,17(51$7,21$/ $5.6. $662,$7,21     /,*+7 32//87,21 6,(1( $1 7(+12/2* ,167,787(                      9(1(7267(//$72        ...
38%/,6+( % ,67,/  ,67,7872 , 6,(1=$ ( 7(12/2*,$        (//,148,1$0(172 /80,1262  /,*+7 32//87,21 6,(1(        $1 7(+12/2* ...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW      ...
3ULQWHG DQG ERXQG E 6HOHFWD 63$ 0LODQR ,WDO
RQWHQWV  6RPPDULRRQWHQWV  6RPPDULR LLL3UHIDFH )RUHZRUG L[(GLWRU¶V 3UHIDFH 3UHID]LRQH GHO FXUDWRUH  2UJDQL]LQJ RPPLWWHH  RP...
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW  /LJKW SROOXWLRQ DQG TXDOLW RI OLIH        3LHUIUDQFHVFR *KHWW...
5REHUW / *HQW   0DOSHQVD DLUSRUW DQG ELUG PLJUDWLRQ D PDWWHU RI OLJKW SROOXWLRQ       /RUHQ]R )RUQDVDUL   /¶DHURSRUWR GL 0...
/LJKW SROOXWLRQ DQG HQHUJ VDYLQJ H[FHOOHQW UHVXOWV REWDLQHG LQWKH DSSOLFDWLRQ RI QHZ UHJXODWLRQV      0DULR L 6RUD ,QTXLQD...
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW5RXQG WDEOH 7KH OHJLVODWLYH VLWXDWLRQ LQ ,WDO DQG LQ 9HQHWR 7DY...
3UHIDFH  7            KLV ERRN LQFOXGHV WKH 3URFHHGLQJV RI DQ KLVWRULF FRQIHUHQFH KHOG LQ            9HQLFH RQ  0D  7KH PD...
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW  YLLL
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR    2    )RUHZRUG              Q 0D   WKH LQWHUQDWLRQDO FRQIHUHQF...
DQG WKH SDWURQDJH RI WKH 5HJLRQH 9HQHWR 7KH3URFHHGLQJV DUH HGLWHG E 3LHUDQWRQLR LQ]DQR ZKR LV FDUULQJ RXW WKH UHVHDUFKSURM...
RIWKH ,QWHUQDWLRQDO $VWURQRPLFDO 8QLRQ KDV EHHQ SURPRWHG ,Q  WKH 8QLYHUVLWRI 3DGXD DQG WKH $VWURQRPLFDO 2EVHUYDWRU RI 3DGR...
3LHUDQWRQLR LQ]DQR LV RQH RI WKH SLRQHHUV RQ WKH ILHOG RI OLJKW SROOXWLRQ DQGVLQFH PDQ HDUV KH LV VWXGLQJ LWV HQYLURQPHQWD...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWVDIHJXDUG RI DVWURQRPLFDO UHVHDUFK ,W LV GULYHQ E WKH ZLGHU LQW...
, (GLWRU·V 3UHIDFH           W LV ZLWK JUHDW VDWLVIDFWLRQ WKDW , ZULWH WKH LQWURGXFWLRQ WR WKH           3URFHHGLQJV RI WK...
DQG WKH 9HQHWR           5HJLRQ    ,W ZDV D FXOWXUDO DQG WHFKQLFDOSROLWLFDO PHHWLQJ ZLWK VSHDNHUV RI QDWLRQDODQG LQWHUQDWL...
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWRXQFLO DQG 5HJLRQDO *RYHUQPHQWDO VWDII RI WKH 9HQHWR 5HJLRQ 7KH...
DQG EORFNHG IRUSURFHGXUDO UHDVRQV VRPH HDUV DJR 0RUH WKDQ VL[ WKRXVDQG VLJQDWXUHV RIFLWL]HQV RI 9HQHWR VXSSRUW WKHVH UHTXH...
WKDW ZDVFRQFOXGHG ZLWK WKH GHFODUDWLRQ WKDW WKH QLJKW VN ZLWK LWV EHDXWLIXO VWDUV DQG WKHPHVVDJH RQ RXU SODFH LQ WKH XQLYH...
,WUHFRPPHQGHG WKDW PHPEHUV VWDWHV VKRXOG DFW WR FRQWURO SROOXWLRQ RI WKH VN EOLJKW DQG RWKHU FDXVHV IRU WKH EHQHILW RI HQH...
GHFLGHG WR VWDUW DQ LQWHUQDWLRQDO FRRSHUDWLRQ LQ RUGHU WR OLPLW WKH OXPLQRXV VSDFHSXEOLFLW DQG LW GLIIXVHG D GRFXPHQW DERX...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQROLJKWLQJ VVWHP SXEOLF DQG SULYDWH EH SODQQHG GHVLJQHG DQG H[HFXWH...
ZKLFK IUHHO SXW WKH VSOHQGLG FRQIHUHQFH URRP WR RXU GLVSRVDO IRU WKH PHHWLQJ    3URI 3LHUUH /DVVHUUH GLUHFWRU RI WKH 81(62...
3LHUDQWRQLR LQ]DQR                                         1RYHPEHU WK     LSDUWLPHQWR GL $VWURQRPLD    8QLYHUVLWj GL 3DGR...
¸  ,67,/ 7KLHQH ,WDO ,6%1
3UHID]LRQH GHO FXUDWRUH  (·                FRQ JUDQGH VRGGLVID]LRQH FKH VFULYR LQ TXDOLWj GL FXUDWRUH                O¶LQW...
H                GDOOD 5HJLRQH 9HQHWR    6L WUDWWD GL XQ FRQYHJQR FXOWXUDOH H WHFQLFRSROLWLFR FRQ UHODWRUL GL OLYHOORQD]LR...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRVWDWD YDOXWDWD O¶HIILFDFLD ,QROWUH q VWDWD FRQIURQWDWD OD VLWXD]L...
FKH VL qFRQFOXVR FRQ OD GLFKLDUD]LRQH FKH ³LO FLHOR QRWWXUQR FRQ OH VXH EHOOLVVLPH VWHOOHHG LO PHVVDJJLR VXO QRVWUR SRVWR ...
FKH KDUDFFRPDQGDWR DJOL VWDWL PHPEUL GL ³DJLUH LQ PRGR GD FRQWUROODUH O¶LQTXLQDPHQWRGHO FLHOR GD OXFH H DOWUH FDXVH D YDQW...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWOLPLWDUH OD SXEEOLFLWj VSD]LDOH OXPLQRVD HG KD GLIIXVR XQ GRFXP...
3LHUDQWRQLR LQ]DQR                                               1RYHPEUH LSDUWLPHQWR GL $VWURQRPLD 8QLYHUVLWj GL 3DGRYD
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR2UJDQL]LQJ RPPLWWHH  RPLWDWRRUJDQL]]DWRUH    3LHUDQWRQLR LQ]DQR  ...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW 6 RQWULEXWRUV  5HODWRUL          SHDNHUV3URI )UDQFHVFR %HUWROD...
%RE *HQW8QLYHUVLW RI 3DGXD                         ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ                                        ...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR3URI *LDQFDUOR )DYHUR                         U )DELR )DOFKL8QLYH...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW3URI HUHN 0F1DOO                         0D $QWRQLHWD *DUFLD 8/...
$VWURQRPHU DW WKH (XURSHDQ 6RXWKHUQ(62 P 1(: 7(+12/2*                     2EVHUYDWRU7(/(623(  7HDP /HDGHU                 ...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQROLII +DDV                                      -RUGL ,SDUUDJXLUUH...
3HUH +RUWVKWWSJURXSVDKRRFRPJURXSDUN6N            HO )RVFOLVW$XWKRU /LJKW 3ROOXWLRQ $ZDUHQHVV               3KLOLSS +HFN:HE...
3UHVLGHQW DUN6N 6ZLW]HUODQGKWWSPHPEHUVDROFRPFWVWDUZFKU               ,$ 6ZLW]HUODQG 6HFWLRQ
0HPEHU ,OOXPLQDWLQJ (QJLQHHULQJ6RFLHW RI 1RUWK $PHULFD ,(61$
:LP 6FKPLGWKWWSZZZLHVQDRUJ                            ,$ +ROODQG0HPEHU 1HZ (QJODQG /LJKW 3ROOXWLRQ$GYLVRU *URXS 1(/3$*    ...
ZZZPDOWDVWURRUJOSDJ3DWULFN  DUU3UHVLGHQW                                       7LQH 7KHYHQLQ$6( 7KH KULVWLDQ $VVRFLDWLRQ R...
HQQLV (ULFNVRQ6KLJHPL 8FKLGD                                  KLFDJR 6HFWLRQ,QWHUQDWLRQDO DUN,$ -DSDQ 6HFWLRQ             ...
LQ KLOH WKH KLOHDQ 1HWZRUN RI6WHUQIUHXQGH H9                               $VWURQRP WKURXJK LWV *URXS RQ /LJKW            ...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW)DULG KDU                                  6ROHGDG 0DUWLQH]/DEU...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR2VFDU 5REOHV 6                                 %HUQDUG .RVLFNL(VW...
/D 6HUHQD KLOH                                                3URI DYLG 2UHOODQD $DQLHO 0XQL]DJD                          ...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWULVWLDQ /HyQ *                            3DXO 9DOODOLRQFHSFLRQ...
6HFWLRQHFODUDWLRQ RI WKH SDUWLFLSDQWV:DOVR FDOOHG ´HFODUDWLRQ RI 9HQLFHµ            H WKH SDUWLFLSDQWV DW WKH ,$,67,/9HQHW...
DQG WKH 9HQHWR 5HJLRQ  œ   QRWLQJ WKH VHULRXV GHJUDGDWLRQ RI WKH QLJKW VN DQG WKH KLJK OHYHOV RI      OLJKW SROOXWLRQ LQ ,...
WKH SURMHFW RI WKH ,WDOLDQ 0LQLVWU RI      (GXFDWLRQ ³*OL VWXGHQWL IDQQR YHGHUH OH VWHOOH´ DQG WKH GRFXPHQWV RI WKH      ,...
ZKLFK GHFODUHG WKH QLJKW VN ZLWK LWV EHDXWLIXO VWDUV      DQG LWV PHVVDJH RI RXU SODFH LQ WKH 8QLYHUVH D SUHFLRXV WUHDVXUH...
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW        œ    QRWLQJ WKH GHFODUDWLRQ RI WKH ,$8263$581 6SHFLDO (...
KHOG DV 7HFKQLFDO )RUXP RI WKH 7KLUG 8QLWHG 1DWLRQV             RQIHUHQFH RQ WKH ([SORUDWLRQ DQG 3HDFHIXO 8VHV RI 2XWHU 6S...
ZKLFK UHFDOOHG WKDW RXWHU VSDFH KDV EHHQ GHILQHG DV WKH             SURYLQFH RI DOO PDQNLQG WR EH SURWHFWHG IURP KDUPIXO F...
DVN DOO WKH :RUOG¶V KHDGV RI JRYHUQPHQW    WR SURWHFW WKH QLJKWWLPH HQYLURQPHQW IURP OLJKW SROOXWLRQ VR WKDW IXWXUHJHQHUDW...
DVN 81(62 DQG 81WR UHVWDUW WKH SURFHVV WR GHFODUH WKH QLJKW VN D +HULWDJH RI +XPDQLWLQ SDUWLFXODU ZLWK WKH DLP WR SURWHFW ...
DVN DOO WKH :RUOG¶V JRYHUQPHQWDO DVVHPEOLHVWR DGRSW ODZV DJDLQVW OLJKW SROOXWLRQ DQG IRU WKH FRQWURO RI WKH QLJKW VNEULJKW...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRIRU SURWHFWLQJ WKH QLJKWWLPH HQYLURQPHQW IRU VDYLQJ HQHUJ DQG IRU...
DQG ILQDOO DVN WKH 9HQLFH DXWKRULWLHVWKDW WKH QRFWXUQDO HQYLURQPHQW RI WKH LW RI 9HQLFH EH FRQVLGHUHG SDUW RI WKHKLVWRULFD...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW LFKLDUD]LRQH GHL SDUWHFLSDQWL , FKLDPDWD ´LFKLDUD]LRQH GL 9HQH...
FKH KD SURFODPDWR LO FLHOR QRWWXUQR FRQ LO VXR IDVFLQR H LO        PHVVDJJLR FKH FL WUDVPHWWH VXO QRVWUR SRVWR QHOO¶8QLYHU...
VYROWRVL LQ FRQFRPLWDQ]D        FRQ OD 7HU]D RQIHUHQ]D 218 VXOO¶HVSORUD]LRQH H VXJOL XVL SDFLILFL GHOOR        VSD]LR HVWH...
FKH KD ULEDGLWR OD GHILQL]LRQH GL VSD]LR        HVWHUQR FRPH 7HUULWRULR GHOO¶8PDQLWj GD SURWHJJHUH GD FRQWDPLQD]LRQL      ...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRFKLHGRQR DL JRYHUQDQWL GHOOD 7HUUDFKH O¶DPELHQWH QRWWXUQR YHQJD S...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWLOOXPLQD]LRQH HVWHUQD QRWWXUQD SXEEOLFD H SULYDWD VLD SURJHWWDW...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR                                                                 ...
RI WKH ,QWHUQDWLRQDO                                                  $VWURQRPLFDO 8QLRQ                                  ...
ZKLFK UHVLGH7KH FRQIHUHQFH EHJDQ DW  XQGHU WKHFKDLUPDQVKLS RI 3URI )UDQFHVFR %HUWROD VHQLRU                               ...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW1H[W VSHDNHU ZDV 3URI 3LHUUH /DVVHUUH LUHFWRU        DVVRFLDWLR...
DQG LQ D VXFFHVVLYH OHWWHU E         FROODERUDWLQJ LQVWLWXWLRQV KDG WKH IORRU3URI 0DOFROP 6PLWK LUHFWRU RI WKH HUUR 7ROROR...
DUULYHG VXSSRUWLQJ WKLVUHTXHVW 3LHUUH /DVVHUUH H[SODLQHG WKDW WKLVSUREOHP LV GXH WR WKH IDFW WKDW 81(62 ZRUNV RQWKH EDVLV ...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR                                                        ± 7KH VLW...
LW FROODERUDWHG WR WKH UHDOL]DWLRQ RI D                                                       GRFXPHQWDU E WKH ,WDOLDQ QDW...
ZKLFK IUHHO SXW WKH VSOHQGLG KDOO WR GLVSRVDO IRUU 3LHUDQWRQLR LQ]DQR VFLHQWLILF GLUHFWRU RI WKH    WKH FRQIHUHQFH,QWHUQDW...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWWKH TXDOLILHG VSHDNHUV DQG WKH UHSUHVHQWDWLYHV RI     FRQIHUHQF...
$VDOO WKH RWKHU SHRSOH ZKR KHOSHG VXFK DV 0UV         IRUPHU SUHVLGHQW KH JDYH UHJDUGV RI WKH0DU]LD 9LOOHOOD7KHQ RWKHU SHR...
ZKLFK SHUPLW D EDODQFH EHWZHHQ                                                       VXVWDLQDEOH GHYHORSPHQW DQG FRQWDLQPH...
VRPHHDUV DJR VKXW RII WKH OLJKWV RQ WKH EHDFK DQG JLYH   3URI )UDQFHVFR %HUWROD EURXJKW UHJDUGV IURP WKHEDFN HYHURQH WKH V...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRSURQRXQFHG FHUWDLQW WKDW VRPH PLVXQGHUVWDQGLQJV      DEQRUPDOO GH...
7KH                                                      3DUOLDPHQWDU SURFHVV EHJDQ TXLFNO EXW QRZ KDV                    ...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWSDUWLFLSDQWV DQG WR UHTXHVW 81(62 WR GHFODUH          UHVHDUFKH...
VSHDN RI ´D GHVSHUDWH QHHG RI$VWURQRPLFDO 2EVHUYDWRU RUJDQL]HU RI WKH             SURWHFWLRQ IURP ZLOG LOOXPLQDWLRQ ZDVWHI...
