• Keine Ergebnisse gefunden

=XVDPPHQIDVVXQJXQG$XVEOLFN

,P IROJHQGHQ VROOHQ GLH (UJHEQLVVH GLHVHU $UEHLW QRFKPDOV JHVDPPHOW XQG XQWHU %HUFNVLFKWL JXQJDOOHUYRUKDQGHQ'DWHQHLQHP|JOLFKH:HLWHUIKUXQJGHU$UEHLWHQDXIJH]HLJWZHUGHQ

&*LVW9DP

,QQHUKDOE GLHVHU $UEHLW NRQQWH JH]HLJW ZHUGHQ GD‰ LQ ZLOGW\SLVFKHQ )OLHJHQ GXUFK HLQH .HLP EDKQWUDQVIRUPDWLRQ PLW HLQHP 3(OHPHQW GDV GHQ JHQRPLVFKHQ %HUHLFK YRQ 8%/ XQG

&* DXV 9DP)OLHJHQ HQWKlOW HLQ 9DP lKQOLFKHU 3KlQRW\S LQGX]LHUW ZHUGHQ NDQQ VLHKH XQG 'DGXUFK NRQQWH GHU %HZHLV HUEUDFKW ZHUGHQ GD‰ HQWZHGHU 8EO RGHU GDV ELV GDKLQ QXU K\SRWKHWLVFKH 7UDQVNULSW &* IU GHQ 9DP3KlQRW\S YHUDQWZRUWOLFK LVW VLHKH 'DV'URVRSKLOD2UWKRORJ ]X 8%/ VFKHLGHW DOV P|JOLFKHU .DQGLGDW IU GLH 0XWDWLRQ DXV VLHKH 'DPLW NDQQ EHJUQGHW SRVWXOLHUW ZHUGHQ GD‰ GLH *HQUHJLRQ YRQ &* GLH 9DP0XWDWLRQ WUlJW 'DV SXWDWLYH *HQ &* NRQQWH DOV 7UDQVNULSW LQ9DP)OLHJHQ EHVWlWLJW ZHUGHQ VLHKH D 'LH 6HTXHQ] GHU &* F'1$ DXV 9DP)OLHJHQ ZHLVW YLHU 0XWD WLRQHQ LP FRGLHUHQGHQ %HUHLFK DXI =ZHL GDYRQ IKUHQ ]X QLFKWNRQVHUYDWLYHQ $PLQRVlXUHDXV WDXVFKHQVLHKHG

(V NRQQWHQ LQ VLOLFLR PHKUHUH F'1$V DXV YHUVFKLHGHQHQ 2UJDQLVPHQ XQG *HZHEHW\SHQ JHIXQGHQ ZHUGHQ GLH KRKH +RPRORJLHQ ]X GHP SXWDWLYHQ *HQSURGXNW YRQ &* DXIZHLVHQ VLHKH F (LQH GHU QDFKJHZLHVHQHQ 0XWDWLRQHQ OLHJW ]HQWUDO LQ HLQHP KRFKNRQVHUYLHUWHP

%HUHLFK GHP QHXHQ 9,67$0RWLY VLHKH F G 'DKHU ZLUG DOV 7HLOHUJHEQLV GLHVHU

$UEHLW SRVWXOLHUW GD‰ GLH LQ 9DP QDFKJHZLHVHQH 0XWDWLRQ LQQHUKDOE GLHVHV 9,67$0RWLYV GLH PROHNXODUH%DVLVIUGLH$XVSUlJXQJGHV9DP3KlQRW\SVLVW

%LVKHU KDQGHOW HV VLFK XP HLQHQ ,QGL]LHQEHZHLV PLW YLHOHQ $XVVFKOX‰DUJXPHQWHQ 'LH HUIROJ UHLFKH 7UDQVIRUPDWLRQ GHV IHUWLJHQ 3&*HQLH .RQVWUXNWV YJO VROOWH HLQHQ ZHLWHUHQ %HZHLV OLHIHUQ GD‰ GLH 7UDQVNULSWLRQVHLQKHLW &* IU GLH 9DP0XWDQWH YHUDQW ZRUWOLFK ]HLFKQHW 'LHVH 7UDQVIRUPDQWHQ PVVHQ HLQHQ 9DP3KlQRW\S ]HLJHQ :HQQ GLHV GHU )DOO LVW N|QQWH GLH HLJHQWOLFKH 0XWDWLRQ LP 9,67$0RWLY LQ HLQHU ZLOGW\SLVFKHQ .RSLH GHV *HQV

EHU 6LWH'LUHFWHG0XWDJHQHVLV 3&5 QHX NUHLHUW ZHUGHQ (LQ GHUDUWLJHV .RQVWUXNW PX‰ LQ Z)OLHJHQ WUDQVIRUPLHUW HEHQIDOOV GHQ 3KlQRW\S LQGX]LHUHQ 'LHV ZlUH GHU HQGJOWLJH %HZHLV IUGLHLQGLHVHU$UEHLWDXIJHVWHOOWH+\SRWKHVH

=XVDPPHQIDVVXQJXQG$XVEOLFN

9,67$±(LQHQHXH*HQIDPLOLH

'LH KRPRORJHQ 3URWHLQH ]X &* ZHUGHQ DOV QHXH *HQIDPLOLH 9,67$ SRVWXOLHUW 'HUHQ ([SUHVVLRQ UHLFKW YRP =HOO6WDGLXP HLQHV 0DXV(PEU\R EHU 7XPRU]HOOHQ ELV KLQ ]X %UXVW XQG 1HUYHQJHZHEH EHLP 0HQVFKHQ F 'LH VHKU KRKH .RQVHUYLHUXQJ $EELOGXQJ XQG GHU NRPSOH[H *HQORFXV LP 0HQVFKHQ $EELOGXQJ GHXWHQ DQ GD‰ HV VLFK EHL GLHVHQ 3URWHLQHQ XP %DXVWHLQH PLW KRKHU SK\VLRORJLVFKHU 5HOHYDQ] KDQGHOW 9RU DOOHP HLQ %HUHLFK DP 17HUPLQXV GHU 3URWHLQH LVW KRFKNRQVHUYLHUW XQG HQWKlOW XQWHU DQGHUHP GLH DXIIlOOLJH $PLQR VlXUHVHTXHQ]9,67$9DOLQ,VROHXFLQ6HULQ7KUHRQLQ$ODQLQ

0|JOLFKH)XQNWLRQHQGHU9,67$±3URWHLQH

,Q NHLQHP GHU DQGHUHQ 2UJDQLVPHQ VLQG H[SHULPHQWHOOH 'DWHQ ]XU )XQNWLRQ YRUKDQGHQ 'DV NRQVHUYLHUWH *O\NRV\OWUDQVIHUDVH3URWHLQPRWLY LVW QXU VFKZDFK XQG JLEW NHLQHQ EHIULHGLJHQGHQ

