• Aucun résultat trouvé

SSDL Newsletter Issue No. 42, January 2000 | IAEA

N/A
N/A
Protected

Academic year: 2022

Partager "SSDL Newsletter Issue No. 42, January 2000 | IAEA"

Copied!
35
0
0

Texte intégral

(1)

Prepared by the Joint IAEA/WHO Secretariat of the SSDL Network Published semi-annually by the International Atomic Energy Agency Vienna

ISSN 1011-2669

No. 42 January 2000

IAEA/WHO NETWORK OF SECONDARY STANDARD DOSIMETRY LABORATORIES

EDITORIAL NOTE...1 SERVICES PROVIDED BY THE IAEA PROGRAMME

IN DOSIMETRY AND MEDICAL

RADIATION PHYSICS ...3 THE SECONDARY STANDARD DOSIMETRY LABORATORIES . (SSDL) STORY ...4 DEVELOPMENT OF A QUALITY ASSURANCE PROGRAMME FOR SSDLs: REPORT OF THE THIRD RESEARCH CO- ORDINATION MEETING ...12

QUALITY ASSURANCE PROGRAMME AT THE NATIONAL CALIBRATION LABORATORY IN TANZANIA...24

ANNOUNCEMENTS...29 COURSES AND MEETINGS TO BE HELD

DURING 2000 ...30 MEMBER LABORATORIES OF THE IAEA/WHO

NETWORK OF SSDLs...31

(2)

(',725,$/127(

7KHGLUHFWRUVRIQDWLRQDOPHWURORJ\LQVWLWXWHVRIWKLUW\HLJKW0HPEHU6WDWHVRIWKH0HWUH&RQYHQWLRQ VLJQHG WKH 0XWXDO 5HFRJQLWLRQ $UUDQJHPHQW 05$ GXULQJ WKH VW ³&RQIpUHQFH *pQpUDOH GHV 3RLGV HW 0HVXUHV´&*30KHOGLQ3DULVRQ2FWREHU3URI3HGUR$QGUHR6HFWLRQ+HDGRIWKH'RVLPHWU\

DQG 0HGLFDO 5DGLDWLRQ 3K\VLFV 6HFWLRQ DQG ,$($ &R6HFUHWDU\ RI WKH ,$($:+2 1HWZRUN VLJQHG WKH 05$RQEHKDOIRIWKH66'/1HWZRUN$QHVVHQWLDOHOHPHQWRIWKLVDJUHHPHQWLVWKHFRQFHSWRIHTXLYDOHQFH LQPHDVXUHPHQWVDQGFRPSDUDELOLW\RIQDWLRQDOPHWURORJ\VHUYLFHV7KHVLJQLQJRIWKH0XWXDO5HFRJQLWLRQ

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

$FLUFXODUOHWWHUZLWKDFRS\RIWKHVLJQHG05$ZDVVHQWWRDOOPHPEHUVRIWKH,$($:+21HWZRUN RI66'/VLQ'HFHPEHU,WLVSODQQHGWRGHYRWHDVSHFLDOLVVXHRIWKH66'/1HZVOHWWHUWRFRQWULEXWLRQV WKDWDGGUHVVVSHFLILFDOO\SUDFWLFDODVSHFWVUHODWHGWRWKHLPSOHPHQWDWLRQRIWKH05$

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³WKH66'/VWRU\´WKHILUVWDUWLFOHRIWKLVLVVXHRIWKH 66'/1HZVOHWWHUVRWKDWWKH³66'/PHPRU\´EHFRPHVUHFRUGHG

7KH VHFRQG DUWLFOH LV D UHSRUW RI WKH 7KLUG 5HVHDUFK &RRUGLQDWLRQ 0HHWLQJ 5&0 IRU WKH &R RUGLQDWHG 5HVHDUFK 3URMHFW &53 ( RQ ³WKH GHYHORSPHQW RI D TXDOLW\ DVVXUDQFH SURJUDPPH IRU 66'/V´KHOGDWWKH,$($+HDGTXDUWHUVIURP1RYHPEHUWR'HFHPEHU7KHREMHFWLYHRIWKH&53 LV WR SUHSDUH SUDFWLFDO JXLGHOLQHV WR 66'/V IRU WKH GHYHORSPHQW RI D TXDOLW\ V\VWHP EDVHG RQ ,62,(&

VWDQGDUGV7KHPDLQUHVXOWVDFKLHYHGXQGHUWKLV&53DUHLQFOXGHGLQWKLVUHSRUWDQGZLOOEHSXEOLVKHGLQWKH IRUPRIDQ,$($GRFXPHQWWREHGLVWULEXWHGWRDOO66'/PHPEHUV

7KH WKLUG DUWLFOH LV D UHSRUW IURP WKH 66'/ LQ 7DQ]DQLD ZKLFK GHVFULEHV WKH TXDOLW\ FRQWURO SURJUDPPHLPSOHPHQWHGLQWKHODERUDWRU\

(3)

7KHSUHVHQWVWDIIRIWKH'RVLPHWU\DQG0HGLFDO5DGLDWLRQ3K\VLFV'0536HFWLRQ

1DPH 3RVLWLRQWDVNV (PDLODGGUHVV

$QGUHR3HGUR +HDG'0536HFWLRQ

,$($&R6HFUHWDU\66'/1HWZRUN SDQGUHR#LDHDRUJ

%HUD3UDQDEHV /DERUDWRU\7HFKQLFLDQ7/'

SEHUD#LDHDRUJ

&]DS/DGLVODY /DERUDWRU\7HFKQLFLDQ

,RQL]DWLRQFKDPEHUFDOLEUDWLRQ

OF]DS#LDHDRUJ

*LU]LNRZVN\5HLQKDUG /DERUDWRU\7HFKQLFLDQ +LJKGRVH

UJLU]LNRZVN\#LDHDRUJ

,]HZVND-RDQQD 7/'2IILFHU

+HDG'RVLPHWU\/DERUDWRU\8QLW

ML]HZVND#LDHDRUJ

0HJK]LIHQH$KPHG

66'/2IILFHU

(GLWRU66'/1HZVOHWWHU

DPHJK]LIHQH#LDHDRUJ

2ONR3DZHO

7/'VXSSRUW7$ SRONR#LDHDRUJ

3HL[RWR-*XLOKHUPH

3K\VLFLVW'LDJQRVWLF5DGLRORJ\

'RVLPHWU\7$ MSHL[RWR#LDHDRUJ

3HUQLFND)UDQWLVHN

'LDJQRVWLF5DGLRORJ\'RVLPHWU\

2IILFHU7$

ISHUQLFND#LDHDRUJ

7RHOOL+HLNNL

%UDFK\WKHUDS\'RVLPHWU\2IILFHU

KWRHOOL#LDHDRUJ

6DO]HU$QQHOLHVH 6HFUHWDU\

DVDO]HU#LDHDRUJ

)ORU\5RVHPDU\

6HFUHWDU\

UIORU\#LDHDRUJ

'0536HFWLRQ GRVLPHWU\#LDHDRUJD

D7KLVLVWKHJHQHUDOHPDLODGGUHVVRIWKH'0536HFWLRQZKHUHDOOFRUUHVSRQGHQFHQRWUHODWHGWRVSHFLILFWDVNVRIWKH VWDIIDERYHVKRXOGEHDGGUHVVHG3OHDVHQRWHDOVRWKDWWKHUHLVDFRQVLGHUDEOHFLUFXODWLRQRIWKHVWDIIRIWKH$JHQF\VR WKDWPHVVDJHVDGGUHVVHGWRVRPHRQHZKRKDVOHIWPLJKWEHORVW$OOLQFRPLQJPHVVDJHVWRWKLVPDLOER[DUHLQWHUQDOO\

GLVWULEXWHGWRWKHDSSURSULDWHVWDIIPHPEHUV

(4)

6(59,&(6 3529,'(' %< 7+( ,$($ 352*5$00( ,1 '26,0(75< $1' 0(',&$/

5$',$7,213+<6,&6

7KH ,$($V 'RVLPHWU\ DQG 0HGLFDO 5DGLDWLRQ 3K\VLFV SURJUDPPH LV IRFXVHG RQ VHUYLFHV SURYLGHG WR 0HPEHU 6WDWHV WKURXJK WKH ,$($:+2 66'/ 1HWZRUN DQG GRVH TXDOLW\ DXGLWV 7KH PHDVXUHPHQW VWDQGDUGVRI0HPEHU6WDWHVDUHFDOLEUDWHGIUHHRIFKDUJHDWWKH,$($VGRVLPHWU\ODERUDWRU\7KHDXGLWVDUH SHUIRUPHGWKURXJKWKH,$($:+27/'SRVWDOGRVHDVVXUDQFHVHUYLFHIRU66'/VDQGUDGLRWKHUDS\FHQWUHV DQGWKH,QWHUQDWLRQDO'RVH$VVXUDQFH6HUYLFH,'$6IRU66'/VDQGUDGLDWLRQSURFHVVLQJIDFLOLWLHVPDLQO\

IRUIRRGLUUDGLDWLRQDQGVWHULOLVDWLRQRIPHGLFDOSURGXFWV 7KHUDQJHRIVHUYLFHVLVOLVWHGEHORZ

6HUYLFHV 5DGLDWLRQTXDOLW\

&DOLEUDWLRQRILRQL]DWLRQFKDPEHUVUDGLRWKHUDS\GLDJQRVWLF UDGLRORJ\LQFOXGLQJPDPPRJUDSK\DQGUDGLDWLRQSURWHFWLRQ LQFOXGLQJHQYLURQPHQWDOGRVHOHYHO

[UD\VN9DQGJDPPDUD\V IURP&VDQG&R

&DOLEUDWLRQRIZHOOW\SHLRQL]DWLRQFKDPEHUVIRU

EUDFK\WKHUDS\/RZ'RVH5DWH/'5 gUD\VIURP&V ,QWHUFRPSDULVRQRIWKHUDS\OHYHOLRQL]DWLRQFKDPEHU

FDOLEUDWLRQVIRU66'/V gUD\VIURP&R

7/'GRVHTXDOLW\DXGLWVIRUH[WHUQDOUDGLRWKHUDS\EHDPVIRU

66'/VDQGKRVSLWDOV gUD\VIURP&RDQGKLJKHQHUJ\[UD\

EHDPV

7/'GRVHTXDOLW\DXGLWVIRUUDGLDWLRQSURWHFWLRQIRU66'/V gUD\VIURP&V (65DODQLQHGRVHTXDOLW\DXGLWVIRUUDGLDWLRQSURFHVVLQJIRU

66'/VDQGLQGXVWULDOIDFLOLWLHVWKURXJK,QWHUQDWLRQDO'RVH

$VVXUDQFH6HUYLFH,'$6

gUD\VIURP&RGRVHUDQJH N*\

5HIHUHQFHLUUDGLDWLRQVWRGRVLPHWHUVIRUUDGLDWLRQSURWHFWLRQ

IRU,$($LQWHUQDOXVH [UD\VN9DQGgUD\VIURP

&VDQG&R

0HPEHU6WDWHVZKRDUHLQWHUHVWHGLQWKHVHVHUYLFHVVKRXOGFRQWDFWWKH,$($:+21HWZRUN6HFUHWDULDWIRU IXUWKHUGHWDLOVDWWKHDGGUHVVSURYLGHGEHORZ$GGLWLRQDOLQIRUPDWLRQLVDOVRDYDLODEOHWKURXJKWKH,QWHUQHW DWWKHZHEVLWHKWWSZZZLDHDRUJSURJUDPPHVQDKXQHWH

,$($:+266'/1HWZRUN6HFUHWDULDW

'RVLPHWU\DQG0HGLFDO5DGLDWLRQ3K\VLFV6HFWLRQ 'LYLVLRQRI+XPDQ+HDOWK

,QWHUQDWLRQDO$WRPLF(QHUJ\$JHQF\

32%R[

$9LHQQD

$XVWULD

7HOHSKRQH

)D[(PDLO'RVLPHWU\#LDHDRUJ

(5)

7+(6(&21'$5<67$1'$5' '26,0(75</$%25$725,(6 66'/6725<

+RUVW+(LVHQORKU

,QWKH,QWHUQDWLRQDO$WRPLF(QHUJ\$JHQF\

DQG WKH :RUOG +HDOWK 2UJDQL]DWLRQ IRUPDOO\

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¶V 7HFKQLFDO $VVLVWDQFH SURJUDPPH ,W WKHQEHJDQWRWKULYHWKRXJKLQWKHFRXUVHRIWLPH :+2¶V LQLWLDO ILQDQFLDO VXSSRUW GHFOLQHG 1RZ WKH 66'/ 1HWZRUN FRPSULVHV ODERUDWRULHV DURXQG WKH ZRUOG ,W LV JXLGHG E\ D MRLQW ,$($:+2 6HFUHWDULDW ZKLFK LQ WXUQ LV DGYLVHG E\ DQ 66'/ 6FLHQWLILF &RPPLWWHH ,W LV VXSSRUWHG E\ &ROODERUDWLQJ 2UJDQL]DWLRQV

%,30 ,&58 ,(& ,20/ ,203 VHH OLVW RQ SDJHE\$IILOLDWHG0HPEHUVLHQDWLRQDO 3ULPDU\ 6WDQGDUGV /DERUDWRULHV $XVWUDOLD

$XVWULD &DQDGD )UDQFH *HUPDQ\ +XQJDU\

,WDO\ -DSDQ 7KH 1HWKHUODQGV 1HZ =HDODQG 5XVVLDQ)HG6ORYDNLD6SDLQ8.DQG86$DQG HQMR\VIXOOQDWLRQDODQGLQWHUQDWLRQDOUHFRJQLWLRQ 0RVW RI WKH SHRSOH ZKR LQLWLDWHG SURPRWHG DQG GLUHFWHG WKH HVWDEOLVKPHQW RI 66'/V DQG WKH 1HWZRUNKDYHE\QRZUHWLUHGIURPWKHLUSRVLWLRQV LQ QDWLRQDO RU LQWHUQDWLRQDO LQVWLWXWLRQV 6RPH RI WKHHDUO\HQWKXVLDVWVDUHQRORQJHUDOLYHDQGWKH QDPHV RI PDQ\ RI WKHP ZHUH QHYHU DVVRFLDWHG ZLWKWKHSURMHFWEHFDXVHVWDIIRIDQGFRQVXOWDQWV WR LQWHUQDWLRQDO RUJDQL]DWLRQV DUH H[SHFWHG WR ZRUNLQDQRQ\PLW\

7+(35(&$5$&$63(5,2'

,W LV SHUKDSV QR ORQJHU SRVVLEOH WR LGHQWLI\ WKH FRQFHSWXDO RULJLQ RI WKH ODERUDWRULHV ZKLFK DUH QRZ QDPHG 66'/V +RZHYHU WKHUH LV HYLGHQFH WKDW DURXQG D VPDOO JURXS RI PHGLFDO

SK\VLFLVWV ZRUNLQJ DW WKH ,$($ LQ 9LHQQD SDUWLFXODUO\ 0 &RKHQ DQG .& 7VLHQ IRUPXODWHG DQG ODXQFKHG D SURJUDPPH DLPHG DW DVVLVWLQJUDGLRWKHUDS\LQ/DWLQ$PHULFDWKHRQO\

UHJLRQ LQ WKH GHYHORSLQJ ZRUOG ZKHUH LRQL]LQJ UDGLDWLRQZDVH[WHQVLYHO\XVHGLQPHGLFLQHDWWKDW WLPH 7KLV JURXS DQG WKHLU VXFFHVVRUV LQ WKH PLGGOH VL[WLHV / /DQ]O 5 /RHYLQJHU 33IDO]QHU + (LVHQORKU DOVR SURSRVHG WKDW WKH

