'()(16,9($5&+,7(&785(2)7+(0(',7(55$1($1

9RO;9
352&((',1*6RIWKH,QWHUQDWLRQDO&RQIHUHQFHRQ)RUWLILFDWLRQVRIWKH0HGLWHUUDQHDQ&RDVW
)2570('

'()(16,9($5&+,7(&785(2)7+(0(',7(55$1($1
9RO;9

(GLWRUV
0DUFR*LRUJLR%HYLODFTXD'HQLVH8OLYLHUL
8QLYHUVLWjGL3LVD
 ,QWHUQDWLRQDOFRQIHUHQFHRQIRUWL¿FDWLRQVRIWKH0HGLWHUUDQHDQFRDVW)2570('3LVD!
'HIHQVLYH DUFKLWHFWXUH RI WKH 0HGLWHUUDQHDQ YRO ;,,,;9  SURFHHGLQJV RI WKH ,QWHUQDWLRQDO FRQIHUHQFH RQ IRUWL¿FDWLRQV RI WKH
0HGLWHUUDQHDQFRDVW)2570('3LVDDQG0DUFKHGLWRUV0DUFR*LRUJLR%HYLODFTXD'HQLVH8OLYLHUL
YROXPL3LVD3LVDXQLYHUVLW\SUHVV

&RQWLHQH
>9RO@'HIHQVLYHDUFKLWHFWXUHRIWKH0HGLWHUUDQHDQYRO;,,,HGLWRUV0DUFR*LRUJLR%HYLODFTXD'HQLVH8OLYLHUL
>9RO@'HIHQVLYHDUFKLWHFWXUHRIWKH0HGLWHUUDQHDQYRO;,9HGLWRUV0DUFR*LRUJLR%HYLODFTXD'HQLVH8OLYLHUL
>9RO@'HIHQVLYHDUFKLWHFWXUHRIWKH0HGLWHUUDQHDQYRO;9HGLWRUV0DUFR*LRUJLR%HYLODFTXD'HQLVH8OLYLHUL


,%HYLODFTXD0DUFR*LRUJLR ,,8OLYLHUL'HQLVH $UFKLWHWWXUDPLOLWDUH)RUWL¿FD]LRQL0DU0HGLWHUUDQHR&RVWH&RQJUHVVL
&,3DFXUDGHO6LVWHPDELEOLRWHFDULRGHOO¶8QLYHUVLWjGL3LVD

0HPEUR&RRUGLQDPHQWR
8QLYHUVLW\3UHVV,WDOLDQH

6HULHV'HIHQVLYH$UFKLWHFWXUHRIWKH0HGLWHUUDQHDQ
*HQHUDOHGLWRU3DEOR5RGULJXH]1DYDUUR

7KHSDSHUVSXEOLVKHGLQWKLVYROXPHKDYHEHHQSHHUUHYLHZHGE\WKH6FLHQWL¿F&RPPLWWHHRI)2570('B3LVD
‹HGLWRUV0DUFR*LRUJLR%HYLODFTXD'HQLVH8OLYLHUL
‹HGLWRULDOWHDP,ROH%UDQFD9DOHULD&URFH/DXUD0DUFKLRQQH*LDPPDUFR0RQWDOEDQR3LHUJLXVHSSH5HFKLFKL
‹FRYHUSLFWXUH*LDPPDUFR0RQWDOEDQR3LHUJLXVHSSH5HFKLFKL
‹SDSHUVWKHDXWKRUV
‹SXEOLVKHUV3LVD8QLYHUVLW\3UHVV&,',&HG8398QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD

3XEOLVKHGZLWKWKHFRQWULEXWLRQRIWKH8QLYHUVLW\RI3LVD

‹&RS\ULJKW
3LVD8QLYHUVLW\3UHVV
3RORHGLWRULDOH&HQWURSHUO¶LQQRYD]LRQHHODGLIIXVLRQHGHOODFXOWXUD
8QLYHUVLWjGL3LVD
3LD]]D7RUULFHOOLā3LVD
3,9$ā&RGLFH)LVFDOH
7HOā)D[
(PDLOSUHVV#XQLSLLWā3(&FLGLF#SHFXQLSLLW
ZZZSLVDXQLYHUVLW\SUHVVLW
,6%1WKUHHYROXPHFROOHFWLRQ
,6%1YRODQGHOHFWURQLFYHUVLRQ

‹&RS\ULJKWHG8398QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD

,6%1WKUHHYROXPHFROOHFWLRQ
,6%1HOHFWURQLFYHUVLRQ
,6%1YRO

352&((',1*6RIWKH,QWHUQDWLRQDO&RQIHUHQFHRQ)RUWL¿FDWLRQVRIWKH0HGLWHUUDQHDQ&RDVW)2570('
3LVDDQG0DUFK

/¶RSHUDqULODVFLDWDQHLWHUPLQLGHOODOLFHQ]D&UHDWLYH&RPPRQV$WWULEX]LRQH1RQFRPPHUFLDOH1RQRSHUHGHULYDWH,QWHUQD]LR
QDOH&&%<1&1'
/HJDO&RGHKWWSVFUHDWLYHFRPPRQVRUJOLFHQVHVE\QFQGOHJDOFRGHLW

/¶(GLWRUHUHVWDDGLVSRVL]LRQHGHJOLDYHQWLGLULWWRFRQLTXDOLQRQqVWDWRSRVVLELOHFRPXQLFDUHSHUOHHYHQWXDOLRPLVVLRQLRULFKLHVWHGL
VRJJHWWLRHQWLFKHSRVVDQRYDQWDUHGLPRVWUDWLGLULWWLVXOOHLPPDJLQLULSURGRWWH
/¶RSHUDqGLVSRQLELOHLQPRGDOLWj2SHQ$FFHVVDTXHVWROLQNZZZSLVDXQLYHUVLW\SUHVVLW
 'HIHQVLYH$UFKLWHFWXUHRIWKH0HGLWHUUDQHDQ9RO;9%HYLODFTXD8OLYLHUL(GV
‹3LVD8QLYHUVLW\3UHVV&,',&HG839

2UJDQL]DWLRQDQGFRPPLWWHHV
2UJDQL]LQJ&RPPLWWHH
&KDLUV
0DUFR*LRUJLR%HYLODFTXD8QLYHUVLWjGL3LVD
'HQLVH8OLYLHUL8QLYHUVLWjGL3LVD
6HFUHWDU\
/XFLD*LRUJHWWL8QLYHUVLWjGL3LVD
6WHIDQLD/DQGL8QLYHUVLWjGL3LVD
0HPEHUV
,ROH%UDQFD8QLYHUVLWjGL3LVD
/DXUD0DUFKLRQQH8QLYHUVLWjGL)LUHQ]H
0DVVLPR&DVDOLQL8QLYHUVLWjGL3LVD
9DOHULD&URFH8QLYHUVLWjGL3LVD
$QGUHD&UXGHOL8QLYHUVLWjGL3LVD
0RQLFD3HWWHUQHOOD8QLYHUVLWjGL3LVD
3LHUJLXVHSSH5HFKLFKL8QLYHUVLWjGL3LVD
*LDPPDUFR0RQWDOEDQR8QLYHUVLWjGL3LVD

6FLHQWL¿F&RPPLWWHH
$OPDJUR*RUEHD$QWRQLR5HDO$FDGHPLDGH%HOODV$UWHVGH6DQ)HUQDQGR6SDLQ
%HUWRFFL6WHIDQR8QLYHUVLWjGHJOL6WXGLGL)LUHQ]H,WDO\
%HYLODFTXD0DUFR*LRUJLR8QLYHUVLWjGL3LVD,WDO\
%UDJDUG3KLOLSSH8QLYHUVLWp&DWKROLTXHGH/RXYDLQ%HOJLXP
%RX]LG%RXWKHLQDeFROH1DWLRQDOHG¶$UFKLWHFWXUH7XQLVLD
%UX&DVWUR0LJXHOÈQJHO,QVWLWXWRGH(VWXGLRVGHODV)RUWL¿FDFLRQHV±$($&6SDLQ
&iPDUD0XxR]$OLFLD81('6SDLQ
&DPL]$OHVVDQGURg]\H÷LQ8QLYHUVLW\7XUNH\
&DPSRV-RmR&HQWURGH(VWXGRVGH$UTXLWHFWXUD0LOLWDUGH$OPHLGD3RUWXJDO
&DVWURUDR %DUED $QJHOR 7KH 3ROLVK $FDGHP\ RI 6FLHQFHV ,QVWLWXWH RI $UFKDHRORJ\ DQG (WKQRORJ\
3RODQG±8QLYHUVLWjGHJOL6WXGLGL3DOHUPR,WDO\
&URFH9DOHULD8QLYHUVLWjGL3LVD,WDO\
&KHUUDGL)DLVVDO0LQLVWqUHGHOD&XOWXUHGX5R\DXPHGX0DURF0RURFFR
&RERV*XHUUD)HUQDQGR$UTXLWHFWR6SDLQ
&ROXPEX6WHIDQR8QLYHUVLWjGL&DJOLDUL,WDO\
&RSSROD*LRYDQQL8QLYHUVLWjGHJOL6WXGL6XRU2UVROD%HQLQFDVDGL1DSROL,WDO\
&yUGREDGHOD/ODYH5LFDUGR8QLYHUVLGDGGH&yUGRED6SDLQ
&RUQHOO3HU8QLYHUVLW\RI*RWKHQEXUJ6ZHGHQ
'DPHUL$QQDOLVD3ROLWHFQLFRGL7RULQR,WDO\
'L7XUL6LOYLD,7&&15,WDO\
(SSLFK5DQG8QLYHUVLGDG3ROLWpFQLFDGH0DGULG6SDLQ
)DLUFKLOG5XJJOHV'RURWK\8QLYHUVLW\RI,OOLQRLVDW8UEDQD&KDPSDLQJ86$
)DXFKHUUH1LFRODV$L[0DUVHLOOH8QLYHUVLWp±&156)UDQFH
*DUFtD3RUUDV$OEHUWR8QLYHUVLGDGGH*UDQDGD6SDLQ
*DUFtD3XOLGR/XLV-RVp(VFXHODGH(VWXGLRVÈUDEHV&6,&6SDLQ
*HRUJRSRXORV$QGUHDV1DW7HF8QLYHUVLW\RI$WKHQV*UHHFH
*LO&UHVSR,JQDFLR-DYLHU$VRFLDFLyQ(VSDxRODGH$PLJRVGHORV&DVWLOORV6SDLQ

9
*LO3LTXHUDV7HUHVD8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD6SDLQ
*LRUJHWWL/XFLD8QLYHUVLWjGL3LVD,WDO\
*XDUGXFFL$QQD8QLYHUVLWjGL6LHQD,WDO\
*XLGL*DEULHOH3ROLWHFQLFRGL0LODQR,WDO\
*RQ]iOH]$YLOpVÈQJHO%HQLJQR8QLYHUVLWDWG¶$ODFDQW6SDLQ
+DGGD/DPLD8QLYHUVLWjGHJOL6WXGLGL)LUHQ]H,WDO\
+DUULV-RKQ)RUWUHVV6WXG\*URXS8QLWHG.LQJGRP
,VODPL*MHUJML8QLYHUVLWHWL3ROLWHNQLNL7LUDQsV$OEDQLD
-LPpQH]&DVWLOOR3HGUR(VFXHODGH(VWXGLRVÈUDEHV&6,&6SDLQ
/DQGL6WHIDQLD8QLYHUVLWjGL3LVD,WDO\
/HyQ0XxR]$OEHUWR8QLYHUVLGDGGH&yUGRED6SDLQ
/ySH]*RQ]iOH]&RQFHSFLyQ8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD6SDLQ
0DURWWD$QQD3ROLWHFQLFRGL7RULQR,WDO\
0DUWtQ&LYDQWRV-RVp0DUtD8QLYHUVLGDGGH*UDQDGD6SDLQ
0DUWtQH]0HGLQD$QGUpV8QLYHUVLWDWG¶$ODFDQW6SDLQ
0DXULFL)HUGLQDQGR5HJLRQH6LFLOLDQD$VVHVVRUDWR%HQL&XOWXUDOL,WDO\
0D]]ROL*XLQWDUG&KULVWLQH8QLYHUVLWpGH1DQWHV)UDQFH
0LUD5LFR-XDQ$QWRQLR8QLYHUVLWDW2EHUWDGH&DWDOXQ\D6SDLQ
1DYDUUR3DOD]yQ-XOLR(VFXHODGH(VWXGLRVÈUDEHV&6,&6SDLQ
2ULKXHOD8]DO$QWRQLR(VFXHODGH(VWXGLRVÈUDEHV&6,&6SDLQ
3DUULQHOOR6DQGUR8QLYHUVLWjGL3DYLD,WDO\
3LULQX$QGUHD8QLYHUVLWjGL&DJOLDUL,WDO\
4XHVDGD*DUFtD6DQWLDJR8QLYHUVLGDGGH6HYLOOD6SDLQ
5RGUtJXH]'RPLQJR-RVp0DQXHO8QLYHUVLGDGGH*UDQDGD6SDLQ
5RGUtJXH]1DYDUUR3DEOR8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD6SDLQ
5RPDJQROL*LXVHSSH8QLYHUVLWjGHJOL6WXGLGHOOD7XVFLD,WDO\
5XL]-DUDPLOOR-RQDWKDQ8QLYHUVLGDGGH0iODJD6SDLQ
6DQWLDJR=DUDJR]D-XDQ0DQXHO8QLYHUVLGDGGH*UDQDGD6SDLQ
6DUU0DUURFR%LODO8QLYHUVLGDGGH*UDQDGD6SDLQ
6SDOORQH5REHUWD3ROLWHFQLFRGL7RULQR,WDO\
7RVFDQR0DXUL]LR8QLYHUVLGDGGH*UDQDGD6SDLQ
8OLYLHUL'HQLVH8QLYHUVLWjGL3LVD,WDO\
9DUHOD*RPHV5RVD8QLYHUVLGDGH1RYDGH/LVERD3RUWXJDO
9HUGLDQL*LRUJLR8QLYHUVLWjGHJOL6WXGLGL)LUHQ]H,WDO\
9LWDOL0DUFR3ROLWHFQLFRGL7RULQR,WDO\
=DUDJR]D&DWDOiQ$UWXUR*HQHUDOLWDW9DOHQFLDQD6SDLQ
=HUOHQJD2UQHOOD8QLYHUVLWjGHJOL6WXGLGHOOD&DPSDQLD/XLJL9DQYLWHOOL,WDO\

