0.9743:89078,3/:.0,7:843#

(OHFWURQ&OXVWHUVDQG1XFOHDU)XVLRQ

05

+UXH'H/D+DFTXLQLqUH%XUHV6XU<YHWWH)UDQFH PUDPEDXW#ZDQDGRRIU

$%675$&77KHZD\WRJHWQXFOHDUUHDFWLRQVZLWKRXWSXWWLQJDFRQGHQVHG PHGLXP LQWR FRQGLWLRQ ZLWK D ODUJH TXDQWLW\ RI HQHUJ\ WKH VFLHQWLILF FRPPXQLW\KDVEHJXQWRH[SORUHLWZLWKFKDQJLQJVXFFHVVVLQFHWKHHQGRI WKHHLJKWLHV1RZRQGHUIRULWEHFDXVHWKHSHRSOHLQYROYHGLQWKLVILHOGKDG QRW JHQHUDOO\ VXIILFLHQW PHDQV WR EXLOG UHSURGXFLEOH DQG QR FRQWHVWDEOH H[SHULPHQWV $QG DOVR EHFDXVH WKHUH GLG QRW H[LVW DQ\ FOHDU DQG ODUJHO\

DFFHSWHG PRGHO RI WKH SKHQRPHQRQ :H SURSRVH D PRGHO EDVHG RQ VFUHHQLQJRIWZRFROOLGLQJQXFOHLE\DWUDQVLWRU\HOHFWURQDFFXPXODWLRQRU FOXVWHU 7KLV VFUHHQLQJ LV REWDLQHG LQ PDQ\ ZD\V :KDWHYHU WKH ZD\ LW FDQ JLYHV YDULRXV SURFHVVHV RI QXFOHDU UHDFWLRQV ZKLFK DUH RIWHQ XQDWWHQGHGSDUWLFXODUO\LQIXVLRQ

5(680(/DYRLHSRXUREWHQLUGHVUpDFWLRQVQXFOpDLUHVVDQVPHWWUHOHPLOLHX FRQGHQVpHQFRQGLWLRQDYHFXQHJUDQGHTXDQWLWpGpQHUJLHODFRPPXQDXWp VFLHQWLILTXH DFRPPHQFpjOH[SORUHUDYHFXQVXFFqVPLWLJpGHSXLVODILQ GHV DQQpHV &H QHVW SDV VXUSUHQDQW YX TXH OHVSHUVRQQHVLPSOLTXpHV GDQV FH GRPDLQH QDYDLHQW SDV JpQpUDOHPHQW GHV PR\HQV VXIILVDQWV SRXU PRQWHU GHV H[SpULHQFHV UHSURGXFWLEOHV HW QRQ FRQWHVWDEOHV 0DLV DXVVL SDUFHTXLOQH[LVWDLWSDVGHPRGqOHGXSKpQRPqQHjODIRLVFODLUHWIDLVDQW OREMHWGXQFRQVHQVXV1RXVSURSRVRQVXQPRGqOHIRQGpVXUOpFUDQWDJH GH GHX[ QR\DX[ HQ FROOLVLRQ SDU XQH DFFXPXODWLRQ GpOHFWURQV &HW pFUDQWDJHHVWREWHQXGHGLYHUVHVIDoRQV0DLVTXHOTXHVRLWOHSURFpGp FHOD SHXW SURGXLUH GHV SURFHVVXV GLYHUV GH UpDFWLRQ QXFOpDLUH TXL VRQW VRXYHQWLQDWWHQGXVSDUWLFXOLqUHPHQWHQIXVLRQ

,QWURGXFWLRQ

6LQFH WKH ILIWLHV RI WKH ^WK FHQWXU\RQHZRXOGFRQVLGHUWKDWWKHUHLVDQ XQLTXH ZD\ IRU REWDLQLQJ WKH QXFOHDU IXVLRQ EHWZHHQ OLJKW QXFOHL IRU H[DPSOHW\SLFDOO\EHWZHHQ'HXWHULXPQXFOHL,WLVIDPHGWKDWDFFRUGLQJWR

WKHWKHUPRQXFOHDUH[SORVLYHVFKHPHLWLVQHFHVVDU\WRZDUPXSWKHPHGLXP WR HQHUJLHV LQ WKH UDQJH RI VRPH 0HY SHU QXFOHRQ DQG WKDW WKHUH DUH WZR PDLQFKDQQHOVRIUHDFWLRQWKHRQHSURGXFLQJDQLQWHUPHGLDWHVWHSDKHOLXP QXFOHXVWKHRWKHUD7ULWLXPQXFOHXV+HOLXPSURGXFWLRQLVWKXVSHUIRUPHG LQWZRVWHSV

''+H1HXWURQ '' +3URWRQ +H'+H3URWRQ +'+H1HXWURQ

2XUDLPLVWRVKRZWKDWWKHUHLVDQDOWHUQDWLYHZD\ZKLFKOHDGVWRPDNH GHXWHURQVWRUHDFWLQDFROGDQGGHQVHSODVPDLHZKRVHWHPSHUDWXUHLVQR PRUH WKDQ LQ WKH NH9 UDQJH RU OHVV SHU QXFOHXV 7KLV FROG SODVPD LV WKH UHVXOWRIDJRRGLRQL]DWLRQRIDFRQGHQVHGPHGLXP,WLVLPSRUWDQWWRJHWD SODVPD DV ³SHUIHFW´ DV SRVVLEOH 6R RQH FDQ DVVXPH WKDW LQ WKH SODVPD PHGLXP WKHUH H[LVW RQO\ ZHOO VWULSSHG QXFOHL DQG IUHH HOHFWURQV $W ILUVW VLJKW WKLV SRLQW RI YLHZ FDQ EH FRQVLGHUHG DV EHLQJ WRR PXFK LGHDO EXW WDNLQJLQWRDFFRXQWYDULRXVH[SHULPHQWVLWVHHPVRQWKHFRQWUDU\WREHUDWKHU UHDOLVWLF $V LW LV VKRZQ HOHFWURQV SOD\ D IXQGDPHQWDO UROH LQ WKH QXFOHDU SURFHVVWKH\DUHORZHULQJVRPXFKWKH &RXORPEEDUULHUWKDWLWLVSUDFWLFDOO\

