWV ̋RQ ̋VLWHÔ

&RPPHUFLDOÓ,QVWLWXWLRQDO ̋6HFWRU

7KH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRUÒ ̋ZDV ̋WDNHQ ̋WR ̋FRPSULVH ̋WKH ̋IROORZLQJ ̋JHQHULF ̋W\SHV ̋RI

EXLOGLQJÓIDFLOLW\Ò ̋DV ̋GHILQHG ̋E\ ̋WKH ̋(QHUJ\ ̋,QIRUPDWLRQ ̋$GPLQLVWUDWLRQ ̋ı(,$Ù„

x )DUP ̋%XLOGLQJV

x )RRG ̋6DOHV

x )RRG ̋6HUYLFH

x +HDOWK ̋&DUH

x /DERUDWRULHV

x /RGJLQJ

x 0HUFDQWLOH ̋DQG ̋6HUYLFH

x 2IILFH

x 3XEOLF ̋$VVHPEO\

x 3XEOLF ̋2UGHU ̋DQG ̋6DIHW\

x 5HOLJLRXV ̋:RUVKLS

x 6NLOOHG ̋1XUVLQJ

x :DUHKRXVH

x 2WKHU

&HUWDLQ ̋IDFLOLWLHVÒ ̋VXFK ̋DV ̋XWLOLWLHVÒ ̋FRPPXQLFDWLRQV ̋DQG ̋WUDQVSRUWDWLRQÒ ̋DUH ̋LQFOXGHG ̋XQGHU

®VHUYLFHV© ̋ E\ ̋ RUJDQL]DWLRQV ̋ VXFK ̋DV ̋WKH ̋ ,QWHUQDWLRQDO ̋)DFLOLWLHV ̋0DQDJHPHQW ̋$VVRFLDWLRQ

ı,)0$ÙÔ ̋ ̋+RZHYHUÒ ̋IRU ̋WKH ̋SXUSRVHV ̋RI ̋WKLV ̋GRFXPHQWÒ ̋WKH\ ̋DUH ̋FRQVLGHUHG ̋DV ̋EHLQJ ̋SDUW

RI ̋ WKH ̋ SXEOLF ̋ ZRUNV ̋ VHFWRUÔ ̋  ̋ 6LPLODUO\Ò ̋ EXLOGLQJV ̋ ZLWKLQ ̋ WKH ̋ PDQXIDFWXULQJ ̋ VHFWRU ̋ ıHÔJÔÒ

FRPSXWLQJÒ ̋HOHFWURQLFVÒ ̋FRQVXPHU ̋SURGXFWVÙ ̋DUH ̋FRQVLGHUHG ̋DV ̋EHLQJ ̋SDUW ̋RI ̋WKH ̋LQGXVWULDO

VHFWRU ̋LQ ̋WKLV ̋GRFXPHQWÔ
Ë‰

7KH ̋ (,$ ̋ FDWHJRUL]DWLRQ ̋ LV ̋ VLPLODU ̋ WR ̋ WKDW ̋ XVHG ̋ E\ ̋ WKH ̋ &RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ ,QVWLWXWHÒ

ZKLFK ̋JURXSV ̋FRPPHUFLDO ̋IDFLOLWLHV ̋XQGHU ̋WKH ̋LQGXVWU\ ̋WLWOH ̋®EXLOGLQJV©Ô ̋ ̋7KLV ̋HQFRPSDVVHV

ORZ ̋DQG ̋KLJKðULVH ̋RIILFHÒ ̋ZDUHKRXVHÒ ̋KRVSLWDOÒ ̋VFKRROÒ ̋SULVRQÒ ̋UHWDLOÒ ̋KRWHOÒ ̋SDUNLQJ ̋JDUDJHÒ

GRUPLWRU\Ò ̋PDLQWHQDQFHÒ ̋DQG ̋ODERUDWRU\ ̋IDFLOLWLHVÔ

&RPPHUFLDOÓLQVWLWXWLRQDO ̋ IDFLOLWLHV ̋ FDQ ̋ DOVR ̋ EH ̋ FDWHJRUL]HG ̋ SULPDULO\ ̋ E\ ̋ JHRJUDSKLF

ORFDWLRQÒ ̋W\SH ̋DQG ̋VL]H ̋RI ̋IDFLOLW\Ò ̋DJHÒ ̋QXPEHU ̋RI ̋HPSOR\HHVÒ ̋DQG ̋KRXUV ̋RI ̋RSHUDWLRQÔ ̋ ̋,Q

DGGLWLRQÒ ̋ QHZ ̋ SURMHFWV ̋FDQ ̋ EH ̋FDWHJRUL]HG ̋ E\ ̋WKH ̋ QDWXUH ̋ RI ̋WKH ̋ SURMHFW ̋ ıLÔHÔ ̋ZKHWKHU ̋LW ̋LV

QHZ ̋EXLOGÒ ̋DGGLWLRQÒ ̋RU ̋PRGHUQL]DWLRQÙ ̋DQG ̋WKH ̋LQVWDOOHG ̋FRVWÔ

)RU ̋ WKH ̋ SXUSRVHV ̋ RI ̋ WKLV ̋ GRFXPHQWÒ ̋ WKH ̋ GHOLYHU\ ̋ F\FOH ̋ IRU ̋ D ̋ ¶W\SLFDOß

FRPPHUFLDOÓLQVWLWXWLRQDO ̋SURMHFW ̋KDV ̋EHHQ ̋EURNHQ ̋GRZQ ̋LQWR ̋D ̋QXPEHU ̋RI ̋GLVWLQFW ̋SKDVHVÔ

*LYHQ ̋ WKDW ̋ WKHUH ̋ GRHV ̋ QRW ̋ DSSHDU ̋ WR ̋ EH ̋ DQ\ ̋ LQGXVWU\ðZLGH ̋ FRQVHQVXV ̋ UHJDUGLQJ ̋ WKH

GHILQLWLRQ ̋ RI ̋ WKHVH ̋ SURMHFW ̋ SKDVHVÒ ̋ WKLV ̋ GRFXPHQW ̋ ZLOO ̋ PDNH ̋ XVH ̋ RI ̋ SKDVH ̋ GHILQLWLRQV

VLPLODU ̋WR ̋WKRVH ̋XVHG ̋E\ ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH ̋ı&,,Ù ̋IRU ̋UHFRUGLQJ ̋GDWD ̋IURP

DFWXDOÒ ̋ UHFHQWO\ðFRPSOHWHG ̋ FRQVWUXFWLRQ ̋ SURMHFWVÔ ̋  ̋ 7KH ̋ ILYH ̋ SKDVHV ̋ XVHG ̋ E\ ̋ &,, ̋ DUH ̋ DV

IROORZV„

x 3UHð3URMHFW ̋3ODQQLQJ

x 'HWDLO ̋'HVLJQ

x 3URFXUHPHQW

x &RQVWUXFWLRQ

x 6WDUWðXS

7KH ̋ ILYH ̋SKDVHV ̋ZKLFK ̋DUH ̋LGHQWLILHG ̋LQ ̋WKH ̋LGHDOL]HG ̋ KLHUDUFK\ ̋DUH ̋ YHU\ ̋ VLPLODU ̋WR ̋WKHVH

SKDVHVÒ ̋DQG ̋DUH ̋DV ̋IROORZV„

x 3UHðSURMHFW ̋3ODQQLQJ

x 'HVLJQ

x 7HQGHU

x &RQVWUXFWLRQ

x &RPPLVVLRQLQJ

(DFK ̋ RI ̋ WKHVH ̋ SKDVHV ̋ DQG ̋ WKH ̋ DVVRFLDWHG ̋ IDFWRUV ̋ DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQ ̋ DUH ̋ DGGUHVVHG

EHORZÔ
ÁÌ

3UHð3URMHFW ̋3ODQQLQJ

7KH ̋ VWDUW ̋ RI ̋ WKH ̋ SUHðSURMHFW ̋ SODQQLQJ ̋ SKDVH ̋ LV ̋ GHILQHG ̋ DV ̋ EHLQJ ̋ WKH ̋ SRLQW ̋ DW ̋ ZKLFK ̋ D

EXVLQHVV ̋ QHHG ̋ LV ̋ GHILQHGÔ ̋  ̋ 7KH ̋ WHUPLQDWLRQ ̋ RI ̋ WKH ̋ SKDVH ̋ LV ̋ WKH ̋ SRLQW ̋ DW ̋ ZKLFK ̋ LQLWLDO

IXQGLQJ ̋LV ̋DXWKRUL]HGÔ ̋ ̋ ̋7\SLFDO ̋DFWLYLWLHV ̋DQG ̋SURGXFWV ̋GXULQJ ̋WKLV ̋SKDVH ̋LQFOXGH ̋RSWLRQV

DQDO\VLVÒ ̋OLIHðF\FOH ̋FRVW ̋DQDO\VLVÒ ̋SURGXFWLRQ ̋RI ̋D ̋SURMHFW ̋H[HFXWLRQ ̋SODQ ̋DQG ̋DSSURSULDWLRQ

VXEPLWWDO ̋SDFNDJHÒ ̋SURMHFW ̋VFRSLQJÒ ̋SURFXUHPHQW ̋SODQQLQJÒ ̋DQG ̋DUFKLWHFWXUDO ̋UHQGHULQJÔ

,PSRUWDQW ̋ IDFWRUV ̋ DIIHFWLQJ ̋ SUHðSURMHFW ̋ SODQQLQJ ̋ SKDVH ̋ GXUDWLRQ ̋ DUH ̋ OLNHO\ ̋ WR ̋ EH ̋ WKH

DGHTXDF\ ̋ DQG ̋ WLPHOLQHVV ̋ RI ̋ GHVNWRSÓOLWHUDWXUHÒ ̋ VLWHÓWRSRJUDSKLFÒ ̋ JHRWHFKQLFDOÒ ̋ DQG

VWDWXWRU\ ̋ DXWKRULW\ ̋ VHDUFKHVÔ ̋  ̋ ,Q ̋ DGGLWLRQÒ ̋ SODQQLQJÒ ̋ HQYLURQPHQWDOÒ ̋ DQG ̋ OHJLVODWLYH

UHTXLUHPHQWV ̋PXVW ̋EH ̋DGGUHVVHG ̋LQ ̋D ̋WLPHO\ ̋PDQQHUÔ ̋ ̋)DLOXUH ̋WR ̋DGHTXDWHO\ ̋DGGUHVV ̋WKHVH

LVVXHV ̋PD\ ̋VHULRXVO\ ̋LPSDFW ̋WKH ̋GXUDWLRQ ̋RI ̋VXEVHTXHQW ̋SURMHFW ̋SKDVHVÔ

7KH ̋ QHHG ̋ IRU ̋ DGHTXDWH ̋ DVVHVVPHQW ̋ RI ̋ WKH ̋ ILQDQFLDOÒ ̋ FRQWUDFWXDOÒ ̋ KHDOWK ̋ DQG ̋ VDIHW\Ò ̋ DQG

HQYLURQPHQWDO ̋ ULVNVÒ ̋ DQG ̋ SURGXFWLRQ ̋ RI ̋ VXLWDEOH ̋ IHDVLELOLW\ ̋ UHSRUWV ̋ DQG ̋ SUHOLPLQDU\ ̋ FRVW

SODQV ̋ZLOO ̋DOVR ̋LPSDFW ̋SUHðSURMHFW ̋SODQQLQJ ̋SKDVH ̋GXUDWLRQÒ ̋DV ̋ZHOO ̋DV ̋SRVVLEO\ ̋LQIOXHQFLQJ

WKH ̋GXUDWLRQ ̋RI ̋VXEVHTXHQW ̋SURMHFW ̋SKDVHVÔ

7KH ̋KLHUDUFK\ ̋DOVR ̋LGHQWLILHV ̋VRPH ̋JHQHULF ̋®EHVW ̋SUDFWLFHV©Ò ̋ZKLFK ̋LI ̋GHYHORSHG ̋GXULQJ ̋WKH

SUHðSURMHFW ̋ SODQQLQJ ̋ SKDVH ̋ DQG ̋ FDUULHG ̋ RQ ̋ WKURXJKRXW ̋ WKH ̋ SURMHFWÒ ̋ ZLOO ̋ LPSDFW ̋ SURMHFW

GXUDWLRQÔ ̋ ̋7KHVH ̋LQFOXGH„

x FOHDU ̋EULHI ̋DQG ̋SURJUDP ̋RI ̋LPSOHPHQWDWLRQ ̋IRU ̋WKH ̋SURMHFW

x JRRG ̋WHDP ̋FRPPXQLFDWLRQV ̋DQG ̋FRRSHUDWLRQ

x VXIILFLHQW ̋EXVLQHVVÒ ̋WHFKQLFDOÒ ̋DQG ̋FRQVWUXFWLRQ ̋H[SHUWLVH ̋LQ ̋SURMHFW ̋WHDP

x ORZ ̋SURMHFW ̋WHDP ̋WXUQRYHU

x FRPPLWPHQW ̋RI ̋DOO ̋SDUWLHV ̋WR ̋EHVW ̋SUDFWLFH

x VXIILFLHQW ̋IXQGLQJ ̋SURYLGHG ̋E\ ̋RZQHU

x IOH[LEOH ̋IHH ̋DUUDQJHPHQWV

x XVH ̋RI ̋DGYDQFHG ̋LQIRUPDWLRQ ̋WHFKQRORJ\

x HDUO\ ̋FRQWUDFWRU ̋LQYROYHPHQW ̋LQ ̋SURMHFW ̋ıLÔHÔÒ ̋SULRU ̋WR ̋FRQVWUXFWLRQ ̋SKDVHÙ

x TXDOLW\ ̋DVVXUDQFH ̋V\VWHPV ̋LQ ̋SODFH

'HVLJQ

7KH ̋GHVFULSWLRQ ̋RI ̋WKLV ̋SKDVH ̋KDV ̋EHHQ ̋VOLJKWO\ ̋PRGLILHG ̋IURP ̋®GHWDLO ̋GHVLJQ© ̋ıXVHG ̋E\ ̋&,,Ù

WR ̋®GHVLJQ©Ô ̋ ̋7KH ̋UHDVRQ ̋IRU ̋WKLV ̋LV ̋WKDW ̋WKH ̋®GHVLJQ© ̋SKDVH ̋GHVFULSWLRQ ̋LV ̋XQDPELJXRXV ̋LQ

WKDW ̋LW ̋HQFRPSDVVHV ̋FRQFHSWXDOÒ ̋SUHOLPLQDU\ ̋DQG ̋GHWDLOHG ̋GHVLJQÔ ̋ ̋7KH ̋VWDUW ̋RI ̋WKLV ̋SKDVH ̋LV

GHILQHG ̋DV ̋EHLQJ ̋WKH ̋SRLQW ̋DW ̋ZKLFK ̋WKH ̋EDVLV ̋IRU ̋GHVLJQ ̋LV ̋GHILQHGÔ ̋ ̋7KH ̋WHUPLQDWLRQ ̋RI ̋WKH

SKDVH ̋ LV ̋ WKH ̋ SRLQW ̋ DW ̋ ZKLFK ̋ DOO ̋ DSSURYHG ̋ GUDZLQJV ̋ DQG ̋ VSHFLILFDWLRQV ̋ DUH ̋ FRPSOHWHGÔ

7\SLFDO ̋ DFWLYLWLHV ̋ DQG ̋ SURGXFWV ̋ GXULQJ ̋ WKLV ̋ SKDVH ̋ LQFOXGH ̋ SUHSDUDWLRQ ̋ RI ̋ GUDZLQJVÒ

VSHFLILFDWLRQVÒ ̋ ELOOV ̋ RI ̋ TXDQWLWLHVÓPDWHULDOVÒ ̋ VHTXHQFH ̋ RI ̋ RSHUDWLRQV ̋ VWDWHPHQWVÒ ̋ FDUU\LQJ

RXW ̋SURMHFW ̋WHFKQLFDO ̋UHYLHZVÒ ̋DQG ̋ILHOG ̋FRVW ̋HVWLPDWHVÔ
ÁÏ

,PSRUWDQW ̋ IDFWRUV ̋DIIHFWLQJ ̋ GHVLJQ ̋ SKDVH ̋ GXUDWLRQÒ ̋DV ̋ZHOO ̋DV ̋WKH ̋ GXUDWLRQ ̋ RI ̋ VXEVHTXHQW

SKDVHVÒ ̋DUH ̋OLNHO\ ̋WR ̋EH ̋WKH ̋DGHTXDF\ ̋DQG ̋WLPHOLQHVV ̋RI ̋GHWDLOHG ̋ ULVN ̋DVVHVVPHQWV ̋ IRU ̋WKH

FRQVWUXFWLRQÒ ̋PDLQWHQDQFHÒ ̋PRGLILFDWLRQ ̋DQG ̋ GHFRPPLVVLRQLQJ ̋ RI ̋WKH ̋ SURMHFWÒ ̋WKH ̋ XVH ̋ RI

YDOXH ̋ HQJLQHHULQJÒ ̋ DQG ̋ FRQVLGHUDWLRQ ̋ RI ̋ SODQQLQJÒ ̋ HQYLURQPHQWDOÒ ̋ DQG ̋ OHJLVODWLYH

UHTXLUHPHQWVÔ ̋ ̋7KH ̋OHYHO ̋RI ̋RZQHU ̋LQYROYHPHQW ̋LQ ̋WKH ̋GHVLJQ ̋ SURFHVVÒ ̋FRQWURO ̋ RI ̋ SURMHFW

FKDQJHVÒ ̋ DQG ̋ WKH ̋ IOH[LELOLW\ ̋ WKDW ̋ WKH ̋ GHVLJQ ̋ DIIRUGV ̋ WKH ̋ FRQVWUXFWLRQ ̋ SURFHVV ̋ ZLOO ̋ DOVR

LQIOXHQFH ̋SKDVH ̋GXUDWLRQÔ ̋ ̋)DLOXUH ̋WR ̋DGHTXDWHO\ ̋DGGUHVV ̋WKHVH ̋LVVXHV ̋PD\ ̋VHULRXVO\ ̋LPSDFW

WKH ̋GXUDWLRQ ̋RI ̋VXEVHTXHQW ̋SURMHFW ̋SKDVHVÔ

7KH ̋ KLHUDUFK\ ̋ DOVR ̋ LGHQWLILHV ̋ VRPH ̋ JHQHULF ̋ ®EHVW ̋ SUDFWLFHV©Ò ̋ ZKLFK ̋ LI ̋ XVHG ̋ GXULQJ ̋ WKH

GHVLJQ ̋SKDVHÒ ̋DQG ̋FDUULHG ̋RQ ̋WKURXJKRXW ̋WKH ̋SURMHFWÒ ̋ZLOO ̋VKRUWHQ ̋SURMHFW ̋GXUDWLRQÔ ̋ ̋7KHVH

LQFOXGH„

x FRQVLGHUDWLRQ ̋RI ̋EXLOGDELOLW\Ò ̋ZLWK ̋HDUO\ ̋LQYROYHPHQW ̋RI ̋FRQWUDFWRU

x VWDQGDUGL]DWLRQ ̋ZKHUHYHU ̋SRVVLEOH

x PRGXODUL]DWLRQ ̋DQG ̋SUHIDEULFDWLRQ ̋ZKHUHYHU ̋SRVVLEOH

x PLQLPL]H ̋RQðVLWH ̋ZHOGLQJ

x LQQRYDWLRQ ̋DQG ̋XVH ̋RI ̋KLJK ̋WHFKQRORJ\ ̋ZKHUH ̋DSSURSULDWH

x FRQVLGHUDWLRQ ̋RI ̋FRQVWUXFWLRQ ̋LQ ̋DGYHUVH ̋ZHDWKHU ̋FRQGLWLRQV

x GHVLJQ ̋¶ILW ̋IRU ̋SXUSRVHß

7HQGHU

7KLV ̋SKDVH ̋LV ̋QRW ̋LGHQWLILHG ̋E\ ̋&,, ̋DV ̋D ̋VHSDUDWH ̋SKDVHÔ ̋ ̋7KLV ̋SKDVH ̋LV ̋GLIILFXOW ̋WR ̋ORFDWH

ZLWKLQ ̋ WKH ̋ W\SLFDO ̋ &,, ̋ SURMHFW ̋ F\FOHÒ ̋ DV ̋ LW ̋ LV ̋ GHSHQGHQW ̋ XSRQ ̋ WKH ̋ W\SH ̋ RI ̋ FRQVWUXFWLRQ

FRQWUDFW ̋ WKDW ̋ LV ̋ XVHG ̋ ıHÔJÔÒ ̋ GHVLJQðEXLOGÒ ̋ GHVLJQðELGðEXLOGÒ ̋ HWFÔÙÒ ̋ DQG ̋ WKH ̋ QDWXUH ̋ RI ̋ WKH

SURMHFWÔ ̋ ̋+RZHYHUÒ ̋LGHDOO\Ò ̋LW ̋ZRXOG ̋EH ̋XVHIXO ̋WR ̋EH ̋DEOH ̋WR ̋VHSDUDWH ̋WKLV ̋SDUW ̋RI ̋WKH ̋SURMHFW

F\FOHÒ ̋DV ̋LW ̋PD\ ̋EH ̋SURJUDPPHG ̋DV ̋D ̋VHSDUDWH ̋DFWLYLW\ ̋ZKHUH ̋PRUH ̋WUDGLWLRQDO ̋FRQWUDFWLQJ

DSSURDFKHV ̋DUH ̋XVHGÔ

7KH ̋ VWDUW ̋ RI ̋WKLV ̋ SKDVH ̋LV ̋ GHILQHG ̋DV ̋ EHLQJ ̋WKH ̋ SRLQW ̋ DW ̋ZKLFK ̋WKH ̋ GHFLVLRQ ̋WR ̋ VHOHFW ̋WKH

SURMHFW ̋ IRU ̋FRPSHWLWLYH ̋WHQGHU ̋LV ̋PDGHÒ ̋ZKHWKHU ̋ IRU ̋FRQVWUXFWLRQ ̋RQO\Ò ̋RU ̋ IRU ̋ GHVLJQ ̋DQG

FRQVWUXFWLRQÔ ̋ ̋7KH ̋WHUPLQDWLRQ ̋RI ̋WKLV ̋SKDVH ̋LV ̋WKH ̋SRLQW ̋DW ̋ZKLFK ̋WKH ̋FRQWUDFW ̋LV ̋DZDUGHG

WR ̋ WKH ̋ VXFFHVVIXO ̋ ELGGHUÔ ̋  ̋  ̋ 7\SLFDO ̋ DFWLYLWLHV ̋ DQG ̋ SURGXFWV ̋ GXULQJ ̋ WKLV ̋ SKDVH ̋ LQFOXGH

SUHSDUDWLRQ ̋RI ̋WHQGHU ̋GRFXPHQWVÒ ̋WHQGHU ̋VXEPLVVLRQÒ ̋HYDOXDWLRQÒ ̋DQG ̋DZDUGÔ

)DFWRUV ̋DIIHFWLQJ ̋WKH ̋SKDVH ̋GXUDWLRQÒ ̋DV ̋ZHOO ̋DV ̋WKH ̋GXUDWLRQ ̋RI ̋VXEVHTXHQW ̋SKDVHVÒ ̋DUH ̋WKH

FODULW\ ̋ DQG ̋ EUHYLW\ ̋ RI ̋ WKH ̋ WHQGHU ̋ GRFXPHQWVÒ ̋ QXPEHU ̋ RI ̋ WHQGHUV ̋ LQYLWHGÒ ̋ SURYLVLRQ ̋ IRU

FRQWUDFWRUðGHVLJQHG ̋HOHPHQWVÒ ̋DQG ̋FRQVLGHUDWLRQ ̋ RI ̋ DQ\ ̋ VSHFLDO ̋ VLWH ̋ FRQVLGHUDWLRQV ̋ ıHÔJÔÒ

GLYHUVLRQ ̋RI ̋VWDWXWRU\ ̋VHUYLFHVÒ ̋WUHDWPHQW ̋RI ̋FRQWDPLQDWHG ̋JURXQGÒ ̋HWFÔÙ ̋ZKLFK ̋PLJKW ̋IDYRU

HDUO\ ̋ OHWWLQJ ̋ RI ̋ SDUW ̋ RI ̋ WKH ̋ ZRUNÔ ̋  ̋ )DLOXUH ̋ WR ̋ DGHTXDWHO\ ̋ DGGUHVV ̋ WKHVH ̋ LVVXHV ̋ PD\ ̋ DOVR

VHULRXVO\ ̋LPSDFW ̋WKH ̋GXUDWLRQ ̋RI ̋VXEVHTXHQW ̋SURMHFW ̋SKDVHVÔ
ÁÎ

7KH ̋KLHUDUFK\ ̋DOVR ̋LGHQWLILHV ̋VRPH ̋JHQHULF ̋®EHVW ̋SUDFWLFHV©Ò ̋ZKLFK ̋LI ̋GHYHORSHG ̋GXULQJ ̋WKH

WHQGHU ̋SKDVHÒ ̋DQG ̋FDUULHG ̋RQ ̋WKURXJKRXW ̋WKH ̋SURMHFWÒ ̋ZLOO ̋LPSDFW ̋SURMHFW ̋GXUDWLRQÔ ̋ ̋7KHVH

LQFOXGH„

x VHOHFWLRQ ̋RI ̋QRQðDGYHUVDULDO ̋FRQWUDFW

x FOHDU ̋DOORFDWLRQ ̋RI ̋ULVN

x PHWKRG ̋IRU ̋HDUO\ ̋QRWLILFDWLRQ ̋RI ̋FODLPV

x LQFHQWLYH ̋FODXVHV

x IOH[LELOLW\

&RQVWUXFWLRQ

7KH ̋VWDUW ̋RI ̋WKLV ̋SKDVH ̋LV ̋GHILQHG ̋DV ̋EHLQJ ̋WKH ̋SRLQW ̋DW ̋ZKLFK ̋PRELOL]DWLRQ ̋IRU ̋FRQVWUXFWLRQ

EHJLQVÔ ̋  ̋ 7KH ̋ WHUPLQDWLRQ ̋ RI ̋ WKH ̋ SKDVHÒ ̋ DV ̋ GHILQHG ̋ E\ ̋ &,,Ò ̋ LV ̋ WKH ̋ SRLQW ̋ DW ̋ ZKLFK ̋ DOO

FRPSRQHQWV ̋KDYH ̋EHHQ ̋FKHFNHGÔ ̋ ̋,Q ̋SUDFWLFHÒ ̋D ̋®GHIHFWV ̋FRUUHFWLRQ ̋SHULRG© ̋PD\ ̋H[LVW ̋LQ ̋WKH

FRQWUDFWÒ ̋ EXW ̋ WKLV ̋ LV ̋ QRW ̋ LQFOXGHG ̋ DV ̋ SDUW ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ SKDVHÔ ̋  ̋ 7KH ̋ HQG ̋ RI

FRQVWUXFWLRQ ̋FDQ ̋WKHUHIRUH ̋EH ̋GHILQHG ̋DV ̋WKH ̋ SRLQW ̋ RI ̋ ®VXEVWDQWLDO ̋FRPSOHWLRQÔ© ̋ ̋ ̋7\SLFDO

DFWLYLWLHV ̋DQG ̋SURGXFWV ̋GXULQJ ̋WKLV ̋SKDVH ̋LQFOXGH ̋VHWWLQJ ̋XS ̋VLWH ̋RIILFHVÒ ̋VLWH ̋SUHSDUDWLRQÒ

SURFXUHPHQW ̋ RI ̋ PDWHULDOVÒ ̋ LVVXH ̋ RI ̋ VXEðFRQWUDFWVÒ ̋ SURGXFWLRQ ̋ RI ̋ PHWKRG ̋ VWDWHPHQWV ̋ DQG

VDIHW\ ̋ SODQVÒ ̋ FRQVWUXFWLRQ ̋ RI ̋ WKH ̋ SURMHFWÒ ̋ UHPRYLQJ ̋ GHIHFWV ̋ SULRU ̋ WR ̋ VXEVWDQWLDO

FRPSOHWLRQÓFHUWLILFDWLRQÒ ̋DQG ̋VLWH ̋GHPRELOL]DWLRQÔ

,PSRUWDQW ̋ IDFWRUV ̋ DIIHFWLQJ ̋ FRQVWUXFWLRQ ̋ SKDVH ̋ GXUDWLRQ ̋ DUH ̋ OLNHO\ ̋ WR ̋ EH ̋ WKH ̋ PHWKRGV ̋ RI

ZRUNLQJ ̋ XVHG ̋ RQ ̋ VLWH ̋ DQG ̋WKHLU ̋LPSDFW ̋ XSRQ ̋ VLWH ̋ SURGXFWLYLW\Ò ̋ VLWH ̋ DFFHVVÒ ̋ GUDLQDJH ̋ DQG

WHPSRUDU\ ̋ ZRUNV ̋ SURYLVLRQÒ ̋ DQG ̋OHYHO ̋ RI ̋ UHðZRUNÔ ̋  ̋ 7KHVH ̋ IDFWRUV ̋ PD\ ̋ EH ̋LQIOXHQFHG ̋ E\

XQIRUHVHHQ ̋JURXQG ̋FRQGLWLRQV ̋RU ̋DGYHUVH ̋ZHDWKHUÔ

6SHFLDO ̋KHDOWK ̋DQG ̋VDIHW\Ò ̋RU ̋HQYLURQPHQWDO ̋ULVNV ̋ZLOO ̋DOVR ̋LPSDFW ̋SKDVH ̋GXUDWLRQÔ

7KH ̋KLHUDUFK\ ̋DOVR ̋LGHQWLILHV ̋VRPH ̋JHQHULF ̋®EHVW ̋SUDFWLFHV©Ò ̋ZKLFK ̋LI ̋GHYHORSHG ̋GXULQJ ̋WKH

SUHðSURMHFW ̋ SODQQLQJ ̋ SKDVHÒ ̋ DQG ̋ FDUULHG ̋ RQ ̋ WKURXJKRXW ̋ WKH ̋ SURMHFWÒ ̋ ZLOO ̋ LPSDFW ̋ SURMHFW

GXUDWLRQÔ ̋ ̋7KHVH ̋LQFOXGH„

x WHQGHU ̋LV ̋ILQDQFLDOO\ ̋VXIILFLHQW ̋DQG ̋PHHWV ̋UHTXLUHPHQWV

x FRQFXUUHQW ̋VHTXHQFLQJ ̋RI ̋VLWH ̋DFWLYLWLHV

x HIILFLHQW ̋PDWHULDOV ̋KDQGOLQJ ̋SURFHGXUHV

x VWDQGDUGL]DWLRQ ̋ZKHUHYHU ̋SRVVLEOH ̋ıHÔJÔÒ ̋FRQFUHWH ̋IRUPZRUNÙ

x PRGXODUL]DWLRQ ̋DQG ̋RIIðVLWH ̋IDEULFDWLRQ ̋ZKHUHYHU ̋SRVVLEOH

x DGHTXDWH ̋DQG ̋VXIILFLHQWO\ ̋H[SHULHQFHG ̋VLWH ̋VWDII

x JRRG ̋UHODWLRQVKLS ̋ZLWK ̋RZQHU ̋DQG ̋GHVLJQHU

x HDUO\ ̋QRWLILFDWLRQ ̋RI ̋FODLPV ̋DQG ̋VSHHG\ ̋UHVROXWLRQ

x HIIHFWLYH ̋&KDQJH ̋2UGHU ̋PDQDJHPHQW

x FOHDU ̋FRPPXQLFDWLRQV ̋DQG ̋DFFRXQWDELOLW\ ̋EHWZHHQ ̋PDLQ ̋FRQWUDFWRU ̋DQG ̋VXEFRQWUDFWRU
ÁÍ

&RPPLVVLRQLQJ

7KLV ̋SKDVH ̋GLIIHUV ̋ IURP ̋WKH ̋VWDUWðXS ̋SKDVH ̋GHILQHG ̋E\ ̋&,,Ò ̋LQ ̋WKDW ̋&,,©V ̋ GHILQLWLRQ ̋ RI ̋WKH

VWDUWðXS ̋SKDVH ̋LV ̋UHOHYDQW ̋WR ̋SURFHVV ̋IDFLOLWLHVÒ ̋EXW ̋GRHV ̋QRW ̋XVXDOO\ ̋DSSO\ ̋WR ̋EXLOGLQJðW\SH

SURMHFWVÔ ̋  ̋ 7KH ̋ VWDUW ̋ RI ̋ WKLV ̋ SKDVH ̋ LV ̋ GHILQHG ̋ DV ̋ EHLQJ ̋ WKH ̋ SRLQW ̋ DW ̋ ZKLFK ̋ WKH ̋ ZRUN ̋ LV

VXEVWDQWLDOO\ ̋FRPSOHWHGÒ ̋DQG ̋FHUWLILHG ̋DV ̋VXFKÔ ̋ ̋7KH ̋WHUPLQDWLRQ ̋RI ̋WKH ̋SKDVH ̋LV ̋WKH ̋SRLQW

DW ̋ ZKLFK ̋ WKH ̋ FXVWRG\ ̋ LV ̋ WUDQVIHUUHG ̋ WR ̋ WKH ̋ XVHUÓRSHUDWRUÒ ̋ ZLWK ̋ DOO ̋ GHIHFWV ̋ KDYLQJ ̋ EHHQ

FRUUHFWHGÔ ̋  ̋ ,Q ̋ VRPH ̋ FRQWUDFWV ̋ WKLV ̋ SHULRG ̋ LV ̋ UHIHUUHG ̋ WR ̋ DV ̋ WKH ̋ ®PDLQWHQDQFH ̋ SHULRG© ̋ RU

®GHIHFWV ̋ FRUUHFWLRQ ̋ SHULRG©Ô ̋  ̋  ̋ 7\SLFDO ̋ DFWLYLWLHV ̋ DQG ̋ SURGXFWV ̋ GXULQJ ̋ WKLV ̋ SKDVH ̋ LQFOXGH

LQGHSHQGHQW ̋LQVSHFWLRQ ̋DQG ̋WHVWLQJÒ ̋GHIHFWV ̋FRUUHFWLRQÒ ̋DQG ̋FHUWLILFDWLRQÔ

7KH ̋ SULQFLSOH ̋ IDFWRUV ̋ DIIHFWLQJ ̋WKH ̋ FRPPLVVLRQLQJ ̋ SKDVH ̋ GXUDWLRQ ̋ZLOO ̋ EH ̋WKH ̋ TXDOLW\ ̋ RI

WKH ̋ZRUN ̋FDUULHG ̋RXW ̋GXULQJ ̋WKH ̋FRQVWUXFWLRQ ̋SKDVHÒ ̋DQG ̋LWV ̋ILWQHVV ̋IRU ̋SXUSRVHÔ

,QGXVWULDO ̋6HFWRU

7KH ̋LQGXVWULDO ̋ VHFWRU ̋ZDV ̋WDNHQ ̋WR ̋ FRPSULVH ̋ DOO ̋ PDQXIDFWXULQJ ̋LQGXVWULHV ̋ ZLWK ̋ 6WDQGDUG

,QGXVWULDO ̋&ODVVLILFDWLRQ ̋&RGHV ̋ı6,&Ù ̋EHWZHHQ ̋ÎÌ ̋DQG ̋Í‰ ̋LQFOXVLYHÔ ̋7KHVH ̋6,& ̋&RGHV ̋DUH

DV ̋IROORZV„

x 6,& ̋ÎÌ ̋ð ̋)RRG ̋DQG ̋.LQGUHG ̋3URGXFWV

x 6,& ̋ÎÏ ̋ð ̋7REDFFR ̋3URGXFWV

x 6,& ̋ÎÎ ̋ð ̋7H[WLOH ̋0LOO ̋3URGXFWV

x 6,& ̋ÎÍ ̋ð ̋$SSDUHO ̋DQG ̋2WKHU ̋7H[WLOH ̋3URGXFWV

x 6,& ̋ÎÈ ̋ð ̋/XPEHU ̋DQG ̋:RRG ̋3URGXFWV

x 6,& ̋ÎË ̋ð ̋)XUQLWXUH ̋DQG ̋)L[WXUHV

x 6,& ̋ÎÁ ̋ð ̋3DSHU ̋DQG ̋$OOLHG ̋3URGXFWV

x 6,& ̋ÎÊ ̋ð ̋3ULQWLQJ ̋DQG ̋3XEOLVKLQJ

x 6,& ̋ÎÂ ̋ð ̋&KHPLFDOV ̋DQG ̋$OOLHG ̋3URGXFWV

x 6,& ̋Î‰ ̋ð ̋3HWUROHXP ̋DQG ̋&RDO ̋3URGXFWV

x 6,& ̋ÍÌ ̋ð ̋5XEEHU ̋DQG ̋0LVFHOODQHRXV ̋3ODVWLF ̋3URGXFWV

x 6,& ̋ÍÏ ̋ð ̋/HDWKHU ̋DQG ̋/HDWKHU ̋3URGXFWV

x 6,& ̋ÍÎ ̋ð ̋6WRQH ̋&OD\ ̋DQG ̋*ODVV ̋3URGXFWV

x 6,& ̋ÍÍ ̋ð ̋3ULPDU\ ̋0HWDO ̋3URGXFWV

x 6,& ̋ÍÈ ̋ð ̋)DEULFDWHG ̋0HWDO ̋3URGXFWV

x 6,& ̋ÍË ̋ð ̋,QGXVWULDO ̋0DFKLQHU\ ̋DQG ̋(TXLSPHQW

x 6,& ̋ÍÁ ̋ð ̋(OHFWURQLF ̋DQG ̋2WKHU ̋(TXLSPHQW

x 6,& ̋ÍÊ ̋ð ̋7UDQVSRUWDWLRQ ̋(TXLSPHQW

x 6,& ̋ÍÂ ̋ð ̋,QVWUXPHQWV ̋DQG ̋5HODWHG ̋3URGXFWV

x 6,& ̋Í‰ ̋ð ̋0LVFHOODQHRXV ̋0DQXIDFWXULQJ ̋,QGXVWULHV

1RWH ̋ WKDW ̋ DOO ̋ PLQLQJ ̋ LQGXVWULHV ̋ ıZKLFK ̋ LQFOXGHV ̋ RIIðVKRUH ̋ H[SORUDWLRQ ̋ DQG ̋ H[WUDFWLRQ

DFWLYLWLHVÙ ̋DUH ̋H[FOXGHG ̋IURP ̋WKLV ̋GRFXPHQWÔ ̋ ̋$OO ̋WUDQVSRUWDWLRQÒ ̋FRPPXQLFDWLRQVÒ ̋HOHFWULF

SRZHU ̋ JHQHUDWLRQÓGLVWULEXWLRQÒ ̋ DQG ̋ VDQLWDU\ ̋ VHUYLFHV ̋ DUH ̋ LQFOXGHG ̋ LQ ̋ WKH ̋ SXEOLF ̋ ZRUNV
ÁÈ

VHFWRU ̋IRU ̋WKLV ̋GRFXPHQWÔ ̋,QGXVWULDO ̋IDFLOLWLHV ̋FDQ ̋EH ̋FKDUDFWHUL]HG ̋SULPDULO\ ̋E\ ̋JHRJUDSKLF

ORFDWLRQÒ ̋ VL]H ̋ RI ̋ IDFLOLW\ ̋ ıHÔJÔÒ ̋ E\ ̋ FDSDFLW\ ̋ DV ̋ D ̋ IXQFWLRQ ̋ RI ̋ LQVWDOOHG ̋ FRVWÙÒ ̋ DQG

W\SHÓIXQFWLRQÔ ̋ ,Q ̋ DGGLWLRQÒ ̋ QHZ ̋ SURMHFWV ̋ FDQ ̋ EH ̋ FDWHJRUL]HG ̋ E\ ̋WKH ̋ QDWXUH ̋ RI ̋WKH ̋ SURMHFW

ıLÔHÔÒ ̋ZKHWKHU ̋LW ̋LV ̋QHZ ̋EXLOGÒ ̋DGGLWLRQÒ ̋RU ̋PRGHUQL]DWLRQÙ ̋DQG ̋WKH ̋LQVWDOOHG ̋FRVWÔ

7KLV ̋ FDWHJRUL]DWLRQ ̋LV ̋ VLPLODU ̋WR ̋WKDW ̋ XVHG ̋ E\ ̋WKH ̋&,,Ò ̋ ZKLFK ̋ JURXSV ̋LQGXVWULDO ̋ IDFLOLWLHV

DFFRUGLQJ ̋ WR ̋ ZKHWKHU ̋ WKH\ ̋ DUH ̋ ®KHDY\ ̋ LQGXVWULDO©Ò ̋ RU ̋ ®OLJKW ̋ LQGXVWULDO©Ô ̋  ̋ 7KH ̋ KHDY\

LQGXVWULDO ̋ FDWHJRU\ ̋ LQFOXGHV ̋ RLO ̋ UHILQLQJÒ ̋ FKHPLFDO ̋ PDQXIDFWXULQJÒ ̋ HOHFWULFDO ̋ JHQHUDWLRQÒ

RLO ̋H[SORUDWLRQÒ ̋RLO ̋SURGXFWLRQÒ ̋QDWXUDO ̋JDV ̋SURFHVVLQJÒ ̋SXOS ̋DQG ̋SDSHUÒ ̋DQG ̋PHWDOV ̋UHILQLQJ

DQG ̋ SURFHVVLQJÔ ̋  ̋ 7KH ̋ OLJKW ̋ LQGXVWULDO ̋ FDWHJRU\ ̋ LQFOXGHV ̋ SKDUPDFHXWLFDO ̋ PDQXIDFWXULQJÒ

HOHFWURQLFV ̋ PDQXIDFWXULQJÒ ̋ DXWRPRWLYH ̋ PDQXIDFWXULQJÒ ̋ FRQVXPHU ̋ SURGXFWVÒ ̋ DQG ̋ JHQHUDO

PDQXIDFWXULQJÔ ̋ ̋+RZHYHUÒ ̋LW ̋ZLOO ̋EH ̋QRWHG ̋WKDW ̋WKHUH ̋LV ̋VRPH ̋RYHUODS ̋EHWZHHQ ̋WKH ̋SXEOLF

ZRUNV ̋VHFWRU ̋ıFDOOHG ̋WKH ̋®LQIUDVWUXFWXUH© ̋VHFWRU ̋E\ ̋&,,Ù ̋DQG ̋WKH ̋LQGXVWULDO ̋VHFWRU ̋LI ̋WKH ̋&,,

GHILQLWLRQV ̋DUH ̋FRPSDUHG ̋ZLWK ̋WKH ̋6,& ̋&RGH ̋GHILQLWLRQVÔ

$V ̋ZLWK ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋ VHFWRUÒ ̋WKH ̋ GHOLYHU\ ̋F\FOH ̋ IRU ̋ D ̋ ¶W\SLFDOß ̋LQGXVWULDO

SURMHFW ̋KDV ̋EHHQ ̋EURNHQ ̋GRZQ ̋LQWR ̋D ̋QXPEHU ̋RI ̋GLVWLQFW ̋SKDVHVÔ ̋ ̋7KLV ̋GRFXPHQW ̋ZLOO ̋PDNH

XVH ̋ RI ̋ SKDVH ̋ GHILQLWLRQV ̋ VLPLODU ̋WR ̋WKRVH ̋ XVHG ̋ E\ ̋WKH ̋&,, ̋ IRU ̋ UHFRUGLQJ ̋ GDWD ̋ IURP ̋ ®OLYH©

FRQVWUXFWLRQ ̋SURMHFWVÔ ̋ ̋7KH ̋ILYH ̋SKDVHV ̋XVHG ̋E\ ̋&,, ̋DUH ̋DV ̋IROORZV„

x 3UHð3URMHFW ̋3ODQQLQJ

x 'HWDLO ̋'HVLJQ

x 3URFXUHPHQW

x &RQVWUXFWLRQ

x 6WDUWðXS

7KH ̋ ILYH ̋ SKDVHV ̋ ZKLFK ̋ DUH ̋ LGHQWLILHG ̋ LQ ̋ WKH ̋ LGHDOL]HG ̋ KLHUDUFK\ ̋ DUH ̋ WKH ̋ VDPH ̋ DV ̋ WKHVH

SKDVHVÒ ̋ZLWK ̋WKH ̋H[FHSWLRQ ̋RI ̋WKH ̋GHWDLO ̋GHVLJQ ̋SKDVHÒ ̋ZKLFK ̋KDV ̋EHHQ ̋UHQDPHG ̋®GHVLJQ©Ô

,Q ̋DGGLWLRQÒ ̋D ̋VL[WK ̋SKDVH ̋FDOOHG ̋®WHQGHU© ̋KDV ̋EHHQ ̋LGHQWLILHG ̋LQ ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\Ò ̋LQ

D ̋VLPLODU ̋ZD\ ̋WR ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRUÔ

(DFK ̋ RI ̋WKHVH ̋ SKDVHVÒ ̋ DQG ̋WKH ̋ DVVRFLDWHG ̋ IDFWRUV ̋ DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQ ̋ DUH ̋ DGGUHVVHG

EHORZÔ

3UHð3URMHFW ̋3ODQQLQJ

7KH ̋GHILQLWLRQ ̋RI ̋WKLV ̋SKDVHÒ ̋ IDFWRUV ̋DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQÒ ̋DQG ̋ JHQHULF ̋ EHVW ̋ SUDFWLFHV

KDYH ̋DOUHDG\ ̋EHHQ ̋GHVFULEHG ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWLRQ ̋RI ̋WKLV ̋GRFXPHQWÔ

'HVLJQ

7KH ̋GHILQLWLRQ ̋RI ̋WKLV ̋SKDVHÒ ̋ IDFWRUV ̋DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQÒ ̋DQG ̋ JHQHULF ̋ EHVW ̋ SUDFWLFHV

KDYH ̋DOUHDG\ ̋EHHQ ̋GHVFULEHG ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWLRQ ̋RI ̋WKLV ̋GRFXPHQWÔ
ÁË

7HQGHU

7KH ̋GHILQLWLRQ ̋RI ̋WKLV ̋SKDVHÒ ̋ IDFWRUV ̋DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQÒ ̋DQG ̋ JHQHULF ̋ EHVW ̋ SUDFWLFHV

KDYH ̋DOUHDG\ ̋EHHQ ̋GHVFULEHG ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWLRQ ̋RI ̋WKLV ̋GRFXPHQWÔ

3URFXUHPHQW

)RU ̋ LQGXVWULDO ̋ IDFLOLWLHVÒ ̋ DQG ̋ LQ ̋ SDUWLFXODU ̋ SURFHVVðRULHQWHG ̋ SURMHFWVÒ ̋ WKH ̋ SURFXUHPHQW ̋ RI

HQJLQHHUHG ̋HTXLSPHQW ̋ ̋LV ̋LGHQWLILHG ̋E\ ̋&,, ̋DV ̋D ̋VHSDUDWH ̋FRQVWUXFWLRQ ̋SKDVHÔ ̋ ̋7KH ̋VWDUW ̋RI

WKLV ̋ SKDVH ̋ LV ̋ GHILQHG ̋ DV ̋ EHLQJ ̋ WKH ̋ SRLQW ̋ DW ̋ ZKLFK ̋ D ̋ SURFXUHPHQW ̋ SODQ ̋ IRU ̋ HQJLQHHUHG

HTXLSPHQW ̋LV ̋SURGXFHGÔ ̋ ̋7KH ̋WHUPLQDWLRQ ̋RI ̋WKLV ̋SKDVH ̋LV ̋WKH ̋SRLQW ̋DW ̋ZKLFK ̋DOO ̋HQJLQHHUHG

HTXLSPHQW ̋ LV ̋ GHOLYHUHG ̋ WR ̋ WKH ̋ VLWHÔ ̋  ̋  ̋ 7\SLFDO ̋ DFWLYLWLHV ̋ DQG ̋ SURGXFWV ̋ GXULQJ ̋ WKLV ̋ SKDVH

LQFOXGH ̋ YHQGRU ̋ TXDOLILFDWLRQÒ ̋ ELG ̋ DQDO\VLVÒ ̋ HTXLSPHQW ̋ SXUFKDVLQJÒ ̋ DQG ̋ HQJLQHHULQJ

DFWLYLWLHVÔ

,PSRUWDQW ̋ IDFWRUV ̋ DIIHFWLQJ ̋ WKH ̋ SKDVH ̋ GXUDWLRQÒ ̋ DV ̋ ZHOO ̋ DV ̋ WKH ̋ GXUDWLRQ ̋ RI ̋ VXEVHTXHQW

SKDVHV ̋DUH ̋OLNHO\ ̋WR ̋EH ̋WKH ̋FODULW\ ̋DQG ̋EUHYLW\ ̋RI ̋WKH ̋WHQGHU ̋GRFXPHQWVÒ ̋QXPEHU ̋RI ̋ELGGHUVÒ

SURYLVLRQ ̋ IRU ̋ FRQWUDFWRU ̋ GHVLJQHG ̋ HOHPHQWVÒ ̋ DQG ̋ FRQVLGHUDWLRQ ̋ RI ̋ DQ ̋ HQDEOLQJ ̋ ZRUNV

SURJUDPÓZRUN ̋DFWLYLW\ ̋SKDVLQJÔ ̋ ̋)DLOXUH ̋WR ̋DGHTXDWHO\ ̋DGGUHVV ̋WKHVH ̋LVVXHV ̋PD\ ̋VHULRXVO\

LPSDFW ̋WKH ̋GXUDWLRQ ̋RI ̋VXEVHTXHQW ̋SURMHFW ̋SKDVHVÔ

7KH ̋KLHUDUFK\ ̋DOVR ̋LGHQWLILHV ̋VRPH ̋JHQHULF ̋®EHVW ̋SUDFWLFHV©Ò ̋ZKLFK ̋LI ̋GHYHORSHG ̋GXULQJ ̋WKH

WHQGHU ̋SKDVH ̋DQG ̋FDUULHG ̋RQ ̋WKURXJKRXW ̋WKH ̋SURMHFWÒ ̋ZLOO ̋LPSDFW ̋SURMHFW ̋GXUDWLRQÔ ̋ ̋7KHVH

LQFOXGH„

x FOHDU ̋SURFXUHPHQW ̋SODQ ̋VSHFLILHG

x VSHFLDO ̋UHTXLUHPHQWV ̋DQG ̋VSHFLDOLVW ̋FRQWUDFWRUV ̋LGHQWLILHG

x WHDP ̋PHPEHU ̋UHVSRQVLELOLWLHV ̋FRPPXQLFDWHG ̋FOHDUO\

x PDWHULDOV ̋DYDLODELOLW\Ò ̋OHDGðLQ ̋WLPHVÒ ̋DQG ̋SULFH ̋FRQILUPHG

x WUDGH ̋VNLOOV ̋UHTXLUHG ̋RQ ̋VLWH ̋DUH ̋DVVHVVHG

x SRWHQWLDO ̋VWRUDJHÓDFFHVVÓOD\ðGRZQ ̋SUREOHPV ̋DGGUHVVHG

x WHVWLQJÓLQVSHFWLRQ ̋UHTXLUHPHQWV ̋FOHDUO\ ̋GRFXPHQWHG

x GHVLJQ ̋FRPSOHWHG ̋LQ ̋WLPH ̋IRU ̋HDUO\ ̋SXUFKDVH ̋FRQWUDFWV

x UHJXODWRU\ ̋DSSURYDOV ̋FRRUGLQDWHG

x VXEðFRQWUDFWRUV ̋SUHðTXDOLILHG

x LQFHQWLYH ̋VFKHPHV ̋DQG ̋QRQðDGYHUVDULDO ̋FRQWUDFWV ̋HQFRXUDJHG

&RQVWUXFWLRQ

7KH ̋GHILQLWLRQ ̋RI ̋WKLV ̋SKDVHÒ ̋ IDFWRUV ̋DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQÒ ̋DQG ̋ JHQHULF ̋ EHVW ̋ SUDFWLFHV

KDYH ̋DOUHDG\ ̋EHHQ ̋GHVFULEHG ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWLRQ ̋RI ̋WKLV ̋GRFXPHQWÔ
ÁÁ

6WDUWðXS

7KLV ̋ SKDVH ̋ LV ̋ SDUWLFXODUO\ ̋ UHOHYDQW ̋ WR ̋ WKH ̋ KHDY\ ̋ SURFHVV ̋ LQGXVWULHVÒ ̋ ZKHUH ̋ D ̋ KLJKO\

FRPSOH[ ̋ VHULHV ̋ RI ̋ V\VWHPV ̋ PD\ ̋ QHHG ̋ WR ̋ EH ̋ WHVWHG ̋ SULRU ̋ WR ̋ FXVWRG\ ̋ WUDQVIHU ̋ WR ̋ WKH ̋ SODQW

XVHUÓRSHUDWRUÔ ̋  ̋ 7KH ̋ VWDUW ̋ RI ̋ WKLV ̋ SKDVH ̋ LV ̋ GHILQHG ̋ DV ̋ EHLQJ ̋ WKH ̋ SRLQW ̋ DW ̋ ZKLFK ̋ DOO

FRPSRQHQWV ̋ DUH ̋LQ ̋ SODFH ̋ DQG ̋ IXQFWLRQLQJÔ ̋ ̋ 7KH ̋WHUPLQDWLRQ ̋ RI ̋WKH ̋ SKDVH ̋LV ̋WKH ̋ SRLQW ̋ DW

ZKLFK ̋ WKH ̋ FXVWRG\ ̋ LV ̋ WUDQVIHUUHG ̋ WR ̋ WKH ̋ XVHUÓRSHUDWRUÒ ̋ ZLWK ̋ DOO ̋ GHIHFWV ̋ KDYLQJ ̋ EHHQ

FRUUHFWHGÔ ̋  ̋  ̋ 7\SLFDO ̋ DFWLYLWLHV ̋ DQG ̋ SURGXFWV ̋ GXULQJ ̋ WKLV ̋ SKDVH ̋ LQFOXGH ̋ LQGHSHQGHQW

LQVSHFWLRQ ̋ DQG ̋ WHVWLQJ ̋ RI ̋ V\VWHPVÒ ̋ GHIHFWV ̋ FRUUHFWLRQÒ ̋ FHUWLILFDWLRQÒ ̋ RSHUDWRU ̋ WUDLQLQJÒ

LQWURGXFWLRQ ̋RI ̋IHHGðVWRFNVÒ ̋DQG ̋REWDLQLQJ ̋ILUVW ̋SURGXFWÓRXWSXWÔ

7KH ̋SULQFLSOH ̋IDFWRUV ̋DIIHFWLQJ ̋WKH ̋VWDUWðXS ̋SKDVH ̋GXUDWLRQ ̋ZLOO ̋EH ̋WKH ̋TXDOLW\ ̋RI ̋WKH ̋ZRUN

FDUULHG ̋RXW ̋GXULQJ ̋WKH ̋FRQVWUXFWLRQ ̋SKDVHÒ ̋DQG ̋LWV ̋ILWQHVV ̋IRU ̋SXUSRVHÔ

3XEOLF ̋:RUNV ̋6HFWRU

)RU ̋WKLV ̋GRFXPHQWÒ ̋WKH ̋SXEOLF ̋ZRUNV ̋VHFWRU ̋KDV ̋EHHQ ̋GLYLGHG ̋LQWR ̋D ̋QXPEHU ̋RI ̋VXEðVHFWRUVÒ

ZKLFK ̋DUH ̋EURDGO\ ̋DOLJQHG ̋ZLWK ̋WKH ̋6,& ̋&RGHVÒ ̋DV ̋IROORZV„

x 7UDQVSRUWDWLRQ ̋ı6,& ̋ÈÌÒ ̋ÈÏÒ ̋ÈÎÒ ̋ÈÈÒ ̋ÈËÙÔ ̋ ̋7KLV ̋VXEðVHFWRU ̋LQFOXGHV ̋WUDQVSRUWDWLRQ ̋E\

URDGÒ ̋UDLOÒ ̋ZDWHUÒ ̋DQG ̋DLUÔ

x &RPPXQLFDWLRQV ̋ı6,& ̋ÈÂÙÔ ̋ ̋7KLV ̋VXEðVHFWRU ̋LQFOXGHV ̋FRPPXQLFDWLRQ ̋PDVWV ̋DQG ̋RWKHU

VWUXFWXUHVÒ ̋DQG ̋DVVRFLDWHG ̋FDEOLQJ ̋DQG ̋UHODWHG ̋VHUYLFHVÔ

x 3RZHU ̋8WLOLWLHV ̋ı6,& ̋È‰ÙÔ ̋ ̋7KLV ̋VXEðVHFWRU ̋LQFOXGHV ̋WKH ̋JHQHUDWLRQ ̋DQG ̋GLVWULEXWLRQ ̋RI

HOHFWULFLW\Ò ̋ JDVÒ ̋ DQG ̋ VWHDP ̋ ıHOHFWULFÒ ̋ JDVÒ ̋ FRDOÒ ̋ QXFOHDUÒ ̋ DQG ̋ RWKHU ̋ W\SHV ̋ RI ̋ SRZHU

VWDWLRQÙÔ ̋ ̋,W ̋LQFOXGHV ̋WKH ̋GLVWULEXWLRQ ̋RI ̋QDWXUDO ̋JDVÔ

x :DWHU ̋ ı6,& ̋ ÈÈÒ ̋ È‰ÙÔ ̋ ̋7KLV ̋ VXEðVHFWRU ̋LQFOXGHV ̋WKH ̋ VWRUDJHÒ ̋ VXSSO\Ò ̋DQG ̋WUHDWPHQW ̋ RI

ZDWHUÒ ̋SOXV ̋IORRG ̋DQG ̋VWRUP ̋ZDWHU ̋FRQWUROÔ

x 6ROLG ̋:DVWH ̋ ı6,& ̋ ÈÎÒ ̋ ÈÈÙÔ ̋  ̋ 7KLV ̋ VXEðVHFWRU ̋ LQFOXGHV ̋ WKH ̋ FROOHFWLRQ ̋ DQG ̋ GLVSRVDO ̋ RI

VROLG ̋ZDVWH ̋PDWHULDOV ̋ıGRPHVWLF ̋DQG ̋LQGXVWULDOÙÔ

x 3LSHOLQHV ̋ı6,& ̋ÈÁÙÔ ̋ ̋7KLV ̋VXEðVHFWRU ̋LQFOXGHV ̋SLSHOLQHV ̋IRU ̋WKH ̋WUDQVSRUW ̋RI ̋SHWUROHXP

DQG ̋RWKHU ̋FRPPRGLWLHV ̋H[FHSW ̋QDWXUDO ̋JDVÔ

7KH ̋H[WHQW ̋RI ̋WKH ̋LQGXVWU\ ̋RULHQWHG ̋KLHUDUFK\ ̋IRU ̋HDFK ̋RI ̋WKHVH ̋VXEðVHFWRUV ̋LV ̋FRQVLGHUHG ̋LQ

PRUH ̋GHWDLO ̋EHORZ

7UDQVSRUWDWLRQ ̋6XEð6HFWRU

7KLV ̋ VXEðVHFWRU ̋ ZDV ̋ WDNHQ ̋ WR ̋ FRPSULVH ̋ WKH ̋ 86 ̋ KLJKZD\ ̋ DQG ̋ EULGJH ̋ QHWZRUN ̋ ıLQFOXGLQJ

KLJKZD\ ̋ WXQQHOVÙÒ ̋ UDLO ̋ QHWZRUNÒ ̋ DLUSRUWV ̋ DQG ̋ DVVRFLDWHG ̋ LQIUDVWUXFWXUHÒ ̋ DQG ̋ QDYLJDEOH

ULYHUVÒ ̋FDQDOVÒ ̋UHODWHG ̋VWUXFWXUHV ̋DQG ̋SRUWVÔ ̋ ̋+LJKZD\V ̋DQG ̋EULGJHV ̋FDQ ̋EH ̋UHODWLYHO\ ̋HDVLO\

FDWHJRUL]HG ̋ E\ ̋ W\SH ̋ RI ̋ RSHUDWLQJ ̋ DXWKRULW\Ò ̋ IXQFWLRQDO ̋ W\SHÒ ̋ DQG ̋ JHRJUDSKLF ̋ ORFDWLRQÔ

5DLOURDGV ̋ FDQ ̋ EH ̋ FDWHJRUL]HG ̋ E\ ̋ JHRJUDSKLF ̋ ORFDWLRQ ̋ DQG ̋ E\ ̋ FODVV ̋ RI ̋ UDLOURDGÔ

&DWHJRUL]DWLRQ ̋RI ̋DLUSRUWVÒ ̋ZDWHUZD\VÒ ̋DQG ̋SRUWV ̋LV ̋PRUH ̋GLIILFXOWÒ ̋JLYHQ ̋WKDW ̋PDQ\ ̋GR ̋QRW

VKDUH ̋FRPPRQ ̋FKDUDFWHULVWLFV ̋DQG ̋FDQQRW ̋EH ̋HDVLO\ ̋FRPSDUHGÔ
ÁÊ

&RPPXQLFDWLRQV ̋6XEð6HFWRU

7KLV ̋ VXEðVHFWRU ̋ZDV ̋WDNHQ ̋WR ̋FRPSULVH ̋WHOHSKRQHÒ ̋79 ̋DQG ̋ EURDGFDVWÒ ̋DQG ̋FDEOH ̋DQG ̋ SD\

79 ̋ VHUYLFHVÔ ̋  ̋ :KLOH ̋ WKHUH ̋ LV ̋ D ̋ FHUWDLQ ̋ DPRXQW ̋ RI ̋ FRQVWUXFWLRQ ̋ HIIRUW ̋ LQYROYHG ̋ LQ ̋ WKLV

VHFWRUÒ ̋LW ̋KDV ̋EHHQ ̋GHFLGHG ̋WR ̋RPLW ̋WKLV ̋VXEðVHFWRU ̋IURP ̋WKH ̋GRFXPHQWÒ ̋JLYHQ ̋WKDW ̋PXFK ̋RI

WKH ̋ ZRUN ̋ LQ ̋ WKLV ̋ VHFWRU ̋ LV ̋ HLWKHU ̋ QRW ̋ GLUHFWO\ ̋ FRQVWUXFWLRQ ̋ UHODWHGÒ ̋ RU ̋ LV ̋ FRQVLGHUHG

HOVHZKHUH ̋ LQ ̋ WKLV ̋ GRFXPHQW ̋ ıHÔJÔÒ ̋ PDQXIDFWXUH ̋ RI ̋ FRPSRQHQWV ̋ DQG ̋ SUHðIDEULFDWHG

VWUXFWXUHVÒ ̋FDEOLQJ ̋DQG ̋RWKHU ̋VSHFLDOL]HG ̋HOHFWULFDO ̋LQVWDOODWLRQ ̋ZRUNÙÔ

3RZHU ̋8WLOLWLHV ̋6XEð6HFWRU

7KLV ̋ VXEðVHFWRU ̋ LV ̋ GHILQHG ̋ DV ̋ HQFRPSDVVLQJ ̋ HOHFWULFLW\Ò ̋ JDVÒ ̋ RU ̋ VWHDP ̋ JHQHUDWLRQ ̋ DQG

GLVWULEXWLRQ ̋ IRU ̋WKH ̋ SULPDU\ ̋ IXHO ̋ VRXUFHV ̋ ıHOHFWULFÒ ̋ JDVÒ ̋FRDOÒ ̋ QXFOHDUÒ ̋DQG ̋ RWKHUÙÔ ̋ ̋3RZHU

JHQHUDWLRQ ̋ SODQWV ̋ FDQ ̋ EH ̋ FDWHJRUL]HG ̋ E\ ̋ JHQHUDWLQJ ̋ FDSDFLW\Ò ̋ VL]H ̋ ıDV ̋ D ̋ IXQFWLRQ ̋ RI

LQVWDOOHG ̋ FRVWÙÒ ̋ DQG ̋ JHRJUDSKLF ̋ ORFDWLRQÔ ̋  ̋ ,W ̋ LV ̋ PRUH ̋ GLIILFXOW ̋ WR ̋ FDWHJRUL]H ̋ SRZHU

GLVWULEXWLRQ ̋ V\VWHPVÒ ̋ RWKHU ̋ WKDQ ̋ E\ ̋ W\SH ̋ RI ̋ V\VWHP ̋ XVHG ̋ ıEXULHG ̋ RU ̋ FDWHQDU\Ù ̋ DQG

JHRJUDSKLF ̋ORFDWLRQÔ

:DWHU ̋6XEð6HFWRU

7KLV ̋ VXEðVHFWRU ̋ ZDV ̋ WDNHQ ̋ WR ̋ FRPSULVH ̋ ZDWHU ̋ VWRUDJH ̋ ıGDPVÒ ̋ UHVHUYRLUVÒ ̋ DQG ̋ DVVRFLDWHG

K\GURðHOHFWULF ̋ SRZHU ̋ ı+(3Ù ̋ SURMHFWVÙÒ ̋ VXSSO\ ̋ ıGRPHVWLFÒ ̋ FRPPHUFLDOÒ ̋ LQGXVWULDOÒ ̋ DQG

SRZHU ̋ JHQHUDWLRQÙÒ ̋WUHDWPHQW ̋ ıVHZDJH ̋HWFÔÙÒ ̋DQG ̋ IORRG ̋FRQWUROÓVWRUP ̋ZDWHU ̋PDQDJHPHQWÔ

:DWHU ̋ VWRUDJH ̋ V\VWHPV ̋ DUH ̋ FRQVLGHUHG ̋ RQO\ ̋ ZKHUH ̋ WKHUH ̋ LV ̋ DQ ̋ DVVRFLDWHG ̋ HQGðXVH ̋ LQ ̋ WKH

IRUP ̋RI ̋+(3 ̋JHQHUDWLRQÔ ̋ ̋&DWHJRUL]DWLRQ ̋LV ̋WKHQ ̋LQ ̋WHUPV ̋RI ̋LQVWDOOHG ̋JHQHUDWLRQ ̋FDSDFLW\Ô

:DWHU ̋ VXSSO\ ̋ DQG ̋ WUHDWPHQW ̋ V\VWHPV ̋ FDQ ̋ EH ̋ FDWHJRUL]HG ̋ E\ ̋ HQGðXVHU ̋ DQG ̋ JHRJUDSKLF

ORFDWLRQÔ ̋ ̋)ORRG ̋FRQWUROÓVWRUP ̋ZDWHU ̋PDQDJHPHQW ̋FDQ ̋ EH ̋FDWHJRUL]HG ̋WR ̋ VRPH ̋H[WHQW ̋ E\

QDWXUH ̋RI ̋ZRUN ̋DQG ̋JHRJUDSKLF ̋DUHDÔ

6ROLG ̋:DVWH ̋6XEð6HFWRU

7KLV ̋ VXEðVHFWRU ̋ ZDV ̋ WDNHQ ̋ WR ̋ FRPSULVH ̋ WKH ̋ FROOHFWLRQ ̋ DQG ̋ GLVSRVDO ̋ RI ̋ VROLG ̋ GRPHVWLFÒ

FRPPHUFLDOÒ ̋DQG ̋LQGXVWULDO ̋ZDVWH ̋DW ̋SURFHVVLQJ ̋IDFLOLWLHV ̋DQG ̋ODQGILOO ̋VLWHVÔ ̋ ̋$OWKRXJK ̋WKHUH

LV ̋ VRPH ̋ FRQVWUXFWLRQ ̋ UHODWHG ̋ DFWLYLW\ ̋ ZLWKLQ ̋ WKLV ̋ VXEðVHFWRU ̋ ıSDUWLFXODUO\ ̋ LQ ̋ WHUPV ̋ RI

HDUWKZRUNV ̋ IRU ̋ ODQGILOO ̋ VLWHVÓUHSRVLWRULHVÙÒ ̋ WKLV ̋ ZLOO ̋ EH ̋ FRYHUHG ̋ LQ ̋ D ̋ IXWXUH ̋ GRFXPHQW

UHODWLQJ ̋WR ̋1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDO ̋Ë ̋ı5HGXFWLRQ ̋LQ ̋:DVWH ̋DQG ̋3ROOXWLRQÙÔ

3LSHOLQHV ̋6XEð6HFWRU

7KLV ̋VXEðVHFWRU ̋LV ̋GHILQHG ̋DV ̋FRPSULVLQJ ̋DOO ̋SLSHOLQHV ̋IRU ̋WKH ̋WUDQVSRUWDWLRQ ̋RI ̋SHWUROHXP

DQG ̋RWKHU ̋FRPPRGLWLHV ̋H[FHSW ̋QDWXUDO ̋JDV ̋ıFRQVLGHUHG ̋DV ̋SDUW ̋RI ̋WKH ̋SRZHU ̋XWLOLWLHV ̋VXEð

VHFWRUÙÔ ̋ ̋3LSHOLQHV ̋FDQ ̋EH ̋FKDUDFWHUL]HG ̋E\ ̋W\SHÒ ̋VL]HÒ ̋DQG ̋JHRJUDSKLF ̋ORFDWLRQÔ
ÁÂ

'HVFULSWLRQ ̋RI ̋3URMHFW ̋3KDVHV ̋ð ̋$OO ̋6XEð6HFWRUV

7KH ̋FDWHJRUL]DWLRQ ̋RI ̋WKH ̋VXEðVHFWRUV ̋WKDW ̋KDV ̋EHHQ ̋GHVFULEHG ̋LV ̋VLPLODU ̋WR ̋WKDW ̋XVHG ̋E\ ̋WKH

&,,Ò ̋ ZKLFK ̋ JURXSV ̋ SXEOLF ̋ ZRUNV ̋ SURMHFWV ̋ XQGHU ̋ WKH ̋ WLWOH ̋ ®LQIUDVWUXFWXUH©Ô ̋  ̋ 7KLV

HQFRPSDVVHV ̋HOHFWULFDO ̋GLVWULEXWLRQÒ ̋KLJKZD\Ò ̋EULGJHÒ ̋ULYHU ̋QDYLJDWLRQÒ ̋IORRG ̋FRQWUROÒ ̋UDLOÒ

ZDWHUÓZDVWHZDWHUÒ ̋DLUSRUWÒ ̋WXQQHOLQJÒ ̋PDULQHÒ ̋DQG ̋HQYLURQPHQWDO ̋IDFLOLWLHVÔ

1HZ ̋SURMHFWV ̋FDQ ̋EH ̋FDWHJRUL]HG ̋E\ ̋WKH ̋QDWXUH ̋RI ̋WKH ̋SURMHFW ̋ıLÔHÔÒ ̋ZKHWKHU ̋LW ̋LV ̋QHZ ̋EXLOGÒ

DGGLWLRQÒ ̋RU ̋PRGHUQL]DWLRQÙ ̋DQG ̋WKH ̋LQVWDOOHG ̋FRVWÔ

$V ̋ ZLWK ̋ WKH ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ DQG ̋ LQGXVWULDO ̋ VHFWRUVÒ ̋ WKH ̋ GHOLYHU\ ̋ F\FOH ̋ IRU ̋ D

¶W\SLFDOß ̋ SXEOLF ̋ZRUNV ̋ SURMHFW ̋ KDV ̋ EHHQ ̋ EURNHQ ̋ GRZQ ̋LQWR ̋ D ̋ QXPEHU ̋ RI ̋ GLVWLQFW ̋ SKDVHVÔ

7KLV ̋ GRFXPHQW ̋ ZLOO ̋ PDNH ̋ XVH ̋ RI ̋ SKDVH ̋ GHILQLWLRQV ̋ VLPLODU ̋ WR ̋ WKRVH ̋ XVHG ̋ E\ ̋ &,, ̋ IRU

UHFRUGLQJ ̋ GDWD ̋ IURP ̋ DFWXDOÒ ̋ UHFHQWO\ðFRPSOHWHG ̋ FRQVWUXFWLRQ ̋ SURMHFWVÔ ̋  ̋ 7KH ̋ ILYH ̋ SKDVHV

XVHG ̋E\ ̋&,, ̋DUH ̋DV ̋IROORZV„

x 3UHð3URMHFW ̋3ODQQLQJ

x 'HWDLO ̋'HVLJQ

x 3URFXUHPHQW

x &RQVWUXFWLRQ

x 6WDUWðXS

$V ̋ZLWK ̋WKH ̋LQGXVWULDO ̋VHFWRUÒ ̋VL[ ̋SKDVHVÒ ̋DV ̋RSSRVHG ̋WR ̋ILYHÒ ̋DUH ̋LGHQWLILHG ̋LQ ̋WKH ̋LGHDOL]HG

KLHUDUFK\Ô ̋ ̋7KHVH ̋DUH ̋DV ̋IROORZV„

x 3UHðSURMHFW ̋3ODQQLQJ

x 'HVLJQ

x 7HQGHU

x 3URFXUHPHQW

x &RQVWUXFWLRQ

x &RPPLVVLRQLQJÓ6WDUWðXS

(DFK ̋ RI ̋ WKHVH ̋ SKDVHV ̋ DQG ̋ WKH ̋ DVVRFLDWHG ̋ IDFWRUV ̋ DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQ ̋ DUH ̋ DGGUHVVHG

EHORZÔ

3UHð3URMHFW ̋3ODQQLQJ

7KH ̋GHILQLWLRQ ̋RI ̋WKLV ̋SKDVHÒ ̋ IDFWRUV ̋DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQÒ ̋DQG ̋ JHQHULF ̋ EHVW ̋ SUDFWLFHV

KDYH ̋DOUHDG\ ̋EHHQ ̋GHVFULEHG ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWLRQ ̋RI ̋WKLV ̋GRFXPHQWÔ

'HVLJQ

7KH ̋GHILQLWLRQ ̋RI ̋WKLV ̋SKDVHÒ ̋ IDFWRUV ̋DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQÒ ̋DQG ̋ JHQHULF ̋ EHVW ̋ SUDFWLFHV

KDYH ̋DOUHDG\ ̋EHHQ ̋GHVFULEHG ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWLRQ ̋RI ̋WKLV ̋GRFXPHQWÔ
Á‰

7HQGHU

7KH ̋GHILQLWLRQ ̋RI ̋WKLV ̋SKDVHÒ ̋ IDFWRUV ̋DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQÒ ̋DQG ̋ JHQHULF ̋ EHVW ̋ SUDFWLFHV

KDYH ̋DOUHDG\ ̋EHHQ ̋GHVFULEHG ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWLRQ ̋RI ̋WKLV ̋GRFXPHQWÔ

3URFXUHPHQW

)RU ̋VRPH ̋SXEOLF ̋ZRUNV ̋IDFLOLWLHVÒ ̋VXFK ̋DV ̋SRZHU ̋VWDWLRQVÒ ̋WKH ̋SURFXUHPHQW ̋RI ̋HQJLQHHUHG

HTXLSPHQW ̋UHSUHVHQWV ̋D ̋VLJQLILFDQW ̋FRQVWUXFWLRQ ̋SKDVHÒ ̋WKHUHIRUH ̋SURFXUHPHQW ̋LV ̋LQFOXGHG

LQ ̋WKH ̋LGHDOL]HG ̋ KLHUDUFK\Ô ̋  ̋  ̋ +RZHYHUÒ ̋ IRU ̋ PDQ\ ̋ SURMHFWVÒ ̋ VXFK ̋ DV ̋ KLJKZD\VÒ ̋WKLV ̋ SKDVH

GRHV ̋QRW ̋UHDOO\ ̋H[LVWÔ

7KH ̋GHILQLWLRQ ̋RI ̋WKLV ̋SKDVHÒ ̋ IDFWRUV ̋DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQÒ ̋DQG ̋ JHQHULF ̋ EHVW ̋ SUDFWLFHV

KDYH ̋DOUHDG\ ̋EHHQ ̋GHVFULEHG ̋LQ ̋WKH ̋LQGXVWULDO ̋VHFWLRQ ̋RI ̋WKLV ̋GRFXPHQWÔ

&RQVWUXFWLRQ

7KH ̋GHILQLWLRQ ̋RI ̋WKLV ̋SKDVHÒ ̋ IDFWRUV ̋DIIHFWLQJ ̋ SKDVH ̋ GXUDWLRQÒ ̋DQG ̋ JHQHULF ̋ EHVW ̋ SUDFWLFHV

KDYH ̋DOUHDG\ ̋EHHQ ̋GHVFULEHG ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWLRQ ̋RI ̋WKLV ̋GRFXPHQWÔ

&RPPLVVLRQLQJÓ6WDUWðXS

7KLV ̋SKDVH ̋LV ̋VOLJKWO\ ̋GLIIHUHQW ̋LQ ̋GHILQLWLRQ ̋WR ̋WKH ̋VWDUWðXS ̋SKDVH ̋GHILQHG ̋E\ ̋&,,Ò ̋LQ ̋WKDW

WKH ̋ ODWWHU ̋ LV ̋ XVXDOO\ ̋ RQO\ ̋ UHOHYDQW ̋ WR ̋ SURFHVV ̋ LQGXVWULHV ̋ DQG ̋ GRHV ̋ QRW ̋ XVXDOO\ ̋ DSSO\ ̋ WR

LQIUDVWUXFWXUH ̋W\SH ̋SURMHFWVÒ ̋ZLWK ̋WKH ̋H[FHSWLRQ ̋RI ̋SURMHFWV ̋VXFK ̋DV ̋SRZHU ̋VWDWLRQV ̋RU ̋ODUJH

VFDOH ̋ ZDVWHZDWHU ̋ WUHDWPHQW ̋ IDFLOLWLHVÔ ̋  ̋ $V ̋ ZLWK ̋ SUHYLRXV ̋ GHILQLWLRQVÒ ̋ WKH ̋ VWDUW ̋ RI ̋ WKH

FRPPLVVLRQLQJ ̋ SKDVH ̋ LV ̋ GHILQHG ̋ DV ̋ EHLQJ ̋ WKH ̋ SRLQW ̋ DW ̋ ZKLFK ̋ WKH ̋ ZRUN ̋ LV ̋ VXEVWDQWLDOO\

FRPSOHWHGÒ ̋DQG ̋FHUWLILHG ̋DV ̋VXFKÔ ̋ ̋7KH ̋WHUPLQDWLRQ ̋RI ̋WKH ̋SKDVH ̋LV ̋WKH ̋SRLQW ̋DW ̋ZKLFK ̋WKH

FXVWRG\ ̋ LV ̋ WUDQVIHUUHG ̋ WR ̋ WKH ̋ XVHUÓRSHUDWRUÒ ̋ ZLWK ̋ DOO ̋ GHIHFWV ̋ KDYLQJ ̋ EHHQ ̋ FRUUHFWHGÔ ̋  ̋ ,Q

VRPH ̋FRQWUDFWV ̋WKLV ̋SHULRG ̋LV ̋UHIHUUHG ̋WR ̋DV ̋WKH ̋®PDLQWHQDQFH ̋SHULRG© ̋RU ̋®GHIHFWV ̋FRUUHFWLRQ

SHULRG©Ô ̋ ̋ ̋7\SLFDO ̋DFWLYLWLHV ̋DQG ̋SURGXFWV ̋GXULQJ ̋WKLV ̋SKDVH ̋LQFOXGH ̋LQGHSHQGHQW ̋LQVSHFWLRQ

DQG ̋WHVWLQJÒ ̋GHIHFWV ̋FRUUHFWLRQÒ ̋DQG ̋FHUWLILFDWLRQÔ

:KHUH ̋D ̋KLJKO\ ̋FRPSOH[ ̋VHULHV ̋RI ̋V\VWHPV ̋PD\ ̋QHHG ̋WR ̋EH ̋WHVWHG ̋SULRU ̋WR ̋FXVWRG\ ̋WUDQVIHU

WR ̋WKH ̋SODQW ̋XVHUÓRSHUDWRUÒ ̋LW ̋LV ̋PRUH ̋DSSURSULDWH ̋WR ̋UHIHU ̋WR ̋WKH ̋SKDVH ̋DV ̋D ̋®VWDUWðXS© ̋SKDVHÔ

$V ̋SUHYLRXVO\ ̋PHQWLRQHGÒ ̋WKH ̋VWDUW ̋RI ̋WKLV ̋SKDVH ̋LV ̋GHILQHG ̋DV ̋EHLQJ ̋WKH ̋SRLQW ̋DW ̋ZKLFK ̋DOO

FRPSRQHQWV ̋ DUH ̋LQ ̋ SODFH ̋ DQG ̋ IXQFWLRQLQJÔ ̋ ̋ 7KH ̋WHUPLQDWLRQ ̋ RI ̋WKH ̋ SKDVH ̋LV ̋WKH ̋ SRLQW ̋ DW

ZKLFK ̋ FXVWRG\ ̋ RI ̋WKH ̋ IDFLOLW\ ̋LV ̋WUDQVIHUUHG ̋WR ̋WKH ̋ XVHUÓRSHUDWRUÒ ̋ZLWK ̋ DOO ̋ GHIHFWV ̋ KDYLQJ

EHHQ ̋ FRUUHFWHGÔ ̋ ̋ ̋7\SLFDO ̋ DFWLYLWLHV ̋ DQG ̋ SURGXFWV ̋ GXULQJ ̋WKLV ̋ SKDVH ̋LQFOXGH ̋LQGHSHQGHQW

LQVSHFWLRQ ̋ DQG ̋ WHVWLQJ ̋ RI ̋ V\VWHPVÒ ̋ GHIHFWV ̋ FRUUHFWLRQÒ ̋ FHUWLILFDWLRQÒ ̋ RSHUDWRU ̋ WUDLQLQJÒ

LQWURGXFWLRQ ̋RI ̋IHHGðVWRFNVÒ ̋DQG ̋REWDLQLQJ ̋ILUVW ̋SURGXFWÓRXWSXWÔ

$V ̋ ZLWK ̋WKH ̋LQGXVWULDO ̋ VHFWRUÒ ̋WKH ̋ SULQFLSOH ̋ IDFWRUV ̋ DIIHFWLQJ ̋WKH ̋ FRPPLVVLRQLQJÓVWDUWðXS

SKDVH ̋GXUDWLRQ ̋ZLOO ̋EH ̋WKH ̋TXDOLW\ ̋RI ̋WKH ̋ZRUN ̋FDUULHG ̋RXW ̋GXULQJ ̋WKH ̋FRQVWUXFWLRQ ̋SKDVHÒ

DQG ̋LWV ̋ILWQHVV ̋IRU ̋SXUSRVHÔ
ÊÌ

ÈÔÏÔÎÔ ̋ ̋'DWD ̋2ULHQWHG

7KH ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFKLHV ̋ UHSUHVHQW ̋ WKH ̋ PRGLILFDWLRQ ̋ RI ̋ WKH ̋ LGHDOL]HG ̋ KLHUDUFKLHV ̋ WR

UHIOHFW ̋GDWD ̋DYDLODELOLW\ ̋DQG ̋FRQVWUDLQWVÔ ̋ ̋)XUWKHUPRUHÒ ̋WKH ̋KLHUDUFKLHV ̋ UHIOHFW ̋WKH ̋ UHODWLYH

LPSRUWDQFH ̋DWWULEXWHG ̋WR ̋GDWDÒ ̋LQ ̋WKDW ̋FHUWDLQ ̋HOHPHQWV ̋RI ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\ ̋PD\ ̋QRW

EH ̋FRYHUHG ̋E\ ̋WKH ̋GDWD ̋RULHQWHG ̋KLHUDUFK\ ̋HYHQ ̋WKRXJK ̋GDWD ̋PD\ ̋EH ̋DYDLODEOHÔ ̋ ̋7KLV ̋LV ̋DQ

LPSRUWDQW ̋ VWHS ̋ LQ ̋ HQVXULQJ ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ UHPDLQ ̋ VXFFLQFWÔ ̋ 7KH ̋ KLHUDUFKLHV ̋ DUH

SURYLGHG ̋LQ ̋$SSHQGLFHV ̋$ ̋WKURXJK ̋'ÎÈÔ ̋ ̋$ ̋ EULHI ̋ GHVFULSWLRQ ̋ RI ̋WKH ̋ GLIIHUHQFHV ̋ EHWZHHQ

WKH ̋GDWD ̋RULHQWHG ̋DQG ̋LGHDOL]HG ̋KLHUDUFKLHV ̋IRU ̋HDFK ̋VHFWRU ̋LV ̋JLYHQ ̋EHORZÔ

5HVLGHQWLDO ̋6HFWRU

7KH ̋ UHVLGHQWLDO ̋ VHFWRU ̋ IRU ̋ WKH ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFK\ ̋ LV ̋ LGHQWLFDO ̋ WR ̋ WKDW ̋ VKRZQ ̋ RQ ̋ WKH

LGHDOL]HG ̋KLHUDUFK\Ô ̋ ̋,W ̋LV ̋FRQVLGHUHG ̋WR ̋EH ̋LPSRUWDQW ̋WR ̋GLIIHUHQWLDWH ̋EHWZHHQ ̋VLWHðEXLOW ̋DQG

PRGXODU ̋KRXVLQJ ̋ZKHUH ̋SRVVLEOHÒ ̋DV ̋LQGLFDWHG ̋LQ ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\Ô

:LWKLQ ̋WKH ̋ ¶VLWHðEXLOWß ̋ VHFWLRQ ̋ RI ̋WKH ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFK\Ò ̋ GDWD ̋ SURYLGHG ̋ E\ ̋WKH ̋ 8Ô6

%XUHDX ̋ RI ̋ WKH ̋ &HQVXV ̋ GHVFULELQJ ̋ LQGXVWU\ ̋ SHUIRUPDQFH ̋ PDSV ̋ RQ ̋ WR ̋ VRPH ̋ RI ̋ WKH

FRPSRQHQWV ̋ LQ ̋ WKH ̋ LGHDOL]HG ̋ KLHUDUFK\Ô ̋  ̋ 7KH ̋ GDWD ̋ H[DPLQH ̋ WKH ̋ GXUDWLRQ ̋ IURP ̋ SHUPLW

DFTXLVLWLRQ ̋WR ̋VWDUW ̋RI ̋ZRUNV ̋RQ ̋VLWH ̋IRU ̋YDULRXV ̋W\SHV ̋RI ̋UHVLGHQWLDO ̋KRXVLQJÒ ̋DV ̋ZHOO ̋DV ̋WKH

GXUDWLRQ ̋ IURP ̋WKH ̋ VWDUW ̋ RQ ̋ VLWH ̋ XQWLO ̋FRPSOHWLRQ ̋ RI ̋WKH ̋ZRUNÔ ̋ ̋+RZHYHUÒ ̋WKH ̋ GDWD ̋ GR ̋ QRW

EUHDN ̋GRZQ ̋WKH ̋FRQVWUXFWLRQ ̋VHTXHQFH ̋LQWR ̋SKDVHV ̋DV ̋LQGLFDWHG ̋LQ ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\Ô

)XUWKHUPRUHÒ ̋ QR ̋ LQIRUPDWLRQ ̋ KDV ̋ EHHQ ̋ ORFDWHG ̋ WKDW ̋ H[DPLQHV ̋ WKH ̋ GXUDWLRQ ̋ RI ̋ WKH

SHUPLWWLQJ ̋SURFHVVÔ

:LWKLQ ̋ WKH ̋ ¶PRGXODUß ̋ VHFWLRQ ̋ RI ̋ WKH ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFK\Ò ̋ YHU\ ̋ IHZ ̋ GDWD ̋ KDYH ̋ EHHQ

IRXQG ̋WKDW ̋ GHVFULEH ̋LQGXVWU\ ̋ DYHUDJHV ̋ IRU ̋PDQXIDFWXUHG ̋ KRXVLQJ ̋ SODQW ̋ SHUIRUPDQFHÒ ̋ QRU

IRU ̋VLWH ̋ZRUNV ̋DFWLYLWLHVÔ

&RPPHUFLDOÓ,QVWLWXWLRQDO ̋6HFWRU

7KH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRU ̋IRU ̋WKH ̋GDWD ̋RULHQWHG ̋KLHUDUFK\ ̋LV ̋YHU\ ̋VLPLODU ̋WR ̋WKDW

VKRZQ ̋RQ ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\Ô ̋ ̋+RZHYHUÒ ̋LQ ̋SUDFWLFHÒ ̋LW ̋KDV ̋EHHQ ̋IRXQG ̋WKDW ̋GLIIHUHQW

RUJDQL]DWLRQV ̋WHQG ̋WR ̋JURXS ̋IDFLOLWLHV ̋YHU\ ̋GLIIHUHQWO\Ò ̋WKXV ̋LW ̋LV ̋RIWHQ ̋GLIILFXOW ̋WR ̋FRPSDUH

GDWD ̋ IURP ̋ GLIIHUHQW ̋ VRXUFHVÔ ̋ ̋:KHUH ̋FRPSDULVRQV ̋DUH ̋PDGH ̋ EHWZHHQ ̋ GDWD ̋ IURP ̋ GLIIHUHQW

VRXUFHV ̋LQ ̋WKLV ̋GRFXPHQWÒ ̋WKH ̋DVVXPSWLRQV ̋ZKLFK ̋KDYH ̋EHHQ ̋PDGH ̋DUH ̋FOHDUO\ ̋VWDWHGÔ

7KH ̋GDWD ̋RULHQWHG ̋KLHUDUFK\ ̋GLIIHUV ̋IURP ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\ ̋LQ ̋WKDW ̋WKH ̋SKDVHV ̋GHILQHG

E\ ̋&,,Ò ̋DV ̋RSSRVHG ̋WR ̋WKH ̋VOLJKWO\ ̋GLIIHUHQW ̋SKDVHV ̋VKRZQ ̋LQ ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\ ̋KDYH

EHHQ ̋ XVHGÔ ̋  ̋ 7KLV ̋ LV ̋ EHFDXVH ̋ &,, ̋ LV ̋ WKH ̋ SULPDU\ ̋ VRXUFH ̋ RI ̋ GHOLYHU\ ̋ WLPH ̋ GDWD ̋ IRU

FRPPHUFLDOÓLQVWLWXWLRQDO ̋SURMHFWVÒ ̋KHQFH ̋LWV ̋SKDVH ̋GHILQLWLRQV ̋KDYH ̋EHHQ ̋DGRSWHGÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÎÈ ̋ 7KH ̋ IRXU ̋ DSSHQGLFHV ̋ DUH ̋ RUJDQL]HG ̋ DV ̋ IROORZV„ ̋ $SSHQGL[ ̋ $ ̋ FRYHUV ̋WKH ̋ UHVLGHQWLDO ̋ VHFWRU‚ ̋ $SSHQGL[ ̋ %

FRYHUV ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRU‚ ̋$SSHQGL[ ̋& ̋FRYHUV ̋WKH ̋LQGXVWULDO ̋VHFWRU‚ ̋DQG ̋$SSHQGL[ ̋' ̋FRYHUV