$GYLVRU\&RPPLWHH
3DEOR5RGUtJXH]1DYDUUR3UHVLGHQWRI)2570('8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD
*LRUJLR9HUGLDQL8QLYHUVLWjGHJOL6WXGLGL)LUHQ]H
7HUHVD*LO3LTXHUDV6HFUHWDU\RI)2570('8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD
5REHUWD6SDOORQH)2570('DGYLVRU3ROLWHFQLFRGL7RULQR
-XOLR1DYDUUR3DOD]yQ/$$&(VFXHODGH(VWXGLRVÈUDEHV&6,&
/XLV-RVp*DUFtD3XOLGR/$$&(VFXHODGH(VWXGLRVÈUDEHV&6,&
ÈQJHO%HQLJQR*RQ]iOH]$YLOpV'HSDUWDPHQWRGH&RQVWUXFFLRQHV$UTXLWHFWyQLFDV(VFXHOD3ROLWpFQLFD
6XSHULRU8QLYHUVLGDGGH$OLFDQWH

9,
2UJDQL]HGE\

DIPARTIMENTO DI INGEGNERIA
DELL’ENERGIA, DEI SISTEMI,
DEL TERRITORIO E DELLE COSTRUZIONI

:LWKWKHFROODERUDWLRQ :LWKWKHSDWURQDJH :LWKWKHSDWURQDJHRI

DQGWKHFRQWULEXWLRQRI DQGWKHFRQWULEXWLRQRI

3DUWQHUVKLS

:LWKWKHSDWURQDJHRI

9,,
 'HIHQVLYH$UFKLWHFWXUHRIWKH0HGLWHUUDQHDQ9RO;9%HYLODFTXD8OLYLHUL(GV
‹3LVD8QLYHUVLW\3UHVV&,',&HG839

7DEOHRIFRQWHQWV
3UHIDFH ;9

&RQWULEXWLRQV

&+$5$&7(5,=$7,212)*(20$7(5,$/6

6WRQHPDWHULDOVDQGFRQVWUXFWLRQWHFKQRORJ\LQWKH3LVFLQQuWRZHU6RXWKZHVWHUQ6DUGLQLD,WDO\
DUFKDHRPHWULFLQYHVWLJDWLRQVDQGGLJLWDOVXUYH\ 
6&ROXPEX')DQFHOOR*9HUGLDQL

0DQQXWRZHU&HQWUDOZHVWHUQ6DUGLQLD,WDO\IURPSHWURJUDSKLFJHRPRUSKRORJLFDOLQYHVWLJDWLRQV

DQGGLJLWDOVXUYH\WRLQWHUYHQWLRQSURSRVDO 
6&ROXPEX570HOLV3(2UU9'HPXUWDV')DQFHOOR*9HUGLDQL*'HLDQD

7KH 5RFFD 9HFFKLD IRUWUHVV LQ WKH *RUJRQD LVODQG 7XVFDQ\ ,WDO\ EXLOGLQJ PDWHULDOV DQG
FRQVHUYDWLRQLVVXHV 
))UDWLQL65HVFLF'3LWWDOXJD)'H9LWD

7KHEXLOGLQJPDWHULDOVRIWKH5RFFDGHOOD9HUUXFDIRUWUHVV7XVFDQ\,WDO\ 

*3DQFDQL$$UULJKHWWL))UDWLQL65HVFLF

&DUDFWHUL]DFLyQDUTXHRPpWULFDGHPRUWHURVKLVWyULFRVHQODVWRUUHVQD]DUtHVGHOUHLQRGH*UDQDGD 
/3pUH]/RPDV-5XL]-DUDPLOOR/-*DUFtD3XOLGR

)RUWH]]D PHGLFHD GL 9ROWHUUD SURJHWWR GHOOD µPHVVD LQ VLFXUH]]D¶ UHVWDXUR H UHFXSHUR GHO
FDPPLQDPHQWRGLURQGDHGHJOLHOHPHQWLDUFKLWHWWRQLFLDVSRUJHUHµEHFFDWHOOL¶GHOODWRQRUGGHOOD
FRUWLQDSHULPHWUDOH 
'7DGGHL&&DOYDQL$7DGGHL$0DUWLQL

',*,7$/+(5,7$*(

$SSOLFDWLRQRIQHZVXUYH\WHFKQRORJLHVIRU'UHVWLWXWLRQDQGWKHDUFKLWHFWXUDOVWXG\RIWKH6SDQLVK
IRUW*RXUUD\DLQ%HMDLD$OJHULD 
1$EGHUUDKLP0DKLQGDG6+DRXL%HQVDDGD

7KH)RUWRIWKH+RO\6DYLRULQ0HVVLQD+LVWRULFDOFDUWRJUDSK\DQGGLJLWDOVXUYH\V 
$$OWDGRQQD*0DUWHOOR$1DVWDVL)7RGHVFR

'UDZLQJDQGLQWHUDFWLYHDUFKLWHFWXUDOZDONWKURXJKWRFRPPXQLFDWHFRPSOH[VSDFHV 
$%DVVR$0HVFKLQL05XVVR

6WXGLR SUHOLPLQDUH VXO FRPSOHVVR IRUWL¿FDWR GL 7URJLU &URD]LD EDVDWR VX XQ DSSURFFLR PXOWL
GLVFLSOLQDUH 
6%UL]]L05LFFLDULQL6%HUWRFFL&5LPLQHVL

,;
)UXL]LRQHGLJLWDOHGHLSDHVDJJLSHUGXWL,OVLVWHPDIRUWL¿FDWRGL3DOD]]RG¶$YDORVD3URFLGD 
3'¶$JRVWLQR*$QWXRQR$0DJOLR$&DUDQQDQWH

'LJLWDOVXUYH\DQG'YLUWXDOUHFRQVWUXFWLRQIRUPDSSLQJKLVWRULFDOSKDVHVDQGXUEDQLQWHJUDWLRQRI
WKHIRUWL¿HGJDWHVLQWKHFLW\RI3DYLD,WDO\ 
5'H0DUFR)*DODVVR

)RUWL¿FDFLyQ\FRQWUROHVWUDWpJLFRGHO&DPLQRGHOD5D\DHQHOV;9DQiOLVLVJHRHVSDFLDOGHOGRPLQLR
YLVXDOGHXQWHUULWRULRGHIURQWHUD 
--)RQGHYLOOD$SDULFLR

,O UXROR GHO ULOLHYR LQWHJUDWR QHOO¶LQWHUSUHWD]LRQH GHOO¶HGL¿FLR VWRULFR 5RFFD GL 6DOD D 3LHWUDVDQWD
/X 
*)URVLQL/3DURGL$'L3DROD69HFFKLR6*DUXJOLHUL%9HURQD

/HYDQWDPLHQWRGLJLWDO\PRGHOL]DFLyQ'GHOD7RUUH5XELDGHOVLJOR;9,HQ0ROLQRV0DUIDJRQHV
&DUWDJHQD5HJLyQGH0XUFLD 
-*DUFtD/HyQ3(&ROODGR(VSHMR3-0DUWtQH]6HUUDQR

/HYDQWDPLHQWR IRWRJUDPpWULFR GH ODV DWDOD\DV PHGLHYDOHV GHO $OWLSODQR PiV VHSWHQWULRQDO GH
*UDQDGD 
/-*DUFtD3XOLGR-5XL]-DUDPLOOR

7DUDQWR XQGHUJURXQG GLJLWDO VXUYH\ DQG YLUWXDO H[SORUDWLRQ RI WKH K\SRJHD DORQJ WKH $UDJRQHVH
ZDOOV 
**HUPDQj*9HUGLDQL6*LUDXGHDX

'LJLWDODUWHIDFWVIRUWKHNQRZOHGJHDQGGRFXPHQWDWLRQRIWKHIRUWL¿HGKHULWDJH7KH&DVWOHRI7RUUHV
9HGUDVLQ3RUWXJDO 
)*XHUULHUR

&DVWHOQXRYRXQDIRUWH]]DGLPHQWLFDWD 
&0RQWHOHRQH)3DQDURWWR

/HURFFHUDFFRQWDQRODFULSWDOHSULJLRQLHLVRWWHUUDQHLGHOFDVWHOORGL2WUDQWR'DOULOLHYRDOPRGHOOR
GLIUXL]LRQHYLUWXDOH 
*0XVFDWHOOR&0LWHOOR

5LOLHYRDUFKLWHWWRQLFRUHPRWHVHQVLQJGHOOD)RUWH]]DGHOOD9HUUXFDVXL0RQWL3LVDQL7RVFDQD,WDOLD

*3DQFDQL0%LJRQJLDUL

$QDO\VLV DQG GH¿QLWLRQ RI LQWHUYHQWLRQ VWUDWHJLHV IRU WKH FRQVHUYDWLRQ RI WKH ERXQGDU\ ZDOOV LQ
9HURQD 
63DUULQHOOR5'H0DUFR('RULD

'LJLWDOL]]DUH ULFRVWUXLUH H IUXLUH LO &DVWHOOR GL 0RQWRULR 8Q WDVVHOOR QHOOD GH¿QL]LRQH GHOOD URWWD
FXOWXUDOHGHLFDVWHOOLVFDOLJHUL 
)3LFFKLR$3HWWLQHR

/HYDQWDPLHQWRJUi¿FRLQWHJUDOSDUDHODQiOLVLVGHOD)RUWDOH]DGH6DQWD$QDHQ2OLYD9DOHQFLD 

35RGUtJXH]1DYDUUR7*LO3LTXHUDV$5XJJLHUL

;
/DIRWRJUDPHWUtD6I0PHGLDQWH8$6SDUDODGRFXPHQWDFLyQGHODVIRUWL¿FDFLRQHVGHOD$OSXMDUUD
*UDQDGD\$OPHUtD(VSDxD 
-5RXFR&ROOD]R-$%HQDYLGHV/ySH]

$'LQWHJUDWHGVXUYH\RIIRUWL¿HGDUFKLWHFWXUHVWKHPHGLHYDO&DQRVVDFDVWOH 
05XVVR)3DQDURWWR*)OHQJKL(5RVVL$3HOOHJULQHOOL

$UFKLWHWWXUHIRUWL¿FDWHLQ,VWULDDQDOLVLUHVWLWX]LRQH%,0HFRPXQLFD]LRQHDYDQ]DWDGLGXHIRUWLD
3ROD 
$6GHJQR95LDYLV3%DãLü

(OHPHQWLIRUWL¿FDWLGDOWHUULWRULRGL3DOPLH6HPLQDUDODFLWWDGHOODGL&DUORSROL 
)6WLOR/3L]]RQLD

'RFXPHQWDWLRQ XQGHUVWDQGLQJ DQG HQKDQFHPHQW RI &XOWXUDO +HULWDJH WKURXJK LQWHJUDWHG GLJLWDO
VXUYH\ËQVXDIRUWLQ&DPLQKD3RUWXJDO 
59RO]RQH3%HFKHULQL$&RWWLQL

&8/785($1'0$1$*(0(17

/¶DQWLFRFDVWHOORGL$OEDVWXGLSHUODFRQVHUYD]LRQHHODYDORUL]]D]LRQHGLXQVLWRDUFKHRORJLFR 
)$PEURJLR

&XOWXUHWRXULVPDQGIRUWL¿FDWLRQV(GXFDWLRQDOFHQWUHRQ6W-RKQ¶V)RUWUHVVLQâLEHQLN&URDWLD 
*%DULãLü%DþHOLü,/XþHY

%XQNHUODQGVFDSHV)URPWUDFHVRIDWUDXPDWLFSDVWWRNH\HOHPHQWVLQWKHFLWL]HQLGHQWLW\ 
*&KHUFKL'5)LRULQR053DLV063LULVLQR

)RUWL¿HG FLW\¶V KHULWDJH DQG XUEDQ DUFKDHRORJ\ 7KH 1HDSROLWDQ IRUWL¿HG SRUW WRZQ WKURXJK WKH
DUFKDHRORJLFDOGLVFRYHULHV 
7&ROOHWWD

'DVWUXWWXUDIRUWL¿FDWDDFHQWURSHUODFRPXQLWjLOFDVRGHOFDVWHOORGL+\OWRQD6XQGHUODQG8. 

