&*,$5

0RUHWKDQSURGXFWLRQ

e

du

fr
iq

r
Cent

ue

Afr
i

Rice Cen

r
te

ca

riz pour l’

A

Afr caR ce

3ROLFLHVIRUWKH$IULFDQULFHVHFWRU
$IULFD5LFH&HQWHU $IULFD5LFH ±$QQXDO5HSRUW

:HVWDQG&HQWUDO$IULFD
‡$IULFD5LFH&HQWHU%HQLQ WHPSRUDU\KHDGTXDUWHUV 
%3&RWRQRX%HQLQ
7HOHSKRQH  
)D[  
(PDLO$IULFD5LFH#FJLDURUJ
‡$IULFD5LFH&HQWHU&{WHG¶,YRLUH
$ELGMDQ/LDVRQ2IILFH 
%3$ELGMDQ&{WHG¶,YRLUH
7HOHSKRQH  
)D[  
(PDLODEH\H#FJLDURUJ
0¶EpUHVHDUFKVWDWLRQ 
%3%RXDNp&{WHG¶,YRLUH
7HOHSKRQH  
)D[  
‡$IULFD5LFH&HQWHU1LJHULD
,EDGDQUHVHDUFKVWDWLRQ
FR,QWHUQDWLRQDO,QVWLWXWHRI7URSLFDO
$JULFXOWXUH ,,7$ 
2\R5RDG30%,EDGDQ1LJHULD
7HOHSKRQH      

)D[  
(PDLOIQZLOHQH#FJLDURUJ
$EXMDRIILFH 57$SURMHFW
FR)HGHUDO0LQLVWU\RI$JULFXOWXUH
DQG5XUDO'HYHORSPHQW
$UHD30%*DUNL$EXMD1LJHULD
7HOHSKRQH  
)D[  

‡$IULFD5LFH&HQWHU6LHUUD/HRQH :$$33SURMHFW
5RNXSU7RZQ.DPELD'LVWULFW
FR6LHUUD/HRQH$JULFXOWXUDO5HVHDUFK,QVWLWXWH 6/$5, 
30%7RZHU+LOO)UHHWRZQ6LHUUD/HRQH
7HOHSKRQH  
)D[  

(DVWDQG6RXWKHUQ$IULFD
‡$IULFD5LFH&HQWHU7DQ]DQLD
0LNRFKHQL%.DZH$YRFDGR6WUHHW32%R[
'DUHV6DODDP7DQ]DQLD
7HOHSKRQH  
)D[  
(PDLOSNLHSH#FJLDURUJ

‹&RS\ULJKW$IULFD5LFH&HQWHU $IULFD5LFH 
$IULFD5LFHHQFRXUDJHVIDLUXVHRIWKLVPDWHULDO3URSHUFLWDWLRQ
LV UHTXHVWHG 7KH GHVLJQDWLRQV XVHG LQ WKH SUHVHQWDWLRQ RI
PDWHULDOVLQWKLVSXEOLFDWLRQGRQRWLPSO\WKHH[SUHVVLRQRIDQ\
RSLQLRQZKDWVRHYHUE\WKH$IULFD5LFH&HQWHU $IULFD5LFH 
FRQFHUQLQJWKHOHJDOVWDWXVRIDQ\FRXQWU\WHUULWRU\FLW\RU
DUHDRURILWVDXWKRULWLHVRUFRQFHUQLQJWKHGHOLPLWDWLRQRI
LWVIURQWLHUVDQGERXQGDULHV
&LWDWLRQ
$IULFD5LFH&HQWHU $IULFD5LFH $IULFD5LFH&HQWHU
$IULFD5LFH  $QQXDO 5HSRUW  0RUH WKDQ SURGXFWLRQ
3ROLFLHVIRUWKH$IULFDQULFHVHFWRU&RWRQRX%HQLQSS
,6%1
3ULQW
3')

‡$IULFD5LFH&HQWHU6HQHJDO
%36DLQW/RXLV6HQHJDO
7HOHSKRQH    
)D[  
(PDLO$IULFD5LFHVDKHO#FJLDURUJ

:ULWLQJDQGHGLWLQJ

‡$IULFD5LFH&HQWHU/LEHULD :$$33SURMHFW
FR&HQWUDO$JULFXOWXUDO5HVHDUFK,QVWLWXWH &$5, 
6XDNRNR%RQJ&RXQW\
30%0RQURYLD/LEHULD
7HOHSKRQH  

3KRWRFUHGLWV

*UHHQ ,QN ZZZJUHHQLQNFRXN  DQG 6DYLWUL 0RKDSDWUD
$IULFD5LFH
3ULQWLQJ
3UDJDWL2IIVHW3YW/WG+\GHUDEDG,QGLD
*X\0DQQHUV *UHHQ,QN SDJH EDFNJURXQGVHFRQGURZ
DOOWKLUGURZOHIWDQGFHQWHU $OORWKHUSLFWXUHVDUHE\VWDII
PHPEHUVRI$IULFD5LFH&HQWHU $IULFD5LFH DQGQHWZRUNV
DQGFRQVRUWLDFRQYHQHGE\WKH&HQWHU

&RQWHQWV

$ERXW$IULFD5LFH&HQWHU $IULFD5LFH
$IULFD5LFHLVRQHRIWKHLQWHUQDWLRQDODJULFXOWXUDO
UHVHDUFK FHQWHUV WKDW DUH PHPEHUV RI WKH &*,$5
&RQVRUWLXP,WLVDOVRDQLQWHUJRYHUQPHQWDODVVRFLD
WLRQRI$IULFDQPHPEHUFRXQWULHV
7KH&HQWHUZDVHVWDEOLVKHGLQE\$IULFDQ
FRXQWULHV7RGD\LWVPHPEHUVKLSFRPSULVHVFRXQ
WULHVFRYHULQJ:HVW&HQWUDO(DVWDQG1RUWK$IULFDQ
UHJLRQV QDPHO\ %HQLQ %XUNLQD )DVR &DPHURRQ
&HQWUDO $IULFDQ 5HSXEOLF &KDG &{WH G¶,YRLUH
'HPRFUDWLF5HSXEOLFRI&RQJR(J\SW*DERQ7KH
*DPELD*KDQD*XLQHD*XLQHD%LVVDX/LEHULD
0DGDJDVFDU 0DOL 0DXULWDQLD 1LJHU 1LJHULD
5HSXEOLFRI&RQJR5ZDQGD6HQHJDO6LHUUD/HRQH
7RJRDQG8JDQGD
$IULFD5LFHLVLPSOHPHQWLQJLWV6WUDWHJLF3ODQWKURXJK
WKH&*,$55HVHDUFK3URJUDPRQ5LFHNQRZQDVWKH
*OREDO5LFH6FLHQFH3DUWQHUVKLS *5L63 WKH5LFH
7DVN)RUFHPHFKDQLVPDQGDQHWZRUNRI5LFH6HFWRU
'HYHORSPHQW +XEV WKDW DUH EHLQJ VHW XS DFURVV
$IULFD WR FRQFHQWUDWH 5 ' HIIRUWV DQG FRQQHFW
SDUWQHUVDORQJWKHULFHYDOXHFKDLQ
$IULFD5LFH WHPSRUDU\ KHDGTXDUWHUV LV ORFDWHG LQ
&RWRQRX %HQLQ ,W KDV RXWUHDFK VWDWLRQV LQ &{WH
G¶,YRLUH1LJHULD6HQHJDODQG7DQ]DQLD5HVHDUFK
VWDIIDUHDOVREDVHGLQ/LEHULDDQG6LHUUD/HRQH

0HVVDJHIURPWKH%RDUG&KDLUDQG
WKH,QWHULP'LUHFWRU*HQHUDO 

0RUHWKDQSURGXFWLRQ3ROLFLHVIRUWKH$IULFDQ
ULFHVHFWRU 

7KLUG$IULFD5LFH&RQJUHVV 

5HVHDUFKLQEULHI 

,PSURYLQJFOLPDWHULVNVLPXODWLRQIRUDULGDUHDV 

%UHHGLQJIRUVDOLQLW\WROHUDQFH²WKH6DOWROJHQH 

)LUVWIUXLWVRIWKH$IULFDZLGH5LFH%UHHGLQJ7DVN
)RUFH$5,&$ 

'RQRUSUR¿OH²-DSDQ 

3UR¿OHVRIVHOHFWHG3K'FDQGLGDWHV 

0DMRUHYHQWV 

)LQDQFLDOVWDWHPHQWV 

%RDUGRI7UXVWHHV 

6HQLRU6WDIIDQG$VVRFLDWHV 

3RVWJUDGXDWHWUDLQHHV 

$IULFD5LFHWUDLQLQJSURJUDPV 

3XEOLFDWLRQV 

$EEUHYLDWLRQV 

)RUPRUHLQIRUPDWLRQYLVLWZZZ$IULFD5LFHRUJ

e

du

fr
iq

r
Cent

ue

Afr
i

Rice Cen

r
te

ca

A
riz pour l’

Afr caR ce
$IULFD5LFH$QQXDO5HSRUW 

Message from the Board Chair and the Interim Director General
7KH\HDUZDVDFKDOOHQJLQJRQHIRU$IULFD5LFH
FKDUDFWHUL]HG E\ WKUHH ODQGPDUN HYHQWV WKH 7KLUG
$IULFD5LFH&RQJUHVVWKHWK2UGLQDU\6HVVLRQRI
WKH $IULFD5LFH &RXQFLO RI 0LQLVWHUV DQG WKH PRVW
FKDOOHQJLQJRIDOOWKHH[FLWLQJ²DQG\HWELWWHUVZHHW²
GHSDUWXUH RI WKH IRUPHU 'LUHFWRU *HQHUDO 'U 3DSD
6HFN XSRQ KLV QRPLQDWLRQ DV 6HQHJDO¶V 0LQLVWHU
RI $JULFXOWXUH DQG 5XUDO (TXLSPHQW 'U 6HFN OHIW
$IULFD5LFHDOPRVWLPPHGLDWHO\DIWHUWKLVDQQRXQFH
PHQWLQRUGHUWRWDNHXSWKLVLPSRUWDQWDVVLJQPHQW
$WWKHVDPHWLPH$IULFD5LFHVWHSSHGXSLWVUHVHDUFK
DQGGHYHORSPHQWDFWLYLWLHVE\ODXQFKLQJRUJURZLQJ
VHYHUDOLPSRUWDQWLQLWLDWLYHV,QWKLV\HDU¶VPHVVDJH
ZH ZRXOG OLNH WR LQWURGXFH WKH $QQXDO 5HSRUW E\
SURYLGLQJDQRYHUYLHZRIRXUSURJUHVVRQDQXPEHU
RIIURQWV

7KH 7KLUG $IULFD 5LFH &RQJUHVV KHOG LQ <DRXQGp
&DPHURRQ ± 2FWREHU HPSKDVL]HG WKH QHHG WR
LQYHVW LQ WKH PRGHUQL]DWLRQ DQG PHFKDQL]DWLRQ RI
$IULFD¶VULFHLQGXVWU\DQGDJJUHJDWLRQRIIDUPRXWSXW
ZKLOH VDIHJXDUGLQJ WKH ODQG ULJKWV RI VPDOOKROGHUV
DQGLPSURYLQJOLYHOLKRRGV7KHUHZDVDOVRDFDOOWR
HVWDEOLVKZRUOGFODVVUHVHDUFKLQIUDVWUXFWXUHLQ$IULFD
WRLGHQWLI\ULFHJHQHWLFPDWHULDOVIRUUHVLVWDQFHWRPDMRU
ELRWLFDQGDELRWLFVWUHVVHVDQGWRVWUHQJWKHQWKHULFH
VHFWRUGHYHORSPHQWKXEQHWZRUNDQGRWKHUULFHUHODWHG
UHVHDUFKH[WHQVLRQDQGFDSDFLW\EXLOGLQJHIIRUWVIRU
JUHDWHUDQGIDVWHULPSDFWDORQJWKHULFHYDOXHFKDLQ
6HHWKHVHFRQGIHDWXUHLQWKLV\HDU¶VUHSRUWIRUIXUWKHU
LQIRUPDWLRQRQWKH&RQJUHVV SDJH 
7KHWK2UGLQDU\6HVVLRQRIWKH&RXQFLORI0LQLVWHUV
ZDV KHOG LQ 1¶'MDPHQD &KDG ± 'HFHPEHU

&KDLURIWKH%RDUGRI7UXVWHHV'U3HWHU0DWORQ ULJKW ZLWK,QWHULP'LUHFWRU*HQHUDO'U$GDPD7UDRUp 

$IULFD5LFH$QQXDO5HSRUW

XQGHU WKH FKDLUPDQVKLS RI +RQ 0RXVVD 0DKDPDW
$JUH\&KDGLDQ0LQLVWHURI$JULFXOWXUHDQG,UULJDWLRQ
7KH &RXQFLO UHFRPPHQGHG D QHZ WLPHOLQH IRU WKH
UHFUXLWPHQWRIDQHZ'LUHFWRU*HQHUDOZLWKVHOHFWLRQ
E\ WKH %RDUG LQ 6HSWHPEHU  VR WKDW WKH QHZ
LQFXPEHQWZRXOGEHLQSRVWE\-DQXDU\
$QXPEHURIUHVROXWLRQVZHUHDOVRSDVVHGE\&RXQFLO
XUJLQJ$IULFD5LFHWR
‡ 6WHSXSFDSDFLW\GHYHORSPHQWHIIRUWVDORQJWKHULFH
YDOXHFKDLQ
‡ )XUWKHU LQFUHDVH VXSSRUW WR PHPEHU FRXQWULHV LQ
WKHSURYLVLRQRITXDOLW\VHHG
‡ 6WUHQJWKHQSDUWQHUVKLSZLWKWKH$IULFDQ8QLRQLQ
$IULFD5LFHDFWLYLWLHV
‡ &RQWLQXHHIIRUWVWRLQFUHDVHWKHQXPEHURIPHPEHU
FRXQWULHVDQGHQFRXUDJHPHPEHUFRXQWULHVWRSD\
WKHLUFRQWULEXWLRQV
‡ 2SHQDUHJLRQDOUHVHDUFKFHQWHULQ&HQWUDO$IULFD
LQUHVSRQVHWRVWURQJGHPDQGIURPWKHFRXQWULHV
RIWKDWUHJLRQ
7KH &RXQFLO RI¿FLDOO\ ZHOFRPHG 5ZDQGD LQWR WKH
$VVRFLDWLRQ GXULQJ WKLV 6HVVLRQ 7KXV $IULFD5LFH
QRZ KDV D PHPEHUVKLS RI  $IULFDQ VWDWHV 7KH
5ZDQGDQJRYHUQPHQWKDVUHFRJQL]HGULFHDVRQHRI
WKHFRXQWU\¶VPDMRUVWDSOHFURSVDQGDLPVWRDFKLHYH
VHOIVXI¿FLHQF\ LQ ULFH SURGXFWLRQ DQG VXEVWDQWLDOO\
UDLVHWKHFRPSHWLWLYHQHVVRIORFDOULFH5ZDQGDKDV
DOVR LQGLFDWHG LWV ZLOOLQJQHVV WR EDFN $IULFD5LFH¶V
LQLWLDWLYHVLQ(DVWDQG6RXWKHUQ$IULFD
7KH&RXQFLOUHFRJQL]HGWKHLPSRUWDQWFRQWULEXWLRQRI
WKH%HQLQJRYHUQPHQWZKLFKKDVKRVWHG$IULFD5LFH¶V
WHPSRUDU\KHDGTXDUWHUVVLQFHDQGDSSURYHGD
SKDVHG SODQ WR UHWXUQ $IULFD5LFH¶V KHDGTXDUWHUV WR
&{WHG¶,YRLUHZLWKWKHXQGHUVWDQGLQJWKDWWKH,YRULDQ
JRYHUQPHQWIXO¿OOVLWVFRPPLWPHQWVWRWKH&HQWHU
$&HQWHU'HYHORSPHQW3ODQZDVXQYHLOHGODWHLQWKH
\HDUWRFRPSOHPHQWWKH&HQWHU¶V±6WUDWHJLF
3ODQ,WZLOOEHUHYLHZHGUHJXODUO\WRHQVXUHWKDWWKH
$IULFD5LFH$QQXDO5HSRUW

&HQWHUFDQUHVSRQGLQDWLPHO\PDQQHUWRQHZVWUDWHJLF
FKRLFHV DQG UHJLRQDO DQG JOREDO GHYHORSPHQWV
,Q VXPPDU\ WKH 3ODQ LV EDVHG RQ WKH IROORZLQJ
SULQFLSOHVDGHFHQWUDOL]HGPRGHRIRSHUDWLRQORQJ
WHUP VWDEOH IXQGLQJ VWUHQJWKHQHG LQKRXVH DQG
QDWLRQDO DJULFXOWXUDO UHVHDUFK V\VWHPV¶ 1$56 
FDSDFLWLHV DQG HI¿FLHQW DQG FOLHQWRULHQWHG VXSSRUW
VHUYLFHV2YHUWKHSHULRG±LWLVDQWLFLSDWHG
WKDW$IULFD5LFHZLOOUHWXUQLWVKHDGTXDUWHUVWR&{WH
G¶,YRLUHDQGHVWDEOLVKRUIXUWKHUVWUHQJWKHQ5HJLRQDO
&HQWHUV LQ :HVW $IULFD (DVW DQG 6RXWKHUQ $IULFD
DQG&HQWUDO$IULFDHDFKFRQVLVWLQJRIRQHRUPRUH
VWDWLRQV(DFKRIWKH5HJLRQDO&HQWHUVZLOOIRFXVRQ
VSHFL¿F JURXSV RI FRXQWULHV DQG ULFH HQYLURQPHQWV
WKURXJKPXOWLGLVFLSOLQDU\UHVHDUFKWHDPVKHDGHGE\
DUHJLRQDOUHSUHVHQWDWLYH
$IULFD5LFH LV SURYLGLQJ WDUJHWHG VXSSRUW DQG LQWHU
YHQWLRQV WR VSHFLILF FRXQWULHV ZLWK VSHFLDO QHHGV
/LEHULD 1LJHULD DQG 6LHUUD /HRQH  DW WKHLU UHTXHVW
WR DVVLVW LQ WKH GHYHORSPHQW RI WKHLU ULFH VHFWRUV
6SHFL¿FDOO\LQFRXQWU\RI¿FHVZHUHRSHQHGLQ
/LEHULDDQG6LHUUD/HRQHWRFRRUGLQDWHQHZSURMHFWV
PRVWO\ UHODWHG WR FDSDFLW\VWUHQJWKHQLQJ XQGHU WKH
XPEUHOOD RI WKH :RUG %DQNIXQGHG :HVW $IULFD
$JULFXOWXUDO3URGXFWLYLW\3URJUDP :$$33 
$VRI'HFHPEHUWZRLQWHUQDWLRQDOO\UHFUXLWHG
VWDII DUH EDVHG LQ 6LHUUD /HRQH DQG WKUHH VWDII
RQH LQWHUQDWLRQDOO\ UHFUXLWHG  LQ /LEHULD $ QHZ
$IULFD5LFHRI¿FHZDVDOVRRSHQHGLQ$EXMD1LJHULD
ZLWKLQWKH)HGHUDO0LQLVWU\RI$JULFXOWXUHLQ$SULO
7KUHH VWDII VHHG V\VWHPV VSHFLDOLVW YDOXHFKDLQ
VSHFLDOLVW H[WHQVLRQ DJURQRPLVW  ZHUH UHFUXLWHG WR
VXSSRUW1LJHULD¶V5LFH7UDQVIRUPDWLRQ$JHQGD
'XULQJ  WKH $IULFD5LFH 5LVN 0DQDJHPHQW
&RPPLWWHH LQFUHDVHG LWV IRFXV RQ LGHQWLI\LQJ DQG
PLWLJDWLQJULVNVE\HVWDEOLVKLQJD5LVN0DQDJHPHQW
8QLW7KH8QLWLVFRPSULVHGRIWKH5LVN0DQDJHPHQW
2I¿FHU/HJDO$GYLVRU,QWHUQDO$XGLWRUDQGWKH+HDG
RI 6HFXULW\ 7KH 8QLW ZLOO VXSSRUW WKH &RPPLWWHH
E\ RSHUDWLRQDOL]LQJ $IULFD5LFH¶V ULVN PDQDJHPHQW
VWUDWHJ\ DQG SROLF\ 7KH 8QLW KDV WUDLQHG DOO VWDII 

DW $IULFD5LFH KHDGTXDUWHUV DQG LQ WKH RXWVWDWLRQV
&{WH G¶,YRLUH 1LJHULD 6HQHJDO DQG 7DQ]DQLD  RQ
WKHLPSRUWDQFHDQGSURFHVVRIULVNPDQDJHPHQWDQG
IDFLOLWDWHGWKHGHYHORSPHQWRIDULVNUHJLVWHU
7RGHPRQVWUDWHWKDWULFHIDUPHUVLQ$IULFDFDQDFFHVV
WKHQH[WJHQHUDWLRQRIKLJKSHUIRUPLQJULFHYDULHWLHV
DIWHU WKH XSODQG DQG ORZODQG 1(5,&$V D QHZ
JHQHUDWLRQRILPSURYHGULFHYDULHWLHVFDOOHGµ$5,&$¶
ZDVODXQFKHGLQ VHH5HVHDUFKLQEULHILWHPµ)LUVW
IUXLWVRIWKH$IULFDZLGH5LFH%UHHGLQJ7DVN)RUFH
$5,&$¶SDJH 
,QUHVSRQVHWRGHPDQGIURPULFHVWDNHKROGHUVDFURVV
$IULFD WKH $IULFDZLGH 5LFH 0HFKDQL]DWLRQ 7DVN
)RUFHZDVHVWDEOLVKHGLQ-XO\LQYROYLQJSDUWQHUV
IURPERWKWKHSXEOLFDQGSULYDWHVHFWRUV7KLVLVWKH
VL[WK 7DVN )RUFH WR EH HVWDEOLVKHG VLQFH  DQG
EULQJVWKHWDVNIRUFHPHFKDQLVPXSWRIXOOVWUHQJWK
7KH\HDUDOVRVDZFRQWLQXHGHIIRUWVWRUDPSXSWKH
RQIDUPLPSDFWRI$IULFD5LFHUHVHDUFK7KHULFHVHFWRU
GHYHORSPHQWKXEVQHWZRUNLQWURGXFHGE\$IULFD5LFH
WRFRQFHQWUDWH5 'HIIRUWVDQGFRQQHFWSDUWQHUVDORQJ
WKHULFHYDOXHFKDLQFRQWLQXHGWRJURZ%\WKHHQGRI 
VRPHULFH+XEVKDGEHHQLGHQWL¿HGE\1$56
LQFRXQWULHVDFURVV$IULFD
:H UHFRJQL]H WKDW ORQJWHUP LPSDFW UHTXLUHV
LPSURYLQJFDSDFLWLHVRIGHYHORSPHQWSDUWQHUVDFURVV
WKH FRQWLQHQW &RQVHTXHQWO\ $IULFD5LFH LQFUHDVHG
LWVSUDFWLFDOJURXSWUDLQLQJIRFXVHGRQGHYHORSPHQW
SDUWQHUV SDUWLFXODUO\ IURP WKH SXEOLF VHFWRU DQG
1*2V ZLWK ZKRP RXU UHVHDUFKHUV ZRUN ZLWKLQ

$GDPD7UDRUp 

DQG DURXQG WKH ULFH +XEV 7R IDFLOLWDWH LQIRUPDWLRQ
H[FKDQJHDPRQJDFWRUVZLWKLQWKH+XEVZHFUHDWHGD
YLUWXDOSODWIRUPFDOOHG5LFHH+XE ZZZULFHKXERUJ 
,WZLOOKHOSFDSWXUHNQRZOHGJHIURPQDWLRQDOSDUWQHUV
DQGKDVVWDUWHGDFDWDORJXHRIVFDODEOHWHFKQRORJLHV
)RXUSLORWFRXQWULHVKDGVXFFHVVIXOO\FUHDWHGWKHLURZQ
SDJHVZLWKLQWKH5LFHH+XEE\WKHHQGRIWKH\HDU
2YHU WKH \HDUV ZH KDYH EHHQ DEOH WR LQFUHDVH RXU
UHVHDUFKIRUGHYHORSPHQW DFWLYLWLHV DQG VXSSRUW
RSHUDWLRQV ZLWKRXW D VLPLODU LQFUHDVH LQ KXPDQ
UHVRXUFHV$VWKLVZDVEHFRPLQJDPDMRUERWWOHQHFN
DQG SXWWLQJ WRR PXFK VWUDLQ RQ WKH FXUUHQW VWDII D
VSHFLDOHIIRUWZDVPDGHLQWR¿OOVHYHUDOFULWLFDO
SRVLWLRQV LQ ERWK LQWHUQDWLRQDOO\ UHFUXLWHG VWDII
DQG SRVWGRFWRUDO IHOORZ DQG JHQHUDO VXSSRUW VWDII
FDWHJRULHV ,Q  WKH &HQWHU HPSOR\HG RU KRVWHG 
LQWHUQDWLRQDOO\ UHFUXLWHG VWDII  KRVWHG  %\ WKH
HQGRIWKLVKDGJURZQWR KRVWHGLQFOXGLQJ
SRVWGRFWRUDOIHOORZVDQGORQJWHUPFRQVXOWDQWV 
$OOLQDOOKDVEHHQDYHU\HYHQWIXODQGVXFFHVVIXO
\HDU IRU WKH LQVWLWXWH :H ZRXOG OLNH WR WDNH WKLV
RSSRUWXQLW\WRWKDQN'U3DSD6HFNIRUKLVERXQGOHVV
HQHUJ\DQGDOOKLVHIIRUWVLQOHDGLQJ$IULFD5LFHWRLWV
FXUUHQWSRVLWLRQWKDWRIDSDQ$IULFDQULFHUHVHDUFK
IRUGHYHORSPHQWRUJDQL]DWLRQRIVWDWHVDQGDVROLG
PHPEHURIWKHUHQHZHG&*,$5ZLWKWKHDPELWLRQWR
WXUQWKHULFHVHFWRULQWRDQHQJLQHIRUVXVWDLQDEOHDQG
HTXLWDEOHHFRQRPLFJURZWKDFURVV$IULFD:HZLVK
KLPZHOOLQKLVQHZSRVLWLRQZKHUHZHNQRZWKDWKH
ZLOOFRQWLQXHWRVXSSRUWULFH5 'QRWRQO\LQ6HQHJDO
EXWDFURVVWKHFRQWLQHQW

3HWHU0DWORQ

$IULFD5LFH$QQXDO5HSRUW

More than production: Policies for the African rice sector

$

IULFD5LFH¶VSROLF\ZRUNKDVWDNHQDKLJKSUR¿OHDWWKH&HQWHUVLQFHWKHDUULYDORIIRUPHU'LUHFWRU
*HQHUDO3DSD$EGRXOD\H6HFNLQD\HDUEHIRUHWKHµULFHFULVLV¶2XUSROLF\ZRUNLVQRWE\DQ\
PHDQV¿QLVKHG7KHSDVWIHZ\HDUVKDYHVHHQSROLF\HPSKDVLVVKLIWWRLQFOXGHWKHZKROHYDOXHFKDLQWKDW
LVLQYROYHGLQPHHWLQJWKHTXDOLWDWLYHDQGTXDQWLWDWLYHGHPDQGVRI$IULFDQULFHFRQVXPHUV

Production on the rise
5LFH SURGXFWLRQ LQ VXE6DKDUDQ $IULFD FKDQJHG
JHDU DIWHU WKH ULFH FULVLV KLW LQ  WKH UHVXOW RI D
FRPELQDWLRQRISUHDQGSRVWFULVLVUHVSRQVHVWRWKH
QHHGWRPRYHDZD\IURPGHSHQGHQFHRQLPSRUWV7KH
¿JXUHV VSHDN IRU WKHPVHOYHV DFFRUGLQJ WR 8QLWHG
6WDWHV'HSDUWPHQWRI$JULFXOWXUH 86'$ GDWDULFH
SURGXFWLRQJUHZE\DQDYHUDJHRISHU\HDURYHU
WKH SHULRG ± DQG E\  SHU \HDU IURP 

WR7RWDOSURGXFWLRQURVHE\MXVWPLOOLRQ
WRQQHV 0W RYHUWKH\HDUVSULRUWRWKHFULVLVDQG
WKHQE\0WRYHUWKHIROORZLQJ\HDUV0HDQZKLOH
RYHUDOO ULFH \LHOGV KDG EHHQ JURZLQJ RQO\ VORZO\
DW  NJKD RYHU WKH SHULRG ± MXPSLQJ WR 
NJKD SHU \HDU WKHUHDIWHU ² D VWDJJHULQJ 
LQFUHDVHLQSURGXFWLYLW\LQ\HDUV%HWZHHQDQG 
VRPHRIWKHLQFUHDVHLQWRWDOULFHSURGXFWLRQ

,QFUHDVLQJSURGXFWLRQFDQPHDQLQFUHDVLQJILHOGVL]HV5LFHIDUPHUVRI)RJHUD'LVWULFWQRUWKZHVWHUQ(WKLRSLD
$IULFD5LFH$QQXDO5HSRUW 

ZDVDWWULEXWDEOHWRH[SDQVLRQRIWKHULFHDUHDZKLOH
EHWZHHQDQGVRPHZDVDWWULEXWDEOH
WRWKH\LHOGLQFUHDVH

Supply, supply, supply
7KH&RDOLWLRQIRU$IULFDQ5LFH'HYHORSPHQW &$5' 
ZDVFUHDWHGLQWKHPLGVWRIWKHFULVLVZLWKDJRDORI
GRXEOLQJ FRQWLQHQWDO SURGXFWLRQ E\  &$5'
DQ LQLWLDWLYH RI WKH -DSDQ ,QWHUQDWLRQDO &RRSHUDWLRQ
$JHQF\ -,&$ DQG$OOLDQFHIRUD*UHHQ5HYROXWLRQLQ
$IULFD $*5$ LVDFRQVXOWDWLYHJURXSLQJRIELODWHUDO
DQG PXOWLODWHUDO GHYHORSPHQW SDUWQHUV DQG $IULFDQ
DQG LQWHUQDWLRQDO LQVWLWXWLRQV 3DUWQHUV LQ &$5'
LQFOXGH WKH $IULFDQ 'HYHORSPHQW %DQN $I '% 
)RRG DQG $JULFXOWXUH 2UJDQL]DWLRQ RI WKH 8QLWHG
1DWLRQV )$2 )RUXPIRU$JULFXOWXUDO5HVHDUFKLQ
$IULFD )$5$ ,QWHUQDWLRQDO)XQGIRU$JULFXOWXUDO
'HYHORSPHQW ,)$'  ,QWHUQDWLRQDO 5LFH 5HVHDUFK
,QVWLWXWH ,55, -DSDQ,QWHUQDWLRQDO5HVHDUFK&HQWHU
IRU$JULFXOWXUDO6FLHQFHV -,5&$6 1HZ3DUWQHUVKLS
IRU$IULFD¶V'HYHORSPHQW 1(3$' WKH:RUOG%DQN
DQG $IULFD5LFH &$5' HQFRXUDJHG PRUH WKDQ 
FRXQWULHVLQVXE6DKDUDQ$IULFDWRGHYHORSQDWLRQDO
ULFHGHYHORSPHQWVWUDWHJLHV 15'6 WRLPSOHPHQWWKLV
DPELWLRXVSURJUDP

WHOO\RXWKDW$IULFD¶VULFHSURGXFWLRQDUHDLVGRPLQDWHG
E\UDLQIHGIDUPLQJ
,QDQDQDO\VLVRIGDWDIURPVXE6DKDUDQ$IULFDQ
FRXQWULHVIRUZKLFK15'6DUHDYDLODEOH$IULFD5LFH
DJURQRPLVW.D]XNL6DLWRDQG'HSXW\'LUHFWRU*HQHUDO
0DUFR :RSHUHLV GHWHUPLQHG WKDW KLJKHU QDWLRQDO
DYHUDJH \LHOGV ZHUH GLUHFWO\ UHODWHG WR D JUHDWHU
VKDUHRILUULJDWHGULFHLQWKHWRWDOULFHDUHD6LPLODUO\
LQFUHDVLQJQDWLRQDODYHUDJH\LHOGVRYHUWZRSHULRGV
EHIRUHDQGDIWHU ZHUHUHODWHGWRLQFUHDVHVLQWKH
SURSRUWLRQRIWKHULFHDUHDWKDWZDVLUULJDWHG,WVHHPV
HYLGHQWWKDWWKHPRVWUDSLGLQFUHDVHVLQSURGXFWLYLW\DUH
JRLQJWREHDFKLHYHGLQWKRVHFRXQWULHVWKDWKDYHWKH
H[SHUWLVHDQGHQYLURQPHQWVWRHVWDEOLVKQHZLUULJDWLRQ
VFKHPHV ,Q DOO EXW  RI WKH  FRXQWULHV DQDO\]HG
H[LVWLQJDQGWDUJHWHGLUULJDWLRQDUHDVDFFRXQWIRUOHVV
WKDQRIWKHFRXQWU\¶VSRWHQWLDO7KHUHLVWKHUHIRUH
KXJHVFRSHIRU H[SDQVLRQ RILUULJDWHG ULFHIDUPLQJ
ZKLFKLVNH\WRLPSURYHGQDWLRQDODYHUDJH\LHOGVDQG
WKHUHIRUHSURGXFWLRQ

,Q D UHYLHZ RI WKH WKHQ H[LVWLQJ  15'6 IRUPHU
$IULFD5LFH DJULFXOWXUDO HFRQRPLVW 0DWW\ 'HPRQW
SRLQWHGRXWLQDSXEOLFDWLRQLQ*OREDO)RRG6HFXULW\
MRXUQDOWKDWWKHSURJUDPVZHUHDOPRVWHQWLUHO\IRFXVHG
RQSURGXFWLYLW\
'RPHVWLF VXSSO\ LV FOHDUO\ LPSRUWDQW LI WKH UHJLRQ
LVWR   
DQGIRUULFHSUHGLFWHGWREH
LQH[FHVVRI0WLQ VHHµ7KLUG$IULFD5LFH
&RQJUHVV¶SDJH :KLOHPDQ\VWLOOORRNIRUKRSH
IRURUGULYHWRZDUGDJUHHQUHYROXWLRQLQULFHLQ$IULFD
RQHKDVWREHDULQPLQGWKHVWURQJGLIIHUHQFHVEHWZHHQ
$IULFD DQG $VLD 7KH ULFH JUHHQ UHYROXWLRQ LQ $VLD
ZDVEDVHGRQLQSXWUHVSRQVLYHYDULHWLHVDQGPDVVLYH
LQSXWV HVSHFLDOO\ LQ WHUPV RI IHUWLOL]HUV DQG ZDWHU
2QHPLJKWVD\WKDWWKHJUHHQUHYROXWLRQIRUULFHZDVDQ
LUULJDWLRQUHYROXWLRQ0RVWULFHZRUNHUVLQ$IULFDZLOO 

5LFHILHOGQHDU%RRNHU:DVKLQJWRQ,QVWLWXWH.DNDWD/LEHULD
$IULFD5LFH$QQXDO5HSRUW

Papa Abdoulaye Seck1
3DSD $EGRXOD\H 6HFN D VSHFLDOLVW LQ DJULFXOWXUDO
VWUDWHJ\ DQG SROLF\ DQDO\VLV IURP 6HQHJDO ZDV
DSSRLQWHGDV$IULFD5LFH'LUHFWRU*HQHUDOLQ2FWREHU 
)URPWKDWPRPHQWXQWLOKLVGHSDUWXUHLQ6HSWHP
EHU²ZKHQKHZDVQRPLQDWHGE\WKH3UHVLGHQWRI
6HQHJDOWREHFRPH6HQHJDO¶V0LQLVWHURI$JULFXOWXUH
DQG5XUDO(TXLSPHQW²WKHZLQGVRIFKDQJHWKDWVZHSW
DFURVVWKH&HQWHUZHUHXQPLVWDNDEOH
6HFN¶VYLVLRQDQGFRPPLWPHQWWRWKHJRDOVRI$IULFD
5LFHKDYHWUDQVIRUPHGWKH&HQWHU+HKDVEHHQDQRXW
VWDQGLQJVSRNHVSHUVRQIRUHIIHFWLYHHFRQRPLFSROLFLHV
WRWUDQVIRUPWKHULFHSURGXFWLRQRI$IULFDQFRXQWULHVRI
WKHNLQGWKDWKDYHHQDEOHGVHYHUDOQDWLRQDOJRYHUQPHQWV
WRIRUPXODWHIDYRUDEOHULFHSROLFLHVDQGLQFUHDVHULFH
DYDLODELOLW\ WR WKHLU SRRUHVW FLWL]HQV &RQVHTXHQWO\
$IULFD5LFHKDVEHFRPHDFDWDO\VWIRUWKHUHPDUNDEOH
YLVLELOLW\RIWKHULFHVHFWRULQVXE6DKDUDQ$IULFDDV
DQHQWU\SRLQWIRUIRRGVHFXULW\DQGSRYHUW\UHGXFWLRQ
,QYHQWLQJDQHZW\SHRIVFLHQWLVW
2Q MRLQLQJ $IULFD5LFH 6HFN UHLWHUDWHG KLV VWURQJ
FRQYLFWLRQ WKDW $IULFD ZRXOG GHYHORS HLWKHU WKURXJK
VFLHQFH DQG WHFKQRORJ\ RU QRW DW DOO ³2QH RI P\
FKHULVKHG GUHDPV KDV EHHQ IXO¿OOHG ² WR EH LQ D
VWUDWHJLFSRVLWLRQWRVHUYH$IULFDEHWWHUEHFDXVHWKLV
&HQWHULVZLWKRXWGRXEWDQLQYDOXDEOHWRROWRGHYHORS
DPRUHYLJRURXV$IULFDQULFHVHFWRU´
$VSDUWRIKLVQHZYLVLRQDQGVWUDWHJ\6HFNSXWIRUZDUG
WKHLGHDRIDµWRWDOUHVHDUFKHU¶$FFRUGLQJWRKLPWKH
QHHGRIWKHKRXUIRU$IULFDZDVDWRWDOVFLHQWLVWZKR
ZRXOGQRWMXVWFRQ¿QHKLPRUKHUVHOIWRDODERUDWRU\
RU UHVHDUFK VWDWLRQ EXW ZRXOG DOVR EH DEOH WR OLVWHQ
XQGHUVWDQGDQGDGGUHVVWKHUHDOSUREOHPVRIHQGXVHUV
GHYHORSZLQQLQJSURMHFWSURSRVDOVJHQHUDWHUHOHYDQW
NQRZOHGJHDQGWHFKQRORJLHVFRPPXQLFDWHHIIHFWLYHO\
ZLWKYDULRXVW\SHVRISDUWQHUVDQWLFLSDWHSUREOHPVDQG
EHUHDG\ZLWKRSWLRQV

7KHHYHUSRSXODU3DSD6HFNZLWKVRPHRIWKRVHKHKDVKHOSHG

³,Q EULHI LQ WRGD\¶V ZRUOG WKH GXWLHV RI D µWRWDO
UHVHDUFKHU¶ FRYHU IXQGUDLVLQJ REWDLQLQJ UHOLDEOH
VFLHQWL¿FUHVXOWVHIIHFWLYHFRPPXQLFDWLRQDQGDQWLFLSD
WLRQRIIXWXUHUHVHDUFKQHHGV´KHH[SODLQHG6SHOOLQJ
RXWWKHNH\SULQFLSOHVRIKLVQHZYLVLRQ²WUDQVSDUHQF\
HTXLW\VFLHQWL¿FH[FHOOHQFHLQWHUGLVFLSOLQDULW\V\VWHPV
DSSURDFK VWUHQJWKHQLQJ RI WKH 1$56 DQG RSHQQHVV
WRZDUGVDOOSDUWQHUV²KHFDOOHGIRUDFKDQJHLQDWWLWXGH
DPRQJUHVHDUFKHUVDQGUHVHDUFKDGPLQLVWUDWRUV
3XWWLQJULFHRQWKHSROLF\DJHQGDRI$IULFDQFRXQWULHV
6HFN¶V LQLWLDWLYHV LQ  DQG  WR SUHHPSW WKH
ORRPLQJULFHFULVLVKDYHEHHQGRFXPHQWHGHOVHZKHUH
VHH HJ /HVVRQV IURP WKH 5LFH &ULVLV 3ROLFLHV IRU
IRRGVHFXULW\LQ$IULFD$IULFD5LFH 
³5HO\LQJ VR PXFK RQ ULFH IURP RWKHU FRXQWULHV LV
D UHFLSH IRU GLVDVWHU IRU $IULFD´ KH UHPDUNHG ³:H
DUHFRQYLQFHGWKDWWKHIXWXUHIRUULFHIDUPLQJOLHVLQ
$IULFD8QOLNH$VLDWKLVFRQWLQHQWKDVJUHDWXQWDSSHG
SRWHQWLDOZKLFKFDQEHVHHQLQLWVODUJHWUDFWVRIODQG
DQGXQGHUXWLOL]HGZDWHUUHVRXUFHV´
7RUHVSRQGWRWKH±ULFHFULVLVPDQ\$IULFDQ
JRYHUQPHQWV LPSOHPHQWHG SROLFLHV DQG SURMHFWV WKDW 

%DVHGRQ0RKDSDWUD63DSD$EGRXOD\H6HFN$SDVVLRQDWHDGYRFDWHRIUHVHDUFKIRU$IULFD¶VGHYHORSPHQW5LFH7RGD\   
±

$IULFD5LFH$QQXDO5HSRUW 

IDFLOLWDWHG VPDOOKROGHU IDUPHUV¶ DFFHVV WR LPSURYHG
WHFKQRORJLHVE\LPSURYLQJDYDLODELOLW\RIVXEVLGL]HG
FHUWL¿HGVHHGDQGSURGXFWLYLW\HQKDQFLQJLQSXWVVXFK
DVIHUWLOL]HUDQGIDUPPDFKLQHU\7KLVÀXUU\RISROLF\
DFWLYLW\KDVKDGDSRVLWLYHLPSDFWRQULFHSURGXFWLRQ
LQVXE6DKDUDQ$IULFD
7KH FRQFHUWHG HIIRUWV RI 6HFN DQG RWKHUV KDYH
VXFFHHGHGLQSXWWLQJULFH¿UPO\RQWKHSROLF\DJHQGD
RI$IULFDQFRXQWULHV7KHUHLVUHQHZHGFRPPLWPHQWWR
WKHSURPRWLRQRIGRPHVWLFULFHSURGXFWLRQ
$IULFD5LFH¶VUHVHDUFKDQGLWVHIIHFWLYHFRPPXQLFDWLRQ
WRSROLF\PDNHUVKDVEHHQVLJQL¿FDQWLQIUDPLQJWKH
FKDOOHQJHV RSSRUWXQLWLHV DQG SROLF\ RSWLRQV IRU WKH
GHYHORSPHQW RI GRPHVWLF ULFH SURGXFWLRQ DQG IRU
LQFUHDVLQJ WKH SURGXFWLYLW\ DQG SUR¿WDELOLW\ RI WKH
ULFHVHFWRU
7UDQVIRUPLQJWKH&HQWHU
6HFN ZDV D YRFDO DGYRFDWH IRU LQFUHDVHG LQYHVWPHQW
LQULFHUHVHDUFKDQGJUHDWHURZQHUVKLSRI$IULFD5LFH
E\$IULFDQFRXQWULHV6HYHUDOQHZFRXQWULHVKDYHQRZ
MRLQHGIURPWKHFHQWUDOHDVWHUQDQGQRUWKHUQSDUWVRI
WKH FRQWLQHQW LQFUHDVLQJ WKH QXPEHU RI $IULFD5LFH
PHPEHUFRXQWULHVIURPLQWRLQ
,QDGGLWLRQWRWKLVJHRJUDSKLFH[SDQVLRQ$IULFD5LFH
KDVWUDQVIRUPHGLWVHOILQPDQ\RWKHUZD\V,WVEXGJHW
KDV WULSOHG VLQFH  7KLV LQ WXUQ KDV KHOSHG WR
LQFUHDVHVXEVWDQWLDOO\WKHQXPEHUDQGYROXPHRIMRLQW
ULFHSURMHFWVFRYHULQJPHPEHUVWDWHV

³:HKDYHWRJHQHUDWHNQRZOHGJHDQGWHFKQRORJ\ZKLFK
FDQKDYHDQLPSDFWLQ$IULFDE\SRROLQJWRJHWKHURXU
UHVRXUFHV RXU LQWHOOLJHQFH DQG RXU HIIRUWV $ORQH
LW ZLOO EH LPSRVVLEOH IRU DQ\RQH WR LPSOHPHQW DQ
HIIHFWLYH UHVHDUFK DJHQGD LQ $IULFD EXW WRJHWKHU ZH
FDQVXFFHHG´VDLG6HFN7KLVSDUWQHUVKLSVHWWKHVWDJH
IRU WKH ODXQFK RI WKH &*,$5 5HVHDUFK 3URJUDP RQ
5LFHNQRZQDVWKH*OREDO5LFH6FLHQFH3DUWQHUVKLS
*5L63 LQ
(QGXULQJSDVVLRQIRUUHVHDUFK
6HFN KDV UHFHLYHG PDQ\ DZDUGV DQG GLVWLQFWLRQV
LQFOXGLQJWKHµ/pJLRQG¶KRQQHXU¶²)UDQFH¶VKLJKHVW
GLVWLQFWLRQ²EXWKHZHDUVKLVIDPHOLJKWO\,Q6HQHJDO
KH LV NQRZQ DV µ1GDQDDQH¶ ZKLFK LQ :RORI ORFDO
ODQJXDJH PHDQVµDVWDU¶RUµDQHUXGLWH¶ZKRPDVWHUV
PDQ\VXEMHFWV
+HLVMXVWL¿DEO\SURXGWREHDPHPEHURIWKH6HQHJDO
$FDGHP\RI6FLHQFHVDQG7HFKQRORJLHVWKH$IULFDQ
$FDGHP\ RI 6FLHQFHV DQG 7KH :RUOG $FDGHP\ RI
6FLHQFHV
5HPLQLVFLQJ DERXW KLV FKLOGKRRG DQG \RXWK 6HFN
UHFDOOV WKDW ZKHQ KH ZDV DVNHG WR OLVW KLV WRS WKUHH
FKRLFHVRISURIHVVLRQKHVLPSO\UHSOLHG³UHVHDUFK´
³5HVHDUFK KDV UHPDLQHG P\ SDVVLRQ IRU DOPRVW 
\HDUV´ 6HFN 3$  eORJH GH OD UHFKHUFKH 
3DVVLRQHWWHQVLRQG¶XQFKHUFKHXUDIULFDLQ>,QSUDLVHRI
UHVHDUFK3DVVLRQDQGWHQVLRQVRIDQ$IULFDQVFLHQWLVW@
3DQDIULND6LOH[1RXYHOOHVGX6XG'DNDU6HQHJDO

&RPPHQGLQJ 6HFN¶V DFKLHYHPHQWV WKH $IULFD5LFH
%RDUG RI 7UXVWHHV VWDWHG ³+H KDV OHIW EHKLQG DQ
H[FHSWLRQDOO\ ZHOOPDQDJHG ¿QDQFLDOO\ VRXQG DQG
VFLHQWL¿FDOO\YLEUDQWRUJDQL]DWLRQ´

'U3DSD$6(&.

ĈORJH
'HOD
5HFKHUFKH

$VROLGEHOLHYHULQWKHSRZHURIFROODERUDWLRQWREHQH¿W
IURPFRPSDUDWLYHDGYDQWDJHV6HFN²WRJHWKHUZLWK
,55,'LUHFWRU*HQHUDO5REHUW=HLJOHU²PDGHKLVWRU\
LQE\FRPPLWWLQJ$IULFD5LFHDQG,55,WRDJOREDO
SDUWQHUVKLSIRUULFHUHVHDUFK 

ΞWĂŶĂĨƌŝŬĂϮϬϭϮ

6WURQJHUSDUWQHUVKLS

3DVVLRQHWWHQVLRQG
XQ
&KHUFKHXUDIULFDLQ
Préface du Dr Gérard Matheron
Président du Conseil d'administration du Centre de coopération
internationale en recherche agronomique pour le développement (CIRAD), France
Postface du Prof. Ahmadou Lamine Ndiaye
Président de l’Académie nationale des sciences et techniques du Sénégal (ANSTS)
Président de l’Académie africaine des sciences (AAS)
Panafrika
Silex - Nouvelles du Sud

$IULFD5LFH$QQXDO5HSRUW

Upgrading the value chain
,QFUHDVLQJGRPHVWLFSURGXFWLRQRQLWVRZQPD\QRW
EHHQRXJKWRWLOWWKHEDODQFHWRZDUGVHOIVXI¿FLHQF\
)RUH[DPSOH6HQHJDOERRVWHGGRPHVWLFSURGXFWLRQLQ 
LQUHVSRQVHWRWKHFULVLVEXWDFFRUGLQJWR'HPRQW  
³ZKHQULFHIDUPHUV>EURXJKW@WKHULFHVXUSOXV
JHQHUDWHGE\WKHSURJUDPWRPDUNHWWKHPDUNHWZDV
WHPSRUDULO\ÀRRGHGDVWKHUHZDVQRFRPPHQVXUDWH
LQFUHDVHLQGHPDQGIRUORFDOULFHUHVXOWLQJLQDVWHHS
GHFOLQHRISULFHV´7KLVVWRU\LVOLNHO\WREHUHSHDWHG
HOVHZKHUH RQ WKH FRQWLQHQW HVSHFLDOO\ LQ FRDVWDO
FRXQWULHVWKDWLPSRUWODUJHTXDQWLWLHVRIULFHDQGZKRVH
XUEDQ SRSXODWLRQV KDYH EHFRPH DFFXVWRPHG WR WKH
TXDOLW\DWWULEXWHVRILPSRUWHGULFH

VXSSO\DGGLQJYDOXHDQGPDLQWDLQLQJGHPDQGIRUORFDO
ULFH7KHVHFRXQWULHVPD\DOVREHQH¿WIURPDUHJLRQDO
YDOXHFKDLQDSSURDFKWRULFHGHYHORSPHQW'HPRQW¶V
UHVHDUFKRQWKH15'6SDUWLFXODUO\KLJKOLJKWHG0DOL
ZKLFK KDV DPELWLRQV DV D ULFHH[SRUWLQJ FRXQWU\
DQG ZLOO WKHUHIRUH QHHG WR IRFXV RQ YDOXHFKDLQ
XSJUDGLQJ SURPRWLQJWUDGHLQFUHDVLQJFRRUGLQDWLRQ
DPRQJVWDNHKROGHUVSURYLGLQJPDUNHWLQJFUHGLWDQG
GHYHORSLQJH[SRUWVWUDWHJLHV 

$IULFD5LFHFRQVHTXHQWO\DGGHGLWVYRLFHWRWKRVHRI
WKH:RUOG%DQN8QLWHG1DWLRQV&RQIHUHQFHRQ7UDGH
DQG'HYHORSPHQW 81&7$' DQG)$2LQWKHFDOOWR
ZLGHQLQYHVWPHQWWRFRYHUWKHZKROHYDOXHFKDLQUDWKHU
WKDQVLPSO\IRFXVLQJRQSURGXFWLRQ8SJUDGLQJWKH
ZKROHYDOXHFKDLQUHTXLUHVYDOXHDGGLQJLQYHVWPHQWV
DVZHOODVLQYHVWPHQWVLQSURGXFWLRQ

'HVSLWHWKHSRRULPDJHRIORFDOULFHIXUWKHUUHVHDUFK
FRQ¿UPHGWKDWXUEDQFRQVXPHUVZHUHZLOOLQJWRSD\
D SUHPLXP HYHQ DERYH WKH SULFH RI WKHLU FXUUHQWO\
SUHIHUUHGLPSRUWHGULFHEUDQGV IRUKLJKTXDOLW\ORFDO
ULFH,QWHUPVRIPDUNHWLQJDNH\IDFWRULQLPSRUW
ELDVHGFRXQWULHVVHHPVWREHPDNLQJVXUHWKDWORFDO
ULFH LV SDFNDJHG VR WKDW LW EOHQGV LQ ZLWK LPSRUWHG
EUDQGV RQ WKH VKHOI LQ XUEDQ PDUNHWV +RZHYHU
WKH DSSHDUDQFH JUDGH FRRNLQJ FKDUDFWHULVWLFV DQG
DURPDWKHQKDYHWROLYHXSWRWKHH[SHFWDWLRQRIWKH
EUDQGLQJ²SRRUTXDOLW\ ULFH PDVTXHUDGLQJ DV D
KLJKTXDOLW\SURGXFWZRXOGRQO\IXUWKHUXQGHUPLQH
FRQ¿GHQFHLQORFDOULFH

$IULFD5LFH KDV DQDO\]HG ULFH SURGXFWLRQ FKDLQV LQ
6HQHJDO WR GHWHUPLQH WKH VHTXHQFH RI LQYHVWPHQWV
UHTXLUHGIRUYDOXHDGGLQJEHIRUHWDFNOLQJSURGXFWLYLW\
7KLV DQDO\VLV SURYLGHV D PRGHO IRU RWKHU FRXQWULHV
HVSHFLDOO\ WKRVH ZLWK LPSRUWELDVHG PDUNHWV VHH
µ8SJUDGLQJ ULFH YDOXH FKDLQV 7KH UROH RI SROLF\
VHTXHQFLQJ¶ $IULFD5LFH $QQXDO 5HSRUW  SDJHV 
± 

7KH RYHUDOO FRQFOXVLRQ LV WKDW PRUH UHVRXUFHV QHHG
WREHGLUHFWHGWRZDUGYDOXHFKDLQXSJUDGLQJWRDGG
YDOXHWRGRPHVWLFULFHSURGXFWLRQVXFKWKDWSRRUULFH
IDUPHUVKDYHDFFHVVWRWKHODUJHXUEDQPDUNHWVWKDW
DUHFXUUHQWO\PDLQO\VHUYHGE\$VLDQH[SRUWHUV$W
WKHVDPHWLPHKRZHYHUWKHORFDOULFHQHHGVWRUHPDLQ
DIIRUGDEOHIRUUXUDODQGXUEDQFRQVXPHUVSDUWLFXODUO\
WKHSRRU

,QEULHIFRDVWDOFRXQWULHV²ZKHUHFRQVXPHUVIDYRU
LPSRUWHGULFH²QHHGWRPDNHWKHLUORFDOULFHORRN
OLNHWKHLPSRUWHGEUDQGVWKURXJKTXDOLW\XSJUDGLQJ
EUDQGLQJDQGODEHOLQJ0HDQZKLOHFRDVWDOFRXQWULHV
LQZKLFKFRQVXPHUVIDYRUORFDOULFHQHHGWRIRFXVRQ
PDLQWDLQLQJWKHFRPSHWLWLYHQHVVRIORFDOULFHRQWKH
ORFDO PDUNHW ZKHUH LW KDV WR FRPSHWH ZLWK EHWWHU
TXDOLW\LPSRUWV &RQYHUVHO\ODQGORFNHGFRXQWULHVWKDW
DUHVRPHZKDWVKLHOGHGIURPLPSRUWELDVGXHWRQDWXUDO
EDUULHUV DUH HQFRXUDJHG WR LQYHVW LQ WKHLU LQWHUQDO
PDUNHWLQJ LQIUDVWUXFWXUH VLPXOWDQHRXVO\ VKLIWLQJ
$IULFD5LFH$QQXDO5HSRUW

Regional approach: The Africawide Rice Policy Task Force
3ROLF\PDNHUV KDYH ORQJ VXIIHUHG IURP D ODFN RI
KLJKTXDOLW\SROLF\UHOHYDQWLQIRUPDWLRQDERXWULFH
GXH SDUWO\ WR D ODFN RI QDWLRQDO UHVHDUFKHUV 7KH
$IULFDZLGH5LFH3ROLF\7DVN)RUFHVHHNVWRUHPHG\
WKLVE\HQVXULQJDFULWLFDOPDVVRIUHVHDUFKWKURXJK
FROODERUDWLRQDQGVWDQGDUGL]DWLRQRIPHWKRGRORJLHV
2QEHKDOIRIWKHWDVNIRUFH$IULFD5LFHKDVGHYHORSHG     

8SJUDGLQJWKHYDOXHFKDLQLQFOXGHV
PHGLXPDQGODUJHVFDOHSURFHVVLQJ
VWRUDJHDQGUHWDLO 
*$'&25LFH3URFHVVLQJ8QLW
)LHYLH±6RJDNRSH9ROWD5HJLRQ
*KDQD 
8SODQG5LFH0LOOHUV&R/WG-LQMD
8JDQGD 
.DQLVKHPDUNHWFRPSOH[$FFUD
*KDQD 
8SSHU1XQ9DOOH\'HYHORSPHQW
$XWKRULW\1GRS&DPHURRQ         

  

        

    

 
    

  

    



$IULFD5LFH$QQXDO5HSRUW

VWDQGDUGL]HG VDPSOLQJ GDWDFROOHFWLRQ DQG GDWD
DQDO\VLV PHWKRGV DQG FRQYH\HG WKHVH WR WKH 1$56
WKURXJKQXPHURXVWUDLQLQJSURJUDPV7KHVHKDYHEHHQ
IRXQGDWLRQDOLQHVWDEOLVKLQJTXDOLW\ULFHVWDWLVWLFVIRU
WKHFRQWLQHQW )RUPRUHGHWDLOVVHHµ%XLOGLQJ$IULFDQ
FDSDFLW\RQSROLF\DQDO\VLVDQGLPSDFWDVVHVVPHQW¶
$IULFD5LFH$QQXDO5HSRUWSDJHV±/HVVRQV
IURP WKH 5LFH &ULVLV 3ROLFLHV IRU IRRG VHFXULW\ LQ
$IULFD$IULFD5LFH
7RIXUWKHUSURPRWHYLWDOUHJLRQDOFROODERUDWLRQWRZDUG
IRRGVHFXULW\WKHWDVNIRUFHDOVRVSHFL¿FDOO\DGGUHVVHV
UHJLRQDOL]DWLRQWKURXJKVXSSRUWLQJWKHGHYHORSPHQW
RI   D UHJLRQDO ULFH GHYHORSPHQW VWUDWHJ\ DQG  
UHJLRQDOULFHWUDGHSROLFLHVDQGKDUPRQL]DWLRQRI
ULFHWUDGHSROLFLHVDFURVVFRXQWULHVDQGUHJLRQV%RWK
RIWKHVHDUHWREHDFKLHYHGLQFRQVXOWDWLRQZLWKWKH
UHJLRQDOHFRQRPLFFRPPXQLWLHV
8QGHU WKHVH KHDGLQJV WKH WDVN IRUFH LV LQYROYHG LQ
WKUHHDFWLYLWLHV  WKH(FRQRPLF&RPPXQLW\RI:HVW
$IULFDQ6WDWHV (&2:$6 5HJLRQDO5LFH2IIHQVLYH
VHH QH[W VXEVHFWLRQ    OREE\LQJ (&2:$6 WR
UDLVHWKHFRPPRQH[WHUQDOWDULII &(7 WRDQG
DQDO\]LQJWKHOLNHO\LPSDFWRIVXFKDWDULIILQFUHDVH
DQG  IHDVLELOLW\VWXGLHVRQUHJLRQDOEXONEX\LQJRI
ULFHIURPWKHLQWHUQDWLRQDOPDUNHWDQGUHJLRQDOULFH
VWRUDJH
$Q H[DQWH LPSDFW VWXG\ RI WKH &(7 LV EHLQJ FRQ
GXFWHGLQFROODERUDWLRQZLWKWKH1HWZRUNRI)DUPHUV¶
DQG $JULFXOWXUDO 3URGXFHUV¶ 2UJDQL]DWLRQV RI :HVW
$IULFD 5233$ DQG5pVHDXGHUHFKHUFKHSRXUO¶DSSXL
DX GpYHORSSHPHQW GH O¶$IULTXH 5(3$'  LQ VHYHQ
FRXQWULHV %HQLQ &{WH G¶,YRLUH *KDQD *XLQHD
1LJHULD6HQHJDODQG7RJR DQGZLOOEHUHSRUWHGDWD
ZRUNVKRSLQ$SULO
6HHµ'RQRUSUR¿OH±(XURSHDQ8QLRQ²$GYRFDF\IRU
DSSURSULDWH ULFH SROLF\ DQG SROLF\UHODWHG UHVHDUFK¶
$IULFD5LFH $QQXDO 5HSRUW  SDJHV ± IRU
IXUWKHUGHWDLOVRQWKHVHLQLWLDWLYHVDQGµ'RPHVWLFDWLQJ
:HVW$IULFD¶VULFHPDUNHW¶*5L63LQ0RWLRQ$QQXDO
5HSRUWSDJHV±IRUPRUHRQWKH&(7
$IULFD5LFH$QQXDO5HSRUW