YLFHSUHVLGHQW RI WKH RPPLVVLRQ             $PHULFDQ VHFWLRQV DQG IURP LQGLYLGXDOSURWHFWLRQ RI DVWURQRPLFDO VLWHV
RI WKH              DVWURQRPHUV DQG RUGLQDU FLWL]HQV,QWHUQDWLRQDO $VWURQRPLF 8QLRQ DQG SUHVLGHQW RIKLV ZRUNLQJ JURXS ³RQWU...
LQYROYHG LQ WKH SURWHFWLRQRI WKH VN RYHU 1RUWK KLOH ZKHUH WKH ODUJHUWHOHVFRSHV RI WKH VRXWKHUQ KHPLVSKHUH DUH ORFDWHG³,W L...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRFLYLOL]DWLRQ XQWLO QRZ *LXOLDQR 5RPDQR                 GHQLQJ WR ...
¸  ,67,/ 7KLHQH ,WDO ,6%1
/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW7HFKQRORJ ,QVWLWXWH RI ZKLFK KH LV SUHVLGHQW        YDOXHV RI O...
,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRGLPHQVLRQV DQG DUFKLWHFWXUHV ZKRVH DHVWKHWLF            PRQLWRULQ...
VSRNH/XFLD RUER FRRUGLQDWHG WKH QDWLRQDO 3URMHFW 6WXGHQWV VKRZ WKH VWDUV LQVLGH ZKLFK WKH1DWLRQDO :HHNV RI $VWURQRP ZDV SU...
DQG WKH H[SHULPHQWDOODVVLF     /FHXP      ³%5XVVHOO´      RI    5RPHZZZOLFHRUXVVHOOURPDLW PRQLWRULQJ RI OLJKW           H[...
,Q SDUWLFXODU WKH UHVXOWV RI WKH            VFKRROV RI GLIIHUHQW OHYHO LQ 9HQHWR 7KH ILUVW ZDV/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU...
¸  ,67,/ 7KLHQH ,WDO ,6%1
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Proc venice1200
Nächste SlideShare
Wird geladen in …5
×

Proc venice1200

459 Aufrufe

Veröffentlicht am

Veröffentlicht in: Bildung, Technologie
0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
459
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
3
Aktionen
Geteilt
0
Downloads
0
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

Proc venice1200

  1. 1. ,17(51$7,21$/ $5.6. $662,$7,21 /,*+7 32//87,21 6,(1( $1 7(+12/2* ,167,787( 9(1(7267(//$72 ZLWK WKH FROODERUDWLRQ RI ,(/2%8,2 Ã Ã Ã /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW 3URFHHGLQJV RI WKH RQIHUHQFH /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW 9HQLFH OHW·V VDYH WKH QLJKW ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO·DPELHQWH QRWWXUQR 9HQH]LD VDOYDUH OD QRWWH KHOG LQ 9HQLFH RQ 0D UG (,7( % 3,(5$1721,2 ,1=$12 LSDUWLPHQWR GL $VWURQRPLD 8QLYHUVLWj GHJOL 6WXGL GL 3DGRYD 9LFROR GHOO·2VVHUYDWRULR , 3DGRYD ,WDO :,7+ 7+( 3$7521$*( 2) 81(62 5(*,21$/ %85($8 )25 6,(1( ,1 (8523( 5267(
  2. 2. 38%/,6+( % ,67,/ ,67,7872 , 6,(1=$ ( 7(12/2*,$ (//,148,1$0(172 /80,1262 /,*+7 32//87,21 6,(1( $1 7(+12/2* ,167,787(Ã
  3. 3. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW 3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW 9HQLFH OHW·V VDYH WKH QLJKW ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO·DPELHQWH QRWWXUQR 9HQH]LD VDOYDUH OD QRWWH KHOG LQ 3DOD]]R 3DSDGRSROL 9HQLFH ,WDO RQ 0D UG 2UJDQL]LQJ RPPLWWHH 3LHUDQWRQLR LQ]DQR )UDQFHVFR DO RUVR /HRSROGR DOOD *DVVD )UDQFHVFR 5L]]ROL 6LOYDQR 7RFFKHW (GLWRU 3LHUDQWRQLR LQ]DQR 3URRI5HDGHUV DYLG UDZIRUG *LDQFDUOR )DYHUR 5REHUW *HQW ,6%1 È RSULJKW ,67,/ 7KLHQH $OO ULJKWV UHVHUYHG3XEOLVKHG LQ E ,67,/ ² ,VWLWXWR GL 6FLHQ]D H 7HFQRORJLD GHOO·,QTXLQDPHQWR /XPLQRVR /LJKW 3ROOXWLRQ 6FLHQFH DQG 7HFKQRORJ ,QVWLWXWH 6HGH /HJDOH 9LD 5RPD , 7KLHQH ,WDO QRQSURILW RUJDQL]DWLRQ FI 7HO )D[ LQIR#LVWLOLW ZZZLVWLOLW ZZZOLJKWSROOXWLRQLW 3) YHUVLRQ GRZQORDGDEOH IURP KWWSZZZOLJKWSROOXWLRQLWLVWLOYHQLFH KWWSZZZYHQHWRVWHOODWRLW 3ULQWHG ZLWK WKH VXSSRUW RI 6WDPSDWR FRQ LO FRQWULEXWR GL 81(62 5HJLRQDO %XUHDX IRU 6FLHQFH LQ (XURSH 5267(
  4. 4. 3ULQWHG DQG ERXQG E 6HOHFWD 63$ 0LODQR ,WDO
  5. 5. RQWHQWV 6RPPDULRRQWHQWV 6RPPDULR LLL3UHIDFH )RUHZRUG L[(GLWRU¶V 3UHIDFH 3UHID]LRQH GHO FXUDWRUH 2UJDQL]LQJ RPPLWWHH RPLWDWR RUJDQL]]DWRUH RQWULEXWRUV 5HODWRUL HFODUDWLRQ RI WKH SDUWLFLSDQWV LFKLDUD]LRQH GHL SDUWHFLSDQWL 5HSRUW RI WKH FRQIHUHQFH 5HVRFRQWR GHO FRQYHJQR RQWULEXWLRQV ,QWURGXFWLRQ 2SHQLQJ $GGUHVV 3LHUUH /DVVHUUH 3URJUHVV DQG KDOOHQJHV LQ /LJKW 3ROOXWLRQ RQWURO DYLG / UDZIRUG 5REHUW / *HQW 3URJUHVVL H VILGH QHOOD OLPLWD]LRQH GHOO¶LQTXLQDPHQWR OXPLQRVR DYLG / UDZIRUG 5REHUW / *HQWRQWULEXWLRQV 1LJKW VN DQG (QYLURQPHQW 6WDUJD]LQJ LWV LPSRUWDQFH WR PDQ WKURXJKRXW WKH FHQWXULHV *LXOLDQR 5RPDQR ,PSRUWDQ]D GHO FLHOR VWHOODWR SHU O¶XRPR QHL VHFROL *LXOLDQR 5RPDQR /LJKW SROOXWLRQ DQG WKH VLWXDWLRQ RI WKH QLJKW VN LQ (XURSH LQ ,WDO DQG LQ 9HQHWR 3LHUDQWRQLR LQ]DQR ,QTXLQDPHQWR OXPLQRVR H VWDWR GHO FLHOR QRWWXUQR LQ (XURSD LQ ,WDOLD H QHO 9HQHWR 3LHUDQWRQLR LQ]DQR LLL
  6. 6. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW /LJKW SROOXWLRQ DQG TXDOLW RI OLIH 3LHUIUDQFHVFR *KHWWL ,QTXLQDPHQWR OXPLQRVR H TXDOLWj GHOOD YLWD 3LHUIUDQFHVFR *KHWWL (FRORJLFDO RQVHTXHQFHV RI $UWLILFLDO 1LJKW /LJKWLQJ D UHYLHZ DIWHU WKH 8/$ RQIHUHQFH /RV $QJHOHV )HEUXDU
  7. 7. 5REHUW / *HQW 0DOSHQVD DLUSRUW DQG ELUG PLJUDWLRQ D PDWWHU RI OLJKW SROOXWLRQ /RUHQ]R )RUQDVDUL /¶DHURSRUWR GL 0DOSHQVD H OD PLJUD]LRQH GHJOL XFFHOOL XQ SUREOHPD GL LQTXLQDPHQWR OXPLQRVR /RUHQ]R )RUQDVDUL /LJKW SROOXWLRQ LQ 9HQLFH )UDQFHVFR 5L]]ROL ,QTXLQDPHQWR OXPLQRVR D 9HQH]LD )UDQFHVFR 5L]]ROLRQWULEXWLRQV (GXFDWLRQ 7KH GLGDFWLFDO SURMHFW RI WKH 0LQLVWU RI (GXFDWLRQ 8QLYHUVLW DQG 5HVHDUFK DERXW DVWURQRP DQG OLJKW SROOXWLRQ *OL VWXGHQWL IDQQR YHGHUH OH VWHOOH /XFLD RUER ,O SURJHWWR GLGDWWLFR GHO 0LQLVWHUR GHOO,VWUX]LRQH GHOO8QLYHUVLWj H GHOOD 5LFHUFD VX DVWURQRPLD H LQTXLQDPHQWR OXPLQRVR ³*OL VWXGHQWL IDQQR YHGHUH OH VWHOOH´ /XFLD RUER 7HDFKLQJ OLJKW SROOXWLRQ DW VFKRRO WZR H[SHULHQFHV LQ 9HQHWR 6LOYDQR 7RFFKHW /LQVHJQDPHQWR GHOOLQTXLQDPHQWR OXPLQRVR QHOOH VFXROH GXH HVSHULHQ]H LQ 9HQHWR 6LOYDQR 7RFFKHW 7KH GLYXOJDWLRQ RI WKH SUREOHP RI OLJKW SROOXWLRQ $GULDQR )DYDUR LYXOJDUH LO SUREOHPD GHOO¶LQTXLQDPHQWR OXPLQRVR $GULDQR )DYDUR RQWULEXWLRQV 7HFKQLFDO LVVXHV DQG OHJLVODWLRQ LY
  8. 8. /LJKW SROOXWLRQ DQG HQHUJ VDYLQJ H[FHOOHQW UHVXOWV REWDLQHG LQWKH DSSOLFDWLRQ RI QHZ UHJXODWLRQV 0DULR L 6RUD ,QTXLQDPHQWR OXPLQRVR H ULVSDUPLR HQHUJHWLFR HFFHOOHQWLULVXOWDWL RWWHQXWL GDOO¶DSSOLFD]LRQH GL UHJRODPHQWL 0DULR L 6RUD 6KRUW VWRU RI WKH ILUVW ODZ LQ ,WDO DJDLQVW OLJKW SROOXWLRQ WKHODZ Q RI WKH 5HJLRQH 9HQHWR *LDQFDUOR )DYHUR %UHYH VWRULD GHOOD OHJJH GHOOD 5HJLRQH 9HQHWR Q GHO JLXJQR ³1RUPH SHU OD SUHYHQ]LRQH GHOO¶LQTXLQDPHQWROXPLQRVR´ *LDQFDUOR )DYHUR 7HFKQLFDO PHDVXUHV IRU DQ HIIHFWLYH OLPLWDWLRQ RI WKH HIIHFWV RIOLJKW SROOXWLRQ 3LHUDQWRQLR LQ]DQR5HTXLVLWL WHFQLFL SHU XQD HIILFDFH OLPLWD]LRQH GHJOL HIIHWWLGHOO¶LQTXLQDPHQWR OXPLQRVR 3LHUDQWRQLR LQ]DQR7KH H[SHULHQFH RI /RPEDUG LQ WKH ILJKW WR OLJKW SROOXWLRQ ZLWKWKH ODZ Q D ODZ WR EH LPLWDWHG LHJR %RQDWD /¶HVSHULHQ]D GHOOD 5HJLRQH /RPEDUGLD QHOOD ORWWDDOO¶LQTXLQDPHQWR OXPLQRVR FRQ OD OHJJH Q XQD OHJJHGD LPLWDUH LHJR %RQDWD ([SHFWDWLRQV IXOILOPHQWV DQG DFWLYLWLHV LQ WKH ILJKW DJDLQVW OLJKWSROOXWLRQ LQ 9HQHWR /HRSROGR DOOD *DVVD$VSHWWDWLYH DGHPSLPHQWL H DWWLYLWj QHOOD ORWWD DOO¶LQTXLQDPHQWROXPLQRVR QHO 9HQHWR /HRSROGR DOOD *DVVD)LUVW UHVXOWV RI WKH VLJQDWXUH FROOHFWLRQ WR SURWHFW WKH QLJKWHQYLURPHQW /HRSROGR DOOD *DVVD3UHVHQWD]LRQH GHOOD UDFFROWD GL ILUPH SHU OD WXWHOD GHOO¶DPELHQWHQRWWXUQR /HRSROGR DOOD *DVVD Y
  9. 9. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW5RXQG WDEOH 7KH OHJLVODWLYH VLWXDWLRQ LQ ,WDO DQG LQ 9HQHWR 7DYROD URWRQGD OD VLWXD]LRQH OHJLVODWLYD LQ ,WDOLD H LQ 9HQHWR ,$ :RUNVKRS RQWUROOLQJ OLJKW SROOXWLRQ LQ (DVWHUQ RXQWULHV /LJKW 3ROOXWLRQ DV D UHFRJQLVHG HJUDGDWLRQ RI (QYLURQPHQW WKH H[SHULHQFH LQ ]HFKLD -DQ +ROODQ RQWUROOLQJ /LJKW 3ROOXWLRQ ,Q URDWLD .RUDGR .RUOHYLF $FWLYLWLHV $JDLQVW /LJKW 3ROOXWLRQ LQ 6ORYHQLD +HUPDQ 0LNXå 7RZDUGV /LPLWLQJ /LJKW 3ROOXWLRQ LQ +XQJDU =ROWiQ .ROOiWK 7KH QH[W (XURSHDQ PHHWLQJ $5.6. LQ /XFHUQ 6ZLW]HUODQG )DELR )DOFKL /HWWHUV DQG RSHQLQJ VDOXWDWLRQV /HWWHUH H VDOXWL GL DSHUWXUD )URP ,WDO DOO¶,WDOLD )URP WKH :RUOG DOO¶HVWHUR $SSHQGL[ KH FRV¶q O¶,QTXLQDPHQWR /XPLQRVR KH FRV¶q O¶,$ KH FRV¶q O¶,67,/ KH FRV¶q 9HQHWR6WHOODWR 6KRUW SUHVV VXUYH %UHYH UDVVHJQD VWDPSD )HZ UHIHUHQFHV 3LFFROD ELEOLRJUDILD ,QGH[ RI QDPHV ,QGLFH GHL QRPL YL
  10. 10. 3UHIDFH 7 KLV ERRN LQFOXGHV WKH 3URFHHGLQJV RI DQ KLVWRULF FRQIHUHQFH KHOG LQ 9HQLFH RQ 0D 7KH PDLQ JRDO RI WKLV PHHWLQJ ZDV WR DGGUHVV SURWHFWLRQ RI WKH QLJKW VN 7KLV ZDV D WLPHO FRQIHUHQFH KHOG LQ D FLW RI ZRUOG UHQRZQ KLVWRU DQG EHDXW :KDW EHWWHU SODFH WR KROG DQLQWHUQDWLRQDO FRQIHUHQFH WR GLVFXVV WKH SURWHFWLRQ RI WKH ZRUOG¶V KHULWDJH RIEHDXWLIXO QLJKW VNLHV ,W ZDV REYLRXV WKDW DOO ZKR DWWHQGHG VKDUHG WKH H[FLWHPHQW DERXW WKH SURJUHVVEHLQJ PDGH LQ SUHVHUYLQJ WKH KHULWDJH RI EHDXWLIXO QLJKW VNLHV DQG LQ LPSURYLQJWKH TXDOLW RI DOO QLJKW OLJKWLQJ 8QOLNH RWKHU PRUH FRPSOLFDWHG HQYLURQPHQWDO SUREOHPV OLNH QXFOHDU ZDVWHDQG DLU SROOXWLRQ OLJKW SROOXWLRQ KDV VROXWLRQV WKDW FDQ EH LPSOHPHQWHG UDWKHUHDVLO LPPHGLDWHO ZLWK EHQHILFLDO UHVXOWV WR DOO DV ZHOO DV WR WKH HFRVVWHP ,IZH VKLQH OLJKW RQO ZKHQ DQG ZKHUH LW¶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
