TAF 2009 Annual Report

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 90

ӓ౩௦‫ڨ‬

*OREDO $FFHSWDQFH

Ԓൣ ҭᓄ &217(176
$118$/5(3257

 ҭᓄ  &RQWHQWV

 ஁ࡼӤЗ஠ཿӓ౩  ۡԠᇅӉଡ଼  3HUVLVWLQJRQHPLQGRQH[SHUWLVHJOREDOO\


*RDO 0LVVLRQ

 Ӳ៬ᇅࠊᙂ  ု‫ၘޠߞٲ‬  5HYLHZDQGRXWORRN


3UHVLGHQW
V0HVVDJH

 ᆺӬ஁஽ყ໦ 7$) ಣᙒ  &RPELQDWLRQRIVWURQJWHDPZRUN


7$)2UJDQL]DWLRQ6WUXFWXUH

 ጛആ඼ดԚ‫  ݏ‬ᇰᜍཿଡ଼  &UHDWLQJVLJQL¿FDQWUHVXOWV


3HUIRUPDQFH $FKLHYHPHQWLQ$FFUHGLWDWLRQ

 ᆡःᇰᜍ‫׭‬೛  ः‫ึف‬৥  5H¿QLQJDFFUHGLWDWLRQVNLOO


5HVHDUFK 'HYHORSPHQW

 ණ݈஠ཿ૗Ω  ஊଌ΢Ϙ  3URPRWLQJSURIHVVLRQDODELOLWLHV


+XPDQ5HVRXUFHV 7UDLQLQJ

 ‫୾ڦލ‬ርᇰӤ  ୾ርӬձᇅ௱ኅ  6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ


,QWHUQDWLRQDO&RRSHUDWLRQ 3URPRWLRQ

 ࡈᏳᇰᜍቌঅ  ୾ϲӬձᇅ௱ኅ  3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ
'RPHVWLF&RRSHUDWLRQ 3URPRWLRQ

 ৥౫ᛨୋᄃᕽ  ଓଡ଼྆‫ ݸ‬ 3UHVHQWLQJVRXQGRSHUDWLRQUHVXOWV


 )LQDQFLDO6WDWXV

 ᄣख़Ԓ࡚खᓄ  τ‫ٲ‬ख  $QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV


3HUVLVWLQJRQHPLQGRQH[SHUWLVHJOREDOO\

஁ࡼ
ࡼۡԠᇅӉଡ଼
Ӥ З
Ԓൣ
Ԡ
$118$/5(3257
*RDO 
0LVVLRQ

஠ཿӓ౩


஁ࡼӤЗġ ஠ཿӓ౩
3HUVLVWLQJRQHPLQGRQH[SHUWLVHJOREDOO\

ۡԠ *RDORI7$)
ӓ୾ᇰᜍஆߝཽԠӶ࡛ҴಓӬ୾ር೤ጓ‫ڏٯ‬ԥϵ 7$)DLPVDWHVWDEOLVKLQJDQLPSDUWLDOLQGHSHQGHQW
ҔȃᑀҴȃഇ݃ϟᇰᜍᐡ‫ښ‬Ȃ࡛ᄻಓӬ‫ܓ‬ຠᠧ‫ښ‬ DQGWUDQVSDUHQWDFFUHGLWDWLRQV\VWHPWKDWREVHUYHV
࡚ϟึ৥ᕘძȂпᅗ٘៬ࡋ ࢈‫ۻ‬ȃϏ୧ཿȃ੒ LQWHUQDWLRQDOFULWHULD,WVHHNVWRSURYLGHFRPSUHKHQVLYH
DQGHIIHFWLYHDFFUHGLWDWLRQVHUYLFHVIRUDYDULHW\
ຳ޲๊ ϟሰؒȂණ‫ٽ‬ӓР՞ᇰᜍ݉ଡ଼Ȃߵໍᇅ
RIFXVWRPHUVVXFKDVLQGXVWULHVFRQVXPHUVDQG
ණ݈౱ཿᝰ‫ލ‬ΩІҖҢ੒ຳᆌइȄ
JRYHUQPHQWDODXWKRULWLHV,WVWULYHVWRFUHDWHDZHOO
UHJXODWHGHQYLURQPHQWLQZKLFKEXVLQHVVHVFDQSURVSHU
ZKLOHFRQVXPHUVDUHSURWHFWHGRIWKHLUZHOIDUH

7$)‫ޠ‬л्Ӊଡ଼ 0LVVLRQRI7$)
‡࡛ҴІᆱࡼ୾ϲᇰᜍ‫࡚ښ‬ϟᄃࢋᇅึ৥Ȃጃߴ ‡7RHVWDEOLVKDQGPDLQWDLQWKHLPSOHPHQWDWLRQDQG
ҐཽϟᇰᜍၽձಓӬ୾ር೤ጓ ,62,(& GHYHORSPHQWRIDGRPHVWLFDFFUHGLWDWLRQV\VWHPWKDW
HQVXUHVDOO7$)DFFUHGLWDWLRQRSHUDWLRQVIXOO\FRPSO\
ϟ्ؒȂпϵҔȃᑀҴȃഇ݃ϟ঩ࠍȂණ‫ٽ‬ԥ
ZLWKWKHUHTXLUHPHQWVRI,62,(&7RVDWLVI\LWV
ਞ౦Іঅூ߭ᒧ‫ޠ‬ᇰᜍ݉ଡ଼Ȃᅗ٘៬ࡋϟ෉ 
FXVWRPHUV H[SHFWDWLRQVWKURXJKUHOLDEOHDQGHI¿FLHQW
గȄ DFFUHGLWDWLRQVHUYLFHVFRQGXFWHGRQWKHEDVLVRI
LPSDUWLDOLQGHSHQGHQWDQGWUDQVSDUHQWSULQFLSOHV
‡ࡼ៊ᆱࡼᇅၽң୾ርᇰᜍಣᙒϟࣻϤ‫ܜ‬ᇰ‫ڟ‬ឋ
ᐡ‫ښ‬Ȃᑗ྄୥ᇅ୾ር‫ܗ‬ୣ஀ᇰᜍಣᙒϟᇰᜍ ‡7RPDLQWDLQDQGDSSO\WKHPXWXDOUHFRJQLWLRQ
ࣁ୞‫ܗ‬лᒳ୾ርᇰᜍࣁ୞Ȃ࡛ҴಓӬ :72 І DUUDQJHPHQWVRILQWHUQDWLRQDODFFUHGLWDWLRQ
FRRSHUDWLRQVWRDFWLYHO\SDUWLFLSDWHLQRUKRVW
$3(& ಓӬ‫ܓ‬ຠᠧ‫࡚ښ‬ϟஆᙄ࢝ᄻȂԥւစຸ
LQWHUQDWLRQDORUUHJLRQDODFFUHGLWDWLRQDFWLYLWLHVDQGWR
ึ৥Ȅ
HVWDEOLVKDIRXQGDWLRQFRPSOLDQWWR:72DQG$3(&
FRQIRUPLW\DVVHVVPHQWV\VWHPVWKHUHE\IDFLOLWDWLQJ
‡࡛ᄻӓ୾ಓӬ‫ܓ‬ຠᠧၦਠ৳І‫ޤ‬ᜌ݉ଡ଼ᡞ‫ق‬Ȃ
WKHHFRQRP\DQGWUDGHGHYHORSPHQW
ණ‫ٽ‬ᇰᜍࠣ፵І‫׭‬೛ϟ஠ཿᆪ๝Іၦଊ݉ଡ଼Ȅ
‡7RHVWDEOLVKDQDWLRQZLGHFRQIRUPLW\DVVHVVPHQW
‡ђ஽௱ኅ୾ঢ়І౱ཿሰؒϟಓӬ‫ܓ‬ຠᠧᇰᜍР DQGNQRZOHGJHGDWDEDVHDVDQDFFHVVWRQHWZRUN
਱Ȃୋӓ୾ϲಓӬ‫ܓ‬ຠᠧ‫࡚ښ‬ϟึ৥ᕘძȄ DQGLQIRUPDWLRQVHUYLFHVRIDFFUHGLWDWLRQTXDOLW\DQG
WHFKQRORJ\

‡7RSURPRWHFRQIRUPLW\DVVHVVPHQWDFFUHGLWDWLRQ
SURJUDPVWKDWPHHWWKHQHHGVRIWKHQDWLRQDQG
LQGXVWULHVDQGWRFXOWLYDWHDVRXQGHQYLURQPHQW
IRUWKHGHYHORSPHQWRIWKHQDWLRQVFRQIRUPLW\
DVVHVVPHQWV\VWHP


5HYLHZDQGRXWORRN

Ӳ៬ᇅ
Ԓൣ
$118$/5(3257 ု‫ၘޠߞٲ‬3UHVLGHQW
V0HVVDJH

ࠊᙂ


Ӳ៬ᇅࠊᙂ
5HYLHZDQGRXWORRN


ု‫ၘޠߞٲ‬ 3UHVLGHQW V0HVVDJH'U-D\6DQ&KHQ
ܺಂзࣩȂԄϭӓ౩စᔽᡞᇅަཽഎϑኅ‫ܜހ‬ᇰ 1RZDGD\VWKHYDOXHRIDFFUHGLWDWLRQKDVEHHQ
ᇅ௵ᇰᇰᜍ‫ޠ‬ቌঅȄӲᏺ  ԒȂစᔽഌ௱୞ ZLGHO\UHFRJQLVHGDQGDGRSWHGE\HFRQRPLHVDQG
ԚҴଓყ‫ݳ‬΢ӓ୾ᇰᜍஆߝཽȂ‫ڐ‬ҭ‫ޠ‬Ӷӱᔗ VRFLHWLHVZRUOGZLGH7KHSXUSRVHRIVHWWLQJXS7DLZDQ
$FFUHGLWDWLRQ)RXQGDWLRQLQVXSSRUWHGE\WKH
୾ϲᕘძᡑ᎑Ȃ‫ٯ‬ᇅ౱ȃۣȃᏱȃःஞϹӬձȂ
0LQLVWU\RI(FRQRPLF$IIDLUVLVWRUHVSRQGWRFKDQJHV
ໍ՘ࠊᙂ‫׭‬೛ᇰᜍᐡ‫ښ‬ϟ೤დІ௱ኅȂ௱୞ᇰᜍ
LQGRPHVWLFHQYLURQPHQW%\FRRSHUDWLQJFORVHO\
‫୾࡚ښ‬ርϾȂ‫୾ٻ‬ϲᇰᜍᡞ‫ق‬ಓӬ୾ርዀྦ‫࣐ٯ‬ ZLWKLQGXVWULHVJRYHUQPHQWDODXWKRULWLHVDFDGHPLF
ө୾‫ܜ‬ᇰȂयΩܼ௱ኅ୾ርࣻϤ‫ܜ‬ᇰϟᇰᜍਞઊ LQVWLWXWHVDQGUHVHDUFKGHSDUWPHQWV7$)GHVLJQV
ூпԥਞӵೞၽңȄਣՎϭСȂ୾ርᇰᜍСл DQGSURYLGHVDFFUHGLWDWLRQPHFKDQLVPIRUDGYDQFHG
ᚡ௄  Ԓ‫ޠ‬ȶ߭ᒧȷȃ Ԓ‫ޠ‬ȶ૗Ωȷ WHFKQRORJLHVSURPRWHVWKHLQWHUQDWLRQDOL]DWLRQRI
DFFUHGLWDWLRQV\VWHPVDQGHVWDEOLVKHVQDWLRQDO
‫  ژ‬Ԓ‫ޠ‬ȶӓ౩௦‫ڨ‬ȷȂऐᡘяӓ౩ᇰᜍ೤
DFFUHGLWDWLRQV\VWHPFRQIRUPLQJWRLQWHUQDWLRQDO
ࠍᇅโ‫ז‬ϑᗎܼಜΚȂկᄈܼಓӬ੒ຳ޲्ؒȃ
VWDQGDUGVDQGUHFRJQLVHGE\RWKHUFRXQWULHV7$)DOVR
ፐҢԋӓ‫ݳ‬೤्ؒ‫ڸ‬ΚૢҖಁւઊ‫ޠ‬ӓ౩౱ࠣᇅ VWULYHVWRSURPRWHLQWHUQDWLRQDOPXWXDOUHFRJQLWLRQ
݉ଡ଼ȂᔗԄե૗ԥਞኅ‫ހ‬ӵᕖூ୾ϲѵөࣩ‫ޠ‬М DQGWRHQKDQFHWKHEHQH¿WVRIXWLOL]LQJDFFUHGLWDWLRQ
ࡼȃ߭ᒧᇅ௦‫ڨ‬ȂໍՅ஽Ͼӓ౩ຸܿ‫ޠ‬ՍҦ࡚Ȃ )URPɆ7UXVWɇLQɆ&RPSHWHQFHɇLQ
ְ஡࢑ө୾ᇰᜍᐡᄻᇅ࢈‫᠍ۻ‬ೱᐡᜱґ‫ٿ‬໹ࡼ៊ WRɆ*OREDO$FFHSWDQFHɇLQWKHWKHPHRIWKH
ӔӤևΩ‫ޠ‬ҭዀȄ ,QWHUQDWLRQDO$FFUHGLWDWLRQ'D\KDVVKRZQWKHWUHQGV
WKDWJOREDODFFUHGLWDWLRQUXOHVDQGSURFHGXUHVDUH
ҭࠊ 7$) ࡼ៊ᆱࡼ୾ርᄃᡜࡊᇰᜍᖓ࿘ ,/$& PRYLQJWRZDUGVXQL¿FDWLRQ,QIXWXUHWKHFRPPRQJRDO
ᇅ୾ርᇰᜍ፤ᏬȞ,$)ȟϟࣻϤ‫ܜ‬ᇰ‫ڟ‬ឋᐡ‫ښ‬Ȃ IRUDFFUHGLWDWLRQERGLHVDQGJRYHUQPHQWDODXWKRULWLHV
LQHYHU\FRXQWU\ZLOOEHFRQWLQXRXVO\VHHNIRUWKHZD\
ᇅ୾ር௦क़Ȃණ‫׈ٽ‬ᐍϟᇰᜍ҂ѯȂ‫୾ٽ‬ϲ᠍ೱ
WRHQKDQFHWKHVXSSRUWUHOLDELOLW\DQGDFFHSWDQFHRI
ᐡᜱІཿࣩၽңІ௵ᇰȄՎ  Ԓ  У‫ۼ‬ЦȂ 
JOREDOSURGXFWVDQGVHUYLFHVWKDWVDWLVI\FRQVXPHUV 
7$) ᇰᜍϟᡜᜍᐡᄻႁ  ঢ়ȃᄃᡜࡊႁ  QHHGVKHDOWKDQGVDIHW\UHJXODWLRQVDQGFRPPRQ
ঢ়ȃ‫ڨ‬ဓ჎ѵ୾΢ୋᔯᚃଲႁ  ঢ়пІᔯᡜᐡ ZHOIDUHVRDVWRHOHYDWHWKHGHJUHHRIIUHHGRPIRU
ᄻႁ  ঢ়Ȃණ‫୾ٽ‬ϲစႇᇰᜍϟᡜᜍ  ᔯข  JOREDOWUDGH
ᔯᡜ‫׭‬೛݉ଡ଼ȄԫѵȂ2(&'*/3 ಓӬ‫ܓ‬ၑᡜ
7$)LVD6LJQDWRU\WRWKH0XOWLODWHUDO0XWXDO
൑՞ีᓄႁ  ঢ়ȂᇰѠϟ૗Ωၑᡜஉ՘ᐡᄻႁ  5HFRJQLWLRQ$UUDQJHPHQWRIWKH,QWHUQDWLRQDO
ঢ়Ȅ /DERUDWRU\$FFUHGLWDWLRQ&RRSHUDWLRQ ,/$& DQG
,QWHUQDWLRQDO$FFUHGLWDWLRQ)RUXP ,$) DQGNHHSVXS
ZLWKLQWHUQDWLRQDODFFUHGLWDWLRQVRFLHWLHV,WSURYLGHV
DVRXQGDFFUHGLWDWLRQSODWIRUPWREHDGRSWHGE\
GRPHVWLFJRYHUQPHQWDODXWKRULWLHVDQGLQGXVWULHV
$VRI'HFHPEHUWKHQXPEHURI7$)
DFFUHGLWHGFHUWL¿FDWLRQERGLHVZDVODERUDWRULHV
KRVSLWDOVIRUKHDOWKH[DPLQDWLRQRIHPSOR\HG
IRUHLJQODERXUHUVDQGLQVSHFWLRQERGLHV7KHVH
DFFUHGLWHGFRQIRUPLW\DVVHVVPHQWERGLHVSURYLGH
FHUWL¿FDWLRQWHVWLQJLQVSHFWLRQVHUYLFHVLQZLGHUDQJH
LQWKHFRXQWU\,QDGGLWLRQWKHUHZHUHWHVWIDFLOLWLHV
UHJLVWHUHGDV2(&'*/3FRPSOLDQFHDQGDFFUHGLWHG
SUR¿FLHQF\WHVWLQJSURYLGHUV



Ӳ៬ᇅࠊᙂ
5HYLHZDQGRXWORRN

7$) ഇႇ୾ር໣ࣻϤ‫ܜ‬ᇰȂ‫ܛ‬ᇰᜍϟಓӬ‫ܓ‬ຠᠧ 7KURXJKLQWHUQDWLRQDOPXWXDOUHFRJQLWLRQWKH


ᐡᄻ‫ޠ‬ᡜᜍൣ֚ȃᔯขൣ֚Іᔯᡜൣ֚ӤਣҼϸ FHUWL¿FDWLRQUHSRUWVWHVWLQJUHSRUWVDQGLQVSHFWLRQ
ր࣐ ,$)0/$  ঐစᔽᡞ  ঐᇰᜍᐡᄻ ᇅ UHSRUWVLVVXHGE\7$)DFFUHGLWHGFRQIRUPLW\DVVHVVPHQW
ERGLHVDUHUHFRJQLVHGE\,$)0/$PHPEHUV 
,/$&05$  ঐစᔽᡞ  ঐᇰᜍᐡᄻ ϟࣻ
HFRQRPLHVDFFUHGLWDWLRQERGLHV DQG,/$&05$
Ϥ‫ܜ‬ᇰᐡ‫ܛښ‬௦‫ڨ‬Ȃя‫ڏ‬ൣ֚ϟ૗Ω࣐୾ርᇰᜍ
PHPEHUV HFRQRPLHVDFFUHGLWDWLRQERGLHV 
ಣᙒ‫ܛ‬௦‫ڨ‬Ȃቩђ‫୾ש‬ᇅу୾Ӷ୾ርಣᙒፚցϜ 7KHUHFRJQLWLRQDQGDFFHSWDQFHRIWKHFRPSHWHQFH
ϟԥւ఩ӈȂၽңಓӬ :72 ्ؒϟಓӬ‫ܓ‬ຠᠧ RIDFFUHGLWHGFRQIRUPLW\DVVHVVPHQWERGLHVE\
࢝ᄻȂ੒ଷ୧ࠣӶһܿਣ‫ޠ‬२᙮ᔯۢȂऐખຸܿ LQWHUQDWLRQDODFFUHGLWDWLRQFRRSHUDWLRQVIDFLOLWDWHV

‫׭‬೛ሬᛥȂᄲ೾୾ርစຸࣁ୞Ȅ 7DLZDQ VIDYRXUDEOHSRVLWLRQLQQHJRWLDWLQJZLWKRWKHU
FRXQWULHV7KHFRQIRUPLW\DVVHVVPHQWIUDPHZRUN
ߗԒ‫ٿ‬੖২‫ۭڎ‬စຸ‫ٿ܂‬СᗎஞϹȂᇅᄈۭϟӬ FRPSOLDQWZLWK:72UHTXLUHPHQWVFDQHIIHFWLYHO\KHOS
ձҼབᗎᓝᖆȂᓎ຀‫ۭڎ‬ᐍᡞစຸ‫׌‬༗ึ৥ȂѠ HOLPLQDWHUHSHDWHGFRQIRUPLW\DVVHVVPHQWVRISURGXFWV
пႲُґ‫ۭڎٿ‬໣‫ޠ‬စຸ՘࣐஡ഃᅛҔளϾȂ੖ DQGEUHDNWKURXJKWHFKQLFDOEDUULHUVWRWUDGHVRDVWR
VPRRWKLQWHUQDWLRQDOHFRQRPLFDQGWUDGHDFWLYLWLHV
২‫ۭڎ‬Ӷ೩Ӽ౱ࠣα‫ڏ‬ԥ࠮‫ܗޣ‬Ь҂ϸϏ‫ޠ‬Ӭձ
ᜱ߾ȂӱԫѠᙥҦಓӬ‫ܓ‬ຠᠧ‫࡚ښ‬҂ѯȂпණЁ ,QUHFHQW\HDUVDVWKHFURVVVWUDLWVHFRQRPLFDQG
‫ۭڎ‬୧ຸࠣܿ‫ܛٿ܂‬ሰᔯขᇰᡜᜍձཿϟਞ౦Ȅ WUDGHDFWLYLWLHVKDYHEHFRPHLQFUHDVLQJO\LQWHQVLYHWKH
ӤਣȂ‫୾ש‬Ҽཽ८ᖞᐮ੩‫୾ޠ‬ርစᔽᝰ‫ލ‬Ȃ࣐ӱ FRRSHUDWLRQKDVDOVREHFRPHFORVHUDQGPRUHIUHTXHQW
,WLVIRUHVHHDEOHWKDWFURVVVWUDLWVHFRQRPLFDQGWUDGH
ᔗུਣх‫ޠ‬૗ྜୱᚡȃཹϾୱᚡȂԄեဤᄃၽң
DFWLYLWLHVZLOOEHQRUPDOL]HGJUDGXDOO\7KHFURVVVWUDLW
ϵҔಒή޲ᇰᜍ  ᡜᜍᐡᄻ‫ޠ‬ಓӬ‫ܓ‬ຠᠧᐡ‫ښ‬Ȃ
FRRSHUDWLRQUHODWLRQVKLSFRQWDLQVZRUNGLYLVLRQLQWKH
୉Ԃࠣ፵߭ᒧ༉ᒰ‫ޠ‬ᐞዉȂϑ࢑࿌ࠊ୾ঢ়‫ڔ‬ϛৡ YHUWLFDORUKRUL]RQWDOYDOXHFKDLQRYHUYDULRXVSURGXFWV
ጦϟ२्உ՘፟ᚡȄ %\XVLQJWKHFRQIRUPLW\DVVHVVPHQWSODWIRUPWKH
DFFUHGLWDWLRQDQGFHUWL¿FDWLRQWHVWLQJFDOLEUDWLRQ
LQVSHFWLRQIRUWUDGHSXUSRVHVFDQEHRSHUDWHGPRUH
HI¿FLHQWO\,QWKHPHDQWLPHLQRUGHUWRIDFHWKHYLJRURXV
JOREDOHFRQRPLFFRPSHWLWLRQVDQGUHVSRQGWRWKH
HQHUJ\DQGJOREDOZDUPLQJLVVXHVLQWKHQHZHUDKRZ
WRYLUWXDOO\XWLOLVHWKHFRQIRUPLW\DVVHVVPHQWPHFKDQLVP
SURYLGHGE\LPSDUWLDOWKLUGSDUW\DFFUHGLWDWLRQ
FHUWL¿FDWLRQERG\ODERUDWRU\LQVSHFWLRQERG\DVWKH
FKDQQHOWRTXDOLW\DQGUHOLDQFHKDVEHFRPHDQXUJHQW
LPSRUWDQWLVVXHIRUWKHJRYHUQPHQW


Ӳ៬ᇅࠊᙂ
5HYLHZDQGRXWORRN

7$) Ӷөࣩ‫ޠ‬Мࡼᇅ‫ڟ‬ֆȂІө՞лᆔᇅӤϧև :LWKWKHVXSSRUWIURP7$)FROOHDJXHVDQGTXLWHD


ΩϟίȂಥܼӶѯіసЬᗋဋՍԥ஠឵‫ޠ‬ᒳϵӵ IHZH[WHUQDO¿HOGV7$)KDV¿QDOO\SXUFKDVHGLWVRZQ
ᘉȂܼ  Ԓ  У  СҦѯіҀࠓ੖ၰཀྵ᎑ SHUPDQHQWSUHPLVHDQGUHORFDWHGIURP1DQKDL5RDGRI
7DLSHL&LW\WR'DQVKXHL7RZQVKLSRI7DLSHL&RXQW\RQ
ՎѯіᑫసЬᚋȂ‫  ܼٯ‬У  Сᒳ౪ൗ᎑૰ཽȂ
$SULO$KRXVHZDUPLQJUHFHSWLRQZDVKHOGRQ
ᗝ፝စᔽഌ ‫ݔ‬Ԫߞဒ‫܇‬ӒҢᇎᖞयມᇅථᄎȂ
0D\DQGWKH'HSXW\0LQLVWHURI02($0U6KHQJ
ॏԥုᆀ‫ٲ‬ȃቸឋ‫ې‬সІ࢈‫ۻ‬ᐡᜱȃᡜᜍᐡᄻᇅ &KXQJ/LQZDVLQYLWHGWRDGGUHVVDWWKHGHEXW$WRWDO
ࣻᜱყᡞಣᙒхߓӔ  ΢ᇅཽȄ෉೩ґ‫ٿ‬Ґཽ RIJXHVWVSDUWLFLSDWHGLQWKHHYHQWLQFOXGLQJWKH
ӤϧӶԋۢ‫ޠ‬ᕘძίȂ᝸៊ީࡼҐཽࠣ፵࢈๋ PHPEHUVRI%RDUGRI'LUHFWRUVDQG6XSHUYLVRUVDQG
ȶпϵҔȃᑀҴȃഇ݃ϟ঩ࠍȂණ‫ٽ‬ԥਞ౦Іঅ UHSUHVHQWDWLYHVRIJRYHUQPHQWDODXWKRULWLHV5HYLHZ
&RPPLWWHHVFHUWL¿FDWLRQERGLHVODERUDWRULHVDQG
ூ߭ᒧ‫ޠ‬ᇰᜍ݉ଡ଼ȷȂґ‫ٿ‬૗п‫؂‬ԥਞȃ‫؂‬ಓӬ
YDULRXVVWDNHKROGHUJURXSV,WLVH[SHFWHGWKDW7$)
᠍ೱᐡᜱሰؒ‫ޠ‬РԓȂණ‫ٽ‬ᇰᜍ݉ଡ଼ϟਞઊȂ࣐
FROOHDJXHVLQWKHVWDEOHHQYLURQPHQWVKDOOFRQWLQXH
Ң౱ᇨആኆ୧ᡜᜍᐡᄻȃᄃᡜࡊȃᇰᜍᐡᄻᇅ࢈ DGKHULQJWR7$)TXDOLW\SROLF\Ɇ3URYLGH(I¿FLHQW 
‫᠍ۻ‬ೱᐡᜱϟ໣഻ആӼទ‫ޠ‬ഷ‫๋ٺ‬౲Ȃᙥпᄲ೾ 5HOLDEOH$FFUHGLWDWLRQ6HUYLFHVEDVHGRQ,PSDUWLDO
ຸܿȂᡲ੒ຳ޲Ңࣁᓻ፵ϾȄ ,QGHSHQGHQW 7UDQVSDUHQW3ULQFLSOHVɇ,QWKH
IXWXUH7$)ZLOOFDUU\RQHQKDQFLQJWKHEHQH¿WVRI
DFFUHGLWDWLRQVHUYLFHVWKURXJKPRUHHI¿FLHQWDQGEHWWHU
FRQQHFWLRQVZLWKJRYHUQPHQWDODXWKRULWLHVDQGFUHDWLQJ
WKHEHVWVWUDWHJLHVIRUPXOWLSOHZLQVVLWXDWLRQEHWZHHQ
PDQXIDFWXUHUVFHUWL¿FDWLRQERGLHVODERUDWRULHV
DFFUHGLWDWLRQERGLHVDQGJRYHUQPHQWDODXWKRULWLHVVR
DVWRVPRRWKWKHWUDGHDQGWREULQJ¿QHOLIHTXDOLW\WR
FRQVXPHUV


&RPELQDWLRQRIVWURQJWHDPZRUN

ᆺӬ
Ӭ
Ԓൣ
$118$/5(3257 ŕłŇಣᙒ 2UJDQL]DWLRQ
6WUXFWXUH

஁஽
஽ყ໦


ᆺӬ஁஽ყ໦
&RPELQDWLRQRIVWURQJWHDPZRUN

7$)ಣᙒ 2UJDQL]DWLRQ6WUXFWXUH
ӓ୾ᇰᜍஆߝཽܼ  Ԓ  УӶѯіӵР‫ݳ‬ଲ 7$)ZDVUHJLVWHUHGDVDOHJDOHQWLW\DQGREWDLQHGWKH
‫ڦ‬ூ‫ݳ‬΢ีଅᜍ݃Ȃ‫ٸ‬ᐄȶଓყ‫ݳ‬΢ӓ୾ᇰᜍஆ FHUWL¿FDWHLVVXHGE\7DLSHL'LVWULFW&RXUWLQ6HSWHPEHU

ߝཽਗֆതโȷၽձȂ‫ٯ‬Ҧစᔽഌ୧ཿѨᇅ࢈‫ۻ‬ ,WLVRSHUDWHGXQGHUWKHɆ7$) V&RQWULEXWLRQ
$UWLFOHVɇDQGVXSHUYLVHGE\WKH'HSDUWPHQWRI
ቸॏ൑՞ӔӤᆀ࿝ஆߝཽ‫ޠ‬ଓଡ଼ȃཽॏȃၦ౱ᇅ
&RPPHUFH02($DQGJRYHUQPHQWDXGLWLQJXQLWV
ၽձȄ
UHJDUGLQJLWVDFFRXQWLQJ¿QDQFHDVVHWVDQGRSHUDWLQJ
H[SHQVHV
7$) ҭࠊԥ‫ڎ‬೏ᒳϵൠ‫ܛ‬Ȃѯіᒳϵࡊ՞ܼѯі
ᑫసЬᚋϜҔ‫ݎ‬ၰΡࢳ  ဵ  ዃȇུԽᒳϵ 3UHVHQWO\7$)KDVWZRRI¿FHV7KH7DLSHL2I¿FHLV
ࡊ՞ུܼԽҀϵၿϥၰήࢳ  ဵȄ ORFDWHGDW)1R6HF-KRQJMKHQJ(5G
'DQVKXHL7DLSHL&RXQW\7DLZDQDQGWKH
7$) ಣᙒє֥ု‫ཽٲ‬ȃᆀ‫ཽٲ‬ȃஉ՘ߞࡊȃᆔ౪ +VLQFKX2I¿FHLVORFDWHGDW6HF*RQJ'DR
೏ȃᡜᜍᐡᄻᇰᜍ೏Іᄃᡜࡊᇰᜍ೏Ȃ Ԓ 5RDG+VLQFKX7DLZDQ
࡚өഌߟ΢সӔॏ  ΢Ȃ֥ု‫  ࡊߞٲ‬΢ȃஉ
7$)RUJDQL]DWLRQLQFOXGHV%RDUGRI'LUHFWRUVDQG
՘ߞࡊ  ΢ȃᆔ౪೏  ΢ȃᡜᜍᐡᄻᇰᜍ೏  %RDUGRI6XSHUYLVRUV&(22I¿FH'HSDUWPHQWRI
΢ȃᄃᡜࡊᇰᜍ೏  ΢Ȅ‫ڐ‬ಣᙒ࢝ᄻᇅᙜೱᙐ $GPLQLVWUDWLRQ'HSDUWPHQWRI&HUWL¿FDWLRQ%RG\
ख़ԄࡤȈ $FFUHGLWDWLRQDQG'HSDUWPHQWRI/DERUDWRU\
$FFUHGLWDWLRQ,QWKHUHZHUHDWRWDORI
HPSOR\HHVSHUVRQDWWKH3UHVLGHQW2I¿FHDWWKH
&(22I¿FHDWWKH'HSDUWPHQWRI$GPLQLVWUDWLRQ
DWWKH'HSDUWPHQWRI&HUWL¿FDWLRQ%RG\$FFUHGLWDWLRQ
DQGDWWKH'HSDUWPHQWRI/DERUDWRU\$FFUHGLWDWLRQ
7KHRUJDQL]DWLRQDOFKDUWDQGGXWLHVDUHEULHÀ\
GHVFULEHGKHUHLQ


ᆺӬ஁஽ყ໦
&RPELQDWLRQRIVWURQJWHDPZRUN

7$) ಣᙒშȈ
7$)2UJDQL]DWLRQDO&KDUW

ု‫  ཽٲ‬΢ ȃᆀ‫  ཽٲ‬΢


ု ‫ߞ ٲ‬Ȉച Ϯ ύ
лᒳጌਰȈल࠻Ҕ‫י‬
%RDUGRI'LUHFWRUV SHRSOH DQG
6XSHUYLVRUV SHRSOH
3UHVLGHQW'U-D\6DQ&KHQ
&KLHI$XGLWRU-HIIUH\-7)DQMLDQJ

உ՘ߞࡊ  ΢
உ ՘ ߞȈ஼ ᅗ ඐ
୚உ՘ߞȈ‫ ܉ ڻ‬ങ
ҔϏโ৲Ȉ༂ ᘅ ݀
&(22I¿FH VWDII
&(2$QJHOD&KDQJ
9LFH&(21LJHO1/-RX
6HQLRU(QJLQHHU+XQJ&KDQJ+XDQJ

өᆎ‫ې‬সཽ ࠣ፵ᆔ౪‫ې‬সཽ
&RPPLWWHHV 4XDOLW\0DQDJHPHQW&RPPLWWHH

ᆔ౪೏  ΢ ᡜᜍᐡᄻᇰᜍ೏  ΢ ᄃᡜࡊᇰᜍ೏  ΢


চӉ೏ߞȈ஼ ᅗ ඐ ೏ ߞȈച ۞ ۡ ೏ ߞȈ‫ ݔ‬໡ ቉
'HSDUWPHQWRI 'HSDUWPHQWRI&HUWL¿FDWLRQ 'HSDUWPHQWRI/DERUDWRU\
$GPLQLVWUDWLRQ VWDII %RG\$FFUHGLWDWLRQ VWDII $FFUHGLWDWLRQ VWDII
'LUHFWRU$QJHOD&KDQJ 'LUHFWRU-HII&KHQ 'LUHFWRU6\OYLD/LQ


ᆺӬ஁஽ყ໦
&RPELQDWLRQRIVWURQJWHDPZRUN

ု‫ཽٲ‬ᇅᆀ‫ཽٲ‬ %RDUGRI'LUHFWRUVDQG%RDUGRI
6XSHUYLVRUV
ု‫ཽٲ‬ᇅᆀ‫ ࢑ཽٲ‬7$) ഷାᆔ౪໧ቺȂ߾Ҧਗ
ֆ΢хߓȃ࢈‫ۻ‬ᐡᜱхߓȃᏱ޲஠ঢ়ӔӤಣԚȂ 7KH%RDUGRI'LUHFWRUVDQG%RDUGRI6XSHUYLVRUV
єࢃಓӬ‫ܓ‬ຠᠧ஠ঢ়ȃಓӬ‫ܓ‬ຠᠧᐡᄻȃᇨആ୧ DUHWKHWRSPDQDJHPHQWRI7$)7KH\FRQVLVWRI
UHSUHVHQWDWLYHVIURPFRQWULEXWRUVUHSUHVHQWDWLYHV
‫ٽܗ‬ᔗ୧ȃ‫ٻ‬ң޲ȃ࢈‫ۻ‬ᐡᜱІߩ࢈‫ۻ‬ಣᙒх
IURPJRYHUQPHQWDODXWKRULWLHVVFKRODUVDQGH[SHUWV
ߓȄ
LQFOXGLQJFRQIRUPLW\DVVHVVPHQWH[SHUWVDQG
ု‫ཽٲ‬ϟᙜ᠍࣐ᔤ‫ڏ‬ཿଡ଼ॏฬІཿଡ଼ൣ֚ȃጢӗ UHSUHVHQWDWLYHVIURPFRQIRUPLW\DVVHVVPHQWERGLHV
PDQXIDFWXUHUVRUVXSSOLHUVXVHUVJRYHUQPHQWDO
Ԓ࡚ၦߝၽңॏฬІ‫؛‬ᆘਫߓȃၽңІ೏ϸଓ
DXWKRULWLHVDQG1*2V
౱ȃ२्΢‫ٲ‬ϟӉռȃု‫ٲ‬ϟӉռȃ၍යϟᔤឋȃ
ਗֆതโঔ‫׾‬ϟ࡛ឋІ‫ڐ‬у२्‫ٲ‬໷ϟ‫ۢ؛‬І೏ 7KHGXWLHVRIWKH%RDUGRI'LUHFWRUVLQFOXGHSUHSDULQJ
౪๊ȇᆀ‫ཽٲ‬ϟᙜ᠍࣐ቸਰԒ࡚ཿଡ଼ൣ֚Іᕋၽ RSHUDWLRQVSODQVDQGUHSRUWVDQQXDOFDSLWDOXWLOL]DWLRQ
EXGJHWLQJ¿QDQFLDOVWDWHPHQWDQGUHSRUWVDVVHW
ॏฬȂࢦਰཿଡ଼ᇅଓଡ଼‫ݸޒ‬ІவᛪНӈȂቸਰԒ
XWLOL]DWLRQDQGPDQDJHPHQWHPSOR\PHQWDQGGLVPLVVDO
࡚‫؛‬ᆘІၦߝၽңॏฬȂࢦਰု‫ཽٲ‬ϟ२τ‫؛‬ឋ
RILPSRUWDQWSHUVRQQHODSSRLQWPHQWDQGGLVPLVVDORI
‫ٲ‬໷Іᆀ‫ٲ‬ϟӉռ๊ȄؑԒѣ໡  Ԫۢ෉ုᆀ‫ٲ‬ GLUHFWRUVLQLWLDWLRQRIGLVPLVVDOSURYLGLQJVXJJHVWLRQV
ᖓৱཽឋІຝሰ्ѣ໡ϛۢ෉ཽឋȄ WRUHYLVHFRQWULEXWLRQVDUWLFOHVDQGGHFLVLRQVDQG
PDQDJHPHQWRQRWKHULPSRUWDQWPDWWHUV7KH
ု‫ߞٲ‬ചϮύീς࣐ 7$) ϟ‫॓ۢݳ‬ೱ΢Ȃ॓ೱ GXWLHVRIWKH%RDUGRI6XSHUYLVRUVLQFOXGHUHYLHZLQJ
7$) ‫ܛ‬ԥཿଡ଼ϟ๋დȃ࿝ᏳȃਰঠІ௳᠍๊‫ٲ‬ DQQXDORSHUDWLRQVSHUIRUPDQFHUHSRUWDQGSODQ
ۤȂ΢ΩၦྜϟᕖூІԥਞ೤დၽңȂ࡛Ҵ 7$) DXGLWLQJRSHUDWLRQV¿QDQFLDOVWDWXVDQGDFFRXQWLQJ
ࠣ፵࢈๋ȃࠣ፵ҭዀІө໷ཿଡ଼ϟ‫๋؛‬пІᇰᜍ GRFXPHQWVUHYLHZLQJDQQXDO¿QDQFLDOVWDWHPHQWDQG
ᜍਫϟ᛬ဎȄု‫ཽٲ‬ဓ፝ࠊӉု‫ݔߞٲ‬૗ϜӒҢ FDSLWDOXWLOL]DWLRQSODQDXGLWLQJPDMRU%RDUGPHHWLQJ
UHVROXWLRQVDVZHOODVDSSRLQWPHQWDQGGLVPLVVDORI
࣐ 7$) ၦ౐៬ୱȂ‫ڟ‬ֆ 7$) ୾ር‫ٲ‬ଡ଼Іࣻᜱཿ
VXSHUYLVRUV7KH%R'DQG%R6PHHWLQJVDUHKHOGWZLFH
ଡ଼ϟ௱৥Ȅ
D\HDUDQGPD\EHFRQYHQHGDVQHFHVVDU\