ECOWAS Regional Rice Offensive
$IULFD5LFHSDUWLFLSDWHGLQWKH7HFKQLFDO0RQLWRULQJ
*URXSFRQYHQHGE\(&2:$6WRPRYHWKHIHDVLELOLW\
VWXG\ IRU LWV 5HJLRQDO 5LFH 2IIHQVLYH IRUZDUG 7KH
JURXS FRPSULVLQJ +XE 5XUDO ,QWHUQDWLRQDO )RRG
3ROLF\ 5HVHDUFK ,QVWLWXWH ,)35,  /DERUDWRLUH
G¶DQDO\VH UpJLRQDOH HW G¶H[SHUWLVH VRFLDOH /$5(6 
DQG$IULFD5LFHGUDIWHGDFRPSOHWHSURJUDPIRUWKH
2IIHQVLYH7KLVZLOOEHYDOLGDWHGDWDPHHWLQJRIWKH
(&2:$6WDVNIRUFHLQ0DUFKDQGSUHVHQWHGDW
WKHQH[WIXOO(&2:$6RI¿FLDOPHHWLQJLQ
7KH PHPEHUV RI WKH WDVN IRUFH DUH   RI¿FHUV LQ
FKDUJHRIULFHQDWLRQDOVWUDWHJLHV  UHSUHVHQWDWLYHVRI
UHJLRQDOQHWZRUNVRIVRFLRSURIHVVLRQDORUJDQL]DWLRQV
5233$ 5%0 $3(66  SULYDWH VHFWRU $$)(; 
DQGFLYLOVRFLHW\ 326&$2$)$2 1*2V 2[IDP
9(&2 619 :,/'$)    UHSUHVHQWDWLYHV RI
(&2:$6 :HVW $IULFDQ (FRQRPLF DQG 0RQHWDU\
8QLRQ 8(02$  81(&$ 1(3$' 3ODQQLQJ DQG
&RRUGLQDWLQJ $JHQF\ 13&$1(3$'  3HUPDQHQW
,QWHUVWDWH &RPPLWWHH IRU 'URXJKW &RQWURO LQ WKH
6DKHO &,/66 $IULFD5LFH:HVWDQG&HQWUDO$IULFDQ
&RXQFLO IRU 5HVHDUFK DQG 'HYHORSPHQW &25$)
:(&$5'  ,)35, 'HXWVFKH *HVHOOVFKDIW IU
,QWHUQDWLRQDOH =XVDPPHQDUEHLW *,=  (XURSHDQ
8QLRQ (8  ,)$' &DQDGD -DSDQ $)' DQG  
UHVRXUFH SHUVRQV PRELOL]HG E\ +XE 5XUDO DQG
$IULFD5LFHDVSDUWRIWKHLUVXSSRUWIRUWKHWHFKQLFDO
IDFLOLWDWLRQRIWKHSURFHVV:HVKRXOGEHDEOHWRUHSRUW
WKHRXWFRPHRIWKHVHPHHWLQJVLQQH[W\HDU¶VUHSRUW
³$V DQ DVVRFLDWLRQ RI FXUUHQWO\  PHPEHU VWDWHV
$IULFD5LFHLVZHOOSODFHGWRFRQGXFWSROLF\UHVHDUFK
DQGFRPPXQLFDWHUHVXOWVWRSROLF\PDNHUVLQ$IULFD
WR IDFLOLWDWH HYLGHQFHEDVHG GHFLVLRQPDNLQJ WR WKH
EHQH¿WRI$IULFD¶VULFHFRQVXPHUVDQGSURGXFHUV7KLV
W\SHRIZRUNZLOOUHPDLQKLJKRQWKH&HQWHU¶VUHVHDUFK
DJHQGD´VD\V:RSHUHLV 

$EEUHYLDWLRQVDUHVSHOOHGRXWLQWKHOLVWWKDWVWDUWVRQSDJH 

Case studies: Côte d’Ivoire and Sierra Leone
&{WHG¶,YRLUH5HO\LQJRQIRUHLJQLQYHVWPHQW
7KH,YRULDQ2I¿FHQDWLRQDOSRXUOHGpYHORSSHPHQWGH
ODUL]LFXOWXUH 21'5 LVVWHHULQJDQDPELWLRXVQDWLRQDO
SURJUDP WR LQFUHDVH DQQXDO GRPHVWLF SURGXFWLRQ RI
TXDOLW\PLOOHGULFHWR0WE\ULVLQJWR0WLQ 
0HHWLQJWKLVWDUJHWZRXOGJLYH&{WHG¶,YRLUHWKH
SRWHQWLDOWRH[SRUWVXUSOXVULFH7KHSURJUDPLQYROYHV
D ZLGH VSHFWUXP RI SDUWQHUV LQFOXGLQJ 'LUHFWLRQ
JpQpUDOHGHVSURGXFWLRQVHWGHODVpFXULWpDOLPHQWDLUH
'*36$ )RQGV,QWHUSURIHVVLRQQHOSRXUODUHFKHUFKHHW
OHFRQVHLODJULFROHV ),5&$ $JHQFHQDWLRQDOHG¶DSSXL
DXGpYHORSSHPHQWUXUDO $1$'(5 &HQWUHQDWLRQDO
GH UHFKHUFKH DJURQRPLTXH &15$  0LQLVWqUH GH
O¶eGXFDWLRQVXSpULHXUHHWGHODUHFKHUFKHVFLHQWL¿TXH
0(656  DQG ,QVWLWXW QDWLRQDO SRO\WHFKQLTXH )pOL[
+RXSKRXsW%RLJQ\ ,13+% 
7KH SURJUDP DLPV WR SURYLGH WHFKQLFDO VXSSRUW LQ
WZRPDLQDUHDV  SURGXFWLRQLHVHHGSURGXFWLRQ
ZDWHUPDQDJHPHQWPHFKDQL]DWLRQRISURGXFWLRQDQG
SRVWKDUYHVWDFWLYLWLHVLPSURYHGFURSPDQDJHPHQWDQG
DVVRFLDWHG UHVHDUFK DQG GHYHORSPHQW DQG   YDOXH
DGGLWLRQLHPDUNHWLQJDQGODEHOLQJµ5L]&{WHG¶,YRLUH¶
GHYHORSPHQW RI SULYDWHVHFWRU LQYROYHPHQW SXEOLF±
SULYDWHSDUWQHUVKLSVSURFHVVLQJDQGPDUNHWLQJ 

7KH ULFHSURGXFLQJ DUHDV RI WKH FRXQWU\ KDYH EHHQ
GLYLGHG LQWR  µULFH SRROV¶ RI DERXW  NP  HDFK
(DFK SRRO ZLOO EH OHG E\ D SURFHVVLQJXQLW RSHUDWRU
ZLWKWKHPLOOHUVJXLGLQJWKHGHPDQGIRUVHHGDQGRWKHU
LQSXWVDQGWKHQSRROLQJWKHSDGG\,WLVHQYLVDJHGWKDW
WKHSRROVZLOOKDYHDQDYHUDJHFDSDFLW\RIWRI
SDGG\HDFKJLYLQJDWRWDORI0W7KHZRUNLQWKH
SRROVZLOOEHPRQLWRUHGE\21'5ZKLOH$1$'(5
ZLOOSURYLGHH[WHQVLRQVHUYLFHV7KHHVWLPDWHGEXGJHW
LVELOOLRQ&)$ 86ELOOLRQ H[SHFWHGWRFRPH
IURPWKHSULYDWHLQYHVWRUV  GHYHORSPHQWSDUWQHUV
%DQTXHRXHVWDIULFDLQHGHGpYHORSSHPHQWDQG$I'%  
DQGWKHVWDWH  
$IULFD5LFH KDV EHHQ DVNHG WR ZRUN ZLWK &15$ WR
SURYLGH ULFH NQRZOHGJH DQG WHFKQRORJLFDO VXSSRUW
HVSHFLDOO\PDNLQJTXDOLW\VHHGDYDLODEOH$VD¿UVWVWHS
$IULFD5LFHPXOWLSOLHGWRI)RXQGDWLRQ6HHGRIIRXU
SRSXODUYDULHWLHV :,7$:$%:$%
DQG1(5,&$ LQ
7KH SRRO DSSURDFK LV EHLQJ SLORWHG DW WKUHH PLOOV LQ
*DJQRDDQGIDUPHUV¶FRQWUDFWVKDYHEHHQSXWLQSODFH
ZLWKKHOSIURP$1$'(5$QDJUHHPHQWZDVUHDFKHG
RQWKHSULFHRISDGG\LQZKLFKZDVDFFHSWHGE\
IDUPHUVDQGPLOOHUVDFURVVWKHZKROH*DJQRDUHJLRQ

$IULFD5LFH$QQXDO5HSRUW

6LHUUD/HRQH6WDUWLQJIURPIDUPHURUJDQL]DWLRQV
7KHHQWU\SRLQWIRUULFHVHFWRUGHYHORSPHQWLQ6LHUUD
/HRQHLVIDUPHURUJDQL]DWLRQV)RUPHU)$2IDUPHU¿HOG
VFKRROVKDYHEHHQFRQYHUWHGLQWRDJULFXOWXUDOEXVLQHVV
FHQWHUV $%&V  ZKLFK FRPPHUFLDOL]H SURGXFWV ZLWK
VXSSRUW IURP WKH JRYHUQPHQW¶V 6PDOOKROGHU &RP
PHUFLDOL]DWLRQ3URJUDP
$OPRVW$%&VKDYHQRZEHHQHVWDEOLVKHGRXWRI
DSODQQHGWRWDORI0DQ\RIWKHPSURGXFHORZODQG
ULFH7KH\KDYHEHHQHTXLSSHGZLWKDVWDQGDUGVHWRI
LQIUDVWUXFWXUHLQFOXGLQJPLOOVWKUHVKHUVDQGVWRUDJH
DUHDV 7KH JRYHUQPHQW LV DOVR KHOSLQJ IDUPHUV ZLWK
ULFH FRPPHUFLDOL]DWLRQ E\ EX\LQJ XS ULFH GXULQJ
KDUYHVW DQG GXW\IUHH LPSRUW RI DJULFXOWXUDO LQSXWV
'LVFXVVLRQV DUH XQGHU ZD\ DERXW WKH SRVVLELOLW\ RI
HVWDEOLVKLQJ D QDWLRQDO JUDLQ UHVHUYH WR KROG H[FHVV
ULFHDQGPDQLSXODWHULFHÀRZIRUULFHSULFHDGMXVWPHQW
ZKHQQHHGHG
6RPHKRXUVGULYHIURPWKHFDSLWDO)UHHWRZQOLHVWKH
6LHUUD/HRQH$JULFXOWXUDO5HVHDUFK,QVWLWXWH 6/$5, 
5RNXSU $JULFXOWXUDO 5HVHDUFK &HQWUH 5$5&  WKH
ORQJWLPHKRPHRIPDQJURYHVZDPSULFHUHVHDUFKLQ
:HVW $IULFD 5$5& KDV ZHOOHTXLSSHG ODERUDWRULHV

UHIXUELVKHG DIWHU WKH FLYLO ZDU WKDW HQGHG LQ  
EXW XQWUDLQHG VWDII OLWWOH HOHFWULFLW\ RQO\  KRXUV D
GD\IURPRQVLWHJHQHUDWRUV DQGQRVSDUHSDUWVIRUWKH
HTXLSPHQW+RZHYHUDUHFUXLWPHQWGULYHKDVEURXJKW
LQDFDGUHRI\RXQJSHRSOHWRMRLQWKHUHVHDUFKWHDPV
$IULFD5LFH DQG 6/$5, UHVHDUFKHUV DUH ZRUNLQJ WR
µDQWLFLSDWH¶ DGRSWLRQ SDWKZD\V )RU H[DPSOH RQH
WDUJHWHG WHFKQRORJ\ LV D QHZ YHUVLRQ RI YDULHW\
1(5,&$/  GHYHORSHG XQGHU WKH 6WUHVV 7ROHUDQW
5LFH IRU 3RRU )DUPHUV LQ $IULFD DQG 6RXWK $VLD
675$6$ SURMHFWWKDWLQFRUSRUDWHVWKHVXEJHQHIRU
WROHUDQFHRIVXEPHUJHQFHGXULQJWKHJURZLQJVHDVRQ
µ$QWLFLSDWLQJ¶ WKH DGRSWLRQ SDWKZD\ ZRXOG LQYROYH
LGHQWLI\LQJWDUJHWDUHDVIRUWKHQHZYDULHW\ HJXVLQJ
UHPRWH VHQVLQJ  FODULI\LQJ UHOHDVH SURFHGXUHV DQG
LGHQWLI\LQJVHHGPXOWLSOLHUV
6RIDUWKUHHULFHVHFWRUGHYHORSPHQWKXEVKDYHEHHQ
LGHQWL¿HGLQ6LHUUD/HRQH7DVNIRUFHZRUNLQWKRVHKXEV
KDVLGHQWL¿HGWKHERWWOHQHFNVLQDQGRSSRUWXQLWLHVDORQJ
WKHULFHYDOXHFKDLQDQGIDUPHUVKDYHVWDUWHGWHVWLQJ
EDVNHWVRIJRRGDJULFXOWXUDOSUDFWLFHV *$3 7KHKXEV
DUHSURDFWLYHO\FRQQHFWLQJZLWKGHYHORSPHQWSDUWQHUV
IURPERWKSXEOLFDQGSULYDWHVHFWRUV

7KH6/$5,DSSURDFKLQ6LHUUD/HRQHLVWRZRUNWKURXJKIDUPHURUJDQL]DWLRQV

$IULFD5LFH$QQXDO5HSRUW 

Case study: Nigerian Rice Transformation Agenda
7KH1LJHULDQ5LFH7UDQVIRUPDWLRQ$JHQGD 57$ LVDQ
DPELWLRXVSURJUDPWRPDNHWKHFRXQWU\VHOIVXI¿FLHQW
LQ ULFH E\ DGGUHVVLQJ SURGXFWLRQ DQG SRVWKDUYHVW
SURFHVVLQJFRVWVWKHIUDJPHQWHGYDOXHFKDLQDQGWKH
SRRUTXDOLW\RIORFDOULFH
³7KH 5LFH 7UDQVIRUPDWLRQ $JHQGD LQWHQGV WR DGRSW
WKH YDOXH FKDLQ DSSURDFK WR IRUP D QXFOHXV HVWDWH
DURXQGH[LVWLQJULFHPLOOV&OXVWHUVRIULFHSURGXFWLRQ
ZLOO EH LGHQWLILHG DQG WKH IDUPHUV WKHUHLQ ZLOO EH
RUJDQL]HGVRWKDWWKH\FDQUHDGLO\DFFHVVLQSXWVVXFKDV
LPSURYHGVHHGVIHUWLOL]HUDJURFKHPLFDOVDQGPRGHUQ
PHWKRGVRISURGXFWLRQIURPH[WHQVLRQVHUYLFHV(DFK
FOXVWHU ZLOO XVH LPSURYHG VHHGV RI UHFRPPHQGHG
YDULHWLHV DQG VXSSO\ SDGG\ WR WKH PLOO´ )HGHUDO
0LQLVWU\RI$JULFXOWXUHDQG5XUDO'HYHORSPHQW5LFH
7UDQVIRUPDWLRQ$FWLRQ3ODQ$EXMD6HSWHPEHU 
7KH57$LQLWLDOO\WDUJHWHGPLOOVLQORZODQGDQGLUUL
JDWHGULFHDUHDVLQPDMRUULFHSURGXFLQJVWDWHV7KH
µFOXVWHUV¶ DJJUHJDWH IDUPHUV WR LPSURYH WKHLU DFFHVV
WRLPSURYHGWHFKQRORJLHVDQGUHGXFHSURGXFWLRQDQG
WUDQVDFWLRQFRVWV7KHJRYHUQPHQWZLOOVXEVLGL]HVHHG
IHUWLOL]HUDQGDJURLQSXWVE\WRHQFRXUDJHWKHLU
XSWDNHE\IDUPHUV:KLOHWKH57$ZLOOH[SDQGWKHULFH
DUHDE\SURJUHVVLYHO\UHKDELOLWDWLQJH[LVWLQJLUULJDWLRQ
VFKHPHV WKH JRYHUQPHQW ZLOO FRQWLQXH WR VXEVLGL]H
ZDWHUVXSSO\IRULUULJDWLRQE\
$VDSXEOLFVHFWRUOHGLQLWLDWLYHWKH57$ZLOOKHOSIRUJH
OLQNVEHWZHHQIDUPHUVDQGSULYDWHVHFWRUFUHGLWVRXUFHV
WKURXJKWKH1LJHULD,QFHQWLYHEDVHG5LVN6KDULQJIRU
$JULFXOWXUDO /HQGLQJ 1,56$/  7KLV LV D FUXFLDO
ZD\WRVXSSRUWPHFKDQL]DWLRQE\IDFLOLWDWLQJIDUPHUV¶
DFFHVVWRWUDFWRUVKDUYHVWHUVDQGWKUHVKHUV
:LWKIXQGLQJIURPWKH)HGHUDO0LQLVWU\RI$JULFXOWXUH
DQG 5XUDO 'HYHORSPHQW $IULFD5LFH UHFUXLWHG WKUHH
VWDII PHPEHUV IRU WKH 57$ LQ $SULO  ² DQ
DJURQRPLVWZDWHUPDQDJHPHQWVSHFLDOLVWDULFHVHHG
V\VWHPVVSHFLDOLVWDQGDULFHYDOXHFKDLQSRVWKDUYHVW
VSHFLDOLVW$OOWKUHHKDYHEHHQSODFHGZLWKLQWKH)HGHUDO
0LQLVWU\LQ$EXMDZKHUHWKH\DUHLQYROYHGLQDQXPEHU
RIDVSHFWVRIWKH57$ 

6L[WHHQK\EULGULFHYDULHWLHVGHYHORSHGE\$IULFD5LFH
DUHXQGHUJRLQJHYDOXDWLRQWULDOVLQ.DQRDQG.XEZD
ZLWK WKH 1RWRUH 6HHG &RPSDQ\ DQG DW WKH ,,7$±
$IULFD5LFH UHVHDUFK VWDWLRQ LQ ,EDGDQ 7KUHH K\EULG
YDULHWLHVZHUHVHOHFWHGIRUIXUWKHUWHVWLQJIURPD\LHOG
SHUIRUPDQFHHYDOXDWLRQE\6\QJHQWD6HHG&RPSDQ\
1DWLRQDO &HUHDOV 5HVHDUFK ,QVWLWXWH 1&5,  DQG WKH
5LFH9DOXH&KDLQ FRPSRQHQWRIWKH57$ LQ:XVKLVKL
1LJHU 6WDWH  $5,&$ $5,&$ DQG $5,&$ DUH
XQGHUJRLQJ SDUWLFLSDWRU\ HYDOXDWLRQ LQ .DQR DQG
.XEZDLQFROODERUDWLRQZLWK1&5,$IULFD5LFHKHOSHG
FRPSLOHDUHSRUWIRUWKHUHJLVWUDWLRQDQGUHOHDVHRIQRQ
$IULFD5LFHYDULHWLHV83,$83,$DQG83,$$
VXEPHUJHQFHWDQNLVEHLQJFRQVWUXFWHGLQ.XEZDWR
GHPRQVWUDWHVXEPHUJHQFHWROHUDQWYDULHWLHV
,QSDUWLDOIXO¿OOPHQWRIWKHDJUHHPHQWZLWKWKH)HGHUDO
0LQLVWU\$IULFD5LFHSURGXFHGWRI%UHHGHU6HHGDQG
PRELOL]HG  W RI )RXQGDWLRQ 6HHG IRU WKH 57$ LQ 
0HDQZKLOHVHHGWHFKQLFLDQVIURPWKHQDWLRQDO
SURJUDPZHUHWUDLQHGLQ%UHHGHU6HHGSURGXFWLRQDQG 
VHHGSURGXFWLRQ RI¿FHUV RI .RMROL 6HHG &RPSDQ\
WUDLQHGLQ&HUWL¿HG6HHGSURGXFWLRQDQGTXDOLW\FRQWURO
:LWKIXQGLQJIURPWKH)HGHUDO0LQLVWU\$I'%DQGWKH
&DQDGLDQ'HSDUWPHQWRI)RUHLJQ$IIDLUV7UDGHDQG
'HYHORSPHQWDZHHNSURJUDPZDVKHOGLQ,ORULQLQ
FROODERUDWLRQZLWKWKH1DWLRQDO&HQWUHIRU$JULFXOWXUDO
0HFKDQL]DWLRQ 1&$0 DWZKLFK1LJHULDQDQG
IRUHLJQ IDEULFDWRUV ZHUH WUDLQHG WR PDQXIDFWXUH WKH
µ$6,¶WKUHVKHU±FOHDQHU
:LWKLQMXVWZHHNV DUHFRUG ¿YHSURWRW\SHWKUHVKHU±
FOHDQHUVGXEEHGµ$JULFXOWXUDO7UDQVIRUPDWLRQ$JHQGD
7KUHVKHUV¶ $7$7V  ZHUH SURGXFHG HDFK ZLWK D
FDSDFLW\RIWK7KHVHDUHEHLQJGLVWULEXWHGWR¿YH
GU\VHDVRQULFHSURGXFLQJVWDWHV -LJDZD.HEEL1LJHU
6RNRWRDQG=DPIDUD ZKLFKZLOODUUDQJHWRGHPRQVWUDWH
WKHWKUHVKHUVLQVHYHUDOORFDWLRQVLQFROODERUDWLRQZLWK
WKHULFHYDOXHFKDLQ±$IULFD5LFHWHDP
7RJHWKHU ZLWK WKH 86$,' 0D[LPLVLQJ $JULFXOWXUDO
5HYHQXHV DQG .H\ (QWHUSULVHV LQ 7DUJHWHG 6LWHV
0$5.(76,, SURMHFWWKH$IULFD5LFH57$WHDPKDV
$IULFD5LFH$QQXDO5HSRUW

EHHQWDVNHGE\WKH+RQRUDEOH0LQLVWHURI$JULFXOWXUH
WR FRPH XS ZLWK SURSRVDOV WR DGGUHVV VL[ HPHUJLQJ
LVVXHVWKDWZLOOFRQWULEXWHWREULGJLQJVSHFL¿FJDSVLQ
WKH1LJHULDQULFHYDOXHFKDLQ7KLVIROORZVHDUOLHUMRLQW
UHSRUWVWRWKH)HGHUDO0LQLVWU\RQWKHFKDOOHQJHVIDFHG
E\1LJHULDQULFHPLOOHUVZKLFKUHVXOWHGLQDVWDNHKROGHU
GLDORJXHWKDWLGHQWL¿HGWKHSUREOHPV
7KHVH LVVXHV DUH UHODWHG WR L  WKH HVWDEOLVKPHQW RI
SDGG\DJJUHJDWLRQFHQWHUVQDWLRQZLGHWRHDVHPLOOHUV¶
DFFHVVWRSDGG\ LL ¿[LQJSDGG\WUDQVSRUWVXEVLGLHVIRU
PLOOHUVORFDWHGIDUDZD\IURPPDLQSDGG\SURGXFWLRQ
DUHDV LLL H[DPLQLQJLPSRUWTXRWDVGXWLHVDQGOHYLHV
DVDEDVLVIRUDSROLF\IUDPHZRUNRQULFH LY GHYHORSLQJ
DUREXVWSULFHVXSSRUWPHFKDQLVPIRUERWKIDUPHUVDQG
PLOOHUVWRHQFRXUDJHLQFUHPHQWDOSDGG\DQG¿QLVKHG
SURGXFW RXWSXW Y  GHYHORSLQJ D PHFKDQLVP IRU
DFFHOHUDWHG DGRSWLRQ RI ULFH K\EULGV LQ 1LJHULD DQG
YL SURPRWLQJDQDOWHUQDWLYHHQHUJ\VRXUFHIURPULFH

KXVNIRUUXQQLQJPLOOV7KHWHDPKDVGHOLYHUHGUHSRUWV
RQLWHPV L ± LLL IRUZKLFKLPSOHPHQWDWLRQPRGDOLWLHV
DUHEHLQJZRUNHGRXWLQWKH)HGHUDO0LQLVWU\ZRUNLV
RQJRLQJRQWKHUHPDLQLQJLVVXHV
7ZRRIWKH$IULFD5LFH57$WHDPZHUHLQYROYHGLQWKH
QDWLRQDOULFHOHY\FRPPLWWHHZKLFKKHOSHGGH¿QHWKH
VWUDWHJ\WRUHLQYHVWLQFRPHIURPOHYLHVDQGGXWLHVRQ
LPSRUWHGULFH7KH\ZHUHDOVRDFWLYHPHPEHUVRIWKH
µULFHFUDFNWHDP¶ RQHRIWKHLPSOHPHQWDWLRQWHDPVRI
WKH:RUOG%DQNIXQGHG)$'$0$,,,SURMHFWWRERRVW
SDGG\RXWSXWLQ1LJHULD 
7KH SUHVHQFH RI WKH $IULFD5LFH WHDP LQ 1LJHULD KDV
QRW RQO\ LQFUHDVHG WKH YLVLELOLW\ RI $IULFD5LFH DV D
VWURQJ SDUWQHU ZLWK WKH 1LJHULDQ JRYHUQPHQW LQ WKH
LPSOHPHQWDWLRQ RI WKH 57$ EXW ZLOO DOVR FRQWULEXWH
VLJQL¿FDQWO\WRWKHSRWHQWLDOVXFFHVVDQGLPSDFWRIWKH
57$RQWKH1LJHULDQULFHHFRQRP\

7KH$7$7WKUHVKHU±FOHDQHUSURGXFHGE\WUDLQHHVDW1&$0,ORULQ

$IULFD5LFH$QQXDO5HSRUW 

Case study: Senegal strategy workshop
7KH UHYLVHG QDWLRQDO ULFH VHOIVXI¿FLHQF\ SURJUDP
RI 6HQHJDO ² D SUHVLGHQWLDO LQLWLDWLYH ² DLPV IRU
VHOIVXI¿FLHQF\ LQ SURGXFWLRQ E\  7R GHWHUPLQH
ZKHWKHUWKLVJRDOLVDFKLHYDEOH$IULFD5LFHGHYHORSHGD
VSUHDGVKHHWWKDWWDNHVDFWXDOGDWDDQGSURMHFWVLWLQWRWKH
IXWXUH7KLVVSUHDGVKHHWZDVXVHGLQDGD\6HQHJDO
5LFH 6WUDWHJ\ :RUNVKRS LQ 6DLQW/RXLV 6HQHJDO RQ 
±6HSWHPEHUWRZKLFKUHSUHVHQWDWLYHVRIDOO
WKH DFWRUV LQ UHJLRQDO SROLF\ DQG SODQQLQJ SURFHVVHV
ZHUHLQYLWHG

7KHRXWSXWZDVWZRIROG  SURMHFWLRQRISURGXFWLRQ
IURP  WR  DQG   FDOFXODWLRQ RI WKH VHHG
IHUWLOL]HU HTXLSPHQW WUDLQLQJ DQG VWDII UHTXLUHG WR
DFKLHYH WKH JRDO FRPSOHWH ZLWK FRVWV )RU VHHG WKH
SURMHFWLRQLQFOXGHGSURGXFWLRQRI%UHHGHU)RXQGDWLRQ
DQG&HUWL¿HGVHHGIRUVWDIIWKHSURMHFWLRQFRPSULVHG
ODERUDQGDGYLVHUVLQWHUPVRIQXPEHUVDQGFRVWVWKH
ODWWHURQWKHEDVLVRIRQHDGYLVHUSHUKHFWDUHV7KH
VSUHDGVKHHWWKHQLQWHJUDWHGDOOWKHGDWDDWWKHQDWLRQDO
OHYHO

)RU HDFK RI WKH  ULFHSURGXFLQJ UHJLRQV RI WKH
FRXQWU\ WKH UHJLRQDO GHYHORSPHQW GLUHFWRU FDPH WR
WKHZRUNVKRSZLWKGDWDRQDFWXDOSURGXFWLRQULFHDUHD
H[SDQVLRQ UDWH DQG SRWHQWLDO DQG WKH WLPHZLQGRZV
DYDLODEOHIRUHDFKWDVNLQWKHFURSSLQJDQGSRVWKDUYHVW
FDOHQGDUVWRRSWLPL]HODQGXVH7KHVHGDWDZHUHLQSXW
WRWKHVSUHDGVKHHWZKLFKKDGDOUHDG\EHHQSUHORDGHG
ZLWKEDVLFLQIRUPDWLRQRQVHHGLQJDQGIHUWLOL]HUUDWHV
IRUWDUJHW\LHOGVDQGODERUDQGPDFKLQHUHTXLUHPHQWV
SHUWDVN

'HVSLWHWKHLQLWLDOFRQFHUQVRIPRVWRIWKHULFHVWDNH
KROGHUVSUHVHQWWKDWWKHJRDOZDVDVNLQJ³WRRPXFK´
WKHFDOFXODWLRQVFRQYLQFLQJO\GHPRQVWUDWHGWKDWSDGG\
SURGXFWLRQRI0WLVLQGHHGDWWDLQDEOHE\WKHWDUJHW
\HDURILIJUHDWHUDWWHQWLRQLVSDLGWRUDLQIHGULFH
V\VWHPVLQWKHVRXWKRIWKHFRXQWU\
$UPHG ZLWK WKLV LQIRUPDWLRQ WKH 6RFLpWp QDWLRQDOH
G¶DPpQDJHPHQWHWG¶H[SORLWDWLRQGHVWHUUHVGX'HOWDHW
GHVYDOOpHVGXÀHXYH6pQpJDOHWGHOD)DOpPH 6$(' 
ZLOORUJDQL]HDRQHGD\YDOLGDWLRQPHHWLQJLQ-DQXDU\ 
DW ZKLFK WKH ¿QGLQJV RI WKH ZRUNVKRS ZLOO EH
SUHVHQWHG WR D FRPSOHWH UDQJH RI ULFHSURGXFWLRQ
VWDNHKROGHUV IURP DOO UHJLRQV LQFOXGLQJ WKH GLUHFWRU
JHQHUDORIWKH6RFLpWpGH'pYHORSSHPHQW$JULFROHHW
,QGXVWULHO 62'$*5, D ULFH VFKHPH LQ WKH .ROGD
UHJLRQ&DVDPDQFH UHSUHVHQWDWLYHVIURPDJULFXOWXUDO
FUHGLWPDUNHWGHYHORSPHQWFURSSURWHFWLRQDQGIDUPHU
RUJDQL]DWLRQV WKH QDWLRQDO DJULFXOWXUDO UHVHDUFK
LQVWLWXWH$IULFD5LFHUHSUHVHQWDWLYHVRIWKH'LUHFWLRQ
UpJLRQDOH GX GpYHORSSHPHQW UXUDO '5'5  DQG
FRRUGLQDWRUVIURPDQXPEHURISURMHFWVZLWKDQLQWHUHVW
LQULFH
³2XUDLPQRZLVWRGRWKLVNLQGRISODQQLQJLQRWKHU
FRXQWULHV´ VD\V .DELURX 1¶'LD\H OHDGHU RI WKH
$IULFD5LFH5LFH6HFWRU'HYHORSPHQW3URJUDP³(DFK
RQHKDVLWVREMHFWLYHVODLGRXWLQLWV15'67KLVWRRO
ZLOOKHOSWKHPWRRSHUDWLRQDOL]HWKHVWUDWHJ\´ 

$IULFD5LFH$QQXDO5HSRUW

Third Africa Rice Congress

7

KH$IULFD5LFH&RQJUHVVLVWKHODUJHVWJDWKHULQJRIULFHUHVHDUFKHUVDQGRWKHUULFHVWDNHKROGHUVRQ
WKHFRQWLQHQW,WEULQJVWRJHWKHUQRWRQO\WKRVHZRUNLQJLQQDWLRQDODQGLQWHUQDWLRQDOUHVHDUFKV\VWHPV
LQ$IULFDEXWDOVRWKRVHLQRWKHUSDUWVRIWKHZRUOGZKRVHUHVHDUFKRQULFHEHQH¿WV$IULFDQV
³7KLVLVDQLPSRUWDQWWLPHIRUULFHDVDQHOHPHQWRI
IRRGVHFXULW\DQGPRUH´VDLG3HWHU0DWORQ&KDLUPDQ
RIWKH$IULFD5LFH%RDUGRI7UXVWHHVLQKLVVSHHFKDWWKH
RSHQLQJFHUHPRQ\³2YHUWKHQH[W\HDUVPLOOLRQ
\RXQJ$IULFDQVZLOOEHORRNLQJIRUHPSOR\PHQW´
5LFHFRQVXPSWLRQLQVXE6DKDUDQ$IULFDLVJURZLQJDW
WKHH[SHQVHRIWUDGLWLRQDOVWDSOHVOLNHFDVVDYDPLOOHW
DQGVRUJKXPDQGGHPDQGIDURXWVWULSVWKHFRQWLQHQW¶V
DELOLW\WRSURGXFH&RQVHTXHQWO\DOPRVWDOO$IULFDQ
FRXQWULHVDUHLPSRUWGHSHQGHQW³5LFHSURGXFWLRQLQ
VXE6DKDUDQ$IULFDLV0WULJKWQRZDQGDQRWKHU 
0WDUHLPSRUWHG´VDLG0DUFR:RSHUHLV$IULFD5LFH
'HSXW\'LUHFWRU*HQHUDODWDEULH¿QJIRUMRXUQDOLVWV
KHOGEHIRUHWKH&RQJUHVV³$VVXPLQJWKDWWKHFXUUHQW
LPSUHVVLYHJURZWKUDWHFRQWLQXHV SHU\HDUVLQFH  
SURGXFWLRQLQZLOOEHDERXW0WEXW
E\WKDWWLPHFRQVXPSWLRQZLOOKDYHUHDFKHG0W
VR ZH¶OO VWLOO EH LPSRUWLQJ  0W +RZHYHU WKH
$IULFD5LFHVWUDWHJ\DLPVDWUHGXFLQJLPSRUWVLQ

WRMXVW0W´7KLVPD\QRWVHHPPXFKLQWKHJUDQG
VFKHPHRI$IULFD¶VSRWHQWLDOIRUULFHSURGXFWLRQEXW
LWDPRXQWVWRPRUHWKDQGRXEOLQJSURGXFWLRQLQMXVW 
\HDUV
7KH 7KLUG $IULFD 5LFH &RQJUHVV ZDV FRRUJDQL]HG
E\ )$2 WKH &DPHURRQ ,QVWLWXWH RI $JULFXOWXUDO
5HVHDUFKIRU'HYHORSPHQW ,5$' DQG$IULFD5LFH
,W EURXJKW WRJHWKHU RYHU  SDUWLFLSDQWV IURP 
FRXQWULHV LQFOXGLQJ$IULFDQFRXQWULHV $WWHQGHHV
LQFOXGHGULFHIDUPHUVVHHGSURGXFHUVULFHSURFHVVRUV
LQSXWGHDOHUVDJULFXOWXUDOPDFKLQHU\PDQXIDFWXUHUV
UHSUHVHQWDWLYHVIURPDJULFXOWXUDOPLQLVWULHVQDWLRQDO
DQGLQWHUQDWLRQDOULFHUHVHDUFKDQGH[WHQVLRQFRPPX
QLWLHV1*2VGRQRUVDQGRWKHUGHYHORSPHQWSDUWQHUV
DQGWKHPHGLD7KH\UHYLHZHGDFKLHYHPHQWVWRGDWHLQ
ULFHUHVHDUFKIRUGHYHORSPHQWLQ$IULFDDQGSURVSHFWV
IRUWKHIXWXUHXQGHUWKHPDLQWKHPHRIµ5LFH6FLHQFH
IRU )RRG 6HFXULW\ WKURXJK 6PDOOKROGHU DQG $JUL
EXVLQHVV'HYHORSPHQWLQ$IULFD¶

([SRVLWLRQRIDJULFXOWXUDOPDFKLQHU\DQGUHODWHGWHFKQRORJ\DWWKH7KLUG$IULFD5LFH&RQJUHVV
$IULFD5LFH$QQXDO5HSRUW 

Showcasing rice machinery and
rice-based products
³1HZ WR WKH &RQJUHVV WKLV \HDU ZHUH WKH HPSKDVLV
RQ ULFHEDVHG SURGXFWV DQG WKH RXWGRRU H[SRVLWLRQ
E\DJULFXOWXUDOPDFKLQHU\PDQXIDFWXUHUVDQGHQWUH
SUHQHXUV´ VDLG :RSHUHLV ³,Q IDFW ZH WKRXJKW WKH
H[SRVLWLRQVRLPSRUWDQWWKDWZHUHUDQLWDVHFRQGGD\´
0HFKDQL]DWLRQRIWKHULFHYDOXHFKDLQ²IURPODQG
SUHSDUDWLRQ WKURXJK ZHHGLQJ DQG KDUYHVWLQJ WR
SURFHVVLQJ ² DUH NH\ IHDWXUHV RI WKH $IULFD5LFH
UHVHDUFKIRUGHYHORSPHQWVWUDWHJ\±³7KHUH
DUH WZR PDLQ DUHDV LQ WKH GULYH WR LQFUHDVH ULFH
SURGXFWLRQ WKDW UHTXLUH PHFKDQL]DWLRQ´ VD\V YDOXH
FKDLQ DQG SRVWKDUYHVW WHFKQRORJ\ FRQVXOWDQW -HDQ
0RUHLUD ³2QH LV LQ UHGXFLQJ ORVVHV GXULQJ IRU
H[DPSOHKDUYHVWLQJWKUHVKLQJPLOOLQJDQGSDUERLOLQJ
$QG WKH VHFRQG LV LQ ¿HOGOHYHO DFWLYLWLHV VXFK DV
LPSURYLQJ ODQG SUHSDUDWLRQ VHHGLQJ WUDQVSODQWLQJ
DQGZHHGLQJ2YHUDOOPHFKDQL]DWLRQFDQKHOSLPSURYH
WKH\LHOGRIERWKSDGG\DQGZKLWHULFH´

JUDLQTXDOLW\DQGSRVWKDUYHVWWHFKQRORJ\UHSRUWLQJRQ
EHKDOIRI$IULFD5LFHDQGWKH&DPHURRQLDQ1$56DW
WKH&RQJUHVV0RUHRYHUFRQVXPHUVZHUHZLOOLQJWR
SD\PRUHIRUWKHULFHSDUERLOHGZLWKWKHQHZV\VWHP
WKDQ IRU WKDW SURFHVVHG ZLWK WKH WUDGLWLRQDO VHWXS
³7KH LPSURYHG SDUERLOLQJ VWRYH ZDV PRUH HQHUJ\
HI¿FLHQW«>LW@UHGXFHGWKHH[SRVXUHRIWKHSURFHVVRU
WRKHDWGXULQJSDUERLOLQJ«DQG>LV@HDV\WREXLOGDW
WKHYLOODJHOHYHO´
7KH LPSRUWDQFH RI D ZKROH YDOXHFKDLQ DSSURDFK
WR UHVHDUFK IRU GHYHORSPHQW LV DOVR VWUHVVHG LQ WKH
$IULFD5LFH VWUDWHJ\ FRYHULQJ HYHU\WKLQJ IURP
LQSXW PDUNHWV WKURXJK SURGXFWLRQ WR SURFHVVLQJ
TXDOLW\FRQWUROEUDQGLQJSDFNDJLQJDQGULFHEDVHG
SURGXFWV )RU WKH ¿UVW WLPH H[KLELWLRQ DUHDV DW WKH
7KLUG &RQJUHVV IHDWXUHG FRPSDQLHV 1*2V DQG
RWKHURUJDQL]DWLRQVGHPRQVWUDWLQJDYDULHW\RIULFH

7KH H[SRVLWLRQ IHDWXUHG PDQXIDFWXUHUV IURP &DP
HURRQ*KDQD0DXULWDQLD1LJHULDDQG6HQHJDOZKR
H[KLELWHG WKUHVKHUV ZLQQRZHUV D SDUERLOLQJ VWRYH
DQGSRVWHUVRIHTXLSPHQWEHLQJPDQXIDFWXUHGLQWKHLU
KRPHFRXQWULHV
³&DPHURRQLVDPDMRUSOD\HULQ$IULFD5LFH¶VPHFK
DQL]DWLRQZRUN´VD\V0RUHLUD³:LWKLQWKHFRQWH[WRI
WKH&DQDGDIXQGHGµ6XSSRUWWRULFHUHVHDUFKLQ$IULFD¶
SURMHFW WKH &DPHURRQLDQ 1$56 KDV GHYHORSHG
LPSURYHG SDUERLOLQJ WHFKQRORJ\ DQG D EULTXHWWH
PDNLQJPDFKLQH>VHHEHORZ@DQGLQWURGXFHGWKHµ$6,¶
WKUHVKHU±FOHDQHUIURP6HQHJDO´
7KH&DPHURRQLDQLPSURYHGSDUERLOLQJV\VWHPFRP
SULVHVDSDUERLOLQJXQLWZLWKPRUHXQLIRUPGLVWULEXWLRQ
RI VWHDP FRPSDUHG ZLWK WKH WUDGLWLRQDO XQLW DQG D
EHWWHU VWRYH ³7KH LPSURYHG SDUERLOLQJ WHFKQRORJ\
SURGXFHG ULFH WKDW ZDV RI KLJK SK\VLFDO DQG HDWLQJ
TXDOLW\ FRPSDUHG ZLWK WKH WUDGLWLRQDO WHFKQRORJ\´
VDLG6DOL1GLQGHQJ$IULFD5LFHSRVWGRFWRUDOIHOORZLQ 

7KHLPSURYHGSDUERLOLQJXQLWDQGVWRYHGHYHORSHGLQ&DPHURRQ
$IULFD5LFH$QQXDO5HSRUW

([KLELWLRQRIULFHEDVHGSURGXFWVDWWKH&RQJUHVV

EDVHG SURGXFWV LQFOXGLQJ FRRNLHV FDNHV GULQNV
µSRSULFH¶ DQG ULFH ÀRXU ³:KDW ZH GR ZLWK ULFH LV
YLWDOO\LPSRUWDQW´H[SODLQV:RSHUHLV³$WWKHFXUUHQW
MXQFWXUHPXFKORFDOO\SURGXFHGULFHGRHVQRWPHHW
FRQVXPHUV¶GHPDQGVLQWHUPVRITXDOLW\2IFRXUVHZH
DUHZRUNLQJWRXSJUDGHTXDOLW\WKURXJKRXWWKHYDOXH
FKDLQEXWZKDWWRGRLQWKHPHDQWLPH"´&RRNLHVDQG
FDNHVDUHDVLPSOHZD\RIPDNLQJDXVHIXOSURGXFWRXW
RIµVXEVWDQGDUG¶ULFHDQGKDYHEHHQSURYHQWRKDYHD
PDUNHWHVSHFLDOO\LQ&DPHURRQ

WKLVUHVHDUFKZDVSUHVHQWHGE\0EDVVL 6HHDOVR%R[
µ$IULFDZLGH5LFH3URFHVVLQJDQG9DOXH$GGLWLRQ7DVN
)RUFH¶RYHUOHDI

5LFH SURFHVVLQJ DOVR JHQHUDWHV D QXPEHU RI E\
SURGXFWV²IRUH[DPSOHKXVNDQGEUDQ³'LVSRVDORI
ULFHKXVNKDVEHFRPHDVHULRXVSUREOHP+XJHDPRXQWV
RIULFHZDVWH>DUH@VHHQQHDUULFHPLOOV´VDLG-RVLDQH
0EDVVLRI,5$'LQDSUHVHQWDWLRQDWWKH&RQJUHVV
³:KHUH(QJHOEHUJW\SHPLOOVDUHFRPPRQWKHKXVN
LVXVXDOO\PL[HGZLWKEUDQPDNLQJERWKE\SURGXFWV
>XQVXLWDEOH@DVOLYHVWRFNIHHG´GXHWRWKHKLJKDPRXQW
RIVLOLFDLQWKHKXVN
+RZHYHUKXVNDQGPL[HGKXVN±EUDQFDQEHPDGHLQWR
XVHIXOIXHOLQWKHIRUPRIEULTXHWWHVDQGVXEVHTXHQWO\
XVHG LQ SURFHVVHV OLNH ULFH SDUERLOLQJ D IDYRUHG
SURFHVVLQPDQ\SDUWVRI:HVW$IULFDWKDWLPSURYHV
PLOOLQJ UHFRYHU\ ,5$' DQG <DRXQGp HTXLSPHQW
PDQXIDFWXUHU /HV 7DOHVV6LHPHI KDYH GHYHORSHG
D VLQJOHSLVWRQ EULTXHWWHPDNLQJ PDFKLQH DQG DQ
DQDO\VLVRIGLIIHUHQWFRPSRVLWLRQRIEULTXHWWHVIURP
$IULFD5LFH$QQXDO5HSRUW

7KH &DPHURRQLDQ EULTXHWWHPDNHU DQG WKH EULTXHWWHV LQ XVH
LQVHW LQWKHLPSURYHGSDUERLOLQJVWRYH 

Africa-wide Rice Processing and Value Addition Task Force
,Q 1RYHPEHU  $IULFD5LFH ODXQFKHG WKH $IULFD
ZLGH5LFH3URFHVVLQJDQG9DOXH$GGLWLRQ7DVN)RUFH
DVDUHVHDUFKJURXSWRDGGUHVVSRVWKDUYHVWSURFHVVLQJ
DQGYDOXHDGGLWLRQLVVXHV7KHRULJLQDOPHPEHUVRIWKH
WDVNIRUFH²&DPHURRQ7KH*DPELD*KDQD0DOL
1LJHULD 6HQHJDO 6LHUUD /HRQH DQG 8JDQGD ² ZHUH
SDUWLFLSDQWVLQWKHµ6XSSRUWWR5LFH5HVHDUFKLQ$IULFD¶
SURMHFWVXSSRUWHGE\WKHWKHQ&DQDGLDQ,QWHUQDWLRQDO
'HYHORSPHQW$JHQF\ QRZWKH&DQDGLDQ'HSDUWPHQW
RI)RUHLJQ$IIDLUV7UDGHDQG'HYHORSPHQW 
,QLWLDOZRUNIRFXVHGRQDVVHVVLQJSRVWKDUYHVWSUDFWLFHV
LQ WKH ULFH VHFWRU GHYHORSPHQW KXEV TXDQWLI\LQJ
SRVWKDUYHVW ORVVHV DQG GHYHORSLQJ WHFKQRORJLHV WR
DGGUHVVWKHSUREOHPVLGHQWL¿HGDORQJWKHYDOXHFKDLQ
:RUNLQJ LQ WZR RU WKUHH KXEV SHU FRXQWU\ WKH WDVN
IRUFH FRQGXFWHG VLWXDWLRQDO DQDO\VHV LQ SDUWQHUVKLS
ZLWKYDOXHFKDLQDFWRUVWRLGHQWLI\ERWWOHQHFNVDORQJ
WKHULFHSRVWKDUYHVWYDOXHFKDLQDQGSURSRVHDFKLHYDEOH
PHDVXUHVWRXSJUDGHWKHSRVWKDUYHVWV\VWHPLQ HDFK
KXE7KHWDVNIRUFHKDVZLGHQHGLWVPHPEHUVKLSQRZ
FRYHULQJ D WRWDO RI  FRXQWULHV ZLWK WKH DGGLWLRQ RI
%HQLQ &{WH G¶,YRLUH WKH 'HPRFUDWLF 5HSXEOLF RI
&RQJR(WKLRSLD*XLQHD1LJHUDQG7DQ]DQLD
/LNH WKH ZRUN RI WKH $IULFDZLGH 5LFH $JURQRP\
7DVN)RUFHLQLGHQWLI\LQJµJRRGDJULFXOWXUDOSUDFWLFHV¶
*$3 ² VHH µ$IULFDZLGH 5LFH $JURQRP\ 7DVN
)RUFH¶ $IULFD5LFH $QQXDO 5HSRUW  SDJHV ± 
WKH SURFHVVLQJ DQG YDOXHDGGLWLRQ WDVN IRUFH LV DEOH
WR LGHQWLI\ µ*$3 EDVNHWV IRU SRVWKDUYHVW SUDFWLFHV¶
IRU LQWURGXFWLRQ WHVWLQJ DGDSWDWLRQ DQG DGRSWLRQ LQ
WKHKXEV
:LWKLQ WKH &DQDGDIXQGHG SURMHFW WKH WDVN IRUFH
GHYHORSHG VSHFL¿F WHFKQRORJLHV IRU SDUERLOLQJ DQG
EULTXHWWLQJ,QFROODERUDWLRQZLWKWKH$IULFDZLGH5LFH
0HFKDQL]DWLRQ7DVN)RUFHWKH3URFHVVLQJDQG9DOXH
$GGLWLRQ 7DVN )RUFH GHVLJQHG D EULTXHWWHPDNLQJ
PDFKLQHDQGDQLPSURYHGULFHSDUERLOHUJLYLQJWKHLU
GUDZLQJVWRPDFKLQLVWVZKRWKHQFRQVWUXFWHGWKHLWHPV
7KHWZRWDVNIRUFHVDOVRZRUNHGWRJHWKHUWRLQWURGXFH
WKH µ$6,¶ WKUHVKHU±FOHDQHU DQG PLQLFRPELQH WR WKH 

KXEVZLWKWKH0HFKDQL]DWLRQ7DVN)RUFHLQYROYHGLQ
WKHFRQVWUXFWLRQDQG¿QHWXQLQJXVLQJWKHGHVLJQHUV¶
GUDZLQJV DQG WKH 3URFHVVLQJ DQG 9DOXH $GGLWLRQ
7DVN)RUFHLQYROYHGLQHYDOXDWLQJWKHHI¿FLHQF\RIWKH
HTXLSPHQW
³,Q WHUPV RI ULFHEDVHG SURGXFWV ZH QRWLFHG WKDW
VRPHFRQVXPHUVZHUHXVLQJKLJKTXDOLW\ULFHWRPDNH
ÀRXU IRU XVH LQ FRRNLHV DQG RWKHU SURGXFWV´ VD\V
6DOL 1GLQGHQJ $IULFD5LFH SRVWGRFWRUDO IHOORZ LQ
JUDLQ TXDOLW\ DQG SRVWKDUYHVW WHFKQRORJ\ *LYHQ WKH
DYDLODELOLW\ RI ¿QH EURNHQ ULFH IURP ERWK LQGXVWULDO
VFDOH DQG VPDOOVFDOH ULFH PLOOV WKLV VHHPV UDWKHU
ZDVWHIXORIDKLJKTXDOLW\SURGXFW³>7KH¿QHEURNHQ
JUDLQV@KDYHYHU\ORZPDUNHWYDOXHDQGDUHW\SLFDOO\
XVHGLQOLYHVWRFNIHHG´H[SODLQV1GLQGHQJ³,IZHPDNH
LWLQWRÀRXULWLVWKHQDYDLODEOHIRUPDNLQJULFHEDVHG
SURGXFWVRIKLJKHUYDOXHWKDQDQLPDOIHHG´
1GLQGHQJKDVGHYHORSHGUHFLSHVIRUPDNLQJIRUWL¿HG
ULFHEDVHG SURGXFWV ³7KH $IULFD5LFH *UDLQ 4XDOLW\
DQG3RVWKDUYHVW8QLWSXUFKDVHGDPLQHUDODQGYLWDPLQ
SUHPL[ IURP 7KH :ULJKW *URXS ZKLFK ZH DUH
VXJJHVWLQJLVXVHGDWWKHPLOOLQJOHYHOVRWKDWWKHULFH
ÀRXULVDOUHDG\IRUWL¿HGZKHQLWOHDYHVWKHIDFWRU\´KH
VD\V³7KHRWKHUDYHQXHZHKDYHSXUVXHGLVWRPDNH
XVHRIORFDOIRRGVZLWKQXWULWLRQDOEHQH¿WV´$W\SLFDO
H[DPSOHRIWKHODWWHULVVDIRX 'DFU\RGHVHGXOLV IUXLW
ZKLFKSURYLGHVDQRLO\SRZGHUWKDWLVULFKLQHVVHQWLDO
OLSLGV DQG PLQHUDOV DQG FDQ EH XVHG DV D SDUWLDO
VXEVWLWXWHIRUEXWWHULQUHFLSHV³%\XVLQJ'DFU\RGHV
ZHFDQUHSODFHµXQKHDOWK\¶VDWXUDWHGDQLPDOIDWZLWK
µKHDOWK\¶XQVDWXUDWHGSODQWIDWLQVDIRX±ULFHFRRNLHV´
VD\V1GLQGHQJ³%RWKWKHPLQHUDODQGYLWDPLQSUHPL[
DQG'DFU\RGHVSRZGHUDUHUHDG\WREHVFDOHGXSZLWKLQ
WKHKXEV´
,QFRPPRQZLWKLWVFRXQWHUSDUWVWKH3URFHVVLQJDQG
9DOXH$GGLWLRQ7DVN)RUFHKDVDWUDLQLQJFRPSRQHQW
HVSHFLDOO\IRUWKRVHZRUNLQJRQWKHJURXQGLQWKHKXEV
)RU H[DPSOH &DPHURRQ *KDQD 6LHUUD /HRQH DQG
8JDQGDKXEZRUNHUVKDYHEHHQWUDLQHGRQWKHFROOHFWLRQ
RI GDWD IRU WKH JHQHUDWLRQ RI FRQVXPHUSUHIHUHQFH
$IULFD5LFH$QQXDO5HSRUW

PDSV7KHVHPDSVGLVSOD\LQIRUPDWLRQRQSUHIHUHQFHV
DQG SULFH IRU GLIIHUHQW ULFH W\SHV SDUERLOHG RU QRQ
SDUERLOHG IURPGLIIHUHQWORFDWLRQVLQWKHFRXQWU\7KLV
FRPELQHVWKHSRZHURIJHRJUDSKLFLQIRUPDWLRQV\VWHPV
*,6 PDUNHWDQDO\VLVDQGJUDLQTXDOLW\DQDO\VLVRQD
VLQJOHPDS

7KH DFFHSWDQFH WHVW LV XVHG WR PHDVXUH FRQVXPHU
DFFHSWDELOLW\ RI D SURGXFW DQG LQ WKLV FDVH WKUHH
PHWKRGV FDQ EH DSSOLHG ² SDLUHG FRPSDULVRQ WHVW
KHGRQLF VFDOH RU UDQNLQJ 7KH VHQVRU\ DWWULEXWHV
HYDOXDWHGIRUWKHVHSURGXFWVLQFOXGHGDSSHDUDQFHRGRU
DURPDFRQVLVWHQF\WH[WXUHDQGÀDYRU

7UDLQLQJKDVDOVREHHQSURYLGHGRQVHQVRU\HYDOXDWLRQ
RI ULFH DQG ULFHEDVHG SURGXFWV +XE JUDLQTXDOLW\
UHVHDUFKHUVUHFHLYHGWUDLQLQJRQWKUHHW\SHVRIWHVWXVHG
IRU VHQVRU\ HYDOXDWLRQ RI D SURGXFW GLVFULPLQDWLRQ
DFFHSWDQFH DQG GHVFULSWLYH WHVW 'LVFULPLQDWLRQ DQG
GHVFULSWLYH WHVWV DUH XVHG LQ D VHQVRU\ WHVW LQYROYLQJ
DWUDLQHGSDQHOZKLOHWKHDFFHSWDQFHWHVWLVXVHGZLWK
FRQVXPHUVDQGGRHVQRWUHTXLUHDWUDLQHGSDQHO7KH
GLVFULPLQDWLRQ WHVWLQJ PHWKRGV LQFOXGHG D SDLUHG
FRPSDULVRQGXRWULRWULDQJXODUUDQNLQJDQGVFRULQJ
WHVWV

3DUWLFLSDQWVZHUHLQVWUXFWHGRQIDFWRUVWKDWLQÀXHQFH
VHQVRU\ HYDOXDWLRQ DQG KRZ WR UHGXFH HUURUV ZKHQ
SHUIRUPLQJ VHQVRU\ HYDOXDWLRQ ,Q DGGLWLRQ WKH\
UHFHLYHG OHFWXUHV DQG SUDFWLFDOV RQ GLIIHUHQW W\SHV
RI VHQVRU\ HYDOXDWLRQ WHVWV DQG KRZ WR DQDO\]H DQG
LQWHUSUHWGDWDFROOHFWHGIURPWKHGLIIHUHQWWHVWV
³,QWHUPVRIPRYLQJIRUZDUGLQWKHKXEVP\SUHIHUUHG
RXWVFDOLQJURXWHLVWKHIRUWL¿HGÀRXU´VD\V1GLQGHQJ
³:LWKWKHLQWURGXFWLRQRIULFHJUDGLQJEURNHQJUDLQV
ZLOOEHVHSDUDWHGRXWDQGFDQEHPDGHLQWRÀRXU6R
DWWKHVDPHWLPHZHLQFUHDVHWKHYDOXHRIWKHULFHIRU
PDUNHW DV LW KDV D KLJKHU FRQWHQW RI ZKROH JUDLQV 
DQGWKDWRIWKHEURNHQJUDLQV²DGRXEOHZLQIRUWKH
SURFHVVRUV 7KH ULFH ÀRXU LWVHOI KDV PXOWLSOH XVHV
LQFOXGLQJIRUSDVWHVFRRNLHVSDVWDDQGSRUULGJH,DP
RSWLPLVWLFDERXWWKLVGLUHFWLRQ´

$FFHSWDQFHWHVWVSURYLGHDNH\PHDVXUHRIFRQVXPHUDFFHSWDELOLW\RIULFHDQGULFHEDVHGSURGXFWV

$IULFD5LFH$QQXDO5HSRUW 

Rice knowledge hub
7KH &RQJUHVV UHFRPPHQGHG WKH FRQWLQXDWLRQ RI
ZRUN WR IDFLOLWDWH ³ULFH NQRZOHGJH H[FKDQJH WR
DFKLHYH JUHDWHU DQG PRUH UDSLG LPSDFW DFURVV WKH
ULFHYDOXHFKDLQ´WRVWUHQJWKHQWKHULFHVHFWRU7KLVLV
EHLQJDFKLHYHGWKURXJKRQJRLQJZRUNWRH[SDQGWKH
GHYHORSPHQWKXEQHWZRUNHVWDEOLVKHGE\$IULFD5LFH
XQGHULWV±VWUDWHJ\
7KH 5LFH H+XE ZZZULFHKXERUJ  ZDV HVWDEOLVKHG
ZLWKWKHSKLORVRSK\RIFRFUHDWLRQDQGFROHDUQLQJ
,W DOORZV HDV\ DFFHVV WR LQQRYDWLRQV IRU ULFHVHFWRU
GHYHORSPHQW DQG HPSRZHUV QDWLRQDO SDUWQHUV WR
XSORDGLQIRUPDWLRQDERXWDFWLYLWLHVFRQGXFWHGZLWKLQ
WKHULFHVHFWRUGHYHORSPHQWKXEV:KLOHWKHH+XELVLQ
LWVHDUO\GD\VWKHUHDUHDOUHDG\SRUWDOVIRURIWKH
ULFHVHFWRUGHYHORSPHQWKXEVWKDWKDGEHHQHVWDEOLVKHG
E\WKHHQGRI

7KHH+XEZLOOSURYLGHRQOLQHDFFHVVWRLQIRUPDWLRQ
DQG GRFXPHQWDWLRQ RQ µVFDODEOH WHFKQRORJLHV¶ WKDW
KDYHDOUHDG\EHHQGHYHORSHGWULHGDQGWHVWHGLQDQ
$IULFDQULFHIDUPLQJFRQWH[WDQGSURYHQWKHLUZRUWK
$ JRRG QXPEHU RI UHIHUHQFH ERRNV DQG WUDLQLQJ
PDQXDOV DUH DOUHDG\ DYDLODEOH YLD WKH H+XE DORQJ
ZLWKWHFKQLFDOGHWDLOVRIVRPHWRROV HJPHFKDQLFDO
ZHHGHUV OLQNVWRRWKHUZHEVLWHV VXFKDVWKHZHHG
LGHQWL¿FDWLRQ WRRO $)52ZHHGV  DQG $IULFD5LFH¶V
JURZLQJFROOHFWLRQRIHGXFDWLRQDOYLGHRV
³$V ZH XSORDG PRUH DQG PRUH LQIRUPDWLRQ RQ WKH
WHFKQRORJLHV DOUHDG\ DYDLODEOH ZH DUH EXLOGLQJ D
YDOXDEOHRQOLQHUHVRXUFHIRURXUSDUWQHUVHVSHFLDOO\
WKRVH ZRUNLQJ RQ WKH JURXQG LQ WKH ULFH VHFWRU
GHYHORSPHQW KXEV´ VD\V NQRZOHGJHPDQDJHPHQW
FRQVXOWDQW0\UD:RSHUHLV3XUD³2YHUWKHQH[W\HDU
RUWZRZHSODQWRKDYHLQIRUPDWLRQRQDOOH[LVWLQJ
WHFKQRORJLHVXSORDGHGWRWKHVLWHDQGVWDUWWR¿OOLQ
WKHJDSVZKHUHGRFXPHQWDWLRQLVODFNLQJ´

Successful Congress
%\PRVWPHDVXUHVWKH7KLUG$IULFD5LFH&RQJUHVV
ZDV D UHVRXQGLQJ VXFFHVV VHH %R[ µ3RVW&RQJUHVV
HYDOXDWLRQ E\ SDUWLFLSDQWV¶  2YHU  SDUWLFLSDQWV
DWWHQGHGWKH&RQJUHVVIURPFRXQWULHVLQFOXGLQJ
$IULFDQFRXQWULHV7KHGLVFXVVLRQVZHUHHQOLJKWHQLQJ
DQGVKRXOGSDYHWKHZD\IRUIXWXUHZRUN7KH:RUOG
&DIpVHVVLRQJHQHUDWHGDORWRILQWHUHVWDQGLGHDVIRU
SDUWLFLSDQWVWRWDNHDZD\DQGZRUNZLWK

$YLHZRIWKH5LFHH+XEZHESDJH 6HSWHPEHU $VLPSOH
FOLFN RQ DQ\ +XEPDUNHU RQ WKH $IULFD PDS OHDGV WKH YLHZHU
WRWKHGHGLFDWHGSDJHRIIHULQJGHWDLOHGLQIRUPDWLRQDERXWWKDW
VSHFLILFORFDWLRQ7KHµ,QQRYDWLRQV¶SDQHODWOHIWOHDGVWRH[WHQVLYH
UHVRXUFHVIRUGHYHORSPHQWSDUWQHUVDQGIDUPHUV 

³7KH $IULFD 5LFH &RQJUHVV LV QRZ EXLOW LQWR WKH
*5L63VFKHGXOHRIUHJLRQDOULFHIRUXPVWKDWFRPSULVHV
$IULFD OHGE\$IULFD5LFH $VLD OHGE\,55, DQG
/DWLQ$PHULFD OHGE\&,$7>,QWHUQDWLRQDO&HQWHUIRU
7URSLFDO$JULFXOWXUH@ :HSODQWKH)RXUWK&RQJUHVV
IRU  %\ WKDW WLPH ZH H[SHFW WR VHH HYHQ PRUH
SURJUHVV LQ WKH IRUP RI ULFHVHFWRU GHYHORSPHQW RQ
WKHFRQWLQHQWLQFUHDVLQJVHOIVXI¿FLHQF\OHYHOVDQGD
FRQVHTXHQWUHGXFWLRQRILPSRUWVIURPWKHLQWHUQDWLRQDO
PDUNHW´FRQFOXGHV:RSHUHLV
$IULFD5LFH$QQXDO5HSRUW

Post-Congress evaluation by participants
)RUDJRRGPDQ\\HDUVLWKDVEHHQDµQRUP¶IRURUJD
QL]HUV RI WUDLQLQJ DQG FRQIHUHQFHW\SH HYHQWV OLNH
WKH $IULFD 5LFH &RQJUHVV  WR VHHN IHHGEDFN IURP
SDUWLFLSDQWV LQ WKH IRUP RI SRVWHYHQW HYDOXDWLRQV
:LWKWKHDGYHQWRIWKHLQWHUQHWDQGRQOLQHVXUYH\WRROV
FRQGXFWLQJVXFKHYDOXDWLRQVKDVEHFRPHHYHQHDVLHU
6RPH&RQJUHVVSDUWLFLSDQWVFRPSOHWHGWKHRQOLQH
SRVW&RQJUHVVHYDOXDWLRQ
7KHRYHUDOOUDWLQJRIWKH&RQJUHVVZDV³YHU\JRRG´
ZLWKDOOEXWWZRUHVSRQGHQWVUDWLQJWKHHYHQWDV³JRRG´
RUKLJKHU
5HVSRQGHQWSDUWLFLSDQWVZHUHDOVRDVNHGWRLQGLFDWHWKH
YDOXHRIWKH&RQJUHVVLQWHUPVRIVL[DUHDVRISRWHQWLDO
EHQH¿W )RU DOO VL[ DUHDV WKH DYHUDJH RI SDUWLFLSDQW
UHVSRQVHVZDVLQDJUHHPHQWZLWKPRVWWHQGLQJWRZDUGV

$IULFD5LFH$QQXDO5HSRUW

³IXOO\ DJUHH´ ,Q GHVFHQGLQJ RUGHU RI DFKLHYHPHQW
WKHVHDUHDVZHUH
‡
‡
‡
‡
‡
‡

2SSRUWXQLW\ WR GLVFXVV ZLWK FROOHDJXHV DQG
SDUWQHUV
1HZNQRZOHGJHDQGLQVLJKWV>JDLQHG@
'LIIXVLRQRIUHVHDUFKSURGXFWVDQGLQVLJKWV
1HZSDUWQHUVKLSV>HVWDEOLVKHG@
2SSRUWXQLW\WROHDUQPRUHDERXWULFHUHVHDUFKLQ
&DPHURRQ
2SSRUWXQLW\WRRUJDQL]HRUDWWHQGVLGHPHHWLQJV 

Š‡”ƒ–‹‰•ˆ‘”–Š‡˜ƒ”‹‘—•‡Ž‡‡–•‘ˆ–Š‡‘‰”‡••
™‡”‡‘ƒ˜‡”ƒ‰‡Dz‰‘‘†dz–‡†‹‰–‘™ƒ”†Dz˜‡”›‰‘‘†dzǤ 
Š‡‘•–’‘’—Žƒ”‡Ž‡‡–•‹–Š‹•…‘–‡š–™‡”‡–Š‡
‹‹Ǧ•›’‘•‹ƒǡ ˆ‘ŽŽ‘™‡† „› –Š‡ ‡šŠ‹„‹–• ƒ† –Š‡
’Ž‡ƒ”›•‡••‹‘•Ǥ 

Realizing Africa’s Rice Promise

:LWKFRQWULEXWLRQVIURPULFHVFLHQWLVWVIURPDOORYHU
WKH ZRUOG WKH ERRN GLVFXVVHV WKH FKDOOHQJHV DQG
RSSRUWXQLWLHV UHODWHG WR VXVWDLQDEO\ LQFUHDVLQJ ULFH
SURGXFWLRQ DQG ULFH SURGXFWLYLW\ HQKDQFLQJ ULFH
TXDOLW\DQGPDUNHWLQJSURPRWLQJFRQGXFLYHSROLFLHV
IRU VPDOOKROGHU DQG DJULEXVLQHVV GHYHORSPHQW DQG
VWUHQJWKHQLQJLPSDFWRULHQWHGULFHUHVHDUFKH[WHQVLRQ
DQGNQRZOHGJHPDQDJHPHQW
7KHERRNZDVODXQFKHGDWDVSHFLDOVLGHHYHQWDWWKH
7KLUG$IULFD5LFH&RQJUHVVLQ<DRXQGp&DPHURRQRQ 
2FWREHU
$WWKHODXQFKOHDGHGLWRUDQG$IULFD5LFH'LUHFWRURI
5HVHDUFKIRU'HYHORSPHQW0DUFR:RSHUHLVFRPPHQWHG
³,WLV\HDUVVLQFHWKHSXEOLFDWLRQRIWKH¿UVWERRNRQ
ULFHLQ$IULFDE\%XGGHQKDJHQDQG3HUVOH\7KLVQHZ
ERRN 5HDOL]LQJ $IULFD¶V 5LFH 3URPLVH ZDV SURPSWHG
LQSDUWE\WKHULFHFULVLVLQ±,WLVP\VLQFHUH
KRSHWKDWLWZLOOQRWEHDQRWKHU\HDUVEHIRUHDWKLUG

YROXPH FDQ EH SURGXFHG UDWKHU , KRSH WKDW LQ  WR 
\HDUVWLPHZHZLOOVHHDERRNHQWLWOHG$IULFD¶V5LFH
6XFFHVV6WRU\࣠´

Ξ/ϮϬϭϯ

)RXU\HDUVLQWKHPDNLQJ IURPFRQFHSWLRQWRSXEOLFD
WLRQ  5HDOL]LQJ $IULFD¶V 5LFH 3URPLVH SURYLGHV D
FRPSUHKHQVLYH RYHUYLHZ RI $IULFD¶V ULFH VHFWRU DQG
RQJRLQJ ULFH UHVHDUFK DQG GHYHORSPHQW DFWLYLWLHV
LQGLFDWLQJ SULRULWLHV IRU DFWLRQ RQ KRZ WR UHDOL]H WKH
ULFHSURPLVHLQDVXVWDLQDEOHDQGHTXLWDEOHPDQQHU

5HDOL]LQJ$IULFD¶V5LFH3URPLVHHGLWHGE\0DUFR&6
:RSHUHLV'DYLG(-RKQVRQ1RXUROODK$KPDGL(ULF
7ROOHQV DQG $EGRXODL -DOORK   SDJHV &$%
,QWHUQDWLRQDO:DOOLQJIRUG8.
7KH KDUGEDFN ERRN LV FXUUHQWO\ DYDLODEOH IURP WKH
SXEOLVKHUV&$%,QWHUQDWLRQDOIRU…¼86
YLDKWWSERRNVKRSFDELRUJ(OHFWURQLFFRSLHVRIWKH
ERRNDQGLQGLYLGXDOFKDSWHUVDUHQRZDYDLODEOHYLDWKH
$IULFD5LFHZHEVLWH 

%XGGHQKDJHQ,:DQG3HUVOH\*-HGV5LFHLQ$IULFD3URFHHGLQJVRIDFRQIHUHQFHKHOGDWWKH,QWHUQDWLRQDO,QVWLWXWHRI
7URSLFDO$JULFXOWXUH,EDGDQ1LJHULD±0DUFK$FDGHPLF3UHVV/RQGRQ8.