  11. 11. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW YLLL
  12. 12. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR 2 )RUHZRUG Q 0D WKH LQWHUQDWLRQDO FRQIHUHQFH ³/LJKW 3ROOXWLRQ DQG WKH 3URWHFWLRQ RI WKH 1LJKW (QYLURQPHQW´ ZDV KHOG LQ 9HQLFH XQGHU WKH DXVSLFHV RI WKH 81(62 5HJLRQDO %XUHDX IRU 6FLHQFH LQ (XURSH 5267(
  13. 13. DQG WKH SDWURQDJH RI WKH 5HJLRQH 9HQHWR 7KH3URFHHGLQJV DUH HGLWHG E 3LHUDQWRQLR LQ]DQR ZKR LV FDUULQJ RXW WKH UHVHDUFKSURMHFW ³/LJKW SROOXWLRQ DQG WKH VLWXDWLRQ RI WKH QLJKW VN DW DVWURQRPLFDO VLWHV´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
  14. 14. RIWKH ,QWHUQDWLRQDO $VWURQRPLFDO 8QLRQ KDV EHHQ SURPRWHG ,Q WKH 8QLYHUVLWRI 3DGXD DQG WKH $VWURQRPLFDO 2EVHUYDWRU RI 3DGRYD$VLDJR RUJDQL]HG WKHILUVW LQWHUQDWLRQDO VFLHQWLILF PHHWLQJ KHOG LQ ,WDO RQ WKH VXEMHFW ³/LJKW SROOXWLRQPHDVXUHV DQG SRVVLELOLW RI DFWLRQ´ $VLDJR 2FWREHU
  15. 15. 3LHUDQWRQLR LQ]DQR LV RQH RI WKH SLRQHHUV RQ WKH ILHOG RI OLJKW SROOXWLRQ DQGVLQFH PDQ HDUV KH LV VWXGLQJ LWV HQYLURQPHQWDO LPSDFW DQG LWV HIIHFWV RQ WKHQLJKW VN LQWURGXFLQJ XSWRGDWH WHFKQLTXHV EDVHG RQ VDWHOOLWH PHDVXUHPHQWV DQGGHYHORSLQJ VSHFLILF FRPSXWDWLRQDO PHWKRGV +H SURGXFHG PDQ VFLHQWLILF SDSHUVRQ OLJKW SROOXWLRQ WKH WH[WERRN ,QTXLQDPHQWR /XPLQRVR H SURWH]LRQH GHO FLHORQRWWXUQR SXEOLVKHG E WKH ,VWLWXWR 9HQHWR GL 6FLHQ]H /HWWHUH HG $UWL RI 9HQLFHWKH ,67,/ 5HSRUW ³6WDWR GHO FLHOR QRWWXUQR H LQTXLQDPHQWR OXPLQRVR LQ,WDOLD´ DQG HGLWHG WKH YROXPH 0HDVXULQJ DQG PRGHOOLQJ OLJKW SROOXWLRQSXEOLVKHG E WKH ,WDOLDQ $VWURQRPLFDO 6RFLHW +LV UHVHDUFK IROORZV WKH WUDGLWLRQRI RXU HSDUWPHQW +RZHYHU WKH LQWHUHVW IRU WKH SURWHFWLRQ RI WKH QLJKW VN LV QRW OLPLWHG WR WKH/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ L[3LHUDQWRQLR LQ]DQR HG
  16. 16. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  17. 17. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWVDIHJXDUG RI DVWURQRPLFDO UHVHDUFK ,W LV GULYHQ E WKH ZLGHU LQWHUHVW ³WKDW IXWXUHJHQHUDWLRQV ZLOO EH DEOH WR VHH RXU PDJQLILFHQW VWDUU VNLHV RXU RQO ZLQGRZ WRWKH LQILQLWH XQLYHUVH ZKHUH ZH OLYH D SULFHOHVV KHULWDJH IRU DOO RI KXPDQLW IRUFRXQWOHVV FHQWXULHV WKH FRPSDQLRQ RI OLIH RI RXU JUDQGIDWKHUV DQ LQVSLUDWLRQ IRUKXPDQLW¶V FXOWXUH DUW OLWHUDWXUH SKLORVRSK DQG UHOLJLRQ D NH HOHPHQW RIHGXFDWLRQDO JURZWK´ DV WKH ILQDO HFODUDWLRQ RI WKLV FRQIHUHQFH VDV )RU WKHVH UHDVRQV WKH HSDUWPHQW IROORZV ZLWK LQWHUHVW DQG FRQVLGHUDWLRQ WKHGHYHORSPHQWV RI DFWLYLWLHV OLNH WKRVH WKDW OHG WR WKLV FRQIHUHQFH )UDQFHVFR %HUWROD 3URIHVVRU RI $VWURSKVLFV LSDUWLPHQWR GL $VWURQRPLD 8QLYHUVLWj GL 3DGRYD [
  18. 18. , (GLWRU·V 3UHIDFH W LV ZLWK JUHDW VDWLVIDFWLRQ WKDW , ZULWH WKH LQWURGXFWLRQ WR WKH 3URFHHGLQJV RI WKLV LPSRUWDQW FRQIHUHQFH SDWURQL]HG E WKH 81(62 5HJLRQDO %XUHDX IRU 6FLHQFH LQ (XURSH 5267(
  19. 19. DQG WKH 9HQHWR 5HJLRQ ,W ZDV D FXOWXUDO DQG WHFKQLFDOSROLWLFDO PHHWLQJ ZLWK VSHDNHUV RI QDWLRQDODQG LQWHUQDWLRQDO OHYHO GHYRWHG WR VDIHJXDUGLQJ WKH QLJKW HQYLURQPHQW DQG WKHQLJKW VN DQG WR WKH OLPLWDWLRQ RI WKH OLJKW SROOXWLRQ LWV GLGDFWLFV DQG LWVSRSXODULVDWLRQ 7KH DLP ZDV WR GUDZ DWWHQWLRQ WR WKLV VHULRXV SUREOHP DWLQWHUQDWLRQDO UHJLRQDO DQG ORFDO OHYHO 7KH FRQIHUHQFH LQFOXGHG WKH ZRUNVKRS RQWUROOLQJ /LJKW 3ROOXWLRQ LQ (DVWHUQ RXQWULHV ZLWK WKH SDUWLFLSDWLRQ RI VRPHH[SRQHQWV RI WKH ILJKW WR OLJKW SROOXWLRQ LQ WKRVH FRXQWULHV ,W ZDV WKH ILUVW RQHGHYRWHG WR WKHVH (XURSHDQ FRXQWULHV DQG LW ZLOO EH SUHFLRXV LQ RUGHU WR VWLPXODWHWKHP WR XQGHUWDNH RSSRUWXQH DFWLRQV , WKLQN WKDW WKH FRQIHUHQFH FRQVWLWXWHV DQLPSRUWDQW PRPHQW DW ZRUOGZLGH OHYHO WR GUDZ DWWHQWLRQ WR WKLV VHULRXV SUREOHP,W FRQILUPV WKH OHDGHUVKLS UROH WKDW PRUH DQG PRUH ,WDO GHVHUYHV LQ WKHLQWHUQDWLRQDO ILHOG LQ WKH VWXG RI WKH SKHQRPHQRQ DQG WKH SRVVLEOH UHPHGLHV 7KH 9HQHWR 5HJLRQ LV WKH SODFH RI FKRLFH IRU WKLV PHHWLQJ EHFDXVH LW LVUHFRJQL]HG WR KDYH EHHQ WKH ILUVW LQ ,WDO WR HQDFW D VSHFLILF ODZ DJDLQVW OLJKWSROOXWLRQ WKH /5 Qƒ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
  20. 20. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWRXQFLO DQG 5HJLRQDO *RYHUQPHQWDO VWDII RI WKH 9HQHWR 5HJLRQ 7KH VLWXDWLRQ RIOLJKW SROOXWLRQ LQ 9HQLFH KDV EHHQ DQDOVHG WRR DQG D PRYHPHQW WR SUHVHUYH WKHQLJKW HQYLURQPHQW RI WKLV FLW ZDV ERUQ ,Q D ILQDO GHFODUDWLRQ WKH SDUWLFLSDQWV RI WKH FRQYHQWLRQ DVNHG WKHJRYHUQPHQWV RI WKH (DUWK ,WDO DQG 9HQHWR WKDW WKH QLJKW HQYLURQPHQW EHSURWHFWHG IURP OLJKW SROOXWLRQ WKDW DOWHUV LWV QDWXUDO VWDWH DQG WKH YLVLRQ RI WKHVWDUU VN LV FRQVHUYHG IRU WKH IXWXUH JHQHUDWLRQV ,Q SDUWLFXODU WKH DVNHG IRUWKH DGRSWLRQ LQ WKHLU RXQWULHV RI ODZV DJDLQVW OLJKW SROOXWLRQ DQG IRU WKHOLPLWDWLRQ RI WKH QLJKW VN EULJKWQHVV SURYLGLQJ HIIHFWLYH PHDVXUHV DV WKRVH RIWKH ODZ Q RI 0DUFK RI WKH /RPEDUG 5HJLRQ 7KH SDUWLFLSDQWV DOVRDVNHG 81(62 DQG 812 WR UHVWDUW WKH SURFHGXUH WR GHFODUH WKH QLJKW VN DQ+XPDQLW +HULWDJH VWDUWHG DIWHU WKH PHHWLQJ 81(62,$8,68 ³$GYHUVH(QYLURQPHQWDO ,PSDFWV RQ $VWURQRP´ 3DULV
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
  22. 22. WKDW ZDVFRQFOXGHG ZLWK WKH GHFODUDWLRQ WKDW WKH QLJKW VN ZLWK LWV EHDXWLIXO VWDUV DQG WKHPHVVDJH RQ RXU SODFH LQ WKH XQLYHUVH LV D SUHFLRXV WUHDVXUH RI WKH HQWLUHKXPDQLW ,Q WKH ³HFODUDWLRQ RI ULJKWV RI RXQJ JHQHUDWLRQV´ LW KDV EHHQLQFOXGHG WKH ULJKW WR D FOHDQ VN 812 LQ RFFDVLRQ RI ,,, WKH RQIHUHQFH IRUWKH 3DFLILF 8VHV RI 2XWHU 6SDFH 81,63$( ,,, RUJDQL]HG LQ LWV FHQWUH RI9LHQQD WKH FRQYHQWLRQ 3UHVHUYLQJ WKH $VWURQRPLFDO 6N
  23. 23. ,WUHFRPPHQGHG WKDW PHPEHUV VWDWHV VKRXOG DFW WR FRQWURO SROOXWLRQ RI WKH VN EOLJKW DQG RWKHU FDXVHV IRU WKH EHQHILW RI HQHUJ FRQVHUYDWLRQ WKH QDWXUDOHQYLURQPHQW QLJKWWLPH VDIHW DQG FRPIRUW RI WKH QDWLRQDO HFRQRP DV ZHOO DVVFLHQFH 6RPH PRQWK DJR WKH 812 *HQHUDO $VVHPEO HFHPEHU
  24. 24. GHFLGHG WR VWDUW DQ LQWHUQDWLRQDO FRRSHUDWLRQ LQ RUGHU WR OLPLW WKH OXPLQRXV VSDFHSXEOLFLW DQG LW GLIIXVHG D GRFXPHQW DERXW 2EWUXVLYH VSDFH DGYHUWLVLQJ DQGDVWURQRPLFDO UHVHDUFK 5HJDUGLQJ WKH FLW RI 9HQLFH WKH SDUWLFLSDQWV DVN WKDW LWV QLJKW HQYLURQPHQWEH FRQVLGHUHG SDUW RI WKH KLVWRULFDO DUWLVWLF DQG HQYLURQPHQWDO KHULWDJH RI WKHFLW DQG WKDW LW EH SURWHFWHG DQG VDIHJXDUGHG 7KH DVN DOVR WKDW LWV RXWGRRU
  25. 25. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQROLJKWLQJ VVWHP SXEOLF DQG SULYDWH EH SODQQHG GHVLJQHG DQG H[HFXWHG DGRSWLQJWKH PRVW HIIHFWLYH H[LVWLQJ PHDVXUHV WR OLPLW WKH HIIHFWV RI OLJKW SROOXWLRQ DQGJLYLQJ D JUHDW DWWHQWLRQ WR WKH WUDGLWLRQ LQ FKRRVLQJ WKH OHYHOV RI LOOXPLQDWLRQ 7KLV ERRN LV SXEOLVKHG E ,67,/ WKH /LJKW 3ROOXWLRQ 6FLHQFH DQG 7HFKQRORJ,QVWLWXWH ZLWK WKH VXSSRUW RI 81(625267( 7KH ,QVWLWXWH LV D QRQSURILW QRWFRPPHUFLDO LQVWLWXWLRQ ZLWK WKH DLP WR DGYDQFH DQG SURPRWH WKH VWXG RI OLJKWSROOXWLRQ DV ZHOO DV WKH GHYHORSPHQW DQG WKH GLVVHPLQDWLRQ RI WHFKQRORJLHV DQGPHWKRGV WR OLPLW OLJKW SROOXWLRQ DQG LWV HIIHFWV RQ WKH HQYLURQPHQW ,67,/ FDUULHVRQ OLJKW SROOXWLRQ UHVHDUFK RQ DQ LQWHUQDWLRQDO VFDOH ,Q SDUWLFXODU LW FDUULHV RQDFWLYLWLHV RI JOREDO PRQLWRULQJ IURP WKH (DUWK RU IURP VDWHOOLWH RI WKH OLJKWHPLVVLRQV LQ WKH DWPRVSKHUH DQG WKHLU HIIHFWV DQG FROODERUDWHV ZLWK WKH LQWHUHVWHGLQVWLWXWLRQV ,W SURPRWHV FDUULHV RQ RU FROODERUDWHV WR WKH GLGDFWLFV RI OLJKWSROOXWLRQ (YHQ LI RXQJ ,67,/ LV NQRZQ IRU LWV VXSSRUW RI WKH SUHSDUDWLRQ RI WKH³:RUOG $WODV RI $UWLILFLDO %ULJKWQHVV LQ WKH QLJKW VN´ IRU WKH ³,67,/ 5HSRUW ± 7KH VLWXDWLRQ RI WKH QLJKW VN DQG OLJKW SROOXWLRQ LQ ,WDO´ DQG IRU D VHULHVRI HGXFDWLRQDO RU RWKHU DFWLYLWLHV 0 KHDUWLO WKDQNV RQ EHKDOI RI WKH 2UJDQL]LQJ RPPLWWHH WR WKH LQGLYLGXDOVZKR VXSSRUWHG WKH RUJDQL]DWLRQ RI WKLV FRQIHUHQFH 3URI /XLJL $OEHURWDQ]D GLUHFWRU RI WKH ,QVWLWXWH IRU WKH 6WXG RI WKHQDPLFV RI /DUJH 0DVVHV RI WKH 1DWLRQDO RXQFLO RI 5HVHDUFK ,6*015
  26. 26. ZKLFK IUHHO SXW WKH VSOHQGLG FRQIHUHQFH URRP WR RXU GLVSRVDO IRU WKH PHHWLQJ 3URI 3LHUUH /DVVHUUH GLUHFWRU RI WKH 81(62 5HJLRQDO %XUHDX IRU 6FLHQFHLQ (XURSH ZKR DVVXUHG QRW RQO WKH 81(625267( SDWURQDJH EXW DOVR LWVVXSSRUW WR LQYLWH IRUHLJQ JXHVWV DQG WR SXEOLVK WKHVH 3URFHHGLQJV WKH RXQFLO RI 5HJLRQH 9HQHWR ZKLFK JDYH LWV SDWURQDJH HYHQ LI LW FRXOGQ¶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
