5HVWRUDWLYH1HXURORJ\DQG1HXURVFLHQFH± ,263UHVV 511)0 OHW]WHbQGHUXQJ 5HVWRUDWLRQRIYLVLRQ,, 5HVLGXDOIXQFWLRQVDQGWUDLQLQJLQGXFHGYLVXDOILHOGHQODUJHPHQW LQEUDLQGDPDJHGSDWLHQWV (ULFK.DVWHQ  'RURWKH$3RJJHO(YD0OOHU2HKULQJ-DQQD*RWKH7LOPDQ6FKXOWH DQG%HUQKDUG$6DEHO ,QVWLWXWHRI0HGLFDO3V\FKRORJ\2WWRYRQ*XHULFNH8QLYHUVLW\RI0DJGHEXUJ*HUPDQ\ 5HFHLYHG0D\UHYLVHG$XJXVWDFFHSWHG6HSWHPEHU $EVWUDFW 3XUSRVH%UDLQGDPDJHLVRIWHQDFFRPSDQLHGE\YLVXDOILHOGGHIHFWVZKLFKKDYHEHHQFRQVLGHUHGWREHQRQWUHDWDEOH,QUHFHQW\HDUVKRZ HYHUQHZGLDJQRVWLFPHWKRGVKDYHUHYHDOHGKLWKHUWRXQNQRZQUHVLGXDOYLVLRQZKLFKZDVIRXQGIRULQVWDQFHLQWUDQVLWLRQ]RQHVQHDUWKHEOLQG YLVXDOILHOGVHFWRUVDQGLQVSDUHGLVODQGVRIYLVLRQZLWKLQWKHEOLQGUHJLRQV³EOLQGVLJKW´)XUWKHUPRUHDQLPDOVWXGLHVUHYHDOHGDKLJKGHJUHH RISODVWLFLW\LQWKHYLVXDOV\VWHPVXJJHVWLQJWKHSRVVLELOLW\WKDWUHFRYHU\RIYLVLRQPD\EHLQGXFHGE\V\VWHPDWLFYLVXDOWUDLQLQJ 0HWKRGV+HUHZHVXPPDUL]HDVHULHVRIVWXGLHVZLWKSDWLHQWVVXIIHULQJIURPYLVXDOILHOGGHIHFWVDIWHUEUDLQOHVLRQXVLQJVRPHPRVWUHFHQWO\ GHYHORSHGFRPSXWHUEDVHGSURJUDPVIRUWKHGLDJQRVLVDQGWUHDWPHQWRIYLVXDOILHOGGHIHFWV6SHFLILFDOO\KLJKUHVROXWLRQSHULPHWU\+53ZDV DSSOLHGWRILUVWGLDJQRVHUHVLGXDOIXQFWLRQLQRUQHDUWKH³EOLQG´VHFWRURIWKHYLVXDOILHOG7KHUHDIWHUYLVXDOUHVWLWXWLRQWUDLQLQJ957VHH .DVWHQHWDO1DWXUHPHGSZDVXVHGGDLO\IRUPRQWKVWRSURYLGHV\VWHPDWLFVWLPXODWLRQRIWKHVHDUHDVRIUHVLGXDOYLVLRQ 5HVXOWV,QDQXPEHURIVWXGLHVZHKDYHREVHUYHGQRWRQO\UHVLGXDOYLVXDOIXQFWLRQVZLWKLQRUQHDUWKHILHOGGHIHFWEXWZHZHUHDOVRDEOHWR IROORZWKHFRXUVHRIVSRQWDQHRXVUHFRYHU\RIYLVXDOIXQFWLRQVZLWKLQZHHNVRUPRQWKVDIWHUYLVXDOV\VWHPGDPDJH)XUWKHUPRUHHYHQORQJ DIWHUVSRQWDQHRXVUHFRYHU\LVFRPSOHWHFRPSXWHUEDVHGYLVXDOUHVWLWXWLRQWUDLQLQJ957LQRUQHDUWKHDUHDVRIUHVLGXDOYLVLRQUHVXOWVLQDVLJ QLILFDQWHQODUJHPHQWRILQWDFWDUHDVERWKDIWHURSWLFQHUYHGDPDJHDQGSRVWFKLDVPDWLFOHVLRQV8VLQJ957ZHIRXQGDERUGHUVKLIWRIDERXW GHJUHHVRIYLVXDODQJOHZKLFKFDQQRWEHH[SODLQHGE\H\HPRYHPHQWVRUHFFHQWULFIL[DWLRQ:HREVHUYHGDWUDQVIHURIWKLVWUDLQLQJHIIHFWVWR RWKHUWDVNVVXFKDVIRUPDQGFRORUGHWHFWLRQDVZHOODVWRWHVWVRIYLVXDOH[SORUDWLRQZKLFKZHUHQRWVSHFLILFDOO\WUDLQHG0RUHRYHU RIWKH SDWLHQWV UHSRUWHG VXEMHFWLYH LPSURYHPHQWVRIYLVLRQ 7UDLQLQJLQGXFHG YLVXDOILHOGHQODUJHPHQW SHUVLVWHG IRU DW OHDVW RQH\HDUHYHQ LQ WKH DEVHQFHRIWUDLQLQJEH\RQGPRQWKVRIWUHDWPHQW &RQFOXVLRQV7KHYLVXDOV\VWHPSRVVHVVHVDUHPDUNDEOHSODVWLFLW\ZKLFKEHFRPHVDSSDUHQWLQYLVXDOILHOGHQODUJHPHQWGXULQJVSRQWDQHRXV UHFRYHU\DQGVSHFLILFYLVXDOWUDLQLQJ$QLPDOVWXGLHVLQGLFDWHWKDWDPLQLPXPQXPEHURIUHVLGXDOQHXURQVVXUYLYLQJWKHOHVLRQLQWKHRUGHURI  SURYLGHVDVXIILFLHQWVXEVWUDWHIRUUHFRYHU\RIYLVLRQ7KRXJKWKHSUHFLVHPHFKDQLVPVRIWUDLQLQJLQGXFHGYLVXDOILHOGHQODUJHPHQWQHHG WREHIXUWKHUH[SORUHG957FDQEHLQWURGXFHGIRUURXWLQHFOLQLFDOWUHDWPHQWRISDWLHQWVZLWKYLVXDOILHOGGHIHFWV .H\ZRUGV3ODVWLFLW\IXQFWLRQDOUHVWLWXWLRQYLVXDOILHOGGHIHFWVUHVLGXDOQHXURQDOVWUXFWXUHVWUDLQLQJUHKDELOLWDWLRQ   &RUUHVSRQGHQFH WR 'U (ULFK .DVWHQ ,QVWLWXW RI 0HGLFDO 3V\FKRORJ\ 2WWRYRQ*XHULFNH8QLYHUVLWlW /HLS]LJHU 6WU   0DJGHEXUJ *HUPDQ\ 7HO Г )D[Г(PDLO(ULFK.DVWHQ#0HGL]LQ8QL0DJGHEXUJ'(