High-Speed, High-Power, and High Responsivity Photodiode for

*KIJ5RGGF*KIJ2QYGTCPF*KIJ4GURQPUKXKV[ 2JQVQFKQFGHQT4CFKQ1XGT(KDGT 41(%QOOWPKECVKQP

:

*KIJ5RGGF*KIJ2QYGTCPF *KIJ4GURQPUKXKV[2JQVQFKQFGHQT 4CFKQ1XGT(KDGT 41(%QOOWPKECVKQP

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

1RVKECN(KDTG0GY&GXGNQROGPVU

UHVSRQVLYLW\DQGVSHHGSHUIRUPDQFH

)GQOGVTKE 5VTWEVWTG QH *KIJRQYGT *KIJTGURQPUKXKV[ CPF *KIJURGGF 2JQVQFKQFG

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aǍP DQG SDUWLDOO\ GHSOHWHG DEVRUEHU>@+RZHYHUWKHWROHUDQFHRIWKHFOHDYHGFRXSOLQJOHQJWKRIVXFKGHYLFHVLVYHU\ VPDOO OHVV WKDQ ǍP DQG GLIIHUHQW FRXSOLQJ OHQJWKV KDYH D VHULRXV HIIHFW RQ WKH UHVSRQVLYLW\SHUIRUPDQFH>@7KLVSUREOHPFDQEHRYHUFRPHE\GU\HWFKLQJDGHHSWUHQFK WRSUHFLVHO\GHILQHWKHZDYHJXLGHOHQJWK>@+RZHYHUDQ\URXJKQHVVRQWKHGU\HWFKHG )LJ6FKHPDWLFGLDJUDPRIDSLQEDVHG93'D DQG:*3'E VWUXFWXUH


:DYHJXLGH7\SH

(YDQHVFHQW:DYHJXLGH7\SH

8QLIRUP3RZHU'LVWULEXWLRQ

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aPP SDVVLYH ZDYHJXLGHZLWKFRPSOH[WDSHUHGVWDJHVDQ\ORQJHUQHFHVVDU\


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ȝP 10HWDO

ȝP

30HWDO

ȝP

ȝP

'LRGHZLGWKȝP :DYHJXLGHZLGWK '%55HJLRQȝP

6,,Q36XEVWUDWH

$FWLYH5HJLRQȝP ,QSXW/LJKW

:DYHJXLGH5HJLRQȝP

)LJ7KHFURVVVHFWLRQDODQGWRSYLHZVRIWKHGHPRQVWUDWHGGHYLFHV7KHLQVHWSLFWXUHVWKH IDEULFDWHG'%5PLUURUV 7KH'%5PLUURUSDLUVSDLUV DVODEHOHGLQ)LJXUHDUHGHVLJQHGWRSURGXFHDUHIOHFWLRQ PD[LPXP DW DURXQG WKH QP ZDYHOHQJWK UHJLPH 7KH OHDN\ RSWLFDO ZDYHJXLGH XVHG ZDVFRPSRVHGRIWZRORZHUXQGRSHG,Q*D$V3FRUHOD\HUVDWKLQKHDYLO\GRSHGQW\SH,Q3 HWFKLQJ VWRS OD\HU DQ ,Q*D$V EDVHG SKRWRDEVRUSWLRQ OD\HU ǍP XQGRSHG DQG ǍPSGRSHGLQWKLFNQHVVDQGDWRSPRVWSW\SH,Q3FODGGLQJ

%LDV9ROWDJH9

3'ZLWK'%5ZLGWKPP 3'ZLWKRXW'%5ZLGWK PP 3'ZLWK'%5ZLGWKPP 3'ZLWKRXW'%5ZLGWK PP

%LDV9ROWDJH9

5HVSRQVLYLW\$:

5HVSRQVLYLW\$:

$FWLYH$UHDPP :DYHJXLGHOHQJWKPP

$FWLYH5HJLRQ/HQJWKPP

)LJ 7KH PHDVXUHG UHVSRQVLYLW\ RI ERWK GHYLFHV ZLWK DQG ZLWKRXW '%5 PLUURUV YHUVXV OHQJWKRIDFWLYHGLRGHV7KHELDVYROWDJHLV IL[HGDW9DQGWKHZDYHJXLGHZLGWKVRIERWK


1RUPDOL]HG5)3RZHUG%

1RUPDOL]HG5)3RZHUG%

GHYLFHVDUHPPDQGPP7KHLQVHWVKRZVWKHPHDVXUHGUHVSRQVLYLWLHVRI'%5GHYLFHVZLWK WKHVDPHDFWLYHDUHDǍP DQGGLIIHUHQWFOHDYHGOHQJWKVRISDVVLYHRSWLFDOZDYHJXLGH VWUXFWXUHZLWKRXW'%5PLUURUVLVDURXQGǍ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ǍPDQGǍP :HFDQFOHDUO\VHHWKDWDOOGHYLFHVZLWK'%5PLUURUVDQG GLIIHUHQW ZDYHJXLGH ZLGWKV H[KLELW D PXFK KLJKHU UHVSRQVLYLW\ WKDQ WKDW RI WKH FRQWURO GHYLFHZLWKRXW'%57KHLQVHWVKRZVWKHPHDVXUHGUHVSRQVLYLW\RIWKH'%5GHYLFHYVWKH FOHDYHG ZDYHJXLGH OHQJWK :H FDQ FOHDUO\ VHH WKDW WKH PHDVXUHG UHVSRQVLYLW\ LV DOPRVW LQGHSHQGHQW RI WKH FOHDYHG OHQJWK ,Q FRPSDULVRQ ZLWK WKH UHSRUWHG (&3' UHVXOWV WKH PHDVXUHGUHVSRQVLYLW\ZLOOYDU\PXFKPRUHVLJQLILFDQWO\IURPa$:WRa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ǍP DQG ǍP DQG DOPRVW VLPLODU UHVSRQVLYLW\ SHUIRUPDQFHYV$: %RWKGHYLFHVZHUHPHDVXUHGXQGHUWKHVDPHGFELDVYROWDJH 9 DQG RXWSXW SKRWRFXUUHQW P$ &RPSDUHG ZLWK WKH FRQWURO WKH GHYLFH ZLWK '%5 PLUURUV QRW RQO\ KDV KLJKHU HOHFWULFDO EDQGZLGWK SHUIRUPDQFH a*+] YV a*+] EXW DOVR SURGXFHV KLJKHU EDQGZLGWKUHVSRQVLYLW\ a*+]$: YV a*+]$: )LJXUH E VKRZV WKH PHDVXUHG IUHTXHQF\ UHVSRQVHV RI GHYLFHV ZLWK '%5 PLUURUV DQG GLIIHUHQW DFWLYH DUHDV ǍP DQG ǍP XQGHU D 9 ELDV YROWDJH DQG D IL[HG P$ RXWSXW SKRWRFXUUHQW(YHQXQGHUVXFKDKLJKRXWSXWSKRWRFXUUHQWP$ ERWKGHYLFHVDFKLHYHG %LDV9ROWDJH9 %LDV9ROWDJH9 3KRWRFXUUHQWP$ 3KRWRFXUUHQWP$ D E 3'ZLWK'%5PP 3'ZLWK'%5PP 3'ZLWK'%5 P P 3'ZLWKRXW'%5PP %DQGZLGWK*+] %DQGZLGWK*+] )LJD 7KHPHDVXUHGIUHTXHQF\UHVSRQVHVRIGHYLFHVXQGHUDIL[HGGFELDVYROWDJH9 DQG RXWSXW SKRWRFXUUHQW P$ 7KH DFWLYH DUHD RI WKH GHYLFHV ZLWK DQG ZLWKRXW '%5 LV