''DEEHQH

,GHQWL¿FDWLRQDQG3ULRULWL]DWLRQRI&RQVHUYDWLRQ0HDVXUHVDWWKH&DVWOHRI*MLURNDVWUD$OEDQLD 
5(SSLFK(0DPDQL/+DG]LF-$ORQVR01~xH]*DUFtD,0DUWtQH]&XDUW

$QGDUSHUFDVWHOOL&DOHQGDVFROXQJRODYLD)UDQFLJHQD 
00*ULVRQL1%DGDQ'=DQRQ

/HPXUDLQYLVLELOL 
00DODJXJLQL66DM

$GDSWLYH5HXVHIRU)RUWL¿FDWLRQVDVD6WUDWHJ\WRZDUGV&RQVHUYDWLRQDQG8UEDQ5HJHQHUDWLRQ7KH
FDVHRIµ&DQWRGL6WDPSDFH¶LQ3LVD 
/0DUFKLRQQH(3DUULQL

/D&LWWDGHOODGL$OHVVDQGULDµ)DUR¶GLSDFHLQ(XURSD 
$0DURWWD

;,
,GHQWLGDG\PHPRULDQXHYRVHQIRTXHVSDUDODJHVWLyQGHORVFDVWLOORVHQODSURYLQFLDGH$OLFDQWH
(VSDxD 
-$0LUD5LFR*-RYHU5RLJ

5HFXSHURGHLFDPPLQDPHQWLLQTXRWDGHOOHPXUDXUEDQHOLPLWURIHDO*LDUGLQR6FRWWRGL3LVD 
03LHURWWL0*XHUUD]]L*0DVLHOOR

7KH0LOLWDU\+HULWDJHDQGLWVQDWXUDOHQYLURQPHQWRIWKH9HUDFUX]0H[LFR5R\DO5RDG 
'3LQHGD&DPSRV

/D5HDO3LD]]DGL3HVFDUDSURVSHWWLYHSHUODULFHUFDGLXQ¶LGHQWLWjXUEDQD 
03LUUR

7RUULQHOSDHVDJJLRXUEDQR/DµWXUULWD¶)RULRG¶,VFKLDWUDDOWHUD]LRQLHSRVVLELOLWjGLYDORUL]]D]LRQH
GHOOHDUFKLWHWWXUHIRUWL¿FDWH 
$5DJRVWD

$UFKLWHWWXUHIRUWL¿FDWHHJHVWLRQHGHOO¶HPHUJHQ]DSRVWVLVPDQXRYLSRVVLELOLVWUXPHQWLSHULOULOLHYR
GHOGDQQR 
(=DQD]]L

0,6&(//$1<

5HYLWDOL]DWLRQRIWRZHUIRUW)RUW0RQWH*URVVRDQGWKHUHVWRUDWLRQRIWKHIRUWL¿HGSDWKRI3XOD 
3%ROMXQþLü

,OSURJHWWRLQFRPSLXWRGL0DVVLPR&DUPDVVLSHULOUHVWDXURGHOOD)RUWH]]D1XRYDGL3LVD 
$&UXGHOL

7KH&DVWOHRI&OHWRLQ&DODEULD6LQJXODUFKDUDFWHULVWLFVRIDIRUWUHVV 
&*DWWXVR'*DWWXVR

6WUDWHJLH GL FRQRVFHQ]D H GL SURJHWWR XQ QXRYR SHUFRUVR XUEDQR SHU LO ERUJR VWRULFR GL 0DVVD
0DULWWLPD 
(*LRPLQL63LHUL0'H9LWD

(VSORUD]LRQHYLVXDOHGHOGLEDWWLWRLQWRUQRDOVHFRQGR¿DQFR 
03DYLJQDQR

;,,
 'HIHQVLYH$UFKLWHFWXUHRIWKH0HGLWHUUDQHDQ9RO;9%HYLODFTXD8OLYLHUL(GV
‹3LVD8QLYHUVLW\3UHVV&,',&HG839
'2,

3UHIDFH

7KHKHULWDJHRIPLOLWDU\DUFKLWHFWXUHEULQJVWRJHWKHUPDQ\¿HOGVLW¶VEHHQFDOOHGDQ³LQH[KDXVWLEOHVRXUFH
RI UHVHDUFK DQG SHUVSHFWLYHV´ IRU DUFKLWHFWV HQJLQHHUV DUFKDHRORJLVWV KLVWRULDQV DQG RSHUDWRUV LQ WKH
¿HOGRIFXOWXUDOKHULWDJH7KHVXEMHFWRINQRZOHGJHDQGYDORUL]DWLRQRIIRUWL¿FDWLRQZRUNVSUHVXSSRVHV
DPXOWLGLVFLSOLQDU\DSSURDFKDLPHGDWUHFRJQL]LQJWKHGL൵HUHQWYDOXHVIRXQGLQWKHFRQVWUXFWLRQV2QO\
UHFHQWO\ KDV WKHUH EHHQ DQ DZDUHQHVV RI WKH LPSRUWDQFH RI WKLV KHULWDJH ZKLFK LV LQ FRQVWDQW GDQJHU
VXFKDWWHQWLRQKDVKHOSHGLQGH¿QLQJDVHULHVRILQWHUQDWLRQDOVWUDWHJLHV³IRUWKHSURWHFWLRQFRQVHUYDWLRQ
LQWHUSUHWDWLRQDQGSUHVHUYDWLRQRIIRUWL¿FDWLRQVDQGPLOLWDU\KHULWDJH´,&2026*XLGHOLQHVRQIRUWL¿FDWLRQV
DQGPLOLWDU\KHULWDJH
)2570('PRYHVZLWKLQWKLVULFKFXOWXUDOFRQWH[WLQWKHEHOLHIWKDWWKHGLVVHPLQDWLRQRIGDWDLVWKH
HVVHQWLDOWRROIRUVKDULQJNQRZOHGJH
7KHLQWHUQDWLRQDOFRQIHUHQFH)RUWL¿FDWLRQVRIWKH0HGLWHUUDQHDQ&RDVW)2570('RSHQVLWVVL[WK
HGLWLRQLQ3LVD7KHFRQIHUHQFHRUJDQL]HGE\WKH'LSDUWLPHQWRGL,QJHJQHULDGHOO¶(QHUJLDGHL6LVWHPL
GHO 7HUULWRULR H GHOOH &RVWUX]LRQL '(67H& RI WKH 8QLYHUVLW\ RI 3LVD LQ FROODERUDWLRQ DQG ZLWK WKH
FRQWULEXWLRQRIWKH0XQLFLSDOLW\RI6DQ*LXOLDQR7HUPHZLOOEHKHOGRQ0DUFKDQGDWWKH
&HQWUR&RQJUHVVL/H%HQHGHWWLQH
7KHRULJLQDOLGHDRI)2570('ERUQHRIWKHLQLWLDWLYHRID3RO\WHFKQLF8QLYHUVLW\RI9DOHQFLDUHVHDUFK
JURXS FRRUGLQDWHG E\ 3DEOR 5RGUtJXH]1DYDUUR ZDV ³EULQJLQJ WRJHWKHU UHVHDUFKHUV ZRUNLQJ RQ WKLV
WRSLFDWDFRQIHUHQFHZKRVHPDLQREMHFWLYHZRXOGEHNQRZOHGJHH[FKDQJHIRUWKHEHWWHUXQGHUVWDQGLQJ
DVVHVVPHQW PDQDJHPHQW DQG H[SORLWDWLRQ RI WKH FXOWXUH DQG KHULWDJH GHYHORSHG RQ WKH 0HGLWHUUDQHDQ
FRDVWLQWKHPRGHUQHUDEHDULQJLQPLQGWKHQHHGIRUWKHGLVVHPLQDWLRQRIWKHUHVXOWV´)2570('
YRO
7KXV WKH )2570('  FRQIHUHQFH RUJDQL]HG DW WKH ,QVWLWXWR 8QLYHUVLWDULR GH 5HVWDXUDFLyQ GHO
3DWULPRQLRRIWKH8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD2FWREHUDQGZDVFUHDWHGZLWKWKH
KRSHWKDWLWZRXOGEHFDUULHGRQE\RWKHUUHVHDUFKJURXSVDQGLQVWLWXWLRQVZKLFKZRXOGWDNHRYHUWKHEDWRQ
WRPDNH)2570('DQHVWDEOLVKHGUHDOLW\$QGVRLWZDV
7KHVHFRQGHGLWLRQRIWKHFRQIHUHQFHRUJDQL]HGDWWKH'LSDUWLPHQWRGL$UFKLWHWWXUDRI8QLYHUVLWjGHJOL
6WXGLGL)LUHQ]H1RYHPEHUDQGDQGFKDLUHGE\*LRUJLR9HUGLDQLH[SDQGHGWKHWKHPH
WR³WKHZKROHIDPLO\RIIRUWL¿FDWLRQVRIWKH0DUH1RVWUXPIURP6SDLQWR)UDQFH,WDO\0DOWD7XQLVLD
$OJHULD 0RURFFR &\SUXV *UHHFH $OEDQLD &URDWLD HWF« PDLQO\ GDWLQJ IURP WKH WK WR WKH WK
FHQWXULHVEXWQRWH[FOXGLQJRWKHUFRXQWULHVRURWKHUIRUWL¿FDWLRQVRUFRDVWDOVHWWOHPHQWFDSDEOHWRUDLVH
VSHFL¿FLQWHUHVWIURPWKHSRLQWRIYLHZRIWKHVXJJHVWLRQVWKHPHWKRGRORJLHVWKHFRPSOH[DQGLQVSLULQJ
KLVWRU\´)2570('YRO
)2570('  WKH WKLUG HGLWLRQ FXUDWHG FKDLUHG E\ 9tFWRU (FKDUUL ,ULEDUUHQ KHOG RQ 2FWREHU 
DQGDWWKH(VFXHOD7pFQLFD6XSHULRUGH$UTXLWHFWXUDRIWKH8QLYHUVLWDWG¶$ODFDQWIRFXVHG
³RQZHVWHUQ0HGLWHUUDQHDQIRUWL¿FDWLRQV6SDLQ)UDQFH,WDO\0DOWD&URDWLD$OEDQLD*UHHFH7XUNH\
&\SUXV7XQLVLD$OJHULDDQG0RURFFRGDWLQJIURPWKHWKWRWKHWKFHQWXULHVLQFOXGLQJWKHUHVWRI
0HGLWHUUDQHDQ FRXQWULHV DQG WKH IRUWL¿FDWLRQV RI WKLV HUD WKDW ZHUH EXLOW RYHUVHDV &XED 3XHUWR 5LFR
3KLOLSSLQHV3DQDPDHWF´)2570('YRODQGLQWURGXFHGWKHWKHPHRI³3RUWDQG)RUWL¿FDWLRQ´
7KH IRXUWK HGLWLRQ RI WKH FRQIHUHQFH RUJDQL]HG DW WKH 'LSDUWLPHQWR GL $UFKLWHWWXUD H 'HVLJQ RI WKH
8QLYHUVLWj3ROLWHFQLFDGL7RULQRLQWKH9DOHQWLQR&DVWOHYHQXH2FWREHUDQGFKDLUHG
E\$QQD0DURWWDDQG5REHUWD6SDOORQHEURDGHQHGWKH¿HOGRILQWHUHVWLQWHUPVRI³VSDFHLQFOXGLQJERWK