VXSSUHVVHG 7KLV UHPRYDOOLNH RI WKH &RXORPE EDUULHU OHDGV DOVR WR WKH SRVVLELOLW\ RI D ODUJH QXPEHU RI XQXVXDO QXFOHDU UHDFWLRQV OLNH WKH VWUDLJKWIRUZDUGRQHVWHS+HOLXPSURGXFWLRQIURPWZR'HXWHULXPQXFOHL 7KH QRQWKHUPRQXFOHDUIXVLRQSURFHVVZRXOGRFFXULQYDULRXV

FLUFXPVWDQFHV

:H KDYH WR TXRWH VRPH ZD\V RI SXWWLQJ WKH PHGLXP LQWR FRQGLWLRQ WR VKRZKRZODUJHDUHWKHSRVVLELOLWLHVRIVXFKDSURFHVVDQGKRZLWOHDGVWRD VLPSOHDQGUDWLRQDOPRGHOLQJ,WLVLPSRUWDQWZLWKWKLVWDVNLQPLQGWRWDNH LQWR DFFRXQW VRPH W\SLFDO H[SHULPHQWV ZKLFK KDYH UDLVHG D FRQWURYHUVLHV HDUO\ GXULQJ WKH QLQHWHHQWK¶V (DFK W\SH RI H[SHULPHQW XQYHLO D SRVVLELOLW\

DQGDSDUWLFXODUDVSHFWRIWKHJHQHUDOSURFHVVFRQVLVWLQJWRJHWQXFOHDUIXVLRQ ZLWKRXW XVLQJ WKHUPRQXFOHDU WHPSHUDWXUHV 7KH ILUVW ZD\ KDV FRQVLVWHG KLVWRULFDOO\ RI XVLQJ DQ HOHFWURO\VLV FHOO 7KH HOHFWURO\WH LV VXSSRVHG WR FRQWDLQIXVLEOHLRQV7KHFDWKRGHLVPDGHW\SLFDOO\RI3DOODGLXPRU1LFNHO :KHQIXVLEOHLRQVSHQHWUDWHLQWRWKHFDWKRGHPHGLXPLWLVZHOONQRZQWKDW WKH\ WUDQVIRUP LQWR FRPSOHWHO\ VWULSSHG QXFOHL DQG WKDW VRPH ³DEQRUPDO´

SKHQRPHQD PD\ RFFXU GXULQJ WKH LRQ SHQHWUDWLRQ DEQRUPDO KHDW TXDQWLW\

SDUWLFOH SURGXFWLRQ OLNH QHXWURQV WULWRQV + +HOLXP +HOLXP ([SHULPHQWVVKRZWKDWWKRVHSKHQRPHQDZRXOGRFFXUSUHIHUDEO\ZKHQVRPH

WUDQVLWRU\ FKDQJH RI SDUDPHWHU OLNH YROWDJH FKDQJH GRHV RFFXU 7KH FRQWURYHUV\ DW WKH EHJLQQLQJ ZDV SDUWLFXODUO\IRXQGHGRQWKHGLIILFXOW\WR JHWDQHYLGHQFHDERXWWKHRULJLQRIWKHDEQRUPDOKHDWTXDQWLW\>@

:LWKWKHHOHFWURO\VLVFHOOVWUXFWXUHLWKDVEHHQVKRZQWKDWLWFDQH[LVWD FRUUHODWLRQ EHWZHHQ WKH KHDW UHOHDVH DW WKH FDWKRGH DQG WKH UDWH RI QXFOHDU UHDFWLRQV SURGXFLQJ GLUHFWO\ DQ +HOLXP QXFOHXV ZLWK 0HY RI NLQHWLF HQHUJ\

''Ÿ+H

7KLV GLUHFW UHDFWLRQ LV DEQRUPDO LQDVPXFK WKHUH LV JHQHUDOO\ QR DQJXODU PRPHQWXPSUHVHUYDWLRQ,WPHDQVWKDWWKHSURFHVVLVYHU\GLIIHUHQWIURPWKH RQHRIWZRQXFOHLFROOLVLRQZKLFKLVWHPSHUHGE\ WKH&RXORPEEDUULHU7KH PRVWLPSRUWDQWLVVXHRIWKRVHH[SHULPHQWVLVSUREDEO\WKLVGLUHFW+HOLXP SURGXFWLRQ DQ DQRWKHU ZD\ RI JHWWLQJ QXFOHDU IXVLRQ ZLWKRXW XVLQJ WKHUPRQXFOHDUWHPSHUDWXUHV

*HQHUDOO\WKRVHDEQRUPDOSKHQRPHQDKDYHQRWEHHQUREXVWLQ IXQFWLRQ RIPDQ\SDUDPHWHUV7REHVXFFHVVIXOQHHGVDYHU\JRRGWHFKQRORJ\7KXV WKHVHFRQGDVSHFWRIFRQWURYHUV\FRUUHVSRQGVWRWKHREMHFWLRQVDERXWWKHVR FDOOHGQRQUHSURGXFLELOLW\RIDQ\SURFHVV

