Oct 8, 2002 - as programming, interface design, promotion hosting and online business .... received on a voluntary basis and kept anonymous to ensure ...
:HEEDVHG'LVFXVVLRQ*URXSVDW6WDNH 7KH3URILOHRI0XVHXP3URIHVVLRQDOV2QOLQH 86$ 7RGD\ KDV FRPH RXW ZLWK D QHZ VXUYH\ ± DSSDUHQWO\ WKUHHRXWRIHYHU\IRXUSHRSOHPDNHXSRIWKHSRSXODWLRQ ²'DYLG/HWWHUPDQ
5R[DQH%HUQLHU 5HVHDUFKHU 'HSDUWPHQWRI6RFLRORJ\ 8QLYHUVLWpGH0RQWUpDO &36XFF&HQWUHYLOOH 0RQWUHDO4XHEHF +&- &DQDGD (PDLO5R[DQH%HUQLHU#XPRQWUHDOFD -RQDWKDQ3%RZHQ 3URIHVVRURI&RPSXWLQJ )(67&,60 6RXWK%DQN8QLYHUVLW\ %RURXJK5RDG /RQGRQ6($$ 8QLWHG.LQJGRP (PDLOMRQDWKDQERZHQ#VEXDFXN .H\ZRUGVYLUWXDOFRPPXQLWLHVZHEEDVHGGLVFXVVLRQJURXSVRQOLQHIRUXPVHOHFWURQLFPDLOLQJ OLVWVNQRZOHGJHPDQDJHPHQWFXOWXUDOLQVWLWXWLRQVPXVHXPSURIHVVLRQDOVVXUYH\
$EVWUDFW 2QOLQHIRUXPVDLPDWVWLPXODWLQJGHEDWHVDQGUHIOHFWLRQRQDOOUHOHYDQWFXOWXUDOWRSLFVDV ZHOO DV SURYLGLQJ DQVZHUV IRU PXVHXP SURIHVVLRQDOV ZRUNLQJ LQ VSHFLDOL]HG DUHDV HJ DUWV VFLHQFHQDWXUDOKLVWRU\HGXFDWLRQZHEGHVLJQ 7KHPDLQREMHFWLYHRIWKLVSDSHULVWRFRQFHQWUDWH RQWKHUHOHYDQFHRILQGLYLGXDOVLQWHUDFWLQJYLUWXDOO\ZLWKLQDµNQRZOHGJHSURFHVV¶IURPZKLFKWR MXGJHWKHYDOXHRIZHEEDVHGGLVFXVVLRQJURXSV+RZHYHUOLWWOHLVNQRZQDERXWKRZPXVHXP UHODWHG IRUXPV WDUJHW WKHLU DXGLHQFH DQG ZKLFK VXEMHFWV DUH RI UHDO LQWHUHVW WR WKHP ,W LV ZRUWKZKLOH H[SORULQJ WKH EHQHILWV RI GLJLWDO QHWZRUNLQJ QRW RQO\ WR LQYHVWLJDWH WKH UHVRXUFHV DYDLODEOHEXWDOVRWROHDUQLIWKH\DUHDQ³HIIHFWLYHSUDFWLFDOH[SHULHQFH´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
,QWURGXFWLRQ ,Q WKH PLG HLJKWLHV 5KHLQJROG ± IRXQGHU RI :(// 7KH :KROH (DUWK (OHFWURQLF /LQN ± IRUHVDZ D ³FXOWXUDO DJJUHJDWLRQ´ WKURXJK RQOLQH GLVFXVVLRQV 8VHUV FRXOG FRPPXQLFDWH HOHFWURQLFDOO\ ZLWKRXW KDYLQJ WKH QHHG WR PHHW SK\VLFDOO\ ,QVSLUHG E\ WKH V\PEROLF LQWHUDFWLRQLVW WKHRU\ LQ WKH VHYHQWLHV HJ *RIIPDQ IURP %HUNHOH\ TXHVWLRQHG WKH RQJRLQJ SURFHVV RI VRFLDO LQWHUDFWLRQV WKURXJK YDULRXV FRPPXQLFDWLRQ FKDQQHOV 6PLWK FKRVH:(//IRUKLV3K'ILHOGZRUNDQGUHSRUWHGWKDWVSHFLILF VRFLDO JURXSV UHFRJQL]H WKH\ FDQ REWDLQ YDOXDEOH LQIRUPDWLRQ IURP RWKHU LQGLYLGXDOV RQ WKH ,QWHUQHW +H IRFXVHG RQ WKH FRQFHSW RI ³FROOHFWLYH JRRGV´ GHYHORSLQJ WKUHH IXQGDPHQWDO DVVHWV WKDW UHVHPEOH D YLUWXDO FRPPXQLW\ VRFLDO QHWZRUN NQRZ SHRSOH YLUWXDOO\ NQRZOHGJH FDSLWDO JDLQ NQRZOHGJH DQG FRPPXQLRQ GLVFXVV VXEMHFW PDWWHUV 7KHVHFROOHFWLYHJRRGVVHUYHDVDWUDGHPHFKDQLVPIRUWKHHQULFKPHQWDQGWKH UHILQHPHQWV RI ILHOGV RI H[SHUWLVH %HUQLHU KDYH DFFHQWXDWHG WKH V\PEROLF YLUWXHV RI ZHE FRPPXQLWLHV ZKDW VKH FDOOHG ³YLUWXDO VRFLDELOLW\´ DV RQH H[FKDQJHVLQIRUPDWLRQYLDWH[WEDVHGFRQYHUVDWLRQVDQGSURGXFHVDSUDJPDWLFGLPHQVLRQ IRU UHDOWLPH NQRZOHGJH 7RGD\¶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
