• Aucun résultat trouvé

Management and Conservation of Tropical Acid Soils for Sustainable Crop Production | IAEA

N/A
N/A
Protected

Academic year: 2022

Partager "Management and Conservation of Tropical Acid Soils for Sustainable Crop Production | IAEA"

Copied!
140
0
0

Texte intégral

(1)

,$($7(&'2&

0DQDJHPHQWDQGFRQVHUYDWLRQRI WURSLFDODFLGVRLOVIRU VXVWDLQDEOHFURSSURGXFWLRQ

3URFHHGLQJVRIDFRQVXOWDQWVPHHWLQJ

RUJDQL]HGE\WKH -RLQW)$2,$($'LYLVLRQRI1XFOHDU7HFKQLTXHVLQ)RRGDQG$JULFXOWXUH DQGKHOGLQ9LHQQD±0DUFK

-XQH

(2)

7KHRULJLQDWLQJ6HFWLRQRIWKLVSXEOLFDWLRQLQWKH,$($ZDV 6RLODQG:DWHU0DQDJHPHQW &URS1XWULWLRQ6HFWLRQ

,QWHUQDWLRQDO$WRPLF(QHUJ\$JHQF\

:DJUDPHU6WUDVVH 32%R[

$9LHQQD$XVWULD

0$1$*(0(17$1'&216(59$7,212)7523,&$/$&,'62,/6)25 6867$,1$%/(&523352'8&7,21

,$($9,(11$

,$($7(&'2&

,661±

‹,$($

3ULQWHGE\WKH,$($LQ$XVWULD -XQH

(3)

)25(:25'

$FFRUGLQJ WR )$2 HVWLPDWHV RQO\ RI WKH (DUWK¶V VXUIDFH DUHD LV FXUUHQWO\ FXOWLYDWHG 0KDDQGDERXW0KDLVSRWHQWLDOO\DUDEOHPRVWRIZKLFK0KDLVFRPSRVHG RIDFLGVRLOVZLWK0KDORFDWHGLQWKHKXPLGWURSLFV7KXVWURSLFDODFLGVRLOVPDLQO\8OWLVROVDQG 2[LVROVUHSUHVHQWWKHODUJHVWUHPDLQLQJSRWHQWLDOIRUIXWXUHDJULFXOWXUDOH[SDQVLRQ

)RUHVWV RI WKH WURSLFV DUH LQYDOXDEOH HFRV\VWHPV RI JOREDO UHJLRQDO DQG ORFDO LPSRUWDQFH SDUWLFXODUO\ LQ WHUPV RI SURWHFWLRQ DQG FRQVHUYDWLRQ RI ELRGLYHUVLW\ DQG ZDWHU UHVRXUFHV 7KH LQGLVFULPLQDWH FRQYHUVLRQ RI WURSLFDO IRUHVWV LQWR DJULFXOWXUDO ODQG DV D UHVXOW RI LQWHQVH KXPDQ DFWLYLWLHV ² ORJJLQJ DQG PRGHUQ VKLIWLQJ FXOWLYDWLRQ ² FRQWLQXHV WR FDXVH VRLO HURVLRQ DQG GHJUDGDWLRQ+RZHYHUWKHDFLGVDYDQQDKVRIWKHZRUOGVXFKDVWKHFHUUDGRRI%UD]LOWKH/ODQRVLQ 9HQH]XHOD DQG &RORPELD WKH VDYDQQDKV RI $IULFD DQG WKH ODUJHO\ DQWKURSLF VDYDQQDKV RI WURSLFDO

$VLD HQFRPSDVV YDVW DUHDV RI SRWHQWLDOO\ DUDEOH ODQG 7KH DFLG VRLOV RI WKH VDYDQQDKV DUH PRVWO\

FRQVLGHUHG PDUJLQDO EHFDXVH RI ORZ LQKHUHQW IHUWLOLW\ DQG VXVFHSWLELOLW\ WR UDSLG GHJUDGDWLRQ7KHVH FRQVWUDLQWV IRU DJULFXOWXUDO GHYHORSPHQW DUH H[DFHUEDWHG E\ WKH SRYHUW\ RI QHZ VHWWOHUV ZKR WU\ WR FXOWLYDWHVXFKDUHDVDIWHUGHIRUHVWDWLRQ/RZRUPLQLPXPLQSXWV\VWHPVDUHQRWVXVWDLQDEOHRQWKHVH WURSLFDO DFLG VRLOV EXW ZLWK VXIILFLHQW LQYHVWPHQW DQG DGHTXDWH WHFKQRORJLHV WKH\ FDQ EH KLJKO\

SURGXFWLYH 7KXV WKHUH LV D QHHG WR GHYHORS PDQDJHPHQW SUDFWLFHV IRU VXVWDLQDEOH DJULFXOWXUDO SURGXFWLRQV\VWHPVRQVXFKVDYDQQDKDFLGVRLOV

7KH6RLODQG:DWHU0DQDJHPHQWDQG&URS1XWULWLRQ6XESURJUDPPHRIWKH-RLQW)$2,$($

'LYLVLRQRI1XFOHDU7HFKQLTXHVLQ)RRGDQG$JULFXOWXUHVWURQJO\VXSSRUWVDQLQWHJUDWHGDSSURDFKWR VRLO ZDWHU DQG QXWULHQW PDQDJHPHQW ZLWKLQ FURSSLQJ V\VWHPV ,Q WKLV FRQWH[W QXFOHDU DQG UHODWHG WHFKQLTXHVFDQEHXVHGWREHWWHUXQGHUVWDQGWKHSURFHVVHVDQGIDFWRUVLQIOXHQFLQJWKHSURGXFWLYLW\RI DJULFXOWXUDOSURGXFWLRQV\VWHPVDQGLPSURYHWKHPWKURXJKWKHXVHRIEHWWHUVRLOZDWHUDQGQXWULHQW PDQDJHPHQWSUDFWLFHV$SDQHORIH[SHUWVDFWLYHO\HQJDJHGLQILHOGSURMHFWVRQDFLGVRLOVRIVDYDQQDK DJURHFRV\VWHPVLQWKHKXPLGDQGVXEKXPLGWURSLFVFRQYHQHGLQ0DUFKLQ9LHQQDWRUHYLHZ DQGGLVFXVVUHFHQWUHVHDUFKSURJUHVVDORQJWKHIROORZLQJPDLQOLQHVRILQYHVWLJDWLRQLXWLOL]DWLRQRI DFLGWROHUDQWDQG3HIILFLHQWSODQWJHQRW\SHVLLDGGUHVVLQJLVVXHVRIVRLODFLGLW\DQGLQIHUWLOLW\DQG LLLPDQDJHPHQWDQGFRQVHUYDWLRQRIDFLGVRLOV7KHVWDWHRIWKHDUWUHSRUWVSUHVHQWHGDWWKHPHHWLQJ DUH FRQWDLQHG LQ WKLV SXEOLFDWLRQ ZKLFK DV WKH ILUVW FRPSUHKHQVLYH WUHDWPHQW RI WKH VXEMHFW LV H[SHFWHG WR VHUYH DV DQ LQYDOXDEOH VRXUFH RI UHIHUHQFH WR XQGHUSLQ IXWXUH UHVHDUFK RQ PDQDJHPHQW SUDFWLFHVIRUVXVWDLQDEOHFURSSURGXFWLRQV\VWHPVRQWURSLFDODFLGVRLOV7KHUHVSRQVLEOH,$($RIILFHU ZDV)=DSDWDRIWKH-RLQW)$2,$($'LYLVLRQRI1XFOHDU7HFKQLTXHVLQ)RRGDQG$JULFXOWXUH7KH DVVLVWDQFHRI$5-(DJOHVKDPLQWKHSUHSDUDWLRQRIWKLVSXEOLFDWLRQLVJUDWHIXOO\DFNQRZOHGJHG

(4)

(',725,$/127(

7KLVSXEOLFDWLRQKDVEHHQSUHSDUHGIURPWKHRULJLQDOPDWHULDODVVXEPLWWHGE\WKHDXWKRUV7KHYLHZV H[SUHVVHGGRQRWQHFHVVDULO\UHIOHFWWKRVHRIWKH,$($WKHJRYHUQPHQWVRIWKHQRPLQDWLQJ0HPEHU 6WDWHVRUWKHQRPLQDWLQJRUJDQL]DWLRQV

7KH XVH RI SDUWLFXODU GHVLJQDWLRQV RI FRXQWULHV RU WHUULWRULHV GRHV QRW LPSO\ DQ\ MXGJHPHQW E\ WKH SXEOLVKHU WKH ,$($ DV WR WKH OHJDO VWDWXV RI VXFK FRXQWULHV RU WHUULWRULHV RI WKHLU DXWKRULWLHV DQG LQVWLWXWLRQVRURIWKHGHOLPLWDWLRQRIWKHLUERXQGDULHV

7KHPHQWLRQRIQDPHVRIVSHFLILFFRPSDQLHVRUSURGXFWVZKHWKHURUQRWLQGLFDWHGDVUHJLVWHUHGGRHV QRWLPSO\DQ\LQWHQWLRQWRLQIULQJHSURSULHWDU\ULJKWVQRUVKRXOGLWEHFRQVWUXHGDVDQHQGRUVHPHQWRU UHFRPPHQGDWLRQRQWKHSDUWRIWKH,$($

7KHDXWKRUVDUHUHVSRQVLEOHIRUKDYLQJREWDLQHGWKHQHFHVVDU\SHUPLVVLRQIRUWKH,$($WRUHSURGXFH WUDQVODWHRUXVHPDWHULDOIURPVRXUFHVDOUHDG\SURWHFWHGE\FRS\ULJKWV

(5)

&217(176

6800$5<

,17(*5$7('0$1$*(0(172)7523,&$/$&,'62,/6

0DQDJHPHQWDQGFRQVHUYDWLRQRIDFLGVRLOVLQWKH6DYDQQDKVRI/DWLQ$PHULFD

/HVVRQVIURPWKHDJULFXOWXUDOGHYHORSPHQWRIWKH%UD]LOLDQFHUUDGRV 5-7KRPDVC0$\DU]D$6/RSHV

7KHUROHRIWROHUDQWJHQRW\SHVDQGSODQWQXWULHQWVLQWKHPDQDJHPHQW

RIDFLGVRLOLQIHUWLOLW\LQXSODQGULFH ./6DKUDZDW03-RQHV6'LDWWD

86(2)$&,'72/(5$17$1'3()),&,(173/$17*(127<3(6

)LWWLQJPDL]HLQWRVXVWDLQDEOHFURSSLQJV\VWHPVRQDFLGVRLOVRIWKHWURSLFV :-+RUVW

7KHUROHRIRUJDQLFDFLGVH[XGHGIURPURRWVLQSKRVSKRUXVQXWULWLRQ

DQGDOXPLQLXPWROHUDQFHLQDFLGLFVRLOV 3-+RFNLQJ3-5DQGDOO('HOKDL]H*.HHUWKLVLQJKH

3+263+$7()(57,/,6(50$1$*(0(17$1'02'(//,1*

3KRVSKDWHIHUWLOLVHUVDQGPDQDJHPHQWIRUVXVWDLQDEOHFURSSURGXFWLRQLQWURSLFDODFLGVRLOV 6+&KLHQ'.)ULHVHQ

(YDOXDWLQJDJURQRPLFHIIHFWLYHQHVVRISKRVSKDWHURFNVXVLQJQXFOHDUDQG

UHODWHGWHFKQLTXHV5HVXOWVIURPDQ)$2,$($FRRUGLQDWHGUHVHDUFKSURMHFW )=DSDWD

0RGHOOLQJGDWDEDVHVDQGWKH3VXEPRGHO /.+HQJ

7523,&$/$&,'62,/&$6(678',(6

5HVWRUDWLRQRIVRLOIHUWLOLW\DQGLPSURYHPHQWRIFURSSLQJV\VWHPVIRU

VXVWDLQDEOHGHYHORSPHQWLQWKHKXPLGVDYDQQDKVRIWKH,YRU\&RDVW 7%DFKPDQQ

,PSURYLQJWKHPDQDJHPHQWRILQIHUWLOHDFLGVRLOVLQ6RXWKHDVW$VLD

7KHDSSURDFKRIWKH,%65$0DFLGVRLOVQHWZRUN 5'%/HIUR\

/,672)3$57,&,3$176

5(/$7(',$($38%/,&$7,216

(6)

(7)

6800$5<

$VDFRQVHTXHQFHRIWKHZRUOG¶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

2I JUHDWHU SURGXFWLRQ SRWHQWLDO DUH WKH ODQGV ZLWKLQ WKH VDYDQQDK DJURHFRV\VWHP 7KH VDYDQQDKVDUHORFDWHGLQWKHVXEKXPLGWURSLFDO]RQHDQGFRPSULVHODUJHDUHDVRIWKHDJULFXOWXUDOODQG LQPDQ\FRXQWULHVRI$IULFDDQG/DWLQ$PHULFD,QWHUPVRIDJURFOLPDWLFFRQGLWLRQVWKHVDYDQQDKV DUH VXLWDEOH IRU UDLQIHG DJULFXOWXUH %UD]LO¶V FHUUDGRV IRU H[DPSOH DOUHDG\ VXSSO\ D FRQVLGHUDEOH SRUWLRQRIWKDWFRXQWU\¶VDJULFXOWXUDOSURGXFH,Q$IULFDWKHVDYDQQDKVKDYHKLVWRULFDOO\SURGXFHGDOO RIWKHVRUJKXPPLOOHWFRZSHDPXFKRIWKHPDL]H\DPVDQGJURXQGQXWVDQGPRUHUHFHQWO\ODUJH DPRXQWVRIFDVVDYDVR\EHDQFRWWRQDQGXSODQGULFH

,QYLHZRIWKHVHFRQVLGHUDWLRQVVHYHUDOLQWHUQDWLRQDODJULFXOWXUDOUHVHDUFKFHQWUHV,$5&VKDYH IRFXVHG WKHLU DFWLYLWLHV RQ LGHQWLI\LQJ WHFKQRORJLHV VXLWDEOH IRU WKH VDYDQQDK UHJLRQV ,)'& KDV FDUULHGRXWH[WHQVLYHUHVHDUFKRQIHUWLOLVHUPDQDJHPHQWRQWKHDFLGVDYDQQDKVRLOVRI$IULFDDQG/DWLQ

$PHULFD ,,7$ &,00<7 DQG &,$7 KDYHJLYHQVSHFLDODWWHQWLRQWRWKHLPSURYHPHQWRIPDL]HIRU VDYDQQDKFRQGLWLRQV5HFHQWO\DQ(8IXQGHGSURMHFWIRFXVVHGRQPDL]HDQGPHFKDQLVPVRIWROHUDQFH WR$OZLWKWKHDLPRIGHYHORSLQJXVHUIULHQGO\VXVWDLQDEOHWHFKQRORJLHVWRPLWLJDWHVRLODFLGLW\&,$7 KDV DOVR GHYHORSHG QHZ DJURSDVWRUDO V\VWHPV IRU WKH VDYDQQDKV WKDW FDQ LPSURYH VRLO IHUWLOLW\

,&5,6$7KDVPDMRUSURJUDPPHVRQVRUJKXPPLOOHWDQGJURXQGQXWV,,7$KDVDFWLYHSURJUDPPHVRQ VR\EHDQDQGFRZSHDDQG,&5$)KDVVWXGLHGWKHSRWHQWLDOIRUDJURIRUHVWU\V\VWHPV

:$5'$ LV ZRUNLQJ H[WHQVLYHO\ RQ XSODQGULFH SURGXFWLRQ VXLWHG WR WKH KXPLG IRUHVW DQG VDYDQQDKUHJLRQV,QDGGLWLRQQHWZRUNVKDYHEHHQFUHDWHGWRLQWHJUDWHQDWLRQDOHIIRUWVLQWRUHJLRQDO SURJUDPPHVWRLPSURYHWKHIORZRIWHFKQRORJ\IURPWKH,$5&VLQWRWKHUHJLRQV$VDUHVXOWRIDOO WKHVHHIIRUWVPDQ\WHFKQRORJLHVDUHDYDLODEOHIRUWKHVDYDQQDKV+RZHYHUWKHUHDUHVLJQLILFDQWJDSV LQRXUXQGHUVWDQGLQJRIRSWLPDOPHWKRGVIRUGHYHORSPHQWDQGWUDQVIHURIWHFKQRORJLHVWRIDUPHUV$V DUHVXOWDJULFXOWXUDOSURGXFWLRQLQWKHVDYDQQDKVUHPDLQVIDUEHORZLWVSRWHQWLDO

