Multimodality imaging of coronary artery bypass grafts Salm, L.P.

Multimodality imaging of coronary artery bypass grafts

Salm, L.P.

Citation

Salm, L. P. (2006, November 7). Multimodality imaging of coronary artery bypass grafts.

Retrieved from https://hdl.handle.net/1887/4978

Version:

Corrected Publisher’s Version

License:

Licence agreement concerning inclusion of doctoral thesis in the

_{Institutional Repository of the University of Leiden}

Downloaded from:

https://hdl.handle.net/1887/4978

3

$57

9

&

+$37(5





,

1752'8&7,21

&RURQDU\DUWHU\E\SDVVJUDIWLQJ&$%*LVDFRPPRQO\SHUIRUPHGVXUJLFDOSURFHGXUH IRU DOOHYLDWLRQ RI V\PSWRPV DQG SURORQJLQJ VXUYLYDO IRU SDWLHQWV ZLWK FRURQDU\ KHDUW GLVHDVH &+' %\SDVV JUDIW GLVHDVH LV D FRPPRQ FRQVHTXHQFH UHTXLULQJ FRURQDU\ DQJLRJUDSK\ IRU GLDJQRVLV &RURQDU\ DQJLRJUDSK\ LV DQ LQYDVLYH SURFHGXUH WKDW LQFOXGHVDUWHULDOSXQFWXUH[UD\H[SRVLWLRQDQGKRVSLWDOL]DWLRQ&RPSOLFDWLRQVLQFOXGH YHQWULFXODUDUUK\WKPLDVP\RFDUGLDOLQIDUFWLRQFDUGLDFSHUIRUDWLRQQHFHVVDU\HPHUJHQF\ &$%*DQGGHDWKHYHQWKRXJKWKHULVNVDUHVPDOO$QRQLQYDVLYHGLDJQRVWLFPHWKRGIRU WKHDVVHVVPHQWRIE\SDVVJUDIWDQDWRP\DQGIXQFWLRQLVRIJUHDWEHQHÀW7KHDLPRIWKH WKHVLVLVWRGHVFULEHPXOWLSOHPRGDOLWLHVWRH[DPLQHFRURQDU\DUWHU\E\SDVVJUDIWVDQG WRIXUWKHUGHYHORSQRQLQYDVLYHLPDJLQJWHFKQLTXHVWRGHWHFWVWHQRVHVLQQDWLYHFRURQDU\ DUWHULHVDQGE\SDVVJUDIWVLQSDWLHQWVZKRH[SHULHQFHGUHFXUUHQWFKHVWSDLQDIWHU&$%* 3DUW,RIWKLVWKHVLV&KDSWHUVDQGUHYLHZVWKHUHVHDUFKWKDWKDVEHHQSHUIRUPHGLQ HYDOXDWLQJE\SDVVJUDIWVQRQLQYDVLYHO\XVLQJFDUGLRYDVFXODUPDJQHWLFUHVRQDQFH&05 DQGFRPSXWHGWRPRJUDSK\LQHDUOLHUVWXGLHV

3

$57

,,&

$5',29$6&8/$5



0$*1(7,&



5(621$1&(

7KLVSDUWRIWKHWKHVLVIRFXVHVRQ&05ÁRZYHORFLW\LPDJLQJLQYHLQDQGDUWHULDOJUDIWV 7KHDLPRIWKHVWXG\GHVFULEHGLQ&KDSWHUZDVWRUHWURVSHFWLYHO\WHVWWZRSUHYLRXVO\ GHVFULEHG DQDO\VLV PHWKRGV RI &05 ÁRZ PHDVXUHPHQWV DQG WR FRPSDUH WKHLU GLDJQRVWLFDFFXUDF\LQGHWHFWLQJGLVHDVHGYHLQJUDIWV,QYHLQJUDIWVRISDWLHQWV YROXPH ÁRZ SDUDPHWHUV YROXPH ÁRZ V\VWROLF DQG GLDVWROLF SHDN ÁRZ GLDVWROLFWR V\VWROLFÁRZUDWLRDWUHVWDQGGXULQJDGHQRVLQHVWUHVVDQGÁRZUHVHUYHZHUHGHULYHG IURPWKH&05YHORFLW\PDSV0HWKRGLPSOHPHQWHGEDVDOÁRZPOPLQRUÁRZ UHVHUYH  \LHOGLQJ D VHQVLWLYLW\ DQG VSHFLÀFLW\ RI  DQG  LQ WKH GHWHFWLRQ RI D GLVHDVHGJUDIWRUUHFLSLHQWYHVVHO0HWKRGXVHGUHFHLYHURSHUDWLQJFKDUDFWHULVWLF52& FXUYH DQDO\VLV DQG LPSOHPHQWHG DOO VLJQLÀFDQW YROXPH ÁRZ SDUDPHWHUV LQ D ORJLVWLF UHJUHVVLRQPRGHO\LHOGLQJDVHQVLWLYLW\RIZLWKDVSHFLÀFLW\RILQWKHGHWHFWLRQ RIDGLVHDVHGJUDIWRUUHFLSLHQWYHVVHO(YDOXDWLQJVLQJOHDQGVHTXHQWLDOJUDIWVVHSDUDWHO\ WKLVPHWKRG\LHOGHGDVHQVLWLYLW\DQGVSHFLÀFLW\RIDQGIRUVLQJOHJUDIWVDQG DQGIRUVHTXHQWLDOJUDIWVLQWKHGHWHFWLRQRI•VWHQRVLVLQJUDIWVRUUHFLSLHQW YHVVHOV8VLQJ52&FXUYHDQDO\VLVZLWKORJLVWLFUHJUHVVLRQWKHVSHFLÀFLW\RIWKHDQDO\VLV PHWKRGLPSURYHGFRQVLGHUDEO\%HVWUHVXOWVZHUHDFTXLUHGZKHQVLQJOHDQGVHTXHQWLDO JUDIWVZHUHVHSDUDWHO\DQDO\]HG

,Q &KDSWHU  WZR DQDO\VLV PHWKRGV IRU WKH &05 ÁRZ YHORFLW\ PDSV LH YHORFLW\ DQG YROXPHWULFÁRZDUHFRPSDUHGXVLQJÁRZYHORFLW\PDSVRIYHLQJUDIWV)RUW\QLQHSDWLHQWV ZLWK SUHYLRXV E\SDVV VXUJHU\ XQGHUZHQW FRURQDU\ DQJLRJUDSK\ DQG &05 ZLWK ÁRZ YHORFLW\PHDVXUHPHQWVRIVLQJOHYHLQE\SDVVJUDIWV9ROXPHÁRZDQGYHORFLW\DQDO\VLVRI WKH&05YHORFLW\PDSVZDVSHUIRUPHGDQGFRPSDUHG%ODQG$OWPDQDQDO\VLVVKRZHG FORVH DJUHHPHQW EHWZHHQ ERWK DQDO\VHV &RPSDULVRQ RI 52& DUHDVXQGHUWKHFXUYH RI ERWKDQDO\VHVUHYHDOHGQRVLJQLÀFDQWGLIIHUHQFHVIRUGHWHFWLRQRIVWHQRVHV•'LDJQRVWLF DFFXUDF\ IRU YROXPH ÁRZ DQG YHORFLW\ SDUDPHWHUV ZDV  DQG  UHVSHFWLYHO\ 9HORFLW\DQDO\VLVDSSHDUVWREHWKHPHWKRGRISUHIHUHQFHEHFDXVHWKLVDSSURDFKLVOHVV WLPHFRQVXPLQJDQGKDVDVLPLODUGLDJQRVWLFDFFXUDF\DVYROXPHÁRZDQDO\VLV



7KH KHPRG\QDPLF VLJQLÀFDQFH RI D E\SDVV JUDIW VWHQRVLV PD\ QRW DOZD\V DFFXUDWHO\ EH GHWHUPLQHG IURP D FRURQDU\ DQJLRJUDP $ YDULHW\ RI GLDJQRVWLF WHVWV LQYDVLYH RU QRQLQYDVLYH DUH DYDLODEOH WR IXUWKHU FKDUDFWHUL]H WKH KHPRG\QDPLF FRQVHTXHQFH RI D OHVLRQ7KHREMHFWLYHRIWKHVWXG\SUHVHQWHGLQ&KDSWHUZDVWRSHUIRUPDKHDGWRKHDG FRPSDULVRQEHWZHHQVLQJOHSKRWRQHPLVVLRQFRPSXWHGWRPRJUDSK\63(&7SHUIXVLRQ LPDJLQJ DQG &05 WR HYDOXDWH KHPRG\QDPLF VLJQLÀFDQFH RI DQJLRJUDSKLF ÀQGLQJV LQ E\SDVV JUDIWV )LIW\VHYHQ DUWHULDO DQG YHLQ JUDIWV LQ  SDWLHQWV ZHUH HYDOXDWHG E\ DQJLRJUDSK\63(&7SHUIXVLRQLPDJLQJDQGFRURQDU\ÁRZYHORFLW\UHVHUYHGHWHUPLQDWLRQ E\&05%DVHGRQDQJLRJUDSK\DQG63(&7GLIIHUHQWJURXSVFRXOGEHLGHQWLÀHGQR VLJQLÀFDQWVWHQRVLVQRUPDOSHUIXVLRQVLJQLÀFDQWVWHQRVLV•DEQRUPDO SHUIXVLRQ  VLJQLÀFDQW VWHQRVLV QRUPDO SHUIXVLRQ QR KHPRG\QDPLF VLJQLÀFDQFH DQGQRVLJQLÀFDQWVWHQRVLVDEQRUPDOSHUIXVLRQVXJJHVWLQJPLFURYDVFXODUGLVHDVH &RPSOHWH HYDOXDWLRQ ZDV REWDLQHG LQ  JUDIWV 63(&7 DQG &05 SURYLGHG VLPLODU LQIRUPDWLRQLQRIJUDIWVLOOXVWUDWLQJJRRGDJUHHPHQWNj S(LJKW JUDIWVSHUIXVHGDWHUULWRU\ZLWKVFDUWLVVXH:KHQDJUHHPHQWEHWZHHQ63(&7DQG&05 ZDVUHVWULFWHGWRJUDIWVZLWKRXWVFDUWLVVXHLWLPSURYHGWRNj ,QWHJUDWLRQRI DQJLRJUDSK\ZLWK63(&7FDWHJRUL]HGOHVLRQVLQJURXSLQJURXSLQJURXS DQGLQJURXS63(&7DQG&05DJUHHPHQWSHUJURXSZDVDQG UHVSHFWLYHO\ +HDGWRKHDG FRPSDULVRQ VKRZHG JRRG DJUHHPHQW EHWZHHQ 63(&7 DQG &05IRUIXQFWLRQDOHYDOXDWLRQRIE\SDVVJUDIWV&05PD\RIIHUDQDOWHUQDWLYHPHWKRGWR 63(&7IRUIXQFWLRQDOFKDUDFWHUL]DWLRQRIDQJLRJUDSKLFOHVLRQV