$JHQF\ RUJDQL]H DQG SHUIRUP D GRVH LQWHUFRPSDULVRQVHUYLFHE\PDLOXVLQJ7/'7KLV SURYHG WR EH RI XWPRVW LPSRUWDQFH LQ WKH IROORZLQJGHFDGHV,WDOVRILJXUHGDWWKHRULJLQRI WKH $JHQF\¶V 'RVLPHWU\ 6HFWLRQ ZKLFK ZDV LQDXJXUDWHG LQ 5 /RHYLQJHU KHDG 33IDO]QHU + (LVHQORKU 6 0DOR $OYDUH]

9%DODPXWRY,WVKRXOGEHQRWHGKHUHWKDWPDQ\

\HDUVEHIRUHDGRVLPHWU\ODERUDWRU\KDG EHHQ VHW XS DW ,$($¶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

LQGXVWULDOL]HG FRXQWULHV VXFK QDWLRQDO GRVLPHWU\

VHUYLFHV ZLWK D GLUHFW OLQN WR WKH LQWHUQDWLRQDO PHDVXUHPHQWV\VWHPGLGQRWH[LVW$VDUHVXOWRI WKHVH REVHUYDWLRQV 3 3IDO]QHU GLVFXVVHG DPRQJ RWKHULVVXHVWKHVHWWLQJXSRIDUHJLRQDOGRVLPHWU\

UHIHUHQFH FHQWUH ZLWK FROOHDJXHV LQ 6RXWK

$PHULFD ,Q KLV WUDYHO UHSRUW WR WKH 'LUHFWRU

*HQHUDO RI ,$($ IURP )HEUXDU\ KH SURSRVHG WKH VHWWLQJ XS RI D UHJLRQDO GRVLPHWU\

ODERUDWRU\ ZLWK ,$($ VXSSRUW6LPLODUSURSRVDOV ZHUH DOVR PDGH E\ D MRLQW :+2,$($ ([SHUW

&RPPLWWHH RQ 3ODQQLQJ RI 5DGLRWKHUDS\

)DFLOLWLHVKHOGLQ*HQHYDLQLQWKHUHSRUWRI DQ,$($SDQHORQ0HGLFDO5DGLDWLRQ'RVLPHWU\

(6)

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

7+(&$5$&$63$1(/

'XULQJ WKLV SHULRG WKH 'RVLPHWU\ 6HFWLRQ DW ,$($ SUHSDUHG DQ H[SHUWV¶ PHHWLQJ RQ

³'RVLPHWULF 5HTXLUHPHQWV RI 5DGLRWKHUDS\

&HQWUHV´WREHKHOGLQ9HQH]XHOD33IDO]QHUDQG + (LVHQORKU ZHUH DVVLJQHG DV VFLHQWLILF VHFUHWDULHV RI WKH SDQHO ZKLFK ZDV KHOG LQ

&DUDFDVLQ$SULO$WWKLVPHHWLQJWKH:RUOG +HDOWK 2UJDQL]DWLRQ ZDV UHSUHVHQWHG E\ : 6HHOHQWDJ ZKR KDG UHFHQWO\ MRLQHG :+2 WRJHWKHU ZLWK *3 +DQVRQ DQG '- -RO\

UHSUHVHQWLQJ3$+2

7KLV 0HHWLQJ WRRN SODFH DW WKH ,QVWLWXWR 9HQH]RODQR GH ,QYHVWLJDFLRQHV &LHQWtILFDV ,9,& QHDU &DUDFDV IURP WR$SULO 7KHPHHWLQJKDGLWVRULJLQDVDOUHDG\PHQWLRQHG LQ REVHUYDWLRQV DQG SURSRVDOV FRQWDLQHG LQ WKH ZRUNLQJ SURJUDPPH RI ,$($¶V 'RVLPHWU\

6HFWLRQ 7KH IROORZLQJ H[SHUWV ZHUH XSRQ UHTXHVW E\ ,$($ QRPLQDWHG E\ WKHLU UHVSHFWLYH FRXQWULHV DV PHPEHUV RI WKH SDQHO ( %XQGH )5* 6)HGRUXN &DQDGD 0 *DLWDQ <

&RORPELD-%0DVVH\8.(0H\HU%UD]LO +$0XJOLDUROL $UJHQWLQD ) 3DUD *LO (FXDGRU - 6RODQDV 9HQH]XHOD 0 :LOOLDPV 86$0=DKDULD3HUX$VWKLVPHHWLQJFDQEH FRQVLGHUHGDVWKHRULJLQRIWKH66'/SURJUDPPH DQH[WUDFWRIWKHSDQHOUHSRUWZLOOEHUHSURGXFHG KHUH

³7KH&RPPLWWHHQRWHVWKDWLQ/DWLQ$PHULFDWKH GHYHORSPHQWRISK\VLFVLQUDGLRWKHUDS\IURPWKH SRLQW RI YLHZ RI ERWK SHUVRQQHO DQG HTXLSPHQW KDVQRWNHSWSDFHZLWKWKDWRIUDGLRWKHUDS\LWVHOI 7KLV LV HYLGHQFHG E\ WKH H[WUHPH VKRUWDJH HYHQ

FRPSOHWH DEVHQFH LQ VRPH FDVHV RI TXDOLILHG PHGLFDO UDGLDWLRQ SK\VLFLVWV LQ WKH FRXQWULHV RI /DWLQ $PHULFD $W WKH VDPH WLPH WKHUH H[LVWV LQ WKHVH FRXQWULHV D ODUJH QXPEHU RI UDGLRWKHUDS\

GHSDUWPHQWV ERWK SXEOLF DQG SULYDWH PDQ\ RI ZKLFKDUHHTXLSSHGZLWKH[SHQVLYHWHOHFREDOWDQG

;UD\ XQLWV 7KH DEVHQFH RI DGHTXDWH SK\VLFV VHUYLFHV VHULRXVO\ OLPLWV WKH HIIHFWLYH DQG VDIH XWLOL]DWLRQRIWKLVYHU\FRVWO\HTXLSPHQW

³7KHUH LV QR GRXEW WKDW WKH VROXWLRQ WR WKLV SUREOHP OLHV LQ WKH SURYLVLRQ RI VXIILFLHQW QXPEHUV RI IXOOWLPH TXDOLILHG PHGLFDO UDGLDWLRQ SK\VLFLVWV VHH UHSRUW RI WKH MRLQW ,$($:+2 ([SHUW&RPPLWWHHRQ0HGLFDO5DGLDWLRQ3K\VLFV :+27HFK5HS6HU)RUWKLVUHDVRQ WKHUH LV DQ XUJHQW QHHG WR HVWDEOLVK DGHTXDWH IDFLOLWLHV IRU WKH SRVWJUDGXDWH WUDLQLQJ RI VXFK SK\VLFLVWV

³7KHUH LV DOVR DQ XUJHQW QHHG WR HVWDEOLVK IDFLOLWLHVIRUWKHFDOLEUDWLRQRILQVWUXPHQWVXVHGLQ UDGLDWLRQ PHDVXUHPHQWV $W SUHVHQW QR VXFK IDFLOLWLHVH[LVWLQ/DWLQ$PHULFDDQGUHFRXUVHKDV WR EH KDG WR HLWKHU 1RUWK $PHULFD RU (XURSH ZKLFKLQYROYHVJUHDWSUDFWLFDOGLIILFXOWLHV

³,QIRUPDWLRQDYDLODEOHWRWKHSDQHOLQGLFDWHVWKDW LQ PDQ\ RIWKHPDMRUFLWLHVRI/DWLQ$PHULFDDQ XQGHVLUDEO\ODUJHQXPEHURIVHSDUDWHUDGLRWKHUDS\

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

³$OWKRXJKWKLVUHSRUWLVSUHVHQWHGWRWKH,$($DV WKHRUJDQL]DWLRQUHVSRQVLEOHIRUWKHVHWWLQJXSRI WKLV SDQHO PHHWLQJ WKH PHPEHUV RI WKH SDQHO VXJJHVWWKDWLQFDUU\LQJRXWWKHUHFRPPHQGDWLRQV WKH ,$($ VKRXOG FRQVLGHU LQYLWLQJ WKH FRPSOHWH FRRSHUDWLRQ RI RWKHU RUJDQL]DWLRQV LQWHUHVWHG LQ WKLVILHOGLQSDUWLFXODU:+23$+2,WLVIXUWKHU VXJJHVWHG WKDW WKLV UHSRUW EH FLUFXODWHG WR WKH SXEOLFKHDOWKDXWKRULWLHVLQWKHFRXQWULHVRI/DWLQ

$PHULFD´

7KHJURXSVXEPLWWHGWKUHHGHWDLOHGUHFRPPHQGD WLRQVWRWKH,$($IRULPSOHPHQWDWLRQ

- WKHSUHSDUDWLRQRIDEDVLFPDQXDORIGRVLPHWU\

(7)

- WKHRUJDQL]DWLRQRIUHJLRQDOWUDLQLQJFRXUVHVLQ UDGLRWKHUDS\SK\VLFVDQG

- WKHFUHDWLRQRIUHJLRQDOGRVLPHWU\IDFLOLWLHVLQ 6RXWK$PHULFD

7KHWKLUGLWHPLVRIGLUHFWUHOHYDQFHWRWKLVDUWLFOH ,WVIXOOZRUGLQJLVWKHUHIRUHJLYHQKHUH

³'RVLPHWU\ LQ WKH PHGLFDO DSSOLFDWLRQ RI UDGLD WLRQLVFRQFHUQHGZLWKNQRZLQJDVDFFXUDWHO\DV SRVVLEOHWKHGRVHDGPLQLVWHUHGWRWKHSDWLHQWDQG WKH GRVH UHFHLYHG E\ VWDII ZRUNLQJ ZLWK JHQHUD WRUVRILRQL]LQJUDGLDWLRQ

³7KH FRPSOHWH DEVHQFH RI QDWLRQDO ODERUDWRULHV IRUVWDQGDUGL]LQJUDGLDWLRQPHDVXUHPHQWVDQGWKH ODFN RI SK\VLFV GHSDUWPHQWV LQ PRVW RI WKH UDGLRWKHUDS\ FHQWUHV LQ /DWLQ $PHULFD ZDUUDQWV WKHVHWWLQJXSRIRQHRUPRUHUHJLRQDOGRVLPHWU\

FHQWUHVZLWKVXLWDEOHHTXLSPHQWDQGH[SHUWVWDII

³7KHFRPPLWWHHWKHUHIRUHVXJJHVWVWKDWWKH,$($

LQ FROODERUDWLRQ ZLWK :+2 VKRXOG WDNH DSSURSULDWHVWHSVDVVRRQDVSRVVLEOHWRHVWDEOLVK VXFK D FHQWUH RU FHQWUHV WKH IXQFWLRQ RI ZKLFK ZRXOGEHSULPDULO\

- 7R FDOLEUDWH GRVLPHWHUV IRU /DWLQ $PHULFDQ LQVWLWXWLRQV

- 7R PDNH LQWHUFRPSDULVRQV RI GRVH PHDVXUH PHQWV ZLWK DOO WKH LQVWLWXWLRQV FRQFHUQHG LQ /DWLQ$PHULFD

- 7R UHQGHU ORFDO WHFKQLFDO DVVLVWDQFH WR /DWLQ

$PHULFDQ LQVWLWXWLRQV E\ PHDQV RI WUDLQHG VWDII LQ FKHFNLQJ UDGLDWLRQ HTXLSPHQW DQG GRVLPHWU\

- 7RVWDQGDUGL]HUDGLDWLRQPHDVXUHPHQWV - 7RPDNHLQWHUFRPSDULVRQVZLWKWKHILQGLQJVRI

RWKHU LQWHUQDWLRQDOO\ UHFRJQL]HG VWDQGDUGL]D WLRQODERUDWRULHV1%613/HWF

- 7R SURYLGH D SHUVRQQHO GRVLPHWU\ VHUYLFH WR FRXQWULHVLQWKHSURFHVVRIVHWWLQJXSWKHLURZQ ORFDOVHUYLFH

- 7R FRRSHUDWH ZLWK ORFDO SHUVRQQHO GRVLPHWU\

VHUYLFHV

- 7R FROODERUDWH LQ WKH RUJDQL]DWLRQ DQG HVWDEOLVKPHQW RI ORFDO GRVLPHWU\ ODERUDWRULHV DQGLQWUDLQLQJWKHVWDIIWRWDNHFKDUJHRIWKHP - 7R ZRUN RXW UHVHDUFK SURMHFWV UHODWHG WR WKH

FHQWUH¶VSXUSRVHV

³7KH :RUNLQJ *URXS FRQVLGHUV WKDW LW ZRXOG EH GHVLUDEOH IRU WKH FHQWUHV WR KDYH DYDLODEOH WKH IROORZLQJ IDFLOLWLHV LQ FDUU\LQJ RXW WKH DERYH

PHQWLRQHGGXWLHV

- DODERUDWRU\IRUDEVROXWHPHDVXUHPHQWV - DODERUDWRU\IRUFKHFNLQJGRVLPHWHUV

- DQ LQVWUXPHQW ODERUDWRU\ HTXLSSHG ZLWK DQ HOHFWURQLFVVKRSDQGDSUHFLVLRQPDFKLQHVKRS - DSHUVRQQHOGRVLPHWU\ODERUDWRU\DQG

- VXLWDEOHOLEUDU\IDFLOLWLHV´

:+2 5(*,21$/ '26,0(75<

5()(5(1&(&(175(6

$IWHU VXEPLVVLRQ RI WKH SDQHO UHSRUW E\ WKH WZR VFLHQWLILF VHFUHWDULHV WKH $JHQF\ DXWKRUL]HG LWV 'RVLPHWU\6HFWLRQWRVWDUWLPSOHPHQWLQJWKHILUVW WZR UHFRPPHQGDWLRQV +RZHYHU ,$($¶V PDQDJHPHQW ZDV QRW SUHSDUHG WR OHW WKH 'RVLPHWU\ 6HFWLRQ JR DKHDG ZLWK WKH WKLUG DQG PRVWLPSRUWDQWSURSRVDOWKHFUHDWLRQRIUHJLRQDO GRVLPHWU\ ODERUDWRULHV 7KH UDWLRQDOH EHKLQG WKLV GHFLVLRQ ZDV FOHDUO\ WKH ILQDQFLDO FRQVLGHUDWLRQ :+2 LQ FRQWUDVW GLG QRW KHVLWDWH WR WDNH LPPHGLDWHDFWLRQ

$V HDUO\ DV 1RYHPEHU :+2 LQYLWHG D JURXSRIH[SHUWVDQG,$($VWDIIWRLWV+HDGTXDU WHUVLQ*HQHYDWRGLVFXVVWKHQHHGIRUDQGZD\V RI LPSURYLQJ UDGLDWLRQ GRVLPHWU\ IRU UDGLRWKHUDS\ DQG UDGLDWLRQ SURWHFWLRQ SXUSRVHV 7KLVJURXSHQGRUVHGWKHUHFRPPHQGDWLRQVRIWKH

&DUDFDV SDQHO DQG GUDIWHG UHFRPPHQGDWLRQV ZKLFK IRUPHG WKH EDVLV RI WKH :+2 GRFXPHQW

³'UDIW*XLGHOLQHVIRUWKH6HWWLQJXSRI6HFRQGDU\

6WDQGDUG 'RVLPHWU\ /DERUDWRULHV 7KHLU 1HHGV 'XWLHVDQG&KDUDFWHULVWLFV*HQHYDVLJQHG E\ : 6HHOHQWDJ DQG%:DOGHVNRJDQGZLWK6 2VERUQ .LQJ¶V &ROOHJH +RVSLWDO /RQGRQ DV SULQFLSDO DXWKRU $W WKH VDPH WLPH :+2 EHJDQ GHVLJQDWLQJ D QXPEHU RI ODERUDWRULHV ZLWKLQ UDGLRWKHUDS\FHQWUHVDV:+25HJLRQDO'RVLPHWU\