,Q VXPPDU\ EULGJLQJ WKH JDS EHWZHHQ SRWHQWLDO DQG DFWXDO SURGXFWLRQ RI WKH VDYDQQDKVZLOO UHTXLUHLPSURYHGWHFKQRORJLHVWRLQWHQVLI\FURSSURGXFWLRQZKLOHFRQVHUYLQJWKHUHVRXUFHEDVH7KLV ZRXOGEHDPDMRUFRQWULEXWLRQWRIRRGVHFXULW\LQVXE6DKDUDQ$IULFDDQG/DWLQ$PHULFD

7KHUHVXOWVRIWKHGHOLEHUDWLRQVRIWKHFRQVXOWDQWVDUHVXPPDUL]HGDVIROORZV

7KH NH\ LVVXH LV WR GHYHORS LQWHJUDWHG VRLO ZDWHU DQG QXWULHQWPDQDJHPHQW SUDFWLFHV WR LQFUHDVHDQGVXVWDLQSURGXFWLYLW\RIWKHDFLGVRLOVRIWKHVDYDQQDKHFRV\VWHPLQWKHKXPLGDQG VXEKXPLGWURSLFVRI$IULFDDQG/DWLQ$PHULFD5HVHDUFKVKRXOGIRFXVRQWKHIROORZLQJ

± ,GHQWLILFDWLRQRIDGDSWHGJHQRW\SHVDQGFRPSDULVRQRIWKHLUXVHIXOQHVVZLWKVXVFHSWLEOH OLQHVLQWHUPVRI3HIILFLHQF\DQG$OWROHUDQFH

(8)

± 3ODQWUHVLGXHVJUHHQPDQXUHVSKRVSKDWHURFNDQGDPHQGPHQWVVXFKDVOLPHWRLPSURYH QXWULHQWDYDLODELOLW\DQGWRDOOHYLDWH$OWR[LFLW\

± $QDO\VHV RI WKH G\QDPLFV RI FDUERQ QXWULHQWV DQG ZDWHU LQ YDULRXV VRLO DQG FURS PDQDJHPHQWV\VWHPVDQG

± 7KHGHYHORSPHQWRIJXLGHOLQHVIRULPSURYHGVRLOZDWHUDQGQXWULHQWPDQDJHPHQW 1XFOHDU WHFKQLTXHV SURYLGH D SRZHUIXO WRRO IRU JDLQLQJ EHWWHU XQGHUVWDQGLQJ RI WKH

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

$Q HFRUHJLRQDO DSSURDFK VKRXOG EH XWLOLVHG LGHQWLI\LQJ VSHFLILF EHQFKPDUN VLWHV DV IRFDO SRLQWVIRUVWUDWHJLFUHVHDUFKDQGGHYHORSPHQWDFWLYLWLHV6HOHFWHGVLWHVVKRXOG

± %H UHSUHVHQWDWLYH RI WKH PDLQ SUREOHPV RI DFLG VRLOV ZLWK SRWHQWLDO IRU LQWHQVLILFDWLRQ DQGRSHUDWLQJZLWKH[LVWLQJIDUPSUDFWLFHVRQVWDWLRQDQGRQIDUPVWXGLHV

± %HZHOOFKDUDFWHULVHGLQWHUPVRIVRLOW\SHGHSWKZDWHUWDEOHDQGDYDLODEOHFOLPDWHGDWD

± 3UHVHQWO\ KDYH RU KDYH SODQV IRU FURSSLQJV\VWHP H[SHULPHQWV RQ SURGXFWLYLW\

HQKDQFHPHQW DQG QDWXUDOUHVRXUFH FRQVHUYDWLRQ HJ VKRXOG LQFOXGH FRPELQDWLRQV RI FURS URWDWLRQV ZLWK JURXQG FRYHUV DQGRU PLQLPXP RU QRWLOODJH LPSURYHG IDOORZV IRUDJHRUJUDLQOHJXPHV

± +DYHUHODWHGZRUNRQDFLGVRLOWROHUDQWJHUPSODVPHQKDQFHPHQW

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

(9)

,17(*5$7('0$1$*(0(172)7523,&$/$&,'62,/6

(10)

(11)

0$1$*(0(17$1'&216(59$7,212)$&,'62,/6,17+(

6$9$11$+62)/$7,1$0(5,&$/(66216)5207+(

$*5,&8/785$/'(9(/230(172)7+(%5$=,/,$1&(55$'26 5-7+20$60$<$5=$

&HQWUR,QWHUQDFLRQDOGH$JULFXOWXUD7URSLFDO

&DOL&RORPELD $6/23(6

)HGHUDO8QLYHUVLW\RI/DYUDV /DYUDV%UD]LO

$EVWUDFW

$FLGVRLOVDYDQQDKVUHSUHVHQWPRVWRIWKHUHPDLQLQJODQGVXLWDEOHIRUDJULFXOWXUDOGHYHORSPHQWLQWKH ZRUOG &RQVLGHUHG DV PDUJLQDO ODQGV WKH\ DUH RI ORZ LQKHUHQW SURGXFWLYLW\ IRU DJULFXOWXUH DQG VXVFHSWLEOH WR UDSLGGHJUDGDWLRQ7KHYDVW%UD]LOLDQ³FHUUDGRV´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

,1752'8&7,21

7KHEXUJHRQLQJZRUOGSRSXODWLRQZLWKWKHDGGLWLRQRIRYHUPLOOLRQSHRSOHSHU\HDUZLOO SODFHJUHDWGHPDQGVRQWKHH[LVWLQJDJULFXOWXUDOUHVRXUFHEDVHDQGZLOOH[HUWLQFUHDVLQJSUHVVXUHWR H[SORLW DQ\ UHPDLQLQJ ODQGVZLWKSRWHQWLDOIRUDJULFXOWXUH$WWKHVDPHWLPHWKHUHLVDQLQFUHDVLQJ DZDUHQHVV RI QHHG IRU FDUHIXO VWHZDUGVKLS RI WKH ZRUOGV DJULFXOWXUDO ODQGV ZKLFK DUH DOUHDG\

VXIIHULQJVLJQLILFDQWGHJUDGDWLRQ>@

,Q /DWLQ $PHULFD WKH YDVW VDYDQQDK DUHDV RI %UD]LO 0KD 9HQH]XHOD 0KD

&RORPELD 0KD %ROLYLD 0KD DQG *X\DQD 0KD FRQVWLWXWH DURXQG RI WKH ZRUOGV VDYDQQDKV7KH\KDYHEHHQGHVFULEHGDVRQHRIWKHODVWDJULFXOWXUDOIURQWLHUV>@7KHLUVXPH[FHHGV WKHDJULFXOWXUDODUHDFXUUHQWO\XQGHULUULJDWLRQZRUOGZLGH0KD>@

7KH %UD]LOLDQ ³FHUUDGRV´ DUH WKH ODUJHVW DQG PRVW GHYHORSHG VDYDQQDKV LQ /DWLQ $PHULFD

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

6R\EHDQ ZDV WKH PDLQ JUDLQ FURS IROORZHG E\ PDL]H +RZHYHU DV ZLWK SDVWXUHVWKHVHPRQRFURSV SURYHG WR EH XQVXVWDLQDEOH DV D UHVXOW RI LQDGHTXDWH PDQDJHPHQW LQDSSURSULDWH WLOODJH SUDFWLFHV LQFUHDVHG SHVW DQG GLVHDVH SUREOHPV DQG VRLOIHUWLOLW\ GHFOLQH >@ %HFDXVH FURS PRQRFXOWXUHV DQG LQWURGXFHGJUDVVSDVWXUHVKDYHEHFRPHLQFUHDVLQJO\XQVXVWDLQDEOHXQGHUFXUUHQWSUDFWLFHVDOWHUQDWLYH

‹,QWHUQDWLRQDO$WRPLF(QHUJ\$JHQF\

(12)

V\VWHPV VXFK DV DJURSDVWRUDO VLOYRDJURSDVWRUDO PLQLPXP DQG QRWLOODJH DQG SHUHQQLDO FURSSLQJ V\VWHPVKDYHHPHUJHG

,QWKLVDUWLFOHZHGHVFULEHDQGUHYLHZWKHOHVVRQVOHDUQHGGXULQJWKHGHYHORSPHQWSURFHVVLQ WKHFHUUDGRVKLJKOLJKWLQJWKHFRQVWUDLQWVDQGWKHWHFKQRORJLFDODQGPDQDJHPHQWRSWLRQVWRRYHUFRPH WKHP6XFKOHVVRQVWRJHWKHUZLWKDEHWWHUXQGHUVWDQGLQJRIWKHGULYLQJIRUFHVEHKLQGODQGXVHFKDQJH PD\VHUYHDVYDOXDEOHEDFNJURXQGIRUWKHH[SORLWDWLRQRIRWKHUVLPLODUDUHDVLQ/DWLQ$PHULFD>@DQG FHUWDLQSDUWVRI$IULFD>@

&21675$,17672$*5,&8/785$/352'8&7,21 6RLODFLGLW\DQGQXWULHQWVWDWXV

0RVWVRLOVRIWKHFHUUDGRVDUHKLJKO\ZHDWKHUHG2[LVROV8OWLVROVDQG(QWLVROV ZLWK OLPLWDWLRQV IRU FURS SURGXFWLRQ LQ WHUPV RI ORZ LQKHUHQW IHUWLOLW\ /RSHV DQG &R[ >@

SXEOLVKHGDVXUYH\RIWRSVRLOVDPSOHVFROOHFWHGIURPXQGHUQDWXUDOYHJHWDWLRQLQFHQWUDO%UD]LO FRYHULQJRIWKHFHUUDGRV)RUW\HLJKWSHUFHQWRIWKHVDPSOHVKDGDS+LQZDWHUORZHUWKDQ DQG ZHUH EHWZHHQ S+ DQG 7KLV LQGLFDWHV WKDW WKHVH VRLOV DUH SUHGRPLQDQWO\ DFLG HPSKDVL]LQJWKHQHHGIRUDGHTXDWHOLPLQJDVWKHILUVWPDQDJHPHQWSUDFWLFHIRUFXOWLYDWLRQRIQRQDFLG VRLOWROHUDQWVSHFLHV

2UJDQLFPDWWHU

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

\HDUVUHVSHFWLYHO\

3KRVSKRUXV

3KRVSKRUXVLVWKHPRVWGHILFLHQWQXWULHQWLQWKHFHUUDGRV1LQHW\SHUFHQWRIWKHVDPSOHVLQWKH VXUYH\RI/RSHVDQG&R[>@KDGOHVVWKDQPJ3GP7KHSUREOHPLVFRPSOLFDWHGDVDUHVXOWRIWKH KLJK3IL[LQJFDSDFLW\RIWKHVHVRLOV>@

&DOFLXPDQGPDJQHVLXP

7KHJUHDWPDMRULW\RIFHUUDGRVVRLOVKDYHH[WUHPHO\ORZOHYHOVRIH[FKDQJHDEOH&DDQG0J 7KHVXUYH\RI/RSHVDQG&R[>@LQGLFDWHGWKDWRIWKHVDPSOHVKDGOHVVWKDQFPRO&DGP DQGFRXOGEHFODVVLILHGDVORZLQH[FKDQJHDEOH0JFPRO0JGP7KHJUHDWPDMRULW\RI WKHVH VRLOV KDG OHVV WKDQ FPRO &D GP DQG OHVV WKDQ FPRO 0J GP HPSKDVL]LQJ WKH LPSRUWDQFHRI0JDQGGRORPLWLFOLPHLQVDYDQQDKSURGXFWLRQV\VWHPVLQRUGHUWRFRUUHFWVRLODFLGLW\

DQGVXSSO\VXIILFLHQW&DDQG0JIRUFURSV 3RWDVVLXP

$OWKRXJKUHVSRQVHVWRSRWDVKIHUWLOLVHUVKDYHQRWEHHQDVFRPPRQRUDVSURQRXQFHGDVWKRVH REWDLQHGZLWKOLPHDQG3LWLVLPSRUWDQWWRHQVXUHWKDWDGHTXDWHUDWHVRI.DUHVXSSOLHGLQRUGHUWR REWDLQPHGLXPWRKLJK\LHOGV

(13)

(IIHFWLYH&(&DQG$OVDWXUDWLRQ

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

1LWURJHQDQGVXOSKXU

$FFRUGLQJ WR0DODYROWD DQG .OLHPDQ >@ RQO\ RI FHUUDGR VRLOV DUH GHILFLHQW LQ 1 7KHVHDXWKRUVFDOFXODWHGDQDQQXDODYDLODELOLW\RINJ1KDDVVXPLQJDPHGLXPOHYHORIWRWDO1 RI J 1 NJDQG D PLQHUDOLVDWLRQ UDWH RI SHU \HDU +RZHYHU K\GULF VWUHVV ORZ S+ DQG JHQHUDOLVHGGHILFLHQFLHVRIQXWULHQWVOLPLWWKHPLQHUDOLVDWLRQSURFHVV7KHUHIRUHODUJHUHVSRQVHVWR1 DSSOLFDWLRQVKDYHEHHQREVHUYHGIRUDUDQJHRIFURSVLQWKLVUHJLRQ>±@

6XOSKXU GHILFLHQF\ WHQGV WR EH SURQRXQFHG RYHU WLPH DV D UHVXOW RI FRQVLGHUDEOH ORVVHV E\

DQQXDOEXUQLQJRIWKHQDWXUDOFHUUDGRYHJHWDWLRQDQGWKHXVHRIFRQFHQWUDWHGIHUWLOLVHUVWKDWLQJHQHUDO GR QRW FRQWDLQ 6 6HYHUDO H[SHULPHQWV KDYH VKRZQ SRVLWLYH UHVSRQVHV WR 6 LQ WKHVH VRLOV >±@

&RXWRDQG5LWFKH\>@VXJJHVWHGDUDWHRIWRNJ6KD\HDUWRVXSSO\WKHQHHGVRIWKHPDMRULW\

RIFXOWLYDWHGFURSV$OHYHORIPJGPVHHPVDGHTXDWHWRGHILQHKLJKDYDLODELOLW\RI6 0LFURQXWULHQWV

$WHQWDWLYHLQWHUSUHWDWLRQPDGHE\/RSHVDQG&R[>@VXJJHVWVPJ=QGPDVDFULWLFDO OHYHO IRU FHUUDGRV VRLOV 7KH JUHDW PDMRULW\ RI WKH VDPSOHV KDG OHYHOV RI WR PJ =Q GP LQGLFDWLQJ WKDW WKLV PLFURQXWULHQW LV D OLPLWLQJ IDFWRU IRU JURZWK DQG GHYHORSPHQWRIPDQ\FURSVLQ WKHVHVRLOV

:KLOHUHVHDUFKUHODWHGWR&XDYDLODELOLW\LVVWLOOLQFLSLHQWJRRG\LHOGVLQVHYHUDOFURSVLQWKH UHJLRQ KDYH EHHQ REVHUYHG ZLWKRXW XVH RI &X IHUWLOLVHUV > @ 6SHFLILFVWXGLHVVXJJHVWDFULWLFDO OHYHORIPJ&XGP

,QGXFHG GHILFLHQFLHV RI 0Q DUH FRPPRQ GXH WR RYHUOLPLQJ DQGRU LQDGHTXDWH GHSWK RI LQFRUSRUDWLRQ%\XVLQJPJ0QGPDVWKHFULWLFDOOHYHO&R[DQG.DPSUDWK>@REVHUYHGWKDW RQO\RIWKHVDPSOHVZHUHEHORZWKLVYDOXH7KLVVXJJHVWVWKDWWKHPDMRULW\RIWKHVHVRLOVDUHZHOO VXSSOLHGZLWKH[WUDFWDEOH0Q6LPLODUO\WKHVHVRLOVDUHZHOOVXSSOLHGDOVRZLWKH[WUDFWDEOH)H