 ԒಒΡ۪ု‫ཽٲ‬ᇅᆀ‫ཽٲ‬ϟԚসȂု‫࣐ٲ‬ 7KH3UHVLGHQW'U-D\6DQ&KHQLVWKHOHJDOSHUVRQ


 ΢Ȃᆀ‫  ࣐ٲ‬΢Ȃုᆀ‫ٲ‬ӫ൑ԄࡤȄ UHVSRQVLEOHIRU7$)LQWHUPVRISODQQLQJVXSHUYLVLRQ
DSSURYDOVDQGDXWKRUL]DWLRQRIDOOWKHRSHUDWLRQVDV
ZHOODVHIIHFWLYHHPSOR\PHQWRIKXPDQUHVRXUFHV
HVWDEOLVKPHQWRI7$)TXDOLW\SROLFLHVDQGREMHFWLYHV
PDMRUGHFLVLRQVPDNLQJDQGVLJQLQJRIDFFUHGLWDWLRQ
FHUWL¿FDWHV)RUPHU3UHVLGHQW0U1HQJ-RQJ/LQLV
LQYLWHGE\WKH%R'DVD6HQLRU$GYLVRUWRKHOSSURPRWH
7$)LQWHUQDWLRQDODIIDLUVDQGUHOHYDQWRSHUDWLRQV

,QWKHVHFRQGWHUPRI%RDUGRI'LUHFWRUVDQG
%RDUGRI6XSHUYLVRUVFRQVLVWRI'LUHFWRUVDQG
6XSHUYLVRUV7KHOLVWLVVKRZQDVIROORZV


ᆺӬ஁஽ყ໦
&RPELQDWLRQRIVWURQJWHDPZRUN

ଓყ‫ݳ‬΢ӓ୾ᇰᜍஆߝཽಒΡ۪ုᆀ‫ٲ‬ӫ൑
7DLZDQ$FFUHGLWDWLRQ)RXQGDWLRQ
7KH/LVWRIWKH6HFRQG7HUPRIWKH%RDUGRI'LUHFWRUVDQG%RDUGRI6XSHUYLVRUV

ု‫ٲ‬ӫ൑ ‫ۘٸ‬Ы์დ௷‫ ז‬
7KHOLVWRI'LUHFWRUV LQDOSKDEHWLFDORUGHUE\VXUQDPH

ု‫ߞٲ‬3UHVLGHQW ౫ᙜ&XUUHQW3RVLWLRQ

စᔽഌዀྦᔯᡜ‫ߞ׌׌‬
'LUHFWRU*HQHUDO
ചϮύ-D\6DQ&KHQ
%XUHDXRI6WDQGDUGV0HWURORJ\DQG,QVSHFWLRQ
0LQLVWU\RI(FRQRPLF$IIDLUV

ளଡ଼ု‫ ٲ‬6WDQGLQJ'LUHFWRU ౫ᙜ&XUUHQW3RVLWLRQ

‫ڸݎ‬ᓂ២Ӎཿ ޷ ϵѨ‫ڟ‬౪
եߞኋ'DYLG+R $VVLVWDQW9LFH3UHVLGHQW
7XQJ+R6WHHO(QWHUSULVH&RUSRUDWLRQ

՘࢈ଲϵӔϏโ‫ې‬সཽ‫׭‬ᆀচஉ՘બਫ
‫ڻ‬๓݁&KX.XQ&KRX 7HFKQLFDO6XSHUYLVRUDQG([HFXWLYH6HFUHWDU\
3XEOLF&RQVWUXFWLRQ&RPPLVVLRQ([HFXWLYH<XDQ

ࢨ‫ ޷ ݔ‬ϵѨᖃစ౪
ചНྜ:HQ<XDQ&KHQ 3UHVLGHQW
%HUOLQ&RPSDQ\/LPLWHG

ଓ ѯᢋႬφᔯᡜϜЗု‫ߞٲ‬
ቔ୾ࢎ.XR&KDR/LX &KDLUPDQ
(OHFWURQLFV7HVWLQJ&HQWHU7DLZDQ

ѯᢋୣႬᐡႬφϏཿӤཿϵཽ୚౪‫ߞٲ‬
9LFH&KDLUPDQ
᎓൳໱-RVHSK)X+VLXQJ&KHQJ 
7DLZDQ(OHFWULFDODQG(OHFWURQLF0DQXIDFWXUHV
$VVRFLDWLRQ 7((0$


ᆺӬ஁஽ყ໦
&RPELQDWLRQRIVWURQJWHDPZRUN

ု‫'ٲ‬LUHFWRU ౫ᙜ&XUUHQW3RVLWLRQ

Ϝ୾ᓂ២ ޷ ϵѨ‫׭‬೛ഌߟֆ౪୚ᖃစ౪
еᓃ෤+V\L&KLQ:DQJ $VVLVWDQW9LFH3UHVLGHQW7HFKQRORJ\'LYLVLRQ&KLQD
6WHHO&RUSRUDWLRQ

՘࢈ଲᕘძߴៗဎᕘძᔯᡜ‫ߞܛܛ‬
еȁᆇ3LK:DQJ 'LUHFWRU
(QYLURQPHQW$QDO\VLV/DERUDWRU\(3$([HFXWLYH<XDQ

୾ҴѯіτᏱֆ౪ఁ௳
؄஁݃&KLHQ0LQJ/HH $VVLVWDQW3URIHVVRU
1DWLRQDO7DLSHL8QLYHUVLW\

୾Ҵѯіऌ‫׭‬τᏱ୚ਯߞ
ࡃҴ኉/HHKWHU<DR 9LFH3UHVLGHQW
1DWLRQDO7DLSHL8QLYHUVLW\RI7HFKQRORJ\

՘࢈ଲፐҢဎ᛿‫ࠣॶޑ‬ᔯᡜ‫׌‬୚‫ߞ׌‬
'HSXW\'LUHFWRU*HQHUDO
৙ཐਇ7VL7HH6XHQ
%XUHDXRI)RRGDQG'UXJ$QDO\VLV
'HSDUWPHQWRI+HDOWK([HFXWLYH<XDQ

୾Ҵ੖ࢸτᏱఁ௳
༂ȁด5DQ+XDQJ 3URIHVVRU
1DWLRQDO7DLZDQ2FHDQ8QLYHUVLW\

ѯᢋᔯᡜऌ‫ ޷ ׭‬ϵѨ‫ٴݎ‬ୣᕋၽߞᄳѯᢋୣᖃນ
&KLHI2SHUDWLQJ2I¿FHU
྇஫ύ'HQQLV<DQJ
(DVWHUQ$VLD5HJLRQ
6*67DLZDQ/WG

՘࢈ଲၼཿ‫ې‬সཽ೏ߞ
ᄒԋۢ$Q7LQJ/LDR 'LUHFWRU
&RXQFLORI$JULFXOWXUH([HFXWLYH<XDQ

Ϝ๽Җ୾੒ຳ޲Нఁஆߝཽု‫ߞٲ‬
ᗃЉϧ7LHQ-HQ+VLHK &KDLUPDQ

&RQVXPHUV )RXQGDWLRQ&KLQHVH7DLSHL


ᆺӬ஁஽ყ໦
&RPELQDWLRQRIVWURQJWHDPZRUN

ᆀ‫ٲ‬ӫ൑ ‫ۘٸ‬Ы์დ௷‫ ז‬
7KHOLVWRI6XSHUYLVRUV LQDOSKDEHWLFDORUGHUE\VXUQDPH

ளଡ଼ᆀ‫ٲ‬6WDQGLQJ6XSHUYLVRU ౫ᙜ&XUUHQW3RVLWLRQ

ଓ ٚᎅः‫ف‬ขၑϜЗᖃစ౪
༂໫ࢹ/XQJ&KRX+XDQJ 3UHVLGHQW
$XWRPRWLYH5HVHDUFK 7HVWLQJ&HQWHU

ᆀ‫ٲ‬6XSHUYLVRU ౫ᙜ&XUUHQW3RVLWLRQ

୾ҴѯіτᏱਯߞ
߯஥Н&KXQJ:HXQ+RX 3UHVLGHQW
1DWLRQDO7DLSHL8QLYHUVLW\

စᔽഌཽॏ೏ऌߞ
஼ᙵৡ)HQJ-XQJ&KDQJ 6HFWLRQ&KLHI
'HSDUWPHQWRI$FFRXQWLQJ02($


ᆺӬ஁஽ყ໦
&RPELQDWLRQRIVWURQJWHDPZRUN

உ՘ߞࡊ &(22I¿FH
॓ೱ 7$) ၽձࣻᜱϟ࢈๋‫ٲܓ‬ଡ଼ϟ೤დȃஉ՘ 5HVSRQVLEOHIRUSODQQLQJ7$)SROLF\DQGUHODWHGPDWWHUV
7$) ϟө໷ཿଡ଼๋დȃ࿝ᏳІਰঠ๊‫ٲ‬ଡ଼ȃԥᜱ H[HFXWLQJ7$)EXVLQHVVSODQQLQJVXSHUYLVLRQDQG
DSSURYDOVDSSURYLQJDQGVXSHUYLVLQJRQPDWWHUVUHODWHG
ࠣ፵࢈๋  ࠣ፵ҭዀІࠣ፵ᆔ౪‫ق‬ಜஉ՘ϟਰঠ
WRTXDOLW\SROLF\TXDOLW\REMHFWLYHVTXDOLW\PDQDJHPHQW
ᇅ࿝Ᏻȃॐۢ 7$) Ϝߞ෉๋౲Ȃ೪ҴӉଡ଼ጢಣ V\VWHPPDNLQJPLGWHUPDQGORQJWHUPVWUDWHJLHVIRU
ϟࠣ፵ᆔ౪‫ې‬সཽȂ॓ೱӓཽࠣ፵‫ق‬ಜϟၽձȄ 7$)DQGHVWDEOLVKLQJTXDOLW\PDQDJHPHQWFRPPLWWHHIRU
WKHRSHUDWLRQVRIRYHUDOOTXDOLW\PDQDJHPHQWV\VWHPRI
WKHIRXQGDWLRQ

ཿଡ଼ഌߟ 'HSDUWPHQWV

ᆔ౪೏ 'HSDUWPHQWRI$GPLQLVWUDWLRQ
5HVSRQVLEOHIRUH[HFXWLQJDQGDGPLQLVWHULQJWKH
॓ೱ՘࢈‫ٲ‬ଡ଼ϟ௱୞ᇅᆔ౪ȃҨຨ  ܳ࡫І‫ݳ‬ଡ଼
DGPLQLVWUDWLRQPDWWHUVKDQGOLQJFRPSODLQWVDSSHDOV
‫ٲ‬ଡ଼೏౪ȃϵӔᜱ߾ཿଡ଼ȃၦଊ݉ଡ଼ϟණ‫ٽ‬ᇅᆔ OHJDODIIDLUVSXEOLFUHODWLRQVDQGLQIRUPDWLRQVHUYLFHV
౪Ȃಜ᝱೤დІᆔ౪ 7$) ᄈѵ௱ኅᇅఁ‫ي‬ଌጜ DQGRYHUDOOSODQQLQJDQGPDQDJLQJ7$)SURPRWLRQDODQG
ཿଡ଼Ȅ WUDLQLQJSURJUDPV

'HSDUWPHQWRI&HUWL¿FDWLRQ%RG\$FFUHGLWDWLRQ
ᡜᜍᐡᄻᇰᜍ೏
5HVSRQVLEOHIRUH[HFXWLQJDQGPDQDJLQJWKHDVVHVVPHQW
॓ೱஉ՘ᇅᆔ౪୾ϲᆔ౪‫ق‬ಜȃ౱ࠣȃ΢স๊ᡜ DQGDFFUHGLWDWLRQRIPDQDJHPHQWV\VWHPSURGXFWDQG
ᜍᐡᄻϟຠᠧᇰᜍཿଡ଼ȃࣻᜱ೤ጓНӈϟঔॐІ SHUVRQQHOFHUWL¿FDWLRQERGLHVUHYLVLQJUHOHYDQWFULWHULD
‫ڐ‬ᇰᜍ‫ق‬ಜԚਞᔯଇᇅຠզȂ೤დϜߞ෉๋౲І GRFXPHQWVUHYLHZLQJDQGHYDOXDWLQJWKHHIIHFWLYHQHVV
RIWKHDFFUHGLWDWLRQSURJUDPVSODQQLQJPLGWHUPDQG
ུስ஀໡ึᇅึ৥ॏฬȂ࡛Ҵ࢈‫ࣻۻ‬ᜱഌཽϟᇰ
ORQJWHUPVWUDWHJLHVGHYHORSLQJSURJUDPVLQQHZ
ᜍཿଡ଼ӬձዂԓȂᆱࡼ ,$) І 3$& ୾ርӼᜟࣻ ¿HOGVHVWDEOLVKLQJFRRSHUDWLRQPRGHOVZLWKUHOHYDQW
Ϥ‫ܜ‬ᇰ‫ڟ‬ឋȂ‫ٯ‬ᇅ୾ϲѵᇰᜍᐡᄻӬձȄ JRYHUQPHQWDODXWKRULWLHVLQDFFUHGLWDWLRQRSHUDWLRQV
PDLQWDLQLQJ,$)0/$DQG3$&0/$DQGFROODERUDWLQJ
ᄃᡜࡊᇰᜍ೏ ZLWKGRPHVWLFDQGLQWHUQDWLRQDODFFUHGLWDWLRQERGLHV

॓ೱஉ՘ᇅᆔ౪ᄃᡜࡊȃᔯᡜᐡᄻІ૗Ωၑᡜஉ 'HSDUWPHQWRI/DERUDWRU\$FFUHGLWDWLRQ
՘ᐡᄻϟຠᠧᇰᜍཿଡ଼ȃࣻᜱ೤ጓНӈϟঔॐІ 5HVSRQVLEOHIRUH[HFXWLQJDQGPDQDJLQJWKHDVVHVVPHQW
‫ڐ‬ᇰᜍ‫ق‬ಜԚਞᔯଇᇅຠզȂ೤დϜߞ෉๋౲ DQGDFFUHGLWDWLRQRIODERUDWRULHVLQVSHFWLRQERGLHVDQG
Іུስ஀໡ึᇅึ৥ॏฬȂ࡛Ҵ࢈‫ࣻۻ‬ᜱഌཽϟ SUR¿FLHQF\WHVWLQJSURYLGHUVUHYLVLQJUHOHYDQWFULWHULD
GRFXPHQWVUHYLHZLQJDQGHYDOXDWLQJWKHHIIHFWLYHQHVV
ᇰᜍཿଡ଼ӬձዂԓȂᆱࡼ ,/$& ᇅ $3/$& ୾ር
RIWKHDFFUHGLWDWLRQSURJUDPVSODQQLQJPLGWHUPDQG
ӼᜟࣻϤ‫ܜ‬ᇰ‫ڟ‬ឋȂ‫ٯ‬ᇅ୾ϲѵᇰᜍᐡᄻӬձȂ ORQJWHUPVWUDWHJLHVGHYHORSLQJSURJUDPVLQQHZ
೤დІᆔ౪૗ΩၑᡜॏฬȂ೤დІᆔ౪ 2(&' ¿HOGVHVWDEOLVKLQJFRRSHUDWLRQPRGHOVZLWKUHOHYDQW
*/3 ୾ঢ়ಓӬᆀ௢‫ق‬ಜϟၽձȄ JRYHUQPHQWDODXWKRULWLHVLQDFFUHGLWDWLRQRSHUDWLRQV
PDLQWDLQLQJ,/$&05$DQG$3/$&05$FROODERUDWLQJ
ZLWKGRPHVWLFDQGLQWHUQDWLRQDODFFUHGLWDWLRQERGLHV
GHVLJQLQJDQGPDQDJLQJWKHSUR¿FLHQF\WHVWLQJSURJUDPV
DQGSODQQLQJDQGPDQDJLQJWKH2(&'*/31DWLRQDO
&RPSOLDQFH0RQLWRULQJ3URJUDP


&UHDWLQJVLJQL¿FDQWUHVXOWV

ጛആ

Ԓൣ
$118$/5(3257 ᇰᜍཿଡ଼

3HUIRUPDQFH $FKLHYHPHQWLQ$FFUHGLWDWLRQ

඼ดԚ‫ݏ‬


ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

ᇰᜍཿଡ଼ 3HUIRUPDQFH $FKLHYHPHQWLQ


$FFUHGLWDWLRQ
ᇰᜍ౫‫ݸ‬
&XUUHQW6WDWXVRI$FFUHGLWDWLRQ
7$) ࣐ߩпᕋւ࣐ҭ‫ޠ‬ϟӓ୾‫ܓ‬ᇰᜍ஠ೱᐡᄻȂ
л्ཿଡ଼є֥ᡜᜍᐡᄻᇰᜍȃᄃᡜࡊᇰᜍȃᔯᡜ 7$)LVDQRWIRUSUR¿WQDWLRQDODFFUHGLWDWLRQERG\
VSHFLDOLVHGLQDFFUHGLWDWLRQVHUYLFHVIRUFHUWL¿FDWLRQERGLHV
ᐡᄻᇰᜍІ૗Ωၑᡜஉ՘ᐡᄻᇰᜍȂණ‫ٽ‬စᔽᇅ ODERUDWRULHVLQVSHFWLRQERGLHVDQGSUR¿FLHQF\WHVWLQJ
ަཽึ৥ϟϵҔȃࡋᢏȃᑀҴІಓӬ୾ር೤ጓϟ SURYLGHUV,WSURYLGHVLPSDUWLDOREMHFWLYHDQGLQGHSHQGHQW
ಒή޲ᇰᜍ݉ଡ଼Ȃ‫ڐ‬ᇰᜍ౫‫ݸ‬ԄίȈ WKLUGSDUW\DFFUHGLWDWLRQVHUYLFHVLQFRQIRUPDQFHZLWK
LQWHUQDWLRQDOVWDQGDUGVWRSURPRWHWKHHFRQRPLFDQGVRFLDO
ӶᡜᜍᐡᄻᇰᜍР८Ȃోࢃᆔ౪‫ق‬ಜᡜᜍ ࠣ GHYHORSPHQWV7KHFXUUHQWDFFUHGLWDWLRQRSHUDWLRQVDUHDV
IROORZV
፵ȃᕘძȃᙜཿԋӓፐҢȃၦଊԋӓȃॶࠣԋ
ӓȃᆧՔ౱ࠣ ȃ౱ࠣᡜᜍ Ϗཿ౱ࠣȃၼཿ౱ 7KHDFFUHGLWDWLRQRIFHUWL¿FDWLRQERGLHVLQFOXGHVWKH
DFFUHGLWDWLRQIRUPDQDJHPHQWV\VWHPFHUWL¿FDWLRQ
ࠣ ȃ΢সᡜᜍȃྤࡊ੊ᡞጃᜍᇅࢦᜍ๊ᇰᜍཿ
TXDOLW\HQYLURQPHQWDORFFXSDWLRQDOKHDOWKDQGVDIHW\
ଡ଼Ȃҭࠊϑ‫ڦ‬ூᇰᜍϟᡜᜍᐡᄻӔॏ  ঢ়Ȅ౱ LQIRUPDWLRQVHFXULW\IRRGVDIHW\JUHHQSURGXFW SURGXFW
ࠣᡜᜍᐡᄻ‫ึޠ‬৥စႇӼԒևΩϑഃᅛ‫ڨ‬лᆔᐡ FHUWL¿FDWLRQ LQGXVWULDOSURGXFWVDJULFXOWXUDOSURGXFWV 
ᜱ२ຝȂԄၼ౱ࠣ౱᎜ቻᐤІԥᐡၼ౱ࠣᡜᜍȂ SHUVRQQHOFHUWL¿FDWLRQDQGJUHHQKRXVHJDVYDOLGDWLRQ
DQGYHUL¿FDWLRQ&XUUHQWO\DWRWDORIFHUWL¿FDWLRQERGLHV
ᇰᜍঢ়኶ҼഃԒђഁԚߞϜȄጌਰস‫ޠ‬૗Ω‫؀‬ᜱ KDYHUHFHLYHGWKHLUDFFUHGLWDWLRQ7KHGHYHORSPHQWRI
ᡜᜍ‫ࠣޠ‬፵Ȃ΢সᡜᜍѠпጃߴᡜᜍ‫ࠣޠ‬፵Іϵ SURGXFWFHUWL¿FDWLRQERGLHVKDVJUDGXDOO\EHHQKLJKO\
Ҕ‫ܓ‬ȂՅ੊঑ᡑ᎑ȃྤࡊਞᔗ๊ҭࠊ࣐୾ርα‫ܛ‬ UHJDUGHGE\WKHJRYHUQPHQWDODXWKRULWLHV)RULQVWDQFHWKH
QXPEHURIDFFUHGLWHGFHUWL¿FDWLRQERGLHVIRUWKHWUDFHDELOLW\
२ຝ‫ޠ‬ឋᚡȂྤࡊ੊ᡞጃᜍᇅࢦᜍІࡤ៊ࣻᜱᆧ
RIDJULFXOWXUDOSURGXFWVDQGWKHFHUWL¿FDWLRQRIRUJDQLF
ՔឋᚡȂґ‫ٿ‬എ஡࢑ུକϟ‫ؿ‬Ȅ DJULFXOWXUDOSURGXFWVZDVJURZLQJUDSLGO\LQHDFK\HDU$V
WKHFRPSHWHQFHRIDQDXGLWRULVFORVHO\UHODWHGWRWKHTXDOLW\
ӶᄃᡜࡊᇰᜍР८ȂోࢃਯҔȃขၑȃρФϏโ RIFHUWL¿FDWLRQSHUVRQQHOFHUWL¿FDWLRQLVDZD\WRHQVXUHWKH
ІᚃᏱѳτስ஀Ȃϑ೾ႇᇰᜍϟᄃᡜࡊႁ  TXDOLW\DQGLPSDUWLDOLW\RIFHUWL¿FDWLRQ:KLOHFOLPDWHFKDQJH
DQGJUHHQKRXVHHIIHFWDUHSUHVHQWO\WKHVXEMHFWVEHLQJ
ঢ়ȇ೾ႇᇰᜍϟѵ୾ഽϏୋᔯᚃଲࠍԥ  ঢ়Ȅ
HPSKDVL]HGLQWHUQDWLRQDOO\WKHYDOLGDWLRQDQGYHUL¿FDWLRQRI
ҭࠊਯҔስ஀݉ଡ଼໕ϑ૗ᅗ٘ҀൠሰؒȂขၑᄃ JUHHQKRXVHJDVDQGFRQVHTXHQWO\UHODWHGJUHHQLVVXHVZLOO
ᡜࡊ֖ᛨۢԚߞȂՎܼρФϏโขၑᄃᡜࡊࠍп EHFRPHDQHPHUJLQJPDUNHWLQWKHIXWXUH
ђ஽ᄃᡜࡊՍлᆔ౪࣐२ᘉȂՅᚃᏱስ஀ᄃᡜࡊ 7KHODERUDWRU\DFFUHGLWDWLRQLQFOXGHVIRXUPDMRU¿HOGV
‫ޠ‬ᇰᜍঢ়኶Ӷ೼‫ڎ‬ԒϜђഁԚߞȂᡘ౫ᔯᡜࡊ‫ޠ‬ FDOLEUDWLRQWHVWLQJFLYLOHQJLQHHULQJDQGPHGLFDO7KHUHDUH
Ьྦᇅ୾Җୋஷԋӓϑ‫ژڨ‬ᜱϹᇅ२ຝȄᔯᡜᐡ ODEVDQGKRVSLWDOVFDUU\LQJKHDOWKH[DPLQDWLRQ
IRUIRUHLJQODERXUHUVKROGLQJDFFUHGLWDWLRQVWDWXV&XUUHQWO\
ᄻࠍєࢃϏኆᔯࢦȃॏ໕቉Ꮳȃߩખᚾᔯᡜȃԋ VHUYLFHFDSDFLW\LQFDOLEUDWLRQ¿HOGLVDGHTXDWHWRVDWLVI\
ӓᔯᡜѳঐഌϸȂᇰѠঢ়኶࣐  ঢ়Ȅ૗Ωၑᡜ WKHPDUNHWGHPDQGDQGWKHWHVWLQJ¿HOGVKRZVVWHDG\
உ՘ᐡᄻᇰѠঢ়኶࣐  ঢ়Ȃ2(&'*/3 ีᓄၑ JURZWK$VIRUWKHFLYLOHQJLQHHULQJWHVWLQJ¿HOGODERUDWRU\
VHOIPDQDJHPHQWLVVWURQJO\HPSKDVL]HG7KHJURZWKRI
ᡜ൑՞ঢ়኶࣐  ঢ়ȄҐཽᇰᜍ݉ଡ଼‫ޠ‬ᄈຬϑᘘІ
DFFUHGLWHGODEVLQPHGLFDO¿HOGKDVDFFHOHUDWHGLQWKHSDVW
ө᜹౱ཿȂ‫ٯ‬ණ‫ٽ‬ᄃ፵ϟᇰᜍ݉ଡ଼Ȅ WZR\HDUVZKLFKVKRZVWKHTXDOLW\RIPHGLFDOODERUDWRULHV
DVZHOODVSHRSOHɅVKHDOWKDQGVDIHW\DUHUHFHLYLQJPRUH
DWWHQWLRQIURPWKHSXEOLF7KHLQVSHFWLRQERGLHVLQFOXGH
IRXUVXE¿HOGVIDFWRU\LQVSHFWLRQPHWULFDOLQVWUXPHQW
QRQGHVWUXFWLYHWHVWLQJDQGVDIHW\LQVSHFWLRQ7KHUHDUH
DWRWDOQXPEHURIDFFUHGLWHGERGLHVSUR¿FLHQF\
WHVWLQJSURYLGHUVZHUHDFFUHGLWHGDQGWHVWIDFLOLWLHVZHUH
UHJLVWHUHG2(&'*/3&RPSOLDQFH7$)DFFUHGLWDWLRQ
VHUYLFHVKDYHEHHQH[SDQGHGWRSURYLGHVXEVWDQWLDO
VHUYLFHVIRUDZLGHUDQJHRILQGXVWULHV

ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

7$) ᇰᜍ౫‫&ݸ‬XUUHQW6WDWXVRI7$)$FFUHGLWDWLRQ
ᄡՎ  Ԓ  У  СЦȂ7$) ᇰᜍ௒‫ݸ‬ಜॏԄίӗშߓ
7KHVWDWLVWLFVRI7$)DFFUHGLWDWLRQVWDWXVXSWR'HFLVVXPPDUL]HGLQWKHIROORZLQJWDEOH

ስ஀ )LHOGV Ԫስ஀ 6XE)LHOGV ঢ়኶


PEHU

ᆔ౪‫ق‬ಜ ࠣ፵ᆔ౪‫ق‬ಜ 406 ȃᕘძᆔ౪‫ق‬ಜ (06 ȃၦଊԋӓᆔ౪‫ق‬ಜ ,606 ȃ


ᡜᜍᐡᄻ ॶࠣԋӓᆔ౪‫ق‬ಜ )606 ȃᙜཿፐҢԋӓᆔ౪‫ق‬ಜ 2+6$6 ȃᆧՔ౱ࠣ
0DQDJHPHQW6\VWHP ᆔ౪‫ق‬ಜ *306
&HUWL¿FDWLRQ%RGLHV 4XDOLW\0DQDJHPHQW6\VWHP 406 (QYLURQPHQWDO0DQDJHPHQW 
6\VWHP (06 ,QIRUPDWLRQ6HFXULW\0DQDJHPHQW6\VWHP ,606 )RRG
6DIHW\0DQDJHPHQW6\VWHP )606 2FFXSDWLRQDO+HDOWKDQG6DIHW\
0DQDJHPHQW6\VWHP 2+6$6 *UHHQ3URGXFW0DQDJHPHQW6\VWHP
*306

౱ࠣᡜᜍᐡᄻ Ⴌᐡ᜹ȃႬ੊᜹ȃႬ߭ಥᆓ೪റȃળᙒࠣȃϾϏ᜹ȃᐡఢ᜹ȃႲ‫ెܞ‬Ꮨρ
3URGXFW&HUWL¿FDWLRQ ኆᡜᜍȃᆧՔ౱ࠣႮಣӈȃၼᅤ‫ސ‬౱ࠣ
%RGLHV (OHFWULFDO(OHFWULF7HOHFRPPXQLFDWLRQ7HUPLQDO(TXLSPHQW7H[WLOH 
3URGXFW&KHPLFDO0HFKDQLFDO*RRG5HDG\0L[HG&RQFUHWH3ODQW
&HUWL¿FDWLRQ&RPSRQHQWRI*UHHQ3URGXFW$JULFXOWXUDO)LVKHU\DQG
+XVEDQGU\3URGXFWV

΢সᡜᜍᐡᄻ ጌਰ΢স
3HUVRQQHO&HUWL¿FDWLRQ $XGLWRU 
%RG\

ྤࡊ੊ᡞጃᜍᇅࢦᜍ ಣᙒቺ઼ྤࡊ੊ᡞ௷ܺᇅಌଷ໕ϾІൣ֚ȃॏฬቺ઼ྤࡊ੊ᡞ௷ܺ෶໕‫ܗ‬
ᐡᄻ ಌଷቩ໕໕Ͼȃᆀ࿝Іൣ֚
*UHHQKRXVH*DVHV 4XDQWL¿FDWLRQDQGUHSRUWLQJRIWKHRUJDQL]DWLRQOHYHOJUHHQKRXVHJDVHV 
9DOLGDWLRQDQG HPLVVLRQDQGPLWLJDWLRQWKHTXDQWL¿FDWLRQPRQLWRULQJDQGUHSRUWLQJ
9HUL¿FDWLRQ%RGLHV RIWKHSURMHFWOHYHOJUHHQKRXVHJDVHVHPLVVLRQUHGXFWLRQRUPLWLJDWLRQ
LQFUHDVH

ਯҔᄃᡜࡊ ߞ࡚ȃਐ୞໕  ᖑ໕ȃ፵໕  Ω໕ȃᔇΩ໕  ઎ޫ໕ȃྤ࡚  ྡྷ࡚ȃႬ໕ȃ


 ঐԪስ஀ Ⴌᆅ໕ȃࢻ໕ȃϾᏱ໕ȃਣᓝȃ෭ᚕᒮৣ
&DOLEUDWLRQ/DERUDWRU\ /HQJWK9LEUDWLRQ $FRXVWLFV0DVV)RUFH3UHVVXUH9DFXXP 
VXE¿HOGV 7HPSHUDWXUH+XPLGLW\(OHFWULFLW\(OHFWURPDJQHWLFV)ORZ&KHPLFDO
7LPHDQG)UHTXHQF\,RQL]LQJ5DGLDWLRQ

ขၑᄃᡜࡊ ॲ៫ᇅਐ୞ȃҢ‫ޑ‬ȃϾᏱȃႬ‫ܓ‬ȃ෭ᚕᒮৣȃᐡఢȃߩખᚾᔯขȃྤ࡚ᇅ
 ঐԪስ஀ ዦȃӏᏱȃᠧᜌऌᏱၑᡜ
7HVWLQJ/DERUDWRU\ $FRXVWLFVDQG9LEUDWLRQ%LRORJLFDO&KHPLFDO(OHFWULFDO,RQL]LQJ 
VXE¿HOGV 5DGLDWLRQ0HFKDQLFDO1RQ'HVWUXFWLYH7HPSHUDWXUHDQG+HDW2SWLFV
)RUHQVLF6FLHQFH

ρФϏโขၑᄃᡜࡊ ϾᏱȃᕋ࡛
 ঐԪስ஀ &KHPLFDO&RQVWUXFWLRQ
&LYLO(QJLQHHULQJ 
7HVWLQJ/DERUDWRU\
VXE¿HOGV


ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

ᚃᏱᄃᡜࡊ ၍ঢ੿౪Ᏹȃᖞ‫ט‬ҢϾᏱȃᒰ՗ᚃᏱȃ՗షᏱȃᖞ‫ט‬ռ࣬՗ఽᏱȃᖞ‫ט‬ཌྷ
 ঐԪስ஀ Ң‫ޑ‬ȃᖞ‫ޑࢴט‬Ᏹȃᖞ‫ט‬ᜣᔯᏱȃಡबᒹ༉Ᏹȃᒹ༉Ᏹᇅϸφ੿౪Ᏹ
0HGLFDO7HVWLQJ $QDWRPLFDOSDWKRORJ\&OLQLFDOELRFKHPLVWU\7UDQVIXVLRQPHGLFLQH 
/DERUDWRU\ +HPDWRORJ\&OLQLFDOLPPXQRVHURORJ\&OLQLFDOPLFURELRORJ\&OLQLFDO
VXE¿HOGV WR[LFRORJ\&OLQLFDOPLFURVFRS\&\WRJHQHWLFV*HQHWLFVDQGPROHFXODU
SDWKRORJ\

‫ڨ‬ဓ჎ѵ୾΢Τ୾ࡤୋ ࡿۢ໷ҭȈ
ஷᔯࢦᚃଲ ధࢴၑᡜ 5359'5/ȃధࢴᖴఌᡞ՗ష  ጳᡞᏘ໲ၑᡜȃ% ࠯‫ࢴ੿ވن‬
'HVLJQDWHG ߓ८‫׫‬঩ ࡤЉռ࣬ϛӓ઀঑ထ‫׫‬ᡞșᑣᔯȃᙬ֋ᔯࢦȃ‫ם‬ᄙᠧրȃߢԾ
KRVSLWDOVIRUKHDOWK В‫ܢ‬б  ࢘Քᔯࢦȃ૔ഌ ; ӏᔯࢦ ᔯࢦȃց᠟ᇅߴԇ ȃୋஷᔯࢦࢻโ
H[DPLQDWLRQRI ᇅ୞ጤ
HPSOR\HGDOLHQVDIWHU 
'HVLJQDWHGLWHPV
HQWU\
5359'5/WHVW73+$733$WHVW+HSDWLWLV%9LUXVVXUIDFHDQWLJHQ
+%V$J+,9DQWLERG\6FUHHQLQJ2YDH[DPLQDWLRQ,GHQWL¿FDWLRQRI
PRUSKRORJ\$PRHELFVPHDUVWDLQH[DPLQDWLRQ&KHVW;UD\H[DPLQDWLRQ
LPDJLQJGLDJQRVLVDQGSUHVHUYDWLRQ 7KHSURFHVVDQGPRYLQJSDWKIRU
KHDOWKH[DPLQDWLRQ

ᔯᡜᐡᄻ Ϗኆᔯࢦȃॏ໕቉Ꮳȃߩખᚾᔯᡜȃԋӓᔯᡜ
,QVSHFWLRQ%RG\ )DFWRU\,QVSHFWLRQ0HWULFDO,QVWUXPHQW1RQ'HVWUXFWLYH7HVWLQJ6DIHW\ 
,QVSHFWLRQ

૗Ωၑᡜஉ՘ᐡᄻ ਯҔȃขၑȃᚃᏱ
3UR¿FLHQF\7HVWLQJ &DOLEUDWLRQ7HVWLQJ0HGLFDO 
3URYLGHU

‫ޑ‬౪˕ϾᏱขၑȃࢴ‫ܓ‬ၑᡜȃयᡑ౵‫ܓ‬ၑᡜȃЬ஀ᇅഛ஀Ң‫ޑ‬ϟᕘძࢴ‫ܓ‬
ၑᡜȃЬ  ρ᝕  ޫ੊ϲ՘࣐ၑᡜȃҢ‫ޑ‬ತᑗձңȃ෥੽ၑᡜȃዂᔤҢᄙ
ԲІՍดҢᄙ‫ق‬ಜਞᔗȃϸ‫ܓݚ‬Іᖞ‫ט‬ϾᏱขၑ
2(&'*/3 3K\VLFDOFKHPLFDO7HVWLQJ7R[LFLW\6WXGLHV0XWDJHQLFLW\6WXGLHV 
(QYLURQPHQWDOWR[LFLW\6WXGLHVRQDTXDWLFDQGWHUUHVWULDORUJDQLVPV
6WXGLHVRQEHKDYLRULQZDWHUVRLODQGDLU%LRDFFXPXODWLRQ5HVLGXHV
VWXGLHV6WXGLHVRQHIIHFWVRQPHVRFRVPVDQGQDWXUDOHFRV\VWHPV
$QDO\WLFDODQGFOLQLFDOFKHPLVWU\WHVWLQJ

Ӭॏ7RWDO 


ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

ᡜᜍᐡᄻᇰᜍঢ়኶ᐤԒԚߞშ
$FFUHGLWHGFHUWL¿FDWLRQERGLHVDQQXDOJURZWKGLDJUDP

ɜᡜᜍᐡᄻᇰѠ኶
1XPEHURIDFFUHGLWHGFHUWL¿FDWLRQ
ERGLHV

 Ԓ  ঢ়
 Ԓ  ঢ়
 Ԓ  ঢ়
 Ԓ  ঢ়

ᡜᜍᐡᄻᇰᜍѳτስ஀  Ԓঢ়኶Ԛߞშ


)RXU¿HOGVRIFHUWL¿FDWLRQERG\DFFUHGLWDWLRQ1XPEHURIJURZWKLQ

ˈ˃

ˇ˃
ᆔ౪‫ق‬ಜ 0DQDJHPHQW6\VWHP
ˆ˃
౱ࠣ 3URGXFW
˅˃ ΢স 3HUVRQQHO
ྤࡊ੊ᡞ *UHHQ+RXVH*DVHV
˄˃

˃
˅˃˃ˉ ˅˃˃ˊ ˅˃˃ˋ ˅˃˃ˌ


ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

ᄃᡜࡊᇰᜍঢ়኶ᐤԒԚߞშ
$FFUHGLWHGODERUDWRULHVDQQXDOJURZWKGLDJUDP

ᄃᡜࡊᇰѠ኶Ȟ֥ಥЦᄃᡜࡊȟ
3111
2911 1XPEHURIDFFUHGLWHGODERUDWRULHV
2711 LQFOXGLQJWHUPLQDWHGODEV
2511
2311
2111
911  Ԓ  ঢ়
711
 Ԓ  ঢ়
511
311  Ԓ  ঢ়
1
3117 3118 3119 311:  Ԓ  ঢ়