5HIHUHQFH&HQWUHV5'5&VLQWKHIUDPHZRUNRI DJHQHUDOSURJUDPPHFDOOHG³:+2&ROODERUDWLQJ /DERUDWRULHV´:KHUHDVFUHGLWVKRXOGEHJLYHQWR WKH:+2VWDIILQFKDUJHIRUSXWWLQJLQWRDFWLRQDQ H[SOLFLW UHFRPPHQGDWLRQ RI WKH &DUDFDV SDQHO VRPH FULWLFLVPV RQ :+2¶V SRVW&DUDFDV SURFHGXUHVDSSHDUDSSURSULDWH)LUVWO\GHVSLWHWKH ,$($¶V UHOXFWDQFH LQ WKH PDWWHU :+2 VKRXOG KDYH RIILFLDOO\ LQIRUPHG ,$($ LPPHGLDWHO\ DQG LQGHWDLORQLWVLQWHQGHGVWHSV,QIDFWLWZDVWRWKH ,$($¶V FRPSOHWH VXUSULVH ZKHQ LQ 'HFHPEHU :+2LQIRUPHG,$($RIWKHGHVLJQDWLRQRI WZRODERUDWRULHVLQ%XFKDUHVWDQG%XHQRV$LUHV DV :+2 5'5&V ,QGHHG LW ZDV QRW XQWLO

(8)

'HFHPEHU WKDW WKH ,$($ ZDV UHJXODUO\

FRQVXOWHGSULRUWRVXFKDFWLYLWLHV6HFRQGO\:+2 SXUVXHG WKH SURMHFW ZLWKLQ WKH PHGLFDO ILHOG 7KHVHODERUDWRULHVZHUHFRQFHLYHGDVDGMXQFWVWR UDGLRWKHUDS\FHQWUHVIXOILOOLQJDVSHFLDOWHFKQLFDO WDVNZLWKLQWKHVHGHSDUWPHQWV:KLOHDOLQNWRWKH LQWHUQDWLRQDO PHDVXUHPHQW V\VWHP ZDVSURPLVHG FROODERUDWLRQDPRQJWKHVH:+2FHQWUHVDVZHOO DV DFWLYH VXSSRUW WKURXJK WKH H[LVWLQJ ,$($

GRVLPHWU\ ODERUDWRU\ ZDV QRW IRUHVHHQ ,Q D FLUFXODU OHWWHU WR WKH JRYHUQPHQWV :+2 VWDWHG WKDW³WKHZRUNRIWKH:+25HJLRQDO&HQWUHVZLOO EH KDUPRQL]HG E\ :+2 +HDGTXDUWHUV ZLWK WKH DVVLVWDQFH RI WKH %,30 DQG RQH RU WZR QDWLRQDO VWDQGDUGL]LQJ LQVWLWXWLRQV ZKLFK ZLOO DFW DV LQWHUQDWLRQDOUHIHUHQFHFHQWUHV´+RZHYHUDODWHU LQTXLU\ UHYHDOHG WKDW QHLWKHU WKH %,30 QRU DQ\

RWKHU36'/ZHUHRIILFLDOO\DSSURDFKHGE\:+2 LQ WKLV PDWWHU DW WKDW WLPH 0RUHRYHU QR PHDQV ZHUH IRUHVHHQ IRU D SHULRGLF DQG FRPSXOVRU\

FKHFN RI WKH ZRUNLQJ FRQGLWLRQV RI WKH 5'5&V QRU ZDV DQ\ FOHDU URXWH RI UHVSRQVLELOLW\ VWLSX ODWHGZLWKLQWKHUHOHYDQWORFDODGPLQLVWUDWLRQV

,$($'26,0(75<

/$%25$725<%(&20(63$57 2)7+('26,0(75<

352*5$00(

,QWKH$JHQF\¶V'RVLPHWU\6HFWLRQEHFDPH UHVSRQVLEOH IRU WKH ZRUNLQJ SURJUDPPH RI LWV GRVLPHWU\ODERUDWRU\ZKLFKDVPHQWLRQHGHDUOLHU KDGEHHQDVHSDUDWHJURXSZLWKLQDQRWKHU'LYLVLRQ RIWKH,$($$WWLPHVWKLVVWUDQJHVLWXDWLRQKDG FDXVHGFRQIXVLRQDQGLQHIILFLHQF\)URPQRZRQ PDQSRZHU DQG IDFLOLWLHV RI WKH ODERUDWRU\ FRXOG EHIXOO\XWLOL]HGIRUWKHVHFWLRQ¶VSURJUDPPH$W WKDW WLPH FRQWDFWV ZHUH HVWDEOLVKHG EHWZHHQ WKH 'RVLPHWU\ 6HFWLRQ DQG VWDII RI QDWLRQDO 3ULPDU\

6WDQGDUGV /DERUDWRULHV ,Q D MRLQW HIIRUW ZLWK 5 /RHYLQJHU 1%6 : $ -HQQLQJV 13/ .

=VGDQV]N\20++5HLFK37%DQGRWKHUVD PRGHUQ FRQFHSW RI 6HFRQGDU\ 6WDQGDUG 'RVLPHWU\/DERUDWRULHV66'/VZDVHODERUDWHG ZLWK FORVH OLQNV WR RWKHU QDWLRQDO VWDQGDUGV ODERUDWRULHV DQG WKH %,30 $OVR WKH $JHQF\¶V GRVLPHWU\ODERUDWRU\ZDVGHVLJQDWHGWRVHUYHDVD FRRUGLQDWLQJ ODERUDWRU\ IRU WKH 66'/V DQG DV D WUDLQLQJ FHQWUH IRU 66'/ VWDII 7KH SRVWDO GRVH LQWHUFRPSDULVRQ SURJUDPPH XVLQJ 7/'V ZKLFK KDG DOUHDG\ SURYHG LWV YDOXH LQ LPSURYLQJ WKH UHOLDELOLW\ RI GRVH PHDVXUHPHQWV LQ UDGLRWKHUDS\

FHQWUHVVKRXOGEHH[WHQGHGWRSHULRGLFDOO\VHUYH WKH 66'/V DQG 36'/V VKRXOG EH DVNHG WR

UHJXODUO\ SDUWLFLSDWH LQ WKLV SURJUDPPH ,Q WKH FRXUVH RI WKHVH GLVFXVVLRQV D QHHG ZDV VHHQ IRU VRPHIRUPDOVWUXFWXUHEH\RQG:+2KDUPRQL]LQJ WKH ZRUN RI WKH 66'/V DQG SURYLGLQJ DFFHVV WR WKH LQWHUQDWLRQDO PHDVXUHPHQW V\VWHP 7KXV WKH LGHD RI D 1HWZRUN RI 66'/V WRRN VKDSH DQG LW ZDVIHOWWKDWDQRWKHURSHQPHHWLQJPLJKWKHOSWR PDNHDEUHDNWKURXJKWRZDUGVWKHHVWDEOLVKPHQWRI 66'/V DQG DQ 66'/ 1HWZRUN DV SDUW RI WKH LQWHUQDWLRQDOPHWURORJ\V\VWHPDQGLQDFFRUGDQFH ZLWKWKHFRQFHSWVGHYHORSHGE\WKH,$($DQGLWV H[SHUWV

5,23$1(/

&RQVHTXHQWO\ DQRWKHU ,$($:+2 SDQHO RQ 66'/$FWLYLWLHVZDVSUHSDUHGDQGKHOGLQ5LRGH -DQHLUR LQ 'HFHPEHU ,W ZDV DWWHQGHG E\

UHSUHVHQWDWLYHV IURP QDWLRQDO 3ULPDU\ 6WDQGDUGV /DERUDWRULHV 15& /05, 37% (7/13/DQG 1%6IURP66'/V5'5&VIURP:+2DQG HDFKIURP3$+2,203%,30(85$720DQG

*6) 6FLHQWLILF 6HFUHWDULHV ZHUH + (LVHQORKU IURP,$($DQG:6HHOHQWDJIURP:+2

7KH SDQHO UHFRPPHQGHG WKH HVWDEOLVKPHQW RI D 1HWZRUNRI66'/VLWV6HFUHWDULDWIXQFWLRQEHLQJ YHVWHG LQ WKH ,$($ DQG :+2 $Q $GYLVRU\

&RXQFLOVKRXOGDVVLVWWKH6HFUHWDULDWLQDOOPDWWHUV FRQFHUQLQJWKH1HWZRUN7KHSDQHODOVRLGHQWLILHG WKHUHVSRQVLELOLWLHVRIWKH6HFUHWDULDWWKH&RXQFLO WKH 66'/V DQG 36'/V ZLWKLQ WKH 1HWZRUN 3HQGLQJ DSSURYDO RI WKH ,$($ DQG :+2 6HFUHWDULDWV WKH SDQHO DOVR HOHFWHG SDQHO SDUWLFLSDQWV WR VHUYH RQ WKH &RXQFLO LQ LWV ILUVW WHUP

7KH PDMRULW\ RI WKH SDUWLFLSDQWV H[SUHVVHG WKHLU SUHIHUHQFH RI WKH ,$($ FRQFHSW RI DQ 66'/

1HWZRUNEDVHGRQDQGFORVHO\OLQNHGWRWKHLQWHU QDWLRQDOPHDVXUHPHQWV\VWHPLQSUHIHUHQFHWRWKH :+2 VFKHPH RI &ROODERUDWLQJ /DERUDWRULHV ,W ZDV IHOW WKDW WKH ODWWHU VWUXFWXUH KDG EHHQ XVHG SUHYLRXVO\ EHFDXVH LW ZDV DQ H[LVWLQJ VWUXFWXUH EXW HVWDEOLVKHG IRU TXLWH GLIIHUHQW SXUSRVHV 7KH IROORZLQJ DUH TXRWDWLRQV IURP WKH UHSRUW RI WKH ,$($ VHFUHWDU\ RI WKH SDQHO DQG IURP ZRUNLQJ SDSHUVVXEPLWWHGE\SDUWLFLSDQWV

³7KHUH DUH DW SUHVHQW DERXW 1DWLRQDO3ULPDU\

6WDQGDUGV /DERUDWRULHV RSHUDWLQJ LQ WKH ZRUOG 7KH\ DUH OLQNHG WRJHWKHU E\ WKH ,QWHUQDWLRQDO

%XUHDX RI :HLJKWV DQG 0HDVXUHV %,30 LQ 3DULV7KHLUPDLQWDVNLVWRPDLQWDLQDQGRSHUDWH SULPDU\ VWDQGDUGV DQG WR FDOLEUDWH VHFRQGDU\

VWDQGDUGVDJDLQVWWKHP

(9)

³,QPRVWFRXQWULHVQRZKDYLQJH[SDQGLQJQXFOHDU SURJUDPV FDOLEUDWLRQ RI UDGLDWLRQ PHDVXUHPHQW HTXLSPHQW LV QRW SRVVLEOH EHFDXVH DGHTXDWH FDOLEUDWLRQ IDFLOLWLHV DUH ODFNLQJ (YHQ LQ WHFKQLFDOO\ DGYDQFHG FRXQWULHV WKH 3ULPDU\

6WDQGDUG'RVLPHWU\/DERUDWRULHV36'/VDUHQRW DEOHWRFDOLEUDWHDQGFKHFNDOOLQVWUXPHQWVXVHGLQ UDGLRWKHUDS\ LQGXVWU\ DQG UDGLDWLRQ SURWHFWLRQ EHFDXVH WKH QXPEHU RI WKHVH LQVWUXPHQWV LV WRR ODUJH $V KRZHYHU LQ PRVW FRXQWULHV VXFK FDOLEUDWLRQV DUH QRZ REOLJDWRU\ PDQ\GHYHORSHG FRXQWULHV DUH JRLQJ WR VHW XS FDOLEUDWLRQ FHQWUHV RQWKHVHFRQGDU\VWDQGDUGOHYHOWKHLUWDVNZLOOEH WR FDOLEUDWH DQG FKHFN WHUWLDU\ DQG ILHOG LQVWUXPHQWVLQGDLO\XVH

³7KHUH LV JHQHUDO DJUHHPHQW DPRQJ WKH H[SHUWV FRQFHUQHG WKDW LW LV QHLWKHU QHFHVVDU\ QRU GHVLUDEOHIRUHYHU\LQGLYLGXDOFRXQWU\WRPDLQWDLQ SULPDU\ VWDQGDUGV IRU UDGLDWLRQ GRVLPHWU\

+RZHYHU LW KDV EHHQ UHFRPPHQGHG DW VHYHUDO RFFDVLRQVIRUWKHILUVWWLPHDWWKH,$($SDQHORQ 'RVLPHWULF 5HTXLUHPHQWV RI 5DGLRWKHUDS\

&HQWUHV &DUDFDV WKDW UHJLRQDO RU ORFDO 66'/VEHHVWDEOLVKHGLQGHYHORSLQJDUHDV6LQFH WKHQVHYHQVXFK66'/VZHUHVHWXSVL[5'5&V EHLQJ GHVLJQDWHG E\ :+2 ³LQ FRRSHUDWLRQ ZLWK ,$($´ $UJHQWLQD ,UDQ 0H[LFR 5RPDQLD 6LQJDSRUH 7KDLODQG DQG RQH E\ ,$($ ³LQ DJUHHPHQWZLWK:+2´%UD]LO

³:KHQVHWWLQJXS66'/VRQHPXVWNHHSLQPLQG WKDW WKH JRDO LV D PHWURORJLFDO QRW D KHDOWK RUJDQL]DWLRQ ,W PXVW EH WLHG WR WKH LQWHUQDWLRQDO PHDVXUHPHQW V\VWHP ZKLFK FDQ RQO\ EH DFFRPSOLVKHG E\ UHODWLQJ WR WKH SULPDU\

ODERUDWRULHV,WZLOOSUREDEO\EHPRVWXVHIXOWRWLH LQGLYLGXDO VHFRQGDU\ ODERUDWRULHV WR SDUWLFXODU SULPDU\ ODERUDWRULHV LQ RUGHU WR GHYHORS ORQJ WHUPZRUNLQJUHODWLRQVKLSV

³,IWKHQHWZRUNLVWREHHIIHFWLYHRQDZRUOGZLGH VFDOH ZH PXVW H[SHFW D JURZLQJ QXPEHU RI VHFRQGDU\ ODERUDWRULHV ,W LV KDUGO\ SRVVLEOH WR SUHGLFWZKDWWKHQXPEHUZLOOEH,QDQ\HYHQWLW ZLOO EH QHFHVVDU\ WR DVVLJQ WKH VHFRQGDU\

ODERUDWRULHVWRILYHRUVL[SULPDU\ODERUDWRULHV

³7KHUHZLOOEHQHHGIRUVRPHFHQWUDOFRRUGLQDWLQJ RUJDQL]DWLRQ ZLWK UHVSRQVLELOLW\ IRU HVWDEOLVKLQJ FULWHULD RI FRPSHWHQFH DFFXUDF\ LQVWLWXWLRQDO UHVSRQVLELOLW\ ORQJ WHUP FRQWLQXLW\ HWF 7KLV FRRUGLQDWLQJ RUJDQL]DWLRQ PXVW HVWDEOLVK PHFKDQLVPV IRU GHFLGLQJ ZKHQ D VHFRQGDU\