Further reading
$OO RI WKH RXWSXWV RI WKH &RQJUHVV DUH RU ZLOO EH 
DYDLODEOH YLD WKH GHGLFDWHG &RQJUHVV ZHEVLWH ZZZ
DI U LFD U LFHRUJ D UF
LQWURDVS  0DQ\ RI WKHVH
Africa
PDWHULDOVPDNHXSWKHRQOLQH
Rice
Congrès
Congress
2013
du riz
SURFHHGLQJVLQFOXGLQJ
Rice Science for
Food Security through
Smallholder and Agri-business
Development in Africa

3rd

La science rizicole
pour
pour la sécurité alimentaire
à travers
le renforcement de
trav
l’agriculture familiale
et
en Afrique
et ll’agro-industrie
’a
ag

Program

Abstracts

‡ 7KH &RQJUHVV SURJUDP
DQGDEVWUDFWVERRN

Programme
P
ro

21–24 October 2013
Yaoundé, Cameroon

R
és
Résumés

3ème

en Afrique
2013

‡ 3DUWLFLSDQWV¶SUHVHQWDWLRQV
‡ 5HSRUWVRISOHQDU\DQGPLQLV\PSRVLDVHVVLRQV
‡ 5HSRUWVRQWKH0LQLVWHULDOGLDORJXHDQGµ:RUOG&DIp¶
VHVVLRQ
‡ $ZDUGVDQGUHFRJQLWLRQ
‡ 7KH&RQJUHVV'HFODUDWLRQ

21–24 octobre 2013
Yaoundé, Cameroun 

$IULFD5LFH$QQXDO5HSRUW

Recommendations of the Third Africa Rice Congress1
7KH&RQJUHVVLQLWVGHOLEHUDWLRQVQRWHG
‡ 7KH QRZ UDSLG JURZWK LQ ULFH SURGXFWLRQ LQ VXE
6DKDUDQ$IULFD SHU\HDU UHVXOWLQJIURPNH\
LQYHVWPHQWV PDGH E\ IDUPHUV JRYHUQPHQWV WKH
SULYDWHVHFWRUDQGWKHGRQRUFRPPXQLW\IROORZLQJ
WKH±JOREDOIRRGFULVLV
‡ 7KDWGHVSLWHWKLVUDSLGJURZWKWKH$IULFDQFRQWLQHQW
FRQWLQXHVWRUHO\KHDYLO\RQWKHZRUOGULFHPDUNHWWR
VDWLVI\ LQFUHDVLQJ GHPDQG ZLWK LPSRUWV UHDFKLQJ 
PLOOLRQWRQQHVRIPLOOHGULFHLQFRVWLQJPRUH
WKDQ86ELOOLRQ

$VDIROORZXSRQWKHUHFRPPHQGDWLRQVIRUPXODWHG
DW WKH 6HFRQG $IULFD 5LFH &RQJUHVV WKH 7KLUG
&RQJUHVVFRQ¿UPHG

‡ 7KDWORQJWHUPIRRGVHFXULW\LQVXE6DKDUDQ$IULFD
FDQQRWGHSHQGRQULFHLPSRUWVDQGWKDWWKH$IULFDQ
FRQWLQHQWKDVWKHUHVRXUFHVWRIHHGLWVHOILQWHUPVRI
ULFHDQGHYHQWXDOO\WRH[SRUWULFH

‡ 7KHSURJUHVVEHLQJPDGHE\WKHVFLHQWL¿FFRPPXQLW\
VLQFH WKH 6HFRQG $IULFD 5LFH &RQJUHVV DQG WKH
JURZLQJ DWWHQWLRQ SDLG WR TXDOLW\HQKDQFLQJ DQG
PDUNHWLQJUHVHDUFK

‡ 7KHLPSRUWDQFHRISURWHFWLQJ$IULFD¶VULFHIDUPHUV
DQGXUEDQFRQVXPHUVIURPZRUOGSULFHÀXFWXDWLRQV
DQGLQHTXLWDEOHWUDGH

‡ 7KHHVWDEOLVKPHQWRIVL[WKHPDWLF$IULFDZLGH5LFH
5HVHDUFK7DVN)RUFHVFRQYHQHGE\$IULFD5LFH

‡ 7KH WUHPHQGRXV HPSOR\PHQW FKDOOHQJH LQ VXE
6DKDUDQ $IULFD ZLWK  PLOOLRQ \RXQJ SHRSOH
H[SHFWHG WR HQWHU WKH MRE PDUNHW RYHU WKH QH[W 
\HDUV DQG WKH RSSRUWXQLW\ WKDW ULFHVHFWRU GHYHO
RSPHQW FDQ RIIHU IRU MRE DQG LQFRPH FUHDWLRQ
SDUWLFXODUO\LQUXUDODUHDV
‡ 7KDW$IULFD¶VULFHVHFWRUGHSHQGVSULPDULO\RQWKH
HIIRUWVRIVPDOOVFDOHUHVRXUFHSRRUIDUPHUVDQGWKDW
GHYHORSPHQWRIWKHVHFWRUQHHGVWRFUHDWHZLQ±ZLQ
RSSRUWXQLWLHVIRUDOOLQYROYHGLQWKHYDOXHFKDLQLQ
SDUWLFXODUIRUZRPHQDQG\RXWK
‡ 7KH LPSRUWDQFH RI YDOXHDGGLQJ DQG GHPDQG
OLIWLQJLQYHVWPHQWVWRLPSURYHWKHFRPSHWLWLYHQHVV
RI ORFDO ULFH YLVjYLV LPSRUWHG ULFH DQG WKDW VXFK
PHDVXUHVZLOORIWHQQHHGWRSUHFHGHVXSSO\VKLIWLQJ
LQYHVWPHQWV

‡ 7KH QHHG WR PRUH UDSLGO\ GLIIXVH H[LVWLQJ ULFH
WHFKQRORJLHVDQGLQQRYDWLRQVE\VWUHQJWKHQLQJDQG
OLQNLQJULFHUHVHDUFKDQGGHYHORSPHQWHIIRUWVDFURVV
WKHFRQWLQHQW
‡ 7KHFRQWLQXHGVKRUWIDOOLQKXPDQUHVRXUFHVLQULFH
UHVHDUFKDQGH[WHQVLRQLQ$IULFD
7KH&RQJUHVVIRUPXODWHGWKHIROORZLQJUHFRPPHQG
DWLRQVIRUJRYHUQPHQWVIDUPHURUJDQL]DWLRQVFLYLO
VRFLHW\ SULYDWH VHFWRU 5 ' SDUWQHUV UHJLRQDO
HFRQRPLFFRPPXQLWLHVDQGGRQRUV
,QYHVWPHQWVLQ$IULFD¶VULFHVHFWRU
‡ ,QYHVW LQ PRGHUQL]DWLRQ DQG PHFKDQL]DWLRQ RI
$IULFD¶VIDUPLQJDQGLQDJJUHJDWLRQRIIDUPRXWSXW
ZKLOHVDIHJXDUGLQJODQGULJKWVRIVPDOOKROGHUVDQG
LPSURYLQJOLYHOLKRRGV 

4XRWHGIURPWKHIXOO'HFODUDWLRQRIWKH7KLUG$IULFD5LFH&RQJUHVV VHHKWWSZZZDIULFDULFHRUJ$5&,QWURDVS 

$IULFD5LFH$QQXDO5HSRUW 

‡ 6WUHQJWKHQ IDUPHU RUJDQL]DWLRQV WR HQVXUH WKDW
IDUPHUVFDSWXUHDIDLUVKDUHRIDQ\YDOXHDGGHGIURP
WKHSURGXFWLRQSURFHVVLQJDQGPDUNHWLQJRIORFDOO\
SURGXFHGULFHDQGULFHEDVHGSURGXFWV
‡ 6WLPXODWH WKH GHYHORSPHQW RI SXEOLF±SULYDWH
SDUWQHUVKLSVDQGVPDOOVFDOHHQWHUSULVHVDQGSURYLGH
WHFKQLFDO DQG EXVLQHVV WUDLQLQJ WR $IULFD¶V UDSLGO\
JURZLQJFDGUHRI\RXWKWRKHOSWKHP¿QGMREVLQWKH
ULFHVHFWRU
‡ &RPELQHVXSSO\VKLIWLQJGHPDQGOLIWLQJDQGYDOXH
DGGLQJLQYHVWPHQWVWRHQVXUHUDSLGDQGVXVWDLQDEOH
GHYHORSPHQW RI DIIRUGDEOH ULFH DQG ULFHEDVHG
SURGXFWVIRUGLIIHUHQWFRQVXPHUV
‡ &RQVLGHU WKH HVWDEOLVKPHQW RI VWUDWHJLF UHJLRQDO
ULFH UHVHUYHV UHO\LQJ RQ QDWLRQDO VWRFNV EXW ZLWK
FRRUGLQDWLRQ DW WKH UHJLRQDO OHYHO WR UHGXFH SULFH
YRODWLOLW\
‡ (VWDEOLVK PLQLPXP DQG PD[LPXP LPSRUW WDULIIV
DJUHHGXSRQDWWKHUHJLRQDOOHYHOWKDWDOORZIRUUDLVLQJ
LPSRUWWDULIIVLQWLPHVRIORZZRUOGPDUNHWSULFHV
DQGYLFHYHUVD

WRDFKLHYHJUHDWHUDQGPRUHUDSLGLPSDFWDFURVVWKH
ULFHYDOXHFKDLQ
‡ 8UJH $IULFDQ JRYHUQPHQWV DQG WKHLU GHYHORSPHQW
SDUWQHUVWRVXEVWDQWLDOO\VWUHQJWKHQWKHUHWHQWLRQDQG
WUDLQLQJRIQHZUHVHDUFKDQGH[WHQVLRQVWDIIZKLOH
XSGDWLQJDJULFXOWXUDOFXUULFXODLQYRFDWLRQDOWUDLQLQJ
VFKRROVDQGXQLYHUVLWLHV
‡ 8UJH $IULFDQ JRYHUQPHQWV WR FRPSO\ ZLWK WKH
0DSXWR'HFODUDWLRQDQGLQFUHDVHWKHSURSRUWLRQRI
WKHLUQDWLRQDOEXGJHWVDOORFDWHGWRVFLHQWL¿FUHVHDUFK
WROHYHOVFRPPHQVXUDWHZLWKLQWHUQDWLRQDOVWDQGDUGV
‡ $FNQRZOHGJH $IULFD5LFH DV OHDGLQJ WKH $IULFDQ
FRPSRQHQW RI *5L63 WR HQDEOH WKH SRROLQJ RI
UHVRXUFHVEXLOGLQJFDSDFLW\DQGDOLJQLQJRIQDWLRQDO
DQGLQWHUQDWLRQDOULFHUHVHDUFKDJHQGDV
‡ $VN)$2WRVWLPXODWHQDWLRQDOUHJLRQDODQGJOREDO
SDUWQHUVKLSVWRGHYHORS$IULFD¶VULFHVHFWRUDVSDUWRI
WKHHIIRUWVRI&$5'DQGXQGHUWKHRYHUDOOXPEUHOODRI
WKH&RPSUHKHQVLYH$IULFD$JULFXOWXUH'HYHORSPHQW
3URJUDPPH &$$'3 

‡ 'HYHORSVXVWDLQDEOHVHHGV\VWHPVWKURXJKFRKHUHQW
SROLFLHV VWUDWHJLHV DQG IXQFWLRQDO SXEOLF±SULYDWH
SDUWQHUVKLSV
,QYHVWPHQWVLQULFH5 'DQGFDSDFLW\EXLOGLQJ
‡ )RVWHUJUHDWHUUHJLRQDODQGLQWHUQDWLRQDOFROODERUDWLRQ
RQ WKH GHYHORSPHQW DQG GLIIXVLRQ RI LPSURYHG
YDULHWLHVHFRORJLFDOLQWHQVL¿FDWLRQRIULFHIDUPLQJ
DQGPDQDJHPHQWRIDELRWLFDQGELRWLFVWUHVVHVLQWKH
IDFHRIFOLPDWHFKDQJHWRVXVWDLQDEO\PHHWLQFUHDVLQJ
GHPDQG
‡ (VWDEOLVK ZRUOGFODVV UHVHDUFK LQIUDVWUXFWXUH LQ
$IULFD WR HYDOXDWH ULFH JHQHWLF PDWHULDO IRU PDMRU
VWUHVVHV DQG FRQVXPHU GHPDQGV DQG HQVXUH WKDW
SURJUHVV PDGH ZRUOGZLGH LQ ULFH JHQHWLFV DQG
EUHHGLQJFDQEHFDSWXUHG
‡ 6WUHQJWKHQDQGH[SDQGWKHULFHVHFWRUGHYHORSPHQW
KXEQHWZRUNDQGIDFLOLWDWHULFHNQRZOHGJHH[FKDQJH 

$IULFD5LFH$QQXDO5HSRUW

Research in brief
Improving climate-risk simulation
for arid areas
,W PD\ FRPH DV D VXUSULVH WR VRPH WKDW QRW DOO
$IULFD5LFHZRUNIDOOVGLUHFWO\ZLWKLQWKH*OREDO5LFH
6FLHQFH 3DUWQHUVKLS *5L63  7KH ZRUN UHSRUWHG
KHUH FRPHV XQGHU WKH &*,$5 5HVHDUFK 3URJUDP
RQ&OLPDWH&KDQJH$JULFXOWXUHDQG)RRG6HFXULW\
&&$)6 
:KDWHYHU SROLWLFLDQV ZLWK VKRUWWHUP DJHQGDV DQG
WKHLULQÀXHQWLDOµIULHQGV¶LQµELJEXVLQHVV¶PLJKWVD\
WKHYDVWPDMRULW\RIVFLHQWLVWVLQWKHZRUOGDFFHSWWKDW
KXPDQLQGXFHGJOREDOFOLPDWHFKDQJHLVDQRQJRLQJ
DQGLQFUHDVLQJWKUHDW
3URMHFWLRQVRIWKHOLNHO\LPSDFWVRIFOLPDWHFKDQJHLQ
WKHIXWXUHDUHEDVHGRQFRPSOH[FRPSXWHUVLPXODWLRQ
PRGHOV $ PDMRU HPSKDVLV LQ FOLPDWH VLPXODWLRQ
PRGHOLQJLVGHWHUPLQLQJWKHOLNHO\LPSDFWRIFOLPDWH
FKDQJHRQDJULFXOWXUH
7KHLGHDRIFURSPRGHOLQJLVQRWKLQJQHZ$IULFD5LFH
KDV ORQJ EHHQ LQYROYHG ZLWK PRGHOV WKDW VLPXODWH
FURS GHYHORSPHQW DQG SUHGLFW SODQWLQJ GDWHV WR
DYRLG WKH ZRUVW RI VHDVRQDO VWUHVVHV ,Q WKH PLG 
V $IULFD5LFH UHVHDUFKHUV KHOSHG GHYHORS WKH
PRGHO25<=$B6E\FRPELQJWZRH[LVWLQJPRGHOV
25<=$DULFHFURSPRGHOGHYHORSHGE\:DJHQLQJHQ
8QLYHUVLW\DQG,55,IRULUULJDWHGFRQGLWLRQVLQ$VLD
DQG 5,'(9 D PXFK VLPSOHU PRGHO GHYHORSHG E\
$IULFD5LFHVLPXODWLQJSKHQRORJ\RIULFHDQGVWHULOLW\
GXHWRKHDWRUFROGVWUHVVXQGHULUULJDWHGFRQGLWLRQV
LQWKH6DKHO
$QLPSURYHGYHUVLRQ25=<$ZDVUHOHDVHGLQ 
E\,55,IROORZHGE\SURJUHVVLYHUHYLVLRQVXQWLO 
EXWLWZDVEDVHGRQ25<=$DQGWKHUHIRUHIDLOV
WRDFFXUDWHO\VLPXODWH\LHOGXQGHU6DKHOLDQFRQGLWLRQV
³:H FKRVH WR SURFHHG ZLWK WKH  YHUVLRQ RI
25<=$´VD\V3HSLMQYDQ2RUWFURSPRGHOHUDW
$IULFD5LFH³EHFDXVHZHKRSHWKDWDQ\LPSURYHPHQW
LQWKHPDLQPRGHOZLOODOVREHXVHIXOXQGHUGLIIHUHQW
FRQGLWLRQVIURPWKRVHZHWHVWHGVXFKDVZLWKZDWHU
$IULFD5LFH$QQXDO5HSRUW

RU QLWURJHQ OLPLWDWLRQ RU LQ FURS URWDWLRQV :LWK
25<=$B6VXFKDSSOLFDWLRQVZHUHQRWSRVVLEOH´
7KLVPHDQWWKDW\HDUVRQWKHUHZDVDQHHGWRWDNH
D IUHVK ORRN DW SKHQRORJ\ DQG FROG DQG KHDW VWUHVV
LQWKH6DKHO'HYHORSLQJQHZVXEURXWLQHVDQGRWKHU
UH¿QHPHQWVWRREWDLQDEHWWHUSUHGLFWLYHPRGHOIRUULFH
LQWKH6DKHO²LQDFKDQJHGFOLPDWHZLWKUHVSHFWWRWKH 
V²EHFDPHWKHQHZFKDOOHQJHIRU$IULFD5LFH
&RPSXWHUEDVHG PRGHOV FUHDWH VLPSOL¿HG YHUVLRQV
RIUHDOLW\DQGVRVKRXOGQHYHUEHFRQVLGHUHGSHUIHFW
³3HUIHFW SUHGLFWLRQ LV VXVSHFW PD\ EH FDXVHG E\
RYHUSDUDPHWHUL]DWLRQRQDOLPLWHGGDWDVHWDQGUXQV
DULVNRIDGMXVWLQJSDUDPHWHUYDOXHVZLWKRXWVRXQG
HFRSK\VLRORJLFDOMXVWL¿FDWLRQ´VD\VYDQ2RUW³:H
KDYHWULHGWRDYRLGWKLVE\XVLQJDODUJHGDWDVHWE\
PDNLQJ RQO\ PRGL¿FDWLRQV VXEVWDQWLDWHG E\ VROLG
H[SHULPHQWDO UHVHDUFK DQG E\ NHHSLQJ FDOLEUDWLRQ
WRDPLQLPXP´
7KHODUJHGDWDVHWZDVREWDLQHGE\0LFKLHOGH9ULHV
WKHQ $IULFD5LFH LUULJDWHGULFH DJURQRPLVW IURP
PRQWKO\VRZLQJVRIYDULHW\,5DWWZRVLWHVLQWKH
6HQHJDO5LYHUYDOOH\RYHUPRQWKVLQ±D
WRWDORIWUHDWPHQWV
7KH PRGLILFDWLRQV PDGH FKRVHQ RQ WKH EDVLV RI
SUHYLRXVUHVHDUFKFRPSULVHG L VRFDOOHGµFDUGLQDO¶
WHPSHUDWXUHV VHH %R[ µ&DUGLQDO WHPSHUDWXUHV DQG
WKHGLIIHUHQFHEHWZHHQJURZWKDQGGHYHORSPHQW¶IRU
GH¿QLWLRQV IRUGHYHORSPHQW LL FDUGLQDOWHPSHUDWXUHV
IRUHDUO\OHDIJURZWK LLL VSLNHOHWIRUPDWLRQSURFHVV
DQG LY KHDWDQGFROGLQGXFHGVWHULOLW\
7KHPRGHOZDVVSHFL¿FDOO\FDOLEUDWHGRQO\IRUGHYHO
RSPHQWDOFKDUDFWHUV0RUHRYHUWRWHVWWKHQHZKHDW
DQG FROGLQGXFHG VWHULOLW\ VXEURXWLQHV YDOLGDWLRQ
VLPXODWLRQV ZHUH UXQ WR SUHGLFW \LHOG ILUVW XVLQJ
REVHUYHGGHYHORSPHQWDQGQXPEHURIVSLNHOHWVDQG
VHFRQG ZLWK VLPXODWHG GHYHORSPHQW DQG QXPEHU RI
VSLNHOHWV
³7KH¿UVWWKLQJZHQHHGHGWRDGMXVWIRU,5JURZQ
LQWKH6DKHOZDVWKHFDUGLQDOWHPSHUDWXUHV´VD\VYDQ
2RUW ³,Q SDUWLFXODU ,5 KDV D PXFK KLJKHU EDVH 

WHPSHUDWXUHWKDQWKHGHIDXOWVHWWLQJLQ25<=$ 
ƒ&FIƒ& DVOLJKWO\KLJKHURSWLPXPWHPSHUDWXUH 
ƒ&FIƒ& DQGDSSDUHQWO\H[SHULHQFHVQRGHOD\
LQGHYHORSPHQWDWWHPSHUDWXUHVDERYHWKHRSWLPXP
LH WKHUH LV QR PD[LPXP WHPSHUDWXUH DW OHDVW QRW
XQGHUWKHFRQGLWLRQVWHVWHG ´:LWKWKHVHSDUDPHWHUV
FRUUHFWHGWKHPRGHOJDYHLPSURYHGVLPXODWLRQRIULFH
GHYHORSPHQWDQGWKHUHIRUH\LHOG
³:HVWDUWHGZLWKWKHVLWXDWLRQLQZKLFK25<=$
RYHUHVWLPDWHG KHDWLQGXFHG VWHULOLW\ DQG XQGHUHVWL
PDWHGFROGLQGXFHGVWHULOLW\´VD\VYDQ2RUW³7KHQHZ
KHDWDQGFROGVXEURXWLQHVJLYHPXFKEHWWHUVLPXODWLRQ
RIWKHWZRVWHULOLWLHVDQGFRQVHTXHQWO\¿QDO\LHOG´
7KHNH\VWRLPSURYLQJKHDWLQGXFHGVWHULOLW\VLPXOD
WLRQZHUHWUDQVSLUDWLRQDOFRROLQJDQGÀRZHULQJWLPH
ZKLOH WKH NH\ WR LPSURYHG FROGLQGXFHG VWHULOLW\
ZDV XVLQJ PLQLPXP GDLO\ WHPSHUDWXUH UDWKHU WKDQ
DYHUDJHGDLO\WHPSHUDWXUH³7KHVHPRGL¿FDWLRQVDUH

&ROGLQGXFHGVSLNHOHWVWHULOLW\ OHIW FRPSDUHGZLWKQRUPDOIHUWLOH
VSLNHOHW ULJKW

Cardinal temperatures and the difference between growth and
development
*URZWKDQGGHYHORSPHQW
*URZWK LV VLPSO\ GHILQHG DV WKH DFFXPXODWLRQ RI
ELRPDVV
&DUGLQDOWHPSHUDWXUHV
7KUHHFULWLFDORUµFDUGLQDO¶WHPSHUDWXUHVDUHGH¿QHGLQ
FURSGHYHORSPHQW
%DVHWHPSHUDWXUHLVWKHWHPSHUDWXUHEHORZZKLFKQR
GHYHORSPHQWRFFXUV
2SWLPXPWHPSHUDWXUHLVWKHWHPSHUDWXUHDWZKLFKWKH
GHYHORSPHQWUDWHRIDSODQWLVIDVWHVW²GHYHORSPHQW
RI D SODQW DW RSWLPXP WHPSHUDWXUH ZLOO RFFXU LQ WKH
VKRUWHVWSRVVLEOHWLPHIRUWKDWSDUWLFXODUSODQWWKLVPD\
QRWEHWKHVDPHDVRSWLPXPWHPSHUDWXUHIRUJURZWK
0D[LPXPWHPSHUDWXUHLVWKHWHPSHUDWXUHDERYHZKLFK
QRGHYHORSPHQWZLOORFFXU 

'HYHORSPHQWLVWKHSURFHVVRIDJLQJLQWKHPRGHOLQJ
GHVFULEHGKHUHFURSGHYHORSPHQWLVVLPXODWHGLQIRXU
VWDJHV HPHUJHQFH SDQLFOH LQLWLDWLRQ ÀRZHULQJ DQG
PDWXULW\
7KXVDSODQWGRHVQRWGHYHORS²PRYHIURPRQHVWDJH
WRWKHQH[W²EHORZEDVHWHPSHUDWXUH)RUH[DPSOHLI
DULFHFURSLVVRZQRUWUDQVSODQWHGLQDQHQYLURQPHQW
EHORZRUFORVHWRWKHEDVHWHPSHUDWXUHLWZLOOVLPSO\
SURGXFHOHDYHVEHFDXVHLWJURZVEXWGRHVQRWGHYHORS²
LWLVVWXFNLQWKH¿UVW YHJHWDWLYH VWDJHRIGHYHORSPHQW
6LPLODUO\LIH[WHUQDOWHPSHUDWXUHULVHVDERYHPD[LPXP
WHPSHUDWXUH DW D ODWHU VWDJH LQ WKH FURS F\FOH KHDW
LQGXFHGVWHULOLW\ZLOOUHVXOWIURPHLWKHUSDQLFOHVIDLOLQJ
WRDWWDLQÀRZHULQJRUÀRZHUEHDULQJVSLNHVIDLOLQJWR
UHDFKPDWXULW\

$IULFD5LFH$QQXDO5HSRUW

DOOORJLFDOLIZHWKLQNDERXWZKHUHZH¶UHZRUNLQJ´
VD\VYDQ2RUW³25<=$ZDVGHYHORSHGLQDQG
IRU6RXWKHDVW$VLDZKLFKIRUWKHPRVWSDUWLVDKXPLG
WURSLFDOHQYLURQPHQW,QFRPSDULVRQDULGUHJLRQVOLNH
WKH6DKHOH[SHULHQFHPXFKORZHUKXPLGLW\DQGPXFK
JUHDWHUUDQJHVLQGDLO\WHPSHUDWXUH´
,QDGU\HQYLURQPHQWWKHUHODWLYHKXPLGLW\ 5+ LV
PXFKORZHUWKDQLQDKXPLGRQH7KXVWKHDELOLW\RI
D SODQW WR FRRO LWVHOI WKURXJK WUDQVSLUDWLRQ LV PXFK
JUHDWHULQWKHDULG]RQH MXVWOLNHKXPDQVFDQVZHDW
WR FRRO WKHPVHOYHV LQ D GU\ HQYLURQPHQW ZKLOH
VZHDWLQJLQDKXPLGHQYLURQPHQWMXVWPDNHVRQHZHW 
$FFRUGLQJWRWKHVXEURXWLQHVGHYHORSHGE\YDQ2RUW
DWƒ&DQG5+ W\SLFDORIWKH6DKHO DSODQW
FDQ FRRO E\ ƒ& UHODWLYH WR WKH DLU WHPSHUDWXUH YLD
WUDQVSLUDWLRQZKLOHDWƒ&DQG5+ W\SLFDORI
KXPLGWURSLFDO6RXWKHDVW$VLD WKHUHLV]HURDELOLW\
WRFRROYLDWUDQVSLUDWLRQ
)ORZHULQJHDUOLHULQWKHPRUQLQJPHDQVWKHULFHSODQWV
DUH H[SRVHG WR D ORZHU WHPSHUDWXUH ZKLFK UHGXFHV
WKHULVNRIKHDWVWHULOLW\,QJHQHUDOULFHSODQWVÀRZHU
HDUOLHUGXULQJWKHGD\LQKRWWHUHQYLURQPHQWVEXWWKLV
FKDUDFWHULVWLF LV DOVR JHQHWLFDOO\ FRQWUROOHG DQG VR
YDULHVZLWKJHQRW\SH³3XWWLQJÀRZHULQJWLPHLQWRWKH
PRGHOQRZDOORZVXVWRVLPXODWHKRZPXFK\LHOGJDLQ
FDQEHREWDLQHGIURPEUHHGLQJIRUHDUOLHUÀRZHULQJ
YDULHWLHV´VD\VYDQ2RUW
$ULGHQYLURQPHQWVDOVRKDYHPXFKODUJHUWHPSHUDWXUH
GLIIHUHQFHVGXULQJWKHGD\³2QRQHGD\LQ-DQXDU\
WHPSHUDWXUHLQFUHDVHGIURPƒ&WRƒ&$FFRUGLQJ
WR 25<=$ WKH FROGVWHULOLW\ ULVN ZDV VPDOO
EHFDXVH DYHUDJH WHPSHUDWXUH ZDV µVDIH¶ EXW LW ZDV
FOHDU WKDW WKH PLQLPXP RI ƒ& FDXVHG VHYHUH FROG
VWHULOLW\:HWKHUHIRUHFKDQJHGWKHVXEURXWLQHWRXVH
PLQLPXPUDWKHUWKDQDYHUDJHWHPSHUDWXUH´
³0RGHOFDOLEUDWLRQFDQEHDWULFN\HQWHUSULVH´VD\V
YDQ2RUW³$WDFHUWDLQSRLQWZHIRXQGWKDWWKHPRGHO
ZDVRYHUHVWLPDWLQJELRPDVVSURGXFWLRQDQGWKHUHIRUH
DOVR\LHOG$QHIIHFWLYHWULFNWRLQFUHDVHDFFXUDF\IRU
\LHOGZDVWRPRGLI\WKHSDUDPHWHUWKDWGHWHUPLQHVWKH
$IULFD5LFH$QQXDO5HSRUW

QXPEHURIVSLNHOHWVIRUPHGSHUXQLWRIELRPDVV%XW
WKLVOHGWRXQUHDOLVWLFSDUDPHWHUYDOXHVEHFDXVHWKH
UHDOSUREOHPZDVWKDWWKHPRGHOZDVRYHUHVWLPDWLQJ
WRWDOELRPDVV6RZHNHSWIRFXVHGRQWKHUHDOFDXVHVRI
HUURUVDQGSOD\HGQRDUWL¿FLDOWULFNVZLWKSDUDPHWHUV´
$WWKHHQGRIWKHGD\YDQ2RUWDQGWKHWHDPZHUHDEOH
WRPRGLI\WKH25<=$PRGHOWREHWWHUSUHGLFW
,5ULFHGHYHORSPHQWDQG\LHOGLQWKHDULG6DKHORI
WKH6HQHJDO5LYHUYDOOH\0RUHRYHULWGLGDEHWWHUMRE
RIWKHVHSUHGLFWLRQVWKDQWKHEHQFKPDUN25<=$B6
WKDW ZDV GHYHORSHG IRU WKH VDPH HQYLURQPHQW DQG
RSWLPL]HGIRU,5LQ
³,WLVLPSRUWDQWWRUHPHPEHUWKDWWKLVZRUNZDVQRW
GRQHLQLVRODWLRQ´VD\VYDQ2RUW³,WZRXOGQRWKDYH
EHHQSRVVLEOHZLWKRXWWKHZRUNGRQHLQWKHVE\
0LFKDHO'LQJNXKQ IRUPHUO\ZLWK$IULFD5LFH DQGKLV
FRZRUNHUV LQ GHYHORSLQJ 25<=$B6 DQG 5,'(9´
,QIDFWWKH6DKHODGDSWHG25<=$RIYDQ2RUW
DQGSDUWQHUVXVHVVHYHUDOHTXDWLRQVDQGSDUDPHWHUV
GHULYHGIURP25<=$B6DQG5,'(9
³2XU UHVXOWV LQGLFDWH D QHHG IRU IXUWKHU UHVHDUFK
LQWRWKHFRPSRQHQWV ZHLGHQWL¿HGDQG WR UHDVVHVV
WKH FOLPDWH ULVN WR ULFH LQ DULG UHJLRQV´ FRQFOXGHV
YDQ 2RUW ³2XU GLVFRYHULHV DERXW WKH LPSRUWDQFH
RI FDUGLQDO WHPSHUDWXUHV KHDW WROHUDQFH DQG KHDW
DYRLGDQFHDOVRSURYLGHDEDVLVIRUYDULHW\VHOHFWLRQ
DVWKHVHWKUHHFULWLFDOFKDUDFWHULVWLFVDUHJHQHWLFDOO\
FRQWUROOHGDQGYDU\DFURVVFXOWLYDUV´

Breeding for salinity tolerance —
the Saltol gene
$VDUXOHULFHSODQWVKDYHVRPHWKLQJRIDQDYHUVLRQ
WRVDOWVRLUULJDWLQJWKHFURSZLWKVDOLQHZDWHULVQRW
DJRRGLGHD1RQHWKHOHVVVDOLQHLUULJDWLRQZDWHULVD
SUREOHPWKDWPDQ\FRDVWDODQGULYHUPRXWKIDUPHUV
KDYH OLWWOH FKRLFH EXW WR OLYH ZLWK $IULFD5LFH LV
EUHHGLQJ VDOWWROHUDQW ULFH YDULHWLHV WR EH JURZQ LQ
VDOLQLW\DIIHFWHGDUHDVRILUULJDWHGULFHSURGXFWLRQLQ
0DXULWDQLD6HQHJDODQG7KH*DPELDDQGPDQJURYH
DUHDV RI FRXQWULHV OLNH *XLQHD%LVVDX DQG 6LHUUD 

/HRQH6DOLQLW\SUREOHPVDUHH[SHFWHGWREHFRPHPRUH
ZLGHVSUHDGZRUOGZLGHEHFDXVHRIFOLPDWHFKDQJH
³7KHVDOLQLW\WROHUDQFHJHQH6DOWROKDVEHHQNQRZQ
IRUPRUHWKDQWZRGHFDGHVDQGKDVEHHQWKHVXEMHFW
RI H[WHQVLYH ZRUN E\ ,55,´ VD\V $IULFD5LFH
PROHFXODU JHQHWLFLVW .R¿ %LPSRQJ ³7KURXJK WKH
675$6$SURMHFWIXQGHGE\WKH%LOO 0HOLQGD*DWHV
)RXQGDWLRQ,55,VKDUHGWKHJHQHWLFVHTXHQFHRI6DOWRO
DQGWKHGRQRUOLQH)/ZLWK$IULFD5LFH7KURXJK
DFRPELQDWLRQRIFRQYHQWLRQDODQGPRGHUQEUHHGLQJ
RXUREMHFWLYHZDVWRSXWWKHJHQHLQWRWKHPRVWSRSXODU
DQGZLGHO\JURZQYDULHWLHV²WKHVRFDOOHGµPHJD
YDULHWLHV¶²IURPDUHDVWKDWKDYHDVDOLQLW\SUREOHP´
7KH ¿UVW WZR PHJDYDULHWLHV VHOHFWHG ZHUH 5DVVL
SRSXODUZLWKIDUPHUVLQWKH*DPELD5LYHUYDOOH\LQ
7KH*DPELDDQG6HQHJDODQG6DKHOWKHGRPLQDQW
YDULHW\LQWKH6HQHJDO5LYHUYDOOH\LQERWK0DXULWDQLD
DQG 6HQHJDO 7KH PHWKRGRORJ\ FRPSULVHG FURVVLQJ
WKH GRQRU SODQW )/  ZLWK WKH PHJDYDULHW\
WKHQEDFNFURVVLQJWKH6DOWROEHDULQJSURJHQ\WRWKH
PHJDYDULHW\RYHUWKUHHJHQHUDWLRQV3ODQWVFDUU\LQJ
WKH6DOWROJHQHZHUHGHWHUPLQHGE\PDUNHUDVVLVWHG
VHOHFWLRQ 0$6 EHWZHHQHDFKFURVV
³$IWHUWKH¿UVWEDFNFURVVRIWKH)/±5DVVLSURJHQ\
WR 5DVVL ZH VFUHHQHG  RIIVSULQJ E\ H[WUDFWLQJ

'1$IURPHDUO\JURZWKOHDYHV´H[SODLQV%LPSRQJ
³7KHSODQWVGHWHUPLQHGWREHFDUU\LQJ6DOWROZHUH
DOORZHGWRFRQWLQXHWRJURZDQGWKHQEDFNFURVVHGD
VHFRQGWLPH)RUWKHVXEVHTXHQWJHQHUDWLRQV>NQRZQ
DV %&) DQG %&)@ D FRPELQDWLRQ RI IRUHJURXQG
PDUNHUV IRU 6DOWRO WZR UHFRPELQDQW PDUNHUV WKDW
ÀDQN WKH 6DOWRO UHJLRQ WR HQVXUH PLQLPXP VL]H RI
WKH LQWURJUHVVLRQ DQG DOVR WR SUHYHQW DQ\ µOLQNDJH
GUDJ¶DQGSRO\PRUSKLFEDFNJURXQG665>VLPSOH
VHTXHQFHUHSHDW@PDUNHUVDFURVVWKHFKURPRVRPHV
RIULFHZHUHXVHGWRHQVXUHPLQLPXPGRQRUJHQRPH
LQWKHSURJHQLHV´
%LPSRQJDGGV³7KURXJK0$6DSSURDFKZHVHOHFWHG 
DQG  SURJHQLHV ZLWK 6DOWRO JHQH LQ %&) DQG
%&)UHVSHFWLYHO\7KHVHZHUHWKHSODQWVZLWKORZHVW
OHYHOVRI)/EDFNJURXQG´7KH¿QDOVHOHFWLRQRI
VHYHQSODQWVZDVDOORZHGWRJURZDQGVHOISROOLQDWH
JHQHUDWLQJYLDEOHVHHGV
7KHVHVHHGVZHUHJURZQXQGHUFRQWUROOHGFRQGLWLRQV
LQ WKH VFUHHQKRXVH DW D KLJK VDOLQLW\ OHYHO (&  
G6P DORQJVLGH)/DQGDVDOLQHVHQVLWLYHFKHFN
³$WWKHSRLQWZKHQWKHFKHFNGLHGIURPVDOWSRLVRQLQJ
DOOWKHRWKHUSODQWVZHUHVWLOODOLYH´VD\V%LPSRQJ
7KHVHVXUYLYLQJSODQWVZHUHWUDQVIHUUHGWRWKH¿HOG
XQGHU VDOWIUHH FRQGLWLRQV WR PXOWLSO\ VHHG IRU WKH
IROORZLQJVWDJHV,QDOOSURJHQLHVZHUHVHOHFWHG
XQGHUWKLVSURMHFW
³6DOWRO LPSDUWV WROHUDQFH WR VDOLQLW\ LQ WKH HDUO\
VHHGOLQJVWDJHEXWPDQ\VLWHVLQRXUPDQGDWHDUHDKDYH
KLJKVDOLQLW\WKURXJKRXWWKHVHDVRQ´VD\V%LPSRQJ
+HDQGKLVWHDPWKHUHIRUHGHFLGHGWRFRQGXFWZKDW
DPRXQWHGWRD\LHOGWULDODWWZRVLWHVLQWKH6HQHJDO
5LYHU YDOOH\ ,Q 1GLD\H SORWV RQ $IULFD5LFH 6DKHO
VWDWLRQ¶V PDLQ IDUP ZHUH LUULJDWHG ZLWK QRQVDOLQH
ZDWHU (&   G6P  ZKLOH RWKHUV ZHUH FXOWLYDWHG
LQ1GLRODVDOLQLW\KRWVSRWZLWKW\SLFDOO\KLJKVDOW
OHYHOV (&•G6P 

&DUGFXWRXWVXVHGLQWKHODEIRUJURZLQJVHHGOLQJVRISDUHQWV
DQGSURJHQ\IRU0$6 

%LPSRQJQRWHV³7RHQVXUHVHYHUHVFUHHQLQJFRQGL
WLRQVZHPRQLWRUHGWKHZDWHUDW1GLRODQGNHSWLWDW
DQ (& RI  G6P RU DERYH E\ DGGLQJ FRPPRQ VDOW
ZKHQQHFHVVDU\´
$IULFD5LFH$QQXDO5HSRUW

Chr. 1

Chr. 2

Chr. 3

Chr. 4

Chr. 5

Chr. 6

Chr. 7

Chr. 8

Chr. 9

Chr. 10

Chr. 11 Chr. 12

6DPSOHJHQRW\SHVRI6DOWROLQWURJUHVVLRQOLQHVRI5DVVL.H\EOXH LQWURJUHVVHGJHQHVIURP)/UHG 5DVVLJHQHVJUD\ 
KHWHUR]\JRXVORFL JHQHVIURPERWKSDUHQWV 1RWHWKHXQLIRUPLQWURJUHVVLRQRI6DOWRORQFKURPRVRPHDQGWKHODUJHDPRXQWRI)/
JHQHWLFPDWHULDORQFKURPRVRPH

6FUHHQLQJIRUWROHUDQFHWRVDOLQLW\
$IULFD5LFH$QQXDO5HSRUW

6FUHHQLQJXQGHUQRQVDOLQHFRQGLWLRQV 

0RUH WKDQ D TXDUWHU RI WKH OLQHV WHVWHG VXIIHUHG QR
PRUH WKDQ  \LHOG UHGXFWLRQ LQ WKH VDOWVWUHVVHG
HQYLURQPHQWDQGVRPHDVOLWWOHDV²WKH\DOVR
KDGJRRGDJURQRPLFFKDUDFWHULVWLFV7KHLPSOLFDWLRQ
LVWKDWWKHVHOLQHVDOVRKDYHDPHDVXUHRIWROHUDQFHWR
VDOLQLW\WKURXJKRXWWKHJURZWKF\FOHQRWMXVWWKHHDUO\
VHHGOLQJWROHUDQFHLPSDUWHGE\6DOWRO
³&RQVHTXHQWO\ ZH VHW DERXW VHDUFKLQJ IRU 47/V
>TXDOLWDWLYHWUDLWORFL@WKDWVHHPWRHQKDQFHWKHDFWLYLW\
RI 6DOWRO EH\RQG WKH HDUO\ VHHGOLQJ VWDJH´ VD\V
%LPSRQJ7KHWHDPORFDWHGWKUHH47/VRILQWHUHVW
DOOIURP)/DQGDOORQFKURPRVRPHRQHHDFK
IRUJUDLQ\LHOGQXPEHURISDQLFOHVSHUVTXDUHPHWHU
DQGQXPEHURIJUDLQVSHUSDQLFOH³7KHVH47/VZLOO
EHXVHGWRPDLQWDLQVHDVRQORQJVDOLQLW\WROHUDQFHLQ
WKHFRPLQJJHQHUDWLRQV´%LPSRQJFRQFOXGHV
,Q%LPSRQJJUHZ¿[HGOLQHVLQWKH¿HOGLQWKH
IRUPRI%&)SODQWVWKDWORRNHGJRRGDQGSHUIRUPHG
ZHOOXQGHUVDOLQLW\VWUHVV$QGWKHVHZHUHQRWMXVWIURP
WKH)/î5DVVLFURVVEXWDOVRIURPWKH)/î
6DKHO  FURVV ³:H KDYH SURSRVHG  RI WKHVH
OLQHVIURPWKHWZRIDPLOLHVWRWKH$IULFDZLGH5LFH
%UHHGLQJ7DVN)RUFH0XOWL(QYLURQPHQW7ULDO´VD\V
%LPSRQJ³DQGDUHLQWKHSURFHVVRIPXOWLSO\LQJVHHG
IRUWKDWZLGHVFDOHWHVWLQJ´

First fruits of the Africa-wide Rice
Breeding Task Force: ARICA
,Q  $IULFD5LFH DQG QDWLRQDO DQG LQWHUQDWLRQDO
SDUWQHUV ODXQFKHG DQ $IULFDZLGH 5LFH %UHHGLQJ
7DVN )RUFH UHVSRQGLQJ WR D FDOO YRLFHG E\ WKH
SDUWLFLSDQWVRIWKH6HFRQG$IULFD5LFH&RQJUHVVKHOG
LQ%DPDNR0DOL7KHPDLQREMHFWLYHRIWKHWDVNIRUFH
LVWRV\VWHPDWLFDOO\HYDOXDWHSURPLVLQJEUHHGLQJOLQHV
IURP $IULFD5LFH DQG RWKHU LQVWLWXWLRQV ZRUNLQJ DW
QDWLRQDORULQWHUQDWLRQDOOHYHO DFURVVWKHFRQWLQHQW
VSRWFKDPSLRQVHDUO\WKURXJKGHWDLOHGJHQRW\SHE\
HQYLURQPHQW *௘î௘( DQDO\VHVDQGVWLPXODWHYDULHWDO
UHOHDVHLQ$IULFDLQJHQHUDO7KH%UHHGLQJ7DVN)RUFH
FRPSULVHV LQWHUQDWLRQDO DQG QDWLRQDO ULFH EUHHGHUV
IURP$IULFDQFRXQWULHV
,QWKH¿UVWYDULHWLHVWRHPHUJHIURPWKH$IULFD
ZLGH5LFH%UHHGLQJ7DVN)RUFHZHUHQDPHG$GYDQFHG
5LFHIRU$IULFDRU$5,&$IRUVKRUW
³7KH YRWH RQ ZKDW EUHHGLQJ OLQH ZDV JRRG HQRXJK
WR EHFRPH SDUW RI WKH µ1(5,&$¶ RU 1(5,&$/
IDPLO\ZDVDFRPSOHWHO\$IULFD5LFHDIIDLULQWKHSDVW
DOWKRXJKWKHPDMRULW\ZHUHGHYHORSHGLQSDUWQHUVKLS
ZLWK1$56DQG,55,´VD\V0RXVVD6Lp$IULFD5LFH
VHQLRUEUHHGHUDQGFRRUGLQDWRURIWKH$IULFDZLGH5LFH
%UHHGLQJ7DVN)RUFH³:LWKWKHWDVNIRUFHEUHHGLQJ
OLQHV WKDW µVXUYLYH¶ WKH VFUHHQLQJ DFURVV VLWHV DQG
VHDVRQVDUHGLVFXVVHGDPRQJDOOPHPEHUVDQGWKHQ
HYHQWXDOO\PD\EHQDPHG$5,&$V´
6Lp DGGV ³7KHVH EUHHGLQJ OLQHV FDQ FRPH IURP
DQ\ZKHUHIURPD1$56&,$7&,5$'>&HQWUHGH
FRRSpUDWLRQLQWHUQDWLRQDOHHQUHFKHUFKHDJURQRPLTXH
SRXU OH GpYHORSSHPHQW@ $IULFD5LFH RU WKURXJK
FROODERUDWLYHZRUNEHWZHHQLQVWLWXWLRQV$Q$5,&$
LV WKHUHIRUH WUXO\ D MRLQW SURGXFW D TXDOLW\ ODEHO
ZHFDQDOOEHSURXGRI2XU1$56FROOHDJXHVWUXO\
DSSUHFLDWHWKLVFKDQJH´

.RIL%LPSRQJH[DPLQHVKLVµEDELHV¶WKDWDUHFDUU\LQJWKH6DOWRO
JHQHLQWKHILHOG 

7KHWDVNIRUFHKDVEHFRPHTXLWHDQXQGHUWDNLQJLQ 
EUHHGHUVXVHGVLWHVFRYHULQJULFHJURZLQJ
HQYLURQPHQWVLQFRXQWULHV
$IULFD5LFH$QQXDO5HSRUW

NQRZLQJWKDWWKHVDPHSUDFWLFHVKDYHEHHQIROORZHG
DWDOOVLWHV´0RUHRYHUWKHWDVNIRUFHPHPEHUVDJUHHG
RQDFRPPRQVHWRISODQWWUDLWVWREHPHDVXUHGLQHDFK
RIWKHWULDOV
$IWHU WKH  VHDVRQ 'LHQJ DQG RWKHUV UHDOL]HG
WKDW WKH VWHSV LQ WKH VHOHFWLRQ SURFHVV ZHUH RYHUO\
GHPDQGLQJRQ1$56DQG$IULFD5LFHUHVRXUFHVVR
WKH\UHGH¿QHGWKHSURFHVVDVRXWOLQHGEHORZ
,QWKH¿UVW\HDUWKHWDVNIRUFHSURYLGHVVHHGRIXSWR 
EUHHGLQJOLQHVSHUULFHJURZLQJHQYLURQPHQWIRU
WKH0XOWL(QYLURQPHQW7ULDO 0(7 FRQGXFWHGDWRQH
VLWH SHUULFHJURZLQJHQYLURQPHQW LQHDFKFRXQWU\
7KHVHEUHHGLQJOLQHVFRPHIURPWKHSDUWQHUVRIWKH
*5L63 QDPHO\ $IULFD5LFH ,55, &,$7 &,5$'
,5'-,5&$6DQGWKH$IULFDQ1$56WKHPVHOYHV

5LSHSDQLFOHRI$5,&$

7KHFULWHULRQIRUDULFHWREHFRPHDQ$5,&$LVVLPSOH
LW PXVW FRQVLVWHQWO\ RXWSHUIRUP WKH EHVW FKHFNV LQ
DWOHDVWRQHVLWHRYHUDWOHDVWWKUHHVHDVRQV,QRWKHU
ZRUGVLWPXVWUHSUHVHQWVLJQL¿FDQWLPSURYHPHQWRQ
WKHFXUUHQWEHVWYDULHW\
+RZHYHUWKHWDVNIRUFHKDVVWLSXODWHGWKDWWKLVRXW
SHUIRUPDQFH HJLQWHUPVRI\LHOGRUWROHUDQFHWRD
ELRWLFRUDELRWLFVWUHVV PXVWEHEDFNHGE\FRQFUHWH
GDWDIURPDWOHDVWWKUHHWULDOVDWWKHWDUJHWUHOHDVHVLWH
7KDWPHDQVORWVRIWULDOVDQGHYHQPRUHGDWDDOORI
ZKLFKPXVWEHVWDWLVWLFDOO\DQDO\]HG
³7KH ¿UVW VWDJH´ H[SODLQV $IULFD5LFH ELRPHWULFLDQ
,EQRX'LHQJ³ZDVWRGHYHORSDVWDQGDUGL]HGH[SHUL
PHQWDO PHWKRGRORJ\ NQRZQ DV WKH µH[SHULPHQWDO
SURWRFRO¶:HGLGWKLVLQZLWKWKHEUHHGHUVIURP
WKH1$56LQWKHWDVNIRUFH
7KLV VWDQGDUGL]HG SURWRFRO HQDEOHV XV WR DQDO\]H
WKHGDWDDFURVVVLWHVDQGFRXQWULHVZLWKFRQ¿GHQFH
$IULFD5LFH$QQXDO5HSRUW

7KH 0(7 LV RYHUVHHQ E\ WKH QDWLRQDO ULFH EUHHGHU
IRU WKH SDUWLFXODU ULFHJURZLQJ HQYLURQPHQW :KHQ
DOO WKH GDWD DUH JDWKHUHG LQ $IULFD5LFH SHUIRUPV D
JOREDODQDO\VLVSHUHQYLURQPHQWDFURVVVLWHV LHD*î(
DQDO\VLV ³:KDWZHDUHORRNLQJIRULVYDULHWLHVWKDW
SHUIRUPFRQVLVWHQWO\ZHOODFURVVVLWHVDQGRWKHUVWKDW
SHUIRUPFRQVLVWHQWO\ZHOOZLWKLQRQHRUDIHZVLWHVLQ
WHUPVRI\LHOG´VD\V'LHQJ
,Q WKH VHFRQG \HDU D 3DUWLFLSDWRU\ (QYLURQPHQWDO
7ULDO 3(7 LVFRPSRVHGIURPWKHEHVWOLQHVIURP
WKH0(7FRPSULVLQJERWKEURDGO\DGDSWHGDQGVLWH
VSHFL¿FOLQHV$JDLQKRZHYHUWKLVLVDVLQJOHVHWVHQW
WR HDFK FRXQWU\ LH HDFK FRXQWU\ JURZV WKH VDPH
OLQHV 
7KH3(7LVDWULDOWKDWFRPELQHVWUDGLWLRQDOEUHHGHU
VHOHFWLRQDQGSDUWLFLSDWRU\YDULHWDOVHOHFWLRQ 396 
7KH396HOHPHQWLQYROYHVYLVLWVIURPIDUPHUVRWKHU
ULFH VWDNHKROGHUV DQG WKH QDWLRQDO YDULHWDO UHOHDVH
FRPPLWWHHWRSURYLGHWKHLURSLQLRQVRQWKHPDWHULDOV
7KH RXWFRPH LV WKH EHVW  FDQGLGDWH YDULHWLHV SHU
ULFHJURZLQJHQYLURQPHQWSHUFRXQWU\
7KH WKLUG \HDU LQYROYHV WZR RU WKUHH VHWV RI WULDOV
UXQ LQ SDUDOOHO 2QH LV WKH 3DUWLFLSDWRU\ $GYDQFHG
7ULDO 3$7  ,W KHOSV JHQHUDWH VXIILFLHQW GDWD IRU
VWDWLVWLFDO SXUSRVHV 7KH VHFRQG LV WKH )DUPHUV¶ 

MET (Multi-Environment Trial)
Year 1

Year 2

100 lines
Alpha lattice with 3 replications

PET
(Participatory Environmental Trial)
30 lines
Alpha lattice with 3 replications

PAT (Participatory Advanced Trial)
FAT (Farmers’ Adoption Trial)
Year 3

Alpha lattice with 3 replications
Up to 10 lines / country
CRBD* with 4 replications

Procedures
required for variety
release**

VAT (Validation AfricaRice Trial)
All lines selected by NARS
CRBD with 4 replications

ARICA designation and
recommendation to
target countries

Recommendation for release by
national system

6FKHPDWLFRIWKHµWKUHHVWHSV¶IRU$5,&$GHVLJQDWLRQDVDGRSWHGE\WKH$IULFDZLGH5LFH%UHHGLQJ7DVN)RUFHLQ
࣠ &5%'FRPSOHWHO\UDQGRPL]HGEORFNGHVLJQ &RXQWULHVKDYHWKHRSWLRQWRIDVWWUDFNYDULHWLHVIRUUHOHDVHIURPWKHLUVHOHFWLRQVLQ
0(7DQG3(7 

$GRSWLRQ7ULDO )$7 LQZKLFKWKH1$56GLVWULEXWHV
WZRRUWKUHHRIWKHFDQGLGDWHYDULHWLHVIURP3(7WR
IDUPHUVWREHJURZQZLWKLQWKHLURZQIDUPLQJV\VWHPV
DQGWHVWHGDJDLQVWWKHLUORFDOYDULHWLHV,GHDOO\WKH)$7
LQYROYHVIDUPHUVSHUFRXQWU\
7KHHQGUHVXOWLVWKDWHDFKFDQGLGDWHYDULHW\LVWHVWHG
E\DQXPEHURIIDUPHUVLQWKHDSSURSULDWHULFHJURZLQJ
HQYLURQPHQW DFURVV WKH FRXQWU\ $W WKH HQG RI WKH
WKLUG \HDU DGGLQJ WKH GDWD IURP 3$7 DQG IDUPHUV¶
IHHGEDFNIURPWKH)$7WRWKHGDWDIURP0(7DQG3(7
HDFK1$56FDQVHOHFWWKHEHVWEUHHGLQJOLQHVWRSXW
IRUZDUGIRUUHOHDVHLQWKHFRXQWU\8SRQQRWL¿FDWLRQ 