  27. 27. 3LHUDQWRQLR LQ]DQR 1RYHPEHU WK LSDUWLPHQWR GL $VWURQRPLD 8QLYHUVLWj GL 3DGRYD/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  28. 28. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  29. 29. 3UHID]LRQH GHO FXUDWRUH (· FRQ JUDQGH VRGGLVID]LRQH FKH VFULYR LQ TXDOLWj GL FXUDWRUH O¶LQWURGX]LRQH DJOL $WWL GL TXHVWR LPSRUWDQWH FRQYHJQR SDWURFLQDWR GDOO¶81(62 5HJLRQDO %XUHDX IRU 6FLHQFH LQ (XURSH 5267(
  30. 30. H GDOOD 5HJLRQH 9HQHWR 6L WUDWWD GL XQ FRQYHJQR FXOWXUDOH H WHFQLFRSROLWLFR FRQ UHODWRUL GL OLYHOORQD]LRQDOH H LQWHUQD]LRQDOH YROWR D SUHVHQWDUH LO SUREOHPD GHOOD VDOYDJXDUGLDGHOO¶DPELHQWH QRWWXUQR H GHO FLHOR VWHOODWR GHOOD GLGDWWLFD GHOOD GLYXOJD]LRQH HGHOOD OLPLWD]LRQH GHOO¶LQTXLQDPHQWR OXPLQRVR /¶LQWHQWR q TXHOOR GL ULFKLDPDUHO¶DWWHQ]LRQH VLD D OLYHOOR LQWHUQD]LRQDOH FKH UHJLRQDOH H FLWWDGLQR VX TXHVWR JUDYHSUREOHPD $O FRQYHJQR HUD DVVRFLDWR XQ ZRUNVKRS VXOOD OLPLWD]LRQHGHOO¶LQTXLQDPHQWR OXPLQRVR QHL SDHVL GHOO¶(VW GDO WLWROR RQWUROOLQJ /LJKW3ROOXWLRQ LQ (DVWHUQ RXQWULHV FRQ OD SDUWHFLSD]LRQH GL DOFXQL HVSRQHQWL GLSULPR SLDQR GHOOD ORWWD DOOLQTXLQDPHQWR OXPLQRVR LQ TXHL SDHVL (VVR q LO SULPRILQRUD GHGLFDWR D TXHVWH QD]LRQL H VDUj SUH]LRVR SHU VWLPRODUOH DG LQWUDSUHQGHUHRSSRUWXQH D]LRQL 5LWHQJR FKH LO FRQYHJQR SRVVD FRVWLWXLUH XQ PRPHQWR LPSRUWDQWH D OLYHOORPRQGLDOH SHU ULFKLDPDUH O¶DWWHQ]LRQH VX TXHVWR JUDYH SUREOHPD (VVR FRQIHUPD LOUXROR GL OHDGHUVKLS FKH VHPSUH SL O,WDOLD VWD PHULWDQGR LQ FDPSR LQWHUQD]LRQDOHQHOOR VWXGLR GHO IHQRPHQR QRQFKp GHL SRVVLELOL ULPHGL SHU OLPLWDUOR /D 5HJLRQH 9HQHWR q LO OXRJR G¶HOH]LRQH SHU XQ WDOH FRQYHJQR SHUFKp GHWLHQHLO ULFRQRVFLXWR SULPDWR GL HVVHUH VWDWD OD SULPD LQ ,WDOLD D GRWDUVL GL XQD OHJJHVSHFLILFD OD /5 Qƒ GHO JLXJQR FKH RUD FL DXJXULDPR YHQJD DO SLSUHVWR DJJLRUQDWD LQVHUHQGR QHO 3LDQR 5HJLRQDOH SHU OD 3UHYHQ]LRQHGHOO¶,QTXLQDPHQWR /XPLQRVR L SURYYHGLPHQWL GHOOD OHJJH GHOOD 5HJLRQH/RPEDUGLD H GHO UHODWLYR UHJRODPHQWR SUHPLDWL H DSSODXGLWL GDOOHRUJDQL]]D]LRQL FKH FRPEDWWRQR O¶LQTXLQDPHQWR OXPLQRVR $O FRQYHJQR VRQR VWDWL GLVFXVVL JOL HIIHWWL SULQFLSDOL GHOO¶LQTXLQDPHQWROXPLQRVR VXOOD SHUFH]LRQH GHOOXQLYHUVR GD SDUWH GHOO¶XPDQLWj VXOO¶DPELHQWHQRWWXUQR H VXOOD YLWD QRWWXUQD Ê VWDWR ULFRUGDWR FKH OLQTXLQDPHQWR OXPLQRVRGHYH HVVHUH LQVHULWR QHOO¶DPELWR GHJOL DOWUL SUREOHPL DPELHQWDOL FRPH SDUWH GL XQDFXOWXUD JOREDOH GL FRQVHUYD]LRQH GHL YDORUL HVVHQ]LDOL GHO YLYHUH 6RQR VWDWLGLVFXVVL LQROWUH L SULQFLSDOL SURYYHGLPHQWL FRQWUR O¶LQTXLQDPHQWR OXPLQRVR H QH q
  31. 31. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRVWDWD YDOXWDWD O¶HIILFDFLD ,QROWUH q VWDWD FRQIURQWDWD OD VLWXD]LRQH OHJLVODWLYD LQYDUL SDHVL ,Q XQD WDYROD URWRQGD PHPEUL GHO 3DUODPHQWR 1D]LRQDOH GHORQVLJOLR 5HJLRQDOH H GHO SHUVRQDOH WHFQLFR GHOOD *LXQWD 5HJLRQDOH GHO 9HQHWRKDQQR GLVFXVVR OD VLWXD]LRQH OHJLVODWLYD DL GXH OLYHOOL QD]LRQDOH H UHJLRQDOH,QILQH q VWDWD DQDOL]]DWD OD VLWXD]LRQH GHOO¶LQTXLQDPHQWR OXPLQRVR D 9HQH]LD HGKD SUHVR DYYLR XQ PRYLPHQWR SHU FRQVHUYDUH ODPELHQWH QRWWXUQR GL TXHVWD FLWWj 1HOOD GLFKLDUD]LRQH FRQFOXVLYD L SDUWHFLSDQWL FKLHGRQR DL JRYHUQDQWL GHOOD7HUUD GHOO,WDOLD H GHO 9HQHWR FKH ODPELHQWH QRWWXUQR YHQJD SUHVHUYDWRGDOOLQTXLQDPHQWR OXPLQRVR FKH QH DOWHUD OR VWDWR QDWXUDOH H YHQJD FRQVHUYDWDDOOH IXWXUH JHQHUD]LRQL OD YLVLRQH GHO FLHOR VWHOODWR ,Q SDUWLFRODUH FKLHGRQR ORURGL DGRWWDUH QHL ULVSHWWLYL 3DHVL OHJJL FRQWUR OLQTXLQDPHQWR OXPLQRVR H SHU ODOLPLWD]LRQH GHOOD OXPLQRVLWj GHO FLHOR QRWWXUQR FRQ SURYYHGLPHQWL HIILFDFL TXDOLTXHOOL GHOOD OHJJH GHOOD 5HJLRQH /RPEDUGLD Q 1HOOH VHWWLPDQHSUHFHGHQWL DO FRQYHJQR VRQR VWDWH UDFFROWH TXDVL VHLPLOD ILUPH D VRVWHJQR GLTXHVWH ULFKLHVWH , SDUWHFLSDQWL LQROWUH FKLHGRQR DOO81(62 H DOO218 GLULDYYLDUH LO SURFHGLPHQWR SHU GLFKLDUDUH LO FLHOR QRWWXUQR 3DWULPRQLRGHOO8PDQLWj DYYLDWR GRSR LO FRQYHJQR 81(62,$8,68 ³$GYHUVH(QYLURQPHQWDO ,PSDFWV RQ $VWURQRP´ H EORFFDWRVL SHU SUREOHPL SURFHGXUDOL1XPHURVH OHWWHUH VRQR JLXQWH DO FRQYHJQR SHU VRVWHQHUH TXHVWD ULFKLHVWD GD,VWLWXWL 8QLYHUVLWDUL 2VVHUYDWRUL $VWURQRPLFL VWXGLRVL H DVVRFLD]LRQL GL WXWWR LOPRQGR *OL RUJDQL]]DWRUL VXJJHULVFRQR FKH O¶81(62 ULVSRQGD D TXHVWR DPSLRPRYLPHQWR LQGLYLGXDQGR DO SL SUHVWR XQ SHUFRUVR SHU JLXQJHUH D GLFKLDUDUH LOFLHOR QRWWXUQR 3DWULPRQLR GHOO¶8PDQLWj R GHO 0RQGR R VH QHFHVVDULR DYYLL LOSURFHVVR SHU XQD VSHFLILFD FRQYHQ]LRQH IUD JOL VWDWL PHPEUL GHOO¶218 GHGLFDWDDL SDWULPRQL VRYUDQD]LRQDOL FRPH LO FLHOR QRWWXUQR H L IRQGDOL RFHDQLFL 1RQ q OD SULPD YROWD FKH 81(62 HG 218 VL RFFXSDQR GL LQTXLQDPHQWROXPLQRVR /¶81(62 KD RUJDQL]]DWR QHOOD VXD VHGH GL 3DULJL LO FLWDWR FRQYHJQR³$GYHUVH (QYLURQPHQWDO ,PSDFWV RQ $VWURQRP´
  32. 32. FKH VL qFRQFOXVR FRQ OD GLFKLDUD]LRQH FKH ³LO FLHOR QRWWXUQR FRQ OH VXH EHOOLVVLPH VWHOOHHG LO PHVVDJJLR VXO QRVWUR SRVWR QHOO¶XQLYHUVR q XQ SUH]LRVR WHVRUR GHOO¶LQWHUDXPDQLWj´ 1HOOD GLFKLDUD]LRQH GHL GLULWWL GHOOH JLRYDQL JHQHUD]LRQL q VWDWR LQFOXVRLO GLULWWR ³DG XQ FLHOR SXOLWR´ /¶218 LQ RFFDVLRQH GHOOD ³,,, RQIHUHQ]D SHU JOLXVL SDFLILFL GHOOR VSD]LR HVWHUQR´ 81,63$( ,,, KD RUJDQL]]DWR QHOOD VXD VHGHGL 9LHQQD LO FRQYHJQR ³3UHVHUYDUH LO FLHOR DVWURQRPLFR´
  33. 33. FKH KDUDFFRPDQGDWR DJOL VWDWL PHPEUL GL ³DJLUH LQ PRGR GD FRQWUROODUH O¶LQTXLQDPHQWRGHO FLHOR GD OXFH H DOWUH FDXVH D YDQWDJJLR GHO ULVSDUPLR HQHUJHWLFRGHOO¶DPELHQWH QDWXUDOH GHOOD VLFXUH]]D H GHO FRQIRUW QRWWXUQR GHOO¶HFRQRPLDQD]LRQDOH FRVu FRPH GHOOD VFLHQ]D´ ,O GLFHPEUH LQROWUH O¶$VVHPEOHD*HQHUDOH GHOO¶218 KD GHFLVR GL DYYLDUH XQD FRRSHUD]LRQH LQWHUQD]LRQDOH SHU/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  34. 34. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  35. 35. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWOLPLWDUH OD SXEEOLFLWj VSD]LDOH OXPLQRVD HG KD GLIIXVR XQ GRFXPHQWR LQWLWRODWR³2EWUXVLYH VSDFH DGYHUWLVLQJ DQG DVWURQRPLFDO UHVHDUFK´ 3HU TXDQWR ULJXDUGD OD FLWWj GL 9HQH]LD L SDUWHFLSDQWL FKLHGRQR FKH LO VXRDPELHQWH QRWWXUQR VLD FRQVLGHUDWR SDUWH GHO SDWULPRQLR VWRULFR DUWLVWLFR HDPELHQWDOH GHOOD FLWWj H FKH VLD SURWHWWR H VDOYDJXDUGDWR KLHGRQR DQFKH FKH ODVXD LOOXPLQD]LRQH HVWHUQD QRWWXUQD SXEEOLFD H SULYDWD VLD SURJHWWDWD HG HVHJXLWDDGRWWDQGR OH SL HIILFDFL PLVXUH HVLVWHQWL SHU OLPLWDUH JOL HIIHWWL GHOOLQTXLQDPHQWROXPLQRVR H SRQHQGR HOHYDWD DWWHQ]LRQH DOOD WUDGL]LRQH QHOOR VFHJOLHUH L OLYHOOL GLLOOXPLQD]LRQH 4XHVWR YROXPH q SXEEOLFDWR GDOO¶,67,/ ,VWLWXWR GL 6FLHQ]D H 7HFQRORJLDGHOO¶,QTXLQDPHQWR /XPLQRVR FRQ LO FRQWULEXWR GHOO¶81(625267(/¶,VWLWXWR q XQ HQWH QRQ FRPPHUFLDOH VHQ]D ILQL GL OXFUR DYHQWH FRPH VFRSR ORVYLOXSSR H OD SURPR]LRQH GHOOD ULFHUFD VFLHQWLILFD VXOO¶LQTXLQDPHQWR OXPLQRVRQRQFKp OR VYLOXSSR H OD GLIIXVLRQH GL WHFQRORJLH H PHWRGL SHU OLPLWDUH L VXRLHIIHWWL VXOO¶DPELHQWH ,Q SDUWLFRODUH O¶,67,/ VYROJH DWWLYLWj GL PRQLWRUDJJLR GD7HUUD HR GD VDWHOOLWH VX VFDOD JOREDOH GHOOH HPLVVLRQL OXPLQRVH LQ DWPRVIHUD H GHLORUR HIIHWWL H FROODERUD FRQ JOL HQWL LQWHUHVVDWL 3URPXRYH VYROJH R FROODERUD DOODGLGDWWLFD H DOOD GLYXOJD]LRQH GHO SUREOHPD GHOO¶LQTXLQDPHQWR OXPLQRVR 3XUHVVHQGR JLRYDQH O¶,67,/ q JLj QRWR SHU DYHU FRQWULEXLWR DOOD SUHSDUD]LRQHGHOO¶$WODQWH 0RQGLDOH GHOOD %ULOODQ]D DUWLILFLDOH GHO FLHOR QRWWXUQR SHU DYHUSXEEOLFDWR LO 5DSSRUWR ,67,/ ³6WDWR GHO FLHOR QRWWXUQR LQ ,WDOLD HLQTXLQDPHQWR OXPLQRVR´ H SHU XQD VHULH GL DWWLYLWj DQFKH GL WLSR HGXFDWLYR HVLGHUR ULQJUD]LDUH D QRPH GHO RPLWDWR 2UJDQL]]DWRUH WXWWL FRORUR FKHKDQQR SHUPHVVR OD UHDOL]]D]LRQH GL TXHVWR FRQYHJQRLO 3URI /XLJL $OEHURWDQ]D SDGURQH GL FDVD GLUHWWRUH GHOO¶,VWLWXWR SHU OR VWXGLRGHOOD GLQDPLFD GHOOH JUDQGL PDVVH GHO 15 FKH KD PHVVR D GLVSRVL]LRQHJUDWXLWDPHQWH O¶DIIDVFLQDQWH VDOD FRQIHUHQ]H HG LO VXR ,VWLWXWR SHU LO FRQYHJQRLO 3URI 3LHUUH /DVVHUUH GLUHWWRUH GHO 5HJLRQDO %XUHDX IRU 6FLHQFH LQ (XURSHGHOO¶81(62 FKH KD SDWURFLQDWR LO FRQYHJQR KD VRVWHQXWR OH VSHVH SHU LQYLWDUHJOL RVSLWL VWUDQLHUL H FRQWULEXLWR DOOD SXEEOLFD]LRQH GL TXHVWR YROXPH GHJOL $WWLOD 5HJLRQH 9HQHWR FKH KD GDWR LO VXR SDWURFLQLR DQFKH VH QRQ KD SRWXWR GDUH LOFRQWULEXWR FKH DYHYDPR ULFKLHVWRLO 3URI )UDQFHVFR %HUWROD GHFDQR GHO LSDUWLPHQWR GL $VWURQRPLDGHOO¶8QLYHUVLWj GL 3DGRYD FKH KD DFFHWWDWR GL SUHVLHGHUH LO FRQYHJQRL TXDOLILFDWL H GLVSRQLELOL UHODWRUL H L UDSSUHVHQWDQWL GHJOL DOWUL HQWL TXL SUHVHQWLFRORUR FKH GD WXWWR LO PRQGR FL KDQQR LQYLDWR PHVVDJJL GL DXJXULR H GL VRVWHJQRWXWWH OH SHUVRQH FRPH OD VLJD 0DU]LD 9LOOHOOD FKH FL KDQQR DLXWDWRL EHQHPHULWL FRUUHWWRUL GL ER]]H GL TXHVWR YROXPH UDZIRUG *HQW DQG )DYHUR