ᄃᡜࡊᇰᜍѳτስ஀  Ԓঢ়኶Ԛߞშ


)RXU¿HOGVRIODERUDWRU\DFFUHGLWDWLRQ1XPEHURIJURZWKLQ

2311

2111 ਯҔ &DOLEUDWLRQ

911 ขၑ7HVWLQJ
ρФϏโ&LYLOHQJLQHHULQJ
711
ᚃᏱ0HGLFDO
511

311

1
3117 3118 3119 311:


ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

7$) ᇰᜍঢ়኶ୣ஀ϸոშ
'LVWULEXWLRQRI7$)DFFUHGLWHGERGLHV іഌ 1RUWKHUQ7DLZDQ 
ᄃᡜࡊ /DERUDWRULHV 
‫ڨ‬ဓ჎ѵ୾΢ୋᔯᚃଲ +HDOWK([DPLQDWLRQ
+RVSLWDOVIRU)RUHLJQ/DERXUHUV 
2(&'*/3 
ߝߟ .LQPHQ 
૗Ωၑᡜஉ՘ᐡᄻ 3UR¿FLHQF\
ᄃᡜࡊ /DERUDWRULHV  7HVWLQJ3URYLGHU 373  
଼ડ 0DW]X  ᆔ౪‫ق‬ಜᡜᜍᐡᄻ0DQDJHPHQW
ᄃᡜࡊ /DERUDWRU\  6\VWHPV&HUWL¿FDWLRQ%RGLHV 
ዚ෺ 3HQJKX  ౱ࠣᡜᜍᐡᄻ 3URGXFW&HUWL¿FDWLRQ%RGLHV 
ᄃᡜࡊ /DERUDWRULHV  ΢সᡜᜍᐡᄻ 3HUVRQQHO
&HUWL¿FDWLRQ%RG\ 
ྤࡊ੊ᡞጃᜍᇅࢦᜍ *UHHQKRXVH*DVHV
9DOLGDWLRQDQG9HUL¿FDWLRQ 
ᔯᡜᐡᄻ ,QVSHFWLRQ%RGLHV 
Ϝഌ &HQWUDO7DLZDQ 
ᄃᡜࡊ /DERUDWRULHV 
‫ڨ‬ဓ჎ѵ୾΢ୋᔯᚃଲ
+HDOWK([DPLQDWLRQ+RVSLWDOV
IRU)RUHLJQ(PSOR\HHV 
ᆔ౪‫ق‬ಜᡜᜍᐡᄻ 0DQDJHPHQW ‫ݎ‬ഌ (DVWHUQ7DLZDQ
‫ݎ‬ 
6\VWHPV&HUWL¿FDWLRQ%RGLHV  ᄃ
ᄃᡜࡊ /DERUDWRULHV 
౱ࠣᡜᜍᐡᄻ 3URGXFW&HUWL¿FDWLRQ ‫ڨ‬ဓ჎ѵ୾΢ୋᔯᚃଲ
‫ڨ‬
%RG\  +HDOWK([DPLQDWLRQ+RVSLWDOV
+
ᔯᡜᐡᄻ ,QVSHFWLRQ%RGLHV  IIRU)RUHLJQ/DERXUHUV 

੖ѵ 2YHUVHDV 
ࠓഌ 6RXWKHUUQ7DLZDQ  ᄃᡜࡊ /DERUDWRULHV 
ᄃᡜࡊ /DERUDWRULHV 
‫ڨ‬ဓ჎ѵ୾΢ୋᔯᚃଲ  
+HDOWK([DPLQDWLRQ+RVSLWDOV ಜॏԒ࡚Ȉ Ԓ
IRU)RUHLJQ/DERXUHUV  ᖃॏᇰᜍঢ়኶Ȉ ঢ়
౱ࠣᡜᜍᐡᄻ 3URGXFW&HUWL¿FDWLRQ 6WDWLVWLF<HDU
%RGLHV 
7RWDO1XPEHURI$FFUHGLWHGERGLHV
ᔯᡜᐡᄻ ,QVSHFWLRQ%RGLHV 

ᄡՎ  Ԓ‫ۼ‬Ȃ7$) ණ‫ޠٽ‬ө໷ᇰᜍ݉ଡ଼Ȃᖃ 8SWRWKHHQGRIWKHQXPEHURIRUJDQL]DWLRQV


ॏԥ  ঢ়ȂԄαშө᜹ᇰᜍ኶ᐄᡘұȂ7$) UHFHLYLQJDFFUHGLWDWLRQVIURP7$)WRWDOOHGDV

݉ଡ଼໕ϑѠᅗ٘ҭࠊ୾ϲҀൠ‫ޠ‬ሰؒȂґ‫ٿ‬஡් VKRZQLQDIRUHPHQWLRQHGGLDJUDP7$) VVHUYLFH
FDSDFLW\KDVVDWLV¿HGWKHSUHVHQWGHPDQGIURP
‫؂‬ᓻ፵‫݉ޠ‬ଡ଼Іᆔ౪ЬྦᗛໍȄ
GRPHVWLFPDUNHWDQGZLOOPRYHWRZDUGVHYHQEHWWHU
VHUYLFHTXDOLW\DQGPDQDJHPHQWVWDQGDUG


ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

7$) Ԓϟᇰᜍཿଡ଼ȂєࢃུҨ፝І࿌Ԓ࡚ᇰᜍঢ়኶ಜॏԄίȈ
7RWDOQXPEHURI7$)DFFUHGLWDWLRQLQFOXGLQJQHZDSSOLFDWLRQVDQGDFFUHGLWDWLRQVJUDQWHGLQ

ስ஀ ུҨ፝ঢ়኶ Ԓ࡚ᇰᜍঢ়኶
$QQXDO
)LHOG 1HZ$SSOLFDWLRQV $FFUHGLWDWLRQV
ᆔ౪‫ق‬ಜᡜᜍᐡᄻ
 
0DQDJHPHQW6\VWHP&HUWL¿FDWLRQ%RGLHV
౱ࠣᡜᜍᐡᄻ
 
3URGXFW&HUWL¿FDWLRQ%RGLHV
΢সᡜᜍᐡᄻ
 
3HUVRQQHO&HUWL¿FDWLRQ%RGLHV
ྤࡊ੊ᡞጃᜍᇅࢦᜍᐡᄻ
 
*UHHQKRXVH*DVHV9DOLGDWLRQDQG9HUL¿FDWLRQ%RGLHV
ขၑᄃᡜࡊ
 
7HVWLQJ/DERUDWRULHV
ਯҔᄃᡜࡊ
 
&DOLEUDWLRQ/DERUDWRULHV
ρФϏโขၑᄃᡜࡊ
 
&LYLO(QJLQHHULQJ7HVWLQJ/DERUDWRULHV
ᚃᏱขၑᄃᡜࡊ
 
0HGLFDO7HVWLQJ/DERUDWRULHV

‫ڨ‬ဓ჎ѵ୾΢Τ୾ࡤୋஷᔯࢦᚃଲ
'HVLJQDWHG+RVSLWDOVIRU+HDOWK([DPLQDWLRQRI  
(PSOR\HG$OLHQVDIWHU(QWU\

ᔯᡜᐡᄻ
 
,QVSHFWLRQ%RGLHV
૗Ωၑᡜஉ՘ᐡᄻ
 
3UR¿FLHQF\7HVWLQJ3URYLGHUV
Ӭॏ 7RWDO  

Ӷ 7$) Ӥϧ‫ޠ‬ቇЗևΩІөࣩМࡼίȂཿଡ଼С 2QEDVLVRI7$)WHDPZRUNDQGZLWKH[WHUQDOVXSSRUW


WKHRSHUDWLRQVKDYHEHHQJURZLQJVWHDGLO\7$)
ᅛԚߞȂґ‫ٿ‬஡ࡼ៊ᆡໍȂණ‫؂ٽ‬ᓻ፵‫ޠ‬ᇰᜍ݉
ZLOOFRQWLQXRXVO\LPSURYHLWVHOIWRSURYLGHEHWWHU
ଡ଼Ȃ෉૗ᘘτ݉ଡ଼૗໕‫ڐٻٯ‬ਞઊ྄τϾȂпᅗ
DFFUHGLWDWLRQVHUYLFHVDQGNHHSXSZLWKFXVWRPHUVɅ
٘୾ϲҀൠሰؒȂϛ॓៬ࡋ෉గȄ H[SHFWDWLRQVE\SURYLGLQJJUHDWHUVHUYLFHFDSDFLWLHVWR
VDWLVI\GRPHVWLFPDUNHWGHPDQGVHI¿FLHQWO\
८ᄈ୾ϲҀൠ‫ޠ‬ө᜹ᇰᜍሰؒȂ7$) ஡ᆒᅿ‫ܛ‬
૗ȂഇႇᇅᏱ೛ࣩȃ౱ཿࣩІ᠍ೱᐡᜱ‫ޠ‬щϸ‫ڟ‬ ,QRUGHUWRVDWLVI\WKHGHPDQGIRUYDULRXVDFFUHGLWDWLRQV
።ᇅ೾ΩӬձȂӔӤ௱୞࡛ᄻ‫୾ש‬౱ཿࠣ፵ІҖ LQGRPHVWLFPDUNHW7$)ZLOOGRLWVEHVWWRFRRUGLQDWH
Ңԋӓ‫ޠ‬ᇰᜍτᕘძȂණ݈౱ཿϟ୾ርᝰ‫ލ‬ΩȂ DQGFRRSHUDWHZLWKDFDGHPLFLQVWLWXWHVLQGXVWULHVDQG
DXWKRULWLHVWRSURPRWHDQGHVWDEOLVKQDWLRQDOLQGXVWULDO
ජ௢စຸ‫ڽ‬૖Ȅ
TXDOLW\DQGSXEOLFVDIHW\WKURXJKHIIHFWLYHDFFUHGLWDWLRQ
WRUDLVHLQGXVWULDOLQWHUQDWLRQDOFRPSHWLWLYHQHVVDQGLQ
FRQWURORIHFRQRP\DQGWUDGHPDLQVWUHDP


ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

૗Ωၑᡜ౫‫ݸ‬ &XUUHQWVWDWXVRI3UR¿FLHQF\7HVWLQJ
࣐ಓӬ ,/$& І $3/$& ࣻϤ‫ܜ‬ᇰ्ؒȂᇰᜍᄃ 7RFRPSO\ZLWKWKHUHTXLUHPHQWVRI,/$&05$DQG
ᡜࡊሰᎍ࡚୥ᇅ୾ር૗Ωၑᡜࣁ୞ȂՅөᇰᜍ $3/$&05$DFFUHGLWHGODERUDWRULHVDUHUHTXHVWHG
ಣᙒܼᖟᒳࣻᜱࣁ୞ਣȂᔗᗝ፝‫ڐ‬уᇰᜍಣᙒ୥ WRSDUWLFLSDWHLQLQWHUQDWLRQDOSUR¿FLHQF\WHVWLQJ
DFWLYLWLHVZKHUHDSSOLFDEOH:KHQRQHDFFUHGLWDWLRQ
ᇅȂпձ‫܅‬ԫᄃᡜࡊϟ૗ΩЩᄈȄӱԫȂ
ERG\FRQGXFWVUHOHYDQW37DFWLYLWLHVRWKHU
Ԓ 7$) ଷΠᇅ $3/$&37% Ӭձϟ૗ΩၑᡜѵȂ
DFFUHGLWDWLRQERGLHVVKDOOEHLQYLWHGIRUSDUWLFLSDWLRQ
Ҽᑗ྄‫ڟ‬ֆᇰѠᄃᡜࡊ୥ᇅ‫ڐ‬у‫ ޠ‬$3/$& ૗ IRULQWHUODERUDWRU\FRPSDULVRQV7KHUHIRUHLQLQ
Ωၑᡜࣁ୞ȄՅй 7$) ࣐ණЁᄃᡜࡊϟ‫׭‬೛૗ DGGLWLRQWRFRRSHUDWLRQZLWK$3/$&37%LQSUR¿FLHQF\
ΩȂ‫ٯ‬ಓӬ૗Ωၑᡜ्ؒȂ ԒଷΠࡼ៊ໍ WHVWLQJ7$)DOVRDFWLYHO\DVVLVWHGDFFUHGLWHG
՘  Ԓ‫ޠ‬૗Ωၑᡜࣁ୞ѵȂቩђᒳ౪  ໷ρ ODERUDWRULHVLQSDUWLFLSDWLQJLQRWKHU$3/$&SUR¿FLHQF\
WHVWLQJDFWLYLWLHV%HVLGHVLQRUGHUWRXSJUDGHWKH
Фขၑስ஀‫ߩڸ‬ખᚾᔯข୾ϲ‫ޠ‬૗Ωၑᡜࣁ୞Ȃ
WHFKQLFDOFRPSHWHQFHRIODERUDWRULHVWRFRPSO\ZLWK
ᙥпጃᇰ 7$) ᇰᜍᄃᡜࡊϟࡤ៊‫׭‬೛૗Ω‫ޠ‬ᆱ
WKHSUR¿FLHQF\WHVWLQJUHTXLUHPHQWVLQ7$)QRW
ࡼ‫ݸޒ‬Ȅ RQO\FRQWLQXHGWKHSUR¿FLHQF\WHVWLQJSURJUDPEXW
DOVRDGGHGFLYLOHQJLQHHULQJWHVWLQJ¿HOGVDQGQRQ
GHVWUXFWLYHWHVWLQJLQWKHQDWLRQDOSUR¿FLHQF\WHVWLQJ
DFWLYLWLHVVRDVWRDVVXUHWKHFRQGLWLRQRIDFFUHGLWHG
ODERUDWRULHVLQPDLQWDLQLQJWKHLUWHFKQLFDOFRPSHWHQFHV
DIWHUEHLQJDFFUHGLWHGE\7$)

7$) лᒳϟ $3/$& ૗Ωၑᡜࣁ୞Ȉ


 7$)KRVWHG$3/$&SUR¿FLHQF\WHVWLQJDFWLYLWLHV

$3/$& ૗Ωၑᡜࣁ୞ ෉໣ ୥ђঢ়኶


$3/$&3UR¿FLHQF\7HVWLQJ$FWLYLWLHV 3HULRG 1RRI3DUWLFLSDQWV

$3/$&73%'(LQ$%6 a 


ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

୥ᇅ‫ڐ‬уᇰᜍಣᙒᖟᒳϟ $3/$& ૗Ωၑᡜࣁ୞Ȉ


 3DUWLFLSDWLQJLQ$3/$&SUR¿FLHQF\WHVWLQJDFWLYLWLHVKHOGE\RWKHUDFFUHGLWDWLRQERGLHV

7$) ୥ᇅঢ়኶
$3/$& ૗Ωၑᡜࣁ୞ лᒳᐡᄻ
1RRI3DUWLFLSDQWVIURP
$3/$&3UR¿FLHQF\7HVWLQJ$FWLYLWLHV +RVW
7$)
ུђ‫ۄ‬6$&
7KHUPRFRXSOHV 
6$&6LQJDSRUH

଼‫ٿ‬՚‫ٴ‬60
'&&XUUHQW 
600DOD\VLD

଼‫ٿ‬՚‫ٴ‬60
5HODWLYH+XPLGLW\ 
600DOD\VLD

ᗻ୾.2/$6
3ODLQ3OXJ*DJHV 
.2/$6.RUHD

Ϝ୾&1$6
+HDY\0HWDOVLQ6RLOV 
&1$6&KLQD

Ϝ୾&1$6
&RPSRQHQWVLQ6WDLQOHVV6WHHO 
&1$6&KLQD

ॸ෬+.$6
3RO\F\FOLF$URPDWLF+\GURFDUERQV 
+.$6+RQJ.RQJ

ѯᢋ7$)
3%'(LQ$%6 
7$)7DLZDQ

຺ࠓ%R$
3RUWODQG&HPHQW 
%R$9LHWQDP

ॸ෬+.$6
&\WRORJ\ 
+.$6+RQJ.RQJ

ᄈϑ‫׈‬Ԛঐրൣ֚Іᖃ๗ൣ֚ϟ૗Ωၑᡜ໷ҭໍ՘ᇰѠᄃᡜࡊ኶ᐄϟᔯଇȄ

5HYLHZRIGDWDIRUWKHDFFUHGLWHGODERUDWRULHVUHJDUGLQJWKHSUR¿FLHQF\WHVWLQJLWHPVFRQWDLQHGLQ
WKHFRPSOHWHGLQWHULPUHSRUWDQGVXPPDU\UHSRUW


ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

7$) ᒳ౪ϟ୾ϲ૗Ωၑᡜࣁ୞
 'RPHVWLFSUR¿FLHQF\WHVWLQJDFWLYLWLHVRUJDQL]HGE\7$)

ጢဵ ෉໣ ୥ᇅঢ়኶
1RRI
1R 3HULRG 3DUWLFLSDQWV

 Ԓ૗Ωၑᡜॏฬ
7KH3UR¿FLHQF\7HVWLQJ3URJUDP

ρФ  ెᏘρңᓂ๑
7$)&1/$&/ a 
&LYLOVWHHOEDUIRUFRQFUHWHUHLQIRUFHPHQW

ρФ  ዦ‫ܞ‬ᛔߨెӬਠ
7$)&1/$&/ a 
&LYLOKRWPL[HGDVSKDOWFRQFUHWH

Ⴌ‫  ܓ‬ԋ೤
7$)&1/$&( a 
(OHFWULFDO6DIHW\&RPSOLDQFH

Ⴌ‫  ܓ‬ᕘძѠᎭ࡚
7$)&1/$&( a 
(OHFWULFDO(QYLURQPHQW5HOLDELOLW\

ߩખᚾ 87 57


7$)&1/$&1 a 
1RQ'HVWUXFWLYH87 57

 Ԓ૗Ωၑᡜॏฬ
7KH3UR¿FLHQF\7HVWLQJ3URJUDP

ಡಗਠϜЬྚ‫ܓ‬෪ᚕφ֥໕
7$)&1/$&/ a 
&RQWHQWRI6ROXEOH&KORULGHVLQ)LQH$JJUHJDWHV

ెᏘρ༬࢙ᡞ‫׫‬ᔇ஽࡚
7$)&1/$&/ a 
&RPSUHVVLYH6WUHQJWK&RQFUHWH&\OLQGHUV

ρ᝕ᩑᄃ
7$)&1/$&/ a 
6RLO&RPSDFWLRQ

ߩખᚾᔯข 07 37


7$)&1/$&1 a 
1RQ'HVWUXFWLYH7HVWLQJ07 37


ጛആ඼ดԚ‫ݏ‬
&UHDWLQJVLJQL¿FDQWUHVXOWV

உ՘૗Ωၑᡜࣁ୞߾࣐ጃᇰᄃᡜࡊ‫׭‬೛૗Ω‫ޠ‬৥ 7KHSXUSRVHRISUR¿FLHQF\WHVWLQJDFWLYLWLHVLVWR
౫Ȃ7$) ໡ܺ૗Ωၑᡜஉ՘ᐡᄻϟᇰᜍཿଡ଼Ȃ FRQ¿UPWKHWHFKQLFDOFRPSHWHQFHVRIODERUDWRULHV7$)
ණ‫ٽ‬ӼϰϾ‫݉ޠ‬ଡ଼Ȃ‫ٻ‬ᇰᜍᄃᡜࡊᆱࡼᛨۢ‫׭ޠ‬ ODXQFKHGDFFUHGLWDWLRQVHUYLFHIRUSUR¿FLHQF\WHVWLQJ
SURYLGHUVWRSURYLGHGLYHUVL¿HG37SURJUDPVZKLFK
೛ЬྦȄ7$) ၽң୾ϲ૗Ωၑᡜஉ՘൑՞‫ܛ‬ᒳ
KHOSVPDLQWDLQVWDEOHWHFKQLFDOOHYHOVRIDFFUHGLWHG
౪ϟ૗Ωၑᡜ๗‫ݏ‬Ȃпԥਞᅗ٘୾ርᇰᜍಣᙒᄈ
ODERUDWRULHV7$)DGRSWVWKHSUR¿FLHQF\WHVWLQJUHVXOWV
ܼ૗Ωၑᡜ‫्ؒޠ‬Ȅஆܼ੬ੇስ஀ԥ‫ڐ‬஠ཿ‫ܓ‬Մ IURPGRPHVWLFSUR¿FLHQF\WHVWLQJSURYLGHUVWRHIIHFWLYHO\
໕Ȃҭࠊ୾ϲۧณ൑՞Ѡ‫ܜ‬ᒳ‫ޠ‬૗Ωၑᡜ໷ҭȂ PHHWWKHUHTXLUHPHQWVRILQWHUQDWLRQDODFFUHGLWDWLRQ
ࠍҦ 7$) ᝸៊ණ‫ٽ‬ಓӬᄃᡜࡊሰؒ‫ޠ‬૗Ωၑᡜ FRRSHUDWLRQV,QWKHFDVHZKHUHQRGRPHVWLF
ࣁ୞Ȅ SUR¿FLHQF\WHVWLQJSURYLGHULVDYDLODEOHIRUFRQGXFWLQJ
SDUWLFXODUSURIHVVLRQDOSUR¿FLHQF\WHVWLQJLWHPV7$)
୥ᇅ $3/$& ૗Ωၑᡜࣁ୞ϟл्ਞઊȂ߾ᙥҦ ZLOORUJDQLVHVXFKSUR¿FLHQF\WHVWLQJDFWLYLWLHVWRPHHW

୾ር૗Ωၑᡜࣁ୞‫ޠ‬୥ᇅȂᕤ၍୾ርαࣻᜱ౱ཿ WKHODERUDWRU\ VQHHGV
‫׭‬೛ስ஀ᄃᡜࡊ‫ޠ‬૗Ω‫ޒ‬ᄙȂ໣௦Ѡ஡૗Ωၑᡜ 7KHPDMRUEHQH¿WVRISDUWLFLSDWLQJLQ$3/$&SUR¿FLHQF\
๗‫ݏ‬ᇅ୾ϲ૗Ωၑᡜ๗‫ࣻݏ‬ᖓ๗Ȃ೾ዻᕤ၍୾ϲ WHVWLQJDFWLYLWLHVLVXQGHUVWDQGWKHFRPSHWHQFHVRI
૗Ωၑᡜஉ՘ᐡᄻᇅᄃᡜࡊ‫ࣻޠ‬ᜱ૗ΩȄՅ 7$) RWKHULQWHUQDWLRQDOODERUDWRULHVLQWKHUHOHYDQWWHFKQLFDO
ӼԒ‫ٿ‬ᑗ྄лᒳ $3/$& ૗Ωၑᡜࣁ୞Ȃϑ౐ ¿HOG,WDOVROLQNVWKHSUR¿FLHQF\WHVWLQJUHVXOWVZLWK
‫ ڨ‬$3/$& ୣ஀ಣᙒІө୾ᇰᜍಣᙒ‫ۢ޼ޠ‬ᇅᢛ GRPHVWLFRQHVLQGLUHFWO\ZKLFKKHOSVXQGHUVWDQGWKH
RYHUDOOFRPSHWHQFHVRIGRPHVWLFSUR¿FLHQF\WHVWLQJ
ඵȂଷ‫׭‬೛ᄃΩᇅ୾ር௦क़Ȃ‫ٯ‬ϑៜٙ୾ርስᏳ
SURYLGHUVDQGODERUDWRULHV7$)KDVEHHQDFWLYHO\
ӵ՞Ȅ
LQYROYHGLQFRQGXFWLQJ$3/$&SUR¿FLHQF\WHVWLQJ
DFWLYLWLHVIRU\HDUVDQGZRQQXPHURXVUHFRJQLWLRQV
DQGSUDLVHVIURP$3/$&DQGDFFUHGLWDWLRQERGLHVLQ
RWKHUFRXQWULHV7$)KDVQRWRQO\PDGHLWVWHFKQLFDO
FRPSHWHQFHVFRPSDWLEOHZLWKLQWHUQDWLRQDOVWDQGDUGV
EXWDOVRKDVPDGHLWVHOILQWRWKHLQWHUQDWLRQDOOHDGLQJ
SRVLWLRQ


5H¿QLQJDFFUHGLWDWLRQVNLOO

ᆡः
Ԓൣ
$118$/5(3257 ः‫ึف‬৥ 5HVHDUFK 
'HYHORSPHQW

ᇰᜍ‫׭‬೛


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

ः‫ึف‬৥ 5HVHDUFK 'HYHORSPHQW


7$) ࣐ᅗ٘࢈‫ۻ‬ᇅ౱ཿө໧ቺܼ౱ࠣึ৥ȃࠣ ,QRUGHUWRVDWLVI\WKHQHHGVIRUSURGXFWGHYHORSPHQW
፵ᇅᆔ౪ϟሰؒȂᑗ྄‫׺‬ΤөᆎϛӤስ஀ᇰᜍ݉ TXDOLW\DQGPDQDJHPHQWLQWKHJRYHUQPHQWDQGDOO
ଡ଼ϟः‫ึف‬৥Ȃ‫ٯ‬ᇅ᠍ೱᐡᜱȃᏱ೛ᐡᜱ‫ܗ‬౱ཿ LQGXVWULDOOHYHOV7$)KDVDFWLYHO\GHGLFDWHGLWVHOI
WRUHVHDUFKDQGGHYHORSPHQWIRUGLIIHUHQW¿HOGVRI
‫ཽڟ‬ӬձȂᙥп௱୞୾ঢ়ᇰᜍ‫࡚ښ‬ȃණЁ‫׭‬೛ᇅ
DFFUHGLWDWLRQVHUYLFHVLQFOXGLQJWKHFRRSHUDWLRQ
ᆔ౪ȃఃึᇰᜍཏᜌȂ෉૗ණЁަཽҢࣁࠣ፵ȃ
ZLWKJRYHUQPHQWDODXWKRULWLHVDFDGHPLFLQVWLWXWHVRU
౱ཿᝰ‫ލ‬Ωᇅစᔽຸܿϟึ৥ȄߗԒ‫ٿ‬Ӷ࢈‫ۻ‬ᇅ LQGXVWULDODVVRFLDWLRQVWRSURPRWHQDWLRQDODFFUHGLWDWLRQ
౱ཿМࡼίȂϑစഛ៊உ՘Κ‫ٳ‬ः‫ف‬ॏฬ‫ࣁܗ‬ V\VWHPVXSJUDGHWHFKQLTXHDQGPDQDJHPHQW
୞ȂԄ 2(&'*/3ȃᖞ‫ט‬ᔯᡜᚃᏱ໕ข୥Մᄃ LQVSLUHDFFUHGLWDWLRQDZDUHQHVVLQDKRSHWRHQKDQFH
ᡜࡊ‫्ؒޠ‬ϟ௥ଇᇅϸ‫ݚ‬ȃᙜཿፐҢᄃᡜࡊᇰᜍ VRFLHWDOOLYLQJTXDOLW\LQGXVWULDOFRPSHWLWLYHQHVVDQG
HFRQRPLFDOWUDGHGHYHORSPHQW,QUHFHQW\HDUV7$)
ॏฬȃӡᓏ‫ܓ‬ᐡఢ೪റ࠯ԓᔯࢦࠣߴࢦਰஆྦः
KDVEHHQLPSOHPHQWLQJVHYHUDOUHVHDUFKSURJUDPV
‫ف‬ȃӓ౩ًԂၼཿ೤ጓ */2%$/*$3 ᇰᡜᜍ‫ښ‬
RUDFWLYLWLHVXQGHUWKHVXSSRUWIURPJRYHUQPHQWDQG
࡚ः‫ف‬ȃྤࡊ੊ᡞ෶໕௷ܺጃᜍ  ࢦᜍᐡᄻᇰᜍ LQGXVWU\VXFKDVWKHVWXG\RQ2(&'*/3H[SORUDWLRQ
‫࡚ښ‬ȃ૗ྜ౱Ң౱ࠣᇰᡜᜍሰؒ።ࢦȃ೻ᡞ૗Ω DQGDQDO\VLVRQWKHGHPDQGVIRUFOLQLFDOODERUDWRU\
Ԛዤ࡚ᇰᡜᜍ‫ࣁ๊࡚ښ‬୞Ȃ૮൸  Ԓࣁ୞௒ PHGLFLQHPHDVXUHPHQWUHIHUHQFHODERUDWRULHVVWXG\
‫ם‬ϸրᇴ݃ԄࡤȈ RQRFFXSDWLRQDOKHDOWKODERUDWRU\DFFUHGLWDWLRQ
SURJUDPVVWXG\RQJXLGHVIRUWKHLQVSHFWLRQDQG
TXDOLW\DVVXUDQFHDXGLWLQJRIGDQJHURXVHTXLSPHQWV
UHVHDUFKRQJOREDOJRRGDJULFXOWXUDOSUDFWLFH */2%$/
*$3 DFFUHGLWDWLRQDQGFHUWL¿FDWLRQV\VWHPVVWXG\
RQJUHHQKRXVHJDVHVHPLVVLRQUHGXFWLRQYDOLGDWLRQ
YHUL¿FDWLRQERGLHVDFFUHGLWDWLRQV\VWHPVWXG\
RQHQHUJ\JHQHUDWLQJSURGXFWFHUWL¿FDWLRQDQG
DFFUHGLWDWLRQPDUNHWVXUYH\DQGVWXG\RQVRIWZDUH
FDSDELOLW\DQGPDWXULW\DFFUHGLWDWLRQDQGFHUWL¿FDWLRQ
V\VWHPVHWF7KHDFWLYLWLHVLQDUHLOOXVWUDWHGDV
IROORZV


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

2(&'*/3 ୾ঢ়ಓӬ‫ܓ‬ᆀ௢‫ق‬ಜᆱ 0DLQWDLQLQJWKHRSHUDWLRQRI2(&'*/3


ࡼၽձІ 0$' ຠզҨ፝ྦറ 1DWLRQDO&RPSOLDQFH0RQLWRULQJ3URJUDP
DQGSUHSDULQJIRUWKH0$'HYDOXDWLRQ
ҐԒ࡚ 2(&'*/3 ϟ௱୞Ԛ‫ݏ‬Ȃଷࡼ៊ᆱࡼᄈ DSSOLFDWLRQ
ϲ௱ኅ୾ঢ়ಓӬ‫ܓ‬ᆀ௢‫ق‬ಜѵȂ‫ٯ‬ᑗ྄ᇅ୾ϲ᠍ 5HJDUGLQJWKHSURPRWLRQDOUHVXOWVIRU2(&'*/3LQWKLV
ೱᐡᜱϟӬձȂࣃসՎज୾ᕘߴဎຠզ‫* ڐ‬/3 \HDULQDGGLWLRQWRWKHFRQWLQXHGRSHUDWLRQRIQDWLRQDO
ࢦਰ‫࡚ښ‬Ȃ‫ٯ‬௦‫ڨ‬ज୾ᕘߴဎࣃসՎѯຠզ‫୾ש‬ FRPSOLDQFHPRQLWRULQJSURJUDP7$)DOVRDFWLYHO\
FRRSHUDWHGZLWKGRPHVWLFJRYHUQPHQWDODXWKRULWLHV
*/3 ࢦਰ‫࡚ښ‬ȇйᕖூ՘࢈ଲᕘߴဎȃ՘࢈ଲ 
7$)DQG86(3$HYDOXDWHGHDFKRWKHU V*/3
ၼ‫ཽې‬ȃစᔽഌϏཿ‫᠍௳׌‬ȂᐋӉ‫* ୾ש‬/3 ಓ
LQVSHFWLRQSURJUDPIRUFRQ¿UPLQJWKH\DUHPXWXDOO\
Ӭ‫ܓ‬ᆀ௢൑՞Ȃѯज᛬ဎϟ */3 ࣻৡጃᇰਫϑ FRPSDWLEOH7$)KDVDOVREHHQGHVLJQDWHGE\WKH
ᕖѵһഌਰۢІ՘࢈ଲਰঠ᛬ဎȂႲܼۢ  (QYLURQPHQWDO3URWHFWLRQ$GPLQLVWUDWLRQRI([HFXWLYH
ԒߒҦ‫ש‬Ꮊज୾စᔽНϾхߓ೏Іज୾Ӷᇄ‫ڟ‬ <XDQWKH&RXQFLORI$JULFXOWXUHRI([HFXWLYH<XDQ
ཽ‫׈‬Ԛ᛬ဎȄҐཽഀ៊ಒѳԒᕖᗝ୥ђ 2(&' DQGWKH,QGXVWULDO'HYHORSPHQW%XUHDXRI02($DV
*/3 ϏձϊಣཽឋȂ‫ࣃٯ‬স୥ђ 2(&'*/3 ࢦ WKHPRQLWRULQJDXWKRULW\IRU2(&'*/3FRPSOLDQFHLQ
7DLZDQ7KH/HWWHURI&RQ¿UPDWLRQRIFRPSDWLEOH*/3
ਰসଌጜȂІᖟᒳ௱ኅࣁ୞๊Ȅ
KDVEHHQDSSURYHGE\WKH0LQLVWU\RI)RUHLJQ$IIDLUV
DQGWKH([HFXWLYH<XDQ,WLVH[SHFWHGWREHVLJQHGE\
WKH7DLSHL(FRQRPLFDQG&XOWXUDO5HSUHVHQWDWLYH2I¿FH
LQWKH86DQGWKH$PHULFDQ,QVWLWXWHLQ7DLZDQLQ
HDUO\7$)KDVFRQWLQXRXVO\EHHQLQYLWHGWRDWWHQG
WKH2(&':RUNLQJ*URXSRQ*/3PHHWLQJIRUWKH
IRXUWKWLPH7$)DOVRVHQWRQHVWDIIWRDWWHQGWKH2(&'
*/3LQVSHFWRUWUDLQLQJ9DULRXVDFWLYLWLHVZHUHKHOGWR
SURPRWH2(&'*/3

ᆱࡼ 2(&'*/3 ୾ঢ়ಓӬ‫ܓ‬ᆀ௢‫ق‬ಜ 0DLQWDLQLQJWKH2(&'*/31DWLRQDO&RPSOLDQFH


0RQLWRULQJ3URJUDP
ᄈܼಓӬ‫ีܓ‬ᓄϟၑᡜ൑՞Ȃࡼ៊உ՘Ԓ࡚ः
‫ف‬ጌਰࣁ୞Ȃпጃᇰၑᡜ൑՞ಓӬีᓄϟ೤ጓ 7$)FRQGXFWHGVWXG\DXGLWVRIUHJLVWHUHGWHVWIDFLOLWLHV
्ؒȄϭԒ࡚ϑஉ՘ߒԪ౫ൠࢦਰൠԪ ֥ፓ WRFRQ¿UPWKH\ZHUHLQFRPSOLDQFHZLWKUHJXODWHG
UHTXLUHPHQWVIRUWKHFRPSOLDQFHUHJLVWUDWLRQ$WRWDORI
ࢦ ȃᆀ࿝౫ൠࢦਰ ൠԪȄತॏ‫׈‬ԚҨ፝ၑᡜ
RQVLWHLQLWLDOLQVSHFWLRQV LQFOXGLQJIROORZXSV DQG
൑՞ঢ়኶࣐ঢ়Ȃ‫ڦ‬ூಓӬ‫ีܓ‬ᓄၦੀ‫ޠ‬ၑᡜ൑
RQVLWHPRQLWRULQJLQVSHFWLRQZHUHFRQGXFWHGLQWKLV
՞࣐ঢ়Ȅ \HDURXWRIWKHWHVWIDFLOLW\DSSOLFDQWVKDYHEHHQ
UHJLVWHUHGDV2(&'*/3&RPSOLDQFH
 Ԓѣ໡ȶ2(&'ᓻًᄃᡜࡊᐈձ */3 ୾
ঢ়ಓӬ‫ܓ‬ᆀ௢‫ق‬ಜีᓄቸឋ‫ې‬সཽȷཽឋ ൠ ,QPHHWLQJVIRUɆ2(&'*RRG/DERUDWRU\
ԪȂ‫ٯ‬ϑ‫׈‬Ԛဓ፝ಒΡ۪ 2(&'*/3 ቸឋ‫ې‬স 3UDFWLFH */3 1DWLRQDO&RPSOLDQFH0RQLWRULQJ
3URJUDP5HJLVWUDWLRQ5HYLHZ&RPPLWWHHɇZHUH
хߓȂѣ໡ൠቸឋ‫ې‬সཽȂ୥ᇅၑᡜ൑՞ࢦਰ
FRQYHQHG7KHHPSOR\PHQWRIWKHVHFRQGWHUP2(&'
ൣ֚Іၑᡜः‫ف‬ጌਰൣ֚ቸࢦᇅ‫ݳ‬೤ᇅ‫׭‬೛ϟᒛ
*/3UHYLHZFRPPLWWHHPHPEHUVZDVDOVRFRPSOHWHG
ၛȄ UHYLHZFRPPLWWHHPHHWLQJVZHUHKHOGWRUHYLHZWKH
LQVSHFWLRQDQGVWXG\DXGLWUHSRUWVRIWHVWIDFLOLWLHVDQG
WRSURYLGHDGYLFHVRQWHFKQLFDOLVVXHVRUUHJXODWLRQ