 HYDOXDWHVWHQRVHVLQQDWLYHFRURQDU\DUWHULHVDQGE\SDVVJUDIWV$FTXLUHG0'&7GDWDFDQ DGGLWLRQDOO\EHXVHGWRDVVHVVOHIWYHQWULFXODUHMHFWLRQIUDFWLRQ/9()7KHSXUSRVHZDVWR XVH0'&7IRUWKHDVVHVVPHQWRIE\SDVVJUDIWDQGFRURQDU\DUWHU\GLVHDVHFRPELQHGZLWK HYDOXDWLRQRI/9()7ZHQW\ÀYHSDWLHQWVXQGHUZHQWGHWHFWRUURZ&7H[DPLQDWLRQDQG FRURQDU\DQJLRJUDSK\%\SDVVJUDIWVDQGQRQJUDIWHGFRURQDU\DUWHU\VHJPHQWVDW0'&7 ZHUHHYDOXDWHGRQHOLJLELOLW\SDWHQF\DQG•VWHQRVLV7KH0'&7GDWDVHWZDVXVHG WR FDOFXODWH /9() DQG ZDV GLYLGHG LQWR SDWLHQWV ZLWK QRVXEHQGRFDUGLDOWUDQVPXUDO P\RFDUGLDOLQIDUFWLRQV1LQHW\YHVVHOVZHUHHYDOXDWHGDUWHULDOJUDIWVYHLQJUDIWV DQGQRQJUDIWHGYHVVHOV2IVHJPHQWVZHUHLQHOLJLEOHIRUHYDOXDWLRQEHFDXVHRI PHWDOFOLSV:LWK0'&7SDWHQF\LQVHJPHQWVRIDUWHULDOJUDIWVYHLQJUDIWVQRQJUDIWHG YHVVHOV FRXOG EH HYDOXDWHG ZLWK KLJK DFFXUDF\ LQ  RI VHJPHQWV ,Q DUWHULDO JUDIWV VWHQRVHV • GLG QRW RFFXU DW DQJLRJUDSK\ ZKLFK ZDV IRU DOO HOLJLEOH VHJPHQWV FRUUHFWO\ GLDJQRVHG ZLWK 0'&7 6WHQRVLV • FRXOG EH FRUUHFWO\ GHWHFWHG E\ 0'&7 ZLWK D VHQVLWLYLW\VSHFLÀFLW\ RI  IRU YHLQ JUDIWV DQG  IRUQRQJUDIWHGYHVVHOV1HJDWLYHSUHGLFWLYHYDOXH139ZDVIRUYHLQJUDIWVDQG QRQJUDIWHGYHVVHOV,QSDWLHQWVZLWKWUDQVPXUDOP\RFDUGLDOLQIDUFWLRQ0'&7UHYHDOHG D VLJQLÀFDQW ORZHU /9() DV FRPSDUHG ZLWK SDWLHQWV ZLWKRXW RU ZLWK VXEHQGRFDUGLDO P\RFDUGLDOLQIDUFWLRQS&RPSUHKHQVLYHDVVHVVPHQWRIE\SDVVJUDIWVQRQJUDIWHG YHVVHOV DQG /9() LV IHDVLEOH ZLWK 0'&7 2ZLQJ WR WKH KLJK 139 WKLV QRQLQYDVLYH DSSURDFKPD\EHXVHGDVJDWHNHHSHUEHIRUHFRURQDU\DQJLRJUDSK\

,Q RUGHU WR HYDOXDWH 0'&7 DFFXUDF\ WKH DLP RI WKH VWXG\ SRUWUD\HG LQ &KDSWHU  ZDV WR FRPSDUH 0'&7 JOREDO DQG UHJLRQDO OHIW YHQWULFXODU /9 IXQFWLRQ DVVHVVPHQW ZLWK HFKRFDUGLRJUDSK\ DQG &05 ,Q  SDWLHQWV ZKR ZHUH UHIHUUHG IRU QRQLQYDVLYH DQJLRJUDSK\ ZLWK GHWHFWRU URZ &7 /9 IXQFWLRQ DVVHVVPHQW ZDV DOVR SHUIRUPHG $ VXEVHTXHQW HFKRFDUGLRJUDP ZDV SHUIRUPHG DQG LQ D VXEJURXS RI SDWLHQWV &05 H[DPLQDWLRQ ZDV FRPSOHWHG WR HYDOXDWH /9 IXQFWLRQ )RU JOREDO IXQFWLRQ DVVHVVPHQW /9()ZDVFDOFXODWHG5HJLRQDO/9IXQFWLRQZDVVFRUHGXVLQJDVHJPHQWPRGHODQGD ²SRLQWVFRULQJV\VWHP0'&7DJUHHGZHOOZLWKHFKRFDUGLRJUDSK\IRUWKHDVVHVVPHQWRI /9()U ELDVSDQGUHJLRQDO/9IXQFWLRQNj (LJKWSDWLHQWV KDG QR FRQWUDLQGLFDWLRQV DQG JDYH LQIRUPHG FRQVHQW IRU &05 H[DPLQDWLRQ $ IDLU FRUUHODWLRQEHWZHHQ0'&7DQG&05ZDVGHPRQVWUDWHGLQWKHDVVHVVPHQWRI/9()U ELDV²S5HJLRQDO/9IXQFWLRQDJUHHPHQWEHWZHHQ0'&7DQG&05 ZDVJRRGNj 0'&7DJUHHGZHOOZLWKERWKHFKRFDUGLRJUDSK\DQG&05LQWKH DVVHVVPHQW RI JOREDO DQG UHJLRQDO /9 IXQFWLRQ *OREDO DQG UHJLRQDO /9 IXQFWLRQ PD\ DFFXUDWHO\EHHYDOXDWHGE\GHWHFWRUURZ&7DQGFDQEHDGGHGWRDURXWLQH&7LPDJH DQDO\VLVSURWRFROZLWKRXWQHHGIRUDGGLWLRQDOFRQWUDVWRULPDJLQJWLPH

3

$57

,963(&7

$1'

'

233/(5



)/2:



9(/2&,7<

3DUW ,9 IRFXVHV RQ WKH KHPRG\QDPLF FRQVHTXHQFHV RI YHLQ JUDIW OHVLRQV &RURQDU\

DQJLRJUDSK\LVFRQVLGHUHGWKHJROGVWDQGDUGLQHYDOXDWLQJYHLQJUDIWGLVHDVH+RZHYHU DQJLRJUDSK\ GRHV QRW DOORZ DVVHVVPHQW RI KHPRG\QDPLF FRQVHTXHQFHV RI OHVLRQV ,Q WKH VWXG\ SUHVHQWHG LQ &KDSWHU  KHPRG\QDPLF FRQVHTXHQFHV RI VLJQLÀFDQW VWHQRVHV LQ YHLQ JUDIWV ZHUH HYDOXDWHG E\ 'RSSOHU YHORFLW\ DVVHVVPHQW DQG UHVXOWV ZHUH FRPSDUHGZLWK63(&7SHUIXVLRQLPDJLQJ&RURQDU\DQJLRJUDSK\ZDVSHUIRUPHGLQ



SDWLHQWV DIWHU &$%* EHFDXVH RI UHFXUUHQW FKHVW SDLQ 'XULQJ WKH SURFHGXUH 'RSSOHU YHORFLW\ PHDVXUHPHQWV ZHUH DFTXLUHG EHIRUH DQG DIWHU DGPLQLVWUDWLRQ RI DGHQRVLQH 2ISDWLHQWVZLWKYHLQJUDIWVSDWLHQWVZLWKYHLQJUDIWVXQGHUZHQW63(&7 SHUIXVLRQLPDJLQJ*UDIWVZHUHGLYLGHGLQWRWKRVHZLWKQRQVLJQLÀFDQWSHUFHQWGLDPHWHU VWHQRVLVQ DQGWKRVHZLWKVLJQLÀFDQWSHUFHQWGLDPHWHUVWHQRVLV•Q  :KHQDFXWRIIYDOXHIRUFRURQDU\ÁRZYHORFLW\UHVHUYH&)95RIZDVDSSOLHG PRGHVWDJUHHPHQWNj SEHWZHHQ&)95DQGDQJLRJUDSK\ZDVVKRZQ $JUHHPHQWEHWZHHQ63(&7DQGDQJLRJUDSK\ZDVDOVRPRGHVWNj S 16 63(&7 DQG &)95 SURYLGHG FRPSDUDEOH LQIRUPDWLRQ LQ  RI  JUDIWV ZLWK DYDLODEOH 63(&7LOOXVWUDWLQJJRRGDJUHHPHQWNj S 6LJQLÀFDQWVWHQRVHVLQYHLQ JUDIWVUHTXLUHIXUWKHUH[SORUDWLRQWRDVVHVVWKHLUKHPRG\QDPLFVLJQLÀFDQFH7KH'RSSOHU YHORFLW\UHVXOWVDJUHHGEHWWHUZLWK63(&7SHUIXVLRQLPDJLQJWKDQZLWKSHUFHQWGLDPHWHU VWHQRVLVLQWKHHYDOXDWLRQRIYHLQJUDIWIXQFWLRQ

&

216,'(5$7,216



$1'



)8785(



3(563(&7,9(6

7KLV WKHVLV DLPHG WR GHVFULEH PXOWLSOH PRGDOLWLHV WR H[DPLQH FRURQDU\ DUWHU\ E\SDVV JUDIWV DQG WR IXUWKHU GHYHORS QRQLQYDVLYH LPDJLQJ WHFKQLTXHV WR GHWHFW VWHQRVHV LQ QDWLYHFRURQDU\DUWHULHVDQGE\SDVVJUDIWVLQSDWLHQWVZKRH[SHULHQFHGUHFXUUHQWFKHVW SDLQDIWHU&$%*

6HYHUDO FRQVLGHUDWLRQV PXVW EH UHJDUGHG ZKHQ H[DPLQLQJ SDWLHQWV DIWHU &$%* E\ QRQLQYDVLYHLPDJLQJPRGDOLWLHV7RLPDJHE\SDVVJUDIWVLVWHFKQLFDOO\GHPDQGLQJIRU WKHGLIIHUHQWLPDJLQJPRGDOLWLHV6PDOOYHVVHOVDURXQGWKHKHDUWDUHFRQVWDQWO\PRYLQJ WKURXJKRXWWKHFDUGLDFF\FOH7KHWHPSRUDOUHVROXWLRQRIDQLPDJLQJWHFKQLTXHPXVWEH VXIÀFLHQWWRDYRLGEOXUULQJLQWKHDFTXLUHGLPDJH 7KHFRXUVHRIDUWHULDOJUDIWVLQVHUWLQJDWWKHVXEFODYLDQDUWHU\LVH[WHQVLYHDQGUHTXLUHV DODUJHDFTXLVLWLRQZLQGRZIRUDVLQJOHVFDQLQHJ&05RU&7DQJLRJUDSK\

6SDWLDO UHVROXWLRQ PXVW EH DGHTXDWH WR GHSLFW QDUURZLQJV LQ WKH VPDOO YHVVHOV 7KH GLDPHWHURIE\SDVVJUDIWVLVJHQHUDOO\VOLJKWO\ODUJHUWKDQWKHGLDPHWHURIQDWLYHFRURQDU\ DUWHULHV+RZHYHUIRUFOLQLFDOXVHLQGLDJQRVLQJFRURQDU\KHDUWGLVHDVHDIXOOH[DPLQDWLRQ RI E\SDVV JUDIWV UHFLSLHQW YHVVHOV DQG QDWLYH FRURQDU\ DUWHULHV LV UHTXLUHG LQ RUGHU WR LGHQWLI\DWDUJHWOHVLRQIRUUHYDVFXODUL]DWLRQ6WXGLHVRQO\IRFXVLQJRQE\SDVVJUDIWVDUH PHUHO\DÀUVWVWHSLQVKDSLQJWKHPRGDOLW\IRUHYHQWXDOFOLQLFDOXVH

