Dec 20, 2017 - Faculté de Médecine Lyon Est â Claude Bernard. Faculté de Médecine et de Maïeutique Lyon Sud â Charles. Mérieux. Faculté d'Odontologie.
1G¶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
[Y
[YL
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
[YLL
[YLLL
$FURQ\PV '
=HURGLPHQVLRQDO
'
2QHGLPHQVLRQDO
'
7ZRGLPHQVLRQDO
'
7KUHHGLPHQVLRQDO
$$2
$QRGLF$OXPLQXP2[LGH
D%1
$PRUSKRXV%RURQ1LWULGH
$)0
$WRPLF)RUFH0LFURVFRS\
$/'
$WRPLF/D\HU'HSRVLWLRQ
$/(
$WRPLF/D\HU(SLWD[\
$3
$PELHQW3UHVVXUH
$75
$WWHQXDWHG7RWDO5HIOHFWLRQ
%1
%RURQ1LWULGH
%117
%RURQ1LWULGH1DQRWXEH
&$
&RQWDFW$QJOH
F%1
&XELF%RURQ1LWULGH
&)V
&DUERQ)LEHUV
&13V
&DUERQ1DQRSDUWLFOHV
&17
&DUERQ1DQRWXEH
&9'
&KHPLFDO9DSRU'HSRVLWLRQ
')7
'HQVLW\)XQFWLRQDO7KHRU\
',ZDWHU '0) '7* (6 (63$1
'HLRQL]HGZDWHU 'LPHWK\OIRUPDPLGH 'HULYDWLYH7KHUPRJUDYLPHWU\ (OHFWURVSXQ (OHFWURVSXQ3RO\DFU\ORQLWULOH
(';6
(QHUJ\GLVSHUVLYH;UD\6SHFWURVFRS\
)(7 ))7 )7,5
)LHOGHIIHFW7UDQVLVWRU )DVW)RXULHU7UDQVIRUP )RXULHU7UDQVIRUPHG,QIUDUHG6SHFWURVFRS\
):+0
)XOO:LGWKDW+DOI0D[LPXP
*3&
*URZWK3HU&\FOH
+$$')
+LJKDQJOH$QQXODU'DUNILHOG
K%1
+H[DJRQDO%RURQ1LWULGH [L[
+0'6
+H[DPHWK\OGLVLOD]DQH
+23* +3+7
+LJKO\2ULHQWHG3\URO\WLF*UDSKLWH +LJK3UHVVXUHDQG+LJK7HPSHUDWXUH
+57(0
+LJKUHVROXWLRQ7UDQVPLVVLRQ(OHFWURQ0LFURVFRS\
+:$/'
+RWZLUH$WRPLF/D\HU'HSRVLWLRQ
/$/'
/DVHUDVVLVWHG$WRPLF/D\HU'HSRVLWLRQ
/(('
/RZ(QHUJ\(OHFWURQ'LIIUDFWLRQ
0% 0%(
0HWK\OHQH%OXH 0ROHFXODU%HDP(SLWD[\
0) 0/
0HODPLQHIRUPDOGHK\GH 0ROHFXODU/D\HULQJ
03,
0XOWLSOH3XOVHG9DSRU3KDVH,QILOWUDWLRQ
0:&17V
0XOWLZDOOHG&DUERQ1DQRWXEHV
105
1XFOHDU0DJQHWLF5HVRQDQFH
3$1 SEQ 3&
3RO\DFU\ORQLWULOH 3RO\ERUD]\OHQH 3RO\FDUERQDWH
3'&VURXWH
3RO\PHU'HULYHG&HUDPLFVURXWH
3( 3($/'
3RO\HWK\OHQH 3ODVPDHQKDQFHG$WRPLF/D\HU'HSRVLWLRQ
3(&9' 3(, 3,3 3,36 3/'
3ODVPDHQKDQFHV&KHPLFDO9DSRU'HSRVLWLRQ 3RO\HWK\OHQHLPLQH 3RO\PHU,QILOWUDWLRQDQG3\URO\VLV 3UHFLVLRQ,RQ3ROLVKLQJ6\VWHP 3XOVHG/DVHU'HSRVLWLRQ
300$ 33 36 39& U%1
3RO\PHWK\OPHWKDFU\ODWH 3RO\SURS\OHQH 3RO\VW\UHQH 3RO\YLQ\OFKORULGH 5KRPERKHGUDO%RURQ1LWULGH
5)VSXWWHULQJ
5DGLR)UHTXHQF\6SXWWHULQJ
506 57
5RRW0HDQ6TXDUH 5RRP7HPSHUDWXUH
57$
5DSLG7KHUPDO$QQHDOLQJ
6$('
6HOHFWLYH$UHD(OHFWURQ'LIIUDFWLRQ
[[
6(0
6FDQQLQJ(OHFWURQ0LFURVFRS\
636
6SDUN3ODVPD6LQWHULQJ
67(0
6FDQQLQJ7UDQVPLVVLRQ(OHFWURQ0LFURVFRS\
6:&17V
6LQJOHZDOOHG&DUERQ1DQRWXEHV
W%1 7&%
7XUERVWUDWLF%RURQ1LWULGH WULFKORURERUD]LQH
7'0$% 7(% 7(0
7ULVGLPHWK\ODPLQR ERUDQH 7ULHWK\OERURQ 7UDQVPLVVLRQ(OHFWURQ0LFURVFRS\
7(0$% 7(26 7*$
7ULHWK\OPHWK\ODPLQR ERURQH 7HWUDHWKR[\VLODQH 7KHUPRJUDYLPHWULF$QDO\VLV
70$
7ULPHWK\ODOXPLQXP
706& X&17V
7ULPHWK\OVLO\OFKORULGH 8QSXULILHG&DUERQ1DQRWXEHV
8+9
8OWUDKLJK9DFXXP
89 9G:
8OWUDYLROHW 9DQGHU:DDOV
93,
9DSRU3KDVH,QILOWUDWLRQ
Z%1
:XUW]LWH%RURQ1LWULGH
;36
;UD\3KRWRHOHFWURQ6SHFWURVFRS\
[[L
[[LL
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aH9 KLJKWKHUPDODQGFKHPLFDOVWDELOLW\ORZGHQVLW\DQG WKH GLSRODUQDWXUH RI %1 ERQGV K%1 QDQRVWUXFWXUHV GHPRQVWUDWH SURPLVLQJ SURSHUWLHV IRU K\GURJHQVWRUDJHHQHUJ\FRQYHUVLRQZDWHUSXULILFDWLRQDQGELRORJLFDODSSOLFDWLRQV &RQWURORIWKHVKDSHVDQGGLPHQVLRQVRIVXFKQDQRVWUXFWXUHVWKLQILOPVDWWKHDWRPLFVFDOHLV DQ LPSRUWDQW FKDOOHQJH WR WXQH WKHLU IXQFWLRQDOLWLHV 8VH RI D WHPSODWH LV D FRPPRQ HODERUDWLRQURXWHKRZHYHULWUHTXLUHVDV\QWKHWLFDSSURDFKWKDWLVFDSDEOHRIFRQWUROOLQJWKH GHSRVLWLRQRQDVDFULILFLDOVXSSRUWDWWKHDWRPLFVFDOH$PRQJVWDOOWKHIDEULFDWLRQSURFHVVHV $WRPLF/D\HU'HSRVLWLRQ$/' DSSHDUVWREHRQHRIWKHPRVWSURPLVLQJWHFKQLTXHVGXHWR LWV VLPSOLFLW\ UHSURGXFLELOLW\ JHQWOH FRQGLWLRQV DQG WKH KLJK FRQIRUPDOLW\ RI WKH REWDLQHG ILOPV &RPSOH[ KLJK DVSHFW UDWLR QDQRVWUXFWXUHV FDQ EH WKHQ SUHFLVHO\ FRDWHG± +RZHYHU $/' JURZWK RI %1 ZLWK JRRG FU\VWDOOLQLW\ UHPDLQV YHU\ FKDOOHQJLQJ DQG SURFHVV GHYHORSPHQWLVVWLOOQHHGHG3RO\PHUGHULYHGFHUDPLFV3'&V URXWHLVNQRZQIRUGHSRVLWLRQ RI PLFURPHWHU K%1 ILOPV DQG KDV EHHQ VWXGLHG IRU QHDUO\ \HDUV LQ RXU JURXS 7KLV VROXWLRQEDVHG DSSURDFK FRQVLVWV LQ WKH IRUPDWLRQ RI D SUHFHUDPLF SRO\PHU ZKLFK LV WKHQ FRQYHUWHGLQWRFHUDPLFE\WKHUPRO\VLV3URYLGLQJDODUJHFKRLFHRIGHVLJQHGSUHFXUVRUVDQG ORZSRO\PHUL]DWLRQWHPSHUDWXUHDGDSWDWLRQRIWKH3'&VURXWHWR$/'VHHPVSURPLVLQJ 7KH 3K' ZRUN SUHVHQWHG LQ WKLV WKHVLV KDV WKXV EHHQ GHYRWHG WR DGDSW SRO\PHU GHULYHG FHUDPLFVURXWHWRWKH$/'WHFKQLTXHDLPLQJWKHIDEULFDWLRQRIK%1WKLQILOPVDQGIXQFWLRQDO QDQRVWUXFWXUHV%DVHGRQ3'&VFKHPLVWU\DQRYHOWZRVWHSDPPRQLDIUHH$/'DSSURDFKKDV EHHQGHYHORSHG,QSDUWLFXODULWDOORZVGHSRVLWLRQRIDSUHFHUDPLFSRO\PHUDWORZWHPSHUDWXUH & )URP WULFKORURERUD]LQH UHDFWHG ZLWK KH[DPHWK\OGLVLOD]DQH FRQIRUPDO DQG KRPRJHQHRXV%1WKLQILOPVDQGQDQRVWUXFWXUHV KDYHEHHQV\QWKHVL]HGXVLQJWKLVQHZ$/'