$XIVFKOX‰ EHU P|JOLFKH $XIJDEHQ GHU QHXHQ 3URWHLQIDPLOLH ,Q NRQQWHQ ,QGL]LHQ IU GLH

%HWHLOLJXQJ GHV G9,67$3URWHLQV DQ GHU 5HJXODWLRQ GHU 7UDQVNULSWLRQ GHV 3(OHPHQW3URPRWRUV DQJHIKUW ZHUGHQ $XFK ZHQQ GLH 5HSUHVVLRQ GHU 7UDQVNULSWLRQ GLH ZDKUVFKHLQOLFKVWH 8UVDFKH IU GLH LQ EHVFKULHEHQHQ 3KlQRPHQH GDUVWHOOW VR NRQQWH GLHV QLFKW EHZLHVHQ ZHUGHQ 8P GLH %HZHLVIKUXQJ ZHLWHU ]X NRQVROLGLHUHQ ZlUH HV Q|WLJ ]X ]HLJHQ GD‰ QXU GLH 7UDQVNULSWLRQ GHV 3(OHPHQW 5HSRUWHUV ODF= QLFKW DEHU GLH 3URWHLQVWDELOLWlW GHVVHOELJHQ LQ 9DP)OLHJHQ YHU PLQGHUW ZLUG 'LHV N|QQWH ]% EHU GLH :DKO HLQHV DQGHUHQ 5HSRUWHUV JHVFKHKHQ GHU ZHQQ QXU GLH ODF=6WDELOLWlW LQ 9DP EHHLQIOX‰W ZlUH HLQ ZLOGW\SLVFKHV ([SUHVVLRQVYHUKDOWHQ ]HLJHQ VROOWH ,P DQGHUHQ )DOO ZHQQ VLFK DOVR GLH (UJHEQLVVH GHV ODF=5HSRUWHUV PLW HLQHP DQGHUHQ 5HSRUWHU JHQ UHSURGX]LHUHQ OLH‰HQ VR ZUGH GDPLW EHZLHVHQ GD‰ 9$0 WDWVlFKOLFK HLQHQ (LQIOX‰ DXI GLH 7UDQVNULSWLRQ DXVEW =XGHP N|QQWH EHU HLQH TXDQWLWDWLYH 573&5 GHU 7UDQVNULSWLRQVVWDWXV GHV 3(OHPHQW 3URPRWRUV LQ9DPXQG ZW)OLHJHQ EHUZDFKW ZHUGHQ $XFK KLHU ZUGH LFK HUZDUWHQ GD‰LQ9DP)OLHJHQGLH7UDQVNULSWLRQVUDWHXQGGDPLWGLH0HQJHDQ5HSRUWHUP51$VLQNW

8P GLH ZHLWHUHQ $XIJDEHQ GHV 3URWHLQV ]X FKDUDNWHULVLHUHQ N|QQHQ HLQLJH 6WDQGDUGPHWKRGHQ YHUZHQGHW ZHUGHQ 6R ]% HLQ <HDVW WZR K\EULG 6FUHHQ RGHU HLQ DQGHUHV DXI 3URWHLQ:HFKVHOZLU NXQJHQ EDVLHUHQGHV 1DFKZHLVYHUIDKUHQ XP P|JOLFKH ,QWHUDNWLRQVSDUWQHU ]X ILQGHQ 0LW GHU (U ]HXJXQJ YRQ $QWLN|USHUQ JHJHQ 9$0 RGHU VRJDU QXU JHJHQ GHQ NRQVHUYLHUWHQ %HUHLFK GHV 9,67$0RWLYV N|QQWHQ GLH /RNDOLVDWLRQ GHV 3URWHLQV LQ GHQ =HOOHQ XQG GHQ YHUVFKLHGHQHQ *H ZHEHQYHUIROJWZHUGHQ

=XVDPPHQIDVVXQJXQG$XVEOLFN

'HU QHXURQDOH 3KlQRW\S GHU 0XWDQWH VSLHJHOW ZDKUVFKHLQOLFK ZHQLJHU HLQH QHXURQDOH 6HOHN WLYLWlW GLHVHV 3URWHLQV DOV YLHOPHKU GLH HUK|KWH $QIlOOLJNHLW GHV 1HUYHQV\VWHPV JHQHUHOO XQG GHU /DPLQD YRQ 'URVRSKLOD PLP VSH]LHOOHQ ZLHGHU 8QJHDFKWHW GHVVHQ VWQGH PLW 9DPHLQH 0XWDQWH HLQHU QHXHQ LQ 9HUWHEUDWHQ DQVFKHLQHQG XELTXLWlUHQ 3URWHLQIDPLOLH ]XU 9HUIJXQJ GLH HYWO DQ GHU7UDQVNULSWLRQVUHJXODWLRQEHWHLOLJWLVW

6RIHUQ GLH QRFK DXVVWHKHQGHQ .RQWUROOH[SHULPHQWH PLW 3&*HQLH XQG GHU DQJHVSURFKHQHQ TXDQWLWDWLYHQ 573&5 SRVLWLY YHUODXIHQ LVW HLQH )RUWIKUXQJ GHU $UEHLW LQ MHGHP )DOOH ORKQHQV XQGZQVFKHQVZHUW