7KHSK\VLRORJLFFRQVHTXHQFHVRI&$%*RQWKHKHDUW·VYDVFXODUL]DWLRQDUHFRPSOH[,Q DGGLWLRQ ZKHQ D VWHQRVLV LQ D E\SDVV JUDIW LV YLVXDOL]HG E\ DQ\ LPDJLQJ PRGDOLW\ LW PD\QRWKDYHKHPRG\QDPLFFRQVHTXHQFHV'XHWRHJFRPSHWLWLYHÁRZIURPDQDWLYH FRURQDU\DUWHU\DFROODWHUDOFLUFXODWLRQRUDVXIÀFLHQWEORRGÁRZSDVVLQJWKHVWHQRVLV WKHP\RFDUGLDOUHJLRQVXSSOLHGE\WKHJUDIWPD\VWLOOIXQFWLRQDGHTXDWHO\&RQYHUVHO\ DEVHQFH RI D VWHQRVLV GRHV QRW QHFHVVDULO\ LPSO\ WKDW WKH JUDIW SHUIRUPV ZHOO 'LIIXVH DWKHURVFOHURVLVLQDJUDIWPD\QRWVKRZDIRFDOOHVLRQEXWFDQVWLOOLPSDLUJUDIWIXQFWLRQ 7KLVHPSKDVL]HVWKHLPSRUWDQFHRIDQDO\]LQJP\RFDUGLDOIXQFWLRQLQDGGLWLRQWRE\SDVV JUDIWDQJLRJUDSK\



;UD\FRURQDU\DQJLRJUDSK\LVVWLOOZLGHO\XVHGWRGLDJQRVHE\SDVVJUDIWGLVHDVH'HVSLWH LWVGLVDGYDQWDJHVLWLVDUDSLGWHVWDQGPRVWFHQWHUVKDYHH[SHULHQFHGRSHUDWLQJSK\VLFLDQV 1RQLQYDVLYH LPDJLQJ VKRXOG IRFXV RQ IXUWKHU GHYHORSLQJ D JDWHNHHSHU IXQFWLRQ SULRU WR [UD\ FRURQDU\ DQJLRJUDSK\ )XWXUH VWXGLHV PD\ IRFXV RQ VDIHO\ GHIHUULQJ SDWLHQWV WKDWVKRZQRDEQRUPDOLWLHV&RQYHUVHO\SDWLHQWVGLDJQRVHGZLWKSURJUHVVLYH&+'PD\ GLUHFWO\EHUHIHUUHGIRUSHUFXWDQHRXVLQWHUYHQWLRQRUUH&$%*$WSUHVHQWWKLVLVQRW FRPPRQFOLQLFDOSUDFWLFHVLQFHQRQLQYDVLYHWHVWVODFNDVSHFLÀFLW\DQG139,GHDOO\ DQRQLQYDVLYHWHVWVKRXOGPDWFKWKHIROORZLQJFULWHULDDIXOODQDWRPLFDOH[DPLQDWLRQRI QDWLYHFRURQDU\DUWHULHVE\SDVVJUDIWVDQGUHFLSLHQWYHVVHOVDQGDQDO\VLVRIP\RFDUGLDO IXQFWLRQLQRQHVLQJOHWHVWZLWKVSHFLÀFLW\DQG139QRWEHLQJWRRWLPHFRQVXPLQJ RUDODUJHEXUGHQIRUWKHSDWLHQWKROGLQJRQO\PLQRUFRPSOLFDWLRQVODFNLQJWKHQHFHVVLW\ IRUUDGLDWLRQH[SRVXUHDQGEHDULQJORZFRVWV6XFKDWHVWGRHVQRWH[LVWEXWGLIIHUHQW LPDJLQJPRGDOLWLHVVKRZJUHDWSRWHQWLDODQGDUHFRQVWDQWO\EHLQJLPSURYHG

5HFHQWO\ GHYHORSPHQWV LQ &05 DQJLRJUDSK\ VKRZHG DQ LPSURYHPHQW LQ GLDJQRVWLF DFFXUDF\LQGHWHFWLQJ&+'XVLQJ'ZKROHKHDUWDQJLRJUDSK\ZLWKYROXPHUHQGHULQJ LQ FRPSDULVRQ ZLWK [UD\ FRURQDU\ DQJLRJUDSK\  6HQVLWLYLW\ VSHFLÀFLW\ SRVLWLYH SUHGLFWLYH YDOXH 339 DQG 139 LQ WKH GHWHFWLRQ RI &+' ZHUH    DQG UHVSHFWLYHO\9LVXDOL]HGOHQJWKRIWKHPDMRUFRURQDU\DUWHULHVKHOGXSWR“ FP7LPHWRSHUIRUPWKHWRWDOH[DPLQDWLRQZDVVKRUWHQHGWROHVVWKDQPLQXWHV:LWK WKHLQWURGXFWLRQRIQH[WJHQHUDWLRQ7HVOD05VFDQQHUVDQVLJQLÀFDQWDGYDQFHPHQWLQ VLJQDOWRQRLVHDQGFRQWUDVWWRQRLVHUDWLRZDVHVWDEOLVKHGLQFRPSDULVRQZLWK7HVOD 05VFDQQHUV+RZHYHULPDJHTXDOLW\DQGGLDJQRVWLFDFFXUDF\LQGHWHFWLQJVWHQRVHV LQFRURQDU\DUWHULHVZHUHVLPLODU)XWXUHVWXGLHVVKRXOGIRFXVRQDQDO\]LQJE\SDVVJUDIWV LQDGGLWLRQWRQDWLYHFRURQDU\DUWHULHVXVLQJWKHODWHVW&05DQJLRJUDSK\WHFKQLTXHV &05 DQJLRJUDSK\ PD\ DOVR EH DGGHG WR D IXQFWLRQDO 05 VWXG\ $ UHFHQW IHDVLELOLW\ VWXG\ SUHVHQWHG D &05 SURWRFRO ZKLFK LQFOXGHG ÀUVWSDVV P\RFDUGLDO SHUIXVLRQ DW UHVW D P\RFDUGLDO YLDELOLW\ DQDO\VLV XVLQJ GHOD\HG HQKDQFHPHQW DQG DQJLRJUDSK\ RI WKHSUR[LPDODQGPLGGOHFRURQDU\DUWHU\VHJPHQWVZLWKDWRWDOLPDJLQJWLPHRI PLQXWHV  &05 ÀUVWSDVV P\RFDUGLDO SHUIXVLRQ LQ D UHVWVWUHVV SURWRFRO ZDV VKRZQ WR DFFXUDWHO\ GHWHFW &+' LQ FRPSDULVRQ ZLWK 63(&7 P\RFDUGLDO SHUIXVLRQ LPDJLQJ 7KHVHVWXGLHVGLGQRWH[SOLFLWO\LQFOXGHSDWLHQWVZLWKE\SDVVJUDIWV6SHFLÀFDOO\LQ WKLVSDWLHQWJURXSLWLVLPSRUWDQWWRGHPRQVWUDWHWKDWIXQFWLRQDO&05H[DPLQDWLRQVDUH IHDVLEOHDQG\LHOGVLPLODUGLDJQRVWLFDFFXUDFLHVDVSDWLHQWVWHQGWREHROGHURIWHQSUHVHQW ZLWK PRUH H[WHQVLYH KHDUW GLVHDVH RU DUH XQDEOH WR VXVWDLQ DQ REOLJDWRU\ EUHDWKKROG +LJKGRVH GREXWDPLQHDWURSLQH VWUHVV &05 ZLWK ZDOO PRWLRQ DQDO\VLV ZDV VKRZQ WR SURYLGH D UHOLDEOH H[DPLQDWLRQ DIWHU SHUFXWDQHRXV LQWHUYHQWLRQ RU &$%* IRU SDWLHQWV VXVSHFWHGRIKDYLQJ&+'1R&05DQJLRJUDSK\ZDVDGGHGWRWKLVSURWRFRO )ORZYHORFLW\PHDVXUHPHQWVE\&05DWUHVWDQGGXULQJVWUHVVDUHIHDVLEOHIRUERWKYHLQ DQGDUWHULDOJUDIWVDQG\LHOGDJRRGGLDJQRVWLFDFFXUDF\LQGHWHFWLQJYHLQJUDIWGLVHDVH DVGHVFULEHGLQWKLVWKHVLV,QHDUOLHUVWXGLHVZDVGHPRQVWUDWHGWKDW&05ÁRZYHORFLW\ PHDVXUHPHQWVZHUHDOVRIHDVLEOHLQQDWLYHFRURQDU\DUWHULHV+RZHYHUQRRQHKDV VXFFHHGHG LQ SURYLGLQJ D FRPSOHWH ÁRZ YHORFLW\ H[DPLQDWLRQ RI DOO QDWLYH FRURQDU\ DUWHULHVDQGE\SDVVJUDIWVE\&05WKHUHE\OLPLWLQJLWVFOLQLFDOXVH



