Joint Action Plan
of Wachstumsregion
Ems-Achse e.V.
Draft Version 28.02.2014
Confidential
Content
Introduction _____________________________________
02
Vision __________________________________________
02
Strategic focus of Wachstumsregion Ems-Achse _______
03
Economic growth through research and development ______
Smart Specialization ________________________________
Internationalization _________________________________
03
04
04
Methodology - concept for generation of regional JAP´s _
05
Data base __________________________________________ 05
Methodology ________________________________________ 05
Generation of competence profiles _______________________05
Generation of a potential analysis on the basis of
competence profiles __________________________________ 05
Generation of regional Joint Action Plans _________________ 06
Funding Opportunities_________________________________07
Joint Action Plan Ems-Achse “Energiewende” ___________07
Overview Joint Action Plan ___________________________ 07
Overlapping Issues __________________________________ 10
Energy supply / Infrastructure __________________________ 19
Bioenergy __________________________________________ 25
Geothermal Energy__________________________________ 29
Hydro Power _______________________________________ 34
Wind _____________________________________________ 36
Solar_____________________________________________ 41
Energy Storage _____________________________________ 45
Fossil Energy _______________________________________ 53
System integration / Balancing _________________________ 57
Conclusion ________________________________________ 58
1
Introduction
The regional Joint Action Plan (JAP) expresses the strategy of the
Wachstumsregion Ems-Achse to drive economic development through joint R&D
activities, smart specialisation and internationalisation. It was developed in close
consultation with regional key stakeholders, based on the results of WP2 like the
regional SWOT analyses and an interregional benchmark.
To define the relevant „fields of action“, regional competencies in the fields of
renewable energy, energy supply & infrastructure, energy storage, energy from
fossil fuels and strategic cross-sectional tasks have been evaluated and room for
improvement as well as research focuses have been analyzed by a cluster internal
working group.
According to the vision „Wachstumsregion Ems-Achse is realizing the local energy
transition“ the cluster attaches importance to realizable, economically sustainable
energy system integration. This results in a Joint Action Plan which accommodates
this approach to a very high degree.
Vision
“Wachstumsregion Ems-Achse is realizing the local energy transition”
Since in 2014 renewable energy has been a mainstay of energy supply, in 2025 a
reliable energy mix of fossil fuels and renewable energy together with high
performance storage systems ensure economic growth.
Regional companies and research institutions co-occur as partners in global
networks and value chains. Thus promising future fields will be taken up and top
positions in national, European and global competition will be reached. Almost all
innovative technologies of renewable energy are used in the Ems-Achse.
The research institutions within the network of Wachstumsregion Ems-Achse make
a significant contribution to the economic development of the region. Also the
Energie-Forschungszentrum Niedersachsen (EFZN), with its transdisciplinary
research approach, considerably supports the Ems-Achse as scientific partner in
this respect.
2
Vision
Their findings are an important input for the local economy and the development of
innovations. Existing know-how and technological innovations are made ready for
the market. Especially technology transfer to SMEs contributes to this success.
The region is becoming an attractive destination for professionals and highly
skilled, creative young people.
The Wachstumsregion Ems-Achse relies on the creation of a flexible innovation
environment taking into account smart specialization in the core competencies of
Strategic
focus of
Ems-Achse
Energy, Maritime Economics and bio-economics. The premise is "economic growth
through research and development" in the first place.
Innovations are the major drivers for growth, employment and social cohesion.
Successful innovations pave the way to the markets of tomorrow. Due to the
exceptionally well experience, the principle of regional clusters has proven to be of
value as a central tool to increase the economic competitiveness and innovative
capability. Chances of success for an effective innovation environment increase,
when from the beginning, business, research and in the broadest sense, the region
is involved in the developments.
And innovation is more than technical progress. It evolves from the interaction of
economic, technological, and organizational abilities and many soft factors, such as
cultural norms and values. Accordingly, in addition to technical issues basic
framework conditions, such as communication structures, trust and social
acceptance, have to be adapted and developed consistently.
But also aspects like
- Creation and establishment of new businesses
- Creation of competitive jobs
- Development of science and greater use of research results
in the regional economy
- Increasing the education and qualification level
- Protecting and expanding the base of qualified employees
are fundamental for the sustainable promotion of innovation across society.
3
Economic
growth
through
1 Vision
research and
development
The Wachstumsregion Ems-Achse looks about holistic innovation concepts that
bring all these aspects along with the economic components properly in line and
build the essential bridges between the relevant market participants. Just as
negative consequences can be avoided or reduced.
In this process smart specialization forms a crucial constituent. For the Ems-Achse
this means to concentrate the resources on key priorities - the strengths are to be
strengthened. It is also about reaching a critical mass of activities in the region in
Smart
Specialization
order to cause a lasting boost to innovation. Given the increasingly vanishing
industry boundaries it is not primarily about a sharp industry specialization, but
rather a specialization that is capable of coping with the complex issue of energy in
all its facets, upstream and downstream value chains.
Irrespective of that, at this point also the risks of an intensive specialization must
be taken into account. Therefore, the Wachstumsregion Ems-Achse does not act
alone, but has joined in the Lower Saxony region "Weser-Ems" with other allies.
So-called strategic councils have been set up to focus on energy, maritime industry
and bio-economy. Within these strategic councils future actions will be discussed,
further advanced on a supra-regional level and implemented regionally.
In order to continue to push the internationalization process within the Ems-Achse,
the Ems-Achse is going for an intensive exchange in international, issue-focused
projects. Especially in the FP7 project ENSEA the cluster Ems-Achse recognizes a
great opportunity to expand the internationalization thought further which many
members already pursue intensively.
In this sense the Wachstumsregion Ems-Achse developed its Joint Action Plan
and subordinated it to the vision “Realizing the energy transition locally”.
4
Internationalization
To develop a regional SWOT analysis in Workpackage 2 every ENSEA partner
could choose where to get the necessary information from. The different databases
were for example regional studies and EU Innovation Union Scoreboard data. The
partners also developed a matrix as a guideline for the most important information.
In addition to the SWOT analysis every region described their smart specialization
and internationalization strategy as well as possible funding opportunities.
Due to the extremely limited time frame, we propose using the procedure listed
below to create the regional JAP's (definition of competencies - creating a potential
Methodology concept for
generation
of regional
JAP´s
Data base
Methodology
analysis - derivation of possible project ideas). The formation of triple helix
competence pools should be demand driven and carried out in due course (e.g.
during the preparation of project drafts). If possible, it would be helpful to involve
the relevant stakeholders (e.g. through a survey) in the generation of the
competence profiles and potential analyses.
To determine the regional competences, competence profiles are generated based
on the regional SWOT analyses. The individual criteria of the SWOT analyses are
combined to regionally specific "strategic success criteria" and are measured on a
scale depending on their relevance and importance for the cluster.
Generation
of
competence
profiles
Afterwards the own competencies with respect to the particular strategic success
factors are ranked on a scale of 1 (poor) to 10 (good).
Based on the identified strengths and weaknesses in the competence profile, the
potential analysis shall be used to determine potential for improvement with respect
to the targeted goal. For that purpose the own performance per strategic success
factor is set in relation to the possibilities that would arise if all the required
resources would be abound. As a resource only those means/instruments are
considered, the cluster has available itself (at this point it is not about amendments
of laws or inexhaustible funds).
5
Generation
of a potential
analysis on
the basis of
competence
profiles
According to the DOW the regional JAP has to deal with the objectives:
• Economic growth through research and technical innovations
• Smart specialization
• internationalization strategy for reaching new markets
The determined potential for improvements on the basis of the potential analysis is
included as identified field of action in the JAP. The related goals of the cluster or
the region are shortly illustrated for each field of action, as well as a description of
Generation
of regional
Joint Action
Plans
the project idea, basic funding opportunities and responsibilities.
At the moment a lot of funding opportunities derive from Horizon 2020 but the
ENSEA-consortium is not aiming at Horizon 2020 only. Other funding programs,
especially Interreg are also a very effective and important tool we will be looking at
in more detail when the programmes are finished. Since currently the different
programme areas are preparing their opertional programmes we cannot refer
specifically to those in our JAP.
According to the „REGULATION OF THE EUROPEAN PARLIAMENT AND OF
THE COUNCIL on specific provisions concerning the European Regional
Development Fund and the Investment for growth and jobs goal and repealing
Regulation (EC) No 1080/2006“ the content of the future INTERREG programme
will be based on the eleven funding that aim to promote intelligent, sustainable and
integrated growth (EU 2020 strategy) and to connect economic, environmental and
social issues:
1. Strengthening research, technological development and innovation
2. Enhancing access to and use and quality of ICT
3. Enhancing the competitiveness of SMEs
4. Supporting the shift towards a low-carbon economy in all sectors
5. Promoting climate change adaptation, risk prevention and management
6. Protecting the environment and promoting resource efficiency
6
Funding
opportunities
7. Promoting sustainable transport and removing bottlenecks in key network
infrastructures
8. Promoting employment and supporting labour mobility
9. Promoting social inclusion and combating poverty
10. Investing in education, skills and lifelong learning by developing education and
training infrastructure
11. Enhancing institutional capacity and an efficient public administration
To realize the energy transition in the Wachstumsregion Ems-Achse it is mandatory
to achieve economically stable and societal acceptable energy system integration.
For that purpose not only the technological and economic issues have to be solved
Joint Action
Plan
Ems-Achse
“Energiewende”
but also the challenge of social acceptance in the region.
While in technological areas clearly defined aspects which are solvable scientifically
prevail, within the cross-sectional tasks so called „soft issues“ unfold which influence
the successful implementation of system integration concepts to a very high degree.
Technology Transfer to SMEs and development of a social acceptance strategy with
all its diverse aspects are to be mentioned in the first place. Likewise, the area of
education and training has to be taken into account. Not until then an approach to
energy system integration in the form of model regions can be put into practice.
The regional Joint Action Plan of Wachstumsregion Ems-Achse at hand tries to
arrange all these different aspects and in this respect contains a research agenda
concerning technological issues. However, an interdisciplinary approach to solve the
overall challenge „energy transition in Germany is provided as well.
7
Overview
Joint Action
Plan
Joint Action Plan
Ems-Achse
Overview Joint Action Plan
8
JAP
Ems-Achse
Overlapping
Issues
Joint Action Plan
Energy
supply /
Infrastructure
Wachstumsregion Ems-Achse
Renewables
Energy
Storage
Fossil Fuels
Systemintegration /
Balancing
9
Field of action: Increasing scientific expertise in the region
The density of Universities, universities of applied sciences and other research
institutions is rather low in the region of Wachstumsregion Ems-Achse. With the
Energie-Forschungszentrum Niedersachsen there is a strong research partner at
hand but not directly located in the region itself. If young skilled personnel are
leaving the region to seek continuing education there is always the risk of losing
these future qualified employees. For the Ems-Achse region an increase in
employment about 3% is predicted until 2025 (national average is predicted to
increase about 1%), which means the creation of 12 000 new jobs. But at the same
time the population of 20 to 60 years old will decrease about 24 000.1
Ems-Achse already stepped up efforts to retrieve specialists and executive staff but
to overcome these obstacles for the prosperous regional economy it seems more
promising to offer more diverse learning opportunities locally.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Development of different learning opportunities to keep skilled personnel in the
region. Securing the position of the region as innovation friendly and attractive for
young qualified employees.
Activities/ research ideas:
Setting up online degree programs, E-learning, qualification strategies during initial
training to meet the demand of highly specialized employees in industry,
interdisciplinary qualification of graduates
Possible funding:
Marie Skłodowska-Curie Innovative Training Networks
http://ec.europa.eu/research/participants/portal/desktop/en/opportunities/h2020/topi
cs/50-msca-itn-2014-etn.html
The human factor in the energy system - availability of skilled workforce
1
Distelkamp et al., Beschäftigungsprojektion „Wachstumsregion Ems-Achse“ bis zum Jahr 2025,
Osnabrück 2009
10
Joint Action
Plan
Ems-Achse
Overlapping
Issues
As recommended by the SET-Plan Education and Training Roadmap we need to
foster European cooperation in this area by building European networks, both in
the university based education sector and in the vocational education and training
sector, establishing close links to business and research.
http://ec.europa.eu/research/participants/portal/desktop/en/opportunities/h2020/topi
cs/1130-lce-20-2014.html
regional funding, national funding, industry co-funding
11
Field of action: Development of a profiling strategy (of the region) in
the area of energy
The German “Energiewende” will be realized locally. To make it work commitment
of regions and their inhabitants is mandatory. Thus, a profiling strategy is a very
important step in building and increasing acceptance for major changes in the
energy system and the controversial matters which accompany these changes (eg.
new renewable energy plants, new storage technologies, building of further electric
lines etc.).
Developing a profiling strategy can be divided into two steps:
1. Building a regional basis and winning a local majority for the topic
2. Development of a profiling strategy to popularize the region as “energy region” in
Germany and internationally
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Increase or creation of some kind of „brand awareness“ concerning the region and
the topicof energy to enhance acceptance of the community members.
Increase visibility of the region on a national and international scale to benefit from
the positive effects of energy transition ecologically and economically.
Activities/ research ideas:
1. Evaluation of possibilities to position cluster/regions
Possible funding:
regional funding, national funding, industry co-funding
12
Joint Action
Plan
Ems-Achse
Overlapping
Issues
Field of action: Increasing innovation capacity of/in the region
Innovative capability is widely seen to be the driving force in building a regional
competitive advantage. The contribution of companies, especially SMEs to
innovation is crucial for a dynamic business sector. Therefore it is most important to
support local SMEs in
1. Measuring their innovation capacity
2. Supporting their innovation activities (demonstration, prototyping, testing
etc.)
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Increasing innovation capacity
Activities/ research ideas:
1. Enabling of feasibility studies to prepare innovations for SMEs
Possible funding:
Work Programme 2014-2015 7.Innovation in small and medium-sized enterprises
http://ec.europa.eu/programmes/horizon2020/en/h2020-section/innovation-smes
http://ec.europa.eu/research/participants/data/ref/h2020/wp/2014_2015/main/h202
0-wp1415-sme_en.pdf
Call “Innosup 1”
Bundeministerium für Bildung und Forschung, Forschungs- und
Entwicklungsprogramm “Arbeiten-Lernen-Kompetenzen entwickeln”
http://pt-ad.pt-dlr.de/de/94.php
http://pt-ad.pt-dlr.de/_media/Broschuere_Arbeiten-Lernen-Kompetenzenentwickeln.pdf
regional funding, industry co-funding
13
Joint Action
Plan
Ems-Achse
Overlapping
Issues
Field of action: Technology Transfer (SMEs), implementation of
scientific research results to applicable technologies
Technology or Knowledge Transfer is crucial for the competitiveness of economy.
Especially in the field of renewable energy generation and storage it is playing a
major role and will be a key factor for the success of the German energy transition.
The knowledge generated in universities and research institutions has to be
transferred to industry, SMEs and governments in order to strengthen society and
to ensure that SMEs and industry stay competitive.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Facilitate Technology Transfer in order to strengthen regional economy. Bring new
technologies to the market to enhance and accelerate innovation in the field of
energy.
Activities/ research ideas:
1. Development of a technology data base; content: summary of
bachelor/master theses written within the last three years
2. Installation of an international/transregional information center
Possible funding:
regional funding, national funding, industry co-funding
14
Joint Action
Plan
Ems-Achse
Overlapping
Issues
Field of action: Qualification strategies during initial training to meet
the demand of highly specialized employees in
industry, interdisciplinary qualification of graduates
On the one hand industry makes high demands on their employees and applicants,
on the other hand recent studies predict a shortage in skilled personnel in the
upcoming decade. To overcome this predicament it is necessary to break new
grounds in terms of human resource management and advanced training offers for
employees and employees to be.
Meeting the demand of highly specialized employees also means to enhance the
innovative capacity: To foster innovation skilled people and versatile companies
are needed. Human resource and competency development are for this reason along with the technological factors –equally important.
Nonetheless it is important to note that different types of business sectors require
different qualifications and that professional training programs and qualification
strategies have to be adjusted and tailored to the needs of the respective industry
or service provider.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Meeting the demand of highly specialized employees and therefore support the
competitiveness and innovation capacity of local industries through the
development of new qualification strategies and human resource management.
Activities/ research ideas:
1. Evaluation of demands of the power industry in comparison with topics
universities have to offer
Possible funding:
Bundeministerium für Bildung und Forschung, Forschungs- und
Entwicklungsprogramm “Arbeiten-Lernen-Kompetenzen entwickeln”
http://pt-ad.pt-dlr.de/de/94.php
regional funding, national funding, industry co-funding
15
Joint Action
Plan
Ems-Achse
Overlapping
Issues
Field of action: Energy Efficiency
The EU is aiming for a 20% cut in Europe's annual primary energy consumption by
2020.On the one hand energy efficiency means to reduce the amount of energy
required to provide products and services in order to preserve resources which are
running short. It also contributes to a reduced production of CO2and other
greenhouse gases. On the other hand the term can also be applied to effective
ways of using waste- or by-products for heating or power generation. Either way
energy efficiency pays off – for the environment, industry and private households.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Increase energy efficiency measures in local/single entities, SMEs and industry
Activities/ research ideas:
1.
2.
3.
4.
5.
Energy recovery of by-products from industry
New flexible ways to increase energy efficiency in private households
Social Sciences, acceptance strategies, public participation
Optimization of production lines in SMEs
Sustainable building
Possible funding:
H2020-EE-2015-3-MarketUptake – residential use of energy (CSA)
focus on changing the behaviour of consumers in their everyday life
http://ec.europa.eu/research/participants/portal/desktop/en/opportunities/h2020/topi
cs/2374-ee-10-2015.html
H2020-EE-2015-2-RIANew ICT-based solutions for energy efficiency
To motivate and support citizen's behavioural change to achieve greater energy
efficiency taking advantage of ICT
http://ec.europa.eu/research/participants/portal/desktop/en/opportunities/h2020/topi
cs/2369-ee-11-2015.html
Interreg Va, Energieeffizienzprogramm KfW, “Energie Checks” BMWi
16
Joint Action
Plan
Ems-Achse
Overlapping
Issues
Ems-Achse - Energiewende
Competence Profile
poor
Strategic fields of development
1
2
moderate
3
4
5
6
good
7
Economic development
8
X
supraregional transport connection
X
location related costs for companies
X
Qualitiy of life in the region
X
Industry networks, also in the area of energy efficiency and energy in general
X
Implementation of energy projects (regional and international)
X
corporate structure, proportion SMEs/industry concerning renewable energy
density of universities and research institutions
X
X
Competitiveness of the region - concerning interdisciplinary and intersectoral cooperations of
companies
Innovation capacity of the region
X
Technology transfer to SMEs
X
X
Profiling strategy of the region concerning energy
X
Strategy to prevent skills shortage
X
Management of advanced training/continuing education - goal-oriented qualification to increase and
broaden competencies of employees
Transfer of research results into application technologies
Qualification strategies within initial training, to satisfy demands of highly qualified and
interdisciplinary qualifications of graduates
Internationalization strategy
Joint Action Plan
Ems-Achse
Overlapping
Issues
Competence Profile
17
X
X
X
X
9
10
Ems-Achse - Energiewende
Strategic fields of development
-4
density of universities and research institutions
-3
X
Potential Analyse
-2 -1
0
1
2
Innovation capacity of the region
X
Transfer of research results into application technologies
X
Qualification strategies within initial training
X
Profiling strategy of the region concerning energy
Joint Action Plan
Ems-Achse
Overlapping
Issues
Potential Analysis
4
X
Technology transfer to SMEs
economic growth through research and technical innovations
3
X
smart specialization
18
internationalization strategy for reaching new markets
Field of action: Sustainable planning of low voltage utility grids
The expansion of renewable energies in the German power network has a high
dynamic range. It is expected that for the year 2020 several hundreds of thousands
regenerative producers - predominantly small photovoltaic systems - will be on the
grid. This means that more than one in five electricity consumers will become also at least temporarily - power generators. This is a result of a Germany -wide
development that leads to a fundamental change in the system in the German
electricity grid at all network levels.
A few years ago the transport of current was clearly directed from the high voltage
levels to which the large power plants were connected, downwards into the
distribution grid. However, the situation is increasingly changing, as the current
flows at all network levels now - dependent on the current generation - and
consumption behavior - sometimes in one, sometimes in the other direction.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Given the background given above, the goal is to find solutions to ensure a stable
and secure future electricity supply. Therefore, there is increasing need for
research activities to develop more intelligent forms for future network structures
(so-called smart grids). It is important to state that there is not a single technology
of the future which will be investigated, but the interplay of several pioneering
approaches.
Activities/ research ideas:
1. Research and development on the effect of changed feed-in and consumer
behavior on the electricity grid.
A total of 32 households, to be equipped and supported by Avacon, with
photovoltaic systems on the roof, air conditioning in frequently used living rooms
and electric cars that are loaded on a separate charging station at home. For
maximum transparency on the part of consumers about the amount of selfgenerated and consumed power smart meters to be installed. In this way a nearly
realistic power grid situation is simulated to look as far as in 10 years time ahead.
19
Joint Action
Plan
Ems-Achse
Energy
supply /
Infrastructure
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders:
Avacon , SMEs, EFZN, local communities with households, other public entities
20
Joint Action
Plan
Ems-Achse
Energy
supply /
Infrastructure
Field of action: ICT infrastructure for reliable electricity supply along with
decentralized power generation
The phasing out of nuclear energy and the increasing use of renewable energy
sources make a fundamental system change required to reshape our energy
supply in a reliable, climate-friendly and affordable way. In order to be able to
substitute reliable conventional large-scale power plant capacities through
decentralized energy systems such as photovoltaic, wind power and combined
heat and power plants is an essential prerequisite for the success of the energy
transition. For this,
• the supply and demand behavior of a variety of producers, consumers and
storing on the one hand must be coordinated in order to compensate the
balance of the so-called active power, and
• on the other hand, there is also a need for the upcoming increasingly
decentralized installations to take over network-stabilizing tasks that today are
mainly provided by conventional power plants
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Within an interdisciplinary approach, to study the coordinated, decentralized
provision of active power, operating reserve and reactive power in the distribution
grids. This requires the development of a new ICT infrastructure that includes the
entire range of components. The system architecture must be based on the
interoperability of components on established standard families of the IEC
(International Electrotechnical Commission, committee for electro technical
standardization), as well as on issues of ICT (information and communication
technology) security.
Activities/ research ideas:
1.
Research and development on the aggregation of decentralized consumers
and producers to provide active power according to agreed schedules.
2.
Research and development on network and system services to compensate
for the fluctuating supplies of renewable energy systems in real time taking
into account the grid load.
21
Joint Action
Plan
Ems-Achse
Energy
supply /
Infrastructure
3.
Research and development on the network itself, which is analyzed in terms
of new modes of operation and use of resources including environmental
aspects.
Joint Action
Plan
Ems-Achse
A total of 32 households, to be equipped and supported by Avacon, with
photovoltaic systems on the roof, air conditioning in frequently used living rooms
and electric cars that are loaded on a separate charging station at home. For
maximum transparency on the part of consumers about the amount of selfgenerated and consumed power smart meters to be installed. In this way a nearly
realistic power grid situation is simulated to look as far as in 10 years time ahead.
Energy
supply /
Infrastructure
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders:
EFZN, OFFIS, Next Energy, others
22
Energy Supply / Infrastructure
Competence Profile
poor
Strategic fields of development
1
2
moderate
3
4
5
technology provider (cable manufacturer, computer science for power and energy systems)
6
X
good
7
central »hot spot« in the international distribution system, especially with Scandinavia
X
Innovation capacity of companies
X
regional production conditions
X
regional involvement of companies
X
Industry networks - increasing industry competences in the region
X
research activities:
Sustainable planning of low voltage utility grids (e-home)
X
ICT infrastructure for reliable electricity supply along with decentralized power generation (Smart Nord)
X
X
Technology: gas power plants
Grid security
X
Grid expansion
X
Implementation of large scale projects
X
Competitiveness of the region - concerning interdisciplinary and intersectoral cooperations of
companies
Technology transfer to SMEs
X
Profiling strategy
X
X
Strategy to prevent skills shortage
X
Management of advanced training/continuing education - goal-oriented qualification to increase and
broaden competencies of employees
Transfer of research results into application technologies
X
X
Qualification strategies within initial training, to satisfy demands of highly qualified and
interdisciplinary qualifications of graduates
Internationalization strategy
X
Acceptance strategy
X
Joint Action Plan
Ems-Achse
Energy supply /
Infrastructure
Competence Profile
23
8
X
9
10
Energy Supply / Infrastructure
Potential Analysis
Strategic fields of development
-4
-3
-2
-1
0
1
2
3
4
research activities:
Sustainable planning of low voltage utility grids (e-home)
X
ICT infrastructure for reliable electricity supply along with decentralized power generation (Smart
Nord)
X
Grid security
X
Grid expansion
X
economic growth through research and technical innovations
Joint Action Plan
Ems-Achse
Energy supply /
Infrastructure
Potential Analysis
smart specialization
24
I internationalization strategy for reaching new markets
Field of action: Sustainability assessment of biomass production
The production of biomass is increasing constantly. However, due to limited areas
under cultivation, biomass production runs into a conflict of interest. Those areas
which are dedicated to the production of rape for biogas plants cannot be used for
food production. Moreover, it remains unclear whether and to what extent the
production of biomass for energy purposes can also have negative impact on e.g.
ecological diversity.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
The aim is to develop regionally appropriate concepts and manageable instructions
for the production of biomass and, as a second goal, to provide information and
decision-making tools on the environmental and economic consequences of the
developed concepts.
Activities/ research ideas:
1. Research and development on short rotation plantations along with biodiverse
grassland for the production of energy wood for biogas applications
2. Research and development on more efficient use and valorization of existing
wood reserves in forest land
3. Research and development on the improved production of energy wood by
applying artificial irrigation with partially treated waste water
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders:
research institutions, farming co-operatives, energy providers
25
Joint Action
Plan
Ems-Achse
Renewables
Bioenergy
Field of action: 2nd generation biofuel production (BtL)
Mobility in the future demands highly effective transport systems that have low
emissions and are CO2 neutral. The synthesis of liquid fuels from biomass
contributes to meeting these demands. This project assesses the production routes
for such biomass-to-liquid (BTL) fuels and will lead to recommendations for the
future realization of the technology.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Technical, economic and environmental assessment of production routes for
renewable biomass-to-liquid (BtL) fuels
Activities/ research ideas:
1. Research and development on practical realization of biomass cultivation and
economic feasibility
2. Research and development on optimum cultivation systems in the light of
economic feasibility
3. Research and development on decentralized material preparation and
conditioning using modern harvesting techniques
4. Research and development on efficient process technologies for producing BtL
fuels, in particular gasification and optimization of the Fischer-Trops-synthesis
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders:
Research and development institutions, farming co-operatives, fuel producers,
energy providers, car manufacturing companies, engineers, plant builders
26
Joint Action
Plan
Ems-Achse
Renewables
Bioenergy
Bioenergy
Competence Profile
moderate
poor
Strategic fields of development
1
2
3
4
Innovation capacity of companies
5
X
regional production conditions
6
7
X
X
regional involvement of companies
Industry networks - increasing industry competences in the region
X
research activities:
Bionik - Umsetzung der natürlichen Vergärung von Inputstoffen in technische Lösungen
X
X
X
Sustainability assessment for conflicting biomass uses
2nd generation biofuel production (BtL)
Optimization of the production process in biogas plants
X
X
New perspectives: direct marketing
Securing the base load in regional virtual power plants
X
Integration waste industry in energy supply
X
X
utilization of digestates
strategies for improving acceptance
X
X
development of appropriate energy storage systems
Power to Gas
X
X
Competitiveness of the region- interdisciplinary and intersectoral cooperations of companies
Technology transfer to SMEs
X
Profiling strategy
X
Strategy to prevent skills shortage
X
Management of advanced training/continuing education
X
Transfer of research results into application technologies
X
Qualification strategies within initial training
X
X
Internationalization strategy
Renewables
Bioenergy
Competence Profile
8
X
corporate structure with a high share of SMEs
Joint Action Plan
Ems-Achse
good
27
9
10
Bioenergy
Potential Analysis
Strategic fields of development
-4
-3
-2
-1
0
1
2
3
4
research activities:
Sustainability assessment for conflicting biomass uses
X
2nd generation biofuel production (BtL)
X
Optimization of the production process in biogas plants
economic growth through research and technical innovations
Joint Action Plan
Ems-Achse
Renewables
Bioenergy
Potential Analysis
X
smart specialization
28
internationalization strategy for reaching new markets
Field of action: Geothermal energy and drilling technology
(Drilling Simulator)
Drilling to unclose the geological underground will be used in the future much more
than today. Usual applications are water production, exploitation of conventional
crude oil and natural gas as well as the storage of natural gas. Further examples
for drilling are the extraction of geothermal energy, the storage of compressed air
and/ or hydrogen.
The geological conditions in Lower Saxony and the amount of energy needed
make it necessary to drill very deep. Therefore, new methods of combined
geological-geophysical exploration and characterization of the geothermal
reservoir, as well as the development of new drilling techniques are necessary.
New materials and electronic components that reliably work under very high
temperature conditions are also in the focus of research.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
By means of the Drilling Simulator based in Celle highly innovative approaches can
be studied to exploit the geological underground and to integrate this findings into a
tool that supports planning and execution of deep drilling. The plan is to create a
simulator which can independently control a drilling rig by using hardware-in-theloop (HIL) simulation. HIL is a technique that is used in the development and
testing of complex real time embedded systems. HIL simulation provides an
effective platform by adding the complexity of the plant under control to the test
platform. The complexity of the plant under control is included in test and
development by adding mathematical representation of all related dynamic
systems. These mathematical representations are referred to as the 'plant
simulation'. The embedded systems to be tested interact with this plant simulation.
.
Activities/ research ideas:
1. Research and development on alternative rock destruction processes
2. Research and development on temperature influence on hardware and
hardware components
3. Research and development on integrity of open and piped drill holes
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders:
Drilling Simulator Celle team and others to be decided
29
Joint Action
Plan
Ems-Achse
Renewables
Geothermal
Energy
Field of action: Alliance on geothermal energy and high performance
drilling (GEBO)
Lower Saxony possesses considerable geothermal potential and the necessary
knowledge concerning the geological subsurface which is available from existing oil
and natural gas wells. In addition, the scientific and industrial infrastructure for
exploration and development of the geological subsurface has demonstrated
excellent reputation. The exploration and development of deep geothermal energy
is, however, connected with high costs and risks. They result in particular from the
expensive and time-consuming construction of the necessary deep boreholes (drill
wells) and required geological heat exchanger.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
The goal of the gebo research association is to carry out research and to survey
new concepts allowing an improved economic efficiency of geothermal energy
generation from deep geological formations. With its focus on innovative aspects of
the drilling and development of subsurface heat exchange, the association
addresses those aspects of geothermal power projects for which both costs and
risks are the highest (ca. 70% of the total investment). The gebo research
association unites the traditional strengths of the participating universities of the
federal state of Niedersachsen (Technical Universities Braunschweig, Clausthal
and Hanover, University of Göttingen, Leibniz Institute for Applied Geophysics) and
independent research institutions in geosciences, drilling technology, materials
science and technical systems. More than 40 scientists and engineers collaborate
to develop and evaluate new concepts, materials and devices.
Activities/ research ideas:
1. Research and Development on geothermal energy generation from nearsurface drillings (< 100m)
2. Research and Development on geothermal energy generation from deep-hole
drilling (400m-3.000m) for electricity generation (low MW range)
3. Research and Development on geothermal energy generation from deep-hole
drilling (> 4.000m) for electricity generation (medium range MW)
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders: GEBO and others to be decided
30
Joint Action
Plan
Ems-Achse
Renewables
Geothermal
Energy
Field of action: Energy atlas CCS vs. deep ground geothermal energy
utilization
Today the deeper underground is subject to multi-use utilizations such as crude oil
and natural gas exploitation, storage and deep underground geothermal energy.
Due to its geology, Lower Saxony has favourable conditions for deeper
underground utilization. Its future use will increase further due to the expansion of
existing utilizations and further new utilization concepts, e.g. CO2 storage and
hydrogen storage. In summary, there will be an increased competing utilization of
the deeper underground.
In order to deliver decision tools and to evaluate possible utilization conflicts
between carbon dioxide capture and storage (CCS) and geothermal energy
utilization, an energy atlas describing the utilization potentials of geothermal energy
and CO2 storage was compiled (Leibniz Institute for Applied Geophysics, LIAG, and
Federal Research Centre for Geosciences and Raw Materials, BGR).
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
The results obtained in the energy atlas present a scientific-oriented basis for
political decision-making concerning the utilization of the deeper underground. As
appropriate, they also provide elements of a subsurface spatial planning at regional
level. However, for a comparative evaluation of the two options (CCS and
geothermal energy) for regional planning procedures further criteria have to be
taken into account.
In any case, the suitability for use can only be determined after an intensive sitespecific survey. For individual regional cases detailed feasibility studies are
required.
Activities/ research ideas:
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders:
1. Detailed feasibility study on geothermal energy exploitation potential in site A
(name of the site)
2. Detailed feasibility study on geothermal energy exploitation potential in site B
(name of the site)
3. Detailed feasibility study on geothermal energy exploitation potential in site C
(name of the site)
31
Joint Action
Plan
Ems-Achse
Renewables
Geothermal
Energy
Geothermal Energy
Competence Profile
poor
Strategic fields of development
1
2
moderate
3
Providing base load
4
X
5
6
good
7
8
research activities:
Drilling Simulator Celle
X
X
Energy atlas CCS vs. deep ground geothermal energy
Alliance on geothermal energy and high performance drilling (GEBO)
X
Competitiveness of the region - concerning interdisciplinary and intersectoral cooperations of
companies
Technology transfer to SMEs
Profiling strategy
X
X
X
Strategy to prevent skills shortage
X
Management of advanced training/continuing education - goal-oriented qualification to increase and
broaden competencies of employees
Transfer of research results into application technologies
Qualification strategies within initial training, to satisfy demands of highly qualified and
interdisciplinary qualifications of graduates
Internationalization strategy
Acceptance strategy
Joint Action Plan
Ems-Achse
X
X
X
X
X
Renewables
Geothermal Energy
Competence Profile
32
9
10
Geothermal Energy
Potential Analysis
Strategic fields of development
-4
-3
-2
-1
0
1
2
3
4
research activities:
Drilling Simulator Celle
X
Energy atlas CCS vs. deep ground geothermal energy
X
Alliance on geothermal energy and high performance drilling (GEBO)
economic growth through research and technical innovations
Joint Action Plan
Ems-Achse
Renewables
Geothermal Energy
Potential Analysis
X
smart specialization
33
internationalization strategy for reaching new markets
Field of action: Mini hydro-power stations
Joint Action
Plan
Ems-Achse
Hydro-power cannot only be used in huge civil engineering projects for reservoir
dams like the Aswan High Dam in Egypt or the Three Gorges Dam in China.
Scientists also look for ways to make use of hydro-power where the differences in
height or pressure are not big at all: Small hydro-power stations without gradient or
even artificial dams, e.g. in natural, easy flow shallow rivers, that deliver energy for
one or two families are at the focus of research. The building material is not
decisive; it can be steel, plastics and wood. Role models for this kind of water
wheels are well known from Greco-Roman history.
Renewables
Hydro
Power
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
The goal is to develop cheap and environmentally sound hydro-power stations for
small gradients or slowly flowing waters with velocities of only 1 to 2 m/s that can
be used in remote areas and contribute to the regional supply of decentralized
power. Current stations have a wattage of some 750 W, future stations should be
around 3 kW.
Activities/ research ideas:
1. Research and development on influence on flora and fauna
2. Research and development on water quality improvement (infeed of
oxygen)
3. Research and development on energy quantity by using optimized hydropower stations
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders:
Goslar mit Energie e.V., SMEs, EFZN, County Council, other public entities
34
Competence Profile
Competence Profile
Hydro Power
poor
Strategic fields of development
1
2
moderate
3
4
5
6
good
7
8
research activities:
Mini-hydropower stations
X
European cooperation in the field of hydro power
X
Technology transfer to SMEs
X
Profiling strategy
X
Transfer of research results into application technologies
X
Acceptance strategy
X
Potential Analysis
Hydro Power
Strategic fields of development
-4
-3
Potential Analysis
-2 -1
0
1
2
3
4
research activities:
Mini-hydropower stations
X
European cooperation in the field of hydro power
economic growth through research and technical innovations
Joint Action Plan
Ems-Achse
X
smart specialization
Renewables
Hydro Power
Competence profile / Potential Analysis
35
I internationalization strategy for reaching new markets
9
10
Field of action: Modeling of turbulence flows in wind fields
Wind energy plants use the wind resource in the atmospheric boundary layer. In
the contrary to water power this resource is highly unsteady and with respect to
space and time shows extreme fluctuations in small scale. The thorough
understanding of wind field is therefore of highest importance for the appropriate
dimensioning of wind energy plants.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
To analyse and expand existing models within the framework of stochastic wind
field modeling (see also figure below), as conventional approaches are based
mainly on spectral technologies.
stochastic wind field modeling2
Activities/ research ideas:
1. Research and development on Continuous Time Random Walks (CTRWs), a
special class of random processes
Possible funding:
regional funding, national funding, industry co-funding
2
Source: http://www.forwind.de/forwind/files/stochastische_windfeld.php.gif
36
Joint Action
Plan
Ems-Achse
Renewables
Wind
Energy
Field of action: Wind performance forecast systems /based on energy
meteorology
Precise forecasting of the wind performance is a vital component to ensure the
growing contribution of wind energy for the overall energy supply. Hence, high
resolution forecasting systems for vertical wind profiles benefit from input data from
weather forecasting. This is data is further processed using physical-statistical
model, depending on the specific use.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
To compile wind performance forecasts both at regional scale as well as for single
locations including an additional option to quantify the forecast risk by using
confidence intervals.
Activities/ research ideas:
1. Further development of the forecast models by using different models and to
couple
models with statistical processes (post-processing) in order to optimize
individual
forecasts
Possible funding:
regional funding, national funding, industry co-funding
37
Joint Action
Plan
Ems-Achse
Renewables
Wind
Energy
Field of action: Models to describe turbulent flows in wind fields
Increasing numbers of wind turbines are connected to electrical power systems, in
order to reduce the adverse environmental impact of conventional electrical power
generation. A tendency can be observed to erect these turbines in wind fields or
wind parks. The turbulence of undisturbed wind fields as well as the artificially
induced turbulences ("wakes") along the trail of wind energy plants is of decisive
importance for the energy yield and the mechanical wearing of the plants. Special
wind field layout programs are in operation in order to determine the performance
reduction caused by wake-effects. For offshore applications, this model approach
can be expanded by physical approaches (atmospheric data).
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
To achieve higher resolutions to calculate turbulent flows in wind fields within a
wind park
Activities/ research ideas:
1. Research and development on the optimization of existing simple models to
describe wake effects
Possible funding:
regional funding, national funding, industry co-funding
38
Joint Action
Plan
Ems-Achse
Renewables
Wind
Energy
Competence profile
Wind Energy
poor
Strategic fields of development:
1
2
moderate
3
4
5
6
good
7
8
Vertical integration of the technology provider
X
Corporate structure with a high share of SMEs
X
harbour facilities with competencies in the field of offshore industry and logistics
X
Innovation capacity of companies
X
regional production conditions
X
regional involvement of companies
9
X
Industry networks - increasing industry competences in the region
X
Research activity offshore
Modelling of wind fields
X
Wind performance forecast systems / based on energy meteorology
X
Research activity onshore:
Energiemeteorologie, Teststände für ganze Maschinen, Turbulenz-Foschung
X
X
Onshore wind atlas for Germany
Repowering
X
development of appropriate energy storage systems
X
Power to Gas
X
Competitiveness of the region
X
Technology transfer to SMEs
X
Profiling strategy
X
Strategy to prevent skills shortage
X
Management of advanced training/continuing education to increase and broaden competencies of employees
X
Transfer of research results into application technologies
X
Qualification strategies within initial training, to satisfy demands interdisciplinary qualifications of graduates
Internationalization strategy
Joint Action Plan
Ems-Achse
Renewables
Wind Energy
Competence profile
X
X
39
10
Wind Energy
Strategic fields of development:
-4
-3
Potential Analysis
-2
-1
0 1
Offshore wind energy
Wind performance forecast systems / based on energy meteorology (interface between renewable energies and
atmospheric physics)
Development of appropriate energy storage systems
3
4
X
X
Competitiveness of the region
X
Technology transfer to SMEs
X
Profiling strategy
X
Management of advanced training/continuing education to increase and broaden competencies of employees
X
Transfer of research results into application technologies
X
Qualification strategies within initial training, to satisfy demands of interdisciplinary qualifications of graduates
economic growth through research and technical innovations
Joint Action Plan
Ems-Achse
2
X
Renewables
Wind Energy
Potential Analysis
smart specialization
40
X
internationalization strategy for reaching new markets
Field of action: Sun house concept (vessel-solar-combination, smallscale storage)
The innovative solid house manufacturer HELMA home construction AG developed
a new concept of heat supply for solar homes that have a solar coverage of more
than 50% in close cooperation with the Institute for solar energy research HAMELN
(ISFH). Currently, sun houses dispose of a central buffer (volume of single-family
homes between 5 and 10 cubic meters). The solar system feeds into this storage
unit, so that a portion of the solar heat gained during the summer months can be
used within the heating period. The storage unit is arranged inside the House in the
heating zone, so that the heat loss of the storage unit can be used passively during
the heating period.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Within the solar system concept, to optimize the temperature allocation of solar
energy gains towards different energy sinks.
Activities/ research ideas:
1. Research and development on significantly smaller energy storage buffers
2.
Research and development on the use of residual heat during the summer
time by charging or regeneration of a ground storage for discharging via the
heat pump during winter time(dispensation with usual wood combustion).
3. Research and development on the option to cover the entire annual power
demand of the heat pump with the PV installation.
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders:
Solid house manufacturer HELMA home construction AG, Institute for solar energy
research HAMELN (ISFH), RESOL Elektronische Regelungen GmbH, others
41
Joint Action
Plan
Ems-Achse
Renewables
Solar
Field of action: Next generation silicon wafer solar cells
A solar cell (also called photovoltaic cell) is an electrical device that converts
energy of light directly into electricity by the photovoltaic effect. Approximately 90%
of all solar modules currently available on the market consist of solar cells which
are made of silicon. From large silicon blocks „wafers" are sawn, causing a
significant material loss arising solely by waste. Thus, the price of silicon makes up
about one third of the total module cost.
In order to reduce this cost the Institute for solar energy research Hameln (ISFH)
developed a process without sawing for the production of silicon layers from which
extremely thin solar cells can be produced. One of these methods is the so-called
"porous silicon process" (PSi process). It allows detachment of less than 50
micrometers thick layers of silicon that are epitaxially grown on a specially prepared
substrate wafer. The thin film thus produced is then used for solar cell processing;
For the category of this transfer solar cell made from crystalline silicon, a new and
independently confirmed efficiency record of 19,1 % was reached.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Further optimization of the record-breaking cell to further improve the level of
efficiency.
Activities/ research ideas:
1. Research and development on the optimization of the emitter region
2. Research and development on the improvement of transverse conductivity in
order to lower series resistance losses.
3. Research and development on the recombination at the local contacts to
increase the efficiency further.
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders:
Institute for solar energy research HAMELN (ISFH), others
42
Joint Action
Plan
Ems-Achse
Renewables
Solar
Competence profile
Solar
poor
Strategic fields of development:
1
2
moderate
3
4
5
Corporate structure with a high share of SMEs
6
good
7
X
Innovation capacity of companies
X
regional production conditions
X
regional involvement of companies
X
Industry networks - increasing industry competences in the region
X
Research activity:
Further development of silicon wafer solar cells
X
X
X
crystalline silicon
Metal-stabilized mono-crystalline silicon thin film solar cells
technology provider
X
X
Development of system solutions in the field of PV in combination with energy storage
X
Increase the efficiency of photovoltaicsystems
development of appropriate energy storage systems
X
X
X
Power to Gas
Competitiveness of the region
Technology transfer to SMEs
X
Profiling strategy
X
X
Strategy to prevent skills shortage
Management of advanced training/continuing education to increase and broaden competencies of employees
X
Transfer of research results into application technologies
X
Qualification strategies within initial training, to satisfy demands interdisciplinary qualifications of graduates
X
Internationalization strategy
Joint Action Plan
Ems-Achse
Renewables
Solar
Competence profile
X
43
8
9
10
Solarenergie
Potential Analysis
Strategic fields of development:
-4
-3
-2
-1
0
1
Innovation capacity of companies
X
Further development of silicon wafer solar cells
X
Development of system solutions in the field of PV in combination with energy storage
2
3
4
X
Increase the efficiency of photovoltaicsystems
X
development of appropriate energy storage systems
X
Competitiveness of the region
X
Technology transfer to SMEs
X
Transfer of research results into application technologies
X
Qualification strategies within initial training, to satisfy demands interdisciplinary qualifications of graduates
X
economic growth through research and technical innovations
Joint Action Plan
Ems-Achse
Renewables
Solar
Potential Analysis
smart specialization
44
internationalization strategy for reaching new markets
Field of action: Power to Gas
Power to gas is a technology which converts electrical power to gas fuel. There are
two methods of conversion.
• Firstly, the use of electricity for water splitting and injection of the resulting
hydrogen into the natural gas grid.
• Secondly, the less efficient method is to convert carbon dioxide and water to
methane using electrolysis.
With this conversions from power to gas the excess power of off peak power
generated by wind or solar is then used for load balancing in the energy grid
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
To develop actions with regard to the further expansion of renewable energies, to
further develop storage technologies and make these economically attractive.
Activities/ research ideas:
1. Research and development on the system solution, pursuing the objective to
compensate fluctuating renewable power generation by using the existing
natural gas network as large storage option (technical feasibility) and to make it
economically viable in the long term.
2. Research on the determination of safe limits for the addition of H2 into the gas
grid with special consideration of a uniform quality standard definition.
3. Research and development on various aspects of system integration ("system
of renewable energy producers, water electrolysers, gas and electricity grid"),
dynamics, lowering the investment cost, increase of service life and efficiency
of the installations.
4. Research and development on long-term tests for methanation and catalyst
wear strength.
5. Standardization and accreditation of electrolytic hydrogen production systems
as well as methanation production units to allow commissioning and testing at
specific locations in the German energy system.
Possible funding:
regional funding, national funding, industry co-funding
45
Joint Action
Plan
Ems-Achse
Energy
Storage
Field of action: Battery test centre for electro mobility and energy
storage
Through the network of institutions at the Energie Campus in Goslar, the Energy
Research Centre Lower Saxony (EFZN), the Institute for energy research and
physical technologies and the Fraunhofer Heinrich-Hertz Institute as well as the
Institutes for mechanical engineering and electrical power engineering of Clausthal
Technical University, a concentration of expertise in the field of battery technology
has been realized.
The collaborative and cooperative partners intend the construction of a test centre
which brings together the expertise of the partners in the characterization and
testing of batteries in terms of their electrical and thermal properties under extreme
loads. It results in completely new testing capabilities which differentiate with
respect to thermal and electrical loads of already existing commercial
establishments.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
In the medium term the goal is to strengthen the scientific infrastructure for electric
mobility and energy storage in the electricity supply in Lower Saxony.
Activities/ research ideas:
1.
2.
3.
4.
Research and development on electrical stress tests up to 1000V und 1000A
Research and development on short-circuit up to 1000V und 10kA
Research and development on temperature loads inside batteries
Research and development on the determination of thermodynamic parameters
of battery systems as well as thermo magnetic systems
5. Research and development on fire testing of batteries including flue gas
analyses
Possible funding:
regional funding, national funding, industry co-funding
46
Joint Action
Plan
Ems-Achse
Energy
Storage
Field of action: Underground pumped storage stations
Hydropower is used by humans for thousands of years as a source of energy. The
technologies and techniques are considered mature. Currently, however, only
hydropower in the form of pumped storage power plants offers an economical way
to serve as a buffer and active load balancing for electrical energy on a larger
scale.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
To use abandoned mines as a water reservoir for the plant and equipment of a
pumped storage power plant to build up more storage capacities.
Source: EFZN
Activities/ research ideas:
Possible funding:
regional funding, national funding, industry co-funding
47
Joint Action
Plan
Ems-Achse
Energy
Storage
Field of action: Compressed air storage
Under the proposed increased use of offshore wind farms and due to the
fluctuating production of electrical energy, storage options to decouple the
generation and consumption are necessary. One promising option is the
thermodynamic process of an isobaric gas and steam compressed air storage
power plant with heat storage. Base of the process is an isobaric volume storage
for which the volume and pressure is regulated by a column of water. The
compressed air is cooled during the in-feed process after passing the compressor
in a regenerative heat exchanger and heat storage before it displaces the water in
the isobaric pressure air reservoir.
When de-storing (the water flows back into the storage), the compressed air is reheated in the regenerative heat exchanger and heat storage in countercurrent and
used directly in a hot air turbine, depending on the process option or expanded
under co-firing of natural gas in a gas turbine. The operation of the natural gas-fired
combined cycle power plant is also possible without compressed air and heat
storage, so the system can also be used as fast backup power plant (so-called
shadow power plant), for example, if the current demand exceeds supply and the
compressed air storage has run empty.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
To use and store both pressure and heat along with the compressed air
48
Joint Action
Plan
Ems-Achse
Energy
Storage
Activities/ research ideas:
1. Research and development on thermal storage systems with increased storage
capacity (> 1.000 MWh)
2. Research and development on compressors for loading of storage units (> 150
bar) along with high level of efficiency, variable throughput and quick availability
(few minutes of start-up time)
3. Research and development on air turbines for ariable volume streams
Possible funding:
regional funding, national funding, industry co-funding
49
Joint Action
Plan
Ems-Achse
Energy
Storage
Field of action: Large scale energy storage
The high penetration rates of variable renewable energy resources entail the need
for large scale energy storage to balance the production and consumption of high
quantities of electricity and during longer time periods. Demonstration activities in
this topic aim to progress large scale energy storage and reduce the barriers
associated with new storage concepts. An important market uptake challenge is to
reduce the barriers (technological, economic, regulatory, environmental, social and
other acceptance, etc.) associated with the deployment of existing or new storage
concepts.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
To focus on storage systems that already reached TRL 5 and bring them to TRL 67. This includes anticipation of potential market and regulatory issues with due
consideration to the environmental and socioeconomic aspects and improved
models to demonstrate energy storage systems.
Activities/ research ideas:
Research and development on:
1. pumped hydro storage in new locations such as underground storage
concepts, or similar concepts addressing large scale applications aiming at
GWh scale;
2. storage with compressed air and similar concepts aiming at the large scale
(ideally > 100 MWh scale);
3. retrofitting of existing hydro dams with pumped hydro or other storage to enable
flexible operation, large scale balancing and storage, while applying
environmentally friendly design and operation;
4. integrated management of existing or retrofitted pumped hydro storage (with
variable speed pumps/turbines) also across national borders;
5. linking such storage projects with the development of the Northern Seas and
other trans-European grid infrastructure concepts.
Possible funding:
regional funding, national funding, industry co-funding
50
Joint Action
Plan
Ems-Achse
Energy
Storage
Energy Storage
Competence Profile
moderate
poor
Strategic fields of development
1
2
3
4
5
6
geological conditions for underground storage
Innovation capacity of companies
regional production conditions
regional involvement of companies
Industry networks - increasing industry competences in the region
7
X
X
X
X
X
research activities:
Battery test centre for electromobility and energy storage
X
Power to Gas
X
Underground pumped storage stations
X
X
Compressed air storage
Competitiveness of the region - concerning interdisciplinary and intersectoral cooperations of
companies
Technology transfer to SMEs
X
X
X
Profiling strategy
Strategy to prevent skills shortage
X
Management of advanced training/continuing education - goal-oriented qualification to increase and
broaden competencies of employees
Transfer of research results into application technologies
Qualification strategies within initial training, to satisfy demands of highly qualified and
interdisciplinary qualifications of graduates
Internationalization strategy
Acceptance strategy
geological conditions for underground storage
Joint Action Plan
Ems-Achse
Energy Storage
Competence Profile
51
X
X
X
X
X
X
good
8
9
10
Energy Storage
Strategic fields of development
-4
-3
Potential Analysis
-2
-1
0 1
2
3
4
research activities:
Battery test centre for electromobility and energy storage
X
Power to Gas
X
Underground pumped storage stations
X
Compressed air storage
X
economic growth through research and technical innovations
Joint Action Plan
Ems-Achse
Energy Storage
Potential Analysis
smart specialization
52
internationalization strategy for reaching new markets
Field of action: Carbon Capture
Roughly 40% of today’s carbon dioxide emissions in industrial countries such as
Germany are produced by the power and heat generation sector. The biggest
emitters are the coal-fired power plants, which are, however, an essential part of
the transition to an energy system mostly consisting of renewable production units
and therefore supposed to partly have runtimes of about 30 years ahead.
To reduce these emissions, there are two procedures primarily considered: postcombustion carbon capture and the oxyfuel-combustion process.
Capturing the carbon dioxide from a power plant is referred to as postcombustion capture, when the low-pressure exhaust gases (currently emitted to
the atmosphere) are passed through a separation process. The flue-gas
carbondioxide concentrations of coal-fired power stations are as low as 1315mol%, which makes this process very complex and expensive. Post-combustion
facilities can be retrofitted to existing power plants or provided as a feature of new
plants in the future.
On the contrary, in oxyfuel-combustions the fuel is burned with pure oxygen and
cooled down exhaust gas instead of air. This results in an almost pure carbon
dioxide stream, which can be transported, stored or otherwise used. Another
advantage of this procedure is, that due to the reduced mass flow of flue gas the
size of the flue gas treatment equipment is much smaller. Furthermore, the
production of nitrogen oxides is greatly reduced. Challenges of this technology are
providing the oxygen and avoiding too high temperatures of the combustion.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
there is a need to bring down costs considerably
Activities/ research ideas:
1. Research and development on component development and process
optimization for the oxyfuel-combustion process
2. Research and development on dynamic examinations of steam-power
processes including a post-combustion carbon capture
3. Research and development on carbon capture in combined cycle power plants
(post-combustion and oxyfuel-combustion)
Possible funding:
regional funding, national funding, industry co-funding
53
Joint Action
Plan
Ems-Achse
Fossil Fuels
Field of action: Flexibility-enhancement of fossil fuel power plants
To ensure the security of energy supplies during the transition to an energy
system mostly consisting of renewable production units fossil fuel power plants will
further be needed to perform the following tasks:
•
•
•
•
•
load following
providing backup at times of calm wind or without solar radiation
frequency and voltage control
co-combustion of biomass
heat production for district heating systems
Because of the renewable energy expansion in Germany and the corresponding
volatile production of electricity, conventional power plants are more and more
frequently facing start-ups, shutdowns, rapid load changes and part-load operation
over long periods of time. On account of this, the enhancement of the power
plants flexibility is important. Measures for that are for example:
•
•
lowering the minimum load
enabling higher load gradients
These affect the firing system (e.g. optimizing the operating of the coal mills), the
boiler (e.g. optimizing the control technology)and the entire turbine set including the
water/steam cycle (e.g. bypassing economizers)of the power plant and can be
achieved through retrofits of existing power plants or building new and more
efficient ones.
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
Activities/ research ideas:
1. Research and development on including heat storage systems in the
preheating route to enhance the power plants load gradients
2. Research and development on how to avoid evaporator instabilities during
low load operation
3. Research and development on optimizing an existing combined cycle
power plant
Possible funding:
regional funding, national funding, industry co-funding
54
Joint Action
Plan
Ems-Achse
Fossil Fuels
Fossil Fuels
Strategic fields of development
moderate
Competence Profile
mittel
gut
1
4
9
2
3
5
6
7
inter-regional significance in processing – Energy hub
Innovation capacity of companies
X
X
regional production conditions
regional involvement of companies
X
Industry networks - increasing industry competences in the region
X
research activities:
Post-combustion CO2 separation
X
Efficient transformation of fossile energy carriers in power
plantspower plant simulation
X
Competitiveness of the region - concerning interdisciplinary and intersectoral cooperations of
companies
Technology transfer to SMEs
X
Profiling strategy
X
X
Strategy to prevent skills shortage
X
Management of advanced training/continuing education - goal-oriented qualification to increase and
broaden competencies of employees
Transfer of research results into application technologies
Qualification strategies within initial training, to satisfy demands of highly qualified and
interdisciplinary qualifications of graduates
Internationalization strategy
Acceptance strategy
Joint Action Plan
Ems-Achse
Fossil Fuels
Competence Profile
55
X
X
X
X
X
8
X
10
Fossil Fuels
Potential Analysis
Strategic fields of development
-4
-3
-2
-1
0
1
2
3
4
research activities:
Post-combustion CO2 separation
X
Efficient transformation of fossile energy carriers in power plantspower plant simulation
X
economic growth through research and technical innovations
Joint Action Plan
Ems-Achse
Fossil Fuels
Potential Analysis
smart specialization
56
internationalization strategy for reaching new markets
Field of action: practical application, eg. decentralized energy
production in model regions
Joint Action
Plan
Ems-Achse
So far, conventional power plants and fossil fuels have ensured the security of
energy supply. The rapid expansion of renewable energy and the associated
fluctuating feed-in of wind and solar energy results in fundamental changes in the
energy supply system. This must not put neither the power nor the stability of
supply at risk.
Systemintegration /
Balancing
In line with the strategic objectives:
Economic growth through RTD
Smart Specialization
Internationalization
Goal:
It is essential to develop a method for economically reasonable system integration
of fossil fuels and renewable energies. The focus is on the technological and
organizational coordination of all players in the field of energy supply, to ensure a
stable interaction in the smart grid. Similarly, in this process it is essential to
achieve social acceptance.
Activities/ research ideas:
1. Demonstration of method of system integration in a suitable
model region
2. Development of a suitable profiling- and acceptance strategy
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders:
Energy supplier, municipalities, scientific institutions, economy
57
Conclusion
The success of an energy transition in Germany depends to a very high degree on
a holistic realization of energy system integration. Technological progress, society
and economy have to act in concert to build a stable basis. The regional Joint
Action Plan of Ems-Achse depicts „fields of action“ in more detailed questions but
also in interdisciplinary issues. Notwithstanding the above this Joint Action Plan
which is tailored to the region, illustrates the importance and the need for largescale approaches on an international stage.
In the light of these enormous future challenges as well as the ambitious goals in
the field of energy a state or a single region cannot manage this mission alone. In
this situation the expertise and strong will of the European partners is in demand to
shoulder these challenges together. In the ENSEA consortium four partner
countries already agreed to accomplish this mammoth task, so that the four
regional Joint Action Plans of the consortium can be recognized as basis for the
overall ENSEA Joint Action Plan.
58
ʹͲͳͶ
‡‰‹‘ƒŽ‘‹–…–‹‘Žƒ‘ˆ–Š‡
‘‰ƒŽƒ†‡‰‹‘
!"! # $%&$&$'()
‘–‡–•
* -./0123.40+,
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++5
8
1
5+ 6 4740- 0 .9: ;0<=>=- ;:< 40- +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++?
8
1
?+ @./=.:<A 0 / .9: ;0<=>=- ;:< 40- ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++B
2
11
*
?+ + C30-0D43 < /0E.9 .9/0 < 9 /:7:= /3 9 =- :F:>0GD:-. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++B
?+5+ @ D= /. 7G:34=>4H=.40- ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++B
?+?+ ,-.:/-=.40-=>4H=.40-+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++B
1 1
B+ I 9: D:.90 =- =GG/0=3 9 +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++J
8
1
J+ ;:< 40-=> KLM 0 / .9: ;0<=>=- ;:< 40- +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++N
2
1
*
*O
J+ + C30-0D43 < /0E.9 .9/0 < 9 /:7:= /3 9 =- .:3 9-0>0< 43=> 4--0F=.40-7 ++++++++++++++++++++++++++++++++++++++++++
1P
1
12
**
*O
J+ + + @ D= /. < /4 >0E F0>.=<: :>:3./43=> =- .9: /D=> :- Q 7: / 7A7.:D ++++++++++++++++++++++++++++++++++++++++
1
*
*S
J+ +5+ RA /0 M0E: / ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
V
8
8
1
2
1
O
*
J+ +?+ T0-F: /740- 0 :U 47.4-< 9A /0 G>=-.7 /:7: /F04/7 0 / G DG: 7.0 /=<: +++++++++++++++++++++++++++++++++5
8
8
*
*
J+ +B+ CU.:-740- 0 G0E: / <:-: /=.40- 3=G=34.A 0 :U 47.4-< /:7: /F04/7 +++++++++++++++++++++++++++++++++++++++++++5
88
8 12
X
*
J+ +J+ C-: /<A C 434:-3A W C-: /<A D= / 4-< 0 4- 7./4:7 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++55
Y
J+5+ @ D= /. 7G:34=>4H=.40- ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++5
8 1 8
Y
*
J+5+ + T0DG:.:-3: 4- 4:> 0 /:-:E=Z>: :-: /<A +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++5
]
8
1
J+5+5+ [-0E>: <: ./=-7 : / \:U.: /-=> +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++5N
8
1
12
O
J+?+?+ [-0E>: <: ./=-7 : / Z:.E::- 4- 7./4:7 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++?
8
X
*
J+?+ ,-.:/-=.40-=>4H=.40- 7./=.:<A 0 / /:=3 94-< -:E D=/ :.7 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++?
* 1
*
J+?+ + RA /0G0E: / +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++?
8
2 2
J+?+5+ ,- /=7./ 3. /: +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++?B
12
Y
J+?+?+ KLM C 3=.40- +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++?
LGG:-14U P ^=3 X< /0 2-1 4-80/D=.40- 0- RA1 /0G0E: / 4- _0 /E=A +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++B *
*
ͳǤ –”‘†—…–‹‘
]
1
2 1
1
1
I 0 :7.=Z>47 9 .9: /:< 40-=> K04-. L3.40- M>=-7 \KLM7 ` ;0<=>=- /:< 40- 7: .9: D:.90 0>0<A G/:G= /:
ZA .9: a: /D=- bM?Q >:=1:/+ I 947 D:.9010>0<A 47 Z=7:1 0- .9: 0 2.30D: 08 .9: bM5` 4+: + .9: /:< 40-=>
8
1
@bcI =-=>A747 =- .9: /:< 40-=> /:G0 /. + @.= /.4-< /0D .9: /:< 40-=> @bcI =-=>A747 = 7A7.:D=.43
=GG/0=3 9 E=7 30-123.:1` :-14-< 2G 4- .9: /:< 40-=> KLMd I 9: KLMe7 E 4>> 30-747. 08 1:8 4-4.40- 08
30DG:.:-34:7` 3 /:=.4-< = G0.:-.4=> =-=>A747 =-1 .9: /:08 1: /4F=.40- 08 G0774Z>: G/0f :3. 41:=7 + I 947
:U: /347: E 4>> 8 4/7. Z: 10-: 4- :=3 9 08 .9: 80 2/ G= /. -: / /:< 40-7` Z:80 /: .9: /:7 2>.7 E 4>> Z: D: /<:1 .0 =0F: /=>> C_@CL KLM+
8
1
1 2 12
X
O*
I 9: @bcIQ=-=>A747 0 / ;0<=>=- E=7 3= //4: 0 . /4-< = /:< 40-=> C_@CLQE0/ 790G 4- g= /3 9 5 ?+ L
-2DZ: / 08 /:< 40-=> 7.= X: 90>1: /7 G= /.434G=.:1` < 4F 4-< .9:4/ 4-G2. 0- 7./:-<.97` E:=X-:77:7`
0GG0 /. 2-4.4:7 =-1 .9/:=.7 80 / .9: :-: /<A /:< 40- ;0<=>=-1 + I 9: 8 4/7. 7.:G 08 .9: =-=>A747 >:=14-< .0
/:< 40-=> KLMe7 47 .0 41:-.48A 7./=.:< 43 8=3.0 /7 08 7 233:77 Z=7:1 0- .9: @bcI =-=>A747 +
8 1 8
8 1 8
1 8
2
I 0 : 4-: .9: /:>:F=-. 4:> 7 0 =3.40-` /:< 40-=> 30DG:.:-34:7 4- .9: 4:> 7 0 G:./0>: D` /:-:E=Z>:
:-: /<A` :-: /<A 7 2GG>A h 4-8 /=7./23. 2/:` :-: /<A 7.0 /=<:` :-: /<A :88 434:-3A =-1 7./=.:< 43 3 /077Q
7:3.40-=> .=7X7 9=F: Z::- :F=>2=.:1 =-1 /00D 80 / 4DG/0F:D:-. =7 E:>> =7 /:7:= /3 9 803 27:7 9=F:
Z::- =-=>AH:1 ZA ;0<=>=-1e7 4-.: /-=> E0 /X4-< < /0 2G 3>27.: /+
5
ʹǤ‹•‹‘‘ˆ–Š‡‘‰ƒŽƒ†‡‰‹‘
8
2
1
11
1
I 9: <>0Z=> 30DD -4.A -:: 7 .0 = /:77 .9: < /:=. 3 9=>>:-<: 0 3>4D=.: :D47740-7 =- <>0Z=> E= /D4-< +
8
1
1
1
1
2
2
I 9: :D=- 0 / :-: /<A 47 D:=-E 94>: 4-3 /:=74-< E0 /> E 4 : + ,. 47 .9 7 3 / 34=> .0 30F: / .9: 4-3 /:=74-<
:-: /<A 1:D=-1 E 4.9 :-F 4/0-D:-.=> 8 /4:-1 >A :-: /<A 70>2.40-7 + I 9: ;0<=>=-1 /:< 40- 3=- G>=A 4.7 G= /.
4- .947 7.0 /A + @ 27.=4-=Z>: :-: /<A G/0F 41:7 0GG0 /. 2-4.A 80 / 4-127./A =-1 ;hi =>4X: +
;0<=>=-1 47 .9: G:./0>: 2D 92Z 4- _0 /E=A + L>> G= /.7 08 .9: F=>2: 3 9=4- = /: /:G/:7:-.:1 4- .9: /:< 40-`
=-1 .9: j-4F: /74.A 08 @.=F=-<: / 47 =. .9: 80 /:8 /0-. 08 G:./0>: 2D :-< 4-:: /4-< :123=.40- E0 />1E 41: +
8
12
1
2
X
1
I 9: : 3=.40- 0- /:-:E=Z>: :-: /<A 47 /=.9: / >4D4.: ` =>.90 < 9 .9: /: 47 = -0E>: <: ./=-7 : /
G0.:-.4=> 8 /0D 0.9: / 14734G>4-:7 + L >= /<: / 803 27 0- :-: /<A` Z:741:7 G:./0>: 2D 47 4DG0 /.=-. 80 / .9:
/:< 40- .0 D::. 82. 2/: 3 9=>>:-<:7 + I 9: ;0<=>=-1 /:< 40- E=-.7 .0 1:F:>0G 8 /0D Z:4-< = G:./0>: 2D
/:< 40- .0 Z:4-< = Z/0=1: / :-: /<A /:< 40-+
;0<=>=-1 9=7 >0-< ./=14.40-7 08 9A1 /0 G0E: / G/0123.40- /:7 2>.4-< 4- =GG/0U + *O k 08 _0 /E:< 4=- .0.=>
G/0123.40-+ _0 /E=A 9=7 =>D07. JOk 08 .9: .0.=> 7.0 /=<: 3=G=34.A 4- C2/0G:` =7 .9: 7.0 /=<: 3=G=34.A
08 .9: :U34.4-< /:7: /F04/7 47 =GG/0U 4D=.:>A NO Ib 9+ I 9: .E0 Z4<<:7. /:7: /F04/7 =-1 .9: Z4<<:7. G0E: /
G>=-.7 4- _0 /E=A = /: >03=.:1 4- .9: ;0<=>=-1Q /:< 40-+ _0 /E=A 47 E:>> G074.40-:1 .0 G/0F 41: < /::Z=>=-34-<V Z=3 X 2G 7: /F 43:7 .0 C2/0G: +
1
I 9: /: 47 =>70 7G:34=> :UG:/.47: E 4.94- 0.9: / /:-:E=Z>: 7:3.0 /7 + g0 /:0F: /` ;0<=>=- 9=7 = < /:=.
G0.:-.4=> 08 X-0E>:1<: ./=-78: / 8 /0D 04> =-1 <=7 .0 /:-:E=Z>: :-: /<A G/0123.40-+ l0 / /:< 40-=>
1:F:>0GD:-. 4- ;0<=>=-1 4. 47 4DG0 /.=-. .0 807.: / 7D= /. =-1 7 27.=4-=Z>: 7G:34=>4H=.40- Z=7:1 0- 0 2/
7./0-<G04-.7 + I 9: /: 47 = < /:=. G0.:-.4=> .0 >00 X =. X-0E>:1<: ./=-78: / 8 /0D G:./0>: 2D .0 7:3.0 /7 7 23 9
=7 0887 90 /: E 4-1` <:0.9: /D=> =-1 Z40 <=7 +
1
1 m2=-.4.=.4F: <0=>7 80 / 90E _0 /E=A 3=- /:=3 9 4.7 4-.: /-=.40-=>
I 9: _0 /E:< 4=- M= />4=D:-. 9=7 = 0G.:
30DD4. D:-.7 /:<= /14-< 3>4D=.: :D47740-7` =-1 90E _0 /E=A E 4>> 30DG>A E 4.9 Cj ;:-:E=Z>: :-:/<A
14/:3.4F: ^0.9 /:< 40-=> =-1 >03=> >:F:> 9=7 Z::- /:m2:7.:1 .0 1 /=E 2G 30-3 /:.: G>=-7 0- 7./=.:< 4:7 .0
+
82>8 4>> .9: 0Z>4<=.40-7 - ;0<=>=-1 .9: 0 2-.A 0 2-34> =10G.:1 = ;:< 40-=> G>=- 80/ :-: /<A =-1 3>4D=.:
+,
`
T
T
4- 5OOn + I 9: /:< 40-=> G>=- < 4F:7 7G:348 43 <0=>7 0- /:-:E=Z>: :-: /<A G/0123.40-` :-: /<A :88 434:-3A =-1
/:123:1 :D47740-7 + I 9: ;0<=>=-1 /:< 40- E=-.7 .0 8=34>4.=.: 80/ :88:3.4F:` :-F 4/0-D:-.=> 8 /4:-1 >A`
30DG:.4.4F: =-1 7:3 2/: :-: /<A 7 2GG>A` =. =880 /1=Z>: G/43:7 80 / 30-7 2D: /7 =-1 4-127./A +
?
͵Ǥ –”ƒ–‡‰›ˆ‘”–Š‡‘‰ƒŽƒ†‡‰‹‘
;:< 40-=> 7./=.:< 4:7 =-1 =DZ4.40-7 = /: 7./0-<>A =88:3.:1 ZA .9: 3 2//:-. :30-0D43 4DG=3. 08 04> =-1 <=7
4- .9: /:< 40-+ ;0<=>=-1 -::17 .0 1:>4F: / 9:=>.9A 1:F:>0GD:-. 4-1:G:-1:-. 0- .9: G/43: 08 04>+ I 9:
8
21
1
1
f
C_@CL G/0 :3. 30 > Z: G= /. 0 = 7./=.:<A .0E= / 7 3>:=- :-: /<A :F:>0GD:-. 4- .9: /:< 40-+
i2/4-< .9: =-=>A747 E 943 9 47 G/:7:-.:1 4- .9: 80>>0E 4-< 3 9=G.: /` = -2DZ: / 08 /:< 40-=> 7./=.:< 43
7 233:77 8=3.0 /7 E:/: 41:-.48 4:1 + K04-. =3.40- G>=-7 9=F: Z::- G/:G= /:1 80/ .9: 1488: /:-. 7 233:77
8=3.0 /7 < 4F 4-< 7./=.:< 43 < 241:>4-:7 80 / 1:F:>0GD:-. =-1 ./4G>:Q 9:>4U 300G: /=.40- 4- .9: ;0<=>=-1
`
/:< 40-+
͵ǤͳǤ…‘‘‹…‰”‘™–Š–Š”‘—‰Š”‡•‡ƒ”…Šƒ††‡˜‡Ž‘’‡–
_0 /E=A 3=- G>=A =- 4DG0/.=-. /0>: 4- 1:F:>0GD:-. 08 /:-:E=Z>: :-: /<A 4- C2/0G:` ZA G/0F 414-<
< /::- Z=>=-34-< =-1 Z=3 X2G G0E: / .0 7.=Z4>4H: .9: < /41 =-1 7:3 2/: .9: 7 2GG>A m2=>4.A E 9:- >= /<:
=D0 2-. 08 4-.: /D4..:-. E 4-1 :-: /<A 47 Z:4-< 4-.:< /=.:1 4-.0 .9: C2/0G:=- :>:3./43=> < /41 + M/0F 414-<
Z=>=-34-< 7: /F 43:7 4DG07:7 -:E 0G: /=.40-=> 30-14.40-7 80 / .9: :U 47.4-< 9A1 /0 G0E: / G>=-.7 =-1 4.7
30DG0-:-. + ;:7:= /3 9 =-1 1:F:>0GD:-. 47 -::1:1 .0 Z:..: / 2-1: /7.=-1 .9: 30-7:m2:-3:7 08 .9:
-:E 0G: /=.40-=> G=..: /-7 =-1 1:F:>0GD:-. 08 .9: :U 47.4-< =-1 -:E G>=-.7 .0 +
LF=4>=Z4>4.A 08 = E:>>Q1:F:>0G:1 8 4Z: / -:. 4- .9: ;0<=>=-1 /:< 40- :-=Z>:7 4DG>:D:-.=.40- 08 7D=/.
.:3 9-0>0< 4:7 80 / G:= X 7 9=F 4-< =-1 4DG/0F:1 :-: /<A :88 434:-3A + a4F:- .9: 30DG= /=.4F:>A >0E :-: /<A
G/43:7 4- _0 /E=A` :-: /<A :88 434:-3A 9=F: -0. Z::- 4- 803 27` E 943 9 G/0F 41:7 30-741: /=Z>:
0GG0 /. 2-4.4:7 80 / 4DG/0F:1 :-: /<A :88 434:-3A Z0.9 4- 4-127./4=> =-1 G/4F=.: 7:3.0/+
͵ǤʹǤƒ”–•’‡…‹ƒŽ‹œƒ–‹‘
1
2
y
I 9: ;0<=>=- /:< 40- 9=7 4DG0 /.=-. opqrstsuos E 4.94- .9: G:./0>: D 7:3.0 /+ I 9: /: 47 = vupwxs zs
t{|u}~s { G0.:-.4=> 8 /0D .9: G:./0>: 2D 7:3.0 / .0 /:-:E=Z>: :-: /<A 14734G>4-:7 + l0 / ;0<=>=-1 4. 47
4DG0 /.=-. .0 D= X: 27: 08 02/ 30DG= /=.4F:>A 7./:-<.97 =-1 :U 47.4-< 30DG:.:-3: 4- -:E = /:=7 +
͵Ǥ͵Ǥ–‡”ƒ–‹‘ƒŽ‹œƒ–‹‘
2
y
1
1
X
I 9/0 < 9 .9: € {p rpws{ 7:3.0 / _0 /E=A 9=7 = < /:=. G0.:-.4=> .0 G/0F 4 : < /::- Z=>=-34-< =- Z=3
2G 7: /F 43:7 .0 2/0G: L G/:30-14.40- 47 1:F:>0GD:-. 08 u~ {|}t{‚ot ‚{s 8 /0D _0 /E:< 4=- /:7: /F04/7 .0
C
+
.9: C2/0G:=- D= /X:. +
8 8