,QWURGXFWLRQ
DSSURDFK8VLQJVXEVWUDWHVRUWHPSODWHVZLWKGLPHQVLRQDOLWLHVYDU\LQJIURPRQHGLPHQVLRQDO WR WKUHHGLPHQVLRQDO YDULRXV IXQFWLRQDO %1 QDQRVWUXFWXUHV KDYH EHHQ REWDLQHG 7KH IDEULFDWHGWKLQILOPVDQGIXQFWLRQDOQDQRVWUXFWXUHV KDYHWKHQEHHQLQYHVWLJDWHGDVSURWHFWLYH FRDWLQJV DQG DV ILOWHU DQG DEVRUSWLYH VSRQJH IRU RUJDQLFRLO UHPRYDO IURP SROOXWHG ZDWHU )LQDOO\
SUHOLPLQDU\
UHVXOWV
RQ
D
VHFRQG
ORZ
WHPSHUDWXUH
$/'
IURP
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
LQYHVWLJDWH
WKH
SDQHO
RI
SUHFXUVRUV
RIIHUHG
E\
WKLV
FKHPLFDO
URXWH
WULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHDUHXVHGDV$/'SUHFXUVRUVWRGHSRVLW%1WKLQ ILOPV 7KH SRWHQWLDOLW\ RI VXFK DSSURDFK LV GHPRQVWUDWHG DQG QHZ HODERUDWLRQ SDWKZD\V DUH IRUHVHHQVXFKDVYDSRUSKDVHLQILOWUDWLRQDQG89DVVLVWHG$/'
,QWURGXFWLRQ
5HIHUHQFHV 1RYRVHORY.6*HLP$.0RUR]RY69-LDQJ'=KDQJ&+&+1%+ @Q
3RZGHUV
1+ā%+
'LEURPRERUDQHGLPHWK\O VXOILGH&+ 6ā%+%U
>&+&+1+@QDQG 0H1%+
7ULVPHWKODPLQR ERUDQH
K%1FHUDPLFDQGSURWHFWLRQRI JUDSKLWHDJDLQVWR[LGDWLRQ FRDWLQJVPDWUL[DQG6L1%1 FRPSRVLWHVFHUDPLF
%1+0H
%XONFHUDPLF
7ULVLVRSURS\ODPLQR ERUDQH %1+L3U
%XONFHUDPLFILOPV6L& %1FRPSRVLWHV&%1 FRPSRVLWHVSURWHFWLYHFRDWLQJV RQPHWDOOLFVXEVWUDWHV QDQRSDUWLFOHVQDQRWXEHV IRDPV
%RUD]LQH%1+
)LEHUV±PLFURSRURXV VWUXFWXUHWKLQFRDWLQJ PDWUL[
%WULFKORURERU]LQH &O%1+
RU
&KDSWHU,QWURGXFWLRQ
)LUVWRIDOODPPRQLDERUDQH$%1+ā%+ D/HZLVDFLGEDVHDGGXFWZKLFKLVWKHVLPSOHVW DPLQH ERUDQH KDV ILUVW EHHQ V\QWKHVL]HG E\ 6KRUH DQG 3DUU\ LQ ,W LV D ZKLWH FU\VWDOOLQHVROLGVWDEOHDWURRPWHPSHUDWXUHFRPPRQO\XVHGDVSUHFXUVRUIRU&9'JURZWKRI %1WKLQILOPVDWWHPSHUDWXUHa&7KHGHK\GURJHQDWLRQSDWKRI$%LQWRERURQQLWULGH WKURXJKWKUHHVXFFHVVLYHWKHUPRO\VLVDQGS\URO\VLVLVLOOXVWUDWHGLQ)LJXUH%1V\QWKHVLV RFFXUV YLD FRQVHFXWLYH IRUPDWLRQ RI GLDPPRQLDWH RI GLERUDQH FRPSRXQG DQG SRO\DPLQRERUDQHSRO\LPLQRERUDQHDVZHOODVSRO\ERUD]\OHQHSUHFHUDPLFSRO\PHUVXQGHUWKH UHOHDVHRIGLK\GURJHQDQGERUD]LQH
)LJXUH 7KHUPDO GHFRPSRVLWLRQ RI $% LQWR %1 XQGHU QLWURJHQ 5HSURGXFHG ZLWK SHUPLVVLRQ IURPUHI
,QVSLUHGE\WKHGHFRPSRVLWLRQRIWKLVSUHFXUVRULQWRK%1%HFNHWDOUHSRUWLQXVHRI DQRWKHU /HZLV EDVHERUDQH DGGXFW WKH GLEURPRERUDQHGLPHWK\O VXOILGH &+ 6ā%+%U 8QOLNH 1+ā%+ &+ 6ā%+%U LV FRPPHUFLDOO\ DYDLODEOH :KHQ UHDFWHG ZLWK DPPRQLD IROORZHG E\ D S\URO\VLV LW IRUPV KLJK SXULW\ %1 SRZGHUV DQG LW KDV EHHQ VXFFHVVIXOO\ HPSOR\HGIRUFHUDPLFILEHUFRDWLQJV7KHSRVVLEOHUHDFWLRQPHFKDQLVPLVGHSLFWHGLQ6FKHPH %1IRUPDWLRQ DULVHVIURP 1+%+%U LQWHUPHGLDWH XQGHU UHPRYDORI &+ 6IROORZHG E\ 1+%U DQG + UHOHDVH ,W VKRXOG DOVR EH QRWHG WKDW &+ 6ā%+%U HDVLO\ GHFRPSRVHV DERYH&LQDSURWLFVROYHQW
&KDSWHU,QWURGXFWLRQ
6FKHPH &+ 6ā%+%U DV PROHFXODU SUHFXUVRU WR IDEULFDWH %1 FHUDPLFV 5HSURGXFHG IURP UHI
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
6FKHPH D 7UDQVDPLQDWLRQ UHDFWLRQ EHWZHHQ 3(, DQG 0H1%+ E 6\QWKHVLV RI F\DQRK\GURERUDWHGHULYDWLYH5HSURGXFHGIURPUHI
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
&KDSWHU,QWURGXFWLRQ
SRO\ERUD]\OHQH ZKLFK LV FDUERQ IUHH EXW ZKLFK PLJKW GHFRPSRVH XQGHU 1+ LQWR YRODWLOH ERUD]LQH
6FKHPH3RO\PHUL]DWLRQIURPWULVPHWK\ODPLQR ERUDQHWRGHULYHGSRO\>WULPHWK\ODPLQR ERUD]LQH@ SUHFXUVRU5HSURGXFHGIURPUHI
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
6FKHPH )DEULFDWLRQRI SRO\>%WULDPLQR ERUD]LQH@ IURP%1+L3U SURSRVHGE\7KHYHQRW HWDO 5HSURGXFHGIURPUHI
6FKHPH)DEULFDWLRQRISRO\>WULLVRSURS\ODPLQR ERUD]LQH@IURP%1+L3U SURSRVHGE\*XLOKRQHW DO5HSURGXFHGIURPUHI
9DULRXV DON\ODPLQRERUDQHV KDYH WKXV EHHQ VWXGLHG IRU V\QWKHVL]LQJ GLYHUVH SRO\ERUD]LQH SUHFHUDPLFV,WKDVEHHQGHPRQVWUDWHGWKDWVWHULFKLQGUDQFHRILWVOLJDQGVGLUHFWO\LPSDFWVWKH
&KDSWHU,QWURGXFWLRQ
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
6FKHPH%RUD]LQHVWUXFWXUH