DYDLODEOH LQ SK\VLFDO LQVWLWXWLRQV SURYLGLQJ D ³FUHDWLYH JDWHZD\´ WR LQIRUPDWLRQDO UHVRXUFHV ([WHQGLQJ WKDW WKUHDG RI WKLQNLQJ ZH YLHZ RQOLQH IRUXPV IURP WKH DQJOH RI .QRZOHGJH 0DQDJHPHQW .0 DPDMRUWUHQGLQ,7GHVFULEHGDVERWKQHWZRUNLQJLH PDQDJHPHQWRIFRQWHQW DQGFRQQHFWLQJSURIHVVLRQDOVLHGLVVHPLQDWLRQRINQRZOHGJH *HQW]RJODQLV UHSRUWHG WKDW RQH ZD\ WR MXGJH WKH SRWHQWLDOLWLHV RI ,7 QHWZRUNHG NQRZOHGJH VRFLHWLHV LV WR PHDVXUH WKH LPSRUWDQFH RI LQWHOOHFWXDO DVVHWV DQG LQFRUSRUDWH WKHP LQWR DQ RUJDQL]DWLRQ¶V YDOXH VLQFH LW LV DERXW ³DSSOLHG NQRZOHGJH´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³FDYHDWWR.0´DVWKHDXWKRUSXWVLWLVZKDWPRVWFXOWXUDOLQVWLWXWLRQVDUHJUDSSOLQJ ZLWKEHFDXVHLWDSSHDUVDQLQWDQJLEOHFRPSRQHQWWRTXDOLI\DQGTXDQWLI\LHLQWDQJLEOH 1HYHUWKHOHVVLWZDVDGGHGWKDW³.0UHIOHFWVDVRFLDOGLUHFWLRQUHODWHGWREXWZLWKRXWWKH GLUHFW SUHVVXUH RI FRPPHUFLDO H[FKDQJH >«@ RSHQ XS WR GLDORJXH EHWZHHQ SHRSOH DQG ZKR DVVHQW D YLVLRQ RI RSSRUWXQLWLHV WR LQQRYDWH´ UDWKHU WKDQ EHLQJ RULHQWHG WRZDUGV WHFKQRORJLFDOVXSHULRULW\
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
LQIRUPHGDERXWQHZIHDWXUHVDQGLQWHUHVWLQJVLWHV/LVWVHUYVRIWZDUH ZKHUHDVZHEEDVHG FKDWURRPVEULQJLQVWDQWLQWHUDFWLYLW\ZLWKSHRSOHZKRKDYHVLPLODULQWHUHVWVVRPHWLPHV PRQLWRUHG DOORZLQJ PRUH IUHHGRP 3DUDFKDW VRIWZDUH 7KHUH DUH DOVR FDOHQGDUV SURYLGLQJ D OLVW RI HYHQWV ZLWK GDWHV WR GLVFRYHU KDSSHQLQJV VXFK DV IRUXP WRSLFV 6LWH 3RLQWRIIHUVYHU\DFFXUDWHFRQWHQWIRUZHEVLWHGHYHORSPHQWLVVXHVRIYLUWXDOIRUXPVVXFK DV SURJUDPPLQJ LQWHUIDFH GHVLJQ SURPRWLRQ KRVWLQJ DQG RQOLQH EXVLQHVV >ZZZVLWHSRLQWIRUXPVFRP@ $V IRU LQIRUPDWLRQ WKH QXPEHURIVXEVFULEHUVRIPXVHXPHOHFWURQLFOLVWVUDQJHV IURPWRPHPEHUVWKH\DUHPRVWO\EDVHGRQ/LVWVHUYVRIWZDUHIUHHO\DFFHVVLEOH UHJXODUO\ XSGDWHG DQG HDV\ WR UHJLVWHU $Q\RQH ZLWK DQ ,QWHUQHW FRQQHFWLRQ FDQ MRLQ -XGJLQJ IURP WKH DPRXQW RI PHVVDJHV SRVWHG PRQWKO\ WKH WZR PDLQ NQRZQ GLVFXVVLRQ OLVWVDUHLQRUGHURISRSXODULW\086(80/&KDGZLFN DQG+086(80%ODQN $Q H[KDXVWLYH LQGH[ RQ PDLOLQJ OLVWV ZHE ERDUGV DQG QHZVJURXSV RQ YDULRXV WRSLFV DERXW PXVHXPV DUH DYDLODEOH RQ WKH &URDWLDQ 0XVHXP ZHEVLWH >SXEOLFVUFHKUPX]HMBVLEHQLNPXVOLVWVKWPO@ ZKHUHDV VSHFLDOL]HG RQHV DUH DFFHVVLEOH IURP WKH 81(6&2 $UFKLYHV 3RUWDO >ZZZDUFKLPDFRUJ3URIHVVLRQ/LVWV@ DQG +1HW 'LVFXVVLRQ 1HWZRUNV >ZZZKQHWPVXHGX@ %HUQLHU DQG %RZHQ $ IXOOHU GHVFULSWLRQ RI RQOLQH IRUXPV QHZVJURXSV PDLOLQJ OLVWV DQG ZHEORJV DUH LQFOXGHG LQ D FRPSDQLRQSDSHUZKHUH\RXZLOOILQGVWDWLVWLFVRQVHYHUDOQHZVJURXSGLVFXVVLRQWKUHDGV DVZHOODVLQWHUHVWLQJGDWDRQWKHKLJKSURILOHXVHVRIDQLQWHUDFWLYHIRUXPDW7DWH%ULWDLQ %RZHQ+RXJKWRQDQG%HUQLHU
3UHPLVHRIWKH5HVHDUFK :HZLOOWKXVDGGUHVVWKHµQDWXUHRINQRZOHGJH¶LQYROYHGZLWKLQZHEEDVHGJURXS GLVFXVVLRQ IRUXPV E\ JDXJLQJ WKH XVHUV¶ RSLQLRQV LQ RUGHU WR LGHQWLI\ WKH IXQGDPHQWDO SUREOHPVWKDWKLQGHU.0SUDFWLFHVRIVXFKIRUXPVDQGVHHLIWKH\DUHUHDOO\SURILWDEOHIRU WKH FXOWXUDO VSKHUH WR JHW PXVHXP SURIHVVLRQDO H[SHUWLVH :H DUH DZDUH WKDW FRQWHQW SURYLGHGYLUWXDOO\LVRIXQHYHQTXDOLW\DQGJHQHUDWHVVRPHGLVSDULW\EHWZHHQLQIRUPDWLRQ NQRZOHGJHDQGSHGDJRJ\ 7KHUHLVQRGRXEWWKDWZHEPXVHXPIRUXPVHJQHZVJURXSVHOHFWURQLFPDLOLQJ OLVWV HQHZVOHWWHUV EULQJ QRYHOW\ LQ FXUDWRUVKLS IRU FUHDWLQJ D JHQXLQH LQWHUQDWLRQDO