ǍP DQG ǍP UHVSHFWLYHO\ E 7KH PHDVXUHG IUHTXHQF\ UHVSRQVHV RI GHYLFHV ZLWK '%5 PLUURUV DQG WZR GLIIHUHQW DFWLYH DUHDV ǍP DQG ǍP XQGHU D IL[HG RXWSXW SKRWRFXUUHQWP$ DQGGFELDVYROWDJH9 DQHOHFWULFDOEDQGZLGWKRIDURXQG*+]7KHKLJKUHVSRQVLYLW\$:DQG$: DQG KLJK HOHFWULFDO EDQGZLGWK a*+] WKDW WKH GHPRQVWUDWHG GHYLFHV DFKLHYHG XQGHU KLJK FXUUHQW RSHUDWLRQ HQVXUH WKHLU VXLWDELOLW\ IRU DSSOLFDWLRQ WR *ELWVHF DQDORJ DQG GLJLWDO ILEHUFRPPXQLFDWLRQV\VWHPV$VFRPSDUHGWRWKHUHVXOWVVKRZQLQ)LJXUHZHFDQFOHDUO\ VHH WKDW DOWKRXJK WKH '%5 GHYLFH KDV ODUJHU DFWLYH DUHD WKDQ WKRVH RI WKH FRQWURO GHYLFH PPYVPP WKHHOHFWULFDOEDQGZLGWKSHUIRUPDQFHLVVWLOOPXFKEHWWHUa*+]YV a*+] HYHQ XQGHU D PXFK KLJKHU RXWSXW SKRWRFXUUHQW P$ YV P$ 7KH VXSHULRU KLJKSRZHUSHUIRUPDQFHRIWKH'%5GHYLFHWRWKHFRQWUROGHYLFHFDQSRVVLEO\EHDWWULEXWHG WR LWV PRUH XQLIRUP GLVWULEXWLRQ RI SKRWRJHQHUDWHG FDUULHUV EHFDXVH RI WKH IROGHG SKRWR DEVRUSWLRQ SURFHVV )LJXUH UHSUHVHQWV WKH SKRWRJHQHUDWHG 5) SRZHU YHUVXV GF SKRWRFXUUHQWRIGHYLFHVXQGHUDIL[HGGFELDVYROWDJH9 7KHLGHDOUHODWLRQEHWZHHQWKH 5)SRZHURIDPRGXODWHGODUJHVLJQDODQGWKHDYHUDJHFXUUHQWZLWKDƺORDGLVDOVR SORWWHGDVDVWUDLJKWOLQHIRUUHIHUHQFH$VVKRZQLQWKLVILJXUH'%5GHYLFHVZLWKDVPDOOHU JHRPHWULF VL]H PP YV PP FDQ KDYH D VOLJKWO\ ODUJHU SKRWRJHQHUDWHG 5) SRZHU XQGHUWKHVDPHSKRWRFXUUHQWGXHWRKDYLQJDODUJHU5&OLPLWHGEDQGZLGWK)XUWKHUPRUH ZH FDQ FOHDUO\ VHH WKDW WKH WZR '%5 GHYLFHV KDYH D KLJKHU VDWXUDWLRQ FXUUHQW aP$ YV aP$ DQG 5) SRZHU G%P YV G%P WKDQ WKDW RI WKH FRQWURO GHYLFHV ZLWK D PP DFWLYH DUHD GXH WR WKHLU VXSHULRU KLJK SRZHU SHUIRUPDQFH DV GLVFXVVHG LQ )LJXUH DQG 7KHYDOXHVDFKLHYHGIRU5)SRZHUG%P VDWXUDWLRQSKRWRFXUUHQWaP$ UHVSRQVLYLW\ $: DQG HOHFWULFDO EDQGZLGWK a*+] DUH FRPSDUDEOH ZLWK WKH (&3' ZLWK 3'3 VWUXFWXUH>@

3'ZLWK'%5PP 3'ZLWK'%5PP 3'ZLWKRXW'%5PP ,GHDO&XUYH

5)3RZHUG%P

G%PP$

I *+]

'&3KRWRFXUUHQWP$

)LJ7KH5)SRZHUYHUVXVGFSKRWRFXUUHQWRIERWKGHYLFHVZLWKDQGZLWKRXW'%5 ZLWK WKUHH GLIIHUHQW DFWLYH DUHDV VTXDUHV PP RSHQ VTXDUHV PP RSHQ FLUFOHV PP XQGHUDIL[HG*+]RSHUDWLQJIUHTXHQF\DQGGFELDVYROWDJH9


&WCN5VGR'XCPGUEGPVN[%QWRNGF7PK6TCXGNKPI%CTTKGT2JQVQFKQFGU $ FURVVVHFWLRQDO VFKHPDWLF GLDJUDP DQG WKH WRS YLHZ RI WKH GHPRQVWUDWHG '(&3' DUH VKRZQ LQ )LJXUHV D DQG E UHVSHFWLYHO\ )LJXUH F VKRZV D WRS YLHZ RI WKH '(&3' DIWHU]RRPLQJLQRQ D