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±
&KDSWHU,QWURGXFWLRQ
6FKHPH &RQYHUVLRQRIERUD]LQHLQWRERURQQLWULGH PDWHULDOV 5HSURGXFHG ZLWKSHUPLVVLRQ IURP UHI
)LJXUH ([DPSOHV RI VKDSHG %1 GHULYHG IURP SRO\ERUD]\OHQHV 7DNHQ ZLWK SHUPLVVLRQ IURP UHI
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
&KDSWHU,QWURGXFWLRQ
HYDSRUDWLRQKDVRULJLQDWHGVHYHUDOVWXGLHV6ROLGSRO\ERUD]\OHQHKDVEHHQSUHSDUHG LQ DQ DXWRFODYH DW & IRU K XQGHU 1 ZKLOH OLTXLGYLVFRXV SEQ WKDW HQDEOHV VKDSLQJ XVLQJ IRU H[DPSOH LPSUHJQDWLRQ RU GLSFRDWLQJ LV REWDLQHG EHORZ & XQGHU $U DWPRVSKHUH± ,W FDQ EH PHQWLRQHG WKDW VROLG SRO\ERUD]\OHQH LV REWDLQHG ZLWK KLJKHU\LHOGa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
&KDSWHU,QWURGXFWLRQ
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
6FKHPH%WULFKORUR ERUD]LQH5 +DQGRUDON\O
)LUVW RQHVWHS SRO\PHUL]DWLRQ RI 7&% XVLQJ VLOD]DQHV DV OLQNLQJ UHDJHQWV KDV EHHQ GHYHORSSHG±± (DUO\ LQYHVWLJDWHG E\ 3DLQH HW DO GLUHFW UHDFWLRQ RI 7&% ZLWK KH[DPHWK\OGLVLOD]DQH+0'6 6FKHPH UHOHDVLQJWULPHWK\OVLO\OFKORULGHIRUPVDSRO\ >%WULDPLQR ERUD]LQH@7KHFKDLQWDLOVRIWKLVSRO\ERUD]LQHFRQWDLQLQJ1+6L0HJURXSV6L LPSXULWLHVPLJKWUHPDLQLQWKH ILQDOFHUDPLF,QYHVWLJDWLRQRIVHYHUDOKHDWWUHDWPHQWVSURYHV WKDWDQQHDOLQJXQGHU1+WR&DQGWKHQXQGHU1WR&LVDQHIIHFWLYHSDWKZD\IRU K%1
VWUXFWXUHV
3RO\PHUL]DWLRQ
RI
7&%
XVLQJ
KHSWDPHWK\OGLVLOD]DQH
>&+ 6L@1&+ UHTXLUHVKLJKHUWHPSHUDWXUH& WRREWDLQKLJKFU\VWDOOLQHK%1DQG LPSRUWDQWZHLJKWORVVRFFXUVGXHWRODUJHVROYHQWFRQWHQWLQWRWKHSUHFHUDPLFJHO
&KDSWHU,QWURGXFWLRQ
6FKHPH6WUXFWXUHRISRO\>%WULDPLQR ERUD]LQH@IURPUHDFWLRQEHWZHHQ7&%DQG+0'6E\3DLQH HWDO7DNHQIURPUHI
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
6FKHPH 6\QWKHVLV RI D SRO\>%WULDPLQR ERUD]LQH@ IURP 7&% DQG GLHWK\ODPLQH 5HSURGXFHG ZLWKSHUPLVVLRQIURPUHI
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
&KDSWHU,QWURGXFWLRQ
6FKHPH6\QWKHVLVRIDSRO\>%WULPHWK\ODPLQR ERUD]LQH@IURP7&%DQG&+1+E\.LPXUDHW DO5HSURGXFHGZLWKSHUPLVVLRQIURPUHI
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
6FKHPH 6WUXFWXUHV RI GLIIHUHQW W\SHV RI %DON\ODPLQR ERUD]LQH GHULYDWLYHV 5HSURGXFHG ZLWK SHUPLVVLRQIURPUHI
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
&KDSWHU,QWURGXFWLRQ
EULGJHV6FKHPHF $IWHUWKLVFURVVOLQNLQJVWHSDWORZWHPSHUDWXUHHVWDEOLVKLQJDGHQVH SUHFHUDPLFQHWZRUNWHPSHUDWXUHVDERYH&IDYRUWKHPLQHUDOL]DWLRQRIWKHPDWHULDOWKDW XQGHUJRHVVWUXFWXUDOUHDUUDQJHPHQWZKLOHEHWZHHQ&XQGHU1FU\VWDOOL]DWLRQRI %1WDNHVSODFH
6FKHPH5HDFWLYLW\RIDUHSUHVHQWDWLYHSRO\>%PHWK\ODPLQR ERUD]LQH@7WKHUPRO\VLV & ZLWK DPPRQLD GXULQJ FXULQJ RI JUHHQ ILEHUV GHULYHG WKHUHIURP XS WR & 3DUWLDOO\ UHSURGXFHG IURP UHI
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
&KDSWHU,QWURGXFWLRQ
KDYH EHHQ DOUHDG\DGDSWHG WR YDSRUGHSRVLWLRQ WHFKQLTXHVOLNH &9' )RU LQVWDQFH ERUD]LQH DQG 7&% DUH WZR RI WKH PRVW XVHG &9' SUHFXUVRUV 5HJDUGLQJ WKH ORZ WHPSHUDWXUH SRO\PHUL]DWLRQ IURP URRP WHPSHUDWXUH WR a & LQYROYHG LQ WKLV DSSURDFK 3'&V FKHPLVWU\DSSHDUVDVQHZSURPLVLQJURXWHIRUQRYHO$/'SURFHVV
$SSOLFDWLRQVRIK%1 2ZLQJWRLWVVSHFLILFFKHPLFDODQGSK\VLFDOSURSHUWLHVKH[DJRQDOERURQQLWULGHLVIUHTXHQWO\ H[SORLWHG DV EXON LQ OXEULFDWLQJ DQG KLJKWHPSHUDWXUH DSSOLFDWLRQV VXFK DV VROLG OXEULFDQW VLQWHUHG ERG\ DQG FUXFLEOHV ZKLOH K%1 QDQRPDWHULDOV DUH SURPLVLQJ LQ YDULRXVGRPDLQVVXFKDV+VWRUDJHFDWDO\VLVGUXJGHOLYHU\DQGPLFURHOHFWURQLFV ,Q SDUWLFXODU UHFHQW UHYLHZV±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± 6XFK KRUL]RQWDO DQG YHUWLFDO ' VWDFNLQJ KDYH EHHQ UHFHQWO\ GLVFXVVHG LQ D UHYLHZ $PRQJ WKH ' PDWHULDOV DWRPLFDOO\ VPRRWK K%1 OD\HU LV W\SLFDOO\XVHGLQ9G:VWUXFWXUHVDVVXEVWUDWHRUWXQQHOLQJEDUULHU,QSDUWLFXODULQSODQHDQG
&KDSWHU,QWURGXFWLRQ
YHUWLFDO JUDSKHQHK%1 KHWHURVWUXFWXUHV± KDYH EHHQ V\QWKHVL]HG WR FRPELQH WKHLU FRUUHVSRQGLQJ]HURDQGZLGHEDQGJDS)RULQVWDQFHJUDSKHQHGHSRVLWHGRQH[IROLDWHGK%1 GHPRQVWUDWHV VXSHULRU HOHFWULFDO SURSHUWLHV OLNH DQ FRQVLVWHQWO\ HOHFWURQ PRELOLW\ RI FPā9āV DV VKRZQ LQ )LJXUH 2Q WKH RQH VLGH KRUL]RQWDO JUDSKHQHK%1 KHWHURVWUXFWXUHVKDYHEHHQDFKLHYHGE\VXFFHVVLYHGHSRVLWLRQVDQGHWFKLQJRI'VWUXFWXUHV DVLOOXVWUDWHGLQ)LJXUHD