FRPPXQLW\ QHWZRUN ZLWK D YDULHW\ RI UHVRXUFHV HJ SUDFWLFDO H[SHULHQFH UHVHDUFK FDSDELOLWLHV ELEOLRJUDSKLF WRROV IDVKLRQDEOH WHQGHQFLHV WKHUHIRUH DFFHVVLQJ WR FRUH UHIHUHQFHV DQG KLJKO\ TXDOLILHG VWDII ZLWK D VLPLODU EDFNJURXQG IRU WKH DGYDQFHPHQW RI PHWKRGV 3RZD]HN DQG .LP KDYH WDFNOHG WKH LVVXH RI HPHUJLQJ YLUWXDO FRPPXQLWLHVZKHUHDV/HKQHUW LQDPRUHSUDJPDWLFZD\GLVFXVVHVWKHUHOHYDQFH RI MRLQLQJ ZHE IRUXPV 1HYHUWKHOHVV WKHVH DXWKRUV GR QRW LQIRUP XV DERXW µFRPSXWHU VXSSRUWHG FRRSHUDWLYH ZRUN¶ ZLWKLQ D ILFWLWLRXV SODFH IRU GHVLJQLQJ DQ HIILFLHQW IUDPHZRUNRIVRIWZDUHDVSXWIRUZDUGE\3UHHFHDQG0DORQH\.ULFKPDU WKHUHLV LQGHHG D EDODQFH WR SUHVHUYH EHWZHHQ VRFLDELOLW\ DQG XVDELOLW\ ZKHQ GHYHORSLQJ RQOLQH FRPPXQLWLHV WKDW LV NHHSLQJ LQ PLQG D SDUWLFLSDWRU\ FRPPXQLW\ ZKLOH H[FKDQJLQJ NQRZOHGJH
0HWKRGRORJ\
:HSURYLGHDIXOOGLVFORVXUHRIDQLQWHUQDWLRQDOVXUYH\KRVWHGRQ0XVHRSKLOHVHH
)LJXUH OLQNHG IURP WKH 9LUWXDO /LEUDU\ PXVHXPV SDJHV 9/PS XVLQJ D ELOLQJXDO RQOLQH TXHVWLRQQDLUH )UHQFK DQG (QJOLVK DYDLODEOH IRU D IRXUPRQWK SHULRG VLQFH ZH ZHUHORRNLQJIRUWKHRSLQLRQVRIPXVHXPSURIHVVLRQDOVLWZDVDYDLODEOHIURP$XJXVWWR 'HFHPEHU >IRUXPVPXVHRSKLOHQHWTXHVWLRQQDLUH@ 7KH TXHVWLRQQDLUH ZDV ERWK TXDQWLWDWLYH DQG TXDOLWDWLYH LQ QDWXUH LH LW LQFOXGHG RSHQHQGHG TXHVWLRQV DV ZH LQYHVWLJDWHG QXPHURXV YDULDEOHV WR JUDVS WKH XVHUV¶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
DGGLWLRQ 2WW KDV UHSRUWHG WKDW RQOLQH IRUXPV UHSUHVHQW D ³XQLYHUVDO ZRUNLQJ VSDFH´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
)LJXUH0XVHRSKLOH)RUXP'LVFXVVLRQV
7KH DYHUDJH WLPH IRU FRPSOHWLRQ RI WKH VXUYH\ ZDV HYDOXDWHG DW PLQXWHV GHSHQGLQJ RQ XVH OHYHO RI LQWHUHVW DQG H[SHUWLVH RI ZHEEDVHG GLVFXVVLRQ JURXSV 3DUWLFLSDQWV ZHUH LQYLWHG WR UHSO\ WR WKH ILUVW SDUW RI WKH VXUYH\ $OO UHVSRQVHV ZHUH UHFHLYHG RQ D YROXQWDU\ EDVLV DQG NHSW DQRQ\PRXV WR HQVXUH FRQILGHQWLDOLW\ +RZHYHU XVHUVFRXOGWUDQVPLWWKHQDPHRIWKHLULQVWLWXWLRQ $QVZHUVJLYHQRQ0XVHRSKLOHIRUXPV
,Q-XO\,&20KDVDOVRODXQFKHGD³*XLGHOLQHIRU0XVHXP3URIHVVLRQDO'HYHORSPHQWV´ZLWKWKHFROODERUDWLRQ RI WKH 6PLWKVRQLDQ &HQWHU IRU (GXFDWLRQ DQG 0XVHXP 6WXGLHV 6&(06 WKDW WDFNOHV HYDOXDWLRQV QDPHO\ PHWKRGRORJ\GDWDFROOHFWLRQDQGDQDO\VLV>PXVHXPVWXGLHVVLHGX,&20,&723FRPSKWP@
ZHUH IDFXOWDWLYH 6XPPDUL]HG UHVXOWV RI WKLV UHVHDUFK ZLOO EH SUHVHQWHG LQ 6SHFWUD %HUQLHUDQG%RZHQ 3XEOLFL]LQJWKH6XUYH\ 7KH WHFKQLTXH HPSOR\HG WR UHDFK RXU DXGLHQFH ZDV WKURXJK VHYHUDO OHDGLQJ PXVHXPUHODWHG HOHFWURQLF PDLOLQJ OLVWV ERWK LQ JHQHUDO DQG VSHFLDOL]HG DUHDV 086(80/
+086(80
,&20/
086('20$/
0&1/
0&*/
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±\HDUVROGLQGLYLGXDOVUHSUHVHQWHGDWKLUGRIWKHXVHUV ZKLOH WKH ± \HDUV ROG DQG ±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
7DEOH 8VHUV¶3URILOH