%XWWKHUHLVDWOHDVWRQHGHYLFHZKLFKJLYHVDSHUIHFWUHSURGXFLELOLW\,WLV FRQVWLWXWHG RI D YDFXXP FKDPEHU ZKHUH RQH XVH WR SODFH D VPDOO PRQRFU\VWDO RI R[LGH WXQJVWHQ EURQ]H 1D_[:2 IRU H[DPSOH ZKLFK KDV EHHQVXEPLWWHGEHIRUHWRDQHIILFLHQWSXPSLQJIRUKRXUV$GHXWHULXPJDV ERWWOHLVOLQNHGZLWKWKHYDFXXPFKDPEHUWKURXJKDORFN$JRRGYDFXXPLV REWDLQHGE\XVLQJDYDFXXPSXPS:KHQRQHRSHQVWKHORFNDQHXWURQEXUVW LV GHWHFWHG GXULQJ VRPH PLQXWHV LW FRUUHVSRQGV WR GHXWHULXP QXFOHL SHQHWUDWLQJ LQWR WKH FKDPEHU 2QHJHWVDVLPLODUUHVXOWZKHQRQHFORVHWKH ORFNDQGWKHYDFXXPSXPSLVSXWLQWRUXQQLQJ>@7KLVSURFHVVLVSHUIHFWO\

UHSURGXFLEOH EXW YHU\ VORZ DV RQH KDV WR ZDLW IRU KRXUV WLOO WKH SLHFH RI SDOODGLXPLVZHOOHPSWLHGRILWVLPSXULWLHV%XWWKLVROGH[SHULPHQWZLSHV RXWDQ\UHSURDFKRI QRQUHSURGXFLELOLW\RIWKHSURFHVV2QHKDVWRXQGHUOLQH WKDWQHXWURQVDUHXVXDOO\GHWHFWHGEHFDXVHLWLVWKHPRVWGLUHFWZD\WRGHWHFW QXFOHDUUHDFWLRQVEXWLWLVSUREDEO\OLNHLVGLVFXVVHGIXUWKHUWKDW+HOLXP QXFOHL DUH DOVR SURGXFHG LQ D ODUJHO\ JUHDWHU QXPEHU WKH SURGXFHG QXFOHL QXPEHUEHLQJGLIILFXOWWRGHWHFWJLYHQWKHQDWXUDO+HOLXPQRLVH

6LPLODU IURP WKH UHSURGXFLELOLW\ SRLQW RI YLHZ LV WKH JORZ GLVFKDUJH GHYLFH D UHDFWLRQ FKDPEHU EHLQJ ILOOHG ZLWK GHXWHULXP JDV $ FRQWLQXRXV YROWDJH RI W\SLFDOO\ VRPH KXQGUHG YROWV DSSOLHG EHWZHHQ DQ DQRGH DQG D FDWKRGHPDGHRISDOODGLXPPDNHVDORZFXUUHQWWRIORZ2QHJHWVDODUJH

VSHFWUXP RI QXFOHDU IXVLRQV DQG ILVVLRQV GHWHFWHG ZLWK WKH KHOS RI KLJK UHVROXWLRQJHUPDQLXPGHWHFWRU

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³VLJQDOV´ EHLQJ XQGHU WKH QRLVH OHYHO 7KH UHFRUGV RI SURWRQ \LHOG YHUVXV WKH QXPEHU RI '2 LQ WKH +HDY\ :DWHU 0ROHFXOHV +:0 FOXVWHU LV REWDLQHG E\ DGGLQJ WKH FRXQWLQJ RI D JUHDW QXPEHURIVKRWVWKHUHVXOWRIWKLVDGGLWLRQKDVDPD[LPXPDSSUR[LPDWHO\LQ WKHUDQJHRI+:0SHUFOXVWHU)LJXUH2XULQWHUSUHWDWLRQLVWKDW IRU D ORZ QXPEHU LQIHULRU RU HTXDO WR DSSUR[LPDWHO\ RI +:0 RQO\

RQH GHXWHURQGHXWHURQ FROOLVLRQ FHQWHU LV SURGXFHG E\ WKH +:0 PROHFXOH FOXVWHULPSLQJLQJRQWKH7L'WDUJHW)RUD+:0HTXDODSSUR[LPDWHO\WR +90 LW DSSHDUV UDQGRPO\ D VHFRQG '' FROOLVLRQ FHQWHU %XW DV WKH DYDLODEOH HOHFWURQ¶V QXPEHU LV OLPLWHG LQ WKH +:0 FROOLVLRQ WKH HOHFWURQ QXPEHUQ DURXQG D '' FROOLVLRQ FKDQJHV UDQGRPO\ IURP RQH FROOLVLRQ WR DQRWKHU7KHUHVXOWLVDFXWRIWKHFRXQWLQJZKHUHDVIRU+:0QXPEHUOHVV WKDQLWRFFXUVWKHLQFUHDVHRIFRXQWLQJYHUVXVWKH+:0QXPEHU,WLV SUREDEOHWKDWWKHFRXQWLQJZRXOGLQFUHDVHDJDLQIRU+:0QXPEHUVJUHDWHU DSSUR[LPDWHO\WKDQ)LJXUH

)LJXUH'HWHFWHGSURWRQQXPEHUYVWKH'¶2

PROHFXOHVQXPEHULQWKHFOXVWHUVKRZLQJWKHPD[LPXPIRUWKHFRXQWLQJ ,I RQH UHPDUNV WKDW WR D GHILQLWH +:0 QXPEHU LW FRUUHVSRQGV DQRWKHU GHILQLWH QXPEHU WKHQ QXPEHU RI HOHFWURQV DURXQG WZR FROOLGLQJQXFOHRQV WKHILJXUHGHSLFWVWKHYDULDWLRQRIFRXQWLQJLQIXQFWLRQRIFOXVWHUHQHUJ\LQ ORJDULWKPLFVFDOHLWLVDVWUDLJKWOLQH,WLVLQDJUHHPHQWZLWKWKHIXQGDPHQWDO SRLQWRIYLHZGHYHORSHGIXUWKHU