%RURQ%FDQEHDOLPLWLQJQXWULHQWPDLQO\LQVDQG\DQGORZRUJDQLFPDWWHUVRLOV0F&OXQJ HWDO>@REVHUYHGLQFUHDVHVRIWRLQFRWWRQ\LHOGVDQG6LOYDDQG$QGUDGH>@REVHUYHG\LHOG LQFUHDVHVDQGUHGXFWLRQVLQPDOHVWHULOLW\LQZKHDWDVDUHVXOWRIDGGLWLRQVRI%'HILFLHQFLHVLQWKHVH FDVHVVHHPWREHPRUHUHODWHGWRKLJKGHPDQGVRIFHUWDLQFURSVFRWWRQFRIIHHFDXOLIORZHUFDEEDJH DQG RWKHU EUDVVLFD VSHFLHV WKDQ WR D ORZ QDWXUDO DYDLODELOLW\ > @ $ OHYHO RI PJ % GP H[WUDFWHGE\KRWZDWHUFDQEHXVHGDVDQDSSUR[LPDWHFULWLFDOOHYHO>@

:LWKUHVSHFWWR0RWKHJUHDWPDMRULW\RIH[SHULPHQWVKDYHQRWVKRZQSRVLWLYHUHVSRQVHV>

±@+RZHYHU&RXWRHWDO>@REVHUYHGWKDWWKHXVHRI0RLQFUHDVHGGU\PDWWHU\LHOGVRISDVWXUH JUDVVHVDVVRFLDWHGZLWKOHJXPHV$GHTXDWHOLPLQJRIWKHVHVRLOVVHHPVWREHDPDQDJHPHQWSUDFWLFH WKDWOLEHUDWHVVXIILFLHQW0RIRUPRVWFURSVLIDGHTXDWHDPRXQWVDOUHDG\H[LVW

(14)

3UREOHPV RI 0Q DQG )H WR[LFLW\ DUH UHVWULFWHG WR VPDOO DUHDV JHQHUDOO\ DVVRFLDWHG ZLWK FRQWLQXRXVDQGH[FHVVLYHUDLQIDOODQGRUSRRUORFDOGUDLQDJHFRQGLWLRQV

:DWHUVWUHVV

2QH RI WKH JUHDWHVW OLPLWDWLRQV IRU IRRG SURGXFWLRQ IURP QRQLUULJDWHG DJULFXOWXUH LQ WKH FHUUDGRVLVWKHKLJKSUREDELOLW\RIGU\VSHOOV³YHUDQLFRV´GXULQJWKHUDLQ\VHDVRQ'XUDWLRQSHULRG DQGWKHQXPEHURIYHUDQLFRVYDU\IURP\HDUWR\HDU7DNLQJLQWRDFFRXQWFOLPDWLFGDWDRI\HDUV :ROI>@HVWLPDWHGWKHDYHUDJHRFFXUUHQFHRIYHUDQLFRVDWGD\VGXUDWLRQWKUHHWLPHVSHU\HDUKH FRQFOXGHG DOVR WKDW RQO\ \HDU LQ WKLUWHHQ KDG DQ DGHTXDWH GLVWULEXWLRQ RI UDLQIDOO7KHSUREOHPLV IXUWKHUDJJUDYDWHGE\ORZZDWHUUHWHQWLRQFDSDFLW\RIWKHVHVRLOV5HLFKDUGW>@HVWLPDWHGWKHDYHUDJH VWRUDJHDWPP+2SHUFPRIVRLOGHSWKLQVDQG\VRLOVDQGPP+2SHUFPIRUWKH RWKHUWH[WXUDOFODVVHV

$VVXPLQJDQKRPRJHQHLW\RISK\VLFDOSURSHUWLHVZLWKVRLOGHSWKDQGDOVRDORVVRIVRLOZDWHU E\HYDSRWUDQVSLUDWLRQRIPPGD\5HLFKDUGW>@FDOFXODWHGWKDWLQVRLOVZLWKOHVVWKDQJFOD\

NJDFURSZLWKURRWVH[SORULQJWKH±FPOD\HUZRXOGQRWKDYHDYDLODEOHZDWHUDIWHUGD\VZLWKRXW UDLQ7DEOH,+HPHQWLRQHGDOVRWKDWHYHQFOD\VRLOVEHKDYHVLPLODUO\WRVDQG\VRLOVLQWHUPVRIZDWHU UHWHQWLRQ

$QRWKHULPSRUWDQWIDFWRUUHODWHGWRZDWHUVWUHVVLQFHUUDGRVRLOVLVWKHSUHVHQFHRIFKHPLFDO EDUULHUVWKDWUHVWULFWURRWSHQHWUDWLRQRIFXOWLYDWHGFURSV7KHVHQDWXUDOFKHPLFDOEDUULHUVDUHWKHUHVXOW RI$OWR[LFLW\DQGORZH[FKDQJHDEOH&DGRZQWKHVRLOSURILOH5LWFKH\HWDO>@LQGLFDWHGWKDWURRW GHYHORSPHQWLVUHVWULFWHGZKHQH[FKDQJHDEOH&DLVEHORZFPROGPLQWKHVXEVRLODQGZKHQ$O VDWXUDWLRQLVFORVHWR

6RLOFRPSDFWLRQ

$QQXDO WLOODJH RSHUDWLRQV ZLWK GLVN SORXJKV DQG KHDY\ WDQGHP GLVNVKDYH UHVXOWHG LQ WKH GHYHORSPHQW RI D FRPSDFWHG OD\HU WKDW GUDVWLFDOO\ UHGXFHV URRW SHQHWUDWLRQ 7KLV FRPSDFWLRQ WR D GHSWKRIWRFPOLPLWVXSWDNHRIZDWHUDQGQXWULHQWVIURPWKHVXEVRLOPDNLQJFURSVPXFKPRUH VXVFHSWLEOHWRZDWHUVWUHVVGXULQJYHUDQLFRV

7$%/( , $9$,/$%/( :$7(5 6725$*( )25 &(55$'2 62,/6 ,1 &(175$/ %5$=,/

:,7+ 6$1'< $1' /2$0< 6$1' 7(;785$/ &/$66(6 J NJ 5(6,'8$/

6725$*(PP$)7(5Q'$<6:,7+2875$,1)$//$1'(9$3275$163,5$7,212) PP'$<$'$37(')5205(,&+$5'7>@

'HSWK FP

0D[¶P VWRUDJH PP

Q

Q

Q

Q

Q

Q

Q

Q

±

±

±

±

±

±

±

±

±

±

(15)

),* 0HFKDQLFDO LPSHGDQFH SURILOHV RI VL[ WLOODJH WUHDWPHQWV RQ D 7\SLF +DSOXVWR[ DW 0LQDV

*HUDLV%UD]LOFRPSDUHGWRQDWLYHVRLOFRQGLWLRQV>@

8VLQJDQ2[LVROZLWKJFOD\NJFXOWLYDWHGIRUWHQFRQVHFXWLYH\HDUVZLWKDKHDY\WDQGHP GLVN6WRQHUHWDO>@IRXQGDKLJKFRPSDFWLRQOHYHO&RQHLQGH[RI0SDDVFRPSDUHGWR 0SD IRU WKH QDWXUDO VRLO FRQGLWLRQ )LJ $GGLWLRQDO VRLO WLOODJH LQ WKH HOHYHQWK \HDU ZLWK GLVNV DJJUDYDWHGWKHSUREOHPZLWKFRPSDFWLRQUHDFKLQJ03D

.QRZOHGJHRIFOD\FRQWHQWLVHVVHQWLDOIRULGHQWLI\LQJDUHDVRIJUHDWHURUOHVVHUVXVFHSWLELOLW\

WRVRLOFRPSDFWLRQDQGUHVWULFWLRQRIFURSURRWGHYHORSPHQW6XUIDFHVDPSOHVZLWKDQGJ FOD\NJVRLODUWLILFLDOO\FRPSDFWHGWRJLYHEXONGHQVLWLHVRIDQG0JPZHUH HYDOXDWHG LQ UHODWLRQ WR URRW GHYHORSPHQW IRU VHHGOLQJV RI FRUQ VR\EHDQ ZKHDW DQG FRPPRQ EHDQ

>@7KHURRWVRIDOOIRXUVSHFLHVVKRZHGQRUPDOGHYHORSPHQWLQWKHVDQGLHUVRLOVJFOD\NJ HYHQDWDEXONGHQVLW\RI0JP,QWKHFOD\H\2[LVROJFOD\NJURRWVSHQHWUDWHGDWDOOEXON GHQVLWLHV IURP WR 0J P +RZHYHU LQ WKH YHU\ FOD\H\ 2[LVRO J FOD\ NJ VHULRXV UHVWULFWLRQWRURRWSHQHWUDWLRQZDVREVHUYHGZLWKDOOIRXUVSHFLHV

5HVWULFWLRQRIURRWGHYHORSPHQWZDVJUHDWHVWIRUFRPPRQEHDQGLPLQLVKLQJLQWKHRUGHUEHDQ

! FRUQ ! ZKHDW ! VR\EHDQ 7KH PRVW SUREOHPDWLF VRLO ZDV WKH YHU\ FOD\H\ 2[LVRO ZKLFK LPSHGHG EHDQURRWSHQHWUDWLRQXQGHUKXPLGFRQGLWLRQVZLWKDEXONGHQVLW\RI0JGPDOHYHOIUHTXHQWO\

REVHUYHG LQ IDUPHUV¶ ILHOGV >@ 7KH PDLQ FRQFOXVLRQ RI WKLV UHVHDUFK ZDV WKDW WKH KLJKHU WKH FOD\

FRQWHQWWKHJUHDWHUWKHVRLOVXVFHSWLELOLW\WRFRPSDFWLRQDQGUHGXFWLRQLQURRWGHYHORSPHQW 6RLOHURVLRQ

([FHVVLYHWLOODJHRSHUDWLRQVZLWKGLVNHTXLSPHQWHYHQLQOHYHODUHDVRIWKHFHUUDGRVOHDGVWR ORVVRIVRLOVWUXFWXUHDQGWKHIRUPDWLRQRIFRPSDFWHGOD\HUVDWWRFPGHSWKWKDWFDQUHVXOWLQ UHGXFHGZDWHULQILOWUDWLRQDQGFRQVLGHUDEOHVRLOORVVE\UXQRIIDQGHURVLRQ

5DLQIDOO HURVLYLW\ FKDUDFWHUL]HG E\ WKH LQGH[ (, NLQHWLF HQHUJ\ RI UDLQIDOO LQ PLQ LV TXLWH LQWHQVH LQ WKH FHUUDGRV LQFUHDVLQJ WKH EUHDNGRZQ RI VXUIDFH VRLO DJJUHJDWHV VHDOLQJ WKH VRLO VXUIDFHUHGXFLQJLQILOWUDWLRQDQGLQFUHDVLQJUXQRII>@'HGHFHNHWDO>@VKRZHGWKDWORVVHVRI VRLODQGZDWHULQD'DUN5HG/DWRVRO2[LVROZLWKVORSHZHUHKLJKHUIRUWKHEDUHVRLODQGFRUQ

(16)

XQGHUFRQYHQWLRQDOWLOODJHFRPSDUHGZLWKVR\EHDQXQGHUQRWLOODQGSDVWXUH7DEOH,,7KHVHILQGLQJV HPSKDVL]HWKHQHHGIRUWKHPDLQWHQDQFHRIVRLOFRYHUDQGWKHDYRLGDQFHRIORQJSHULRGVRIEDUHVRLODV DILUVWVWHSWRUHGXFLQJHURVLRQLQWKHFHUUDGRV(YHQLQWKLV'DUN5HG/DWRVROZKLFKZDVFRQVLGHUHG WREHKLJKO\UHVLVWDQWWRHURVLRQDFFRUGLQJWRWKHHYDOXDWLRQE\WKHDXWKRUVVRLOORVVHVXQGHUQRWLOO ZHUHWKD>@

7(&+12/2*,(6)25$//(9,$7,1*62,/$&,',7<$1'/2:)(57,/,7<

/LPLQJ

6HYHUDO SDSHUV KDYH VXPPDULVHG SRVLWLYH HIIHFWV RI OLPH XVH LQ WKH FHUUDGRV >±@ ,Q DGGLWLRQ WR FRUUHFWLQJ VRLO DFLGLW\ UHGXFLQJ $O WR[LFLW\ LQFUHDVLQJ OHYHOV RI &D DQG 0J WKDW DUH LQKHUHQWO\ ORZ LQFUHDVLQJ ELRORJLFDO DFWLYLW\ DQG WKH HIILFLHQF\ RIIHUWLOLVDWLRQZLWKPDFURQXWULHQWV OLPLQJWKHVHVRLOVKDVRWKHUNH\EHQHILFLDOHIIHFWV>@

- ,QFUHDVLQJS+GHSHQGHQWFKDUJHVDQGE\FRQVHTXHQFHWKH³DYDLODEOH´&(&

- 'LPLQLVKLQJWKH3IL[DWLRQFDSDFLW\E\SUHFLSLWDWLQJH[FKDQJHDEOH$ODV$O2+

- 6WLPXODWLQJURRWGHYHORSPHQWDWGHSWKGHSHQGLQJRQUDWHGHSWKRILQFRUSRUDWLRQDQGWLPHDIWHU DSSOLFDWLRQ

7KHDYHUDJHUDWHRIOLPHXVHLQWKLVUHJLRQLVWKDUDQJH±LQFRUSRUDWHGDVGHHSO\DV SRVVLEOH E\ GLVN SORXJKLQJ RU WDQGHPGLVN KDUURZLQJLQ JHQHUDO ± FP 7KLV SURFHGXUH LV JHQHUDOO\XVHGIRUDQQXDOJUDLQFURSVIRUWKHHVWDEOLVKPHQWRISHUHQQLDOFURSVDQGIRUVRPHSDVWXUH VSHFLHV

:KHQPLFURQXWULHQWGHILFLHQFLHVDUHDGHTXDWHO\FRUUHFWHGDGGLWLRQDOEHQHILWVFDQEHREWDLQHG E\XVLQJKLJKUDWHVRIOLPHWKDWUHVXOWLQS+YDOXHVDERYH6XFKYDOXHVDUHDFKLHYHGJHQHUDOO\E\

XWLOLVLQJWKHLQFUHDVHEDVHVDWXUDWLRQPHWKRG>@,QGHSHQGHQWRIWKHPHWKRGXVHGLWLVQHFHVVDU\WR DGMXVWWKHUDWHVDFFRUGLQJWRWKH53715HODWLYH3RZHURI7RWDO1HXWUDOL]DWLRQRIWKHOLPHZKLFK LQFOXGHV WKH &D&2 HTXLYDOHQW DQG WKH UHDFWLYLW\ RI WKH OLPH 5HVLGXDO HIIHFWV RI WKHVH UDWHV LQ JHQHUDOYDU\IURPWR\HDUV

7KH FRQFHSW RI OLPLQJ LQ QRWLOO RU PLQLPXPWLOODJH DJULFXOWXUH GLIIHUV IURP WKDW XVHG ZLWK FRQYHQWLRQDOWLOODJH%HIRUHLQLWLDWLQJQRWLOORUPLQLPXPWLOODJHLWLVQHFHVVDU\WRXVHDQDGHTXDWHUDWH RIOLPHLQRUGHUWRLQFUHDVHEDVHVDWXUDWLRQRI&(&DWS+WR/LPHVKRXOGEHLQFRUSRUDWHGDV GHHSO\DVSRVVLEOHDQGWDUJHWHGIRUUHVLGXDOHIIHFWE\XVLQJDFRDUVHUOLPH>@$IWHUWKLVSUHSDUDWRU\