1XPEHURISDUWLFLSDQWV *HQGHU $JHJURXS 6SRNHQODQJXDJH &RXQWULHVRIRULJLQ
0DLQO\IHPDOH 0RVWO\EHWZHHQDQG\HDUVROG 9DVWPDMRULW\RI(QJOLVKVSHDNLQJ 8QLWHG6WDWHVDQGVRPH(XURSHDQFRXQWULHV HJ,WDO\*HUPDQ\3RUWXJDO
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
7DEOH 3ULQFLSDO)LHOGVRI:RUN
&ROOHFWLRQV 5HVHDUFK(GXFDWLRQ 0DQDJHPHQW
7KHVHGDWDVKRZWKDWWKH\DUHQRPXVHXPSURIHVVLRQDOVIURPSUHGRPLQDQWILHOGV PDNLQJXVHRIRQOLQHIRUXPVDQGHOHFWURQLFPDLOLQJOLVWV1HDUO\KDOIRIRXUXVHUVFDPH IURP FROOHFWLRQV DQG PDQDJHPHQW UHVSHFWLYHO\ DOPRVW D TXDUWHU IRU HDFK DUHD 1HYHUWKHOHVV LW DSSHDUHG WKDW DGPLQLVWUDWLRQ GXWLHV DUH PDLQO\ IXOILOO E\ PDOHV ZKHUHDV HGXFDWLRQUHODWHG MREV DUH VWLOO RFFXSLHG E\ IHPDOH &ROOHFWLRQ PDQDJHUV ZHUH TXLWH HYHQO\ GLYLGHG LQ WHUPV RI JHQGHU ZKLOH ,7 SURIHVVLRQDOV PRVWO\ FRQVLVWHG RI ZRPHQ
,QGLYLGXDOVLQWKHUHVHDUFKDUHDZHUHPRUHEDODQFHGDVZHIRXQGDSSUR[LPDWHO\WKHVDPH QXPEHURIPHQDQGZRPHQ $Q(DUO\6XUYH\RQ&DQDGLDQ/LVWVHUYV 7KRPDV¶ILQGLQJV DERXW&DQDGLDQPDLOLQJOLVWVDUHZRUWKZKLOHPHQWLRQLQJ EHFDXVHWKH\DUHDNLQWRRXUUHVXOWV7KHVXUYH\DWWUDFWHGWKHDWWHQWLRQRIPRUHWKDQ PXVHXP SURIHVVLRQDOV IURP LQVWLWXWLRQV ZKR ZHUH (QJOLVKVSHDNLQJ DQG ZKRPZHUHZHOODFTXDLQWHGZLWKWKH,QWHUQHW 7KHSDUWLFLSDQWV¶SURIHVVLRQVZHUH GLYLGHG
EHWZHHQ
DGPLQLVWUDWRUV
FXUDWRUVUHVHDUFKHUV
DQG
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¶V ILQGLQJV VLQFH KH UHSRUWHG WKDW RYHU WKH UHFHQW \HDUV D YDVW PDMRULW\ RI YLUWXDO YLVLWRUV EURZVH RQ WKH 9LUWXDO /LEUDU\ PXVHXPV SDJHV 9/PS ZLWK 06,( DQG1HWVFDSH
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
7DEOH ,QVWLWXWLRQ$IILOLDWLRQV
1DWLRQDO0XVHXPV
$PHULFDQ0XVHXPRI1DWXUDO +LVWRU\ 1HZZZZDVWFRUJ@ ZLWK RYHU DVVRFLDWLRQV ³%HFDXVH WKHUH LV D EUHDGWK WR WKH DXGLHQFH DQG JRRG KHOS UHVSRQVHV´ :H RQO\ JRW RQH VWDWHPHQW H[SUHVVLQJ UHJUHWV DERXW 086('20$ ³IUXVWUDWLQJ KDUG WR ILQG VSHFLILF LQIRUPDWLRQ DQG LQTXLULHV IURP LQGLYLGXDOV SRVWHG WR WKH OLVW DUH QRW RI LQWHUHVW JHQHUDOO\´ ,W ZDV DOVR WKH FDVH IRU 086:(%/ ³WRR PXFK GLYHUJHQW LQIR WRR EURDG HJ LI , DP ORRNLQJ IRU ,QWHUDFWLYH 6FLHQFHV H[KLELWV , GRQ¶W ZDQW WR ZDGH WKURXJK WRQV RI DUW JDOOHU\ SRVWLQJV WR ILQG VRPHWKLQJ ´ 2WKHURQOLQHIRUXPVDOWKRXJKOHVVSRSXODUZHUHDOVRVDLGWREHDSSHDOLQJIRUWKH PXVHXPUHODWHG SURIHVVLRQV IRU H[DPSOH 4XHEHF¶V PXVHRORJ\ WHFKQLFLDQV >JLVBWHFBPXVHREORJVSRWFRP@ WKH9LVXDO$UWV'DWD6HUYLFH9$'6 >YDGVDKGVDFXN@ WKH
&XOWXUH
DQG
'HYHORSPHQW
>OLVWVHUYQLFPXVHXPDUFKLYHVFKGHYOKWPO@
1HWZRUN WKH
'+0
/LVWVHUY 6HFXULW\
&+'(9/ 0DQDJHPHQW
>ZZZGKPQO@DQGILQDOO\WKH&DOLIRUQLD$VVRFLDWLRQRI0XVHXPV>FDOPXVHXPVRUJ@³,W LVYHU\LQIRUPDWLYH´