y
1
I 9: =F=4>=Z4>4.A 0 0 /D=> 94< 9: / s ‚o|t pu G/0< /=DD:7 E 4.94- /:-:E=Z>: :-: /<A 4- ;0<=>=- 47
1
1
1
12
2
/=.9: / >4D4.: + ;0<=>=- E=-.7 .0 7:: D0 /: :-: /<A /:>=.: : 3=.40- G/0< /=DD:7 =. -4F: /74.A >:F:>
.9/0 2< 9 X-0E>:1<: ./=-78:/ =-1 4-.: /-=.40-=> 300G: /=.40-+
B
ͶǤ Š‡‡–Š‘†ƒ†ƒ’’”‘ƒ…Š
i:F:>0GD:-. 08 .9: /:< 40-=> KLM E=7 Z=7:1 0- .9: 02.30D: 08 .9: bM5` 4+: + .9: @bcI =-=>A747 =-1
.9: /:< 40-=> /:G0 /. + L330 /14-< .0 .9: icb .9: /:< 40-=> KLM 9=7 .0 1:=> E 4.9 .9: 0Zf :3.4F:7 P
•
•
•
2
1
C30-0D43 < /0E.9 .9/0 < 9 /:7:= /3 9 =- .:3 9-43=> 4--0F=.40-7
@ D= /. 7G:34=>4H=.408
X
,-.: /-=.40-=>4H=.40- 7./=.:<A 0 / /:=3 94-< -:E D= / :.7
;:7 2>.7 08 ;0<=>=-1e7 @bcI =-=>A747 = /: G/:7:-.:1 4- .9: >:8. 30>2D-` E 94>: .9:A 9=F: Z::30-F: /.:1 .0 7./=.:< 43 7 233:77 8=3.0 /7 4- .9: /4< 9. 30>2D- 4- .=Z>: *+ I 9: 7./=.:< 43 7 233:77 8=3.0 /7
=4D7 .0 Z: Z/0=1 :-0 2< 9 .0 =F041 >4D4.=.40-7 4DG07:1 =. .947 7.=<: 08 .9: =-=>A747 +
ƒ„…†‡ ˆ‰ Š‹Œ Žƒ ‘Œ ’‘ ‹„‘‡“”• –„•‘Œ‹’ Œ– ’—••‡’’
™t{|tsz o ~|otp {} p~
}‚oos}}  ˜x‚}ts {
³¥¬¨¦ ­¦®ª ¨
´±¦® ¢ª¬©ª ¤¨ ±²§ª ¨
˜{ts {| ™š›œ |u|x€}}  ˜x‚}ts {
žŸ ¡¢ £¡¢¡¤¥ ¦§ ¢ ¨©ª «¥¬¨¦ ­¦®ª ¨ ­¨¦¬¯°¤¡¦± ° ­ °¡¤¥ ² ®ª ¢¢ ² ¨ª²ª ¨Ÿ¦¡¨²
´±¦® ¢ª¬©ª ¤¨ ±²§ª ¨ § ¨¦µ ¤ «ª ¦¡¢ ±¬ © ² ²ª°¤¦¨ ¤¦ ¨ª ±ª® £¢ª ª ±ª ¨©¥
¶¤¨¦±© µ ¨¡±ª ¡±¬¯²¤¨¥ ° ¢¯²¤ ª ¨ ¤ « ¤ ° ± °¦±¤¨¡£¯¤ ª ¤¦ ¢ ¨©ª ²° ¢ª ¦§§² «¦¨ª ® ¡±¬
¡±²¤ ¢¢ ¤¡¦±²
·¯µª ¨¦¯² ²ª ¨Ÿ¡°ª °¦µ­ ±¡ª² ¡± ¤ «ª ¨ª© ¡¦±
¸ «ª ª¹ ¡²¤¡±© § ¡£ª ¨ ¦­¤¡° ¡±§ ¨ ²¤¨¯°¤¯¨ª °¦µ£¡±ª¬ ® ¡¤ « ²µ ¨¤ ¤ª°«±¦¢¦© ¡ª² ±¬ ¶µ ¨¤ © ¨¡¬²
¡±¤ª ¢¢¡©ª ±¤ µª¤ «¦¬²
³¡©« ª¬¯° ¤¡¦± ¢ªŸª ¢ ¦§ ¤ «ª ®¦¨º §¦¨°ª ¡± ¤ «ª ¦¡¢ ±¬ © ² ²ª°¤¦¨
»¬¯° ¤¡¦± ¢ªŸª ¢
¸ ¢ª ±¤ ¤¤¨ °¤¡¦± ¤¦ ¤ «ª ¦¡¢ ±¬ © ² ²ª°¤¦¨ « ² ¨ª²¯¢¤ª¬ ¡± ²¤¨¦±© ±¬ ®ª ¢¢ ª¬¯° ¤ª¬
¡±¤ª ¨± ¤¡¦± ¢ ®¦¨º§¦¨°ª ¡± ¤ «ª ¨ª© ¡¦±
¼ª²² °« ±°ª ¦§ ¡±§ ¢¯ª ±°¡±© ­¦¢¡°¥ µ º¡±© ¬¯ª ¤¦ ¤ «ª § °¤ ¤ « ¤ ·¦¨® ¥ ¡² ¦¯¤²¡¬ª ¤ «ª »½
ž©ª¡±© ¡±§ ¨ ²¤¨¯°¤¯¨ª ¾ª²­ª°¡ ¢¢¥ ¿¡¢ÀÁ ²Â
ñ§ ¨ ²¤¨¯°¤¯¨ª
Ä £¢ª °¦±±ª°¤¡¦±² £ª¤®ªª ± ·¦¨® ¥ ±¬ °¦±¤¡±ª ±¤ ¢ »¯¨¦­ª ¾ª¹ ¡²¤¡±© À ­¢ ±ª¬ ° £¢ª²Â
¶¦­«¡²¤¡° ¤ª¬ ¦§§² «¦¨ª ¦¡¢ ±¬ © ² ­¡­ª ¢¡±ª ±ª¤®¦¨º ­¨¦Ÿ¡¬ª² ¦­­¦¨¤¯±¡¤¡ª² §¦¨ § ¯¤¯¨ª
Ä¿Å ¤¨ ±²­¦¨¤ ¤¦ ²¤¦¨ ©ª ²¡¤ª ¡± ·¦¨¤ « ¶ª ¸ «ª ©¦ ¢² ¡± ¤ «ª ± ¤¡¦± ¢Æ ¨ª© ¡¦± ¢ ­¢ ±² ¨ª ±¦¤ ¨ª ¢¡²¤¡°Ç È« ¤ ¡² ¤ «¡² ¦±ª ¡µ¡±© ¤ Ç
·¦ «¦µª µ ¨ºª¤ §¦¨ ±ª® ¨ª ±ª® £¢ª²
ʨ µª®¦¨ºÆ²¯­­¦¨¤ ²°«ª µª² ¾§¦¨ ®« ¤ Ç ¬¦ ±¦¤ µ ¤°« ¤ «ª ±ªª¬ ¦§ ¤ «ª ¡±¬¯²¤¨¥
ɯ£¢¡° ²¯­­¦¨¤ ²¥²¤ª µ
¶¢¦® £¯¨ª ¯° ¨ °¥
¼ ° º ¦§ ²¤¨¦±© ±ª¤®¦¨ºÆ ¬ ¤ £ ²ª ¦§ Ÿ ¡¢ £¢ª °¤¦¨² ® ¡¤ «¡± ¨ª ±ª® £¢ª ª ±ª ¨©¥
·ª¤®¦¨º²
È ¡¢¢ ®ª « Ÿª ª ±¦¯©« °¦µ­ª¤ª ±°ª ® ¡¤ «¡± ¨ª ±ª® £¢ª ª ±ª ¨©¥ Ç
Ħµ­ª¤ª ±°ª
»½ ¡µ² ¤¦ £ª ²ª ¢§Ë²¯§§ ¡°¡ª ±¤ ® ¡¤ « £ ° º ¯­Æ £ ¢ ±°¡±© ° ­ °¡¤¥Ì ¤ «¯² ±¦ ­¯¢¢ §¦¨ ñ¤ª ¨± ¤¡¦± ¢
·¦¨®ª© ¡ ± © ² ¦¨ «¥¬¨¦Æ® ¡±¬ ª¹ ­¦¨¤
µ ¨ºª¤
ª ±ª ¨©¥
ž°°ª ­¤ ±°ª §¦¨ ¨ª ±ª® £¢ª ª ±ª ¨©¥Ì µ¦¨ª ° £¢ª² ¨ª ¡± ­¯£¢¡° ¦­¡±¡¦± ¨ª ¢ ¤ª¬ ¤¦ «¡©«ª ¨ ɯ£¢¡° °°ª ­¤ ±°ª
¬¦µª²¤¡° ª ¢ª°¤¨¡°¡¤¥ ­¨¡°ª²
¸¦¦ µ¯°« §¦°¯² ¦± ¦¡¢ ±¬ © ² ¡± ­¦¢¡¤¡°²Ì ¡±¬¯²¤¨¥Ì ÍÀÎ ±¬ ª¬¯° ¤¡¦±
³¡©« °¦²¤ ¢ªŸª ¢ ¡± ·¦¨® ¥
Ȫ ¨ª ¤¦¦ ®ª ¢¢ §ª¬ ¡± ¤ «ª ¨ª© ¡¦±Æ ­ª¦­¢ª ¨ª ¤¦¦ £¯²¥
È ¡¢¢ ±ª® ° £¢ª² £ª ¤ «¨ª ¤ ¤¦ ·¦¨®ª© ¡ ± ª ±ª ¨©¥ ¬ª µ ±¬¡±© ¡±¬¯²¤¨¥ Ç
»±ª ¨©¥ ª§§ ¡°¡ª ±°¥
J
8
12
1e
X
2 2
1
I 9: 7./=.:< 43 =3.0 /7 E:/: =< /:: G0- ZA .9: ;0<=>=- 7 4-.: /-=> E0 / 4-< < /0 G 3> 7.: /` =- E=7
/=-X:1 0- = 73=>: 1:G:-14-< 0- .9:4/ /:>:F=-3: =-1 4DG0 /.=-3: 80 / .9: 3>27.: /` =7 7 90E- 4- .=Z>: 5+
ƒ„…†‡ ω Ž—••‡’’ –„•‘Œ‹’ ‹„ÐÑ‡Ò …Ó ‹‡“”ŒÐ„† ”ÔŒ‹‘„Е‡
ÕÖ×ØÙÚÛÜÝÞ Øß àáÝÝÞàà ßÛÝÚØÙà
ââãäÞÙå æÖ×ØÙÚÛÜÚ
çÚ ÙÛÚÞèæÝ ßÛÝÚØÙà Øß àáÝÝÞàà é êëáàÚÞÙ
ââ
âï
ñ
ó
ô
õ
â
ú
û
ü
ý
ìåíÙØ ×ØîÞÙ
ðÜØî ëÞíèÞ Ú ÙÛÜàß ÞÙ
òíáÝÛÚ æØÜ ëÞäÞë
ç ÖÛÙÚ èÙæíà
ÕÜß ÙÛàÚ ÙáÝÚ áÙÞ
öá÷ëæÝ ÛÝÝÞ×ÚÛÜÝÞ
øÞÚîØÙùà
êØÖ×ÞÚ ÞÜÝÞ
ÕÜÚÞÙÜÛÚ æØÜÛë ÖÛÙùÞÚ ßØÙ ÞÜÞÙèå
òÜÞÙèå Þßß æÝæÞÜÝå
öá÷ëæÝ àá××ØÙÚ àåàÚÞÖ
]
8
8
2
X 1
*
*O \<001] D:=7 2/4-< .9:
I 9: 7./=.:< 43 7 33:77 =3.0 /7 E:/: /=- : 0- = 73=>: /0D \G00 / .0
`
7 233:77 8=3.0 /7 Z=7:1 0- /:< 40-=> 30DG:.:-3: =-1 .9: 7.= X: 90>1: /7e 4-G2. .0 .9: @bcI =-=>A747 +
8
8 1
1 1 2
1
1
I 9: :UG>04.: =- .4>4H=Z>: G0.:-.4=> E 4.94- .9: 7./=.:< 43 =3.0 /7 4:> 7 E=7 =77:77: Z=7: 0/:< 40-=> X-0E>:1<: 4- 0 2/ 4-.: /-=> ;0<=>=-1 E0 /X4-< < /0 2GV 30DG:.:-3: G00>+ L 94< 9 /=-X4-< 08
2.4>4H=Z>: G0.:-.4=> D:=-7 .9=. 4. 47 = <001 G0.:-.4=> .0 D0F: 0- =-1 4-143=.: G/0f :3. 41:=7 =-1 .9:
/:>=.40- Z:.E::- :UG>04.:1 =-1 2.4>4H=Z>: G0.:-.4=> E 4>> 4DG=3. 90E .0 D0F: 80 /E= /1 4- .9: KLM+
^=7:1 0- .9: =-=>A747 =-1 4-.: /-=> 1473 27740-7 .9: ;0<=>=-1 /:< 40- 1:341:1 .0 G/03::1 E 4.9 .9:
`
80>>0E 4-< -4-: = /:=7 E 4.9 94< 9:7. G/40 /4.4:7 =7 80>>0E P
ƒ„…†‡ þ‰ ÿ ԆŒ”‘‡Ò „ÐÒ —‘ ”†”„…†‡ Ԍ‘‡Ð‘ ”„† Œ– ’‡†‡•‘‡Ò „‹‡„’
™q| {t z {y}
$
!
%€y {p rpws {
)
& ' ( (!
*us {z€ s~~osuo€
+ + , # / -.
!
QB
Q?
Q5
Q*
O
*
5
?
"
#
"
#
"
B
#
Y
1
˜pqrstsuos u t s ~sxy p~ {susw| 2xs
sus {z€
7
( ( ' 34 5 6
+
8upwxsyzs t{|u}~s {
:
9 ' !
8upwxsyzs t{|u}~s {
0 !
QB
Q?
Q5
rpws {
>
= 0 ' '( !
?u~ {|}t{‚ot ‚{s
@
' ';
*y‚o|t pu xsAsx
*
5
?
B
#
#
"
#
"
9 0 ;
' !
%€y {p
O
"
5 ' !
( + + + !
<
Q*
QB
Q?
Q5
Q*
O
*
5
?
B
#
"
#
"
"
#
"B 5 4 # B 0' 4
S
ͷǤ ‡‰‹‘ƒŽˆ‘”–Š‡‘‰ƒŽƒ†‡‰‹‘
L330 /14-< .0 .9: icb 80 / bM?` .9: KLM 7 90 2>1 41:-.48A 1:D=-1 1 /4F:- X-0E>:1<: 1:F:>0GD:-. =-1
82-14-< 70 2/3:7 80 / 8 4-=-34-< G/0f :3.7 .0 1:F:>0G .9: -::1:1 X-0E>:1<: P
C8
1
1 1X
1
2
f
f
, .9: :D=- : -0E>: <: 47 -0. A:. =F=4>=Z>: 4- .9: /:< 40-=> 3> 7.: /7` 04-. /:7:= /3 9 G/0 :3.7 E 4>>
Z: 41:-.48 4:1 4- .9: KLM Z=7:1 0- .9: /:7:= /3 9 :UG: /.47: 08 .9: /:< 40-=> 3>27.: /7 + cGG0 /. 2-4.4:7 80/
.9: -:3:77= /A 82-14-< 08 .9:7: 41:-.48 4:1 f 04-. /:7:= /3 9 G/0f :3.7 E 4>> Z: 41:-.48 4:1 E 4.94- .9: KLM ZA
=-=>AH4-< =F=4>=Z>: 82-14-< =. -=.40-=> =-1 /:< 40-=>V >03=> >:F:>` 4-3>214-< G/4F=.: 4-F:7. D:-.7` =7 E:>>
=7 =. Cj >:F:>+D
^=7:1 0- .9: 0 2.30D: 08 .9: 7A7.:D=.43 =GG/0=3 9 .=X:- 274-< /:< 40-=> bc =-=>A747 =-1 /:< 40-=>
`
@ I
/:G0 /.` 80>>0E 4-< G/0f :3.7 E: /: 41:-.48 4:1 =-1 82/.9: / 1:F:>0G:1 4- .9: .9/:: = /:=7 08P
•
•
•
2
1
C30-0D43 < /0E.9 .9/0 < 9 /:7:= /3 9 =- .:3 9-43=> 4--0F=.40-7
@ D= /. 7G:34=>4H=.408
X
,-.: /-=.40-=>4H=.40- 7./=.:<A 0 / /:=3 94-< -:E D= / :.7
œ s {pxs p~ €y {prpws { tp }‚rrp {t uo{s|}uz }| {s p~ uts {qttsut {susw| 2xs sus {z€ u t s Ep{t 
™s| {sz pu
V^ X 2 1
12
,-./0 3.40- =3 < /0 _0 /E:< 4=- 9A1 /0G0E: /` =7 < /::- Z=..: /A 08 C2/0G:` 47 =- 4DG0 /.=-. _0 /E:< 4=- =77:. .9=. 3=- G>=A
=- 4DG0 /.=-. /0>: 4- 7.=Z4>4H4-< .9: _0 /.9 @:= < /41 E 9:- :F: / 4-3 /:=74-< =D0 2-. 08 4-.: /D4..:-.
/:-:E=Z>: :-: /<A 47 Z:4-< 4-7.=>>:1 =-1 4-.:< /=.:1 4-.0 .9: < /41 + ,- .9: G/03:77 08 :7.=Z>47 94-< .9:
/:< 40-=> KLM` 7:F: /=> G0774Z>: 9A1 /0 /:>=.:1 G/0f :3.7 4- F= /40 27 3=.:<0 /4:7 E: /: 41:-.48 4:1 + I 947
7:3.40- G/0F 41:7 = <:-: /=> 7 2DD= /A =-1 0F: /F 4:E 30-3: /-4-< 9A1 /0 /:>=.:1 G/0f :3.7 + g0 /: 1:.=4>:1
G/:7:-.=.40- 08 :=3 9 G/0f :3. 41:= E 4>> Z: G/0F 41:1 4- .9: 80>>0E 4-< 7:3.40-7 +
i2: .0 4-3 /:=74-< 7 9= /: 08 /:-:E=Z>: :-: /<A 4- =>> C2/0G:=- 30 2-./4:7` :7G:34=>>A .9: >= /<: 4-3 /:=7:
08 0887 90 /: E 4-1 4-7.=>>=.40-7 4- .9: _0 /.9 @:= /:< 40-` .9: -::1 80 / 4-3 /:=74-< Z=>=-34-< G0E: / 47 =>70
< /0E 4-< + I 9: Tc5 8 /:: =-1 94< 9>A :88 434:-. _0 /E:< 4=- 9A1 /0 G0E: / G>=-.7 = /: E:>> 7 24.:1 .0 G/0F 41:
.9: _0 /.9 @:= /:< 40- E 4.9 Z=>=-34-< 7: /F 43:7 +
a4F:- .9: 3 9=-<: 4- -::1:1 G0.:-.4=> 80 / Z=3X2G =-1 Z=>=-34-< 4- .9: _0 /.9 @:= /:< 40- =-1 .9:4/
3 9=-< 4-< Z0 2-1= /A 30-14.40-7 30DG= /:1 .0 .01=Ae7 7.=-1= /1` = 7.:GE 47: 1:F:>0GD:-. G/0< /=D V
G/0f :3. 7 90 2>1 Z: .= /<:.:1 + I 9: 2-1: />A 4-< 30-3:G. 47 .0 :7.=Z>47 9 =- 4-.: /30--:3.40- =-1 ./=14-<
7A7.:D Z:.E::- .9: _0 /.9 @:= 30 2-./4:7e :U 47.4-< 4-8 /=7./23. 2/: .0 Z: 2.4>4H:1 80 / Z=>=-34-< =-1
Z=3 X2G G0E: /+ I 947 30 2>1 Z: /:=>4H:1 4- = /:>=.4F:>A 790 /. .4D: 8 /=D: =-1 =. 30DG= /=.4F:>A >0E 307.7 +
8
8
1
1
2
I 9: D=4- = F=-.=<: 0 .947 30-3:G. 47 .9=. 4. 3=- Z: 0-: ZA 7D= /. 7: 0 :U 47.4-< G0774Z4>4.4:7
30-741: /4-< .9: -::1 80 / 82/.9: / 3=G=34.A :-9=-3:D:-.` /=.9: / .9=- /:>A 4-< 0- >0-< .: /D 0 /4:-.:1
1:F:>0GD:-. =-1 4-7.=>>=.40- 08 >= /<: 73=>: 7.0 /=<: 3=G=34.4:7 9: =GG/0=3 9 790 2>1 G/:8: /=Z>A Z:
+I
Z=7:1 0- /:>:=74-< .9: 7 90/. .: /D =F=4>=Z>: G0.:-.4=> =. /:>=.4F:>A >0E 307.7 80>>0E:1 ZA 70D: >0-<:/
.: /D =3.4F 4.4:7 E 943 9` 12: .0 4-7.=>>=.40- 08 -:E 30DG0-:-.7 47 :UG:3.:1 .0 Z: D0 /: 307. >A + L3.4F 4.4:7
4- .947 30--:3.40- = /: P
* DG>:D:-.=.40- .:7.4-< =-1 82/.9: / /0>> 0 2. 08 = -:E 30-./0> 30-3:G.7 .= /<:.4-< 82/.9: /
+ ,
`
`
4-3 /:=7: 08 0G: /=.40-=> 8 >:U 4Z4>4.A 08 .9: 9A1 /0G0E: / G>=-.7
1 8
1
1
5+ L>>0E ./= : 0 =-34>>= /A 7: /F 43:7 0- .9: :U 47.4-< =- G>=--: 4-.: /30--:3.4-< 3=Z>:7
\3=G=34.A /:7: /F=.40-]
N
GH
JKLMNOP M QMR NKSLMTKULMOMT PV KUL OMKLSMQK OP MQW LWLXKSOXOKY T SOR PV NKQKLN QSPZMR KUL
I
[P SKU \LQ VP S ]QX^Z_ QMR ]QWQMXOMT
`H
JKLMNOP M PV TLMLSQK P S XQ _QXOKY PV KUL LJONK OMT SLNLSaPOSN
I
XPc_WLcLMKQSY OMNKQWWQK OPM PV _Zc_LR UYR SP _WQMK N OM QRROK OP M KP LJONK OMT _PdLS _WQMK N
e
bH
ZK OWOfOMT KUL NQcL SLNLSaPOSN
gUL V OSNK KdP PV KULNL V OaL QXK OaOK OLN SLhZOSL N WOT UK X UQMTLN K P LJONK OMT OMNKQWWQK OP MN P S Oc_WLcLMKQK OP M
OM QWSLQRY LJONK OMT _WQMN d UOWL KUL WQKLS KUSLL QSL WP MT KLSc P SOLMKLR QN KULY SLhZOSL MLd
e
e
OMNKQWWQK OP MN QMR i P S cQj P S QRQ _KQK OP MN H
kPQWl gUL TPQW PV KUON _SP_PNQW ON KP XPaLS KUL Q]PaL cLMK OP MLR KUSLL QSLQN XP MXLSMOMT V ZSKULS
RLaLWP_cLMK PV T SLLM ]QWQMXOMT _PdLS K P SLR ZXL T SLLMUPZNL TQN LcONNOP MN NZ__P SK OMX SLQNOMT
e
N UQSL PV SLMLdQ]WLNe d UOWL QK KUL NQcL K OcL QaPOROMT KUL RQMTLS PV T SOR OMNKQ]OWOK OLN QMR ]WQX^ PZK N H
mQK ZSOKY PV UYR SP_PdLS QMR OK N LJONK OMT XQ _QXOKY OM
KUON XP MXL _K H
ZSP_Le cQ ^L UYR SP_PdLS KUL XP SMLS NKP ML PV
I
F
ͷǤͳǤ…‘‘‹…‰”‘™–Š–Š”‘—‰Š”‡•‡ƒ”…Šƒ†–‡…Š‘Ž‘‰‹…ƒŽ‹‘˜ƒ–‹‘•
n
u v wxy z{| } {zusv~ ~z~utwsz s€x u~trsz ~€x‚ƒ„~t „…„u~r
opopo qrst t
†sxy
p~ |ot pu‡ ,-3 /:=74-< .9: 7 9= /: 08 /:-:E=Z>: :-: /<A 9=7 .9: 3>:= / =1F=-.=<: 08 /:1234-< Tcˆ
:D47740-7` E 94>: 30DZ4-4-< 1:3:-./=>4H:1 9:=. =-1 G0E: / 2-4.7 \TRM] 30-./4Z2.:7 .0 = 94< 9
30-F: /740- /=.: 08 80774> 82:>7 + l2/.9: /D0 /:` 1:3:-./=>4H:1 TRM 2-4.7 = /: 4-.:-1:1 .0 0G: /=.: =. =
3>07: 147.=-3: .0 G0E: / 30-7 2D: /7` E 943 9 9=7 .9: G074.4F: 30-7:m2:-3: 08 /:1234-< .9: -::1 08
Z24>14-< >0-< 147.=-3: G0E: / ./=-7D47740- >4-:7 +
j-80 /. 2-=.:>A` /:-:E=Z>: :-: /< 4:7 7 23 9 =7 E 4-1` E=F: =-1 70>= / 70 2/3:7 = /: ZA -=. 2/: 9= /1 .0
=33 2/=.:>A 80 /:3=7. E 943 9 /:7 2>.7 4- = 94< 9>A 8 >23. 2=.4-< G0E: / <:-: /=.40-+ I 947 4- . 2/-` 47 >4X:>A .0
3= 27: = D47Z=>=-3: Z:.E::- .9: 1:D=-1 =-1 G/0123.40- 08 :>:3./43=> G0E: /` E 943 9 30 2>1 >:=1 .0
74<-48 43=-. 4-7.=Z4>4.4:7 4- .9: < /41` /:7 2>.4-< 4- G00/ G0E: / m2=>4.A .0 .9: :-1Q 27: /7` :m24GD:-.
1=D=<:7 4- .9: < /41 7A7.:D 0 / :F:- Z>=3 XQ0 2.7
`
+
8
11
1
2
f
I 947 G/0 :3. G/0G07=> =4D7 =. = /:774-< .9: < /4 4-7.=Z4>4.A G/0Z>:D /0D = >0E F0>.=<: \30-7 D: /
741:] < /41 G: /7G:3.4F:` =7 Z:4-< .9: =3. 2=> 70 2/3: 08 .9: :-: /<A 1:D=-1 =-1 .927 =- 4DG0 /.=-. =7G:3.
08 .9: G/0Z>:D+ ,- =114.40-` =-1 12: .0 .9: 30 //:>=.40- Z:.E::- .9: 1:D=-1 08 :>:3./434.A =-1 .9:
1:D=-1 08 9:=.4-< .947 G/0G07=> =>70 =4D7 .0 4-.:< /=.: .9: .E0 7A7.:D7 \:>:3./434.A =-1 9:=.4-< ] 4-.0
`
0-: 30DG/: 9:-74F: =-1 :-: /<A :88 434:-. 7A7.:D+
ƵƌƌĞŶƚƐŝƚƵĂƚŝŽŶĂŶĚŚĂůůĞŶŐĞƐ;EŽƌǁĂLJͿ͗
‰Š‹ŒŽ‹ Š‘ ŠŽŠŽ’“
1
1
1
1
1
1
1
I 9: :-: /<A :D=- 4- _0 /E=A 3=- Z: 3 9= /=3.: /4H: =7 7:=70-=> :G:- :-. E 4.9 = F: /A 94< 9 :D=8
8
12
1
1
2
2
4- .9: E 4-.: / 7:=70-+ I 947 47 D=4->A : .0 .9: E 4 :>A 7G/:= 7: 0 :>:3./434.A 0 / 90 7: 9:=.4-< +
2 *
1
1
1
1
l4< /: 7 90E7 = 7./0-< 30--:3.40- Z:.E::- :-: /<A :D=- G: / =A =- G: / 7:=70-+
Š”“—‹‡ ˆ‰ ÿ†‡•‘ ‹”•”‘Ó •ŒÐ’—Ô‘ ”Œ Ð ”Ð ”Œ‹•„Ó
*O
—˜™š› œžŸ ¡¢£™ž
¤OTZSL ¥ N UPdN Q KY_OXQW RQOWY SLWQK OP M ]LKdLLM _PdLS RL cQMR QMR _SPR ZXK OP M OM [P SdQY H gUL RQOWY
e
_LQ ^N OM RL cQMR LN_LXOQWWY KUL P ML OM KUL QVKLSMPPM QSL LJ_LXKLR KP ]L V ZSKULS OMX SLQNLR d ULM
e
cP SL QMR cP SL LWLXKSOX XQSN QSL ZNLR QMR XP MMLXKLR dOKUPZK QMY V ZSKULS XPMKSP We QN OMROXQKLR OM
¤OTZSL GH gUON cOT UK N_LXOV OXQWWY ]L KUL XQNL VP S [PSdQY QN KUL ZNQTL PV LWLXKSOX XQSN ON NKSP MT WY
LMXPZSQTLN QN Q cLQMN VP S SLR ZXOMT ¦§¨ LcONNOP MN OM KUL KSQMN_P SK NLXKP SH
©ª«¬­® ¯° ±²®³´ ­ª³ª´µ ¶­·¸¬³´ ª·¹ º·­»¹«®¼ »¹¸ ³·¹½¬¾¶´ ª·¹
º¿²¬®¼ ª¹ À·­Á»µ
©ª«¬­® ° ù³­®»½®¸ ¸®¾»¹¸ º®Ä«Ä ±²®³´ ª³»² ³»­½¼
ÅÆÇÈÉ ÇÊÉËÌÍ ÎÏ ÌÏÐÊÑÆÏÒ
aLM KUPZT U KUL OMNKQWWLR XQ _QXOKY PV SLMLdQ]WL LMLSTY ON XPc_QSQK OaLWY WPde KULOS V WZXK ZQK OMT _PdLS
I
TLMLSQK OP M cOT UK P M Q N UPSK MPK OXL OMKSPR ZXL Q ]OTTLS cONcQK X U ]LKdLLM RLcQMR QMR _SPR ZXK OP M
Ó\LL ¤OTZSL `ÔH gUON LVVLXK dOWW ]LXPcL LaLM cP SL RPcOMQK OMT d ULM QM OMKLT SQKLR [P SKU \LQ T SOR ON
OMNKQWWLR QMR d ULM UYR SP _PdLS _WQMK N OM [P SdQY XP MKSO]ZKL KP ]QWQMXOMT KUL
ZSP_LQM T SORH
I
gUL V WZXK ZQK OMT RLcQMR QMR _SPR ZXK OP M OMR ZXL UOT U WPQR aQSOQK OP MN P M QWW LWLcLMK N OM KUL NYNKLcH
gUON ZNZQWWY SLNZWK N OM Q N UP SKLS WOVLK OcL QMR UOT ULS _SP ]Q]OWOKY PV VQOWZSL d UOX U UQN QM Oc_QXK P M Q
UOT ULS XP MNZc_K OP M PV SLNPZSXLN ÓN_QSL _QSK N QMR SL _WQXL cLMK PV ]SP^LM XPc_PMLMK NÔH
ÕSOXLN PV LWLXKSOXOKY QMR ULQK ÓaOQ TQN _SOXL P S RONKSOXK ULQK OMT Ô aQSY RL _LMROMT PM KUL _SPR ZXK OP M QMR
KUL RL cQMRH ÖM TLMLSQW Q UOT U RL cQMR ON QNNPXOQKLR dOKU UOT U ¦§¨ L cONNOP MN ]LXQ ZNL VPNNOW V ZLWN QSL
e
e
ZNZQWWY ZNLR VP S cQKX UOMT KUL LMLSTY RL cQMRH ¤ZSKULScP SLe KSQMNOLMK P_LSQK OP MQW XP MROK OP MN
_SPR ZXL cP SL ¦§¨ LcONNOP MN KUQM NKLQRY NKQKL ÓSLWQK OaLWY XP MNKQMKÔ XP MROK OP MNe cQ ^OMT V WZXK ZQK OMT
RL cQMR LaLM cP SL ZMRLNOSQ]WL H
gUON cLQMN KUQK QM OMKLWWOTLMK cQMQTLcLMK P M KUL RL cQMR NORL ON QWW ]LMLV OXOQW QN OK dOWW SLR ZXL KUL
e
LMR ZNLSN XPNK N VP S LWLXKSOXOKY QMR ULQK QaPOR OMaLNK cLMK N OM OMV SQNKSZXK ZSL SLR ZXL cQOMKLMQMXL
e
e
XPNK N QMR PV XPZSNL XP_L dOKU KUL _SP ]WLcN PV _LQ ^ WPQRN QMR LVVLXKN H
e
––
Š”“—‹‡ × ‰ Ô‡‹„‘ ”ŒÐ„† ҄‘„ ؈٠”Ð „Ú‡‹„“‡’Û –‹Œ ܑ’”‹„Ý ˆÞþ٠߄‹•à ÏÙÙá
˜|xxsuzs}
1
2
1 P
I 9: D=4- 3 9=>>:-<:7 .0 0F:/30D: 0- .9: :>:3./43=> 74 : 3=- Z: 7 DD= /4H: =7
1
@A7.:D L D4-47./=.4012 1 9 /. 4/ 24.
/
• ;: 3: 7 0 Q3 3 G0E:
.
./
• 6 0> =<: 30- 0>
•
•
M0E: / Z=>=-3:
8 2
2
@:3 /4.A 0 7 GG>A
•
•
•
;:123:1 3:-./=> G/0123.40M0E: /QV8 /:m2:-3A 7.=Z4>4.A
]
m2
l/: :-3A G/0Z>:D \>0E D=77
M0E: / T0DG=-4:7
288 4 4 . . /X
4.
• ,-7 3 :- -: E0 3=G=3 A
/ m2=>4.A \9= /D0-437 V
• M0E:
F0>.=<: 1 /0G]
•
•
•
•
•
L7ADD:./43=> Z=>=-3:
M0E: / m2=>4.A \F0>.=<: 5?O6âV Q
*Ok]
g6L / Z=>=-3: \/:=3.4F:]
0E 7 90/.Q34/3 24. G0E: /
ã
;:1234-< G0E: / 14774G=.40- >0E
F0>.=<: < /41
8
8
8
2
2 1
@0D: 0 .907: 3 9=>>:-<:7 =/: F 474Z>: 4- .9: G43. /: Z:>0E 0 .9: D:=7 /: F0>.=<: \? G9=7:7` 0
-0D4-=> 55O6 ] =. .9: :-1 27: /e7 741: +
*
5
©ª«¬­® ä° åæ­®® ¶æ»½® ·ç ¹·¾ª¹»² ¯¯èé
gUL KY_OXQW WPNNLN OM KUL LWLXKSOXQW T SOR OM [P SdQY QSL OM KUL SQMTL PV l
•
•
•
OT U aP WKQTL T SOR
ê
mLROZc aP WKQTL T SOR
Pd aP WKQTL T SOR
î
– bë ¥
e
eì í
¥ ëG
eì
eì í
` bë b
e
eì í
[PK OMX WZRLR OM KULNL MZc]LSN QSL KUL WPXQW WPNNLN QK KUL LMR ZNLSN NORL d UOX U cOT UK SLNZWK OM Q KPKQW
WPNN OM KUL SQMTL ]LKdLLM –b ë ¥b H kOaLM KUL X WPNL XP MMLXK OP M ]LKdLLM KUL LWLXKSOXQW QMR ULQK OMT
í
NYNKLcN OM [P SdQYe KUL ï\ cQSK k SORð XP MXL _K XPaLSN KUL LWLXKSOXQW QN dLWW QN KUL KULScQW ïT SORðH
'ŽĂů͗
gUL Oc_WLcLMKQK OP M QMR KLNK OMT PV Q WPXQW NcQSK T SOR P M Q SLQWONK OX NOKL Ó]WPX^N PV ]ZOWROMTNÔ K P
QX UOLaL KUL VP WWPdOMT NZ] TPQWN l
©ª«¬­® ñ° ©²»´´®¹ª¹« ¶®»ò ²·»¸½ ¬½ª¹« ²·³»² é·²´»«® ³·¹´ ­·²
–G
]
1
1 2
2
*
+ l>=..:-4-< .9: :-: /<A :D=- 3 /F: \7:: l4< /: 5
8
12
12
1
X 1
1
5+ ;: 3: .9: G0E: / 307. 0 / .9: :- 7:/ =7 E:>> =7 =F04 4-< G:= >0= 7 + I 947 3=- Z: 0-: ZA
:UG>04.4-< .9: G0774Z4>4.4:7 088: /:1 ZA >03=> :-: /<A 7.0/=<: 7 23 9 =7 :>:3./43 3= /7` =-1 90. E=.: /
.=-X7 +
81
8
88
8
2 1
1
1
1
?+ ,-.:< /=.40- 0 47./4Z .: TRM 7A7.:D 0 / 94< 9 : 434:-. >0= Z=>=-34-< =- =F04 =-3: 0 =-A
1=-<: / 08 2-:UG:3.:1 Z>=3X 0 2.7 L7 147./4Z2.:1 M 7A7.:D7 3=- Z: Z=7:1 0- Z40 <=7 .9:
+
TR
`
2
21
X
TcˆQ -: ./=>4.A E0 > 7.4>> Z: :G. +
8
88
12
2
2
1
B+ ;: 3.40- 0 0G: /=.40-=> 307.7 ZA 74-< .9: D07. 307. : 434:-. :-: /<A 70 /3: Z=7: 0]
8
8
90 2/>A 2G1=.: 0 .9: 3 2//:-. D= /X:. G/43: \.0 Z: 4-7.=>>:1 4- _0 /E=A /0D 5O*n
L>> 4- =>>` .9: D=4- 41:= 47 .0 27: =>/:=1A =F=4>=Z>: .:3 9-0>0< 4:7 7 23 9 =7 F0>.=<: =-1 G0E: / m2=>4.A
30-./0>` 4- = /:=>47.43 .:7. 74.: \30--:3.40- .0 .9: >03=> :>:3./43=> < /41 =7 E:>> =7 .0 .9: 147./43. 9:=.4-< V
Z24>14-< 9:=.4-< 7A7.:D]` 70 .9=. -0 Z=743 -:E .:3 9-0>0<A -::17 .0 Z: 1:F:>0G:1 +
8
2 1
1
P
,. 47 =77 D: .9=. 0>>0E 4-< =3.4F 4.4:7 = /: -:3:77=/A .0 =3 94:F: .9: =Z0F: D:-.40-: <0=>7
8 .9
1 4 2 .4
.4
.
9
.4
4 14 . 1 4 4 2/ S
• @:>:3 0- =- 7 D >= 0- 0 : 7A7 :D7 =7 73 :D= 3=>>A - 3= : - l < : +
1 .9: /D=> 7A7.:D7 =-1 27: .9:D =7 = D:=-7 80 / 0G.4D4H4-< .9:
. / . .9
./4
• ,- :< = : : :>:3 3=> =:-: /<A 7A7.:D =7 = E 90>: /=.9: / .9=- 0G.4D4H4-< 147.4-3. 7A7.:D7 + c- .9: .9: /D=> 741: E:
30 2>1 27: :4.9: / = <=7 :-< 4-:` 0 / = 7D=>> <=7 . 2/Z4-:` 4- 30DZ4-=.40- E 4.9 9:=. G2DG 80 /
/:30F: /4-< :U 9= 27. <=7 9:=. +
9
.
9 .
/ . 1 . . 1 1
4 / 84 1
. . 4.
/ 84 1
• I : 7A7 :D =7 0 Z: 0G: = : ` :7 : =- G077 Z>A : -: 0- = :7 7 : =7 = G :Q :>
4-7.=>>=.40-+ I 9: /:7 2>.7 08 .9: .:7.7 E 4>> Z: =-=>AH:1 =-1 .9: 8 4-14-<7 E 4>> Z: 27:1 80 / 82/.9: /
0G.4D4H=.40- 08 .9: :-.4/: 7A7.:D+
8 .9 2 .4
1 . .4
12 /
1
. 2 4 . .4
. .9 . . 4. 9
• @: G -7 =>>= 0- =- :7 -< 0 : D > G>: :- 7: 3=7: = : :7 7 : 7 =>> Z: = 7:307.:G =-1 30F: / .9: =7G:3. 08 .9: 4-.: /=3.40- 08 1488: /:-. 7A7.:D7V1:D=-17 E 4.9 7>4< 9. >A
1488: /:-. 3 9= /=3.: /47.437 . 47 4- .947 30-.:U. =>70 -:3:77= /A .0 :F=>2=.: .9: G0774Z4>4.A .0
+, `
./=-78: / .9: D=-=<:D:-. 7A7.:D 0G.4D4H:1 80 / 0-: Z>03 X 08 Z24>14-< .0 = 7:30-1 0-: E 943 9
D4< 9. 9=F: = 7>4< 9. >A 1488: /:-. 3 9= /=3.: /47.43 +
8
8 4/ .9
8 .9
1
4 8 4 1 4 . .4
4 /
. 4
/4
/
• L 0>>0E -< :> -7 =>>= 0- E >> G 0F: =- 30- D : 30-3:G F = 30DG= 70- 0 : G0E:
30-7 2DG.40- =-1 m2=>4.A 1=.= 30>>:3.:1 Z:80 /: =-1 =8.: / 4DG>:D:-.=.40-+
*
B
Š”“—‹‡ á ‰ ƒ à‡ ’•ŒÔ‡ Œ– ‘ à‡ ’”—†„‘ ”ŒÐ
ĐƚŝǀŝƚŝĞƐ͗
ôõ Š’ö ÷Š‹ ø ‘ŒŒ÷ùŠ úôû ‘‹’û‹üŠŒý
ó
ĂͿ
bM *+ @ 4D2>=.40- =-1 30-./0>>: / V D=-=<:D:-. 7A7.:D 7:. 2G
= + @ 4D2>=.0 / 30-8 4< 2/=.40- =-1 1:8 4-4.40- 08 3=7:7 .0 Z: 30F: /:1
Z+ T0-./0>>: / =-1 D=-=<:D:-. 7A7.:D 7:. 2G =-1 G/0< /=DD4-< \=7 8= / =7 -:3:77= /A ]
3 + M= /=D:.: / 7. 21A =-1 :F=>2=.40- 08 F= /40 27 3=7:7
1
2 2 2 1
1 82/.9: / 0G.4D4H=.40- Z=7:1 0- /:7 2>.7 =-1 D0-4.0 /4-< 08
+ T0-.4- 0 7 G =.: ==>> 1=.= =-1 0Z7: /F=.40-7 08 .9: .:7.4-<
bM 5+ I :7. 74.: 7:. 2G =-1 .:7.4-< 08 = 74-<>: :-1Q 27: / 3=7:
= + i:8 4-4.40- 08 .9: :-1 27: / 3=7:
Z+ ,-7.=>>=.40- =-1 .:7.4-<
3 + 6 : /48 43=.40- =-1 0G.4D4H=.40- þÿ 8::1 Z=3 X >00G
1
2 2 1 2
+ T0-.4- 0 7 03 D:-.=.40bM ?+ I :7. 74.: 7:. 2G =-1 .:7.4-< 08 = 74-<>: :-1Q 27: / 3=7:
= + i:8 4-4.40- 08 .9: 3=7:\7]
Z+ ,-7.=>>=.40- =-1 .:7.4-<
3 + 6 : /48 43=.40- =-1 0G.4D4H=.40- þÿ 8::1 Z=3 X >00G
1
2 2 1 2
+ T0-.4- 0 7 03 D:-.=.40bM B+ @ 4.: 4-7.=>>=.40= + 6 : /48 43=.40- =-1 0G.4D4H=.40- þÿ 8::1 Z=3 X >00G
Z+ T0-.4-20 27 103 2D:-.=.40-+
bM J+ M/0f :3. D=-=<:D:-. +
= + M/0f :3. D=-=<:D:-.
*
J
Z+ ,-.: /8=34-< E 4.9 0.9: / G/0f :3.7
3 + i477:D4-=.40- =3.4F 4.4:7
2
o
y
ŒŒ÷ùŠ Ž÷Žüý
ó
8
1
1
O O]
,-.: /-=.40-=> \ 0 / :U=DG>: Cj R0 /4H0- 5 5 ` -=.40-=> G/0< /=D7 =- 4-4.4=.4F:7` =- /:< 40-=>
82-17
™t|vspxys {} ‡
LT C-X0 [>4D= h C-: /< 4 L@` ,;,@V j4@ =-1 G= /. -: /7 >4X: M@@ C-: /<A` T0G:-9=<:-` @ 92-.: /D=8
8
1 2
2
12
12
2
I /=-7 0 /D: /7 a: /D=-A` =- 7 GG>4: /7 0 9:=. G DG7` <=7 G/0 3: /7` Lg@ G/0 3: /7` g >.4
j.4>4.A 30DG=-4:7
s~us {s}rpu}2xt s}
V
1
,;,@ j4@ =- LT
*Y
n
x { {| ~t
opoo … t
/ŶĐƌĞĂƐĞĚŽƉĞƌĂƚŝŽŶĂůĨůĞdžŝďŝůŝƚLJŽĨƚŚĞŚLJĚƌŽƉŽǁĞƌƉůĂŶƚƐ
|o vz {p‚uy ‡
88
1
m2
1
I 9: 3 9=-<: 0G: /=.40-=> /: 4/:D:-.7 9=F: 7:F: /=> : :3.7 0- .9: :U 47.4-< 9A /0G0E: / G>=-.7 E 943 9
48 =F=4>=Z>:` = /: .9: G/:8: //:1 =-1 8=7.:7. Z=>=-34-< 4-7./2D:-. 80 / .9: I@c7 P
8 .9 9 1 /
/ .4
/ . 2/Z4-:7 4- 30-14.40-7 0 2.741: .9: 1:74<- 0G.4D2D E 4>> /:7 2>. 4• cG: = 0- 0 : A 0G0E:
G/:77 2/: G2>7=.40-7 2-1: / >0E >0=1 30-14.40-7 * \7:: =>70 8 4< 2/: Z:>0E5] =-1 4-3 /:=7:1 7./:77
=-1 E:= / 12: .0 =- 4-3 /:=74-< -2DZ: / 08 7.= /.Q7.0G 0G: /=.40-7 +
1 4 / 4 . 2/Z4-:7 M:>.0-Q =-1 =G>=-Q. 2/Z4-:7
94 9
4
.
/4
+
[
• I 7 G :-0D:-0- 7 D07 >A :UG: :-3: - l =-3 7
1
1
7::D .0 9=- >: .9: -:E 0G: /=.4-< 30- 4.40-7 = Z4. Z:..: /+
12 . 8 241 7./23. 2/: 4-.: /=3.40- 47 D=4->A 0Z7: /F:1 4- .9: /0.=.4-<
9 1
/ 81
• I : =-<: 0 =D=<:7 : 0 >
30DG0-:-.7 Z2. 4- = >0-<:/ .4D: 73=>: .9:A 3=- =>70 =GG:= / 4- 7.=.40-= /A G= /.7 08 .9: G0E: /
G>=-. =-1 .9: 30--:3.:1 G= /.7 + I 9: 4-3 /:=7:1 7./:77 /:7 2>.7 4- 94< 9: / G/0Z=Z4>4.A 08
2-80 /:7::- 0 2.=<:7 =-1 D0 /: 7: /F 43: =-1 D=4-.:-=-3: E0 /X
+
8 :>:3./43=> 30DG0-:-.7 \: < E 4-14-< 9:=1 08 .9: <:-: /=.0 /] = /: =>70 :UG:3.:1
.
/
4
=7
:
=<
-<
0
+ +
• l
12: .0 8=7. 3 9=-<:7 4- .9: /D=> >0=1 =-1 :UG=-740- =7 103 2D:-.:1 G/:F 40 27>A?
Š”“—‹‡ ‰ ‹‡’’—‹‡ ԗ†’„‘ ”ŒÐ’ җ‹”Г ’‘„‹‘Þ—Ô „ÐÒ ’à—‘ Ҍ• Ð
àØáÙÝÞ
â ê øæÝØëÞÚ ëëæè ÜÞ ðÛîùÛ÷ÛÜæ é çæÖØÜí äÞëëÛÜ ÜàÚÛ÷ëÞ Ø×ÞÙÛÚ æØÜ Øß ÙÛÜÝæà ×áÖ×éÚ áÙ÷æÜÞ ÛÚ
ÙáÜÛîÛå Ùæèæí ÛÜí ÞëÛàÚ æÝ î ÛÚÞÙ ÝØëáÖÜ ØàÝæëëÛÚ æØÜ ÖØíÞà ýü çåÖ×ØàæáÖ ØÜ åíÙÛáëæÝ ÖÛÝæÜÞÙå ÛÜí
àåàÚÞÖà Õ ì ýïïô ÝÚØ÷ÞÙ ýúéûâ Ø íØ Õè áÛààá
ý
êÞ×Û êÛÜèæÜè Ú Þ àÚÛÙÚéá× ×ÙØÝÞíáÙÞ Øß ÙÛÜÝæà ÙÞäÞÙàæ÷ëÞ ×áÖ×éÚ áÙ÷æÜÞ ÚØ æÖ×ÙØäÞ æÚà àÚÛ÷æëæÚå æÜ
á
Ú Ù÷æÜÞ ÖØíÞ êØÜßÞÙÞÜÝÞ ×Û×ÞÙ Øß Þ ÕÜÚÞÙÜÛÚ æØÜÛë ÙØ á× ßØÙ ìåíÙÛáëæÝ òßß æÝæÞÜÝå !ÞÛàáÙÞÖÞÜÚ Õ ìò!
ÙØ Üí ÞæÖ ýïâý ÚÚ × "" îîî æè ÞÖØÙè" öÛ ×ÞÙà Õ ìò!" ûõô ×íß #
û ðð ×ÙÞàÞÜÚÛÚ æØÜ ÛÚ Ú Þ !Ûà ùæÜÚÞùÜæà ù ØÙáÖ âó éýï áÜÞ ýïïô ÛíæààØÜ ç ç ìØÚÞë $æäÞÙ×ØØë
*S
V 2
]
8
8
1
1
2
2
1
I 9: D07. 7./:77: G= /. 0 = 9A /0G0E: / -4. \. /Z4-:` <:-: /=.0 / =- 4->:. 0 . >:. >0E = /:= 47 .9:
. 2/Z4-: 4.7:>8` 4- G= /.43 2>= / .9: Z>=1:7 4- .9: . 2/Z4-:Q /2--: /+ I 9: 1:D=-1 80 / 4-3/:=74-< :88 434:-3A 9=7
4-:F 4.=Z>A >:1 .0 /:123:1 27: 08 D=.: /4=> =-1 9:-3: D0 /: 7./:77:1 30DG0-:-.7 + l=4>2/: 08 94< 9Q
G/:77 2/: l/=-347 . 2/Z4-:7 9=F: Z::- /:G0 /.:1 Z0.9 12: .0 G2>7=.4-< 4-8 >0E 4- /:70-=-3: E 4.9 .9:
. 2/Z4-: /:70-=-. 8 /:m2:-3A =-1V 0 / 12: .0 D=-A =-1 >= /<: F= /4=.40-7 4- 0 2. G2.` E 943 9 9=F: >:1 .0
94< 9 8=.4< 2: >0=1` 3 /=3 X7 =-1 70D:.4D: >077 08 G= /.7 8 /0D .9: /2--: / Z>=1:7
Š”“—‹‡ % ‰ &‡Ô„”‹ Œ– ҇’‘ ‹ŒÓ‡Ò …†„Ò‡’ ”Ð ‘ —‹…”Ð‡Þ ‹—ÐЇ‹Ý Øà”“ à ԋ‡’’—‹‡ Š‹„Е”’ ‘ —‹…”ЇÛ
ĐƚŝǀŝƚLJĚĞƐĐƌŝƉƚŝŽŶ͗
8
8
1
18
1
l0 / 4DG>:D:-.4-< =- .:7.4-< = 30-3:G. 0 / 4DG/0F: >:U 4Z4>4.A 0 :U 47.4-< 9A /0 G0E: / G>=-.7 = G4>0.
G/0f :3. =. =- :U 47.4-< 74.: \: +< + ãA7:Z0. -] 30 2>1 7: /F: =7 = /:8: /:-3: G/0f :3. + ,. E0 2>1 =>>0E
=GG/0=3 94-< Z0.9 -:E 9A1 /0G0E: / G/0f :3. 1:74<- =-1 2G< /=14-< 08 :U 47.4-< 9A1 /0G0E: / G>=-.7
E 9: /: .9: D=4- 803 27 47 0- 7A7.:DQ 4-.:< /=.40- \X:A E0 /17 P Z=>=-34-<` 7G4--4-< /:7: /F:` 8=7.
=3.4F=.4-< 2-4.7` 6 0>.=<:QV6L / /:< 2>=.40-` 7 90/. 34/3 24. 30-./4Z2.40-]+ ,- ãA7:Z0. -` -:3:77= /A 7 2GG0 /.
80 / .9: G/0f :3. E0 2>1 Z: G/0F 41:1 < 4F 4-< = 2-4m2: G0774Z4>4.A .0 .:7. =-1 1:D0-7./=.: = m24.: -:E
`
30-3:G. + I 9: 41:= 47 .0 2.4>4H: .9: <:-: /=.0 /7 =7 :U34.: /7 \30-./4Z2.: .0 7A7.:D 7: /F 43:7 7 23 9 =7
F0>.=<:QV6L / /:< 2>=.40-` 4-3 /:=7: .0.=> 4-: /.4= 4- .9: G0E: / 7A7.:D .927 4DG/0F 4-< 7A7.:D 7.=Z4>4.A`
/47: 7 90 /.Q34/3 24. G0E: / :.3+] ZA 4-G2. 08 30DG/:77:1 =4/ 4-.0 .9: . 2/Z4-: 3 9=DZ: / \4->:. 73 /0>>V 7G4/=>
3=74-< ] 7 23 9 .9=. .9: . 2/Z4-: 3=- /0.=.: 8 /::>A 4- =4/+ R:-3:` .9: <:-: /=.0 / D=A Z: 0G: /=.:1 =7 =
./=14.40-=> :U34.: /+ I 9: >077:7 <:-: /=.:1 8 /0D .9: /0.=.4-< <:-: /=.0 / D27. 90E:F: / Z: 9=-1 >:1 ZA
27: 08 9:=. :U3 9=-<: /7 b9:- .9: /: 47 = -::1 80 / G0E: / 0 2. G2. 8 /0D .9: <:-: /=.0 / .9: 3>07:1 < 241:
+
`
F=-:7 E 4>> Z: 0G:-:1 =-1 .9: =4/ 4- .9: 7G4/=> 3=74-< E 4>> Z: /:G>=3:1 ZA E=.: /+ b 9:- E=.: / >:F:> /47:7
4- .9: 1 /=8. . 2Z:` .9: . 2/Z4-: /2--: / Z>=1:7` E 943 9 47 /0.=.4-< =. JOO . 2/-7V D4-2.:` E 4>> 94. .9: /=474-<
E=.: / 7 2/8=3: 4- .9: 1 /=8. 3 9=DZ: /+ I /=14.40-=>>A 1:74<-:1 . 2/Z4-: /2--: /7 Z>=1:7 = /: -0. =Z>: .0
E 4.97.=-1 7 23 9 7./:77` Z2. = D=-28=3. 2/: / 47 3>=4D4-< .9=. 7G:34=> 1:74<-:1 9:=FA 12.A . 2/Z4-:
E 9::>7 E 4>> Z: =Z>: .0 9=-1>: .947 1:D=-14-< 0G: /=.40-=> 30-14.40-+ b 9:-` E 4.94- .9: G4>0. G/0f :3.` 4.
3=- Z: F: /48 4:1 .9=. .947 0G: /=.40- 30-3:G. 47 G0774Z>:` .9: 9A1 /0Q<:-: /=.0 / D=A Z: 30-.4-20 27>A
30--:3.:1 .0 .9: < /41` =-1 9:-3: .9: /:< 2>= / 7.= /.Q7.0G G/03:12/: E 4>> Z: 1 /=D=.43=>>A =>.: /:1 + @.= /.
307.7 08 9A1 /0Q<:-: /=.0 /7 \=7 E:>> =7 7.= /.Q7.0G 307. 08 0.9: / <:-: /=.0 /7] = /: =>E=A7 = 7 2Zf :3. 08
1473 27740- - _0 /E=A = 307. 08 OO ' D=A Z: .AG43=> 80 / = 7.= /.Q7.0G 7:m2:-3: 08 = 9A1 /0Q<:-: /=.0 /
+,
J
+
b 9:- .9: <:-: /=.0 / 47 /0.=.4-< 30-.4-20 27>A` .9: ./=14.40-=> 7.= /.Q7.0G 307.7 D=A Z: =F041:1 + @ 4-3:
.9: <:-: /=.0 / 47 =>E=A7 /0.=.4-< =. 7A-3 9/0-0 27 7G::1` .9: /=DGQ 2G .4D: 08 .9: <:-: /=.0 / 30 2>1 =>70
Z: /:123:1 74<-48 43=-. >A + I 9: /=DGQ 2G .4D: D=A Z: /:123:1 10E- .0 0->A 0-: D4-2.: 8 /0D H: /0 .0
*
N
82>> G0E: / 0 2. G2. 947 -:E 30-3:G. D=A 1:D0-7./=.: = -:E =GG/0=3 9 08 2G< /=14-< =-1 0G: /=.4-<
+I
:U 47.4-< G>=-.7` E 943 9 47 D0/: 4- >4-: E 4.9 -:E =-1 2G30D4-< /:m24/:D:-.7 80 / 7A7.:D 0G: /=.40-+
8
1
1
I 9: D:-.40-: G0774Z>: G4>0. 74.:` ãA7:Z0. - G0E: / 7.=.40- 4- ;0<=>=- ` D=A 7: /F: =7 =- :U=DG>: 0 =
D0 /: 30DG/: 9:-74F: /:82/Z47 94-< G/0f :3. E 9: /: .0.=>>A -:E 1:74<- 3 /4.: /4= 9=F: Z::- =GG>4:1 + b 9:.9: G>=-. 3=D: 4- 0G: /=.40- 12/4-< *nJ5Q *nJY` A7:Z0. - G0E: / 7.=.40- \Y <:-: /=.0 /7 E 4.9 = .0.=> 08
ã
]
2
2
1
1
1
f
*O
5 gb E=7 .9: Z4<<:7. G0E: / G>=-. 4- C /0G: + ,- .9: G< /= 4-< G/0 :3.` .9: :U 47.4-< =D7 =/:7: /F04/7 E 4>> 4- G/4-34G>: Z: X:G. 2-3 9=-<:1 + L .0.=>>A -:E G0E: / 7.=.40- G>=3:1 4- .9: /03X 47
=>/:=1A 2-1: / 30-7./23.40- =-1 0->A .E0 <:-: /=.0 / 7:.7 08 *NJ gb :=3 9 E 4>> /:G>=3: .9: :U 47.4-< 74U
2-4.7 927 =- 4-3/:=7: 4- 3=G=34.A 08 SYk E 4>> Z: 0Z.=4-:1 9: :U 47.4-< Y M:>.0- . 2/Z4-:7 E 4>> Z:
+I `
+I
/:G>=3:1 ZA 5 94< 9Q G/:77 2/: l/=-347 . 2/Z4-:7` E 943 9 4- 30DZ4-=.40- E 4.9 70D: 4DG/0F:D:-.7 =-1
3 9=-<:7 4- .9: 9A1 /0 7A7.:D /:7 2>. 4- =- 4-3 /:=7:1 :88 434:-3A ZA =GG/0U 4D=.:>A *Jk + I 9: 4-3 /:=7: 4:-: /<A 0 2. G2. 8 /0D .9: -:E G0E: / 7.=.40- E 4>> G/0F 41: *NO ab 9+ I 9: -:E G:-7.03X7 =7 E:>> =7 .9:
-:E 1 /=8. . 2Z:7 = /: Z>=7.:1 4- .9: /03X E 4.9 30-741:/=Z>: :UG=-1:1 3 /077Q7:3.40- .927 =>>0E 4-< 80/
4DG/0F:1 :88 434:-3A =7 E:>> =7 94< 9: / 0 2. G2. + I 9: -:E G>=--:1 G0E: / 7.=.40- 47 E:>> 7 24.:1 80 / 82>>
73=>: .:7.4-< 08 -:E 0G: /=.4-< 30-3:G.7 E 9: /: .9: D=U 4D2D 2.4>4H=.40- 08 .9: 8 >:U 4Z4>4.A 08 >= /<: 73=>:
9A1 /0G0E: / \ÿ*OO gb] 302>1 Z: 1:D0-7./=.:1 +
M/0F 41:1 G074.4F: .:7. /:7 2>.7` E 943 9 E: 30-741: / .0 Z: .9: D07. >4X:>A 0 2.30D:` .9: /:7 2>.7 08 .9:
7 2<<:7.:1 /:7:= /3 9 G/0f :3. 30 2>1 7: /F: =7 = <001 :U=DG>: 80 / 4-3 /:=7:1 7A7.:D Z:-:8 4.7 .9=. D=A Z:
0Z.=4-:1 E 9:- 2G< /=14-< :U 47.4-< G0E: / G>=-.7 4- C2/0G:` =-1 .927 G=F: .9: E=A 80 / Z:..: / 7A7.:D
4-.:< /=.40- 4- =>/:=1A 4-.: /30--:3.:1 7A7.:D7 =-1 /:123: .9: Z=>=-34-< 307.7 +
*}t q|tsy
˜p}t} \G/:>4D4-=/A 4-143=.4F:]‡
`
12 2
2
CU./= 9:=FAQ .A . /Z4-: / --: /
V
2
T0DG/:770 /7 300>4-< =4/ G/:77 /:
g0 2-.4-<V /:D0 2-.4-< 08 . 2/Z4-: /2--: /
:=3 9]
g01:> F: /48 43=.40- \>=Z0 /=.0 /A .:7.7]
8
m2
2 2
C 4GD:-. 0 / 30-.4- 0 7 D0-4.0 /4-<
g=-Q 90 2/7 :.3 +
=GG/0U + 5+B D4>> '
=GG/0U + *+5 D4>> '
=GG/0U + O +? D4>> ' \Y 0G: /=.40-7 = O +OJ D4>> '
=GG/0U + O +N D4>> '
=GG/0U + O +S D4>> '
=GG/0U + *+O D4>> '
p}}2xs ~ ‚uyuz ‡
(
;:< 40-=>` _=.40-=> 0 / 4-.: /-=.40-=> 82-17 F 4= : +< + Cj R0 /4H0- 5O5O G/0< /=D
™t|vspxys {} ‡
A7: M/012X7f 0-` @.=. -:..` L-1 /4.H \.9: L 27./4=- D=-28=3. 2/: / 08 .9: <:-: /=.0 /7V. 2/Z4-:7]`
ã
V
V
]
]
8
1
2
RA /0G0E: / >=Z0 /=.0 /A _I _j @ 4-.: \.:7.7 ` _0 /30-7 >.` ,;,@ j4@ \D0-4.0 /4-<
*n
n
{
~ w{ {+ ~,w„uw€v … xt{ -zs€u „. t~„~t} {wt„ +{t -ƒr-~x „u {tsv~
opo)o * €} t„ €
|o vz {p‚uy ‡
^:741:7 274-< :U 47.4-< 9A1 /0 G0E: / G>=-.7 80 / Z=>=-34-< D4< 9. .9: 30-F:/740- 08 :U 47.4-< 74-<>: 8 >0E
14/:3. G>=-.7 4-.0 G2DG:1 7.0 /=<: G>=-. 088: / =114.40-=> G0774Z4>4.4:7 =-1 3=G=34.A 80 / Z=>=-34-<
+
b 9:- 4DG>:D:-.:1 E 4>> .9: G0774Z4>4.A .0 80 / Z=>=-34-< Z: 4-3 /:=7:1 ZA =- :7.4D=.:1 3=G=34.A 08
=114.40-=> **eYOO gb + @0D: 3=7:7 E: /: 30F: /:1 4- = G/:>4D4-= /A 7. 21AB + c-: 08 .9: 73:-= /407
:F=>2=.:1 47 7 2DD= /4H:1 4- .9: .=Z>: Z:>0E \70 2/3: / ]
0
ot A t€ ys}o{rt pu
8
8
1
2
1
I 947 =3.4F 4.A 7 9=>> 30F: / .9: 4- :G.9 :F=> =.40- 0 7:>:3.: 3=7:7 Z:4-< 0 4-.: /:7. 4- _0 /.9 @:=
/:< 40-+ I 9: :F=>2=.40- -::17 .0 30F: / =>> =7G:3.7` .:39-43=>>A` :-F 4/0-D:-.=>>A =-1 4- .: /D7 08 7034=>
=33:G.=-3: + ,. D4< 9. Z: 3>:= / =-1 .927 -::1 -0. .0 Z: 82/.9: / 1:73 /4Z:1 .9=. :7G:34=>>A
:-F 4/0-D:-.=> =7G:3.7 = /: 74D4>= / .0 .907: D:-.40-:1 =Z0F: +
p}}2xs ~ ‚uyuz ‡
_=.40-=> =-1 4-.:/-=.40-=> \F 4= : +< + Cj R0 /4H0- 5O5O G/0< /=D]
™t|vspxys {} ‡
A7: =-1 0.9: / G0E: / G/0123: /7` < /41 0G: /=.0 /7` ,;,@V j4@` TCi;C_` :.3 +
ã
(
ü ò çØëä ÛÜè ìÛÙ÷å 1 ðæëëæÜèäÞæÚ ÕÜÝÙÞÛà æÜè ÷ÛëÛÜÝÞ ×ØîÞÙ æÜ øØÙîÞèæÛÜ åíÙØÞëÞÝÚ ÙæÝ ×ØîÞÙ àÚÛÚ æØÜà
çÕø ò òÜÞÙèå ÞàÞÛÙÝ ýïâýéïýéâï Þ×ØÙÚ ÚØ ê ò2òø
O
5
n 3
opo o
,u~€„w{€ {+ -{| ~t v~€~tsu w{€ s-swu… {+ ~, w„uw€v t~„~t} {wt„
4
|o vz {p‚uy ‡
L77 2D4-< = 7 233:7782> 30DG>:.40- =-1 4DG>:D:-.=.40- 08 .9: G/:F 40 27>A 1:73 /4Z:1 =3.4F 4.4:7 E 4>> Z:`
=7 .9: 7 9= /: 08 /:-:E=Z>: :-: /< 4:7 47 82/.9: / 4-3 /:=74-<` =>70 .9: :U.:-740- 08 .9: G0E: / <:-: /=.403=G=34.4:7 -:3:77= /A + I 9: 41:= 47 .0 27: =>/:=1A :U 47.4-< 3=G=34.4:7 =-1 /:7: /F04/7 80 / .947 :U.:-740E 943 9 47` 4- _0 /E=A` :UG:3.:1 .0 Z: 4- .9: /=-<: 08 JeOOO gb +
0 ot A t€ ys}o{rt pu
1
1 1
X
1
I 0 :73 /4Z: .947 =3.4F 4.A .9: I 0-7.= 9A /0G0E: /Q7.=.40- D4< 9. Z: .= :- =7 =- :U=DG>: + I 0-7.= 47
.9: D=4- G0E: /Q7.=.40- 08 .9: @ 4/= [F 4-= 9A1 /0G0E:/Q G>=-.` 9=7 = .0.=> 4-7.=>>=.40- 08 -:= />A *OOO
gb \J 2-4.7]+ I 9: 9A1 /0G0E: /Q7.=.40- 9=7 Z::- 4- 0G: /=.40- 80 / JO A:= /7` =-1 .9: . 2/Z4-:Q /2--: /7
= /: -0E G>=--:1 .0 Z: 3 9=-<:1 80 / .9: 7:30-1 .4D: + i2: .0 3 9=-< 4-< 0G: /=.40-=> 30-14.40-7 12/4-<
.9: >=7. A:=/7` .9: . 2/Z4-:Q /2--: /7 E 943 9 E: /: 1:74<-:1 80 / 0G: /=.40- = /0 2-1 Z:7. :88 434:-3A G04-.`
9=F: .0 Z: 4-7G:3.:1 80 / G0774Z>: 3 /=3X7 =-1V 0 / 2G< /=1:1 ZA < /4-14-< :F: /A 5 A:= /7 + ,8 -:3:77= /A`
1:.:3.:1 3 /=3X7 9=F: .0 Z: /:G=4/:1 ZA E:>14-< =-1 < /4-14-< 0-7.=1 9A1 /0G0E: /Q7.=.40- 47 E:>>
+I
7 24.:1 80 / .9: 1:>4F: /A 08 =-34>>= /A 7: /F 43:7 .0 .9: ./=-7D47740- < /41 + l0 / .9: 0E-:/ 08 .9:
9A1 /0G0E: /Q7.=.40-` .9: /: 47 90E:F: / = ./=1:Q088 Z:.E::- .9: :U./= G=AD:-. 80 / 7A7.:D 7: /F 43:7`
=-1 .9: 4-3 /:=7: 4- D=4-.:-=-3: =-1 /:G=4/ 307.7 + g=-A 08 .9: Z4< 94< 9Q G/:77 2/: l/=-347 . 2/Z4-:7 49A1 /0G0E: /Q7.=.40-7 =-1 . 2/Z4-:7 4- _0 /E=A =-1 0.9: / 30 2-./4:7 9=F: :UG: /4:-3:1 3 /=3X7 =-1
Z/:= X=<: 08 . 2/Z4-: Z>=1:7 + ,- I 0-7.=1 G0E: /Q7.=.40- .9: 0G: /=.40-=> 3 9=>>:-<: 47 :UG:3.:1 .0
Z:30D: :F:- D0 /: 1:D=-14-< =7 .9: -:E G>=--:1 4-.: /30--:3.0 / Z:.E::- _0 /E=A =-1 a: /D=-A
\*BOO gb] 47 G>=--:1 .0 Z: .: /D4-=.:1 =. I 0-7.=1 12/4-< 5O*n + I 9: 8 >0E 4- .947 4-.: /30--:3.0 /
\D=<-4. 21: =-1 14/:3.40-] 47 80 /:7::- .0 F= /A =330 /14-< .0 .9: =3. 2=> 0 2. G2. 8 /0D a: /D=4-.: /D4..:-. /:-:E=Z>: <:-: /=.40-+ R:-3:` .9: 8 4F: 2-4.7 =. I0-7.=1 9A1 /0G0E:/ 7.=.40- = /: X:A 2-4.7
.0 .=3X>: .9: F= /4=.40-7 4- .9: :UG:3.:1 8 >0E7 =-1 :-=Z>: .9: 1:74/:1 /=DG4-< 0- .9: 4-.: /30--:3.0/+
1
18
1
1
2
2
1
,- 0 / : / .0 Z: G/:G= /: 0/ -:E :D=- 4-< 7: /F 43:7` .9: -:E . /Z4-: / --: /7 = /: G>=--: .0 9=F:
:m24GD:-. 80 / 30-.4-20 27 D0-4.0 /4-< 08 .:-740- 4- .9: . 2/Z4-: Z>=1:7 12/4-< 0G: /=.40- 4-7.=>>:1 + I 9:
8
1
12
2
2
2
@ 4:D:-7 0E-: G/0 3: /` 6 04.9` E 4>> Z: .9: 7 GG>4: / 0 .9: -:E . /Z4-:Q / --: /7 =7 E:>> =7 .9:
D0-4.0 /4-< :m24GD:-. + b: 10 -0. X-0E =-A 0.9: / 74D4>= / G/0f :3.7 E 9: /: 7:-70 /7 E 4>> Z: G>=3:1 4-:E 4-7.=>>=.40-7 8 /0D .9: F: /A Z:< 4--4-< =-1 E 9:/: .9: . 2/Z4-:7 = /: G>=--:1 .0 Z: 30-.4-20 27
D0-4.0 /:1 12/4-< :UG:3.:1 >48:.4D: +
88
8
11
1
11
1
,- = 4.40- 0 : /7 I0-7.= .9: G0774Z4>4.A 0 / 4-7.=>>4-< =- = 4.40-=> =- -:E G0E: / <:-: /=.40- 7:. 48
11
= /:>=.4F:>A 7 90 /. .4D: /=D: + I 947 47 =7 .9: -:3:77= /A = 4.40-=> 30--:3.40- .0 .9: /:7: /F04/ =>/:=1A
:U 47.7 =-1 =7 .9: Z24>14-< 4-8 /=7./23. 2/: 47 14D:-740-:1 80 / =- =114.40-=> G0E: / <:-: /=.40- 7:. +
1
1 1
R0E:F: / :F:- 9=F 4-< I0-7.= .9: /: = /: =>70 70D: 0.9: / G>=-.7 4- ;0<=>=- \=- G= /. >A 0.9: / /:< 40-7
]
80 / <:0< /=G943=> 0F: />=GG4-< /:=70-7 E 943 9 D4< 9. Z: .= /<:.:1 4- = G/0f :3. .9:7: = /: 80 / :U=DG>: P
V
]
8
1
1 S
@ 4/=Q [F 4-= G0E: / G>=-. = /:= \I 0-7.= 47 .9: D=4- G0E: / 7.=.40- 0 @ 4/=Q [F 4-= 9=7 .0 =A M0E:/
7.=.40-7 E 4.9 4- .0.=> *eSYO gb 4-7.=>>:1 <:-: /=.40- 3=G=34.A =-1 0-: G2DG 7.=.40- E 4.9 5 gb
D0.0 / G2DG 3=G=34.A + I 9:A G/0123: 4- =F: /=<: Y`? Ib 9 =-1 27: .9: E=.: / 8 /0D n D=4- /:7: /F04/7+
8 Y
O
I 9: .0.=> /:7: /F04/ 3=G=34.A 0 J+ Ib 9 4- J /:7: /F04/7
8 e *OO gb 9: A:= />A
2
1 2
1
I 9: j>>>= l5 //: -4. 9=7 =- 4-7.=>>: . /Z4-: =- <:-: /=.0 / 3=G=34.A 0 5
+ I
=F: /=<:1 G/0123.40- 08 :>:3./434.A 7 2D7 2G .0 B+J Ib 9 E 94>: .9: /:7: /F04/ 3=G=34.A 47 4- .0.=> N+5
Ib 9+
5
*
^:741:7 .9: .:3 9-43=> m2:7.40-7 4- 30--:3.40- E 4.9 .9: 4-7.=>>=.40- 08 =114.40-=> -:3:77= /A D=3 94-: /A
E 4>> 4. Z: -:3:77= /A .0 :F=>2=.: .9: 4DG=3. 08 .9: D0/: 8 /:m2:-. 3 9=-<:7 4- E=.: / >:F:> 4- .9: 7=D:
.: /D7 =7 1:73 /4Z:1 =-1 D:-.40-:1 2-1: / .E0 =Z0F: P
o
o
o
o
o
08.:- =-1 8=7. 3 9=-< 4-< E=.: / >:F:>7 \þÿ 4DG=3. 0- 8= 2-= =-1 8 >0 /=]
./0 2< 9Q8 >0E F= /4=.40-7 4- /4F: /7 \þÿ 4DG=3. 0- 8= 2-= =-1 8 >0 /=]
E:>> X-0E 4DG=3. 0-: >48:.4D: =-1 7: /F 43: =-1 D=4-.:-=-3: =3.4F 4.4:7
4-.: /=3.40- =-1 4-.: /Q30--:3.40- E 4.9 .9: < /41 \þÿ >4-X .0 0.9: / KLM]
>4D4.:1 G2Z>43 =33:G.=-3:
p}}2xs ~ ‚uyuz ‡
_=.40-=>` 4-.: /-=.40-=>` F 4= : +< + Cj R0 /4H0- 5O5O G/0< /=D
™t|vspxys {} ‡
A7: =-1 0.9: / G0E: / G/0123: /7` < /41 0G: /=.0 /7` ,;,@V j4@` TCi;C_` :.3 +
ã
(
++w w~
7w v {+ w€xƒ„u tw~„
n n
~ v
~ v
opo o 4€ t … 4  €… 6 4€ t … rst €
†sxy p~ |ot pu‡
8
1
@ 90 /. :73 /4G.40- 0 .9: 7.=/.4-< G074.40ñ
88
8
88
l0>>0E 4-< .9: Cj C-: /<A C 434:-3A i4/:3.4F: E: /: .= /<:.7 0 / 4DG/0F 4-< .9: :-: /<A : 434:-3A 48
2
2
1
2
1
12
:=3 9 30 -./A 7:. + LZ0 . 0-: .94/ 0 .9: :-: /<A 47 30-7 D: 4- 4- 7./A E 943 9 47` :7G:34=>>A 4_0 /E=A Z:741:7 ./=-7G0 /. 7:3.0 / .9: D=4- 30-./4Z2.0 / .0 Tc5 V < /::-90 27: <=7 :D47740-7 +
Š”“—‹‡ ˆÙ ‰ 8‡Ú‡†ŒÔ‡Ð‘ Œ– „†† 9:9 ‡”’’”ŒÐ’ ØߑŒÐЇ’ ;Ï ‡<=Û –‹Œ Ҕ––‡‹‡Ð‘ ’‡•‘Œ‹’
2 õ
@0 /3:
ñ ÚÚ ×"" ÞÝÞáÙØ×ÛÞá" ÞÜÞÙèå" Þßß æÝæÞÜÝå" ÞÞí" ÞÞí ÞÜÚ Ö
#
55
88
2
12
2
1
f
CF:- .90 < 9 7:F: /=> G/0 :3.7 .0 4DG/0F: :-: /<A : 434:-3A 4- 4- 7./A = /: / --4-< =- D07. >A
30-3:-./=.4-< 0- = G= /.43 2>= / 3=7:` /:G0 /.7 7 90E .9=. .9: /: 47 = -::1 .0 4-./0123: 70D: 30DD0D:=7 2/: 80 / .9: >:F:> 08 :-: /<A :88 434:-3A 08 4-14F 412=> 74.:7 + I 947 47 /:>=.:1 .0 .9: 8=3. .9=. 4=114.40- .0 .9: :88:3. 08 =< 4-< \:88 434:-3A /:123.40-] =-1 30-.4-20 27 .:3 9-0>0< 43 1:F:>0GD:-.
\7 948.4-< Z=7:>4-: 4- Z:7. =F=4>=Z>: .:3 9-0>0<A ]` 2-4.7 E: /: 80 / :U=DG>: 4- 04> h <=7 4-127./A
1:74<-:1 80 / = 3: /.=4- G/0123.40- /=.: 0E:F: / =8.: / :U3::14-< V G=774-< .947 1:74<- 3=7: 47 .9:
+R
`
G>=-. 7.4>> 4- 0G: /=.40-` E4.9 .9: /:7 2>. .9=. 7:F: /=> 30DG0-:-.7 = /: 0G: /=.4-< 4- 088Q1:74<30-14.40-7 =-1 .9: /:80 /: 8= / =E=A 8 /0D .9:4/ 0G.4D2D+ I 9: 8 4< 2/: 80 / .9: G/0123.40- /=.: 08 =04> =-1 <=7 G>=.80 /D D4< 9. 94< 9>4< 9. .947 :88:3.` =7 E:>> =7 70D: G2Z>43=.40-7úeô +
Š”“—‹‡ ˆˆ‰ 8‡Ú‡†ŒÔ‡Ð‘ Œ– ԋŒÒ—•‘ ”Œ Ð ‹„‘‡ –Œ‹ „ÐÒ Œ”† > “„’ Ԇ„‘–Œ‹
2 ó
@0 /3:
õ øØÙîÞèæÛÜ êëæÖÛÚÞ ÛÜí öØëëáÚ æØÜ èÞÜÝå ?øÛÚ æØÜÛë ÕÜäÞÜÚØÙå Þ×ØÙÚ @ ÙÞÞÜØáàÞ Ûà òÖæààæØÜà âóóï @
ýïââA ×Ùæë âý ýïâû
ÚÚ × ""îîî ÖæëB ØíæÙÞùÚ ØÙÛÚ ÞÚ ÜØ" ÜØ" öá÷ëæùÛàB Ø ÜÞÙ" öá÷ëæùÛàB Ø ÜÞÙ" ýïâû" ×Ùæë" øÛÚ æØ ÜÛ ë ÕÜäÞ ÜÚ ØÙå Þ×ØÙÚ
#
#
#
ÙÞÞÜØáàÞ Ûà òÖæààæØÜà âóóï ýïââ" #
7
#
#
#
ØíÞëëæÜè ÛÜí ÛÜÛëåàæà Øß Øßßà ØÙÞ ÞÜÞÙèå àå àÚÞÖà ØÜ øØÙÚ çÞÛ Øæë ÛÜí èÛà ×ëÛÚßØÙÖà ñûÙí ÕÜÚÞÙÜÛÚ æØÜÛë
êØÜßÞÙÞÜÝÞ Øß çÝÛÜíæÜÛäæÛÜ çæÖáëÛÚ æØÜ çØÝæÞÚå çÕ!ç ýïâý ïü @ ïõ ÝÚØ÷ÞÙ ýïâý ÞåùB Ûäæù ÕÝÞëÛÜí
!
ô òCÞÙèÞÚ æÝ ÛààÞàà ÖÞÜÚ Øß ÞÜÞÙèå àåàÚÞÖà ØÜ øØÙÚ çÞÛ Øæë ÛÜí èÛà ×ëÛÚßØÙÖà ØáÙÜÛë òÜÞÙèå òëàÞäæÞÙ D ØëáÖÞ
õý 2ÞÝÞÖ÷ÞÙ ýïâû öÛèÞà ýû é ûõ
ó ÚÚ ×""ßÛÝÚ ×ÛèÞà Ü×íÜØ"ßÛÝÚ ×ÛèÞà" 2ÞßÛáëÚ Ûà ×CEÝáëÚ áÙÞãÜ÷é
ÜØFÜÛä âãß æÞëíFÜÛä ýã Û÷ëÞD æÞî GöÙØíáÝÚ æØÜ G ØÚÛëøÝàH ÞÛÙ
ĂŶĚ
ÚÚ × ""ß ÛÝÚ ×ÛèÞà Ü×í ÜØ" Þ×ØÙÚçÞÙäÞÙE" ÛÝÚöÛèÞà" Û ÷ëÞD æÞî"ß æÞ ëí ×ÙØí áÝÚ æØ Ü ÖØ ÜÚ ëå F Ùà êØÖÖÛÜíã Þ Ü
#
#
íÞÙFÙÝ ØØë÷ÛÙãßÛëàÞFÙÝ öÛÙÛ ÖÞÚÞÙàãßFÙà ØÙÖÛÚã òIê ò$F Ø×âïïãßÛëàÞF Õ× ííÙÞààã âýô âúô ýûýïóFêáëÚ á