WKH ̋SXEOLF ̋ZRUNV ̋VHFWRUÔ
ÊÏ

,QGXVWULDO ̋6HFWRU

7KH ̋LQGXVWULDO ̋VHFWRU ̋GDWD ̋RULHQWHG ̋KLHUDUFK\ ̋LV ̋YHU\ ̋VLPLODU ̋WR ̋WKDW ̋VKRZQ ̋RQ ̋WKH ̋LGHDOL]HG

KLHUDUFK\Ô ̋ ̋7KHUH ̋LV ̋ VRPH ̋ VFRSH ̋ IRU ̋FDWHJRUL]LQJ ̋LQGXVWULDO ̋ IDFLOLWLHV ̋ E\ ̋ VL]HÒ ̋ QXPEHU ̋ RI

HPSOR\HHVÒ ̋ DQG ̋ GROODU ̋ YDOXH ̋ RI ̋ EXVLQHVV ̋ FDUULHG ̋ RXWÒ ̋ EXW ̋ LW ̋ LV ̋ JHQHUDOO\ ̋ QRW ̋ SRVVLEOH ̋ WR

FDWHJRUL]H ̋ IDFLOLWLHV ̋ E\ ̋ LQVWDOOHG ̋ FRVWÒ ̋ H[FHSW ̋ ZKHUH ̋ GDWD ̋ IRU ̋ QHZ ̋ IDFLOLWLHV ̋ KDYH ̋ EHHQ

FROOHFWHGÔ

7KH ̋GDWD ̋RULHQWHG ̋KLHUDUFK\ ̋GLIIHUV ̋IURP ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\ ̋LQ ̋WKDW ̋WKH ̋SKDVHV ̋GHILQHG

E\ ̋&,,Ò ̋DV ̋RSSRVHG ̋WR ̋WKH ̋VOLJKWO\ ̋GLIIHUHQW ̋SKDVHV ̋VKRZQ ̋LQ ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\ ̋KDYH

EHHQ ̋XVHGÔ ̋ ̋7KLV ̋LV ̋EHFDXVH ̋&,, ̋LV ̋WKH ̋SULPDU\ ̋VRXUFH ̋RI ̋GHOLYHU\ ̋WLPH ̋GDWD ̋IRU ̋LQGXVWULDO

SURMHFWVÒ ̋KHQFH ̋LWV ̋SKDVH ̋GHILQLWLRQV ̋KDYH ̋EHHQ ̋DGRSWHGÔ

3XEOLF ̋:RUNV ̋6HFWRU

7KH ̋WUDQVSRUWDWLRQ ̋VXEðVHFWRU ̋IRU ̋WKH ̋GDWD ̋RULHQWHG ̋KLHUDUFK\ ̋LV ̋YHU\ ̋VLPLODU ̋WR ̋WKDW ̋VKRZQ

RQ ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\Ô ̋7KH ̋FRPSRQHQWV ̋GHVFULEHG ̋LQ ̋WKH ̋LQGXVWU\ ̋RULHQWHG ̋KLHUDUFK\

DUH ̋DOVR ̋DSSOLFDEOHÔ ̋ ̋+RZHYHUÒ ̋LQ ̋WKH ̋FDVH ̋RI ̋DLUSRUWV ̋DQG ̋SRUWVÒ ̋LW ̋LV ̋QRW ̋FRQVLGHUHG ̋WR ̋EH

PHDQLQJIXO ̋WR ̋SURYLGH ̋DJJUHJDWHG ̋GDWD ̋UHODWLQJ ̋WR ̋SURMHFW ̋GHOLYHU\ ̋WLPH ̋DV ̋WKHUH ̋DUH ̋OLNHO\

WR ̋EH ̋ODUJH ̋YDULDWLRQV ̋EHWZHHQ ̋GLIIHUHQW ̋IDFLOLWLHVÔ

)RU ̋ WKH ̋ UHDVRQV ̋ SUHYLRXVO\ ̋ GHVFULEHGÒ ̋ WKH ̋ FRPPXQLFDWLRQV ̋ VXEðVHFWRU ̋ ZLOO ̋ QRW ̋ EH

FRQVLGHUHG ̋LQ ̋WKLV ̋GRFXPHQWÔ

7KH ̋SRZHU ̋XWLOLWLHV ̋VXEðVHFWRU ̋IRU ̋WKH ̋GDWD ̋RULHQWHG ̋KLHUDUFK\ ̋LV ̋LGHQWLFDO ̋WR ̋WKDW ̋VKRZQ ̋RQ

WKH ̋LGHDOL]HG ̋ KLHUDUFK\Ô ̋ ̋ +RZHYHUÒ ̋WKLV ̋ GRFXPHQW ̋ ZLOO ̋ IRFXV ̋ SULPDULO\ ̋ XSRQ ̋ DJJUHJDWHG

GDWD ̋IRU ̋DOO ̋XWLOLWLHVÔ

7KH ̋ZDWHU ̋VXEðVHFWRU ̋GDWD ̋RULHQWHG ̋KLHUDUFK\ ̋LV ̋YHU\ ̋VLPLODU ̋WR ̋WKDW ̋VKRZQ ̋RQ ̋WKH ̋LGHDOL]HG

KLHUDUFK\Ô

)RU ̋WKH ̋UHDVRQV ̋DOUHDG\ ̋GHVFULEHGÒ ̋WKH ̋VROLG ̋ZDVWH ̋VXEðVHFWRU ̋ZLOO ̋QRW ̋EH ̋FRQVLGHUHG ̋LQ ̋WKLV

GRFXPHQWÔ

7KH ̋SLSHOLQHV ̋VXEðVHFWRU ̋IRU ̋WKH ̋GDWD ̋RULHQWHG ̋KLHUDUFK\ ̋LV ̋LGHQWLFDO ̋WR ̋WKDW ̋VKRZQ ̋RQ ̋WKH

LGHDOL]HG ̋KLHUDUFK\Ô ̋ ̋+RZHYHUÒ ̋SLSHOLQHV ̋DUH ̋QRW ̋FDWHJRUL]HG ̋E\ ̋VL]HÔ

)RU ̋DOO ̋VXEðVHFWRUVÒ ̋WKH ̋GDWD ̋RULHQWHG ̋KLHUDUFK\ ̋GLIIHUV ̋IURP ̋WKH ̋LGHDOL]HG ̋KLHUDUFK\ ̋LQ ̋WKDW

WKH ̋ SKDVHV ̋ GHILQHG ̋ E\ ̋ &,,Ò ̋ DV ̋ RSSRVHG ̋ WR ̋ WKH ̋ VOLJKWO\ ̋ GLIIHUHQW ̋ SKDVHV ̋ VKRZQ ̋ LQ ̋ WKH

LGHDOL]HG ̋KLHUDUFK\ ̋KDYH ̋EHHQ ̋XVHGÔ ̋ ̋7KLV ̋LV ̋EHFDXVH ̋&,, ̋LV ̋WKH ̋SULPDU\ ̋VRXUFH ̋RI ̋GHOLYHU\

WLPH ̋GDWD ̋IRU ̋SXEOLF ̋ZRUNV ̋SURMHFWVÒ ̋KHQFH ̋LWV ̋SKDVH ̋GHILQLWLRQV ̋KDYH ̋EHHQ ̋DGRSWHGÔ
ÊÎ

ÈÔÎÔ ̋ ̋'DWD ̋&ROOHFWLRQ ̋DQG ̋$QDO\VLV

7KH ̋ WZR ̋ SULPDU\ ̋ W\SHV ̋ RI ̋ GDWD ̋ FROOHFWHG ̋ ZHUH ̋ HOHFWURQLF ̋ GDWD ̋ DQG ̋ SXEOLVKHG ̋ GDWDÔ

(OHFWURQLF ̋GDWD ̋ZDV ̋FROOHFWHG ̋IURP ̋WKH ̋:RUOG ̋:LGH ̋:HE ̋DQG ̋ IURP ̋YDULRXV ̋&'ð520©VÔ

3XEOLVKHG ̋GDWD ̋ZDV ̋FROOHFWHG ̋ IURP ̋1,67 ̋OLEUDULHV ̋DQG ̋ IURP ̋ SXEOLFO\ ̋DFFHVVLEOH ̋OLEUDULHV

DQG ̋ GDWD ̋ ZDUHKRXVHV ̋ RQ ̋ WKH ̋ :RUOG ̋ :LGH ̋ :HEÔ ̋  ̋ ,QIRUPDWLRQ ̋ JOHDQHG ̋ IURP ̋ WHOHSKRQH

FRQYHUVDWLRQVÒ ̋PHHWLQJVÒ ̋ DQG ̋ZRUNVKRSVÓVHPLQDUV ̋ZDV ̋ RIWHQ ̋WKH ̋ FDWDO\VW ̋LQ ̋ VXFFHVVIXOO\

ORFDWLQJ ̋ UHOHYDQW ̋SXEOLVKHG ̋ RU ̋HOHFWURQLF ̋LQIRUPDWLRQÔ ̋ ̋ ̋$V ̋ GDWD ̋ZHUH ̋FROOHFWHGÒ ̋WKH ̋ GDWD

RULHQWHG ̋ KLHUDUFKLHV ̋ IRU ̋ HDFK ̋ LQGXVWU\ ̋ VHFWRU ̋ ZHUH ̋ UHILQHG ̋ WR ̋ UHIOHFW ̋ GDWD ̋ DYDLODELOLW\

FRQVWUDLQWVÔ

7KH ̋ DXWKRUV ̋ FDUULHG ̋ RXW ̋ H[WHQVLYH ̋ GDWD ̋ VHDUFKHV ̋ RI ̋ SXEOLFO\ ̋ DFFHVVLEOH ̋ IHGHUDO ̋ DJHQF\

GDWDEDVHV ̋ IRU ̋ LQIRUPDWLRQ ̋ UHOHYDQW ̋ WR ̋ *RDO ̋ ÏÔ ̋  ̋ 7KHVH ̋ VHDUFKHV ̋ IUHTXHQWO\ ̋ LQYROYHG

EURZVLQJ ̋OLVWV ̋RI ̋FXUUHQW ̋DQG ̋KLVWRULF ̋ UHVHDUFK ̋DFWLYLWLHVÓUHSRUWV ̋ZKLFK ̋ KDYH ̋ EHHQÒ ̋ RU ̋DUH

SUHVHQWO\ ̋EHLQJ ̋FDUULHG ̋RXWÒ ̋DQG ̋LQFOXGHG ̋WKH ̋IROORZLQJ ̋([HFXWLYH ̋$JHQFLHV„

x 'HSDUWPHQW ̋RI ̋$JULFXOWXUH ̋ı:DWHU ̋0DQDJHPHQW ̋5HVHDUFK ̋/DERUDWRU\Ù

x 'HSDUWPHQW ̋ RI ̋ &RPPHUFH ̋ ı(FRQRPLFV ̋ DQG ̋ 6WDWLVWLFV ̋ $GPLQLVWUDWLRQÒ ̋  ̋ (FRQRPLF

'HYHORSPHQW ̋ $GPLQLVWUDWLRQÒ ̋ 1DWLRQDO ̋ 2FHDQLF ̋ DQG ̋ $WPRVSKHULF ̋ $GPLQLVWUDWLRQÒ

1DWLRQDO ̋ 7HOHFRPPXQLFDWLRQV ̋ DQG ̋ ,QIRUPDWLRQ ̋ $GPLQLVWUDWLRQÒ ̋ 7HFKQRORJ\

$GPLQLVWUDWLRQÙ

x 'HSDUWPHQW ̋ RI ̋ 'HIHQVH ̋ ı$GYDQFHG ̋ 5HVHDUFK ̋ 3URMHFWV ̋ $JHQF\Ò ̋ 'HIHQVH ̋ /RJLVWLFV

$JHQF\Ò ̋'HIHQVH ̋7HFKQLFDO ̋ ,QIRUPDWLRQ ̋&HQWHUÒ ̋ ̋86 ̋$LU ̋ )RUFHÒ ̋86 ̋$UP\ ̋&RUSV ̋ RI

(QJLQHHUVÒ ̋2IILFH ̋RI ̋1DYDO ̋5HVHDUFKÙ

x 'HSDUWPHQW ̋ RI ̋ (QHUJ\ ̋ ı(QHUJ\ ̋ (IILFLHQF\ ̋ DQG ̋ 5HQHZDEOH ̋ (QHUJ\ ̋ 1HWZRUNÒ ̋ (QHUJ\

,QIRUPDWLRQ ̋ $GPLQLVWUDWLRQÒ ̋ )LVVLOH ̋ 0DWHULDOV ̋ 'LVSRVLWLRQÒ ̋ )RVVLO ̋ (QHUJ\Ò ̋ +XPDQ

5HVRXUFH ̋DQG ̋$GPLQLVWUDWLRQÒ ̋2DN ̋5LGJH ̋1DWLRQDO ̋/DERUDWRU\Ù

x 'HSDUWPHQW ̋RI ̋+RXVLQJ ̋DQG ̋8UEDQ ̋'HYHORSPHQW

x 'HSDUWPHQW ̋RI ̋WKH ̋,QWHULRU ̋ı86 ̋*HRORJLFDO ̋6XUYH\Ù

x 'HSDUWPHQW ̋RI ̋/DERU ̋ı%XUHDX ̋RI ̋/DERU ̋6WDWLVWLFVÙ

x 'HSDUWPHQW ̋ RI ̋7UDQVSRUWDWLRQ ̋ ı%XUHDX ̋ RI ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFVÒ ̋)HGHUDO ̋$YLDWLRQ

$GPLQLVWUDWLRQÒ ̋ )HGHUDO ̋ +LJKZD\ ̋ $GPLQLVWUDWLRQÒ ̋ )HGHUDO ̋ 5DLOURDG ̋ $GPLQLVWUDWLRQÒ

)HGHUDO ̋7UDQVLW ̋$GPLQLVWUDWLRQÙ

6HDUFKHV ̋RI ̋,QGHSHQGHQW ̋$JHQF\ ̋GDWDEDVHV ̋VXFK ̋DV ̋WKH ̋(QYLURQPHQWDO ̋3URWHFWLRQ ̋$JHQF\Ò

)HGHUDO ̋ (PHUJHQF\ ̋ 0DQDJHPHQW ̋ $JHQF\Ò ̋ *HQHUDO ̋ 6HUYLFHV ̋ $GPLQLVWUDWLRQÒ ̋ 1DWLRQDO

3HUIRUPDQFH ̋5HYLHZÒ ̋DQG ̋WKH ̋1XFOHDU ̋5HJXODWRU\ ̋&RPPLVVLRQ ̋ZHUH ̋DOVR ̋SHUIRUPHGÔ

$ ̋ VHFRQG ̋ VHW ̋ RI ̋ GDWD ̋ VHDUFKHV ̋ IRFXVHG ̋ XSRQ ̋ UHVHDUFKÒ ̋ WUDGHÒ ̋ DQG ̋ SURIHVVLRQDO

RUJDQL]DWLRQVÒ ̋VRPH ̋RI ̋ZKLFK ̋DUH ̋OLVWHG ̋EHORZ„

x $PHULFDQ ̋$VVRFLDWLRQ ̋RI ̋&RVW ̋(QJLQHHUV

x $PHULFDQ ̋3XEOLF ̋:RUNV ̋$VVRFLDWLRQ

x $PHULFDQ ̋6RFLHW\ ̋IRU ̋+HDWLQJÒ ̋5HIULJHUDWLRQ ̋DQG ̋$LUð&RQGLWLRQLQJ ̋(QJLQHHUV
ÊÍ

x $PHULFDQ ̋6RFLHW\ ̋RI ̋&LYLO ̋(QJLQHHUV

x $VVRFLDWHG ̋%XLOGHUV ̋DQG ̋&RQWUDFWRUV

x $VVRFLDWHG ̋*HQHUDO ̋&RQWUDFWRUV ̋RI ̋$PHULFD

x $VVRFLDWLRQ ̋RI ̋(QHUJ\ ̋(QJLQHHUV

x %XLOGLQJ ̋5HVHDUFK ̋(VWDEOLVKPHQW ̋ı8.Ù

x &LYLO ̋(QJLQHHULQJ ̋5HVHDUFK ̋)RXQGDWLRQ

x &RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH

x &RQVWUXFWLRQ ̋,QGXVWU\ ̋5HVHDUFK ̋DQG ̋,QIRUPDWLRQ ̋$VVRFLDWLRQ ̋ı8.Ù

x &RXQFLO ̋IRU ̋&RQWLQXRXV ̋,PSURYHPHQW

x 'HVLJQ ̋%XLOG ̋,QVWLWXWH ̋RI ̋$PHULFD

x (XURSHDQ ̋&RQVWUXFWLRQ ̋,QVWLWXWH ̋ı8.Ù

x ,QVWLWXWH ̋RI ̋5HDO ̋(VWDWH ̋0DQDJHPHQW

x ,QGXVWULDO ̋7HFKQRORJ\ ̋,QVWLWXWH

x ,QIUDVWUXFWXUH ̋7HFKQRORJ\ ̋,QVWLWXWH

x ,QVWLWXWLRQ ̋RI ̋&LYLO ̋(QJLQHHUV ̋ı8.Ù

x ,QWHU ̋$JHQF\ ̋%HQFKPDUNLQJ ̋DQG ̋%HVW ̋3UDFWLFHV ̋&RXQFLO

x ,QWHUQDWLRQDO ̋)DFLOLWLHV ̋0DQDJHPHQW ̋$VVRFLDWLRQ

x 0DQXIDFWXUHG ̋+RXVLQJ ̋,QVWLWXWH

x 1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋0DQXIDFWXUHUV

x 1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPHEXLOGHUV

x 1DWLRQDO ̋&HQWHU ̋IRU ̋0DQXIDFWXULQJ ̋6FLHQFHV

x 1DWLRQDO ̋+RXVLQJ ̋,QVWLWXWH

x 1DWLRQDO ̋,QVWLWXWH ̋RI ̋%XLOGLQJ ̋6FLHQFHV

x 6WUDWHJLF ̋3ODQQLQJ ̋,QVWLWXWH

$ ̋ WKLUG ̋ VHW ̋ RI ̋ GDWD ̋ VHDUFKHV ̋ H[DPLQHG ̋ SULYDWH ̋ VHFWRU ̋ RUJDQL]DWLRQVÒ ̋ VRPH ̋ RI ̋ ZKLFK ̋ DUH

OLVWHG ̋EHORZ„

x 7KH ̋%HQFKPDUNLQJ ̋([FKDQJH

x /RJLVWLFV ̋0DQDJHPHQW ̋,QVWLWXWH

x ,QGHSHQGHQW ̋3URMHFW ̋$QDO\VLV

x 56 ̋0HDQV

x 'X3RQW

x 0F*UDZ ̋+LOO

x -RXUQDO ̋RI ̋0DQDJHPHQW ̋LQ ̋(QJLQHHULQJ

x $PHULFDQ ̋3URGXFWLYLW\ ̋DQG ̋4XDOLW\ ̋&HQWHU

x 7KH ̋6WUDWHJLF ̋3ODQQLQJ ̋,QVWLWXWH

7KH ̋ILQDO ̋VHDUFK ̋IRFXVHG ̋XSRQ ̋DFDGHPLF ̋LQVWLWXWLRQV ̋VXFK ̋DV„

x 0DVVDFKXVHWWV ̋,QVWLWXWH ̋RI ̋7HFKQRORJ\

x 8QLYHUVLW\ ̋RI ̋7H[DV ̋DW ̋$XVWLQ

x 8QLYHUVLW\ ̋RI ̋,OOLQRLV ̋DW ̋8UEDQD

x &HQWHU ̋IRU ̋,QWHJUDWHG ̋)DFLOLW\ ̋(QJLQHHULQJ ̋DW ̋6WDQIRUG ̋8QLYHUVLW\

x /RXJKERURXJK ̋8QLYHUVLW\ ̋RI ̋7HFKQRORJ\ ̋ı8.Ù
ÊÈ

7KH ̋ UHVXOWV ̋ RI ̋ WKLV ̋ H[WHQVLYH ̋ LQIRUPDWLRQ ̋ VHDUFK ̋ VXJJHVW ̋ WKDW ̋ WKHUH ̋ LV ̋ RQO\ ̋ D ̋ OLPLWHG

DPRXQW ̋RI ̋LQIRUPDWLRQ ̋DYDLODEOH ̋UHODWLQJ ̋WR ̋*RDO ̋ÏÔ ̋ ̋:KHUH ̋GDWD ̋GRHV ̋H[LVWÒ ̋LW ̋LV ̋RIWHQ ̋QRW

XVHIXO ̋ IRU ̋ HVWDEOLVKLQJ ̋ EDVHOLQH ̋PHDVXUHV ̋ RU ̋PHDVXUHV ̋ RI ̋ SURJUHVVÔ ̋ ̋7KLV ̋LV ̋ EHFDXVH ̋WKH

PHWKRGV ̋ XVHG ̋ IRU ̋ GDWD ̋ FROOHFWLRQÒ ̋ WKH ̋ VL]H ̋ RI ̋ WKH ̋ VXUYH\ ̋ VDPSOHÒ ̋ RU ̋ WKH ̋ IUHTXHQF\ ̋ RI

UHSRUWLQJ ̋LV ̋KLJKO\ ̋YDULDEOHÔ ̋ ̋,Q ̋SDUWLFXODUÒ ̋WKHUH ̋LV ̋IUHTXHQWO\ ̋QR ̋FOHDU ̋GHILQLWLRQ ̋RI ̋SURMHFW

SKDVHVÒ ̋ RU ̋ GDWD ̋ DUH ̋ QRW ̋ UHFRUGHG ̋ LQ ̋ D ̋ PDQQHU ̋ WKDW ̋ DOORZV ̋ PHDQLQJIXO ̋ LQWHUSUHWDWLRQ ̋ RI

SURMHFW ̋SKDVH ̋GXUDWLRQÔ ̋ ̋ ̋7KH ̋H[FHSWLRQ ̋FRPHV ̋ZKHUH ̋GDWD ̋FROOHFWLRQ ̋LV ̋EHLQJ ̋GRQH ̋ E\ ̋D

IHGHUDO ̋DJHQF\ ̋DV ̋SDUW ̋RI ̋LWV ̋PLVVLRQÔ ̋ ̋)RU ̋H[DPSOHÒ ̋WKH ̋86 ̋%XUHDX ̋ RI ̋WKH ̋&HQVXV ̋ KDV ̋D

UHVSRQVLELOLW\ ̋WR ̋FROOHFW ̋DQG ̋GLVVHPLQDWH ̋LQIRUPDWLRQ ̋UHODWLQJ ̋WR ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\

DQG ̋WKH ̋ EXLOW ̋ HQYLURQPHQWÔ ̋ ̋+RZHYHUÒ ̋WKH ̋%XUHDX ̋ RI ̋WKH ̋&HQVXV ̋ RQO\ ̋ FROOHFWV ̋ D ̋OLPLWHG

DPRXQW ̋ RI ̋ LQIRUPDWLRQ ̋ UHODWLQJ ̋ WR ̋ SURMHFW ̋ GHOLYHU\ ̋ WLPHV ̋ LQ ̋ WKH ̋ FRQVWUXFWLRQ ̋ VHFWRUÔ

$OWKRXJK ̋WKH ̋%XUHDX ̋RI ̋WKH ̋&HQVXV ̋SXEOLVKHV ̋VHYHUDO ̋NH\ ̋VWDWLVWLFV ̋RQ ̋GHOLYHU\ ̋WLPHV ̋IRU

WKH ̋ UHVLGHQWLDO ̋ VHFWRUÒ ̋ VLPLODU ̋ VWDWLVWLFV ̋ IRU ̋ WKH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUV ̋ DUH ̋ QR ̋ ORQJHU

SXEOLVKHGÔ ̋ ̋2QH ̋RI ̋WKH ̋IHZ ̋GDWD ̋VRXUFHV ̋ZKLFK ̋KDV ̋EHHQ ̋LGHQWLILHGÒ ̋ZKHUH ̋DQ ̋RUJDQL]DWLRQ

LV ̋ V\VWHPDWLFDOO\ ̋FROOHFWLQJ ̋ GDWD ̋ IURP ̋ QHZ ̋ FRQVWUXFWLRQ ̋ SURMHFWV ̋WKDW ̋ DUH ̋ DW ̋OHDVW ̋LQ ̋ SDUW

UHSUHVHQWDWLYH ̋ RI ̋WKH ̋ZKROH ̋ RI ̋WKH ̋86Ò ̋LV ̋WKH ̋&RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ ,QVWLWXWH ̋ ı&,,ÙÔ ̋ ̋ )RU

WKLV ̋UHDVRQÒ ̋WKH ̋GDWD ̋FROOHFWHG ̋E\ ̋&,, ̋KDYH ̋EHHQ ̋XVHG ̋LQ ̋WKLV ̋GRFXPHQWÔ ̋ ̋,W ̋LV ̋DOVR ̋SRVVLEOH

WKDW ̋D ̋QXPEHU ̋RI ̋IHGHUDO ̋DJHQFLHV ̋KDYH ̋PRUH ̋GHWDLOHG ̋GDWDEDVHV ̋ZKLFK ̋FRXOG ̋SURYH ̋XVHIXO

IRU ̋ *RDO ̋ ÏÒ ̋ EXW ̋ LI ̋ WKHVH ̋ H[LVWÒ ̋ WKH\ ̋ KDYH ̋ QRW ̋ EHHQ ̋ ORFDWHG ̋ E\ ̋ WKH ̋ DXWKRUVÔ ̋  ̋ $ ̋ VLPLODU

FRPPHQW ̋DSSOLHV ̋WR ̋ SULYDWH ̋ RUJDQL]DWLRQVÒ ̋ VRPH ̋ RI ̋ZKLFK ̋DUH ̋WKRXJKW ̋WR ̋ KDYH ̋H[WHQVLYH

GDWDEDVHV ̋ UHODWLQJ ̋WR ̋WKH ̋ FRQVWUXFWLRQ ̋ VHFWRUÒ ̋WKRXJK ̋LW ̋LV ̋ QRW ̋ NQRZQ ̋ KRZ ̋ PXFK ̋ RI ̋ WKLV

LQIRUPDWLRQ ̋UHODWHV ̋WR ̋SURMHFW ̋GHOLYHU\ ̋WLPHVÒ ̋QRU ̋ZKHWKHU ̋LW ̋LV ̋ UHSUHVHQWDWLYH ̋RI ̋QDWLRQDO

DYHUDJHV ̋ IRU ̋HVWDEOLVKLQJ ̋EDVHOLQHVÔ ̋ ̋7KLV ̋LQIRUPDWLRQ ̋LV ̋OLNHO\ ̋WR ̋EH ̋DYDLODEOH ̋RQO\ ̋RQ ̋D

FRPPHUFLDO ̋IHH ̋IRU ̋VHUYLFH ̋EDVLVÔ

$ ̋GHWDLOHG ̋GHVFULSWLRQ ̋RI ̋WKH ̋GDWD ̋VRXUFHV ̋XVHG ̋LQ ̋HVWDEOLVKLQJ ̋EDVHOLQHV ̋DQG ̋PHDVXUHV ̋RI

SURJUHVV ̋IRU ̋HDFK ̋VHFWRU ̋LV ̋JLYHQ ̋LQ ̋&KDSWHUV ̋Ë ̋DQG ̋Á ̋RI ̋WKLV ̋GRFXPHQWÔ

3ULRU ̋ WR ̋ DQ\ ̋ GDWD ̋ DQDO\VLV ̋ EHLQJ ̋ SHUIRUPHGÒ ̋ DOO ̋ UHOHYDQW ̋ HOHFWURQLF ̋ DQG ̋ SXEOLVKHG

LQIRUPDWLRQ ̋ ZDV ̋LPSRUWHG ̋LQWR ̋ VSUHDGVKHHW ̋ ILOHV ̋ VR ̋WKDW ̋LW ̋ FRXOG ̋ EH ̋ HDVLO\ ̋ PDQLSXODWHGÔ

7KLV ̋DSSURDFK ̋DOVR ̋HQDEOHG ̋FKDUWV ̋DQG ̋WDEOHV ̋WR ̋EH ̋JHQHUDWHG ̋UHODWLYHO\ ̋UDSLGO\Ô ̋ ̋,QLWLDOO\Ò ̋D

ODUJH ̋ QXPEHU ̋ RI ̋ FKDUWV ̋ZHUH ̋ SURGXFHG ̋ IURP ̋WKH ̋ UDZ ̋ GDWDÒ ̋ ZKLFK ̋ DVVLVWHG ̋LQ ̋LGHQWLI\LQJ

WUHQGV ̋LQ ̋WKH ̋GDWDÔ ̋ ̋7KHVH ̋FKDUWV ̋DOVR ̋KHOSHG ̋LQ ̋SULRULWL]LQJ ̋WKH ̋GDWD ̋SULRU ̋WR ̋GHYHORSLQJ ̋WKH

EDVHOLQH ̋PHDVXUHVÔ
ÊË

ËÔ ̋ ̋'HOLYHU\ ̋7LPH ̋0HDVXUHV ̋IRU ̋WKH ̋5HVLGHQWLDO ̋6HFWRU

ËÔÏÔ ̋ ̋.H\ ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋5HVLGHQWLDO ̋6HFWRU

7KLV ̋ VHFWLRQ ̋ RI ̋ WKH ̋ GRFXPHQW ̋ DGGUHVVHV ̋ WKH ̋ LVVXH ̋ RI ̋ GDWD ̋ VRXUFHVÒ ̋ DYDLODELOLW\Ò ̋ DQG

FRQVWUDLQWV ̋LQ ̋WKH ̋UHVLGHQWLDO ̋VHFWRUÒ ̋DQG ̋VXPPDUL]HV ̋WKH ̋NH\ ̋GDWD ̋VRXUFHV ̋ZKLFK ̋DUH ̋XVHG

IRU ̋ GHYHORSLQJ ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHVÔ ̋  ̋ 7KH ̋ VHFWLRQ ̋ DOVR ̋ SURYLGHV ̋ DQ ̋ RYHUYLHZ ̋ RI ̋ WKH

UHVLGHQWLDO ̋VHFWRUÔ

ËÔÏÔÏÔ ̋ ̋'DWD ̋&RQVLGHUDWLRQV„ ̋6RXUFHVÒ ̋$YDLODELOLW\Ò ̋DQG ̋&RQVWUDLQWV

3UHOLPLQDU\ ̋GDWD ̋VHDUFKHV ̋IRU ̋WKH ̋UHVLGHQWLDO ̋VHFWRU ̋IRFXVHG ̋XSRQ ̋RUJDQL]DWLRQV ̋VXFK ̋DV ̋WKH

'HSDUWPHQW ̋ RI ̋ +RXVLQJ ̋ DQG ̋ 8UEDQ ̋ 'HYHORSPHQW ̋ ı+8'ÙÒ ̋ WKH ̋ 1DWLRQDO ̋ $VVRFLDWLRQ ̋ RI

+RPH ̋%XLOGHUV ̋ı1$+%ÙÒ ̋DQG ̋WKH ̋0DQXIDFWXUHG ̋+RXVLQJ ̋,QVWLWXWH ̋ı0+,ÙÔ ̋ ̋7KHVH ̋VHDUFKHV

LQGLFDWHG ̋WKDW ̋ZKLOH ̋VRPH ̋RI ̋WKHVH ̋RUJDQL]DWLRQV ̋DUH ̋FDUU\LQJ ̋RXW ̋WKHLU ̋RZQ ̋UHVHDUFK ̋DERXW

WKH ̋86 ̋KRXVLQJ ̋LQGXVWU\Ò ̋WKH ̋PDMRULW\ ̋RI ̋WKHP ̋DUH ̋PDNLQJ ̋XVH ̋RI ̋LQIRUPDWLRQ ̋FROOHFWHG ̋E\

WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV ̋ZKHQ ̋FRQVLGHULQJ ̋KRXVLQJ ̋DW ̋D ̋QDWLRQDO ̋OHYHOÔ ̋ ̋ ,W ̋WKHUHIRUH

VHHPHG ̋DSSURSULDWH ̋WR ̋H[DPLQH ̋WKH ̋VRXUFH ̋GDWD ̋SURYLGHG ̋E\ ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

LQ ̋GHWDLO ̋IRU ̋WKH ̋GHYHORSPHQW ̋RI ̋WKH ̋EDVHOLQH ̋PHDVXUHVÔ

'DWD ̋IURP ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

7KH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV ̋ı86%&Ù ̋FDUULHV ̋RXW ̋D ̋QXPEHU ̋RI ̋VXUYH\V ̋RI ̋WKH ̋86 ̋KRXVLQJ

VHFWRUÒ ̋ DQG ̋ UHSRUWV ̋ SHULRGLFDOO\ ̋ XSRQ ̋ D ̋ ZLGH ̋ YDULHW\ ̋ RI ̋ UHODWHG ̋ LVVXHVÔ ̋  ̋ 6XUYH\VÓUHSRUWV

ZKLFK ̋DUH ̋RI ̋SDUWLFXODU ̋LQWHUHVW ̋IRU ̋WKLV ̋GRFXPHQW ̋DUH ̋WKH ̋$PHULFDQ ̋+RXVLQJ ̋6XUYH\Ò ̋WKH

&HQVXV ̋RI ̋+RXVLQJÒ ̋DQG ̋WKH ̋&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUWVÔ

7KH ̋ $PHULFDQ ̋ +RXVLQJ ̋ 6XUYH\ ̋ FROOHFWV ̋ GDWD ̋ RQ ̋ WKH ̋ QDWLRQ©V ̋ KRXVLQJÒ ̋ LQFOXGLQJ

DSDUWPHQWVÒ ̋ VLQJOHðIDPLO\ ̋ KRPHVÒ ̋PRELOH ̋ KRPHVÒ ̋ DQG ̋ YDFDQW ̋ KRXVLQJ ̋ XQLWVÔ ̋  ̋ ,W ̋ SURYLGHV

GDWD ̋ RQ ̋ KRXVLQJ ̋ FKDUDFWHULVWLFVÒ ̋ VXFK ̋ DV ̋ LQFRPHÒ ̋ KRXVLQJ ̋ DQG ̋ QHLJKERUKRRG ̋ TXDOLW\Ò

KRXVLQJ ̋ FRVWVÒ ̋ HTXLSPHQW ̋ DQG ̋ IXHOVÒ ̋ DQG ̋ VL]H ̋ RI ̋ WKH ̋ KRXVLQJ ̋ XQLWÔ ̋  ̋ 1DWLRQDO ̋ GDWD ̋ LV

FROOHFWHG ̋HYHU\ ̋RWKHU ̋\HDUÒ ̋DQG ̋GDWD ̋IRU ̋VHOHFWHG ̋0HWURSROLWDQ ̋$UHDV ̋ı0$©VÙ ̋LV ̋FROOHFWHG

DERXW ̋ HYHU\ ̋ IRXU ̋ \HDUVÔ ̋  ̋ 7KH ̋ VDPSOH ̋ FRYHUV ̋ DSSUR[LPDWHO\ ̋ ILIW\ðILYH ̋ WKRXVDQG ̋ KRPHVÔ

'DWD ̋DUH ̋DYDLODEOH ̋IRU ̋\HDUV ̋XS ̋WR ̋DQG ̋LQFOXGLQJ ̋Ï‰‰ËÔ

7KH ̋&HQVXV ̋ RI ̋+RXVLQJ ̋ SURYLGHV ̋ GHWDLOHG ̋LQIRUPDWLRQ ̋ RQ ̋ KRXVLQJ ̋ FKDUDFWHULVWLFVÔ ̋ ̋7KH

VXUYH\ ̋LV ̋FDUULHG ̋RXW ̋HYHU\ ̋WHQ ̋\HDUV‚ ̋GDWD ̋IURP ̋WKH ̋Ï‰‰Ì ̋VXUYH\ ̋DUH ̋DYDLODEOH ̋DW ̋SUHVHQWÔ

+RXVLQJ ̋FKDUDFWHULVWLFV ̋VXFK ̋DV ̋QXPEHU ̋RI ̋XQLWVÒ ̋SOXPELQJ ̋ IDFLOLWLHVÒ ̋WHQXUHÒ ̋YDOXHÒ ̋ UHQWÒ

IXHOVÒ ̋KHDWLQJ ̋HTXLSPHQWÒ ̋DQG ̋VR ̋IRUWK ̋DUH ̋H[DPLQHGÔ ̋ ̋(YHU\ ̋KRPH ̋LQ ̋WKH ̋86 ̋LV ̋DVNHG ̋WKH

EDVLF ̋TXHVWLRQV ̋LQ ̋WKH ̋VXUYH\Ò ̋ZKLOH ̋DSSUR[LPDWHO\ ̋RQH ̋VL[WK ̋RI ̋DOO ̋KRXVHV ̋LQ ̋WKH ̋86 ̋DUH

DVNHG ̋ PRUH ̋ GHWDLOHG ̋ VXUYH\ ̋ TXHVWLRQV ̋ UHODWLQJ ̋ WR ̋ LVVXHV ̋ VXFK ̋ DV ̋ LQFRPH ̋ DQG ̋ KRXVLQJ

H[SHQVHVÔ
ÊÁ

7KH ̋&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUWV ̋FRPSULVH ̋D ̋VHULHV ̋RI ̋SHULRGLF ̋VXUYH\VÒ ̋ZKLFK ̋LQFOXGH

WKH ̋IROORZLQJ ̋PRQWKO\ ̋VXUYH\V„

x 6HULHV ̋&ÎÌ ̋ð ̋+RXVLQJ ̋6WDUWV ̋ð ̋SURYLGHV ̋GDWD ̋RQ ̋ ̋WKH ̋QXPEHU ̋RI ̋QHZ ̋SULYDWHO\ ̋RZQHG

KRXVLQJ ̋XQLWV ̋VWDUWHG ̋LQ ̋WKH ̋86Ò ̋E\ ̋QXPEHU ̋RI ̋XQLWV ̋LQ ̋WKH ̋VWUXFWXUHÒ ̋DQG ̋FHQVXV ̋UHJLRQÒ

DQG ̋GDWD ̋RQ ̋WKH ̋QXPEHU ̋RI ̋PRELOH ̋KRPHV ̋VKLSSHGÔ

x 6HULHV ̋&ÎÎ ̋ ð ̋+RXVLQJ ̋&RPSOHWLRQV ̋ ð ̋ SURYLGHV ̋ GDWD ̋ RQ ̋WKH ̋ QXPEHU ̋ RI ̋ QHZ ̋ SULYDWHO\

RZQHG ̋ KRXVLQJ ̋ XQLWV ̋FRPSOHWHG ̋LQ ̋WKH ̋86Ò ̋ E\ ̋ QXPEHU ̋ RI ̋ XQLWV ̋LQ ̋WKH ̋ VWUXFWXUHÒ ̋ DQG

FHQVXV ̋UHJLRQÔ

x 6HULHV ̋&ÎË ̋ð ̋1HZ ̋+RPH ̋6DOHV ̋ð ̋SURYLGHV ̋GDWD ̋RQ ̋WKH ̋VDOHV ̋RI ̋QHZ ̋VLQJOHðIDPLO\ ̋KRPHV

LQ ̋WKH ̋86

x 6HULHV ̋&ÍÌ ̋ð ̋9DOXH ̋RI ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH ̋ð ̋SURYLGHV ̋GDWD ̋RQ ̋QHZ ̋SULYDWH ̋DQG

SXEOLF ̋KRXVLQJ ̋FRQVWUXFWLRQÒ ̋DV ̋ZHOO ̋DV ̋ UHVLGHQWLDO ̋LPSURYHPHQWV ̋LQ ̋WKH ̋86 ̋ ıUHIHU ̋WR

&KDSWHU ̋Í ̋IRU ̋IXUWKHU ̋GHWDLOVÙ

x 6HULHV ̋ &ÈÌ ̋ ð ̋ %XLOGLQJ ̋ 3HUPLWV ̋ ð ̋ SURYLGHV ̋ GDWD ̋ RQ ̋ WKH ̋ QXPEHU ̋ RI ̋ SULYDWHO\ ̋ RZQHG

KRXVLQJ ̋ XQLWV ̋ VWDUWHG ̋ LQ ̋ WKH ̋ 86Ò ̋ DV ̋ ZHOO ̋ DV ̋ WKH ̋ QXPEHU ̋ RI ̋ KRXVHV ̋ ZKHUH ̋ EXLOGLQJ

SHUPLW ̋DXWKRUL]DWLRQ ̋ZDV ̋ JLYHQÒ ̋ E\ ̋ QXPEHU ̋ RI ̋ XQLWV ̋LQ ̋ VWUXFWXUHÒ ̋ DQG ̋ FHQVXV ̋ UHJLRQÔ

7KHUH ̋LV ̋VRPH ̋FRPPRQDOLW\ ̋ZLWK ̋WKH ̋&ÎÌ ̋GDWDÔ

6HOHFWHG ̋ GDWD ̋ IURP ̋ 86%& ̋ DUH ̋ DYDLODEOH ̋ WKURXJK ̋ LWV ̋ ,QWHUQHW ̋ VLWH ̋ ı85/„

KWWS„ÓÓZZZÔFHQVXVÔJRYÙÒ ̋RU ̋YLD ̋HOHFWURQLF ̋RU ̋SDSHU ̋SXEOLFDWLRQVÔ ̋ ̋,QTXLULHV ̋E\ ̋WKH ̋DXWKRUV

LQGLFDWH ̋WKDW ̋FXVWRPL]HG ̋GDWD ̋VHDUFKHV ̋FRQGXFWHG ̋E\ ̋86%& ̋FDQ ̋EH ̋FDUULHG ̋RXW ̋RQ ̋D ̋IHH ̋IRU

VHUYLFH ̋EDVLVÒ ̋SURYLGHG ̋WKDW ̋FRQILGHQWLDOLW\ ̋FULWHULRQ ̋IRU ̋WKH ̋VRXUFH ̋GDWD ̋DUH ̋QRW ̋EUHDFKHGÔ

,Q ̋WKLV ̋GRFXPHQWÒ ̋GDWD ̋IURP ̋WKH ̋86%& ̋KDYH ̋EHHQ ̋XVHG ̋WR ̋FKDUDFWHUL]H ̋WKH ̋VL]H ̋DQG ̋QDWXUH

RI ̋WKH ̋UHVLGHQWLDO ̋VHFWRUÒ ̋DQG ̋WR ̋SURYLGH ̋LQIRUPDWLRQ ̋RQ ̋GHOLYHU\ ̋WLPHV ̋IRU ̋KRXVLQJÔ ̋ ̋:KHUH

VSHFLILF ̋GDWD ̋FRQVWUDLQWV ̋KDYH ̋EHHQ ̋IRXQGÒ ̋WKHVH ̋KDYH ̋EHHQ ̋LGHQWLILHG ̋LQ ̋WKH ̋WH[WÔ

2QH ̋ SXEOLFDWLRQ ̋ ZKLFK ̋ PDNHV ̋ H[WHQVLYH ̋ XVH ̋ RI ̋ GDWD ̋ IURP ̋ WKH ̋ 86%&Ò ̋ EXW ̋ ZKLFKÒ ̋ RQ

RFFDVLRQ ̋ SURYLGHV ̋ GDWD ̋ LQ ̋ D ̋ VOLJKWO\ ̋ GLIIHUHQW ̋ IRUP ̋ WR ̋ WKDW ̋ XVHG ̋ E\ ̋ 86%& ̋ LQ ̋ LWV ̋ RZQ

SXEOLFDWLRQVÒ ̋LV ̋WKH ̋6WDWLVWLFDO ̋$EVWUDFW ̋RI ̋WKH ̋8QLWHG ̋6WDWHVÒ ̋ZKLFK ̋LV ̋SXEOLVKHG ̋DQQXDOO\Ô

:KHUH ̋ DSSURSULDWHÒ ̋ WKLV ̋ GRFXPHQW ̋ PDNHV ̋ XVH ̋ RI ̋ GDWD ̋ SURYLGHG ̋ LQ ̋ WKH ̋ Ï‰‰Á ̋ DQG ̋ Ï‰‰Ê

YHUVLRQV ̋RI ̋WKH ̋6WDWLVWLFDO ̋$EVWUDFW ̋ıWKH ̋Ï‰‰Ê ̋YHUVLRQ ̋KDV ̋YHU\ ̋UHFHQWO\ ̋EHFRPH ̋DYDLODEOHÒ

DQG ̋FDQ ̋EH ̋YLHZHG ̋DW ̋WKH ̋86%& ̋ZHE ̋VLWHÙÔ ̋ ̋7KH ̋6WDWLVWLFDO ̋$EVWUDFW ̋DOVR ̋XVHV ̋D ̋YDULHW\ ̋RI

RWKHU ̋VRXUFHV ̋ZKHQ ̋FRPSLOLQJ ̋LWV ̋VWDWLVWLFVÔ ̋ ̋'HWDLOV ̋RI ̋WKH ̋VRXUFHV ̋XVHG ̋DUH ̋SUHVHQWHG ̋LQ

$SSHQGL[ ̋, ̋RI ̋WKH ̋6WDWLVWLFDO ̋$EVWUDFWÔ ̋ ̋'DWD ̋IURP ̋WKH ̋6WDWLVWLFDO ̋$EVWUDFW ̋KDYH ̋EHHQ ̋XVHG

WR ̋FKDUDFWHUL]H ̋WKH ̋ VL]H ̋ RI ̋WKH ̋ UHVLGHQWLDO ̋ VHFWRUÔ ̋ ̋7KH ̋6WDWLVWLFDO ̋$EVWUDFW ̋ KDV ̋DOVR ̋ EHHQ

XVHG ̋ZKHUH ̋SULFH ̋GHIODWRUVÓLQGLFHV ̋ZHUH ̋QHHGHG ̋WR ̋DGMXVW ̋VWDWLVWLFV ̋IRU ̋WKLV ̋GRFXPHQWÔ

'DWD ̋IURP ̋WKH ̋1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUV

7KH ̋1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUV ̋ı1$+%Ù ̋5HVHDUFK ̋&HQWHU ̋KDV ̋H[DPLQHG ̋WKH

LVVXH ̋RI ̋F\FOHðWLPH ̋UHGXFWLRQ ̋LQ ̋WKH ̋KRPHðEXLOGLQJ ̋SURFHVVÔ ̋ ̋2I ̋SDUWLFXODU ̋LQWHUHVW ̋LQ ̋WKH

HVWDEOLVKPHQW ̋ RI ̋ GHOLYHU\ ̋ WLPH ̋ EDVHOLQHV ̋ LV ̋ D ̋ UHSRUW ̋ SUHSDUHG ̋ E\ ̋ 1$+% ̋ HQWLWOHG ̋ &\FOH

7LPH ̋5HGXFWLRQ ̋LQ ̋WKH ̋5HVLGHQWLDO ̋&RQVWUXFWLRQ ̋3URFHVVÒ ̋ZKLFK ̋H[DPLQHV ̋WKH ̋WLPH ̋WDNHQ
ÊÊ

WR ̋FRQVWUXFW ̋KRXVLQJ ̋LQ ̋$WODQWDÔ ̋ ̋,Q ̋WKLV ̋GRFXPHQWÒ ̋GDWD ̋IURP ̋WKH ̋1$+% ̋UHSRUW ̋KDYH ̋EHHQ

UHSURGXFHGÒ ̋SULQFLSDOO\ ̋EHFDXVH ̋WKH ̋LQIRUPDWLRQ ̋LV ̋UHODWLYHO\ ̋GHWDLOHG ̋LQ ̋FRPSDULVRQ ̋ZLWK

WKDW ̋DYDLODEOH ̋IURP ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXVÒ ̋LV ̋ZHOO ̋GRFXPHQWHGÒ ̋DQG ̋DOVR ̋SURYLGHV

VRPH ̋FRPSDULVRQ ̋EHWZHHQ ̋PDQXIDFWXUHG ̋DQG ̋VLWHðEXLOW ̋KRXVLQJÔ

'DWD ̋IURP ̋2WKHU ̋6RXUFHV

$ ̋ZLGH ̋YDULHW\ ̋RI ̋RWKHU ̋GDWD ̋ VRXUFHV ̋ZHUH ̋H[DPLQHGÔ ̋ ̋ ̋+RZHYHUÒ ̋ IHZ ̋ZHUH ̋ORFDWHG ̋WKDW

SURYLGHG ̋DQ\ ̋GDWD ̋UHOHYDQW ̋WR ̋GHOLYHU\ ̋WLPHV ̋LQ ̋WKH ̋UHVLGHQWLDO ̋VHFWRUÔ ̋2QH ̋VRXUFH ̋ZKLFK ̋LV

XVHG ̋ LQ ̋ WKLV ̋ GRFXPHQW ̋ LV ̋ WKH ̋ 0DQXIDFWXUHG ̋ +RXVLQJ ̋ ,QVWLWXWH ̋ ı0+,ÙÒ ̋ ZKLFK ̋ SURYLGHV

FRPSDUDWLYH ̋FRVW ̋GDWD ̋IRU ̋VLWHðEXLOW ̋DQG ̋PDQXIDFWXUHG ̋KRXVLQJÔ ̋ ̋7KLV ̋LQIRUPDWLRQ ̋LV ̋EDVHG

XSRQ ̋ GDWD ̋ IURP ̋86%&Ò ̋DV ̋ZHOO ̋DV ̋ RWKHU ̋ VRXUFHVÔ ̋ ̋7KHVH ̋ GDWD ̋FDQ ̋ EH ̋ IRXQG ̋ RQ ̋WKH ̋0+,

,QWHUQHW ̋ VLWH ̋ ı85/„ ̋ KWWS„ÓÓZZZÔPIJKRPHÔRUJÙÔ ̋  ̋ 7KH ̋ 0+, ̋ DOVR ̋ SURYLGHV ̋ VRPH ̋ XVHIXO

GHILQLWLRQV ̋ RI ̋ WKH ̋ GLIIHUHQW ̋ W\SHV ̋ RI ̋ PDQXIDFWXUHG ̋ KRXVLQJ ̋ ıVHH

KWWS„ÓÓZZZÓPIJKRPHÔRUJÓPHGLDÓGHILQHPKÔKWPOÙÒ ̋ZKLFK ̋KDYH ̋EHHQ ̋XVHG ̋LQ ̋WKLV ̋GRFXPHQWÔ

6HOHFWHG ̋ GDWD ̋ IURP ̋ 0+, ̋ KDV ̋ EHHQ ̋ XVHG ̋ LQ ̋ WKLV ̋ GRFXPHQW ̋ WR ̋ FRPSDUH ̋ WKH ̋ VL]H ̋ RI ̋ WKH

PDQXIDFWXUHG ̋DQG ̋VLWH ̋EXLOW ̋PDUNHWVÒ ̋DQG ̋WR ̋FRPSDUH ̋LQVWDOOHG ̋FRVWVÔ

ËÔÏÔÎÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋5HVLGHQWLDO ̋6HFWRU

7KH ̋RYHUYLHZ ̋RI ̋WKH ̋UHVLGHQWLDO ̋VHFWRU ̋SUHVHQWHG ̋LQ ̋WKLV ̋VHFWLRQ ̋RI ̋WKH ̋GRFXPHQW ̋H[SDQGV

XSRQ ̋WKDW ̋ZKLFK ̋LV ̋SUHVHQWHG ̋LQ ̋&KDSWHU ̋Í ̋RI ̋WKLV ̋GRFXPHQWÔ ̋ ̋7KLV ̋VHFWLRQ ̋H[DPLQHV ̋WKH

WRWDO ̋VL]H ̋RI ̋WKH ̋86 ̋UHVLGHQWLDO ̋VHFWRUÒ ̋DQG ̋KRZ ̋WKH ̋KRXVLQJ ̋VWRFN ̋LV ̋GLYLGHG ̋EHWZHHQ ̋WKH

GLIIHUHQW ̋W\SHV ̋RI ̋VWUXFWXUHÒ ̋VXFK ̋DV ̋VLQJOHðIDPLO\ ̋KRXVLQJÒ ̋DSDUWPHQWVÒ ̋DQG ̋PRELOH ̋KRPHVÔ

,W ̋DOVR ̋H[DPLQHV ̋D ̋ QXPEHU ̋ RI ̋ NH\ ̋FKDUDFWHULVWLFV ̋ RI ̋WKH ̋ KRXVLQJ ̋ VHFWRUÒ ̋ VXFK ̋DV ̋WKH ̋DJHÒ

VL]HÒ ̋ DQG ̋ JHRJUDSKLF ̋ GLVWULEXWLRQ ̋ RI ̋ KRXVLQJÔ ̋  ̋ $ ̋ QXPEHU ̋ RI ̋ ILJXUHV ̋ DUH ̋ WKHQ ̋ SUHVHQWHG

ZKLFK ̋ LQGLFDWH ̋ KRZ ̋ WKH ̋ UHVLGHQWLDO ̋ VHFWRU ̋ LV ̋ FKDQJLQJ ̋ RYHU ̋ WLPHÔ ̋  ̋ )LQDOO\Ò ̋ VRPH

FRPSDULVRQV ̋EHWZHHQ ̋VLWHðEXLOW ̋DQG ̋PDQXIDFWXUHG ̋KRXVLQJ ̋DUH ̋PDGHÔ

'DWD ̋ IURP ̋ WKH ̋ Ï‰‰Ë ̋ $PHULFDQ ̋ +RXVLQJ ̋ 6XUYH\ ̋ &XUUHQW ̋ +RXVLQJ ̋ 5HSRUWV ̋ +ÏËÌÓ‰Ë59

KDYH ̋EHHQ ̋XVHG ̋WR ̋JHQHUDWH ̋)LJXUH ̋ËðÏÔ ̋ ̋)LJXUH ̋ËðÏ ̋VKRZV ̋WKDW ̋WKH ̋WRWDO ̋QXPEHU ̋RI ̋KRXVLQJ

XQLWV ̋LQ ̋WKH ̋ 86 ̋LQ ̋ Ï‰‰Ë ̋ QXPEHUHG ̋ DSSUR[LPDWHO\ ̋ ÏÏÌ ̋ PLOOLRQÒ ̋ RI ̋ ZKLFK ̋ DSSUR[LPDWHO\

VL[W\ðVL[ ̋ SHUFHQW ̋DUH ̋ VLQJOHðIDPLO\ ̋ ıRQH ̋ XQLWÙ ̋ KRXVHVÔ ̋ ̋2I ̋WKH ̋ ÊÎÔÈ ̋PLOOLRQ ̋ VLQJOHðIDPLO\

KRPHVÒ ̋ DSSUR[LPDWHO\ ̋ QLQHW\ ̋ SHUFHQW ̋ DUH ̋ GHWDFKHG ̋ XQLWVÔ ̋  ̋ 0RELOH ̋ KRPHV ̋ DQG ̋ WUDLOHUV

UHSUHVHQW ̋ DSSUR[LPDWHO\ ̋ VHYHQ ̋ SHUFHQW ̋ RI ̋ WKH ̋ WRWDO ̋ KRXVLQJ ̋ VWRFNÔ ̋  ̋ $ ̋ PRUH ̋ GHWDLOHG

EUHDNGRZQ ̋RI ̋KRPHV ̋LQ ̋WKH ̋86Ò ̋E\ ̋QXPEHU ̋RI ̋XQLWV ̋LQ ̋WKH ̋VWUXFWXUHÒ ̋LV ̋VKRZQ ̋LQ ̋)LJXUH ̋Ëð

ÎÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋LQGLFDWHV ̋WKDW ̋WKHUH ̋DUH ̋VLJQLILFDQWO\ ̋PRUH ̋PXOWLðXQLW ̋VWUXFWXUHV

FRQWDLQLQJ ̋RQO\ ̋WZR ̋WR ̋IRXU ̋XQLWV ̋FRPSDUHG ̋ZLWK ̋VWUXFWXUHV ̋FRQWDLQLQJ ̋HLWKHU ̋ILYH ̋WR ̋QLQH

XQLWVÒ ̋ÏÌ ̋WR ̋Ï‰ ̋XQLWVÒ ̋ÎÌ ̋WR ̋È‰ ̋XQLWVÒ ̋RU ̋ËÌ ̋RU ̋PRUH ̋XQLWVÔ
ÊÂ

)LJXUH ̋ËðÏÔ ̋ ̋6L]H ̋RI ̋86 ̋+RXVLQJ ̋6HFWRU ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH„ ̋Ï‰‰Ë

7RWDO ̋+RXVLQJ ̋8QLWV ̋  ̋ÏÌ‰ÒÈËÁÒÌÌÌ 0RELOH ̋KRPH ̋RU ̋WUDLOHU

ÊÒÁÈÊÒÌÌÌ ̋  ̋Ê ̄

7ZR ̋RU ̋PRUH ̋XQLWV

Î‰ÒÈÎÊÒÌÌÌ ̋  ̋ÎÊ ̄

6LQJOH ̋IDPLO\ ̋

ÊÎÒÍÂÎÒÌÌÌ ̋  ̋ÁÁ ̄

)LJXUH ̋ËðÎÔ ̋ ̋7RWDO ̋86 ̋+RXVLQJ ̋ð ̋'HWDLOHG ̋'HVFULSWLRQ ̋RI ̋7\SHV ̋RI ̋6WUXFWXUH ̋„ ̋Ï‰‰Ë

Ì

ÏÌÒÌÌÌ

ÎÌÒÌÌÌ

ÍÌÒÌÌÌ

ÈÌÒÌÌÌ

ËÌÒÌÌÌ

ÁÌÒÌÌÌ

ÊÌÒÌÌÌ

8QLWV ̋LQ ̋6WUXFWXUH
Ê‰

)LJXUH ̋ ËðÍ ̋LQGLFDWHV ̋WKH ̋ JHRJUDSKLF ̋ GLVWULEXWLRQ ̋ RI ̋ RFFXSLHG ̋ KRXVLQJ ̋ E\ ̋W\SHÓQXPEHU ̋ RI

XQLWV ̋ DQG ̋ FHQVXV ̋ UHJLRQ ̋ LQ ̋ Ï‰‰ËÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH ̋ ILJXUH ̋ VKRZV ̋ WKDW ̋ ZKLOH ̋ WKHUH ̋ LV ̋ D

VLJQLILFDQWO\ ̋ ODUJHU ̋ QXPEHU ̋ RI ̋ VLQJOHðIDPLO\ ̋ KRPHV ̋ LQ ̋ WKH ̋ VRXWK ̋ DQG ̋ PLGðZHVW ̋ FHQVXV

UHJLRQVÒ ̋ FRPSDUHG ̋ ZLWK ̋ LQ ̋ WKH ̋ QRUWK ̋ DQG ̋ ZHVWÒ ̋ PXOWLðXQLW ̋ KRXVLQJ ̋ LV ̋ PRUH ̋ HYHQO\

GLVWULEXWHG ̋ DFURVV ̋ DOO ̋ IRXU ̋ FHQVXV ̋ UHJLRQVÔ ̋  ̋ $SSUR[LPDWHO\ ̋ KDOI ̋ RI ̋ DOO ̋ PRELOH ̋ KRPHV ̋ RU

WUDLOHUV ̋ DUH ̋ORFDWHG ̋LQ ̋WKH ̋ VRXWK ̋ FHQVXV ̋ UHJLRQÔ ̋  ̋ $ ̋ GHVFULSWLRQ ̋ RI ̋WKH ̋ FHQVXV ̋ UHJLRQVÒ ̋ DV

GHILQHG ̋ E\ ̋WKH ̋86 ̋%XUHDX ̋ RI ̋WKH ̋&HQVXVÒ ̋LV ̋ SURYLGHG ̋LQ ̋$SSHQGL[ ̋( ̋ RI ̋WKLV ̋ GRFXPHQWÔ

'DWD ̋ IURP ̋ WKH ̋ $PHULFDQ ̋ +RXVLQJ ̋ 6XUYH\ ̋ DOVR ̋ LQGLFDWHV ̋ WKDW ̋ DSSUR[LPDWHO\ ̋ KDOI ̋ RI ̋ DOO

KRPHV ̋LQ ̋WKH ̋86 ̋DUH ̋LQ ̋FLW\ ̋ORFDWLRQVÒ ̋ZLWK ̋WKH ̋UHPDLQLQJ ̋KDOI ̋UHODWLYHO\ ̋HYHQO\ ̋GLVWULEXWHG

EHWZHHQ ̋WRZQÒ ̋VXEXUEDQ ̋DQG ̋UXUDOÓRSHQ ̋FRXQWU\ ̋ORFDWLRQVÔ

)LJXUH ̋ËðÈ ̋DQG ̋)LJXUH ̋ËðË ̋DUH ̋EDVHG ̋XSRQ ̋GDWD ̋IURP ̋WKH ̋Ï‰‰Ë ̋$PHULFDQ ̋+RXVLQJ ̋6XUYH\Ò

DQG ̋VKRZ ̋VRPH ̋RI ̋WKH ̋NH\ ̋FKDUDFWHULVWLFV ̋RI ̋KRPHV ̋LQ ̋WKH ̋86Ô ̋ ̋5HIHUHQFH ̋WR ̋)LJXUH ̋ËðÈÒ

ZKLFK ̋ VKRZV ̋WKH ̋DJH ̋ VWUXFWXUH ̋ RI ̋WKH ̋ KRXVLQJ ̋ VWRFNÒ ̋LQGLFDWHV ̋WKDW ̋ DSSUR[LPDWHO\ ̋ VHYHQ

SHUFHQW ̋RI ̋KRXVHV ̋DUH ̋OHVV ̋WKDQ ̋ILYH ̋\HDUV ̋ROGÒ ̋DQG ̋DSSUR[LPDWHO\ ̋QLQH ̋SHUFHQW ̋DUH ̋JUHDWHU

WKDQ ̋ ÊË ̋ \HDUV ̋ ROGÔ ̋  ̋ 7KH ̋ KLJKHVW ̋ QXPEHU ̋ RI ̋ KRXVHV ̋ ZHUH ̋ EXLOW ̋ EHWZHHQ ̋ WKH ̋ \HDUV ̋ Ï‰ÁÌð

Ï‰Á‰Ò ̋ZLWK ̋WKH ̋PHGLDQ ̋DJH ̋EHWZHHQ ̋WKHVH ̋\HDUVÔ ̋ ̋ ̋)LJXUH ̋ËðË ̋VKRZV ̋WKH ̋VL]H ̋FKDUDFWHULVWLFV

RI ̋ RFFXSLHG ̋ GHWDFKHG ̋ VLQJOHðIDPLO\ ̋ KRPHV ̋ DQG ̋ PRELOH ̋ KRPHV ̋ LQ ̋ Ï‰‰ËÔ ̋  ̋ 7KH ̋ ILJXUH

LQGLFDWHV ̋WKDW ̋WKH ̋PHGLDQ ̋ VL]H ̋ZDV ̋ ÏÁÏ ̋ VTXDUH ̋PHWHUV ̋ ıÏÒÊÍÎ ̋ VTXDUH ̋ IHHWÙÔ ̋ ̋&RPSDULVRQ

ZLWK ̋Ï‰‰Í ̋GDWD ̋LQGLFDWHV ̋WKDW ̋WKH ̋PHGLDQ ̋VL]H ̋KDV ̋UHPDLQHG ̋UHODWLYHO\ ̋VWDEOH ̋ıÏÁÌ ̋VTXDUH

PHWHUV ̋ ıÏÒÊÎË ̋ VTXDUH ̋ IHHWÙ ̋LQ ̋ Ï‰‰ÍÙÔ ̋ ̋$ ̋FRPSDULVRQ ̋ RI ̋PHGLDQ ̋ XQLW ̋ VL]H ̋DFURVV ̋WKH ̋ IRXU

FHQVXV ̋UHJLRQV ̋LQGLFDWHV ̋WKDW ̋LQ ̋Ï‰‰ËÒ ̋WKH ̋PHGLDQ ̋XQLW ̋DUHD ̋LV ̋KLJKHU ̋LQ ̋WKH ̋QRUWKHDVW ̋DQG

PLGðZHVW ̋FRPSDUHG ̋ZLWK ̋WKH ̋VRXWK ̋DQG ̋ZHVWÔ

)LJXUH ̋ ËðÁ ̋ LV ̋ EDVHG ̋ XSRQ ̋ GDWD ̋ IURP ̋ WKH ̋ (,$ ̋ UHSRUW ̋ +RXVLQJ ̋ &KDUDFWHULVWLFV ̋ Ï‰‰Í ̋ DQG

VKRZV ̋ WKH ̋ QXPEHU ̋ RI ̋ KRXVHKROGV ̋ ZLWK ̋ YDULRXV ̋ W\SHV ̋ RI ̋ H[WHUQDO ̋ ZDOO ̋ FRQVWUXFWLRQÔ

5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋VKRZV ̋WKDW ̋EULFNÒ ̋ZRRG ̋DQG ̋VLGLQJ ̋SUHGRPLQDWHÒ ̋H[FHSW ̋LQ ̋WKH ̋ZHVW

FHQVXV ̋ UHJLRQÒ ̋ ZKHUH ̋ ZRRG ̋ DQG ̋ VWXFFR ̋ GRPLQDWHÔ ̋ 7KHUH ̋ LV ̋ FRPSDUDWLYHO\ ̋ OLWWOH ̋ XVH ̋ RI

RWKHU ̋ZDOO ̋PDWHULDOV ̋VXFK ̋DV ̋FRQFUHWH ̋RU ̋EORFN ̋DFURVV ̋DOO ̋FHQVXV ̋UHJLRQVÔ ̋ ̋6LPLODU ̋GDWD ̋IRU

W\SH ̋ RI ̋ IRXQGDWLRQ ̋ FRQVWUXFWLRQ ̋ ıQRW ̋ SUHVHQWHG ̋ JUDSKLFDOO\ ̋ LQ ̋ WKLV ̋ GRFXPHQWÙÒ ̋ LQGLFDWHV

WKDW ̋ DSSUR[LPDWHO\ ̋ ÍÍ ̋ SHUFHQW ̋ RI ̋ DOO ̋ RFFXSLHG ̋ GHWDFKHG ̋ VLQJOHðIDPLO\ ̋ KRPHV ̋ KDYH ̋ IXOO

EDVHPHQWVÒ ̋ÏÎ ̋SHUFHQW ̋KDYH ̋SDUWLDO ̋EDVHPHQWVÒ ̋ÎÁ ̋SHUFHQW ̋KDYH ̋FUDZO ̋VSDFHVÒ ̋ÎÊ ̋SHUFHQW

KDYH ̋FRQFUHWH ̋VODEVÓUDIWVÒ ̋DQG ̋WKH ̋UHPDLQGHU ̋KDYH ̋RWKHU ̋W\SHV ̋RI ̋IRXQGDWLRQÔ

)LJXUH ̋ËðÊÒ ̋)LJXUH ̋ËðÂÒ ̋DQG ̋)LJXUH ̋Ëð‰ ̋DUH ̋EDVHG ̋XSRQ ̋GDWD ̋IURP ̋WKH ̋6WDWLVWLFDO ̋$EVWUDFW ̋RI

WKH ̋ 8QLWHG ̋ 6WDWHV ̋ Ï‰‰ÊÒ ̋ DQG ̋ VKRZ ̋ KRZ ̋ WKH ̋ UHVLGHQWLDO ̋ VHFWRU ̋ KDV ̋ EHHQ ̋ FKDQJLQJ ̋ VLQFH

Ï‰ÂÌÔ ̋ ̋$OO ̋WKUHH ̋ILJXUHV ̋LQGLFDWH ̋WKDW ̋WKH ̋UDWH ̋RI ̋FKDQJH ̋LQ ̋WKH ̋VL]H ̋RI ̋WKH ̋KRXVLQJ ̋VHFWRUÒ

PHDVXUHG ̋ DV ̋ D ̋ IXQFWLRQ ̋ RI ̋ SULYDWHO\ðRZQHG ̋ KRXVLQJ ̋ XQLWV ̋ VWDUWHGÒ ̋ LV ̋ PRGXODWHG ̋ E\ ̋ WKH

EXVLQHVV ̋F\FOHÒ ̋ZKLFK ̋KDV ̋EHHQ ̋GLVFXVVHG ̋LQ ̋&KDSWHU ̋Í ̋RI ̋WKLV ̋GRFXPHQWÔ
ÂÌ

)LJXUH ̋ËðÍÔ ̋ ̋2FFXSLHG ̋+RXVLQJ ̋8QLWV ̋E\ ̋&HQVXV ̋5HJLRQ„ ̋Ï‰‰Ë

Ì

ËÒÌÌÌ

ÏÌÒÌÌÌ

ÏËÒÌÌÌ

ÎÌÒÌÌÌ

ÎËÒÌÌÌ

ÍÌÒÌÌÌ

ÍËÒÌÌÌ

ÈÌÒÌÌÌ

$OO ̋XQLWV 6LQJOH ̋IDPLO\ 7Z R ̋RU ̋0RUH ̋8QLWV 0RELOH ̋KRPH ̋RU

W UDLOHU

7\SH ̋RI ̋6WUXFWXUH

1RUWKHDVW

0LGZ HVW

6RXWK

:HVW

)LJXUH ̋ËðÈÔ ̋ ̋7RWDO ̋+RXVLQJ ̋8QLWV ̋E\ ̋$JH ̋RI ̋6WUXFWXUH„ ̋Ï‰‰Ë

Ì

ÎÌÌÌ

ÈÌÌÌ

ÁÌÌÌ

ÂÌÌÌ

ÏÌÌÌÌ

ÏÎÌÌÌ

ÏÈÌÌÌ

ÏÁÌÌÌ

ÏÂÌÌÌ

Ï‰‰Ì

RU

ODWHU

Ï‰ÂËð

Ï‰Â‰

Ï‰ÂÌð

Ï‰ÂÈ

Ï‰ÊËð

Ï‰Ê‰

Ï‰ÊÌð

Ï‰ÊÈ

Ï‰ÁÌð

Ï‰Á‰

Ï‰ËÌð

Ï‰Ë‰

Ï‰ÈÌð

Ï‰È‰

Ï‰ÍÌð

Ï‰Í‰

Ï‰ÎÌð

Ï‰Î‰

Ï‰Ï‰

RU

HDUOLHU

<HDU ̋6WUXFWXUH ̋%XLOW
ÂÏ

)LJXUH ̋ËðËÔ ̋ ̋6L]H ̋RI ̋2FFXSLHG ̋'HWDFKHG ̋6LQJOH ̋)DPLO\ ̋+RPHV ̋DQG ̋0RELOH ̋+RPHV„

Ï‰‰Ë

Ì

ÎÌÌÌ

ÈÌÌÌ

ÁÌÌÌ

ÂÌÌÌ

ÏÌÌÌÌ

ÏÎÌÌÌ

ÏÈÌÌÌ

ÏÁÌÌÌ

ÏÂÌÌÌ

/HVV ̋WKDQ

ËÌÌ ̋ıÈÁÙ

ËÌÌð‰‰‰ ̋ıÈÊð

‰ÍÙ

ÏÌÌÌðÏÈ‰‰

ıÈÂðÏÍ‰Ù

ÏËÌÌðÏ‰‰‰

ıÏÈÌðÏÂÁÙ

ÎÌÌÌðÎÈ‰‰

ıÏÂÊðÎÍÎÙ

 ̋2YHU ̋ÎËÌÌ

ıÎÍÍÙ

)ORRU ̋$UHD ̋LQ ̋6TXDUH ̋)HHW ̋ı6TXDUH ̋0HWHUVÙ

7RWDO ̋+RXVLQJ ̋8QLWV ̋ı7KRXVDQGVÙ ̋ ̋

0HGLDQ ̋6L]H ̋$OO ̋8QLWV ̋Ï‰‰Ë ̋  ̋ÏÊÍÎ ̋6T ̋)W ̋ıÏÁÏ ̋6T ̋0HWHUVÙ

0HGLDQ ̋6L]H ̋1RUWKHDVW ̋Ï‰‰Ë ̋  ̋ÎÏÍ‰ ̋6T ̋)W ̋ıÏ‰‰ ̋6T ̋0HWHUVÙ ̋

0HGLDQ ̋6L]H ̋0LGZHVW ̋Ï‰‰Ë ̋  ̋ÏÂÊË ̋6T ̋)W ̋ıÏÊË ̋6T ̋0HWHUVÙ

0HGLDQ ̋6L]H ̋6RXWK ̋Ï‰‰Ë ̋  ̋ÏËËÎ ̋6T ̋)W ̋ıÏÈÈ ̋6T ̋0HWHUVÙ

0HGLDQ ̋6L]H ̋:HVW ̋Ï‰‰Ë ̋  ̋ÏÁËÎ ̋6T ̋)W ̋ıÏËÈ ̋6T ̋0HWHUVÙ

)LJXUH ̋ËðÁÔ ̋ ̋([WHUQDO ̋:DOO ̋&RQVWUXFWLRQ ̋ı$OO ̋+RXVHKROGVÙ„ ̋Ï‰‰Í

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

7RWDO

1RUWKHDVW

0LGZ HVW

6RXWK

:HVW
ÂÎ

5HIHUHQFH ̋WR ̋)LJXUH ̋ËðÊÒ ̋ZKLFK ̋VKRZV ̋WKH ̋QXPEHU ̋RI ̋QHZ ̋SULYDWHO\ðRZQHG ̋KRXVLQJ ̋XQLWV

VWDUWHGÒ ̋LQGLFDWHV ̋WKDW ̋ D ̋ SHDN ̋ UDWH ̋ RI ̋ DSSUR[LPDWHO\ ̋ ÏÔÂ ̋ PLOOLRQ ̋ QHZ ̋ XQLWV ̋ SHU ̋ \HDU ̋ ZDV

UHDFKHG ̋ LQ ̋ WKH ̋ PLG ̋ Ï‰ÂÌ©VÒ ̋ EXW ̋ WKDW ̋ WKLV ̋ RXWSXW ̋ OHYHO ̋ GHFOLQHG ̋ LQ ̋ WKH ̋ HDUO\ ̋ Ï‰‰Ì©V ̋ WR

DSSUR[LPDWHO\ ̋ÏÔÌ ̋PLOOLRQ ̋XQLWV ̋SHU ̋\HDUÒ ̋EHIRUH ̋VWDUWLQJ ̋WR ̋ UHFRYHU ̋PRUH ̋ UHFHQWO\Ô ̋ ̋7KLV

WUHQG ̋LV ̋UHIOHFWHG ̋ERWK ̋LQ ̋WKH ̋VLQJOHðIDPLO\ ̋DQG ̋PXOWLðXQLW ̋KRXVLQJ ̋PDUNHWVÔ ̋ ̋+RZHYHUÒ ̋WKH

UHFRYHU\ ̋LQ ̋WKH ̋PXOWLðXQLW ̋PDUNHW ̋VLQFH ̋WKH ̋HDUO\ ̋Ï‰‰Ì©V ̋KDV ̋EHHQ ̋VLJQLILFDQWO\ ̋VORZHU ̋WKDQ

WKDW ̋LQ ̋WKH ̋VLQJOHðIDPLO\ðKRXVLQJ ̋PDUNHWÔ

7KLV ̋ WUHQG ̋ LV ̋ DOVR ̋ UHIOHFWHG ̋ LQ ̋ )LJXUH ̋ ËðÂÒ ̋ ZKLFK ̋ VKRZV ̋ WKH ̋ QXPEHU ̋ RI ̋ QHZ ̋ SULYDWHO\

ILQDQFHGÒ ̋ QRQðIXUQLVKHG ̋ UHQWDO ̋ DSDUWPHQWV ̋ ZLWK ̋ JUHDWHU ̋ WKDQ ̋ ILYH ̋ XQLWV ̋ FRPSOHWHG ̋ DV ̋ D

SHUFHQWDJH ̋ RI ̋WRWDO ̋ SULYDWHO\ ̋ RZQHG ̋ XQLWV ̋ VWDUWHG ̋LQ ̋WKH ̋86Ò ̋ IRU ̋WKH ̋86 ̋DV ̋D ̋ZKROHÒ ̋DQG

KRZ ̋ WKLV ̋ SHUFHQWDJH ̋ LV ̋ EURNHQ ̋ GRZQ ̋ E\ ̋ FHQVXV ̋ UHJLRQÔ ̋  ̋ +RZHYHUÒ ̋ LW ̋ DSSHDUV ̋ WKDW

DSDUWPHQW ̋FRQVWUXFWLRQ ̋LQ ̋WKH ̋VRXWK ̋DQG ̋HDVW ̋LV ̋PRUH ̋ KHDYLO\ ̋LQIOXHQFHG ̋ E\ ̋WKH ̋ EXVLQHVV

F\FOH ̋WKDQ ̋WKDW ̋LQ ̋WKH ̋ QRUWKHDVW ̋ DQG ̋ PLGðZHVWÒ ̋ GHVSLWH ̋WKH ̋ VLPLODULW\ ̋LQ ̋WRWDO ̋ QXPEHU ̋ RI

DSDUWPHQWV ̋LQ ̋HDFK ̋FHQVXV ̋ UHJLRQ ̋ ıUHIHU ̋WR ̋)LJXUH ̋ ËðÍÙÔ ̋ ̋ ,Q ̋DOO ̋ UHJLRQVÒ ̋WKHUH ̋ KDV ̋ EHHQ ̋D

VLJQLILFDQW ̋GHFOLQH ̋LQ ̋WKH ̋SHUFHQWDJH ̋RI ̋QHZ ̋DSDUWPHQWV ̋SODFHG ̋DV ̋D ̋IXQFWLRQ ̋RI ̋WRWDO ̋QHZ

SULYDWH ̋ KRXVLQJ ̋ LQ ̋ WKH ̋ 86Ô ̋  ̋ 7KHUHIRUHÒ ̋ LW ̋ ZRXOG ̋ DSSHDU ̋ WKDW ̋ WKH ̋ UHODWLYH ̋ LPSRUWDQFH ̋ RI

DSDUWPHQW ̋ EXLOGLQJ ̋ LQ ̋ WKH ̋ UHVLGHQWLDO ̋ VHFWRU ̋ KDV ̋ GHFOLQHG ̋ VLQFH ̋ WKH ̋ PLGðÏ‰ÂÌ©VÔ ̋  ̋ )RU

VLQJOHðIDPLO\ ̋ KRXVLQJÒ ̋ GDWD ̋ VKRZLQJ ̋ KRZ ̋ WKH ̋ WRWDO ̋ QXPEHU ̋ RI ̋ QHZ ̋ XQLWV ̋ SODFHG ̋ YDULHV

EHWZHHQ ̋ WKH ̋ GLIIHUHQW ̋ FHQVXV ̋ UHJLRQV ̋ KDV ̋ QRW ̋ EHHQ ̋ ORFDWHGÔ ̋  ̋ +RZHYHUÒ ̋ WKLV ̋ LQIRUPDWLRQ

PD\ ̋EH ̋DYDLODEOH ̋IURP ̋86%& ̋IRU ̋D ̋IHHÔ

)LJXUH ̋Ëð‰ ̋VKRZV ̋WKH ̋QXPEHU ̋RI ̋PRELOH ̋KRPHV ̋SODFHG ̋IRU ̋UHVLGHQWLDO ̋XVH ̋DV ̋D ̋SHUFHQWDJH

RI ̋ WRWDO ̋ QHZ ̋ SULYDWHO\ ̋ RZQHG ̋ XQLWV ̋ VWDUWHG ̋ LQ ̋ WKH ̋ 86Ò ̋ DQG ̋ KRZ ̋ WKLV ̋ SHUFHQWDJH ̋ LV

GLVWULEXWHG ̋ ZLWKLQ ̋ WKH ̋ IRXU ̋ FHQVXV ̋ UHJLRQVÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH ̋ ILJXUH ̋ LQGLFDWHV ̋ WKDW ̋ WKH

PRELOH ̋KRPH ̋PDUNHW ̋KDV ̋UHFRYHUHG ̋LWV ̋VKDUH ̋RI ̋WKH ̋SULYDWH ̋KRXVLQJ ̋PDUNHW ̋ZKLFK ̋ZDV ̋ORVW

GXULQJ ̋WKH ̋PLG ̋Ï‰ÂÌˆVÒ ̋EXW ̋WKDW ̋PRELOH ̋KRPHV ̋SODFHG ̋VWLOO ̋RQO\ ̋UHSUHVHQW ̋DSSUR[LPDWHO\ ̋ÎÌ

SHUFHQW ̋RI ̋DOO ̋SULYDWH ̋KRXVLQJ ̋FRQVWUXFWHGÔ ̋ ̋,Q ̋DGGLWLRQÒ ̋DQ\ ̋FKDQJHV ̋LQ ̋WKH ̋PDUNHW ̋DSSHDU

WR ̋ EH ̋ RFFXUULQJ ̋ SULQFLSDOO\ ̋LQ ̋WKH ̋ VRXWK ̋ FHQVXV ̋ UHJLRQÒ ̋ ZKHUH ̋ DSSUR[LPDWHO\ ̋ KDOI ̋ RI ̋ DOO

PRELOH ̋KRPHV ̋DUH ̋ORFDWHGÒ ̋DV ̋RSSRVHG ̋WR ̋WKH ̋RWKHU ̋WKUHH ̋FHQVXV ̋UHJLRQVÒ ̋ZKHUH ̋WKH ̋PDUNHW

DSSHDUV ̋WR ̋EH ̋UHODWLYHO\ ̋VWDEOHÔ

)LQDOO\Ò ̋)LJXUH ̋ËðÏÌÒ ̋ZKLFK ̋LV ̋EDVHG ̋XSRQ ̋GDWD ̋IURP ̋WKH ̋0DQXIDFWXUHG ̋+RXVLQJ ̋,QVWLWXWHÒ

VKRZV ̋ WKH ̋ QXPEHU ̋ RI ̋ PDQXIDFWXUHG ̋ KRXVLQJ ̋ XQLWV ̋ VKLSSHG ̋ DQG ̋ QXPEHU ̋ RI ̋ QHZ ̋ PRELOH

KRPHV ̋ SODFHG ̋LQ ̋WKH ̋ 86 ̋ DV ̋ D ̋ SURSRUWLRQ ̋ RI ̋ QHZ ̋ SULYDWHO\ ̋ RZQHG ̋ KRXVLQJ ̋ XQLWV ̋ VWDUWHGÔ

5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋LQGLFDWHV ̋WKDW ̋PDQXIDFWXUHG ̋KRXVLQJ ̋KDV ̋LQFUHDVHG ̋LWV ̋PDUNHW ̋VKDUH

VLQFH ̋ Ï‰ÂÁÒ ̋ DQG ̋LQ ̋ Ï‰‰Á ̋ UHSUHVHQWHG ̋ DSSUR[LPDWHO\ ̋ ÎÈ ̋ SHUFHQW ̋ RI ̋ DOO ̋ QHZ ̋ XQLWV ̋ SODFHGÔ

7KH ̋ ILJXUH ̋ DOVR ̋ VKRZV ̋ WKDW ̋ WKH ̋ PDMRULW\ ̋ RI ̋ PDQXIDFWXUHG ̋ KRPHV ̋ DUH ̋ PRELOH ̋ KRPHVÔ

0DQXIDFWXUHG ̋KRXVLQJ ̋LV ̋FOHDUO\ ̋D ̋VLJQLILFDQW ̋HOHPHQW ̋RI ̋WKH ̋86 ̋KRXVLQJ ̋PDUNHWÔ
ÂÍ

)LJXUH ̋ËðÊÔ ̋ ̋1HZ ̋3ULYDWHO\ð2ZQHG ̋+RXVLQJ ̋8QLWV ̋6WDUWHG

Ì

ÎÌÌ

ÈÌÌ

ÁÌÌ

ÂÌÌ

ÏÒÌÌÌ

ÏÒÎÌÌ

ÏÒÈÌÌ

ÏÒÁÌÌ

ÏÒÂÌÌ

ÎÒÌÌÌ

<HDU

$OO ̋8QLWV

6W UXFWXUHV ̋Z LWK ̋RQH

XQLW

6W UXFWXUHV ̋Z LWK ̋WZ R

RU ̋PRUH ̋XQLWV

)LJXUH ̋ËðÂÔ ̋ ̋1HZ ̋$SDUWPHQWV ̋&RPSOHWHG ̋DV ̋D ̋3HUFHQWDJH ̋RI ̋7RWDO ̋1HZ ̋3ULYDWHO\ð

2ZQHG ̋+RXVLQJ ̋8QLWV ̋6WDUWHG

Ì ̄

Ë ̄

ÏÌ ̄

ÏË ̄

ÎÌ ̄

ÎË ̄

<HDU

8Ô6Ô

6RXWK

:HVW

0LGð:HVW

1RUWKHDVW
ÂÈ

)LJXUH ̋Ëð‰Ô ̋ ̋1HZ ̋0RELOH ̋+RPHV ̋3ODFHG ̋DV ̋D ̋3HUFHQWDJH ̋RI ̋7RWDO ̋1HZ ̋3ULYDWHO\ð

2ZQHG ̋+RXVLQJ ̋8QLWV ̋6WDUWHG

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

<HDU

7RWDO ̋

6RXWK

:HVW

0LGZ HVW

1RUWKHDVW

)LJXUH ̋ËðÏÌÔ ̋ ̋0DQXIDFWXUHG ̋+RXVLQJ ̋6KLSSHG ̋DQG ̋1HZ ̋0RELOH ̋+RPHV ̋3ODFHG ̋DV ̋D

3HUFHQWDJH ̋RI ̋1HZ ̋3ULYDWHO\ð2ZQHG ̋+RXVLQJ ̋6WDUWHG

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

<HDU

0DQXIDFWXUHG ̋+RXVLQJ

6KLSSHG

1HZ  ̋0RELOH ̋+RPHV

3ODFHG
ÂË

7KH ̋ ILJXUHV ̋ SUHVHQWHG ̋ LQ ̋ WKLV ̋ VHFWLRQ ̋ VKRZ ̋ WKDW ̋ VLQJOHðIDPLO\ ̋ KRXVLQJ ̋ UHSUHVHQWV

DSSUR[LPDWHO\ ̋ WZRðWKLUGV ̋ RI ̋ WRWDO ̋ 86 ̋ KRPHVÒ ̋ DQG ̋ DFFRXQWV ̋ IRU ̋ DSSUR[LPDWHO\ ̋ WKUHHð

TXDUWHUV ̋RI ̋DOO ̋QHZ ̋SULYDWHO\ ̋RZQHG ̋KRXVLQJ ̋VWDUWV ̋LQ ̋WKH ̋86Ô ̋ ̋,Q ̋&KDSWHU ̋ÍÒ ̋)LJXUH ̋ÍðÏË

VKRZHG ̋WKDW ̋WKHUH ̋LV ̋DQ ̋XSZDUG ̋WUHQG ̋LQ ̋FRQVWDQW ̋GROODU ̋FRQVWUXFWLRQ ̋FRVWV ̋IRU ̋UHVLGHQWLDO

EXLOGLQJVÔ ̋ ̋:H ̋ZRXOG ̋DOVR ̋H[SHFW ̋WKLV ̋WUHQG ̋WR ̋EH ̋ UHIOHFWHG ̋LQ ̋WKH ̋PHGLDQ ̋ VDOHV ̋SULFH ̋RI

VLQJOHðIDPLO\ ̋ KRPHV ̋ LQ ̋ WKH ̋ 86Ô ̋  ̋ )LJXUH ̋ ËðÏÏÒ ̋ ZKLFK ̋ LV ̋ EDVHG ̋ XSRQ ̋ GDWD ̋ IURP ̋ WKH

6WDWLVWLFDO ̋ $EVWUDFW ̋ RI ̋ WKH ̋ 8QLWHG ̋ 6WDWHV ̋ Ï‰‰ÊÒ ̋ VKRZV ̋ WKH ̋ PHGLDQ ̋ VDOHV ̋ SULFH ̋ RI ̋ QHZ

VLQJOHðIDPLO\ ̋ KRPHV ̋  ̋LQ ̋WKH ̋ 86Ô ̋  ̋ 6DOHV ̋ SULFHV ̋ KDYH ̋ EHHQ ̋ DGMXVWHG ̋WR ̋ D ̋ Ï‰‰Î ̋ EDVH ̋ \HDUÒ

XVLQJ ̋D ̋SULFH ̋LQGH[ ̋IRU ̋SHUVRQDO ̋FRQVXPSWLRQ ̋H[SHQGLWXUHV ̋IURP ̋WKH ̋6WDWLVWLFDO ̋$EVWUDFWÔ

5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋LQGLFDWHV ̋WKDW ̋VDOHV ̋SULFHVÒ ̋OLNH ̋FRQVWUXFWLRQ ̋FRVWVÒ ̋WHQG ̋WR ̋EH ̋ULVLQJ