)LJXUH &DUULHU PRELOLW\ RI H[IROLDWHG PRQROD\HU JUDSKHQH VXSSRUWHG RQ VHYHUDO W\SLFDO VXEVWUDWHVDWORZWHPSHUDWXUHV.7DNHQZLWKSHUPLVVLRQIURPUHI
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±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
&KDSWHU,QWURGXFWLRQ
HOHFWULFDOFKDUDFWHULVWLFVDV,9FXUYHPRELOLW\DQGFDUULHUGHQVLW\GLVSOD\HGLQ)LJXUHIL FOHDUO\ GHPRQVWUDWH D SURORQJHG DJLQJ WLPH ZLWK DEVHQFH RI GHJUDGDWLRQ RI WKH GHYLFH FKDUDFWHULVWLFVFRPSDUHGWRWKDWRIVLPSOHJUDSKHQHK%1ZLWKRXWWRSK%1OD\HU $WRPLFDOO\ VPRRWK K%1 PRQROD\HUV FRQWULEXWHV WKXV WR WKH H[SORUDWLRQ RI JUDSKHQH FKDUDFWHULVWLFDQGRIQRYHOGHYLFHVGLVSOD\LQJVXSHULRUSURSHUWLHV1HYHUWKHOHVVIDEULFDWLRQRI ODUJHVFDOH9G:KHWHURVWUXFWXUHVVWLOOUHPDLQVFKDOOHQJLQJ
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
&KDSWHU,QWURGXFWLRQ
K%1DVSURWHFWLYHFRDWLQJV 7KDQNV WR LWV WKHUPDO DQG FKHPLFDO LQHUWQHVV DQG WR LWV K\GURSKRELF SURSHUWLHV K%1 WKLQ ILOPVFDQEHXVHGDVDSURWHFWLYHFRDWLQJDJDLQVWR[LGL]DWLRQRUFRUURVLRQ±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
&KDSWHU,QWURGXFWLRQ
)LJXUH2SWLFDOPLFURVFRSHLPDJHVRID EDUH&XIRLOE DIWHUKHDWHGDW&LQDLUIRUPLQ DQG F WKH FRUUHVSRQGLQJ (';6 VSHFWUXP DIWHU WUHDWPHQW 2SWLFDO PLFURVFRSH LPDJHV RI G K%1 PRQROD\HUFRDWHG&XVXUIDFHH DIWHUKHDWHGDW&LQDLUIRUPLQDQGI WKHFRUUHVSRQGLQJ(';6 VSHFWUXP DIWHU KHDWHG 7DNHQ ZLWK SHUPLVVLRQ IURP UHI J :HLJKW JDLQ SHUFHQWDJH DW YDULRXV WHPSHUDWXUHVRI1LIRLOVZLWKDQGQPK%1ILOPV6(0LPDJHVRIK SXUH1LIRLODQGL ZLWK QPK%1DIWHUWUHDWPHQWXQGHUP7RUUR[\JHQDW&IRUPLQ7DNHQZLWKSHUPLVVLRQIURP UHI
K%1QDQRVWUXFWXUHDSSOLFDWLRQV %DVHG RQ EDVLF XQLW RI K%1 YDULRXV ' '± DQG 'QDQRVWUXFWXUHV VLPLODUWRWKHLUFDUERQFRXQWHUSDUWVFRXOGEHIDEULFDWHG&RPSDUHGWRWKHZHOOVWXGLHGFDUERQ EDVHG QDQRVWUXFWXUHV DSSOLHG LQ ELRORJLFDO DQG HQYLURQPHQWDO GRPDLQV HJ GUXJ GHOLYHU\ DQGWXPRXUODEHOOLQJK%1QDQRPDWHULDOVDUHH[SHFWHGWRKDYHEHWWHUELRFRPSDWLELOLW\DQG ORZHU F\WRWR[LFLW\ )XUWKHUPRUH WKH WXQDEOH ZHWWLQJ SURSHUW\ RI WKLV PDWHULDO RULJLQDWHV SURPLVLQJDELOLWLHVLQWKHVHDSSOLFDWLRQGRPDLQV7KHFRQWURORIWKHK\GURSKLOLFK\GURSKRELF
&KDSWHU,QWURGXFWLRQ
EHKDYLRURI%1QDQRVWUXFWXUHVZLOOWKXVEHLQWURGXFHGEHIRUHIRFXVLQJRQWKHXVHRI%1IRU ZDWHUSXULILFDWLRQ :HWWLQJSURSHUWLHVRIK%1QDQRVWUXFWXUHWKLQILOPV :HWWLQJDELOLW\RIPDWHULDOV PDLQO\RULJLQDWHVIURP WKHLULQWULQVLF FKHPLFDOFRPSRVLWLRQDQG PLFURVWUXFWXUHV 6HYHUDO UHSRUWV RQ %1 ZHWWLQJ SURSHUWLHV KDYH EHHQ DOUHDG\ SXEOLVKHG±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aDQG UHVSHFWLYHO\ ZKHUHDV UDQGRPO\ RULHQWHG PLNHV DQG IXQQHOV VWUXFWXUHV H[KLELW KLJKHU ZDWHU FRQWDFW DQJOH RI a DQG a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
&KDSWHU,QWURGXFWLRQ
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
K%1QDQRVWUXFWXUHVDSSOLHGLQZDWHURLOVHSDUDWLRQ 1DQRPDWHULDOVKDYHUHFHQWO\GHPRQVWUDWHGJRRGDELOLWLHVIRUSXULI\LQJZDWHU±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
&KDSWHU,QWURGXFWLRQ
ZDWHUWUHDWPHQW±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a QP GLDPHWHU KDYH EHHQ IDEULFDWHG DQG WKH\ KDYH GHPRQVWUDWHG DQ XQH[SHFWHGZDWHU&$RI)LJXUHM ,WLVDWWULEXWHGWRWKHH[SRVHGGDQJOLQJERQGVRQ WKH H[WHUQDO VXUIDFH DEOH WR DGVRUE ZDWHU PROHFXOHV 7KHLU DELOLW\ WR ILOWUDWH PHWK\OHQH EOXH 0% VROXWLRQKDVEHHQWHVWHGDQGSURYHGWREHH[FHOOHQW
&KDSWHU,QWURGXFWLRQ
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
'HVSLWH WKH YDULHW\ RI QDQR KHWHURVWUXFWXUHV DOUHDG\ DYDLODEOH LW VWLOO UHPDLQV HVVHQWLDO WR IDEULFDWH QRYHO YHUVDWLOH PDWHULDOV HDV\ WR KDQGOH VXFK DV PDWV DQG ODUJH FORWKHV VKRZLQJ HIILFLHQF\ XQGHU PXOWLSOH SXULILFDWLRQ FRQGLWLRQV PHDQLQJ DEVRUSWLRQ RI RLO RU RUJDQLF VROYHQWVDQGVHSDUDWLRQRILPPLVFLEOHRLOZDWHUPL[WXUHVDQGHPXOVLRQV
&KDSWHU,QWURGXFWLRQ
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
&KDSWHU,QWURGXFWLRQ
5HIHUHQFHV
1RYRVHORY.6*HLP$.0RUR]RY69-LDQJ'=KDQJPRULJLQDODEVRUEHUV @)RUWKHUHVWRIWKHH[DPSOHVDEVRUSWLRQFDSDFLWLHV PD[ PWKH UHSRUWHG PD[LPXP YDOXH RI ZHLJKW RI DEVRUEHG RUJDQLF SOXV RULJLQDO DEVRUEHUV PRULJLQDODEVRUEHUV
&KDSWHU$SSOLFDWLRQRI%1EDVHGQDQRVWUXFWXUHV
$EVRUSWLRQFDSDFLW\
3XPSRLO 'LFKORURPHWKDQH 0LQHUDORLO 7ROXHQH 8VHGHQJLQHRLO
VWXVH QGXVH UGXVH WKXVH WKXVH
)LJXUH5HXVHDELOLW\WHVWRIQP%117VWRZDUGWKHGLIIHUHQWRUJDQLFV