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

௱୞୾ϲ᠍ೱᐡᜱϟӬձпІ᛬ဎѯज 3URPRWLQJFRRSHUDWLRQZLWKGRPHVWLFJRYHUQPHQWDO
*/3ࣻৡ‫ܓ‬ጃᇰਫ /HWWHURI&RQ¿UPDWLRQ DXWKRULWLHVDQGWKHVLJQLQJRI/HWWHURI&RQ¿UPDWLRQ
RIFRPSDWLEOH*/3EHWZHHQ7DLZDQDQG86$
 У  Сࣃসяৱȶѯजᕘߴ‫׭‬೛Ӭձ‫ۢڟ‬ȷཽ
2Q)HEUXDU\7$)VWDIIDWWHQGHGWKHɆ7DLZDQ±86$
ឋȇ У  Сࣃস॔ज୾ᕘߴဎຠզ */3
(QYLURQPHQWDO3URWHFWLRQ$JHQF\7HFKQLFDO&RRSHUDWLRQ
ࢦਰ‫࡚ښ‬Ȃ‫ٯ‬Մᄇज୾ */3 ၑᡜ൑՞Ȟࢴ౪ၑ $JUHHPHQWɇPHHWLQJ)URPWR0DUFK7$)
ᡜȟІᢏᄇज୾உ՘*/3LQVSHFWLRQȞၼ᛿෥੽ 
UHSUHVHQWDWLYHVHYDOXDWHG86(3$ V*/3SURJUDP
ၑᡜȟȂпΠ၍ज୾ᕘߴဎϟ */3 ‫ق‬ಜ‫ٯ‬ጃᇰ YLVLWHGWKH86$*/3WHVWIDFLOLWLHV WR[LFLW\WHVW DQG
ࣻৡ‫ܓ‬Ȅ REVHUYHGWKH86VWDIILQVSHFW*/3WHVWIDFLOLW\ SHVWLFLGH
UHVLGXDOWHVWLQJ ,WKHOSVXQGHUVWDQGWKH*/3V\VWHPRI
 У  С௦‫ڨ‬ज୾ᕘߴဎ 86(3$ ‫ٿ‬ѯຠ 86(3$DQGWRFRQ¿UPWKHFRPSDWLELOLW\
զ‫* ୾ש‬/3 ࢦਰ‫࡚ښ‬ᇅၽձ‫ࠣޠ‬፵‫ق‬ಜȂຠզ 
2Q-XQH86(3$UHSUHVHQWDWLYHHYDOXDWHG7$) V
ࣁ୞єࢃजРхߓ౫ൠᢏᄇ7$) ࢦਰসᄈၼ‫ې‬ */3LQVSHFWLRQSURJUDPDQGTXDOLW\V\VWHPLQFOXGLQJ
ཽၼཿ᛿‫ޑࢴޑ‬ၑᡜ‫ܛ‬உ՘ */3 ౫ൠࢦਰ ࢴ REVHUYDWLRQRIDQRQVLWH*/3LQVSHFWLRQ WR[LFRORJ\ RI
‫ޑ‬᛿‫ޑ‬ၑᡜ Ȃຠզ 7$) ‫* ޠ‬/3 ಓӬ‫ܓ‬ᆀ௢‫ق‬ WKH7DLZDQ$JULFXOWXUDO&KHPLFDOVDQG7R[LF6XEVWDQFHV
5HVHDUFK,QVWLWXWHRIWKH&RXQFLORI$JULFXOWXUH7KH86
ಜȄजРхߓߓұ޼ۢ7$)‫* ޠ‬/3 ‫ق‬ಜпІஉ 
UHSUHVHQWDWLYHFRQ¿UPHGWKHFRPSDWLELOLW\RI7$) V*/3
՘ */3ࢦਰࣁ୞‫ޠ‬૗ΩȄ 
SURJUDPDQGLWVLQVSHFWLRQWHDP VDELOLW\LQH[HFXWLQJ
*/3LQVSHFWLRQV

2Q$XJXVWDQG1RYHPEHU7$)UHSUHVHQWDWLYHV
DWWHQGHGWKH7DLZDQ86$(3$%LODWHUDO0HHWLQJWR
FRQ¿UPZLWKWKH$PHULFDQUHSUHVHQWDWLYHVUHJDUGLQJWKH
SURJUHVVIRUWKH/HWWHURI'HOHJDWLRQDQGWKH/HWWHURI
&RQ¿UPDWLRQDQGWROHDUQWKHVWDWXVRIFRPPXQLFDWLRQ
ZLWK7DLSHL(FRQRPLFDQG&XOWXUDO5HSUHVHQWDWLYH2I¿FH
7(&52 DQGWKH$PHULFDQ,QVWLWXWHLQ7DLZDQ $,7 

7$)ZDVIRUPDOO\GHOHJDWHGE\WKH,QGXVWULDO
ज୾ᕘߴဎ‫ٿ‬ѯຠզ ŕłŇ ‫ ޠ‬ňōő ‫ق‬ಜ
ĭ 'HYHORSPHQW%XUHDXRI02($(QYLURQPHQWDO
ŖŔġņőłġųŦűųŦŴŦůŵŢŵŪŷŦġŦŷŢŭŶŢŵŦťġŕłŇ ŴġňōőġŴźŴŵŦŮ
3URWHFWLRQ$GPLQLVWUDWLRQRI([HFXWLYH<XDQDQGWKH
 У  Сȃ У  С ࣃ স я ৱ ѯ ज ᕘ ߴ ဎ &RXQFLORI$JULFXOWXUHRI([HFXWLYH<XDQWRDFWDVD*/3
FRPSOLDQFHPRQLWRULQJDXWKRULW\LQ7DLZDQRQ$XJXVW
ᚗ ᜟ ཽ ឋȂ ᇅ ज Р х ߓ ጃ ᇰ ௳ ᠍ ਫ ᇅ ጃ ᇰ ਫ
1RYHPEHUDQG1RYHPEHUUHVSHFWLYHO\7$)DOVR
ϟ ᒳ ౪ ໍ ࡚Ȃ Π ၍ ᇅ Ꮊ ज ୾ စ ᔽ Н Ͼ х ߓ ೏ IRUPDOO\UHFHLYHGWKHFRQVHQWE\WKH([HFXWLYH<XDQWR
7(&52 ȃज୾Ӷѯ‫ ཽڟ‬$,7 ϟᖓᛯ௒‫ם‬Ȅ SURFHHGWKHVLJQLQJRIWKH/HWWHURI&RQ¿UPDWLRQRI*/3
FRPSDWLELOLW\EHWZHHQ7(&52DQG$,7
7$) ϸ ր ܼ  У  Сȃ У  С І  У 
СᕖစᔽഌϏཿ‫׌‬ȃ՘࢈ଲᕘߴဎІ՘࢈ଲၼ
‫ཽې‬Ҕԓ௳᠍ȂᐋӉ‫୾ש‬ϟ */3 ಓӬ‫ܓ‬ᆀ௢൑
՞Ȃ‫  ܼٯ‬У  СҔԓᕖ՘࢈ଲӤཏȂഇႇ
7(&52 ᇅ $,7 ໍ՘ */3 ࣻৡጃᇰਫϟ᛬ဎȄ

॔ज୾ᕘߴဎຠզ ňōő ‫ق‬ಜ


ĭ
ŕłŇġųŦűųŦŴŦůŵŢŵŪŷŦŴġŦŷŢŭŶŢŵŦťġŖŔġņőł ŴġňōőġŴźŴŵŦŮ


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

୥ђ 2(&'*/3ϏձϊಣཽឋІࢦਰসଌጜ 3DUWLFLSDWLQJ2(&':RUNLQJ*URXSRQ*/3
PHHWLQJDQGLQVSHFWRUWUDLQLQJ
 У  С ࣃ স ॔ ‫ ୾ ݳ‬В Ꮞ ୥ ђ ಒ  ۪
2(&'*/3 ϏձϊಣཽឋȂཽϜҦዟۤ߀စ౪ 'XULQJ0D\7$)UHSUHVHQWDWLYHVDWWHQGHG
WKHUGPHHWLQJRI2(&':RUNLQJ*URXSRQ*/3LQ
ൣ֚‫* ୾ש‬/3 ‫ق‬ಜϟ࡛ဋ௒‫ם‬пІ */3 ၑᡜ൑ 
3DULV)UDQFH0V<L)DQJ3DQ7$) V*/30DQDJHU
՞ϟࢦਰȃีᓄ౫‫ݸ‬Ȃཽឋ෉໣‫ٯ‬ᇅӼ՞ */3 
UHSRUWHGWKHHVWDEOLVKPHQWVWDWXVRI7DLZDQ V*/3
஠ঢ়ࣂፚґ‫ٿ‬ӬձϟѠ૗‫ܓ‬Ȃйᇅ‫୾ש‬ȶ‫ຸࢹٴ‬ SURJUDPDQGWKHUHJLVWUDWLRQRI*/3WHVWLQJIDFLOLWLHV
ܿߵໍཽᎺВᏎᒳ‫ٲ‬೏ȷ΢সः୧Ԅե௱৥ђΤ 'XULQJWKHSHULRGRIPHHWLQJ1LJHO-RXDQG<L)DQJ
*/30$'ȇҐԪཽឋӔԥ ΢ᇅཽȄ 3DQDOVRGLVFXVVHGZLWKPDQ\*/3H[SHUWVUHJDUGLQJ
WKHSRVVLELOLW\IRUIXWXUHFRRSHUDWLRQDQGPHWWKH
 У  С ࣃ স ॔ ࿆ ς В ༭ ᅮ ୥ ђ ಒ Ο ۪ UHSUHVHQWDWLYHVRIWKHɆ&HQWUH$VLDWLTXHGH3URPRWLRQ
2(&'*/3 ࢦ ਰ স ଌ ጜȂ ԫ ࣐ ‫ ୾ ש‬ಒ  ՞ ௦ (FRQRPLTXHHW&RPPHUFLDOHɇWRUHJDUGLQJDGKHUHQFH
‫ڨ‬ԫҔԓଌጜϟࢦਰসȂϛ༊ђ஽ 7$) ΢সᄈ WRWKH*/30$'$WRWDORIGHOHJDWHVSDUWLFLSDWHGLQ
*/3 ‫ق‬ಜϟ஠ཿ૗ΩȂ‫ٯ‬ԥֆܼґ‫୾שٿ‬௦‫ڨ‬ WKHUGPHHWLQJ

2(&'*/3 ϟຠզȇҐԪଌጜӔԥ‫ٿ‬Ս  ঐစ 7$)VWDIIDWWHQGHGWKHWK2(&'*/3LQVSHFWRUWUDLQLQJ


ᔽᡞӔ  ՞ᗀ৲ȃ ঐစᔽᡞॏ  ՞Ᏹস୥ DW%DVHO6ZLW]HUODQGIURPWR2FWREHU7KLVLVWKHUG
ђȄ 7$)VWDIIWKDWKDVEHHQWUDLQHGE\2(&'*/3LQVSHFWRU
WUDLQLQJFRXUVH7KLVWUDLQLQJQRWRQO\HQKDQFHV7$)

VWDIIV SURIHVVLRQDODELOLW\LQ*/3SURJUDPEXWDOVR
KHOSHGSUHSDUDWLRQIRUIXWXUH2(&'*/3PXWXDOMRLQW
௱ኅᇅଌጜࣁ୞ YLVLWHYDOXDWLRQ$WRWDORIOHFWXUHUVIURPHFRQRPLHV
DQGSDUWLFLSDQWVIURPHFRQRPLHVSDUWLFLSDWHGLQ
 У  Сᒳ౪‫୾ש‬ᕘߴဎᇅज୾ᕘߴဎᓻًᄃ
WKLVWUDLQLQJ
ᡜࡊᐈձ */3 ӬձР਱ᇴཽ݃Ȃॏ  ঐᐡᄻȃ
 ΢୥ᇅȄ

3URPRWLRQDQG7UDLQLQJ

2Q-XQHDVHPLQDUZDVKHOGWRLQWURGXFHWKH
FRRSHUDWLRQEHWZHHQWKH(3$7DQG86(3$RQ*RRG
/DERUDWRU\3UDFWLFH$WRWDORIGHOHJDWHVIURP
RUJDQLVDWLRQVSDUWLFLSDWHG

2Q$XJXVW7$)ZDVLQYLWHGE\WKH%XUHDXRI)RRG
ѯज ňōő ӬձР਱ᇴཽ݃ DQG'UXJ$QDO\VLVWRLQWURGXFHWKHFRPSDULVRQEHWZHHQ
ŵũŦġŤŰŰűŦųŢŵŪŰůġŴŦŮŪůŢųġţŦŵŸŦŦůġŵũŦġņőłŕġŢůťġŖŔġņőłġ WKHɆ2(&'*/3&RPSOLDQFH0RQLWRULQJ3URJUDPDQG
ŰůġňŰŰťġōŢţŰųŢŵŰųźġőųŢŤŵŪŤŦį ODERUDWRU\DFFUHGLWDWLRQV\VWHPɇ

 У  С‫ڨ‬ᗝӪ᛿ᔯ‫׌‬Ϯಞȶ2(&'*/3 ࢦਰ 2Q6HSWHPEHU7$)DQGWKH0HGLFDODQG
‫࡚ښ‬ᇅᄃᡜࡊᇰᜍ‫࡚ښ‬ϟЩၷȷȄ 3KDUPDFHXWLFDO,QGXVWU\7HFKQRORJ\DQG'HYHORSPHQW
&HQWHUWRJHWKHUKHOGDWUDLQLQJFRXUVHRQWKH
 У  С 7$) ᇅଓყ‫ݳ‬΢ᚃ᛿Ϗཿึ৥‫׭‬೛ Ɇ,PSOHPHQWDWLRQRI2(&'*/33ULQFLSOHVɇ$WRWDORI
ϜЗӔӤᖟᒳȶಓӬ 2(&'*/3 ೤ጓࢋ՘ȷଌ SDUWLFLSDQWVIURPRUJDQLVDWLRQVDWWHQGHG
ጜ፟โ  ൠȂӔॏ  ᐡᄻ  ൑՞Ȃ ΢୥ᇅȄ


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

ᖞ‫ט‬ᔯᡜᚃᏱ໕ข୥Մᄃᡜࡊϟึ 'HYHORSPHQWDQGSURPRWLRQRIWKH
৥ᇅ௱୞ PHDVXUHPHQWUHIHUHQFHODERUDWRU\IRU
FOLQLFDOODERUDWRU\PHGLFLQH
ᖞ‫ט‬ᔯᡜᚃᏱ໕ข୥Մᄃᡜࡊϟึ৥ᇅ௱୞Ȃҭ
7KHSXUSRVHIRUWKHGHYHORSPHQWDQGSURPRWLRQRI
‫࣐ޠ‬л୞௱୞Ⴣᓿ୾ϲөᖞ‫ט‬ᚃᏱϜЗᄃᡜࡊȃ
WKHPHDVXUHPHQWUHIHUHQFHODERUDWRU\IRUFOLQLFDO
ः‫ف‬ᐡᄻ‫࢑ܗ‬τᏱᄃᡜࡊ๊Ȃ෉ࡠණ݈‫ᙾܗ‬ඳ ODERUDWRU\PHGLFLQHLVWRDFWLYHO\HQFRXUDJHGRPHVWLF
Ԛ࣐ᚃᏱ໕ข୥ՄᄃᡜࡊȄҐԒ࡚௱୞ϟ๗‫ݏ‬Ԅ FOLQLFDOPHGLFDOFHQWHUODERUDWRULHVUHVHDUFKLQVWLWXWH
ίȈ RUXQLYHUVLW\ODERUDWRULHVWRXSJUDGHRUWUDQVIRUPLQWR
PHGLFDOPHDVXUHPHQWUHIHUHQFHODERUDWRULHV7KH
RXWFRPHVLQWKLV\HDUDUHDVIROORZV

ᒳ౪ःଇཽ 6HPLQDUV

 У  С୆໲ࡧѯτཽឋϜЗᒳ౪ᖞ‫ט‬ᔯᡜᚃ 2Q$SULODVHPLQDUZDVKHOGDWWKH*,6&RQYHQWLRQ
&HQWHURI1DWLRQDO7DLZDQ8QLYHUVLW\UHJDUGLQJ
Ᏹ໕ข୥ՄᄃᡜࡊःଇཽȂӔᗝ፝ᇅཽ൑՞ 
PHGLFDOPHDVXUHPHQWUHIHUHQFHODERUDWRU\IRUFOLQLFDO
ঢ় өᚃᕜᐡᄻᇅᚃᏱϜЗІᏱཽ Ȃᇅཽ΢኶
ODERUDWRU\PHGLFLQH$WRWDORISDUWLFLSDQWVIURP
 ՞Ȅ XQLWV PHGLFDOFDUHLQVWLWXWHVPHGLFDOFHQWHUVDQG
DFDGHPLFDVVRFLDWLRQV DWWHQGHGWKHVHPLQDU
 У  Сᗝ፝Ϝ୾ᖞ‫ט‬ᔯᡜϜЗ ചНಉ୚
лӉпȶᚃᏱᔯᡜ໕অ྘ྜᇅ୥Մ‫ق‬ಜȷ࣐ᚡȂ 2Q6HSWHPEHU'HSXW\'LUHFWRURIWKH1DWLRQDO
ᇅ၏ϜЗ Ҩφ࿋лӉпȶϜ୾ᄃᡜࡊ໣ࠣ፵ຠ &HQWHUIRU&OLQLFDO/DERUDWRU\&KLQD0U:HQ;LDQ
ቌ‫ึޠ‬৥‫ڸ‬౫‫ޒ‬ȷ࣐ᚡȂϸրᒳ౪୾ርᚃᏱ໕ข &KHQZDVLQYLWHGWRSUHVHQWWKHWRSLFɆ7KH7UDFHDELOLW\
RI0HGLFDO7HVWLQJDQG5HIHUHQFH6\VWHPɇDQG
୥Մ‫ق‬ಜȃ໕ขଢ྘ึ৥ःଇཽᇅᚃᏱᄃᡜࡊᆔ
'LUHFWRURIWKH&HQWHU0U=L<X6KHQZDVLQYLWHG
౪ᄳ૗Ωၑᡜࣁ୞ึ৥ःଇཽȄ‫ڎ‬ൠᖃॏ୥ᇅ΢
WRSUHVHQWWKHWRSLFɆ7KH'HYHORSPHQWDQG6WDWXV
኶  ՞Ȅ RI4XDOLW\(YDOXDWLRQRI,QWHUODERUDWRU\&RPSDULVRQV
LQ&KLQDɇLQWKHVHPLQDUVRQLQWHUQDWLRQDOPHGLFDO
PHDVXUHPHQWUHIHUHQFHV\VWHPGHYHORSPHQWRI
PHDVXUHPHQWWUDFHDELOLW\DQGWKHGHYHORSPHQWRI
PHGLFDOODERUDWRU\PDQDJHPHQWDQGSUR¿FLHQF\WHVWLQJ
DFWLYLW\UHVSHFWLYHO\$WRWDORISHUVRQVDWWHQGHG
WKHWZRVHPLQDUV

ᚃᏱᄃᡜࡊᆔ౪ᄳ૗Ωၑᡜࣁ୞ึ৥ःଇཽ
ŴŦŮŪůŢųŴġŰůġŮŦťŪŤŢŭġŭŢţŰųŢŵŰųźġŮŢůŢŨŦŮŦůŵġŢůťġ
űųŰŧŪŤŪŦůŤźġŵŦŴŵŪůŨġŢŤŵŪŷŪŵź


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

୥ᇅ୾ርཽឋ‫ࣁܗ‬୞ ,QWHUQDWLRQDOFRQIHUHQFHVRUDFWLYLWLHV

࣐૗ጃᄃᕤ၍୾ር໣ᄈᚃᏱ໕ข୥Մᄃᡜࡊϟၽ ,QRUGHUWRWKRURXJKO\XQGHUVWDQGZRUOGZLGHRSHUDWLRQ
ձᇅᆔ౪Ȃܼ  У  СяৱҦ ('0$ (XURSHDQ DQGPDQDJHPHQWRIPHGLFDOPHDVXUHPHQWUHIHUHQFH
'LDJQRVWLF0DQXIDFWXUHUV$VVRFLDWLRQ ᒳ ౪ ϟ ODERUDWRU\7$)DWWHQGHGWKH0HWURORJLFDO7UDFHDELOLW\
IRULQYLWURGLDJQRVWLFPHGLFDOGHYLFHV:RUNVKRS
0HWURORJLFDO7UDFHDELOLW\ IRU LQ YLWUR GLDJQRVWLF
KHOGE\('0$ (XURSHDQ'LDJQRVWLF0DQXIDFWXUHUV
PHGLFDOGHYLFHV:RUNVKRSȄ‫  ܼٯ‬У  Сࡷ
$VVRFLDWLRQ RQ-XQHDQGYLVLWHGWKHPHGLFDO
೥ -&7/0 -RLQW&RPPLWWHHIRU7UDFHDELOLW\LQ PHDVXUHPHQWUHIHUHQFHODERUDWRU\DFFUHGLWHGE\
/DERUDWRU\0HGLFLQH ᇰѠϟᚃᏱ໕ข୥Մᄃᡜ -&7/0 -RLQW&RPPLWWHHIRU7UDFHDELOLW\LQ/DERUDWRU\
ࡊȄ 0HGLFLQH RQ-XQH

ѣ໡Ϗձϊಣཽឋᇅஉ՘ୱ‫ڣ‬።ࢦ 7DVNIRUFHPHHWLQJDQGVXUYH\

࣐‫ڟ‬ֆᚃᏱ໕ข୥Մ‫ق‬ಜϟᏳΤȂՍ  Уӌକ֊ ,QRUGHUWRIDFLOLWDWHWKHLQWURGXFWLRQRIPHGLFDO


PHDVXUHPHQWUHIHUHQFHV\VWHP7$)KDVEHHQ
ഛ៊ᇅѯᢋөᚃᏱϜЗᄃᡜࡊлᆔȃᏱཽхߓІ
FRQWDFWLQJYDULRXVPHGLFDOFHQWHUODERUDWRU\
τᏱఁ௳Ȃଇ፤ᏳΤ୾ϲᚃᏱᄃᡜࡊϟᎍ࿌‫ܓ‬Ȅ
DGPLQLVWUDWRUVDFDGHPLFDVVRFLDWLRQUHSUHVHQWDWLYHV
ܼ෉໣‫׈‬ԚΚӌ዗ӶᚃᏱ໕ข୥Մᄃᡜࡊᄈᔗ DQGXQLYHUVLW\SURIHVVRUVWRGLVFXVVWKH
,62 ୥ՄᄃᡜࡊஆҐၽձ౫‫ݸ‬ϟୱ‫ڣ‬።ࢦ DSSURSULDWHQHVVRILQWURGXFLQJGRPHVWLFPHGLFDO
ߓȄ ODERUDWRULHVVLQFH-XO\$VXUYH\RQSRWHQWLDOPHGLFDO
UHIHUHQFHPHDVXUHPHQWODERUDWRULHVRSHUDWLQJDJDLQVW
,62UHTXLUHPHQWVIRUUHIHUHQFHPHDVXUHPHQW
ODERUDWRULHVZDVFRPSOHWHG

௱ኅᇅଌጜࣁ୞ 3URPRWLRQDQG7UDLQLQJ

࣐ᡲᚃᏱ໕ขଢ྘ϟᢏ‫࣐؂܉‬඾ІȂҐཽւң৵ ,QRUGHUWRPDNHSHRSOHDZDUHRIWKHFRQFHSWRI
ፚཽᇅөყᡞᒳ౪ࣻᜱࣁ୞Ȃ‫ٯ‬ϮಞᚃᏱ໕ขଢ PHGLFDOPHDVXUHPHQWWUDFHDELOLW\7$)KDVKHOGVHYHUDO
VHPLQDUVWRLQWURGXFHWKHLPSRUWDQFHRIPHGLFDO
྘ϟ२्‫ܓ‬ᇅᄈҢ‫׭‬౱ཿึ৥ϟᔔֆȂܼ  У
PHDVXUHPHQWWUDFHDELOLW\DQGWKHDVVLVWDQFHLWFDQ
 Сᒳ౪ȶਯҔᇅ໕ขଢ྘‫׭‬ѾܼᚃᏱ໕ขϟຠ SURYLGHWRWKHELRWHFKQRORJLFDOLQGXVWU\7KHɆ7UDLQLQJ
ᠧ΢ΩଌጜȷȂ୥ᇅ΢኶  ΢Ȅ IRU$VVHVVRUVRI&DOLEUDWLRQDQG0HDVXUHPHQW
7UDFHDELOLW\7HFKQLTXHIRU0HGLFDO0HDVXUHPHQWɇZDV
KHOGRQ2FWREHUZLWKDWWHQGDQWV


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

உ՘ᙜཿፐҢᄃᡜࡊᇰᜍᆔ౪ॏฬ &RQGXFWLQJRFFXSDWLRQDOKHDOWK
Ґॏฬ߾ഽ‫ېཽې‬ଋᒳ౪Ȃໍ՘ᄃᡜࡊᇰᜍ‫࡚ښ‬
ODERUDWRU\DFFUHGLWDWLRQSURJUDP
Ҧ‫ې‬ଋᒳ౪Рԓᙾඳ࣐ၽң୾ঢ়ᄃᡜࡊᇰᜍ‫ق‬ಜ 7KLVSURMHFWZDVFRQVLJQHGWR7$)E\WKH&RXQFLORI
Рԓ‫ྦޠ‬റϏձȄஉ՘෉໣ϑ‫׈‬Ԛᇰᜍ‫࡚ښ‬ຠ /DERU$IIDLUVWRFRQGXFWODERUDWRU\DFFUHGLWDWLRQV\VWHP
զІᇰᜍ೤ጓᐍӬȂ‫ٯ‬ණЁᄃᡜࡊІຠᠧসᄈܼ LQWKHIRUPRIFRQVLJQPHQWZKLFKFDQEHWUDQVIRUPHG
LQWRWKHSUHSDUDWLRQZRUNIRUXWLOL]LQJQDWLRQDOODERUDWRU\
,62,(& ‫ޠ‬ᇰ‫ޤ‬ȂІ‫ڟ‬ֆлᆔᐡᜱໍ՘‫ݳ‬
DFFUHGLWDWLRQV\VWHP'XULQJWKHLPSOHPHQWDWLRQRI
೤ঔॐ๊ө໷ྦറϏձȄϑԥ  ঢ়ᄃᡜࡊӤਣ
WKLVSURMHFW7$)KDVFRPSOHWHGWKHHYDOXDWLRQRIWKH
ϑ‫ڦ‬ூ 7$) ᇰᜍȂᅗ٘ ,62,(& Іȶᙜ DFFUHGLWDWLRQV\VWHPDQGWKHLQWHJUDWLRQRIDFFUHGLWDWLRQ
ཿፐҢᄃᡜࡊᇰᜍ೤ጓȷ्ؒȄ У  Сᒳ౪ UHJXODWLRQVDVZHOODVHQKDQFHGWKHDZDUHQHVV
ഽϏձཿᕘძขۢၦଊᆔ౪‫ق‬ಜᗀಭᇴཽ݃Ȃᇴ RIODERUDWRU\DQGDVVHVVRUVWRZDUGVWKH,62,(&
݃ഽϏձཿᕘძขۢ՘โІϸ‫ݚ‬๗‫ݏ‬ϟၦଊ‫ق‬ಜ DQGDVVLVWHGWKHJRYHUQPHQWDODXWKRULWLHVWR
Ҩൣᐡ‫ښ‬Ȅ୥ᇅ΢኶  ΢Ȅ SURFHHGZLWKWKHSUHSDUDWLRQZRUNVXFKDVUHYLVLRQRI
UHJXODWLRQV3UHVHQWO\ODERUDWRULHVKDYHPHWWKH,62
,(&DQGWKHɆ2FFXSDWLRQDO+HDOWK/DERUDWRU\
$FFUHGLWDWLRQ5HJXODWLRQɇUHTXLUHPHQWVDQGUHFHLYHG
7$)DFFUHGLWDWLRQ2Q'HFHPEHUDZRUNVKRSZDV
KHOGIRULQWURGXFLQJWKHODERUZRUNSODFHHQYLURQPHQWDO
PRQLWRULQJLQIRUPDWLRQPDQDJHPHQWV\VWHPZKHUH
WKHUHSRUWLQJPHFKDQLVPRIWKHLQIRUPDWLRQV\VWHPVIRU
ODERUZRUNSODFHHQYLURQPHQWDOPRQLWRULQJVFKHGXOLQJ
DQGDQDO\VLVUHVXOWVZDVH[SODLQHG7KHZRUNVKRSZDV
DWWHQGHGE\SHUVRQV

௱୞Ә‫ٲ‬ᄃᡜࡊᇰᜍձཿॏฬ 3URPRWLRQIRUFULPLQDOODERUDWRU\
DFFUHGLWDWLRQSURJUDP
Ґॏฬ߾ϲ࢈ഌឍ࢈ဎӘ‫ٲ‬ឍᄇ‫ې׌‬ଋᒳ౪Ȃ࣐
‫ڟ‬ֆᠧᜌ΢সᕤ၍ᠧᜌऌᏱϟᇰᜍ‫ޤ‬ᜌȂ੬ᖟᒳ 7KHSURJUDPZDVFRQVLJQHGWR7$)E\WKH&ULPLQDO
,QYHVWLJDWLRQ%XUHDX1DWLRQDO3ROLFH$JHQF\0LQLVWU\
,62,(& Іϲഌጌਰଌጜ፟โȄ
RIWKH,QWHULRUWRDVVLVWIRUHQVLFRI¿FHUVWRXQGHUVWDQG
‫׈‬Ԛ ,62,(& ଌጜϟіȃϜȃࠓഌή WKHNQRZOHGJHLQDFFUHGLWDWLRQRIIRUHQVLFVFLHQFH$
ൠԪȂӔॏ  ΢ՄၑӬੀȂϸր࣐іୣ  ՞ȃ WUDLQLQJFRXUVHRQ,62,(&DQGLQWHUQDODXGLW
ZDVKHOG
Ϝୣ  ՞Іࠓୣ  ՞Ȅ
&RPSOHWLRQRIWUDLQLQJFRXUVHVRQ,62,(&
‫׈‬ԚϲഌጌਰଌጜϟіȃࠓΡൠԪȂӔॏ  LQWKHQRUWKHUQFHQWUDODQGVRXWKHUQSDUWRI7DLZDQ
՞Ᏹস୥ᇅȂϸր࣐іୣ  ΢ȃࠓୣ  ΢Ȅ ZKHUHDWRWDORISHUVRQVSDVVHGWKHWHVW 
SHUVRQVLQWKHQRUWKHUQSDUWLQWKHFHQWUDODQG
LQWKHVRXWKHUQUHVSHFWLYHO\ 

&RPSOHWLRQRIWUDLQLQJZRUNVKRSVRQLQWHUQDODXGLW
ZLWKDWRWDORIDWWHQGDQWV DWWHQGDQWVLQWKH
QRUWKHUQDQGLQWKHVRXWKHUQSDUW 


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

Ь౱ࠣࠣ፵ፐҢ౱ӵᆀขॏฬ 0RQLWRULQJRIDTXDWLFSURGXFWTXDOLW\DQG
K\JLHQHRQSURGXFWLRQVLWHSURMHFW
Ґॏฬ߾ଓყ‫ݳ‬΢ѯᢋᎵ෦ᅤཿึ৥ஆߝཽ‫ې‬
ଋᒳ౪Ȃܼ  У  Сȃ У  Сѣ໡Ь౱ࠣ 7KHSURMHFWZDVFRQVLJQHGWR7$)E\7DLZDQ
$TXDFXOWXUH'HYHORSPHQW)RXQGDWLRQ2Q$XJXVW
Ϝ႘ȃᚎȃؓ໷ҭ૗ΩၑᡜϟಒΚȃΡԪቸࢦཽ
DQG2FWREHUWKH¿UVWDQGVHFRQGUHYLHZPHHWLQJ
ឋȂଇ፤૗Ωၑᡜ೤დȃ኶ᐄϸ‫ݚ‬ᇅߓ౫ຠզȄ
ZHUHFRQYHQHGIRUSODQQLQJWKHSUR¿FLHQF\WHVWLQJ
 У  СᖟᒳЬ౱ࠣϜ႘ȃᚎȃؓ໷ҭ૗Ωၑ DFWLYLWLHVRIOHDGFDGPLXPDQGPHUFXU\LQDTXDWLF
ᡜॏฬᇴཽ݃Ȃഇႇԫ໷૗Ωၑᡜࣁ୞Ȃቩђᔯ SURGXFWVGDWDDQDO\VLVDQGSHUIRUPDQFHHYDOXDWLRQ
ᡜᐡᄻ໣ࣻϤЩᄈ‫ޠ‬ᐡཽȂ‫ٯ‬ණ݈Ґٙᔯข‫׭‬೛ 2Q6HSWHPEHUDPHHWLQJZDVKHOGWRLOOXVWUDWHWKH
SUR¿FLHQF\WHVWLQJSURJUDPIRUOHDGFDGPLXPDQG
૗ΩȄ У  Сᒳ౪Ь౱ࠣϜ२ߝ឵І୞‫ޑ‬ң
PHUFXU\LQDTXDWLFSURGXFWVWRLQFUHDVHWKHRSSRUWXQLW\
᛿ࢦਰ౫‫ݸ‬Іᔯข‫׭‬೛ଌጜ፟โȄ‫׈‬Ԛ‫ې‬ᒳ  ঢ়
IRULQWHUFRPSDULVRQEHWZHHQWHVWLQJODERUDWRULHVDQGWR
ᄃᡜࡊࢦਰȂпጃᇰ‫ڐ‬ᔯข‫׭‬೛૗ΩȂဤᄃᔯᡜ HQKDQFHWKHLURZQWHVWLQJWHFKQLFDOFRPSHWHQFHWKURXJK
ᐡᄻᔯᡜࠣ፵ਞ૗ᆔ౪ᐡ‫ښ‬Ȅ VXFKSUR¿FLHQF\WHVWLQJDFWLYLW\2Q'HFHPEHUD
WHFKQLFDOWUDLQLQJFRXUVHZDVKHOGIRUKHDY\PHWDOVLQ
DTXDWLFSURGXFWVDQGDQLPDOGUXJVDXGLWLQJVWDWXVDQG
WHVWLQJWHFKQLTXHV7$)KDVFRPSOHWHGWKHDXGLWLQJRI
ODERUDWRULHVLQWKHFRQVLJQPHQWWRFRQ¿UPWKHLUWHVWLQJ
WHFKQLFDOFRPSHWHQFHVRDVWRIXO¿OWKHWHVWLQJTXDOLW\
DQGHIIHFWLYHQHVVPDQDJHPHQWPHFKDQLVPIRUWHVWLQJ
ERGLHV

ӓ୾ॶࠣȃ᛿‫ޑ‬ȃϾ㠉ࠣᔯᡜ૗໕ 1DWLRQZLGHIRRGGUXJFRVPHWLFSURGXFWV
።ࢦॏฬ WHVWLQJFDSDFLW\VXUYH\SURMHFW

Ґॏฬ߾ፐҢဎ᛿‫ࠣॶޑ‬ᔯᡜ‫ې׌‬ଋᒳ౪Ȃ።ࢦ 7KHSURMHFWZDVFRQVLJQHGWR7$)E\WKH%XUHDXRI)RRG
DQG'UXJ$QDO\VLV'HSDUWPHQWRI+HDOWKWRLQYHVWLJDWH
ӓ୾ᔯᡜၦྜȂ‫࡛ٯ‬ဋᔯᡜၦྜϟࢦၛϏ‫ڏ‬Ȃп
QDWLRQZLGHWHVWLQJUHVRXUFHVDQGWRHVWDEOLVKWKH
ණ‫ٽ‬၏‫׌‬ජඬІԥਞၽңӓ୾᛿‫ޑ‬ȃॶࠣІϾ㠉
VHDUFKLQJWRROIRUWHVWLQJUHVRXUFHVVRDVWRSURYLGHWKH
ࠣϟᔯᡜၦྜȂໍՅጃߴ౱ࠣԋӓІᔯᡜࠣ፵Ȅ $GPLQLVWUDWLRQZLWKWKHFRQWURODQGHIIHFWLYHXWLOL]DWLRQ
ܼ  У  Сѣ໡ӓ୾᛿‫ޑ‬ȃॶࠣȃϾ㠉ࠣᔯᡜ RIQDWLRQZLGHGUXJIRRGDQGFRVPHWLFSURGXFWVWHVWLQJ
ၦྜ።ࢦϟୱ‫ڣ‬ቸࢦཽឋȂጃᇰϸ᜹ϟҔጃ‫ܓ‬Ȅ UHVRXUFHVWRIXUWKHUHQVXUHSURGXFWVDIHW\DQGWHVWLQJ
TXDOLW\$GRFXPHQWDWLRQUHYLHZPHHWLQJZDVKHOGRQ
‫׈‬ԚિҐІጤαୱ‫ڣ‬Ȃ።ࢦঢ়኶Ӕ  ঢ়᛿‫ޑ‬ȃ
2FWREHUUHJDUGLQJWKHQDWLRQZLGHGUXJIRRGDQG
ॶࠣІϾ㠉ࠣϟᄃᡜࡊȂІ  ঢ়ԥᜱϾᏱȃ
FRVPHWLFSURGXFWVWHVWLQJUHVRXUFHVVXUYH\WRFRQIRUP
Ң‫ޑ‬ስ஀ࣻᜱᔯᡜ቉ᏣϟᄃᡜࡊȄ໡ึ࡛ဋȶӓ WKHFRUUHFWQHVVLQFDWHJRUL]DWLRQ7KHVXUYH\ZDV
୾ᔯᡜၦྜၦਠ৳ࢦၛϏ‫ڏ‬ȷІᐈձКьȂ‫׈‬Ԛ FRPSOHWHGE\KDUGFRS\DQGLQWHUQHWTXHVWLRQQDLUHZLWK
።ࢦ๗‫ݏ‬ϟಜॏІϸ‫ݚ‬Ȃ‫ٯ‬ഇႇ  У  С஠ঢ় DWRWDORIGUXJIRRGDQGFRVPHWLFODERUDWRULHVDQG
FKHPLVWU\DQGELRORJ\¿HOGUHODWHGWHVWLQJLQVWUXPHQW
ཽឋȂᕖூࣻᜱ࡛ឋȂᙥԫ‫ڟ‬ֆлᆔᐡᜱජඬӓ
ODERUDWRULHV7KHSURMHFWKDVGHYHORSHGDQGHVWDEOLVKHG
୾ᔯᡜၦྜȂпႁԚ՘࢈ᆔ౪ϟҭ‫ޠ‬Ȅ WKHɆ1DWLRQZLGH7HVWLQJ5HVRXUFHV'DWDEDQN6HDUFK
7RROɇDQGWKHRSHUDWLRQPDQXDODVZHOODVFRPSOHWHG
WKHVWDWLVWLFVDQGDQDO\VLVRIWKHVXUYH\UHVXOWVDQG
REWDLQHGVXJJHVWLRQVIURPWKHPHHWLQJZLWKH[SHUWVRQ
'HFHPEHUWRDVVLVWWKHJRYHUQPHQWDODXWKRULWLHVWR
FRQWUROQDWLRQZLGHWHVWLQJUHVRXUFHVDQGWRDFKLHYHWKH
DGPLQLVWUDWLYHPDQDJHPHQWJRDO