LQ ̋WKH ̋ UHVLGHQWLDO ̋ VHFWRUÔ ̋ ̋7KH ̋PRVW ̋ VLJQLILFDQW ̋ IOXFWXDWLRQV ̋LQ ̋ VLQJOHðIDPLO\ ̋ VDOHV ̋ SULFHV

KDYH ̋RFFXUUHG ̋LQ ̋WKH ̋QRUWKHDVW ̋DQG ̋ZHVW ̋FHQVXV ̋UHJLRQVÒ ̋ZKLOH ̋LQ ̋WKH ̋VRXWK ̋DQG ̋PLGðZHVWÒ

SULFHV ̋KDYH ̋EHHQ ̋PRUH ̋VWDEOHÔ

)LJXUH ̋ËðÏÏÔ ̋ ̋0HGLDQ ̋6DOHV ̋3ULFH ̋RI ̋1HZ ̋3ULYDWHO\ð2ZQHG ̋6LQJOH ̋)DPLO\ ̋+RXVLQJ

Ì

ÎÌÒÌÌÌ

ÈÌÒÌÌÌ

ÁÌÒÌÌÌ

ÂÌÒÌÌÌ

ÏÌÌÒÌÌÌ

ÏÎÌÒÌÌÌ

ÏÈÌÒÌÌÌ

ÏÁÌÒÌÌÌ

ÏÂÌÒÌÌÌ

ÎÌÌÒÌÌÌ

<HDU

1RUWKHDVW

:HVW

8Ô6

0LGZ HVW

6RXWK

3DUW ̋ $ ̋ DQG ̋ 3DUW ̋ % ̋ RI ̋ 7DEOH ̋ ËðÏ ̋ DUH ̋ EDVHG ̋ RQ ̋ GDWD ̋ IURP ̋ WKH ̋ 0DQXIDFWXUHG ̋ +RXVLQJ

,QVWLWXWHÔ ̋  ̋ 7KH\ ̋ VKRZ ̋ WKH ̋ FRPSDUDWLYH ̋ FRVWV ̋ RI ̋ VLWH ̋ EXLOW ̋ YHUVXV ̋ PDQXIDFWXUHG ̋ KRXVLQJ

ıEDVHG ̋RQ ̋WKH ̋SULFH ̋RI ̋WKH ̋VWUXFWXUHÙ ̋EHWZHHQ ̋Ï‰‰Ì ̋DQG ̋Ï‰‰ÁÔ ̋ ̋$OWKRXJK ̋WKH ̋GDWD ̋KDYH ̋QRW

EHHQ ̋ DGMXVWHG ̋ WR ̋ D ̋ FRPPRQ ̋ EDVH ̋ \HDUÒ ̋ WKH\ ̋ LQGLFDWH ̋ WKDW ̋ WKHUH ̋ DUH ̋ VLPLODULWLHV ̋ LQ ̋ FRVW

JURZWK ̋EHWZHHQ ̋WKH ̋VLWH ̋ EXLOW ̋DQG ̋PDQXIDFWXUHG ̋ KRXVLQJ ̋LQGXVWULHVÔ ̋ ̋7KHVH ̋ GDWD ̋ VXJJHVW

WKDW ̋WKH ̋FRVW ̋ SHU ̋ VTXDUH ̋PHWHU ̋ ıIRRWÙ ̋ RI ̋PDQXIDFWXUHG ̋ KRPHV ̋LV ̋ VLJQLILFDQWO\ ̋ORZHU ̋WKDQ
ÂÁ

WKDW ̋RI ̋VLWH ̋EXLOW ̋KRPHVÔ ̋ ̋+RZHYHUÒ ̋WKHVH ̋ILJXUHV ̋VKRXOG ̋EH ̋YLHZHG ̋ZLWK ̋FDXWLRQÒ ̋DV ̋LW ̋LV

GLIILFXOW ̋WR ̋DVVHVV ̋ZKHWKHU ̋D ̋OLNHðIRUðOLNH ̋FRPSDULVRQ ̋LV ̋QHFHVVDULO\ ̋EHLQJ ̋PDGHÔ

7DEOH ̋ËðÏÔ ̋ ̋&RPSDUDWLYH ̋&RVWV ̋RI ̋6LWHð%XLOW ̋DQG ̋0DQXIDFWXUHG ̋+RXVLQJ

3DUW ̋$„ ̋ ̋'ROODUV ̋SHU ̋6TXDUH ̋)RRW

7<3( ̋2) ̋+286,1* &267 ̋ı'ROODUVÓ6TXDUH ̋)RRWÙ

<HDU Ï‰‰Ì Ï‰‰Ï Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

0DQXIDFWXUHG ̋+RXVLQJ ÎÍÔÌÊ ÎÎÔÁÏ ÎÎÔÁÍ ÎÍÔËË ÎËÔÏ‰ ÎÁÔÊ‰ ÎÊÔÂÍ

6LWH ̋%XLOW ̋+RXVLQJ ËÈÔÂÌ ËÍÔÎÌ ËÏÔË‰ ËÎÔÂÂ ËÈÔÁË ËÁÔÎÂ ËÂÔÁÁ

3DUW ̋%„ ̋ ̋'ROODUV ̋SHU ̋6TXDUH ̋0HWHU

7<3( ̋2) ̋+286,1* &267 ̋ı'ROODUVÓ6TXDUH ̋0HWHUÙ

<HDU Ï‰‰Ì Ï‰‰Ï Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

0DQXIDFWXUHG ̋+RXVLQJ ÎÈÂ ÎÈÍ ÎÈÍ ÎËÍ ÎÊÏ ÎÂÂ Î‰‰

6LWH ̋%XLOW ̋+RXVLQJ Ë‰Ì ËÊÎ ËËË ËÁ‰ ËÂÂ ÁÌÁ ÁÍÏ

ËÔÎÔ ̋ ̋%DVHOLQH ̋0HDVXUHV ̋IRU ̋WKH ̋5HVLGHQWLDO ̋6HFWRU

7KH ̋ EDVHOLQH ̋PHDVXUHV ̋ IRU ̋WKH ̋ UHVLGHQWLDO ̋ VHFWRU ̋DUH ̋ EDVHG ̋ RQ ̋ GDWD ̋ SXEOLVKHG ̋ E\ ̋WKH ̋86

%XUHDX ̋ RI ̋ WKH ̋ &HQVXVÒ ̋ VXSSOHPHQWHG ̋ E\ ̋ LQIRUPDWLRQ ̋ IURP ̋ WKH ̋ 1DWLRQDO ̋ $VVRFLDWLRQ ̋ RI

+RPH ̋ %XLOGHUV ̋ ı1$+%ÙÔ ̋  ̋ 7KH ̋ &HQVXV ̋ GDWD ̋ FRYHU ̋ WZR ̋ NH\ ̋ SDUWV ̋ RI ̋ WKH ̋ UHVLGHQWLDO

FRQVWUXFWLRQ ̋ SURFHVV„ ̋ ıÏÙ ̋ IURP ̋ WKH ̋ LVVXDQFH ̋ RI ̋ WKH ̋ EXLOGLQJ ̋ SHUPLW ̋ XQWLO ̋ WKH ̋ VWDUW ̋ RI

FRQVWUXFWLRQ‚ ̋DQG ̋ıÎÙ ̋IURP ̋WKH ̋VWDUW ̋RI ̋FRQVWUXFWLRQ ̋XQWLO ̋WKH ̋FRPSOHWLRQ ̋RI ̋FRQVWUXFWLRQÔ

7KH ̋ &HQVXV ̋ GDWD ̋ GR ̋ QRW ̋ LQFOXGH ̋ DQ\ ̋ HVWLPDWHV ̋ RI ̋ WKH ̋ DPRXQW ̋ RI ̋ WLPH ̋ UHTXLUHG ̋ IRU ̋ WKH

SHUPLWWLQJ ̋ SURFHVVÔ ̋ ̋ ,Q ̋WKH ̋ FRQWH[W ̋ RI ̋WKLV ̋ GRFXPHQWÒ ̋WKH ̋ SHUPLWWLQJ ̋ SURFHVV ̋LV ̋WKH ̋ ILUVW

SDUW ̋RI ̋WKH ̋WKUHH ̋SDUW ̋UHVLGHQWLDO ̋FRQVWUXFWLRQ ̋SURFHVVÔ ̋ ̋+RZHYHUÒ ̋EHFDXVH ̋WKH ̋&HQVXV ̋GDWD

SURYLGH ̋DQ ̋XQEURNHQ ̋WLPH ̋VHULHV ̋RI ̋VWDWLVWLFV ̋RQ ̋WKH ̋GXUDWLRQ ̋RI ̋WZR ̋RI ̋WKH ̋WKUHH ̋NH\ ̋SDUWV

RI ̋WKH ̋ UHVLGHQWLDO ̋FRQVWUXFWLRQ ̋ SURFHVVÒ ̋WKH\ ̋DUH ̋ XVHG ̋DV ̋WKH ̋ SULPDU\ ̋ VRXUFH ̋ IRU ̋ GHOLYHU\

WLPH ̋HVWLPDWHV ̋IRU ̋WKH ̋UHVLGHQWLDO ̋VHFWRUÔ

7KH ̋LQIRUPDWLRQ ̋IURP ̋WKH ̋1$+% ̋LV ̋GUDZQ ̋IURP ̋D ̋VLQJOH ̋UHVHDUFK ̋UHSRUW ̋ZKLFK ̋IRFXVHG ̋RQ

WKH ̋$WODQWD ̋UHJLRQDO ̋PDUNHWÔÎË ̋ ̋&RQVHTXHQWO\Ò ̋WKH ̋1$+% ̋HVWLPDWHV ̋PD\ ̋QRW ̋EH ̋LQGLFDWLYH

RI ̋ QDWLRQDO ̋ DYHUDJHVÔ ̋ ̋$OWKRXJK ̋WKH ̋1$+% ̋ HVWLPDWHV ̋PD\ ̋ QRW ̋ EH ̋LQGLFDWLYH ̋ RI ̋ QDWLRQDO

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÎË ̋1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUV ̋ ı1$+%Ù ̋5HVHDUFK ̋&HQWHUÔ ̋Ï‰‰ÍÔ ̋ ̋&\FOHð7LPH ̋5HGXFWLRQ ̋LQ ̋WKH

5HVLGHQWLDO ̋&RQVWUXFWLRQ ̋3URFHVVÔ ̋ ̋8SSHU ̋0DUOERURÒ ̋0'„ ̋1$+% ̋5HVHDUFK ̋&HQWHUÔ
ÂÊ

DYHUDJHVÒ ̋WKH\ ̋DUH ̋ZHOO ̋GRFXPHQWHG ̋DQG ̋DUH ̋EDVHG ̋RQ ̋GDWD ̋SURYLGHG ̋E\ ̋SUDFWLWLRQHUV ̋LQ ̋WKH

ILHOGÔ ̋  ̋ )XUWKHUPRUHÒ ̋ WKH ̋ 1$+% ̋ UHSRUW ̋ LGHQWLILHV ̋ RSSRUWXQLWLHV ̋ IRU ̋ UHGXFLQJ ̋ F\FOH ̋ WLPH

ZKLFK ̋WUDQVODWH ̋LQWR ̋VLJQLILFDQW ̋UHGXFWLRQV ̋LQ ̋GHOLYHU\ ̋WLPHÔ

ËÔÎÔÏÔ ̋ ̋0HDVXUHV ̋%DVHG ̋RQ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV ̋'DWD

7KH ̋&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUW ̋ VHULHV ̋&ÎÌ ̋ GRFXPHQWÒ ̋+RXVLQJ ̋ 6WDUWVÒ ̋ SURYLGHV ̋WKH

EDVLV ̋IRU ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋RI ̋UHVLGHQWLDO ̋GHOLYHU\ ̋WLPHÔ ̋ ̋+RXVLQJ ̋VWDUWVÒ ̋RUÒ ̋IRUPDOO\Ò

QHZ ̋ SULYDWHO\ðRZQHG ̋ KRXVLQJ ̋ XQLWV ̋ VWDUWHGÒ ̋ PHDVXUH ̋ ZKHQ ̋ FRQVWUXFWLRQ ̋ DFWLYLW\ ̋ EHJLQVÔ

7KLV ̋ GHILQLWLRQ ̋ RI ̋ VWDUWV ̋ FRYHUV ̋ EXLOGLQJV ̋ LQWHQGHG ̋ IRU ̋ ¶KRXVHNHHSLQJ ̋ SXUSRVHVÔß ̋  ̋ 7KLV

GHILQLWLRQ ̋ H[FOXGHV ̋ JURXS ̋ KRPHV ̋ VXFK ̋ DV ̋ GRUPLWRULHV ̋ DQG ̋ QXUVLQJ ̋ KRPHVÔ ̋  ̋ 5HVLGHQWLDO

VWUXFWXUHV ̋ VXFK ̋ DV ̋ KRWHOV ̋ DQG ̋ PRWHOV ̋ DOVR ̋ DUH ̋ H[FOXGHGÔ ̋  ̋ +RXVLQJ ̋ XQLWV ̋ DUH ̋ GHILQHG ̋ WR

H[FOXGH ̋PRELOH ̋KRPHVÔ ̋ ̋+RZHYHUÒ ̋WKH ̋&ÎÌ ̋ UHSRUW ̋GRHV ̋LQFOXGH ̋SUHIDEULFDWHGÒ ̋SDQHOL]HGÒ

VHFWLRQDOÒ ̋DQG ̋PRGXODU ̋KRXVLQJ ̋XQLWV ̋LQ ̋DGGLWLRQ ̋WR ̋FRQYHQWLRQDO ̋¶VWLFN ̋EXLOWß ̋XQLWVÔ

+RXVLQJ ̋ VWDUWV ̋ HVWLPDWHV ̋ DUH ̋ EDVHG ̋ RQ ̋ SHUPLW ̋ GDWD ̋ IURP ̋ SHUPLWðFRYHUHG ̋ DUHDV ̋ DQG ̋ RQ

VHSDUDWH ̋RQðVLWH ̋VXUYH\V ̋IRU ̋RWKHU ̋DUHDVÔ ̋ ̋)RU ̋WKH ̋ÏÊÒÌÌÌ ̋SHUPLWðLVVXLQJ ̋SODFHVÒ ̋D ̋PDLOðLQ

VXUYH\ ̋LV ̋VHQW ̋WR ̋D ̋VDPSOH ̋RI ̋ÂÒÍÌÌ ̋WR ̋HVWLPDWH ̋WKH ̋QXPEHU ̋RI ̋SHUPLWV ̋LVVXHGÔ ̋ ̋1H[WÒ ̋WKH

%XUHDX ̋ RI ̋WKH ̋&HQVXV ̋ VHQGV ̋LQWHUYLHZHUV ̋ RQðVLWH ̋WR ̋ DQ ̋ ÂÈÌ ̋ UHSUHVHQWDWLYH ̋ VXEVHW ̋ RI ̋ WKH

ÂÒÍÌÌ ̋VDPSOH ̋WR ̋GHWHUPLQH ̋ZKLFK ̋XQLWV ̋ZHUH ̋VWDUWHG ̋IRU ̋D ̋SDUWLFXODU ̋PRQWKÔ ̋ ̋7KLV ̋VXUYH\

RI ̋ÂÈÌ ̋LV ̋WKH ̋6XUYH\ ̋RI ̋8VH ̋3HUPLWV ̋ı683ÙÔ ̋ ̋)ROORZðXS ̋LQWHUYLHZV ̋DUH ̋PDGH ̋LI ̋WKH ̋XQLW ̋LV

QRW ̋VWDUWHG ̋E\ ̋WKH ̋HQG ̋RI ̋WKH ̋PRQWKÔ

)URP ̋ GDWD ̋ JDWKHUHG ̋ ZLWK ̋ WKH ̋ LQWHUYLHZ ̋ SURFHVVÒ ̋ UDWLRV ̋ DUH ̋ FDOFXODWHG ̋ RI ̋ WKH ̋ QXPEHU ̋ RI

XQLWV ̋VWDUWHG ̋WR ̋XQLWV ̋FRYHUHG ̋E\ ̋SHUPLWVÔ ̋ ̋7KHVH ̋UDWLRVÒ ̋FDOOHG ̋VWDUWV ̋UDWHVÒ ̋DUH ̋FDOFXODWHG

IRU ̋HDFK ̋PRQWK ̋ IROORZLQJ ̋ ıDQG ̋LQFOXGLQJÙ ̋WKH ̋PRQWK ̋RI ̋SHUPLW ̋LVVXDQFHÔ ̋ ̋)RU ̋XQLWV ̋ZLWK

SHUPLW ̋DXWKRUL]DWLRQÒ ̋ VWDUWV ̋HVWLPDWHV ̋ DUH ̋ GHULYHG ̋ E\ ̋ DSSO\LQJ ̋WKH ̋ VWDUWV ̋ UDWHV ̋WR ̋ SHUPLWV

DXWKRUL]HG ̋RYHU ̋WKH ̋DSSURSULDWH ̋QXPEHU ̋RI ̋PRQWKV ̋DQG ̋E\ ̋VWUXFWXUH ̋W\SHÔ

7KH ̋ DERYH ̋ PHWKRGRORJ\ ̋ RQO\ ̋ FRYHUV ̋ VWDUWV ̋ IRU ̋ XQLWV ̋ WKDW ̋ UHFHLYHG ̋ SHUPLW ̋ DXWKRUL]DWLRQÔ

*LYHQ ̋ WKH ̋ VDPSOH ̋ GHVLJQÒ ̋ DSSUR[LPDWHO\ ̋ ‰Ë ̋ SHUFHQW ̋ RI ̋ VWDUW ̋ DFWLYLW\ ̋ W\SLFDOO\ ̋ RFFXUV

ZLWKLQ ̋ SHUPLWðLVVXLQJ ̋ SODFHVÔ ̋  ̋ ,Q ̋ QRQðSHUPLWðLVVXLQJ ̋ SODFHVÒ ̋ D ̋ VPDOO ̋ VDPSOH ̋ RI ̋WKH ̋ ODQG

DUHD ̋LV ̋VXUYH\HG ̋WR ̋SURYLGH ̋DQ ̋HVWLPDWH ̋RI ̋VWDUWVÔ ̋ ̋7KHVH ̋VPDOO ̋VDPSOH ̋GDWD ̋DUH ̋WKHQ ̋XVHG

WR ̋GHULYH ̋VWDUWV ̋IRU ̋WKH ̋WRWDO ̋DUHD ̋QRW ̋FRYHUHG ̋E\ ̋SHUPLWVÔ ̋ ̋)LQDOO\Ò ̋WKLV ̋HVWLPDWH ̋RI ̋VWDUWV ̋LQ

QRQðSHUPLWðFRYHUHG ̋DUHDV ̋LV ̋DGGHG ̋WR ̋WKH ̋HVWLPDWH ̋ RI ̋ VWDUWV ̋ RI ̋WKH ̋ ÏÊÒÌÌÌ ̋ SHUPLWðLVVXLQJ

SODFHV ̋WR ̋JHW ̋DQ ̋HVWLPDWH ̋RI ̋WRWDO ̋SULYDWH ̋KRXVLQJ ̋VWDUWVÔ

5HVLGHQWLDO ̋ GHOLYHU\ ̋WLPH ̋ VWDWLVWLFV ̋ IRU ̋ SHUPLWðLVVXLQJ ̋ SODFHV ̋DUH ̋ SXEOLVKHG ̋ RQ ̋DQ ̋DQQXDO

EDVLV ̋DV ̋D ̋VXSSOHPHQW ̋LQ ̋WKH ̋0DUFK ̋HGLWLRQ ̋RI ̋WKH ̋&ÎÌ ̋UHSRUWÔ ̋ ̋7KHVH ̋VWDWLVWLFV ̋DUH ̋EDVHG

RQ ̋ GDWD ̋ FROOHFWHG ̋ YLD ̋ WKH ̋ &HQVXV© ̋ 6XUYH\ ̋ RI ̋ &RQVWUXFWLRQÔ ̋  ̋ 7KHVH ̋ VWDWLVWLFV ̋ SURYLGH

LQIRUPDWLRQ ̋RQ ̋WKH ̋DYHUDJH ̋OHQJWK ̋ RI ̋WLPH ̋LQ ̋PRQWKV ̋ IURP ̋DXWKRUL]DWLRQ ̋ RI ̋FRQVWUXFWLRQ

ıLÔHÔÒ ̋LVVXDQFH ̋RI ̋WKH ̋EXLOGLQJ ̋SHUPLWÙ ̋WR ̋WKH ̋VWDUW ̋RI ̋FRQVWUXFWLRQ ̋ıLÔHÔÒ ̋H[FDYDWLRQ ̋EHJLQVÙ

DQG ̋IURP ̋WKH ̋VWDUW ̋RI ̋FRQVWUXFWLRQ ̋WR ̋FRPSOHWLRQ ̋ıLÔHÔÒ ̋IORRU ̋ILQLVKHV ̋DUH ̋LQVWDOOHGÙÔ
ÂÂ

ËÔÎÔÏÔÏÔ ̋ ̋7RWDO ̋7LPH ̋)URP ̋$XWKRUL]DWLRQ ̋RI ̋&RQVWUXFWLRQ ̋WR ̋6WDUW ̋RI ̋3ULYDWH

5HVLGHQWLDO ̋%XLOGLQJV

7KLV ̋ VXEVHFWLRQ ̋ SUHVHQWV ̋ DQQXDO ̋ VWDWLVWLFV ̋ RQ ̋ WKH ̋ OHQJWK ̋ RI ̋ WLPH ̋ IURP ̋ DXWKRUL]DWLRQ ̋ RI

FRQVWUXFWLRQ ̋ WR ̋ VWDUW ̋ RI ̋ QHZ ̋ SULYDWH ̋ UHVLGHQWLDO ̋ EXLOGLQJV ̋ LQ ̋ SHUPLWðLVVXLQJ ̋ SODFHVÔ ̋  ̋ $

KRXVLQJ ̋XQLW ̋LV ̋FRQVLGHUHG ̋DXWKRUL]HG ̋ZKHQ ̋D ̋EXLOGLQJ ̋SHUPLW ̋LV ̋LVVXHG ̋IRU ̋FRQVWUXFWLRQ ̋RI

WKH ̋XQLWÔ ̋ ̋$ ̋KRXVLQJ ̋XQLW ̋LV ̋FRQVLGHUHG ̋VWDUWHG ̋ZKHQ ̋H[FDYDWLRQ ̋EHJLQV ̋IRU ̋WKH ̋IRRWLQJV ̋RU

IRXQGDWLRQÔ ̋ ̋,Q ̋D ̋PXOWLIDPLO\ ̋EXLOGLQJÒ ̋DOO ̋KRXVLQJ ̋XQLWV ̋DUH ̋GHILQHG ̋DV ̋EHLQJ ̋VWDUWHG ̋ZKHQ

H[FDYDWLRQ ̋IRU ̋WKH ̋EXLOGLQJ ̋KDV ̋EHJXQÔ

$OO ̋HVWLPDWHV ̋DUH ̋EDVHG ̋RQ ̋GDWD ̋FROOHFWHG ̋YLD ̋WKH ̋&HQVXV© ̋6XUYH\ ̋RI ̋&RQVWUXFWLRQÔ ̋ ̋6LQFH

WKH ̋6XUYH\ ̋RI ̋&RQVWUXFWLRQ ̋LV ̋GHVLJQHG ̋WR ̋FROOHFW ̋GDWD ̋RQ ̋D ̋PRQWKO\ ̋EDVLVÒ ̋LW ̋FDQ ̋RQO\ ̋EH

GHWHUPLQHG ̋ LQ ̋ ZKDW ̋ PRQWK ̋ D ̋ EXLOGLQJ ̋ ZDV ̋ DXWKRUL]HG ̋ RU ̋ VWDUWHG ̋ UDWKHU ̋ WKDQ ̋ WKH ̋ SUHFLVH

GD\Ô ̋  ̋%HFDXVH ̋ RI ̋WKLVÒ ̋LW ̋ LV ̋ DVVXPHG ̋ WKDW ̋ D ̋ EXLOGLQJ ̋ DXWKRUL]HG ̋ DQG ̋ VWDUWHG ̋ LQ ̋ WKH ̋ VDPH

PRQWK ̋ZDV ̋VWDUWHG ̋LPPHGLDWHO\ ̋DIWHU ̋WKH ̋SHUPLW ̋ZDV ̋LVVXHGÔ ̋ ̋%XLOGLQJV ̋VWDUWHG ̋LQ ̋WKH ̋ILUVW

PRQWK ̋DIWHU ̋DXWKRUL]DWLRQ ̋WRRN ̋WKH ̋IXOO ̋PRQWK ̋WR ̋EHJLQ‚ ̋WKRVH ̋VWDUWHG ̋LQ ̋WKH ̋VHFRQG ̋PRQWK

DIWHU ̋DXWKRUL]DWLRQ ̋WRRN ̋Î ̋PRQWKV‚ ̋WKRVH ̋VWDUWHG ̋LQ ̋WKH ̋WKLUG ̋PRQWK ̋DIWHU ̋DXWKRUL]DWLRQ ̋WRRN

Í ̋PRQWKVÒ ̋DQG ̋VR ̋RQÔ

7KH ̋ HVWLPDWHG ̋ DYHUDJH ̋ QXPEHU ̋ RI ̋ PRQWKV ̋ LW ̋ WDNHV ̋ WR ̋ VWDUW ̋ FRQVWUXFWLRQ ̋ RQ ̋ D ̋ UHVLGHQWLDO

EXLOGLQJ ̋ RQFH ̋WKH ̋ SHUPLW ̋ KDV ̋ EHHQ ̋LVVXHG ̋LV ̋ VKRZQ ̋LQ ̋ )LJXUH ̋ ËðÏÎÔ ̋  ̋ 7KH ̋ ILJXUH ̋ UHFRUGV

LQIRUPDWLRQ ̋ IRU ̋WKH ̋ ÏÌð\HDU ̋ SHULRGÒ ̋ Ï‰ÂÊ ̋WKURXJK ̋ Ï‰‰ÁÔ ̋ ̋$QQXDO ̋HVWLPDWHV ̋DQG ̋ \HDUðE\ð

\HDU ̋ WUDFHV ̋ DUH ̋ VKRZQ ̋ IRU ̋ WKUHH ̋ W\SHV ̋ RI ̋ VWUXFWXUHV„ ̋ ıÏÙ ̋ Ï ̋ XQLW ̋ ıLÔHÔÒ ̋ QHZ ̋ VLQJOH ̋ IDPLO\

KRXVLQJÙ‚ ̋ıÎÙ ̋Î ̋WR ̋È ̋XQLWV‚ ̋DQG ̋ıÍÙ ̋Ë ̋XQLWV ̋RU ̋PRUHÔ ̋ ̋$Q ̋H[DPLQDWLRQ ̋RI ̋)LJXUH ̋ËðÏÎ ̋UHYHDOV

HODSVHG ̋WLPHV ̋XQWLO ̋VWDUW ̋RI ̋FRQVWUXFWLRQ ̋IRU ̋QHZ ̋VLQJOH ̋IDPLO\ ̋KRXVLQJ ̋XQLWV ̋KROGLQJ ̋IDLUO\

VWHDG\ ̋DW ̋DERXW ̋ÌÔÊË ̋PRQWKVÔ ̋ ̋2Q ̋WKH ̋RWKHU ̋KDQGÒ ̋PXOWLIDPLO\ ̋XQLWVÒ ̋HVSHFLDOO\ ̋PXOWLIDPLO\

EXLOGLQJV ̋ZLWK ̋Ë ̋XQLWV ̋RU ̋PRUHÒ ̋H[KLELW ̋FRQVLGHUDEOH ̋\HDUðWRð\HDU ̋YDULDELOLW\Ô

7KH ̋ UHJLRQDO ̋ EUHDNGRZQ ̋ IRU ̋ WKH ̋ HVWLPDWHG ̋ DYHUDJH ̋ QXPEHU ̋ RI ̋ PRQWKV ̋ LW ̋ WDNHV ̋ WR ̋ VWDUW

FRQVWUXFWLRQ ̋RQFH ̋WKH ̋SHUPLW ̋KDV ̋EHHQ ̋LVVXHG ̋IRU ̋QHZ ̋VLQJOH ̋IDPLO\ ̋KRXVLQJ ̋XQLWV ̋LV ̋VKRZQ

LQ ̋)LJXUH ̋ ËðÏÍÔ ̋ ̋7KH ̋ VDPH ̋ ÏÌð\HDU ̋ SHULRGÒ ̋ Ï‰ÂÊ ̋WR ̋ Ï‰‰ÁÒ ̋LV ̋FRYHUHG ̋LQ ̋WKLV ̋ ILJXUH ̋DV ̋LQ

)LJXUH ̋ ËðÏÎÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ )LJXUH ̋ ËðÏÍ ̋ UHYHDOV ̋ VXEVWDQWLDO ̋ GLIIHUHQFHV ̋ EHWZHHQ ̋ WKH

UHJLRQVÔ ̋ ̋7KURXJKRXW ̋WKH ̋ ÏÌð\HDU ̋ SHULRGÒ ̋WKH ̋ HODSVHG ̋WLPH•PHDVXUHG ̋LQ ̋PRQWKV•XQWLO

WKH ̋ VWDUW ̋ RI ̋ FRQVWUXFWLRQ ̋ZDV ̋ KLJKHVW ̋LQ ̋WKH ̋ 1RUWKHDVW ̋ DQG ̋ORZHVW ̋LQ ̋WKH ̋0LGZHVWÔ ̋  ̋ 7KH

HODSVHG ̋WLPH ̋IRU ̋WKH ̋6RXWK ̋LV ̋LQ ̋EHWZHHQ ̋WKH ̋WZR ̋H[WUHPHVÒ ̋ZLWK ̋QR ̋DSSDUHQW ̋WUHQG ̋HLWKHU

XS ̋RU ̋GRZQÔ ̋ ̋7KH ̋HODSVHG ̋WLPH ̋IRU ̋WKH ̋:HVW ̋H[KLELWV ̋D ̋VOLJKW ̋GRZQZDUG ̋WUHQGÔ

7KH ̋ GDWD ̋ XVHG ̋ WR ̋ FUHDWH ̋ )LJXUHV ̋ ËðÏÎ ̋ DQG ̋ ËðÏÍ ̋ DUH ̋ UHFRUGHG ̋ LQ ̋ 7DEOH ̋ ËðÎÔ ̋  ̋ $OO ̋ HQWULHV

UHFRUG ̋ WKH ̋ QXPEHU ̋ RI ̋ PRQWKV•WR ̋ WKH ̋ QHDUHVW ̋ WHQWK ̋ RI ̋ D ̋ PRQWK•LW ̋ WDNHV ̋ WR ̋ VWDUW

FRQVWUXFWLRQ ̋RQFH ̋WKH ̋SHUPLW ̋KDV ̋EHHQ ̋LVVXHGÔ ̋ ̋(DFK ̋\HDU ̋LQ ̋WKH ̋ÏÌð\HDU ̋ SHULRGÒ ̋ Ï‰ÂÊ ̋WR

Ï‰‰ÁÒ ̋FRUUHVSRQGV ̋WR ̋D ̋URZ ̋LQ ̋WKH ̋WDEOHÔ ̋ ̋7KH ̋WKUHH ̋FROXPQV ̋XQGHU ̋WKH ̋KHDGLQJ ̋¶$YHUDJH

1XPEHU ̋ RI ̋ 0RQWKV ̋ E\ ̋ 7\SH ̋ RI ̋ 6WUXFWXUHß ̋ FRQWDLQ ̋ WKH ̋ GDWD ̋ IRU ̋ )LJXUH ̋ ËðÏÎÔ ̋  ̋ 7KH ̋ IRXU

FROXPQV ̋ XQGHU ̋ WKH ̋ KHDGLQJ ̋ ¶6LQJOH ̋ )DPLO\ ̋ +RXVLQJ ̋ 8QLWV ̋ 2QO\ß ̋ FRQWDLQ ̋ WKH ̋ GDWD ̋ IRU

)LJXUH ̋ËðÏÍÔ
Â‰

)LJXUH ̋ËðÏÎÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋$XWKRUL]DWLRQ ̋WR ̋6WDUW ̋RI

&RQVWUXFWLRQ ̋IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH

Ì

ÌÔË

Ï

ÏÔË

Î

ÎÔË

<HDU

Ë ̋XQLWV ̋RU ̋PRUH

Î ̋WR ̋È ̋XQLWV

Ï ̋XQLW

)LJXUH ̋ËðÏÍÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋$XWKRUL]DWLRQ ̋WR ̋6WDUW ̋RI

&RQVWUXFWLRQ ̋IRU ̋1HZ ̋6LQJOH ̋)DPLO\ ̋+RXVLQJ ̋8QLWV ̋E\ ̋&HQVXV ̋5HJLRQ

ÌÔÌ

ÌÔÍ

ÌÔÁ

ÌÔ‰

ÏÔÎ

ÏÔË

<HDU

1RUWKHDVW

6RXWK

:HVW

0LGZ HVW
‰Ì

7DEOH ̋ËðÎÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋$XWKRUL]DWLRQ ̋WR ̋6WDUW ̋RI ̋&RQVWUXFWLRQ

IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH ̋DQG ̋&HQVXV ̋5HJLRQ

$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋E\ 6LQJOH ̋)DPLO\ ̋+RXVLQJ ̋8QLWV ̋2QO\

<HDU 7\SH ̋RI ̋6WUXFWXUH $YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋&HQVXV ̋5HJLRQ

Ï ̋XQLW Î ̋WR ̋È ̋XQLWV Ë ̋XQLWV ̋RU ̋

PRUH 1RUWKHDVW 0LGZHVW 6RXWK :HVW

Ï‰ÂÊ ÌÔÂ ÏÔÎ ÏÔ‰ ÏÔÏ ÌÔÈ ÌÔ‰ ÌÔÂ

Ï‰ÂÂ ÌÔÂ ÏÔÍ ÏÔÁ ÏÔÏ ÌÔÈ ÌÔÂ ÌÔÊ

Ï‰Â‰ ÌÔÂ ÏÔË ÎÔÌ ÏÔÎ ÌÔÈ ÌÔÂ ÌÔÂ

Ï‰‰Ì ÌÔÂ ÏÔË ÎÔÎ ÏÔÈ ÌÔÈ ÌÔ‰ ÌÔ‰

Ï‰‰Ï ÌÔÂ ÏÔË ÏÔÂ ÏÔÍ ÌÔÈ ÌÔ‰ ÌÔ‰

Ï‰‰Î ÌÔÂ ÌÔ‰ ÎÔÌ ÏÔÍ ÌÔÈ ÌÔÂ ÌÔ‰

Ï‰‰Í ÌÔÂ ÏÔÎ ÏÔÁ ÏÔÍ ÌÔË ÌÔ‰ ÌÔÊ

Ï‰‰È ÌÔÊ ÏÔÏ ÏÔÂ ÏÔÎ ÌÔÈ ÌÔ‰ ÌÔÁ

Ï‰‰Ë ÌÔÊ ÏÔÏ ÏÔÁ ÏÔÌ ÌÔË ÌÔÂ ÌÔË

Ï‰‰Á ÌÔÊ ÏÔÍ ÏÔÂ ÏÔÌ ÌÔÁ ÌÔ‰ ÌÔÁ

)LJXUH ̋ËðÏÈ ̋VKRZV ̋D ̋SHUFHQWDJH ̋GLVWULEXWLRQ ̋IRU ̋Ï‰‰Á ̋RI ̋DOO ̋UHVLGHQWLDO ̋EXLOGLQJV ̋VWDUWHGÒ

JURXSHG ̋ E\ ̋ WKH ̋ QXPEHU ̋ RI ̋ PRQWKV ̋ IURP ̋ DXWKRUL]DWLRQÔ ̋  ̋ ,QIRUPDWLRQ ̋ LV ̋ VKRZQ ̋ RQ ̋ WKUHH

W\SHV ̋RI ̋VWUXFWXUHV„ ̋ıÏÙ ̋Ï ̋XQLW ̋ıLÔHÔÒ ̋QHZ ̋VLQJOH ̋IDPLO\ ̋KRXVLQJÙ‚ ̋ıÎÙ ̋Î ̋WR ̋È ̋XQLWV‚ ̋DQG ̋ıÍÙ ̋Ë

XQLWV ̋RU ̋PRUHÔ ̋ ̋7KH ̋KRUL]RQWDO ̋D[LV ̋LQ ̋WKH ̋ILJXUH ̋UHFRUGV ̋WKH ̋HODSVHG ̋WLPH ̋LQ ̋PRQWKV ̋IURP

DXWKRUL]DWLRQÔ ̋  ̋ &DVHV ̋ ZKHUH ̋ DXWKRUL]DWLRQ ̋ DQG ̋ VWDUW ̋ RFFXUUHG ̋ LQ ̋ WKH ̋ VDPH ̋ PRQWK ̋ DUH

UHFRUGHG ̋DERYH ̋WKH ̋KHDGLQJ ̋¶/HVV ̋WKDQ ̋Ï ̋PRQWKÔß ̋ ̋5HVLGHQWLDO ̋EXLOGLQJV ̋VWDUWHG ̋LQ ̋WKH ̋ILUVW

PRQWK ̋DIWHU ̋DXWKRUL]DWLRQ ̋DUH ̋ UHFRUGHG ̋DERYH ̋WKH ̋ KHDGLQJ ̋¶Ï ̋PRQWKÔß ̋ ̋7KH ̋ YHUWLFDO ̋D[LV

UHFRUGV ̋ WKH ̋ SHUFHQWDJH ̋ GLVWULEXWLRQ ̋ IRU ̋ HDFK ̋ W\SH ̋ RI ̋ VWUXFWXUH ̋ DQG ̋ HDFK ̋ HODSVHG ̋ WLPH

KHDGLQJÔ

7KH ̋ GDWD ̋ XVHG ̋ WR ̋ FUHDWH ̋ )LJXUH ̋ ËðÏÈ ̋ DUH ̋ UHFRUGHG ̋ LQ ̋ 7DEOH ̋ ËðÍÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH ̋ ILUVW

FROXPQ ̋RI ̋GDWD ̋LQ ̋WKH ̋WDEOH ̋UHYHDOV ̋WKDW ̋LQ ̋Ï‰‰Á ̋QHDUO\ ̋‰Ì ̋SHUFHQW ̋RI ̋DOO ̋QHZ ̋VLQJOH ̋IDPLO\

KRXVLQJ ̋XQLWV ̋ZHUH ̋VWDUWHG ̋LQ ̋RQH ̋PRQWK ̋RU ̋OHVV ̋ıUHIHU ̋WR ̋WKH ̋ILUVW ̋WZR ̋URZV ̋RI ̋WKH ̋WDEOHÙÔ

5HIHUHQFH ̋WR ̋WKH ̋WKLUG ̋FROXPQ ̋RI ̋GDWD ̋UHYHDOV ̋WKDW ̋PRUH ̋WKDQ ̋ÁÌ ̋SHUFHQW ̋RI ̋DOO ̋PXOWLIDPLO\

EXLOGLQJV ̋ZLWK ̋Ë ̋XQLWV ̋RU ̋PRUH ̋ZHUH ̋VWDUWHG ̋LQ ̋RQH ̋PRQWK ̋RU ̋OHVVÔ ̋ ̋5HVLGHQWLDO ̋EXLOGLQJV

H[SHULHQFLQJ ̋ GHOD\V ̋ RI ̋ Ê ̋ PRQWKV ̋ RU ̋ PRUH ̋ DFFRXQW ̋ IRU ̋ RQO\ ̋ Î ̋ SHUFHQW ̋ RI ̋ DOO ̋ QHZ ̋ VLQJOH

IDPLO\ ̋ KRXVLQJ ̋ XQLWVÒ ̋ È ̋ SHUFHQW ̋ RI ̋ DOO ̋ PXOWLIDPLO\ ̋ EXLOGLQJV ̋ ZLWK ̋ Î ̋ WR ̋ È ̋ XQLWVÒ ̋ DQG ̋ Á

SHUFHQW ̋RI ̋DOO ̋PXOWLIDPLO\ ̋EXLOGLQJV ̋ZLWK ̋Ë ̋XQLWV ̋RU ̋PRUHÔ
‰Ï

)LJXUH ̋ËðÏÈÔ ̋ ̋3HUFHQWDJH ̋'LVWULEXWLRQ ̋E\ ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋$XWKRUL]DWLRQ ̋WR

6WDUW ̋RI ̋&RQVWUXFWLRQ ̋IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH

Ì

ÏÌ

ÎÌ

ÍÌ

ÈÌ

ËÌ

ÁÌ

/HVV

WKDQ ̋Ï

PRQWK

Ï ̋PRQWK Î

PRQWKV

Í

PRQWKV

È

PRQWKV

Ë ̋RU ̋Á

PRQWKV

Ê

PRQWKV

RU ̋PRUH

0RQWKV ̋ ̋IURP ̋ ̋$XWKRUL]DWLRQ

3HUFHQW

Ï ̋XQLW

Î ̋WR ̋È ̋XQLWV

Ë ̋XQLWV ̋RU ̋PRUH

7DEOH ̋ËðÍÔ ̋ ̋3HUFHQWDJH ̋'LVWULEXWLRQ ̋E\ ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋$XWKRUL]DWLRQ ̋WR

6WDUW ̋RI ̋&RQVWUXFWLRQ ̋IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH

3HULRG 3HUFHQWDJH ̋'LVWULEXWLRQ ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH

Ï ̋XQLW Î ̋WR ̋È ̋XQLWV Ë ̋XQLWV ̋RU ̋PRUH

/HVV ̋WKDQ ̋Ï ̋PRQWK ËÂ ËÈ ÈÌ

Ï ̋PRQWK ÍÏ ÎÁ ÎÍ

Î ̋PRQWKV Á Ê ÏÏ

Í ̋PRQWKV Î Ë Ê

È ̋PRQWKV Ï Î Ë

Ë ̋RU ̋Á ̋PRQWKV Ï Í Ê

Ê ̋PRQWKV ̋RU ̋PRUH Î È Á
‰Î

ËÔÎÔÏÔÎÔ ̋ ̋7RWDO ̋7LPH ̋)URP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋RI ̋3ULYDWH ̋5HVLGHQWLDO

%XLOGLQJV

7KLV ̋VXEVHFWLRQ ̋SUHVHQWV ̋DQQXDO ̋VWDWLVWLFV ̋RQ ̋WKH ̋OHQJWK ̋RI ̋WLPH ̋IURP ̋VWDUW ̋RI ̋FRQVWUXFWLRQ

WR ̋FRPSOHWLRQ ̋RI ̋QHZ ̋SULYDWH ̋UHVLGHQWLDO ̋EXLOGLQJVÔ ̋ ̋$ ̋KRXVLQJ ̋XQLW ̋LV ̋FRQVLGHUHG ̋VWDUWHG

ZKHQ ̋ H[FDYDWLRQ ̋ EHJLQV ̋ IRU ̋ WKH ̋ IRRWLQJV ̋ RU ̋ IRXQGDWLRQÔ ̋  ̋ ,Q ̋ D ̋ PXOWLIDPLO\ ̋ EXLOGLQJÒ ̋ DOO

KRXVLQJ ̋ XQLWV ̋DUH ̋ GHILQHG ̋ DV ̋ EHLQJ ̋ VWDUWHG ̋ZKHQ ̋ H[FDYDWLRQ ̋ IRU ̋WKH ̋ EXLOGLQJ ̋ KDV ̋ EHJXQÔ

6LQJOHðIDPLO\ ̋KRXVHV ̋DUH ̋FODVVLILHG ̋DV ̋FRPSOHWHG ̋HLWKHU ̋ZKHQ ̋DOO ̋ILQLVK ̋IORRULQJ ̋KDV ̋EHHQ

LQVWDOOHG ̋ıRU ̋FDUSHWLQJÒ ̋LI ̋XVHG ̋LQ ̋SODFH ̋RI ̋ILQLVK ̋ IORRULQJÙ ̋RU ̋ZKHQ ̋RFFXSLHGÔ ̋ ̋$OO ̋RI ̋WKH

XQLWV ̋LQ ̋D ̋PXOWLIDPLO\ ̋EXLOGLQJ ̋DUH ̋FRQVLGHUHG ̋DV ̋FRPSOHWHG ̋ZKHQ ̋ËÌ ̋SHUFHQW ̋RU ̋PRUH ̋RI

WKH ̋XQLWV ̋DUH ̋RFFXSLHG ̋RU ̋DYDLODEOH ̋IRU ̋RFFXSDQF\Ô

$OO ̋HVWLPDWHV ̋DUH ̋EDVHG ̋RQ ̋GDWD ̋FROOHFWHG ̋YLD ̋WKH ̋&HQVXV© ̋6XUYH\ ̋RI ̋&RQVWUXFWLRQÔ ̋ ̋6LQFH

WKH ̋6XUYH\ ̋RI ̋&RQVWUXFWLRQ ̋LV ̋GHVLJQHG ̋WR ̋FROOHFW ̋GDWD ̋RQ ̋D ̋PRQWKO\ ̋EDVLVÒ ̋LW ̋FDQ ̋RQO\ ̋EH

GHWHUPLQHG ̋LQ ̋ZKDW ̋PRQWK ̋D ̋EXLOGLQJ ̋ZDV ̋VWDUWHG ̋RU ̋FRPSOHWHG ̋UDWKHU ̋WKDQ ̋WKH ̋SUHFLVH ̋GD\Ô

%HFDXVH ̋RI ̋WKLVÒ ̋LW ̋LV ̋DVVXPHG ̋WKDW ̋D ̋ EXLOGLQJ ̋ VWDUWHG ̋DQG ̋FRPSOHWHG ̋LQ ̋WKH ̋ VDPH ̋PRQWK

WRRN ̋WKH ̋IXOO ̋PRQWK ̋WR ̋EXLOGÔ ̋ ̋%XLOGLQJV ̋FRPSOHWHG ̋LQ ̋WKH ̋ILUVW ̋PRQWK ̋DIWHU ̋VWDUW ̋WRRN ̋ÏÔË

PRQWKV‚ ̋ WKRVH ̋ FRPSOHWHG ̋ LQ ̋ WKH ̋ VHFRQG ̋ PRQWK ̋ DIWHU ̋ VWDUW ̋ WRRN ̋ ÎÔË ̋ PRQWKV‚ ̋ WKRVH

FRPSOHWHG ̋LQ ̋WKH ̋WKLUG ̋PRQWK ̋DIWHU ̋ VWDUW ̋WRRN ̋ ÍÔÌ ̋PRQWKV‚ ̋WKRVH ̋FRPSOHWHG ̋LQ ̋WKH ̋ IRXUWK

PRQWK ̋DIWHU ̋VWDUW ̋WRRN ̋ÈÔÌ ̋PRQWKVÒ ̋DQG ̋VR ̋RQÔ

7KH ̋HVWLPDWHG ̋DYHUDJH ̋QXPEHU ̋RI ̋PRQWKV ̋LW ̋WDNHV ̋WR ̋FRQVWUXFW ̋D ̋UHVLGHQWLDO ̋EXLOGLQJ ̋ıLÔHÔÒ

FRQVWUXFWLRQ ̋WLPHÙ ̋LV ̋ VKRZQ ̋LQ ̋)LJXUH ̋ ËðÏËÔ ̋ ̋7KH ̋ ILJXUH ̋ UHFRUGV ̋LQIRUPDWLRQ ̋ IRU ̋WKH ̋ ÏÌð

\HDU ̋SHULRGÒ ̋Ï‰ÂÊ ̋WKURXJK ̋Ï‰‰ÁÔ ̋ ̋$QQXDO ̋HVWLPDWHV ̋DQG ̋\HDUðE\ð\HDU ̋WUDFHV ̋DUH ̋VKRZQ ̋IRU

WKUHH ̋W\SHV ̋RI ̋VWUXFWXUHV„ ̋ıÏÙ ̋Ï ̋XQLW ̋ıLÔHÔÒ ̋QHZ ̋VLQJOH ̋IDPLO\ ̋KRXVLQJÙ‚ ̋ıÎÙ ̋Î ̋WR ̋È ̋XQLWV‚ ̋DQG

ıÍÙ ̋Ë ̋XQLWV ̋RU ̋PRUHÔ ̋ ̋$Q ̋H[DPLQDWLRQ ̋RI ̋)LJXUH ̋ËðÏË ̋ UHYHDOV ̋FRQVWUXFWLRQ ̋WLPHV ̋ IRU ̋QHZ

VLQJOH ̋IDPLO\ ̋KRXVLQJ ̋XQLWV ̋KROGLQJ ̋IDLUO\ ̋VWHDG\ ̋DW ̋DERXW ̋Á ̋PRQWKVÔ ̋ ̋2Q ̋WKH ̋RWKHU ̋KDQGÒ

PXOWLIDPLO\ ̋XQLWVÒ ̋HVSHFLDOO\ ̋PXOWLIDPLO\ ̋EXLOGLQJV ̋ZLWK ̋Î ̋WR ̋È ̋XQLWVÒ ̋H[KLELW ̋D ̋IDLU ̋DPRXQW

RI ̋\HDUðWRð\HDU ̋YDULDELOLW\Ô

7KH ̋UHJLRQDO ̋EUHDNGRZQ ̋IRU ̋WKH ̋HVWLPDWHG ̋DYHUDJH ̋QXPEHU ̋RI ̋PRQWKV ̋LW ̋WDNHV ̋WR ̋FRQVWUXFW

D ̋QHZ ̋VLQJOH ̋IDPLO\ ̋KRXVLQJ ̋XQLW ̋LV ̋VKRZQ ̋LQ ̋)LJXUH ̋ËðÏÁÔ ̋ ̋7KH ̋VDPH ̋ÏÌð\HDU ̋SHULRGÒ ̋Ï‰ÂÊ

WR ̋ Ï‰‰ÁÒ ̋LV ̋ FRYHUHG ̋ LQ ̋ WKLV ̋ ILJXUH ̋ DV ̋ LQ ̋ )LJXUH ̋ ËðÏËÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ )LJXUH ̋ ËðÏÁ ̋ UHYHDOV

V\VWHPDWLF ̋ GLIIHUHQFHV ̋ EHWZHHQ ̋ WKH ̋ UHJLRQVÔ ̋  ̋ 7KURXJKRXW ̋ WKH ̋ ÏÌð\HDU ̋ SHULRGÒ ̋ WKH

FRQVWUXFWLRQ ̋WLPH•PHDVXUHG ̋LQ ̋PRQWKV•ZDV ̋KLJKHVW ̋LQ ̋WKH ̋1RUWKHDVWÔ ̋ ̋7KH ̋FRQVWUXFWLRQ

WLPH ̋IRU ̋VLQJOH ̋IDPLO\ ̋XQLWV ̋LQ ̋WKH ̋1RUWKHDVW ̋DOVR ̋DSSHDUV ̋WR ̋EH ̋PRGXODWHG ̋E\ ̋WKH ̋EXVLQHVV

F\FOHÔ ̋ ̋7KLV ̋HIIHFW ̋LV ̋DOVR ̋VHHQÒ ̋WR ̋D ̋OHVVHU ̋H[WHQWÒ ̋LQ ̋)LJXUH ̋ËðÏËÔ ̋ ̋7KH ̋FRQVWUXFWLRQ ̋WLPH

IRU ̋ WKH ̋ WKUHH ̋ UHPDLQLQJ ̋ UHJLRQV•0LGZHVWÒ ̋ 6RXWKÒ ̋ DQG ̋ :HVW•KDV ̋ UHPDLQHG ̋ LQ ̋ D ̋ WLJKW

EDQG ̋VLQFH ̋Ï‰‰ÎÔ
‰Í

)LJXUH ̋ËðÏËÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH

Ì

Î

È

Á

Â

ÏÌ

ÏÎ

Ï‰ÂÊ Ï‰ÂÂ Ï‰Â‰ Ï‰‰Ì Ï‰‰Ï Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

<HDU

Ë ̋XQLWV ̋RU ̋PRUH

Î ̋WR ̋È ̋XQLWV

Ï ̋XQLW

)LJXUH ̋ËðÏÁÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

IRU ̋1HZ ̋6LQJOH ̋)DPLO\ ̋+RXVLQJ ̋8QLWV ̋E\ ̋&HQVXV ̋5HJLRQ

Ì

Ï

Î

Í

È

Ë

Á

Ê

Â

‰

ÏÌ

Ï‰ÂÊ Ï‰ÂÂ Ï‰Â‰ Ï‰‰Ì Ï‰‰Ï Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

<HDU

1RUWKHDVW

:HVW

0LGZ HVW

6RXWK
‰È

7KH ̋ GDWD ̋ XVHG ̋ WR ̋ FUHDWH ̋ )LJXUHV ̋ ËðÏË ̋ DQG ̋ ËðÏÁ ̋ DUH ̋ UHFRUGHG ̋ LQ ̋ 7DEOH ̋ ËðÈÔ ̋  ̋ $OO ̋ HQWULHV

UHFRUG ̋WKH ̋ QXPEHU ̋ RI ̋PRQWKV•WR ̋WKH ̋ QHDUHVW ̋WHQWK ̋ RI ̋ D ̋ PRQWK•LW ̋WDNHV ̋WR ̋ FRQVWUXFW ̋ D

UHVLGHQWLDO ̋EXLOGLQJÔ ̋ ̋(DFK ̋\HDU ̋LQ ̋WKH ̋ÏÌð\HDU ̋SHULRGÒ ̋Ï‰ÂÊ ̋WR ̋Ï‰‰ÁÒ ̋FRUUHVSRQGV ̋WR ̋D ̋URZ

LQ ̋WKH ̋WDEOHÔ ̋ ̋7KH ̋WKUHH ̋FROXPQV ̋XQGHU ̋WKH ̋KHDGLQJ ̋¶$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋7\SH

RI ̋ 6WUXFWXUHß ̋ FRQWDLQ ̋ WKH ̋ FRQVWUXFWLRQ ̋ WLPH ̋ GDWD ̋ XVHG ̋ WR ̋ FUHDWH ̋ )LJXUH ̋ ËðÏËÔ ̋  ̋ 7KH ̋ IRXU

FROXPQV ̋XQGHU ̋WKH ̋KHDGLQJ ̋¶6LQJOH ̋)DPLO\ ̋+RXVLQJ ̋8QLWV ̋2QO\ß ̋FRQWDLQ ̋WKH ̋FRQVWUXFWLRQ

WLPH ̋GDWD ̋XVHG ̋WR ̋FUHDWH ̋)LJXUH ̋ËðÏÁÔ

7DEOH ̋ËðÈÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH ̋DQG ̋&HQVXV ̋5HJLRQ

$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋E\ 6LQJOH ̋)DPLO\ ̋+RXVLQJ ̋8QLWV ̋2QO\

<HDU 7\SH ̋RI ̋6WUXFWXUH $YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋&HQVXV ̋5HJLRQ

Ï ̋XQLW Î ̋WR ̋È ̋XQLWV Ë ̋XQLWV ̋RU ̋

PRUH 1RUWKHDVW 0LGZHVW 6RXWK :HVW

Ï‰ÂÊ ÁÔÎ ÊÔÍ ‰ÔÎ ÊÔÁ ËÔ‰ ËÔÊ ÁÔÈ

Ï‰ÂÂ ÁÔË ÂÔÏ ‰ÔË ÂÔÂ ËÔÂ ËÔÊ ÁÔÁ

Ï‰Â‰ ÁÔÈ ÂÔÌ ‰ÔÍ ‰ÔÍ ËÔÁ ËÔÁ ÁÔË

Ï‰‰Ì ÁÔÈ ÊÔÁ ‰ÔÈ ‰ÔÍ ËÔÁ ËÔÊ ÁÔ‰

Ï‰‰Ï ÁÔÍ ÂÔË ‰ÔÊ ÂÔ‰ ËÔÁ ËÔË ÁÔ‰

Ï‰‰Î ËÔÂ ÊÔÏ ‰ÔÏ ÊÔÁ ËÔÁ ËÔÏ ÁÔÏ

Ï‰‰Í ËÔÁ ÊÔÈ ÂÔÁ ÊÔÎ ËÔË ËÔÎ ÁÔÌ

Ï‰‰È ËÔÁ ÊÔÍ ‰ÔÍ ÊÔÏ ËÔÊ ËÔÍ ËÔÁ

Ï‰‰Ë ËÔ‰ ÁÔÂ ‰ÔÏ ÊÔÈ ÁÔÌ ËÔÈ ÁÔÌ

Ï‰‰Á ÁÔÌ ÊÔË ÂÔ‰ ÂÔÎ ÁÔÏ ËÔÁ ËÔÁ

)LJXUH ̋ ËðÏÊ ̋ VKRZV ̋ D ̋ SHUFHQWDJH ̋ GLVWULEXWLRQ ̋ IRU ̋ Ï‰‰Á ̋ RI ̋ DOO ̋ QHZ ̋ UHVLGHQWLDO ̋ EXLOGLQJV

FRQVWUXFWHGÒ ̋ JURXSHG ̋ E\ ̋ WKH ̋ QXPEHU ̋ RI ̋ PRQWKV ̋ LW ̋ WDNHV ̋ WR ̋ FRQVWUXFW ̋ WKH ̋ EXLOGLQJ ̋ ıLÔHÔÒ

FRQVWUXFWLRQ ̋WLPHÙÔ ̋ ̋,QIRUPDWLRQ ̋LV ̋VKRZQ ̋RQ ̋WKUHH ̋W\SHV ̋RI ̋VWUXFWXUHV„ ̋ıÏÙ ̋Ï ̋XQLW ̋ıLÔHÔÒ ̋QHZ

VLQJOH ̋IDPLO\ ̋KRXVLQJÙ‚ ̋ıÎÙ ̋Î ̋WR ̋È ̋XQLWV‚ ̋DQG ̋ıÍÙ ̋Ë ̋XQLWV ̋RU ̋PRUHÔ ̋ ̋7KH ̋KRUL]RQWDO ̋D[LV ̋LQ

WKH ̋ ILJXUH ̋ UHFRUGV ̋ WKH ̋ QXPEHU ̋ RI ̋ PRQWKV ̋ LW ̋ WDNHV ̋ WR ̋ FRQVWUXFW ̋ WKH ̋ EXLOGLQJÔ ̋  ̋ 1HZ

UHVLGHQWLDO ̋ EXLOGLQJV ̋ WDNLQJ ̋ WKUHH ̋ PRQWKV ̋ RU ̋ OHVV ̋ WR ̋ FRQVWUXFW ̋ DUH ̋ UHFRUGHG ̋ DERYH ̋ WKH

FRQVWUXFWLRQ ̋ WLPH ̋ KHDGLQJ ̋ ¶Í ̋ PRQWKV ̋ RU ̋ OHVVÔß ̋  ̋ 1HZ ̋ UHVLGHQWLDO ̋ EXLOGLQJV ̋ WDNLQJ ̋ ÏÍ

PRQWKV ̋ RU ̋ PRUH ̋ WR ̋ FRQVWUXFW ̋ DUH ̋ UHFRUGHG ̋ DERYH ̋ WKH ̋ FRQVWUXFWLRQ ̋ WLPH ̋ KHDGLQJ ̋ ¶ÏÍ

PRQWKV ̋ RU ̋ PRUHÔß ̋  ̋ 1HZ ̋ UHVLGHQWLDO ̋ EXLOGLQJV ̋ WDNLQJ ̋ DQ ̋ DPRXQW ̋ RI ̋ WLPH ̋ EHWZHHQ ̋ IRXU

PRQWKV ̋ DQG ̋ RQH ̋ \HDU ̋WR ̋ FRQVWUXFW ̋ DUH ̋ UHFRUGHG ̋ DERYH ̋WKH ̋ DSSURSULDWH ̋ FRQVWUXFWLRQ ̋WLPH

KHDGLQJÔ ̋ ̋7KH ̋YHUWLFDO ̋D[LV ̋ UHFRUGV ̋WKH ̋SHUFHQWDJH ̋GLVWULEXWLRQ ̋ IRU ̋HDFK ̋W\SH ̋RI ̋VWUXFWXUH

DQG ̋HDFK ̋FRQVWUXFWLRQ ̋WLPH ̋KHDGLQJÔ
‰Ë

)LJXUH ̋ËðÏÊÔ ̋ ̋3HUFHQWDJH ̋'LVWULEXWLRQ ̋E\ ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI

&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI

6WUXFWXUH

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

0RQWKV ̋ ̋IURP ̋ ̋6WDUW

Ï ̋XQLW

Î ̋WR ̋È ̋XQLWV

Ë ̋XQLWV ̋RU ̋PRUH

7DEOH ̋ËðËÔ ̋ ̋3HUFHQWDJH ̋'LVWULEXWLRQ ̋E\ ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI

&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋IRU ̋1HZ ̋+RXVLQJ ̋8QLWV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH

3HULRG 3HUFHQWDJH ̋'LVWULEXWLRQ ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH

Ï ̋XQLW Î ̋WR ̋È ̋XQLWV Ë ̋XQLWV ̋RU ̋PRUH

Í ̋PRQWKV ̋RU ̋OHVV ÎÂ ‰ Í

È ̋PRQWKV ÎÏ ÎÏ Ë

Ë ̋PRQWKV ÏÁ ÏÈ Â

Á ̋PRQWKV ÏÏ ÏÏ ÏÎ

Ê ̋PRQWKV Ê ÏÌ ÏÈ

Â ̋PRQWKV È Á ÏÌ

‰ ̋PRQWKV Í Â ÏÏ

ÏÌ ̋PRQWKV Î Ë ÏÌ

ÏÏ ̋PRQWKV Î Í Ê

ÏÎ ̋PRQWKV Ï Î Ë

ÏÍ ̋PRQWKV ̋RU ̋PRUH Ë ÏÌ ÏÈ
‰Á

7KH ̋ GDWD ̋ XVHG ̋ WR ̋ FUHDWH ̋ )LJXUH ̋ ËðÏÊ ̋ DUH ̋ UHFRUGHG ̋ LQ ̋ 7DEOH ̋ ËðËÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH ̋ ILUVW

FROXPQ ̋RI ̋GDWD ̋LQ ̋WKH ̋WDEOH ̋UHYHDOV ̋WKDW ̋LQ ̋Ï‰‰Á ̋QHDUO\ ̋ËÌ ̋SHUFHQW ̋RI ̋DOO ̋QHZ ̋VLQJOH ̋IDPLO\

KRXVLQJ ̋XQLWV ̋ZHUH ̋FRQVWUXFWHG ̋LQ ̋IRXU ̋PRQWKV ̋RU ̋OHVV ̋ıUHIHU ̋WR ̋WKH ̋ ILUVW ̋WZR ̋ URZV ̋RI ̋WKH

WDEOHÙÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH ̋ WKLUG ̋ FROXPQ ̋ RI ̋ GDWD ̋ UHYHDOV ̋ WKDW ̋ OHVV ̋ WKDQ ̋ ÏÌ ̋ SHUFHQW ̋ RI ̋ DOO

PXOWLIDPLO\ ̋ EXLOGLQJV ̋ ZLWK ̋ Ë ̋ XQLWV ̋ RU ̋ PRUH ̋ ZHUH ̋ FRQVWUXFWHG ̋ LQ ̋ IRXU ̋ PRQWKV ̋ RU ̋ OHVVÔ

5HVLGHQWLDO ̋EXLOGLQJV ̋H[SHULHQFLQJ ̋FRQVWUXFWLRQ ̋WLPHV ̋RI ̋ÏÍ ̋PRQWKV ̋RU ̋PRUH ̋DFFRXQW ̋IRU

RQO\ ̋ Ë ̋ SHUFHQW ̋ RI ̋ DOO ̋ QHZ ̋ VLQJOH ̋ IDPLO\ ̋ KRXVLQJ ̋ XQLWVÒ ̋ ÏÌ ̋ SHUFHQW ̋ RI ̋ DOO ̋ PXOWLIDPLO\

EXLOGLQJV ̋ZLWK ̋ Î ̋WR ̋ È ̋ XQLWVÒ ̋DQG ̋ ÏÈ ̋ SHUFHQW ̋ RI ̋ DOO ̋PXOWLIDPLO\ ̋ EXLOGLQJV ̋ZLWK ̋ Ë ̋ XQLWV ̋ RU

PRUHÔ

ËÔÎÔÎÔ ̋ ̋0HDVXUHV ̋%DVHG ̋RQ ̋1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUV ̋'DWD

7KH ̋ 1$+% ̋ 5HSRUW ̋ &\FOH ̋ 7LPH ̋ 5HGXFWLRQ ̋ LQ ̋ WKH ̋ 5HVLGHQWLDO ̋ &RQVWUXFWLRQ ̋ 3URFHVV

FRQVLGHUV ̋ UHVLGHQWLDO ̋ KRXVLQJ ̋ FRQVWUXFWLRQ ̋ LQ ̋ $WODQWDÔ ̋  ̋ 7KH ̋ $WODQWD ̋ PDUNHWSODFH ̋ ZDV

FKRVHQ ̋EHFDXVH ̋LW ̋ZDV ̋RQH ̋KDYLQJ ̋VLJQLILFDQW ̋EXLOGLQJ ̋DFWLYLW\Ò ̋ZLWK ̋LQFUHDVLQJ ̋VDOHV ̋DQG

IRUHFDVWV ̋ VXJJHVWLQJ ̋ HFRQRPLF ̋ UHFRYHU\ ̋ LQ ̋ Ï‰‰Í ̋ ıWKH ̋ \HDU ̋ RI ̋ WKH ̋ UHSRUWÙÒ ̋ DQG ̋ D ̋ KLJK

SURSRUWLRQ ̋RI ̋SURWRW\SLFDO ̋KRXVHVÔ ̋ ̋7KH ̋SURWRW\SH ̋KRXVH ̋ZKLFK ̋LV ̋GHILQHG ̋LQ ̋WKH ̋UHSRUW ̋LV

FRQVLGHUHG ̋ WR ̋ EH ̋ UHSUHVHQWDWLYH ̋ RI ̋ 86 ̋ UHVLGHQWLDO ̋ FRQVWUXFWLRQ ̋ PDUNHWÒ ̋ DQG ̋ KDV ̋ WKH

IROORZLQJ ̋FKDUDFWHULVWLFV„

x 6LQJOHð)DPLO\ ̋'HWDFKHG

x 7ZRð6WRU\

x )XOOð)RXQGDWLRQ

x 2Qð6LWH ̋&RQVWUXFWLRQ

x %ULFNÒ ̋$OXPLQXPÒ ̋9LQ\O ̋RU ̋:RRG ̋3URGXFW ̋6LGLQJ

2I ̋WKH ̋ ÁË ̋ EXLOGLQJ ̋ ILUPV ̋LQLWLDOO\ ̋ FRQWDFWHGÒ ̋ Á ̋ ZHUH ̋ VHOHFWHG ̋ IRU ̋ GHWDLOHG ̋ VWXG\Ô ̋  ̋ 7KHVH

ILUPV ̋SURGXFHG ̋LQ ̋H[FHVV ̋RI ̋ÏÌÌ ̋QHZ ̋XQLWV ̋SHU ̋\HDUÒ ̋DQG ̋DSSHDUHG ̋WR ̋XVH ̋LQQRYDWLYH ̋F\FOHð

WLPH ̋UHGXFWLRQ ̋SUDFWLFHVÔ ̋ ̋7R ̋HVWDEOLVK ̋D ̋FRPPRQ ̋IUDPH ̋RI ̋UHIHUHQFHÒ ̋WKH ̋UHSRUW ̋GHILQHG ̋D

VHULHV ̋RI ̋VHWV ̋RI ̋PDMRU ̋ZRUN ̋DFWLYLWLHVÒ ̋ZLWK ̋HDFK ̋VHW ̋FRPSRVHG ̋RI ̋PRUH ̋GHWDLOHG ̋VXEVHWV ̋RI

DFWLYLWLHVÔ

6LWH ̋ DFWLYLWLHV ̋ RI ̋ WKH ̋ VL[ ̋ EXLOGHUV ̋ ZHUH ̋ EURNHQ ̋ GRZQ ̋ LQWR ̋ FDWHJRULHVÔ ̋  ̋ )LYH ̋ VHWV ̋ RI

FRQVWUXFWLRQ ̋ ZHUH ̋ GHILQHG ̋ IRU ̋ VWLFNðEXLOW ̋ KRXVHVÔ ̋  ̋ 7KHVH ̋ ZHUH ̋ IRXQGDWLRQÒ ̋ IUDPLQJÒ

URXJK ̋ PHFKDQLFDO ̋ DQG ̋ HOHFWULFDO ̋ ı0 ̃(ÙÒ ̋ GU\ZDOOÒ ̋ DQG ̋ ILQLVKHVÔ ̋ (DFK ̋ VHW ̋ FRQWDLQHG

VXEVHWV ̋RI ̋DFWLYLWLHV ̋DV ̋VKRZQ ̋EHORZÔ ̋ ̋7KH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IRU ̋HDFK ̋SULPDU\ ̋VXEVHW

LV ̋JLYHQ ̋IRU ̋D ̋ÎÈÎ ̋VTXDUH ̋PHWHU ̋ıÎÒÁÌÌ ̋VTXDUH ̋IRRWÙ ̋GHWDFKHG ̋VLQJOH ̋IDPLO\ ̋KRXVH ̋ıLQ ̋Ï‰‰ÍÒ

WKH ̋ QDWLRQDO ̋PHGLDQ ̋ VL]H ̋ IRU ̋ RFFXSLHG ̋ GHWDFKHG ̋ VLQJOH ̋ IDPLO\ ̋ KRPHV ̋ DQG ̋PRELOH ̋ KRPHV

ZDV ̋ÏÁÌ ̋VTXDUH ̋PHWHUV ̋ıÏÒÊÎË ̋VTXDUH ̋IHHWÙÙÔ ̋ ̋7KH ̋VFKHGXOH ̋GXUDWLRQ ̋JLYHQ ̋EHORZ ̋IRU ̋HDFK

VHW ̋ LV ̋UHSUHVHQWDWLYH ̋ RI ̋ EHVW ̋ SUDFWLFH ̋ LQ ̋ WKH ̋ EXLOGLQJ ̋ SURFHVVÒ ̋ DQG ̋ LV ̋ EDVHG ̋ XSRQ ̋ DFWXDO

DFWLYLWLHV ̋RI ̋KRPH ̋EXLOGHUVÔ ̋ ̋$FWLYLWLHV ̋VXFK ̋DV ̋DOORZDQFHV ̋IRU ̋LQVSHFWLRQV ̋DQG ̋GHOD\V ̋ıHÔJÔÒ

GXH ̋WR ̋LQFOHPHQW ̋ZHDWKHUÙÒ ̋DQG ̋ RWKHU ̋WLPHV ̋WKDW ̋PLJKW ̋ RUGLQDULO\ ̋ EH ̋LQFOXGHG ̋LQ ̋ EXLOGHU

SURGXFWLRQ ̋VFKHGXOHV ̋KDYH ̋EHHQ ̋GHOLEHUDWHO\ ̋RPLWWHG ̋EHFDXVH ̋RI ̋WKHLU ̋YDULDEOH ̋QDWXUHÒ ̋DQG

EHFDXVH ̋WKH\ ̋UHSUHVHQW ̋QRQðYDOXH ̋DGGHG ̋WLPH ̋LQ ̋WKH ̋FRQVWUXFWLRQ ̋F\FOH„
‰Ê

6HW 6XEðVHW 'D\V &RQFXUUHQW ̋$FWLYLWLHV

)RXQGDWLRQ ð ([FDYDWLRQ Ï

ð )RRWHUV Î

ð :DOOV ̋ıFRQFUHWHÙ Ë

ð *URXQG ̋ZRUNV ̋ıLQWHULRUÓH[WHULRUÙ È

ð 7HUPLWH Ï

ð 'DPSðSURRI Ï

ð 3UHSDUH ̋VODEV Ï

ð 3RXU ̋DQG ̋ILQLVK ̋VODEV Ï

7RWDO ̋:RUNLQJ ̋'D\V ÏÊ

7RWDO ̋&DOHQGDU ̋'D\V ÎÈ

)UDPLQJ ð 6HW ̋FROXPQV ̋DQG ̋VWHHO Ï

ð )UDPLQJ Ê )LUHSODFH

ð ,QWHULRU ̋IUDPH ̋LQVSHFWLRQÓUHSDLU Ï ıË ̋GD\VÙ

7RWDO ̋:RUNLQJ ̋'D\V  ̋‰

7RWDO ̋&DOHQGDU ̋'D\V ÏÍ

5RXJK ̋0 ̃( ð +9$&ðURXJK Î :DWHUÓVHZHU

&RQQHFWLRQV ̋ ð 3OXPELQJðURXJK Î ıÎ ̋GD\VÙ

ð 5RRI ̋VKLQJOHV Ï ̋ 1DWXUDO ̋JDV

ð (OHFWULFðURXJK Î VHZHU

ð ,QVXODWLRQ Ï FRQQHFWLRQ

ıÏ ̋GD\Ù

7RWDO ̋:RUNLQJ ̋'D\V Â

7RWDO ̋&DOHQGDU ̋'D\V ÏÎ

'U\ZDOO ð 'U\ZDOO Ê %ULFN ̋)URQW

ıÍ ̋GD\VÙÒ

6LGLQJ

ıÍ ̋GD\VÙ

&RUQLFHÒ

([WHULRU ̋7ULP

ıÏ ̋GD\Ù

7RWDO ̋:RUNLQJ ̋'D\V Ê

7RWDO ̋&DOHQGDU ̋'D\V ÏÌ
‰Â

)LQLVKHV ð &HUDPLF ̋%DWK Î 6KXWWHUVÒ ̋'HFN

ð 5HFHLYH ̋0DWHULDOV Ì *DUDJH ̋'RRU

ð ,QWHULRU ̋7ULP ̋ ̋ ̋ Î ıÎ ̋GD\VÙ

ð ,QWHULRU ̋3DLQW Í 'ULYHZD\

ð 5HVLOLHQW ̋)ORRULQJ Ï ıÏ ̋GD\Ù

ð .LWFKHQ ̋&DELQHWV ̋DQG ̋9DQLW\ ̋WRSV Ï ([WHULRU ̋

ð )LQLVK ̋+9$& Ï &RQFUHWH

ð )LQLVK ̋3OXPELQJ Î ıÏ ̋GD\Ù

ð )LQLVK ̋(OHFWULFDO Î :LUH ̋ 6KHOYLQJ

ð 'U\ZDOO ̋WRXFKðXS Ï ıÏ ̋GD\Ù

ð :RRG ̋IORRUÒ ̋VKRZHU ̋GRRU ̋ Ï ([WHULRU ̋WULPÒ

PLUURUVÒ ̋EDWKURRP /DQGVFDSLQJ

ð 3DLQW ̋WRXFKðXS Ï ıÏ ̋GD\Ù

ð &DUSHW Ï

ð )LQDO ̋&OHDQ Ï

ð 4XDOLW\ ̋,QVSHFWLRQ ̋DQG ̋:RUN Î

ð &XVWRPHU ̋3UHðVHWWOHPHQW Ï

7RWDO ̋:RUNLQJ ̋'D\V ÎÎ

7RWDO ̋&DOHQGDU ̋'D\V ÍÏ

7RWDO ̋:RUNLQJ ̋'D\V ̋ıDOO ̋VHWVÙ ÁÍ

7RWDO ̋&DOHQGDU ̋'D\V ̋ıDOO ̋VHWVÙ ÂÂ

7KHVH ̋ILJXUHV ̋FRPSDUH ̋ZLWK ̋D ̋WRWDO ̋RI ̋ËÂ ̋ZRUNLQJ ̋GD\VÓÂÏ ̋FDOHQGDU ̋GD\V ̋IRU ̋D ̋ÏÈÌ ̋VTXDUH

PHWHU ̋ıÏÒËÌÌ ̋VTXDUH ̋IRRWÙ ̋KRXVHÔ ̋ ̋7KH ̋ILJXUHV ̋LQFOXGH ̋ÎÏ ̋ZRUNLQJ ̋GD\V ̋LQ ̋WKH ̋FRQFXUUHQW

SDWK ̋RI ̋DFWLYLW\Ô ̋ ̋7KH ̋®EHVW ̋SUDFWLFH© ̋VFKHGXOH ̋VKRZQ ̋DERYH ̋LV ̋YDOLGDWHG ̋LQ ̋WKH ̋UHSRUWÒ ̋DQG

LV ̋VKRZQ ̋WR ̋EH ̋VLPLODU ̋WR ̋WKDW ̋DFKLHYHG ̋E\ ̋WZR ̋PLGð$WODQWLF ̋EXLOGHUVÔ ̋ ̋,Q ̋RUGHU ̋WR ̋DFKLHYH

WKLV ̋ VFKHGXOHÒ ̋ VNLOOIXO ̋ XVH ̋ RI ̋ SUHðPDQXIDFWXUHG ̋ EXLOGLQJ ̋ FRPSRQHQWVÒ ̋ SDUWLFXODUO\ ̋ ZDOO

SDQHOVÒ ̋ URRIÒ ̋ DQG ̋ IORRU ̋ MRLVW ̋ V\VWHPV ̋ LV ̋ QHFHVVDU\ ̋ WR ̋ UHGXFH ̋ WRWDO ̋ DFWXDO ̋ F\FOHðWLPH ̋ LQ

UHVLGHQWLDO ̋FRQVWUXFWLRQÔ

7KH ̋ 1$+% ̋ UHSRUW ̋ DOVR ̋ H[DPLQHV ̋ FRPSDUDWLYH ̋ F\FOH ̋ WLPHV ̋ IRU ̋ Ê ̋ PRGXODU ̋ KRXVLQJ

PDQXIDFWXUHUV ̋LQ ̋GHWDLOÔ ̋ ̋$ ̋FRQVWUXFWLRQ ̋VFKHGXOH ̋ZDV ̋GHYHORSHG ̋VLPLODU ̋WR ̋WKDW ̋IRU ̋D ̋VLWHð

EXLOW ̋KRXVHÒ ̋ZKHUH ̋WKH ̋VLWHðEXLOW ̋KRXVH ̋LV ̋UHSODFHG ̋E\ ̋D ̋PRGXODU ̋UHSODFHPHQW ̋KRXVH ̋EXLOW

RIIðVLWH ̋FRQFXUUHQWO\ ̋ZLWK ̋WKH ̋LQVWDOODWLRQ ̋RI ̋WKH ̋IRXQGDWLRQ ̋RQ ̋VLWHÔ ̋ ̋7KH ̋VFKHGXOH ̋DVVXPHV

PD[LPXP ̋ XVH ̋ RI ̋ FRQFXUUHQW ̋ ZRUN ̋ DFWLYLW\Ò ̋ DQG ̋ QRQðYDOXHðDGGHG ̋ WLPH ̋ LV ̋ H[FOXGHG ̋ DV

EHIRUH„
‰‰

$FWLYLW\ 'XUDWLRQ ̋ıGD\VÙ

ð )RXQGDWLRQ ÏÊ

ð 0DQXIDFWXUH ̋RI ̋+RXVH &RQFXUUHQW ̋ZLWK ̋)RXQGDWLRQ

ð 3ODFLQJ ̋RQ ̋)RXQGDWLRQ Ï

ð )LQLVKHV Ê

ð 3UHð6HWWOHPHQW Î

7RWDO ̋:RUNLQJ ̋'D\V ̋ıDOO ̋RSHUDWLRQVÙ ÎÂ

7RWDO ̋&DOHQGDU ̋'D\V ̋ıDOO ̋RSHUDWLRQVÙ ÈÎ

7KH ̋ 1$+% ̋ UHSRUW ̋ DOVR ̋ LGHQWLILHV ̋ D ̋ VHULHV ̋ RI ̋ VLWHðEXLOW ̋ DQG ̋ PRGXODU ̋ ®EHVW ̋ SUDFWLFH

LQGLFDWRUV©Ò ̋ZKLFK ̋DUH ̋RI ̋VLJQLILFDQFH ̋WR ̋WKH ̋UHGXFWLRQ ̋LQ ̋F\FOH ̋WLPHÔ ̋ ̋7KH\ ̋DUH ̋VKRZQ ̋LQ

WKH ̋GDWD ̋KLHUDUFKLHV ̋SUHVHQWHG ̋LQ ̋$SSHQGL[ ̋$Ô ̋ ̋7KHVH ̋LQGLFDWRUV ̋DUH ̋RI ̋D ̋JHQHUDO ̋ QDWXUHÒ

JLYHQ ̋WKDW ̋WKH ̋ VXUYH\ ̋ VDPSOH ̋ VL]H ̋ZDV ̋WRR ̋ VPDOO ̋WR ̋ EH ̋ DEOH ̋WR ̋ FRUUHODWH ̋ SDUWLFXODU ̋ZRUN

SUDFWLFHV ̋ ZLWK ̋ UHGXFWLRQV ̋ LQ ̋ F\FOH ̋ WLPHÔ ̋  ̋ +RZHYHUÒ ̋ WKH ̋ 1$+% ̋ UHSRUW ̋ SURYLGHV ̋ VRPH

YDOXDEOH ̋LQVLJKWVÒ ̋DQG ̋PHULWV ̋WKH ̋DWWHQWLRQ ̋RI ̋WKH ̋UHDGHUÔ

ËÔÎÔÍÔ ̋ ̋6XPPDU\ ̋RI ̋%DVHOLQH ̋0HDVXUHV

7DEOH ̋ ËðÁ ̋ VKRZV ̋ JHQHUDO ̋ LQIRUPDWLRQ ̋ UHODWLQJ ̋ WR ̋ WKH ̋ UHVLGHQWLDO ̋ VHFWRUÒ ̋ DV ̋ ZHOO ̋ DV ̋ NH\

GHOLYHU\ ̋ WLPH ̋ EDVHOLQH ̋ GDWDÔ ̋  ̋ 7KH ̋ ®*HQHUDO ̋ ,QIRUPDWLRQ© ̋ VHFWLRQ ̋ GHVFULEHV ̋ WKH ̋ WRWDO

H[SHQGLWXUHV ̋IRU ̋QHZ ̋FRQVWUXFWLRQ ̋LQ ̋WKH ̋UHVLGHQWLDO ̋VHFWRU ̋LQ ̋Ï‰‰ÈÒ ̋DV ̋ZHOO ̋DV ̋WKH ̋DYHUDJH

FRVW ̋RI ̋QHZ ̋KRXVLQJ ̋LQ ̋WKH ̋86Ô ̋ ̋7KH ̋VHFWLRQ ̋DOVR ̋SURYLGHV ̋RYHUDOO ̋LQIRUPDWLRQ ̋DERXW ̋WKH

VL]H ̋ RI ̋ WKH ̋ UHVLGHQWLDO ̋ VHFWRUÒ ̋ DQG ̋ VHOHFWHG ̋ NH\ ̋ FKDUDFWHULVWLFV ̋ IRU ̋ VLQJOHðIDPLO\ ̋ KRPHVÒ

ZKLFK ̋DUH ̋WKH ̋ODUJHVW ̋FRPSRQHQW ̋RI ̋WKH ̋VHFWRUÔ

7KH ̋®'HOLYHU\ ̋7LPH© ̋VHFWLRQ ̋SURYLGHV ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋UHVLGHQWLDO ̋FRQVWUXFWLRQ ̋LQ

WKH ̋86Ô

6XPPDU\ ̋RI ̋$EEUHYLDWLRQV ̋8VHG ̋LQ ̋7DEOH ̋ËðÁ

9,3 9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH

&ÎÌ &XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUWV ̋6HULHV ̋&ÎÌ ̋ð ̋+RXVLQJ ̋6WDUWV

1$+% 1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUV
ÏÌÌ

7DEOH ̋ËðÁÔ ̋ ̋6XPPDU\ ̋RI ̋%DVHOLQH ̋0HDVXUHV„ ̋5HVLGHQWLDO ̋6HFWRU

'(6&5,37,21 <($5 %$6(/,1( 6285&(ÎÁ

*(1(5$/

,1)250$7,21

 ̋ ̋  ̋

9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ

3XW ̋LQ ̋3ODFH

Ï‰‰È  ̆ÏËÁÒËÊË ̋PLOOLRQ ̋ıFRQVWDQW

Ï‰‰Î ̋GROODUVÙ

&HQVXV ̋9,3

'DWD

$YHUDJH ̋&RQVWUXFWLRQ ̋&RVW

ð ̋$OO ̋+RXVLQJ

Ï‰‰È  ̆ËÈÔËÈ ̋SHU ̋VTXDUH

IRRWÓ ̆ËÂÁÔÂÏ ̋SHU ̋VTXDUH

PHWHU

6WDWLVWLFDO

$EVWUDFW

7RWDO ̋1XPEHU ̋RI ̋+RXVLQJ

8QLWV

Ï‰‰Ë ÏÏÌ ̋PLOOLRQ &HQVXV ̋'DWD

1XPEHU ̋RI ̋6LQJOHð)DPLO\

ı6)Ù ̋+RXVLQJ ̋8QLWV

Ï‰‰Ë ÊÎ ̋PLOOLRQ &HQVXV ̋'DWD

0HGLDQ ̋6L]H ̋RI ̋6) ̋8QLW Ï‰‰Ë ÏÒÊÍÎ ̋VTXDUH ̋IHHWÓÏÁÏ ̋VTXDUH

PHWHUV

&HQVXV ̋'DWD

1XPEHU ̋RI ̋1HZ ̋6) ̋+RPHV

6WDUWHG

Ï‰‰Ë ÏÔÏ ̋PLOOLRQ &HQVXV ̋'DWD

'(/,9(5< ̋7,0(  ̋ ̋  ̋

7RWDO ̋7LPH ̋IURP

$XWKRUL]DWLRQ ̋RI

&RQVWUXFWLRQ ̋WR ̋6WDUW ̋RI

&RQVWUXFWLRQ

Ï‰‰Á ÌÔÊË ̋PRQWKV ̋DSSUR[LPDWHO\

ıVLQJOH ̋IDPLO\ ̋KRXVLQJÙ

&ÎÌ

7RWDO ̋7LPH ̋IURP ̋6WDUW ̋RI

&RQVWUXFWLRQ ̋WR

&RPSOHWLRQ

Ï‰‰Á Á ̋PRQWKV ̋DSSUR[LPDWHO\

ıVLQJOH ̋IDPLO\ ̋KRXVLQJÙ

&ÎÌ

%HVW ̋3UDFWLFH ̋6LWH ̋%XLOW

&RQVWUXFWLRQ ̋'XUDWLRQ ̋IRU

6LQJOH ̋)DPLO\ ̋'HWDFKHG

+RXVH ̋ð ̋6L]H ̋ÎÈÎ ̋6TXDUH

0HWHUV

Ï‰‰Í ÁÍ ̋:RUNLQJ ̋'D\V

ÂÂ ̋&DOHQGDU ̋'D\V

1$+%

%HVW ̋3UDFWLFH ̋6LWH ̋%XLOW

&RQVWUXFWLRQ ̋'XUDWLRQ ̋IRU

6LQJOH ̋)DPLO\ ̋'HWDFKHG

+RXVH ̋ð ̋6L]H ̋ÏÈÌ ̋6TXDUH

0HWHUV

Ï‰‰Í ËÂ ̋:RUNLQJ ̋'D\V

ÂÏ ̋&DOHQGDU ̋'D\V

1$+%

%HVW ̋3UDFWLFH ̋0RGXODU

&RQVWUXFWLRQ ̋'XUDWLRQ ̋IRU

6LQJOH ̋)DPLO\ ̋'HWDFKHG

+RXVH ̋ð ̋6L]H ̋ÎÈÎ ̋6TXDUH

0HWHUV

Ï‰‰Í ÎÂ ̋:RUNLQJ ̋'D\V

ÈÎ ̋&DOHQGDU ̋'D\V

1$+%

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÎÁ ̋6HH ̋DFFRPSDQ\LQJ ̋WH[W ̋IRU ̋GHVFULSWLRQ ̋RI ̋DEEUHYLDWLRQV ̋XVHG ̋LQ ̋WKLV ̋WDEOHÔ
ÏÌÏ

ÁÔ ̋ ̋'HOLYHU\ ̋7LPH ̋0HDVXUHV ̋IRU ̋WKH ̋1RQð5HVLGHQWLDO ̋6HFWRUV„

&RPPHUFLDOÓ,QVWLWXWLRQDOÒ ̋,QGXVWULDOÒ ̋DQG ̋3XEOLF ̋:RUNV

ÁÔÏÔ ̋ ̋.H\ ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋1RQð5HVLGHQWLDO ̋6HFWRUV

7KLV ̋ VHFWLRQ ̋ RI ̋ WKH ̋ GRFXPHQW ̋ DGGUHVVHV ̋ WKH ̋ LVVXH ̋ RI ̋ GDWD ̋ VRXUFHVÒ ̋ DYDLODELOLW\Ò ̋ DQG

FRQVWUDLQWV ̋ LQ ̋ WKH ̋ FRPPHUFLDOÓLQVWLWXWLRQDOÒ ̋ LQGXVWULDOÒ ̋ DQG ̋ SXEOLF ̋ ZRUNV ̋ VHFWRUVÒ ̋ DQG

VXPPDUL]HV ̋WKH ̋ NH\ ̋ GDWD ̋ VRXUFHV ̋ZKLFK ̋ DUH ̋ XVHG ̋ IRU ̋ GHYHORSLQJ ̋WKH ̋ EDVHOLQH ̋PHDVXUHVÔ

7KH ̋VHFWLRQ ̋DOVR ̋SURYLGHV ̋DQ ̋RYHUYLHZ ̋RI ̋HDFK ̋RI ̋WKH ̋WKUHH ̋VHFWRUVÔ

ÁÔÏÔÏÔ ̋ ̋'DWD ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋1RQð5HVLGHQWLDO ̋6HFWRUV„ ̋6RXUFHVÒ ̋$YDLODELOLW\Ò

DQG ̋&RQVWUDLQWV

ÁÔÏÔÏÔÏÔ ̋ ̋'DWD ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋&RPPHUFLDOÓ,QVWLWXWLRQDO ̋6HFWRU

3UHOLPLQDU\ ̋GDWD ̋VHDUFKHV ̋IRU ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRU ̋LQGLFDWHG ̋WKDW ̋WKHUH ̋DUH ̋D

YDULHW\ ̋ RI ̋ RUJDQL]DWLRQV ̋ FDUU\LQJ ̋ RXW ̋ V\VWHPDWLF ̋ VXUYH\V ̋ RI ̋ SDUWLFXODU ̋ SDUWV ̋ RI ̋ WKH

FRPPHUFLDOÓLQVWLWXWLRQDO ̋ VHFWRUÒ ̋ SDUWLFXODUO\ ̋ ZLWK ̋ UHJDUG ̋ WR ̋ SURYLGLQJ ̋ LQIRUPDWLRQ ̋ RQ

EXLOGLQJ ̋ RSHUDWLRQV ̋FRVWVÒ ̋ EXW ̋WKDW ̋WKHUH ̋DUH ̋ IHZ ̋ VXUYH\V ̋ FRYHULQJ ̋WKH ̋ HQWLUH ̋ VHFWRUÒ ̋ DQG

QRQH ̋ ZKLFK ̋ DSSHDU ̋ WR ̋ SURYLGH ̋ LQIRUPDWLRQ ̋ UHJDUGLQJ ̋ GHOLYHU\ ̋ WLPH ̋ RQ ̋ FRQVWUXFWLRQ

SURMHFWV ̋ LQ ̋ WKH ̋ VHFWRUÔ ̋  ̋ 7KH ̋ PRVW ̋ GHWDLOHG ̋ VXUYH\ ̋ RI ̋ WKH ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ VHFWRU