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³/DUJH

3RLQFDUp6\VWHP´>@0RUHRYHULWGRHVRFFXUGXULQJWKHFXUUHQWGHFUHDVHD SODVPD LQVWDELOLW\ ZKLFK KDV EHHQ VRPHWLPHV FDOOHG ³VDXVDJH LQVWDELOLW\´

WKHPHGLXPEHLQJFXWLQWRDSSDUHQWVOLFHV7KHSODVPDLQVWDELOLW\ZKLFKLVDQ KDQGLFDS LQ WKH WKHUPRQXFOHDU VFKHPH DSSHDUV DV EHLQJ KHUH D QHFHVVDU\

DQG EHQHILFLDO FKDUDFWHULVWLF RI WKH FRQGHQVHG PHGLXP ZKHUH WKH HOHFWULF FXUUHQWLVIORZLQJ'XULQJWKHFXUUHQWGHFUHDVHLWRFFXUVPHHWLQJVEHWZHHQ WZR FROOLGLQJ QXFOHL W\SLFDOO\ GHXWHULXP QXFOHL DQG DQ HOHFWURQ DFFXPXODWLRQ RU FOXVWHU $QG WKH FRQGLWLRQV RI WZR QXFOHL FROOLVLRQ DUH GUDVWLFDOO\FKDQJHG6REHJLQWKHGHVFULSWLRQRIWKH³FROG´IXVLRQSURFHVVLQ DJUHHPHQWZLWKH[SHULPHQWVDVLWLVVKRZQIXUWKHU2QHKDVWRUHPDUNWKDW QHXWURQVDQGVRPHWLPHVSURWRQVDUHJHQHUDOO\GHWHFWHG,WZRXOGEHEHWWHULI RQHFRXOGGHWHFWDOVR+H+H+%XWDOOH[SHULPHQWHUVKDYHQRWKDGVLQFH DW WKHLU GLVSRVDO VXIILFLHQW PHDQV WR SHUIRUP D FRUUHFW IXQGDPHQWDO UHVHDUFKLQWKLVILHOGZKHUHWKHUHDUHPDQ\WKLQJVWRGR

6RPHHOHPHQWVZKLFKDUHFRPPRQWRWKHGLIIHUHQWZD\VRIJHWWLQJ

&ROG)XVLRQ

)LUVWO\ WKH ORZHULQJ RI &RXORPE EDUULHU FKDQJLQJ W\SLFDOO\ IURP VRPH 0HYWRVRPHNH9RUVRPHH9DFFRUGLQJWKHFDVH7KLVLVGXHWRDFROOHFWLYH EHKDYLRURIDQHOHFWURQFOXVWHUDURXQGWZRFROOLGLQJQXFOHL7KLVFOXVWHULVD IDVWWUDQVLWRU\DFFXPXODWLRQRIHOHFWURQVDURXQGWKRVHIXVLEOHQXFOHRQV6R RQO\DORZHQHUJ\LVQHFHVVDU\IRUWKHQXFOHLWRUHDFW

6HFRQGO\ WKH /DUJH 3RLQFDUp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

7KLUGO\DVSHFLILFGLPHQVLRQDOUHODWLRQVKLSEHWZHHQWKHEDVLFSDUDPHWHUV GHVFULELQJ WKH QXFOHDU IXVLRQ SURFHVV LQ D ORZ HQHUJ\ FRQGHQVHG PHGLXP ZKLFKUHSODFHVWKHKDELWXDO/DZVRQFULWHULRQDVEHLQJRQO\VSHFLILFIRUWKH WKHUPRQXFOHDU K\SRWKHVLV> @

7KHFULWHULRQZKLFKLVVXLWHGWRSURFHVVZLWKDQHOHFWURQFOXVWHULVWKXV

5 QðV)HWT

5(YHQWVQXPEHUGXULQJWKHWLPHT

Q)XVLEOHQXFOHLQXPEHUDEOHWREHLQYROYHGLQDIXVLRQSURFHVV V*HRPHWULFDOFURVVVHFWLRQRIDIXVLEOHQXFOHXV

H:LGWKRIWKH&RXORPEEDUULHUEHWZHHQWZR'HXWHURQV W%DUULHUFURVVLQJGXUDWLRQ

T3XWWLQJLQWRFRQGLWLRQGXUDWLRQRIWKHIXVLEOHPHGLXP

)%DUULHUWUDQVIHUIDFWRUDQHOHFWURQDFFXPXODWLRQFOXVWHUVXUURXQGLQJWKH WZRFROOLGLQJQXFOHL6FKU|GLQJHUFDOFXODWLRQV

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

7KH4XDQWXPSRLQWRIYLHZOHDGVWRDIUDFWDOGLPHQVLRQK\SRWKHVLV

$VLPSOHFDOFXODWLRQXVLQJWKH6FKU|GLQJHUHTXDWLRQOHDGVWRDV\QWKHWLF YLHZRQWKHSURFHVV,QLWLDOO\WZRPRYLQJGHXWHURQVDUHVXSSRVHGWREHDWD PXWXDOGLVWDQFHZKLFKLVLQWKHUDQJH RIWKH%RKUDWRPUDGLXV[P 6FKU|GLQJHUHTXDWLRQJLYHVWKHZDYHIXQFWLRQRIRQHRIWKHWZRGHXWHURQVLQ IXQFWLRQ RI WLPH DSSURDFKLQJ WKH RWKHU LQ VXFFHVVLYH VOLFHV RI WLPH $ W\SLFDO QXPEHU RI IXVLEOH QXFOHL GHQVLW\ Q FP IRU H[DPSOH KDV JLYHQDQLPSRUWDQWUHVXOWLQWKHSODQH/RJ(/RJ5(EHLQJWKHHQHUJ\