5HOHYDQFHRI&RQWHQWLQOLQHZLWK3URIHVVLRQDO,QWHUHVWV $Q LPSUHVVLYH QXPEHU RI XVHUV VWDWHG WKDW WKH\ ZHUHGHILQLWHO\ SOHDVHGZLWKWKH LQIRUPDWLRQIRXQGRQHOHFWURQLFPDLOLQJOLVWVQHDUO\KDOIRIRXUUHVSRQGHQWV DQG WKXV YHU\ HQFRXUDJLQJIRUQHZGHYHORSPHQWVRIZHEEDVHGIRUXPV$GLVWDQWTXDUWHURI XVHUVZHUHPDLQO\VDWLVILHGE\WKHSRVWLQJV +HUHDUHVRPHRIWKHLUFRPPHQWV³LW VHUYHV LWV UROH´ ³LW QHHGV VRPH H[SHULHQFH WR VHOHFW WKH XVHIXO PHVVDJH´ ³UHOHYDQFH RI FRQWHQW YDULHV ZLWK P\ VDWLVIDFWLRQ´ LQ WKH VDPH GLUHFWLRQ ³EHWWHU LI ZHEEDVHG ZLWK GLVFRYHU\WRROVIRUDUFKLYHV´ 2QHILIWKUHVSRQGHGWKDWWKH\ZHUHGLVDSSRLQWHGZLWKWKHFRQWHQWSURYLGHG DQG XVHG WHUPV OLNH µVRPHZKDW¶ DQG µVRUW RI¶ WR GHVFULEH WKHLU VDWLVIDFWLRQ 7KH\ DOVR PHQWLRQHG ³WRR PDQ\ HPDLOV´ ³LQFRQVLVWHQW ZLWK FRQWHQW´ ³WRR ZLGHUDQJLQJ´ ³RFFDVLRQDOO\QDVW\DQGXQSURIHVVLRQDO´ZKLOVWWKHRQHVZKRWRWDOO\GLVOLNHGPDLOLQJOLVWV VWDWHG ³SUHWW\ DQQR\LQJ´ ³QRW VSHFLILF HQRXJK´ ³EXUGHQHG ZLWK WRR PDQ\ TXHVWLRQV PRUH HDVLO\ DQVZHUHG LQ SULQW´ DQG ³GLVFRQWLQXHG VXEVFULSWLRQ EHFDXVH RI YROXPH DQG UHFXUULQJSUREOHPVZLWKQHZXVHUV´,WDSSHDUHGWKDWVXEVFULEHUVEHFRPHRYHUORDGHGZLWK LUUHOHYDQW LQIRUPDWLRQ DQG WKDW QRYLFHV¶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³WKH\VKRXOGVWULSWKHHQWLUHFKDLQRIRULJLQDODQGVHFRQGDU\PHVVDJHVRUKRZWRZULWHD FOHDUVXEMHFWOLQH´ &RQFHUQLQJ D SXEOLF DQG EURDGHU XVDJH RI ZHEEDVHG PXVHXP IRUXPV PDQ\ SURIHVVLRQDOV UHPDLQHG VFHSWLF DERXW WKHLU DFWXDO SXUSRVH IRU D JHQHUDO DXGLHQFH VRPH HYHQ DGGHG LW ZDV H[WUDQHRXV 2WKHU SDUWLFLSDQWV QHYHUWKHOHVV HQFRXUDJHG LWV XVH E\ VXJJHVWLQJ WKH IROORZLQJ GLVFXVV H[KLELWV DQG WKHLU WKHPHV OHDUQ DERXW WKHLU IDYRXULWH DUWLVWVWUDYHOOLQJH[KLELWLRQVFXUUHQWPXVHRJUDSKLFLVVXHVEXWDOVRE\SURYLGLQJOLQNVWR ZHOONQRZQ DUW JDOOHULHV HJ WKH IULHQGV RI WKH PXVHXP XQLYHUVLWLHV DQG OLEUDULHV
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¶V ZKR 5DQNHG QLQWK ZDV &RPPHUFH ZLWK PXOWLLQVWLWXWLRQDO YHQWXUHV WKHQ IDU EHKLQG DQG RI DOPRVW HTXDO LQWHUHVW HFRPPHUFH DQG VDOHVDGYHUWLVLQJ 7KHLUIDYRULWHDUHDVDUHOLVWHGEHORZVHH7DEOH
7DEOH )DYRUHG$UHDVZLWK3UHIHUUHG6XEMHFW
&ROOHFWLRQVH[KLELWLRQGHVLJQ 3URIHVVLRQVMRERSSRUWXQLWLHV (GXFDWLRQSDUWQHUVKLSVZLWKVFKRROV 3XEOLFDWLRQVERRNV ,QIRUPDWLRQWHFKQRORJLHVZHEPXVHXPV
,QWKH2WKHUVHFWLRQUHVSRQGHQWVZHUHDVNHGWRVXJJHVWXSWRWKUHHFKRLFHV+HUH DUH VRPH RI WKH VXEMHFWV UHTXHVWHG E\DUHD FROOHFWLRQPDQDJHPHQWHJGLJLWL]DWLRQ VWDQGDUGV SKRWRJUDSK\ SUHVHUYDWLRQ LGHQWLI\LQJ XQNQRZQ DUWLIDFWV VPDOO PXVHXPV UHSURGXFWLRQOLFHQVLQJSULFHV FRPPHUFHHJJLIWVKRSVDZDUHQHVVUDLVLQJDXGLHQFH UHVHDUFKFRUSRUDWHVSRQVRUVKLSIRUXPV GHVLJQHJFRQWHQWVWUXFWXUHLQWHUDFWLYLW\ GLUHFWRULHV HJ DUWLVW DQG ODQJXDJH DXWKRULWLHV PXVHXP DVVRFLDWLRQV RQ WKH ZHE RUJDQL]DWLRQV ZLWK LQWHUQVKLSV LQIRUPDWLRQ WHFKQRORJLHV HJ FRPPXQLW\ WUDLQLQJ DGPLQLVWUDWLYH PDQDJHPHQW UHVRXUFHV YLUWXDO H[KLELWLRQV DQG SURIHVVLRQDO WRSLFV HJ SROLF\ GHYHORSPHQWV MRE PDUNHW WUHQGV PHQWRUVKLS RSSRUWXQLWLHV IRU JUDGXDWH VWXGHQWV $OO LVVXHV LQ SXEOLFDWLRQV DQG PXVHXP HYHQWV ZHUH VWDWHG DV EHLQJ RI LPSRUWDQFH ZKLOH HGXFDWLRQUHODWHG VXEMHFWV DSSHDOHG PXFK WR XVHUV DOWKRXJK PRUH VXJJHVWLRQV ZHUH FDOOHG WR RXU DWWHQWLRQ OLNH FRQWLQXLQJ HGXFDWLRQ ZHE FRQWHQW IRU FKLOGUHQSDUWQHUVKLSVEHWZHHQPXVHXPVDQGXQLYHUVLWLHVHGXFDWLQJWKHJHQHUDODXGLHQFH