  36. 36. 3LHUDQWRQLR LQ]DQR 1RYHPEUH LSDUWLPHQWR GL $VWURQRPLD 8QLYHUVLWj GL 3DGRYD
  37. 37. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR2UJDQL]LQJ RPPLWWHH RPLWDWRRUJDQL]]DWRUH 3LHUDQWRQLR LQ]DQR ,67,/ ± ,VWLWXWR GL 6FLHQ]D H 7HFQRORJLD GHOO¶,QTXLQDPHQWR /XPLQRVR ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ ± ,WDOLDQ 6HFWLRQ )UDQFHVFR DO RUVR 9HQHWR6WHOODWR /HRSROGR DOOD *DVVD 9HQHWR6WHOODWR ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ ± ,WDOLDQ 6HFWLRQ )UDQFHVFR 5L]]ROL 8QLYHUVLWj j )RVFDUL GL 9HQH]LD 6LOYDQR 7RFFKHW 9HQHWR6WHOODWR/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  38. 38. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  39. 39. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW 6 RQWULEXWRUV 5HODWRUL SHDNHUV3URI )UDQFHVFR %HUWROD KDLU
  40. 40. %RE *HQW8QLYHUVLW RI 3DGXD ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ (XURSHDQ /LDLVRQ 2IILFHUU 3LHUDQWRQLR LQ]DQR8QLYHUVLW RI 3DGXD DQG U /RUHQ]R )RUQDVDUL,67,/ ,VWLWXWR GL 6FLHQ]D H 7HFQRORJLD 8QLYHUVLW RI 0LODQ GHOO,QTXLQDPHQWR /XPLQRVR 7KLHQH 3URI FRQWU )UDQFHVFR 5L]]ROLU *HRUJH 8PJLHVVHU 8QLYHUVLW D )RVFDUL RI 9HQLFH,6*015 3URI /XFLD RUERU 3DROR 3HUODVFD 0LQLVWHUR GHOO¶,VWUX]LRQH::) GHOO¶8QLYHUVLWj H GHOOD 5LFHUFD 6FLHQWLILFD 5RPH$UFK ULVWLDQR *DVSDUHWWR,WDOLD 1RVWUD ,QJ 6LOYDQR 7RFFKHW ,VWLWXWR 7HFQLFR ,QGXVWULDOH 9LWWRULR3URI 3LHUUH /DVVHUUH 9HQHWR81(625267( U $GULDQR )DYDUR3URI *LXOLDQR 5RPDQR ,O *D]]HWWLQR 9HQLFH8QLYHUVLW RI 3DGXD $YY 0DULR L 6RUD3URI 3LHUIUDQFHVFR *KHWWL ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ8QLYHUVLW D )RVFDUL RI 9HQLFH ,WDOLDQ 6HFWLRQ
  41. 41. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR3URI *LDQFDUOR )DYHUR U )DELR )DOFKL8QLYHUVLW RI 3DGXD ,$ DPSDLJQ ³ 0HDVXUHPHQWV RI $UWLILFLDO 6N %ULJKWQHVV´,QJ LHJR %RQDWDLHOR%XLR RRUGLQDPHQWR SHU OD 1DWDVD 5DGRYLF3URWH]LRQH GHO LHOR 1RWWXUQR 1DWDUWLW 9HQH]LD/HRSROGR DOOD *DVVD +RQ /XDQD =DQHOOD9HQHWR6WHOODWR RRUGLQDPHQWR YHQHWR KDPEHU RI HSXWLHVSHU OD ORWWD DOOLQTXLQDPHQWR OXPLQRVR 5RPHU -HQLN +ROODQ RQV 0DXUL]LR RQWH1LFKRODV RSHUQLFXV 2EVHUYDWRU DQG 9,, RXQFLOLDU RPPLVVLRQ3ODQHWDULXP %UQR 5HJLRQH 9HQHWRU .RUDGR .RUOHYLF ,QJ 5REHUWR 0RUDQGL9LVQMDQ 2EVHUYDWRU URDWLD $VVHVVRUDWR DOO¶DPELHQWH 5HJLRQH 9HQHWR+HUPDQ 0LNX]8QLYHUVLW RI /MXEOMDQD U $QGUHD 3HOOL]]DUL $1,3URI .ROODWK =ROWDQ )RU]D ,WDOLD *LRYDQL /.RQNRO 2EV +XQJDULDQ $FDG6FLHQFHV %XGDSHVW HWWHUVU $QJHOR 0DQFRQH +RQ 9DOHULR DO]RODLR/HJDPELHQWH KDPEHU RI HSXWLHV 3UHVHQWHU RI D QDWLRQDO %LOO DJDLQVW OLJKW3URI (PLOLR 6DVVRQH RUVL SHU LO SROOXWLRQRQVLJOLR LUHWWLYR GHOO¶8QLRQH$VWURILOL ,WDOLDQL RXQF 0DUFR 0RUX]]L 0HPEHU RI WKH RXQFLO RI 5HJLRQH3URI 6DOYDWRUH )XULD 0DUFKHHQWUR 3RSRODUH LYXOJDWLYR GL 6FLHQ]H 3UHVHQWHU RI D UHJLRQDO %LOO DJDLQVW OLJKW1DWXUDOL ³LWWDGHOOD GL 6FLHQ]H GHOOD SROOXWLRQ1DWXUD´ DPSR GHL )LRUL 6RFLHWD¶$VWURQRPLFD ³*96FKLDSDUHOOL´/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  42. 42. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  43. 43. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW3URI HUHN 0F1DOO 0D $QWRQLHWD *DUFLD 8/RQGRQ 2EVHUYDWRU 3XEOLF 2XWUHDFK 2IILFH *HPLQLKDLUPDQ RI WKH RUJDQL]LQJ FRPPLWWHH 2EVHUYDWRURI WKH 81(62,68,$8 PHHWLQJ³$GYHUVH HQYLURQPHQWDO LPSDFWV RQ (PLOLR ( )DOFRDVWURQRP´ 3DULV 81(62 5REHUW 3 .LUVKQHU DQ %URFLRXV3URI 0DOFROP * 6PLWK 6PLWKVRQLDQ ,QVWLWXWLRQ9LFH 3UHVLGHQW RPPLVVLRQ :KLSSOH 2EVHUYDWRU,QWHUQDWLRQDO $VWURQRPLFDO 8QLRQ 0W +RSNLQV 5RDGKDLU RPPLVVLRQ :RUNLQJ *URXS $PDGR 86$³RQWUROOLQJ /LJKW 3ROOXWLRQ´ KWWSFIDZZZKDUYDUGHGXa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
  44. 44. $VWURQRPHU DW WKH (XURSHDQ 6RXWKHUQ(62 P 1(: 7(+12/2* 2EVHUYDWRU7(/(623( 7HDP /HDGHU /D 6LOOD 2EVHUYDWRU
  45. 45. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQROLII +DDV -RUGL ,SDUUDJXLUUH)RXQGHU DUN6N /LVW )RUXP HO )RVF ZZZFHOIRVFRUJLQWHUDFWLYH UHIHUHQFH OLEUDUGLVFXVVLRQ JURXS
  46. 46. 3HUH +RUWVKWWSJURXSVDKRRFRPJURXSDUN6N HO )RVFOLVW$XWKRU /LJKW 3ROOXWLRQ $ZDUHQHVV 3KLOLSS +HFN:HEVLWH /L3$:
  47. 47. 3UHVLGHQW DUN6N 6ZLW]HUODQGKWWSPHPEHUVDROFRPFWVWDUZFKU ,$ 6ZLW]HUODQG 6HFWLRQ
  48. 48. 0HPEHU ,OOXPLQDWLQJ (QJLQHHULQJ6RFLHW RI 1RUWK $PHULFD ,(61$
  49. 49. :LP 6FKPLGWKWWSZZZLHVQDRUJ ,$ +ROODQG0HPEHU 1HZ (QJODQG /LJKW 3ROOXWLRQ$GYLVRU *URXS 1(/3$* $OH[HL 3DFHKWWSFID FRRUGLQDWRUZZZKDUYDUGHGXFIDSVQHOSDJKWPO /LJKW 3ROOXWLRQ $ZDUHQHVV *URXS0HPEHU ,$ ,$ 0DOWD
  50. 50. ZZZPDOWDVWURRUJOSDJ3DWULFN DUU3UHVLGHQW 7LQH 7KHYHQLQ$6( 7KH KULVWLDQ $VVRFLDWLRQ RI /DNH LW 016WHOODU ([SORUHUV
  51. 51. HQQLV (ULFNVRQ6KLJHPL 8FKLGD KLFDJR 6HFWLRQ,QWHUQDWLRQDO DUN,$ -DSDQ 6HFWLRQ 6N $VVRFLDWLRQ 6LGHZDON $VWURQRP OXE%RE 0L]RQ 7KH /DWLQ 6FKRRO RI KLFDJRRRUGLQDWRU%ULWLVK $VWURQRPLFDO $VVRFLDWLRQ 6WHYH +HQGHUVRQDPSDLJQ IRU DUN 6NLHV HQWUDO DOLIRUQLD86$ 6HFWLRQ /HDGHU ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ%RE 0L]RQ%$$ I6 /LVD %UXKQ 6DQ LHJR ,$ 6HFWLRQ /HDGHU$QGUHDV +DHQHO$5. 6. *HUPDQ 7KH ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQD ZRUNLQJ JURXS RI WKH 9HUHLQLJXQJ GHU ,$
  52. 52. LQ KLOH WKH KLOHDQ 1HWZRUN RI6WHUQIUHXQGH H9 $VWURQRP WKURXJK LWV *URXS RQ /LJKW HFRQWDPLQDWLRQ0XVHXP DP 6FKRHOHUEHUJ 3ODQHWDULXP 2VQDEUXHFN 5RJHU /HLWRQ 7KRPSVRQKWWSZZZSKVLNXQL ,$ VHFWLRQ LQ KLOHRVQDEUXHFNGHaDKDHQHO/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  53. 53. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  54. 54. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW)DULG KDU 6ROHGDG 0DUWLQH]/DEULQ*URXS RQ /LJKW HFRQWDPLQDWLRQ RI KLOH5K$ KLOH )DELiQ ixH] 0XxR](GXDUGR 8QGD6DQ]DQD LUHFFLyQ GH 0HGLR $PELHQWH$GPLQLVWUDGRU :HE 5HG KLOHQD GH , 0XQLFLSDOLGDG GH /D 6HUHQD$VWURQRPLD KLOH*UXSR 5DVWUR $QD 0DULD /RQGRxR 6LHUUD8QLYHUVLGDG GH RQFHSFLRQ ,QJHQLHUD PHFDQLFDKLOH 0HGHOOLQ $QWLRTXLD RORPELD-XDQ 6HJXHO8QLYHUVLGDG GH RQFHSFLRQ -DLUR 6LHUUD -KLOH RORPELD6LOYLD 7KRPSVRQ 9DUHOD U / 0RUDOHV 5XHGD6RFLD ,$ KLOH 8QLYHUVLW RI 6RXWKDPSWRQ/D 6HUHQD KLOH 8.0RQLFD 0RQWRU * (VWHEDQ ,OODQHV(VWXGLDQWH %LRTXLPLFD HLOODQHV#HVRRUJ8QLYHUVLGDG GH RQFHSFLRQ KLOHKLOH ,JRU 9DOGHEHQLWR 2MHGD6RILD 7KRPSVRQ 6XEHSWR RQWURO GH OD/D 6HUHQD KLOH RQWDPLQDFLyQ $WPRVIpULFD HSWR 2SHUDFLRQHV LUHFFLyQ$PLUD 9DUHOD 5 (MHFXWLYD/D 6HUHQD KLOH RPLVLyQ 1DFLRQDO GHO 0HGLR $PELHQWH 21$0$5LFDUGR 5LYHURV 3XUDWLF 2ELVSR RQRVR 1ž 3URYLGHQFLDKLOH 6DQWLDJR KLOH,YRQ *RQ]DOH] 0LJXHO $QLEDO 9HUGXJR 2OLYDUHVRQFHSFLRQ KLOH /LFHQFLDGR HQ )tVLFD 3RQWLILFLD 8QLYHUVLGDG DWyOLFD GH%UDXOLR 3ULQD KLOHRQFHSFLRQ KLOH ODULVD 6 7RQHV0LUDP *RQ]DOH] 9LUDVRUR $UJHQWLQDRQFHSFLRQ KLOH DQ -HULD -LPHQH]1DWDOLD 3ULQD $QWRIDJDVWD KLOHRQFHSFLRQKLOH DYLG %UXQD 2UWL] $QWRIDJDVWD KLOH
  55. 55. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR2VFDU 5REOHV 6 %HUQDUG .RVLFNL(VW GH $VWURQRPLD 38 6HFUHWDU IRU WKH $FWRQ 2XWGRRU6DQWLDJR KLOH /LJKWLQJ $GYLVRU RPPLWWHH 0DVVDFKXVHWWV 86$-HVVLFD +DUXHO $9HUDFUX] $QWKRQ $UULJR0H[LFR R)RXQGHU RI 8WDK 6NLHV ZZZ8WDK6NLHVRUJDUPHQ *RQ]DOH] *0DGULG .HYLQ )OHPLQJ FKDLUPDQ(VSDQD ,QGLDQD RXQFLO RQ 2XWGRRU /LJKWLQJ (GXFDWLRQ$QD 5HHV H $QGD ,QGLDQDSROLV ,QGLDQD/DJRV GH 0RUHQR KWWSLFROHKRPHDWWQHW0H[LFR 0DUJDUHW +RORKDQ/X] %HUPXGH] 6(/(1(17DPDXOLSDV KWWSZZZVHOHQHQRUJ0H[LFR -XDQ $QGUHV *DUFtD0DULD (VWHU $OYDUH] -RUGL ,SDUUDJXLUUH8QLYHUVLGDG GH /D 6HUHQD *($ *UXS G(VWXGLV $VWURQzPLFV/D 6HUHQD KLOH *UXSR 8UDQLD HQWUR GH ,QYHVWLJDFLyQ $VWURQyPLFD GH $OLFDQWH-RUJH )HUQDQGH] *8QLYHUVLGDG GH /D 6HUHQD -RVH 0DQXHO 2MHGD/D 6HUHQD KLOH *UXSR HQWDXUL-RVH 0LJXHO LVWHUQDV *XLOOHUPR DPNH8QLYHUVLGDG GH /D 6HUHQD /D 6HUHQD KLOH
  56. 56. /D 6HUHQD KLOH 3URI DYLG 2UHOODQD $DQLHO 0XQL]DJD LUHFWRU RI WKH 6FKRRO $VWURQRP8QLYHUVLGDG GH /D 6HUHQD 3URJUDP/D 6HUHQD KLOH DQLHO 9HUVFKDWVH0DULW]D %ODQFR 6DQWLDJR KLOH8QLYHUVLGDG GH /D 6HUHQD/D 6HUHQD KLOH RQVWDQ]D 5RMDV 0ROLQD /D 6HUHQD ,9 UHJLyQHFLOLD 5RMDV KLOH8QLYHUVLGDG GH /D 6HUHQD/D 6HUHQD KLOH 6HUJLR 7RUUHV GH /D 6HUHQD KLOH/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  57. 57. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  58. 58. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWULVWLDQ /HyQ * 3DXO 9DOODOLRQFHSFLRQ KLOH $EGR DPSLOOD6X]DQQH GH/HVGHUQLHU /D 6HUHQD KLOH/RZHOO 0DVVDFKXVHWWV 86$