$ 1+$1*

$QKDQJ

$QKDQJ

6HTXHQ]HQ KXPDQBFRQ

.RQVHQVXV6HTXHQ]GHUKXPDQHQF'1$VES

1 CCAGATTGGA CATATGTAAA GGGACATCAG TATATCTGGA TCATCAGATT GTGCTTCAAG AAGACCATAG GGAAGAACGC ATTTTCATCT TGCTGCAAAA 101 GTTGCAATAG AAGATCTGAA AGGTTTGAAT GGGCCAATGAGTATCCTCAT CATTGAAGCA TTCTATGGAG GCTCCCATAA ACAGCTGGTG GATCTTCTTC 201 AAGAAGAGTT AGGAGACTGT GTCGTTTATA CCCTTCCTGC AAAGAAATGG CATTGGAGAG CCCGGACATC TGCTTTATAT TTCTCTCAGA CCATTCCCAT 301 CAGTGAGCAT TACAGGACCC TCTTTGCAAG TTCAGTGCTT AACCTGACCG AACTGGCTGC CCTTCGGCCT GACCTTGGGA AACTGAAAAA GATTCTGTAT 401 TTTCACGAGA ACCAGTTGAT ATATCCTGTC AAGAAATGTC AGGAGAGGGA TTTCCAATAT GGATACAACC AAATTCTTTC ATGCCTGGTG GCTGATGTGG 501 TTGTATTCAA CTCAGTTTTT AATATGGAAT CATTTCTCAC TTCCATGGGA AAATTTATGA AGCTGATTCC TGATCACAGA CCCAAGGATC TGGAAAGCAT 601 CATCAGACCC AAGTGCCAAG TTATTTACTT TCCCATCAGG TTTCCTGATG TGAGCAGTAA ACACTGGGCT ACTCATATAA AACTTATTTG AAGAGTGAGG 701 AATAAGAGTT TCCAGCATTT GAAACTCAGA ATCTGGTGGC TGTAGCAACA CTCCTGTTCT GCCTCTTCCT GTGGCTATCA GGTGAATCCT TCTTTTTATC 801 CCTGAGTCCT GTTGGGATAG CTGGGTGACG TCATGAGGCG TGGGCTGATG TACTGATTCATGCCCAAGCA CAAAACAACC CATTTAAAGA AGATGCTCGG 901 CCTTAAAGGA AATGGCGGTG CGGTTCTGTC CATGGCCCTT CCTTTTCAGC CAGAGCAGAG AGATTCAGAG GATTTATTGA AGAATTTTAA TTCAGAGTGT 1001 GATACACACT GTGGCCTTGA TACTGCACGA CAAGAATATT TGGGTAACTC ATTAAGACAG GAATCAGACT TGAAAAAATC CACCTCGTCA GATAATTCAA 1101 GCTCTCATCA TGGTGAAAAT AAACAAAATC TGACTGTTGA TCCCTGTGAC ATTTTGGGTG GAGTTGATAA TCAGCAAAGA CTGCTACACA TTGTCTGGCC 1201 TCACAGGTGG GAGCATGATA AAGATCCAGA AAGCTTTTTT AAGGTATTAA TGCATCTTAA AGACTTAGGA CTCAATTTCC ACGTGTCTGT ACTTGGAGAA 1301 ACCTTCACAG ATGTCCCAGA TATTTTTTCA GAGGCCAAAA AGGCATTGGG ATCTTCTGTC TTACACTGGG GCTACTTACC CAGCAAAGAT GACTATTTCC 1401 AAGTACTGTG CATGGCTGAT GTTGTCATCT CAACAGCTAA GCATGAATTC TTTGGAGTGG CAATGTTGGA AGCTGTGTAC TGTGGGTGTT ACCCACTTTG 1501 TCCTAAAGAT TTGGTTTATC CCGAAATATT TCCAGCTGAA TATCTGTATT CTACACCTGA ACAGCTTTCA AAAAGGCTCC AGAATTTCTG CAAGAGACCA 1601 GATATTATAA GAAAACATCT CTATAAGGGT GAAATCGCTC CGTTTTCTTG GGCAGCCCTA CATGGTAAAT TCAGGTCTCT GCTTACAACA GAACCTAGGG 1701 AAGATTTGTG ACAGATGGGG CTAAGTCACA AACTTGCAGC CTAAGGCAGA ATCTGAAGAA CTTTCCAGAG TGTGCCCATA TTTACCTGAT CAGAGAGAAA 1801 AGAAAATCTG CAGAGGAAGC TGAGCCTGGC TGCTTGTCAT AGCTGACACA GAGCCATCTG CCACAAACCT GTGGCGGCTT CAGATCTCCA ATCCCTGCCA 1901 CCACCCCAAC TCAAATTAAA TACAGATTCC TAGAGACGTT ATGATGGTTA CACATGTCCT CGGCATCACA TGTAGGAGAC TGTTCAAAAA AAATATGTGG 2001 CCTGTTGTAT AACCGCACTC ATGTATCCCA TATGTGGTGC CACATTGAAT TTCCGGTTGA ATCCGTTTTT ATCCTTTGTA CTGGATGACA TGGTGCCTGA 2101 ATTCTTTCTT TTCGCCGACA CGATGGCAGC CAAACTGCAG CTTCAAACGC TCACACTTGG CTGGGTTTCT ACCTAGGTTG CCAGGTTATC ATCGGAGCCT 2201 TCTTGTGTCC TCAAAGGGCC ACGAGGCCTG AAAGGAGGAT CAGAATGCTT TGGGATTAAT TGGGCAGCCA TCGCAGAATT GTTTGTGGGC AAAGGGCTGC 2301 TTTAGCACTT TTCTTTTAGC AAATTAATGA CTCTCAGGCA CAGGGGGTTT TAAGTGAAGG TATTAATAAG AGGTCTGGCA GGTATTCCCA TGATTCACAG 2401 AGTTACATTT GCATTTAATT AATCTTAAAG TTGCAAGATA AACAGCTGTA ATTCGGACAA ACATGACAAA CACAGTGAAG CCAACTATCC CATAAAATGA 2501 ACACTGACAT ACTTGTTTTA ATTTTTTTCC CAGCGTAAAA ATAGAAAAAT CAAAATACTC CTAACAAAAC CAGTGATTTT GATAGAAATA TTTCTCCAAT 2601 ATACTTGCAT CCACCTACAA ATATAACCTT TTCAAGATAA ATCGCTTATG ATTTCAATAG TCAAACTGCT GTGTTTGTTG ATGTAAAGAT GTTTTGAATG 2701 GCTAGATGGT AAAATAAATT CTTAATAAAG TACCCACTGC AATTTTT

$EELOGXQJ.RQVHQVXVF'1$KXPDQBFRQ

6HTXHQ] GHU .RQVHQVXV F'1$ ZLH LQ F EHVFKULHEHQ 'HU %HJLQQ GHU IU GDV &/867$/:$OLJQPHQW YHUZDQWHQ 25)V VLQGMHZHLOVGXUFKHLQ$7*PDUNLHUW

[HQRBFRQ

.RQVHQVXV6HTXHQ]GHU0DXV;HQRSXVODHYLVF'1$VES

1 AATTCGGCAC GAGGAGGACA AGTACAGAAG ACGTTGGCTG GAGAGAAATGAGCACCCTGC TGCTAGTCGA AGCCTTCTAT GGAGGGTCCC ACAAGCAGCT 101 GATGGACCTA ATTAAAGAAG AGGTAGAAGG CTGTATTTTG TATACACTCC CGGCGAAGAA ATGGCACTGG CGAGCACGGA CGGCCGCACT GTATTTCATG 201 CAAGCGATTT TACCCAGTGA TACCTACAGG GTTCTATTTA CAAGTTCAGT TTTGAACCTG GCAGAACTTG TGGCGCTTCG ACCAGACCTG GGCAAATTAA 301 AAAAGATCCT CTACTTCCAC GAGAACCAGT TGATCTATCC TGTTCAAAAG AGTCAAGAGA GAGACTTTCA GTATGGCTAT AACCAAATTC TTTCATGTTT 401 AGTTGCAGAT ACTGTGGTGT TCAATTCTGC CTTCAACATG GAATCTTTTC TAACTTCTAT AAAAACCTTT CTGAAGAAGA TACCGGACCA TCGTCCCAAG 501 AATCTGGAAG AAATTATCAG ACCAAAATGC TGGGTCCTTT ATTTTCCCAT TAATTTTCCA GACMTCASGC AGTMYSTGCC AGAGCATAAA TGCATACCCC 601 ATAACCTAGT GGATAAATCA TCTAGTGATA TCAGTTATTG CCCAAAAACA TCAATTCAGA CAGGRCGTAT GTCTGTGGAA TTCAGTGATC ATCAAATSCA 701 GTGCTCTAWT GATGAGTCAT CTGCTGAACA AGAGAAAACA RCWGTCTCTG AAAAAAACAA TTGTGAAGKT GGYGATCATG TGATTKTACA TTCACAAAGT 801 ACCTTGGCTG GSGATATTCA TCAGGAAAAG CCCTTGCATA TTGTGTGGCC TCATAGATGG GAACATGATA AAGACCCAGA AACGTTCTTT AAAGTATTGC 901 TGAAACTTAA AGAAAAGGAG CTGACTTTTC ATCTATCAGT CCTTGGAGAA ACCTTTACCG ATGTACCAGA TATATTTTCT GAAGCCAGAA TAACCTTGGG 1001 ATCGTCTGTC TTGCACTGGG GCTATTTAGC CAGCAAAGAT GACTATTTGC AAGCTCTCTG CATGGCTGAT GTTGTCGTTT CAACAGCTAA ACATGAATTC