ORFDWHG ̋E\ ̋WKH ̋DXWKRUV ̋LV ̋FDUULHG ̋RXW ̋E\ ̋WKH ̋(QHUJ\ ̋ ,QIRUPDWLRQ ̋$GPLQLVWUDWLRQ ̋ ı(,$ÙÒ ̋D

SDUW ̋RI ̋WKH ̋86 ̋'HSDUWPHQW ̋RI ̋(QHUJ\Ô ̋ ̋7KLV ̋VXUYH\ ̋SURYLGHV ̋XVHIXO ̋LQIRUPDWLRQ ̋UHJDUGLQJ

FKDUDFWHULVWLFV ̋RI ̋WKH ̋VHFWRUÒ ̋EXW ̋LV ̋SULPDULO\ ̋HQHUJ\ ̋RULHQWHGÔ

7KH ̋ (,$ ̋ FDUULHV ̋ RXW ̋ WKH &RPPHUFLDO ̋ %XLOGLQJV ̋ (QHUJ\ ̋ &KDUDFWHULVWLFV ̋ 6XUYH\

ı&%(&6ÙÔ ̋  ̋ 'DWD ̋ IURP ̋ ERWK ̋WKH ̋ Ï‰‰Î ̋ DQG ̋ Ï‰‰Ë ̋ VXUYH\V ̋ DUH ̋ LQFOXGHG ̋ LQ ̋ WKLV ̋ GRFXPHQWÔ

&RPPHUFLDO ̋EXLOGLQJV ̋DUH ̋GHILQHG ̋E\ ̋(,$ ̋DV ̋DOO ̋HQFORVHGÒ ̋ URRIHGÒ ̋DQG ̋ZDOOHG ̋ VWUXFWXUHV

XVHG ̋ SUHGRPLQDQWO\ ̋ IRU ̋ FRPPHUFLDO ̋ SXUSRVHVÒ ̋ ZLWK ̋ IORRUVSDFH ̋ JUHDWHU ̋ WKDQ ̋ ‰Í ̋ VTXDUH

PHWHUV ̋ıÏÒÌÌÌ ̋VTXDUH ̋IHHWÙÔ ̋7KH ̋VXUYH\ ̋DOVR ̋FRYHUV ̋WKH ̋LQVWLWXWLRQDO ̋VHFWRU ̋ıHÔJÔÒ ̋HGXFDWLRQÒ

UHOLJLRXVÒ ̋DQG ̋KHDOWKFDUH ̋IDFLOLWLHVÙÒ ̋WKRXJK ̋LQ ̋WKH ̋VXUYH\ ̋WKHVH ̋DUH ̋DOO ̋FROOHFWLYHO\ ̋UHIHUUHG

WR ̋DV ̋FRPPHUFLDO ̋EXLOGLQJVÔ

7KH ̋ (,$ ̋ SURGXFHV ̋ D ̋ QXPEHU ̋ UHSRUWV ̋ IURP ̋WKH ̋ VXUYH\ ̋ GDWDÔ ̋  ̋ 7KHVH ̋ LQFOXGH ̋&RPPHUFLDO

%XLOGLQJV ̋ &KDUDFWHULVWLFV ̋ Ï‰‰Î ̋ DQG ̋ Ï‰‰ËÔ ̋ 'DWD ̋ IURP ̋ (,$ ̋ DUH ̋ DYDLODEOH ̋ WKURXJK ̋ LWV

,QWHUQHW ̋VLWH ̋ı85/„ ̋KWWS„ÓÓZZZÔHLDÔGRHÔJRYÙÒ ̋RU ̋WKURXJK ̋SDSHU ̋RU ̋HOHFWURQLF ̋SXEOLFDWLRQVÒ

LQFOXGLQJ ̋WKH ̋(,$ ̋(QHUJ\ ̋,QIR'LVF ̋9ROXPH ̋ÎÒ ̋1RÔÏÒ ̋Ï‰‰ÊÔ
ÏÌÎ

,Q ̋WKLV ̋GRFXPHQWÒ ̋GDWD ̋IURP ̋WKH ̋(,$ ̋UHSRUWVÒ ̋&RPPHUFLDO ̋%XLOGLQJV ̋&KDUDFWHULVWLFV ̋Ï‰‰Î

DQG ̋ &RPPHUFLDO ̋ %XLOGLQJV ̋ &KDUDFWHULVWLFV ̋ Ï‰‰ËÒ ̋ KDYH ̋ EHHQ ̋ XVHG ̋ WR ̋ FKDUDFWHUL]H ̋ WKH

FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRUÔ

'DWD ̋IURP ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH

7KH ̋ &RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ ,QVWLWXWH ̋ ı&,,Ù ̋ KDV ̋ SURYLGHG ̋ WKH ̋ DXWKRUV ̋ ZLWK ̋ GHWDLOHG

LQIRUPDWLRQ ̋UHJDUGLQJ ̋GHOLYHU\ ̋WLPH ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRUÒ ̋DV ̋GLVFXVVHG ̋LQ

&KDSWHU ̋Í ̋RI ̋WKLV ̋GRFXPHQWÔ ̋ ̋'DWD ̋ IURP ̋&,, ̋DUH ̋XVHG ̋WR ̋HVWDEOLVK ̋GHWDLOHG ̋GHOLYHU\ ̋WLPH

EDVHOLQHV ̋IRU ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRUÔ

ÁÔÏÔÏÔÎÔ ̋ ̋'DWD ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋,QGXVWULDO ̋6HFWRU

3UHOLPLQDU\ ̋GDWD ̋VHDUFKHV ̋IRU ̋WKH ̋LQGXVWULDO ̋VHFWRU ̋IRFXVHG ̋XSRQ ̋RUJDQL]DWLRQV ̋VXFK ̋DV ̋WKH

'HSDUWPHQW ̋ RI ̋ &RPPHUFHÒ ̋ 'HSDUWPHQW ̋ RI ̋ (QHUJ\Ò ̋ DQG ̋ 1DWLRQDO ̋ $VVRFLDWLRQ ̋ RI

0DQXIDFWXUHUVÔ ̋ ̋7KHVH ̋ VHDUFKHV ̋LQGLFDWHG ̋WKDW ̋WKH ̋PDMRULW\ ̋ RI ̋ QDWLRQDO ̋OHYHO ̋ GDWD ̋ RQ ̋WKH

LQGXVWULDO ̋ VHFWRU ̋ LV ̋ FROOHFWHG ̋ HLWKHU ̋ E\ ̋ WKH ̋ 86 ̋ %XUHDX ̋ RI ̋ WKH ̋ &HQVXV ̋ RU ̋ WKH ̋ (QHUJ\

,QIRUPDWLRQ ̋$GPLQLVWUDWLRQÔ ̋ ̋:KLOH ̋WKHVH ̋VRXUFHV ̋SURYLGH ̋VRPH ̋LQIRUPDWLRQ ̋UHJDUGLQJ ̋WKH

QDWXUH ̋ RI ̋WKH ̋LQGXVWULDO ̋ VHFWRUÒ ̋WKH\ ̋ GR ̋ QRW ̋ SURYLGH ̋LQIRUPDWLRQ ̋ RQ ̋ GHOLYHU\ ̋WLPH ̋LQ ̋WKH

VHFWRUÔ ̋ ̋6RPH ̋RWKHU ̋VRXUFHV ̋RI ̋LQIRUPDWLRQ ̋KDYH ̋EHHQ ̋ORFDWHGÒ ̋EXW ̋GDWD ̋LV ̋JHQHUDOO\ ̋RQO\

DYDLODEOH ̋ RQ ̋ D ̋ FRPPHUFLDO ̋ IHHðIRUðVHUYLFH ̋ EDVLVÔ ̋  ̋ )RU ̋ IXUWKHU ̋ GHWDLOV ̋ UHJDUGLQJ ̋ GDWD

VRXUFHVÒ ̋UHIHU ̋WR ̋&KDSWHU ̋ÈÔ

'DWD ̋IURP ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

7KH ̋ 86 ̋ %XUHDX ̋ RI ̋ WKH ̋ &HQVXV ̋ ı86%&Ù ̋ FDUULHV ̋ RXW ̋ D ̋ QXPEHU ̋ RI ̋ VXUYH\V ̋ RI ̋ WKH ̋ 86

LQGXVWULDOÓPDQXIDFWXULQJ ̋ VHFWRUÒ ̋ ZKLFK ̋ DUH ̋ XVHIXO ̋ ZKHQ ̋ FKDUDFWHUL]LQJ ̋ WKH ̋ QDWXUH ̋ RI ̋ WKH

LQGXVWULDO ̋VHFWRUÔ ̋ ̋6XUYH\VÓUHSRUWV ̋RI ̋SDUWLFXODU ̋LQWHUHVW ̋DUH ̋WKH ̋&HQVXV ̋RI ̋0DQXIDFWXUHV

DQG ̋WKH ̋$QQXDO ̋6XUYH\ ̋RI ̋0DQXIDFWXUHVÔ

7KH ̋&HQVXV ̋ RI ̋0DQXIDFWXUHV ̋ SURYLGHV ̋ GHWDLOHG ̋LQIRUPDWLRQ ̋ RQ ̋ VHOHFWHG ̋ FKDUDFWHULVWLFV

RI ̋WKH ̋PDQXIDFWXULQJ ̋VHFWRUÔ ̋ ̋7KH ̋VXUYH\ ̋LV ̋FDUULHG ̋RXW ̋HYHU\ ̋ILYH ̋\HDUV‚ ̋ ̋GDWD ̋DUH ̋FXUUHQWO\

DYDLODEOH ̋ IURP ̋ WKH ̋ Ï‰‰Î ̋ &HQVXVÔ ̋  ̋ 7KH ̋ Ï‰‰Î ̋ &HQVXV ̋ RI ̋ 0DQXIDFWXUHV ̋ LQFOXGHV ̋ DOO

HVWDEOLVKPHQWV ̋ ZLWK ̋ RQH ̋ SDLG ̋ HPSOR\HH ̋ RU ̋ PRUHÒ ̋ SULPDULO\ ̋ HQJDJHG ̋ LQ ̋ PDQXIDFWXULQJÔ

7KLV ̋ LQFOXGHV ̋ DSSUR[LPDWHO\ ̋ ÍÂÌÒÌÌÌ ̋ HVWDEOLVKPHQWVÔ ̋  ̋ 7KH ̋ 6,& ̋ 0DQXDO ̋ GHILQHV

PDQXIDFWXULQJ ̋ DV ̋ WKH ̋ PHFKDQLFDO ̋ RU ̋ FKHPLFDO ̋ WUDQVIRUPDWLRQ ̋ RI ̋ VXEVWDQFH ̋ RU ̋ PDWHULDOV

LQWR ̋QHZ ̋SURGXFWVÔ ̋ ̋7KH ̋DVVHPEO\ ̋RI ̋FRPSRQHQW ̋SDUWV ̋RI ̋SURGXFWV ̋LV ̋DOVR ̋FRQVLGHUHG ̋WR ̋EH

PDQXIDFWXULQJÔ ̋ ̋7KH ̋&HQVXV ̋ RI ̋0DQXIDFWXUHV ̋FRYHUV ̋ ÎÌ ̋PDMRU ̋LQGXVWU\ ̋ JURXSV ̋ZLWK ̋ Î

GLJLW ̋6,& ̋&RGHV ̋ÎÌðÍ‰ ̋LQFOXVLYHÔ ̋ ̋7KH ̋86%& ̋SURYLGHV ̋WZR ̋UHSRUW ̋VHULHV ̋IURP ̋WKH ̋&HQVXV

ZKLFK ̋DUH ̋RI ̋SDUWLFXODU ̋LQWHUHVWÔ ̋ ̋7KH ̋ILUVW ̋LV ̋WKH ̋*HQHUDO ̋6XPPDU\ ̋5HSRUWÒ ̋ZKLFK ̋SURYLGHV

DJJUHJDWHG ̋LQGXVWU\ ̋VWDWLVWLFV ̋LQ ̋RQH ̋UHSRUWÔ ̋ ̋7KHVH ̋LQFOXGH ̋LQIRUPDWLRQ ̋RQ ̋HVWDEOLVKPHQW

VL]HÒ ̋QXPEHU ̋RI ̋HPSOR\HHVÒ ̋ VHOHFWHG ̋ RSHUDWLQJ ̋FRVWVÒ ̋DQG ̋ VR ̋ IRUWKÒ ̋ XS ̋WR ̋WKH ̋ ÈðGLJLW ̋6,&

&RGH ̋ OHYHO ̋ RI ̋ GHWDLOÔ ̋  ̋ $ ̋ VHFRQG ̋ VHULHV ̋ RI ̋ UHSRUWVÒ ̋ WKH ̋ ,QGXVWU\ ̋ 5HSRUWV ̋ FRPSULVHV ̋ ÂÍ

VHSDUDWHÒ ̋ PRUH ̋ GHWDLOHG ̋ UHSRUWVÔ ̋  ̋ 7KH ̋ ODWWHU ̋ UHSRUWV ̋ SURYLGH ̋ KLVWRULFDO ̋ VWDWLVWLFV ̋ IRU ̋ WKH

LQGXVWU\Ò ̋ VHOHFWHG ̋ RSHUDWLQJ ̋ UDWLRVÒ ̋ FDSLWDO ̋ H[SHQGLWXUHV ̋ VWDWLVWLFVÒ ̋ SXUFKDVHG ̋ VHUYLFHV
ÏÌÍ

VWDWLVWLFVÒ ̋SURGXFW ̋VWDWLVWLFVÒ ̋DQG ̋PDWHULDO ̋VWDWLVWLFV ̋IRU ̋VL[ðGLJLW ̋6,& ̋FRGHVÔ ̋ ̋7KLV ̋OHYHO ̋RI

GHWDLO ̋ZLOO ̋QRW ̋EH ̋FRQVLGHUHG ̋LQ ̋WKLV ̋GRFXPHQWÔ

7KH ̋$QQXDO ̋6XUYH\ ̋RI ̋0DQXIDFWXUHV ̋SUHVHQWV ̋PDQXIDFWXULQJ ̋HVWDEOLVKPHQWV ̋VWDWLVWLFDO

GDWD ̋IRU ̋\HDUV ̋ZKHQ ̋WKH ̋&HQVXV ̋RI ̋0DQXIDFWXUHV ̋LV ̋QRW ̋FDUULHG ̋RXWÔ ̋ ̋'DWD ̋IURP ̋WKH ̋Ï‰‰Ë

$QQXDO ̋6XUYH\ ̋RI ̋0DQXIDFWXUHV ̋DUH ̋DYDLODEOH ̋DW ̋SUHVHQWÔ ̋ ̋6HOHFWHG ̋GDWD ̋IURP ̋86%& ̋DUH

DYDLODEOH ̋ WKURXJK ̋ LWV ̋ ,QWHUQHW ̋ VLWH ̋ ı85/„ ̋ KWWS„ÓÓZZZÔFHQVXVÔJRYÙÒ ̋ RU ̋ YLD ̋ HOHFWURQLF ̋ RU

SDSHU ̋SXEOLFDWLRQVÔ

,Q ̋WKLV ̋GRFXPHQWÒ ̋GDWD ̋IURP ̋WKH ̋86%& ̋KDYH ̋EHHQ ̋XVHG ̋WR ̋FKDUDFWHUL]H ̋WKH ̋VL]H ̋DQG ̋QDWXUH

RI ̋WKH ̋LQGXVWULDO ̋VHFWRUÔ

'DWD ̋IURP ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH

7KH ̋ &RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ ,QVWLWXWH ̋ ı&,,Ù ̋ KDV ̋ SURYLGHG ̋ WKH ̋ DXWKRUV ̋ ZLWK ̋ GHWDLOHG

LQIRUPDWLRQ ̋UHJDUGLQJ ̋GHOLYHU\ ̋WLPH ̋LQ ̋WKH ̋LQGXVWULDO ̋VHFWRUÒ ̋DV ̋GLVFXVVHG ̋LQ ̋&KDSWHU ̋Í ̋RI

WKLV ̋GRFXPHQWÔ ̋ ̋'DWD ̋ IURP ̋&,, ̋DUH ̋XVHG ̋WR ̋HVWDEOLVK ̋GHWDLOHG ̋GHOLYHU\ ̋WLPH ̋ EDVHOLQHV ̋ IRU

WKH ̋LQGXVWULDO ̋VHFWRUÔ

ÁÔÏÔÏÔÍÔ ̋ ̋'DWD ̋&RQVLGHUDWLRQV ̋IRU ̋WKH ̋3XEOLF ̋:RUNV ̋6HFWRU

7KLV ̋ VHFWLRQ ̋ RI ̋ WKH ̋ GRFXPHQW ̋ DGGUHVVHV ̋ WKH ̋ LVVXH ̋ RI ̋ GDWD ̋ VRXUFHVÒ ̋ DYDLODELOLW\Ò ̋ DQG

FRQVWUDLQWV ̋LQ ̋WKH ̋SXEOLF ̋ZRUNV ̋VHFWRUÒ ̋DQG ̋VXPPDUL]HV ̋WKH ̋NH\ ̋GDWD ̋VRXUFHV ̋WKDW ̋DUH ̋XVHG

IRU ̋ GHYHORSLQJ ̋WKH ̋ EDVHOLQH ̋PHDVXUHVÔ ̋ ̋7KH ̋ VHFWLRQ ̋DOVR ̋ SURYLGHV ̋D ̋ JHQHUDO ̋ RYHUYLHZ ̋ RI

WKH ̋SXEOLF ̋ZRUNV ̋VHFWRUÒ ̋DV ̋ZHOO ̋DV ̋D ̋EULHI ̋RYHUYLHZ ̋RI ̋HDFK ̋RI ̋WKH ̋VXEðVHFWRUVÔ ̋ ̋7R ̋UHðFDSÒ

WKH ̋SXEOLF ̋ZRUNV ̋VXEðVHFWRUV ̋DUH ̋DV ̋IROORZV„

x ̋7UDQVSRUWDWLRQ ̋ıURDGÒ ̋UDLOÒ ̋WUDQVLWÒ ̋DLUÒ ̋DQG ̋ZDWHUÙ

x ̋&RPPXQLFDWLRQV ̋ıPDVWVÒ ̋VWUXFWXUHVÒ ̋DQG ̋FDEOLQJ ̋VHUYLFHVÙ

x ̋3RZHU ̋8WLOLWLHV ̋ıSRZHU ̋JHQHUDWLRQ ̋DQG ̋GLVWULEXWLRQÙ

x ̋:DWHU ̋ıVWRUDJHÒ ̋VXSSO\Ò ̋WUHDWPHQWÒ ̋DQG ̋IORRG ̋FRQWUROÙ

x ̋6ROLG ̋:DVWH

x ̋3LSHOLQHV ̋ıH[FHSW ̋QDWXUDO ̋JDVÙ

)RU ̋WKH ̋UHDVRQV ̋DOUHDG\ ̋JLYHQ ̋LQ ̋6HFWLRQ ̋ÈÔÏÔÎ ̋RI ̋WKLV ̋GRFXPHQWÒ ̋WKH ̋FRPPXQLFDWLRQV ̋DQG

VROLG ̋ZDVWH ̋VXEðVHFWRUV ̋ZLOO ̋QRW ̋EH ̋GLVFXVVHG ̋IXUWKHUÔ

3UHOLPLQDU\ ̋GDWD ̋VHDUFKHV ̋IRU ̋WKH ̋SXEOLF ̋ZRUNV ̋VHFWRU ̋LQGLFDWHG ̋WKDW ̋WKHUH ̋DUH ̋D ̋QXPEHU ̋RI

RUJDQL]DWLRQV ̋WKDW ̋SURGXFH ̋UHSRUWV ̋DERXW ̋VRPH ̋RI ̋WKH ̋VXEðVHFWRUV ̋LGHQWLILHG ̋LQ ̋&KDSWHU ̋È

RI ̋ WKLV ̋ GRFXPHQWÔ ̋  ̋ 7KHUH ̋ GR ̋ QRW ̋ DSSHDU ̋ WR ̋ EH ̋ DQ\ ̋ DXWKRULWDWLYH ̋ VRXUFHV ̋ H[DPLQLQJ ̋ WKH

SXEOLF ̋ZRUNV ̋VHFWRU ̋LQ ̋LWV ̋HQWLUHW\Ò ̋QRU ̋GR ̋WKHVH ̋UHSRUWV ̋DGGUHVV ̋WKH ̋LVVXH ̋RI ̋GHOLYHU\ ̋WLPH

RQ ̋FRQVWUXFWLRQ ̋SURMHFWVÔ ̋ ̋+RZHYHUÒ ̋D ̋QXPEHU ̋RI ̋WKHVH ̋VRXUFHV ̋DUH ̋XVHIXO ̋IRU ̋GHILQLQJ ̋NH\

FKDUDFWHULVWLFV ̋RI ̋HDFK ̋VXEðVHFWRUÒ ̋DQG ̋DUH ̋FRQVLGHUHG ̋VHSDUDWHO\ ̋EHORZÔ
ÏÌÈ

'DWD ̋IURP ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH

7KH ̋ &RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ ,QVWLWXWH ̋ ı&,,Ù ̋ KDV ̋ SURYLGHG ̋ WKH ̋ DXWKRUV ̋ ZLWK ̋ GHWDLOHG

LQIRUPDWLRQ ̋UHJDUGLQJ ̋GHOLYHU\ ̋WLPH ̋LQ ̋WKH ̋SXEOLF ̋ZRUNV ̋VHFWRUÒ ̋DV ̋GLVFXVVHG ̋LQ ̋&KDSWHU ̋Í

RI ̋WKLV ̋GRFXPHQWÔ ̋,Q ̋WKLV ̋GRFXPHQWÒ ̋GDWD ̋IURP ̋&,, ̋DUH ̋XVHG ̋WR ̋HVWDEOLVK ̋GHWDLOHG ̋GHOLYHU\

WLPH ̋EDVHOLQHV ̋IRU ̋WKH ̋SXEOLF ̋ZRUNV ̋VHFWRUÔ

'DWD ̋6RXUFHV ̋IRU ̋WKH ̋7UDQVSRUWDWLRQ ̋6XEð6HFWRU

'DWD ̋IURP ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

7KH ̋ 86 ̋ %XUHDX ̋ RI ̋ WKH ̋ &HQVXV ̋ ı86%&Ù ̋ FDUULHV ̋ RXW ̋ WKH ̋ &HQVXV ̋ RI ̋ &RQVWUXFWLRQ ̋ DQG

SURGXFHV ̋WKH ̋&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUWV ̋6HULHV ̋&ÍÌ ̋SXEOLFDWLRQ ̋9DOXH ̋RI ̋&RQVWUXFWLRQ

3XW ̋LQ ̋3ODFHÒ ̋ERWK ̋RI ̋ZKLFK ̋DUH ̋GHVFULEHG ̋LQ ̋GHWDLO ̋LQ ̋&KDSWHU ̋Í ̋RI ̋WKLV ̋GRFXPHQWÔ ̋ ̋,W ̋DOVR

SURGXFHV ̋ GDWD ̋ FRQFHUQLQJ ̋ JRYHUQPHQW ̋ LQYHVWPHQW ̋ LQ ̋ WUDQVSRUWDWLRQÔ ̋  ̋ 7KHVH ̋ GDWD ̋ DUH

DYDLODEOH ̋WKURXJK ̋WKH ̋86%& ̋,QWHUQHW ̋VLWHÒ ̋RU ̋YLD ̋SDSHU ̋RU ̋HOHFWURQLF ̋SXEOLFDWLRQVÔ ̋ ̋)RU ̋WKLV

VXEðVHFWRUÒ ̋ GDWD ̋ IURP ̋86%& ̋ KDYH ̋ EHHQ ̋ XVHG ̋WR ̋ TXDQWLI\ ̋WUDQVSRUWDWLRQ ̋LQYHVWPHQWV ̋ DQG

FRQVWUXFWLRQ ̋H[SHQGLWXUHVÔ

'DWD ̋IURP ̋WKH ̋%XUHDX ̋RI ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFV

7KH ̋ %XUHDX ̋ RI ̋ 7UDQVSRUWDWLRQ ̋ 6WDWLVWLFV ̋ ı%76Ù ̋ SURYLGHV ̋ D ̋ ZLGH ̋ UDQJH ̋ RI ̋ LQIRUPDWLRQ

DERXW ̋ WKH ̋ WUDQVSRUWDWLRQ ̋ VHFWRU ̋ WKURXJK ̋7KH ̋ 1DWLRQDO ̋ 7UDQVSRUWDWLRQ ̋ 'DWD ̋ $UFKLYHVÒ

7KH ̋ 1DWLRQDO ̋ 7UDQVSRUWDWLRQ ̋ /LEUDU\Ò ̋ DQG ̋ WKH ̋ 7UDQVSRUWDWLRQ ̋ 6WXGLHV ̋ GDWDEDVHVÔ

'RFXPHQWV ̋ ZKLFK ̋ DUH ̋ RI ̋ SDUWLFXODU ̋ LQWHUHVW ̋ DUH ̋ WKH ̋ 7UDQVSRUWDWLRQ ̋ 6WDWLVWLFV ̋ $QQXDO

5HSRUW Ï‰‰ËÒ ̋Ï‰‰ÁÒ ̋ DQG ̋Ï‰‰ÊÒ ̋ZKLFK ̋ SURYLGH ̋ JHQHUDO ̋LQIRUPDWLRQ ̋ DERXW ̋WKH ̋ VHFWRUÒ ̋ DQG

WKH ̋ UHSRUW ̋)HGHUDOÒ ̋ 6WDWH ̋ ̋ DQG ̋ /RFDO ̋ 7UDQVSRUWDWLRQ ̋ )LQDQFLDO ̋ 6WDWLVWLFV„ ̋  ̋ )LVFDO ̋ <HDUV

Ï‰ÂÎðÏ‰‰ÈÒ ̋ZKLFK ̋ SURYLGHV ̋ GDWD ̋ RQ ̋ JRYHUQPHQW ̋ H[SHQGLWXUHV ̋ IRU ̋WUDQVSRUWDWLRQÔ ̋ ̋7KHVH

UHSRUWV ̋DUH ̋DYDLODEOH ̋RQ ̋WKH ̋%76 ̋,QWHUQHW ̋VLWH ̋ı85/„ ̋KWWS„ÓÓZZZÔEWVÔJRYÙÔ

'DWD ̋IURP ̋WKH ̋6WDWLVWLFDO ̋$EVWUDFW ̋RI ̋WKH ̋8QLWHG ̋6WDWHV„ ̋Ï‰‰Á ̋DQG ̋Ï‰‰Ê

6RPH ̋ LQIRUPDWLRQ ̋ IURP ̋ WKH ̋ 6WDWLVWLFDO ̋ $EVWUDFW ̋ KDV ̋ EHHQ ̋ XVHG ̋ WR ̋ TXDQWLI\ ̋ IUHLJKW ̋ DQG

SDVVHQJHU ̋YROXPHV ̋ZLWK ̋WKH ̋SXEOLF ̋ZRUNV ̋VHFWRUÔ ̋ ̋6SHFLILF ̋GDWD ̋VRXUFHV ̋DUH ̋LGHQWLILHG ̋LQ

WKH ̋WH[W ̋DV ̋DSSURSULDWHÔ

'DWD ̋IURP ̋WKH ̋)HGHUDO ̋+LJKZD\ ̋$GPLQLVWUDWLRQ

7KH ̋ )HGHUDO ̋ +LJKZD\ ̋ $GPLQLVWUDWLRQ ̋ ı)+:$Ù ̋ SXEOLVKHV ̋ WKH ̋ DQQXDO ̋ UHSRUW ̋ +LJKZD\

6WDWLVWLFVÒ ̋ZKLFK ̋SURYLGHV ̋YHU\ ̋GHWDLOHG ̋LQIRUPDWLRQ ̋DERXW ̋KLJKZD\ ̋H[WHQWÒ ̋FKDUDFWHULVWLFVÒ

DQG ̋SHUIRUPDQFHÔ ̋ ̋7KLV ̋LV ̋DOVR ̋UHIHUUHG ̋WR ̋DV ̋WKH ̋¶<HOORZERRNßÔ ̋ ̋7KH ̋Ï‰‰È ̋UHSRUW ̋KDV ̋EHHQ

XVHG ̋LQ ̋WKLV ̋GRFXPHQWÒ ̋DOWKRXJK ̋Ï‰‰Ë ̋GDWD ̋KDYH ̋UHFHQWO\ ̋EHFRPH ̋DYDLODEOHÔ ̋ ̋7KH ̋UHSRUW ̋LV

DYDLODEOH ̋ RQ ̋ WKH ̋ %XUHDX ̋ RI ̋ 7UDQVSRUWDWLRQ ̋ 6WDWLVWLFV ̋ ,QWHUQHW ̋ VLWH ̋ ı85/„

KWWS„ÓÓZZZÔEWVÔJRYÓRKLPÓÏ‰‰ÈÓLQGH[ÔKWPOÙ ̋ RU ̋ YLD ̋ SDSHU ̋ SXEOLFDWLRQVÔ ̋ ̋ ,Q ̋WKLV ̋ GRFXPHQWÒ
ÏÌË

GDWD ̋IURP ̋+LJKZD\ ̋6WDWLVWLFV ̋Ï‰‰È ̋KDYH ̋EHHQ ̋XVHG ̋WR ̋FKDUDFWHUL]H ̋WKH ̋VL]H ̋DQG ̋QDWXUH ̋RI

WKH ̋86 ̋KLJKZD\ ̋V\VWHPÔ

'DWD ̋IURP ̋WKH ̋$VVRFLDWLRQ ̋RI ̋$PHULFDQ ̋5DLOURDGV

7KH ̋ $VVRFLDWLRQ ̋ RI ̋ $PHULFDQ ̋ 5DLOURDGV ̋ ı$$5Ù ̋ SURYLGHV ̋ VWDWLVWLFV ̋ IRU ̋ WKH ̋ 86 ̋ QDWLRQDO

UDLOURDG ̋V\VWHPÔ ̋ ̋'DWD ̋DUH ̋DYDLODEOH ̋YLD ̋WKH ̋$$5 ̋,QWHUQHW ̋VLWH ̋ı85/„ ̋KWWS„ÓÓZZZÔDDUÔRUJÙÒ

DQG ̋KDYH ̋EHHQ ̋XVHG ̋LQ ̋WKLV ̋GRFXPHQW ̋WR ̋FKDUDFWHUL]H ̋WKH ̋VHFWRUÔ

'DWD ̋IURP ̋WKH ̋)HGHUDO ̋7UDQVLW ̋$GPLQLVWUDWLRQ

7KH ̋ )HGHUDO ̋ 7UDQVLW ̋ $GPLQLVWUDWLRQ ̋ ı)7$Ù ̋ SURYLGHV ̋ DFFHVV ̋ WR ̋ D ̋ ZLGH ̋ UDQJH ̋ RI ̋ GHWDLOHG

LQIRUPDWLRQ ̋DERXW ̋WUDQVLW ̋ V\VWHPV ̋WKURXJK ̋WKH ̋1DWLRQDO ̋7UDQVLW ̋/LEUDU\Ò ̋DQG ̋1DWLRQDO

7UDQVLW ̋ 'DWDEDVHÔ ̋  ̋ 'RFXPHQWV ̋ RI ̋ SDUWLFXODU ̋ LQWHUHVW ̋ LQFOXGH ̋ )7$ ̋ %XGJHW ̋ %ULHIÒ ̋ DQG

7UDQVLW ̋$JHQF\ ̋2SHUDWLQJ ̋([SHQVHV ̋IRU ̋Ï‰‰ËÒ ̋Ï‰‰ÁÒ ̋Ï‰‰ÊÒ ̋DQG ̋Ï‰‰Â ̋DQG ̋WKH ̋)7$ ̋UHSRUW

&KDUDFWHULVWLFV ̋ RI ̋ 8UEDQ ̋ 7UDQVSRUWDWLRQ ̋ 6\VWHPVð5HYLVHG ̋ (GLWLRQÒ ̋ 6HSWHPEHU ̋ Ï‰‰ÎÔ

'DWD ̋DUH ̋DYDLODEOH ̋WKURXJK ̋WKH ̋)7$ ̋ ,QWHUQHW ̋VLWH ̋ ı85/„ ̋KWWS„ÓÓZZZÔIWDÔGRWÔJRYÙÔ ̋ ̋ ,Q ̋WKLV

GRFXPHQWÒ ̋ GDWD ̋ IURP ̋ WKH ̋ )7$ ̋ KDYH ̋ EHHQ ̋ XVHG ̋ WR ̋ FKDUDFWHUL]H ̋ WKH ̋ H[WHQW ̋ RI ̋ WKH ̋ WUDQVLW

VHFWRUÔ

'DWD ̋IURP ̋WKH ̋)HGHUDO ̋$YLDWLRQ ̋$GPLQLVWUDWLRQ

7KH ̋)HGHUDO ̋$YLDWLRQ ̋$GPLQLVWUDWLRQ ̋ı)$$Ù ̋UHSRUW ̋)$$ ̋6WDWLVWLFDO ̋+DQGERRN ̋RI ̋$YLDWLRQ

Ï‰‰Ê ̋SURYLGHV ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋VL]H ̋RI ̋WKH ̋DYLDWLRQ ̋VHFWRUÔ ̋ ̋7KLV ̋ UHSRUW ̋LV ̋DYDLODEOH ̋DW

WKH ̋%76 ̋,QWHUQHW ̋VLWHÔ

'DWD ̋IURP ̋WKH ̋0DULWLPH ̋$GPLQLVWUDWLRQ

7KH ̋0DULWLPH ̋ $GPLQLVWUDWLRQ ̋ 5HSRUW ̋ WR ̋ &RQJUHVV ̋ RQ ̋ WKH ̋ 6WDWXV ̋ RI ̋ 3XEOLF ̋ 3RUWV ̋ RI ̋ WKH

8QLWHG ̋6WDWHVÒ ̋Ï‰‰ÈðÏ‰‰ËÒ ̋SURYLGHV ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋QXPEHU ̋RI ̋SRUWV ̋LQ ̋WKH ̋86Ô ̋ ̋7KH

UHSRUW ̋ LV ̋ DYDLODEOH ̋ WKURXJK ̋ WKH ̋ 0DULWLPH ̋ $GPLQLVWUDWLRQ ̋ ,QWHUQHW ̋ VLWH ̋ ı85/„

KWWS„ÓÓZZZÔPDUDGÔGRWÔJRYÙÔ

'DWD ̋IURP ̋WKH ̋86 ̋$UP\ ̋&RUSV ̋RI ̋(QJLQHHUV

7KH ̋ 86 ̋ $UP\ ̋ &RUSV ̋ RI ̋ (QJLQHHUV ̋ ı86$&(Ù ̋ SURYLGHV ̋ LQIRUPDWLRQ ̋ RQ ̋ GRPHVWLF

ZDWHUERUQH ̋FRPPHUFH ̋LQ ̋LWV ̋UHSRUW ̋:DWHUERUQH ̋&RPPHUFH ̋RI ̋WKH ̋8QLWHG ̋6WDWHVÒ ̋&DOHQGDU

<HDU ̋Ï‰‰ËÔ ̋7KH ̋&LYLO ̋:RUNV ̋'LYLVLRQ ̋RI ̋WKH ̋86$&( ̋SURYLGHV ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋VFRSH

RI ̋ LWV ̋ &LYLO ̋ :RUNV ̋ DFWLYLWLHV ̋ ıVHH ̋ WKH ̋ LQIRUPDWLRQ ̋ SDSHU ̋ DW ̋ WKH ̋ 86$&( ̋ ,QWHUQHW ̋ VLWH„

KWWS„ÓÓZZZÔXVDFHÔDUP\ÔPLOÓLQHWÓIXQFWLRQVÓFZÓSURJðPDQÓFZPSURJÔKWPÙÔ ̋  ̋ 7KHVH ̋ LQFOXGH

QDYLJDWLRQ ̋DFWLYLWLHVÒ ̋ZKLFK ̋DUH ̋FRQVLGHUHG ̋LQ ̋WKLV ̋VXEðVHFWRUÒ ̋DQG ̋IORRG ̋FRQWURO ̋DQG ̋RWKHU

DFWLYLWLHVÒ ̋ZKLFK ̋DUH ̋FRQVLGHUHG ̋LQ ̋WKH ̋¶ZDWHUß ̋VXEðVHFWRUÔ
ÏÌÁ

7KH ̋ 86$&( ̋ SURYLGHV ̋ GDWD ̋ RQ ̋ GUHGJLQJ ̋ DFWLYLWLHV ̋WKURXJK ̋LWV ̋ :DWHU ̋ 5HVRXUFHV ̋ 6XSSRUW

&HQWHUÓ1DYLJDWLRQ ̋ 'DWD ̋ &HQWHUÔ ̋  ̋ )RU ̋ GHWDLOV ̋ UHIHU ̋ WR ̋ LWV ̋ ,QWHUQHW ̋ VLWH ̋ ı85/„

KWWS„ÓÓZZZÔZUFðQGFÔXVDFHÔDUP\ÔPLOÙÔ

'DWD ̋IURP ̋2WKHU ̋6RXUFHV

$ ̋ZLGH ̋UDQJH ̋RI ̋RWKHU ̋WUDQVSRUWDWLRQ ̋UHODWHG ̋GDWD ̋VRXUFHV ̋ZHUH ̋H[DPLQHGÒ ̋VRPH ̋RI ̋ZKLFK

DUH ̋GHVFULEHG ̋EHORZ„

x 86 ̋ 'HSDUWPHQW ̋ RI ̋ 7UDQVSRUWDWLRQ ̋ 6XUIDFH ̋ 7UDQVSRUWDWLRQ ̋ %RDUG ̋ ı67%Ù ̋ )LQDQFLDO

'DWD ̋ IRU ̋ &ODVV ̋ ,ÎÊ ̋ 5DLOURDGV ̋ Ï‰‰ÁÒ ̋ DYDLODEOH ̋ IURP ̋ 67% ̋ ,QWHUQHW ̋ 6LWH ̋ ı85/„

KWWS„ÓÓZZZÔVWEÔGRWÔJRYÓLQIRH[ÏÔKWP ̇)LQDQFHÙÔ

x $PHULFDQ ̋ 3XEOLF ̋ :RUNV ̋ $VVRFLDWLRQð ̋ SURYLGHV ̋ D ̋ UDQJH ̋ RI ̋ GDWD ̋ DQG ̋ SXEOLFDWLRQV

UHODWLQJ ̋WR ̋DOO ̋SXEOLF ̋ZRUNV ̋VXEðVHFWRUVÔ ̋ı85/„ ̋KWWS„ÓÓZZZÔSXEZRUNVÔRUJÙÔ

'DWD ̋6RXUFHV ̋IRU ̋WKH ̋3RZHU ̋8WLOLWLHV ̋6XEð6HFWRU

'DWD ̋IURP ̋WKH ̋(QHUJ\ ̋,QIRUPDWLRQ ̋$GPLQLVWUDWLRQ

7KH ̋ (,$ ̋ SXEOLVKHV ̋ WKH ̋ $QQXDO ̋ (QHUJ\ ̋ 5HYLHZÒ ̋ ZKLFK ̋ SURYLGHV ̋ D ̋ UDQJH ̋ RI ̋ LQIRUPDWLRQ

UHOHYDQW ̋WR ̋ SRZHU ̋ JHQHUDWLRQÒ ̋ GLVWULEXWLRQÒ ̋ DQG ̋ FRQVXPSWLRQ ̋ LQ ̋ WKH ̋ 86Ô ̋  ̋ 'DWD ̋ IURP ̋ WKH

$QQXDO ̋ (QHUJ\ ̋ 5HYLHZ ̋ Ï‰‰ÁÒ ̋ DYDLODEOH ̋ WKURXJK ̋ WKH ̋ (,$ ̋ ,QWHUQHW ̋ 6LWH ̋ ı85/„

KWWS„ÓÓZZZÔHLDÔGRHÔJRYÙÒ ̋KDYH ̋EHHQ ̋XVHG ̋WR ̋FKDUDFWHUL]H ̋WKH ̋HOHFWULF ̋SRZHU ̋LQGXVWU\ ̋E\ ̋QHW

JHQHUDWLRQ ̋DQG ̋FRQVXPSWLRQ ̋E\ ̋VHFWRUÔ

'DWD ̋IURP ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

7KH ̋ 86%& ̋ FDUULHV ̋ RXW ̋ WKH ̋ &HQVXV ̋ RI ̋ 7UDQVSRUWDWLRQÒ ̋ &RPPXQLFDWLRQÒ ̋ DQG ̋ 8WLOLWLHV

HYHU\ ̋ILYH ̋\HDUV‚ ̋GDWD ̋DUH ̋FXUUHQWO\ ̋DYDLODEOH ̋IRU ̋Ï‰‰ÎÔ ̋ ̋7KH ̋&HQVXV ̋FRYHUV ̋6,& ̋FRGHV ̋ÈÌÒ

ÈÏÒ ̋ÈÎÒ ̋ÈÈÒ ̋ÈËÒ ̋ÈÁÒ ̋ÈÊÒ ̋ÈÂÒ ̋DQG ̋È‰Ô ̋ ̋7KLV ̋LQFOXGHV ̋HOHFWULFÒ ̋JDV ̋DQG ̋VDQLWDU\ ̋VHUYLFHV ̋ı6,&

È‰ÙÒ ̋ZKLFK ̋DUH ̋UHOHYDQW ̋WR ̋WKH ̋SRZHU ̋XWLOLWLHV ̋VXEðVHFWRUÔ ̋ ̋'DWD ̋IURP ̋WKLV ̋&HQVXV ̋KDYH ̋EHHQ

XVHG ̋WR ̋FKDUDFWHUL]H ̋WKH ̋VL]H ̋RI ̋WKH ̋LQGXVWU\Ò ̋DQG ̋SURYLGH ̋DJJUHJDWHG ̋GDWD ̋RQ ̋FRQVWUXFWLRQ

H[SHQGLWXUHVÔ

'DWD ̋IURP ̋WKH ̋(QHUJ\ ̋,QIRUPDWLRQ ̋$GPLQLVWUDWLRQ

7KH ̋ (,$ ̋ SXEOLFDWLRQÒ ̋ 1DWXUDO ̋ *DV ̋ 0RQWKO\Ò ̋ $SULO ̋ Ï‰‰ÊÒ ̋ SURYLGHV ̋ GHWDLOV ̋ RI ̋ LQWHUVWDWH

QDWXUDO ̋JDV ̋SLSHOLQH ̋FDSDFLW\ ̋DQG ̋SODQQHG ̋DGGLWLRQV ̋IRU ̋Ï‰‰ËðÎÌÌÌÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÎÊ ̋&ODVV ̋, ̋UDLOURDGV ̋DUH ̋GHILQHG ̋DV ̋DQ\ ̋UDLOURDG ̋KDYLQJ ̋DQ ̋DQQXDO ̋RSHUDWLQJ ̋UHYHQXH ̋RI ̋DW ̋OHDVW ̋ ̆ÎËËÔ‰ ̋PLOOLRQÔ

$V ̋RI ̋-DQXDU\ ̋Ï‰‰ÊÒ ̋WKHUH ̋ZHUH ̋‰ ̋&ODVV ̋, ̋UDLOURDGV ̋LQ ̋WKH ̋86Ô
ÏÌÊ

'DWD ̋6RXUFHV ̋IRU ̋WKH ̋:DWHU ̋6XEð6HFWRU

'DWD ̋IURP ̋WKH ̋86 ̋$UP\ ̋&RUSV ̋RI ̋(QJLQHHUV ̋ı86$&(Ù

7KH ̋ 86$&( ̋ SURYLGHV ̋ LQIRUPDWLRQ ̋ RQ ̋ GRPHVWLF ̋ ZDWHUERUQH ̋ FRPPHUFH ̋ LQ ̋ LWV ̋ UHSRUW

:DWHUERUQH ̋ &RPPHUFH ̋ RI ̋ WKH ̋ 8QLWHG ̋ 6WDWHVÒ ̋ &DOHQGDU ̋ <HDU ̋ Ï‰‰ËÔ ̋ 7KH ̋ &LYLO ̋ :RUNV

'LYLVLRQ ̋RI ̋WKH ̋86$&( ̋SURYLGHV ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋ VFRSH ̋RI ̋LWV ̋&LYLO ̋:RUNV ̋DFWLYLWLHV

ıVHH ̋ WKH ̋ LQIRUPDWLRQ ̋ SDSHU ̋ DW ̋ WKH ̋ 86$&( ̋ ,QWHUQHW ̋ VLWH„

KWWS„ÓÓZZZÔXVDFHÔDUP\ÔPLOÓLQHWÓIXQFWLRQVÓFZÓSURJðPDQÓFZPSURJÔKWPÙÔ ̋  ̋ 7KHVH ̋ LQFOXGH

QDYLJDWLRQ ̋ DFWLYLWLHVÒ ̋ ZKLFK ̋ DUH ̋ FRQVLGHUHG ̋ LQ ̋ WKH ̋ WUDQVSRUWDWLRQ ̋ VXEðVHFWRUÒ ̋ DQG ̋ IORRG

FRQWURO ̋DQG ̋RWKHU ̋DFWLYLWLHVÒ ̋ZKLFK ̋DUH ̋FRQVLGHUHG ̋LQ ̋WKLV ̋VXEðVHFWRUÔ

'DWD ̋6RXUFHV ̋IRU ̋WKH ̋3LSHOLQHV ̋6XEð6HFWRU

'DWD ̋IURP ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

7KH ̋86%& ̋ FDUULHV ̋ RXW ̋WKH ̋&HQVXV ̋ RI ̋7UDQVSRUWDWLRQÒ ̋ &RPPXQLFDWLRQV ̋ DQG ̋ 8WLOLWLHV

HYHU\ ̋ILYH ̋\HDUV‚ ̋GDWD ̋DUH ̋FXUUHQWO\ ̋DYDLODEOH ̋IRU ̋Ï‰‰ÎÔ ̋ ̋7KH ̋&HQVXV ̋FRYHUV ̋6,& ̋FRGHV ̋ÈÌÒ

ÈÏÒ ̋ ÈÎÒ ̋ ÈÈÒ ̋ ÈËÒ ̋ ÈÁÒ ̋ ÈÊÒ ̋ ÈÂÒ ̋DQG ̋ È‰Ô ̋7KLV ̋LQFOXGHV ̋ SLSHOLQHVÒ ̋H[FHSW ̋ QDWXUDO ̋ JDV ̋ ı6,& ̋ ÈÁÙ

ZKLFK ̋LV ̋UHOHYDQW ̋WR ̋WKH ̋SLSHOLQHV ̋VXEðVHFWRUÔ ̋ ̋'DWD ̋IURP ̋WKLV ̋&HQVXV ̋SURYLGH ̋DJJUHJDWHG

FRQVWUXFWLRQ ̋H[SHQGLWXUH ̋GDWD ̋IRU ̋SHWUROHXP ̋DQG ̋RWKHU ̋W\SHV ̋RI ̋SLSHOLQHV ̋LQ ̋WKH ̋86Ô

ÁÔÏÔÎÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋1RQð5HVLGHQWLDO ̋6HFWRUV

ÁÔÏÔÎÔÏÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋&RPPHUFLDOÓ,QVWLWXWLRQDO ̋6HFWRU

7KH ̋RYHUYLHZ ̋RI ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRU ̋SUHVHQWHG ̋LQ ̋WKLV ̋VHFWLRQ ̋H[SDQGV ̋RQ

WKH ̋RYHUYLHZ ̋SUHVHQWHG ̋LQ ̋&KDSWHU ̋Í ̋RI ̋WKLV ̋GRFXPHQWÔ ̋ ̋7KLV ̋VHFWLRQ ̋H[DPLQHV ̋WKH ̋VL]H ̋RI

WKH ̋ 86 ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ VHFWRUÒ ̋ JURXSHG ̋ E\ ̋ SULQFLSDO ̋ EXLOGLQJ ̋ DFWLYLW\Ò ̋ ERWK ̋ LQ

WHUPV ̋ RI ̋ QXPEHU ̋ RI ̋ EXLOGLQJV ̋ DQG ̋ WRWDO ̋ IORRUVSDFHÔ ̋  ̋ ,W ̋ DOVR ̋ H[DPLQHV ̋ D ̋ QXPEHU ̋ RI ̋ NH\

FKDUDFWHULVWLFV ̋ RI ̋ WKH ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ VHFWRUÒ ̋ VXFK ̋ DV ̋ WKH ̋ DJHÒ ̋ VL]HÒ ̋ DQG

JHRJUDSKLF ̋GLVWULEXWLRQ ̋RI ̋IDFLOLWLHVÔ

)LJXUHV ̋ÁðÏ ̋WKURXJK ̋ÁðÍ ̋VKRZ ̋WKH ̋VL]H ̋RI ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRU ̋E\ ̋SULQFLSDO

EXLOGLQJ ̋ DFWLYLW\Ô ̋  ̋ )LJXUHV ̋ ÁðÈ ̋ WKURXJK ̋ ÁðÁ ̋ H[DPLQH ̋ EXLOGLQJ ̋ FKDUDFWHULVWLFV ̋ E\ ̋ \HDU ̋ RI

FRQVWUXFWLRQÔ

'DWD ̋IURP ̋WKH ̋Ï‰‰Î ̋DQG ̋Ï‰‰Ë ̋&RPPHUFLDO ̋%XLOGLQJV ̋&KDUDFWHULVWLFV ̋5HSRUWV ̋KDYH ̋EHHQ

XVHG ̋WR ̋JHQHUDWH ̋)LJXUH ̋ÁðÏÔ ̋ ̋7KH ̋ ILJXUH ̋ VKRZV ̋WKH ̋WRWDO ̋ QXPEHU ̋ RI ̋ EXLOGLQJV ̋LQ ̋WKH ̋86

JURXSHG ̋ E\ ̋ SULQFLSDO ̋ EXLOGLQJ ̋ DFWLYLW\Ò ̋ DV ̋ GHILQHG ̋ E\ ̋ (,$Ô ̋  ̋ 5HIHUHQFH ̋ WR ̋ )LJXUH ̋ ÁðÏ

LQGLFDWHV ̋ WKDW ̋ RI ̋ WKH ̋ ÈÒÂÌÁÒÌÌÌ ̋ EXLOGLQJV ̋ LQ ̋ WKH ̋ 86 ̋ LQ ̋ Ï‰‰ÎÒ ̋ DSSUR[LPDWHO\ ̋ ÎÁ ̋ SHUFHQW

ZHUH ̋ LQ ̋ WKH ̋ PHUFDQWLOH ̋ DQG ̋ VHUYLFH ̋ FDWHJRU\ ̋ ıZKLFK ̋ LQFOXGHV ̋ DXWRPRWLYH ̋ VDOHV ̋ DQG

VHUYLFHVÒ ̋UHWDLO ̋VDOHVÒ ̋VHUYLFHVÒ ̋VKRSSLQJ ̋FHQWHUVÒ ̋DQG ̋ZKROHVDOH ̋JRRGVÙÒ ̋DSSUR[LPDWHO\ ̋ÏÁ
ÏÌÂ

SHUFHQW ̋DUH ̋ RIILFH ̋ EXLOGLQJVÒ ̋DQG ̋DSSUR[LPDWHO\ ̋ ÏÁ ̋ SHUFHQW ̋ZHUH ̋ZDUHKRXVH ̋DQG ̋ VWRUDJH

EXLOGLQJV ̋ ıWKHVH ̋ DUH ̋ FRQVLGHUHG ̋ DV ̋ SDUW ̋ RI ̋WKH ̋LQGXVWULDO ̋ VHFWRUÒ ̋ EXW ̋ DUH ̋ LQFOXGHG ̋ LQ ̋ WKLV

VHFWLRQÒ ̋ DV ̋ WKH\ ̋ DUH ̋ SDUW ̋ RI ̋ WKH ̋ &%(&6ÙÔ ̋  ̋ $SSUR[LPDWHO\ ̋ ÏÍ ̋ SHUFHQW ̋ RI ̋ DOO

FRPPHUFLDOÓLQVWLWXWLRQDO ̋EXLOGLQJV ̋ZHUH ̋JRYHUQPHQW ̋RZQHGÔ ̋ ̋&RPSDULVRQ ̋EHWZHHQ ̋Ï‰‰Î

DQG ̋Ï‰‰Ë ̋GDWD ̋LQGLFDWHV ̋WKDW ̋WKH ̋WRWDO ̋QXPEHU ̋RI ̋EXLOGLQJV ̋LQ ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO

VHFWRU ̋ IHOO ̋ IURP ̋ÈÒÂÌÁÒÌÌÌ ̋LQ ̋Ï‰‰Î ̋WR ̋ ÈÒËÊ‰ÒÌÌÌ ̋LQ ̋ Ï‰‰ËÔ ̋ ̋7KH ̋PRVW ̋ VLJQLILFDQW ̋FKDQJHV

ZHUH ̋LQ ̋WKH ̋ ̋QXPEHU ̋RI ̋ZDUHKRXVHV ̋DQG ̋VWRUDJH ̋IDFLOLWLHV ̋ıUHGXFHG ̋E\ ̋ÏÂÏÒÌÌÌÙÒ ̋UHOLJLRXV

ZRUVKLS ̋EXLOGLQJV ̋ ıUHGXFHG ̋ E\ ̋ ‰ÊÒÌÌÌÙÒ ̋DQG ̋ YDFDQW ̋ EXLOGLQJV ̋ ıUHGXFHG ̋ E\ ̋ ËÂÒÌÌÌÙÔ ̋ ̋7KH

RQO\ ̋ DUHD ̋ ZKHUH ̋ WKHUH ̋ ZDV ̋ D ̋ VLJQLILFDQW ̋ LQFUHDVH ̋ LQ ̋ WKH ̋ QXPEHU ̋ RI ̋ EXLOGLQJV ̋ LV ̋ SXEOLF

DVVHPEO\ ̋ ıLQFUHDVHG ̋ E\ ̋ ÈÂÒÌÌÌÙÔ ̋ ̋ 7KH ̋ PHDQ ̋ DUHD ̋ RI ̋ DOO ̋ EXLOGLQJV ̋ GHFUHDVHG ̋ IURP ̋ ÏÒÍÏÌ

VTXDUH ̋PHWHUV ̋ıÏÈÒÏÌÌ ̋VTXDUH ̋IHHWÙ ̋LQ ̋Ï‰‰Î ̋WR ̋ÏÒÏ‰Ì ̋VTXDUH ̋PHWHUV ̋ıÏÎÒÂÌÌ ̋VTXDUH ̋IHHWÙ ̋LQ

Ï‰‰ËÔ ̋ ̋6LPLODU ̋FKDQJHV ̋LQ ̋PHDQ ̋DUHD ̋SHU ̋ZRUNHU ̋ZHUH ̋Â‰ ̋VTXDUH ̋PHWHUV ̋ı‰ËÍ ̋VTXDUH ̋IHHWÙ

LQ ̋ Ï‰‰Î ̋ WR ̋ ÊÏ ̋ VTXDUH ̋ PHWHUV ̋ ıÊÁÁ ̋ VTXDUH ̋ IHHWÙ ̋ LQ ̋ Ï‰‰ËÒ ̋ ZLWK ̋ PHDQ ̋ KRXUV ̋ RI ̋ RSHUDWLRQ

LQFUHDVLQJ ̋IURP ̋ËÂ ̋KRXUV ̋LQ ̋Ï‰‰Î ̋WR ̋ÁÎ ̋KRXUV ̋LQ ̋Ï‰‰ËÔ

)LJXUH ̋ÁðÏÔ ̋ ̋7RWDO ̋1XPEHU ̋2I ̋%XLOGLQJV ̋E\ ̋3ULQFLSDO ̋%XLOGLQJ ̋$FWLYLW\„ ̋Ï‰‰Î ̋DQG

Ï‰‰Ë

ð

ÎÌÌ

ÈÌÌ

ÁÌÌ

ÂÌÌ

ÏÒÌÌÌ

ÏÒÎÌÌ

ÏÒÈÌÌ

(GXFDWLRQ

)RRG ̋6DOHV

)RRG ̋6HUYLFH

+HDOWK ̋&DUH

/RGJLQJ

0HUFDQWLOH

DQG ̋6HUYLFH

2IILFH

3XEOLF

$VVHPEO\

3XEOLF ̋2UGHU

DQG ̋6DIWH\

5HOLJLRXV

:RUVKLS

:DUHKRXVH

DQG ̋6WRUDJH

2WKHU

9DFDQW

3ULQFLSDO ̋%XLOGLQJ ̋$FWLYLW\

1XPEHU ̋RI ̋%XLOGLQJV ̋ı7KRXVDQGVÙ

Ï‰‰Î

Ï‰‰Ë

)LJXUH ̋ÁðÎ ̋VKRZV ̋WKH ̋WRWDO ̋EXLOGLQJ ̋IORRUVSDFH ̋LQ ̋HDFK ̋SULQFLSDO ̋EXLOGLQJ ̋FDWHJRU\ ̋IRU ̋DOO

FRPPHUFLDOÓLQVWLWXWLRQDO ̋EXLOGLQJV ̋LQ ̋WKH ̋86 ̋LQ ̋Ï‰‰Î ̋DQG ̋Ï‰‰ËÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ ILJXUH

VKRZV ̋ WKDW ̋ WKHUH ̋ ZHUH ̋ ÁÒÍÌÂ ̋ PLOOLRQ ̋ VTXDUH ̋ PHWHUV ̋ ıÁÊÒÂÊÁ ̋ PLOOLRQ ̋ VTXDUH ̋ IHHWÙ ̋ RI

IORRUVSDFH ̋LQ ̋ Ï‰‰ÎÒ ̋ FRPSDUHG ̋ZLWK ̋ ËÒÈÁÎ ̋PLOOLRQ ̋ VTXDUH ̋ PHWHUV ̋ ıËÂÒÊÊÎ ̋ PLOOLRQ ̋ VTXDUH

IHHWÙ ̋ LQ ̋ Ï‰‰Ë ̋ ıD ̋ ÏÍÔË ̋ SHUFHQW ̋ UHGXFWLRQÙÔ ̋  ̋ &RPSDULVRQ ̋ RI ̋ )LJXUH ̋ ÁðÏ ̋ DQG ̋ )LJXUH ̋ ÁðÎ

LQGLFDWHV ̋WKDW ̋ZKLOH ̋WKH ̋QXPEHU ̋RI ̋HGXFDWLRQDO ̋EXLOGLQJV ̋LV ̋QRW ̋HVSHFLDOO\ ̋KLJK ̋FRPSDUHG

ZLWK ̋ RWKHU ̋ EXLOGLQJ ̋ FDWHJRULHVÒ ̋ LQ ̋ WHUPV ̋ RI ̋ WRWDO ̋ IORRUVSDFHÒ ̋ LW ̋ LV ̋ RQH ̋ RI ̋ WKH ̋ ODUJHVW
ÏÌ‰

FDWHJRULHVÔ ̋  ̋ 7KLV ̋ VXJJHVWV ̋ WKDW ̋ HGXFDWLRQDO ̋ HVWDEOLVKPHQWV ̋ DUH ̋ VLJQLILFDQWO\ ̋ ODUJHU ̋ WKDQ

UHOLJLRXVÒ ̋ SXEOLF ̋ DVVHPEO\Ò ̋ RU ̋ IRRG ̋ VHUYLFH ̋ HVWDEOLVKPHQWVÔ ̋  ̋ 6LPLODUO\Ò ̋ RIILFH ̋ EXLOGLQJVÒ

DOWKRXJK ̋ VPDOOHU ̋ LQ ̋ QXPEHU ̋ WR ̋ PHUFDQWLOH ̋ DQG ̋ VHUYLFH ̋ EXLOGLQJVÒ ̋ UHSUHVHQW ̋ D ̋ VLPLODU

DPRXQW ̋RI ̋WRWDO ̋ IORRUVSDFHÒ ̋PRVW ̋OLNHO\ ̋EHFDXVH ̋D ̋VLJQLILFDQW ̋QXPEHU ̋RI ̋RIILFH ̋EXLOGLQJV

DUH ̋PXOWLðVWRU\Ô ̋ ̋7KH ̋RWKHU ̋LPSRUWDQW ̋SRLQW ̋LV ̋WKDW ̋HGXFDWLRQDOÒ ̋PHUFDQWLOH ̋DQG ̋VHUYLFHÒ ̋DQG

RIILFH ̋ EXLOGLQJV ̋ DFFRXQWHG ̋ IRU ̋ RYHU ̋ ÁÌ ̋ SHUFHQW ̋ RI ̋ WRWDO ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ VHFWRU

IORRUVSDFH ̋LQ ̋WKH ̋86 ̋LQ ̋Ï‰‰Î ̋DQG ̋Ï‰‰Ë ̋ıLI ̋ZH ̋H[FOXGH ̋ZDUHKRXVH ̋DQG ̋VWRUDJH ̋IDFLOLWLHVÙÔ

)LJXUH ̋ÁðÎÔ ̋ ̋7RWDO ̋)ORRUVSDFH ̋E\ ̋3ULQFLSDO ̋%XLOGLQJ ̋$FWLYLW\„ ̋Ï‰‰Î ̋DQG ̋Ï‰‰Ë

Ì

ÎÒÌÌÌ

ÈÒÌÌÌ

ÁÒÌÌÌ

ÂÒÌÌÌ

ÏÌÒÌÌÌ

ÏÎÒÌÌÌ

ÏÈÒÌÌÌ

3ULQFLSDO ̋%XLOGLQJ ̋$FWLYLW\

Ì

ÎÌÌ

ÈÌÌ

ÁÌÌ

ÂÌÌ

ÏÒÌÌÌ

ÏÒÎÌÌ

Ï‰‰Î

Ï‰‰Ë

7RWDO ̋)ORRUVSDFH ̋ıÏ‰‰ÎÙ ̋  ̋ÁÊÒÂÊÁÒÌÌÌ ̋6TXDUH ̋)HHW ̋ıÁÒÍÌËÒÁÂÌ ̋6TXDUH ̋0HWHUVÙ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ıÏ‰‰ËÙ ̋  ̋ËÂÒÊÊÎÒÌÌÌ ̋6TXDUH ̋)HHW ̋ıËÒÈË‰Ò‰Ï‰ ̋6TXDUH ̋0HWHUVÙ

,Q ̋ )LJXUH ̋ ÁðÍÒ ̋ WKH ̋ GLVWULEXWLRQ ̋ RI ̋ EXLOGLQJ ̋ IORRUVSDFH ̋ DFURVV ̋ WKH ̋ 86 ̋ FHQVXV ̋ UHJLRQVÒ ̋ E\

SULQFLSDO ̋ EXLOGLQJ ̋DFWLYLW\ ̋LV ̋ VKRZQ ̋ IRU ̋ Ï‰‰ÎÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ ILJXUH ̋ VKRZV ̋WKDW ̋WKHUH

ZDV ̋ VLJQLILFDQWO\ ̋ PRUH ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ IORRUVSDFH ̋ LQ ̋ WKH ̋ VRXWK ̋ FHQVXV ̋ UHJLRQ

ıDSSUR[LPDWHO\ ̋ ÍË ̋ SHUFHQW ̋ RI ̋ WKH ̋ WRWDOÙ ̋ FRPSDUHG ̋ ZLWK ̋ WKH ̋ RWKHU ̋ WKUHH ̋ FHQVXV ̋ UHJLRQVÒ

ZLWK ̋WKH ̋OHDVW ̋DPRXQW ̋LQ ̋WKH ̋QRUWKHDVW ̋ıDSSUR[LPDWHO\ ̋ÎÌ ̋SHUFHQW ̋RI ̋WKH ̋WRWDOÙÔ ̋ ̋7KLV ̋ZDV

SDUWLFXODUO\ ̋ QRWLFHDEOH ̋ LQ ̋ WKH ̋ PHUFDQWLOH ̋ DQG ̋ VHUYLFHÒ ̋ RIILFHÒ ̋ SXEOLF ̋ DVVHPEO\Ò ̋ DQG

ZDUHKRXVH ̋DQG ̋VWRUDJH ̋FDWHJRULHVÔ ̋ ̋7KHVH ̋WUHQGV ̋DUH ̋DOVR ̋UHIOHFWHG ̋LQ ̋Ï‰‰Ë ̋GDWDÔ

)LJXUH ̋ÁðÈ ̋DQG ̋)LJXUH ̋ÁðË ̋ VKRZ ̋KRZ ̋WKH ̋QXPEHU ̋ RI ̋ EXLOGLQJV ̋DQG ̋WRWDO ̋ IORRUVSDFH ̋ YDU\

GHSHQGLQJ ̋XSRQ ̋WKH ̋\HDU ̋RI ̋FRQVWUXFWLRQÔ
ÏÏÌ

)LJXUH ̋ÁðÍÔ ̋ ̋7RWDO ̋)ORRUVSDFH ̋E\ ̋3ULQFLSDO ̋%XLOGLQJ ̋$FWLYLW\ ̋DQG ̋&HQVXV ̋5HJLRQ„

Ï‰‰Î

Ì

ÏÒÌÌÌ

ÎÒÌÌÌ

ÍÒÌÌÌ

ÈÒÌÌÌ

ËÒÌÌÌ

ÁÒÌÌÌ

(GXFDWLRQ

)RRG ̋6DOHV

)RRG ̋6HUYLFH

+HDOWK ̋&DUH

/RGJLQJ

0HUFDQWLOH

DQG ̋6HUYLFH

2IILFH

3XEOLF

$VVHPEO\

3XEOLF ̋2UGHU

DQG ̋6DIWH\

5HOLJLRXV

:RUVKLS

:DUHKRXVH

DQG ̋6WRUDJH

2WKHU

9DFDQW

3ULQFLSDO ̋%XLOGLQJ ̋$FWLYLW\

7RWDO ̋)ORRUVSDFH ̋ı0LOOLRQ ̋6TXDUH ̋)HHWÙ ̋

Ì

ËÌ

ÏÌÌ

ÏËÌ

ÎÌÌ

ÎËÌ

ÍÌÌ

ÍËÌ

ÈÌÌ

ÈËÌ

7RWDO ̋)ORRUVSDFH ̋ı0LOOLRQ ̋6TXDUH ̋0HWHUVÙ ̋

1RUWKHDVW

0LGZHVW

6RXWK

:HVW

)LJXUH ̋ÁðÈÔ ̋ ̋7RWDO ̋1XPEHU ̋RI ̋%XLOGLQJV ̋E\ ̋<HDU ̋RI ̋&RQVWUXFWLRQ„ ̋Ï‰‰Î ̋DQG ̋Ï‰‰Ë

Ì

ÎÌÌ

ÈÌÌ

ÁÌÌ

ÂÌÌ

ÏÌÌÌ

ÏÎÌÌ

Ï‰Ï‰ ̋RU

%HIRUH

Ï‰ÎÌð

Ï‰ÈË

Ï‰ÈÁð

Ï‰Ë‰

Ï‰ÁÌð

Ï‰Á‰

Ï‰ÊÌð

Ï‰Ê‰

Ï‰ÂÌð

Ï‰Â‰

Ï‰‰Ìð

Ï‰‰Î

Ï‰‰Íð

Ï‰‰Ë

<HDU ̋RI ̋&RQVWUXFWLRQ

1XPEHU ̋RI ̋%XLOGLQJV ̋ı7KRXVDQGVÙ ̋

Ï‰‰Î

Ï‰‰Ë
ÏÏÏ

)LJXUH ̋ÁðËÔ ̋ ̋7RWDO ̋)ORRUVSDFH ̋E\ ̋<HDU ̋RI ̋&RQVWUXFWLRQ„ ̋Ï‰‰Î ̋DQG ̋Ï‰‰Ë

ð

ÎÒÌÌÌ

ÈÒÌÌÌ

ÁÒÌÌÌ

ÂÒÌÌÌ

ÏÌÒÌÌÌ

ÏÎÒÌÌÌ

ÏÈÒÌÌÌ

ÏÁÒÌÌÌ

Ï‰Ï‰ ̋RU

%HIRUH

Ï‰ÎÌð

Ï‰ÈË

Ï‰ÈÁð

Ï‰Ë‰

Ï‰ÁÌð

Ï‰Á‰

Ï‰ÊÌð

Ï‰Ê‰

Ï‰ÂÌð

Ï‰Â‰

Ï‰‰Ìð

Ï‰‰Î

Ï‰‰Íð

Ï‰‰Ë

<HDU ̋RI ̋&RQVWUXFWLRQ

Ì

ÎÌÌ

ÈÌÌ

ÁÌÌ

ÂÌÌ

ÏÌÌÌ

ÏÎÌÌ

ÏÈÌÌ Ï‰‰Î

Ï‰‰Ë

)LJXUH ̋ÁðÁÔ ̋ ̋7RWDO ̋)ORRUVSDFH ̋E\ ̋<HDU ̋RI ̋&RQVWUXFWLRQ ̋DQG ̋&HQVXV ̋5HJLRQ„ ̋Ï‰‰Î

Ì

ÏÌÌÌ

ÎÌÌÌ

ÍÌÌÌ

ÈÌÌÌ

ËÌÌÌ

ÁÌÌÌ

ÊÌÌÌ

ÏÂ‰‰

RU

%HIRUH

Ï‰ÌÌð

Ï‰Ï‰

Ï‰ÎÌð

Ï‰ÈË

Ï‰ÈÁð

Ï‰Ë‰

Ï‰ÁÌð

Ï‰Á‰

Ï‰ÊÌð

Ï‰Ê‰

Ï‰ÂÌð

Ï‰Â‰

Ï‰‰Ìð

Ï‰‰Î

<HDU ̋RI ̋&RQVWUXFWLRQ

Ì

ÏÌÌ

ÎÌÌ

ÍÌÌ

ÈÌÌ

ËÌÌ

ÁÌÌ

1RUWKHDVW

0LGZ HVW

6RXWK

:HVW
ÏÏÎ

)LJXUH ̋ÁðÁ ̋VKRZV ̋KRZ ̋WRWDO ̋IORRUVSDFH ̋YDULHV ̋E\ ̋\HDU ̋RI ̋FRQVWUXFWLRQ ̋DQG ̋FHQVXV ̋UHJLRQÔ

7KH ̋ ILJXUH ̋ LQGLFDWHV ̋ WKDW ̋ WKH ̋ UHODWLYHO\ ̋ KLJK ̋ SURSRUWLRQ ̋ RI ̋ WRWDO ̋ IORRUVSDFH ̋ LQ ̋ WKH ̋ VRXWK

FHQVXV ̋UHJLRQ ̋KDV ̋UHPDLQHG ̋FRQVLVWHQW ̋RYHU ̋WLPHÒ ̋WKXV ̋WKH ̋JHRJUDSKLF ̋GLVWULEXWLRQ ̋RI ̋WKH

FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRU ̋DSSHDUV ̋WR ̋EH ̋UHODWLYHO\ ̋VWDEOHÔ

ÁÔÏÔÎÔÎÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋,QGXVWULDO ̋6HFWRU

7KH ̋RYHUYLHZ ̋RI ̋WKH ̋LQGXVWULDO ̋VHFWRU ̋SUHVHQWHG ̋LQ ̋WKLV ̋VHFWLRQ ̋H[SDQGV ̋RQ ̋WKH ̋ RYHUYLHZ

SUHVHQWHG ̋LQ ̋&KDSWHU ̋Í ̋RI ̋WKLV ̋GRFXPHQWÔ ̋ ̋7KLV ̋VHFWLRQ ̋H[DPLQHV ̋WKH ̋WRWDO ̋VL]H ̋RI ̋WKH ̋86

LQGXVWULDO ̋VHFWRU ̋ıLÔHÔ ̋6,& ̋FRGHV ̋ÎÌðÍ‰ÙÒ ̋DQG ̋D ̋QXPEHU ̋RI ̋NH\ ̋LQGXVWU\ ̋FKDUDFWHULVWLFVÔ

'DWD ̋IURP ̋WKH ̋86 ̋%XUHDX ̋RI ̋(FRQRPLF ̋$QDO\VLV ̋VKRZV ̋WKDW ̋VLQFH ̋Ï‰ÂÊÒ ̋DOO ̋PDQXIDFWXULQJ

LQGXVWULHV ̋ ̋KDYH ̋DFFRXQWHG ̋IRU ̋DSSUR[LPDWHO\ ̋ÏÂ ̋SHUFHQW ̋RI ̋*'3 ̋LQ ̋WKH ̋86 ̋LQ ̋UHDO ̋WHUPVÔ

'DWD ̋ IURP ̋WKH ̋ Ï‰ÂÊ ̋DQG ̋ Ï‰‰Î ̋&HQVXV ̋ RI ̋0DQXIDFWXUHV ̋ VKRZ ̋WKDW ̋WKH ̋WRWDO ̋ QXPEHU ̋ RI

HVWDEOLVKPHQWV ̋ZLWK ̋SD\UROO ̋KDV ̋ULVHQ ̋VOLJKWO\ ̋IURP ̋ÍÁ‰ÒÌÌÌ ̋LQ ̋Ï‰ÂÊ ̋WR ̋ÍÂÎÒÌÌÌ ̋LQ ̋Ï‰‰ÎÔ

2I ̋ WKHVH ̋ ÍÂÎÒÌÌÌ ̋ HVWDEOLVKPHQWVÒ ̋ ÂÏÒÌÌÌ ̋ ZHUH ̋ PXOWLðXQLW ̋ FRPSDQLHV ̋ DQG ̋ ÍÌÏÒÌÌÌ ̋ ZHUH

VLQJOH ̋ XQLW ̋ FRPSDQLHVÔ ̋  ̋ )LJXUH ̋ ÁðÊ ̋ VKRZV ̋ WKH ̋ VL]H ̋ GLVWULEXWLRQ ̋ RI ̋ DOO ̋ LQGXVWULDO

HVWDEOLVKPHQWV ̋ FRPELQHG ̋ LQ ̋ WHUPV ̋ RI ̋ HPSOR\HH ̋ VL]HðFODVVLILFDWLRQÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH

ILJXUH ̋VKRZV ̋WKDW ̋DSSUR[LPDWHO\ ̋WZRðWKLUGV ̋RI ̋WKHVH ̋HVWDEOLVKPHQWV ̋KDYH ̋OHVV ̋WKDQ ̋WZHQW\

HPSOR\HHVÒ ̋ZKLOH ̋ RQO\ ̋DERXW ̋WKUHH ̋ SHUFHQW ̋ KDYH ̋ JUHDWHU ̋WKDQ ̋ ÎËÌ ̋ HPSOR\HHVÔ ̋ ̋7KLV ̋ VL]H

VWUXFWXUH ̋GLG ̋QRW ̋FKDQJH ̋VLJQLILFDQWO\ ̋EHWZHHQ ̋Ï‰ÂÊ ̋DQG ̋Ï‰‰ÎÔ ̋ ̋6LQJOH ̋XQLW ̋FRPSDQLHV ̋KDG

D ̋ PXFK ̋ORZHU ̋ DYHUDJH ̋ QXPEHU ̋ RI ̋ HPSOR\HHV ̋ ıÏÂÙ ̋ FRPSDUHG ̋ ZLWK ̋ PXOWLðXQLW ̋ FRPSDQLHV

ıÏÁÎÙÔ ̋ ̋)RU ̋PXOWLðXQLW ̋FRPSDQLHVÒ ̋SURGXFWLRQ ̋ZRUNHUV ̋FRPSULVHG ̋RYHU ̋ÁÌ ̋SHUFHQW ̋RI ̋WRWDO

HPSOR\HHVÔ

)LJXUH ̋ÁðÊÔ ̋ ̋6L]H ̋RI ̋(VWDEOLVKPHQWV„ ̋Ï‰‰Î

7RWDO ̋(VWDEOLVKPHQWV ̋  ̋ÍÂÎÒÌÌÌ

ÎËÎ

Î ÏÏ

ÎÎ

ÂË

Ì

ËÌ

ÏÌÌ

ÏËÌ

ÎÌÌ

ÎËÌ

ÍÌÌ

8QGHU ̋ÎÌ ÎÌ ̋ð ̋‰‰ ÏÌÌ ̋ð ̋ÎÈ‰ ÎËÌ ̋ð ̋‰‰‰ 2YHU ̋ÏÒÌÌÌ

6L]H ̋ı1XPEHU ̋RI ̋(PSOR\HHVÙ
ÏÏÍ

ÁÔÏÔÎÔÍÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋3XEOLF ̋:RUNV ̋6HFWRU

2YHUYLHZ ̋RI ̋WKH ̋7UDQVSRUWDWLRQ ̋6XEð6HFWRU

7KLV ̋VHFWLRQ ̋ILUVW ̋H[DPLQHV ̋WKH ̋WUDQVSRUWDWLRQ ̋VXEðVHFWRU ̋DV ̋D ̋ZKROHÒ ̋EHIRUH ̋PRYLQJ ̋RQ ̋WR

H[DPLQH ̋ WKH ̋ SULQFLSDO ̋ WUDQVSRUWDWLRQ ̋ PRGHV ̋ LQ ̋ PRUH ̋ GHWDLOÔ ̋  ̋ 7KLV ̋ RYHUYLHZ ̋ H[DPLQHV

JRYHUQPHQW ̋LQYHVWPHQW ̋LQ ̋WUDQVSRUWDWLRQÒ ̋HVSHFLDOO\ ̋FRQVWUXFWLRQ ̋H[SHQGLWXUHVÔ ̋ ̋7KH ̋PRUH

GHWDLOHG ̋ GHVFULSWLRQV ̋ RI ̋ HDFK ̋ RI ̋WKH ̋ SULQFLSDO ̋WUDQVSRUWDWLRQ ̋ PRGHV ̋ ıLÔHÔÒ ̋ KLJKZD\VÒ ̋ UDLOÒ

WUDQVLWÒ ̋DLUÒ ̋DQG ̋ZDWHUÙ ̋FRQVLGHU ̋WKH ̋H[WHQW ̋RI ̋WKH ̋LQIUDVWUXFWXUH ̋DVVRFLDWHG ̋ZLWK ̋HDFK ̋PRGHÒ

DQG ̋NH\ ̋RSHUDWLRQDO ̋FKDUDFWHULVWLFVÔ

7UDQVSRUWDWLRQ ̋SOD\V ̋D ̋SLYRWDO ̋UROH ̋LQ ̋WKH ̋86 ̋HFRQRP\Ò ̋ERWK ̋E\ ̋SURYLGLQJ ̋PRELOLW\ ̋IRU ̋WKH

PRYHPHQW ̋ RI ̋ SDVVHQJHUV ̋ DQG ̋ IUHLJKWÒ ̋ DQG ̋ DV ̋ DQ ̋ LQWHUPHGLDWH ̋ JRRG ̋ WKDW ̋ LV ̋ FRQVXPHG ̋ DW

HYHU\ ̋ VWDJH ̋ WR ̋ FUHDWH ̋ D ̋ ILQDO ̋ SURGXFWÔ ̋  ̋ 7KH ̋ %XUHDX ̋ RI ̋ 7UDQVSRUWDWLRQ ̋ 6WDWLVWLFV ̋ ı%76Ù

HVWLPDWHV ̋ WKDW ̋ WUDQVSRUWDWLRQ ̋ VHUYLFHV ̋ LQ ̋ Ï‰‰Í ̋ DFFRXQWHG ̋ IRU ̋ DERXW ̋ ÏÏ ̋ SHUFHQW ̋ RI ̋ *URVV

'RPHVWLF ̋3URGXFWÔÎÂ

&RQVXPHU ̋ H[SHQGLWXUHV ̋ IRU ̋ WUDQVSRUWDWLRQÒ ̋ RI ̋ ZKLFK ̋ WKH ̋ ODUJHVW ̋ HOHPHQW ̋ LV ̋ SHUVRQDO

YHKLFOH ̋ RSHUDWLRQÒ ̋ XSNHHSÒ ̋ DQG ̋ SXUFKDVHÒ ̋ LV ̋ WKH ̋ VHFRQG ̋ ODUJHVW ̋ FRPSRQHQW ̋ RI ̋ WRWDO

FRQVXPHU ̋VSHQGLQJ ̋ıVHFRQG ̋RQO\ ̋WR ̋KRXVLQJÙÔ ̋ ̋+RZHYHUÒ ̋LW ̋ZLOO ̋QRW ̋EH ̋FRQVLGHUHG ̋IXUWKHU

KHUHÒ ̋DV ̋LW ̋LV ̋EH\RQG ̋WKH ̋VFRSH ̋RI ̋WKLV ̋GRFXPHQWÔ

*RYHUQPHQW ̋DJHQFLHV ̋SOD\ ̋D ̋VLJQLILFDQW ̋UROH ̋LQ ̋SURYLGLQJ ̋WUDQVSRUWDWLRQ ̋LQIUDVWUXFWXUH ̋DQG

VHUYLFHVÒ ̋ DQG ̋ DUH ̋ DOVR ̋ VLJQLILFDQW ̋ SXUFKDVHUV ̋ RI ̋ WUDQVSRUWDWLRQ ̋ HTXLSPHQW ̋ DQG ̋ VHUYLFHVÔ

7DEOH ̋ ÁðÏÒ ̋ ZKLFK ̋ LV ̋ EDVHG ̋ XSRQ ̋ GDWD ̋ IURP ̋ WKH ̋ Ï‰‰Ê ̋ 7UDQVSRUWDWLRQ ̋ 6WDWLVWLFV ̋ $QQXDO

5HSRUWÒ ̋VKRZV ̋KRZ ̋JRYHUQPHQW ̋LQYHVWPHQW ̋LQ ̋LQIUDVWUXFWXUH ̋DQG ̋HTXLSPHQW ̋KDV ̋FKDQJHG

EHWZHHQ ̋Ï‰ÂÍ ̋DQG ̋Ï‰‰ÍÔ ̋ ̋7KH ̋WDEOH ̋VKRZV ̋LQYHVWPHQW ̋E\ ̋W\SH ̋RI ̋JRYHUQPHQW ̋DQG ̋PRGH ̋RI

WUDQVSRUWÒ ̋ DQG ̋ FRPSDUHV ̋ WRWDO ̋ LQYHVWPHQW ̋ IRU ̋ DOO ̋ JRYHUQPHQW ̋ ZLWK ̋ LQYHVWPHQW ̋ LQ

FRQVWUXFWLRQÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH ̋ WDEOH ̋ LQGLFDWHV ̋ WKDW ̋ LQ ̋ Ï‰‰ÍÒ ̋ DOO ̋ OHYHOV ̋ RI ̋ JRYHUQPHQW

LQYHVWHG ̋ KHDYLO\ ̋ LQ ̋ KLJKZD\VÒ ̋ EXW ̋ WKDW ̋ WKH ̋ SURSRUWLRQV ̋ ZHUH ̋ TXLWH ̋ GLIIHUHQWÒ ̋ WKH ̋ VWDWH

JRYHUQPHQW ̋ SXWWLQJ ̋ ‰Î ̋ SHUFHQW ̋ RI ̋ WKHLU ̋ WUDQVSRUWDWLRQ ̋ LQYHVWPHQW ̋ LQWR ̋ KLJKZD\VÒ ̋ ORFDO

JRYHUQPHQWV ̋ ÈÊ ̋ SHUFHQWÒ ̋ DQG ̋ IHGHUDO ̋ JRYHUQPHQW ̋ ÍÎ ̋ SHUFHQWÔ ̋  ̋ )RU ̋ DOO ̋ JRYHUQPHQW

FRPELQHGÒ ̋WKH ̋ VWDWHV ̋PDGH ̋ ÊË ̋ SHUFHQW ̋ RI ̋WRWDO ̋ JRYHUQPHQW ̋LQYHVWPHQW ̋LQ ̋ KLJKZD\VÔ ̋  ̋ ,Q

Ï‰‰ÍÒ ̋ORFDO ̋JRYHUQPHQWV ̋LQYHVWHG ̋PRUH ̋LQ ̋DLUSRUWV ̋DQG ̋XUEDQ ̋WUDQVLW ̋FRPELQHG ̋WKDQ ̋WKH\

GLG ̋LQ ̋KLJKZD\VÒ ̋DQG ̋ZHUH ̋UHVSRQVLEOH ̋IRU ̋RYHU ̋ÊÌ ̋SHUFHQW ̋RI ̋JRYHUQPHQW ̋LQYHVWPHQW ̋LQ

WKHVH ̋WZR ̋PRGHV ̋WKDW ̋\HDUÔ ̋ ̋,QYHVWPHQW ̋LQ ̋KLJKZD\VÒ ̋WUDQVLW ̋DQG ̋DLUSRUWV ̋LV ̋KHDYLO\ ̋VODQWHG

WRZDUG ̋FRQVWUXFWLRQÔ ̋ ̋$OPRVW ̋‰Ì ̋SHUFHQW ̋RI ̋SXEOLF ̋LQYHVWPHQW ̋LQ ̋KLJKZD\V ̋IRU ̋Ï‰‰Í ̋ZDV

IRU ̋FRQVWUXFWLRQÔ ̋ ̋7KH ̋RQO\ ̋PRGH ̋H[SHULHQFLQJ ̋D ̋ORVV ̋RI ̋LQYHVWPHQW ̋LQ ̋UHDO ̋WHUPV ̋EHWZHHQ

Ï‰ÂÍ ̋DQG ̋Ï‰‰Í ̋ZDV ̋ZDWHU ̋WUDQVSRUWDWLRQ ̋DQG ̋WHUPLQDOVÒ ̋GXH ̋WR ̋D ̋GHFUHDVH ̋LQ ̋FRQVWUXFWLRQÔ

(TXLSPHQW ̋LQYHVWPHQWÒ ̋KRZHYHUÒ ̋LQFUHDVHG ̋ÁÊ ̋SHUFHQW ̋LQ ̋UHDO ̋WHUPVÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÎÂ ̋6HH ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFV ̋$QQXDO ̋5HSRUW Ï‰‰ËÒ ̋SSÔÍÍ ̋IRU ̋GHWDLOVÔ
ÏÏÈ

7DEOH ̋ÁðÏÔ ̋ ̋*RYHUQPHQW ̋7UDQVSRUWDWLRQ ̋,QYHVWPHQW ̋E\ ̋0RGH„ ̋Ï‰ÂÍ ̋DQG ̋Ï‰‰Í

,QYHVWPHQW ̋LQ ̋ELOOLRQV ̋RI ̋FRQVWDQW ̋Ï‰‰Î ̋GROODUVÒ ̋DIWHU ̋WUDQVIHUV

$OO ̋*RYHUQPHQW )HGHUDO 6WDWH /RFDO &RQVWUXFWLRQ ̋2XWOD\Vð

$OO ̋*RYHUQPHQW

0RGH Ï‰ÂÍ Ï‰‰Í Ï‰ÂÍ Ï‰‰Í Ï‰ÂÍ Ï‰‰Í Ï‰ÂÍ Ï‰‰Í Ï‰ÂÍ Ï‰‰Í

7UDQVSRUWDWLRQ ̋7RWDO ÍÈÔÏ ËÏÔÍ ÏÔÈ ÎÔÏ Ï‰Ô‰ ÍÌÔÁ ÏÍÔÈ ÏÂÔÊ ÎÂÔÁ ÈÍÔÌ

+LJKZD\V ÎËÔÎ ÍÊÔË ÌÔÍ ÌÔÊ ÏÂÔÍ ÎÂÔÏ ÊÔÎ ÂÔÂ ÎÎÔÏ ÍÍÔÎ

$LUSRUWV ÎÔÍ ÁÔÍ ÌÔÈ ÏÔÌ ÌÔÍ ÌÔÂ ÏÔÂ ÈÔË ÏÔÊ ÈÔÁ

3DUNLQJ ̋)DFLOLWLHV ð ÌÔÈ ð ð ð ð ð ÌÔÈ ð ÌÔÍ

:DWHU ̋7UDQVSRUWDWLRQ ̋

DQG ̋7HUPLQDOV ÏÔ‰ ÏÔÎ ÌÔÂ ÌÔÁ ÌÔÍ ÌÔÎ ÌÔÊ ÌÔÈ ÏÔÁ ÌÔÊ

7UDQVLW ÈÔÂ ÁÔÏ ð ð ÏÔÎ ÏÔÈ ÍÔÂ ÈÔÊ ÍÔÌ ÈÔÎ

7DEOH ̋ÁðÎÒ ̋ZKLFK ̋LV ̋EDVHG ̋XSRQ ̋WKH ̋&HQVXV ̋RI ̋&RQVWUXFWLRQ ̋Ï‰ÂÊ ̋DQG ̋9DOXH ̋3XW LQ ̋3ODFH

6HULHVÒ ̋H[DPLQHV ̋H[SHQGLWXUHV ̋E\ ̋6,& ̋ÏÁÏÏÒ ̋ÏÁÎÎ ̋DQG ̋ÏÁÎ‰ ̋IRU ̋HDFK ̋RI ̋WKH ̋WUDQVSRUWDWLRQ

PRGHV ̋ LQ ̋ Ï‰ÂÊÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ 7DEOH ̋ ÁðÍ ̋ VKRZV ̋ KRZ ̋ H[SHQGLWXUHV ̋ IRU ̋ KLJKZD\V ̋ DQG

VWUHHWVÒ ̋ ZKLFK ̋ LV ̋ WKH ̋ ODUJHVW ̋ FRPSRQHQW ̋ RI ̋ WUDQVSRUWDWLRQ ̋ FRQVWUXFWLRQÒ ̋ KDYH ̋ YDULHG

EHWZHHQ ̋ Ï‰Â‰ ̋ DQG ̋ Ï‰‰ÁÔ ̋  ̋ 7KH ̋ 9DOXH ̋ RI ̋ 1HZ ̋ &RQVWUXFWLRQ ̋ 3XW ̋ LQ ̋ 3ODFH ̋ IRU ̋ KLJKZD\VÒ

VWUHHWVÒ ̋DQG ̋ UHODWHG ̋ IDFLOLWLHV ̋ KDV ̋ ULVHQ ̋ E\ ̋DERXW ̋ ÏÌ ̋ SHUFHQW ̋ RYHU ̋WKLV ̋WLPH ̋LQ ̋ UHDO ̋WHUPVÔ

7KH ̋ VHFRQG ̋ ODUJHVW ̋ FRPSRQHQW ̋ RI ̋ QHZ ̋ FRQVWUXFWLRQ ̋ LQ ̋ WKH ̋ WUDQVSRUWDWLRQ ̋ VHFWRU ̋ LV ̋ IRU

EXLOGLQJV ̋DQG ̋RWKHU ̋FRQVWUXFWLRQÒ ̋ZKLFK ̋LQFOXGHV ̋QHZ ̋DLUSRUW ̋RU ̋UDLO ̋WHUPLQDOVÔ ̋ ̋7KH ̋GDWD

SUHVHQWHG ̋LQ ̋7DEOH ̋ÁðÎ ̋DUH ̋VKRZQ ̋JUDSKLFDOO\ ̋LQ ̋)LJXUH ̋ÁðÂÔ

7DEOH ̋ÁðÎÔ ̋ ̋7UDQVSRUWDWLRQ ̋&RQVWUXFWLRQ ̋([SHQGLWXUHV ̋E\ ̋0RGH„ ̋Ï‰ÂÊ

7UDQVSRUWDWLRQ ̋&RQVWUXFWLRQÒ ̋Ï‰ÂÊ ̋ı7KRXVDQGV ̋RI ̋'ROODUVÙ

+LJKZD\ ̋DQG ̋6WUHHW ̋

&RQVWUXFWLRQ ̋ı6,& ̋

ÏÁÏÏÙ

&RQVWUXFWLRQ ̋RI ̋

%ULGJHVÒ ̋7XQQHOVÒ ̋

DQG ̋(OHYDWHG ̋

+LJKZD\V ̋ı6,& ̋

ÏÁÎÎÙ

+HDY\ ̋&RQVWUXFWLRQ ̋

1RW ̋(OVHZKHUH ̋

&ODVVLILHG ̋ı6,& ̋

ÏÁÎ‰Ù

7RWDO

(VWDEOLVKPHQWV ÏÌÒ‰ÂÁ ÏÒÏË‰ ÏÈÒËÍÎ ÎÁÒÁÊÊ

(PSOR\HHV ÎÂÈÒÍÂÌ ÈÊÒÈ‰È Î‰ÊÒÁÏÂ ÁÎ‰ÒÈ‰Î

9DOXH ̋RI ̋&RQVWUXFWLRQ ÍÈÒÏÁÏÒÈÎÊ ËÒÈÂÌÒ‰ÍÁ ÎËÒÁÍÎÒ‰Á‰ ÁËÒÎÊËÒÍÍÎ

+LJKZD\VÒ ̋6WUHHWVÒ ̋DQG ̋

5HODWHG ̋)DFLOLWLHV ÎÂÒÏÎÍÒÈÍÏ ÍÂÊÒÏÁÏ ‰ÎÍÒÍÏÍ Î‰ÒÈÍÍÒ‰ÌË

$LUSRUW ̋5XQZD\V ÏÎÍÒÂÌ‰ ð ð ÏÎÍÒÂÌ‰

%ULGJHVÒ ̋7XQQHOVÒ ̋DQG ̋

(OHYDWHG ̋+LJKZD\V ÏÒÏËÎÒÎÊÁ ÈÒÈÊÁÒËÌÏ ËÍÎÒÏÌÈ ÁÒÏÁÌÒÂÂÏ

0DULQH ̋&RQVWUXFWLRQ ÂÂÒÊÂË Î‰ÒÎ‰Ï ÏÒÍÊ‰ÒÁÏÏ ÏÒÈ‰ÊÒÁÂÊ

+DUERU ̋DQG ̋3RUW ̋)DFLOLWLHV ËÍÒËÌ‰ ÈÍÏÒËÌÊ ÈÂËÒÌÏÁ

0DVV ̋7UDQVLW ËÈÒÌ‰Î ð ÊÂÌÒÊÂÏ ÂÍÈÒÂÊÍ

3LSHOLQHV ̋ı([FHSW ̋:DWHUÙ ð ð ÎÈ‰ÒÌÂÁ ÎÈ‰ÒÌÂÁ

%XLOGLQJV ̋DQG ̋2WKHU ̋

&RQVWUXFWLRQ ÈÒÏÁ‰ÒÌÍÈ ËÍÈÒÈÊÈ ÎÏÒÍÍÁÒËÁÊ ÎÁÒÌÈÌÒÌÊË
ÏÏË

7DEOH ̋ÁðÍÔ ̋ ̋9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ ̋SXW ̋LQ ̋3ODFH ̋IRU ̋+LJKZD\V ̋6WUHHWV ̋DQG