RIWKHLQFLGHQWGHXWHURQWKHUHSUHVHQWDWLYHSRLQWVDUHRQDVWUDLJKWOLQHIRUQ FRQVWDQW >@ 7KH FRQVHTXHQFH RI &RXORPE EDUULHU ORZHULQJ LV ILUVWO\ WR PDNHWKDWQXFOHLPHHWWRJHWKHU3UDFWLFDOO\RQO\VWURQJLQWHUDFWLRQUHPDLQV HIILFLHQW(OHFWURQFOXVWHUIDYRXUVDV\PPHWULFDOVWURQJLQWHUDFWLRQDQGLWLV SUREDEO\ DQ LPSRUWDQW UHPDUN IRU XQGHUVWDQGLQJ ZK\ WKH QXFOHDU UHDFWLRQ EHWZHHQWZRGHXWHULXPQXFOHLVFUHHQHGE\DQHOHFWURQFOXVWHUJLYHVYHU\

SUHGRPLQDQWO\ +HOLXP ,I RQH UHSODFHV 7KH ( HQHUJ\ WHUP E\ D

FKDUDFWHULVWLF GLPHQVLRQ RI WKH FROOLGLQJ V\VWHP LH WKH 'H %URJOLH ZDYH OHQJWKORQHUHDGVIRUQFRQVWDQW'EHLQJWKHVORSHRIWKHVWUDLJKWOLQH

/RJ55 '/RJ(( '/RJOO

' LV DOVR WKH IUDFWDO GLPHQVLRQ RI WKH VSDFH >@ ZKHUH FROOLVLRQV GR RFFXU 7R YHULI\ WKLV K\SRWKHVLV RQH KDV WR DGRSW D SUREDELOLVWLF SRLQW RI YLHZ

)LJXUH

(VWLPDWHGSRVLWLRQRIWKH.LHO15/DQG%URRNKDYHQUHVSUHQWDWLYHSRLQWV RIH[SHULPHQWV(DFKVWUDLJKWFRUUHVSRQGVWRDFRQVWDQWHOHFWURQQXPEHU1X

3UREDELOLVWLFSRLQWRIYLHZ

8VLQJDQLPSRUWDQWSURSHUW\RIDODUJH3RLQFDUpV\VWHPWKHGHXWHURQVDUH VXSSRVHGTXDVLIUHHLQWKLVFRPSOHWHO\LRQLVHGPHGLXP>@7KHLU'VSDWLDO GLVWULEXWLRQLVVXSSRVHGWRREH\WKH3RLVVRQODZ7KXVWKH3SSUREDELOLW\IRU D PLFURYROXPH 9 FRQWDLQLQJ S GHXWHURQVP EHLQJ WKH PHDQ QXPEHU RI 'HXWHURQVUHDGV

3_S H^PP^SS

7KH SUREDELOLW\ IRU WKH HOHPHQWDU\ 9 YROXPH FRQWDLQLQJ WZR FROOLGLQJ QXFOHLWKXVUHDGV

3 H^PPð

$QGWKHUDWLREHWZHHQWKHSUREDELOLW\RIILOOLQJD9PLFURYROXPHE\RQH XQLTXH'HXWHURQDQGWKHSUREDELOLW\RIILOOLQJLWE\WZR'HXWHURQVLVHTXDO WR WKH QXPEHU RI HOHFWURQVQ VXUURXQGLQJ WZR FROOLGLQJ 'HXWHURQV ZKRVH GLVWDQFHLVLQIHULRUWRWKH%RKUDWRPUDGLXV

Q P

&DOFXODWLRQVKDYHEHHQFDUULHGRXWZLWK

9 %RKUUDGLXV [FP

DQG

Q GHXWpURQVFP P Q [

Q GHXWpURQVFP P [ Q

7KHUH LV DJUHHPHQW IRU WKH UDQJH RIQ QXPEHUV EHWZHHQ 6FKU|GLQJHU TXDQWXP FDOFXODWLRQV DQG WKH SUREDELOLVWLF SRLQW RI YLHZ JURXQGHG RQ WKH /DUJH3RLQFDUp6\VWHPK\SRWKHVLV

)UDFWDO'LPHQVLRQRIFROOLVLRQVSDFH

7KH FROOLVLRQVSDFHLVPDGHXSRIWKHVLWHVRIWZR'HXWHURQVFROOLVLRQV GHWHUPLQHGE\WKHGLPHQVLRQVRIWKHFXELFHOHPHQWDU\9YROXPH

G6LGHRIWKHYROXPH9VXSSRVHGFXELF

1_G1XPEHURI9YROXPHVFRQWDLQLQJRQHFROOLVLRQVLWHSHUYROXPHXQLW :HXVHWKH%R[&RXQWLQJ'LPHQVLRQDOJRULWKP

OLP ORJ ORJ

' 1^G

G^o G

%XWGLVSK\VLFDOO\ILQLWH2QHFKRRVHDGYDOXHFORVHWRWKH%RKUUDGLXV LQVWHDGRI]HUR

G FPQ FPH^P

:LWKWKLVGYDOXHGLIIHUHQWIURP]HUR'LVDIXQFWLRQRIGDQGQ2QHJHWV WKLV UHVXOW E\ H[SUHVVLQJ ILUVWO\ WKH SUREDELOLW\ 3 IRU D FXEH RI VLGHG FRQWDLQLQJRQHXQLTXHGHXWHURQ

