Joint FAO/IAEA Division of Nuclear Techniques in Food and Agriculture and FAO/IAEA Agriculture and Biotechnology Laboratory, Seibersdorf International Atomic Energy Agency Vienna
No. 3 June 1999
TO THE READER...1
A. STAFF ...2
B. FORTHCOMING EVENTS...3
C. PAST EVENTS...4
D. STATUS OF EXISTING CO-ORDINATED RESEARCH PROJECTS ...7
E. NEW CO-ORDINATED RESEARCH PROJECTS...9
F. TECHNICAL CO-OPERATION PROJECTS...9
G. ACTIVITIES AT THE PLANT BREEDING UNIT, SEIBERSDORF ...12
H. PUBLICATIONS ...15
http://www.iaea.org/programmes/nafa http://www.fao.org/WAICENT/Agricul.htm
727+(5($'(5
7KLV LV WKH WKLUG LVVXH RI WKH 3ODQW
%UHHGLQJ DQG *HQHWLFV 1HZVOHWWHU 6LQFH SXEOLVKLQJ WKH ODVW LVVXH ZH KDYH KDG VLJQLILFDQW VWDII FKDQJHV LQ WKH 3ODQW
%UHHGLQJ DQG *HQHWLFV 6HFWLRQ 'U /HR YDQ=DQWHQFRPSOHWHGKLVFRQWUDFWZLWKWKH
$JHQF\ DIWHU \HDUV RI VHUYLFH DV D 7HFKQLFDO2IILFHU+HZDVWKHSHUVRQZKR DOVR FRPSLOHG WKH ILUVW WZR LVVXHV RI WKH 3%*1 'U 5LFKDUG /LW] DIWHU DOPRVW WKUHH PRQWKV RI VHUYLFH WHUPLQDWHG KLV WHPSRUDU\ DVVLJQPHQW DV D FRQVXOWDQW RQ WKH DSSOLFDWLRQ RI LQGXFHG PXWDWLRQV LQ FRQQHFWLRQ ZLWK LQ YLWUR FXOWXUH IRU YHJHWDWLYHO\ SURSDJDWHG FURS LPSURYHPHQW 7KH JRRG QHZV LV WKDW 'U 0RKDQ-DLQMRLQHGWKH6HFWLRQRQ0D\
ILOOLQJ LQ WKH SRVW SUHYLRXVO\ RFFXSLHG E\
'U %HDQW $KORRZDOLD +H ZLOO EH UHVSRQVLEOH DPRQJ RWKHU GXWLHV IRU RXU DFWLYLW\ UHODWHG WR WKH LPSURYHPHQW RI YHJHWDWLYHO\ SURSDJDWHG FURSV E\ LQGXFHG PXWDWLRQV DQG UHODWHG ELRWHFKQRORJ\ +H LV QRZ SURMHFW RIILFHU RI WKH )$2,$($%$5& &RRUGLQDWHG5HVHDUFK 3URMHFW RQ &HOOXODU ELRORJ\ DQG ELRWHFKQRORJ\ LQFOXGLQJ PXWDWLRQ WHFKQLTXHV IRU FUHDWLRQ RI QHZ XVHIXO EDQDQDJHQRW\SHV
2XU ZRUN LQ WKHVH VL[ PRQWKV KDV FRQFHQWUDWHG RQ SODQQLQJ WZR QHZ &53V ZKLFK ZLOO EH LQLWLDWHG WKLV \HDU 7KH HYDOXDWLRQV RI WKH UHVHDUFK FRQWUDFW DQG DJUHHPHQW SURSRVDOV IRU WKH )$2,$($
&53 RQ 0ROHFXODU FKDUDFWHUL]DWLRQ RI PXWDWHG JHQHV FRQWUROOLQJ LPSRUWDQW WUDLWV IRU VHHG FURS LPSURYHPHQW KDYH EHHQ FRPSOHWHG DQG SDUWLFLSDQWV ZHUH VHOHFWHG 7KH &53 ZLOO XVH LQGXFHG PXWDWLRQV WR H[SORLW WKH IXOO SRZHU RI VWUXFWXUDO DQG IXQFWLRQDO JHQRPLFV IRU JHQHLVRODWLRQGLUHFWHGDWWKHLPSURYHPHQW RIRUSKDQFURSVDQGDOOLHGVSHFLHV,WZLOO
IRFXVRQPROHFXODUFKDUDFWHUL]DWLRQRIQHZ RUH[LVWLQJPXWDQWVDIIHFWLQJNH\
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
FKDUDFWHUL]HG PXWDQW OLQHV ZLOO EH RI SDUWLFXODU YDOXH IRU PRGLI\LQJ SODQW UHVSRQVHV WR D YDULHW\ RI HQYLURQPHQWDO FRQGLWLRQV HVSHFLDOO\ LQ PDUJLQDO DUHDV RI GHYHORSLQJFRXQWULHV
,Q DGGLWLRQ WR WKH GDLO\ DFWLYLW\ UHODWHG WR WKHRUJDQL]DWLRQRI5HVHDUFK&RRUGLQDWLRQ 0HHWLQJV HYDOXDWLRQ RI SURJUHVV UHSRUWV DQG WHFKQLFDO EDFNVWRSSLQJ RI 7HFKQLFDO
&RRSHUDWLRQ 3URMHFWV ZRUN RQ WKH HVWDEOLVKPHQW RI D GDWDEDVH RQ VXFFHVVIXO UDGLDWLRQ GRVHV IRU GHYHORSPHQW RI QHZ PXWDQW YDULHWLHV LQ FURS VSHFLHV ZDV FRQWLQXHG$FWLYLWLHVDWWKH3ODQW%UHHGLQJ 8QLW RI WKH )$2,$($ $JULFXOWXUH DQG
%LRWHFKQRORJ\ /DERUDWRU\ DW 6HLEHUVGRUI FRQFHQWUDWHG RQ WKH GHYHORSPHQW RI ORZ FRVWLQYLWURFXOWXUHWHFKQRORJ\IRULQGXFHG PXWDWLRQV GHYHORSPHQW DQ HIILFLHQW WHFKQLTXH IRU ULFH DQWKHU FXOWXUH DQG RQ DFWLYDWLRQ RI UHWURWUDQVSRVRQV LQ ULFH E\
LUUDGLDWLRQZLWKJDPPDUD\V
0LURVODZ0DOXV]\QVNL
$ 67$))
-RLQW)$2,$($'LYLVLRQRI1XFOHDU7HFKQLTXHVLQ)RRGDQG$JULFXOWXUH,$($
9LHQQD,QWHUQDWLRQDO&HQWUH32%R[$9LHQQD$XVWULD
-DPHV'DUJLH 'LUHFWRU (PDLO-'DUJLH#LDHDRUJ
0DQDVH3HWHU6DOHPD 'HSXW\'LUHFWRU (PDLO036DOHPD#LDHDRUJ 3ODQW %UHHGLQJ DQG *HQHWLFV 6HFWLRQ ,$($ 32 %R[ $ 9LHQQD $XVWULD
0LURVODZ
0DOXV]\QVNL +HDGRI6HFWLRQ (PDLO
00DOXV]\QVNL#LDHDRUJ
&KLWWUDQMDQ%KDWLD 7HFKQLFDO2IILFHU (PDLO&%KDWLD#LDHDRUJ 0RKDQ-DLQ 7HFKQLFDO2IILFHU (PDLO0-DLQ#LDHDRUJ .DULQ1LFKWHUOHLQ 7HFKQLFDO2IILFHU (PDLO.1LFKWHUOHLQ#LDHDRUJ .DWD\RQ(QWHNKDEL 6HFUHWDU\ (PDLO.(QWHNKDEL#LDHDRUJ .DWKOHHQ:HLQGO 6HQLRU2IILFH&OHUN (PDLO.:HLQGO#LDHDRUJ
)$2,$($ $JULFXOWXUH DQG %LRWHFKQRORJ\ /DERUDWRU\ $ 6HLEHUVGRUI
$XVWULD
&KULVWRSKHU5LJQH\ $FWLQJ+HDG (PDLO&5LJQH\#LDHDRUJ 3ODQW%UHHGLQJ8QLW
-DYLHU=DSDWD$ULDV +HDGRI8QLW (PDLO)=DSDWD$ULDV#LDHDRUJ
1LFRODV5RX[ 5HVHDUFKHU (PDLO15RX[#LDHDRUJ
6WHIDQ1LHOHQ $VVRFLDWH 3URIHVVLRQDO
2IILFHU (PDLO61LHOHQ#LDHDRUJ
0DUFHOD*X]PDQ -XQLRU3URIHVVLRQDO2IILFHU (PDLO0*X]PDQ#LDHDRUJ
5RZQDN$I]D 5HVHDUFKHU (PDLO5$I]D#LDHDRUJ
$QGUHD.RG\P 7HFKQLFLDQ (PDLO$.RG\P#LDHDRUJ
0XULHO:HLQUHLFK 6HFUHWDU\ (PDLO0:HLQUHLFK#LDHDRUJ
*QWKHU%HUWKROG 7HFKQLFLDQ (PDLO*%HUWKROG#LDHDRUJ
$QGUHDV'UDJDQLWVFK 7HFKQLFLDQ (PDLO$'UDJDQLWVFK#LDHDRUJ )UDQ]=ZLOHWLWVFK 7HFKQLFLDQ (PDLO)=ZLOHWLWVFK#LDHDRUJ
% )257+&20,1*(9(176 5HVHDUFK&RRUGLQDWLRQ0HHWLQJV 5&0V