5HODWHG ̋)DFLOLWLHV ̋LQ ̋&RQVWDQW ̋Ï‰‰Î ̋'ROODUV„ ̋Ï‰Â‰ ̋WR ̋Ï‰‰Á

9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ ̋SXW ̋LQ ̋3ODFH ̋LQ ̋0LOOLRQV ̋RI ̋&RQVWDQW ̋Ï‰‰Î ̋'ROODUV ̋

<HDU Ï‰Â‰ Ï‰‰Ì Ï‰‰Ï Ï‰‰Î Ï‰‰Í Ï‰‰È Ï‰‰Ë Ï‰‰Á

+LJKZD\V ̋DQG ̋6WUHHWV ÍÌÒÈÌÊ ÍÏÒÊÊÊ ÍÌÒÍÌÌ ÍÍÒÏÍÎ ÍÈÒÏÁÈ ÍÁÒÏËÏ ÍÍÒËÌÌ ÍÍÒÎ‰Ê

)LJXUH ̋ÁðÂÔ ̋ ̋*RYHUQPHQW ̋7UDQVSRUWDWLRQ ̋,QYHVWPHQW ̋E\ ̋0RGH„ ̋Ï‰ÂÊ

ð

ËÒÌÌÌÒÌÌÌ

ÏÌÒÌÌÌÒÌÌÌ

ÏËÒÌÌÌÒÌÌÌ

ÎÌÒÌÌÌÒÌÌÌ

ÎËÒÌÌÌÒÌÌÌ

ÍÌÒÌÌÌÒÌÌÌ

ÍËÒÌÌÌÒÌÌÌ

+LJKZD\VÒ

6WUHHWVÒ

DQG

5HODWHG

)DFLOLWLHV

$LUSRUW

5XQZD\V

%ULGJHVÒ

7XQQHOVÒ

DQG

(OHYDWHG

+LJKZD\V

0DULQH

&RQVWUÔ

+DUERU ̋DQG

3RUW

)DFLOLWLHV

0DVV

7UDQVLW

3LSHOLQHV

ı([FHSW

:DWHUÙ

%XLOGLQJV

DQG ̋2WKHU

&RQVWUÔ

7\SH ̋RI ̋&RQVWUXFWLRQ

'ROODUV ̋ı7KRXVDQGVÙ ̋

+LJKZD\ ̋7UDQVSRUWDWLRQ

7KH ̋PRVW ̋ZLGHO\ ̋ XVHG ̋ IRUP ̋ RI ̋WUDQVSRUWDWLRQ ̋LQ ̋WKH ̋86 ̋LV ̋WKH ̋ KLJKZD\Ô ̋ ̋ ,W ̋LQFOXGHV ̋WKH

KLJKZD\ ̋LQIUDVWUXFWXUHÒ ̋FRPSRVHG ̋RI ̋URDGVÒ ̋VWUHHWV ̋DQG ̋EULGJHVÒ ̋WUDIILF ̋FRQWURO ̋GHYLFHV ̋DQG

DGGLWLRQDO ̋IDFLOLWLHVÒ ̋DV ̋ZHOO ̋DV ̋YHKLFOHV ̋DQG ̋GULYHUVÒ ̋DQG ̋RWKHU ̋KLJKZD\VðUHODWHG ̋VHUYLFHVÔ

7KLV ̋ VHFWLRQ ̋ GHDOV ̋ RQO\ ̋ ZLWK ̋ KLJKZD\ ̋ LQIUDVWUXFWXUHÒ ̋ DV ̋ LVVXHV ̋ UHODWLQJ ̋ WR ̋ RSHUDWLRQVÒ

PDLQWHQDQFHÒ ̋DQG ̋HQHUJ\ ̋FRVWV ̋RI ̋YHKLFOHV ̋DQG ̋WKHLU ̋XVHUV ̋DUH ̋FRQVLGHUHG ̋EH\RQG ̋WKH ̋VFRSH

RI ̋WKLV ̋GRFXPHQWÔ

7KH ̋ KLJKZD\ ̋ QHWZRUN ̋ FRPSULVHV ̋ ÁÔÎÂ ̋ PLOOLRQ ̋ NLORPHWHUV ̋ ıÍÔ‰ ̋ PLOOLRQ ̋ PLOHVÙ ̋ RI ̋ SXEOLF

URDGVÒ ̋ZKLFK ̋DUH ̋RSHUDWHG ̋SULPDULO\ ̋E\ ̋VWDWH ̋DQG ̋ORFDO ̋JRYHUQPHQWVÔ ̋ ̋7KH ̋WRWDO ̋VL]H ̋RI ̋WKH

86 ̋KLJKZD\ ̋V\VWHP ̋KDV ̋EHHQ ̋UHODWLYHO\ ̋VWDEOH ̋IRU ̋PDQ\ ̋\HDUV ̋ıLQ ̋Ï‰ÂÌÒ ̋WRWDO ̋PLOHDJH ̋ZDV
ÏÏÁ

ÁÔÈÍË ̋ PLOOLRQ ̋ NLORPHWHUV ̋ ıÍÔ‰‰Ë ̋ PLOOLRQ ̋ PLOHVÙÒ ̋ LQ ̋ Ï‰‰ÈÒ ̋ LW ̋ KDG ̋ IDOOHQ ̋ VOLJKWO\ ̋ WR ̋ ÁÔÎÂË

PLOOLRQ ̋ NLORPHWHUV ̋ ıÍÔ‰ÌÁ ̋ PLOOLRQ ̋ PLOHVÙÙÔ ̋  ̋ 7KH ̋ 86 ̋ DOVR ̋ KDV ̋ D ̋ VXEVWDQWLDO ̋ SULYDWH ̋ URDG

PLOHDJHÒ ̋EXW ̋GDWD ̋WR ̋GHVFULEH ̋LWV ̋H[WHQW ̋DQG ̋YDULHW\ ̋DUH ̋ODFNLQJÔ ̋ ̋7KH ̋SXEOLF ̋URDG ̋QHWZRUN

LV ̋ FODVVLILHG ̋ DFFRUGLQJ ̋ WR ̋ WKH ̋ WUDIILF ̋ IXQFWLRQV ̋ WKH ̋ URDGV ̋ DUH ̋ LQWHQGHG ̋ WR ̋ VHUYHÔ ̋  ̋ 7KH

IXQFWLRQDO ̋W\SHV ̋LGHQWLILHG ̋LQ ̋WKLV ̋VHFWLRQ ̋DUH ̋DV ̋IROORZV„

x ,QWHUVWDWHVÒ ̋IUHHZD\VÒ ̋DQG ̋H[SUHVVZD\V

x $UWHULDOV

x &ROOHFWRUVÒ ̋DQG

x /RFDO ̋URDGV

)LJXUH ̋Áð‰Ô ̋ ̋7RWDO ̋+LJKZD\ ̋0LOHDJH ̋E\ ̋)XQFWLRQDO ̋7\SH„ ̋Ï‰‰Í

,QWHUVWDWHÓ)UHHZD\V ̋DQG ̋([SHVVZD\V„ ̋ÈËÒËÂÍP ̋ıÊÍÒÍÈÍNPÙ

$UWHULDO„ ̋ÍÂËÒÏÌÍP ̋ıÁÏ‰ÁÍÏNPÙ

&ROOHFWRU„ ̋Ê‰‰ÎÍÈP ̋ıÏÒÎÂËÒ‰ÁÊNPÙ

/RFDO„ ̋ÎÒÁÊÁÒÁÎÈP ̋ıÈÒÍÌÁÒÁÂÂNPÙ

&ROOHFWRU

ÎÌ ̄

/RFDO

Á‰ ̄

,QWHUVWDWHÓ ̋)UHHZD\V ̋ ̃ ̋

([SUHVVZD\V

Ï ̄

 ̋$UWHULDO

ÏÌ ̄

)LJXUH ̋ Áð‰Ò ̋ ZKLFK ̋ LV ̋ EDVHG ̋ XSRQ ̋ GDWD ̋ IURP ̋ WKH ̋ Ï‰‰Á ̋ 6WDWLVWLFDO ̋ $EVWUDFWÒ ̋ VKRZV ̋ WKH

UHODWLYH ̋SURSRUWLRQV ̋RI ̋HDFK ̋RI ̋WKHVH ̋IXQFWLRQDO ̋W\SHV ̋RI ̋URDGVÔ ̋ ̋/RFDO ̋URDGV ̋UHSUHVHQW ̋WKH

ODUJHVW ̋SURSRUWLRQ ̋RI ̋WKH ̋KLJKZD\ ̋QHWZRUNÔ

)LJXUH ̋ÁðÏÌÒ ̋ZKLFK ̋LV ̋DOVR ̋EDVHG ̋XSRQ ̋GDWD ̋IURP ̋WKH ̋Ï‰‰Á ̋6WDWLVWLFDO ̋$EVWUDFWÒ ̋VKRZV ̋KRZ

WRWDO ̋ KLJKZD\ ̋ PLOHDJH ̋ LV ̋ GLVWULEXWHG ̋ EHWZHHQ ̋ XUEDQ ̋ DQG ̋ UXUDO ̋ DUHDVÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH

ILJXUH ̋LQGLFDWHV ̋WKDW ̋UXUDO ̋URDGV ̋DFFRXQW ̋IRU ̋DERXW ̋ÂÌ ̋SHUFHQW ̋RI ̋WRWDO ̋PLOHDJHÔ ̋ ̋+RZHYHUÒ

LI ̋WKHVH ̋ ILJXUHV ̋DUH ̋FRPSDUHG ̋ZLWK ̋ YHKLFOH ̋ XVDJHÒ ̋LQ ̋WHUPV ̋ RI ̋ YHKLFOHV ̋PLOHV ̋ RI ̋WUDYHOÒ ̋D

GLIIHUHQW ̋ SDWWHUQ ̋ HPHUJHVÔ ̋  ̋ 8UEDQ ̋ YHKLFOH ̋ PLOHV ̋ DFFRXQW ̋ IRU ̋ DERXW ̋ ÁÌ ̋ SHUFHQW ̋ RI ̋ WRWDO

YHKLFOH ̋PLOHVÔ ̋ ̋,Q ̋DGGLWLRQÒ ̋RQO\ ̋DERXW ̋ÏÍ ̋SHUFHQW ̋RI ̋WRWDO ̋DQQXDO ̋YHKLFOH ̋PLOHV ̋WDNH ̋SODFH
ÏÏÊ

RQ ̋ ORFDO ̋ URDGV‚ ̋ DSSUR[LPDWHO\ ̋ ÊÏ ̋ SHUFHQW ̋ WDNH ̋ SODFH ̋ RQ ̋ DUWHULDOV ̋ DQG ̋ ,QWHUVWDWHVÒ ̋ ZLWK

DERXW ̋RQHðWKLUG ̋RI ̋WKLV ̋WRWDO ̋RQ ̋,QWHUVWDWHV ̋DORQHÔ

)LJXUH ̋ÁðÏÌÔ ̋ ̋7RWDO ̋+LJKZD\ ̋0LOHDJH ̋E\ ̋*HRJUDSKLF ̋/RFDWLRQ„ ̋Ï‰‰Í

Ì

ËÌÌ

ÏÌÌÌ

ÏËÌÌ

ÎÌÌÌ

ÎËÌÌ

ÍÌÌÌ

ÍËÌÌ

8UEDQ ̋0LOHDJH 5XUDO ̋0LOHDJH

/RFDWLRQ

Ì

ËÌÌ

ÏÌÌÌ

ÏËÌÌ

ÎÌÌÌ

:KLOH ̋ WKH ̋ IHGHUDO ̋ JRYHUQPHQW ̋ SOD\V ̋ DQ ̋ LPSRUWDQW ̋ UROH ̋ LQ ̋ IXQGLQJ ̋ DQG ̋ PDQDJLQJ ̋ 86

KLJKZD\VÒ ̋VWDWH ̋DQG ̋ORFDO ̋JRYHUQPHQWV ̋FRQWURO ̋DOPRVW ̋DOO ̋RI ̋WKH ̋URDGV ̋DQG ̋EULGJHV ̋LQ ̋WKH

86Ô ̋ ̋7KLV ̋LV ̋VKRZQ ̋JUDSKLFDOO\ ̋LQ ̋)LJXUH ̋ÁðÏÏÒ ̋ZKLFK ̋VKRZV ̋KRZ ̋WRWDO ̋KLJKZD\ ̋PLOHDJH

ZDV ̋GLVWULEXWHG ̋E\ ̋MXULVGLFWLRQ ̋LQ ̋Ï‰‰ÍÔ

)LJXUH ̋ ÁðÏÎ ̋ VKRZV ̋ KRZ ̋ SULFHV ̋ IRU ̋ VHOHFWHG ̋ KLJKZD\ ̋ FRQVWUXFWLRQ ̋ DFWLYLWLHV ̋ KDYH ̋ YDULHG

EHWZHHQ ̋Ï‰ÂÌ ̋DQG ̋Ï‰‰ÈÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋LQGLFDWHV ̋WKDW ̋PRVW ̋KLJKZD\ ̋FRQVWUXFWLRQ

FRVWV ̋DUH ̋ULVLQJÔ ̋ ̋)XUWKHU ̋GHWDLOV ̋DUH ̋DYDLODEOH ̋LQ ̋WKH ̋)+:$ ̋SXEOLFDWLRQ ̋3ULFH ̋7UHQGV ̋IRU

)HGHUDOðDLG ̋ +LJKZD\ ̋ &RQVWUXFWLRQÒ ̋ SUHSDUHG ̋ E\ ̋ WKH ̋ )HGHUDOðDLG ̋ DQG ̋ 'HVLJQ ̋ 'LYLVLRQÒ

2IILFH ̋RI ̋(QJLQHHULQJÔ
ÏÏÂ

)LJXUH ̋ÁðÏÏÔ ̋ ̋7RWDO ̋+LJKZD\ ̋0LOHDJH ̋E\ ̋-XULVGLFWLRQ„ ̋Ï‰‰Í

8QGHU ̋6WDWH ̋&RQWURO

ÎÌ ̄

8QGHU ̋/RFDO ̋&RQWURO

ÊË ̄

8QGHU ̋)HGHUDO ̋&RQWURO

Ë ̄

)LJXUH ̋ÁðÏÎÔ ̋ ̋3ULFHV ̋IRU ̋6HOHFWHG ̋)HGHUDO ̋+LJKZD\ ̋&RQVWUXFWLRQ ̋$FWLYLWLHV„ ̋Ï‰ÂÌ ̋WR

Ï‰‰È

ÈÌÔÌ

ËÌÔÌ

ÁÌÔÌ

ÊÌÔÌ

ÂÌÔÌ

‰ÌÔÌ

ÏÌÌÔÌ

ÏÏÌÔÌ

ÏÎÌÔÌ

ÏÍÌÔÌ

<HDU

5(685)$&,1*

&20326,7(

6758&785(6

(;&$9$7,21
ÏÏ‰

5DLOURDG ̋7UDQVSRUWDWLRQ

7KH ̋ HOHPHQWV ̋ RI ̋WKH ̋ 86 ̋ UDLO ̋ V\VWHP ̋ FRPSULVH ̋ UDLO ̋WUDFNVÒ ̋ RSHUDWLQJ ̋ HTXLSPHQWÒ ̋ DQG ̋ WKH

DGGLWLRQDO ̋ FDSLWDO ̋ DQG ̋ KXPDQ ̋ UHVRXUFHV ̋ QHFHVVDU\ ̋ WR ̋ SURGXFH ̋ IUHLJKW ̋ DQG ̋ SDVVHQJHU

VHUYLFHVÔ ̋ ̋7KLV ̋GRFXPHQW ̋IRFXVHV ̋RQO\ ̋XSRQ ̋UDLO ̋WUDFN ̋DQG ̋DVVRFLDWHG ̋LQIUDVWUXFWXUHÔ ̋ ̋)RUð

KLUH ̋UDLO ̋IUHLJKW ̋LV ̋SURYLGHG ̋E\ ̋D ̋QXPEHU ̋RI ̋IUHLJKW ̋UDLO ̋OLQHVÒ ̋DQG ̋SDVVHQJHU ̋VHUYLFH ̋LV ̋WKH

UHVSRQVLELOLW\ ̋ SULPDULO\ ̋ RI ̋ $PWUDNÔ ̋  ̋ 2WKHU ̋ UDLOðUHODWHG ̋ UDLOURDGV ̋ VHUYLFHV ̋ DUH ̋ FODVVLILHG

XQGHU ̋ ¶WUDQVLWß ̋ LQ ̋ WKLV ̋ GRFXPHQWÔ ̋  ̋ 5DLOURDGV ̋ DUH ̋ QRW ̋ FODVVLILHG ̋ IXQFWLRQDOO\Ò ̋ DV ̋ DUH

KLJKZD\VÒ ̋EXW ̋DQ ̋DSSUR[LPDWH ̋HTXLYDOHQW ̋LV ̋ IRXQG ̋LQ ̋WHUPV ̋RI ̋WKH ̋PDLQðOLQHÒ ̋ VHFRQGDU\ð

PDLQÒ ̋DQG ̋EUDQFK ̋OLQH ̋FODVVLILFDWLRQVÔ ̋ ̋+RZHYHUÒ ̋WKHVH ̋ UDLO ̋WHUPV ̋DUH ̋QRW ̋SUHFLVHÒ ̋DQG ̋QR

WLPHðVHULHV ̋ ILJXUHV ̋ UHSRUW ̋ FKDQJHV ̋ LQ ̋ WKH ̋ H[WHQW ̋ RI ̋ IDFLOLWLHV ̋ IRU ̋ HDFK ̋ FDWHJRU\Ô ̋  ̋ 7KH

$VVRFLDWLRQ ̋ RI ̋ $PHULFDQ ̋ 5DLOURDGV ̋ ı$$5Ù ̋ XVHV ̋ WKH ̋ IROORZLQJ ̋ GHILQLWLRQV ̋ IRU ̋ IUHLJKW

UDLOURDGV„

x &ODVV ̋, ̋5DLOURDGV

x 5HJLRQDO ̋5DLOURDGV

x /RFDO ̋5DLOURDGV

&ODVV ̋ , ̋ UDLOURDGV ̋ DFFRXQW ̋ IRU ̋ ÊÍ ̋ SHUFHQW ̋ RI ̋ WKH ̋ QDWLRQV ̋ UDLO ̋ PLOHDJHÒ ̋ DQG ̋ ‰Ï ̋ SHUFHQW ̋ RI

IUHLJKW ̋UDLOURDG ̋UHYHQXHÔ ̋ ̋,Q ̋Ï‰‰ËÒ ̋WKHUH ̋ZHUH ̋ÎÌÏÒÎÈÏ ̋NLORPHWHUV ̋ıÏÎËÒÌÊÎ ̋PLOHVÙ ̋RI ̋&ODVV

, ̋UDLOURDGV ̋RSHUDWHG ̋ıWKLV ̋H[FOXGHV ̋PXOWLSOH ̋PDLQ ̋WUDFNVÒ ̋\DUG ̋WUDFNVÒ ̋DQG ̋VLGLQJVÙÒ ̋ÍÌÒÎÊÍ

NLORPHWHUV ̋ıÏÂÒÂÏË ̋PLOHVÙ ̋RI ̋UHJLRQDO ̋UDLOURDGÒ ̋ÈÎÒÊÏÍ ̋NLORPHWHUV ̋ıÎÁÒËÈÁ ̋PLOHVÙ ̋RI ̋ORFDO

UDLOURDGÒ ̋DQG ̋Í‰ÒÈÎÏ ̋NLORPHWHUV ̋ıÎÈÒËÌÌ ̋PLOHVÙ ̋RI ̋$PWUDN ̋UDLOURDGÔ ̋ ̋7KHUH ̋ZHUH ̋ËÍÌ ̋ORFDO

DQG ̋UHJLRQDO ̋UDLOURDG ̋FDUULHUVÔ ̋ ̋7KLV ̋LQIRUPDWLRQ ̋LV ̋SUHVHQWHG ̋JUDSKLFDOO\ ̋LQ ̋)LJXUH ̋ÁðÏÍÔ

)LJXUH ̋ÁðÏÍÔ ̋ ̋5DLOURDGV ̋2SHUDWHG ̋LQ ̋Ï‰‰Ë ̋E\ ̋7\SH

Ì

ÎÌÌÌÌ

ÈÌÌÌÌ

ÁÌÌÌÌ

ÂÌÌÌÌ

ÏÌÌÌÌÌ

ÏÎÌÌÌÌ

ÏÈÌÌÌÌ

&ODVV ̋, 5HJLRQDO /RFDO $PW UDN ̋3DVVHQJHU

7\SH ̋RI ̋5DLOURDG

Ì

ÍÌÌÌÌ

ÁÌÌÌÌ

‰ÌÌÌÌ

ÏÎÌÌÌÌ

ÏËÌÌÌÌ

ÏÂÌÌÌÌ

ÎÏÌÌÌÌ

)UHLJKW ̋5DLOURDGV
ÏÎÌ

7UDQVLW ̋7UDQVSRUWDWLRQ

,Q ̋WKLV ̋ GRFXPHQWÒ ̋WUDQVLW ̋LV ̋ GHILQHG ̋DV ̋HQFRPSDVVLQJ ̋ FRPPXWHU ̋WUDLQVÒ ̋ KHDY\ðUDLO ̋ ıUDSLG

UDLOÙ ̋DQG ̋OLJKWðUDLO ̋ıVWUHHWFDUÙ ̋WUDQVLW ̋V\VWHPVÒ ̋ORFDO ̋WUDQVLW ̋EXVHVÒ ̋YDQV ̋DQG ̋RWKHU ̋YHKLFOHVÒ

DQG ̋ IHUU\ ̋ ERDWVÔ ̋ ̋0RVW ̋WUDQVLW ̋DJHQFLHV ̋WKDW ̋ SURYLGH ̋FRPPXWHU ̋ UDLO ̋ VHUYLFH ̋FRQWUDFW ̋ZLWK

SULYDWH ̋ UDLOURDGV ̋ RU ̋$PWUDN ̋WR ̋ RSHUDWH ̋WKH ̋ VHUYLFHÔ ̋ ̋3DVVHQJHU ̋ XVH ̋LV ̋ VSOLW ̋DERXW ̋HTXDOO\

EHWZHHQ ̋UDLO ̋DQG ̋QRQðUDLO ̋V\VWHPVÔ ̋ ̋7KH ̋RSHUDWLRQ ̋RI ̋WUDQVLW ̋V\VWHPV ̋LV ̋RYHUVHHQ ̋E\ ̋SXEOLF

WUDQVLW ̋DXWKRULWLHVÔ ̋ ̋$ERXW ̋ÎÒÎËÌ ̋SXEOLF ̋DJHQFLHV ̋SURYLGHG ̋WUDQVLW ̋VHUYLFHV ̋LQ ̋86 ̋FLWLHV ̋RI

ZKLFK ̋DSSUR[LPDWHO\ ̋Á ̋SHUFHQW ̋RSHUDWHG ̋RQH ̋RU ̋PRUH ̋IRUPV ̋RI ̋UDLO ̋PDVV ̋WUDQVLWÔ ̋ ̋0DQ\ ̋RI

WKH ̋ODUJHVW ̋FLWLHV ̋UHFHLYHG ̋VHUYLFH ̋IURP ̋VHYHUDO ̋WUDQVLW ̋RSHUDWRUVÔ

&DSLWDO ̋H[SHQVHV ̋DUH ̋PRQH\V ̋SDLG ̋IRU ̋WUDQVLW ̋LQIUDVWUXFWXUH ̋DQG ̋LWV ̋SODQQLQJÒ ̋GHVLJQÒ ̋ODQG

DFTXLVLWLRQÒ ̋DQG ̋UHODWHG ̋FRVWVÔ ̋ ̋'DWD ̋IURP ̋WKH ̋$PHULFDQ ̋3XEOLF ̋7UDQVLW ̋$VVRFLDWLRQ ̋VKRZV

WKDW ̋ LQ ̋ Ï‰‰ËÒ ̋ ÎË ̋ SHUFHQW ̋ RI ̋ WKH ̋  ̆ÊÔÌ ̋ ELOOLRQ ̋ WRWDO ̋ ZHQW ̋ IRU ̋ YHKLFOHVÒ ̋ ËÍ ̋ SHUFHQW ̋ IRU

IDFLOLWLHVÒ ̋DQG ̋ÎÎ ̋SHUFHQW ̋IRU ̋HTXLSPHQW ̋DQG ̋VHUYLFHVÔ ̋ ̋ÍÁ ̋SHUFHQW ̋ZDV ̋VSHQW ̋RQ ̋KHDY\ ̋UDLOÒ

ÎÁ ̋ SHUFHQW ̋ RQ ̋ EXVÒ ̋ ÎÈ ̋ SHUFHQW ̋ RQ ̋ FRPPXWHU ̋ UDLOÒ ̋ ÏÌ ̋ SHUFHQW ̋ RQ ̋ OLJKW ̋ UDLOÒ ̋ DQG ̋ WKH

UHPDLQGHU ̋RQ ̋RWKHU ̋PRGHVÔ

2SHUDWLQJ ̋H[SHQVHV ̋LQ ̋Ï‰‰Ë ̋ZHUH ̋ ̆ÏÂÔÏ ̋ELOOLRQÔ ̋ ̋%XVHV ̋DFFRXQWHG ̋ IRU ̋ ËÂ ̋ SHUFHQWÒ ̋ KHDY\

UDLO ̋IRU ̋Ï‰ÔË ̋SHUFHQWÒ ̋FRPPXWHU ̋UDLO ̋IRU ̋ÏÎ ̋SHUFHQWÒ ̋GHPDQG ̋UHVSRQVH ̋IRU ̋Á ̋SHUFHQWÒ ̋OLJKW

UDLO ̋ IRU ̋ Î ̋ SHUFHQWÒ ̋ DQG ̋ RWKHU ̋ PRGHV ̋ IRU ̋ ÎÔË ̋ SHUFHQWÔ ̋  ̋ $ERXW ̋ WHQ ̋ SHUFHQW ̋ RI ̋ RSHUDWLQJ

H[SHQVHV ̋ZHUH ̋GHYRWHG ̋WR ̋SULPDU\ ̋IDFLOLWLHV ̋PDLQWHQDQFHÔ ̋ ̋7KLV ̋ILJXUH ̋KDV ̋YDULHG ̋EHWZHHQ

DERXW ̋HLJKW ̋DQG ̋WHQ ̋SHUFHQW ̋RI ̋WRWDO ̋RSHUDWLQJ ̋H[SHQVHV ̋EHWZHHQ ̋Ï‰ÂË ̋DQG ̋Ï‰‰ËÔ

$LU ̋7UDQVSRUWDWLRQ

7KH ̋ HOHPHQWV ̋ RI ̋ WKH ̋ DLU ̋ WUDQVSRUWDWLRQ ̋ V\VWHP ̋ DUH ̋ DLUSRUWVÒ ̋ DLU ̋ WUDIILF ̋ FRQWURO ̋ DQG

QDYLJDWLRQ ̋ DLGVÒ ̋ DLUFUDIWÒ ̋ SLORWV ̋ DQG ̋ RWKHU ̋ SHUVRQQHOÒ ̋ DQG ̋ VXSSOLHUV ̋ RI ̋ DLU ̋ SDVVHQJHU ̋ DQG

IUHLJKW ̋ VHUYLFHVÔ ̋  ̋ 7KLV ̋ GRFXPHQW ̋ IRFXVHV ̋ RQO\ ̋ XSRQ ̋ DLUSRUWV ̋ DQG ̋ WKH ̋ DLU ̋ WUDIILF ̋ FRQWURO

V\VWHP ̋IRU ̋WKH ̋GHYHORSPHQW ̋RI ̋EDVHOLQH ̋PHDVXUHVÔ

'DWD ̋IURP ̋WKH ̋SXEOLFDWLRQ ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFV ̋$QQXDO ̋5HSRUW ̋Ï‰‰Ê ̋LQGLFDWH ̋WKDW ̋LQ

Ï‰‰Ë ̋WKHUH ̋ZHUH ̋D ̋WRWDO ̋RI ̋ÏÂÒÎÎÈ ̋DLUSRUWV ̋LQ ̋WKH ̋86 ̋ıD ̋GHFOLQH ̋IURP ̋ÏÂÒÍÈÍ ̋LQ ̋Ï‰‰ÈÒ ̋EXW ̋D

VXEVWDQWLDO ̋LQFUHDVH ̋IURP ̋WKH ̋ÏËÒÏÁÏ ̋RSHUDWHG ̋LQ ̋Ï‰ÂÌÙÔ ̋ ̋3ULYDWHðXVH ̋DLUSRUWV ̋FRQVWLWXWH ̋ÊÌ

SHUFHQW ̋ RI ̋ WKHVH ̋ DLUSRUWVÒ ̋ DQG ̋ ‰Á ̋ SHUFHQW ̋ RI ̋ DOO ̋ DLUSRUWV ̋ DUH ̋ XVHG ̋ E\ ̋ JHQHUDO ̋ DYLDWLRQ

DLUFUDIWÔ ̋ ̋7KHUH ̋ZHUH ̋ËÈÏË ̋SXEOLFðXVH ̋DLUSRUWV ̋LQ ̋Ï‰‰ËÔ

*HQHUDO ̋ DYLDWLRQ ̋ DLUSRUWV ̋ DUH ̋ XVXDOO\ ̋ UXGLPHQWDU\ ̋ IDFLOLWLHV‚ ̋ RQO\ ̋ DERXW ̋ KDOI ̋ KDYH ̋ SDYHG

UXQZD\VÒ ̋DQG ̋DERXW ̋ RQH ̋ TXDUWHU ̋ KDYH ̋OLJKWHG ̋ UXQZD\VÔ ̋ ̋7KH ̋ QXPEHU ̋ RI ̋FLYLO ̋FHUWLILFDWHG

DLUSRUWV ̋ ıVHUYLQJ ̋DLU ̋FDUULHU ̋ RSHUDWLRQV ̋ZLWK ̋DLUFUDIW ̋ VHDWLQJ ̋PRUH ̋WKDQ ̋ ÍÌ ̋ SDVVHQJHUVÙ ̋LV

UHODWLYHO\ ̋ VWDEOH ̋DW ̋DERXW ̋ ËÊÌÔ ̋ ̋7KH ̋PDMRULW\ ̋ RI ̋86 ̋ DLUSRUWV ̋ DUH ̋ RZQHG ̋ DQG ̋ RSHUDWHG ̋ E\

VWDWH ̋DQG ̋ORFDO ̋SXEOLF ̋ERGLHVÔ ̋ ̋6HYHUDO ̋SXEOLFO\ ̋RZQHG ̋86 ̋DLUSRUWV ̋DUH ̋RSHUDWHG ̋E\ ̋SULYDWH

ERGLHV ̋ XQGHU ̋ D ̋ PDQDJHPHQW ̋ FRQWUDFWÔ ̋ 7KH ̋ 1DWLRQDO ̋ $LUVSDFH ̋ 6\VWHP ̋ ı1$6ÙÒ ̋ ZKLFK ̋ LV

RSHUDWHG ̋ E\ ̋ WKH ̋ )HGHUDO ̋ $YLDWLRQ ̋ $GPLQLVWUDWLRQÒ ̋ FRPSULVHV ̋ RYHU ̋ ÍÎÒÌÌÌ ̋ IDFLOLWLHV ̋ DQG

SLHFHV ̋RI ̋HTXLSPHQWÒ ̋LQFOXGLQJ ̋DLU ̋WUDIILF ̋FRQWURO ̋HTXLSPHQWÒ ̋QDYLJDWLRQ ̋DQG ̋ODQGLQJ ̋DLGVÒ
ÏÎÏ

DXWRPDWLRQ ̋ V\VWHPVÒ ̋ FRPPXQLFDWLRQV ̋ HTXLSPHQWÒ ̋ DQG ̋ )$$ ̋ SODQW ̋ IDFLOLWLHVÔ ̋  ̋ 2SHUDWLRQV

IXQGLQJ ̋ IRU ̋ WKH ̋ 1$6 ̋ IRU ̋ )<Ï‰‰Á ̋ ZDV ̋  ̆ÂÁÎÒË‰ËÒÌÌÌÒ ̋ DQ ̋ LQFUHDVH ̋ RI ̋ ÎÔÊ ̋ SHUFHQW ̋ IURP

)<Ï‰‰ËÔÎ‰

:DWHU ̋7UDQVSRUWDWLRQ

:DWHU ̋WUDQVSRUWDWLRQ ̋LQFOXGHV ̋ GRPHVWLF ̋ PRYHPHQWV ̋ RQ ̋WKH ̋LQODQG ̋ ZDWHUZD\VÒ ̋ WKH ̋ *UHDW

/DNHVÒ ̋ DQG ̋ DORQJ ̋ WKH ̋ FRDVWÒ ̋ DV ̋ ZHOO ̋ DV ̋ EHWZHHQ ̋ WKH ̋ FRQWLJXRXV ̋ ÈÂ ̋ VWDWHV ̋ DQG ̋ $ODVNDÒ

+DZDLLÒ ̋*XDPÒ ̋ 3XHUWR ̋5LFR ̋ DQG ̋WKH ̋ 9LUJLQ ̋ ,VODQGVÔ ̋  ̋:DWHU ̋WUDQVSRUW ̋ DOVR ̋ HQFRPSDVVHV

LQWHUQDWLRQDO ̋RFHDQ ̋VKLSPHQWVÔ ̋ ̋)DFLOLWLHV ̋LQFOXGH ̋KDUERUV ̋DQG ̋SRUWVÒ ̋FKDQQHOVÒ ̋QDYLJDWLRQ

DLGVÒ ̋SLHUVÒ ̋ZKDUYHVÒ ̋FDUJR ̋KDQGOLQJ ̋HTXLSPHQWÒ ̋ORFNV ̋DQG ̋GDPVÒ ̋DQG ̋VWRUDJH ̋IDFLOLWLHVÒ ̋DV

ZHOO ̋ DV ̋ YHVVHOV ̋ RI ̋ YDULRXV ̋ W\SHVÔ ̋  ̋ 7KLV ̋ GRFXPHQW ̋ IRFXVHV ̋ XSRQ ̋ SRUWVÒ ̋ ZDWHUZD\VÒ ̋ DQG

DVVRFLDWHG ̋LQIUDVWUXFWXUH ̋IRU ̋WKH ̋GHYHORSPHQW ̋RI ̋EDVHOLQH ̋PHDVXUHVÔ

'DWD ̋ IURP ̋WKH ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFV ̋$QQXDO ̋5HSRUW ̋Ï‰‰Ê ̋LQGLFDWH ̋WKDW ̋LQ ̋ Ï‰‰Ë ̋WKHUH

ZHUH ̋ÍÁÎ ̋WHUPLQDOV ̋RQ ̋WKH ̋*UHDW ̋/DNHV ̋ZLWK ̋ËÌÊ ̋EHUWKVÒ ̋ÏÒÂÏÏ ̋LQODQG ̋WHUPLQDOVÒ ̋DQG ̋ÏÒËÊÂ

RFHDQ ̋WHUPLQDOV ̋ZLWK ̋ÎÒÁÊÎ ̋EHUWKVÔ ̋ ̋2I ̋WKH ̋Ï‰ÒËÈÌ ̋SXEOLF ̋DQG ̋SULYDWH ̋GHHSðGUDIW ̋WHUPLQDOV

DW ̋RFHDQ ̋DQG ̋*UHDW ̋/DNHV ̋SRUWVÒ ̋DSSUR[LPDWHO\ ̋ÊË ̋SHUFHQW ̋ZHUH ̋SULYDWHO\ ̋RZQHGÔ ̋ ̋*HQHUDO

FDUJR ̋EHUWKV ̋PDGH ̋XS ̋ÍÂ ̋SHUFHQW ̋RI ̋DOO ̋EHUWKV ̋ıHÔJÔÒ ̋IRU ̋FRDOÒ ̋JUDLQÒ ̋DQG ̋RUHÙ ̋OLTXLG ̋EHUWKV

PDGH ̋ XS ̋ ÎÌ ̋ SHUFHQW ̋ ıHÔJÔÒ ̋ IRU ̋ FUXGH ̋ DQG ̋ UHILQHG ̋ SHWUROHXPÙ ̋ DQG ̋ SDVVHQJHU ̋ EHUWKV

DFFRXQWHG ̋IRU ̋Í ̋SHUFHQWÔ ̋ ̋7KH ̋UHPDLQLQJ ̋ÏÂ ̋SHUFHQW ̋ZHUH ̋FODVVLILHG ̋DV ̋RWKHU ̋ıHÔJÔÒ ̋EHUWKV

IRU ̋EDUJHVÒ ̋ ̋PRRULQJÒ ̋RU ̋LQDFWLYHÙÔ ̋ ̋'DWD ̋IURP ̋WKH ̋86 ̋0DULWLPH ̋$GPLQLVWUDWLRQ ̋VXPPDUL]H

86 ̋VHDSRUW ̋WHUPLQDOV ̋DQG ̋EHUWKV ̋E\ ̋FRDVWDO ̋UHJLRQÔ ̋ ̋,QODQG ̋ZDWHUZD\ ̋SRUWV ̋DQG ̋WHUPLQDOV

JHQHUDOO\ ̋KDYH ̋VKDOORZHU ̋ZDWHU ̋GHSWKV ̋ıÈÔÍ ̋PHWHUVÓÏÈ ̋IHHW ̋RU ̋OHVVÙ ̋DQG ̋FDQ ̋EH ̋ORFDWHG ̋RQ

WKH ̋ ÈÌÒÎÎË ̋ NLORPHWHUV ̋ ıÎËÒÌÌÌ ̋ PLOHVÙ ̋ RI ̋ QDYLJDEOH ̋ LQODQG ̋ ZDWHUZD\V ̋ DQG ̋ LQWUDFRDVWDO

ZDWHUZD\VÒ ̋SURYLGLQJ ̋PRUH ̋IOH[LELOLW\ ̋WKDQ ̋FRDVWDO ̋SRUWVÔ ̋ ̋,Q ̋Ï‰‰ËÒ ̋WKHUH ̋ZHUH ̋DERXW ̋ÏÒÂÌÌ

ULYHU ̋WHUPLQDOV ̋LQ ̋ ÎÏ ̋ VWDWHVÒ ̋ RI ̋ZKLFK ̋DERXW ̋ Â‰ ̋ SHUFHQW ̋ZHUH ̋ SULYDWHO\ ̋ RZQHGÔ ̋ ̋2I ̋WKHVH

WHUPLQDOVÒ ̋DSSUR[LPDWHO\ ̋È ̋SHUFHQW ̋ZHUH ̋IRU ̋JHQHUDO ̋FDUJRÒ ̋ËÂ ̋SHUFHQW ̋ZHUH ̋IRU ̋GU\ ̋EXON

FDUJRÒ ̋ÎÊ ̋SHUFHQW ̋ZHUH ̋IRU ̋OLTXLG ̋EXON ̋FDUJRÒ ̋DQG ̋ÏÏ ̋SHUFHQW ̋ZHUH ̋PXOWLSXUSRVHÔ

2YHUYLHZ ̋RI ̋WKH ̋3RZHU ̋8WLOLWLHV ̋6XEð6HFWRU

7KLV ̋ VXEðVHFWRU ̋LV ̋ SULPDULO\ ̋ FRQFHUQHG ̋ ZLWK ̋WKH ̋ SURGXFWLRQ ̋ RI ̋ HOHFWULFLW\Ò ̋ JDVÒ ̋ RU ̋ VWHDP

IURP ̋WKH ̋SULPDU\ ̋IXHO ̋VRXUFHVÔ ̋ ̋7KH ̋Ï‰‰Î ̋&HQVXV ̋RI ̋7UDQVSRUWDWLRQÒ ̋&RPPXQLFDWLRQVÒ

DQG ̋ 8WLOLWLHV ̋ SURYLGHV ̋ OLPLWHG ̋ LQIRUPDWLRQ ̋ DERXW ̋ WKH ̋ DPRXQW ̋ RI ̋ FRQVWUXFWLRQ ̋ DFWLYLW\

FDUULHG ̋RXW ̋E\ ̋HVWDEOLVKPHQWV ̋LQ ̋6,& ̋FRGH ̋È‰ ̋ıHOHFWULFÒ ̋JDVÒ ̋DQG ̋VDQLWDU\ ̋VHUYLFHVÙÒ ̋DV ̋ZHOO

DV ̋ PRUH ̋ GHWDLOHG ̋ LQIRUPDWLRQ ̋ DERXW ̋ WKH ̋ VL]H ̋ RI ̋ HVWDEOLVKPHQWVÒ ̋ UHYHQXHVÒ ̋ DQG ̋ SD\UROO

FRVWVÔ ̋ ̋(OHFWULF ̋VHUYLFHV ̋ı6,& ̋È‰ÏÙ ̋LQFOXGHV ̋DOO ̋HVWDEOLVKPHQWV ̋HQJDJHG ̋LQ ̋WKH ̋JHQHUDWLRQÒ

WUDQVPLVVLRQÒ ̋ DQGÓRU ̋ GLVWULEXWLRQ ̋ RI ̋ HOHFWULF ̋ HQHUJ\ ̋ IRU ̋ VDOHÔ ̋  ̋ *DV ̋ SURGXFWLRQ ̋ DQG

GLVWULEXWLRQ ̋ ı6,& ̋ È‰ÎÙ ̋ LQFOXGHV ̋ DOO ̋ HVWDEOLVKPHQWV ̋ LQYROYHG ̋ LQ ̋ WKH ̋ WUDQVPLVVLRQ ̋ DQGÓRU

VWRUDJH ̋ RI ̋ QDWXUDO ̋ JDV ̋ IRU ̋ VDOHÔ ̋  ̋ &RPELQDWLRQ ̋ XWLOLW\ ̋ VHUYLFHV ̋ ı6,& ̋ È‰ÍÙ ̋ LQFOXGHV ̋ DOO

HVWDEOLVKPHQWV ̋ HQJDJHG ̋LQ ̋ SURYLGLQJ ̋ HOHFWULF ̋ RU ̋ JDV ̋ VHUYLFHV ̋ LQ ̋ FRPELQDWLRQ ̋ ZLWK ̋ RWKHU

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

Î‰ ̋ 6RXUFH„ ̋ 0DQDJHPHQW ̋ $GYLVRU\ ̋ 0HPRUDQGXP ̋ RQ ̋ 5HVRXUFH ̋ 5HTXLUHPHQW ̋ 3ODQQLQJ ̋ IRU ̋ 2SHUDWLQJ ̋ DQG

0DLQWDLQLQJ ̋WKH ̋1$6Ò ̋)$$ ̋5HSRUW ̋1XPEHU ̋$6ð)$ðÊðÌÌÈ ̋-DQ ̋Ï‰‰ÊÔ
ÏÎÎ

VHUYLFHVÔ ̋ ̋7KH ̋QXPEHU ̋RI ̋HVWDEOLVKPHQWV ̋LQ ̋WKH ̋VXEðVHFWRU ̋LQ ̋Ï‰‰Î ̋LV ̋VKRZQ ̋LQ ̋7DEOH ̋ÁðÈ

ıQRWH ̋WKDW ̋FRPSRQHQW ̋ ILJXUHV ̋PDGH ̋ QRW ̋DGG ̋ XS ̋WR ̋WRWDOV ̋ GXH ̋WR ̋ VRPH ̋HVWDEOLVKPHQWV ̋ QRW

EHLQJ ̋RSHUDWHG ̋LQ ̋Ï‰‰ÎÙÔ

,QIRUPDWLRQ ̋ IRU ̋ WKH ̋ (,$ ̋ UHSRUW ̋ 1DWXUDO ̋ *DV ̋ 0RQWKO\ ̋ $SULO ̋ Ï‰‰ÊÒ ̋ SURYLGHV ̋ D ̋ UHJLRQDO

VXPPDU\ ̋RI ̋QDWXUDO ̋JDV ̋LQWHUVWDWH ̋SLSHOLQH ̋FDSDFLW\ ̋DQG ̋SODQQHG ̋DGGLWLRQV ̋EHWZHHQ ̋Ï‰‰Ë

DQG ̋ÎÌÌÌÔ ̋ ̋ ,Q ̋Ï‰‰ËÒ ̋WKH ̋WRWDO ̋SLSHOLQH ̋FDSDFLW\ ̋HQWHULQJ ̋WKH ̋86 ̋ZDV ̋ÎÒÍÊÏ ̋PLOOLRQ ̋FXELF

PHWHUV ̋ıÂÍÒÊÈÁ ̋PLOOLRQ ̋FXELF ̋IHHWÙ ̋SHU ̋GD\Ò ̋ZKLOH ̋WKH ̋WRWDO ̋SLSHOLQH ̋FDSDFLW\ ̋ZLWKLQ ̋WKH ̋86

ZDV ̋ ÂÒÏËÎ ̋ PLOOLRQ ̋ FXELF ̋ PHWHUV ̋ ıÎÂÊÒ‰ÏÂ ̋ PLOOLRQ ̋ FXELF ̋ IHHWÙ ̋ SHU ̋ GD\Ô ̋  ̋ 1DWXUDO ̋ JDV

WKURXJKSXW ̋LQ ̋Ï‰‰È ̋ZDV ̋DERXW ̋ÏÒËÎ‰ ̋PLOOLRQ ̋FXELF ̋PHWHUV ̋ıËÈÒÌÌÌ ̋PLOOLRQ ̋FXELF ̋IHHWÙ ̋SHU

GD\ ̋  ̋ ıUHIHU ̋ WR ̋ VRXUFH ̋ GRFXPHQW ̋ IRU ̋ IXUWKHU ̋ GHWDLOVÙÔ ̋  ̋ 1DWXUDO ̋ JDV ̋ SLSHOLQHV ̋ WRWDOHG

ÏÒ‰ÎÍÒÏÁÁ ̋ NLORPHWHUV ̋ ıÏÒÏ‰ËÒÌÌÌ ̋ PLOHVÙ ̋ LQ ̋ Ï‰‰È ̋ ıD ̋ VOLJKW ̋ GHFUHDVH ̋ IURP ̋ ÎÒÌÏÂÒÏÏÊ

NLORPHWHUV ̋ ıÏÒÎËÈÒÌÌÌ ̋ PLOHVÙ ̋LQ ̋ Ï‰‰ÎÙÔ ̋  ̋ 'LVWULEXWLRQ ̋ OLQHV ̋ DFFRXQW ̋ IRU ̋ WKUHHðTXDUWHUV ̋ RI

WKLV ̋WRWDO ̋PLOHDJH‚ ̋WUDQVPLVVLRQÒ ̋ILHOGÒ ̋DQG ̋JDWKHULQJ ̋OLQHV ̋PDNH ̋XS ̋WKH ̋UHPDLQLQJ ̋TXDUWHUÔ

6LQFH ̋Ï‰ÂÌÒ ̋WKH ̋WRWDO ̋OHQJWK ̋RI ̋JDV ̋SLSHOLQH ̋KDV ̋LQFUHDVHG ̋E\ ̋ÎÈ ̋SHUFHQWÒ ̋EXW ̋WUDQVPLVVLRQ

SLSHOLQH ̋OHQJWK ̋KDV ̋RQO\ ̋LQFUHDVHG ̋WKUHH ̋SHUFHQW ̋RYHU ̋WKLV ̋SHULRGÔ ̋ ̋,Q ̋Ï‰‰ÈÒ ̋WKHUH ̋ZHUH ̋ÏËÌ

LQWHUVWDWH ̋ QDWXUDO ̋ JDV ̋ SLSHOLQH ̋ FRPSDQLHV ̋ HPSOR\LQJ ̋ DERXW ̋ ÏÂÊÒÌÌÌ ̋ SHRSOHÔ

$SSUR[LPDWHO\ ̋Ï‰ ̋SHUFHQW ̋RI ̋QDWXUDO ̋JDV ̋SLSHOLQHV ̋ZHUH ̋EXLOW ̋EHIRUH ̋Ï‰ËÌÔ

$OO ̋RWKHU ̋SLSHOLQHV ̋DUH ̋FRQVLGHUHG ̋LQ ̋WKH ̋SLSHOLQHV ̋VXEðVHFWRUÔ

7DEOH ̋ÁðÈÔ ̋ ̋1XPEHU ̋RI ̋(VWDEOLVKPHQWV ̋LQ ̋WKH ̋3RZHU ̋8WLOLWLHV ̋6XEð6HFWRU„ ̋Ï‰‰Î

180%(5 ̋2) ̋(67$%/,6+0(176 ̋%< ̋(03/2<0(17 ̋6,=(„ ̋Ï‰‰Î

(PSOR\PHQW ̋6L]H

6,& ̋&RGH 7RWDO ̋

(VWDEOLVKPHQWV

‰ ̋RU ̋)HZHU ̋

(PSOR\HHV ÏÌðÈ‰ ̋(PSOR\HHV ËÌð‰‰ ̋(PSOR\HHV ÏÌÌ ̋RU ̋0RUH ̋(PSOR\HHV

È‰Ï ̋ð ̋(OHFWULF ̋6HUYLFHV ËÒÍÊÈ ÏÒÁÂÊ ÎÒÏÍ‰ ÁÁ‰ Ê‰Í

È‰Î ̋ð ̋*DV ̋3URGXFWLRQ ̋DQG ̋

'LVWULEXWLRQ ÍÒ‰ÁÂ ÏÒÁÂ‰ ÏÒËÍË ÎÂÎ ÍÏÊ

È‰Í ̋ð ̋&RPELQDWLRQ ̋8WLOLW\ ̋

6HUYLFHV ÏÒÂÏÈ ËÌÎ ËÁÂ ÎÁÊ ÈÎ‰

2YHUYLHZ ̋RI ̋WKH ̋:DWHU ̋6XEð6HFWRU

7KH ̋H[WHQW ̋RI ̋WKH ̋ZDWHU ̋VXEðVHFWRU ̋FRPSULVHV ̋ZDWHU ̋VWRUDJHÒ ̋VXSSO\Ò ̋WUHDWPHQWÒ ̋DQG ̋IORRG

FRQWUROÔ ̋ ̋:DWHU ̋WUDQVSRUWDWLRQ ̋ DQG ̋ UHODWHG ̋ DFWLYLWLHV ̋ DUH ̋ FRQVLGHUHG ̋LQ ̋WKH ̋WUDQVSRUWDWLRQ

VXEðVHFWRUÔ

7KH ̋ Ï‰‰Î ̋ &HQVXV ̋ RI ̋ 7UDQVSRUWDWLRQ ̋ &RPPXQLFDWLRQV ̋ DQG ̋ 8WLOLWLHV ̋SURYLGHV ̋ OLPLWHG

LQIRUPDWLRQ ̋RQ ̋WKH ̋DPRXQW ̋RI ̋FRQVWUXFWLRQ ̋DFWLYLW\ ̋FDUULHG ̋RXW ̋E\ ̋HVWDEOLVKPHQWV ̋LQ ̋6,&

&RGH ̋ È‰ÈÏ ̋ ıZDWHU ̋ VXSSO\ÙÒ ̋ DQG ̋ 6,& ̋ &RGH ̋ È‰ËÎ ̋ ıVHZHUDJH ̋ V\VWHPVÙÔ ̋  ̋ 6,& ̋ FRGH ̋ È‰ÈÏ

LQFOXGHV ̋ DOO ̋ HVWDEOLVKPHQWV ̋ HQJDJHG ̋ LQ ̋ GLVWULEXWLQJ ̋ ZDWHU ̋ IRU ̋ VDOH ̋ IRU ̋ GRPHVWLFÒ

FRPPHUFLDOÒ ̋DQG ̋LQGXVWULDO ̋XVHÔ ̋ ̋6,& ̋FRGH ̋È‰ËÎ ̋LQFOXGHV ̋DOO ̋HVWDEOLVKPHQWV ̋HQJDJHG ̋LQ ̋WKH

FROOHFWLRQ ̋ DQG ̋ GLVSRVHG ̋ RI ̋ ZDVWHV ̋ FRQGXFWHG ̋ WKURXJK ̋ D ̋ VHZHU ̋ V\VWHPÒ ̋ LQFOXGLQJ ̋ VXFK
ÏÎÍ

WUHDWPHQW ̋SURFHVVHV ̋DV ̋PD\ ̋EH ̋SURYLGHGÔ ̋ ̋7KH ̋QXPEHU ̋RI ̋HVWDEOLVKPHQWV ̋LQ ̋WKH ̋VXEðVHFWRU

LQ ̋Ï‰‰Î ̋LV ̋VKRZQ ̋LQ ̋7DEOH ̋ÁðË ̋ıQRWH ̋WKDW ̋FRPSRQHQW ̋ILJXUHV ̋PDGH ̋QRW ̋DGG ̋XS ̋WR ̋WRWDOV ̋GXH

WR ̋VRPH ̋HVWDEOLVKPHQWV ̋QRW ̋EHLQJ ̋RSHUDWHG ̋LQ ̋Ï‰‰ÎÙÔ

7DEOH ̋ÁðËÔ ̋ ̋1XPEHU ̋RI ̋(VWDEOLVKPHQWV ̋LQ ̋WKH ̋:DWHU ̋6XEð6HFWRU„ ̋Ï‰‰Î

180%(5 ̋2) ̋(67$%/,6+0(176 ̋%< ̋(03/2<0(17 ̋6,=(„ ̋Ï‰‰Î

(PSOR\PHQW ̋6L]H

6,& ̋&RGH 7RWDO ̋

(VWDEOLVKPHQWV

‰ ̋RU ̋)HZHU ̋

(PSOR\HHV ÏÌðÈ‰ ̋(PSOR\HHV ËÌð‰‰ ̋(PSOR\HHV ÏÌÌ ̋RU ̋0RUH ̋(PSOR\HHV

È‰ËÎ ̋ð ̋6HZHUDJH ̋6\VWHPV ÈÊÌ ÍÍÏ ÊË Ê

È‰ÈÏ ̋ð ̋:DWHU ̋6XSSO\ ÍÒÈËÍ ÎÒ‰ÍÈ ÎÂË ÊË

7KH ̋86$&( ̋PDQDJHV ̋ ÍÂÍ ̋PDMRU ̋ODNHV ̋ DQG ̋ UHVHUYRLUVÒ ̋ZLWK ̋ D ̋WRWDO ̋ FDSDFLW\ ̋ RI ̋ ÈÂÍÒÊÊÂ

PLOOLRQ ̋FXELF ̋PHWHUV ̋ıÍ‰ÎÔÎ ̋PLOOLRQ ̋DFUHðIHHWÙÔ ̋ ̋7KHVH ̋LQFOXGH ̋ÁÂ ̋SURMHFWV ̋ZLWK ̋DXWKRUL]HG

LUULJDWLRQ ̋VWRUDJHÒ ̋DQG ̋ÏÏÂ ̋SURMHFWV ̋ZLWK ̋DXWKRUL]HG ̋PXQLFLSDO ̋DQG ̋LQGXVWULDO ̋ZDWHU ̋VXSSO\

VWRUDJHÔ ̋  ̋ 86$&( ̋ LV ̋ DOVR ̋ UHVSRQVLEOH ̋ IRU ̋ ÊË ̋ K\GURðSRZHU ̋ SURMHFWV ̋ ZLWK ̋ DQ ̋ LQVWDOOHG

JHQHUDWLQJ ̋FDSDFLW\ ̋RI ̋ÎÌÒÊÎÌ ̋PHJDZDWWVÔ ̋ ̋,Q ̋Ï‰‰ÈÒ ̋WKHVH ̋JHQHUDWHG ̋ÁÂÔÎ ̋ELOOLRQ ̋NLORZDWWð

KRXUVÒ ̋ZKLFK ̋UHSUHVHQWHG ̋DERXW ̋RQH ̋TXDUWHU ̋RI ̋WRWDO ̋86 ̋K\GURSRZHU ̋FDSDFLW\Ò ̋RU ̋Í ̋SHUFHQW

RI ̋ WRWDO ̋ 86 ̋ HOHFWULF ̋ FDSDFLW\Ô ̋  ̋ ,Q ̋ DGGLWLRQÒ ̋ ÁÊ ̋ QRQðIHGHUDO ̋ SRZHU ̋ SODQWV ̋ DUH ̋ RSHUDWHG ̋ DW

&RUSV ̋ IDFLOLWLHVÒ ̋ ZLWK ̋ D ̋ FDSDFLW\ ̋ RI ̋ ÏÒ‰ËÊ ̋ PHJDZDWWVÔ ̋  ̋ 7KH ̋ &RUSV ̋ DOVR ̋ PDQDJHV ̋ ÏÍÒÁÊ‰

NLORPHWHUV ̋ıÂÒËÌÌ ̋PLOHVÙ ̋RI ̋OHYHHV ̋LQ ̋WKH ̋86Ô ̋ ̋7RWDO ̋ IORRG ̋FRQWURO ̋H[SHQGLWXUHV ̋EHWZHHQ

Ï‰ÎÂðÏ‰‰Í ̋LQ ̋FXUUHQW ̋GROODUV ̋ZHUH ̋ ̆ÍÈÔÊ ̋ELOOLRQÔ

2YHUYLHZ ̋RI ̋WKH ̋3LSHOLQHV ̋6XEð6HFWRU

7KH ̋H[WHQW ̋RI ̋WKLV ̋VXEðVHFWRU ̋FRPSULVHV ̋DOO ̋ SLSHOLQHV ̋ IRU ̋WKH ̋WUDQVSRUWDWLRQ ̋ RI ̋ SHWUROHXP

DQG ̋RWKHU ̋FRPPRGLWLHV ̋H[FHSW ̋QDWXUDO ̋JDV ̋ıLQFOXGHG ̋LQ ̋WKH ̋SRZHU ̋XWLOLWLHV ̋VXEðVHFWRUÙÔ

7KH ̋ Ï‰‰Î ̋ &HQVXV ̋ RI ̋ 7UDQVSRUWDWLRQ ̋ &RPPXQLFDWLRQV ̋ DQG ̋ 8WLOLWLHV ̋ SURYLGHV ̋ OLPLWHG

LQIRUPDWLRQ ̋RQ ̋WKH ̋DPRXQW ̋RI ̋FRQVWUXFWLRQ ̋DFWLYLW\ ̋FDUULHG ̋RXW ̋E\ ̋HVWDEOLVKPHQWV ̋LQ ̋6,&

FRGH ̋ÈÁ ̋ıSLSHOLQHV ̋H[FHSW ̋QDWXUDO ̋JDVÙÒ ̋DV ̋ZHOO ̋DV ̋PRUH ̋GHWDLOHG ̋LQIRUPDWLRQ ̋DERXW ̋WKH ̋VL]H

RI ̋HVWDEOLVKPHQWVÒ ̋UHYHQXHVÒ ̋SD\UROO ̋FRVWVÒ ̋DQG ̋VR ̋IRUWKÔ

3LSHOLQHV ̋ LQFOXGHV ̋ 6,& ̋ ÈÁÏÎ ̋ ıFUXGH ̋ SHWUROHXP ̋ SLSHOLQHVÙÒ ̋ 6,& ̋ ÈÁÏÍ ̋ ıUHILQHG ̋ SHWUROHXP

SLSHOLQHVÙÒ ̋DQG ̋6,& ̋ÈÁÏ‰ ̋ıSLSHOLQHV ̋QRW ̋HOVHZKHUH ̋FODVVLILHGÙÔ

7KH ̋QXPEHU ̋RI ̋HVWDEOLVKPHQWV ̋LQ ̋WKH ̋VXEðVHFWRU ̋LQ ̋Ï‰‰Î ̋LV ̋VKRZQ ̋LQ ̋7DEOH ̋ÁðÁ ̋ıQRWH ̋WKDW

FRPSRQHQW ̋ ILJXUHV ̋ PD\ ̋ QRW ̋ DGG ̋ XS ̋ WR ̋ WRWDOV ̋ GXH ̋ WR ̋ VRPH ̋ HVWDEOLVKPHQWV ̋ QRW ̋ EHLQJ

RSHUDWHG ̋LQ ̋Ï‰‰ÎÙÔ
ÏÎÈ

7DEOH ̋ÁðÁÔ ̋ ̋1XPEHU ̋RI ̋(VWDEOLVKPHQWV ̋LQ ̋WKH ̋3LSHOLQHV ̋6XEð6HFWRU„ ̋Ï‰‰Î

180%(5 ̋2) ̋(67$%/,6+0(176 ̋%< ̋(03/2<0(17 ̋6,=(„ ̋Ï‰‰Î

(PSOR\PHQW ̋6L]H

6,& ̋&RGH 7RWDO ̋

(VWDEOLVKPHQWV

‰ ̋RU ̋)HZHU ̋

(PSOR\HHV ÏÌðÈ‰ ̋(PSOR\HHV ËÌð‰‰ ̋(PSOR\HHV ÏÌÌ ̋RU ̋0RUH ̋

(PSOR\HHV

ÈÁÏÎ ̋ð ̋&UXGH ̋3HWUROHXP ̋3LSHOLQHV ÈÌË ÎÏ‰ ÏÈÁ ÏË ÏÂ

ÈÁÏÍ ̋ð ̋5HILQHG ̋3HWUROHXP ̋3LSHOLQHV ÍËÂ ÎÎÌ ÏÏÍ ÏÎ Ë

ÈÁÏ‰ ̋ð ̋3LSHOLQHV ̋QRW ̋HOVHZKHUH ̋

FODVVLILHG ÂÏ ÁË ‰ Ë Ï

2LO ̋SLSHOLQH ̋PLOHDJH ̋LQ ̋WKH ̋86 ̋LQ ̋Ï‰‰È ̋ZDV ̋ÍÎÍÒÈÊÂ ̋NLORPHWHUV ̋ıÎÌÏÒÌÌÌ ̋PLOHVÙ ̋ıD ̋VOLJKW

LQFUHDVH ̋ IURP ̋ ÍÎÌÒÎË‰ ̋ NLORPHWHUV ̋ ıÏ‰‰ÒÌÌÌ ̋ PLOHVÙ ̋ LQ ̋ Ï‰‰ÎÙÒ ̋ EXW ̋ LV ̋ EHORZ ̋ WKDW ̋ ZKLFK

H[LVWHG ̋ LQ ̋ Ï‰ÂÌ ̋ ÍËÌÒÂÍÁ ̋ NLORPHWHUV ̋ ıÎÏÂÒÌÌÌ ̋ PLOHVÙÔ ̋  ̋ &UXGH ̋ RLO ̋ SLSHOLQH ̋ PLOHDJH

GHFUHDVHG ̋ IURP ̋ ÎÌ‰ÒÎÏÈ ̋ NLORPHWHUV ̋ ıÏÍÌÒÌÌÌ ̋ PLOHVÙ ̋ LQ ̋ Ï‰ÂÌ ̋ WR ̋ ÏÂÍÒÈÁË ̋ NLORPHWHUV

ıÏÏÈÒÌÌÌ ̋ PLOHVÙ ̋ LQ ̋ Ï‰‰È ̋ ıZKLOH ̋ RLO ̋ SURGXFW ̋ OLQH ̋ PLOHDJH ̋ IHOO ̋ VOLJKWO\ ̋ IURP ̋ ÏÈÍÒÎÍÎ

NLORPHWHUV ̋ıÂ‰ÒÌÌÌ ̋PLOHVÙ ̋WR ̋ÏÈÌÒÌÏÍ ̋NLORPHWHUV ̋ıÂÊÒÌÌÌ ̋PLOHVÙ ̋RYHU ̋WKH ̋VDPH ̋SHULRGÙÔ

ÁÔÎÔ ̋ ̋%DVHOLQH ̋0HDVXUHV

7KLV ̋ VHFWLRQ ̋ SUHVHQWV ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ WKH ̋ WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUV•

FRPPHUFLDOÓLQVWLWXWLRQDOÒ ̋ LQGXVWULDOÒ ̋ DQG ̋ SXEOLF ̋ ZRUNVÔ ̋  ̋ 7KHVH ̋ PHDVXUHV ̋ DUH ̋ EDVHG ̋ RQ ̋ D

GLVFRQWLQXHG ̋ GDWD ̋ VHULHV ̋ SXEOLVKHG ̋ E\ ̋ WKH ̋ 86 ̋ %XUHDX ̋ RI ̋ WKH ̋ &HQVXVÒ ̋ DQG ̋ DJJUHJDWHG

SURMHFWðOHYHO ̋GDWD ̋PDGH ̋DYDLODEOH ̋E\ ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWHÔ

7KH ̋ &HQVXV ̋ GDWD ̋ FRYHU ̋ WKH ̋ HODSVHG ̋ WLPH ̋ IURP ̋ WKH ̋ VWDUW ̋ RI ̋ FRQVWUXFWLRQ ̋ XQWLO ̋ WKH

FRPSOHWLRQ ̋RI ̋FRQVWUXFWLRQÔ ̋ ̋7KH ̋&HQVXV ̋GDWD ̋GR ̋QRW ̋LQFOXGH ̋DQ\ ̋HVWLPDWHV ̋RI ̋WKH ̋DPRXQW

RI ̋WLPH ̋UHTXLUHG ̋IRU ̋WKH ̋SHUPLWWLQJ ̋SURFHVVÔ ̋ ̋$OWKRXJK ̋GLIIHUHQW ̋GDWD ̋VRXUFHV ̋DUH ̋XVHG ̋DV

WKH ̋SULPDU\ ̋VRXUFH ̋IRU ̋QRQðUHVLGHQWLDO ̋GHOLYHU\ ̋WLPH ̋VWDWLVWLFVÒ ̋WKH ̋&HQVXV ̋GDWD ̋DUH ̋XVHG ̋DV

D ̋UHIHUHQFH ̋SRLQW ̋DQG ̋IRU ̋SXUSRVHV ̋RI ̋FRPSDULVRQÔ

$V ̋GLVFXVVHG ̋LQ ̋&KDSWHU ̋Í ̋RI ̋WKLV ̋GRFXPHQWÒ ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH ̋ı&,,Ù ̋KDV

SURYLGHG ̋WKH ̋DXWKRUV ̋ZLWK ̋GHWDLOHG ̋LQIRUPDWLRQ ̋UHJDUGLQJ ̋GHOLYHU\ ̋WLPH ̋LQIRUPDWLRQ ̋IRU ̋DOO

WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUVÔ ̋  ̋ &RQVHTXHQWO\Ò ̋ EHFDXVH ̋ WKH ̋ &HQVXV ̋ GDWD ̋ VHULHV ̋ KDV ̋ EHHQ

GLVFRQWLQXHG ̋ DQG ̋ WKH ̋ &,, ̋ GDWD ̋ DUH ̋ TXLWH ̋ GHWDLOHGÒ ̋ WKH ̋ &,, ̋ GDWD ̋ DUH ̋ XVHG ̋ DV ̋ WKH ̋ SULPDU\

VRXUFH ̋WR ̋HVWDEOLVK ̋WKH ̋GHOLYHU\ ̋WLPH ̋EDVHOLQHV ̋IRU ̋WKH ̋WKUHH ̋QRQðUHVLGHQWLDO ̋VHFWRUVÔ ̋ ̋7KH

NH\ ̋&,,ðGHILQHG ̋PHWULFV ̋ZKLFK ̋DUH ̋XVHG ̋WR ̋SURGXFH ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋SUHVHQWHG ̋LQ ̋WKLV

VHFWLRQ ̋ DUH ̋ VXPPDUL]HG ̋ LQ ̋ 7DEOH ̋ ÍðÂ ̋ ıVHH ̋ 6HFWLRQ ̋ ÍÔÈÙÔ ̋  ̋ 7DEOH ̋ ÍðÂ ̋ LQFOXGHV ̋ ERWK ̋ WKH

IRUPXODV ̋WKDW ̋ UHSUHVHQW ̋ HDFK ̋ PHWULF ̋ PDWKHPDWLFDOO\ ̋ DQG ̋WKH ̋ GHILQLWLRQV ̋ RI ̋ DOO ̋ WKH ̋ WHUPV

XVHG ̋LQ ̋HDFK ̋IRUPXODÔ
ÏÎË

ÁÔÎÔÏÔ ̋ ̋0HDVXUHV ̋%DVHG ̋RQ ̋86 ̋%XUHDX ̋RI ̋&HQVXV ̋'DWD

3ULRU ̋ WR ̋ Ï‰‰ÍÒ ̋ QRQðUHVLGHQWLDO ̋ GHOLYHU\ ̋ WLPH ̋ VWDWLVWLFV ̋ ZHUH ̋ SXEOLVKHG ̋ DV ̋ DQ ̋ DQQXDO

VXSSOHPHQW ̋LQ ̋WKH ̋2FWREHU ̋HGLWLRQ ̋RI ̋WKH ̋&ÍÌ ̋UHSRUWÔ ̋ ̋7KHVH ̋VWDWLVWLFV ̋SURYLGH ̋LQIRUPDWLRQ

RQ ̋ WKH ̋ DYHUDJH ̋ OHQJWK ̋ RI ̋ WLPH ̋ LQ ̋ PRQWKV ̋ IURP ̋ VWDUW ̋ RI ̋ FRQVWUXFWLRQ ̋ XQWLO ̋ FRPSOHWLRQÔ

+RZHYHUÒ ̋ VLQFH ̋ 2FWREHU ̋ Ï‰‰ÎÒ ̋ QR ̋ QRQðUHVLGHQWLDO ̋ GHOLYHU\ ̋ WLPH ̋ VWDWLVWLFV ̋ KDYH ̋ EHHQ

SXEOLVKHG ̋E\ ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXVÔ

7KH ̋ 2FWREHU ̋ Ï‰‰Î ̋ &ÍÌ ̋ VXSSOHPHQW ̋ SUHVHQWV ̋ GDWD ̋ RQ ̋ WKH ̋ PRQWKO\ ̋ SURJUHVV ̋ RI ̋ QRQð

UHVLGHQWLDO ̋FRQVWUXFWLRQ ̋ SURMHFWV ̋FRPSOHWHG ̋LQ ̋ Ï‰‰Ì ̋DQG ̋ Ï‰‰ÏÔ ̋ ̋7KHVH ̋ GDWD ̋DUH ̋ EDVHG ̋ RQ

VDPSOHV ̋IURP ̋WZR ̋PDMRU ̋JURXSLQJV„ ̋ıÏÙ ̋SULYDWHO\ ̋RZQHG ̋QRQðUHVLGHQWLDO ̋EXLOGLQJ ̋SURMHFWV‚

DQG ̋ ıÎÙ ̋ VWDWH ̋ DQG ̋ ORFDOO\ ̋ RZQHG ̋ SURMHFWVÔ ̋  ̋ 7KH ̋ HVWLPDWHV ̋ RI ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ ıLQ

PRQWKVÙ ̋SUHVHQWHG ̋LQ ̋WKH ̋2FWREHU ̋Ï‰‰Î ̋&ÍÌ ̋VXSSOHPHQW ̋DUH ̋EDVHG ̋RQ ̋D ̋VDPSOH ̋RI ̋ËÒÂÍÍ

SULYDWHO\ ̋RZQHG ̋QRQðUHVLGHQWLDO ̋EXLOGLQJ ̋SURMHFWV ̋DQG ̋D ̋VDPSOH ̋RI ̋ËÒÊÂË ̋VWDWH ̋DQG ̋ORFDOO\

RZQHG ̋SURMHFWVÔ

%RWK ̋ SULYDWHO\ ̋ RZQHG ̋ QRQðUHVLGHQWLDO ̋ SURMHFWV ̋ DQG ̋ VWDWH ̋ DQG ̋ ORFDOO\ ̋ RZQHG ̋ SURMHFWV ̋ DUH

FODVVLILHG ̋LQWR ̋RQH ̋RI ̋VL[ ̋YDOXH ̋FDWHJRULHVÔ ̋ ̋7KHVH ̋YDOXH ̋FDWHJRULHV ̋DUH„ ̋ıÏÙ ̋ ̆ÏÌ ̋PLOOLRQ ̋RU

PRUH‚ ̋ ıÎÙ ̋  ̆Ë ̋PLOOLRQ ̋WR ̋  ̆ÏÌ ̋PLOOLRQ‚ ̋ ıÍÙ ̋  ̆Í ̋PLOOLRQ ̋WR ̋  ̆Ë ̋PLOOLRQ‚ ̋ ıÈÙ ̋  ̆Ï ̋PLOOLRQ ̋WR ̋  ̆Í

PLOOLRQ‚ ̋ıËÙ ̋ ̆ÎËÌ ̋WKRXVDQG ̋WR ̋ ̆Ï ̋PLOOLRQ‚ ̋DQG ̋ıÁÙ ̋OHVV ̋WKDQ ̋ ̆ÎËÌ ̋WKRXVDQGÔ ̋ ̋3URMHFWV ̋ZLWK

YDOXHV ̋RI ̋OHVV ̋WKDQ ̋ ̆ËÌÒÌÌÌ ̋DUH ̋QRW ̋LQFOXGHGÔ

3URMHFWV ̋DUH ̋WKHQ ̋FODVVLILHG ̋E\ ̋W\SH ̋RI ̋VWUXFWXUHÔ ̋ ̋'XH ̋WR ̋GLIIHUHQFHV ̋LQ ̋WKH ̋PL[ ̋RI ̋SURMHFWV

EHWZHHQ ̋ SULYDWHO\ ̋ RZQHG ̋ QRQðUHVLGHQWLDO ̋ SURMHFWV ̋ DQG ̋ VWDWH ̋ DQG ̋ ORFDOO\ ̋ RZQHG ̋ SURMHFWVÒ

WKHUH ̋DUH ̋GLIIHUHQFHV ̋LQ ̋WKH ̋W\SH ̋RI ̋VWUXFWXUH ̋OLVWHG ̋XQGHU ̋HDFK ̋PDMRU ̋JURXSLQJÔ ̋ ̋3ULYDWHO\

RZQHG ̋ QRQðUHVLGHQWLDO ̋ SURMHFWV ̋ DUH ̋ FODVVLILHG ̋ LQWR ̋ VL[ ̋ EDVLF ̋ W\SHV„ ̋ ıÏÙ ̋ DOO ̋ W\SHV‚ ̋ ıÎÙ

LQGXVWULDO‚ ̋ ıÍÙ ̋ RIILFH‚ ̋ ıÈÙ ̋ RWKHU ̋ FRPPHUFLDO‚ ̋ ıËÙ ̋ KRVSLWDO ̋ DQG ̋LQVWLWXWLRQDO‚ ̋ DQG ̋ ıÁÙ ̋ RWKHU

QRQðUHVLGHQWLDO ̋ EXLOGLQJVÔ ̋ ̋ 6WDWH ̋ DQG ̋ORFDOO\ ̋ RZQHG ̋ SURMHFWV ̋ DUH ̋ ILUVW ̋ FODVVLILHG ̋LQWR ̋WZR

PDMRU ̋FDWHJRULHV„ ̋ıÏÙ ̋EXLOGLQJV‚ ̋DQG ̋ıÎÙ ̋QRQðEXLOGLQJÔ ̋ ̋%XLOGLQJ ̋UHODWHG ̋SURMHFWV ̋DUH ̋WKHQ

FODVVLILHG ̋E\ ̋W\SH ̋DV„ ̋ıÏÙ ̋HGXFDWLRQDO‚ ̋ıÎÙ ̋KRVSLWDO‚ ̋DQG ̋ıÍÙ ̋RWKHU ̋EXLOGLQJVÔ ̋ ̋1RQðEXLOGLQJ

UHODWHG ̋SURMHFWV ̋DUH ̋WKHQ ̋FODVVLILHG ̋E\ ̋W\SH ̋DV„ ̋ıÏÙ ̋KLJKZD\V ̋DQG ̋VWUHHWV‚ ̋ıÎÙ ̋FRQVHUYDWLRQ

DQG ̋GHYHORSPHQW‚ ̋ıÍÙ ̋VHZHU ̋V\VWHPV‚ ̋ıÈÙ ̋ZDWHU ̋VXSSO\‚ ̋DQG ̋ıËÙ ̋RWKHU ̋QRQðEXLOGLQJÔ

(VWLPDWHG ̋ DYHUDJHV ̋ IRU ̋ WKH ̋ QXPEHU ̋ RI ̋ PRQWKV ̋ LW ̋ WDNHV ̋ IURP ̋ VWDUW ̋ RI ̋ FRQVWUXFWLRQ ̋ XQWLO

FRPSOHWLRQ ̋ ̋IRU ̋SULYDWHO\ ̋RZQHG ̋QRQðUHVLGHQWLDO ̋EXLOGLQJ ̋SURMHFWV ̋DUH ̋VKRZQ ̋LQ ̋)LJXUHV ̋Áð

ÏÈ ̋WKURXJK ̋ÁðÏÂ ̋DQG ̋LQ ̋7DEOH ̋ ÁðÊÔ ̋ ̋)LJXUHV ̋ ÁðÏÈ ̋WKURXJK ̋ ÁðÏÂ ̋DUH ̋ GHVLJQHG ̋WR ̋LOOXVWUDWH

GLIIHUHQW ̋SHUVSHFWLYHV ̋RQ ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IRU ̋SULYDWHO\ ̋RZQHG ̋SURMHFWVÔ ̋ ̋(DFK ̋ILJXUH

LV ̋D ̋EDU ̋FKDUW ̋UHFRUGLQJ ̋WKH ̋DYHUDJH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋LQ ̋PRQWKV ̋RQ ̋WKH ̋YHUWLFDO ̋D[LVÔ

7KH ̋KRUL]RQWDO ̋D[LV ̋UHFRUGV ̋HLWKHU ̋WKH ̋SURMHFW ̋YDOXH ̋FDWHJRU\ ̋RU ̋WKH ̋W\SH ̋RI ̋SURMHFWÔ

)LJXUH ̋ ÁðÏÈ ̋ FRPELQHV ̋ DOO ̋ SURMHFW ̋ W\SHV ̋ DQG ̋ WKHQ ̋ FODVVLILHV ̋ HDFK ̋ SURMHFW ̋ LQWR ̋ D ̋ YDOXH

FDWHJRU\Ô ̋ ̋7KH ̋ILJXUH ̋DOVR ̋LQFOXGHV ̋DQ ̋¶$OO ̋9DOXHVß ̋FDWHJRU\Ò ̋ZKLFK ̋LV ̋WKH ̋JUDQG ̋DYHUDJH

DFURVV ̋ DOO ̋ SURMHFW ̋ W\SHV ̋ DQG ̋ DOO ̋ SURMHFW ̋ YDOXHVÔ ̋  ̋ )LJXUH ̋ ÁðÏÈ ̋ UHFRUGV ̋ WKH ̋ FRQVWUXFWLRQ

GXUDWLRQ ̋LQ ̋PRQWKV ̋RQ ̋WKH ̋YHUWLFDO ̋D[LV ̋DQG ̋WKH ̋ SURMHFW ̋ YDOXH ̋FDWHJRU\ ̋ RQ ̋WKH ̋ KRUL]RQWDO

D[LVÔ ̋ ̋&RQVWUXFWLRQ ̋ GXUDWLRQ ̋ IRU ̋WKH ̋¶$OO ̋9DOXHVß ̋FDWHJRU\ ̋LV ̋DSSUR[LPDWHO\ ̋ ÏË ̋PRQWKVÔ

7KH ̋ILJXUH ̋GHPRQVWUDWHV ̋KRZ ̋DYHUDJH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋LQ ̋PRQWKV ̋GHFOLQHV ̋DV ̋SURMHFW
ÏÎÁ

YDOXH ̋ GHFOLQHVÔ ̋  ̋ )RU ̋ H[DPSOHÒ ̋ SURMHFWV ̋ YDOXHG ̋ DW ̋  ̆ÏÌ ̋ PLOOLRQ ̋ RU ̋ PRUH ̋ WDNH ̋ QHDUO\ ̋ ÎË

PRQWKV ̋WR ̋ FRPSOHWHÒ ̋ZKLOH ̋WKH ̋ DYHUDJH ̋ SURMHFW ̋ YDOXHG ̋ DW ̋OHVV ̋WKDQ ̋  ̆ÎËÌ ̋WKRXVDQG ̋WDNHV

OHVV ̋WKDQ ̋Ë ̋PRQWKVÔ

)LJXUH ̋ÁðÏÈÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋$OO ̋3ULYDWH ̋1RQð5HVLGHQWLDO ̋%XLOGLQJ ̋3URMHFWV

&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

$OO ̋9DOXHV  ̆ÏÌÒÌÌÌ ̋RU

PRUH

 ̆ËÒÌÌÌð

‰Ò‰‰‰

 ̆ÍÒÌÌÌð

ÈÒ‰‰‰

 ̆ÏÒÌÌÌð

ÎÒ‰‰‰

 ̆ÎËÌð‰‰‰ /HVV ̋WKDQ

 ̆ÎËÌ

3URMHFW ̋9DOXH ̋ıWKRXVDQG ̋GROODUVÙ

)LJXUH ̋ ÁðÏË ̋LOOXVWUDWHV ̋ KRZ ̋WKH ̋W\SH ̋ RI ̋ SURMHFW ̋DIIHFWV ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IRU ̋ D ̋ JLYHQ

YDOXH ̋ FDWHJRU\Ô ̋  ̋ $OO ̋ SULYDWHO\ ̋ RZQHG ̋ SURMHFWV ̋ YDOXHG ̋ DW ̋  ̆ÏÌ ̋ PLOOLRQ ̋ RU ̋ PRUH ̋ DUH

VXPPDUL]HG ̋LQ ̋WKH ̋ILJXUHÔ ̋ ̋)LJXUH ̋ÁðÏË ̋UHFRUGV ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋LQ ̋PRQWKV ̋RQ ̋WKH

YHUWLFDO ̋D[LV ̋DQG ̋WKH ̋W\SH ̋RI ̋SURMHFW ̋RQ ̋WKH ̋KRUL]RQWDO ̋D[LVÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋VKRZV

WKDW ̋KRVSLWDO ̋DQG ̋LQVWLWXWLRQDO ̋SURMHFWV ̋KDYH ̋WKH ̋ORQJHVW ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋ıPRUH ̋WKDQ

ÍÌ ̋PRQWKVÙ ̋DQG ̋LQGXVWULDO ̋DQG ̋RWKHU ̋FRPPHUFLDO ̋EXLOGLQJV ̋KDYH ̋WKH ̋VKRUWHVW ̋FRQVWUXFWLRQ

GXUDWLRQÔ ̋ ̋7KH ̋VHFRQG ̋URZ ̋RI ̋7DEOH ̋ÁðÊ ̋SURYLGHV ̋WKH ̋UDZ ̋GDWD ̋RQ ̋DOO ̋SURMHFWV ̋YDOXHG ̋DW ̋ ̆ÏÌ

PLOOLRQ ̋RU ̋PRUH ̋ZKLFK ̋ZHUH ̋XVHG ̋WR ̋FUHDWH ̋)LJXUH ̋ÁðÏËÔ

)LJXUH ̋ÁðÏÁ ̋SURYLGHV ̋LQIRUPDWLRQ ̋RQ ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IRU ̋SULYDWH ̋LQGXVWULDO ̋SURMHFWVÔ

7KH ̋ILJXUH ̋VKRZV ̋VRPH ̋RI ̋WKH ̋VDPH ̋LQIRUPDWLRQ ̋DV ̋ZDV ̋VKRZQ ̋LQ ̋)LJXUH ̋ÁðÏËÒ ̋QDPHO\ ̋WKDW

LQGXVWULDO ̋SURMHFWV ̋YDOXHG ̋DW ̋ ̆ÏÌ ̋PLOOLRQ ̋RU ̋PRUH ̋DYHUDJHG ̋DERXW ̋ÎÎ ̋PRQWKV ̋WR ̋FRPSOHWHÔ

7KH ̋ ILJXUH ̋ DOVR ̋ H[KLELWV ̋ D ̋ VKDUS ̋ GHFOLQH ̋ IROORZHG ̋ E\ ̋ D ̋ WDSHULQJ ̋ RII ̋ LQ ̋ FRQVWUXFWLRQ

GXUDWLRQ ̋DV ̋SURMHFW ̋YDOXH ̋GHFOLQHV ̋SDVW ̋WKH ̋ ̆ÏÌ ̋PLOOLRQ ̋RU ̋PRUH ̋YDOXH ̋FDWHJRU\Ô ̋ ̋5HIHUHQFH

WR ̋7DEOH ̋ÁðÊ ̋VKRZV ̋WKDW ̋WKH ̋DYHUDJH ̋LQGXVWULDO ̋SURMHFW ̋LQ ̋WKH ̋ ̆ÏÌ ̋PLOOLRQ ̋RU ̋PRUH ̋FDWHJRU\

ZDV ̋ YDOXHG ̋DW ̋  ̆ËÁÔÈ ̋PLOOLRQÔ ̋ ̋7KXV ̋WKH ̋ GLIIHUHQFH ̋LQ ̋ SURMHFW ̋ YDOXH ̋ EHWZHHQ ̋WKH ̋ DYHUDJH

SURMHFW ̋LQ ̋WKH ̋  ̆ÏÌ ̋PLOOLRQ ̋ RU ̋PRUH ̋ FDWHJRU\ ̋ DQG ̋WKH ̋  ̆Ë ̋WR ̋  ̆ÏÌ ̋PLOOLRQ ̋ FDWHJRU\ ̋LV ̋ YHU\

ODUJHÔ ̋  ̋ 7KLV ̋ ODUJH ̋ GLIIHUHQFH ̋ LQ ̋ SURMHFW ̋ YDOXH ̋ KHOSV ̋ WR ̋ H[SODLQ ̋ ZK\ ̋ UHGXFWLRQV ̋ LQ
ÏÎÊ

FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ DV ̋ SURMHFW ̋ YDOXH ̋ GHFOLQHV ̋ SDVW ̋ WKH ̋  ̆ÏÌ ̋ PLOOLRQ ̋ RU ̋ PRUH ̋ YDOXH

FDWHJRU\ ̋GR ̋QRW ̋GURS ̋DV ̋TXLFNO\ ̋DV ̋ZDV ̋VHHQ ̋LQ ̋)LJXUH ̋ÁðÏÈÔ

)LJXUH ̋ÁðÏËÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

IRU ̋3URMHFWV ̋&RVWLQJ ̋ ̆ÏÌ ̋0LOOLRQ ̋RU ̋0RUH ̋E\ ̋7\SH ̋RI ̋3URMHFW„ ̋ ̋$OO

3ULYDWH ̋1RQð5HVLGHQWLDO ̋%XLOGLQJ ̋3URMHFWV ̋&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

$OO ̋W\SHV ,QGXVWULDO 2IILFH 2WKHU

&RPPHUFLDO

+RVSLWDO ̋DQG

,QVWLWXWLRQDO

2WKHU ̋1RQð

5HVLGHQWLDO

%XLOGLQJV

7\SH ̋RI ̋3URMHFW

0RQWKV ̋

)LJXUH ̋ÁðÏÁÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋3ULYDWH ̋,QGXVWULDO ̋%XLOGLQJ ̋3URMHFWV ̋&RPSOHWHG ̋LQ

Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

$OO ̋9DOXHV  ̆ÏÌÒÌÌÌ ̋RU

PRUH

 ̆ËÒÌÌÌð‰Ò‰‰‰  ̆ÍÒÌÌÌðÈÒ‰‰‰  ̆ÏÒÌÌÌðÎÒ‰‰‰  ̆ÎËÌð‰‰‰ /HVV ̋WKDQ

 ̆ÎËÌ

 ̋3URMHFW ̋9DOXH ̋ıWKRXVDQG ̋GROODUVÙ

0RQWKV ̋ ̋
ÏÎÂ

&RPSDULVRQ ̋ EHWZHHQ ̋ )LJXUHV ̋ ÁðÏË ̋ DQG ̋ ÁðÏÁ ̋ DQG ̋ UHIHUHQFH ̋ WR ̋ 7DEOH ̋ ÁðÊ ̋ UHYHDOV ̋ DQ

LQWHUHVWLQJ ̋ RXWFRPHÔ ̋  ̋ 7DEOH ̋ ÁðÊ ̋ UHYHDOV ̋ WKDW ̋ WKH ̋ DYHUDJH ̋ LQGXVWULDO ̋ SURMHFW ̋ LQ ̋ WKH ̋  ̆ÏÌ

PLOOLRQ ̋ RU ̋PRUH ̋ FDWHJRU\ ̋ZDV ̋ YDOXHG ̋ DW ̋  ̆ËÁÔÈ ̋PLOOLRQÔ ̋ ̋7KLV ̋LV ̋LQ ̋ VKDUS ̋ FRQWUDVW ̋WR ̋WKH

RWKHU ̋EXLOGLQJ ̋W\SHV ̋LQ ̋WKH ̋ ̆ÏÌ ̋PLOOLRQ ̋RU ̋PRUH ̋FDWHJRU\Ò ̋ZKLFK ̋DYHUDJHG ̋EHWZHHQ ̋ ̆ÎÎÔÊ

PLOOLRQ ̋DQG ̋  ̆ÍÏÔÁ ̋PLOOLRQÔ ̋ ̋$OWKRXJK ̋ODUJH ̋LQGXVWULDO ̋ SURMHFWV ̋ ıLÔHÔÒ ̋WKRVH ̋ YDOXHG ̋ DW ̋  ̆ÏÌ

PLOOLRQ ̋ RU ̋ PRUHÙ ̋ DUH ̋ YDOXHG ̋ DW ̋ DOPRVW ̋ WZLFH ̋ DV ̋ PXFK ̋ DV ̋ RWKHU ̋ SULYDWHO\ ̋ RZQHG ̋ QRQð

UHVLGHQWLDO ̋EXLOGLQJVÒ ̋WKH\ ̋DUH ̋RQ ̋DYHUDJH ̋FRQVWUXFWHG ̋LQ ̋D ̋YHU\ ̋VKRUW ̋SHULRG ̋RI ̋WLPHÔ

)LJXUH ̋ ÁðÏÊ ̋ SURYLGHV ̋ LQIRUPDWLRQ ̋ RQ ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IRU ̋ SULYDWH ̋ RIILFH ̋ EXLOGLQJ