$QKDQJ .RQVHQVXV6HTXHQ]GHU0DXV;HQRSXVODHYLVF'1$VES

1101 TTTGGCGTGG CAATGCTGGA AGCTGTGCAC TGTGGCTGCT ATCCCCTGTG CCCCARATCC TTGGTGTACC CCGAAATTTT CCCAGCAGTA TATNTGTATT 1201 CTTCACCTGA ACAGCTTTTG CGAAAGCTCG AGGATTTTTG TTA

$EELOGXQJ.RQVHQVXVF'1$[HQRBFRQ

6HTXHQ] GHU .RQVHQVXV F'1$ ZLH LQ F EHVFKULHEHQ 'HU %HJLQQ GHV IU GDV &/867$/:$OLJQPHQW YHUZDQGWHQ 25) LVWGXUFKHLQ$7*PDUNLHUW

PXVBFRQ

.RQVHQVXV6HTXHQ]GHU0DXVF'1$VES

1 CTCAGACTCC TTGGAGATGC TGCTGCATCT CAGATCTGTG GCGCCTTGTC CCCAGCCAGG GCAGAGGGTT TCTGAGAAGT CACCGGAGAA CTGTGAATCA 101 AAGTCTGATGAACACCCTGA CCTTGATGCT GWACWWGAAG CCCTGGACAA CCCATCTAGT CCATAAATCA GGCTCTCTTC CTGTGAGTAA AGAAAACCTG 201 CCTCTTGATC CCAGCACCCT TCTGTGTGGA GCTGAAGATC CGCAAAGACC GCTGCACATT ACATGGCCGC ACAGGTGGGA GCATGACAAA GATCCAGAGA 301 CGTTCTTAAA GATACTAATG AGTCTAAAGC AGTTAAACTT GAACTTCCAT GTCTCTGTCC TCGGRGAGAC TTTTWCAGAC ACACCAGATA TATTTTCAGA 401 AGCCAAAAAG GCACTGGGCT CTTCAGTCTT GCACTGGGGC TACTTACCCC GTAAAGAAGA CTATTTCCGC GTACTGTGCA TGGCTGACGT TGTCATCTCA 501 ACAGCCAAGC ATGAATTCTT TGGAGTAGCA ATGTTGGAAG CTGTGTACTG TGGCTGCTAC CCACTCTGTC CCAAAGCCTT GGTCTATCCT GAGATCTTTC 601 CAGCTGAGTA TCTGTATTCC ACACCTGAAC AGCTTTCAAA ACGGCTCAAG AGTTTCTGCA AGAGGCCAGA TATTATAAGA AAACATCTTT ATAAGGGTGA 701 AGTGGCTCCA TTTTCTTGGG CAGCCCTACA TGGTAAATTC AGGTCTCTGC TCACAACAGA ACCCAGGGAA GATTTGTGAC AGATGGGGCT AAGTCGCAAA 801 CTTGCAGCCT AAGGCAGAAT CTGAAGAACT TTCCAGAGTG TGCCCATATT TACCTGATCA GAGAGAAAAG AAAATCTGCA GAGGAAGCCG AGCCTGGCTG 901 CTTGTCATAG CTGACACAGA GCCATCTGCC ACAAACCTGT GGCGGCTTCA GATCTCCAAT CCCTGCCACC ACCCCAACTC AAATTAAATA CAGATTCCTA 1001 GAGACGTTAT GATGGTTACA CATGTCCTCG GCATCACATG TAGGAGACTG TTCAAAAAAA ATCTGTGGCC TGTTGTATAA CCGCACTCAT GTATCCCATA 1101 TGTGGTGCCA CATTGAATTT CCGGTTGAAT CCGTTTTTAT CCTTTGTACT GGATGACACG GAGCCTGAAT TCTTTCTTTC TGCCGACACG ATGGCAGCCA 1201 AACTGCAGCT TCAAACACTC ACACTTGGCT GAGTTTCTAC CTGGGT

$EELOGXQJ.RQVHQVXVF'1$PXVBFRQ

6HTXHQ] GHU .RQVHQVXV F'1$ ZLH LQ F EHVFKULHEHQ 'HU %HJLQQ GHV IU GDV &/867$/:$OLJQPHQW YHUZDQGWHQ 25) LVWGXUFKHLQ$7*PDUNLHUW

PXVBFRQ

.RQVHQVXV6HTXHQ]GHU0DXVF'1$VES

1 GATCAGAAGG TTTGAACAGG CCAATGAGTATTGTCATCAT CGAGGCATTT TATGGAGGCT CCCATCGACA GCTGGTAGAG CTGCTCCGAG AAGAATTAGA 101 TGACTGCGTG TTGTACACTC TTCCTGCAAA GAAATGGCAC TGGAGAGCAC GCACAGCAGC CTTATACTTC TCACAGAATA TTCCCAGCAG TGAGCACTAC 201 AGGACCCTCT TTGCAAGCTC AGTACTCAAC CTGACTGAAC TGGCTGCCCT TCGGCCTGAT CTGGGAAAAC TGAAAAAGAT CTTATACTTC CATGAAAACC 301 AGTTGGTGTA TCCTGTCAAG AAATATCAGG AGAGAGATTT TCAATATGGA TACAACCAAA TTCTCTCGTG TTTGGTGGCT GATGTTGTGG TATTCAATTC 401 CAGTTYTAAT ATGGAATCAT TTCTTACTTC TATTGGAAAA TTCCTGAAGC TGATTCCTGA TCACAGGCCT AAGGATCTGG AAAGC

$EELOGXQJ.RQVHQVXVF'1$PXVBFRQ

6HTXHQ] GHU .RQVHQVXV F'1$ ZLH LQ F EHVFKULHEHQ 'HU %HJLQQ GHV IU GDV &/867$/:$OLJQPHQW YHUZDQGWHQ 25) LVWGXUFKHLQ$7*PDUNLHUW

(UJlQ]XQJHQ]XEHVWHKHQGHQ*HQEDQN(LQWUlJHQ

143155 TTTCTCAATGTTTTCTTCATATATCTGCGCACTAATCAGTGTGCACATGCATATATACATATATATATATATATATATATATATATGGCGAATGTGTT TATGCCCAAATTGTAGACACTAAAATAAGGTAAAAACAG