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

ၼ౱ࠣ౱᎜ቻᐤᡜᜍ‫࡚ښ‬ः‫ึف‬৥ 7KH'HYHORSPHQW5HVHDUFKDQG5HVXOW
ІԚ‫ݏ‬ຠզॏฬ (YDOXDWLRQ3URMHFWRI7UDFHDELOLW\
&HUWL¿FDWLRQ6\VWHPIRU$JULFXOWXUDO
Ґॏฬஉ՘౱᎜ቻᐤၼ౱ࠣ‫ܫ‬ᡜȃҢ౱޲І੒ຳ
3URGXFWV
޲ཏُ።ࢦϸ‫ݚ‬ȃ*/2%$/*$3 ः‫๊ف‬ήഌϸ
ԄίȈ 7KHSURMHFWFRQGXFWHGWKHVDPSOLQJRIWUDFHDELOLW\
DJULFXOWXUDOSURGXFWVWKHDQDO\VLVRISURGXFHUVDQG
౱᎜ቻᐤၼ౱ࠣ‫ܫ‬ᡜ‫׈‬Ԛ  ӈȂխ೾ႇӈ኶ FRQVXPHUVRSLQLRQVXUYH\DQGWKHUHVHDUFKRQ
ϟ Ȃєࢃ  ၼᙑ౱ࠣ  ࠣ໷Ȃ‫ܫ‬ኻ  ӈȂ */2%$/*$3UHVSHFWLYHO\LQWKUHHSDUWVDVIROORZV
ໍ՘  ᆎၼ᛿෥੽ᔯᡜȂ੻࿴౱ࠣ  ࠣ໷‫ܫ‬
$WRWDORIVDPSOHVZHUHWDNHQIRUWUDFHDELOLW\
ኻ ӈȂЬ౱ࠣ  ࠣ໷‫ܫ‬ኻ  ӈȄӤਣᔯຝ
DJULFXOWXUDOSURGXFWVDFFRXQWLQJIRURIWKH
 ঢ়ᡜᜍᐡᄻᄈစ‫ڐ‬ᡜᜍҀ୶ၼ౱ࠣ‫ܫ‬ኻโ‫ז‬Ȃ SDVVHGVDPSOHVLQFOXGLQJVDPSOHVIURPLWHPV
Ӷ  ԒӔ‫ܫ‬ᡜ ӈȄᆤӬҐཽІөᡜᜍᐡ RIDJULFXOWXUDOIRRGSURGXFWVIRUUHVLGXHWHVWRI
ᄻᄈ౱ࠣ‫ࢦܫ‬ᔯᡜ๗‫ݏ‬Ȃձ࣐ᄈᡜᜍᐡᄻϛۢ෉ SHVWLFLGHVVDPSOHVIURPLWHPVRISRXOWU\SURGXFWV
ଢࢦຠᠧϟ୥ՄȄ VDPSOHVIURPLWHPVRIDTXDWLFSURGXFWV
0HDQZKLOHFHUWL¿FDWLRQERGLHVZHUHLQVSHFWHGE\
።ࢦϸ‫ݚ‬Ң౱޲І੒ຳ޲ᄈ୾ϲ௱୞౱᎜ቻᐤ‫ښ‬ VDPSOLQJWKHDJULFXOWXUDOSURGXFWVRQWKHPDUNHWZKLFK
࡚௱୞౫‫ݸ‬ϟཏُȂ‫ٯ‬ѣ໡ΝൠԪ஠ঢ়৵ፚཽȂ ZHUHFHUWL¿HGE\WKHFHUWL¿FDWLRQERGLHVZLWKDWRWDO
ᗝ፝Ң౱޲  ঢ় ȃࢻ೾೰፳ཿ޲  ঢ় ȃђ RIVDPSOHVWDNHQLQ7KHVDPSOHWHVWLQJ
UHVXOWVFRQGXFWHGE\7$)DQGHDFKFHUWL¿FDWLRQERG\
Ϗཿ޲  ঢ় ȃ੒ຳ޲ߴៗყᡞ  ঢ় ȃ஠ঢ়
ZHUHVXPPDUL]HGDQGDSSOLHGWRWKHUHIHUHQFHIRUQRQ
‫ܗ‬Ᏹ޲  ΢ ୥ᇅȄ๗Ӭ஠ঢ়Ᏹ޲ཏُȂձ࣐
SHULRGLFDOVXUYHLOODQFHDVVHVVPHQWRIWKHFHUWL¿FDWLRQ
ණ‫୾שٽ‬ґ‫ٿ‬௱୞౱᎜ቻᐤ‫ޠ‬ஆᙄ኶ᐄᇅ२्୥ ERGLHV
ՄȄ
7KHSURMHFWDOVRFRQGXFWHGWKHVXUYH\DQGDQDO\VLVRI
WKHRSLQLRQVIURPSURGXFHUVDQGFRQVXPHUVUHJDUGLQJ
GRPHVWLFSURPRWLRQRIWUDFHDELOLW\V\VWHPDQGLWV
FXUUHQWSURPRWLRQDOVWDWXVKROGLQJPHHWLQJVZLWK
H[SHUWVWRLQYLWHSURGXFHUV XQLWV GLVWULEXWRUDQG
VHOOHUV XQLWV SURFHVVLQJLQGXVWULHV XQLWV 
FRQVXPHUVSURWHFWLRQJURXSV XQLWV H[SHUWVDQG
VFKRODUV SHUVRQV WRSDUWLFLSDWH2SLQLRQVRI
H[SHUWVDQGVFKRODUVZHUHFRPELQHGWRSURYLGHWKH

EDVLFGDWDDQGLPSRUWDQWUHIHUHQFHVWRRXUFRXQW\ V
IXWXUHSURPRWLRQRISURGXFWVWUDFHDELOLW\


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

࣐ ‫ ڟ‬ֆ ୾ ϲ ၼ ౱ ࠣ ѵ ᎜ ሰ ؒȂ Ґ ཽ ໍ ՘ ,QRUGHUWRDVVLVWGRPHVWLFQHHGVIRUDJULFXOWXUDO
*/2%$/*$3 ः‫ف‬Ȃᒳ౪ */2%$/*$3 ‫࡚ښ‬ः SURGXFWVH[SRUW7$)KDVFRQGXFWHGWKH*/2%$/*$3
ଇཽІ৵ፚཽөΛൠԪȂӔॏ  ΢Ԫ୥ђȂ UHVHDUFKDQGKHOGRQHZRUNVKRSDQGRQHVHPLQDU
IRUWKH*/2%$/*$3UHVHDUFKZLWKDWRWDORI
Ӥ ਣ ᗝ ፝ ୾ ϲ ѵ ஠ ঢ় ᒳ ౪ */2%$/*$3 ᇰ ᡜ
DWWHQGDQWV7$)DOVRLQYLWHGGRPHVWLFH[SHUWVWRKROG
ᜍ‫࡚ښ‬ଌጜ፟โ‫ڎ‬ൠԪȂӔॏ  ΢ԪȄစᇅ
VHVVLRQVRI*/2%$/*$3DFFUHGLWDWLRQV\VWHPWUDLQLQJ
*/2%$/*$3 ࣂ ၛ ᛬ ဎ 028 ࣻ ᜱ ಡ ࿾Ȃ ཿ ܼ ZLWKDWRWDORIDWWHQGDQWV7KURXJKGLVFXVVLRQZLWK
 Ԓ  У  С‫׈‬Ԛ */2%$/*$3 ᛬ဎ 028 */2%$/*$3UHJDUGLQJGHWDLOVLQVLJQLQJWKH028
‫ۤٲ‬ȃ‫׈‬ԚҐஆߝཽ࣐ */2%$/*$3 ϟᇰᜍᐡ WKH028KDVEHHQVLJQHGZLWK*/2%$/*$3RQ
ᄻȄପӬ୾ϲҭࠊ௱୞ၼ౱ࠣ౱᎜ቻᐤᇰᡜᜍ‫ښ‬ 0D\ZKLFKPDGH7$)DQDFFUHGLWDWLRQERG\
IRU*/2%$/*$3,WPHHWVWKHFXUUHQWSURPRWLRQIRU
࡚Ȃ࣐෶Ў҇໹Ӥਣ‫ڦ‬ூ‫୾ש‬ၼ౱ࠣ౱᎜ቻᐤІ
GRPHVWLFDJULFXOWXUDOSURGXFWVWUDFHDELOLW\V\VWHPDQG
*/2%$/*$3 ᡜᜍ޲Ӷᡜᜍα‫ޠ‬२ፓᇅ੐ຳȂ
UHGXFHVWKHQHHGVDQGUHSHDWHGFRVWVDQGZDVWHV
෉૗්п‫ڂ‬਱ᒳ౪‫ڎ‬໷ᡜᜍ਱ϟРӪևΩȂ‫ٻ‬ԥ IRUFHUWL¿FDWLRQWRREWDLQERWKGRPHVWLFDJULFXOWXUDO
ሰؒ‫ޠ‬ၼҖѬ्ΚԪҨ፝ȃΚԪᡜᜍȂ֊Ѡᕖூ WUDFHDELOLW\DQG*/2%$/*$3FHUWL¿FDWLRQ,WLVKRSHG
‫ڎ‬஼ᜍਫȂ෶Ў౱ࠣᔯᡜІᡜᜍϟຳңȂпණЁ WKDWWKHWZRFHUWL¿FDWLRQVFDQEHFRPELQHGVRWKDW
‫୾ש‬ၼ౱ࠣӶѵ᎜ᇅӓ౩Ҁൠ‫ޠ‬ᝰ‫ލ‬ΩȄ IDUPHUVRQO\QHHGWRDSSO\IRURQFHDQGFHUWLI\IRURQFH
WRREWDLQWZRFHUWL¿FDWHVWRUHGXFHWKHFRVWIRUSURGXFWV

WHVWLQJDQGFHUWL¿FDWLRQWRHQKDQFHRXUFRXQWU\ V
DJULFXOWXUDOSURGXFWVFRPSHWLWLYHQHVVLQH[SRUWDQG
JOREDOPDUNHW

ňōŐŃłōňłő ‫࡚ښ‬ःଇཽ ňōŐŃłōňłő ᇰᡜᜍ‫࡚ښ‬ଌጜ


ŔŦŮŪůŢųġŧŰųġŵũŦġňōŐŃłōňłőġųŦŴŦŢųŤũ ňōŐŃłōňłőġŢŤŤųŦťŪŵŢŵŪŰůġŴźŴŵŦŮġŵųŢŪůŪůŨ


ᆡःᇰᜍ‫׭‬೛
5H¿QLQJDFFUHGLWDWLRQVNLOO

૗ྜਞ౦౱ࠣϟᇰᜍᡜᜍሰؒ።ࢦ 6XUYH\RIWKHQHHGVIRUHQHUJ\HI¿FLHQW
І࡛Ҵᇰᡜᜍ‫࡚ښ‬ϟѠ՘‫ܓ‬ຠզ SURGXFWVDFFUHGLWDWLRQ FHUWL¿FDWLRQDQG
IHDVLELOLW\HYDOXDWLRQIRUHVWDEOLVKLQJWKH
Ґॏฬᙥᇕ໲୾ር໣࿾૗ᇅ૗ྜਞ౦௱୞Р਱Ȃ
DFFUHGLWDWLRQDQGFHUWL¿FDWLRQV\VWHPV
пᕤ၍୾ር໣ᐍᡞϟึ৥ᗎ༗Ȃ‫׈‬ԚϏձϊಣཽ
ឋΚԪІ஠ঢ়৵ፚཽΡԪȂጃҴॏฬः‫ف‬РӪȂ 7KHSURMHFWFROOHFWHGZRUOGZLGHSURPRWLRQDOVFKHPHV
IRUHQHUJ\VDYLQJDQGHQHUJ\HI¿FLHQF\WRXQGHUVWDQG
‫ٯ‬ཋᐍ୾ϲ஠ঢ়ᄈܼ૗ྜਞ౦౱ࠣᇰᜍȃᡜᜍҀ
WKHRYHUDOOLQWHUQDWLRQDOGHYHORSPHQWWUHQGV7KH
ൠึ৥ᇅ 7$) Ӷ୾ϲ࡛Ҵᇰᜍ‫ڸ‬ᡜᜍ‫࡚ښ‬ϟࣽ
SURMHFWKDVFRPSOHWHGWDVNIRUFHPHHWLQJDQG
‫ݳ‬ȄӤਣᖟᒳᇰᡜᜍຠզᇴཽ݃Ȃᇅөࣩྜྷ೾Ґ H[SHUWVHPLQDUVWRDVVXUHWKHUHVHDUFKGLUHFWLRQIRU
ॏฬः‫ࡤف‬Ȃ౱яѠ՘‫ܓ‬ຠզൣ֚Ȃߒ࡛ؐҴ୾ 
WKLVSURMHFWDQGWRFROOHFWGRPHVWLFH[SHUWV RSLQLRQV
ϲӶԫስ஀ϟྜྷ೾ᐡཽȃ૗ྜਞ౦౱ࠣᇰᜍᇅᡜ UHJDUGLQJHQHUJ\HI¿FLHQWSURGXFWVDFFUHGLWDWLRQ

ᜍҀൠึ৥ϟឋᚡȄҐः‫ف‬ॏฬ‫ܛ‬ᇕ໲ϟུᑺ࿾ FHUWL¿FDWLRQPDUNHWGHYHORSPHQWDQG7$) VRSLQLRQV
૗෶ᆈ౱ཿҀൠึ৥዗Ωȃ୾ϲӱᔗ࿾૗෶ᆈϟ IRUHVWDEOLVKLQJGRPHVWLFDFFUHGLWDWLRQDQGFHUWL¿FDWLRQ
V\VWHPV0HDQZKLOHDPHHWLQJZDVKHOGWRH[SODLQWKH
࢈๋௱୞౫‫ݸ‬ȂІ୾ር໣ྤࡊ੊ᡞ෶໕ȃଢؒմ
HYDOXDWLRQRIDFFUHGLWDWLRQDQGWRFRPPXQLFDWHZLWK
ᆈ٘ၭ౱ࠣϟॴዙȂଷѠ‫ڟ‬ֆ୾ϲᕤ၍୾ር໣ᐍ
DOOEXVLQHVV¿HOGVDIWHUWKHUHVHDUFK7KHIHDVLELOLW\
ᡞϟึ৥ᗎ༗ѵȂ‫ٯ‬ᄈ 7$) ґ‫ٿ‬ຠզӶ୾ϲ࡛ HYDOXDWLRQUHSRUWZDVFRPSOHWHG3UHOLPLQDULO\
Ҵᇰᜍᇅᡜᜍ‫࡚ښ‬ϟ೤დРӪȂԥࣻ࿌ֆઊȄ WKHFRPPXQLFDWLRQFKDQQHOVLQWKLV¿HOGVKDOOEH
HVWDEOLVKHGIRUWKHLVVXHRIHQHUJ\HI¿FLHQWSURGXFWV
DFFUHGLWDWLRQDQGWKHFHUWL¿FDWLRQPDUNHWGHYHORSPHQW
7KHLQIRUPDWLRQUHJDUGLQJWKHHPHUJLQJHQHUJ\VDYLQJ
DQGFDUERQUHGXFWLRQPDUNHWGHYHORSPHQWSRWHQWLDO
GRPHVWLFSURPRWLRQDOVWDWXVLQUHVSRQVHWRWKH
HQHUJ\VDYLQJDQGFDUERQUHGXFWLRQSROLF\DQGWKH
WLGHRILQWHUQDWLRQDOJUHHQKRXVHJDVHVUHGXFWLRQDQG
SXUVXLQJIRUORZFDUERQIRRWSULQWSURGXFWVFROOHFWHG
E\WKLVUHVHDUFKFRXOGQRWRQO\DVVLVWRXUFRXQWU\WR
XQGHUVWDQGWKHZRUOGZLGHRYHUDOOGHYHORSPHQWWUHQGV
EXWDOVRFRQWULEXWHVLJQL¿FDQWKHOSWR7$)IRUIXWXUH
HYDOXDWLRQRIWKHSODQQLQJGLUHFWLRQIRUHVWDEOLVKLQJWKH
૗ྜਞ౦౱ࠣᇰᡜᜍ‫࡚ښ‬ຠզᇴཽ݃ DFFUHGLWDWLRQDQGFHUWL¿FDWLRQV\VWHPV
ņŷŢŭŶŢŵŪŰůġŮŦŦŵŪůŨġŰŧġŦůŦųŨźġŦŧŧŪŤŪŦůŵġűųŰťŶŤŵŴġ
ŢŤŤųŦťŪŵŢŵŪŰůġħġŤŦųŵŪŧŪŤŢŵŪŰů
$OORIWKHDERYHUHVHDUFKDFWLYLWLHVZLOOIROORZWKHLU
SURJUHVVWREHFRPHWKHDFFUHGLWDWLRQV\VWHPIRU
пαөঐः‫ࣁف‬୞Ȃᓎ຀ึ৥ໍ࡚Ȃ‫ܗ‬஡Ԛ࣐᠍ JRYHUQPHQWDODXWKRULWLHVRUWUDQVIRUPWREHWKH
ೱᐡᜱ‫ޠ‬ᇰᜍ‫࡚ښ‬Ȃ‫࣐ᙾܗ‬Ґཽᇰᜍ݉ଡ଼Ȃ‫ܗ‬ሰ DFFUHGLWDWLRQVHUYLFHVRI7$)RUQHHGFRQWLQXHG
ࡼ៊ໍ՘ࡤ៊ϟः‫ف‬Ȃ‫ܗ‬ሰӕ๊ࡠึ৥ਣᐡȂ IXUWKHUUHVHDUFKRUQHHGWRZDLWIRUDGHYHORSPHQW
7$) ஡‫ٸ‬өՍࣁ୞‫ޠ‬੬‫ܓ‬ᇅໍ࡚᝸៊௱୞Ȃ‫ީٯ‬ RSSRUWXQLW\7$)ZLOOFRQWLQXHWRSURPRWHDFFRUGLQJWR
WKHFKDUDFWHULVWLFVDQGSURJUHVVRIHDFKDFWLYLW\DQG
ࡼҐཽᇰᜍ݉ଡ଼‫ۡޠ‬ԠȂഃԒഛ៊ःᔤ्҇‫ޠ‬ः
XSKROGWKHSULQFLSOHRIDFFUHGLWDWLRQVHUYLFHVRI7$)WR
‫ึف‬৥ॏฬȂп֊ਣӱᔗөࣩሰؒȄ
HVWDEOLVKWKHUHVHDUFKDQGGHYHORSPHQWSURMHFWVIRU
HDFK\HDUVRDVWRVDWLVI\WKHGHPDQGVIURPWKHVRFLHW\
LQWLPH


3URPRWLQJSURIHVVLRQDODELOLWLHV

ණ݈
Ԓൣ
$118$/5(3257 ஊଌ΢Ϙ +XPDQ5HVRXUFHV
7UDLQLQJ

஠ཿ૗Ω


ණ݈஠ཿ૗Ω
3URPRWLQJSURIHVVLRQDODELOLWLHV

ஊଌ΢Ϙ +XPDQ5HVRXUFHV 7UDLQLQJ



7$) ‫ܜ‬᠜ &1/$ ᇅ &1$% ᐤစΫᎸԒၽձᆡઢ 7$)LQKHULWHGWKHRYHU\HDUV H[SHULHQFHVRI
ᇅᇰᜍ݉ଡ଼စᡜȂ‫ܜ‬௦‫ٯ‬ஊଌ‫ܛ‬ሰᇰᜍ஠ཿ΢ RSHUDWLRQVDQGDFFUHGLWDWLRQVHUYLFHVIURP&1/$
DQG&1$%DQGFRQWLQXHVWRFXOWLYDWHSURIHVVLRQDO
ΩȂᄈ‫ٿ‬Ս౱ۣᏱःөࣩᇰᜍࣻᜱ΢ϘȂϛϸ
KXPDQUHVRXUFHVQHHGHGIRUDFFUHGLWDWLRQ7$)KDV
7$) ϲѵȂഇႇөᆎᐡཽᇅࣁ୞ȂϛᒹᎸΩӵ༉
EHHQGHOLYHULQJWKHFRQFHSWRIDFFUHGLWDWLRQDQGWKH
ႁᇰᜍ೤ጓ‫ޠ‬ᆡဏȃ୾ርಣᙒࣻϤ‫ܜ‬ᇰ‫्ؒޠ‬Ȃ UHTXLUHPHQWVRI05$V0/$VWRDFFUHGLWDWLRQUHODWHG
‫ٯ‬ᙥֆӤᏕᏱಭРԓȂߵໍྜྷ೾ःଇȂЏ‫ݨڐ‬२ PDQSRZHUIURPLQGXVWULDOJRYHUQPHQWDODFDGHPLF
ᇰᜍ‫ޠ‬Κय‫ܓ‬ȃϵҔϵ҂‫ܓ‬ȄѫѵȂηᙥҦђ஽ DQGUHVHDUFKLQVWLWXWHVHWF%\PHDQVRISHHUOHDUQLQJ
7$)HQFRXUDJHVFRPPXQLFDWLRQVDQGGLVFXVVLRQVDQG
ყ໦ଌጜȃ୥ᇅ୾ር஠ཿଌጜȃ୥೥‫ڐ‬уᇰᜍᐡ
HPSKDVLVHVWKHLPSRUWDQFHRIFRQVLVWHQF\LPSDUWLDOLW\
ᄻȂቩђҐཽӤϧ‫ޠ‬૗ΩȂ‫ٻ‬Ґཽϟၽձ૗஋ᇅ
DQGREMHFWLYLW\LQDFFUHGLWDWLRQ,QDGGLWLRQ7$)KDVEHHQ
ᇰᜍཿଡ଼‫ึޠ‬৥‫ٯ‬Ꮎቇ៯ȄӼԒ‫ܛٿ‬௱୞ᄈө໧ VWUHQJWKHQLQJWKHFRPSHWHQFHVRILWVVWDIIYLDWHDPZRUN
ࢳᇰᜍၽձࢻโࣻᜱ΢সпІᇰѠᐡᄻ΢স‫ޠ‬ஊ WUDLQLQJSDUWLFLSDWLRQLQLQWHUQDWLRQDOSURIHVVLRQDO
ଌϏձȂєࢃ 7& ‫ې‬সȃቸឋ‫ې‬সȃຠቸসȃ‫׭‬ WUDLQLQJVDQGYLVLWRIRWKHUDFFUHGLWDWLRQERGLHVHWFWR
HQDEOHWKHRSHUDWLRQVRI7$)LQOLQHZLWKWKHGHYHORSPHQW
೛஠ঢ়ȃᇰѠᄃᡜࡊ  ᔯᡜᐡᄻлᆔȃൣ֚᛬ဎ
RIDFFUHGLWDWLRQEXVLQHVVHV)RUPDQ\\HDUV7$)KDV
΢ȃᇰᜍᡜᜍᐡᄻІ 7$) Ӥϧ๊Ȃᙥ຀Ӷᙜଌ
EHHQSURYLGLQJWUDLQLQJVIRUUHOHYDQWSHUVRQQHOLQHDFK
ጜȃःଇཽᇅ৵ፚཽȂഇႇᢏ‫ྜྷ܉‬೾ȃᄃ‫پ‬ःଇ SKDVHRIDFFUHGLWDWLRQRSHUDWLRQÀRZDQGSHRSOHRI
Іᄃଡ଼ᅌጜȂ෉‫ٻ‬ᇰᜍᢏ‫܉‬ȃ೤ጓ၍មІᄃଡ଼ၽ WKHDFFUHGLWHGERGLHVVXFKDV7HFKQLFDO&RPPLWWHH
ձጃᄃᗎܼΚयȄ PHPEHUV5HYLHZ3DQHOPHPEHUV$VVHVVRUV7HFKQLFDO
([SHUWVKHDGVRIDFFUHGLWHGODERUDWRULHVLQVSHFWLRQ
 Ԓ໣Ȃ7$) ‫ٸ‬ᐄө᜹΢সϟᙜೱȃϏձ‫ܓ‬ ERGLHVDFFUHGLWHGFHUWL¿FDWLRQERGLHVUHSRUWDSSURYDO
፵Ȃϸրᒳ౪ϛӤҭ‫ޠ‬ϟࣻᜱӶᙜଌጜ፟โȂп VLJQDWRULHVDQG7$)VWDIIYLDRQWKHMREWUDLQLQJV
ZRUNVKRSVDQGVHPLQDUV%\FRQFHSWXDOFRPPXQLFDWLRQ
ණ݈୥ᇅᇰᜍࢻโ΢সષ፵Ȅ‫ٸ‬΢স឵‫ޠܓ‬ϛ
FDVHVWXGLHVDQGKDQGVRQWUDLQLQJV7$)DLPVWR
ӤȂࢋпࣻ౵‫ޠ‬ଌጜ፟โϲৡȂϸրᙐख़ԄίȈ KDUPRQL]HWKHFRQFHSWVWKHDFFUHGLWDWLRQLQWHUSUHWDWLRQV
RIFULWHULDDQGRSHUDWLRQVLQUHDOSUDFWLFDO

'XULQJWKH\HDURI7$)KDVFRQGXFWHGRQWKHMRE
WUDLQLQJVZLWKGLIIHUHQWSXUSRVHVDFFRUGLQJWRWKHGXWLHV
DQGVSHFL¿FDWLRQVRIMREVIRUHDFKFDWHJRU\RISHUVRQQHO
WRXSJUDGHWKHTXDOLW\LQDFFUHGLWDWLRQÀRZ7KHFRQWHQWV
RIWUDLQLQJFRXUVHVIRUGLIIHUHQWFDWHJRULHVRISHUVRQQHO
DUHDVLOOXVWUDWHGEULHÀ\EHORZ

ຠᠧ‫׭‬೛‫ې‬স  ቸឋ‫ې‬সȞ॓ೱຠᠧ๗‫ݏ‬ȃНӈ $VVHVVPHQW7HFKQLFDO&RPPLWWHH0HPEHU5HYLHZ


3DQHO0HPEHU UHVSRQVLEOHIRUWKHDVVHVVPHQWUHVXOWV
ቸࢦȃ‫׭‬೛ᒛၛȟȈ
GRFXPHQWUHYLHZWHFKQLFDOFRQVXOWDWLRQ 
ଌጜ२ᘉϲৡєࢃ 7$) ᇰᜍձཿᙐϮȃຠᠧ‫׭‬ 7KHNH\SRLQWVLQWKHFRQWHQWRIWUDLQLQJLQFOXGHV7$)
೛‫ې‬সӉଡ଼ȃຠᠧൣ֚ቸࢦ໹‫ޤ‬ȃᆪၰձཿР DFFUHGLWDWLRQRSHUDWLRQEULH¿QJGXWLHVRIDVVHVVPHQW
ԓᇴ݃Ȃ‫ڐٻ‬Π၍ 7$) ᄃଡ଼ၽձІࣻᜱ೤ۢȄ WHFKQLFDOFRPPLWWHHPHPEHUVLQWURGXFWLRQRI
DVVHVVPHQWUHSRUWUHYLHZLOOXVWUDWLRQRILQWHUQHW
ԄȈҢ‫ޑ‬ስ஀ຠᠧ‫׭‬೛‫ې‬সӶᙜଌጜӔԥ  ՞
RSHUDWLRQPHWKRGVWRHQDEOHSDUWLFLSDQWVWRXQGHUVWDQG
୥ђȄ
7$)ɅVSUDFWLFDORSHUDWLRQDQGUHOHYDQWUXOHV)RU
H[DPSOHWKHRQWKHMREWUDLQLQJIRUWKHDVVHVVPHQW
WHFKQLFDOFRPPLWWHHPHPEHUVLQELRORJLFDO¿HOGZDV
DWWHQGHGE\SHUVRQV


ණ݈஠ཿ૗Ω
3URPRWLQJSURIHVVLRQDODELOLWLHV

ຠቸসᇅ‫׭‬೛஠ঢ়Ȟ॓ೱຠᠧȟȈ $VVHVVRUVDQG7HFKQLFDO([SHUWV UHVSRQVLEOHIRU


ଌጜ२ᘉпᇰᜍ೤ጓІᇰᜍᄃଡ଼ଌጜഌӌ࣐лȂ DVVHVVPHQW 
ԄᄃᡜࡊᇰᜍຠቸসߒۗଌጜȃᚃᏱȃρФϏโ 7KHNH\SRLQWVLQWUDLQLQJZHUHPDLQO\DFFUHGLWDWLRQ
UHJXODWLRQVDQGDFFUHGLWDWLRQSUDFWLFDOWUDLQLQJVXFK
ขၑȃਯҔІขၑ๊ስ஀ϟၦ౐ຠቸস  ຠቸস
DVSUHOLPLQDU\WUDLQLQJIRUODERUDWRU\DFFUHGLWDWLRQ
 ‫׭‬೛஠ঢ়Ӷᙜଌጜȃၾᔜൠԋӓᔯᡜসଌጜȃ
DVVHVVRUVRQWKHMREWUDLQLQJIRUVHQLRUDVVHVVRUV
ᙜཿፐҢຠᠧসଌጜੳȃਯҔᇅ໕ขଢ྘‫׭‬Ѿܼ
DVVHVVRUVWHFKQLFDOH[SHUWVLQPHGLFDOFLYLOHQJLQHHULQJ
ᚃᏱ໕ขϟຠᠧ΢ΩଌጜȄၼ౱ࠣᡜᜍᐡᄻᇰᜍ FDOLEUDWLRQDQGWHVWLQJ¿HOGVSOD\JURXQGVDIHW\
ຠቸসΚय‫ܓ‬ଌጜȃᆔ౪‫ق‬ಜᡜᜍᐡᄻᇰᜍຠቸ LQVSHFWRUVWUDLQLQJWUDLQLQJIRURFFXSDWLRQDOKHDOWK
সΚय‫ܓ‬ଌጜȃ౱ࠣᡜᜍᐡᄻᇰᜍຠቸসΚय‫ܓ‬ DVVHVVRUVWUDLQLQJIRUFDOLEUDWLRQDQGPHDVXUHPHQW
ଌጜȃྤࡊ੊ᡞຠቸসΚय‫ܓ‬ଌጜȄᙥҦߞԒತ WUDFHDELOLW\WHFKQLTXHVIRUPHGLFDOPHDVXUHPHQW
ᑗ‫ޠ‬ຠᠧ਱‫پ‬ଇ፤ІᅌጜȂໍՅႁԚຠᠧΚय‫ܓ‬ DVVHVVRUVFRQVLVWHQF\WUDLQLQJIRUDJULFXOWXUDOSURGXFWV
‫ُޠ‬၍ᇅձ‫ݳ‬Ȃ ൠԪȂᖃॏ  ΢ԪȄ FHUWL¿FDWLRQERGLHVDFFUHGLWDWLRQDVVHVVRUVFRQVLVWHQF\
WUDLQLQJIRUDVVHVVRUVLQPDQDJHPHQWV\VWHP
FHUWL¿FDWLRQERGLHVDFFUHGLWDWLRQSURGXFWFHUWL¿FDWLRQ
ERGLHVDFFUHGLWDWLRQDQGJUHHQKRXVHJDVHVYHUL¿FDWLRQ
DQGYDOLGDWLRQFHUWL¿FDWLRQERGLHVDFFUHGLWDWLRQ7$)
FRQGXFWVVXFKWUDLQLQJVWRUHDFKFRQVLVWHQWYLHZ
SRLQWDQGSURFHVVRIWKHDVVHVVPHQWVWKURXJKWKH
DFFXPXODWLRQRIPDQ\\HDUVRIDVVHVVPHQWFDVHV
VWXGLHVDQGSUDFWLFHV$WRWDORIVHVVLRQVRIWUDLQLQJ
ZHUHFRQGXFWHGZLWKDWWHQGDQWV
ຠቸসӶᙜଌጜ
ŰůĮŵũŦĮūŰţġŵųŢŪůŪůŨġŧŰųġŢŴŴŦŴŴŰųŴ 0DQDJHUVRI&HUWL¿FDWLRQ%RGLHV
ᡜᜍᐡᄻлᆔȈ 7KHWUDLQLQJIRFXVHVRQDFFUHGLWDWLRQVWDQGDUGVDQG
пᇰᜍ೤ጓІ୾ር೤ጓ࣐лȂԄԥᐡၼ౱ࠣᡜᜍ LQWHUQDWLRQDOVWDQGDUGVVXFKDVRUJDQLFDJULFXOWXUDO
SURGXFWVFHUWL¿FDWLRQDQGDFFUHGLWDWLRQSUHVHQWDWLRQ
ᐡᄻᇰᜍᇴཽ݃ȃ౱ࠣᡜᜍᐡᄻ৵ፚཽȃᆔ౪‫ق‬
SURGXFWVFHUWL¿FDWLRQERGLHVIRUXPVPDQDJHPHQW
ಜᡜᜍᐡᄻ৵ፚཽȃ౱᎜ቻᐤၼ౱ࠣІԥᐡၼ౱
V\VWHPFHUWL¿FDWLRQERG\VHPLQDUWUDFHDELOLW\DJULFXOWXUDO
ࠣᡜᜍᐡᄻ৵ፚ๊ཽȂӔ  ൠԪȂᖃॏ  ΢ԪȄ SURGXFWVDQGRUJDQLFDJULFXOWXUDOSURGXFWVFHUWL¿FDWLRQ
ERG\VHPLQDUDOOVHVVLRQVZLWKDWRWDORI
ᄃᡜࡊ  ᔯᡜᐡᄻлᆔȈ
DWWHQGDQWV
плᆔӶᙜଌጜ࣐२ᘉȂଭᄈөስ஀ϟ‫׭‬೛੬‫ܓ‬
Іᆔ౪঩ࠍȂᄃࢋϛӤϲৡϟӶᙜଌጜȄ‫ڐ‬Ӕ೾ +HDGVRI/DERUDWRULHV,QVSHFWLRQ%RGLHV
7KHGHVLJQRIWKHRQMREWUDLQLQJSURJUDPVIRUKHDGVRI
‫ܓ‬ϲৡȂ࣐ཿଡ଼ІᆪયᙐϮȃ݉ଡ଼Кьᇴ݃І૗
ODERUDWRULHVLQVSHFWLRQERGLHVHPSKDVLVHRQGLIIHUHQW
Ωၑᡜ्๊ؒȂԄȈᔯᡜᐡᄻȃᚃᏱȃਯҔȃୋ
WHFKQLFDOFKDUDFWHULVWLFVDQGSULQFLSOHVRIPDQDJHPHQW
ຩഌߟȃขၑȃρФϏโขၑ๊ስ஀ϟԒཽᄳᄃ LQHDFK¿HOG7KHFRQWHQWVLQFOXGHLQWURGXFWLRQRI
ᡜࡊлᆔӶᙜଌጜȂӔ  ൠԪȂᖃॏ  ΢ԪȄ DFFUHGLWDWLRQVHUYLFHVDQGZHEVLWHGHVFULSWLRQRIVHUYLFH
PDQXDODQGSUR¿FLHQF\WHVWLQJUHTXLUHPHQWV,QWRWDO
LQWKHUHZHUHVHVVLRQVZLWKDWWHQGDQWVLQ
WKHDQQXDOPHHWLQJVDQGRQWKHMREWUDLQLQJVIRUKHDGV
RIPHGLFDOFDOLEUDWLRQKHDOWKH[DPLQDWLRQGHSDUWPHQW
WHVWLQJDQGFLYLOHQJLQHHULQJWHVWLQJODERUDWRULHVDQG
KHDGVRILQVSHFWLRQERGLHV

ᄃᡜࡊ İ ᔯᡜᐡᄻлᆔӶᙜଌጜ
Űů Į ŵũŦ Į ūŰţġŵųŢŪůŪůŨġűųŰŨųŢŮŴġŧŰųġũŦŢťŴġŰŧġŭŢţŰųŢŵŰųŪŦŴġİġŪůŴűŦŤŵŪŰůġţŰťŪŦŴ

ණ݈஠ཿ૗Ω
3URPRWLQJSURIHVVLRQDODELOLWLHV

ൣ֚᛬ဎ΢Ȉ 5HSRUW$SSURYDO6LJQDWRU\
п੬ۢ‫׭‬೛‫ٲ‬ଡ଼‫ޠ‬ःଇ࣐лȂᇴ݃Ґཽࣻᜱ‫׭‬೛ 7KLVWUDLQLQJLVGHVLJQHGIRUGLVFXVVLRQVRQVSHFL¿F

‫ܓ‬೤ጓȃ२्‫׭‬೛௪ࢋॐۢᇅ‫ڟ‬ֆൣ֚᛬ဎ΢ᆱ WHFKQLFDOLVVXHVVXFKDV7$) VUHOHYDQWWHFKQLFDO
FULWHULDLPSRUWDQWWHFKQLFDOPHDVXUHVDQGWUDLQLQJ
ࡼ‫׭‬೛૗Ωᇰᜍ‫ޠ‬ଌጜࣁ୞ȄԄ ϾᏱขၑȃਯ
DFWLYLWLHVVRDVWRDVVLVWUHSRUWDSSURYDOVLJQDWRU\WR
ҔȃᙜཿፐҢ๊ስ஀ϟൣ֚᛬ဎ΢ӶᙜଌጜȂӔ
PDLQWDLQWKHLUWHFKQLFDOFRPSHWHQFHVIRUDFFUHGLWDWLRQ
 ൠԪȂᖃॏ  ΢ԪȄ 7KHUHZHUHDWRWDORIVHVVLRQVZLWKDWWHQGDQWVLQ
WKHRQWKHMREWUDLQLQJIRUUHSRUWDSSURYDOVLJQDWRULHV
LQFKHPLFDOWHVWLQJFDOLEUDWLRQDQGRFFXSDWLRQDOKHDOWK
¿HOGV

