6758&785( 3/$1 &217(17 7KLV 6WUXFWXUH 3ODQ FRPSULVHV WKH D ,PSOHPHQWDWLRQ 3DUW E ([SODQDWRU\ 6HFWLRQ 3DUW DQG F $SSHQGL7HFWFQF5KHS, ±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
(GLWRU¶V 1RWH 7KH LGHDV SUHVHQWHG LQ WKHLU HVVD\ ZHUH ILUVW VKDUHG E\ WKH FR DXWKRUV GXULQJ D SDQHO SUHVHQWDWLRQ WLWOHG ³8QGHUVWDQGLQJ (QHUJ\ ,QVHFXULW\´ PRG HUDWHG E\ 9LUJLQLD 6WDWH &RUSRUDWLRQ &RPPLVVLRQ &KDLUPDQ -HKPDO 7 +XGVRQ DW WKH 1DWLRQDO $VVRFLDWLRQ RI 5HJXODWRU\ 8WLOLW\ &RPPLVVLRQHUV 1$58& $QQXDO 0HHWLQJ DQG (GXFDWLRQ &RQIHUHQFH LQ /D 4XLQWD &DOLIRUQLD RQ 1RYHPEHU :H DQG WKH DXWKRUV KDYH GHVFULEHG WKHLU SLHFH DV DQ HVVD\ DQG QRW DQ DUWLFOH EHFDXVH LW LV QRW LQWHQGHG DV D FRPSUHKHQVLYH DSSURDFK WR DGGUHVVLQJ HQHUJ\ LQVH FXULW\ EXW DV DQ LQWURGXFWLRQ WR WKH VXEMHFW LQWHQGHG WR KLJKOLJKW VHOHFW LVVXHV 7KHLU SHUVSHFWLYHV WKHLU KRSH ± DQG RXUV ±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
$,6 WK,QWHUQDWLRQDO:RUNVKRS RQ $UWLILFLDO,QWHOOLJHQFH DQG 0DFKLQH /HDUQLQJ IRU 6FLHQWLILF $SSOLFDWLRQV +HOG LQ FRQMXQFWLRQ ZLWK 6& 1RYHPEHU,W LV RXU JUHDW SOHDVXUH WR ZHOFRPH \RX WR $,6¶ WKH WK,QWHUQDWLRQDO:RUNVKRS RQ $UWLILFLDO,QWHOOLJHQFH DQG 0DFKLQH /HDUQLQJ IRU 6FLHQWLILF $SSOLFDWLRQV $UWLILFLDO LQWHOOLJHQFH $,DQG PDFKLQH OHDUQLQJ 0/ DUH WUDQVIRUPDWLYH WHFKQRORJLHV WKDW KDYH UHYROXWLRQL]HG WKH ODQGVFDSH RI DOJRULWKPV LPSOHPHQWDWLRQV DQG DSSOLFDWLRQV DFURVV YDULRXV ILHOGV 7KH FRQFHSW RI ³$,IRU 6FLHQFH´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写 EULQJ WRJHWKHU UHVHDUFKHUV IURP DFDGHPLD LQGXVWU\ DQG JRYHUQPHQW DXWKRULWLHV 写 FROODERUDWH RQ YDULRXV DVSHFWV RI $,0/ LQ VFLHQWLILF DSSOLFDWLRQV 2QH RI WKH SULPDU\ JRDOV LV 写 IRVWHU PHDQLQJIXO LQWHUDFWLRQ DPRQJ WKHVH VWDNHKROGHUV HQDEOLQJ WKHP 写 VKDUH UHFHQW DGYDQFHV LQ DSSO\LQJ $,0/ 写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¶V IDVWHVW VXSHUFRPSXWHU LQ DQG GRPLQDWLQJ DOO IRXU PDMRU VXSHUFRPSXWHU UDQNLQJV 7RS +3&* +3/ $, *UDSK +LV ZRUN H[WHQGV WR FXWWLQJ HGJH UHVHDUFK LQ KLJK SHUIRUPDQFH FRPSXWLQJ +3& LQFOXGLQJ LQYHVWLJDWLQJ 3RVW 0RRUH HUD FRPSXWLQJ DQG WKH IXWXUH )XJDNX 1(;7 VXSHUFRPSXWHU :H ZRXOG OLNH WR H[WHQG RXU VLQFHUH WKDQNV WR HYHU\RQH ZKR ZRUNHG KDUG WR PDNH WKLV ZRUNVKRS SRVVLEOH 2XU JUDWLWXGH JRHV WR WKH DXWKRUV DQG LQYLWHG VSHDNHUV IRU SURYLGLQJ WKH FRQWHQW RI RXU SURJUDP DQG VKDULQJ WKHLU YDOXDEOH FRQWULEXWLRQV DW WKH FRQIHUHQFH :H DOVR ZDQW WR WKDQN WKH 3URJUDP &RPPLWWHH PHPEHUV IRU WKHLU GLOLJHQW UHYLHZV LQVLJKWIXO IHHGEDFN DQG DVVLVWDQFH LQ VKDSLQJ WKH ZRUNVKRS¶V SURJUDP :H KRSH WKLV ZRUNVKRS IRVWHUV PHDQLQJIXO FROODERUDWLRQ DQG LGHD VKDULQJ DPRQJ UHVHDUFKHUV DQG SUDFWLWLRQHUV IURPH DOVR ZDQW WR WKDQN WKH 3URJUDP &RPPLWWHH PHPEHUV IRU WKHLU GLOLJHQW UHYLHZV LQVLJKWIXO IHHGEDFN DQG DVVLVWDQFH LQ VKDSLQJ WKH ZRUNVKRS¶V SURJUDP :H KRSH WKLV ZRUNVKRS IRVWHUV PHDQLQJIXO FROODERUDWLRQ DQG LGHD VKDULQJ DPRQJ UHVHDUFKHUV DQG SUDFWLWLRQHUV IURPH DOVR ZDQW WR WKDQN WKH 3URJUDP &RPPLWWHH PHPEHUV IRU WKHLU GLOLJHQW UHYLHZV LQVLJKWIXO IHHGEDFN DQG DVVLVWDQFH LQ VKDSLQJ WKH ZRUNVKRS¶V SURJUDP :H KRSH WKLV ZRUNVKRS IRVWHUV PHDQLQJIXO FROODERUDWLRQ DQG LGHD VKDULQJ DPRQJ UHVHDUFKHUV DQG SUDFWLWLRQHUV IURP