$EELOGXQJ(UJlQ]XQJ]X$(

,QQHUKDOE GHV *HQEDQNHLQWUDJV $( EHVWHKHQ YLHOH $EZHLFKXQJHQ ]X GHQ YRQ XQV HUPLWWHOWHQ 6HTXHQ]HQ 'LH PHLVWHQ GDYRQ GUIWHQ QDWUOLFKH 9DULDWLRQHQ LQQHUKDOE GHU IU GLH 6HTXHQ]LHUXQJHQ YHUZHQGHWHQ )OLHJHQVWlPPH GDUVWHOOHQ $E 3RVLWLRQ VLQG LQQHUKDOE YRQ $( IQI]LJ Ä1V³ DXIJHIKUW XP DQ]X]HLJHQ GD‰ KLHU EHL GHQ $OLJQPHQWV GHU YHU VFKLHGHQHQ 6HTXHQ]HQ QRFK HLQH /FNH RKQH 6HTXHQ]LQIRUPDWLRQ NODIIW $QKDQG XQVHUHU 6HTXHQ]GDWHQ N|QQHQ GLH 1V GXUFKGLHREHQIHWWJHGUXFNWH6HTXHQ]HUVHW]WZHUGHQ

$QKDQJ

9HNWRUXQG5HVWULNWLRQV.DUWHQ 'LHNEGHV9DP%HUHLFKV

361(

'HU 9HNWRU 361( LVW HLQ LQ =XVDPPHQDUEHLW PLW -DNRE 7VFKlSH LP =XJH GHU .ORQLHUXQJ GHU S^&R6SH5`.RQVWUXNWHHQWVWDQGHQ

$EELOGXQJ'HU.ORQLHUXQJVYHNWRU361(

$OV $XVJDQVSURGXNW ZXUGHQ GHU 9HNWRU S27 85/ YHUZDQGW XQG HLQLJH 5HVWULNWLRQVVFKQLWWVWHOOHQ GHU 0&6 0XOWLSOH

&ORQLQJ6LWHYHUlQGHUW

$EELOGXQJ5HVWULNWLRQVNDUWHGHU9DP5HJLRQ

3RVLWLRQ GHU 5HVWULNWLRQVVFKQLWWVWHOOHQ IU $SD, %DP+, (FR5, .SQ, 6DF, XQG 6DF,, 6FKHPDWLVFK VLQG GLH LQ GHU 5HJLRQ YRUKDQGHQHQ*HQHPLWGHQ*DG)O\$QQRWDWLRQVQXPPHUQXQG/HVHULFKWXQJDQJHJHEHQ

$QKDQJ S^&R6SH5`

$EELOGXQJ'HU7UDQVIRUPDWLRQVYHNWRUS^&R6SH5`

6FKHPDWLVFKH 9HNWRU .DUWH GHV 7UDQVIRUPDWLRQVYHNWRUV S^&R6SH5` GHU IU GLH JHQRPLVFKHQ .HLPEDKQWUDQV IRUPDWLRQHQYHUZDQGWZXUGH

$QKDQJ

4 8(//(1$1*$%(1

4XHOOHQDQJDEHQ

4XHOOHQDQJDEHQ

$GDPV 0DUN ' 6XVDQ ( &HOQLNHU 5REHUW $ +ROW &KHU\O $ (YDQV -HDQQLQH ' *RFD\QH 3HWHU *

$PDQDWLGHV 6WHYHQ ( 6FKHUHU 3HWHU : /L 5RJHU $ +RVNLQV 5LFKDUG ) *DOOH 5HHG $ *HRUJH 6X]DQQD ( /HZLV 6WHSKHQ 5LFKDUGV 0LFKDHO $VKEXUQHU 6FRWW 1 +HQGHUVRQ *UDQJHU * 6XWWRQ -HQQLIHU 5 :RUWPDQ 0DUN ' <DQGHOO 4LQJ =KDQJ /LQ ; &KHQ 5KRQGD & %UDQGRQ <X+XL & 5RJHUV 5REHUW *

%OD]HM 0DUN &KDPSH %DUUHW ' 3IHLIIHU .HQQHWK + :DQ &ODUH 'R\OH (YDQ * %D[WHU *UHJJ +HOW

&DWKHULQH 5 1HOVRQ *HRUJH / *DERU 0LNORV -RVHS ) $EULO $QQD $JED\DQL +XL-LQ $Q &\QWKLD

$QGUHZV3IDQQNRFK 'DQLWD %DOGZLQ 5LFKDUG 0 %DOOHZ $QDQG %DVX -DPHV %D[HQGDOH /H\OD

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

&DUORV & (YDQJHOLVWD &RQFHSFLRQ )HUUD] 6WHYHQ )HUULHUD :ROIJDQJ )OHLVFKPDQQ &DUO )RVOHU $QGUHL (

*DEULHOLDQ 1HKD 6 *DUJ :LOOLDP 0 *HOEDUW .HQ *ODVVHU $QQD *ORGHN )DQJFKHQJ *RQJ - +DUOH\

*RUUHOO =KLSLQJ *X 3LQJ *XDQ 0LFKDHO +DUULV 1RPL / +DUULV 'DPRQ +DUYH\ 7KRPDV - +HLPDQ -XGLWK 5 +HUQDQGH] -DUUHWW +RXFN 'DPRQ +RVWLQ .DWKU\Q $ +RXVWRQ 7LPRWK\ - +RZODQG 0LQJ+XL :HL &KLQ\HUH ,EHJZDP 0HQD -DODOL )UDQFLV .DOXVK *DU\ + .DUSHQ =KDR[L .H -DPHV $ .HQQLVRQ .DUHQ $ .HWFKXP %UXFH ( .LPPHO &KLQQDSSD ' .RGLUD &KHU\O .UDIW 6DXO .UDYLW] 'DYLG .XOS

=KRQJZX /DL 3DXO /DVNR <LGLQJ /HL $OH[DQGHU $ /HYLWVN\ -LD\LQ /L =KHQ\D /L <RQJ /LDQJ ;LDR\LQJ /LQ ;LDQJMXQ /LX %HWWLQD 0DWWHL 7LQD & 0F,QWRVK 0LFKDHO 3 0F/HRG 'XQFDQ 0F3KHUVRQ *HQQDG\

0HUNXORY 1DWDOLD 9 0LOVKLQD &ODUN 0REDUU\ -RH 0RUULV $OL 0RVKUHIL 6WHSKHQ 0 0RXQW 0HH 0R\

%ULDQ 0XUSK\ /HH 0XUSK\ 'RQQD 0 0X]Q\ 'DYLG / 1HOVRQ 'DYLG 5 1HOVRQ .HLWK $ 1HOVRQ .DWKHULQH 1L[RQ 'HERUDK 5 1XVVNHUQ -RDQQH 0 3DFOHE 0LFKDHO 3DOD]]ROR *MDQJH 6 3LWWPDQ 6XH 3DQ -RKQ 3ROODUG 9LQLWD 3XUL 0DUWLQ * 5HHVH .QXW 5HLQHUW .DULQ 5HPLQJWRQ 5REHUW ' & 6DXQGHUV )UHGHULFN 6FKHHOHU +XD 6KHQ %L[LDQJ &KULVWRSKHU 6KXH ,QJD 6LGpQ.LDPRV 0LFKDHO 6LPSVRQ 0DULDQ 3 6NXSVNL 7RP 6PLWK (XJHQH 6SLHU $OODQ & 6SUDGOLQJ 0DUN 6WDSOHWRQ 5HQHH 6WURQJ (ULF 6XQ 5REHUW 6YLUVNDV &\QGHH 7HFWRU 5XVVHOO 7XUQHU (OL 9HQWHU $LKXL + :DQJ ;LQ :DQJ =KHQ<XDQ :DQJ 'DYLG