0'&7 LV DQRWKHU UREXVW QRQLQYDVLYH PRGDOLW\ LQ GHWHFWLQJ RU H[FOXGLQJ VWHQRVHV LQ FRURQDU\ DUWHULHV DQG E\SDVV JUDIWV DQG FRPELQLQJ D OLPLWHG IXQFWLRQDO VWXG\ RI WKH P\RFDUGLXPLQRQHVFDQLVIHDVLEOH$FRPSDUDWLYHVWXG\EHWZHHQVWDWHRIWKHDUW&05 DQG &7 DQJLRJUDSK\ VKRZHG WKDW ERWK WHFKQLTXHV \LHOGHG D VLPLODU KLJK GLDJQRVWLF DFFXUDF\YHUVXVS 16LQLGHQWLÀFDWLRQRIFRURQDU\DUWHU\GLVHDVH7KH QH[WJHQHUDWLRQ&7VFDQQHUVFRQWDLQGHWHFWRUVIRULPDJHDFTXLVLWLRQZKLFKLVDIDFWRU KLJKHUWKDQWKHODVWJHQHUDWLRQ,QLWLDOUHVXOWVGHPRQVWUDWHDQH[FHOOHQWLPDJHTXDOLW\ DQGGLVSOD\DKLJKRYHUDOOVHQVLWLYLW\VSHFLÀFLW\339DQG139RIDQG UHVSHFWLYHO\%\SDVVJUDIWVKDYHQRW\HWEHHQLQYHVWLJDWHGE\GHWHFWRUURZ &7)XQFWLRQDOH[DPLQDWLRQVZLWK0'&7DUHUHVWULFWHGWRJOREDO/9IXQFWLRQDVVHVVPHQW DQGZDOOPRWLRQDQDO\VLVDWUHVW6LQFHSDWLHQWV·UDGLDWLRQH[SRVXUHLVKLJKXVLQJ0'&7 LPDJLQJDVHFRQGVFDQXQGHUSKDUPDFRORJLFDOVWUHVVLVLPSUDFWLFDEOH *DWHG63(&7P\RFDUGLDOSHUIXVLRQLPDJLQJLVWKHPRVWHVWDEOLVKHGQRQLQYDVLYHLPDJLQJ WHFKQLTXH WKDW LV XVHG DV D JDWHNHHSHU SULRU WR [UD\ FRURQDU\ DQJLRJUDSK\  6WLOO GLDJQRVWLFDFFXUDF\LQGHWHFWLQJRUH[FOXGLQJFRURQDU\DUWHU\RUE\SDVVJUDIWGLVHDVHE\ WKLVWHFKQLTXHLVQRWSRZHUIXOHQRXJKHVSHFLDOO\LQREHVHSDWLHQWVSDWLHQWVZLWKSRRU /9IXQFWLRQRUZRPHQ)XUWKHUPRUH63(&7SHUIXVLRQLPDJLQJGRHVQRWSURYLGHGDWD RQFRURQDU\DUWHU\RUE\SDVVJUDIWDQDWRP\0\RFDUGLDOSRVLWURQHPLVVLRQWRPRJUDSK\ 3(7LPDJLQJDOORZVSHUIXVLRQDQGYLDELOLW\LPDJLQJZLWKORZUDGLDWLRQH[SRVXUHDQG KLJK HIÀFLHQF\  /DWHVW GHYHORSPHQWV LQ 3(7KDUGZDUH LQFOXGH K\EULG 3(7&7 VFDQQHUVZKLFKKDYHWKHSRZHUWRSURYLGHDIXQFWLRQDOH[DPLQDWLRQRIWKHP\RFDUGLXP DQGDQDQDWRPLFDOGHOLQHDWLRQRIQDWLYHFRURQDU\DUWHULHV3UHOLPLQDU\UHVXOWVSURPLVH JUHDW FOLQLFDO SRWHQWLDO LQ WKH GHWHFWLRQ RI &+'  $ UHVWDGHQRVLQHVWUHVV SURWRFRO IRU3(7&7VFDQQLQJZDVSHUIRUPHG5HSRUWHGVHQVLWLYLW\VSHFLÀFLW\339DQG139 RI3(7&7ZHUHDQGUHVSHFWLYHO\YHUVXV3(7LQFRPELQDWLRQZLWK [UD\FRURQDU\DQJLRJUDSK\IRUFOLQLFDOGHFLVLRQPDNLQJ(VWLPDWHGUDGLDWLRQH[SRVXUH XVLQJWKLVWHFKQLTXHZDVP6YZKHUHDV0'&7VFDQQLQJDORQHKROGVDVLPLODU P6YDQGDUHVWVWUHVV63(&7LPDJLQJSURWRFROP6Y8VLQJWKLVWHFKQLTXHLW PD\EHFRPHDFKLHYDEOHWRUHIHUSDWLHQWVGLUHFWO\IRUSHUFXWDQHRXVLQWHUYHQWLRQRU&$%* ZLWKRXWWKHPDQGDWRU\GLDJQRVWLF[UD\FRURQDU\DQJLRJUDSK\3DWLHQWVZLWKE\SDVV JUDIWVKDYHQRW\HWEHHQHYDOXDWHGXVLQJWKLVPRGDOLW\)XWXUHVWXGLHVZLOOIXUWKHUVSHFLI\ WKHFOLQLFDOFDSDELOLWLHVRIWKLVWHFKQLTXH ,QFRQFOXVLRQQRQLQYDVLYHLPDJLQJPRGDOLWLHVKDYHVKRZQJUHDWSRWHQWLDOLQGHWHFWLQJ RUH[FOXGLQJ&+'LQSDWLHQWVZKRH[SHULHQFHGUHFXUUHQWFKHVWSDLQDIWHU&$%*1HZ GHYHORSPHQWV LQ WKH ÀHOG RI FDUGLRYDVFXODU 05 0'&7 DQG QXFOHDU LPDJLQJ DUH SURPLVLQJ ([WHQGHG VFLHQWLÀF HIIRUW PD\ UHVXOW LQ LQWHJUDWLQJ GLDJQRVWLF QRQLQYDVLYH LPDJLQJIXUWKHULQGDLO\FOLQLFDOSUDFWLFH





5

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ÀUVWSDVVFRQWUDVWHQKDQFHGP\RFDUGLDO SHUIXVLRQ05,FRPSDUHGZLWKVWUHVVP\RFDUGLDOSHUIXVLRQVFLQWLJUDSK\$-5$P-5RHQWJHQRO  :DKO $ 3DHWVFK , 5RHWKHPH\HU 6 .OHLQ & )OHFN ( 1DJHO ( +LJKGRVH GREXWDPLQHDWURSLQH VWUHVV

FDUGLRYDVFXODU05LPDJLQJDIWHUFRURQDU\UHYDVFXODUL]DWLRQLQSDWLHQWVZLWKZDOOPRWLRQDEQRUPDOLWLHVDW UHVW5DGLRORJ\

 +XQGOH\ :* +DPLOWRQ &$ &ODUNH *' HW DO 9LVXDOL]DWLRQ DQG IXQFWLRQDO DVVHVVPHQW RI SUR[LPDO DQG PLGGOHOHIWDQWHULRUGHVFHQGLQJFRURQDU\VWHQRVHVLQKXPDQVZLWKPDJQHWLFUHVRQDQFHLPDJLQJ&LUFXODWLRQ 

 +XQGOH\:*+LOOLV/'+DPLOWRQ&$HWDO$VVHVVPHQWRIFRURQDU\DUWHULDOUHVWHQRVLVZLWKSKDVHFRQWUDVW PDJQHWLFUHVRQDQFHLPDJLQJPHDVXUHPHQWVRIFRURQDU\ÁRZUHVHUYH&LUFXODWLRQ  1DJHO ( 7KRXHW 7 .OHLQ & HW DO 1RQLQYDVLYH GHWHUPLQDWLRQ RI FRURQDU\ EORRG ÁRZ YHORFLW\ ZLWK



6DPHQYDWWLQJHQWRHNRPVWSHUVSHFWLHYHQ

,

1752'8&7,(

2POHLGLQJ RI E\SDVVFKLUXUJLH LV HHQ YDDN XLWJHYRHUGH RSHUDWLH YRRU KHW YHUOLFKWHQ YDQ ]LHNWHYHUVFKLMQVHOHQ HQ KHW YHUEHWHUHQ YDQ RYHUOHYLQJ YRRU SDWLsQWHQ PHW DQJLQD SHFWRULV$WKHURVFOHURVHYDQGHFRURQDLUHRPOHLGLQJHQLVHHQYDDNYRRUNRPHQGJHYROJ GDW PLGGHOV KDUWFDWKHWHULVDWLH PRHW ZRUGHQ JHGLDJQRVWLFHHUG +DUWFDWKHWHULVDWLH LV HFKWHUHHQLQYDVLHYHSURFHGXUHZDDUYRRUKHWDDQSULNNHQYDQHHQVODJDGHUEORRWVWHOOLQJ DDQ U|QWJHQVWUDOLQJ HQ GDJRSQDPH LQ KHW ]LHNHQKXLV QRGLJ LV &RPSOLFDWLHV KRXGHQ LQ NDPHUULWPHVWRRUQLVVHQ KDUWLQIDUFW SHUIRUDWLH YDQ KHW KDUW QRRGE\SDVVRSHUDWLH HQ FDUGLDOH GRRG KRHZHO GH ULVLFR·V KLHURS NOHLQ ]LMQ (HQ QLHWLQYDVLHYH GLDJQRVWLVFKH SURFHGXUHYRRUKHWDQDO\VHUHQYDQDQDWRPLHHQIXQFWLHYDQGHFRURQDLUHRPOHLGLQJHQ ]RX HHQ JURRW YRRUGHHO ELHGHQ +HW GRHO YDQ GLW SURHIVFKULIW LV KHW EHVFKULMYHQ YDQ YHUVFKLOOHQGH PRGDOLWHLWHQ RP FRURQDLUH RPOHLGLQJHQ WH DQDO\VHUHQ HQ KHW YHUGHU RQWZLNNHOHQYDQQLHWLQYDVLHYHEHHOGYRUPLQJWHFKQLHNHQRPYHUQDXZLQJHQLQQDWLHYH FRURQDLUHDUWHULsQHQRPOHLGLQJHQWHGHWHFWHUHQLQSDWLsQWHQPHWWHUXJNHUHQGHSLMQRS GHERUVWQDHHQE\SDVVRSHUDWLH'HHO,YDQGLWSURHIVFKULIW+RRIGVWXNNHQHQJHHIW HHQRYHU]LFKWYDQKHWRQGHU]RHNGDWHHUGHULVYHUULFKWQDDUKHWQLHWLQYDVLHIHYDOXHUHQ YDQFRURQDLUHRPOHLGLQJHQPLGGHOVFDUGLRYDVFXODLUHPDJQHWLVFKHUHVRQDQWLH&05HQ FRPSXWHUWRPRJUDÀH

'

((/

,,&

$5',29$6&8/$,5(



0$*1(7,6&+(



5(621$17,(

'LW GHHO YDQ KHW SURHIVFKULIW FRQFHQWUHHUW ]LFK RS EORHGVWURRPVQHOKHLGPHWLQJHQ YDQ YHQHX]H HQ DUWHULsOH RPOHLGLQJHQ PLGGHOV &05 +HW GRHO YDQ KHW RQGHU]RHN EHVFKUHYHQ LQ +RRIGVWXN  ZDV KHW UHWURVSHFWLHI WHVWHQ YDQ WZHH HHUGHU EHVFKUHYHQ DQDO\VH PHWKRGHQ YDQ EORHGVWURRPPHWLQJHQ YLD &05 HQ KHW YHUJHOLMNHQ YDQ KXQ GLDJQRVWLVFKHQDXZNHXULJKHLGLQKHWDDQWRQHQYDQ]LHNHYHQHX]HRPOHLGLQJHQ,Q YHQHX]H RPOHLGLQJHQ YDQ  SDWLsQWHQ ZHUGHQ EORHGVWURRPPHWLQJSDUDPHWHUV WRWDOH YROXPH ÁRZ V\VWROLVFKH HQ GLDVWROLVFKH SLHNVWURRP GLDVWROLVFKQDDUV\VWROLVFKH ÁRZ UDWLRLQUXVWHQJHGXUHQGHDGHQRVLQHVWUHVVHQÁRZUHVHUYHDIJHOHLGYDQGH&05VWUR RPVQHOKHLGDIEHHOGLQJHQ0HWKRGHLPSOHPHQWHHUGHHHQEDVDOHYROXPHÁRZPO PLQRIHHQÁRZUHVHUYHZHONHHHQVHQVLWLYLWHLWYDQHQHHQVSHFLÀFLWHLWLQ KHWDDQWRQHQYDQHHQ]LHNHRPOHLGLQJRIRQWYDQJHQGYDWLQKLHOG0HWKRGHJHEUXLNWH ´UHFHLYHU RSHUDWLQJ FKDUDFWHULVWLFµ 52& FXUYH DQDO\VH HQ LPSOHPHQWHHUGH DOOH VLJQLÀFDQWHEORHGVWURRPPHWLQJSDUDPHWHUVLQHHQORJLVWLVFKUHJUHVVLHPRGHOZHONHHHQ VHQVLWLYLWHLWYDQHQHHQVSHFLÀFLWHLWYDQLQKHWDDQWRQHQYDQHHQ]LHNHRPOHLGLQJ RIRQWYDQJHQGYDWLQKLHOG:DQQHHUHQNHOYRXGLJHHQPHHUYRXGLJHRPOHLGLQJHQDSDUW ZHUGHQ JHDQDO\VHHUG KDG GH]H PHWKRGH HHQ VHQVLWLYLWHLW HQ VSHFLÀFLWHLW YDQ  HQ  YRRU HQNHOYRXGLJH RPOHLGLQJHQ HQ  HQ  YRRU PHHUYRXGLJH RPOHLGLQJHQ LQKHWDDQWRQHQYDQ•VWHQRVHLQRPOHLGLQJHQRIRQWYDQJHQGYDWHQ:DQQHHU52& FXUYH DQDO\VH PHW ORJLVWLVFKH UHJUHVVLH ZHUG JHEUXLNW YHUEHWHUGH GH VSHFLÀFLWHLW YDQ GHPHWKRGHDDQ]LHQOLMN$OVHQNHOYRXGLJHHQPHHUYRXGLJHRPOHLGLQJHQDSDUWZHUGHQ JHDQDO\VHHUGZHUGHQGHEHVWHUHVXOWDWHQEHUHLNW