IURPD1$56DOOGDWDVWRUHGLQWKHJOREDOGDWDEDVH
DW$IULFD5LFHDUHFKHFNHG:KHQVXSSRUWLQJGDWDDUH
FRQ¿UPHG $5,&$ GHVLJQDWLRQ LV UHFRPPHQGHG WR
DPHHWLQJRIWKHWDVNIRUFHZKLFKWKHQDSSURYHVLW
,QWKH9DOLGDWLRQ$IULFD5LFH7ULDO 9$7 WKH1$56
VHOHFWHGFDQGLGDWHVDUHJURZQDW$IULFD5LFHXQGHUWKH
VXSHUYLVLRQRIDQDJURQRPLVW7KHPDLQSXUSRVHRI
WKLVWULDOLVWRJHQHUDWHWKHµSDVVSRUWGDWD¶ LHGHWDLOHG
DJURQRPLF FKDUDFWHULVWLFV  UHTXLUHG E\ WKH QDWLRQDO
YDULHWDO UHOHDVH V\VWHPV 7KH 9$7 FDQ EH UXQ LQ
SDUDOOHOZLWKWKH3$7DQG)$7VRWKHZKROHSURFHVV
FDQWDNHDVOLWWOHDV\HDUV
$IULFD5LFH$QQXDO5HSRUW

,QWKHZHWVHDVRQRIHLJKWEUHHGLQJOLQHVZHUH
VXEMHFWHGWR9$7DWERWK&RWRQRX %HQLQ DQG,EDGDQ
1LJHULD DORQJVLGHIRXUFKHFNV³)RUDJURQRPLFWUDLWV
WKH9$7FRYHUHGSDGG\\LHOGQXPEHURISDQLFOHV
QXPEHURIVSLNHOHWVGD\VWRKHDGLQJDQGSODQWKHLJKW´
VD\V$IULFD5LFHDJURQRPLVW.D]XNL6DLWR³,QWHUPV
RIDOOWKHVHWUDLWVDQGDYHUDJHGDFURVVWKHWZRVLWHV
$5,&$௘DQG$5,&$௘ZHUHYHU\VLPLODUWRWKHEHVW
FKHFN:,7$H[FHSWWKDW$5,&$௘KDGD\LHOG
DGYDQWDJHRYHUDQGZDVDOLWWOHWDOOHUWKDQ:,7$´
7KH VHFRQG DVSHFW RI WKH 9$7 LV WKH SRVWKDUYHVW
SURSHUWLHV RI WKH JUDLQ ³$5,&$௘ DQG $5,&$௘
ZHUHWKHWRSFDQGLGDWHVDPRQJWKHHLJKWWHVWHG´VD\V
$IULFD5LFH JUDLQTXDOLW\ VSHFLDOLVW -RKQ 0DQIXO
³%RWKZHUHYHU\VLPLODUWRRXUEHVWFKHFN:,7$
LQ WHUPV RI PLOOLQJ UHFRYHU\ DQG KHDGULFH \LHOG
DOO WKUHH LQ WKH FDWHJRU\ RI µYHU\ JRRG¶´ 7KH WZR
$5,&$VZHUHVOLJKWO\EHWWHUWKDQ:,7$LQWHUPVRI
FKDONLQHVVERWKUDWLQJµ*UDGH¶ ±FKDONLQHVV 
FRPSDUHGWR:,7$¶Vµ*UDGH¶ ± ³*LYHQ
WKDWWKHOHYHORIFKDONLQHVVLVVWURQJO\LQÀXHQFHGE\
WKHWHPSHUDWXUHDWJUDLQ¿OOLQJVWDJHFKDONLQHVV
LVSUREDEO\FORVHWRWKHEHVWZHFDQH[SHFWLQWURSLFDO
$IULFD´VD\V0DQIXO

RI WKH WDVN IRUFH¶V ZRUN ZHUH LGHQWL¿HG DV VXLWDEOH
IRU FXOWLYDWLRQ LQ WKH UDLQIHG ORZODQGV RI %XUNLQD
)DVR 0DOL 1LJHULD DQG 7RJR $5,&$௘ $5,&$௘
$5,&$௘  DQG WKH XSODQGV RI 8JDQGD $5,&$௘
$5,&$௘ ²VHH7DEOHIRUGHWDLOV SDJHV± 
$5,&$௘KDVDOUHDG\EHHQUHOHDVHGLQ%XUNLQD)DVR
DQG$5,&$VDQGLQ8JDQGD
³2QH RI WKH PDLQ REMHFWLYHV RI WKH %UHHGLQJ 7DVN
)RUFH LV WR VWLPXODWH DQG DFFHOHUDWH YDULHWDO UHOHDVH
LQ WKH WDUJHW FRXQWULHV´ VD\V .XPDVKLUR ,W VHHPV
IDLUWRVD\WKDWWKLVJRDOKDVEHHQDFKLHYHGDWOHDVWLQ
WKHVKRUWWHUP

³2XU VHFRQGEHVW FKHFN IRU WKH UDLQIHG ORZODQG LV
WKHPXFKQHZHU1(5,&$/´VD\V0DQIXO³7KLV
YDULHW\LVYHU\FORVHWR:,7$DJURQRPLFDOO\DQG
GLIIHUVPDLQO\LQLWVFKDONLQHVV7KXVWKHWZR$5,&$V
SOXV:,7$RXWSHUIRUPHG1(5,&$/LQWHUPV
RIFKDONLQHVV´
³7KH LPSRUWDQW DVSHFW RI WKH $5,&$GHVLJQDWLRQ
SURFHVV LV WKH TXDOLW\ DVVXUDQFH´ VD\V 7DNDVKL
.XPDVKLUROHDGHURIWKH$IULFD5LFH*HQHWLF'LYHUVLW\
DQG,PSURYHPHQW3URJUDP³%UHHGHUV¶DVVHVVPHQWV
RI WKH PDWHULDO DUH EDFNHG E\ KDUG GDWD FROOHFWHG
RYHUDQXPEHURI\HDUV:HDUHQRORQJHUSURPRWLQJ
YDULHWLHV RQ WKH EDVLV RI WKH EUHHGHU¶V VD\VR DORQH
EXWRQ¿HOGGDWD´
&RQVHTXHQWO\LQ¿YHYDULHWLHVZHUHGHVLJQDWHG
DV $5,&$௘ WKURXJK $5,&$௘ 7KHVH ILUVW IUXLWV
$IULFD5LFH$QQXDO5HSRUW

$5,&$VHHGSURGXFHGDW$IULFD5LFH0¶EpVWDWLRQ&{WHG¶,YRLUH 

ARICA 2

ARICA 1

7DEOH<LHOGSHUIRUPDQFHRIWKH¿UVW¿YH$5,&$YDULHWLHV
&RXQWU\

6LWH

<HDU

%XUNLQD)DVR

%DQIRUD 

%DQIRUD
1LRQR

&KHFNYDULHW\  

1(5,&$/   

1(5,&$/   

%:

6LNDVVR   

%:

6LNDVVR   

:,7$

&RXQWU\

6LWH

<HDU

0DOL

1LRQR   

%:

6LNDVVR   

1(5,&$/

6LNDVVR   

:,7$

1LRQR   

.2*21,

(GR]KLJL   

%:

(GR]KLJL   

1(5,&$/

&RXQWU\

6LWH

<HDU

%XUNLQD)DVR

%DQIRUD   

1(5,&$/

%DQIRUD   

1(5,&$/

1LRQR   

%:

6LNDVVR   

%:

6LNDVVR   

1(5,&$/

6LNDVVR   

:,7$

1LRQR   

.2*21,

1LJHULD

%DGHJJL   

1(5,&$/

7RJR

.SDOLPH   

%:

$GHWD   

:,7$

2QH   

:,7$

*DJQRD   

:,7$

0DOL

1LJHULD

0DOL

ARICA 3

<LHOG NJKD
$5,&$
%HVWFKHFN

&{WHG¶,YRLUH

*KDQD

<LHOG NJKD
$5,&$
%HVWFKHFN

<LHOG NJKD
$5,&$
%HVWFKHFN

&KHFNYDULHW\

&KHFNYDULHW\

*DJQRD   

1(5,&$/

0DQ   

:,7$

.XPDVL   

:,7$

1REHZDQ   

,5

1\DQNSDOD   

,5 

$IULFD5LFH$QQXDO5HSRUW

7DEOH<LHOGSHUIRUPDQFHRIWKH¿UVW¿YH$5,&$YDULHWLHV &RQWLQXHG
<HDU

8JDQGD

.DQXQJX  

$ 
%  

$ 
%  

$ 
%  

$ 
%  

$ 
%  

$ 
%

ARICA 4

.LEDDOH

6RURWL

0DVLQGL

1DPORQJH

$XUD

&RXQWU\

6LWH

<HDU

8JDQGD

.DQXQJX  

$ 
%  

$ 
%  

$ 
%  

$ 
%  

$ 
%  

$ 
%

ARICA 5

.LEDDOH

6RURWL

0DVLQGL

1DPORQJH

$XUD

$IULFD5LFH$QQXDO5HSRUW

<LHOG NJKD
$5,&$
%HVWFKHFN                                    

<LHOG NJKD
$5,&$
%HVWFKHFN                                    

&KHFNYDULHW\

1(5,&$

6LWH

&KHFNYDULHW\

1(5,&$

&RXQWU\ 

Donor profile – Japan

-

࣠DSDQ¶VHQGXULQJVWUDWHJLFSDUWQHUVKLSZLWKWKH$IULFD5LFH&HQWHU $IULFD5LFH KDVPDGHLWDOHDGLQJ
VXSSRUWHU RI ULFH UHVHDUFK IRU GHYHORSPHQW LQ $IULFD IRU PRUH WKDQ WKUHH GHFDGHV -DSDQ DQG
$IULFD5LFHKDYHZRUNHGWRJHWKHUZLWKQDWLRQDOSDUWQHUVDFURVVWKHFRQWLQHQWWRHQKDQFHULFHTXDOLW\
DQGSURGXFWLYLW\UHGXFHSURGXFHUDQGFRQVXPHUULVNVDQGLQFUHDVHIDUPHUV¶LQFRPHVWKURXJKPRUH
SURGXFWLYHDQGVXVWDLQDEOHULFHIDUPLQJV\VWHPV

Rice varieties: ‘Old’ and new
)URP WKH PLGV WKRXJK WKH ¿UVW GHFDGH RI WKH 
VWKHÀDJVKLSRI$IULFD5LFHYDULHWDOGHYHORSPHQW
ZDV WKH LQWHUVSHFL¿F FURVVHV ZRUN WKDW OHG WR WKH
XSODQG 1(5,&$ DQG ORZODQG 1(5,&$/ IDPLOLHV
RIYDULHWLHV
7KLV ZRUN ZDV VWURQJO\ VXSSRUWHG E\ -DSDQ ERWK
GLUHFWO\ WKURXJK WKH 0LQLVWU\ RI )RUHLJQ $IIDLUV

02)$  DQG LQGLUHFWO\ WKURXJK WKH 8QLWHG 1DWLRQV
'HYHORSPHQW 3URJUDPPH¶V 7HFKQLFDO &RRSHUDWLRQ
DPRQJ'HYHORSLQJ&RXQWULHVERWKRIZKLFKIXQGHG
WKH ,QWHUVSHFL¿F +\EULGL]DWLRQ 3URMHFW ,+3  7KH
SURMHFWERUHPXFKIUXLWLQFOXGLQJWKHUHFRJQLWLRQRI
WKH1(5,&$DQG1(5,&$/YDULHWLHVPRVWRI
ZKLFKKDYHQRZEHHQUHOHDVHGLQDWOHDVWRQHFRXQWU\
LQVXE6DKDUDQ$IULFD
1(5,&$¶VLPSDFWLQVHYHQ:HVW$IULFDQFRXQWULHVZDV
DVVHVVHGWKURXJKWKH\HDU0XOWLQDWLRQDO1(5,&$
5LFH'LVVHPLQDWLRQ3URMHFWVXSSRUWHGE\WKH$I'%
(8DQG-DSDQDQGLPSOHPHQWHGE\WKH$IULFDQ5LFH
,QLWLDWLYH $5, ,QIDUPHUVZKRKDGSDUWLFLSDWHG
LQ WKH SURMHFW EHQH¿WHG IURP DGGLWLRQDO LQFRPH RI
86PLOOLRQZKLOHWKHVSLQRIIWRQRQSDUWLFLSDQW
IDUPHUVZDVHVWLPDWHGDWPLOOLRQ²DWRWDORI 
PLOOLRQ%\ WKHHQGRI WKHSURMHFW PRUHWKDQ 
SHRSOH OLYLQJ LQ SDUWLFLSDWLQJ ULFHIDUPLQJ
KRXVHKROGV KDG EHHQ OLIWHG DERYH D  SHU GD\
SRYHUW\OLQH
$ FRQVHUYDWLYH HVWLPDWH RI 1(5,&$ SURGXFWLRQ LQ
VXE6DKDUDQ$IULFDLQZDVKDQHDUO\ 
KD RI ZKLFK ZDV 1(5,&$  DQG  JURZQ
LQ1LJHULD,Q8JDQGDZKHUHKDRI1(5,&$
YDULHWLHVZHUHJURZQLQDORQHWKHFRXQWU\ZDV
DEOHWRKDOYHLWVLPSRUWVRIULFHLQWKH\HDUVIURP 
WR  VDYLQJ DERXW  PLOOLRQ LQ IRUHLJQ
H[FKDQJHHDUQLQJV6LPLODUVXFFHVVHVZHUHUHSRUWHG
LQ RWKHU FRXQWULHV VXFK DV %XUNLQD )DVR (WKLRSLD
*XLQHD0DOL6LHUUD/HRQHDQG7RJR

1(5,&$ZDVRQHRIWKHILUVWVHYHQXSODQGLQWHUVSHFLILFYDULHWLHV
WREHQDPHGEDFNLQ 

,Q  D QHZ SURMHFW ZDV LQLWLDWHG ZLWK VXSSRUW
IURP -DSDQ¶V 0LQLVWU\ RI )LQDQFH WR DFFHOHUDWH WKH
GHYHORSPHQWDQGGHSOR\PHQWRIWKHQH[WJHQHUDWLRQ
RIHOLWHULFHYDULHWLHVIRUPDMRUSURGXFWLRQV\VWHPVLQ
$IULFD5LFH$QQXDO5HSRUW

Valuable genes
,QPRGHUQFURSEUHHGLQJJHQHVDUHWKHDOOLPSRUWDQW
UHVRXUFH,QDJULFXOWXUDOUHVHDUFKLQVWLWXWHVLQ
-DSDQ 1DWLRQDO,QVWLWXWHRI$JURELRORJLFDO6FLHQFHV
1,$6 1DWLRQDO $JULFXOWXUH DQG )RRG 5HVHDUFK
2UJDQL]DWLRQ 1$52 DQG -DSDQ ,QWHUQDWLRQDO
5HVHDUFK&HQWHUIRU$JULFXOWXUDO6FLHQFHV-,5&$6 
VKDUHGDQXPEHURIFORQHGJHQHVZLWK$IULFD5LFHWR
SURPRWH WKUHH DVSHFWV RI RXU EUHHGLQJ ZRUN EODVW
UHVLVWDQFHFROGWROHUDQFHDQGQRQVKDWWHULQJ7KHVH
JHQHV KDYH EHHQ SODFHG LQ WKH FDSDEOH KDQGV RI
$IULFD5LFH0ROHFXODU*HQHWLFLVW.R¿%LPSRQJ

2OGIULHQGDQGVXSSRUWHURIWKH,+3.HQ7DWVXR)XMLPXUDKDV
EHHQµZLWK¶XVVLQFHWKHHDUO\GD\VRILQWHUVSHFLILFFURVVLQJKHUH
VHHQZLWKIRUPHU$IULFD5LFH'LUHFWRU*HQHUDO3DSD6HFN

VXE6DKDUDQ$IULFDDQG6RXWKHDVW$VLDZKHUHSRYHUW\
LVSUHYDOHQWDQGWKHULVNRIIRRGVKRUWDJHLVKLJK
$VSDUWRIWKLVWKH$IULFDZLGH5LFH%UHHGLQJ7DVN
)RUFH ZDV ODXQFKHG WR DFFHOHUDWH WKH GHYHORSPHQW
RI ULFH YDULHWLHV WKURXJK FRQWLQHQWZLGH YDULHWDO
HYDOXDWLRQRIQRPLQDWHGHOLWHOLQHVIURP$IULFD5LFH
DQG LQWHUQDWLRQDO DQG QDWLRQDO SDUWQHUV 7KH WDVN
IRUFHLVDOVRKHOSLQJEXLOGPXFKQHHGHGULFHEUHHGLQJ
FDSDFLW\IDFLOLWDWLQJDFFHVVIRU$IULFDQULFHEUHHGHUV
WRQHZPDWHULDOVDQGJHQHUDOO\VKRUWHQLQJWKHWLPH
QHHGHG WR GHSOR\ QHZ FOLPDWHUHVLOLHQW DQG VWUHVV
UHVLVWDQWULFHYDULHWLHVIRUPDMRUSURGXFWLRQV\VWHPV
LQ$IULFD
'XULQJLWV$SULOPHHWLQJWKHWDVNIRUFHLGHQWL¿HG
¿YH VXFK YDULHWLHV ZKLFK EHFDPH WKH ¿UVW VHW RI
$5,&$YDULHWLHV VHHµ)LUVWIUXLWVRIWKH$IULFDZLGH
5LFH%UHHGLQJ7DVN)RUFH$5,&$¶SDJH WKUHHRI
ZKLFKKDYHLQWHUVSHFL¿FSDUHQWDJHDQGFDPHWKURXJK
WKH,+3 DWOHDVWLQSDUW 
$IULFD5LFH$QQXDO5HSRUW

³:H UHFHLYHG >VHSDUDWH@ GRQRUV IRU WZR JHQHV DQG
PDUNHULQIRUPDWLRQIRUEODVWUHVLVWDQFHIURP1,$6´
VD\V%LPSRQJ³7KHUHFHVVLYHSLZKLFKDFWVDWHDUO\
VHHGOLQJVWDJHWRSUHYHQWOHDIEODVWDQGWKHGRPLQDQW
3EZKLFKDFWVDWSDQLFOHLQLWLDWLRQWRSUHYHQWSDQLFOH
EODVW
³:HKDYHLQLWLDWHG0$6SURJUDPVWRLQWURJUHVVWKHVH
JHQHV LQWR ¿YH SRSXODU ORZODQGLUULJDWHG YDULHWLHV
QDPHO\ 1(5,&$/  6DKHO  5DVVL %*
DQG .RQJRQL ´ 7R GDWH WKH ZRUN KDV LQYROYHG
FURVVHV GHVLJQHG WR FUHDWH YHUVLRQV RI WKH SRSXODU
YDULHWLHVZLWKRQHRIWKHEODVWUHVLVWDQFHJHQHV²IRU
H[DPSOH1(5,&$/ZLWKSL1(5,&$/ZLWK
3E$WDODWHUVWDJHIXUWKHUFURVVLQJVKRXOGHQDEOH
XVWRFRPELQHWKHWZRJHQHVLQPRGL¿HGYHUVLRQVRI
WKH SRSXODU YDULHWLHV HJ 1(5,&$/  ZLWK ERWK
SLDQG3E 
³,QZHKDG%&)PDWHULDOVLQWKH¿HOGDW.\HOD
DEODVWKRWVSRWLQ7DQ]DQLDDQGLQWKHVFUHHQKRXVH
LQ&RWRQRX%HQLQ´VD\V%LPSRQJ³7KHVHVKRZHG
JRRG UHVLVWDQFH DQG  3EGHULYHG OLQHV ZHUH
UHVLVWDQWWREODVWWKURXJKRXWWKHLUOLYHVIURPVHHGOLQJ
WRPDWXULW\´
0RUHRYHUVL[SLGHULYHGOLQHVZHUHDOVRUHVLVWDQW
WREODVWWKURXJKRXWWKHJURZWKF\FOH7KLVPD\VHHP
XQXVXDO XQWLO RQH UHPHPEHUV WKDW EODVW LV D KLJKO\
FRPSOH[GLVHDVHZLWKQXPHURXVµSDWKRW\SHV¶HDFKRI
ZKLFKLVUHVLVWHGE\DVLQJOHULFHJHQH 

Plant diseases

Field testing of blast tolerance ILs
at Tanzania

ILs with blast tolerance gene

)RU VHYHUDO \HDUV -DSDQ KDV EHHQ IXQGLQJ VRPH RI
$IULFD5LFH¶VZRUNRQSODQWGLVHDVHV7KLVKDVLQFOXGHG
VXUYH\VWRLQFUHDVHRXUNQRZOHGJHRIWKHHSLGHPLRORJ\
RI5LFH\HOORZPRWWOHYLUXV 5<09 DVZHOODVWKH
GLVHDVH¶VGLVWULEXWLRQDQGLPSRUWDQFHLQ:HVW$IULFD
$QRWKHUJRDORIWKHZRUNLVWRLGHQWLI\ULFHOLQHVZLWK
GXUDEOHUHVLVWDQFHWR5<09

Sensitive check

Successfully introgressed and field tested for blast tolerance in 3 cv
(NERICA-L19, Sahel 108 & Rassi)

ZZZ 

RUJ

1,$6 KDV DOVR VKDUHG PDUNHU LQIRUPDWLRQ RQ WKH
FROGWROHUDQFH GRQRU 6XLWR &KXXNDQ%RKRQ 1RX 
DEEUHYLDWHG DV 6XLWR   ZLWK $IULFD5LFH 7KH
JHQHLVEHLQJLQWURJUHVVHGE\0$6LQWR6DKHO
1(5,&$/  DQG %* DOO SRSXODU YDULHWLHV
LQ 6HQHJDO 0DOL DQG 0DXULWDQLD ,Q WKLV FDVH WKH
VFUHHQLQJ LV EHLQJ FRQGXFWHG LQ D FROG URRP LQ
7DQ]DQLDDQGLQWKH¿HOGLQWKH6HQHJDO5LYHUYDOOH\
6HQHJDOGXULQJWKHFROGKDUPDWWDQVHDVRQRI1RYHPEHU
WR)HEUXDU\0DUFK6RPHFROGWROHUDQWOLQHVZHUH
LGHQWL¿HG LQ WKH ¿HOG IURP WKH WKUHH FURVVHV ZKLFK
ZLOOEHSURJUHVVHGWKURXJK%&)DQG%&)LQ
µ6KDWWHULQJ¶LVWKHSURSHQVLW\RIWKHULFHKHDGWRVKHG
LWVJUDLQVEHIRUHRUGXULQJKDUYHVWLQJDQGWKUHVKLQJ
HVSHFLDOO\ ZKHQ WKHVH SURFHVVHV DUH PHFKDQL]HG
D SUDFWLFH WKDW KDV EHFRPH FRPPRQ LQ WKH 6DKHO
³6KDWWHULQJSRVHVPDMRUORJLVWLFDOSUREOHPVIRUXV´
VD\V%LPSRQJ³-,5&$6KDVVKDUHGWZRJHQHVZLWK
XV 65DQG65 ´7RWHVWVKDWWHULQJRQHUHVHDUFK
DVVLVWDQWKDVEHHQKROGLQJWKHSDQLFOHVDQGDSSO\LQJ
DSSUR[LPDWHO\WKHVDPHIRUFHHDFKWLPH7KHVHOHFWLRQ
IRU QRQVKDWWHULQJ LQYROYLQJ FURVVHV ZLWK YDULHWLHV
VXFKDV6DKHODQG6DKHOKDVUHDFKHGLWVVHFRQG
URXQGRI0$6ZLWKVHHGVIURP)%&)DQG%&)
JHQHUDWLRQV 

³:HKDYHDOVREHHQVFUHHQLQJWKH$IULFD5LFHFROOHFWLRQ
RI 2U\]D JODEHUULPD DQG $IULFD5LFH YDULHWLHV IRU
5<09UHVLVWDQFH´VD\V$IULFD5LFHSODQWSDWKRORJLVW
'ULVVD 6LOXp ³7KH VHFRQG 5<09 UHVLVWDQFH JHQH
5<09ZDVLGHQWL¿HGIURP2JODEHUULPDZLWKLQWKLV
SURMHFWLQFROODERUDWLRQZLWK,5')UDQFH,GHDOO\ZH
ZDQWWRVFUHHQWKHSURSRVHGSDUHQWOLQHVWREHXVHGLQ
FURVVHVEHIRUHWKHEUHHGHUVDFWXDOO\PDNHWKHFURVVHV´
2QH RI WKH SUREOHPV HQFRXQWHUHG ZDV GHWHUPLQLQJ
ZKLFKLVRODWHVRIWKHYLUXVWRXVHLQVFUHHQLQJWKHULFH
OLQHV³:HKDYHRYHUDWKRXVDQGLVRODWHV´VD\V6LOXp
³DQGZHKDYHJHQHWLFDOO\VHTXHQFHGVRPHWRFUHDWHD
GLYHUVLW\WUHH8VLQJWKLVWUHHZHFDQVHOHFWRQHLVRODWH
IURPHDFKJURXSLQJWRUHSUHVHQWWKHGLYHUVLW\ZLWKD
VPDOOQXPEHURILVRODWHV´$IULFD5LFHQRZKDVDFRUH
VHWRILVRODWHVIRU5<09UHVLVWDQFHVFUHHQLQJDQGD
ELRVDIHW\ OHYHOWKUHH VFUHHQKRXVH IRU LVRODWHV IURP
RXWVLGHRI%HQLQWKDWQHHGWREHFRQWDLQHG
³:HKDYHGHWHUPLQHGWKDWWKHUHLVMXVWRQHSDWKRW\SH
RI 5<09 LQ %HQLQ ² KHQFH WKH QHHG WR SUHYHQW
LQWURGXFHGLVRODWHVIURPHVFDSLQJLQWRWKHZLOG´VD\V
6LOXp³+RZHYHUWKHUHDUHDOUHDG\UHVLVWDQFHEUHDNLQJ
LVRODWHVHPHUJLQJLQ%HQLQ´
2QHSRWHQWLDOO\ULVN\DVSHFWRIWKHUHVHDUFKLVWU\LQJWR
GHWHUPLQHKRZPDQ\JHQHUDWLRQVLWWDNHVIRU5<09
WR EUHDN D QHZO\ LQWURGXFHG UHVLVWDQFH ³:LWK RQO\
¿YH UHVLVWDQFH VRXUFHV DYDLODEOH DQG IRXU RI WKRVH
RFFXUULQJDWRQHORFXVZHKDYHOLPLWHGPDWHULDOWR
ZRUNZLWK´VD\V6LOXp7KHSURMHFWKDVEHHQWHVWLQJ
YDULHWLHV WKDW FRPELQH 5<09 DOOHOH U\PY  RU
U\PYDOVRLGHQWL¿HGE\,5'DQG$IULFD5LFH DQG
5<09
$IULFD5LFH$QQXDO5HSRUW

UDLQIHG DQG LUULJDWHG ULFHJURZLQJ HQYLURQPHQWV
WKDW DUH FXUUHQWO\ EHLQJ XVHG E\ QDWLRQDO UHVHDUFK
LQVWLWXWLRQVLQVXE6DKDUDQ$IULFDQFRXQWULHV+H
KDV DOVR WUDLQHG QDWLRQDO SDUWQHUV LQ WKLV ¿HOG 6HH
µ$IULFDZLGH5LFH$JURQRP\7DVN)RUFH¶$IULFD5LFH
$QQXDO5HSRUWSDJHV±IRUPRUHLQIRUPDWLRQ
RQWKH$JURQRP\7DVN)RUFH

7KHEODVWFDXVDODJHQW 0DJQDSRUWKHRU\]DH LQIHFWVWKHOHDYHV
QRGHVDQGQHFNRIWKHULFHSODQW,QQHFNEODVW LOOXVWUDWHGKHUH 
WKHSRLQWRIDWWDFKPHQWRIWKHIORZHUDQGVHHGEHDULQJSDQLFOH
LV ZHDNHQHG DOPRVW WR EUHDNLQJ SRLQW VHYHUHO\ OLPLWLQJ WKH
PDWXUDWLRQRIJUDLQV

,Q SDUDOOHO WR WKH PDUNHUDVVLVWHG LQWURJUHVVLRQ RI
EODVW ¿HOG UHVLVWDQFH JHQHV 3E DQG SL -,5&$6
DQG $IULFD5LFH KDYH EHHQ FROODERUDWLQJ LQ DQ DUHD
RIGLYHUVLW\DQDO\VLVRIEODVWLVRODWHVLQ$IULFD7KH
HVVHQFHRIWKLVFROODERUDWLYHSURMHFWLVWRXVHDVHWRI
GLIIHUHQWLDO YDULHWLHV HDFK RI ZKLFK FDUULHV D VLQJOH
UDFHVSHFL¿FUHVLVWDQFHJHQH/DUJHQXPEHUVRIEODVW
LVRODWHV FROOHFWHG LQ $IULFD DUH EHLQJ LQRFXODWHG
LQWR WKH GLIIHUHQWLDO YDULHWLHV 7KH UHDFWLRQ RI WKH
GLIIHUHQWLDO YDULHWLHV LGHQWL¿HV WKH SDWKRW\SH RI DQ
LVRODWH 2YHUDOO WKH UHVXOWV LQGLFDWH WKH SUHYDOHQFH
RIHDFKSDWKRW\SH7KLVLQIRUPDWLRQFDQEHXVHGWR
GHYHORSEUHHGLQJVWUDWHJLHVLQDQGIRUVSHFL¿FUHJLRQV
RI$IULFD

Closing yield gaps
5LFH\LHOGVLQIDUPHUV¶¿HOGVDUHVWLOOIDUEHORZZKDW
ZRXOGEHSRVVLEOHZLWKLPSURYHGPDQDJHPHQW7KH
$IULFDZLGH 5LFH $JURQRP\ 7DVN )RUFH VHUYHV DV
DSODWIRUPIRUHQKDQFLQJSURGXFWLYLW\LQULFHEDVHG
V\VWHPVWKURXJKWKHLQWURGXFWLRQRIJRRGDJULFXOWXUDO
SUDFWLFHV *$3 $VSDUWRIWKLVWDVNIRUFH$IULFD5LFH
DJURQRPLVW.D]XNL6DLWRKDVGHYHORSHGWKHSURWRFROV
IRU DQDO\]LQJ \LHOG JDSV DQG WKHLU GHWHUPLQDQWV LQ
$IULFD5LFH$QQXDO5HSRUW

.D]XNL 6DLWR ULJKW  DQG FROOHDJXHV WHVWLQJ D VPDUWSKRQH
DSSOLFDWLRQIRU$IULFDZLGH$JURQRP\7DVN)RUFHILHOGZRUN

SMART inland valleys
$VSDUWRIWKHSURMHFWµ6DZDK0DUNHW$FFHVVDQG5LFH
7HFKQRORJLHV IRU ,QODQG 9DOOH\V¶ 60$57,9  ²
VXSSRUWHGE\WKH-DSDQHVH0LQLVWU\RI$JULFXOWXUH
)RUHVWU\ DQG )LVKHULHV 0$))  ² LPSURYHG ODQG
GHYHORSPHQW PDLQO\ IRU ZDWHU FRQWURO KDV EHHQ
LQWURGXFHG LQ %HQLQ DQG 7RJR LQ FORVH DVVRFLDWLRQ
ZLWKIDUPHUVDQGKDVVKRZQSURPLVLQJUHVXOWV)RU
H[DPSOH DW RQH VLWH LQ %HQLQ IDUPHUV PRUH WKDQ
TXDGUXSOHGWKHLUULFH\LHOGVLQWKHORZODQGLPSURYHG
E\WKH60$57YDOOH\VDSSURDFK VHHµ:RUNLQJZLWK
IDUPHUVWRLPSURYHZDWHUFRQWUROLQLQODQGYDOOH\V¶
$IULFD5LFH $QQXDO 5HSRUW  SDJHV ± IRU
PRUH LQIRUPDWLRQ RQ WKLV SURMHFW  6SLOORYHU HIIHFWV
RI WKH SURMHFW KDYH EHHQ VHHQ DURXQG WKH SURMHFW 

GHPRQVWUDWLRQVLWHVLQERWK  HV:KHQWKH\VDZ
ZKDWZDVKDSSHQLQJDWWKHVLWHV1*2DQGIDUPHUV¶
JURXSVLQGHSHQGHQWO\GHYHORSHGORZODQGVXVLQJWKH
60$57YDOOH\V DSSURDFK DURXQG WKH VLWHV ZLWKRXW
DQ\ ¿QDQFLDO VXSSRUW IURP WKH SURMHFW 7KLV SURYHV
WKHKLJKVFDODELOLW\RIWKLVDSSURDFK

,QODQG YDOOH\V KROG WKH SRWHQWLDO IRU $IULFD WR EHFRPH VHOI
VXIILFLHQWLQULFH

Addressing the rice crisis in Africa
,QUHVSRQVHWRWKHULFHFULVLVLQ±02)$
IXQGHG D VKRUW VKDUS RQH\HDU SURMHFW µ,PSURYLQJ
DFFHVVWRULFHVHHGDQGEXLOGLQJDULFHGDWDV\VWHPIRU
VXE6DKDUDQ$IULFD¶ DOVRNQRZQDVWKHµ(PHUJHQF\
5LFH 3URMHFW¶  &DUULHG RXW LQ ± WKH SURMHFW
DLPHGWRLPSURYHIDUPHUV¶DFFHVVWRULFHVHHGLQ
&$5'PHPEHUFRXQWULHVDQGEXLOGDULFHGDWDV\VWHP
IRUWKHFRQWLQHQW,WZDVLPSOHPHQWHGE\$IULFD5LFH
DQG RYHU  SDUWQHUV ZKLFK LQFOXGHG QDWLRQDO
SURJUDPVVHHGFRPSDQLHVDJURGHDOHUVDQG1*2V
,WVWUHQJWKHQHGIRUPDOVHHGV\VWHPVSURYLGLQJPRUH
WKDQYXOQHUDEOHIDUPHUVZLWKTXDOLW\ULFHVHHG
DQGSURYLGHGGLUHFWWUDLQLQJLQTXDOLW\VHHGSURGXFWLRQ
WRPRUHWKDQWHFKQLFLDQVDQGH[WHQVLRQZRUNHUV²
LQFOXGLQJZRPHQ²ZKRLQWXUQWUDLQHGDIXUWKHU 
IDUPHUV 

'HWDLOHGULFHVWDWLVWLFVDQGLQIRUPDWLRQRQQDWLRQDOO\
UHSUHVHQWDWLYH VDPSOHV ZHUH FROOHFWHG IRU WKH ¿UVW
WLPHE\DJULFXOWXUDOUHVHDUFKV\VWHPVDQGVWDWLVWLFDO
VHUYLFHVLQWKHSURMHFWFRXQWULHV7KHVHULFHVWDWLVWLFV
DUH FULWLFDO IRU KLJKTXDOLW\ UHVHDUFK DQG HYLGHQFH
EDVHG SROLF\ IRUPXODWLRQ DQG ZLOO SURYLGH D VROLG
EDVLVIRUDQDO\]LQJIXWXUHWUHQGVLQULFHSURGXFWLRQ
+RZHYHU WKH KLJK SULFH RI IRRG FRQWLQXHV WR EH D
SUREOHP,QDQXPEHURIVXE6DKDUDQ$IULFDQ
FRXQWULHV VXIIHUHG IURP XQH[SHFWHG FOLPDWHUHODWHG
GDPDJH LQ WKH IRUP RI ERWK GURXJKWV DQG ÀRRGV
02)$LVVXSSRUWLQJDQHZ5LFH(PHUJHQF\,QLWLDWLYH
LPSOHPHQWHG YLD WKH ULFHVHFWRU GHYHORSPHQW KXE
PHFKDQLVP LQ  VXE6DKDUDQ $IULFDQ FRXQWULHV
WR LPSURYH IDUPHUV¶ DFFHVV WR TXDOLW\ VHHG DQG
VPDOOVFDOHPDFKLQHU\ IRUPRUHLQIRUPDWLRQRQWKH
ULFHVHFWRUGHYHORSPHQWKXEVVHHµ$IULFDZLGH5LFH
$JURQRP\ 7DVN )RUFH¶ $IULFD5LFH $QQXDO 5HSRUW 
SDJHV± 6RPHVHHGSURGXFHUVIDUPHUV
DQG H[WHQVLRQ SHUVRQQHO ZHUH WUDLQHG LQ ULFH VHHG
SURGXFWLRQ 7KH JRDO LV WR SURYLGH  W RI VHHG IRU
HDFKSURMHFWFRXQWU\7RGDWHVRPH±RIWKH
SODQQHG YROXPH RI VHHG KDV EHHQ SURGXFHG DQG LV
EHLQJFROOHFWHGDQGEDJJHGIRUGLVWULEXWLRQ3URMHFW
IDUPHUVZLOOEHJLYHQYRXFKHUVWRH[FKDQJHIRUVHHG
7KHVLWXDWLRQLQ1LJHULVWKDWÀRRGLQJZLSHGRXWERWK
WKHIRRGDQGVHHGFURSVRIULFHLQDQG7KH
VHHGSURJUDPFRQVHTXHQWO\VRXUFHGWRIVHHGIURP
DVHHGSURGXFHUV¶RUJDQL]DWLRQLQDQXQDIIHFWHGSDUW
RIWKHFRXQWU\WRVXSSO\WKHDIIHFWHGIDUPHUV
³7KH >SURMHFW@ FRXQWULHV KDYH HDFK DGRSWHG RQH RI
WKUHH GLIIHUHQW VWUDWHJLHV IRU VHHG SURGXFWLRQ´ VD\V
.DELURX 1¶'LD\H OHDGHU RI WKH $IULFD5LFH 5LFH
6HFWRU'HYHORSPHQW3URJUDP³6RPHOLNH6HQHJDO
KDYH FRQWUDFWHG ZLWK FRPPHUFLDO VHHG SURGXFHUV
WKHUHE\HQFRXUDJLQJWKHVHHGLQGXVWU\2WKHUVKDYH
GHYHORSHGDJUHHPHQWVZLWKLQGLYLGXDOVHHGSURGXFHUV
RUZLWKIDUPHUDVVRFLDWLRQVZLWKWKHQDWLRQDOSURJUDP
SURYLGLQJVHHGDQGLQSXWVDQGWKHSURMHFWEHQH¿WLQJ
IURPWKHVHHGSURGXFHG:HZDLWWRVHHZKLFKRIWKHVH
WKUHHV\VWHPVZRUNVEHVWLQWKHKXEV´
$IULFD5LFH$QQXDO5HSRUW

$IWHUUHYLHZLQJWKHKXEV¶UHTXHVWVIRUPDFKLQHU\DQG
WKHDYDLODEOHEXGJHWWKHSURMHFWGHFLGHGWREX\WZR
µNLWV¶SHUFRXQWU\ IRXUIRU0DOLLQDQHIIRUWWRUHEXLOG
SK\VLFDOFDSDFLW\LQOLJKWRIWKHVRFLRSROLWLFDOFULVLV
LQWKHFRXQWU\ (DFKNLWFRPSULVHVDSRZHUWLOOHUZLWK
DWWDFKPHQWVDUHDSHUDWKUHVKHUDQGDVPDOOVFDOHULFH
PLOO(TXLSPHQWLVVFKHGXOHGWREHGLVSDWFKHGLQ
6RPHRIWKHWKUHVKHUVDUHEHLQJEXLOWLQ6HQHJDO IRU
6HQHJDODQG*XLQHD%LVVDX 0DOL IRU0DOL*XLQHD
DQG1LJHU &{WHG¶,YRLUH IRU&{WHG¶,YRLUH DQG&KDG
IRU &KDG &HQWUDO $IULFDQ 5HSXEOLF 'HPRFUDWLF
5HSXEOLFRI&RQJRDQG6XGDQ $JUHHPHQWKDVEHHQ
UHDFKHGZLWKDUHJLRQDOWUDQVSRUWFRPSDQ\WRFDUU\
WKHPDFKLQHVWRWKHLUGHVWLQDWLRQV:KHQWKHPDFKLQHV
ERWKORFDOO\IDEULFDWHGDQGLPSRUWHG DUHGHOLYHUHG
KXEPHPEHUV²ERWKIDUPHUVDQGH[WHQVLRQVWDII²
ZLOOEHWUDLQHGLQWKHLUXVHDQGPDLQWHQDQFH
³0DQDJLQJ WKH HTXLSPHQW LV JRLQJ WR EH D PDMRU
FKDOOHQJH´VD\V1¶'LD\H³&XUUHQWO\WKHSHRSOHLQWKH
KXEVGRQRWZRUNWRJHWKHUVRWKHTXHVWLRQLV&DQZH
GHYHORSVHUYLFHSURYLGHUVDWWKHKXEOHYHO",IZHFDQ
WKHQZHFDQSURYLGHWKHPDFKLQHU\µNLWV¶WRJURXSV
WKDWZLOOWKHQVHUYHWKHLUFRPPXQLWLHV´
$IULFD5LFHZLOODOVRSURYLGHWUDLQLQJLQLQWHJUDWHGULFH
PDQDJHPHQW ,50 IRUH[WHQVLRQSHUVRQQHOVWDUWLQJ
LQ0D\WRWDNHDGYDQWDJHRILWVQHZ5HJLRQDO
7UDLQLQJ)DFLOLW\LQQRUWKHUQ6HQHJDO

Improving food security
information in Africa
7KH\HDUSURMHFWµ,PSURYLQJIRRGVHFXULW\LQIRUPD
WLRQLQ$IULFD¶ZDVODXQFKHGLQZLWK¿QDQFLDODQG
WHFKQLFDOVXSSRUWIURP0$)),WVJRDOLVWRVXSSRUW
&$5'E\LPSURYLQJWKHDYDLODELOLW\DQGUHOLDELOLW\RI
LQIRUPDWLRQDERXWULFHLQ$IULFDWKURXJKGHYHORSLQJ
DQG DSSO\LQJ D VWDQGDUG VXUYH\ PHWKRGRORJ\ DQG
EXLOGLQJWKHFDSDFLW\RI1$56VWDIIWRXVHLW
3ULRUWRWKHRI¿FLDOODXQFKRIWKHSURMHFW$IULFD5LFH
ZRUNHGZLWKFRXQWU\IRFDOSHUVRQVWRLGHQWLI\FXUUHQW
VXUYH\PHWKRGVXVHGLQHDFKFRXQWU\DQGVXEMHFWHG
WKHVHWRWHFKQLFDOUHYLHZ$WWKHVDPHWLPHLWUHYLHZHG
(PHUJHQF\ 5LFH 3URMHFW GDWDFROOHFWLRQ DQG GDWD
SURFHVVLQJPHWKRGVWRLGHQWLI\VKRUWFRPLQJVLQWKH
PHWKRGRORJLHV DQG LGHQWLI\ GDWDTXDOLW\ LQGLFDWRUV
,Q SXWWLQJ WKHVH WRJHWKHU WKH SURMHFW LGHQWL¿HG NH\
LQGLFDWRUVWREHLQFOXGHGLQDVWDQGDUGL]HGVXUYH\WR
FROOHFWKLJKTXDOLW\SURGXFWLRQGDWD
$IWHUHYDOXDWLQJDGYDQFHGVXUYH\PHWKRGV$IULFD5LFH
DQG 0$)) GHYHORSHG LPSURYHG DQG KDUPRQL]HG
GDWDFROOHFWLRQ PHWKRGV ZKLFK ZHUH µSXEOLVKHG¶ LQ

&RQVXOWDQW,VVHL-LQJXML IURQWOHIW VKRZLQJ1$56WUDLQHHVKRZ
WRLGHQWLI\VHOHFWHGGRWVRQWKHILHOGXVLQJ*RRJOH(DUWK
$IULFD5LFH$QQXDO5HSRUW 

WKHIRUPRID7HFKQLFDO0DQXDOIRUWKH3LORW6XUYH\
LQ7KHPHWKRGVLQYROYHµGRWVDPSOLQJXVLQJ
*RRJOH (DUWK¶ DQG µFURS FXWWLQJ¶ WR HVWLPDWH WRWDO
SODQWHGDUHDDQG\LHOGDWDODUJHVFDOH HJQDWLRQDO
OHYHO 7KHVXUYH\ZDVSLORWHGLQ0DGDJDVFDU1LJHULD
DQG 6HQHJDO LQ  DQG ZLOO EH IXUWKHU SLORWHG
LQ  %XUNLQD )DVR 6LHUUD /HRQH 8JDQGD  DQG 
%HQLQ (WKLRSLD *XLQHD  7KH IHHGEDFN DQG
UHVXOWVIURPWKHVHSLORWVZLOOEHXVHGWRPRGLI\WKH
PHWKRGRORJ\ IRU IXWXUH VXUYH\V ² WR LPSURYH WKH
TXDOLW\RIWKHFROOHFWHGGDWDDQGVWDWLVWLFDOLQGLFDWRUV
7UDLQLQJ LQ WKH DGPLQLVWUDWLRQ RI WKH VWDQGDUGL]HG
VXUYH\ DXWRPDWLRQ RI GDWD FROOHFWLRQ XVLQJ 0OD[
VXUYH\DSSOLFDWLRQDQGGDWDDQDO\VLVZDVSURYLGHGDW
WKHSURMHFWLQFHSWLRQZRUNVKRSDQGDWDQRWKHUPHHWLQJ
LQ-XO\,QFRXQWU\WUDLQLQJZDVDOVRFRQGXFWHG
LQWZRSLORWFRXQWULHV 1LJHULDDQG6HQHJDO $QLQ
GHSWKWUDLQLQJZRUNVKRSZLOOEHFRQGXFWHGHDFK\HDU
WRWUDLQWZRSDUWLFLSDQWV RQHDJURHFRQRPLVWDQGRQH
DJULFXOWXUDOVWDWLVWLFLDQ SHUFRXQWU\

Capacity-strengthening
6WUHQJWKHQLQJFDSDFLW\RIQDWLRQDOSDUWQHUVLVFHQWUDO
WRWKH$IULFD5LFH±-DSDQSDUWQHUVKLS0DQ\VFLHQWLVWV
DQG WHFKQLFLDQV VHOHFWHG IURP $IULFDQ QDWLRQDO
SURJUDPV KDYH JUHDWO\ EHQHILWHG IURP WKH -DSDQ
&DSDFLW\%XLOGLQJ3URJUDPIRU$IULFDQ$JULFXOW XUDO
5HVHDUFKHUV VXSSRUWHG E\ 0$)) -,&$ KDV DOVR
HQKDQFHG WKH FDSDFLW\ RI $IULFDQ WHFKQLFLDQV DQG
H[WHQVLRQDJHQWVLQKLJKTXDOLW\VHHGSURGXFWLRQDQG
VXSSRUWHGKDQGVRQWUDLQLQJRQWKHIXQGDPHQWDOVRI
¿HOGH[SHULPHQWVRQULFH
6HYHUDOGHJUHHFDQGLGDWHV 3K'06F DQGQRQGHJUHH
WUDLQHHV IURP WKH UHJLRQ KDYH VWXGLHG XQGHU WKH
VXSHUYLVLRQRI$IULFD5LFHVFLHQWLVWVDQGWKHLUSDUWQHUV
7KH &HQWHU KDV DOVR EHQH¿WHG IURP -DSDQ¶V <RXQJ
6FLHQWLVW)HOORZVKLS3URJUDPZKLFKHQDEOHV-DSDQHVH
VFLHQWLVWV WR ZRUN DW &*,$5 &HQWHUV $IULFD5LFH
UHVHDUFKDVVLVWDQWVKDYHUHFHLYHGWHFKQLFDOWUDLQLQJLQ
VHYHUDODJULFXOWXUDOUHVHDUFKLQVWLWXWHVLQ-DSDQZLWK
VXSSRUWIURP-,&$ 

$IULFD5LFH$QQXDO5HSRUW

TICAD V
6LQFHLWZDV¿UVWKHOGLQWKH7RN\R,QWHUQDWLRQDO
&RQIHUHQFH RQ $IULFDQ 'HYHORSPHQW 7,&$' 
KDV SURPRWHG KLJKOHYHO SROLF\ GLDORJXH EHWZHHQ
$IULFDQ OHDGHUV DQG WKHLU SDUWQHUV DQG PRELOL]HG
VXSSRUW IRU $IULFDQRZQHG GHYHORSPHQW LQLWLDWLYHV
7,&$',YRZHGWRUHYHUVHWKHGHFOLQHLQGHYHORSPHQW
DVVLVWDQFHIRU$IULFDZKLFKKDGIROORZHGWKHHQGRI
WKH &ROG :DU DQG DGRSWHG WKH 7RN\R 'HFODUDWLRQ
RQ $IULFDQ 'HYHORSPHQW 7KLV FRPPLWPHQW WR
WKH SXUVXLW RI SROLWLFDO DQG HFRQRPLF UHIRUPV LQ
$IULFD LQFOXGHG D IRFXV RQ LQFUHDVHG SULYDWHVHFWRU
GHYHORSPHQW UHJLRQDO FRRSHUDWLRQ DQG LQWHJUDWLRQ
DQGWKHKDUQHVVLQJRI$VLDQH[SHULHQFHIRUWKHEHQH¿W
RI$IULFDQGHYHORSPHQW
$IULFD5LFH KDV EHHQ LQYROYHG ZLWK 7,&$' VLQFH
DERXWDQG7,&$'FRXQWV1(5,&$DVRQHRI
µLWV¶VXFFHVVVWRULHV VHHKWWSZZZPRIDJRMSUHJLRQ
DIULFDQHULFDSGI 
7,&$'9 <RNRKDPD-DSDQ±-XQH EURXJKW
WRJHWKHU WKH KHDGV RI VWDWH DQG JRYHUQPHQW DQG
GHOHJDWLRQV IURP -DSDQ DQG  $IULFDQ FRXQWULHV
7KHUH ZHUH DOVRUHSUHVHQWDWLYHVRIRWKHUSDUWQHU
FRXQWULHVLQWHUQDWLRQDODQGUHJLRQDORUJDQL]DWLRQV
IURP ERWK $IULFD DQG $VLD WKH SULYDWH VHFWRU DQG
FLYLO VRFLHW\ 7KLV HQVHPEOH LQFOXGHG D GHOHJDWLRQ
IURP $IULFD5LFH FRPSULVLQJ WKH GLUHFWRU JHQHUDO
GHSXW\ GLUHFWRU JHQHUDO $IULFD5LFH¶V WZR -DSDQHVH
SURJUDPOHDGHUV VHHEHORZ DQGWKHKHDGRIPDUNHWLQJ
DQG FRPPXQLFDWLRQ 7KH &RQIHUHQFH FRQ¿UPHG LWV
RQJRLQJ FRPPLWPHQW WR $IULFDQ GHYHORSPHQW E\
LVVXLQJ WKH <RNRKDPD 'HFODUDWLRQ µ+DQG LQ +DQG
ZLWKD0RUH'\QDPLF$IULFD¶DQGLQWKH<RNRKDPD
$FWLRQ 3ODQ ± ,Q SDUWLFXODU 7,&$' ZLOO
VHHN WR VWUHQJWKHQ FRRSHUDWLRQ ZLWK ERWK WKH *
DQG WKH * ,Q UHFRJQLWLRQ RI WKH $IULFDQ 8QLRQ
&RPPLVVLRQ¶VVWDWXVDVFRRUJDQL]HURI7,&$'WKH
$IULFDQ8QLRQZLOOSOD\DJUHDWHUUROHLQWKH7,&$'
SURFHVV 6HHµ0DMRUHYHQWV¶SDJHV±IRUIXUWKHU
GHWDLOVRIWKH$IULFD5LFHGHOHJDWLRQ¶VDFWLYLWLHVDURXQG
WKH7,&$'9JDWKHULQJ
$IULFD5LFH$QQXDO5HSRUW

Board members, staff and
secondees
6LQFH  ¿YH $IULFD5LFH %RDUG PHPEHUV KDYH
EHHQ-DSDQHVH7KHPRVWUHFHQWRIWKHVHDUH.L\RDNL
0DUX\DPD 9LFH 3UHVLGHQW RI 1$52 ZKR VHUYHG 
± DQG 0DVDUX ,ZDQDJD 3UHVLGHQW RI
-,5&$6ZKRKDVEHHQVHUYLQJVLQFH
0DQ\-DSDQHVHVFLHQWLVWVKDYHDOVRZRUNHGDW$IULFD
5LFH8QWLOWKHVHZHUHDOZD\VRQVHFRQGPHQW
IURP-,&$KRZHYHUWKHDUULYDORI.RLFKL)XWDNXFKLLQ 
EHJDQDZDYHRI-DSDQHVHVWDIIGLUHFWO\HPSOR\HG
E\$IULFD5LFH
)XWDNXFKLLVFXUUHQWO\OHDGHURIWKH6XVWDLQDEOH3UR
GXFWLYLW\(QKDQFHPHQW3URJUDP7DNDVKL.XPDVKLUR
MRLQHG $IULFD5LFH LQ  DV OHDGHU RI WKH *HQHWLF
'LYHUVLW\DQG,PSURYHPHQW3URJUDP
.D]XNL 6DLWR MRLQHG WKH &HQWHU LQ  DV DJUR
SK\VLRORJLVWDQGLVFXUUHQWO\ULFHDJURQRPLVW
6XVXPX$EHZDVVRLOVFLHQWLVWIURPWR
<RVKLNR6DLJHQMLZDVVRFLRHFRQRPLVWIURPWR 

$QG WKH ODWHVW DGGLWLRQ WR WKH µIDPLO\¶ LV $WVXNR
7DQDND ZKR MRLQHG DV SRVWGRFWRUDO IHOORZ LQ VRLO
VFLHQFHLQ
$OWKRXJKWKH&HQWHUQRZHPSOR\V-DSDQHVHVFLHQWLVWV
GLUHFWO\ LW DOVR FRQWLQXHV WR KRVW RWKHUV VHFRQGHG
IURP-,&$DQG-,5&$6$OLVWRI-,&$DQG-,5&$6
VFLHQWLVWVZKRKDYHZRUNHGDWWKH&HQWHUVLQFH
LVJLYHQLQ7DEOH VHFRQGHHVXSWRDUHOLVWHGLQ
DQHDUOLHUGRQRUSUR¿OHRI-DSDQLQWKHDQQXDOUHSRUW
IRU 
³:HKDYHHQMR\HGDORQJDQGIUXLWIXOUHODWLRQVKLSZLWK
-DSDQ´ VD\V $IULFD5LFH 'HSXW\ 'LUHFWRU *HQHUDO
0DUFR:RSHUHLV³3XWVLPSO\ZHZRXOGQRWEHZKHUH
ZHDUHWRGD\ZLWKRXWWKHP,WZDV-DSDQWKDWVXSSRUWHG
RXUZRUNRQWKH1(5,&$YDULHWLHVDQGRXU-DSDQHVH
SDUWQHUVFRQWLQXHWRSXWIDLWKLQRXUZRUN:HDUHYHU\
JUDWHIXO$QGORQJPD\LWFRQWLQXH´ 

7DEOH/LVWRI-,&$DQG-,5&$6VWDIIEDVHGDW$IULFD5LFH±
1DPH

$I¿OLDWLRQ

3RVLWLRQ

'DWHV

+LURVKL7VXQHPDWVX

-,5&$6

*HQHWLFLVW 

±±

<RVKLPL6RNHL

-,&$

$JURQRPLVW 

±

5\RLFKL,NHGD

-,&$

6HHGVSHFLDOLVW 

±

7DGDVKL7DNLWD

-,&$

6HHGVSHFLDOLVW 

±

)DFHVROGDQGQHZ FORFNZLVHIURPWRSOHIW 5\RLFKL,NHGD-,&$VHHGVSHFLDOLVW ± 0DVDUX,ZDQDJD%RDUGPHPEHU ± 
7DNHVKL.XPDVKLUR*HQHWLF'LYHUVLW\DQG,PSURYHPHQW3URJUDPOHDGHU ± <RVKLPL6RNHL-,&$DJURQRPLVW ± DQG
FHQWHU $WVXNR7DQDND3')VRLOVFLHQWLVW ± 

$IULFD5LFH$QQXDO5HSRUW

Profiles of selected PhD candidates
Atugonza L. Bilaro
$WXJRQ]D/%LODURLVDSODQWEUHHGHUZRUNLQJZLWK
7XPEL5HVHDUFK,QVWLWXWHLQZHVWHUQ7DQ]DQLDRQHRI
WKHDJULFXOWXUDOUHVHDUFKLQVWLWXWHVXQGHUWKH0LQLVWU\
RI $JULFXOWXUH )RRG 6HFXULW\ DQG &RRSHUDWLYHV
0$)6&  +H VWDUWHG KLV 3K' VWXGLHV LQ  DW
6RNRLQH8QLYHUVLW\RI$JULFXOWXUH 68$ RQµ*HQHWLF
LPSURYHPHQW RI ULFH 2U\]D VDWLYD  IRU WROHUDQFH
WR SKRVSKRUXV GH¿FLHQF\ LQ 7DQ]DQLD¶ +LV VWXG\ LV
VXSSRUWHG E\ 0$)6& DQG $IULFD5LFH WKURXJK WKH
-DSDQ5LFH%UHHGLQJ3URMHFW
/RZ VRLO SKRVSKRUXV 3  OLPLWV ULFH SURGXFWLRQ LQ
PDQ\SDUWVRIWKHZRUOG,QVRPHULFHSURGXFWLRQDUHDV
LQ7DQ]DQLDWKHUHLVOLWWOHVRLO3DYDLODEOHWRSODQWV
0RUHRYHUWKHPDMRULW\RI7DQ]DQLDQVPDOOKROGHUULFH
IDUPHUV DSSO\ YHU\ OLWWOH RU QR IHUWLOL]HU ² FRVW LV
OLNHO\WREHDIDFWRUIRUPRVW2QHRIWKHVROXWLRQVWR
PDQDJHORZDYDLODEOH3LVWRGHYHORSULFHYDULHWLHVWKDW
FDQWROHUDWH3GH¿FLHQF\WRHQVXUHWKDWVPDOOKROGHUV
DFKLHYH UHODWLYHO\ KLJK \LHOGV LQ 3GH¿FLHQW DUHDV
ZLWKRXW LQFXUULQJ WKH DGGLWLRQDO FRVW RI IHUWLOL]HU
%LODUR¶V VWXG\ DLPV WR LPSURYH WKH 3GHILFLHQF\
WROHUDQFHRIWKHORFDODQGLPSURYHGULFHYDULHWLHVWKDW
DUHJURZQZLGHO\LQ(DVWDQG6RXWKHUQ$IULFD

RYHUKDOIRIWLOOHULQJLQWKH¿HOGDQGE\WKUHHTXDUWHUV
LQ SRWV 3ODQWV LQ ERWK WULDOV DOVR H[KLELWHG DQRWKHU
FODVVLF 3GH¿FLHQF\ V\PSWRP GDUN JUHHQ OHDYHV´
7LPH WR ÀRZHULQJ VKRRW ELRPDVV DQG JUDLQ \LHOG
ZHUHDOVRDIIHFWHGEXWQRWWRWKHVDPHH[WHQW$YHUDJH
JUDLQ\LHOGZDVUHGXFHGE\RQO\LQWKH¿HOGEXW 
LQSRWVFRPSDUHGWRWKHZLWK3FRQWUROV³7KLV
GLIIHUHQFHPD\KDYHEHHQGXHWRWKHUHODWLYHO\KLJKHU
OHYHORIDYDLODEOH3LQWKH¿HOGH[SHULPHQWFRPSDUHG
WRWKDWLQWKHSRWH[SHULPHQWDQGDOVRWREHWWHUFRQWURO
RIQXWULHQWVXSSO\LQWKHSRWV´H[SODLQV%LODUR
³6RIDUSKRVSKRUXVXSWDNH 3XS LVWKHRQO\47/
IRU 3GH¿FLHQF\ WROHUDQFH WKDW LV UHDG\ IRU XVH LQ
EUHHGLQJ SURJUDPV´ VD\V %LODUR 3UHYLRXV VWXGLHV
KDYHVKRZQWKDWWKHPDMRUGHWHUPLQDQWRI3XSHIIHFW
LQ 3GH¿FLHQW FRQGLWLRQV WKDW LV JUHDWHU 3 XSWDNH 
LV WKH SKRVSKRUXV VWDUYDWLRQ WROHUDQFH  3672/ 
JHQH ZKLFKHIIHFWVLQFUHDVHGURRWJURZWK VSHFL¿F
PDUNHUV WDUJHWLQJ WZR GLIIHUHQW DOOHOHV RI 3672/
IURP.DVDODWKWKHWROHUDQWGRQRUDQG&*DQ2U\]D
JODEHUULPDYDULHW\ DUHDYDLODEOH*HQRW\SLQJRI