SURMHFWV ̋FRPSOHWHG ̋LQ ̋Ï‰‰Ì ̋DQG ̋Ï‰‰ÏÔ ̋ ̋7KH ̋ILJXUH ̋VKRZV ̋VRPH ̋RI ̋WKH ̋VDPH ̋LQIRUPDWLRQ ̋DV

ZDV ̋ VKRZQ ̋ LQ ̋ )LJXUH ̋ ÁðÏËÒ ̋ QDPHO\ ̋ WKDW ̋ RIILFH ̋ EXLOGLQJ ̋ SURMHFWV ̋ YDOXHG ̋ DW ̋  ̆ÏÌ ̋ PLOOLRQ

DYHUDJHG ̋ DERXW ̋ ÎÁ ̋ PRQWKV ̋ WR ̋ FRPSOHWHÔ ̋  ̋ 7KH ̋ ILJXUH ̋ DOVR ̋ H[KLELWV ̋ D ̋ VKDUS ̋ GHFOLQH ̋ LQ

FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ DV ̋ SURMHFW ̋ YDOXH ̋ GHFOLQHVÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ 7DEOH ̋ ÁðÊ ̋ VKRZV ̋ WKDW

FRQVWUXFWLRQ ̋GXUDWLRQ ̋GURSSHG ̋E\ ̋DOPRVW ̋‰ ̋PRQWKV ̋EHWZHHQ ̋WKH ̋ ̆ÏÌ ̋PLOOLRQ ̋RU ̋PRUH ̋YDOXH

FDWHJRU\ ̋ DQG ̋ WKH ̋  ̆Ë ̋ PLOOLRQ ̋ WR ̋  ̆ÏÌ ̋ PLOOLRQ ̋ YDOXH ̋ FDWHJRU\Ô ̋  ̋ 6XEVHTXHQW ̋ GHFOLQHV ̋ ZHUH

PXFK ̋ORZHUÒ ̋DOWKRXJK ̋WKHUH ̋LV ̋D ̋IDLUO\ ̋VKDUS ̋GHFOLQH ̋DVVRFLDWHG ̋ZLWK ̋SURMHFWV ̋YDOXHG ̋DW ̋OHVV

WKDQ ̋ ̆Ï ̋PLOOLRQÔ

)LJXUH ̋ ÁðÏÂ ̋ SURYLGHV ̋ LQIRUPDWLRQ ̋ RQ ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IRU ̋ SULYDWH ̋ KRVSLWDO ̋ DQG

LQVWLWXWLRQDO ̋EXLOGLQJ ̋SURMHFWV ̋FRPSOHWHG ̋LQ ̋Ï‰‰Ì ̋DQG ̋Ï‰‰ÏÔ ̋ ̋5HFDOO ̋WKDW ̋ODUJH ̋KRVSLWDO ̋DQG

LQVWLWXWLRQDO ̋EXLOGLQJ ̋SURMHFWV ̋ıLÔHÔÒ ̋WKRVH ̋YDOXHG ̋DW ̋ ̆ÏÌ ̋PLOOLRQ ̋RU ̋PRUHÙ ̋KDG ̋WKH ̋ORQJHVW

FRQVWUXFWLRQ ̋GXUDWLRQ ̋ıVHH ̋)LJXUH ̋ÁðÏËÙÔ ̋ ̋7KH ̋ILJXUH ̋VKRZV ̋WKDW ̋KRVSLWDO ̋DQG ̋LQVWLWXWLRQDO

EXLOGLQJ ̋ SURMHFWV ̋ YDOXHG ̋DW ̋  ̆ÏÌ ̋PLOOLRQ ̋ RU ̋PRUH ̋DYHUDJHG ̋DERXW ̋ ÍÎ ̋PRQWKV ̋WR ̋FRPSOHWH

ıVHH ̋DOVR ̋7DEOH ̋ÁðÊÙÔ ̋ ̋)LJXUH ̋ÁðÏÂ ̋DOVR ̋H[KLELWV ̋D ̋VKDUS ̋GHFOLQH ̋LQ ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋DV

SURMHFW ̋YDOXH ̋GHFOLQHVÔ ̋ ̋5HIHUHQFH ̋WR ̋7DEOH ̋ÁðÊ ̋VKRZV ̋WKDW ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋GURSSHG

E\ ̋ PRUH ̋ WKDQ ̋ ÏÌ ̋ PRQWKV ̋ EHWZHHQ ̋ WKH ̋  ̆ÏÌ ̋ PLOOLRQ ̋ RU ̋ PRUH ̋ YDOXH ̋ FDWHJRU\ ̋ DQG ̋ WKH ̋  ̆Ë

PLOOLRQ ̋WR ̋ ̆ÏÌ ̋PLOOLRQ ̋YDOXH ̋FDWHJRU\Ô ̋ ̋6XEVHTXHQW ̋GHFOLQHV ̋ZHUH ̋PXFK ̋ORZHUÒ ̋DOWKRXJK

WKHUH ̋LV ̋D ̋IDLUO\ ̋VKDUS ̋GHFOLQH ̋DVVRFLDWHG ̋ZLWK ̋SURMHFWV ̋YDOXHG ̋DW ̋OHVV ̋WKDQ ̋ ̆Ï ̋PLOOLRQÔ

7DEOH ̋ÁðÊ ̋SURYLGHV ̋D ̋VXPPDU\ ̋RI ̋DOO ̋RI ̋WKH ̋GDWD ̋XVHG ̋WR ̋SURGXFH ̋)LJXUHV ̋ÁðÏÈ ̋WKURXJK ̋Áð

ÏÂÔ ̋ ̋ ,QIRUPDWLRQ ̋ RQ ̋ SURMHFW ̋ YDOXH ̋ ıLQ ̋WKRXVDQGV ̋ RI ̋ GROODUVÙ ̋LV ̋ UHFRUGHG ̋LQ ̋WKH ̋OHIW ̋ PRVW

FROXPQ ̋RI ̋WKH ̋WDEOHÔ ̋ ̋7KH ̋UHPDLQGHU ̋RI ̋WKH ̋WDEOH ̋VXPPDUL]HV ̋WZR ̋W\SHV ̋RI ̋LQIRUPDWLRQ ̋IRU

HDFK ̋ W\SH ̋ RI ̋ SURMHFWÔ ̋  ̋ 7KLV ̋ LQIRUPDWLRQ ̋ LV ̋ UHFRUGHG ̋ XQGHU ̋ WKH ̋ VL[ ̋ UHPDLQLQJ ̋ FROXPQ

KHDGLQJV ̋ RI ̋ WKH ̋ WDEOHÔ ̋  ̋ 7KH ̋ ILUVW ̋ W\SH ̋ RI ̋ LQIRUPDWLRQ ̋ UHFRUGV ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ LQ

PRQWKVÔ ̋ ̋7KLV ̋LQIRUPDWLRQ ̋LV ̋UHFRUGHG ̋LQ ̋WKH ̋ILUVW ̋VHYHQ ̋URZV ̋RI ̋WKH ̋WDEOHÔ ̋ ̋)RU ̋H[DPSOHÒ

WKH ̋DYHUDJH ̋LQGXVWULDO ̋SURMHFW ̋YDOXHG ̋DW ̋EHWZHHQ ̋ ̆Ë ̋DQG ̋ ̆ÏÌ ̋PLOOLRQ ̋ıLÔHÔÒ ̋WKH ̋WKLUG ̋URZ ̋RI

WKH ̋ WDEOHÙ ̋ WRRN ̋ ÏÈÔÁ ̋ PRQWKV ̋ WR ̋ FRPSOHWHÔ ̋  ̋ *RLQJ ̋ DFURVV ̋ WKH ̋ WKLUG ̋ URZ ̋ UHYHDOV ̋ WKDW ̋ D

FRPPHUFLDO ̋ RIILFH ̋ EXLOGLQJ ̋ LQ ̋ WKH ̋  ̆Ë ̋ WR ̋  ̆ÏÌ ̋ PLOOLRQ ̋ FDWHJRU\ ̋ WRRN ̋ ÏÊÔÊ ̋ PRQWKV ̋ WR

FRPSOHWH ̋ DQG ̋ D ̋ KRVSLWDO ̋ DQG ̋LQVWLWXWLRQDO ̋ EXLOGLQJ ̋ WRRN ̋ ÎÏÔÎ ̋ PRQWKV ̋ WR ̋ FRPSOHWHÔ ̋  ̋ 7KH

VHFRQG ̋W\SH ̋ RI ̋LQIRUPDWLRQ ̋ UHFRUGV ̋WKH ̋ DYHUDJH ̋ YDOXH ̋ RI ̋ SURMHFWV ̋ LQ ̋ WKH ̋  ̆ÏÌ ̋ PLOOLRQ ̋ RU

PRUH ̋FDWHJRU\Ô ̋ ̋7KLV ̋LQIRUPDWLRQ ̋LV ̋FRQWDLQHG ̋LQ ̋WKH ̋ODVW ̋URZ ̋RI ̋WKH ̋WDEOHÔ ̋ ̋)RU ̋H[DPSOHÒ

SURMHFW ̋ YDOXHV ̋ ZHUH ̋  ̆ËÁÔÈ ̋ PLOOLRQ ̋ IRU ̋ LQGXVWULDO ̋ SURMHFWV ̋ YHUVXV ̋  ̆ÍÌÔ‰ ̋ IRU ̋ FRPPHUFLDO

RIILFH ̋EXLOGLQJV ̋DQG ̋ ̆ÎÎÔÊ ̋PLOOLRQ ̋IRU ̋KRVSLWDO ̋DQG ̋LQVWLWXWLRQDO ̋EXLOGLQJVÔ
ÏÎ‰

)LJXUH ̋ÁðÏÊÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋3ULYDWH ̋2IILFH ̋%XLOGLQJV ̋&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

$OO ̋9DOXHV  ̆ÏÌÒÌÌÌ ̋RU

PRUH

 ̆ËÒÌÌÌð‰Ò‰‰‰  ̆ÍÒÌÌÌðÈÒ‰‰‰  ̆ÏÒÌÌÌðÎÒ‰‰‰  ̆ÎËÌð‰‰‰ /HVV ̋WKDQ

 ̆ÎËÌ

3URMHFW ̋9DOXH ̋ıWKRXVDQG ̋GROODUVÙ

0RQWKV ̋

)LJXUH ̋ÁðÏÂÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋3ULYDWH ̋+RVSLWDO ̋DQG ̋,QVWLWXWLRQDO ̋%XLOGLQJ ̋3URMHFWV

&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

$OO ̋9DOXHV  ̆ÏÌÒÌÌÌ ̋RU

PRUH

 ̆ËÒÌÌÌð‰Ò‰‰‰  ̆ÍÒÌÌÌðÈÒ‰‰‰  ̆ÏÒÌÌÌðÎÒ‰‰‰  ̆ÎËÌð‰‰‰ /HVV ̋WKDQ

 ̆ÎËÌ

3URMHFW ̋9DOXH ̋ıWKRXVDQG ̋GROODUVÙ

0RQWKV ̋
ÏÍÌ

7DEOH ̋ÁðÊÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋E\ ̋9DOXH ̋RI ̋3URMHFW ̋DQG

3ULYDWH ̋1RQð5HVLGHQWLDO ̋3URMHFWV ̋&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰Ï

$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH

9DOXH ̋RI ̋3URMHFW ̋

ıWKRXVDQG ̋GROODUVÙ $OO ̋W\SHV ,QGXVWULDO 2IILFH 2WKHU ̋ &RPPHUFLDO +RVSLWDO ̋DQG

,QVWLWXWLRQDO 

$OO ̋9DOXHV ÏÈÔÌ ÏÍÔÂ ÏËÔÏ ÏÌÔ‰ Ï‰ÔÏ 

 ̆ÏÌÒÌÌÌ ̋RU ̋PRUH ÎÈÔÊ ÎÎÔÎ ÎÁÔÏ ÎÌÔÁ ÍÎÔÌ 

 ̆ËÒÌÌÌð‰Ò‰‰‰ ÏÊÔÈ ÏÈÔÁ ÏÊÔÊ ÏËÔÈ ÎÏÔÎ  ̆ÍÒÌÌÌðÈÒ‰‰‰ ÏÈÔÈ ÏÎÔË ÏÈÔ‰ ÏÎÔÍ ÏÁÔÂ  ̆ÏÒÌÌÌðÎÒ‰‰‰ ÏÏÔÈ ÏÌÔÎ ÏÎÔÎ ÏÌÔÍ ÏÍÔÁ 

 ̆ÎËÌð‰‰‰ ÊÔÎ ÁÔ‰ ÊÔÌ ÁÔÁ ÊÔÂ 

/HVV ̋WKDQ ̋ ̆ÎËÌ ÈÔÏ ÈÔÍ ÍÔÂ ÍÔÂÔ ÈÔÏ 

$YHUDJH ̋9DOXH ̋RI ̋3URMHFWV ̋&RVWLQJ ̋ ̆ÏÌ ̋0LOOLRQ ̋RU ̋0RUH ̋LQ ̋0LOOLRQV ̋RI ̋'ROODUV ̋E\ ̋7

 ̆ÏÌÒÌÌÌ ̋RU ̋PRUH ÍÍÔÂ ËÁÔÈ ÍÌÔ‰ ÎÍÔÂ ÎÎÔÊ 
ÏÍÏ

(VWLPDWHG ̋ DYHUDJHV ̋ IRU ̋ VWDWH ̋ DQG ̋ ORFDOO\ ̋ RZQHG ̋ SURMHFWV ̋ DUH ̋ VKRZQ ̋ LQ ̋ )LJXUHV ̋ ÁðÏ‰

WKURXJK ̋ ÁðÎÈ ̋ DQG ̋ LQ ̋ 7DEOH ̋ ÁðÂÔ ̋  ̋ )LJXUHV ̋ ÁðÏ‰ ̋ WKURXJK ̋ ÁðÎÈ ̋ DUH ̋ GHVLJQHG ̋ WR ̋ LOOXVWUDWH

GLIIHUHQW ̋SHUVSHFWLYHV ̋RQ ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IRU ̋VWDWH ̋DQG ̋ORFDOO\ ̋RZQHG ̋SURMHFWVÔ ̋ ̋(DFK

ILJXUH ̋LV ̋D ̋EDU ̋FKDUW ̋UHFRUGLQJ ̋WKH ̋DYHUDJH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋LQ ̋PRQWKV ̋RQ ̋WKH ̋YHUWLFDO

D[LVÔ ̋ ̋7KH ̋KRUL]RQWDO ̋D[LV ̋UHFRUGV ̋HLWKHU ̋WKH ̋W\SH ̋RI ̋SURMHFW ̋RU ̋WKH ̋SURMHFW ̋YDOXH ̋FDWHJRU\Ô

)LJXUH ̋ ÁðÏ‰ ̋LOOXVWUDWHV ̋ KRZ ̋WKH ̋W\SH ̋ RI ̋ SURMHFW ̋DIIHFWV ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IRU ̋ D ̋ JLYHQ

YDOXH ̋FDWHJRU\Ô ̋ ̋$OO ̋ VWDWH ̋DQG ̋ORFDOO\ ̋ RZQHG ̋ SURMHFWV ̋ YDOXHG ̋DW ̋  ̆ÏÌ ̋PLOOLRQ ̋ RU ̋PRUH ̋DUH

VXPPDUL]HG ̋LQ ̋WKH ̋ILJXUHÔ ̋ ̋)LJXUH ̋ÁðÏ‰ ̋UHFRUGV ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋LQ ̋PRQWKV ̋RQ ̋WKH

YHUWLFDO ̋D[LV ̋DQG ̋WKH ̋W\SH ̋RI ̋SURMHFW ̋RQ ̋WKH ̋KRUL]RQWDO ̋D[LVÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋VKRZV

WKDW ̋ KRVSLWDO ̋ SURMHFWV ̋ KDYH ̋ WKH ̋ ORQJHVW ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ ıQHDUO\ ̋ ÈÌ ̋ PRQWKVÙ ̋ DQG

FRQVHUYDWLRQ ̋ DQG ̋ GHYHORSPHQW ̋ SURMHFWV ̋ KDYH ̋ WKH ̋ VKRUWHVW ̋ FRQVWUXFWLRQ ̋ GXUDWLRQÔ ̋  ̋ 7KH

VHFRQG ̋ URZ ̋ RI ̋7DEOH ̋ ÁðÂ ̋ SURYLGHV ̋WKH ̋ UDZ ̋ GDWD ̋ RQ ̋DOO ̋ SURMHFWV ̋ YDOXHG ̋DW ̋  ̆ÏÌ ̋PLOOLRQ ̋ RU

PRUH ̋WKDW ̋ZHUH ̋XVHG ̋WR ̋FUHDWH ̋)LJXUH ̋ÁðÏ‰Ô

)LJXUHV ̋ ÁðÎÌ ̋DQG ̋ ÁðÎÏ ̋ UHFRUG ̋ SURMHFW ̋ GXUDWLRQ ̋LQIRUPDWLRQ ̋ IRU ̋ EXLOGLQJ ̋ UHODWHG ̋ SURMHFWVÔ

7KH ̋ YHUWLFDO ̋ D[LV ̋ RI ̋ HDFK ̋ ILJXUH ̋ UHFRUGV ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ LQ ̋ PRQWKV ̋ DQG ̋ WKH

KRUL]RQWDO ̋ D[LV ̋ UHFRUGV ̋WKH ̋ SURMHFW ̋ YDOXH ̋ FDWHJRU\Ô ̋  ̋ )LJXUH ̋ ÁðÎÌ ̋ UHFRUGV ̋LQIRUPDWLRQ ̋ RQ

HGXFDWLRQDO ̋ SURMHFWVÒ ̋ ZKHUHDV ̋ )LJXUH ̋ ÁðÎÏ ̋ UHFRUGV ̋ LQIRUPDWLRQ ̋ RQ ̋ KRVSLWDO ̋ SURMHFWVÔ

)LJXUH ̋ ÁðÎÌ ̋ UHYHDOV ̋ WKDW ̋ HGXFDWLRQDO ̋ SURMHFWV ̋ H[KLELW ̋ D ̋ VWHDG\ ̋ GHFOLQH ̋ LQ ̋ FRQVWUXFWLRQ

GXUDWLRQ ̋ DV ̋ SURMHFW ̋ YDOXH ̋ GHFOLQHVÔ ̋  ̋ )LJXUH ̋ ÁðÎÏÒ ̋ RQ ̋ WKH ̋ RWKHU ̋ KDQGÒ ̋ H[KLELWV ̋ D ̋ IODWWHU

UHODWLRQVKLS ̋EHWZHHQ ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋DQG ̋SURMHFW ̋YDOXHÔ

)LJXUHV ̋ÁðÎÎÒ ̋ÁðÎÍÒ ̋DQG ̋ÁðÎÈ ̋UHFRUG ̋SURMHFW ̋GXUDWLRQ ̋LQIRUPDWLRQ ̋IRU ̋QRQðEXLOGLQJ ̋UHODWHG

SURMHFWVÔ ̋ ̋7KH ̋YHUWLFDO ̋D[LV ̋RI ̋HDFK ̋ILJXUH ̋UHFRUGV ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋LQ ̋PRQWKV ̋DQG ̋WKH

KRUL]RQWDO ̋ D[LV ̋ UHFRUGV ̋WKH ̋ SURMHFW ̋ YDOXH ̋ FDWHJRU\Ô ̋  ̋ )LJXUH ̋ ÁðÎÎ ̋ UHFRUGV ̋LQIRUPDWLRQ ̋ RQ

KLJKZD\V ̋ DQG ̋ VWUHHWV ̋ SURMHFWVÔ ̋  ̋ )LJXUH ̋ ÁðÎÍ ̋ UHFRUGV ̋ LQIRUPDWLRQ ̋ RQ ̋ VHZHU ̋ V\VWHPV

SURMHFWVÔ ̋  ̋ )LJXUH ̋ ÁðÎÈ ̋ UHFRUGV ̋ LQIRUPDWLRQ ̋ RQ ̋ ZDWHU ̋ VXSSO\ ̋ SURMHFWVÔ ̋  ̋ $OO ̋ WKUHH ̋ ILJXUHV

UHIOHFW ̋ D ̋ VWURQJ ̋ QHJDWLYH ̋ UHODWLRQVKLS ̋ EHWZHHQ ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ DQG ̋ SURMHFW ̋ YDOXH

ıLÔHÔÒ ̋DV ̋SURMHFW ̋YDOXH ̋GHFOLQHV ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋GHFOLQHVÙÔ ̋ ̋$OWKRXJK ̋DOO ̋WKUHH ̋SURMHFW

W\SHV ̋H[KLELW ̋D ̋QHJDWLYH ̋UHODWLRQVKLS ̋EHWZHHQ ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋DQG ̋SURMHFW ̋YDOXHÒ ̋WKH

GLIIHUHQFH ̋LQ ̋GXUDWLRQ ̋EHWZHHQ ̋WKH ̋ ̆ÏÌ ̋PLOOLRQ ̋RU ̋PRUH ̋FDWHJRU\ ̋DQG ̋WKH ̋ ̆Ë ̋WR ̋ ̆ÏÌ ̋PLOOLRQ

FDWHJRU\ ̋ DUH ̋ PRVW ̋ SURQRXQFHG ̋ IRU ̋ KLJKZD\V ̋ DQG ̋ VWUHHWV ̋ SURMHFWV ̋ DQG ̋ ZDWHU ̋ VXSSO\

SURMHFWVÔ

7DEOH ̋ ÁðÂ ̋ SURYLGHV ̋ D ̋ FRQFLVH ̋ VXPPDU\ ̋ RI ̋ DOO ̋ RI ̋WKH ̋ GDWD ̋ XVHG ̋WR ̋ SURGXFH ̋ )LJXUHV ̋ ÁðÏ‰

WKURXJK ̋ ÁðÎÈÔ ̋ ̋ ,QIRUPDWLRQ ̋ RQ ̋ SURMHFW ̋ YDOXH ̋ ıLQ ̋WKRXVDQGV ̋ RI ̋ GROODUVÙ ̋LV ̋ UHFRUGHG ̋LQ ̋WKH

OHIW ̋PRVW ̋FROXPQ ̋RI ̋WKH ̋WDEOHÔ ̋ ̋7KLV ̋LQIRUPDWLRQ ̋LV ̋UHFRUGHG ̋LQ ̋WKH ̋VHYHQ ̋URZV ̋RI ̋WKH ̋WDEOHÔ

7KH ̋UHPDLQGHU ̋RI ̋WKH ̋WDEOH ̋VXPPDUL]HV ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋LQIRUPDWLRQ ̋IRU ̋HDFK ̋RI ̋WKH

WZR ̋ PDMRU ̋ FDWHJRULHV„ ̋ ıÏÙ ̋ EXLOGLQJV‚ ̋ DQG ̋ ıÎÙ ̋ QRQðEXLOGLQJVÔ ̋  ̋ )RU ̋ H[DPSOHÒ ̋ WKH ̋ DYHUDJH

HGXFDWLRQDO ̋ IDFLOLW\ ̋ YDOXHG ̋ DW ̋  ̆Ë ̋ WR ̋  ̆ÏÌ ̋ PLOOLRQ ̋ WRRN ̋ ÎÎÔÊ ̋ PRQWKV ̋ WR ̋ FRPSOHWH ̋ DQG ̋ D

VLPLODUO\ ̋YDOXHG ̋KRVSLWDO ̋EXLOGLQJ ̋WRRN ̋Î‰ÔÍ ̋PRQWKV ̋WR ̋FRPSOHWHÔ
ÏÍÎ

)LJXUH ̋ÁðÏ‰Ô ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

IRU ̋3URMHFWV ̋&RVWLQJ ̋ ̆ÏÌ ̋0LOOLRQ ̋RU ̋0RUH ̋E\ ̋7\SH ̋RI ̋3URMHFW„ ̋ ̋6WDWH

DQG ̋/RFDO ̋1RQð5HVLGHQWLDO ̋3URMHFWV ̋&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

ÈÌ

ÈË

(GXFDWLRQDO

+RVSLWDO

2WKHU

%XLOGLQJV

+LJKZD\V ̋DQG

6WUHHWV

&RQVHUYDWLRQ

DQG

'HYHORSPHQW

6HZHU

6\VWHPV

:DWHU ̋6XSSO\

2WKHU ̋1RQð ̋ ̋

%XLOGLQJ

0RQWKV ̋

)LJXUH ̋ÁðÎÌÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋(GXFDWLRQDO ̋3URMHFWV ̋&RPSOHWHG ̋LQ

Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

$OO ̋9DOXHV  ̆ÏÌÒÌÌÌ ̋RU

PRUH

 ̆ËÒÌÌÌð‰Ò‰‰‰  ̆ÍÒÌÌÌðÈÒ‰‰‰  ̆ÏÒÌÌÌðÎÒ‰‰‰  ̆ÎËÌð‰‰‰ /HVV ̋WKDQ

 ̆ÎËÌ

3URMHFW ̋9DOXH ̋ıWKRXVDQG ̋GROODUVÙ

0RQWKV ̋
ÏÍÍ

)LJXUH ̋ÁðÎÏÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋+RVSLWDO ̋3URMHFWV ̋&RPSOHWHG ̋LQ

Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

ÈÌ

ÈË

$OO ̋9DOXHV  ̆ÏÌÒÌÌÌ ̋RU

PRUH

 ̆ËÒÌÌÌð‰Ò‰‰‰  ̆ÍÒÌÌÌðÈÒ‰‰‰  ̆ÏÒÌÌÌðÎÒ‰‰‰  ̆ÎËÌð‰‰‰ /HVV ̋WKDQ

 ̆ÎËÌ

3URMHFW ̋9DOXH ̋ıWKRXVDQG ̋GROODUVÙ

0RQWKV ̋ ̋

)LJXUH ̋ÁðÎÎÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋+LJKZD\V ̋DQG ̋6WUHHWV ̋3URMHFWV

&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

ÈÌ

$OO

9DOXHV

 ̆ÏÌÒÌÌÌ

RU ̋PRUH

 ̆ËÒÌÌÌð

‰Ò‰‰‰

 ̆ÍÒÌÌÌð

ÈÒ‰‰‰

 ̆ÏÒÌÌÌð

ÎÒ‰‰‰

 ̆ÎËÌð

‰‰‰

/HVV

WKDQ

 ̆ÎËÌ

3URMHFW ̋9DOXH ̋ıWKRXVDQG ̋GROODUVÙ

0RQWKV
ÏÍÈ

)LJXUH ̋ÁðÎÍÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋6HZHU ̋6\VWHPV ̋3URMHFWV ̋&RPSOHWHG

LQ ̋Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

ÈÌ

$OO ̋9DOXHV  ̆ÏÌÒÌÌÌ ̋RU

PRUH

 ̆ËÒÌÌÌð‰Ò‰‰‰  ̆ÍÒÌÌÌðÈÒ‰‰‰  ̆ÏÒÌÌÌðÎÒ‰‰‰  ̆ÎËÌð‰‰‰ /HVV ̋WKDQ

 ̆ÎËÌ

3URMHFW ̋9DOXH ̋ıWKRXVDQG ̋GROODUVÙ

0RQWKV

)LJXUH ̋ÁðÎÈÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ

E\ ̋3URMHFW ̋9DOXH„ ̋ ̋6WDWH ̋DQG ̋/RFDO ̋:DWHU ̋6XSSO\ ̋3URMHFWV ̋&RPSOHWHG

LQ ̋Ï‰‰Ìð‰Ï

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

ÈÌ

$OO ̋9DOXHV  ̆ÏÌÒÌÌÌ ̋RU

PRUH

 ̆ËÒÌÌÌð‰Ò‰‰‰  ̆ÍÒÌÌÌðÈÒ‰‰‰  ̆ÏÒÌÌÌðÎÒ‰‰‰  ̆ÎËÌð‰‰‰ /HVV ̋WKDQ

 ̆ÎËÌ

3URMHFW ̋9DOXH ̋ıWKRXVDQG ̋GROODUVÙ

0RQWKV

Ô
ÏÍË

7DEOH ̋ÁðÂÔ ̋ ̋$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋IURP ̋6WDUW ̋RI ̋&RQVWUXFWLRQ ̋WR ̋&RPSOHWLRQ ̋E\ ̋9DOXH ̋RI ̋3URMHFW ̋DQG

6WDWH ̋DQG ̋/RFDO ̋3URMHFWV ̋&RPSOHWHG ̋LQ ̋Ï‰‰Ìð‰Ï

$YHUDJH ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋7\SH ̋RI ̋6WUXFWXUH

9DOXH ̋RI ̋3URMHFW ̋

ıWKRXVDQG ̋GROODUVÙ %XLOGLQJV 1RQð%XLOGLQJ

(GXFDWLRQDO +RVSLWDO 2WKHU ̋%XLOGLQJV +LJKZD\V ̋DQG ̋ 6WUHHWV &RQVHUYDWLRQ ̋ DQG ̋ 'HYHORSPHQW 6HZHU ̋6\VWHPV :DWHU ̋6

$OO ̋9DOXHV ÏÂÔÎ ÎÈÔË ÎÎÔÏ Ï‰ÔÂ ÏÈÔË ÎÈÔÁ Ï‰

 ̆ÏÌÒÌÌÌ ̋RU ̋PRUH ÎÂÔ‰ ÍÂÔÁ ÍÌÔÊ ÍÊÔÍ ÎÎÔÈ ÍÁÔË ÍË

 ̆ËÒÌÌÌð‰Ò‰‰‰ ÎÎÔÊ Î‰ÔÍ ÎÈÔÎ ÎËÔÏ ÎÌÔË Î‰ÔÍ ÎÍ ̆ÍÒÌÌÌðÈÒ‰‰‰ Ï‰ÔÈ ÎÍÔÈ Ï‰ÔÊ ÎÌÔ‰ ÏÂÔÁ ÎÎÔÏ ÎÌ ̆ÏÒÌÌÌðÎÒ‰‰‰ ÏÈÔÏ ÎÈÔÏ ÏÁÔË ÏÈÔÍ ÏÎÔ‰ ÏÁÔË ÏÁ

 ̆ÎËÌð‰‰‰ ÏÌÔÌ ÏÈÔÍ ÏÌÔ‰ ‰ÔÍ ÏÏÔÎ ‰ÔÊ ÏÏ

/HVV ̋WKDQ ̋ ̆ÎËÌ ËÔÊ ÁÔÁ ÁÔË ÈÔÁ ÁÔÌ ËÔÁ ËÔ
 ̋  ̋ÏÍÁ

ÁÔÎÔÎÔ ̋ ̋0HDVXUHV ̋%DVHG ̋RQ ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH ̋ı&,,Ù ̋'DWD

'DWD ̋IURP ̋&,, ̋DUH ̋XVHG ̋WR ̋SURGXFH ̋HVWLPDWHV ̋IRU ̋GHOLYHU\ ̋WLPH ̋VWDWLVWLFV ̋IRU ̋WKH ̋WKUHH ̋QRQð

UHVLGHQWLDO ̋ VHFWRUVÔ ̋ ̋7KH ̋&,, ̋ GDWD ̋DUH ̋ XVHG ̋LQ ̋WKLV ̋ GRFXPHQW ̋ EHFDXVH ̋&,, ̋ KDV ̋ FRPPLWWHG

LWVHOI ̋ WR ̋ DQ ̋ DQQXDO ̋ F\FOH ̋ RI ̋ VXUYH\LQJ ̋ LWV ̋ PHPEHU ̋ FRPSDQLHVÒ ̋ FROOHFWLQJ ̋ GDWD ̋ RQ ̋ DQ

LQGLYLGXDO ̋SURMHFW ̋EDVLVÒ ̋DQDO\]LQJ ̋WKHVH ̋GDWDÒ ̋DQG ̋SXEOLVKLQJ ̋LWV ̋ILQGLQJVÔ ̋ ̋&,,©V ̋IUHTXHQF\

IRU ̋SXEOLVKLQJ ̋WKHVH ̋GDWD ̋DQG ̋WKH ̋PHWKRGV ̋RI ̋GDWD ̋FROOHFWLRQ ̋PHHW ̋WKH ̋FULWHULD ̋HVWDEOLVKHG

LQ ̋&KDSWHU ̋ÎÔ ̋ ̋,Q ̋DGGLWLRQÒ ̋WKH ̋&,, ̋GDWD ̋XVHG ̋LQ ̋WKLV ̋GRFXPHQW ̋LQFOXGH ̋HVWLPDWHG ̋YDOXHV ̋IRU

IRXU ̋NH\ ̋VWDWLVWLFDO ̋PHDVXUHV„ ̋ıÏÙ ̋WKH ̋ÊËWK ̋SHUFHQWLOH‚ ̋ıÎÙ ̋WKH ̋PHDQ‚ ̋ıÍÙ ̋WKH ̋PHGLDQ‚ ̋DQG ̋ıÈÙ

WKH ̋ÎËWK ̋ SHUFHQWLOHÔ ̋ ̋%HFDXVH ̋WKHVH ̋ IRXU ̋PHDVXUHV ̋FRYHU ̋WKH ̋ IXOO ̋LQWHUTXDUWLOH ̋ UDQJH ̋ ıLÔHÔÒ

WKH ̋PLGGOH ̋ËÌ ̋SHUFHQW ̋RI ̋WKH ̋GDWDÙ ̋IRU ̋HDFK ̋VXEVHW ̋RI ̋WKH ̋RYHUDOO ̋&,, ̋GDWD ̋VHWÒ ̋WKH\ ̋SURYLGH

D ̋ ZHDOWK ̋ RI ̋ LQIRUPDWLRQÔ ̋  ̋ 7KH ̋ PHDQ•WKH ̋ DULWKPHWLF ̋ DYHUDJH•DQG ̋ WKH ̋ PHGLDQ•WKH

PLGGOH ̋ YDOXH•DUH ̋ VWDWLVWLFDO ̋ PHDVXUHV ̋ RI ̋ FHQWUDO ̋ WHQGHQF\Ô ̋  ̋ 7KHVH ̋ PHDVXUHV ̋ RI ̋ FHQWUDO

WHQGHQF\ ̋SURYLGH ̋RSSRUWXQLWLHV ̋IRU ̋FRPSDULQJ ̋WKH ̋&,, ̋GDWD ̋WR ̋WKH ̋&HQVXV ̋GDWD ̋GHVFULEHG ̋LQ

WKH ̋SUHYLRXV ̋VXEVHFWLRQÔ ̋ ̋7KH ̋ ÊËWK ̋DQG ̋ ÎËWK ̋SHUFHQWLOHV ̋SURYLGH ̋D ̋PHDVXUH ̋RI ̋YDULDELOLW\Ô

7KH\ ̋ DOVR ̋ VHUYH ̋ WR ̋ SRLQW ̋ RXW ̋ RSSRUWXQLWLHV ̋ IRU ̋ SHUIRUPDQFH ̋ DVVHVVPHQWÔ ̋  ̋ )RU ̋ H[DPSOHÒ

XVHUV ̋RI ̋WKLV ̋GRFXPHQW ̋FDQ ̋SORW ̋WKHLU ̋RZQ ̋SURMHFW ̋GDWD ̋RQ ̋WKH ̋ILJXUH ̋RI ̋LQWHUHVW ̋WR ̋PHDVXUH

WKHLU ̋SURMHFWV© ̋SHUIRUPDQFH ̋DJDLQVW ̋WKH ̋SHUIRUPDQFH ̋RI ̋VLPLODU ̋SURMHFWV ̋LQ ̋WKH ̋&,, ̋GDWD ̋VHWÔ

$ ̋OLPLWDWLRQ ̋RI ̋WKH ̋&,, ̋GDWD ̋LV ̋WKDW ̋WKH\ ̋PD\ ̋QRW ̋EH ̋UHSUHVHQWDWLYH ̋RI ̋FRQVWUXFWLRQ ̋LQGXVWU\

¶DYHUDJHVß ̋IRU ̋WKH ̋WKUHH ̋QRQðUHVLGHQWLDO ̋VHFWRUVÔ ̋ ̋7KLV ̋FDYHDW ̋LV ̋EDVHG ̋RQ ̋WKH ̋DVVXPSWLRQ

WKDW ̋ &,, ̋ PHPEHU ̋ FRPSDQLHV ̋ PD\ ̋ EH ̋ PRUH ̋ DJJUHVVLYHO\ ̋ SXUVXLQJ ̋ SHUIRUPDQFH

LPSURYHPHQW ̋PHDVXUHV ̋WKDQ ̋FRPSDQLHV ̋WKDW ̋DUH ̋QRW ̋PHPEHUV ̋RI ̋&,,Ô ̋ ̋7KXV ̋WKH ̋ EDVHOLQH

PHDVXUHV ̋GHULYHG ̋IURP ̋WKHVH ̋GDWD ̋PD\ ̋EH ̋VNHZHG ̋WRZDUGV ̋WKH ̋¶EHVW ̋SUDFWLFHß ̋HQG ̋RI ̋WKH

QRQðUHVLGHQWLDO ̋ FRQVWUXFWLRQ ̋ SURMHFW ̋ VSHFWUXPÔ ̋  ̋ 7KLV ̋ FRQFHUQ ̋ LV ̋ PLWLJDWHG ̋ LQ ̋ SDUW ̋ E\

UHSRUWLQJ ̋ ERWK ̋PHDVXUHV ̋ RI ̋ FHQWUDO ̋WHQGHQF\ ̋ DQG ̋WKH ̋ IXOO ̋LQWHUTXDUWLOH ̋ UDQJHÔ ̋  ̋ $ ̋ VHFRQG

OLPLWDWLRQ ̋RI ̋WKH ̋FXUUHQW ̋&,, ̋GDWD ̋VHW ̋LV ̋WKDW ̋LW ̋GRHV ̋QRW ̋LQFOXGH ̋WKH ̋IXOO ̋UDQJH ̋RI ̋VWUXFWXUH

W\SHV ̋ LQFOXGHG ̋ LQ ̋ WKH ̋ &HQVXV ̋ GDWD ̋ ıHÔJÔÒ ̋ RIILFH ̋ EXLOGLQJVÒ ̋ KRVSLWDOVÒ ̋ DQG ̋ HGXFDWLRQDO

IDFLOLWLHV ̋ IRU ̋ WKH ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ VHFWRUÙÔ ̋  ̋ +RZHYHUÒ ̋ DV ̋ PRUH ̋ GDWD ̋ EHFRPH

DYDLODEOH ̋WR ̋&,,Ò ̋ QHZ ̋ VXEVHWV ̋ SURYLGLQJ ̋ VXFK ̋ GHWDLO ̋ZLOO ̋ EH ̋ UHSRUWHGÔ ̋ ̋ ,W ̋LV ̋ZRUWK ̋ QRWLQJ

WKDW ̋LQ ̋VRPH ̋DUHDV ̋WKH ̋&,, ̋GDWD ̋VHW ̋DOUHDG\ ̋SURYLGHV ̋D ̋ILQHU ̋OHYHO ̋RI ̋GHWDLO ̋WKDQ ̋WKH ̋&HQVXV

GDWDÔ ̋ ̋)RU ̋H[DPSOHÒ ̋WKH ̋&,, ̋GDWD ̋VHW ̋VHSDUDWHV ̋KHDY\ ̋LQGXVWULDO ̋DQG ̋OLJKW ̋LQGXVWULDO ̋SURMHFWVÔ

%RWK ̋SURMHFW ̋JURXSLQJV ̋ZHUH ̋LQFOXGHG ̋XQGHU ̋WKH ̋VLQJOH ̋KHDGLQJ ̋¶,QGXVWULDOß ̋LQ ̋WKH ̋&HQVXV

GDWDÔ ̋  ̋ )XUWKHUPRUHÒ ̋ IRU ̋ WKH ̋ KHDY\ ̋ LQGXVWULDO ̋ JURXSLQJÒ ̋ &,, ̋ DOUHDG\ ̋ UHSRUWV ̋ GDWD ̋ RQ ̋ WKH

IROORZLQJ ̋VXEVHWV„ ̋ıÏÙ ̋FKHPLFDO ̋PDQXIDFWXULQJ ̋DQG ̋ıÎÙ ̋RLO ̋UHILQLQJÔÍÌ

,W ̋LV ̋LPSRUWDQW ̋WR ̋QRWH ̋WKDW ̋WKH ̋&,, ̋GDWD ̋LQFOXGH ̋HVWLPDWHV ̋RI ̋ERWK ̋WRWDO ̋SURMHFW ̋GXUDWLRQ ̋DQG

FRQVWUXFWLRQ ̋ SKDVH ̋ GXUDWLRQÔ ̋  ̋ 7KXVÒ ̋ WKH ̋ &,, ̋ GDWD ̋ FDSWXUHV ̋ D ̋ PRUH ̋ FRPSOHWH ̋ PHDQLQJ ̋ RI

GHOLYHU\ ̋WLPH ̋WKDQ ̋LV ̋SURYLGHG ̋E\ ̋DQ ̋HVWLPDWH ̋RI ̋FRQVWUXFWLRQ ̋SKDVH ̋GXUDWLRQÔ ̋ ̋+RZHYHUÒ ̋WR

IDFLOLWDWH ̋ FRPSDULVRQV ̋ ZLWK ̋ WKH ̋ &HQVXV ̋ GDWD ̋ GHVFULEHG ̋ LQ ̋ WKH ̋ SUHYLRXV ̋ VXEVHFWLRQÒ

HVWLPDWHV ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋SKDVH ̋GXUDWLRQ ̋DUH ̋LQFOXGHG ̋LQ ̋WKLV ̋VXEVHFWLRQÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÍÌ ̋ ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWHÔ ̋ ̋Ï‰‰ÂÔ ̋ ̋%HQFKPDUNLQJ ̋DQG ̋0HWULFV ̋'DWD ̋5HSRUW ̋IRU ̋Ï‰‰ÊÔ ̋ ̋$XVWLQÒ ̋7;„

&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWHÔ
 ̋  ̋ÏÍÊ

7KH ̋&,, ̋GDWD ̋VHW ̋DOVR ̋FRQWDLQV ̋LQIRUPDWLRQ ̋RQ ̋PHWULFV ̋UHODWHG ̋WR ̋VFKHGXOH ̋JURZWK ̋DQG ̋WKH

UHODWLRQVKLS ̋EHWZHHQ ̋WKH ̋XVH ̋RI ̋EHVW ̋SUDFWLFHV ̋DQG ̋NH\ ̋GHOLYHU\ ̋WLPH ̋PHWULFVÔ ̋ ̋%RWK ̋VHWV ̋RI

LQIRUPDWLRQ ̋DUH ̋GLVFXVVHG ̋LQ ̋WKLV ̋GRFXPHQWÔ

7KH ̋ PDWHULDO ̋ SUHVHQWHG ̋ LQ ̋ WKLV ̋ VXEVHFWLRQ ̋ LV ̋ RUJDQL]HG ̋ DURXQG ̋ D ̋ VHULHV ̋ RI ̋ ILJXUHV ̋ DQG

WDEOHVÔ ̋  ̋ 7R ̋ IDFLOLWDWH ̋ FRPSDULVRQV ̋ DPRQJ ̋ WKH ̋ YDULRXV ̋ &,, ̋ GDWD ̋ VXEVHWVÒ ̋ )LJXUHV ̋ ÁðÎË

WKURXJK ̋ ÁðÈÎ ̋ DUH ̋ DUUDQJHG ̋ LQ ̋ D ̋ VHTXHQFH ̋ DQG ̋ XVH ̋ DQ ̋ LGHQWLFDO ̋ IRUPDW ̋ IRU ̋ GDWD

UHSUHVHQWDWLRQÔ ̋  ̋ 7KH ̋ &,, ̋ GDWD ̋ VXEVHW ̋ VHTXHQFH ̋ XVHG ̋ LQ ̋ WKLV ̋ VXEVHFWLRQ ̋ HPSOR\V ̋ WKH

IROORZLQJ ̋ WKUHH ̋ PDMRU ̋ KHDGLQJV„ ̋ ıÏÙ ̋ LQGXVWU\ ̋ JURXS ̋ VXEVHWV ̋ ıLÔHÔÒ ̋ EXLOGLQJVÒ ̋ KHDY\

LQGXVWULDOÒ ̋OLJKW ̋LQGXVWULDOÒ ̋DQG ̋LQIUDVWUXFWXUHÙ‚ ̋ıÎÙ ̋FRVW ̋FDWHJRULHV ̋ı ̆PLOOLRQÙ ̋VXEVHWV ̋ıLÔHÔÒ

· ̆ÏËÒ ̋  ̆ÏËð ̆ËÌÒ ̋  ̆ËÌð ̆ÏÌÌÒ ̋ DQG ̋ ! ̆ÏÌÌÙ‚ ̋ ıÍÙ ̋ SURMHFW ̋ QDWXUH ̋ VXEVHWV ̋ ıLÔHÔÒ ̋ JUDVV ̋ URRWVÒ

DGGLWLRQÒ ̋ DQG ̋ PRGHUQL]DWLRQÙÔ ̋  ̋:LWKLQ ̋ HDFK ̋ ILJXUHÒ ̋ WKH ̋ &,, ̋ GDWD ̋ VXEVHWV ̋ IRU ̋ HDFK ̋ PDMRU

KHDGLQJ ̋ DUH ̋ OLVWHG ̋ RQ ̋ WKH ̋ KRUL]RQWDO ̋ D[LVÔ ̋  ̋ 7KH ̋ YHUWLFDO ̋ D[LV ̋ UHFRUGV ̋ WKH ̋ FRUUHVSRQGLQJ

YDOXH ̋RI ̋D ̋ UHVSRQVH ̋YDULDEOHÒ ̋VXFK ̋DV ̋WRWDO ̋SURMHFW ̋GXUDWLRQ ̋LQ ̋PRQWKVÔ ̋ ̋)RU ̋HDFK ̋ VXEVHWÒ

IRXU ̋NH\ ̋VWDWLVWLFDO ̋PHDVXUHV ̋DUH ̋SORWWHG ̋RQ ̋WKH ̋ILJXUH„ ̋ıÏÙ ̋WKH ̋ÊËWK ̋SHUFHQWLOHÒ ̋UHSUHVHQWHG

E\ ̋D ̋VTXDUH ̋ıÑÙ‚ ̋ıÎÙ ̋WKH ̋PHDQÒ ̋UHSUHVHQWHG ̋E\ ̋D ̋GLDPRQG ̋ıãÙ‚ ̋ıÍÙ ̋WKH ̋PHGLDQÒ ̋UHSUHVHQWHG

E\ ̋D ̋WULDQJOH ̋ıVÙ‚ ̋DQG ̋WKH ̋ÎËWK ̋SHUFHQWLOHÒ ̋UHSUHVHQWHG ̋E\ ̋DQ ̋[ ̋ıuÙÔ

7KH ̋GDWD ̋SORWWHG ̋RQ ̋)LJXUHV ̋ÁðÎË ̋WKURXJK ̋ÁðÈÎ ̋DUH ̋UHFRUGHG ̋LQ ̋7DEOHV ̋Áð‰ ̋WKURXJK ̋ÁðÎÁÔ

7KH ̋WDEOHV ̋IROORZ ̋WKH ̋VDPH ̋&,, ̋GDWD ̋VXEVHW ̋VHTXHQFH ̋DV ̋WKH ̋ILJXUHVÔ ̋ ̋)RU ̋H[DPSOHÒ ̋WKH ̋GDWD

IRU ̋)LJXUH ̋ÁðÎË ̋DUH ̋IRXQG ̋LQ ̋7DEOH ̋Áð‰Ò ̋WKH ̋GDWD ̋IRU ̋)LJXUH ̋ÁðÎÁ ̋DUH ̋IRXQG ̋LQ ̋7DEOH ̋ÁðÏÌÒ

DQG ̋WKH ̋GDWD ̋IRU ̋)LJXUH ̋ÁðÎÊ ̋DUH ̋IRXQG ̋LQ ̋7DEOH ̋ÁðÏÏÔ

ÁÔÎÔÎÔÏÔ ̋ ̋0HWULFV ̋5HODWHG ̋WR ̋7RWDO ̋3URMHFW ̋'XUDWLRQ

7KH ̋&,, ̋GDWD ̋VHW ̋LV ̋XQLTXH ̋LQ ̋WKDW ̋LW ̋LQFOXGHV ̋D ̋IDLUO\ ̋FRPSUHKHQVLYH ̋PHDVXUH ̋RI ̋GHOLYHU\

WLPH ̋IRU ̋DOO ̋WKUHH ̋QRQðUHVLGHQWLDO ̋VHFWRUVÔ ̋ ̋7KLV ̋PHDVXUH ̋FRUUHVSRQGV ̋WR ̋&,,©V ̋PHWULF ̋WRWDO

SURMHFW ̋ GXUDWLRQÔ ̋ ̋7RWDO ̋ SURMHFW ̋ GXUDWLRQ ̋ VWDUWV ̋DW ̋WKH ̋ EHJLQQLQJ ̋ RI ̋WKH ̋ GHVLJQ ̋ SKDVH ̋ DQG

HQGV ̋ ZLWK ̋ WKH ̋ FXVWRG\ ̋ WUDQVIHU ̋ WR ̋ WKH ̋ XVHUÓRSHUDWRU ̋ ıVHH ̋ 7DEOH ̋ ÍðÊ ̋ IRU ̋ DGGLWLRQDO

GHILQLWLRQV ̋DQG ̋GHVFULSWLRQV ̋RI ̋&,, ̋SURMHFW ̋SKDVHVÙÔ ̋ ̋7RWDO ̋SURMHFW ̋GXUDWLRQ ̋LV ̋PHDVXUHG ̋LQ

PRQWKVÔ ̋ ̋7KH ̋GDWD ̋SUHVHQWHG ̋LQ ̋WKLV ̋VXEVHFWLRQ ̋FRYHUV ̋IRXU ̋RI ̋WKH ̋ILYH ̋&,, ̋SURMHFW ̋SKDVHV

ıLÔHÔÒ ̋DOO ̋EXW ̋WKH ̋SUHðSURMHFW ̋SODQQLQJ ̋SKDVHÙÔ ̋ ̋%HFDXVH ̋D ̋FRQWUDFWRU ̋LV ̋QRW ̋XVXDOO\ ̋LQYROYHG

LQ ̋DOO ̋RI ̋WKHVH ̋SKDVHVÒ ̋RQO\ ̋GDWD ̋IURP ̋RZQHUV ̋DUH ̋XVHG ̋WR ̋FDOFXODWH ̋WRWDO ̋SURMHFW ̋GXUDWLRQÔ

)LJXUH ̋ÁðÎË ̋UHFRUGV ̋WRWDO ̋SURMHFW ̋GXUDWLRQ ̋E\ ̋LQGXVWU\ ̋JURXSÔ ̋ ̋7KH ̋GDWD ̋XVHG ̋WR ̋FRQVWUXFW

)LJXUH ̋ ÁðÎË ̋ DUH ̋ UHFRUGHG ̋ LQ ̋ 7DEOH ̋ Áð‰Ô ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH ̋ ILJXUH ̋ UHYHDOV ̋ WKDW ̋ WKH

LQWHUTXDUWLOH ̋UDQJH ̋LV ̋PXFK ̋ZLGHU ̋IRU ̋EXLOGLQJV ̋DQG ̋OLJKW ̋LQGXVWULDO ̋SURMHFWV ̋WKDQ ̋IRU ̋KHDY\

LQGXVWULDO ̋ DQG ̋ LQIUDVWUXFWXUH ̋ SURMHFWVÔ ̋  ̋ 2Q ̋ DYHUDJHÒ ̋ WKHVH ̋ SURMHFWV ̋ DOVR ̋ WDNH ̋ ORQJHU ̋ WR

FRPSOHWH ̋ıÍÂÔ‰ ̋PRQWKV ̋IRU ̋EXLOGLQJV ̋DQG ̋ÎÈÔÈ ̋PRQWKV ̋IRU ̋OLJKW ̋LQGXVWULDOÙ ̋WKDQ ̋WKH ̋VXEVHW

RI ̋ KHDY\ ̋LQGXVWULDO ̋ ıÎÏÔÎ ̋PRQWKVÙ ̋DQG ̋LQIUDVWUXFWXUH ̋ ıÎÏÔÌ ̋PRQWKVÙ ̋ SURMHFWVÔ ̋ ̋7KH ̋PHDQ

YDOXHV ̋UHFRUGHG ̋LQ ̋7DEOH ̋Áð‰ ̋DUH ̋XVHG ̋WR ̋GHILQH ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋HDFK ̋RI ̋WKH ̋IRXU

&,, ̋GDWD ̋VHWVÔ
 ̋  ̋ÏÍÂ

)LJXUH ̋ÁðÎËÔ ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋,QGXVWU\ ̋*URXS

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

ÈÌ

ÈË

ËÌ

%XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

,QGXVWU\ ̋*URXS

7RWDO ̋3URMHFW ̋'XUDWLRQ ̋ı0RQWKVÙ

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH

7DEOH ̋Áð‰Ô ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋,QGXVWU\ ̋*URXS

6WDWLVWLFDO 1XPEHU ̋RI ̋0RQWKV ̋E\ ̋,QGXVWU\ ̋*URXS

0HDVXUH %XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

ÊËWK ̋3HUFHQWLOH ÈÊÔÈ ÎÈÔÏ ÍÎÔÊ ÎÏÔË

0HDQ ÍÂÔ‰ ÎÏÔÎ ÎÈÔÈ ÎÏÔÌ

0HGLDQ ÍÁÔÌ ÏÂÔË ÏÂÔÈ Ï‰ÔÁ

ÎËWK ̋3HUFHQWLOH ÎÁÔÌ ÏËÔÌ ÏÈÔÌ ÏÂÔÌ

)LJXUH ̋ ÁðÎÁ ̋ DQG ̋ 7DEOH ̋ ÁðÏÌ ̋ VKRZ ̋ KRZ ̋ SURMHFW ̋ FRVW ̋ DIIHFWV ̋ WRWDO ̋ SURMHFW ̋ GXUDWLRQÔ ̋  ̋ 7KH

IROORZLQJ ̋ REVHUYDWLRQV ̋ SURYLGH ̋ D ̋ EHWWHU ̋ XQGHUVWDQGLQJ ̋ RI ̋ WKLV ̋ UHODWLRQVKLSÔ ̋  ̋ )LUVWÒ ̋ WKH

PHDQ ̋ YDOXH ̋ RI ̋ WRWDO ̋ SURMHFW ̋ GXUDWLRQ ̋ LQFUHDVHV ̋ VWHDGLO\ ̋ DV ̋ SURMHFW ̋ FRVW ̋ LQFUHDVHVÔ ̋  ̋ 7KLV

UHODWLRQVKLS ̋LV ̋WR ̋ EH ̋ H[SHFWHG ̋ VLQFH ̋ KLJKHU ̋ FRVW ̋ XVXDOO\ ̋ HQWDLOV ̋ JUHDWHU ̋ FRPSOH[LW\ ̋ ıHÔJÔÒ

PRUH ̋ODERUÒ ̋PDWHULDOVÒ ̋DQG ̋VXEFRQWUDFWRUVÙÔ ̋ ̋6HFRQGÒ ̋IRU ̋ODUJH ̋SURMHFWV ̋ıLÔHÔÒ ̋WKRVH ̋FRVWLQJ

LQ ̋ H[FHVV ̋ RI ̋  ̆ÏÌÌ ̋ PLOOLRQÙÒ ̋ WKH ̋ PHGLDQ ̋ YDOXH ̋ ıÍÌÔÁ ̋ PRQWKVÙ ̋ LV ̋ DSSURDFKLQJ ̋ WKH ̋ PHDQ

YDOXH ̋ ıÍÎÔÍ ̋ PRQWKVÙÔ ̋  ̋ )RU ̋ SURMHFWV ̋ FRVWLQJ ̋ OHVV ̋ WKDQ ̋  ̆ÏÌÌ ̋ PLOOLRQÒ ̋ WKH ̋ PHGLDQ ̋ YDOXH ̋ LV

ZHOO ̋EHORZ ̋WKH ̋PHDQ ̋YDOXHÔ ̋ ̋,Q ̋DGGLWLRQÒ ̋WKH ̋PHDQ ̋LV ̋FORVHU ̋WR ̋WKH ̋ÊËWK ̋SHUFHQWLOH ̋DQG ̋WKH

PHGLDQ ̋LV ̋FORVHU ̋WR ̋WKH ̋ÎËWK ̋SHUFHQWLOH ̋WKDQ ̋WKH\ ̋DUH ̋WR ̋HDFK ̋RWKHUÔ ̋ ̋7KLV ̋LV ̋SRVVLEO\ ̋GXH ̋WR

D ̋ VPDOO ̋ JURXS ̋ RI ̋ ¶H[HPSODU\ß ̋ SURMHFWV ̋ EHORZ ̋ WKH ̋ ÎËWK ̋ SHUFHQWLOH ̋ DQG ̋ D ̋ VPDOO ̋ JURXS ̋ RI

¶SUREOHPß ̋ SURMHFWV ̋ WDLOLQJ ̋ RII ̋ DERYH ̋ WKH ̋ ÊËWK ̋ SHUFHQWLOHÔ ̋  ̋ 7KLUGÒ ̋ WKH ̋ ZLGWK ̋ RI ̋ WKH

LQWHUTXDUWLOH ̋UDQJH ̋LV ̋PXFK ̋JUHDWHU ̋IRU ̋SURMHFWV ̋FRVWLQJ ̋LQ ̋H[FHVV ̋RI ̋ ̆ÏÌÌ ̋PLOOLRQ ̋WKDQ ̋IRU
 ̋  ̋ÏÍ‰

SURMHFWV ̋FRVWLQJ ̋OHVV ̋WKDQ ̋ ̆ÏÌÌ ̋PLOOLRQÔ ̋ ̋)XUWKHUPRUHÒ ̋WKH ̋ZLGWK ̋RI ̋WKH ̋LQWHUTXDUWLOH ̋UDQJH

IRU ̋ SURMHFWV ̋ FRVWLQJ ̋OHVV ̋WKDQ ̋  ̆ÏÌÌ ̋ PLOOLRQ ̋LV ̋ DSSUR[LPDWHO\ ̋ ÏÏ ̋ PRQWKV ̋ IRU ̋ HDFK ̋ RI ̋WKH

WKUHH ̋ FRVW ̋ FDWHJRULHVÔ ̋  ̋ 7KH ̋ LQFUHDVLQJ ̋ FRPSOH[LW\ ̋ RI ̋ ODUJH ̋ SURMHFWV ̋ DQG ̋ WKH ̋ SUHVHQFH ̋ RI

PHJD ̋ SURMHFWV ̋ ıLÔHÔÒ ̋ WKRVH ̋ FRVWLQJ ̋ PRUH ̋ WKDQ ̋  ̆ËÌÌ ̋ PLOOLRQÙ ̋ DUH ̋ SRWHQWLDO ̋ VRXUFHV ̋ RI ̋ WKH

JUHDWHU ̋ZLGWK ̋RI ̋WKH ̋LQWHUðTXDUWLOH ̋UDQJHÔ

)LJXUH ̋ÁðÎÁÔ ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋&RVW ̋&DWHJRU\

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

ÈÌ

ÈË

ËÌ

· ̋ ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

&RVW ̋&DWHJRULHV ̋ ̋ı ̆0LOOLRQÙ

7RWDO ̋3URMHFW ̋'XUDWLRQ ̋ı0RQWKVÙ

ÊËWK

3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK

3HUFHQWLOH

7DEOH ̋ÁðÏÌÔ ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋&RVW ̋&DWHJRU\

6WDWLVWLFDO 1XPEHU ̋RI ̋0RQWKV ̋E\ ̋&RVW ̋&DWHJRU\ ̋ı0LOOLRQ ̋'ROODUVÙ

0HDVXUH · ̋ ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

ÊËWK ̋3HUFHQWLOH ÎËÔ‰ ÎÂÔÏ ÍÍÔÍ Í‰ÔÈ

0HDQ ÎÎÔÎ ÎÈÔ‰ ÍÌÔË ÍÎÔÍ

0HGLDQ ÏÊÔÏ ÎÌÔÎ ÎËÔÈ ÍÌÔÁ

ÎËWK ̋3HUFHQWLOH ÏÈÔÏ ÏÁÔÌ ÎÎÔÏ ÎÏÔÌ

)LJXUH ̋ ÁðÎÊ ̋ DQG ̋ 7DEOH ̋ ÁðÏÏ ̋ VKRZ ̋ KRZ ̋ SURMHFW ̋ QDWXUH ̋ DIIHFWV ̋ WRWDO ̋ SURMHFW ̋ GXUDWLRQÔ

5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋UHYHDOV ̋WKDW ̋QHZ ̋FRQVWUXFWLRQ•¶JUDVV ̋URRWVß•SURMHFWV ̋H[KLELW ̋WKH

JUHDWHVW ̋YDULDELOLW\Ô ̋ ̋*UDVV ̋URRWV ̋SURMHFWV ̋DOVR ̋WDNH ̋WKH ̋ORQJHVW ̋WR ̋FRPSOHWHÔ ̋ ̋7RWDO ̋SURMHFW

GXUDWLRQ ̋IRU ̋DGGLWLRQV ̋LVÒ ̋RQ ̋DYHUDJHÒ ̋WKH ̋VKRUWHVW ̋RI ̋WKH ̋WKUHHÒ ̋IROORZHG ̋E\ ̋PRGHUQL]DWLRQ

SURMHFWVÔ
 ̋  ̋ÏÈÌ

)LJXUH ̋ÁðÎÊÔ ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋3URMHFW ̋1DWXUH

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

ÈÌ

ÈË

ËÌ

*UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

3URMHFW ̋1DWXUH

7RWDO ̋3URMHFW ̋'XUDWLRQ ̋ı0RQWKVÙ

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH

7DEOH ̋ÁðÏÏÔ ̋ ̋7RWDO ̋3URMHFW ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋3URMHFW ̋1DWXUH

6WDWLVWLFDO  ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋3URMHFW ̋1DWXUH

0HDVXUH *UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

ÊËWK ̋3HUFHQWLOH ÍÂÔÎ ÎÍÔÎ ÍÏÔÎ

0HDQ Î‰ÔÍ ÎÏÔË ÎËÔÏ

0HGLDQ ÎËÔÈ ÏÂÔÂ ÎÏÔÌ

ÎËWK ̋3HUFHQWLOH ÏÊÔÊ ÏËÔÌ ÏÁÔÌ

ÁÔÎÔÎÔÎÔ ̋ ̋0HWULFV ̋5HODWHG ̋WR ̋WKH ̋&RQVWUXFWLRQ ̋3KDVH ̋2QO\

7KLV ̋ VXEVHFWLRQ ̋ SURYLGHV ̋ WKH ̋ RSSRUWXQLW\ ̋ WR ̋ FRPSDUH ̋ VRPH ̋ RI ̋ WKH ̋ &,, ̋ GDWD ̋ VHWV ̋ ZLWK

SXEOLVKHG ̋ GDWD ̋ IURP ̋WKH ̋86 ̋%XUHDX ̋ RI ̋WKH ̋&HQVXVÔ ̋ ̋)LJXUH ̋ ÁðÎÂ ̋ DQG ̋7DEOH ̋ ÁðÏÎ ̋ UHFRUG

LQIRUPDWLRQ ̋RQ ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IRU ̋EXLOGLQJVÒ ̋KHDY\ ̋LQGXVWULDOÒ ̋OLJKW ̋LQGXVWULDOÒ ̋DQG

LQIUDVWUXFWXUH ̋SURMHFWVÔ ̋ ̋7KHVH ̋GDWD ̋DUH ̋EDVHG ̋RQ ̋DQ ̋DJJUHJDWH ̋ VHW ̋ RI ̋ GDWD ̋ IURP ̋ ERWK ̋&,,

RZQHU ̋ PHPEHUV ̋ DQG ̋ FRQWUDFWRUV ̋ ZKR ̋ DUH ̋ LQYROYHG ̋ LQ ̋ WKH ̋ FRQVWUXFWLRQ ̋ SKDVH ̋ ıLÔHÔÒ

FRQWUDFWRUV ̋SHUIRUPLQJ ̋GHVLJQ ̋VHUYLFHV ̋RQO\ ̋DUH ̋QRW ̋LQFOXGHGÙÔ ̋ ̋&RQVHTXHQWO\Ò ̋WKHVH ̋GDWD

H[KLELW ̋VRPHZKDW ̋GLIIHUHQW ̋WUHQGV ̋WKDQ ̋WKH ̋GDWD ̋RQ ̋WRWDO ̋SURMHFW ̋GXUDWLRQ ̋ZKLFK ̋ZHUH ̋IRU
 ̋  ̋ÏÈÏ

&,, ̋RZQHU ̋PHPEHUV ̋RQO\Ô ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋UHYHDOV ̋WKDW ̋EXLOGLQJV ̋DQG ̋LQIUDVWUXFWXUH

SURMHFWV ̋ WDNHÒ ̋ RQ ̋ DYHUDJHÒ ̋ WKH ̋ ORQJHVW ̋ WR ̋ FRQVWUXFWÔÍÏ ̋  ̋ 2Q ̋ DYHUDJHÒ ̋ KHDY\ ̋ DQG ̋ OLJKW

LQGXVWULDO ̋SURMHFWV ̋WDNH ̋DERXW ̋WKH ̋VDPH ̋DPRXQW ̋RI ̋WLPH ̋WR ̋FRQVWUXFWÔ

&RPSDULVRQV ̋EHWZHHQ ̋7DEOH ̋ÁðÏÎ ̋DQG ̋7DEOHV ̋ÁðÊ ̋DQG ̋ÁðÂ ̋UHYHDO ̋WKDW ̋WKH ̋DYHUDJH ̋ıLÔHÔÒ ̋WKH

PHDQÙ ̋ FRQVWUXFWLRQ ̋ SKDVH ̋ GXUDWLRQ ̋ IRU ̋ &,, ̋ SURMHFWV ̋ LV ̋ VKRUWHU ̋ WKDQ ̋ WKH ̋ DYHUDJH

FRQVWUXFWLRQ ̋ SKDVH ̋ GXUDWLRQ ̋ IRU ̋WKH ̋ SULYDWH ̋DQG ̋ VWDWH ̋DQG ̋ORFDO ̋ SURMHFWV ̋ FROOHFWHG ̋ E\ ̋WKH

&HQVXVÔ ̋ ̋5HIHUHQFH ̋WR ̋7DEOH ̋ÁðÊ ̋UHYHDOV ̋WKDW ̋LQGXVWULDO ̋SURMHFWV ̋YDOXHG ̋DW ̋ ̆ÏÌ ̋PLOOLRQ ̋RU

PRUH ̋ WRRN ̋ ÎÎÔÎ ̋ PRQWKV ̋ WR ̋ FRQVWUXFW ̋ DQG ̋ D ̋ FRPPHUFLDO ̋ RIILFH ̋ EXLOGLQJ ̋ YDOXHG ̋ DW ̋  ̆ÏÌ

PLOOLRQ ̋RU ̋PRUH ̋WRRN ̋ÎÁÔÏ ̋PRQWKV ̋WR ̋FRQVWUXFWÔ ̋ ̋7KH ̋FRUUHVSRQGLQJ ̋ILJXUHV ̋IURP ̋WKH ̋&,,

GDWD ̋EDVH ̋DUH ̋ÏÊÔÏ ̋PRQWKV ̋DQG ̋ÎÍÔÊ ̋PRQWKVÒ ̋UHVSHFWLYHO\Ô ̋ ̋5HIHUHQFH ̋WR ̋7DEOH ̋ÁðÂ ̋UHYHDOV

WKDW ̋ LQIUDVWUXFWXUH ̋ SURMHFWV ̋ YDOXHG ̋ DW ̋  ̆ÏÌ ̋ PLOOLRQ ̋ RU ̋ PRUH ̋ WRRN ̋ EHWZHHQ ̋ ÎÎÔÈ ̋ DQG ̋ ÍÊÔÍ

PRQWKV ̋WR ̋FRQVWUXFWÔ ̋ ̋7KH ̋PHDQ ̋YDOXH ̋IRU ̋DOO ̋LQIUDVWUXFWXUH ̋SURMHFWV ̋IURP ̋WKH ̋&,, ̋GDWD ̋EDVH

LV ̋ÎÏÔÌ ̋PRQWKVÔ ̋ ̋7KXVÒ ̋IRU ̋DOO ̋WKUHH ̋QRQðUHVLGHQWLDO ̋VHFWRUVÒ ̋WKH ̋&,, ̋SURMHFWV ̋WHQG ̋WR ̋H[KLELW

VKRUWHU ̋ FRQVWUXFWLRQ ̋WLPHV ̋WKDQ ̋WKRVH ̋ IURP ̋ ZKLFK ̋ WKH ̋ &HQVXV ̋ FROOHFWHG ̋ GDWDÔ ̋  ̋ ,W ̋ LV ̋ DOVR

ZRUWK ̋QRWLQJ ̋WKDW ̋WKH ̋&HQVXV ̋SURMHFWV ̋DUH ̋IURP ̋WKH ̋Ï‰‰ÌðÏ‰‰Ï ̋WLPH ̋SHULRG ̋ZKLOH ̋WKH ̋&,,

GDWD ̋DUH ̋IURP ̋WKH ̋Ï‰‰ÁðÏ‰‰Ê ̋WLPH ̋SHULRGÔ ̋ ̋&RQVHTXHQWO\Ò ̋VRPH ̋RI ̋WKH ̋GLIIHUHQFHV ̋PD\ ̋EH

H[SODLQHG ̋E\ ̋LPSURYHG ̋SURMHFW ̋H[HFXWLRQ ̋WHFKQRORJLHV ̋DYDLODEOH ̋WR ̋WKH ̋&,, ̋SURMHFWV ̋ZKLFK

ZHUH ̋QRW ̋DYDLODEOH ̋WR ̋WKH ̋SURMHFWV ̋FROOHFWHG ̋E\ ̋WKH ̋&HQVXVÔ

)LJXUH ̋ ÁðÎ‰ ̋DQG ̋7DEOH ̋ ÁðÏÍ ̋ VKRZ ̋ KRZ ̋ SURMHFW ̋ FRVW ̋ DIIHFWV ̋ FRQVWUXFWLRQ ̋ SKDVH ̋ GXUDWLRQÔ

7KH ̋IROORZLQJ ̋REVHUYDWLRQV ̋SURYLGH ̋D ̋EHWWHU ̋XQGHUVWDQGLQJ ̋RI ̋WKLV ̋UHODWLRQVKLSÔ ̋ ̋)LUVWÒ ̋WKH

PHDQ ̋YDOXH ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋SKDVH ̋GXUDWLRQ ̋LQFUHDVHV ̋VWHDGLO\ ̋DV ̋SURMHFW ̋FRVW ̋LQFUHDVHVÔ

7KLV ̋ UHODWLRQVKLS ̋LV ̋ WR ̋ EH ̋ H[SHFWHG ̋ VLQFH ̋ KLJKHU ̋ FRVW ̋ XVXDOO\ ̋ HQWDLOV ̋ JUHDWHU ̋ FRPSOH[LW\

ıHÔJÔÒ ̋PRUH ̋ODERUÒ ̋PDWHULDOVÒ ̋DQG ̋ VXEFRQWUDFWRUVÙÔ ̋ ̋6HFRQGÒ ̋ DV ̋ SURMHFW ̋ FRVW ̋LQFUHDVHVÒ ̋WKH

PHDQ ̋DQG ̋PHGLDQ ̋YDOXHV ̋DUH ̋VSUHDGLQJ ̋IXUWKHU ̋DSDUWÔ ̋ ̋)RU ̋SURMHFWV ̋FRVWLQJ ̋ ̆ËÌ ̋PLOOLRQ ̋RU

PRUHÒ ̋WKH ̋PHGLDQ ̋YDOXH ̋LV ̋ZHOO ̋EHORZ ̋WKH ̋PHDQ ̋YDOXHÔ ̋ ̋,Q ̋DGGLWLRQÒ ̋WKH ̋PHDQ ̋LV ̋FORVHU ̋WR

WKH ̋ ÊËWK ̋ SHUFHQWLOH ̋ DQG ̋WKH ̋PHGLDQ ̋LV ̋ FORVHU ̋WR ̋WKH ̋ ÎËWK ̋ SHUFHQWLOH ̋WKDQ ̋WKH\ ̋ DUH ̋WR ̋ HDFK

RWKHUÔ ̋  ̋ 7KLV ̋ LV ̋ SRVVLEO\ ̋ GXH ̋ WR ̋ D ̋ VPDOO ̋ JURXS ̋ RI ̋ ¶H[HPSODU\ß ̋ SURMHFWV ̋ EHORZ ̋ WKH ̋ ÎËWK

SHUFHQWLOH ̋DQG ̋D ̋VPDOO ̋JURXS ̋RI ̋¶SUREOHPß ̋SURMHFWV ̋WDLOLQJ ̋RII ̋DERYH ̋WKH ̋ÊËWK ̋SHUFHQWLOHÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÍÏ ̋5HFDOO ̋WKDW ̋WKDW ̋EXLOGLQJV ̋KDG ̋WKH ̋ORQJHVW ̋WRWDO ̋SURMHFW ̋GXUDWLRQ ̋DQG ̋LQIUDVWUXFWXUH ̋SURMHFWV ̋KDG ̋WKH ̋VKRUWHVW

ıVHH ̋)LJXUH ̋ÁðÎË ̋DQG ̋7DEOH ̋Áð‰ÙÔ ̋ ̋7KXVÒ ̋RQH ̋PLJKW ̋H[SHFW ̋EXLOGLQJV ̋WR ̋KDYH ̋WKH ̋ORQJHVW ̋FRQVWUXFWLRQ ̋SKDVH

GXUDWLRQÔ ̋  ̋ 2QH ̋ UHDVRQ ̋ ZK\ ̋ LQIUDVWUXFWXUH ̋ SURMHFWV ̋ KDYH ̋ FKDQJHG ̋ WKHLU ̋ SRVLWLRQÒ ̋ LV ̋ WKH ̋ UHODWLYHO\ ̋ VKRUW

GXUDWLRQ ̋IRU ̋WKH ̋GHVLJQÒ ̋SURFXUHPHQWÒ ̋DQG ̋VWDUW ̋XS ̋SKDVHV ̋IRU ̋LQIUDVWUXFWXUH ̋SURMHFWVÔ ̋ ̋$QRWKHU ̋UHDVRQ ̋LV ̋WKDW

WKH ̋EXON ̋RI ̋WKH ̋LQIUDVWUXFWXUH ̋SURMHFWV ̋LQ ̋WKH ̋&,, ̋GDWD ̋EDVH ̋DUH ̋VXEPLWWHG ̋E\ ̋FRQWUDFWRUV ̋UDWKHU ̋WKDQ ̋RZQHUVÔ

7KXVÒ ̋WKH ̋PL[ ̋RI ̋SURMHFWV ̋PD\ ̋EH ̋RQH ̋VRXUFH ̋RI ̋WKH ̋REVHUYHG ̋FKDQJH ̋LQ ̋SRVLWLRQÔ
 ̋  ̋ÏÈÎ

)LJXUH ̋ÁðÎÂÔ ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ ̋E\ ̋,QGXVWU\ ̋*URXS

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

ÍÌ

ÍË

%XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

,QGXVWU\ ̋*URXS

0RQWKV ̋

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH

7DEOH ̋ÁðÏÎÔ ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋,QGXVWU\ ̋*URXS

6WDWLVWLFDO 1XPEHU ̋RI ̋0RQWKV ̋E\ ̋,QGXVWU\ ̋*URXS

0HDVXUH %XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

ÊËWK ̋3HUFHQWLOH ÍÌÔÏ ÏÊÔÏ ÏÊÔÌ ÎÍÔÏ

0HDQ ÎÍÔÊ ÏÍÔË ÏÈÔÎ ÎÏÔÌ

0HGLDQ Ï‰ÔÊ ÏÍÔÁ ÏÏÔË ÏÁÔ‰

ÎËWK ̋3HUFHQWLOH ÏÁÔÈ ÂÔ‰ ÊÔÌ ÏÍÔÍ

)LJXUH ̋ÁðÍÌ ̋DQG ̋7DEOH ̋ÁðÏÈ ̋VKRZ ̋KRZ ̋SURMHFW ̋QDWXUH ̋DIIHFWV ̋FRQVWUXFWLRQ ̋SKDVH ̋GXUDWLRQÔ

5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋UHYHDOV ̋WKDW ̋PRGHUQL]DWLRQ ̋SURMHFWV ̋H[KLELW ̋WKH ̋JUHDWHVW ̋YDULDELOLW\Ô

+RZHYHUÒ ̋JUDVV ̋URRWV ̋SURMHFWV ̋WDNH ̋WKH ̋ORQJHVW ̋WR ̋FRQVWUXFWÔ ̋ ̋&RQVWUXFWLRQ ̋SKDVH ̋GXUDWLRQ

IRU ̋DGGLWLRQV ̋LVÒ ̋RQ ̋DYHUDJHÒ ̋WKH ̋VKRUWHVW ̋RI ̋WKH ̋WKUHHÒ ̋IROORZHG ̋E\ ̋PRGHUQL]DWLRQ ̋SURMHFWVÔ

,W ̋ LV ̋ DOVR ̋ ZRUWK ̋ QRWLQJ ̋ WKDW ̋ IRU ̋ DGGLWLRQ ̋ SURMHFWV ̋ WKH ̋ PHDQ ̋ DQG ̋ PHGLDQ ̋ YDOXHV ̋ IRU

FRQVWUXFWLRQ ̋SKDVH ̋GXUDWLRQ ̋DUH ̋YHU\ ̋FORVH ̋WRJHWKHUÒ ̋LQGLFDWLQJ ̋WKDW ̋ VXFK ̋ SURMHFWV ̋ KDYH ̋D

UHODWLYHO\ ̋VWURQJ ̋FHQWUDO ̋WHQGHQF\Ô
 ̋  ̋ÏÈÍ

)LJXUH ̋ÁðÎ‰Ô ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ ̋E\ ̋&RVW ̋&DWHJRU\

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

· ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

&RVW ̋&DWHJRULHV ̋ı ̆0LOOLRQÙ

0RQWKV

ÊËWK

3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK

3HUFHQWLOH

)LJXUH ̋ÁðÍÌÔ ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ ̋E\ ̋3URMHFW ̋1DWXUH

Ì

Ë

ÏÌ

ÏË

ÎÌ

ÎË

*UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

3URMHFW ̋1DWXUH

0RQWKV

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH
 ̋  ̋ÏÈÈ

7DEOH ̋ÁðÏÍÔ ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋&RVW ̋&DWHJRU\

6WDWLVWLFDO 1XPEHU ̋RI ̋0RQWKV ̋E\ ̋&RVW ̋&DWHJRU\ ̋ı0LOOLRQ ̋'ROODUVÙ

0HDVXUH · ̋ ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

ÊËWK ̋3HUFHQWLOH ÏËÔÏ ÎÎÔÌ ÎÌÔÁ ÎÍÔÍ

0HDQ ÏÏÔÊ ÏÁÔÌ ÏÂÔÂ ÎÏÔÍ

0HGLDQ ÏÌÔÍ ÏÍÔ‰ ÏÁÔÏ ÏÂÔÏ

ÎËWK ̋3HUFHQWLOH ÁÔÂ ‰Ô‰ ÏÈÔÏ ÏËÔÈ

7DEOH ̋ÁðÏÈÔ ̋ ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ„ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋3URMHFW ̋1DWXUH

6WDWLVWLFDO  ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋1XPEHU ̋RI ̋0RQWKV ̋E\ ̋3URMHFW ̋1DWXUH

0HDVXUH *UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

ÊËWK ̋3HUFHQWLOH ÎÏÔÏ ÏÊÔÌ ÎÌÔÁ

0HDQ ÏÂÔÍ ÏÍÔË ÏËÔÍ

0HGLDQ ÏÁÔÈ ÏÎÔÂ ÏÍÔ‰

ÎËWK ̋3HUFHQWLOH ÏÎÔ‰ ‰ÔÊ ÂÔÌ

7KH ̋ILJXUHV ̋DQG ̋WDEOHV ̋ZKLFK ̋RFFXS\ ̋WKH ̋UHPDLQGHU ̋RI ̋WKLV ̋VXEVHFWLRQ ̋DUH ̋FRQFHUQHG ̋ZLWK

WKH ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IDFWRUÔ ̋  ̋ 7KH ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IDFWRU ̋ LV ̋ FDOFXODWHG ̋ IRU ̋ &,,

RZQHU ̋ SURMHFWV ̋ RQO\Ò ̋ VLQFH ̋ RZQHUV ̋ DUH ̋ E\ ̋ GHILQLWLRQ ̋ LQYROYHG ̋ LQ ̋ DOO ̋ SKDVHV ̋ RI ̋ SURMHFW

H[HFXWLRQÔ ̋ ̋7KH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRU ̋LV ̋ERXQGHG ̋EHORZ ̋E\ ̋Ì ̋DQG ̋DERYH ̋E\ ̋ÏÔ ̋ ̋7KH

QXPHUDWRU ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IDFWRU ̋ LV ̋ WKH ̋ FRQVWUXFWLRQ ̋ SKDVH ̋ GXUDWLRQÔ ̋  ̋ 7KH

GHQRPLQDWRU ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IDFWRU ̋ LV ̋ WKH ̋ DFWXDO ̋ RYHUDOO ̋ GXUDWLRQÒ ̋ D ̋ PHWULF

ZKLFK ̋DOVR ̋LQFOXGHV ̋WKH ̋WLPH ̋FRQVXPHG ̋IRU ̋WKH ̋SUHðSURMHFW ̋SODQQLQJ ̋SKDVH ̋ıVHH ̋7DEOH ̋ÍðÂÙÔ

)LJXUH ̋ÁðÍÏ ̋UHFRUGV ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRU ̋E\ ̋LQGXVWU\ ̋JURXSÔ ̋ ̋7KH ̋GDWD ̋XVHG ̋WR

FRQVWUXFW ̋)LJXUH ̋ÁðÍÏ ̋DUH ̋UHFRUGHG ̋LQ ̋7DEOH ̋ÁðÏËÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋UHYHDOV ̋WKDW ̋WKH

LQWHUTXDUWLOH ̋UDQJH ̋LV ̋PXFK ̋ZLGHU ̋IRU ̋KHDY\ ̋DQG ̋OLJKW ̋LQGXVWULDO ̋SURMHFWV ̋WKDQ ̋IRU ̋EXLOGLQJV

DQG ̋LQIUDVWUXFWXUH ̋SURMHFWVÔ ̋ ̋1RWLFH ̋DOVR ̋WKDW ̋WKH ̋PHDQ ̋DQG ̋WKH ̋PHGLDQ ̋DUH ̋QHDUO\ ̋LGHQWLFDO

LQ ̋YDOXH ̋ IRU ̋DOO ̋EXW ̋OLJKW ̋LQGXVWULDO ̋SURMHFWVÔ ̋ ̋ ,W ̋LV ̋LQWHUHVWLQJ ̋WR ̋ QRWH ̋WKDW ̋OLJKW ̋LQGXVWULDO

SURMHFWV ̋H[KLELW ̋WKH ̋KLJKHVW ̋YDOXHV ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRUÔ
 ̋  ̋ÏÈË

)LJXUH ̋ÁðÍÏÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU ̋E\ ̋,QGXVWU\ ̋*URXS

ÌÔÌ

ÌÔÏ

ÌÔÎ

ÌÔÍ

ÌÔÈ

ÌÔË

ÌÔÁ

ÌÔÊ

ÌÔÂ

%XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

,QGXVWU\ ̋*URXS

&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH

7DEOH ̋ÁðÏËÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU„ ̋ ̋5DWLR ̋RI ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ

WR ̋7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋,QGXVWU\ ̋*URXS

6WDWLVWLFDO &RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU ̋E\ ̋,QGXVWU\ ̋*URXS

0HDVXUH %XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

ÊËWK ̋3HUFHQWLOH ÌÔËÈ ÌÔËÎ ÌÔÁÊ ÌÔËÊ

0HDQ ÌÔÈÂ ÌÔÈÍ ÌÔËË ÌÔËÌ

0HGLDQ ÌÔÈÂ ÌÔÈË ÌÔÁÌ ÌÔËÌ

ÎËWK ̋3HUFHQWLOH ÌÔÈÌ ÌÔÎ‰ ÌÔÍ‰ ÌÔÈÊ

)LJXUH ̋ÁðÍÎ ̋DQG ̋7DEOH ̋ÁðÏÁ ̋VKRZ ̋KRZ ̋SURMHFW ̋FRVW ̋DIIHFWV ̋WKH ̋ YDOXH ̋ RI ̋WKH ̋FRQVWUXFWLRQ

GXUDWLRQ ̋ IDFWRUÔ ̋ ̋:LWK ̋WKH ̋H[FHSWLRQ ̋ RI ̋ SURMHFWV ̋FRVWLQJ ̋OHVV ̋WKDQ ̋  ̆ÏË ̋PLOOLRQÒ ̋WKH ̋PHDQ

DQG ̋PHGLDQ ̋ YDOXHV ̋ RI ̋WKH ̋FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IDFWRU ̋DUH ̋ UHPDUNDEO\ ̋ VWDEOHÔ ̋ ̋%DVLFDOO\Ò

IRU ̋ DOO ̋ SURMHFWV ̋ FRVWLQJ ̋  ̆ÏË ̋ PLOOLRQ ̋ RU ̋ PRUHÒ ̋ WKH ̋ PHDQ ̋ DQG ̋ PHGLDQ ̋ YDOXHV ̋ RI ̋ WKH

FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IDFWRU ̋ UDQJH ̋ IURP ̋D ̋ORZ ̋ RI ̋ ÌÔÈÂ ̋WR ̋D ̋ KLJK ̋ RI ̋ ÌÔËÌÔ ̋ ̋7KH ̋ UHODWLYHO\

ORZHU ̋PHDQ ̋DQG ̋PHGLDQ ̋YDOXHV ̋IRU ̋SURMHFWV ̋FRVWLQJ ̋OHVV ̋WKDQ ̋ ̆ÏË ̋PLOOLRQ ̋PD\ ̋EH ̋GXH ̋WR

WKH ̋OHVV ̋FRPSOLFDWHG ̋QDWXUH ̋RI ̋WKHVH ̋¶VPDOOHUß ̋SURMHFWVÔ
 ̋  ̋ÏÈÁ

)LJXUH ̋ÁðÍÎÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU ̋E\ ̋&RVW ̋&DWHJRU\

ÌÔÌ

ÌÔÏ

ÌÔÎ

ÌÔÍ

ÌÔÈ

ÌÔË

ÌÔÁ

ÌÔÊ

· ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

&RVW ̋&DWHJRULHV ̋ı ̆0LOOLRQÙ

&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH

7DEOH ̋ÁðÏÁÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU„ ̋ ̋5DWLR ̋RI ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ

WR ̋7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋&RVW ̋&DWHJRU\

6WDWLVWLFDO &RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU ̋E\ ̋&RVW ̋&DWHJRU\ ̋ı0LOOLRQ ̋'ROODUVÙ

0HDVXUH · ̋ ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

ÊËWK ̋3HUFHQWLOH ÌÔËË ÌÔËÈ ÌÔË‰ ÌÔÁÈ

0HDQ ÌÔÈÍ ÌÔÈÂ ÌÔËÌ ÌÔËÌ

0HGLDQ ÌÔÈÏ ÌÔÈ‰ ÌÔËÌ ÌÔÈ‰

ÎËWK ̋3HUFHQWLOH ÌÔÍÌ ÌÔÍÂ ÌÔÈÍ ÌÔÍÁ

)LJXUH ̋ÁðÍÍ ̋DQG ̋7DEOH ̋ÁðÏÊ ̋VKRZ ̋KRZ ̋SURMHFW ̋QDWXUH ̋DIIHFWV ̋WKH ̋YDOXH ̋RI ̋WKH ̋FRQVWUXFWLRQ

GXUDWLRQ ̋IDFWRUÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋LQGLFDWHV ̋WKDW ̋JUDVV ̋URRWV ̋SURMHFWV ̋H[KLELW ̋WKH ̋OHDVW

YDULDELOLW\Ô ̋ ̋7KLV ̋REVHUYDWLRQ ̋LV ̋UHLQIRUFHG ̋WKURXJK ̋UHIHUHQFH ̋WR ̋7DEOH ̋ÁðÏÊ ̋ZKLFK ̋UHYHDOV

WKDW ̋WKH ̋ZLGWK ̋RI ̋WKH ̋LQWHUTXDUWLOH ̋UDQJH ̋LV ̋ÌÔÏÊ ̋IRU ̋JUDVV ̋URRWV ̋SURMHFWVÒ ̋ZKHUHDV ̋LW ̋LV ̋ÌÔÍÍ

IRU ̋DGGLWLRQV ̋DQG ̋ÌÔÍÈ ̋IRU ̋PRGHUQL]DWLRQ ̋SURMHFWVÔ ̋ ̋,W ̋LV ̋DOVR ̋ZRUWK ̋QRWLQJ ̋WKDW ̋WKH ̋PHDQ

DQG ̋ PHGLDQ ̋ YDOXHV ̋ DUH ̋ YHU\ ̋ FORVH ̋ WRJHWKHU ̋ IRU ̋ DOO ̋ WKUHH ̋ SURMHFW ̋ QDWXUHVÒ ̋ LQGLFDWLQJ ̋ WKDW

ZLWKLQ ̋HDFK ̋¶GDWD ̋VXEVHWß ̋WKH ̋SURMHFWV ̋KDYH ̋D ̋UHODWLYHO\ ̋VWURQJ ̋FHQWUDO ̋WHQGHQF\Ô
 ̋  ̋ÏÈÊ

)LJXUH ̋ÁðÍÍÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU ̋E\ ̋3URMHFW ̋1DWXUH