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
&KDSWHU$SSOLFDWLRQRI%1EDVHGQDQRVWUXFWXUHV
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
& FKHPLFDO VKLIWV DQG WKHLU UHVSHFWLYH DWWULEXWLRQ WR %1+L3U
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
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
UHSODFHG E\ FRPPHUFLDOO\ VROG EHHU WR JURZ $O2 IURP UHDFWLRQ ZLWK 70$ ZLWKRXW GHWHULRUDWLQJWKHTXDOLW\RIWKHREWDLQHG$O2WKLQILOPV
D
&+ %1+L3U
%1+L3U 1+L3U%1L3U >1+L3U %@1L3U 7ROXHQH
&+DPLQR 1+L3U%1L3U
&+DPLQR 1+L3U%1L3U 1+ 1+L3U%1L3U
1+ %1+L3U
&KHPLFDOVKLIWSSP
7ROXHQH
&+F\FOLF 1+L3U%1L3U
&+F\FOLF 1+L3U%1L3U
7ROXHQH
&+ %1+L3U
SSP %1+L3U
E
SSP 1+L3U%1L3U
SSP >1+L3U %@1L3U
&KHPLFDOVKLIWSSP
F
&+ %1+L3U &+ 7ROXHQH &+ 7ROXHQH &+ %1+L3U
&+ 7ROXHQH
&+F\FOLF 1+L3U%1L3U &+ 7ROXHQH
&+DPLQR 1+L3U%1L3U
& 7ROXHQH
&+ DPLQR 1+L3U%1L3U
&'&O
&+F\FOLF 1+L3U%1L3U
&KHPLFDOVKLIWSSP
)LJXUH /LTXLGVWDWH VROYHQW &'&O D + E % F & 105 VSHFWUD RI WKH V\QWKHVL]HG %1+L3U %1+L3U SURGXFW DV ZHOO DV >1+L3U %@1L3U DQG 1+L3U%1L3U LPSXULWLHV DQG WROXHQHDUHUHPDLQLQJ
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV 7DEOH % DQG & 105 FKHPLFDO VKLIWV UHFRUGHG IURP WKH V\QWKHVL]HG FRPSRXQG $OO GLVSODFHPHQWVDUHDVVLJQHGWR%1+L3U 1+L3U%1L3U >1+L3U %@1L3UDQGWROXHQH6ROYHQW &'&O
&RPSRXQG %1+L3U L
L
1+ 3U%1 3U L
L
>1+ 3U %@1 3U
į%
į&SSP $PLQRJURXS
%RUD]LQHULQJ
&+
&+
&+
&+
&+
&+
&+
&
&+
SSP
EULGJH
7ROXHQH
7ROXHQH
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
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
SUREDEO\ XS WR & ,Q SDUWLFXODU 105 FKDUDFWHUL]DWLRQ RI SUHFXUVRU KHDWHG IRU RQH KRXUDW&UHYHDOVQRQRWLFHDEOHFKDQJHFRPSDUHGWRIUHVKO\SUHSDUHG%1+L3U $GGLWLRQDO DQDO\VHV VXFK DV LVRWKHUPDO 7*$ DUH QHFHVVDU\ WR DVFHUWDLQ WKH YDSRUL]DWLRQ DQG GHFRPSRVLWLRQ WHPSHUDWXUH &XUUHQWO\ JDV FKURPDWRJUDSK\ DQDO\VLV WR YHULI\ WKH SUHFXUVRUSXULW\DQGGHWHUPLQDWLRQRIWKHYDSRUSUHVVXUHDUHLQSURJUHVVLQWKHODERUDWRU\LQ FROODERUDWLRQZLWK--RVHDQG,0RNEHO &
GPGW
0DVVORVV
&
&
&
7HPSHUDWXUH&
)LJXUH7*$FXUYHURVH DQGLWVGHULYDWLYH'7*FXUYHEOXH RIWKHDVV\QWKHVL]HG%1+L3U SUHFXUVRU 7KH WHPSHUDWXUH UDQJHV IURP WR & ZLWK D KHDWLQJ UDWH RI &PLQ XQGHU 1 DWPRVSKHUH
$/'XVLQJ%1+L3U DQG&+1+SUHOLPLQDU\UHVXOWV ,QYHVWLJDWLRQRISUHFXUVRUUHDFWLYLW\ 7R LQYHVWLJDWH WKH SRVVLELOLW\ RI FKHPLFDO UHDFWLRQ EHWZHHQ WULVLVRSURS\ODPLQR ERUDQH %1+L3U DQG PHWK\ODPLQH &+1+ GLUHFW FRQWDFW EHWZHHQ ERWK UHDJHQWV LV SHUIRUPHGE\SXOVLQJ&+1+GLUHFWO\LQWRDIODVNFRQWDLQLQJP/RIOLTXLG%1+L3U $IWHU K DW URRP WHPSHUDWXUH FRORU OLJKWHQLQJ DQG YLVFRVLW\ LQFUHDVH DUH QRWLFHG LQGLFDWLQJ RFFXUULQJ RI D UHDFWLRQ $IWHU SXUJLQJ WKH IODVN ZLWK $U WKH PL[WXUH LV WKHQ FKDUDFWHUL]HGE\+%DQG&OLTXLGVWDWH105)LJXUH
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
&RPSDUHGWR105VSHFWUDRIDVV\QWKHVL]HG%1+L3U )LJXUH VHYHUDOFKDQJHVDUH QRWHGDIWHULWVH[SRVXUHWRPHWK\ODPLQH(YHQWKRXJK+%DQG&105VSHFWUDRIWKH PL[WXUH DUH UHODWLYHO\ FRPSOH[ SRVVLEOH SURGXFWV IRUPHG E\ GLUHFW FRQWDFW EHWZHHQ ERWK UHDJHQWV FRXOG EH DVVLJQHG (VSHFLDOO\
% VSHFWUXP GLVSOD\HG LQ )LJXUH E
GHPRQVWUDWHVWKHFRH[LVWHQFHRI%1+L3U į SSP %1+0H į SSP >1+0H %@10H į SSP &+1%1+&+ į SSP DQG LWV ROLJRPHU į SSP LH GLERUD]LQH RU SRO\ERUD]LQH LQ WKH PL[WXUH LQ DFFRUGDQFH WR WKH OLWHUDWXUHV+DQG&VSHFWUDVHHPVWRFRQILUPWKHVHILQGLQJV,QGHHGLQDGGLWLRQWRWKH FKHPLFDO VKLIWV RI %1+L3U + VLJQDOV į SSP DVVLJQHG WR 1&+ RI ERUD]LQH ULQJ DQG RI WKH EULGJH DUH REVHUYHG )LJXUH D %HVLGHV WKH GRXEOHW RI 1+&+ LV DOWHUHGWRDEURDGSHDNFRUUHVSRQGLQJWR1+&+DQG1+L3UZKLFKHYLGHQFHVWKHJURXS H[FKDQJH IURP 1+&+&+ WR 1+&+ LQ SUHVHQFH RI &+1+ JDV + VLJQDOV IURP DPLQR &+ JURXS RI %1+0H į SSP DQG DPLQR į SSP DQG F\FOLF į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
D
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
&+DPLQR %1+0H
&+ERUD]LQHULQJ 1+0H%10H
&+ %1+L3U
1+ &+ %1+&+ 1&+ %1+L3U EULGJH RU1+0H%10H GLERUD]LQH RUSRO\ERUD]LQH RU >1+0H %@10H RU >1+0H %@10H
&+DPLQR 1+0H%10H
&+ %1+L3U
&KHPLFDOVKLIWSSP
&+ 7ROXHQH
SSP %1+L3U RU > 1+0H %@10H
E SSP SSP %1+0H %1+0H 0H1%1+0H RUSRO\ERUD]LQH
SSP %10H GLERUD]LQH RUSRO\ERUD]LQH
F
&KHPLFDOVKLIWSSP
&+ %1+L3U RU >1+0H %@10H &+ %1+L3U