FROOHJH OHDUQLQJ DQG OLYLQJ KLVWRU\ /DVWO\ YLVLWRU VHUYLFH LVVXHV DQG LQWHUDFWLYH H[KLELW DSSURDFKHVZHUHFODLPHGWREHRIVLJQLILFDQFHLPSRUWDQFHLQPXVHRORJ\ 0XVHRSKLOH'LVFXVVLRQ)RUXPV 7KH 0XVHRSKLOH SURMHFW LV D VSLQRXW IURP 6RXWK %DQN 8QLYHUVLW\ /RQGRQ (QJODQG VWDUWHGRQ6HSWHPEHUVWRIWKDWHQFRXUDJHVWKHPXVHXPFRPPXQLW\ZLWK WKHSURYLVLRQRIRQOLQHIDFLOLWLHVVXFKDVGLVDEOHGDFFHVVYLDWKHZHE%RZHQ DQG HFRPPHUFH %RZHQ 0XVHRSKLOH /LPLWHG ZDV IRXQGHG RQ -DQXDU\ WK RI >ZZZPXVHRSKLOHFRP@ -RQDWKDQ 3 %RZHQ SRVWHG WKH ILUVW PHVVDJH RQ 0XVHRSKLOH GLVFXVVLRQ IRUXPV LH $XJXVW WK WKH VDPH GD\ ZH GHFLGHG WR ODXQFK WKH ZHE VXUYH\
6RPH5HVXOWV 7ZRWKLUGV RI RXU UHVSRQGHQWV DJUHHG XSRQ WKH LGHD RI DJJUHJDWLQJ H[LVWLQJ PDLOLQJOLVWVDQGQHZVJURXSVRQ0XVHRSKLOH WKXVSURYLGLQJFURVVUHIHUHQFHVZLWK WKH RULJLQDO DUFKLYH VLWHV VLQFH LW LV VHHQ DV DQ HIILFLHQW ZD\ RI PDQDJLQJ FRQWHQW DOWKRXJK WRR PDQ\ OLQNV FDQ EH FRQIXVLQJ DQG RYHUZKHOPLQJ 6RPH UHVRXUFHV ZHUH PHQWLRQHG ZRUWKZKLOH WR DGG 086(80/ +086(80 0&1/ &+,/'086 &22/$67&$9,62$PHULFD¶VODUJHVWPXOWLFXOWXUDOZHEVLWHGLUHFWRU\ WKH&DQDGLDQ $VVRFLDWLRQ RI 6FLHQFH &HQWUHV DQG D QXPEHU RI PXVHXPUHODWHG QHZVJURXSV 0DQ\ RI WKHVH DQG VHYHUDO RWKHUV DUH DOUHDG\ DFFHVVLEOH YLD WKH 0XVHRSKLOH GLVFXVVLRQ IRUXPV ZHEVLWH>IRUXPVPXVHRSKLOHQHW@ :KHQZHDVNHGKRZ0XVHRSKLOHFRPSDUHGWRVLPLODUZHEVLWHVPRVWXVHUVVWDWHG WKDW LW GRHV QRW FRPSDUH WR DQ\ RWKHU VLWHV 2QH SDUWLFLSDQW KRZHYHU PHQWLRQHG WKDW JOREDOPXVHXPRUJ LV DOLNH DQG IDYRUHG LW ZKLOH DQRWKHU UHSRUWHG WKDW 0XVHRSKLOH KDV VLPLODU IHDWXUHV WR WKH %ODFNERDUG FRXUVH ZHEVLWH KH RU VKH HQMR\HG WKH IRUPDW ³YHU\ GHPRFUDWLF DQG FRQGXFLYH WR WKRXJKWIXO FRPPHQWV´ 7KHUH ZDV D PXWXDO DJUHHPHQW RQ WKHIDFWWKDWWKHUHZDVQRWHQRXJKLQIRUPDWLRQRQOLQH\HWPDNLQJLWVRPHZKDWGLIILFXOWWR JLYHRQH¶VRSLQLRQ6HYHUDOUHVSRQGHQWVZHUHPRVWO\XQFHUWDLQDERXWLWVXWLOLW\EHFDXVHRI ODFNRIFRQWHQW1HYHUWKHOHVVPDQ\XVHUVFRQIHVVHGWKDWWKH\KDGQRWIXOO\H[SORUHGWKH VLWHWRFRPPHQWZHOOHQRXJK 7KHLUUHDFWLRQVDERXW0XVHRSKLOH ZHUH PL[HGDVWKH\LQGLFDWHGWKH\ZHUHHLWKHU SOHDVHG ZLWK LWV IRUPDW RI SUHVHQWDWLRQ RU IRXQG WKH OD\RXW ERULQJ ,Q DGGLWLRQ WKUHH TXDUWHUV RI WKH XVHUV HPSKDVL]HG WKH\ GR QRW ZDQW WR MRLQ GLVFXVVLRQ IRUXPV EHIRUH LQYHVWLJDWLQJ WKH IHDWXUHV DYDLODEOH ZKLFK LV VHHQ D WHGLRXV SURFHVV 7KLV REMHFW RI FULWLFLVP LV LOOXVWUDWHG E\ VHYHUDO SDUWLFLSDQWV ³\RX KDYH WR FUHDWH DQ DFFRXQW XS IURQW ZLWKRXWVHHLQJZKDWLW¶VOLNHZKLOHRWKHUVLWHVOHW\RXYLVLWWKHDUFKLYHVZLWKRXWKDYLQJWR UHJLVWHU´³,GLGQ¶WZDQWWRVXEVFULEHWRVHHZKDWLWKDGWRRIIHU´RU³,GRQ¶WZDQWWRKDYH WRORJLQ´ WKH\VWUHVVHGLWVJRDOLVXQFOHDU³GRQ¶WTXLWHXQGHUVWDQGLWVPDLQSXUSRVH´ ³ZLWKDOOWKHRWKHUPXVHXPOLVWVHUYVRXWWKHUHZK\DUH\RXERWKHULQJZLWKWKLVVHUYLFH"´ RU ³SURYRFDWLRQ":K\DQRWKHUPHOORZPXVHXPVLWH"´ WKH\DOVR PHQWLRQHGWKHUHLVD VHULRXV DEVHQFH RI LQIRUPDWLRQ ³QRW PXFK FRQWHQW \HW´ RU ³, GLGQ¶W ILQG DQ\WKLQJ IRU FKLOGUHQ¶VPXVHXP\HWDQDUWLFOHRQWKHKRPHSDJHLVFDOOHGµ2QOLQHFROXPQFKLOGUHQ¶V