F ,Q*D$V3 ȜJ PP

,Q$O$V ȜJ PP

$FWLYH 5HJLRQ

0HVD

&RXSOLQJ*XLGH

)LEHU*XLGH ,Q3

,Q*D$V3 ȜJ PP

3PHWDO

/I

/F

)LEHU*XLGH

6,,Q36XEVWUDWH

1PHWDO

1PHWDO

&RXSOLQJ $FWLYH *XLGH 5HJLRQ

7RS9LHZ

&URVV6HFWLRQDO9LHZ E

&RSODQDU :DYHJXLGH

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aPP DQG GHSWK a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ðFP RSWLFDO PDWFKLQJOD\HUV>@IRURSWLFDOSRZHUFRXSOLQJWRWKHDEVRUSWLRQUHJLRQDQGJRRGQW\SH RKPLF FRQWDFWV 7KH OHQJWK RI WKLV FRXSOLQJ UHJLRQ /F LV SUHFLVHO\ GHILQHG E\ WKH PDVN GHVLJQ UDWKHU WKDQ E\ WKH FOHDYLQJ SURFHVV :H FDQ WKXV RSWLPL]H /F WR DFKLHYH FRPSOHWH RSWLFDODEVRUSWLRQIRUGLIIHUHQWDFWLYHDUHDVOHQJWKV )LJXUHVKRZVWKHVLPXODWHGRSWLFDO


7RWDO2SWLFDO3RZHU$8

SRZHU GLVWULEXWLRQV LQ RXU GHPRQVWUDWHG GHYLFHV 7KH VLPXODWHG WZR '(&3'V KDYH WKH VDPHDFWLYHDUHDVǍP DQGDFWLYHOHQJWKVPP EXWGLIIHUHQW/FPPDQGPP 7KH YDOXHVRI/IREWDLQHGGXULQJWKHVLPXODWLRQDUHERWKDURXQGPP

$FWLYH$UHDPP

/FPP

$EVRUSWLRQ5HJLRQ

/FPP

)LEHU*XLGH

QHIIQEDU

:DYHJXLGH/HQJWKPP

)LJ6LPXODWHGRSWLFDOSRZHUGLVWULEXWLRQVZLWKRXWFRQVLGHULQJWKHRSWLFDOVFDWWHULQJORVV IRU GHYLFHV ZLWK GLIIHUHQW FRXSOLQJ OHQJWKV DQG D IL[HG DFWLYH DUHD PP 7ULDQJOH /F PP FLUFOH /F PP 7KH DUURZKHDGV LQGLFDWH WKH UHVLGXDO RSWLFDO SRZHU DIWHU SURSDJDWLRQ WKURXJK WKH DFWLYH OHQJWK PP 7KH LQVHWV VKRZ VLPXODWHG FURVVVHFWLRQDO YLHZVRIWKHRSWLFDOPRGHDQGPRGHVSHFWUXPLQWKHILEHUJXLGHUHJLRQ

:HFDQFOHDUO\VHHWKDWE\RSWLPL]LQJWKHYDOXHRI/FWREHPPWKHLQMHFWHGRSWLFDOSRZHU IRU WKH DFWLYH DUHD OHQJWK FDQ EH DEVRUEHG FRPSOHWHO\ 7KH RSWLPL]HG YDOXHV RI / F IRU GHYLFHVZLWKWKUHHGLIIHUHQWDFWLYHDUHDVPPPPDQGPPDQGDIL[HGZDYHJXLGH ZLGWK PP DUH ǍP ǍP DQG ǍP UHVSHFWLYHO\ 7KH DFWLYH DEVRUSWLRQ UHJLRQ RI RXU GHYLFH KDV D W\SLFDO 87&3' VWUXFWXUH >@ 7KH DEUXSW JUDGHG SW\SH GRSLQJ SURILOH u FP WR u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ǍPǍP DFWLYHDUHDDQGGLIIHUHQWILEHUJXLGHOHQJWKVIURPPPWRPP LVDVKLJK DVDURXQG$:$: 7KHUHVSRQVLYLW\RIWKHUHSRUWHG(&3'ZLOORVFLOODWHVHULRXVO\ ZLWKWKHFOHDYHGOHQJWKIURPa$:WRa$:IRUFOHDYHGOHQJWKVYDU\LQJLQWKHVDPH UDQJH PP WR PP >@ :H FDQ WKXV FRQFOXGH WKDW QRW RQO\ GRHV RXU GHYLFH GHPRQVWUDWH GHYLFH KLJK UHVSRQVLYLW\ a$: EXW WKH FOHDYLQJ WROHUDQFH LV PXFK KLJKHU aDURXQGPP WKDQWKDWRIUHSRUWHGSODQDUPXOWLPRGH(&3'V>@

7(PP

7(PP

7(PP

70PP

70PP

70PP

5HVSRQVLYLW\$:


)LEHU*XLGH/HQJWKPP

)LJ 0HDVXUHG UHVSRQVLYLW\ YHUVXV GLIIHUHQW /I IRU GHYLFHV ZLWK GLIIHUHQW DFWLYH DUHDV XQGHUDIL[HGELDVYROWDJH9 7KH EDQGZLGWK DQG VDWXUDWLRQ FXUUHQW DUH PHDVXUHG ZLWK D KHWHURG\QH EHDWLQJ V\VWHP )LJXUH VKRZV WKH PHDVXUHG IUHTXHQF\ UHVSRQVHV RI WKH '(&3' ZLWK GLIIHUHQW DFWLYH DUHDV XQGHU D IL[HG 9 ELDV YROWDJH DQG D IL[HG SKRWRFXUUHQW P$ 7KH DFKLHYHG G% EDQGZLGWKVRIGHYLFHVZLWKDFWLYHVDUHDVRIǍPǍPDQGǍPDUHDURXQG*+] *+] DQG *+] UHVSHFWLYHO\ 7KH LQVHW WR )LJXUH VKRZV WKH PHDVXUHG IUHTXHQF\ UHVSRQVHVRIDGHYLFHZLWKDQǍ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

PP

&XUUHQWP$ %LDV9

9 9 9

PP PP

5HODWLYH5HVSRQVHG%

5HODWLYH5HVSRQVHG%

$FWLYH$UHDPP &XUUHQWP$

)UHTXHQF\*+]

)UHTXHQF\*+]

)LJ0HDVXUHGIUHTXHQF\UHVSRQVHVRIGHYLFHVZLWKGLIIHUHQWDFWLYHDUHDVXQGHUDIL[HG GF ELDV YROWDJH 9 DQG D IL[HG RXWSXW SKRWRFXUUHQW P$ 7KH LQVHW VKRZV WKH GHYLFH