3 PH^P GQ

$QGWKHSUREDELOLW\3 IRUDFXEHFRQWDLQLQJWZR'HXWHURQ

3 òPðH^P òGQ

7KHQXPEHU1GRIFXEHVFRQWDLQLQJWZR'HXWHURQVLQRQHYROXPHXQLWLV WKXV

1_G òGQ

$QGWKHIUDFWDOGLPHQVLRQLQIXQFWLRQ RIGDQGQ

ORJ ORJ

' G Q

G

G FPQ FPH^P

5HSODFLQJGE\LWVH[SUHVVLRQLQIXQFWLRQRIQDQGQ

Q P

G PQ

7KH)UDFWDO'LPHQVLRQUHDGV

ORJ

ORJ ' Q Y

QY

7KHVORSHVRIWKHVWUDLJKWOLQHVIRUFRQVWDQWQDUHYHU\FORVHWRWKHRQHVRI 6FKU|GLQJHU FDOFXODWLRQ UHVXOWV )RU H[DPSOH ZLWK Q FP FDOFXODWLRQV XVLQJ 6FKU|GLQJHU HTXDWLRQ JLYHV ' IRUQ [ HOHFWURQVLQWKH FOXVWHU ZKHUHDV WKH 'IRUPXOD LQ IXQFWLRQ RI Q HWX JLYHV ' 7KH GLIIHUHQFH LV VXIILFLHQWO\ ORZ IRU SXWWLQJ LQWR HYLGHQFH WKH DJUHHPHQW EHWZHHQWZRGHVFULSWLRQVRIDSKHQRPHQRQZKLFKLVGUDVWLFDOO\GLIIHUHQWRI DQ\WKHUPRQXFOHDURQH

I,5

)LJXUH)UDFWDOGLPHQVLRQ'LQIXQFWLRQRIIXVLEOHPHGLXPGHQVLW\

IRUYROXPHVRIWKHHOHFWURQQXPEHU1X

7KH UDWH 5 RI QXFOHDU UHDFWLRQV LV WKXV UXOHG E\ WKH ORJDULWKPLF UHODWLRQVKLSZKLFKLVOLQHDULQORJDULWKPLFVFDOH

/RJ55 '/RJ((

(EHLQJWKHHQHUJ\RIWKHPRYLQJGHXWHURQ ([SHULPHQWDOHYLGHQFHV

)RU JHWWLQJ FOHDU HYLGHQFHV RQH KDV WR WDNH LQWR DFFRXQW H[SHULPHQWV ZKHUH WKH UHDOLVDWLRQ SUREDELOLWLHV RI WKH DERYH IXQGDPHQWDO FRQGLWLRQV /36 3RLVVRQ VSDWLDO GLVWULEXWLRQV PD\ EH DSSUHFLDWHG DV EHLQJ QRQ QHJOLJLEOH)RUH[DPSOHRQHFDQFRQVLGHUH[SHULPHQWVSHUIRUPHGLQ8QLWHG 6WDWHV 1DYDO 5HVHDUFK /DERUDWRU\ 15/ >@ 7KH TXRWHG H[SHULPHQWV

FRQVLVWHG RI PDNLQJ D FXUUHQW SXOVH WR IORZ ZLWK D SHDN FXUUHQW EHWZHHQ [$PSVWR[$PSVDQGOHDGLQJDQGWUDLOLQJHGJHVRIW\SLFDOO\

QDQRVHFRQGVLQWRDZLUHRIIUR]HQ'HXWHULXPƒ.RULQWRDZLUHPDGH RI D PDWHULDO FRQWDLQLQJ GHXWHURQV 7KH QHXWURQ QXPEHU IRU RQH SXOVHZDV EHWZHHQWZROLPLWV± IRUDHQHUJ\RI0HYFRUUHVSRQGLQJWR WKH FODVVLFDO IXVLRQ UHDFWLRQ ' ' Q +H 2QH KDV WR QRWLFH WKDW WKH QHXWURQVZHUHGHWHFWHGRQO\GXULQJWKHFXUUHQWGHFUHDVHIURPSHDNYDOXH,_F WKLV FXUUHQW GHFUHDVH FRUUHVSRQGV DSSDUHQWO\WR WKH JRRG IXQFWLRQLQJ RI D /DUJH3RLQFDUp6\VWHP7KHQXPEHURIGHWHFWHGQHXWURQVLVSURSRUWLRQDOWR WKHSRZHURIWKHFXUUHQWSHDN, )RUDFFRXQWLQJRIWKLVSRZHUZLWKWKH_F KHOSRIRXUIUDFWDOPRGHORQHKDVWREULQJRXWWKHIROORZLQJUHPDUNV )LUVWO\WKHPHDQ'HXWHURQYHORFLW\GXHWRWKHWKHUPDOGLVVLSDWLRQGXULQJ

WKHOHDGLQJHGJHLVSURSRUWLRQDOWRWKHFXUUHQWSHDNa,_F

6HFRQGO\ WKH PHDQ 'HXWHURQ YHORFLW\ DIWHU WKHFXUUHQWSHDNLVGXHWR WKH HOHFWURG\QDPLFVIRUFHVLWLVREWDLQHGE\LQWHJUDWLQJDQH[SUHVVLRQRI WKHLQWHUDFWLRQEHWZHHQFXUUHQWHOHPHQWVZKLFKKDVLQIDFWRU,Fð