;9
1RUWKHUQ(XURSHLH6ZHGHQDQG)DU(DVWHUQLH&KLQDFRXQWULHVDQGLQ>WHUPVRI@WLPHLQYROYLQJ
VWXGLHVERWKRQ0LGGOH$JHGHIHQVLYHDUFKLWHFWXUHDQGFRQWHPSRUDU\PLOLWDU\EXLOGLQJVDQGVHWWOHPHQWV
IURPWKHWKWRVWFHQWXU\´)2570('YRO
7KH¿IWKFRQIHUHQFH)2570('ZHQWWKURXJKWKHYLFLVVLWXGHVFDXVHGE\WKH&29,'SDQGHPLF
,QLWLDOO\VFKHGXOHGIRU0DUFKDQGLQ*UDQDGDLWZDVWKHQPRYHGWRDQRQOLQHFRQIHUHQFH
KHOGRQ1RYHPEHUDQGRUJDQL]HGE\WKH(VFXHODGH(VWXGLRVÈUDEHVRI*UDQDGDXQGHUWKH
FRRUGLQDWLRQRI-XOLR1DYDUUR3DOD]yQDQG/XLV-RVp*DUFtD3XOLGR)RUWXQDWHO\WKHZHESODWIRUPDOORZHG
IRUWKHLQFOXVLRQRI³OLYHWDONVE\LQYLWHGOHFWXUHUVUHFRUGHGYLGHRVDQGSUHVHQWDWLRQVZLWKWKHSRVVLELOLW\
IRUDWWHQGHHVWRFRPPHQWRQDQGGLVFXVVHDFKSUHVHQWDWLRQ´)2570('YRO2QWKLVRFFDVLRQ
JLYHQWKHUHOHYDQFHRI,VODPLFDUFKLWHFWXUHLQWKH0HGLWHUUDQHDQDQGWKHSUHYLRXVVWXGLHVFDUULHGRXWE\WKH
(VFXHODGH(VWXGLRVÈUDEHVRI*UDQDGDWKLVWKHPHZDVLQFOXGHGLQWKHFRQIHUHQFH
)RUWKLVVL[WKHGLWLRQWKHLGHDLVWRIRVWHUWKHVROLGL¿FDWLRQRIDFROODERUDWLYHLQWHJUDWHGDQGXSWRGDWH
YLVLRQWKDWOHDGVUHVHDUFKRQWKLVWKHPHWRWKHKLJKHVWOHYHOVIHUU\LQJLWLQWRWKHVWFHQWXU\7KLVPHDQV
DOVRUHFRJQL]LQJWKHYDOXHRIFRQWHPSRUDU\DUFKLWHFWXUDOKHULWDJHHJEXQNHUVEXLOWGXULQJ:RUOG:DU,,
DQGDGGUHVVLQJQHZLVVXHVUHODWHGWRLWVSUHVHUYDWLRQDQGUHVWRUDWLRQ
7KHIRFDOFHQWHUVRI)2570('LQYHVWLJDWLRQVDUHIRUWL¿FDWLRQVLQWKH0HGLWHUUDQHDQ6SDLQ)UDQFH
,WDO\0DOWD7XQLVLD&\SUXV*UHHFH$OEDQLD$OJHULD0RURFFRZLWKRXWH[FOXGLQJRWKHU0HGLWHUUDQHDQ
FRXQWULHVDQGRWKHUIRUWL¿FDWLRQVEXLOWRYHUVHDV&XED3XHUWR5LFR3KLOLSSLQHV3DQDPD
7KHFRQIHUHQFHKDVDQLQWHUGLVFLSOLQDU\QDWXUHWRZKLFKDUFKLWHFWVHQJLQHHUVDUFKDHRORJLVWVKLVWRULDQV
JHRJUDSKHUV FDUWRJUDSKHUV KHULWDJH ZRUNHUV DQG DGPLQLVWUDWRUV WRXULVP SURIHVVLRQDOV DQG H[SHUWV LQ
KHULWDJHUHVWRUDWLRQFRQVHUYDWLRQDQGGLVVHPLQDWLRQKDYHFRQWULEXWHG
7KHUHVXOWVRIWKHUHVHDUFKSUHVHQWHGDW)2570('FRQIHUHQFHVRYHUWKH\HDUVDUHFROOHFWHGLQWKHYROXPHV
RIWKH'HIHQVLYH$UFKLWHFWXUHRIWKH0HGLWHUUDQHDQ6HULHVZKLFKZLWK3LVDDPRXQWVWR
)2570('UHFHLYHGQXPHURXVFRQWULEXWLRQVZKLFKGHPRQVWUDWHVWKHJURZLQJLQWHUHVWRIVFKRODUVLQ
WKHWRSLFRISURPRWLQJNQRZOHGJHSUHVHUYDWLRQDQGHQKDQFHPHQWRIWKHKHULWDJHRIIRUWL¿HGDUFKLWHFWXUH
$OOWKHVXEPLWWHGSDSHUVZHUHGRXEOHEOLQGDQGSHHUUHYLHZHGE\WKHPHPEHUVRIWKH6FLHQWL¿F&RPPLWWHH
DQGDPRQJWKHPDERXWZHUHVHOHFWHGZLWKDXWKRUVIURP$OJHULD$XVWULD&RORPELD&URDWLD)UDQFH
*UHHFH,WDO\0RURFFR3RODQG3RUWXJDODQG6SDLQ
7KH FRQWULEXWLRQV DUH FROOHFWHG LQ WKHVH WKUHH YROXPHV YROV   DQG  RUJDQL]HG DFFRUGLQJ WR
WKHLUFRQWHQWLQWRWKHPDWLFVHFWLRQVUHSUHVHQWLQJGL൵HUHQWWRSLFVDQGZD\VRIDSSURDFKLQJWKHVWXG\RI
GHIHQVLYHKHULWDJH+LVWRULFDOUHVHDUFK7KHRUHWLFDOFRQFHSWV5HVHDUFKRQ%XLOW+HULWDJH&KDUDFWHUL]DWLRQ
RIJHRPDWHULDOV'LJLWDO+HULWDJH&XOWXUHDQG0DQDJHPHQWDQG¿QDOO\0LVFHOODQ\
:H KRSH )2570('  ZLOO VWUHQJWKHQ NQRZOHGJH H[FKDQJH DQG VKDULQJ IRU EHWWHU XQGHUVWDQGLQJ
HYDOXDWLRQPDQDJHPHQWDQGHQKDQFHPHQWRIWKHFXOWXUHDQGKHULWDJHRIIRUWL¿HGDUFKLWHFWXUH
7KH HQWLUH RUJDQL]LQJ FRPPLWWHH JLYHV VSHFLDO WKDQNV WR 3DEOR 5RGUtJXH]1DYDUUR SUHVLGHQW RI
)2570('‹DQGWRDOOWKHPHPEHUVRIWKH$GYLVRU\&RPPLWWHHIRUWKHLUYDOXDEOHDGYLFHDQGFRQVWDQW
SUHVHQFHGXULQJDOOSKDVHVRIWKHRUJDQL]DWLRQRIWKHFRQIHUHQFH+HDUWIHOWWKDQNVJRWRDOOWKHPHPEHUV
RI WKH 6FLHQWL¿F &RPPLWWHH IRU WKHLU H[SHUWLVH DQG WKH WLPH WKH\ ZHUH ZLOOLQJ WR GHYRWH WR WKRURXJKO\
UHYLHZLQJWKHVXEPLWWHGSURSRVDOV
:H DOVR WKDQN WKH 8QLYHUVLW\ RI 3LVD DQG WKH DGPLQLVWUDWLYH VHFUHWDU\ RI WKH '(67H& IRU WKHLU DFWLYH
VXSSRUWLQWKHRUJDQL]DWLRQRIWKHFRQIHUHQFH6SHFLDOWKDQNVJRWRWKH2UJDQL]LQJ&RPPLWWHHPHPEHUVIRU
WKHLUYDOXDEOHFRRSHUDWLRQ:HDOVRWKDQNWKHPXQLFLSDOLW\RI6DQ*LXOLDQR7HUPHIRUFRRSHUDWLRQLQWKH
RUJDQL]DWLRQDQGVXSSRUW
+HDUWIHOWWKDQNVJRWRWKHVFLHQWL¿FDVVRFLDWLRQVDQGLQVWLWXWLRQVWKDWZHUHZLOOLQJWRJUDQWWKHLUSDWURQDJH
8,'8QLRQH,WDOLDQD'LVHJQR,VWLWXWR,WDOLDQRGHL&DVWHOOL±6H]LRQH7RVFDQD,&2026,WDOLD&RQVLJOLR
,QWHUQD]LRQDOHGHL0RQXPHQWLHGHL6LWL&RPLWDWR1D]LRQDOH,WDOLDQR$,67$5&+$VVRFLD]LRQH,WDOLDQD
GL6WRULDGHOO¶$UFKLWHWWXUD&66$U&HQWURGL6WXGLSHUOD6WRULDGHOO¶$UFKLWHWWXUD2UGLQHGHJOL$UFKLWHWWL
3LDQL¿FDWRUL 3DHVDJJLVWL H &RQVHUYDWRUL GHOOD 3URYLQFLD GL 3LVD PXQLFLSDOLW\ RI 3LVD PXQLFLSDOLW\ RI
9LFRSLVDQRDQG0XVHR0XOWLPHGLDOH5RFFKHH)RUWL¿FD]LRQL9DOOHGHO6HUFKLR

;9,
)LQDOO\ ZH ZRXOG OLNH WR H[SUHVV RXU JUDWLWXGH WR DOO WKH DXWKRUV IRU WKH TXDOLW\ RI WKHLU FRQWULEXWLRQV
WKHLUDWWLWXGHUHJDUGLQJWKHDGHTXDF\RIWKHUHYLHZVDQGWKHLUSDWLHQFHWKURXJKRXWWKHHGLWLQJSURFHVVDQG
UHJLVWUDWLRQ
7KHKRSHLVWKDWWKRVHZKRZLOOSLFNXSWKHEDWRQRIWKHQH[W)2570('HGLWLRQZLOOUHDOL]HLQFUHDVLQJO\
H൵HFWLYHV\QHUJLHVDQGQHWZRUNLQJRSSRUWXQLWLHV

0DUFR*LRUJLR%HYLODFTXD'HQLVH8OLYLHUL
)2570('&KDLUV

;9,,
 'HIHQVLYH$UFKLWHFWXUHRIWKH0HGLWHUUDQHDQ9RO;9%HYLODFTXD8OLYLHUL(GV
‹3LVD8QLYHUVLW\3UHVV&,',&HG839
'2,

7KH)RUWRIWKH+RO\6DYLRULQ0HVVLQD+LVWRULFDOFDUWRJUDSK\DQG
GLJLWDOVXUYH\V
$OHVVLR$OWDGRQQDD*LXVHSSH0DUWHOORE$QWRQLQR1DVWDVLF)DELR7RGHVFRG
 'LSDUWLPHQWR GL ,QJHJQHULD 8QLYHUVLWj GHJOL VWXGL GL 0HVVLQD DDOWDGRQQD#XQLPHLW E 'LSDUWLPHQWR
D

GL ,QJHJQHULD 8QLYHUVLWj GHJOL VWXGL GL 0HVVLQD JPDUWHOOR#XQLPHLW F 'LSDUWLPHQWR GL ,QJHJQHULD
8QLYHUVLWjGHJOLVWXGLGL0HVVLQDDQWRQLQRQDVWDVL#XQLPHLW G'LSDUWLPHQWRGL,QJHJQHULD8QLYHUVLWj
GHJOLVWXGLGL0HVVLQDIWRGHVFR#XQLPHLW