,Q+RRIGVWXNZHUGHQWZHHYHUVFKLOOHQGHDQDO\VHPHWKRGHQYRRUGHVWURRPVQHOKHLG DIEHHOGLQJHQ YHUNUHJHQ YLD &05 QDPHOLMN YROXPH ÁRZ HQ VWURRPVQHOKHLGPHWLQJHQ YHUJHOHNHQ 6WURRPVQHOKHLGDIEHHOGLQJHQ YDQ YHQHX]H RPOHLGLQJHQ ZHUGHQ KLHUYRRU JHEUXLNW 1HJHQHQYHHUWLJ SDWLsQWHQ PHW HHQ E\SDVVRSHUDWLH LQ KXQ YRRUJHVFKLHGHQLV RQGHUJLQJHQKDUWFDWKHWHULVDWLHHQ&05PHWKHWDIEHHOGHQYDQGHEORHGVWURRPVQHOKHLG YDQ HQNHOYRXGLJH YHQHX]H RPOHLGLQJHQ 9ROXPH ÁRZ HQ VQHOKHLGVPHWLQJHQ YDQ GH DIEHHOGLQJHQ ZHUGHQ XLWJHYRHUG HQ YHUJHOHNHQ %ODQG$OWPDQ DQDO\VH OLHW HHQ JRHGH RYHUHHQNRPVW WXVVHQ GH DQDO\VHV ]LHQ 9HUJHOLMNLQJ YDQ 52& RSSHUYODNWHQRQGHUGH FXUYH YDQ GH EHLGH DQDO\VHV WRRQGH JHHQ VLJQLÀFDQWH YHUVFKLOOHQ YRRU KHW GHWHFWHUHQ YDQ • VWHQRVH DDQ 'LDJQRVWLVFKH QDXZNHXULJKHLG YDQ GH YROXPH ÁRZ HQ VQHOKHLGVSDUDPHWHUVZDVUHVSHFWLHYHOLMNHQ'HVWURRPVQHOKHLGDQDO\VHOLMNWGH PHWKRGHYDQYRRUNHXUZDQWGH]HDDQSDNNRVWPLQGHUWLMGHQKHHIWHHQYHUJHOLMNEDUH GLDJQRVWLVFKHQDXZNHXULJKHLGDOVGHYROXPHÁRZDQDO\VH

'HKHPRG\QDPLVFKHVLJQLÀFDQWLHYDQHHQYHUQDXZLQJLQHHQRPOHLGLQJNDQQLHWDOWLMG QDXZNHXULJ PLGGHOV KDUWFDWKHWHULVDWLH ZRUGHQ EHSDDOG (HQ NHXU DDQ GLDJQRVWLVFKH RQGHU]RHNHQ LQYDVLHI GDQZHO QLHWLQYDVLHI ]LMQ EHVFKLNEDDU RP GH KHPRG\QDPLVFKH FRQVHTXHQWLHYDQHHQODHVLHWHNDUDNWHULVHUHQ'HRS]HWYDQKHWRQGHU]RHNJHSUHVHQWHHUG LQ+RRIGVWXNZDVKHWXLWYRHUHQYDQHHQGLUHFWHYHUJHOLMNLQJWXVVHQ´VLQJOHSKRWRQ HPLVVLHFRPSXWHUWRPRJUDÀHµ63(&7SHUIXVLHDIEHHOGLQJHQHQ&05LQKHWHYDOXHUHQ YDQGHKHPRG\QDPLVFKHVLJQLÀFDQWLHYDQDQJLRJUDÀVFKHEHYLQGLQJHQLQRPOHLGLQJHQ =HYHQHQYLMIWLJ DUWHULsOH HQ YHQHX]H RPOHLGLQJHQ LQ  SDWLsQWHQ ZHUGHQ PLGGHOV FRURQDLUH DQJLRJUDÀH 63(&7 SHUIXVLHPHWLQJ YDQ KHW P\RFDUG HQ &05 ÁRZ UHVHUYH EHSDOLQJJHsYDOXHHUG*HEDVHHUGRSFRURQDLUHDQJLRJUDÀHHQ63(&7NRQGHQJURHSHQ ZRUGHQ RQGHUVFKHLGHQ  JHHQ VLJQLÀFDQWH VWHQRVH  QRUPDOH SHUIXVLH  VLJQLÀFDQWHVWHQRVH•DEQRUPDOHSHUIXVLHVLJQLÀFDQWHVWHQRVHQRUPDOHSHUIXVLH JHHQKHPRG\QDPLVFKHVLJQLÀFDQWLHHQJHHQVLJQLÀFDQWHVWHQRVHDEQRUPDOHSHUIXVLH PLFURYDVFXODLUH DDQGRHQLQJ YDQ KHW P\RFDUG VXJJHUHUHQG (HQ YROOHGLJH HYDOXDWLH ZHUGLQRPOHLGLQJHQYHUNUHJHQ63(&7HQ&05YHUVFKDIWHQYHUJHOLMNEDUHLQIRUPDWLH LQ  YDQ GH   RPOHLGLQJHQ ZDW HHQ JRHGH RYHUHHQNRPVW Nj   S DDQGXLGGH$FKWRPOHLGLQJHQSHUIXQGHHUGHQHHQP\RFDUGJHELHGPHWOLWWHNHQZHHIVHO :DQQHHUGHRYHUHHQNRPVWWXVVHQ63(&7HQ&05WRWRPOHLGLQJHQ]RQGHUOLWWHNHQZHHIVHO LQ KXQ SHUIXVLHJHELHG ZHUG EHSHUNW YHUEHWHUGH KHW WRW  Nj   ,QWHJUDWLH YDQ FRURQDLUHDQJLRJUDÀHPHW63(&7GHHOGHODHVLHVLQJURHSLQLQJURHSLQJURHS HQLQJURHS'HRYHUHHQNRPVWWXVVHQ63(&7HQ&05SHUJURHSZDVUHVSHFWLHYHOLMN HQ'LUHFWHYHUJHOLMNLQJWRRQGHJRHGHRYHUHHQVWHPPLQJDDQWXVVHQ 63(&7HQ&05YRRUGHIXQFWLRQHOHHYDOXDWLHYDQRPOHLGLQJHQ&05]RXHHQDOWHUQDWLHI YRRU 63(&7 YRRU GH IXQFWLRQHOH NDUDNWHULVHULQJ YDQ DQJLRJUDÀVFKH ODHVLHV NXQQHQ ELHGHQ

,Q+RRIGVWXNZRUGWHHQQLHXZH&05VHTXHQWLHRPGHGRRUVWURPLQJLQDUWHULsOHHQ YHQHX]H RPOHLGLQJHQ WH PHWHQ JHwQWURGXFHHUG +HW GRHO YDQ GH VWXGLH ZDV RP HHQ KRRJUHVROXWLHIDVHFRQWUDVW&05VHTXHQWLHWHYDOLGHUHQLQKHWPHWHQYDQGRRUVWURPLQJ LQ JURWH HQ NOHLQH YDWHQ HQ RP DDQ WH WRQHQ GDW GH]H VHTXHQWLH WHYHQV JHVFKLNW LV RP GRRUVWURPLQJ LQ RPOHLGLQJHQ WH PHWHQ (HQ ´HFKR SODQDU LPDJLQJµ (3, VHTXHQWLH ZHUGRQWZLNNHOGHQPLGGHOVHHQIDQWRRPJHYDOLGHHUGWHJHQHHQ´IDVWÀHOGHFKRµ))(



VHTXHQWLH ,Q  JH]RQGH YULMZLOOLJHUV ZHUG GH GRRUVWURPLQJ YDQ GH DRUWD JHPHWHQ PLGGHOV EHLGH VHTXHQWLHV ,Q  SDWLsQWHQ ZHUG GH GRRUVWURPLQJ LQ GH OLQNHU DUWHULsOH RPOHLGLQJ HQ DRUWD JHPHWHQ LQ UXVW HQ JHGXUHQGH DGHQRVLQH VWUHVV HQ ZHUG GH ÁRZ UHVHUYHEHUHNHQGLQSDWLsQWHQZHUGGHGRRUVWURPLQJVVQHOKHLGLQYHQHX]HRPOHLGLQJHQ JHPHWHQ9RRUKHWIDQWRRPKDGGH(3,VHTXHQWLHHHQXLWVWHNHQGHFRUUHODWLHPHWGH))( VHTXHQWLHU SYRRUDOOHSDUDPHWHUV9RRUGHJH]RQGHYULMZLOOLJHUVZDVHU HHQJRHGHFRUUHODWLHYRRUGHDRUWDGRRUVWURPLQJU S9RRUGHSDWLsQWHQZDV GHJHPLGGHOGHÁRZUHVHUYHYDQGHDUWHULsOHRPOHLGLQJHQ]RQGHUVWHQRVHQ“ 3HUFHQWDJH GRRUVWURPLQJ YDQ GH DUWHULsOH RPOHLGLQJHQ YDQ KHW KDUWGHELHW ZDV  “ LQUXVWHQ“JHGXUHQGHDGHQRVLQHVWUHVVS9RRUHQNHOYRXGLJH YHQHX]HRPOHLGLQJHQ]RQGHUYHUQDXZLQJHQZDVGHJHPLGGHOGHSLHNVQHOKHLG“ FPV'HKRRJUHVROXWLH&05VQHOKHLGVJHsQFRGHHUGHVHTXHQWLHFRUUHOHHUGHJRHGPHWGH UHIHUHQWLHVHTXHQWLH'H(3,VHTXHQWLHLVJHVFKLNWRPGRRUVWURPLQJWHPHWHQLQDUWHULsOH HQYHQHX]HRPOHLGLQJHQHQGHDRUWD

'