ZLWKDQPPDFWLYHDUHDPHDVXUHGXQGHUWKUHHGLIIHUHQWGFELDVYROWDJHV99DQG 9 DQGPXFKORZHURXWSXWSKRWRFXUUHQWP$ LQGXFHG ILHOG SKRWRFXUUHQW GHQVLW\ ZLOO EH UHTXLUHG WR DFFHOHUDWH DQ HOHFWURQ WR QHDU LWV RYHUVKRRWYHORFLW\ WKHUHE\ PLQLPL]LQJ WKH SUREOHP RI EDQGZLGWK GHJUDGDWLRQ XQGHU ORZ FXUUHQWV)LJXUHVKRZVWKHSKRWRJHQHUDWHG5)SRZHURIWKHGHYLFHVZLWKD ǍPDQG E ǍP DFWLYH DUHDV 7KHWKUHH WUDFHVVKRZ WKH UHVXOWVPHDVXUHG XQGHU WKUHH GLIIHUHQW ELDVYROWDJHV99DQG9 7KHRSHUDWLQJIUHTXHQF\LVIL[HGDW*+]DQG*+]IRU D DQG E UHVSHFWLYHO\ 7KH LGHDO UHODWLRQ EHWZHHQ WKH 5) SRZHU RI D PRGXODWHG ODUJHVLJQDO DQG WKH DYHUDJH FXUUHQW RQ D ƺ ORDG LV DOVR SORWWHG DV D VWUDLJKW OLQH IRU UHIHUHQFH7KHPD[LPXPYDOXHVRIWKH5)SRZHUDQGGFSKRWRFXUUHQWRIWKHGHYLFHZLWKD ǍPDFWLYHDUHDDUHOLPLWHGE\WKHWKHUPDOIDLOXUHRIWKHGHYLFH2QWKHRWKHUKDQGIRUD GHYLFH ZLWK D ODUJHU DFWLYH DUHD ǍP VLJQLILFDQW VDWXUDWLRQ RFFXUV DW DURXQG P$ SKRWRFXUUHQW7KHREVHUYHGWKHUPDOGDPDJHLQRXUVPDOOGHYLFHǍP PD\EHDWWULEXWHG WRLWVODUJHUHOHFWULFDODQGWKHUPDOUHVLVWDQFHFRPSDUHGZLWKWKDWRIDODUJHGHYLFHǍP 7KH YDOXHV REWDLQHG IRU VDWXUDWLRQ FXUUHQWEDQGZLGWK DUH DURXQG P$*+] IRU ERWK GHYLFHV ,Q FRPSDULVRQ ZLWK RWKHU UHSRUWHG KLJKSHUIRUPDQFH (&3'V ZLWK D : HIIHFWLYH ORDG >@ RU SDUWLDOO\ GHSOHWHG DEVRUEHUV 3'$ (&3'V >@ ZLWK D :ORDG RXU GHPRQVWUDWHG GHYLFH FDQ DFKLHYH D FRPSDUDEOH EDQGZLGWKUHVSRQVLYLW\ *+]$: YV *+]$: >@ DQG *+]$: >@ DQG D KLJKHU VDWXUDWLRQ FXUUHQWEDQGZLGWK SHUIRUPDQFHP$*+]YVP$*+]>@DQGP$*+]>@

9 9 9 LGHDO

G%PP$

$FWLYHDUHDPP I *+]

'&3KRWRFXUUHQWP$

5)3RZHUG%P

5)3RZHUG%P

E

9 9 9 LGHDO

G%PP$

D

$FWLYHDUHDPP

I *+] '&3KRWRFXUUHQWP$

)LJ7KH5)SRZHUYHUVXVGFSKRWRFXUUHQWRIERWKGHYLFHVZLWKDQGZLWKRXW'%5 ZLWK WKUHH GLIIHUHQW DFWLYH DUHDV VTXDUHV PP RSHQ VTXDUHV PP RSHQ FLUFOHV PP XQGHUDIL[HG*+]RSHUDWLQJIUHTXHQF\DQGGFELDVYROWDJH9

'RKVCZKCN.C[GT5VTWEVWTGQH*KIJ2QYGT2JQVQFKQFGU

+PVTQFWEVKQP 8OWUDKLJKVSHHGDQGKLJKRXWSXWSRZHUSHUIRUPDQFHVDUHWZRPDLQWUHQGVLQWKHSURJUHVV RIDOOVHPLFRQGXFWRUEDVHGGHYLFHVIRUWHOHFRPPXQLFDWLRQ+RZHYHULQPRVWFDVHVVSHHG DQG SRZHU SHUIRUPDQFHV DUH XVXDOO\ WZRWUDGH RII SDUDPHWHUV LQ WKH GHVLJQ RI WKHVH GHYLFHV ZKLFK LQFOXGH XOWUDKLJK VSHHG 3'V >@ %\ SURSHUO\ GRZQ VFDOLQJ WKH SKRWR


DEVRUSWLRQ YROXPHV RI 3'V XOWUDKLJK VSHHG SHUIRUPDQFHV FDQ EH DFKLHYHG GXH WR WKH UHGXFWLRQ RI SDUDVLWLF FDSDFLWDQFH DQG UHVLVWDQFH LQ 3'V +RZHYHU WKH VPDOO SKRWR DEVRUSWLRQYROXPHa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

)LJ 7KH VHULRXV VSDFHFKDUJH VFUHHQLQJ LV RULJLQDWHG IURP KROH VWRUDJH LQ SKRWR DEVRUSWLRQYROXPH 7KHHOHFWULFILHOGLQWKHSKRWRDEVRUSWLRQOD\HULVWKHVXPRIWKHEXLOWLQILHOG(E WKHILHOG GXHWRSKRWRJHQHUDWHGIUHHFKDUJHV(I DQGWKHILHOGVRIZDYHVRULJLQDWLQJHOVHZKHUHDQG SURSDJDWLQJ LQVLGH WKH VWUXFWXUH (Z ( (E ( I ( Z 7KH VSDFH FKDUJH ILHOG LV IRXQG E\*DXVV·VODZDQGLVSURSRUWLRQDOWRWKHFKDUJHDUHDGHQVLW\)RUVLPSOLFLW\DQGFODULW\WKH EXLOWLQ ILHOG DQG WKH FKDUJH GHQVLWLHV RI WKH HOHFWURQV DQG KROHV DUH DSSUR[LPDWHG DV UHFWDQJOH IXQFWLRQV LQ )LJXUH )LJXUH VKRZV WKUHH VHWV RI FRQFHSWXDO JUDSKV DW VXFFHVVLYH WLPHV DIWHU SKRWRJHQHUDWLRQ RI HOHFWURQV DQG KROHV LQ WKH SKRWRDEVRUSWLRQ YROXPHE\DVKRUWRSWLFDOSXOVH7KHXSSHUSORWVKRZVWKHSKRWRJHQHUDWHGFKDUJHGHQVLWLHV