$EVWUDFW
7KHUHVWRUDWLRQRIPRQXPHQWVLVLQHYLWDEO\WUDQVODWHGWKURXJKRXWWKHPRGL¿FDWLRQRIWKHVWDWHRIWKLQJV
ZKLFK PHDQV WKH PRGL¿FDWLRQ RI WKH RQO\ FHUWDLQ µGRFXPHQW¶ WKDW PDNHV LW SRVVLEOH LQ XQGHUVWDQGLQJ
WKHKLVWRU\RIWKHDUWHIDFWDWWULEXWLQJFKURQRORJLHVWRWKHGL൵HUHQWSDUWVRIZKLFKVXFKDUFKLWHFWXUHVDUH
FRPSRVHGRIDQGLQSUHSDULQJFDOLEUDWHGSURMHFWVIRUVSHFL¿FHQYLURQPHQWDOUHTXLUHPHQWV7KHUHIRUHWKH
GRFXPHQWDWLRQ SULRU WR WKH LQWHUYHQWLRQ LV D QHFHVVLW\ WKDW LQ UHFHQW GHFDGHV KDV KDG SRVLWLYH LPSXOVHV
WKURXJKRXWWKHXVHRIODVHUVFDQQLQJWHFKQLTXHVPDNLQJLWSRVVLEOHWRDFTXLUHDJUHDWGHDORILQIRUPDWLRQ
WKDWFRQVWLWXWHVDFFXUDWHDSSDUDWXVIRUWKHSURMHFWHODERUDWLRQ7KHIRUWRIWKH+RO\6DYLRULVORFDWHGDWWKH
HQGRIWKHQHFNRIODQGIDFLQJWKHFLW\RI0HVVLQDDFXUYHGVKDSHVLPLODUWRDVLFNOHZKLFKVXJJHVWHG
WRWKH&KDOFLGLDQ*UHHNVWKHFLW\QDPHDWWULEXWLRQRI=DQFOH7KHIRUWUHVVZDVEXLOWLQODWHUSHULRGVDQG
LQFRUSRUDWHVDOVRDWRZHUIURPWKH1RUPDQHUD)URPWKH$UDJRQHVHSHULRGRQZDUGVEXWDERYHDOODVSDUW
RIWKHUHRUJDQL]DWLRQRIWKHVWURQJKROGVRUGHUHGE\&KDUOHV9RWKHUIRUWL¿FDWLRQZRUNVZHUHMX[WDSRVHGE\
)HUUDPROLQRZKRDOVRLQFRUSRUDWHGWKHUHPDLQVRIWKH&KXUFKRIWKH+RO\6DYLRXULQWKH3KDULODQJXDJH
ZKLFKLQWKH1RUPDQSHULRGDOOWKHVRFDOOHGµ%DVLOLDQ¶FKXUFKHVRI9DOGHPRQHGHSHQGHG7KHVXUYH\RI
WKHIRUWUHVVZKLFKKDVXQGHUJRQHYDULRXVWDPSHULQJDQGWUDQVIRUPDWLRQVRYHUWKHFHQWXULHVZDVFDUULHG
RXW XVLQJ SKRWRJUDPPHWU\ DQG ODVHU VFDQQLQJ WHFKQLTXHV PDNLQJ LW SRVVLEOH WR LGHQWLI\ DQG GRFXPHQW
LPSRUWDQWYHVWLJHVUHFRJQL]LQJFHUWDLQKLVWRULFDOHYHQWVWKDWD൵HFWHGWKHPXOWLOD\HUHGVLWHDVZHOODV
SURYLGLQJXVHIXOVXSSRUWIRUWKHGHVLJQDQGFRQWURORIWKHLQWHUYHQWLRQ

.H\ZRUGVIRUWRIWKH+RO\6DYLRUIRUW&DPSDQD)HUUDPROLQR&KDUOHV9IRUWL¿FDWLRQV

,QWURGXFWLRQ
7KHFLW\RI0HVVLQDLVFKDUDFWHUL]HGE\DVWULSRI
ODQGWKDWLQWKH*UHHNSHULRGDVVXPHGWKHQDPHRI
=DQFOHGXHWRWKHIRUPDODVVRQDQFHRIWKHQHFN
RI ODQG ZLWK WKH VKDSH RI D VLFNOH 7KLV VWULS RI
ODQGIDFLQJWKHWRZQKDVEHHQDQREMHFWRILQWHUHVW
WKH IROORZLQJ FHQWXULHV E\ WKH $QJHYLQV DQG
WKHQE\WKH$UDJRQHVHZLWKIXUWKHUIRUWL¿FDWLRQV
ZKLFK LQFRUSRUDWHG WKH SUHYLRXV RQHV DQG ZHUH
FRQIRUPHG ZLWK GHIHQVLYH WHFKQLTXHV GHYHORSHG
LQUHVSRQVHWRWKHLQFUHDVLQJ¿UHDUPH൶FLHQFLHV
IURP DOO WKH SRSXODWLRQV WKDW KDYH DOWHUQDWHG )LJ
LQ WKH FLW\ JRYHUQDQFH 6LQFH  5RJHU , RI
7KHSXUSRVHRIWKLVSDSHULVWRREWDLQLQIRUPDWLRQ
$OWDYLOODIRUWL¿HGWKHHQGRIWKHVLFNOHE\HUHFWLQJ
IURP WKH KLVWRULFDO FDUWRJUDSK\ DQG FRPSDUH LW
D WRZHU FDOOHG 6DQW¶$QQD IRU WKH GHIHQVH DQG
ZLWKWKHUHDOLW\GHWHFWHGZLWKWKHPRVWDGYDQFHG
FRQWURO RI WKH FLW\ 0DODWHUUD  S  7KH
VXUYH\ WHFKQLTXHV LQ RUGHU WR DFKLHYH D ZLGHU
VWUDWHJLF SRVLWLRQ RI WKH VLWH ZDV FRQ¿UPHG LQ


NQRZOHGJHRIWKHFRQWH[WFRQVWLWXWLQJDZHDOWKRI 6DYLRUKDVDOZD\VEHHQXVHGIRUPLOLWDU\SXUSRVHV
GDWDWREHXVHGLQWKHFDVHRIDSURMHFWFRQVHUYDWLRQ LQ ZKLFK XVXDOO\ WKH RXWOLQH WUDQVIRUPDWLRQV
RIWKHPRQXPHQW DUH PRWLYDWHG E\ SUDFWLFDO UDWKHU WKDQ DHVWKHWLF
7KHKLVWRU\RIDUWLIDFW
)URPWKH1RUPDQVWRWKH6SDQLDUGV
1HDU WKH WRZHU RI 6DQW¶$QQD LQ  5RJHU ,
VWDUWHGWKHFRQVWUXFWLRQRIDPRQDVWHU\GHGLFDWHG
WRWKH+RO\6DYLRULQWKHSKDULODQJXDJH$$99
QHFHVVLWLHVIUHTXHQWO\SHUFHSWLEOH
)URPWKHFRQVLGHUDWLRQWKDWUHJDUGOHVVWKHSDSHU
GRFXPHQWDWLRQWKHUHDOGDWDFDQRQO\EHLQIHUUHG
IURP WKH VWDWH RI D൵DLUV RI WKH LQYHVWLJDWHG
DUFKLWHFWXUHDPHWULFVXUYH\ZDVGHYHORSHGXVLQJ
ODVHU VFDQQLQJ WHFKQLTXHV 8QOLNH WKH WUDGLWLRQDO
VXUYH\WHFKQLTXHVZKLFKFDQUHWXUQDJHRPHWULF
 S  7KLV FRQVWUXFWLRQ ZDV FRPSOHWHG PRGHO RI WKH DUWHIDFW WKH ODVHU VFDQQHU VXUYH\
DURXQGDQGDIWHUKLVFRURQDWLRQDV.LQJRI
6LFLO\ 5RJHU ,, HVWDEOLVKHG WKH $UFKLPDQGULWDWH
DQGVXEMHFWHGPRVWRIWKHUHOLJLRXVFHQWHUVRIWKH
*UHHN ULWH RI WKH 9DOGHPRQH DQG YDVW HVWDWHV LQ
&DODEULD 6FDGXWR  SS  7KH IRUWUHVV
LQZDVWKHVFHQHRIFODVKHVRQWKHRFFDVLRQ
RI WKH 9HVSHUV ZDU DQG DOVR DURXQG  ZKHQ
WKH3DOL]]LIDFWLRQUHEHOOHGDJDLQVWWKHPRQDUFK\
EDUULFDGLQJ LWVHOI ZLWK WKH $QJHYLQ WURRSV
0DXULFLS7RZDUGVWKHHQGRI WKH
¿IWHHQWK FHQWXU\ WKH FKXUFK DQG WKH PRQDVWHU\
XQGHUZHQW VXEVWDQWLDO UHVWRUDWLRQV DQG DERXW
D FHQWXU\ ODWHU LQ  WKH PRQDVWHU\ ZDV
GHPROLVKHG REVHUYLQJ WKH GHVLJQ RI &KDUOHV 9
ZKLFKSURYLGHGDUHRUJDQL]DWLRQRIWKHFLW\ZDOOV
DQGWKHGHIHQVLYHVWURQJKROGV)LJ
7KH IRUW RI 66 6DOYDWRUH ZDV FRQVWUXFWHG LQ
 E\ WKH PLOLWDU\ DUFKLWHFW )HUUDPROLQR IURP
%HUJDPRZKRLQFRUSRUDWHGZLWKLQWKHFLW\ZDOOV
WKH 7RZHU RI 6DQW¶$QQD DQG GHPROLVKHG WKH
PRQDVWHU\ NHHSLQJ RQO\ WKH FKXUFK RI WKH +RO\
6DYLRUQHDUWKHVRXWKHDVWEDVWLRQ
,QWKHVWRUHKRXVHIRUPXQLWLRQH[SORGHGGXH
)LJ ௘7KHSRUWFRQIRUPDWLRQRI0HVVLQD1RWH
DW WKH HQG RI WKH QHFN RI ODQG WKH IRUW SODQ RI
WKH +RO\ 6DYLRU 3ODQWDV GH WRGDV ODV SODDV\
IRUWDOHDVGHO5H\QRGH6LFLOLDVDFDGDVGHRUGHQGH
6X 0DJHVWD GHO 5H\ 3KHOLSSH )RXUWK \HDU
WRDOLJKWQLQJEROW WKDW UXLQHG WKH FKXUFK ZKLFK 0'&;;;;
ZDVDIWHUZDUGVUHVWRUHGWRLWVRULJLQDOFRQGLWLRQ
7KH IRUWUHVV ZDV FRPSOHWHG LQ  &KLOOHPL
 S DQG FRQVWLWXWHG RQH RI WKH YHUWLFHV
RI D GHIHQVLYH WULDQJOH ZKLFK DOVR LQFOXGHG )RUW
&DVWHOODFFLRDQG)RUW*RQ]DJDORFDWHGEHKLQGWKH
FLW\LQRUGHUWRFRQWUROWKHGHIHQVHOLQHWRZDUGVWKH
PRXQWDLQV%RWK)RUW*RQ]DJDDQG&DVWHOODFFLR
SUREDEO\ WKH ODWWHU ZDV EXLOW RQ D SUHH[LVWLQJ
EXLOGLQJ ZHUH FRQVWUXFWHG E\ )HUUDPROLQR ZKR
LQ WKH FDVH RI WKH )RUW RI WKH +RO\ 6DYLRU ZDV
DVVLVWHGE\0DXUROLFR0DXULFLS

7KHGRFXPHQWPRQXPHQW
7KLV SDSHU VSHFL¿FDOO\ H[DPLQHV WKH )RUW RI
WKH+RO\6DYLRUDQGJLYHVDQDFFRXQWRIWKH¿UVW )LJ ௘7KHSRUWFRQIRUPDWLRQRI0HVVLQD1RWH
UHVXOWVRIDUHVHDUFKFXUUHQWO\LQSURJUHVV6WDUWLQJ DWWKHHQGRIWKHWRQJXHRIODQGWKHIRUWSODQRI
IURP WKH FRQVLGHUDWLRQ WKDW WKH )RUW RI WKH +RO\ WKH+RO\6DYLRU3LHUUH'HO&DOOH\R