ODERUDWRU\ PHHWV WKHVH FULWHULD IRU EHVWRZLQJ VRPH IRUP RI FHUWLILFDWLRQ IRU SHULRGLFDOO\

FKHFNLQJWKDWWKHFULWHULDFRQWLQXHWREHPHWDQG DWOHDVWLQSULQFLSOHIRUZLWKGUDZLQJFHUWLILFDWLRQ LIWKHFULWHULDDUHQRORQJHUVDWLVILHG

³7KH FHUWLILFDWLRQ RI D VHFRQGDU\ ODERUDWRU\

VKRXOG LPSO\ UHFRJQLWLRQ RI KLJK TXDOLW\

SHUIRUPDQFHVRWKDWLWEHVWRZVDVWDWXVLQZKLFK WKH ODERUDWRU\ FDQ WDNH SULGH 7KLV ZLOO EH DQ LPSRUWDQW HOHPHQW LQ PDLQWDLQLQJ KLJK PRUDOH ZKLFK LV QHFHVVDU\ WR DWWUDFW DQG KROG WKH FRPSHWHQWLQGLYLGXDOVQHFHVVDU\WRDVDWLVIDFWRU\

ORQJWHUPRSHUDWLRQ

³&HUWLILFDWLRQ VKRXOG QRW EH JLYHQ XQWLO D VHFRQGDU\ ODERUDWRU\ KDV GHPRQVWUDWHG LWV FRPSHWHQFH RYHU D SHULRG RI D \HDU RUVR7KXV H[LVWLQJVHFRQGDU\ODERUDWRULHVDUHQRWDEDUULHUWR FUHDWLRQRIDQHWZRUNRIPHWURORJLFDOODERUDWRULHV EXW DUH UDWKHU D QHFHVVDU\ ILUVW VWHS IURP 5 /RHYLQJHU¶VZRUNLQJSDSHU

³5HSUHVHQWDWLYHV IURP %,30 1%6 13/ 37%

DQG /05, SRLQWHG RXW WKDW WKH LQVWLWXWLRQ RI

³:+2 &ROODERUDWLQJ &HQWUHV´ LQ WKH IUDPHZRUN RIZKLFKRIWKHH[LVWLQJ66'/VKDYHEHHQVHW XS FDQQRW EH FRQVLGHUHG DV FRPSOHWHO\ DGHTXDWH IRUDQ66'/QHWZRUN,QFRQWUDVWWRLQVWLWXWHVLQ RWKHU ILHOGV RI FROODERUDWLRQ ZLWK :+2 HJ LQ QXFOHDU PHGLFLQH PRVW 66'/V RU UDWKHU 5'5&VDWWKHWLPHRIWKHLUGHVLJQDWLRQE\:+2 DUH LQ HDUO\ SODQQLQJ VWDJH RQO\ %\ WKH DFW RI GHVLJQDWLRQ WKH\ FDQQRW WKHUHIRUH DXWRPDWLFDOO\

IXOILO WKH UHTXLUHPHQWV WKDW D FDOLEUDWLRQ FHQWUH PXVWPHHWLQRUGHUWREHDFFHSWHGE\WKH36'/V IRU FDOLEUDWLRQ RI WKHLU VHFRQGDU\ VWDQGDUGV

$QRWKHU IRUPDO SURFHGXUH WKHUHIRUH DSSHDUHG WR EH QHFHVVDU\ E\ ZKLFK DQ 66'/ ZRXOG UHFHLYH UHFRJQLWLRQ RI LWV TXDOLILFDWLRQ DV DQ ³DFFHSWHG´

66'/ ,W ZDV WKH PDLQ REMHFWLYH RI WKH SDQHO WR SURSRVHVXFKDSURFHGXUHDFFHSWDEOHWRDOOSDUWLHV LQYROYHG WKH 66'/V WKH 36'/V DQG ,$($:+2 7KH %,30 VWDWHG WKDW LW DVVXPHV UHVSRQVLELOLW\DWWKHSULPDU\VWDQGDUGOHYHORQO\´

7KHUH LV QR GRXEW WKDW WKH 5LR SDQHO SDYHG WKH ZD\ IRU WKH IXWXUH GHYHORSPHQW RI WKH 66'/

QHWZRUN )RU WKH WLPH EHLQJ KRZHYHU WKH SULQFLSOH LQVWLJDWRU RI WKH SDQHO UHSRUW WKH ,$($¶V 6HFUHWDULDW ZDV VWLOO QRW SUHSDUHG WR LQFOXGHWKHSURMHFWLQWRLWVPDLQSURJUDPPH%XW WKHUHZDVQRZKRSHIRUSURJUHVV

(10)

3KRWR ++ (LVHQORKU :$ -HQQLQJV : 6HHOHQWDJ IURP OHIW WR ULJKW DW WKH ,$($:+2SDQHODW5LRGH-DQHLUR%UD]LO'HFHPEHU

,$($:+266'/7$6.)25&(

,QGHHGLQ,$($DQG:+2IRUPHGDQ66'/

7DVN )RUFH ZLWK + (LVHQORKU ,$($ DQG : 6HHOHQWDJ :+2 DV PHPEHUV ZKR ZHUH WR FRQVLGHU WKH WHFKQLFDO DQG ILQDQFLDO LPSOLFDWLRQV RI WKH 5LR UHFRPPHQGDWLRQV 7KH ZRUN RI WKLV 7DVN)RUFHUHVXOWHGLQ$SULOLQDGRFXPHQW HQWLWOHG :RUNLQJ $UUDQJHPHQW EHWZHHQ ,$($

DQG:+2RQD1HWZRUNRI66'/VLQZKLFKWKH HVVHQWLDOLGHDVRIWKH5LRUHFRPPHQGDWLRQVZLWK VRPHPRGLILFDWLRQVZHUHODLGGRZQ

7+(66'/1(7:25.

7KXVLQWKH'LUHFWRUV*HQHUDORI,$($DQG :+2 IRUPDOO\ DQQRXQFHG E\ FLUFXODU OHWWHUV WR WKHLU UHVSHFWLYH PHPEHU VWDWHV WKH HVWDEOLVKPHQW RI WKH ,$($:+2 1HWZRUN RI 66'/V ,Q WKHVH OHWWHUV ZKLFK ZHUH DFFRPSDQLHG E\ UHYLVHG EXW VWLOOSUHOLPLQDU\&ULWHULDIRUWKHHVWDEOLVKPHQWRI D6HFRQGDU\6WDQGDUG'RVLPHWU\/DERUDWRU\LW

ZDV VWDWHG WKDW IRU WKH WLPHEHLQJ:+2ZRXOG IXQFWLRQ DV VHFUHWDULDWRIWKH1HWZRUNZKLOHWKH ,$($ ZRXOG EHUHVSRQVLEOHIRULWVWHFKQLFDODQG VFLHQWLILFGHYHORSPHQW

$W WKDW WLPH WKHUH H[LVWHG ODERUDWRULHV ZKLFK KDG EHHQ GHVLJQDWHG E\ :+2 GXULQJ WKH SHULRG

$QRWKHUODERUDWRU\KDGEHHQVHWXSE\

WKH %UD]LOLDQ *RYHUQPHQW LQ FROODERUDWLRQ ZLWK WKH *RYHUQPHQW RI WKH )HGHUDO 5HSXEOLF RI

*HUPDQ\ * 'UH[OHU *HVHOOVFKDIW IU 6WUDKOHQ XQG 8PZHOWIRUVFKXQJ 0XQLFK DQG ,$($ ,Q UHVSRQVH WR WKH FLUFXODU OHWWHUV WKH QXPEHU RI PHPEHU ODERUDWRULHV LQ WKH QHWZRUN URVH WR RYHU ZLWKLQ PRQWKV ,Q DGGLWLRQ 1DWLRQDO 3ULPDU\ 6WDQGDUGV /DERUDWRULHV $5/ 15&

/05, '$0: 37% 20+ 5,9 15/

91,,)75, 13/ 1%6 EHFDPH DIILOLDWHG PHPEHUV DQG LQWHUQDWLRQDO RUJDQL]DWLRQV FRPPLVVLRQV %,30 ,&58 ,(& ,20/ ,203 MRLQHGWKHQHWZRUNDVFROODERUDWLQJRUJDQL]DWLRQV 7KLVGHYHORSPHQWZDVWDNHQDVDFOHDUVLJQDOWKDW WKH FRXUVH SXUVXHG E\ WKH $JHQF\¶V GRVLPHWU\

VWDIIZDVULJKW

(11)

7+(),1$/'2&80(1721

&5,7(5,$)25(67$%/,6+,1*

$166'/

,Q 1RYHPEHU DQ $GYLVRU\ *URXSDW,$($

+HDGTXDUWHUV FRQVLGHUHG WKH SUHVHQW VWDWXV DQG WKHIXWXUHRIWKH66'/1HWZRUN7KHPHHWLQJZDV DWWHQGHG E\ UHSUHVHQWDWLYHV RI SULPDU\ DQG VHFRQGDU\ VWDQGDUG ODERUDWRULHV WKH %,30 ,20/ ,&58 DQG :+2 ,Q LWV UHSRUWWKH*URXS VWUHVVHG WKHYDOXHRIMRLQLQJWKH66'/VWRJHWKHU LQWR D QHWZRUN ³6XFK DQ DOOLDQFH DVVLVWV LQGLYLGXDOPHPEHUVLQFDUU\LQJRXWWKHLUIXQFWLRQV LQYROYLQJ WKH PHDVXUHPHQW RI LRQL]LQJ UDGLDWLRQ WKHFUHDWLRQRIH[SHUWLVHLQDSSOLHGGRVLPHWU\DQG LWVWUDQVIHUWRWKHXVHUVRILRQL]LQJUDGLDWLRQDQG WKH WUDLQLQJ RI UDGLDWLRQ ZRUNHUV 0RVW LPSRUWDQWO\ WKH QHWZRUN VHUYHV DV D PHDQV RI DFKLHYLQJ ZRUOGZLGH FRKHUHQFH LQ UDGLDWLRQ PHDVXUHPHQWV ZKLFK FDQ EH WUDFHG EDFN WR WKH PHDVXUHPHQW VWDQGDUGV RI WKH %,30 DQG WKH 3ULPDU\6WDQGDUG'RVLPHWU\/DERUDWRULHV

³(TXLSPHQWDQGWHFKQLTXHVDUHQRZDYDLODEOHWKDW VKRXOG HQDEOH DQ 66'/ WR SURYLGH FDOLEUDWLRQV FRPSDUDEOH LQ DFFXUDF\ WR WKRVH SURYLGHG E\

36'/V7KHVWURQJHVWSRVVLEOHPHWURORJLFDOOLQNV VKRXOG EH HVWDEOLVKHG ZLWKLQ WKH QHWZRUN 7KRVH OLQNV ZKLFK SURYLGH WUDFHDELOLW\ WR WKH LQWHUQDWLRQDO PHDVXUHPHQW V\VWHP VKRXOGQRWEH FRQFHQWUDWHG DOO DW RQH SODFH EXW VKRXOG EH VSUHDG RXW WR SURYLGH D ZLGH QHW 0DQ\ 36'/V VKRXOGEHGUDZQLQWRDFWLYHSDUWLFLSDWLRQDQGWKH 66'/V VKRXOG LQWHUFRPSDUH GRVLPHWU\ PHDVXUH PHQWV DV ZLGHO\ DV SRVVLEOH DPRQJ WKHPVHOYHV´

,WZDVDJUHHGWKDWLWZRXOGEHKLJKO\GHVLUDEOHIRU WKH $JHQF\¶V GRVLPHWU\ ODERUDWRU\ WR KDYH LWV GRVLPHWU\ VWDQGDUGV FDOLEUDWHG DWWKH%,307KH

*URXSQRWHGWKDWZKHQ66'/SHUVRQQHOYLVLWWKH

$JHQF\¶V ODERUDWRU\ IRU WUDLQLQJ WKH\ FDQ EULQJ WKHLU VWDQGDUGVIRUFRPSDULVRQ7KLVZLOOKHOSWR PDLQWDLQ D KLJK OHYHO RI DVVXUDQFH DERXW WKH FRKHUHQFHRIWKHQHWZRUNVWDQGDUGV

3ULRUWRWKHPHHWLQJ5/RHYLQJHU1%66(OOLV 13/ DQG WKH ,$($ VHFUHWDU\ KDG GUDIWHG D UHYLVHG &ULWHULD 'RFXPHQW WR EH GLVFXVVHG DQG ILQDOL]HGE\WKH66'/$GYLVRU\*URXS7KHILQDO YHUVLRQZDVWKHQRIILFLDOO\DSSURYHGE\,$($DQG :+2DQGSXEOLVKHGLQDQ,$($ERRNOHWHQWLWOHG

³6HFRQGDU\ 6WDQGDUG 'RVLPHWU\ /DERUDWRULHV 'HYHORSPHQW DQG 7UHQGV´ 9LHQQD $V WKH UHYLVHG &ULWHULD DUH VWLOO LQ XVH WKH\ DUH

UHSURGXFHGLQ66'/1HZVOHWWHU$SSHQGL[

,WFDQEHVDLGWKDWWRZDUGVWKHHQGRIWKHHLJKWLHV WKH 66'/ 1HWZRUN EHFDPH DQ HVWDEOLVKHG DQG FRQVROLGDWHG LQWHUQDWLRQDO YHQWXUH )RU WKLV DFKLHYHPHQW KLJK FUHGLW PXVW EH JLYHQ WR WKH KHDYLO\ HQJDJHG PHPEHUV RI WKH VWDQGLQJ 66'/

6FLHQWLILF &RPPLWWHH IRUPHG LQ 0HPEHUVKLS FRQVLVWV RI RQH UHSUHVHQWDWLYH IURP WKH %,30 WKH ,&58 RQH36'/RQH66'/DQG DW OHDVW WZR RWKHU VFLHQWLVWV IURP WKH PHWURORJLFDO FRPPXQLW\ 6SHFLILFDOO\ WKH

&RPPLWWHH DGYLVHV RQ WHFKQLTXHV IRU GRVH LQWHUFRPSDULVRQV PHWURORJLFDO FRQVLVWHQF\

ZLWKLQ WKH 1HWZRUN PHDVXUHPHQW WUDFHDELOLW\ WR WKH %,30 DQG WKH SURYLVLRQ RI WHFKQLFDO LQIRUPDWLRQWRDQGWUDLQLQJRI66'/VWDII,WDOVR DVVLVWV LQ WKH DSSUDLVDO RI WKH SHUIRUPDQFH RI 66'/V E\ HYDOXDWLQJ WKHLU DQQXDO UHSRUWV VXEPLWWHG WR WKH QHWZRUN VHFUHWDULDW 7KH

&RPPLWWHHPHHWVELHQQLDOO\DQGSUHSDUHVDUHSRUW WR WKH 'LUHFWRUV *HQHUDO RI WKH ,$($DQG:+2 ZKLFK LV VXEVHTXHQWO\ FLUFXODWHG WR 0HPEHU 6WDWHVWKURXJKWKH66'/1HZVOHWWHU

$OVR LQ *XLGHOLQHV IRU 0HPEHU 6WDWHV FRQFHUQLQJWKHGHVLJQDWLRQRI6HFRQGDU\6WDQGDUG 'RVLPHWU\/DERUDWRULHVZHUHGUDIWHGE\WKH,$($

6HFUHWDU\RIWKHQHWZRUNDQGGLVWULEXWHGWKURXJK WKH66'/1HZVOHWWHUQR7KHVHJXLGHOLQHVDUH DQHFHVVDU\FRPSOHPHQWWRWKH&ULWHULDGRFXPHQW LVVXHG LQ DQG DUH UHSURGXFHG LQ 66'/