ÙÞêØíÞãÜ÷é ÜØ
5?
i:7G4.: .9: :U 47.:-3: 08 7:F: /=> D:.9017 .0 :F=>2=.: .9: :-: /<A :88 434:-3A =-1 .9: 70 2/3:7 08
94< 9:7. >077:7 08 4-127./4=> G/03:77:7 .9: /: 47 -0 30DD0- < /=14-< :U 4.4-< E 943 9` 74D4>= / .0 :-: /<A
D= /X4-< 08 90 27:7` 4-143=.:7 .9: :-: /<A :88 434:-3A 08 .9: 4-127./4=> 4-7.=>>=.40-+ ,. 7 90 2>1 Z: =>70
X:G. 4- D4-1 .9=. :-: /<A 30-7 2DG.40- 12/4-< 0G: /=.40- 30F: /7 0->A G= /. 08 .9: 0F: /=>>
30-7 2DG.40- =-1 .9=.` 4- 0 /1: / .0 30F: / .9: E 90>: G43. 2/: .9: 82>> >48:.4D: -::17 .0 Z:
30-741: /:1 \>48: 3A3>: =77:77D:-. ]+ I 947 =>>0E7 .0 =>70 4-3>21: :-: /<A =-1 0.9: / /:70 2/3:7 27:1 .0
D=-28=3. 2/:` 4-7.=>>` 0G: /=.: D=4-.=4- =-1 1:30DD47740- .9: 2-4. V G>=-. E 943 9 47 :F=>2=.:1+
8
8
8
12
1
2
1
R0E:F: /` .9: 4-./0 3.40- 0 :-: /<A < /= 4-< 4.7:> 47 -0. = < = /=-.:: 0 / 4-3 /:=7: :-: /<A
:88 434:-3A 4- 4-127./A + CF:- .90 2< 9 m24.: = >0. 08 :-: /<A 47 14774G=.:1 0- G>=.80 /D7 \7:: 800. -0.: J
=-1 K =Z0F:] =-1 :F:- .902< 9 30DG= /=.4F:>A 94< 9 Tcˆ .=U:7âï -::1 .0 Z: G=41 4DG/0F:D:-.7 = /:
-0. 4-7.=>>:1 + I 9: D0.4F=.40- D4< 9. Z: .9=. = 147. 2/Z=-3:V 4-.: //2G.40- 08 .9: G/0123.40- G/03:77
3=- /:7 2>. 4- 94< 9: / 8 4-=-34=> >077:7 .9=- 7=F 4-<7 12: .0 94< 9: / :-: /<A :88 434:-3A =8.: /
4-7.=>>=.40-ââ+ @:F: /=> 30 2-./4:7 4DG>:D:-.:1 1:123.40- 73 9:D:7 80 / :-: /<A 4-.:-74F: 4-127./4:7
\: +< + a: /D=-A ] .0 /:123: .9:4/ :-: /<A 307.7 =-1 .0 X::G .9: 4-127./A 30DG:.4.4F: E 4.94- .9:
4-.: /-=.40-=> D= /X:. + I 947 /:123:7 .9: -::1 V 8 4-=-34=> Z:-:8 4. .0 4-./0123: D0148 43=.40-7 80/
0F: /=>> 94< 9: / :88 434:-3A =-1 /:123:1 7G:348 43 < /::-9027: <=7 :D47740-7 +
'ŽĂů͗
] 12
88
88
12
,DG/0F: .9: :-: /<A : 434:-3A 4- \_0 /E:< 4=- 4- 7./A` ZA 4-./0 34-< =- :-: /<A : 434:-3A
8
8
88
8
D:=7 2/: .9=.` 0- = 30DD0- Z=747` 41:-.4 4:7 .9: 3 2//:-. >:F:> 0 :-: /<A : 434:-3A 0 / .9: E 90>:
4-127./4=> 4-7.=>>=.40- =7 E:>> =7 4.7 30DG0-:-.7 E 94>: =. .9: 7=D: .4D: 4-143=.4-< G0774Z4>4.4:7 80/
4DG/0F:D:-. + I 947 47 41:=>>A 30DZ4-:1 E 4.9 =- 4-3:-.4F: 73 9:D: .9=. 82/.9: / 4-3 /:=7:7 .9:
8 4-=-34=> =../=3.4F:-:77 08 :-: /<A :88 434:-3A 2G< /=1:7
+
8
1
P
I 0 =3 94:F: .947 <0=> = /: .9: 0>>0E 4-< 7.:G7 :UG:3.: .0 Z: -:3:77= /A
•
•
•
•
i:8 4-4.40- 08 = 74.: V G>=-. E 943 9 3=- Z: 27:1 =7 1:D0-7./=.40- V 4DG>:D:-.=.40- 3=7:
\þÿ 4-127./4=> G= /. -: /]
L-=>A747 08 .9: 3 2//:-. 7.=. 27 08 .9: 74.:
2// .
14.4
24
/ .4
.9
/
4
.9 1 \/ . .9
o T :- 0G: = -< 30- 0-7 7 -< : +< + : :U: <A =-=>A7 7 D: 0 :>= :7 :
V
]
G>=-. .0 .9: >03=> =DZ4:-. Z0 2-1= /A 30-14.40-7
14.4
1/
/4 4 1 4
4 4 48 .4
o c < -=> :7 <- 30- 0-7 =- :D= - -< > : D:
. 1 82. 2/: 0G: /=.4-< 73 9:D:\7]
o CUG:3 :
8
1
2
, :-.4 43=.40- .9: G>=-. 7.=. 7 /:>=.4F: .0
^:7. =F=4>=Z>: .:3 9-0>0<A \^L ] E 4.90 2. =-A D0148 43=.40- 08 .9: G>=-.
I
o
^:7. G0774Z>: G/03:77 Z=7:1 0- ^L =-1 G0774Z>: -:E G/03:77 08 .9: G>=-. .0
I
o
D= X: 27: 08 =F=4>=Z>: E=7.: 9:=. V :-: /<A :.3 +
2=>48 43=.40- 08 -:U. 7.:G7 Z=7:1 0- .9: Z2>>:. =Z0F: 274-<
L
48
4 .
o ã : 3A3>: =-=>A7 7 00>7
2 .4
9
4
o I :3 -0 :30-0D 3 :F=> = 0-
âï çØáÙÝÞ ÚÚ ×""îîî Ú Þè áÛÙíæÛÜÝØÖ" ÞÜäæÙØÜÖÞÜÚ" ýïâý" ØÝÚ" ââ" ÜØÙîÛåéÝÛÙ÷ØÜéÚÛCéØæë
ââ æë F èÛà Ø×ÞÙÛÚØÙà ×ÞÙàØÜÛë ÝØÖÖáÜæÝÛÚ æØÜ
5B
8
2
2
2
1
T0DG= /4-< .9: 0G.40-7 7 39 =7 30-.4- =.40- =7 47` G< /= 4-< 0 4-7.=>>=.40-`
2G< /=14-< G>27 G/03:77 0G.4D4H=.40- 947 30DG= /470- =>70 -::17 .0 4-3>21: .9:
+I
=7G:3. 08 :F:-. 2=>>A -::1:1 3 9=-<:7 \: +< + 7 2GG0/. 7./23. 2/: 08 04> h <=7
G>=.80 /D7 :.3 +]+
8 82
X
1
1
1
,DG>:D:-.4-< .9: :-: /<A D= / 4-< 73 9:D: =- /:30DD:- =.40- 0 / /.9: / G/03:: 4-<
1
1
1
Z=7: 0- .9: =-=>A747 :73 /4Z: =Z0F: +
a:-: /=.40- =-1 4DG>:D:-.=.40- 08 =- 4-3:-.4F: 73 9:D: .0 7 2GG0 /. 4- =114.40- .0 .9:
:-: /<A D= /X4-< =../=3.4F:-:77 80 / :-: /<A :88 434:-3A 4DG/0F:D:-. +
o
•
•
ĂͿ
ĐƚŝǀŝƚŝĞƐ͗
{pM sot ys| N rp}}2xs wp {v r|o v|zs} ‡
i:.=4>7 .0 Z: 82/.9: / 1:F:>0G:1 =. = >=.: / 7.=<: E 9:- 0.9: / = /: 4-.: /:7.:1 + CUG/:7740- 08
4-.: /:7. V 4-G2. 8 /0D l=3.0/4:7 08 .9: l2. 2/: \g0 97:- D:-.40-:1 4. ] E0 2>1 Z: 9:>G82>+ l0 / .9:
.4D: Z:4-< 7 90 2>1 =>70 G2Z>43 Z014:7 Z: 4-.: /:7.:1 +
(
p}}2xs ~ ‚uyuz ‡
_=.40-=> =-1 4-.:/-=.40-=> 82-14-< G0774Z>: \80 / :U=DG>: R0 /4H0- 5O5O G/0< /=D]
2
12 1
f
,. D4< 9. =>70 Z: G0774Z>: .0 30--:3. = G0774Z>: G/0 :3. .0 .9: 0-: 7 ZD4..: - :/ .9:
8
22
l=3.0 /4:7 0 .9: l . /: G/0< /=D
\9.. GPVV :3 +: 2/0G= +: 2V /:7:=/3 9V 4-127./4=> .:3 9-0>0< 4:7V8=3.0 /4:7Q08Q.9:Q82. 2/: :-+9. D>]
O
O
2
(
o
™t|vspxys {} ‡
V
]
12
2
1
,- 7./A \04> h <=7 ` ,;,@ j4@` ;TT` C_c6L` G Z>43 Z0 4:7` :.3 +
y
s~us {s}rpu}2xt s}
5J
ͷǤʹǤ
ƒ”–•’‡…‹ƒŽ‹œƒ–‹‘
n
oopo
*
{r-~u~€~ w€ +w~zx {+ t~€~|sPz~ ~€~tv…
&ŝĞůĚŽĨĂĐƚŝŽŶ͗
;0<=>=-1 47 .9: _0 /E:< 4=- :-: /<A 92Z` 907.4-< = G:./0>: 2D 3>27.: / E 9: /: =>> G= /.7 08 .9: F=>2: 3 9=4= /: /:G/:7:-.:1 + b 94>: 5JO OOO G:0G>: = /: :DG>0A:1 4- .9: G:./0>: 2D 7:3.0 / 4- _0 /E=A` SO OOO 08
.9:D = /: E0 /X4-< 4- ;0<=>=-1 + M:./0>: 2D 47 .9: D=4- 70 2/3: 80 / :DG>0AD:-. =-1 4-30D: 4- .9:
/:< 40-+ g= /4.4D: 0G: /=.40-7 =-1 7 2GG>A 7: /F 43:7 =/: 4DG0 /.=-. =114.40-7 .0 .9: D: /: =3.4F 4.4:7
/:>=.4-< .0 :UG>04.=.40- 08 9A1 /0 3= /Z0-7 + I 9: /: 47 14/:3. X-0E>:1<: ./=-78: / G0.:-.4=> 8 /0D
G:./0>: 2D =-1 D= /4.4D: 7:3.0 / .0 /:-:E=Z>: :-: /<A +
;0<=>=-1 47 90E:F: / D0 /: .9=- 04> =-1 <=7 + I 9: /:< 40- 9=7 >0-< ./=14.40-7 08 /:-:E=Z>: :-: /<A
G/0123.40-` D=4->A E 4.94- 9A1 /0 G0E: /+ I 9: .E0 Z4<<:7. /:7: /F04/7 =-1 .9: Z4<<:7. G0E: / G>=-.7 4_0 /E=A = /: >03=.:1 4- .9: ;0<=>=-1` < 4F 4-< .9: /:< 40- = /:D= /X=Z>: G/=3.43=> 4-127./A 30DG:.:-3: +
'ŽĂů͗
•
•
2
X 1
X
1 8
12
C-0 < 9 7 4>>: E0 / : /7 .0 D::. .9: -:: 7 0 .9: 4- 7./A
8
8 11
8 2 X
1
1
1 1
1
, :-.4 A E 9=. 30DG:.:-3: E: 9=F: E 4.94- 4 :-.4 4: 4734G>4-:7 =- 4 :-.4 A 0 / -0E>: <: <=G7 +
2
X
1 ./ 8 / . .4 8 /
1
/
9 /
4
o l03 7 0- = :=7 E : : E: 7:: -0E>: <: =-7 : G0 :- => 0D 0 >h <=7 =D= /4.4D: 7:3.0 /Q 0887 90 /: E 4-1` <:0.9: /D=> =-1 Z40<=7 + ,- =114.40- .0 .947` >00X
3>07: / =. = /:=7 E 9: /: ;0<=>=-1 9=7 -=. 2/=> G0.:-.4=>Q 9A1 /0 G0E:/ =-1 0-7 90 /:
E 4-1 +
] .9 . / 4 14 . 1
1
9 X
\ 9 /.
4 48
. 4
o I : -0E>: <: <=G7 7 0 =<:7 = = : - 3= : Z:>0E 7 <- A 30DG: :-3 :7
8
X
1
f
E 9: /: E: 7:: 30>>=Z0 /=.40- .0 :F:>0G :-: /<A G/0 :3.7 =7 E:>> =7 0 / 4-E= /17 7 X4>>7
=-1 X-0E>:1<: ./=-78: /+
ĐƚŝǀŝƚŝĞƐ͗
•
8
8
8
8 18 2
1
T0DG:.:-3: G/0 4>:7 0 / .9: 4F: 4 :-.4 4: 03 7 = /:=7
88 9 / 4 1 1 /4
/ 4
o c 7 0 : E - =- D= -: :-: < :7
]
P 88
2 2
R
CU 47.4-< 30DG:.:-3: 0 7 90 /: .:3 9-0>0<A \7./ 3. /=>` =-3 90 /4-< :.3 + ` D= /4-:
V
0G: /=.40-7 \>48.4-< 4-7.=>>=.40-7]` 7:47D0>0<A` 7:= 8 >00 / 30-14.40-7 \7:= 8 >00 /
7 2/F:A7 =-1 D=GG4-< ]` G4G: =-1 3=Z>: >=A 4-<` 7G:34=>4H:1 F:77:>7 80 / 0887 90/:
4-7.=>>=.40-7 =-1 D=4-.:-=-3: \./=-7G0 /.=.40-` 30-7./23.40-` D00 /4-< ]` 7=>. E=.:/
=-1 9= /7 9 :-F 4/0-D:-.` /:747.=-. 30=.4-< =-1 .:3 9-0>0<A` D0-4.0 /4-< =-1
14=<-07.43 G0E: / 7 2GG>A D:. 03:=- 9A1 /01A-=D437
`
`
`
.:-3: 0-P . 2/Z4-:` .0E: / .:3 9-0>0<A
R
:77
30DG:
ã
.9: /D=> :-:/<A
a:0
o
]
P1
1
1
2
R
CU 47.4-< 30DG:.:-3: /4>>4-< \Z4. :74<-` /4>>4-< = .0D=.40- ` E:>>` 7A7.:D
8
8
8
4-.:< /=.40-` :F=>2=.40- 0 <:0>0< 43=> 0 /D=.40-` 7 2Z 7 2/ =3: 4-7.=>>=.40- =-1
4-7./2D:-.=.40- =7 E:>> =7 1=.= ./=-78: / h D0-4.0 /4-< =-1 14=<-07.43 12/4-<
1 /4>>4-< =-1 >=.: / 0- E 9:- .9: E:>> 47 30DG>:.:1 :.3
+
Y
5
•
o
^40<=7
:77 30DG:.:-3: 0-P .0G 741: G0E: / <:-: /=.40-` 9= /1 /03 X 1 /4>>4-<` .0G 74.: 7. 288
4- .: /D7 08 7A7.:D7 4-.:< /=.40-` 0G.4D4H=.40- =-1 0G: /=.40-+
ã
V
8
P
12
1
2 2
CU 47.4-< 30DG:.:-3: <=7 ./:=. D:-. 3>:=-4-< =- G< /= 4-<` 4- /=7./ 3. /:` .9:
E 90>: <=7 F=>2: 3 9=4R
:77 30DG:.:-3: 0-P G/03:774-<` Z40>0< 43=> G/0123.40- 7A7.:D7` /:=3.0 /7`
ã
7 2Z7./=.:7
1
RA /0 G0E: /
P
1
1
2
2
R
CU 47.4-< 30DG:.:-3: /:7: /F04/ :74<-` =D 30-7./ 3.40-` . --:>>4-<` G4G:Q 4-Q 90>:
1 /4>>4-<
R
:77 30DG:.:-3: 0-P . 2/Z4-: 1:74<ã
c-7 90 /: E 4-1
P
X
1
1
1
1
R
CU 47.4-< 30DG:.:-3: 34F 4> E0 / 7` E 4- D0 :>>4-<` 4-7G:3.40- =- 30- 4.40-=>
D0-4.0 /4-<` >=-1 G>=--4-<` =-=>A747 =-1 74D2>=.40-` 8 4-=-34=> G=3 X=<:7
R
:77 30DG:.:-3: 0-P . 2/Z4-:7 =-1 .0E:/ .:3 9-0>0<A
ã
R
o
o
^=7:1 0- 0 2/ 30DG:.:-3: G/08 4>:7 0- /:-:E=Z>: :-: /<A 14734G>4-:7 E: G/0G07: .9: 80>>0E 4-< G/0f :3.
41:=7 P
•
•
•
•
g0Z4>4H=.40- 08 7 X4>>:1 E0 /X80 /3:Q 1:F:>0G F03=.40-=> :123=.40- =-1 ./=4-4-<
-:.E0 /X7 4- 10D=4-7 E 4.9 G0.:-.4=> 7 90 /.=<:7V10D=4-7 -::14-< -:E 0 / 2G< /=1: 08
:U 47.4-< 30DG:.:-3:
K04-. /:7:= /3 9 ./=4-4-< =-1V 0 / 103.0 /=> G/0< /=DD:7` 4DG>:D:-.:1 ZA G= /. -: /7 94G7 08
2-4F: /74.4:7 /:7:= /3 9 4-7.4. 2.40-7 /:7:= /3 9 4-8 /=7./23. 2/:7 Z274-:77:7 g 7 =-1
`
`
`
`@ C `
0.9: / 70340Q:30-0D43 =3.0 /7 + I 9: G/0< /=DD: 7 90 2>1 :UG>04. 30DG>:D:-.=/A
30DG:.:-3:7 08 .9: G= /.434G=-.7
i:F:>0G 4DG/0F:1 X-0E>:1<: G= /. -: /7 94G7 Z:.E::- Z274-:77:7` X-0E>:1<:
4-7.4. 2.40-7` G2Z>43 =1 D4-47./=.40-7 =-1 :-1 27: /7 E 4.9 = F 4:E .0 >0-<Q.:/D
300G: /=.401
1
[-0E>: <: :U3 9=-<: Z=7: 0- Z:7. G/=3.43:
8 14 ./4 2.4
8 / f . / 2. 9 .
X
.
.
.
o a: = 7A7 :D 0 7 Z -< 0 G 0 :3 :7 > 7Q 0E 0 D= : 30DG: :-3:
27:82> =-1 =F=4>=Z>: 80 / 0.9: /7
†‚uyuz ‡
8
2
O OP
O O* P
R0 /4H0- 5 5 ãTC 5 W 5 B I 9: 9 D=- =3.0 / 4- .9: :-: /<A 7A7.:D
X
O O
O*
R0 /4H0- 5 5 g@TLQ ,I _Q5 B W ,--0F=.4F: I /=4-4-< _:.E0 / 7
,-.: //:< _0/.9 @:= M/0< /=DD:
1P
21
6 ;, ;0<=>=- ,-.: /-=.40-=> 7. :-. D0Z4>4.A
2
C/=7D 7 â
™t|vspxys {} P
•
1
2
[-0E>: <: 4-7.4. .40-7
S
5
•
•
•
n
ooo
12
,- 7./A
@ gC7
;:< 40-=>V >03=> <0F: /-D:-.
€{|z~xv~ uts€„+~t T~,u~t€szU
S
&ŝĞůĚŽĨĂĐƚŝŽŶ͗
1
1 88
2
1
I 9: ;0<=>=- /:< 40- 9=7 :U.:-74F: 30>>=Z0 /=.40-7 E4.9 4 : /:-. /:< 40-7` -4F: /74.4:7 =- /:7:= /3 9
4-7.4. 2.:7 + T0DG=-4:7 4- .9: /:< 40- 9=F: .0 = >= /<: :U.:-. =- 4-.: /-=.40-=> 0 2. >00 X+ I 9: j-4F: /74.A 08
]
] 1 2
8
2
2
@.=F=-<: / \j4@ ` .9: ,-.: /-=.40-=> /:7:= /3 9 4-7.4. .: 0 @.=F=-<: / \,;,@ =- G Z>43 = .90 /4.4:7 \;TT
]
=-1 0.9: /7 =>> 9=F: .9:4/ 0E- 4-.: /-=.40-=>4H=.40- 7./=.:< 4:7 Z2. .9: =3.4F 4.4:7 = /: -0. .90 /0 2< 9>A
300 /14-=.:1 +
'ŽĂů͗
•
•
•
•
•
8
1
C7.=Z>47 9 = 30DD0- 4-.: /-=.40-=>4H=.40- 7./=.:<A 0 / .9: /:< 40- E 4.94- :-: /<A =- /:7:= /3 9
2
1
12
1
C7.=Z>47 9 3>07: / 30>>=Z0 /=.40- Z:.E::- ;hi 4-7.4. .40-7 Z=7: 0- 4- 7./A -:: 7
i:F:>0G 4DG/0F:1 X-0E>:1<: G= /. -: /7 94G7 Z:.E::- Z274-:77:7` X-0E>:1<: 4-7.4. 2.40-7` G2Z>43
=1 D4-47./=.40-7 =-1 :-1 27: /7 E 4.9 = F 4:E .0 >0-<Q.: /D 300G: /=.40g= X: 27: 08 :U 47.4-< -:.E0/X7 =-1 300G: /=.40- 7./23. 2/:7 80 / X-0E>:1<: :U3 9=-<: Z:.E::/:< 40-7` 7 23 9 =7 .9: _0 /.9 @:= T0DD47740-` C;;,_` .9: R= 2<:7 2-1Q CD1:- 300G:/=.40- =-1
8
T0F:-=-. 0 g=A0 /7
8
l=34>4.=.: 0 / 4-.: /-=.40-=>4H=.40- 4- @ gC7
ĐƚŝǀŝƚŝĞƐ͗
 ({pM sot ys|} p { pt s { qs|}‚{s}
19
1 ./ 14.4
4.9 X-0E>:1<: Z/0 X: /7 4- .9: 6 ;,Q G/0f :3.` = 7A7.:D 08 D=.3 9Q
• ;0<=>=- =7 <00 = 0-7 E
D= X4-< Z:.E::- 4-127./A 4-.: /:7. =-1 /:>:F=-. ;hi 4-7.4. 2.40-7 + ,. E0 2>1 Z: 4-.: /:7.4-< .0
:7.=Z>47 9 = -:.E0 /X 08 4-.: /-=.40-=> X-0E>:1<: Z/0 X: /7` .0 D0Z4>4H: 80 / G/0f :3.7 E 4.94- R0 /4H0O O 1
5 5 =- 0.9: / G/0< /=DD:7 +
1
. 4 9 . /X .9 . 4 4 X /
. . / 4 .9 8 4 1 8
/ / . 1 12 .4
• C7 =Z> 7 -: E0 7 = E >> > - :>:F=- =3 0 7 - : :> 0 :-: <A :>= : : 3= 0- =./=4-4-< 7 23 9 =7 2-4F: /74.4:7` 0.9: / /:7:= /3 9 4-7.4. 2.40-7` Z274-:77 :.3 + .0 =11 /:77 X-0E>:1<:`
7 X4>>7 =-1 30DG:.:-3:7 -::17 =-1 <=G7 +
8 . 2/ / V /2--4-< 30DD0- 30 2/7:7
9
o CU3 =-<: 0 >:3 : 7
8
141 .
9
. / . 21 . V 9
o CU3 =-<: 0 D=7 : 7 :- 7 M i 3=- = :7
1 .48 / 8 /
/ .4
. 88 9 / 4 1 94 9 4
/4 /4. / 4 .9
o , :- A = :=7 0 300G: = 0-` : 3 + 0 7 0 : E - E 3 7 = G 0 A = := - : Cj
8
1V
1
1
4 ./
/ 9 ./ 4 4
/
. / / /
4
.
/. / 94
• K0 - :7:= 3 = - -< =- 0 03 0 => G 0< =DD:7` DG>:D:- : ZA G= -: 7 G7 0
2-4F: /74.4:7 /:7:= /3 9 4-7.4. 2.40-7 /:7:= /3 9 4-8 /=7./23. 2/:7 Z274-:77:7 g 7 =-1 0.9: / 70340Q
`
`
`
`@ C `
:30-0D43 =3.0 /7
8
O O /
/ f . 4 4
.
/14 .4 .9 /
/ 9 88 /. 8 /. / / 4
4
/4
• M 0 :3 7 = D -< = 300 -= -< : :7:= 3 : 0 7 0 G= -: :< 0-7 - R0 H0- 5 5 = :=7 0
e
1
2
T0DG:.4.4F: >0EQ3= /Z0- :-: /<A V 3=>> 0 / 4- .9: W@ D= /. T4.4:7 =- T0DD -4.4:7 3=>>+
1
1 .9 / 14
9 ./ 8 / 8 X
/.4 4 .
4 .4
.4 4.4
.4 4.4 .
• I : =-7 : 0 -0E>: <: =D0-< G= 3 G=- 7 =- 0 : 77:D -= 0- =3 F :7` =3 F :7 0
807.: / .9: 27: 08 /:7:= /3 9 0 2.30D:7 ZA 4-127./A
5N
 (p}}2xs ~ ‚uyuz ‡
•
•
•
•
•
•
•
•
2 PX
1
2
C/=7D 7 â -0E>: <: 4-.:-74F: 30DD -4.4:7
8
2
O OP
O O* P
R0 /4H0- 5 5 ãTC 5 W 5 B I 9: 9 D=- =3.0 / 4- .9: :-: /<A 7A7.:D
8
1
O O
*n O* V O* P 2
R0 /4H0- 5 5 ãTC W 5 B 5 J @ GG0 /.4-< 300 / 4-=.40- 0 -=.40-=> ;hi =3.4F 4.4:7
X
O O
O* P
R0 /4H0- 5 5 g@TLQ ,I _Q5 B ,--0F=.4F: ./=4-4-< -:.E0 / 7
,-.: //:< _0/.9 @:= M/0< /=DD:
1
1
1
O O
O* V O* P 2
*
R0 /4H0- 5 5 ãTC N W 5 B 5 J @ GG0 /.4-< K04-. L3.40-7 0- :D0-7./=.40- =- F=>4 =.4008 4--0F=.4F: :-: /<A 70>2.40-7
1 P 21
6 ;, ;0<=>=- @. :-. D0Z4>4.A
_0 /E:< 4=- ;:7:= /3 9 T0 2-34>P C_C;a ,X
™t|vspxys {}
;TTV M2Z>43 7 2GG0 /. 7A7.:D
1
2
[-0E>: <: 4-7.4. .40-7
2
T > 7.: /7
n
5
n
o)o)o
€{|z~xv~ uts€„+~t P~u| ~~€ w€xƒ„utw~„
S
&ŝĞůĚŽĨĂĐƚŝŽŶ͗
1
1
11
1
I 9: ;0<=>=- /:< 40- 9=7 = F: /A 7./0-< 04> =- <=7 7:3.0 / 4- = 4.40- .0 E:>> :7.=Z>47 9: D= /4.4D:
8
8
2
X
1
7 GG>A 7: /F 43:7 + I 9: -0E>: <: ./=-7 : / /0D .9:7: 7:3.0 /7 .0 .9: /:-:E=Z>: :-: /<A 7:3.0 / 47
0-<04-< .01=A + I 9: /: 47 90E:F: / = < /:=. G0.:-.4=> .0 82/.9: / 1:F:>0G ./=-78: / 08 X-0E>:1<: =-1
30DG:.:-3: +
'ŽĂů͗
•
•
•
8
18
1
C-=Z>: = 7 94 . 4- ;0<=>=- /0D =- 04> h <=7 /:< 40- .0 = Z/0= : / :-: /<A /:< 40-+ i:F:>0GD:-.
4- ;0<=>=-1 47 .01=A /=.9: / 1:G:-1:-. 0- .9: 04> G/43:Q .9: /:< 40- -::17 .0 Z: =Z>: .0 1:>4F: /
9:=>.9A 1:F:>0GD:-. 4-1:G:-1:-. 08 .9: G/43: 08 04>+
8 8
8
1
2
1
12
[-0E>: <: ./=-7 : / /0D G:./0>: D .0 .9: 0>>0E 4-< =/:=7 Z=7: 0- 30-3 /:.: 4- 7./A
1:D=-17 Z0.9 10D:7.43=>>A =-1 4- .9: _0 /.9 := /:< 40-P
@
887 90 /: E 4-1 =-1 D= /4-: :-: /< 4:7
c
o
.9 /
/
o a:0 : D=> :-: <A
^40 <=7
o
1
2
2
,- .9: 7 90 /. .: /D 7./:-<.9:-4-< =- 30--:3.4-< :U 47.4-< _0 /E:< 4=- :-: /<A 3> 7.: /7` 7 3 9 =7
L /:-= _cb =-1 _c;Tcb C 0- 0887 90 /: E 4-1 + b0 /X 74D4>= />A =>70 E 4.94- 0.9: / /:-:E=Z>:
:-: /<A 14734G>4-:7 + L >0-<:/ .: /D <0=> 47 .0 Z: D0F 4-< 8 /0D X-0E>:1<: ./=-78: / .0
X-0E>:1<: :U3 9=-<:
+
ĐƚŝǀŝƚŝĞƐ͗
 ({pM sot ys|} p { pt s { qs|}‚{s} ‡
o
o
o
o
o
;0<=>=-1 9=7 <001 ./=14.40-7 E 4.9 X-0E>:1<: Z/0 X: /7 4- .9: 6 ;,Q G/0f :3.` = 7A7.:D 08
D=.3 9Q D= X4-< Z:.E::- 4-127./A 4-.: /:7. =-1 /:>:F=-. ;hi 4-7.4. 2.40-7 + ,. E0 2>1 Z:
4-.: /:7.4-< .0 :7.=Z>47 9 = -:.E0 /X 08 4-.: /-=.40-=> X-0E>:1<: Z/0 X: /7` .0 D0Z4>4H: 80 /
G/0f :3.7 E 4.94- R0 /4H0- 5O5O =-1 0.9: / G/0< /=DD:7 +
8
12
1
1 P 1
1 m2=-.48 43=.40- 08 =-.434G=.:1 30DG:.:-3: =-1
,- 7./A :D=- 7 4 :-.4 43=.40- =X8
1
1
E0 / 0 /3: -:: 7 =7 :UG/:77: ZA :U 47.4-< =-1 :D: /< 4-< 4-127./A 7.=X: 90>1: /7
\:-: /<A 0G: /=.0 /7 =-1 .:3 9-0>0<A 7 2GG>4: /7]
R
i/4F: /7 P ;:=>47.43 30DD: /34=> 0GG0 /. 2-4.4:7 .9=. 3=- Z: G2/7 2:1 ZA
_0 /E:< 4=- 0 / C2/0G:=- 7.=X: 90>1: /7
g0Z4>4H=.40- 08 7 X4>>:1 E0 /X80 /3: .0 7 2GG0/. 4-127./A 1:D=-1Q 7./=.:< 43 G>=--4-< 08
X-0E>:1<: :U3 9=-<:
8
8X
1
1
, :-.4 43=.40- 0 -0E>: <: E 4.9 0.9: / C_@CL /:< 40-7
8
1
2
2 1
I :3 9-0>0<A :F:>0GD:-. 74-< = D >.4 4734G>4-= /A =GG/0=3 9 Z/4-< 4-< :UG:/.47: /0D
1488: /:-. 734:-.48 43 14734G>4-:7 =-1V 0 / 1488: /:-. .:3 9-0>0< 43=> 7:3.0 /7 E 4.9 .9: =4D 08
Z/4-< 4-< 80 /E= /1 <=D:Q 3 9=-< 4-< .:3 9-0>0< 4:7 +
O
?
 (p}}2xs ~ ‚uyuz ‡
o
o
o
o
o
o
o
o
o
8
2
O OP
O O* P
R0 /4H0- 5 5 ãTC 5 Q 5 B I 9: 9 D=- =3.0 / 4- .9: :-: /<A 7:3.0 /
X
1
1
O OP
* O* P
R0 /4H0- 5 5 ãTC 5 B _:E -0E>: <: =- .:3 9-0>0< 4:7
8
8
2
O OP
* O* V O* P
R0 /4H0- 5 5 @,C W 5 B 5 J @.4D >=.4-< .9: 4--0F=.40- G0.:-.4=> 0 @ gC7 0/ =
>0E 3= /Z0- =-1 :88 434:-. :-: /<A 7A7.:D
,-.: //:< _0/.9 @:= M/0< /=DD:
8
8
1P
6 ;, ;0<=>=- F: /4 43=.40- 0 .:3 9-0>0<A
2
1
;:< 40-=> ;:7:=/3 9 l - b:7.: /- _0 /E=A
82
P f X
1
X
,--0F=.40- _0 /E=A g4> 5.: -0>0< 40 / -4-<:-` @ =..: -_0 /E:< 4=- ;:7:= /3 9 T0 2-34>P C_C;a ,X
82 2
1P
6 ;, ;0<=>=- I :3 9-0>0<A E 4.9 = . /:
™t|vspxys {} ‡
12
1
2
2
,- 7./A` @ gC7` [-0E>: <: 4-7.4. .40-7` T > 7.: /7
ͷǤ͵Ǥ
–‡”ƒ–‹‘ƒŽ‹œƒ–‹‘•–”ƒ–‡‰›ˆ‘””‡ƒ…Š‹‰‡™ƒ”‡–•
n
o)opo
… xt{-{| ~t
œ{|ys p~ |uoxx| {€ }s {A os} pu t s sY }t uz |uy rx|uusy uts {opuusotp { o| 2xs}
|o vz {p‚uy ‡ ,-3 /:=74-< 7 9= /: 08 /:-:E=Z>: :-: /<A 47 14/:3. >A 30--:3.:1 E 4.9 .9: -::1 .0 4-3 /:=7:
Z=>=-34-< 3=G=34.A 80 / 94< 9 8 >23. 2=.4-< /:-:E=Z>:7 7 23 9 =7 E 4-1 =-1 70>= /+ RA1 /0G0E: /` 4- G= /.43 2>= /
E 9:- 30--:3.:1 .0 Z4< /:7: /F04/7` 47 f 21<:1 .0 Z: .9: Z:7. 70>2.40- .0 30G: E 4.9 .9: 3 9=>>:-<: 8 /0D
4-3 /:=74-< 4-.: /D4..:-. /:-:E=Z>: <:-: /=.40-+ RA1 /0G0E: /` E 943 9 47 Z0.9 /=.9: / 3 9:=G =-1
/:-:E=Z>:` 3=- 088: / :U./:D: 8 >:U 4Z4>4.A 30DG= /:1 .0 0.9: / 0G.40-7 .9=. D=X:7 4. .9: D07. =../=3.4F:
70>2.40- 80 / Z=>=-34-<` G/0F 41:1 .9=. :-F 4/0-D:-.=> 30-3: /-7 =-1 7034=> =33:G.=-3: 1:D=-17 = /:
D:. + I 9: G/0Z>:D 08 2.4>4H4-< 9A1 /0G0E: / =7 = D:=-7 80 / Z=>=-34-< =-1 7.0 /=<: 47` 90E:F: / .9=. .9:
9A1 /0G0E: / /:70 2/3:7 = /: -0. :F:->A 147./4Z2.:1 0- := /.9+ I 9=. 47 .9: 74. 2=.40- =>70 4- C2/0G:` Z2.
.9: 4-3 /:=74-< -2DZ: /7 08 4-.: /30--:3.0 /7 Z:.E::- 30 2-./4:7 E 4.9 m24.: 1488: /:-. :>:3./434.A
<:-: /=.40- 7A7.:D7` 3=- 0G:- 80 / -:E 70>2.40-7 + ;:< 40-7 \7 23 9 =7 .9: _0 /143 =-1 L>G7] E 4.9 94< 9
=D0 2-. 08 9A1 /0Q<:-: /=.40- =-1 7.0 /=<: 30 2>1 G/0F 41: Z=>=-34-< =-1 7.0 /=<: 7: /F 43:7 .0 =1f =3:-.
= /:=7` 4- = D0 /: 307. :88:3.4F: E=A .9=- D07. =>.: /-=.4F: 70>2.40-7` G/0F 41:1 .9=. 7 288 434:-.
4-.: /30--:3.0 / 3=G=34.A 47 =F=4>=Z>: 0 / D=A Z: 1:F:>0G:1 +
€y {p {s}s {Ap{ o|r|ot€ 47 =GG/0U 4D=.:>A N5 Ib 9` E 943 9 47 3>07: .0 JOk 08 .0.=> 9A1 /0Q
7.0 /=<: 3=G=34.A 4- C2/0G: +
Ep {w|€Z}
œ s uts {opuusotp { o|r|ot€ .0 .9: 30-.4-:-.=> 2/0G: =-1 j 47 80 / .9: .4D: Z:4-< *SOO gb \.9:
C
[
`
_:1: />=-1 SOO gb â i:-D= /X *OOO gb] Z2. E 4>> Z: 4-3 /:=7:1 .0 J5OO gb ZA 5O5O + _0 /E=AQ
i:-D= /X \@ X=<: /= X B âSOO gb` 5O*BV 5O*J]` _0 /E=AQa: /D=-A \â *BOO gb` 5O*NV 5O*n]` _0 /E=AQ j[
\â *BOO gb` 5O*nV 5O5O]+
8
8
8
2 8
OO
O* V O* ]]
I 947 E 4>> 0G:- G 0 / = F= /4=.40- 4- >0E7 /0D _0 /E=A` E 943 9 4-3 /:=7:7 /0D 5B gb \5 ? 5 B
V
V
]
.0 D0 /: .9=- *O OOO gb \â Q JOOO gb :UG0 /. 4DG0/. 4- 5O5O + l0 / .9: .4D: Z:4-<` .9: /: 47 = >=E 4_0 /E=A /:7./43.4-<
?
*
.9: < /=-.7 80 / 30-3:7740- .0 Z24>1 -:E 4-.: /30--:3.0 /7 .0 .9: I@c @.=. -:.. 0->A 0- .9: _0 /E:< 4=741: + I 9: -:E a0F: /-D:-. 9=7` 90E:F: /` =--0 2-3:1 .9=. .947 D0-0G0>A E0 2>1 Z: =Z0>47 9:1` E 943 9
D=A 0G:- 2G 80 / -:E CD: /3 9=-.D 3=Z>:7 :F:- Z:80 /: 5O5O +
œ{|yuz pu uts {opuusotp {}
8
18 1
1 1
1f
I 9: 3=G=34.A 0 .9: 4-.: /30--:3.0 /7 47 -0 /D=>>A /:7: /F: 0 / =AQ= 9:= ./= 4-< Z:.E::- .9: = =3:-.
]
2
1
X
2
1
1
X
12
1
30 -./4:7 + l>0E Z=7: D= / :. 30 G>4-< \ =AQ= 9:= D= / :.7 9=7 Z::- 4-./0 3: Z:.E::- .9: _0 /143
=-1 .9: _0 /.9 b:7. C2/0G:=- = /:=7 8 /0D l:Z/2= /A 5O*B+ I 9: 4-./=1=A D= /X:.7 = /: :UG:3.:1 .0 Z:
4-.:< /=.:1 8 /0D 5O*Y+ I 9: 2.4>4H=.40- 08 .9: 4-.: /30--:3.0 / 3=G=34.A 80 / =-34>>= /A 7: /F 43:7 \Z=>=-34-<
7: /F 43:7] 47` 90E:F: /` -0. 80 /:7::- 70 8= /+ I 9: 32//:-. CjQ >:< 47>=.40- 47 -0. 8=F0 /4-< 3=G=34.A
/:7: /F=.40- 0- 4-.: /30--:3.0 /7 80 / Z=>=-34-< G2/G07:7` Z2. 48 4. 3=- Z: 7 90E- .9=. 7034=> Z:-:8 4.7 3=Z: 0Z.=4-:1` .9: /: = /: G0774Z4>4.4:7 80 / 7 23 9 /:7: /F=.40-7 + I 9: 8 4< 2/: 4>>27./=.:7 90E .9: 0G.4D4H=.4008 3=G=34.A 0- 4-.:/30--:3.0 /7 D=A Z: 14F 41:1 4-.0 3=G=34.A /:7: /F:1 80 / 1=AQ= 9:=1 ./=14-< \7G0.
D= /X:. ] =-1 3=G=34.A /:7:/F:1 80 / =-34>>= /A 7: /F 43:7 \Z=>=-34-< 7: /F 43:7]+ L>.902< 9 .9: 3 2//:-. CjQ
>:< 47>=.40- 10 -0. 7 2GG0 /. 8 4/D /:7: /F=.40- 08 3=G=34.A /4< 9.7 80 / Z=>=-3: ./=14-< 0- 4-.: /30--:3.0 /7`
.9: 30-7./23.40- 08 @ X=<: /= X B \.9: 80 2/.9 3=Z>: Z:.E::- i:-D= /X =-1 _0 /E=A` SOO gb] E0 2>1 -0.
Z: :30-0D43 8:=74Z>: 48 -0. 70D: 08 .9: 4-.: /30--:3.0/ 3=G=34.A E=7 /:7: /F:1 80 / =-34>>= /A 7:/F 43:7 +
?5
1
*OO gb 08 .9: 3=Z>: ./=-7D47740,- .9: =< /::D:-. Z:.E::- .9: I@c7` C-: /< 4-:. i[ =- @.=. -:..`
3=G=34.A 47 /:7: /F:1 80 / 7:30-1= /A /:7: /F: =-1 *O gb 47 /:7: /F:1 80 / G/4D= /A /:7: /F: +
8
X
1
X
X
Ok 8
,- i:-D= / ` E 4- :-: /<A 9=7 = 7 9= /: 0 =G/0U 4D=.:>A ? 0 .9: .0.=> <:-: /=.40-` D= 4-< i:-D= /
E0 />1 >:=1: / 4- .947 /:7G:3. + _0 <=78 4/:1 G>=-.7 0 / 0.9: / 4-7.=>>=.40-7 9=F: Z::- Z24>. 4- i:-D= /X =7
>0-< .: /D /:7: /F: =-1V 0 / Z=3 XQ 2G+ I 9: 4-.: /D4..:-3A 08 .9: E 4-1 G0E: / 47 30 2-.: /=3.:1 ZA 2.4>4H=.4008 .9: 8 >:U 4Z>4.A 08 _0 /E:< 4=- 9A1 /0G0E: /+ ^0.9 _0 /.9: /- a: /D=-A =-1 .9: _:.9: />=-1 E 4>> 4- 70D:
A:= /7 9=F: 74D4>= / 7 9= /: 08 E 4-1 :-: /<A 4- .9:4/ .0.=> :-: /<AD4U =7 i:-D= /X+ I 9: /:80 /: 4-3 /:=7:1
4-.: /30--:3.0 / 3=G=74.A .0 _0 /E=A =-1 2.4>4H=.40- 08 G= /. 08 .9: =F=4>=Z>: 3=G=34.A 80 / =-34>>= /A
7: /F 43:7` 30 2>1 Z: 08 4-.: /:7. 80 / .907: 30 2-./4:7` G/0F 41:1 .9: 307. E0 2>1 Z: >0E: / .9=- 80 / .9:
-=.40-=> 70>2.40-7 + _0 /E=A 3=- 4- -0 E=A 1:>4F: / =>> E 9=. 47 -::1:1 E 9:- 4. 30D:7 .0 Z=>=-34-<
7: /F 43:7` Z2. .9: G0774Z>: _0 /E:< 4=- 30-./4Z2.40-7 7 902>1 Z: :F=>2=.:1 4- =- 0F: /=>> G: /7G:3.4F: +
8
8
1 82
1
1P
l0 / _0 /E=A .9: 0>>0E 4-< G0.:-.40-=> /0D :U 47.4-< =- /: /Z47 9: G>=-.7 D=A Z: :7.4D=.:
*O OOO gb \ -:E 4-.: /30--:3.0 /7 -::1:1]
/
4 .4
. P
â
?
• l 0D :U 7 -< G>=- 7
8
2G< /=14-< 0 :U 47.4-< G>=-.7 P
OOO gb
/
0D
âJ
• l
2DG:1 9A1 /0 G>=-.7 P
OOO gb
/
0D
-:E
G
âJ
• l
0 ot A t€ ys}o{rt pu
i:F:>0GD:-. =-1 4DG>:D:-.=.40- 08 = ./=14-< 73 9:D:` 74D4>= / .0 .9: 0-: 1:73 /4Z:1 =Z0F:
\_0 /E:< 4=- W i=-47 9 ./=14-< 73 9:D:]` E 4.9 0.9: / C2/0G:=-3 30 2-./4:7 7 90 2>1 Z: = .= /<:. + I 9:
:UG: /4:-3:7 <=4-:1 4- .9: _0 /E:< 4=- W i=-47 9 7A7.:D 7 90 2>1 Z: 2.4>4H:1 + ^A 10-4-< 70 4. 3=- Z:
:UG:3.:1 .9=. .9: G0.:-.4=> 08 =>/:=1A :U 47.4-< < /::- Z=>=-34-< G0E: / 3=- Z: 2.4>4H:1 4- = /:>=.4F:>A
-:= / 82. 2/: + R0E:F: /` Z:80 /: 4DG>:D:-.=.40- =>70 .9: 80>>0E 4-< =7G:3.7 -::1 .0 Z: 30-741: /:1 =-1
:F=>2=.:1P
8.
18 . 9 4
18 / ]
. /
\ 4
. 8 2
o 0 :- =- =7 3 =-< -< E= : >:F:>7 þÿ DG=3 0- = -= =- >0 =
./0 2< 9Q8 >0E F= /4=.40-7 4- /4F: /7 \þÿ 4DG=3. 0- 8= 2-= =-1 8 >0 /=]
o
X
1 / 4
1 4 .
4
.
48 .4
.4 4.4
o E:>> -0E- DG=3 0- > : D: =- 7: F 3: =- D= - :-=-3: =3 F :7
14 . /
4 . / .4
.4
4.9 .9: < /41 \þÿ >4-X .0 0.9: / KLM]
o - : =3 0- =- - : Q30--:3 0- E
4 4. 1 2 4
.
o > D : G Z> 3 =33:G =-3:
(p}} 2xs ~ ‚uyuz ‡
g=4->A 4-.: /-=.40-=>` F 4= : +< + Cj R0 /4H0- 5O5O G/0< /=D
™t|vspxys {} ‡
A7: =-1 0.9: / G0E: / G/0123: /7` < /41 0G: /=.0 /7` ,;,@V j4@` TCi;C_` :.3 +
ã
??
+
n
u
u ~
o)oo [€ ts„ tƒ ƒt
*Ytsu}pu p~ sxsot{o|x uts{opuusot pu}
\
wo  | {s |x{s|y€ sY }t uz p { rx|uusy
|o vz {p‚uy ‡
a4F:- .9: < /0E.9 08 /:-:E=Z>: G0E: / G/0123.40- 4- .9: _0 /.9 @:= = /:= =-1 .9: >0-< >:=1 .4D:
80 / 4-8 /=7./23. 2/: G/0f :3.7 47 =>/:=1A -0E -:3:77= /A .0 7.= /. =3.4F 4.4:7 80 / 82/.9: / < /41 :U.:-740- 8
+,
.947 X4-1 08 =3.4F 4.A 47 7.=/.:1` 4. D4< 9. Z: E0 /.9 .0 -0. 0->A 30-F:-.40-=> 4-.: /30--:3.40-7
Z:.E::- .E0 30 2-./4:7 Z2. .0 =>70 30-741: / .9: =>.: /-=.4F: 70>2.40-7 =-1 =/3 94.:3. 2/:7 +
0 ot A t€ ys}o{rt pu
8
1
2
1
1
1
X2
,- 0 / : / .0 .4>4H: 9A /0Q Z=7: Z=>=-34-< =- Z=3 G 7: /F 43:7 /0D _0 /E:< 4=- 4-7.=>>=.40-7 4- j[
=-1 4- 30-.4-:-.=> C2/0G:` 7 288 434:-. 4-.: /30--:3.0 / 3=G=34.A =. /:=70-=Z>: 307.7 D27. Z:
C
D
1:F:>0G:1 80 /D _0 /E=A .0 _0 /.9 2/0G: =-1 j
1
1
C
[+ I /= 4.40-=> /= 4=> G04-. .0 G04-.
4-.: /30--:3.0 /7 = /: F: /A :UG:-74F:` Z2. D0 /: 4-.:< /=.:1 D:7 9:1 -:.E0 /X 1:74<-7 E 9: /: .9:
3=G=34.A 30 2>1 Z: 2.4>4H:1 Z0.9 80 / G0E: / :U3 9=-<: Z:.E::- -:4< 9Z0 /4-< 302-./4:7` G/0F 41:
30--:3.40- .0 G>=--:1 \=-1 :U 47.4-< ] 0887 90 /: E 4-1 G= /X7 =7 E:>> =7 04>Q =-1 <=7Q G>=.80 /D7 4- .9:
_0 /.9 @:= + ,-.:< /=.:1 D:79:1 < /417 =>70 4DG/0F: 7:32/4.A 08 7 2GG>A 30DG= /:1 .0 /=14=> 70>2.40-7 +
8
21
1
1 8
21
1
, .947 30 > Z: :F:>0G: 0 /D = 90>47.43 G: /7G:3.4F:` < /:=. 7=F 4-<7 30 > Z: /:=>4H: =7
:-F 47=<:1 4- D=-A /:G0 /.7 +
8
8
1
1
1
1
C_I@cQ C =- I 9: _0 /.9 @:= a /4 ,-4.4=.4F: 9=F: 0 /:7::- .9: :F:>0GD:-. /0D /= 4=> 4-.0
D:7 9:1 7./23. 2/:7 4- = < /=12=>>A` \7>0E]] :F0>F 4-< G/03:77` Z2. .9: Cj T0DD47740- E=-.7 .947
./=-74.40- .0 Z: =33:>: /=.:1 + I 9: E0 /X 08 C_I@cQ C =-1 .9: _0 /.9 @:= a /41 ,-4.4=.4F: 10 0->A .= X:
4-.0 =330 2-. 4-.: /30--:3.0 /7 =-1 E 4-1 G= /X7` =-1 .9: 7=D: 47 =>70 .9: 3=7: E 4.94- /:3:-. >A
G2Z>47 9:1 R0 /4H0- 5O5O 3=>>7 + l/0D .9: _0 /E:< 4=- G: /7G:3.4F:` = D0 /: 307.Q:88:3.4F: 70>2.4030 2>1 Z: 0Z.=4-:1 G/0F 41:1 .9: =- 0887 90 /: < /41 4-8 /=7./23. 2/: -::1:1 .0 7 2GG>A :U 47.4-< =-1
-:E 04>Q =-1 <=7 G>=.80 /D7` 47 Z=7:1 0- R6 iTQ Rj^Q7./23. 2/: E 4.9 D2>.4 .: /D4-=> 30--:3.40-7 .0
=1f =3:-. G>=.80 /D7 E 4>> Z: .9: 82. 2/: G/:8: //:1 70>2.40-+ I 9: G/0f :3. 7 9=>> Z: 4- >4-: E 4.9 .9: -::1
80 / 1:F:>0GD:-. 08 ./=-7Q 2/0G:=- :-: /<A 4-8 /=7./23. 2/: 4- .9: :-: /<A 4-8 /=7./23. 2/: G/40 /4.A
C
30 //410 /7 =330 /14-< .0 .9: < 241:>4-:7 G2. 80 /E= /1 4- ;:< 2>=.40- ?BSV 5O*?P
?B
p}}2xs ~ ‚uyuz ‡
g=4->A 4-.: /-=.40-=>` F 4= : +< + Cj R0 /4H0- 5O5O G/0< /=D
™t|vspxys {} ‡
A7: =-1 0.9: / G0E: / G/0123: /7` < /41 0G: /=.0 /7` ,;,@V j4@` TCi;C_\]]
ã
(
?J
_
`a`a`
cd efghijklm
b
nÌ ÆËÌÏ Ð ËÉ o É oÏ ÒÉ pÊÉ ÏÍ ËÈ q Ñr ÏÈÉËs ÏÒ t
ĐŽŶŽŵŝĐŐƌŽǁƚŚƚŚƌŽƵŐŚZd
^ŵĂƌƚ^ƉĞĐŝĂůŝnjĂƚŝŽŶ
/ŶƚĞƌŶĂƚŝŽŶĂůŝnjĂƚŝŽŶ
ÅËÏ Æu qv ÊÈÉËq Ìt
\UP SK RLNX SO_K OP M PV KUL NKQSK OMT _PNOK OP M
PdLS WLaLWl
î
PXQK OP MQW KSQOMOMT OM xOPLMLSTY OM yYVY W^L
-
w
w
PXQK OP MQW KSQOMOMT OM dOMR LMLSTYz {QWQML
gdP Z__LS NLXP MRQSY NX UPP WN OM yPTQWQMR UQaL NKQSKLR aPXQK OP MQW KSQOMOMT XPZSNLN K P cLLK KUL MLLRN
PV KUL LMLSTY NLXKP SH g P LR ZXQKL hZQWOV OLR _LSNP MMLW OM L cLSTOMT OMR ZNKSOLNe XPZSNLN VPS dOMR
KLX UMOXOQMN QMR dOKUOM ]OP LMLSTY UQaL ]LLM WQ ZMX ULRH
OT ULS R ZXQK OP Ml
ê
I
\KSP MT ÕLKSP WL Zc Ó§OW QMR TQNÔ LR ZXQK OP M QK KUL ZMOaLSNOKY
-
¤Ld LR ZXQK OP M _SPT SQccLN OM SLMLdQ]WL LMLSTY
gUL QaQOWQ]OWOKY PV VP ScQW UOT ULS LR ZXQK OP M _SPT SQccLN dOKUOM SLMLdQ]WL LMLSTY OM yPTQWQMR ON
SQKULS WOcOKLRH {LN_OKL Q XP MNORLSQ]WL SLMLdQ]WL LMLSTY _SPR ZXK OP M OM yPTQWQMR cPNK PV KUL VP ScQW
e
LR ZXQK OP M ON LaP WaLR QSPZMR KUL MLLRN PV KUL _LKSP WLZc NLXKP SH ÖK ON UPdLaLS Oc_P SKQMK K P MPKL KUQK
OK ON Q T SLQK _PKLMK OQW VPS ^MPd WLRTL KSQMNVLS V SPc KUL _LKSP WL Zc NLXKP S K P MLd SLMLdQ]WLN H
gUL ¤QXZWKY PV \XOLMXL QMR gLX UMP WPTY QK |O\ PVVLSN Q ÕU{ _SPT SQccL OM ÕLKSP WL Zc
MTOMLLSOMT
I
d UOX U XP MR ZXK N SLNLQSX U OMK P cLKUPRN QMR LhZO_cLMK ZNLR K P V OMR QMR _SPR ZXL POW QMR TQN RL _PNOK N
OM ZMRLST SPZMR VP ScQK OP MN P MN UP SL QMR PVVN UP SL H ÕLKSP WL Zc gLX UMP WPTY ON QM OMKLSMQK OP MQW QMR
OMKLSzRONXO_WOMQSY V OLWRe d UOX U OMX WZRLN TLP WPTYe TLP_UYNOXNe R SOWWOMTe _SPR ZXK OP M KLX UMP WPTYe SLNLSaPOS
KLX UMP WPTY WLTON WQK OP M V OMQMXL QMR QR cOMONKSQK OP M RLaLWP_cLMK QMR _SPR ZXK OPMH yLNLQSX U QXK OaOK OLN
e
e
e
aQSY QXXP SROMT K P KUL SLNLQSX ULSN} V OLWR PV OMKLSLNK QMR d UQK KUL OMR ZNKSY MLLRN QK QMY K OcL QMR
KULSLVP SL cQY X UQMTL PaLS K OcL H
e
gUL {L _QSK cLMK PV ÕLKSP WL Zc MTOMLLSOMT QK KUL |MOaLSNOKY PV \KQaQMTLS ON QK KUL VP SLV SP MK PV
I
_LKSP WL Zc LMTOMLLSOMT LRZXQK OP M dP SWRdORL H gUL m\X OM ÕLKSP WL Zc MTOMLLSOMT ON ZMOhZLWY VPXZNLR
I
P M KUL N_LXOV OX MLLRN PV KUL Z_NKSLQ c _LKSP WL Zc OMR ZNKSY H ¤SPc KUL MLJK QXQRLcOX YLQS ¥ì –`i ¥ì –b
KUL _SPT SQccL dOWW PVVLS G N_LXOQWONQK OP MN l ~LWW
MTOMLLSOMT H
I
MTOMLLSOMT yLNLSaPOS MTOMLLSOMT QMR [QK ZSQW kQN
e
I
I
gUL V OLWR PV PVVN UP SL KLX UMP WPTY QK |O\ RLQWN dOKU _SOMXO_WLN KULP SOLN QMR cLKUPRN PV _WQMMOMT
e
e
RLaLWP_OMT NLSaOXL QMR _UQNOMT PZK PV KLX UMP WPTOXQW NYNKL cN QMR LhZO_cLMK dOKU Q __WOXQK OP MN
e
LN_LXOQWWY RLNOT MLR VP S PVVN UP SL OMNKQWWQK OP MN H gUL V OLWR ON ROaORLR OMK P KUL VP WWPdOMT N_LXOQWOfQK OP M
QSLQN l PVVN UP SL NKSZXK ZSLN cQKLSOQW KLX UMP WPTY cLX UQMOXQW LMTOMLLSOMT NQVLKY QMR KLX UMOXQW
e
e
e
G^
:-F 4/0-D:-.=> G/0.:3.40-+ I 9: M9i G/0< /=DD: 4- 0887 90 /: .:3 9-0>0<A 47 >4-X:1 .0 /:7:= /3 9 E 4.94:=3 9 08 .9:7: D:-.40-:1 7G:34=>4H=.40- = /:=7 +
8
12
X8
2
1
,- .9: /:< 40-` E: 9=F: = R4< 9 : 3=.40- >:F:> 4- .9: E0 / 0 /3: Z:3= 7: 0 .9: c4> =- a=7 7:3.0 /
E 943 9 47 30-747.4-< 08 30-741: /=Z>: 4-.: /-=.40-=> E0 /X80 /3: +
]P
] 22 P
8
12
12
1
,- 7./A \ãA7: L G0.:-.4=> 0 / : 3=.40- 4- :>:3./43=> G0E: / :-< 4-:: /4-< \9A /0G0E: / + l . /:
8
1
1
@ D= /. < /4 ` :>:3./4 A 4-< .9: 04> =- <=7 4-7.=>>=.40-7 +
p|x‡
8
1
1
1
@ 90 /. :73 /4G.40- 0 .9: :74/: 3 9=-<:7
1
12
Q g0/: :-: /<A /:>=.: : 3=.40- G/0< /=DD:7 =. 2-4F:/74.A >:F:> \-::1 08 .9: 4-127./A ]]
Q @./0-<: / 30>>=Z0 /=.40- E 4.9 4-127./A 4- .9: :123=.40- G/0< /=DD:7
Q ,-3 /:=7: 4-.: /-=.40-=> 30>>=Z0 /=.40- \f 04-. :123=.40- G/0< /=DD:7] = /0 2-1 :-: /<A :123=.40
ot A t s} ‡
| ({pM sot ys|} p { pt s { qs|}‚{s}
* 7.=Z>47 94-< =- :-: /<A 4-7.4. 2.:V =3=1:DAQ _0 /.9 :=
+C
@
V
f
4
.
.
/
9
/
/
4- :-:/<A 7A7.:D 4-.:< /=.40- E 4.9 C_@CL
0
g=7
:
M
G
0<
=D7
i:F:>0G
i
Q
G= /. -: /7 \,I _ g= /4: T 2/4: l2-14-< ]
12
12
12
5+ ,-3 /:=74-< .9: 30>>=Z0 /=.40- E 4.9 4- 7./A 4- .9: : 3=.40- G/0< /=DD:7 \.0 D::. 4- 7./A
-::17]
Q C7.=Z>47 9 =- 4-127./A €:-:/<A G/08:770 /7 94G€
Q ,-127./A M9i \,I _ g=/4: T2/4: 82-14-< ]
Q [-0E>:1<: L>>4=-3:7 \RC, =-1 30DG=-4:7]
21
12
12
1 ]
?+ @. :-. D0Z4>4.A E 4.9 4- 7./A \E /4.4-< .9:747 0- .9: 4- 7./A -:: 7
Q g=7.: / 7. 21:-.7 E /4.4-< .9:4/ .9:747 80 / 4-127./A \0 / G2Z>43 7:3.0 /]
0
2 (p}}2xs ~ ‚uyuz ‡
{|}q‚} ƒ „8upwxsyzs 0 xx|uos}
]P
1
1
1
2 2 1
[-0E>: <: L>>4=-3:7 \RC, =- 30DG=-4:7 [-0E>: <: L>>4=-3:7 = /: ./=-7-=.40-=>` 7./ 3. /:
G= /. -: /7 94G7 Z:.E::- 94< 9: / :123=.40- =-1 Z274-:77 + [-0E>:1<: L>>4=-3:7 = /: 0G:- .0 =-A 14734G>4-:`
7:3.0 / =-1 .0 3 /077Q7:3.0/4=> 300G: /=.40-` G= /.43 2>=/>A 4- :D: /< 4-< 8 4:>17 + ,--0F=.40-P 4- 94< 9: /
:123=.40- =-1 F 4= 94< 9: / :123=.40- 4- :-.: /G/47:7 =-1 4- .9: 70340Q:30-0D43 :-F 4/0-D:-. + _:E 7 X4>>7
80 / -:E -::17 …
 *
‚
cF: /=>> 0Zf :3.4F: P
† ./:-<.9:- 2/0G: V7 4--0F=.40- 3=G=3 4.A
@
C
† 07. : / 4--0F=.40- 4- 94< 9: / :123=.40- :-. : /G/47:7 =-1 703 40Q:30-0D43 :-F 4/0-D:-.
l
`
8
P
@ G:34 43 <0=>7
† DG>:D:-. 4--0F=.4F: E=A7 08 .:=3 94-< >:= /-4-< =-1 <0F: /-=-3:
,
`
† .4D2>=. : :-./:G/:-: 2/7 94G =-1 :-./:G/:-: 2/4=> 30DG:.:-3: 08 7. 21:-. 7 =3=1:D437 =-1 30DG=-A
@
`
7.=88
† =3 4>4. =.: .9: :U3 9=-<: 8 >0E =-1 30Q3 /:=.40- 08 X-0E>:1<:
l
`
S
?
8
P
@:. 0 30DG>:D:-.= /A =3.4F 4.4:7
† i:F:>0GD:-. =-1 4DG>:D:-. =.40- 08 -:E >:= /-4-< =-1 . :=3 94-< D:.9017
† c /<=-47=.40- 08 30-.4-24-< :123=.40-=> G/0< /=DD:7 =-1 =3.4F 4.4:7 E 4.9 =-1 E 4.94- 30DG=-4:7
† 3 9:D:7 08 ./=-7F: /7=>7 7 X4>>7 V >:= /-4-< 4- 300G: /=.40- E 4.9 :-.: /G/47:7
@
† -./:G/:-: 2/7 94G :123=.40- 4- =-A 1 473 4G>4-:
C
† . 21A 8 4:>1 /:>=.:1 =3.4F 4.4:7 E 943 9 = /: :DZ:11:1 4- 3 2//43 2>=
@
† U3 9=-<: 08 7. 21:-. 7 /:7:= /3 9: /7 . :=3 94-< =-1 30DG=-A 7. =88
C
`
`
† .3
C +
˜‚{s
8
_:E ,I _ 3=>>7 E 4>> Z: G2Z>479:1 :F: /A A:= / 0 R0 /4H0- 5O5O + ,I _7 7 2GG0 /. 30DG:.4.4F:>A 7:>:3.:1 f 04-.
/:7:= /3 9 ./=4-4-< =-1V 0 / 103.0 /=> G/0< /=DD:7` 4DG>:D:-.:1 ZA C2/0G:=- G= /. -: /7 94G7 08
2-4F: /74.4:7 /:7:= /3 9 4-7.4. 2.40-7 =-1 -0-Q=3=1:D43 0 /<=-4H=.40-7
`
`
+
1: :UG: /4:-3: 0 2.741: =3=1:D4= 9:-3: 1:F:>0G4-<
9
/
/
9
./
4
4
/
/
/
4
:
:7:=
3
=
-<
G
0<
=DD:7
G
0F
I
`
4--0F=.40- =-1 :DG>0A=Z4>4.A 7X4>>7 + ,I _7 E 4>> 4-3>21: 4-127./4=> 103.0 /=.:7` 4- E 943 9 -0-Q=3=1:D43
0 /<=-4H=.40-7 9=F: =- :m2=> /0>: .0 2-4F: /74.4:7 4- /:7G:3. 08 .9: /:7:= /3 9: /V7 .4D: =-1 7 2G: /F 4740-`
=-1 f 04-. 103.0 /=> 1:< /::7 1:>4F: /:1 ZA 7:F: /=> 2-4F: /74.4:7 + l2/.9: /D0 /:` -0-Q C2/0G:=0 /<=-4H=.40-7 3=- G= /.434G=.: =7 =114.40-=> G= /. -: /7 4- ,I _7` :-=Z>4-< 103.0 /=>Q >:F:> 3=-141=.:7 .0
<=4- :UG: /4:-3: 0 2.741: C2/0G: 12/4-< .9:4/ ./=4-4-< + C123=.40- 30 2>1 =>70 Z: =11 /:77:1 4- 7:F: /=> 08
.9: .0G437 4- R0 /4H0- 5O5O C-: /<A E0 /X G/0< /=DD: +
‡
‚
%p {ˆpu ‡‰‡‰ „?uupA|t As œ{|uuz Estwp {v} Š ‹| {s
O O
C-: /<AQ R0 /4H0- 5 5
O W O* P 9: 92D=- 8=3.0 / 4- .9: :-: /<A 7A7.:D
5 B I
ãTC 5
8
8
P
2 1
1
2
P
@ G:34 43 3 9=>>:-<: I0 Z:..:/ - : /7.=- .9: 9 D=- =3.0 / g=-=< 4-< .9: ./=-74.40- .0 = D0 /:
7 27.=4-=Z>: :-: /<A 7A7.:D 47 = 3 9=>>:-< 4-< .=7X` <04-< Z:A0-1 D:/: .:3 9-0>0< 43=> =7G:3.7 +
2
1
21
X
2
1
T0-7 D: /V7 =- 0.9: / =3.0/V7 =E= /:-:77` =..4. :7` /47 G: /3:G.40-` 30-7 DG.40- Z: 9=F 40 / =4-F:7. D:-. 1:34740-7 9=F: = 7./0-< 4-8 >2:-3: 0- .9: 1:F:>0GD:-. 08 0 2/ :-: /<A 7A7.:D =-1 = /: =
3 /234=> 8=3.0 / 4- .9: 1477:D4-=.40- 08 :-: /<A /:>:F=-. .:3 9-0>0< 4:7` Z2. = /: 0- .9: 0.9: / 9=-1 7 9=G:1
ZA .9: 7034=> :-F 4/0-D:-. + b: -::1 .0 :UG>0 /: .9: 8=3.0 /7 ./4<<: /4-< .9: Z: 9=F 40 / 08 .9: 1488: /:-.
7.= X: 90>1: /7` 4-3>214-< 30-7 2D: /7` G0>43A D= X: /7` 4-127./4=> 7./=.:< 47.7` /:< 2>=.0/7` .:3 9-0>0<A
1:F:>0G: /7 4-F:7.0 /7 :.3 947 4-3>21:7 .9: m2:7.40- E 9:.9: / <:-1: / =7G:3.7 G>=A = 74<-48 43=-. /0>:
`
` ++ I
`
4- .9: 1:F:>0GD:-. 08 .9: :-: /<A 7A7.:D+ l2/.9: /D0 /: E: -::1 .0 1:F:>0G =GG/0G/4=.: D:=-7 .0
8=34>4.=.: =-1 =3.4F:>A 7.4D2>=.: .9: G2Z>43 :-<=<:D:-. 4- ./=-780 /D4-< 0 2/ :-: /<A 7A7.:D =-1 .0
807.: / .9: 14=>0< 2: E 4.9 .9: G2Z>43 0- .947 D=..: /
+
i:F:>0G4-< .9: 7X4>>7 -::1:1P I 9: =DZ4.40 27 <0=>7 08 .9: @CIQ M>=- /:m24/: .9: D0Z4>4H=.40- 08
=GG/0G/4=.: /:70 2/3:7 + I 947 =GG>4:7 4- G= /.43 2>= / .0 .9: =F=4>=Z4>4.A 08 7 X4>>:1 E0 /X80 /3: + L7
/:30DD:-1:1 ZA .9: @CIQ M>=- C123=.40- =-1 I /=4-4-< ;0=1D=G E: -::1 .0 807.: / C2/0G:=300G: /=.40- 4- .947 = /:= ZA Z24>14-< C2/0G:=- -:.E0 /X7` Z0.9 4- .9: 2-4F: /74.A Z=7:1 :123=.407:3.0 / =-1 4- .9: F03=.40-=> :123=.40- =-1 ./=4-4-< 7:3.0 /` :7.=Z>47 94-< 3>07: >4-X7 .0 Z274-:77 =-1
/:7:= /3 9+
?N
8
8
P
21
P
@30G: M/0G07=>7 7 90 > 30F: / 0-: 0 / 7:F: /=> 0 .9: 0>>0E 4-< =7G:3.7
o
o
o
LE= /:-:77` G: /3:G.40-7` Z: 9=F 40 / =-1 =..4. 21:7 .0 :-: /<A /:>:F=-. .:3 9-0>0< 4:7
\4-3>214-< -23>:= /] =-1 .0 ./=-74.40- G=.9E=A7 .0 = >0E 3= /Z0- :30-0DA 08 =3.0 /7 4.9: :-: /<A 7A7.:D` 4-3>214-< G: /3:G.40- 08 /47 X7 =-1 Z:-:8 4.7 + L-=>A747 08 .9: /0>: =-1
.9: 74<-48 43=-3: 08 <:-1: / =7G:3.7 /:>=.:1 .0 :-: /<A =-1 4.7 30-7:m2:-3:7 80/ .9:
1:F:>0GD:-. 08 =- :88 434:-. =-1 /:>4=Z>: >0E 3= /Z0- :-: /<A 7A7.:D
+
M2Z>43 :-<=<:D:-. 4- .9: ./=-780 /D=.40- G/03:77 .0 = D0 /: :88 434:-.` >0E 3= /Z0:-: /<A 7A7.:D+ i:F:>0GD:-. 08 D:=7 2/:7` D:.9017 =-1 .00>7 .0 >= 2-3 9 =-1
7.4D2>=.: = 14=>0< 2: E 4.9 .9: G2Z>43 0- :-: /<A G0>43A =-1 :-: /<A 4--0F=.40- 02
C /0G:=- >:F:>+
i:F:>0GD:-. =-1 7 2GG0 /. 08 =] F03=.40-=> :123=.40- =-1 ./=4-4-< -:.E0 /X7 410D=4-7 E 4.9 G0.:-.4=> 7 90/.=<:7V10D=4-7 -::14-< -:E 0 / 2G< /=1: 08 :U 47.4-<
30DG:.:-3:7 0 / Z] -:.E0 /X7 >4-X4-< /:>:F=-. =3.0 /7 4- .9: 8 4:>1 08 :-: /<A /:>=.:1
:123=.40- =-1 ./=4-4-< 7 239 =7 2-4F: /74.4:7` 0.9: / /:7:= /3 9 4-7.4. 2.40-7` Z274-:77 :.3 +
.0 =11 /:77 X-0E>:1<:` 7X4>>7 =-1 30DG:.:-3:7 -::17 =-1 <=G7 + ^0.9 .AG:7 08
-:.E0 /X7 -::1 .0 Z: 4- >4-: E 4.9 .9: 730G: 1:73 /4Z:1 4- .9: @CIQ M>=- C123=.40- =-1
1
1
1
X
1
I /=4-4-< ;0= D=G =- -:: .0 4-F0>F: .9: /:>:F=-. 7.= : 90> :/7 =>0-< .9:
.:3 9-0>0<A F=>2: 3 9=4-+
8
8
1
m2
2
I 9: T0DD47740- 30-74 : /7 .9=. G/0G07=>7 /: :7.4-< = 30-./4Z .40- /0D .9: Cj 0 Z:.E::8
21
11
1
Cj; 5 .0 B D4>>40- E0 > =>>0E .947 7G:34 43 3 9=>>:-<: .0 Z: = /:77: =GG/0G/4=.:>A +
_0-:.9:>:77` .947 10:7 -0. G/:3>21: 7 2ZD47740- =-1 7:>:3.40- 08 G/0G07=>7 /:m2:7.4-< 0.9: /
=D0 2-.7 +
8
1
P 2
2 1
1
CUG:3.: 4DG=3. @ GG0 /. .0 .9: 4DG>:D:-.=.40- 0 .9: @CIQ M>=- ZA Z:..: / - : /7.=- 4-< .9:
30DG>:U >4-X7` 4-.: /1:G:-1:-34:7 =-1 4-.: /=3.40-7 08 .9: F= /40 27 =3.0 /7 4- .9: :-: /<A 7A7.:D`
.9:4/ D0.4F=.40-` =..4. 21:7 =-1 G: /3:G.40-7 + i:F:>0GD:-. 08 0G.40-7 =-1 7./=.:< 4:7 .0
=11 /:77 .9:7: 8=3.0 /7 E 4.9 = F 4:E .0 8=34>4.=.: =-1 7 2GG0 /. .9: ./=-74.40- .0E= /17 =
7 27.=4-=Z>: :-: /<A 7A7.:D+
i:F:>0GD:-. 08 7./=.:< 4:7 =-1 D:=7 2/:7 .0 :-9=-3: G2Z>43 :-<=<:D:-. 4- .947
./=-780 /D=.40- G/03:77 =-1 .0 :7.=Z>47 9 = 7./23. 2/:1 14=>0< 2: E 4.9 .9: G2Z>43 0- .947 D=..: /
4-3>214-< C2/0G:=-4H=.40- 08 :U 47.4-< -=.40-=> :-: /<A 14=>0< 2:7 +
8
2
X 1
X8
@ GG0 /. .9: G/0F 4740- 0 =GG/0G/4=.:>A 7 4>>: E0 / 0 /3: .0 4DG>:D:-. .9: @CIQ M>=- ZA
41:-.48 43=.40- 08 -::17 =-1 <=G7` =-1 ZA 4DG/0F 4-< =-1 =33:>: /=.4-< .9: :U 47.4-< :123=.40=-1 ./=4-4-< =3.4F 4.4:7 4- .9: F03=.40-=> =-1 4- .9: 2-4F: /74.A 7:3.0 /+
8
P
1
1 2
IAG: 0 =3.40- ;:7:= /3 9 h ,--0F=.40- L3.40-7` T00 / 4-=.40- =- @ GG0 /. L3.40-7 íÞÛí ëæÜÞ âï" ïó" ýïâü Œ
‚
sz pu|x ~ ‚uy}N E|t pu|x ~ ‚uy}
Q ;:< 40-=> ;:7:= /3 9 l2-1 0/V =-1 6 ;, ;0<=>=-1 82-14-< \4-.: /-=.40-=> 7. 21:-. D0Z4>4.A ]