7$)6WDII 5HVSRQVLEOHIRUDVVHVVPHQWDFFUHGLWDWLRQ
DQGDGPLQLVWUDWLYHRSHUDWLRQV 
,Q7$)KHOGVHVVLRQVRILQWHUQDOWUDLQLQJIRU
VWDIIUHODWHGWRDVVHVVPHQWDQGDFFUHGLWDWLRQRSHUDWLRQ
,QWRWDODQXPEHURISHUVRQWLPHSDUWLFLSDWHG
ൣ֚᛬ဎ΢Ӷᙜଌጜ LQWKHVHFRXUVHVLQFOXGLQJDFFUHGLWDWLRQFULWHULD
ŰůĮŵũŦĮūŰţġŵųŢŪůŪůŨġŧŰųġųŦűŰųŵġŢűűųŰŷŢŭġŴŪŨůŢŵŰųŪŦŴ DFFUHGLWDWLRQSURIHVVLRQDOLVPDQGDFFUHGLWDWLRQSUDFWLFH
PDQDJHPHQWGHYHORSPHQWDQGWHDPZRUNFRRSHUDWLRQ
7$) ӤϧȞ॓ೱຠᠧձཿȃᇰᜍၽձ‫ٲ‬ଡ଼І՘࢈ HWF,QFRSHZLWKQHZLQWHUQDWLRQDOFULWHULD7$)KDVVHQW
ᆔ౪ Ȉ VWDIIVWRDWWHQGDFFUHGLWDWLRQSURIHVVLRQDOWUDLQLQJV
 Ԓ 7$) ᄈຠᠧᇰᜍၽձϟࣻᜱ΢সໍ՘ᇰ RYHUVHDV$WRWDORISHUVRQWLPHVRI7$)FROOHDJXHV
ᜍ೤ጓȃ஠ཿІᇰᜍᄃଡ଼ȃᆔ౪ึ৥Іყ໦Ӭձ SDUWLFLSDWHGLQGRPHVWLFWHFKQLFDOSURIHVVLRQDOWUDLQLQJV
DQGPDQDJHPHQWWUDLQLQJVKHOGE\RWKHUXQLWV7KH
๊ө᜹ϲഌଌጜ፟โȂӔ  ൠԪȂ୥ђ΢኶ᖃ
GRPHVWLFDQGRYHUVHDVWUDLQLQJDFWLYLWLHVLQFOXGHG
ॏ  ΢Ԫȇѫ࣐ӱᔗ୾ር೤ጓ‫ޠ‬СུУ౵Ȃ
7$) ࣃস॔୾ѵ௦‫ڨ‬ᇰᜍ஠ཿϟଌጜӔ  ൠԪȂ
ᖃॏ  ΢Ԫȇ7$) Ӥϧ୥ђ୾ϲ‫ڐ‬у൑՞ᖟᒳ 'RPHVWLF7UDLQLQJ$FWLYLWLHV
ϟ‫׭‬೛஠ཿଌጜІᆔ౪ଌጜᖃॏ  ΢ԪȄ୾ϲ
7$)KHOGWUDLQLQJVIRUSURIHVVLRQDONQRZOHGJH
ѵଌጜࣁ୞ోࢃȈ
DFFUHGLWDWLRQFULWHULDDQGSUDFWLFDOWUDLQLQJVXFKDVWKH
,62,(&WUDLQLQJFRXUVHIRUPHPEHUVRI%RDUGRI
୾ϲଌጜࣁ୞
'LUHFWRUVDQG%RDUGRI6XSHUYLVRUVDXGLWRUVIRULQWHUQDO
஠ཿȃᇰᜍ೤ጓІᄃଡ଼ଌጜഌӌȂ7$) Սᒳଌጜ DXGLWODERUDWRU\DQGLQVSHFWLRQERG\DFFUHGLWDWLRQ
ԄȈုᆀ‫ٲ‬ᇅϲጌ΢স ,62,(& ଌጜȃᄃ VHUYLFHPDQXDOFRJQLWLRQWHVWVRSHUDWLRQÀRZRI
SUHOLPLQDU\YLVLW1&5DQGODERUDWRU\FRUUHFWLYHDFWLRQV
ᡜࡊᇅᔯᡜᐡᄻᇰᜍ݉ଡ଼Кьᇰ‫ޤ‬ขၑȃຠᠧߒ
KDQGOLQJRIUHYLHZFRPPHQWVIURPWHFKQLFDOFRPPLWWHH
೥ձཿࢻโȃ1&5 ᇅᄃᡜࡊ‫׾‬๢௪ࢋȃຠᠧ‫׭‬
7& PHPEHUVDFFUHGLWDWLRQGHFLVLRQUHSRUWLQJ.3,
೛‫ې‬স 7& ቸࢦཏُ೏౪ᇅᇰᜍ‫ۢ؛‬ණൣଌጜȃ WUDLQLQJVODERUDWRU\DQGLQVSHFWLRQERG\RSHUDWLRQ
.3, ଌጜȃᄃᡜࡊᇅᔯᡜᐡᄻϟձཿโ‫ז‬ᇰ‫ޤ‬ข SURFHGXUHFRJQLWLRQWHVWVVWDWLVWLFVWUDLQLQJIRU
ၑȃ૗Ωၑᡜॏฬϟಜॏଌጜȃᔯᡜᐡᄻᇰᜍ೤ SUR¿FLHQF\WHVWLQJSURJUDP,62,(&,62,(&
ጓ ,62,(& ଌጜȃ,62,(& ଌጜȃ WUDLQLQJIRUWHVWLQJODERUDWRU\KHDGVVHPLQDU
RQWHVWLQJFHUWL¿FDWLRQIRUFURVVVWUDLJKWFRPPRGLW\
ขၑᄃᡜࡊлᆔȃ੖২‫ۭڎ‬୧ࠣᔯขᡜᜍһࢻः
2(&'*/3SULQFLSOHVWUDLQLQJVODERUDWRU\DFFUHGLWDWLRQ
ଇཽȃ2(&'*/3 ೤ጓଌጜȃᄃᡜࡊᇰᜍ೏ȶ๋
GHSDUWPHQWɆ7KHUHYLHZDQGUHFRQ¿UPDWLRQRI
౲ᙣშ‫ޠ‬ӕᔯຝᇅӕጃᇰȷყ໦ଌጜȃᙣ੖๋౲ VWUDWHJLFEOXHSULQWɇWHDPZRUNWUDLQLQJEOXHRFHDQ
ᇅ഻ུᄃଡ଼ȃՍ‫ש‬ᆔ౪ᇅՍ‫ึש‬৥ȃყ໦Ӕᜌ୞ VWUDWHJLHVDQGLQQRYDWLYHSUDFWLFHVVHOIPDQDJHPHQW


ණ݈஠ཿ૗Ω
3URPRWLQJSURIHVVLRQDODELOLWLHV

૗ःಭᕋȃၦଊԋӓଌጜ๊ȇѫ୥ђѵഌᐡᜱყ DQGVHOIGHYHORSPHQWWHDPZRUNDZDUHQHVVDQG
ᡞ‫ܛ‬ᖟᒳϟଌጜࣁ୞ȂԄȈًԂၼཿ೤ጓᗀಭཽȃ LQWHUDFWLRQZRUNVKRSVDQGLQIRUPDWLRQVDIHW\WUDLQLQJV
81)&&& ᆈ௷ܺ᠍һܿᐡ‫ښ‬ᜍྲஆᙄੳȃྤࡊ HWF7$)VWDIIDOVRSDUWLFLSDWHGLQWUDLQLQJDFWLYLWLHV
KHOGE\RXWHURUJDQL]DWLRQVVXFKDVZRUNVKRSRQ
੊ᡞࢦᡜ΢সଌጜੳȃӍཿ‫ٽ‬ᔗᜧԋӓᆎφ΢স
JRRGDJULFXOWXUDOSUDFWLFH81)&&&FDUERQHPLVVLRQ
ᗀಭ๊Ȅ
WUDGHPHFKDQLVPFHUWL¿FDWHJUHHQKRXVHJDVHVYHUL¿HU
WUDLQLQJFODVVDQGEXVLQHVVVXSSO\FKDLQVDIHW\VHHG
SHUVRQZRUNVKRSHWF

ŕłŇ Ӥϧ୾ϲଌጜࣁ୞
ŅŰŮŦŴŵŪŤġŕųŢŪůŪůŨġłŤŵŪŷŪŵŪŦŴġŰŧġŕłŇġŔŵŢŧŧ
2YHUVHDV7UDLQLQJ$FWLYLWLHV

୾ѵଌጜࣁ୞ 2YHUVHDVHYDOXDWLRQDVVHVVPHQWLQWHUQDWLRQDO
VWDQGDUGVFULWHULDWUDLQLQJVVXFKDV$3/$&PHGLFDO
୾ ѵ ຠ զȃ ຠ ᠧȃ ୾ ር ዀ ྦ  ೤ ጓ ଌ ጜȂ Ԅ ODERUDWRU\DFFUHGLWDWLRQVHPLQDU 2DNODQG1HZ
$3/$& ᚃ Ᏹ ᄃ ᡜ ࡊ ᇰ ᜍ ः ଇ ཽ ઺ ՚ ៍ ༺ =HDODQG UG$3/$&37%3UR¿FLHQF\7HVWLQJ7UDLQLQJ 
ջ ៍ ȃUG$3/$&37%3UR¿FLHQF\7HVWLQJ :RUNVKRS %DQJNRN7KDLODQG ,62,(&WUDLQLQJ
FRXUVHVDQGSUR¿FLHQF\WHVWLQJVHPLQDU +RQJ.RQJ 
7UDLQLQJ :RUNVKRS ੏ ୾ ୦ ْ ȃ,62,(&
WK2(&'*/3LQVSHFWRUWUDLQLQJ %DVHO6ZLW]HUODQG 
 ଌ ጜ ፟ โ ᇅ ૗ Ω ၑ ᡜ ः ଇ ཽ ॸ ෬ ȃ
503DFFUHGLWDWLRQLVVXHV ,$-DSDQ-DSDQ *+*
ಒ Ο ۪ 2(&'*/3 ࢦ ਰ স ଌ ጜ ࿆ ς В ༭
WUDLQLQJFRXUVHVKHOGE\3$&,(&(($VVHVVRU7UDLQLQJ
ᅮ ȃࡷ೥ ,$-DSDQ Ᏹಭ 503 ᇰᜍ‫ ۤٲ‬СҐ 6HRXO.RUHD REVHUYDWLRQRI3$&SHHUHYDOXDWLRQ
,$-DSDQ Ȅ3$& лᒳϟ *+* ଌጜ፟โȃ,(&(( RI-$%-DSDQ*/2%$/*$3OHFWXUHUVWUDLQLQJ .XDOD
$VVHVVRU7UDLQLQJ ᗻ୾ॷᅮ ȃᢏᄇ 3$& ӤᏕ /XPSXU0DOD\VLDDQG7DLSHL 
ຠզ СҐ -$% */2%$/*$3 ᗀ৲ଌጜ ଼‫ٿ‬
7$)KDVLPSOHPHQWHGTXLWHDIHZWKHDERYHPHQWLRQHG
՚‫ٴ‬Ӣ໫‫ۄ‬ᇅ‫୾ש‬ѯі  DFFUHGLWDWLRQUHODWHGWUDLQLQJDQGVHPLQDUDFWLYLWLHVLQ
GLIIHUHQW¿HOGV1RWRQO\SURIHVVLRQDODQGFRQVLVWHQW
7$) உ՘пα኶Ϋ໷өᆎᇰᜍስ஀ࣻᜱଌጜᇅः
DFFUHGLWDWLRQVHUYLFHVFDQEHHQVXUHG7$)DOVR
ଇࣁ୞Ȃଷጃߴᇰᜍ݉ଡ଼‫ޠ‬஠ཿᇅΚय‫ܓ‬Ȃη஽ VHHVLWLPSRUWDQWWRFXOWLYDWHDQGGHYHORSKXPDQ
። 7$) ᄈܼ΢ϘஊଌІ΢Ωึ৥ϟ२ຝᇅᜱϹȄ UHVRXUFHV7$)XQGHUVWDQGVWKHSXUSRVHVRIDOO
7$) ᕤ၍өᇰᜍ݉ଡ଼ࣁ୞‫ޠ‬ҭ‫ޠ‬ȂӶܼ‫ڟ‬ֆᇅМ DFFUHGLWDWLRQVHUYLFHDFWLYLWLHVDUHWRDVVLVWDQGVXSSRUW
ࡼ୾ϲᇅ୾ርစຸȃᕘߴȃୋஷȃࠣ፵өР८‫ޠ‬ WKHGHYHORSPHQWRIGRPHVWLFDQGLQWHUQDWLRQDOWUDGH
ึ৥ȂІ‫ڟ‬ֆ୾ርᇰᜍಣᙒ‫ޠ‬ཿଡ଼௱ኅȂӱԫᅗ HFRQRP\HQYLURQPHQWDOSURWHFWLRQKHDOWKDQGTXDOLW\
LQDOODVSHFWVDVZHOODVWRDVVLVWWKHSURPRWLRQRI
٘୾ϲሰؒІᇅ୾ርಣᙒӔӤԚߞӤኻ२्Ȃ‫ܛ‬
LQWHUQDWLRQDODFFUHGLWDWLRQRUJDQLVDWLRQV7KXVWRVDWLVI\
пґ‫ٿ‬΢Ϙஊଌη஡ഃᅛቩђ୾ርᇰᜍࣻᜱ஠ཿ
WKHGRPHVWLFQHHGVLVDVLPSRUWDQWDVWRJURZWRJHWKHU
‫ࣁܗ‬୞΢Ϙ‫۾ޠ‬ᡨᇅᎵԚȄ ZLWKLQWHUQDWLRQDORUJDQLVDWLRQV$FFRUGLQJO\7$)ZLOO
DOVRJUDGXDOO\UHFUXLWDQGFXOWLYDWHSHUVRQQHOZLWK

LQWHUQDWLRQDODFFUHGLWDWLRQUHODWHGSURIHVVLRQRUDFWLYLW\
LQIXWXUH


6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

‫ڦލ‬
‫ڦ‬
Ԓൣ
$118$/5(3257 ୾ርӬձᇅ௱ኅ
୾ Ӭ

୾ር
ርᇰӤ
,QWHUQDWLRQDO&RRSHUDWLRQ 3URPRWLRQ


‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

୾ርӬձᇅ௱ኅ ,QWHUQDWLRQDO&RRSHUDWLRQ 3URPRWLRQ


7$) ΚӪᑗ྄୥ᇅ୾ር‫ٲ‬ଡ଼Ȃ‫ٯ‬ᇅ‫ڐ‬уᇰᜍᐡ 7$)KDVDOZD\VEHHQDFWLYHO\SDUWLFLSDWLQJLQ
ᄻஞϹ‫ٿ܂‬ᇅӬձȂ‫ٯ‬ᙥҦ୥ᇅ୾ርᇰᜍᖓ࿘І LQWHUQDWLRQDODIIDLUVDQGFRRSHUDWLQJZLWKRWKHU
ୣ஀ᇰᜍᖓ࿘ȂႁԚࣻϤ‫ܜ‬ᇰ‫ڟ‬ឋ PXOWLODWHUDO DFFUHGLWDWLRQERGLHVLQFORVHUHODWLRQVKLS,QDGGLWLRQ
7$)KDVEHHQSURPRWLQJLQWHUQDWLRQDOUHFRJQLWLRQRIWKH
PXWXDOUHFRJQLWLRQDUUDQJHPHQWȇ05$ ‫ڟ ܗ‬
UHSRUWVRUFHUWL¿FDWHVLVVXHGE\GRPHVWLFODERUDWRULHV
ۢ DJUHHPHQW ‫ܗ‬Ӭձറ‫נ‬ᓄ PHPRUDQGXPRI
FHUWL¿FDWLRQERGLHVRULQVSHFWLRQERGLHVDFFUHGLWHGE\
XQGHUVWDQGLQJȇ0R8 Ȃпߵໍ୾ϲစ 7$) ᇰᜍ 7$)WKURXJKSDUWLFLSDWLRQLQLQWHUQDWLRQDODFFUHGLWDWLRQ
ϟᄃᡜࡊȃᡜᜍᐡᄻ‫ܗ‬ᔯᡜᐡᄻ‫ܛ‬я‫ڏ‬ϟൣ֚‫ܗ‬ DOOLDQFHVDQGUHJLRQDODFFUHGLWDWLRQDOOLDQFHVDQG
ᡜᜍᜍਫȂᕖூ୾ር‫ܜ‬ᇰȄ DFKLHYHPXOWLODWHUDOPXWXDOUHFRJQLWLRQDUUDQJHPHQW
05$ RUDJUHHPHQWRUPHPRUDQGXPRIXQGHUVWDQGLQJ
Ӷ୾ርР८Ȃ7$) ࣐୾ርᄃᡜࡊᇰᜍᖓ࿘ ,/$& 0R8 
І ୾ ር ᇰ ᜍ ፤ Ꮼ ,$) ϟ Ҕ ཽ স ٙ ӌȂ ᆱ ࡼ
)RULQWHUQDWLRQDODIIDLUV7$)LVDIXOOPHPEHURI
,/$&05$ ϟขၑІਯҔ᛬ဎጓ൝ȂпІᆱࡼ
,QWHUQDWLRQDO/DERUDWRU\$FFUHGLWDWLRQ&RRSHUDWLRQ
,$)0/$ ϟࠣ፵ᆔ౪‫ق‬ಜȃᕘძᆔ౪‫ق‬ಜІ౱ࠣ ,/$& DQG,QWHUQDWLRQDO$FFUHGLWDWLRQ)RUXP ,$) 
᛬ဎጓ൝Ȅҭࠊԥ‫ٿ‬Ս  ঐစᔽᡞȂӔ  ঐ 7$)PDLQWDLQVWKH,/$&05$VFRSHRIWHVWLQJDQG
ᇰᜍᐡᄻ࣐ ,/$&05$ ᛬ဎཽসȇпІ  ঐစ FDOLEUDWLRQDQGWKH,$)0/$VFRSHRI406(06DQG
ᔽᡞȂӔ  ঐᇰᜍᐡᄻ࣐ ,$)0/$ ᛬ဎཽসȄ SURGXFW3UHVHQWO\WKHUHDUHDFFUHGLWDWLRQERGLHVDV
VLJQDWRULHVIURPHFRQRPLHVLQ,/$&05$DQG
Ӷ ୣ ஀ Р ८Ȃ7$) ࣐ ‫ ٴ‬Ћ ᄃ ᡜ ࡊ ᇰ ᜍ ᖓ ࿘ DFFUHGLWDWLRQERGLHVDVVLJQDWRULHVIURPHFRQRPLHV
$3/$& ІЋ҂ࢸᇰᜍӬձಣᙒ 3$& ϟҔཽ LQ,$)0/$
সȂ$3/$&05$ ᛬ဎጓ൝ోࢃขၑȃਯҔȃᔯ
)RUUHJLRQDODIIDLUV7$)LVDIXOOPHPEHURI$VLD3DFL¿F
ᡜІᚃᏱ๊Ȅ7$) ܼ  Ԓ  У௦‫ڨ‬ѳԒΚ࡚ /DERUDWRU\$FFUHGLWDWLRQ&RRSHUDWLRQ $3/$& DQG
‫ ޠ‬$3/$&05$ ӤᏕຠզȂ‫  ܼٯ‬Ԓ  У 3DFL¿F$FFUHGLWDWLRQ&RRSHUDWLRQ 3$& 7$)PDLQWDLQV
$3/$& τཽϜȂᕖூ೾ႇ‫៊۾‬ѳԒ‫ ޠ‬$3/$& WKH$3/$&05$VFRSHRIWHVWLQJFDOLEUDWLRQ,62
05$ ၦੀȄՅ 7$) ܼ 3$&0/$ ϟ᛬ဎጓ൝Ȃ DQGLQVSHFWLRQ7$)ZDVSHHUUHHYDOXDWHG
ZKLFKLVFRQGXFWHGHYHU\\HDUVLQ-XQHDQG
ࠍєࢃࠣ፵ᆔ౪‫ق‬ಜȃᕘძᆔ౪‫ق‬ಜІ౱ࠣȄ
REWDLQHGWKHDJUHHPHQWIURPWKH$3/$&*HQHUDO
 Ԓ໣Ȃ7$) ୥ᇅӼ໷‫୾ޠ‬ርಣᙒࣁ୞ȂӶ $VVHPEO\LQ'HFHPEHUWRFRQWLQXHLWVVLJQDWRU\VWDWXV
୾ርᇰᜍၦଊР८τԥԞᛧȂၐԄίख़Ȉ RI$3/$&05$IRU\HDUV7$)PDLQWDLQV,$)0/$
VFRSHRI406(06DQGSURGXFW

,Q7$)SDUWLFLSDWHGLQPDQ\LQWHUQDWLRQDO
RUJDQLVDWLRQDFWLYLWLHVDQGREWDLQHGVXEVWDQWLDO
LQIRUPDWLRQLQLQWHUQDWLRQDODFFUHGLWDWLRQDVLOOXVWUDWHGLQ
GHWDLOVEHORZ


‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

୥ᇅ୾ርᇰᜍಣᙒࣁ୞ 3DUWLFLSDWLRQLQLQWHUQDWLRQDODFFUHGLWDWLRQ
RUJDQLVDWLRQDFWLYLWLHV
,/$& ୾ርᄃᡜࡊᇰᜍᖓ࿘
,QWHUQDWLRQDO/DERUDWRU\$FFUHGLWDWLRQ&RRSHUDWLRQ
ࣃ স я ৱ  У  С ,/$&$,&ȃ У  С
,/$&
37&* ‫៍ݱ‬๽ཽؔឋȂпІ  У  С ,/$&
,$) ђ਍τྤ঱๽ᖓӬཽসτཽȄ 7$)UHSUHVHQWDWLYHVDWWHQGHGWKH,/$&$,&PHHWLQJRQ
$SULODQGWKH37&*PHHWLQJRQ$SULOLQ:DUVDZ
,/$& ܼ  Ԓ  У  Сᄈཽসึҁ೾‫ޤ‬Ȃ् 3RODQGDQGWKH,/$&,$)*HQHUDO$VVHPEO\KHOG
ཽؒসܼ‫ڎ‬Ԓϲ‫׈‬Ԛ஡ %0& ᙾඳ࣐ &0& ϟϏ RQWR2FWREHULQ9DQFRXYHU&DQDGD
ձȄ,/$& Ҽ ঔ ‫ ٻ ׾‬ң ,/$&05$0DUN ϟ ् ؒ
2Q$XJXVW,/$&LQIRUPHGLWVPHPEHUVWR
,/$&5 Ȃ्ؒ‫ܛ‬ԥཽসܼ  Ԓ  У  С FRPSOHWHWKHZRUNRIWUDQVPLWWLQJ%0&WR&0&ZLWKLQ
ࠊ‫׈‬ԚᙾඳȄ WZR\HDUV,/$&DOVRUHYLVHGWKHUHTXLUHPHQW ,/$&
5 IRUWKHXVHRI,/$&05$0DUNDQGUHTXHVWHGDOO
Ӷ ୾ ር ዀ ྦ ‫ ึ ޠ‬৥ αȂ,62,(&)',6 PHPEHUVWRFRPSOHWHWKHWUDQVPLVVLRQEHIRUH0DUFK
‫ ׺ ޏ‬ಊ ϜȂ Ⴒ ॏ  Ԓ ߒ Ѡ ึ ՘Ȅ,62,(& 
 Κ Ҏ ึ ՘Ȃ ஡ ‫ ڦ‬х ,/$&* ᇅ ,62
)RUWKHGHYHORSPHQWRILQWHUQDWLRQDOVWDQGDUGVWKH)',6
*XLGHȂ࣐૗Ωၑᡜஉ՘ᐡᄻᇰᜍ೤ጓȂ‫ڐ‬
YHUVLRQRI,62,(&LVLQWKHYRWLQJSHULRGDQG
ႇ෯෉࣐ ԒȄ LVH[SHFWHGWREHLVVXHGLQHDUO\2QFHWKH,62
,(&LVLVVXHGLWZLOOUHSODFH,/$&*DQG,62
*XLGHDVWKHDFFUHGLWDWLRQFULWHULDIRUSUR¿FLHQF\
WHVWLQJSURYLGHU7KHWUDQVLWLRQSHULRGLV\HDUV

,QWHUQDWLRQDO$FFUHGLWDWLRQ)RUXP ,$)
,$) ୾ርᇰᜍ፤Ꮼ
7$)UHSUHVHQWDWLYHVDWWHQGHGWKH,$)7&PHHWLQJ
ࣃসяৱ  У  СՎ  У  С ,$)7& Ӡ࡚۞
)HEUXDU\WR0DUFKLQ%RPED\,QGLDDQGWKH,/$&
ຶ ཽ ឋȃ І  У  С ϟ ,/$&,$) ђ ਍ τ
,$)*HQHUDO$VVHPEO\IURPWR2FWREHULQ
ྤ঱๽ᖓӬཽসτཽȄ 9DQFRXYHU&DQDGD

ಣᙒࣁ୞Р८Ȃᡜᜍᐡᄻᇰᜍ೏ച۞ۡ೏ߞᐋ )RURUJDQLVDWLRQDFWLYLWLHV'LUHFWRU-HII&KHQRI
Ӊ ,$) ଓଡ଼ᆀ࿝‫ې‬সཽ‫ې‬সᇅࣻϤ‫ܜ‬ᇰᆔ౪‫ې‬স 'HSDUWPHQWRI&HUWL¿FDWLRQ%RG\$FFUHGLWDWLRQLVKROGLQJ
ཽ‫ې‬সȄᇰᜍึ৥Р८Ȃ7$) ଷࡼ៊୥ђཽস WKHSRVLWLRQDVDPHPEHURIWKH,$))LQDQFLDO2YHUVLJKW
&RPPLWWHHDQGDPHPEHURIWKH0XOWLODWHUDO5HFRJQLWLRQ
τཽȃ‫׭‬೛‫ې‬সཽឋȃྤࡊ੊ᡞ *+* ෶໕௷ܺ
$UUDQJHPHQW&RPPLWWHH)RUWKHGHYHORSPHQWRI
ጃᜍ  ࢦᜍᐡᄻᇰᜍึ৥ᇅዀྦ ,62 ཽ
DFFUHGLWDWLRQLQDGGLWLRQWRSDUWLFLSDWLQJLQJHQHUDO
ឋ ѵȂ η ࣃ স ୥ ђ ,62 Ϗ ձ ϊ ಣȃ,62 DVVHPEO\WHFKQLFDOFRPPLWWHHPHHWLQJV*+*HPLVVLRQV
 Ϗ ձ ϊ ಣȃ,62,(& Ϗ ձ ϊ ಣȃ UHGXFWLRQYDOLGDWLRQYHUL¿FDWLRQERGLHVDFFUHGLWDWLRQ
,62,(& Ϗձϊಣȃຠቸস૗ΩІ౱ࠣᡜ GHYHORSPHQWDQGWKH,62VWDQGDUGPHHWLQJV7$)
ᜍ๊өᆎ‫ې‬সཽ‫ܗ‬Ϗձϊಣࣁ୞Ȅ DOVRDVVLJQHGSHUVRQQHOWRSDUWLFLSDWHLQWKHZRUNLQJ
JURXSVRIVWDQGDUGVOLNH,62,62,62
,(&DQG,62,(&DQGFRPPLWWHHPHHWLQJV
RUZRUNLQJJURXSVIRUDVVHVVRUFRPSHWHQFHDQGSURGXFW
FHUWL¿FDWLRQ


‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

$3/$& ‫ٴ‬Ћᄃᡜࡊᇰᜍᖓ࿘ $VLD3DFL¿F/DERUDWRU\$FFUHGLWDWLRQ&RRSHUDWLRQ


$3/$&
ࣃসяৱ  У  С $3/$&%R0ȃ У 
С $3/$&05$&RXQFLO ॸ෬ཽឋІ  У  7$)DVVLJQHGSHUVRQVWRDWWHQGWKH$3/$&%R0PHHWLQJ
С $3/$& ӠѼᵳ٩৭ཽসτཽȄ RQ0D\DQGWKH$3/$&05$&RXQFLOPHHWLQJRQ
0D\LQ+RQJ.RQJDVZHOODVWKH$3/$&*HQHUDO
ಣᙒࣁ୞Р८Ȃ‫܉ڻ‬ങ୚உ՘ߞᕖᒶഀӉ $3/$& $VVHPEO\IURPWR'HFHPEHULQ%DOL,QGRQHVLD
౪‫ཽٲ‬ԚসȂᄃᡜࡊᇰᜍ೏‫ݔ‬໡቉೏ߞࡼ៊ᐋӉ
)RURUJDQLVDWLRQDODFWLYLWLHV1LJHO-RX9LFH&(2KDV
૗Ωၑᡜஉ՘ᐡᄻᇰᜍϏձϊಣѣ໲΢Ȅ
EHHQUHHOHFWHGDVDPHPEHURIWKH$3/$&%RDUGRI
‫ ׭‬೛ ឋ ᚡ Р ८Ȃ ‫ ܉ ڻ‬ങ ୚ உ ՘ ߞ ࡼ ៊ ᐋ Ӊ 0DQDJHPHQWDQG6\OYLD/LQ'LUHFWRURI/DERUDWRU\
$FFUHGLWDWLRQ'HSDUWPHQWDFWVDVWKHFRQYHQHU
$3/$& ܼ $3(&7(/05$ ϏձϊಣϟхߓȂ
IRUZRUNLQJJURXSRQ3UR¿FLHQF\7HVWLQJ3URYLGHU
ཋᐍ $3(&7(/05$ ཽឋ๗፤Ȃܼ $3/$& ཽ
$FFUHGLWDWLRQ
সτཽϜึߓȄ
)RUWHFKQLFDOLVVXHV1LJHO-RXFRQWLQXHGWREHWKH
UHSUHVHQWDWLYHRI$3/$&ZRUNLQJJURXSRQ$3(&7(/
05$FRPSLOLQJ$3(&7(/05$PHHWLQJUHVROXWLRQV
DQGUHSRUWLQJLQWKH$3/$&*HQHUDO$VVHPEO\

3$& Ћ҂ࢸᇰᜍӬձಣᙒ 3DFL¿F$FFUHGLWDWLRQ&RRSHUDWLRQ 3$&

ܼ  У  СՎ  СȂҦҐཽ୆ѯілᒳ  )URPWR-XQH7$)KRVWHGWKHWK3$&3OHQDU\


Ԓಒ  ۪ 3$& ཽসτཽȄҐԪཽឋॏԥ  ঐ 0HHWLQJRILQ7DLSHL7KHFRQIHUHQFHZDVDWWHQGHG
ಣᙒȃ ΢୥ђȂཽឋଇ፤ϲৡєࢃࡈᏳ‫ې‬স E\SHUVRQVIURPRUJDQLVDWLRQV7KHPHHWLQJV
ཽ‫ې‬সཽឋȃึ৥ॏฬ‫ې‬সཽ‫ې‬সཽឋȃ‫׭‬೛‫ې‬ DQGDFWLYLWLHVLQFOXGHGWKH3URPRWLRQDO&RPPLWWHH
'HYHORSPHQW6XSSRUW&RPPLWWHH7HFKQLFDO&RPPLWWHH
স ཽ ‫ ې‬স ཽ ឋȃ,62,(& ः ଇ ཽȃ0/$
,62,(&VHPLQDU0/$&RPPLWWHH0/$VXEJURXS
ᆔ౪‫ې‬সཽ 0/$ ϊಣཽឋȃ3$& ཽসτཽȃϵ
3$&3OHQDU\0HHWLQJ2SHQ)RUXPDQG3$&0/$
໡፤Ꮼ๊ཽឋȂпІ 3$&0/$ ϟ᛬ဎ‫ڑ‬ᙅ๊Ȅ 6LJQLQJ&HUHPRQ\7KHWRSLFRIWKHVHPLQDUZDVIRRG
ҐԪཽឋлᚡ࣐ॶࠣԋӓ )606 Ȃԋ௷୾ϲѵ VDIHW\PDQDJHPHQWV\VWHP )606 VR7$)LQYLWHG
౱ۣᏱࣩІ 37% ஠ঢ়пϛӤِ࡚ϸ‫ࠣॶݚ‬ԋӓ GRPHVWLFDQGIRUHLJQUHSUHVHQWDWLYHVIURPLQGXVWU\

ಒ IJķ ۪ őłń ཽসτཽ
ŵũŦġIJķŵũġőłńġőŭŦůŢųźġŎŦŦŵŪůŨ


‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

ϟ२्‫ܓ‬Ȃࡼ៊௱ኅ )6060/$ ϟ‫࡚ښ‬ȇӤਣ JRYHUQPHQWDODJHQFLHVDFDGHPLFLQVWLWXWHVDQG37%


ηԋ௷ྤࡊ੊ᡞ *+* ଌጜ፟โȂᗝ፝ᖓӬ୾ H[SHUWVWRWDONDERXWIRRGVDIHW\IURPGLIIHUHQWDQJOHV
੊঑ᡑϾᆫ्ϵङಣᙒ 81)&&& ఽዔึ৥ᐡ DQGWRSURPRWHWKH0/$IRU)6065HSUHVHQWDWLYHV

IURPWKH81)&&& V&'0DVVHVVPHQWWHDP$1$%DQG
‫ښ‬ຠᠧϊಣ &'0$7 ȃ$1$% І -$% ϟхߓȂ
-$%ZHUHLQYLWHGWRGHOLYHUOHFWXUHVDQGWUDLQLQJVRQ
ໍ՘ྤࡊ੊ᡞᇰᡜᜍឋᚡϟᗀ௳ІଌጜȂձ࣐ө
JUHHQKRXVHJDVHVDFFUHGLWDWLRQFHUWL¿FDWLRQ7KLVFDQ
$% உ՘ྤࡊ੊ᡞጃᜍᇅࢦᜍᐡᄻᇰᜍϟຠᠧΚ EHVHHQDVDUHIHUHQFHIRUDFKLHYLQJWKHFRQVLVWHQF\
य‫ޠܓ‬୥ՄȂ൩ۢґ‫ٿ‬௱৥ *+*0/$ ϟஆᙄȄ RIDVVHVVPHQWFRQGXFWHGE\HDFKDFFUHGLWDWLRQERG\
LQJUHHQKRXVHJDVHVYDOLGDWLRQYHUL¿FDWLRQDQGIXUWKHU
ಣᙒࣁ୞Р८Ȃᡜᜍᐡᄻᇰᜍ೏ച۞ۡ೏ߞࡼ៊
VHUYHVDVDIRXQGDWLRQIRUIXWXUH*+*0/$
ᐋӉ 3$& ଓଡ଼ᆀ࿝‫ې‬সཽ‫ې‬সȂॷԪᕖᒶ࣐ࣻ
Ϥ‫ܜ‬ᇰᆔ౪‫ې‬সཽ‫ې‬সȄ )RURUJDQLVDWLRQDODFWLYLWLHV-HII&KHQ'LUHFWRU
RI'HSDUWPHQWRI&HUWL¿FDWLRQ%RG\$FFUHGLWDWLRQ
FRQWLQXHGWRVHUYHDVDPHPEHURIWKH3$&)LQDQFH
2YHUVLJKW&RPPLWWHHDQGKDVEHHQHOHFWHGDVD
PHPEHURIWKH0/$0DQDJHPHQW&RPPLWWHHIRUWKH
¿UVWWLPH

3HHU(YDOXDWLRQ$FWLYLWLHV
Ӥ՘ຠզࣁ୞
‡$3/$&05$UHHYDOXDWLRQRI7$)
‡7$) ௦‫ ڨ‬$3/$&05$ ӕຠզ
7$)KDVEHHQUHHYDOXDWLRQIRUWKHWKWLPHE\WKH
7$) ܼ  У  С௦‫ڨ‬ಒѳԪ $3/$&05$ ຠ
$3/$&05$ WHVWLQJFDOLEUDWLRQ,62DQG
զ ጓ൝єࢃȈขၑȃਯҔȃᚃᏱȃᔯᡜ๊ስ஀ Ȃ LQVSHFWLRQ RQIURPWR-XQH7KHUHHYDOXDWLRQZDV
Ґ Ԫ ຠ զ л ् ‫ ٸ‬ᐄ ,62,(&ȃ$3/$& FRQGXFWHGLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRI,62
05ȃ$3/$& 05ȃ,$),/$&$ȃ,$) ,(&$3/$&05$3/$&05,$),/$&
,/$&$ȃ,62,(& ȃ,62 ȃ,62 $,$),/$&$,62,(&,62,62
,(&,/$&3,/$&3,/$&3,/$&3DQG
,(& ȃ,/$& 3ȃ,/$& 3ȃ,/$& 3ȃ
,/$&*DQG7$)SURFHGXUHV
,/$&3ȃ,/$&* І 7$) ೤ጓȃโ‫ໍז‬՘Ȅ
7KHHYDOXDWLRQWHDPFRQVLVWHGRISHUVRQV0U7UDFH
ຠզϊಣҦ  ΢ಣԚȈ0U7UDFH0F,QWXUII ज୾ 0F,QWXUII $/$86$/HDG(YDOXDWRUWHVWLQJ 0U
$/$ȂлຠզসȂขၑስ஀ ȃ0U$ODQ*ORYHU $ODQ*ORYHU ,$1=1HZ=HDODQGFDOLEUDWLRQ 'U
઺՚៍ ,$1=ȂਯҔስ஀ ȃ'U3DQDGGD6LOYD 3DQDGGD6LOYD '06F7KDLODQGPHGLFDO DQG0V
੏୾ '06FȂᚃᏱስ஀ І 0V7KDFK4X\QK 7KDFK4X\QK+RD'XRQJ %R$9LHWQDPLQVSHFWLRQ 
+RD'XRQJ ຺ࠓ %R$Ȃᔯᡜስ஀ ȂӔॏُᜍ $WRWDORIODERUDWRU\DVVHVVPHQWV UHDVVHVVPHQWV
VXUYHLOODQFHDVVHVVPHQWVDQGVXUYHLOODQFH
 ঐᄃᡜࡊຠᠧ਱  ঐӕຠᠧȃ ঐᆀ࿝ຠᠧȃ
DVVHVVPHQW DQGLQVSHFWLRQERG\DVVHVVPHQWV 
 ঐቩ໷ຠᠧ І  ঐᔯᡜᐡᄻຠᠧ਱  ঐӕຠ
UHDVVHVVPHQWDQGVXUYHLOODQFHDVVHVVPHQW ZHUH
ᠧȃ ঐᆀ࿝ຠᠧ ȄҐԪӕຠզ‫ٯ‬ณϛಓӬ‫ٲ‬ ZLWQHVVHG7KHUHZHUHQRQFRQIRUPLW\FRQFHUQV
໷ȂӔԥ  ঐᜱϹ‫ٲ‬໷ȃ ঐ࡛ឋ‫ٲ‬໷Ȅຠզ DQGFRPPHQWV7KHHYDOXDWLRQWHDPJDYHKLJK
ϊಣߓႁᄈ 7$) ᇰᜍ‫ق‬ಜϟା࡚޼ۢȄ DI¿UPDWLRQWR7$)DFFUHGLWDWLRQV\VWHPV


‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

7$) ϸրܼ ȃ Уѣ໡ཽឋȂଭᄈᜱϹ‫ٲ‬໷І 7ZRPHHWLQJVZHUHFRQYHQHGLQ-XO\DQG6HSWHPEHU


࡛ឋ‫ٲ‬໷ঔॐձཿโ‫ז‬Ȃܼ  У  СӲ᙮‫ܛ‬ WRUHYLVHWKHRSHUDWLRQSURFHGXUHVDFFRUGLQJWRWKH
ԥ‫׾‬๢௪ࢋȂ‫ٯ‬ණঔॐࡤϟНӈऽН‫ޏ‬ҐȂᕖூ FRQFHUQVDQGFRPPHQWV7$)VXEPLWWHGDOOFRUUHFWLYH
DFWLRQVDQGUHOHYDQWGRFXPHQWLQ(QJOLVKYHUVLRQWRWKH
лຠզসӲᔗ௦‫ڨ‬Ȃ‫ٯ‬஡ຠզ๗‫ݏ‬ଛ፝ $3/$&
WHDPRQ2FWREHUDQGUHFHLYHGSRVLWLYHUHVSRQVH
બਫ೏ԋ௷ 05$&RXQFLO ቸࢦȄҐ਱ϑܼ 
RIDFFHSWDQFHIURPWKH/HDG(YDOXDWRU7KHHYDOXDWLRQ
Ԓ  У  Сᕖூ $3/$&05$&RXQFLO ཽឋ೾ UHSRUWDQGUHVXOWVZHUHVXEPLWWHGWRWKH$3/$&
ႇቸࢦᇅ‫ۢ؛‬Ȃጓ൝࣐ਯҔᇅขၑᄃᡜࡊᇰᜍ 6HFUHWDULDWIRU05$&RXQFLOUHYLHZ7KH$3/$&05$