  59. 59. 6HFWLRQHFODUDWLRQ RI WKH SDUWLFLSDQWV:DOVR FDOOHG ´HFODUDWLRQ RI 9HQLFHµ H WKH SDUWLFLSDQWV DW WKH ,$,67,/9HQHWR6WHOODWR 5HJLRQDO 0HHWLQJ ³/LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW ± 9HQLFH 6DYH WKH QLJKW´ KHOG LQ 9HQLFH WKH 0D XQGHU WKH SDWURQDJH RI 81(62 5HJLRQDO 2IILFH IRU 6FLHQFH LQ (XURSH 5267(
  60. 60. DQG WKH 9HQHWR 5HJLRQ œ QRWLQJ WKH VHULRXV GHJUDGDWLRQ RI WKH QLJKW VN DQG WKH KLJK OHYHOV RI OLJKW SROOXWLRQ LQ ,WDO LQ (XURSH DQG LQ WKH :RUOG DV GRFXPHQWHG E WKH VDWHOOLWH PHDVXUHPHQWV WKH 5HSRUW RI WKH /LJKW 3ROOXWLRQ 6FLHQFH DQG 7HFKQRORJ ,QVWLWXWH ,67,/ ,VWLWXWR GL 6FLHQ]D H 7HFQRORJLD GHOO¶,QTXLQDPHQWR /XPLQRVR
  61. 61. WKH SURMHFW RI WKH ,WDOLDQ 0LQLVWU RI (GXFDWLRQ ³*OL VWXGHQWL IDQQR YHGHUH OH VWHOOH´ DQG WKH GRFXPHQWV RI WKH ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ œ QRWLQJ WKH HFODUDWLRQ RQ WKH 5HGXFWLRQ RI $GYHUVH (QYLURQPHQWDO ,PSDFWV RQ $VWURQRP RI WKH PHHWLQJ ,$8,6881(62 3DULV -XQH -XO
  62. 62. ZKLFK GHFODUHG WKH QLJKW VN ZLWK LWV EHDXWLIXO VWDUV DQG LWV PHVVDJH RI RXU SODFH LQ WKH 8QLYHUVH D SUHFLRXV WUHDVXUH RI DOO KXPDQLW DQG DQ KHULWDJH EHORQJLQJ WR DOO RI KXPDQLW WR EH SUHVHUYHG YLVLEOH DQG FOHDQ WR WKH DFWXDO DQG IXWXUH JHQHUDWLRQV
  63. 63. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW œ QRWLQJ WKH GHFODUDWLRQ RI WKH ,$8263$581 6SHFLDO (QYLURQPHQWDO 6PSRVLXP ³3UHVHUYLQJ WKH DVWURQRPLFDO VN´ 9LHQQD $XVWULD -XO ±
  64. 64. KHOG DV 7HFKQLFDO )RUXP RI WKH 7KLUG 8QLWHG 1DWLRQV RQIHUHQFH RQ WKH ([SORUDWLRQ DQG 3HDFHIXO 8VHV RI 2XWHU 6SDFH 81,63$( ,,,
  65. 65. ZKLFK UHFDOOHG WKDW RXWHU VSDFH KDV EHHQ GHILQHG DV WKH SURYLQFH RI DOO PDQNLQG WR EH SURWHFWHG IURP KDUPIXO FRQWDPLQDWLRQ DQG DGYHUVH FKDQJHV RI DOO NLQGV DQG UHFRPPHQGHG WKDW PHPEHU VWDWHV VKRXOG DFW WR FRQWURO SROOXWLRQ RI WKH VN E OLJKW DQG RWKHU FDXVHV œ QRWLQJ WKH UHSHDWHG DSSHDOV RI WKH ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ WR DOO FRXQWULHV RI WKH ZRUOG WR SUHVHUYH RXU KHULWDJH RI VWDUU VNLHV DQG WR SURWHFW WKH QLJKWWLPH HQYLURQPHQW E XVLQJ RQO TXDOLW RXWGRRU OLJKWLQJ WKHUHE FRQVHUYLQJ HQHUJ L
  66. 66. DVN DOO WKH :RUOG¶V KHDGV RI JRYHUQPHQW WR SURWHFW WKH QLJKWWLPH HQYLURQPHQW IURP OLJKW SROOXWLRQ VR WKDW IXWXUHJHQHUDWLRQV ZLOO EH DEOH WR VHH RXU PDJQLILFHQW VWDUU VNLHV RXU RQO ZLQGRZ WRWKH LQILQLWH XQLYHUVH ZKHUH ZH OLYH D SULFHOHVV KHULWDJH IRU DOO RI KXPDQLW IRUFRXQWOHVV FHQWXULHV WKH FRPSDQLRQ RI OLIH RI RXU JUDQGIDWKHUV DQ LQVSLUDWLRQ IRUKXPDQLW¶V FXOWXUH DUW OLWHUDWXUH SKLORVRSK DQG UHOLJLRQ IXQGDPHQWDO REMHFW RIVFLHQWLILF VWXGLHV D NH HOHPHQW RI HGXFDWLRQDO JURZWKLL
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
  68. 68. DVN DOO WKH :RUOG¶V JRYHUQPHQWDO DVVHPEOLHVWR DGRSW ODZV DJDLQVW OLJKW SROOXWLRQ DQG IRU WKH FRQWURO RI WKH QLJKW VNEULJKWQHVV ZLWK HIIHFWLYH SURYLVLRQV OLNH WKRVH RI WKH ODZ RI WKH 5HJLRQH/RPEDUGLD Q RI 0DUFK ³0LVXUH XUJHQWL LQ WHPD GL ULVSDUPLRHQHUJHWLFR DG XVR GL LOOXPLQD]LRQH HVWHUQD H GL ORWWD DOO¶LQTXLQDPHQWR OXPLQRVR´DQG WKH UHODWLYH 5HJXODWLRQV *5 Q RI 6HSWHPEHU UHFRJQL]HG
  69. 69. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRIRU SURWHFWLQJ WKH QLJKWWLPH HQYLURQPHQW IRU VDYLQJ HQHUJ DQG IRU LPSURYLQJVDIHW DQG YLVLELOLWLY
  70. 70. DQG ILQDOO DVN WKH 9HQLFH DXWKRULWLHVWKDW WKH QRFWXUQDO HQYLURQPHQW RI WKH LW RI 9HQLFH EH FRQVLGHUHG SDUW RI WKHKLVWRULFDO DUWLVWLF DQG HQYLURQPHQWDO KHULWDJH RI WKH FLW DQG WKDW LW EH SURWHFWHGDQG VDIHJXDUGHG ZLWK LWV FKDUDFWHULVWLFV WKDW PDNH LW XQLTXH WKDW LWV QLJKWH[WHUQDO OLJKWLQJ VVWHPV ERWK SXEOLF DQG SULYDWH EH SODQQHG DQG LQVWDOOHG QRWRQO LQ WKH IXOO UHVSHFW RI WKH ODZ IRU WKH SUHYHQWLRQ RI WKH OLJKW SROOXWLRQ RI WKH9HQHWR 5HJLRQ EXW DOVR DGRSWLQJ WKH PRVW HIIHFWLYH PHDVXUHV LQ RUGHU WR OLPLWWKH HIIHFWV RI WKH OLJKW SROOXWLRQ DQG DGRSWLQJ JUHDW FDUH WR WKH WUDGLWLRQ ZKHQFKRRVLQJ WKH OLJKW OHYHOV DV GHVHUYHG E VXFK D ZRUOG UHQRZQHG KLVWRULFDO FLWWKDW WKH LQVWDOODWLRQ RI PHUFXU YDSRXU ODPSV EH VXVSHQGHG DQG WKRVH DOUHDGLQVWDOOHG EH UHSODFHG LQ DFFRUGDQFH ZLWK SUHYLRXV SRLQWV 263$5 RPPLWWHH RQ 6SDFH 5HVHDUFK,$8 ,QWHUQDWLRQDO $VWURQRPLFDO 8QLRQ,68 ,QWHUQDWLRQDO RXQFLO IRU 6FLHQFH,$ ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ,67,/ ,VWLWXWR GL 6FLHQ]D H 7HFQRORJLD GHOO¶,QTXLQDPHQWR /XPLQRVR ,WDO5267( 81(62 5HJLRQDO 2IILFH IRU 6FLHQFH DQG 7HFKQRORJ LQ (XURSH81 8QLWHG 1DWLRQV81(62 8QLWHG 1DWLRQV (GXFDWLRQDO 6FLHQWLILF DQG XOWXUDO 2UJDQL]DWLRQ/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  71. 71. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  72. 72. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQW LFKLDUD]LRQH GHL SDUWHFLSDQWL , FKLDPDWD ´LFKLDUD]LRQH GL 9HQH]LDµ SDUWHFLSDQWL DO FRQYHJQR ,$,67,/9HQHWR6WHOODWR ³,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR ± 9HQH]LD VDOYDUH OD QRWWH´ VYROWRVL D 9HQH]LD LO PDJJLR œ YLVWR LO JUDYH VWDWR GL GHJUDGR GHO FLHOR QRWWXUQR H L OLYHOOL GL LQTXLQDPHQWR OXPLQRVR LQ ,WDOLD LQ (XURSD H QHO 0RQGR GRFXPHQWDWL GDOOH PLVXUH GD VDWHOOLWH GDO 5DSSRUWR GHOO¶,VWLWXWR GL 6FLHQ]D H 7HFQRORJLD GHOO¶,QTXLQDPHQWR /XPLQRVR ³6WDWR GHO FLHOR QRWWXUQR H LQTXLQDPHQWR OXPLQRVR LQ ,WDOLD´ GDO SURJHWWR GHO 0LQLVWHUR GHOOD 3XEEOLFD ,VWUX]LRQH ³*OL VWXGHQWL IDQQR YHGHUH OH VWHOOH´ H GDL GRFXPHQWL GHOO¶,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ œ YLVWD OD LFKLDUD]LRQH VXOOD ³5LGX]LRQH GHJOL ,PSDWWL $PELHQWDOL 1HJDWLYL VXOO¶$VWURQRPLD³ GHO FRQYHJQR 81(62±,$8±,68 3DULJL
  73. 73. FKH KD SURFODPDWR LO FLHOR QRWWXUQR FRQ LO VXR IDVFLQR H LO PHVVDJJLR FKH FL WUDVPHWWH VXO QRVWUR SRVWR QHOO¶8QLYHUVR SUH]LRVR WHVRUR DSSDUWHQHQWH DOO¶XPDQLWj LQWHUD H SDWULPRQLR GD WXWHODUH QHOO¶LQWHUHVVH GHOOH JHQHUD]LRQL DWWXDOL H IXWXUH FRQVHUYDQGROR YLVLELOH H SXOLWR œ YLVWD OD LFKLDUD]LRQH GHO VLPSRVLR 218±,$8±263$5 ³3UHVHUYDUH LO LHOR $VWURQRPLFR´ 9LHQQD
  74. 74. VYROWRVL LQ FRQFRPLWDQ]D FRQ OD 7HU]D RQIHUHQ]D 218 VXOO¶HVSORUD]LRQH H VXJOL XVL SDFLILFL GHOOR VSD]LR HVWHUQR 81,63$( ,,,
  75. 75. FKH KD ULEDGLWR OD GHILQL]LRQH GL VSD]LR HVWHUQR FRPH 7HUULWRULR GHOO¶8PDQLWj GD SURWHJJHUH GD FRQWDPLQD]LRQL GL RJQL WLSR HG KD UDFFRPDQGDWR FKH JOL VWDWL PHPEUL DJLVFDQR SHU OLPLWDUH O¶LQTXLQDPHQWR GHO FLHOR GD OXFH HG DOWUH FDXVH œ YLVWL L ULSHWXWL DSSHOOL GHOO¶,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ ULYROWL D WXWWL L 3DHVL GHO 0RQGR DIILQFKp O¶LOOXPLQD]LRQH DUWLILFLDOH VLD RULHQWDWD VRODPHQWH GRYH q XWLOH LQ PRGR GD FRQVHUYDUH OD YLVLELOLWj GHO FLHOR VWHOODWR SUHVHUYDUH O¶DPELHQWH H UHDOL]]DUH QHO FRQWHPSR XQ LQGLVSHQVDELOH ULVSDUPLR HQHUJHWLFR
  76. 76. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRFKLHGRQR DL JRYHUQDQWL GHOOD 7HUUDFKH O¶DPELHQWH QRWWXUQR YHQJD SUHVHUYDWR GDOO¶LQTXLQDPHQWR OXPLQRVR FKH QHDOWHUD OR VWDWR QDWXUDOH H YHQJD FRQVHUYDWD DOOH IXWXUH JHQHUD]LRQL OD YLVLRQH GHOFLHOR VWHOODWR QRVWUD XQLFD ILQHVWUD VXOO¶8QLYHUVR LQ FXL YLYLDPR SDWULPRQLRLQHVWLPDELOH GHOO¶XPDQLWj SHU VHFROL FRPSDJQR GL YLWD GHL QRVWUL DYL SUH]LRVR HVXJJHVWLYR SDQRUDPD GD VDOYDJXDUGDUH LQVRVWLWXLELOH VRJJHWWR GL LVSLUD]LRQH SHUOD FXOWXUD XPDQLVWLFD O¶DUWH OD OHWWHUDWXUD OD ILORVRILD H OD UHOLJLRQHIRQGDPHQWDOH RJJHWWR GL VWXGLR VFLHQWLILFR HOHPHQWR GL FUHVFLWD HGXFDWLYD HGLGDWWLFDFKLHGRQR LQROWUH DOO¶81(62 H DOO¶218GL ULDYYLDUH LO SURFHGLPHQWR SHU GLFKLDUDUH LO FLHOR QRWWXUQR 3DWULPRQLRGHOO¶8PDQLWjLQ SDUWLFRODUH DO ILQH GL SURWHJJHUH OLQWHJULWj GHO FLHOR QRWWXUQR H GHOOD QRVWUDSHUFH]LRQH GHOO¶8QLYHUVR GL WXWHODUH OD ULFHUFD DVWURQRPLFD SURIHVVLRQDOH HDPDWRULDOH H OD GLYXOJD]LRQH VFLHQWLILFD GL UD]LRQDOL]]DUH H PLJOLRUDUH OD TXDOLWjGHOO¶LOOXPLQD]LRQH HVWHUQD QRWWXUQD GL ULGXUUH L IHQRPHQL GL DEEDJOLDPHQWR HDIIDWLFDPHQWR YLVLYR SURYRFDWL GDOO¶LQTXLQDPHQWR OXPLQRVR PLJOLRUDQGR ODVLFXUH]]D GHOOD FLUFROD]LRQH VWUDGDOH GL ULGXUUH L FRQVXPL HQHUJHWLFL SHULOOXPLQD]LRQH GL VDOYDJXDUGDUH L FLFOL ELRORJLFL QDWXUDOL GHOOXRPR H GHJOL DOWULHVVHUL YLYHQWL GL FRQVHUYDUH JOL HTXLOLEUL HFRORJLFL H LO SDHVDJJLR QDWXUDOHQRWWXUQRFKLHGRQR DL JRYHUQDQWL GHOOD 7HUUDGL DGRWWDUH QHL ORUR 3DHVL OHJJL FRQWUR O¶LQTXLQDPHQWR OXPLQRVR H SHU ODOLPLWD]LRQH GHOOD OXPLQRVLWj GHO FLHOR QRWWXUQR FRQ SURYYHGLPHQWL HIILFDFL TXDOLTXHOOL GHOOD OHJJH GHOOD 5HJLRQH /RPEDUGLD Q GHO PDU]R ³ 0LVXUHXUJHQWL LQ WHPD GL ULVSDUPLR HQHUJHWLFR DG XVR GL LOOXPLQD]LRQH HVWHUQD H GL ORWWDDOO¶LQTXLQDPHQWR OXPLQRVR´ H GHO UHODWLYR UHJRODPHQWR GL DWWXD]LRQH *5 Q GHO VHWWHPEUH ± SUHPLDWL H DSSODXGLWL GDOOH RUJDQL]]D]LRQL FKHFRPEDWWRQR O¶LQTXLQDPHQWR OXPLQRVRFKLHGRQR LQILQH DOOH DXWRULWj SUHSRVWHFKH ODPELHQWH QRWWXUQR GHOOD FLWWj GL 9HQH]LD VLD FRQVLGHUDWR SDUWH GHOSDWULPRQLR VWRULFR DUWLVWLFR H DPELHQWDOH GHOOD FLWWj H FKH YHQJD SURWHWWR HVDOYDJXDUGDWR FRQ OH VXH FDUDWWHULVWLFKH FKH OD UHQGRQR XQLFD FKH OD VXD/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  77. 77. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  78. 78. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWLOOXPLQD]LRQH HVWHUQD QRWWXUQD SXEEOLFD H SULYDWD VLD SURJHWWDWD HG HVHJXLWD QRQVROWDQWR QHO SLHQR ULVSHWWR GHOOD OHJJH SHU OD SUHYHQ]LRQH GHOOLQTXLQDPHQWROXPLQRVR GHOOD 5HJLRQH 9HQHWR PD DQFKH DGRWWDQGR OH SL HIILFDFL PLVXUHHVLVWHQWL SHU OLPLWDUH JOL HIIHWWL GHOOLQTXLQDPHQWR OXPLQRVR H SRQHQGR HOHYDWDDWWHQ]LRQH DOOD WUDGL]LRQH QHOOR VFHJOLHUH L OLYHOOL GL LOOXPLQD]LRQH FRPHPHULWD XQD FRVu SDUWLFRODUH FLWWj VWRULFD FKH VLD VRVSHVD O¶LQVWDOOD]LRQH GLODPSDGH DL YDSRUL GL PHUFXULR H FKH TXHOOH JLj LQVWDOODWH VLDQR ULPSLD]]DWH LQPRGR FRQJUXHQWH FRQ L SXQWL SUHFHGHQWL 263$5 RPPLWWHH RQ 6SDFH 5HVHDUFK,$8 ,QWHUQDWLRQDO $VWURQRPLFDO 8QLRQ,68 ,QWHUQDWLRQDO RXQFLO IRU 6FLHQFH,$ ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ,67,/ ,VWLWXWR GL 6FLHQ]D H 7HFQRORJLD GHOO¶,QTXLQDPHQWR /XPLQRVR ,WDO5267( 81(62 5HJLRQDO 2IILFH IRU 6FLHQFH DQG 7HFKQRORJ LQ (XURSH218 1D]LRQL 8QLWH81(62 8QLWHG 1DWLRQV (GXFDWLRQDO 6FLHQWLILF DQG XOWXUDO 2UJDQL]DWLRQ
  79. 79. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR 6HFWLRQ5HSRUW RI WKH FRQIHUHQFH PHPEHU RI WKH $VWURQRP HSDUWPHQW RI WKH 8QLYHUVLW RI 3DGXD /LQFHL¶V DFDGHPLFLDQ SURPRWHU RI WKH RPPLVVLRQ SURWHFWLRQ RI DVWURQRPLFDO VLWHV
  80. 80. RI WKH ,QWHUQDWLRQDO $VWURQRPLFDO 8QLRQ 7KH ILUVW VSHDNHU ZDV U *HRUJH 8PJLHVVHU RFHDQRJUDSKHU RI WKH ,QVWLWXWH IRU WKH 6WXG RI WKH QDPLFV RI /DUJH 0DVVHV RI WKH 1DWLRQDO RXQFLO RI 5HVHDUFK ,6*015
  81. 81. ZKLFK UHVLGH7KH FRQIHUHQFH EHJDQ DW XQGHU WKHFKDLUPDQVKLS RI 3URI )UDQFHVFR %HUWROD VHQLRU DW 3DOD]]R 3DSDGRSROL ZKHUH WKH FRQIHUHQFH ZDV KHOG +H EURXJKW WKH ZHOFRPH RI WKH GLUHFWRU 3URI /XLJL $OEHURWDQ]D ZKR ZDV RXW RI RIILFH IRU D PHHWLQJ RI KLV UHVHDUFK ILHOG *HRUJ 8PJLHVVHU LOOXVWUDWHG WKH DFWLYLWLHV RI WKH ,QVWLWXWH DQG UHVXPHG WKH KLVWRU RI WKLV ZRQGHUIXO 9HQHWLDQ SDODFH RI WKH PLGGOH WK FHQWXU/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  82. 82. ¸ ,67,/ 7KLHQH ,WDO ,6%1
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³(FRORJLFDO RQVHTXHQFHV RI DUWLILFLDOGHDOW ZLWK WKH SUREOHP UDLVHG LQ D OHWWHU E 3URI QLJKW OLJKWLQJ´ RUJDQL]HG E 8QLYHUVLW RIHUHN 0F1DOO¶V H[JHQHUDO VHFUHWDU RI WKH DOLIRUQLD LQ /RV $QJHOHV RQ )HEUXDU,QWHUQDWLRQDO $VWURQRPLFDO 8QLRQ DQG RUJDQL]HU RI WKH FRQIHUHQFH 81(62,$8,68 ³$GYHUVH(QYLURQPHQWDO ,PSDFWV RQ $VWURQRP´ 3DULV 7KHQ WKH UHSUHVHQWDWLYHV RI WKH RUJDQL]LQJ DQG
  84. 84. DQG LQ D VXFFHVVLYH OHWWHU E FROODERUDWLQJ LQVWLWXWLRQV KDG WKH IORRU3URI 0DOFROP 6PLWK LUHFWRU RI WKH HUUR 7ROROR$VWURQRPLFDO 2EVHUYDWRU FKDLUPDQ RI WKH WKH ODZHU 0DULR L 6RUD SUHVLGHQW RI WKH ,WDOLDQZRUNLQJ JURXS ³RQWUROOLQJ OLJKW SROOXWLRQ´ RI WKH VHFWLRQ RI WKH ,QWHUQDWLRQDO DUN6N $VVRFLDWLRQ,QWHUQDWLRQDO $VWURQRPLFDO 8QLRQ 7KH KRSHGWKDW WKH SURFHVV WR GHFODUH WKH 1LJKW 6N D :RUOG+HULWDJH IURP 81(62 EORFNHG IRU SURFHGXUDOUHDVRQV VRPH HDUV DJR ZRXOG EH UHDFWLYDWHG0DQ OHWWHUV VHH ODWHU
  85. 85. DUULYHG VXSSRUWLQJ WKLVUHTXHVW 3LHUUH /DVVHUUH H[SODLQHG WKDW WKLVSUREOHP LV GXH WR WKH IDFW WKDW 81(62 ZRUNV RQWKH EDVLV RI LQWHUQDWLRQDO FRQYHQWLRQV DQG WKHSUHVHQW FRQYHQWLRQ IRU WKH GHFODUDWLRQ RI :RUOG+HULWDJH 6LWHV UHTXLUHV WKDW HYHU FRXQWU SURSRVHWR 81(62 WKH VLWHV RQ LWV RZQ WHUULWRU WKDW DUHFDQGLGDWH WR UHFHLYH WKLV WLWOH +RZHYHU WKH QLJKWVN DV WKH RFHDQ IORRU LV LQWHUQDWLRQDO SURSHUWDQG VR FDQ¶W EH LQFOXGHG LQ WKLV FRQYHQWLRQ WKLUG ODUJHVW LQ WKH ZRUOG DQG GLUHFWRU RI WKH7KHUHIRUH LW¶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
  86. 86. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQR ± 7KH VLWXDWLRQ RI WKH QLJKW VN DQG OLJKW SROOXWLRQ LQ ,WDO´ DYDLODEOH RQ LWV ZHE VLWH LW RUJDQL]HG D PHHWLQJ ZLWK WKH SURPRWHU DQG 6FLHQWLILF LUHFWRU RI WKH ,QWHUQDWLRQDO DUN6NSODQHW0U /HRSROGR DOOD *DVVD FKDLUPDQ RI9HQHWR6WHOODWR 5HJLRQDO RRUGLQDWLRQ DJDLQVW $VVRFLDWLRQ U DYLG UDZIRUG LW VHW XS DQ DXWRPDWLF LQVWUXPHQW IRU WKH VSHFWURVFRSLF DQG SKRWRPHWULF PHDVXUH RI WKH QLJKW VN EDFNJURXQG :$6%$0
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¶W SURYLGH WKH,67,/ LV NQRZQ IRU LWV VXSSRUW WR WKH SUHSDUDWLRQ UHTXHVWHG IXQGVRI WKH ³:RUOG $WODV RI $UWLILFLDO %ULJKWQHVV LQ WKH 3URI )UDQFHVFR %HUWROD VHQLRU SURIHVVRU DW WKHQLJKW VN SXEOLVKHG E WKH 5RDO $VWURQRPLFDO $VWURQRP HSDUWPHQW RI WKH 8QLYHUVLW RI6RFLHW LQ LWV MRXUQDO HYHQ LQYLWLQJ IRU D YLVLW LQ 3DGXD ZKR DFFHSWHG WR EH FKDLUPDQ RI WKH,WDO D UHVHDUFKHU RI WKH 1DWLRQDO *HRSKVLFDO FRQIHUHQFHDWD HQWUH RI %RXOGHU ,Q OHVV WKDQ RQH HDU RIOLIH ,67,/ DOUHDG SXEOLVKHG WKH ³5DSSRUWR ,67,//DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  89. 89. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  90. 90. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWWKH TXDOLILHG VSHDNHUV DQG WKH UHSUHVHQWDWLYHV RI FRQIHUHQFH VSUHDG RXW WR VDYH WKH QLJKW $OOLQVWLWXWLRQV DQG DVVRFLDWLRQV SHRSOH ZLWK IHHOLQJV ZRXOG EH JUDWHIXO )RU WKRVH SHRSOH ZKR WU WR NHHS WKHP GLVWDQW IURPDOO WKH SHRSOH ZKR VHQW ZLVKHV DQG VXSSRUWLQJ WKHPVHOYHV WKLV FRXOG EH WKH RSSRUWXQLW WR PRYHPHVVDJHV WKHLU VHQWLPHQWV´WKH RUJDQLVLQJ FRPPLWWHH 3LHUDQWRQLR LQ]DQR)UDQFHVFR DO RUVR /HRSROGR DOOD *DVVD 7KHQ 3URI *LDQFDUOR )DYHUR EHJDQ WR VSHDN RQ)UDQFHVFR 5L]]ROL H 6LOYDQR 7RFFKHW EHKDOI RI WKH 8QLRQH $VWURILOL ,WDOLDQL 8$,
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¶V RSLQLRQ WR EH DEOH WR FRRUGLQDWH GLIIHUHQW FRPSRQHQWV 0RUH DQG PRUH VSHFLILF DQG GHWDLOHG LQIRUPDWLRQ UHJDUGLQJ HQYLURQPHQWDO GDPDJH FDXVHG E OLJKW SROOXWLRQ 3URSRVDOV RI ELOOV DW GLIIHUHQW OHYHOV IURP QDWLRQDO WR UHJLRQDO DQG HYHQ ORFDO
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³DUNQHVV DV DQ RSSRUWXQLW RI GLVFRYHU 7KLV DQG UHSRUW DEXVHVZDV WKH SURSRVDO WKDW *ROHWWD 9HUGH PDGH LQ VRPHRI LWV VWRSV RQH RI WKHP ZDV KLRJJLD
  93. 93. VRPHHDUV DJR VKXW RII WKH OLJKWV RQ WKH EHDFK DQG JLYH 3URI )UDQFHVFR %HUWROD EURXJKW UHJDUGV IURP WKHEDFN HYHURQH WKH VWDUU VN $ UHFRYHULQJ RI WKDW $VWURQRP HSDUWPHQW RI WKH 8QLYHUVLW RI 3DGXDSURSRVDO WKLV HDU FRXOG EH DQ DSSURSULDWH DFWLRQ DVVXULQJ WKH PD[LPXP DWWHQWLRQ E DVWURQRPHUV RI WR H[WHQGLQJ WKH PHVVDJH ZKLFK WKLV 3DGXD WRZDUGV WKH SUREOHP RI OLJKW SROOXWLRQ +H
  94. 94. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRSURQRXQFHG FHUWDLQW WKDW VRPH PLVXQGHUVWDQGLQJV DEQRUPDOO GHYHORSHG PHWURSROLV GHYHORSHGUHFHQWO ERUQ LQ ,WDO EHWZHHQ VRPH DUHDV RI WKH ZDVWHIXOO ZLWK SODQQLQJ UHJXODWLRQV ZLWK ZRRGV DQG JUHHQ VSDFHV VLFNHQHG E DWPRVSKHULF SROOXWLRQ 0DEH LQ WKH VDG DQG GHJUDGHG DUHDV ZLWKRXW HYHQ WKH FRQVRODWLRQ RI WKH VLJKW RI D VWDUU VN´ ³2XU FKLOGUHQ FRXOG GLVFRYHU WKDW WKH VN H[LVWV WKDW WKH PVWHU LV DV LQFUHGLEOH DV WKH VLOHQFH WKDW H[LVWV DPRQJ WKH VWDUV EXW WKDW LW DOVR OLYHV ZLWKLQ XV DQG UDLVHV XV WR WKH DSSURSULDWH HOHYDWLRQ IURP ZKLFK ZH FDQ UHDOL]H WKH WUXH GLPHQVLRQV RI WKH ZRUOG 2XU FKLOGUHQ ZRXOG GLVFRYHU SHUKDSV VRPHWKLQJ WR UHPHPEHU WKH GD LQ ZKLFK WKH FRXOG IDOO LQWR WKH HUURU RI EHOLHYLQJ WKDW HYHUWKLQJ WKDW 0DQ QHHGV LV KHUH RQ (DUWK 7KH FRXOG GLVFRYHU D QHZ 8QLYHUVH D QHZ ZRUOG DQG D QHZ ZD WR H[LVW 8QGHU WKH 2EVHUYDWRUDVWURQRPLFDO FRPPXQLW DQG WKH RUJDQL]DWLRQV GRPH FURZG WKH RXQJ DQG HOGHUO«´GHYRWHG WR WKH QLJKW VN SURWHFWLRQ ZRXOG EHTXLFNO RYHUFRPH 1LJKW VN SURWHFWLRQ LV D 2Q /RUHQ]R DO]RODLR SUHVHQWHU DW WKH KDPEHUSUREOHP WKDW VKRXOG EH IUDPHG ZLWKLQ WKH PRVW RI HSXWLHV RI WKH ELOO ³1RUP IRU WKH HQHUJJHQHUDO SUREOHPV UHODWHG WR HQYLURQPHQWDO VDYLQJ DQG IRU WKH ILJKW DJDLQVW OLJKW SROOXWLRQ´SURWHFWLRQ DQG DVWURQRPHUV ZLWK WKHLU VHQVLWLYLW VHQW D PHVVDJH RI JUHHWLQJV ³, WKLQN WKDW DDQG EDFNJURXQG FDQ¶W UHIXVH WR JLYH WKHLU ZDUP QRUPDWLYH IUDPHZRUN DJDLQVW OLJKW SROOXWLRQ FRXOGVXSSRUW EH RQH RI WKH PRVW LPSRUWDQW HQYLURQPHQWDO LQQRYDWLRQV RI WKH ;,9 OHJLVODWXUH DV ZHUH WKH3URI 6DOYDWRUH )XULD IRXQGHU DQG LUHFWRU RI WKH ODZV UHJDUGLQJ DFRXVWLF SROOXWLRQ LQ ;,, DQG WKRVHLWWDGHOOD HOOH 6FLHQ]H RI DPSR GHL RI HOHFWURPDJQHWLF SROOXWLRQ LQ ;,,,