&+ %1+0H
&KHPLFDOVKLIWSSP
&+F\FOLF 1+0H%10H RUSRO\ERUD]LQH
>1+0H %@10H 1&+EULGJH
&+DPLQR 1+0H%10H
&KHPLFDOVKLIWSSP
&+ 7ROXHQH
)LJXUH /LTXLGVWDWH VROYHQW &'&O D + E % F & 105 VSHFWUD RI WKH VDPSOH DIWHU H[SRVXUHRI%1+L3U WR&+1+YDSRUIRUKDWURRPWHPSHUDWXUH
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
$/'GHSRVLWLRQLVWKXVDWWHPSWHGRQ6L ZDIHUZLWKQDWLYHR[LGHDW&XVLQJWKH ILUVWKRPHPDGHJODVVZDUHVHWXSLOOXVWUDWHGLQ)LJXUH7KHYDOYHVDUHRSHQHGIRUV DQGVIRU%1+L3U DQG&+1+SXOVHVUHVSHFWLYHO\7KHUHVLGHQFHDQGSXUJHWLPHV DIWHUHDFKSUHFXUVRUSXOVHDUHUHVSHFWLYHO\VHWWRDQGV7KHF\FOHQXPEHULVIL[HGDW F\FOHV 7KH DVGHSRVLWHG VDPSOH LV ODEHOHG DV ³6L´ ,Q RUGHU WR SURPRWH WKH SRO\PHUL]DWLRQRIWKHIRUPHGERUD]LQHDVWDELOL]DWLRQVWHSDW&LVUHDOL]HGXQGHU1 DWPRVSKHUH7KHVWDELOL]HGVDPSOHLVODEHOHGDV³6L´)7,5VSHFWUD)LJXUH DUHWKHQ UHFRUGHGLQ$75 PRGH IURPEDUH6L ZDIHUEODFN FXUYH DVGHSRVLWHG6LEOXHFXUYH DQGVWDELOL]HG6LURVHFXUYH $OOVSHFWUDGLVSOD\WKHW\SLFDOVLJQDWXUHRI6L ZDIHU ZLWKQDWLYHR[LGHZLWKEDQGVDWDQGFPFRUUHVSRQGLQJWRVWUHWFKLQJDQGEHQGLQJ RI6L26L$IWHU$/'6L EDQGVFHQWHUHGDWFPFPFPDQG FPDSSHDUDQGWKH\DUHDVVLJQHGWRȞ&&Ȟ%1DQGį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
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
FP FP
,QWHQVLW\DX
FP FP
FP 1+&+%+
6LZDIHUZLWKQDWLYHR[LGH 6L 6L
:DYHQXPEHUFP
)LJXUH$75)7,5VSHFWUDRIDVFOHDQHG6LZDIHUZLWKQDWLYHR[LGHEODFNFXUYH DIWHU$/' F\FOHV ZLWK %1+L3U DQG &+1+ 6L EOXH FXUYH DQG VDPSOH 6L DIWHU $/' F\FOHV ZLWK D VWDELOL]DWLRQVWHSDW&XQGHU1DWPRVSKHUH
0HFKDQLVPK\SRWKHVLV 7R VXPPDUL]H %1+L3U KDV ILUVW SURYHQ WR EH VWDEOH HQRXJK DW WKH GHSRVLWLRQ WHPSHUDWXUH)XUWKHUPRUHOLJDQGH[FKDQJHEHWZHHQ%1+L3U DQG&+1+YDSRUWRIRUP %1+0H KDV EHHQ FRQILUP DW URRP WHPSHUDWXUH 6FKHPH D $FFRUGLQJ WR WKH OLWHUDWXUH WULVPHWK\ODPLQR ERUD]LQH LV H[SHFWHG WR IRUP E\ F\FOL]DWLRQ RI %1+0H DW ORZ WHPSHUDWXUH & 6FKHPH E DQG WR VXEVHTXHQWO\ SRO\PHUL]H LQWR SRO\>WULVPHWK\ODPLQR ERUD]LQH@ DURXQG & 6FKHPH F 3RVW DQQHDOLQJ DW KLJK WHPSHUDWXUHSHUPLWVREWDLQLQJK%1PDWHULDOV
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
6FKHPH3URSRVHGUHDFWLRQPHFKDQLVPVD JURXSVH[FKDQJHE F\FOL]DWLRQF SRO\PHUL]DWLRQ
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
'HSRVLWLRQRQ6L ZDIHUZLWKQDWLYHR[LGH )LUVW RI DOO WKH VHOIOLPLWDWLRQ RI WKH SURFHVV LV SUHOLPLQDU\ LQYHVWLJDWHG RQ 6L VXEVWUDWHV ZLWK QDWLYH R[LGH XVLQJ HLWKHU RQH RU WZR SUHFXUVRUV 'HSRVLWLRQ RQ 6L ZDIHU ZLWK RQO\ HLWKHU %1+L3U RU &+1+ DQG ERWK SUHFXUVRUV DUH SHUIRUPHG XQGHU WKH VDPH FRQGLWLRQV 7KH $/' SDUDPHWHUV DUH DV IROORZV 7KH YDOYHV DUH RSHQHG IRU V DQG V IRU%1+L3U DQG&+1+ SXOVHV UHVSHFWLYHO\7KH UHVLGHQFHDQGSXUJHWLPH
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
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± 7KH VXFFHVVIXO $/' RI %1 EDVHG ILOP IURP %1+L3U DQG &+1+ SUHFXUVRUV DQG WKH ³VHOIOLPLWDWLRQ´ RI WKH UHDFWLRQ KDYH WKXV LQGLUHFWO\EHHQSURYHQYLD&$PHDVXUHPHQW
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
)LJXUH,PDJHVFDSWXUHZLWKWKHFRUUHVSRQGLQJ&$RIDZDWHUGURSOHWRQD 6L ZDIHUZLWK QDWLYH R[LGH E 6L ZDIHU DIWHU DQQHDOLQJ DV D UHIHUHQFH 6L ZDIHU DIWHU $/' F\FOHV IROORZHGE\WKHSRVWDQQHDOLQJXVLQJUHVSHFWLYHO\F RQO\%1+L3U G RQO\&+1+DQGH ERWK SUHFXUVRUV
7R IXUWKHU VWXG\ WKH LQIOXHQFH RI WKH WHPSHUDWXUH RQ WKH SUHFHUDPLF IRUPDWLRQ DW WKH VXSSRUW VXUIDFH GHSRVLWLRQ DUH UHDOL]HG DW & WR IXOILO WKH SRO\PHUL]DWLRQ FRQGLWLRQ ,QGHHGSRO\PHUL]DWLRQRIWULVPHWK\ODPLQR ERUD]LQHWRSRO\>WULVPHWK\ODPLQR ERUD]LQH@LV SUHIHUUHGWREHDERYH &DFFRUGLQJWRWKH OLWHUDWXUH%DVHGRQWKHVDPHGHSRVLWLRQ SDUDPHWHUVWKDWSUHYLRXVO\XVHG $/'F\FOHVDUHWKXVSHUIRUPHG 7RYHULI\HYHQWXDO XQZDQWHG SUHFXUVRU GHFRPSRVLWLRQ VDPSOHV DUH SUHSDUHG IURP ERWK SUHFXUVRU ODEHOHG ³%1´ DVZHOODVIURPRQO\%1+L3U ODEHOHG³%1´ $VFRDWHG6L ZDIHUVDUH VXEVHTXHQWO\DQQHDOHGXQGHU1DW&IRUK&KHPLFDOFRPSRVLWLRQRIWKHUHVXOWLQJ %1 ILOPV LV WKHQ GHWHUPLQHG E\ ;36 7KH FRUUHVSRQGLQJ HOHPHQWDU\ DQG TXDQWLWDWLYH UHVXOWVDUHVXPPDUL]HGLQ7DEOH,QERWKFDVHV%DQG1HOHPHQWVDUHLGHQWLILHGHYHQ WKRXJK FDOFXODWHG %1 UDWLR RI ³%1´ %1 LV FORVHU WR WKH H[SHFWHG VWRLFKLRPHWU\RI%1WKDQ³%1´%1
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