1HZVOHWWHU$SSHQGL[

,Q DQ ,QWHUQDWLRQDO &RGH RI 3UDFWLFH RQ

$EVRUEHG 'RVH 'HWHUPLQDWLRQ LQ 3KRWRQ DQG (OHFWURQ %HDPV ZDV SXEOLVKHG LQ WKH ,$($

7HFKQLFDO 5HSRUW 6HULHV QR ZLWK 3

$QGUHR -5 &XQQLQJKDP . +RKOIHOG DQG + 6YHQVVRQ DV SULQFLSDO DXWKRUV ,Q RUGHU WR PDLQWDLQ DQG LPSURYH WKH ZRUNLQJ VWDQGDUGV LQ 66'/V ZRUNVKRSV WUDLQLQJ FRXUVHV VHPLQDUV V\PSRVLD DQG GRVH LQWHUFRPSDULVRQV KDYH EHHQ DQGDUHEHLQJSHUIRUPHGDWLQFUHDVLQJIUHTXHQF\

2QH WKHUHIRUH PD\ FRQFOXGH WKDW WKH 66'/

1HWZRUNLVQRZLQDSRVLWLRQWRSURYLGHDFFHVVWR UDGLDWLRQ VWDQGDUGV WUDFHDEOH WR WKH LQWHUQDWLRQDO ,QFOXGHGDV$SSHQGL[LQWKH66'/1HWZRUN&KDUWHU

,QLWLDOO\ FDOOHG 66'/ &LUFXODU /HWWHUV WKH\ ZHUH LQLWLDWHG LQ E\ : 6HHOHQWDJ :+2 DQG WKH DXWKRU DQG GLVWULEXWHG WKURXJK :+2 FKDQQHOV :LWK 1R 2FWREHU WKH &LUFXODU /HWWHU ZDV SUHVHQWHG ZLWK D QHZ IRUPDW DQG QHZ QDPH DQG KDV EHHQSURGXFHGDQGGLVWULEXWHGVLQFHWKHQE\WKH,$($

66'/1HWZRUN6HFUHWDULDW

,QFOXGHG DV $SSHQGL[ LQ WKH 66'/ 1HWZRUN

&KDUWHU

(12)

PHDVXUHPHQW V\VWHP WR SUDFWLFDOO\ DOO FRXQWULHV KDYLQJUDGLRWKHUDS\IDFLOLWLHV

&21&/8',1*5(0$5.6

7KLV DFFRXQW RI WKH GHYHORSPHQW RI WKH ,$($:+21HWZRUNRI66'/VQDWXUDOO\UHIOHFWV LWVHYROXWLRQDVVHHQE\WKHDXWKRU+RZHYHUKH ZDV LQ D SRVLWLRQ WR XVH LQIRUPDWLRQ DQG GRFXPHQWVDWILUVWKDQGDOORIZKLFKPD\QRWEH DYDLODEOH HOVHZKHUH :KDW DSSHDUHG \HDUV DJR WR EH D UDWKHU PRGHVW SURMHFW LQ WHUPV RI LQWHUQDWLRQDOLQSXWGHYHORSHGLQWRQRWRQO\RQHRI WKH,$($¶VODUJHVWWHFKQLFDOFRRSHUDWLRQSURMHFWV EXW DOVR LQWR ³RQH RI WKH ,$($¶V PRVW KXPDQLWDULDQ DFWLYLWLHV´ DV WKH 'LUHFWRU *HQHUDO RI:+2UHFHQWO\FDOOHGLW

2QH SHUVRQ PXVW EH PHQWLRQHG KHUH EHFDXVH RI KLV RXWVWDQGLQJ DQG QHYHU GHFOLQLQJ HIIRUWV LQ DVVLVWLQJ 66'/V RQ ORFDWLRQ DQG EHFDXVH KLV QDPH LV UDUHO\ PHQWLRQHG LQ SULQWHG GRFXPHQWV QDPHO\ - +DLGHU VHQLRU WHFKQLFLDQ RI WKH

$JHQF\¶V GRVLPHWU\ ODERUDWRU\ +H ZDV DQ LQJHQLRXV PDLGRIDOOZRUN ZKR VSHQW PRVW RI KLV ZRUNLQJ WLPH DW QXPHURXV 66'/V DQG ZDV DQGVWLOOLVRILQYDOXDEOHDVVLVWDQFHWRWKHHQWLUH 66'/FRPPXQLW\

$FNQRZOHGJHPHQW

7KHDXWKRUZLVKHVWRWKDQN'U:$-HQQLQJVIRU KLV HQFRXUDJLQJ VXJJHVWLRQV DQG YDOXDEOH FRPPHQWV

5HODWHG3XEOLFDWLRQV

+ (LVHQORKU 7KH ,$($:+2 1HWZRUN RI 6HFRQGDU\ 6WDQGDUG 'RVLPHWU\ /DERUDWRULHV DQG LWV )XQFWLRQ ZLWKLQ WKH 0HWURORJ\ 6\VWHP , -

$SSO5DG ,VRW

6HFRQGDU\ 6WDQGDUG 'RVLPHWU\ /DERUDWRULHV 'HYHORSPHQW DQG 7UHQGV ,$($ SXEOLFDWLRQ 9LHQQD

+ (LVHQORKU 7KH 66'/ 1HWZRUN UDGLDWLRQ SURWHFWLRQ DQG WKH SULQFLSOH RI PHDVXUHPHQW WUDFHDELOLW\ /HWWHU WR WKH (GLWRU RI 5DG 3URW 'RVLPHWU\

+ (LVHQORKU 6WDQGDUGL]LQJ 5DGLDWLRQ 'RVHV LQ 0HGLFLQH DQG ,QGXVWU\ ,$($ <HDUERRN

$$

$ERXWWKH$XWKRU

'U +RUVW + (LVHQORKU 3RVWGRFWRUDWH DQG DVVLVWDQWSURIHVVRULQDWRPLFSK\VLFVDW8QLYHUVLW\

)UHLEXUJ

$SSRLQWPHQWZLWK,$($+HDGRIWKH,$($

'RVLPHWU\6HFWLRQ

,$($&R6HFUHWDU\RIWKH66'/1HWZRUN

(13)

'(9(/230(172)$48$/,7<

$6685$1&(352*5$00()25 66'/V

5HSRUWRIWKHWKLUG5HVHDUFK

&RRUGLQDWLRQ0HHWLQJ(5&

1RYHPEHU'HFHPEHU ,$($9LHQQD

$0HJK]LIHQH6FLHQWLILF6HFUHWDU\

'RVLPHWU\DQG0HGLFDO5DGLDWLRQ3K\VLFV6HFWLRQ 'LYLVLRQRI+XPDQ+HDOWK,$($

+-DUYLQHQ678.)LQODQG -0RUDOHV66'/&XED -'LD]66'/9HQH]XHOD

=/LPLQ66'/6KDQJDL&KLQD

7KH UHSRUW RI WKH )LUVW 5HVHDUFK &RRUGLQDWLRQ 0HHWLQJ 5&0 UHODWHG WR WKLV &RRUGLQDWHG 5HVHDUFK3URMHFW&53ZDVSXEOLVKHGLQWKH66'/

1HZVOHWWHU 1R -DQXDU\ 7KH VFLHQWLILF EDFNJURXQG DQG VFLHQWLILF VFRSH RI WKH &53 ZHUH JLYHQ LQ WKDW UHSRUW )RU FRPSOHWHQHVV D EULHI VXPPDU\RIWKHVFRSHLVLQFOXGHGLQWKLVUHSRUW

6&23(2)7+(&225',1$7(' 5(6($5&+352-(&7

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

%HVLGHVWKHREYLRXVQHHGVRIUDGLRWKHUDS\DFFXUDWH FDOLEUDWLRQVDUHQHHGHGIRUUHOLDEOHPHDVXUHPHQWVLQ GLDJQRVWLF UDGLRORJ\ DQG UDGLDWLRQ SURWHFWLRQ 7KH UHTXLUHPHQWV IRU WUDFHDEOH DQG UHOLDEOH FDOLEUDWLRQV DUHDOVREHFRPLQJPRUHLPSRUWDQWIRULQWHUQDWLRQDO WUDGH ZKHUH UDGLDWLRQ SURGXFWV DUH PDQXIDFWXUHG ZLWKLQ VWULFW TXDOLW\ FRQWURO V\VWHPV LQ RUGHU WR FRQIRUPWRJLYHQVDIHW\DQGSHUIRUPDQFHFULWHULD :KLOH HYHU\ 66'/ ZRXOG EH H[SHFWHG WR UXQ DQ

DSSURSULDWH TXDOLW\ V\VWHP WKH TXDOLW\ VWDQGDUGV UHTXLUHWKDWWKLVV\VWHPVKRXOGEHZHOOGRFXPHQWHG LQ WKH IRUP RI D TXDOLW\ PDQXDO $ GRFXPHQWHG TXDOLW\V\VWHPZLOOFOHDUO\EHDUHTXLUHPHQWZKHQD ODERUDWRU\ ZLVKHV WR DSSO\ IRU WKH DFFUHGLWDWLRQ RI LWV FDOLEUDWLRQ DQG WHVWLQJ DFWLYLWLHV RU IRU WKH FHUWLILFDWLRQRILWVTXDOLW\V\VWHP

7KHTXDOLW\V\VWHPRIDQ66'/VKRXOGFRYHUDOOWKH ZRUN FDUULHG RXW E\ WKH ODERUDWRU\ ZKHWKHU WKLV LV WKH FDOLEUDWLRQ RI GRVLPHWHUV PHDVXUHPHQWV IRU TXDOLW\ DXGLWV DW UDGLRWKHUDS\ FOLQLFV RU IRU RWKHU GHPDQGVRIIRUH[DPSOHLQGXVWULDOFXVWRPHUV7KH LPSOHPHQWDWLRQ RI WKH TXDOLW\ V\VWHP UHTXLUHV KLJK FRPPLWPHQWRIDOOVWDIIPHPEHUVRIWKH66'/DQG FDQ RQO\ EH DFKLHYHG WKURXJK ZHOO RUJDQL]HG DQG GRFXPHQWHGWHDPZRUN

7KH TXDOLW\ V\VWHP FDQQRW EH FRSLHG IURP RWKHU RUJDQL]DWLRQV ,W PXVW UHIOHFW WKH RUJDQL]DWLRQDO VSHFLILFLW\GLUHFWLYHVDQGSROLFLHVSHUWLQHQWWRHDFK RUJDQL]DWLRQ +RZHYHU PDQ\ IHDWXUHV FDQ EH LGHQWLILHG ZKLFK DUH FRPPRQ WR ODERUDWRULHV ZLWK VLPLODU WDVNV HTXLSPHQW DQG UHVSRQVLELOLWLHV 7KH H[SHULHQFH JDLQHG LQ WKH LPSOHPHQWDWLRQ RI WKH TXDOLW\ V\VWHP REWDLQHG LQ RQH ODERUDWRU\ FDQ EH XWLOL]HG IRU WKH GHVLJQ RI D TXDOLW\ V\VWHP IRU DQRWKHUODERUDWRU\

$ &RRUGLQDWHG 5HVHDUFK 3URMHFW &53 ( ZDV LQLWLDWHG E\ WKH $JHQF\ ZLWK WKH REMHFWLYH WR GHYHORS JXLGHOLQHV IRU 66'/V RI WKH ,$($:+2 QHWZRUN 7KH JXLGHOLQHV VKRXOG FRYHU WKH HVWDEOLVKPHQW RI D TXDOLW\ V\VWHP DQG SUDFWLFDO UHFRPPHQGDWLRQV IRU WKH SUHSDUDWLRQ RI D TXDOLW\

PDQXDOIROORZLQJ,62,(&6WDQGDUGV,QDGGLWLRQD KDUPRQL]HG SURJUDPPH IRU TXDOLW\ FRQWURO RI WKH VWDQGDUGV FDOLEUDWLRQ HTXLSPHQW DQG FDOLEUDWLRQ SURFHGXUHZLOOEHSURSRVHG

0$,132,176',6&866('

7KHPDLQSRLQWVGLVFXVVHGGXULQJWKHPHHWLQJZHUH WRUHYLHZWKHZRUNGRQHVLQFHWKHODVW5&0KHOGLQ -XQH-XO\9LHQQDPDLQO\

- WKH FRQWULEXWLRQV RI DOO SDUWLFLSDQWV WR WKH GRFXPHQWRQ³JXLGHOLQHVWR66'/VWRGHYHORSD TXDOLW\V\VWHP´DQGWKHH[FKDQJHRILQIRUPDWLRQ RQH[SHULHQFHJDLQHGE\DOOSDUWLFLSDQWV

- WKH UHVXOWV RI WKH WULDO LQWHUQDO TXDOLW\ FRQWURO SURJUDPPH DQG WKH HVWDEOLVKPHQW RI DFWLRQ OHYHOVDQG

(14)

- WKHHVWLPDWLRQRIXQFHUWDLQWLHVUHODWHGWRWKHUDS\

DQGSURWHFWLRQOHYHOFDOLEUDWLRQVDFKLHYDEOHDWWKH SDUWLFLSDWLQJ66'/V

,Q DGGLWLRQ WKH SDUWLFLSDQWV ZHUH LQIRUPHG E\

0U3HGUR $QGUHR 6HFWLRQ +HDG 'RVLPHWU\ DQG 0HGLFDO 5DGLDWLRQ 3K\VLFV 6HFWLRQ WKDW D 0XWXDO 5HFRJQLWLRQ $UUDQJHPHQW 05$ ZDV VLJQHG E\

UHSUHVHQWDWLYHVRIQDWLRQDO0HWURORJ\,QVWLWXWHVDQG E\WZRLQWHUQDWLRQDORUJDQL]DWLRQVDW%,30LQ3DULV RQ 2FWREHU 0U $QGUHR KDG EHHQ DSSRLQWHGE\WKH$JHQF\WRVLJQWKH05$RQEHKDOI RIWKH,$($:+21HWZRUNRI66'/V

7KH1HWZRUNLVFRQVLGHUHGDVD5HJLRQDO0HWURORJ\

2UJDQL]DWLRQ 502 LQ WKH 05$ 7KH 502V DUH H[SHFWHG WR SOD\ DQ LPSRUWDQW UROH LQ WKH 05$

7KH\ KDYH WKH UHVSRQVLELOLW\ WR FDUU\ RXW FRPSDULVRQV ZLWKLQ WKHLU QHWZRUN RU UHJLRQV DQG GHYHORS PHFKDQLVPV WR VXSSRUW FRQILGHQFH DQG PXWXDOUHFRJQLWLRQLQWKHYDOLGLW\RIFDOLEUDWLRQVDQG FHUWLILFDWHV LVVXHG E\ WKHLU PHPEHUV 7KH 66'/V PHPEHUV RI WKH ,$($:+2 QHWZRUN SURYLGH WUDFHDEOH FDOLEUDWLRQ VHUYLFHV LQ WKHLU FRXQWULHV 7KHLULQWHJUDWLRQLQWRWKH05$WKURXJKWKH$JHQF\

ZRXOG QRW RQO\ JLYH PRUH FRQILGHQFH WR WKH HQG XVHUV LQ WKH FRXQWU\ EXW FRXOG SURYLGH D WHFKQLFDO EDVLVIRUH[WHQGLQJWKHLUVHUYLFHVWRRWKHUFRXQWULHV 7KH 05$ VSHOOV RXW H[SOLFLWO\ WKH QHHG IRU HDFK SDUWLFLSDWLQJ ODERUDWRU\ WR LPSOHPHQW D TXDOLW\

V\VWHPWKDWPHHWVWKHUHTXLUHPHQWVRI,62,(&

> @ LQ RUGHU WR HVWDEOLVK WKH QHFHVVDU\ PXWXDO FRQILGHQFH

5(68/762)7+(352-(&7

$V D UHVXOW RI WKH SUHVHQWDWLRQV PDGH E\ WKH SDUWLFLSDQWV WKHLU FRQWULEXWLRQV DQG VXEVHTXHQW GLVFXVVLRQV WKH IROORZLQJ SRLQWV DUH FRQVLGHUHG WR KDYH WKH PD[LPXP UHOHYDQFH IRU WKH &RRUGLQDWHG 5HVHDUFK3URMHFW&53