,62,(& ȃᚃᏱᄃᡜࡊᇰᜍ ,62 &RXQFLOKDVDJUHHGRQWKHFRQWLQXDWLRQRI7$) V05$
ᇅ ᔯ ᡜ ᐡ ᄻ ᇰ ᜍ ,62,(& Ȃ ࡼ ៊ 05$ VLJQDWRU\VWDWXVLQWKHVFRSHVRIFDOLEUDWLRQDQGWHVWLQJ
ODERUDWRULHVDFFUHGLWDWLRQ ,62,(& PHGLFDO
᛬ဎၦੀȂ‫ٯ‬ጃۢίԪӕຠզ࣐  Ԓ  УȄ
ODERUDWRULHVDFFUHGLWDWLRQ ,62 DQGLQVSHFWLRQ
7$) ӕԪ೾ႇ $3/$&05$ ӕຠզȂଷΠᇰᜍ ERGLHVDFFUHGLWDWLRQ ,62,(& RQ'HFHPEHU
ᄃΩࡼ៊ᕖூ୾ርᇰᜍಣᙒ޼ۢѵȂຠզϊಣҼ 7KHQH[WUHHYDOXDWLRQVKDOOEHFRQGXFWHGLQ
-XQH
ᄈ 7$) ၽձϟဤᄃІԥਞ‫ܓ‬Ӡຬ౐‫ڔ‬Ȅ
7$)SDVVHGWKH$3/$&05$UHHYDOXDWLRQDJDLQZKLFK
VKRZVWKHFRQWLQXRXVUHFRJQLWLRQRI7$)DFFUHGLWDWLRQ
SURIHVVLRQDOLVPE\LQWHUQDWLRQDODFFUHGLWDWLRQ
RUJDQLVDWLRQV7KHHYDOXDWLRQWHDPZDVDOVRLPSUHVVHG
E\WKHLPSOHPHQWDWLRQDQGHIIHFWLYHQHVVRI7$)
RSHUDWLRQV

‡7$)VWDIIDVHYDOXDWRUV

,Q$3/$&LQYLWHGUHJLVWHUHG7$)HYDOXDWRUVWR
łőōłńġŎœł ӕຠզ
SDUWLFLSDWHLQSHHUHYDOXDWLRQDFWLYLWLHV&KLK+HQJ
łőōłńġŎœłġųŦĮŦŷŢŭŶŢŵŪŰů
/LDR6HQLRU0DQDJHUSDUWLFLSDWHGLQWKHHYDOXDWLRQ
‡7$) ӤϧᐋӉຠզস IRU&$/$&DQDGDLQ0D\DQG1LJHO-RX9LFH&(2
OHGWKH¿UVW$3/$&3$&MRLQWHYDOXDWLRQIRU-$6$1=
$3/$&Ӥ՘ຠզР८ȂԒ $3/$&ᗝ፝ 7$) $XVWUDOLDDQG1HZ=HDODQGLQ-XO\
ีᓄຠզসȂ୥ᇅ Ԫ $3/$&Ӥ՘ຠզࣁ୞Ȅ
Уᄒ‫ࡰע‬စ౪୥ᇅຠզђ਍τ &$/$ȇУ‫܉ڻ‬ -HII&KHQSDUWLFLSDWHGLQWKH3$&SHHUHYDOXDWLRQIRU
.$6.RUHDRQ$SULODQGWKHSHHUHYDOXDWLRQIRU
ങ୚உ՘ߞᐋӉᐭ઺ -$6$1=ຠզ਱ϟлຠզ
-$%-DSDQIURP2FWREHUWR1RYHPEHU%UXFH
সȂԫ࣐ $3/$&ᇅ 3$&ॷԪᖓӬຠզ਱Ȅ /HH0DQDJHUDOVRMRLQHGWKH-$%HYDOXDWLRQDV
REVHUYHU7KURXJKSDUWLFLSDWLQJLQSHHUHYDOXDWLRQ7$)
3$& Ӥ՘ຠզР८Ȃ У  Сച۞ۡ೏ߞ୥ KDVQRWRQO\FRQWULEXWHGSURIHVVLRQDOFRPSHWHQFHEXW
ᇅᗻ୾ .$6 ୾ርӤ՘ຠզȄ У  СՎ  У DOVRDEVRUEHGLQWHUQDWLRQDOH[SHULHQFH
 Сച۞ۡ೏ߞ୥ᇅСҐ -$% ୾ርӤ՘ຠզȂଷ
,QDGGLWLRQWRWKHFRQWLQXDWLRQRISOD\LQJLPSRUWDQW
ଔᝧ஠ཿ૗ΩѵȂҼ֝‫ڦ‬Π୾ርစᡜȇ؄ؐ፲စ
UROHVLQ$3/$&DQG3$&7$)DOVRVSDUHGQRHIIRUWV
౪‫ٯ‬ᐋӉᢏᄇসȄ LQWUDLQLQJVWDIIVWRDWWHQGSHHUHYDOXDWLRQDFWLYLWLHVVR
DVWRXSJUDGHWKHLUSURIHVVLRQDOFRPSHWHQFHDQGOHDUQ
7$)ଷࡼ៊ܼ $3/$&ȃ3$&‫׹‬ᅌ२्ِՔȂҼϛ WKHPHULWVIURPRWKHULQWHUQDWLRQDODFFUHGLWDWLRQERGLHV
ᘟஊᎵ΢স୥ᇅӤ՘ຠզࣁ୞ȂпණЁຠզϟ஠ 6XFKH[SHULHQFHVPD\VHUYHWRSURYLGHDVUHIHUHQFHV
ཿ૗ΩȂ‫ٯ‬ᑗ྄ᢏኟᏱಭ୾ርӤᏕϟᓻᘉȂ෉‫ٽ‬ IRUFRQWLQXRXVLPSURYHPHQWDQGVHWWLQJVWUDWHJLF
ᅮࡤಣᙒၽձூпᆡໍ‫ڸ‬ॐ๋ۢ౲РӪϟ୥ՄȄ GLUHFWLRQIRUIXWXUH


‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

୥ᇅ‫ڐ‬у୾ርಣᙒࣁ୞Ȉ 3DUWLFLSDWLRQLQRWKHULQWHUQDWLRQDO
RUJDQL]DWLRQDFWLYLWLHV
2(&'*/3 စᔽӬձᄳึ৥ಣᙒᓻًᄃᡜ
ࡊᐈձ 2UJDQL]DWLRQIRU(FRQRPLF&RRSHUDWLRQDQG
'HYHORSPHQW*RRG/DERUDWRU\3UDFWLFH 2(&'
7$) ഀ៊  Ԓᕖᗝяৱ 2(&'*/3 Ϗձϊಣཽ */3
ឋȂଷൣ֚୾ϲഷུึ৥௒‫ם‬Ȃ‫៊ࡼٯ‬ᇅ‫ڐ‬у
7$)KDVEHLQJLQYLWHGWRDWWHQGWKHPHHWLQJRI2(&'
2(&'*/3 ᆀ௢൑՞һࢻϤ୞Ȅᇅज୾ᕘߴဎ :RUNLQJ*URXSRQ*/3IRU\HDUVLQDURZ,QDGGLWLRQ
ϟ */3 ӬձР਱໸ւໍ՘Ȃܼ  УҦ‫܉ڻ‬ങ୚ WRUHSRUWLQJWKHODWHVWGHYHORSPHQWVWDWXVLWLVDOVR
உ՘ߞȃዟۤ߀စ౪॔जຠզज୾ᕘߴဎ */3 LPSRUWDQWWRKDYHLQWHUDFWLRQVZLWKRWKHU2(&'*/3
‫ق‬ಜϟࣻৡ‫ܓ‬Ȃ‫ٯ‬ᢏᄇ౫ൠࢦਰȇ Уӌज୾ᕘ PRQLWRULQJDXWKRULWLHV7KH*/3FRRSHUDWLRQZLWK86
(3$KDVEHHQSURJUHVVHGVPRRWKO\1LJHO1/-RX
ߴဎۣস 0V)UDQFLVFD/LHP ‫ٿ‬ѯຠզ‫* ୾ש‬/3
DQG<L)DQJ3DQHYDOXDWHGWKHFRPSDWLELOLW\RI86
‫ق‬ಜϟࣻৡ‫ܓ‬Ȃ‫ٯ‬ᇅ */3 ᠍ೱ൑՞ᄈፚȇѯज (3$*/3SURJUDPDQGREVHUYHGRQVLWHLQVSHFWLRQV
*/3 ࣻৡ‫ܓ‬ጃᇰਫܼ  Уᕖ՘࢈ଲਰঠ᛬ဎȂ LQ0DUFKZKLOH0V)UDQFLVFD/LHP86(3$H[SHUW

Ⴒܼۢ  ԒߒҦᎺज୾ѯіစᔽНϾхߓ೏ HYDOXDWHGWKHFRPSDWLELOLW\7DLZDQ V*/3SURJUDPDQG
7(&52 ᇅज୾Ӷᇄ‫ ཽڟ‬$,7 ‫׈‬Ԛ᛬ဎȄ KDGGLDORJXHVZLWKWKH*/3UHFHLYLQJDXWKRULWLHVLQ
-XQH7KH/HWWHURI&RQ¿UPDWLRQIRU*/3FRPSDWLELOLW\
EHWZHHQ7DLZDQDQG86$KDVEHHQDSSURYHGE\
WKH([HFXWLYH<XDQLQ'HFHPEHUDQGLWLVH[SHFWHG
WREHVLJQHGE\WKH7DLSHL(FRQRPLFDQG&XOWXUDO
5HSUHVHQWDWLYH2I¿FH 7(&52 LQWKH86$DQGWKH
$PHULFDQ,QVWLWXWHLQ7DLZDQ $,7 LQHDUO\

$3(&7(/05$ ཽឋ $3(&7(/05$&RQIHUHQFH

‫܉ڻ‬ങ୚உ՘ߞܼ  У  Сུ॔ђ‫ۄ‬Ȃяৱ 9LFH&(21LJHO1/-RXYLVLWHG6LQJDSRUHIURP


$SULOWRWRDWWHQGWKHWK$3(&7(/05$
ಒ  ۪ $3(&7(/05$ ཽឋȂଷ୥ᇅଇ፤๊
0HHWLQJ'XULQJWKHFRQIHUHQFHRXU9LFH&(2
Ӥ‫׭ܓ‬೛೤ጓϟࣻϤ‫ܜ‬ᇰ (75 ‫ޠ‬૪਱‫ޏ‬ѵȂ KDVQRWRQO\SDUWLFLSDWHGLQGLVFXVVLQJWKHGUDIWIRU
‫ٯ‬хߓ୾ঢ়೾ଊ༉ክ‫ې‬সཽ 1&& яৱ౱ཿᆡ PXWXDOUHFRJQLWLRQRIHTXLYDOHQWWHFKQLFDOUHJXODWLRQ
ऽ༬਺ཽឋȄӶಒ  ۪ܼᏏ՚঱ֱ݁ᖟᒳ‫ޠ‬ (75 EXWDOVRUHSUHVHQWHGRXUFRXQWU\ɅV1DWLRQDO
$3(&7(/05$7DVN)RUFH ཽឋȂϑ໸ւ೾ႇ &RPPXQLFDWLRQV&RPPLVVLRQ 1&& WRDWWHQG
WKHURXQGWDEOHPHHWLQJZLWKLQGXVWULDOHOLWHV7KH
๊Ӥ‫׭ܓ‬೛೤ጓϟࣻϤ‫ܜ‬ᇰ (75 ‫ޠ‬โ‫ז‬ȂႲ
SURFHGXUHIRUPXWXDOUHFRJQLWLRQRIHTXLYDOHQWWHFKQLFDO
ܼۢ  Ԓ $3(&7(/ഌߞ઼ཽឋጃᇰ೾ႇȄ UHJXODWLRQ (75 KDVEHHQDSSURYHGGXULQJWKHWK
$3(&7(/05$7DVN)RUFHPHHWLQJKHOGLQ&DQF~Q
0H[LFRDQGLWLVH[SHFWHGWREHFRQ¿UPHGDQGSDVVHG
LQWKH$3(&7(/0LQLVWHULDO0HHWLQJ

$3(&((05$6HPLQDUV
$3(&((05$ ःଇཽ
9LFH&(21LJHO1/-RXZDVGHVLJQDWHGE\$3/$&
‫ ܉ ڻ‬ങ ୚ உ ՘ ߞ ᕖ $3/$& ࡿ ࣃȂ х ߓ я ৱ DVUHSUHVHQWDWLYHWRDWWHQGWKHVHPLQDUKHOGE\$3(&
$3(&((05$ ܼ  У  С୆ུђ‫ۄ‬ᖟᒳ ((05$LQ6LQJDSRUHIURP0D\WRDQGWRGHOLYHU
ϟःଇཽ‫ߓึٯ‬ऽᇮᅌᇴȂᇴ݃ᇰᜍԄե‫ڟ‬ֆ࢈ DVSHHFKLQ(QJOLVKH[SODLQLQJKRZDFFUHGLWDWLRQ
FRXOGDVVLVWPXWXDOUHFRJQLWLRQDJUHHPHQWEHWZHHQ
‫ۻ‬໣ϟࣻϤ‫ܜ‬ᇰ‫ڟ‬ឋȂІᇅᇰᜍࣻᜱϟ‫ࡢݳ‬ೱ
JRYHUQPHQWVDQGDFFUHGLWDWLRQUHODWHGOHJDO
ӉȄ
UHVSRQVLELOLWLHV

‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

,/$&* ,/$&*
ᄒ‫ࡰע‬စ౪୥ђ  У  Сऽ୾ঘම ,/$& ᇅ 0DQDJHU&KLK+HQJ/LDRSDUWLFLSDWHGLQWKHIRUHQVLF
,)6$ ᒳ౪ϟᠧᜌऌᏱ ,/$&* ‫ཽޏ׾‬ឋȂᕤ VFLHQFH,/$&*UHYLVLRQPHHWLQJKHOGE\,/$&DQG
,)6$KHOGLQ/RQGRQ(QJODQGIURP-XQHWRWR
၍ᚃᏱስ஀ІᠧᜌऌᏱስ஀ᇰᜍዀྦ೤ጓϟུᗎ
XQGHUVWDQGWKHODWHVWWUHQGVLQWKHVWDQGDUGUHJXODWLRQ
༗Ȃпւ೤დ၏Ρስ஀ϟᇰᜍึ৥РӪȄ IRUDFFUHGLWDWLRQLQWKH¿HOGVRIPHGLFLQHDQGIRUHQVLF
VFLHQFHVRDVWRSODQIRUWKHDFFUHGLWDWLRQGHYHORSPHQW
GLUHFWLRQLQWKHVHDUHDV

,627& ཽឋ ,627&PHHWLQJ

ᄃᡜࡊᇰᜍ೏ᄒ‫ࡰע‬စ౪  У  Վ  СІ  &KLK+HQJ/LDR0DQDJHURI'HSDUWPHQWRI/DERUDWRU\
$FFUHGLWDWLRQUHSUHVHQWHG,/$&WRDWWHQGWKH,627&
У  Վ  Схߓ ,/$& яৱ ,627& Щւ
PHHWLQJLQ*KHQW%HOJLXPRQWR-XQHDQG
ਣ *KHQW ཽឋпІऽ୾ঘමཽឋȂଭᄈႲঔॐ
WR1RYHPEHUIRUGLVFXVVLRQRQWKH,62DQG
ϟ ,62 ᇅ ,62 ໍ՘ଇ፤Ȃᕤ၍ᚃ ,62WKDWDUHFXUUHQWO\XQGHUUHYLVLRQ3DUWLFLSDWLRQ
Ᏹᄃᡜࡊࣻᜱዀྦ‫ۢښ‬ᇅҭࠊ୾ርᗎ༗Ȃᕖூಒ LQWKLVPHHWLQJKHOSVWRXQGHUVWDQGWKHHVWDEOLVKPHQWRI
ΚКၦਠȂϛ༊ԥւܼґ‫୾ٿ‬ϲึ৥๗ӬȂ‫؂‬Ѡ UHOHYDQWVWDQGDUGVIRUPHGLFDOODERUDWRULHVDQGFXUUHQW
LQWHUQDWLRQDOWUHQGVDQGWRREWDLQ¿UVWKDQGLQIRUPDWLRQ
пР߰ 7$) ࡛Ҵᖓ๝ๆπᆔၿȂ‫ڟ‬ֆ࢈‫ۻ‬лᆔ
ZKLFKFRXOGQRWRQO\EHIDYRXUDEOHIRUIXWXUHGRPHVWLF
ᐡᜱၦଊһࢻȄ GHYHORSPHQWWRLQFRUSRUDWHZLWKEXWDOVRFRXOGIDFLOLWDWH
7$)WREXLOGWKHFRQWDFWLQJZLQGRZFKDQQHOWRDVVLVW
WKHJRYHUQPHQWDODXWKRULWLHVRIRXUJRYHUQPHQWLQ
LQIRUPDWLRQH[FKDQJH

-&7/0 -&7/0
ᄒ‫ࡰע‬စ౪ܼ  У  Сࡷ೥Щւਣ -&7/0 ᄃ 0DQDJHU&KLK+HQJ/LDRYLVLWHGWKH%HOJLDQ-&7/0
ᡜࡊȂΠ၍୥ՄᄃᡜࡊᇅΚૢᄃᡜࡊᄈȶ໕ขȷ /DERUDWRU\RQ-XQHWROHDUQDERXWWKHGLIIHUHQFHV
LQɆPHDVXUHPHQWɇEHWZHHQDUHIHUHQFHODERUDWRU\
ϟл्ৰ౵Ȃ‫ڟ‬ֆґ‫ٻٿ‬ң޲ᕤ၍኶ᐄ๗‫ٻݏ‬ң
DQGJHQHUDOODERUDWRU\7KLVZLOOEHXVHGWRKHOSXVHUV
ϟᄈᔗॴᓏᇅϛጃ࡚ۢȄ XQGHUVWDQGWKHULVNVDQGXQFHUWDLQW\RIXVLQJGDWDDQG
UHVXOWV

,627&ཽឋ ,627&PHHWLQJ
༂ᘅ݀ҔϏโ৲хߓ ,$) ᇅ ,/$& яৱ ,627& +XQJ&KDQJ+XDQJ6HQLRU(QJLQHHUUHSUHVHQWHG,$)
DQG,/$&WRDWWHQGWKH,627&6&DQQXDOPHHWLQJ
6& ܼ  У  Վ  СӶ໡ᛴᖟ՘Ҧ৆І
KHOGE\WKH(J\SWLDQ2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ
ዀྦಣᙒлᒳ‫ޠ‬ԒཽȂཽϜൣ֚ ,$) ᇅ ,/$& ‫ޠ‬
DQG4XDOLW\LQ&DLURIURPWR-XQH+HUHSRUWHGWKH
ࣁ୞‫ݸޒ‬Ȃ‫ٯ‬୥ђ 6& ϏձϊಣཽឋȄ VWDWXVRI,$)DQG,/$&LQWKHPHHWLQJDQGSDUWLFLSDWHGLQ
WKH6&ZRUNLQJJURXSPHHWLQJ

,(&&$%,/$& ,(&&$%,$)‫׭‬೛ཽឋ ,(&&$%,/$& ,(&&$%,$)WHFKQLFDOPHHWLQJ


ᡜᜍᐡᄻᇰᜍ೏ച۞ۡ೏ߞܼ  У୥ђ୆ᗻ୾ -HII&KHQ'LUHFWRU'HSDUWPHQWRI&HUWL¿FDWLRQ%RG\
ॷᅮᖟᒳ‫ ޠ‬,(& ຠቸসଌጜ፟โȂй೾ႇ‫ڐ‬ข $FFUHGLWDWLRQSDUWLFLSDWHGLQWKH,(&$VVHVVRU7UDLQLQJ
&RXUVHVKHOGLQ6HRXO.RUHDLQ1RYHPEHU+HSDVVHG
ᡜȂ஡‫ٿ‬Ѡีᓄ࣐ ,(& ӬੀຠቸসȂᄈґ‫ ٿ‬,(&
WKHH[DPDQGKDVEHHQUHJLVWHUHGE\,(&DVDTXDOL¿HG
ࣻᜱࣁ୞ᇅҀൠ‫ึޠ‬৥ԥࣻ࿌‫ޠ‬ᔔֆȄ
DVVHVVRUZKLFKFRXOGEHYHU\KHOSIXOIRUIXWXUH,(&
UHODWHGDFWLYLWLHVDQGPDUNHWGHYHORSPHQW


‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

ᇅ‫ڐ‬у୾ঢ়ᇰᜍᐡᄻ࡛ҴӬձһࢻ (VWDEOLVKLQJFRRSHUDWLRQDQGH[FKDQJH
ᐡ‫ښ‬Ȉ PHFKDQLVPZLWKDFFUHGLWDWLRQERGLHVLQ
RWKHUFRXQWULHV
੏୾ '66
'667KDLODQG
᝸  Ԓ 7$) ණ‫ٽ‬੏୾ '66 Κ‫ق‬ӗϟଌጜࣁ
୞Ȃ੏୾ '66 Ѩߞ 0U3DWKRP<DPNDWH ᇅ 7$) )ROORZLQJDVHULHVRIWUDLQLQJDFWLYLWLHVSURYLGHGE\
7$)WRWKH'66LQ7KDLODQGLQWKH0U3DWKRP
ု‫ߞٲ‬ചϮύܼ  У  С୆ѯі᛬ဎᚗᜟӬձ
<DPNDWH'LUHFWRU*HQHUDORI'66DQG'U-D\6DQ
റ‫נ‬ᓄȂ൸ᖓӬຠᠧȃ‫׭‬೛һࢻ๊ໍ՘ӬձȂ
&KHQ7$)3UHVLGHQWVLJQHGWKH$JUHHG0LQXWHVRQ
'66 ‫ٯ‬Ⴒܼۢ  ԒҨ፝ 7$) ૗Ωၑᡜஉ՘ )HEUXDU\LQ7DLSHLIRUELODWHUDOFRRSHUDWLRQLQMRLQW
ᐡᄻϟᇰᜍȄ DVVHVVPHQWDQGVKDULQJRIWHFKQLFDOLVVXHVHWF'66LV
SODQQLQJWRDSSO\IRU7$)DFFUHGLWDWLRQDVDSUR¿FLHQF\
WHVWLQJSURYLGHULQ

ज୾ $6&/'/$% $6&/'/$%86$
਴ᐄᚗРӬձറ‫נ‬ᓄϟӬձ‫ٲ‬໷Ȃᄒ‫ࡰע‬စ౪ܼ $FFRUGLQJWRWKH0R8EHWZHHQ7$)DQG$6&/'/$%
 УхߓҐཽᇅ $6&/'/$% ᄈፐҢဎᆔ‫ښ‬᛿ࠣ 0DQDJHU&KLK+HQJ/LDRUHSUHVHQWHGERWKDFFUHGLWDWLRQ
ERGLHVWRFRQGXFWDMRLQWVXUYHLOODQFHDVVHVVPHQWRI
ᆔ౪‫׌‬உ՘ᖓӬᆀ࿝ຠᠧȂ‫៊ࡼٯ‬ᆱࡼറ‫נ‬ᓄϟ
WKH1DWLRQDO%XUHDXRI&RQWUROOHG'UXJV'HSDUWPHQWRI
ԥਞ‫ܓ‬Ȅ
+HDOWKLQ$XJXVW7$)FRQWLQXHVWRPDLQWDLQWKH0R8

$FFUHGLWDWLRQIRUXPIRU&KLQD-DSDQ.RUHD
ϜȃСȃᗻȃ෬ȃѯᇰᜍ፤Ꮼ
+RQJ.RQJDQG7DLZDQ
 У  Վ  Сࣃস୥ђϜ୾і‫ٶ‬፤ᏬཽឋȂ )URPWR1RYHPEHU7$)UHSUHVHQWDWLYHVDWWHQG
л्ឋᚡ࢑ॶࠣԋӓȃၦଊԋӓȃ౱ࠣȃྤࡊ੊ WKH%HLMLQJ)RUXPZKHUHWKHPDMRUWRSLFVLQFOXGHG
ᡞȃ΢সᡜᜍ๊ၦଊᇅ‫׭‬೛һࢻȂᙥԫཽឋөᇰ WKHLQIRUPDWLRQDQGWHFKQLFDOH[FKDQJHLQIRRGVDIHW\
ᜍಣᙒ૗ࣻϤΠ၍‫܅‬ԫᇰᜍ‫ݸޒ‬ȂηѠ࡛ҴЅ LQIRUPDWLRQVDIHW\SURGXFWVJUHHQKRXVHJDVHVDQG
SHUVRQQHOFHUWL¿FDWLRQ7KHPHHWLQJDLPHGDWSURYLGLQJ
ፘȂԥւୣ஀໣‫ޠ‬ᇰᜍӬձȄ
DQRSSRUWXQLW\IRUDOODFFUHGLWDWLRQERGLHVWROHDUQIURP

RQHDQRWKHU VDFFUHGLWDWLRQVWDWXVDQGEXLOGIULHQGVKLS
IRUEHWWHUDFFUHGLWDWLRQFRRSHUDWLRQLQWKHUHJLRQ

੖২‫ۭڎ‬һࢻࣁ୞ &URVVVWUDLWVLQWHUDFWLRQDFWLYLWLHV
Ҧܼ੖২‫ۭڎ‬စຸ‫ٿ܂‬Сઊዦ๝Ȃѯᢋ੖২һࢻ 'XHWRWKHLQFUHDVLQJFURVVVWUDLWVDFWLYLWLHVWKH-LDQJ
ஆߝཽȞ੖ஆཽȟᇅτഛ੖২‫ۭڎ‬һࢻ‫ཽڟ‬Ȟ੖ DQG&KHQGLDORJXHEHWZHHQWKH6WUDLWV([FKDQJH
)RXQGDWLRQ 6() RI7DLZDQDQGWKH$VVRFLDWLRQ
‫ཽڟ‬ȟϟԱചཽፚϤ୞ᓝᖆȂஆܼ‫ڟ‬ֆ࢈‫ۻ‬೏౪
IRU5HODWLRQV$FURVVWKH7DLZDQ6WUDLWV $5$76 RI
ᇰᜍᡜᜍϟཿଡ଼ȂпІᇅτഛґ‫ໍٿ‬яπࣻϤ௦
0DLQODQG&KLQDKDVEHFRPHPRUHDQGPRUHIUHTXHQW
‫ڨ‬ขၑൣ֚‫ܗ‬ᡜᜍ౱ࠣϟԥᜱ‫ٲ‬໷Ȃ7$) ӶϭԒ 7RDVVLVWWKHJRYHUQPHQWLQKDQGOLQJWKHDFFUHGLWDWLRQ
ᒳ౪‫ٯ‬୥ᇅӼൠԪ‫ۭڎޠ‬һࢻࣁ୞Ȃࣻᜱࣁ୞Ԅ DQGFHUWL¿FDWLRQEXVLQHVVHVDQGWKHUHODWHGLVVXHV
ίȈ LQPXWXDODFFHSWDQFHRIWHVWLQJUHSRUWVRUFHUWL¿HG
SURGXFWVIRULPSRUWDQGH[SRUWZLWKWKH0DLQODQG7$)
KDVKHOGDQGSDUWLFLSDWHGLQPDQ\VHVVLRQVRIFURVV
VWUDLWVH[FKDQJHDFWLYLWLHVLQWKLV\HDU7KHUHODWHG
DFWLYLWLHVDUHDVIROORZV


‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

 У  С Ϝ ୾ ୾ ঢ় ᇰ ᜍ ᇰ Ѡ ᆀ ࿝ ᆔ ౪ ‫ ې‬স 2Q-DQXDU\DJURXSRISHUVRQVIURPWKH
ཽ &1&$ І Ϝ ୾ Ӭ ੀ ຠ ۢ ୾ ঢ় ᇰ Ѡ ‫ ې‬স ཽ &HUWL¿FDWLRQDQG$FFUHGLWDWLRQ$GPLQLVWUDWLRQRI

WKH3HRSOH V5HSXEOLFRI&KLQD &1&$ DQGWKH
&1$6 Κ՘  ΢‫ٿ‬೥Ȃଇ፤Ɇ‫ۭڎ‬Ь౱ॶࠣԋ
&KLQD1DWLRQDO$FFUHGLWDWLRQ6HUYLFHIRU&RQIRUPLW\
ӓፐҢᔯᡜɇІɆ‫ۭڎ‬ᇰᜍᇰѠࣻϤһࢻɇ๊‫ڎ‬
$VVHVVPHQW &1$6 YLVLWHG7$)WRGLVFXVVLVVXHV
໷ឋᚡȂ‫ࡷٯ‬೥ҐཽᇰѠᄃᡜࡊȄ OLNHɆFURVVVWUDLWVDTXDWLFIRRGSURGXFWVVDIHW\DQG
K\JLHQHDQDO\VLVɇDQGɆFURVVVWUDLWVDFFUHGLWDWLRQ
 У  СՎ  У  С‫܉ڻ‬ങ୚உ՘ߞՎѳώ२ H[FKDQJHɇHWF7KHJURXSDOVRYLVLWHGWKH7$)
ኋ୥ђಒϥ۪‫ਁۭ߭ڎ‬౱ཿዀྦ፤ᏬȂᄈܼ‫ۭڎ‬ DFFUHGLWHGODERUDWRULHV
౱ཿዀྦһࢻӬձȃၦ೾ଊ‫׭‬೛ࣻᜱዀྦ‫܅ۢښ‬
)URP)HEUXDU\WR0DUFK1LJHO-RX9LFH&(2
ԫһඳཏُȂ‫ٯ‬ᇕ໲ԥᜱၦਠȄ
DWWHQGHGWKHWK&URVV6WUDLWV,QIRUPDWLRQ,QGXVWU\
6WDQGDUGV)RUXPKHOGLQ&KRQJTLQJRI6LFKXDQWR
 У  Վ  С Ϝ ୾ ୾ ঢ় ᇰ ᜍ ᇰ Ѡ ᆀ ࿝ ᆔ ౪ ‫ې‬
H[FKDQJHRSLQLRQVUHJDUGLQJFURVVVWUDLWVFRRSHUDWLRQ
সཽ &1&$ ‫ޠ‬ᖢ࢔ҖлӉ‫ߝڸ‬Ҵ๸୚лӉȃ LQLQGXVWULDOVWDQGDUGVDQGWKHVHWWLQJRILQIRUPDWLRQDQG
&1$6 ‫׉‬ਵ៍୚બਫߞ‫଼ڸ‬ջ፲೏ߞпІᡜᜍᐡ FRPPXQLFDWLRQWHFKQLTXHVUHODWHGVWDQGDUGVDVZHOODV
ᄻϜ୾፵໕ᇰᜍϜЗ &4& ച୊୚лӉ‫ڻڸ‬ᆃ WRFROOHFWUHODWHGLQIRUPDWLRQ
Ϗโ৲๊  ՞ີᇾ೥ѯȂҐཽᒲ౪Πࣻᜱࣁ୞Ȃ
'XULQJWR0D\'LUHFWRU*HQHUDO<XPLQ%R
‫ڐ‬Ϝєࢃᒳ౪  У  С‫ޠ‬Ϗ୧৵ፚཽȂӔԥ  DQG'HSXW\'LUHFWRU/LSLQJ-LQRI&HUWL¿FDWLRQDQG
ঐᐡᄻȃ ΢ᇅཽȂІ  У  С‫ޠ‬ȶτഛᇰᜍ 
$FFUHGLWDWLRQ$GPLQLVWUDWLRQRIWKH3HRSOH V5HSXEOLF
ᇰѠ‫ݳ‬೤ȃಣᙒІஉ՘РԓःଇཽȷȂᖃॏ  RI&KLQD &1&$ 'HSXW\&KLHI([HFXWLYH*XL/DQ
΢୥ᇅȄ 6RQJDQG'LUHFWRU.H;LDQ0DRI&KLQD1DWLRQDO
$FFUHGLWDWLRQ6HUYLFHIRU&RQIRUPLW\$VVHVVPHQW
 У  СՎ  С‫ݔ‬૗Ϝၦ౐៬ୱȃ‫܉ڻ‬ങ୚உ &1$6 DQG'HSXW\'LUHFWRU:HL&KHQDQG(QJLQHHU
5XL=KRXRIWKH&HUWL¿FDWLRQ%RG\&KLQD4XDOLW\
՘ߞȃ༂ᘅ݀ȃᚮᅗೈȃҰӑ҂ᇅ୾ϲ࢈୧΢স
&HUWL¿FDWLRQ&HQWHU &4& YLVLWHG7DLZDQWRSDUWLFLSDWH
๊  ΢ՎτഛѳώԚഎ୥ђȶ‫ۭڎ‬ᇰᜍᇰѠᇅ
LQUHOHYDQWDFWLYLWLHVKHOGE\7$)7KHDFWLYLWLHVLQFOXGHG
ዀྦᡞ‫ق‬ःଇཽȷȂ‫ໍٯ‬՘ࣻᜱࡷ೥ࣁ୞ȄԫԪ WKH6HPLQDURQ,QGXVWU\DQG&RPPHUFHRQ0D\
ࣁ୞Ҧ $46,4ȃ&1&$ȃ୾ঢ়ዀྦ‫ې‬সཽ 6$& ZLWKUHSUHVHQWDWLYHVIURPRUJDQLVDWLRQVDQGWKH
ࡿᏳȂՅҦ &1$6ȃϜ୾ዀྦϾ‫& ཽڟ‬$6 ᇅ Ɇ6HPLQDURQ$FFUHGLWDWLRQ5HJXODWLRQ2UJDQL]DWLRQ
DQG,PSOHPHQWDWLRQ0HWKRGLQ&KLQDɇZLWKDWRWDORI
Ϝ୾፵໕ᇰᜍϜЗ &4& ӔӤᖟᒳȂᖃӔѳԼ
SDUWLFLSDQWV
Ꮈ΢୥ђȂєࢃѯᢋхߓ  ΢ȃτഛᐡᄻхߓ
 ΢ȃ‫ڐ‬у൑՞΢স  Ꮈ΢Ȅ )URPWR-XO\6HQLRU$GYLVRU1HQJ-RQJ/LQ9LFH
&(21LJHO-RXDQG+XQJ&KDQJ+XDQJ0DQ/L:HL
.HOYLQ6KLKWRJHWKHUZLWKGRPHVWLFSROLWLFDODQG
EXVLQHVVSHUVRQVIRUDWRWDORISHUVRQVSDUWLFLSDWHG
LQWKHɆ6HPLQDURQ&URVV6WUDLWV$FFUHGLWDWLRQDQG
6WDQGDUGV6\VWHPɇKHOGLQ&KHQJGXRI6LFKXDQ&KLQD
DQGFRQGXFWHGDIHZYLVLWV7KHDFWLYLW\ZDVVXSHUYLVHG
E\WKH$46,4&1&$DQG6WDQGDUGL]DWLRQ$GPLQLVWUDWLRQ
RIWKH3HRSOH
V5HSXEOLFRI&KLQD 6$& DQGKHOGE\WKH
&1$6&KLQD$VVRFLDWLRQIRU6WDQGDUGL]DWLRQ &$6 DQG
&KLQD4XDOLW\&HUWL¿FDWLRQ&HQWHU &4& ZLWKDWRWDORI
PRUHWKDQSDUWLFLSDQWVLQFOXGLQJUHSUHVHQWDWLYHV
IURP7DLZDQUHSUHVHQWDWLYHVIURPWKHPDLQODQG
ERGLHVDQGRYHUSHUVRQVIURPRWKHUXQLWV


‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

 У  Վ  С $46,4 е ུ Ѩ ߞ ᇅ &1$6 ๊ 2QWR$XJXVWDJURXSRIUHSUHVHQWDWLYHVIURP


 ΢‫ٿ‬೥Ȃ7$) ‫ڟ‬ֆစᔽഌዀྦᔯᡜ‫׌‬ᒳ౪  $46,4DQG&1$6OHGE\'HSXW\'LUHFWRU*HQHUDO;LQ
:DQJYLVLWHG7DLZDQ%60,DQG7$)KHOGWKHFURVV
У  С‫ۭڎ‬ዀྦॏ໕ᔯᡜᇰᜍһࢻ৵ፚཽȂྜྷ
VWUDLWVH[FKDQJHVHPLQDURQVWDQGDUGPHWURORJ\
೾‫ۭڎ‬ϟึ৥ߗ‫ݸ‬ᇅѠ૗ϟӬձРӪȄ
LQVSHFWLRQFHUWL¿FDWLRQDQGDFFUHGLWDWLRQRQ$XJXVWWR
FRPPXQLFDWHFXUUHQWVWDWXVRIFURVVVWUDLWVGHYHORSPHQW
 У  Վ  Сᒳ౪Ϝ୾Ӭੀຠۢ୾ঢ়ᇰѠ‫ې‬স
DQGSRVVLEOHFRRSHUDWLRQGLUHFWLRQ
ཽ &1$6 еቄఽлӉ೥ѯࣁ୞Ȃଇ፤‫ۭڎ‬ᇰᜍ
‫׭‬೛ᇅಓӬ‫ܓ‬ຠᠧມཋ๊Ϗձᇅࡤ៊Ӭձ‫ٲ‬໷Ȃ 'XULQJ&1$6&KDLU)HQJ4LQJ:DQJ
VYLVLWLQ7DLZDQ
IURPWR6HSWHPEHU7$)KHOGPHHWLQJVWRGLVFXVV
‫ࡷٯ‬೥ 7$) ᇰѠᐡᄻȄелӉхߓ &1$6 यଛ
FURVVVWUDLWVDFFUHGLWDWLRQWHFKQLTXHVFRQIRUPLW\
ೄ‫ܝ‬ջሷॴЬ‫د‬ਗ෢ȂҦҐཽᙾ༙੖ஆཽਗ෢வ
DVVHVVPHQWJORVVDU\DQGIXWXUHFRRSHUDWLRQLVVXHV
ЙȄ 7KHUHSUHVHQWDWLYHJURXSDOVRYLVLWHG7$)DFFUHGLWHG
ERGLHV0DGDP:DQJUHSUHVHQWHG&1$6LQJUDQWLQJD
 У  СϜ୾፵໕ᇰᜍϜЗ &4& еջቴл GRQDWLRQWRKHOSWKHÀRRGGDPDJHFDXVHGE\W\SKRRQ
Ӊ๊  ΢೥ 7$)Ȃ‫ໍٯ‬՘‫ۭڎ‬ᡜᜍყᡞһࢻ৵ 0RUDNRWZKLFK7$)KDVWUDQVIHUUHGWRWKHDFFRXQWVHW
ፚȂ௥ଇӬձРӪᇅ໷ҭȄ E\WKH6WUDLWV([FKDQJH)RXQGDWLRQ

2Q1RYHPEHUDJURXSRIUHSUHVHQWDWLYHVIURP
&KLQD4XDOLW\&HUWL¿FDWLRQ&HQWHU &4& OHGE\WKH
'LUHFWRU.HMLDR:DQJYLVLWHG7$)DQGDWWHQGHGWKH
FURVVVWUDLWVFHUWL¿FDWLRQERG\H[FKDQJHVHPLQDUIRU
FRRSHUDWLRQGLUHFWLRQDQGLWHPV