PXVHXP UHVRXUFHV¶´ ZKLOH RWKHUV FRPSODLQHG WKDW 0XVHRSKLOH LV RYHUORDGHG ZLWK VXEMHFWV³WRRPDQ\WRSLFVWKDWVRXQGVLPLODU´³DFFHVVWRWRRPDQ\IRUXPV´³WKHSDJHLV EXV\LWORRNVOLNHDGV,IRXQGLWFRQIXVLQJ´HYHQVDLGWRKDYHWRRPXFKDGYHUWLVHPHQW ³FOHDULWXSDOLWWOHPRUHVWUXFWXUHGDQGUHPRYHWKHDGV´ WKH\IHOWWKHUHLVDODFNRID GLUHFWRU\³GLIILFXOW\RIILQGLQJDQLQWURGXFWLRQZLWKGLUHFWLRQV´³,DPQRWIRQGRIZHE EDVHG IRUPDWV DV LW VHHPV WR WDNH WRR PXFK WLPH WR ILQG DQ DUJXPHQW RI LQWHUHVW´ RU ³XQVXUH DW ILUVW RQ KRZ WR DFFHVV LQIRUPDWLRQ´ DQG ILQDOO\ VRPH FULWLFL]HG WKDW LW LV RQO\DYDLODEOHLQ(QJOLVK³DOLWWOHGLIILFXOWZKHQWKH(QJOLVKLVQRWP\QDWLYHODQJXDJH´RU ³HQDQJODLVVHXOHPHQW´7KHODVWFRPPHQWZDVDOVRUHSRUWHGIRUPRVWSRSXODU/LVWVHUYV $VIRUSRVLWLYHFRPPHQWVLWZDVVWDWHGWKDWLWKDV³DQHDV\ORJLQ´³DQHDWSDJH OD\RXW´ ³D QLFH FOHDQ LQWHUIDFH´ ³DQ RSHQ IRUPDW´ ³JDWHZD\V´ ³LQWULJXLQJ WRSLFV´ ³OLQNV WR HYHU\WKLQJ´ ³VHYHUDO RSWLRQV IRU GLVFXVVLRQ´ ³SRWHQWLDO IRU RIIHULQJ D ORW RI LQIRUPDWLRQ´ DQG WKH ODVW EXW QRW OHDVW ³D JRRG VXUYH\ RQ GLIIHUHQW VXEMHFWV HJ 0XVHXPFRS\ULJKWLVVXHV ´,QRWKHUZRUGV0XVHRSKLOHLVVDLGWRSRVVHVVDQHDWGHVLJQ ZLWKFOHDQIHDWXUHVSURYLGLQJDZLGHUDQJHRIWRSLFV6RPHRIWKHOLNHVDQGGLVOLNHVDERXW WKDWGLVFXVVLRQIRUXPLQRUGHURISULRULW\DUHOLVWHGEHORZVHH7DEOH
7DEOH &RPPHQWVDERXW0XVHRSKLOH
/LNH &OHDQORRNDQGZHOOGHVLJQHG (DVHRIQDYLJDWLRQDQGLQWHUDFWLYH &HQWUDOL]DWLRQRIUHVRXUFHV 2UJDQL]HGWRSLFOLVWLQJV 7KRXJKWIXOHVVD\VDQGSXEOLFDWLRQV
'LVOLNH 2EOLJDWRU\UHJLVWUDWLRQ 8QFHUWDLQW\RILWVYRFDWLRQ /DFNRIFRQWHQWDQGDEVHQFHRIFRORU 8QFOHDUVHDUFKIHDWXUHV /DQJXDJHEDUULHU
8VHUV¶5HFRPPHQGDWLRQV :HQH[WVXPPDUL]HVRPHRIWKHLPSURYHPHQWVDQGVXJJHVWLRQVIRU 0XVHRSKLOH 0DQ\ LQGLYLGXDOV ZRXOG UDWKHU KDYHWKHGLVFXVVLRQVVHQWWRWKHPRQDGDLO\EDVLVVLQFH HPDLO OLVWV DUH VDLG LPPHGLDWH DQG HDVLHU RI DFFHVV $ WHPSRUDULO\ XVHU SDVVZRUG LV ZHOFRPH VLQFH DQ HQIRUFHG ORJLQ LV VHHQ DV FUHDWLQJ ³D VHQVH RI H[FOXVLYH FRPPXQLW\ ZLWKQRWLRQRIDUWDVHIIHWHDQGHOLWLVW´$FOHDUHUOLVWLQJRIUHVRXUFHVDYDLODEOHRQOLQHLV DOVR QHHGHG D SURYLVLRQ RI IHDWXUHV GLIIHUHQW IURP WKH RQHV ³UHDGLO\ DYDLODEOH RQ WKH ,&20ZHEVLWH´VXFKDVFRQWDFWVIURPQDWLRQDOPXVHXPDVVRFLDWLRQVWKDWDUHGLIILFXOWWR REWDLQHJ³KLVWRULFKRXVHPXVHXPV´ 7KHDGGLWLRQRIDJXLGHIRUQHRSK\WHVRQKRZWR
XVH 0XVHRSKLOH GLVFXVVLRQ IRUXPV SURYLQJ ³GLUHFWLRQ IRU GXPPLHV´ ZRXOG EH KHOSIXO 0RVWXUJHQWO\SURIHVVLRQDOVVKRXOGEHHQFRXUDJHGWRSRVWPHVVDJHV 0DQ\ XVHUV ZRXOG UHFRPPHQG 0XVHRSKLOH WR SHHUV FXUDWRUV IULHQGV RU DFDGHPLFV EHFDXVH LW LV YLHZHG DV D SROH RI UHIHUHQFH ³IRU HGXFDWLRQDO SXUSRVHV´ $ JUDGXDWHVWXGHQWLQDUWKLVWRU\DUJXHGWKDW³LWLVSKHQRPHQDOIRUJHWWLQJDUHDOIHHORIWKH SURIHVVLRQ´ EXW QHYHUWKHOHVV WKH\ ³ZRXOG QRW ZDQW WR GUDLQ SRWHQWLDO SDUWLFLSDQWV DZD\ IURPRWKHUIRUXPVE\VHQGLQJWKHPKHUH´0XVHRSKLOHZDVDOVRVDLGWR³HQVXUHRIIHULQJV UHODWHGWRPXVHXPV´DQGWRLQFOXGH³WKHSRVVLELOLW\IRUDQXPEHURIFRQYHUVDWLRQWRSLFV´ HYHQWKRXJKVHYHUDOUHVSRQGHQWVFRPSODLQHGDERXWQRWILQGLQJDQ\FXUUHQWLQIRUPDWLRQLQ WKHLU ILHOG RI H[SHUWLVH 2YHUDOO LW LV WRR HDUO\ WR SURQRXQFH D ILQDO MXGJHPHQW RQ 0XVHRSKLOH LW KDV WR HVWDEOLVK LWVHOI RYHU D ORQJHU SHULRG 7KLV IDFLOLW\ ZLOO HYHQWXDOO\ SURYLGH XVLQJ WKH SDUWLFLSDQWV¶ ZRUGLQJ D ³VHDUFKDEOH GDWDEDVH´ ZLWK ³LQWHUHVWLQJ VXEMHFWV´ DQG H[WUDFW NQRZOHGJH RQ ³VSHFLILF TXHVWLRQV´ ZLWK ³SDJHV WKDW GRZQORDG TXLFNO\´