7KLUGDQGILQDO5&0RQ³,PSURYHPHQWRI QHZ DQG WUDGLWLRQDO LQGXVWULDO FURSV E\
LQGXFHG PXWDWLRQV DQG UHODWHG ELRWHFKQRORJ\´ &RUYDOOLV 2UHJRQ 86$
$XJXVW
7KLUG DQG ILQDO 5&0 RQ ³5DGLRDFWLYHO\
ODEHOOHG '1$ SUREHV IRU FURS LPSURYHPHQW´ 9LHQQD 6HSWHPEHU
)LUVW5&0RQ³0ROHFXODUFKDUDFWHUL]DWLRQ RI PXWDWHG JHQHV FRQWUROOLQJ LPSRUWDQW WUDLWVIRUVHHGFURSLPSURYHPHQW´9LHQQD
$XVWULD2FWREHU
7KLUG 5&0 RQ ³&HOOXODU ELRORJ\ DQG ELRWHFKQRORJ\ LQFOXGLQJ PXWDWLRQ WHFKQLTXHV IRU FUHDWLRQ RI QHZ XVHIXO EDQDQDJHQRW\SHV´&RORPER6UL/DQND 2FWREHU
)LUVW5&0RQ³0XWDWLRQDODQDO\VLVRIURRW FKDUDFWHUVLQDQQXDOIRRGSODQWVUHODWHGWR SODQWSHUIRUPDQFH´LVSODQQHGIRUWKHHQG RIRUWKHEHJLQQLQJRI
5HJLRQDO $)5$ 7UDLQLQJ &RXUVH RQ
³0ROHFXODU FKDUDFWHULVDWLRQ RI JHQHWLF ELRGLYHUVLW\LQWUDGLWLRQDODQGQHJOHFWHG FURSVVHOHFWHGIRULPSURYHPHQWWKURXJK PXWDWLRQ WHFKQLTXHV´ 3UHWRULD 6RXWK
$IULFD6HSWHPEHU
7KH SXUSRVH RI WKLV WUDLQLQJ FRXUVH LV WR WUDLQEUHHGHUVSDUWLFLSDWLQJLQWKHUHJLRQDO
$)5$ ,,, SURMHFW 5$) LQ YDULRXV PROHFXODU WHFKQLTXHV IRU FKDUDFWHULVDWLRQRIELRGLYHUVLW\LQVHOHFWHG
WUDGLWLRQDO QHJOHFWHG FURSV 5$3'V 5)/3$)/3PLFURVDWHOOLWHVFRPSDUDWLYH PDSSLQJ
:RUNVKRS 5$) RQ ³+DQGVRQ ([SHULHQFH RQ 0ROHFXODU DQG 0XWDWLRQ 7HFKQLTXHV´ 9LHQQD $XVWULD 6HSWHPEHU
7KH PDLQ REMHFWLYH RI WKLV ZRUNVKRS LV WR WUDLQ GDWH SDOP EUHHGHUV LQ WKH XVH RI PROHFXODUWHFKQLTXHV5$3'V$)/3VDQG PXWDWLRQWHFKQLTXHVWKURXJKSUDFWLFDOVNLOOV DQG KDQGVRQ H[SHULHQFH 7KH SDUWLFLSDQWV WRWKLVZRUNVKRSDUHOLPLWHGWRRQO\$OJHULD 0RURFFRDQG7XQLVLD
6HPLQDU RQ ³0XWDWLRQ WHFKQLTXHV DQG ELRWHFKQRORJ\ IRU WURSLFDO DQG VXEWURSLFDO SODQW LPSURYHPHQW LQ $VLD DQGWKH3DFLILF5HJLRQ´/RV%DxRV7KH 3KLOLSSLQHV2FWREHU
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
VWUHVV SURQH DUHDV DQG LQ WKLV ZD\ WR
LPSURYHIDUPVXVWDLQDELOLW\ & 3$67(9(176
3URMHFW )RUPXODWLRQ 0HHWLQJ RI WKH 5HJLRQDO 7& 3URMHFW 5$6 RQ
³0XWDWLRQDO HQKDQFHPHQW RI JHQHWLF GLYHUVLW\LQULFH´%DQJNRN7KDLODQG )HEUXDU\
7KH DLP RI WKLV PHHWLQJ ZDV WR JXLGH UHSUHVHQWDWLYHVRIFRXQWULHVSDUWLFLSDWLQJLQ WKH 5$6,$($ 3URMHFW RQ ³0XWDWLRQDO (QKDQFHPHQW RI *HQHWLF 'LYHUVLW\ LQ 5LFH´ LQ WKH SUHSDUDWLRQ RI D GHWDLOHG SURJUDPPH RI DFWLYLW\ DQG RWKHU SURMHFW GRFXPHQWV 7KLUWHHQ ULFH EUHHGHUV UHSUHVHQWHG HOHYHQ FRXQWULHV RI WKH 5HJLRQ %DQJODGHVK &KLQD ,QGLD ,QGRQHVLD .RUHD 0DOD\VLD 0\DQPDU 3DNLVWDQ 7KH 3KLOLSSLQHV 7KDLODQG DQG 9LHW1DP7KHPHHWLQJZDVRUJDQL]HGDW WKH QHZO\ HVWDEOLVKHG ZLWK $JHQF\
VXSSRUW *DPPD ,UUDGLDWLRQ 6HUYLFH DQG 1XFOHDU 7HFKQRORJ\ 5HVHDUFK &HQWUH .DVHWVDUW8QLYHUVLW\%DQJNRN7KH&HQWUH LVYHU\ZHOORUJDQL]HGDQGRIIHUVH[FHOOHQW IDFLOLWLHV IRU UHJLRQDO WUDLQLQJFRXUVHVDQG PHHWLQJV7KH,QWHUQDWLRQDO5LFH5HVHDUFK ,QVWLWXWH ,55, ZDVUHSUHVHQWHGE\VHQLRU VFLHQWLVW'U'6%UDU
2Q WKH EDVLV RI LQWHQVLYH GLVFXVVLRQV D GHWDLOHG SODQ RI SURMHFW DFWLYLWLHV ZDV IRUPXODWHG DQG QHFHVVDU\ GRFXPHQWV GUDIWHG$OVRDQ$JUHHPHQWRQ([FKDQJH RI 5LFH 6HHG 0DWHULDO LQ WKH IRUP RI WKH ,$($ 3URMHFW 5$6 ZDV GUDZQ XS DQGDGRSWHGE\DOOSDUWLFLSDWLQJFRXQWULHV
QG 3URMHFW &RRUGLQDWLRQ 0HHWLQJ RI
$)5$ ,,, SURMHFW RQ ³'HYHORSPHQW RI LPSURYHG FURS YDULHWLHV´ %DPDNR 0DOL)HEUXDU\
7KH PHHWLQJ ZDV MRLQWO\ RUJDQLVHG E\ WKH ,$($DQGWKH,QVWLWXW3RO\WHFKQLTXH5XUDO GH )RUPDWLRQ HW GH 5HFKHUFKH $SSOLTXpH
GH .DWLERXJRX ,35,)5$ LQ .RXOLNRUR 7KH SXUSRVH RI WKH PHHWLQJ ZDV WR HYDOXDWHWKHSURJUDPPHDQGSODQ DQG WR FRUGLQDWH WKH SURJUDPPH RI WKH UHJLRQDO SURMHFW FRQVLVWLQJ RI WKUHH GLIIHUHQW SURMHFW FRPSRQHQWV7KHPHHWLQJZDVDWWHQGHGE\
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
1DWLRQDO 9DULHW\ 5HOHDVH &RPPLWWHHV 'HOD\V LQ LPSOHPHQWDWLRQ RI PXWDQW HYDOXDWLRQWULDOVZHUHPDLQO\GXHWRDELRWLF VWUHVV IDFWRUV GXULQJ WKH FURSSLQJ VHDVRQV 7KH EUHHGLQJ SURJUDPPHV XQGHU FRPSRQHQW LPSURYHPHQW RI GURXJKW WROHUDQFH LQ FHUHDOV DQG OHJXPHV DQG FRPSRQHQW LPSURYHPHQW RI WUDGLWLRQDO DQG QHJOHFWHG FURSV DUH VWLOO LQ DQ LQLWLDO SKDVH RI HYDOXDWLRQ RI JHUPSODVP FROOHFWLRQV DQG HDUO\ PXWDQW JHQHUDWLRQV 2QO\SURJUDPPHVZKLFKKDYHEHHQLQLWLDWHG LQ WKH HDUO\ ¶V XQGHU WKH SUHYLRXV
$JHQF\¶V 7& VXSSRUW VXFK DV EDUOH\ LQ
$OJHULDDQGGXUXPZKHDWLQ0RURFFRKDYH DGYDQFHGPXWDQWJHQHUDWLRQVDYDLODEOH &RPSOHWLRQRIWKH&53RQ8VHRIQRYHO '1$ ILQJHUSULQWLQJ WHFKQLTXHV IRU WKH GHWHFWLRQ DQG FKDUDFWHUL]DWLRQ RI JHQHWLF YDULDWLRQ LQ YHJHWDWLYHO\
SURSDJDWHGFURSV
7KLV &53 ZDV FRPSOHWHG ZLWK WKH SXEOLFDWLRQRIWKHSURFHHGLQJVRIWKHILQDO 5HVHDUFK&RRUGLQDWLRQ0HHWLQJ0XPEDL ,QGLD)HEUXDU\LQ2FWREHU 7KH DFWLYLWLHV DQG DFKLHYHPHQWV RI WKH
&53FDQEHVXPPDUL]HGDVIROORZV