7DEOH ;36UHVXOWVRQWKHFKHPLFDOFRPSRVLWLRQRIVDPSOH³%1´DQG³%1´WHFKQLFDO OLPLWVHQVLWLYLW\WRDW
DW
%
1
&
2
)
&O
6L
%1
%1
%1
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± 7KH SUHVHQFH RI 2 V DW )LJXUH H DW H9 LV UHODWHGWR2&2 & 26LDQG2%ERQGVHYHQWKRXJKWKHQDUURZVFDQLVQRWSUHFLVHO\ GHFRQYROXWHG ;36 UHYHDOV DOVR 6L S DW )LJXUH I ZLWK SHDN FHQWHUHG DW H9FRUUHVSRQGLQJWRWKH6L VXEVWUDWHXQGHUQHDWK7KLVVXJJHVWVWKHGHSRVLWLRQ RIDOD\HUOHVVWKDQQPDERXWQPWKLFN
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV D
E
F
,QWHQVLW\DX
1V
G
%1 $UHD
%LQGLQJHQHUJ\H9
&V
1% $UHD
1& $UHD
%2 $UHD
,QWHQVLW\DX
&V
%V 6LV 6LS 2V
%LQGLQJHQHUJ\H9
%LQGLQJHQHUJ\H9
,QWHQVLW\DX
1V
2.//
,QWHQVLW\DX
2V
%V
H
&& $UHD
&2 $UHD &1 $UHD
%LQGLQJHQHUJ\H9
I
6LS
6L2
,QWHQVLW\DX
26L2%2&2 &
,QWHQVLW\DX
2V
%LQGLQJHQHUJ\H9
%LQGLQJHQHUJ\H9
)LJXUH D ;36 VXUYH\ VSHFWUXP UHFRUGHG IURP VDPSOH %1 DIWHU DQQHDOLQJ DQG WKH FRUUHVSRQGLQJ;36KLJKUHVROXWLRQVFDQVZLWKGHFRQYROXWLRQDFURVVE %VF 1VG &VH 2 VI 6LSHGJHV*RRGDJUHHPHQWLVREVHUYHGEHWZHHQUDZDQGILWWLQJGDWD
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
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
DW)LJXUH G LVGLYLGHGLQWRWKUHHSHDNVFHQWHUHGDWH9H9DQG H9 UHVSHFWLYHO\ DWWULEXWHG WR && &2 DQG &1 ERQGV± 7KH SUHVHQFH RI 2 DURXQG H9DW7DEOH LVUHODWHGWR26L2%2&DQG21)LJXUH H ERQGVZKLFKDUHQRWGLVWLQJXLVKHGLQGHWDLO 7RFRQFOXGH;36GDWDFRQILUPWKH$/'GHSRVLWHG%1EDVHGOD\HURQ6L ZDIHUZLWK QDWLYHR[LGHIURP%1+L3U UHDFWHGZLWK&+1+7KHREWDLQHGILOPSUHVHQWVDQLWURJHQ VXEVWRLFKLRPHWU\ %1 DV ZHOO DV 2 DQG & LPSXULWLHV DULVLQJ IURP VXUIDFH R[LGDWLRQ DQG IURP WKH FKRVHQ FKHPLFDO SDWK UHVSHFWLYHO\ 2Q WKH FRQWUDU\ ;36 GDWD UHFRUGHG IURP WKH VDPSOH V\QWKHVL]HG XQGHU VLPLODU FRQGLWLRQV XVLQJ RQO\ %1+L3U DV SUHFXUVRUGHPRQVWUDWHQRIRUPDWLRQRI%1GHVSLWHGHWHFWLRQRI%DQG1HOHPHQWVDWWKH VXUIDFH$VSUHYLRXVO\PHQWLRQHGVRPHOHDNVDWWKHUHDFWRUHQWUDQFHVKDYHEHHQREVHUYHG IHZ WLPHV ZKHQ XVLQJ WKH $/' UHDFWRU Q 2QH FDQ WKXV K\SRWKHVL]H WKDW VXFK LVVXHV RFFXUUHGGXULQJWKRVHH[SHULPHQWV7KHREVHUYHG%DQG1HOHPHQWV PLJKWWKXVRULJLQDWH IURP WKH DPLQRERUDQH UHDFWLRQ ZLWK XQZDQWHG PRLVWXUHR[\JHQ FRQWDPLQDQWV SUHVHQW LQ WKH $/' FKDPEHU 6XFK OHDNDJHV FRXOG DOVR H[SODLQ WKH LPSRUWDQW FRQFHQWUDWLRQ RI %2 ERQGVQRWLFHGLQ%1ILOP )LQDOO\ZHWWLQJDQG;36FKDUDFWHUL]DWLRQVRI$/'ILOPVGHSRVLWHGRQ6L ZDIHUZLWK QDWLYHR[LGHHYLGHQFHWKHSRWHQWLDORIWKHQRYHO$/'DSSURDFKSURSRVHGLQWKLVFKDSWHU EDVHG RQ WKH UHDFWLRQ EHWZHHQ %1+L3U DQG &+1+ $EVHQFH RI SUHFXUVRU GHFRPSRVLWLRQ LV GHPRQVWUDWHG DW GHSRVLWLRQ WHPSHUDWXUH UDQJLQJ IURP WR & )XUWKHUH[SHULPHQWVDUHVWLOOUHTXLUHGWRDVFHUWDLQWKHQDWXUHRIWKHGHSRVLWHGILOPVDQGD V\VWHPDWLF DQG ULJRURXV VWXG\ RI WKH $/' SDUDPHWHUV LV SODQQHG ZLWK DXWRPDWL]HG $/' UHDFWRU
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV D
E
F
%LQGLQJHQHUJ\H9
1V
%2
,QWHQVLW\DX
&V
%V 6LV 6LS 2V
1V
2./ /
,QWHQVLW\DX
2V
%V
G
%LQGLQJHQHUJ\H9
&V
&1&2&&
,QWHQVLW\DX
,QWHQVLW\DX
1&12
H
I
%LQGLQJHQHUJ\H9
6LS
26L2%2&21
,QWHQVLW\DX
2V
%LQGLQJHQHUJ\H9
6L2
,QWHQVLW\DX
%LQGLQJHQHUJ\H9
%LQGLQJHQHUJ\H9
)LJXUH D ;36 VXUYH\ VSHFWUXP UHFRUGHG IURP VDPSOH %1 DIWHU DQQHDOLQJ DQG WKH FRUUHVSRQGLQJ;36KLJKUHVROXWLRQVFDQVZLWKGHFRQYROXWLRQDFURVVE %VF 1VG &VH 2 VI 6LSHGJHV*RRGDJUHHPHQWLVREVHUYHGEHWZHHQUDZDQGILWWLQJGDWD
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
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
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³%1´ RU ERWK SUHFXUVRUV ODEHOHG ³%1´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±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
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
3UHFXUVRU GHFRPSRVLWLRQ DQG 3$1 UHPRYDO E\ KLJK WHPSHUDWXUH WUHDWPHQW XQGHU 1+ PLJKWXQOLNHO\OHDGWRUHVLGXDOFDUERQFRQWDPLQDWLRQLQGHHG
7UDQVPLWWDQFH
%1
%1
:DYHQXPEHUFP
)LJXUH$75)7,5VSHFWUDRI%1DQG%1DIWHUWKHUPDOWUHDWPHQW
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aQP 7KHUHIRUHLQDGGLWLRQWRIHZGLIIHUHQFHVLQWKHLUFKHPLFDOFRPSRVLWLRQ%1DQG%1 ILEHUVH[KLELWVWURQJGLVVLPLODULWLHVLQWHUPRIPRUSKRORJ\%1ILEHUVREWDLQHGZLWKSXOVHV RI RQO\ %1+L3U DUH LUUHJXODU DQG PDLQO\ DPRUSKRXV ZKHUHDV %1 QDQRVWUXFWXUHV IDEULFDWHGIURPERWK$/'SUHFXUVRUVGHPRQVWUDWHSHFXOLDUULQJDQGGRWVIHDWXUHVDQGZHOO FU\VWDOOL]HG K%1 SODQHV 2EWDLQLQJ RI %1 ILEHUV LV DWWULEXWHG WR YDSRU SKDVH LQILOWUDWLRQ DULVLQJ IURP SRURXV SRO\PHU VWUXFWXUH WR %1+L3U SUHFXUVRU 2Q WKH RWKHU