 ZHUHUHDVVHPEOHGDQGPHUJHGLQWRDVLQJOHLPDJH
WKURXJKWKHXVHRIWKHSKRWRJUDPPHWULFVRIWZDUH
$JLVRIW0HWDVKDSH
,Q UHODWLRQ WR WKH ODVHU VFDQQHU VXUYH\ ZHUH
SHUIRUPHG  VWDWLRQV WKH SRLQW FORXGV RI WKH
YDULRXV VHWXSV ZHUH UHDVVHPEOHG LQWR D VLQJOH
RYHUDOOFORXGXWLOL]LQJWKH/HLFD&\FORQH5HJLVWHU
VRIWZDUH7KHGODVHUVFDQQHUXVHGLVD/HLFD
%/.SXUFKDVHGE\/DE5RIWKH(QJLQHHULQJ
'HSDUWPHQWRIWKH8QLYHUVLW\RI0HVVLQD
)LJ ௘3RLQWFORXGRIWKH)RUWH&DPSDQDLQ5*%
FRORUVJUDSKLFHODERUDWLRQE\$$OWDGRQQD 7KH LQVWUXPHQW HPSOR\V D WLPHRIÀLJKW 72)
)LJ ௘ 7KH  VWDWLRQ SRLQWV DQG UHODWHG
FRQQHFWLRQV PDGH ZLWK /HLFD &\FORQH 5HJLVWHU
ZKLFKXVHV/L'$5/LJKW'HWHQWLRQDQG5DQJLQJ
WHFKQRORJ\WKDWDOORZVWRDFTXLUHXSWRDPD[LPXP
RI  SRLQWV SHU VHFRQG FUHDWLQJ SRLQW
FORXGVZLWKPLOOLPHWHUSUHFLVLRQ7KHDFFXUDF\RI
WKH LQVWUXPHQW GHSHQGV RQ WKH GLVWDQFH EHWZHHQ
WKH VWDWLRQ SRLQW DQG WKH DFTXLUHG VXUIDFHV 7KH
LQVWUXPHQWSHUPLWVWRREWDLQWZRGL൵HUHQWW\SHVRI
LPDJHVERWKSDQRUDPLFDQGVSKHULFDOLPDJHVZLWK
DQDFTXLVLWLRQ¿HOGRIƒE\ƒWKDQNVWRWKH
JUDSKLFHODERUDWLRQE\$$OWDGRQQD WKUHHLQWHJUDWHG+'5FDPHUDVDQGWKHUPRJUDSKLF
RQHVGXHWRWKHSUHVHQFHRIDQLQWHJUDWHGWKHUPDO
DOORZV XV WR DFTXLUH D ODUJH DPRXQW RI GDWD DQG LPDJLQJ FDPHUD ,Q IDFW EHIRUH WKH DFWXDO VFDQ
WKHQ GHFLGH LQ WKH SRVWSURGXFWLRQ SKDVH ZKLFK WKHODVHUSHUIRUPVDSKRWRJUDSKLFRYHUYLHZDQG
SUR¿OHV WR REWDLQ IURP WKH WKUHHGLPHQVLRQDO WKHQ EHJLQV WR DFTXLUH WKH SRLQWV XVLQJ WKH ODVHU
YLUWXDO PRGHO RYHUDOO SRLQW FORXG ,W VKRXOG EHDP,WKDVDUDQJHRIPLQGLDPHWHUZLWKD
EH QRWHG DOVR WKDW WKH DFTXLVLWLRQ RI VXFK GDWD SRLQW SRVLWLRQLQJ DFFXUDF\ RI PP DW P DQG
FRQVWLWXWHV D UHDOO\ LPSRUWDQW GRFXPHQW IRU WKH
XSFRPLQJUHQRYDWLRQDQGSURFHVVPDLQWHQDQFH
7KHSRVVLELOLW\RIXVLQJVXFKWHFKQRORJ\SHUPLWV
DQHDVLHUDSSURDFKWKDQLQWKHSDVWLQGHYHORSLQJ
D FULWLFDO VXUYH\ RI WKH EXLOGLQJ (YDOXDWLQJ WKH
QHZVWUDWL¿FDWLRQVGHPROLWLRQVDQGLQJHQHUDODOO
WKRVH WUDQVIRUPDWLRQV WKDW KDYH RFFXUUHG GXULQJ
WKH KLVWRU\ RI WKH EXLOGLQJ ,Q RUGHU WR DFTXLUH
GDWD WKDW FDQ FRQVWLWXWH D YDOXDEOH PHWKRG IRU
WKH XSFRPLQJ GHVLJQ LQWHUYHQWLRQ SKDVHV DQG
SUHVHUYLQJWKHFKDUDFWHULVWLFVRIWKHFRQVWUXFWLRQ
,WLVDOVRDGLJLWDOGRFXPHQWDVRUWRIIDFVLPLOH
ZKLFKIUHH]HVWKHDFWXDOVWDWHRIWKHDUFKLWHFWXUHRQ
WKHGDWHRIWKHVXUYH\ZKLFKFDQEHLQWHUURJDWHG
IRUYDULRXVLQVLJKWVHYHQDWDODWHUWLPH
7KHHQYLURQPHQWDOVXUYH\
7KH VXUYH\ RSHUDWLRQV ZHUH FDUULHG RXW XVLQJ
DQ LQWHJUDWHG VWXG\ D VFLHQWL¿F LQYHVWLJDWLRQ
SURFHVVLQZKLFKYDULRXVVXUYH\SURFHGXUHVZHUH
SXWWRJHWKHULQRUGHUWRREWDLQWKHPRVWSRVVLEOH
PP DW P )LJ  7KH IXQFWLRQDO GUDZLQJV
ZHUHUHSUHVHQWHGLQSRVWSURGXFWLRQHOLPLQDWLQJ
WKHµQRLVHV¶IURPWKHUDZRXWSXWGDWDLQRUGHUWR
REWDLQSUR¿OHVLPDJHVDQGGHWDLOVWKDWFDQEHXVHG
IRUWKHVXFFHHGLQJSURMHFWSKDVHV
7KHIRUWV&DPSDQDDQG+RO\6DYLRU
$V PHQWLRQHG DERYH WKH DUFKLWHFWXUH SHUFHLYHG
WRGD\KDVEHHQPROGHGWKURXJKRXWVWUDWL¿FDWLRQV
RYHUWKHFHQWXULHV7KHSULPLWLYH1RUPDQWRZHU
VWLOO EDVHG RQ DQ DQWLTXDWHG GHIHQVLYH V\VWHP
ZLWKWKHDGYHQWRI¿UHDUPVKDVVHHQDSURJUHVVLYH
WUDQVIRUPDWLRQ ZKLFK LQ WKH FXUUHQW SKDVH
FRQVWLWXWHVDGRFXPHQWRIWKHIRUWL¿FDWLRQWKHRULHV
GHYHORSHGLQWKH0LGGOH$JHV7KH)RUW&DPSDQD
DURXQGWKH¿IWHHQWKFHQWXU\LQFRUSRUDWHVWKHWRZHU
RI6DQW¶$QQDDQGLVRUJDQL]HGRQWZROHYHOVZLWK
WHUUDFHV FDSDEOH LQ KRVWLQJ DUWLOOHU\ SLHFHV 7KH
GUDZLQJVGUDZQXSE\(QJ%DUEDURGHVLJQHURI
WKHYRWLYHVWHOHGHGLFDWHGWRWKH³0DGRQQDGHOOD
/HWWHUD´DQGJURXQGHGLQVLGHWKH)RUW&DPSDQD
DUH IRXQG DW WKH 6XSHULQWHQGHQF\ DUFKLYH RI
DQGGHWDLOHGLQIRUPDWLRQ,QDGGLWLRQWRWKHODVHU 0HVVLQD$6'0LOOXVWUDWLQJDSODQDQGVHFWLRQ
VFDQQLQJSURFHVVHVZHUHDOVRFDUULHGRXWWKHUPDO RIWKHIRUWLQEHIRUHWKHFRQVWUXFWLRQRIWKH
LPDJLQJ FDPHUD YLVXDO UHOLHI DQG SKRWRJUDSKLF YRWLYHVWHOH)LJ
VXUYH\ )LJ  ,Q SDUWLFXODU WKH SKRWRJUDSKV


 )LJ ௘&RPSDULVRQ EHWZHHQ WKH FURVV VHFWLRQ
RI  LQ DOWR D DQG WKH UHHODERUDWHG
RUWKRSKRWRIURPWKHSRLQWFORXGED$UFKLYLR
6RSULQWHQGHQ]D0HVVLQDEJUDSKLFHODERUDWLRQ
E\$$OWDGRQQD
)LJ ௘&RPSDULVRQ EHWZHHQ WKH  SODQ LQ GDPSHQLQJ WKH LPSDFW IRUFH 7KH HQWUDQFH WR
DOWR D DQG WKH UHHODERUDWHG RUWKRSKRWR IURP WKH IRUW FDPH IURP WKH HDVWVLGH WKURXJK D SRUWDO
WKHSRLQWFORXGED$UFKLYLR6RSULQWHQGHQ]D LQ ORFDO VWRQH WKDW JDYH DFFHVV WR D KLJK URRP
0HVVLQDEJUDSKLFHODERUDWLRQE\$$OWDGRQQD GHOLPLWHGE\WZRODUJHURRPVFRYHUHGZLWKDEDUUHO
YDXOWDQGLQZKLFKWKHUHLVDVOLGHWKDWSHUPLWVWR
([DPLQLQJ WKH IRUW SODQ LW LV FOHDU ZKDW WKH WUDQVSRUWZLWKWUROOH\VDUWLOOHU\DQGDPPXQLWLRQWR
GHIHQGHUV¶IHDUVPLJKWKDYHEHHQE\DQDO\VLQJWKH WKHWHUUDFHOHYHOHTXLSSHGZLWK¿UHDUPDSHUWXUHV
SRVLWLRQLQJRIWKH¿UHDUPVDSHUWXUHVRUJDQL]HGRQ DEOHWRFRYHUDQ\DQJOHRIVKRW
WZROHYHOVDQGIRUWKHPRVWSDUWRULHQWHGWRZDUGV
WKHPRXWKRIWKHSRUW 7KH IRUW &DPSDQD FDQWRQDOV KLJKOLJKW WKH
GL൵HUHQW RULJLQV RI WKH EORFNV XVHG FRQVLVWLQJ
7KHSRVVLELOLW\LQLGHQWLI\LQJWKHRULJLQDOVWUXFWXUH RI OLPHVWRQH WDNHQ IURP WKH TXDUULHV RI %DXVR
LV EHLQJ HYDOXDWHG DVVXPLQJ WKDW D UHLQIRUFHG SLQN OLPHVWRQH DV ZHOO DV IURP WKH TXDUULHV
FRQFUHWH VWHOH ZDV LQDXJXUDWHG LQ  ,WV RI 7UHPRQWL OLPHVWRQH SRO\SV RU IURP RWKHU
IRXQGDWLRQLQYROYHGGULYLQJSROHVLQWRWKHVXEVRLO XQLGHQWL¿HGTXDUULHVSUREDEO\FRQVXPHG)LJ
ZLWK HYLGHQW GLVWXUEDQFH RI WKH RULJLQDO OD\HUV
UHODWLQJWRWKH7RZHURI6DQW¶$QQD)LJ
7KH IRUW &DPSDQD WKHUHIRUH LQFRUSRUDWHG WKH
SUHYLRXV WRZHU VXUURXQGHG E\ D FXUWDLQ ZDOO
FRQQHFWHG WR LW DQG FKDUDFWHUL]HG E\ D VHULHV RI
FRQFHQWULFURRPVFRYHUHGZLWKEDUUHOYDXOWV7KH
FRQVLVWHQW WKLFNQHVV RI WKH ZDOOV WRJHWKHU ZLWK
WKH FXUYLOLQHDU FRXUVH RI WKH H[WHUQDO VXUIDFHV
PDGHLWSRVVLEOHWRGHÀHFWDQ\DUWLOOHU\VKRWVE\

7KHPL[HGPDVRQU\LVODLGZLWKDWHFKQLTXHWKDW
UHPDLQHG LQ XVH XQWLO WKH QLQHWHHQWK FHQWXU\
PDNLQJXVHRIEULFNOHYHOLQJDQGDOVRZLWKWKHUH
XVHRIEULFNURZSLOHVVHSDUDWLQJWKHVWRQHEORFNV
VSOLW DQG URXJKO\ FXW RQ WKH IDFDGH 7KH ¿UHDUP
RSHQLQJVDUHHQWLUHO\ODLGZLWKEULFNVL]HV
,QWKH¿UVWKDOIRIWKHVL[WHHQWKFHQWXU\
WKHWKUHDWRILQFXUVLRQVEHFDPHPRUHVLJQL¿FDQW
)LJ ௘(QWUDQFHDFFHVVUDPSDQGODVHUVFDQQHU
VXUYH\RIWKH)RUW&DPSDQDJUDSKLFHODERUDWLRQ
E\$$OWDGRQQD
)LJ ௘  $[RQRPHWULF YLHZ RI WKH FLW\ ZDOOV
6SDQLVK GRRU &DVWHOODQ¶V KRXVH DQG EDVWLRQ
IURP WKH SRLQW FORXG JUDSKLF HODERUDWLRQ $
$OWDGRQQD