9DULRXV PROHFXODU PDUNHU WHFKQRORJLHV KDYH EHHQ XVHG WR PHDVXUH JHQHWLF GLYHUVLWLHV RI YHJHWDWLYHO\ SURSDJDWHG FURSV DV VKRZQ LQ WKH LQGLYLGXDO SDSHUV SUHVHQWHG LQ WKLV 5&0 7KH EXLOGLQJ RI WKLV UHVHDUFK QHWZRUN KDV SHUPLWWHG WKH WUDQVIHU RI WHFKQRORJ\DQGWKHHQULFKPHQW RI NQRZOHGJH DQG SODQW JHQHWLF UHVRXUFHV DYDLODEOH WR LQGLYLGXDO SURMHFWV ZKHUH WHFKQRORJLHVRI'1$SURILOLQJ>UHVWULFWLRQ IUDJPHQW OHQJWK SRO\PRUSKLVP 5)/3 UDQGRPO\ DPSOLILHG SRO\PRUSKLF '1$
5$3' VLPSOH VHTXHQFH UHSHDWV 665 DPSOLILHG IUDJPHQW OHQJWK SRO\PRUSKLVP
$)/3'1$DPSOLILFDWLRQILQJHUSULQWLQJ '$) DQG UDQGRPO\ DPSOLILHG
PLFURVDWHOOLWH SRO\PRUSKLVP 5$032@
KDYH EHHQ HYDOXDWHG &RVW FRQYHQLHQFH UHOLDELOLW\ DQG LQIRUPDWLRQ FRQWHQW KDYH EHHQ UHFRJQL]HG DV NH\ FULWHULD IRU VHOHFWLQJ DQ DSSURSULDWH SURILOLQJ WHFKQRORJ\
7KH DVVRFLDWLRQ RI PDUNHUV DQG PRUSKRORJLFDO WUDLWV OHG WR WKH JHQHUDWLRQ RIPDSVLQVHYHUDOVSHFLHVZKLFKDOORZWKH H[SORLWDWLRQ RI DOWHUQDWLYH OLIH F\FOHV RI YHJHWDWLYHO\ SURSDJDWHG SODQWV )RU H[DPSOHLQEDQDQDRQHLPSRUWDQWVWUDWHJ\
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
6SHFLILFDFKLHYHPHQWVRIWKLV&53 7KH SDUWLFLSDQWV LQ WKLV &53 KDYH LQYHVWLJDWHG YDULRXV YHJHWDWLYHO\
SURSDJDWHG VSHFLHV ZLWK GLIIHUHQW PROHFXODU PDUNHU V\VWHPV 7KH GHWDLOV RI WKHLUSURJUHVVDUHSUHVHQWHGEHORZ
%XUJ $XVWULD 7KH LGHQWLILFDWLRQ DQG FORQLQJ RI PLQLVDWHOOLWH W\SH UHSHWLWLYH HOHPHQWV RI WKH RDN JHQRPH VXSSOLHV D QHZPDUNHUV\VWHPIRUWKHDQDO\VLVRIWKH JHQHWLFGLYHUVLW\RIRDNUHVRXUFHV
/HDO &XED 0ROHFXODU HYLGHQFH RI VRPDFORQDO YDULDWLRQ KDV EHHQ IRXQG LQ VXJDUFDQH 7KHUH LV SRVVLEO\ D UROH IRU VHYHUDO JHQHV LQYROYHG LQ WKH RVPRWROHUDQFH UHVSRQVH $73DVH GHOWD S\UUROLQHFDUER[\ODVHUHGXFWDVHRVPRWLQ DQGKHDWVKRFNSURWHLQV
/DJRGD )UDQFH$ FRPPRQ EDVLV ZDV HVWDEOLVKHG LQ ZKLFK EUHHGHUV FRPPXQLFDWHGWKHLUSUREOHPVWRPROHFXODU JHQHWLFLVWV %ULGJLQJ WKH FRPPXQLFDWLRQ JDS FODULILHG WKH QHHG IRU D PROHFXODU EUHHGLQJ SURJUDPPH RQ EDQDQD DQG SODQWDLQ UHTXLULQJ WKH LQSXW RI D PDSSLQJ DQG D JHQHWLF GLYHUVLW\ DQDO\VLV SURJUDPPH 7KH GHYHORSPHQW RI DGGLWLRQDO PDUNHUV ZDV D SUHUHTXLVLWH IRU DSSOLFDWLRQV RXWVLGH WKH ODERUDWRU\
HVSHFLDOO\ 3&5 GHWHFWLRQ NLWV 7KLV KDV EHHQDFKLHYHGDQGZLOOEHFRPSOHWHGLQWKH IXWXUH E\ GHYHORSLQJ VHTXHQFH WDJJHG PLFURVDWHOOLWH VLWHV 6706 PDUNHUV DQG VHTXHQFH FKDUDFWHUL]HG DPSOLILHG UHJLRQV 6&$5VIURP$)/3
6DQJZDQ )UDQFH,Q FDVVDYD LQGXFHG JHQHWLFYDULDWLRQVKDYHEHHQFKDUDFWHUL]HG LQYLWUR8VLQJ3&5EDVHGPDUNHUV5$3' DQG PLFURVDWHOOLWHV 7KH 5$3' DQDO\VHV ZHUH UHSURGXFLEOH DQG VKRZHG GLVWLQFW SRO\PRUSKLFEDQGV
.DKO *HUPDQ\ )RU \DP DQ LQWHQVH DSSOLFDWLRQ RI YDULRXV '1$ SURILOLQJ WHFKQLTXHV DQG VHTXHQFH FRPSDULVRQV RI FKORURSODVW W51$ JHQH UHJLRQV UHYHDOHG JHQHWLF GLYHUVLW\ LQ YDULRXV 'LRVFRUHD VSHFLHV YDULRXV DFFHVVLRQV RI HFRQRPLFDOO\ LPSRUWDQW \DPV DQG SDUHQWV IRU FURVVHV HJ ' WRNRUR 7KH VDPH WHFKQLTXHV ZHUH HPSOR\HG WR FODULI\
WD[RQRPLF SUREOHPV LQ ' EXOELIHUD SK\ORJHQHWLF UHODWLRQVKLSV EHWZHHQ ' FD\HQVLV DQG' URWXQGDWD *XLQHD \DP DQG EHWZHHQ WKHVH DQG WKHLU SXWDWLYH
SURJHQLWRUV )RU WKH ILUVW WLPH D GHILQHG FURVV RI VHOHFWHG SDUHQWV RI ' WRNRUR SHUPLWWHG SURILOLQJ SURJHQ\ )RU JUHDWHU H[SORLWDWLRQRIWKH5$3'SRO\PRUSKLVPV D QHZ K\EULGL]DWLRQEDVHG PHWKRG 5$032 ZDV GHVLJQHG WKDW H[SDQGV WKH LQIRUPDWLRQFRQWHQWRIDVLQJOHJHOVHYHUDO IROG
3DULGD ,QGLD 0ROHFXODU PDUNHUV ZHUH XVHG IRU JHQHWLF FKDUDFWHUL]DWLRQ VSHFLHV LGHQWLILFDWLRQ HVWDEOLVKLQJ SK\ORJHQHWLF DQG VSHFLHV UHODWLRQVKLSV LQ WKH ,QGLDQ PDQJURYHVSHFLHV0DUNHUVKDYHDOVREHHQ XVHG WR VHOHFW SULRULW\ DUHDV IRU FRQVHUYDWLRQ DQG FRQVROLGDWLRQ RI JHQRW\SHV ZLWK WKH FDSDFLW\ IRU WROHUDQFH WRVDOLQLW\
5DR ,QGLD 7LVVXH FXOWXUHV KDYH EHHQ HVWDEOLVKHGIURPWKLUWHHQEDQDQDJHQRW\SHV EHORQJLQJ WR GLIIHUHQW JHQRPLF JURXSV LQFOXGLQJ ZLOG GLSORLGV,Q YLWUR PXOWLSOH VKRRWFXOWXUHVKDYHEHHQLUUDGLDWHGDQGLQ WKH HDUO\ VWDJHV RI ILHOG SODQWLQJ UHJHQHUDQWV KDYH H[KLELWHG FKORURSK\OO YDULDWLRQV HDUOLQHVV FKDQJHV LQ SODQW KHLJKW DQG SODQW W\SH DQG IXUWKHU REVHUYDWLRQV RI WKHVH ZLOO IROORZ 0ROHFXODUVWXGLHVIRUILQJHUSULQWLQJKDYH EHHQ LQLWLDWHG ZLWK GLIIHUHQW EDQDQD DFFHVVLRQV DQG YDULDQWV LVRODWHG IURP LUUDGLDWLRQH[SHULPHQWV
/DYL ,VUDHO 6HYHUDO NLQGV RI '1$
PDUNHUV LQFOXGLQJ PLQLVDWHOOLWHV $)/3 DQG665VZHUHDSSOLHGWRERWKPDQJRDQG DYRFDGR $FKLHYHPHQWV LQFOXGH LGHQWLILFDWLRQ RI LQGLYLGXDOV VWXG\ RI JHQHWLF UHODWLRQVKLSV LGHQWLILFDWLRQ RI OLQNDJHEHWZHHQVRPH'1$PDUNHUVDQG JHQHV FRGLQJ IRU DJULFXOWXUDOO\ LPSRUWDQW WUDLWV LQ DYRFDGR DQG WKH JHQHUDWLRQ RI D SUHOLPLQDU\JHQHWLFPDSLQDYRFDGR
/RZ 0DOD\VLD6RPDFORQDO YDULDWLRQV DQG FKDQJHV LQ '1$ PHWK\ODWLRQ ZHUH GHPRQVWUDWHG IRU WKH ILUVW WLPH LQ UXEEHU WUHHV+HYHDEUDVLOLHQVLVE\YDULRXV'1$