7KHUHVXOWLQJGHXWHURQYHORFLW\LVWKXVSURSRUWLRQDOWR,_FDQGLWVHQHUJ\

LVSURSRUWLRQDOWR,_F

)LJXUH*URZWKRIWKHQHXWURQVEXUVWFRPLQJRXWGXULQJWKHFXUUHQWGHFUHDVHYV WKHSHDNFXUUHQW,7KHH[SHULPHQWHUVZHUHFODLPLQJDJURZWKSURSURWLQDOWR,

7KH HTXDWLRQ RI D VWUDLJKW OLQHV KDYLQJ LWV VORSH HTXDO WR WKH IUDFWDO GLPHQVLRQ'WKHUDWH5RIQXFOHDUSURGXFWLRQLVIXQFWLRQRIWKHSHDNFXUUHQW

/RJ55 '/RJ,_F,_F

2QH JHWV D UHODWLRQVKLS FORVH WR, *LYHQ WKH XQFHUWDLQWLHV DERXW WKH_F SDUDPHWHUV RQH FDQ VSHDN RI DJUHHPHQW EHWZHHQ PRGHO DQG H[SHULPHQWV 7KLVH[SHULPHQWKDVEHHQFKRVHQDVEHLQJGHPRQVWUDWLYHRIWKHPRGHOZKLFK LV SURSRVHG IRU DFFRXQWLQJ RI QXFOHDU IXVLRQ ZKHUHDV WKH SUHUHTXLVLWHV IRU WKHUPRQXFOHDUSURFHVVDUHQRWIXOILOOHG$QGDOVREHFDXVHWKHSXOVHGFXUUHQW ZD\VHHPVPRUHSURPLVLQJLQWKHIXWXUH WKDQVLPSOHHOHFWURO\VLVFHOOV

%XWRQHKDVDOVRWRUHPLQGWKH5-%HXKOHUH[SHULPHQWVTXRWHGDERYH ZKLFKFRQILUPWKHHOHFWURQFOXVWHUPRGHOIURPDYHU\GLIIHUHQWH[SHULPHQWDO SRLQW RI YLHZ ,W VKRZV WKH SUH HPLQHQW UROH RI HOHFWURQV LQ WKH FROOLVLRQ EHWZHHQ D DJJUHJDWH RI VRPH KXQGUHG RI 'ð2 PROHFXOHV ZLWK D 7LWDQLXP WDUJHW VDWXUDWHG ZLWK KHDY\ ZDWHU >@ 7KH 3URWRQ GHWHFWLRQ VKRZV FOHDUO\

WKDW RQH QHHGV D PLQLPXP QXPEHU RI KHDY\ ZDWHU PROHFXOHV DQG WKXV D PLQLPXPQXPEHURIHOHFWURQVLQWKHFOXVWHUIRU SURGXFLQJQXFOHDUUHDFWLRQV 0DNLQJ WKH 'ð2 PROHFXOHV DJJUHJDWH JURZLQJ RQH JHWV ILUVWO\ RQH XQLTXH FOXVWHU EXW LI RQH PDNHV WKH DJJUHJDWH PRUH JURZLQJ WKH 3URWRQ QXPEHU GHFUHDVHVILUVWO\VKRZLQJDSDUWLWLRQRIIUHHHOHFWURQVEHWZHHQWZRFROOLVLRQ LRQVVLWHV$VWKHHOHFWURQVQXPEHULVLQVXIILFLHQWIRUWZRFROOLVLRQVLWHVWKHLU HIILFLHQF\ IRU VFUHHQLQJ LV LQVXIILFLHQW IRU SURGXFLQJ WZR 3URWRQV ,I WKH H[SHULPHQWHUVKDGPDGHWKH'ð2QXPEHUWRJURZPRUHWZR3URWRQVZRXOG EHJURZLQJDJDLQEHLQJSURGXFHG LQWZRDJJUHJDWHV)LJXUH

*HQHUDOLW\RIWKH³(OHFWURQ)UDFWDO´PRGHO

,QWKHFDVHZKHUHWKHUHDUHGLIIHUHQWNLQGVRILRQVLQWKH/36HYHU\WKLQJ LV DSSUR[LPDWHO\ JRLQJ RQ DV LI HDFK W\SH RI LRQ ZRXOG FRUUHVSRQG WR D VSHFLILFFROOLVLRQVSDFHWKHFROOLVLRQVLWHVEHLQJUDUHLQFRPSDULVRQZLWKWKH VLWHVFRQWDLQLQJRQO\RQHLRQ%XWRQHKDVWRHPSKDVL]HRQWKHIDFWWKDWWKH IUDFWDO GLPHQVLRQ RI WKH FROOLVLRQ VSDFH RI RQH W\SH RI LRQ LV PDLQO\

GHWHUPLQHG E\ LWV GHQVLW\ SHU YROXPH XQLW DQG E\ WKH VDPHQ QXPEHU RI HOHFWURQVDURXQGWKHWZRFROOLGLQJLRQVDVLIWKHUHZRXOGEHRQO\WKLVW\SHRI LRQLQWKH/36)URPDPRUHJHQHUDOSRLQWRIYLHZWKHQXFOHDUUHDFWLRQRQH JHWV GHSHQGV RI WKH QDWXUH RI WKH FROOLGLQJ QXFOHL EXW WKH\ FDQ EH YHU\

GLIIHUHQW IURP WKH KDELWXDO RQHV )RU H[DPSOH DFFRUGLQJ H[SHULPHQWV SHUIRUPHGLQDHOHFWURO\VLVFHOO>@WKHPRVWSUREDEOHUHDFWLRQSURGXFHVZLWK VFUHHQLQJ GLUHFWO\+H LQ WKH FDVH ZKHUH WKH LQLWLDO PHGLXP FRQWDLQV GHXWHULXP QXFOHL 0DNLQJ D MRNH 2QH FRXOG VD\ 1R &ROG )XVLRQ EXW (OHFWURQLF)XVLRQ"