n
?
Ž
‚
s}s| {o  ~ ‚uy} ~ {pq uy‚}t{€
Q ,-127./4:7` 1:G:-1 0- .9:4/ -::17V 4-.: /:7.7` D=A 9=F: .9: G0774Z4>4.A .0 G/0F 41: /:7:= /39
82-17 80 / 7G:348 43 :-: /<A /:>=.:1 /:7:= /3 9 G/0< /=D7

3]
X
1 P
@.= : 90> : /7
j-4F: /74.A 08 @.=F=-<: /` ,-127./A` ;:< 40-=>V ã03=> <0F: /-D:-.` :.3 +
1]
i:8 4-: /:7G0-74Z4>4.4:7
j-4F: /74.A 08 @.=F=-<: / 302>1 .= X: .9: >:=1 4- 1:F:>0G4-< =- ,I _ =GG>43=.40- 80 / .9: R0 /4H08
1
2 1
2
O O
5 5 ` 0 / =- =GG>43=.40- 0 / .9: [-0E>: <: L>>4=-3: G/0< /=DD: - : / C/=7D 7 â +
B
O
’’‡†‹šǣƒ…‰”‘—†‹ˆ‘”ƒ–‹‘‘›†”‘’‘™‡”‹‘”™ƒ›
M0E: / <:-: /=.40- 08 /:-:E=Z>: 4-.: /D4..:-. 70 2/3:7 7 23 9 =7 E 4-1 =-1 70>= / < /0E7 4- C2/0G:
74<-48 43=-. >A 4- /:3:-. A:= /7 + l4< 2/: * 7 90E7 80 / :U=DG>: .9: E 4-1 G0E: / <:-: /=.40- 4- .9: _0 /.9 @:=
/:< 40- 4- 5O*5` 94< 9>4< 9.4-< .9: 7./0-< 8 >23. 2=.4-< 39= /=3.: / 08 .947 70 2/3: + I 947 ./:-1 .0E= /17 =4-3 /:=74-< 7 9= /: 08 /:-:E=Z>:7 47 :UG:3.:1 .0 30-.4-2: 4- .9: 30D4-< 1:3=1:7 =-1 .9: /:80 /: G2.7 .9:
:U 47.4-< G0E: / 7A7.:D7 2-1: / =- :F: / 4-3 /:=74-< 7./:77 + I 9: 8 >23. 2=.40-7 -::1 .0 Z: Z=>=-3:1 E 4.9
0.9: / 8 >:U 4Z>: <:-:/=.40- 2-4.7 =-1 V 0 / 1:D=-1 741: D=-=<:D:-. .0 =F041 < /41 4-7.=Z4>4.4:7 =-1 .9:
1=-<: / 08 Z>=3 X 0 2.7 . 47 .9: /:80 /: D=-1=.0 /A 80 / .9: c7 80/ = 7:3 2/: 7A7.:D 0G: /=.40- .0 9=F:
+,
I@
.9: -:3:77= /A D:=-7 .0 4.7 147G07=> 4- 0 /1: / .0 30G: E 4.9 .9: -:E 3 9=>>:-<:7 Z0.9 =7 /:<= /17
Z=>=-34-< 1:D=-1 =-1 <:-: /=.40- 8 >23. 2=.40-7 =7 E:>> =7 .9: G/0F 4740- 08 7 288 434:-. Z=3 XQ 2G 3=G=34.A +
†z‚{s ‡ ‡ šuy
rpws { zsus {|t pu u t s Ep {t  ™s| {sz pu *\ 8\ \ ? u ‡‰‡
2 *
@0 /3: 5
8
8
82
X
1
1
2
I 947 .=7 3=- Z: :4.9: / G: / 0 /D: ZA 0774> :> Z=7: .:3 9-0>0< 4:7` <:-: /=.4-< < /::-90 7: <=7
:D47740-7 0 / G/:8: /=Z>A ZA 274-< 0.9: / :D47740- 8 /:: .:3 9-0>0< 4:7 +
8
1
1
1
,- .9: = /:= 0 >= /<: 73=>: =- < /::- Z=>=-34-< G0E: / 47` Z:74 : .:3 9-0>0< 4:7 E 943 9 -:: .0 Z:
1:F:>0G:1 =-1 D=1: =F=4>=Z>: 9A1 /0 G0E: / =- =>/:=1A :U 47.4-< =>.: /-=.4F: 4- .: /D7 08 4.7 7.0 /=<:
`
3=G=34.A =7 E:>> =7 4.7 14739= /<: .4D: =. .9: /=.:1 G0E: / \l4< 2/: 5]+ ,.7 94< 9 >:F:> 08 D=. 2/4.A 82/.9: /
30-./4Z2.:7 .0 4.7 =GG>43=Z4>4.A 4- = /:>=.4F:>A 7 90 /. .4D: 8 /=D:` =77 2D4-< .9=. 70D: -:3:77= /A
G/: /:m2474.:7 = /: 4- G>=3:` E 943 9 47 30-.:-. 08 .947 >4< 9.90 27: G/0f :3. G/0G07=>+ l0 / =- 0F: /F 4:E 3=Z: .9: 74. 2=.40- 08 9A1 /0G0E: / 4- C2/0G: 7 2DD= /4H:1 =7 80>>0E7 P
1 1
2
11 2
* OeOOO gb L8.: / = 7.=-17.4>> G: /401 08
I 9: 4-7.=>>: 9A /0G0E: / 4- C /0G: = 7 G .0 D0 /: .9=- N
+
7:F: /=> 1:3=1:7` = 8:E -:E 9A1 /0G0E: / G/0f :3.7 9=F: Z::- 1:F:>0G:1 4- 70D: C2/0G:=- 30 2-./4:7
4- /:3:-. A:= /7 + I 9: ;:-:E=Z>: C-: /<A i4/:3.4F: 2-1: /G4-7 = 82-1=D:-.=> 3 9=-<: 4- .9: C2/0G:=âý 1 ðæëëæÜèÚäÞæÚ $ÛÙèÞéàÝÛëÞ ÷ÛëÛÜÝæÜè ÛÜí àÚØÙÛèÞ ß ÙØÖ åíÙØ×ØîÞÙ @ Ú ÙÞÜíà ßØÙ Ú Þ ßáÚ áÙÞ ø ø ê ò2òø
×ÙÞàÞÜÚÛÚ æØÜ ýûâï ýïâû
B
*
8
2
12
18
C-: /<A D4U E 9: /: =- 4-3 /:=74-< G= /. 0 .9: C /0G:=- G0E: / G/0 3.40- 9=7 .0 Z: <:-: /=.: /0D
/:-:E=Z>: \4-.: /D4..:-. ] 70 2/3:7 + l0 / 9A1 /0:>:3./43 G0E: / .947 14/:3.4F: ./=-7>=.:7 4-.0 < /0E.9 43=G=34.A :4.9: / 8 /0D -:E G/0f :3.7 \E 9: /: G0774Z>: *?] 0 / D07. >4X:>A ZA 2G< /=14-< 08 :U 47.4-< 8=34>4.4:7
.9/0 2< 90 2. C2/0G: + jG< /=14-< 08 :U 47.4-< 9A1 /0G0E: / 8=34>4.4:7 -0 /D=>>A /:7 2>.7 4- Z0.9 4-3 /:=7:1
:88 434:-3A \8:E: /` < /:=.: / =-1 D0 /: :88 434:-. 2-4.7] =-1 48 G0774Z>: 94< 9: / 0 2. G2. =-1 /:123:1 -2DZ: /
08 2.4>4H=.40- 90 2/7 80 / .9: 2G< /=1:1 G>=-.7 +
†z‚{s Œ ‡ 0zs
|uy }ˆs p~ Ep {wsz |u €y {prpws { rx|ut}
2 *
@0 /3: B
2 1
1
2
1
2
,. 3=- Z: =77 D: .9=. .9: 9A /0Q<:-: /=.40- G>=-.7 4- C /0G: 7 90E = 74D4>= / 47./4Z .40- G=..:/- =7
]
4- _0 /E=A \7:: l4< 2/: ? + R:-3: 4. D=A Z: :UG:3.:1 .9=. = >0. 08 9A1 /0G0E: / G>=-.7 4- C2/0G: E 4>> Z:
2G< /=1:1 =-1 /:82/Z47 9:1 4- .9: A:= /7 .0 30D: . 47 90E:F: / F: /A 4DG0 /.=-. 48 .:3 9-43=>>A G0774Z>:
+,
`
`
.9=. .9: 1:74<- 08 .907: 2G< /=1:1 =-1 /:82/Z47 9:1 G>=-.7 47 4- 30DG>4=-3: E4.9 -:E :U 47.4-< =-1
82. 2/: 0G: /=.4-< /:m24/:D:-.7 9: 0 /4< 4-=> 1:74<- 3 /4.: /4= 80 / D07. :U 47.4-< 9A1 /0G0E: / G>=-.7
+I
=4D4-< =. 7.=Z>: =-1 :88 434:-. 0G: /=.40- =. 0G.4D2D 30-14.40-7 7 90 2>1 48 G0774Z>: Z: /:G>=3:1 ZA -:E
1:74<-7 =>>0E 4-< 80 / D0 /: 8 >:U 4Z>: 0G: /=.40- 9:A -::1 .0 30F: / E 41: 0G: /=.4-< /=-<: 94< 9 -2DZ: /
+I
`
08 7.= /.Q7.0G 0G: /=.40-` /=G41 F= /4=.40- 4- 0 2. G2. =-1 90G:82>>A 30-./4Z2.: .0 < /41Q7.=Z4>4.A \4-: /.4=`
F0>.=<:V6L /Q /:< 2>=.40-] :F:- 4- .4D:7 08 -0 G0E: / 0 2. G2. 8 /0D .9: <:-: /=.0 /7 + I 9: 7A7.:D
4-.:< /=.40- G: /7G:3.4F:` E 943 9 47 90E .9: 0F: /=>> Z:-:8 4.7 4- =- 4-.:< /=.:1 C2/0G:=- :>:3./434.AQ
V :-: /<A 7A7.:D D=A Z: /:=>4H:1 7 90 2>1 Z: .9: Z=747 80 / -:E 1:74<-Q3 /4.: /4= Z0.9 80 / -:E =-1
`
:U 47.4-< D:142D \0 / =Z0F:] 74H:1 9A1 /0Q G0E: / G>=-.7+ R:-3: .9: -:E =-1 /:82/Z47 9:1 9A1 /0Q G0E:/
G>=-.7 7 90 2>1 2-1: /G4- =-1 7 2GG0 /. .9: 4-./0123.40- 08 4-3 /:=74-< 4-.: /D4..:-. /:-:E=Z>: <:-: /=.40Z0.9 ZA 30-./4Z2.40- .0 7A7.:D 7.=Z4>4.A =-1 7:3 2/4.A 08 7 2GG>A =7 E:>> =7 ZA G/0F 414-< Z=>=-34-< =-1
Z=3 X2G 3=G=34.A +
âû ÝÝØÙíæÜè ÚØ ØÙëí Ú ëÛà F ÕÜíáàÚ Ùå áæíÞ ýïâï Ú ÞÙÞ æà Û ÙÞÖÛæÜæÜè åíÙØ ÞÜÞÙèå ×ØÚÞÜÚ æÛë Øß õñï
 "åÞÛ Ù æÜ òáÙØ×Þ ò ÛÜí ÜØ Ü ò ÝØ áÜÚ ÙæÞà âü øØÙèÞà ä ÛààíÙÛèàé Øè ÞÜÞÙèæíæÙÞùÚØÙÛÚ ÚÚ ×""îîî ÜäÞÜØ"
B5
8
1
1 1 1
P
RA /0G0E: / G>=-.7 .9:D7:>F:7 3=- Z: 4F 4 : 4-.0 .9: 0>>0E 4-< .9/:: D=4- .AG:7
{‚up~ {As{ 9A1 /0G0E: / G>=-.7
•
{s}s {Ap{t€rs 9A1 /0G0E: / G>=-.7
•
(‚qrsy }t p {|zs 9A 1 /0G0E: / G>=-. 7
+
•
8
1
1 1 1
2
1
I 907: D=4- .AG:7 = /: 0 .:- 30DZ4-: 4- 3=73= : 9A /0 G0E: / 7A7.:D7 E 9: /: .9: G7./:=D 9A /0
7.0 /=<: 2-4.7 8:1 ZA : +< + /4F: /7 D=A 9=F: 10E-7./:=D G>=-.7 8::14-< .9: /2- 08 E=.: / Z=3 X 4-.0 .9:
/4F: /+
;2-Q08Q /4F: / 9A1 /0 G>=-.7 =/: -0 /D=>>A /:<= /1:1 =7 Z=7:>0=1 G>=-.7 =7 .9: G/0123.40- 47 1:.: /D4-:1
ZA .9: =3. 2=> -=. 2/=> 8 >0E 4- .9: /4F: /+ ;2-Q08Q /4F: / 9A1 /0G0E: / G>=-.7 9=F: >4.. >: 0 / -0 Z288: /
3=G=34.A + I 9: /:80 /: .9:A 088: / 0->A 7 90 /.Q.: /D \8:E D4-2.:7] Z=>=-34-< G0774Z4>4.4:7` .927 =>>0E 4-< 80/
70D: =1=G.40- .0 1:D=-1` :7G:34=>>A 80 / =-34>>= /A 7:/F 43:7 7 23 9 =7 8 /:m2:-3A =-1 F0>.=<: 30-./0>+
1
1
1
1
1
RA /0G0E: / G>=-.7 E 4.9 7D=>> /:7: /F04/7 = /: 70D:.4D:7 3=>>: G0- =<: G>=-.7 + I 9:A = /: :74<-: .0
D012>=.: <:-: /=.40- 0- = 1=4>A 0 / D=U 4D2D E::X>A Z=747 + I 9: =>70 G/0F 41: 8 /:m2:-3A =-1 F0>.=<:
30-./0> =7 =-34>>= /A 7: /F 43:7+
88
8
1
P
RA /0G0E: / G>=-.7 E 4.9 >= /<: /:7: /F04/7 0 : / = F: /A 94< 9 >:F:> 0 7: /F 43:7 ã0-<Q.: /D >= /<:Q73=>:
:-: /<A 7.0 /=<: 12/4-< G: /4017 08 Z0.9 >0E 1:D=-1 =-1 >0E G/:34G4.=.40- 0 / G: /4017 E 4.9 9:=FA
/=4-8=>> =-1 94< 9 4-8 >0E7 \.AG43=> 7-0E D:>.4-< G: /4017 12/4-< 7G/4-<.4D:]+ c- .9: 0.9: / 9=-1 F: /A
9A1 /0G0E: / 3=- 088: / 8=7. /:7G0-7: 4- G: /4017 E 4.9 4-3 /:=74-< 0 / 8 >23. 2=.4-< 1:D=-1 + _0 0.9:/
:>:3./434.A G/0123.40- 7A7.:D 3=- 088: / = 30DG= /=Z>: >:F:> 08 7: /F 43:7 +
M2DG:1 7.0 /=<: G0E: / G>=-.7 8=>> 4-.0 0-: 08 .E0 3=.:<0 /4:7 P g4U:1 0 / G2/: G2DG:1 7.0 /=<:
9A1 /0G0E: / G>=-.7 + g4U:1 G0E: / G>=-.7 9=F: -=. 2/=> 4-8 >0EQ G2/: G2DG:1 7.0 /=<: 9A1 /0G0E:/
G>=-.7 9=F: -0-: + M2DG:1 7.0 /=<: G0E: / G>=-.7 = /: 0G: /=.:1 3A3>43=>>A 0- 1=4>A \0 / E:: X>A ] Z=747 =-1
= /: 1:74<-:1 .0 G/0F 41: :>:3./434.A 12/4-< G:= X 1:D=-1 90 2/7 + I 9: :88 434:-3A 08 0-: 3A3>: 47
=GG/0U 4D=.:>A SJk + ,- .9: Cj :>:3./434.A <:-: /=.40- 8 /0D G2DG:1 7.0 /=<: 9A1 /0G0E: / G>=-.7 47 -0.
30-741: /:1 =7 /:-:E=Z>: +
_0 /E=A 9=7 80 / :U=DG>: .9: 80>>0E 4-< 9A1 /0G0E: / 3=G=34.A \*J` 7.=.47.43 1=.:1 O*+O*+5O*?]P
T=.:<0 /A
^:>0E * gb
* W *O gb
*O W *OO
cF: / *OO gb
M2DG7
I 0.=>
_2DZ: / 08 G>=-.7
I 0.=> G0E: /
gb‘
n
JB
YO
J
*S
5
*e Y
N J
ne S
B ?
*ne *Y
B
5JJ
Sn
Y
5
a:-: /=.40-+ *BB?
M2DG7 P 5Y
QQ
OeYS
?
B
LF: /=<: A:= />A
G/0123.40- Ib 9‘
OS
`
Sn
`
B?`?
S S
N`
O
Q `*
* O
? `J
T0DD:-.
e *S
B ? gb
;0<=>=-1
4-
âñ ÚÚ ×""îîî ÜäÞÜØ" ÜØ" òÜÞÙèæâ" ØÙÜå ÷ÛÙéÞÜÞÙèæ"D ÛÜÜùÙÛßÚ"
B?
Ok 08 2/0G:e7
,- .0.=>` _0 /E=A 47 /:G/:7:-.4-< J
C
/:7: /F04/ 3=G=34.A` 08 E 9439 *Bk 47 4- ;0<=>=-1 +
a4F:- .9: <:0< /=G943=> >03=.40- 08 ;0<=>=-1 4- _0 /E=A
=-1 /:>=.4F: .0 .9: 0.9: / 30 2-./4:7 = /0 2-1 _0 /.9 @:=
\7:: D=G 0- .9: >:8. ] 47 4. =>70 .9: 7./=.:< 43 C30 /-: /D 80 /
.9: 4-.: /30--:3.0 /7 Z:.E::- .9:D+
c8 3= 27:` .9: /: = /: 0.9: / >= /<: 7 9= /:7 08 9A1 /0G0E: / 42
2
1
1
C /0G: \l4< /: B 7 90E 4-< :U 47.4-< 4-7.=>>: G0E: / =82/.9: / G0.:-.4=>] 0E:F: / D07. 08 .9:D = /: m24.:
+ R
`
147.=-. 8 /0D .9: _0 /.9 := =-1 4.7 /=G41 >A 4-3 /:=74-<
@
4-7.=>>:1 3=G=34.A 08 0887 90 /: E 4-1 G0E: /` /:7 2>.4-< 44-3 /:=74-< 3 9=>>:-<:7 08 >0-< 147.=-3: 30--:3.40-7 +
8
2 1
I 9: /: 0 /:` :7G:34=>>A 3=G=34.4:7 = /0 - .9: _0 /.9 @:=
7 90 2>1 Z: 4- 803 27` Z2. X::G4-< 4- D4-1 .9=. <:-:/43
.:3 9-0>0< 4:7 1:F:>0G:1 4- .9: _0 /.9 @:= = /:= 3=- =>70
Z: 1:G>0A:1 .0 =-1 4-7.=>>:1 4- =-A 0.9: / >03=.40-+
Š”“—‹‡ ˆ× ‰ 8‡Ú‡†ŒÔ‡Ò „ÐÒ ‹‡„”ДГ ‘‡•àД•„††Ó –‡„’”…†‡ àÓҋŒÔŒ•‡‹ Ԍ‘‡Ð‘ ”„† ”Ð ÿ—‹ŒÔ‡ ԇ‹ •Œ—Б ‹Ó ”Ð ƒ à ؒ“”•–— :˜
âõ òáÙÞëÞÝÚ ÙæÝ ?ìåíÙØ æÜ òáÙØ×Þ öØîÞÙæÜè ÞÜÞîÛ÷ëÞàA ßáëë ÙÞ×ØÙÚ ýïâý
BB
2014
Regional Joint Action Plan of the
Energy Valley Region
Prof. Catrinus Jepma, Jannes Kalfsbeek, dr.
Koos Lok and Robbin van der Linde.
Energy Valley Foundation
6-3-2014
0
Contents
Vision of the Energy Valley Region .......................................................................................................... 2
Strategy for the Energy Valley Region ..................................................................................................... 3
Energy saving and decentralized production ...................................................................................... 3
Energy system 2.0................................................................................................................................ 4
Gas in Transition .................................................................................................................................. 4
Offshore Energy ................................................................................................................................... 6
Enabling facilities and conditions ........................................................................................................ 7
Annex I: Horizon 2020 programming and the Energy Valley JAP .......................................................... 10
Annex II: Examples of specific JAP projects under consideration ......................................................... 12
Sustainable communities: Consumer engagement for sustainable energy ...................................... 12
Energy Academy Europe: The human factor in the energy system .................................................. 14
ENSEA: SME valorisation within new industrial value chains ........................................................... 16
ENSEA: Decision models for energy system integration ................................................................... 19
ENSEA: Optimization and application of small-scale energy storage ............................................... 21
ENSEA: Gamification of Energy System Models ................................................................................ 25
Modelling of Off-shore Power-2-Gas systems and green decommissioning .................................... 26
1
Vision of the Energy Valley Region
As was outlined already in Work Package 2 of the ENSEA report, also the Energy Valley Region
strongly benefits from the trend of energy activity to move to the shore and in fact to the North Sea
itself. The main strategic goal of Energy Valley is to not only support this trend, but also try to
reinforce it and to develop into a region of energy and sustainability excellence. The Energy Valley
region is expected based on current plans to provide 21% of final energy use, a percentage which is
likely to grow to over 30% and more in the future. A significant part of that future growth will be
covered by energy transition activities; until 2020 the number of additional jobs in the energy sector
is expected to grow by 3600.
In view of the Energy Valley contribution to attaining the national target for 2023 to reach a share of
renewable energy production of 16%, and the EU targets for 2030 (40% CO2 reduction compared to
1990 levels) and 2050 (80-95% reduction), the Energy Valley organisation initiated an open dialogue
with a large number of stakeholders and stakeholder organisations in order to further substantiate
its vision. In this dialogue process, it became clear that Energy Valley obviously will have to build on
its existing strengths both in terms of energy production and location, and that energy system
integration was considered to be one of the main challenges for innovative action. All this has led to
the formulation of four themes to accelerate the energy transition process as being the key focus
points of the strategic attention: energy saving and decentralized production; energy system 2.0; gas
in transition; and offshore energy. In addition four crosscutting approaches have been specified
describing through what means and under what enabling conditions the envisaged innovation in the
four themes could be enhanced, namely via: clean tech and SME involvement; human capital
development; knowledge, innovation and experimenting/testing/demonstrating; and strengthening
public acceptance of and societal support for energy transition activity.
The strategy with respect to those themes and conditions has been laid out in a program called
Switch. This program was publicly presented by early 2014 and – although not yet final – is likely to
represent the key strategic focus of the region on energy transition issues for the next few years.
In the following paragraph the key elements of the Switch program, jointly representing the Energy
Valley vision and strategy will be outlined in more detail. The Switch agenda will be supervised and
guided by dedicated triple-helix task forces, and carried out by the stakeholders involved via clear
commitments and division of tasks. Responsibilities will be formulated on an annual basis. The Switch
program also links innovative energy activity to activities in the agricultural and chemical sector in
the region, as well as activity related to sensor technology and healthy ageing. The Switch program is
scheduled to set the agenda for formal discussions about various policy aspects between the region
and the national government.
2
Strategy for the Energy Valley Region
Energy saving and decentralized production
In this program four elements will be combined and applied in the built environment, both with
respect to existing and new buildings for residential as well as non-residential buildings: energy
saving, decentralized energy production, heat networks and smart grids.
As far as energy saving is concerned, much activity is already undertaken by municipalities, housing
corporations and individuals, the program tries to reinforce this trend with possibly a special focus on
the built environment in the area vulnerable to gas-related earthquakes. A dedicated taskforce of
stakeholder organisations will work out an energy saving masterplan which will focus on design
issues, insulation and related incentives. Various measures will be taken to organize the efficient
collaboration between all players involved in new construction activity such that wishes to create
sustainable new buildings and will be implemented.
Decentralized production of energy increasingly gets the support of local communities unifying
persons and organisations that want to create as much as possible their own energy system. This way
they hope to control the sustainability of the energy they produce and consume, and this way they
hope to create a maximum degree of self reliance. Such local organisations primarily focus on
renewable energy production from various sources ranging from solar PV and wind to geothermal
and biomass. Energy Valley supports such initiatives by coordinating the various activities and
providing information about the various (financial and administrative/legal) incentives.
About half of the energy demand in the built environment is related to heating. Heat networks,
based on geothermal sources or industrial or other heat surpluses, may be ineffective means to save
energy and reduce emissions. That is why a masterplan heat networks will be prepared by Energy
Valley by early 2015 specifying how to better utilize residual heat from the technical, economic and
organizational perspective by linking heat sources to end users via heat networks. The further
development of geothermal energy production will be investigated possibly in conjunction with other
exploration and energy transport activity.
Smart Grids is a container concept that is implemented at the national and international scale on the
one hand, and on regional, city/municipality and even micro/household scale on the other hand. In
the Energy Valley region various smart grid experiments at the micro level have been initiated linking
the gas, power and heat components of the energy system in an intelligent manner. Such initiatives
may be extended and reinforced at the municipality or district level such as in Hoogkerk, Assen,
Groningen, Oenkerk and Meppel. In most of those experiments sensor technology, ICT and other
electronic/data applications will be combined to raise energy efficiency and to contribute to the
energy awareness and behaviour of relevant related energy prosumers.
3
Energy system 2.0
Energy System Integration is, again, at the heart of much of the energy innovation activity. In the
Energy Valley region a number of initiatives are scheduled to be taken to substantiate this
integration. If one disregards smart grid development already discussed earlier and the international
initiatives be discussed hereafter, the two main system integration activities on which the Energy
Valley region will focus are: power-to-gas and other local/regional energy storage technologies.
First of all some initiatives will be taken to set up power-to-gas activity, especially in Groningen
(EnTranCe, experimental level) and the North of the province of Groningen (a.o. Torrgas), where
considerable renewable power comes onshore, and where also considerable local renewable energy
production takes place (pilot level). It is important that such activity is well coordinated with similar
initiatives abroad (notably Germany where some dozens of initiatives have already been set up) in
order to avoid research duplication. Power-to-gas is a new, but rapidly developing technology to
store energy on the basis of electrolyses (producing hydrogen and oxygen from power), and possibly
to turn hydrogen back again into power with the help of a fuel cell. Under some circumstances
methanation activity can be added to the power-to-gas system enabling to turn hydrogen into
methane by adding CO2.
In principle the hydrogen generated by the electrolyser can be either turned back again into power,
be sold to the (chemical) industry, or mixed with methane available for the end users via the
distribution grid or otherwise. Energy system optimization will decide the optimal use of the
hydrogen, and of course optimal production, transport and storage. Power-to-gas pilots therefore
will have to pave the way to the possible introduction of this storage technology for more large
application. A first pilot could start at a capacity level of a number of MWs, to be extended later on
to much larger capacities (several hundreds of MWs). Currently prefeasibility studies are being
carried out for pilot-scale power-to-gas facilities at Delfzijl (linked to Torrgas torrefaction mentioned
elsewhere) and at Eemshaven.
Other technologies for energy storage that will be subject of innovation activity in the Energy Valley
region are compressed air energy storage (CAES) in salt caverns, energy storage in batteries, and
possibly also energy storage through a so called Pump Accumulation System, PAS (in combination
with an E-Hub and Harbour Island). For CAES an Energy Valley vision on its potential and business
case will be ready by the end of 2014 involving a.o. feasibility studies on CAES in salt caverns near
Winschoten; for local energy storage for batteries also dedicated studies will be carried out at short
notice; and for the PAS concept, an artificial lake of 40 km2 to be constructed in the North Sea above
the Wadden Islands and having a 1500 MW storage capacity, a team of experts may investigate its
(about €2 billion) business case.
Gas in Transition
In this program the focus basically is on projects greening the gas industry. As was outlined already in
Work Package 2, the gas industry plays a very powerful role in the Energy Valley economy. This is not
only related to the super giant Groningen field which is now under exploration for over 50 years and
has produced more than 2000 bcm, but also to the gas infrastructure, storage, trading, and
knowledge activities that have been developed along with gas production. Since the annual gas
4
production is about now at its peak (2013: some 54 bcm), future production will most likely decline
from now on and may terminate within a couple of decades.
Meanwhile a number of interesting developments have emerged to make the gas system greener,
not only by introducing other, greener gases, but also by switching from less environmentally friendly
fuels to gas. In this spirit, Energy Valley will develop action plans in three gas transitional directions:
the introduction of biogas/green gas and linking gas to the concept of a bio based economy; the
introduction of LNG in mobility; and power-to-gas (see also energy system 2.0 above).
The production of biogas, usually labelled green gas if converted into specifications that allow for
introduction into the distribution network, has gradually come off the ground during the last decade.
Production in the Energy Valley region has clearly increased during the last few years to levels of
some tens of millions of cubic meters per year. These figures are still low compared to the enormous
production volumes of natural gas, but mark a trend towards greening gas supply. Some of this green
gas is introduced in mobility, partly via certificate trading systems. Most of the biogas and green gas
currently entering the market is coming from the agricultural sector, where agricultural residues are
turned into gas with the help of digesters.
Some new projects to generate biogas at an industrial scale have recently been initiated in the
Energy Valley region. An example is the 2014 initiative to consider starting a biogas plant of the
future in Wijster to turn chicken manure and offal into biogas with the help of special enzymes that
considerably speed up digestion time. If this project will be developed further, its biogas production
volume may be in the order of 15 mln. m3 per annum (from about 150 tons of input). Another
example is a biogas production unit at Suikerunie where beet tops and waste are being digested into
biogas at an industrial scale. Furthermore a project has been initiated to enhance production
capacity of green gas in the five green gas hubs that meanwhile have been set up in the Energy Valley
region.
Another development in the spirit of gasification and the bio based economy in the Energy Valley
region is the recent investment of approximately half a billion euro in an installation in Delfzijl, called
Woodspirit, where second generation waste after torrefaction is turned into bio-methanol via a
gasification process. So far the gasification of biomass is still in its infancy, which is why plans have
been developed to initiate, linked to the envisaged Milena Olga gasifier and the HVC waste
processing activities, a centre of expertise on biomass gasification technologies near Alkmaar. In this
project also ECN will play a leading role the more so as the so called pilot Milena test facility for
gasification is already operational at that institute.
Biosyngas production is also gaining ground in the region. Examples of new initiatives are Torrgas
Alkmaar and Torrgas BioLNG, which are demo installations for torrefaction and the production of
BioSNG and –LNG. In the course of 2014 it has been announced that Torrgas will also start a
considerable torrefaction installation at the Eemshaven with a production facility that can annually
turn 80.000 tons of biomass into 60.000 tons of biocoal. The total investment sum of this plant
together with an envisaged power-tot-gas unit is in the range of €40-45 million. A similar facility of
Qlyte is already operational in Delfzijl since 2011.
The use of gas as a fuel in mobility is gaining attention not only for reasons of CO2 mitigation, but also
because gas –as compared to gasoline and diesel – performs better in terms of NOx-, SO2- and
5
particulates emissions. As emissions standards at the EU level increasingly gets stricter, the use of gas
in mobility becomes more attractive and feasible. Upcoming new EU regulation for SO2 emissions
typically favour the introduction of LNG as a fuel for heavy transport, i.e. vessels, trucks and
potentially trains.
This explains why in 2012 the national government did strike a ‘Green Deal’ with the sector, which
involved a.o. the target to run a minimum of 50 barges, 50 sea-going vessels and 500 trucks on LNG
by 2015. The small scale LNG topic also belongs to the strategic focus points of the Energy Valley
activity Special attention in this regard will be paid to aspects such as: the development of LNG
infrastructure both in terms of storage and transport, LNG tanking facility development, conversion
and modification of engines, training of dedicated personnel, and research on the scope for
introducing green LNG/CNG. In addition ambitious plans are now set up, together with Germany and
Denmark, to see if and to what extent the various ferries and vessel activities in the Wadden Sea
coastal area (on the UNESCO world heritage list) can be fuelled by (Bio)LNG rather than by more
polluting fuels. As far as LNG and CNG infrastructure is concerned, a project has been set up for
developing LNG pontoons for use in the Energy Valley harbours, some five LNG fuelling stations are
currently planned in the four largest Energy Valley harbours, Den Helder, Harlingen, Delfzijl and
Eemshaven. In addition, as far as CNG is concerned, the number of newly established CNG fuelling
stations in the Energy Valley region already surpassed twenty during the last five years.
Offshore Energy
Offshore energy is the fourth strategic focus point of the Energy Valley region strategy for the future.
This focus is not only related to the Energy Valley coastal positioning, but also to the rapidly
extending energy activity at the shore and in the North Sea. The decision in the ‘Energieakkoord’ to
extend the offshore wind power production capacity to 4,450 MW by 2023 contributed to this
increasing attention for the North Sea development. Another energy development increasingly
getting attention from the energy transition perspective is the forthcoming decommissioning of a
large number (over 600) oil and gas platforms in the North Sea.
In the offshore strategy of Energy Valley four elements have been distinguished: to facilitate offshore
wind capacity development; testing facilities for offshore wind; connecting to offshore wind
production with the grid; and blue energy.
The new investment in offshore wind involves a massive logistic operation. For instance building the
600 MW (150 turbines) Gemini Offshore Windpark (so far the largest of the Netherlands) some fifty
to sixty kilometres off the Wadden islands’ coast requires advanced organisational and engineering
capacities, and much of this is likely to take place from the Energy Valley harbours Eemshaven (to be
extended with a new harbour, the Beatrix harbour, via an approximate €160 million investment),
Harlingen and Den Helder. In the Energy Valley strategy therefore further development is foreseen to
make these harbours more suitable for construction, maintenance and testing of the newly to be
built offshore windfarms (a.o. via the new testing facility in the so called Leeghwater windpark). Also
together with the Energy Academy Europe, plans have been formulated to set up a centre of
expertise on offshore wind in Den Helder, that can not only carry out research activity, but will also
provide various training and educational actions.
One of the issues with regard to offshore wind power is still its emission reduction costs per tCO 2, on
average still well over €100/tCO2. The Netherlands’ government has clearly indicated that its
6
projected extension of offshore wind capacity will be contingent upon a considerable cost decline,
which should be in the order of some forty percent or about €50/tCO2. In order to achieve such
reduction, wind energy testing facilities and demonstration projects will have to be installed. The
Energy Valley region intends to host two of such projects, both onshore and offshore.
A third project related to new offshore wind investment activity focuses on its grid connection and
meeting balancing conditions. Especially because various North Sea countries – and ENSEA countries
in particular - are involved in offshore wind activity at the North Sea, it is important to coordinate
related grid activity in order to prevent suboptimal solutions. Grids can be clustered to enhance their
effectiveness, power flows can be combined for balancing reasons, energy storage facilities can be
combined for better use, and decommissioning of oil and gas platforms can be turned into
alternatives where the same platforms and connected grids may be reused for energy conversion
(e.g. power-to-gas and possibly methanation), energy storage (e.g. storage of hydrogen), and energy
transport (e.g. using traditional gas infrastructure).
Finally blue energy is a topic of further dedicated attention. First of all the ‘Afsluitdijk’, a thirty
kilometre dike in the Energy Valley region between the provinces of North Holland and Friesland,
offers in theory good potential to test energy production by advanced mixing of salt and fresh water
in a process called reverse electro dialysis or blue energy. In this technology electrochemistry,
membrane technology, and process technology are combined. Another research theme is to
investigate if production of algae as a useful source of biomass can provide a business case potential.
Also wave and tidal energy testing is probably going to be part of this theme under the Energy Valley
umbrella.
Enabling facilities and conditions
As was argued the Energy Valley strategy for the coming years is to focus on a number of concrete
technologies and related projects and programs. This however can only be achieved if the facilities
are there, if the people have the right skills and are available to do the work, if the companies are
prepared and organized to work together efficiently and effectively, and if the public at large is
prepared to accept the energy transition activities even if it may affect the landscape and
environment, noise levels, the underground, the sense of safety and comfort, etc. That is why a
number of projects are scheduled to be set up to provide these necessary enabling facilities and
conditions. These projects will cover: energy SME strategies; human capital development; research,
training and experiments; public acceptance and social innovation.
As has been outlined already in WP2, SMEs are increasingly active in the energy field. Crude
estimates suggests that in the Energy Valley region some 4,000 SMEs are somehow engaged in
energy related activity. The challenge is to line up SMEs and try to cluster them around specific
innovative themes such as offshore wind, power-to-gas, small scale LNG etc. The Energy Valley
strategy is to try to create such clusters, and to set up new living labs enabling such clusters to test
new activity. One such a living lab is already functioning, EnTranCe, but more similar initiatives such
as energy venture labs for start-ups, are planned to follow suit. Also financing for innovation is often
an SME weak spot because of the (perceived) administrative burden and insufficient economies of
scale. That is why the Energy Valley organisation has developed various plans to support SMEs in
getting access to private and public funding.
7
Human capital development is crucial for any innovation. The same applies for the appropriate
research and training. That is why Energy Valley systematically analyzes the long term energy human
capital needs for the region, and tries to line up with the existing research and training institutes in
order to support the necessary attention for energy systems integration issues. In the area of
academic research and training an important initiative has been taken by establishing the Energy
Academy Europe, an international centre of excellence that organises energy transition related
research and training on an interdisciplinary basis. The Academy covers the University of Groningen
and a number of universities of applied sciences on the one hand and various private energy
stakeholders on the other hand. New dedicated training programs have and will be set up in the
areas of energy, as well as new and dedicated research programs. The aim for 2022 is to have some
3,000 students enrolled in energy related curricula. Linked to the Energy Academy Europe, the
Energy College has been set up, which is a coalition of intermediate vocational education institutes,
various private industries and public authorities. This college also develops new dedicated training
programs dealing with the modern energy developments. The clear link between the Energy College
and Energy Academy should guarantee that students from the former can easily enrol into the latter.
Research, training and experiments is the third enabling condition gaining strategic attention of the
Energy Valley organisation. The underlying idea is that the Energy Valley region will host a great
variety of experimental and testing facilities for energy innovation. Such experiments could have a
technological focus, but could also deal with economic, business and legal aspects as well as public
acceptance issues. By 2014 – except from the various laboratories etc. at the universities and other
research centres - some twelve specialized public/private testing facilities are already operational in
the Energy Valley region, but could be further extended both in scope and in number. In those
facilities private industries can typically collaborate with researchers from the universities trying out
experiments with an interdisciplinary nature. Also the administrative heart of a number of research
projects is in the Energy Valley region, such as EDGaR, Flexigas, Flexines, and many others. Such
programs will greatly benefit from ongoing good support and organisational help not only with
respect to the daily operation, but also in terms of acquisition, networking, organising events, etc.
Energy Valley considers it a priority to further reinforce these new enabling facilities.
Public acceptance and social innovation have developed into crucial conditions for much of the
energy transition investment activity. Without public acceptance a number of projects simply failed
because long legal disputes, adverse pr impacts, and lack of collaboration forced investors to
withdraw or water down their plans. Clear examples in the Energy Valley region during the last few
years were: the subsurface storage of CO2 that failed, the protests against gas storage near
Pieterburen that led GDF to withdraw, protests against onshore wind especially at the coast and near
the border with Germany significantly reducing the ambitions of the original plans. Also in specific
cases problems emerge with respect to bio-digestion activity, where people complain about smell
issues. That is why Energy Valley initiated and supports a number of projects on e-literacy, i.e.
training the pupils at primary and secondary schools (the so called Energy Challenges project
covering some 60 schools) about energy issues in order to raise awareness and acceptance, and
similar programs for the public at large. Also research on the underlying motives and conditions for
acceptance/non-acceptance is part of this strategic focus.
Financing is the ultimate enabling condition. Good project ideas which are considered innovative,
well embedded in the overall social and economic environment, accepted etcetera, may still not get
8
off the ground if the financial means are insufficiently available. The overall innovation program in
the Energy Valley region as outlined above, obviously requires very significant funding. As was
mentioned in the working package two document, the overall investment portfolio in the Energy
Valley region for the next five years represents the formidable investment figure in the order of €25
billion. Much of that portfolio is outside the set of initiatives and plans mentioned in this regional
joint action plan document. Because most of the regional joint actions, whether in the form of
general programmes or very specific and concrete projects, have the character of pilots,
demonstration projects or research related testing activities, it is obvious that public funding will
need to represent a serious part of the collective Energy Valley joint action portfolio. Such public
funding will come from all kinds of sources ranging from funds earmarked for the region specifically
(EFRO, Waddenfonds, NIOF, part of the likely earthquake compensation facilities, etc.), or national
funding for research, innovation and sustainability (TKI, SDE+, NWO, etc.) to various European
funding sources (Horizon 2020, EIB, IEE, Interreg, etc.).
Because the European funding is expected to provide a serious public contribution to the Energy
Valley regional JAP, because the Horzion 2020 programming is the most prominent potential source
of EU public funding of energy innovation, and because this programming for 2014-2015 has been
launched rather recently (December 2013), it has been inventorised which elements of the about 50
energy related calls under Horizon 2020 could relate to the Energy Valley JAP (see annex I below) and
to some specific (regional) JAP projects under consideration (see annex II below).
9
Annex I: Horizon 2020 programming and the Energy Valley JAP
Given the strategic focus on Energy Valley activity in the years to come as outlined above, a number
of concrete actions can be specified that could match with the recently launched calls under the EU
Horizon 2020 programme. Although the list below is still provisional and thus may be shortened on
the one hand and extended with new proposals on the other hand (e.g. if more concrete information
is available on the Interreg VB program), it illustrates that some matches may be feasible.
Provisional list of Energy Valley regional JAP elements that may fit with Horizon 2020 calls