ILQJHUSULQWLQJ WHFKQLTXHV *DPPD LUUDGLDWLRQ UHVXOWHG LQ FKDQJHV LQ '1$
SURILOHV EXW WKHVH FKDQJHV ZHUH FRPSOLFDWHG E\ DQG LQGLVWLQJXLVKDEOH IURPVRPDFORQDOYDULDWLRQV
0LJQRXQD 1LJHULD *HQHWLF YDULDWLRQ DPRQJFDVVDYDYDULHWLHVZDVDQDO\VHGZLWK 5$3' PDUNHUV 7KH PROHFXODU WD[RQRP\
RI FXOWLYDWHG DQG ZLOG \DPV ZDV HVWDEOLVKHG ZLWK5$3' DQG PLFURVDWHOOLWH PDUNHUV
7HUDXFKL-DSDQ+LJKOHYHOV RIJHQHWLF GLYHUVLW\ KDYH EHHQ IRXQG LQ QDWXUDO SRSXODWLRQV RI ZLOG \DP VXJJHVWLQJ WKH LPSRUWDQFHRIPDLQWDLQLQJDVPDOOQXPEHU RI ODUJH SRSXODWLRQV WR SURWHFW JHQHWLF GLYHUVLW\
,TEDO 3DNLVWDQ /RFDO YDULHWLHV RI VXJDUFDQHDQGEDQDQDZHUHFRPSDUHGZLWK 5$3'V WR DVVHVV WKHLU JHQHWLF GLYHUVLW\
0DQVYHOW 5HSXEOLF RI 6RXWK $IULFD 5$3' PDUNHUV ZHUH XVHG WR JHQHUDWH ILQJHUSULQWV IRU GLIIHUHQWLDWLRQ RI GHFLGXRXV IUXLW FXOWLYDUV *HQH WUDQVIHU WHFKQRORJ\ ZDV GHYHORSHG IRU GHFLGXRXV IUXLW WUHHV XVLQJ $JUREDFWHULXP DV D YHFWRU
*UHVVKRII 86$ $UELWUDU\ SULPHU WHFKQRORJ\ XVLQJ '$) ZDV RSWLPL]HG XVLQJ PLQLKDLUSLQ SULPHUV VHFRQGDU\
DPSOLILFDWLRQ RI '$) SURGXFWV $6$3 0 XUHD 3$*( D m& DQQHDOLQJ WHPSHUDWXUH DQG PDLQWHQDQFH RI KLJK SULPHU m0 DQG ORZ WHPSODWH QJ m/ UHDFWLRQ YROXPH FRQFHQWUDWLRQV 0ROHFXODU PDUNHUV ZHUH YDOXDEOH IRU DQFKRULQJ \HDVW DUWLILFLDO FKURPRVRPH
<$&DQGEDFWHULDODUWLILFLDOFKURPRVRPH
%$& FORQHV RQ PROHFXODU OLQNDJH PDSV IDFLOLWDWLQJ WKH QH[W VWHS RI PDSEDVHG FORQLQJRIJHQHVLQGXFHGE\PXWDJHQHVLV
' 67$7862)(;,67,1*&225',1$7('5(6($5&+352-(&76 *HQHWLF ,PSURYHPHQW RI 8QGHUXWLOL]HG
DQG1HJOHFWHG&URSVLQ/,)'&VWKURXJK ,UUDGLDWLRQDQG5HODWHG7HFKQLTXHV 7KLV &53 ZDV LQLWLDWHG LQ ZLWK WKH REMHFWLYH WRRYHUFRPHPDMRUFRQVWUDLQWVWR LQFUHDVH SURGXFWLYLW\ RI QHJOHFWHG DQG XQGHUXWLOL]HG FURSV E\ JHQHWLF LPSURYHPHQW LQ RUGHU WR HQKDQFH WKH HFRQRPLFYLDELOLW\DQGVXVWDLQFURSVSHFLHV GLYHUVLW\ DQG LQ IXWXUH WR EHQHILW VPDOO IDUPHUV 0XWDWLRQ WHFKQLTXHV LQ FRPELQDWLRQZLWKELRWHFKQRORJ\DUHDSSOLHG IRUWKHLPSURYHPHQWRIYDULRXVYHJHWDWLYHO\
DQG VHHG SURSDJDWHG FURSV TXLQRD
&KHQRSRGLXP TXLQRD FRFR\DPV
&RORFDVLD HVFXOHQWD ;DQWKRVRPD VSS
\DPV'LRVFRUHDVSSJUDLQDQGYHJHWDEOH DPDUDQWKV $PDUDQWKXV VSS %DPEDUD JURXQGQXW 9LJQD VXEWHUUDQHD JUDVVSHD /DWK\UXV VDWLYD RNUD $EHOPRVFKXV HVFXOHQWXV ELWWHU SRWDWRHV 6RODQXP MXFHS]XNLL 6RODQXP DMDQKXLUL DQG QDUDQMLOOD 6RODQXP TXLWRHQVH 7KH ILUVW 5HVHDUFK &RRUGLQDWLRQ 0HHWLQJ ZDV KHOG LQ 'HFHPEHU LQ 9LHQQD $XVWULD $W SUHVHQW WKHUH DUH SDUWLFLSDWLQJ LQVWLWXWHV IURP%ROLYLD&RVWD5LFD(FXDGRU)UDQFH
*HUPDQ\*KDQD,QGLD,QGRQHVLD0H[LFR 6ORYDNLD6RXWK$IULFD6\ULDDQG7KDLODQG
LQFOXGLQJDQDJUHHPHQWKROGHUIURP,3*5, EDVHGDW,&$5'$
5DGLRDFWLYHO\ /DEHOOHG '1$SUREHV IRU
&URS,PSURYHPHQW
7KLV SURMHFW ZKLFK VWDUWHG LQ KDV DW WKHPRPHQWSDUWLFLSDQWVIURPFRXQWULHV 7KLVSURMHFWKHOSVWRIRVWHULQWHUQDWLRQDOFR RSHUDWLRQWRWUDQVIHUPRGHUQELRWHFKQRORJ\
WR GHYHORSLQJ FRXQWULHV ZLWK WKH DFWLYH SDUWLFLSDWLRQ RI OHDGLQJ ODERUDWRULHV $Q LPSRUWDQW DFWLYLW\ LV WKH SURPRWLRQ RI SUREHV DQG SULPHUV 7KH WKLUG DQG ILQDO 5&0LVSODQQHGIRU6HSWHPEHULQ 9LHQQD$XVWULD
,PSURYHPHQW RI 1HZ DQG 7UDGLWLRQDO ,QGXVWULDO &URSV E\ ,QGXFHG 0XWDWLRQV DQG5HODWHG%LRWHFKQRORJ\
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
&RUYDOOLV 2UHJRQ 86$ 6HH DOVR µ)RUWKFRPLQJ(YHQWV¶
&HOOXODU %LRORJ\ DQG %LRWHFKQRORJ\
,QFOXGLQJ 0XWDWLRQ 7HFKQLTXHV IRU
&UHDWLRQ RI 1HZ 8VHIXO %DQDQD
*HQRW\SHV
7KLV &53 ZDV LQLWLDWHG LQ ZLWK WKH JHQHUDO DLP WR LQWHJUDWH UDGLDWLRQ LQGXFHG PXWDWLRQV LQ YLWUR FXOWXUH DQG PROHFXODU JHQHWLFV PHWKRGV LQWR WKH FRQYHQWLRQDO EUHHGLQJ RI EDQDQD WR LQGXFH GHVLUDEOH YDULDWLRQ VXFK DV GLVHDVH UHVLVWDQFH GZDUILVPDQGHDUOLQHVVDQGDOVRWRSURPRWH WKHGHYHORSPHQWRIPHWKRGVIRUODUJHVFDOH DQG UDSLG PXOWLSOLFDWLRQ RI WKH PXWDQWV VHJUHJDQWV WKURXJK PLFURSURSDJDWLRQ DQG VRPDWLF HPEU\RJHQHVLV 3ODQWV FDQUHDGLO\
EH UHJHQHUDWHG YLD VRPDWLF HPEU\RJHQHVLV IRU ODUJHVFDOH SODQW SURGXFWLRQ ZKLFK LV LGHDO IRU LQ YLWUR PXWDJHQHVLV WR WKH VHOHFWLRQ RI PXWDQWV ZLWK GHVLUDEOH DJURQRPLF WUDLWV )ORZ F\WRPHWU\ DQDO\VLV RI QXFOHDU '1$ FRQWHQW LQ 0XVD VKRZHG WKDW0XVD$DQG%JHQRPHVGLIIHULQVL]H 6LQFH %HOJLXP KDV EHFRPH DQ LPSRUWDQWFRQWULEXWRUWRWKLV&537ZHQW\
LQVWLWXWLRQV ZRUOG ZLGH DUH LQYROYHG 7KH QH[W 5&0LV SODQQHGIRU2FWREHU LQ&RORPER6ULO/DQND
,QGXFHG 0XWDWLRQV IRU 6HVDPH ,PSURYHPHQW
7KLV&53ZDVFRQFOXGHGLQ7KHILQDO SURFHHGLQJV DUH QRZ EHLQJ HGLWHG DQG ZLOO EH DYDLODEOH DV ,$($ WHFKQLFDOSXEOLFDWLRQ
7(&'2& VHH LVVXH QR S IRU UHSRUWIURPILQDOPHHWLQJ
,QGXFHG 0XWDWLRQV DQG RWKHU $GYDQFHG 7HFKQRORJ\ IRU 3URGXFWLRQ RI &URS 0XWDQWV 6XLWDEOH IRU (QYLURQPHQWDOO\
6XVWDLQDEOH$JULFXOWXUH