$ :DVVDUPDQ *HRUJH 0 :HLQVWRFN -HDQ :HLVVHQEDFK 6KHULWD 0 :LOOLDPV 7UHYRU :RRGDJH .LP &

:RUOH\ 'DYLG :X 6RQJ <DQJ 4 $OLVRQ <DR -DQH <H 5X)DQJ <HK -D\VKUHH 6 =DYHUL 0LQJ =KDQ

*XDQJUHQ =KDQJ 4L =KDR /LDQVKHQJ =KHQJ ;LDQJTXQ + =KHQJ )HL 1 =KRQJ :HQ\DQ =KRQJ ;LDRMXQ

=KRX 6KLDRSLQJ =KX ;LDRKRQJ =KX +DPLOWRQ 2 6PLWK 5LFKDUG $ *LEEV (XJHQH : 0\HUV *HUDOG 0 5XELQ - &UDLJ 9HQWHU 7KH JHQRPH VHTXHQFH RI 'URVRSKLOD PHODQRJDVWHU 6FLHQFH 0DU

$OWVFKXO 6WHSKHQ ) 7KRPDV / 0DGGHQ $OHMDQGUR $ 6FKlIIHU -LQJKXL =KDQJ =KHQJ =KDQJ :HEE 0LOOHU DQG 'DYLG - /LSPDQ *DSSHG %/$67 DQG 36,%/$67 D QHZ JHQHUDWLRQ RI SURWHLQ GDWDEDVH VHDUFK SURJUDPV 1XFOHLF$FLGV5HV

$QVDUL % &RDWHV 3- *UHHQVWHLQ %' +DOO 3$ ,Q VLWX HQGODEHOOLQJ GHWHFWV '1$ VWUDQG EUHDNV LQ DSRSWRVLV DQGRWKHUSK\VLRORJLFDODQGSDWKRORJLFDOVWDWHV-3DWKRO ²

$VKEXUQHU0'URVRSKLOD/DERUDWRU\+DQGERRN&ROG6SULQJ+DUERXU/DERUDWRU\3UHVV D

$VKEXUQHU0'URVRSKLOD/DERUDWRU\0DQXDO&ROG6SULQJ+DUERXU/DERUDWRU\3UHVV E

$XVXEHO)0 %UHQW5 .LQJVWRQ5( 0RRUH'' 6HLGPDQ-* 6PLWK-$ 6WUXKO. &XUUHQW 3URWRFROV LQ 0ROHFXODU

%LRORJ\1HZ<RUN-RKQ:LOH\ 6RQV

%DNHU :. ,QGXFHG ORVV RI D ULQJ DQG D WHORPHULF FKURPRVRPH LQ 'URVRSKLOD PHODQRJDVWHU *HQHWLFV

%DUQHV:0 3&5 DPSOLILFDWLRQ RI XS WR NE '1$ ZLWK KLJK ILGHOLW\ DQG KLJK \LHOG IURP ODPEGD EDFWHULRSKDJH WHPSODWHV3URF1DWO$FDG6FL86$ 0DU

%DVOHU . DQG +DIHQ ( '\QDPLFV RI 'URVRSKLOD H\H GHYHORSPHQW DQG WHPSRUDO UHTXLUHPHQWV RI VHYHQOHVV H[SUHVVLRQ'HYHORSPHQW

%DWHV0$ULDV$07KH'HYHORSPHQWRI 'URVRSKLODPHODQRJDVWHU&ROG6SULQJ+DUERU/DERUDWRU\3UHVV

%HOOHQ +- 2.DQH &- :LOVRQ & *URVVQLNODXV 8 3HDUVRQ 5. DQG *HKULQJ :- 3HOHPHQW²PHGLDWHG HQKDQFHUGHWHFWLRQ$YHUVDWLOHPHWKRGWRVWXG\GHYHORSPHQWLQ'URVRSKLOD*HQHV'HY

4XHOOHQDQJDEHQ

%HOOHQ +- :LOVRQ & *LEVRQ * *URVVQLNODXV 8 3HDUVRQ 5. 2.DQH & *HKULQJ :- 3HOHPHQWPHGLDWHG HQKDQFHU GHWHFWLRQ DOORZV UDSLG LGHQWLILFDWLRQ RI GHYHORSPHQWDOO\ UHJXODWHG JHQHV DQG FHOO VSHFLILF PDUNHUV LQ 'URVRSKLOD-3K\VLRO3DULV

%HUJHQKHP 1&+ 9HQWD 3- +RSNLQV 3- .LP +- DQG 7DVKLDQ 5( 0XWDWLRQ FUHDWHV DQ RSHQ UHDGLQJ IUDPH ZLWKLQ WKH 875 RI PDFDTXH &$ , P51$ WKDW VXSSUHVVHV &$ , H[SUHVVLRQ DQG VXSSRUWV WKH VFDQQLQJ PRGHOIRUWUDQVODWLRQ3URF1DWO$FDG6FL 86$SS

%HUJKHOOD/ 'LPLWUL 3 7KH KHWHURFKURPDWLF UROOHG JHQH RI 'URVRSKLOD PHODQRJDVWHU LV H[WHQVLYHO\ SRO\WHQL]HG DQG WUDQVFULSWLRQDOO\DFWLYHLQWKHVDOLYDU\JODQGFKURPRFHQWHU*HQHWLFV 6HS

%MRUNOXQG 6 $OPRX]QL * 'DYLGVRQ , 1LJKWLQJDOH .3 :HLVV . *OREDO WUDQVFULSWLRQ UHJXODWRUV RI HXNDU\RWHV

&HOO0DU

%ODFNZRRG (0 .DGRQDJD -7 *RLQJ WKH GLVWDQFH D FXUUHQW YLHZ RI HQKDQFHU DFWLRQ 6FLHQFH -XO

%RUWQHU&' 2OGHQEXUJ 1%( &LGORZVNL -$ 7KH UROH RI '1$ IUDJPHQWDWLRQ LQ DSRSWRVLV 7UHQGV &HOO %LRO

²

%UDQG $+ 3HUULPRQ 1 7DUJHWHG JHQH H[SUHVVLRQ DV D PHDQV RI DOWHULQJ FHOO IDWHV DQG JHQHUDWLQJ GRPLQDQW SKHQRW\SHV'HYHORSPHQW-XQ

%XFN 0 0 0LOOHU 0 'UXPPRQG DQG 5 'L[RQ 8SVWUHDP DFWLYDWRU VHTXHQFHV DUH SUHVHQW LQ WKH SURPRWHUV RI QLWURJHQIL[DWLRQJHQHV1DWXUH