DQG LQ WKH GHVFULSWLRQ RI WKH PDULQDV RI WKH

6LFLOLDQ .LQJGRP 1HJUR  9HQWLPLJOLD 
FRQ¿UPHG DIWHUZDUGV DOVR E\ WKH EDURQ $JDWLQR
$SDU\ &DOOH\R  $OO WKHVH PDSV DJUHH LQ
GH¿QLQJWKHIRUWUHVVLQWKHFRQVLVWHQF\ZKLFKZDV
SUHVHUYHGXQWLOWKHHDUWKTXDNH)LJ
6WDUWLQJ IURP  WKH SUHVHQFH RI $QWRQLR
)HUUDPROLQR IURP %HUJDPR ZDV GRFXPHQWHG LQ
)LJ ௘7KH)RUWRIWKH+RO\6DYLRU3LHUUH'HO 0HVVLQDIRUWKHPRGHUQL]DWLRQRIWKHVWURQJKROG
&DOOH\RSDJF GXULQJ ZKLFK KH DOVR GHVLJQHG WKH IRUW RI WKH
+RO\ 6DYLRU RQ WKH QHFN RI ODQG 6DQ 5DQLHUL
ZKLFKDIWHUZDUGVZLOOEHEXLOWEDVHGRQDSURMHFW
E\ *LRYDQQL $QJHOR 0RQWRUVROL DQG )UDQFHVFR
0DXUROLFR WKH 7RZHU /DQWHUQD DV ZHOO DV WKH
)RUWH&DVWHOODFFLRDQG)RUWH*RQ]DJDXSVWUHDPRI
)LJ ௘$[RQRPHWULFYLHZRIWKHZDOOVIURPWKH
WKHIRUWL¿HGFLW\ZDOOV$ULFzSS
$FFRUGLQJWRWKHFXUUHQWNQRZOHGJHRIWKLQJVLW¶V
LPSRVVLEOH WR HVWDEOLVK ZKDW ZDV SUHFLVHO\ GRQH
E\)HUUDPROLQR+RZHYHULWLVSRVVLEOHWRREVHUYH
WKDWWKHZDOOVRI)RUW&DPSDQDZHUHH[WHQGHGXS
WRHQFLUFOHWKHHQWLUHHQGRIWKHSHQLQVXODKDYLQJ
WKHLU RZQ DXWRQRP\ DQG FHUWLI\LQJ D VHFRQG
ZDOOHG HQFORVXUH IXUWKHU HDVW UHLQIRUFHG E\ WZR
SRLQWFORXGJUDSKLFHODERUDWLRQE\$$OWDGRQQD SHQWDJRQDO LQWHUPHGLDWH VWUXFWXUHV DQG HQGLQJ
ZLWKDODUJHEDVWLRQHTXLSSHGZLWKHDUOREHVLQWKH
ZKLFK FRQVWLWXWHG IRU WKH 0HGLWHUUDQHDQ DQ
HQRUPRXVLPSHGLPHQWIRUWKHWUDGHGHYHORSPHQW
7KHUHIRUHDGHIHQVLYHVWUDWHJ\ZDVLPSOHPHQWHG
E\WKH(PSHURU&KDUOHV9RI+DEVEXUJEDVHGRQ
WKHIRUWL¿FDWLRQRIWKHPDLQ6LFLOLDQVWURQJKROGV
QRUWKHDVWFRUQHU)LJ
7KHSRVLWLRQRIWKLVEDVWLRQDOORZHGLQDFFRUGDQFH
ZLWK WKH GHIHQVLYH WKHRULHV RI WKH SHULRG WKH
FRQWURORIWKHDFFHVVJDWHOLPLWHGE\DPRDWDQG
OHYHUEULGJHHQJDJLQJWKHHQWLUHIRUWL¿FDWLRQZHW
ZKLFK ZRXOG KDYH HQVXUHG D PRUH H൵HFWLYH
FRQWURORIWKHVHDVDQGWUDGHJURZWK
7KH FRQVLVWHQF\ RI WKH IRUW LV SHUFHLYHG ZLWKLQ
WKH GUDZLQJV VXSSOLHG E\ 7LEXU]LR 6SDQQRFFKL
ZKLFK JLYH DQ DFFRXQW RI WKH WUDQVIRUPDWLRQV
E\ZDWHURQHDFKVLGH)LJ
$QDO\]LQJ SURSRUWLRQV DQG FRPSDULQJ ZLWK
YLQWDJHLPDJHVWKXVDOORZVXVWRD൶UPWKDWERWK
RSHQLQJVDVZHOODVWKHZDOOVDUHWRGD\LQDJRRG
SDUWEXULHG7KHZDOOVDUHFKDUDFWHUL]HGE\DVFDUS
FDUULHG RXW E\ )HUUDPROLQR 6SDQQRFFKL 


)LJ ௘2UWKRSKRWR RI WKH 6SDQLVK 'RRU
JUDSKLFHODERUDWLRQE\$$OWDGRQQD

)LJ ௘9LHZRIWKH)RUWRIWKH+RO\6DYLRU)

1HJUR)WDY

WRVKRRWWRZDUGVDQ\DWWDFNHUV7KHUHVWLWXWLRQRI
WKHSRLQWFORXGVDOORZVWRH[WUDFWWKHUHODWLYHGDWD
FRQFHUQLQJWKHRXWVLGHDQGLQVLGHRIWKHPDVRQU\
ZDOOWKDWJLYHVDFFHVVWRWKHIRUWKLJKOLJKWLQJDOO
WKHSDUWLFXODULWLHVRIWKHFRQWH[W$ERYHWKHPDLQ
HQWUDQFHSRUWDOWKHUHLVDQLQVFULSWLRQLQ6SDQLVK
ZKLFKWHVWL¿HVWKHZRUNVFDUULHGRXWLQDQG
D+DEVEXUJFRDWRIDUPVZLWKDYLFHUHJDOHDJOH
)LJ
2Q WKH ORZHU OHYHO WKH PLOLWDU\ TXDUWHUV IRUPHG
E\DVXFFHVVLRQRIYDXOWHGURRPVZHUHVLWHGDORQJ
WKHZDOOVWKDWFRQQHFWHGWKHHQWUDQFHGRRUWRWKH
IRUW &DPSDQD 2Q WRS ZHUH ORFDWHG WKH ¿UHDUP
RSHQLQJV RULHQWHG WRZDUGV WKH VHD DFFHVV RI WKH
SRUW DQG FLW\ 7KH SDUWLFXODU DQJXODWLRQV RI WKH
ZDOOV DQG WKH HDV\ PRYHPHQW RI WKH DUWLOOHU\
SODFHGLQWKHGL൵HUHQWSRVLWLRQVFRQVHQWHGDOPRVW
D FRPSOHWH FRYHUDJH RI ¿UH )LJ  ,QVLGH WKH
IRUWDVPHQWLRQHGWKHFKXUFKRIWKH+RO\6DYLRU
ZDVSUHVHUYHGDQGWKHPRQDVWHU\VWUXFWXUHVZHUH
GHPROLVKHG ([DPLQLQJ WZR PDQXVFULSWV KHOG DW
WKH1DWLRQDO/LEUDU\RI6SDLQPVV3ODQWDVGH
WRGDVODVSODoDV\IRUWDOHoDVGHOUH\QRGH6LFLOLD
DQG'HVFULSFLyQGH6LFLOLD\VXVFLXGDGHV
)LJ ௘ 'HWDLO RI WKH 6SDQLVK 'RRU DQG DQGSXEOLVKHGLQDFULWLFDOHGLWLRQ$ULFz
LQVFULSWLRQSLFWXUHE\$$OWDGRQQD DOORZV WR JLYH D PHDQLQJ WR VRPH VLJQV IRXQG
RQ WKH VLWH LGHQWLI\LQJ SUHFLVH ORFDWLRQV DV WKH
³SDWUROURDG´WKHEDWWOHPHQWVDQGWKH³VROGLHUV¶
SDWWHUQ ZLWK DQ DQJOH DW WKH IRRW RI ƒ HQGLQJ
KRXVHV´ OHDQLQJ DJDLQVW WKH ZDOOV ERWK WR WKH
ZLWKDVHPLFLUFXODUVHFWLRQOLPHVWRQHVWULQJFRXUVH
QRUWK DQG VRXWK LQFOXGLQJ WKH FKXUFK RI WKH
SODFHGDWDERXWPIURPWKHFXUUHQWZDONLQJ
+RO\6DYLRUUHVWLQJDJDLQVWWKHVRXWKHUQZDOODQG
VXUIDFHZLWKWKHIXQFWLRQWRGLVVXDGHUHVFDODWLRQV
DSSUR[LPDWHO\WKHFDVWOH¶VKRXVHLQIURQW:KHUHDV
$ULFz1S
7KHUHZDVDQRWKHUVPDOORSHQLQJRQWKHOHIWRIWKH
PDLQDVKODUV¶DUFKGRRUFXUUHQWO\ZDOOHGXSDQG
HTXLSSHGDOVRZLWKDGUDZEULGJHIRUFURVVLQJWKH
WKH PLOLWDU\ JURXQG ZDV FORVH WR WKH VRXWKHDVW
EDVWLRQ7KHIRUWZDVVHSDUDWHGIURPWKHSHQLQVXOD
RI6DQ5DQLHUL7KHVWULSRIODQGWKDWHQFORVHVWKH
SRUWRI0HVVLQDZDVWUDYHUVHGE\DPRDWRIVHD
PRDW)LJ ZDWHU UHTXLULQJ WKXV D ZRRGHQ GUDZEULGJH IRU
WKHDFFHVV,QDQDO\]LQJWKHSRUWDOKLJKOLJKWVWKDW
7KHDFFHVVWRWKHIRUWUHPDLQHGSURWHFWHGGXHWR
WRGD\WKHHQWLUHÀRRUSODQKDVEHHQPRGL¿HGE\
WKHH[SDQVLRQRIWKHPDVRQU\ZDOOHQWUDQFHDQGRI
¿OOLQJWKHPRDWDQGVLJQL¿FDQWO\UDLVLQJLWVRWKDW
WKHRUWKRJRQDOZDOORIWKHUDPSDUWVRIZKLFKRQO\
WKHEDVHSDUWRIWKHSRUWDOLVQRZXQGHUJURXQG
WKHQRUWKHDVWZDOOUHPDLQVWRGD\WKDWSHUPLWWHG


)URPWKHUHFRUGVLWDSSHDUVWKDWQH[WWRWKHDFFHVV
GRRUWKHUHZDVDSRO\JRQDOWRZHUSUREDEO\IURP
WKH )HGHULFLDQ HUD SUHVXPDEO\ GHPROLVKHG LQ
RUGHUWRRUJDQL]HWKHQHZFRQ¿JXUDWLRQRIWKHIRUW
HQFORVXUH ZKLFK SHUPLWWHG D IUHH YLVLRQ RI WKH
DFFHVVIURPWKHQRUWKHDVWEDVWLRQ7KHPDVRQU\
RQ WKH ULJKW RI WKH SRUWDO LOOXVWUDWHV QXPHURXV )LJ ௘ 2UWKRSKRWR GHWDLO RI WKH FLW\ ZDOO
WUDFHV DQG LQWHUIHUHQFHV KRZHYHU WKH LQWHUIDFH UHJDUGLQJ WKH PLOLWDU\ ORGJLQJV RQ WKH JURXQG
GHPROLWLRQ RI WKH WRZHU LV QR ORQJHU LGHQWL¿DEOH ÀRRUDQGWKH¿UHDUPRSHQLQJVRQWKHXSSHUOHYHO
GXHWRWKHSRVWKXPRXVLQWHUYHQWLRQV
 (OHPHQWV IRU WKH TXDOL¿FDWLRQ RI WKH
DUFKLWHFWXUDOFRQWH[WVWUDWLJUDSKLHV
$VPHQWLRQHGWKHFRQWH[WLVKLJKO\VWUDWL¿HGDQG
REMHFWLYHHYLGHQFHFDQEHIRXQGLQPDQ\RIWKHVH
WUDQVIRUPDWLRQ SKDVHV 7KH PRVW PDFURVFRSLF
JUDSKLFHODERUDWLRQE\$$OWDGRQQD
LQ  7KH EDVH LV IXQGHG RQ D SLOLQJ DQG WKH
HOHYDWLRQ VWUXFWXUH FRQVLVWV RI D F\OLQGHU LQ
UHLQIRUFHG FRQFUHWH ZLWK GRXEOH DUPRU /DVWO\
WKHVWHOHLVFRYHUHGZLWKVKDSHGVWRQHEORFNVIURP
7UDSDQL ZKLFK FXUUHQWO\ H[KLELW YDULRXV FUDFNV
GXHWRWKHH[SORVLRQRIWKHFRQFUHWHFRYHURIWKH
WUDQVIRUPDWLRQV DFNQRZOHGJHG LQ WKH )RUW
&DPSDQD LV WKH ¿UVW PDVVLYH UHQRYDWLRQ ZRUN
LQ WKH V RI WKH WZHQWLHWK FHQWXU\ FRQFHUQLQJ
WKHLQVHUWLRQRIWKHVWHOHEOHVVLQJ0DGRQQD7KH
YRWLYHVWHOHZDVGHVLJQHGE\)UDQFHVFR%DUEDUR
&KLHI (QJLQHHU RI WKH 7HFKQLFDO 2൶FH RI WKH
$UFKELVKRSULF RI 0HVVLQD DQG ZDV LQDXJXUDWHG
XQGHUO\LQJVWUXFWXUH
7KLV LV WKH FDVH RI WKH )RUW &DPSDQD ZKLFK LQ
DGGLWLRQ WR WKH GLVRUGHUV RI WKH FHQWUDO QXFOHXV
RQFH RFFXSLHG E\ WKH 7RZHU RI 6DQW¶$QQD
DQG DIWHU WKH GHPROLWLRQV FDXVHG E\ WKH 
HDUWKTXDNHKDVXQGHUJRQHQXPHURXVUHVWRUDWLRQV
DQGUHSDLUVWKDWKDYHVLJQL¿FDQWO\WUDQVIRUPHGWKH
FRQWH[W VWURQJO\ FRQWDPLQDWLQJ WKH SRVVLELOLW\
RI D GHWDLOHG DQDO\VLV 7KH FRQQHFWLRQ EHWZHHQ
)RUW &DPSDQD DQG WKH ZDOOHG HQFORVXUH FOHDUO\
HYLGHQFHDWQRUWKWKHFKURQRORJLFDOSRVWHULRULW\RI
)LJ ௘ 'HWDLO FRQQHFWLRQV EHWZHHQ WKH )RUW
&DPSDQD DQG FLW\ ZDOO HQFORVXUHV DW QRUWK
WKHODWWHU)LJ
:KLOH RQ WKH H[WHUQDO VLGH WKH FXUWDLQ ZDOO KDV
EHHQ UHSHDWHGO\ PDLQWDLQHG ZLWK UHFRQVWUXFWLRQ
RI WKH SODVWHU RQ WKH LQWHUQDO VLGH GLVSOD\V WKH
WUDFHVRIWKHGHPROLVKHGVROGLHUV¶TXDUWHUVUHVWLQJ
DJDLQVW LW 7KH URRI FRQVWLWXWHG WKH ZDONZD\ IRU
WKHQRUWKIDFLQJ¿UHDUPVDSHUWXUHV$OVRHYLGHQW
DUH VHYHUDO PDVRQU\ UHFRQVWUXFWLRQV WKH FORVXUH
RI WKH ¿UHDUPV DSHUWXUHV DQG WKH GUDIWLQJ RI D
OD\HURISODVWHUPDGHDIWHUWKHGHPROLWLRQRIWKHVH
EXLOGLQJV SUHVXPDEO\ DIWHU WKH HDUWKTXDNH RI