7KH&53ZDVFRQFOXGHGLQ7KHILQDO SURFHHGLQJV DUH QRZ EHLQJ HGLWHG DQG ZLOO EH DYDLODEOH DV D ERRN VXPPDUL]LQJ WKH UHVXOWV VHH LVVXH QR S IRU UHSRUW IURPILQDOPHHWLQJ
,QGXFHG 0XWDWLRQV LQ &RQQHFWLRQ ZLWK
%LRWHFKQRORJ\ IRU&URS ,PSURYHPHQWLQ /DWLQ$PHULFD
7KH&53ZDVFRQFOXGHGLQ7KHILQDO SURFHHGLQJV DUH QRZ EHLQJ HGLWHG DQG ZLOO EHDYDLODEOHDVDQ,$($WHFKQLFDOGRFXPHQW 7(&'2&VHHLVVXHQRSIRU UHSRUWIURPILQDOPHHWLQJ
( 1(:&225',1$7('5(6($5&+352-(&76 0ROHFXODU FKDUDFWHUL]DWLRQ RI PXWDWHG
JHQHV FRQWUROOLQJ LPSRUWDQW WUDLWV IRU VHHGFURSLPSURYHPHQW
'HWDLOVRIWKLV&53ZHUHSXEOLVKHGLQWKH ODVW LVVXH RI WKLV 1HZVOHWWHU DQG LQ 3ODQW
%UHHGLQJ 1HZV )HEUXDU\ 7KH VW 5HVHDUFK &RRUGLQDWLRQ 0HHWLQJ ZLOO EH KHOGIURP2FWREHULQ9LHQQD
0XWDWLRQDO $QDO\VLV RI 5RRW &KDUDFWHUV LQ $QQXDO )RRG &URSV UHODWHG WR 3ODQW 3HUIRUPDQFH
'HWDLOVRIWKLV&53ZHUHSXEOLVKHGLQWKH ODVW LVVXH RI WKLV 1HZVOHWWHU DQG LQ 3ODQW
%UHHGLQJ1HZV0D\7KHVW5&0 LVSODQQHGIRUWKHHQGRIRUEHJLQQLQJ RILQ9LHQQD
) 7(&+1,&$/&223(5$7,21352-(&76
2YHU WKH ODVWWKUHH \HDUVWKH6HFWLRQKDVKDG WHFKQLFDOUHVSRQVLELOLW\ IRU7HFKQLFDO&R RSHUDWLRQSURMHFWV,QHDFK1HZVOHWWHUZHZLOOKLJKOLJKWWKHDFWLYLWLHVDQGDFKLHYHPHQWVLQD IHZ RI RXU 7HFKQLFDO &RRSHUDWLRQ SURMHFWV 7KH IROORZLQJ SURMHFWV DUH GLVFXVVHG LQ WKLV LVVXH
6RUJKXPPXWDQWVUHOHDVHGDVLPSURYHG YDULHWLHVLQ0DOL0/,
,Q 0DOL VRUJKXP LV WKH VHFRQG PRVW LPSRUWDQW FURS DQG LV JURZQ RQ VRPH KDEXW\LHOGVRQO\DERXWNJKD
%\ LUUDGLDWLQJ ORFDOO\ JURZQ ZHOO DGDSWHG
*\ JDPPD UD\V IROORZHG E\ VHOHFWLRQ LQ WKH VXEVHTXHQW JHQHUDWLRQV DQG ILHOG SHUIRUPDQFHWHVWVRYHUVHYHUDO\HDUVSODQW EUHHGHUV DW WKH ,QVWLWXW 3RO\WHFKQLTXH GH .DWLERXJRX .RXOLNRUR KDYH UHOHDVHG PXWDQWV WR VXLW YDULRXV VRUJKXP JURZLQJ UHJLRQVRI0DOL7KHVHKDYHEHHQDGGHGWR
WKH OLVW RI FXOWLYDWHG YDULHWLHV DQG VSHFLHV RIWKH'HSDUWPHQWRI$JULFXOWXUH0LQLVWU\RI 5XUDO 'HYHORSPHQW 7KHVH PXWDQWV KDYH WKH SRWHQWLDO WR \LHOG WR NJKD DUH WR P WDOO ORFDO IDUPHUV SUHIHU WDOO W\SHV VLQFH WKH VWHPV DUH XVHG IRU IHHGLQJ FDWWOH EXLOGLQJ JUDLQ VWRUDJH DQG VKDGLQJ FDQRSLHV ZLWK ORQJ SDQLFOHV UHVLVWDQW WR ORGJLQJ VRPH DUH HDUO\
ULSHQLQJ DQG RWKHUV KDYH LPSURYHG UHVLVWDQFH WR GURXJKW :LWK QDPHV OLNH µ)DPEH¶ µ7LHGMDQ¶ µ*QRPH¶ µ6RILQ¶
µ'MHPDQ¶ µ'MHPDQLQ¶ µ*QRXPDQLQ¶
µ6DGMH¶ WUXH WR WKH :HVW $IULFDQ FXOWXUH WKHVHQHZYDULHWLHVSURPLVHWRKHOSVXVWDLQ IRRGSURGXFWLRQLQWKHVXE6DKHORI$IULFD ,Q DERXW NLWV RIRQHNLOR VHHG HDFKRIWKUHHYDULHWLHVµ)DPEH¶µ7LHGMDQ¶
DQG µ*QRPH¶ ZHUH GLVWULEXWHG WR VHOHFWHG JURZHUV IRU RQIDUP SHUIRUPDQFH YDOLGDWLRQ,WLVUHFRJQL]HGWKDWWKHUHLVQR EHWWHU ZD\ WR FRQVHUYH JHQHWLF GLYHUVLW\
WKDQJURZLQJORFDOODQGUDFHVDQGYDULHWLHV RQ IDUPV 6LQFH WKH PXWDQW YDULHWLHV KDYH EHHQ GHULYHG IURP QDWLYH PDWHULDO WKHLU UHOHDVHZRXOGDOVROHDGWRFRQVHUYDWLRQRI WKHQDWLYHVRUJKXPJHUPSODVPDVDERQXV WRWKHLQFUHDVHGSURGXFWLYLW\7KLVUHVHDUFK KDVEHHQDFFRPSOLVKHGWKURXJKWKHVXSSRUW SURYLGHG E\ WKH $JHQF\ XQGHU YDULRXV 7HFKQLFDO &RRSHUDWLRQ DQG &53V GXULQJ WKHSDVW\HDUV
5LFH PXWDQW YDULHWLHV UHOHDVHG LQ WKH 0HNRQJ'HOWDRI9LHWQDP9,(
5LFHLVWKHPRVWLPSRUWDQWIRRGDQGH[SRUW FURS LQ 9LHWQDP 7KH 0HNRQJ 'HOWD LQ VRXWKHUQ9LHWQDPKDVWKHGRPLQDQWUROHLQ ULFHSURGXFWLRQRIWKHFRXQWU\ZLWKRI WKHWRWDOULFHDUHD0XFKDWWHQWLRQKDVEHHQ JLYHQ LQ WKH SDVW WR LQFUHDVH ULFH SURGXFWLRQRQDOOXYLDOVRLOVXQGHULUULJDWLRQ DQG KLJK LQSXW FRQGLWLRQV XVLQJ KLJK
\LHOGLQJYDULHWLHVZLWKORZFRRNLQJTXDOLW\
+RZHYHURQVDOLQHDQGDFLGVXOSKDWHVRLOV
RI FRDVWDO DUHDV RI WKH VRXWK RQO\
WUDGLWLRQDO YDULHWLHV ZLWK JRRG FRRNLQJ TXDOLW\ EXW ORZ \LHOGV FDQ EH JURZQ 7KHUHIRUH WKH ULFH EUHHGHUV DW &XX /RQJ 'HOWD 5LFH 5HVHDUFK ,QVWLWXWH LQ 2PDQ
&DQWKR 3URYLQFH LQ VRXWKHUQ 9LHWQDP LQLWLDWHGDULFHLPSURYHPHQWSURJUDPPHWR GHYHORSKLJKHU\LHOGLQJYDULHWLHVZLWKJRRG FRRNLQJTXDOLW\IRUVXFKVWUHVVSURQHVRLOV VXLWDEOH IRU H[SRUW 7KH\ ZHUH VXSSRUWHG XQGHU D SUHYLRXV UHVHDUFK FRQWUDFW WR LQGXFH PXWDWLRQV XVLQJ JDPPD WUHDWPHQW RI ULFH VHHG RI WUDGLWLRQDO YDULHWLHV ZHOO DGDSWHGWRVDOLQHDQGDFLGVXOSKDWHVRLOVLQ RUGHU WR LQFUHDVH SURGXFWLRQ LPSURYHG PXWDQW OLQHV ZHUH VHOHFWHG 8QGHU D 7&
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¶V VKRUWHUJURZWKF\FOHIDUPHUVFDQJURZWZR WR WKUHH FURSV SHU \HDU LQ WKH 0HNRQJ 'HOWD,WKDVDZLGHDGDSWDWLRQWRGLIIHUHQW VRLOFRQGLWLRQVDQGSHUIRUPVZHOOHYHQRQ SRRUVRLOV7KHULFHJURZHUVDQGFRQVXPHUV OLNH WKLV YDULHW\ DQG LQ WKH GU\
VHDVRQ PRUH WKDQ KD RI LW ZHUH JURZQ LQ VRXWKHUQ 9LHWQDP $QRWKHU PXWDQW 7+'% RULJLQDWHV IURP PXWDWLRQ WUHDWPHQW RI WKH ODQG UDFH 7HS +DQK 'RW
%LHQ,WLVHDUOLHUPDWXULQJGD\V WKDQ WKH ODQG UDFH GD\V LV VKRUWHUDQG\LHOGVWRWKDODQGUDFHWR WKD,QLWZDVJURZQLQWKHFRDVWDO DUHD RI WKH VRXWK DV DQ DXWXPQ ZLQWHU FURSRQKD
&XUUHQW2SHUDWLRQDO3URMHFWVDUH