,Q  %LODUR VFUHHQHG  IDUPHUJURZQ ULFH
YDULHWLHV IURP 0DODZL 0R]DPELTXH DQG 7DQ]DQLD
SOXVYDULHWLHVIURP,55,DVFKHFNV7KHVFUHHQLQJ
ZDV XQGHUWDNHQ DW 'DNDZD LUULJDWHG ORZODQG  LQ
0RURJRUR UHJLRQ 7DQ]DQLD XVLQJ WZR WUHDWPHQW
JURXSVRQHWKDWUHFHLYHGWKHIXOOGRVHRIIHUWLOL]HUV
ZLWK3  DQG RQH WKDW UHFHLYHG WKH IXOO GRVH RI DOO
IHUWLOL]HUV H[FHSW IRU 3 ZLWKRXW3  7KH VDPH 
YDULHWLHVZHUHDOVRHYDOXDWHGLQDSRWH[SHULPHQWDW
68$6RLODQDO\VLVVKRZHGWKDWERWK¿HOGDQGSRWVRLOV
KDGVXERSWLPDOOHYHOVRIDYDLODEOH3SSPDQG
SSPUHVSHFWLYHO\
³7KHVHYHULW\RI3GH¿FLHQF\ZDVFOHDUO\GHPRQVWUDWHG
LQWKH¿HOGDQGLQWKHSRWH[SHULPHQW´VD\V%LODUR
³HVSHFLDOO\LQOHDISURGXFWLRQZKDWZHFDOOµWLOOHULQJ¶
7KHDYHUDJHDFURVVWKHYDULHWLHVZDVDUHGXFWLRQE\
$IULFD5LFH$QQXDO5HSRUW 

RI%LODUR¶VYDULHWLHVZLWKWKHVH3672/PDUNHUVDQG
WKHFKHFNVUHYHDOHGWKHSUHVHQFHRI.DVDODWKDQG
&*DOOHOHLQDQGUHVSHFWLYHO\ RQHKDG
ERWKDOOHOHV 7KHUHVWRIWKHFROOHFWLRQ  GRHVQRW
KDYH3672/
³1RWDOOYDULHWLHVFDUU\LQJ3672/ZHUHDPRQJWKH
WRS SHUIRUPHUV ZLWKRXW 3 IHUWLOL]DWLRQ LQ RXU ¿HOG
DQG SRW WULDOV´ VD\V . 1DQL 'UDPp $IULFD5LFH
PROHFXODUELRORJLVWDQGRQHRI%LODUR¶VVXSHUYLVRUV,W
KDVEHHQK\SRWKHVL]HGWKDWWKHH[SUHVVLRQRI3672/
PD\ EH VSHFL¿F WR D FHUWDLQ JHQHWLF EDFNJURXQG RU
HQYLURQPHQW
)RU WKH VHFRQGVHDVRQ HYDOXDWLRQ LQ WKH ILHOG DW
'DNDZDRIWKHYDULHWLHVKDYHEHHQVHOHFWHG
7KHVH DUH   YDULHWLHV ZLWK 3672/ DQG DERYH
DYHUDJH \LHOG LQ ERWK ZLWK DQG ZLWKRXW3 SORWV  
YDULHWLHVZLWKRXW3672/EXWZLWKDERYHDYHUDJH
\LHOG LQ ERWK ZLWK DQG ZLWKRXW3 SORWV LQGLFDWLQJ
WKDW WKH\ FDUU\ RWKHU JHQHV47/V IRU 3GH¿FLHQF\
WROHUDQFH DQG   YDULHWLHV ZLWKRXW 3672/ ZLWK
DERYHDYHUDJH\LHOGLQZLWK3SORWVEXWEHORZDYHUDJH
\LHOG LQ ZLWKRXW3 SORWV ³7KH VHOHFWLRQ RI WKHVH 
YDULHWLHVDOVRWRRNDFFRXQWRIRWKHUWUDLWVVXFKDVJUDLQ
TXDOLW\QRQORGJLQJDQGQRQVKDWWHULQJ´VD\V%LODUR
)URPWKLVVHFRQGVHDVRQWULDODQG3FRQWHQWDQDO\VLV
RI WKH WLVVXHV FRQILUPHG WROHUDQW YDULHWLHV IURP
JURXSV  DQG  ZLOO EH XVHG DV GRQRUV LQ WKH QH[W
VWHSVRI%LODUR¶VGRFWRUDOVWXGLHVDQGWKH\PD\DOVREH
LPPHGLDWHO\UHFRPPHQGHGIRUXVHLQ3GH¿FLHQWVRLOV
ZLWKRXWDZDLWLQJIXUWKHUUHVXOWV2QHRIWKHQH[WVWHSV
LQ%LODUR¶VVWXG\ZLOOEHWKHLPSURYHPHQWRIVHOHFWHG
YDULHWLHVIURPJURXSWRDFKLHYHEHWWHU3GH¿FLHQF\
WROHUDQFH WKURXJK LQWURJUHVVLRQ RI WKH 3XS 47/
LHFURVVLQJZLWKYDULHWLHVIURPJURXS ³+RZHYHU
3XS LQFUHDVHV 3 XSWDNH ZKLFK PD\ H[KDXVW WKH
VRLO LQ WKH ORQJ UXQ HVSHFLDOO\ LQ WKH DEVHQFH RI
3UHSOHQLVKPHQWWKURXJKIHUWLOL]HUDSSOLFDWLRQ´VD\V
%LODUR7KHQHZ47/VIRU3GH¿FLHQF\WROHUDQFHLQ
WKHYDULHWLHVLQJURXSZLOOEHPDSSHG%LODUREHJDQ
GHYHORSPHQWRIWKH3XSLQWURJUHVVLRQOLQHVDQG47/
PDSSLQJSRSXODWLRQVLQ-DQXDU\ 

,Q FRQWLQXLQJ KLV GRFWRUDO ZRUN %LODUR LQWHQGV WR
LPSURYHYDULHWLHVJURZQE\IDUPHUVWKURXJKPDUNHU
DVVLVWHGVHOHFWLRQRI3XSWKURXJKWKLVSURFHVVQHZ
GRQRUVRI3GH¿FLHQF\WROHUDQFHZLOOEHLGHQWL¿HGLQ
DGGLWLRQ WR QHZ 47/V WKDW DUH SRWHQWLDOO\ VXSHULRU
WR3XS³0\WDUJHWLVWKDW,VKRXOGLQWKHQH[WIHZ
\HDUVEHDEOHWRSURYLGHIDUPHUVZLWKYDULHWLHVWKDWFDQ
PDLQWDLQUHODWLYHO\KLJK\LHOGLQ3GH¿FLHQWVRLOVWRDFW
DVDEXIIHUWRKLJKSULFHVRIIHUWLOL]HUV´VD\V%LODUR
³$V WKH SULFH RI IHUWLOL]HU FRQWLQXHV WR ULVH JHQHWLF
DSSURDFKHV VXFK DV WKH RQH EHLQJ FDUULHG RXW E\
0U%LODURZLOOGH¿QLWHO\SOD\DNH\UROHLQDGGUHVVLQJ
3GH¿FLHQF\SUREOHPVLQDPRUHVXVWDLQDEOHZD\´VD\V
$VKXUD/X]L.LKXSLDVHQLRUULFHEUHHGHUZKRLVD
OHFWXUHUDW68$DQGDOVRRQHRI%LODUR¶VVXSHUYLVRUV
³7KHDYDLODELOLW\RIYDULHWLHVDEOHWRSURGXFHUHODWLYHO\
KLJKJUDLQ\LHOGLQORZ3HQYLURQPHQWVZLOOFRQWULEXWH
WRLQFUHDVHGULFHSURGXFWLRQLQDVXVWDLQDEOHZD\IRU
WKH EHQH¿W RI VPDOOKROGHUV ZKR FDQ¶W DIIRUG FRVWO\
LQSXWV´FRQFOXGHV'UDPp

Mouritala Sikirou
$IRUPHUULFHEUHHGHUDW,QVWLWXWQDWLRQDOGHUHFKHUFKHV
DJULFROHVGX%pQLQ ,15$% 0RXULWDOD6LNLURXZDV
UHVSRQVLEOHIRUWKH$IULFD5LFHOHG675$6$SURMHFW
LQ %HQLQ +H LV FXUUHQWO\ SXUVXLQJ KLV 3K' VWXGLHV
VWXGLHVRQµ*HQHWLFDQDO\VLVRILURQWR[LFLW\WROHUDQFH
LQULFH¶WKURXJKD%HQLQ*RYHUQPHQWVFKRODUVKLSDW
WKH8QLYHUVLW\RI$ERPH\&DODYL%HQLQ
,URQWR[LFLW\LVDPDMRUIDFWRUOLPLWLQJORZODQGULFH
SURGXFWLRQLQ:HVW$IULFD7KHLQODQGYDOOH\VRIIHU
DKXJHSRWHQWLDOIRUH[SDQVLRQRIULFHFXOWLYDWLRQEXW
WKHSRWHQWLDOULVNRILURQWR[LFLW\KDVWREHDGGUHVVHG
*URZLQJ LURQWROHUDQW YDULHWLHV LV RQH RI WKH PRVW
DIIRUGDEOH RSWLRQV DYDLODEOH WR WKH UHVRXUFHSRRU
IDUPHUV ZKR KDYH WR GHDO ZLWK LURQ WR[LFLW\ *RRG
VFUHHQLQJ WRROV DQG UHOLDEOH JHQHWLF PDUNHUV OLQNHG
WRGHVLUDEOH47/VHVSHFLDOO\WKRVHUHODWHGWRJUDLQ
\LHOGDUHQHHGHGWRLQFUHDVHWKHHI¿FLHQF\RIEUHHGLQJ
SURJUDPV²WKHLUDEVHQFHKDVEHHQDERWWOHQHFNLQ
$IULFD5LFH$QQXDO5HSRUW

IRXULURQKRWVSRWV LQ%XUNLQD)DVR/LEHULD1LJHULD
DQG6LHUUD/HRQH 5HVXOWVLQGLFDWHGWKDWWKHSDQHOZDV
VXLWDEOHIRUJHQHWLFDQDO\VLVRILURQWR[LFLW\KRZHYHU
JLYHQWKHYDULDWLRQLQLURQWR[LFLW\EHWZHHQVLWHVVRPH
VLWHVPD\EHPRUHDSSURSULDWHIRUVFUHHQLQJSXUSRVHV
WKDQRWKHUV7KHGDWDDUHEHLQJDQDO\]HGWRPDSWKH
47/VIRUWROHUDQFH

EUHHGLQJIRULURQWR[LFLW\WROHUDQFH6LNLURX¶VVWXG\
ZDVGHVLJQHGWRRYHUFRPHVRPHRIWKHVHERWWOHQHFNV
7KHREMHFWLYHVRIWKHVWXG\DUHWR  GHWHUPLQHWKH
HI¿FLHQF\ RI VFUHHQLQJ XQGHU FRQWUROOHG FRQGLWLRQV
XVLQJ KRWVSRW VRLO LH VRLO IURP D NQRZQ LURQ
WR[LFLW\KRWVSRW   LGHQWLI\47/VIRULURQWR[LFLW\
WROHUDQFH WKURXJK DVVRFLDWLRQ PDSSLQJ DSSURDFKHV
DQG  LGHQWLI\KLJKO\WROHUDQWDFFHVVLRQVRI2U\]D
JODEHUULPDWKDWFRXOGEHXVHGDVQHZGRQRUV
6LNLURXFRQGXFWHGVFUHHQKRXVHH[SHULPHQWVLQ
DQGDW$IULFD5LFHLQ&RWRQRX%HQLQRYHUWKUHH
VHDVRQVXVLQJKRWVSRWVRLOVIURP(GR]KLJL 1LJHULD 
DQG1LDRXOL %HQLQ 7KHUHVXOWVZHUHVLPLODUWRWKRVH
REWDLQHG XQGHU ¿HOG FRQGLWLRQV VKRZLQJ WKDW WKH
VFUHHQLQJXQGHUFRQWUROOHGFRQGLWLRQVXVLQJKRWVSRW
VRLOZDVUHOLDEOH+RZHYHURQFHIUHVKVRLOLVFROOHFWHG
DQGEURXJKWWRDVFUHHQKRXVHLWKDVWREHNHSWZDWHU
VDWXUDWHGWRREWDLQJRRGUHVXOWV
$QDVVRFLDWLRQPDSSLQJSDQHO DVDPSOHRIJHQRW\SHG
2VDWLYDOLQHVUHSUHVHQWDWLYHRIDODUJHUFROOHFWLRQ
XVHG IRU 47/ PDSSLQJ  GHYHORSHG E\ &RUQHOO
8QLYHUVLW\ZDVREWDLQHGIURP,55,DQGHYDOXDWHGLQ
$IULFD5LFH$QQXDO5HSRUW

³$URXQG2U\]DJODEHUULPDDFFHVVLRQVIURPWKH
$IULFD5LFHFROOHFWLRQZHUHVFUHHQHGIRULURQWR[LFLW\
WROHUDQFHDWDKRWVSRWLQ1LJHULD (GR]KLJL GXULQJWKH 
FURSSLQJVHDVRQE\$IULFD5LFH´VD\V6LNLURX
7KHEHVWDFFHVVLRQVVHOHFWHGRQWKHEDVLVRIOHDI
EURQ]LQJ VFRUH DQG \LHOG ZHUH FKRVHQ DQG PXOWL
ORFDWLRQHYDOXDWLRQRIWKHVHDFFHVVLRQVZDVSHUIRUPHG
DWWKHRWKHUWKUHHKRWVSRWV LH%XUNLQD)DVR/LEHULD
DQG6LHUUD/HRQH ³7KHWULDOVKDYHEHHQFRPSOHWHG
DQG GDWD DUH EHLQJ DQDO\]HG´ VD\V 6LNLURX ³, DP
H[SHFWLQJWRLGHQWLI\WKHEHVW2JODEHUULPDDFFHVVLRQV
WKDWDUHDGRSWHGEURDGO\DFURVV:HVW$IULFDDQGFRXOG
EHXVHGLQEUHHGLQJ´
³7KH UHVXOWV RI WKLV UHVHDUFK DUH LPSRUWDQW DV WKH\
FDQ KHOS WKH EUHHGLQJ SURJUDP ¿QHWXQH VHOHFWLRQ
DFWLYLW\´VD\V6LNLURX³:HDUHDOVRSURYLGLQJDQHZ
VRXUFH RI WROHUDQFH IRU LURQ WR[LFLW\ IRU XVH LQ WKH
EUHHGLQJSURJUDP´
³7KH UHVXOWV REWDLQHG E\ 6LNLURX DUH KHOSIXO LQ
GHVLJQLQJ DQ DSSURSULDWH VHOHFWLRQ VWUDWHJ\ LQ WKH
EUHHGLQJ SURJUDP´ VD\ KLV VXSHUYLVRUV 5DPDLDK
9HQXSUDVDG$IULFD5LFHUDLQIHGORZODQGULFHEUHHGHU
DQG 3URIHVVRU $GDP $KDQFKpGp OHFWXUHU DW WKH
)DFXOW\RI$JURQRPLF6FLHQFHVRIWKH8QLYHUVLW\RI
$ERPH\&DODYL³7KHQHZGRQRUVLGHQWL¿HGIRULURQ
WR[LFLW\LQWKLVVWXG\DUHYHU\YDOXDEOHLQRXUHIIRUWV
WRJHQHUDWHVXSHULRUYDULHWLHV´
.D]XNL 6DLWR $IULFD5LFH DJURQRPLVW DQG DQRWKHU
RI 6LNLURX¶V VXSHUYLVRUV VD\V ³+LV 3K' ZLOO EH
FRPSOHWHGVRRQ7KLVLVQRWWKHHQGEXWWKHVWDUWIRUKLV
FDUHHU,EHOLHYHWKDWKHFRXOGFRQWULEXWHWRGHYHORSLQJ
QHZYDULHWLHVZLWKVXSHULRULURQWR[LFLW\WROHUDQFHIRU
UHVRXUFHSRRUIDUPHUV´ 

Major events
January
3URMHFWWRGHYHORSKLJKYDOXHULFHEDVHGSURGXFWV
ODXQFKHG
7KH8QLYHUVLW\RI0LODQ,WDO\KRVWHGWKHODXQFKRI
DQLQQRYDWLYHSURMHFWDWWKHHQGRI-DQXDU\(QWLWOHG
µ'HYHORSPHQWDQGHYDOXDWLRQRIQXWULWLRXVDQGKLJKHU
YDOXHULFHEDVHGSURGXFWVIURPORFDOO\SDUERLOHGDQG
ORZHUJUDGHPLOOHGULFH¶WKHSURMHFWLVVXSSRUWHGE\WKH
*5L63FRPSHWLWLYHµ1HZ)URQWLHU5HVHDUFK¶JUDQWV
7KHPDLQREMHFWLYHRIWKLV\HDUSURMHFWLVWRFRQWUL
EXWH WR WKH LPSURYHPHQW RI WKH OLYHOLKRRGV RI ULFH
YDOXHFKDLQ DFWRUV E\ GHYHORSLQJ HYDOXDWLQJ DQG
GLVVHPLQDWLQJDUDQJHRIQXWULWLRQDOO\HQKDQFHGULFH
EDVHGSURGXFWVDFFHSWDEOHWRORFDOFRQVXPHUVXVLQJ
ORFDOO\SDUERLOHGDQGORZHUJUDGHPLOOHGULFHZKLFK
ZRXOGRWKHUZLVHEHVROGDWGLVFRXQWHGSULFHVRQWKH
ORFDOPDUNHW
7KHSURMHFWLVFDUULHGRXWE\$IULFD5LFH OHDGFHQWHU LQ
SDUWQHUVKLSZLWK&,5$' )UDQFH DVWUDWHJLF*5L63
SDUWQHUWKH8QLYHUVLW\RI0LODQ ,WDO\ WKH&RXQFLO
IRU 6FLHQWL¿F DQG ,QGXVWULDO 5HVHDUFK &6,5  )RRG
5HVHDUFK ,QVWLWXWH *KDQD  DQG WKH 8QLYHUVLW\ RI
$ERPH\&DODYL %HQLQ 

5HVHDUFKDFWLYLWLHVZLOOEHFDUULHGRXWLQWKHODERUD
WRULHVRIWKHYDULRXVSDUWQHUVDQGWKHUHVXOWVZLOOEH
VFDOHGRXWWR$IULFDQFRXQWULHVWKURXJKWKH$IULFDZLGH
5LFH7DVN)RUFHRQ3URFHVVLQJDQG9DOXH$GGLWLRQ
7KH EHQH¿FLDULHV RI WKH SURMHFW ZLOO LQFOXGH VPDOO
WRPHGLXPVFDOHIRRGSURFHVVRUVDQGPDOQRXULVKHG
FKLOGUHQ DV ZHOO DV FROODERUDWLQJ VFLHQWLVWV IURP
$IULFD5LFHPHPEHUFRXQWULHV
675$6$WUDLQLQJZRUNVKRSRQVHHGSURGXFWLRQ
DQGFRPPHUFLDOL]DWLRQ
7ZHQW\IRXUSDUWLFLSDQWVIURP%HQLQ%XUNLQD)DVR7KH
*DPELD*XLQHD0DOLDQG6HQHJDODWWHQGHGDWUDLQLQJ
ZRUNVKRSRQVHHGSURGXFWLRQDQGFRPPHUFLDOL]DWLRQ
RQ-DQXDU\WR)HEUXDU\LQ6DLQW/RXLV6HQHJDO
675$6$RUJDQL]HGWKHWUDLQLQJFRXUVHZKLFKDLPHG
WRVWUHQJWKHQWKHWKHRUHWLFDODQGSUDFWLFDONQRZOHGJH
RI VHHG WHFKQLFLDQV VR WKDW WKH\ FDQ HQVXUH DQ
HIIHFWLYHVHHGYDOXHFKDLQLQWHUPVRIVHHGSURGXFWLRQ
WHFKQLTXHVTXDOLW\FRQWUROFHUWL¿FDWLRQVWRUDJHDQG
PDUNHWLQJ

675$6$WUDLQLQJRQSURGXFWLRQDQGPDUNHWLQJRIULFHVHHG²
ILHOGVHVVLRQ 

$IULFD5LFH$QQXDO5HSRUW

February

1HZSRVLWLRQ'LUHFWRURI3DUWQHUVKLSDQG
&DSDFLW\6WUHQJWKHQLQJ

,QDXJXUDOZRUNVKRSIRUMRLQWSURMHFWRQ6WULJD

7KHLQFUHDVLQJQHHGIRUVWURQJYLVLRQDU\DQGVWUDWHJLF
SDUWQHUVKLSV ZLWK $IULFD5LFH¶V PHPEHU VWDWHV DQG
ZLWKGRQRUDJHQFLHVUHJLRQDOHFRQRPLFFRPPXQLWLHV
DQG RWKHU UHVHDUFK DQG GHYHORSPHQW RUJDQL]DWLRQV
LQ $IULFD SURPSWHG $IULFD5LFH WR HVWDEOLVK D QHZ
GLUHFWRUDWH 7KH 'LUHFWRUDWH IRU 3DUWQHUVKLS DQG
&DSDFLW\6WUHQJWKHQLQJ '3& LQFOXGHVWKHUHJLRQDO
VWDWLRQVWKH0DUNHWLQJDQG&RPPXQLFDWLRQV8QLWWKH
.QRZOHGJH0DQDJHPHQWDQG&DSDFLW\6WUHQJWKHQLQJ
8QLWDQGWKH5LFH6HFWRU'HYHORSPHQW3URJUDP

$IULFD5LFH LV D SDUWQHU LQ D 6XVWDLQDEOH &URS 3UR
GXFWLRQ 5HVHDUFK IRU ,QWHUQDWLRQDO 'HYHORSPHQW
6&35,' SURMHFWIXQGHGE\WKH8.'HSDUWPHQWRI
,QWHUQDWLRQDO'HYHORSPHQW '),' %LRWHFKQRORJ\DQG
%LRORJLFDO6FLHQFHV5HVHDUFK&RXQFLO %%65& DQG
WKH%LOO 0HOLQGD*DWHV)RXQGDWLRQ %0*) FDOOHG
µ*HQRPLFDSSURDFKHVWRXQGHUVWDQGLQJUHVLVWDQFHDQG
YLUXOHQFHLQWKHFHUHDO±6WULJDLQWHUDFWLRQIRUWDUJHWHG
EUHHGLQJRIGXUDEOHGHIHQFH¶ DOVRNQRZQDV675,*$
6WULJD UHVLVWDQFH JHQHV IRU $IULFD  7KH 8QLYHUVLW\
RI 6KHIILHOG 8. LV OHDG LQVWLWXWH DQG 0DNHUHUH
8QLYHUVLW\8JDQGDDQG.HQ\DWWD8QLYHUVLW\.HQ\D
DUH$IULFDQSDUWQHUV
3URMHFW VFLHQWLVWV IURP $IULFD5LFH DWWHQGHG WKH
LQDXJXUDOZRUNVKRSDWWKH8QLYHUVLW\RI6KHI¿HOGRQ 
±)HEUXDU\

6DP %UXFH2OLYHU ZDV DSSRLQWHG DV WKH ¿UVW '3&
GLUHFWRU
)LIWK*HQHUDO0HHWLQJRI&$5'
7KH)LIWK*HQHUDO0HHWLQJRI&$5'KHOGLQ'DNDU
6HQHJDO RQ ± )HEUXDU\ UHYLHZHG SURJUHVV DQG
HPHUJLQJ FKDOOHQJHV RYHU WKH SDVW  \HDUV 7KH
PHHWLQJEURXJKWWRJHWKHUPRUHWKDQRI¿FLDOVIURP 
$IULFDQJRYHUQPHQWVGRQRUV1*2VDQGSULYDWH
HQWHUSULVHVLQYROYHGLQWKHULFHVHFWRULQ$IULFD
&$5' ZDV ODXQFKHG GXULQJ WKH  7,&$' ,9
MRLQWO\E\-,&$DQG$*5$WRGRXEOHULFHSURGXFWLRQ
LQVXE6DKDUDQ$IULFDQFRXQWULHV
2WKHU&$5'PHPEHUVDUH$I'%$IULFD5LFH)$2
)$5$,)$',55,-,5&$61(3$'DQGWKH:RUOG
%DQN
5HSUHVHQWDWLYHVRI$IULFD5LFHDQG,55,DJUHHGWKDW
&$5' LV ZHOO RQ WKH ZD\ WR DFKLHYLQJ LWV JRDO RI
GRXEOLQJVXE6DKDUDQ$IULFD¶VRYHUDOOULFHSURGXFWLRQ
WR0WE\
5LFHFRPSRQHQWRI&*,$56$5'6&SURMHFW
ODXQFKHG

%HDXWLIXO EXW GHDGO\ ² D 6WULJDLQIHVWHG ILHOG VKRZLQJ WKH
GHYDVWDWLRQ WKDW WKLV SDUDVLWLF NLOOHU LQIOLFWV RQ ULFH LQ DQ
H[SHULPHQWDOILHOG LQWKLVFDVHYDULHWDOVFUHHQLQJ
$IULFD5LFH$QQXDO5HSRUW

7KH ULFH FRPSRQHQW RI WKH SURMHFW µ0XOWLQDWLRQDO±
&*,$5VXSSRUWWRDJULFXOWXUDOUHVHDUFKIRUGHYHORS
PHQW RI VWUDWHJLF FURSV LQ $IULFD¶ 6$5'6&  ZDV 

ODXQFKHGDW$IULFD5LFH&RWRQRX%HQLQRQ)HE
UXDU\ 7KLUW\HLJKW SDUWLFLSDQWV DWWHQGHG LQFOXGLQJ
QDWLRQDO UHVHDUFK DQG H[WHQVLRQ V\VWHPV 1$5(6 
UHSUHVHQWDWLYHVIURPFRXQWULHV
/DXQFKHG LQ  6$5'6& LV D \HDU PXOWL
&*,$5FHQWHULQLWLDWLYHIXQGHGE\$I'%,WVHHNVWR
HQKDQFH WKH SURGXFWLYLW\ DQG LQFRPH GHULYHG IURP
FDVVDYD PDL]H ULFH DQG ZKHDW ² IRXU RI WKH VL[
FRPPRGLWLHVWKDW$IULFDQKHDGVRIVWDWHKDYHGH¿QHG
DV VWUDWHJLF FURSV IRU $IULFD LQ &$$'3 ,WV RYHUDOO
REMHFWLYH LV WR HQKDQFH IRRG DQG QXWULWLRQ VHFXULW\
DQG FRQWULEXWH WR SRYHUW\ UHGXFWLRQ LQ WKH $I'%¶V
ORZLQFRPH5HJLRQDO0HPEHU&RXQWULHV
7KHLQLWLDWLYHLVEHLQJLPSOHPHQWHGE\WKUHH$IULFD
EDVHG &*,$5 FHQWHUV ² $IULFD5LFH IRU ULFH WKH
,QWHUQDWLRQDO&HQWHUIRU$JULFXOWXUDO5HVHDUFKLQWKH
'U\$UHDV ,&$5'$ IRUZKHDWDQGWKH,QWHUQDWLRQDO
,QVWLWXWH RI 7URSLFDO $JULFXOWXUH ,,7$  IRU FDVVDYD
DQGPDL]H,,7$LVDOVRWKHH[HFXWLQJDJHQF\IRUWKH
LQLWLDWLYH,)35,LVUHVSRQVLEOHIRUFDSDFLW\EXLOGLQJ
IRUIDUPHURUJDQL]DWLRQVDFURVVWKHIRXUYDOXHFKDLQV
7KH ULFH FRPSRQHQW DLPV WR FRQWULEXWH WR SRYHUW\
UHGXFWLRQDQGHQKDQFHGIRRGVHFXULW\WKURXJKYDOXH
FKDLQ GHYHORSPHQW DFURVV $IULFD 7HQ FRXQWULHV

DUH LQYROYHG LQ WKH LQLWLDWLYH %HQLQ &{WH G¶,YRLUH
(WKLRSLD *KDQD 0DGDJDVFDU 1LJHU 1LJHULD
6HQHJDO7DQ]DQLDDQG8JDQGD1HZWHFKQRORJLHVDQG
LQQRYDWLRQV ZLOO EH GHYHORSHG WKURXJK WDVN IRUFHV
7KHWDVNIRUFHVDUHFRPSRVHGRI1$56FROODERUDWRUV
IURPSDUWLFLSDWLQJFRXQWULHVDQGHDFKIRFXVHVRQRQH
RI¿YHPDLQLQWHUYHQWLRQDUHDVEUHHGLQJDJURQRP\
JHQGHUSURFHVVLQJYDOXHDGGLWLRQDQGSROLF\7KURXJK
WKHWDVNIRUFHVQHZWHFKQRORJLHVDQGLQQRYDWLRQVZLOO
EH LQWURGXFHG DV JRRG DJULFXOWXUDO SUDFWLFH *$3 
EDVNHWVLQULFHVHFWRUGHYHORSPHQWKXEV
$JURQRP\DQG3URFHVVLQJDQG9DOXH$GGLWLRQ
7DVN)RUFHPHHWLQJV
7KH$IULFDZLGH5LFH$JURQRP\DQG3URFHVVLQJ 
9DOXH$GGLWLRQ7DVN)RUFHVKHOGPHHWLQJVLQ&RWRQRX
RQ±)HEUXDU\LPPHGLDWHO\DIWHUWKHODXQFKLQJRI
WKHULFHFRPSRQHQWRIWKH6$5'6&SURMHFWDVPDQ\
RIWKHSURMHFW¶VDFWLYLWLHVZLOOEHLPSOHPHQWHGE\WKH
$JURQRP\7DVN)RUFH
7KHREMHFWLYHVRIWKHPHHWLQJVZHUHWRUHYLHZ
DFWLYLWLHVLQWKHULFHVHFWRUGHYHORSPHQWKXEVDQGWR
SODQIRUWKHQH[W\HDUVZLWKDIRFXVRQWDNLQJ
LQWRFRQVLGHUDWLRQDFWLYLWLHVLQWKH6$5'6&SURMHFW

March
$IULFD5LFHVHWVXSRI¿FHLQ6LHUUD/HRQH

3DUWLFLSDQWVIURPWKH6$5'6&SURMHFWULFHFRPSRQHQWODXQFK 

9DQJXDUGRIWKHQHZ$IULFD5LFHWHDPLQ6LHUUD/HRQH
UHVHDUFKFRRUGLQDWRU%HUW0HHUWHQVWRRNXSKLVSRVWLQ
5RNXSURQ0DUFK$IULFD5LFHKDVEHHQFRQWUDFWHG
WRSURYLGHULFHUHVHDUFKDQGH[WHQVLRQVXSSRUWWRWKH
:$$33RIWKH:RUOG%DQNIRU\HDUV7KHPDMRULW\
RIFXUUHQWZRUNLVIRFXVHGRQVWUHQJWKHQLQJUHVHDUFK
DQG H[WHQVLRQ FDSDFLW\ $IULFD5LFH RI¿FLDOO\ WRRN
RYHUUHIXUELVKHGRI¿FHVDWWKH5$5&LQ2FWREHUDQG
WKHRWKHUWZRPHPEHUVRIWKHWHDP²RI¿FHPDQDJHU
/DQVDQD .RURPD DQG DJULFXOWXUDO HFRQRPLVW $OL
7RXUp²WRRNXSWKHLUSRVWVLQ1RYHPEHU
$IULFD5LFH$QQXDO5HSRUW

6HFRQGSKDVHRI*UHHQ6XSHU5LFHSURMHFWODXQFKHG
7KHVHFRQGSKDVHRIWKH*UHHQ6XSHU5LFHSURMHFWZDV
IRUPDOO\ODXQFKHGRQ±0DUFKLQ6DQ\D+DLQDQ
3URYLQFH &KLQD 3DUWLFLSDQWV FDPH IURP &KLQHVH
LQVWLWXWLRQV%0*)$IULFD5LFH,55,DQG1$5(6LQ
$VLDDQG$IULFDDQGZHUHZHOFRPHGE\WKH3UHVLGHQW
RI WKH &KLQHVH $FDGHP\ RI $JULFXOWXUDO 6FLHQFHV
&$$6 ZKLFKKRVWHGWKHPHHWLQJ
6XSSRUWHGE\%0*)WKH*UHHQ6XSHU5LFHSURMHFW
DLPV WR LQFUHDVH WKH LQFRPH RI UHVRXUFHOLPLWHG
ULFH SURGXFHUV WKURXJK WKH GHYHORSPHQW DQG ZLGH
DGRSWLRQ RI LPSURYHG YDULHWLHV DQG FRUUHVSRQGLQJ
FURSPDQDJHPHQWWHFKQRORJ\

7KH%RDUGKLJKOLJKWHGDQXPEHURIQRWDEOHDFFRPSOLVK
PHQWVRIWKH&HQWHUDPRQJWKHP
‡ ,PSUHVVLYHTXDOLW\RIVFLHQFHRIKLJKUHOHYDQFHWR
$IULFD5LFHPHPEHUFRXQWULHV
‡ LQFUHDVHLQWKHQXPEHURIWUDLQLQJZRUNVKRSV
RUJDQL]HGE\$IULFD5LFHZLWKLQFUHDVHLQWKH
QXPEHU RI QDWLRQDO SDUWLFLSDQWV LQFOXGLQJ 
LQFUHDVHLQZRPHQSDUWLFLSDQWVLQFRPSDUHG
WR
‡  LQFUHDVH LQ SXEOLFDWLRQV E\ $IULFD5LFH DQG
LWVQDWLRQDOSDUWQHUVLQVFLHQWL¿FMRXUQDOVLQ
FRPSDUHGWR
‡ ,QFUHDVHLQWKHQXPEHURI3K'VWXGHQWVIURPLQ 
WRLQDQG06FVWXGHQWVIURPWR

5LFHUHVHDUFKDQGGHYHORSPHQWLQ$IULFDFUHDWH
KLVWRU\

‡ /DXQFKLQJ RI WKH ULFH VHFWRU GHYHORSPHQW KXEV
DFURVV$IULFD²VRIDUKXEVKDYHEHHQVHOHFWHG
E\QDWLRQDOSDUWQHUVLQ$IULFDQFRXQWULHV

7KH QHZV RI XQSUHFHGHQWHG JURZWK UDWHV RI ULFH
SURGXFWLRQDQGSURGXFWLYLW\LQVXE6DKDUDQ$IULFD
UHYHDOHGWKURXJKDQDQDO\VLVRILQGHSHQGHQWGDWDE\
$IULFD5LFHFRXSOHGZLWKDUHPDUNDEOHXSWXUQLQWKH
IXQGLQJRIWKH&HQWHUZHUHKLJKOLJKWHGDV³KLVWRULF
GHYHORSPHQWVLQULFH5 'LQVXE6DKDUDQ$IULFD´E\
WKH$IULFD5LFH%RDUGRI7UXVWHHVDWLWVPHHWLQJKHOG
LQ&RWRQRXRQ±0DUFK

‡ 6XVWDLQHG HIIRUWV WR GHYHORS WKH QH[W JHQHUDWLRQ
RIULFHVFLHQWLVWVRQWKHFRQWLQHQWWKURXJKGRQRU
VXSSRUWHGWUDLQLQJSURJUDPVDQGWKH$IULFDZLGH
5LFH7DVN)RUFHPHFKDQLVP

³5HVHDUFKE\$IULFD5LFHDQGLWVSDUWQHUVKDVFRQWUL
EXWHG VLJQL¿FDQWO\ WR WKH VXUJH LQ ULFH SURGXFWLRQ
DQG \LHOG LQ WHUPV RI SROLF\ DGYLFH LPSURYHG VHHG
DQG FURSSLQJ SUDFWLFHV WHFKQLFDO LQIRUPDWLRQ DQG
NQRZOHGJHFDSDFLW\GHYHORSPHQWDQGVXSSRUWWRWKH
GHYHORSPHQWRIULFHPDUNHWVDQGYDOXHFKDLQVLQVXE
6DKDUDQ$IULFD´WKH%RDUGVWDWHG
³:HDUHDOVRH[WUHPHO\SURXGRIWKH'LUHFWRU*HQHUDO
DQG WKH VWDII RI $IULFD5LFH IRU WKHLU VXFFHVVIXO
UHVRXUFHPRELOL]DWLRQ HIIRUWV ZKLFK KDYH OHG WR D
WULSOLQJRIWKH&HQWHU¶VEXGJHWVLQFH´WKH%RDUG
DQQRXQFHG³,Q$IULFD5LFH¶VEXGJHWZHQWXSE\ 
FRPSDUHGWR>@ZKLFKLVWKHVLQJOHODUJHVW
LQFUHDVHLQWKHKLVWRU\RIWKH&HQWHU´
$IULFD5LFH$QQXDO5HSRUW

:KR¶VLQWKHFDJH"7KH$IULFD5LFH%RDUGYLVLWLQJWKHJHQHEDQN
GXULQJWKHLU0DUFKPHHWLQJLQ&RWRQRX 

‡ 7DUJHWHGVXSSRUWWRVSHFL¿FFRXQWULHVZLWKVSHFLDO
QHHGVWRDVVLVWWKHPLQWKHGHYHORSPHQWRIWKHLUULFH
VHFWRULQDGGLWLRQWRDGGUHVVLQJWKHUHJLRQDODQG
FRQWLQHQWDOSULRULWLHVLQULFHUHVHDUFKIRUGHYHORS
PHQW
7KH%RDUGH[WHQGHGDZDUPZHOFRPHWR3URI(ULF
7ROOHQV DQ LQWHUQDWLRQDOO\ UHQRZQHG DJULFXOWXUDO
HFRQRPLVWIURP%HOJLXPDVDQHZ%RDUGPHPEHU
:HEDGHDIRQGIDUHZHOOWR(QJLGD*HWDFKHZIRUPHU
%RDUG&KDLUDQGPHPEHUWKDQNLQJKLPIRUKLVRXW
VWDQGLQJVHUYLFHDQGJXLGDQFHWRWKH&HQWHUGXULQJD
FKDOOHQJLQJSHULRG 
$IULFD5LFH'U5REHUW&DUVN\$ZDUG
$W WKH UG $IULFD5LFH %RDUG 0HHWLQJ WKH 
$IULFD5LFH'U5REHUW&DUVN\$ZDUGZDVSUHVHQWHG
WR $IULFD5LFH VHQLRU VFLHQWLVW )UDQFLV ( 1ZLOHQH
IRU KLV RXWVWDQGLQJ FRQWULEXWLRQ WR UHVHDUFK DQG
DGPLQLVWUDWLRQDQGWR$PRLQ5RVH1JXHVVDQIRUKHU
RXWVWDQGLQJFRQWULEXWLRQWRUHVHDUFKVXSSRUW

RIH[FHOOHQFHDQGPDGHH[FHSWLRQDOFRQWULEXWLRQVWR
ULFHUHVHDUFKWUDLQLQJDQGUHVHDUFKVXSSRUW
)RRGVHFXULW\LQIRUPDWLRQSURMHFWODXQFK
7KH SURMHFW LQFHSWLRQ PHHWLQJ IRU µ,PSURYLQJ IRRG
VHFXULW\ LQIRUPDWLRQ LQ $IULFD¶ IXQGHG E\ 0$))
ZDV KHOG LQ FRQMXQFWLRQ ZLWK WKH $IULFDZLGH 5LFH
3ROLF\ 7DVN )RUFH DQQXDO PHHWLQJ DW $IULFD5LFH LQ
&RWRQRX±0DUFK VHHµ'RQRUSUR¿OH±-DSDQ²
,PSURYLQJ IRRG VHFXULW\ LQIRUPDWLRQ¶ SDJH  IRU
PRUHLQIRUPDWLRQRQWKLVSURMHFW 
-DSDQ$PEDVVDGRUWR%HQLQYLVLWV$IULFD5LFH
$GHOHJDWLRQIURPWKH-DSDQHVH(PEDVV\LQ%HQLQOHG
E\WKHDPEDVVDGRU+LV([FHOOHQF\'DLQL7VXNDKDUD
YLVLWHG$IULFD5LFHRQ0DUFKWRJHWDQRYHUYLHZRI
WKH&HQWHU¶VUHVHDUFKDFWLYLWLHV-DSDQKDVKLVWRULFDOO\
EHHQDQLPSRUWDQWGRQRUWR$IULFD5LFHDQGKDVSOD\HG
DVLJQL¿FDQWUROHLQLWVGHYHORSPHQW

7KHDQQXDODZDUGZKLFKZDVLQVWLWXWHGE\$IULFD5LFH
LQKRQRURIWKHODWH'U5REHUW&DUVN\LVFRQIHUUHGRQ
WKH PRVW RXWVWDQGLQJ LQWHUQDWLRQDOO\ UHFUXLWHG VWDII
PHPEHU DQG WKH PRVW RXWVWDQGLQJ JHQHUDO VXSSRUW
VWDIIPHPEHUZKRKDYHGHPRQVWUDWHGKLJKVWDQGDUGV

0UV5HEHFFD.KHOVHDX&DUVN\IODQNHGE\DZDUGZLQQHUV$PRLQ
5RVH1JXHVVDQ OHIW DQG)UDQFLV(1ZLOHQH ULJKW 

)LHOG YLVLW GXULQJ WKH -DSDQ DPEDVVDGRU¶V YLVLW IURP OHIW WR
ULJKW  .RLFKL )XWDNXFKL $IULFD5LFH 6XVWDLQDEOH 3URGXFWLYLW\
(QKDQFHPHQW3URJUDPOHDGHU 7DNDVKL.XPDVKLUR $IULFD5LFH
*HQHWLF'LYHUVLW\DQG,PSURYHPHQW3URJUDPOHDGHU +('DLQL
7VXNDKDUD $PEDVVDGRU RI -DSDQ LQ %HQLQ  *pUDUG =RXQGML
(PEDVV\ RI -DSDQ %HQLQ  .HL <RVKLPXUD (PEDVV\ RI
-DSDQ %HQLQ  3DSD $EGRXOD\H 6HFN WKHQ 'LUHFWRU *HQHUDO
$IULFD5LFH  0DUFR :RSHUHLV $IULFD5LFH 'HSXW\ 'LUHFWRU
*HQHUDO DQG.D]XNL6DLWR $IULFD5LFHDJURQRPLVW
$IULFD5LFH$QQXDO5HSRUW

$IWHU D ZDUP UHFHSWLRQ E\ WKH 'LUHFWRU *HQHUDO
WKH -DSDQHVH GHOHJDWLRQ KDG D JXLGHG WRXU RI WKH
ODERUDWRULHV DQG H[SHULPHQWDO ¿HOGV DW $IULFD5LFH
DFFRPSDQLHG E\ WKH $IULFD5LFH 'HSXW\ 'LUHFWRU
*HQHUDODQG-DSDQHVHSURJUDPOHDGHUVDQGVFLHQWLVWV
ZRUNLQJDW$IULFD5LFH7KHYLVLWUHDI¿UPHGWKHVWURQJ
WLHVEHWZHHQ-DSDQDQG$IULFD5LFH

April
:RUNVKRSRQ&RPPRQ([WHUQDO7DULIIIRUWKH
ULFHVHFWRULQ:HVW$IULFD
$IULFD5LFH LV DFWLYHO\ LQYROYHG LQ GLVFXVVLRQV ZLWK
UHJLRQDO SDUWQHUV RQ WKH KDUPRQL]DWLRQ RI UHJLRQDO
ULFHSROLFLHVHVSHFLDOO\DVWUDWHJ\IRUUHGXFLQJULFH
LPSRUWVDQGWKHIHDVLELOLW\RIDUHJLRQDOULFHVWRUDJH
V\VWHP,GHDVWRUHGXFHULFHLPSRUWVLQWKH(&2:$6
UHJLRQKDYHIRFXVHGRQWKH&(7DGRSWHGE\(&2:$6
FRXQWULHV
7KH PDMRU VWDNHKROGHUV LQ WKH ULFH VHFWRU LQ :HVW
$IULFDOHGE\5233$KHOGDZRUNVKRSLQ&RWRQRX
RQ±$SULOWRIXUWKHUGHEDWHWKHSRWHQWLDOLPSDFW
RQULFHVHFWRUSHUIRUPDQFHRIDQLQFUHDVHLQWKH&(7
RIULFH
1HZJHQHUDWLRQULFHYDULHWLHVXQYHLOHGIRU$IULFD
$QHZJHQHUDWLRQRIKLJKSHUIRUPLQJULFHYDULHWLHV
ZDV ODXQFKHG XQGHU D QHZ EUDQG µ$5,&$¶ ²
µ$GYDQFHG5LFH9DULHWLHVIRU$IULFD¶²E\WKH$IULFD
ZLGH5LFH%UHHGLQJ7DVN)RUFHDWLWVDQQXDOPHHWLQJ
KHOGLQ.DPSDOD8JDQGD±$SULO
7KH%UHHGLQJ7DVN)RUFHDQQRXQFHGWKHVHOHFWLRQRI
WKH¿UVW¿YH$5,&$YDULHWLHV IRUUDLQIHGORZODQG
DQG  IRU XSODQG ULFHJURZLQJ HQYLURQPHQWV  7KH
¿YH $5,&$ YDULHWLHV ZHUH VHOHFWHG RQ WKH EDVLV RI
D ULJRURXV HYDOXDWLRQ RI HOLWH ULFH OLQHV DFURVV WKH
FRQWLQHQW$OO¿YHRXW\LHOGHGWKHPRVWSRSXODUFKHFN
YDULHWLHVLQWKHWULDOV
$IULFD5LFH$QQXDO5HSRUW

$IULFD5LFHWHFKQLFLDQ3DVFDO'HJEH\KROGLQJ$5,&$SDQLFOHV
&RWRQRX

7KH $5,&$ YDULHWLHV DUH WKH QH[W JHQHUDWLRQ RI
ULFH YDULHWLHV IRU $IULFD DIWHU WKH VXFFHVV RI PDQ\
LPSURYHG ULFH YDULHWLHV ² QRWDEO\ WKH 1(5,&$V
WKH6DKHOVWKH:$%VDQGWKH:,7$V²GHYHORSHG
E\$IULFD5LFHDQGLWVSDUWQHUVRYHUWKHODVW\HDUV
,QRUGHUWREHQRPLQDWHGDV$5,&$DEUHHGLQJOLQH
PXVWSURYHWRKDYHDVLJQL¿FDQWDGYDQWDJHRYHUWKH
EHVWFKHFNYDULHWLHVLQDUHJLRQIRUDWOHDVWVHDVRQV
VHH µ)LUVW IUXLWV RI WKH $IULFDZLGH 5LFH %UHHGLQJ
7DVN)RUFH$5,&$¶SDJH 
3UHVLGHQWRI$IULFDQ$FDGHP\RI6FLHQFHVYLVLWV
$IULFD5LFH
3URI $KPDGRX /DPLQH 1GLD\H 3UHVLGHQW RI WKH
$IULFDQ$FDGHP\RI6FLHQFHV $$6 ZKRLVDOVRWKH
3UHVLGHQWRIWKH$FDGpPLHQDWLRQDOHGHVVFLHQFHVHW
WHFKQLTXHVGX6pQpJDO $1676 YLVLWHG$IULFD5LFH
&RWRQRXRQ$SULO
+HZDVDFFRPSDQLHGE\PHPEHUVRI$$6PHPEHUVRI
QDWLRQDODFDGHPLHVRIVFLHQFHDQGWHFKQRORJ\RIVHYHUDO
$IULFDQFRXQWULHVDQGDUHSUHVHQWDWLYHRI7KH:RUOG
$FDGHP\ RI 6FLHQFHV 7KH GHOHJDWLRQ DSSUHFLDWHG
WKH &HQWHU¶V YLVLRQ VWUDWHJ\ DQG DFKLHYHPHQWV ,Q
SDUWLFXODU 3URI 1GLD\H VDLG KH ZDV VWUXFN E\ WKH 

FRQFHSWRIµWRWDOVFLHQWLVW¶ZKLFKPHDQVWKDWVFLHQWLVWV
KDYHWREHDFWLYHO\LQYROYHGLQIXQGUDLVLQJ

DQGWKHLQWHUQDWLRQDO1*2%5$& IRUPHUO\NQRZQ
DVWKH%DQJODGHVK5XUDO$GYDQFHPHQW&RPPLWWHH 
6HH µ'RQRU SUR¿OH ± -DSDQ ² $GGUHVVLQJ WKH ULFH
FULVLV LQ $IULFD¶ SDJH  IRU PRUH LQIRUPDWLRQ RQ
WKHLQLWLDWLYH
*OREDO<LHOG*DS$WODV *<*$ SURMHFWZRUNVKRS
7KH*<*$SURMHFWOHGE\WKH8QLYHUVLW\RI1HEUDVND
86$ZLWKVXSSRUWIURP%0*)VHHNVWRSURYLGHWKH
¿UVW HDVLO\ DFFHVVLEOH DQG DJURQRPLFDOO\ DFFXUDWH
ZHEEDVHG SODWIRUP WR HVWLPDWH H[SORLWDEOH JDSV LQ
\LHOGIRUWKHZRUOG¶VPDMRUIRRGFURSVLQFOXGLQJULFH

3URI$KPDGRX/DPLQH1GLD\H$$63UHVLGHQW ILIWKIURPOHIW 
ZLWKPHPEHUVRI$IULFD5LFHVWDII

5LFH(PHUJHQF\,QLWLDWLYH,,
7KHVHFRQGRQH\HDUSKDVHRIWKH-DSDQIXQGHG5LFH
(PHUJHQF\ ,QLWLDWLYH RQ VHHGV\VWHPV GHYHORSPHQW
DQGVPDOOVFDOHPHFKDQL]DWLRQZDVODXQFKHGDWDGD\
HYHQW±$SULOLQ&RWRQRX5HSUHVHQWDWLYHVRI
RIWKHSURMHFWFRXQWULHVDWWHQGHGDORQJZLWK-DSDQ¶V
DPEDVVDGRUWR%HQLQDQGUHSUHVHQWDWLYHVIURP-,&$

3DUWLFLSDQWVDWWKH5LFH(PHUJHQF\,QLWLDWLYH,,ODXQFK 

$VSDUWRIWKLVSURMHFW$IULFD5LFHLVUHVSRQVLEOHIRU
LQYHQWRU\LQJ WKH VWDWH RI ULFH SURGXFWLRQ LQ $IULFD
DQGHVWLPDWLQJSRWHQWLDO\LHOGVXVLQJVLPXODWLRQFURS
PRGHOVDQGFOLPDWHDQGVRLOGDWD
7KHSURMHFWZDVODXQFKHGDW$IULFD5LFH&RWRQRXRQ 
±$SULO3DUWLFLSDQWVLQFOXGHG.HQQHWK&DVVPDQ
'LUHFWRU DQG +HXHPDQQ 3URIHVVRU RI $JURQRP\
1HEUDVND &HQWHU IRU (QHUJ\ 6FLHQFHV 5HVHDUFK
8QLYHUVLW\ RI 1HEUDVND 3URIHVVRU &DVVPDQ LV DOVR
&KDLURIWKH&*,$5,QGHSHQGHQW6FLHQFHDQG3DUWQHU
VKLS&RXQFLO ,63& 

-RKQ0DQIXO$IULFD5LFHJUDLQTXDOLW\VSHFLDOLVWVKRZVRIIWKH
JUDLQODEWRSDUWLFLSDQWVLQWKH*<*$SURMHFWZRUNVKRSLQFOXGLQJ
,63&&KDLU.*&DVVPDQ \HOORZVKLUW
$IULFD5LFH$QQXDO5HSRUW

$SULOLQ1DLUREL.HQ\DZLWKVXSSRUWIURP*5L63
7KHPDLQSXUSRVHRIWKHZRUNVKRSZDVWRH[FKDQJH
LGHDV DQG H[SHULHQFHV IRU GHYHORSLQJ HIIHFWLYH ULFH
YDOXHFKDLQVLQ(DVW$IULFD7KLV¿UVWZRUNVKRSZDV
GHVLJQHGWRNLFNVWDUWMRLQWDFWLYLWLHVLQ(DVW$IULFD

May
$EXMDRI¿FHRSHQV

7KHGHYDVWDWLQJHIIHFWVRISDUDVLWLFZHHGVRQULFHDUHHYLGHQWLQ
WKHVHSRWWHGSODQWV

3UHSDULQJ$IULFDQULFHIDUPHUVWRIDFHSDUDVLWLF
ZHHGVLQDFKDQJLQJHQYLURQPHQW
3$5$6,7(LVDPXOWLGLVFLSOLQDU\UHVHDUFKSURMHFWRI
:DJHQLQJHQ8QLYHUVLW\$IULFD5LFHDQGWKH1$56RI
%HQLQ ,15$% &{WHG¶,YRLUH &15$ DQG7DQ]DQLD
0LNRFKHQL$JULFXOWXUDO5HVHDUFK,QVWLWXWH $SURMHFW
PLGWHUP ZRUNVKRS ZDV KHOG LQ 'DU HV 6DODDP
7DQ]DQLD ± $SULO ZKLFK ZDV DWWHQGHG E\ 
SDUWLFLSDQWV IURP %HQLQ &{WH G¶,YRLUH .HQ\D WKH
1HWKHUODQGV7DQ]DQLDDQG8JDQGD
7KHPDLQREMHFWLYHRIWKHZRUNVKRSZDVWRH[SORUH
WKHRYHUDOOSURJUHVVRIWKHGLIIHUHQWVXESURMHFWVWR
GLVFXVV WKH LQWHJUDWLRQ DQG DOLJQPHQW RI WKH VXE
SURMHFWV DQG WR GHYHORS DQ DGDSWHG ORJIUDPH IRU
WKHUHVWRIWKHSURMHFW$QRYHUYLHZRISURJUHVVDQG
SUHOLPLQDU\UHVXOWVRIWKH¿HOGH[SHULPHQWVDQGIDUPHU
SDUWLFLSDWRU\H[HUFLVHVZHUHSUHVHQWHG

7KH $IULFD5LFH $EXMD 1LJHULD  RI¿FH RSHQHG LQ
0D\ZLWKWKHSODFHPHQWRIWKUHHVFLHQWLVWVZKRZLOO
EH ZRUNLQJ RQ WKH 1LJHULDQ 5LFH 7UDQVIRUPDWLRQ
$JHQGD 57$ RIWKH)HGHUDO0LQLVWU\RI$JULFXOWXUH
DQG5XUDO'HYHORSPHQW7KH$EXMDWHDPFRPSULVHV
3KLOLS $WVDERJKHQD ,GLQRED DJURQRPLVW±ZDWHU
PDQDJHPHQWVSHFLDOLVW*EHQJD$NLQZDOHULFHVHHG
V\VWHPV VSHFLDOLVW DQG &KLMLRNH 0DGXND 2VXML
ULFH YDOXHFKDLQ DQG SRVWKDUYHVW VSHFLDOLVW )RU
PRUHLQIRUPDWLRQRQWKH57$VHH%R[µ&DVHVWXG\
1LJHULDQ5LFH7UDQVIRUPDWLRQ$JHQGD¶SDJH
5LFHSDWKRORJ\ZRUNVKRSIRU(DVWDQG6RXWKHUQ
$IULFD
$IULFD5LFHSDUWQHUHGZLWK,55,WRRUJDQL]HDGD\
ULFH SDWKRORJ\ ZRUNVKRS ± 0D\ DW %XUXQGL
8QLYHUVLW\ %XMXPEXUD %XUXQGL 7KH ZRUNVKRS
DWWUDFWHGSDUWLFLSDQWVIURPVHYHQ(DVWDQG6RXWKHUQ
$IULFDQFRXQWULHV²%XUXQGL.HQ\D0DODZL0R]
DPELTXH5ZDQGD7DQ]DQLDDQG8JDQGD

6WDNHKROGHUV¶ZRUNVKRSRQULFHYDOXHFKDLQ
GHYHORSPHQWLQ(DVW$IULFD

-RVHSK %LJLULPDQD ,55, FRRUGLQDWRU IRU (DVW DQG
6RXWKHUQ$IULFDZHOFRPHGWKHSDUWLFLSDQWV'XULQJ
WKHFRXUVHRIWKHZRUNVKRSWKH\YLVLWHGGLVHDVHKRW
VSRWVFROOHFWHGGLVHDVHGULFHVDPSOHVDQGLVRODWHGDQG
SXUL¿HGULFHSDWKRJHQVIRUPROHFXODUDQGSDWKRJHQLF
FKDUDFWHUL]DWLRQ

5LFH H[SHUWV IURP .HQ\D 5ZDQGD DQG 7DQ]DQLD
SDUWLFLSDWHG LQ WKH (DVW $IULFD 5LFH 9DOXH &KDLQ
'HYHORSPHQW6WDNHKROGHUV¶:RUNVKRSWKDWZDVMRLQWO\
RUJDQL]HGE\$IULFD5LFHDQG$IULFD+DUYHVW±

7KH ZRUNVKRS DOVR SUHVHQWHG DQ RSSRUWXQLW\ IRU
SDWKRORJLVWVIURP,55,DQG$IULFD5LFHWRUHSRUWDQG
GLVFXVV WKHLU SODQW SDWKRORJ\ DFWLYLWLHV LQ (DVW DQG
6RXWKHUQ$IULFD7KHLUHIIRUWVVXSSRUWWKHGHYHORS

$IULFD5LFH$QQXDO5HSRUW 

PHQWRIULFHPDWHULDOZLWKXVHIXOUHVLVWDQFHWUDLWVIRU
XVHLQWKHUHJLRQ

ZRUNSODQVXQGHUWKH$IULFDQFRPSRQHQWRIWKH*5L63
JHQGHUVWUDWHJ\

$GGUHVVLQJWKHJHQGHUGLPHQVLRQVRIULFH
UHVHDUFKDQGGHYHORSPHQW

5LFHVHFWRUGHYHORSPHQWKXEQHWZRUN

$Q $IULFDZLGH 7DVN )RUFH RQ *HQGHU LQ 5LFH
5HVHDUFKDQG7HFKQRORJ\'HYHORSPHQWHVWDEOLVKHGLQ 
VXSSRUWVWKHHIIRUWVRI$IULFD5LFHDQGLWVQDWLRQDO
SDUWQHUV LQ DGGUHVVLQJ JHQGHU FRQFHUQV HVSHFLDOO\
JHQGHUJDSVLQDFFHVVWRWHFKQRORJLHVDQGNQRZOHGJH
VSHFL¿F WHFKQRORJ\ QHHGV RI ZRPHQ DQG ZRPHQ¶V
SRWHQWLDO UROHV DV FRQWULEXWRUV DQG EHQH¿FLDULHV RI
WHFKQRORJLHVLQULFHYDOXHFKDLQV
7KH *HQGHU 7DVN )RUFH ZKLFK IXQFWLRQV WKURXJK
JHQGHUIRFDOSRLQWVLQ$IULFD5LFHPHPEHUFRXQWULHV
KDV EHHQ DFWLYHO\ LQYROYHG LQ D UHVHDUFK SURMHFW RQ
µ*HQGHU DQG FOLPDWH FKDQJH LQ VWUHVVSURQH ULFH
HQYLURQPHQWVLQ$VLDDQG$IULFD¶ZLWKVXSSRUWIURP
*5L633DUWLFLSDQWVDWDZRUNVKRSKHOGRQ±0D\
DW$IULFD5LFHLQ&RWRQRXFDPHWRJHWKHUWRV\QWKHVL]H
DQGGUDZOHVVRQVIURPWKH¿QGLQJVRIWKLVUHVHDUFK
2WKHU LPSRUWDQW REMHFWLYHV RI WKH ZRUNVKRS ZHUH
WR VWUHQJWKHQ FDSDFLWLHV IRU FRQGXFWLQJ UHVHDUFK RQ
JHQGHULVVXHVDQGLQWHJUDWLQJJHQGHULQWRULFHUHVHDUFK
DQG WHFKQRORJ\ SURFHVVHV DQG WR GHYHORS GHWDLOHG

0HHWLQJ RI WKH $IULFDZLGH 7DVN )RUFH RQ *HQGHU LQ 5LFH
5HVHDUFKDQG7HFKQRORJ\'HYHORSPHQW 

$IULFD5LFH LQWURGXFHG WKH ULFH VHFWRU GHYHORSPHQW
KXEVDVDQLQQRYDWLYHUHVHDUFKIRUGHYHORSPHQWWRROWR
IDFLOLWDWHWKHVSUHDGRILQQRYDWLRQVDQGDFKLHYHJUHDWHU
LPSDFW7KHKXEVEULQJWRJHWKHUDFWRUVIURPWKHZKROH
ULFH YDOXH FKDLQ LQ PXOWLVWDNHKROGHU SODWIRUPV WR
IDFLOLWDWHFKDQJH
$IULFD5LFHKDVEHHQZRUNLQJZLWKLWVQDWLRQDOSDUWQHUV
DFURVV WKH FRQWLQHQW WR VHW XS WKH KXEV EDVHG RQ
WKHLU VHOHFWLRQ DFFRUGLQJ WR WKH PDLQ ULFHJURZLQJ
HQYLURQPHQW $ FRQVXOWDWLRQ ZLWK 1$56¶ GLUHFWRUV
JHQHUDO RQ WKH JRYHUQDQFH DQG PDQDJHPHQW RI WKH
KXEVKHOGLQ&RWRQRXRQ±0D\UHHPSKDVL]HG
WKHUROHRIWKHKXEVLQOLQNLQJULFHVHFWRUGHYHORSPHQW
DWWKHQDWLRQDODQGFRPPXQLW\OHYHO
7KH KXEV DFW DV WKH RSHUDWLRQDO DUPV RI QDWLRQDO
ULFHVHFWRUGHYHORSPHQWVWUDWHJLHVWKH\DUHGHPDQG
GULYHQDQGRSHUDWHGE\ORFDOULFHYDOXHFKDLQDFWRUV
LQFOXGLQJIDUPHUVDQGSURFHVVRUV 7KHFRQVXOWDWLRQ
DOVRLGHQWL¿HGDQGGHOLPLWHGWKHUHVSHFWLYHUROHVRI
WKH1$56DQG$IULFD5LFHLQWKHKXEV