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

)LJ &RQFHSWXDO LOOXVWUDWLRQ RI ILHOGVFUHHQLQJ PHFKDQLVP 6LPSOLILHG HOHFWURQ DQG KROH GLVWULEXWLRQV DQG QHW HOHFWULF ILHOGV LQ WKH GHSOHWLRQ UHJLRQ DUH SORWWHG DW WKUHH WLPHV DIWHU SKRWRJHQHUDWLRQE\DVKRUWRSWLFDOSXOVH (HII

§ 9EDLV = ORDG u - u $ 9EL · § - u ' · ¸ ¨ ¸ ¨¨ ' © ¹ © 9KROH u H ¸¹

9K ROH

§ P K u (HII 9SO u WDQK ¨ ¨ 9 SO ©

· ¸ ¸ ¹

7DEOH6\PEROVDQGTXDQWLWLHVIRUHTXDWLRQ (TDQGLVWKHWUDQVFHQGHQWDOHTXDWLRQIRUVROYLQJWKHQHWPDJQLWXGHRIHOHFWULFILHOGLQ WKHSKRWRDEVRUSWLRQUHJLRQDQGWKHGULIWYHORFLW\RISKRWRJHQHUDWHGKROHUHVSHFWLYHO\7KH


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

)LJ7KHFRQFHSWXDOEDQGGLDJUDPRI87&3'

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ƺ ORDG DQG WKH GF ELDV YROWDJH ZLOO VHULRXVO\ OLPLW WKH PD[LPXP RXWSXW SKRWRFXUUHQW RI WKH 87&3' 1HDUEDOOLVWLF 87&3' 1%87&3' ZLWK VWDWHRIWKHDUW SHUIRUPDQFH KDV EHHQ GHPRQVWDUWHG WR RYHUFRPH WKH DERYHPHQWLRQHG SUREOHPV >@ %\ LQVHUWLQJ DQ DGGLWLRQDO GHOWDGRSHG S FKDUJH OD\HU DQG DQ HOHFWULF


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´%DOOLVWLF &ROOHFWLRQ 7UDQVLVWRU %&7 µ >@ ZKRVH QHDU EDOOLVWLF WUDQVSRUW SURSHUW\ KDV EHHQ YHULILHG WKURXJK 0RQWH &DUOR VLPXODWLRQV DQG H[SHULPHQWV >@ %\ LQWURGXFLQJ WKH SURSHU SODQDU GRSLQJ GHQVLW\ u FP LQWR WKH GHSOHWHGSFKDUJHOD\HUWKHPD[LPXPHOHFWULFILHOGLQWKH,Q$O*D$VFROOHFWRUOD\HU FDQEHFRQWUROOHGWRSURGXFHDQDSSURSULDWHYDOXHDURXQGN9FPDW9ELDV WRVXVWDLQ WKHRYHUVKRRWYHORFLW\RIWKHSKRWRJHQHUDWHGHOHFWURQVXQGHUDFHUWDLQUDQJHRIELDV

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


EDQGZLGWK ZDV DURXQG *+] :KHQ WKH SKRWRFXUUHQW UHDFKHG P$ WKH EDQGZLGWK RI GHYLFHLQFUHDVHGWR*+])LJXUHVKRZVWKHPHDVXUHGDQGILWWHGIUHTXHQF\UHVSRQVHV RIWKHGHYLFHZLWKDPPDFWLYHDUHDXQGHUP$DQGP$ &R3ODQDU :DYHJXLGH

E

D $FWLYHOD\HUVRI1%87&3' 2SWLFDOPDWFKLQJOD\HUV 'LOXWHGZDYHJXLGHOD\HUV

)LJ&URVVVHFWLRQDOYLHZD DQGWRSYLHZE RI1%87&3'ZKLFKLQFRUSRUDWHVZLWKDQ HYDQHVFHQWO\FRXSOHGRSWLFDOZDYHJXLGH

5HODWLYH5HVSRQVHG%

$UHDPP %LDV9

P$ P$ P$

)UHTXHQF\*+]

)LJ 7KH PHDVXUHG IUHTXHQF\ UHVSRQVHV RI WKH GHYLFH ZLWK D PP DFWLYH DUHD XQGHU GLIIHUHQWOHYHOVRIWKHRXWSXWSKRWRFXUUHQWDQGDIL[HGGFELDVYROWDJH9 VTXDUHP$ RSHQVTXDUHP$RSHQWULDQJXODUP$ RXWSXW SKRWRFXUUHQW YDOXHV 7KH GF ELDV YROWDJH ZDV IL[HG DW 9 $FFRUGLQJ WR RXU VLPXODWLRQ UHVXOWV WKH EDQGZLGWK LPSURYHPHQW XQGHU KLJK FXUUHQW RSHUDWLRQ P$ LV DVVRFLDWHGWRWKHUHGXFWLRQRIWKHWUDQVSRUWWLPHDVGLVFXVVHGDERYHDQGWKHDFFDSDFLWDQFH >@ 7KH WRWDO FDSDFLWDQFH LV UHGXFHG GXH WR WKH VXEWUDFWLRQ RI WKH GLIIHUHQWLDO DF GW FDSDFLWDQFH ,& u & SURSRUWLRQDO WR WKH FXUUHQW IURP WKH GHSOHWLRQ FDSDFLWDQFH G9DF >@ :KHUH 9DF LV WKH RXWSXW DF YROWDJH RI GHYLFH ,&LV WKH SKRWRFXUUHQW DQG W & LV WKH


HOHFWURQ GULIW WLPH )RU WKH FDVH RI GHPRQVWUDWHG GHYLFH VXFK HIIHFW VKRXOG EH VLJQLILFDQW GXHWRWKDWXQGHUQHDUEDOOLVWLFWUDQVSRUWWKHYDULDWLRQRIGULIWYHORFLW\WLPH YVWKHHOHFWULF ILHOG 9DF LV REYLRXV DFFRUGLQJ WR WKH UHSRUWHG ILHOG GHSHQGHQFH HOHFWURQ GULIW YHORFLW\ RI ,,,9VHPLFRQGXFWRUV2QWKHRWKHUKDQGIRUWKHFDVHRI87&3'RSHUDWHGLQWKHYHORFLW\ VDWXUDWLRQUHJLPHVXFKHIIHFWFDQDOPRVWEHQHJOHFWHGGXHWRWKHIDFWWKDWHOHFWURQYHORFLW\LV LQVHQVLWLYHWRWKHHOHFWULFILHOG,QRXUEDQGZLGWKVLPXODWLRQPRGHOZHWKXVXVHGGLIIHUHQW