SHULRGRQHWKLUGRURQHKDOIRIWKHOLPHUHTXLUHPHQWFDQEHDSSOLHGLQFOD\H\DQGVDQG\VRLOVZLWKRXW SORXJKLQJ>@

7$%/( ,, /266 2) 62,/ $1' :$7(5 )520 $ '$5.5(' /$7262/ :,7+ 6/23(

81'(59$5,286&29(56$9(5$*('$7$2)<($56>@

(URVLYLW\

%DUH

&RUQ

5LFH

6R\EHDQ

6R\EHDQ

3DVWXUH

LQGH[ VRLO &RQYHQWLRQDO QRWLOO

6RLOORVVWKD

WKDPPK

:DWHUORVVPP

UDLQIDOOPP

,QILOWUDWLRQ

(17)

),* 3RWHQWLDO $ DQG DYHUDJH SURGXFWLRQ % IRU FRUQ VR\EHDQ DQG ZKHDW DV D IXQFWLRQ RI

³EXLOGXS´RISKRVSKDWHIHUWLOL]DWLRQXQGHUUDLQIHGFRQGLWLRQVLQWKHFHQWUDOFHUUDGRUHJLRQ>@

$PHOLRUDWLRQRIVXEVRLODFLGLW\

7KHH[LVWHQFHRIFKHPLFDOEDUULHUV$OWR[LFLW\DQGORZH[FKDQJHDEOH&DDVVRFLDWHGZLWKORZ DYDLODEOHZDWHUUHWHQWLRQFDSDFLW\RIWKHVHVRLOVPHDQWKDWRQO\DVPDOOYROXPHRIVRLOFDQEHH[SORUHG E\ WKH URRW V\VWHP &RUUHFWLYH DOWHUQDWLYHV H[LVW GHHSHUOLPHLQFRUSRUDWLRQDQGSRVVLEOHSKRVSKDWH IHUWLOLVDWLRQRUGRZQZDUGPRYHPHQWRI&DDQG0JWKURXJKWKHSURILOH7KHILUVWSUDFWLFHLVOLPLWHGE\

WKHKLJKFRVWVRIGHHSHUOLPHLQFRUSRUDWLRQDQGWKHVHFRQGE\VORZYHUWLFDOPRYHPHQWRI&DDQG0J *\SVXPDE\SURGXFWRISKRVSKRULFDFLGSURGXFWLRQKDVEHHQSURPRWHGIRUDPHOLRUDWLRQRI VXEVRLODFLGLW\>@7KHPRVWGLUHFWHIIHFWRIJ\SVXPRQWKHVXEVRLODIWHUVXUIDFHEURDGFDVWLQJLV LQFUHDVH RI &D DQG D UHGXFWLRQ LQ H[FKDQJHDEOH $O GRZQ WKH SURILOH ,QFUHDVHG URRWLQJ GHSWK LV REVHUYHGZLWKEHQHILFLDOLPSOLFDWLRQVIRUZDWHUDQGQXWULHQWXVHLQWKHVXEVRLO

6HYHUDO VWXGLHV KDYH EHHQ FRQGXFWHG WR HVWLPDWH J\SVXP DSSOLFDWLRQV IRU VSHFLILF VRLO FRQGLWLRQV 7KH ILUVW JXLGHOLQHV IRU J\SVXP DSSOLFDWLRQV WR LPSURYH URRWLQJ LQ WKH VXEVRLO ZHUH GHYHORSHGE\/RSHV>@7KHFRQGLWLRQVZHUHH[FKDQJHDEOH&DˆFPROGPDQGRUH[FKDQJHDEOH

$O˜FPROGPDQGRU!$OVDWXUDWLRQRIWKHHIIHFWLYH&(&,WVKRXOGEHVWUHVVHGWKDWWKHVH FRPSRQHQWV&D$ODQG$OPXVWEHHYDOXDWHGQRWRQO\LQWKHVXUIDFHVRLOOD\HU±FPEXWDOVR WRGHSWKVRIWRWRDQGGRZQWRWRFPIRUSHUHQQLDOFURSV>@

7KHHIIHFWVRIJ\SVXPGHSHQGXSRQVRLOWH[WXUHOHYHORIRUJDQLFPDWWHUSURSRUWLRQRI&DLQ UHODWLRQWRRWKHUFDWLRQVDQGFURSVSHFLHV>@

3KRVSKRUXVFDSLWDOLVDWLRQRU³EXLOGXS´YLDIHUWLOLVHUDSSOLFDWLRQ

,QFUHDVLQJ WKH VWRFN RI 3 YLD IHUWLOLVHU DSSOLFDWLRQ LQ VRLOV ZLWK H[WUHPHO\ ORZ OHYHOV RI H[WUDFWDEOH3DQGKLJK3IL[LQJFDSDFLW\LVDFUXFLDOVWHSLQDFKLHYLQJDGHTXDWHDQGHFRQRPLF\LHOGVLQ WKH VKRUW WHUP 7KH LPSRUWDQFH RI DQ DGHTXDWH ³EXLOGXS´ RI 3 YLD SKRVSKDWH IHUWLOLVDWLRQ FDQ EH REVHUYHGLQ)LJ5HVHDUFKKDVLQGLFDWHGWKDWZLWKDGHTXDWHUDWHVRISKRVSKDWHIHUWLOLVHU\LHOGVRI ZKHDW VR\EHDQ DQG FRUQ FDQ EH PRUH WKDQ GRXEOHG FRPSDUHG ZLWK VPDOO PDLQWHQDQFH UDWHV RI IHUWLOLVHU>@

(18)

7$%/(,,,$*52120,&()),&,(1&<,1'(;$(,2)3+263+$7()(57,/,6(56,1$

&/$<(< 2;,62/ 81'(5 &(55$'2 9(*(7$7,21 ,1&(175$/%5$=,/&$/&8/$7('

%<3$%62537,21'$7$29(5<($56:,7+$118$/&5236)2//2:('%<<($56 :,7+$1'5232*213$6785(>@

3KRVSKDWHIHUWLOLVHU

NJWRWDO32KD NJWRWDO32KD

$QQXDO

FURSV $QGURSRJRQ 7RWDO $QQXDO

&URSV $QGURSRJRQ 7RWDO

$(,

7ULSOHVXSHUSKRVSKDWH

+\SHUSKRVSKDWH*DIVD

7KHUPRSKRVSKDWH0J

7KHUPRSKRVSKDWH,37

3LURFDXD

$UD[iD

3DWRVD

$EDHWpD

&DWDOmRD

D%UD]LOLDQSKRVSKDWHURFNV

6HYHUDO VWXGLHV LQ WKH FHUUDGRV HYDOXDWHG PHWKRGV VRXUFHV DQG UDWHV RI 3 IHUWLOLVDWLRQ DQG VWDWHRIWKHDUW SDSHUV KDYH EHHQ SXEOLVKHG > @ :KHQ QHZ DUHDV RI WKH FHUUDGRV DUH XWLOLVHGIRUJUDLQFURSSURGXFWLRQEURDGFDVW³EXLOGXS´FRUUHFWLYHSKRVSKDWHIHUWLOLVDWLRQIROORZHGE\

PDLQWHQDQFH IHUWLOLVDWLRQ LQ EDQGV KDV EHHQ UHFRPPHQGHG > @ 7KH PRVW FRPPRQ PHWKRG WR HVWLPDWHWKHUDWHIRU³EXLOGXS´3IHUWLOLVDWLRQLVWRDSSO\WRNJ3KDSHUHDFKJFOD\NJ VRLOIROORZHGE\QRUPDODQQXDOPDLQWHQDQFH3IHUWLOLVHUXVHLQRUGHUWRDFKLHYHJRRG\LHOGVWR

\HDUVDIWHUFOHDULQJWKHDUHD>@

&RQVLGHUDEOHUHVHDUFKHIIRUWKDVEHHQPDGHLQWKHSDVW\HDUVWRHYDOXDWHWKHHIIHFWLYHQHVV RI%UD]LOLDQSKRVSKDWHURFNLQFRPSDULVRQZLWKWULSOHVXSHUSKRVSKDWHDQG*DIVDSKRVSKDWHURFN>@

,Q D VWXG\ E\ *RHGHUW DQG /REDWR >@ ZLWK D FOD\H\ 2[LVRO DW WKH &HUUDGR 5HVHDUFK &HQWHU 3ODQDOWLQD %UDVLOLD %UD]LOLDQ URFNV KDG ORZ DJURQRPLF HIILFLHQF\ LQGH[ $(, YDOXHV 7DEOH ,,, +RZHYHUIRU$QGURSRJRQJUDVVFXOWLYDWHGIRU\HDUVDIWHUDQQXDOFURSV$(,RIWKHVH%UD]LOLDQ SKRVSKDWHURFNVH[FHSWIRU&DWDOmRZDVFRQVLGHUDEO\KLJKHU7KHKLJK$(,IRU*DIVDSKRVSKDWH WULSOH VXSHUSKRVSKDWH DQG WKHUPRSKRVSKDWH0J LV D JRRG LQGLFDWLRQ WKDW WKHVH 3 IHUWLOLVHUV DUH DGHTXDWHVRXUFHVIRU³EXLOGXS´RI3FDSLWDOLQWKHFHUUDGRV

,QUHFHQW\HDUVDIHZKLJKO\UHDFWLYHSKRVSKDWHURFNV1RUWK&DUROLQD$UDG'DRX\*DIVD KDYH EHHQ HYDOXDWHG 3UHOLPLQDU\ UHVXOWV LQGLFDWH WKDW ERWK FRPPHUFLDO FRDUVHU DQG ILQHO\ JURXQG W\SHV DUH DGHTXDWH IRU EXLOGLQJ XS 3 OHYHOV LQ WKHVH VRLOV ZKHQ DSSOLHG E\ EURDGFDVWLQJ DQG LQFRUSRUDWHGWKURXJKWLOODJH7DEOH,9

³%XLOGXS´RISRWDVKYLDIHUWLOLVHUDSSOLFDWLRQ

$FRUUHFWLYHEURDGFDVWDSSOLFDWLRQRISRWDVKIHUWLOLVDWLRQLVUHFRPPHQGHGIRUVRLOVZLWKPRUH WKDQJFOD\NJVRLODQGORZH[FKDQJHDEOH.)RUVRLOVZLWKOHVVWKDQPJFOD\NJDFRPSOHWH FRUUHFWLRQLVQRWUHFRPPHQGHGEHFDXVHORZ&(&LQWKHVHVRLOVFDQH[DFHUEDWHORVVRI.E\OHDFKLQJ

>@

&RUUHFWLYHSRWDVKIHUWLOLVDWLRQFDQEHPDGHJUDGXDOO\WKURXJKDQQXDODSSOLFDWLRQVRI.2DW UDWHVDERYHWKRVHUHFRPPHQGHGIRUPDLQWHQDQFHDSSOLHGLQWKHSODQWLQJIXUURZ,QVXFFHVVLYH\HDUV WLOODJHSORXJKLQJDQGGLVNLQJPL[HVWKHUHVLGXDO.UHVXOWLQJLQDQDGHTXDWHOHYHORIH[FKDQJHDEOH.

LQWKHSORXJKOD\HUDIWHUWR\HDUV>@

(19)

7$%/(,9$*52120,&()),&,(1&<,1'(;$(,2)75,3/(683(53+263+$7(763 1257+ &$52/,1$ 3+263+$7( 52&. &200(5&,$/ 1&& $1' 9(5< ),1(/<

*5281' 1&* %52$'&$67 $1' %$1'(' )25 62<%($1 ,1 $ &/$<(< 2;,62/

$'$37(')5205(,1>@

<HDU

%URDGFDVWD

%DQGHGE 763 1&&F 1&*G 763 1&& 1&*

$YHUDJH

DNJRIWRWDO32KDEURDGFDVWLQWKHILUVW\HDU

E$YHUDJHRIDQGNJRIWRWDO32KDEDQGHGHYHU\\HDU

FEHWZHHQDQGPPGLDPHWHU

G0RUHWKDQZLWKOHVVWKDQPPGLDPHWHU

7$%/(95$7(62). 2NJKD5(&200(1'(')25727$/$1'*5$'8$/³%8,/' 83´ 327$6+ )(57,/,6$7,21 )25 62<%($1 ,1 7+( &(55$'26 $'$37(' )520 6286$>@

/HYHORIH[FKDQJHDEOH.PJGP

³%XLOGXS´IHUWLOLVDWLRQ ,QWHUSUHWDWLRQ FOD\JNJ FOD\˜JNJ 7RWDOLIFOD\

˜JNJ *UDGXDO

.2NJKD

/RZ

0HGLXP ± ±

*RRGD ! !

D$IWHUDFKLHYLQJWKLVOHYHOPDLQWHQDQFHIHUWLOLVDWLRQUDWHLVNJ.2WKDVR\EHDQSURGXFHG

7KHUHFRPPHQGHGUDWHVIRUWRWDODQGJUDGXDO³EXLOGXS´SRWDVKIHUWLOLVDWLRQIRUVR\EHDQFURSV LQWKHFHUUDGRVDVDIXQFWLRQRIFOD\FRQWHQWDQG.DYDLODELOLW\LVSUHVHQWHGLQ7DEOH9$GDSWDWLRQVRI WKHVH UHFRPPHQGDWLRQV FDQ EH PDGH IRU RWKHU FURSV LQ WKH UHJLRQ 7KH PDLQ VRXUFH IRU %UD]LOLDQ DJULFXOWXUHLV.&O

³%XLOGXS´RIPLFURQXWULHQWVYLDIHUWLOLVDWLRQ

6LQFHWKHUHIHZVWXGLHVKDYHEHHQUHSRUWHGRQPLFURQXWULHQWVIDUPHUVDGRSWDQ³LQVXUDQFH´

VWUDWHJ\ 7KH UHFRPPHQGHG UDWHV NJ KD LQFOXGH RI =Q O RI % RI &X DQG RI 0R E\

EURDGFDVWGLVWULEXWLRQUHSHDWHGHYHU\WR\HDUV2QHTXDUWHURIWKLVUDWHLVUHFRPPHQGHGIRUDQQXDO GLVWULEXWLRQLQWKHIXUURZ>@

/$1'0$1$*(0(176<67(06 1DWLYHSDVWXUHV

8QWLO\HDUVDJRQDWLYHSDVWXUHZDVWKHPRVWFRPPRQODQGXVHV\VWHPLQWKHFHUUDGRV7KH PDLQPDQDJHPHQWSUDFWLFHZDVDQQXDOEXUQLQJWRHOLPLQDWHGU\QRQSDODWDEOHQDWLYHSDVWXUHDWWKH HQG RI WKH GU\ VHDVRQ DQG WR VWLPXODWH WKH JURZWK RI PRUH SDODWDEOH QHZ PDWHULDO 7KH WZR PDLQ

(20)

IDFWRUVUHVSRQVLEOHIRUWKHORZKHUEDJHTXDOLW\DQGDQLPDOSHUIRUPDQFHXQGHUWKHVHFRQGLWLRQVZHUH ODFNRIKXPLGLW\LQWKHVRLOGXULQJWKHGU\VHDVRQDQGORZVRLOIHUWLOLW\

,PSURYHGSDVWXUHV

,QWURGXFHG SDVWXUHV ZHUH HVWDEOLVKHG XVXDOO\ DIWHU D SLRQHHU FURS RI XSODQG ULFH LQ UHFHQWO\

FOHDUHGFHUUDGRXVLQJORZUDWHVRIOLPHDQGIHUWLOLVHUV,WLVHVWLPDWHGWKDWDERXW0KDRILPSURYHG SDVWXUHV QRZ DUH SODQWHG PDLQO\ ZLWK JUDVVHV LQWURGXFHG IURP $IULFD VXFK DV%UDFKLDULD DQG

$QGURSRJRQVSS >@ ,Q VSLWH RI WKH ORZ QDWLYH VRLO IHUWLOLW\ WKH UHVXOWLQJ SDVWXUHV DUH OXVK DQG SURGXFWLYH GXULQJ WKH HDUO\ \HDUV DIWHU SODQWLQJ >@ +RZHYHU SXUH JUDVV SDVWXUHV RIWHQ GHFOLQH LQ SURGXFWLYLW\DIWHUWR\HDUVRIJUD]LQJDSKHQRPHQRQWKDWRFFXUVPRUHUDSLGO\RQVDQG\VRLOV>