7KH SHULPHWHU ZDOO FRQVWUXFWLRQ WHFKQLTXHV RI
WKH )RUW FRQVLVW RI D ¿UVW OHYHO FRPSRVHG ZLWK
D VWRQH PDVRQU\ URXJKO\ ZRUNHG DQG VHW ZLWK
SRRUO\ GH¿QHG OHYHOLQJ PRUHRYHU D VXFFHVVLRQ
RI YDXOWHG URRPV ZLWK DQ D[LV SHUSHQGLFXODU WR
WKH PDVRQU\ ZDOO VKRRWLQJ GLUHFWLRQ 7KH XSSHU
OHYHO ZDV LQVWHDG FKDUDFWHUL]HG E\ D PL[HG
PDVRQU\ ZLWK URXJKO\ FKRSSHG OLPHVWRQH DQG
UHFXUUHQW EULFN OHYHOLQJ VWRQHV LQ ZKLFK RSHQHG
WKH¿UHPRXWKV7KH¿UHDUPVRSHQLQJVFXUUHQWO\
EX൵HUHG DUH HQFORVHG E\ D OLPHVWRQH IUDPH DQG
KDYH D IXQFWLRQDO VKDSH IRU WKH DUWLOOHU\ SUDFWLFH
SLFWXUHE\WKHDXWKRUV )LJ


&RQFOXVLRQV VFDQDFTXLVLWLRQSHUPLWVDWDQ\WLPHWRLQYHVWLJDWH
DQG DQDO\]H WKH HQWLUH FORXG RU SRUWLRQV RI LW
'HYHORSLQJDVXUYH\ERWKZLWKWUDGLWLRQDOPHWKRGV
GHSHQGLQJRQWKHSXUSRVHRIWKHVXUYH\WRGHULYH
DQGZLWKWKHXVHRIWKHODVHUVFDQQHUPHWKRGRORJ\
JHRPHWULFDQGPDWHULDOFKDUDFWHULVWLFV
KDVPDGHLWSRVVLEOHWRDFTXLUHUHOLDEOHGDWDDQG
DUFKLYH LQIRUPDWLRQ ZKLFK FRQVWLWXWH D ULFK 1RWHV
NQRZOHGJHFDSDEOHLQGRFXPHQWLQJWKHVWDWHDQG
WUDQVIRUPDWLRQVRIWKHPXOWLOD\HUHGDUFKLWHFWXUDO
FRQWH[W RI WKH )RUW 6 6DYLRU 7KH LQWHUZHDYLQJ
DFTXLUHG GDWD XVLQJ ODVHU VFDQQLQJ WHFKQRORJ\
DQG WKH FRPSDULVRQ ZLWK KLVWRULFDO VRXUFHV
KLJKOLJKW VLJQL¿FDQW PHWULF DQG PRUSKRORJLFDO
GL൵HUHQFHV+RZHYHUWKHGLVFUHSDQFLHVEHWZHHQ
WKH VL[WHHQWKFHQWXU\ UHSUHVHQWDWLRQ DQG WKH
FXUUHQWUHOLHIGHPRQVWUDWHVZKDWZHUHWKHVDOLHQW
FKDUDFWHULVWLFV KLJKOLJKWHG LQ WKH GRFXPHQWDO
KLVWRULFGUDZLQJ
7KLV DFTXLVLWLRQ FRUSXV DOORZHG RQ RQH KDQG
WR LQFUHDVH WKH NQRZOHGJH RQ WKH VSHFL¿F
 7KH UHVHDUFK WKH ¿UVW UHVXOWV RI ZKLFK DUH
SUHVHQWHGKHUHLVWKHUHVXOWRIDPHPRUDQGXPRI
XQGHUVWDQGLQJVWLSXODWHGEHWZHHQWKH0XQLFLSDOLW\
RI0HVVLQDWKH'HSDUWPHQWRI(QJLQHHULQJRIWKH
8QLYHUVLW\ RI 0HVVLQD WKH 6XSHULQWHQGHQF\ IRU
%%&&$$ RI 0HVVLQD WKH ,WDOLDQ 1DY\ DQG
WKH 3RUW 6\VWHP $XWKRULW\ RI WKH 6WUDLW IRU WKH
VLPSOL¿FDWLRQ DQG FRRUGLQDWLRQ RI SURFHGXUHV
DQG IRU WKH LPSOHPHQWDWLRQ RI LQLWLDWLYHV IRU WKH
XUEDQDUFKLWHFWXUDODQGIXQFWLRQDOUHGHYHORSPHQW
DQG UHFRYHU\ RI WKH WKFHQWXU\ PRQXPHQWDO
FRPSOH[ RI WKH IDOFDWH DUHD IDOOLQJ ZLWKLQ WKH
QDYDOEDVHRIWKHSRUWRI0HVVLQD
IRUWL¿FDWLRQ RQ WKH RWKHU KDQG WR H[DPLQH LQ 7KHSHQLQVXODRI65DQLHULLVWKHVWULSRIODQG
GHWDLO WKH WHFKQLTXHV DQG PDWHULDOV XWLOL]HG LQ HQFORVLQJWKHSRUWRI0HVVLQD
WKH YDULRXV IRUWL¿FDWLRQ SKDVHV DOORZLQJ WR
REWDLQ QHZ LQIRUPDWLRQ LQ UHODWLRQ WR WKH ZDU
HFRQRPLHVWKDWKDYHVXSHUYLVHGWKHFRQVWUXFWLRQ
RI WKH IRUW 7KH VWXG\ LQ D SKDVH IRU D GHHSHU
DQDO\VLVDQGV\VWHPDWL]DWLRQDLPVWRFRPSDUHWKH
FKDUDFWHULVWLFVIRXQGLQWKHDUFKLWHFWXUHFUHDWHGLQ
0HVVLQDE\&KDUOHV9ZLWKWKHRWKHURQHVSUHVHQW
DORQJWKH6LFLOLDQSHULSOXVIRUPHGWRFRXQWHUWKH
2WWRPDQ7XUNLVKWKUHDW)XUWKHUPRUHWKHUDZGDWD
5HIHUHQFHV
7KHVWHOHRQZKLFKLVWKHVWDWXHRIWKH%OHVVLQJ
0DGRQQD ZDV GHVLJQHG E\ HQJLQHHU %DUEDUR
DQG LQDXJXUDWHG LQ  7KH EDVH LV IRXQGHG
RQ D SLOLQJ DQG DQ HOHYDWLRQ VWUXFWXUH FRQVLVWLQJ
RI D UHLQIRUFHG FRQFUHWH F\OLQGHU ZLWK GRXEOH
UHLQIRUFHPHQW )LQDOO\ WKH VWHOH LV FODG ZLWK
VKDSHGOLPHVWRQHEORFNVWKDWVKRZVHYHUDOFUDFNV
GXHWRWKHH[SORVLRQRIWKHFRQFUHWHFRYHURIWKH
XQGHUO\LQJVWUXFWXUH
$$99*XLGDDOODFLWWjGL0HVVLQD0XQLFLSLRGL0HVVLQD
$6'0$UFKLYLR6WRULFR'LRFHVDQRGL0HVVLQD/LSDULH6DQWD/XFLDGHO0HOD
$ULFz1,OULWUDWWRGL0HVVLQDGHO,Q6RUDJQL8 &ROOHWWD7DFXUDGL,3XQWLGLYLVWDH
OHYHGXWHGLFLWWjVHFROL;,,,;9,5RPD(GL]LRQL.DSSD
%HUWRFFL6 %LQL00DQXDOHGLULOLHYRDUFKLWHWWRQLFRHXUEDQR7RULQR&LWWj6WXGLHGL]LRQL
'HO&DOOH\R3 $QJXOR3HU%DURQH$JDWLQR$SDU\'HVFULSWLRQGHO¶,VOHGH6LFLOHHWGHVHVFRWHV
PDULWLPHVDYHFOHVSODQVGHWRXWHVVHVIRUWHUHVHV$PVWHUGDP
&KLOOHPL)0HVVLQDXQFHQWURVWRULFRULFRVWUXLWR0HVVLQD/LEUHULD&LRIDORHGLWULFH
'RFFL0 0DHVWUL'0DQXDOHGLULOHYDPHQWRDUFKLWHWWRQLFRHXUEDQR5RPD%DUL/DWHU]D
)D]HOOR7/HGXHGHFKHGHOO¶KLVWRULDGL6LFLOLDWUDGRWWHGDO/DWLQRLQOLQJXDWRVFDQDGDO30
5HPLJLR¿RUHQWLQRGHOPHGHVLPRRUGLQH9HQH]LDIUDWHOOL'RPHQLFRH*LR%DWWLVWD*XHUUD
1HJUR) 9HQWLPLJOLD&0$WODQWHGLFLWWjHIRUWH]]HGHO5HJQRGL6LFLOLD,Q$ULFz1D
FXUDGL,WLQHUDUL6LFLOLDQL0HVVLQD6LFDQLD
0DODWHUUD *  'H UHEXV JHVWLV 5RJHULL &DODEULDH HW 6LFLOLDH FRPLWLV HW 5REHUWL *XLVFDUGL ,Q
3RLQWLHUL(DFXUDGL%RORJQD=DQLFKHOOL
0DXULFL)&DVWHOOLPHGLHYDOLGL6LFLOLD3DOHUPR6HOOHULR
6FDGXWR0,OPRQDFKHVLPREL]DQWLQRQHOOD6LFLOLDPHGLHYDOH5LQDVFLWDHGHFDGHQ]D6HFROL;,
;,95RPD(GL]LRQLGLVWRULDHOHWWHUDWXUD
6SDQQRFFKL 7  'HVFULSFLyQ GH ODV PDULQDV GH WRGR HO UHLQR GH 6LFLOLD FRQ RWUDV LPSRUWDQWHV
GHFODUDFLRQHVQRWDGDVSRUHO&DYDOOHUR7LEXUFLR6SDQRTXLGHOÈELWRGH6DQ-XDQ*HQWLOKRPEUHGH
OD &DVD GH 6X 0DJHVWDG GLULJLGR DO 3UtQFLSH 'RQ )LOLSH 1XHVWUR 6HxRU HQ HO DxR GH 0';&9,
%DUFHORQD*XVWDYR*LOL(GLWRU


9ROXPHSXEEOLFDWRQHOPHVHGLPDU]R