$UHDPP %LDV9

P$0HDVXUHG P$0HDVXUHG P$)LWWHG P$)LWWHG

5HODWLYH5HVSRQVHG%

)UHTXHQF\*+]

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·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a PP DQGUHVSRQVLYLW\7KLV LPSOLHVWKDWWKH1%87&3'FDQDFKLHYHEHWWHURXWSXWSRZHUDQGUHVSRQVLYLW\SHUIRUPDQFH ZLWK D ODUJHU GHYLFH VL]H ZLWKRXW VDFULILFLQJ VSHHG VHULRXVO\ GXH WR WKH VXSHULRU WUDQVSRUW SURSHUW\ RI SKRWRJHQHUDWHG HOHFWURQV 7KH WUDFHV VKRZQ LQ )LJXUH UHSUHVHQW WKH SKRWR JHQHUDWHG5)SRZHUYVGFSKRWRFXUUHQWRIWKH1%87&3'XQGHUGLIIHUHQWELDVYROWDJHV 99DQG9


0P$ ² )P$ ▼ 0P$ ² )P$ ○

)UHTXHQF\'&WR*+] )LJ7KHPHDVXUHGDQGWKHILWWHG6SDUDPHWHUVRIWKHGHYLFHZLWKDPPDFWLYHDUHD XQGHUGLIIHUHQWOHYHOVRIRXWSXWSKRWRFXUUHQWP$DQGP$ DQGDIL[HGGFELDVYROWDJH 9 7KHWZRVROLGOLQHVUHSUHVHQWWKHPHDVXUHG6XQGHUP$DQGP$7UDFHVZLWKRSHQ FLUFOH DQG FORVH WULDQJOH V\PEROV UHSUHVHQW WKH ILWWHG UHVXOWV XQGHU P$ DQG P$ UHVSHFWLYHO\ 7KHRSHUDWLQJIUHTXHQF\ZDVIL[HGDW*+]7KHLGHDOUHODWLRQEHWZHHQWKH5)SRZHURID PRGXODWHG ODUJHVLJQDO DQG WKH DYHUDJH FXUUHQW RQ D ƺ ORDG LV DOVR SORWWHG DV D VWUDLJKWOLQHIRUUHIHUHQFH)RUWKHFDVHRID²9ELDVWKHWUDFHVRIWKHGHYLFHZLWKGLIIHUHQW DFWLYHDUHDVPPDQGPP DUHDOVRVKRZQIRUWKHSXUSRVHRIFRPSDULVRQ6LQFHWKH EDQGZLGWKRIWKHGHYLFHZLWKDPPDFWLYHDUHDLQFUHDVHVDVWKHSKRWRFXUUHQWLQFUHDVHV VLJQLILFDQWO\XQGHUD9ELDVWKHRXWSXW5)SRZHULVFORVHUWRWKHLGHDOOLQHWKDQLVWKHFDVH ZLWKDORZSKRWRFXUUHQW

)LJ 5) SRZHU YHUVXV GF SKRWRFXUUHQW RI WKH GHYLFHV ZLWK GLIIHUHQW DFWLYH DUHDV XQGHU GLIIHUHQW UHYHUVH ELDV YROWDJHV VTXDUH 9 FLUFOH 9 WULDQJOH RSHQ WULDQJOH 9 DW D *+]RSHUDWLQJIUHTXHQF\7KHLGHDOUHODWLRQEHWZHHQWKH5)SRZHUDQGFXUUHQWRQDƺ ORDGLVSORWWHGDVDVWUDLJKWOLQHIRUUHIHUHQFHSXUSRVH $VFRPSDUHGWRWKHVWUXFWXUHRI(&3'WKH93'VWUXFWXUHPD\KDYHIXUWKHULPSURYHGKLJK SRZHU SHUIRUPDQFH GXH WR WKDW WKH LQSXWHQG VDWXUDWLRQ SUREOHP FDQ EH HOLPLQDWHG +RZHYHULWVUHVSRQVLYLW\PD\EHSRRUHU)RUWXQDWHO\ZKHQWKHRSHUDWLRQIUHTXHQF\LVRYHU *+] WKH PD[LPXP RXWSXW VDWXUDWLRQ SRZHU IURP 3' EHFRPHV D NH\ LVVVXH LQVWHDG RI HIILFLHQF\GXHWRWKDWWKHRYHU*+]00:SRZHUDPSOLILHUVWLOOUHPDLQVDFKDOOHQJH7KH


NH\SRLQWWRSXUVXLWWKHXOWLPDWHKLJKVDWXUDWLRQFXUUHQWEDQGZLGWKSURGXFWRIWKH3'LVWR GRZQVFDOH WKH DUHD RI WKH SKRWRDEVRUSWLRQ DFWLYH DUHD DQG WKH WKLFNQHVV RI WKH GHSOHWLRQ OD\HU +RZHYHU GHYLFHKHDWLQJ >@ DQG KLJK SDUDVLWLF UHVLVWDQFH FRXOG EHFRPH SUREOHPV ZKLFK ZRXOG VHULRXVO\ OLPLW WKH VDWXUDWLRQ FXUUHQW RI D 3' ZLWK VXFK D VPDOO DFWLYH DUHD a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;ďͿ

;ĂͿ ϰϬϬPŵ

ϰϭϱ͘ϱPŵ

WŽƌƚϭ

WŽƌƚϮ ĐƚŝǀĞ ZĞŐŝŽŶ

;ĐͿ

;ĚͿ

ϱϬPŵ

ϵϬϬPŵ

ĞŶƚĞƌďŽŶĚŝŶŐƉĂĚ

ϰϳϬPŵ

ϴϬPŵ

ϭϬϬPŵ

ϵϭϱPŵ

2XWSXW3RZHUG%P

)LJD 7RSYLHZRIWKH1%87&3'E FRQFHSWXDOFURVVVHFWLRQDOYLHZRIWKH1%87& 3'F 1%87&3'DIWHUIOLSFKLSERQGLQJG DQGIOLSFKLSERQGLQJSHGHVWDO 'HYLFH' P$G%P 8QGHU:/RDG %LDVDW9 &0HDVXUHG E D '0HDVXUHG &)LWWHG ')LWWHG %LDV9ROWDJH9 :LWK&HQWHU%RQGLQJ3DG :2&HQWHU%RQGLQJ3DG 3KRWRFXUUHQWP$ ,GHDO&XUYH )UHTXHQF\*+] 3KRWRFXUUHQWP$ )LJ D 7KH PHDVXUHG DQG ILWWHG 2( IUHTXQHF\ UHVSRVQH RI 1%87&3' ZLWK 93' VWUXFWXUH'HYLFH&DQG'KDYHPPDQGPPDFWLYHDUHDVUHVSHFWLYHO\