&DOODKDQ &$ DQG 7KRPDV -% 7DXβJDODFWRVLGDVH DQ D[RQWDUJHWHG IXVLRQ SURWHLQ 3URF 1DWO $FDG 6FL 86$

&DVDUHV ) %HQGHU : 0HUULDP - DQG 6DQFKH]+HUUHUR ( ,QWHUDFWLRQV RI 'URVRSKLOD 8OWUDELWKRUD[ UHJXODWRU\

UHJLRQVZLWKQDWLYHDQGIRUHLJQSURPRWHUV*HQHWLFV

&RROH\/ .HOOH\ 5 6SUDGOLQJ $ ,QVHUWLRQDO PXWDJHQHVLV RI WKH 'URVRSKLOD JHQRPH ZLWK VLQJOH 3 HOHPHQWV 6FLHQFH 0DU

&RRPEH3( +HLVHQEHUJ0 7KH VWUXFWXUDO PXWDQW 9DFXRODU PHGXOOD RI 'URVRSKLOD PHODQRJDVWHU ZLWK VSHFLILF EHKDYLRUDOGHIHFWVDQGFHOOGHJHQHUDWLRQLQWKHDGXOW-1HXURJHQ 0D\

&RUPDFN %3 6WUXKO . 7KH 7$7$ELQGLQJ SURWHLQ LV UHTXLUHG IRU WUDQVFULSWLRQ E\ DOO WKUHH QXFOHDU 51$

SRO\PHUDVHVLQ\HDVWFHOOV&HOO ²

&RXOVRQ 50 (QULJKW $- 2X]RXQLV &$ 7UDQVFULSWLRQDVVRFLDWHG SURWHLQ IDPLOLHV DUH SULPDULO\ WD[RQVSHFLILF

%LRLQIRUPDWLFV-DQ

&UX] %HWWHQFRXUW GD $ 0ROHNXODUH XQG JHQHWLVFKH $QDO\VH GHU 9DP0XWDWLRQ LQ 'URVRSKLOD PHODQRJDVWHU 'LSORPDUEHLW DQ GHU 1DWXUZLVVHQVFKDIWOLFKHQ )DNXOWlW ,,, %LRORJLH XQG 9RUNOLQLVFKH 0HGL]LQ GHU 8QLYHUVLWlW 5HJHQVEXUJ

'LFNVRQ'*HQHHVWLPDWHULVHVDV86DQG8.GLVFXVVIUHHGRPRIDFFHVV1DWXUH 6HS 'LQJZDOO&/DVNH\5$1XFOHDUWDUJHWLQJVHTXHQFHVDFRQVHQVXV"7UHQGV%LRFKHP6FL 'HF 'RQJ = 6DLNXPDU 3 :HLQEHUJ -0 9HQNDWDFKDODP 0$ ,QWHUQXFOHRVRPDO '1$ FOHDYDJH WULJJHUHG E\ SODVPD

PHPEUDQH GDPDJH GXULQJ QHFURWLF FHOO GHDWK LQYROYHPHQW RI VHULQH EXW QRW F\VWHLQH SURWHDVHV $P - 3DWKRO

²

(FNHUW .$ .XQNHO 7$ '1$ SRO\PHUDVH ILGHOLW\ DQG WKH SRO\PHUDVH FKDLQ UHDFWLRQ 3&5 0HWKRGV $SSO

$XJ

(LFKEDXP4* ,\HU 5 5DYHK '3 0DWKLHX & (]HNRZLW] 5$ 5HVWULFWLRQ RI LQWHUIHURQ JDPPD UHVSRQVLYHQHVV DQG EDVDO H[SUHVVLRQ RI WKH P\HORLG KXPDQ )F JDPPD 5E JHQH LV PHGLDWHG E\ D IXQFWLRQDO 38 VLWH DQG D WUDQVFULSWLRQLQLWLDWRUFRQVHQVXV-([S0HG

(QDUL0 6DNDKLUD + <RNR\DPD . ,ZDPDWVX $ 1DJDWD 6 $ FDVSDVHDFWLYDWHG '1DVH WKDW GHJUDGHV '1$ GXULQJ DSRSWRVLVDQGLWVLQKLELWRU,&$'1DWXUH ²

)HDQ\0%%HQGHU::$'URVRSKLODPRGHORI3DUNLQVRQVGLVHDVH1DWXUH 0DU )HUQDQGH])XQH] 3 1LQR5RVDOHV 0/ GH *RX\RQ % 6KH :& /XFKDN 0 0DUWLQH] 3 7XULHJDQR ( %HQLWR

-&DSRYLOOD 0 6NLQQHU 3- 0F&DOO $ &DQDO , 2UU +7 =RJKEL +< %RWDV - ,GHQWLILFDWLRQ RI JHQHV WKDW PRGLI\

DWD[LQLQGXFHGQHXURGHJHQHUDWLRQ1DWXUH 1RY

)LVFKEDFK.) 'LWWULFK $30 7KH RSWLF OREH RI 'URVRSKLOD PHODQRJDVWHU , $ *ROJL DQDO\VLV RI ZLOGW\SH VWUXFWXUH

&HOO7LVV5HV

)ODKHUW\.0 0F.D\ '% .DEVFK : +ROPHV .& 6LPLODULW\ RI WKH WKUHHGLPHQVLRQDO VWUXFWXUHV RI DFWLQ DQG WKH

$73DVHIUDJPHQWRIDN'DKHDWVKRFNFRJQDWHSURWHLQ3URF1DWO$FDG6FL86$ -XQ

4XHOOHQDQJDEHQ

*DYULHOL < 6KHUPDQ < %HQ6DVVRQ 6$ ,GHQWLILFDWLRQ RI SURJUDPPHG FHOO GHDWK LQ VLWX YLD VSHFLILF ODEHOLQJ RI QXFOHDU'1$IUDJPHQWDWLRQ-&HOO%LRO 1RY

*GXOD '$ *HUDVLPRYD 7, &RUFHV 9* *HQHWLF DQG PROHFXODU DQDO\VLV RI WKH J\SV\ FKURPDWLQ LQVXODWRU RI 'URVRSKLOD3URF1DWO$FDG6FL86$ 6HS

*H\HU 3. 7KH UROH RI LQVXODWRU HOHPHQWV LQ GHILQLQJ GRPDLQV RI JHQH H[SUHVVLRQ &XUU 2SLQ *HQHW 'HY

$SU

*LQLJHU ( :HOOV : -DQ /< DQG -DQ <1 7UDFLQJ QHXURQV ZLWK D NLQHVLQ‰JDODFWRVLGDVH IXVLRQ SURWHLQ 5RX[V$UFK'HY%LRO

*UXPPW, 5HJXODWLRQ RI PDPPDOLDQ ULERVRPDO JHQH WUDQVFULSWLRQ E\ 51$ SRO\PHUDVH , 3URJ 1XFOHLF $FLG 5HV 0RO%LRO

*XLOOHPLQ . *URSSH - 'XFNHU . 7ULHVPDQ 5 +DIHQ ( $IIROWHU 0 DQG .UDVQRZ 0 $ 7KH SUXQHG JHQH HQFRGHV WKH 'URVRSKLOD VHUXP UHVSRQVH IDFWRU DQG UHJXODWHV F\WRSODVPLF RXWJURZWK GXULQJ WHUPLQDO EUDQFKLQJ RIWKHWUDFKDHOV\VWHP'HYHORSPHQW $PHULFDQ6FLHQWLVW