&RQVXOWDWLRQ RQ WKH PDQDJHPHQW DQG JRYHUQDQFH RI WKH ULFH
KXEV&RWRQRX
$IULFD5LFH$QQXDO5HSRUW

-,5&$6SUH7,&$'ZRUNVKRS
2Q0D\WKH$IULFD5LFHGHOHJDWLRQWR7,&$'9
DWWHQGHGDSUH&RQIHUHQFHZRUNVKRSRQµ1HZ6WDJHV
RI $JULFXOWXUDO 5HVHDUFK LQ $IULFD¶ RUJDQL]HG E\
-,5&$6DWWKH8QLYHUVLW\RI7RN\R
$IULFD5LFH 'LUHFWRU *HQHUDO 3DSD $EGRXOD\H 6HFN
JDYH D NH\QRWH VSHHFK RQ µ&RQGXFWLQJ ULFH VFLHQFH
IRULPSDFWLQ$IULFD¶+LVDXGLHQFHLQFOXGHGKLJKOHYHO
UHSUHVHQWDWLYHVIURPWKH&*,$5)XQG2I¿FH&,$7
&HQWHUIRU,QWHUQDWLRQDO)RUHVWU\5HVHDUFK &,)25 
DQG-,5&$6
7KH $IULFD5LFH GHOHJDWLRQ DOVR YLVLWHG 02)$ DQG
0$)) ZKHUH WKH\ KHOG IUXLWIXO GLVFXVVLRQV RQ
RQJRLQJDQGIXWXUHFROODERUDWLRQ

June
7,&$'9
$ IRXUSHUVRQ GHOHJDWLRQ IURP $IULFD5LFH DWWHQGHG
WKH)LIWK7RN\R,QWHUQDWLRQDO&RQIHUHQFHRQ$IULFDQ
'HYHORSPHQW 7,&$' 9  LQ <RNRKDPD -DSDQ 
±-XQH VHHµ'RQRUSUR¿OH±-DSDQ²7,&$'9¶
SDJH   )RUPDO DQG LQIRUPDO PHHWLQJV LQ DQG
DURXQG WKH &RQIHUHQFH LQFOXGHG DQ DXGLHQFH ZLWK
WKH 3UHVLGHQW RI 6HQHJDO DW ZKLFK $IULFD5LFH ZDV
UHTXHVWHG WR GHYHORS DQ DFWLRQ SODQ WR ERRVW WKH
FRXQWU\¶VULFHVHFWRU
7KH'LUHFWRU*HQHUDODOVRVSRNHDWDVLGHHYHQW RQ
&$5' FRPPHQWLQJ RQ WKH &RDOLWLRQ¶V LPSRUWDQFH
IRU $IULFD¶V IRRG VHFXULW\ DQG VSHDNLQJ LQ VXSSRUW
RI HVWDEOLVKLQJ DQ LQWHUQDWLRQDO UHVHDUFK FHQWHU IRU
DJULFXOWXUDO PHFKDQL]DWLRQ LQ VXE6DKDUDQ $IULFD
+HDOVRHPSKDVL]HGWKHLPSRUWDQFHRISULYDWHVHFWRU
LQYROYHPHQWLQ$IULFD¶VULFHVHFWRU
0HPEHUVRIWKH$IULFD5LFHGHOHJDWLRQDOVRDWWHQGHGD
PHHWLQJRIWKH&$5'VWHHULQJFRPPLWWHHDQGYLVLWHG
DPDFKLQHU\PDQXIDFWXUHULQ2VDND
$IULFD5LFH$QQXDO5HSRUW

,)$'IXQGHGSURMHFWµ6WUHQJWKHQLQJULFHYDOXH
FKDLQVLQ:HVWDQG&HQWUDO$IULFD¶ODXQFKHG
%XLOGLQJRQWKHVXFFHVVRIWKH,)$'IXQGHGSURMHFWRQ
ULFHGHYHORSPHQWLQ:HVWDQG&HQWUDO$IULFDDQHZ
SURMHFWZDVODXQFKHGWRVWUHQJWKHQULFHYDOXHFKDLQV
LQ:HVWDQG&HQWUDO$IULFD±-XQHDW$IULFD5LFH
&RWRQRX
7KHSURMHFW¶VREMHFWLYHVDUHWRLPSURYHWKHSURGXFWLYLW\
DQGHI¿FLHQF\RIULFHYDOXHFKDLQVDQGLQFUHDVHWKH
LQFRPHV RI YDOXHFKDLQ DFWRUV 7KH SURMHFW ZLOO EH
LPSOHPHQWHG LQ IRXU FRXQWULHV WKH WKUHH FRXQWULHV
DOUHDG\ LQYROYHG LQ WKH SURMHFW¶V ILUVW SKDVH ²
'HPRFUDWLF 5HSXEOLF RI &RQJR *XLQHD DQG 6LHUUD
/HRQH²SOXV6HQHJDO
7KH SURMHFW KDV WKUHH FRPSRQHQWV SURGXFWLYLW\
HQKDQFHPHQW LPSURYHPHQW RI YDOXH DGGLWLRQ DQG
FDSDFLW\VWUHQJWKHQLQJ,WZLOOIRFXVRQWKHGHYHORS
PHQWRI*$3EDVNHWVULFHVHHGV\VWHPVDQGHI¿FLHQW
KDUYHVW DQG SRVWKDUYHVW SUDFWLFHV LQ WKH ULFH VHFWRU
GHYHORSPHQWKXEVLQWKHIRXU:HVWDQG&HQWUDO$IULFDQ
FRXQWULHV
,W VHHNV WR IDFLOLWDWH ZLGHVFDOH DGRSWLRQ RI QHZ
NQRZOHGJH DQG LPSURYHG WHFKQRORJLHV HVWDEOLVK
IXQFWLRQDOOLQNDJHVDPRQJDFWRUVDORQJWKHULFHYDOXH
FKDLQDQGWUDLQIDUPHUVDQGRWKHUYDOXHFKDLQDFWRUV
LQSXWGHDOHUVULFHPLOOHUVDQGULFHPDUNHWHUV 
9LVLWRI3UHVLGHQW2EDPDWRWKH$IULFD5LFHERRWK
LQ6HQHJDO
,Q-XQH863UHVLGHQW%DUDFN2EDPDWUDYHOHG
WR$IULFDZLWK6HQHJDODVKLV¿UVWVWRSWHVWLI\LQJWR
KLVVWURQJVXSSRUWWRDJULFXOWXUHDQGIRRGVHFXULW\
$VSDUWRIWKH86*RYHUQPHQW¶VJOREDOKXQJHUDQG
IRRGVHFXULW\LQLWLDWLYHµ)HHGWKH)XWXUH¶ )7) WKH
8QLWHG6WDWHV$JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW
86$,'  RUJDQL]HG DQ $JULFXOWXUDO 7HFKQRORJ\
0DUNHWSODFHRQ-XQHLQ'DNDUIRUWKH3UHVLGHQW¶V
YLVLW 

7KH 0DUNHWSODFH HQDEOHG D QXPEHU RI UHJLRQDO
EXVLQHVVHVIDUPHUVDQG1*2VWRGHPRQVWUDWHWKHLU
ZRUNDQGSURGXFWV

FROODERUDWLRQ LQFOXGLQJ WKH SDUWQHUVKLS EHWZHHQ
$IULFD5LFHDQGWKH8QLYHUVLW\RI:DJHQLQJHQLQWKH
1HWKHUODQGV

$IULFD5LFH ZDV LQYLWHG WR GHPRQVWUDWH KRZ NH\
UHVHDUFKDQGLQQRYDWLRQFDQKHOSLPSURYHWKHOLYHVRI
VPDOOKROGHUIDUPHUV

9LVLWRIWKH&(2RI&,5$'WR$IULFD5LFH
7KH QHZ &(2 RI &,5$' 0LFKHO (GGL WUDYHOHG WR
VXE6DKDUDQ$IULFDIRUWKH¿UVWWLPHDQGKLV¿UVWVWRS
ZDV$IULFD5LFHZKHUHKHZDVUHFHLYHGE\WKH'LUHFWRU
*HQHUDORQ-XO\
([WHQVLYHGLVFXVVLRQVZHUHKHOGUHODWLQJWR$IULFD5LFH¶V
SDUWQHUVKLSZLWK&,5$'XQGHUWKH*5L63IUDPHZRUN
DQGXQGHUELODWHUDOFRRSHUDWLRQ7KH&(2WRXUHGWKH
IDFLOLWLHVDQGLQWHUDFWHGZLWK$IULFD5LFHDQG&,5$'
VFLHQWLVWV
3DUWLFLSDWLRQLQ)$5$*HQHUDO$VVHPEO\DQG
6FLHQFH:HHN

86 3UHVLGHQW %DUDFN 2EDPD ZLWK $IULFD5LFH¶V .DULP 7UDRUp
DWWKH86$,'7HFKQRORJ\0DUNHWSODFH'DNDU SKRWRFRXUWHV\
RI86$,'

3UHVLGHQW 2EDPD YLVLWHG WKH $IULFD5LFH ERRWK DQG
DGPLUHGWKHLPSURYHGULFHYDULHWLHVGLVSOD\HGWKHUH
7KH3UHVLGHQWLQYLWHGPHPEHUVRIKLVVWDIIWRVHHWKH
ULFHYDULHWLHV7KH86$,'&KLHI6FLHQWLVWKLJKOLJKWHG
WKLVHYHQWDVDQH[DPSOHRIKRZLQWHUQDWLRQDOUHVHDUFK
LVFRQWULEXWLQJWRIRRGVHFXULW\LQ$IULFD

7KH)$5$*HQHUDO$VVHPEO\DQGWKH6L[WK$IULFD
$JULFXOWXUH 6FLHQFH :HHN $$6:  ZHUH KHOG LQ
$FFUD *KDQD ± -XO\ 7KH $$6: EURXJKW
WRJHWKHU RYHU  GHOHJDWHV IURP DFURVV $IULFD
LQFOXGLQJVFLHQWLVWVDQGH[SHUWVIURPWKH&*,$5
&RQVRUWLXP UHSUHVHQWLQJ PDQ\ RI WKH &*,$5¶V
FHQWHUVDQGUHVHDUFKSURJUDPV

July
'XWFK$PEDVVDGRUWR%HQLQYLVLWV$IULFD5LFH
$GHOHJDWLRQIURPWKH'XWFK(PEDVV\LQ%HQLQOHG
E\$PEDVVDGRU-RVYDQ$JJHOHQYLVLWHG$IULFD5LFH
&RWRQRXRQ-XO\7KH$PEDVVDGRUDQGKLVWHDP
ZHUH ZDUPO\ UHFHLYHG E\ WKH $IULFD5LFH GHSXW\
GLUHFWRUJHQHUDO7KHGHOHJDWLRQPHWZLWK$IULFD5LFH
VFLHQWLVWV DQG GLVFXVVHG LVVXHV UHODWLQJ WR UHVHDUFK 

$IULFD5LFHJHQHEDQNUHVHDUFKHU'DQLHO7LD'URVKRZLQJULFH
YDULHWLHVDWWKH&*,$5ERRWK)$5$$IULFD$JULFXOWXUH6FLHQFH
:HHN
$IULFD5LFH$QQXDO5HSRUW

7KH $IULFD5LFH GHOHJDWLRQ ZDV OHG E\ WKH 'LUHFWRU
*HQHUDOZKRDWWHQGHGERWKHYHQWVDQGKDGGLVFXVVLRQV
ZLWK UHSUHVHQWDWLYHV RI VXEUHJLRQDO DJULFXOWXUDO
UHVHDUFK RUJDQL]DWLRQV FLYLO VRFLHW\ UHSUHVHQWDWLYHV
DQG WKH &*,$5 &RQVRUWLXP RQ DJULFXOWXUHUHODWHG
LVVXHV
6HHGV RI LPSURYHG ULFH YDULHWLHV ² LQFOXGLQJ WKH
ILYH UHFHQWO\ UHOHDVHG $5,&$V WKH XSODQG DQG
ORZODQG1(5,&$VDQGWKH6DKHOVHULHVGHYHORSHGE\
$IULFD5LFHDQGLWVSDUWQHUV²ZHUHGLVSOD\HGDWWKH
&*,$5ERRWKDW$$6:
'RXEOHERRVWIRUULFHPHFKDQL]DWLRQ
$ZRUNVKRSDWWKH$IULFD5LFH6DKHOVWDWLRQ1GLD\H
6HQHJDOIURP-XO\WR$XJXVWVDZWKHODXQFKLQJ
RIERWKWKH(8IXQGHGµ6RXWK±6RXWKFROODERUDWLRQRQ
ULFHPHFKDQL]DWLRQLQ$IULFD¶SURMHFWDQGWKH$IULFD
ZLGH5LFH0HFKDQL]DWLRQ7DVN)RUFH
8QOLNH PRVW RI WKH RWKHU $IULFDZLGH WDVN IRUFHV
WKDWZHUHODXQFKHGEHWZHHQDQGWKH5LFH
0HFKDQL]DWLRQ7DVN)RUFHGLGQRWKDYHDIRUHUXQQHU
LQ52&$5,= :HVWDQG&HQWUDO$IULFD5LFH5HVHDUFK
DQG 'HYHORSPHQW 1HWZRUN  LQ WKH ODWH V DQG
HDUO\V³7KLVLVWKH¿UVWULFHPHFKDQL]DWLRQWDVN
IRUFH´VD\VYDOXHFKDLQDQGSRVWKDUYHVWWHFKQRORJ\
FRQVXOWDQW-HDQ0RUHLUD³,WLVDOVRWKHRQO\WDVNIRUFH
WRVSHFL¿FDOO\LQFOXGHWKHSULYDWHVHFWRU&RQVHTXHQWO\
WKHWDVNIRUFHW\SLFDOO\KDVWZRUHSUHVHQWDWLYHVIURP
HDFKPHPEHUFRXQWU\RQHIURPWKHQDWLRQDOSURJUDP
>SXEOLFVHFWRU@DQGRQHIURPWKHSULYDWHVHFWRU´
+LVWRULFDOO\ UHVHDUFK LQWR PHFKDQL]DWLRQ RI WKH
ULFHVHFWRULQ$IULFDKDVIRFXVHGRQWKH¿HOG IURP
ODQGSUHSDUDWLRQWRKDUYHVW+RZHYHUQRWRQO\ZHUH
LPSRUWHG PDFKLQHV IUHTXHQWO\ SRRUO\ DGDSWHG WR
$IULFDQFRQGLWLRQVEXWWKHµPHFKDQL]HUV¶ZHUHRQO\
ORRNLQJDWKDOIWKHVWRU\%RWKWKHTXDQWLW\DQGTXDOLW\
RI$IULFDQULFHVXIIHUKXJHORVVHVLQWKHSRVWKDUYHVW
SDUW RI WKH YDOXH FKDLQ HVSHFLDOO\ LQ WKUHVKLQJ DQG
SURFHVVLQJ7KLVPHDQVVD\V0RUHLUDWKDW³UHVHDUFK
DQGWKHSULYDWHVHFWRUKDYHWRZRUNWRJHWKHUEHFDXVH
$IULFD5LFH$QQXDO5HSRUW

RQO\ WKH SULYDWH VHFWRU FDQ SURYLGH WKH VFDOLQJ XS
UHTXLUHGWRWUXO\PHFKDQL]H$IULFD¶VULFHYDOXHFKDLQ´
$IULFD5LFH 'LUHFWRU RI 5HVHDUFK IRU 'HYHORSPHQW
0DUFR:RSHUHLVH[SODLQV³WKH0HFKDQL]DWLRQ7DVN
)RUFH LV QRW LQYROYHG LQ UHVHDUFK LQ WKH WUDGLWLRQDO
VHQVHEXWUDWKHULQDGDSWLYHUHVHDUFK7KHRWKHUPDMRU
DFWLYLW\RIWKHWDVNIRUFHLVWUDLQLQJ´
7KH¿UVWVWHSLQWKLVDGDSWLYHUHVHDUFKDQGWUDLQLQJ
SURFHVV LV WR DVVHVV WKH VWDWXV RI PHFKDQL]DWLRQ
ZLWKLQHDFKFRXQWU\/RFDOH[SHUWVDUHVLPSO\DVNHG
WRDVVHVVDQVZHUVWRDVHULHVRIEURDGTXHVWLRQV:KR
GRHVZKDW":KDWHTXLSPHQWLVLPSRUWHGDQGZKDWLV
IDEULFDWHGORFDOO\":KDWWUDLQLQJLVDYDLODEOH"$QG
ZKDWKXPDQUHVRXUFHVDUHDYDLODEOHLQFRXQWU\"
7KHVHFRQGVWHSLVWRLQWURGXFHDQGWHVWHTXLSPHQWIRU
DGRSWLRQ7KHSURFHVVXVXDOO\VWDUWVZLWKWKHLQWUR
GXFWLRQRIDPDFKLQHIURPHOVHZKHUH7KLVµPRGHO¶
LVWKHQWHVWHGLQFROODERUDWLRQZLWKIDUPHUVRURWKHU
HQGXVHUVDQGLWVGUDZEDFNVLGHQWL¿HG6ROXWLRQVWR
WKHLGHQWL¿HGSUREOHPVDUHSURSRVHGDQGWKHLPSRUWHG
PRGHOGXO\PRGL¿HG
2QFHDVDWLVIDFWRU\GHVLJQLVDFKLHYHGWKHPDFKLQH
FDQEHPDQXIDFWXUHGORFDOO\,QWKHOLJKWRIIXUWKHU
WHVWLQJWKHQHZSURWRW\SHFDQEHPRGL¿HGXQWLOWKRVH
LQYROYHG DUH KDSS\ ZLWK LW $W WKLV SRLQW WHFKQLFDO
GUDZLQJVDUHSUHSDUHGVRWKDWµDQ\RQH¶FDQEXLOGWKH
QHZPDFKLQH³:HKDYHDOVRSURGXFHGWHPSODWHVRI
WKHQRQPHFKDQLFDOSDUWVRISRSXODUPDFKLQHVOLNHWKH
µ$6,¶WKUHVKHU±FOHDQHU²DFWXDOVL]HSLHFHVFXWLQWKLQ
VKHHWPHWDOWKDWFDQEHKHOGDJDLQVWWKHSODWHPHWDO
XVHG LQ FRQVWUXFWLRQ WR JXLGH WKH FXWWLQJ SURFHVV´
VD\V0RUHLUD
:LWKWKHSURWRW\SHDQGWHFKQLFDOGUDZLQJVDYDLODEOH
NH\ IDEULFDWRUV DUH EURXJKW WRJHWKHU DQG WUDLQHG LQ
WKH PDFKLQH¶V FRQVWUXFWLRQ )RU H[DPSOH LQ 
DORQHIDEULFDWRUVIURPFRXQWULHVZHUHWUDLQHG
LQWKHFRQVWUXFWLRQRIWKHµ$6,¶WKUHVKHU±FOHDQHU,Q
1LJHULDWKHZHHNFRXUVHLQYROYHGIDEULFDWRUVZKR
FRQVWUXFWHG¿YHRIWKHORFDOO\DGDSWHG$6,VZKLFK
WKH\ QDPHG µ$JULFXOWXUDO 7UDQVIRUPDWLRQ $JHQGD 

7KUHVKHU¶ $7$7  VHH DOVR µ&DVH VWXG\ 1LJHULDQ
5LFH7UDQVIRUPDWLRQ$JHQGD¶SDJHV± 
³$QRWKHUQRYHODVSHFWRIWKH0HFKDQL]DWLRQ7DVN)RUFH
LVWKHGHYHORSPHQWRIDZLGHUQHWZRUNRIPHFKDQL
]DWLRQ H[SHUWV HQGXVHUV DQG PDQXIDFWXUHUV DFURVV
$IULFD$VLDDQG%UD]LOHVWDEOLVKHGLQFROODERUDWLRQ
ZLWK)$5$DQG,55,´VD\V0RUHLUD³$FWLYLWLHVRIWKLV
QHWZRUNZLOOLQFOXGHYLVLWVRI$IULFDQPHFKDQL]DWLRQ
H[SHUWVIDEULFDWRUVWRHQGXVHUVLQ%UD]LODQG$VLD´

September
1HZYLGHRVRQZHHGPDQDJHPHQWUHOHDVHG
:HHGVDUHLPSRUWDQWDQLPSRUWDQWFRQVWUDLQWRQULFH
SURGXFWLRQ(IIHFWLYHZHHGPDQDJHPHQWFDQLQFUHDVH

\LHOGVE\PRUHWKDQEXWXVXDOO\WDNHVDORWRI
WLPH,WLVWKHUHIRUHZRUWKZKLOHIRUIDUPHUVWRLQYHVW
LQODERUVDYLQJZHHGPDQDJHPHQWWRROV
:LWKVXSSRUWIURP86$,'$IULFD5LFHKDVSURGXFHG
DWZR'9'SDFNFDOOHG:HHGPDQDJHPHQW)DUPHU
WRIDUPHULQVWUXFWLRQYLGHRVRQHIIHFWLYHDQGODERU
VDYLQJZHHGPDQDJHPHQWLQORZODQGULFH
7KHYLGHRVZHUHUHOHDVHGRQ6HSWHPEHULQ(QJOLVK
)UHQFK3RUWXJXHVH.LVZDKLOLDQG'DJEDQLODQJXDJHV
(QJOLVK DQG )UHQFK ODQJXDJH YHUVLRQV KDYH EHHQ
SRVWHG RQ <RX7XEH VHH µ3XEOLFDWLRQV ² 9LGHRV¶
SDJH 
'LUHFWRU*HQHUDO3DSD6HFNDSSRLQWHG6HQHJDO
0LQLVWHURI$JULFXOWXUHDQG5XUDO(TXLSPHQW
$W WKH WK %RDUG RI 7UXVWHHV PHHWLQJ WKH %RDUG
SURXGO\DQQRXQFHGWR$IULFD5LFHVWDIIWKDW'LUHFWRU
*HQHUDO 3DSD $ 6HFN KDG EHHQ DSSRLQWHG E\
WKH 3UHVLGHQW RI 6HQHJDO DV WKH QHZ 0LQLVWHU RI
$JULFXOWXUHDQG5XUDO(TXLSPHQW
³$IWHU\HDUVRIRXWVWDQGLQJOHDGHUVKLS'U6HFNZLOO
HQGKLVDSSRLQWPHQWDW$IULFD5LFHRQ6HSWHPEHU´
WKH%RDUGVDLG
³'U 6HFN LV OHDYLQJ EHKLQG KLP D ZHOOPDQDJHG
¿QDQFLDOO\VRXQGDQGVFLHQWL¿FDOO\YLEUDQWRUJDQL]D
WLRQ´ WKH %RDUG VWDWHPHQW FRQWLQXHG ³+LV YLVLRQ
DQGSDVVLRQDWHFRPPLWPHQWWRWKHPLVVLRQDQGJRDOV
RI &*,$5 DQG $IULFD5LFH KDYH WUDQVIRUPHG WKH
&HQWHUDQGWDNHQLWWRQHZOHYHOVRIH[FHOOHQFH:H
DUHVXUHWKDWKHZLOOEULQJWKHVDPHGHGLFDWLRQDQG
YLVLRQDU\PDQDJHPHQWVW\OHWRKLVQHZPLVVLRQDQG
ZHRIIHUKLPZDUPIHOLFLWDWLRQVDQGEHVWZLVKHVIRU
WKHIXWXUH´

2SHQLQJ IUDPHV IURP WZR RI WKH IDUPHUWRIDUPHU YLGHRV RQ
ZHHGPDQDJHPHQW 

7KH%RDUGVWDWHGWKDWLPPHGLDWHDFWLRQZRXOGEHWDNHQ
WRHQVXUHLQWHULPOHDGHUVKLSDQGWKDWDQHIIHFWLYHDQG
HI¿FLHQWUHFUXLWPHQWSURFHVVIRUVHOHFWLQJ'U6HFN¶V
VXFFHVVRU ZRXOG EH VHW XS LQ DFFRUGDQFH ZLWK WKH
VSHFLDO LQWHUJRYHUQPHQWDO VWDWXV RI $IULFD5LFH DQG
WKHJXLGHOLQHVODLGGRZQLQLWV&RQVWLWXWLRQ
$IULFD5LFH$QQXDO5HSRUW

$GDPD7UDRUpQDPHG,QWHULP'LUHFWRU*HQHUDO
RI$IULFD5LFH
7KH$¿FD5LFH%RDUGDSSRLQWHGIRUPHU%RDUGPHPEHU
DQG YLFHFKDLU $GDPD 7UDRUp DV ,QWHULP 'LUHFWRU
*HQHUDOZLWKHIIHFWIURP6HSWHPEHU
³'U7UDRUpKDVDZHDOWKRIVFLHQWL¿FDQGOHDGHUVKLS
H[SHULHQFHWKDWZLOOKHOSWKH$IULFD5LFHPDQDJHPHQW
DQGVWDIIWRPDLQWDLQWKHPRPHQWXPDQGFRQWLQXHWKH
OHJDF\ RI H[FHOOHQFH HVWDEOLVKHG E\ 'U 6HFN´ VDLG
%RDUG&KDLU3HWHU0DWORQ
$0DOLDQQDWLRQDO$GDPD7UDRUpZDV3UHVLGHQWDQG
([HFXWLYH6HFUHWDU\RI&15$RI0DOL+HKDVDOVR
KHOGWKHSRVLWLRQVRI&KDLURI&25$):(&$5'DQG
9LFH&KDLURI)$5$
+H KDV EHHQ RQ WKH %RDUGV RI WKUHH LQWHUQDWLRQDO
FHQWHUVWKDWDUHPHPEHUVRIWKH&*,$5&RQVRUWLXP²
,QWHUQDWLRQDO&URSV5HVHDUFK,QVWLWXWHIRUWKH6HPL
$ULG7URSLFV ,&5,6$7 ,,7$DQG$IULFD5LFH

LWVUHYLVHGQDWLRQDOSODQIRUULFHVHOIVXI¿FLHQF\7KH
UHJLRQDO DJULFXOWXUDO GHYHORSPHQW GLUHFWRUV RI DOO 
ULFHSURGXFLQJUHJLRQVRIWKHFRXQWU\DWWHQGHGWKH
PHHWLQJDORQJZLWKUHSUHVHQWDWLYHVRIWKH0LQLVWU\RI
$JULFXOWXUHDQG5XUDO(TXLSPHQW6$('$QDPEH
3URJUDPPHQDWLRQDOG¶DXWRVXI¿VDQFHHQUL] 31$5 
DQG IDUPHU RUJDQL]DWLRQV 6HH %R[ µ&DVH VWXG\
6HQHJDO VWUDWHJ\ ZRUNVKRS¶ SDJH  IRU PRUH
LQIRUPDWLRQ

October
7KLUG$IULFD5LFH&RQJUHVV
$IULFD5LFH)$2DQG,5$' &DPHURRQ FRVSRQVRUHG
WKH 7KLUG $IULFD 5LFH &RQJUHVV KHOG DW WKH +LOWRQ
+RWHO <DRXQGp &DPHURRQ IURP  WR  2FWREHU
7KH &RQJUHVV DGRSWHG WKH WKHPH µ5LFH 6FLHQFH IRU
)RRG6HFXULW\WKURXJK6PDOOKROGHUDQG$JULEXVLQHVV
'HYHORSPHQW LQ $IULFD¶ DQG EXLOW RQ WKH VXFFHVV
DQG RXWSXWV RI WKH 6HFRQG $IULFD 5LFH &RQJUHVV
µ,QQRYDWLRQDQG3DUWQHUVKLSVWR5HDOL]H$IULFD¶V5LFH
3RWHQWLDO¶%DPDNR0DOL±0DUFK 
7KH&RQJUHVVEURXJKWWRJHWKHURYHUSDUWLFLSDQWV
IURP  FRXQWULHV  $IULFDQ FRXQWULHV ZHUH
UHSUHVHQWHG LQFOXGLQJULFHIDUPHUVVHHGSURGXFHUV
ULFHSURFHVVRUVLQSXWGHDOHUVDJULFXOWXUDOPDFKLQHU\
PDQXIDFWXUHUV UHSUHVHQWDWLYHV IURP DJULFXOWXUDO
PLQLVWULHV QDWLRQDO DQG LQWHUQDWLRQDO ULFH UHVHDUFK
DQGH[WHQVLRQFRPPXQLWLHV1*2VGRQRUVDQGRWKHU
GHYHORSPHQWSDUWQHUVDQGWKHPHGLD

)RUPHU%RDUGYLFHFKDLUQRZ,QWHULP'LUHFWRU*HQHUDO$GDPD
7UDRUp

6HQHJDOULFHVWUDWHJ\ZRUNVKRS
2Q  DQG  6HSWHPEHU $IULFD5LFH 6DKHO VWDWLRQ
KRVWHG D ZRUNVKRS WR GHWHUPLQH WKH IHDVLELOLW\ DQG
UHVRXUFHVUHTXLUHGIRU6HQHJDOWRERRVWQDWLRQDOULFH
SURGXFWLRQWR0WRISDGG\E\WKHWDUJHWRI
$IULFD5LFH$QQXDO5HSRUW

,Q WKH FRQWH[W RI SOHQDU\ DQG PLQLV\PSRVLXP
VHVVLRQV DOPRVW  RUDO DQG SRVWHU SUHVHQWDWLRQV
ZHUH PDGH DORQJ ZLWK YDOXDEOH GLVFXVVLRQ DQG
QHWZRUNLQJ7KH&RQJUHVVZDVRSHQHGDQGFORVHGE\
+HU([FHOOHQF\'U0DGHOHLQH7FKXLQWH0LQLVWHURI
6FLHQWL¿F 5HVHDUFK DQG ,QQRYDWLRQ RI WKH 5HSXEOLF
RI&DPHURRQRQEHKDOIRI+LV([FHOOHQF\3KLOHPRQ
<DQJ3ULPH0LQLVWHURI&DPHURRQ,WDOVRLQFOXGHG
D0LQLVWHULDO'LDORJXHRQµ5LFHVHFWRUGHYHORSPHQW¶ 

ZLWK PLQLVWHUV IURP &KDG 7KH *DPELD 0DOL DQG
6HQHJDODQGDµ:RUOG&DIp/LVWHQLQJDQGGH¿QLQJ
SULRULWLHVZLWKWKHULFHVHFWRUVWDNHKROGHUV¶ 6HHWKH
)HDWXUHRQSDJHIRUPRUHGHWDLOV

FRQVHUYDWLRQRIULFHJHQHWLFUHVRXUFHVWKHGHYHORSPHQW
RIULFHVHHGV\VWHPV1(5,&$GLVVHPLQDWLRQHIIRUWV
DQGWKH(PHUJHQF\5LFH,QLWLDWLYHLQ$IULFDDIWHUWKH 
IRRGFULVLV
³7KH PRVW UHFHQW H[DPSOH RI SDUWQHUVKLS ZDV WKH
VXFFHVVIXOFRRUJDQL]DWLRQRIWKH7KLUG$IULFD5LFH
&RQJUHVVWKDWZDVKHOGLQ&DPHURRQIURPWR
2FWREHU´'U7UDRUpVDLG
7KH&RQJUHVVUHFRPPHQGDWLRQVVSHFL¿FDOO\DGGUHVV
WKH QHHG IRU )$2 WR SOD\ D PRUH SURPLQHQW UROH LQ
VWLPXODWLQJQDWLRQDOUHJLRQDODQGJOREDOSDUWQHUVKLSV
WRGHYHORS$IULFD¶VULFHVHFWRUDVSDUWRIWKHHIIRUWV
RI&$5'DQGXQGHUWKHRYHUDOOXPEUHOODRI&$$'3

7KHµ$6,¶WKUHVKHU±FOHDQHUEHLQJGHPRQVWUDWHGDWWKHPHFKDQL
]DWLRQH[SRDWWKH7KLUG$IULFD5LFH&RQJUHVV

November

7KH)$2GHOHJDWLRQKDGDJXLGHGWRXURIWKH$IULFD
5LFH H[SHULPHQWDO ILHOGV DQG WKH ULFH JHQHEDQN
³7KHYLVLWGHVSLWHWKHVKRUWWLPHZDVYHU\XVHIXOWR
GHPRQVWUDWHWKHFRPPLWPHQWRIWKHUHVHDUFKHUVDQGDOO
VWDIIWRVXSSRUWULFHSURGXFWLYLW\LQFUHDVHHVSHFLDOO\
LQWKH6DKHO´'UGD6LOYDREVHUYHG³,KRSHWKDWRXU
SDUWQHUVKLSZLOOLPSURYHLQWKHIXWXUHIRUDFKLHYLQJ
IRRGVHFXULW\IRUDOO´

)$2SOHGJHVWRZRUNZLWK$IULFD5LFHWRVXSSRUW
ULFHVWUDWHJLHVIRUWKHIXWXUH
&RQJUDWXODWLQJ $IULFD5LFH RQ LWV FRPPLWPHQW WR
LPSURYLQJ IRRG VHFXULW\ LQ $IULFD )$2 'LUHFWRU
*HQHUDO-RVp*UD]LDQRGD6LOYDVDLG³:HZLVKWRMRLQ
RXUHIIRUWVZLWK$IULFD5LFHWRVXSSRUWULFHVWUDWHJLHV
IRUWKHIXWXUH´GXULQJKLVYLVLWWR$IULFD5LFH&RWRQRX
RQ1RYHPEHU
³5LFH LV D VWDSOH IRRG LQ SDUWV RI $VLD $IULFD DQG
/DWLQ$PHULFDZKHUHWZRWKLUGVRIWKHZRUOG¶VKXQJU\
SHRSOH OLYH´ WKH )$2 'LUHFWRU *HQHUDO UHPDUNHG
KLJKOLJKWLQJWKHPDMRUFKDOOHQJHVIDFLQJULFHSURGXF
WLRQ VXFK DV ZDWHU VFDUFLW\ DQG VDOLQLW\ ZKLFK DUH
SUHGLFWHGWRLQFUHDVHEHFDXVHRIFOLPDWHFKDQJH
$IWHU H[WHQGLQJ D ZDUP ZHOFRPH WR 'U GD 6LOYD
$IULFD5LFH,QWHULP'LUHFWRU*HQHUDO$GDPD7UDRUp
VDLGWKDW)$2DQG$IULFD5LFHKDYHEHHQFROODERUDWLQJ
FORVHO\ LQ VHYHUDO DUHDV VXFK DV WKH FROOHFWLRQ DQG 

)$2'LUHFWRU*HQHUDO-RVp*UD]LDQRGD6LOYDZLWK$IULFD5LFH
,QWHULP'LUHFWRU*HQHUDO$GDPD7UDRUpDQG6XVWDLQDEOH3URGXF
WLYLW\(QKDQFHPHQW3URJUDP/HDGHU.RLFKL)XWDNXFKL
$IULFD5LFH$QQXDO5HSRUW

$WULEXWHWRDJULFXOWXUDOUHVHDUFKDQG
SDUWQHUVKLSLQ$IULFD'U3DSD6HFNUHFHLYHV
)UDQFH¶V/pJLRQG¶KRQQHXU
7KH LQVLJQLD RI WKH &KHYDOLHU RI WKH /pJLRQ G¶KRQ
QHXU²)UDQFH¶VKLJKHVWFLYLOLDQGLVWLQFWLRQ²ZDV
FRQIHUUHGRQ'U3DSD$EGRXOD\H6HFNE\0DGDPH
.XVWHU0pQDJHU$PEDVVDGRURI)UDQFHLQ%HQLQLQ
DEULHIFHUHPRQ\LQ&RWRQRXRQ1RYHPEHU
(VWDEOLVKHG E\ 1DSROHRQ %RQDSDUWH LQ  WKH
/pJLRQG¶KRQQHXUKRQRUVLQGLYLGXDOVIRUH[HPSODU\
VHUYLFH DQG GLVWLQJXLVKHG DFKLHYHPHQWV 'U 6HFN
UHFHLYHG WKLV SUHVWLJLRXV DZDUG IRU KLV RXWVWDQGLQJ
FRQWULEXWLRQDQGGHGLFDWLRQWRDJULFXOWXUDOUHVHDUFK
DQGGHYHORSPHQWLQ$IULFD
(PSKDVL]LQJ'U6HFN¶VSURIHVVLRQDOFRPSHWHQFHKLV
KXPDQTXDOLWLHVDQGKLVVWURQJFRPPLWPHQWWRIRRG
VHFXULW\LQ$IULFDWKH$PEDVVDGRUUHPDUNHG³+HLV
DZHOONQRZQSHUVRQDOLW\LQWKHVFLHQWL¿FZRUOGDQG
LVDWWHQWLYHWR$IULFD¶VQHHGVDQGLWVUHDOLWLHV´
7KH$PEDVVDGRUSUDLVHG'U6HFN¶VVSLULWRISDUWQHU
VKLS DQG KLV ORYH IRU ² DQG PDVWHU\ RI ² WKH
)UHQFK ODQJXDJH 6KH KLJKOLJKWHG WKDW 'U 6HFN KDV

VLJQL¿FDQWO\VWUHQJWKHQHGWKHVFLHQWL¿FFROODERUDWLRQ
EHWZHHQ$IULFDQ)UHQFKDQGLQWHUQDWLRQDOUHVHDUFK
LQVWLWXWLRQVGXULQJKLVOHDGHUVKLSRI,QVWLWXWVpQpJDODLV
GHUHFKHUFKHVDJULFROHV ,65$ DQGVXEVHTXHQWO\RI
$IULFD5LFH
³,IHHOGHHSO\KRQRUHG´VDLG'U6HFN³7KLVUHFRJQL
WLRQLVDWULEXWHWRWKH$IULFDQVFLHQWL¿FFRPPXQLW\
DQG WKH FRRSHUDWLRQ EHWZHHQ )UDQFH DQG $IULFD ,
WKHUHIRUH VKDUH WKLV KRQRU ZLWK P\ FROOHDJXHV RI
,65$ $IULFD5LFH $1676 $$6 ,QVWLWXW QDWLRQDO
GHODUHFKHUFKHDJURQRPLTXH&,5$',5'DQGWKH
&*,$5&RQVRUWLXP
$IULFD5LFH,QWHULP'LUHFWRU*HQHUDO$GDPD7UDRUp
UHPDUNHG ³7KLV LV D SURXG PRPHQW IRU $IULFD5LFH
DQGDOOLWVSDUWQHUVLQFOXGLQJWKHQDWLRQDODJULFXOWXUDO
UHVHDUFK V\VWHPV RI $IULFD DQG DOO WKH PHPEHUV RI
*5L63´

December
&KDGKRVWVWKVHVVLRQRI&RXQFLORI0LQLVWHUV
7KH&RXQFLORI0LQLVWHUVLVWKHKLJKHVWJRYHUQLQJERG\
RI$IULFD5LFH,WFRPSULVHVWKHPLQLVWHUVRIDJULFXOWXUH
RIDOOWKH$IULFD5LFHPHPEHUVWDWHV7KHWK6HVVLRQ
RIWKH&RXQFLORI0LQLVWHUVZDVKHOGLQ1¶'MDPHQD
&KDG ± 'HFHPEHU XQGHU WKH FKDLUPDQVKLS RI
+RQ0RXVVD0DKDPDW$JUH\&KDGLDQ0LQLVWHURI
$JULFXOWXUHDQG,UULJDWLRQ
7KH SDUWLFLSDQWV ZHOFRPHG WKH SURJUHVV PDGH E\
$IULFD5LFHVLQFHWKH&RXQFLOODVWPHWLQ7KH*DPELD
LQ

)RUPHU$IULFD5LFH'LUHFWRU*HQHUDO'U3DSD$EGRXOD\H6HFN
UHFHLYLQJWKHLQVLJQLDRIWKH&KHYDOLHURIWKH/pJLRQG¶KRQQHXU
IURP0PH.XVWHU0pQDJHU$PEDVVDGRURI)UDQFHLQ%HQLQ
$IULFD5LFH$QQXDO5HSRUW

7KH LQDXJXUDO PHVVDJH IURP WKH &KDGLDQ 3ULPH
0LQLVWHU GHOLYHUHG E\ WKH 0LQLVWHU RI $JULFXOWXUH
DQG,UULJDWLRQ FRPPHQGHGWKH$IULFD5LFHOHDGHUVKLS
IRU LWV VXFFHVVIXO HIIRUWV WR LQFUHDVH WKH QXPEHU RI
PHPEHUFRXQWULHV
³2QEHKDOIRIWKH&RXQFLORI0LQLVWHUVZHH[WHQGD
VSHFLDO ZHOFRPH WR 5ZDQGD ZKLFK UHFHQWO\ MRLQHG 

$IULFD5LFH7KLVEULQJVWKHWRWDOQXPEHURI$IULFD5LFH
PHPEHUFRXQWULHVWR´WKH&KDLURIWKH&RXQFLORI
0LQLVWHUVUHPDUNHG
7KH &RXQFLO IRUPXODWHG D QXPEHU RI UHVROXWLRQV
$IULFD5LFHZDVXUJHGWR
‡ 6XSSRUW PHPEHU FRXQWULHV LQ WKH SURYLVLRQ RI
TXDOLW\VHHGWRIDFHHPHUJHQF\VLWXDWLRQVDQGLQ
WKHGHYHORSPHQWRIYLDEOHVHHGV\VWHPV
‡ /HDGFDSDFLW\GHYHORSPHQWHIIRUWVDORQJWKHULFH
YDOXHFKDLQ
‡ 6WUHQJWKHQ$IULFDQ8QLRQSDUWLFLSDWLRQLQ$IULFD
5LFHDFWLYLWLHV
‡ &RQWLQXHHIIRUWVWRLQFUHDVHWKHQXPEHURIPHPEHU
FRXQWULHV
‡ &RQWLQXHHIIRUWVWRHQFRXUDJHPHPEHUFRXQWULHVWR
SD\WKHLUFRQWULEXWLRQV
$ VSHFLDO UHVROXWLRQ IRFXVHG RQ WKH LPSRUWDQFH RI
WKHULFHVHFWRUGHYHORSPHQWKXEQHWZRUN0LQLVWHUV
XUJHG1$56WRIXUWKHURSHUDWLRQDOL]HDQGVWUHQJWKHQ
DFWLYLWLHVLQWKHKXEV

DSSRLQWHG6HQHJDO¶V0LQLVWHURI$JULFXOWXUHDQG5XUDO
(TXLSPHQW
7KH&RXQFLODOVRWKDQNHGWKH,QWHULP'LUHFWRU*HQHUDO
$GDPD 7UDRUp IRU KLV HIIRUWV WR HQVXUH D VHDPOHVV
WUDQVLWLRQ
$IWHU UHYLHZLQJ WKH SURFHVV RI UHFUXLWPHQW RI WKH
QHZ'LUHFWRU*HQHUDOWKH&RXQFLODVNHGIRUWKHQHZ
'LUHFWRU*HQHUDOEHVHOHFWHGLQ6HSWHPEHUDQG
EHLQSRVWE\-DQXDU\
'XULQJWKHFORVLQJFHUHPRQ\8JDQGDZDVDVNHGWR
WDNHRYHUWKHFKDLUPDQVKLSRIWKH$IULFD5LFH&RXQFLO
RI0LQLVWHUV8JDQGDZDVWKH¿UVWFRXQWU\IURP(DVW
$IULFDWRMRLQ$IULFD5LFHLQ
³7KLVLVDJUHDWKRQRUIRUXV´VDLG+RQ5XWK1DQND
ELUZD 8JDQGD 0LQLVWHU RI 6WDWH UHSUHVHQWLQJ
WKH 0LQLVWHU RI $JULFXOWXUH $QLPDO ,QGXVWU\ DQG
)LVKHULHV ³2XU FRXQWU\ KDV EHQH¿WWHG D ORW IURP
WHFKQRORJLHVJHQHUDWHGE\$IULFD5LFH:HSOHGJHRXU
VXSSRUWDQGZHZLOOFRQWLQXHWRDGYRFDWHIRULWDFURVV
WKHUHJLRQ´

7KH&RXQFLOQRWHGZLWKVDWLVIDFWLRQWKHLQWHQWLRQWR
RSHQDUHJLRQDOUHVHDUFKFHQWHULQ&HQWUDO$IULFDLQ
UHVSRQVHWRVWURQJGHPDQGIURPWKHFRXQWULHVRIWKDW
VXEUHJLRQ
7KH&RXQFLOUHFRJQL]HGWKHLPSRUWDQWFRQWULEXWLRQRI
WKH%HQLQJRYHUQPHQWZKLFKKDVKRVWHG$IULFD5LFH
WHPSRUDU\ KHDGTXDUWHUV VLQFH  ,W DSSURYHG
WKH SKDVHG SODQ WR UHWXUQ $IULFD5LFH KHDGTXDUWHUV
WR &{WH G¶,YRLUH VWDUWLQJ IURP -XQH  SURYLGHG
WKDWWKH,YRULDQJRYHUQPHQWIXO¿OOVLWVFRPPLWPHQWV
WR IDFLOLWDWH WKH UHWXUQ ,W DVNHG $IULFD5LFH WR
FRQVLGHUSURSHUPDQDJHPHQWRIWKHVRFLRHFRQRPLF
FRQVHTXHQFHVRQKXPDQUHVRXUFHVLQ%HQLQLQUHODWLRQ
WRWKHGHSDUWXUH
$VSHFLDOPRWLRQZDVSDVVHGE\WKH&RXQFLOWRFRQJUD
WXODWH DQG WKDQN 3DSD $EGRXOD\H 6HFN WKH IRUPHU
$IULFD5LFH'LUHFWRU*HQHUDOZKRKDGUHFHQWO\EHHQ 

7RS WDEOH DW WKH &RXQFLO RI 0LQLVWHUV PHHWLQJ OHIW WR ULJKW 
+RQ%UXQR-HDQ5LFKDUG,WRXD0LQLVWHURI6FLHQWLILF5HVHDUFK
5HSXEOLFRI&RQJR3HWHU0DWORQ$IULFD5LFH%RDUG&KDLU+RQ
0RXVVD0DKDPDW$JUH\0LQLVWHURI$JULFXOWXUHDQG,UULJDWLRQ
&KDG+RQ5XWK1DQNDELUZD0LQLVWHURI6WDWHIRU)LVKHULHV
8JDQGDDQG$GDPD7UDRUp$IULFD5LFH,QWHULP'LUHFWRU*HQHUDO
$IULFD5LFH$QQXDO5HSRUW

Financial statements
6WDWHPHQWRIILQDQFLDOSRVLWLRQ
$VDW'HFHPEHU
$66(76   

86 

86                       

86 

86

&XUUHQWDVVHWV
&DVKDQGFDVKHTXLYDOHQW
$FFRXQWVUHFHLYDEOH
'RQRUV
(PSOR\HHV QHWRIDOORZDQFHV
2WKHUV QHWRIDOORZDQFHV
,QYHQWRULHV
3UHSDLGH[SHQVHV
7RWDOFXUUHQWDVVHWV
3URSHUW\DQGHTXLSPHQW
3URSHUW\DQGHTXLSPHQW
/HVV$FFXPXODWHGGHSUHFLDWLRQ
7RWDOSURSHUW\DQGHTXLSPHQW±1HW
7RWDODVVHWV
/,$%,/,7,(6$1'1(7$66(76
&XUUHQWOLDELOLWLHV
%DQNEDODQFHV RYHUGUDIW
$FFRXQWVSD\DEOH
'RQRUV
(PSOR\HHV
2WKHUV
(PSOR\HHVLQYHVWPHQWDFFRXQW
3URYLVLRQVDQGDFFUXDOV
7RWDOFXUUHQWOLDELOLWLHV
727$//,$%,/,7,(6
1HWDVVHWV
8QUHVWULFWHGQHWDVVHWV
8QGHVLJQDWHG
'HVLJQDWHG
727$/1(7$66(76
727$//,$%,/,7,(6 1(7$66(76
$IULFD5LFH$QQXDO5HSRUW                         

$IULFD5LFH$QQXDO5HSRUW 

7RWDOUHYHQXHVDQGJDLQV

7RWDORSHUDWLQJH[SHQVHV  

,QGLUHFWFRVWUHFRYHU\  

'HSUHFLDWLRQ

6XEWRWDOH[SHQVHV ORVVHV    

7UDYHO

6XSSOLHVDQGVHUYLFHV

2WKHUFROODERUDWLRQ

&*,$5FROODERUDWLRQ

3HUVRQQHOFRVWV            

([SHQVHVE\IXQFWLRQ

² 

6XUSOXV GH¿FLW IRUWKH\HDU                      

²          

1RQ&53       

&53

7RWDORSHUDWLQJH[SHQVHV

,QGLUHFWFRVWUHFRYHU\

6XEWRWDOH[SHQVHV ORVVHV

2WKHUH[SHQVHV ORVVHV

*HQHUDO DGPLQLVWUDWLRQ
H[SHQVHV  

2WKHUUHYHQXHDQGJDLQV

5HVHDUFKH[SHQVHV   

%LODWHUDO 

8QUHVWULFWHG

:LQGRZ

:LQGRZ 

*UDQWUHYHQXH

,QFRPHVWDWHPHQWE\VRXUFH

([SUHVVHGLQ86

)RUWKH\HDUHQGHG'HFHPEHU

6WDWHPHQWRIDFWLYLWLHV               

²       

7RWDO                       

8QUHVWULFWHG              

²        

&53           

²           

1RQ&53          

²      

²       

7RWDO

6FKHGXOHRIJUDQWUHYHQXHV
)RUWKH\HDUHQGHG'HFHPEHU
([SUHVVHGLQ86

'RQRU
815(675,&7('
-DSDQ
7RWDOXQUHVWULFWHGJUDQWV

*UDQWSHULRG 

-DQ±'HF¶ 

)RUWKH\HDUHQGHG'HFHPEHU
*UDQW
$FFRXQWV $FFRXQWV
*UDQW
SOHGJHV
UHFHLYDEOH
SD\DEOH 

DYDLODEOH   

7(0325$5,/<5(675,&7('%,/$7(5$/*5$176
$I'%±1(5,&$
-DQ¶±'HF¶ 
'LVVHPLQDWLRQSURMHFW
&$5'6HFUHWDULDW±
2FW¶±-XO¶ 

&RQVXOWDQF\VHUYLFHV
$15±(6&$3(SURMHFW
-XO¶±1RY¶ 

$&3±$IUR:(('6SURMHFW
2FW¶±2FW¶ 

%$'($±,50WUDLQLQJ -XO¶±'HF¶ 

%$'($±,50WUDLQLQJ 1RY¶± 

'HF¶
%$'($±5LFHSURGXFWLRQ
1RY¶± 

WUDLQLQJLQ7RJR
'HF¶
%(7,&2±&RQVXOWDQF\
&ORVHGSURMHFW 

VHUYLFHV
%LRYHUVLW\±',,9$SURMHFW
1RY¶± 

SKDVH
'HF¶
%LRYHUVLW\±',,9$SURMHFW
&ORVHGSURMHFW 

SKDVH
&$$6±*UHHQ6XSHU5LFH
1RY¶± 

SURMHFWSKDVH
2FW¶
&$$6±*UHHQ6XSHU5LFH
2FW¶±2FW¶ 
SURMHFWSKDVH
&DQDGD±6XSSRUWWR5LFH
$SU¶± 

5HVHDUFKLQ$IULFD
0DU¶ 

*UDQW                                                        

$EEUHYLDWLRQVDUHVSHOOHGRXWLQWKHOLVWWKDWVWDUWVRQSDJH
$IULFD5LFH$QQXDO5HSRUW 

'RQRU
&)&±&HQWUDO$IULFDULFH
SURMHFW
$95'&±9HJHWDEOHYDOXH
FKDLQLQULFHEDVHGFURS
'),'±6WULJDSURMHFW
'),'±6&35,'SURMHFW
(&,)$'±5$3SURMHFW
(&,)$'±3ROLF\SURMHFW
(&,)$'±6RXWK±6RXWK
PHFKDQL]DWLRQSURMHFW
)$2±$32WUDLQLQJ
*DWVE\)RXQGDWLRQ±,55,±
*HUPSODVPFROOHFWLRQ
*,=±*ORE(SURMHFW
*7=±0,&&25'($SURMHFW
*7=±$WWULEXWHGJUDQW
,%5'±&*,$5
&ROODERUDWLRQ)XQG
$,'3/LEHULDJRYHUQPHQW±
/LEHULDDJULFXOWXUHSURMHFW
,)$'±1(5,&$VHHGLQ
:HVWDQG&HQWUDO$IULFD
SURMHFW
,)$'±9DOXHFKDLQLQ:HVW
DQG&HQWUDO$IULFDSURMHFW
,)$5±&*,$5IHOORZVKLS
SURJUDP
86$,'±)HHGWKH)XWXUH
SURMHFWLQ*KDQD
86$,'±,,7$±$IULFD
5,6,1*
$I'%±,,7$±6$5'6&
SURMHFW

*UDQWSHULRG

)RUWKH\HDUHQGHG'HFHPEHU
*UDQW
$FFRXQWV $FFRXQWV
*UDQW
SOHGJHV
UHFHLYDEOH
SD\DEOH 

DYDLODEOH

*UDQW 

-DQ¶±'HF¶    

$SU¶±
'HF¶
0D\¶±
'HF¶
6HS¶±
$XJ¶
-DQ¶±'HF¶
-XQ¶±'HF¶
$XJ¶±
6HS¶
0D\¶±
-XQ¶
-DQ¶±'HF¶                                                      

'HF¶±
'HF¶    

0DU¶±
0DU¶
-DQ¶±'HF¶        

)HE¶±'HF¶    

$SU¶±
'HF¶
0D\¶±
1RY¶        

-XO¶±-XQ¶
-DQ¶±'HF¶
-DQ¶±'HF¶
-DQ¶±RSHQ
2FW¶±-XO¶    

$IULFD5LFH$QQXDO5HSRUW

'RQRU
%)*)±,55,±675$6$
SURMHFWSKDVH
*5L63,55,±86$,'±
8QLYHUVLW\OLQNDJHIXQG
-DSDQ±,QWHUVSHFL¿F
+\EULGL]DWLRQ3URMHFW
-DSDQ±,QFUHDVLQJTXDOLW\
SURMHFW
-DSDQ±'HYHORSPHQWRI
LQWHUVSHFL¿FSURJHQLHV
SURMHFW
-DSDQ±+LJK\LHOGYDULHWLHV
LQKXPLG]RQHSURMHFW
-DSDQ±3K\VLRORJLFDO 
JHQHWLFLQYHVWLJDWLRQSURMHFW
-DSDQ±'HYHORSPHQWRI
VXVWDLQDEOHULFHIDUPLQJ
V\VWHPVSURMHFW
-DSDQ±%UHHGLQJSURMHFW
-DSDQ±60$57,9SURMHFW
-DSDQ±&DSDFLW\EXLOGLQJ
$EH
-DSDQ±&*,$5)HOORZVKLS
SURJUDP $EH
-DSDQ±&*,$5)HOORZVKLS
SURJUDP 6DLWR
-DSDQ±&*,$5)HOORZVKLS
0LFKL
-DSDQ±6WDWLVWLFVSURMHFW
-,5&$6±)HOORZVKLS
SURJUDP
-DSDQ±(PHUJHQF\SURMHFW
SKDVH
-DSDQ±5<09SURMHFW
-,&$±$IULFD5LFH±
&ROODERUDWLRQSURMHFW
$IULFD5LFH$QQXDO5HSRUW

)RUWKH\HDUHQGHG'HFHPEHU
*UDQW
$FFRXQWV $FFRXQWV
*UDQW
SOHGJHV
UHFHLYDEOH
SD\DEOH 

DYDLODEOH

*UDQW 

0DU¶±)HE¶    

-XO¶±'HF¶    

-DQ¶±
0DU¶
-DQ¶±0DU¶        

-DQ¶±0DU¶    

'HF¶±
0DU¶
-DQ¶±0DU¶        

-DQ¶±0DU¶    

-DQ¶±'HF¶
2FW¶±6HS¶
6HS¶±)HE¶            

1RY¶±
)HE¶
1RY¶±
0DU¶
-DQ¶±'HF¶              

)HE¶±-DQ¶
1RY¶'HF¶          

$SU¶±2FW¶             

*UDQWSHULRG

-DQ¶±
0DU¶
$SU¶±RSHQ     

'RQRU

*UDQWSHULRG

-,5&$6±&ROODERUDWLRQ
-XQ¶±RSHQ
SURMHFWLQ%HQLQ
0LFKLJDQ6WDWH8QLYHUVLW\±
2FW¶±
&RPSHWLWLYHQHVVVWXG\
$XJ¶
0DOL/$%26(0±6HHGODE
-DQ¶±'HF¶
DXGLWSURMHFW
1HEUDVND8QLYHUVLW\±
)HE¶±
*<*$SURMHFW
0DU¶
1LJHULD)HGHUDO
-DQ¶±'HF¶
*RYHUQPHQW±57$SURMHFW
,%5'±6LHUUD/HRQH
0DU¶)HE¶
JRYHUQPHQW±:$$336LHUUD
/HRQH
,%5'±/LEHULDJRYHUQPHQW± -XO¶±-XQ¶
:$$33/LEHULD
,)$'3$'(5±6HHGSURMHFW )HE¶±'HF¶
6\QJHQWD)RXQGDWLRQ±9DOXH $SU¶±-XO¶
FKDLQVSURMHFW
8(02$±3$&(5±6DLQW
$XJ¶±
/RXLV&HQWHURI([FHOOHQFH
$XJ¶
SURMHFW
81'3±/LEHULDVHHG
$SU¶±
SURGXFWLRQSURMHFW
$SU¶
:2752±:DJHQLQJHQ
$SU¶±
8QLYHUVLW\±3$5$6,7(
0DU¶
SURMHFW
6XEWRWDOUHVWULFWHGELODWHUDOJUDQWV

)RUWKH\HDUHQGHG'HFHPEHU
*UDQW
$FFRXQWV $FFRXQWV
*UDQW
SOHGJHV
UHFHLYDEOH
SD\DEOH 

DYDLODEOH                                                         

*UDQW    

$IULFD5LFH$QQXDO5HSRUW

'RQRU
&+$//(1*(
352*5$06
*HQHUDWLRQ&KDOOHQJH
3URJUDP
&,00<7*&33URMHFW
63*
*&3,%ULGJHV:$5'$
,5'
*&31$0SRSXODWLRQ
:$5'$&,$7
*&35LFH&KDOOHQJH
,QLWLDWLYH
*&3'URXJKW$YRLGDQFH
5RRW
6XEWRWDO&KDOOHQJH
3URJUDPJUDQWV
&*,$55HVHDUFK3URJUDP
&53 JUDQWV
&&$)6&53WRWDO

*UDQW
SHULRG

-DQ¶±
'HF¶
$XJ¶±
'HF¶
$XJ¶±
'HF¶
-XQ¶±
0DU¶
1RY¶±
6HS¶ 

)RUWKH\HDUHQGHG'HFHPEHU
*UDQW
$FFRXQWV
$FFRXQWV
*UDQW
SOHGJHV
UHFHLYDEOH
SD\DEOH 

DYDLODEOH 

*UDQW                                           

7RWDOUHVWULFWHGJUDQWV     

7RWDOJUDQWV     

*5L63&53WRWDO

-DQ¶±
'HF¶
-DQ¶±
'HF¶
-DQ¶±
'HF¶

*5L63±,55,%LODWHUDO
SURMHFWV
6XEWRWDO&53JUDQWV
&*,$5*HQHEDQN6WDELOLW\
JUDQWV
)XQG&RXQFLO*HQHEDQN
-DQ¶±
'HF¶
6XEWRWDO&*,$5*HQH
EDQN6WDELOLW\)XQGJUDQWV

$IULFD5LFH$QQXDO5HSRUW     

Board of Trustees

(As on 31 December 2013)

&KDLU

3HWHU0DWORQ 86$

9LFH&KDLU

<R7LHPRNR &{WHG¶,YRLUH ²LQFRPLQJYLFHFKDLU

0HPEHUV

%DUEDUD%HFNHU *HUPDQ\ 

+HQUL&DUVDODGH )UDQFH 

0RPRGRX&HHVD\ 7KH*DPELD 

7KHQMLZH&KLNDQH 6RXWK$IULFD 

*HWDFKHZ(QJLGD 8. ௘Á 

0DVDUX,ZDQDJD -DSDQ 

)DWRXPD6H\QL 1LJHU

([RI¿FLR

3DSD$EGRXOD\H6HFN 6HQHJDO 'LUHFWRU*HQHUDO$IULFD5LFHÁ 

$GDPD7UDRUp 0DOL ,QWHULP'LUHFWRU*HQHUDO$IULFD5LFH† 

/HIWLQ 
)RUPHUO\%RDUG9LFH&KDLU

Á
† 

7KH%RDUGRI7UXVWHHVSULRUWR3DSD6HFN¶VGHSDUWXUHWRJHWKHUZLWKVRPH$IULFD5LFHVWDII 

$IULFD5LFH$QQXDO5HSRUW

(As on 31 December 2013)

Senior Staff and Associates
Office of the Director General
$GDPD7UDRUp 
3DSD$EGRXOD\H6HFNÁ
0DUFR:RSHUHLV
6HUJH(EDQJD 
)LGHOLD$XURUH2%DEDGMLGH

,QWHULP'LUHFWRU*HQHUDO
'LUHFWRU*HQHUDO
'HSXW\'LUHFWRU*HQHUDO'LUHFWRURI5HVHDUFKIRU'HYHORSPHQW
,QWHUQDO$XGLW0DQDJHU
$VVLVWDQWWRWKH'LUHFWRU*HQHUDO

Corporate Services Division
'HQLV+XQHDXOW
6DPED6RXOp%k
(OOD$JDWKH'DPD%DGR 
3KLORPHQD3-&KXQGXÁ
1DVUD6DLGDQD0GHH
+DZD6DQWDUD5RGHQEXUJ
5RXJLH7KRPDVL 
'DPWRWLQH7LHP

'LUHFWRURI$GPLQLVWUDWLRQDQG)LQDQFH
$GPLQLVWUDWLRQDQG)LQDQFH2I¿FHU 6HQHJDO
$GPLQLVWUDWLYH0DQDJHU
$GPLQLVWUDWLYH$VVLVWDQW 7DQ]DQLD
$GPLQLVWUDWLRQDQG)LQDQFH0DQDJHU 7DQ]DQLD
$VVLVWDQW$FFRXQWDQW
+HDG/HJDO8QLW
$GPLQLVWUDWLYH6XSSRUW6HUYLFHV2I¿FHU