'(9(/230(172)$48$/,7<

6<67(0)2566'/V

7KH GHYHORSPHQW RI D TXDOLW\ V\VWHP ZLWK DQ DSSURSULDWH TXDOLW\ PDQXDO LV D PDMRU HIIRUW DQG QHHGVDYHU\JRRGXQGHUVWDQGLQJIURPDOOVWDIIDQGD ILUPFRPPLWPHQWIURPWKHPDQDJHPHQW,WLVWKHQRI FUXFLDOLPSRUWDQFHWKDWH[WUDWLPHDQGUHVRXUFHVDUH DOORFDWHGWRWKLVWDVN

7KLVLVH[SHFWHGWREHVRRQVXSHUVHGHGE\,62,(&

7\SLFDOO\ WKH SURFHVV RI GHYHORSLQJ DQG LPSOHPHQWLQJ D TXDOLW\ V\VWHP ZLOO LQYROYH D SUHOLPLQDU\ SKDVH D EXLOGXS SKDVH DQ LPSOHPHQWDWLRQ DQG D FRQVROLGDWLRQ SKDVH 7KLV LV WKH EDVLF IUDPHZRUN XVHG IRU GHYHORSLQJ D TXDOLW\

V\VWHPDWWKHSDUWLFLSDWLQJ66'/V

)RUWKHVDNHRIFODULW\WKHIRXUSKDVHVDUHGHWDLOHG EHORZ

3UHOLPLQDU\SKDVH

3URMHFWWHDPDQGSODQQLQJDFWLYLWLHV

$WWKHEHJLQQLQJWKHKHDGRIWKHODERUDWRU\VKRXOG DSSRLQW D SURMHFW WHDP &DUH VKRXOG EH WDNHQ WR HQVXUH WKDW DOO FDWHJRULHV RI VWDII DUH UHSUHVHQWHG 7KH WHDP VKRXOG SUHIHUDEO\ EH OHDG E\ D TXDOLW\

PDQDJHURUWKHKHDGRIWKHODERUDWRU\

7KHQ FDUHIXO SODQQLQJ PXVW EH GRQH DQG VKRXOG FRYHU DFWLYLWLHV LQ DOO SKDVHV QHHGHG IRU WKH GHYHORSPHQWRIWKHTXDOLW\V\VWHP$QDSSUR[LPDWH WLPHVFKHGXOHVKRXOGEHWHQWDWLYHO\VHWXSHYHQLILW LVPRGLILHGODWHU

'HILQLWLRQRIWKHSROLF\

7KH TXDOLW\ SROLF\ VKRXOG EH GHILQHG DW WKLV HDUO\

SKDVH 7KH TXDOLW\ OHYHO UHTXLUHG IRU DQ 66'/ LV ZHOO GHILQHG LQ ,$($ GRFXPHQWV > @ ZKLOH JHQHUDO JXLGHOLQHV DUH PDLQO\ JLYHQ LQ ,62,(&

*XLGH

7KHGHILQLWLRQVKRXOGLQFOXGHDVWDWHPHQWDERXWWKH TXDOLW\ OHYHO WKDW LV LQWHQGHG IRU WKH ODERUDWRU\

DFWLYLWLHV

,QIRUPLQJDQGPRWLYDWLQJVWDII

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

7KH GHVLJQ GHYHORSPHQW DQG LPSOHPHQWDWLRQ RI D TXDOLW\ V\VWHP UHSUHVHQWV D WUHPHQGRXV DPRXQW RI

(15)

ZRUN ,W XQDYRLGDEO\ QHHGV WKH FROODERUDWLRQ DQG FRPPLWPHQWRIDOOWKHODERUDWRU\VWDIIZKRVKRXOG GLVFXVV DOO PDWHULDO DQG KXPDQ UHVRXUFHV DYDLODEOH DQG WKH PDJQLWXGH RI WKH WDVN 7KH SURMHFW WHDP VKRXOG SUHSDUH D ZRUN SODQ WKDW VKRXOG LQFOXGH VSHFLILF GXWLHV IRU DOO VWDII PHPEHUV DQG VSHFLILF GHDGOLQHVWRDFFRPSOLVKWKHWDVNV

7KH KHDG RI WKH ODERUDWRU\ RU WKH DXWKRULW\

UHVSRQVLEOH IRU GHYHORSLQJ DQG LPSOHPHQWLQJ WKH V\VWHPVKRXOGEHDULQPLQGWKHQRUPDOZRUNORDGRI VWDII*UHDWFDUHVKRXOGEHWDNHQWRHQVXUHWKDWVWDII DUHQRWH[FHVVLYHO\ORDGHGDVWKLVPD\LQWXUQDIIHFW TXDOLW\

(DFK ODERUDWRU\ KDV VSHFLILF FRQVWUDLQWV VR QR JHQHUDO SURFHGXUH FDQ EH JLYHQ 6RPH ODERUDWRULHV ZLOO ZRUN ZLWK WDVNV DVVLJQHG WR D SURMHFW WHDP ZKLOH RWKHUV ZLOO JLYH WKLV UHVSRQVLELOLW\ WR D SDUWLFXODUVWDIIPHPEHU,QDOOFDVHVLWVKRXOGQRWEH SHUFHLYHG DV WKH VROH ZRUN RI WKH KHDG RI WKH ODERUDWRU\

%XLOGXSSKDVH

&ROOHFWLRQRILQIRUPDWLRQDQGLQYHQWRU\RI H[LVWLQJV\VWHP

7R GHVLJQ D TXDOLW\ V\VWHP FRPSDWLEOH ZLWK LQWHUQDWLRQDO VWDQGDUGV LQIRUPDWLRQ LV RI SULPH LPSRUWDQFH 2QH RI WKH ILUVW WDVNV WR EH DFFRPSOLVKHG E\ WKH SURMHFW WHDP LV WR FROOHFW H[SHULHQFH IURP RWKHU VLPLODU 66'/V WKDW KDYH DOUHDG\ VWDUWHG ZLWK WKH GHYHORSPHQW RI D TXDOLW\

V\VWHP7KH6HFUHWDULDWRIWKH,$($:+21HWZRUN RI 66'/V LV D JRRG VRXUFH RI LQIRUPDWLRQ ,Q DGGLWLRQ LQWHUQDWLRQDO JXLGHOLQHV DQG UHFRPPHQGDWLRQV IURP %,30 ,62,(& ,$($

HWFVKRXOGDOVREHDYDLODEOH

$W WKH ORFDO OHYHO WKH ODERUDWRU\ VKRXOG PDNH DQ H[KDXVWLYH OLVW RI HYHU\ WDVN DQG VHUYLFH WKDW LV SHUIRUPHG(YHU\ODERUDWRU\KDVVRPHVRUWRIEDVLF HPSLULFDO TXDOLW\ V\VWHP HYHQ LI LW LV QHLWKHU H[KDXVWLYH QRU SURSHUO\ GRFXPHQWHG 7KH H[LVWLQJ V\VWHP PD\ FRQVLVW RI FRQWURO PHWKRGV SURWRFROV IRUPVHWF$OOVKRXOGEHFROOHFWHGDQGZLOOIRUPD VWDUWLQJ SRLQW IRU WKH GHYHORSPHQW RI WKH TXDOLW\

V\VWHP 7KLV ZLOO SUREDEO\ VDYH D ORW RI WLPH DQG ZRUNLQODWHUSKDVHV

7UDLQLQJRIVWDII

7KH TXDOLW\ V\VWHP FDQ RQO\ EH GHYHORSHG DQG RSHUDWHGE\ZHOOWUDLQHGVWDIIZKRKDYHFRQVFLRXVO\

DGKHUHGWRDQGDUHFRPPLWWHGWRWKHTXDOLW\SROLF\

&RXUVHV VHPLQDUV RU FRQIHUHQFHV VKRXOG EH

SODQQHG WR LQVWUXFW HYHU\ VWDII PHPEHU RQ WKH RUJDQL]DWLRQDO DQG WHFKQLFDO DVSHFW RI WKH TXDOLW\

V\VWHP ZLWK WKH DLP WR PDNH FOHDU WR DOO VWDII WKH QDWXUHDOODVSHFWVRIWKHSURMHFW

3UHSDULQJSURFHGXUHVDQGZRUNLQJ LQVWUXFWLRQV

:LWK WKH TXDOLW\ REMHFWLYHV SUHYLRXVO\ GHILQHG DQG WDNLQJ LQWR DFFRXQW WKH LQYHQWRU\ RI H[LVWLQJ GRFXPHQWVDQGSURFHGXUHVWKHODERUDWRU\VWDIIPXVW SUHSDUH RU FRPSOHWH WKH GLIIHUHQW SURFHGXUHV DQG ZRUNLQJ LQVWUXFWLRQV WKDW ZLOO GRFXPHQW DQG VWDQGDUGL]H HYHU\ DFWLYLW\ SHUIRUPHG DW WKH ODERUDWRU\

7KLV ZRUN LQYROYHV LPSRUWDQW HGLWRULDO ZRUN DQG QHHGVWREHFDUHIXOO\FKHFNHGEHIRUHLWLVDSSURYHG (DFK SURFHGXUH DQG ZRUNLQJ LQVWUXFWLRQ VKRXOG EH ZULWWHQ E\ D TXDOLILHG VWDII PHPEHU EXW IRUPDO DSSURYDO VKRXOG EH REWDLQHG IURP WKH KHDG RI WKH ODERUDWRU\

7KH VHW RI SURFHGXUHV DQG ZRUNLQJ LQVWUXFWLRQV EHLQJGHYHORSHGIRUWKHTXDOLW\V\VWHPZLOOIRUPWKH IXQGDPHQWDO SDUWV RI WKH TXDOLW\ PDQXDO WKDWQHHGV WR EH SUHSDUHG LQ FRQQHFWLRQ ZLWK WKH LPSOHPHQWDWLRQRIWKHTXDOLW\V\VWHP

,PSOHPHQWDWLRQSKDVH 3XWWLQJLQWRXVH

7KH LPSOHPHQWDWLRQ RI WKH TXDOLW\ V\VWHP LV QRUPDOO\DJUDGXDOSURFHVVWKDWLVDSSOLHGVWHSE\

VWHS,QWKLVSURFHVVHDFKSURFHGXUHLPSOHPHQWHG DQGLQFOXGHGDVDSDUWRIWKHZKROHV\VWHPKDVWR EHFKHFNHGLQRUGHUWRYHULI\LWVFRPSOLDQFHZLWK WKH TXDOLW\ SROLF\ 7KH WLPH QHHGHG WR FKHFN WKH LPSOHPHQWDWLRQ RI D JLYHQ SURFHGXUH ZLOO GHSHQG RQ WKH SURFHGXUH LWVHOI FRPSHWHQFH RI VWDII DQG ORFDOFRQGLWLRQV

7HVWLQJIRUVXLWDELOLW\

$QHZO\LPSOHPHQWHGTXDOLW\V\VWHPSUREDEO\ZLOO KDYHVRPHLQFRQVLVWHQFLHVSUREOHPVRUZHDNQHVV WKDW ZLOO KDYH WR EH LGHQWLILHG GXULQJ WKH LQLWLDO SHULRGRILWVDSSOLFDWLRQ,WLVWKHUHVSRQVLELOLW\RI WKHKHDGRIWKHODERUDWRU\WRHQVXUHWKDWDGHTXDWH VROXWLRQV DUH IRXQG DQG DSSOLHG WR FRUUHFW DOO LGHQWLILHGSUREOHPV

'XULQJ WKLV SKDVH DOO HIIRUWV VKRXOG EH PDGH WR HQVXUH WKDW SURFHGXUHV DQG ZRUNLQJ LQVWUXFWLRQV DUHSXWLQWRXVHDQGWHVWHGH[WHQVLYHO\

(16)

&RQVROLGDWLRQSKDVH 9DOLGDWLRQ

,QWKHORQJWHUPYDOLGDWLRQLVWKHSURFHVVWKDWZLOO DOORZ WKH ODERUDWRU\ WR EH FRQILGHQW ZLWK LWV LPSOHPHQWHGTXDOLW\V\VWHP

7KH YDOLGDWLRQ RI WKH TXDOLW\ V\VWHP PD\ EH XQGHUVWRRGDVWKHRYHUDOOVXPRIWKHYDOLGDWLRQRI WKH PXOWLSOH SURFHGXUHV DQG ZRUNLQJ LQVWUXFWLRQV VXFFHVVIXOO\LPSOHPHQWHGLQWKH66'/

,QWKHSURFHVVRIYDOLGDWLRQWKHODERUDWRU\VKRXOG SUDFWLFHLQWHUQDODXGLWVZLWKWKHXQGHUVWDQGLQJWKDW WKH\DUHDQLQWHJUDOSDUWRIWKHTXDOLW\V\VWHP7KH LQWHUQDO DXGLWV KDYH WR EH SUDFWLFHG RQ D URXWLQH EDVLVZLWKDIUHTXHQF\WKDWWDNHVLQWRDFFRXQWWKH ZRUNORDGDQGWKHSURFHGXUHVEHLQJDXGLWHG ([WHUQDO DXGLWV DUHHVVHQWLDOWRHQVXUHFRQILGHQFH LQ WKH PDLQWHQDQFH RI WKH PHDVXUHPHQW VWDQGDUGV WR WKH LQWHUQDWLRQDO PHDVXUHPHQW V\VWHP ([DPSOHV RI H[WHUQDO DXGLW VHUYLFHV SURYLGHG E\

WKH,$($IRUWKHQHWZRUNRI66'/VDUHWKH7/' SRVWDOGRVHVHUYLFHIRUUDGLRWKHUDS\DQGUDGLDWLRQ SURWHFWLRQOHYHOGRVLPHWU\DQGLQWHUFRPSDULVRQRI LRQL]DWLRQFKDPEHUFDOLEUDWLRQIDFWRUV

5HYLHZVDQGIHHGEDFNIURPXVHUV

7KH SHULRGLF UHYLHZV DUH DQ LQWHJUDO SDUW RI WKH TXDOLW\ V\VWHP DQG VKRXOG EH SODQQHG DQG FDUULHG RXWDFFRUGLQJO\

7KH IHHGEDFN IURP VWDII DQGRU HQG XVHUV XVXDOO\

FRQWDLQV XVHIXO FRPPHQWV WKDW VKRXOG EH XVHG WR LPSURYHWKHTXDOLW\V\VWHP

35$&7,&$/*8,'(/,1(6)257+(

35(3$5$7,212)$48$/,7<

0$18$/

5HFRPPHQGHGVWUXFWXUH

7KH VWUXFWXUH RI WKH TXDOLW\ PDQXDO LV QRW D NH\

DVSHFW EXW D FRKHUHQW DSSURDFK IDFLOLWDWHV LWV UHDGLQJ DQG XQGHUVWDQGLQJ E\ WKH VWDII HQG XVHUV DQG SRVVLEOH DXGLWRUV )RU WKH SURFHVV RI FHUWLILFDWLRQ RU DFFUHGLWDWLRQ LW LV PRVW LPSRUWDQW WKDW WKH TXDOLW\ PDQXDO GHVFULEHV WKH RUJDQL]DWLRQ DQG SURFHGXUHV LQ IXOO DFFRUGDQFH ZLWK ,62,(&