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§9ELDV¡ İ9KROH' -PD[§9ELDV¡ İ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


)UHTXHQF\*+]

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


*+]2XWSXW5)3RZHUG%P

5HODWLYH5HVSRQVHG%

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a*+] YV a*+] HVSHFLDOO\ XQGHU KLJK FXUUHQW P$ DQG ORZ ELDV YROWDJH RSHUDWLRQ 9 )LJ E VKRZV WKH SKRWRJHQHUDWHG 5) SRZHU YHUVXV GF SKRWRFXUUHQWRIGHYLFH$DQG%ZLWKWKHVDPHDFWLYHDUHDPP XQGHUGLIIHUHQWUHYHUVH ELDV YROWDJHV 9 DQG 9 $V WKLV ILJXUH LQGLFDWHV ERWK GHYLFHV H[KLELW VLJQLILFDQW VDWXUDWLRQ EHKDYLRUV XQGHU ORZ ELDV YROWDJH 9 DQG KLJK FXUUHQW RSHUDWLRQ a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


OLPLWDWLRQRIGULIWGLIIXVLRQWLPHRISKRWRJHQHDUWHGFDUUHLHUV)LJXUHVKRZVDFRQFHSWXDO EDQGGLDJUDPRIWKH6753'7KH/7**D$VOD\HUZLWKDQH[WUHPHO\VKRUW

)LJ7KHFRQFHSWXDOEDQGGLDJUDPRIWKHGHPRQVWUDWHG6753' FDUULHUOLIHWLPH>@VHUYHVDVDUHFRPELQDWLRQFHQWHUVDQGZLFKHGEHWZHHQWZRKLJKTXDOLW\ *D$VEDVHGSKRWRDEVRUSWLRQOD\HUV$VVKRZQLQ)LJWKHH[WHUQDODSSOLHGHOHFWULFILHOG LV FRQFHQWUDWHG LQ WKH WZR *D$V OD\HUV GXH WR WKH KLJK GHIHFW GHQVLW\ DQG ILHOGVFUHHQLQJ HIIHFWRIWKHLQVHUWHG/7**D$VOD\HU>@7KHVHWZRSKRWRDEVRUSWLRQOD\HUVFDQWKXVEH WUHDWHGDVD´WUDQVSRUWOD\HUµRU´GHSOHWLRQOD\HUµ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


1RUPDOL]HG$PSOLWXGH

1RUPDOL]HG$PSOLWXGH

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a 9 DQG LQSXW RSWLFDO SRZHU P: P: $V VKRZQ LQ )LJ E WKH OLIHWLPH LQFUHDVLQJ HIIHFW RI WKH WUDGLWLRQDO /7**D$V EDVHGSLQSKRWRGLRGHXQGHUDKLJKGFELDVYROWDJH>@LVHOLPLQDWHGLQRXUQRYHOVWUXFWXUH GXHWRWKHFRQFHQWUDWLRQRIWKHDSSOLHGHOHFWULFILHOGLQWKH*D$VEDVHGWUDQVSRUWOD\HUV 'HYLFH%9 E D 'HYLFH$9 'HYLFH%9 'HYLFH$9 'HYLFH%9 'HYLFH$9 ):+0SV ):+0SV 7LPHVSV 7LPHSV )LJ7KHQRUPDOL]HGLPSXOVHUHVSRQVHVRIGHYLFH$D DQGGHYLFH%E ZLWKDPP DFWLYH DUHD XQGHU D IL[HG RSWLFDO SXPSLQJ SRZHU P: DQG GLIIHUHQW UHYHUVH ELDV YROWDJHV999

6JG#RRNKECVKQPQH*KIJ2QYGT2&UVQ41(%QOOWPKECVKQP5[UVGO

*KIJ2QYGT2&HQT4Q(%QOOWPKECVKQPCPF0QPNKPGT2JQVQFGVGEVKQP5EJGOG $V GLVFXVVHG LQ WKH LQWURGXFWLRQ WKH ´NLOOHU DSSOLFDWLRQµ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

2JQVQPKE6TCPUOKUVVGT )LJXUHD DQGE VKRZVDWRSYLHZRIWKHGHPRQVWUDWHG37VWKURXJKWKHXVHRIIOLSFKLS ERQGLQJK\EULG DQGPRQROLWKLFLQWHJUDWLRQRI3'VZLWKDQWHQQDUHVSHFWLYHO\


)LJ D 7RSYLHZ RI WKH IOLSFKLS ERQGLQJ DQG E PRQROLWKLF LQWHJUDWHG SKRWRQLF WUDQVPLWWHUV ,Q)LJD WKHLQWHJUDWHGDFWLYH3'LV1%87&3'DQGWKHSDVVLYHDQWHQQDLVTXDVL@7KHDFWLYH1%87&3'LVIOLSFKLSERQGHGZLWKDQWHQQD RQ DQ $O1 VXEVWDUWH $V FRPSDUHG WR WKH UHSRUWHG 87&3' EDVHG 37 ZLWK WDSHUVORW DQWHQQD 76$ DOVR ZLWK HQGILUH SDWWHUQ WKH VL]H RI RXU TXDVL@ KDV FRPSDUDEOH GLUHFWLYLW\ aG% DQG LV PRUH FRPSDFW WKDQ WKDW RI 76$ ,Q DGGLWLRQ WKH TXDVL\DJLDQWHQQDLVPRUHLPPXQHWRWKHVXEVWDUWH²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·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


DQGWKHQIHGLQWRDKLJKVSHHGUHDOWLPHVFRSHSULRUWRSHUIRUPLQJRIIOLQHVLJQDOSURFHVVLQJ 2SWLFDOSDWK

(')$ $WW 60) 2SWLFDO00: 6RXUFH

1%87&3'