ÌÔÌ

ÌÔÏ

ÌÔÎ

ÌÔÍ

ÌÔÈ

ÌÔË

ÌÔÁ

ÌÔÊ

*UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

3URMHFW ̋1DWXUH

&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH

7DEOH ̋ÁðÏÊÔ ̋ ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU„ ̋ ̋5DWLR ̋RI ̋&RQVWUXFWLRQ ̋3KDVH ̋'XUDWLRQ

WR ̋7RWDO ̋3URMHFW ̋'XUDWLRQ ̋E\ ̋3URMHFW ̋1DWXUH

6WDWLVWLFDO  ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU ̋E\ ̋3URMHFW ̋1DWXUH

0HDVXUH *UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

ÊËWK ̋3HUFHQWLOH ÌÔËÈ ÌÔÁÁ ÌÔÁÏ

0HDQ ÌÔÈÁ ÌÔËÌ ÌÔÈË

0HGLDQ ÌÔÈÊ ÌÔÈÂ ÌÔÈÁ

ÎËWK ̋3HUFHQWLOH ÌÔÍÊ ÌÔÍÏ ÌÔÎÊ

ÁÔÎÔÎÔÍÔ ̋ ̋0HWULFV ̋5HODWHG ̋WR ̋6FKHGXOH ̋*URZWK

7KH ̋ ILJXUHV ̋DQG ̋WDEOHV ̋ SUHVHQWHG ̋LQ ̋WKLV ̋ VXEVHFWLRQ ̋DUH ̋FRQFHUQHG ̋ZLWK ̋ SURMHFW ̋ VFKHGXOH

JURZWKÔ ̋ ̋3URMHFW ̋VFKHGXOH ̋JURZWK ̋LV ̋D ̋UDWLR ̋PHWULF‚ ̋LW ̋PD\ ̋EH ̋HLWKHU ̋SRVLWLYHÒ ̋QHJDWLYHÒ ̋RU

]HURÔ ̋  ̋ 7KH ̋ FRPSXWHG ̋ YDOXH ̋ IRU ̋ VFKHGXOH ̋ JURZWK ̋ LV ̋ UHFRUGHG ̋ RQ ̋ WKH ̋ YHUWLFDO ̋ D[LV ̋ RI ̋ WKH

ILJXUHV ̋SUHVHQWHG ̋LQ ̋WKLV ̋VXEVHFWLRQÔ ̋ ̋$OO ̋YDOXHV ̋VKRZQ ̋LQ ̋WKH ̋ILJXUHV ̋DQG ̋UHFRUGHG ̋LQ ̋WKH

WDEOHV ̋DUH ̋JLYHQ ̋DV ̋GHFLPDOVÔ ̋ ̋&RQVHTXHQWO\Ò ̋D ̋YDOXH ̋RI ̋ÌÔÏÌ ̋LPSOLHV ̋D ̋VFKHGXOH ̋JURZWK ̋RI

ÏÌ ̋SHUFHQWÔ
 ̋  ̋ÏÈÂ

7KH ̋QXPHUDWRU ̋RI ̋SURMHFW ̋VFKHGXOH ̋JURZWK ̋LV ̋WKH ̋GLIIHUHQFH ̋EHWZHHQ ̋WRWDO ̋SURMHFW ̋GXUDWLRQ

DQG ̋ LQLWLDO ̋ SUHGLFWHG ̋ SURMHFW ̋ GXUDWLRQÔ ̋  ̋ 7KH ̋ GHQRPLQDWRU ̋ RI ̋ SURMHFW ̋ VFKHGXOH ̋ JURZWK ̋ LV

LQLWLDO ̋ SUHGLFWHG ̋ SURMHFW ̋ GXUDWLRQÔ ̋  ̋ $ ̋ YDOXH ̋ RI ̋ ]HURÒ ̋ ÌÔÌÌÒ ̋ UHSUHVHQWV ̋ WKH ̋ DQWLFLSDWHG

RXWFRPHÒ ̋ LQ ̋ WKDW ̋ WRWDO ̋ SURMHFW ̋ GXUDWLRQ ̋ MXVW ̋ HTXDOV ̋ LQLWLDO ̋ SUHGLFWHG ̋ SURMHFW ̋ GXUDWLRQÔ

1HJDWLYH ̋ YDOXHV ̋ LQGLFDWH ̋ WKDW ̋ WKH ̋ SUHGLFWHG ̋ VFKHGXOH ̋ KDV ̋ EHHQ ̋ FRPSUHVVHGÔ ̋  ̋ 6FKHGXOH

FRPSUHVVLRQ ̋LV ̋JHQHUDOO\ ̋DFFHSWHG ̋DV ̋D ̋GHVLUDEOH ̋RXWFRPHÔ ̋ ̋3RVLWLYH ̋ YDOXHV ̋LQGLFDWH ̋WKDW

WKH ̋SURMHFW ̋ KDV ̋WDNHQ ̋ORQJHU ̋WR ̋FRPSOHWH ̋WKDQ ̋ZDV ̋LQLWLDOO\ ̋HVWLPDWHGÔ ̋ ̋'XH ̋WR ̋WKH ̋FORVH

UHODWLRQVKLS ̋ EHWZHHQ ̋ VFKHGXOH ̋ VOLSSDJH ̋DQG ̋FRVW ̋ RYHUUXQVÒ ̋D ̋ SRVLWLYH ̋ YDOXH ̋ IRU ̋ VFKHGXOH

JURZWK ̋LV ̋JHQHUDOO\ ̋WDNHQ ̋WR ̋EH ̋DQ ̋XQGHVLUHG ̋RXWFRPHÔ

)LJXUH ̋ÁðÍÈ ̋UHFRUGV ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRU ̋E\ ̋LQGXVWU\ ̋JURXSÔ ̋ ̋7KH ̋GDWD ̋XVHG ̋WR

FRQVWUXFW ̋)LJXUH ̋ÁðÍÈ ̋DUH ̋UHFRUGHG ̋LQ ̋7DEOH ̋ÁðÏÂÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋UHYHDOV ̋WKDW ̋WKH

LQWHUTXDUWLOH ̋ UDQJHV ̋ DUH ̋ PXFK ̋ ZLGHU ̋ IRU ̋ EXLOGLQJV ̋ DQG ̋ OLJKW ̋ LQGXVWULDO ̋ SURMHFWV ̋ WKDQ ̋ IRU

KHDY\ ̋LQGXVWULDO ̋DQG ̋LQIUDVWUXFWXUH ̋SURMHFWVÔ ̋ ̋1RWLFH ̋DOVR ̋WKDW ̋WKH ̋PHGLDQ ̋ IRU ̋ERWK ̋ KHDY\

DQG ̋OLJKW ̋LQGXVWULDO ̋SURMHFWV ̋LV ̋ÌÔÌÌÔ ̋ ̋&RPSDULVRQV ̋EHWZHHQ ̋WKH ̋PHDQV ̋IRU ̋VFKHGXOH ̋JURZWK

EHWZHHQ ̋ KHDY\ ̋ DQG ̋ OLJKW ̋ LQGXVWULDO ̋ SURMHFWV ̋ UHYHDO ̋ WKDW ̋ VFKHGXOH ̋ JURZWK ̋ IRU ̋ KHDY\

LQGXVWULDO ̋ SURMHFWV ̋LV ̋ ÎÔÈ ̋ SHUFHQW ̋ZKHUHDV ̋LW ̋LV ̋ ÏÏÔÍ ̋ SHUFHQW ̋ IRU ̋OLJKW ̋LQGXVWULDO ̋ SURMHFWVÔ

7KLV ̋XQGHVLUDEOH ̋RXWFRPH ̋LV ̋XQGRXEWHGO\ ̋GXH ̋WR ̋KLJK ̋UDWHV ̋RI ̋VFKHGXOH ̋JURZWK ̋ZKLFK ̋DUH

¶SXOOLQJ ̋ XSß ̋ WKH ̋ PHDQ ̋ IRU ̋ OLJKW ̋ LQGXVWULDO ̋ SURMHFWV ̋ ıLÔHÔÒ ̋ YDOXHV ̋ ZKLFK ̋ H[FHHG ̋ WKH ̋ ÊËWK

SHUFHQWLOHÙÔ ̋  ̋ 7KH ̋ PHDQ ̋ YDOXHV ̋ IRU ̋ VFKHGXOH ̋ JURZWK ̋ IRU ̋ EXLOGLQJV ̋ DQG ̋ LQIUDVWUXFWXUH

SURMHFWV ̋DUH ̋ÏÌÔÍ ̋SHUFHQW ̋DQG ̋‰ÔÂ ̋SHUFHQWÒ ̋UHVSHFWLYHO\Ô

)LJXUH ̋ ÁðÍË ̋ DQG ̋ 7DEOH ̋ ÁðÏ‰ ̋ VKRZ ̋ KRZ ̋ SURMHFW ̋ FRVW ̋ DIIHFWV ̋ WKH ̋ FDOFXODWHG ̋ YDOXH ̋ IRU

VFKHGXOH ̋JURZWKÔ ̋ ̋)LJXUH ̋ÁðÍË ̋SUHVHQWV ̋DQ ̋LQWHUHVWLQJ ̋UHODWLRQVKLSÒ ̋QDPHO\Ò ̋DV ̋SURMHFW ̋FRVW

LQFUHDVHVÒ ̋ VFKHGXOH ̋ JURZWK ̋ WHQGV ̋ WR ̋ GHFOLQHÔ ̋  ̋ 7KLV ̋ WUHQG ̋ SUREDEO\ ̋ UHVXOWV ̋ IURP ̋ QRUPDO

SURMHFW ̋ ULVN ̋PDQDJHPHQW ̋ SUDFWLFHVÔ ̋ ̋ )RU ̋ H[DPSOHÒ ̋ DV ̋PRUH ̋PRQH\ ̋ EHFRPHV ̋ DW ̋ ULVN ̋ZLWK

LQFUHDVHG ̋SURMHFW ̋FRVWÒ ̋WKHUH ̋LV ̋D ̋JUHDWHU ̋LQFHQWLYH ̋WR ̋EULQJ ̋WKH ̋SURMHFW ̋LQ ̋RQ ̋VFKHGXOH ̋DQG

ZLWKLQ ̋EXGJHWÔ ̋ ̋1RWLFH ̋DOVR ̋WKDW ̋WKH ̋LQWHUTXDUWLOH ̋UDQJH ̋IRU ̋SURMHFWV ̋FRVWLQJ ̋OHVV ̋WKDQ ̋ ̆ÏË

PLOOLRQ ̋ LV ̋ PXFK ̋ ZLGHU ̋ WKDQ ̋ WKH ̋ LQWHUTXDUWLOH ̋ UDQJHV ̋ IRU ̋ SURMHFWV ̋ FRVWLQJ ̋  ̆ÏË ̋ PLOOLRQ ̋ RU

PRUHÔ ̋  ̋ )LQDOO\Ò ̋ DV ̋ FRVW ̋ LQFUHDVHVÒ ̋ WKH ̋ VSUHDG ̋ EHWZHHQ ̋ WKH ̋ PHDQ ̋ DQG ̋ WKH ̋ PHGLDQ ̋ YDOXHV

WHQGV ̋WR ̋EH ̋UHGXFHGÔ

)LJXUH ̋ ÁðÍÁ ̋ DQG ̋ 7DEOH ̋ ÁðÎÌ ̋ VKRZ ̋ KRZ ̋ SURMHFW ̋ QDWXUH ̋ DIIHFWV ̋ WKH ̋ FDOFXODWHG ̋ YDOXH ̋ IRU

VFKHGXOH ̋ JURZWKÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH ̋ ILJXUH ̋ UHYHDOV ̋ WKDW ̋ JUDVV ̋ URRWV ̋ SURMHFWV ̋ KDYH ̋ WKH

JUHDWHVW ̋ VSUHDG ̋ RI ̋ VFKHGXOH ̋ JURZWK ̋ DQG ̋ DGGLWLRQV ̋ KDYH ̋ WKH ̋ VPDOOHVW ̋ VSUHDGÔ ̋  ̋ 'DWD ̋ IURP

7DEOH ̋ÁðÎÌ ̋VKRZV ̋WKH ̋ZLGWK ̋RI ̋WKH ̋LQWHUTXDUWLOH ̋ UDQJH ̋WR ̋ EH ̋ ÏÊÔÊ ̋ SHUFHQW ̋ IRU ̋ JUDVV ̋ URRWV

SURMHFWVÔ ̋  ̋ 7KH ̋ FRUUHVSRQGLQJ ̋ ILJXUH ̋ IRU ̋ DGGLWLRQV ̋ LV ̋ ÏÍÔÏ ̋ SHUFHQWÔ ̋  ̋ $YHUDJH ̋ VFKHGXOH

JURZWK ̋ LV ̋ KLJKHVW ̋ IRU ̋ PRGHUQL]DWLRQ ̋ SURMHFWV ̋ ıÊÔ‰ ̋ SHUFHQWÙ ̋ DQG ̋ OHDVW ̋ IRU ̋ DGGLWLRQV ̋ ıÍÔÁ

SHUFHQWÙÔ
 ̋  ̋ÏÈ‰

)LJXUH ̋ÁðÍÈÔ ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋,QGXVWU\ ̋*URXS

ðÌÔÏÌ

ðÌÔÌË

ÌÔÌÌ

ÌÔÌË

ÌÔÏÌ

ÌÔÏË

ÌÔÎÌ

ÌÔÎË

%XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

,QGXVWU\ ̋*URXS

6FKHGXOH ̋*URZWK

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH

)LJXUH ̋ÁðÍËÔ ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋&RVW ̋&DWHJRU\

ðÌÔÏÌ

ðÌÔÌË

ÌÔÌÌ

ÌÔÌË

ÌÔÏÌ

ÌÔÏË

ÌÔÎÌ

ÌÔÎË

· ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

&RVW ̋&DWHJRULHV ̋ı ̆0LOOLRQÙ

6FKHGXOH ̋*URZWK

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH
 ̋  ̋ÏËÌ

7DEOH ̋ÁðÏÂÔ ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋,QGXVWU\ ̋*URXS

6WDWLVWLFDO 6FKHGXOH ̋*URZWK ̋E\ ̋,QGXVWU\ ̋*URXS

0HDVXUH %XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

ÊËWK ̋3HUFHQWLOH ÌÔÎÏÁ ÌÔÌÂÌ ÌÔÏÂÂ ÌÔÏÁË

0HDQ ÌÔÏÌÍ ÌÔÌÎÈ ÌÔÏÏÍ ÌÔÌ‰Â

0HGLDQ ÌÔÌÍÁ ÌÔÌÌÌ ÌÔÌÌÌ ÌÔÌÊÁ

ÎËWK ̋3HUFHQWLOH ÌÔÌÌÌ ðÌÔÌËÎ ðÌÔÌÎÎ ÌÔÌÎÌ

7DEOH ̋ÁðÏ‰Ô ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋&RVW ̋&DWHJRU\

6WDWLVWLFDO 6FKHGXOH ̋*URZWK ̋E\ ̋&RVW ̋&DWHJRU\ ̋ı0LOOLRQ ̋'ROODUVÙ

0HDVXUH · ̋ ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

ÊËWK ̋3HUFHQWLOH ÌÔÎÏ‰ ÌÔÏÏ‰ ÌÔÌÂÌ ÌÔÌÊÍ

0HDQ ÌÔÌ‰Ê ÌÔÌÍ‰ ÌÔÌÏÂ ÌÔÌÎË

0HGLDQ ÌÔÌÎÌ ÌÔÌÌÎ ÌÔÌÌÌ ÌÔÌÌÂ

ÎËWK ̋3HUFHQWLOH ðÌÔÌÎÎ ðÌÔÌÍÍ ðÌÔÌÍÁ ðÌÔÌË‰

7DEOH ̋ÁðÎÌÔ ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋3URMHFW ̋1DWXUH

6WDWLVWLFDO  ̋6FKHGXOH ̋*URZWK ̋E\ ̋3URMHFW ̋1DWXUH

0HDVXUH *UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

ÊËWK ̋3HUFHQWLOH ÌÔÏÎË ÌÔÌ‰Ë ÌÔÏÍ‰

0HDQ ÌÔÌËÎ ÌÔÌÍÁ ÌÔÌÊ‰

0HGLDQ ÌÔÌÎ‰ ÌÔÌÌÌ ÌÔÌÏÈ

ÎËWK ̋3HUFHQWLOH ðÌÔÌËÎ ðÌÔÌÍÁ ðÌÔÌÌÊ
 ̋  ̋ÏËÏ

)LJXUH ̋ÁðÍÁÔ ̋ ̋6FKHGXOH ̋*URZWK ̋E\ ̋3URMHFW ̋1DWXUH

ðÌÔÏÌ

ðÌÔÌË

ÌÔÌÌ

ÌÔÌË

ÌÔÏÌ

ÌÔÏË

ÌÔÎÌ

*UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

3URMHFW ̋1DWXUH

6FKHGXOH ̋*URZWK

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH

ÁÔÎÔÎÔÈÔ ̋ ̋5HODWLRQVKLSV ̋%HWZHHQ ̋WKH ̋8VH ̋RI ̋&,, ̋%HVW ̋3UDFWLFHV ̋DQG ̋'HOLYHU\ ̋7LPH

0HWULFV

7KLV ̋ VXEVHFWLRQ ̋ IRFXVHV ̋ RQ ̋ GHYHORSLQJ ̋ QRUPV ̋ IRU ̋FKDUDFWHUL]LQJ ̋WKH ̋ XVH ̋ RI ̋WZR ̋ NH\ ̋&,,

EHVW ̋SUDFWLFHVÔ ̋ ̋5HODWLRQVKLSV ̋EHWZHHQ ̋WKH ̋XVH ̋RI ̋WKHVH ̋SUDFWLFHV ̋DQG ̋D ̋NH\ ̋GHOLYHU\ ̋WLPH

PHWULFÒ ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRUÒ ̋DUH ̋DOVR ̋GHYHORSHGÔ

7KH ̋WZR ̋SUDFWLFHV ̋WUHDWHG ̋LQ ̋WKLV ̋VXEVHFWLRQ ̋DUH ̋WHDP ̋EXLOGLQJ ̋DQG ̋FRQVWUXFWDELOLW\Ô ̋7HDP

EXLOGLQJ ̋LV ̋D ̋SURFHVV ̋WKDW ̋EULQJV ̋WRJHWKHU ̋D ̋GLYHUVH ̋JURXS ̋RI ̋SURMHFW ̋SDUWLFLSDQWV ̋DQG ̋VHHNV

WR ̋ UHVROYH ̋ GLIIHUHQFHVÒ ̋ UHPRYH ̋ URDGEORFNVÒ ̋DQG ̋ SURDFWLYHO\ ̋ EXLOG ̋DQG ̋ GHYHORS ̋WKH ̋ JURXS

LQWR ̋DQ ̋DOLJQHGÒ ̋IRFXVHGÒ ̋DQG ̋PRWLYDWHG ̋ZRUN ̋WHDP ̋WKDW ̋VWULYHV ̋IRU ̋D ̋FRPPRQ ̋PLVVLRQ ̋IRU

VKDUHG ̋JRDOVÒ ̋REMHFWLYHVÒ ̋DQG ̋SULRULWLHVÔ ̋ ̋&RQVWUXFWDELOLW\ ̋SUDFWLFHV ̋VHHN ̋WR ̋DFKLHYH ̋RYHUDOO

SURMHFW ̋REMHFWLYHV ̋WKURXJK ̋WKH ̋RSWLPXP ̋XVH ̋RI ̋FRQVWUXFWLRQ ̋NQRZOHGJH ̋DQG ̋H[SHULHQFH ̋LQ

SODQQLQJÒ ̋GHVLJQÒ ̋SURFXUHPHQWÒ ̋DQG ̋ILHOG ̋RSHUDWLRQVÔ ̋ ̋&RQVWUXFWDELOLW\ ̋LV ̋DFKLHYHG ̋WKURXJK

WKH ̋HIIHFWLYH ̋DQG ̋WLPHO\ ̋LQWHJUDWLRQ ̋RI ̋FRQVWUXFWLRQ ̋LQSXW ̋LQWR ̋SODQQLQJ ̋DQG ̋GHVLJQ ̋DV ̋ZHOO

DV ̋ILHOG ̋RSHUDWLRQVÔ
 ̋  ̋ÏËÎ

,QIRUPDWLRQ ̋ IURP ̋ WKH ̋ &,, ̋ DQQXDO ̋ VXUYH\ ̋ ZDV ̋ XVHG ̋ WR ̋ FRQVWUXFW ̋ D ̋ XVH ̋ LQGH[ ̋ IRU ̋ HDFK

SUDFWLFHÔÍÎ ̋ ̋7KH ̋XVH ̋LQGH[ ̋UDQJHV ̋IURP ̋Ì ̋WR ̋ÏÌÔ ̋ ̋/RZHU ̋YDOXHV ̋RI ̋WKH ̋LQGH[ ̋LPSO\ ̋ORZ ̋XVHÒ

ZKLOH ̋KLJKHU ̋YDOXHV ̋RI ̋WKH ̋LQGH[ ̋LPSO\ ̋KLJK ̋XVHÔ

)LJXUH ̋ ÁðÍÊ ̋ UHFRUGV ̋ WHDP ̋ EXLOGLQJ ̋ XVH ̋ E\ ̋ LQGXVWU\ ̋ JURXSÔ ̋  ̋ 7KH ̋ GDWD ̋ XVHG ̋ WR ̋ FRQVWUXFW

)LJXUH ̋ÁðÍÊ ̋DUH ̋UHFRUGHG ̋LQ ̋7DEOH ̋ÁðÎÏÔ ̋ ̋5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋UHYHDOV ̋WKDW ̋EXLOGLQJV ̋DQG

KHDY\ ̋ LQGXVWULDO ̋ SURMHFWV ̋ PDNH ̋ PRUH ̋ H[WHQVLYH ̋ XVH ̋ RI ̋ WHDP ̋ EXLOGLQJ ̋ WKDQ ̋ GR ̋ OLJKW

LQGXVWULDO ̋ DQG ̋LQIUDVWUXFWXUH ̋ SURMHFWVÔ ̋  ̋ 1RWH ̋WKDW ̋WKH ̋ PHGLDQ ̋ YDOXH ̋ RI ̋WKH ̋WHDP ̋ EXLOGLQJ

LQGH[ ̋LV ̋OHVV ̋WKDQ ̋ ÏÔÌ ̋ IRU ̋OLJKW ̋ LQGXVWULDO ̋ SURMHFWV ̋ DQG ̋ LV ̋ ÌÔÌ ̋ IRU ̋ LQIUDVWUXFWXUH ̋ SURMHFWVÔ

7KXVÒ ̋RQH ̋ZRXOG ̋FRQFOXGH ̋WKDW ̋WHDP ̋EXLOGLQJ ̋LV ̋RQO\ ̋LQ ̋WKH ̋HDUO\ ̋VWDJHV ̋ RI ̋ XVH ̋ IRU ̋OLJKW

LQGXVWULDO ̋DQG ̋LQIUDVWUXFWXUH ̋SURMHFWVÔ

)LJXUH ̋ÁðÍÊÔ ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋,QGXVWU\ ̋*URXS

ÌÔÌ

ÏÔÌ

ÎÔÌ

ÍÔÌ

ÈÔÌ

ËÔÌ

ÁÔÌ

ÊÔÌ

ÂÔÌ

‰ÔÌ

ÏÌÔÌ

%XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

,QGXVWU\ ̋*URXS

7HDP ̋%XLOGLQJ ̋,QGH[

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÍÎ %HQFKPDUNLQJ ̋DQG ̋0HWULFV ̋'DWD ̋5HSRUW ̋IRU ̋Ï‰‰ÊÒ ̋$SSHQGL[ ̋&Ô
 ̋  ̋ÏËÍ

7DEOH ̋ÁðÎÏÔ ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋,QGXVWU\ ̋*URXS

6WDWLVWLFDO 9DOXH ̋RI ̋7HDP ̋%XLOGLQJ ̋,QGH[ ̋E\ ̋,QGXVWU\ ̋*URXS

0HDVXUH %XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

ÊËWK ̋3HUFHQWLOH ÂÔÍË ÂÔÏÍ ÈÔÏÂ ËÔÌÌ

0HDQ ÈÔ‰Í ËÔÌ‰ ÎÔÏ‰ ÎÔÍÊ

0HGLDQ ËÔÂÍ ËÔÊÈ ÌÔ‰Ï ÌÔÌÌ

ÎËWK ̋3HUFHQWLOH ÌÔÌÌ ÌÔÌÌ ÌÔÌÌ ÌÔÌÌ

)LJXUH ̋ÁðÍÂ ̋DQG ̋7DEOH ̋ÁðÎÎ ̋VKRZ ̋KRZ ̋SURMHFW ̋FRVW ̋DIIHFWV ̋WKH ̋XVH ̋RI ̋WHDP ̋EXLOGLQJÔ ̋ ̋7KH

ILJXUH ̋VKRZV ̋D ̋GLVWLQFW ̋SRVLWLYH ̋UHODWLRQVKLS ̋EHWZHHQ ̋WKH ̋YDOXH ̋RI ̋WKH ̋WHDP ̋EXLOGLQJ ̋LQGH[

DQG ̋SURMHFW ̋FRVW ̋DV ̋SURMHFW ̋FRVW ̋LQFUHDVHVÔ ̋ ̋1RWLFH ̋KRZ ̋WKH ̋XVH ̋RI ̋WHDP ̋EXLOGLQJ ̋MXPSV ̋IRU

SURMHFWV ̋ FRVWLQJ ̋ PRUH ̋ WKDQ ̋  ̆ÏÌÌ ̋ PLOOLRQÔ ̋  ̋ )RU ̋ ODUJH ̋ SURMHFWV ̋ ıLÔHÔÒ ̋ PRUH ̋ WKDQ ̋  ̆ÏÌÌ

PLOOLRQÙÒ ̋WKH ̋ÎËWK ̋SHUFHQWLOH ̋YDOXH ̋RI ̋WKH ̋WHDP ̋EXLOGLQJ ̋LQGH[ ̋H[FHHGV ̋ERWK ̋WKH ̋PHDQ ̋DQG

PHGLDQ ̋YDOXHV ̋RI ̋WKH ̋WHDP ̋EXLOGLQJ ̋LQGH[ ̋IRU ̋SURMHFWV ̋FRVWLQJ ̋OHVV ̋WKDQ ̋ ̆ÏË ̋PLOOLRQÔ

)LJXUH ̋ÁðÍÂÔ ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋&RVW ̋&DWHJRU\

ÌÔÌ

ÏÔÌ

ÎÔÌ

ÍÔÌ

ÈÔÌ

ËÔÌ

ÁÔÌ

ÊÔÌ

ÂÔÌ

‰ÔÌ

ÏÌÔÌ

· ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

&RVW ̋&DWHJRULHV ̋ı ̆0LOOLRQÙ

7HDP ̋%XLOGLQJ ̋,QGH[

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH
 ̋  ̋ÏËÈ

7DEOH ̋ÁðÎÎÔ ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋&RVW ̋&DWHJRU\

6WDWLVWLFDO 9DOXH ̋RI ̋7HDP ̋%XLOGLQJ ̋,QGH[ ̋E\ ̋&RVW ̋&DWHJRU\ ̋ı0LOOLRQ ̋'ROODUVÙ

0HDVXUH · ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

ÊËWK ̋3HUFHQWLOH ÁÔÈÌ ÊÔËÌ ÂÔÍÈ ‰ÔÈÎ

0HDQ ÍÔÍË ÈÔÈÁ ËÔÏÎ ÁÔÈÍ

0HGLDQ ÍÔÎ‰ ËÔÌÌ ËÔÎË ÊÔÁÊ

ÎËWK ̋3HUFHQWLOH ÌÔÌÌ ÌÔÌÌ ÌÔÌÌ ÈÔÏÂ

)LJXUH ̋ ÁðÍ‰ ̋ DQG ̋ 7DEOH ̋ ÁðÎÍ ̋ VKRZ ̋ KRZ ̋ SURMHFW ̋ QDWXUH ̋ DIIHFWV ̋ WKH ̋ XVH ̋ RI ̋ WHDP ̋ EXLOGLQJÔ

5HIHUHQFH ̋WR ̋WKH ̋ILJXUH ̋UHYHDOV ̋WKDW ̋JUDVV ̋URRWV ̋SURMHFWV ̋H[KLELW ̋WKH ̋PRVW ̋H[WHQVLYH ̋XVH ̋RI

WHDP ̋EXLOGLQJÔ ̋ ̋$GGLWLRQV ̋H[KLELW ̋WKH ̋ORZHVW ̋XVH ̋RI ̋WHDP ̋EXLOGLQJÔ ̋ ̋7KH ̋YDOXH ̋RI ̋WKH ̋NH\

VXPPDU\ ̋VWDWLVWLFV ̋ IRU ̋WKH ̋WHDP ̋EXLOGLQJ ̋LQGH[ ̋ IRU ̋PRGHUQL]DWLRQ ̋SURMHFWV ̋LV ̋LQ ̋ EHWZHHQ

WKH ̋YDOXHV ̋IRU ̋JUDVV ̋URRWV ̋SURMHFWV ̋DQG ̋DGGLWLRQVÔ

)LJXUH ̋ÁðÍ‰Ô ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋3URMHFW ̋1DWXUH

ÌÔÌ

ÏÔÌ

ÎÔÌ

ÍÔÌ

ÈÔÌ

ËÔÌ

ÁÔÌ

ÊÔÌ

ÂÔÌ

‰ÔÌ

ÏÌÔÌ

*UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

3URMHFW ̋1DWXUH

7HDP ̋%XLOGLQJ ̋,QGH[

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH
 ̋  ̋ÏËË

7DEOH ̋ÁðÎÍÔ ̋ ̋7HDP ̋%XLOGLQJ ̋8VH ̋E\ ̋3URMHFW ̋1DWXUH

6WDWLVWLFDO 9DOXH ̋RI ̋7HDP ̋%XLOGLQJ ̋,QGH[ ̋%\ ̋3URMHFW ̋1DWXUH

0HDVXUH *UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

ÊËWK ̋3HUFHQWLOH ÂÔÊÌ ÊÔËÌ ÊÔÈÊ

0HDQ ËÔÌÁ ÍÔ‰Ë ÈÔÍÊ

0HGLDQ ËÔÂÍ ÈÔÌÁ ËÔÌÌ

ÎËWK ̋3HUFHQWLOH ÌÔÌÌ ÌÔÌÌ ÌÔÌÌ

)LJXUH ̋ ÁðÈÌ ̋ UHFRUGV ̋ FRQVWUXFWDELOLW\ ̋ XVH ̋ E\ ̋LQGXVWU\ ̋ JURXSÔ ̋ ̋ 7KH ̋ GDWD ̋ XVHG ̋WR ̋ FRQVWUXFW

)LJXUH ̋ ÁðÈÌ ̋ DUH ̋ UHFRUGHG ̋ LQ ̋ 7DEOH ̋ ÁðÎÈÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH ̋ ILJXUH ̋ UHYHDOV ̋ WKDW ̋ KHDY\

LQGXVWULDO ̋ SURMHFWV ̋ PDNH ̋ WKH ̋ PRVW ̋ H[WHQVLYH ̋ XVH ̋ RI ̋ FRQVWUXFWDELOLW\ ̋ ZKHUHDV ̋ EXLOGLQJV

SURMHFWV ̋ PDNH ̋ WKH ̋ OHDVW ̋ XVHÔ ̋  ̋ 1RWLFH ̋ DOVR ̋ WKDW ̋ WKH ̋ PHDQ ̋ DQG ̋ PHGLDQ ̋ YDOXHV ̋ RI ̋ WKH

FRQVWUXFWDELOLW\ ̋LQGH[ ̋IRU ̋KHDY\ ̋LQGXVWULDO ̋SURMHFWV ̋PDWFKHV ̋RU ̋H[FHHGV ̋WKH ̋YDOXHV ̋RI ̋WKH

ÊËWK ̋SHUFHQWLOHV ̋IRU ̋WKH ̋WKUHH ̋UHPDLQLQJ ̋LQGXVWU\ ̋JURXSVÔ

)LJXUH ̋ÁðÈÌÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋,QGXVWU\ ̋*URXS

ÌÔÌ

ÏÔÌ

ÎÔÌ

ÍÔÌ

ÈÔÌ

ËÔÌ

ÁÔÌ

ÊÔÌ

ÂÔÌ

‰ÔÌ

ÏÌÔÌ

%XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

,QGXVWU\ ̋*URXS

&RQVWUXFWDELOLW\ ̋,QGH[

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH
 ̋  ̋ÏËÁ

7DEOH ̋ÁðÎÈÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋,QGXVWU\ ̋*URXS

6WDWLVWLFDO 9DOXH ̋RI ̋&RQVWUXFWDELOLW\ ̋,QGH[ ̋E\ ̋,QGXVWU\ ̋*URXS

0HDVXUH %XLOGLQJV +HDY\ ̋,QGXVWULDO /LJKW ̋,QGXVWULDO ,QIUDVWUXFWXUH

ÊËWK ̋3HUFHQWLOH ÈÔÂÂ ÁÔÎË ÈÔÈÌ ÈÔËÌ

0HDQ ÍÔÌÈ ÈÔÂÈ ÍÔÂÎ ÍÔÏË

0HGLDQ ÎÔÊ‰ ËÔÏÊ ÍÔÁÊ ÍÔÌÎ

ÎËWK ̋3HUFHQWLOH ÌÔÌÌ ÍÔÁÊ ÎÔÊË ÎÔÈÁ

)LJXUH ̋ÁðÈÏ ̋DQG ̋7DEOH ̋ÁðÎË ̋VKRZ ̋KRZ ̋SURMHFW ̋FRVW ̋DIIHFWV ̋WKH ̋XVH ̋RI ̋WKH ̋FRQVWUXFWDELOLW\

SUDFWLFHÔ ̋ ̋7KH ̋ ILJXUH ̋ VKRZV ̋ D ̋ UHODWLYHO\ ̋ FRQVWDQW ̋ XVH ̋ RI ̋WKH ̋ FRQVWUXFWDELOLW\ ̋ SUDFWLFH ̋ IRU

SURMHFWV ̋ FRVWLQJ ̋  ̆ÏÌÌ ̋ PLOOLRQ ̋ RU ̋ OHVVÔ ̋  ̋ 8VH ̋ RI ̋ WKH ̋ FRQVWUXFWDELOLW\ ̋ SUDFWLFH ̋ MXPSV ̋ IRU

SURMHFWV ̋FRVWLQJ ̋PRUH ̋WKDQ ̋ ̆ÏÌÌ ̋PLOOLRQÔ ̋ ̋)RU ̋ODUJH ̋SURMHFWVÒ ̋ERWK ̋WKH ̋PHDQ ̋DQG ̋PHGLDQ

YDOXHV ̋RI ̋WKH ̋FRQVWUXFWDELOLW\ ̋LQGH[ ̋DSSURDFK ̋RU ̋H[FHHG ̋WKH ̋YDOXHV ̋RI ̋WKH ̋ÊËWK ̋SHUFHQWLOHV

IRU ̋SURMHFWV ̋FRVWLQJ ̋ ̆ÏÌÌ ̋PLOOLRQ ̋RU ̋OHVVÔ

)LJXUH ̋ÁðÈÏÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋&RVW ̋&DWHJRU\

ÌÔÌ

ÏÔÌ

ÎÔÌ

ÍÔÌ

ÈÔÌ

ËÔÌ

ÁÔÌ

ÊÔÌ

ÂÔÌ

‰ÔÌ

ÏÌÔÌ

· ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

&RVW ̋&DWHJRULHV ̋ı ̆0LOOLRQÙ

&RQVWUXFWDELOLW\ ̋,QGH[

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH
 ̋  ̋ÏËÊ

7DEOH ̋ÁðÎËÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋&RVW ̋&DWHJRU\

6WDWLVWLFDO 9DOXH ̋RI ̋&RQVWUXFWDELOLW\ ̋,QGH[ ̋E\ ̋&RVW ̋&DWHJRU\ ̋ı0LOOLRQ ̋'ROODUVÙ

0HDVXUH · ̆ÏË  ̆ÏËð ̆ËÌ  ̆ËÌð ̆ÏÌÌ ! ̆ÏÌÌ

ÊËWK ̋3HUFHQWLOH ËÔÊ‰ ËÔÊË ÈÔ‰Î ÊÔÁÍ

0HDQ ÈÔÎÊ ÍÔ‰Ë ÍÔÁË ËÔËÂ

0HGLDQ ÈÔÍÂ ÈÔÌÈ ÍÔÊ‰ ËÔÁ‰

ÎËWK ̋3HUFHQWLOH ÎÔÊ‰ ÎÔÍÍ ÎÔËÈ ÍÔÌÂ

)LJXUH ̋ÁðÈÎ ̋DQG ̋7DEOH ̋ÁðÎÁ ̋VKRZ ̋KRZ ̋SURMHFW ̋QDWXUH ̋DIIHFWV ̋WKH ̋XVH ̋RI ̋WKH ̋FRQVWUXFWDELOLW\

SUDFWLFHÔ ̋  ̋ 5HIHUHQFH ̋ WR ̋ WKH ̋ ILJXUH ̋ UHYHDOV ̋ WKDW ̋ JUDVV ̋ URRWV ̋ SURMHFWV ̋ H[KLELW ̋ JUHDWHU

YDULDELOLW\ ̋LQ ̋WKH ̋ XVH ̋ RI ̋WKH ̋ FRQVWUXFWDELOLW\ ̋ SUDFWLFHÔ ̋  ̋ $Q ̋ H[DPLQDWLRQ ̋ RI ̋WKH ̋ VWDWLVWLFDO

PHDVXUHV ̋RI ̋FHQWUDO ̋WHQGHQF\Ò ̋KRZHYHUÒ ̋UHYHDOV ̋WKDW ̋XVH ̋RI ̋WKH ̋FRQVWUXFWDELOLW\ ̋SUDFWLFH ̋LVÒ

RQ ̋DYHUDJHÒ ̋IDLUO\ ̋FRQVWDQW ̋DFURVV ̋DOO ̋WKUHH ̋SURMHFW ̋QDWXUHVÔ

)LJXUH ̋ÁðÈÎÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋3URMHFW ̋1DWXUH

ÌÔÌ

ÏÔÌ

ÎÔÌ

ÍÔÌ

ÈÔÌ

ËÔÌ

ÁÔÌ

ÊÔÌ

ÂÔÌ

‰ÔÌ

ÏÌÔÌ

*UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

3URMHFW ̋1DWXUH

&RQVWUXFWDELOLW\ ̋,QGH[

ÊËWK ̋3HUFHQWLOH

0HDQ

0HGLDQ

ÎËWK ̋3HUFHQWLOH
 ̋  ̋ÏËÂ

7DEOH ̋ÁðÎÁÔ ̋ ̋&RQVWUXFWDELOLW\ ̋8VH ̋E\ ̋3URMHFW ̋1DWXUH

6WDWLVWLFDO 9DOXH ̋RI ̋&RQVWUXFWDELOLW\ ̋,QGH[ ̋E\ ̋3URMHFW ̋1DWXUH

0HDVXUH *UDVV ̋5RRWV $GGLWLRQ 0RGHUQL]DWLRQ

ÊËWK ̋3HUFHQWLOH ÁÔÎ‰ ËÔÁ‰ ËÔÊË

0HDQ ÈÔÏÏ ÈÔÎÌ ÈÔÈÎ

0HGLDQ ÈÔÎÊ ÈÔÈ‰ ÈÔËÈ

ÎËWK ̋3HUFHQWLOH ÎÔÍÍ ÍÔÌÂ ÎÔÊ‰

)LJXUHV ̋ÁðÈÍ ̋DQG ̋ÁðÈÈ ̋LOOXVWUDWH ̋WKH ̋UHODWLRQVKLS ̋EHWZHHQ ̋SUDFWLFH ̋XVH ̋DQG ̋D ̋NH\ ̋GHOLYHU\

WLPH ̋PHWULFÒ ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRUÔ ̋ ̋5HFDOO ̋WKDW ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRU

LV ̋ FDOFXODWHG ̋ IRU ̋ &,, ̋ RZQHU ̋ SURMHFWV ̋ RQO\Ô ̋  ̋ )LJXUH ̋ ÁðÈÍ ̋ PHDVXUHV ̋ WKH ̋ LPSDFWV ̋ RI ̋ WHDP

EXLOGLQJ ̋ XVH ̋ RQ ̋ WKH ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IDFWRUÔ ̋  ̋ )LJXUH ̋ ÁðÈÈ ̋ PHDVXUHV ̋ WKH ̋ LPSDFW ̋ RI

FRQVWUXFWDELOLW\ ̋XVH ̋RQ ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRUÔ

,W ̋LV ̋LPSRUWDQW ̋WR ̋QRWH ̋WKDW ̋WKH ̋IRUPDW ̋IRU ̋)LJXUHV ̋ÁðÈÍ ̋DQG ̋ÁðÈÈ ̋GLIIHUV ̋ IURP ̋WKH ̋ IRUPDW

XVHG ̋LQ ̋)LJXUHV ̋ÁðÎË ̋WKURXJK ̋ÁðÈÎÔ ̋ ̋&RQVHTXHQWO\Ò ̋EHIRUH ̋LQWHUSUHWLQJ ̋WKH ̋UHVXOWV ̋VKRZQ ̋LQ

)LJXUHV ̋ÁðÈÍ ̋DQG ̋ÁðÈÈÒ ̋LW ̋LV ̋XVHIXO ̋WR ̋UHYLHZ ̋WKH ̋QHZ ̋IRUPDWÔ ̋ ̋,Q ̋HDFK ̋ILJXUHÒ ̋WKH ̋YHUWLFDO

D[LV ̋ UHFRUGV ̋ WKH ̋ YDOXH ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IDFWRUÔ ̋  ̋ 7R ̋ KHOS ̋ LQ ̋ LQWHUSUHWLQJ ̋ WKH

UHVXOWV ̋SUHVHQWHG ̋LQ ̋WKH ̋WZR ̋ ILJXUHVÒ ̋ORZHU ̋YDOXHV ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋ IDFWRU ̋DUH

FRQVLGHUHG ̋ GHVLUDEOHÔ ̋  ̋ 7KH ̋ KRUL]RQWDO ̋ D[LV ̋ SURYLGHV ̋ LQIRUPDWLRQ ̋ RQ ̋ SUDFWLFH ̋ XVHÔ ̋  ̋ 7KH

KRUL]RQWDO ̋D[LV ̋LV ̋GLYLGHG ̋LQWR ̋IRXU ̋TXDUWLOHVÔ ̋ ̋7KH ̋IRXU ̋TXDUWLOHV ̋VSDQ ̋WKH ̋HQWLUH ̋UDQJH ̋RI

FDOFXODWHG ̋YDOXHV ̋RI ̋WKH ̋SUDFWLFH ̋XVH ̋LQGH[ ̋IRU ̋DOO ̋RZQHU ̋SURMHFWVÔ ̋ ̋7KH ̋TXDUWLOHV ̋PHDVXUH

WKH ̋ GHJUHH ̋WR ̋ZKLFK ̋ RZQHU ̋ SURMHFWV ̋ KDYH ̋PDGH ̋ XVH ̋ RI ̋ HDFK ̋ RI ̋WKH ̋WZR ̋ EHVW ̋ SUDFWLFHV•

WHDP ̋EXLOGLQJ ̋DQG ̋FRQVWUXFWDELOLW\Ô ̋ ̋7KH ̋FDOFXODWHG ̋YDOXH ̋RI ̋WKH ̋SUDFWLFH ̋XVH ̋LQGH[ ̋LV ̋XVHG

WR ̋UDQN ̋DOO ̋RZQHU ̋SURMHFWV ̋IURP ̋ORZHVW ̋XVH ̋WR ̋KLJKHVW ̋XVHÔ ̋ ̋7KH ̋IRXU ̋TXDUWLOHV ̋DUH„ ̋ıÏÙ ̋WKH

ORZHU ̋TXDUWLOH ̋ıLÔHÔÒ ̋WKH ̋ERWWRP ̋ÎË ̋SHUFHQW ̋RI ̋SUDFWLFH ̋XVH ̋DPRQJ ̋DOO ̋RZQHU ̋SURMHFWVÙ‚ ̋ıÎÙ

WKH ̋ORZHU ̋LQWHUTXDUWLOH ̋ıLÔHÔÒ ̋SURMHFWV ̋ZLWK ̋SUDFWLFH ̋XVH ̋LQGH[ ̋YDOXHV ̋EHWZHHQ ̋WKH ̋ÎËWK ̋DQG

ËÌWK ̋SHUFHQWLOHVÙ‚ ̋ıÍÙ ̋WKH ̋XSSHU ̋LQWHUTXDUWLOH ̋ıLÔHÔÒ ̋SURMHFWV ̋ZLWK ̋SUDFWLFH ̋XVH ̋LQGH[ ̋YDOXHV

EHWZHHQ ̋WKH ̋ËÌWK ̋DQG ̋ÊËWK ̋SHUFHQWLOHVÙ‚ ̋DQG ̋ıÈÙ ̋WKH ̋XSSHU ̋TXDUWLOH ̋ıLÔHÔÒ ̋WKH ̋WRS ̋ÎË ̋SHUFHQW

RI ̋ SUDFWLFH ̋ XVHÙÔ ̋  ̋ 7KH ̋ORZHU ̋LQWHUTXDUWLOH ̋ DQG ̋WKH ̋ XSSHU ̋LQWHUTXDUWLOH ̋ WDNHQ ̋ WRJHWKHU ̋ DUH

HTXLYDOHQW ̋WR ̋WKH ̋LQWHUTXDUWLOH ̋ UDQJHÔ ̋  ̋ 7ZR ̋ VWDWLVWLFDO ̋ PHDVXUHV ̋ RI ̋ FHQWUDO ̋ WHQGHQF\Ò ̋ WKH

PHDQ ̋ DQG ̋WKH ̋PHGLDQÒ ̋ DUH ̋ SORWWHG ̋ RQ ̋ HDFK ̋ ILJXUH ̋ IRU ̋ HDFK ̋ TXDUWLOHÔ ̋  ̋ 7KH ̋ PHDQ ̋ YDOXH ̋LV

GHVLJQDWHG ̋ZLWK ̋D ̋GLDPRQG ̋ıãÙ ̋ZKHUHDV ̋WKH ̋PHGLDQ ̋LV ̋GHVLJQDWHG ̋E\ ̋D ̋VTXDUH ̋ıÑÙÔ ̋ ̋%RWK

VWDWLVWLFDO ̋PHDVXUHV ̋ DUH ̋ FRQQHFWHG ̋ ZLWK ̋ D ̋OLQH ̋WR ̋ KHOS ̋ YLVXDOL]H ̋ DQ\ ̋ VSUHDG ̋ EHWZHHQ ̋WKH

WZRÔ

)LJXUH ̋ÁðÈÍ ̋GHPRQVWUDWHV ̋D ̋FOHDU ̋UHODWLRQVKLS ̋EHWZHHQ ̋WKH ̋WHDP ̋EXLOGLQJ ̋SUDFWLFH ̋XVH ̋DQG

WKH ̋FDOFXODWHG ̋YDOXH ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRUÔ ̋ ̋$Q ̋H[DPLQDWLRQ ̋RI ̋HDFK ̋TXDUWLOH

UHYHDOV ̋WKDW ̋ERWK ̋WKH ̋PHDQ ̋DQG ̋PHGLDQ ̋YDOXHV ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRU ̋GHFOLQH

DV ̋WKH ̋XVH ̋RI ̋WKH ̋WHDP ̋EXLOGLQJ ̋SUDFWLFH ̋LV ̋LQFUHDVHG ̋ıLÔHÔÒ ̋DV ̋ZH ̋PRYH ̋IURP ̋WKH ̋ILUVW ̋WR ̋WKH

IRXUWK ̋ TXDUWLOHÙÔ ̋  ̋ 7KH ̋ PHDQ ̋ YDOXH ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ GXUDWLRQ ̋ IDFWRU ̋ IRU ̋ HDFK ̋ TXDUWLOH

H[KLELWV ̋D ̋VRPHZKDW ̋VWURQJHU ̋UHODWLRQVKLS ̋ZLWK ̋SUDFWLFH ̋XVH ̋WKDQ ̋WKH ̋PHGLDQÔ ̋ ̋7KH ̋PHDQ
 ̋  ̋ÏË‰

GHFOLQHV ̋IURP ̋D ̋KLJK ̋RI ̋ÌÔËË ̋WR ̋D ̋ORZ ̋RI ̋ÌÔÈÏÔ ̋ ̋7KH ̋PHGLDQ ̋GHFOLQHV ̋IURP ̋D ̋KLJK ̋RI ̋ÌÔËÎ ̋WR

D ̋ORZ ̋RI ̋ÌÔÈÍÔ

7KH ̋ UHODWLRQVKLS ̋ EHWZHHQ ̋ WKH ̋ XVH ̋ RI ̋ WKH ̋ FRQVWUXFWDELOLW\ ̋ SUDFWLFH ̋ DQG ̋ WKH ̋ FRQVWUXFWLRQ

GXUDWLRQ ̋IDFWRUÒ ̋VKRZQ ̋LQ ̋)LJXUH ̋ÁðÈÈÒ ̋LV ̋OHVV ̋FOHDU ̋WKDQ ̋IRU ̋WKH ̋XVH ̋RI ̋WKH ̋WHDP ̋EXLOGLQJ

SUDFWLFHÔ ̋ ̋$OWKRXJK ̋WKH ̋PHDQ ̋YDOXH ̋ IRU ̋HDFK ̋TXDUWLOH ̋GHPRQVWUDWHV ̋D ̋ GRZQZDUG ̋WUHQG ̋DV

ZH ̋PRYH ̋IURP ̋WKH ̋ILUVW ̋WR ̋WKH ̋IRXUWK ̋TXDUWLOHÒ ̋WKH ̋PHGLDQ ̋YDOXHV ̋VKRZ ̋OHVV ̋VWUXFWXUHÔ ̋ ̋,Q

WHUPV ̋RI ̋FDOFXODWHG ̋YDOXHV ̋EHWZHHQ ̋WKH ̋ILUVW ̋DQG ̋IRXUWK ̋TXDUWLOHÒ ̋ERWK ̋PHDVXUHV ̋RI ̋FHQWUDO

WHQGHQF\ ̋GHFOLQHÔ ̋ ̋7KH ̋PHDQ ̋GHFOLQHV ̋IURP ̋D ̋KLJK ̋RI ̋ÌÔËÌ ̋WR ̋D ̋ORZ ̋RI ̋ÌÔÍÊ ̋DQG ̋WKH ̋PHGLDQ

GHFOLQHV ̋IURP ̋D ̋KLJK ̋RI ̋ÌÔÈ‰ ̋WR ̋D ̋ORZ ̋RI ̋ÌÔÍÊÔ

)LJXUH ̋ÁðÈÍÔ ̋ ̋7HDP ̋%XLOGLQJ ̋9HUVXV ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU

ÌÔÍÌ

ÌÔÍË

ÌÔÈÌ

ÌÔÈË

ÌÔËÌ

ÌÔËË

ÌÔÁÌ

/RZHU ̋4XDUWLOH /RZHU ̋,QWHUTXDUWLOH 8SSHU ̋,QWHUTXDUWLOH 8SSHU ̋4XDUWLOH

7HDP ̋%XLOGLQJ ̋8VH

&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU

0HDQ

0HGLDQ

7KH ̋UHVXOWV ̋VKRZQ ̋LQ ̋)LJXUHV ̋ÁðÈÍ ̋DQG ̋ÁðÈÈ ̋DUH ̋YHU\ ̋HQFRXUDJLQJÔ ̋ ̋,Q ̋ERWK ̋FDVHVÒ ̋WKH

FRQVWUXFWLRQ ̋GXUDWLRQ ̋IDFWRU ̋ZDV ̋UHGXFHG ̋E\ ̋DSSUR[LPDWHO\ ̋ÎË ̋SHUFHQW ̋IURP ̋D ̋KLJK ̋YDOXH

ıLÔHÔÒ ̋ORZ ̋SUDFWLFH ̋XVHÙ ̋WR ̋D ̋ORZ ̋YDOXH ̋ıLÔHÔÒ ̋KLJK ̋SUDFWLFH ̋XVHÙÔ ̋ ̋7KXVÒ ̋LQWHQVLYH ̋XVH ̋RI ̋¶EHVW

SUDFWLFHVß ̋PD\ ̋SURYLGH ̋DQ ̋RSSRUWXQLW\ ̋IRU ̋GUDPDWLFDOO\ ̋UHGXFLQJ ̋WKH ̋GHOLYHU ̋WLPH ̋RI

FRQVWUXFWHG ̋IDFLOLWLHVÔ ̋ ̋8QIRUWXQDWHO\Ò ̋WKH ̋UHVXOWV ̋SUHVHQWHG ̋LQ ̋WKH ̋WZR ̋ILJXUHV ̋ODFN

VXIILFLHQW ̋GHWDLO ̋WR ̋HQDEOH ̋XV ̋WR ̋GHWHUPLQH ̋KRZ ̋SUDFWLFH ̋XVH ̋DIIHFWV ̋D ̋SDUWLFXODU ̋LQGXVWU\

JURXS ̋ıHÔJÔÒ ̋KHDY\ ̋LQGXVWULDO ̋SURMHFWVÙÒ ̋FRVW ̋FDWHJRU\Ò ̋RU ̋SURMHFW ̋QDWXUHÔ ̋ ̋$V ̋PRUH ̋SURMHFW

GDWD ̋EHFRPH ̋DYDLODEOH ̋WR ̋&,,Ò ̋LQIRUPDWLRQ ̋RQ ̋HDFK ̋RI ̋WKHVH ̋VXEVHWV ̋ıHÔJÔÒ ̋JUDVV ̋URRWVÒ

KHDY\ ̋LQGXVWULDO ̋SURMHFWV ̋FRVWLQJ ̋EHWZHHQ ̋ ̆ËÌ ̋PLOOLRQ ̋DQG ̋ ̆ÏÌÌ ̋PLOOLRQÙ ̋ZLOO ̋EHFRPH

DYDLODEOHÔ ̋ ̋7KLV ̋LQIRUPDWLRQ ̋ZLOO ̋HQDEOH ̋PRUH ̋GHWDLOHG ̋UHODWLRQVKLSV ̋WR ̋EH ̋HVWDEOLVKHGÒ

VXFK ̋DV ̋KRZ ̋SUDFWLFHV ̋XVHG ̋LQGLYLGXDOO\ ̋DQG ̋LQ ̋FRQFHUW ̋DIIHFW ̋NH\ ̋GHOLYHU\ ̋WLPH ̋PHWULFVÔ
 ̋  ̋ÏÁÌ

)LJXUH ̋ÁðÈÈÔ ̋ ̋&RQVWUXFWDELOLW\ ̋9HUVXV ̋&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU

ÌÔÍÌ

ÌÔÍË

ÌÔÈÌ

ÌÔÈË

ÌÔËÌ

ÌÔËË

/RZHU ̋4XDUWLOH /RZHU ̋,QWHUTXDWLOH 8SSHU ̋,QWHUTXDWLOH 8SSHU ̋4XDUWLOH

&RQVWUXFWDELOLW\ ̋8VH

&RQVWUXFWLRQ ̋'XUDWLRQ ̋)DFWRU

0HDQ

0HGLDQ

ÁÔÎÔÍÔ ̋ ̋6XPPDU\ ̋RI ̋%DVHOLQH ̋0HDVXUHV

7DEOH ̋ÁðÎÊ ̋VKRZV ̋JHQHUDO ̋LQIRUPDWLRQ ̋UHODWLQJ ̋WR ̋WKH ̋WKUHH ̋QRQðUHVLGHQWLDO ̋VHFWRUVÒ ̋DV ̋ZHOO

DV ̋NH\ ̋GHOLYHU\ ̋WLPH ̋EDVHOLQH ̋GDWDÔ ̋ ̋7KH ̋®*HQHUDO ̋,QIRUPDWLRQ© ̋VHFWLRQ ̋GHVFULEHV ̋WKH ̋WRWDO

H[SHQGLWXUHV ̋IRU ̋QHZ ̋FRQVWUXFWLRQ ̋LQ ̋WKH ̋WKUHH ̋QRQðUHVLGHQWLDO ̋VHFWRUV ̋LQ ̋Ï‰‰ÈÒ ̋DV ̋ZHOO ̋DV

WKH ̋DYHUDJH ̋FRVW ̋RI ̋QHZ ̋QRQðUHVLGHQWLDO ̋EXLOGLQJV ̋LQ ̋WKH ̋86Ô

7KH ̋®'HOLYHU\ ̋7LPH© ̋VHFWLRQ ̋SURYLGHV ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋QRQðUHVLGHQWLDO ̋FRQVWUXFWLRQ

SURMHFWV ̋LQ ̋WKH ̋86Ô ̋ ̋7ZR ̋VHWV ̋RI ̋GHOLYHU\ ̋WLPH ̋LQIRUPDWLRQ ̋DUH ̋SURYLGHG„ ̋ıÏÙ ̋WRWDO ̋SURMHFW

GXUDWLRQ ̋ DQG ̋ ıÎÙ ̋ FRQVWUXFWLRQ ̋ SKDVH ̋ GXUDWLRQÔ ̋  ̋ %HFDXVH ̋ WKH ̋ GDWD ̋ XVHG ̋ WR ̋ JHQHUDWH ̋ WKH

EDVHOLQH ̋PHDVXUHV ̋LQFOXGHG ̋ VHYHUDO ̋ VWDWLVWLFDO ̋PHDVXUHV ̋ FRYHULQJ ̋ D ̋ UDQJH ̋ RI ̋ YDOXHVÒ ̋WZR

PHDVXUHV ̋RI ̋FHQWUDO ̋WHQGHQF\ ̋DUH ̋UHSRUWHG ̋LQ ̋7DEOH ̋ÁðÎÊ„ ̋ıÏÙ ̋WKH ̋PHDQ ̋DQG ̋ıÎÙ ̋WKH ̋PHGLDQÔ

6XPPDU\ ̋RI ̋$EEUHYLDWLRQV ̋8VHG ̋LQ ̋7DEOH ̋ÁðÎÊ

9,3 9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH

&,, &RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH
 ̋  ̋ÏÁÏ

7DEOH ̋ÁðÎÊÔ ̋ ̋6XPPDU\ ̋RI ̋%DVHOLQH ̋0HDVXUHV„ ̋1RQð5HVLGHQWLDO ̋6HFWRUV

'(6&5,37,21 <($5 %$6(/,1( 6285&(ÍÍ

*(1(5$/

,1)250$7,21

 ̋ ̋  ̋

9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ

3XW ̋LQ ̋3ODFH„ ̋ ̋$OO ̋1RQð

5HVLGHQWLDO

Ï‰‰È  ̆ÎË‰ÒÁÍÊ ̋PLOOLRQ ̋ıFRQVWDQW

Ï‰‰Î ̋GROODUVÙ

&HQVXV ̋9,3

'DWD

9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ

3XW ̋LQ ̋3ODFH„ ̋ ̋&RPPHUFLDOÓ

,QVWLWXWLRQDO

Ï‰‰È  ̆ÏÎÂÒÏÏÁ ̋PLOOLRQ ̋ıFRQVWDQW

Ï‰‰Î ̋GROODUVÙ

&HQVXV ̋9,3

'DWD

9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ

3XW ̋LQ ̋3ODFH„ ̋ ̋,QGXVWULDO

Ï‰‰È  ̆ÎÂÒÏÁÏ ̋PLOOLRQ ̋ıFRQVWDQW

Ï‰‰Î ̋GROODUVÙ

&HQVXV ̋9,3

'DWD

9DOXH ̋RI ̋1HZ ̋&RQVWUXFWLRQ

3XW ̋LQ ̋3ODFH„ ̋ ̋3XEOLF ̋:RUNV

Ï‰‰È  ̆ÏÌÍÒÍÁÌ ̋PLOOLRQ ̋ıFRQVWDQW

Ï‰‰Î ̋GROODUVÙ

&HQVXV ̋9,3

'DWD

$YHUDJH ̋&RQVWUXFWLRQ

&RVW„ ̋ ̋1RQð5HVLGHQWLDO

%XLOGLQJV

Ï‰‰È  ̆ÂÏÔÁÊ ̋SHU ̋VTXDUH ̋IRRW

 ̆ÂÊÂÔÊÎ ̋SHU ̋VTXDUH ̋PHWHU

6WDWLVWLFDO

$EVWUDFW

'(/,9(5< ̋7,0(  ̋ ̋  ̋

7RWDO ̋3URMHFW ̋'XUDWLRQ„

&RPPHUFLDOÓ,QVWLWXWLRQDO

Ï‰‰Áð

Ï‰‰Ê

ÍÂÔ‰ ̋PRQWKV ̋0HDQ

ÍÁÔÌ ̋PRQWKV ̋0HGLDQ

&,,

7RWDO ̋3URMHFW ̋'XUDWLRQ„

+HDY\ ̋,QGXVWULDO

Ï‰‰Áð

Ï‰‰Ê

ÎÏÔÎ ̋PRQWKV ̋0HDQ

ÏÂÔË ̋PRQWKV ̋0HGLDQ

&,,

7RWDO ̋3URMHFW ̋'XUDWLRQ„

/LJKW ̋,QGXVWULDO

Ï‰‰Áð

Ï‰‰Ê

ÎÈÔÈ ̋PRQWKV ̋0HDQ

ÏÂÔÈ ̋PRQWKV ̋0HGLDQ

&,,

7RWDO ̋3URMHFW ̋'XUDWLRQ„

3XEOLF ̋:RUNV

Ï‰‰Áð

Ï‰‰Ê

ÎÏÔÌ ̋PRQWKV ̋0HDQ

Ï‰ÔÁ ̋PRQWKV ̋0HGLDQ

&,,

&RQVWUXFWLRQ ̋'XUDWLRQ„

&RPPHUFLDOÓ,QVWLWXWLRQDO

Ï‰‰Áð

Ï‰‰Ê

ÎÍÔÊ ̋PRQWKV ̋0HDQ

Ï‰ÔÊ ̋PRQWKV ̋0HGLDQ

&,,

&RQVWUXFWLRQ ̋'XUDWLRQ„

+HDY\ ̋,QGXVWULDO

Ï‰‰Áð

Ï‰‰Ê

ÏÍÔË ̋PRQWKV ̋0HDQ

ÏÍÔÁ ̋PRQWKV ̋0HGLDQ

&,,

&RQVWUXFWLRQ ̋'XUDWLRQ„

/LJKW ̋,QGXVWULDO

Ï‰‰Áð

Ï‰‰Ê

ÏÈÔÎ ̋PRQWKV ̋0HDQ

ÏÏÔË ̋PRQWKV ̋0HGLDQ

&,,

&RQVWUXFWLRQ ̋'XUDWLRQ„

3XEOLF ̋:RUNV

Ï‰‰Áð

Ï‰‰Ê

ÎÏÔÌ ̋PRQWKV ̋0HDQ

ÏÁÔ‰ ̋PRQWKV ̋0HGLDQ

&,,

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÍÍ ̋6HH ̋DFFRPSDQ\LQJ ̋WH[W ̋IRU ̋GHVFULSWLRQ ̋RI ̋DEEUHYLDWLRQV ̋XVHG ̋LQ ̋WKLV ̋WDEOHÔ

 ̋  ̋ÏÁÍ

ÊÔ ̋ ̋6XPPDU\ ̋DQG ̋6XJJHVWLRQV ̋IRU ̋)XUWKHU ̋5HVHDUFK

ÊÔÏÔ ̋ ̋6XPPDU\

7KH ̋&RQVWUXFWLRQ ̋ DQG ̋%XLOGLQJ ̋ 6XEFRPPLWWHH ̋ RI ̋WKH ̋ 1DWLRQDO ̋ 6FLHQFH ̋ DQG ̋ 7HFKQRORJ\

&RXQFLO ̋ LV ̋ GHYHORSLQJ ̋ EDVHOLQH ̋ PHDVXUHV ̋ RI ̋ FXUUHQW ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ SUDFWLFHV ̋ DQG

PHDVXUHV ̋ RI ̋ SURJUHVV ̋ IRU ̋ HDFK ̋ RI ̋WKH ̋ VHYHQ ̋ 1DWLRQDO ̋&RQVWUXFWLRQ ̋ *RDOV ̋ ı1&*VÙÔ ̋  ̋ 7KH

VHYHQ ̋ 1&*V ̋ DUH ̋ FRQFHUQHG ̋ ZLWK„ ̋ ıÏÙ ̋ UHGXFWLRQV ̋ LQ ̋ WKH ̋ GHOLYHU\ ̋ WLPH ̋ RI ̋ FRQVWUXFWHG

IDFLOLWLHV‚ ̋ ıÎÙ ̋ UHGXFWLRQV ̋ LQ ̋ RSHUDWLRQVÒ ̋ PDLQWHQDQFHÒ ̋ DQG ̋ HQHUJ\ ̋ FRVWV‚ ̋ ıÍÙ ̋ LQFUHDVHV ̋ LQ

RFFXSDQW ̋ SURGXFWLYLW\ ̋ DQG ̋ FRPIRUW‚ ̋ ıÈÙ ̋ UHGXFWLRQV ̋ LQ ̋ RFFXSDQWðUHODWHG ̋ LOOQHVVHV ̋ DQG

LQMXULHV‚ ̋ ıËÙ ̋ UHGXFWLRQV ̋ LQ ̋ ZDVWH ̋ DQG ̋ SROOXWLRQ‚ ̋ ıÁÙ ̋ LQFUHDVHV ̋ LQ ̋ WKH ̋ GXUDELOLW\ ̋ DQG

IOH[LELOLW\ ̋RI ̋FRQVWUXFWHG ̋IDFLOLWLHV‚ ̋DQG ̋ıÊÙ ̋UHGXFWLRQV ̋LQ ̋FRQVWUXFWLRQ ̋ZRUNHU ̋LOOQHVVHV ̋DQG

LQMXULHVÔ ̋  ̋ %DVHOLQH ̋ PHDVXUHV ̋ DUH ̋ EHLQJ ̋ SURGXFHG ̋ IRU ̋ HDFK ̋ RI ̋ WKH ̋ IRXU ̋ NH\ ̋ FRQVWUXFWLRQ

LQGXVWU\ ̋ VHFWRUVÔ ̋ ̋7KH ̋ IRXU ̋ VHFWRUV ̋DUH„ ̋ ̋ ıÏÙ ̋ UHVLGHQWLDO‚ ̋ ıÎÙ ̋FRPPHUFLDOÓLQVWLWXWLRQDO‚ ̋ ıÍÙ

LQGXVWULDO‚ ̋ DQG ̋ ıÈÙ ̋ SXEOLF ̋ ZRUNVÔ ̋  ̋ 7KLV ̋ GRFXPHQW ̋ SURYLGHV ̋ D ̋ GHWDLOHG ̋ VHW ̋ RI ̋ EDVHOLQH

PHDVXUHV ̋ IRU ̋ 1&* ̋ Ï ̋ ıUHGXFWLRQV ̋ LQ ̋ WKH ̋ GHOLYHU\ ̋ WLPH ̋ RI ̋ FRQVWUXFWHG ̋ IDFLOLWLHVÙÔ ̋  ̋ 7KHVH

EDVHOLQH ̋PHDVXUHV ̋ZLOO ̋DVVLVW ̋LQ ̋GHWHUPLQLQJ ̋WKH ̋VXFFHVV ̋RI ̋DFWLRQV ̋WDNHQ ̋WR ̋LPSURYH ̋WKH

FRPSHWLWLYHQHVV ̋RI ̋WKH ̋86 ̋FRQVWUXFWLRQ ̋LQGXVWU\Ô

&KDSWHU ̋ Ï ̋ SURYLGHV ̋ EDFNJURXQG ̋ LQIRUPDWLRQ ̋ DERXW ̋ WKH ̋ SURMHFWÒ ̋ LWV ̋ SXUSRVHÒ ̋ DQG ̋ VFRSHÔ

&KDSWHU ̋ Î ̋ GHVFULEHV ̋ WKH ̋ 1&*V ̋ LQ ̋ PRUH ̋ GHWDLOÒ ̋ H[SODLQV ̋ %)5/©V ̋ VWUDWHJ\ ̋ IRU ̋ FROOHFWLQJ

LQIRUPDWLRQ ̋RQ ̋HDFK ̋1&*Ò ̋DQG ̋WKH ̋OLPLWDWLRQV ̋RI ̋WKLV ̋DSSURDFKÒ ̋DQG ̋UHSRUWV ̋RQ ̋SURJUHVV ̋WR

GDWHÔ ̋ ̋&KDSWHU ̋Í ̋SURYLGHV ̋DQ ̋RYHUYLHZ ̋RI ̋WKH ̋FRQVWUXFWLRQ ̋LQGXVWU\Ò ̋LQFOXGLQJ ̋WKH ̋VL]H ̋RI

WKH ̋LQGXVWU\Ò ̋DQG ̋LWV ̋LPSRUWDQFH ̋WR ̋WKH ̋86 ̋HFRQRP\Ô ̋ ̋7KH ̋FKDSWHU ̋DOVR ̋ SUHVHQWV ̋ JHQHUDO

QRQðVHFWRU ̋ VSHFLILF ̋ GDWD ̋ UHOHYDQW ̋ WR ̋ WKH ̋ JHQHUDWLRQ ̋ RI ̋ EDVHOLQH ̋ PHDVXUHVÔ ̋  ̋ &KDSWHU ̋ È

SUHVHQWV ̋WKH ̋GDWD ̋FODVVLILFDWLRQ ̋KLHUDUFKLHV ̋WKDW ̋ZHUH ̋XVHG ̋WR ̋GHILQH ̋HDFK ̋VHFWRUÒ ̋WR ̋LGHQWLI\

FULWLFDO ̋ IDFWRUV ̋ LQIOXHQFLQJ ̋ 1&* ̋ ÏÒ ̋ DQG ̋ WR ̋ HVWDEOLVK ̋ GDWD ̋ OLQNDJHVÔ ̋  ̋ 7KH ̋ FKDSWHU ̋ DOVR

GLVFXVVHV ̋GDWD ̋VRXUFHV ̋DQG ̋DYDLODELOLW\Ô ̋ ̋&KDSWHU ̋Ë ̋SUHVHQWV ̋WKH ̋EDVHOLQH ̋PHDVXUHV ̋IRU ̋WKH

UHVLGHQWLDO ̋VHFWRUÔ ̋ ̋7KHVH ̋PHDVXUHV ̋DUH ̋EDVHG ̋RQ ̋GDWD ̋SXEOLVKHG ̋E\ ̋WKH ̋86 ̋%XUHDX ̋RI ̋WKH

&HQVXVÒ ̋VXSSOHPHQWHG ̋E\ ̋LQIRUPDWLRQ ̋ IURP ̋WKH ̋1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUVÔ

&KDSWHU ̋ Á ̋ SUHVHQWV ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ IRU ̋ WKH ̋ WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUV•

FRPPHUFLDOÓLQVWLWXWLRQDOÒ ̋ LQGXVWULDOÒ ̋ DQG ̋ SXEOLF ̋ ZRUNVÔ ̋  ̋ 7KHVH ̋ PHDVXUHV ̋ DUH ̋ EDVHG ̋ RQ ̋ D

GLVFRQWLQXHG ̋ GDWD ̋ VHULHV ̋ SXEOLVKHG ̋ E\ ̋ WKH ̋ 86 ̋ %XUHDX ̋ RI ̋ WKH ̋ &HQVXVÒ ̋ DQG ̋ DJJUHJDWHG

SURMHFWðOHYHO ̋GDWD ̋PDGH ̋DYDLODEOH ̋E\ ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWHÔ

([WHQVLYH ̋ XVH ̋ RI ̋ FKDUWV ̋ DQG ̋ WDEOHV ̋ LV ̋ PDGH ̋ WKURXJKRXW ̋ WKLV ̋ GRFXPHQW ̋ WR ̋ LOOXVWUDWH ̋ WKH

SURFHVV ̋ E\ ̋ ZKLFK ̋ WKH ̋ EDVHOLQH ̋ PHDVXUHV ̋ ZHUH ̋ GHYHORSHGÔ ̋ 6XIILFLHQW ̋ GDWD ̋ KDYH ̋ EHHQ

FROOHFWHG ̋ WR ̋ HVWDEOLVK ̋ EDVHOLQHV ̋ IRU ̋ WKH ̋ GHOLYHU\ ̋ WLPH ̋ RI ̋ FRQVWUXFWHG ̋ IDFLOLWLHV ̋ DFURVV ̋ DOO

IRXU ̋VHFWRUVÔ ̋ ̋+RZHYHUÒ ̋WKH ̋OHYHO ̋RI ̋GHWDLO ̋RI ̋WKH ̋EDVHOLQHV ̋YDULHV ̋FRQVLGHUDEO\Ò ̋GHSHQGLQJ

XSRQ ̋ GDWD ̋ DYDLODELOLW\Ô ̋  ̋ ,Q ̋ JHQHUDOÒ ̋ WKH ̋ UHVLGHQWLDO ̋ EDVHOLQHV ̋ DUH ̋ PRUH ̋ GHWDLOHG ̋ WKDQ ̋ WKH

QRQðUHVLGHQWLDO ̋ EDVHOLQHVÒ ̋ GXH ̋WR ̋WKH ̋ZHDOWK ̋ RI ̋ GDWD ̋ SXEOLVKHG ̋ E\ ̋WKH ̋ 86 ̋%XUHDX ̋ RI ̋WKH

&HQVXVÔ
 ̋  ̋ÏÁÈ

ÊÔÎÔ ̋ ̋6XJJHVWLRQV ̋IRU ̋)XUWKHU ̋5HVHDUFK

7KH ̋ ZRUN ̋ IRU ̋ WKLV ̋ GRFXPHQW ̋ XQFRYHUHG ̋ DUHDV ̋ RI ̋ UHVHDUFK ̋ WKDW ̋ PLJKW ̋ EH ̋ RI ̋ YDOXH ̋ WR

JRYHUQPHQW ̋DJHQFLHV ̋DQG ̋SULYDWH ̋ ERGLHV ̋ZKR ̋DUH ̋FRQFHUQHG ̋DERXW ̋ UHGXFLQJ ̋WKH ̋ GHOLYHU\

WLPH ̋ RI ̋ FRQVWUXFWHG ̋ IDFLOLWLHVÔ ̋  ̋ 7KHVH ̋ DUHDV ̋ RI ̋ UHVHDUFK ̋ DUH ̋ FRQFHUQHG ̋ ZLWK„ ̋ ıÏÙ ̋ WKH

GXUDWLRQ ̋ RI ̋ WKH ̋ SHUPLWWLQJ ̋ SURFHVV ̋ IRU ̋ DOO ̋ IRXU ̋ VHFWRUV‚ ̋ ıÎÙ ̋ WKH ̋ FROOHFWLRQ ̋ RI ̋ DGGLWLRQDO

GHOLYHU\ ̋WLPH ̋GDWD ̋IRU ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO ̋VHFWRU ̋DQG ̋WKH ̋SXEOLF ̋ZRUNV ̋VHFWRU‚ ̋ıÍÙ

WKH ̋ FROOHFWLRQ ̋ RI ̋ DGGLWLRQDO ̋ SURMHFWðOHYHO ̋ GDWD ̋ WR ̋ DQDO\]H ̋ WKH ̋ UHODWLRQVKLSV ̋ EHWZHHQ ̋ EHVW

SUDFWLFH ̋XVH ̋DQG ̋UHGXFWLRQV ̋LQ ̋GHOLYHU\ ̋WLPH‚ ̋DQG ̋ıÈÙ ̋WKH ̋PHDVXUHPHQW ̋DQG ̋HYDOXDWLRQ ̋RI

SURJUHVV ̋WRZDUG ̋DFKLHYHPHQW ̋RI ̋1&* ̋ÏÔ

'XULQJ ̋WKH ̋SURGXFWLRQ ̋RI ̋WKLV ̋GRFXPHQWÒ ̋VHYHUDO ̋LPSRUWDQW ̋TXHVWLRQV ̋DVVRFLDWHG ̋ZLWK ̋WKH

GXUDWLRQ ̋ RI ̋ WKH ̋ SHUPLWWLQJ ̋ SURFHVV ̋ DURVHÔ ̋  ̋ 8QIRUWXQDWHO\Ò ̋ QR ̋ GHILQLWLYH ̋ VRXUFHV ̋ RI

LQIRUPDWLRQ ̋ RQ ̋ WKH ̋ GXUDWLRQ ̋ RI ̋ WKH ̋ SHUPLWWLQJ ̋ SURFHVV ̋ ZHUH ̋ LGHQWLILHGÔÍÈ ̋  ̋ $OWKRXJK

GHWDLOHG ̋DQG ̋ GHILQLWLYH ̋ GDWD ̋DUH ̋ DYDLODEOH ̋ RQ ̋WKH ̋ GXUDWLRQ ̋ RI ̋WKH ̋ UHVLGHQWLDO ̋ FRQVWUXFWLRQ

SURFHVV ̋RQFH ̋D ̋SHUPLW ̋KDV ̋EHHQ ̋LVVXHGÒ ̋QR ̋LQIRUPDWLRQ ̋RQ ̋WKH ̋GXUDWLRQ ̋RI ̋WKH ̋SHUPLWWLQJ

SURFHVV ̋ LV ̋ DYDLODEOHÔ ̋  ̋ )RU ̋ WKH ̋ WKUHH ̋ QRQðUHVLGHQWLDO ̋ VHFWRUV ̋ FRYHUHG ̋ E\ ̋ GDWD ̋ IURP ̋ WKH

&RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ ,QVWLWXWH ̋ ı&,,ÙÒ ̋ HOHPHQWV ̋ RI ̋ WKH ̋ SHUPLWWLQJ ̋ SURFHVV ̋ DUH ̋ LQFOXGHG

XQGHU ̋ SUHðSURMHFW ̋ SODQQLQJÔ ̋  ̋ +RZHYHUÒ ̋ EHFDXVH ̋ VHYHUDO ̋ RWKHU ̋ LPSRUWDQW ̋ IDFWRUV ̋ DUH ̋ DOVR

LQFOXGHG ̋ XQGHU ̋ SUHðSURMHFW ̋ SODQQLQJ ̋ ıVHH ̋ 7DEOH ̋ ÍðÊÙÒ ̋ LW ̋ LV ̋ XQFOHDU ̋ ZKDW ̋ LQIOXHQFH ̋ WKHVH

HOHPHQWV ̋ RI ̋ WKH ̋ SHUPLWWLQJ ̋ SURFHVV ̋ KDYH ̋ HLWKHU ̋ RQ ̋ RYHUDOO ̋ SURMHFW ̋ GXUDWLRQ ̋ RU ̋ RQ ̋ WKH

GXUDWLRQ ̋ RI ̋WKH ̋ SUHðSURMHFW ̋ SODQQLQJ ̋ SKDVHÔ ̋ ̋5HVHDUFK ̋DQG ̋DGGLWLRQDO ̋LQIRUPDWLRQ ̋ RQ ̋WKH

SHUPLWWLQJ ̋SURFHVV ̋DUH ̋QHHGHG ̋ IRU ̋DOO ̋ IRXU ̋FRQVWUXFWLRQ ̋LQGXVWU\ ̋ VHFWRUV ̋ IRU ̋WZR ̋ UHDVRQVÔ

)LUVWÒ ̋ WKHUH ̋ DUH ̋ ZLGH ̋ UHJLRQDO ̋ YDULDWLRQV ̋ LQ ̋ WKH ̋ DYHUDJH ̋ GXUDWLRQ ̋ RI ̋ WKH ̋ UHVLGHQWLDO

FRQVWUXFWLRQ ̋SURFHVV ̋RQFH ̋D ̋SHUPLW ̋KDV ̋EHHQ ̋LVVXHGÔ ̋ ̋'R ̋VLPLODU ̋UHJLRQDO ̋YDULDWLRQV ̋H[LVW

LQ ̋WKH ̋SHUPLWWLQJ ̋SURFHVV" ̋ ̋,I ̋VRÒ ̋KRZ ̋VLJQLILFDQW ̋DUH ̋WKHVH ̋YDULDWLRQV" ̋ ̋6HFRQGÒ ̋IRU ̋QRQð

UHVLGHQWLDO ̋SURMHFWVÒ ̋WKHUH ̋DUH ̋VLJQLILFDQW ̋GLIIHUHQFHV ̋LQ ̋WRWDO ̋SURMHFW ̋GXUDWLRQ ̋ERWK ̋ZLWKLQ ̋D

JLYHQ ̋VHFWRU ̋ıHÔJÔÒ ̋WKH ̋GLIIHUHQFH ̋EHWZHHQ ̋WKH ̋ÎËWK ̋DQG ̋ÊËWK ̋SHUFHQWLOHÙ ̋DQG ̋DFURVV ̋VHFWRUVÔ

+RZ ̋ LPSRUWDQW ̋ DUH ̋ VSHFLILF ̋ HOHPHQWV ̋ RI ̋ WKH ̋ SHUPLWWLQJ ̋ SURFHVV ̋ DQG ̋ WKH ̋ GXUDWLRQ ̋ RI ̋ WKH

SHUPLWWLQJ ̋SURFHVV ̋LQ ̋H[SODLQLQJ ̋WKHVH ̋GLIIHUHQFHV"

,Q ̋ RUGHU ̋WR ̋ EH ̋DEOH ̋WR ̋ JHQHUDWH ̋ XVHIXO ̋ EDVHOLQH ̋PHDVXUHVÒ ̋ GHWDLOHG ̋ VRXUFH ̋LQIRUPDWLRQ ̋LV

UHTXLUHGÔ ̋ ̋$V ̋WKLV ̋GRFXPHQW ̋KDV ̋VKRZQÒ ̋WKHUH ̋DUH ̋D ̋QXPEHU ̋RI ̋DUHDV ̋ZKHUH ̋GHOLYHU\ ̋WLPH

GDWD ̋ DUH ̋ RQO\ ̋ RI ̋ D ̋ YHU\ ̋ JHQHUDOL]HG ̋ QDWXUHÔ ̋  ̋ ,Q ̋ SDUWLFXODUÒ ̋ DGGLWLRQDO ̋ GDWD ̋ FROOHFWLRQ ̋ LV

ZDUUDQWHG ̋LQ ̋WKH ̋IROORZLQJ ̋DUHDV„

x 7KH ̋ FRPPHUFLDOÓLQVWLWXWLRQDO ̋ VHFWRU ̋ LQ ̋ JHQHUDO ̋ DQG ̋ FRPPHUFLDO ̋ RIILFH ̋ EXLOGLQJVÒ

HGXFDWLRQDO ̋IDFLOLWLHVÒ ̋DQG ̋KRVSLWDOV ̋LQ ̋SDUWLFXODUÔ

 ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋ ̋

ÍÈ ̋7KH ̋1DWLRQDO ̋&RQIHUHQFH ̋RI ̋6WDWHV ̋RQ ̋%XLOGLQJ ̋&RGHV ̋DQG ̋6WDQGDUGV ̋ı1&6%&6Ù ̋KDV ̋ODXQFKHG ̋D ̋SURMHFW

DLPHG ̋DW ̋VWUHDPOLQLQJ ̋WKH ̋1DWLRQ©V ̋EXLOGLQJ ̋UHJXODWRU\ ̋SURFHVVÔ ̋ ̋7R ̋GDWHÒ ̋1&6%&6© ̋6WUHDPOLQLQJ ̋3URMHFW

KDV ̋IRFXVHG ̋RQ ̋ORFDOLW\ðEDVHG ̋GDWD ̋RQ ̋WKH ̋GXUDWLRQ ̋RI ̋WKH ̋SHUPLWWLQJ ̋SURFHVVÔ ̋ ̋+RZHYHUÒ ̋GXH ̋WR ̋WKH ̋VWURQJ

LQWHUHVW ̋H[SUHVVHG ̋E\ ̋PDQ\ ̋RI ̋WKH ̋UHSUHVHQWDWLYHV ̋RI ̋)HGHUDOÒ ̋VWDWHÒ ̋DQG ̋ORFDO ̋JRYHUQPHQWV ̋SDUWLFLSDWLQJ ̋LQ

WKH ̋6WUHDPOLQLQJ ̋3URMHFWÒ ̋1&6%&6 ̋PD\ ̋XQGHUWDNH ̋WKH ̋SURGXFWLRQ ̋RI ̋QDWLRQDOÓUHJLRQDO ̋GDWD ̋RQ ̋WKH ̋GXUDWLRQ

RI ̋WKH ̋SHUPLWWLQJ ̋SURFHVVÔ
 ̋  ̋ÏÁË

x 7KH ̋SXEOLF ̋ZRUNV ̋VHFWRU ̋LQ ̋JHQHUDO ̋DQG ̋WKH ̋WUDQVSRUWDWLRQÒ ̋SRZHU ̋XWLOLWLHVÒ ̋ZDWHUÒ ̋DQG

SLSHOLQHV ̋VXEðVHFWRUV ̋LQ ̋SDUWLFXODUÔ

,QIRUPDWLRQ ̋SUHVHQWHG ̋LQ ̋6XEVHFWLRQ ̋ÁÔÎÔÎÔÈ ̋VKRZLQJ ̋WKH ̋UHODWLRQVKLS ̋EHWZHHQ ̋WKH ̋XVH ̋RI

&,, ̋ EHVW ̋ SUDFWLFHV ̋ DQG ̋ GHOLYHU\ ̋ WLPH ̋ PHWULFV ̋ SURYLGHV ̋ DQ ̋ LQGLFDWLRQ ̋ RI ̋ WKH ̋ SRWHQWLDO ̋ RI

WKHVH ̋SUDFWLFHV ̋IRU ̋UHGXFLQJ ̋GHOLYHU\ ̋WLPHÔ ̋ ̋0RUH ̋UHVHDUFK ̋DQG ̋DQDO\VLV ̋LV ̋QHHGHG ̋LQ ̋RUGHU

WR ̋EHWWHU ̋XQGHUVWDQG ̋WKHVH ̋UHODWLRQVKLSV ̋DQG ̋WR ̋LGHQWLI\ ̋ZD\V ̋LQ ̋ZKLFK ̋WKLV ̋XQGHUVWDQGLQJ

FDQ ̋EH ̋XVHG ̋WR ̋GULYH ̋SHUIRUPDQFH ̋LPSURYHPHQWÔ

)LQDOO\Ò ̋LQ ̋RUGHU ̋WR ̋EH ̋DEOH ̋WR ̋PHDVXUH ̋SURJUHVV ̋WRZDUG ̋DFKLHYHPHQW ̋RI ̋1&* ̋ÏÒ ̋SHULRGLF

UHSRUWV ̋ QHHG ̋WR ̋ EH ̋ SURGXFHG ̋ ZKLFK ̋ UHðYLVLW ̋ WKH ̋ VDPH ̋ GDWD ̋ VRXUFHV ̋ XVHG ̋ WR ̋ JHQHUDWH ̋ WKH

RULJLQDO ̋ EDVHOLQHVÒ ̋ DQG ̋ UHILQH ̋ RU ̋ H[SDQG ̋WKH ̋ RULJLQDO ̋ EDVHOLQHV ̋ DV ̋ QHFHVVDU\ ̋WR ̋ PHHW ̋WKH

FKDQJLQJ ̋ QHHGV ̋ RI ̋ WKH ̋ FRQVWUXFWLRQ ̋ LQGXVWU\ ̋ VWDNHKROGHUVÔ ̋  ̋ 7KLV ̋ VXEMHFW ̋ LV ̋ GLVFXVVHG

EULHIO\ ̋LQ ̋&KDSWHU ̋ÎÔ

 ̋  ̋ÏÁÊ

$SSHQGL[ ̋$Ô ̋ ̋'DWD ̋&ODVVLILFDWLRQ ̋+LHUDUFKLHV ̋IRU ̋WKH ̋5HVLGHQWLDO ̋6HFWRU

7KLV ̋DSSHQGL[ ̋LQFOXGHV ̋WZR ̋GDWD ̋FODVVLILFDWLRQ ̋KLHUDUFKLHV ̋IRU ̋WKH ̋UHVLGHQWLDO ̋VHFWRUÔ ̋ ̋7KH

ILUVW ̋ KLHUDUFK\ ̋ FRYHUV ̋ RQðVLWH ̋ ıVWLFN ̋ EXLOWÙ ̋ UHVLGHQFHVÔ ̋  ̋ 7KH ̋ VHFRQG ̋ KLHUDUFK\ ̋ FRYHUV

PRGXODU ̋FRQVWUXFWLRQÔ

7KH ̋WZRðVWDJH ̋ SURFHVV ̋WKURXJK ̋ZKLFK ̋WKHVH ̋ KLHUDUFKLHV ̋ZHUH ̋ GHYHORSHG ̋DQG ̋PRGLILHG ̋LV

GHVFULEHG ̋LQ ̋GHWDLO ̋LQ ̋&KDSWHU ̋ÈÔ ̋ ̋$ ̋EULHI ̋GHVFULSWLRQ ̋RI ̋WKH ̋SURFHVV ̋LV ̋DV ̋IROORZVÔ ̋ ̋)LUVWÒ ̋D

VHULHV ̋RI ̋¶LGHDOL]HGß ̋LQGXVWU\ ̋RULHQWHG ̋KLHUDUFKLHV ̋ZHUH ̋SURGXFHGÔ ̋ ̋7KH ̋SXUSRVH ̋RI ̋WKHVH

¶LGHDOL]HGß ̋ KLHUDUFKLHV ̋LV ̋WR ̋ VRUW ̋ GDWD ̋LQWR ̋ UHOHYDQW ̋ FDWHJRULHVÒ ̋WR ̋ SULRULWL]H ̋ GDWDÒ ̋ DQG ̋WR

HVWDEOLVK ̋GDWD ̋OLQNDJHVÔ ̋ ̋6HFRQGÒ ̋DV ̋WKH ̋GDWD ̋FROOHFWLRQ ̋HIIRUW ̋SURJUHVVHGÒ ̋WKHVH ̋¶LGHDOL]HGß

KLHUDUFKLHV ̋ ZHUH ̋ PRGLILHGÔ ̋  ̋ 7KH ̋ UHVXOWDQW ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFKLHV ̋ UHSUHVHQW ̋ WKH