((/

,,,&

20387(57202*5$),( 'HHO,,,YDQKHWSURHIVFKULIWULFKW]LFKRSPXOWLGHWHFWRUFRPSXWHUWRPRJUDÀH0'&7

YDQ RPOHLGLQJHQ ,Q +RRIGVWXN  ZRUGW HHQ XLWJHEUHLGH GHWHFWRU 0'&7 HYDOXDWLH YDQSDWLsQWHQQDHHQRPOHLGLQJRSHUDWLHRQGHU]RFKW0'&7LVHHQYHHO]LMGLJHPRGDOLWHLW RP YHUQDXZLQJHQ LQ QDWLHYH FRURQDLUH DUWHULsQ HQ RPOHLGLQJHQ WH EHRRUGHOHQ 0HW GH YHUZRUYHQ 0'&7 GDWD NDQ WHYHQV GH OLQNHU NDPHU HMHFWLHIUDFWLH /9() ZRUGHQ EHSDDOG+HWGRHOZDVRP0'&7WHJHEUXLNHQYRRUGHHYDOXDWLHYDQRPOHLGLQJHQHQ QDWLHYHFRURQDLUHDUWHULsQJHFRPELQHHUGPHWGHEHSDOLQJYDQGH/9()9LMIHQWZLQWLJ SDWLsQWHQRQGHUJLQJHQHHQGHWHFWRU&7RQGHU]RHNHQFRURQDLUHDQJLRJUDÀH2SGH&7 DIEHHOGLQJHQZHUGHQRPOHLGLQJHQHQQLHWJHJUDIWHFRURQDLUHVHJPHQWHQRSJHVFKLNWKHLG YRRUHYDOXDWLHGRRUJDQNHOLMNKHLGHQ•VWHQRVHRQGHU]RFKW'H/9()ZHUGEHSDDOG XLWGH0'&7GDWDVHWVHQGHUHVXOWDWHQZHUGHQLQSDWLsQWHQPHWJHHQVXEHQGRFDUGLDOH WUDQVPXUDOHP\RFDUGLQIDUFWHQRSJHVSOLWVW1HJHQWLJYDWHQ]LMQRQGHU]RFKWDUWHULsOH RPOHLGLQJHQYHQHX]HRPOHLGLQJHQHQQLHWJHJUDIWHDUWHULsQ9DQGHVHJPHQWHQ ZDUHQ  VHJPHQWHQ QLHW JHVFKLNW YRRU HYDOXDWLH YDQZHJH PHWDOHQ FOLSV 0HW 0'&7 NRQ GH GRRUJDQNHOLMNKHLG YDQ GH VHJPHQWHQ YDQ DUWHULsOH RPOHLGLQJHQYHQHX]H RPOHLGLQJHQQLHWJHJUDIWHDUWHULsQPHWKRJHQDXZNHXULJKHLGZRUGHQJHsYDOXHHUGLQ UHVSHFWLHYHOLMNYDQGHVHJPHQWHQ,QGHDUWHULsOHRPOHLGLQJHQZHUGHQ JHHQ VWHQRVHQ YDQ • JH]LHQ ELM DQJLRJUDÀH ZDW YRRU DOOH JHVFKLNWH VHJPHQWHQ FRUUHFW PHW 0'&7 ZHUG JHGLDJQRVWLFHHUG 9HUQDXZLQJHQ • NRQGHQ FRUUHFW PHW 0'&7 ZRUGHQ JHGHWHFWHHUG PHW HHQ VHQVLWLYLWHLWVSHFLÀFLWHLW YDQ  YRRU YHQHX]HRPOHLGLQJHQHQYRRUQLHWJHJUDIWHDUWHULsQ1HJDWLHIYRRUVSHOOHQGH ZDDUGH ZDV  YRRU YHQHX]H RPOHLGLQJHQ HQ QLHWJHJUDIWH DUWHULsQ %LM SDWLsQWHQ PHW HHQ WUDQVPXUDDO P\RFDUGLQIDUFW ZHUG HHQ VLJQLÀFDQW ODJHUH /9() ZDDUJHQRPHQ LQYHUJHOLMNLQJWRWSDWLsQWHQ]RQGHULQIDUFWRIPHWHHQVXEHQGRFDUGLDDOLQIDUFWS (HQXLWJHEUHLGHHYDOXDWLHYDQRPOHLGLQJHQQLHWJHJUDIWHDUWHULsQHQ/9()LVPRJHOLMN PHW0'&79DQZHJHGHKRJHQHJDWLHIYRRUVSHOOHQGHZDDUGH]RXGH]HQLHWLQYDVLHYH EHQDGHULQJDOVHHQSRRUWZDFKWHUYRRUGHFRURQDLUHDQJLRJUDÀHNXQQHQGLHQHQ



2PGHQDXZNHXULJKHLGYDQ0'&7WHHYDOXHUHQZDVKHWGRHOYDQGHVWXGLHEHVFKUHYHQ LQ +RRIGVWXN  KHW YHUJHOLMNHQ YDQ HHQ 0'&7 RQGHU]RHN YDQ JOREDOH HQ UHJLRQDOH OLQNHU YHQWULNHO /9 IXQFWLH PHW HFKRFDUGLRJUDÀH HQ &05 ,Q  SDWLsQWHQ GLH YRRU HHQ QLHWLQYDVLHYH GHWHFWRU &7 DQJLRJUDÀH ZDUHQ YHUZH]HQ ZHUG WHYHQV HHQ /9 IXQFWLH UHFRQVWUXFWLH YHUYDDUGLJG 9HUYROJHQV ZHUG HHQ HFKRFDUGLRJUDP JHPDDNW HQ LQHHQVXEJURHSSDWLsQWHQHHQ&05RQGHU]RHNRPGH/9IXQFWLHWHEHSDOHQ9RRUGH JOREDOHIXQFWLHHYDOXDWLHZHUGGH/9()EHUHNHQG5HJLRQDOH/9IXQFWLHZHUGPLGGHOV HHQVHJPHQWPRGHOHQHHQSXQWVFRULQJV\VWHHPJHVFRRUG0'&7YHUWRRQGHJRHGH RYHUHHQVWHPPLQJPHWHFKRFDUGLRJUDÀHLQGHEHSDOLQJYDQ/9()U ELDV S HQ UHJLRQDOH /9 IXQFWLH Nj   $FKW SDWLsQWHQ KDGGHQ JHHQ FRQWUD LQGLFDWLHVHQJDYHQWRHVWHPPLQJYRRUHHQ&05RQGHU]RHN(HQUHGHOLMNJRHGHFRUUHODWLH WXVVHQ0'&7HQ&05LQGHHYDOXDWLHYDQ/9()ZHUGDDQJHWRRQGU ELDV² S 9RRU UHJLRQDOH /9 IXQFWLH OLHW 0'&7 HHQ JRHGH RYHUHHQVWHPPLQJ PHW &05 ]LHQNj 0'&7NZDPJRHGRYHUHHQPHW]RZHOHFKRFDUGLRJUDÀHDOV&05LQGH HYDOXDWLHYDQJOREDOHHQUHJLRQDOH/9IXQFWLH*OREDOHHQUHJLRQDOH/9IXQFWLHNXQQHQ QDXZNHXULJPHWGHWHFWRU&7ZRUGHQEHSDDOGHQNXQQHQDDQHHQURXWLQH&7DQDO\VH SURWRFROZRUGHQWRHJHYRHJG]RQGHUGDWH[WUDFRQWUDVWRIRQGHU]RHNVWLMGQRGLJLV

'

((/

,963(&7

(1

'

233/(5



67522061(/+(,' 'HHO,9ULFKW]LFKRSGHKHPRG\QDPLVFKHFRQVHTXHQWLHVYDQYHUQDXZLQJHQLQYHQHX]H

RPOHLGLQJHQ +DUWFDWKHWHULVDWLH ZRUGW EHVFKRXZG DOV GH JRXGHQ VWDQGDDUG LQ KHW HYDOXHUHQ YDQ YHUQDXZLQJHQ LQ YHQHX]H RPOHLGLQJHQ 'H KDUWFDWKHWHULVDWLH JHHIW HFKWHUJHHQXLWVOXLWVHORYHUGHKHPRG\QDPLVFKHFRQVHTXHQWLHVYDQGHYHUQDXZLQJHQ ,QGHVWXGLHJHSUHVHQWHHUGLQ+RRIGVWXNZHUGHQGHKHPRG\QDPLVFKHFRQVHTXHQWLHV YDQVLJQLÀFDQWHVWHQRVHQLQYHQHX]HRPOHLGLQJHQPHW'RSSOHUVWURRPVQHOKHLGPHWLQJHQ JHsYDOXHHUG HQ GH UHVXOWDWHQ YHUJHOHNHQ PHW 63(&7 SHUIXVLH EHHOGYRUPLQJ +DUWFDWKHWHULVDWLH ZHUG LQ  SDWLsQWHQ QD E\SDVVRSHUDWLH XLWJHYRHUG YDQZHJH WHUXJNHUHQGH SLMQ RS GH ERUVW *HGXUHQGH GH SURFHGXUH ZHUGHQ 'RSSOHU VWURRPVQHOKHLGPHWLQJHQ YRRU HQ QD WRHGLHQLQJ YDQ DGHQRVLQH YHUNUHJHQ 9DQ GH  SDWLsQWHQPHWYHQHX]HRPOHLGLQJHQRQGHUJLQJHQSDWLsQWHQPHWRPOHLGLQJHQ 63(&7 SHUIXVLH EHHOGYRUPLQJ 2POHLGLQJHQ ZHUGHQ LQJHGHHOG LQ GLHJHQHQ PHW HHQ QLHWVLJQLÀFDQW SHUFHQWDJH GLDPHWHU VWHQRVH  Q   HQ GLHJHQHQ PHW HHQ VLJQLÀFDQW SHUFHQWDJH GLDPHWHU VWHQRVH • Q   :DQQHHU YRRU FRURQDLUH ÁRZ YHORFLW\ UHVHUYH &)95 HHQ DIEUHHNSXQW YDQ  ZHUG WRHJHSDVW ZHUG HHQ PDWLJH RYHUHHQVWHPPLQJ  Nj   S WXVVHQ &)95 HQ DQJLRJUDÀH JH]LHQ 2YHUHHQVWHPPLQJWXVVHQ63(&7HQDQJLRJUDÀHZDVWHYHQVPDWLJNj S 16 63(&7HQ&)95YHUVFKDIWHQYHUJHOLMNEDUHLQIRUPDWLHLQYDQGHRPOHLGLQJHQPHW HHQEHVFKLNEDUH63(&7ZDWHHQJRHGHRYHUHHQNRPVWDDQJDINj S  6LJQLÀFDQWH YHUQDXZLQJHQ LQ YHQHX]H RPOHLGLQJHQ YHUHLVHQ YHUGHUH H[SORUDWLH QDDU KXQKHPRG\QDPLVFKHVLJQLÀFDQWLH+HWUHVXOWDDWYDQ'RSSOHUVWURRPVQHOKHLGPHWLQJHQ NZDPEHWHURYHUHHQPHW63(&7SHUIXVLHEHHOGYRUPLQJGDQPHWSHUFHQWDJHGLDPHWHU VWHQRVHEHSDOLQJLQGHHYDOXDWLHYDQGHIXQFWLHYDQYHQHX]HRPOHLGLQJHQ



2

9(5:(*,1*(1



(1



72(.20673(563(&7,(9(1

'LW SURHIVFKULIW KDG WRW GRHO KHW EHVFKULMYHQ YDQ YHUVFKLOOHQGH PRGDOLWHLWHQ LQ KHW RQGHU]RHNHQ YDQ RPOHLGLQJHQ HQ KHW RQWZLNNHOHQ YDQ QLHWLQYDVLHYH WHFKQLHNHQ RP YHUQDXZLQJHQLQQDWLHYHFRURQDLUHDUWHULsQHQRPOHLGLQJHQWHGHWHFWHUHQELMSDWLsQWHQ PHWWHUXJNHUHQGHSLMQRSGHERUVWQDE\SDVVFKLUXUJLH

(HQ DDQWDO RYHUZHJLQJHQ PRHWHQ ZRUGHQ JHQRHPG DOV SDWLsQWHQ QD E\SDVVFKLUXUJLH PHWQLHWLQYDVLHYHPRGDOLWHLWHQZRUGHQRQGHU]RFKW+HWDIEHHOGHQYDQRPOHLGLQJHQ YUDDJWYHHOYDQGHWHFKQLHNYDQGHYHUVFKLOOHQGHDIEHHOGLQJPRGDOLWHLWHQ.OHLQHYDWHQ URQG KHW KDUW ]LMQ JHGXUHQGH GH KDUWF\FOXV FRQVWDQW DDQ KHW EHZHJHQ 'H WHPSRUHOH UHVROXWLHYDQHHQDIEHHOGLQJWHFKQLHNPRHWWRHUHLNHQGJHQRHJ]LMQRPYDDJKHLGYDQKHW YHUNUHJHQEHHOGWHYHUPLMGHQ