Finance Unit
*HRUJH0DLQD
$\pQDQ-DQYLHU'RXPDWH\ 
%DVWRX$JQLGH6DODPL 
)UDQoRLV7RVVH

+HDGRI)LQDQFH
'HSXW\+HDGRI)LQDQFH
6HQLRU$FFRXQWDQW
6HQLRU$FFRXQWDQW

Human Resources Office
.HOO\00ERNHOL 
*DEULHO'DR
0DWKLHX$'.SDGRQRX 
0DLPRXQD*QRXJR2XDWWDUD 
-RVVHO\QH*RJDQ$QDQL

+HDGRI+XPDQ5HVRXUFHV6HUYLFHV
6HQLRU+XPDQ5HVRXUFHV$GYLVRU
+XPDQ5HVRXUFHV$QDO\VW
+XPDQ5HVRXUFHV&RRUGLQDWRU
5HJLRQDO+XPDQ5HVRXUFHV2I¿FHU

Operations and Facilities Unit
.ODQD'DJQRJR
0RKDPHG0RXKLGLQ\$EGRX
6D¿DWRX<DEUp 
$QJHOLWR0HGHQLOOD
+LURVKL7DQDND 
0DU\DQD<XQR 
$IULFD5LFH$QQXDO5HSRUW

+HDGRI)DFLOLWLHVDQG2SHUDWLRQV
3XUFKDVLQJ6SHFLDOLVW
0DQDJHU7UDYHODQG/LDLVRQ
3URFXUHPHQW2I¿FHU
0HFKDQLF
/RJLVWLFLDQ&RPSOLDQFH 

Information and Communications Technology Unit
0RXVVD'DYRX
5DPD69HQNDWUDPDQ

,&70DQDJHU
0XOWLPHGLD'HVLJQHU

Planning and Budget Unit
/HQ\0DQJRQRQ0HGHQLOOD
$EGRXOD\H6DQZLGL
$EGHOODKL&KHLNK6LGL\D 
.RURWRXPRX2XDWWDUDÁ
$ZD-DUMXVH\ 

%XGJHWDQG3ODQQLQJ0DQDJHU
)LQDQFLDO,QIRUPDWLRQ6\VWHPV$GPLQLVWUDWRU
$FFRXQWDQW
3ULQFLSDO$FFRXQWDQW
&RQVXOWDQW

Research Division
2OXSRPL$MD\L
0D]HQ(O6ROK 
0DwPRXQD'LDWWD
(PPDQXHO2QDVDQ\D
)DVVRXPD6DQRJR
*LVqOH'DJR

5LVN0DQDJHPHQW&RRUGLQDWRU3URMHFW&RRUGLQDWLRQ6XSSRUW
5HVHDUFK2SHUDWLRQV2I¿FHU
)UHQFK(GLWRU7UDQVODWRU
'HVNWRS3XEOLVKLQJ$VVLVWDQW
7UDQVODWRU
6HFUHWDU\

Genetic Diversity and Improvement Program
7DNDVKL.XPDVKLUR
.R¿,VDDF%LPSRQJ
,EQRX'LHQJ
.KDG\1DQL'UDPp
5DDIDW(O1DPDN\
0DPDGRX)RIDQD
%DERXFDUU0DQQHK
0DULH1RsOOH1GMLRQGMRS
.D\RGp6DQQLÁ
6DEHU(O6D\HG6HGHHN
0DQGq6HPRQ
<DFRXED6pUpÁ
0RXVVD6Lp
'ULVVD6LOXp
1HJXVVLH6KRDWHF=HQQD
5DPDLDK9HQXSUDVDG
0RXQLURX(O+DVVLPL6RZ 

3URJUDP/HDGHU
0ROHFXODU*HQHWLFLVW±6DOLQLW\7ROHUDQFH 6HQHJDO
%LRPHWULFLDQ
0ROHFXODU%LRORJLVW 7DQ]DQLD
+\EULG5LFH%UHHGHU 6HQHJDO
'URXJKW3K\VLRORJLVW ,EDGDQ 
,UULJDWHG5LFH%UHHGHU 6HQHJDO
0ROHFXODU%LRORJLVW+HDGRI*HQHWLF5HVRXUFHV8QLW
+HDGRI*HQHWLF5HVRXUFHV8QLW,1*(5$IULFD&RRUGLQDWRU
8SODQG5LFH%UHHGHU 7DQ]DQLD
8SODQG5LFH%UHHGHU ,EDGDQ
3ODQW3DWKRORJLVW 7DQ]DQLD
6HQLRU5LFH%UHHGHU5LFH%UHHGLQJ7DVN)RUFH&RRUGLQDWRU
3ODQW3DWKRORJLVW
+LJKDOWLWXGH5LFH%UHHGHU 7DQ]DQLD
5DLQIHG/RZODQG5LFH%UHHGHU ,EDGDQ
3')0ROHFXODU*HQHWLFV 

$IULFD5LFH$QQXDO5HSRUW

<RQQHOOH'HD0RXNRXPEL 

6DQJHHWKD.DOLPXWKX.DQQDQ 
2OXZDWR\LQ2$IRODEL 
$PDNRp'pODOL$ORJQRQ
1DQD.R¿$EDND$PRDK 
)DWLPDWD%DFKDEL
6DLGX%DK
3RSRROD%RVHGH
-XGLWK+XEHUW
*KLVODLQ.DQIDQ\
(VWKHU'HOSKLQH0DNDPWH3HJDOHSR 
'DRXGD0ERGM 
0DUWLQ(1GRPRQGR
$\RQL2JXQED\RÁ
$GHURQNH$2OXGDUH 
'UR'DQLHO7LD
)HOL[:DZHUX
0DLPRXQDWRX1LDQJ

3')<LHOG3RWHQWLDOLQ,UULJDWHGDQG$HURELF*URZWK
&RQGLWLRQV 6HQHJDO
3URJUDPPHU 7DQ]DQLD
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW 6HQHJDO
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW ,EDGDQ
5HVHDUFK$VVLVWDQW 7DQ]DQLD
5HVHDUFK$VVLVWDQW 6HQHJDO
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW 6HQHJDO
5HVHDUFK$VVLVWDQW 7DQ]DQLD
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW 7DQ]DQLD
%LOLQJXDO6HFUHWDU\

Sustainable Productivity Enhancement Program
.RLFKL)XWDNXFKL
6XVXPX$EHÁ
6HQWKLONXPDU.DOLPXWKX
-RKQ0DQIXO
0XWVD0DVL\DQGLPD
-RQQH5RGHQEXUJ
.D]XNL6DLWR
.DULP7UDRUp
3HSLMQYDQ2RUW
6DQGHU=ZDUW
-XVWLQ'MDJED
.RGMR6RNORX$:RURX
$OSKD%RFDU%DOGH
0DPDGRX&LVVRNR 
&{PH$JRVVD/LQVRXVVLÁ
6DOL$WDQJD1GLQGHQJ 
$IULFD5LFH$QQXDO5HSRUW

3URJUDP/HDGHUDQG&URS(FRSK\VLRORJLVW
6RLO6FLHQWLVW
&URSSLQJ6\VWHPV$JURQRPLVW 7DQ]DQLD
*UDLQ4XDOLW\6SHFLDOLVW
:DWHU0DQDJHPHQW6SHFLDOLVW
$JURQRPLVW 7DQ]DQLD
5LFH$JURQRPLVW
*UDLQ4XDOLW\DQG6HHG6\VWHPV([SHUW 6HQHJDO
&URS0RGHOHU
5HPRWH6HQVLQJDQG*,66SHFLDOLVW
&RQVXOWDQW
&RQVXOWDQW
3')&OLPDWH5LVN$VVHVVPHQW 6HQHJDO
3'):HHG6FLHQFH
3')5HPRWH6HQVLQJDQG*,6
3')*UDLQ4XDOLW\DQG3RVWKDUYHVW7HFKQRORJ\ 

$PRV2QDVDQ\DÁ
6XFKLW6KUHVWKDÁ
$WVXNR7DQDND 
(ONH9DQGDPPH 
&\ULOOH$GGD
$ERX7RJROD
$PDGRX7RXUp
2OXVROD0RUD\R$GHIXULQ 
.RNRX$KRXDQWRQ
'DQLHO'DPVRQ(OLIDGKLOL 
6HWK*UDKDP$FTXDDK
<-HDQ0DUWLDO-RKQVRQ
<DKD3HUSHWXH.RXDPp
'HUHN0DNRNKD
&HVVH9DOqUH0HO
)UDQFLV0ROXD0ZDPER 
$ELERX1LDQJ
2\HWXQML2OXPR\H 
(QRV2Q\XNDÁ
$EGRXOD\H6RZ
%RQDYHQWXUH-DQXDU\7HVKD 
0DULDPD&'LHQJ
%DVWDWRX$VVDQLGD*ORULD 

3')3ODQW3DWKRORJ\ 1LJHULD 
3')$JURQRP\3K\VLRORJ\
3')6RLO6FLHQFH
3')$JURQRP\
5HVHDUFK$VVRFLDWH(QWRPRORJ\
5HVHDUFK$VVRFLDWH(QWRPRORJ\ ,EDGDQ
5HVHDUFK$VVRFLDWH$JURQRP\
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW 7DQ]DQLD
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW 7DQ]DQLD
5HVHDUFK$VVLVWDQW 6HQHJDO
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW ,EDGDQ
5HVHDUFK$VVLVWDQW 7DQ]DQLD
5HVHDUFK$VVLVWDQW 6HQHJDO
5HVHDUFK$VVLVWDQW 7DQ]DQLD
$GPLQLVWUDWLYH$VVLVWDQW
%LOLQJXDO6HFUHWDU\

Policy, Impact Assessment and Innovation Systems Program
$OLRX'LDJQH
5LWD$¿DYL$JERK1RDPHVKLH
$PLQRX$URXQD
$WWLVVR.DIX$WD$WWLRJEHYL6RPDGR 
-HDQQH<&RXOLEDO\Á
0DWW\'HPRQWÁ
5RVH(GZLJH)LDPRKH
&DUD05DERDQDULHOLQD
-HDQ0RUHLUD
(PHOLQD1LHYD&DFHUHV%LPSRQJ 
*DXGLRVH0XMDZDPDUL\D 
0DQGLD\H'LDJQH

3URJUDP/HDGHUDQG,PSDFW$VVHVVPHQW(FRQRPLVW
*HQGHU6SHFLDOLVW*HQGHU7DVN)RUFH&RRUGLQDWRU
$JULFXOWXUDO(FRQRPLVW
0RQLWRULQJDQG(YDOXDWLRQ6SHFLDOLVW
3ROLF\(FRQRPLVW
$JULFXOWXUDO(FRQRPLVW 6HQHJDO
$JULFXOWXUDO(FRQRPLVW
6RFLDO6FLHQWLVW5$3&RRUGLQDWRU
&RQVXOWDQW
'DWD$QDO\VWDQG&RPSXWHU3URJUDPPHU
3')5LFH9DOXH&KDLQ 7DQ]DQLD
5HVHDUFK$VVRFLDWH 6HQHJDO 

$IULFD5LFH$QQXDO5HSRUW

(VWKHU/HDK$FKDQGL
(\UDP$PRYLQ$VVDJED
$EGRXOD\H.DERUp
00)ORUHQW.LQNLQJQLQKRXQ
7HELOD1DNHOVH
0DwPRXQD1GRXU
5DERDQDULHOLQD7RYRQLULQD
5RVHO\QH+RXHWR

5HVHDUFK$VVLVWDQW 7DQ]DQLD
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW
5HVHDUFK$VVLVWDQW 6HQHJDO
5HVHDUFK7HFKQLFLDQ
%LOLQJXDO6HFUHWDU\

Partnership & Capacity Strengthening Division
6DPXHO%UXFH2OLYHU
,VVDND<RXJEDUH
-XGLWK/XFUHFH'H\R

'LUHFWRU3DUWQHUVKLS &DSDFLW\6WUHQJWKHQLQJ
3ULQFLSDO$GPLQLVWUDWLYH$VVLVWDQW
6HFUHWDU\

Regional Stations and Offices
%RXELp9LQFHQW%DGR
$PDGRX0%q\H
3DXO.LHSH 

)UDQFLV1ZLOHQH
2OX¿VD\R$WLQXNH.RODGH
$OL$7RXUp
6H\L2ODR\H:LOOLDPV
/DQVDQD.RURPD 
-RKQVRQ$GHGD\R$GHWXPEL 

5HJLRQDO5HSUHVHQWDWLYHLQ6HQHJDODQG6DKHO$JURQRPLVW
5HSUHVHQWDWLYHLQ&{WHG¶,YRLUHDQG6HHG6\VWHPV([SHUW
5HJLRQDO5HSUHVHQWDWLYHIRU(DVWDQG6RXWKHUQ$IULFD
7DQ]DQLD
5HJLRQDO5HSUHVHQWDWLYHLQ1LJHULD ,EDGDQ
5HVHDUFK$GPLQLVWUDWLYH0DQDJHU ,EDGDQ
$JULFXOWXUDO(FRQRPLVW 6LHUUD/HRQH
([HFXWLYH$VVLVWDQW ,EDGDQ
2I¿FH0DQDJHU &RQVXOWDQW6LHUUD/HRQH
&RQVXOWDQW

Rice Sector Development Program
0DPDGRX.DELURX1¶'LD\H
,QRXVVD$NLQWD\R
*EHQJD$NLQZDOH 
%RXEDNDU\&LVVp
0DQVRXU'LRS
7KRPDV'XERLV
3KLOLS$WVDERJKHQD,GLQRED 
+XEHUWXV0HHUWHQV 
0RELR0RGHVWH51¶NRX
$IULFD5LFH$QQXDO5HSRUW

3URJUDP/HDGHU 6HQHJDO
$IULFD5LFH3URMHFWV&RRUGLQDWRULQ/LEHULD
6HHG6\VWHPV6SHFLDOLVW $EXMD
3URJUDP$VVLVWDQW
5HVHDUFK$VVLVWDQW 6HQHJDO
5LFH&RPPRGLW\6SHFLDOLVW
$JURQRPLVW±:DWHU0DQDJHPHQW6SHFLDOLVW $EXMD
5LFH5HVHDUFK&RRUGLQDWRU 6LHUUD/HRQH
5HVHDUFK$VVLVWDQW &{WHG¶,YRLUH 

&KLMLRNH0DGXND2VXML 
%HUQDUG)LUPLQ7DQR 

5LFH9DOXH&KDLQDQG3RVWKDUYHVW6SHFLDOLVW $EXMD
5HVHDUFK$VVLVWDQW

Marketing & Communications Unit
6DYLWUL0RKDSDWUD
'RKRXp<YHWWH6LQJER'RVVD

+HDGRI0DUNHWLQJDQG&RPPXQLFDWLRQV
'RQRU5HODWLRQV$VVLVWDQW

Knowledge Management & Capacity Strengthening Unit
0\UD:RSHUHLV3XUD

+HDG.QRZOHGJH0DQDJHPHQW &DSDFLW\6WUHQJWKHQLQJ

Collaborating Scientists
%HUWUDQG0XOOHU
-RsO+XDW
3KLOLSSH0HQR]]L
6HLML<DQDJLKDUD

$JURFOLPDWRORJLVW &,5$'6HQHJDO
9HJHWDEOH$JURQRPLVW &,5$'
(QWRPRORJLVW &,5$'
5LFH%UHHGHU -,5&$6 

-RLQHGLQ
Á/HIWLQ

$IULFD5LFHWHDPPHPEHUVDQGSDUWQHUV 

$IULFD5LFH$QQXDO5HSRUW

Postgraduate trainees
1DPHDQGWKHVLVWRSLF
$JRVVDGRX$UVHQH
,PSDFWGX7DULI([WpULHXU&RPPXQ
VXUO¶RIIUHODGHPDQGHGXUL]HWVXUOH
UHYHQXGHVSURGXFWHXUVDX%pQLQ
$PD\R5REHUW
&KDUDFWHUL]DWLRQRISDWKRJHQ±
KRVW±HQYLURQPHQWUHODWLRQVKLSVIRU
0DJDSRUWKHJULVHDLQ8JDQGD
%DK6DLGX
(VWLPDWLRQRIRXWFURVVLQJLQULFHXVLQJ
DPRUSKRORJLFDOPDUNHU
%DPD'HOSKLQH$LVVDWD
(YDOXDWLRQRI1HIIHFWRIOHJXPHRQ
VXFFHHGLQJUDLQIHGXSODQGULFHLQ:HVW
$IULFDVDYDQQDK %XUNLQD)DVR
%LODUR$OXJRQ]D
*HQHWLFLPSURYHPHQWRIULFH 2U\]D
VDWLYD IRUSKRVSKRUXVGH¿FLHQF\
WROHUDQFH

,QVWLWXWLRQ
&RXQWU\RI *HQGHU
XQLYHUVLW\
RULJLQ
8QLYHUVLWp
%HQLQ
0
G¶$ERPH\&DODYL
%HQLQ

0DNHUHUH
8QLYHUVLW\
.DPSDOD8JDQGD

8QLYHUVLW\RI
)UHH6WDWH6RXWK
$IULFD
3RO\WHFKQLF
8QLYHUVLW\RI
%RER'LRXODVVR
1LJHU
6RNRLQH
8QLYHUVLW\RI
$JULFXOWXUH
0RURJRUR
7DQ]DQLD
%LVVDK0DWLOGD1
:HVW$IULFD
,GHQWL¿FDWLRQRITXDQWLWDWLYHWUDLWORFL &HQWUHIRU&URS
47/V WROHUDQWWRVDOLQLW\LQULFH
,PSURYHPHQW
2U\]DVDWLYD IURPWUDGLWLRQDO$IULFDQ :$&&, 
GRQRUDQGLPSURYHPHQWRIVRPH
8QLYHUVLW\RI
SRSXODUYDULHWLHVLQ*KDQD
*KDQD
'DJR)DXVWLQ
8QLYHUVLW\RI
(IIHFWRIIHUWLOL]HUVRQ5<09
$ELGMDQ&RFRG\
HSLGHPLF
&{WHG¶,YRLUH
'DQYL$OH[DQGUH
%RQQ8QLYHUVLW\
0RGHOOLQJWKHK\GURORJLFDOLPSDFW
%RQQ*HUPDQ\
ULFHLQWHQVL¿FDWLRQLQ,QODQG9DOOH\VLQ
%HQLQ
'LEED/DPLQ
8QLYHUVLW\RI
$VVHVVLQJWKHLPSDFWRILPSURYHGULFH +RKHQKHLP
WHFKQRORJ\RQKRXVHKROGIRRGVHFXULW\ *HUPDQ\
LQ7KH*DPELD
'LRXI'DED1GRXU
8QLYHUVLWpGH
7ROpUDQFHGXUL]DXIURLG
&KHLNK$QWD
'LRS6DLQW/RXLV
6HQHJDO

$IULFD5LFH$QQXDO5HSRUW

6SRQVRU

'HJUHH

'HSDUWPHQWRI
)RUHLJQ$IIDLUV
7UDGHDQG
'HYHORSPHQW
&DQDGD
*OREDO5LFH
6FLHQFH
6FKRODUVKLS
*5L66
&*,$5*&3

3K'

8JDQGD

0

7KH
*DPELD

0

%XUNLQD
)DVR

)

7DQ]DQLD

0

-DSDQ

3K'

*KDQD

)

:$&&,

3K'

&{WH
G¶,YRLUH

0

$I'%

3K'

%HQLQ

0

-DSDQ,55,

3K'

7KH
*DPELD

0

*5L66

3K'

6HQHJDO

)

%0*),55,

3K'

3K'

3K'

3K' 

1DPHDQGWKHVLVWRSLF
'LRXI1GH\H6H\QDERX
7KHLPSDFWRI1(5,&$YDULHWLHVRQ
IRRGVHFXULW\²UROHRIJHQGHULQ
GHYHORSPHQWVWUDWHJLHVRIULFH
'RVVD6\OYHVWHU
0ROHFXODUDQDO\VHVRIWKHLQWHUDFWLRQ
RIULFHDQG;DQWKRPRQDVRU\]DHSY
RU\]DHXQGHUFOLPDWHFKDQJH²WKH
HIIHFWRIWHPSHUDWXUHDQGGURXJKW
'XNX&RQ¿GHQFH
(FRV\VWHPVHUYLFHVDQDO\VLVLQ:HVW
$IULFDQ,QODQGYDOOH\V
*D\H6RNKDQD5RNKD\D
$SSURFKHJHQUHGDQVOHVFKDLQHVGH
YDOHXUVGXUL]HQ$IULTXHDX6XGGX
6DKDUD/¶LQWpJUDWLRQGXJHQUHGDQV
ODFKDLQHGHYDOHXUGXUL]DX6pQpJDO
*D\LQ-RVHSK.ZHVL
+RZGLIIHUHQFHVLQULFHVWDUFK
SURSHUWLHVDIIHFWIXQFWLRQDODQG
QXWULWLRQDOSURSHUWLHVRILQGLJHQRXV
DQGLPSURYHGYDULHWLHV
*RLWD2XPDURX
*HQHWLFDQDO\VLVIRUDONDOLQLW\
WROHUDQFHLQULFH
.DELUL6WHOOD
8QGHUVWDQGLQJKRZKRVWSDUDVLWH
LQWHUDFWLRQVIRUHFRQRPLFDOO\
LPSRUWDQWSDUDVLWLFZHHGVSHFLHVLQ
UDLQIHGULFHDUHGLIIHUHQWLDOO\DIIHFWHG
E\SUHVHQWDQGH[SHFWHGIXWXUH
HQYLURQPHQWDOFRQGLWLRQV
.RQDWH$EGRXUDVPDQH
,GHQWLI\LQJPRUSKRORJLFDOIHDWXUHV
DQGSK\VLRORJLFDOSURFHVVHVDVDQ
LQWHJUDWHGRYHUDOOVWUDWHJ\IRUWROHUDQFH
WRZDWHUGH¿FLWLQUDLQIHGORZODQGULFH

,QVWLWXWLRQ
XQLYHUVLW\
8QLYHUVLWpGH
&KHLNK$QWD
'LRS'DNDU
6HQHJDO
/HLEQL]
8QLYHUVLWlW
+DQQRYHU
*HUPDQ\

&RXQWU\RI *HQGHU 6SRQVRU
RULJLQ
6HQHJDO
)
*5L66

'HJUHH

%HQLQ

:DJHQLQJHQ
*KDQD
8QLYHUVLW\
1HWKHUODQGV
8QLYHUVLWp*DVWRQ 6HQHJDO
%HUJHU

3K'

0

%0=*,=

3K'

0

(8

3K'

)

&*,$5*5L63

3K'

*XHOSK
8QLYHUVLW\
&DQDGD

*KDQD

0

*5L66

3K'

8QLYHUVLW\RI
/HJRQ*KDQD

6HQHJDO

0

6HOI

3K'

:DJHQLQJHQ
8QLYHUVLW\
1HWKHUODQGV

8JDQGD

)

:2752

3K'

8QLYHUVLWpGH
2XJDGRXJRX
%XUNLQD)DVR

%XUNLQD
)DVR

0

5LFH&,3URMHFW

3K' 

$IULFD5LFH$QQXDO5HSRUW

1DPHDQGWKHVLVWRSLF
.RQH0RXVVD%UHPD
$QDO\VHGHODSROLWLTXHEXGJpWDLUH
FRPPHIDFWHXUFRQWULEXDQWj
O¶pPHUJHQFHGHO¶DJULFXOWXUHHQ
WDQWTXHPRWHXUGHODFURLVVDQFH
pFRQRPLTXHDX0DOLFDVGXUL]j
O¶2I¿FHGX1LJHU
.RXGDPLORUR$XJXVWLQ
&DUDFWpULVDWLRQHWpWXGH
ELRPROpFXODLUHGHVLQVHFWHVYHFWHXUV
GHODSDQDFKXUHMDXQHGXUL] 5<09 
DX%pQLQ3HUVSHFWLYHGHFRQWU{OHDYHF
O¶KXLOHGHQHHP
/\GLH0DND\D<HEDV
eWXGHGHO¶DGDSWDELOLWpGXUL]SRXU
O¶LQWHQVL¿FDWLRQGHODUL]LFXOWXUH
GDQVGLIIpUHQWVpFRV\VWqPHVGHOD
5pSXEOLTXHGX&RQJRHWSHUVSHFWLYH
G¶DPpOLRUDWLRQJpQpWLTXH
0DVRQJRVR&KDUOHV-RVHSK
&KDUDFWHUL]DWLRQRIZLOGULFHVLQ
7DQ]DQLDDQGHYDOXDWLRQRIWKHH[WHQW
RIJHQHÀRZIURPZLOGWRFXOWLYDWHG
DQGYLFHYHUVD
0RQWFKR'DYLG
'LYHUVLWpHWEDVHVJpQpWLTXHVGHV
WUDLWVOLHVjODYLJXHXUYpJpWDWLYHHW
jO¶DGDSWDWLRQGXUL]DIULFDLQDX[
GLIIpUHQWHVFRQGLWLRQVK\GUDXOLTXHV
1FKR6LPRQ$
$VVHVVLQJFXUUHQWDQGIXWXUH
HFRQRPLFVRFLDODQGHQYLURQPHQWDO
LPSDFWVRISDUDVLWLFZHHGVLQULFHLQ
66$
1GDZ)D\H2PDU
6WXG\WKHVDOWWROHUDQFHXVLQJ66+
PLFURDUUD\VDQGJHQHWLFWUDQVPLVVLRQ
RIWKLVFKDUDFWHULQULFH
1LDQJ$ELERX
0RGHOLQJWKHHIIHFWRIQXWULHQW
PDQDJHPHQWRQULFH\LHOGLQUDLQIHG
XSODQGHQYLURQPHQWLQ$IULFD

$IULFD5LFH$QQXDO5HSRUW

,QVWLWXWLRQ
&RXQWU\RI *HQGHU 6SRQVRU
XQLYHUVLW\
RULJLQ
,QVWLWXW6XSpULHXU 0DOL
0
(8
GH)RUPDWLRQHW
GH5HFKHUFKH
$SSOLTXpH0DOL

'HJUHH
3K'

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

0

6HOI

3K'

8QLYHUVLWp
'5&
G¶$ERPH\&DODYL
%HQLQ

)

-DSDQ

3K'

8QLYHUVLW\RI
'DUHV6DODDP
7DQ]DQLD

0

6HOI

3K'

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

0

%0*)

3K'

8QLYHUVLW\RI
:DJHQLQJHQ
1HWKHUODQGV

&{WH
G¶,YRLUH

0

:2752

3K'

8QLYHUVLWp&KHLNK 6HQHJDO
$QWD'LRS'DNDU
6HQHJDO

0

*5L66

3K'

8QLYHUVLW\RI
%RQQ*HUPDQ\

0

*5L66

3K'

7DQ]DQLD

6HQHJDO 

1DPHDQGWKHVLVWRSLF
2NHFKXNZX$Q\DRKD
*HQHWLFLPSURYHPHQWRIGURXJKW
WROHUDQFHDWUHSURGXFWLYHVWDJHLQ
XSODQGULFHYDULHWLHV 2U\]DVDWLYD LQ
1LJHULD
2QDJD*HRIIUH\
,PSDFWRIFOLPDWHFKDQJHRQSDWKRJHQ
GLYHUVLW\DQGULFHJHQHH[SUHVVLRQLQ
UHVSRQVHWR0DJQDSRUWKHRU\]DH
2XPDURX6RXOH\PDQH
%UHHGLQJULFH 2U\]DVDWLYD/ IRUVDOW
WROHUDQFHLQ1LJHU
3DUWH\6DPXHO7
(IIHFWVRIOHJXPHJUHHQPDQXULQJDQG
ELRFKDUDPHQGPHQWVRQPDLQWHQDQFH
RQJUHHQZDWHUDQGVRLOIHUWLOLW\
LQGLFDWRUVRQULFHFURSSLQJ¿HOGVLQ
*KDQD
6DQJDUH-HDQ5RGULJXH
(IIHWVGXGp¿FLWK\GULTXHFKH]OHUL]j
O¶DLGHG¶XQHSRSXODWLRQELSDUHQWDOH
SDUDPqWUHVDJURPRUSKRSK\VLRORJLTXH
HWLGHQWL¿FDWLRQGHV47/VLPSOLTXpV
GDQVODWROpUDQFH
6DQWRV&DUOLQH&KULVWHOOH
$QDO\VHGHO¶LQÀXHQFHGHVFRQGLWLRQV
DJURpFRORJLTXHVGHFXOWXUHVVXUOD
UpVLVWDQFHGXUL]DX[LQVHFWHVGHVWRFN
DX%pQLQHWSRVVLELOLWpG¶DPpOLRUDWLRQ
GHODTXDOLWpSDUpWXYDJH
6KDLEX$EUDKDP
$SSOLFDWLRQRIPDUNHUDVVLVWHG
UHFXUUHQWVHOHFWLRQ 0$56 WRLPSURYH
SURGXFWLYLW\LQUDLQIHGHFRV\VWHPIRU
GURXJKWWROHUDQFHDQG\LHOGSRWHQWLDO
6LNLURX0RXULWDOD
*HQHWLFDQDO\VLVRILURQWR[LFLW\
WROHUDQFHLQULFH
6RXOH\,VVDND
5<09LVRODWHVSDWKRW\SLQJ
VHURW\SLQJDQGHSLGHPLRORJ\LQ1LJHU

,QVWLWXWLRQ
XQLYHUVLW\
:$&&,
8QLYHUVLW\RI
*KDQD

&RXQWU\RI *HQGHU 6SRQVRU
RULJLQ
1LJHULD
0
-DSDQ

3K'

*HRUJ$XJXVW
8QLYHUVLW\
*RWWLQJHQ
*HUPDQ\
8QLYHUVLW\RI
/HJRQ*KDQD

8JDQGD

0

%0=*,=

3K'

1LJHU

0

:$&&,

3K'

0DQFKHVWHU
8QLYHUVLW\8.

*KDQD

0

*5L66

3K'

8QLYHUVLWp
0DOL
G¶$ERPH\&DODYL
%HQLQ

0

-DSDQ

3K'

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

)

*5L66

3K'

8QLYHUVLW\RI
1LJHULD1VXNND

0

&*,$5*&3

3K'

0

-DSDQ

3K'

0

-DSDQ

3K'

1LJHULD

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ
8QLYHUVLW\RI
1LJHU
1LDPH\1LJHU 

'HJUHH

$IULFD5LFH$QQXDO5HSRUW

1DPHDQGWKHVLVWRSLF
7LSSH'HQLV
(YDOXDWLRQDQGGLVVHPLQDWLRQRI
LQWHJUDWHGWHFKQRORJLFDOSDFNDJHV
IRUSUHYHQWLRQDQGGDPDJHFRQWURORI
SDUDVLWLFZHHGVLQUDLQIHGULFHV\VWHPV
7RJROD$ERX
%LRpFRORJLHGH6LWRWURJDFHUHDOHOODHW
6LWRSKLOXVRU\]DH3HUWHTXDQWLWDWLYHHW
TXDOLWDWLYHHWLPSDFWpFRQRPLTXHGHV
WHFKQRORJLHVGHOXWWHDX%pQLQHWGDQV
GHVSD\VGXSURMHW&,'$
7UDRUp$GDPD
,PSDFWGHODYDULDWLRQSOXYLRPpWULTXH
VXUODVDOLQLVDWLRQGHVEDVIRQGV
F{WLHUVHWSURFHVVXVGHOHXU
UpFXSpUDWLRQSRXUODUL]LFXOWXUH
7XVHNHOHJH+H]URQ.XPEDOD0
,PSURYHPHQWRIVHOHFWHGULFHYDULHW\
LQ7DQ]DQLDIRUEDFWHULDOOHDIEOLJKW
UHVLVWDQFHXVLQJPDUNHUDVVLVWHG
VHOHFWLRQ
9DQGH9HOGH.DWULHQ
*OREDODQGORFDOIRRGVXSSO\FKDLQV
DQGGHYHORSPHQW7KHFDVHRIULFH
YDOXHFKDLQVLQ%HQLQ
9RJOR]LQ1RKHPL
(FRJHRJUDSKLFSDWWHUQVRIJHQHWLF
GLYHUVLW\RI$IULFDQULFH2U\]D
JODEHUULPDLQ%HQLQ :HVW$IULFD
:DO\%DVVH%ODLVH
eYDOXDWLRQGHO¶LPSDFWGHVYDULpWpV
:LUHGX$OH[DQGHU1LPR
,PSDFWRIIHUWLOL]HUVXEVLG\SURJUDP
RQIDUPOHYHOSURGXFWLYLW\DQG
IRRGVHFXULW\$FDVHVWXG\RIULFH
SURGXFHUVLQQRUWKHUQ*KDQD
=RVVRX(VSpUDQFH(
6RXWHQLUODSRVWHUpFROWHHWOHPDUFKp
GXUL]ORFDOHQ$IULTXHGHO¶2XHVW

$IULFD5LFH$QQXDO5HSRUW

,QVWLWXWLRQ
XQLYHUVLW\
:DJHQLQJHQ
8QLYHUVLW\
1HWKHUODQGV

&RXQWU\RI *HQGHU 6SRQVRU
RULJLQ
7DQ]DQLD
0
:2752

3K'

8QLYHUVLWpGH
/RPp7RJR

0DOL

0

&*,$5*5L63

3K'

8QLYHUVLWp&KHLNK 0DOL
$QWD'LRS'DNDU
6HQHJDO

0

&*,$5*5L63

3K'

6RNRLQH
8QLYHUVLW\RI
$JULFXOWXUH
0RURJRUR
7DQ]DQLD
8QLYHUVLW\RI
/HXYHQ .8
/HXYHQ %HOJLXP

0

%0=*,=

3K'

&*,$5*5L63

3K'

7DQ]DQLD

1HWKHUODQGV )

'HJUHH

8QLYHUVLW\RI
%HQLQ
0DU\ODQG²
%DOWLPRUH&RXQW\
86$

)

8QLYHUVLWp*DVWRQ 6HQHJDO
%HUJHU6DLQW
/RXLV6HQHJDO
8QLYHUVLW\RI
*KDQD
+RKHQKHLP
*HUPDQ\

0

7KH1RUPDQ(
3K'
%RUODXJ/HDGHU
VKLS(QKDQFHPHQW
LQ$JULFXOWXUH
3URJUDP
(8
3K'

0

*5L66

3K'

)

-DSDQ

3K'

8QLYHUVLWpGH
%HQLQ
/LqJH*HPEORX[
%HOJLXP 

1DPHDQGWKHVLVWRSLF
$GHJEHKLQJEH7DLZR)HOL[
3K\VLRORJ\PHFKDQLVPRIGURXJKW
WROHUDQFHLQVRPHVHOHFWHGQHDU
LVRJHQLFOLQHV
$GHJEROD1DGqJH
5HYXHGHSROLWLTXHVFRPPHUFLDOHV
PLVHHQ°XYUHSDUOHVH[SRUWDWHXUV
HWSURGXFWHXUVSRXUDWWHLQGUH
O¶DXWRVXI¿VDQFHTXHOOHVOHoRQVSRXU
OH%pQLQ"
$GHZDOH$GHQXJD+HQU\
$VVHVVPHQWRIWKHLPSDFWRI
DGRSWLRQRIULFHFURSLPSURYHPHQW
WHFKQRORJLHVRQWKHSURGXFWLYLW\DQG
PXOWLGLPHQVLRQDOSRYHUW\LQGH[RI
VPDOOVFDOHULFHIDUPHUVLQ1LJHULD
$NRWR+DQQDK)
3URFHVVGHYHORSPHQWDQGSURGXFW
FKDUDFWHULVWLFVRIH[WUXGHGULFH PLOOHG
DQGSDUERLOHG VR\EHDQVQDFN
$OLGRX$VRXPD,PRXURX
$QDO\VHVRFLRpFRQRPLTXHVHORQ
OHJHQUHGHVHIIHWVGHODYDULDELOLWp
FOLPDWLTXHVXUOHVPpQDJHVUL]LFXOWHXUV
GXFHQWUHHWGXQRUGRXHVWGX%pQLQ
$PEDOLRX2ORXQODGH2
&RQWUDFWIDUPLQJLPSDFWRQLQFRPHRI
ULFHIDUPHU&DVHRI=RXDQG&ROOLQHV
GHSDUWPHQWV
$QWZL*RGIUHG
$QH[DQWHDQDO\VLVRIWKHLPSDFWRI
LPSURYHGULFHSRVWKDUYHVWWHFKQRORJ\
DGRSWLRQRQLQFRPHRIULFHIDUPLQJ
KRXVHKROGVLQ*KDQD
$X[HQFH$NSD.XDVVL
$QDO\VHGHODUHQWDELOLWp¿QDQFLqUH
HWGHO¶HI¿FDFLWpWHFKQLTXHGHV
UL]LFXOWHXUVXWLOLVDQWODWHFKQRORJLH
GXVDZDKDX%pQLQ&DVGHV
'pSDUWHPHQWVGX=RXHWGHV&ROOLQHV

,QVWLWXWLRQ
&RXQWU\RI *HQGHU
XQLYHUVLW\
RULJLQ
2EDIHPL$ZRORZR 1LJHULD
0
8QLYHUVLW\
1LJHULD

6SRQVRU

'HJUHH

%LOO 0HOLQGD
*DWHV)RXQGDWLRQ
%0*)

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

)

&*,$5*5L63

06F

8QLYHUVLW\RI
,ORULQ.ZDUD
6WDWH1LJHULD

1LJHULD

0

(XURSHDQ
&RPPXQLW\

06F

8QLYHUVLW\RI
*KDQD

*KDQD

)

&*,$5*5L63

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

0

&*,$5&&$)6

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

0

-DSDQ,55,

06F

8QLYHUVLW\RI
*KDQD

*KDQD

0

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

0

'HSDUWPHQWRI
)RUHLJQ$IIDLUV
7UDGHDQG
'HYHORSPHQW
&DQDGD
-DSDQ,55, 

06F

$IULFD5LFH$QQXDO5HSRUW

1DPHDQGWKHVLVWRSLF
%D6D¿HWRX
&RQWHQWGHYHORSPHQWRIULFHH+XE
IURPUHVHDUFKWRGHYHORSPHQW
%DED6LGLEp
(YDOXDWLRQRI1IHUWLOL]HUHTXLYDOHQFLHV
RIWKUHHOHJXPHVRQVXFFHHGLQJXSODQG
ULFHLQ)LQNROR
%DIIRXU/HRQRUD
3URFHVVGHYHORSPHQWDQGSURGXFW
FKDUDFWHUL]DWLRQRIFRZSHDIRUWL¿HG
H[WUXGHGEUHDNIDVWFHUHDOIURPORZ
JUDGHULFH
%LDRX5RPDULF2OD\H
0pFDQLVDWLRQGHODUL]LFXOWXUHHQ
$IULTXHVXEVDKDULHQQH

%LJQRQ$ORKRXPER%RULV
6\VWqPHG¶LQQRYDWLRQHWGLVVpPLQDWLRQ
GHVFRQQDLVVDQFHVjWUDYHUVOHVS{OHV
GHGpYHORSSHPHQWGXVHFWHXUUL]LFROH
SDUO¶XWLOLVDWLRQGHV17,&
%L]LPDQD-HDQ3LHUUH
&RPSDULVRQRIEODVWSRSXODWLRQ
VWUXFWXUHLQWKUHHEODVWGLVHDVHKRWVSRWV
LQ5ZDQGD
%ROXIDZL-RKQVRQ6XQGD\
(YDOXDWLRQRILQWHUVSHFL¿F2VDWLYDî
2JODEHUULPDIRUUHVLVWDQFHDJDLQVW
URRWNQRWQHPDWRGH0HORLGRJ\QH
VSSDQGF\VWQHPDWRGH+HWHURGHUD
VDFFKDUL
&RXOLEDO\6RNRQD
(IIHFWRI]LQFDQGJ\SVXPDSSOLFDWLRQ
RQULFHFURSSLQJLQVDOLQHVRLO
'DPVRQ'DQLHO(OLIDGKLOL
(IIHFWRIGLIIHUHQWVRLOIHUWLOLW\
DPHQGPHQWVWRULFHJURZWKDQG
\LHOGDQGLQFLGHQFHDQGVHYHULW\RI
5KDPSKLFDUSD

$IULFD5LFH$QQXDO5HSRUW

,QVWLWXWLRQ
XQLYHUVLW\
8QLYHUVLW\RI
&DQDGD

&RXQWU\RI *HQGHU 6SRQVRU
RULJLQ
6HQHJDO
)
&*,$5*5L63

'HJUHH

8QLYHUVLWpGH
%DPDNR0DOL

0DOL

0

8(02$

06F

8QLYHUVLW\RI
*KDQD

*KDQD

)

&*,$5*5L63

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

0

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

0

'HSDUWPHQWRI
)RUHLJQ$IIDLUV
7UDGHDQG
'HYHORSPHQW
&DQDGD
,)$'

06F

0DNHUHUH
8QLYHUVLW\
.DPSDOD8JDQGD

5ZDQGD

0

*,=%0=

06F

8QLYHUVLW\RI
,EDGDQ1LJHULD

1LJHULD

0

-DSDQ

06F

8QLYHUVLWp
G¶$ELGMDQ&{WH
G¶,YRLUH
:DJHQLQJHQ
8QLYHUVLW\
1HWKHUODQGV

&{WH
G¶,YRLUH

)

8(02$

06F

7DQ]DQLD

0

:85

06F

06F 

1DPHDQGWKHVLVWRSLF
'DR.DULP
0ROHFXODUFKDUDFWHUL]DWLRQRI
VHJUHJDWLQJOLQHVGHULYHGIURP
LQWUDVSHFL¿FFURVVHV
'LDOOR$PDGRX2XU\
(IIHFWRIJ\SVXPDPHQGPHQW13.
DQG=QIHUWLOL]DWLRQRQULFHJUDLQ
TXDOLW\LQVDOLQHVRLO
'LDUUD$ERXEDFDU
(IIHFWRIGURXJKWRQWKHJUDLQ
\LHOGRIWKH0$56SRSXODWLRQDQG
SRO\PRUSKLVPVXUYH\RQSDUHQWDOOLQHV
ZLWK665PDUNHUV
'RVVRX(PPDQXHO

'ULHX5RELQ
&DUDFWpULVDWLRQGHODUpJXODWLRQ
QDWXUHOOHGHVUDYDJHXUVGHVFpUpDOHV
GDQVXQHUpJLRQDJULFROHGX%pQLQ
(KLULP%HUQDUG
6FUHHQLQJRI2U\]DJODEHUULPD
DFFHVVLRQVIRUWROHUDQFHIRUVWDJQDQW
ÀRRGLQJWROHUDQFH
(NSR.RWFKLNSD
eYDOXDWLRQGHODWH[WXUHHWGXWDX[
G¶DP\ORVHGHTXHOTXHVYDULpWpVGHUL]
FXOWLYpHVDX%pQLQHWDX6pQpJDO
)DWRQGML0XULHOOH7DWLDQD
'LYHUVLW\RIEODVWSRSXODWLRQLQ2U\]D
JODEHUULPDJURZLQJUHJLRQVLQ$IULFD
)DWRQJQRQ,UHQH
5LFHGHPDQGDQGFRQVXPHU¶V
SUHIHUHQFHLQ%HQLQ

)RUVRQ/HQD$
3UHIHUHQFHPDSSLQJDQGFRQVXPHU
GHPDQGIRUULFHLQWKH$FFUDDQG
.XPDVLPHWURSROLV

,QVWLWXWLRQ
XQLYHUVLW\
8QLYHUVLWpGH
2XJDGRXJRX
%XUNLQD)DVR

&RXQWU\RI *HQGHU 6SRQVRU
RULJLQ
%XUNLQD
0
8(02$
)DVR

8QLYHUVLWpGH
6DLQW/RXLV
6HQHJDO

6HQHJDO

'HJUHH
06F

0

8(02$

06F

8QLYHUVLWp
0DOL
G¶$ERPH\&DODYL
%HQLQ

0

&*,$5*&3

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ
0RQWSHOOLHU
)UDQFH
6XS$JUR)UDQFH

0

-DSDQ

06F

0

(8

06F

0

%0*)

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

0

-DSDQ

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ
8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

)

&*,$5*5L63

06F

)

06F

8QLYHUVLW\RI
*KDQD

)

'HSDUWPHQWRI
)RUHLJQ$IIDLUV
7UDGHDQG
'HYHORSPHQW
&DQDGD
&*,$5*5L63

8QLYHUVLW\RI
,EDGDQ1LJHULD

1LJHULD

*KDQD

06F 

0U'RVVRXSDVVHGDZD\GXULQJKLVVWXG\SHULRG 

$IULFD5LFH$QQXDO5HSRUW

1DPHDQGWKHVLVWRSLF
*RVVHQV-RKDQQD
$QDO\VLVRIWKHLQÀXHQFHRISHGR
FOLPDWHRQOHDIYHJHWDEOHWUDGLWLRQDO
FURSSLQJLQWKHIUDPHRIFURSGLYHUVL¿
FDWLRQRIULFHFURSSLQJV\VWHPV²
%HQLQ
-RKQ&RQVWDQWLQH
(IIHFWVRI6WULJDDVLDWLFDDQG
5KDPSKLFDUSD¿VWXORVDGHQVLWLHVRQ
\LHOGLQJDELOLW\RIULFH
-RPDQJD.HQQHG\(OLVKD
(IIHFWRI5LFH\HOORZPRWWOHYLUXV
RQSHUIRUPDQFHRIGLIIHUHQWULFH
JHQRW\SHV
-WWHQ7KRPDV
+\GURORJLFDOPRGHOOLQJDQGVFHQDULR
DQDO\VLV
.DER\R6RORPRQ%DUXQJL
'LVWULEXWLRQDQGSRSXODWLRQVWUXFWXUH
RI0JULVHDLQ8JDQGD
.DOLVD$ODLQ
'LVWULEXWLRQDQGSRSXODWLRQVWUXFWXUH
RI0JULVHDLQ5ZDQGD
.RODZROH$MLOH\H
$QDO\VLVRI1(5,&$YDULHWLHVIRU
UHVLVWDQFHWR5LFH\HOORZPRWWOHYLUXV
.RQGD\HQ$UVHQH
&UpDWLRQYDULpWDOHHWDPpOLRUDWLRQ
JpQpWLTXHGHVSODQWHV
.RVVL.LQL
3DWKRW\SLQJRILVRODWHVRI3DQWRHDVS
5<09DQGVFUHHQLQJIRUUHVLVWDQFHRI
VHOHFWHGULFHDFFHVVLRQVLQ7RJR
0DJDQJD5HLQIULG0DUWLQ
$QDO\VLVRISRSXODWLRQVWUXFWXUHRI
0JULVHDDQGFXOWLYDUUHVLVWDQFHLQ
WKUHHPDMRUULFHJURZLQJUHJLRQVRI
7DQ]DQLD

$IULFD5LFH$QQXDO5HSRUW

,QVWLWXWLRQ
&RXQWU\RI *HQGHU 6SRQVRU
XQLYHUVLW\
RULJLQ
+DXWHeFROH
6ZLW]HUODQG )
+(662VFKRRO
6SpFLDOLVpHGH
VFKRODUVKLS
6XLVVHRFFLGHQWDOH

'HJUHH
06F

6RNRLQH
8QLYHUVLW\RI
$JULFXOWXUH
0RURJRUR
7DQ]DQLD
6RNRLQH
8QLYHUVLW\RI
$JULFXOWXUH
0RURJRUR
7DQ]DQLD
%RQQ8QLYHUVLW\
*HUPDQ\

7DQ]DQLD

0

&*,$5&&$)6

06F

7DQ]DQLD

0

6HOI

06F

*HUPDQ\

0

6HOI

06F

0DNHUHUH
8QLYHUVLW\
.DPSDOD8JDQGD
0DNHUHUH
8QLYHUVLW\
.DPSDOD8JDQGD
8QLYHUVLW\RI
,EDGDQ1LJHULD

8JDQGD

0

%0=*,=

06F

5ZDQGD

0

%0=*,=

06F

1LJHULD

0

-DSDQ

06F

0

-DSDQ

06F

0

-DSDQ

06F

0

%0=*,=

06F

8QLYHUVLWp
&$5
G¶$ERPH\&DODYL
%HQLQ
8QLYHUVLWpGH
7RJR
2XDJDGRXJRX
%XUNLQD)DVR
6RNRLQH
8QLYHUVLW\RI
$JULFXOWXUH
0RURJRUR
7DQ]DQLD

7DQ]DQLD 

1DPHDQGWKHVLVWRSLF
0HWRJEH$LVVH$KRJEHPH
&KDUDFWHULVDWLRQRIW\SHVRIPLOOHG
ULFHPHUFKDQGLVHGRQVRPHPDUNHWVLQ
VRXWKHUQ%HQLQ
0LFKRGMHKRXQ&OHPHQWLQH
eWXGHGHVFDUDFWqUHVJpQpWLTXHVGHV
OLJQpHVGHUL]REWHQXHVSDUPDUTXHXUV
PROpFXODLUHV
0NDQWKDPD-RVHSK
$IDUPHUSDUWLFLSDWRU\HYDOXDWLRQRI
JRRGDJULFXOWXUDOSUDFWLFHV *$3 LQ
ULFHSURGXFWLRQLQ7DQ]DQLD

,QVWLWXWLRQ
&RXQWU\RI *HQGHU 6SRQVRU
XQLYHUVLW\
RULJLQ
8QLYHUVLWp
%HQLQ
)
%0*)
G¶$ERPH\&DODYL
%HQLQ
8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

-RPR.HQ\DWWD
0DODZL
8QLYHUVLW\RI
$JULFXOWXUHDQG
7HFKQRORJ\
.HQ\D
0RGXSH6+XVVHLQ
)HGHUDO8QLYHUVLW\ 1LJHULD
3K\VLRORJ\PHFKDQLVPRIGURXJKW
RI$JULFXOWXUH
WROHUDQFHLQVRPHORZODQGULFHYDULHWLHV $EHRNXWD1LJHULD
DWERWKYHJHWDWLYHDQGUHSURGXFWLYH
VWDJHV
0RQWFKR.DUHO,VLGRUH
8QLYHUVLWp
%HQLQ
,QÀXHQFHGXWHPSVGHUpFROWH
G¶$ERPH\&DODYL
VXUOHVSURSULpWpVG¶XVLQDJHOHV
%HQLQ
FDUDFWpULVWLTXHVSK\VLFRFKLPLTXHVHW
FXOLQDLUHVGHFHUWDLQHVYDULpWpVGHUL]
2JODEHUULPD
0VDQJL6DLGL+DPDGL
6RNRLQH
7DQ]DQLD
(IIHFWVRI6WULJDDVLDWLFDDQG
8QLYHUVLW\RI
5KDPSKLFDUSD¿VWXORVDGHQVLWLHVRQ
$JULFXOWXUH
\LHOGLQJDELOLW\RIULFH
0RURJRUR
7DQ]DQLD
0ZHQGD0HVKDUFN
6RNRLQH
7DQ]DQLD
$QDO\VLVRISRSXODWLRQVWUXFWXUH
8QLYHUVLW\RI
RIEDFWHULDOOHDIEOLJKWDQGFXOWLYDU
$JULFXOWXUH
UHVLVWDQFHLQWKUHHPDMRUULFHJURZLQJ 0RURJRUR
UHJLRQVRI7DQ]DQLD
7DQ]DQLD
1GRXJRQQD5DPDO&
eFROHG¶LQJpQLHXU &KDG
'pWHUPLQDWLRQGHVFDUDFWqUHVSK\VLFR FKLPLVWH
FKLPLTXHVHWFDUDFWqUHVPXOWLSOHVGHV JpQpUDOLVWHGH
$5,&$
&RPSLqJQH
)UDQFH 

'HJUHH
06F

)

&*,$5*5L63

06F

0

$*(&

06F

)

6HOI

06F

0

-DSDQ

06F

0

&*,$5&&$)6

06F

0

%0=*,=

06F

)

-DSDQ

06F

$IULFD5LFH$QQXDO5HSRUW

1DPHDQGWKHVLVWRSLF

,QVWLWXWLRQ
XQLYHUVLW\
.LHO8QLYHUVLW\
*HUPDQ\

&RXQWU\RI *HQGHU 6SRQVRU
RULJLQ
*HUPDQ\
0
6HOI

06F

8QLYHUVLW\RI
,ORULQ.ZDUD
6WDWH1LJHULD

1LJHULD

0

&*,$5*5L63

06F

8QLYHUVLW\RI
,EDGDQ1LJHULD

1LJHULD

)

&*,$5*5L63

06F

)HGHUDO8QLYHUVLW\ 1LJHULD
RI$JULFXOWXUH
$EHRNXWD1LJHULD

)

6HOI

06F

0DNHUHUH
8QLYHUVLW\
.DPSDOD8JDQGD

8JDQGD

0

%0=*,=

06F

8QLYHUVLW\RI
,EDGDQ1LJHULD
8QLYHUVLW\RI
/HXYHQ .8
/HXYHQ %HOJLXP

1LJHULD

)

-DSDQ

06F

%HOJLXP

)

&*,$5*5L63

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ

0

&*,$5*&3

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%HQLQ
6RGMLQRX%LHQYHQX
8QLYHUVLWp
%HQLQ
3HUIRUPDQFHGHODFKDvQHGH
G¶$ERPH\&DODYL
FRPPHUFLDOLVDWLRQGXUL]ORFDODXQRUG %HQLQ
%pQLQ

0

%0*)

06F

0

'HSDUWPHQWRI
)RUHLJQ$IIDLUV
7UDGHDQG
'HYHORSPHQW
&DQDGD

06F

1LNRODXV%MRUQ
5LFHSURGXFWLRQLQ$IULFD²
6LPXODWLRQRIULFHSURGXFWLRQDQG
ZDWHUSURGXFWLYLW\XVLQJ$TXD&URSLQ
DQLQODQGYDOOH\LQFHQWUDO%HQLQ
2ODMLGH$MHZROH2OXZDIHPL
(QJHQGHULQJULFHUHVHDUFKDQG
LQQRYDWLRQIRUSRYHUW\DOOHYLDWLRQDQG
GHYHORSPHQWLQ1DVVDUDZD
2OD\HPL2ODGHGML2
$QDO\VLVRIDGRSWLRQSDWWHUQVDQG
FRQVWUDLQWVWRDGRSWLRQRIULFHYDULHWLHV
E\ULFHIUDPHUVLQ1LJHULD
2OXZDVHXQ3RSRJEH
3K\VLRORJ\PHFKDQLVPRIGURXJKW
WROHUDQFHLQVRPHXSODQGULFHYDULHWLHV
DWERWKUHSURGXFWLYHDQGYHJHWDWLYH
VWDJHV
2QJRP-RHO
3DWKRJHQLFGLYHUVLW\RI;DQWKRPRQDV
RU\]DHSYRU\]DHLQ8JDQGDDQG
UHDFWLRQRIULFHJHUPSODVPWRWKH
SDWKRJHQ
5DVKHHGDW2ODWXQGML$
>'LGQRWFRPSOHWH@
5D\PDHNHUV.DUHQ
3UHIHUHQFHHYDOXDWLRQRIVPDOOIDUPHUV
WRZDUGVIDLUWUDGHFRQWUDFWV$FKRLFH
H[SHULPHQWLQ%HQLQ
5RGULJXH$GMLERJRXQ
4XDOLWpGHVVHPHQFHVHWGHVJUDLQVGH
OLJQpHVDPpOLRUpHVSRXUODUpVLVWDQFH
DXYLUXVGHODSDQDFKXUHMDXQHGXUL]
5<09
6HWRQGH0LJXHO=DYRQRQ
1RQDFDGHPLFWUDLQLQJ

$IULFD5LFH$QQXDO5HSRUW

'HJUHH 

1DPHDQGWKHVLVWRSLF
7RNH1WDP)LGHOLV
$QDO\VLVRIOLYHOLKRRGVWUDWHJLHV
IRUULFHJURZHUVLQWLPHVRIFOLPDWH
FKDQJH&DVHRIWKH0EDP%DVVLQDQG
1GRS3ODLQLQ&DPHURRQ
<DSL1RsOOH9DQHVVD
8VHRI665PDUNHUVWRHYDOXDWHJHQHWLF
GLYHUVLW\DQGSUHGLFWLRQRIKHWHURVLVRI
K\EULGULFHLQ6HQHJDO
<HORPH2FWDYLDQR,JRU
$VVHVVPHQWRIWKHH[WHQWDQGGDPDJH
RIDQHZO\LGHQWL¿HGULFHOHDIEOLJKW
FDXVHGE\3DQWRHDDQDQDWLVLQ%HQLQ
DQGEUHHGLQJIRUGLVHDVHUHVLVWDQFHIRU
DQHI¿FLHQWPDQDJHPHQWRIHSLGHPLFV
=RQJR1RQJDZHQGH(OOD
6WXG\RIQLWURJHQXVHHI¿FLHQF\E\ULFH
LQVDOLQHVRLO

,QVWLWXWLRQ
XQLYHUVLW\
8QLYHUVLW\
RI'VKDQJ
&DPHURRQ

&RXQWU\RI *HQGHU 6SRQVRU
RULJLQ
&DPHURRQ 0
&*,$5&&$)6

8QLYHUVLWp
G¶$ELGMDQ&{WH
G¶,YRLUH

&{WH
G¶,YRLUH

'HJUHH
06F

)

8(02$

06F

8QLYHUVLWp
%HQLQ
G¶$ERPH\&DODYL
%pQLQ

0

-DSDQ

06F

8QLYHUVLWpGH
2XJDGRXJRX
%XUNLQD)DVR

)

8(02$

06F 

%XUNLQD
)DVR

$IULFD5LFH$QQXDO5HSRUW

AfricaRice training programs
7UDLQLQJFRXUVHVFRQGXFWHGE\$IULFD5LFHLQ
7KHPH

/RFDWLRQDQGGDWHV

3UDFWLFDORQYDULHW\WULDOIRUUHVHDUFKWHFKQLFLDQV

.DPSDOD 
±$SULO   

$GYDQFHGTXDOLWDWLYHGDWDDQDO\VLVXVLQJ19LYRIRU
WKHGLDJQRVWLFVXUYH\UHVHDUFK

&RWRQRX 
$SULOWR0D\   

3URMHFWIXQGPDQDJHPHQWDQGUHSRUWLQJIRU1$56
$GPLQLVWUDWLRQDQG)LQDQFH2I¿FHUV

&RWRQRX 
±0D\   

/DJHVWLRQLQWpJUpHGHVRSpUDWLRQVUpFROWHHWSRVW
UpFROWHGXUL]

6DLQW/RXLV 
-XQHWR-XO\   

.QRZOHGJHH[FKDQJHLQWKHULFHKXEV

&RWRQRX 
±-XQH   

$UHDVXUYH\DQGFURSFXWWLQJ

&RWRQRX 
±-XO\   

6HQVRU\DQGHYDOXDWLRQ

&RWRQRX 
±6HSWHPEHU   

)DUPHUWRIDUPHUYLGHRWUDLQLQJ

.XPDVL 
±-XO\   

0HGLDWUDLQLQJ

<DRXQGp 
2FWREHU   

9DOXHDGGLWLRQDQGSURFHVVLQJRIULFHEDVHGSURGXFWV

&RWRQRX 
±)HEUXDU\   

*HQGHULQULFHUHVHDUFKDQGWHFKQRORJ\GHYHORSPHQW

&RWRQRX 
±0D\   

<LHOGJDSDQGSURGXFWLYLW\PRQLWRULQJPHWKRGRORJ\

&RWRQRX 
±$SULO   

$XWRPDWHGPRQLWRULQJDQGHYDOXDWLRQ 0 ( V\VWHP

&RWRQRX 
±$XJXVW   

'RWVDPSOLQJ

&RWRQRX 
±0DUFK   

7HFKQLTXHVDPpOLRUpHVGHFXOWXUHGHUL]GHEDVIRQG

.DUD7RJR 
±'HFHPEHU   

7KUHVKHU±FOHDQHU $6, FRQVWUXFWLRQ

,,RULQ1LJHULD 
±'HFHPEHU      

0OD[VXUYH\DSSOLFDWLRQIRUEDVHOLQHGDWDFROOHFWLRQDW LQFRXQWU\FRXUVHV
FRXQWU\OHYHO

$IULFD5LFH$QQXDO5HSRUW

0HQ

:RPHQ

7RWDO
QXPEHURI
SDUWLFLSDQWV 

7KHPH

/RFDWLRQDQGGDWHV

3URGXFWLRQHWFRPPHUFLDOLVDWLRQGHVVHPHQFHVGXUL]