Call: INNOSUP 1 – 2015: Cluster facilitated projects for new industrial value chains. Size: €2.5 – 5
mln. Deadline 30/04/15.
Projects could be initiated to develop approaches to support new SME value chains where mutually
reinforcing competences support development of emerging industries.
Related activities in the EV regional JAP portfolio have been described in the section on enabling
facilities and conditions, paragraph two.

Call: EE10: Consumer engagement for sustainable energy. Size: €1 – 1.5 mln. Deadline 05/06/14.
Projects could be initiated on changing behaviour of consumers in their everyday life. Educational
activities or tools may be necessary; innovative technologies and social innovation should be
considered.
Related activities in the EV regional JAP portfolio have been described in the section on enabling
facilities and conditions, paragraph on public acceptance and social innovation, and also in section
energy saving and decentralized production, paragraph on smart grids.

Call: LCE 7 -2014: Distribution grid and retail market. Size: €2,5 – 3 mln. for limited proposals; €20
– 25 mln. for large- scale demonstration proposals. Deadline 03/03/2015.
Projects could focus on integrating and validating solutions to grid challenges concentrating on field
demonstrations of: energy systems integration; distribution level validation of renewable energy and
demand response; advanced solutions to medium-high voltage network monitoring and control;
flexible architecture for smart metering decoupling metrology from user functionalities; etc.
Related activities in the EV regional JAP portfolio have been described in the section on energy saving
and decentralized production, paragraph on smart grids, and also in the section on offshore energy,
paragraph five dealing with the offshore grid connectivity.

Call: LCE 8: Local small-scale storage. Size: €8 - 12 mln. Deadline 07/05/2014.
Project proposals have to deal with interaction between: grid district heating-cooling, CHP, micro
generation, local renewable generation and ICT optimization. Demonstration proposals will only
focus on market uptake measures, performance verification, electrochemical and other storage.
10
Related activities in the EV regional JAP portfolio, are linked with the power-to-gas initiatives
mentioned as well as to new projects in the areas of biogas and syngas production and storage,
CAES, and small scale applications of LNG. Also local decentralized system integration experiments
foreseen in the Energy Valley region could be linked to this call.

Call: LCE 9 – 2015: Large scale storage. Size: €22 – 25 mln. Deadline 03/03/2015.
Proposals under this call will deal with storage to balance large-scale production and consumption
during longer periods of time. Demonstration levels should range from Technology Readiness Level
(TRL)5 to at least TRL6/7. Technologies such as hydro, power-to-gas, seawater storage opportunities
can be included in the proposals.
The various power-to-gas project ideas and the related storage need for hydrogen or, if methanation
is used, methane, CO2 and oxygen, could be linked to this call if sufficiently embedded in larger
international initiatives in, for instance, the North Sea region.

Call: LCE 10 – 2012: Next generation technologies for energy storage. Size: €6 – 9 mln. Deadline
03/03/2015.
This call relates to life-cycle assessment and economic modelling for improved storage technologies,
based on grid interactions, synergy possibilities etc.
Smart grid initiatives could fit in this call, particularly in so far as more decentralized pilots are
foreseen in the region.

Call: LCE 20 – 2014: The human factor in the energy system. Size: €2 – 4 mln. Deadline
10/09/2014.
This call focuses on awareness, perception and behaviour related to energy relevant technologies. It
may involve development and support for vocational education and training networks, and providing
new or updated competences where shortage exists.
Related activities in the EV regional JAP portfolio have been described in the section on enabling
facilities and conditions, paragraph on public acceptance and social innovation, and also in section
energy saving and decentralized production, paragraph on smart grids.
11
Annex II: Examples of specific JAP projects under consideration
Sustainable communities: Consumer engagement for sustainable energy
Field of action: Energy efficiency through community owned projects
Workflow:
WP1: Projectmanagement
WP2. Market segmentation
> stakeholder identification
and and acquisition (WP4
ENSEA)
WP3. Develop trainings for
Homes,
Schools,
Businesses
\WP4. Develop interested
cooperation’s: Community
energy projects to reduce
energy demand
IWP5. Implementation, &
measurement
IWP6. Communication
WP’s and call text references:
1. Projectmanagement
2. Market segmentation > stakeholder identification and and acquisition (WP4 ENSEA)
a. Identify manufacturers, retailers and consumer associations, male/female, home,
school, work)
3. Homes, Schools, Businesses
a. Changing behaviour of consumers at work (including gender issues)
b. Changing behaviour of consumers at home
c. Equipment responsible for consumption (domestic appliances etc.)
d. Educational activities and tools > monitor energy use (increase trust in smart meters,
ICT devises, appliances, labels, certificates) > social innovations
e. Involve manufacturers, retailers and consumer associations
4. Develop interested cooperations: Participate in community energy projects to reduce energy
demand
a. 10% reduction for 5000 households = 8Gwh
b. Participate in community energy projects
c. Chaning behavior of consumers at work
d. Changing bahabior of consumers at home
e. Equipment responsible for consumption (domestic applicanes etc.)
f. Educational activities and tools
12
g. Involve manufacturers, retailers and consumer associations
5. Implementation & measurement: tbd
6. Communication: tbd
Goal: tbd
.
Activities/ research ideas: tbd
In line with the strategic objectives:

National energy strategy

Regional energy strategy

Smart Specialization
Possible funding:




EU funding: EE10
National funding
Regional funding
Industry co-funding
Stakeholders:

Hanze University (LB)

Gasterra

Gasunie

University of Groningen

Energy Valley
Define responsibilities: tbd
13
Energy Academy Europe: The human factor in the energy system
Field of action: Demand driven educations and increased energy literacy
Workflow:
WP1: Projectmanagement
WP2.
analyses
Technological
WP3. Behavioural analysis
\WP4.
Stakeholder
enegagement
IWP5. Development
educational programs
of
IWP5. Market
analysis
demand
IWP6. Communication &
Dissimination
WP’s and call text references:
1. PM
2. Technologies: Inventarisation of relevant technologies / system integration focussed
3. Environmental behaviour: Define the human factor that trigger behaviour
4. Stakeholders; Quadruple helix analyses
5. Education; Developing vocational education and training networks.
6. Market demand analyses for the skilled workforce
7. Dissemination: Bring increased skills and workforce together in a European network (= EAE)
Goal: tbd
.
Activities/ research ideas: tbd
In line with the strategic objectives:

National energy strategy

Regional energy strategy

Smart Specialization
Possible funding:

EU funding: EE10
14



National funding
Regional funding
Industry co-funding
Stakeholders:

Hanze University (LB)

Gasterra

Gasunie

University of Groningen

Energy Valley

Energy Delta Institute
Define responsibilities: tbd
15
ENSEA: SME valorisation within new industrial value chains
Field of action: Involvement and engagement of SMEs in energy transition and energy systems
intergation research, development and investment
1. Projectmanagement
(WP1 ENSEA)
2. Analyses of regional
innovation infrastructure
(WP2 ENSEA)
3. Analyses of regional
strategic objectives and
operationalization of
opportunities via financing
instruments (WP3
ENSEA) (1)(5)
4. SME stakeholder
analyses of innovation
and requirements via
VentureLab (WP4 ENSEA)
(1)
5.
Inventarisation of
financing opportunities
for innovative SME’s (WP4
ENSEA) (1)
6.
KI
analyses
of
knowledge supply (WP4
ENSEA) (1)
7..
Definition
of
valorisation
opportunities; link KI to
SME (WP4 ENSEA) (6)
WP8: Business model
development : Combining
SME/Kowledge//Financing/I
nfrastructure insights for
small and large innovation
projects (WP4 ENSEA) (6)
WP8: Small scale/shortterm
Implementation
system able to link SME to
short
term
KI/Infra/Financing
opportuntiies
(4) (5)
WP9:
Monitoring
activities.
WP8: Large scale/longterm
Implementation
system (voucher-scheme)
able to link SME to KI
and/or Financing options
for (4) (5) (INNOSUPI)
of
16
1. WP1 ENSEA: All actions will be performed under coordination of the ENSEA project and from
ENSEA project perspective.
2. WP2 ENSEA: ENSEA inventarised regional capacities for innovation. These insights form the
basis for further invetarisation of SME specific opportunities in relation to innovation (financial
opportunities, entrepreneurial infrastructure opportunities and knowledge opportunities).
3. WP3 ENSEA: Via the ENSEA JAP, regional innovation strategy is translated into innovation
projects. These project thus operationalize regional innovation plans/opportunities as the basis for
interregional cooperation. Financing options are roughly inventorised based on the requirements
defined in the JAP (project specific).
4. WP4 ENSEA: Active SME’s (existing innovation databases and SME networks) will be analysed to
further define innovation potential and innovation requirements with respect to financing,
knowledge and entrepreneurial infrastructure/support. Award winning VentureLab Northern
Netherlands approach is used as the basis of this inventarisation.
5. WP4 ENSEA: Further broad inventarisation of financing opportunities aimed to support SME
innovation demand (and beyond).
6. SME innovation potential/requirements are the basis for analyses of complementary knowledge
existing within the regional knowledge network
7. During inventarisation of complementary knowledge, SME are linked to KI’s/patents, etc.
8. Business model development:
a. SME innovation potential/ requirements are the basis for informing SME’s about most
appropriate regional, national, EU financing opportunities (or equity, venture capital sources).
b. SME innovation potential/ requirements are the basis for informing SME’s about most
appropriate entrepreneurial or technological infrastructure opportunities (incubators, venturlab
coaching, demonstration facilities.
9. Short term opportunities to possibilities to valorise SME’s will organized:
a. Financing opportunities (e.g. 50 mil. TKI demo facilities, NIOF, etc.)
b. Entrepreneurial infrastructure opportunities (e.g. Venture Lab 20 pax trial; see below)
c. Technological infrastructure opportunities (e.g. EnTranCe)
d. Knowledge opportunities (e.g. Biobrug).
Venture Lab (SBGG) Steps:
1. Identifying ideas with potential
2. Evaluating and managing patent protection, together with R&V
3. Identification of licensees, discussing and negotiation of terms
4. Assisting starting companies and entrepreneurs
5. Helping to obtain funding to accelerate development
6. Matching generated ideas with questions from the market
Some additional background information regarding creating a SME friendly
environment and business opportunities
17
To accelerate innovation ENSEA will stimulate focused knowledge exchange by increased
social network interaction within en between regional SME networks. ENSEA will position
itself as a central connector or broker to strengthen the regional connections facilitating
SME access to valuable resources (banks, suppliers, customers, financial and trading
institutions etc.) while facilitating transnational links to discover new business
opportunities.
ENSEA will build on the strong regional connections of partners within ENSEA’s network
connecting them to stakeholders in different regions. This will allow access and
mobilisation of resources to enable the pursuit of the identified opportunities, especially
for small and medium sized enterprises. This work methodology will be the basis for a
vast network of small and larger enterprises, boosting dynamism in the North Sea region.
Optimise use of available knowledge, finance and innovation capacities
Social network analysis (SNA) can provide in depth understanding of the way in which
knowledge is exchanged within the ENSEA network. Applying this method we will a)
identify emerging high-growth businesses with new expertise and innovative ideas, b)
promote effective collaboration within strategically important cross sectoral and/or crossborder networks, and c) promote strategic restructuring measures within the regions for
innovative capacity to develop. ENSEA will use social network analysis to facilitate
efficient use of knowledge resources and monitor cluster development.
Using this and similar instrument, ENSEA will promote more structured collaboration
between large- and small companies as an important source of knowledge intensive
economic activity.
Supported by in depth regional market knowledge and social network measurement
ENSEA will connect small enterprises with potential business opportunities in North Sea
regions and will bring together small- and large enterprises for more valuable innovative
developments.
These coming months, the Energy valley Foundation, together with the Provinces of
Fryslân, Groningen, Drenthe, SNN, the Energy Academy Europe en Venture Lab
Northern-Netherlands will perform in depth analysis of innovation- and financing
opportunities for SME’s and will organize workshops in which entrepreneurs are
challenged to further develop innovation projects. After this initial step, further action will
be taken to facilitate these SME’s to take advantage of financing opportunities and
speed-up potential innovation and start-ups that are currently not valorised.
Goal: tbd
Activities/ research ideas: tbd
Possible funding:
regional funding, national funding, industry co-funding
Stakeholders: tbd
18
ENSEA: Decision models for energy system integration
WP1: Project management
WP2. Analyses state-of-art
energy technologies
WP3. Performance
analyses energy
technology.
WP4.
Analyses
policy measures
WP4. Analyses
modelling tools
techn.
existing
WP5.
Development
/
refinement
of
decision
making
model
for
transformation paths
IWP6. Communication &
Dissemination
Goal:
Decision based supporting tools for renewable energy technologies: Modelling and analysing the
energy system, its transformation and impacts
Activities/ research ideas:
1. Project management
2. Analyse state-of-art renewable energy technologies (analysing and modelling the impacts
of technological development and innovation on the energy-system and its dynamics)
3. Analyse the optimal impacts and performance of all energy system technologies
(including renewable, fossil, and nuclear technologies).
4. Analyse technology policy measures in the framework of the SET-Plan (policy /
technology gap analyses)
5. Analyses / refinement of existing modelling tools.
6. Definition of transformation paths towards an optimally integrated sustainable energy
system (including impacts on environment, society, economy and geographical aspects).
7. Communication
Possible funding:
 EU funding: LCE 21
Stakeholders:

University of Groningen

Hanze University of Applied Sciences

Gasterra

Gasunie

Energy Valley

PWC
19
Budget:
 €2 - 4 million
Expected impact:
 Support to the scientific underpinning for the implementation of the SET-Plan by
strengthening the knowledge base for decision-making concerning feasibility, effectiveness, costs
and impacts of related measures and options.
 The results should assist policy makers in identifying and analysing effective strategies for a
transition to an efficient low carbon energy system.
Type of action:
 Research & Innovation Actions
Current activities:

ENSEA

North Sea Sustainable Energy Planning – Interreg IV / Vb

Energy Vision Nortrh Sea Region – Interreg IVb

Quintel model (Gasterra)
20
ENSEA: Optimization and application of small-scale energy storage
WP1: Project management
WP2. Analyses & validation
of storage technologies
Analyses of grid
security and stability (and
WP3.
integration with ICT tools)
WP4. Analyses of markets
and regulatory issues
WP5.
Analyses
and
optimization of business
models
WP6.
WP7.
Demonstration
of
integration of storage
services
in
network
management
Demonstrate the
technical and economic
synergy
WP8. Communication
Dissemination
&
Goal:
Progress energy storage and reduce the barriers associated with new storage concepts integrated into
the distribution grid and at building/house level for local storage applications (the interaction between
the electricity grid and other energy uses such as the district heating/cooling network, CHP, microgeneration, local renewables and to include the most advanced ICT for optimising the whole system).
Activities/ research ideas:
1. Project management
2. Analyses and validation of energy storage technologies (costs, efficiencies in the system,
environmental impacts
3. Analyses of grid security and stability through appropriate integration with ICT tools for the
control and management of electricity networks.
4. Analyses of potential market and regulatory issues with due consideration to the social,
socioeconomic aspects and improved models to demonstrate energy storage systems.
5. Analyses and optimizing existing businesses models (especially for remote areas, balancing and
ancillary services, increase grid security and stability, improved grid congestion management at
local level)
6. Demonstration of the integration of storage services in network management, particularly
exploiting storage with electronic interfaces to facilitate the integration and back-up of highly
variable renewable generation and dispersed demand response.
7. Demonstrate the technical and economic synergy between local storage (ideally of several
energy vectors), smart grid management, demand response and their integration with advanced
ICT.
8. Communication
21
Possible funding:
 LCE 8: Integrating solutions that reached already TRL 5 to TRL 6 and above
 LCE 21:
Type of action: tbd
Budget:
 €8 - 12 million
Stakeholders:

Entrance Groningen

EFZN (E-Homes)

Hanze University

Gasunie

Province of Groningen

University of Groningen

Energy Valley
Define responsibilities: tbd
Some additional background information on details and opportunities for small scale storage
and balancing in relation to the project
Balancing energy demand and supply is needed. Electricity and gas systems cannot cope with unbalanced
energy flows. Balancing occurs at various timescales and using different types of energy storage. There is
a relation between both. Some balancing storage concepts, like batteries and flywheels are suitable for
balancing typically within a day. Other infrastructure, like hydro reservoirs, power stations and gas
storages, are (also) suitable for monthly and seasonal balancing. Energy transition is high on the European
agenda and on many national, regional and local agendas, and it will stay to be there for the decades to
come. Initiatives are taking place on various geographical scales, which range from households,
sustainable local communities, smart cities, national governments (e.g. Energiewende) up to the European
scale (e.g. ENSEA project around the North Sea). Typically, these initiatives strive for a very high
percentage, often 100%, of “in-house” renewable energy production on an annual basis. During the year
however, both renewable energy production and consumption vary and energy exchanges to the
neighbours are inevitable to balance demand and supply.
In most European countries, legislation forces network operators to build transmission lines to facilitate the
associated energy flows. These transmission lines are costly and face significant public opposition which
hinders the development of renewable energy and eventually undermines the appetite of the public for the
energy transition. Balancing demand and supply on a local or regional level is an attractive way to reduce
the necessity to build additional transmission lines and could be an attractive alternative. The question is,
however, what a suitable geographic level is, given the characteristics of consumption and (renewable)
production for Europe. This leads us to the central research question: how to use state of the art of the
potential to contribute to regional balancing, with respect of the costs of the energy transition and the
requirements for new transmission infrastructure.
This project examines the possibilities to balance energy supply and demand on a local, regional, national
and European level and the effects of the choices made on the interconnecting capacity between various
levels, the flexibility requirements at each level and the economical and societal costs. The objective is to
22
define stepping stones to make the energy transition affordable and also minimizing the amount of new
infrastructure resulting in minimal public opposition.
Regional Balancing – where is the optimum?
Europe
States
Yes?
Regions
Cities
No?
Villages
Households
Seconds
Hours
Days
Weeks
Seasons
Years
-2- CONFIDENTIAL
Options for geographical balancing
The study will explore a number of geographical areas in various countries, each of them to be
assessed with the options to balance and the remaining requirement to balance using energy
exchanges to the neighbours. Moreover, these areas will be combined to explore potential synergies
towards larger zones, taking into account the potential requirement for more transmission lines within
the area. He study will take into account the current energy infrastructure and energy demand
structure as a given. In the decades to come, the EU economy will undergo a major change towards
sustainability. By about 2050, we virtually will have run out of our energy resources, and there will be a
real incentive to balance our global dependency on energy by internal means. Therefore, energy
transition is one of the main issues. However, transitioning to a sustainable energy supply poses major
challenges to our society. It is almost never realized that the overall flexibility needed to match supply
and demand has up to now been delivered by the fossil fuels. Nature took millions of years to gather
the potential for that. We didn’t and does not pay for that at all, simply because it is for free; nature
made the investment and we are reaping the benefits. By moving towards sustainability, the huge
need for flexibility will have to be covered by our society. We should realize that this would be crucial
for the integration of all types of sustainable energy.
.
Society will create flexibility, by developing a balancing function, and integrating it in to energy
supply.
Today, the tools are in different stages of development, at different places. Besides “smart grids”, the
“energy storage” tool will partly be an innovation on a civil engineering and infrastructure level. In
addition “Conversion” is of strategic interest as it triggers innovation towards a sustainable economy.
23
Furthermore, it is important to realize that the process of developing the tool box is a social innovation
supported by new technologies. Open innovation .It is important to realize that the process of
balancing ranges from a few seconds, to hours and even between seasons. For example, the energy
stored during summer can be used during winter. The other dimension of balancing is the physical
scale, ranging from individual level to regional, city, national, and even to EU level. Apart from
developing tools, efforts have to be made to develop the “operating instructions”, where and how to
use the tools, and how to optimize among them.
24
ENSEA: Gamification of Energy System Models
WP1: Project management
WP2. Analyses state-of-art
energy technologies
WP3.
Performance
analyses energy techn.
WP4.
Analyses
policy measures
WP4. Analyses
modelling tools
techn.
existing
WP5.
Development
/
refinement
of
decision
making
model
for
transformation paths
IWP6. Communication &
Dissemination
Goal:

Energy modelling for reducing the inherent complexity and interdependencies of national and
international energy systems to their essentials. This process requires a delicate balance
between realism and simplicity.
Possible funding:
 EU funding
 National funding
 Regional funding
Stakeholders:

Hanze University

Gasterra

Gasunie

EDGaR
Other issues: Tbd
25
Modelling of Off-shore Power-2-Gas systems and green decommissioning
WP1: Project management
WP2. Analyses state-of-art
energy technologies
WP3.
Performance
analyses energy techn.
WP4.
Analyses
policy measures
WP4. Analyses
modelling tools
techn.
existing
WP5.
Development
/
refinement
of
decision
making
model
for
transformation paths
IWP6. Communication &
Dissemination
Possible funding:
 EU funding: LCE 9
Stakeholders:

Hanze University

University of Groningen

IMSA Amsterdam Sustainability and Innovation

PWC

Gasterra

Gasunie

Energie Beheer Nederland (EBN)
Goal: The estimated current North Sea area installed wind capacity, both offshore and
onshore, of about 40 GW may increase to levels ranging between some 95 GW and 110 GW
by 2020, to expand to much higher levels towards 2050. Such a development raises a number
of formidable new energy transition problems with a crucial role for gas, that need to be
thoroughly researched in order to prevent unforeseen setbacks. The key question is if the
power system can be balanced based on the intermittent character of wind energy, the
upcoming decentralized energy initiatives, and storage capacity (e.g. based on hydrogen
storage), based on a system integrated approach. Probably one of the most important research
issues from the perspective of the Northwest European energy system therefore is how the
26
power balancing challenge in the face of substantially more renewables can be tackled. Major
issues in the regard are:





What is the future role of demand flexibility, and how rapidly will end-users absorb more
energy-efficient technology;
What storage methods could be turned into (commercially) feasible options, taking into
account the availability of storage capacity and possible issues of public acceptance;
What role can increasing supply flexibility of, for instance, gas-fueled power production in an
integrated energy system play, and how can such supply flexibility be improved
technologically (also for coal fired power plants);
Whether and to what extent a dash to power is a likely future scenario realistic given the endusers’ goals towards minimizing their energy bill, greening-up energy consumption, stable and
predictable energy prices, and security of supply;
What the infrastructure need will be given future developments, what the potential role of
green decommissioning of infrastructure and what strategies could be developed on the
potential re-use of infrastructure in view of depleting gas- and oilfields.
ENSEA could play the role of pathfinder to facilitate massive financial commitment, supported by
European funding; stimulate the considerable technical and ICT changes, adjustments in market
designs and regulatory and incentive systems; and facilitate approaches enhancing public
acceptance.
Other issues: Tbd
27
ʹͲͳͶ
‡‰‹‘ƒŽ‘‹–…–‹‘Žƒ‘ˆ–Š‡…‘––‹•Š
‡‰‹‘
Scottish Enterprise Energy Technology Partnership
$
6
8
"
#
#
/
:
'
'
'
)
%
6
+
#
(
'
,
2
)
1
8
8
"
#
(
(
(
/
'
1
$
"
*
#
/
2
!
)
1
)
)
)
$
$
+
9
(
$
$
7
'
!
!
"
"
+
"
*
#
/
7
+
&
'
+
;
&
'
<
%
%
!
)
6
&
4
$
#
6
"
#
2
4
!
)
1
.
"
+
.
"
+
".
+*
0
0
+
+.
/
/
,
'
5
'
-
1
+
.
"
+
".
+*
0
0
+
+.
3
(
/
/
'
2
-
!
$
$
"
+
'
,
,
!
%
$
$
*
+
"
)
(
&
'
#
"
&
%
$
!
#
"
!
‘–‡–•
'
?
!
1
@
8
(
/
/
/
!
)
)
1
"
/
'
8
*
'
'
$
$
%
6
0
+
+.
"
6
$
0
+
+.
;
*
+
8
+
#
=
)
)
!
9
?
)
1
6
6
0
+
+.
"
6
/
!
!
1
$
%
+
>
0
+
+.
+
".
*
/
'
'
!
1
$
%
0
>
+
+.
".
>
/
'
7
+
/
)
!
$
%
"
7
&
(
(
5
'
)
%
7
(
(
5
)
)
)
!
$
$
%
8=
(
&
'
'
!
!
%
%
$
$
$
$
$
%
$
$
%
&
'
'
'
ͳǤ ‹•‹‘‘ˆ–Š‡…‘––‹•Š‡‰‹‘
^ĐŽƚůĂŶĚ͛Ɛ ŚƵŐĞ ƌĞŶĞǁĂďůĞ ĞŶĞƌŐLJ ƌĞƐŽƵƌĐĞ ĐŽƵƉůĞĚ ǁŝƚŚ ŝƚƐ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ĨƵůĨŝůů ĂŵďŝƚŝŽƵƐ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ƚĂƌŐĞƚƐ ŽĨĨĞƌ ƚŚĞ ƉŽƚĞŶƚŝĂů ĨŽƌ
^ĐŽƚůĂŶĚƚŽďĞĐŽŵĞŽŶĞŽĨƚŚĞǁŽƌůĚůĞĂĚĞƌƐŝŶƌĞŶĞǁĂďůĞĞŶĞƌŐLJĚĞǀĞůŽƉŵĞŶƚ͘^ĐŽƚůĂŶĚΖƐϭϬϬйƌĞŶĞǁĂďůĞƐƚĂƌŐĞƚŝƐƚŚĞŵŽƐƚĂŵďŝƚŝŽƵƐŝŶ
ƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͘DĞĞƚŝŶŐƚŚĞĞƋƵŝǀĂůĞŶƚŽĨϭϬϬйŽĨŽƵƌĞůĞĐƚƌŝĐŝƚLJĐŽŶƐƵŵƉƚŝŽŶĨƌŽŵƌĞŶĞǁĂďůĞƐŝŶϮϬϮϬǁŝůůŵĞĂŶƚŚĂƚ͕ƚŽŐĞƚŚĞƌǁŝƚŚ
ƚŚĞϭϭйƌĞŶĞǁĂďůĞŚĞĂƚĂŶĚϭϬйƌĞŶĞǁĂďůĞƚƌĂŶƐƉŽƌƚƚĂƌŐĞƚƐ͕^ĐŽƚůĂŶĚΖƐŽǀĞƌĂůůƐŚĂƌĞŽĨƌĞŶĞǁĂďůĞĞŶĞƌŐLJǁŝůůďĞĂƚůĞĂƐƚϯϬйďLJϮϬϮϬ͘dŚŝƐ
ĞdžĐĞĞĚƐƚŚĞhΖƐϮϬϮϬƌĞŶĞǁĂďůĞĞŶĞƌŐLJƚĂƌŐĞƚŽĨϮϬйĂŶĚǁŝůůďĞĚŽƵďůĞƚŚĞh<ΖƐĂŐƌĞĞĚhƚĂƌŐĞƚŽĨϭϱй͘
A
dŚĞŵĂũŽƌĐŚĂůůĞŶŐĞƚŚĂƚŝƐĨĂĐŝŶŐ^ĐŽƚůĂŶĚŝŶƚŚĞĚĞĐĂĚĞƚŽĐŽŵĞŝƐĂƉŽƚĞŶƚŝĂůƉŚĂƐĞͲŽƵƚŽĨŝƚƐŶŽŶ^ƚŚĞƌŵĂůŐĞŶĞƌĂƚŝŽŶĐĂƉĂĐŝƚLJďLJϮϬϯϬ͘
ƚƚŚĞƐĂŵĞƚŝŵĞĞůĞĐƚƌŝĐŝƚLJĚĞŵĂŶĚŝƐƉƌŽũĞĐƚĞĚƚŽŐƌŽǁ͘'ŝǀĞŶƵŶĐĞƌƚĂŝŶƚLJĂďŽƵƚƚŚĞĨƵƚƵƌĞŽĨŶƵĐůĞĂƌŐĞŶĞƌĂƚŝŽŶ͖ǁŝƚŚĂůŵŽƐƚĂůůŽĨƚŚĞh<ΖƐ
ĞdžŝƐƚŝŶŐ ŶƵĐůĞĂƌ ĐĂƉĂĐŝƚLJ ĚƵĞ ƚŽ ƐŚƵƚ ĚŽǁŶ ŝŶ ƚŚĞ ŶĞdžƚ ƚĞŶ LJĞĂƌƐ ĂŶĚ ƌĞƉůĂĐĞŵĞŶƚ ƵŶůŝŬĞůLJ ƚŽ ďĞ ďƵŝůƚ ĂƐ ĞĂƌůLJ ĂƐ ϮϬϮϬ͕ ŐĂƐ ĂŶĚ ƌĞŶĞǁĂďůĞ
ĞŶĞƌŐLJĂƌĞůŝŬĞůLJƚŽďĞĐŽŵĞŬĞLJƐŽƵƌĐĞƐŽĨĞŶĞƌŐLJƉƌŽǀŝƐŝŽŶŝŶƚŚĞŽǀĞƌĂůůh<ŐĞŶĞƌĂƚŝŽŶƉŽƌƚĨŽůŝŽ͘dŽĂĚĚƌĞƐƐƚŚĞƐĞĐŚĂůůĞŶŐĞƐ͕ƚŚĞ^ĐŽƚƚŝƐŚ
'ŽǀĞƌŶŵĞŶƚƉƵƚŝŶƉůĂĐĞĂƐĞƚŽĨƉŽůŝĐLJŵĞĂƐƵƌĞƐĂŶĚŐŽĂůƐ͕ĂŝŵĞĚĂƚĂƚƚƌĂĐƚŝŶŐŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞ^ĐŽƚƚŝƐŚƌĞŶĞǁĂďůĞŝŶĚƵƐƚƌLJ͕ǁŚŝĐŚŝƐůŝŬĞůLJ
ƚŽƌĞƐƵůƚŝŶůĂƌŐĞĂŵŽƵŶƚƐŽĨŝŶƚĞƌŵŝƚƚĞŶƚƌĞŶĞǁĂďůĞŐĞŶĞƌĂƚŝŽŶďĞŝŶŐŝŶƉůĂĐĞďLJϮϬϮϬ ͘
dŚĞ ƉŽƚĞŶƚŝĂů ďĞŶĞĨŝƚƐ ŽĨ ƚŚŝƐ ĂƌĞ ƐŝŐŶŝĨŝĐĂŶƚ͗ ^ĐŽƚůĂŶĚ ĐĂŶ ďĞĐŽŵĞ Ă ĐĞŶƚƌĞ ŽĨ ƚĞĐŚŶŽůŽŐŝĐĂů ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ƌĞŶĞǁĂďůĞ ĞŶĞƌŐLJ͖ ĐƌĞĂƚĞ
ƐŝŐŶŝĨŝĐĂŶƚŶƵŵďĞƌŽĨũŽďƐ;ďŽƚŚŐůŽďĂůůLJĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂůůLJͿ͖ŵĂdžŝŵŝƐĞ's͖ƉƌŽǀŝĚĞĂŶĞdžĂŵƉůĞƚŽƚŚĞƌĞƐƚŽĨƚŚĞǁŽƌůĚŝŶĂĐŚŝĞǀŝŶŐĐůŝŵĂƚĞ
ĐŚĂŶŐĞ ƚĂƌŐĞƚƐ ĂŶĚ ĞdžƉĂŶĚ ŝƚƐ ŝŶƚĞƌŶĂƚŝŽŶĂů ĂĐƚŝǀŝƚLJ͘ ^ƵĐŚ ĂŵďŝƚŝŽƵƐ ƉŽůŝĐLJ͕ ŚŽǁĞǀĞƌ͕ ŝŵƉůŝĞƐ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ĞdžŝƐƚŝŶŐ ƚƌĂŶƐŵŝƐƐŝŽŶ ĂŶĚ
ĚŝƐƚƌŝďƵƚŝŽŶŶĞƚǁŽƌŬƚŚĂƚǁŝůůďĞĐĂƉĂďůĞŽĨŝŶĐŽƌƉŽƌĂƚŝŶŐǀĂƐƚĂŵŽƵŶƚƐŽĨŝŶƚĞƌŵŝƚƚĞŶƚƌĞŶĞǁĂďůĞŐĞŶĞƌĂƚŝŽŶŝŶƚŽƚŚĞƐLJƐƚĞŵ͘
V
Q
W
V
Y
Q
W
H
Y
H
F
D
D
J
E
F
D
Z
E
M
D
I
L
J
LM
L
K
C
M
I
I
I
D
IJ
Z
G
I
E
F
L
L
\
^
C
I
L
E
F
F
G
D
\
S
R
R
U
S
U
S
R
G
F
E
M
D
XZ
G
M
CD
LI
M
I
LG
C
J
GD
L
I
L
LM
J
X
D
J
G
L
L
E
F
F
E
M
C
E
J
LC
L
M
E
D
G
J
M
CD
D
L
I
L
J
LM
E
F
E
E
K
D
G
IJK
G
L
E
E
F
]
[O
Y
[O
H
P
W
N
N
V
Y
Q
W
V
T
Q
P
O
NO
B
E
CD
1
H
dŚĞ ƵůƚŝŵĂƚĞ ǀŝƐŝŽŶ ĨŽƌ^ĐŽƚůĂŶĚ ŝƐ ƚŽ ĨƵůůLJ ƌĞĂůŝƐĞ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĂƚ ĞdžŝƐƚ ǁŝƚŚŝŶ ƚŚĞ ĞŶĞƌŐLJ ƐƉĂĐĞ ĂŶĚ ĂĚĚƌĞƐƐ ƚŚĞ ĂďŽǀĞ ĐŚĂůůĞŶŐĞƐ ƚŽ
ĞŶƐƵƌĞĂƐƵĐĐĞƐƐĨƵůŝŶƚĞŐƌĂƚŝŽŶŽĨĚŝǀĞƌƐĞĞŶĞƌŐLJƐŽƵƌĐĞƐŝŶƚŽƚŚĞŽǀĞƌĂůůŶĞƚǁŽƌŬ͘^ŚŽƌƚůŝƐƚĞĚƉƌŽũĞĐƚƐǁŝƚŚŝŶĞĂĐŚŽĨƚŚĞĂƌĞĂƐŽĨ:WŚĂǀĞ
ďĞĞŶ ƚŚŽƐĞ ƚŚĂƚ ŵŽƐƚ ĨƵůůLJ ĂĚĚƌĞƐƐ ƐƚƌĂƚĞŐŝĐ ŽďũĞĐƚŝǀĞƐ ŽĨ E^ ĨƌĂŵĞǁŽƌŬ ĂŶĚ ƌĞƉƌĞƐĞŶƚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ĨƵƌƚŚĞƌ ĐŽůůĂďŽƌĂƚŝŽŶ ďŽƚŚ ŽŶ
ƌĞŐŝŽŶĂůĂŶĚŶĂƚŝŽŶĂůůĞǀĞůƐ͘
-
%
$
"
+
'
'
,
r
u
{
{

p

w
u
{y


p

w
u

w

t
t
t
t
i
`
b
b
j
j
v
z
v
|
x
x
)
)
-
%
%
$
"
+
+
!
~
†
$
%
p
y
{€

y
y
‹
y
w
u
p

sw
w
p

w
up
y
p
t
t
t
t
t
t
"
+
"
}
i
i
`
b
b
v
v
v
x
x
!
~
†
%
$
$
%
p
y
{€

y
y
‹
y
w
u
p

sw
w
{yƒ
u
w
€
t
t
t
t
t
"
+
}
i
`
b
b
b
b
v
v
v
x
x
"
+
'
r
~
†
u
{
{

p
y
€
y

{u
€
ƒ

t
t
t
i
`
i
e
b
b
v
x
4
)
!
!
)
)
!
$
%
%
%
%
%
'
'
'
4
!
)
)
)
!
r
r
~
$
$
%
%
%
u

s
s€
p
w
yƒ
u
{
{
‹
p
p

p
y
{€

y
y
t
t
"
+
i
`
‚
o
}
b
b
v
z
v
'
'
„
q
x


)
%
$
"
+
(
'
r
Š
w
w
p

w
ƒ
p

w
u
y
p
y
y
‹
y

p
t
t
t
}
`
}
g
‰
h
v
z
v
q
q
x
Ž

…
…
)
-
!
%
%
%
$
%
"
+
'
2
4
4
!
)
$
$
"
+
+
*
"
'
'
2
Œ
Š
u

u
y
s
p
w
u
y
‹
p
w
ƒ
y
‹
y

p
i
`
f
`
‰
b
„
q
x


…
)
!
)
)
%
%
%
"
+
,
'
'
)
%
%
"
+
~
r
r
p
y
€
y

{u
€
y
u
ƒ
u
s
w
u
p
t
t
t
i
i
}
g
z

)
)
!
!
$
%
$
%
'
'
ˆ
‡
!
)
!
)
!
r
~
†
~
%
%
$
$
%
u
{
{

p
y
€
y

{u
€
€
y
s
p

w

p
p
t
t
t
t
t
"
+
i
`
i
i
b
b
b
v
!
!
!
!
)
$
%
%
%
"
+
'
'
u

s
y
wƒ
t
i
`
o
b
v
v
v
x

!
)
%
$
$
+
'
'
'
,
2
r
~
~
s
s€
p
w
yƒ
u
{
{
p

w

p
p

p
y
{€

y
y
t
t
t
‚
i
}
b
v
v
„
x

…
4
!
!
!
%
%
"
+
'
)
%
%
%
"
+
~
r
p
y
{€

y
y
s
y
{w
w
s
sy
s
w
s
p
u
t
t
t
t
}
c
i
j
v
v
v
z
v
x
x
|
x
q
!
)
!
)
%
$
%
@
'
'
'
'
i
`
g
o
`c
g
c
a
i
a
a
nc
e
a
i
f
c
f
a
i
d
n
gc
`
`a
`
im
f
`
d
l
i
`
f
gc
f
e
dc
`c
`a
b
k
b
h
k
j
k
h
b
j
jk
h
b
b
!
:
4
4
!
!
$
%
$
%
=
_
'
,
'
'
)
!
%
$
$
$
=
_
+
+.
"
+
:
'
ʹǤ –”ƒ–‡‰›ˆ‘”–Š‡…‘––‹•Š‡‰‹‘
ʹǤͳǤ–”ƒ–‡‰›˜‡”‹‡™
#
!
)
!
%
%
$
$
+
+
+.
+
'
'
ˆ
‡
4
!
)
!
!
$
$
$
$
%
%
$
"
+
+.
6
'
'
,
'
'
'


)
!
$
"
(
'
4
)
)
!
!
!
%
%
%
%
$
$
$
6
3
@
8
/
:
'

ˆ
‡
4
)
-
!
)
)
)
$
%
%
%
%
%
%
$
%
%
3
@
'
'
'
'
!
)
!
!
%
$
$
%
%
$
%
$
$
+
/
'
'
'
'
'
'
4
)
!
$
%
$
$
'
'
4
4
!
)
)
%
$
$
$
%
$
$
$
%
%
$
%
+
+
"
'
'
'
'
'
'
4
4
)
!
)
!
‘
$
$
%
%
$
$
$
%
"
=
8
'
'
,
‘
!
)
$
%
%
$
8
=
+
=
+
+
"
+
'
ˆ
‡
4
!
)
$
%
$
$
$
$
=
/
'
!
!
$
%
$
•
•
4
/
'
'
,
'
1
!
!
%
+
+.
:
:
,




)
!
)
!
)
$
%
$
%
$
'
'
'
'
'
2
4
!
!
!
!
!
)
)
$
$
$
@
+
'
'
'
,
'
4
4
)
)
-
!
%
$
%
%
%
@
+
+
@
+
'
'

ʹǤʹǤ‘˜ƒ–‹‘–”ƒ–‡‰›
4
4
)
!
$
$
"
+
'
)
!
!
!
)
%
$
"
'
'
'
,
'
4
!
)
)
$
%
%
%
$
%
%
$
"
"
+
'
'
'
'
4
4
!
)
!
!
!
!
%
%
%
%
%
%
%
>=
>
"
:
'
'
'
'
'
'
)
)
!
!
)
%
%
%
%
+
+.
>=
>
:
,
,
'
,
'
'
'
'
'
ˆ
‡
&
4
4

)
)
!
!
)
)
•
$
$
%
%
$
%
%
%
"
(
'
'
'
'
'
,
'
'
,
'
4
1
!
)
%
%
$
$
$
%
"
,
'
'
'
'

’
%
4
4
4
4
)
!
!
!
-
)
!
!
$
%
$
$
%
,
'
'
'
'
'
?
)
!
!
)
)
$
%
%
%
$
%
$
”
%
%
'
'
'
“
’
!
)
!
)
)
%
%
%
%
$
$
$
%
"
"
+
(
'
'
“
’
ˆ
‡
4
4
!
)
%
"
+
.
'
'
)
!
)
%
%
$
%
%
%
'
'
'
'
'

4
4
!
!
)
)
$
%
$
$
%
%
"
+
+
+.
/
'
'
4
!
!
$
%
%
$
%
$
+
/
'
'
ʹǤ͵Ǥƒ”–’‡…‹ƒŽ‹•ƒ–‹‘–”ƒ–‡‰›
!
)
-
)
!
!
!
!
!
%
$
%
$
$
+
*
'
'
,
'
'
'
)
)
!
!
$
$
$
+
*
7
@
+
@
+
@
+
*
'
'
,
,
ˆ
‡
4
!
)
!
!
!
)
!
%
$
%
$
$
$
'
'
,
'
‘
)
!
)
!
$
%
$
%
'
'
'
4
4
!
!
)
)
)
)
)
%
$
$
+
*
"
+
8
;
'
'
'
'
'
'
,
4
)
%
$
%
"
/
'
'
4
4
!
!
)
!
$
%
%
$
$
%
+
>
'
'
'
,
'
'
'
'
'
'
4
!
)
!
!
%
$
'
'
,
'
'
,
,
4
)
-
!
!
)
!
$
$
%
$
;
'
'
,
'
'
7
)
$
%
4
)
!
!
!
)
-
•
$
$
$
%
$
$
$
%
,
'
'

!
!
)
)
•
$
$
%
$
$
$
%
$
/
'
'
'
,
'
'
'
,
'
'
'
'

)
!
!
•
%
$
%
%
%
$
$
$
%
%
%
'
5

)
)
)
!
!
!
•
%
$
$
$
'
'
“
’

—
1
)
)
)
!
!
)
!
)
)
%
%
%
”
%
%
,
'
'
'

!
!
!
!
!
!
)
•
"
'
'
'
?

)
!
!
)
)
•
$
$
$
$
$
"
'
'
'
'

•
$
$
$
%
'
'

!
!
)
•
%
$
%
%
$
$
%
%
$
"
+
8
@
:
'
'
'

—

!
)
)
)
!
•
%
$
$
%
%
$
"=
'
5
'
'
2

!
!
)
)
•
"
'

!
!
!
!
)
•
$
%
$
;
'
5
'
4
1
$
$
,
4
)
!
)
)
!
!
)
)
%
%
$
%
%
$
”
%
%
"
'
'
'
'
'

4
)
!
%
”
$
%
$
'
'
,
'
“
4
4
!
)
)
)
)
%
$
%
$
$
%
%
$
"
+
(
'
,
'
'
’
ˆ
4
?
-
!
!
)
!
!
%
$
$
"
'
–
'

‡
)
!
)
)
!
•
$
$
'
'
'
'
'
'

-
!
)
!
!
)
•
$
%
'
'
'
'
,

!
!
)
!
)
•
$
%
$
%
%
%
'
'
4

-
!
!
)
•
%
%
$
'
'
'
)
)
$
%
$
$
"
(
:
'
'
ˆ
‡
-
!
-
%
%
'
'
4
)
!
)
!
!
!
$
%
$
$
$
8
/
'
'
'
'
'
'
ˆ
‡
)
-
!
!
!
%
$
$
%
$
3
@
'
,
'
'
'
ˆ
‡
)
%
%
8
!
)
$
+
'
'
'
ˆ
)
)
!
)
$
$
$
$
$
/
:
:
,
'
'
'
'
'
'
'

‡
)
)
!
$
%
%
%
%
$
'
'
,
'
'
'
ˆ
‡
)
)
%
%
)
%
$
%
%
+
/
'
'
'
'
'
ˆ
)
)
)
)
!
$
%
%
$
$
%
>
6
+
/
/
'
'
'
,
'
'
'
'
‡
!
!
)
%
%
"
+
=
'
'
'
'
'
ˆ
)
)
!
%
$
%
%
$
+
'
'
,
'
'
'
'
'
'
‡
)
%
%
+
)
-
%
%
%
%
+
,
'
'
'
'
'
ˆ
‡
)
!
!
‘
)
%
%
%
$
$
$
%
+
'
'
)
)
!
!
!
$
$
%
$
+
"
+
@
+
'
,
'

4
4
-
!
!
$
%
$
$
$
$
=
'
'
'
'
$
+
4
1
)
$
$
%
$
"
+
4
!
)
$
%
%
+
+.
>
:
,
,
'
,
,
9
1
!
)
)
%
$
%
$
%
$
$
%
'
'
'
'
'
)
)
%
$
”
'
4
)
!
!
!
!
!
”
%
$
$
%
/
'
'
'
'
'
'
!
!
)
-
-
)
$
%
$
$
%
%
%
%
$
%
%
$
+
/
'
'
'
'
'
4
)
%
%
$
$
$
%
+
+.
:
'
'
'
'

—
ˆ
‡
?
?
)
)
$
$
$
$
%
$
/
'
'
'
'
!
$
:
'
)
)
!
!
%
$
$
'
,
'
'
'
'
4
)
!
!
!
%
%
$
#
#
#
6
'
'
'

)
%
"
(
'
!
$
4
!
!
)
%
%
%
$
$
$
$
$
"
(
'
'
'
5
)
)
!
$
$
%
$
%
$
,
'
'
‡
)
$
'
'
•
•
(
*
'
'
'
4
)
1
!
%
+
"
+
"
v
v
v
'
,
x
x

ˆ
‡
s
y
wƒ
t
v
v
v
x

›
$
@
$
$
"
'
$
•
•
•
•
t
b
†
‹
u
y
p

+
(
`
l
v
%
$
+
(
*
,
)
>
*
"
'
'
)
$
%
%
>
+
(
'
$
%
>
'
)
!
>
@
/
'
?
)
•
•
•
•
•
•
•
s
y
wƒ
u
w

s
y
wƒ
p
>
8
*
t
'
š
v
v
v
v
x
q

4
)
)
%
>
+
*
+
(
,
'
'
'
'
'
%
$
+
(
!
!
$
;
8
3
@
'
'
'
!
!
@
>
8
!
)
)
!
!
$
>
>
+
@
>
(
(
'
'
'
ˆ
‡
)
!
%
$
+
@
'
'
)
!
!
!
)
)
!
$
+
@
'
,
'
'
!
•
•
•
•
•
•
•
•
s
y
wƒ
y
p
u
w
;
@
t
'
‚
v
v
v
v
x

†
†
†
s
y
wƒ
p

w
u
s
p

€
y
s
y
‹
u
y
p
u

w
u

w
‹
u
y
p
s

ƒ
t
t
t
t
t
t
t
o
}
f
`
n
`
n
`
b
b
v
v
v
v
z
v
x
|
„
Ž

†
†
™
s
y
wƒ
p

w
u
s
p

€
y
s
y
u

w
u

w
‹
u
y
p
s

ƒ
y
w
t
t
t
t
t
t
t
o
}
f
n
`
n
`
˜
f
b
b
v
v
v
v
z
v
x
|
„
x
|
Ž

b
6
(
(
,
•
•
r
y
u
{
w
(
(
t
j
z
|
s
y
wƒ
t
v
v
v
x

r
s
‹
p
p
l
v
v
v
q
x
3
+
+
(
'
4
!
!
)
=
"
+6
6
,
'
?
)
!
$
$
$
$
•
•
•
t
j
†
p

sw
‹
u
y
p
=
6
=
6
7
8
+
t
t
(
(
(
'
œ
`
v
v
v
x
4
)
!
%
%
%
$
%
'
'
'
'
'
'
4
)
!
)
s
y
wƒ
$
t
v
v
v
x

'
'
'
†
Š
!
)
)
$
s
€
y
s
s
u
y

%
$
%
%
%
t
.
=
.
=
e
(
(
,
'
'
ˆ
‡
s
y
wƒ
t
v
v
v
x

!
!
+
(
(
'
'
'
ˆ
‡
'
%
$
"
'
'
$
@
'
!
$
•
•
•
•
•
y
‹
w
u

p

u
w
†
y
‹
w
u

‹
u
y
p
t
'
'
'
`
b
)
!
$
$
'
'
ˆ
‡
(
$
+
%
•
•
•
•
y
‹
w
u

p
w
p

s
u
y
p

‹
u
t
`
b
j
v
q
4
4
)
)
)
%
%
+
3
@
'
'
'
4
4
)
)
)
%
%
=
+
(
'
,
'
'
'
)
!
$
$
$
$
$
%
(
(
'
'
'
'
4
!
)
$
%
$
$
$
%
"
(
(
'
'
'
'
)
-
-
)
!
)
%
%
%
$
(
(
'
'
,
4
)
!
)
)
%
$
%
%
%
3
@
(
(
/
(
(
(
(
'
'
5

ˆ
‡
)
$
,
!
+
'
$
'
%
)
%
•
•
•
•
•
~
†
y
p
(
)
%
'
'
$
)
)
)
!
)
%
%
%
(
'
'
'
'
$
4
-
)
%
$
%
'
'
:
'
4
)
)
%
•
)
!
)
)
-
)
)
%
%
%
%
(
(
(
'
'
'
'

Œ
r
sy
u
{y
y
y
‹
w
u

s
p
w
y
u
{
w
ƒ
p

u
w
t
t
t
j
v
q
|
Ÿ
g
`c
`
g
o
`c
g
c
`
i
gf
`
e
` o
gž
‚c
‚
œ
j
b
bk
b
k
b
™
}
}
g
ž
g
`
`a
a
i
`
i
gf
`
e
` `
i
f
i
g
`
im
œa
e
i
Ÿ
g
`
a
gf
ec
ž
n
a
Ÿ
`
f
ž
g
`
`a
h
b
b
b
b
h
k
k
j
h
z
~
Œ
†
Š
~
~
™
s
y
s
u
y
p
s

ƒ
p
sy
u
{y
u
ƒ
w
sy
y
‹
u
y
p

y
u
y
y
w
t
t
t
t
œ
`
g
`
f
b
k

v
v
v
v
v
v
v
„
„
x
|

t
l
œ
v
v
v
v
v
v
q
x
x
)
!
%
$
'
!
)
!
)
%
$
%
+
"
'
'
?
)
!
)
%
+
"
=
+
,
)
=
"
6
'
'
$
=
=
(
$
-
=
.
/
-
=
8
+
'
'
$
•
•
•
•
•
•
•
s
‹
p
p
p

sw
t
`
!
)
!
)
”
%
$
=
'
'
'
,
'
†
‹
u
y
p
y
u
w

b
x
$
'
4
-
!
)
$
%
$
$
%
%
%
%
'
'
'
'
'
'
'
4
!
)
)
$
$
$
=
+
'
4
4
!
)
)
$
%
$
$
'
'
'
'
)
!
)
%
$
=
+
'
'
,

4
*
+
)
$
$
=
$
=
)
•
•
•
•
•
r
†
‹
u
y
p
!
)
%
'
'
'
'
,
¡
Š
†
Š
s
u

y
p
w
s
€
y
s
u
y

u
t
t
a
e
b
h
v
¢
q
q
4
)
)
%
$
%
(
'
'
'
'
4

)
-
)
-
%
%
8
8
(
(
'
'
'
'
'
'
'
'
4
4
4

)
)
!
)
)
%
$
%
%
$
%
+
7
=
(
(
'
'
'
4
4
)
!
)
1
)
%
=
+
3
@
'
'
'
'
'
)
!
!
!
)
!
)
$
$
$
%
$
=
+
'
'
'
'
!
!
!
!
%
'
'
'
)
!
)
)
$
=
+
;
'
,
'
'

!
)
$
$
$
$
'
'
'
'
!
(
-
%
+
6
$
*
8
'
)
(
•
•
•
•
•
•
•
!
-
$
%
%
+
>
'
•
)
'
$
!
%
$
=
+
:
,
)
)
!
)
%
%
$
%
%
'
'
'
'
'
'
'

)
*
>
'
'
'
!
=
'
"
;
'
$
%
$
(
$
(
'
%
•
•
•
•
•
•
4
)
)
)
)
)
%
%
%
*
5
=
+
+
#
>
:
£
,
'
'
'

†
‹
u
y
p
p
`
š
v
q
=
$
'
%
$
$
%
$
6
6
(
$
)
)
)
$
$
$
(
(
'
'
'
'
'
=
'
)
$
%
$
$
'
'
1
!
$
%
6
'
)
%
$
$
=
+
'
'
'
'
4
)
)
$
%
$
%
”
'
'
'
4
)
)
!
)
)
$
$
%
6
(
'
'
'
'
'
)
*
!
6
(
!
$
=
(
(
!
$
$
(
)
%
%
(
)
$
%
$
•
•
•
•
•
•
'
!
)
)
!
%
$
$
6
'
=
+
>
,
'
›
†
‹
u
y
p

`
l
v
)
)
”
!
$
%
'
•
•
)
•
•
•
•
•
•
*
!
)
%
$
$
'
$
%
)
)
)
!
)
$
=
+
'
'
,
4
*
'
'
'
!
%
$
•
•
)
)
)
)
%
$
%
+
"
#
3
@
£
'
'
)
!
)
)
!
!
-
$
%
%
$
%
$
:
:
,
'
'
'
'
4
4
)
)
-
%
$
%
$
%
.
6
3
@
.
6
&9
¤
¤
'
'
4
-
!
$
$
%
$
$
7
#
+
+
/
/
£
'
'
ˆ
‡
4
!
!
!
!
$
$
%
$
$
"
"
/
/
'
'
,
'
4
)
)
!
$
$
,
,
4
4
)
)
-
)
$
$
%
$
%
$
$
#
+
*
@
£
£
'
'
'
'
'
'
ˆ
‡
4
)
-
)
$
%
$
$
$
@
'
'
'
,
'
'
4
4
4
4
)
)
$
%
$
$
$
$
$
"
,
,
'
$
'
)
)
!
$
%
$
•
4
4
-
)
)
-
%
$
%
(
=
+
+
:
'
'
'

s
w
h
k
z
v
x
!
$
%
$
$
"
+
'
•
•
#
'
*
'
$
)
)
-
)
!
)
$
'
'
!
)
!
)
%
$
'
'
'
'
'
'
'
,

4
!
!
%
%
=
+
3
@
'
'
'
'
'
4
$
$
+
'
'
$
(
'
,
)
*
'
)
$
•
•
•
•
•
$
%
)
!
-
$
%
$
$
>
'
'
'
†
‹
u
y
p
y
y
p
u
w
‚
v
)
•
ʹǤͶǤ–‡”ƒ–‹‘ƒŽ‹•ƒ–‹‘–”ƒ–‡‰›
/
'
&
)
)
!
!
8
–
'
'
'
)
)
%
%
=
_
"
–
!
)
%
%
%
"
>
–
¥
ˆ
‡
!
)
%
$
%
%
%
>
>
–
¥
ˆ
‡
!
!
)
%
%
%
>
–
'
ˆ
‡
)
)
!
%
%
%
%
•
•
•
•
•
•
+
+.
>
:
–
'
¥
1
)
%
%
%
'
)
!
)
)
$
$
%
%
%
%
$
'
'
'
'
2
!
!
)
)
$
$
%
%
%
%
%
$
%
3
'
)
!
)
)
-
%
%
%
=
_
+
+.
'
'
'
'
4
!
)
!
%
$
$
$
%
%
%
>
+
+.
/
'
'
,
'
4
4
)
)
!
)
)
!
$
%
+
+.
/
'
'
'
'
͵Ǥ ‹‡Ž†•‘ˆ…–‹‘
4
)
!
)
%
%
%
$
%
$
"
=
_
+
+.
,
'
4
)
!
!
$
$
$
$
$
'
'
'
ˆ
‡
4
!
!
-
)
!
)
$
%
%
%
%
$
%
/
'
'
'
'
'
ˆ
‡
4
4
)
)
!
!
-
%
$
%
%
%
%
$
:
'
'
'
'
'
'
4
)
)
)
)
)
!
!
$
$
%
%
%
'
'
'
$
,
4


)
)
%
%
$
'
'
,
'
,
'
,
'
'
'
'
,
4
4
!
!
)
)
!
)
%
%
$
%
%
%
$
%
"
'
'
'
'
-
!
-
!
%
$
%
$
$
%
$
%
$
$
%
$
$
$
%
"
'
'
,
,
7
)
-
)
-
$
%
%
$
$
'
'
'
'
'
'
'
)
!
%
%
%
$
%
%
"
'
'
'
'
'
'
Estimated competence potential
'
)
O
%
'
Current competence level
%
X
)
%
'
'
'
4
4
4
!
)
)
-
)
!
%
$
$
$
%
$
(
'
'
,
'
'
'
'
'
'
?
'
%
n/a
4
4
n/a
?
¨
§
¦
!
)
%
%
%
"
–
'
'
'
¥
4
)
!
!
!
%
%
%
%
$
>
–
'
,
'
4
)
)
!
!
%
%
%
$
•
•
•
KEY: POTENTIAL ANALYSIS
High potential
Medium potential
Low potential
Not Applicable
Data Gap
KEY: COMPETENCE LEVELS
Potential for improvement
Data Gap
Not applicable
>
–
'
,
'
4
4
4
4
4
4

)
!
!
)
$
$
$
$
%
$
"
(
'
'
'
)
!
!
!
!
$
$
%
$
'
'
'
'
,
4
!
)
!
-
$
$
%
%
$
$
"
+
>
'
'
'
'
'
'
%
•
4
,

)
%
4
)
)
)
)
)
%
%
%
%
%
•
4
'
'
4

!
)
$
'
'
!
)
)
!
)
”
%
$
$
•
'
'

)
)
)
)
)
)
$
%
$
'
'
)
!
$
$
$
%
%
%
'
'
'
'
ˆ
‡
4

!
!
)
-
)
$
$
%
•
•
:
'
'
'
'
'
'
,
'
1
)
!
%
%
>=
"
+
+.
(
'
)
!
!
!
%
$
%
=
:
'
'
'
'
'
'
'
'
+
$
(
(
ˆ
‡
4
4
4
!
$
/
'
'
'
'
ˆ
‡
4
4
)
)
$
•
•
•
•
ͶǤ ”‘••Ǧ…—––‹‰”‡ƒ•
8
"
+
*
6
+
/
'
'
ˆ
‡
¯
°
°
°
°
°
¹
»
¹
¼
«
¿
ª±
¯
¯
¯
°
°
Ï
³¾
º
½
º
½
º
³®
¶
³±
ª®
µ
µ
ªº·
º
³
ª
¾
º
³
º
±
º
É
·
³
±
±
º
³
¨
½
¾
¨
±
ª
·
º
ª
º
¸®
±¶
ªµ
³
³´
³
¯
¯
¯
¯
¯
²
°
°
«
¹
­
¹
Ç
¹
­
«
Ç
¿
³
³¾
ª±
¬
®
¶
±
º
½
º
½
º
³®
¶
³±
ª
±
³´
³
®
³±
¾
ªµ
³
³´
¬
¸
ª
¶
ª
±
¸
³
¯
¯
¯
¯
¯
¯
¯
°
°
°
«
«
¹
«
«
»
«
«
³
³
´
¬
ª´
±
±
¬
·
¾
º
±
ª®
µ
µ
ªº·
³
¸
ª®
ɪ®
³±
®
®
¸
·
ª
º
º
±¶
µ
¬
±
±¶
ªµ
³
³´
¯
¯
¯
¯
¯
¯
¯
²
°
°
°
°
°
°
«
¹
¼
Ç
¼
«
«
Ç
¹
¹
«
¿
Ï
ª±
¬
ª´
±
±
µ
·
¨
º
±¶
ª
ª¾
®
µ
±
º
®
½³
¬
½
µ
®
º
·
É
±
³
±
±¶
¸
¬
®
¬
¯
¯
¯
¯
¯
¯
¯
¯
°
°
°
°
°
¹
«
¹
Ô
³
º
ª
¶
ª
±
¸
³
½
³®
¶
³±
ª®
³
º
¬
®
¬
·
±
³
³¾
º
ª±
ª
·
º
ª±
¬
®
¶
±
½
º
½
º
³®
¶
³±
ª®
µ
µ
ªº·
³
³
º
¯
¯
¯
¯
¯
¯
¯
¯
¯
¯
¯
°
°
°
°
Ã
«
«
»
¼
¹
­
«
È
¿
È
¬
¬
º
º
³
º
¬
º
³®
ª
±
¸
³
±
±
¬
¾
º
±
º
½
µ
®
ª
¶
³
³
¶
º
³®
´
º
±
ª
¸
ª
³
º
·
±¶
¬
¯
¯
¯
¯
Ó
°
°
°
Â
°
»
¹
¹
«
¹
«
»
¹
¹Å
«
¼
Ç
Í
Ì
¿
º
³®
º
¸
·
³
º
¸
¬
ª±
¬
ª´
±
±
½
³®
¶
³±
É
³
±
±¶
ªµ
³
³´
±
½
´
¸
¬
³
ª®
º
ª
±¶
¸
´
³®
º
ª®
¯
¯
¯
¯
¯
²
Ê
°
°
°
°
°
°
°
°
°
°
Ñ
Ñ
«
«
¼
«
¹
¹
»
¼
¼
¼
º
³
º
º
¯
Ã
Ï
ª
³¾
º
®
ª
·
¨
³
¬
¸
ª
ɳ
º
±
ª
¸
±¶
º
·
³±
¾
ªµ
³
³´
ª±
¬
®
³
¶
±
º
½
º
½
³®
¶
±
ª®
¬
³±
¯
¯
¯
¯
¯
¯
¯
¯
À
Ë
Â
°
°
Ò
Â
°
­
»
¹
«
«
«
¹Å
«
«
¹
¼
«
¿
³
º
±
·
ª®
µ
ªµ
¯
¯
À
°
°
ÂÒ
º
³
º
º
¯
Ã
Ï
ª®
µ
µ
ªº·
³
º
¸
¬
º
±¶
·
³
¬
®
³
¶
ª
±¶
º
³Æ
³
ª
º
µ
®
µ·
³
®
ª®
³
¬
®
µ¶
ª
·
¬
³±
ª
µ
¶
¯
¯
¯
¯
¯
¯
¯
°
°
°
°
°
°
°
°
°
Î
Ñ
«
¼
¹
«
­
¹
¹
¹
¹
«
¹
«
»
Ð
¿
±
¸
±
½
¶
°
°
¼
«
º
°
°
«
¯
¯
¨
¸
·
¨
µ
³
¨
½
³®
¶
³±
³
±
¨
¾
±
É
±
³
ª®
º
ª
³
º
¸
®
ª
·
³
º
®
³
ɬ
³
³±
®
³
ª®
º
ª
ª®
³
º
±
·
ª®
µ
ªµ
³
º
ɬ
³
³±
¯
¯
Ê
°
°
°
°
¹
¹
»
¼
¼
«
­
»
¼
¼
¼
«
­
Í
Ì
¿
ª
¬
³±
ª
±
ª
¸
±
ª
·
¨
³
º
¸
®
ª
·
³
º
®
³
ɬ
³
³±
®
ª®
³
¨
¶
½
³®
´
º
³±
¾
ªµ
³
³´
ª®
¬
³±
¯
¯
¯
¯
¯
¯
Ë
Ë
°
Â
°
°
«
¹
«
¹
«
­
¼
«
«
¹
¼
«
¿
º
³
¨
¾
¯
Ç
È
É
³
±
±¶
º
¬
³
º
±
¸
³
¶
¬
®
³º
ª®
¾
³
½
¬
¾
º
ª±
¸
³
±
ª±
¸
¶
ª±
®
½
º
¬
³
®
¬
³
¸
ª®
±
³
®
¸
É
ª±
¬
ª®
¬
ª
¯
¯
¯
¯
¯
¯
¯
°
°
°
°
°
°
°
©
»
«
­
»
­
¹
«
¼
»
»
­
«
«
È
³
º
´
¬
±
±¶
ªµ
³
³´
ª
º
³
¬
·
½
´
º
³
¨
¾
ª®
µ
³Æ
ªµ
º
±
ª
¸
±
³
¨
º
³®
±
¨
µ
¸
³
ª
®
µ
¯
¯
¯
¯
¯
¯
¯
¯
À
À
°
°
°
°
°
Â
°
Ä
Ã
ÁÂ
«
¹
«
­
Ç
¹Å
«
¿
³
³¾
ª±
¬
®
¶
±
º
½
º
½
º
³®
¶
³±
¯
¯
¯
°
°
ª±
¬
ª®
¬
ª
¯
°
©
­
«
«
º
µ
º
³®
±
¨
µ
ª®
¸
³
³
¬
º
³
¸®
±
ª®
³
º
´
¬
±
³
´
¬
ª´
±
±
ª®
µ
µ
ªº·
³º
¬
´
®
µ
±
¸
µ·
±¶
ªµ
³
³´
¯
¯
¯
¯
¯
¯
¯
¯
²
°
°
°
°
°
°
°
°
°
°
°
¹
¼
»
¹
«
­
«
OPPORTUNITY AREA
OPPORTUNITY NO.
High/ Med/ Low/ ?/ POTENTIAL FOR SMART
n/a
SPECIALISATION
Improving Collaboration & Cooperation
Improving Energy Sector Relevant Policy
Funding & Support Mechanisms Development
Knowledge Generation (R&D/Education/Data)
Knowledge Exchange/ Transfer
R&D Infrastructure Improvement
Innovation System Improvement
Innovation Support Mechanisms/ Facilities
Industrial Assests & Capabilities Development
OPPORTUNITIES FOR SUPPORTING
INCREASED ESI (Potential Action Areas)
,
,
SHT
Y ?
X O
,
,
SHT
Y ?
X
,
,
SHT
Y ?
X O
,
,
SHT
Y ?
X
O
,
,
SHT
Y ?
X
O
,
,
SHT
X O
,
D
,
,
Y Y
SHT
Y ?
Y ?
SHT
SHT
Y Y
X
X
World-Leading
Excellent (Intl.)
Good
OK
COMPETENCE LEVEL & POTENTIAL
RELEVANT FUNDING?
YES/ NO/ ?
Early Development
SUITABILITY FOR ENSEA JAP?
RELEVANT REGIONS
YES/ NO/ ?
EU-WIDE
NORTH SEA
REGION
CROSS-BORDER
REGIONAL
LOCAL
LONG >15yrs)/
MED 5-15yrs)/
SHORT <5yrs)/ ?
͍
IMPLEMENTATION TIMEFRAME
High/ Med/ Low/ ?/ POTENTIAL FOR
n/a
INTERNATIONALISATION
͍
9
¸
º
¯
¯
¯
¯
°
¬
®
¶
±
«
º
º
RELEVANT STRATEGIC
OBJECTIVES
¿
·ª
®
É
µ
³
±
ª
±
¸
¨
³
³
º
®
³±
®
®
¸
·
±
±¶
º
³Æ
ª
ª±
¬
º
¬
¸
³®
¾
³
³±
¾
ªµ
³
8
©
°
Ç
6
°
Â
7
º
5
ª¾
¯
Ó
3
ª±
¨
2
¬
²
1
ª´
³´
4
±
Ò
9
±
SCREENING OF SHORT-LISTED ESI OPPORTUNITIES: GENERAL ECONOMIC DEVELOPMENT
O
O
X O
O
Funding
í
ì
ê
è
ì
ó
Ü
×
Þ
Ù
ä
ç
Ù×
Ùá
á
Ù
ç
á
×
Þ
ß
Þß
àÙá
Þ
à
ß
Ù
Ù
á
Þ
àÙá
Þß
Ù
Ù
á
×
Þ
ß
ß
ê
è
àÙá
Þ
Ú
Ú
Ú
Ú
Ú
Ú
Ú
ã
ã
ã
ã
ö
Ý
æ
Ý
å
Ý
í
í
í
è
ê
ê
ì
ê
Ö
Ö
äÞ
×
ß
Ö
ß
Öá
Þ
à
ä
Ö
Ù
Ù
Þ
×
Ù
ç
Ù×
Þ
Ù
ç
Ù×
Ùá
Ú
Ú
Ú
Ú
õ
ö
ð
å
Ý
ð
ð
ð
å
Ý
ð
Ø
÷
ô
Þá
Ö
×
Þ
Ö
Ú
ã
ï
Ý
Ý
è
ê
ê
è
è
Ü
Focussing of Economic Development funding on early stage, innovative
SMEs, to increase commercialisation potential.
×
Þ
Ù
ä
ç
ä
ß
Þ
àÙá
á
Ö
Ö
Þá
Ù
×
Ù
Ö
ç
Ù
×
áä
Ù×
×
Þ
Ù
ç
×
Ö
ç
àÙ
Þ
àÙá
Þß
Ù
Ù
Ú
Ú
Ú
Ú
Ú
Û
ã
ã
ã
ã
Ý
ï
æ
Ý
Ý
ð
æ
æ
Ý
í
ç
Ù×
á
Ö×
ß
Ú
è
è
ó
ê
ì
è
×
Þ
Ù
ä
ç
ä
ß
Öá
ç
Þá
ç
á
à
ä
Ù
Ö
Ö
ä
á
Ö
×
Þ
Ö
Þ
ä
×
ç
á
Þ
Ö
äÞ
×
ß
Ö
ß
Þá
Ö
×
Þ
Ö
Þ
Ú
Ú
Ú
Ú
Ú
Ú
Ú
Ú
ã
ã
ã
ã
ã
ã
ã
ã
ã
î
Ý
ï
å
å
ð
ï
Ý
Ý
å
æ
ð
ï
Ý
Ý
ò
Ü
Ù
Ù
ß
×
Ù
à
Þ
×
ç
Ù
Ùá
Ù
Ù
Ö
ç
Ù
×
áä
Þ
Ù
ç
Ö
äÞ
×
ß
Ö
ß
Þ
àÙá
Þß
Ù
Ù
Ú
Ú
Ú
Ú
Ú
Ú
Û
ã
ã
ã
ã
ñ
Ý
ð
Ý
ñ
ð
æ
æ
ï
ð
ð
æ
Ý
í
Ü
ê
Ü
ì
Ù
ç
Ö
á
ä
Ù
Ö
×
ç
Öá
×
Þ
×
ß
àÙá
Þß
Ù
Ù
Ú
Ú
Ú
Ú
Ú
Ú
Û
ã
ã
ã
ã
ã
ã
ã
å
Ý
10
à
î
ë
ê
è
ê
è
Ü
×
Þ
á
á
à
Ù×
Ù×
Þá
Ù
×
Ù
Ú
Ú
Ú
Ùç
Ú
Ú
Ú
Ú
Ö
ä
Ö
ä
Þ
àÙá
Þß
Ù
Ù
Ù
àÖ×
Ö
Öáä
á
Ù
Ö×
â
Õ
ã
ã
ã
ã
ã
é
æ
å
æ
Ý
Ý
æ
Ý
å
Ø
Ý
Ø
OPPORTUNITY AREA
OPPORTUNITY NO.
OPPORTUNITIES FOR SUPPORTING
INCREASED ESI (Potential Action
Areas)
N/A N/A
MED
Y ?
N/A N/A
SHT
Y Y
X
O
N/A N/A
,
,
,
,
SHT
Y ?
Y ?
Y ?
X
O
SHT
SHT
X
World-Leading
Excellent (Intl.)
Good
OK
COMPETENCE LEVEL & POTENTIAL
RELEVANT FUNDING?
YES/ NO/ ?
Early Development
SUITABILITY FOR ENSEA JAP?
RELEVANT REGIONS
IMPLEMENTATION TIMEFRAME
YES/ NO/ ?
EU-WIDE
NORTH SEA
REGION
CROSS-BORDER
REGIONAL
LOCAL
LONG >15yrs)/
MED 5-15yrs)/
SHORT <5yrs)/ ?
High/ Med/ Low/ ?/ POTENTIAL FOR
n/a
INTERNATIONALISATION
High/ Med/ Low/ ?/ POTENTIAL FOR SMART
n/a
SPECIALISATION
Improving Collaboration & Cooperation
Improving Energy Sector Relevant Policy
Funding & Support Mechanisms Development
Knowledge Generation (R&D/Education/Data)
Knowledge Exchange/ Transfer
R&D Infrastructure Improvement
Innovation System Improvement
Innovation Support Mechanisms/ Facilities
Industrial Assests & Capabilities Development
RELEVANT STRATEGIC
OBJECTIVES
14
ì
13
Þ
12
ø
11
ß
SCREENING OF SHORT-LISTED ESI OPPORTUNITIES: POLICY DEVELOPMENT
n/a n/a n/a n/a n/a
X O
O
.
%
$
$
!
!
!
!
&
&
&
&
&
&
#
+
%
*
%
%
=
%
$
!
!
!
!
/
&
&
&
&
&
<
#
"
"
.
+
$
!
&
&
#
*
+
*
%
*
!
!
!
!
!
!
!
!
&
&
&
&
&
&
"
)
)
$
+
*
+
+
$
!
!
!
!
4
&
&
&
&
&
&
-
"
"
"
;
#
#
.
)
)
.
.
)
+
$
$
$
!
!
!
5
8
,
6
5
4
2
7
-
-
&
-
1
&
&
9
3
+
%
/
&
%
+
%
*
+
%
$
*
%
!
!
!
!
!
!
!
&
&
&
&
&
&
&
&
0
"
"
"
"
"
.
)
)
+
*
%
$
!
,
,
-
&
&
&
&
&
)
%
$
!
!
!
!
!
(
&
&
&
&
'
#
"
OPPORTUNITY AREA
OPPORTUNITY NO.
,
N/A N/A
,
N/A N/A
World-Leading
Excellent (Intl.)
Good
OK
COMPETENCE LEVEL & POTENTIAL
RELEVANT FUNDING?
YES/ NO/ ?
Early Development
SUITABILITY FOR ENSEA JAP?
RELEVANT REGIONS
YES/ NO/ ?
EU-WIDE
NORTH SEA
REGION
CROSS-BORDER
REGIONAL
LOCAL
LONG >15yrs)/
MED 5-15yrs)/
SHORT <5yrs)/ ?
,
IMPLEMENTATION TIMEFRAME
High/ Med/ Low/ ?/ POTENTIAL FOR
n/a
INTERNATIONALISATION
High/ Med/ Low/ ?/ POTENTIAL FOR SMART
n/a
SPECIALISATION
Improving Collaboration & Cooperation
Improving Energy Sector Relevant Policy
Funding & Support Mechanisms Development
Knowledge Generation (R&D/Education/Data)
Knowledge Exchange/ Transfer
R&D Infrastructure Improvement
Innovation System Improvement
Innovation Support Mechanisms/ Facilities
Industrial Assests & Capabilities Development
,
&
:
OPPORTUNITIES FOR SUPPORTING
INCREASED ESI (Potential Action
Areas)
þ
ý
þ
ÿ
þ
ý
ü
RELEVANT STRATEGIC
OBJECTIVES
SHT
Y Y
X X O
SHT
Y Y
n/a n/a n/a n/a n/a
SHT
Y Y
X
SHT
Y ?
X O
ý
ý
ý
þÿ
ý
û
4
<
3
-
2
'ŽĂů͗
^ĐŽƚůĂŶĚ ŝƐ ŐŽŽĚ Ăƚ ŐĞŶĞƌĂƚŝŶŐ ŝŶŶŽǀĂƚŝŽŶ ďƵƚ ůĞƐƐ ŐŽŽĚ Ăƚ ĐŽŵŵĞƌĐŝĂůŝƐŝŶŐ ŝƚ ďĞĐĂƵƐĞ ŝƚƐ ĐŽŵƉĂŶLJ ďĂƐĞ ĨƌĞƋƵĞŶƚůLJ ůĂĐŬƐ ƚŚĞ ĐĂƉĂĐŝƚLJ Žƌ
ƌĞƐŽƵƌĐĞƐƚŽŝŶŶŽǀĂƚĞ͘dŚĞƌĞŝƐƉŽƚĞŶƚŝĂůƚŽĐƌĞĂƚĞĂƉŽŝŶƚĨŽƌŝŶĚƵƐƚƌLJƚŽŐĂŝŶƵƐĞŽĨĞdžƉĞƌƚŝƐĞĨƌŽŵ^ĐŽƚůĂŶĚΖƐůĞĂĚŝŶŐĞŶĞƌŐLJƐLJƐƚĞŵƐƌĞƐĞĂƌĐŚ
ŐƌŽƵƉƐĨŽƌƐŽůǀŝŶŐĂƉƉůŝĞĚ;ŚŝŐŚdZ>ͿƉƌŽďůĞŵƐŚŝŶĚĞƌŝŶŐĐŽŵŵĞƌĐŝĂůŝƐĂƚŝŽŶ͘ĐĐĞƐƐƚŽŚŝŐŚůLJͲƐŬŝůůĞĚƉŽǁĞƌƐLJƐƚĞŵƐĞŶŐŝŶĞĞƌƐ;ĂŶĚŽƚŚĞƌƐͿŽŶ
ú
ù
1
ú
SCREENING OF SHORT-LISTED ESI OPPORTUNITIES: GENERAL ACADEMIC/ R&D
O
ĂŶ͕ ĂƐ ŶĞĞĚĞĚ ďĂƐŝƐ͕ ĐŽƵůĚ ƉƌŽǀŝĚĞ ƋƵĂůŝƚLJ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĂǀŽŝĚ ŝŶĐƵƌƌŝŶŐ ĨŝdžĞĚ ŽǀĞƌŚĞĂĚ ĐŽƐƚƐ ĨŽƌ ƚŚĞ ^DƐ͘ KŶ Ă ^ĐŽƚƚŝƐŚ ƌĞŐŝŽŶĂů ƐĐĂůĞ͕
ĐŽůůĂďŽƌĂƚŝŽŶƐ ƐƵĐŚ ĂƐ /ŶƚĞƌĨĂĐĞ ĂŶĚ ƚŚĞ ŶĞƌŐLJ dĞĐŚŶŽůŽŐLJ WĂƌƚŶĞƌƐŚŝƉ͛Ɛ <ŶŽǁůĞĚŐĞ džĐŚĂŶŐĞ EĞƚǁŽƌŬ ĂƌĞ ĐƵƌƌĞŶƚůLJ ĂĐƚŝǀĞ ŝŶ ƚŚŝƐ ĂƌĞĂ͘
&ƵƌƚŚĞƌ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĐŽůůĂďŽƌĂƚŝŽŶ Ăƚ ǁŝĚĞƌ ĂŶĚ ĐƌŽƐƐͲƌĞŐŝŽŶĂů ƐĐĂůĞƐ ĂƌŽƵŶĚ ƚŚĞ EŽƌƚŚ ^ĞĂ ĂƌĞĂ ǁŽƵůĚ ƐƵƉƉŽƌƚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ
ĐůƵƐƚĞƌŽĨƐŬŝůůĞĚ͕ŝŶŶŽǀĂƚŝǀĞ^DƐĐĂƉĂďůĞŽĨĂŶƚŝĐŝƉĂƚŝŶŐ͕ŵĞĞƚŝŶŐĂŶĚƌĞƐƉŽŶĚŝŶŐƚŽƚŚĞĐŚĂůůĞŶŐĞƐŶĞƌŐLJ^LJƐƚĞŵƐ/ŶƚĞŐƌĂƚŝŽŶƉƌĞƐĞŶƚƐ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
dŽ ĐƌĞĂƚĞ ĂŶ E^ͲǁŝĚĞ ƉƌŽŐƌĂŵŵĞ ƚŽ ƐƵƉƉŽƌƚ ^DƐ ŝŶ ĂĚĚƌĞƐƐŝŶŐ ĂƉƉůŝĞĚ ŶĞƌŐLJ ^LJƐƚĞŵƐ ƌĞƐĞĂƌĐŚ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĚĞƉůŽLJŵĞŶƚ
ĐŚĂůůĞŶŐĞƐ͘
dŽƉƌŽǀŝĚĞĂƉůĂƚĨŽƌŵƚŚĂƚŝƐĨůƵŝĚ͕ĂĐĐĞƐƐŝďůĞĂŶĚƵƐĞĨƵůƚŽĐŽŵƉĂŶŝĞƐƚŚĂƚǁŽƵůĚĨĂĐŝůŝƚĂƚĞĂĐĐĞƐƐƚŽhŶŝǀĞƌƐŝƚLJƌĞƐŽƵƌĐĞƐ;ĞdžƉĞƌƚŝƐĞ͕ĨĂĐŝůŝƚŝĞƐͿ
ŽǀĞƌƚŝŵĞƐĐĂůĞƐƚŚĂƚĂƌĞĨůĞdžŝďůĞĂŶĚƌĞůĞǀĂŶƚƚŽƚŚĞŝƌŶĞĞĚƐ͘
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
hĨƵŶĚŝŶŐ;Ğ͘Ő͘/ŶŶŽƐƵƉϭͿ͕ƌĞŐŝŽŶĂůĨƵŶĚŝŶŐ͕ŶĂƚŝŽŶĂůĨƵŶĚŝŶŐ͕ŝŶĚƵƐƚƌLJĐŽͲĨƵŶĚŝŶŐ
ý
ÿ
ü
ý
ÿ
ý
ÿ
ý
þ
C
@
ý
þ
ÿ
ÿ
@
ÿ
D
B
A
?
ù
>
d^;ǁŚŽĨƵŶĚh<<dWƐͿ͕dW͕/EdZ&͕^ĐŽƚƚŝƐŚŶƚĞƌƉƌŝƐĞ͕^ĐŽƚƚŝƐŚZĞŶĞǁĂďůĞƐ
A
^ƚĂŬĞŚŽůĚĞƌƐ͗
ú
ú
'ŽĂů͗
dŽĚĞǀĞůŽƉĂǁŚŽůĞƐLJƐƚĞŵ͛ƐĂƉƉƌŽĂĐŚƚŽĐƌĞĂƚĞĂĨƌĂŵĞǁŽƌŬĨŽƌďĞƐƚƉƌĂĐƚŝĐĞƐŽĨƚŚĞŝŶŶŽǀĂƚŝŽŶŶĞĞĚƐŽĨƚŚĞĞŶĞƌŐLJƐĞĐƚŽƌ͕ǁŝƚŚƉĂƌƚŝĐƵůĂƌ
ĨŽĐƵƐ ŽŶ ƚŚĞ ƌĞŶĞǁĂďůĞ ĞŶĞƌŐLJ ƐĞĐƚŽƌ͛Ɛ ƌŽůĞ ŝŶ ŶĞƌŐLJ ^LJƐƚĞŵƐ /ŶƚĞŐƌĂƚŝŽŶ͘ dŚĞ ǁŚŽůĞͲƐLJƐƚĞŵƐ ĂƉƉƌŽĂĐŚ ǁŽƵůĚ ŝŶĐŽƌƉŽƌĂƚĞ ǁŝĚĞƌ ĂƐƉĞĐƚƐ
ŝŶĨůƵĞŶĐŝŶŐƚŚĞĞŶĞƌŐLJƐĞĐƚŽƌĂŶĚŝŶŶŽǀĂƚŝŽŶ͕ƐƵĐŚĂƐƉƵďůŝĐĂĐĐĞƉƚĂŶĐĞ͕ĞĐŽŶŽŵŝĐƐ͕ƉŽůŝĐLJĂŶĚůĞŐĂůĨƌĂŵĞǁŽƌŬƐ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
&ŽĐƵƐŝŶŐŽŶĂϯƚŝĞƌĂƉƉƌŽĂĐŚĂŶĚƚŚĞŝŶĨŽƌŵĂƚŝŽŶĨůŽǁƐďĞƚǁĞĞŶĞĂĐŚƚŝĞƌƚŽĞŶƐƵƌĞŝŶĨŽƌŵĞĚĞŶŐĂŐĞŵĞŶƚĂŶĚĐŽŶƚŝŶƵĂůůĞĂƌŶŝŶŐŽĨƐƵƉƉŽƌƚ
ĨŽƌƚŚĞƐĞĐƚŽƌĂŶĚŝƚƐƐƵƉƉŽƌƚƐƚƌƵĐƚƵƌĞƐ͘
dŝĞƌϭ͗WŽůŝĐLJĂŶĚŝŶĐĞŶƚŝǀĞƐͬ'ŽǀĞƌŶŵĞŶƚĂŶĚƉŽůŝĐLJ
dŝĞƌϮ͗'ƌŽǁƚŚĂŶĚƐƚƌĂƚĞŐLJͬ^ĞĐƚŽƌƐƚƌĂƚĞŐŝĐŶĞĞĚƐĂŶĚŐƌŽǁƚŚ
dŝĞƌϯ͗dZ>ĂĐĐĞůĞƌĂƚŝŽŶͬdĞĐŚŶŽůŽŐLJĂĐĐĞůĞƌĂƚŝŽŶĂŶĚƚĞĐŚŶŽůŽŐLJƚƌĂŶƐĨĞƌ
dŽĞŶƐƵƌĞƚŚĞƐĞƉƌĂĐƚŝĐĞƐĐĂŶďĞĞdžĐŚĂŶŐĞĚĂŶĚƵƐĞĚǁŝƚŚŝŶĂĨƌĂŵĞǁŽƌŬƚŚĞƌĞƐŚŽƵůĚďĞĂĨŽĐƵƐŽŶĂƐƉĞĐƚƐƐƵĐŚĂƐ͗
භ ,ŽǁŬŶŽǁůĞĚŐĞĂŶĚŝŶĨŽƌŵĂƚŝŽŶŝƐĞdžĐŚĂŶŐĞĚďĞƚǁĞĞŶƚŚĞƚŝĞƌƐĂŶĚƐLJƐƚĞŵƐ͍
භ ,ŽǁƚŚĞĂƉƉƌŽĂĐŚŝƐĂĐŽŶƚŝŶƵĂůůĞĂƌŶŝŶŐƉƌŽĐĞƐƐĂŶĚƐLJƐƚĞŵĂƚŝĐĂůůLJŝŵƉƌŽǀĞĚ͍
භ ,ŽǁĐĂŶƚŚŝƐďĞĞdžĐŚĂŶŐĞĚďĞƚǁĞĞŶĐƵůƚƵƌĞƐͲĂƌĞƚŚĞƌĞĐƵůƚƵƌĂůůŝŵŝƚĂƚŝŽŶƐŽƌŝŶŶŽǀĂƚŝŽŶŚƵďƉĂƌƚŝĐƵůĂƌƐ͍
• ,ŽǁƚŽŝŵƉƌŽǀĞĂƉƉƌŽĂĐŚĞƐƚŽĂĚĚƌĞƐƐŝŶŐƐŬŝůůƐͲŐĂƉƐĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨƚƌĂŶƐĨĞƌĂďůĞƐŬŝůůƐ͕ƌĞůĞǀĂŶƚƚŽƚŚĞƵƉͲĐŽŵŝŶŐĐŚĂůůĞŶŐĞƐŽĨ
ŶĞƌŐLJ^LJƐƚĞŵƐ/ŶƚĞŐƌĂƚŝŽŶ͍
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗ h ;/ŶŶŽƐƵƉ ϭ͕ ƵƌŽƐƚĂƌƐ͕ /ŶƚĞůůŝŐĞŶƚ ŶĞƌŐLJ ƵƌŽƉĞ͕ ,ϮϬϮϬ D^Ϳ͕ ƌĞŐŝŽŶĂů ĨƵŶĚŝŶŐ͕ ŶĂƚŝŽŶĂů ĨƵŶĚŝŶŐ͕ ŝŶĚƵƐƚƌLJ ĐŽͲ
ĨƵŶĚŝŶŐ͘
D
B
O
ý
þ
C
ú
ú
M
@
ý
ý
ÿ
P
N
L
F
ü
J
H
GK
J
F
ü
J
H
I
I
G
F
ù
E
^ĐŽƚƚŝƐŚZĞŶĞǁĂďůĞƐ͕KĨĨƐŚŽƌĞZĞŶĞǁĂďůĞŶĞƌŐLJĂƚĂƉƵůƚ͕dW͕^ĐŽƚƚŝƐŚŶƚĞƌƉƌŝƐĞ
^ƚĂŬĞŚŽůĚĞƌƐ͗
'ŽĂů͗^ƚŝŵƵůĂƚŝŶŐŬŶŽǁůĞĚŐĞĞdžĐŚĂŶŐĞĂŶĚĐŽůůĂďŽƌĂƚŝŽŶĂŵŽŶŐƐƚĞŶĞƌŐLJŝŶĚƵƐƚƌLJƉůĂLJĞƌƐĂŶĚďĞƚǁĞĞŶŝŶĚƵƐƚƌLJĂŶĚĂĐĂĚĞŵŝĂͬĐŽůůĞŐĞƐĐĂŶ
ůĞĂĚƚŽŝŶŶŽǀĂƚŝǀĞƉƌŽũĞĐƚƐĂŶĚƐŝŐŶŝĨŝĐĂŶƚůLJĞŶŚĂŶĐĞĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐĞĐƚŽƌ͘^ĐŽƚůĂŶĚŚĂƐĂƐƚƌŽŶŐƉŽǁĞƌĞŶŐŝŶĞĞƌŝŶŐŝŶĚƵƐƚƌLJĂƐ
ǁĞůů ĂƐ ƐƚƌŽŶŐ ƌĞůĞǀĂŶƚ ĂĐĂĚĞŵŝĐ ĞdžƉĞƌƚŝƐĞ͘ ƚ ƚŚĞ ƐĂŵĞ ƚŝŵĞ ^ĐŽƚůĂŶĚ ŶĞĞĚƐ ƚŽ ŵĂŝŶƚĂŝŶ ŵŽŵĞŶƚƵŵ ŝŶ ĞŶĞƌŐLJ ƐĞĐƚŽƌ ĚĞǀĞůŽƉŵĞŶƚƐ ĂŶĚ
ĞƐƚĂďůŝƐŚ ǁĂLJƐ ŽĨ ĐŽůůĂďŽƌĂƚŝŽŶ ǁŝƚŚ ƌĞŐŝŽŶĂů͕ h<͕ h ĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂůƉĂƌƚŶĞƌƐ ŐŝǀĞŶƚŚĂƚƚŚĞĞŶĞƌŐLJ ƐĞĐƚŽƌ ŝƐ Ă ŐůŽďĂů ŵĂƌŬĞƚ ǁŝƚŚ ƐŝŵŝůĂƌ
ĐŚĂůůĞŶŐĞƐĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐĂĐƌŽƐƐƚŚĞǁŽƌůĚ;Ğ͘Ő͘^ŵĂƌƚ'ƌŝĚƐͬƌĞŶĞǁĂďůĞƐͿ͘dŚĞƐĞĂĐƚŝǀŝƚŝĞƐǁŽƵůĚŶĞĞĚƚŽďƵŝůĚŽŶĂŶĚƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚ
ĂŶLJĐƵƌƌĞŶƚůLJĨƵŶĚĞĚĂĐƚŝǀŝƚŝĞƐĂŶĚƉƌŽũĞĐƚƐŝŶƚŚŝƐĂƌĞĂ;Ğ͘Ő͘ďLJŽƌŐĂŶŝƐĂƚŝŽŶƐůŝŬĞ/ĂŶĚZŽŶĐƌŽƐƐͲhƐƚĂŶĚĂƌĚƐͿ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
Ͳ
KƌŐĂŶŝƐĂƚŝŽŶŽĨĞǀĞŶƚƐƚŽĞŶĐŽƵƌĂŐĞŝŶĚƵƐƚƌLJƉůĂLJĞƌƐĂŶĚŝŶŶŽǀĂƚŝǀĞďƵƐŝŶĞƐƐƉĞŽƉůĞƚŽĞdžĐŚĂŶŐĞŝĚĞĂƐŽŶƚŚĞƉŽƚĞŶƚŝĂůƌŽůĞŽĨĂƐƉĞĐƚƐ
ŽĨƚŚĞĞŶĞƌŐLJƐLJƐƚĞŵŝŶƐƵƉƉŽƌƚŝŶŐŝŶĐƌĞĂƐĞĚŶĞƌŐLJ^LJƐƚĞŵƐ/ŶƚĞŐƌĂƚŝŽŶ͘
&ƵƌƚŚĞƌƐƵƉƉŽƌƚĨŽƌ^ĐŽƚƚŝƐŚĨĂĐŝůŝƚŝĞƐĂŶĚƚĞƐƚĐĞŶƚƌĞƐƚŽĞŶĐŽƵƌĂŐĞĐŽůůĂďŽƌĂƚŝǀĞƉƌŽũĞĐƚƐĂŶĚĨĂĐŝůŝƚĂƚĞĂĐĐĞůĞƌĂƚŝŽŶŽĨŶĞǁ
ƚĞĐŚŶŽůŽŐŝĞƐŽŶƚŽƚŚĞŶĞƚǁŽƌŬĞ͘Ő͘WŽǁĞƌEĞƚǁŽƌŬƐĞŵŽŶƐƚƌĂƚŝŽŶĞŶƚƌĞ;WEͿ
^ĞƚƚŝŶŐƵƉĂŶĚͬŽƌƉƌŽǀŝĚŝŶŐƐƵƉƉŽƌƚĨŽƌǁŝĚĞƌŝŶĚƵƐƚƌLJĨŽƌĂĨŽƌƉƌŝŽƌŝƚLJĞŶĞƌŐLJƐĞĐƚŽƌƐĂŶĚĂĐƚŝǀŝƚŝĞƐĞ͘Ő͘^ŵĂƌƚ'ƌŝĚƐͬŵĂƌŝŶĞ
ƌĞŶĞǁĂďůĞƐͬ^
Ͳ
Ͳ
=
+
A
ÿ
@
ý
F
ý
ý
ý
ÿ
ü
J
S
ý
þ
Q
M
R
þ
ÿ
B
4
4
B
D
4
G
L
F
ü
J
H
GK
J
F
ü
J
H
I
I
G
F
ú
ù
ù
ú
4
4
4
)
$
s
™
u
y