*XLGHUHTXLUHPHQWV

7KH TXDOLW\ PDQXDO VKRXOG EH FRPSRVHG RI D UHODWLYHO\ VKRUW DQG FRQFLVH EDVLF GRFXPHQW SUHIHUDEO\ QRW H[FHHGLQJ DERXW SDJHV DQG D VHULHV RI VXSSOHPHQWDU\ GRFXPHQWV VHH $SSHQGL[

7KH EDVLF GRFXPHQW VKRXOG LQFOXGH EULHI UHFRUGLQJV RI DOO SRVVLEOH HOHPHQWV RI WKH TXDOLW\

V\VWHPZLWKUHIHUHQFHVWRVXSSOHPHQWDU\GRFXPHQWV IRU IXUWKHU GHWDLOV 'HWDLOHG JXLGDQFH RQ TXDOLW\

FRQWURO SURFHGXUHV PHWKRGV RI PHDVXUHPHQW DQG FDOLEUDWLRQ RSHUDWLQJ LQVWUXFWLRQV RI UDGLDWLRQ VRXUFHV DQG RWKHU HTXLSPHQW UHFRUG NHHSLQJ HWF VKRXOGEHJLYHQLQWKHVHULHVRI3URFHGXUH0DQXDOV VHH$SSHQGL[7KLVIRUPRISUHVHQWDWLRQPDNHV LWHDV\WRPDQDJHWKHRYHUDOOGRFXPHQWDWLRQRIWKH TXDOLW\PDQXDO,WZLOODOVREHHDVLHUWRFKHFNWKDWDOO UHOHYDQW WRSLFV RI ,62,(& *XLGH DUH FRYHUHG ZKLOH PLQLPL]LQJ XQQHFHVVDU\ RYHUODSSLQJ RI SUHVHQWDWLRQVZKHQWKLV*XLGHLVDSSOLHG

7KHH[WHQWWRZKLFKGHWDLOVDUHGHVFULEHGLQDJLYHQ SURFHGXUHPD\YDU\VLJQLILFDQWO\7RDYRLGRPLWWLQJ GHWDLOV LQ WKH SUHSDUDWLRQ RI WKH SURFHGXUHV LW LV QHFHVVDU\ WR IRUPDOL]H WKH HQWLUH SURFHVV RI SUHSDULQJWKHSURFHGXUHV)RUVLPSOLFLW\DQGHDVHRI ZRUN LW LV D JRRG SUDFWLFH WR SUHSDUH WKH VWDQGDUGL]HG IRUPV EHIRUH WKH SURFHGXUHV DUH ZULWWHQ 7KHUH DUH VHYHUDO DVSHFWV ZKLFK VKRXOG EH FRQVLGHUHG LQ WKH SUHSDUDWLRQ RI WKH VWDQGDUGL]HG IRUPV

7KH ILUVW SDJH VKRXOG FRQWDLQ WKH WLWOH DQG WKH UHIHUHQFH QXPEHU RI WKH SURFHGXUH RU ZRUNLQJ LQVWUXFWLRQ 7KH OHYHO RI WKH GRFXPHQW VKRXOG EH LGHQWLILHG LQ WKH UHIHUHQFH QXPEHU 7KH LVVXH QXPEHU DQG WKH GDWH VKRXOG EH VKRZQ 7KH FRPSXWHU ILOH QDPH FDQ DOVR EH GLVSOD\HG WR IDFLOLWDWHLWVUHWULHYDO

7KH QDPHV RI WKH GUDIWHUV TXDOLW\ PDQDJHU DQG WKHDSSURYDOOLQHVKRXOGEHLQGLFDWHG

7KHWRWDOQXPEHURISDJHVVKRXOGEHGLVSOD\HGLQD ZD\ WKDW ZRXOG LQGLFDWH FOHDUO\ DQ\ PLVVLQJ SDJH HJSDJHRI

7KHSXUSRVHRIWKHSURFHGXUHVKRXOGEHFOHDUO\DQG EULHIO\GHILQHG

7KH GHILQLWLRQV RI VSHFLILF WHUPV XVHG LQ WKH SURFHGXUHVKRXOGEHGHILQHGLQDVHSDUDWHVHFWLRQ 7KHPDLQWHFKQLFDODQGVFLHQWLILFUHIHUHQFHVXVHGLQ WKHSURFHGXUHVKRXOGEHFRPSLOHG

7KHUHVSRQVLELOLW\OLQHVKRXOGEHVKRZQ

,I VSHFLILF LQVWUXFWLRQV DUH SUHSDUHG LQ FRQMXQFWLRQ ZLWKWKHSURFHGXUHWKHLUUHIHUHQFHQXPEHUVVKRXOG EHFOHDUO\LQGLFDWHG

/HYHOGRFXPHQWWKHEDVLFGRFXPHQWRIWKH TXDOLW\PDQXDO

'HWDLOHGJXLGDQFHIRUZULWLQJWKHOHYHOGRFXPHQW RIWKHTXDOLW\PDQXDOZDVSDUWLDOO\SUHSDUHGGXULQJ

(17)

WKH&53$GGLWLRQDOZRUNLVQHHGHGWRFRPSOHWHLW

$ IXOO UHSRUW ZLOO EH SXEOLVKHG E\ WKH ,$($

5HIHUHQFHWRWKHUHOHYDQWVHFWLRQVRI,62,(&*XLGH 1R ,62 ZLOO EH LQFOXGHG LQ RUGHU WR DVVLVW LQ FKHFNLQJ WKH FRPSOLDQFH RI WKH WH[W ZLWK ,62UHTXLUHPHQWV

/HYHOGRFXPHQWVSURFHGXUHPDQXDOV 7KH OHYHO GRFXPHQWV FRQWDLQ WKH SURFHGXUHV QHHGHGWRLPSOHPHQWWKHSROLFLHVVWDWHGLQWKHOHYHO GRFXPHQW $ FRPSOHWH TXDOLW\ PDQXDO XVXDOO\

LQFOXGHVDODUJHQXPEHURISURFHGXUHVEXWWKHH[DFW QXPEHUGHSHQGVRQWKHYDULRXVDFWLYLWLHVFDUULHGRXW DWWKH66'/

/HYHOGRFXPHQWVZRUNLQJLQVWUXFWLRQV 7KHOHYHOGRFXPHQWGRHVQRWJHQHUDOO\FRQWDLQDOO GHWDLOVQHHGHGWRLPSOHPHQWDJLYHQSURFHGXUH2QH FDQHDVLO\FKHFNWKLVOHYHORIGHWDLOE\HQVXULQJLILW LVVXIILFLHQWIRUFRPSHWHQWQHZ66'/VWDIIWRFDUU\

RXW DOO WKH SURFHGXUHV ZLWKRXW DQ\ IXUWKHU KHOS ,Q JHQHUDOZRUNLQJLQVWUXFWLRQVDUHQHHGHGWRVSHOORXW DOOWKHGHWDLOVDQGWKRVHDUHUHIHUUHGWRLQDOHYHO GRFXPHQW

0,1,08048$/,7<&21752/

352*5$00()2566'/V

2QH RI WKH EDVLF REMHFWLYHV RI WKH &RRUGLQDWHG 5HVHDUFK 3URMHFW RQ ³'HYHORSPHQW RI D 4XDOLW\

$VVXUDQFH 3URJUDPPH IRU 66'/V´ ZDV WR GHYHORS DQ,QWHUQDO4XDOLW\&RQWURO3URJUDPPH,4&3WKDW PLJKWEHLPSOHPHQWHGE\66'/VZKRDUHPHPEHUV RI WKH ,$($:+2 1HWZRUN RI 66'/V 3UHYLRXV UHFRPPHQGDWLRQV RQ WKDW WRSLF ZHUH DOUHDG\

SXEOLVKHG >@ EXW LW ZDV FRQVLGHUHG DSSURSULDWH WR FRPSOHPHQW WKH LQIRUPDWLRQ JLYHQ LQ WKDW SXEOLFDWLRQ ZLWK WKH H[SHULHQFH RQ PHWKRGV IUHTXHQF\RIWKHWHVWVDQGDFWLRQOHYHOVXVHGE\WKH ILYHSDUWLFLSDWLQJ66'/VLQWKH&53,WZDVDJUHHG WR IRFXV WKH DWWHQWLRQ RI WKH ,4&3 RQO\ RQ FDOLEUDWLRQ VHUYLFHV RI SKRWRQ EHDPV SURYLGHG DW WKHUDS\DQGSURWHFWLRQOHYHOV$EDVLFSURSRVDORQD PLQLPXP ,4&3 ZDV GLVFXVVHG GXULQJ WKH VW 5HVHDUFK &RRUGLQDWLRQ 0HHWLQJ RUJDQL]HG LQ 9LHQQDLQ'HFHPEHU5HVXOWVGHULYHGIURPWKH

\HDULPSOHPHQWDWLRQRIWKHSURSRVHG,4&3E\WKH ILYH 66'/V &KLQD6KDQJKDL &XED )LQODQG $GUDIWYHUVLRQRIWKHQHZVWDQGDUGZDVXVHG&KDQJHV LQWKHUHOHYDQWVHFWLRQQXPEHUVPD\RFFXUZKHQWKHILQDO YHUVLRQLVSXEOLVKHG

7XUNH\ DQG 9HQH]XHOD WRJHWKHU ZLWK WKH UHFRPPHQGDWLRQV WKDW DURVH IURP LWV LPSOHPHQWDWLRQDUHSUHVHQWHGEHORZ

'HVLJQDVSHFWVRIDPLQLPXPTXDOLW\FRQWURO SURJUDPPHIRU66'/V

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

,WZDVFOHDUIURPWKHEHJLQQLQJWKDWWKHIUHTXHQFLHV RIWKHWHVWVKDYHWREHRSWLPL]HGWDNLQJLQWRDFFRXQW WKH KXPDQ UHVRXUFHV DQG ZRUNORDG DYDLODEOH DW WKH 66'/V 7KH EDVLF SULQFLSOH XVHG IRU GHVLJQLQJ WKH PLQLPXP,4&3ZDVWRNHHSLQEDODQFHWKHQHHGIRU GHWHFWLQJ XQZDQWHG PHDVXUHPHQW HUURUV DQG WKH H[WUDZRUNQHHGHGWRLPSOHPHQWWKHWHVWV

7KH PLQLPXP ,4&3 ZKLFK KDV EHHQ XQGHU WULDO LV SUHVHQWHG LQ $SSHQGL[ 1LQH SDUDPHWHUV ZHUH WHVWHG7KHPHWKRGXVHGIRUWKHTXDOLW\FRQWUROWKH IUHTXHQF\ DQG WKH DFWLRQ OHYHOV DUH UHSRUWHG 7KH DFWLRQ OHYHOV ZHUH GHULYHG IURP WKH VHW RI GDWD VXSSOLHGE\WKHSDUWLFLSDQWVXVLQJVWDWLVWLFDOWRROV

&RQFOXVLRQVDQGUHFRPPHQGDWLRQV

5HFDOLEUDWLRQ RI UHIHUHQFH DQG ZRUNLQJ VWDQGDUGV

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

(18)

DQ\ PLVWDNHV RU PLVXQGHUVWDQGLQJV DQG WR FRQILUP WKDWWKHGHYLDWLRQLVFDXVHGE\DQDFWXDOFKDQJHRI WKH VWDQGDUG RU E\ UHFRJQL]HG FKDQJH RI WKH FDOLEUDWLRQSDUDPHWHUVRUSURFHGXUHV,IQHHGHGWKH 36'/ RU ,$($ GRVLPHWU\ ODERUDWRU\ ZKHUH WKH FDOLEUDWLRQ ZDV SHUIRUPHG VKRXOG EH FRQWDFWHG WR KHOSUHFRQFLOHWKHGHYLDWLRQ

5HFDOLEUDWLRQ RI UHIHUHQFH VWDQGDUGV VKRXOG EH SODQQHG DW DERXW WKUHH \HDU LQWHUYDOV >@ ,W LV UHFRJQL]HGWKDWWKLVSHULRGGHSHQGVRQWKHORQJWHUP VWDELOLW\ RI WKHLQVWUXPHQW7DNLQJLQWRDFFRXQWWKH UHVXOWVRIORQJWHUPVWDELOLW\RIUHIHUHQFHVWDQGDUGV XVHG E\ PRVW 66'/V DQG WKH ULVN RI ORRVLQJ RU GDPDJLQJ WKH VWDQGDUG GXULQJ WUDQVSRUWDWLRQ WKH LQWHUYDO EHWZHHQ FDOLEUDWLRQV FDQ EH LQFUHDVHG WR

\HDUVZLWKRXWDPDMRUGHFUHDVHLQTXDOLW\

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

GRVLPHWU\ODERUDWRU\

6WDELOLW\ WHVWV RI UHIHUHQFH DQG ZRUNLQJ VWDQGDUGVE\PHDVXUHPHQWVDWDIL[HGSRVLWLRQ LQ D JDPPD RU [UD\ EHDP DQG E\ FKHFN VRXUFHPHDVXUHPHQWV

7KHVH WHVWV FKHFN WKH VWDELOLW\ RI WKH UHIHUHQFH VWDQGDUGV DQG WKH FDOLEUDWLRQ VHWXS PDLQWDLQHG DW WKH 66'/ 7KH DFWLRQ OHYHOV WKDW ZHUH VHW IRU WKH PHDVXUHPHQW VWDQGDUGV RI ERWK WKHUDS\ DQG SURWHFWLRQ OHYHO DUH FRQVLVWHQW ZLWK WKH W\SLFDO XQFHUWDLQW\ UHODWHG WR WKH ORQJ WHUP VWDELOLW\RIWKH UHIHUHQFHDQGZRUNLQJVWDQGDUGV

$FWLRQ OHYHOV UHFRPPHQGHG IRU SODQH SDUDOOHO FKDPEHUVZHUHVXJJHVWHGE\RQO\RQHSDUWLFLSDWLQJ 66'/DQGVKRXOGEHFRQVLGHUHGZLWKFDUH

&RQWURORIWKHFKDUJHPHDVXULQJDVVHPEO\

,RQL]DWLRQ FKDPEHUV FDQ EH FDOLEUDWHG DORQH LQ WHUPV RI FKDUJH RU DV SDUW RI D ZKROH V\VWHP WKDW DOVRLQFOXGHVWKHHOHFWURPHWHU7KHFDOLEUDWLRQRIWKH V\VWHP DV D ZKROH LV SURYLGHG LQ WHUPV RI VFDOH UHDGLQJV ,W LV VWURQJO\ UHFRPPHQGHG WKDW 66'/V

VHQG WKH ZKROH V\VWHP WR WKH 36'/ RU ,$($

GRVLPHWU\ ODERUDWRU\ IRU FDOLEUDWLRQ DW \HDU LQWHUYDOV ,W LV WKH SUDFWLFH RI VRPH 36'/V WR FRPSDUH WKH 66'/ UHIHUHQFH HOHFWURPHWHU ZLWK WKH 36'/¶VFXUUHQWPHDVXULQJV\VWHP$WWKH,$($WKH FDOLEUDWLRQ RI WKH UHIHUHQFH FKDPEHU DORQH FRQQHFWHGWR,$($UHIHUHQFHHOHFWURPHWHUDQGWKH FDOLEUDWLRQ RI WKH ZKROH V\VWHP UHIHUHQFH 66'/