%*' ([WHQVLRQVHUYLFHVWRIDUPHUVRQSURPLVLQJPXWDQWYDULHWLHV
&2/ 0XWDWLRQEUHHGLQJRISODQWDLQDQGULFH
&26 5DGLRDFWLYHSUREHVIRUSODQWGLVHDVHGLDJQRVLV
&26 ,PSURYHGPXWDQWYDULHWLHVRIULFHDQGEDQDQD
&35 ,QGXFHGPXWDWLRQVIRULPSURYHPHQWRIULFH
&35 ,PSURYHPHQWRIFRWWRQDQGUDSHVHHGWKURXJKLQGXFHGPXWDWLRQV
&35 ,QGXFHGPXWDWLRQVWRLPSURYHULFHTXDOLW\
(&8 5HVLVWDQFHWRGLVHDVHLQFDFDRDQGEDEDFR
(/6 ,PSURYHPHQWRISRWDWRWKURXJKLQYLWURPXWDWLRQEUHHGLQJ (7+ ,PSURYHPHQWRIWHIWKURXJKPXWDWLRQEUHHGLQJ
*+$ ,PSURYHPHQWRIFDVVDYDWKURXJKPXWDWLRQEUHHGLQJ
*8$ 0XWDWLRQVDQGELRWHFKQRORJ\IRUFURSLPSURYHPHQW ,16 0XWDWLRQEUHHGLQJRIEDQDQDV
,16 0XWDWLRQEUHHGLQJRIRUQDPHQWDOSODQWV ,5$ 0XWDWLRQWHFKQLTXHVIRUFURSLPSURYHPHQW ,54 1XFOHDUWHFKQLTXHVLQFHUHDOSURGXFWLRQ
,54 ,QGXFWLRQRIPXWDWLRQVLQFURSVWKURXJKLQYLWURFXOWXUH .(1 ,PSURYHGGURXJKWUHVLVWDQFHRIFURSVE\LQGXFHGPXWDWLRQV 0$* 0XWDWLRQWHFKQLTXHVDQGELRWHFKQRORJ\IRUULFHDQGFDVVDYD 0$. 0XWDWLRQDQGGRXEOHGKDSORLGWHFKQLTXHVWRLPSURYHZKHDW 0$/ 0XWDWLRQEUHHGLQJDQGELRWHFKQRORJ\IRUSODQWLPSURYHPHQW 0/, )LHOGSHUIRUPDQFHRIVHOHFWHGPXWDQWVRIVRUJKXPDQGULFH 021 1XFOHDUWHFKQLTXHVWRLPSURYHSURGXFWLRQRIZKHDWDQGOHJXPHV 0<$ 0XWDWLRQEUHHGLQJLQJUDLQOHJXPHV
3$. 'HYHORSPHQWRIOHDIFXUOWROHUDQWYDULHWLHVRIFRWWRQ 3$. 'HYHORSPHQWRIVDOWWROHUDQWYDULHWLHVRIEDVPDWLULFH 3$. 3HVWUHVLVWDQWFKLFNSHDWKURXJKLQGXFHGPXWDWLRQ
3(5 ,QWURGXFWLRQRIEDUOH\DQGRWKHUQDWLYHFURSPXWDQWFXOWLYDUV 3+, 0XWDWLRQEUHHGLQJRISULRULW\DJULFXOWXUDOFURSV
5$) 1XFOHDUWHFKQLTXHVLQSODQWEUHHGLQJDQGELRWHFKQRORJ\$)5$;
5$) &RQWURORIED\RXGGLVHDVHLQGDWHSDOP
5$) 'HYHORSPHQWRILPSURYHGFURSYDULHWLHV$)5$,,, 5$6 0XWDWLRQDOHQKDQFHPHQWIRUJHQHWLFGLYHUVLW\LQULFH5&$
5/$ (YDOXDWLRQRIFHUHDOFURSPXWDQWV$5&$/;;,$
65/ 0XWDWLRQEUHHGLQJLQEDQDQDVDQGSODQWDLQV 68' ,PSURYLQJFRWWRQDQGVXJDUFDQHFURSVSKDVH,,
7+$ 5DGLDWLRQLQGXFHGPXWDWLRQVIRUEHDQDQGFKU\VDQWKHPXP 857 ,PSURYLQJSURGXFWLYLW\RIEDVLFIRRGFURSVLQ7DQ]DQLD 9(1 *HQHWLFLPSURYHPHQWRIIUXLWVDQGSHSSHU
9,( ,PSURYHPHQWRIEDVLFIRRGFURSVWKURXJKLQGXFHGPXWDWLRQV 9,( 5LFHPXWDQWYDULHWLHVIRUVDOLQHODQG
=$0 ,PSURYHPHQWRIEHDQVWKURXJKPXWDWLRQEUHHGLQJ
* $&7,9,7,(6$77+(3/$17%5((',1*81,76(,%(56'25) 'HYHORSPHQWRIORZFRVWWLVVXHFXOWXUH
WHFKQRORJ\IRULQGXFHGPXWDWLRQVC
0XWDWLRQLQGXFWLRQFRPELQHGZLWKLQYLWUR WHFKQLTXHV FDQ SURYLGH XVHIXO WRROV WR HQKDQFH JHQHWLF YDULDELOLW\ IRU WKH LPSURYHPHQW RI DJURQRPLF WUDLWV VXFK DV HDUOLQHVV LQ IUXLWLQJ SHVW DQG GLVHDVH UHVLVWDQFH\LHOGDQGTXDOLW\7LVVXHFXOWXUH WHFKQLTXHV VXFK DV VKRRWWLS FXOWXUH IDFLOLWDWH WKH LVRODWLRQ RI KRPRKLVWRQWV LQ PXWDWLRQ LQGXFWLRQ VWXGLHV DQG LQ WKH VHOHFWLRQ DQG PXOWLSOLFDWLRQ SURFHVV RI LPSURYHGJHQRW\SHV
$ VWXG\ ZDV FRQGXFWHG WR UHGXFH H[SHQVHV LQ WLVVXH FXOWXUH V\VWHPV E\
XVLQJ VXQOLJKW LQVWHDG RI DUWLILFLDO OLJKW GXULQJ FXOWXUH LQFXEDWLRQ DQG UHDGLO\
DYDLODEOH FKHDS VXJDUV DQG JHOOLQJ DJHQWVLQWKHPHGLXP
0XVD FY µ*UDQGH 1DLQH¶ RXU PRGHO SODQW ZDV PLFURSURSDJDWHG XQGHU YDULRXV FRQGLWLRQV 7KH H[SHULPHQWV ZHUH FDUULHG RXW GXULQJ WZR H[SHULPHQWDO SHULRGV GXULQJ -XO\ WR 6HSWHPEHU DQG $SULO WR -DQXDU\7KUHHGLIIHUHQWORFDWLRQV DJURZWKFKDPEHUDVXQOLWURRPDQGD JUHHQKRXVH ZHUH DYDLODEOH IRU FXOWXUH LQFXEDWLRQ ,Q WKH JURZWKFKDPEHU WKH FXOWXUHV ZHUH NHSW DW R& ZLWK D SKRWRSHULRGRIKRXUVDWmPROP V SURYLGHG E\ FRROZKLWH IOXRUHVFHQW WXEHV ,Q WKH VXQOLW URRP ZLWKRXW DLU FRQGLWLRQLQJ WKH ER[HV ZHUH SODFHG LQ IURQW RI D ZLQGRZ IDFLQJ ZHVW 8QGHU QDWXUDO OLJKW FRQGLWLRQV SODQWV ZHUH H[SRVHG WR WHPSHUDWXUHVIURP
R& 33)' 3KRWRV\QWKHWLF 3KRWRQ )OX[
'HQVLW\RIXSWRmPROPVDQG SKRWRSHULRGUDQJHGIURPKRXUV
,QERWKH[SHULPHQWDO\HDUVWKHQXPEHU RI VKRRWVSURGXFHGZDVDOZD\VKLJKHVW
URRP DQG ZDV ORZHVW LQ WKH JURZWK FKDPEHU 3ODQW TXDOLW\ZDV VDWLVIDFWRU\
LQ DOO WKUHH ORFDWLRQV EXW XQGHU QDWXUDO OLJKW FRQGLWLRQV WKH SODQWV ZHUH OLJKWHU LQFRORXUDQGKDGDELJJHUOHDIVL]HWKDQ LQWKHJURZWKFKDPEHU'XULQJVXPPHU ZKHQDYHUDJH33)'ZHUHDURXQG mPRO P V EURZQLQJ RI OHDYHV DQGORVVRIWXUJRUZHUHREVHUYHGLQWKH JUHHQKRXVH EXW LQ DQ\ FDVH DFFOLPDWLVDWLRQ ZDV QRW DIIHFWHG ,Q VXPPHU DGGLWLRQDO VKDGLQJ FRYHUHG WKH FXOWXUHV UHGXFLQJ DYHUDJH 33)' EHORZ mPRO P V 1R EURZQLQJ RFFXUUHG WKXV VKRZLQJ WKDW E\ PDQDJLQJ OLJKW LQWHQVLW\ SUREOHPV ZLWKSODQWTXDOLW\FRXOGEHRYHUFRPH
$ZLGHVHOHFWLRQRIFRPPHUFLDOVXJDUV IURPGLIIHUHQWFRXQWULHVZDVWHVWHG7KH VXJDUV YDULHG LQ WKHLU FRORXU ZKLWH WR GDUN EURZQ DQG ZHUH SURGXFHG IURP VXJDUEHHWRUVXJDUFDQH $OO ZKLWH DQG OLJKW EURZQ VXJDUV ZHUH IRXQG HTXDO VXEVWLWXWHV IRU WLVVXH FXOWXUH JUDGH VXFURVH'DUNEURZQVXJDUVZHUHIRXQG WR EH RI OLPLWHG YDOXH LI HOHFWULFDO FRQGXFWLYLW\H[FHHGHGm6FP
6WDUFK DW FRQFHQWUDWLRQV WKDW VXSSRUWHG SODQW JURZWK JDYH SUREOHPV LQ KDQGOLQJ 6DWLVIDFWRU\ UHVXOWV ZHUH REWDLQHG ZLWK D PL[WXUH RI FRUQ RU SRWDWR VWDUFK FRPELQHG ZLWK JHOULWHRUDJDU