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
VLGH %1 ILEHUV DUH IDEULFDWHG IURP $/' UHDFWLRQ FRPELQHG ZLWK SUREDEOH SUHFXUVRU GLIIXVLRQ,WVKRXOGEHSRLQWHGWKDWQRSUHFXUVRULQILOWUDWLRQLVREVHUYHGLQWKHFDVHRI3& PHPEUDQH 7KLV LV DWWULEXWHG WR LWV GLIIHUHQW IXQFWLRQDO JURXSV ,QGHHG VSHFLILF LQWHUDFWLRQ EHWZHHQ WKH SUHFXUVRUV DQG WKH SRO\PHU DV ZHOO DV IRUPDWLRQ RI SRO\PHULQRUJDQLF LQWHUIDFH PLJKW RFFXU DV D IXQFWLRQ RI WKH VRIW PDWHULDO 6LPLODU SKHQRPHQRQ KDV EHHQ SUHYLRXVO\ GHVFULEHG LQ &KDSWHU IRU %1 $/' EDVHG RQ 7&% UHDFWLQJZLWK+0'6
)LJXUH DE 7(0 DQG F +57(0 LPDJHV UHFRUGHG IURP %1 ILEHUV GH 7(0 DQG I +57(0LPDJHVUHFRUGHGIURP%1ILEHUV
,Q RUGHU WR VWXG\ WKH LPSDFW RI WKH GHSRVLWLRQ WHPSHUDWXUH RQ WKH SUHFXUVRU GLIIXVLRQ DV ZHOODVRQWKH$/'SURFHVVVLPLODUH[SHULPHQWVDUHUHDOL]HGDW&3$1ILEHUVFRDWHG ZLWK RQH DQG WZR SUHFXUVRUV DUH UHVSHFWLYHO\ ODEHOHG ³%1´ DQG ³%1´ ,GHQWLFDO SDUDPHWHUVWKDQGHSRVLWLRQDW&DUHNHSWH[FHSWWKHILQDOGZHOOLQJDW&ZKLFK LVLQFUHDVHGWRK$IWHUDQQHDOLQJWKHFROOHFWHG%1DQG%1ILEHUVDUHERWKZKLWH )7,5VSHFWUDUHFRUGHGLQ$75PRGHIURPDQQHDOHG%1DQG%1ILEHUVDUHVKRZQLQ
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
)LJXUH %RWK VSHFWUD GLVSOD\ WKH W\SLFDO VLJQDWXUH RI %1 PDWHULDOV ZLWK VWURQJ Ȟ%1 DQG ZHDN į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
,QWHQVLW\DX
%1
%1
FP FP
:DYHQXPEHUFP
FP FP
)LJXUH $75)7,5 VSHFWUD UHFRUGHG IURP DQQHDOHG %1 DQG %1 REWDLQHG IURP GHSRVLWLRQRQ3$1WHPSODWHDW&XVLQJUHVSHFWLYHO\RQHDQGWZRSUHFXUVRUV
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
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
PRVWO\ RULJLQDWHG IURP YDSRU LQILOWUDWLRQ )LQDOO\ LW VKRXOG EH PHQWLRQHG WKDW QR %1 VWUXFWXUHV DUH REWDLQHG DW & LQGLFDWLQJ D ODFN RI UHDFWLYLW\ RI %1+L3U WRZDUG WKH SRO\PHUVXUIDFHDWORZWHPSHUDWXUH
)LJXUHDF 7(0DQGEG +57(0LPDJHVUHFRUGHGIURPDE %1FG %1
)LQDOO\ LQIOXHQFH RI WKH %1+L3U SXOVH OHQJWK RQ WKH YDSRU GLIIXVLRQ FRQWULEXWLRQ LV LQYHVWLJDWHGE\GHFUHDVLQJLWIURPVWRV7ZRGHSRVLWLRQVXQGHUWKHVDPHFRQGLWLRQV XVLQJ HLWKHU RQO\ %1+L3U ODEHOHG ³%1´ RU ERWK SUHFXUVRUV ODEHOHG ³%1´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
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
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
)LJXUHDF 7(0DQGEG +57(0LPDJHVUHFRUGHGIURPDE %1FG %1
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
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
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
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
F
%1+L3U
&KHPLFDOVKLIWSSP
1+L3U%1L3U
&KHPLFDOVKLIWSSP
&KHPLFDOVKLIWSSP
%HIRUH $IWHU E
G %RUD]LQH DPLQRJURXS 1+
%1+L3U
'LERUD]LQH DPLQRJURXS 1+ %RUD]LQH DPLQRJURXS 1+
1+L3U%1L3U
&KHPLFDOVKLIWSSP
&KHPLFDOVKLIWSSP
&KHPLFDOVKLIWSSP
)LJXUH6LPSOLILHG+VROYHQW&'&O 105VSHFWUDRID DVV\QWKHVL]HG%1+L3U DQGRIE %1+L3U DIWHU 89 ODVHU LUUDGLDWLRQ IRU PLQ % &'&O DV VROYHQW 105 VSHFWUD RI F DV V\QWKHVL]HG%1+L3U DQGRIG %1+L3U DIWHU89ODVHULUUDGLDWLRQIRUPLQ
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
D
F
%HIRUH
&KHPLFDOVKLIWSSP
&KHPLFDOVKLIWSSP
$IWHU E
G
%RUD]LQH DPLQRJURXS 1+
&KHPLFDOVKLIWSSP
&KHPLFDOVKLIWSSP
)LJXUH 6LPSOLILHG + VROYHQW &'&O 105 VSHFWUD RI D %1+L3U DQG &+1+ GLUHFW FRQWDFWIRUKDQGRIE %1+L3U DQG&+1+GLUHFWFRQWDFWIRUKDIWHU89ODVHULUUDGLDWLRQ IRUPLQ%&'&ODVVROYHQW 105VSHFWUDRIF %1+L3U DQG&+1+GLUHFWFRQWDFWIRU KDQGRIG %1+L3U DQG&+1+GLUHFWFRQWDFWIRUKDIWHU89ODVHULUUDGLDWLRQIRUPLQ
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
&RQFOXVLRQVDQGSHUVSHFWLYHV 7KH YHUVDWLOLW\ RI WKH 3'&V FKHPLVWU\ DSSOLHG WR $/' KDV EHHQ LQYHVWLJDWHG 7KH SURPLVLQJ $/' SUHFXUVRU %1+L3U KDV EHHQ VXFFHVVIXOO\ V\QWKHVL]HG FKDUDFWHUL]HG
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
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
&KDSWHU$/'RI%1IURPWULVLVRSURS\ODPLQR ERUDQHDQGPHWK\ODPLQHSUHOLPLQDU\UHVXOWV
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