FKDPEHU FRQQHFWHG WR 66'/ HOHFWURPHWHU DUH FDUULHG RXW 7KLV ZLOO JLYH DQ LQGLFDWLRQ RI WKH DFFXUDF\ RI WKH UHIHUHQFH 66'/ HOHFWURPHWHU 7KH 66'/FDQLQWXUQFKHFNWKHFDOLEUDWLRQLQWHUPVRI FKDUJH RI RWKHU ZRUNLQJ VWDQGDUGV RU ILHOG FODVV HOHFWURPHWHUV $QRWKHU DOWHUQDWLYH LV WR XVH D SUHFLVLRQ FXUUHQW VRXUFH LQ RUGHU WR FKHFN WKH FDOLEUDWLRQ RI HOHFWURPHWHUV 6XFK FXUUHQW VRXUFHV GHVLJQHGDQGSURGXFHGDWWKH,$($¶V/DERUDWRULHV FDQ EH ERUURZHG IURP WKH ,$($ $ FKHFN RI WKH HOHFWURPHWHU FDOLEUDWLRQ IDFWRU XVLQJ D VWURQWLXP FKHFN VRXUFH ZDV FDUULHG RXW E\ RQH SDUWLFLSDWLQJ 66'/ GXULQJ WKH WULDO ,4&3 7KH UHVXOWV REWDLQHG ZHUHQRWVDWLVIDFWRU\2WKHUSDUWLFLSDQWVFDUULHGRXW WKHWHVWVZLWKD&RWKHUDS\EHDPLQVWHDGRIXVLQJ D UDGLRDFWLYH FKHFN VRXUFH 7KH W\SLFDO 7\SH % XQFHUWDLQW\ IRU PHDVXUHPHQW RI WKH LRQL]DWLRQ FXUUHQW DW WKHUDS\ OHYHO FDOLEUDWLRQ LQ WHUPV RI FKDUJH ZDV IRXQG WR EH DERXW $FFRUGLQJO\

WKH DFWLRQ OHYHO RI LV SURSRVHG ,W LV UHFRPPHQGHGWKDW66'/VXVHWKHFDOLEUDWLRQIDFWRU RIWKHZKROHV\VWHPZKHQDKLJKHUYDOXHLVIRXQG

&KHFN RI ZRUNLQJ WKHUPRPHWHUV EDURPHWHUV DQGK\JURPHWHUV

0HUFXU\ WKHUPRPHWHUV DUH SURSRVHG DV UHIHUHQFH WKHUPRPHWHUVIRU66'/V>@,WLVUHFRPPHQGHGWR FKHFN WKHLU FDOLEUDWLRQ RQFH D \HDU LQ D QDWLRQDO FDOLEUDWLRQ ODERUDWRU\ ,W LV KRZHYHU DQWLFLSDWHG WKDWVRPH66'/VPD\KDYHSUREOHPVJHWWLQJDFFHVV WRVXFKFDOLEUDWLRQODERUDWRULHV7KHDOWHUQDWLYHLVWR FDUU\ RXW D FKHFN RI WKH UHIHUHQFH WKHUPRPHWHU DW

•&LQWKHLFHEDWK'LIIHUHQFHVODUJHUWKDQ•&

DUH FRQVLGHUHG H[FHVVLYH DQG VKRXOG EH FRUUHFWHG IRU

7KH DFWLRQ OHYHO IRU EDURPHWHU VWDELOLW\ LV GHULYHG IURP WKH H[SHULPHQWDO VWDQGDUG GHYLDWLRQ IRXQG LQ WKHWULDO,4&3,WLVFRQVLGHUHGQRWQHFHVVDU\WRUH FDOLEUDWH WKH UHIHUHQFH PHUFXU\ EDURPHWHU XQOHVV YLVLEOH GDPDJH LV REVHUYHG (OHFWURQLF EDURPHWHUV FDQEHXVHGDVZRUNLQJVWDQGDUGVSURYLGHGWKH\DUH FDOLEUDWHGDJDLQVWPHUFXU\EDURPHWHUV

7KH DFFXUDF\ RI K\JURPHWHUV ZDV QRW FRQVLGHUHG ,QWHUHVWHG66'/VDUHLQYLWHGWRVHQGDUHTXHVWWRWKH

(19)

LPSRUWDQWXQOHVVWKHW\SLFDOUHODWLYHDLUKXPLGLW\LQ WKH66'/LVDWWKHHGJHRIWKHDFFHSWDEOHUDQJHRI

$ PRQWKO\ IUHTXHQF\ IRU WKH FRQWUROV RI WKHUPRPHWHUVDQGEDURPHWHUVZDVXVHGLQWKH,4&3 +RZHYHU WKH VWDELOLW\ VKRZHG E\ WKH VLJQLILFDQW QXPEHUVRIWKHUPRPHWHUVDQGEDURPHWHUVXQGHUWHVW VXJJHVWVWKDWWKHDFWXDOIUHTXHQF\RIFRQWUROVFDQEH UHGXFHGWRRUWLPHVD\HDU

%HDP LUUDGLDWLRQ FKDUDFWHULVWLFV JHRPHWU\

XQLIRUPLW\DQGWLPHUFRUUHFWLRQ

)HZ GDWD ZHUH FROOHFWHG RQ EHDP LUUDGLDWLRQ FKDUDFWHULVWLFV IURP WKH 66'/V SDUWLFLSDWLQJ LQ WKH WULDO +RZHYHU H[SHULPHQWDOO\ HVWLPDWHG DFWLRQ OHYHOVIRUWKRVHSDUDPHWHUVFKHFNHGGXULQJWKHWULDO ,4&3ZHUHFRQVLVWHQWDPRQJWKHSDUWLFLSDQWV

&RPPHQWV

- $FWLRQOHYHOVSURSRVHGLQWKHSUHVHQW,4&3DUH FRQVLGHUHG DV PLQLPXP YDOXHV WKDW VKRXOG EH XVHG E\ WKH 66'/V LQ RUGHU WR JXDUDQWHH DQ DFFHSWDEOH GHJUHH RI DFFXUDF\ IRU WKH FDOLEUDWLRQVSHUIRUPHGDWWKHUDS\DQGSURWHFWLRQ OHYHOV7KH\DUHGHILQHGDWWKHFRQILGHQFH OHYHO

- ,I WKH UHVXOWV RI D JLYHQ WHVW IDOO RXWVLGH WKH DFWLRQ OHYHO LW LV UHFRPPHQGHG WR UHSHDW WKH WHVW )XUWKHU LQYHVWLJDWLRQV DUH FDUULHG RXW RQO\

DIWHUWKHGHYLDWLRQLVFRQILUPHG

- 66'/V DUH HQFRXUDJHG WR UHYLHZ DQG LI QHFHVVDU\XSGDWHDFWLRQOHYHOVIURPWLPHWRWLPH HJ DV SDUW RI D JHQHUDO UHYLHZ RI WKH TXDOLW\

V\VWHP

- ,IDQDFWLRQOHYHOVHWE\DQ66'/LVVLJQLILFDQWO\

JUHDWHU FRPSDUHG WR WKDW SURSRVHG LQ WKH SUHVHQW,4&3VSHFLDODWWHQWLRQVKRXOGEHSDLG WR WKH PHDVXUHPHQW FRQGLWLRQV DPELHQW RSHUDWLRQDO W\SH RI HTXLSPHQW DQG KXPDQ IDFWRU

(67,0$7,212)81&(57$,17<2)

&$/,%5$7,216

$V D SDUW RI WKH TXDOLW\ REMHFWLYHV VSHFLILHG LQ WKH TXDOLW\ V\VWHP RI DQ 66'/ WKH OHYHO RI DFFXUDF\

OLPLWV RI XQFHUWDLQWLHV WR EH DLPHG DW IRU WKH YDULRXVW\SHVRIFDOLEUDWLRQVDWWKH66'/VKRXOGEH GHILQHG 7KH QH[W VWHS LV WKHQ WR HQVXUH WKDW WKH UHVXOWLQJ XQFHUWDLQWLHV LQ FDOLEUDWLRQV DUH SURSHUO\

HYDOXDWHG DQG WKDW DOO HIIRUWV DUH PDGH WR DFKLHYH DQG PDLQWDLQ WKH DFFXUDF\ UHTXLUHPHQWV 7KH HVWLPDWHGXQFHUWDLQWLHVVKRXOGIRUPWKHEDFNJURXQG GDWD IRU DOO RSHUDWLRQV LQ WKH ODERUDWRU\ LQFOXGLQJ WKH VHWWLQJ RI DFWLRQ OHYHOV IRU TXDOLW\ FRQWURO DQG WKH HYDOXDWLRQ DQG IROORZXS RI WKH UHVXOWV RI DOO PHDVXUHPHQWV 7KH UHTXLUHPHQWV LQ WHUPV RI DFFXUDF\VKRXOGEHFOHDUO\UHFRJQL]HGE\DOO66'/

VWDII PHPEHUV LQFOXGLQJ WKH GHWDLOHG XQFHUWDLQWLHV SHUWLQHQWWRHTXLSPHQWXVHGDQGSURFHGXUHVDSSOLHG LQFDOLEUDWLRQVDQGWHVWLQJ

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¶

RSHUDWLRQDQGHIIHFWLYHQHVVRIWKHLUTXDOLW\V\VWHP 7KH HVWLPDWLRQ RI XQFHUWDLQWLHV LV WKHUHIRUH DQ LPSRUWDQW SDUW LQ WKH GHYHORSPHQW RI DQ 66'/

TXDOLW\V\VWHPLQRUGHUWRFRPSO\ZLWKWKHVWDQGDUG UHTXLUHPHQWV ,Q 756 >@ WKH WKHRUHWLFDO EDVLV DQGDJHQHUDOH[DPSOHRIHVWLPDWLRQRIXQFHUWDLQWLHV RI FDOLEUDWLRQ DUH JLYHQ :LWKLQ WKLV &53 WKHVH EDVLF SULQFLSOHV ZHUH WHVWHG LQ GHWDLOE\FROOHFWLQJ DQG DQDO\]LQJ WKH HVWLPDWHG XQFHUWDLQWLHV IRU WKH PRVW FRPPRQ W\SHV RI FDOLEUDWLRQV LQ DOO RI WKH SDUWLFLSDWLQJ 66'/V 7KH UDQJH RI YDOXHV RI XQFHUWDLQWLHV RI YDULRXV W\SHV RI FDOLEUDWLRQV HVWLPDWHG E\ WKH SDUWLFLSDWLQJ 66'/V LV JLYHQ EHORZ

œ 7KHUDS\OHYHO

- )RU DLU NHUPD FDOLEUDWLRQV RI WKLPEOH FKDPEHUVWR&R

- )RUDEVRUEHGGRVHWRZDWHUFDOLEUDWLRQVRI WKLPEOHFKDPEHUVWR&R - )RU DLU NHUPD FDOLEUDWLRQV RI WKLPEOH DQG

SODQH SDUDOOHO FKDPEHUV WR [UD\V

œ 3URWHFWLRQOHYHOVXUYH\PHWHUV

- )RU DPELHQW GRVH HTXLYDOHQW

&RDQG[UD\VGHSHQGLQJRQWKHW\SH RIVXUYH\PHWHU

,WLVHPSKDVL]HGWKDWWKHUDQJHRIYDOXHVJLYHQDERYH

(20)

VKRXOG RQO\ EH FRQVLGHUHG DV DQ H[DPSOH RI WKH HVWLPDWLRQ RI XQFHUWDLQWLHV PDGH E\ VRPH 66'/V (DFK 66'/ VKRXOG JR WKURXJK DOO VWHSV QHHGHG WR HYDOXDWH WKH XQFHUWDLQWLHV RI PHDVXUHPHQWV WDNLQJ LQWR DFFRXQW WKHLU RZQ HTXLSPHQW SURFHGXUHV DQG H[SHULHQFH 7KH GHWDLOHG HYDOXDWLRQ IRU WKH HVWLPDWLRQ RI YDULRXV FRPSRQHQW XQFHUWDLQWLHV ZLOO EHLQFOXGHGLQWKHILQDOUHSRUWRIWKH&53DQGZLOO EHGLVWULEXWHGWRDOO66'/VRIWKH1HWZRUN

5HIHUHQFHV

,QWHUQDWLRQDO2UJDQL]DWLRQRI6WDQGDUGL]DWLRQ ,QWHUQDWLRQDO (OHFWURWHFKQLFDO &RPPLVVLRQ *HQHUDO UHTXLUHPHQWV IRU WKH FRPSHWHQFH RI FDOLEUDWLRQ DQG WHVWLQJ ODERUDWRULHV*XLGHUG(GQ,62*HQHYD ,QWHUQDWLRQDO2UJDQL]DWLRQRI6WDQGDUGL]DWLRQ

,QWHUQDWLRQDO (OHFWURWHFKQLFDO &RPPLVVLRQ *HQHUDO UHTXLUHPHQWV IRU WKH FRPSHWHQFH RI WHVWLQJ DQG FDOLEUDWLRQ ODERUDWRULHV,62,(&,62*HQHYD ,QWHUQDWLRQDO $WRPLF (QHUJ\ $JHQF\

&DOLEUDWLRQ RI GRVLPHWHUV XVHG LQ UDGLRWKHUDS\

D PDQXDO VSRQVRUHG E\ WKH ,$($ DQG :+2 ,$($7HFKQLFDO5HSRUW6HULHV1R9LHQQD ,QWHUQDWLRQDO $WRPLF (QHUJ\ $JHQF\

7KH ,$($:+2 1HWZRUN RI 6HFRQGDU\

6WDQGDUG 'RVLPHWU\ /DERUDWRULHV 66'/

QHWZRUNFKDUWHU,$($9LHQQD

(21)

$33(1',;

5HFRPPHQGHGVWUXFWXUHRIWKHTXDOLW\PDQXDO

/HYHO 4XDOLW\PDQXDOEDVLFGRFXPHQW

/HYHO 3URFHGXUH

0DQXDO 3URFHGXUH

0DQXDO 3URFHGXUH

0DQXDO 3URFHGXUH

0DQXDO 3URFHGXUH

0DQXDO

--REGHVFULSWLRQ

-4XDOLW\

VSHFLILFDWLRQV

-4XDOLW\

FRQWURO SURJUDPPHV

-3UHFKHFNV RILQVWUXPHQWV IRUFDOLEUDWLRQ

-5XOHVIRUPDQDJHPHQW

UHYLHZ

-$FFHSWDQFH

WHVWUXOHV -:RUNLQJ

,QVWUXFWLRQV IRU4&WHVWV

-:RUNLQJ LQVWUXFWLRQV IRUFDOLEUDWLRQV

-5XOHVIRULQWHUQDODXGLW

-&RPPLVVLRQLQJ

UXOHV -*XLGDQFH

RQPLQLPXP UHFRUGV

-5XOHVIRUH[WHUQDODXGLW

-(TXLSPHQW

UHJLVWHU -(VWLPDWHG

XQFHUWDLQWLHV

-5HSRUWVRIQRQ

FRPSOLDQFH -)DXOWUHJLVWHU -5DGLDWLRQ

TXDOLWLHV

Références

Documents relatifs

The IAEA’s Dosimetry and Medical Radiation Physics Section focuses on services provided to Member States through the IAEA/WHO SSDL Network and on a system of dose quality audits..

2000 Absorbed Dose Determination in External Beam Radiotherapy: An International Code of Practice for Dosimetry based on Standards of Absorbed Dose to Water (Technical Reports

• Review the availability and applicability of exist- ing practice and quality assurance guidance documents related to the use of imaging informa- tion in the radiation

In the gamma radiation dosimetry area, the laboratory maintains the National Measuring Standard for absorbed dose to water and the National Measuring Standard for air

The IAEA’s Dosimetry and Medical Radiation Physics programme is focused on services provided to Member States through the IAEA/WHO SSDL Network and a system of dose quality

Results of the calculated absorbed dose to water calibration coefficients using air kerma calibrations and direct absorbed dose to water calibration coefficients N D, W for

The IAEA’s Dosimetry and Medical Radiation Physics programme is focused on services provided to Member States through the IAEA/WHO SSDL Network and a system of dose quality

· data sheets for the clinical beams, where details concerning beam calibration and the TLD irradiations are reported by the participating hospitals, including the date of