8QGHURXUH[SHULPHQWDOFRQGLWLRQVWKH XVH RI QDWXUDO OLJKW FRPPHUFLDO VXJDU DQG VWDUFKJHOULWH ZRXOG EH FKHDSHU WKDQ WKH XVH RI DUWLILFLDO OLJKWLQJ WLVVXH FXOWXUH JUDGH VXFURVH DQGJHOULWH
(IIHFWRIVSLNHOHWSRVLWLRQRQULFHDQWKHU FXOWXUHHIILFLHQF\
7KHSRWHQWLDORIDQWKHUVIURPGLIIHUHQWSDUWV RI WKH SDQLFOH WR LQGXFH FDOOXV ZDV LQYHVWLJDWHG ZLWK WKHMDSRQLFD ULFH YDULHW\
7DLSHL 2XU UHVXOWV VKRZHG WKDW WKH FDOOXVLQJDELOLWLHVRIDQWKHUVIURPGLIIHUHQW VSLNHOHW SRVLWLRQV ZHUH VLJQLILFDQWO\
GLIIHUHQW $IWHU SODWLQJ DQWKHUV IURP WKH EDVDO PLGGOH DQG WRS SDUWV WKH SHUFHQWDJH RI DQWKHUV IRUPLQJ FDOOLZDVLQWKHEDVDOSDUWLQWKH PLGGOH SDUW DQG LQ WKH WRS SDUW 7KH DQWKHUVRIEDVDOSDUWVFRQWDLQLQJSROOHQDW DOO XQLQXFOHDWH VWDJHV LQFOXGLQJ HDUO\
PLGGOH DQG ODWH VKRZHG KLJKHU FDOOXV LQGXFWLRQIUHTXHQF\WKDQWKRVHIURPPLGGOH DQG WRS SDUWV 7KH JUHHQ SODQWOHW UHJHQHUDWLRQIUHTXHQFLHVRIWRSPLGGOHDQG EDVDOVSLNHOHWVZHUHDURXQGLQDOOWKUHH FDVHV)URPRXUUHVXOWVLWZRXOGDSSHDUWKDW DQWKHUV IURP WKH EDVDO SDUW RI WKH SDQLFOH VKRXOG EH XVHG LQ DQWKHUFXOWXUH RIULFH LQ RUGHU WR REWDLQ KLJKHU HIILFLHQFLHV DQG WKHUHE\ RSWLPLVH WKH XVHIXOQHVV RI WKLV WHFKQLTXHLQULFHEUHHGLQJSURJUDPPHV
$FWLYDWLRQRIUHWURWUDQVSRVDEOHHOHPHQWV LQULFHDQGLQGXFWLRQRILQVHUWLRQDO PXWDJHQHVLVDVDWRROIRUFORQLQJJHQHVRI LQWHUHVW
7KLV LQYHVWLJDWLRQ ZDV IRFXVHG RQ WKH HIIHFW RI PXWDJHQLF WUHDWPHQW RQ UHWURWUDQVSRVRQ DFWLYDWLRQ LQ ULFH 7KH 7RV UHWURWUDQVSRVRQ NQRZQ WR EH DFWLYDWHG E\SURWRSODVWFXOWXUHZDVLVRODWHGIURPULFH DQG XVHG DV D '1$ SUREH LQ 6RXWKHUQ K\EULGL]DWLRQV %\ DQDO\VLQJ ULFH SODQWV GHULYHG IURP UDGLRVHQVLWLYLW\ WHVWV LW ZDV VKRZQ WKDW WKH LQGXFWLRQ RI QHZ UHWURWUDQVSRVRQ LQWHJUDWLRQV ZDV SRVVLEOH E\gLUUDGLDWLRQEXWLWZDVDUHODWLYHO\UDUH HYHQW 7KH QXPEHU RI QHZ FRSLHV LQ WKH JHQRPHZDVYHU\ORZFRPSDUHGWRWKHFRS\
QXPEHU DIWHU SURWRSODVW FXOWXUH 7KLV LV RI JUHDW DGYDQWDJH IRU WKH DLP RI WDJJLQJ D
HDVLHUDVZLWKPXOWLSOHQHZLQWHJUDWLRQV,Q D PROHFXODU DQDO\VLV RI ULFH JDPHWRFORQDO YDULDQWV XVLQJDJDLQ 7RV DV D SUREH D UHVWULFWLRQ IUDJPHQW OHQJWK SROLPRUSKLVP 5)/3 ZDV GHWHFWHG 2QH IUDJPHQW WKDW DSSHDUHG LQ WKH FRQWUROV GLG QRW DSSHDU LQ WKH JDPHWRFORQHV 7KH '1$ PHWK\ODWLRQ VWDWXV RI WKHVH SODQWV ZDV FKHFNHG DQG LW ZDV SURYHG WKDW WKH PLVVLQJ EDQG ZDV QRW GXHWRFKDQJHVLQWKHPHWK\ODWLRQSDWWHUQ
'HYHORSPHQWRILQYLWURFXOWXUHSURWRFROV LQWHI(UDJURVWLVWHI=8&&
)LJ$QGURJHQHVLVLQWKHYDULHW\']&U 6HHGVIURPGRQRUSODQWVLUUDGLDWHGZLWK
*\
:HVWXGLHGWKHHIIHFWRIUDGLDWLRQRQFDOOXV LQGXFWLRQ DQG JUHHQ SODQW UHJHQHUDWLRQ XVLQJ GLIIHUHQWLQ YLWUR FXOWXUH WHFKQLTXHV 6HHGVDQWKHUVVSLNHOHWVDQG\RXQJOHDYHV ZHUH XVHG DV H[SODQWV 'LIIHUHQW LQGXFWLRQ DQG UHJHQHUDWLRQ PHGLD ZHUH HYDOXDWHG WR HVWDEOLVKWKHEHVWFXOWXUHFRQGLWLRQV
6RPHRIWKHUHVXOWVDUHVXPPDUL]HGEHORZ +LJKHVW FDOOL LQGXFWLRQDQGJUHHQ SODQW
UHJHQHUDWLRQ HIILFLHQF\ ZDV REVHUYHG IRU VSLNHOHWV DQG DQWKHUV IURP GRQRU
&DOOL LQGXFWLRQ ZDV KLJKHU IRU DQWKHUV DQG VSLNHOHWV SODWHG LQ VHPLVROLG 1 FDOOL LQGXFWLRQ PHGLXP PHGLXP ZLWK PDOWRVH DV FDUERK\GUDWH VRXUFH LQVWHDG RIVXFURVH
1RVLJQLILFDQWGLIIHUHQFHZDVIRXQGDPRQJ WKHWKUHH06UHJHQHUDWLRQPHGLDWKDWZHUH WHVWHGEXWWKHKLJKHVWSURGXFWLRQRIVLQJOH VKRRWV ZDV REVHUYHG LQ WKH UHJHQHUDWLRQ PHGLXPFRQWDLQLQJPJO0\RLQRVLWRO PJO %$3 PJO 1$$ DQG DJDURVH *UHHQ SODQW UHJHQHUDWLRQ HIILFLHQFLHV IRU DQGURJHQHVLV UHVSRQVH UHDFKHGYDOXHVEHWZHHQ
3URGXFWLRQ RI PXOWLSOH VKRRWV SHU FDOOL ZDV REVHUYHG LQ DOPRVW DOO WKH WUHDWPHQWV 2Q DYHUDJH SODQWV SHU FDOOL ZHUH SURGXFHG ZLWK D PD[LPXP RI VLQJOH VKRRWV
'+ JUHHQ SODQWV ZHUH WUDQVIHUUHG WR WKH JUHHQ KRXVH DQG KDUYHVWHG GXULQJ 0DUFK
$SULO DQG ZLOO EH VHQG WR (WKLRSLD IRU ILHOG VWXGLHV 6RPH SODQWV LQ WKH JUHHQ KRXVHVKRZHGSODQWKHLJKWUHGXFWLRQ *DPHWRFORQDO YDULDWLRQ LQ WKH YDULHW\
3RNNDOL
$QWKHU FXOWXUH UHVSRQVH RI WZR LQGLFD SKRWRVHQVLWLYH YDULHWLHV 1RQD %RNUD DQG 3RNNDOL ZDV HYDOXDWHG (YHQ WKRXJK VDOW WROHUDQWGXHWRWKHLUSODQWKHLJKW FPDQGORZ\LHOGWKH\DUHQRWVXLWDEOHIRU JURZLQJ LQ DUHDV ZLWK VDOLQH VRLOV )URP '+ JUHHQ SODQWV UHJHQHUDWHG IURP 3RNNDOL WKUHH JDPHWRFORQDO YDULDQWV ZHUH LGHQWLILHG LQ WKH ILUVW JHQHUDWLRQ ODEHOOHG DVDQGVKRZLQJSODQWKHLJKW UHGXFWLRQ DQG SKRWRSHULRG LQVHQVLWLYLW\
)LJ 6HOI SROOLQDWHG SDQLFOHV ZHUH VLQJOH KDUYHVWHG DQG JURZQ LQ SRWV IRU HYDOXDWLRQ RI WKH '+ JHQHUDWLRQ $OO '+
OLQHVZHUHSODQWHGUDQGRPO\2QO\WKHWKUHH JDPHWRFORQHV ZLWK TXDQWLWDWLYH DOWHUDWLRQV LQ FRPSDULVRQ ZLWK WKH FRQWURO SRSXODWLRQ