6RPH+LQWVIRU$SSHDOLQJ:HEEDVHG0XVHXP)RUXPV (QKDQFH LWV YLVLELOLW\ E\ SXEOLFL]LQJ LQ FRQIHUHQFHV DFDGHPLF MRXUQDOV JUDGXDWH SURJUDPVHQHZVOHWWHUVDQGSURIHVVLRQDODVVRFLDWLRQVHJ$$0$&0,&20 (QFRXUDJHLWVXVHDPRQJWKHPXVHXPVWDIIUHJDUGOHVVRIDUHDRIH[SHUWLVH &KDQJHLWVFXUUHQWSHUFHSWLRQEHFDXVHPXVHXPSURIHVVLRQDOVPD\QRWYLHZWKHPDV KHOSIXOZHEVLWHVWRDFTXLUHNQRZOHGJH (PSOR\DWWUDFWLYHWLWOHVDQGFOHDUVXEMHFWOLQHVWRFUHDWHDVSHFLILFEHORQJLQJDPRQJ PXVHXPUHODWHGSURIHVVLRQDOV,WZLOOPRVWOLNHO\H[SDQGWKHTXDOLW\RIFRQWHQWDQG EURDGHQWKHLQIRUPDWLRQDOUHDG\RQOLQH 'LVFXVVFXUUHQWLVVXHVVLQFHPXVHXPSURIHVVLRQDOVKDYHDGHVLUHWRNHHSDEUHDVWLQ WKHLUILHOGRIH[SHUWLVH (PSKDVL]H DGYLFHV RI D YDVW EDFNJURXQG FRYHULQJ VSHFLDOL]HG WRSLFV DOWKRXJK E\ FODVVLI\LQJTXHULHVDFFRUGLQJWRVXEMHFWVDQGQRWDVWKH\DSSHDU 0RGHUDWH \RXU IRUXPV ZLWK D VSHFLDOLVW LQHDFKILHOGZZZLIVPXPEFHGXaSUHHFHSDSHU+DQGERRNY)LQDOSGI@ .LP$P\-R &RPPXQLW\%XLOGLQJRQWKH:HE6HFUHWVWUDWHJLHVIRUVXFFHVVIXO RQOLQHFRPPXQLWLHV%HUNHOH\&$3HDFKSLW3UHVV 5KHLQJROG+RZDUG 7KH9LUWXDO&RPPXQLW\+RPHVWHDGLQJRQWKH(OHFWURQLF )URQWLHU+DUSHU&ROOLQV1HZZZZUKHLQJROGFRPYFERRN@ 6RUHQ%- µ4XDOLWDWLYHDQGTXDQWLWDWLYHDXGLHQFHPHDVXUHV¶LQ/RUGDQG/RUG HGV 7KH0DQXDORI0XVHXP([KLELWLRQV:DOQXW&UHHN&$$OWD0LUD3UHVVSS±
6PLWK0DUN µ9RLFHVIURPWKH:(//7KH/RJLFRIWKH9LUWXDO&RPPRQV¶ 'HSDUWPHQWRI6RFLRORJ\8&/$&DOLIRUQLD86$ >ZZZVVFQHWXFODHGXVRFFVRFSDSHUVYRLFHV9RLFHVKWP@ 6XGZHHNV)D\DQG6LPRQ-6LPRII µ&RPSOHPHQWDU\'DWD$QDO\VLV7KH 5HFRQFLOLDWLRQRI4XDQWLWDWLYHDQG4XDOLWDWLYH3ULQFLSOHV¶LQ6-RQHVHG 'RLQJ ,QWHUQHW5HVHDUFK&ULWLFDO,VVXHVDQG0HWKRGVIRU([DPLQLQJWKH1HW7KRXVDQG 2DNV/RQGRQ1HZ'HOKL6$*(SS± 7HDWKHU/\QQH µ$0XVHXPLVD0XVHXPLVD0XVHXP2U,V,W"$'LVFXVVLRQ RI0XVHRORJ\RQWKH:HE¶0:0XVHXPVDQGWKH:HE&RQIHUHQFH6HVVLRQ9LVLWRU 5HVHDUFK7RURQWR&DQDGD $SULO± >ZZZDUFKLPXVHFRPPZSDSHUVWHDWKHUWHDWKHUBSDSHUKWPO@ 7KRPDV:HQG\ ,QWHUQHW8VHE\&DQDGLDQ+HULWDJH3URIHVVLRQDOV$6WXG\E\ WKH&DQDGLDQ+HULWDJH,QIRUPDWLRQ1HWZRUN+HULWDJH&DQDGD2WWDZDSDJHV >ZZZFKLQJFFD(QJOLVK5HIHUHQFHB/LEUDU\,QWHUQHWB8VH@
$SSHQGL[
,QWHUQDWLRQDO2QOLQH0XVHXP)RUXPV6XUYH\
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±B±B±B±B DQGRYHUB &RXQWU\RIRULJLQ&KRRVHRQH BBBBBBBBBBBBBBBBBBBBBBBB )LHOGRIZRUN&ROOHFWLRQ&RQVHUYDWLRQB0DQDJHPHQWB$UFKLYHVB (GXFDWLRQ5HVHDUFKB0DUNHWLQJ&RPPHUFHB3XEOLFDWLRQVB ,QIRUPDWLRQWHFKQRORJLHVB7UDLQLQJSURJUDPVB2WKHUBBBBBBBBBBBBBBBBBBBBBB -REWLWOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ,IPXVHXPUHODWHGSOHDVHSURYLGHWKHQDPHRIWKHLQVWLWXWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,VWKLV\RXUILUVWWLPHXVLQJDQRQOLQHIRUXP"