10
(8523($1 -2851$/ 2) 086&8/26.(/(7$/ ',6($6(6 &RS\ULJKW E\ %,2/,)( VDV 7KLV SXEOLFDWLRQ DQGRU DUWLFOH LV IRU LQGLYLGXDO XVH RQO\ DQG PD\ QRW EH IXUWKHU UHSURGXFHG ZLWKRXW ZULWWHQ SHUPLVVLRQ IURP WKH FRS\ULJKW KROGHU 8QDXWKRUL]HG UHSURGXFWLRQ PD\ UHVXOW LQ ¿QDQFLDO DQG RWKHU SHQDOWLHV ',6&/2685( $// $87+256 5(3257 12 &21)/,&76 2) ,17(5(67 5(/(9$17 72 7+,6 $57,&/( 9RO QR 0DLOLQJ DGGUHVV (YJHQL\ 'DUHYLFK *HQHUDO GLUHFWRU =$2 ³5HVHDUFK &HQWUH ³%LRIRUP´ 3KRQH 0RE HPDLOHG#ELRIRUPUX .H\ ZRUGV .QHH RVWHRDUWKULWLV 9LVFRVXSSOHPHQWDWLRQ ,QWUDDUWLFXODU LQMHFWLRQ +\DOXURQLF DFLG ())(&7,9(1(66 $1' 6$)(7< 2) ,1-(&7$%/( (1'35267+(7,&6 2) 6,129,$/ )/8,' %< &5266/,1.(' 32/,0(5 12/75(; )25 75($70(17 2$ .1(( 99 =$5 19 =$*252'1,< $1' '90$57,129 0RVFRZ 5HJLRQDO 6FLHQWL¿F5HVHDUFK &OLQLFDO ,QVWLWXWH 7UDXPDWRORJ\ DQG 2UWRSHGLFV 'HSDUWPHQW 5XVVLDQ 8QLYHUVLW\ RI )ULHQGVKLS RI 3HRSOH 7UDXPDWRORJ\ DQG 2UWRSHGLFV 'HSDUWPHQW 0RVFRZ 5HJLRQDO +RVSLWDO RI :DU 9HWHUDQV 7UDXPDWRORJ\ DQG 2UWRSHGLFV 'HSDUWPHQW 2VWHRDUWKULWLV ± WKLV LV WKH GLDJQRVLV RI WKH PRVW QXPHURXV JURXS RI SDWLHQWV RI DQ\ RUWKRSHGLF FOLQLFDO GHSDUWPHQW QRZDGD\V ,W LV FRQVLGHUHG WR DIIHFW IURP WR RI SRSXODWLRQ DQG WKH QXPEHU NHHSV JURZLQJ 'LVDELOLW\ FDXVHG E\ RVWHRDUWKULWLV WDNHV WKH ¿UVW SODFH E\ WKH QXPEHU RI FDVHV DPRQJ DOO RUWKRSHGLF SDWKRORJLHV $UWKULWLV RFFXUV LQ PRUH WKDQ RI SHRSOH RYHU \HDUV ROG 6RFLDO VLJQL¿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¿YH ZHHNO\ LQWUDDUWLFXODU LQMHFWLRQV ZLWK D YLVFRHODVWLF VROXWLRQ RI K\DOXURQDQ RU LWV GHULYDWLYHV ,W LV EHOLHYHG WKDW VXFK D PHFKDQLVP VKRXOG KDYH DQ LPSDFW RQ WKH DELOLW\ WR VXVSHQG MRLQW FDUWLODJH GHJHQHUDWLRQ VLJQL¿FDQWO\ LPSURYH WKH TXDOLW\ RI OLIH RI WKH SDWLHQW¶V RSSUHVVLRQ SDLQ V\QGURPH ZKLFK LV SDUWLFXODUO\ LPSRUWDQW LQ SDWLHQWV ZLWK HDUO\ VWDJH RI DUWKURVLV DV ZHOO DV LQ SHRSOH ZKLFK VKRXOG UHIUDLQ IURP GLVVHPLQDWLQJ UDGLFDO WUHDWPHQW D WRWDO UHSODFHPHQW MRLQW 7KLV PHWKRG GRHV QRW UHTXLUH VSHFLDO FRQGLWLRQV IRU XVDJH DQG LV DFFHVVLEOH WR VHYHUDO VSHFLDOLVWV DV WKLV QHZ GUXJ PD\ EH XVHIXO IRU PDQ\ GLIIHUHQW NLQGV RI VSHFLDOLVWV VXFK DV RUWKRSHGLFV UKHXPDWRORJLVWV SDLQ PHGLFLQH SUDFWLWLRQHUV DQG VR RQ 5HFHQWO\ WKH HIIHFWLYHQHVV RI WKH WUHDWPHQW RI 2$ NQHH MRLQW ZLWK LQWUDDUWLFXODU LQMHFWLRQ KLDOXURQLF DFLG SURGXFWV VHHP PRUH WKDQ GLVSXWDEOH ,Q SXEOLVKHG UHSRUW ³9LVFRVXSSOHPHQWDWLRQ IRU WKH WUHDWPHQW RI RVWHRDUWKULWLV RI WKH NQHH´ WKH DXWKRUV FDPH WR WKH FRQFOXVLRQ WKDW WKLV W\SH RI WUHDWPHQW SURYH HIIHFWLYH RQO\ IRU ZHHNV ,Q WKH (YLGHQFH 5HSRUW7HFKQRORJ\ $VVHVVPHQW 1XPEHU ³7UHDWPHQW RI 3ULPDU\ DQG 6HFRQGDU\ 2VWHRDUWKULWLV RI WKH .QHH´ SUHSDUHG IRU WKH $JHQF\ IRU +HDOWKFDUH 5HVHDUFK DQG 4XDOLW\ 86 'HSDUWPHQW RI +HDOWK DQG +XPDQ 6HUYLFHV DXWKRUV JDWKHUHG ³7KH WKUHH LQWHUYHQWLRQV LQWUDDUWLFXODU K\DOXURQDQ YLVFRVXSSOHPHQWDWLRQ LQMHFWLRQV RUDO JOXFRVDPLQH FKRQGURLWLQ RU WKH FRPELQDWLRQ DQG DUWKURVFRSLF ODYDJH RU GHEULGHPHQW UHYLHZHG LQ WKLV UHSRUW DUH ZLGHO\ XVHG LQ WKH WUHDWPHQW RI 2$ RI WKH NQHH \HW WKH EHVW DYDLODEOH HYLGHQFH GRHV QRW FOHDUO\ GHPRQVWUDWH FOLQLFDO EHQH¿W 8QFHUWDLQW\ UHJDUGLQJ WKH FOLQLFDO EHQH¿W FDQ EH UHVROYHG RQO\ E\ ULJRURXV PXOWLFHQWHU 5&7V ,Q DGGLWLRQ JLYHQ WKH SXEOLF KHDOWK LPSDFW RI 2$ RI WKH NQHH UHVHDUFK RQ QHZ DSSURDFKHV WR SUHYHQWLRQ DQG WUHDWPHQW VKRXOG EH JLYHQ KLJK SULRULW\´ &XUUHQWO\ WKHUH DUH D ORW RI +$ SURGXFWV IRU YLVFRVXSSOHPHQWDWLRQ DYDLODEOH LQ WKH PDUNHW +HUH DUH VRPH RI WKHP +\DOJDQ )LGLD 6S$ 3DGXD ,WDO\ 6XSDUW] 6HLNDJDNX &RUSRUDWLRQ 7RN\R -DSDQ 2UWKRYLVF $QLND 7KHUDSHXWLFV :REXUQ 0$ DQG

Ejmd volume 1 studio noltrex

Embed Size (px)

DESCRIPTION

 

Citation preview

Page 1: Ejmd volume 1 studio noltrex

(8523($1�-2851$/�2)�086&8/26.(/(7$/�',6($6(6

����������������&RS\ULJKW���E\�%,2/,)(��V�D�V�

7KLV�SXEOLFDWLRQ�DQG�RU�DUWLFOH�LV�IRU�LQGLYLGXDO�XVH�RQO\�DQG�PD\�QRW�EH�IXUWKHUUHSURGXFHG�ZLWKRXW�ZULWWHQ�SHUPLVVLRQ�IURP�WKH�FRS\ULJKW�KROGHU�

8QDXWKRUL]HG�UHSURGXFWLRQ�PD\�UHVXOW�LQ�¿QDQFLDO�DQG�RWKHU�SHQDOWLHV',6&/2685(��$//�$87+256�5(3257�12�&21)/,&76�2)�

,17(5(67�5(/(9$17�72�7+,6�$57,&/(���

9RO�����QR�����������������

0DLOLQJ�DGGUHVV�(YJHQL\�'DUHYLFK*HQHUDO�GLUHFWRU=$2�³5HVHDUFK�&HQWUH�³%LRIRUP´3KRQH���������������0RE���������������H�PDLO�HG#ELRIRUP�UX

�.H\�ZRUGV��.QHH�RVWHRDUWKULWLV���9LVFRVXSSOHPHQWDWLRQ���,QWUD�DUWLFXODU�LQMHFWLRQ���+\DOXURQLF�DFLG

())(&7,9(1(66�$1'�6$)(7<�2)�,1-(&7$%/(�(1'35267+(7,&6�2)�6,129,$/�)/8,'�%<�&5266�/,1.('�32/,0(5�12/75(;�)25�75($70(17�2$�.1((�

9�9��=$5���1�9��=$*252'1,<���$1'��'�9�0$57,129��

�0RVFRZ�5HJLRQDO�6FLHQWL¿F�5HVHDUFK�&OLQLFDO�,QVWLWXWH��7UDXPDWRORJ\�DQG�2UWRSHGLFV�'HSDUWPHQW�5XVVLDQ�8QLYHUVLW\�RI�)ULHQGVKLS�RI�3HRSOH��7UDXPDWRORJ\�DQG�2UWRSHGLFV�'HSDUWPHQW�0RVFRZ�5HJLRQDO�+RVSLWDO�RI�:DU�9HWHUDQV��7UDXPDWRORJ\�DQG�2UWRSHGLFV�'HSDUWPHQW

2VWHRDUWKULWLV�±�WKLV�LV�WKH�GLDJQRVLV�RI�WKH�PRVW�QXPHURXV� JURXS� RI� SDWLHQWV� RI� DQ\� RUWKRSHGLF�FOLQLFDO� GHSDUWPHQW� QRZDGD\V�� ,W� LV� FRQVLGHUHG�WR� DIIHFW� IURP� ���� WR� ���� RI� SRSXODWLRQ� DQG� WKH�QXPEHU� NHHSV� JURZLQJ�� 'LVDELOLW\�� FDXVHG� E\�RVWHRDUWKULWLV��WDNHV�WKH�¿UVW�SODFH�E\�WKH�QXPEHU�RI�FDVHV� DPRQJ� DOO� RUWKRSHGLF� SDWKRORJLHV�� $UWKULWLV�RFFXUV� LQ�PRUH� WKDQ� ���� RI� SHRSOH� RYHU� ��� \HDUV�ROG��6RFLDO�VLJQL¿FDQFH�RI�WKH�GLVHDVH�GHWHUPLQHV�WKH�XUJHQF\� RI� GHYHORSLQJ� WKH� QHZ� HIIHFWLYH� PHWKRGV�RI� WUHDWPHQW� DQG� SUHYHQWLRQ� RI� DUWKULWLV�� 7RGD\��WKHUH� DUH� WKUHH� PRVW� SRSXODU� ZD\V� RI� WUHDWPHQW�IRU� RVWHRDUWKULWLV� �2$�� RI� WKH� NQHH�� LQWUD�DUWLFXODU�K\DOXURQDQ� YLVFRVXSSOHPHQWDWLRQ� LQMHFWLRQV�� RUDO�JOXFRVDPLQH�� FKRQGURLWLQ� RU� WKH� FRPELQDWLRQ��IXUWKHUPRUH�� DUWKURVFRSLF� ODYDJH� RU� GHEULGHPHQW��,QWUD�DUWLFXODU� K\DOXURQDQ� �,$�+$�� LQMHFWLRQV�DUH� QRZ� OLFHQVHG� ZRUOGZLGH� IRU� WKH� WUHDWPHQW� RI�RVWHRDUWKULWLV��2$���$�FRXUVH�RI�WUHDWPHQW�FRQVLVWV�RI�VHULHV�RI�RQH�WR�¿YH�ZHHNO\�LQWUD�DUWLFXODU�LQMHFWLRQV�ZLWK� D� YLVFRHODVWLF� VROXWLRQ� RI� K\DOXURQDQ� RU� LWV�GHULYDWLYHV�� ,W� LV� EHOLHYHG� WKDW� VXFK� D� PHFKDQLVP�VKRXOG� KDYH� DQ� LPSDFW� RQ� WKH� DELOLW\� WR� VXVSHQG�MRLQW� FDUWLODJH� GHJHQHUDWLRQ�� VLJQL¿FDQWO\� LPSURYH�WKH� TXDOLW\� RI� OLIH� RI� WKH� SDWLHQW¶V� RSSUHVVLRQ� SDLQ�V\QGURPH��ZKLFK�LV�SDUWLFXODUO\�LPSRUWDQW�LQ�SDWLHQWV�ZLWK� HDUO\� VWDJH� RI� DUWKURVLV�� DV� ZHOO� DV� LQ� SHRSOH�ZKLFK� VKRXOG� UHIUDLQ� IURP� GLVVHPLQDWLQJ� UDGLFDO�WUHDWPHQW� �� D� WRWDO� UHSODFHPHQW� MRLQW�� 7KLV�PHWKRG�GRHV� QRW� UHTXLUH� VSHFLDO� FRQGLWLRQV� IRU� XVDJH� DQG�LV�DFFHVVLEOH� WR�VHYHUDO�VSHFLDOLVWV�DV� WKLV�QHZ�GUXJ�

PD\�EH�XVHIXO�IRU�PDQ\�GLIIHUHQW�NLQGV�RI�VSHFLDOLVWV�VXFK�DV�RUWKRSHGLFV��UKHXPDWRORJLVWV��SDLQ�PHGLFLQH�SUDFWLWLRQHUV�DQG�VR�RQ��

5HFHQWO\��WKH�HIIHFWLYHQHVV�RI�WKH�WUHDWPHQW�RI�2$�NQHH� MRLQW� ZLWK� LQWUD�DUWLFXODU� LQMHFWLRQ� KLDOXURQLF�DFLG�SURGXFWV�VHHP�PRUH�WKDQ�GLVSXWDEOH��,Q�SXEOLVKHG�UHSRUW� ³9LVFRVXSSOHPHQWDWLRQ� IRU� WKH� WUHDWPHQW� RI�RVWHRDUWKULWLV�RI� WKH�NQHH´�� WKH�DXWKRUV�FDPH�WR� WKH�FRQFOXVLRQ�WKDW�WKLV�W\SH�RI�WUHDWPHQW�SURYH�HIIHFWLYH�RQO\�IRU����ZHHNV��,Q�WKH�(YLGHQFH�5HSRUW�7HFKQRORJ\�$VVHVVPHQW�1XPEHU�����³7UHDWPHQW�RI�3ULPDU\�DQG�6HFRQGDU\�2VWHRDUWKULWLV�RI�WKH�.QHH´��SUHSDUHG�IRU�WKH�$JHQF\�IRU�+HDOWKFDUH�5HVHDUFK�DQG�4XDOLW\�8�6��'HSDUWPHQW�RI�+HDOWK�DQG�+XPDQ�6HUYLFHV�DXWKRUV�JDWKHUHG�� ³7KH� WKUHH� LQWHUYHQWLRQV� �LQWUDDUWLFXODU�K\DOXURQDQ� YLVFRVXSSOHPHQWDWLRQ� LQMHFWLRQV�� RUDO�JOXFRVDPLQH�� FKRQGURLWLQ� RU� WKH� FRPELQDWLRQ�� DQG�DUWKURVFRSLF� ODYDJH� RU� GHEULGHPHQW�� UHYLHZHG� LQ�WKLV� UHSRUW� DUH�ZLGHO\�XVHG� LQ� WKH� WUHDWPHQW�RI�2$�RI�WKH�NQHH��\HW�WKH�EHVW�DYDLODEOH�HYLGHQFH�GRHV�QRW�FOHDUO\� GHPRQVWUDWH� FOLQLFDO� EHQH¿W�� 8QFHUWDLQW\�UHJDUGLQJ� WKH� FOLQLFDO� EHQH¿W� FDQ� EH� UHVROYHG� RQO\�E\�ULJRURXV��PXOWLFHQWHU�5&7V��,Q�DGGLWLRQ��JLYHQ�WKH�SXEOLF�KHDOWK�LPSDFW�RI�2$�RI�WKH�NQHH��UHVHDUFK�RQ�QHZ�DSSURDFKHV�WR�SUHYHQWLRQ�DQG�WUHDWPHQW�VKRXOG�EH�JLYHQ�KLJK�SULRULW\�´