8QLIRUPLW\ RI PDMRU FKDUDFWHUV DPRQJ JDPHWRFORQHV VKRZHG RQ DYHUDJH LQ SODQW KHLJKW UHGXFWLRQ 7KH QXPEHU RI SURGXFWLYH WLOOHUV SHU SODQW QXPEHU RI JUDLQV SHU SDQLFOH DQG IHUWLOLW\ GLG QRW VKRZ LPSRUWDQW YDULDWLRQV DQG RWKHU PRUSKRORJLFDO FKDUDFWHUV VXFK DV JUDLQ VKDSH VL]H DQG FDULRSVLGH FRORU UHPDLQHG WKHVDPH
5$3' DQDO\VLV ZDV SHUIRUPHG LQ '+
JDPHWRFORQDO OLQHV LQ QRUPDO GRXEOHG KDSORLG SODQWV IURP 3RNNDOL DQG LQ D VHHG GHULYHG SODQW IURP 1RQD %RNUD DQG 3RNNDOL
)LJ*DPHWRFORQDOYDULDQWVRI3RNNDOL 3RO\PRUSKLVPV ZHUH IRXQG DPRQJ WKH JDPHWRFORQDO OLQHV LQFOXGLQJ ERWK ORVV RI SDUHQWDOEDQGVDQGWKHDSSHDUDQFHRIQRYHO QRQSDUHQWDOEDQGV7KHUHZHUHIRXQGFOHDU GLIIHUHQFHVZLWKRISULPHUVWHVWHG $QHZPHWKRGWRPRQLWRUF\WRFKLPHUD GLVVRFLDWLRQWKURXJKWKUHHGLIIHUHQW SURSDJDWLRQWHFKQLTXHVLQ0XVDVSS *HQHWLF LPSURYHPHQW PHWKRGV EDVHG RQ PXWDWLRQ WHFKQLTXHV DUH SDUWLFXODUO\
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
2XU VWXG\ FRQVLVWHG RI LQGXFLQJ SORLG\
FKLPHULVP PL[RSORLG\ DQG DVVHVVLQJ FKLPHULF GLVVRFLDWLRQ E\ WKH IRXUWK YHJHWDWLYH JHQHUDWLRQ DIWHU SURSDJDWLQJ WKURXJKWKUHHGLIIHUHQWSURSDJDWLRQV\VWHPV VKRRWWLS FXOWXUH PXOWLDSH[LQJ FXOWXUH DQGFRUPVOLGHFXOWXUH
7KH UHVXOWV VKRZHG WKDW WKH JUHDWHVW SHUFHQWDJH RI F\WRFKLPHUD GLVVRFLDWLRQ RI
PL[RSORLG VKRRWV ZDV DFKLHYHG ZLWK WKH PXOWLDSH[LQJ WHFKQLTXH IROORZHG E\ FRUP VOLGH FXOWXUH WHFKQLTXH DQG VKRRWWLS SURSDJDWLRQ WHFKQLTXH UHVSHFWLYHO\
3UHVXPDEO\ D FRPELQDWLRQ RI KLJK SUROLIHUDWLRQ UDWH DQG SURGXFWLRQ RI DGYHQWLWLRXV EXGV FRXOG H[SODLQ ZK\ WKH PXOWLDSH[LQJWHFKQLTXHIDYRXUVFKLPHULVP GLVVRFLDWLRQ
:KHWKHU LW ZDV DSSOLHG GXULQJ WKH ILUVW SURSDJDWLRQ F\FOHV RU DIWHU SURSDJDWLRQ F\FOHV WKH PXOWLDSH[LQJ WHFKQLTXH LQFUHDVHG WKH SURSRUWLRQ RI F\WRFKLPHUD GLVVRFLDWLRQ 7R D OHVV H[WHQG DIWHU VXEFXOWXUHV VLQFH SUREDEO\ WKH VHOHFWHG PL[RSORLG VKRRWV ZHUH DOUHDG\ VWDELOLVHG LQWR SHULFOLQDO FKLPHUDV DQG WKXV PRUH GLIILFXOWWRGLVVRFLDWH
:H FRXOG UHGXFH VLJQLILFDQWO\ WKH SHUFHQWDJH RI F\WRFKLPHUD DIWHU VXEFXOWXUHV EXW QRW FRPSOHWHO\ 7KXV DQRWKHUSURSDJDWLRQV\VWHPEDVHGRQVLQJOH FHOO RULJLQ LV VWLOO QHHGHG WR VSHHG XS WKH VHOHFWLRQ SURFHGXUH 7KLV VWXG\ KDV VKRZQ WKDW E\ PL[RSORLG\ LQGXFWLRQ DQG IORZ F\WRPHWU\GHWHFWLRQLWZRXOGEHSRVVLEOHWR YHULI\ WKH XQLFHOOXODU RU PXOWLFHOOXODU RULJLQRIDQ\SURSDJDWLRQV\VWHP
+ 38%/,&$7,216
:RUNLQJ 0DWHULDO ³(YDOXDWLRQ RI &HUHDO &URS 0XWDQWV´ 5HSRUW RQ WKH 6HFRQG :RUNLQJ
*URXS0HHWLQJRQ³5LFH0XOWLORFDWLRQ7ULDOV´8UXJXD\0DUFK
:RUNLQJ 0DWHULDO ³0XWDWLRQDO (QKDQFHPHQW RI *HQHWLF 'LYHUVLW\ LQ 5LFH´ 5HSRUW RI WKH 3URMHFW)RUPXODWLRQ0HHWLQJKHOGLQ%DQJNRN7KDLODQG)HEUXDU\
:RUNLQJ 0DWHULDO 3URFHHGLQJV RI WKH &RRUGLQDWLRQ 0HHWLQJ RI 3URMHFW $)5$ ,,,
³'HYHORSPHQWRI,PSURYHG&URS9DULHWLHV´KHOGLQ%DPDNR0DOL)HEUXDU\
3/($6( &203/(7( 7+,6 5(*,675$7,21 )250 $1' 6(1' ,7 72 7+( 3/$17
%5((',1*$1'*(1(7,&66(&7,21$77+()2//2:,1*$''5(66 :$*5$0(5675$66(32%2;$9,(11$$8675,$
7(/()$;7(/(3+21(
1(:&5239$5,(7<'(9(/23('7+528*+087$7,21,1'8&7,2125%<
&5266,1*:,7+,1'8&('087$176
$ /DWLQQDPHRIVSHFLHV
____________________________________
(QJOLVKQDPH _________________
% 1DPHRIQHZYDULHW\FXOWLYDU
_______________________
& <HDURIUHOHDVHIURPEUHHGHU_____
' 3ODFHDQG'DWHRIRIILFLDODSSURYDOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ( 3DUHQWYDULHW\LHVLIQHZYDULHW\UHVXOWVIURPDFURVVZLWKPXWDQWLQGLFDWHZKLFKLVWKH
PXWDQW
PXWDQW
_____________________ \HVQR
_____________________ \HVQR
_____________________ \HVQR
) 0DLQ LPSURYHG FKDUDFWHUV RI YDULHW\ LQGLFDWH LI FKDUDFWHU LV GHULYHG IURP PXWDWLRQ RU QRW
PXWDWLRQGHULYHG
_____________________ \HVQR
_____________________ \HVQR
_____________________ \HVQR
* .LQGVRIPXWDJHQLFWUHDWPHQW ____________________
+ 'RVHVVDQGRUFRQFHQWUDWLRQV ___________
, <HDURIPXWDJHQLFWUHDWPHQW_____
- +RZZDVWKHYDULHW\EUHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB . 1DPHVRIEUHHGHUVDQGLQVWLWXWHV
____________________________________
____________________________________
DGGUHVV _____________________
_____________________
_____________________
/ ([WHQWRIDFFHSWDQFHE\JURZHUV
&RPPHUFLDOYDOXH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB +HFWDUHVRIFXOWLYDWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2WKHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0 5HIHUHQFHVSXEOLVKHGDUWLFOHVRIILFLDOGRFXPHQWVHWF
1 1DPHRISHUVRQFRQWULEXWLQJWKLVLQIRUPDWLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7+$1.<28)25<285.,1'&2//$%25$7,21
3ODQW%UHHGLQJDQG*HQHWLFV1HZVOHWWHU
-RLQW)$2,$($'LYLVLRQRI1XFOHDU7HFKQLTXHVLQ)RRGDQG$JULFXOWXUH DQG)$2,$($$JULFXOWXUHDQG%LRWHFKQRORJ\/DERUDWRU\6LHEHUVGRUI
,QWHUQDWLRQDO$WRPLF(QHUJ\$JHQF\
:DJUDPHU6WUDVVH32%R[
$9LHQQD$XVWULD