@,WLVHVWLPDWHGWKDWPRUHWKDQRIWKHDUHDRILPSURYHGJUDVVSDVWXUHVLQWKHFHUUDGRVDUHWR VRPHGHJUHHGHJUDGHG>@'HFOLQHVLQJUDVVDQGDQLPDOSURGXFWLYLW\DUHIROORZHGE\WKHLQYDVLRQRI QRQSDODWDEOH ZHHG VSHFLHV DQG DSSHDUDQFH RI EDUH DUHDV LQ WKH VZDUG 2IWHQ WKHUH DUH PDUNHG LQFUHDVHVLQWHUPLWHSRSXODWLRQVDQGQXPEHUVRIPRXQGV>@

7KHFDXVHVRISDVWXUHGHJUDGDWLRQDUHQXPHURXVDQGFRPSOH[>@+RZHYHU1GHILFLHQF\KDV EHHQLPSOLFDWHGDVDPDLQIDFWRU3XUHJUDVVSDVWXUHVXQGHULQWHQVLYHJUD]LQJSUHVVXUHXVXDOO\EHFRPH GHILFLHQW DIWHU RU \HDUV >@ 7KLV KDV EHHQ DVVRFLDWHG ZLWK ORVVHV RI 1 IURP WKH V\VWHP E\

YRODWLOLVDWLRQ OHDFKLQJ IURP XULQH VSRWV DQG LPPRELOLVDWLRQ LQ VWDEOH RUJDQLF PDWWHU SRROV IRUPHG IURP JUDVV UHVLGXHV LQ WKH VRLO >@ $OVR ODFN RI PDLQWHQDQFH IHUWLOLVDWLRQ DQG SHVW DQG GLVHDVH SUHVVXUHVPD\EHLPSRUWDQWFRQWULEXWRUVWRSDVWXUHGHJUDGDWLRQ

7KHXVHRIOHJXPHEDVHGSDVWXUHVKDVEHHQVKRZQWRUHYHUVHUDSLGGHFOLQHRIVRLOIHUWLOLW\DQG WRFRQWULEXWHWRLPSURYHGGU\VHDVRQIRUDJHTXDOLW\DQGDYDLODELOLW\>@/RFDOO\DGDSWHGOHJXPHVDQG JUDVVHV DUH QRZ EHFRPLQJ DYDLODEOH ZKLFKVKRXOGOHQGJUHDWHUSHUVLVWHQFHDQGSURGXFWLYLW\$NH\

IDFWRU IRU WKH SHUVLVWHQFH RI JUDVVOHJXPH SDVWXUHV LV DGHTXDWH JUD]LQJ DQG PDLQWHQDQFH IHUWLOLVHU PDQDJHPHQW>@

$QQXDOFURSV²FRQYHQWLRQDOWLOODJH

0RQRFURSSLQJRIDQQXDOVLQWKHFHUUDGRVFRQWULEXWHVDURXQGRIWKHWRWDOJUDLQSURGXFWLRQ RI%UD]LORIWKHVR\EHDQRIWKHZKHDWRIWKHFRPPRQEHDQDQGRIWKHVXJDUFDQH DQGLVFRQVLGHUHGPRGHUDWHO\VXFFHVVIXO+RZHYHUH[WHQVLYHPRQRFURSSLQJLVRIWHQDFFRPSDQLHGE\

LQDSSURSULDWHWLOODJHRSHUDWLRQVFRQVLVWLQJPDLQO\RIH[FHVVLYHQXPEHUVRISDVVHVRIGLVFSORXJKVWKDW UHVXOW LQ GHFUHDVHG SURGXFWLYLW\ LQFUHDVHG SURGXFWLRQ FRVWV DQG VRLO GHJUDGDWLRQ YLD RUJDQLF PDWWHU ORVV VRLO FRPSDFWLRQ DQG HURVLRQ $GGLWLRQDOO\ ZHHG LQYDVLRQ DQG SHVW DQG GLVHDVH SUREOHPV H[DFHUEDWHSURGXFWLYLW\ORVVHV

$QQXDOFURSV²PLQLPXPRUQRWLOO

3UREDEO\PRUHLPSRUWDQWWKDQWKH³FHUUDGRUHYROXWLRQ´WKDWRFFXUUHGLQWKHVLVWKH³QR WLOOUHYROXWLRQ´WKDWVWDUWHGLQWKHVLQ%UD]LODQGH[SORGHGLQWKHV1RWLOOLQFUHDVHGIURPNKD LQWR0KDLQUHDFKLQJQHDUO\0KDLQ,WLVHVWLPDWHGWKDW0KDRIDQQXDOJUDLQ FURSVLQWKHFHUUDGRVQRZDUHJURZQXQGHUQRWLOO>@

7KH ILUVWDWWHPSWVWRDSSO\QRWLOOLQWKHFHUUDGRVIDLOHGEHFDXVHWKHKRWGU\ZLQWHUGLGQRW DOORZWKHGHYHORSPHQWRIWUDGLWLRQDOZLQWHUFURSV)URPWKLVH[SHULHQFHDYDULDQWHYROYHGZLWKWKH DEVHQFHRIDFRYHUZLQWHUFURS2QHVWHSIRUZDUGZDVWKHXVHRIPLQLPXPWLOODJHWRSODQWFURSVLQWR SHUHQQLDO JUDVVHV 7KH PDLQ DGYDQWDJH RI WKLV WHFKQRORJ\ ZDV WKH SRVVLELOLW\ RI XVLQJ FRQYHQWLRQDO SODQWHUVOHDYLQJWKHVRLOVXUIDFHVRIWDQGHDV\WRSODQW>@

$PDMRUEUHDNWKURXJKLQWKHHYROXWLRQRIWKHV\VWHPZDVWKHLQWURGXFWLRQRID³VDIULQKD´WKDW FRQVLVWV RI D VHFRQG FURS DIWHU WKH PDLQ FURS LQ WKH VDPH \HDU 7KLV VWUDWHJ\ LQFUHDVHV ILQDQFLDO

(21)

UHWXUQVHQKDQFHVWKHSURGXFWLRQRIFURSUHVLGXHVWREHOHIWRQWKHVRLOVXUIDFHDQGUHGXFHVUDWHVRI KHUELFLGHXVH%HVLGHVWKHVHHIIHFWVDVDIULQKDFDQLPSURYHIRUDJHDYDLODELOLW\IRUOLYHVWRFNGXULQJWKH GU\VHDVRQDQGLQFUHDVHUHF\FOLQJRIQXWULHQWVE\EULQJLQJWKHPWRWKHVXUIDFHWKXVUHGXFLQJORVVE\

OHDFKLQJ>@

7$%/( 9, 48$17,7< 2) 1875,(176 5(&<&/(' %< 6(9(5$/ &5236 ,1 7+(

&(55$'26>@

&URS 'U\PDWWHU 1XWULHQWVUHF\FOHGNJKD

WKD 1 32 .2 &D 0J

0LOOHW

6R\EHDQ

:KHDW

:KLWHRDW

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

$OWKRXJKQRWLOODQGPLQLPXPWLOODJHPDQDJHPHQWSUDFWLFHVDUHUHFHQWLQWKHFHUUDGRVVHYHUDO YDULDWLRQV KDYH EHHQGHVFULEHGLQGHWDLOE\/DQGHUV>@DVXPPDU\RIZKLFKIROORZVIRUUDLQIHG V\VWHPV

1RWLOOLQWKHVWUDZ

%HIRUHLQLWLDWLQJQRWLOOLWLVQHFHVVDU\WR³EXLOGXS´VRLOIHUWLOLW\RYHUDSHULRGWKDWQRUPDOO\

WDNHVWR\HDUVXQGHUFRQYHQWLRQDOWLOODJH7KHVHFRQGVWHSLVWRJHQHUDWHDODUJHDPRXQWRIVWUDZDV DZLQWHUFRYHUFURS,QVRPHFDVHVWKHVHHGLVSODQWHGLQWRFXWVWUDZRIWKHSUHFHGLQJFURS$QRQ VHOHFWLYHKHUELFLGHLVDSSOLHGLQZLQWHUWRHOLPLQDWHZHHGVEHIRUHSODQWLQJ

7KHPRVWSURPLVLQJFRPELQDWLRQVIRUDGHTXDWHVWUDZSURGXFWLRQIRUVXPPHUSODQWLQJLQFOXGH WKHVRZLQJRIPLOOHWZLWKWKHILUVWVXPPHUUDLQVIROORZHGE\WKHPDLQFURSZLWKQRWLOODQGJHQHUDWLRQ RIVWUDZZLWKFRUQPLOOHWRUVRUJKXPIURPDIROORZXSVDIULQKDDIWHUWKHPDLQFURS)RUIDUPHUVPRUH LQWHUHVWHGLQVR\EHDQDGHHSSORXJKLQJDQGDGHTXDWHVRLO³EXLOGXS´LQWKHILUVW\HDUWKHQFURSF\FOHV RI VR\EHDQVRUJKXP RU PLOOHW IRU VHYHUDO \HDUV LV UHFRPPHQGHG 8VLQJ WKLV V\VWHP IRU IRXU FRQVHFXWLYH \HDUV \LHOGV RI VR\EHDQ DERYH WKDKDYHEHHQREWDLQHG>@7KHVH\LHOGOHYHOVDUH VLPLODUWRWKRVHRIREWDLQHGRQWKHEHWWHUVRLOVRIWKHZRUOG

1RWLOOZLWKRXWZLQWHUIDOORZ

7KLVV\VWHPLVFKDUDFWHUL]HGE\WKHDEVHQFHRIDVDIULQKDDIWHUWKHPDLQUDLQVHDVRQFURS,Q WKLV VLWXDWLRQ ZHHGV PRVWO\ JUDVVHV SURGXFHG IURP VHHGV RI WKH VDPH \HDU DUH WKH PDLQ VWUDZ SURGXFHUV7KLVRSWLRQLVHIILFLHQWZKHQWKHZHHGVSHFLHVDUHHDV\WRFRQWURO,WKDVEHHQXVHGLQ6DQWD +HOHQDGH*RLiV*2WRSODQWQRWLOOFRUQDQGVR\EHDQRQZHHGZLQWHUIDOORZVWUDZRQFOD\H\VRLOV ZLWKKLJKIHUWLOLW\IRUPRUHWKDQ\HDUV7KHZHHGVJURZDVIDOORZGXULQJWKHZLQWHUGU\SHULRGWKHQ DUHDOORZHGWRJHUPLQDWHDQGDUHFRQWUROOHGZLWKKHUELFLGH

(22)

1RWLOOZLWKDOLYLQJFRYHUFURS

8QGHUWKLVV\VWHPFURSVDUHSODQWHGLQWRDOLYLQJFRYHUFURSRIDOHJXPH,WUHTXLUHVFRQWURORI OHJXPHUHJURZWKZLWK'GXULQJWKHILUVWGD\VRIFRUQGHYHORSPHQW$IWHUWKDWVWDJH3DUDTXDW FDQ EH XVHG 3HUHQQLDO VR\EHDQ *O\FLQH MDYDQLFD NXG]X 3XHUDULD SKDVHRORLGHV FHQWURVHPD

&HQWURVHPD VSS 6LUDWUR 0DFURSWLOLXP SXUSXUHXP DQG$UDFKLV SLQWRL KDYH EHHQ XVHG ZLWK UHODWLYH VXFFHVV 7KH F\FOH HQGV ZKHQ D JUDVVOHJXPH SDVWXUH LV HVWDEOLVKHG&DORSRJRQLXP DQG 6LUDWURKDYHEHHQSODQWHGXQGHUULFHVWUDZDQGXVHGODWHUDVIRUDJHFURSVIRUEHHIFDWWOH

1RWLOODQGFRQYHQWLRQDOWLOODJHRQWKHVDPHIDUP

7KLVV\VWHPLVSUDFWLVHGZKHQWKHUHKDVEHHQDVXEVWDQWLDOGHOD\LQSODQWLQJDQGJHUPLQDWLRQ RI ZHHGV LQ DUHDV DOUHDG\ SUHSDUHG ZLWK FRQYHQWLRQDO PHWKRGV 2SHUDWLRQV RI WDQGHP GLVNLQJ DQG OHYHOOLQJDUHVXEVWLWXWHGE\KHUELFLGHXVHZKHQWKHUHLVDSHUFHSWLRQWKDWWKHDUHDWREHSODQWHGH[FHHGV WKH IDUP FDSDFLW\ 7KH IDUPHU VHOHFWV DUHDV LQIHVWHG SUHGRPLQDQWO\ ZLWK ZHHG JUDVVHV LQ RUGHU WR REWDLQPRUHVWUDZIRUHURVLRQSURWHFWLRQDQGWRUHGXFHIXUWKHUZHHGVHHGJHUPLQDWLRQ

7KHPDLQDGYDQWDJHVRIWKLVFRPELQHGV\VWHPDUHUHGXFWLRQLQSURGXFWLRQFRVWVDQGDYRLGDQFH RISUHSDUDWLRQRSHUDWLRQVZLWKZHWVRLOVZKLFKDUHGHWULPHQWDOWRVRLOTXDOLW\DQGWRWKHHQYLURQPHQW 8QGHUWKLVV\VWHPFRQYHQWLRQDOSODQWHUVFDQEHXVHGVLQFHWKHVRLOLVZHOOSUHSDUHGDQGVRIW

,QWHUPLWWHQWQRWLOO

6XUIDFHFRPSDFWLRQGXHWRPDFKLQHU\WUDQVLWXQGHUKXPLGFRQGLWLRQVRUZHHGLQIHVWDWLRQWKDW LVGLIILFXOWWRFRQWUROFDQFRQWULEXWHWRUHYHUVLRQWRFRQYHQWLRQDOWLOODJHSUDFWLFHV6XUIDFHFRPSDFWLRQ LV HDVLO\ HOLPLQDWHG ZLWK PLQLPXP WLOODJH E\ XVH RI D FKLVHO SORXJK GRZQ WR WR FP GHSWK +RZHYHUWKHUHDUHFLUFXPVWDQFHVZKHQQRWLOOKDVWREHFRPELQHGZLWKGHHSSORXJKLQJ/DQGHUV>@

VXJJHVWHGLWVXVHDVIROORZV

- :KHQWKHFURSLVYHU\VHQVLWLYHWRVPDOOFKDQJHVLQVRLOFRPSDFWLRQDVLQWKHFDVHRIULFH>@

- :KHQWKHUHLVQHHGWRFRQWUROSHUVLVWHQWZHHGVDQGSHVWVLQDQHFRQRPLFDOZD\

- $V D SUHFDXWLRQDU\PHDVXUH DJDLQVW GLVHDVH SURSDJDWLRQ E\ WKH VWUDZ ZKHUH WKH GLVHDVH HSLGHPLRORJ\UHTXLUHVWKLVSURFHGXUHRULQFDVHVZKHUHLWLVQRWFOHDU

- 7RHOLPLQDWHVRLOFRPSDFWLRQUHVXOWLQJIURPH[FHVVPDFKLQHU\WUDIILFRQPRLVWVRLOHVSHFLDOO\

LQWKHFDVHVRIVLODJHSURGXFWLRQDQGLUULJDWLRQ

- 7RGLOXWHWKHHIIHFWVRIKLJKUDWHVRIOLPHDSSOLHGWRWKHVRLOVXUIDFH

0LQLPXPWLOODJH

7KLV V\VWHP UHSUHVHQWV PLQLPXP GLVWXUEDQFH RI WKH FRYHU FURS DQG RI WKH VRLO OHDYLQJ DV PXFKVWUDZDVSRVVLEOHRQWKHVXUIDFH:KHQXWLOLVHGLQFRPELQDWLRQZLWKSUHSODQWFKHPLFDOZHHG FRQWUROPLQLPXPWLOODJHUHSUHVHQWVDQRSWLRQEHWZHHQFRQYHQWLRQDOWLOODJHDQGQRWLOO7KLVV\VWHPLV DGHTXDWHIRUHURVLRQFRQWUROZKHUHWKHUHLVQRFRPSDFWHGOD\HUDQGLWLVDSUHOLPLQDU\VWHSWRZDUGVWKH DGRSWLRQRIQRWLOO6RPHYDULDWLRQVRIPLQLPXPWLOODJHKDYHEHHQGLVFXVVHGE\/DQGHUV>@