&XUUHQWO\�� WKHUH� DUH� D� ORW� RI� +$� SURGXFWV� IRU�YLVFRVXSSOHPHQWDWLRQ�DYDLODEOH�LQ�WKH�PDUNHW��+HUH�DUH�VRPH�RI�WKHP��+\DOJDQ��)LGLD�6S$��3DGXD��,WDO\���6XSDUW]� �6HLNDJDNX� &RUSRUDWLRQ�� 7RN\R�� -DSDQ���2UWKRYLVF� �$QLND�7KHUDSHXWLFV��:REXUQ��0$�� DQG�

Page 2: Ejmd volume 1 studio noltrex

�� 9�9��=$5�(7�$/�

6\QYLVF� �*HQ]\PH&RUSRUDWLRQ�� &DPEULGJH�� 0$���)RXU� RI� WKH� ,$�+$� SURGXFWV� FXUUHQWO\� DYDLODEOH� LQ�WKH�8QLWHG�6WDWHV�DUH�SURGXFHG�IURP�FKLFNHQ�FRPEV�DQG� WKHUHIRUH� UHTXLUH� WKH� UHPRYDO� RI� LQÀDPPDWRU\�DQG� LPPXQRJHQLF� LPSXULWLHV� HQGRJHQRXV� WR� WKH�DYLDQ� WLVVXH� VRXUFH��� (I¿FDF\� WULDOV� FRPSDULQJ�+$� LQMHFWLRQV�ZLWK� VDOLQH� LQMHFWLRQV� GHPRQVWUDWH� D�VWDWLVWLFDOO\� VLJQL¿FDQW� GLIIHUHQFH� RYHU� D� �� �PRQWK�SHULRG��GHSHQGLQJ�RQ�WKH�WULDO�GHVLJQ����

7KH� PDLQ� REMHFWLYH� RI� RXU� VWXG\� LV� WR� FRQ¿UP�WKH� HIIHFWLYHQHVV� DQG� VDIHW\� RI� 2$� WUHDWPHQW� E\�LQWUDDUWLFXODU� LQMHFWDEOH� HQGRSURVWKHWLFV� RI� V\QRYLDO�ÀXLG� ZLWK� QHZ� ����� V\QWKHWLF� SRO\PHU� PDWHULDO��³1ROWUH[´�� ZKLFK� KDV� DQWLEDFWHULDO� SURSHUWLHV� DQG�SURYLGHV�D�ORQJ�ODVWLQJ�HIIHFW��2XU�VWXG\�ZDV�LQLWLDWHG�LQ�������ZKHQ�WKH�PDWHULDO�ZDV�LQWURGXFHG�WR�WKH�5XVVLDQ�PDUNHW��FXUUHQWO\�WKH�SURGXFW�LV�DSSURYHG�IRU�XVH�LQ�WKH�(8��DV�ZHOO�DV�LQ�RWKHU�FRXQWULHV�DURXQG�WKH�ZRUOG�

0(7+2'6

7KLV�ZDV�D�PXOWLFHQWHU��SURVSHFWLYH��FRKRUW�VWXG\�FRQGXFWHG�LQ�DGXOW�SDWLHQWV�ZLWK�V\PSWRPDWLF�2$�RI�WKH� NQHH��1ROWUH[��±� KLJK� YLVFRVLW\� JHO�� D� XQLTXH�IRUP�RI�ZDWHU�EDVHG� WKUHH�GLPHQVLRQDO� ELRSRO\PHU�ZLWK�VLOYHU�LRQV��1ROWUH[�����IXOO\�V\QWKHWLF�PDWHULDO�ZLWK� YLVFRHODVWLF�HODVWLF� FKDUDFWHULVWLFV� RI� V\QRYLDO�ÀXLG�� ,W� GRHV� QRW� FRQWDLQ� VXEVWDQFHV� RI� DQLPDO�RULJLQ��,W�KDV�DQ�DQWLEDFWHULDO�HIIHFW��7KH�SURGXFW�ZDV�DGPLQLVWHUHG�DV�D�FRXUVH�RI� WKUHH�����PO� LQMHFWLRQV�ZHHNO\�� %HIRUH� HDFK� LQMHFWLRQ�� WKH� V\QRYLDO� ÀXLG�SUHVHQWHG� LQ� WKH� NQHH�ZDV� DVSLUDWHG�� 3DWLHQWV�ZHUH�DGYLVHG� WR� UHVW� IRU� ��� K� IROORZLQJ� HDFK� LQMHFWLRQ��FRQVLVWHQW�ZLWK�WKH�ODEHO�LQVWUXFWLRQV�IRU�PRVW�,$�+$�SURGXFWV��$VVHVVPHQWV�ZHUH�SHUIRUPHG�DW�VFUHHQLQJ��DW�EDVHOLQH��SULRU�WR�WKH�¿UVW�LQMHFWLRQ���DQG�DW��������������������DQG�����ZHHNV�DIWHU�WKH�LQLWLDO�LQMHFWLRQ��2QO\� DFHWDPLQRSKHQ� ZDV� SHUPLWWHG� IRU� UHVFXH�DQDOJHVLD�� XS� WR� �� J� GDLO\�� ZLWK� XVDJH� TXDQWL¿HG�E\� SLOO� FRXQWV�� 1RQ�VWHURLGDO� DQWL�LQÀDPPDWRU\�GUXJV��16$,'V��DQG�RWKHU�QRQ�DFHWDPLQRSKHQ�SDLQ�PHGLFDWLRQV�ZHUH� SURKLELWHG� GXULQJ� WKH� VWXG\�� DQG�SDWLHQWV�WDNLQJ�VXFK�DJHQWV�ZHUH�FRQVLGHUHG�GURSRXWV�IURP�WKH�SRLQW�RI�PHGLFDWLRQ�XVDJH��7KH�VWXG\�ZDV�FDUULHG� RXW� LQ� DFFRUGDQFH� ZLWK� WKH� ,QWHUQDWLRQDO�&RQIHUHQFH� RQ� +RUPRQL]DWLRQ� �,&+�� *XLGHOLQHV�IRU�*RRG�&OLQLFDO�3UDFWLFH��0D\����������DPHQGHG�6HSWHPEHU� ������ DQG� WKH� 'HFODUDWLRQ� RI� +HOVLQNL�FRQFHUQLQJ�PHGLFDO�UHVHDUFK�LQ�KXPDQV��������

3$7,(176

3DWLHQWV�ZHUH� HQUROOHG� DW� �� VLWHV� DFURVV� 5XVVLD��7KH� VWXG\� SURWRFRO� DQG� LQIRUPHG� FRQVHQW� IRUP�ZHUH�DSSURYHG�E\�WKH�ORFDO�HWKLFV�FRPPLWWHHV��7KH�VWXG\�ZDV�RSHQ�WR�SDWLHQWV�RI�HLWKHU�VH[��DJH�������\HDUV��ZLWK�FRQ¿UPHG�2$�LQ�RQH�RU�ERWK�NQHHV��2$�GLDJQRVLV�GDWH�DQG�UDGLRORJLFDO�GLDJQRVLV�GDWH�IRU�WKH�VWXG\�NQHH�DQG�RWKHU�NQHH�ZHUH�UHFRUGHG�LQ�WKH�VWXG\��,Q�SDWLHQWV�ZLWK�ELODWHUDO�2$��WKH�PRUH�V\PSWRPDWLF�NQHH�ZDV�DVVLJQHG�DV�WKH�VWXG\�NQHH�DW�WKH�VFUHHQLQJ�YLVLW�EDVHG�RQ�WKH�LQYHVWLJDWRU¶V�FOLQLFDO�MXGJPHQW�

&ULWHULD� IRU� LQFOXVLRQ� ZHUH� DV� IROORZV�� FOLQLFDO�DQG�UDGLRORJLFDO�HYLGHQFH�RI�FKURQLF�LGLRSDWKLF�2$�RI� WKH� VWXG\� NQHH� DFFRUGLQJ� WR� $OWPDQ¶V� FULWHULD��UDGLRORJLFDOO\� YHUL¿HG� 2$� RI� WKH� VWXG\� NQHH� RI�JUDGH���WR���DFFRUGLQJ�WR�D�PRGL¿FDWLRQ�RI�.HOOJUHQ�/DZUHQFH� JUDGLQJ� V\VWHP� �JUDGH� �� GH¿QHG� DV�RVWHRSK\WHV�ZLWK�VRPH�MRLQW�VSDFH�QDUURZLQJ��JUDGH���GH¿QHG�DV�GH¿QLWH�RVWHRSK\WHV�ZLWK�XQLPSDLUHG�MRLQW�VSDFH��JUDGH���GH¿QHG�DV�GH¿QLWH�RVWHRSK\WHV�ZLWK�PRGHUDWH�MRLQW�VSDFH�QDUURZLQJ��JUDGH���GH¿QHG�DV�GH¿QLWH� RVWHRSK\WHV�ZLWK�PRGHUDWH� ERQH� DWWULWLRQ���V\PSWRPV� LQ� WKH� VWXG\� NQHH� IRU� DW� OHDVW� �� \HDU��ZLOOLQJQHVV� WR� GLVFRQWLQXH� DOO�2$� WUHDWPHQWV� RWKHU�WKDQ� �DFHWDPLQRSKHQ��DQG�PRGHUDWH�WR�VHYHUH�NQHH�SDLQ�DV�UHÀHFWHG�E\�D�VXEMHFWLYH���DQDORJ�VFDOH�SDLQ�VFRUH�RI���WR����RQ�D�VFDOH�RI���>QR�SDLQ@�WR���>ZRUVW�SDLQ@�� IRU� WKH� DYHUDJH� RI� WKH� IRXU� SDLQ� TXHVWLRQV��7KH�IRXU�TXHVWLRQV�LQ�SDLQ�VFDOH�DUH�UHJDUGLQJ�SDLQ�GXULQJ�����ZDONLQJ�RQ�D�ÀDW�VXUIDFH������JRLQJ�XS�DQG�GRZQ� VWDLUV�� ���� UHVW� DW� QLJKW�� ���� VWDQGLQJ�XSULJKW��3DWLHQWV�ZHUH� H[FOXGHG� IURP� WKH� VWXG\� LI� WKH\� KDG�VHFRQGDU\� 2$� RULJLQDWLQJ� IURP� D� NQRZQ� LQMXU\�WR� WKH� NQHH�� UKHXPDWRLG� DUWKULWLV�� KLVWRU\� RI� MRLQW�LQIHFWLRQ�� GHUPDWRORJLF� GLVRUGHUV� RU� VNLQ� LQIHFWLRQ�LQ� SUR[LPLW\� WR� WKH� VWXG\� NQHH�� RVWHRQHFURVLV��FKURQLF� DFWLYH� ¿EURP\DOJLD�� DQ\� LQÀDPPDWRU\� RU�PHWDEROLF�DUWKULWLGHV�DQG�NQRZQ�K\SHUVHQVLWLYLW\�WR�DFHWDPLQRSKHQ�RU�SRO\DFULODPLGH��3DWLHQWV�ZHUH�DOVR�H[FOXGHG� LI� WKH\� KDG� K\DOXURQDQ� LQMHFWLRQV� WR� WKH�VWXG\�NQHH�ZLWKLQ���PRQWKV�RI� WKH� VFUHHQLQJ�YLVLW��FRUWLFRVWHURLG�LQMHFWLRQV�DQG�VXUJHU\�RU�DUWKURVFRS\�WR�WKH�VWXG\�NQHH�ZLWKLQ���PRQWKV�RI�VFUHHQLQJ�

287&20(�0($685(6

7KH� SULPDU\� HIIHFWLYHQHVV� RXWFRPH� PHDVXUH�

Page 3: Ejmd volume 1 studio noltrex

��(XURSHDQ�-RXUQDO�RI�0XVFXORVNHOHWDO�'LVHDVHV

SULPDU\�RXWFRPH�PHDVXUH��WKH�UHTXLUHG�VDPSOH�VL]H�IRU�WKH�VWXG\�ZDV�HVWLPDWHG�WR�EH�DW�OHDVW�����SDWLHQWV�IRU�D�SRZHU�RI�����DQG�D�VLJQL¿FDQFH� OHYHO�RI�������RQH�VLGHG���$QWLFLSDWLQJ�SURWRFRO�YLRODWRUV�DQG�HDUO\�GLVFRQWLQXDWLRQV�IRU������LW�ZDV�SURMHFWHG�WKDW�����SDWLHQWV�VKRXOG�EH�HQUROOHG�

5(68/76

3DWLHQWV3DWLHQW� GLVSRVLWLRQ� IRU� WKH� VWXG\� LV� SUHVHQWHG� LQ�

)LJ�� ��� 2I� ���� SDWLHQWV� VFUHHQHG� DW� VWXG\� HQWU\�� D�WRWDO�RI�����SDWLHQWV�PHW�WKH�FULWHULD�IRU�VWXG\�HQWU\��2I� WKH����SDWLHQWV�QRW�PHHWLQJ� WKH� WULDO¶V� LQFOXVLRQ�RU� H[FOXVLRQ� FULWHULD�� ��� ZHUH� H[FOXGHG� EHFDXVH�WKH\� GLG� QRW� PHHW� WKH� LQFOXVLRQ� FULWHULD� IRU� SDLQ�VFRUHV�DW�EDVHOLQH��2I� WKH�����SDWLHQWV� UHFHLYLQJ�DW�OHDVW� RQH� LQMHFWLRQ�� ���� ������ FRPSOHWHG� WKH� ¿QDO�VWXG\�YLVLW��ZLWK� WZR�SDWLHQWV�GLVFRQWLQXHG�EHFDXVH�RI� DQ� DGYHUVH� HYHQW� �HIIXVLRQ� LQ� WKH� LQMHFWHG�NQHH��SRVVLEO\� WUHDWPHQW� UHODWHG��� ��� SDWLHQWV� ZHUH� ORVW�IRU� IROORZ�XS� �SUREDEO\� E\� UHDVRQ� RI� SURORQJHG� ��\HDUV�IROORZ�XS�SHULRG�DQG�SUHVXPDEO\�WKH\�KDG�JRW�VDWLVIDFWRU\�UHVXOWV�DQG�WKHUHIRUH��GHFLGH�QRW�WR�ZDVWH�WLPH�IRU�YLVLWV��GXULQJ�WUHDWPHQW����RI�WKHP�QRWLFHG�LPSURYHPHQW��� ��� SDWLHQWV� GHFLGHG� WR� ZLWKGUDZ��� \HDU� DIWHU� WKH� FRXUVH� RI� LQMHFWLRQ� �WKH\� HYDOXDWH�WKH�VDPH�SDLQ�DV�EHIRUH� WUHDWPHQW��DQG����SDWLHQWV�GHFLGHG� WR� ZLWKGUDZ� IURP� WKH� VWXG\� IRU� XQNQRZQ�UHDVRQV��7KH�DQDO\VHV�SUHVHQWHG�KHUH�ZHUH�SHUIRUPHG�SHU�SURWRFRO��GH¿QHG�DV�DOO�SDWLHQWV�DQG�UHFHLYLQJ�WKH�FRXUVH�RI�LQMHFWLRQV��%DVHOLQH�FKDUDFWHULVWLFV�IRU�WKH�SDWLHQWV�DUH�SURYLGHG� LQ�7DEOH� ,��7KH�SDWLHQWV�ZHUH�SUHGRPLQDWHO\� IHPDOH� ����� UDWLR���ZLWK� D�PHDQ� DJH�RI� ����� \HDUV� DQG� D� PHDQ� GXUDWLRQ� RI� 2$� LQ� WKH�VWXG\�NQHH�RI������PRQWKV��.HOOJUHQ�DQG�/DZUHQFH�UDGLRORJLF� JUDGHV� ZHUH� GLVWULEXWHG� EHWZHHQ� JUDGHV�DV� IROORZLQJ�� ,� ����� ���� SDWLHQWV��� ,,� ±� ���� �����SDWLHQWV���,,,�±����������SDWLHQWV��DQG�,9�±��������SDWLHQWV���$OO�WKH�SDWLHQWV�PHW�DW�OHDVW�IRXU�RI�WKH�VL[�$OWPDQ�FULWHULD�IRU�WKH�GLDJQRVLV�RI�NQHH�2$��'XULQJ�WKH�SK\VLFDO�H[DPLQDWLRQ�SULRU�WR�WUHDWPHQW��SDWLHQWV�ZHUH�HYDOXDWHG�ZLWK�UHVSHFW�WR�SUHVHQFH�RI�HIIXVLRQ�LQ� WKH� VWXG\� NQHH� �LQ� PO�� E\� SHUIRUPLQJ� HIIXVLRQ�GUDLQDJH�EHIRUH�LQMHFWLQJ�WKH�GUXJ��

3ULPDU\�RXWFRPH�PHDVXUH7DEOH�,,,�SURYLGHV�WKH�DEVROXWH�FKDQJH�DQG�SHUFHQW�

ZDV�WKH�FKDQJH�LQ�SDWLHQWV¶�DYHUDJH�VFRUH�RQ�WKH�IRXU�TXHVWLRQV� LQ� WKH� ��SRLQWV� SDLQ� VFDOH�� )RU� WKH� SDWLHQW�JOREDO�HYDOXDWLRQV��VXEMHFWV�ZHUH�DVNHG�WR�UHVSRQG�WR�WKH�TXHVWLRQ�µµ$UH�\RX�VDWLV¿HG�ZLWK�WKH�UHVXOWV�RI�WKH�LQMHFWLRQV"¶¶�DQG� WR�JUDGH� WKHLU� UHVSRQVH�RQ� WKH� IRXU�SRLQW�RUGLQDO�VFDOH������GLVVDWLV¿HG������VOLJKWO\�VDWLV¿HG������VDWLV¿HG�RU� ����YHU\�VDWLV¿HG��7KHVH�SURYLGHG� WKH�FRUH�RXWFRPHV�PHDVXUHV�RI�SDLQ��IXQFWLRQ��DQG�JOREDO�DVVHVVPHQW� VXJJHVWHG� IRU�2$�FOLQLFDO� WULDOV����� 6DIHW\�ZDV�DVVHVVHG�E\�FROOHFWLQJ�DGYHUVH�HYHQW�GDWD�DW�HDFK�VWXG\�YLVLW��RU�ZKHQHYHU�UHSRUWHG�E\�SDWLHQWV��$GYHUVH�HYHQWV�ZHUH�GH¿QHG�DV�DQ\�HPHUJHQW�VLJQ�RU�V\PSWRP��ZKHWKHU�UHODWHG�RU�XQUHODWHG�WR�WKH�VWXG\�WUHDWPHQW��$�VHULRXV�DGYHUVH�HYHQW�ZDV�GH¿QHG�DV�RQH�WKDW�����ZDV�IDWDO������ZDV�OLIH�WKUHDWHQLQJ������UHVXOWHG�LQ�SHUVLVWHQW�RU� VLJQL¿FDQW� GLVDELOLW\�LQFDSDFLW\�� ���� UHTXLUHG� RU�SURORQJHG� LQSDWLHQW� KRVSLWDOL]DWLRQ� RU� ���� ZDV� D�FRQJHQLWDO� DQRPDO\� RU� ELUWK� GHIHFW�� $GYHUVH� HYHQWV�ZHUH� FRGHG� XVLQJ� 0HG'5$� �0HGLFDO� 'LFWLRQDU\�IRU� 5HJXODWRU\� $FWLYLWLHV�� WHUPLQRORJ\�� ZLWK� FRGLQJ�SHUIRUPHG� EHIRUH� XQEOLQGLQJ� WKH� VWXG\�� 3DWLHQWV¶�EORRG�FKHPLVWU\�DQG�KDHPDWRORJLFDO�SDUDPHWHUV�ZHUH�DVVHVVHG�DW�WKH�EHJLQQLQJ�DQG�HQG�RI�WKH�VWXG\��DQG�YLWDO�VLJQV�ZHUH�PRQLWRUHG�IRU����PLQ�DIWHU�HDFK�LQMHFWLRQ�

67$7,67,&$/�0(7+2'6

7KH� DQDO\VHV� SUHVHQWHG� ZHUH� SHUIRUPHG� SHU�SURWRFRO�� GH¿QHG� DV� DOO� SDWLHQWV� WR� WUHDWPHQW� DQG�UHFHLYLQJ� WKH� FRXUVH� RI� LQMHFWLRQV�� 3DWLHQWV� XVLQJ�SURKLELWHG� SDLQ� PHGLFDWLRQV� GXULQJ� WKH� WULDO� ZHUH�FRQVLGHUHG� GURSRXWV� IURP� WKH� SRLQW� RI� PHGLFDWLRQ�XVDJH��7KH�SULPDU\�HIIHFWLYHQHVV�RXWFRPH�PHDVXUH�RI�WKH�VWXG\�ZDV�WKH�LPSURYHPHQW�LQ�WKH�SDLQ�VFRUH�IURP�EDVHOLQH��ZHHN����WR�WKH�IROORZ�XS�SDWLHQW�YLVLWV��ZHHNV����������������DQG�������7KH�YDOXH�RI�������ZKLFK� LV� OHVV� WKDQ� WKH�PLQLPDO�FOLQLFDOO\� LPSRUWDQW�GLIIHUHQFH� RI� ����� ±� �������� ZDV� VHOHFWHG� DV� WKH�FULWHULRQ� IRU� QRQ�LQIHULRULW\�� 3DWLHQWV� ZLWK� D� VFRUH�RI������ZHUH�GH¿QHG�DV�µµV\PSWRP�IUHH¶¶�EHFDXVH�D�������VFRUH�RQ�WKH�SDLQ�VXEVFDOH�ZRXOG�FRUUHVSRQG�WR�D�µµQRQH¶¶�UDWLQJ�RQ�WKH�SDLQ�VXEVFDOH����3DWLHQW�JOREDO�RYHUDOO�DVVHVVPHQWV�HYDOXDWHG�DW�WKH�HQG�RI�WKH�VWXG\�ZHUH�DQDO\]HG�XVLQJ�:LOFR[RQ¶V�WZRVDPSOH�WHVW�

6$03/(�6,=(�&$/&8/$7,21

$VVXPLQJ� D� VWDQGDUG� GHYLDWLRQ� RI� ���� IRU� WKH�

Page 4: Ejmd volume 1 studio noltrex

��

LPSURYHPHQW� IURP�EDVHOLQH� IRU� WKH� JURXSV� GLYLGHG�E\� JUDGH� IRU� HDFK� TXHVWLRQ� LQ� WKH� SDLQ� VXEVFDOH�DQG� IRU� WKH�DYHUDJH�RI� WKH� IRXU�SDLQ�TXHVWLRQV� �WKH�SULPDU\�RXWFRPH�PHDVXUH���$OO�JURXSV�H[SHULHQFHG�VWDWLVWLFDOO\� VLJQL¿FDQW� DQG� FOLQLFDOO\� LPSRUWDQW�LPSURYHPHQWV�IURP�EDVHOLQH��3����������$W�WKH�VWXG\�HQG� SRLQW�� WKH� PHDQ� LPSURYHPHQW� LQ� WKH� SULPDU\�HIIHFWLYHQHVV� PHDVXUH� IRU� WKH� *UDGH� ,� JURXS� ZDV�����������LPSURYHPHQW�IURP�EDVHOLQH��LQ����ZHHNV�LQWHUYDO� �� WKH� VDPH� UHVXOW������ ����� LPSURYHPHQW��IRU� ��� ZHHNV�� DQG� ����� ����� LPSURYHPHQW�� IRU� ��\HDU� DQG� ����� ����� LPSURYHPHQW�� IRU� WZR� \HDUV�LQWHUYDO�� 3ULPDU\� HIIHFWLYHQHVV� PHDVXUH� IRU� WKH�*UDGH�,,�JURXS�ZDV������������LPSURYHPHQW�IURP�EDVHOLQH�� LQ� ��� ZHHNV� LQWHUYDO� �� WKH� VDPH� UHVXOW������� ����� LPSURYHPHQW�� IRU� ��� ZHHNV�� DQG� ��������� LPSURYHPHQW�� IRU� �� \HDU� DQG� ������ �����LPSURYHPHQW�� IRU� WZR� \HDUV� LQWHUYDO�� 3ULPDU\�HIIHFWLYHQHVV�PHDVXUH� IRU� WKH�*UDGH� ,,,� JURXS�ZDV������������LPSURYHPHQW�IURP�EDVHOLQH��LQ����ZHHNV�LQWHUYDO���WKH�VDPH�UHVXOW������������LPSURYHPHQW��IRU� ��� ZHHNV�� DQG� ����� ����� LPSURYHPHQW�� IRU� ��\HDU� DQG� ������ ����� LPSURYHPHQW�� IRU� WZR� \HDUV�LQWHUYDO�� 3ULPDU\� HIIHFWLYHQHVV� PHDVXUH� IRU� WKH�*UDGH� ,9� JURXS�ZDV� ���� ����� LPSURYHPHQW� IURP�

5(68/76

3DWLHQWV�3DWLHQW�GLVSRVLWLRQ�IRU�WKH�VWXG\�LV�SUHVHQWHG�LQ�)LJ�����2I�����SDWLHQWV�VFUHHQHG�DW�VWXG\�HQWU\��D�WRWDO�RI�����SDWLHQWV�PHW�WKH�FULWHULD�IRU�VWXG\�HQWU\��2I�WKH����SDWLHQWV�QRW�PHHWLQJ�WKH�WULDO·V�LQFOXVLRQ�RU�H[FOXVLRQ�FULWHULD�����ZHUH�H[FOXGHG�EHFDXVH�WKH\�GLG�QRW�PHHW�WKH�LQFOXVLRQ�FULWHULD�IRU��SDLQ�VFRUHV�DW�EDVHOLQH��2I�WKH�����SDWLHQWV�UHFHLYLQJ�DW�OHDVW�RQH�LQMHFWLRQ������������FRPSOHWHG�WKH�ÀQDO�VWXG\�YLVLW��ZLWK�WZR�SDWLHQWV��GLVFRQWLQXHG�EHFDXVH�RI�DQ�DGYHUVH�HYHQW��HIIXVLRQ��LQ�WKH�LQMHFWHG�NQHH��SRVVLEO\�WUHDWPHQW�UHODWHG������SDWLHQWV�ZHUH�ORVW�IRU�IROORZ�XS��SUREDEO\�E\�UHDVRQ�RI�SURORQJHG���\HDUV�IROORZ�XS�SHULRG�DQG�SUHVXPDEO\� WKH\� KDG� JRW� VDWLVIDFWRU\� UHVXOWV� DQG� WKHUHIRUH�GHFLGHG� WR� QRW�ZDVWH� WLPH� IRU� YLVLWV�� GXULQJ� WUHDWPHQW� ��� RI�WKHP�QRWLFHG�LPSURYHPHQW������SDWLHQWV�GHFLGHG�WR�ZLWKGUDZ���\HDU�DIWHU�FRXUVH�RI�LQMHFWLRQ��WKH\�HYDOXDWH�WKH�VDPH�SDLQ�DV�EHIRUH�WUHDWPHQW��DQG����SDWLHQWV�GHFLGHG�WR�ZLWKGUDZ�IURP�WKH�VWXG\�IRU�XQNQRZQ�UHDVRQV��7KH�DQDO\VHV�SUHVHQWHG�KHUH�ZHUH�SHUIRUPHG�SHU�SURWRFRO��GHÀQHG�DV�DOO�SDWLHQWV�DQG�UH�FHLYLQJ�WKH�FRXUVH�RI�LQMHFWLRQV���%DVHOLQH�FKDUDFWHULVWLFV�IRU�WKH�SDWLHQWV�DUH�SURYLGHG�LQ�7DEOH�,��7KH�SDWLHQWV�ZHUH�SUHGRPLQDWHO\�IHPDOH������UDWLR���ZLWK�D�PHDQ�DJH�RI������ \HDUV�DQG�D�PHDQ�GXUDWLRQ�RI�2$� LQ� WKH�VWXG\�NQHH�RI������PRQWKV��.HOOJUHQ�DQG�/DZUHQFH�UDGLRORJLF�JUDGHV�ZHUH�GLVWULEXWHG�EHWZHHQ�JUDGHV�DV�IROORZQJ��,����������SDWLHQWV���,,�²����������SDWLHQWV���,,,�²����������SDWLHQWV��DQG�,9�²��������SDWLHQWV����$OO�WKH�SDWLHQWV�PHW�DW�OHDVW�IRXU�RI�WKH�VL[�$OWPDQ�FULWHULD�IRU�WKH�GLDJQRVLV�RI�NQHH�2$��'XULQJ�WKH�SK\VLFDO�H[DPLQDWLRQ�SULRU�WR�WUHDWPHQW��SDWLHQWV�ZHUH�HYDOX�DWHG�ZLWK�UHVSHFW�WR�SUHVHQFH�RI�HIIXVLRQ�LQ�WKH�VWXG\�NQHH��LQ�PO��E\�SHUIRUPLQJ�HIIXVLRQ�GUDLQDJH�EHIRUH�LQMHFWLQJ�WKH�GUXJ�

6FUHHQLQJ� Q ���

([FOXGHG�IURP�VWXG\� Q ��

�3DWLHQWV�DOORFDWHG��WR�WUHDWPHQW� Q ���

,QYHVWLJDWLRQDO�JURXS� Q ���

/RVW�WR�IROORZ�XS� Q ��

'LVFRQWLQXHG�EHIRUH����PRQWKV��DGYHUVH�HYHQWV�� Q ��

�'LVFRQWLQXHG��EHIRUH����PRQWKV��ZLVKHV�WR�ZLWKGUDZ�� Q ��

'LVFRQWLQXHG�EHIRUH����PRQWKV��UHWXUQ�WR�EDVHOLQH�FRQGLWLRQV�� Q ��

��&RPSOHWHUV� Q ���

7DEOH�,��3DWLHQW�GHPRJUDSKLF�EDVHOLQH�FKDUDFWHULVWLFV

*HQGHU� 3DUDPHWHU�1XPEHU�RI�SDWLHQWV����� )HPDOH�� � ����������� 0DOH�� � ����������$JH��\HDUV��PHDQ�6WDQGDUG�'HYLDWLRQ��6'���� � ��������

6WXG\�NQHH� /HIW������ � �������� 5LJKW������ � �������.HOOJUHQ�DQG�/DZUHQFH�JUDGLQJ�V\VWHP� �*UDGH������ � ����������� �*UDGH����� � ����������� �*UDGH����� � ������������ �*UDGH����� � ���������&OLQLFDO�V\PSWRPDWRORJ\� .QHH�SDLQ�� � ����������� 6WLIIQHVV�����PLQXWHV�� � ������������ &UHSLWXV�� � ������������ %RQ\�WHQGHUQHVV�� � ������������ %RQ\�HQODUJHPHQW�� � ������������ 1R�SDOSDEOH�ZDUPWK� � ����������'XUDWLRQ�RI�2$�LQ�VWXG\�NQHH0RQWKV�SULRU�WRHQUROOPHQW��PHDQ*6'�� � ���������

)LJ�����)ORZ�FKDUW�RI�SDWLHQW�GLVSRVLWLRQ�

5(68/76

3DWLHQWV�3DWLHQW�GLVSRVLWLRQ�IRU�WKH�VWXG\�LV�SUHVHQWHG�LQ�)LJ�����2I�����SDWLHQWV�VFUHHQHG�DW�VWXG\�HQWU\��D�WRWDO�RI�����SDWLHQWV�PHW�WKH�FULWHULD�IRU�VWXG\�HQWU\��2I�WKH����SDWLHQWV�QRW�PHHWLQJ�WKH�WULDO·V�LQFOXVLRQ�RU�H[FOXVLRQ�FULWHULD�����ZHUH�H[FOXGHG�EHFDXVH�WKH\�GLG�QRW�PHHW�WKH�LQFOXVLRQ�FULWHULD�IRU��SDLQ�VFRUHV�DW�EDVHOLQH��2I�WKH�����SDWLHQWV�UHFHLYLQJ�DW�OHDVW�RQH�LQMHFWLRQ������������FRPSOHWHG�WKH�ÀQDO�VWXG\�YLVLW��ZLWK�WZR�SDWLHQWV��GLVFRQWLQXHG�EHFDXVH�RI�DQ�DGYHUVH�HYHQW��HIIXVLRQ��LQ�WKH�LQMHFWHG�NQHH��SRVVLEO\�WUHDWPHQW�UHODWHG������SDWLHQWV�ZHUH�ORVW�IRU�IROORZ�XS��SUREDEO\�E\�UHDVRQ�RI�SURORQJHG���\HDUV�IROORZ�XS�SHULRG�DQG�SUHVXPDEO\� WKH\� KDG� JRW� VDWLVIDFWRU\� UHVXOWV� DQG� WKHUHIRUH�GHFLGHG� WR� QRW�ZDVWH� WLPH� IRU� YLVLWV�� GXULQJ� WUHDWPHQW� ��� RI�WKHP�QRWLFHG�LPSURYHPHQW������SDWLHQWV�GHFLGHG�WR�ZLWKGUDZ���\HDU�DIWHU�FRXUVH�RI�LQMHFWLRQ��WKH\�HYDOXDWH�WKH�VDPH�SDLQ�DV�EHIRUH�WUHDWPHQW��DQG����SDWLHQWV�GHFLGHG�WR�ZLWKGUDZ�IURP�WKH�VWXG\�IRU�XQNQRZQ�UHDVRQV��7KH�DQDO\VHV�SUHVHQWHG�KHUH�ZHUH�SHUIRUPHG�SHU�SURWRFRO��GHÀQHG�DV�DOO�SDWLHQWV�DQG�UH�FHLYLQJ�WKH�FRXUVH�RI�LQMHFWLRQV���%DVHOLQH�FKDUDFWHULVWLFV�IRU�WKH�SDWLHQWV�DUH�SURYLGHG�LQ�7DEOH�,��7KH�SDWLHQWV�ZHUH�SUHGRPLQDWHO\�IHPDOH������UDWLR���ZLWK�D�PHDQ�DJH�RI������ \HDUV�DQG�D�PHDQ�GXUDWLRQ�RI�2$� LQ� WKH�VWXG\�NQHH�RI������PRQWKV��.HOOJUHQ�DQG�/DZUHQFH�UDGLRORJLF�JUDGHV�ZHUH�GLVWULEXWHG�EHWZHHQ�JUDGHV�DV�IROORZQJ��,����������SDWLHQWV���,,�²����������SDWLHQWV���,,,�²����������SDWLHQWV��DQG�,9�²��������SDWLHQWV����$OO�WKH�SDWLHQWV�PHW�DW�OHDVW�IRXU�RI�WKH�VL[�$OWPDQ�FULWHULD�IRU�WKH�GLDJQRVLV�RI�NQHH�2$��'XULQJ�WKH�SK\VLFDO�H[DPLQDWLRQ�SULRU�WR�WUHDWPHQW��SDWLHQWV�ZHUH�HYDOX�DWHG�ZLWK�UHVSHFW�WR�SUHVHQFH�RI�HIIXVLRQ�LQ�WKH�VWXG\�NQHH��LQ�PO��E\�SHUIRUPLQJ�HIIXVLRQ�GUDLQDJH�EHIRUH�LQMHFWLQJ�WKH�GUXJ�

6FUHHQLQJ� Q ���

([FOXGHG�IURP�VWXG\� Q ��

�3DWLHQWV�DOORFDWHG��WR�WUHDWPHQW� Q ���

,QYHVWLJDWLRQDO�JURXS� Q ���

/RVW�WR�IROORZ�XS� Q ��

'LVFRQWLQXHG�EHIRUH����PRQWKV��DGYHUVH�HYHQWV�� Q ��

�'LVFRQWLQXHG��EHIRUH����PRQWKV��ZLVKHV�WR�ZLWKGUDZ�� Q ��

'LVFRQWLQXHG�EHIRUH����PRQWKV��UHWXUQ�WR�EDVHOLQH�FRQGLWLRQV�� Q ��

��&RPSOHWHUV� Q ���

7DEOH�,��3DWLHQW�GHPRJUDSKLF�EDVHOLQH�FKDUDFWHULVWLFV

*HQGHU� 3DUDPHWHU�1XPEHU�RI�SDWLHQWV����� )HPDOH�� � ����������� 0DOH�� � ����������$JH��\HDUV��PHDQ�6WDQGDUG�'HYLDWLRQ��6'���� � ��������

6WXG\�NQHH� /HIW������ � �������� 5LJKW������ � �������.HOOJUHQ�DQG�/DZUHQFH�JUDGLQJ�V\VWHP� �*UDGH������ � ����������� �*UDGH����� � ����������� �*UDGH����� � ������������ �*UDGH����� � ���������&OLQLFDO�V\PSWRPDWRORJ\� .QHH�SDLQ�� � ����������� 6WLIIQHVV�����PLQXWHV�� � ������������ &UHSLWXV�� � ������������ %RQ\�WHQGHUQHVV�� � ������������ %RQ\�HQODUJHPHQW�� � ������������ 1R�SDOSDEOH�ZDUPWK� � ����������'XUDWLRQ�RI�2$�LQ�VWXG\�NQHH0RQWKV�SULRU�WRHQUROOPHQW��PHDQ*6'�� � ���������

)LJ�����)ORZ�FKDUW�RI�SDWLHQW�GLVSRVLWLRQ�

7DEOH�,��3DWLHQW�GHPRJUDSKLF�EDVHOLQH�FKDUDFWHULVWLFV

)LJ�����)ORZ�FKDUW�RI�SDWLHQW�GLVSRVLWLRQ�

9�9��=$5�(7�$/�

Page 5: Ejmd volume 1 studio noltrex

��(XURSHDQ�-RXUQDO�RI�0XVFXORVNHOHWDO�'LVHDVHV

3ULPDU\�RXWFRPH�PHDVXUH7DEOH�,,,�SURYLGHV�WKH�DEVROXWH�FKDQJH�DQG�SHUFHQW�LPSURYH�PHQW�IURP�EDVHOLQH�IRU�WKH�JURXSV�GLYLGHG�E\�JUDGH�IRU�HDFK�TXHVWLRQ�LQ�WKH��SDLQ�VXEVFDOH�DQG�IRU�WKH�DYHUDJH�RI�WKH�IRXU�SDLQ�TXHVWLRQV��WKH�SULPDU\�RXWFRPH�PHDVXUH���$OO�JURXSV�H[�SHULHQFHG�VWDWLVWLFDOO\� VLJQLÀFDQW�DQG�FOLQLFDOO\� LPSRUWDQW� LP�SURYHPHQWV�IURP�EDVHOLQH��3����������$W�WKH�VWXG\�HQG�SRLQW��WKH�PHDQ�LPSURYHPHQW�LQ�WKH�SULPDU\�HIIHFWLYHQHVV�PHDVXUH�IRU� WKH� *UDGH� ,� JURXS� ZDV� ����� � ����� LPSURYHPHQW� IURP�EDVHOLQH�� LQ� ���ZHHNV� LQWHUYDO� �� WKH� VDPH� UHVXOW� ����� �����LPSURYHPHQW��IRU����ZHHNV��DQG�����������LPSURYHPHQW��IRU���\HDU�DQG�����������LPSURYHPHQW��IRU�WZR�\HDUV�LQWHUYDO��3UL�PDU\�HIIHFWLYHQHVV�PHDVXUH�IRU�WKH�*UDGH�,,�JURXS�ZDV�������������LPSURYHPHQW�IURP�EDVHOLQH��LQ����ZHHNV�LQWHUYDO���WKH�VDPH�UHVXOW������������LPSURYHPHQW��IRU����ZHHNV��DQG����������LPSURYHPHQW��IRU���\HDU�DQG������������LPSURYHPHQW��IRU�WZR�\HDUV�LQWHUYDO��3ULPDU\�HIIHFWLYHQHVV�PHDVXUH�IRU�WKH�*UDGH�,,,�JURXS�ZDV�������������LPSURYHPHQW�IURP�EDVHOLQH��LQ����ZHHNV� LQWHUYDO� �� WKH�VDPH�UHVXOW������������LPSURYH�PHQW��IRU����ZHHNV��DQG�����������LPSURYHPHQW��IRU���\HDU�DQG������������LPSURYHPHQW��IRU�WZR�\HDUV�LQWHUYDO��3ULPDU\�HIIHFWLYHQHVV�PHDVXUH�IRU�WKH�*UDGH�,9�JURXS�ZDV�����������LPSURYHPHQW�IURP�EDVHOLQH��LQ����ZHHNV�LQWHUYDO���WKH�VDPH�UHVXOW����������LPSURYHPHQW�� IRU����ZHHNV��DQG�����������LPSURYHPHQW��IRU���\HDU�DQG�QR�UHVXOW�IRU�WZR�\HDUV�LQWHUYDO��

)LJXUH���GLVSOD\V�WKH�PHDQ�FKDQJH� LQ�VFRUH�IRU� WKH�SULPDU\�HIIHFWLYHQHVV�PHDVXUH� GXULQJ� WKH� IXOO� VWXG\� SHULRG�� LOOXVWUDW�LQJ� WKDW� FOLQLFDOO\� LPSRUWDQW� UHGXFWLRQV� LQ� SDLQ� FRQWLQXHG�DI�WHU�FRPSOHWLRQ�RI�WKH����GD\�LQMHFWLRQ�SHULRG�IRU�SDWLHQWV�LQ�DOO�WUHDWPHQW� JURXSV��%\� WKH� ���ZHHN� VWXG\� LQWHUYDO�� WKH�PHDQ�

%DVHOLQH�VFRUHV�IRU�WKH�SDLQ��VWLIIQHVV��DQG�SK\VLFDO�IXQFWLRQ�VFDOHV�DUH�VKRZQ�LQ�7DEOH�,,�

7DEOH�,,��0HDQ�EDVHOLQH�VFRUH� 0HDQ�EDVHOLQH�VFRUH����6(��

(YHUDJH�VFRUH� *UDGH�,�� *UDGH�,,�� *UDGH�,,,�� *UDGH�,9�IRU���4XHVWLRQV������SRLQWV�� �������� �������� �������� �������RU���4XHVWLRQV������SRLQWV��� ��������� ��������� �������� �������

VFRUH�IRU�WKH�SDLQ�DYHUDJH�KDG�GURSSHG�WR�DSSUR[LPDWHO\�����LQ�WUHDWPHQW�JURXSV�

7KRVH�SDWLHQWV�ZKR�KDG�WRWDO�VFRUH������RI�IRXU�SDLQ�TXHVWLRQV��GHÀQHG�HDUOLHU�DV�V\PSWRP�IUHH�SDWLHQWV��ZHUH�FRPSDUHG��,Q�SHUFHQW��ZLWK�SRVW�KRF�DQDO\VLV�WUHDWPHQW�JURXSV�

$V�VKRZQ�LQ�7DEOH���WKH�SHUFHQWDJH�RI�V\PSWRP�IUHH�SDWLHQWV�KDV� GHFUHDVHG� IURP� WKH� EHJLQQLQJ� RI� WKH� VWXG\� WR� WKH� ÀQDO�VWDJH�RI�WHVWLQJ��)RU�WKH�JURXS�*UDGH�,�WKH�GHFOLQH�ZDV�IURP����SDWLHQWV�������DW����ZHHN�RI�WKH�VWXG\�WR����SDWLHQWV�������DW�����ZHHN�RI�WKH�VWXG\��)RU�JURXSV�*UDGH�,,�DQG�,,,�WKH�UH�VXOWV�ZHUH�DV�IROORZV������������SDWLHQW�DIWHU����ZHHNV������������DIWHU����ZHHNV�DQG�����������SDWLHQWV�DIWHU����ZHHNV����� ������SDWLHQWV�DIWHU����ZHHNV� UHVSHFWLYHO\�� ,Q� WKH�JURXS�*UDGH�,9�WKHUH�ZHUH�QR�V\PSWRP�IUHH�SDWLHQWV�

6HFRQGDU\�RXWFRPH�PHDVXUHV7KH� UHVXOWV�RI� WKH�SDWLHQW�JOREDO�DVVHVVPHQWV�SHUIRUPHG�DW�WKH�VWXG\�HQG�SRLQW������ZHHNV��DUH�LOOXVWUDWHG�LQ�7DEOH�9��'H�VSLWH�WKH�IDFW�WKDW��WKH�FRQGLWLRQ�RI�SDWLHQWV�LQ�����ZHHN�ZDV�WKH�VDPH�RU�FORVH�WR�WKH�FRQGLWLRQ�EHIRUH�WUHDWPHQW��DSSUR[L�PDWHO\�����RI�SDWLHQWV�UHSRUWHG�VRPH�GHJUHH�RI�VDWLVIDFWLRQ�ZLWK�WUHDWPHQW�DQG�DSSUR[LPDWHO\�����UHSRUWHG�EHLQJ�HLWKHU�VDWLVÀHG�RU�YHU\�VDWLVÀHG�LQ�DOO�VWXG\�JURXSV�

7DEOH�,,,�5HGXFWLRQ�IURP�EDVHOLQH�LQ�LQGLYLGXDO�TXHVWLRQV0HDQ �����UHGXFWLRQ�IURP�EDVHOLQH���6WDQGDUG�(UURU��6(��

:HHNV� ��� ����� ���� ���� ���� ���

*UDGH�,��$YHUDJH�6FRUH�� ������ ������ ������ ������ ������ ����

�ZDONLQJ�RQ�D�ÁDW�VXUIDFH� ��������� ��������� ��������� ��������� ��������� ��������� ���������� ���������� ���������� ���������� ��������� ��������

JRLQJ�XS�DQG�GRZQ�VWDLUV� ��������� ��������� ��������� ��������� ��������� ��������� ���������� ���������� ���������� ���������� ��������� ��������

�UHVW�DW�QLJKW�� ��������� ��������� ���������� ���������� ��������� ��������� ���������� ���������� ��������� ��������� ��������� ��������

VWDQGLQJ�XSULJKW��� ��������� ��������� ���������� ���������� ��������� ��������� ���������� ���������� ��������� ��������� ��������� ��������

*UDGH�,,��$YHUDJH�6FRUH�� ������ ������ ���� ���� ������ �����

�ZDONLQJ�RQ�D�ÁDW�VXUIDFH� ��������� ��������� ���������� ���������� ���������� ��������� ���������� ���������� ��������� ��������� ��������� ��������

JRLQJ�XS�DQG�GRZQ�VWDLUV� ��������� ��������� ���������� ���������� ���������� ��������� ���������� ���������� ��������� ��������� ��������� �������

7DEOH�,,��0HDQ�EDVHOLQH�VFRUH

7DEOH�,,,��5HGXFWLRQ�IURP�EDVHOLQH�LQ�LQGLYLGXDO�TXHVWLRQV��0HDQ �����UHGXFWLRQ�IURP�EDVHOLQH���6WDQGDUG�(UURU��6(���

�UHVW�DW�QLJKW�� ��������� ��������� ��������� ��������� ���������� ��������� ��������� ��������� ��������� ��������� ���������� ��������

VWDQGLQJ�XSULJKW�� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������

*UDGH�,,,��$YHUDJH�6FRUH�� ������ ������ ����� ����� ������ �����

�ZDONLQJ�RQ�D�ÁDW�VXUIDFH�� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� �������� ��������

JRLQJ�XS�DQG�GRZQ�VWDLUV� ��������� ��������� ���������� ���������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������

�UHVW�DW�QLJKW�� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� �������� �������� ��������� �������

VWDQGLQJ�XSULJKW� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� �������

*UDGH�,9��$YHUDJH�6FRUH�� ���� ���� ���� ����� ���� �

�ZDONLQJ�RQ�D�ÁDW�VXUIDFH�� ��������� ��������� ��������� ��������� ���������

JRLQJ�XS�DQG�GRZQ�VWDLUV� ��������� ��������� ��������� ��������� ��������� �� ��������� ��������� ��������� ��������� ��������

�UHVW�DW�QLJKW�� �������� �������� �������� �������� �������� �� ��������� ��������� ��������� ��������� ��������

VWDQGLQJ�XSULJKW� ��������� ��������� ��������� ��������� ��������� �� ��������� ��������� ��������� ��������� ��������

��²�����²����²�����²

��²�����²����²�����²

��²�����²����²�����²

� � _� _� _� _� _� _� _� _� _

%HIRUH� $IWHU�� ��� ��� ��� ��� ��� ��� ��� ���� 7UHDWPHQW

JUDGH�,JUDGH�,,JUDGH�,,,JUDGH�,9

,PSURYHPHQW�DIWHU�WUHDWPHQW

ZHHNV

$YHUDJH�6FRUH

3ULPDU\�RXWFRPH�PHDVXUH7DEOH�,,,�SURYLGHV�WKH�DEVROXWH�FKDQJH�DQG�SHUFHQW�LPSURYH�PHQW�IURP�EDVHOLQH�IRU�WKH�JURXSV�GLYLGHG�E\�JUDGH�IRU�HDFK�TXHVWLRQ�LQ�WKH��SDLQ�VXEVFDOH�DQG�IRU�WKH�DYHUDJH�RI�WKH�IRXU�SDLQ�TXHVWLRQV��WKH�SULPDU\�RXWFRPH�PHDVXUH���$OO�JURXSV�H[�SHULHQFHG�VWDWLVWLFDOO\� VLJQLÀFDQW�DQG�FOLQLFDOO\� LPSRUWDQW� LP�SURYHPHQWV�IURP�EDVHOLQH��3����������$W�WKH�VWXG\�HQG�SRLQW��WKH�PHDQ�LPSURYHPHQW�LQ�WKH�SULPDU\�HIIHFWLYHQHVV�PHDVXUH�IRU� WKH� *UDGH� ,� JURXS� ZDV� ����� � ����� LPSURYHPHQW� IURP�EDVHOLQH�� LQ� ���ZHHNV� LQWHUYDO� �� WKH� VDPH� UHVXOW� ����� �����LPSURYHPHQW��IRU����ZHHNV��DQG�����������LPSURYHPHQW��IRU���\HDU�DQG�����������LPSURYHPHQW��IRU�WZR�\HDUV�LQWHUYDO��3UL�PDU\�HIIHFWLYHQHVV�PHDVXUH�IRU�WKH�*UDGH�,,�JURXS�ZDV�������������LPSURYHPHQW�IURP�EDVHOLQH��LQ����ZHHNV�LQWHUYDO���WKH�VDPH�UHVXOW������������LPSURYHPHQW��IRU����ZHHNV��DQG����������LPSURYHPHQW��IRU���\HDU�DQG������������LPSURYHPHQW��IRU�WZR�\HDUV�LQWHUYDO��3ULPDU\�HIIHFWLYHQHVV�PHDVXUH�IRU�WKH�*UDGH�,,,�JURXS�ZDV�������������LPSURYHPHQW�IURP�EDVHOLQH��LQ����ZHHNV� LQWHUYDO� �� WKH�VDPH�UHVXOW������������LPSURYH�PHQW��IRU����ZHHNV��DQG�����������LPSURYHPHQW��IRU���\HDU�DQG������������LPSURYHPHQW��IRU�WZR�\HDUV�LQWHUYDO��3ULPDU\�HIIHFWLYHQHVV�PHDVXUH�IRU�WKH�*UDGH�,9�JURXS�ZDV�����������LPSURYHPHQW�IURP�EDVHOLQH��LQ����ZHHNV�LQWHUYDO���WKH�VDPH�UHVXOW����������LPSURYHPHQW�� IRU����ZHHNV��DQG�����������LPSURYHPHQW��IRU���\HDU�DQG�QR�UHVXOW�IRU�WZR�\HDUV�LQWHUYDO��

)LJXUH���GLVSOD\V�WKH�PHDQ�FKDQJH� LQ�VFRUH�IRU� WKH�SULPDU\�HIIHFWLYHQHVV�PHDVXUH� GXULQJ� WKH� IXOO� VWXG\� SHULRG�� LOOXVWUDW�LQJ� WKDW� FOLQLFDOO\� LPSRUWDQW� UHGXFWLRQV� LQ� SDLQ� FRQWLQXHG�DI�WHU�FRPSOHWLRQ�RI�WKH����GD\�LQMHFWLRQ�SHULRG�IRU�SDWLHQWV�LQ�DOO�WUHDWPHQW� JURXSV��%\� WKH� ���ZHHN� VWXG\� LQWHUYDO�� WKH�PHDQ�

%DVHOLQH�VFRUHV�IRU�WKH�SDLQ��VWLIIQHVV��DQG�SK\VLFDO�IXQFWLRQ�VFDOHV�DUH�VKRZQ�LQ�7DEOH�,,�

7DEOH�,,��0HDQ�EDVHOLQH�VFRUH� 0HDQ�EDVHOLQH�VFRUH����6(��

(YHUDJH�VFRUH� *UDGH�,�� *UDGH�,,�� *UDGH�,,,�� *UDGH�,9�IRU���4XHVWLRQV������SRLQWV�� �������� �������� �������� �������RU���4XHVWLRQV������SRLQWV��� ��������� ��������� �������� �������

VFRUH�IRU�WKH�SDLQ�DYHUDJH�KDG�GURSSHG�WR�DSSUR[LPDWHO\�����LQ�WUHDWPHQW�JURXSV�

7KRVH�SDWLHQWV�ZKR�KDG�WRWDO�VFRUH������RI�IRXU�SDLQ�TXHVWLRQV��GHÀQHG�HDUOLHU�DV�V\PSWRP�IUHH�SDWLHQWV��ZHUH�FRPSDUHG��,Q�SHUFHQW��ZLWK�SRVW�KRF�DQDO\VLV�WUHDWPHQW�JURXSV�

$V�VKRZQ�LQ�7DEOH���WKH�SHUFHQWDJH�RI�V\PSWRP�IUHH�SDWLHQWV�KDV� GHFUHDVHG� IURP� WKH� EHJLQQLQJ� RI� WKH� VWXG\� WR� WKH� ÀQDO�VWDJH�RI�WHVWLQJ��)RU�WKH�JURXS�*UDGH�,�WKH�GHFOLQH�ZDV�IURP����SDWLHQWV�������DW����ZHHN�RI�WKH�VWXG\�WR����SDWLHQWV�������DW�����ZHHN�RI�WKH�VWXG\��)RU�JURXSV�*UDGH�,,�DQG�,,,�WKH�UH�VXOWV�ZHUH�DV�IROORZV������������SDWLHQW�DIWHU����ZHHNV������������DIWHU����ZHHNV�DQG�����������SDWLHQWV�DIWHU����ZHHNV����� ������SDWLHQWV�DIWHU����ZHHNV� UHVSHFWLYHO\�� ,Q� WKH�JURXS�*UDGH�,9�WKHUH�ZHUH�QR�V\PSWRP�IUHH�SDWLHQWV�

6HFRQGDU\�RXWFRPH�PHDVXUHV7KH� UHVXOWV�RI� WKH�SDWLHQW�JOREDO�DVVHVVPHQWV�SHUIRUPHG�DW�WKH�VWXG\�HQG�SRLQW������ZHHNV��DUH�LOOXVWUDWHG�LQ�7DEOH�9��'H�VSLWH�WKH�IDFW�WKDW��WKH�FRQGLWLRQ�RI�SDWLHQWV�LQ�����ZHHN�ZDV�WKH�VDPH�RU�FORVH�WR�WKH�FRQGLWLRQ�EHIRUH�WUHDWPHQW��DSSUR[L�PDWHO\�����RI�SDWLHQWV�UHSRUWHG�VRPH�GHJUHH�RI�VDWLVIDFWLRQ�ZLWK�WUHDWPHQW�DQG�DSSUR[LPDWHO\�����UHSRUWHG�EHLQJ�HLWKHU�VDWLVÀHG�RU�YHU\�VDWLVÀHG�LQ�DOO�VWXG\�JURXSV�

7DEOH�,,,�5HGXFWLRQ�IURP�EDVHOLQH�LQ�LQGLYLGXDO�TXHVWLRQV0HDQ �����UHGXFWLRQ�IURP�EDVHOLQH���6WDQGDUG�(UURU��6(��

:HHNV� ��� ����� ���� ���� ���� ���

*UDGH�,��$YHUDJH�6FRUH�� ������ ������ ������ ������ ������ ����

�ZDONLQJ�RQ�D�ÁDW�VXUIDFH� ��������� ��������� ��������� ��������� ��������� ��������� ���������� ���������� ���������� ���������� ��������� ��������

JRLQJ�XS�DQG�GRZQ�VWDLUV� ��������� ��������� ��������� ��������� ��������� ��������� ���������� ���������� ���������� ���������� ��������� ��������

�UHVW�DW�QLJKW�� ��������� ��������� ���������� ���������� ��������� ��������� ���������� ���������� ��������� ��������� ��������� ��������

VWDQGLQJ�XSULJKW��� ��������� ��������� ���������� ���������� ��������� ��������� ���������� ���������� ��������� ��������� ��������� ��������

*UDGH�,,��$YHUDJH�6FRUH�� ������ ������ ���� ���� ������ �����

�ZDONLQJ�RQ�D�ÁDW�VXUIDFH� ��������� ��������� ���������� ���������� ���������� ��������� ���������� ���������� ��������� ��������� ��������� ��������

JRLQJ�XS�DQG�GRZQ�VWDLUV� ��������� ��������� ���������� ���������� ���������� ��������� ���������� ���������� ��������� ��������� ��������� �������

Page 6: Ejmd volume 1 studio noltrex

��

DIWHU� ��� ZHHNV�� ��� ������ SDWLHQWV� DIWHU� ��� ZHHNV�UHVSHFWLYHO\�� ,Q� WKH� JURXS�*UDGH� ,9� WKHUH�ZHUH� QR�V\PSWRP�IUHH�SDWLHQWV�

6HFRQGDU\�RXWFRPH�PHDVXUHV7KH� UHVXOWV� RI� WKH� SDWLHQW� JOREDO� DVVHVVPHQWV�

SHUIRUPHG� DW� WKH� VWXG\� HQG� SRLQW� ����� ZHHNV��DUH� LOOXVWUDWHG� LQ� 7DEOH� 9�� 'HVSLWH� WKH� IDFW� WKDW�WKH� FRQGLWLRQ� RI� SDWLHQWV� LQ� ���� ZHHNV� ZDV� WKH�VDPH� RU� FORVH� WR� WKH� FRQGLWLRQ� EHIRUH� WUHDWPHQW��DSSUR[LPDWHO\�����RI�SDWLHQWV�UHSRUWHG�VRPH�GHJUHH�RI� VDWLVIDFWLRQ� ZLWK� WUHDWPHQW� DQG� DSSUR[LPDWHO\�����UHSRUWHG�EHLQJ�HLWKHU�VDWLV¿HG�RU�YHU\�VDWLV¿HG�LQ�DOO�VWXG\�JURXSV�

%DVHOLQH� VFRUHV� IRU� WKH� SDLQ�� VWLIIQHVV�� DQG�SK\VLFDO�IXQFWLRQ�VFDOHV�DUH�VKRZQ�LQ�7DEOH�,,�

8VH�RI�UHVFXH�PHGLFDWLRQ7KH�XVH�RI�UHVFXH�PHGLFDWLRQ��DFHWDPLQRSKHQ��LQ�

WKH�VWXG\�SRSXODWLRQ� LV�GHWDLOHG� LQ�7DEOH�9,� IRU�DOO�HYDOXDWLRQ�WLPH�SRLQWV��)RU�WKH�IXOO�VWXG\�SRSXODWLRQ����������������SDWLHQWV�UHTXLUHG�UHVFXH�PHGLFDWLRQ�DW�VRPH�SRLQW�GXULQJ�WKH�VWXG\��,W�ZDV�SURKLELWHG�WR�XVH�UHVFXH�PHGLFDWLRQ���ZHHNV�EHIRUH�WKH�YLVLW�

EDVHOLQH��LQ����ZHHNV�LQWHUYDO� �� WKH�VDPH�UHVXOW���������� LPSURYHPHQW�� IRU� ���ZHHNV�� DQG� ����� �����LPSURYHPHQW��IRU���\HDU�DQG�QR�UHVXOW�IRU�WZR�\HDUV�LQWHUYDO��

)LJXUH���GLVSOD\V� WKH�PHDQ�FKDQJH� LQ� WKH� VFRUH�IRU�WKH�SULPDU\�HIIHFWLYHQHVV�PHDVXUH�GXULQJ�WKH�IXOO�VWXG\� SHULRG�� LOOXVWUDWLQJ� WKDW� FOLQLFDOO\� LPSRUWDQW�UHGXFWLRQV�LQ�SDLQ�FRQWLQXHG�DIWHU�FRPSOHWLRQ�RI�WKH����GD\�LQMHFWLRQ�SHULRG�IRU�SDWLHQWV�LQ�DOO�WUHDWPHQW�JURXSV��%\�WKH����ZHHN�VWXG\�LQWHUYDO��WKH�PHDQ�VFRUH�IRU� WKH�SDLQ�DYHUDJH�KDG�GURSSHG� WR�DSSUR[LPDWHO\�����LQ�WUHDWPHQW�JURXSV��

7KRVH�SDWLHQWV�ZKR�KDG�D�WRWDO�VFRUH������RI�IRXU�SDLQ� TXHVWLRQV� �GH¿QHG� HDUOLHU� DV� V\PSWRP�IUHH�SDWLHQWV��ZHUH�FRPSDUHG��,Q�SHUFHQW��ZLWK�SRVW�KRF�DQDO\VLV�WUHDWPHQW�JURXSV��

$V�VKRZQ�LQ�7DEOH�,9�WKH�SHUFHQWDJH�RI�V\PSWRP�IUHH� SDWLHQWV� KDV� GHFUHDVHG� IURP� WKH� EHJLQQLQJ� RI�WKH�VWXG\�WR�WKH�¿QDO�VWDJH�RI�WHVWLQJ��)RU�WKH�JURXS�*UDGH�,�WKH�GHFOLQH�ZDV�IURP����SDWLHQWV�������DW����ZHHN�RI�WKH�VWXG\�WR����SDWLHQWV�������DW�����ZHHN�RI�WKH�VWXG\��)RU�JURXSV�*UDGH�,,�DQG�,,,�WKH�UHVXOWV�ZHUH�DV�IROORZV������������SDWLHQW�DIWHU����ZHHNV������ ������ DIWHU� ���ZHHNV� DQG� ���� ������ SDWLHQWV�

�UHVW�DW�QLJKW�� ��������� ��������� ��������� ��������� ���������� ��������� ��������� ��������� ��������� ��������� ���������� ��������

VWDQGLQJ�XSULJKW�� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������

*UDGH�,,,��$YHUDJH�6FRUH�� ������ ������ ����� ����� ������ �����

� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� �������� ��������

JRLQJ�XS�DQG�GRZQ�VWDLUV� ��������� ��������� ���������� ���������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������

�UHVW�DW�QLJKW�� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� �������� �������� ��������� �������

VWDQGLQJ�XSULJKW� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� ��������� �������

*UDGH�,9��$YHUDJH�6FRUH�� ���� ���� ���� ����� ���� �

� ��������� ��������� ��������� ��������� ���������

JRLQJ�XS�DQG�GRZQ�VWDLUV� ��������� ��������� ��������� ��������� ��������� �� ��������� ��������� ��������� ��������� ��������

�UHVW�DW�QLJKW�� �������� �������� �������� �������� �������� �� ��������� ��������� ��������� ��������� ��������

VWDQGLQJ�XSULJKW� ��������� ��������� ��������� ��������� ��������� �� ��������� ��������� ��������� ��������� ��������

,PSURYHPHQW�DIWHU�WUHDWPHQW

weeks

Average Score��²

����²

��²

����²

��²

����²

� � _� _� _� _� _� _� _� _� _

%HIRUH� $IWHU�� 13 26 39 52 65 78 91 104� 7UHDWPHQW

JUDGH�,JUDGH�,,JUDGH�,,,JUDGH�,9

9�9��=$5�(7�$/�

)LJ�����0HDQ�FKDQJH�LQ�WKH�SULPDU\�HI¿FDF\�RXWFRPH�GXULQJ�WKH�VWXG\�

Page 7: Ejmd volume 1 studio noltrex

��(XURSHDQ�-RXUQDO�RI�0XVFXORVNHOHWDO�'LVHDVHV

UHSRUWHG�HYHQWV�ZHUH�EXUQLQJ�SDLQ��GXULQJ�WKH�FRXUVH�RI�LQMHFWLRQV�DQG�ZHHN�DIWHU���DUWKUDOJLD��XQUHODWHG�WR�WKH�WUHDWPHQW��MXVW�FRQVHTXHQFHV�RI�WKH�GLVHDVH��DQG�MRLQW� HIIXVLRQ��7ZR� SDWLHQWV�ZHUH� UHSRUWHG� WR� KDYH�D�VWURQJ� MRLQW�HIIXVLRQ��SRVVLEO\�DWWULEXWHG� WR�VWXG\�WKHUDS\���WKHVH�SDWLHQWV�ZLWKGUHZ�IURP�WKH�VWXG\�

',6&866,21

6HYHUDO� ,$�+$�SURGXFWV� DUH� FXUUHQWO\� DYDLODEOH�LQ� WKH�8QLWHG�6WDWHV� IRU� WKH� WUHDWPHQW�RI�NQHH�2$��DQG�PRUH� WKDQ����VLPLODU�SURGXFWV�DUH�DYDLODEOH� LQ�RWKHU� SDUWV� RI� WKH� ZRUOG�� 7KHVH� SUHSDUDWLRQV� FDQ�GLIIHU�VLJQL¿FDQWO\�LQ�WKHLU�PROHFXODU�ZHLJKW��SXULW\��DQG�FRQFHQWUDWLRQ�������(I¿FLHQF\�RI�WUHDWPHQW�ɈȺ�E\�+$�SURGXFWV�LV�SURYHQ�E\�QXPHURXV�UHVHDUFKHV��EXW�

6DIHW\�RXWFRPH$GYHUVH� HYHQWV� ZHUH� FRGHG� XVLQJ� 0HG'5$�

WHUPLQRORJ\�� 2XW� RI� ���� FRXUVHV� RI� WUHDWPHQWV��DGYHUVH� HYHQWV� ZHUH� UHSRUWHG� LQ� ��� SDWLHQWV�� 7KH�VHYHULW\� RI� WKHVH� DGYHUVH� HYHQWV�ZDV� FRGHG� E\� WKH�LQYHVWLJDWRU� DV� PLOG� RU� PRGHUDWH� LQ� ������� FDVHV����������7KHUH�ZHUH�QR�GHDWKV�LQ�WUHDWPHQW�JURXSV��6L[�VHULRXV�DGYHUVH�HYHQWV�ZHUH�UHSRUWHG�GXULQJ�WKH�WULDO��QRQH�RI�WKHVH�HYHQWV�ZHUH�FRQVLGHUHG�UHODWHG�WR�WKH�VWXG\�WUHDWPHQW��DQG�QRQH�UHVXOWHG�LQ�ZLWKGUDZDO�RI�WKH�SDWLHQW�IURP�WKH�VWXG\��1R�VLJQL¿FDQW�V\VWHPLF�UHDFWLRQV� ZHUH� QRWHG�� 7KHUH� ZHUH� QR� VLJQL¿FDQW�ZLWKLQ�RU�EHWZHHQ�JURXS�FKDQJHV�LQ�PHDQ�YDOXHV�IRU�FOLQLFDO�ODERUDWRU\�HYDOXDWLRQV�RU�YLWDO�VLJQV�RYHU�WKH�FRXUVH�RI�WKH�VWXG\��$GYHUVH�HYHQWV�IRU�PRUH�WKDQ����RI�SDWLHQWV�DUH�OLVWHG�LQ�7DEOH�9,,��7KH�PRVW�FRPPRQO\�

8VH�RI�UHVFXH�PHGLFDWLRQ7KH�XVH�RI�UHVFXH�PHGLFDWLRQ��DFHWDPLQRSKHQ�� LQ� WKH�VWXG\�SRSXODWLRQ�LV�GHWDLOHG�LQ�7DEOH�9,�IRU�DOO�HYDOXDWLRQ�WLPH�SRLQWV���)RU�WKH�IXOO�VWXG\�SRSXODWLRQ�����������������SDWLHQWV�UHTXLUHG�UHVFXH�PHGLFDWLRQ�DW�VRPH�SRLQW�GXULQJ�WKH�VWXG\��,W�ZDV�SUR�KLELWHG�WR�XVH�UHVFXH�PHGLFDWLRQ���ZHHNV�EHIRUH�WKH�YLVLW� WR�LQYHVWLJDWRU��

7DEOH�,91XPEHU�RI�V\PSWRP�IUHH�SDWLHQWV��VFRUH�EHORZ������LQ�IRXU�SDLQ�TXHVWLRQV��LQGLYLGXDO�FDWHJRULHV�DQG�DYHUDJH�VFRUHV��GXULQJ�WKH�VWXG\

� ��� ��� ��� ��� ��� ���

*UDGH�,� ��������� ��������� ��������� ��������� ��������� ��������

�ZDONLQJ�RQ�D�ÁDW�VXUIDFH�� ��������� ��������� ��������� ��������� ��������� ��������

JRLQJ�XS�DQG�GRZQ�VWDLUV� ��������� ��������� ��������� ��������� ��������� ��������

�UHVW�DW�QLJKW�� ��������� ��������� ��������� ��������� ��������� ��������

VWDQGLQJ�XSULJKW� ��������� ��������� ��������� ��������� ��������� ��������

*UDGH�,,� ���������� ���������� ���������� ���������� ��������

ZDONLQJ�RQ�D�ÁDW�VXUIDFH�� ����������� ����������� ���������� ���������� ��������� �

JRLQJ�XS�DQG�GRZQ�VWDLUV� ���������� ���������� ���������� ���������� ���������

UHVW�DW�QLJKW�� ���������� ���������� ���������� ���������� ��������

VWDQGLQJ�XSULJKW� ���������� ���������� ���������� ���������� ���������

*UDGH�,,,� ���������� ���������� ��������� ���������

ZDONLQJ�RQ�D�ÁDW�VXUIDFH�� ���������� ���������� ��������� ���������

JRLQJ�XS�DQG�GRZQ�VWDLUV� ���������� ���������� ��������� ���������

UHVW�DW�QLJKW�� ���������� ���������� ���������� ����������

VWDQGLQJ�XSULJKW� ���������� ���������� ��������� ���������

�� � � ���

����

6DIHW\�RXWFRPH$GYHUVH�HYHQWV�ZHUH�FRGHG�XVLQJ�0HG'5$�WHUPLQRORJ\��2XW�RI�����FRXUVHV�RI� WUHDWPHQWV�DGYHUVH�HYHQWV�ZHUH� UHSRUWHG�LQ����SDWLHQWV��7KH�VHYHULW\�RI�WKHVH�DGYHUVH�HYHQWV�ZDV�FRG�HG�E\� WKH� LQYHVWLJDWRU�DV�PLOG�RU�PRGHUDWH� LQ��������FDVHV�����������7KHUH�ZHUH�QR�GHDWKV�LQ�WUHDWPHQW�JURXSV��6L[�VHUL�RXV� DGYHUVH� HYHQWV�ZHUH� UHSRUWHG� GXULQJ� WKH� WULDO�� QRQH� RI�WKHVH�HYHQWV�ZHUH�FRQVLGHUHG�UHODWHG�WR�WKH�VWXG\�WUHDWPHQW��DQG�QRQH�UHVXOWHG�LQ�ZLWKGUDZDO�RI�WKH�SDWLHQW�IURP�WKH�VWXG\��1R�VLJQLÀFDQW�V\VWHPLF�UHDFWLRQV�ZHUH�QRWHG��7KHUH�ZHUH�QR�VLJQLÀFDQW�ZLWKLQ�RU�EHWZHHQ�JURXS�FKDQJHV�LQ�PHDQ�YDOXHV�IRU�FOLQLFDO�ODERUDWRU\�HYDOXDWLRQV�RU�YLWDO�VLJQV�RYHU�WKH�FRXUVH�RI�WKH�VWXG\��$GYHUVH�HYHQWV�IRU�PRUH�WKDQ����RI�SDWLHQWV�DUH�OLVWHG�LQ�7DEOH�9,,��7KH�PRVW�FRPPRQO\�UHSRUWHG�HYHQWV�ZHUH�EXUQLQJ�SDLQ��GXULQJ�WKH�FRXUVH�RI�LQMHFWLRQV�DQG�ZHHN�DIWHU���DUWKUDOJLD��XQUHODWHG�WR�WKH�WUHDWPHQW��MXVW��FRQVHTXHQFHV�RI�WKH�GLVHDVH���DQG�MRLQW�HIIXVLRQ���7ZR�SDWLHQWV��ZHUH�UHSRUWHG�WR�KDYH�DQ�VWURQJ�MRLQW�HIIXVLRQ���SRVVLEO\�DWWULEXWHG�WR�VWXG\�WKHUDS\���WKHVH�SDWLHQWV��ZLWKGUHZ�IURP�WKH�VWXG\�

7DEOH�,9��1XPEHU�RI�V\PSWRP�IUHH�SDWLHQWV��VFRUH�EHORZ������LQ�IRXU�SDLQ�TXHVWLRQV��LQGLYLGXDO�FDWHJRULHV�DQG�DYHUDJH�VFRUHV��GXULQJ�WKH�VWXG\

Page 8: Ejmd volume 1 studio noltrex

��

WKH�LQMHFWDEOH�HQGRSURVWKHWLFV�RI�V\QRYLDO�ÀXLG�ZLWK�1ROWUH[�� 6DIHW\� RI� WKH� SURGXFW�ZDV� DOVR� FRQ¿UPHG�E\�WKLV�WULDO��0DQDJLQJ�SDWLHQWV�ZLWK�2$�RI�WKH�NQHH�SUHVHQWV�D�JURZLQJ�FKDOOHQJH�WR�FOLQLFLDQV�DQG�KHDOWK�SROLF\�GHFLVLRQ�PDNHUV�

3KDUPDFRWKHUDS\� ZLWK� 16$,'V� UHPDLQV�D� PDLQVWD\� RI� WKHUDS\�� GHVSLWH� WKH� LDWURJHQLF�PRUELGLWLHV�RI�ORQJ�WHUP�16$,'�DGPLQLVWUDWLRQ��������

GXUDWLRQ�RI�HIIHFW�IURP�WUHDWPHQW�ORQJV�QR�PRUH�WKDQ���� ZHHNV�� DQG� VRPH� UHFHQW� UHSRUWV� RI� DFXWH� ORFDO�LQÀDPPDWRU\�UHDFWLRQV�WR�&/�+$�LQMHFWLRQ�������7KLV�WULDO�VKRZV�WKDW�1ROWUH[��D�SURGXFW�EDVHG�QRW�RQ�WKH�+\DOXURQLF�DFLG��EXW�RQ�WKH�EDVH�RI�WKUHH�GLPHQVLRQDO�FURVVOLQNHG�SRO\PHU��FDQ�EH�VXFFHVVIXOO\�DSSOLHG�IRU�WUHDWPHQW�RI�NQHH�2$��7KXV��WKH�WULDO�ZDV�GHVLJQHG�WR�LQGLFDWH�WKH�HI¿FLHQF\�RI�1ROWUH[�LQ�WKH�WUHDWPHQW�RI�NQHH�2$�DQG�WR�HVWDEOLVK�WKH�GXUDWLRQ�RI�WUHDWPHQW�HIIHFW� LQ� FOLQLFDO� SUDFWLFH�� 'UDPDWLFDOO\� SRVLWLYH�UHVXOWV� RI� WUHDWPHQW� ZHUH� UHDFKHG� DW� JURXSV� ZLWK�WKH�¿UVW��VHFRQG�DQG�WKLUG�JUDGH�RI�WKH�GLVHDVH��KHUH�GXUDWLRQ�RI�WKH�HIIHF�ODVW�PRUH�WKDQ����ZHHNV�ZKLFK�LV�VXEVWDQWLDOO\�ORQJHU��WKDQ�GXUDWLRQ�RI�WUHDWPHQW�HIIHFW�RI�+$�SURGXFWV��UHSRUWHG�IURP�RWKHU�ELEOLRJUDSKLHV�RQ�+$� VWXGLHV��� ��7KH� UHVXOWV� RI� WKH� SDWLHQW� RYHUDOO�DVVHVVPHQWV�SHUIRUPHG�DW�WKH�VWXG\�HQG�SRLQW�SURYHG�DSSUR[LPDWHO\�����RI�SDWLHQWV�EHLQJ�HLWKHU�VDWLV¿HG�RU� YHU\� VDWLV¿HG� LQ� DOO� VWXG\� JURXSV��7KHVH� UHVXOWV�DUH�DOVR�YHU\�LPSRUWDQW�IRU�DVVHVVLQJ�WKH�EHQL¿WV�RI�

7DEOH�9��6XEMHFWLYH�SDWLHQW�DVVHVVPHQW�RI�WUHDWPHQW2YHUDOO�SDWLHQW�DVVHVVPHQW�RI�WUHDWPHQW

� *UDGH�,� *UDGH�,,� *UDGH�,,� *UDGH�,9� 7RWDO

3DWLHQWV�DVVHVWHG� ���������� ����������� ���������� ���������� ����������

'LVVDWLVÀHG� ��������� ��������� ���������� ���������� ���������

6OLJKWO\�VDWLVÀHG� �������� ���������� ����������� ����������� ��������

6DWLVÀHG� ����������� ����������� ����������� ���������� �����������

9HU\�VDWLVÀHG�� ����������� ����������� ����������� ���������� �����������

'LVFXVVLRQ6HYHUDO�,$�+$�SURGXFWV�DUH�FXUUHQWO\�DYDLODEOH� LQ�WKH�8QLWHG�6WDWHV�IRU�WKH�WUHDWPHQW�RI�NQHH�2$��DQG�PRUHWKDQ� ��� VLPLODU� SURGXFWV� DUH� DYDLODEOH� LQ� RWKHU� SDUWV� RI� WKH�ZRUOG��7KHVH�SUHSDUDWLRQV�FDQ�GLIIHU�VLJQLÀFDQWO\�LQ�WKHLU�PR�OHFXODU� ZHLJKW�� SXULW\�� DQG� FRQFHQWUDWLRQ� ��������� (IÀFLHQF\�RI� WUHDWPHQW�Ƨƙ�E\�+$�SURGXFWV� LV�SURYHG�E\�QXPHURXV�UH�VHDUFKHV��EXW�GXUDWLRQ�RI�HIIHFW�IURP�WUHDWPHQW�ORQJV�QR�PRUH�WKDQ����ZHHNV�����DQG�VRPH�UHFHQW�UHSRUWV�RI�DFXWH�ORFDO�LQ�ÁDPPDWRU\�UHDFWLRQV�WR�&/�+$�LQMHFWLRQ��������

7KLV� WULDO�VKRZV� WKDW�1ROWUH[�DV�D�SURGXFW�EDVHG�QRW�RQ� WKH�+\DOXURQLF�DFLG��EXW�RQ�WKH�EDVH�RI�WKUHH�GLPHQVLRQDO�FURVV�OLQNHG�SRO\PHU�FDQ�EH�VXFFHVVIXOO\�DSSOLHG�IRU�WUHDWPHQW�Ƨƙ�RI� D� NQHH� MRLQW��7KXV� WKH� WULDO�ZDV� GHVLJQHG� WR� LQGLFDWH� WKH�HIÀFLHQF\� RI� WUHDWPHQW�Ƨƙ� RI� D� NQHH� MRLQW� ZLWK�1ROWUH[� DQG�WR� HVWDEOLVK� GXUDWLRQ� RI� WUHDWPHQW� HIIHFW� LQ� FOLQLFDO� SUDFWLFH��'UDPDWLFDOO\� SRVLWLYH� UHVXOWV� RI� WUHDWPHQW� ZHUH� UHDFKHG� DW�JURXSV�ZLWK�WKH�ÀUVW��VHFRQG�DQG�WKLUG�JUDGH�RI�WKH�GLVHDVH��KHUH�GXUDWLRQ�RI�WKH�HIIHF� ODVW�PRUH�WKDQ����ZHHNV�ZKLFK�LV�VXEVWDQWLDOO\� ORQJHU�� WKDQ�GXUDWLRQ�RI� WUHDWPHQW� HIIHFW� RI�+$�SURGXFWV��UHSRUWHG�IURP�RWKHU�ELEOLRJUDSK\�RQ�+$�VWXGLHV�������7KH�UHVXOWV�RI� WKH�SDWLHQW�RYHUDOO�DVVHVVPHQWV�SHUIRUPHG�DW�WKH�VWXG\�HQG�SRLQW�SURYHG�DSSUR[LPDWHO\�����RI�SDWLHQWV�EH�LQJ�HLWKHU�VDWLVÀHG�RU�YHU\�VDWLVÀHG�LQ�DOO�VWXG\�JURXSV��7KHVH�UHVXOWV�DUH�DOVR�YHU\�LPSRUWDQW�IRU�DVVHVVLQJ�WKH�EHQLÀWV�RI�WKH�LQMHFWDEOH�HQGRSURVWKHWLFV�RI�VLQRYLDO�ÁXLG�ZLWK�1ROWUH[��6DIHW\�

7DEOH�9,�1XPEHU�RI�SDWLHQWV�UHTXLUHG�UHVFXH�PHGLFDWLRQ

7LPH� *UDGH�,� �*UDGH��,,� *UDGH��,,,� *UDGH��,9� 7RWDO

'XULQJ�WKH�FRXUVH�RI�LQMHFWLRQV�

DQG���ZHHN�DIWHU� �� ��� ��� ��� ���

:HHN���� ��� ��� ��� ��� ��

:HHN������� �� ��� ��� ��� ��

:HHN������� �� ��� ��� ��� ���

:HHN������� �� ��� ��� ��� ���

:HHN�������� �� ��� ��� ��� ���

'XULQJ�WKH�VWXG\� ��� ��� ��� ��� ���

RI�WKH�SURGXFW�ZDV�DOVR�FRQÀUPHG�E\�WKLV�WULDO��0DQDJLQJ�SDWLHQWV�ZLWK�2$�RI� WKH� NQHH�SUHVHQWV�D�JURZLQJ�FKDOOHQJH� WR� FOLQLFLDQV� DQG� KHDOWK� SROLF\� GHFLVLRQ� PDNHUV�3KDUPDFRWKHUDS\�ZLWK�16$,'V� UHPDLQV�D�PDLQVWD\�RI� WKHU�DS\�� GHVSLWH� WKH� LDWURJHQLF� PRUELGLWLHV� RI� ORQJ�WHUP� 16$,'�DGPLQLVWUDWLRQ�������� 6DIHW\� FRQFHUQV� DVVRFLDWHG� ZLWK� WKH�XVH�RI�V\VWHPLF�PHGLFDWLRQV�DUH�H[DFHUEDWHG�E\�FRPRUELGL�WLHV�LQ�WKH�DIIHFWHG�SRSXODWLRQ�DQG�SRWHQWLDOO\�GDQJHURXV�GUXJ�LQWHUDFWLRQV��7UHDWPHQW�E\�YDULRXV�+$�SURGXFWV�VXIÀFLHQW�RQO\�IRU�VKRUW�SHULRG�RI�WLPH�7KH�WULDO�GDWD�SUHVHQWHG�VXJJHVW�WKDW�1ROWUH[�FDQ�UHGXFH�SDLQ�DQG�LPSURYH�IXQFWLRQ�LQ�SDWLHQWV�ZLWK�NQHH�2$�IRU���\HDU�SHULRG�ZLWKRXW�DQ\�LDWURJHQLF�ORFDO�UHDF�WLRQV� DVVRFLDWHG�ZLWK� VRPH� YLVFRVXSSOHPHQWDWLRQ� SURGXFWV�7KH�LQMHFWDEOH�HQGRSURVWKHWLFV�RI�VLQRYLDO�ÁXLG�FDQ�KHOS�SKLVL�FLDQV�WR�PDQDJH�SDWLHQWV�ZLWK�2$�RI�WKH�NQHH�PRUH�HIÀFLHQWO\�DQG�SDWLHQWV�FDQ�JHW�FKDQFH�WR�GHIHU�MRLQW�UHSODFHPHQW�RSHUD�WLRQ�

7DEOH�9,,$GYHUVH�HYHQW� 1XPEHU� 1XPEHU��� RI�HYHQWV� RI�SDWLHQWV����

%XUQLQJ�SDLQ� ��� ���������

$UWKUDOJLD� ��� ���������

-RLQW�HIIXVLRQ� �� ���������

7RWDO� ��� ��������

7DEOH�9��6XEMHFWLYH�SDWLHQW�DVVHVVPHQW�RI�WUHDWPHQW2YHUDOO�SDWLHQW�DVVHVVPHQW�RI�WUHDWPHQW

� *UDGH�,� *UDGH�,,� *UDGH�,,� *UDGH�,9� 7RWDO

3DWLHQWV�DVVHVWHG� ���������� ����������� ���������� ���������� ����������

'LVVDWLVÀHG� ��������� ��������� ���������� ���������� ���������

6OLJKWO\�VDWLVÀHG� �������� ���������� ����������� ����������� ��������

6DWLVÀHG� ����������� ����������� ����������� ���������� �����������

9HU\�VDWLVÀHG�� ����������� ����������� ����������� ���������� �����������

'LVFXVVLRQ6HYHUDO�,$�+$�SURGXFWV�DUH�FXUUHQWO\�DYDLODEOH� LQ�WKH�8QLWHG�6WDWHV�IRU�WKH�WUHDWPHQW�RI�NQHH�2$��DQG�PRUHWKDQ� ��� VLPLODU� SURGXFWV� DUH� DYDLODEOH� LQ� RWKHU� SDUWV� RI� WKH�ZRUOG��7KHVH�SUHSDUDWLRQV�FDQ�GLIIHU�VLJQLÀFDQWO\�LQ�WKHLU�PR�OHFXODU� ZHLJKW�� SXULW\�� DQG� FRQFHQWUDWLRQ� ��������� (IÀFLHQF\�RI� WUHDWPHQW�Ƨƙ�E\�+$�SURGXFWV� LV�SURYHG�E\�QXPHURXV�UH�VHDUFKHV��EXW�GXUDWLRQ�RI�HIIHFW�IURP�WUHDWPHQW�ORQJV�QR�PRUH�WKDQ����ZHHNV�����DQG�VRPH�UHFHQW�UHSRUWV�RI�DFXWH�ORFDO�LQ�ÁDPPDWRU\�UHDFWLRQV�WR�&/�+$�LQMHFWLRQ��������

7KLV� WULDO�VKRZV� WKDW�1ROWUH[�DV�D�SURGXFW�EDVHG�QRW�RQ� WKH�+\DOXURQLF�DFLG��EXW�RQ�WKH�EDVH�RI�WKUHH�GLPHQVLRQDO�FURVV�OLQNHG�SRO\PHU�FDQ�EH�VXFFHVVIXOO\�DSSOLHG�IRU�WUHDWPHQW�Ƨƙ�RI� D� NQHH� MRLQW��7KXV� WKH� WULDO�ZDV� GHVLJQHG� WR� LQGLFDWH� WKH�HIÀFLHQF\� RI� WUHDWPHQW�Ƨƙ� RI� D� NQHH� MRLQW� ZLWK�1ROWUH[� DQG�WR� HVWDEOLVK� GXUDWLRQ� RI� WUHDWPHQW� HIIHFW� LQ� FOLQLFDO� SUDFWLFH��'UDPDWLFDOO\� SRVLWLYH� UHVXOWV� RI� WUHDWPHQW� ZHUH� UHDFKHG� DW�JURXSV�ZLWK�WKH�ÀUVW��VHFRQG�DQG�WKLUG�JUDGH�RI�WKH�GLVHDVH��KHUH�GXUDWLRQ�RI�WKH�HIIHF� ODVW�PRUH�WKDQ����ZHHNV�ZKLFK�LV�VXEVWDQWLDOO\� ORQJHU�� WKDQ�GXUDWLRQ�RI� WUHDWPHQW� HIIHFW� RI�+$�SURGXFWV��UHSRUWHG�IURP�RWKHU�ELEOLRJUDSK\�RQ�+$�VWXGLHV�������7KH�UHVXOWV�RI� WKH�SDWLHQW�RYHUDOO�DVVHVVPHQWV�SHUIRUPHG�DW�WKH�VWXG\�HQG�SRLQW�SURYHG�DSSUR[LPDWHO\�����RI�SDWLHQWV�EH�LQJ�HLWKHU�VDWLVÀHG�RU�YHU\�VDWLVÀHG�LQ�DOO�VWXG\�JURXSV��7KHVH�UHVXOWV�DUH�DOVR�YHU\�LPSRUWDQW�IRU�DVVHVVLQJ�WKH�EHQLÀWV�RI�WKH�LQMHFWDEOH�HQGRSURVWKHWLFV�RI�VLQRYLDO�ÁXLG�ZLWK�1ROWUH[��6DIHW\�

7DEOH�9,�1XPEHU�RI�SDWLHQWV�UHTXLUHG�UHVFXH�PHGLFDWLRQ

7LPH� *UDGH�,� �*UDGH��,,� *UDGH��,,,� *UDGH��,9� 7RWDO

'XULQJ�WKH�FRXUVH�RI�LQMHFWLRQV�

DQG���ZHHN�DIWHU� �� ��� ��� ��� ���

:HHN���� ��� ��� ��� ��� ��

:HHN������� �� ��� ��� ��� ��

:HHN������� �� ��� ��� ��� ���

:HHN������� �� ��� ��� ��� ���

:HHN�������� �� ��� ��� ��� ���

'XULQJ�WKH�VWXG\� ��� ��� ��� ��� ���

RI�WKH�SURGXFW�ZDV�DOVR�FRQÀUPHG�E\�WKLV�WULDO��0DQDJLQJ�SDWLHQWV�ZLWK�2$�RI� WKH� NQHH�SUHVHQWV�D�JURZLQJ�FKDOOHQJH� WR� FOLQLFLDQV� DQG� KHDOWK� SROLF\� GHFLVLRQ� PDNHUV�3KDUPDFRWKHUDS\�ZLWK�16$,'V� UHPDLQV�D�PDLQVWD\�RI� WKHU�DS\�� GHVSLWH� WKH� LDWURJHQLF� PRUELGLWLHV� RI� ORQJ�WHUP� 16$,'�DGPLQLVWUDWLRQ�������� 6DIHW\� FRQFHUQV� DVVRFLDWHG� ZLWK� WKH�XVH�RI�V\VWHPLF�PHGLFDWLRQV�DUH�H[DFHUEDWHG�E\�FRPRUELGL�WLHV�LQ�WKH�DIIHFWHG�SRSXODWLRQ�DQG�SRWHQWLDOO\�GDQJHURXV�GUXJ�LQWHUDFWLRQV��7UHDWPHQW�E\�YDULRXV�+$�SURGXFWV�VXIÀFLHQW�RQO\�IRU�VKRUW�SHULRG�RI�WLPH�7KH�WULDO�GDWD�SUHVHQWHG�VXJJHVW�WKDW�1ROWUH[�FDQ�UHGXFH�SDLQ�DQG�LPSURYH�IXQFWLRQ�LQ�SDWLHQWV�ZLWK�NQHH�2$�IRU���\HDU�SHULRG�ZLWKRXW�DQ\�LDWURJHQLF�ORFDO�UHDF�WLRQV� DVVRFLDWHG�ZLWK� VRPH� YLVFRVXSSOHPHQWDWLRQ� SURGXFWV�7KH�LQMHFWDEOH�HQGRSURVWKHWLFV�RI�VLQRYLDO�ÁXLG�FDQ�KHOS�SKLVL�FLDQV�WR�PDQDJH�SDWLHQWV�ZLWK�2$�RI�WKH�NQHH�PRUH�HIÀFLHQWO\�DQG�SDWLHQWV�FDQ�JHW�FKDQFH�WR�GHIHU�MRLQW�UHSODFHPHQW�RSHUD�WLRQ�

7DEOH�9,,$GYHUVH�HYHQW� 1XPEHU� 1XPEHU��� RI�HYHQWV� RI�SDWLHQWV����

%XUQLQJ�SDLQ� ��� ���������

$UWKUDOJLD� ��� ���������

-RLQW�HIIXVLRQ� �� ���������

7RWDO� ��� ��������

7DEOH�9��6XEMHFWLYH�SDWLHQW�DVVHVVPHQW�RI�WUHDWPHQW��2YHUDOO�SDWLHQW�DVVHVVPHQW�RI�WUHDWPHQW���

7DEOH�9,��1XPEHU�RI�SDWLHQWV�UHTXLUHG�UHVFXH�PHGLFDWLRQ

7DEOH�9��6XEMHFWLYH�SDWLHQW�DVVHVVPHQW�RI�WUHDWPHQW2YHUDOO�SDWLHQW�DVVHVVPHQW�RI�WUHDWPHQW

� *UDGH�,� *UDGH�,,� *UDGH�,,� *UDGH�,9� 7RWDO

3DWLHQWV�DVVHVWHG� ���������� ����������� ���������� ���������� ����������

'LVVDWLVÀHG� ��������� ��������� ���������� ���������� ���������

6OLJKWO\�VDWLVÀHG� �������� ���������� ����������� ����������� ��������

6DWLVÀHG� ����������� ����������� ����������� ���������� �����������

9HU\�VDWLVÀHG�� ����������� ����������� ����������� ���������� �����������

'LVFXVVLRQ6HYHUDO�,$�+$�SURGXFWV�DUH�FXUUHQWO\�DYDLODEOH� LQ�WKH�8QLWHG�6WDWHV�IRU�WKH�WUHDWPHQW�RI�NQHH�2$��DQG�PRUHWKDQ� ��� VLPLODU� SURGXFWV� DUH� DYDLODEOH� LQ� RWKHU� SDUWV� RI� WKH�ZRUOG��7KHVH�SUHSDUDWLRQV�FDQ�GLIIHU�VLJQLÀFDQWO\�LQ�WKHLU�PR�OHFXODU� ZHLJKW�� SXULW\�� DQG� FRQFHQWUDWLRQ� ��������� (IÀFLHQF\�RI� WUHDWPHQW�Ƨƙ�E\�+$�SURGXFWV� LV�SURYHG�E\�QXPHURXV�UH�VHDUFKHV��EXW�GXUDWLRQ�RI�HIIHFW�IURP�WUHDWPHQW�ORQJV�QR�PRUH�WKDQ����ZHHNV�����DQG�VRPH�UHFHQW�UHSRUWV�RI�DFXWH�ORFDO�LQ�ÁDPPDWRU\�UHDFWLRQV�WR�&/�+$�LQMHFWLRQ��������

7KLV� WULDO�VKRZV� WKDW�1ROWUH[�DV�D�SURGXFW�EDVHG�QRW�RQ� WKH�+\DOXURQLF�DFLG��EXW�RQ�WKH�EDVH�RI�WKUHH�GLPHQVLRQDO�FURVV�OLQNHG�SRO\PHU�FDQ�EH�VXFFHVVIXOO\�DSSOLHG�IRU�WUHDWPHQW�Ƨƙ�RI� D� NQHH� MRLQW��7KXV� WKH� WULDO�ZDV� GHVLJQHG� WR� LQGLFDWH� WKH�HIÀFLHQF\� RI� WUHDWPHQW�Ƨƙ� RI� D� NQHH� MRLQW� ZLWK�1ROWUH[� DQG�WR� HVWDEOLVK� GXUDWLRQ� RI� WUHDWPHQW� HIIHFW� LQ� FOLQLFDO� SUDFWLFH��'UDPDWLFDOO\� SRVLWLYH� UHVXOWV� RI� WUHDWPHQW� ZHUH� UHDFKHG� DW�JURXSV�ZLWK�WKH�ÀUVW��VHFRQG�DQG�WKLUG�JUDGH�RI�WKH�GLVHDVH��KHUH�GXUDWLRQ�RI�WKH�HIIHF� ODVW�PRUH�WKDQ����ZHHNV�ZKLFK�LV�VXEVWDQWLDOO\� ORQJHU�� WKDQ�GXUDWLRQ�RI� WUHDWPHQW� HIIHFW� RI�+$�SURGXFWV��UHSRUWHG�IURP�RWKHU�ELEOLRJUDSK\�RQ�+$�VWXGLHV�������7KH�UHVXOWV�RI� WKH�SDWLHQW�RYHUDOO�DVVHVVPHQWV�SHUIRUPHG�DW�WKH�VWXG\�HQG�SRLQW�SURYHG�DSSUR[LPDWHO\�����RI�SDWLHQWV�EH�LQJ�HLWKHU�VDWLVÀHG�RU�YHU\�VDWLVÀHG�LQ�DOO�VWXG\�JURXSV��7KHVH�UHVXOWV�DUH�DOVR�YHU\�LPSRUWDQW�IRU�DVVHVVLQJ�WKH�EHQLÀWV�RI�WKH�LQMHFWDEOH�HQGRSURVWKHWLFV�RI�VLQRYLDO�ÁXLG�ZLWK�1ROWUH[��6DIHW\�

7DEOH�9,�1XPEHU�RI�SDWLHQWV�UHTXLUHG�UHVFXH�PHGLFDWLRQ

7LPH� *UDGH�,� �*UDGH��,,� *UDGH��,,,� *UDGH��,9� 7RWDO

'XULQJ�WKH�FRXUVH�RI�LQMHFWLRQV�

DQG���ZHHN�DIWHU� �� ��� ��� ��� ���

:HHN���� ��� ��� ��� ��� ��

:HHN������� �� ��� ��� ��� ��

:HHN������� �� ��� ��� ��� ���

:HHN������� �� ��� ��� ��� ���

:HHN�������� �� ��� ��� ��� ���

'XULQJ�WKH�VWXG\� ��� ��� ��� ��� ���

RI�WKH�SURGXFW�ZDV�DOVR�FRQÀUPHG�E\�WKLV�WULDO��0DQDJLQJ�SDWLHQWV�ZLWK�2$�RI� WKH� NQHH�SUHVHQWV�D�JURZLQJ�FKDOOHQJH� WR� FOLQLFLDQV� DQG� KHDOWK� SROLF\� GHFLVLRQ� PDNHUV�3KDUPDFRWKHUDS\�ZLWK�16$,'V� UHPDLQV�D�PDLQVWD\�RI� WKHU�DS\�� GHVSLWH� WKH� LDWURJHQLF� PRUELGLWLHV� RI� ORQJ�WHUP� 16$,'�DGPLQLVWUDWLRQ�������� 6DIHW\� FRQFHUQV� DVVRFLDWHG� ZLWK� WKH�XVH�RI�V\VWHPLF�PHGLFDWLRQV�DUH�H[DFHUEDWHG�E\�FRPRUELGL�WLHV�LQ�WKH�DIIHFWHG�SRSXODWLRQ�DQG�SRWHQWLDOO\�GDQJHURXV�GUXJ�LQWHUDFWLRQV��7UHDWPHQW�E\�YDULRXV�+$�SURGXFWV�VXIÀFLHQW�RQO\�IRU�VKRUW�SHULRG�RI�WLPH�7KH�WULDO�GDWD�SUHVHQWHG�VXJJHVW�WKDW�1ROWUH[�FDQ�UHGXFH�SDLQ�DQG�LPSURYH�IXQFWLRQ�LQ�SDWLHQWV�ZLWK�NQHH�2$�IRU���\HDU�SHULRG�ZLWKRXW�DQ\�LDWURJHQLF�ORFDO�UHDF�WLRQV� DVVRFLDWHG�ZLWK� VRPH� YLVFRVXSSOHPHQWDWLRQ� SURGXFWV�7KH�LQMHFWDEOH�HQGRSURVWKHWLFV�RI�VLQRYLDO�ÁXLG�FDQ�KHOS�SKLVL�FLDQV�WR�PDQDJH�SDWLHQWV�ZLWK�2$�RI�WKH�NQHH�PRUH�HIÀFLHQWO\�DQG�SDWLHQWV�FDQ�JHW�FKDQFH�WR�GHIHU�MRLQW�UHSODFHPHQW�RSHUD�WLRQ�

7DEOH�9,,$GYHUVH�HYHQW� 1XPEHU� 1XPEHU��� RI�HYHQWV� RI�SDWLHQWV����

%XUQLQJ�SDLQ� ��� ���������

$UWKUDOJLD� ��� ���������

-RLQW�HIIXVLRQ� �� ���������

7RWDO� ��� ��������

7DEOH�9,,

9�9��=$5�(7�$/�

DVVHVVHG

Page 9: Ejmd volume 1 studio noltrex

��(XURSHDQ�-RXUQDO�RI�0XVFXORVNHOHWDO�'LVHDVHV

ZHHN� FRQWUROOHG� WULDO� RI� HI¿FDF\� DQG� VDIHW\� LQ� WKH�RVWHRDUWKULWLF�NQHH��&OLQ7KHU������

��� .HOOJUHQ�-+��/DZUHQFH�-6��5DGLRORJLFDO�DVVHVVPHQW�RI�RVWHR�DUWKURVLV��$QQ�5KHXP�'LV������

��� 3KDP� 7�� YDQ� GHU� +'�� /DVVHUH� 0�� $OWPDQ�5'�$QGHUVRQ�--��%HOODP\�1��HW�DO��2XWFRPH�YDULDEOHV�IRU� RVWHRDUWKULWLV� FOLQLFDO� WULDOV�� WKH� 20(5$&7�2$56,�VHW�RI�UHVSRQGHU�FULWHULD��-�5KHXPDWRO������

���� $OWPDQ� 5�� %UDQGW� .�� +RFKEHUJ� 0�� 0RVNRZLW]�5�%HOODP\�1��%ORFK�'$��HW�DO��'HVLJQ�DQG�FRQGXFW�RI� FOLQLFDO� WULDOV� LQ� SDWLHQWV� ZLWK� RVWHRDUWKULWLV��UHFRPPHQGDWLRQV� IURP� D� WDVN� IRUFH� RI� WKH�2VWHRDUWKULWLV� 5HVHDUFK� 6RFLHW\�� 5HVXOWV� IURP� D�ZRUNVKRS��2VWHRDUWKULWLV�&DUWLODJH������

���� %HOODP\� 1�� 2VWHRDUWKULWLV�� ,Q�� %HOODP\� 1��(G�� 0XVFXORVNHOHWDO� &OLQLFDO� 0HWURORJ\�� 7KH�1HWKHUODQGV��.OXZHU�$FDGHPLF�3XEOLVKHUV������

���� +\DOJDQ� >SDFNDJH� LQVHUW@�� :DVKLQJWRQ�� '&�� )LGLD�3KDUPDFHXWLFDO�&RUSRUDWLRQ�����

���� 6\QYLVF�>SDFNDJH�LQVHUW@��5LGJH¿HOG��1-��%LRPDWUL[�,QF�������

���� $GDP�1��*KRVK�3��+\DOXURQDQ�PROHFXODU�ZHLJKW�DQG�SRO\GLVSHUVLW\� LQ� VRPH� FRPPHUFLDO� LQWUD�DUWLFXODU�LQMHFWDEOH�SUHSDUDWLRQV�DQG�LQ�V\QRYLDO�ÀXLG��,QÀDPP�5HV������

���� *ROGEHUJ� 90�� &RXWWV� 5'�� 3VHXGRVHSWLF� UHDFWLRQV�WR� K\ODQ� YLVFRVXSSOHPHQWDWLRQ�� GLDJQRVLV� DQG�WUHDWPHQW��&OLQ�2UWKRS�)HE������

���� 3XOOPDQ�0RRDU� 6�� 0RRDU� 3�� 6LHFN� 0�� &OD\EXUQH�*�6FKXPDFKHU� +5�� $UH� WKHUH� GLVWLQFWLYH�LQÀDPPDWRU\�ÀDUHV�DIWHU�K\ODQ�J�I���� LQWUDDUWLFXODU�LQMHFWLRQV"�-�5KHXPDWRO������

���� /HRSROG�66��:DUPH�:-��3HWWLV�3'��6KRWW�6��,QFUHDVHG�IUHTXHQF\� RI� DFXWH� ORFDO� UHDFWLRQ� WR� LQWUD�DUWLFXODU�K\ODQ� *)���� �V\QYLVF�� LQ� SDWLHQWV� UHFHLYLQJ� PRUH�WKDQ�RQH�FRXUVH�RI�WUHDWPHQW��-�%RQH�-RLQW�6XUJ�$P������

���� &KHQ� $/�� 'HVDL� 3�� $GOHU� (0�� 'L� &HVDUH� 3(��*UDQXORPDWRXV� LQÀDPPDWLRQ� DIWHU� +\ODQ� *�)� ���YLVFRVXSSOHPHQWDWLRQ� RI� WKH� NQHH�� D� UHSRUW� RI� VL[�FDVHV��-�%RQH�-RLQW�6XUJ�$P������

���� =DUGDZL�,0��&KDQ�,��6\QYLVF�SHULV\QRYLWLV��3DWKRORJ\������

���� 0RUWRQ� $+�� 6KDQQRQ� 3�� ,QFUHDVHG� IUHTXHQF\� RI�DFXWH� ORFDO� UHDFWLRQ� WR� LQWUD�DUWLFXODU� K\ODQ�*�)�����6\QYLVF��LQ�VXEMHFWV�UHFHLYLQJ�PRUH�WKDQ�RQH�FRXUVH�

6DIHW\�FRQFHUQV�DVVRFLDWHG�ZLWK�WKH�XVH�RI�V\VWHPLF�PHGLFDWLRQV�DUH�H[DFHUEDWHG�E\�FRPRUELGLWLHV�LQ�WKH�DIIHFWHG� SRSXODWLRQ� DQG�SRWHQWLDOO\� GDQJHURXV� GUXJ�LQWHUDFWLRQV��7UHDWPHQW�ZLWK�+$�SURGXFWV�LV�VXI¿FLHQW�RQO\�IRU�VKRUW�SHULRG�RI�WLPH�7KH�WULDO�GDWD�SUHVHQWHG��VXJJHVW� WKDW� 1ROWUH[� FDQ� UHGXFH� SDLQ� DQG� LPSURYH�IXQFWLRQ�LQ�SDWLHQWV�ZLWK�NQHH�2$�IRU���\HDU�SHULRG�ZLWKRXW� DQ\� LDWURJHQLF� ORFDO� UHDFWLRQV� DVVRFLDWHG�ZLWK� VRPH� YLVFRVXSSOHPHQWDWLRQ� SURGXFWV�� 7KH�LQMHFWDEOH�HQGRSURVWKHWLFV�RI�V\QRYLDO�ÀXLG�FDQ�KHOS�SKLVLFLDQV� WR�PDQDJH�SDWLHQWV�ZLWK�2$�RI� WKH�NQHH�PRUH�HI¿FLHQWO\�DQG�SDWLHQWV�FDQ�JHW�FKDQFH�WR�GHIHU�MRLQW�UHSODFHPHQW�RSHUDWLRQ�

5()(5(1&(6�

��� %HOODP\�1��&DPSEHOO�-��5RELQVRQ�9��*HH�7��%RXUQH�5��:HOOV�*��9LVFRVXSSOHPHQWDWLRQ�IRU�WKH�WUHDWPHQW�RI�RVWHRDUWKULWLV�RI�WKH�NQHH��5HYLHZ����7KH�&RFKUDQH�&ROODERUDWLRQ��3XEOLVKHG�E\�-RKQ:LOH\��6RQV��/WG�����

��� 'DYLG� -�� 6DPVRQ�� 0�6�� 0DUN� '�� *UDQW�� 0�'���0�3�+�7KRPDV�$�� 5DWNR�� 3K�'�&ODXGLD� -�� %RQQHOO��%�6�1���0�/�6��.DWKOHHQ�0��=LHJOHU��3KDUP�'�1DRPL�$URQVRQ�� 3K�'�� (YLGHQFH� 5HSRUW�7HFKQRORJ\�$VVHVVPHQW� �7UHDWPHQW� RI� 3ULPDU\� DQG� 6HFRQGDU\�2VWHRDUWKULWLV� RI� WKH� .QHH�%OXH� &URVV� DQG� %OXH�6KLHOG� $VVRFLDWLRQ� 7HFKQRORJ\� (YDOXDWLRQ� &HQWHU�(YLGHQFH�EDVHG� 3UDFWLFH� &HQWHU� &KLFDJR�� ,OOLQRLV�$+54�3XEOLFDWLRQ�1R������(����6HSWHPEHU�����

��� %DOD]V�($��8OWUDSXUH�K\DOXURQLF�DFLG�DQG�XVH�WKHUHRI��86�3DWHQW�1R������������������

��� 'D\�5��%URRNV�3��&RQDJKDQ�3*��3HWHUVHQ�0��$�GRXEOH�EOLQG��UDQGRPL]HG��PXOWLFHQWHU��SDUDOOHO�JURXS�VWXG\�RI� WKH� HIIHFWLYHQHVV� DQG� WROHUDQFH� RI� LQWUDDUWLFXODU�K\DOXURQDQ�LQ�RVWHRDUWKULWLV�RI�WKH�NQHH��-�5KHXPDWRO������

��� :DQJ� &7�� /LQ� -�� &KDQJ� &-�� /LQ� <7�� +RX� 60��7KHUDSHXWLF�HIIHFWV�RI�K\DOXURQLF�DFLG�RQ�RVWHRDUWKULWLV�RI�WKH�NQHH��$�PHWD�DQDO\VLV�RI�UDQGRPL]HG�FRQWUROOHG�WULDOV��-�%RQH�-RLQW�6XUJ�$P������

��� $OWPDQ� 5'�� 0RVNRZLW]� 5�� $� UDQGRPL]HG� FOLQLFDO�WULDO�RI�LQWUD�DUWLFXODU�VRGLXP�K\DOXURQDWH�LQ�SDWLHQWV�ZLWK� RVWHRDUWKULWLV� RI� WKH� NQHH�� D� VXPPDU\�� $P� -�2UWKRS������

��� :RELJ� 0�� 'LFNKXW� $�� 0DLHU� 5�� 9HWWHU� *��9LVFRVXSSOHPHQWDWLRQ� ZLWK� K\ODQ� *�)� ���� D� ���

Page 10: Ejmd volume 1 studio noltrex

��

���� 6RORPRQ� '+�� 6FKQHHZHLVV� 6�� *O\QQ� 5-�� .L\RWD� <��/HYLQ�5��0RJXQ�+��HW�DO��5HODWLRQVKLS�EHWZHHQ�VHOHFWLYH�F\FORR[\JHQDVH��� LQKLELWRUV� DQG� DFXWH� P\RFDUGLDO�LQIDUFWLRQ�LQ�ROGHU�DGXOWV��&LUFXODWLRQ������

RI�WUHDWPHQW��OHWWHU���-�%RQH�-RLQW�6XUJ���������� :ROIH� 00�� /LQFKWHQVWHLQ� '5�� 6LQJK� *��

*DVWURLQWHVWLQDO� WR[LFLW\� RI� QRQVWHURLGDO�DQWLLQÀDPPDWRU\�GUXJV��1�(QJO�-�0HG������

9�9��=$5�(7�$/