/HQVHG )LEHU (OHFWULFDO $WW (OHFWULFDO $PSOLILHU

G%

&ORFN

:DYHOHQJWKQP

,)LQSXW

*EV 35%66LJQDO *HQHUDWRU

:EDQG /1$

%36.,)LQSXW

0EV$UELWUDU\ :DYHIRUP*HQHUDWRU 436. 6LJQDO *HQHUDWRU

(OHFWULFDO 0L[HU 436.,)LQSXW *+]/2LQSXW

(OHFWULFDOSDWK 6DPSOLQJ 6FRSH

:EDQG 3RZHU 'HWHFWRU ,)$PSOLILHU

)LJ7KHV\VWHPVHWXSIRU%36.RU436.GDWDWUDQVPLVVLRQ

D

4

4

,

E

,

F

$PSOLWXGH9

$PSOLWXGH9 7LPHQV

7LPHQV

)LJD &RQVWHOODWLRQRIWKH*EVHF436.VLJQDO(\HGLDJUDPVRIWKH*EV 436.VLJQDOE ,F 4 )LJXUH D VKRZV WKH FRQVWHOODWLRQ RI WKH UHFHLYHG *EV 436. VLJQDO ZKHQ WKH RXWSXWSKRWRFXUUHQWLVP$ZKLOHE DQGF VKRZWKHGLJLWDOVLJQDOSURFHVVLQJ'63 UH FRQVWUXFWHG,DQG4H\HGLDJUDPV7KHFRUUHVSRQGLQJ(90LVDURXQG


%QPENWUKQP

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


4GHGTGPEGU

>@$ +LUDWD 7 .RVXJL + 7DNDKDVKL 5 @$-6HHGVDQG.-:LOOLDPV´0LFURZDYH3KRWRQLFVµ-RI/LJKWZDYH7HFKQROYROSS 'HF >@. .DWR ´8OWUDZLGH%DQG+LJK)UHTXHQF\ 3KRWRGHWHFWRUVµ ,((( 7UDQV 0LFURZDYH 7KHRU\7HFKYROSS-XO >@+,WR6.RGDPD@7+6WLHYDWHUDQG.-:LOOLDPV´7KHUPDOO\,QGXFHG1RQOLQHDULWLHVLQ+LJK6SHHGSLQ 3KRWRGHWHFWRUVµ,(((3KRWRQ7HFKQRO/HWWYROSS-DQ >@);LD-.7KRPVRQ05*RNKDOH396WXGHQNRY-:HL:/LQDQG65)RUUHVW ´$ DV\PPHWULF WZLQZDYHJXLGH KLJKEDQGZLGWK SKRWRGLRGH XVLQJ D ODWHUDO WDSHU FRXSOHUµ,(((3KRWRQ7HFKQRO/HWWYROSS$XJ >@6'HPLJXHO1/L;/L;=KHQJ-.LP-&&DPSEHOO+/XDQG$$QVHOP´9HU\ +LJK5HVSRQVLYLW\ (YDQHVFHQWO\ &RXSOHG 3KRWRGLRGHV ,QWHJUDWLQJ D 6KRUW 3ODQDU 0XOWLPRGH :DYHJXLGH IRU +LJK6SHHG $SSOLFDWLRQVµ ,((( 3KRWRQ 7HFKQRO /HWW YROSS'HF >@@@@( /DFK DQG . 6FKXK ´5HFHQW $GYDQFHV LQ 8OWUDKLJK %LW 5DWH (7'0 7UDQVPLVVLRQ 6\VWHPVµ-/LJKWZDYH7HFKQROYROSS'HF >@$ %HOLQJ +HLQ]*XQWHU %DFK * * 0HNRQQHQ 5 .XQNHO DQG ' 6FKPLGW ´0LQLDWXUL]HGZDYHJXLGHLQWHJUDWHGSLQSKRWRGHWHFWRUZLWK*+]EDQGZLGWK DQGKLJKUHVSRQVLYLW\µ,(((3KRWRQ7HFKQRO/HWWYROSS2FW >@@-: 6KL &@7,VKLEDVKL´1RQHTXLOLEULXP(OHFWURQ7UDQVSRUW+%7Vµ,(((7UDQVRQ(OHFWURQ'HYLFHV YROSS1RY >@* :DQJ 7 7RNXPLWVX , +DQDZD . 6DWR DQG 0 .RED\DVKL ´$ 7LPH'HOD\ (TXLYDOHQW&LUFXLW 0RGHO RI 8OWUDIDVW SLQ 3KRWRGLRGHVµ ,((( 7UDQV 0LFURZDYH 7KHRU\7HFKYROSS$SULO >@1 /L + &KHQ 1 'XDQ 0 /LX 6 'HPLJXHO 5 6LGKX $ / +ROPHV -U DQG - & &DPSEHOO´+LJK3RZHU3KRWRGLRGH:DIHU%RQGHGWR6L8VLQJ$X:LWK,PSURYHG 5HVSRQVLYLW\DQG2XWSXW3RZHUµ,(((3KRWRQ7HFKQRO/HWWYROSS 'HF >@1/L;/L6'HPLJXHO;=KHQJ-&&DPSEHOO'$7XOFKLQVN\.-:LOOLDPV7' ,VVKLNL * 6 .LQVH\ DQG 5 6XGKDUVDQVDQ ´+LJK6DWXUDWLRQ&XUUHQW &KDUJH &RPSHQVDWHG ,Q*D$V,Q3 8QL7UDYHOLQJ&DUULHU 3KRWRGLRGHµ ,((( 3KRWRQ 7HFKQRO/HWWYRO0DUSS


>@@0 7VXFKL\D DQG 7 +RVLGD ´1RQOLQHDU 3KRWRGHWHFWLRQ 6FKHPH DQG ,WV 6\VWHP $SSOLFDWLRQV WR )LEHU2SWLF 0LOOLPHWHU:DYH :LUHOHVV 'RZQ/LQNVµ ,((( 7UDQV 0LFURZDYH7KHRU\7HFKYRO >@+ )XVKLPL 7 )XUXWD 7 ,VKLEDVKL DQG + ,WR ´3KRWRUHVSRQVH 1RQOLQHDULW\ RI D 8QL 7UDYHOLQJ&DUULHU 3KRWRGLRGH DQG ,WV $SSOLFDWLRQ WR 2SWRHOHFWURQLF 0LOOLPHWHU :DYH0L[LQJLQ*+]%DQGµ-SQ-$SSO3K\VYROSS//-XO\ >@+&&KLHQ$&KRZGKXU\=-DL@1.DQHGD:5'HDO@@-: 6KL @376KLK&7/LQ:--LDQJ(=:RQJ-&KHQ6&KL