1RWLOODQGPLQLPXPWLOODJHDQQXDOFURSVXQGHULUULJDWLRQ

7KHUHDUHIDUPHUVXVLQJQRWLOODQGPLQLPXPWLOODJHZLWKDQQXDOFURSVXQGHULUULJDWLRQ7KH PDLQGLIIHUHQFHZKHQFRPSDUHGWRUDLQIHGFRQGLWLRQVLVWKHVHFXULW\DJDLQVWZDWHUVWUHVVGXULQJVKRUW GU\SHULRGVLQWKHUDLQ\VHDVRQDQGWKHHOLPLQDWLRQRIWKHGHOHWHULRXVHIIHFWVRIWKHGU\VHDVRQ8QGHU LUULJDWHGFRQGLWLRQVZLWKWZRRUPRUHFURSVSHU\HDULWLVSRVVLEOHWRJHQHUDWHDFRQVLGHUDEOHTXDQWLW\

RIVWUDZ

(23)

7KHFRQWLQXRXVXVHRIQRWLOOXQGHULUULJDWLRQUHTXLUHVDKLJKHUOHYHORIWHFKQLFDONQRZOHGJH DQGH[SHULHQFHZLWKGHWDLOHGDWWHQWLRQWR

± 6RLOKXPLGLW\ZKHQRSHUDWLQJWKHPDFKLQHU\

± &URSVXFFHVVLRQVWRDYRLGSHVWEXLOWXS

± &ORVHPRQLWRULQJRIWKHVRLODQGQXWULWLRQDOOHYHOVRIWKHSODQWV

± 7KHVHOHFWLRQRIKHUELFLGHVDQGRWKHUFXOWXUDOSUDFWLFHVWKDWGRQRWDOORZSUREOHPDWLFZHHGVWR UHDFKKDUPIXOOHYHOV

± 7KHDYRLGDQFHRIUHVLGXDOHIIHFWVRISHVWLFLGHVLQWKHFURSSLQJVHTXHQFH 3HUHQQLDOFURSV

3HUHQQLDO FURSV RFFXS\LQJ DURXQG 0KD RI WKH FHUUDGRV LQFOXGH EDQDQD FRIIHH UXEEHU FLWUXV FDVKHZ SLQHDSSOH PDQJR DYRFDGR SDVVLRQ IUXLW %DUEDGR FKHUU\ DQG VRXUVRS $QQRQD PXULFDWD)RUHVWU\LVPDLQO\SLQHDQGHXFDO\SWXV&RIIHHLVJURZQRQDURXQG0KDPDLQO\LQWKH VRXWKHUQVWDWHRI0LQDV*HUDLV>@

,QWHJUDWHGFURSSDVWXUHV\VWHPV

,Q UHFHQW \HDUV FRQVLGHUDEOH UHVHDUFK HIIRUW KDV IRFXVVHG RQ FURSSDVWXUH URWDWLRQV DOVR WHUPHG OH\ IDUPLQJ 7KLV LQWHJUDWHG DSSURDFK PD\ FRQWULEXWH PRUH WR WKH HFRORJLFDO DQG HFRQRPLF VXVWDLQDELOLW\RIFURSDQGOLYHVWRFNSURGXFWLRQV\VWHPVLQWKHKXPLGDQGVXEKXPLGWURSLFVWKDQDQ\

RWKHUVLQJOHLQQRYDWLRQ,QFOXVLRQRIQRWLOORUPLQLPXPWLOODJHPDQDJHPHQWRIWKHDQQXDOFURSVPD\

IXUWKHULPSURYHWKHV\VWHP¶VVXVWDLQDELOLW\

7KH DGYDQWDJHV RI OH\ IDUPLQJ DUH GHULYHG PDLQO\ IURP V\QHUJLVP EHWZHHQ WKH DQQXDO DQG SHUHQQLDOFRPSRQHQWVRIWKHV\VWHP>@3UREOHPVLQKHUHQWZLWKHDFKFRPSRQHQWFDQEHVROYHG E\URWDWLQJ9HUDHWDO>@7KRPDVHWDO>@DQG6SDLQHWDO>@FLWHGWKHIROORZLQJDGYDQWDJHV ± (QKDQFHGVRLOIHUWLOLW\

± ,QFUHDVHGELRORJLFDODFWLYLW\

± 0RUHHIILFLHQWQXWULHQWF\FOLQJ

± (QKDQFHGVRLOSK\VLFDOSURSHUWLHV

± &RQWUROOHGZHHGVLQVHFWVDQGGLVHDVHV

± ,PSURYHGGU\VHDVRQIHHGTXDOLW\DQGDYDLODELOLW\

± 0RUHHIIHFWLYHVRLODQGZDWHUFRQVHUYDWLRQDQGXVH

± (FRQRPLFDOO\PRUHUHVLOLHQWWKDQVHSDUDWHHQWHUSULVHV

7KH DUJXPHQW IRU FURSSDVWXUH URWDWLRQV LQ WKH FHUUDGRV LV VWUHQJWKHQHG E\ WKH SUHVHQFH RI H[WHQVLYHDUHDVRIGHJUDGHGSDVWXUHVPRVWRIZKLFKDUHRQDUDEOHVRLOVLQDUHDVDOVREHLQJH[SORLWHG IRUJUDLQSURGXFWLRQ$WWKHVDPHWLPHPDQ\JUDLQSURGXFHUVDUHIDFLQJLQFUHDVHGFRVWVRISURGXFWLRQ DQGGHFOLQLQJ\LHOGVGXHWRVRLOGHJUDGDWLRQPDLQO\IURPFRPSDFWLRQZHHGVLQVHFWVDQGGLVHDVHV 6HYHUDOWHFKQRORJLHVIRUFURSSDVWXUHURWDWLRQVKDYHEHHQGHYHORSHGDQGDUHXVHGH[WHQVLYHO\

E\IDUPHUVLQWKHFHUUDGRUHJLRQ2QHRIWKHPLVWKH%DUUHLUmR6\VWHP>@GHYHORSHGE\IDUPHUVWR HVWDEOLVKSDVWXUHVZLWKDSLRQHHUFURSRIXSODQGULFH2WKHURSWLRQVLQFOXGHFRUQVRUJKXPDQGPLOOHW ZLWKSDVWXUHV>@$GYDQWDJHVLQFOXGH

± 5HGXFHGUHTXLUHPHQWVIRUPDFKLQHU\

± &RUUHFWLRQRIDFLGLW\DFFRUGLQJWRWKHQHHGVRIWKHSODQWVSHFLHV

± 5HGXFWLRQRIWHUPLWHPRXQGVDQGZHHGV

± 5HGXFWLRQRIZDWHUVWUHVVULVN

± ([WHQGHGJURZWKRIIRUDJHVGXULQJWKHGU\SHULRG

± 3DUWLDORUWRWDOUHWXUQRQLQYHVWPHQWFRVWVLQDVKRUWSHULRG

± (DVHRILPSOHPHQWDWLRQLIPDFKLQHU\DQGWHFKQLFDOVXSSRUWDUHDYDLODEOH

(24)

0HWKRGV RI UHYHUVLQJ SDVWXUH GHJUDGDWLRQ WKURXJK WKH LQWHJUDWLRQ RI JUDLQ FURSV PDLQO\

VR\EHDQ KDYH EHHQ GHYHORSHG E\ WKH )RXQGDWLRQ IRU 5HVHDUFK DQG 7HFKQRORJ\ 'LIIXVLRQ RI 0DWR

*URVVR GR 6XO 6WDWH 7KHVH LQYROYH WKH LQWHJUDWLRQ RI GHJUDGHG SDVWXUHV %UDFKLDULD GHFXPEHQV

%UDFKLDULD EUL]DQWKD 3DQLFXP PD[LPXPFY7DQ]DQLD DQG 3DQLFXP PD[LPXPFY0RPEDoD ZLWK DQQXDOFURSVXQGHUQRWLOO,QDGGLWLRQVHYHUDOFRPELQDWLRQVRIFRPPHUFLDOFURSVJUHHQPDQXUHVDQG SHUHQQLDO SDVWXUH VSHFLHV KDYH EHHQ XVHG WR LPSOHPHQW FURS URWDWLRQV LQ LQWHJUDWHG FURSOLYHVWRFN V\VWHPV $ VXPPDU\ RI WKLV WHFKQRORJ\ LV DYDLODEOH >@ DV DUH HYDOXDWLRQV RI KHUELFLGHV IRU GHVLFFDWLRQRIWKHVHSDVWXUHVSHFLHV>±@

0DWR*URVVRGR6XOLVLQWKHVRXWKHUQWHPSHUDWHUHJLRQLQ%UD]LOWKHUHIRUHLWLVSRVVLEOHWR H[WUDSRODWHWKHFRYHUFURSGDWDWRWKHVRXWKHUQFHUUDGRV$VHULHVRISUDFWLFDOH[WHQVLRQSXEOLFDWLRQV SURYLGHJXLGHOLQHVIRUPDQDJHPHQWRIWKHVHFURSVLQWKLVUHJLRQ>±@

2QHRIWKHPRVWVXFFHVVIXOH[DPSOHVRIFURSOLYHVWRFNLQWHJUDWLRQKDVEHHQGHYHORSHGDWWKH 6DQWD7HUH]LQKD)DUPQHDU8EHUOkQGLD0*>@%ULHIO\EHHIFDWWOHSURGXFWLRQZKLFKZDVWKHRQO\

DFWLYLW\RIWKHIDUPLQKDVEHHQJUDGXDOO\UHSODFHGE\FURSSDVWXUHURWDWLRQV7KHPDLQURWDWLRQ V\VWHPFRQVLVWVRI\HDUVRIVR\EHDQIROORZHGLQWKHWKLUG\HDUE\FRUQSODQWHGVLPXOWDQHRXVO\ZLWK SDVWXUHJUDVV$IWHUKDUYHVWWKHSDVWXUHVDUHUHDG\IRUJUD]LQJDQGUHPDLQJUHHQWKURXJKRXWWKHGU\

VHDVRQWKXVVXSSOHPHQWLQJIRUDJHDYDLODELOLW\IRUWKHKHUGGXULQJWKHPRVWFULWLFDOSHULRGRIWKH\HDU 0D\ WR 6HSWHPEHU $V VRLO IHUWLOLW\ ZDV LPSURYHG GXH WR WKH IHUWLOLVHU DSSOLHG WR FURSV WKH PRUH UXVWLFJUDVVHV%UDFKLDULDGHFXPEHQV%UDFKLDULDUX]L]LHQVLVDQG%UDFKLDULDKXPLGLFRODZHUHUHSODFHG E\ EHWWHU DQG PRUH GHPDQGLQJ JUDVVHV VXFK DV3DQLFXP PD[LPXP FYY 9HQFHGRU 7DQ]DQLD DQG

&HQWHQiULRDQG%UDFKLDULDEUL]DQWKDFY0DUDQGX

7KHFRQWURORISDVWXUHVIRUWKHSODQWLQJRIFURSVZDVLQLWLDOO\DFKLHYHGE\FRQYHQWLRQDOWLOODJH DW WKH HQG RI WKH UDLQ\ VHDVRQ 7KH IDUPHU LV QRZ PRYLQJ WRZDUGV GLUHFW SODQWLQJ RI FURSV LQWR FKHPLFDOO\FRQWUROOHGGHJUDGHGSDVWXUHV+LVJRDOLVWRWDNHDGYDQWDJHRIWKHLPSURYHGVRLOIHUWLOLW\

DQGPLQLPL]HWLOODJHRSHUDWLRQV

7KHPDLQDGYDQWDJHVRIWKHURWDWLRQV\VWHPXVHGDW6DQWD7HUH]LQKD)DUPFDQEHVHHQLQWKH LQFUHDVHG FDUU\LQJ FDSDFLW\ RIWKHSDVWXUHV7DEOH9,,LPSURYHGVRLOVWUXFWXUHDQGLQFUHDVHGJUDLQ

\LHOGV ,Q VSLWH RI WKH VLJQLILFDQW DFKLHYHPHQWV DW 6DQWD 7HUH]LQKD )DUP WKH LQWURGXFWLRQ RI KLJK TXDOLW\IRUDJHVSHFLHVWKDWDUHPRUHGHPDQGLQJLQWHUPVRIIHUWLOLW\DQGPDQDJHPHQWLVOHDGLQJWRUDSLG GHFOLQH LQ SDVWXUH SURGXFWLYLW\ 1LWURJHQ GHILFLHQF\ LV FDXVLQJ D UDSLG GHJUDGDWLRQ RI3DQLFXP PD[LPXPSDVWXUHV

7$%/( 9,, &+$1*(6 ,1 3$6785( $5($ 29(5 7,0( ,1 6$17$ 7(5(=,1+$ )$50 8%(5/Æ1',$ 0* $6 &216(48(1&( 2) 7+( ,1752'8&7,21 2) &5236 $1'

&5233$6785(527$7,21>@

<HDU 3ODQWHG SDVWXUHVD KD

3DVWXUHVDIWHU FURSV KD

7RWDODUHD

KD +HUGVL]H 6WRFNLQJUDWH DQLPDOVKD

D3ODQWHGDIWHUFHUUDGRFOHDULQJ

(25)

7$%/( 9,,, 72'$<¶6 352'8&7,21 2) &(5($/6 $1' 0($7 ,1 7+( &(55$'2 6&(1$5,2 )25 )22' 352'8&7,21 86,1* $9$,/$%/( 7(&+12/2*< ,1 7+( $5($

$/5($'< 2&&83,(' $1' 6&(1$5,2 )25 )22' 352'8&7,21 86,1* $9$,/$%/(

7(&+12/2*<,17+(327(17,$/$5($2)7+(&(55$'26>@

$FWLYLWLHV

™$UHDKD

3URGXFWLYLW\

WKD\HDU

3URGXFWLRQ

™W

7RGD\¶VSURGXFWLRQRIFHUHDOVDQGPHDW

&URSVUDLQIHG

&URSVLUULJDWHG

0HDW

7RWDO ±

6FHQDULRIRUIRRGSURGXFWLRQXVLQJDYDLODEOHWHFKQRORJ\LQWKHDUHDDOUHDG\RFFXSLHG

&URSVUDLQIHG

&URSVLUULJDWHG

0HDW

7RWDO ±

6FHQDULRIRUIRRGSURGXFWLRQXVLQJDYDLODEOHWHFKQRORJ\LQWKHSRWHQWLDODUHD

&URSVUDLQIHG

&URSVLUULJDWHG

0HDW

3HUHQQLDOFURSV

7RWDO ±

&+$//(1*(6$+($'72$&+,(9(6867$,1$%/(352'8&7,216<67(06

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¶VDQGWRPRUURZ¶VQHHGV $V ZLWK DOO QHZ WHFKQRORJLHV DQG PDQDJHPHQW RSWLRQV WKHUH DUH VRPH GLIILFXOWLHV DQG REVWDFOHVWRWKHLUZLGHVSUHDGDGRSWLRQLQRWKHUDUHDV7KHVHUHVXOWIURPWKUHHIXQGDPHQWDOSRLQWV ± 6RFLDOHFRQRPLFDQGFXOWXUDODVSHFWVDWWKHIDUPHUDQGFRPPXQLW\OHYHOVWKDWFDQKLQGHUWKH