y
w
(
.
=
=
.
+
t
*
b
'
q
x
„
¢
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗ ZĞŐŝŽŶĂů&ƵŶĚŝŶŐ͕/ŶĚƵƐƚƌLJŽͲĨƵŶĚŝŶŐ͕EĂƚŝŽŶĂů&ƵŶĚŝŶŐ͕h&ƵŶĚŝŶŐ;Ğ͘Ő͘,ϮϬϮϬ^ϭϭ^ƚŝŵƵůĂƚŝŶŐ^DŝŶŶŽǀĂƚŝŽŶ͕>ϭ͕
,ϮϬϮϬD^Ϳ͕^ŵĂƌƚ'ƌŝĚZEĞƚĨƵŶĚŝŶŐ
'ŽĂů͗ dŽ ĨĂĐŝůŝƚĂƚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŶĞƌŐLJ ^LJƐƚĞŵƐ /ŶƚĞŐƌĂƚŝŽŶ ĞdžƉĞƌƚŝƐĞ ĂŶĚ ĐĂƉĂďŝůŝƚŝĞƐ ĨŽƌ ŝŶŶŽǀĂƚŝŽŶ ŝŶ ƚŚĞ ĂĐĂĚĞŵŝĐ ĂŶĚ ŶŽŶͲĂĐĂĚĞŵŝĐ
ƐĞĐƚŽƌƐƚŚƌŽƵŐŚŝŶƚĞƌͲĚŝƐĐŝƉůŝŶĂƌLJ͕ŝŶƚĞƌŶĂƚŝŽŶĂůĂŶĚĐƌŽƐƐͲƐĞĐƚŽƌĂůƉĂƌƚŶĞƌƐŚŝƉƐĨŽƌƌĞƐĞĂƌĐŚ͕ĞĚƵĐĂƚŝŽŶĂŶĚƚƌĂŝŶŝŶŐ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
ĞǀĞůŽƉŵĞŶƚŽĨĂƌĞƐĞĂƌĐŚĂŶĚĞĚƵĐĂƚŝŽŶƌŽĂĚŵĂƉƚŽĂĚĚƌĞƐƐŝŶŶǀŽƚŝŽŶŝŶŶĞƌŐLJ^LJƐƚĞŵƐ/ŶƚĞŐƌĂƚŝŽŶ
^ĞƚƚŝŶŐ ƵƉ ŶĞƚǁŽƌŬƐ ŽĨ ĞdžĐŚĂŶŐĞƐ ŝŶ /ŶĚƵƐƚƌLJ͕ hŶŝǀĞƌƐŝƚŝĞƐ͕ ĐŽůůĞŐĞƐ ĂŶĚ ŝŶƐƚŝƚƵƚĞƐ ǁŝƚŚ Ă ƐƉĞĐŝĨŝĐ ĨŽĐƵƐ ŽŶ ƐƵƉƉŽƌƚŝŶŐ ŶĞƌŐLJ ^LJƐƚĞŵƐ
/ŶƚĞŐƌĂƚŝŽŶ͘
^ĞƚƚŝŶŐƵƉĐŽůůĂďŽƌĂƚŝŽŶĞǀĞŶƚƐ͕ĨĂĐŝůŝƚŝĞƐǀŝƐŝƚƐĂŶĚĨŝĞůĚƐƚƵĚŝĞƐǁŝƚŚƐƉĞĐŝĨŝĐĨŽĐƵƐŽŶƐƵƉƉŽƌƚŝŶŐŶĞƌŐLJ^LJƐƚĞŵƐ/ŶƚĞŐƌĂƚŝŽŶ͘
ZĞŐŝŽŶĂů&ƵŶĚŝŶŐ͕/ŶĚƵƐƚƌLJŽͲĨƵŶĚŝŶŐ͕EĂƚŝŽŶĂů&ƵŶĚŝŶŐ;Ğ͘Ő͘W^Z͕W^Ϳ͕h&ƵŶĚŝŶŐ;Ğ͘Ő͘/ŶƚĞƌƌĞŐ/s͕,ϮϬϮϬD^Ϳ
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
ˆ
‡
=
+
4
4
!
4
4
)
4
4
4
™
>
.
=
(
$
s
u
y

y
'
=
.
+
*
'
q
x
„
¢
b
t
w
ͷǤ ›•–‡–‡‰”ƒ–‹‘ȀƒŽƒ…‹‰
,ŝŐŚůĞǀĞůƐŽĨǀĂƌŝĂďůĞƌĞŶĞǁĂďůĞĞŶĞƌŐLJĂƐǁĞůůĂƐĂŐĞŝŶŐĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƌĞĂŵŽŶŐƐƚƚŚĞŬĞLJĐŚĂůůĞŶŐĞƐƚŚĂƚĂƌĞĨĂĐŝŶŐ^ĐŽƚůĂŶĚŝŶƚŚĞ
ĚĞĐĂĚĞƚŽĐŽŵĞ͘sĂƌŝŽƵƐŽƉƚŝŽŶƐĞdžŝƐƚƚŚĂƚĐĂŶĂůůŽǁĨŽƌƐƵĐĐĞƐƐĨƵůŝŶƚĞŐƌĂƚŝŽŶŽĨƌĞŶĞǁĂďůĞŐĞŶĞƌĂƚŝŽŶŝŶƚŽƚŚĞŽǀĞƌĂůůĞůĞĐƚƌŝĐŝƚLJŶĞƚǁŽƌŬ͘
dŚĞƐĞŝŶĐůƵĚĞ͗ƵƉŐƌĂĚŝŶŐƚŚĞĞdžŝƐƚŝŶŐŶĞƚǁŽƌŬ͖ŝŶƚĞƌĐŽŶŶĞĐƚŝŽŶǁŝƚŚŽƚŚĞƌĐŽƵŶƚƌŝĞƐ͖ĚĞŵĂŶĚƐŝĚĞŵĂŶĂŐĞŵĞŶƚ͖ĂĚĚŝŶŐĨůĞdžŝďůĞŐĞŶĞƌĂƚŝŽŶƚŽ
ƚŚĞ ŐƌŝĚ͖ ĂŶĚ ŝŶĐŽƌƉŽƌĂƚŝŶŐ ƐƚŽƌĂŐĞ ;ďŽƚŚ ůĂƌŐĞ ĂŶĚ ƐŵĂůů ƐĐĂůĞͿ ŝŶƚŽ ƚŚĞ ƐLJƐƚĞŵ͘ dŚĞƌĞ ŝƐ͕ ŚŽǁĞǀĞƌ͕ ŶŽ ƐŝŶŐůĞ ĂŶƐǁĞƌ ĂŶĚ Ă ƌĂŶŐĞ ŽĨ
ƚĞĐŚŶŽůŽŐŝĞƐŶĞĞĚƐƚŽďĞĚĞƉůŽLJĞĚĚĞƉĞŶĚŝŶŐŽŶƚŚĞĚŝĨĨĞƌĞŶƚĂƉƉůŝĐĂƚŝŽŶƐĂŶĚŽďũĞĐƚŝǀĞƐ͘ůůŽĨƚŚĞƐĞŽƉƚŝŽŶƐŶĞĞĚƚŽďĞďĂůĂŶĐĞĚĂŐĂŝŶƐƚ
ŬĞLJĐƌŝƚĞƌŝĂƚŚĂƚǁŝůůĂůůŽǁĨŽƌƐƵĐĐĞƐƐĨƵů͕ĐŽƐƚͲĞĨĨĞĐƚŝǀĞĂŶĚƚŝŵĞůLJŝŶƚĞŐƌĂƚŝŽŶŽĨƌĞŶĞǁĂďůĞƐŝŶƚŽƚŚĞƐLJƐƚĞŵ͘tŚĂƚĨŽůůŽǁƐŝƐĂŶŝŶŝƚŝĂůůŝƐƚŽĨ
ƉŽƚĞŶƚŝĂůƉƌŽũĞĐƚŝĚĞĂƐƚŚĂƚǁĞƌĞĂůŝŐŶĞĚĂŐĂŝŶƐƚ^ĐŽƚƚŝƐŚƉƌŝŽƌŝƚŝĞƐĂŶĚƚŚĞE^ŐŽĂůƐ͘
#
`

Wb
[
b
W
[
^
m
^
W
[…
m
b
W
V
c
b
g
^
[
^
g
m
c
W
d
b
[
c
g
f
U
^
m
c
W
U
W
[
mf
b
b
V
VW
f
g
V
^
f
_
_
_
_
_
Y
Y
Y
Y
Y
Y
v
ƒ
k
Y
Y
Y
]
r
u
h
h
]
t
`
h
Š
p
p
m[
f
g
V
g
bV
f
[
W
V
^
[g
V
[
b
mf
b
f
W
V
[
g
V
b
V
b
UV
m
W
[
[
^
V
b
W
[
c
g
cU
g
f
g
b
_
_
_
_
_
_
_
_
_
|
Y
Y
Y
Y
n
Y
Y
Y
`
]
`
`
h
]
`
h
]
e
`
`
e
]
h

]
`
e
o
l
m
m[
W
f
f
W
VW
m[
b
UVW
g
V
a
[
W
V
f
c
b
[
b
f
[a
[
W
g
_
_
_
Y
Y
h

]
r
]
r
Y
l
p
p
[
[
[
V
[
b
[\
m
c
b
V
W
V
VW
c
V
f
[
b
\
V
g
^
V
VW
f
m
g
W
b
X
d
b
m
d
[g
W
g
V
f
W
V
_
_
_
_
_
_
_
_
_
_
T
}
Y
s
Y
Y
Y
Y
n
Y
`
]
]
e
e
]
h
`
]
o
[
W
m[
X
mf
[
W
[g
c
X
UVWb
f
W
VW
f
\
V
W
W
g
V
a
[
W
g
V
[
UV^
b
_
_
_
Y
Y
h

`
f
U
m
V
V
Y
]
]
e
l
‰
‰

[a
m
W
W
\
V
g
^
VX
g
[g
b
[
X
fg
X
bV
VW
cU
V
g
W
[
[
b
a
f
W
UV
V
[
g
b
m
a
VW
_
_
_
_
_
_
_
x{
€ˆ
‡
Y
Y
vw
Y
Y
Y
n
Y
h
`
`
h
]
]
h
]
`
e
]
o

VW
f
\
V
W
W
[
f
b
c
X
b
f
W
VX
g
fg
W
[
V
[
V
X
V
m
V
f
[
b
\
V
g
d
^
U
[
W
U
c
b[
[
b
g
V
_
_
_
_
†
Y
Y
Y
Y
Y
Y
]
h
`
]
]
h
h
h
`
`
`
]
VW
f
\
_
q
Y
o
p
p
[
f
g
f
W
[
g
V
^
[…
[
V
f
m[
W
f
[
b
f
[a
[
W
g
d
c
W
X
UVX
[
b
f
[
W
VW
f
c
V^
^
f
c
g
g
[
[g
b
^
b
_
_
_
_
Z
Y
Y
Y
Y
h
]
]
h
h
]
r
h
]
r
]
r
]
]
h
o
o
o
m
d
V
V
WU
[
[
b
[
b
g
m
a
[
[
[g
b
[…^
f
W
m
d
V
V
WU
[
V^
[
[\
[g
c
g
V
[
b[g
^
[…
_
_
_
_
_
_
Y
Y
Y
u
]
e
]
t
h
]
e
]
h
e
`
VW
f
\
V
W
W
_
q
Y
l
p
p
[
\
V
g
^
f
U
W
[
c
g
cU
g
f
g
b
W
[
U
[
U\
g
U
[
[
V
[
W
X
V^
[
[\
d
fg
[
b
f
W
UV
d
\
U
f
V
b
[gX
W
_
_
_
_
_
_
_
_
T€
q
Y
Y
Y
Y
n
Y
Y
h
`
]
e
]
`
]
h
]
h„
]
`
o
[g
a
V
b
UV
g
V
b
f
[g
^
_
_
_
}
T
Y
n
n
n
ƒ
z
u
e
t
g
V
a
[
VW
c
g
b
g
V
f
X
V
a
VW
f
W
d
g
c
W
UV
[
V
[
f
b
X
[
b
V
c[
U
[
b
V
g
^
g
V
d
‚
_
_
_
_
_
_
_
_
_
~
Z
Y
Y
Y
s
Y
s

r
]
h
e
`
]
]
e
h
`
VW
f
\
V
W
W
_
q
Y
o
p
p

[
V
[
b
f
f
b
f
W
[
U
b
f
V
g
^
f
m
^
W
f
g
g
V
f
[
m
g
[g
c
^
[
b
W
X
V^
[
[\
f
W
W
a
[
g
V
b
_
_
_
_
Z
ij
Y
Y
Y
Y
n
k
Y
h
r
h
e
]
]
`
]
h
h
]
h
h
h
e
`
`

V
W
m
g
[g
c
^
b
[a
W
V
[
W
X
V^
[
[\
W
[
V
g
f
U
W
m
W
f
d
b
f
^
f
[
W
V
^
c
UV
f
W
[
d
UV
_
_
_
_
_
_
T€
Y
Y
Y
Y
Y
Y
Y
n
h

]
h
`
]
h
]
`
]
]
]
h
]
h
]
g
V
a
[
W
V
VW
[
m
b
V
V
WU
[
[a
W
_
_
_
Y

]
e
VW
f
\
V
W
W
_
q
Y
p
p
[
m
W
f
[g
[
U
U
f
g
V
f
W
V
^
f
b
c
f
[gW
c
X
W
[
g
[
W
VW
f
g
VWb
[
X
g
V
a
[
[g
a
V
[
_
_
_
_
_
_
_
Z
~
}
Z
~
}
|
Y
Y
k
Y
k
k
Y
]
`
]
e
h
]
r
u
t

e
o
W
[
b
f
[a
[
W
g
x{
xy
vw
vw
Y
z
]
r
l
W
VW
f
\
V
W
W
f
W
g
V
U
[
bV
a
m
V
g
g
V
c
^
^
V
b
[
g
b
[g^
W
b
UV
d
V
[
W
X
V^
[
[\
U
VX
UVW
_
_
_
_
_
_
_
_
_
T
T
Y
Y
Y
Y
Y
n
Y
h
`
e
u
e
t
h
r
]
h
p
p
l
U
VX
UVW
[
g
V
f
X
VX
g
[
f
f
f\
c
b
W
m
W
f
[
b
U
g
W
V
VW
f
c
g
V
[
b
g
V
g
^
V
VW
f
U
[
W
_
_
_
_
_
q
Y
s
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
`
]
r
]
h
`
`
]
`
`
`
h
o
[
b
g
c
b
W
f
VW
f
[gW
W
VX
g
m
VW
[
g
b
[
W
[
[g
b
W
UV
_
_
_
_
_
_
_
_
Y
Y
Y
Y
Y
Y
n
Y
Y
h
]
`
e
e
U
VX
UVW
T
Y
l
p
p
m
W
a
m
V
g
[
b
[g
f
[
W
m
\
[
b
W
X
V^
[
[\
c
W
V
fg
f
Wb
U
d
c
^
^
[ab
W
V
[
W
X
V^
[
[\
_
_
_
_
_
Z
ij
Z
Y
Y
Y
k
Y
e
e
]
h
h
e
]
`
]
OPPORTUNITY AREA
OPPORTUNITY NO.
SHT
Y ?
X O
SHT
Y N
X O
SHT
Y ? X
SHT
Y Y
SHT
Y ?
X O
SHT
Y Y
X O
SHT
?
X O
MED
Y Y
MED
Y ? X
X
X
World-Leading
Excellent (Intl.)
Good
OK
COMPETENCE LEVEL & POTENTIAL
RELEVANT FUNDING?
YES/ NO/ ?
Early Development
SUITABILITY FOR ENSEA JAP?
RELEVANT REGIONS
IMPLEMENTATION TIMEFRAME
YES/ NO/ ?
EU-WIDE
NORTH SEA
REGION
CROSS-BORDER
REGIONAL
LOCAL
LONG >15yrs)/
MED 5-15yrs)/
SHORT <5yrs)/ ?
High/ Med/ Low/ ?/ POTENTIAL FOR
n/a
INTERNATIONALISATION
High/ Med/ Low/ ?/ POTENTIAL FOR SMART
n/a
SPECIALISATION
Improving Collaboration & Cooperation
Improving Energy Sector Relevant Policy
Funding & Support Mechanisms Development
Knowledge Generation (R&D/Education/Data)
Knowledge Exchange/ Transfer
R&D Infrastructure Improvement
Innovation System Improvement
Innovation Support Mechanisms/ Facilities
Industrial Assests & Capabilities Development
OPPORTUNITIES FOR SUPPORTING
INCREASED ESI (Potential Action Areas)
O
&
_
_
Y
g
[
W
U
VX
V
W
W
RELEVANT STRATEGIC
OBJECTIVES
o
[
c
g
cU
g
f
g
b
h
f
W
W
f
W
Y
9
U
8
VX
7
|
6
WU
5
[
4
T
3
UVW
2
T
1
UVW
SCREENING OF SHORT-LISTED ESI OPPORTUNITIES: GRID/ INFRASTRUCTURE
O
O
O
H
ü
ý
ý
ú
ú

M
R
ý
ÿ
þ
ý
ü
üŒ
G
J
G
K
û
‹
'ŽĂů͗ dŚĞƌĞŝƐĂŶĞĞĚĨŽƌĚĞǀĞůŽƉŵĞŶƚŽĨŶĞǁƚŚŝŶŬŝŶŐĂŶĚŶĞǁƐŽůƵƚŝŽŶƐƐƉĂŶŶŝŶŐƚŚĞĞŶƚŝƌĞƌĂŶŐĞŽĨ,sƚĞĐŚŶŽůŽŐŝĞƐ͕ŵŽŶŝƚŽƌŝŶŐĂŶĚ
ĐŽŶƚƌŽů͕ƐŽĨƚǁĂƌĞĨŽƌŶĞƚǁŽƌŬŵĂŶĂŐĞŵĞŶƚ͕ĂƵƚŽŵĂƚŝŽŶ͕ŝŶƚĞŐƌĂƚŝŽŶĂŶĚŝŶŶŽǀĂƚŝŽŶŽĨŝŶĚƵƐƚƌŝĂůĂŶĚĐŽŵŵĞƌĐŝĂůƉƌŽĐĞƐƐĞƐĂŶĚĂůƐŽƚŽĂƚƚƌĂĐƚ
ŶĞǁƉůĂLJĞƌƐ͘^ĐŽƚůĂŶĚŚĂƐĂƐƚƌŽŶŐŝŶĚƵƐƚƌLJďĂƐĞ͕ǁŝƚŚƚŚĞƚǁŽƵƚŝůŝƚŝĞƐƚĂŬŝŶŐĂůĞĂĚŝŶŝŶŶŽǀĂƚŝǀĞƉƌŽũĞĐƚƐ͕ǁŽƌůĚͲĐůĂƐƐĂĐĂĚĞŵŝĐĞdžƉĞƌƚŝƐĞ͕Ă
ƌĂŶŐĞŽĨƚĞƐƚĨĂĐŝůŝƚŝĞƐĂŶĚĂƐƚƌŽŶŐŵŽŵĞŶƚƵŵŝŶƌĞŶĞǁĂďůĞƐĚĞƉůŽLJŵĞŶƚ͘^ƚƌĂƚĞŐŝĐ͕ũŽŝŶĞĚͲƵƉĂƉƉƌŽĂĐŚƚŽ^ŵĂƌƚ'ƌŝĚĚĞǀĞůŽƉŵĞŶƚƐŝƐĂŶ
ĞƐƐĞŶƚŝĂůƌĞƋƵŝƌĞŵĞŶƚƚŽĞƐƚĂďůŝƐŚ^ĐŽƚůĂŶĚĂƐĂůĞĂĚĞƌŝŶ^ŵĂƌƚ'ƌŝĚƐ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
Ͳ
DĂƉƉŝŶŐŽƵƚĚĞŵŽŶƐƚƌĂƚŽƌŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚĞƐƚĂďůŝƐŚŝŶŐƐLJŶĞƌŐŝĞƐďĞƚǁĞĞŶĚĞŵŽƉƌŽũĞĐƚƐǁŝůůŽƉĞŶƵƉŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĨƵŶĚŝŶŐ͕Ğ͘Ő͘
ĨƌŽŵƚŚĞ>ŽǁĂƌďŽŶEĞƚǁŽƌŬ&ƵŶĚ;>E&ͿĂŶĚƚŚĞh͘
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
ZĞŐŝŽŶĂů&ƵŶĚŝŶŐ͕/ŶĚƵƐƚƌLJŽͲĨƵŶĚŝŶŐ͕>E&͕h&ƵŶĚŝŶŐ;Ğ͘Ő͘,ŽƌŝnjŽŶϮϬϮϬ>ϴϬͿ͘
^ƚĂŬĞŚŽůĚĞƌƐ͗
^DƐ͕EKƐ͕ĐĂĚĞŵŝĂ͕WƵďůŝĐ^ĞĐƚŽƌ͕/ŶĚƵƐƚƌLJ
w
™

h
x
B
J
ÿ
ÿ
ý
ú
ú

M
Œ
üŒ
G
H
J
G
K
>
‹
O
^ĐŽƚůĂŶĚ͛ƐŐĞŽŐƌĂƉŚLJ͕ǁŝƚŚĂŵŝdžŽĨƌƵƌĂůĂŶĚƵƌďĂŶĂƌĞĂƐ͕ŽĨĨĞƌƐĂŶŽƉƉŽƌƚƵŶŝƚLJĨŽƌĂƌĂŶŐĞŽĨĚĞŵŽŶƐƚƌĂƚŽƌƐͬƚĞƐƚͲďĞĚƐƉƌŽũĞĐƚƐ͘/Ŷ
7
ƉĂƌƚŝĐƵůĂƌ͕ ^ĐŽƚůĂŶĚ͛Ɛ ŝƐůĂŶĚƐ ĐĂŶ ďĞ ƚĞƐƚͲďĞĚƐ ĨŽƌ ĐŽŶĐĞƉƚƐ ǁŚŝĐŚ ĐĂŶ ƚŚĞŶ ďĞ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƚŚĞ ^ĐŽƚƚŝƐŚ ŵĂŝŶůĂŶĚ͕ ƚŚĞ h<͕ ƵƌŽƉĞ ĂŶĚ
ŐůŽďĂůůLJ͘ ^ĐŽƚůĂŶĚ ĐŽƵůĚ ƉŽƚĞŶƚŝĂůůLJ ƉůĂLJ Ă ƐŝŐŶŝĨŝĐĂŶƚ ƌŽůĞ ŝŶ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŶĞǁ h ƐƵƉĞƌŐƌŝĚ Ͳ ůŝŶŬĞĚ ƚŽ ŽĨĨƐŚŽƌĞ ǁŝŶĚ ĂŶĚ ,s
ĚĞǀĞůŽƉŵĞŶƚƐ͘^ƵƉĞƌŐƌŝĚŝƐŝĚĞĂůĨŽƌƚƌŝĂůůŝŶŐĂƉƉƌŽĂĐŚĞƐĂŶĚĂƐĂƚĞƐƚͲďĞĚĨŽƌƉƌŽũĞĐƚƐĚƵĞƚŽƚŚĞƐŵĂůůƐŝnjĞŽĨƚŚĞĐŽƵŶƚƌLJĂŶĚŽŶůLJƚǁŽŵĂũŽƌ
ŝƐƚƌŝďƵƚŝŽŶEĞƚǁŽƌŬKƉĞƌĂƚŽƌƐ;^^Θ^ĐŽƚƚŝƐŚWŽǁĞƌͿ͘/ŶĂĚĚŝƚŝŽŶ͕^ĐŽƚůĂŶĚ͛ƐĚŝƐƉĞƌƐĞĚƌƵƌĂůƉŽƉƵůĂƚŝŽŶĞŶĂďůĞƐƚŚĞĐŽŵŵƵŶŝƚLJƌĞŶĞǁĂďůĞƐ
ĂŐĞŶĚĂƚŽďĞĞdžƉůŽƌĞĚĂŶĚƚƌŝĂůůĞĚ͘DŽƌĞƐĞůĨͲƐƵĨĨŝĐŝĞŶĐLJƉƌŽǀŝĚĞƐĂŐŽŽĚŵŽĚĞůƚŽůĞĂƌŶĨƌŽŵĂŶĚƐƚŝŵƵůĂƚĞƐŝŶŶŽǀĂƚŝŽŶ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
^ŵĂƌƚ'ƌŝĚĚĞŵŽĂƐƉĂƌƚŽĨ^ƵƐƚĂŝŶĂďůĞ'ůĂƐŐŽǁ͕ůLJĚĞ'ĂƚĞǁĂLJŽƌŶĞƌŐĞƚŝĐĂ
WůƵŐŐĞĚŝŶWůĂĐĞƐĐŽŶƐŽƌƚŝƵŵƚƌŝĂůƉƌŽũĞĐƚĂƚtŚŝƚĞůĞĞǁŝŶĚĨĂƌŵ
ĞŵŽƉƌŽũĞĐƚǁŝƚŚĐŽŶƐƵŵĞƌƐĂƚ,ĞƌŝŽƚͲtĂƚƚďƵƐŝŶĞƐƐƉĂƌŬ͘
/ƐůĂŶĚŽƌƌĞŵŽƚĞĐŽŵŵƵŶŝƚLJĚĞŵŽŶƐƚƌĂƚŽƌƐŽƌƚĞƐƚͲďĞĚƐƚŽďƵŝůĚŽŶĐŽŶƐŝĚĞƌĂďůĞĞdžƉĞƌƚŝƐĞĚĞǀĞůŽƉĞĚĨƌŽŵĐŽŵŵƵŶŝƚLJĞŶĞƌŐLJƐĐŚĞŵĞƐ͘
dƌĂŶƐͲŶĂƚŝŽŶĂůĐŽůůĂďŽƌĂƚŝŽŶĂŶĚĞdžƉůŽŝƚĂƚŝŽŶŽĨ^ĐŽƚůĂŶĚ͛ƐWŽǁĞƌEĞƚǁŽƌŬĞŵŽŶƐƚƌĂƚŝŽŶĞŶƚƌĞ
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
ZĞŐŝŽŶĂů&ƵŶĚŝŶŐ͕/ŶĚƵƐƚƌLJŽͲĨƵŶĚŝŶŐ͕>E&͕h&ƵŶĚŝŶŐ;Ğ͘Ő͘,ŽƌŝnjŽŶϮϬϮϬ>ϭϴ͕ϮϭϲͿ
^ƚĂŬĞŚŽůĚĞƌƐ͗
^DƐ͕EKƐ͕ĐĂĚĞŵŝĂ͕WƵďůŝĐ^ĞĐƚŽƌ͕WE
B
N
ŽŒ
ý
ÿ
R
ý

ú
ú

M
ý
þ

N
J
ŽŒ
N

Ž
H
üŒ
G
E
‹
D
'ŽĂů͗ &ƌŽŵĐŽŶƐƵůƚĂƚŝŽŶƐǁŝƚŚŝŶĚƵƐƚƌLJĂŶĚĂĐĂĚĞŵŝĐĞdžƉĞƌƚƐ͕ŚŝŐŚͲsŽůƚĂŐĞ;,sͿŚĂƐĞŵĞƌŐĞĚĂƐĂŶĂƌĞĂǁŚŝĐŚŝƐƐƚŝůůĚĞǀĞůŽƉŝŶŐĂŶĚ
ŽĨĨĞƌƐ ŚƵŐĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ ŝŶ ƉĂƌƚŝĐƵůĂƌ ĨŽƌ ĚĞƉůŽLJŵĞŶƚ ŝŶ ŵĞƐŚĞĚ ,s ŽĨĨƐŚŽƌĞ ŶĞƚǁŽƌŬƐ ĨŽƌ ĐŽŶŶĞĐƚŝŽŶ ŽĨ ŽĨĨƐŚŽƌĞ ǁŝŶĚ ĂŶĚ ŵĂƌŝŶĞ
ŐĞŶĞƌĂƚŝŽŶ͕ ĨŽƌ ĞdžĂŵƉůĞ ŝŶ ƚŚĞ EŽƌƚŚ ŽĨ ^ĐŽƚůĂŶĚ͕ ĂŶĚ ĨŽƌ ƚŚĞ ƵƌŽƉĞĂŶ ^ƵƉĞƌŐƌŝĚ͘ KƉƉŽƌƚƵŶŝƚŝĞƐ ĞdžŝƐƚ ĂĐƌŽƐƐ ƚŚĞ ǀĂůƵĞ ĐŚĂŝŶ͕ ĨƌŽŵ
ĨƵŶĚĂŵĞŶƚĂů ƌĞƐĞĂƌĐŚ͕ ZΘ͕ ƐƵƉƉůLJ ĐŚĂŝŶ ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ƚŽ ĚĞƉůŽLJŵĞŶƚ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ͘ ƵƌŝŶŐ ŝŶƚĞƌŶĂů ĚŝƐĐƵƐƐŝŽŶƐ ŝƚ ǁĂƐ
ƌĞĐŽŐŶŝƐĞĚ ƚŚĂƚ ^ĐŽƚůĂŶĚ ĐƵƌƌĞŶƚůLJ ůĂĐŬƐ ŽŶ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ƚŚŝƐ ĂƌĞĂ͖ ĨŽƌ ĞdžĂŵƉůĞ͕ ƚŚĞ WŽǁĞƌ EĞƚǁŽƌŬƐ ĞŵŽŶƐƚƌĂƚŝŽŶ ĞŶƚƌĞ ;WEͿ ĐŽǀĞƌƐ
ĚŝƐƚƌŝďƵƚŝŽŶŶĞƚǁŽƌŬƐŽŶůLJ͘ZĞĐĞŶƚůLJ^^ŚĂƐďĞĞŶĂǁĂƌĚĞĚĨƵŶĚŝŶŐĨŽƌĂŶ,sDƵƚůŝͲdĞƌŵŝŶĂůdĞƐƚĞŶǀŝƌŽŶŵĞŶƚ;DddͿŝŶ^ĐŽƚůĂŶĚ͕ǁŚŝĐŚ
ǁŝůůƉƌŽǀŝĚĞĂƉůĂƚĨŽƌŵĨŽƌĚĞǀĞůŽƉŵĞŶƚŽĨ,sŵĂƌŬĞƚ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
Ͳ
Ͳ
Ͳ
^ƚŝŵƵůĂƚŝŶŐŝŶŶŽǀĂƚŝŽŶĂƚĂĐĂĚĞŵŝĐĂŶĚZΘůĞǀĞů͘
&ƵůůLJƵƚŝůŝƐĞƉŽƚĞŶƚŝĂůĨŽƌDddĂŝŵĞĚĂƚĚĞͲƌŝƐŬŝŶŐŽĨĨƐŚŽƌĞǁŝŶĚĨĂƌŵƐĂŶĚƌĞĚƵĐŝŶŐĐŽƐƚƐ͘
ŽŶƚƌŝďƵƚĞƚŽƚƌĂŝŶŝŶŐƚŽĨŝůůƐƚŚĞƐŬŝůůƐƐŚŽƌƚĂŐĞĨŽƌ,sĞŶŐŝŶĞĞƌƐ͘
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗ ZĞŐŝŽŶĂů&ƵŶĚŝŶŐ͕/ŶĚƵƐƚƌLJŽͲĨƵŶĚŝŶŐ͕EĂƚŝŽŶĂů&ƵŶĚŝŶŐ͕h&ƵŶĚŝŶŐ;Ğ͘Ő͘>ϲ͕>ϭͿ
B
O
A
N
R
þ
R
ÿ
ÿ
R
ÿ
ý
R
ý
ÿ
ý
ý
ý

ù
N
‹
^ƚĂŬĞŚŽůĚĞƌƐ͗
^DƐ͕ EKƐ ;^^Ϳ͕ ĐĂĚĞŵŝĂ͕ WƵďůŝĐ ^ĞĐƚŽƌ͕ ZΘ ƐĞĐƚŽƌ͕ Ddd͘ ĂŶĚ ^^ ĂƐ ďŽƚŚ ŚĞĂǀŝůLJ ŝŶǀŽůǀĞĚ ŝŶ ;ŶŽƚ ƚĂŬĞŶ
ĨŽƌǁĂƌĚͿhDŽƌĂLJ&ŝƌƚŚŽĨƐŚŽƌĞŚƵďƉƌŽƉŽƐĂů͘
ú
ú
'ŽĂů͗/ŶƚĞŐƌĂƚŝŶŐĚŝǀĞƌƐĞƌĂŶŐĞŽĨĞŶĞƌŐLJƐŽƵƌĐĞƐĂŶĚĂŐƌŽǁŝŶŐĂŵŽƵŶƚŽĨǀĂƌŝĂďůĞƌĞŶĞǁĂďůĞƐŝŶƚŽƚŚĞŽǀĞƌĂůůŶĞƚǁŽƌŬǁŝůůƌĞƋƵŝƌĞƐƉĞĐŝĂůŝƐƚ
ƐŬŝůůƐ͕ĨŽƌĞdžĂŵƉůĞĐŽŵďŝŶŝŶŐĞŶŐŝŶĞĞƌŝŶŐĂŶĚ/dƐŬŝůůƐ͘&ƵƌƚŚĞƌŵŽƌĞƚŚĞƌĞŝƐĐƵƌƌĞŶƚůLJĂƐŬŝůůƐƐŚŽƌƚĂŐĞŝŶƉŽǁĞƌĞŶŐŝŶĞĞƌŝŶŐ͕ǁŚŝĐŚŝƐĞdžƉĞĐƚĞĚ
ƚŽŝŶƚĞŶƐŝĨLJŝŶƚŚĞĐŽŵŝŶŐLJĞĂƌƐ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
D^Ͳ/dEͲϮϬϭϰ͕ZĞŐŝŽŶĂů&ƵŶĚŝŶŐ͕/ŶĚƵƐƚƌLJŽͲĨƵŶĚŝŶŐ͕,ŽƌŝnjŽŶϮϬϮϬ;/ŶŶŽǀĂƚŝǀĞdƌĂŝŶŝŶŐEĞƚǁŽƌŬƐͿ͘
^ƚĂŬĞŚŽůĚĞƌƐ͗
^DƐ͕EKƐ͕ĐĂĚĞŵŝĂ͕WƵďůŝĐ^ĞĐƚŽƌ
9
WƵƚŝŶƉůĂĐĞĂƌĂŶŐĞŽĨƚƌĂŝŶŝŶŐƉƌŽŐƌĂŵŵĞƐ;Ğ͘Ő͘D^ĐĐŽƵƌƐĞƐ͕ƉƌŽĨĞƐƐŝŽŶĂůĐŽƵƌƐĞƐ͕ŽŶůŝŶĞĞĚƵĐĂƚŝŽŶĞƚĐ͘ͿĂŝŵĞĚĂƚĂĚĚƌĞƐƐŝŶŐƚŚĞƐŬŝůůƐŐĂƉƐ
ƚŚĂƚĞdžŝƐƚŝŶƚŚŝƐĂƌĞĂ͘
D
B
ý
ý
ý
ÿ

B
ý
þ
ý
ÿ

‘
ü
H
B
ͷǤͷǤ
'ŽĂů͗ /ŶũĞĐƚŝŶŐ ŚLJĚƌŽŐĞŶ ĂŶĚ ďŝŽŵĞƚŚĂŶĞ ŝŶƚŽ ƚŚĞ ŐĂƐ ŐƌŝĚ ŝƐ ŽŶĞ ŽĨ ƚŚĞ ĨĂƐƚĞƐƚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ǁĂLJƐ ŽĨ ĚĞĐĂƌďŽŶŝƐŝŶŐ ŐĂƐ ŶĞƚǁŽƌŬ ĂŶĚ
ĐŽŶƚƌŝďƵƚŝŶŐƚŽǁĂƌĚƐĂŵďŝƚŝŽƵƐŚĞĂƚƚĂƌŐĞƚƐ͘KƚŚĞƌĐŽƵŶƚƌŝĞƐ͕ƐƵĐŚĂƐ'ĞƌŵĂŶLJĂŶĚEĞƚŚĞƌůĂŶĚƐĂƌĞǁĞůůĂĚǀĂŶĐĞĚŝŶƚŚŝƐĨŝĞůĚ;ǁŚĞƚŚĞƌŝƚŝƐ
ŚLJĚƌŽŐĞŶ Žƌ ďŝŽŵĞƚŚĂŶĞ ŝŶũĞĐƚŝŽŶͿ͘ ^ĐŽƚůĂŶĚ͕ ŚŽǁĞǀĞƌ͕ ŝƐ ŽŶůLJ Ăƚ ƚŚĞ ĞĂƌůLJ ƐƚĂŐĞƐ ŽĨ ĞdžƉůŽŝƚŝŶŐ ƚŚŝƐ ĨŝĞůĚ͕ ĂŶĚ ĂƐ ƐƵĐŚ ƚŚĞƌĞ ĂƌĞ ŵƵůƚŝƉůĞ
ŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƉƌŽũĞĐƚƐĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƉƌŽǀŝĚĞĂŐŽŽĚĨŝƚǁŝƚŚƚŚĞŽǀĞƌĂůůE^ŐŽĂůƐ͘dŚŝƐǁŽƌŬĐŽƵůĚƉŽƚĞŶƚŝĂůůLJƐƵƉƉŽƌƚĂƉƌŽƉŽƐĂů
ĐƵƌƌĞŶƚůLJƵŶĚĞƌǁĂLJĨŽƌĂĚĞŵŽŶƐƚƌĂƚŽƌŝŶďĞƌĚĞĞŶĐŝƚLJ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
-
ĞǀĞůŽƉŵĞŶƚŽĨŽŵŵĞƌĐŝĂůŵŽĚĞůƐĨŽƌ'ĂƐƚŽ'ƌŝĚŝŶũĞĐƚŝŽŶ
^LJƐƚĞŵƚƌŝĂůƐ
/ŶŶŽǀĂƚŝŽŶƐƵƉƉŽƌƚ
KƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌŬŶŽǁůĞĚŐĞĞdžĐŚĂŶŐĞĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂůĐŽůůĂďŽƌĂƚŝŽŶ
džƉůŽƌŝŶŐĂŶĚŵŽĚĞůůŝŶŐƐŝŵƵůƚĂŶĞŽƵƐŝŶũĞĐƚŝŽŶŽĨďŝŽŵĞƚŚĂŶĞĂŶĚŚLJĚƌŽŐĞŶŝŶƚŽƚŚĞƐLJƐƚĞŵ͘
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
/ŶĚƵƐƚƌLJĐŽͲĨƵŶĚŝŶŐ͕ƌĞŐŝŽŶĂůĨƵŶĚŝŶŐ͕hĨƵŶĚŝŶŐ;Ğ͘Ő͘,ŽƌŝnjŽŶϮϬϮϬͿ͘
^ƚĂŬĞŚŽůĚĞƌƐ͗
^ĐŽƚŝĂ'ĂƐ͕^DƐ͕ĂĐĂĚĞŵŝĂ͕ƉƵďůŝĐƐĞĐƚŽƌ
͸Ǥ ‡”‰›–‘”ƒ‰‡
dŚĞƌĞ ĂƌĞ ŵĂŶLJ ĚŝĨĨĞƌĞŶƚ ĨŽƌŵƐ ŽĨ ĞŶĞƌŐLJ ƐƚŽƌĂŐĞ ǁŚŝĐŚ ŵĂLJ ďĞ ĨĞĂƐŝďůĞ ĨŽƌ ǁŝĚĞƐƉƌĞĂĚ ĚĞƉůŽLJŵĞŶƚ ŝŶ ^ĐŽƚůĂŶĚ͘ /Ŷ ŝƚƐ ƌĞĐĞŶƚ ƐƚĂƚĞŵĞŶƚ͕
W^Z ŚĂƐ ŝĚĞŶƚŝĨŝĞĚ ĞŶĞƌŐLJ ƐƚŽƌĂŐĞ ĂƐ Ă ŬĞLJ ŵĞƚŚŽĚ ƚŽ ĂĚĚƌĞƐƐŝŶŐ ĨƵƚƵƌĞ ĞŶĞƌŐLJ ĐŚĂůůĞŶŐĞƐ ĂŶĚ ŚŝŐŚůŝŐŚƚĞĚ ƚŚĂƚ ͞ŶŽƚ ĂĐƚŝŶŐ ŶŽǁ͟ ǁŽƵůĚ͗
ĞŶĚĂŶŐĞƌ ƚŚĞ ƐƚĂďŝůŝƚLJ ŽĨ h< ĞŶĞƌŐLJ ƐƵƉƉůLJ͖ ŝŶĐƌĞĂƐĞ ƚŚĞ ƉƌŝĐĞ ŽĨ ĞůĞĐƚƌŝĐŝƚLJ ƚŽ ƚŚĞ ĐŽŶƐƵŵĞƌ͖ ĂŶĚ ŵŝƐƐ ǀĂůƵĂďůĞ ŵĂƌŬĞƚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ďLJ
ĂůůŽǁŝŶŐŽǀĞƌƐĞĂƐĐŽŵƉĞƚŝƚŽƌƐ;ĨĂĐŝŶŐƚŚĞƐĂŵĞĐŚĂůůĞŶŐĞƐͿƚŽĚĞǀĞůŽƉƐŽůƵƚŝŽŶƐĨĂƐƚĞƌ͘dŽĚĂƚĞ͕ŽŶůLJƉƵŵƉĞĚŚLJĚƌŽƐƚŽƌĂŐĞ;ĂŵĞĐŚĂŶŝĐĂů
ƐŽůƵƚŝŽŶͿ ŚĂƐ ďĞĞŶ ǁŝĚĞůLJ ĚĞƉůŽLJĞĚ ĚƵĞ ƚŽ ĐŽƐƚ ĂŶĚ ĨƵŶĐƚŝŽŶĂůŝƚLJ ƌĞĂƐŽŶƐ͘ ĞƐƉŝƚĞ ŝƚƐ ŚƵŐĞ ƉŽƚĞŶƚŝĂů͕ ^ĐŽƚƚŝƐŚ ĞŶĞƌŐLJ ƐƚŽƌĂŐĞ ůĂŶĚƐĐĂƉĞ
ĐƵƌƌĞŶƚůLJĐŽŶƐŝƐƚƐŽĨ͗ϮƉƵŵƉĞĚŚLJĚƌŽƐƚŽƌĂŐĞƐĐŚĞŵĞƐ͖ƐĞǀĞƌĂůĨƵĞůĐĞůůƌĞƐĞĂƌĐŚŐƌŽƵƉƐ͖ƐĞǀĞƌĂůďŝŽĨƵĞůƌĞƐĞĂƌĐŚŐƌŽƵƉƐ͕ĂŶĚŶŝĐŚĞďĂƚƚĞƌLJ
ŵĂŶƵĨĂĐƚƵƌĞƌƐͬƌĞƐĞĂƌĐŚĞƌƐ͘^ƚ͘ŶĚƌĞǁƐhŶŝǀĞƌƐŝƚLJŝƐĐƵƌƌĞŶƚůLJĚĞǀĞůŽƉŝŶŐĂĚĞŵŽŶƐƚƌĂƚŝŽŶĨĂĐŝůŝƚLJƚŚĂƚĐĂŶĂĐƚĂƐĂƉůĂƚĨŽƌŵĨŽƌƚŚĞĨƵƚƵƌĞ
’“
”
ĚĞǀĞůŽƉŵĞŶƚŽĨĞŶĞƌŐLJƐƚŽƌĂŐĞƚĞĐŚŶŽůŽŐŝĞƐ͘dŚĞWŽǁĞƌEĞƚǁŽƌŬƐĞŵŽŶƐƚƌĂƚŝŽŶĞŶƚƌĞ;WEͿŝƐĂŶŽƚŚĞƌŐƌĞĂƚĞdžĂŵƉůĞŽĨŶƵŵĞƌŽƵƐƚĞƐƚ
ĨĂĐŝůŝƚŝĞƐ͕ƐƵŝƚĂďůĞĨŽƌƚĞƐƚŝŶŐĞŶĞƌŐLJƐƚŽƌĂŐĞŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƌĞŶĞǁĂďůĞƐ
D
J
ý
þ
ÿ
ÿ
ý
þ
B
–
û
•
ú
ú
—
'ŽĂů͗ /ƚ ŚĂƐ ďĞĞŶ ǁŝĚĞůLJ ƌĞĐŽŐŶŝƐĞĚ ƚŚĂƚ ĞŶĞƌŐLJ ƐƚŽƌĂŐĞ͕ Ğ͘Ő͘ Ăƚ ŚŽƵƐĞŚŽůĚ ůĞǀĞů ĂŶĚ Ăƚ ůĂƌŐĞƌ ƐĐĂůĞƐ͕ ĐĂŶ ůĞĂĚ ƚŽ ŝŵƉŽƌƚĂŶƚ K ĞŵŝƐƐŝŽŶ
ƐĂǀŝŶŐƐ ĂŶĚ ƌĞĚƵĐĞ ƚŚĞ ůŽĂĚ ŽŶ ƚŚĞ ŶĞƚǁŽƌŬ͘ ŶĞƌŐLJ ƐƚŽƌĂŐĞ ǁŽƵůĚ ďĞ ĨĂĐŝůŝƚĂƚĞĚ ďLJ ĚŝƐƚƌŝďƵƚŝŽŶ ŶĞƚǁŽƌŬ ŽƉƚŝŵŝƐĂƚŝŽŶ͕ ĂŶ ĂƌĞĂ ŝŶ ǁŚŝĐŚ
^ĐŽƚůĂŶĚŚĂƐƉĂƌƚŝĐƵůĂƌƐƚƌĞŶŐƚŚƐ͘^ĐŽƚůĂŶĚŚĂƐĂŐŽŽĚƌĞůĞǀĂŶƚĐŽŵƉĂŶLJďĂƐĞĂŶĚƚŚĞƌĞŝƐŝŶƚĞƌĞƐƚĨƌŽŵƚŚĞƉƌŽĐĞƐƐŝŶĚƵƐƚƌLJŝŶůŽĐĂůĞŶĞƌŐLJ
ƐƚŽƌĂŐĞ͕ďŽƚŚĞůĞĐƚƌŝĐĂůĂŶĚƚŚĞƌŵĂůƐƚŽƌĂŐĞ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
Ͳ
dŚĞƉŽƚĞŶƚŝĂůƚŽĞdžƉůŽŝƚƚŚĞůĂƚĞŶƚƉŽƚĞŶƚŝĂůŽĨƚŚĞŚŝŐŚƉĞŶĞƚƌĂƚŝŽŶŽĨĞůĞĐƚƌŝĐĚŽŵĞƐƚŝĐŚĞĂƚŝŶŐŝƐũƵƐƚŽŶĞĞdžĂŵƉůĞŽĨůŽĐĂůĚŽŵĞƐƚŝĐ
ĞŶĞƌŐLJƐƚŽƌĂŐĞ͘
Ͳ WEĐŽƵůĚĨĂĐŝůŝƚĂƚĞĞŶĞƌŐLJƐƚŽƌĂŐĞĨĂĐŝůŝƚLJĂƚŵŽƌĞůŽĐĂůŝƐĞĚůĞǀĞů͘
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
ZĞŐŝŽŶĂůĨƵŶĚŝŶŐ͕,ŽƌŝnjŽŶϮϬϮϬ;Ğ͘Ő͘>ϭϬ͕Ϯ͘ϳϲͿ͕ŝŶĚƵƐƚƌLJĐŽͲĨƵŶĚŝŶŐ
B
ÿ
ý
þ
ÿ
ý
ý
þ
R
K
˜
J
ÿ
Q
ú
ú