&RQFOXVLRQ

7KHK\SRWKHVLVRIWKHUROHRIHOHFWURQVFOXVWHUVFRXSOHGZLWKWKHRQHRI /36 LV LQ DJUHHPHQW ZLWK WKH TXDQWXP EDUULHU FDOFXODWLRQV DQG ZLWK H[SHULPHQWV 7KHUH LV QR PDWWHU FRQVLGHULQJ WKH IDFW WKDW ZH KDYH PDLQO\

FRQVLGHUHGWKHFDVHRIDFRQGHQVHGPHGLXPZLWKGHXWHULXPQXFOHLLWLVRQO\

DQ H[DPSOH )RU HDFK W\SH RI QXFOHL FROOLVLRQ OHDGLQJ WR VSHFLILF QXFOHDU UHDFWLRQV WKHUH GRHV H[LVW D IUDFWDO GLPHQVLRQ $ YHU\ JUHDW QXPEHU RI QXFOHDUUHDFWLRQVJLYLQJDJUHDWYDULHW\RIQHZWUDQVPXWDWLRQVLVSRVVLEOHDV LWKDVEHHQVKRZQUHFHQWO\E\H[SHULPHQWVSHUIRUPHGE\/,8UXWVNRHYHW$O

>@2QHFDQSUHGLFWDUHQHZDORI1XFOHDU3K\VLFVDVPXFKDVDQHZZD\

RIUHWULHYLQJHQHUJ\

5HIHUHQFHV

>@ See the most striking example of evidence: M.H.Miles, ICCF5, 9-13 April 1995, Monte-Carlo, Monaco. & M.H.Miles et Al, Anomalous effect in deuterated systems, NAWCPNS TP 8302, September 1996, Naval Air Warfare Center Weapons Division China Lake, CA 93555-6100.

>@ K.A. Kaliev, A.N. Baraboshkin , A.L. Samgin, E.G. Golikov, A.L. Shalyapin, V.S. Andreev, P.I. Golubnihiy, Reproducible nuclear reactions during interaction of deuterium with oxide tungsten bronze, Physics Letters A 172 (1993) 199-202.

>@ A.B. Karabut, Ya.R.Kutcherov, I.B. Savvatimova, Fusion Technology 20 (1991) 924.

>@ [A.B. Karabut, Ya.R.Kutcherov, I.B. Savvatimova, Nuclear product ratio for glow discharge in deuterium, Physics Letters A170 (1992) 265-272.

>@ R.J.Beuhler et al, Phys Rev Letters, Vol 63, Number 12, 18 September 1989, 1292-1295.

>@ T.Petrovsky & I.Prigogine, "Alternative Formulation of Classical and Quantum Dynamics for Non-integrable systems", Physica 175A (1991), p146.

T.Petrovsky & I.Prigogine, "Poincaré resonances and the extension of classical dynamics", Chaos Solitons and Fractals, vol.5, 1995.

T.Petrovsky & I.Prigogine, "Quantum Chaos, Complex Spectral Representations and Time-Symmetry Breaking", Chaos Solitons and Fractals, vol.4, 1994, p311.

>@ M.Rambaut, Physics Letters A 164 (1992), 155-163, 13 April 1992

>@ M.Rambaut, Frontiers of Cold Fusion, ICCF3, Nagoya, October 21-25, 1993, Universal Academic Press,Inc, pages 601-604.]

>@ Mesyats, G.A. 1996. "Ectons Processes at the Cathode in a Vacuum Discharge", Proc. 17th International Symposium on Discharges and Electrical Insulation in Vacuum, pp 720-731.

>@Mesyats, G.A, Cathode Phenomena in a vacuum discharge, Moscow, Nauka publishers, 2000.

>@Mesyats, G.A, Explosive Electron Emission, URO Press, Ekaterinburg,1998.

>@Petr Beckmann, "Electron clusters", Galilean Electrodynamics, vol.1, N°3, pp.55-58, Sept/Oct 1990.

>@M.Rambaut, Transactions of Fusion Technology, volume 26, Number 4T, 486- 492, December 1994 & M.Rambaut, Proceedings: Fourth International Conference on Cold Fusion ICCF4, Volume 4, 24-1 24-17, edited by EPRI, July 1994

>@B.Mandelbrot "Les objets fractals", Flammarion, Paris, (1975); "Fractals: Form, Chance and Dimension, Freeman, San Francisco, (1977); "The Fractal Geometry of Nature", Freeman, San Francisco (1983).

>@K.R, Shoulders EV- A Tale of discovery, Austin, TX,1987. A historical sketc of early EV work. Available from the author (PO Box 243, Bodega, CA 9492 Email [email protected].).

>@K.R. Shoulders, U.S. Patent, 5 018 180 (1991), 5 054 046 (1991), 5 054 047 (1991), 5 123 039 (1992), 5 148 461 (1992).

>@Ken Shoulders & Steve Shoulders, Observation on the Role of Charge Clusters in Nuclear Cluster Reactions, Journal of New Energy, Vol.1, N°3, 1996.

>@M.Rambaut, Annales de la Fondation Louis De Broglie, Volume 28 no 3-4 (2003), (in French).

>@J.D.Sethian, A.E.Robson, K.A.Gerber, and A.W.DeSilva, Physical Review Letters, Volume 59, Number 8, 24 August 1987, 892-895.

>@L.I. Urutskoev , V.I. Liksonov, V.G. Tsinoïev, Experimental detection of a strange radiation and of transmutation of chemical elements, Journal of Radio- electronics, N°3, 200