+HW YHUORRS YDQ DUWHULsOH RPOHLGLQJHQ PHW KXQ LQVHUWLH LQ GH DUWHULD VXEFODYLD LV ODQJJHUHNW HQ KHHIW HHQ JURRW ´DFTXLVLWLRQ ZLQGRZµ YRRU HHQ HQNHOH VFDQ QRGLJ LQ ELMYRRUEHHOG&05RI&7DQJLRJUDÀH

6SDWLsOHUHVROXWLHPRHWDGHTXDDW]LMQRPYHUQDXZLQJHQLQGHNOHLQHYDWHQDIWHEHHOGHQ 'H GLDPHWHU YDQ RPOHLGLQJHQ LV RYHU KHW DOJHPHHQ LHWV ZLMGHU GDQ GH GLDPHWHU YDQ QDWLHYH FRURQDLUH DUWHULsQ 9RRU JHEUXLN LQ GH NOLQLHN ELM KHW GLDJQRVWLFHUHQ YDQ LVFKHPLVFKHKDUW]LHNWHQLVHFKWHUHHQYROOHGLJRQGHU]RHNYDQRPOHLGLQJHQRQWYDQJHQGH YDWHQHQQDWLHYHFRURQDLUHDUWHULsQQRGLJRPHHQWDUJHWODHVLHYRRUUHYDVFXODULVDWLHWH LGHQWLÀ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ÀHYDQGHRPOHLGLQJHQWHDQDO\VHUHQ

+DUWFDWKHWHULVDWLH PHW FRURQDLUDQJLRJUDÀH ZRUGW QRJ YHHOYXOGLJ JHEUXLNW RP ]LHNH RPOHLGLQJHQ WH GLDJQRVWLFHUHQ 2QGDQNV GH QDGHOHQ LV KHW HHQ VQHO RQGHU]RHN HQ GH PHHVWHFHQWUDKHEEHQHUYDUHQVSHFLDOLVWHQLQGLHQVW1LHWLQYDVLHYHEHHOGYRUPLQJ]RX ]LFK PRHWHQ ULFKWHQ RS KHW YHUGHU RQWZLNNHOHQ YDQ HHQ SRRUWZDFKWHUIXQFWLH YyyU GH KDUWFDWKHWHULVDWLH9HUYROJVWXGLHV]RXGHQ]LFKNXQQHQULFKWHQRSKHWYHLOLJYHUZLM]HQYDQ SDWLsQWHQGLHJHHQDIZLMNLQJHQODWHQ]LHQ7HJHQJHVWHOGKLHUDDQ]RXGHQSDWLsQWHQZDDUELM SURJUHVVLHYHLVFKHPLVFKHKDUW]LHNWHZRUGWYDVWJHVWHOGPHWHHQYRRUSHUFXWDQHLQWHUYHQWLH RIUHE\SDVVFKLUXUJLHNXQQHQZRUGHQGRRUYHUZH]HQ1XLVGLWQLHWJHZRRQOLMNLQGH NOLQLVFKHSUDNWLMNRPGDWQLHWLQYDVLHYHRQGHU]RHNHQHHQVSHFLÀFLWHLWHQQHJDWLHI YRRUVSHOOHQGH ZDDUGH PLVVHQ ,GHDOLWHU ]RX HHQ QLHWLQYDVLHYH WHVW DDQ GH YROJHQGH FULWHULD PRHWHQ YROGRHQ HHQ YROOHGLJ DQDWRPLVFK RQGHU]RHN YDQ QDWLHYH FRURQDLUH DUWHULsQ RPOHLGLQJHQ HQ RQWYDQJHQGH YDWHQ pQ DQDO\VH YDQ KDUWIXQFWLH LQ ppQ HQNHOH

 WHVWPHWVSHFLÀFLWHLWHQQHJDWLHIYRRUVSHOOHQGHZDDUGHQLHWWHWLMGURYHQGRIHHQWH JURWHEHODVWLQJYRRUGHSDWLsQWVOHFKWVNOHLQHFRPSOLFDWLHVPHW]LFKPHHEUHQJHQGJHHQ EORRWVWHOOLQJDDQVWUDOLQJQRGLJHQQLHWWHGXXU=R·QRQGHU]RHNEHVWDDWQLHWPDDUGH YHUVFKLOOHQGHDIEHHOGLQJPRGDOLWHLWHQ]LMQYHHOEHORYHQGHQZRUGHQFRQVWDQWYHUEHWHUG 5HFHQWKHEEHQRQWZLNNHOLQJHQLQ&05DQJLRJUDÀHHHQYHUEHWHULQJLQGHGLDJQRVWLVFKH QDXZNHXULJKHLGLQKHWDDQWRQHQYDQLVFKHPLVFKHKDUW]LHNWHQODWHQ]LHQJHEUXLNPDNHQG YDQ ' ´ZKROHKHDUWµ DQJLRJUDÀH PHW YROXPH UHQGHULQJ LQ YHUJHOLMNLQJ PHW KDUWFDWKHWHULVDWLH6HQVLWLYLWHLWVSHFLÀFLWHLWSRVLWLHIHQQHJDWLHIYRRUVSHOOHQGHZDDUGH LQ KHW DDQWRQHQ YDQ LVFKHPLVFKH KDUW]LHNWH ZDUHQ UHVSHFWLHYHOLMN    HQ *HYLVXDOLVHHUGHOHQJWHYDQGHKRRIGNUDQVVODJDGHUVZDV“FP7LMGVGXXU YDQKHWWRWDOHRQGHU]RHNZDVLQJHNRUWWRWPLQGHUGDQPLQXWHQ0HWGHLQWURGXFWLH YDQ GH YROJHQGH JHQHUDWLH  7HVOD 05 VFDQQHUV ZHUGHQ VLJQLÀFDQWH YHUEHWHULQJHQ LQ VLJQDDOUXLV HQ FRQWUDVWUXLV UDWLR LQ YHUJHOLMNLQJ WRW  7HVOD 05 VFDQQHUV EHUHLNW  %HHOGNZDOLWHLW HQ GLDJQRVWLVFKH QDXZNHXULJKHLG LQ KHW DDQWRQHQ YDQ VWHQRVHQ LQ FRURQDLUHDUWHULsQZDUHQHFKWHUJHOLMN6WXGLHV]RXGHQ]LFKYHUGHUPRHWHQULFKWHQRSKHW DQDO\VHUHQ YDQ RPOHLGLQJHQ QDDVW QDWLHYH FRURQDLUH DUWHULsQ JHEUXLNPDNHQG YDQ GH ODDWVWH&05DQJLRJUDÀHWHFKQLHNHQ

&05 DQJLRJUDÀH NDQ RRN DDQ HHQ IXQFWLRQHHO 05RQGHU]RHN ZRUGHQ WRHJHYRHJG (HQ UHFHQWH VWXGLH SUHVHQWHHUGH HHQ XLWYRHUEDDU &05 SURWRFRO GDW EHVWRQG XLW HHQ P\RFDUGSHUIXVLHHQYLDELOLW\DQDO\VHPLGGHOV´GHOD\HGHQKDQFHPHQWµpQDQJLRJUDÀH YDQGHSUR[LPDOHHQPLGGHOVWHVHJPHQWHQYDQGHKRRIGNUDQVVODJDGHUVPHWHHQWRWDOH RQGHU]RHNVGXXU YDQ  PLQXWHQ  &05 P\RFDUGSHUIXVLH LQ HHQ UXVWVWUHVV SURWRFRONRQQDXZNHXULJHHQLVFKHPLVFKHKDUW]LHNWHDDQWRQHQLQYHUJHOLMNLQJWRW63(&7 P\RFDUGSHUIXVLH EHHOGYRUPLQJ  'H]H VWXGLHV KDGGHQ QLHW H[SOLFLHW SDWLsQWHQ PHW RPOHLGLQJHQ JHwQFOXGHHUG 6SHFLÀHN LQ GH]H SDWLsQWHQJURHS LV KHW EHODQJULMN DDQ WH WRQHQ GDW IXQFWLRQHOH &05 RQGHU]RHNHQ XLWYRHUEDDU ]LMQ HQ GH]HOIGH GLDJQRVWLVFKH QDXZNHXULJKHLG RPYDWWHQ RPGDW SDWLsQWHQ YDDN RXGHU ]LMQ PHW PHHU XLWJHEUHLGH KDUW]LHNWH]LFKSUHVHQWHUHQRIGHQRRG]DNHOLMNHDGHPLQKRXGLQJQLHWNXQQHQYROKRXGHQ +RRJJHGRVHHUGHGREXWDPLQHDWURSLQHVWUHVV&05PHWZDQGEHZHJLQJDQDO\VHYHUVFKDIWH HHQ EHWURXZEDDU RQGHU]RHN QD SHUFXWDQH LQWHUYHQWLH RI E\SDVVFKLUXUJLH ELM SDWLsQWHQ GLHZHUGHQYHUGDFKWHHQLVFKHPLVFKHKDUW]LHNWHWHKHEEHQ*HHQ&05DQJLRJUDÀH ZDVDDQGLWSURWRFROWRHJHYRHJG

'RRUVWURPLQJVPHWLQJHQ PLGGHOV &05 LQ UXVW HQ JHGXUHQGH VWUHVV ]LMQ XLWYRHUEDDU YRRU ]RZHO YHQHX]H DOV DUWHULsOH RPOHLGLQJHQ HQ KHEEHQ HHQ JRHGH GLDJQRVWLVFKH QDXZNHXULJKHLGLQKHWDDQWRQHQYDQ]LHNHYHQHX]HRPOHLGLQJHQ]RDOVLQGLWSURHIVFKULIW ZRUGWEHVFKUHYHQ,QHHUGHUHVWXGLHVLVDDQJHWRRQGGDW&05GRRUVWURPLQJVPHWLQJHQ RRNXLWYRHUEDDU]LMQLQQDWLHYHFRURQDLUHDUWHULsQ1LHPDQGLVKHWHFKWHUJHOXNWHHQ FRPSOHHWGRRUVWURPLQJVRQGHU]RHNYDQDOOHQDWLHYHFRURQDLUHDUWHULsQHQRPOHLGLQJHQ PLGGHOV&05XLWWHYRHUHQGDDUPHH]LMQNOLQLVFKHWRHSDVVLQJEHSHUNHQG

0'&7 LV HHQ DQGHUH UREXXVWH QLHWLQYDVLHYH PRGDOLWHLW LQ KHW DDQWRQHQ RI XLWVOXLWHQ YDQVWHQRVHQLQFRURQDLUHDUWHULsQHQRPOHLGLQJHQHQKHWFRPELQHUHQYDQHHQEHSHUNW IXQFWLHRQGHU]RHN YDQ KHW P\RFDUG LV PRJHOLMN LQ ppQ VFDQ (HQ YHUJHOLMNHQGH VWXGLH WXVVHQ KRRJVWDDQGH &05 HQ &7 DQJLRJUDÀH OLHW ]LHQ GDW EHLGH WHFKQLHNHQ HHQ ]HOIGH KRJH GLDJQRVWLVFKH QDXZNHXULJKHLG  YHUVXV  S  16 LQ KHW DDQZLM]HQ YDQ