PRGLILFDWLRQ ̋ RI ̋ WKH ̋ ¶LGHDOL]HGß ̋ KLHUDUFKLHV ̋ WR ̋ UHIOHFW ̋ GDWD ̋ DYDLODELOLW\ ̋ DQG ̋ RWKHU

FRQVWUDLQWVÔ ̋  ̋ 7KH ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFKLHV ̋ FRUUHVSRQG ̋ WR ̋ FDVHV ̋ IRU ̋ ZKLFK ̋ GDWD ̋ ZHUH

FROOHFWHG ̋DQG ̋ZKLFK ̋DUH ̋VXPPDUL]HG ̋LQ ̋&KDSWHU ̋ËÔ
ÏÁÂ

1 $ 7,2 1 $ / ̋& 2 1 6 75 8 & 7,2 1  ̋* 2 $ / ̋Ï ̋ð ̋ËÌ ̄  ̋5 ( ' 8 & 7,2 1  ̋,1  ̋' ( /,9 ( 5 < ̋7,0 (  ̋)2 5  ̋3 5 2 -( & 7 6  ̋ð ̋) $ & 7 2 5 6  ̋,1 )/

5 ( 6 ,' ( 1 7 ,$ /  ̋6 ( & 7 2 5  ̋ð ̋2 1 ð6 ,7 (  ̋ı6 7 ,& . Ù ̋% 8 ,/ '

 ̋ 3 5 ( ð6 7 $ 5 7  ̋ )2 8 1 ' $7 ,2 1 Ò ̋),5 6 7  ̋) /2 2 5  ̋ ̃  ̋* 5 2 8 1 ': 2 5 . 6 ) 5 $0 ,1 * Ò ̋' 

,QY HQWR U\Ó6WR FN ̋

+ DQG OLQJÓ-,7 3 UH OLP LQD ULH V

8 QIRUHVHHQ ̋

* URXQG ̋

& RQG LWLRQV

7 \SH ̋RI ̋) LUVW ̋) OR R U ̋

& RQVWUXFWLRQ

3 UH ðID E ULFDWHG ̋

6 LWH ̋) DE ULFDWH

3 H UP LW ̋

$ FTXLVLWLRQ

$ GY HUVH ̋

: HDWKH U $ GY H UVH ̋: HDWK

% XLOGLQJ ̋

5 HJX ODWLRQV ̋

3 ODQQLQ J ̋

$ SS URY DO 6 LWH ̋6 X UY H\

$ HVWKHWLF V ̋DQG ̋

' HVLJQ ̋,VVXHV

: $ //  ̋ ̃  ̋5 2 2 ) ̋& 2 9 ( 5 ,1 * 6 5 2 8 * +  ̋0  ̃ (Ò ̋3 / 8 0 % ,1 *  ̋ ̃  ̋,1 6 8 / $ 7 ,2 1 ),1 ,6 + (6 ̋ ̃  ̋6

7 \SH ̋8 VHG

7 R ROV ̋DQG ̋

0 HWKRGV ̋

(P SOR\HG

6 H UY LFHV ̋

& RR UGLQDWLRQ 7 \SH ̋8 VHG 7 R ROV ̋DQG ̋0 HWKRGV ̋ (P SOR\HG 3 UH ðID E ULFDWHG ̋

6 LWH ̋) DE ULFDWH

$ GY H UVH ̋: HDWKH U

0 ( 7 + 2 '  ̋2 )  ̋6 & + ( ' 8 / ,1 *  ̋: 2 5 .  ̋$ & 7 ,9 ,7 ,( 6 Ó3 5 2 % / ( 0  ̋,' ( 1 7 ,) ,& $ 7 ,2 1  ̋$ 1 '  ̋6 2 / 8 7 ,2 1

) D FWR UV ̋DIIH FWLQ J ̋G H OLYH U\ ̋WLP H  ̋WK UR X J K R XW ̋VLWH ̋S UR FH V VH V„ð

 ̋ ÛFHQWUDOLVHG ̋R U ̋GHFHQWUDOLVHG ̋V\VWHP V

ÛW\SH ̋RI ̋VLWHÓRIILFH ̋FRP P XQLFDWLRQ V ̋V\ VWHP V ̋ıSKRQHÓID[ÓP R GHP ÙÛFRQ FX UUHQW ̋R U ̋VHT XHQWLDO ̋VFK HGXOLQJ ̋RI ̋DFWLY LWLHV ̋XVLQJ ̋& 3 0  ̋R U ̋VLP LOD UÒ ̋P LQLP LVDWLRQ ̋RI ̋JDS V ̋EHWZ HHQ ̋WUDGHV ̋R Q ̋VLWHÛV\VWHP  ̋IR U ̋FRQWUROOLQJ ̋& KDQJH ̋2 UGH UVÛXVH ̋RI ̋FRGHG ̋SX UFKDVH ̋R UGH U ̋V\VWHP Ó-,7  ̋S URFHGX UHVÛERQX VÓLQFHQWLY H ̋SDFND JH ̋LQ ̋SOD FH ̋UHZ D UG LQJ ̋WLP HÓT XDOLW\ ̋D FKLHY HP H QWÛP HWKR G ̋IR U ̋V\WHP DWLFD OO\ ̋P RQLWR ULQJ ̋DQG ̋UHY LHZ LQJ ̋V\WHP VÛTXDOLW\ ̋DVVX UDQFHÓFRQWURO ̋V\ VWHP V ̋LQ ̋SODFHÛVWDII ̋WUD LQLQ J ̋S URY LGHGÛHP SKDVLV ̋XSRQ ̋JRRG ̋VDIHW\ ̋UHFR UG' HILQ LWLR Q V„ð ıD Ù ' HOLY H U\ ̋7 LP H ̋LV ̋GHILQHG ̋DV ̋EHLQ J ̋IURP  ̋GDWH ̋RI ̋DFT XLVLWLRQ ̋RI ̋SH UP LW ̋WR ̋G DWH ̋DW ̋Z KLFK ̋EXLOGLQ J ̋LV ̋UHDG\ ̋IR U ̋RFFXS DQF\ ̋XQOHVV  ̋QRWHG ̋RWKH UZ LVH

ıE Ù $ OO ̋E XLOG LQJV ̋D UH ̋QHZ ̋EXLOGLQJV ̋RQ ̋J UHHQILHOG ̋R U ̋RWKH UZ LVH ̋XQFR QWDP LQDWHG ̋VLWHVıF Ù % XLOGLQJV ̋D UH ̋J URXSHG ̋DFFR UGLQJ ̋WR ̋J HRJ UDSKLF ̋ORFDWLRQÒ ̋W\SHÒ ̋VL]HÒ ̋HWFÔıG Ù 3 H ULRG ̋S ULR U ̋WR ̋S H UP LW ̋DFTXLVLWLR Q ̋FRQVLGH UHG ̋VHS D UDWHO\ ̋DV ̋P D\ ̋EH ̋P R UH ̋GHSHQ GHQW ̋XSRQ ̋OHJLVODWLY H ̋GHOD \V ̋FRP SD UH G ̋Z LWK ̋FRQV WUXFWLRQ ̋LVVX
ÏÁ‰

1$7,21$/ ̋&216758&7,21 ̋*2$/ ̋Ï ̋ð ̋ËÌ ̄ ̋5('8&7,21 ̋,1 ̋'(/,9(5< ̋7,0( ̋)25 ̋352-(&76 ̋ð ̋)$&7256 ̋,1)

5(6,'(17,$/ ̋6(&725 ̋ð ̋02'8/$5 ̋%8,/'

35(ð67$57 0$18)$&785(

,QYHQWRU\ ̋

3URFHGXUHVÓ6WRFN ̋

+DQGOLQJÓ-,7

6LWH ̋:RUNV ̋

ıIRXQGDWLRQ ̋RU ̋

H[WHUQDO ̋

ZRUNVÙ ̋

6L]H ̋RI ̋

)DFWRU\Ó1RÔ ̋

3URGXFWLRQ ̋/LQHV

4XDOLW\ ̋

$VVXUDQFHÓ&RQWURO ̋

3URFHGXUHV

6XEDVVHPEOLHV ̋ð ̋

0DNH ̋RU ̋%X\

'HJU

$XWRP

ı&$'Ó&1

3HUPLW ̋

$FTXLVLWLRQ

)DFWRU\ ̋7KURXJKð

SXW ̋

7LPHÓ(IILFLHQF\

)UHTXHQF\Ó1RÔ ̋

'HIHFWV

+LJK ̋

7HFKÓ,QQRYDWLYH ̋

0DWHULDOV

&DS

,QYHV

%XLOGLQJ ̋

5HJXODWLRQV ̋

$SSURYDOV

3ODQQLQJ ̋

$SSURYDOV 6LWH ̋6XUYH\

5HVHDUFK ̋ ̃ ̋

'HYHORSPHQW

$HVWKHWLFV ̋DQG ̋

'HVLJQ ̋,VVXHV 6WDII ̋7UDLQLQJ

 ̋ 75$163257 ̋72 ̋6,7(  ̋ 6,7( ̋:25.6

)RXQGDWLRQV 6HUYLFH ̋&RQQHFWLRQV )LQLVKHV ([WHUQD

'LVWDQFH ̋RI ̋6LWH ̋

IURP ̋)DFWRU\

3ODQW ̋

2ZQHGÓ/HDVHG

6FKHGXOLQJ &RQFXUUHQW ̋ 6HTXHQFLQJ 4XDOLW\Ó'HJUHH ̋RI ̋ &XVWRPLVDWLRQ &RQF

6HTXH

'HILQLWLRQV„ð ıDÙ 'HOLYHU\ ̋7LPH ̋LV ̋GHILQHG ̋DV ̋EHLQJ ̋IURP ̋GDWH ̋RI ̋DFTXLVLWLRQ ̋RI ̋SHUPLW ̋WR ̋GDWH ̋DW ̋ZKLFK ̋EXLOGLQJ ̋LV ̋UHDG\ ̋IRU ̋RFFXSDQF\ ̋XQOHVV ̋QRWHG ̋RWK

ıEÙ $OO ̋EXLOGLQJV ̋DUH ̋QHZ ̋EXLOGLQJV ̋RQ ̋JUHHQILHOG ̋RU ̋RWKHUZLVH ̋XQFRQWDPLQDWHG ̋VLWHVıFÙ %XLOGLQJV ̋DUH ̋JURXSHG ̋DFFRUGLQJ ̋WR ̋JHRJUDSKLF ̋ORFDWLRQÒ ̋W\SHÒ ̋VL]HÒ ̋HWFÔıGÙ 3HULRG ̋SULRU ̋WR ̋SHUPLW ̋DFTXLVLWLRQ ̋FRQVLGHUHG ̋VHSDUDWHO\ ̋DV ̋PD\ ̋EH ̋PRUH ̋GHSHQGHQW ̋XSRQ ̋OHJLVODWLYH ̋GHOD\V ̋FRPSDUHG ̋ZLWK ̋FRQVWUXFWL

 ̋  ̋ÏÊÏ

$SSHQGL[ ̋%Ô ̋ ̋'DWD ̋&ODVVLILFDWLRQ ̋+LHUDUFKLHV ̋IRU ̋WKH

&RPPHUFLDOÓ,QVWLWXWLRQDO ̋6HFWRU

7KLV ̋DSSHQGL[ ̋LQFOXGHV ̋WZR ̋GDWD ̋FODVVLILFDWLRQ ̋KLHUDUFKLHV ̋IRU ̋WKH ̋FRPPHUFLDOÓLQVWLWXWLRQDO

VHFWRUÔ ̋  ̋ %RWK ̋ KLHUDUFKLHV ̋ DUH ̋ RUJDQL]HG ̋ DURXQG ̋ D ̋ PRGLILHG ̋ YHUVLRQ ̋ RI ̋ WKH ̋ &RQVWUXFWLRQ

,QGXVWU\ ̋ ,QVWLWXWH ̋ ı&,,Ù ̋ V\VWHP ̋ IRU ̋ FODVVLI\LQJ ̋ SURMHFW ̋ DFWLYLWLHV ̋LQWR ̋ SKDVHV ̋ ıVHH ̋ 6HFWLRQ

ÍÔÈ ̋ IRU ̋ D ̋ GHVFULSWLRQ ̋ RI ̋ WKH ̋ &,, ̋ V\VWHP ̋ DQG ̋ IRU ̋ WKH ̋ GHILQLWLRQV ̋ RI ̋ HDFK ̋ &,, ̋ SKDVHÙÔ

0RGLILFDWLRQV ̋WR ̋WKH ̋&,, ̋V\VWHPÒ ̋LQFOXGLQJ ̋DQ\ ̋FKDQJHV ̋LQ ̋SKDVH ̋GHILQLWLRQVÒ ̋DUH ̋GLVFXVVHG

LQ ̋ GHWDLO ̋ LQ ̋ &KDSWHU ̋ ÈÔ ̋  ̋ 7KH ̋ ILUVW ̋ KLHUDUFK\ ̋ FRYHUV ̋ WKH ̋ SUHðSURMHFW ̋ SODQQLQJ ̋ DQG ̋ GHVLJQ

SKDVHVÔ ̋ ̋7KH ̋VHFRQG ̋KLHUDUFK\ ̋FRYHUV ̋WKH ̋WHQGHUÒ ̋FRQVWUXFWLRQÒ ̋DQG ̋FRPPLVVLRQLQJ ̋SKDVHVÔ

7KH ̋WZRðVWDJH ̋ SURFHVV ̋WKURXJK ̋ZKLFK ̋WKHVH ̋ KLHUDUFKLHV ̋ZHUH ̋ GHYHORSHG ̋DQG ̋PRGLILHG ̋LV

GHVFULEHG ̋LQ ̋GHWDLO ̋LQ ̋&KDSWHU ̋ÈÔ ̋ ̋$ ̋EULHI ̋GHVFULSWLRQ ̋RI ̋WKH ̋SURFHVV ̋LV ̋DV ̋IROORZVÔ ̋ ̋)LUVWÒ ̋D

VHULHV ̋RI ̋¶LGHDOL]HGß ̋LQGXVWU\ ̋RULHQWHG ̋KLHUDUFKLHV ̋ZHUH ̋SURGXFHGÔ ̋ ̋7KH ̋SXUSRVH ̋RI ̋WKHVH

¶LGHDOL]HGß ̋ KLHUDUFKLHV ̋LV ̋WR ̋ VRUW ̋ GDWD ̋LQWR ̋ UHOHYDQW ̋ FDWHJRULHVÒ ̋WR ̋ SULRULWL]H ̋ GDWDÒ ̋ DQG ̋WR

HVWDEOLVK ̋GDWD ̋OLQNDJHVÔ ̋ ̋6HFRQGÒ ̋DV ̋WKH ̋GDWD ̋FROOHFWLRQ ̋HIIRUW ̋SURJUHVVHGÒ ̋WKHVH ̋¶LGHDOL]HGß

KLHUDUFKLHV ̋ ZHUH ̋ PRGLILHGÔ ̋  ̋ 7KH ̋ UHVXOWDQW ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFKLHV ̋ UHSUHVHQW ̋ WKH

PRGLILFDWLRQ ̋ RI ̋ WKH ̋ ¶LGHDOL]HGß ̋ KLHUDUFKLHV ̋ WR ̋ UHIOHFW ̋ GDWD ̋ DYDLODELOLW\ ̋ DQG ̋ RWKHU

FRQVWUDLQWVÔ ̋  ̋ 7KH ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFKLHV ̋ FRUUHVSRQG ̋ WR ̋ FDVHV ̋ IRU ̋ ZKLFK ̋ GDWD ̋ ZHUH

FROOHFWHG ̋DQG ̋ZKLFK ̋DUH ̋VXPPDUL]HG ̋LQ ̋&KDSWHU ̋ÁÔ
ÏÊÎ

1 $ 7 ,2 1 $ /  ̋& 2 1 6 7 5 8 & 7 ,2 1  ̋* 2 $ /  ̋Ï  ̋ð ̋Ë Ì  ̄  ̋5 ( ' 8 & 7 ,2 1  ̋,1  ̋' ( / ,9 ( 5 <  ̋7 ,0 (  ̋) 2 5  ̋3 5 2 - ( & 7 6  ̋ð ̋) $ & 7 2 5 6  ̋,1 

& 2 0 0 ( 5 & ,$ / Ó,1 6 7 ,7 8 7 ,2 1 $ /  ̋6 ( & 7 2 5

3 5 ( ð3 5 2 -( & 7  ̋3 / $ 1 1 ,1 * ' ( 6 ,* 1

& R Q F H S WX D O ̋' H V LJ Q 3 UH OLP LQ D U\  ̋' H V LJ Q 

% H V W ̋3 UD F WLF H V  ̋ıD S S OLF D E OH  ̋WK UR X J K R X W ̋D OO ̋S K D V H V Ù„ð % H V W ̋3 UD F WLF H V „ðÛ& OH D U ̋% ULHI ̋D Q G ̋3 UR J UDP P H ̋RI ̋,P S OHP H QWDWLR Q Û% X LOG D E LOLW\ ̋& R Q VLG H UH GÛ* R R G ̋WH DP  ̋FRP P X Q LFDWLR Q V ̋D Q G ̋F R R S H UDWLR Q Û6 WD Q G D UG LVDWLR Q ̋Z K H UH ̋S R VVLE OHÛ6 XIILF LH QW ̋WH FK Q LFD O ̋ D Q G ̋FR Q VWUX FWLR Q ̋H [ S H UWLVH Û0 R G X OD ULVDWLR Q ̋ ̃  ̋3 UH ðID E ULF DWLR QÛ/ R Z  ̋S UR MH FW ̋WH DP  ̋WX UQ R Y H U Û0 LQ LP LVH ̋VLWH ̋MR LQWLQ JÓZ H OG LQ JÛ& RP P LWWP H QW ̋RI ̋D OO ̋S D UWLH V ̋WR ̋E H VW ̋S UD FWLF H V Û( D UO\ ̋LQ Y R OY HP H QW ̋RI ̋FR QWUD FWR UÛ6 XIILF LH QW ̋IX Q G LQ J ̋S UR Y LG H G ̋E \ ̋R Z Q H U Û,Q Q R Y DWLR QÛ) OH [ LE OH ̋IH H ̋D UUD Q J HP H Q WV Û& R Q VLG H UDWLR Q ̋RI ̋F R Q VWUX FWLR Q ̋LQ ̋D G Y H UVH ̋Z H DWK H UÛ8 VH ̋RI ̋D G Y D Q F H G ̋LQIR UP DWLR Q ̋WH FK Q R OR J \ Û' H VLJ Q ̋ILW ̋IR U ̋S X US R VH ̋D Q G ̋D V ̋VLP S OH ̋D V ̋S R VVLE OHÛ( D UO\ ̋FR QWUD FWR U ̋LQ Y R OY HP H QW Û8 VH ̋RI ̋K LJ K ̋WH F K Q R OR J \Û4 $  ̋V\ VWHP V ̋LQ ̋S OD FH

$ GHTXDWH ̋

' H VNWR SÓ/ LWH UDWX UH ̋ ̃  ̋

6 LWH ̋7 R S R J UD S K LF ̋

* H RWH F K Q LF D O ̋D Q G ̋

6 WDWX WR U\ ̋$ XWK R ULW\ ̋

6 HD UFKHV

3 OD Q Q LQ JÒ ̋/ H J LVODWLY H ̋

D Q G ̋( Q Y LUR QP H QWD O ̋

,VVXH V ̋$ GG UH VVHG

5 LVN ̋$ VVH VVP H QW 9 D OX H ̋( Q J LQ H H ULQ J 

5 LVN ̋$ VVH VVP HQW ̋

ı) LQ D Q F LD OÒ ̋

& R QWUD FWX D OÒ ̋

3 URIH VVLR Q D OÒ ̋+  ̃ 6 Ò ̋

( Q Y LUR QP H QWD OÙ

$ OO ̋3 K D VH V ̋& R Q VLG H UH G  ̋

ı& R Q VWUX FWLR QÒ ̋

0 D LQWH Q D Q F HÒ ̋

0 R G LILF DWLR QÒ ̋

' H F RP P LVVLR Q LQ J Ù

2 Z Q H U ̋,Q Y R OY H P H QW 

) H D VLE LOLW\ ̋5 H S R UW ' H VLJ Q ̋% D VLV ̋0 HWK R G ̋ RI ̋( UH FWLR Q & R VW ̋( VWLP DWLR Q ̋D Q G ̋ & KDQJH ̋& RQWURO

3 UH OLP LQ D U\ ̋& R VW ̋

3 OD Q

) OH [ LE LOLW\ ̋RI ̋

& R Q VWUX FWLR Q ̋S UR F H VV

' HILQ LWLR Q V„ð ı ̋D ̋Ù 7 K UH H ̋S ULP D U\ ̋FR Q VWUX FWLR Q ̋F DWH J R ULH V ̋D UH ̋Q H Z  ̋E X LOGÒ ̋D G G LWLR QÓH [ WH Q VLR QÒ ̋D Q G ̋P R G H UQ LVDWLR Q

ı ̋E ̋Ù ' H OLY H U\ ̋7 LP H ̋LV ̋WD N H Q ̋D V ̋WLP H ̋IURP  ̋F RP P H Q F HP H QW ̋RI ̋G H VLJ Q ̋S K D VH

ı ̋F ̋Ù % X LOG LQ J V ̋D UH ̋J UR X S H G ̋D F FR UG LQ J ̋WR ̋VL] HÒ ̋F R VWÒ ̋J H R J UD S K LF ̋D UH D ̋D Q G ̋W\S HÔ

ı ̋G ̋Ù % X LOG LQ J ̋W\S H V ̋D UH ̋$ VVHP E O\Ò ̋( G X FDWLR QÒ ̋) R R G ̋6 D OH VÒ ̋) R R G  ̋6 H UY LFHÒ ̋+ H D OWK ̋& D UHÒ ̋/ D E R UDWR U\Ò

/ R G J LQ J Ò ̋0 H UFD QWLOH ̋D Q G ̋6 H UY LF HÒ ̋2 IILFHÒ ̋3 X E OLF ̋2 UG H UÒ ̋6 N LOOH G ̋1 X UVLQ JÒ ̋: D UH K R X VH ̋D Q G ̋2 WK H 
ÏÊÍ

1$7,21$/ ̋&216758&7,21 ̋*2$/ ̋Ï ̋ð ̋ËÌ ̄ ̋5('8&7,21 ̋,1 ̋'(/,9(5< ̋7,0( ̋)25 ̋352-(&76 ̋ð ̋)$&7256 ̋,1)/8(1&,1

&200(5&,$/Ó,167,787,21$/ ̋6(&725

7(1'(5 ̋ı1RWH„ ̋PD\ ̋EH ̋EHIRUH ̋ˆ'HVLJQˆ ̋3KDVH ̋ZKHUH ̋' ̃% ̋XVHGÙ &216758&7,21 

%HVW ̋3UDFWLFHV„ð %HVW ̋3UDFWLFHV„ð

2ZQHU ̋,QVS

Û1RQðDGYHUVDULDO ̋&RQWUDFW Û6XIILFLHQF\ ̋RI ̋WHQGHU Û&OHDU ̋DOORFDWLRQ ̋RI ̋ULVN Û&RQFXUUHQW ̋VHTXHQFLQJ ̋RI ̋VLWH ̋DFWLYLWLHV Û0HWKRG ̋ ̋IRU ̋HDUO\ ̋QRWLILFDWLRQ ̋RI ̋FODLPV Û(IILFLHQW ̋PDWHULDOV ̋DKQGOLQJ ̋SURFHGXUHV ̋ı-,7ÙÛ,QFHQWLYH ̋FODXVHV Û6WDQGDUGLVDWLRQ ̋ZKHUHYHU ̋SRVVLEOHÛ1RPLQDWHG ̋VXEðFRQWUDFWRUV Û0RGXODULVDWLRQ ̋DQG ̋2IIðVLWH ̋)DEULFDWLRQ

Û$GHTXDWH ̋DQG ̋VXIILFLHQWO\ ̋H[SHULHQFHG ̋VLWH ̋VWDII 5Hð:RÛ+DUPRQLRXV ̋UHODWLRQVKLS ̋ZLWK ̋RZQHU ̋DQG ̋GHVLJQHUÛ(DUO\ ̋QRWLILFDWLRQ ̋RI ̋FODLPVÓVSHHG\ ̋UHVROXWLRQÛ(IIHFWLYH ̋&KDQJH ̋2UGHU ̋PDQDJHPHQW

%DVLV ̋RI ̋

3D\PHQW

1XPEHU ̋RI ̋

7HQGHUHUV

&RQWUDFWRU ̋

'HVLJQHG ̋(OHPHQWV

(QDEOLQJ ̋:RUNV ̋

3URJUDPPH 6XEFRQWUDFW ̋RU ̋,QðKRXVH"

7HQGHU ̋HYDOXDWLRQ ̋DQG ̋$ZDUG 0HWKRGV ̋RI ̋ :RUNLQJ

6LWH ̋$FFHVV ̋

'UDLQDJH ̋ ̋DQG ̋

7HPSRUDU\ ̋

:RUNV

5HðZRUN

8QIRUVHHQ ̋

*URXQG ̋

&RQGLWLRQV ̋RU ̋

2EVWUXFWLRQV

(QYLURQPHQW ̋

DQG ̋6DIHW\

4$ ̋DQG ̋

4&

)OH[LELOLW\ ̋RI ̋

&RQVWUXFWLRQ ̋

3URJUDPPH

'HILQLWLRQV„ð ı ̋D ̋Ù 7KUHH ̋SULPDU\ ̋FRQVWUXFWLRQ ̋FDWHJRULHV ̋DUH ̋QHZ ̋EXLOGÒ ̋DGGLWLRQÓH[WHQVLRQÒ ̋DQG ̋PRGHUQLVDWLRQ

ı ̋E ̋Ù 'HOLYHU\ ̋7LPH ̋LV ̋WDNHQ ̋DV ̋WLPH ̋IURP ̋FRPPHQFHPHQW ̋RI ̋GHVLJQ ̋SKDVH

ı ̋F ̋Ù %XLOGLQJV ̋DUH ̋JURXSHG ̋DFFRUGLQJ ̋WR ̋VL]HÒ ̋FRVWÒ ̋JHRJUDSKLF ̋DUHD ̋DQG ̋W\SHÔ

ı ̋G ̋Ù %XLOGLQJ ̋W\SHV ̋DUH ̋$VVHPEO\Ò ̋(GXFDWLRQÒ ̋)RRG ̋6DOHVÒ ̋)RRG ̋6HUYLFHÒ ̋+HDOWK ̋&DUHÒ ̋/DERUDWRU\Ò ̋

/RGJLQJÒ ̋0HUFDQWLOH ̋DQG ̋6HUYLFHÒ ̋2IILFHÒ ̋3XEOLF ̋2UGHUÒ ̋6NLOOHG ̋1XUVLQJÒ ̋:DUHKRXVH ̋DQG ̋2WKHU

 ̋  ̋ÏÊË

$SSHQGL[ ̋&Ô ̋ ̋'DWD ̋&ODVVLILFDWLRQ ̋+LHUDUFKLHV ̋IRU ̋WKH ̋,QGXVWULDO ̋6HFWRU

7KLV ̋DSSHQGL[ ̋LQFOXGHV ̋WZR ̋GDWD ̋FODVVLILFDWLRQ ̋KLHUDUFKLHV ̋IRU ̋WKH ̋LQGXVWULDO ̋VHFWRUÔ ̋ ̋%RWK

KLHUDUFKLHV ̋DUH ̋RUJDQL]HG ̋DURXQG ̋D ̋PRGLILHG ̋YHUVLRQ ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWH

ı&,,Ù ̋V\VWHP ̋IRU ̋FODVVLI\LQJ ̋SURMHFW ̋DFWLYLWLHV ̋LQWR ̋SKDVHV ̋ıVHH ̋6HFWLRQ ̋ÍÔÈ ̋IRU ̋D ̋GHVFULSWLRQ

RI ̋WKH ̋&,, ̋ V\VWHP ̋ DQG ̋ IRU ̋WKH ̋ GHILQLWLRQV ̋ RI ̋ HDFK ̋&,, ̋ SKDVHÙÔ ̋  ̋0RGLILFDWLRQV ̋ WR ̋ WKH ̋ &,,

V\VWHPÒ ̋LQFOXGLQJ ̋DQ\ ̋FKDQJHV ̋LQ ̋SKDVH ̋GHILQLWLRQVÒ ̋DUH ̋GLVFXVVHG ̋LQ ̋GHWDLO ̋LQ ̋&KDSWHU ̋ÈÔ

7KH ̋ ILUVW ̋ KLHUDUFK\ ̋ FRYHUV ̋ WKH ̋ SUHðSURMHFW ̋ SODQQLQJÒ ̋ GHVLJQÒ ̋ DQG ̋ WHQGHU ̋ SKDVHVÔ ̋  ̋ 7KH

VHFRQG ̋KLHUDUFK\ ̋FRYHUV ̋WKH ̋FRQVWUXFWLRQÒ ̋SURFXUHPHQWÒ ̋DQG ̋VWDUW ̋XS ̋SKDVHVÔ

7KH ̋WZRðVWDJH ̋ SURFHVV ̋WKURXJK ̋ZKLFK ̋WKHVH ̋ KLHUDUFKLHV ̋ZHUH ̋ GHYHORSHG ̋DQG ̋PRGLILHG ̋LV

GHVFULEHG ̋LQ ̋GHWDLO ̋LQ ̋&KDSWHU ̋ÈÔ ̋ ̋$ ̋EULHI ̋GHVFULSWLRQ ̋RI ̋WKH ̋SURFHVV ̋LV ̋DV ̋IROORZVÔ ̋ ̋)LUVWÒ ̋D

VHULHV ̋RI ̋¶LGHDOL]HGß ̋LQGXVWU\ ̋RULHQWHG ̋KLHUDUFKLHV ̋ZHUH ̋SURGXFHGÔ ̋ ̋7KH ̋SXUSRVH ̋RI ̋WKHVH

¶LGHDOL]HGß ̋ KLHUDUFKLHV ̋LV ̋WR ̋ VRUW ̋ GDWD ̋LQWR ̋ UHOHYDQW ̋ FDWHJRULHVÒ ̋WR ̋ SULRULWL]H ̋ GDWDÒ ̋ DQG ̋WR

HVWDEOLVK ̋GDWD ̋OLQNDJHVÔ ̋ ̋6HFRQGÒ ̋DV ̋WKH ̋GDWD ̋FROOHFWLRQ ̋HIIRUW ̋SURJUHVVHGÒ ̋WKHVH ̋¶LGHDOL]HGß

KLHUDUFKLHV ̋ ZHUH ̋ PRGLILHGÔ ̋  ̋ 7KH ̋ UHVXOWDQW ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFKLHV ̋ UHSUHVHQW ̋ WKH

PRGLILFDWLRQ ̋ RI ̋ WKH ̋ ¶LGHDOL]HGß ̋ KLHUDUFKLHV ̋ WR ̋ UHIOHFW ̋ GDWD ̋ DYDLODELOLW\ ̋ DQG ̋ RWKHU

FRQVWUDLQWVÔ ̋  ̋ 7KH ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFKLHV ̋ FRUUHVSRQG ̋ WR ̋ FDVHV ̋ IRU ̋ ZKLFK ̋ GDWD ̋ ZHUH

FROOHFWHG ̋DQG ̋ZKLFK ̋DUH ̋VXPPDUL]HG ̋LQ ̋&KDSWHU ̋ÁÔ
ÏÊÁ

1$7,21$/ ̋&216758&7,21 ̋*2$/ ̋Ï ̋ð ̋ËÌ ̄ ̋5('8&7,21 ̋,1 ̋'(/,9(5< ̋7,0( ̋)25 ̋352-(&76 ̋ð ̋)$&7256 ̋,1)/8(1&,1

,1'8675,$/ ̋6(&725

35(ð352-(&7 ̋3/$11,1* '(6,*1 7(1'(5 ̋ı1RWH„ ̋PD\ ̋EH ̋EHIR

&RQFHSWXDO ̋'HVLJQ 3UHOLPLQDU\ ̋'HVLJQ 'HWDLOHG ̋'HVLJQ

%HVW ̋3UDFWLFHV ̋ıDSSOLFDEOH ̋WKURXJKRXW ̋DOO ̋SKDVHVÙ„ð %HVW ̋3UDFWLFHV„ð %HVW ̋3UDFWLFHV„ðÛ&OHDU ̋%ULHI ̋DQG ̋3URJUDPPH ̋RI ̋,PSOHPHQWDWLRQ Û%XLOGDELOLW\ ̋&RQVLGHUHG Û1RQðDGYHUVDULDO ̋&RQWUDFWÛ*RRG ̋WHDP ̋FRPPXQLFDWLRQV ̋DQG ̋FRRSHUDWLRQ Û6WDQGDUGLVDWLRQ ̋ZKHUH ̋SRVVLEOH Û&OHDU ̋DOORFDWLRQ ̋RI ̋ULVNÛ6XIILFLHQW ̋WHFKQLFDO ̋DQG ̋FRQVWUXFWLRQ ̋H[SHUWLVH Û0RGXODULVDWLRQ ̋ ̃ ̋3UHðIDEULFDWLRQ Û0HWKRG ̋ ̋IRU ̋HDUO\ ̋QRWLILFDWLRQ ̋Û/RZ ̋SURMHFW ̋WHDP ̋WXUQRYHU Û0LQLP LVH ̋VLWH ̋MRLQWLQJÓZHOGLQJ Û,QFHQWLYH ̋FODXVHVÛ&RPPLWWPHQW ̋RI ̋DOO ̋SDUWLHV ̋WR ̋EHVW ̋SUDFWLFHV Û(DUO\ ̋LQYROYHPHQW ̋RI ̋FRQWUDFWRU Û1RPLQDWHG ̋VXEðFRQWUDFWRUVÛ6XIILFLHQW ̋IXQGLQJ ̋SURYLGHG ̋E\ ̋RZQHU Û,QQRYDWLRQÛ)OH[LEOH ̋IHH ̋DUUDQJHPHQWV Û&RQVLGHUDWLRQ ̋RI ̋FRQVWUXFWLRQ ̋LQ ̋DGYHUVH ̋ZHDWKHUÛ8VH ̋RI ̋DGYDQFHG ̋LQIRUPDWLRQ ̋WHFKQRORJ\ Û'HVLJQ ̋ILW ̋IRU ̋SXUSRVH ̋DQG ̋DV ̋VLPSOH ̋DV ̋SRVVLEOHÛ(DUO\ ̋FRQWUDFWRU ̋LQYROYHPHQW Û8VH ̋RI ̋KLJK ̋WHFKQRORJ\Û4$ ̋V\VWHPV ̋LQ ̋SODFH

$GHTXDWH ̋

'HVNWRSÓ/LWHUDWXUH ̋ ̃ ̋

6LWH ̋7RSRJUDSKLF ̋

*HRWHFKQLFDO ̋DQG ̋

6WDWXWRU\ ̋$XWKRULW\ ̋

6HDUFKHV

3ODQQLQJÒ ̋

/HJLVODWLYH ̋

DQG ̋

(QYLURQPHQWDO ̋

,VVXHV ̋

$GGUHVVHG

5LVN ̋$VVHVVPHQW 9DOXH ̋(QJLQHHULQJ

3ODQQLQJ ̋DQG ̋

%XLOGLQJ ̋

5HJXODWLRQV

%DVLV ̋RI ̋

3D\PHQW

1XPEHU ̋RI ̋

7HQGHUHUV

5LVN ̋$VVHVVPHQW ̋

ı)LQDQFLDOÒ ̋

&RQWUDFWXDOÒ ̋

3URIHVVLRQDOÒ ̋

+ ̃6Ò ̋

(QYLURQPHQWDOÙ

$OO ̋3KDVHV ̋

&RQVLGHUHG ̋

ı&RQVWUXFWLRQÒ ̋

0DLQWHQDQFHÒ ̋

0RGLILFDWLRQÒ ̋

'HFRPPLVVLRQLQJÙ

2ZQHU ̋,QYROYHPHQW /D\ðGRZQÓ6LWH ̋ 2IILFH ̋DUHDV ̋HWF 7HQGHU ̋HYDOX

)HDVLELOLW\ ̋

5HSRUW

'HVLJQ ̋%DVLV ̋

0HWKRG ̋RI ̋(UHFWLRQ

&RVW ̋(VWLPDWLRQ ̋

DQG ̋&KDQJH ̋&RQWURO

3UHOLPLQDU\ ̋&RVW ̋

3ODQ

)OH[LELOLW\ ̋RI ̋

&RQVWUXFWLRQ ̋

SURFHVV

'HILQLWLRQV„ð ı ̋D ̋Ù 7KUHH ̋SULPDU\ ̋FRQVWUXFWLRQ ̋FDWHJRULHV ̋DUH ̋QHZ ̋EXLOGÒ ̋DGGLWLRQÓH[WHQVLRQÒ ̋DQG ̋PRGHUQLVDWLRQ

ı ̋E ̋Ù 'HOLYHU\ ̋7LPH ̋LV ̋WDNHQ ̋DV ̋WLPH ̋IURP ̋FRPPHQFHPHQW ̋RI ̋GHVLJQ ̋SKDVH

ı ̋F ̋Ù 3URMHFWV ̋DUH ̋JURXSHG ̋DFFRUGLQJ ̋WR ̋VL]HÒ ̋FRVWÒ ̋JHRJUDSKLF ̋DUHD ̋DQG ̋W\SHÔ
ÏÊÊ

1$7,21$/ ̋&216758&7,21 ̋*2$/ ̋Ï ̋ð ̋ËÌ ̄ ̋5('8&7,21 ̋,1 ̋'(/,9(5< ̋7,0( ̋)25 ̋352-(&76 ̋ð ̋)$&7256 ̋,1)/8(1&,

,1'8675,$/ ̋6(&725

&216758&7,21 352&85(0(17 ̋ıE\ ̋0DLQ ̋&RQWUDFWRUÙ 6

%HVW ̋3UDFWLFHV„ð %HVW ̋3UDFWLFHV„ð

)LQDO ̋LQVWDOODWLRQ ̋RI ̋6

F

Û6XIILFLHQF\ ̋RI ̋WHQGHU Û&OHDU ̋SURFXUHPHQW ̋SODQ 3URYLVLRQ ̋RI ̋$VðEXLOW ̋'

Û&RQFXUUHQW ̋VHTXHQFLQJ ̋RI ̋VLWH ̋DFWLYLWLHV Û6SHFLDO ̋UHTXLUHPHQWV ̋DQG ̋VSHFLDOLVW ̋FRQWUDFWRUV ̋LGHQWLILHGÛ(IILFLHQW ̋PDWHULDOV ̋DKQGOLQJ ̋SURFHGXUHV ̋ı-,7Ù Û7HDP ̋PHPEHU ̋UHVSRQVLELOLWLHV ̋FRPPXQLFDWHGÛ6WDQGDUGLVDWLRQ ̋ZKHUHYHU ̋SRVVLEOH Û0DWHULDOV ̋DYDLODELOLW\Ò ̋OHDG ̋LQ ̋WLPHV ̋DQG ̋SULFH ̋FRQILUPHGÛ0RGXODULVDWLRQ ̋DQG ̋2IIðVLWH ̋)DEULFDWLRQ Û7UDGH ̋VNLOOV ̋UHTXLUHG ̋RQ ̋VLWH ̋DVVHVVHGÛ$GHTXDWH ̋DQG ̋VXIILFLHQWO\ ̋H[SHULHQFHG ̋VLWH ̋VWDII Û3RWHQWLDO ̋VWRUDJHÓDFFHVVÓOD\GRZQ ̋SUREOHP V ̋DVVHVVHGÛ+DUPRQLRXV ̋UHODWLRQVKLS ̋ZLWK ̋RZQHU ̋DQG ̋GHVLJQHU Û7HVWLQJÓLQVSHFWLRQ ̋UHTXLUHPHQWV ̋FOHDUO\ ̋GRFXPHQWHG 2ZQHU ̋,QVSHFWLRQ 

Û(DUO\ ̋QRWLILFDWLRQ ̋RI ̋FODLPVÓVSHHG\ ̋UHVROXWLRQ Û'HVLJQ ̋FRPSOHWHG ̋LQ ̋WLPH ̋IRU ̋(DUO\ ̋3XUFKDVH ̋&RQWUDFWV Û(IIHFWLYH ̋&KDQJH ̋2UGHU ̋PDQDJHPHQW Û5HJXODWRU\ ̋DSSURYDOV ̋FRRUGLQDWHG 

Û6XEðFRQWUDFWRUV ̋SUHðTXDOLILHG

6XEFRQWUDFW ̋RU ̋,QðKRXVH" 6XEFRQWUDFW ̋RU ̋,QðKRXVH" 5Hð: RUN 

0HWKRGV ̋RI ̋

: RUNLQJ ̋DQG ̋

: RUN ̋

6HTXHQFH

6LWH ̋$FFHVV ̋

'UDLQDJH ̋ ̋DQG ̋

7HPSRUDU\ ̋

: RUNV

5HðZRUN 0HWKRGV ̋RI ̋ : RUNLQJ : RUN ̋ 6HTXHQFH 5HðZRUN

8QIRUVHHQ ̋

*URXQG ̋

&RQGLWLRQV ̋RU ̋

2EVWUXFWLRQV

(QYLURQPHQW ̋

DQG ̋6DIHW\

4$ ̋DQG ̋

4&

)OH[LELOLW\ ̋RI ̋

'HVLJQ ̋DQG ̋

3URJUDPPH

(DUO\ ̋$ZDUG ̋RI ̋

&RQWUDFWV 4$ ̋DQG ̋4&

)OH[LELOLW\ ̋RI ̋

&RQVWUXFWLRQ ̋

3URJUDPPH

'HILQLWLRQV„ð ı ̋D ̋Ù 7KUHH ̋SULPDU\ ̋FRQVWUXFWLRQ ̋FDWHJRULHV ̋DUH ̋QHZ ̋EXLOGÒ ̋DGGLWLRQÓH[WHQVLRQÒ ̋DQG ̋PRGHUQLVDWLRQ

ı ̋E ̋Ù 'HOLYHU\ ̋7LPH ̋LV ̋WDNHQ ̋DV ̋WLPH ̋IURP ̋FRPPHQFHPHQW ̋RI ̋GHVLJQ ̋SKDVH

ı ̋F ̋Ù 3URMHFWV ̋DUH ̋JURXSHG ̋DFFRUGLQJ ̋WR ̋VL]HÒ ̋FRVWÒ ̋JHRJUDSKLF ̋DUHD ̋DQG ̋W\SHÔ

 ̋  ̋ÏÊ‰

$SSHQGL[ ̋'Ô ̋ ̋'DWD ̋&ODVVLILFDWLRQ ̋+LHUDUFKLHV ̋IRU ̋WKH ̋3XEOLF ̋:RUNV

6HFWRU

7KLV ̋DSSHQGL[ ̋LQFOXGHV ̋WKUHH ̋ GDWD ̋FODVVLILFDWLRQ ̋ KLHUDUFKLHV ̋ IRU ̋WKH ̋ SXEOLF ̋ZRUNV ̋ VHFWRUÔ

7KH ̋ ILUVW ̋KLHUDUFK\ ̋FRYHUV ̋WKH ̋HQWLUH ̋SXEOLF ̋ZRUNV ̋ VHFWRU‚ ̋LW ̋ VHUYHV ̋WR ̋GHILQH ̋HDFK ̋RI ̋WKH

ILYH ̋ NH\ ̋ VXEðVHFWRUV ̋ FRYHUHG ̋ LQ ̋ WKLV ̋ GRFXPHQWÔ ̋  ̋ 7KH ̋ WZR ̋ UHPDLQLQJ ̋ KLHUDUFKLHV ̋ DUH

RUJDQL]HG ̋DURXQG ̋D ̋PRGLILHG ̋ YHUVLRQ ̋ RI ̋WKH ̋&RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ ,QVWLWXWH ̋ ı&,,Ù ̋ V\VWHP

IRU ̋FODVVLI\LQJ ̋SURMHFW ̋DFWLYLWLHV ̋LQWR ̋SKDVHV ̋ ıVHH ̋6HFWLRQ ̋ÍÔÈ ̋ IRU ̋D ̋GHVFULSWLRQ ̋RI ̋WKH ̋&,,

V\VWHP ̋ DQG ̋ IRU ̋ WKH ̋ GHILQLWLRQV ̋ RI ̋ HDFK ̋ &,, ̋ SKDVHÙÔ ̋  ̋ 0RGLILFDWLRQV ̋ WR ̋ WKH ̋ &,, ̋ V\VWHPÒ

LQFOXGLQJ ̋ DQ\ ̋ FKDQJHV ̋ LQ ̋ SKDVH ̋ GHILQLWLRQVÒ ̋ DUH ̋ GLVFXVVHG ̋ LQ ̋ GHWDLO ̋ LQ ̋ &KDSWHU ̋ ÈÔ ̋  ̋ 7KH

VHFRQG ̋ KLHUDUFK\ ̋ FRYHUV ̋WKH ̋ SUHðSURMHFW ̋ SODQQLQJÒ ̋ GHVLJQÒ ̋ DQG ̋WHQGHU ̋ SKDVHVÔ ̋ ̋7KH ̋WKLUG

KLHUDUFK\ ̋FRYHUV ̋WKH ̋FRQVWUXFWLRQÒ ̋SURFXUHPHQWÒ ̋DQG ̋VWDUW ̋XS ̋SKDVHVÔ

7KH ̋WZRðVWDJH ̋ SURFHVV ̋WKURXJK ̋ZKLFK ̋WKHVH ̋ KLHUDUFKLHV ̋ZHUH ̋ GHYHORSHG ̋DQG ̋PRGLILHG ̋LV

GHVFULEHG ̋LQ ̋GHWDLO ̋LQ ̋&KDSWHU ̋ÈÔ ̋ ̋$ ̋EULHI ̋GHVFULSWLRQ ̋RI ̋WKH ̋SURFHVV ̋LV ̋DV ̋IROORZVÔ ̋ ̋)LUVWÒ ̋D

VHULHV ̋RI ̋¶LGHDOL]HGß ̋LQGXVWU\ ̋RULHQWHG ̋KLHUDUFKLHV ̋ZHUH ̋SURGXFHGÔ ̋ ̋7KH ̋SXUSRVH ̋RI ̋WKHVH

¶LGHDOL]HGß ̋ KLHUDUFKLHV ̋LV ̋WR ̋ VRUW ̋ GDWD ̋LQWR ̋ UHOHYDQW ̋ FDWHJRULHVÒ ̋WR ̋ SULRULWL]H ̋ GDWDÒ ̋ DQG ̋WR

HVWDEOLVK ̋GDWD ̋OLQNDJHVÔ ̋ ̋6HFRQGÒ ̋DV ̋WKH ̋GDWD ̋FROOHFWLRQ ̋HIIRUW ̋SURJUHVVHGÒ ̋WKHVH ̋¶LGHDOL]HGß

KLHUDUFKLHV ̋ ZHUH ̋ PRGLILHGÔ ̋  ̋ 7KH ̋ UHVXOWDQW ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFKLHV ̋ UHSUHVHQW ̋ WKH

PRGLILFDWLRQ ̋ RI ̋ WKH ̋ ¶LGHDOL]HGß ̋ KLHUDUFKLHV ̋ WR ̋ UHIOHFW ̋ GDWD ̋ DYDLODELOLW\ ̋ DQG ̋ RWKHU

FRQVWUDLQWVÔ ̋  ̋ 7KH ̋ GDWD ̋ RULHQWHG ̋ KLHUDUFKLHV ̋ FRUUHVSRQG ̋ WR ̋ FDVHV ̋ IRU ̋ ZKLFK ̋ GDWD ̋ ZHUH

FROOHFWHG ̋DQG ̋ZKLFK ̋DUH ̋VXPPDUL]HG ̋LQ ̋&KDSWHU ̋ÁÔ
ÏÂÌ

1$7,21$/ ̋&216758&7,21 ̋*2$/ ̋Ï ̋ð ̋ËÌ ̄ ̋5('8&7,21 ̋,1 ̋'(/,9(5< ̋7,0( ̋)25 ̋352-(&76

38%/,& ̋:25.6 ̋6(&725 ̋ð ̋'(),1,7,21 ̋2) ̋68%ð6(&7256

75$163257$7,21 &20081,&$

5RDGV 5DLO :DWHU ̋ $LU &DEOLQJ ̋ 6HUYLFHV 

+LJKZD\V %ULGJHV 7UDFN ̋DQG ̋,QIUDVWUXFWXUH &DQDOV ̋DQG ̋3RUWV $LUSRUWV ̋DQG ̋,QIUDVWUXFWXUH 3XEOLF ̋RU ̋3ULYDW

6WDWH ̋DQG ̋)HGHUDO

32:(5 ̋87,/,7,(6 :$7(5 

(OHFWULF *DV &RDO 1XFOHDU 2WKHU 6XSSO\ 6WRUDJH 7UHDWPHQW

)ORRG ̋DQG ̋

6WRUP ̋:DWHU ̋

&RQWURO

*HQHUDWLQJ ̋6WDWLRQV 'LVWULEXWLRQ ̋ 6\VWHP 'DPV ̋DQG ̋ 5HVHUYRLUV )DFLOLWLHV )ORRG ̋ 'HIHQFHV 

'LVWULEXWLRQ ̋1HWZRUNVÓ6XEðVWDWLRQV +\GURðHOHFWULF ̋ 3URMHFWV 5LYHU ̋DQG ̋ &RDVWDO ̋ (QJLQHHULQJ
ÏÂÏ

1$7,21$/ ̋&216758&7,21 ̋*2$/ ̋Ï ̋ð ̋ËÌ ̄ ̋5('8&7,21 ̋,1 ̋'(/,9(5< ̋7,0( ̋)25 ̋352-(&76 ̋ð ̋)$&7256 ̋,1)/8(1&,1*

38%/,& ̋:25.6 ̋6(&725 ̋ð ̋35(ð&216758&7,21 ̋3+$6(6

35(ð352-(&7 ̋3/$11,1* '(6,*1 7(1'(5 ̋ı0D\ ̋EH ̋EHIRUH

&RQFHSWXDO ̋'HVLJQ 3UHOLPLQDU\ ̋'HVLJQ 'HWDLOHG ̋'HVLJQ

%HVW ̋3UDFWLFHV ̋ıDSSOLFDEOH ̋WKURXJKRXW ̋DOO ̋SKDVHVÙ„ð %HVW ̋3UDFWLFHV„ð %HVW ̋3UDFWLFHV„ðÛ&OHDU ̋%ULHI ̋DQG ̋3URJUDPPH ̋RI ̋,PSOHPHQWDWLRQ Û%XLOGDELOLW\ ̋&RQVLGHUHG Û1RQðDGYHUVDULDO ̋&RQWUDFWÛ*RRG ̋WHDP ̋FRPPXQLFDWLRQV ̋DQG ̋FRRSHUDWLRQ Û6WDQGDUGLVDWLRQ ̋ZKHUH ̋SRVVLEOH Û&OHDU ̋DOORFDWLRQ ̋RI ̋ULVNÛ6XIILFLHQW ̋WHFKQLFDO ̋DQG ̋FRQVWUXFWLRQ ̋H[SHUWLVH Û0RGXODULVDWLRQ ̋ ̃ ̋3UHðIDEULFDWLRQ Û0HWKRG ̋ ̋IRU ̋HDUO\ ̋QRWLILFDWÛ/RZ ̋SURMHFW ̋WHDP ̋WXUQRYHU Û0LQLPLVH ̋VLWH ̋MRLQWLQJÓZHOGLQJ Û,QFHQWLYH ̋FODXVHVÛ&RPPLWWPHQW ̋RI ̋DOO ̋SDUWLHV ̋WR ̋EHVW ̋SUDFWLFHV Û(DUO\ ̋LQYROYHPHQW ̋RI ̋FRQWUDFWRU Û1RPLQDWHG ̋VXEðFRQWUDFWRÛ6XIILFLHQW ̋IXQGLQJ ̋SURYLGHG ̋E\ ̋RZQHU Û,QQRYDWLRQÛ)OH[LEOH ̋IHH ̋DUUDQJHPHQWV Û&RQVLGHUDWLRQ ̋RI ̋FRQVWUXFWLRQ ̋LQ ̋DGYHUVH ̋ZHDWKHUÛ8VH ̋RI ̋DGYDQFHG ̋LQIRUPDWLRQ ̋WHFKQRORJ\ Û'HVLJQ ̋ILW ̋IRU ̋SXUSRVH ̋DQG ̋DV ̋VLPSOH ̋DV ̋SRVVLEOHÛ(DUO\ ̋FRQWUDFWRU ̋LQYROYHPHQW Û8VH ̋RI ̋KLJK ̋WHFKQRORJ\Û4$ ̋V\VWHPV ̋LQ ̋SODFH

$GHTXDWH ̋

'HVNWRSÓ/LWHUDWXUHÓ6LWH ̋

7RSRJUDSKLF ̋*HRWHFKQLFDO ̋DQG ̋

6WDWXWRU\ ̋$XWKRULW\ ̋6HDUFKHV

3ODQQLQJÒ ̋

/HJLVODWLYH ̋DQG ̋

(QYLURQPHQWDO ̋

,VVXHV ̋

$GGUHVVHG

5LVN ̋$VVHVVPHQW 9DOXH ̋(QJLQHHULQJ

3ODQQLQJ ̋DQG ̋

%XLOGLQJ ̋

5HJXODWLRQV

%DVLV ̋RI ̋

3D\PHQW

1XPEHU ̋RI ̋

7HQGHUHUV

5LVN ̋$VVHVVPHQW ̋

ı)LQDQFLDOÒ ̋

&RQWUDFWXDOÒ ̋

3URIHVVLRQDOÒ ̋+ ̃6Ò ̋

(QYLURQPHQWDOÙ

$OO ̋3KDVHV ̋

&RQVLGHUHG ̋

ı&RQVWUXFWLRQÒ ̋

0DLQWHQDQFHÒ ̋

0RGLILFDWLRQÒ ̋

'HFRPPLVVLRQLQJÙ

2ZQHU ̋,QYROYHPHQW /D\ðGRZQÓ6LWH ̋ 2IILFH ̋DUHDV ̋HWF 7HQGHU ̋HYD

)HDVLELOLW\ ̋5HSRUW 3UHOLPLQDU\ ̋ &RVW ̋3ODQ 'HVLJQ ̋%DVLV ̋0HWKRG ̋ RI ̋(UHFWLRQ &RVW ̋(VWLPDWLRQ ̋DQG ̋ &KDQJH ̋&RQWURO )OH[LELOLW\ ̋RI ̋ &RQVWUXFWLRQ ̋ SURFHVV

'HILQLWLRQV„ð ı ̋D ̋Ù 7KUHH ̋SULPDU\ ̋FRQVWUXFWLRQ ̋FDWHJRULHV ̋DUH ̋QHZ ̋EXLOGÒ ̋DGGLWLRQÓH[WHQVLRQÒ ̋DQG ̋PRGHUQLVDWLRQ

ı ̋E ̋Ù 'HOLYHU\ ̋7LPH ̋LV ̋WDNHQ ̋DV ̋WLPH ̋IURP ̋FRPPHQFHPHQW ̋RI ̋GHVLJQ ̋SKDVH

ı ̋F ̋Ù 3URMHFWV ̋DUH ̋JURXSHG ̋DFFRUGLQJ ̋WR ̋VL]HÒ ̋FRVWÒ ̋JHRJUDSKLF ̋DUHD ̋DQG ̋W\SHÔ

ı ̋G ̋Ù 3URMHFW ̋W\SHV ̋DUH ̋7UDQVSRUWDWLRQÒ ̋&RPPXQLFDWLRQVÒ ̋3RZHU ̋8WLOLWLHVÒ ̋:DWHU ̋DQG ̋6ROLG ̋:DVWH
ÏÂÎ

1$7,21$/ ̋&216758&7,21 ̋*2$/ ̋Ï ̋ð ̋ËÌ ̄ ̋5('8&7,21 ̋,1 ̋'(/,9(5< ̋7,0( ̋)25 ̋352-(&76 ̋ð ̋)$&7256 ̋,1)/8(1&,1

38%/,& ̋:25.6 ̋6(&725 ̋ð ̋&216758&7,21 ̋$1' ̋3267ð&216758&7,21 ̋3+$6(6

&216758&7,21 352&85(0(17 ̋ıE\ ̋0DLQ ̋&RQWUDFWRUÙ 

%HVW ̋3UDFWLFHV„ð %HVW ̋3UDFWLFHV„ð

)LQDO ̋LQVWDOODWLRQ ̋RI ̋6

F

Û6XIILFLHQF\ ̋RI ̋WHQGHU Û&OHDU ̋SURFXUHPHQW ̋SODQ 3URYLVLRQ ̋RI ̋$VðEXLOW ̋

Û&RQFXUUHQW ̋VHTXHQFLQJ ̋RI ̋VLWH ̋DFWLYLWLHV Û6SHFLDO ̋UHTXLUHPHQWV ̋DQG ̋VSHFLDOLVW ̋FRQWUDFWRUV ̋LGHQWLILHGÛ(IILFLHQW ̋PDWHULDOV ̋DKQGOLQJ ̋SURFHGXUHV ̋ı-,7Ù Û7HDP ̋PHPEHU ̋UHVSRQVLELOLWLHV ̋FRPPXQLFDWHGÛ6WDQGDUGLVDWLRQ ̋ZKHUHYHU ̋SRVVLEOH Û0DWHULDOV ̋DYDLODELOLW\Ò ̋OHDG ̋LQ ̋WLPHV ̋DQG ̋SULFH ̋FRQILUPHGÛ0RGXODULVDWLRQ ̋DQG ̋2IIðVLWH ̋)DEULFDWLRQ Û7UDGH ̋VNLOOV ̋UHTXLUHG ̋RQ ̋VLWH ̋DVVHVVHGÛ$GHTXDWH ̋DQG ̋VXIILFLHQWO\ ̋H[SHULHQFHG ̋VLWH ̋VWDII Û3RWHQWLDO ̋VWRUDJHÓDFFHVVÓOD\GRZQ ̋SUREOHPV ̋DVVHVVHGÛ+DUPRQLRXV ̋UHODWLRQVKLS ̋ZLWK ̋RZQHU ̋DQG ̋GHVLJQHU Û7HVWLQJÓLQVSHFWLRQ ̋UHTXLUHPHQWV ̋FOHDUO\ ̋GRFXPHQWHG 2ZQHU ̋,QVSHFWLRQ Û(DUO\ ̋QRWLILFDWLRQ ̋RI ̋FODLPVÓVSHHG\ ̋UHVROXWLRQ Û'HVLJQ ̋FRPSOHWHG ̋LQ ̋WLPH ̋IRU ̋(DUO\ ̋3XUFKDVH ̋&RQWUDFWV Û(IIHFWLYH ̋&KDQJH ̋2UGHU ̋PDQDJHPHQW Û5HJXODWRU\ ̋DSSURYDOV ̋FRRUGLQDWHG 

Û6XEðFRQWUDFWRUV ̋SUHðTXDOLILHG

6XEFRQWUDFW ̋RU ̋,QðKRXVH" 6XEFRQWUDFW ̋RU ̋,QðKRXVH" 5Hð:RUN 

0HWKRGV ̋RI ̋

:RUNLQJ ̋DQG ̋

:RUN ̋6HTXHQFH

6LWH ̋$FFHVV ̋

'UDLQDJH ̋ ̋DQG ̋

7HPSRUDU\ ̋

:RUNV

5HðZRUN 0HWKRGV ̋RI ̋ :RUNLQJ :RUN ̋ 6HTXHQFH 5HðZRUN

8QIRUVHHQ ̋

*URXQG ̋

&RQGLWLRQV ̋RU ̋

2EVWUXFWLRQV

(QYLURQPHQW ̋

DQG ̋6DIHW\

4$ ̋DQG ̋

4&

)OH[LELOLW\ ̋RI ̋

'HVLJQ ̋DQG ̋

3URJUDPPH

(DUO\ ̋$ZDUG ̋RI ̋

&RQWUDFWV 4$ ̋DQG ̋4&

)OH[LELOLW\ ̋RI ̋

&RQVWUXFWLRQ ̋

3URJUDPPH

'HILQLWLRQV„ð ı ̋D ̋Ù 7KUHH ̋SULPDU\ ̋FRQVWUXFWLRQ ̋FDWHJRULHV ̋DUH ̋QHZ ̋EXLOGÒ ̋DGGLWLRQÓH[WHQVLRQÒ ̋DQG ̋PRGHUQLVDWLRQ

ı ̋E ̋Ù 'HOLYHU\ ̋7LPH ̋LV ̋WDNHQ ̋DV ̋WLPH ̋IURP ̋FRPPHQFHPHQW ̋RI ̋GHVLJQ ̋SKDVH

ı ̋F ̋Ù 3URMHFWV ̋DUH ̋JURXSHG ̋DFFRUGLQJ ̋WR ̋VL]HÒ ̋FRVWÒ ̋JHRJUDSKLF ̋DUHD ̋DQG ̋W\SHÔ

ı ̋G ̋Ù 3URMHFW ̋W\SHV ̋DUH ̋7UDQVSRUWDWLRQÒ ̋&RPPXQLFDWLRQVÒ ̋3RZHU ̋8WLOLWLHVÒ ̋:DWHU ̋DQG ̋6ROLG ̋:DVWH
 ̋  ̋ÏÂÍ

$SSHQGL[ ̋(Ô ̋ ̋$VVLJQPHQW ̋RI ̋6WDWHV ̋WR ̋&HQVXV ̋5HJLRQV

1257+($67 6287+

1HZ ̋(QJODQG ̋6WDWHV 6RXWK ̋$WODQWLF ̋6WDWHV

&RQQHFWLFXW 'HODZDUH

0DLQH 'LVWULFW ̋RI ̋&ROXPELD

0DVVDFKXVHWWV )ORULGD

1HZ ̋+DPSVKLUH *HRUJLD

5KRGH ̋,VODQG 0DU\ODQG

9HUPRQW 1RUWK ̋&DUROLQD

0LG ̋$WODQWLF ̋6WDWHV 6RXWK ̋&DUROLQD

1HZ ̋-HUVH\ 9LUJLQLD

1HZ ̋<RUN :HVW ̋9LUJLQLD

3HQQV\OYDQLD (DVW ̋6RXWK ̋&HQWUDO ̋6WDWHV

$ODEDPD

0,':(67 .HQWXFN\

(DVW ̋1RUWK ̋&HQWUDO ̋6WDWHV 0LVVLVVLSSL

,OOLQRLV 7HQQHVVHH

,QGLDQD :HVW ̋6RXWK ̋&HQWUDO ̋6WDWHV

0LFKLJDQ $UNDQVDV

2KLR /RXLVLDQD

:LVFRQVLQ 2NODKRPD

:HVW ̋1RUWK ̋&HQWUDO ̋6WDWHV 7H[DV

,RZD

.DQVDV :(67

0LQQHVRWD 0RXQWDLQ ̋6WDWHV

0LVVRXUL $UL]RQD

1HEUDVND &RORUDGR

1RUWK ̋'DNRWD ,GDKR

6RXWK ̋'DNRWD 0RQWDQD

1HYDGD

1HZ ̋0H[LFR

8WDK

:\RPLQJ

3DFLILF ̋6WDWHV

$ODVND

&DOLIRUQLD

+DZDLL

2UHJRQ

:DVKLQJWRQ

6RXUFH„ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

 ̋  ̋ÏÂË

$SSHQGL[ ̋)Ô ̋ ̋7ZRð'LJLW ̋6WDQGDUG ̋,QGXVWULDO ̋&ODVVLILFDWLRQ ̋ı6,&Ù ̋&RGHV

6,&

&RGH

/DEHO

ÌÏ $JULFXOWXUDO ̋SURGXFWLRQ ̋ð ̋FURSV

ÌÎ $JULFXOWXUDO ̋SURGXFWLRQ ̋OLYHVWRFN ̋DQG ̋DQLPDO ̋VSHFLDOWLHV

ÌÊ $JULFXOWXUDO ̋VHUYLFHV

ÌÂ )RUHVWU\

Ì‰ )LVKLQJÒ ̋KXQWLQJÒ ̋DQG ̋WUDSSLQJ

ÏÌ 0HWDO ̋PLQLQJ

ÏÎ &RDO ̋PLQLQJ

ÏÍ 2LO ̋DQG ̋JDV ̋H[WUDFWLRQ

ÏÈ 0LQLQJ ̋DQG ̋TXDUU\LQJ ̋RI ̋QRQPHWDOOLF ̋PLQHUDOVÒ ̋H[FHSW ̋IXHOV

ÏË %XLOGLQJ ̋FRQVWUXFWLRQ ̋ ̋ð ̋JHQHUDO ̋FRQWUDFWRUV ̋DQG ̋RSHUDWLYH ̋EXLOGHUV

ÏÁ +HDY\ ̋FRQVWUXFWLRQ ̋RWKHU ̋WKDQ ̋EXLOGLQJ ̋FRQVWUXFWLRQ ̋ð ̋FRQWUDFWRUV

ÏÊ &RQVWUXFWLRQ ̋ð ̋VSHFLDO ̋WUDGH ̋FRQWUDFWRUV

ÎÌ )RRG ̋DQG ̋NLQGUHG ̋SURGXFWV

ÎÏ 7REDFFR ̋SURGXFWV

ÎÎ 7H[WLOH ̋PLOO ̋SURGXFWV

ÎÍ $SSDUHO ̋DQG ̋RWKHU ̋ILQLVKHG ̋SURGXFWV ̋PDGH ̋IURP ̋IDEULFV ̋DQG ̋VLPLODU ̋PDWHULDOV

ÎÈ /XPEHU ̋DQG ̋ZRRG ̋SURGXFWVÒ ̋H[FHSW ̋IXUQLWXUH

ÎË )XUQLWXUH ̋DQG ̋IL[WXUHV

ÎÁ 3DSHU ̋DQG ̋DOOLHG ̋SURGXFWV

ÎÊ 3ULQWLQJÒ ̋SXEOLVKLQJÒ ̋DQG ̋DOOLHG ̋LQGXVWULHV

ÎÂ &KHPLFDOV ̋DQG ̋DOOLHG ̋SURGXFWV

Î‰ 3HWUROHXP ̋UHILQLQJ ̋DQG ̋UHODWHG ̋LQGXVWULHV

ÍÌ 5XEEHU ̋DQG ̋PLVFHOODQHRXV ̋SODVWLF ̋SURGXFWV

ÍÏ /HDWKHU ̋DQG ̋OHDWKHU ̋SURGXFWV

ÍÎ 6WRQHÒ ̋FOD\Ò ̋JODVVÒ ̋DQG ̋FRQFUHWH ̋SURGXFWV

ÍÍ 3ULPDU\ ̋PHWDO ̋LQGXVWULHV

ÍÈ )DEULFDWHG ̋PHWDO ̋SURGXFWVÒ ̋H[FHSW ̋PDFKLQHU\ ̋DQG ̋WUDQVSRUWDWLRQ ̋HTXLSPHQW

ÍË ,QGXVWULDO ̋DQG ̋FRPPHUFLDO ̋PDFKLQHU\ ̋DQG ̋FRPSXWHU ̋HTXLSPHQW

ÍÁ (OHFWURQLF ̋DQG ̋RWKHU ̋HOHFWULFDO ̋HTXLSPHQW ̋DQG ̋FRPSRQHQWVÒ ̋H[FHSW ̋FRPSXWHU

HTXLSPHQW

ÍÊ 7UDQVSRUWDWLRQ ̋HTXLSPHQW

ÍÂ 0HDVXULQJÒ ̋DQDO\]LQJÒ ̋DQG ̋FRQWUROOLQJ ̋LQVWUXPHQWV‚ ̋SKRWRJUDSKLFÒ ̋PHGLFDO ̋DQG

RSWLFDO ̋JRRGV‚ ̋ZDWFKHV ̋DQG ̋FORFNV

Í‰ 0LVFHOODQHRXV ̋PDQXIDFWXULQJ ̋LQGXVWULHV

ÈÌ 5DLOURDG ̋WUDQVSRUWDWLRQ

ÈÏ /RFDO ̋DQG ̋VXEXUEDQ ̋WUDQVLW ̋DQG ̋LQWHUXUEDQ ̋KLJKZD\ ̋SDVVHQJHU ̋WUDQVSRUWDWLRQ

ÈÎ 0RWRU ̋IUHLJKW ̋WUDQVSRUWDWLRQ ̋DQG ̋ZDUHKRXVLQJ
 ̋  ̋ÏÂÁ

ÈÍ 8QLWHG ̋6WDWHV ̋3RVWDO ̋6HUYLFH

ÈÈ :DWHU ̋WUDQVSRUWDWLRQ

ÈË 7UDQVSRUWDWLRQ ̋E\ ̋DLU

ÈÁ 3LSHOLQHVÒ ̋H[FHSW ̋QDWXUDO ̋JDV

ÈÊ 7UDQVSRUWDWLRQ ̋VHUYLFHV

ÈÂ &RPPXQLFDWLRQV

È‰ (OHFWULFÒ ̋JDVÒ ̋DQG ̋VDQLWDU\ ̋VHUYLFHV

ËÌ :KROHVDOH ̋WUDGH ̋ð ̋GXUDEOH ̋JRRGV

ËÏ :KROHVDOH ̋WUDGH ̋ð ̋QRQGXUDEOH ̋JRRGV

ËÎ %XLOGLQJ ̋PDWHULDOVÒ ̋KDUGZDUHÒ ̋JDUGHQ ̋VXSSO\Ò ̋DQG ̋PRELOH ̋KRPH ̋GHDOHUV

ËÍ *HQHUDO ̋PHUFKDQGLVH ̋VWRUHV

ËÈ )RRG ̋VWRUHV

ËË $XWRPRWLYH ̋GHDOHUV ̋DQG ̋JDVROLQH ̋VHUYLFH ̋VWDWLRQV

ËÁ $SSDUHO ̋DQG ̋DFFHVVRU\ ̋VWRUHV

ËÊ +RPH ̋IXUQLWXUHÒ ̋IXUQLVKLQJVÒ ̋DQG ̋HTXLSPHQW ̋VWRUHV

ËÂ (DWLQJ ̋DQG ̋GULQNLQJ ̋SODFHV

Ë‰ 0LVFHOODQHRXV ̋UHWDLO

ÁÌ 'HSRVLWRU\ ̋LQVWLWXWLRQV

ÁÏ 1RQGHSRVLWRU\ ̋FUHGLW ̋LQVWLWXWLRQV

ÁÎ 6HFXULW\ ̋DQG ̋FRPPRGLW\ ̋EURNHUVÒ ̋GHDOHUVÒ ̋H[FKDQJHVÒ ̋DQG ̋VHUYLFHV

ÁÍ ,QVXUDQFH ̋FDUULHUV

ÁÈ ,QVXUDQFH ̋DJHQWVÒ ̋EURNHUV ̋DQG ̋VHUYLFH

ÁË 5HDO ̋HVWDWH

ÁÊ +ROGLQJ ̋DQG ̋RWKHU ̋LQYHVWPHQW ̋RIILFHV

ÊÌ +RWHOVÒ ̋URRPLQJ ̋KRXVHVÒ ̋FDPSVÒ ̋DQG ̋RWKHU ̋ORGJLQJ ̋SODFHV

ÊÎ 3HUVRQDO ̋VHUYLFHV

ÊÍ %XVLQHVV ̋VHUYLFHV

ÊË $XWRPRWLYH ̋UHSDLUÒ ̋VHUYLFHVÒ ̋DQG ̋SDUNLQJ

ÊÁ 0LVFHOODQHRXV ̋UHSDLU ̋VHUYLFHV

ÊÂ 0RWLRQ ̋SLFWXUHV

Ê‰ $PXVHPHQW ̋DQG ̋UHFUHDWLRQ ̋VHUYLFHV

ÂÌ +HDOWK ̋VHUYLFHV

ÂÏ /HJDO ̋VHUYLFHV

ÂÎ (GXFDWLRQDO ̋VHUYLFHV

ÂÍ 6RFLDO ̋VHUYLFHV

ÂÈ 0XVHXPVÒ ̋DUW ̋JDOOHULHVÒ ̋DQG ̋ERWDQLFDO ̋DQG ̋]RRORJLFDO ̋JDUGHQV

ÂÁ 0HPEHUVKLS ̋RUJDQL]DWLRQV

ÂÊ (QJLQHHULQJÒ ̋DFFRXQWLQJÒ ̋UHVHDUFKÒ ̋PDQDJHPHQWÒ ̋DQG ̋UHODWHG ̋VHUYLFHV

ÂÂ 3ULYDWH ̋KRXVHKROGV

Â‰ 0LVFHOODQHRXV ̋VHUYLFHV
 ̋  ̋ÏÂÊ

$SSHQGL[ ̋*Ô ̋ ̋/LVW ̋RI ̋$FURQ\PV

$FURQ\P 'HILQLWLRQ

$$2 $YHUDJH ̋$FWXDO ̋2FFXSDQF\

$$5 $VVRFLDWLRQ ̋RI ̋$PHULFDQ ̋5DLOURDGV

$(5 $QQXDO ̋(QHUJ\ ̋5HYLHZ

$)8( $QQXDO ̋)XHO ̋8WLOL]DWLRQ ̋(IILFLHQF\

$+6 $PHULFDQ ̋+RXVLQJ ̋6XUYH\

$33$ 7KH ̋$VVRFLDWLRQ ̋RI ̋+LJKHU ̋(GXFDWLRQ ̋)DFLOLWLHV ̋2IILFHUV

$37$ $PHULFDQ ̋3XEOLF ̋7UDQVLW ̋$VVRFLDWLRQ

$7$ $LUOLQH ̋7UDQVSRUW ̋$VVRFLDWLRQ

%)5/ %XLOGLQJ ̋DQG ̋)LUH ̋5HVHDUFK ̋/DERUDWRU\

%20$ %XLOGLQJV ̋2ZQHUV ̋DQG ̋0DQDJHUV ̋$VVRFLDWLRQ

%76 %XUHDX ̋RI ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFV

& ̃% &RQVWUXFWLRQ ̋DQG ̋%XLOGLQJ

&%(&6 &RPPHUFLDO ̋%XLOGLQJV ̋(QHUJ\ ̋&RQVXPSWLRQ ̋6XUYH\

&&, &HQVXV ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋,QGXVWU\

&'' &RROLQJ ̋GHJUHH ̋GD\V

&6, &HQVXV ̋RI ̋6HUYLFH ̋,QGXVWULHV

'2( 'HSDUWPHQW ̋RI ̋(QHUJ\

'27 'HSDUWPHQW ̋RI ̋7UDQVSRUWDWLRQ

'60 'HPDQGð6LGH ̋0DQDJHPHQW

((5 (QHUJ\ ̋(IILFLHQF\ ̋5DWLR

(,$ (QHUJ\ ̋,QIRUPDWLRQ ̋$GPLQLVWUDWLRQ

(3$ (QYLURQPHQWDO ̋3URWHFWLRQ ̋$JHQF\

(5(1 (QHUJ\ ̋(IILFLHQF\ ̋DQG ̋5HQHZDEOH ̋(QHUJ\ ̋1HWZRUN

)$$ )HGHUDO ̋$YLDWLRQ ̋$GPLQLVWUDWLRQ

)(03 )HGHUDO ̋(QHUJ\ ̋0DQDJHPHQW ̋3URJUDP

)+:$ )HGHUDO ̋+LJKZD\ ̋$GPLQLVWUDWLRQ

)7$ )HGHUDO ̋7UDQVLW ̋$GPLQLVWUDWLRQ

)7( )XOOð7LPH ̋(TXLYDOHQW

*'3 *URVV ̋GRPHVWLF ̋SURGXFW

*6) *URVV ̋VTXDUH ̋IRRW

*60 *URVV ̋VTXDUH ̋PHWHU

+'' +HDWLQJ ̋GHJUHH ̋GD\V

+(3 +\GURðHOHFWULF ̋SRZHU

+,' +LJK ̋LQWHQVLW\ ̋GLVFKDUJH

+8' 'HSDUWPHQW ̋RI ̋+RXVLQJ ̋DQG ̋8UEDQ ̋'HYHORSPHQW

+9$& +HDWLQJÒ ̋YHQWLODWLRQ ̋DQG ̋DLU ̋FRQGLWLRQLQJ

,)0$ ,QWHUQDWLRQDO ̋)DFLOLW\ ̋0DQDJHPHQW ̋$VVRFLDWLRQ

,5(0 ,QVWLWXWH ̋RI ̋5HDO ̋(VWDWH ̋0DQDJHPHQW
 ̋  ̋ÏÂÂ

0 ̃5 0DLQWHQDQFH ̋DQG ̋5HSDLU

0$ 0HWURSROLWDQ ̋$UHDV

0$'$ 0XOWLDWWULEXWH ̋'HFLVLRQ ̋$QDO\VLV

0$5$' 0DULWLPH ̋$GPLQLVWUDWLRQ

0(&6 0DQXIDFWXULQJ ̋(QHUJ\ ̋&RQVXPSWLRQ ̋6XUYH\

0+, 0DQXIDFWXUHG ̋+RXVLQJ ̋,QVWLWXWH

1$+% 1DWLRQDO ̋$VVRFLDWLRQ ̋RI ̋+RPH ̋%XLOGHUV

1$6 1DWLRQDO ̋$LUVSDFH ̋6\VWHP

1&* 1DWLRQDO ̋&RQVWUXFWLRQ ̋*RDO

1,67 1DWLRQDO ̋,QVWLWXWH ̋RI ̋6WDQGDUGV ̋DQG ̋7HFKQRORJ\

2,7 2IILFH ̋RI ̋,QGXVWULDO ̋7HFKQRORJLHV

20 ̃( 2SHUDWLRQVÒ ̋0DLQWHQDQFH ̋DQG ̋(QHUJ\

5' ̃' 5HVHDUFKÒ ̋GHYHORSPHQW ̋DQG ̋GHSOR\PHQW

5(&6 5HVLGHQWLDO ̋(QHUJ\ ̋&RQVXPSWLRQ ̋6XUYH\

52: 5LJKWV ̋RI ̋:D\

56) 5HQWDEOH ̋6TXDUH ̋)RRW

560 5HQWDEOH ̋6TXDUH ̋0HWHU

6((5 6HDVRQDO ̋(QHUJ\ ̋(IILFLHQF\ ̋5DWLQJ

6,& 6WDQGDUG ̋,QGXVWULDO ̋&ODVVLILFDWLRQ

67% 6XUIDFH ̋7UDQVSRUWDWLRQ ̋%RDUG

86$&( 86 ̋$UP\ ̋&RUSV ̋RI ̋(QJLQHHUV

86%& 86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXV

86*6 8QLWHG ̋6WDWHV ̋*HRORJLFDO ̋6XUYH\

9,3 9DOXH ̋RI ̋&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFH

Í5 5HVXUIDFLQJÒ ̋5HVWRUDWLRQÒ ̋DQG ̋5HKDELOLWDWLRQ
 ̋  ̋ÏÂ‰

5HIHUHQFHV

$PHULFDQ ̋ 6RFLHW\ ̋ IRU ̋ 7HVWLQJ ̋ DQG ̋ 0DWHULDOVÔ ̋  ̋ Ï‰‰ËÔ ̋  ̋ 6WDQGDUG ̋ 3UDFWLFH ̋ IRU ̋ $SSO\LQJ

$QDO\WLFDO ̋+LHUDUFK\ ̋3URFHVV ̋ ı$+3Ù ̋WR ̋0XOWLDWWULEXWH ̋'HFLVLRQ ̋$QDO\VLV ̋ RI ̋ ,QYHVWPHQWV

5HODWHG ̋WR ̋%XLOGLQJV ̋DQG ̋%XLOGLQJ ̋6\VWHPVÔ ̋ ̋( ̋ÏÊÁËÔ ̋ ̋3KLODGHOSKLDÒ ̋3$„ ̋$PHULFDQ ̋6RFLHW\

IRU ̋7HVWLQJ ̋DQG ̋0DWHULDOVÔ

%XLOGLQJ ̋ 2ZQHUV ̋ DQG ̋ 0DQDJHUV ̋ $VVRFLDWLRQÔ ̋  ̋ Ï‰‰ÈÔ ̋  ̋ ([SHULHQFH ̋ ([FKDQJH ̋ 5HSRUWÒ

1DWLRQDO ̋ &URVVð7DEXODWLRQVÒ ̋ Ï‰‰ÈÔ ̋  ̋ :DVKLQJWRQÒ ̋ '&„ ̋ %XLOGLQJ ̋ 2ZQHUV ̋ DQG ̋ 0DQDJHUV

$VVRFLDWLRQÔ

7KH ̋&HQWHU ̋WR ̋3URWHFW ̋:RUNHUV© ̋5LJKWVÔ ̋ ̋ Ï‰‰ÊÔ ̋ ̋7KH ̋&RQVWUXFWLRQ ̋&KDUW ̋%RRN„ ̋ 7KH ̋86

&RQVWUXFWLRQ ̋ ,QGXVWU\ ̋ DQG ̋ ,WV ̋:RUNHUVÔ ̋5HSRUW ̋'Ïð‰ÊÔ ̋:DVKLQJWRQÒ ̋'&„ ̋7KH ̋&HQWHU ̋WR

3URWHFW ̋:RUNHUV© ̋5LJKWVÔ

&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWHÔ ̋ ̋Ï‰‰ÂÔ ̋ ̋%HQFKPDUNLQJ ̋DQG ̋0HWULFV ̋'DWD ̋5HSRUW ̋IRU ̋Ï‰‰ÊÔ

$XVWLQÒ ̋7;„ ̋ ̋&RQVWUXFWLRQ ̋,QGXVWU\ ̋,QVWLWXWHÔ

1DWLRQDO ̋ $VVRFLDWLRQ ̋ RI ̋ +RPH ̋ %XLOGHUV ̋ ı1$+%Ù ̋ 5HVHDUFK ̋ &HQWHUÔ ̋  ̋ Ï‰‰ÍÔ ̋  ̋&\FOHð7LPH

5HGXFWLRQ ̋ LQ ̋ WKH ̋ 5HVLGHQWLDO ̋ &RQVWUXFWLRQ ̋ 3URFHVVÔ ̋  ̋ 8SSHU ̋ 0DUOERURÒ ̋ 0'„ ̋ 1$+%

5HVHDUFK ̋&HQWHUÔ

86 ̋'HSDUWPHQW ̋ RI ̋&RPPHUFHÔ ̋ ̋ Ï‰‰ÊÔ ̋ ̋&XUUHQW ̋&RQVWUXFWLRQ ̋5HSRUWV„ ̋([SHQGLWXUHV ̋IRU

5HVLGHQWLDO ̋,PSURYHPHQWV ̋DQG ̋5HSDLUVÔ &ËÌÔ ̋:DVKLQJWRQÒ ̋'&„ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXVÔ

86 ̋ 'HSDUWPHQW ̋ RI ̋ &RPPHUFHÔ ̋  ̋ Ï‰‰ÊÔ ̋  ̋ &XUUHQW ̋ &RQVWUXFWLRQ ̋ 5HSRUWV„ ̋ 9DOXH ̋ RI

&RQVWUXFWLRQ ̋3XW ̋LQ ̋3ODFHÔ &ÍÌÔ ̋:DVKLQJWRQÒ ̋'&„ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXVÔ

86 ̋ 'HSDUWPHQW ̋ RI ̋ &RPPHUFHÔ ̋  ̋ Ï‰‰ÊÔ ̋  ̋ &XUUHQW ̋ &RQVWUXFWLRQ ̋ 5HSRUWV„ ̋ +RXVLQJ ̋ 6WDUWVÔ

&ÎÌÔ ̋:DVKLQJWRQÒ ̋'&„ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXVÔ

86 ̋'HSDUWPHQW ̋RI ̋&RPPHUFHÔ ̋ ̋Ï‰‰ÊÔ ̋ ̋2YHUYLHZ ̋RI ̋WKH ̋&RQVWUXFWLRQ ̋6WDWLVWLFV ̋3URJUDPÔ

'UDIW ̋0LPHRÔ ̋:DVKLQJWRQÒ ̋'&„ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXVÔ

86 ̋ 'HSDUWPHQW ̋ RI ̋ &RPPHUFHÔ ̋  ̋ Ï‰‰ÊÔ ̋  ̋ 6WDWLVWLFDO ̋ $EVWUDFW ̋ RI ̋ WKH ̋ 8QLWHG ̋ 6WDWHV„ ̋ Ï‰‰ÊÔ

:DVKLQJWRQÒ ̋'&„ ̋86 ̋%XUHDX ̋RI ̋WKH ̋&HQVXVÔ

86 ̋'HSDUWPHQW ̋RI ̋7UDQVSRUWDWLRQÔ ̋ ̋Ï‰‰ÊÔ ̋ ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFV ̋$QQXDO ̋5HSRUWÒ ̋Ï‰‰ÊÔ

:DVKLQJWRQÒ ̋'&„ ̋86 ̋%XUHDX ̋RI ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFVÔ

86 ̋'HSDUWPHQW ̋RI ̋7UDQVSRUWDWLRQÔ ̋ ̋Ï‰‰ÁÔ ̋ ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFV ̋$QQXDO ̋5HSRUWÒ ̋Ï‰‰ÁÔ

:DVKLQJWRQÒ ̋'&„ ̋86 ̋%XUHDX ̋RI ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFVÔ
 ̋  ̋Ï‰Ì

86 ̋'HSDUWPHQW ̋RI ̋7UDQVSRUWDWLRQÔ ̋ ̋Ï‰‰ËÔ ̋ ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFV ̋$QQXDO ̋5HSRUWÒ ̋Ï‰‰ËÔ

:DVKLQJWRQÒ ̋'&„ ̋86 ̋%XUHDX ̋RI ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFVÔ

:ULJKWÒ ̋5LFKDUG ̋1ÔÒ ̋$UWKXU ̋+Ô ̋5RVHQIHOGÒ ̋ DQG ̋$QGUHZ ̋ -Ô ̋ )RZHOOÔ ̋ ̋ Ï‰‰ËÔ ̋ ̋&RQVWUXFWLRQ

DQG ̋ %XLOGLQJ„ ̋ )HGHUDO ̋ 5HVHDUFK ̋ DQG ̋ 'HYHORSPHQW ̋ LQ ̋ 6XSSRUW ̋ RI ̋ WKH ̋ 86 ̋ &RQVWUXFWLRQ

,QGXVWU\Ô ̋ ̋:DVKLQJWRQÒ ̋'&„ ̋1DWLRQDO ̋6FLHQFH ̋DQG ̋7HFKQRORJ\ ̋&RXQFLOÔ

:ULJKWÒ ̋5LFKDUG ̋1ÔÒ ̋$UWKXU ̋+Ô ̋5RVHQIHOGÒ ̋DQG ̋$QGUHZ ̋-Ô ̋)RZHOOÔ ̋ ̋Ï‰‰ÈÔ ̋ ̋5DWLRQDOH ̋DQG

3UHOLPLQDU\ ̋ 3ODQ ̋IRU ̋ )HGHUDO ̋ 5HVHDUFK ̋IRU ̋&RQVWUXFWLRQ ̋ DQG ̋ %XLOGLQJÔ ̋  ̋ 1,67,5 ̋ ËËÍÁÔ

:DVKLQJWRQÒ ̋'&„ ̋1DWLRQDO ̋6FLHQFH ̋DQG ̋7HFKQRORJ\ ̋&RXQFLOÔ

(OHFWURQLF ̋0HGLD

86 ̋*RYHUQPHQW ̋6RXUFHV

86 ̋'HSDUWPHQW ̋RI ̋&RPPHUFH

 ̋ ̋ ̋86 ̋%XUHDX ̋RI ̋&HQVXV

 ̋ ̋ ̋ ̋ ̋KWWS„ÓÓZZZÔFHQVXVÔJRY

86 ̋'HSDUWPHQW ̋RI ̋'HIHQVH

 ̋ ̋ ̋86 ̋$UP\ ̋&RUSV ̋RI ̋(QJLQHHUV

 ̋ ̋ ̋ ̋ ̋&LYLO ̋:RUNV ̋$FWLYLWLHV

 ̋ ̋ ̋ ̋ ̋ ̋ ̋KWWS„ÓÓZZZÔXVDFHÔDUP\ÔPLOÔLQHWÓIXQFWLRQVÓFZÓSURJðPDQÓFZPSURJÔKWP

 ̋ ̋ ̋ ̋ ̋:DWHU ̋5HVRXUFHV ̋6XSSRUW ̋&HQWHU

 ̋ ̋ ̋ ̋ ̋ ̋ ̋KWWS„ÓÓZZZÔZUFðQGFÔXVDFHÔDUP\ÔPLO

86 ̋'HSDUWPHQW ̋RI ̋(QHUJ\

 ̋ ̋ ̋(QHUJ\ ̋,QIRUPDWLRQ ̋$GPLQLVWUDWLRQ

 ̋ ̋ ̋ ̋ ̋KWWS„ÓÓZZZÔHLDÔGRHÔJRY

86 ̋'HSDUWPHQW ̋RI ̋7UDQVSRUWDWLRQ

 ̋ ̋ ̋%XUHDX ̋RI ̋7UDQVSRUWDWLRQ ̋6WDWLVWLFV

 ̋ ̋ ̋ ̋ ̋KWWS„ÓÓZZZÔEWVÔJRY

 ̋ ̋ ̋)HGHUDO ̋7UDQVLW ̋$GPLQLVWUDWLRQ

 ̋ ̋ ̋ ̋ ̋KWWS„ÓÓZZZÔIWDÔGRWÔJRY
 ̋  ̋Ï‰Ï

 ̋ ̋ ̋0DULWLPH ̋$GPLQLVWUDWLRQ

 ̋ ̋ ̋ ̋ ̋KWWS„ÓÓZZZÔPDUDGÔGRWÔJRY

 ̋ ̋ ̋6XUIDFH ̋7UDQVSRUWDWLRQ ̋%RDUG

 ̋ ̋ ̋ ̋ ̋KWWS„ÓÓZZZÔVWEÔGRWÔJRY

2WKHU ̋6RXUFHV

$PHULFDQ ̋3XEOLF ̋:RUNV ̋$VVRFLDWLRQ

 ̋ ̋KWWS„ÓÓZZZÔSXEZRUNVÔRUJ

$VVRFLDWLRQ ̋RI ̋$PHULFDQ ̋5DLOURDGV

 ̋ ̋KWWS„ÓÓZZZÔDDUÔRUJ

0DQXIDFWXUHG ̋+RXVLQJ ̋,QVWLWXWH

 ̋ ̋KWWS„ÓÓZZZÔPIJKRPHÔRUJ

1DWLRQDO ̋&RQIHUHQFH ̋RI ̋6WDWHV ̋RQ ̋%XLOGLQJ ̋&RGHV ̋DQG ̋6WDQGDUGV

 ̋ ̋KWWS„ÓÓZZZÔQFVEFVÔRUJ