UHTXLUHGFKDQJHLQWKLQNLQJDQGRUDGRSWLRQRIPRUHVXVWDLQDEOHPDQDJHPHQWSUDFWLFHV

± $ IDYRXUDEOH SROLF\ HQYLURQPHQW LV QHHGHG GXULQJ WKH WUDQVLWLRQ SHULRGV RI WHFKQRORJLFDO FKDQJH

± 7KH QHHG WR VWDQGDUGLVH VXVWDLQDELOLW\ FRQFHSWV DQG WR GHYHORS TXDQWLILDEOH SDUDPHWHUV RI VXVWDLQDELOLW\

%HORZZHEULHIO\GLVFXVVWKHVHDVSHFWV

(26)

6RFLDOHFRQRPLFDQGFXOWXUDODVSHFWV

$ EHWWHU XQGHUVWDQGLQJ RI WKH GULYLQJ IRUFHV EHKLQG ODQGXVH FKDQJH DW WKH IDUP DQG RWKHU OHYHOVLVUHTXLUHGLQRUGHUWRHQVXUHWKDWQHZWHFKQRORJLFDODQGPDQDJHPHQWRSWLRQVDUHDSSURSULDWH DQG DUH DFFHSWDEOH WR IDUPHUV )RU H[DPSOH WKH FRQYHQWLRQDO ZLVGRP WKDW IDUPHUV ZLOO QRW DGRSW UHVRXUFHPDQDJHPHQWWHFKQRORJLHVWKDWUHTXLUHORQJWHUPLQYHVWPHQWVQHHGVUHH[DPLQDWLRQIROORZLQJ WKHILQGLQJWKDWVR\EHDQIDUPHUVLQWKHFHUUDGRVGRLQYHVWLQQRWLOOV\VWHPVIRUHURVLRQFRQWURODQG ORQJHUWHUPEHQHILWV>@,QWKLVFDVHWKHSULYDWHVHFWRUSOD\HGDPDMRUUROHLQWKHGLVVHPLQDWLRQRI QRWLOOV\VWHPV

7KHFRQFHSWRILQWHJUDWHGFURSOLYHVWRFNV\VWHPVDSSHDUVWREHVRXQGIURPWKHHFRQRPLFDODQG HFRORJLFDODVSHFWV+RZHYHULWZDVUHSRUWHGWKDWRYHURIIDUPHUVVXUYH\HGLQWKUHHZDWHUVKHGVRI WKH VWDWH RI 0LQDV *HUDLV SODQWHG SDVWXUHV RQO\ RQ DUHDV WKH\ FRQVLGHUHG XQVXLWDEOH IRU FURSV >@

7KHVH H[DPSOHV HPSKDVLVH WKH QHHG IRU EHWWHU FRPPXQLFDWLRQ DQG FROODERUDWLRQ DPRQJVW IDUPHUV UHVHDUFKHUV DQG SROLF\ PDNHUV 5HFHQW HPSKDVLV RQ WKH QHHG IRU ³IDUPHU ILUVW´ DQG ³IDUPHU SDUWLFLSDWRU\UHVHDUFKDSSURDFKHV´ZLWKLQWKHUHVHDUFKFRPPXQLW\LVDZHOFRPHVLJQWKDWSURJUHVVLV EHLQJPDGH7KHSXEOLFDWLRQE\WKH$PHULFDQ6RFLHW\RI$JURQRP\RIDERRNRQQRWLOODJULFXOWXUH DXWKRUHG E\ D &KLOHDQ IDUPHU DQG EDVHG VROHO\ RQ KLV H[SHULHQFHV >@ LV DQRWKHU LQGLFDWRU RI D ZLOOLQJQHVV WR EUHDN GRZQ WUDGLWLRQDO EDUULHUV EHWZHHQ WKH VFLHQWLILF FRPPXQLW\ DQG DJULFXOWXUDO SUDFWLWLRQHUV

)DYRXUDEOHSROLF\HQYLURQPHQW

-XVWDVWKHRSHQLQJXSRIWKH%UD]LOLDQFHUUDGRVZDVVWLPXODWHGE\JRYHUQPHQWSURJUDPPHV DQGVXEVLGLHVLWLVOLNHO\WKDWQHZWHFKQRORJLHVDQGPDQDJHPHQWRSWLRQVZLOOUHTXLUHPRUHIDYRXUDEOH SROLF\HQYLURQPHQWVWREHVXFFHVVIXO³0DJLFEXOOHW´UHPHGLHVDUHUDUHHVSHFLDOO\ZKHQGHDOLQJZLWK WKH FRPSOH[LWLHV RI VXVWDLQDEOH DJULFXOWXUH %HWWHU GLDORJXH DPRQJVW IDUPHUV UHVHDUFKHUV H[WHQVLRQ ZRUNHUVDQGSROLF\PDNHUVLVHVVHQWLDODQGUHTXLUHVPXFKPRUHHIIRUWIURPWKHUHVHDUFKFRPPXQLW\

6XVWDLQDELOLW\DQGLWVPHDVXUHPHQW

$PRQJWKHVHYHUDOGHILQLWLRQVRIVXVWDLQDEOHDJULFXOWXUHRQHRIWKHPRVWDFFHSWDEOHLVWKDWRI WKH )$2 >@ ³6XVWDLQDEOH DJULFXOWXUH VKRXOG LQYROYH WKH VXFFHVVIXO PDQDJHPHQW RI UHVRXUFHV IRU DJULFXOWXUH WR VDWLVI\ FKDQJHV LQ KXPDQ QHHGV ZKLOH PDLQWDLQLQJ RU HQKDQFLQJ WKH TXDOLW\ RI WKH HQYLURQPHQWDQGFRQVHUYLQJWKHQDWXUDOUHVRXUFHV´7KHNH\LVVXHLQWKLVGHILQLWLRQLVWKHTXDOLW\RIWKH HQYLURQPHQWDQGLQWHUPVRIWKLVSDSHUZHUHIHUWRVRLOTXDOLW\$FFRUGLQJWR(VZDUDQHWDO>@WKH DVSHFWVRIVRLOTXDOLW\WKDWDUHLPSRUWDQWIRUVXVWDLQDEOHDJULFXOWXUHDUHPDQ\EXWFDQEHUHGXFHGWR WHQ SRLQWV L DYDLODEOH ZDWHUKROGLQJ FDSDFLW\ LL QXWULHQWUHWHQWLRQ FDSDFLW\ ² FDWLRQ H[FKDQJH FDSDFLW\LLLQXWULHQWDYDLODELOLW\²S+EDVHVDWXUDWLRQ3DQG.LYQXWULHQWIL[DWLRQYFKHPLFDO FRQVWUDLQWV ² DFLGLW\ VRGLFLW\ VDOLQLW\ YL SK\VLFDO FRQVWUDLQWV ² ORZ K\GUDXOLF FRQGXFWLYLW\

SHUPHDELOLW\KLJKEXONGHQVLW\FUXVWLQJYLLHIIHFWLYHVRLOYROXPH²GHSWKWRURRWUHVWULFWLQJOD\HU VWRQLQHVVVWUXFWXUHYLLLVXUIDFHWLOWKL[HURGLELOLW\DQG[ZDWHUORJJLQJ

8QWLODQGXQOHVVVXFKVRLOTXDOLW\VWDQGDUGVDUHHVWDEOLVKHGLWZLOOEHGLIILFXOWWRPRQLWRUVRLO GHJUDGDWLRQDQGFRQVHTXHQWO\HYDOXDWHWKHHIIHFWVRIPDQDJHPHQW7KHVHVWDQGDUGVSURYLGHDEDVLVIRU HYDOXDWLQJFKDQJHVLQVRLOFRQGLWLRQVGXHWRPDQDJHPHQWSURYLGHWKHWRROVIRUPRQLWRULQJFKDQJHV SURYLGHWKHEDVLVIRUOHJLVODWLQJVRLOVWHZDUGVKLSSURYLGHPHDQVRIVLJQDOOLQJSRWHQWLDOSUREOHPVLQ RUGHUWRWULJJHUUHVHDUFKRUGHYHORSPHQWDFWLYLWLHVDQGSURYLGHWKHFULWHULDIRUHYDOXDWLQJDJULFXOWXUDO V\VWHPVIRUVXVWDLQDELOLW\>@

)RUWKHVSHFLILFFDVHRIWKHFHUUDGRVPDQ\RIWKHSRVVLEOHTXDOLW\SDWWHUQVFKHPLFDOSK\VLFDO ELRORJLFDOHWFDUHQRW\HWTXDQWLILHGZLWKDVFLHQWLILFEDVLVWRJLYHVXIILFLHQWVXSSRUWIRUGLVFXVVLRQV FRQFHUQLQJ GLUHFWLRQV IRU VXVWDLQDEOH PDQDJHPHQW %HVLGHV D QHHG WR GHYHORS IXUWKHU WKH VFLHQWLILF FRPSRQHQWVWKHUHLVDOVRDQHHGWRUHODWHWKHPWRFRPSRQHQWVWKDWIDUPHUVFDQXVHDQGXQGHUVWDQG

(27)

0RUHHIIRUWLVQHHGHGWRGRFXPHQWIDUPHUVNQRZOHGJHDQGSHUFHSWLRQVRIVRLOTXDOLW\6FLHQWLILFDQG ORFDONQRZOHGJHQHHGWREHEURXJKWWRJHWKHUWRGHYHORSODQGTXDOLW\PRQLWRULQJV\VWHPVWKDWFDQEH LPSOHPHQWHGDQGLQWHUSUHWHGE\WKHODQGXVHUVWKHPVHOYHV

&21&/86,21$1'5(&200(1'$7,216)25)857+(55(6($5&+

7KHUHKDVEHHQDFRQVLGHUDEOHUHVHDUFKHIIRUWLQWKHSDVWWKUHHGHFDGHVWRVROYHWKHSUREOHPV RIORZLQKHUHQWVRLOIHUWLOLW\KLJKVRLODFLGLW\3IL[DWLRQ$OWR[LFLW\DQGORZ&DDYDLODELOLW\LQWKH VXEVRLOVRIWKHFHUUDGRVWKDWOLPLWURRWGHYHORSPHQW7KHEDVLVIRUWKHFKHPLFDOPDQDJHPHQWRIWKHVH VRLOV KDV EHHQ HVWDEOLVKHG WKURXJK UHODWLYHO\ KLJK UDWHV RI OLPH DQG IHUWLOLVHU DSSOLFDWLRQ 7KLV NQRZOHGJH DOORZHG WKH LQFRUSRUDWLRQ RI PLOOLRQV RI KHFWDUHV LQWR WKH DJULFXOWXUDOOLYHVWRFNIRUHVWU\

SURGXFWLRQVHFWRUWUDQVIRUPLQJPDUJLQDODUHDVLQWRDKLJKO\SURGXFWLYHODQG

0RVWRIWKHUHVHDUFKILQGLQJVZHUHDGHTXDWHO\WUDQVIHUUHGWRDVLJQLILFDQWQXPEHURIIDUPHUV LQ WKH IRUP RI SUDFWLFDO EXOOHWLQV DQG RWKHU H[WHQVLRQ PHFKDQLVPV WKDW UHYROXWLRQLVHG VRLOIHUWLOLW\

PDQDJHPHQW+RZHYHUWKLVUHYROXWLRQKDVEHHQTXHVWLRQHGLQUHFHQW\HDUVDVQRWEHLQJDGHTXDWHLQ WHUPVRIWKHPHGLXPWRORQJWHUPVXVWDLQDELOLW\0RVWRIWKHUHVHDUFKRQWKHHYDOXDWLRQRIORVVHVRI VXVWDLQDELOLW\KDVLQYROYHGFODVVLFDODVSHFWVVXFKDVDGHFUHDVHRIVRLORUJDQLFPDWWHULQWHQVLILFDWLRQRI VRLO HURVLRQ DQG WKH IRUPDWLRQ RI FRPSDFWHG OD\HUV 7KHUH LV QHHG IRU WKH HVWDEOLVKPHQW RI ³HDUO\

ZDUQLQJ´ LQGLFDWRUV ELRORJLFDO LQGLFDWRUV DQG LQWHJUDWLYH LQGLFDWRUV WKDW LQFRUSRUDWH FKHPLFDO SK\VLFDO DQG ELRORJLFDO FRPSRQHQWV LQ RUGHU WR JDXJH V\VWHP SURGXFWLYLW\ UHVLOLHQFH DQG VXVWDLQDELOLW\,QWHJUDWLYHLQGLFDWRUVVKRXOGEHEDVHGSULPDULO\RQLQGLFDWRUVWKDWIDUPHUXVH

7KH VHDUFK IRU PRUHVXVWDLQDEOH V\VWHPV RI DJULFXOWXUHDQLPDO KXVEDQGU\IRUHVWU\ RQ WKHVH VRLOVKDVOHGWRFRQVLGHUDEOHHIIRUWWRLQWURGXFHQRWLOODQGPLQLPXPWLOODJHIRUJUDLQFURSSURGXFWLRQ VRPHWLPHVLQWHJUDWHGZLWKLPSURYHGSDVWXUHV7KHREVHUYHGLQFUHDVHVLQQRWLOODQGPLQLPXPWLOODJH LQWKHODVWGHFDGHUHDFKLQJDOPRVWRIWKHJUDLQFURSDUHDRIWKHFHUUDGRVLQLVHYLGHQFHRID FKDQJHLQWKLQNLQJDPRQJIDUPHUV

$OWKRXJK WKHUH KDV EHHQ FRQVLGHUDEOH HIIRUW LQ UHVHDUFK WHDFKLQJ DQG H[WHQVLRQ IRU WKH GHYHORSPHQW RI EHWWHU WHFKQRORJLHV E\ YDULRXV QDWLRQDO DQG LQWHUQDWLRQDO LQVWLWXWLRQV WKH WUXH

³H[SORVLRQ´ LQ WHFKQRORJ\ LPSOHPHQWDWLRQ ZDV PRUH D UHVXOW RI HIIRUW RI WKH IDUPHUV WKHPVHOYHV )DUPHUWRIDUPHU FRPPXQLFDWLRQ DQG IDUPHU FRRSHUDWLYHV ZHUH WKH PDLQ GULYLQJ IRUFHV EHKLQG WKH WUDQVIHUDQGDGDSWDWLRQRIWKHH[SHULHQFHVREWDLQHGLQWKHVRXWKHUQWHPSHUDWHUHJLRQLQ%UD]LO

7KH JRRG UHVXOWV REWDLQHG DW IDUP OHYHO IURP WKH LQWHJUDWLRQ RI JUDLQ FURSV ZLWK LPSURYHG SDVWXUHVLVVWURQJHYLGHQFHWKDWWKLVLQWHJUDWLRQLVQRWRQO\IHDVLEOHEXWKLJKO\UHFRPPHQGDEOHLQRUGHU WRDFKLHYHPRUHVXVWDLQDEOHSURGXFWLRQV\VWHPV

,PSURYHGSDVWXUHVPDLQO\ZLWK%UDFKLDULDVSHFLHVDUHE\IDUWKHPRVWH[WHQVLYHXVHRIWKHVH VRLOV DV D UHSODFHPHQW IRU WKH QDWLYH FHUUDGR YHJHWDWLRQ 7KH IDFW WKDW QHDUO\ RI WKH LPSURYHG SDVWXUHVDOUHDG\VKRZVRPHOHYHORIGHJUDGDWLRQLVRIPDMRUFRQFHUQ3ROLF\LQFHQWLYHVDUHQHHGHGWR VWLPXODWHDGRSWLRQRIFURSSDVWXUHV\VWHPVRURWKHUPHDQVRILQWHQVLILFDWLRQRISURGXFWLRQ

3HUHQQLDO FURSV UHSUHVHQW D PLQRU FURSSLQJ V\VWHP LQ WKH UHJLRQ LQ FRPSDULVRQ ZLWK JUDLQ FURSVDQGLPSURYHGSDVWXUHV6HYHUDOSHUHQQLDOV\VWHPVFRIIHHUXEEHUIUXLWWUHHVDQGUHIRUHVWDWLRQ ZLWKSLQHVDQGHXFDO\SWXVFRQVWLWXWHVRPHRIWKHVXFFHVVIXOH[SHULHQFHVRQODUJHIDUPVLQWKHUHJLRQ ,QWHJUDWLYHV\VWHPVWKDWLQYROYHSHUHQQLDOFURSVZLWKDQQXDOFURSVDQGRULPSURYHGSDVWXUHVDUHRQO\