>
•
^ƚĂŬĞŚŽůĚĞƌƐ͗
ĐĂĚĞŵŝĂ͕ WE͕ ƉƌŝǀĂƚĞ ƐĞĐƚŽƌ͘ ^' ĂƌĞ ĚĞǀĞůŽƉŝŶŐ Ă ŶĞƚǁŽƌŬ ŵĂŶĂŐŵĞŶƚ ĂŶĚ ĐŽŶƚƌŽů ƉƌŽũĞĐƚ ŝŶ ƚŚŝƐ ĂƌĞĂ ƐŽ ĂŶLJ
ŝŶŝƚŝĂƚŝǀĞǁŽƵůĚďĞĂůŝŐŶĞĚǁŝƚŚƚŚŝƐ͘
'ŽĂů͗dŚĞƌĞŝƐĂƉŽƚĞŶƚŝĂůĨŽƌĂŶŝŶĚĞƉĞŶĚĞŶƚ͕ŽŶĞͲƐƚŽƉͲƐŚŽƉĐĞŶƚƌĞĨŽƌĨƵůůůŝĨĞĐLJĐůĞƚĞƐƚŝŶŐĨŽƌĐĞůůƐĂŶĚďĂƚƚĞƌŝĞƐĨŽƌĂƉƉůŝĐĂƚŝŽŶŝŶĞůĞĐƚƌŝĐ
ǀĞŚŝĐůĞƐĂŶĚƉŽǁĞƌƐLJƐƚĞŵƐ͘^ĐŽƚůĂŶĚŚĂƐĂƌĂŶŐĞŽĨ>ŝƚŚŝƵŵďĂƐĞĚĐĞůůĂŶĚďĂƚƚĞƌLJƚĞĐŚŶŽůŽŐLJĚĞǀĞůŽƉĞƌƐĂŶĚƐLJƐƚĞŵƐƐƵƉƉůŝĞƌƐĂƐǁĞůůĂƐ
ƐƵďƐƚĂŶƚŝĂůƌĞůĂƚĞĚĂĐĂĚĞŵŝĐĞdžƉĞƌƚŝƐĞ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
dŽ ĞƐƚĂďůŝƐŚ Ă ďĂƚƚĞƌLJ ƚĞƐƚ͕ ƋƵĂůŝĨŝĐĂƚŝŽŶ ĂŶĚ ĂƉƉƌŽǀĂůƐ ĐĞŶƚƌĞ ƚŚĂƚ ǁŽƵůĚ ĞŶĂďůĞ ^ĐŽƚůĂŶĚ ƚŽ ƐŝŐŶŝĨŝĐĂŶƚůLJ ƐƚƌĞŶŐƚŚĞŶ ŝƚƐ ƌĞƐĞĂƌĐŚ ĂŶĚ
ĚĞǀĞůŽƉŵĞŶƚ ďĂƐĞ͕ ĞŶĐŽƵƌĂŐĞ ŝŶŶŽǀĂƚŝŽŶ ĂŶĚ ƐƚŝŵƵůĂƚĞ ŬŶŽǁůĞĚŐĞ ĞdžĐŚĂŶŐĞ͘ dŚŝƐ ĐĂŶ ĨŽƌ ŝŶƐƚĂŶĐĞ ďĞ ďĂƐĞĚ ĂƌŽƵŶĚͬůŝŶŬĞĚ ƚŽ WŽǁĞƌ
EĞƚǁŽƌŬƐĞŵŽŶƐƚƌĂƚŝŽŶĞŶƚƌĞ;WEͿŽƌĞdžŝƐƚŝŶŐƐƚŽƌĂŐĞĚĞŵŽŶƐƚƌĂƚŽƌƐ͘
B
B
D
E
ÿ
ÿ
þ
ÿ
þ
þ
ý
þ
ÿ
ÿ
ú
ú

þ
ý
þ
ý
þ
þ
ý
Œ
•
^DƐ͕EKƐ͕ĐĂĚĞŵŝĂ͕WƵďůŝĐ^ĞĐƚŽƌ͕WE
B
^ƚĂŬĞŚŽůĚĞƌƐ͗
ZĞŐŝŽŶĂů&ƵŶĚŝŶŐ͕/ŶĚƵƐƚƌLJŽͲĨƵŶĚŝŶŐ͕EĂƚŝŽŶĂů&ƵŶĚŝŶŐ
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
'ŽĂů͗dŽĚĞǀĞůŽƉƐƵƐƚĂŝŶĂďůĞŚĞĂƚĐĂƉĂďŝůŝƚLJƵƐŝŶŐŽĨĨͲƉĞĂŬĂŶĚͬŽƌƐƵƌƉůƵƐŝŶƚĞƌŵŝƚƚĞŶƚĞůĞĐƚƌŝĐŝƚLJ͕ǁĂƐƚĞŚĞĂƚ͕ƐŽůĂƌ͕ĞƚĐ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ
DŽůƚĞŶƐĂůƚĂŶĚƉŚĂƐĞĐŚĂŶŐĞŵĂƚĞƌŝĂůĚĞǀĞůŽƉŵĞŶƚ
DŽĚĞůͬƚĞƐƚƐLJƐƚĞŵƉĞƌĨŽƌŵĂŶĐĞ
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗ ZĞŐŝŽŶĂůĨƵŶĚŝŶŐ͕,ŽƌŝnjŽŶϮϬϮϬ͗>ϭϮϬϭϰ͗EĞǁŬŶŽǁůĞĚŐĞĂŶĚƚĞĐŚŶŽůŽŐŝĞƐ͖,ŽƌŝnjŽŶϮϬϮϬ>ϭ͕>ϭϴʹϮϬϭϰͬϮϬϭϱ͗
^ƵƉƉŽƌƚŝŶŐ:ŽŝŶƚĐƚŝŽŶƐŽŶĚĞŵŽŶƐƚƌĂƚŝŽŶĂŶĚǀĂůŝĚĂƚŝŽŶŽĨŝŶŶŽǀĂƚŝǀĞĞŶĞƌŐLJƐŽůƵƚŝŽŶƐ͘
-
^ƚĂŬĞŚŽůĚĞƌƐ͗
B
D
N
B
™
ú
ý
ý
þ
þ
ú

R
þÿ
R
ÿ
ý
R
ù
Œ
•
ŽŵĞƐƚŝĐĂŶĚŝŶĚƵƐƚƌŝĂůĐƵƐƚŽŵĞƌƐ͕hŶŝǀĞƌƐŝƚŝĞƐ͕ZΘĐŽŵƉĂŶŝĞƐĞƚĐ͘
'ŽĂů͗ dŽĚĞǀĞůŽƉĂŶĚŝŵƉƌŽǀĞĞĨĨŝĐŝĞŶĐLJĂŶĚĞĐŽŶŽŵŝĐǀŝĂďŝůŝƚLJŽĨŵŝĐƌŽͲ,WĨƵĞůĐĞůůƐLJƐƚĞŵƐ͘dŚĞŐŽĂůŝƐƚŽĚĞǀĞůŽƉĂĚŝƐƚƌŝďƵƚĞĚĞůĞĐƚƌŝĐŝƚLJ
ĂŶĚ ŚĞĂƚ ŐĞŶĞƌĂƚŝŽŶ ƐLJƐƚĞŵ Ăƚ ƚŚĞ ƉŽŝŶƚ ŽĨ ƵƐĞ͕ ǁŝƚŚ ƐŝŐŶŝĨŝĐĂŶƚůLJ ;ƉĞƌŚĂƉƐ ϰϬйͿ ůŽǁĞƌ ĐĂƌďŽŶ ĞŵŝƐƐŝŽŶƐ ƚŚĂŶ ĞůĞĐƚƌŝĐŝƚLJ ŐĞŶĞƌĂƚĞĚ Ăƚ ĐŽĂů
ƉŽǁĞƌĞĚƐƚĂƚŝŽŶƐǁŝƚŚƚƌĂŶƐŵŝƐƐŝŽŶůŽƐƐĞƐ͘dŚŝƐǁŽƌŬĐŽƵůĚƐƵƉƉŽƌƚĂƉƌŽƉŽƐĂůĐƵƌƌĞŶƚůLJƵŶĚĞƌǁĂLJĨŽƌĂĚĞŵŽŶƐƚƌĂƚŽƌŝŶďĞƌĚĞĞŶĐŝƚLJ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
&ƵĞůĐĞůůĚĞǀĞůŽƉŵĞŶƚ
^LJƐƚĞŵ;ƚĞĐŚŶŝĐĂůĂŶĚĞĐŽŶŽŵŝĐͿŵŽĚĞůůŝŶŐ
-
-
^LJƐƚĞŵƚƌŝĂůƐ
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
hƚŝůŝƚŝĞƐ͕ŚŽƵƐŝŶŐĂƐƐŽĐŝĂƚŝŽŶƐ
^ƚĂŬĞŚŽůĚĞƌƐ͗
d
͹Ǥ ƒ”„‘ƒ’–—”‡Ƭ–‘”ƒ‰‡
ĂƌďŽŶ ĂƉƚƵƌĞ ĂŶĚ ^ƚŽƌĂŐĞ ;^Ϳ ŽĨĨĞƌƐ ƐŝŐŶŝĨŝĐĂŶƚ ĞĐŽŶŽŵŝĐ ƉŽƚĞŶƚŝĂů ĨŽƌ ^ĐŽƚůĂŶĚ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĂŶĂůLJƐŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ^ĐŽƚƚŝƐŚ
ŶƚĞƌƉƌŝƐĞ͕ŝĨĚĞǀĞůŽƉĞĚ͕^ŚĂƐƚŚĞƉŽƚĞŶƚŝĂůƚŽŐĞŶĞƌĂƚĞŵŽƌĞƚŚĂŶάϮďŶŝŶƌĞƚĂŝŶĞĚ'sĂŶĚĐƌĞĂƚĞŵŽƌĞƚŚĂŶϭϯ͕ϬϬϬũŽďƐďLJϮϬϮϱ͘/ƚĐĂŶ
ĂůƐŽ ƉůĂLJ Ă ƐŝŐŶŝĨŝĐĂŶƚ ƌŽůĞ ŝŶ ĂĐŚŝĞǀŝŶŐ ^ĐŽƚůĂŶĚ͛Ɛ ĂŵďŝƚŝŽƵƐ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ƚĂƌŐĞƚƐ ĂŶĚ ƉƌŽǀŝĚĞ ďĂƐĞůŽĂĚ ĞŶĞƌŐLJ ƐƵƉƉůLJ ƚŚƌŽƵŐŚ ĨŝƚƚŝŶŐ ƚŚĞ
ƚĞĐŚŶŽůŽŐLJƚŽĨŽƐƐŝůĨƵĞůƉŽǁĞƌĞĚƉůĂŶƚƐ͘^ƚĞĐŚŶŽůŽŐLJĂůƐŽŚĂƐƚŚĞƉŽƚĞŶƚŝĂůƚŽďĞĂůŽǁĐĂƌďŽŶŝŶĚƵƐƚƌLJĞŶĂďůĞƌ͖ŝŶĚƵƐƚƌLJĐŽƵůĚŝŶĐŽƌƉŽƌĂƚĞ
^ŝŶƚŽůŽǁĐĂƌďŽŶƉƌŽĚƵĐƚƐĞ͘Ő͘>ŝĨĞLJĐůĞŶĂůLJƐŝƐǁŽƵůĚƌĞƐƵůƚŝŶůŽǁĞƌůĞǀĞůƐŽĨĞŵďŽĚŝĞĚĐĂƌďŽŶ͘
©
ª
ª
§
©
­
›
­
§
©
©
®
£

µ
ª
­
›
ž
œ
›œ
©
§
œ
­
©

œ
£©¦
¯
¢
¢
¢
Æ
Æ
Å
È
Ÿ
Ÿ
Ÿ
³
¬
°
°
¬
²
¡
¹
¸
ª
©
©µ
©
§
¦
œ
¯
§
©

§
œ

­
©­
§
œ
­
£
œ
§
©
©
­
¢
¢
¢
¢
š
«
«
¥
Ÿ
¤¥
¤
¡
¡
¬
°
¬
¡
¬
§
œ
ª
ª
§
©
©
›
ž
œ
›œ
©
›
ž
©
›
­
­
§´
ª
¯

œ
­
©

œ
£
¦
§

©
ª
¯
¢
¢
¢
¢
¢
¢
Ÿ
Ÿ
Ÿ
Ÿ
Ÿ
Ÿ
¤
²
°
°
²
¡
¡
Ä
Ä
¹
´
›
œ
¦
ž©

§
©

µ
œ
ª
›œ
®
¢
¢
¢
¢
Ÿ
¾
Ÿ
¥
Ÿ
¡
¬
¬
¿
¸
½
½
©

§

®
©
œ
¦
­
œ
©
ª
­
§
œ
§
©­
›
§
¯

œ
©
©
©

œ
µ
­

­
ª
£©
§
­
¢
¢
¢
Ÿ
Ÿ
Ÿ
¡
°
¡
¶
²
¡
²
°
¬
°
°
œ
›
§
¯
©
©
ž©
œ
§
©
§
œ

œ
§
­
©
£©

©
®
­
©
§
©

ž©

©
¦
¦
ª
¯
›
ž
œ
¢
¢
¢
¢
¢
Ÿ
¤»¼
Ÿ
Ÿ
Ÿ
°
°
¡
¶
¡
œ
ª

­
¦
§
©
®
©
œ
¦
©
¯
ª
ª
œ
œ
´
£
œ
œ
›

©
£

£
§
œ¯
¢
¢
¢
¢
¢
¢
¢
Ÿ
¤¥
¤
Ÿ
Ÿ
¡
°
¡
²
¡
²
¡
¬
²
¬
¬
º
´
¦
¦
ª
¯
´
£
§
©
©

­
œ
©
ª
­
œ
œ
ª
§
µ
œ
§
¦
œ
¦
¦
ª
¯
œ
§
œ
­
©

œ
¢
¢
¢
¢
Ÿ
Ÿ
¤¥
¤
Ÿ
¡
°
¡
¶
²
²
¡
¹
¸
¸
¸
›
©
ª
©
ª
ª
­
›
­
ª
´
¦
§
©
›
¯
§
¯
ª
§
­

ª
ª
©
§
­
©
ª
§

­
¢
¢
¢
¢
¢
Ÿ
Ÿ
Ÿ
¡
¬
²
¡
¡
·
¡
¶
²
£

¦
œ
©
©µ
§
œ
ª
©
§

¯
œ
¦
¦
œ
©
§
©­
›
›œ¯

­
§´
ª
¯
ª

£
­
œ
©
›
ž
œ
›œ
¢
¢
¢
¢
¢
š
Ÿ
Ÿ
Ÿ
Ÿ
Ÿ
Ÿ
³
¡
°
²
¡°
°
°
¡
¬
œ
©
©
©

©±
®
œ¯
£
œ
§
©
©­
§
œ

›
©
§
œ
¦
£

œ
ª
¢
¢
¢
¢
¢
«
Ÿ
Ÿ
¥
Ÿ
¨
¤¥
¤
Ÿ
Ÿ
²
²
¡
¬
°
¡°
¬
¡
OPPORTUNITY AREA
OPPORTUNITY NO.
Improving Collaboration & Cooperation
Improving Energy Sector Relevant Policy
Funding & Support Mechanisms Development
Knowledge Generation (R&D/Education/Data)
Knowledge Exchange/ Transfer
R&D Infrastructure Improvement
Innovation System Improvement
Innovation Support Mechanisms/ Facilities
Industrial Assests & Capabilities Development
SHT
,
,
,
,
MED
Y ?
X
O
,
,
MED
Y ?
X
O
World-Leading
Excellent (Intl.)
Good
OK
COMPETENCE LEVEL & POTENTIAL
RELEVANT FUNDING?
YES/ NO/ ?
Early Development
SUITABILITY FOR ENSEA JAP?
RELEVANT REGIONS
YES/ NO/ ?
EU-WIDE
NORTH SEA
REGION
CROSS-BORDER
REGIONAL
LOCAL
,
IMPLEMENTATION TIMEFRAME
,
ÀÁÂ
LONG >15yrs)/
MED 5-15yrs)/
SHORT <5yrs)/ ?
Ÿ
Ÿ
š
High/ Med/ Low/ ?/ POTENTIAL FOR
n/a
INTERNATIONALISATION
¼
¤»
²
¬
¬
²
ž
›
¢
›œ
RELEVANT STRATEGIC
OBJECTIVES
Y ? X
O
Y ? X
O
#
©
§
¢
¢
Ÿ
Ÿ
°
œ
­
µ
œ
Ã
OPPORTUNITIES FOR
SUPPORTING INCREASED ESI
(Potential Action Areas)
High/ Med/ Low/ ?/ POTENTIAL FOR SMART
n/a
SPECIALISATION
¹
¯
¦
›
­
§
œ
ª
ª
›œ
£
œ
©
ª
ª
¯
©
›­
Æ

2
Ç
Ä
4

3
³
1
Å
SCREENING OF SHORT-LISTED ESI OPPORTUNITIES: CCS
D
þ
ÿ
ÿ
G
S
B
R
ý
ý
ü
N
N
û
Œ
É
ú
ú
'ŽĂů͗ ĞƐƉŝƚĞ ŝƚƐ ŚƵŐĞ ƉŽƚĞŶƚŝĂů͕ ƚŽ ĞŶƐƵƌĞ ƐƵĐĐĞƐƐĨƵů ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ^ ŝŶĚƵƐƚƌLJ ŝŶ ^ĐŽƚůĂŶĚ͕ ƚŚĞ ƐĞĐƚŽƌ ŶĞĞĚƐ ĂŶ ĞĂƌůLJ ƐƚĂŐĞ ƐƵƉƉŽƌƚ͘
^tKd ĂŶĂůLJƐŝƐ ŚŝŐŚůŝŐŚƚĞĚ ^ ĂƐ ĂŶ ĂƌĞĂ ŽĨ ƐƚƌŽŶŐ ĨŽĐƵƐ ĂŶĚ ŚŝŐŚ ĂĐƚŝǀŝƚLJ ĨŽƌ ^ĐŽƚůĂŶĚ ǁŝƚŚ Ă ŶƵŵďĞƌ ŽĨ ŝŶŝƚŝĂů ĂĐƚŝŽŶ ĂƌĞĂƐ ŝĚĞŶƚŝĨŝĞĚ ĂŶĚ
ĚĞƐĐƌŝďĞĚŝŶƚŚĞƐĞĐŝƚŽŶďĞůŽǁ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
-
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
/ŶĚƵƐƚƌLJĐŽͲĨƵŶĚŝŶŐ͕ƌĞŐŝŽŶĂůĨƵŶĚŝŶŐ͕h<&ƵŶĚŝŶŐ͕hĨƵŶĚŝŶŐ;Ğ͘Ő͘,ŽƌŝnjŽŶϮϬϮϬͿ͘
^ƚĂŬĞŚŽůĚĞƌƐ͗
ĐĂĚĞŵŝĂ͕ƉƵďůŝĐƐĞĐƚŽƌ͕^DƐ
&
-
ĐƚŝǀŝƚŝĞƐĂŝŵĞĚƚŽƐƵƉƉŽƌƚZΘƚŽĂĚĚƌĞƐƐƚŚĞŝƐƐƵĞŽĨŚŝŐŚĐŽƐƚƐĨŽƌKϮĐĂƉƚƵƌĞ͘
WƵƚŝŶƉůĂĐĞĂƌĂŶŐĞŽĨĂĐƚŝǀŝƚŝĞƐĂŝŵĞĚĂƚĐůƵƐƚĞƌŝŶŐƉŽƚĞŶƚŝĂůŽĨŝŶĚƵƐƚƌLJͬĂĐĂĚĞŵŝĐͬĞĐŽŶŽŵŝĐŝŶƚĞƌĞƐƚƐĨŽƌ^ĂƚƚŚĞƌĞŐŝŽŶĂů͕EŽƌƚŚ
^ĞĂĂŶĚEŽƌƚŚĞƌŶƵƌŽƉĞůĞǀĞůƐ͕ďƵŝůĚŝŶŐŽŶ^ĐŽƚƚŝƐŚ^;^^Ϳ͘
ĐƚŝǀŝƚŝĞƐƌĞůĂƚĞĚƚŽĚĞǀĞůŽƉŵĞŶƚŽĨƉŝůŽƚ^ƉƌŽũĞĐƚƐŝŶEŽƌƚŚ^ĞĂƌĞŐŝŽŶ͘dŚŝƐŚĂƐƚŚĞƉŽƚĞŶƚŝĂůƚŽĞdžƚĞŶĚƚŚĞůŝĨĞŽĨƚŚĞŽŝůΘŐĂƐ
ŝŶĚƵƐƚƌLJĂŶĚĐŽƵůĚĐƌĞĂƚĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĚĞǀĞůŽƉŝŶŐƚƌĂŶƐĨĞƌĂďůĞƐŬŝůůƐ͕ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ƉŚLJƐŝĐĂůĂƐƐĞƚƐ͕ĞƚĐ͘
-
7
4
4
4
)
!
$
'
'
'
'
4
1
)
)
$
>
=
>
3
'
'
'
,
,
'
'
'
ˆ
‡
)
%
%
%
$
'
'

)
)
)
)
)
)
)
'

)
$
$
%
'
'
'
4

•
•
•
•
!
)
$
$
%
¤
:
'
4
1
!
)
-
%
'
'
'
'
'
4
!
)
)
!
-
)
)
%
$
$
%
$
/
'
'
'
'

)
-
#
@
+
3
@
@
+
£
£
£
'
'
'
'
¥
¥
4
4
!
%
$
£
£
'
'
¥
)
)
!
)
)
)
$
%
$
”
%
$
$
*
@
+
£
£
'
¥
ͺǤ ‡‡™ƒ„Ž‡‡”‰›
‡‡”ƒ–‹‘
á
á
×
â
Ï
Õ
Ú
å
â
ß
ñò
Ï
Ñ
Í
Ü
Ñ
Í
Ü
ÌÍ
Ñ
Ë
Ò
ÙÑ
Ö
Ì
Ù
ß
ß
ß
è
ó
í
Ï
Ï
Õ
Õ
Õ
Ú
×
Ú
Ù
Í
Ò
Ò
Ë
Ó
Ö
Ì
Ü
Ë
Ì
Ò
Ó
Ö
Ó
Ì
Ù
Ì
ÍË
Ì
Ï
ä
Ì
Ì
ÍË
Ù
Ó
Ù
Ó
Ü
Ì
Í
Õ
Ü
Í
Ì
Ó
Ö
Ó
Ô
Ó
Ö
Ì
ß
ß
ß
Ñ
ß
Ó
Ì
Ñ
ß
ß
í
Ï
Ï
Ï
Ï
à
Ô
Õ
ä
Õ
Ô
Õ
Õ
Õ
ä
Ú
Ú
Ú
å
×
Ñ
Ó
Ë
Ò
ÎÑ
Ò
Ñ
ÌÍ
ß
Õ
Õ
Õ
Õ
á
â
Ø
Þ
Ø
Ø
ð
Ö
Ñ
Ó
Ò
Î
Í
Ó
Ü
Ì
Ó
Ó
Ó
Í
ÑÒ
Ñ
Ë
Ó
Í
Ó
Ó
Ì
Ò
Ñ
Í
Ü
Ö
Ó
ÜÌ
Ñ
ËÌ
Ù
Í
Ò
Ó
Ñ
Ë
Ì
ß
ß
ß
ß
í
Ï
Ï
Ï
Ï
Ï
Ï
Õ
Ô
Õ
Û
ÔÛ
Õ
Õ
Õ
Õ
Õ
Ú
ï
â
Ø
Þ
Ì
ÌÍ
Ö
Ò
Ó
ËÌÍ
Ñ
Ù
Í
Ö
Í
ËÌ
ÌÍ
ÌÍ
Ñ
Ö
Ó
Ù
Í
Ó
Ö
Ó
ÜÌ
Ò
ÎÑÒ
Ì
Ù
Í
Ò
Ë
Ì
ß
î
Ï
Ï
Ï
Ï
Ï
Ï
Ô
Û
Ú
Ú
å
Þ
Ø
Ù
Ö
Í
ÎÜÌ
Ì
Ò
Ò
ËÌ
Ë
Ó
Ö
Ó
ß
ß
Ï
Ï
Ï
Ô
Õ
Õ
Ú
å
×
Þ
â
×
â
Þ
Ö
Ò
Í
Ò
ËÌ
Ù
Ü
Í
Ì
Ó
Ó
Ù
Ù
Í
Í
Ó
Ñ
Ë
Ö
Ó
Ö
Ñ
Ó
Ò
Ó
Ì
Ö
Ì
Ñ
Í
ËÌ
ß
ß
ß
ß
é
ç
è
ç
Ï
Ï
Ï
Ï
Ô
ä
Õ
Õ
Õ
ä
Õ
Û
Ô
Õ
Ú
Ú
å
×
Þ
Þ
â
Þ
Ö
Ì
Ò
Ù
Ö
Ó
Ñ
Ö
Ò
Í
Ò
Ó
Ì
Ì
Î
Í
Ó
Ü
Ì
Ó
Ó
Ù
Ó
Ñ
Ö
ËÌ
Í
Ó
Ì
Ñ
Í
Ó
ÜÌ
Ë
Î
Ì
ËÌÍ
ß
ß
ß
ß
ß
ß
æ
Ê
Ï
Ï
Ï
Ï
Ô
Õ
Û
Õ
Ô
Õ
Ú
Ú
Ú
á
Þ
â
Ò
Ö
Ó
Ó
Ó
Ì
Ì
Í
ÌÍ
Ö
Ò
Ó
ËÌÍ
Ì
Ù
Í
Ò
Ò
Ë
Ó
Ö
Ì
Ü
Ì
Ë
Ì
Ò
Ó
Ó
Ò
ÎÑÒ
Ì
ß
ß
ß
ß
ß
Ï
Ï
Ï
Ï
Ï
Ï
ä
Õ
Û
à
Ô
Û
ã
Ú
Ú
×
Þ
×
×Ø
Ì
Ü
Ü
Î
Ò
Ö
Ì
Ò
Ó
Ñ
Í
ÎÜ
ËÌ
Ù
Ö
Ó
Í
ÌÓ
Ì
Ù
Ó
Ñ
Ö
Í
Ó
Ñ
Ö
Ó
Ñ
ÌÍ
ÑÒÓ
Ð
Ï
Ï
Ï
Õ
Û
Ô
Ô
Õ
Ô
Ú
Ú
Ý
Ú
OPPORTUNITY AREA
OPPORTUNITY NO.
?
D
?
SHT
? ? X
L
?
?
?
SHT
? ?
SHT
? ? X
Y ?
X
World-Leading
Excellent (Intl.)
Good
OK
COMPETENCE LEVEL & POTENTIAL
RELEVANT FUNDING?
YES/ NO/ ?
Early Development
SUITABILITY FOR ENSEA JAP?
RELEVANT REGIONS
YES/ NO/ ?
EU-WIDE
NORTH SEA REGION
CROSS-BORDER
REGIONAL
LOCAL
LONG >15yrs)/ MED 515yrs)/ SHORT <5yrs)/ IMPLEMENTATION TIMEFRAME
?
D
êëì
POTENTIAL FOR
INTERNATIONALISATION
POTENTIAL FOR SMART
SPECIALISATION
Improving Collaboration & Cooperation
Improving Energy Sector Relevant Policy
Funding & Support Mechanisms Development
Knowledge Generation (R&D/Education/Data)
Knowledge Exchange/ Transfer
R&D Infrastructure Improvement
Innovation System Improvement
Innovation Support Mechanisms/ Facilities
Industrial Assests & Capabilities Development
RELEVANT STRATEGIC
OBJECTIVES
Ï
Í
Ó
Ì
Í
Ó
Ì
í
3
High/ Med/ Low/ ?/ n/a
Ù
Ö
Í
Ï
Õ
Ñ
Ë
Ù
Ì
Ì
ÍË
æ
OPPORTUNITIES FOR
SUPPORTING INCREASED ESI
(Potential Action Areas)
High/ Med/ Low/ ?/ n/a
å
Ó
Ù
Ï
Õ
ä
Ó
2
Ó
Í
Ñ
Ë
Ù
Ì
Ì
æ
1
Í
Ó
4
ÍË
Ó
SCREENING OF SHORT-LISTED ESI OPPORTUNITIES: BIOENERGY
O
O
X O
O
ù
ý
ø
õ
ù
õ
õ
ý
ý
ø
ÿ
ÿ
ÿ
ÿ
ü
ü
ú
÷
÷
÷
ú
õ
ý
õ
ý
õ
÷
ø
õ
ý
û
ù
øù
õö
ý
ù
ö
ø
ý
ù
ö
ù
õ
õ
õ
ÿ
ÿ
ü
ü
þ
ú
ú
÷
ú
ú
ú
÷
ú
ø
ý
õ
ø
õ
ù
ù
ö
ø
ø
ý
ù
õ
ù
õ
ý
ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
ü
ü
ü
ü
ü
þ
÷
÷
÷
õ
ø
õö
ø
õ
ûõ
ø
ý
ý
õ
ý
ø
û
ý
ø
ù
ø
ù
ø
ù
ø
ù
ÿ
ÿ
ÿ
ÿ
ÿ
ü
ü
ü
ü
ü
÷
õ
ý
ý
ø
õ
õ
ý
û
ù
øù
õö
ÿ
ÿ
ü
ü
÷
ú
ú
÷
õ
ý
ù
õö
ù
ö
ø
ý
ù
ö
ù
õ
õ
õ
õ
ø
ý
õ
ý
ÿ
ÿ
ÿ
ü
þ
ú
ú
÷
ú
÷
ú
ú
÷
õ
õ
õ
ø
õ
ø
ûõ
û
õ
õ
ø
õ
ù
ù
ö
ÿ
ÿ
ÿ
ü
ü
ü
ü
ü
ü
þ
÷
÷
OPPORTUNITY AREA
OPPORTUNITY NO.
Improving Collaboration & Cooperation
Improving Energy Sector Relevant Policy
Funding & Support Mechanisms Development
Knowledge Generation (R&D/Education/Data)
Knowledge Exchange/ Transfer
R&D Infrastructure Improvement
Innovation System Improvement
Innovation Support Mechanisms/ Facilities
Industrial Assests & Capabilities Development
,
SHT
X
O
,
,
SHT
X
O
,
,
SHT
X
O
World-Leading
Excellent (Intl.)
Good
OK
COMPETENCE LEVEL & POTENTIAL
RELEVANT FUNDING?
YES/ NO/ ?
Early Development
SUITABILITY FOR ENSEA JAP?
RELEVANT REGIONS
YES/ NO/ ?
EU-WIDE
NORTH SEA
REGION
CROSS-BORDER
REGIONAL
LOCAL
,
IMPLEMENTATION TIMEFRAME
RELEVANT STRATEGIC
OBJECTIVES
9
ÿ
ú
û
öý
ù
øù
ô
LONG >15yrs)/
MED 5-15yrs)/
SHORT <5yrs)/ ?
ÿ
÷
õ
ù
ù
ù
ø
õ
ù
õ
õ
õ
ü
ú
÷
õö
High/ Med/ Low/ ?/ POTENTIAL FOR
n/a
INTERNATIONALISATION
ù
ÿ
ÿ
ü
ü
ú
ÿ
û
öý
ù
øù
ô
OPPORTUNITIES FOR
SUPPORTING INCREASED
ESI (Potential Action Areas)
High/ Med/ Low/ ?/ POTENTIAL FOR SMART
n/a
SPECIALISATION
õ
ø
õ
ù
ø
ù
ù
ÿ
ÿ
ú
ú
÷
õö
1
õö
ø
ø
ù
ö
ø
ø
ý
ù
ý
øù
ø
õ
ü
ü
ô
2
ý
ÿ
û
öý
ù
øù
õö
SCREENING OF SHORT-LISTED ESI OPPORTUNITIES: WIND
3
&
!
2
!
#
#
'
"
#
)
#
7
!
&
%
!
*
*
#
'
"
1
'
#
)
'
#
&
&
!
!
"
"
#
"
"
"
#
#
'
7
&
&
&
!
!
&
!
#
#
(
#
(
'
#
"
'
+
!
!
!
&
&
*
#
)
#
3
*
*
"
")
(
"
)
#
"'
(
"
"
(
#
'
#
"
@
!
?
'
"
#
(
)
#
"
"'
"
(
)
"
,-
>
&
!
!
*
#
#
'
'
"
#
"
"
"
)
"
#
"
!
&
&
!
&
$
*
"
"
(
#
"
'
'
"
#
#
"
#
)
#
#
"
(
#
=
!
&
%
9
7
6
8
#
1
'
'
)
#
#
"
"#
(
"
'
;
,-
:
<
%
&
!
*
*
1
#
)
"
"
"
'
"
"
(
)
"
3
4
3
2
!
/
.
1
'
'
#
"
"
'
#
1
"
1
"
"
'
)
0
%
&
2
*
"
#
)
$
*
*
"
#
'
"
#
#
)
'
#
'
"
(
+
&
!
&
&
&
/
$
"
"
#
'
#
#
(
#
"
,-
,
&
%
!
!
.
*
$
)
#
"
"
(
#
#
$
#
"'
#
"
"#
&
%
!
OPPORTUNITY AREA
OPPORTUNITY NO.
Improving Collaboration & Cooperation
Improving Energy Sector Relevant Policy
Funding & Support Mechanisms Development
Knowledge Generation (R&D/Education/Data)
Knowledge Exchange/ Transfer
R&D Infrastructure Improvement
Innovation System Improvement
Innovation Support Mechanisms/ Facilities
Industrial Assests & Capabilities Development
L
SHT
? ?
D
?
SHT
? ?
X
O
,
,
MED
Y ?
X
O
,
,
SHT
X
O
,
D
SHT
X
O
D
D
,
D
D
D
,
D
SHT
X
O
SHT
X
O
SHT
X
O
SHT
X
World-Leading
Excellent (Intl.)
Good
OK
COMPETENCE LEVEL & POTENTIAL
RELEVANT FUNDING?
YES/ NO/ ?
Early Development
SUITABILITY FOR ENSEA JAP?
RELEVANT REGIONS
YES/ NO/ ?
EU-WIDE
NORTH SEA
REGION
CROSS-BORDER
REGIONAL
LOCAL
L
IMPLEMENTATION TIMEFRAME
LONG >15yrs)/
MED 5-15yrs)/
SHORT <5yrs)/ ?
"
#
'
#
)
'
"
#
"
#
#
)
#
"
'
&
High/ Med/ Low/ ?/ POTENTIAL FOR
n/a
INTERNATIONALISATION
!
1
,
'
+
High/ Med/ Low/ ?/ POTENTIAL FOR SMART
n/a
SPECIALISATION
&
"
&
OPPORTUNITIES FOR SUPPORTING
INCREASED ESI (Potential Action
Areas)
#
&
'
5
RELEVANT STRATEGIC
OBJECTIVES
*
#
'
'
"
#
"
'
&
9
8
7
6
3
5
4
=
3
=
2
=
1
=
SCREENING OF SHORT-LISTED ESI OPPORTUNITIES: SOLAR
X O
O
4
!
™
%
$
s
u
y

y
w
t
b
'
q
x
„
¢
4
4
4
)
)
)
)
)
™
r
‹
p
p
y
s
s

@
+
e
v
v
'
'
'
'
'
q
x
|

-
%
%
%
+
,
)
!
”
$
$
$
$
%
'
'
)
)
!
%
$
%
'
'
™
~
s
w
y
u
ƒ
w
sy
y
u
s
y
ƒ
t
t
c
v
v
v
v
q
„
…
4
-
!
)
)
%
%
%
$
%
%
,
'
!
-
!
)
!
$
%
$
%
%
$
%
$
$
'
'
'
'
'
'
'
'
'
4
!
!
)
-
)
!
%
%
%
%
$
%
%
%
$
'
'
'
'
'
'
'
'
'
4
)
!
%
%
$
%
>
+
+
+
3
@
=
>
;
>
(
/
/
'
'
'
'
'
'
'
'
ˆ
‡
)
)
)
$
%
%
%
”
$
$
>
+
>
+
+
(
(
(
'
'
'
'
ˆ
‡
4
4
!
)
)
)
!
)
)
$
%
$
%
$
”
$
”
'
'
'
'
'
'
4
!
)
™
%
$
w

h
'
'
'
x
ú
ú
M
ý
ý
ÿ
Œ
B
I
G
F
FŒ
ü
B
L
H
û
A
B
D
ZĞŐŝŽŶĂůĨƵŶĚŝŶŐ͕ŶĂƚŝŽŶĂůĨƵŶĚŝŶŐ͕ŝŶĚƵƐƚƌLJĐŽͲĨƵŶĚŝŶŐ͕hĨƵŶĚŝŶŐ
^ƚĂŬĞŚŽůĚĞƌƐ͗
ĐĂĚĞŵŝĐƐ͕ƉƌŝǀĂƚĞƐĞĐƚŽƌ͕D
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
!
)
!
%
%
$
:
'
'
'
'
,
'
'
'
'
'
4
4
)
!
-
!
)
!
%
$
%
%
%
$
:
'
'
'
'
'
'
-
'
4
!
!
)
!
)
)
!
%
%
%
%
%
+
+*
(
'
'
'
'
'
'
'
'
'
!
$
%
'
,
'
'
'
4
4
!
)
)
$
$
%
%
%
+
+*
+
*
+
+
(
(
(
'
,
'
'
ˆ
‡
!
)
$
$
%
$
$
$
'
'
'
'
'
!
)
-
$
$
%
$
%
%
%
$
>
'
'
'
'
'
'
)
)
!
$
$
$
%
'
'
'
'
'
'

'ŽĂů͗
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
ú
ú
M
ý
ÿ
ý
ý
Œ
J
B
I
G
F
F
ü
G
K
H
>
A
B
B
þ
ý
C
M
R

D
H

I
G
L
F
ü
E

A
ú
ú
'ŽĂů͗ dŽĚĞǀĞůŽƉŶŽǀĞůƐLJŶƚŚĞƚŝĐďŝŽůŽŐLJƚŽĞŶĂďůĞƚŚĞĞĐŽŶŽŵŝĐǀŝĂďŝůŝƚLJŽĨĨĞƌŵĞŶƚĂƚŝŽŶŽĨŶĞǁŽƌŐĂŶŝĐĨĞĞĚƐƚŽĐŬƐ͘dŚĞĂŝŵŝƐƚŽƉƌŽĚƵĐĞ
ĞƚŚĂŶŽůĂŶĚͬŽƌďƵƚĂŶŽůĂƐƉĞƚƌŽůƌĞƉůĂĐĞŵĞŶƚƐĨƌŽŵĨĞĞĚƐƚŽĐŬƐƐƵĐŚĂƐĨŽŽĚǁĂƐƚĞ͕ƐĞǁĂŐĞ͕ĞƚĐ͘dŚŝƐǁŝůůŚĞůƉŵĞĞƚZĞŶĞǁĂďůĞdƌĂŶƐƉŽƌƚ&ƵĞů
KďůŝŐĂƚŝŽŶƐǁŝƚŚŽƵƚŝŵƉŽƌƚŝŶŐĨƵĞů͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
>ĂďŽƌĂƚŽƌLJďĂƐĞĚŵŽĚŝĨŝĐĂƚŝŽŶŽĨĞŶnjLJŵĞƐ͘
>ĂƌŐĞƌƐĐĂůĞƚĞƐƚƉƌŽĚƵĐƚŝŽŶƌƵŶĨĂĐŝůŝƚŝĞƐĂŶĚƚƌŝĂůƐ͘
H
ý
Œ
ÿ
R
ý
%
)
'
'
"
)
)
%
!
!
)
%
$
)
)
!
)
$
%
'
'
4
!
%
$
%
%
)
$
%
$
'
,
'
'
6
'
'
‡
'ŽĂů͗
ˆ
ú
ú
M
R
ü

I
G
F
ü

ù
L
A
ĐĂĚĞŵŝĐƐ͕ƉƌŝǀĂƚĞƐĞĐƚŽƌ͕
B
^ƚĂŬĞŚŽůĚĞƌƐ͗
ZĞŐŝŽŶĂůĨƵŶĚŝŶŐ͕ŶĂƚŝŽŶĂůĨƵŶĚŝŶŐ͕ŝŶĚƵƐƚƌLJĐŽͲĨƵŶĚŝŶŐ
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
ZĞŐŝŽŶĂůĨƵŶĚŝŶŐ͕ŶĂƚŝŽŶĂůĨƵŶĚŝŶŐ͕ŝŶĚƵƐƚƌLJĐŽͲĨƵŶĚŝŶŐ
^ƚĂŬĞŚŽůĚĞƌƐ͗
ĐĂĚĞŵŝĐƐ͕ƉƌŝǀĂƚĞƐĞĐƚŽƌ
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
B
B
D
N
?
ý
ÿ
ý

D
ÿ
C
M
þ
ÿ
ÿ

H
H
I
G
F
–
K
G

L
J
H
‹
A
ú
ú
'ŽĂů͗^ĐŽƚƚŝƐŚŐŽǀĞƌŶŵĞŶƚƌĞƐĞĂƌĐŚƌĞĐĞŶƚůLJĨŽƌĞĐĂƐƚƚŚĂƚŚŽƚǁĂƚĞƌŝŶĨůŽŽĚĞĚŵŝŶĞƐĐŽƵůĚƉŽƚĞŶƚŝĂůůLJďĞƉƵŵƉĞĚŽƵƚƚŽƐƵƉƉůLJƵƉƚŽĂƚŚŝƌĚ
ŽĨƚŚĞŶĂƚŝŽŶ͛ƐŚĞĂƚŶĞĞĚƐ͘,ŝƐƚŽƌŝĐĂůůLJ^ĐŽƚůĂŶĚŚĂƐĂůĂƌŐĞŶƵŵďĞƌŽĨĂďĂŶĚŽŶĞĚĐŽĂůŵŝŶĞƐƚŚĂƚŶĞĞĚƚŽďĞƉƵŵƉĞĚƌĞŐƵůĂƌůLJĂŶĚƚƌĞĂƚĞĚ
ĨƌŽŵŝƌŽŶĂŶĚŽƚŚĞƌƉŽůůƵƚĂŶƚƐďĞĨŽƌĞǁĂƚĞƌĐĂŶďĞĚŝƐƉŽƐĞĚŽĨ͘dŚŝƐǁĂƚĞƌ͕ŽŶƚŚĞŽƚŚĞƌŚĂŶĚŝƐĂŶĂƚƵƌĂůƐŽƵƌĐĞŽĨŐĞŽƚŚĞƌŵĂůŚĞĂƚƚŚĂƚĐĂŶ
ďĞ ƵƚŝůŝƐĞĚ͘ dŚŝƐ͕ ŝĨ ƐƵĐĐĞƐƐĨƵůůLJ ŝŶƚĞŐƌĂƚĞĚ ǁŝƚŚ ƚŚĞ ƐŽƵƌĐĞ ŽĨ ĚĞŵĂŶĚ ĐĂŶ ƉƌŽǀŝĚĞ ĂŶ ĞĨĨĞĐƚŝǀĞ ƐŽůƵƚŝŽŶ ĨŽƌ ĚŝƐƚƌŝĐƚ ŚĞĂƚŝŶŐ ƐLJƐƚĞŵƐ ĂŶĚ
ĐŽŶƚƌŝďƵƚĞƚŽǁĂƌĚƐƐŽĐŝĂůĂƐǁĞůůĂƐĐůŝŵĂƚĞĐŚĂŶŐĞƚĂƌŐĞƚƐ͘
ĐƚŝǀŝƚŝĞƐͬƌĞƐĞĂƌĐŚŝĚĞĂƐ͗
ĞǀĞůŽƉĂŶĚŝŵƉůĞŵĞŶƚĂƉŝůŽƚƉƌŽũĞĐƚƚŚĂƚĐĂŶĂĐƚĂƐĂĚĞŵŽŶƐƚƌĂƚŽƌ;ƉŽƚĞŶƚŝĂůůŽĐĂƚŝŽŶĚŝŶďƵƌŐŚͿ͘
WŽƐƐŝďůĞĨƵŶĚŝŶŐ͗
ZĞŐŝŽŶĂůĨƵŶĚŝŶŐ͕Z,/͕ŶĂƚŝŽŶĂůĨƵŶĚŝŶŐ͕ŝŶĚƵƐƚƌLJĐŽͲĨƵŶĚŝŶŐ͘
^ƚĂŬĞŚŽůĚĞƌƐ͗ŽƵŶĐŝůƐ͕ŚŽƵƐĞŚŽůĚƐ͕^ĐŽƚƚŝƐŚtĂƚĞƌ͕ĂŶLJŝŶĚƵƐƚƌŝĂůĐƵƐƚŽŵĞƌƐ
@
+
%
%
!
$
)
4
4
!
'
)
%
%
%
)
!
!
%
$
$
$
)
'
4
)
!
$
$
$
%
‘
'
/
+
+
".
8
ˆ
2
4
!
@
+
3
@
)
)
$
'
'
%
‡
ͻǤ ‘–‡–‹ƒŽ‡Ž‡˜ƒ–—†‹‰‘—”…‡•
#
G
G
G
O
™
H
†
y
p
w
y
p

€
y
y
‹
w
u

s
‹
u
y
p
y
u

s
y
‹


p
yƒ
p

w
u
y
p
y
‹
y
t
t
t
t
˜M
}
a
E
J
E
J
E
K
L
I
b

v
v
v
v
v
v
x
q
x
x
x
„

…
…
%
4
4
)
)
!
)
%
%
%
$
7
;
#
;
;
&
'
'
'
2
!
)
)
)
)
$
$
%
%
$
%
'
'
'
'
'
'
G
G
G
O
O
™
H
™
y
p
w
y
p

€
y
y
‹
w
u

s
y
w
s
ƒ
y
‹
u
w
t
˜M
}
M
n
˜M
`
n
E
J
E
J
E



I
b
E
K
j
v
v
v
v
x
q
x
x
x
…
…
4
4
!
)
)
)
‘
$
$
%
$
%
$
%
%
$
$
%
'
,
,
4
4
4
1
!
$
%
%
"
8=
=
(
(
:
'
'
'
'
G
G
G
›
›
™
H
™
y
p
w
y
p

€
y
y
‹
w
u

s
y
w
s
ƒ
w
s€
w
ƒ

t
˜F
M
N
}
˜
n
`
n
E
E
E

Q
I
b
Q
j
v
v
v
v
x
q
x
x
x
x
x
x
…
…

)
)
)
)
-
$
$
%
$
$
'


!
)
)
!
!
!
)
$
$
$
%
$
'
,
'
'
'
'
'
'
'
'

1
)
!
)
)
$
$
=
:
'
'
'
'
'
'
G
y
p
w
y
˜M
}
E
J
E
J
E
v
x
q
…
…
¡
G
G
G
G
›
›
O
O
P
™
H
r
™
s
sw
{

{u
p

w
u
s
p

€
y
y
w
s
ƒ
y
‹
u
w
u

p
€
s
sw
{

{u
y
€
u

p
€
y
y
u
w
€
w
y
u
p
w
u
‹
p

u
s
t
t
t
t
t
t
t
M
M
}
˜F
`N
n

E
I
J

I
b
E
j
v
v
v
v
v
v
v
v
v
x
q
x
x
x
x
q
x
x
¢
x
q
q
|


)
)
)
)
)
%
$
%
%
%
'
'
'
'
'
'
'
'
'
4
4
4
4
4
)
!
)
)
)
)
)
)
$
%
%
$
%
%
'
'
'
,
,
ˆ
‡
4
4
)
)
)
-
)
)
$
$
%
%
%
%
%
%
%
=
'
'
,
'
'
5
2
4
4
)
)
)
!
%
$
$
"
'
'
'
'
'
'
'
G
G
G
G
›
™
™
Œ
™
H
Š
™
y
p
w
y
y
w
u
w
p

€

{u
{
w
y
y
u
w
€
y
sw
y

p
w
u
‹
p

s
s
s€
p
w
u
•
'
'
%
=
•
%
t
t
t
t
˜M
}
˜
˜
˜
˜
˜M
˜
f
˜M
`
n
E
J
E
J
E
J
E

b

I
b
E
L
j
v
v
v
v
v
v
v
x
q
q
x
x
¢
x
x
„
q
q
…
…
…
…
!
!
-
$
%
$
%
$
%
'
)
)
)
!
)
)
%
%
%
%
%
%
$
$
%
%
.
'
'
'
'
)
!
!
!
!
!
)
$
$
%
"
;
'
'
'
G
G
G
G
G
G
G
›
™
™
Œ
™
H
Š
Š
™
y
‹
w
y
p
w
y
p

€

{u
{
w
y
s
y
‹


p
yƒ
p
w
y
‹
y

p
y
•
Œ
™
E
E
)
•
˜
˜
j
•
O
•
`
n
t
t
˜F
˜F
F
˜
}
F
a
˜F
˜
`
n
EK
J

b
E
E

I
b
E
j
v
v
v
v
v
x
q
x
x
x
„
q
q
x
¢
,ŽƌŝnjŽŶϮϬϮϬ͗^ĞĐƵƌĞ͕ůĞĂŶĂŶĚĨĨŝĐŝĞŶƚŶĞƌŐLJͲ>ŽǁĂƌďŽŶŶĞƌŐLJ;>Ϳ͗
&
4
!
%
%
"
'
'
'
'
2
4
4
!
!
)
%
%
%
%
%
%
%
"
'
'
'
'
'
2
!
)
%
%
%
%
$
%
%
$
=
+
*
'
'
G
G
™
r
r
Š
y
p
w
y
sy
w

p

w
p
y
€
y
{
€
s
s
y
ƒ
ƒ
s
s
u
w

s
yƒ

{u
t
t
t
t
˜F
˜
˜
N
}
e


v
v
v
R
x
q
„
x
x
q


…
…
G
G
O
O
™
H
†
†
Š
~
r
™
sy
w
u

p

€
y
€
y
s
s
‹
u
y
p
y
p
y
ƒ
y
p
w
p

u
w
ƒ

w
u

s

w
p
y
{
p

w

p
p
y
‹
p
w
€
t
t
t
t
t
t
t
t
˜
e
M
`
‚
˜M
˜F
˜
`
i
E

IE
b
b
b
E
E
b
v
v
v
v
v
v
v
v
v
v
„
x
x
q
|
x
x
„
x





…
)
)
)
!
)
$
%
$
@
+
:
:
'
'
'
'
'
!
!
!
)
)
)
)
%
$
$
%
%
%
=
@
+
'
'
'
'
)
!
$
%
$
$
$
$
%
$
(
(
(
:
'
'
'

—
¥
¥
4
)
$
%
%
*
'
'
'
'
G
˜F
M
N
E
E
…
…
G
G
O
O
™
™
H
r
†
~
~
~
r
™
y
p
w
y
p

€
y
s
p

s
‹
u
y
p
y
y
w

p
p

p

w
w
p
w
p

w
u
s
p

€
y
p

s
p

ƒ
p

‹
p
u
{
{
t
t
t
t
t
t
t
t
}
˜
c
d
˜M
˜F
˜
`
n
E
E
I
b
b
E
E
Q
j
v
v
v
v
v
v
v
v
v
v
v
v
v
x
q
x
x
x
q
x
q
q

…
)
)
%
%
%
$
$
$
$
%
'
'
'
'
'
4
4
4
)
)
)
%
%
%
%
%
$
+
(
:
,
'
,
'
4
4
!
)
!
)
!
!
)
$
$
$
%
%
$
%
'
'
'
'
'
'
'
4
4
)
)
!
)
)
%
%
%
$
%
%
*
'
,
'
4
)
)
$
%
$
%
*
:
'
'
4
•
)
%
!
•
!
!
$
•
•
!
)
)
)
!
!
$
$
%
%
$
'
'
'
'
,
1
)
)
)
!
)
%
%
$
#
;
;
'
)
)
!
!
!
)
%
%
%
$
"
(
'
'
'
'
¥
¥
G
G
G
G
G
O
O
™
™
H
~
r
™
y
p
w
y
p

€
y
s
y
wƒ
w
p

w
p

p

w
p
u


ƒ
‹
p
u
{
{
•
t
t
t
t
t
˜F
˜
}
M
˜
}
g
˜M
˜F
˜
`
n
EK
E
E
IE
b
b
E
E
K
j
v
v
v
v
v
v
v
z
v
v
v
v
x
q
x
x
x
q

…
…
…
4
4
!
%
%
$
$
$
$
'
'
'
'
'
7
%
'
'
4
4
4
4
4
)
)
$
$
$
%
$
%
%
$
,
'
'
'
'
ˆ
‡
4
?
?
?
)
)
)
%
$
$
%
$
%
”
$
%
+
"
"
,
'
¥
¥
ˆ
‡
4
4
4
)
!
)
)
!
)
)
$
$
$
$
%
%
=
:
,
,
'
'
ˆ
‡
G
G
G
G
O
™
H
†
r
r
™
y
p
w
y
p

€
y
‹
u
y
p
y
y
w
p
w
s
s
u

p
y
€
y
‹
w
‹
p
y
u
y
€
s
p

•
'
'
t
t
˜F
M
}
M
˜
˜
˜
`
`
L
E
E
I
b
j
E
v
v
v
v
v
x
q
x
x
x
|

…
…
4
)
)
)
$
$
$
'
'
'
'
)
)
!
)
$
$
$
$
%
%
$
$
$
%
%
:
'
'
'
,
'
'
ˆ
4
4
)
)
)
)
)
)
!
%
%
%
$
$
%
$
'
'
'
'
'
'
'
,
‡
G
G
G
O
O
™
™
H
r
™
y
p
w
y
p

€
y
s
‹
p

s
ƒ

p
sy
p
{
s
y
u
p
w
€
y
•
˜M
˜
}
M
}
˜M
`
`
L
E
E
IJ
b
E
L
v
v
v
v
v
v
v
x
q
x
x
q
x
|
¢
x
|
q

…
…
'
4
4
4
4
)
!
)
$
$
$
%
$
$
$
'
'
'
'

)
)
$
%
$
$
%
$
$
=
+
'
,
'
'
'
4

!
!
!
$
$
%
%
$
$
$
$
'
'
'
'
'
'
4

)
!
)
%
$
$
%
$
$
%
$
(
'
'
'
'
4
4
)
!
)
!
1
)
$
%
%
$
$
%
$
(
(
'
'

¡
G
G
G
›
O
™
™
H
†
†
†
™
y
p
w
y
p

€
y
s
{wƒ
€
p

w
€
u

s
p
w
s
€
y
s
s
‹
u
y
p
y
y
‹
s
p
w
p
‹
p
y

u
•
)
t
t
t
t
t
t
˜M
}
F
c
‚
˜M
˜
`
n
J
E
J
E

I
b
E

j
v
v
v
v
v
z
v
v
v
z
v
x
q
x
x
„
x
x
x
q

…
…
4
-
)
!
)
%
$
%
%
'
'
'
'
,
'
'
4
!
)
!
!
!
!
)
!
)
%
%
$
%
$
%
%
"
'
'
'
'
G
G
G
O
O
™
H
†
†
r
™
y
p
w
y
p

€
y
€
y
s
s
‹
u
y
p
y
y
p
u

wƒ
p
w
€
y
•
t
t
t
˜F
˜
}
F
f
˜F
`
n
E
EK
E

I
b
E
E
j
v
v
v
v
v
x
q
x
x
„
„
„

…
…
4
4
4
)
)
)
)
)
!
)
!
$
$
$
$
%
%
$
'
'
,
'
'
'
'
'
ˆ
‡
4
4
4
4
4
4
4
)
)
)
!
!
)
%
$
$
%
%
%
%
$
,
'
,
'
'
)
!
)
)
!
%
%
%
$
%
$
$
%
$
+
'
'
'
'
'
'

4
)
‘
)
)
%
%
%
%
+
8
(
(
:
'
'
'
'
'
—
)
!
'
'
'
'

!
!
!
)
!
)
)
!
)
$
$
+
'
'
'
!
)
)
)
)
!
)
!
)
$
%
%
%
%
$
$
%
%
%
%
%
+
*
=
:
'
'
'
'
G
G
G
G
O
O
™
H
r
~
r
Š
r
™
™
y
p
w
y
€
y
s
p
w
ƒ
y
w
w
u
s
p
y
p
u

s
yƒ

{u
y
w
wƒ
u
y
s
w
t
t
t
t
t
˜M
F
}
M
M
˜M
˜
e
œ
a
a
i
E
E
J

I
b
j
E
b
k
j
v
v
v
v
v
R
v
v
x
q
„
x
x
q
q
x
x
x
x


…
…
)
%
+
'
'
4
4
4
4
4
)
)
)
)
)
!
)
$
$
%
%
+
*
'
'
4
!
)
!
!
$
%
$
$
$
%
%
$
%
%
.
"
.
"
:
'
'
'
'
,
ˆ
‡
2
G
G
y
p
w
y
y
w
u

ƒ

t
t
˜F
F
}
}
E
EK
v
x
q
Ž
…
…
G
G
›
›
›
r
r
Š
r
Š
~
~
r
Š
™
H
w
s
p
p
w
{y

u
p
w
u

y
‹
p
p
w
u
p
w
{y

u
s
u

y
‹
p
p
w
u
y
w

p
p
s
p

ƒ
y
u
w
s


y
u
w
p

u

u
t
t
t
t
t
i
`
a
f
`
a
f
i
˜F
a
f
i
c
‚
c
‚
Ÿ
E
j
b
j
b
E
E
v
v
v
v
v
v
v
v
v
v
x
q
q
¢
¢
¢
q
x
¢

G
†
~
†
r
™
y
‹
w
u

s
‹
u
y
p
y
p
w
s
u
‹
u
w
s€
p
s
y
wƒ
p
w

w
y
u
w
y
p
‹
y
w
u

u
{
{
s
s
p

ƒ
u
y
•
$
•
•
t
t
t
t
t
t
t
t
t
t
t
e
`f
}
g
˜
l
c
b
b
L

k
v
v
v
v
v
v
z
v
q
q
x
„
„

G
†
™
‹
p
p
p
w
‹
{
p
{
w
y
‹
w
u

‹
u
y
p
s
p

ƒ
u
y
•
KƚŚĞƌh͗
t
t
t
e
‚
`
N
l
c
b

k
v
z
v
v
x
„