+DKQ6 %XUDWRZVNL 6 6KDUS 3$ *XDUHQWH / <HDVW 7$7$ELQGLQJ SURWHLQ 7),,'ELQGV WR 7$7$ HOHPHQWV ZLWK ERWKFRQVHQVXVDQGQRQFRQVHQVXV'1$VHTXHQFHV3URF1DWO$FDG6FL 86$²

+DOWHU '$ 8EDQ - 5LFNHUW & 1HU 66 ,WR . 7UDYHUV $$ DQG 7HFKQDX *0 7KH KRPHRER[ JHQH UHSR LV UHTXLUHG IRU WKH GLIIHUHQWLDWLRQ DQG PDLQWHQDQFH RI JOLD IXQFWLRQ LQ WKH HPEU\RQLF QHUYRXV V\VWHP RI 'URVRSKLODPHODQRJDVWHU'HYHORSPHQW

+DUWHQVWHLQ 9 DQG -DQ <1 6WXG\LQJ 'URVRSKLOD HPEU\RJHQHVLV ZLWK 3ODF= HQKDQFHU WUDS OLQHV 5RX[V $UFK 'HY%LRO

+DUWO'/ $MLRND -: &DL + /RKH $5 /R]RYVND\D (5 6PROOHU '$ 'XQFDQ ,: 7RZDUGV D 'URVRSKLOD JHQRPH PDS7UHQGV*HQHW)HE

+HLVHQEHUJ 0 LQ 'HYHORSPHQW DQG 1HXURELRORJ\ RI 'URVRSKLOD HG 6LGGLTL 2 %DEX 3 +DOO / 0 +DOO - &

3OHQXP1HZ<RUNSS

+HLVHQEHUJ 0 DQG %|KO . ,VRODWLRQ RI DQDWRPLFDO EUDLQ PXWDQWV RI 'URVRSKLOD PHODQRJDVWHU E\ KLVWRORJLFDO PHDQV=1DWXUIRUVFK

+HQJDUWQHU0$SRSWRVLV'HDWKE\FURZGFRQWURO6FLHQFH ²

+RFKVFKLOG $ 'RYH 6/ 3URWHLQSURWHLQ FRQWDFWV WKDW DFWLYDWH DQG UHSUHVV SURNDU\RWLF WUDQVFULSWLRQ &HOO 0DU

-DFN - 'H/RWWR < 6WUXFWXUH DQG UHJXODWLRQ RI D FRPSOH[ ORFXV WKH FXW JHQH RI 'URVRSKLOD *HQHWLFV

$SU

-DFREVRQ0':HLO0 5DII0&3URJUDPPHGFHOOGHDWKLQDQLPDOGHYHORSPHQW&HOO ² -DPHV / :HEHU DQG (XJHQH : 0\HUV +XPDQ :KROH*HQRPH 6KRWJXQ 6HTXHQFLQJ *HQRPH 5HVHDUFK 9RO

0D\1RSS

.DUSHQ*+ 6SUDGOLQJ $& $QDO\VLV RI VXEWHORPHULF KHWHURFKURPDWLQ LQ WKH 'URVRSKLOD PLQLFKURPRVRPH 'S E\VLQJOH3HOHPHQWLQVHUWLRQDOPXWDJHQHVLV*HQHWLFV 1RY

.DW]HQ$/ %LVKRS -0 P\E SURYLGHV DQ HVVHQWLDO IXQFWLRQ GXULQJ 'URVRSKLOD GHYHORSPHQW 3URF 1DWO $FDG 6FL 8 6$1RY

.HOOHKHU 5- UG )ODQDJDQ 30 .RUQEHUJ 5' $ QRYHO PHGLDWRU EHWZHHQ DFWLYDWRU SURWHLQV DQG WKH 51$

SRO\PHUDVH,,WUDQVFULSWLRQDSSDUDWXV&HOO -XQ

.HQQHUGHOO -5 &DUWKHZ 5: +HULWDEOH JHQH VLOHQFLQJ LQ 'URVRSKLOD XVLQJ GRXEOHVWUDQGHG 51$ 1DW %LRWHFKQRO

$XJ

.HUU-) :\OOLH $+ &XUULH $5 $SRSWRVLV D EDVLF ELRORJLFDO SKHQRPHQRQ ZLWK ZLGHUDQJLQJ LPSOLFDWLRQV LQ WLVVXH NLQHWLFV%U-&DQFHU$XJ

.KRXU\**UXVV3(QKDQFHUHOHPHQWV&HOO -XQ

.LP<- %MRUNOXQG 6 /L < 6D\UH 0+ .RUQEHUJ 5' $ PXOWLSURWHLQ PHGLDWRU RI WUDQVFULSWLRQDO DFWLYDWLRQ DQG LWV LQWHUDFWLRQZLWKWKH&WHUPLQDOUHSHDWGRPDLQRI51$SRO\PHUDVH,,&HOO 0D\

.R]DN0 $Q DQDO\VLV RI · QRQFRGLQJ VHTXHQFHV IURP YHUWHEUDWH PHVVHQJHU 51$V 1XFOHLF $FLGV 5HVD 93

.R]DN0 $W OHDVW QXFOHRWLGHV SUHFHGLQJ WKH $8* LQLWLDWRU FRGRQ HQKDQFH WUDQVODWLRQ LQ PDPPDOLDQ FHOOV - 0RO

%LROE93

.R]DN0,QLWLDWLRQRIWUDQVODWLRQLQSURNDU\RWHVDQGHXNDU\RWHV*HQH -XO

4XHOOHQDQJDEHQ

/HH7,<RXQJ5$7UDQVFULSWLRQRIHXNDU\RWLFSURWHLQFRGLQJJHQHV$QQX5HY*HQHW

/HZLV (% %DFKHU ) 0HWKRGV RI IHHGLQJ HWK\O PHWKDQ VXOIRQDWH (06 WR 'URVRSKLOD PDOHV 'URVRSKLOD ,QI 6HUYLFH

/LQGVOH\ '/ 6DQGOHU / %DNHU %6 &DUSHQWHU $7 'HQHOO 5( +DOO -& -DFREV 3$ 0LNORV */ 'DYLV %.

*HWKPDQQ 5& +DUG\ 5: 6WHYHQ $+ 0LOOHU 0 1R]DZD + 3DUU\ '0 *RXOG6RPHUR 0 *RXOG6RPHUR 0 6HJPHQWDO DQHXSORLG\ DQG WKH JHQHWLF JURVV VWUXFWXUH RI WKH 'URVRSKLOD JHQRPH *HQHWLFV0D\

/LX; =RX + 6ODXJKWHU & :DQJ ; ')) D KHWHURGLPHULF SURWHLQ WKDW IXQFWLRQV GRZQVWUHDP RI FDVSDVH WR

/LX; =RX + 6ODXJKWHU & :DQJ ; ')) D KHWHURGLPHULF SURWHLQ WKDW IXQFWLRQV GRZQVWUHDP RI FDVSDVH WR