EHJLQQLQJWRUHFHLYHDWWHQWLRQIURPUHVHDUFKHUVZLWKUHVSHFWWRVXVWDLQDEOHSURGXFWLRQRQWKHVHVRLOV 7KH KLJKHU DYHUDJH \LHOGV IRU VHYHUDO FURSV REWDLQHG E\ VRPH JURZHUV LQ WKH UHJLRQ DV FRPSDUHG WR WKH DYHUDJH \LHOGV IRU WKH UHJLRQ DV D ZKROH LV VWURQJ HYLGHQFH WKDW WHFKQRORJ\

LQIRUPDWLRQLVDYDLODEOHDQGDOUHDG\EHLQJXVHGE\WKHEHVWIDUPHUV,QWKLVVHQVHLWLVLPSRUWDQWWR GHYHORSVWUDWHJLHVWRHQVXUHWKDWIDUPHUVKDYHDFFHVVWRWKHVHWHFKQRORJLHVWKDWWKHLPSOHPHQWDWLRQRI

(28)

WKHWHFKQRORJLHVLVHQFRXUDJHGDQGWKDWWKHFRQWLQXHGRSHQLQJRIQHZDUHDVRIQDWLYHFHUUDGRVZLWK ORZ\LHOGVLVGLVFRXUDJHG

)LQDOO\ WKH \HDUV H[SHULHQFH RI VRLO DQG FURS PDQDJHPHQW RI WKH FHUUDGRV PD\ EH RI LQYDOXDEOH LPSRUWDQFH IRU VLPLODU DUHDV LQ /DWLQ $PHULFD DQG LQ $IULFD WKDW KDYH DFLG KLJKO\

ZHDWKHUHG ORZ IHUWLOLW\ KLJK 3IL[LQJFDSDFLW\ VRLOV +RZHYHU FDUHIXO DQDO\VLV RI ELRSK\VLFDO DQG VRFLRHFRQRPLF IDFWRUV RI WKHVH VLPLODU DUHDV LV HVVHQWLDO EHIRUH WKHUH LV DQ\ HIIRUW WR WUDQVIHU WKH

³FHUUDGRVWHFKQRORJ\´7KHXVHRIUHODWLYHO\KLJKDPRXQWVRILQSXWVVXFKDVOLPHDQGIHUWLOLVHUVDQG WKHIDYRXUDEOHSROLFLHVDQGVXEVLGLHVDYDLODEOHLQ%UD]LODWWKHWLPHRIWKH³RSHQLQJXS´RIWKHFHUUDGRV DUHXQOLNHO\WRDSSO\HOVHZKHUH,QDGGLWLRQWKHPDMRULW\RIIDUPHUVLQWURSLFDOVDYDQQDKVGRQRWKDYH UHDG\ DFFHVV WR LQSXWV DQG PDFKLQHU\ HVSHFLDOO\ LQ $IULFD 5HFHQW FKDQJHV WRZDUGV QRWLOO DQG PLQLPXPWLOODJHZLWKUHGXFHGLQSXWVDQGLPSURYHGHIILFLHQF\LQ%UD]LODUHKRZHYHUUHOHYDQWWRRWKHU VDYDQQDKDUHDV

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

,QFUHDVLQJWKHVRLORUJDQLFPDWWHUZLOOEHDQLPSRUWDQWIDFWRULQLPSURYLQJSURGXFWLYLW\RIDFLGVRLOV ZLWKRXW ODUJH LQSXWV RI IHUWLOLVHUV ,Q DGGLWLRQ WR KHOSLQJ WR UHGXFH $O WR[LFLW\ RUJDQLF PDWWHU FDQ LPSURYHVRLOSK\VLFDOFKHPLFDODQGELRORJLFDOFRPSRQHQWV>@

)XUWKHU HIIRUWV VKRXOG EH PDGH WR FKDUDFWHULVH WKH FOLPDWHV DQG VRLOV RI SRWHQWLDOO\ VLPLODU DUHDV DV LW VKRXOG QRW EH IRUJRWWHQ WKDW WKH GHWDLOV RI WKHVH FRPSRQHQWV DUHQRWDYDLODEOHIRUPDQ\

DUHDV RI WKH WURSLFV >@ (DFK SRWHQWLDOO\ VLPLODU DUHD ZLOO KDYH LWV RZQ SDUWLFXODU VHW RI VRFLR HFRQRPLF DQG ELRSK\VLFDO FKDUDFWHULVWLFV WKDW QHHG WR EH XQGHUVWRRG DW WKH ORFDO OHYHO 7KH GHYHORSPHQW RI D VHW RI WHFKQRORJLFDO DQG PDQDJHPHQW SULQFLSOHV KDV HPHUJHG IURP WKH FHUUDGR H[SHULHQFH7KHVHFDQEHXVHGWRSURGXFHVLPSOHGHFLVLRQVXSSRUWWRROVIRUWKHDYDLODEOHSURGXFWLRQ RSWLRQVEXWWREHFRPHUHOHYDQWDQGVLJQLILFDQWWKH\PXVWEHILUPO\JURXQGHGLQORFDOH[SHULHQFH

)857+(5723,&6)255(6($5&+,17+(6$9$11$+6$1'7+(52/(2),62723(6 %DVHGRQH[SHULHQFHLQWKHFHUUDGRVZHSUHVHQWDOLVWRIWRSLFVWKDWUHTXLUHVIXUWKHUUHVHDUFK IRUWKHLPSURYHGPDQDJHPHQWRIDFLGVRLOVDYDQQDKV

± 7KHUH LV D QHHG WR GHYHORS PRUH FURS RSWLRQV HJ VXQIORZHU TXLQRD SLJHRQ SHD PXOWL SXUSRVHOHJXPHVZLWKEHWWHUVWUHVVDGDSWDWLRQZDWHUDQGDFLGLW\QXWULHQWDFTXLVLWLRQ

± 7KH IDWH RI KHUELFLGHV DQG HQYLURQPHQWDO ULVNV RI LQFUHDVHG XVH ZLWK LQFUHDVLQJ QR DQG PLQLPXPWLOO

± :DWHUDQGQXWULHQWIORZVF\FOHVLQWKHLPSURYHGSURGXFWLRQV\VWHPVQHHGTXDQWLI\LQJLQRUGHU WRLPSURYHQXWULHQWXVHHIILFLHQF\DQGWRUHGXFHFRVWVYLDOHVVXVHRIPDFKLQHU\DQGFKHPLFDO LQSXWVHJWKHUROHRISODQWVVXFKDVIRUDJHOHJXPHVLQDFTXLULQJXQDYDLODEOH3VRXUFHV

± 6RLO RUJDQLF PDWWHU PDQDJHPHQW LQ WKH LPSURYHG SURGXFWLRQ V\VWHPV HJ RSWLPLVDWLRQ RI LPPRELOLVDWLRQPLQHUDOLVDWLRQ UROH RI SK\VLFDO QDWXUH RI VRLO RUJDQLF PDWWHU DQG GHFRPSRVLWLRQQXWULHQWUHOHDVHHWF

± 6WXEEOHUHVLGXHPDQDJHPHQWLVLWVFLHQFHRUDQDUW")DUPHUNQRZOHGJHQHHGVWREHFROODWHG DQGUHODWHGWRVFLHQWLILFSULQFLSOHV

± 7KHFRQWURORIVRLOELRORJLFDOSURFHVVHVHJIRUQXWULHQWF\FOLQJRI3DQG1P\FRUUKL]DDQG UKL]RELXPVWXGLHVDJURFKHPLFDOUHVLGXHVVRLOVWUXFWXUHSHVWVDQGGLVHDVHV

± 3ROLFLHV DGGUHVVHG DW SRWHQWLDO SUREOHPV LQ QXWULHQW F\FOHV HJ QXWULHQW PLQLQJ UHWXUQV RI QXWULHQWVWRWKHODQGVFDOHVLQYROYHGLQRQIDUPRIIIDUPXUEDQDUHDVHWF

(29)

± 7KHUHLVDQHHGWRDGGUHVVKRZVPDOOVFDOHIDUPHUVFDQEHKHOSHGYHUVXVODUJHIDUPHUV

± 5HVHDUFK LV QHHGHG RQ KRZ WR JLYH IDUPHUV EHWWHU DFFHVV WR LQIRUPDWLRQ RQ FURS RSWLRQV HVSHFLDOO\ KLJKHU YDOXH FURSV SRVWKDUYHVWLQJ WHFKQRORJLHV DJURSURFHVVLQJ DQG PDUNHW RSSRUWXQLWLHV

,VRWRSHVFDQSOD\DQLPSRUWDQWUROHLQWKHLPSURYHPHQWRIVRLOQXWULHQWDQGZDWHUPDQDJHPHQWLQ WKHDFLGVDYDQQDKVYLDWKHLUXVHLQWKHIROORZLQJUHVHDUFKDEOHWRSLFV

± (VWLPDWLQJZDWHUDQGQXWULHQWEDODQFHVLQWKHQHZV\VWHPVHJ1DQG3

± ,GHQWLI\LQJLQHIILFLHQFLHVLQQXWULHQWF\FOLQJSURFHVVHVDQGGHYHORSLQJJXLGHOLQHVIRULQFUHDVHG QXWULHQWXVHHIILFLHQF\DQGUHGXFHGFRVWV

± 0RQLWRULQJWKHWUDQVIHURIELRORJLFDOO\IL[HG1WRWKHVRLODQGRWKHUSODQWV

± $VVHVVLQJWKHULVNVRIJURXQGZDWHUFRQWDPLQDWLRQIURPQXWULHQWVDQGDJURFKHPLFDOV

± 'HWHUPLQLQJWKHUHOHDVHDQGIDWHRIQXWULHQWVIURPJURXQGFRYHUVDQGSDVWXUHFURSDQGDQLPDO UHVLGXHVDQGGHYHORSLQJJXLGHOLQHVIRUUHVLGXHPDQDJHPHQW

± 'HWHUPLQLQJWKHG\QDPLFVRIVRLORUJDQLFPDWWHUDQG&

± 4XDQWLI\LQJVRLOHURVLRQLQYDULRXVODQGXVHV\VWHPV

$&.12:/('*(0(17

7KH DXWKRUV JUDWHIXOO\ DFNQRZOHGJH ILQDQFLDO VXSSRUW IURP WKH 0DQDJLQJ $FLG 6RLOV

&RQVRUWLXP D SDUWLFLSDWLQJ FRQVRUWLXP RI WKH &*,$5V V\VWHPZLGH SURJUDP RQ 6RLO :DWHU DQG 1XWULHQW0DQDJHPHQW

5()(5(1&(6

>@ 6&+(556-<$'$96/DQGGHJUDGDWLRQLQWKHGHYHORSLQJZRUOG,PSOLFDWLRQVIRUIRRG DJULFXOWXUHDQGWKHHQYLURQPHQWWR,)35,:DVKLQJWRQSS

>@ %25/$8*1('2:6:(//&5)HHGLQJDKXPDQSRSXODWLRQWKDWLQFUHDVLQJO\FURZGV DIUDJLOHSODQW.H\QRWHDGGUHVVDWWKHWK:RUOG&RQJUHVVRI6RLO6FLHQFH$FDSXOFR0H[LFR 6XSSO±

>@ %52:1/5HWDO9LWDO6LJQV:RUOGZDWFK,QVWLWXWH::1RUWRQ &R

>@ SS63$,1 -0 HW DO ³&URS SDVWXUH URWDWLRQV LQ WKH %UD]LOLDQ FHUUDGRV´ 6LPSyVLR 6REUH R

&HUUDGR VW ,QWHUQDWLRQDO 6\PSRVLXP RQ 7URSLFDO 6DYDQQDV %UDVtOLD 3(5(,5$

5&1$66(5/&(GV(0%5$3$&3$&3ODQDOWLQD±

>@ 0$&('2-3URVSHFWLYHVIRUWKHUDWLRQDOXVHRIWKH%UD]LOLDQ&HUUDGRVIRUIRRGSURGXFWLRQ (0%5$3$&3$&3ODQDOWLQDSS

>@ /23(6$6³6RLOVXQGHUFHUUDGRDVXFFHVVVWRU\LQVRLOPDQDJHPHQW´.H\QRWH$GGUHVV ,)$33,5HJLRQDO&RQIHUHQFHIRU/DWLQ$PHULFDDQGWKH&DULEEHDQ-XQH±0H[LFR&LW\

>@ SS63(+$5&5628=$3,0³'HYHORSLQJVXVWDLQDEOHFURSSLQJV\VWHPVIRUWKH%UD]LOLDQ VDYDQQDV´ 0RLVW 6DYDQQDV RI $IULFD .$1* %7 HW DO(GV,,7$,EDGDQ±

>@ 60,7+-HWDO/DQGVSHFXODWLRQDQGLQWHQVLILFDWLRQDWWKHIURQWLHUDVHHPLQJSDUDGR[LQWKH

&RORPELDQVDYDQQD$JULF6\VWHPV±

>@ 6$1&+(=3$³&KDQJLQJWURSLFDOVRLOIHUWLOLW\SDUDGLJPVIURP%UD]LOWR$IULFDDQGEDFN´

3ODQW6RLO,QWHUDFWLRQVDW/RZS+6XVWDLQDEOH$JULFXOWXUHDQG)RUHVWU\3URGXFWLRQ021,=

$&HWDO(GV%UD]LOLDQ6RLO6FLHQFH6RFLHW\%UD]LO±

>@ /23(6 $6 &2; )5 $ VXUYH\ RI WKH IHUWLOLW\ VWDWXV RI VXUIDFH VRLOV XQGHU ³FHUUDGR´

YHJHWDWLRQLQ%UD]LO6RLO6FL6RF$P-±

>@ GH6,/9$-(HWDO3HUGDVGHPDWpULDRUJkQLFDHVXDVUHODo}HVFRPDFDSDFLGDGHGHWURFD FDWL{QLFDHPVRORVGDUHJLmRGHFHUUDGRVGRRHVWHEDLDQR5%UDV&L6ROR±

Références

Documents relatifs

Despite this, trade shows are incredibly relevant in highlighting organizational and inter- organizational dynamics: they gather the main actors of an industry or a

oj+e,, ri wkh Eùkp wuhh ri x1 L uvw vkrz wkdw +fi wkh sursrvlwlrq 8, li d eudqfk e ri x lv +w&gt; d, xvhixo dqg wkhuh lv d ghfrudwlrq iru +x&gt; e,/ wkhq wkhuh lv d ghfrudwlrq

We remark nevertheless, from qualitative analyses of use of the regulator in real driving conditions, and from the lived experience of this use by subjects, that this drop in trust in

$ WKHUPRPHFKDQLFDO ILQLWH HOHPHQW PRGHO KDV EHHQ GHYHORSHG WR VLPXODWH WKH ODVHU LQQRYDWLYH UDSLG SURWRW\SLQJ SURFHVV 7KH PHFKDQLFDO PRGHO WDNHV

MPI’s remote memory access interface defines one-sided communication operations, data consistency, and synchronization models for accessing memory regions that are exposed through

Übersandt wurde eine 31 g schwere Glandula parotis, von 6,5×5×2 cm Grö- ße mit einem auf lamellierenden Schnit- ten zart bekapselten, gelblich homogenen, weichen Tumor mit

7KHSURGXFWLRQRIDGHVFULSWLRQRIWKH$87LVDNH\HOHPHQWLQ RXUSURFHVVDVWKLVGHVFULSWLRQLVXVHGLQERWKWHVWJHQHUDWLRQ DQGGHYHORSPHQWDFWLYLWLHV)RUWKHModelling of the

Rqh ri wkh prvw dwwudfwlyh ihdwxuhv ri erxqghg0huuru hvwlpdwlrq lv wkh idfw wkdw lwv uhvxowv fdq eh jxdudqwhhg hyhq iru qrqolqhdu prghov dqg qlwh gdwd vhwv/ surylghg wkdw d ihz