6DLQW/RXLV 
-DQXDU\WR 
)HEUXDU\   

*HVWLRQGHVQXWULPHQWVHQUL]LFXOWXUH

6DLQW/RXLV 
±$SULO   

5LFHSURGXFWLRQWHFKQLTXHV

/LEHULD   

3RVWKDUYHVWWUDLQLQJ

/LEHULD   

+DUYHVWDQGSRVWKDUYHVWWHFKQRORJ\

6DLQW/RXLV 
-XQHWR-XO\   

4XDOLW\ULFHSURGXFWLRQ

*DQWD&LW\/LEHULD 
±-XQH   

%HWWHUZDWHUTXDOLW\PDQDJHPHQW

/LEHULD      

7RWDOV 

0HQ

:RPHQ

7RWDO
QXPEHURI
SDUWLFLSDQWV

$IULFD5LFH$QQXDO5HSRUW

Publications*
3DSHUVSXEOLVKHGLQSHHUUHYLHZHGMRXUQDOV
$ZRWLGH%$.DULPRY$'LDJQH$DQG1DNHOVH77KHLPSDFWRIVHHGYRXFKHUVRQSRYHUW\UHGXFWLRQ
DPRQJVPDOOKROGHUULFHIDUPHUVLQ1LJHULD$JULFXOWXUDO(FRQRPLFV  ±'2,DJHF
%DOORJRX 9< 6DJER )6 6RXPDQRX 00 0DQIXO -7 7RXNRXURX ) DQG +RXQKRXLJDQ -'  (IIHFW RI
SURFHVVLQJPHWKRGRQSK\VLFRFKHPLFDODQGIXQFWLRQDOSURSHUWLHVRIWZRIRQLR 'LJLWDULDH[LOLV ODQGUDFHV
-RXUQDORI)RRG6FLHQFHDQG7HFKQRORJ\'2,V
%DUELUROL$%RQRPL)&DVLUDJKL0&,DPHWWL63DJDQL0$DQG0DUWL$3URFHVVFRQGLWLRQVDIIHFWVWDUFK
VWUXFWXUHDQGLWVLQWHUDFWLRQVZLWKSURWHLQVLQULFHSDVWD&DUERK\GUDWH3RO\PHUV±
&KRXJRXURX'&7RJROD$1ZLOHQH)($GHOLRVVL-%DFKDEL)DQG2\HWXQML2(6XVFHSWLELOLW\RIVRPH
ULFHYDULHWLHVWRWKHOHVVHUJUDLQERUHU5K\]RSHUWKDGRPLQLFD)DE &ROHRSWHUD%RVWULFKLGHD LQ%HQLQ-RXUQDO
RI$SSOLHG6FLHQFHV±'2,MDV
&ROODUG%&<6HSWLQLQJVLK(0'DV65&DUDQGDQJ--3DPSORQD$06DQFKH]'/.DWR<<H*5HGG\-1
6LQJK86,IWHNKDUXGGDXOD.09HQXSUDVDG59HUD&UX]&10DFNLOO'-DQG,VPDLO$0'HYHORSLQJ
QHZÀRRGWROHUDQWYDULHWLHVDWWKH,QWHUQDWLRQDO5LFH5HVHDUFK,QVWLWXWH ,55, 6$%5$2-RXUQDORI%UHHGLQJ
DQG*HQHWLFV  ±
'HPRQW05HYHUVLQJXUEDQELDVLQ$IULFDQULFHPDUNHWV$UHYLHZRIQDWLRQDOULFHGHYHORSPHQW
VWUDWHJLHV*OREDO)RRG6HFXULW\±
'HPRQW0DQG6WHLQ$-*OREDOYDOXHRI*0ULFH$UHYLHZRIH[SHFWHGDJURQRPLFDQGFRQVXPHUEHQH¿WV
1HZ%LRWHFKQRORJ\  KWWSG[GRLRUJMQEW
'HPRQW0DQG6WHLQ$-*OREDOYDOXHRI*0ULFH$UHYLHZRIH[SHFWHGDJURQRPLFDQGFRQVXPHUEHQH¿WV
1HZ%LRWHFKQRORJ\KWWSG[GRLRUJMQEW
'HPRQW01GRXU0DQG=RVVRX(/HUL]DIULFDLQSHXWLOrWUHFRPSpWLWLI"8QHDQDO\VHGHODFRPSpWLWLYLWp
TXDOLWp SDU OD PpWKRGH GHV HQFKqUHV H[SpULPHQWDOHV &DKLHUV $JULFXOWXUHV    ± '2, 
DJU
'HPRQW05XWVDHUW31GRXU0DQG9HUEHNH:5HYHUVLQJXUEDQELDVLQ$IULFDQULFHPDUNHWV(YLGHQFH
IURP6HQHJDO:RUOG'HYHORSPHQW±
'HPRQW05XWVDHUW31GRXU09HUEHNH:6HFN3$DQG7ROOHQV(([SHULPHQWDODXFWLRQVFROOHFWLYH
LQGXFWLRQDQGFKRLFHVKLIW:LOOLQJQHVVWRSD\IRUULFHTXDOLW\LQ6HQHJDO(XURSHDQ5HYLHZRI$JULFXOWXUDO
(FRQRPLFV  ±
'HYRV<'LOOHQ.DQG'HPRQW0+RZFDQÀH[LELOLW\EHLQWHJUDWHGLQWRFRH[LVWHQFHUHJXODWLRQV"$
UHYLHZ-RXUQDORIWKH6FLHQFHRI)RRGDQG$JULFXOWXUH'2,MVID
'LDJQH0'HPRQW06HFN3$DQG'LDZ$6HOIVXI¿FLHQF\SROLF\DQGLUULJDWHGULFHSURGXFWLYLW\LQ
WKH6HQHJDO5LYHUYDOOH\)RRG6HFXULW\±

7KHQDPHVRI$IULFD5LFH&HQWHU $IULFD5LFH DXWKRUVDUHVKRZQLQEROG
$IULFD5LFH$QQXDO5HSRUW 

'LOOHQ.'HPRQW07LOOLH3DQG5RGULJXH]&HUH]R(%UHGIRU(XURSHEXWJURZQLQ$PHULFDWKHFDVH
RI*0VXJDUEHHW1HZ%LRWHFKQRORJ\  ±
'LZDQL71$VFK)%HFNHU0DQG0XVVJQXJ)&KDUDFWHUL]LQJIDUPLQJV\VWHPVDURXQG.DNDPHJD
)RUHVWZHVWHUQ.HQ\DIRUWDUJHWLQJVRLOIHUWLOLW\±HQKDQFLQJWHFKQRORJLHV-RXUQDORI3ODQW1XWULWLRQDQG6RLO
6FLHQFH  ±'2,MSOQ
'MDJED-)5RGHQEXUJ-=ZDUW6-+RXQGDJED&-DQG.LHSH3)DLOXUHDQGVXFFHVVIDFWRUVRILUULJDWLRQ
V\VWHPGHYHORSPHQWV$FDVHVWXG\IURPWKH2XHPHDQG=RXYDOOH\VLQ%HQLQ,UULJDWLRQDQG'UDLQDJH'2, 
LUG
'UDPp .1 3DVVDTXHW & 5HSHOOLQ $ DQG =XLO\)RGLO <  &ORQLQJ FKDUDFWHUL]DWLRQ DQG GLIIHUHQWLDO
H[SUHVVLRQRID%RZPDQ±%LUNLQKLELWRUGXULQJSURJUHVVLYHZDWHUGH¿FLWDQGVXEVHTXHQWUHFRYHU\LQSHDQXW
$UDFKLVK\SRJDHD OHDYHV-RXUQDORI3ODQW3K\VLRORJ\±
(WNLQ'.LUVKHQ3:DWNLQV'5RQFROL&6DQRQ06RPH/'HPEHOH<6DQIR-=RXQJUDQD-DQG+RRJHQERRP
*6WRFKDVWLFSURJUDPPLQJIRULPSURYHGPXOWLXVHUHVHUYRLURSHUDWLRQLQ%XUNLQD)DVR:HVW$IULFD
-RXUQDORI:DWHU5HVRXUFHV3ODQQLQJDQG0DQDJHPHQWKWWSG[GRLRUJ $6&( :5
)DODGH .2 6HPRQ 0 )DGDLUR 26 2ODGXQMR\H $2 DQG 2URX ..  )XQFWLRQDO DQG SK\VLFRFKHPLFDO
SURSHUWLHVRIÀRXUVDQGVWDUFKHVRI$IULFDQULFHFXOWLYDUV)RRG+\GURFROORLGV'2,MIRRGK\G
)LDPRKH56HFN3$$OLD'<DQG'LDJQH$3ULFHWUDQVPLVVLRQDQDO\VLVXVLQJWKUHVKROGPRGHOV$Q
DSSOLFDWLRQWRORFDOULFHPDUNHWVLQ%HQLQDQG0DOL)RRG6HFXULW\  ±'2,V 
]
)XQJR % .DEDQ\RUR 5 0XJLVD , DQG .DELUL 6  1DUURZLQJ \LHOGJDS RI ULFH WKURXJK VRLO IHUWLOLW\
PDQDJHPHQW LQ WKH /DNH 9LFWRULD &UHVFHQW DJURHFRORJLFDO ]RQH 8JDQGD $IULFDQ -RXUQDO RI $JULFXOWXUDO
5HVHDUFK  ±
*UDKDP$FTXDDK6$\HUQRU*6%HGLDNR$PRD%6DDOLD)6$IRDNZD(2DQG$EEH\/(IIHFWRI
EODQFKLQJDQGIU\LQJRQWH[WXUDOSUR¿OHDQGDSSHDUDQFHRI\DP 'LRVFRUHDURWXQGDWD )UHQFKIULHV-RXUQDORI
)RRG3URFHVVLQJDQG3UHVHUYDWLRQ'2,MISS
+XDW-'RUpF7DQG$XEU\&/LPLWLQJIDFWRUVIRU\LHOGVRI¿HOGWRPDWRHVJURZQE\VPDOOKROGHUVLQ
WURSLFDOUHJLRQV&URS3URWHFWLRQ±
+XEHUW-*3LQHO*DO]L$'LEZH'&LQ\DEXJXPD(.DERUp$6LOXp'+pEUDUG(DQG6pUp<)LUVW
UHSRUWRI5LFH\HOORZPRWWOHYLUXVRQULFHLQ'HPRFUDWLF5HSXEOLFRI&RQJR3ODQW'LVHDVH  KWWS
G[GRLRUJ3',63'1
-RKQVRQ -0 +RXQJQDQGDQ 3 .DQH $ 6DQRQ .% DQG 1H\UD 0  'LYHUVLW\ SDWWHUQV RI LQGLJHQRXV
DUEXVFXODUP\FRUUKL]DOIXQJLDVVRFLDWHGZLWKUKL]RVSKHUHRIFRZSHD 9LJQDXQJXLFXODWD / :DOS LQ%HQLQ
:HVW$IULFD3HGRELRORJLD  ±
.DP+/DLQJ0'2XRED-DQG1GMLRQGMRS015LFHWUDLWVSUHIHUUHGE\IDUPHUVDQGWKHLUSHUFHSWLRQVRI
5LFH\HOORZPRWWOHYLUXV 5<09 GLVHDVHLQ&DVFDGHV5HJLRQRI%XUNLQD)DVR$IULFDQ-RXUQDORI$JULFXOWXUDO
5HVHDUFK  ± 

$IULFD5LFH$QQXDO5HSRUW

.DP+/DLQJ0'6pUp<7KLpPpOp'*KHVTXLqUH$$KPDGL1DQG1GMLRQGMRS01(YDOXDWLRQRI
FROOHFWLRQRIULFHODQGUDFHVIURP%XUNLQD)DVRIRUUHVLVWDQFHRUWROHUDQFHWR5LFH\HOORZPRWWOHYLUXV-RXUQDO
RI3ODQW3DWKRORJ\  ±
.KDYDULDQ0&KDL637DQ6+DQG0RKDPHG$5(IIHFWVRIJURZWKSDUDPHWHUVRQWKHPRUSKRORJ\RI
DOLJQHGFDUERQQDQRWXEHVV\QWKHVL]HGE\ÀRDWLQJFDWDO\VWDQGWKHJURZWKPRGHO)XOOHUHQHV1DQRWXEHVDQG
&DUERQ1DQRVWUXFWXUHV'2,;
.RQH%$PDGML*/7RXUH$7RJROD$0DULNR0DQG+XDW-$FDVHRI&\SHUXVVSSDQG,PSHUDWD
F\OLQGULFDRFFXUUHQFHVRQ$FULVRORIWKH'DKRPH\*DSLQVRXWK%HQLQDVDIIHFWHGE\VRLOFKDUDFWHULVWLFV$
VWUDWHJ\IRUVRLODQGZHHGPDQDJHPHQW$SSOLHGDQG(QYLURQPHQWDO6RLO6FLHQFH S KWWS
G[GRLRUJ
.RQH % )RIDQD 0 6RUKR ) 'LDWWD 6 2JXQED\R $ DQG 6LH 0  1XWULHQW FRQVWUDLQW RI UDLQIHG ULFH
SURGXFWLRQLQIRRWVORSHVRLORI*XLQHDIRUHVWLQ&{WHG¶,YRLUH$UFKLYHVRI$JURQRP\DQG6RLO6FLHQFH'2, 

.RQp%7RXUp$$PDGML*/<DR.RXDPp$$QJXL37DQG+XDW-6RLOFKDUDFWHULVWLFVDQG&\SHUXV
VSSRFFXUUHQFHDORQJDWRSRVHTXHQFH$IULFDQ-RXUQDORI(FRORJ\±'2,DMH
0D]DKHULD+/HHD.7DQG0RKDPHG$5,QÀXHQFHRIWHPSHUDWXUHRQOLTXLGSURGXFWV\LHOGRIRLOSDOPVKHOO
YLDVXEFULWLFDOZDWHUOLTXHIDFWLRQLQWKHSUHVHQFHRIDONDOLFDWDO\VW)XHO3URFHVVLQJ7HFKQRORJ\±
0RNXZD$1XLMWHQ(2NU\)7HHNHQ%0DDW+5LFKDUGV3DQG6WUXLN3&5REXVWQHVVDQGVWUDWHJLHV
RIDGDSWDWLRQDPRQJIDUPHUYDULHWLHVRI$IULFDQULFH 2U\]DJODEHUULPD DQG$VLDQULFH 2U\]DVDWLYD DFURVV
:HVW$IULFD3/R621(  H'2,MRXUQDOSRQH
0RQWFKR')XWDNXFKL.$JEDQJOD&6HPRQ0'LHQJ,DQG6LH00RUSKRORJLFDODQGSKHQRORJLFDO
UHVSRQVHRI$IULFDQULFH 2U\]DJODEHUULPD6WHXG XQGHUGLIIHUHQWK\GURORJLFDOFRQGLWLRQV$VLDQ-RXUQDORI
3ODQW6FLHQFHV  ±
1DVHHP$0KODQJD6'LDJQH$$GHJEROD3<DQG0LGLQJR\L*6N(FRQRPLFDQDO\VLVRIFRQVXPHU
FKRLFHVEDVHGRQULFHDWWULEXWHVLQWKHIRRGPDUNHWVRI:HVW$IULFD±7KHFDVHRI%HQLQ)RRG6HFXULW\   
±'2,V
1JRPH)%HFNHU00WHL.0DQG0XVVJQXJ)0DL]HSURGXFWLYLW\DQGQXWULHQWXVHHI¿FLHQF\LQ:HVWHUQ
.HQ\DDVDIIHFWHGE\VRLOW\SHDQGFURSPDQDJHPHQW,QWHUQDWLRQDO-RXUQDORI3ODQW3URGXFWLRQ  ±
2GHQLJER$01JDGL00DQIXO-DQG'DQEDED16WDUFKIUDFWLRQSUR¿OHVRIPLOOHGQRQSDUERLOHGULFH
YDULHWLHVIURP1LJHULD,QWHUQDWLRQDO-RXUQDORI)RRG6FLHQFHDQG7HFKQRORJ\'2,LMIV
2UMXHOD-7KLpPpOp'(.RODGH2&KpURQ6*KHVTXLqUH$DQG$OEDU/$UHFHVVLYHUHVLVWDQFHWR5LFH
\HOORZPRWWOHYLUXVLVDVVRFLDWHGZLWKDULFHKRPRORJRIWKH&35JHQHDUHJXODWRURIDFWLYHGHIHQFHPHFKDQLVPV
0ROHFXODU3ODQW±0LFUREH,QWHUDFWLRQV  ±
3DSDUX 3 'XERLV 7 &R\QH ' DQG 9LOMRHQ $  'LIIHUHQWLDO JHQH H[SUHVVLRQ LQ (DVW $IULFDQ KLJKODQG
EDQDQDV 0XVDVSS ,QWHUDFWLRQVEHWZHHQQRQSDWKRJHQLF)XVDULXPR[\VSRUXP9ZDQG5DGRSKROXVVLPLOLV
3K\VLRORJLFDODQG0ROHFXODU3ODQW3DWKRORJ\H
$IULFD5LFH$QQXDO5HSRUW 

3DUWH\67DQG7KHYDWKDVDQ19$JURQRPLFSRWHQWLDOVRIUDUHO\XVHGDJURIRUHVWU\VSHFLHVIRUVPDOOKROGHU
DJULFXOWXUHLQVXE6DKDUDQ$IULFD$QH[SORUDWRU\VWXG\&RPPXQLFDWLRQVLQ6RLO6FLHQFHDQG3ODQW$QDO\VLV
'2,
3DVXSXOHWL-9HQXSUDVDG55DWKRUH$5XSDNXOD$5HGG\5.:DOL\DU)DQG1LJDP61*HQHWLF
DQDO\VLV RI UHVLVWDQFH WR ODWH OHDI VSRW LQ LQWHUVSHFL¿F JURXQGQXWV (XSK\WLFD    ± '2, 
V
6DODFN6*LDQQLQL$'LDNKDWp0*D\H$7DQG0XOOHU%2FHDQLFLQÀXHQFHRQWKHVXEVHDVRQDOWR
LQWHUDQQXDOWLPLQJDQGIUHTXHQF\RIH[WUHPHGU\VSHOOVRYHUWKH:HVW$IULFDQ6DKHO&OLPDWH'\QDPLFV'2, 
V
6HFN3$7RJROD$7RXUp$DQG'LDJQH$3URSRVLWLRQVSRXUXQHRSWLPLVDWLRQGHVSHUIRUPDQFHVGHOD
UL]LFXOWXUHHQ$IULTXHGHO¶2XHVW&DKLHUV$JULF  ±'2,DJU
6KUHVWKDD6$VFK)%UXHFN+*LHVH0'XVVHUUH-DQG5DPDQDQWVRDQLULQD$3KHQRORJLFDOUHVSRQVHV
RIXSODQGULFHJURZQDORQJDQDOWLWXGLQDOJUDGLHQW(QYLURQPHQWDODQG([SHULPHQWDO%RWDQ\±KWWS
G[GRLRUJMHQYH[SERW
6LOYLH37RJROD$$GGD&1ZLOHQH)5DYDRPDQDULYR/+5DQG0HQR]]L3/LPLWHVGXUL]%WGDQVOH
FRQWH[WHHQWRPRORJLTXHGHODUL]LFXOWXUHHQ$IULTXHVXEVDKDULHQQHHWj0DGDJDVFDU V\QWKqVHELEOLRJUDSKLTXH 
%LRWHFKQRORJLH$JURQRPLH6RFLpWpHW(QYLURQQHPHQW  ±
6RZ01GMLRQGMRS016LGR$0DULDF&/DLQJ0DQG%H]DQoRQ**HQHWLFGLYHUVLW\SRSXODWLRQ
VWUXFWXUHDQGGLIIHUHQWLDWLRQRIULFHVSHFLHVIURP1LJHUDQGWKHLUSRWHQWLDOIRUULFHJHQHWLFUHVRXUFHVFRQVHUYDWLRQ
DQGHQKDQFHPHQW*HQHWLF5HVRXUFHVDQG&URS(YROXWLRQ  ±'2,V
6RZ 0 6LGR $ /DLQJ 0 DQG 1GMLRQGMRS 01  $JURPRUSKRORJLFDO YDULDELOLW\ RI ULFH VSHFLHV
FROOHFWHG IURP 1LJHU 3ODQW *HQHWLF 5HVRXUFHV &KDUDFWHUL]DWLRQ DQG 8WLOL]DWLRQ KWWSG[GRLRUJ
6 S 
6XOWDQ%5RXGLHU34XLULRQ3$OKDVVDQH$0XOOHU%'LQJNXKQ0&LDLV3*XLPEHUWHDX07UDRUH6DQG
%DURQ&$VVHVVLQJFOLPDWHFKDQJHLPSDFWVRQVRUJKXPDQGPLOOHW\LHOGVLQWKH6XGDQLDQDQG6DKHOLDQ
VDYDQQDV RI :HVW $IULFD (QYLURQPHQWDO 5HVHDUFK /HWWHUV    S  KWWSLRSVFLHQFHLRSRUJ  

7DQDND$6DLWR.$]RPD.DQG.RED\DVKL.)DFWRUVDIIHFWLQJYDULDWLRQLQIDUP\LHOGVRILUULJDWHG
ORZODQGULFHLQVRXWKHUQFHQWUDO%HQLQ(XURSHDQ-RXUQDORI$JURQRP\±
7RJROD$6HFN3$*OLWKR,$'LDJQH$$GGD&7RXUH$DQG1ZLOHQH)((FRQRPLFORVVHVIURP
LQVHFWSHVWLQIHVWDWLRQRQULFHVWRUHGRQIDUPLQ%HQLQ-RXUQDORI$SSOLHG6FLHQFHV  ±
7RXUp$6RJEHGML-0DQG*XPHG]Rp<0'7KHFULWLFDOSHULRGRIZHHGLQWHUIHUHQFHLQXSODQGULFHLQ
QRUWKHUQ*XLQHDVDYDQQD)LHOGPHDVXUHPHQWDQGPRGHOSUHGLFWLRQ$IULFDQ-RXUQDORI$JULFXOWXUDO5HVHDUFK   
±'2,$-$5
:RURX21*DLVHU76DLWR.*ROGEDFK+DQG(ZHUW)6SDWLDODQGWHPSRUDOYDULDWLRQLQ\LHOGRIUDLQIHG
ORZODQGULFHLQLQODQGYDOOH\DVDIIHFWHGE\IHUWLOL]HUDSSOLFDWLRQDQGEXQGLQJLQQRUWKZHVW%HQLQ$JULFXOWXUDO
:DWHU0DQDJHPHQW± 

$IULFD5LFH$QQXDO5HSRUW

%RRNVDQGERRNFKDSWHUV
$JERK1RDPHVKLH$.DERUH$DQG0LVLNR0,QWHJUDWLQJJHQGHUFRQVLGHUDWLRQVLQULFHUHVHDUFKIRU
GHYHORSPHQWLQ$IULFD,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ
$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
%q\H$05HPLQJWRQ7:RSHUHLV0&6DQG'LDJQH$'HYHORSPHQWRIDQLQWHJUDWHGULFHVHHGVHFWRU
LQVXE6DKDUDQ$IULFD0HHWLQJWKHQHHGVRIIDUPHUV,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(
DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
'HIRHU7DQG:RSHUHLV0&65DLVLQJULFH\LHOGVDQGEH\RQG$QH[SHULHQFHRIFROOHFWLYHOHDUQLQJDQG
LQQRYDWLRQLQORZODQGULFHV\VWHPVLQ0DGDJDVFDU,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG
-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
GH0H\<DQG'HPRQW0%LUGGDPDJHWRULFHLQ$IULFD(YLGHQFHDQGFRQWURO,Q:RSHUHLV0&6-RKQVRQ
'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
'HPRQW0DQG1HYHQ'7DLORULQJ$IULFDQULFHYDOXHFKDLQVWRFRQVXPHUV,Q:RSHUHLV0&6-RKQVRQ
'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
'LDJQH $ $OLD '< $PRYLQ$VVDJED ( :RSHUHLV 0&6 DQG 6DLWR .  )DUPHU SHUFHSWLRQV RI WKH
ELRSK\VLFDOFRQVWUDLQWVWRULFHSURGXFWLRQLQVXE6DKDUDQ$IULFDDQGSRWHQWLDOLPSDFWRIUHVHDUFK,Q:RSHUHLV
0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO
:DOOLQJIRUG8.
'LDJQH$$OLD'<:RSHUHLV0&66DLWR.DQG6HFN3$,PSDFWRIULFHUHVHDUFKRQLQFRPHSRYHUW\
DQGIRRGVHFXULW\LQ$IULFD$QH[DQWHDQDO\VLV,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG
-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
'LDJQH$$PRYLQ$VVDJED()XWDNXFKL.DQG:RSHUHLV0&6(VWLPDWLRQRIFXOWLYDWHGDUHDQXPEHU
RIIDUPLQJKRXVHKROGVDQG\LHOGIRUPDMRUULFHJURZLQJHQYLURQPHQWVLQ$IULFD,Q:RSHUHLV0&6-RKQVRQ'(
$KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
'UDPp.10DQQHK%DQG,VPDLO$05LFHJHQHWLFLPSURYHPHQWIRUDELRWLFVWUHVVWROHUDQFHLQ$IULFD
,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%
,QWHUQDWLRQDO:DOOLQJIRUG8.
(O1DPDN\5$DQG'HPRQW0+\EULGULFHLQ$IULFD&KDOOHQJHVDQGSURVSHFWV,Q:RSHUHLV0&6
-RKQVRQ '( $KPDGL 1 7ROOHQV ( DQG -DOORK $ HGV 5HDOL]LQJ $IULFD¶V ULFH SURPLVH &$% ,QWHUQDWLRQDO
:DOOLQJIRUG8.
)XWDNXFKL.0DQIXO-DQG6DNXUDL7,PSURYLQJJUDLQTXDOLW\RIORFDOO\SURGXFHGULFHLQ$IULFD,Q
:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%
,QWHUQDWLRQDO:DOOLQJIRUG8.
+DHIHOH 60 6DLWR . 1¶'LD\H .0 0XVVJQXJ ) 1HOVRQ $ DQG :RSHUHLV 0&6  ,QFUHDVLQJ ULFH
SURGXFWLYLW\WKURXJKLPSURYHGQXWULHQWXVHLQ$IULFD,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(
DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
$IULFD5LFH$QQXDO5HSRUW 

.XPDVKLUR7)XWDNXFKL.6Lp01GMLRQGMRS01DQG:RSHUHLV0&6$FRQWLQHQWZLGHSURGXFW
RULHQWHGDSSURDFKWRULFHEUHHGLQJLQ$IULFD,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK
$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
/RULHX[0*DUDYLWR$%RXQLRO-*XWLpUUH]$1GMLRQGMRS01*X\RW53RPSLOLR0DUWLQH]&7RKPH-
DQG*KHVTXLqUH$8QORFNLQJWKH2U\]DJODEHUULPDWUHDVXUHIRUULFHEUHHGLQJLQ$IULFD,Q:RSHUHLV
0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO
:DOOLQJIRUG8.
0F&RXFK6:LQJ5$6HPRQ09HQXSUDVDG5$WOLQ*6RUUHOOV0(DQG-DQQLQN-/0DNLQJULFH
JHQRPLFVZRUNIRU$IULFD,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ
$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
1GMLRQGMRS01$OEDU/6RZ0<DR1'MHGDWLQ*7KLHPpOp'DQG*KHVTXLqUH$,QWHJUDWLRQRI
PROHFXODUPDUNHUVLQULFHLPSURYHPHQW$FDVHVWXG\RQUHVLVWDQFHWR5LFH\HOORZPRWWOHYLUXV,Q:RSHUHLV
0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO
:DOOLQJIRUG8.
1XLMWHQ(7HPXGR05LFKDUGV32NU\)7HHNHQ%0RNXZD$DQG6WUXLN3&7RZDUGVDQHZDSSURDFK
IRUXQGHUVWDQGLQJLQWHUDFWLRQVRIWHFKQRORJ\ZLWKHQYLURQPHQWDQGVRFLHW\LQVPDOOVFDOHULFHIDUPLQJ,Q
:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%
,QWHUQDWLRQDO:DOOLQJIRUG8.
1ZLOHQH)(1DFUR67DPR00HQR]]L3+HLQULFKV($+DPDGRXQ$'DNRXR'$GGD&DQG7RJROD$ 
0DQDJLQJLQVHFWSHVWVRIULFHLQ$IULFD,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK
$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
5LFNPDQ-0RUHLUD-*XPPHUW0DQG:RSHUHLV0&60HFKDQL]LQJ$IULFD¶VULFHVHFWRU,Q:RSHUHLV
0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO
:DOOLQJIRUG8.
5RGHQEXUJ-,QODQGYDOOH\V$IULFD¶VIXWXUHIRRGEDVNHWV,Q:RSHUHLV0&6-RKQVRQ'($KPDGL1
7ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
5RGHQEXUJ - DQG -RKQVRQ '(  0DQDJLQJ ZHHGV RI ULFH LQ $IULFD ,Q :RSHUHLV 0&6 -RKQVRQ '(
$KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
5XWVDHUW3'HPRQW0DQG9HUEHNH:&RQVXPHUSUHIHUHQFHVIRUULFHLQ$IULFD,Q:RSHUHLV0&6-RKQVRQ
'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
6DLWR.$QGUHZ1HOVRQ=ZDUW6-1LDQJ$6RZ$<RVKLGD+DQG:RSHUHLV0&67RZDUGVDEHWWHU
XQGHUVWDQGLQJRIELRSK\VLFDOGHWHUPLQDQWVRI\LHOGJDSVDQGWKHSRWHQWLDOIRUH[SDQVLRQRIWKHULFHDUHDLQ$IULFD
,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%
,QWHUQDWLRQDO:DOOLQJIRUG8.
6DQQL.$7RXUp$$'LDJQH$%DFKDEL)0XURUL56LQJK5.DQG6Lp05LFHYDULHWDOUHOHDVH
V\VWHPVLQ$IULFD,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶V
ULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8. 

$IULFD5LFH$QQXDO5HSRUW

6HFN3$)RUHZRUG,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ
$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
6HFN3$7RXUp$$&RXOLEDO\-<'LDJQH$DQG:RSHUHLV0&6$IULFD¶VULFHHFRQRP\EHIRUHDQG
DIWHUWKHULFHFULVLV,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ
$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
6pUp<)DUJHWWH'$ER0(:\GUD.%LPHUHZ02QDVDQ\D$DQG$NDWRU6.0DQDJLQJWKHPDMRU
GLVHDVHVRIULFHLQ$IULFD,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ
$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
7ROOHQV('HPRQW06Lp0'LDJQH$6DLWR.DQG:RSHUHLV0&6)URP:$5'$WR$IULFD5LFH
$Q RYHUYLHZ RI ULFH UHVHDUFK IRU GHYHORSPHQW DFWLYLWLHV FRQGXFWHG LQ SDUWQHUVKLS LQ $IULFD ,Q :RSHUHLV
0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO
:DOOLQJIRUG8.
9DQ0HOH3:DQYRHNH-5RGJHUV-DQG0F.D\%,QQRYDWLYHDQGHIIHFWLYHZD\VWRHQKDQFHUXUDO
OHDUQLQJLQ$IULFD,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶V
ULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
:RSHUHLV0&6,QWURGXFWLRQ,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV
5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
:RSHUHLV0&6'LDJQH$-RKQVRQ'(DQG6HFN3$5HDOL]LQJ$IULFD¶VULFHSURPLVH3ULRULWLHVIRU
DFWLRQ,Q:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH
&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
:RSHUHLV0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH
&$%,QWHUQDWLRQDO:DOOLQJIRUG8.
=ZDUW6-$VVHVVLQJDQGLPSURYLQJZDWHUSURGXFWLYLW\RILUULJDWHGULFHV\VWHPVLQ$IULFD,Q:RSHUHLV
0&6-RKQVRQ'($KPDGL17ROOHQV(DQG-DOORK$HGV5HDOL]LQJ$IULFD¶VULFHSURPLVH&$%,QWHUQDWLRQDO
:DOOLQJIRUG8.

&RQIHUHQFHSDSHUVDQGSURFHHGLQJV
$IULFD5LFH&HQWHUUG$IULFD5LFH&RQJUHVV5LFHVFLHQFHIRUIRRGVHFXULW\WKURXJKVPDOOKROGHU
DQGDJULEXVLQHVVGHYHORSPHQWLQ$IULFD±2FWREHU<DRXQGp&DPHURRQ3URJUDP DEVWUDFWV
$IULFD5LFH&HQWHU&RWRQRX%HQLQ
&HQWUHGXUL]SRXUO¶$IULTXHqPH&RQJUqVGXUL]HQ$IULTXH/DVFLHQFHUL]LFROHSRXUODVpFXULWp
DOLPHQWDLUHjWUDYHUVOHUHQIRUFHPHQWGHO¶DJULFXOWXUHIDPLOLDOHHWO¶DJURLQGXVWULHHQ$IULTXH±RFWREUH 
<DRXQGp&DPHURRQ3URJUDPPH UpVXPpV&HQWUHGXUL]SRXUO¶$IULTXH&RWRQRX%HQLQ

$IULFD5LFH$QQXDO5HSRUW 

5HSRUWVDQGRWKHUSXEOLFDWLRQV
$IULFD5LFH&HQWHU$IULFD5LFH&HQWHU $IULFD5LFH DQQXDOUHSRUW$IULFDZLGHULFHDJURQRP\WDVN
IRUFH$IULFD5LFH&HQWHU&RWRQRX%HQLQ
$IULFD5LFH&HQWHU>@-DSDQDQG$IULFD5LFH\HDUVRIVWUDWHJLFSDUWQHUVKLSIRUULFHGHYHORSPHQWLQ
$IULFD>ÀLHU@$IULFD5LFH&HQWHU&RWRQRX%HQLQ
$IULFD5LFH&HQWHU>@5LFHVHFWRUGHYHORSPHQWKXEV%RRVWLQJ$IULFD¶VULFHVHFWRU$IULFD5LFH&HQWHU
&RWRQRX%HQLQ
$IULFD5LFH&HQWHUDQG0LQLVWU\RI$JULFXOWXUH)RUHVWU\DQG)LVKHULHV-DSDQ5LFH3URGXFWLRQ6XUYH\
XVLQJWKH'RW6DPSOLQJ0HWKRGDQG*RRJOH(DUWK+RZWRHVWLPDWHWKHSODQWHGDUHDDQG\LHOGSHUKDLQD
FRXQWU\7HFKQLFDO0DQXDO)RUWKH3LORW6XUYH\LQ$IULFD5LFH&HQWHU>&RWRQRX%HQLQ@DQG0LQLVWU\
RI$JULFXOWXUH)RUHVWU\DQG)LVKHULHV-DSDQ>7RN\R@
&HQWUHGXUL]SRXUO¶$IULTXH>@5HG\QDPLVDWLRQGXVHFWHXUUL]LFROHHQ$IULTXHPLVHHQRHXYUHGX3ODQ
VWUDWpJLTXHGH$IULFD5LFH&HQWUHGXUL]SRXUO¶$IULTXH&RWRQRX>%HQLQ@
&HQWUHGXUL]SRXUO¶$IULTXH&HQWUHGXUL]SRXUO¶$IULTXH $IULFD5LFH UDSSRUWDQQXHO8QHQRXYHOOH
VWUDWpJLHGHUHFKHUFKHUL]LFROHSRXUOHGpYHORSSHPHQWGHO¶$IULTXH&HQWUHGXUL]SRXUO¶$IULTXH&RWRQRX%pQLQ
*OREDO5LFH6FLHQFH3DUWQHUVKLS*5L63LQPRWLRQDQQXDOUHSRUW,QWHUQDWLRQDO5LFH5HVHDUFK
,QVWLWXWH /RV %DxRV 3KLOLSSLQHV >$IULFD 5LFH &HQWHU &RWRQRX %HQLQ ,QWHUQDWLRQDO &HQWHU IRU 7URSLFDO
$JULFXOWXUH&DOL&RORPELD@

9LGHRV
$IULFD5LFH&HQWHU&DPHURRQ&HQWUDO$IULFD¶VSRWHQWLDOULFHJUDQDU\PLQVKWWSZZZ\RXWXEH
FRPZDWFK"Y '<L8RS&P5, IHDWXUH \RXWXEH$IULFD5LFH&HQWHU>&RWRQRX%HQLQ@
$IULFD5LFH&HQWHU,PSURYLQJIRRGVHFXULW\LQIRUPDWLRQLQ$IULFDPLQVKWWSZZZ\RXWXEHFRP
ZDWFK"Y VQ6.MN036V$IULFD5LFH&HQWHU>&RWRQRX%HQLQ@
$IULFD 5LFH &HQWHU  6DIH DQG FRUUHFW XVH RI KHUELFLGHV  PLQ  V KWWSZZZ\RXWXEHFRP
ZDWFK"Y 2$1=[<OO,5HDO5HHO)LOP3URGXFWLRQVDQG$IULFD5LFH&HQWHU>&RWRQRX%HQLQ@>$OVRDYDLODEOH
LQ3RUWXJXHVH.LVZDKLOLDQG'DJEDQL@
$IULFD5LFH&HQWHU6DIHDQGFRUUHFWXVHRIKHUELFLGHV>/¶XWLOLVDWLRQV€UHHWFRUUHFWHGHVKHUELFLGHV@ 
PLQVKWWSVZZZ\RXWXEHFRPZDWFK"Y O&TH+/D-,5HDO5HHO)LOP3URGXFWLRQVDQG$IULFD5LFH
&HQWHU>&RWRQRX%HQLQ@
$IULFD5LFH&HQWHU8VLQJWKHURWDU\ZHHGHULQORZODQGULFHPLQVKWWSZZZ\RXWXEHFRP
ZDWFK"Y 8J]$S(5HDO5HHO)LOP3URGXFWLRQVDQG$IULFD5LFH&HQWHU>&RWRQRX%HQLQ@>$OVRDYDLODEOH
LQ3RUWXJXHVH.LVZDKLOLDQG'DJEDQL@ 

$IULFD5LFH$QQXDO5HSRUW

$IULFD5LFH&HQWHU8VLQJWKHURWDU\ZHHGHULQORZODQGULFH>8WLOLVDWLRQGHODGpVKHUEHXVHURWDWLYH
HQUL]LFXOWXUHGHEDVIRQG@PLQVKWWSVZZZ\RXWXEHFRPZDWFK"Y (OQ]51Y]%N5HDO5HHO)LOP
3URGXFWLRQVDQG$IULFD5LFH&HQWHU>&RWRQRX%HQLQ@
$IULFD5LFH&HQWHU:HHGPDQDJHPHQW)DUPHUWRIDUPHULQVWUXFWLRQYLGHRVRQHIIHFWLYHDQGODERU
VDYLQJZHHGPDQDJHPHQWLQORZODQGULFH>'9'SDFN@5HDO5HHO)LOP3URGXFWLRQVDQG$IULFD5LFH&HQWHU
>&RWRQRX%HQLQ@>$OVRDYDLODEOHLQ)UHQFK3RUWXJXHVH.LVZDKLOLDQG'DJEDQL@

$IULFD5LFH$QQXDO5HSRUW 

Abbreviations
$$)(;

$VVRFLDWLRQ$IULTXHDJURH[SRUW

$$6

$IULFDQ$FDGHP\RI6FLHQFHV

$$6:

$IULFD$JULFXOWXUH6FLHQFH:HHN

$%&

DJULFXOWXUDOEXVLQHVVFHQWHU

$&3

$IULFDQ&DULEEHDQDQG3DFL¿FJURXSRIVWDWHV

$'5$2

$IULFD5LFH ROGDFURQ\PLQ)UHQFK

$)$2

$VVRFLDWLRQGHVIHPPHVGHO¶$IULTXHGHO¶2XHVW

$)'

$JHQFHIUDQoDLVHGHGpYHORSSHPHQW

$I'%

$IULFDQ'HYHORSPHQW%DQN

$IULFD5LFH

$IULFD5LFH&HQWHU

$*5$

$OOLDQFHIRUD*UHHQ5HYROXWLRQLQ$IULFD

$*(&

$JULFXOWXUDO(FRQRPLFV 7H[DV$ 08QLYHUVLW\86$

$,'3

$JULFXOWXUHDQG,QIUDVWUXFWXUH'HYHORSPHQW3URMHFW

$1$'(5

$JHQFHQDWLRQDOHG¶DSSXLDXGpYHORSSHPHQWUXUDO &{WHG¶,YRLUH

$15

$JHQFHQDWLRQDOGHODUHFKHUFKH )UDQFH

$1676

$FDGpPLHQDWLRQDOHGHVVFLHQFHVHWWHFKQLTXHVGX6pQpJDO

$3(66

$VVRFLDWLRQSRXUODSURPRWLRQGHO¶pOHYDJHDX6DKHOHWHQ6DYDQH

$32

$VVLVWDQW3URIHVVLRQDO2I¿FHU

$5,

$IULFDQ5LFH,QLWLDWLYH

$5,&$

$GYDQFHG5LFHIRU$IULFD YDULHWLHV

$6,

$'5$2±6$('±,65$WKUHVKHU±FOHDQHU

$7$7

$JULFXOWXUDO7UDQVIRUPDWLRQ$JHQGD7KUHVKHU 1LJHULDQµ$6,¶WKUHVKHU±FOHDQHU

%$'($

$UDE%DQNIRU(FRQRPLF'HYHORSPHQWLQ$IULFD

%%65&

%LRWHFKQRORJ\DQG%LRORJLFDO6FLHQFHV5HVHDUFK&RXQFLO

%0*)

%LOO 0HOLQGD*DWHV)RXQGDWLRQ

%0=

)HGHUDO0LQLVWU\IRU(FRQRPLF&RRSHUDWLRQDQG'HYHORSPHQW *HUPDQ\

%2$'

%DQTXHRXHVWDIULFDLQHGHGpYHORSSHPHQW

&$$'3

&RPSUHKHQVLYH$IULFD$JULFXOWXUH'HYHORSPHQW3URJUDPPH

&$$6

&KLQHVH$FDGHP\RI$JULFXOWXUDO6FLHQFHV

&$5

&HQWUDO$IULFDQ5HSXEOLF

&$5'

&RDOLWLRQIRU$IULFDQ5LFH'HYHORSPHQW

&&$)6

&OLPDWH&KDQJH$JULFXOWXUHDQG)RRG6HFXULW\ &53

&(2

FKLHIH[HFXWLYHRI¿FHU

&(7

FRPPRQH[WHUQDOWDULII

&)&

&RPPRQ)XQGIRU&RPPRGLWLHV

&,

&KDOOHQJH,QLWLDWLYH

&,$7

,QWHUQDWLRQDO&HQWHUIRU7URSLFDO$JULFXOWXUH

&,)25

&HQWHUIRU,QWHUQDWLRQDO)RUHVWU\5HVHDUFK 

$IULFD5LFH$QQXDO5HSRUW

&,/66

3HUPDQHQW,QWHUVWDWH&RPPLWWHHIRU'URXJKW&RQWUROLQWKH6DKHO &RPLWpSHUPDQHQWLQWHUpWDWVGHOXWWH
FRQWUHODVpFKHUHVVHGDQVOH6DKHO

&,5$'

&HQWUHGHFRRSpUDWLRQLQWHUQDWLRQDOHHQUHFKHUFKHDJURQRPLTXHSRXUOHGpYHORSSHPHQW )UDQFH

&15$

&HQWUHQDWLRQDOGHUHFKHUFKHDJURQRPLTXH &{WHG¶,YRLUH

&25$):(&$5'

&RQVHLORXHVWHWFHQWUHDIULFDLQSRXUODUHFKHUFKHHWOHGpYHORSSHPHQWDJULFROHV )UHQFKIRU:(&$5'

&53

&*,$55HVHDUFK3URJUDP

&6,5

&RXQFLOIRU6FLHQWL¿FDQG,QGXVWULDO5HVHDUFK

'),'

'HSDUWPHQWIRU,QWHUQDWLRQDO'HYHORSPHQW 8.

'*36$

'LUHFWLRQJpQpUDOHGHVSURGXFWLRQVHWGHODVpFXULWpDOLPHQWDLUH &{WHG¶,YRLUH

',,9$

'LIIXVLRQDQG,PSDFWRI,PSURYHG&URS9DULHWLHVLQ$IULFD SURMHFW

GRL

GLJLWDOREMHFWLGHQWL¿HU

'5&

'HPRFUDWLF5HSXEOLFRI&RQJR

'5'5

'LUHFWLRQUpJLRQDOHGXGpYHORSSHPHQWUXUDO 6HQHJDO

'3&

'LUHFWRUDWHIRU3DUWQHUVKLSDQG&DSDFLW\6WUHQJWKHQLQJ $IULFD5LFH

(&2:$6

(FRQRPLF&RPPXQLW\RI:HVW$IULFDQ6WDWHV

HG

HGLWRU

HGV

HGLWRUV

(6&$3(

&KDQJHPHQWVHQYLURQQHPHQWDX[HWVRFLDX[HQ$IULTXHSDVVpSUpVHQWHWIXWXU

(8

(XURSHDQ8QLRQ

)

IHPDOH

)$2

)RRGDQG$JULFXOWXUH2UJDQL]DWLRQRIWKH8QLWHG1DWLRQV

)$5$

)RUXPIRU$JULFXOWXUDO5HVHDUFKLQ$IULFD

)$7

)DUPHU$GRSWLRQ7ULDO $IULFDZLGH5LFH%UHHGLQJ7DVN)RUFH

),5&$

)RQGVLQWHUSURIHVVLRQHOSRXUODUHFKHUFKHHWOHFRQVHLODJULFROHV &{WHG¶,YRLUH

)7)

)HHGWKH)XWXUH

*$'&2

&RPPHUFLDOULFHSURGXFHULQ*KDQD

*$3

JRRGDJULFXOWXUDOSUDFWLFHV

*&3

*HQHUDWLRQ&KDOOHQJH3URJUDP &*,$5

*,6

JHRJUDSKLFLQIRUPDWLRQV\VWHPV V

*,=

'HXWVFKH*HVHOOVFKDIWIU,QWHUQDWLRQDOH=XVDPPHQDUEHLW

*ORE(

*OREDO)RRG6HFXULW\

*5L63

*OREDO5LFH6FLHQFH3DUWQHUVKLS

*5L66

*OREDO5LFH6FLHQFH6FKRODUVKLS

*<*$

*OREDO<LHOG*DS$WODV

*௘î௘(

JHQRW\SHîHQYLURQPHQW

+(662

+DXWHpFROHVSpFLDOLVpHGH6XLVVHRFFLGHQWDOH 8QLYHUVLW\RI$SSOLHG6FLHQFHVDQG$UWV:HVWHUQ
6ZLW]HUODQG 

,$5

,QVWLWXWHIRU$JULFXOWXUDO5HVHDUFK 1LJHULD

,%5'

,QWHUQDWLRQDO%DQNIRU5HFRQVWUXFWLRQDQG'HYHORSPHQW :RUOG%DQN

$IULFD5LFH$QQXDO5HSRUW 

,&$5'$

,QWHUQDWLRQDO&HQWHUIRU$JULFXOWXUDO5HVHDUFKLQWKH'U\$UHDV

,&5,6$7

,QWHUQDWLRQDO&URSV5HVHDUFK,QVWLWXWHIRUWKH6HPL$ULG7URSLFV

,&7

LQIRUPDWLRQDQGFRPPXQLFDWLRQVWHFKQRORJ\

,)$'

,QWHUQDWLRQDO)XQGIRU$JULFXOWXUDO'HYHORSPHQW

,)35,

,QWHUQDWLRQDO)RRG3ROLF\5HVHDUFK,QVWLWXWH

,+3

,QWHUVSHFL¿F+\EULGL]DWLRQ3URMHFW

,,7$

,QWHUQDWLRQDO,QVWLWXWHRI7URSLFDO$JULFXOWXUH

,1*(5

,QWHUQDWLRQDO1HWZRUNIRUWKH*HQHWLF(YDOXDWLRQRI5LFH

,13+%

,QVWLWXWQDWLRQDOSRO\WHFKQLTXH)pOL[+RXSKRXsW%RLJQ\ &{WHG¶,YRLUH

,15$%

,QVWLWXWQDWLRQDOGHUHFKHUFKHVDJULFROHVGX%pQLQ

,5$'

,QVWLWXWHRI$JULFXOWXUDO5HVHDUFKIRU'HYHORSPHQW &DPHURRQ

,5'

,QVWLWXWGHUHFKHUFKHSRXUOHGpYHORSSHPHQW )UDQFH

,50

LQWHJUDWHGULFHPDQDJHPHQW

,55,

,QWHUQDWLRQDO5LFH5HVHDUFK,QVWLWXWH

,65$

,QVWLWXWVpQpJDODLVGHUHFKHUFKHVDJULFROHV 6HQHJDO

-,&$

-DSDQ,QWHUQDWLRQDO&RRSHUDWLRQ$JHQF\

-,5&$6

-DSDQ,QWHUQDWLRQDO5HVHDUFK&HQWHUIRU$JULFXOWXUDO6FLHQFHV

/$%26(0

/DERUDWRLUHVGHVHPHQFHV

/$5(6

/DERUDWRLUHG¶DQDO\VHUpJLRQDOHHWG¶H[SHUWLVHVRFLDOH

0

PDOH

0௘ ௘(

PRQLWRULQJDQGHYDOXDWLRQ

0$))

0LQLVWU\RI$JULFXOWXUH)RUHVWU\DQG)LVKHULHV -DSDQ

0$)6&

0LQLVWU\RI$JULFXOWXUH)RRG6HFXULW\DQG&RRSHUDWLYHV 7DQ]DQLD

0$5,

0LNRFKHQL$JULFXOWXUDO5HVHDUFK,QVWLWXWH 7DQ]DQLD

0$5.(76

0D[LPL]LQJ$JULFXOWXUDO5HYHQXHVDQG.H\(QWHUSULVHVLQ7DUJHWHG6LWHV 86$,'SURMHFW

0$56

PDUNHUDVVLVWHGUHFXUUHQWVHOHFWLRQ

0$6

PDUNHUDVVLVWHGVHOHFWLRQ

0(656

0LQLVWqUHGHO¶pGXFDWLRQVXSpULHXUHHWGHODUHFKHUFKHVFLHQWL¿TXH &{WHG¶,YRLUH

0(7

0XOWL(QYLURQPHQW7ULDO $IULFDZLGH5LFH%UHHGLQJ7DVN)RUFH

0,&&25'($

0LWLJDWLQJWKH,PSDFWRI&OLPDWH&KDQJHRQ5LFH'LVHDVH5HVLVWDQFHLQ(DVW$IULFD

0,68

0LFKLJDQ6WDWH8QLYHUVLW\

02)$

0LQLVWU\RI)RUHLJQ$IIDLUV -DSDQ

06F

0DVWHURI6FLHQFH SRVWJUDGXDWHGHJUHH

0W

PLOOLRQWRQQHV

1$5(6

QDWLRQDODJULFXOWXUDOUHVHDUFKDQGH[WHQVLRQVHUYLFH V

1$52

1DWLRQDO$JULFXOWXUDO5HVHDUFK2UJDQLVDWLRQ 8JDQGD

1$56

QDWLRQDODJULFXOWXUDOUHVHDUFKV\VWHP V

1&$0

1DWLRQDO&HQWUHIRU$JULFXOWXUDO0HFKDQL]DWLRQ 1LJHULD 

$IULFD5LFH$QQXDO5HSRUW

1&5,

1DWLRQDO&HUHDOV5HVHDUFK,QVWLWXWH 1LJHULD

1(3$'

1HZ3DUWQHUVKLSIRU$IULFD¶V'HYHORSPHQW

1(5,&$

1HZ5LFHIRU$IULFD IDPLO\RILQWHUVSHFL¿FULFHYDULHWLHVIRUXSODQGV

1(5,&$/

1HZ5LFHIRU$IULFD IDPLO\RILQWHUVSHFL¿FULFHYDULHWLHVIRUORZODQGV

1*2

QRQJRYHUQPHQWDORUJDQL]DWLRQ

1,$6

1DWLRQDO,QVWLWXWHRI$JURELRORJLFDO6FLHQFHV -DSDQ

1,56$/

1LJHULD,QFHQWLYHEDVHG5LVN6KDULQJIRU$JULFXOWXUDO/HQGLQJ

13&$

1(3$'3ODQQLQJDQG&RRUGLQDWLQJ$JHQF\

15'6

QDWLRQDOULFHGHYHORSPHQWVWUDWHJ\

17,&

QRXYHOOHVWHFKQRORJLHVGHO¶LQIRUPDWLRQHWGHODFRPPXQLFDWLRQ LH,&7

21'5

2I¿FHQDWLRQDOSRXUOHGpYHORSSHPHQWGHODUL]LFXOWXUH &{WHG¶,YRLUH

3

SKRVSKRUXV

3$&(58(02$

3URJUDPPHG¶DSSXLHWGHGpYHORSSHPHQWGHVFHQWUHVG¶H[FHOOHQFHUpJLRQDX[DXVHLQGHO¶8(02$
6XSSRUWDQGGHYHORSPHQWSURJUDPRIUHJLRQDOFHQWHUVRIH[FHOOHQFHLQ8(02$

3$'(5

3URJUDPPHG¶DSSXLDXGpYHORSSHPHQWUXUDO

3$5$6,7(

3UHSDULQJ$IULFDQULFHIDUPHUVDJDLQVWSDUDVLWLFZHHGVLQDFKDQJLQJHQYLURQPHQW

3$7

3DUWLFLSDWRU\$GYDQFHG7ULDO $IULFDZLGH5LFH%UHHGLQJ7DVN)RUFH

3')

3RVW'RFWRUDO)HOORZ

3(7

3DUWLFLSDWRU\(QYLURQPHQWDO7ULDO $IULFDZLGH5LFH%UHHGLQJ7DVN)RUFH

3K'

'RFWRURI3KLORVRSK\ GRFWRUDOGHJUHH

31$5

3URJUDPPHQDWLRQDOG¶DXWRVXI¿VDQFHHQUL] 6HQHJDO

326&$2

3ODWHIRUPHGHVRUJDQLVDWLRQVGHODVRFLpWpFLYLOHGHO¶$IULTXHGHO¶2XHVWVXUO¶DFFRUGGH&RWRQRX

3672/

SKRVSKRUXVVWDUYDWLRQWROHUDQFHJHQH

3XS

SKRVSKRUXVXSWDNHJHQH

396

SDUWLFLSDWRU\YDULHWDOVHOHFWLRQ

47/

TXDQWLWDWLYHWUDLWORFXV

5 '

UHVHDUFKDQGGHYHORSPHQW

5$3

5HDOL]LQJWKHDJULFXOWXUDOSRWHQWLDORILQODQGYDOOH\ORZODQGVLQVXE6DKDUDQ$IULFDZKLOHPDLQWDLQLQJ
WKHLUHQYLURQPHQWDOVHUYLFHV

5$5&

5RNXSU$JULFXOWXUDO5HVHDUFK&HQWUH 6LHUUD/HRQH

5%0

5pVHDX%LOOLWDO0DURREp

5(3$'

5pVHDXGHUHFKHUFKHSRXUO¶DSSXLDXGpYHORSSHPHQWGHO¶$IULTXH

5+

UHODWLYHKXPLGLW\

5,6,1*

5HVHDUFKLQ6XVWDLQDEOH,QWHQVL¿FDWLRQIRUWKH1H[W*HQHUDWLRQ

52&$5,=

:HVWDQG&HQWUDO$IULFD5LFH5HVHDUFKDQG'HYHORSPHQW1HWZRUN

5233$

1HWZRUNRI)DUPHUV¶DQG$JULFXOWXUDO3URGXFHUV¶2UJDQL]DWLRQVRI:HVW$IULFD

57$

5LFH7UDQVIRUPDWLRQ$JHQGD 1LJHULD

5<09

5LFH\HOORZPRWWOHYLUXV

6$('

6RFLpWpQDWLRQDOHG¶DPpQDJHPHQWHWG¶H[SORLWDWLRQGHVWHUUHVGX'HOWDHWGHVYDOOpHVGXÀHXYH6pQpJDOHW
GHOD)DOpPp 6HQHJDO

$IULFD5LFH$QQXDO5HSRUW 

6$5'6&

0XOWLQDWLRQDO&*,$56XSSRUWWR$JULFXOWXUDO5HVHDUFKIRU'HYHORSPHQWRQ6WUDWHJLF&RPPRGLWLHVLQ
$IULFD SURMHFW

6&35,'

6XVWDLQDEOH&URS3URGXFWLRQ5HVHDUFKIRU,QWHUQDWLRQDO'HYHORSPHQW SURMHFW

6/$5,

6LHUUD/HRQH$JULFXOWXUDO5HVHDUFK,QVWLWXWH

60$57,9

6DZDK0DUNHW$FFHVVDQG5LFH7HFKQRORJLHVIRU,QODQG9DOOH\V

619

1HWKHUODQGV'HYHORSPHQW2UJDQLVDWLRQ

62'$*5,

6RFLpWpGHGpYHORSSHPHQWDJULFROHHWLQGXVWULHO 6HQHJDO

66+

6XSSUHVVLRQ6XEWUDFWLYH+\EULGL]DWLRQ

665

VLPSOHVHTXHQFHUHSHDW

675$6$

6WUHVV7ROHUDQW5LFHIRU3RRU)DUPHUVLQ$IULFDDQG6RXWK$VLD

68$

6RNRLQH8QLYHUVLW\RI$JULFXOWXUH

7,&$'

7RN\R,QWHUQDWLRQDO&RQIHUHQFHRQ$IULFDQ'HYHORSPHQW

8(02$

:HVW$IULFDQ(FRQRPLFDQG0RQHWDU\8QLRQ 8QLRQpFRQRPLTXHHWPRQpWDLUH2XHVW$IULFDLQH

81&7$'

8QLWHG1DWLRQV&RQIHUHQFHRQ7UDGHDQG'HYHORSPHQW

81'3

8QLWHG1DWLRQV'HYHORSPHQW3URJUDPPH

81(&$

8QLWHG1DWLRQV(FRQRPLF&RPPLVVLRQIRU$IULFD

86

8QLWHG6WDWHV

86

86GROODUV

86$,'

8QLWHG6WDWHV$JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW

86'$

8QLWHG6WDWHV'HSDUWPHQWRI$JULFXOWXUH

9$7

9DOLGDWLRQ$IULFD5LFH7ULDO $IULFDZLGH5LFH%UHHGLQJ7DVN)RUFH

9(&2

2UJDQLVDWLRQQRQJRXYHUQHPHQWDOHLQWHUQDWLRQDOH9UHGHVHLODQGHQ

:$$33

:HVW$IULFD$JULFXOWXUDO3URGXFWLYLW\3URJUDP :RUOG%DQN

:$&&,

:HVW$IULFD&HQWUHIRU&URS,PSURYHPHQW *KDQD

:(&$5'

:HVWDQG&HQWUDO$IULFDQ&RXQFLOIRU5HVHDUFKDQG'HYHORSPHQW

:,/'$)

:RPHQLQ/DZDQG'HYHORSPHQWLQ$IULFD

:2752

1HWKHUODQGV2UJDQLVDWLRQIRU6FLHQWL¿F5HVHDUFK±5HVHDUFKIRU*OREDO'HYHORSPHQW

:85

:DJHQLQJHQ8QLYHUVLW\DQG5HVHDUFK&HQWUH 1HWKHUODQGV 

$IULFD5LFH$QQXDO5HSRUW

$ERXW&*,$5
&*,$5LVDJOREDOSDUWQHUVKLSWKDWXQLWHVRUJDQL]DWLRQVHQJDJHGLQUHVHDUFKIRUDIRRGVHFXUHIXWXUH&*,$5UH
VHDUFKLVGHGLFDWHGWRUHGXFLQJUXUDOSRYHUW\LQFUHDVLQJIRRGVHFXULW\LPSURYLQJKXPDQKHDOWKDQGQXWULWLRQDQG
HQVXULQJPRUHVXVWDLQDEOHPDQDJHPHQWRIQDWXUDOUHVRXUFHV,WLVFDUULHGRXWE\WKHFHQWHUVZKRDUHPHPEHUV
RIWKH&*,$5&RQVRUWLXPLQFORVHFROODERUDWLRQZLWKKXQGUHGVRISDUWQHURUJDQL]DWLRQVLQFOXGLQJQDWLRQDODQG
UHJLRQDOUHVHDUFKLQVWLWXWHVFLYLOVRFLHW\RUJDQL]DWLRQVDFDGHPLDDQGWKHSULYDWHVHFWRU 

)RUPRUHLQIRUPDWLRQYLVLWZZZFJLDURUJ

7KH&HQWHUV
$IULFD5LFH  

$IULFD5LFH&HQWHU &RWRQRX%HQLQ

%LRYHUVLW\  

%LRYHUVLW\,QWHUQDWLRQDO 5RPH,WDO\

&,$7   

,QWHUQDWLRQDO&HQWHUIRU7URSLFDO$JULFXOWXUH &DOL&RORPELD

&,)25   

&HQWHUIRU,QWHUQDWLRQDO)RUHVWU\5HVHDUFK %RJRU,QGRQHVLD

&,00<7  

,QWHUQDWLRQDO0DL]HDQG:KHDW,PSURYHPHQW&HQWHU 0H[LFR')0H[LFR

&,3   

,QWHUQDWLRQDO3RWDWR&HQWHU /LPD3HUX

,&$5'$  

,QWHUQDWLRQDO&HQWHUIRU$JULFXOWXUDO5HVHDUFKLQWKH'U\$UHDV %HLUXW/HEDQRQ

,&5,6$7  

,QWHUQDWLRQDO&URSV5HVHDUFK,QVWLWXWHIRUWKH6HPL$ULG7URSLFV 3DWDQFKHUX,QGLD

,)35,   

,QWHUQDWLRQDO)RRG3ROLF\5HVHDUFK,QVWLWXWH :DVKLQJWRQ'&86$

,,7$   

,QWHUQDWLRQDO,QVWLWXWHRI7URSLFDO$JULFXOWXUH ,EDGDQ1LJHULD

,/5,   

,QWHUQDWLRQDO/LYHVWRFN5HVHDUFK,QVWLWXWH 1DLUREL.HQ\D

,55,   

,QWHUQDWLRQDO5LFH5HVHDUFK,QVWLWXWH /RV%DxRV3KLOLSSLQHV

,:0,   

,QWHUQDWLRQDO:DWHU0DQDJHPHQW,QVWLWXWH &RORPER6UL/DQND

:RUOG$JURIRUHVWU\ 

:RUOG$JURIRUHVWU\&HQWUH 1DLUREL.HQ\D

:RUOG)LVK 

:RUOG)LVK&HQWHU 3HQDQJ0DOD\VLD 

$IULFD5LFH&HQWHU $IULFD5LFH  
%3&RWRQRX%HQLQ
7HOHSKRQH  )D[  (PDLO$IULFD5LFH#FJLDURUJ
ZZZ$IULFD5LFHRUJ

Sign up to vote on this title
UsefulNot useful