HHQLVFKHPLVFKHKDUW]LHNWHEH]LWWHQ'HYROJHQGHJHQHUDWLH&7VFDQQHUVKHEEHQ GHWHFWRUHQ YRRU KHW FRQVWUXHUHQ YDQ HHQ DIEHHOGLQJ ZDW HHQ IDFWRU  KRJHU LV GDQ GH YRULJHJHQHUDWLH,QLWLsOHUHVXOWDWHQJHYHQHHQXLWVWHNHQGHEHHOGNZDOLWHLWZHHUHQODWHQ DOJHKHHO HHQ KRJH VHQVLWLYLWHLW VSHFLÀFLWHLW SRVLWLHI HQ QHJDWLHI YRRUVSHOOHQGH ZDDUGH YDQUHVSHFWLHYHOLMNHQ]LHQ2POHLGLQJHQ]LMQQRJQLHWPHW GHWHFWRU &7 RQGHU]RFKW )XQFWLRQHHO RQGHU]RHN PLGGHOV 0'&7 LV EHSHUNW WRW JOREDOH /9IXQFWLHHYDOXDWLHHQZDQGEHZHJLQJVVWRRUQLVVHQLQUXVW$DQJH]LHQGHU|QWJHQVWUDOL QJVEHODVWLQJYDQGHSDWLsQWKRRJLVPHW0'&7EHHOGYRUPLQJLVHHQWZHHGHVFDQRQGHU IDUPDFRORJLVFKHVWUHVVRQXLWYRHUEDDU

*DWHG 63(&7 P\RFDUGSHUIXVLH EHHOGYRUPLQJ LV GH PHHVW JHYHVWLJGH QLHWLQYDVLHYH WHFKQLHN GLH DOV SRRUWZDFKWHU YRRU GH KDUWFDWKHWHULVDWLH ZRUGW JHEUXLNW  7RFK LV GH GLDJQRVWLVFKH QDXZNHXULJKHLG LQ KHW DDQWRQHQ RI XLWVOXLWHQ YDQ HHQ LVFKHPLVFKH KDUW]LHNWH PLGGHOV GH]H WHFKQLHN QLHW NUDFKWLJ JHQRHJ VSHFLÀHN ELM REHVH SDWLsQWHQ SDWLsQWHQ PHW HHQ VOHFKWH /9 IXQFWLH RI YURXZHQ 9RRUWV YHUVFKDIW 63(&7 SHUIXVLH EHHOGYRUPLQJJHHQGDWDRYHUGHDQDWRPLHYDQFRURQDLUHDUWHULsQRIRPOHLGLQJHQ0HW P\RFDUGSRVLWURQHPLVVLHWRPRJUDÀH3(7EHHOGYRUPLQJNXQQHQSHUIXVLHHQYLDELOLW\ DIEHHOGLQJHQPHWHHQODJHVWUDOLQJVEHODVWLQJHQHHQKRJHHIÀFLsQWLHZRUGHQYHUNUHJHQ  'H ODDWVWH RQWZLNNHOLQJ LQ 3(7DSSDUDWXXU RPYDW K\EULGH 3(7&7VFDQQHUV GLH HHQ IXQFWLRQHHO RQGHU]RHN YDQ KHW P\RFDUG HQ HHQ DQDWRPLVFKH XLWOLMQLQJ YDQ GH QDWLHYH FRURQDLUH DUWHULsQ NXQQHQ FRPELQHUHQ 'H HHUVWH UHVXOWDWHQ ]LMQ YHHOEHORYHQG LQ KHW DDQWRQHQ YDQ HHQ LVFKHPLVFKH KDUW]LHNWH  (HQ UXVWDGHQRVLQHVWUHVV SURWRFROYRRU3(7&7ZHUGXLWJHYRHUG*HPHOGHVHQVLWLYLWHLWVSHFLÀFLWHLWSRVLWLHIHQ QHJDWLHI YRRUVSHOOHQGH ZDDUGH YDQ 3(7&7 ZDUHQ UHVSHFWLHYHOLMN    HQ  YHUVXV 3(7 LQ FRPELQDWLH PHW KDUWFDWKHWHULVDWLH YRRU NOLQLVFKH EHVOXLWYRUPLQJ *HVFKDWWHVWUDOLQJVEHODVWLQJPLGGHOVGH]HWHFKQLHNZDVP6YWHUZLMODOOHHQ0'&7 HHQ YHUJHOLMNEDUH  P6Y LQKLHOG HQ HHQ UXVWVWUHVV 63(&7 EHHOGYRUPLQJSURWRFRO  P6Y  0HW GH]H WHFKQLHN ]RX KHW KDDOEDDU NXQQHQ ZRUGHQ RP SDWLsQWHQ GLUHFW YRRU SHUFXWDQH LQWHUYHQWLH RI E\SDVVFKLUXUJLH WH YHUZLM]HQ ]RQGHU GH QRRG]DNHOLMNH GLDJQRVWLVFKHKDUWFDWKHWHULVDWLH3DWLsQWHQPHWRPOHLGLQJHQ]LMQQRJQLHWRQGHU]RFKW PLGGHOVGH]HPRGDOLWHLW7RHNRPVWLJHVWXGLHV]XOOHQGHNOLQLVFKHFDSDFLWHLWHQYDQGH]H WHFKQLHNYHUGHUVSHFLÀFHUHQ

&RQFOXGHUHQGKHEEHQQLHWLQYDVLHYHEHHOGYRUPLQJPRGDOLWHLWHQYHHOEHORYHQGHUHVXOWDWHQ ODWHQ ]LHQ LQ KHW DDQWRQHQ RI XLWVOXLWHQ YDQ HHQ LVFKHPLVFKH KDUW]LHNWH LQ SDWLsQWHQ PHWWHUXJNHUHQGHSLMQRSGHERUVWQDE\SDVVFKLUXUJLH1LHXZHRQWZLNNHOLQJHQRSKHW WHUUHLQ YDQ GH FDUGLRYDVFXODLUH 05 0'&7 HQ QXFOHDLUH EHHOGYRUPLQJ ]LMQ KRRSYRO 9RRUWJDDQGHZHWHQVFKDSSHOLMNHLQVSDQQLQJNDQUHVXOWHUHQLQKHWQDGHULQWHJUHUHQYDQ GLDJQRVWLVFKHQLHWLQYDVLHYHEHHOGYRUPLQJLQGHGDJHOLMNVHNOLQLVFKHSUDNWLMN



)XOOFRORXULPDJHVVHFWLRQ

$

&

%

)LJXUH&KDSWHU3DJH  7\SLFDOPDJQHWLFUHVRQDQFH05DFTXLVLWLRQSURWRFRO$7\SLFDOSODQVFDQIRUFDUGLRYDVFXODU

PDJQHWLF UHVRQDQFH &05 DQJLRJUDSK\ $[LDO LPDJLQJ YROXPH KRUL]RQWDO OLQHV YROXPH XVHGIRUORFDOL]HGVKLPPLQJODUJHER[SRVLWLRQLQWKHULJKWKHPLGLDSKUDJPRIWKHUHVSLUDWRU\ QDYLJDWRUUHFWDQJXODUER[SRVLWLRQRIDVDWXUDWLRQEDQGIRUVXSSUHVVLRQRILPDJHDUWLIDFWVOHIW ER[%:LWKWKHXVHRID[LDOVFRXWLPDJHVWKHWKUHHSRLQWSODQVFDQLVXVHGWRVHOHFWWKUHH SRLQWVLQVSDFHRQHDWWKHRULJLQRIWKHFRURQDU\DUWHU\RUE\SDVVJUDIWRQHDWWKHPRVWGLVWDO SRLQWDQGRQHLQWKHPLGGOHRIWKHÀUVWWZRSRLQWV)URPWKLVLQIRUPDWLRQDQLPDJLQJSODQHLV DXWRPDWLFDOO\FDOFXODWHGLQSODQHZLWKWKHFRURQDU\DUWHU\RUE\SDVVJUDIWRILQWHUHVW&&05 DQJLRJUDSK\RIDSDWLHQWZLWKDE\SDVVRIWKHOHIWFRURQDU\V\VWHPZKLWHDUURZDQGDYLVLEOH QDWLYH ULJKW FRURQDU\ DUWHU\ EODFN DUURZ 7KLV LPDJLQJ DSSURDFK FDQ EH XVHG FOLQLFDOO\ WR DVVHVVE\SDVVJUDIWSDWHQF\$2 DRUWD/9 OHIWYHQWULFOH&RXUWHV\RI+-/DPE



)LJXUH&KDSWHU3DJH

 :KROHKHDUW&05DQJLRJUDSK\RIDYHLQE\SDVVJUDIWWRWKHULJKWFRURQDU\DUWHU\DWGLIIHUHQW

URWDWLRQDQJOHV&RXUWHV\RI'U+6DNXPD



)LJXUH&KDSWHU3DJH

 )RUWKHHYDOXDWLRQRI06&7DQJLRJUDPVVHYHUDOLPDJLQJGLVSOD\VFDQEHXVHG$2ULJLQDO D[LDO VOLFH % &XUYHG PXOWLSODQDU UHFRQVWUXFWLRQ RI D YHLQ JUDIW & 0D[LPXP LQWHQVLW\ SURMHFWLRQRIDQDUWHULDOJUDIW')RUDQRYHUYLHZRIWKHFRURQDU\DUWHULHVDQGE\SDVVJUDIWV 'YROXPHUHQGHUHGUHFRQVWUXFWLRQVFDQEHXVHIXO



)LJXUH&KDSWHU3DJH

 ([DPSOHRIDQDUWHULDODQGDYHLQJUDIW$D'UHFRQVWUXFWLRQRIWKHKHDUWDQGYHVVHOV7KH ZKLWH DUURZV KLJKOLJKW D OHIW LQWHUQDO PDPPDU\ DUWHU\ JUDIW WR WKH OHIW DQWHULRU GHVFHQGLQJ DUWHU\ IURP LWV OHIW VXEFODYLDQ DUWHU\ RULJLQ WR WKH DQDVWRPRVLV % DIWHU WKH DQDVWRPRVLV WKH UHFLSLHQW YHVVHO LV RFFOXGHG DOVR LOOXVWUDWHG DV PXOWLSODQDU UHIRUPDW UHFRQVWUXFWLRQ 7KHDVWHULVNUHSUHVHQWVDYHLQJUDIWWRWKHSRVWHULRUGHVFHQGLQJEUDQFKDQDVWRPRVLVQRWVKRZQ 7KHQDWLYH5&$LVVHYHUHO\GLVHDVHG$R DRUWD5&$ ULJKWFRURQDU\DUWHU\/9 OHIWYHQWULFOH 3$ SXOPRQDU\DUWHU\





)LJXUH&KDSWHU3DJH

 ([DPSOHRIDSDWLHQWZLWKPXOWLSOHYHLQJUDIWV$D'UHFRQVWUXFWLRQRIWKHKHDUWUHYHDOLQJ JUDIWVZKLWHDUURZV7ZRSDWHQWJUDIWVVXSSO\WKHREWXVHPDUJLQDOEUDQFKDQGWKHVHFRQG GLDJRQDOEUDQFKUHVSHFWLYHO\JUDIWVDUHWRWDOO\RFFOXGHG/DWHUDOIURPWKHJUDIWRULJLQVPHWDO FOLSV KDYH EHHQ SODFHG IRU LGHQWLI\LQJ WKH JUDIW ORFDWLRQV ZKLWH DUURZKHDG PDUNV RQH RI WKH FOLSV7KHYHLQJUDIWWRWKHVHFRQGGLDJRQDOEUDQFKKDVDVLJQLÀFDQWVWHQRVLVDWLWVRVWLXP%DQG & WKH PXOWLSODQDU UHIRUPDW UHFRQVWUXFWLRQ DQG FRURQDU\ DQJLRJUDSK\ RI WKH RVWLXP VWHQRVLV DUURZ59 ULJKWYHQWULFOH/9 OHIWYHQWULFOH