  95. 95. 7KH 3DUOLDPHQWDU SURFHVV EHJDQ TXLFNO EXW QRZ KDV VWRSSHG IRU WRR PDQ PRQWKV LW ZRXOG EH XVHIXO WR VROLFLW 3DUOLDPHQW VR WKDW LW ZRUNV ZHOO DQG UDSLGO , GRQ¶W EHOLHYH WKDW WKH QDWLRQDO ODZ PXVW GHILQH GHWDLOV RU LQYDGH ORFDO RU UHJLRQDO DXWRQRP 2Q WKH RWKHU KDQG ZH VKRXOG WDNH LQWR DFFRXQW WKH NQRZQ ODZV DQG H[SHULHQFHV ,Q WKLV VHQVH WKH LQ GHSWK VWXG RI WKH DQDOVLV DQG SURSRVDOV UHIHUULQJ WR WKH 9HQHWR 5HJLRQ DUH YHU XVHIXO DOVR DW QDWLRQDO OHYHO , VXUHO ZLOO FRQVXOW UHSRUWV DQG PDWHULDOV GHULYLQJ IURP WKH 9HQLFH FRQIHUHQFH´)LRUL 9DUHVH DQG WKH 3UHDOSLQH *HRSKVLFDO $GGHG WR KLV UHJDUGV ZHUH WKRVH RI WKH UHJLRQDO FRXQFLOORU 0DUFR 0RUX]]L RI WKH RXQFLO RIHQWUH YHU ZHOO NQRZQ LQ WKH /RPEDUG UHJLRQ 5HJLRQH 0DUFKH SURPRWHU RI D DSSUHFLDWHG ODZVHQW KLV UHJDUGV WKURXJK D WRXFKLQJ PHVVDJH UHDG DJDLQVW OLJKW SROOXWLRQ LQ KLV DUHD ³D OHJLVODWLYHE 0UV $GULDQD 0DQHWWD VHFUHWDU RI LHOR%XLR´«%XW FDQ 0DQ WKLV PRGHUQ IUXVWUDWHG QHXURWLF DFWLRQ FHUWDLQO UHLQIRUFHG E WKH LQWHUHVW VKRZQ E WKH 9HQHWR 5HJLRQ DOVR RQ WKLV RFFDVLRQ´DQG VRPHWLPHV GHVSHUDWH PDQ KDYH WKH SRVVLELOLWWR JLYH KLPVHOI SHDFHIXOO WR UHOD[DWLRQ RU WR $W WKH HQG RI WKH RSHQLQJ VHVVLRQ U 3LHUDQWRQLRVLOHQFH RU GHYRWH KLPVHOI WR RWKHU DFWLYLWLHV WKDW LQ]DQR UHDG D VQWKHVLV RI WKH PDQ OHWWHUV VHQWGHYHORS KLV NQRZOHGJH DQG DELOLWLHV 0DEH LQ WKH WR WKH RUJDQL]HUV WR ZLVK JRRG ZRUN WR WKH/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  96. 96. ¸ ,67,/ 7KLHQH ,WDO ,6%1
  97. 97. /LJKW SROOXWLRQ DQG WKH SURWHFWLRQ RI WKH QLJKW HQYLURQPHQWSDUWLFLSDQWV DQG WR UHTXHVW 81(62 WR GHFODUH UHVHDUFKHUV RQ OLJKW SROOXWLRQ FRPPHQWHGWKH 1LJKW 6N DQ +HULWDJH RI WKH +XPDQLW ´7KHUH¶V RQO RQH 1LJKW 6N DQG IRU D ODUJH IUDFWLRQ RI WKH ZRUOG¶V SRSXODWLRQ WKH RULJLQDO ³(DFK RQH RI XV ZLOO EH LQWHOOHFWXDOO SRRUHU LI QDWXUH RI WKH QLJKW VN KDV DOUHDG EHHQ ORVW´DFFHVV WR WKH VWDUU VN ZHUH QR ORQJHU SRVVLEOH´ 0HPEHUV RI WKH $VWURQRPLFDO 6RFLHW RI 9LFWRULDGHFODUHG 3URI HUHN 0F1DOO RI WKH /RQGRQ $XVWUDOLD
  98. 98. VSHDN RI ´D GHVSHUDWH QHHG RI$VWURQRPLFDO 2EVHUYDWRU RUJDQL]HU RI WKH SURWHFWLRQ IURP ZLOG LOOXPLQDWLRQ ZDVWHIXO DQG81(62,68,$8 FRQIHUHQFH LQ 3DULV LQ FDUHOHVV´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
  99. 99. YLFHSUHVLGHQW RI WKH RPPLVVLRQ $PHULFDQ VHFWLRQV DQG IURP LQGLYLGXDOSURWHFWLRQ RI DVWURQRPLFDO VLWHV
  100. 100. RI WKH DVWURQRPHUV DQG RUGLQDU FLWL]HQV,QWHUQDWLRQDO $VWURQRPLF 8QLRQ DQG SUHVLGHQW RIKLV ZRUNLQJ JURXS ³RQWUROOLQJ OLJKW SROOXWLRQ´ $W WKLV SRLQW WKH WDONV RI WKH PRUQLQJ VHVVLRQDVNHG WKDW WKH 9HQLFH FRQIHUHQFH KHOS LQ EHJDQ ZLWK WKH VHFWLRQ GHGLFDWHG WR WKH SUREOHPODXQFKLQJ WKH SURFHVV WR GHFODUH WKH QLJKW VN RI WKH ORVV RI WKH SHUFHSWLRQ RI WKH QLJKW VN:RUOG +HULWDJH 7KH $PHULFDQ $VWURQRPLFDO6RFLHW VWURQJO HQFRXUDJHV 81(62 WR GHFODUHWKH QLJKW VN :RUOG +HULWDJH ³7KH QLJKW VN LV DSDUW RI HYHU QDWLRQ DQG LV YLVLEOH WR DOO PDQNLQG´GHFODUHV D GRFXPHQW DSSURYHG E WKH VRFLHW DQGLQYRNHG E WKH SUHVLGHQW 3URI $QQHLOD 6DUJHQWWKURXJK WKH RPPLWWHH RQ /LJKW 3ROOXWLRQ FKDLUHGE $UWKXU 8SJUHQ ³$ FUXFLDO VWHS WR SURWHFW WKHQLJKW VN´ ZDV WKH GHILQLWLRQ RI U -RVHI +URQZKR ZURWH RQ EHKDOI RI WKH ,QVWLWXWH RI $VWURQRPRI 9LHQQD 8QLYHUVLW 7KH GLUHFWRU RI WKH ,QVWLWXWHRI $VWURQRP RI WKH 8QLYHUVLW RI +DZDLL VSRNHRI ³$Q LVVXH RI WUHPHQGRXV SURSRUWLRQV´ +LV³$ORKD´ ZDV VHQW IURP WKH DUHD ZKHUH PDLQ$PHULFDQ WHOHVFRSHV RI WKH 1RUWKHUQ KHPLVSKHUHDUH ORFDWHG $ ³VWURQJ VXSSRUW´ DUULYHG IURP2ILFLQD SDUD OD 3URWHFFLRQ GH OD DOLGDG GHO LHORRI 1RUWK KLOH 23
  101. 101. LQYROYHG LQ WKH SURWHFWLRQRI WKH VN RYHU 1RUWK KLOH ZKHUH WKH ODUJHUWHOHVFRSHV RI WKH VRXWKHUQ KHPLVSKHUH DUH ORFDWHG³,W LV H[WUHPHO LPSRUWDQW WKDW IXWXUH JHQHUDWLRQVFDQ VWLOO VHH WKH VWDUU VN WKDW ZH FDQ REVHUYH )LUVW WR VSHDN ZDV 3URI *LXOLDQR 5RPDQR IRUPHUWRGD´ ZURWH WKH RXWUHDFK GHOHJDWH RI *HPLQL SURIHVVRU RI RVPRORJ DQG SURIHVVRU RI +LVWRU6RXWK 2EVHUYDWRU ³7KH WHFKQLFDO VROXWLRQV IRU RI $VWURQRP DW WKH 8QLYHUVLW RI 3DGXDPDLQWDLQLQJ WKH DGYDQWDJHV RI LOOXPLQDWLRQDYRLGLQJ XSZDUG GLVSHUVLRQ RI OLJKW QRZ H[LVW ,W¶VWKH ULJKW PRPHQW WR GHFODUH WKH QLJKW VN D ZRUOG *LXOLDQR 5RPDQR ZKR LQWURGXFHG LQ WKH ¶V WKHKHULWDJH´ VDLG 2OLYLHU +DLQDXW WHDP OHDGHU RI WKH DUFKHRDVWURQRPLFDO UHVHDUFK LQ ,WDO UHPHPEHUHG1HZ 7HFKQRORJ 7HOHVFRSH RI WKH (XURSHDQ ZKDW WKH YLVLRQ DQG WKH VWXG RI WKH VN6RXWKHUQ 2EVHUYDWRU 3URI 5R *DUVWDQJ RI WKH UHSUHVHQWHG LQ WKH DQFLHQW FLYLOL]DWLRQV IURP WKH8QLYHUVLW RI RORUDGR RQH RI WKH PDLQ SUHKLVWRU WR WKH GLVWDQW FXOWXUHV WKDW DUH DW WKH EDVH RI RXU FXOWXUDO GHYHORSPHQW DQG RXU
  102. 102. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶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¶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³ZKR PRYHV DOO´ ,W ZRXOG EH GHHSOVWXSLG DQG FUXHO WR PDJQLI WKH IDOVH EHDXW RI DQDUWLILFLDO ZRUOG LI ZH LJQRUH WKDW ZKLFK LV PRUHJHQXLQH GHHS SUHFLRXV UHSUHVHQWHG E WKH 1DWXUHDQG HVSHFLDOO E WKH VSHFWDFOH RI WKH VWDUU VN LQYROYHG LQ WKH VWXG DQG PRQLWRULQJ RI OLJKW7URXEOHV ZLOO RFFXU LI ZH FRQWLQXH RQ WKH ZD WKDW SROOXWLRQ IURP (DUWK DQG VDWHOOLWH DW 3DGXDSDUFKHV WKH KHDUW DQG KXPLOLDWH XV DQG VWXSHILHV XV 8QLYHUVLW DQG DW WKH /LJKW 3ROOXWLRQ 6FLHQFH DQG/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  103. 103. ¸ ,67,/ 7KLHQH ,WDO ,6%1
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¶ )RVFDUL RI 9HQLFHTXDOLW :H KDYH UHDFKHG D WHFKQRORJLFDO OHYHO DQG GLVFXVVHG WKH SUREOHP RI OLJKW SROOXWLRQ LQ WKHWKDW DOORZV XV WR LQWHUYHQH RQ WKH 1DWXUH DQG WKH FLW 9HQLFH KH VDLG KDV WKH ULJKW WR D ULJRURXVHQYLURQPHQW EXW QRZ ZH PXVW OHDUQ WR LQWHUYHQH DQG DFFXUDWH SURWHFWLRQ DQG DQ DFFXUDWH FKHFN RIQRW E GHIRUPLQJ EXW FRQVHUYLQJ WKH HVVHQWLDO LWV SXEOLF OLJKWLQJ VVWHP HLWKHU IRU REYLRXV KLVWRULFDO UHDVRQV UHODWHG WR WKH SHUFHSWLRQ RI
  105. 105. ,QTXLQDPHQWR OXPLQRVR H SURWH]LRQH GHOO¶DPELHQWH QRWWXUQRGLPHQVLRQV DQG DUFKLWHFWXUHV ZKRVH DHVWKHWLF PRQLWRULQJ RI WKH OLJKW SROOXWLRQ SURPRWHG IURPYDOXH FDQQRW HVFDSH WKH NLQG RI OLJKWLQJ IRU ZKLFK WKH 0LQLVWU DUH YHU LQWHUHVWLQJ $ GDWXPWKH KDYH EHHQ FUHDWHG IRU OHJDO UHDVRQV RI HPHUJHV ZLWK FODULW LQ WKH FLWLHV DQG LQ ZLGHDSSOLFDWLRQ RI WKH /DZ RI WKH 9HQHWR 5HJLRQ DUHDV DURXQG WKHP VWDUV REVHUYDEOH ZLWK WKHDQG IRU WKH UHVSHFW RI WKH LQKDELWDQWV WKDW ZRXOG QDNHG HH DUH UHGXFHG IURP WR VHH XSVHW WKHLU UHODWLRQVKLS ZLWK WKH FLW DSSUR[LPDWHO LH WKH VWDUV ZLWK PDJQLWXGHHQYLURQPHQW VR SDUWLFXODU IRU WKH DEVHQFH RI JUHDWHU WKDQ 7KH UHSUHVHQW RI REVHUYDEOHYLROHQW QRLVHV DQG IRU LWV GHOLFDWH FKURPDWLF VWDUV EXW WKH DUH VWLOO OHVV ZKHQ WKH ORZHVW RQ WKHHIIHFWV 7KH UHFHQW LQVWDOODWLRQV RI QHZ PHUFXU KRUL]RQ DUH H[FOXGHG E WKH FRPSXWDWLRQ 0RUHYDSRXU ODPSV RQ WKH ROG IL[WXUHV DQG WKH FUHDWLRQ WKDQ RI WKH REVHUYDEOH VWDUV KDYH EHHQ ORVWRI QHZ OLJKW SRLQWV SURGXFHG OLYHO SURWHVWV IURPWKH 9HQHWLDQV DZDUH RI WKH VHULRXV DQG YXOJDU ORVV (QJ 6LOYDQR 7RFFKHW RI WKH 7HFKQLFDO ,QGXVWULDORI LGHQWLW RI WKHLU FLW ,QVWLWXWH RI 9LWWRULR 9HQHWR SUHVHQWHG WZR)RU HGXFDWLRQ DQG SRSXODULVDWLRQ 3URI /XFLDRUER RI WKH 0LQLVWU RI WKH ,QVWUXFWLRQ WKH8QLYHUVLW DQG WKH 5HVHDUFK 0,85
  106. 106. VSRNH/XFLD RUER FRRUGLQDWHG WKH QDWLRQDO 3URMHFW 6WXGHQWV VKRZ WKH VWDUV LQVLGH ZKLFK WKH1DWLRQDO :HHNV RI $VWURQRP ZDV SURPRWHG 6KHDOVR FROODERUDWHG ZLWK WKH LUHFWLRQ ³6FKRODVWLF2UGHULQJV DQG $UHD $XWRQRP´ RI WKH 0,85 WRWKH FRRUGLQDWLRQ RI UG :HHN RI $VWURQRP KHOGWKLV HDU +H LOOXVWUDWHG WR WKH SUHVHQW WKH GLGDFWLFDFWLYLWLHV FDUULHG RXW LQ WKH SURMHFW DQG WKRVH RIWKH VFKRROV SROH WKH 0HGLXP 6FKRRO ³3LVDQL´ RI9HQLFH/LGR ZZZYLDODWWHDQHWHUDWRVWHQH WKH1DXWLFDO ,QVWLWXWH ³$UWLJOLR´ RI 9LDUHJJLRZZZQDXWLFRDUWLJOLROXLW ZRUNLQJ JURXS RIVFKRROV ZLWK SODQHWDULXPV
  107. 107. DQG WKH H[SHULPHQWDOODVVLF /FHXP ³%5XVVHOO´ RI 5RPHZZZOLFHRUXVVHOOURPDLW PRQLWRULQJ RI OLJKW H[SHULHQFHV RI WHDFKLQJ RI OLJKW SROOXWLRQ LQSROOXWLRQ
  108. 108. ,Q SDUWLFXODU WKH UHVXOWV RI WKH VFKRROV RI GLIIHUHQW OHYHO LQ 9HQHWR 7KH ILUVW ZDV/DBCUÃ3PGGVUDPIÃ6I9ÃUC@Ã3SPU@8UDPIÃPAÃÃUC@Ã1DBCUÃ(IWDSPIH@IUÃ3URFHHGLQJV RI WKH ,$ 5HJLRQDO 0HHWLQJ ³9HQLFH /HW¶V VDYH WKH QLJKW´ 3LHUDQWRQLR LQ]DQR HG
  109. 109. ¸ ,67,/ 7KLHQH ,WDO ,6%1

×