‫ۭڎ‬ᇰᜍ‫ݳ‬೤ःଇཽ ‫ۭڎ‬Ϗ୧৵ፚཽ
ńųŰŴŴĮŔŵųŢŪŵŴġŔŦŮŪůŢųġŰůġłŤŤųŦťŪŵŢŵŪŰůġœŦŨŶŭŢŵŪŰů ńųŰŴŴĮŔŵųŢŪŵŴġŔŦŮŪůŢųġŰůġŊůťŶŴŵųźġŢůťġńŰŮŮŦųŤŦ


‫୾ڦލ‬ርᇰӤ
6HHNLQJLQWHUQDWLRQDOUHFRJQLWLRQ

ҐԒ࡚‫ ޠ‬7$) хߓܼ୾ርᇰᜍಣᙒཽឋϜߓ౫ ,Q7$)VWDIIKDGRXWVWDQGLQJSHUIRUPDQFHVLQ


߬ᝌȂϸրᐋӉ $3/$& ᆔ౪‫ې‬সཽ %R0 ‫ޠ‬౪ WKHLQWHUQDWLRQDODFFUHGLWDWLRQFRPPXQLW\VXFKDV
VHUYLQJLQWKH%R0RI$3/$&DFWLQJDVWKHFRQYHQRU
‫ٲ‬ȃ૗Ωၑᡜஉ՘ᐡᄻᇰᜍϏձϊಣѣ໲΢ȃх
RISUR¿FLHQF\WHVWLQJSURYLGHUDFFUHGLWDWLRQWDVNIRUFH
ߓ $3/$& ୥ᇅ $3(&7(/05$7) ཽឋȇηᐋ DWWHQGLQJWKH$3(&7(/05$7)PHHWLQJRQEHKDOI
ӉΠ ,$) ᇅ 3$& ଓଡ଼ᆀ࿝‫ې‬সཽ‫ې‬স‫ ڸ‬3$& ࣻ RI$3/$&EHFRPLQJDPHPEHURIWKH)LQDQFLDO
Ϥ‫ܜ‬ᇰᆔ౪‫ې‬সཽ‫ې‬সȂ୥ᇅ୾ርಣᙒϟᄃଡ଼ၽ 2YHUVLJKW&RPPLWWHHRIWKH3$&DQG,$)DQGD
PHPEHURIWKH0/$PDQDJHPHQWFRPPLWWHH7KH
ձȂߓ౫ᓻ౵Ȃঅூᢛ೩ȄӶ‫׭‬೛஠ཿР८Ȃᕖ
SHUIRUPDQFHVRI7$)LQMRLQLQJSUDFWLFDORSHUDWLRQVRI
ᗝ࣐ ,/$& ୣ஀ຠզхߓȂхߓ $3/$& ຠզ‫ڐ‬ LQWHUQDWLRQDORUJDQL]DWLRQVZHUHH[FHOOHQWDQGZRUWK
уୣ஀ಣᙒȂᐋӉ୾ርಣᙒ‫׭‬೛Ϗձϊಣѣ໲ SUDLVH
΢Ȃ Ҽ ୥ ᇅ $3/$& ᇅ 3$& Ӥ ՘ ຠ զ ࣁ ୞ ႁ 
)RUWHFKQLFDOH[SHUWLVH7$)VWDIIZDVLQYLWHGWR
ԪȂึද஠ཿ૗ΩᇅስᏳ੬፵ȂӶӶऐᡘ‫ܼ୾ש‬ EHFRPH,/$&UHSUHVHQWDWLYHIRUUHJLRQDOHYDOXDWLRQ
ᇰᜍᐡᄻӤᏕ໣‫୾ޠ‬ርӵ՞І஠ཿ‫ם‬ຬȂኅ‫ڨ‬ᇰ 7$)VHUYHVDVSHHUHYDOXDWRUIRUWKH$3/$&DQG
Ӥᇅ޼ۢȄ7$) Ҽщϸၽң୾ርᇰᜍၦଊȂණ‫ٽ‬ HYDOXDWHRUJDQL]DWLRQVRIRWKHUUHJLRQVRQEHKDOIRI
$3/$&DVZHOODVVHUYHGDVWKHFRQYHQHURIWKH
୾ϲөࣩ୥ՄȂ‫៊ࡼٯ‬ஊ‫୾ي‬ርᇰᜍ஠ཿ΢ϘȂ
WHFKQLFDOZRUNLQJJURXSRILQWHUQDWLRQDORUJDQL]DWLRQV
ቩђ‫୾ש‬ϟ୾ር૗ُ࡚Ȃ៛݈୾ርስᏳӵ՞Ȃᘘ ,Q7$)SDUWLFLSDWHGLQ$3/$&DQG3$&SHHU
஼ᄃ፵ኈ៫ΩȄѫΚР८ȂηஞϹ‫ݨ‬ཏԥᜱ୾ር HYDOXDWLRQDFWLYLWLHVDQGGHPRQVWUDWLQJLPSUHVVLYH
‫ܗ‬ୣ஀ಣᙒԄեၽңᇰᜍᐡᄻ‫ٿ‬உ՘ಓӬ‫ܓ‬ຠᠧ H[SHUWLVHDQGOHDGHUVKLS$OORIWKHDERYHKDYH
GLVWLQJXLVKHGWKHLQWHUQDWLRQDOVWDWXVDQGSURIHVVLRQDO
ࣻᜱ‫ٲ‬໷ϟᗎ༗Ȃпђഁ୾ϲ‫࡚ښ‬ᇅ୾ር௦क़‫ޠ‬
LPDJHRIRXUFRXQWU\DPRQJDFFUHGLWDWLRQERGLHV
ရؐȄ WKDWUHFHLYHGZRUOGZLGHUHFRJQLWLRQDQGDI¿UPDWLRQ
7$)DOVRKDVIXOO\XWLOL]HGLQWHUQDWLRQDODFFUHGLWDWLRQ
LQIRUPDWLRQE\SURYLGLQJLWWRGRPHVWLFVHFWRUVIRU
UHIHUHQFHV7$)KDVFRQWLQXHGFXOWLYDWLQJSURIHVVLRQDO
WDOHQWVIRULQWHUQDWLRQDODFFUHGLWDWLRQDQGLQFUHDVLQJ
RXUFRXQWU\
VLQWHUQDWLRQDOYLVLELOLW\LQWRLQWHUQDWLRQDO
OHDGLQJSRVLWLRQ2QWKHRWKHUKDQG7$)LVDOVR
ZDWFKLQJFORVHO\DWWKHWUHQGVRILQWHUQDWLRQDODQG
ORFDORUJDQL]DWLRQVDERXWKRZWKH\XWLOL]HDFFUHGLWDWLRQ
ERGLHVWRFDUU\RXWFRQIRUPLW\DVVHVVPHQWVRQ
UHOHYDQWVXEMHFWVVRDVWRDFFHOHUDWHWKHSDFHRI
GRPHVWLFV\VWHPVLQFRQQHFWLRQZLWKLQWHUQDWLRQDO
WUDFNV


3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

ࡈᏳ

Ԓൣ
$118$/5(3257 ୾ϲӬձᇅ௱ኅ
Ӭ ௱ኅ

ᇰᜍቌঅ
'RPHVWLF&RRSHUDWLRQ 3URPRWLRQ


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

୾ϲӬձᇅ௱ኅ 'RPHVWLF&RRSHUDWLRQ 3URPRWLRQ


๗Ӭࠊ८‫୾ޠ‬ርࣁ୞Ȃ7$) ෉గᙥҦ᛬ဎᇅဤᄃ ,QFRQQHFWLRQZLWKWKHDERYHPHQWLRQHGLQWHUQDWLRQDO
୾ርࣻϤ‫ܜ‬ᇰᇰᜍ‫࡚ښ‬စᡜȂयΩܼ௱ኅ୾ϲᇰ DFWLYLWLHVDQGZLWKWKHKRSHWKDWWKURXJKWKHH[SHULHQFH
ᡜᜍȃᄃᡜࡊᇅᔯᡜཿଡ଼Ȃᑗ྄ࣂ୧୾ϲ᠍ೱᐡ RIVLJQLQJDQGLPSOHPHQWLQJLQWHUQDWLRQDOPXOWLODWHUDO
PXWXDOUHFRJQLWLRQRIDFFUHGLWDWLRQV\VWHP7$)FRXOG
ᜱ࡛ဋࣻᜱᇰᜍ‫࡚ښ‬Ȃᡲ୾ϲᇰᡜᜍ๗‫ݏ‬૗࣐୾
GHGLFDWHLWVHOIWRSURPRWLQJGRPHVWLFDFFUHGLWDWLRQ
ር‫ܛ‬௦‫ڨ‬Ȃ‫ڟܗ‬ֆ୾ϲ౱ཿ૗౱я‫ڦܗ‬ூөᆎ୾ DQGFHUWL¿FDWLRQODERUDWRU\DQGLQVSHFWLRQEXVLQHVV
ርᇰѠϟᔯขൣ֚ІᡜᜍᜍਫȄഇႇᇅ࢈‫ۻ‬ᐡᜱ WRGLVFXVVZLWKGRPHVWLFJRYHUQPHQWDODXWKRULWLHV
ᇅᏱ೛ყᡞ‫ޠ‬ӬձȂ7$) ҭࠊϑഛ៊‫ڟ‬ֆ࢈‫࡛ۻ‬ DJJUHVVLYHO\UHJDUGLQJWKHHVWDEOLVKPHQWRIUHOHYDQW
ဋΠ  ঐᇰᜍ݉ଡ଼ॏฬȂԄᕘߴဎᆔՄ೏ᕘߴ DFFUHGLWDWLRQV\VWHPWRHQDEOHGRPHVWLFDFFUHGLWDWLRQ
DQGFHUWL¿FDWLRQUHVXOWVWREHDFFHSWHGLQWHUQDWLRQDOO\
ዀതȃһ೾ഌ੊ຬ‫׌‬቉ᏣਯҔȃ୾ঢ়༉ክ೾ଊ‫ې‬
RUWRDVVLVWGRPHVWLFLQGXVWU\WRSURGXFHRUREWDLQ
সཽႬ߭೪റІၦଊ‫׭‬೛೪റԋӓขၑȃፐҢဎ DOONLQGVRILQWHUQDWLRQDOO\DFFUHGLWHGWHVWUHSRUWV
‫ڨ‬ဓ჎ѵ୾΢ୋஷᔯࢦᚃଲȃစᔽഌዀྦᔯᡜ‫׌‬ DQGFHUWL¿FDWHV7KURXJKWKHFRRSHUDWLRQEHWZHHQ
୧ࠣࡿۢၑᡜࡊпІ၏‫׌‬ᇅ୾ѵࣻϤ‫ܜ‬ᇰ‫ڟ‬ឋϟ JRYHUQPHQWDXWKRULWLHVDQGDFDGHPLFJURXSV7$)
ࣻᜱᇰᜍȃଓ࢈ഌ୾৳ဎ๷଩ፐҢዀྦᄃᡜࡊȃ SUHVHQWO\KDVEHHQDVVLVWLQJWKHJRYHUQPHQWWREXLOG
DFFUHGLWDWLRQVHUYLFHSURMHFWVVXFKDVWKH*UHHQ0DUN
ၼཿ‫ې‬সཽၼ౱ࠣ౱᎜ቻᐤᡜᜍȃഽϏ‫ې‬সཽᙜ
3URJUDPRIWKH'HSDUWPHQWRI6XSHUYLVLRQ(YDOXDWLRQ
ཿፐҢᄃᡜࡊᇰᜍȃ୾ঢ়ዀྦᄃᡜࡊᇰᜍ݉ଡ଼ॏ
DQG'LVSXWH5HVROXWLRQRIWKH(QYLURQPHQWDO3URWHFWLRQ
ฬ๊ȄԫѵȂ7$) ηᑗ྄ᇅ୾ϲᏱཽȃ‫׭‬೛ყᡞ $GPLQLVWUDWLRQWKHLQVWUXPHQWDOFDOLEUDWLRQRIWKH
ࣂፚᇅӬձȂ‫ו‬గ࣐ᇰᜍስ஀൷ؒ‫׭‬೛ӬձᇅМ &HQWUDO:HDWKHU%XUHDXRIWKH0LQLVWU\RI7UDQVSRUWDWLRQ
නȂ‫ݨ‬Τུ՗ᇅࣁΩȂ໲ࡧኅઊȂӔӤ௱୞஠ཿ DQG&RPPXQLFDWLRQVWKHWHOHFRPPXQLFDWLRQHTXLSPHQW
DQGLQIRUPDWLRQWHFKQLFDOHTXLSPHQWVDIHW\WHVWLQJ
ስ஀‫׭ޠ‬೛ᇅᇰᜍࣁ୞Ȅ
RIWKH1DWLRQDO&RPPXQLFDWLRQV&RPPLVVLRQWKH
Ӷࠊख़݉ଡ଼ॏฬѵȂ Ԓ໣Ȃ7$) ܼ୾ϲӬ KHDOWKH[DPLQDWLRQKRVSLWDOVIRUHPSOR\HGDOLHQVRI
WKH'HSDUWPHQWRI+HDOWKWKHGHVLJQDWHGPHUFKDQGLVH
ձᇅ௱ኅࣁ୞྆ख़ԄίȈ
WHVWLQJODERUDWRULHVRIWKH%XUHDXRI6WDQGDUGV
0HWURORJ\DQG,QVSHFWLRQ0LQLVWU\RI(FRQRPLF$IIDLUV
DQGWKHUHOHYDQWDFFUHGLWDWLRQRIPXWXDOUHFRJQLWLRQ
DJUHHPHQWVZLWKIRUHLJQFRXQWULHVIRUWKDW%XUHDXWKH
VWDQGDUGODERUDWRULHVIRUDOFRKRODQGWREDFFRK\JLHQH
RI1DWLRQDO7UHDVXUH$JHQF\RI0LQLVWU\RI)LQDQFH
WKHDJULFXOWXUDOSURGXFWWUDFHDELOLW\FHUWL¿FDWLRQRIWKH
&RXQFLORI$JULFXOWXUHWKHDFFUHGLWDWLRQRIRFFXSDWLRQDO
KHDOWKODERUDWRULHVRIWKH&RXQFLORI/DERU$IIDLUVWKH
1DWLRQDO6WDQGDUG/DERUDWRULHV$FFUHGLWDWLRQ6HUYLFH
3URMHFW%HVLGHV7$)LVDOVRDJJUHVVLYHO\GLVFXVVLQJ
DQGFRRSHUDWLQJZLWKGRPHVWLFDFDGHPLFFRPPXQLWLHV
DQGWHFKQLFDOJURXSVZLWKWKHKRSHWRVHHNWHFKQLFDO
FRRSHUDWLRQDQGVXSSRUWEULQJLQJQHZOLIHDQGHQHUJ\
JDWKHULQJWKRXJKWVIURPDEURDGVFRSHLQWRWKH¿HOGRI
DFFUHGLWDWLRQWRSURPRWHWKHWHFKQLFDODQGDFFUHGLWDWLRQ
DFWLYLWLHVLQSURIHVVLRQDODUHDVWRJHWKHU

,QDGGLWLRQWRWKHDERYHPHQWLRQHGVHUYLFHSURMHFWVWKH
GRPHVWLFFRRSHUDWLRQDQGSURPRWLRQDODFWLYLWLHVRI7$)
LQDUHEULHÀ\LQWURGXFHGDVIROORZV


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

୾ϲӬձ 'RPHVWLFFRRSHUDWLRQ
࢈‫ۻ‬ᐡᜱР८ &RRSHUDWLRQZLWKJRYHUQPHQWDXWKRULWLHV
࣐ቩђᇰᜍ݉ଡ଼ቌঅȂ7$) ᑗ྄ᇅ࢈‫᠍ۻ‬ೱᐡᜱ ,QRUGHUWRLQFUHDVHWKHYDOXHRIDFFUHGLWDWLRQVHUYLFHV
ྜྷ೾Ȃึ৥ཿଡ଼Ӭձ‫ܗ‬ः‫ึف‬৥໷ҭȂ‫پ‬Ԅᇅစ 7$)KDVEHHQFRPPXQLFDWLQJZLWKJRYHUQPHQWDO
ᔽഌዀྦᔯᡜ‫׌‬ः‫ف‬ȂԄե࡛Ҵґ‫ٿ‬ᔗࢋᔯᡜࠣ DXWKRULWLHVDJJUHVVLYHO\LQGHYHORSLQJEXVLQHVV
FRRSHUDWLRQRUUHVHDUFKGHYHORSPHQWLWHPVVXFK
ҭᇅᇰᡜᜍ‫࡚ښ‬๗ӬȇᇅፐҢဎଇ፤ȂԄեЖໍ
DVWKHUHVHDUFKSURMHFWIRUWKH%XUHDXRI6WDQGDUGV
୾ርዀྦȂණЁ‫ࠣॶ୾ש‬ԋӓ‫࡚ښ‬ȇᇅഽ‫ཽې‬ः
0HWURORJ\DQG,QVSHFWLRQ0LQLVWU\RI(FRQRPLF
ឋᇄᢋᙜཿԋӓፐҢᆔ౪‫ق‬ಜᡜᜍ 726+06 $IIDLUVUHJDUGLQJKRZWRHVWDEOLVKIXWXUHLQWHJUDWLRQRI
‫࡚ښ‬Ȃᇅ୾ርᇰᡜᜍ‫࡚ښ‬๗Ӭȇᇅၼ‫ཽې‬ः‫ف‬Ȃ PDQGDWRU\LQVSHFWLRQLWHPVZLWKWKHDFFUHGLWDWLRQDQG
Ӷ౱᎜ቻᐤ๊ၼ౱ࠣᇰᡜᜍ‫࡚ښ‬ίȂණЁၼЙԞ FHUWL¿FDWLRQV\VWHPVGLVFXVVLRQZLWKWKH'HSDUWPHQW
ઊ๊Ȅ RI+HDOWKUHJDUGLQJKRZWRLQWURGXFHLQWHUQDWLRQDO
VWDQGDUGVLQWRRXUFRXQWU\WRXSJUDGHRXUIRRGVDIHW\
V\VWHPGLVFXVVLRQZLWKWKH&RXQFLORI/DERU$IIDLUV
UHJDUGLQJ7DLZDQ
VRFFXSDWLRQDOVDIHW\DQGKHDOWK
PDQDJHPHQWV\VWHP 726+06 FHUWL¿FDWLRQV\VWHP
LQWHJUDWLRQZLWKLQWHUQDWLRQDODFFUHGLWDWLRQV\VWHPV
UHVHDUFKZLWKWKH&RXQFLORI$JULFXOWXUHUHJDUGLQJ
LQFUHDVLQJIDUPHUV
SUR¿WVXQGHUWKHDJULFXOWXUDO
SURGXFWVWUDFHDELOLW\DFFUHGLWDWLRQDQGFHUWL¿FDWLRQ
V\VWHPV

‡ %XUHDXRI6WDQGDUGV0HWURORJ\DQG,QVSHFWLRQ
‡ စᔽഌዀྦᔯᡜ‫׌‬
0LQLVWU\RI(FRQRPLF$IIDLUV
ᑗ྄୥ᇅ୞Ωፑ୙ᐡఢ࠯ԓᔯۢȂᇅ୧ࠣᡜᜍձ
7$)KDVDJJUHVVLYHO\SDUWLFLSDWHGLQWKHLQVSHFWLRQ
ཿΚय‫ཽܓ‬ឋІ‫׭‬೛ᇴཽ݃Ȃ‫ٯ‬ණ‫ٽ‬Ґཽᇰᜍձ
IRUSRZHUSUHVVPDFKLQHPRGHOVDQGWKHPHHWLQJV
ཿІ्ؒၦଊȄ࣐ପӬ၏‫׌‬ϟ୾ѵࣻϤ‫ܜ‬ᇰ‫ڟ‬ឋ IRUFRQVLVWHQF\LQWKHPHUFKDQGLVHFHUWL¿FDWLRQ
ϟᡜᜍᐡᄻᇰᜍᇅᄃᡜࡊᇰᜍ݉ଡ଼ॏฬȂ У  RSHUDWLRQDQGLWVWHFKQLFDOLOOXVWUDWLRQPHHWLQJVWR
Сᗝ፝ҐཽႬ‫ܓ‬ስ஀ᇰѠᄃᡜࡊІຠቸসȂ୥ᇅ SURYLGHWKHLQIRUPDWLRQUHJDUGLQJ7$)DFFUHGLWDWLRQ
ུђ‫ۄ‬੒ຳ޲ߴៗ ԋӓ೤ۢ ีᓄ‫& ࡚ښ‬36  RSHUDWLRQDQGUHTXLUHPHQWV,QRUGHUWRPDWFKZLWK
WKH%XUHDX
VVHUYLFHSURMHFWVIRUFHUWL¿FDWLRQERGLHV
ϟ ଌ ጜ ፟ โȄ ‫ ڟ ٯ‬ֆ Ӳ ‫ ړ‬ኆ ୧Ȃ ዑ ఽ &16 ᇅ
DFFUHGLWDWLRQDQGODERUDWRULHVDFFUHGLWDWLRQRIWKH
7$) ᇰᜍϟৰ౵មᅹȄ
PXWXDOUHFRJQLWLRQDUUDQJHPHQWVZLWKIRUHLJQFRXQWULHV
7$)
VDFFUHGLWDWLRQODERUDWRU\IRUHOHFWULFDODUHDDQG
DVVHVVRUVZHUHLQYLWHGRQ0D\VRDVWRDWWHQGWKH
WUDLQLQJFRXUVHVRIWKH6LQJDSRUHFRQVXPHUVSURWHFWLRQ
VDIHW\UHJXODWLRQ UHJLVWUDWLRQV\VWHP &36 7$)
DOVRDVVLVWHGLQUHSO\LQJWRPDQXIDFWXUHUVWRFODULI\WKH
LQWHUSUHWDWLRQLQWKHGLIIHUHQFHVEHWZHHQ&16DQG7$)
DFFUHGLWDWLRQ


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

‡ စᔽഌ૗ྜ‫׌‬ ‡ %XUHDXRI(QHUJ\0LQLVWU\RI(FRQRPLF$IIDLUV

 У  СІ  Уяৱ  Ԓђ‫ݷ‬ય᎜୶Ң፵਽ 2Q0DUFKDQGLQ-XO\7$)DWWHQGHGWKHUHYLHZ


PHHWLQJIRUWKHSURMHFWRILQVSHFWLRQRIWKHIXHO
‫ݷ‬І଩ᆡ‫ࠣݷݷآ‬ᔯᡜॏฬቸࢦཽឋȄ У 
TXDOLW\RIELRGLHVHODQGHWKDQROJDVROLQHVROGDWJDV
Сяৱ૗ྜ‫׌‬ः୧࡛Ҵђ‫ݷ‬ય‫آ‬਽‫ݷ‬ᔯᡜ૗Ωཽ VWDWLRQV2Q0D\7$)DWWHQGHGWKH(QHUJ\%XUHDX
V
ឋІషϾҰ‫ࠣ੊ݷ‬፵ᔯᡜዀྦϟ௥ଇཽឋȄ PHHWLQJIRUHVWDEOLVKLQJWKHLQVSHFWLRQSUR¿FLHQF\IRU
JDVROLQHDQGGLHVHOIXHOVROGDWJDVVWDWLRQVDQGWKH
 У  СึҁȶစᔽഌᇰѠᔯᡜᐡᄻᇅ঩ᇨആ PHHWLQJWRH[SORUHOLTXLGSURSDQHJDVTXDOLW\LQVSHFWLRQ
ኆঢ়ІାᔇңႬ೪റࢋ՘ၑᡜձཿ्ᘉȷȂ஡Ґ VWDQGDUGV
ཽᇰᜍા࣐Ҩ፝စᔽഌਰึ঩ᇨആኆঢ়‫ܗ‬ᔯᡜᐡ 7KHɆ'LUHFWLRQVIRUWKH,PSOHPHQWDWLRQRI,QVSHFWLRQ
ᄻᇰѠีଅᜍϟஆҐၦੀ्໷ϟΚȄାᔇңႬ೪ 2SHUDWLRQE\$FFUHGLWDWLRQ,QVSHFWLRQ%RGLHVDQG
റࢋ՘ၑᡜձཿ्ᘉᇴཽ݃Ȃܼ  У  Сѯі 2ULJLQDO(TXLSPHQW0DQXIDFWXUHUVDQG+LJK9ROWDJH
3RZHUHG(TXLSPHQWVRIWKH0LQLVWU\RI(FRQRPLF
ൠȃ У  СѯϜൠᇅ  У  Сା໱ൠ๊ήൠ
$IIDLUVɇSURPXOJDWHGRQ-XO\KDVLQFOXGHG7$)
ԪϜȂᄈኆ୧ᇴ݃ᇰᜍ्ؒᇅโ‫ז‬Ȅ DFFUHGLWDWLRQDVRQHRIWKHEDVLFTXDOL¿FDWLRQVIRU
DSSO\LQJ02($LVVXDQFHRIDSSURYHGUHJLVWUDWLRQDV
‡ ϵӔϏโ‫ې‬সཽ RULJLQDOHTXLSPHQWPDQXIDFWXUHUVRULQVSHFWLRQERGLHV
7KUHHZRUNVKRSVIRULQWURGXFLQJWKHGLUHFWLRQVIRUWKH
 У  СᇅϵӔϏโ‫ې‬সཽଇ፤Ϗโ؆ਠᄃᡜ LPSOHPHQWDWLRQRIKLJKYROWDJHSRZHUHGHTXLSPHQWV
ࡊᇰᜍ݉ଡ଼ॏฬ‫ۤٲ‬ȇ У  Сяৱः୧ᘘτ LQVSHFWLRQRSHUDWLRQZHUHKHOGRQ6HSWHPEHULQ
௵ң୾ርࣻϤ‫ܜ‬ᇰϟ؆ਠၑᡜᇰᜍ໷ҭ‫ཽۤٲ‬ 7DLSHLRQ6HSWHPEHULQ7DLFKXQJDQGRQ6HSWHPEHU
ឋȇ У  Сᒳ౪ρФϏโขၑስ஀ᇰᜍ೤ጓ࢝ LQ.DRKVLXQJWRH[SODLQWRPDQXIDFWXUHUVUHJDUGLQJ
WKHUHTXLUHPHQWVDQGSURFHGXUHVIRUWKHDFFUHGLWDWLRQ
ᄻ።ᐍᇅၽңРԓᄻདྷ৵ፚཽȄ
‡ 3XEOLF&RQVWUXFWLRQ&RPPLVVLRQ([HFXWLYH
Ս  ԒକȂପӬϵӔϏโ‫ې‬সཽ೥ࢦ 7$) ρ <XDQ
ФϏโขၑስ஀ᄃᡜࡊॏฬȂᇅϵӔϏโ‫ې‬সཽ
2Q$SULO7$)GLVFXVVHGZLWKWKH3XEOLF&RQVWUXFWLRQ
ᖓӬጌࢦϏձȂؑԒ࡚ҦϏโཽᒶᐆ  ঢ়ᄃᡜࡊ &RPPLVVLRQUHJDUGLQJWKHHQJLQHHULQJPDWHULDOV
உ՘ȂՎϭԒϑஉ՘ᆀ࿝ຠᠧॏ  ঢ়Ȃ‫ ܼٯ‬ ODERUDWRULHVDFFUHGLWDWLRQVHUYLFHSURMHFWRQ0D\
У  Сᒳ౪՘࢈ଲϵӔϏโ‫ې‬সཽ೥ࢦ 7$) ρ 7$)DWWHQGHGWKHPHHWLQJIRUFRQVXOWDWLRQUHJDUGLQJ
H[SDQGLQJWKHDGRSWLRQRILQWHUQDWLRQDOO\PXWXDOO\
ФϏโขၑስ஀ᄃᡜࡊॏฬᔯଇ৵ፚཽȄ
UHFRJQLVHGPDWHULDOWHVWLQJDFFUHGLWDWLRQLWHPVRQ-XQH
7$)KHOGWKHVHPLQDUIRUWKHDFFUHGLWDWLRQUHJXODWLRQ
VWUXFWXUHDGMXVWPHQWDQGRSHUDWLRQDOFRQFHSWVLQWKH
FLYLOHQJLQHHULQJWHVWLQJ¿HOGV

6LQFH7$)KDVFRRSHUDWHGZLWKWKH3XEOLF
&RQVWUXFWLRQ&RPPLVVLRQLQWKHSURMHFWRIVXUYH\LQJ
7$)DFFUHGLWHGODERUDWRULHVLQWKH¿HOGRIFLYLO
HQJLQHHULQJWHVWLQJDQGLQWKHDOOLHGDXGLWLQJZRUN
ZLWKWKH3XEOLF&RQVWUXFWLRQ&RPPLVVLRQ(DFK
\HDUWKH3XEOLF&RQVWUXFWLRQ&RPPLVVLRQZLOOVHOHFW
ODERUDWRULHVIRUDXGLWLQJ8QWLOWRGD\DWRWDORI
ODERUDWRULHVKDYHEHHQPRQLWRUHGDQGDVVHVVHG2Q
'HFHPEHU7$)KHOGWKHɆ6HPLQDUIRUWKHSURMHFWRI
UHYLHZLQJ7$)DFFUHGLWHGODERUDWRULHVLQWKH¿HOGRIFLYLO
Ϗโཽ೥ࢦ ŕłŇ ρФᄃᡜࡊॏฬᔯଇ৵ፚཽ
HQJLQHHULQJWHVWLQJVXUYH\HGE\WKH3XEOLF&RQVWUXFWLRQ
ŔŦŮŪůŢųġŧŰųġŵũŦġűųŰūŦŤŵġŰŧġųŦŷŪŦŸŪůŨġŕłŇġŢŤŤųŦťŪŵŦťġŭŢţŰųŢŵŰųŪŦŴġ
ŪůġŵũŦġŧŪŦŭťġŰŧġŤŪŷŪŭġŦůŨŪůŦŦųŪůŨġŵŦŴŵŪůŨġŴŶųŷŦźŦťġţźġŵũŦġőńń &RPPLVVLRQ([HFXWLYH<XDQɇ


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

‡ ՘࢈ଲᕘძߴៗဎ ‡ (QYLURQPHQWDO3URWHFWLRQ$GPLQLVWUDWLRQ
([HFXWLYH<XDQ
ࡷ೥ᕘߴဎޫߴ೏ྤࡊ੊ᡞ஠਱ᒳϵࡊȂࣂ୧
7$)KDVYLVLWHGWKH2I¿FHRI*UHHQKRXVH*DVHV
*+* ᇰᡜᜍ‫ۤٲ‬Ȃ‫ٯ‬ӼԪяৱᕘߴဎ *+* ᇰ
5HGXFWLRQ0DQDJHPHQW (3$ WRGLVFXVVWKH*+*
ᡜᜍᆔ౪ଇ፤ཽឋȂൣ֚ԥᜱ ,$) ᇅᖓӬ୾ྤࡊ
DFFUHGLWDWLRQDQGFHUWL¿FDWLRQLVVXHVDQGDWWHQGHG
੊ᡞձཿ‫ޠ‬ৰ౵Ȃණ‫ٽ‬ᕘߴဎܼྤࡊ੊ᡞጃᜍᇅ PDQ\WLPHVRIWKH(3$*+*DFFUHGLWDWLRQDQG
ࢦᜍ‫࡚ښ‬Р८፞Ӽ࡛ឋȂ෉‫୾שٻ‬૗໸ւ࡛Ҵಓ FHUWL¿FDWLRQPDQDJHPHQWGLVFXVVLRQPHHWLQJVWR
Ӭ୾௒І୾ርᗎ༗ϟᇰᡜᜍ‫࡚ښ‬Ȅ UHSRUWWKHGLIIHUHQFHVEHWZHHQWKH,$)DQGWKH8QLWHG
1DWLRQ
V*+*RSHUDWLRQVDQGWRSURYLGH(3$ZLWK
7$) ‫ٯ‬ӱᔗᕘߴဎ  Ԓ  У  Сϵҁᄃࢋ PDQ\VXJJHVWLRQVUHJDUGLQJWKH*+*YDOLGDWLRQDQG
ϟȶ՘࢈ଲᕘძߴៗဎᆔ౪ྤࡊ੊ᡞࢦᡜᐡᄻձ YHUL¿FDWLRQV\VWHPVZLWKWKHKRSHWRHQDEOHRXUFRXQWU\
ཿ঩ࠍȷȂᔤॐȶྤࡊ੊ᡞࢦᡜᐡᄻᇰᜍ݉ଡ଼ॏ WRHVWDEOLVKWKHDFFUHGLWDWLRQDQGFHUWL¿FDWLRQV\VWHPV
LQFRQIRUPDQFHWRRXUQDWLRQDOVWDWXVDQGLQWHUQDWLRQDO
ฬȷȂӪᕘߴဎණяᇰᜍၦੀቸឋҨ፝ȂႲॏ݃
WUHQGVVPRRWKO\
Ԓߒ೾ႇᕘߴဎᇰᜍᐡᄻၦੀቸឋȂණ‫୾ٽ‬ϲྤ
ࡊ੊ᡞР਱ϟࢦᡜᐡᄻᇰᜍ݉ଡ଼Ȃ‫៊ࡼٯ‬ᇅлᆔ ,QUHVSRQVHWRɆ7KH2SHUDWLRQ3ULQFLSOHVIRU*+*
ᐡᜱӔӤ೤დᆈ٘ၭϟᇰᡜᜍᡞ‫ښ‬Іึ৥Ȃпᅗ 9DOLGDWLRQDQG9HUL¿FDWLRQ%RGLHV0DQDJHPHQWRIWKH
(QYLURQPHQWDO3URWHFWLRQ$GPLQLVWUDWLRQRI([HFXWLYH
٘୾ϲཿ޲І୾ር౱ࠣ‫ٽ‬ᔗᜧϟሰؒȄ
<XDQɇSURPXOJDWHGRQ1RYHPEHURI7$)
KDVHVWDEOLVKHGDQGVXEPLWWHGWKHɆ*UHHQKRXVH
*DVHV9DOLGDWLRQDQG9HUL¿FDWLRQ%RGLHV$FFUHGLWDWLRQ
6HUYLFH3URMHFWɇWR(3$WRDSSO\IRUDFFUHGLWDWLRQERG\
TXDOL¿FDWLRQUHYLHZ,WLVH[SHFWHGWKDWWKHDFFUHGLWDWLRQ
ERG\TXDOL¿FDWLRQUHYLHZZLOOEHDSSURYHGE\(3$LQ
HDUO\QH[W\HDUIRU7$)WRSURYLGHWKHYDOLGDWLRQDQG
YHUL¿FDWLRQERGLHVDFFUHGLWDWLRQVHUYLFHIRUGRPHVWLF
*+*VFKHPHV7$)ZLOOFRQWLQXHWKHSODQQLQJDQG
GHYHORSPHQWIRUFDUERQIRRWSULQWDFFUHGLWDWLRQDQG
FHUWL¿FDWLRQV\VWHPZLWKJRYHUQPHQWDODXWKRULWLHVVR
DVWRVDWLVI\WKHQHHGVIRUGRPHVWLFEXVLQHVVRSHUDWRUV
DQGLQWHUQDWLRQDOSURGXFWVVXSSO\FKDLQV

‡ ՘࢈ଲഽϏ‫ې‬সཽ ‡ &RXQFLORI/DERU$IIDLUV([HFXWLYH<XDQ

ࡷ೥ഽϏ‫ې‬সཽԋӓፐҢ೏Ȃࣂፚᇄᢋᙜཿԋӓ 7$)KDVYLVLWHGWKH'HSDUWPHQWRI6DIHW\DQG+HDOWK
ፐҢᆔ౪‫ق‬ಜȞᙐᆏ 726+06ȟᇰᡜᜍ‫ۤٲ‬Ȃ RIWKH&RXQFLORI/DERU$IIDLUVWRGLVFXVV7DLZDQ
V
RFFXSDWLRQDOVDIHW\DQGKHDOWKPDQDJHPHQWV\VWHP
ൣ֚Ґཽཿଡ଼ϲৡᇅРӪȂ‫ٯ‬яৱ 726+06 ϟ
DEEUHYLDWHGDV726+06 DFFUHGLWDWLRQDQGFHUWL¿FDWLRQ
஠ঢ়৵ፚཽȂණ‫ٽ‬ᇰᡜᜍ‫࡚ښ‬ϟཏُȂӤਣࡷ LVVXHVDQGUHSRUWHGWKH7$)EXVLQHVVFRQWHQWVDQG
೥ ଓ ყ ‫ ݳ‬΢ ԋ ӓ ፐ Ң ‫ ׭‬೛ Ϝ ЗȂ ᄈ 726+06 GLUHFWLRQV7$)DWWHQGHGWKH726+06H[SHUWVHPLQDU
ϟᄃርၽձໍ՘Π၍‫ٯ‬һඳཏُȂձ࣐Ґཽᇅ WRSURYLGHRSLQLRQVUHJDUGLQJWKHDFFUHGLWDWLRQDQG
726+06 ґ‫ٿ‬ӬձРӪϟஆᙄȂ‫ٯ‬೤ฬґ‫ٿ‬Ӭ FHUWL¿FDWLRQV\VWHPVZKLOHDWWKHVDPHWLPHDOVRYLVLWHG
WKH6DIHW\DQG+HDOWK7HFKQRORJ\&HQWHUWRXQGHUVWDQG
ձϲৡȄ
DQGWRH[FKDQJHRSLQLRQVUHJDUGLQJSUDFWLFDORSHUDWLRQ
WROD\WKHIRXQGDWLRQIRUIXWXUHFRRSHUDWLRQGLUHFWLRQ
EHWZHHQ7$)DQG726+06DQGWRSODQIRUIXWXUH
FRRSHUDWLRQFRQWHQWV


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

‡ ՘࢈ଲፐҢဎ ‡ 'HSDUWPHQWRI+HDOWK([HFXWLYH<XDQ

 У  Сяৱ 7)'$ ԥᜱ‫ې‬ѵᔯᡜᄃᡜࡊᇰᜍ 2Q$SULO7$)DWWHQGHGWKHPHHWLQJIRUFRQVLJQHG


LQVSHFWLRQODERUDWRULHVDFFUHGLWDWLRQDQGWKH
Іᇰᜍ‫ق‬ಜཽឋȇ У  СяৱᔯଇॶࠣፐҢࢦ
DFFUHGLWDWLRQV\VWHPRQ0D\7$)DWWHQGHGWKH
ᡜཿଡ଼ᡜᜍᐡᄻᇰᜍІᆔ౪ᒳ‫ཽݳ‬ឋȇ У  PHHWLQJIRUWKHUHYLHZRIIRRGK\JLHQHLQVSHFWLRQ
Сяৱ‫ۋ‬Ծ᛿‫ޑ‬ȃϾָࠣᔯᡜᄃᡜࡊጌࢦ΢স஠ RSHUDWLRQFHUWL¿FDWLRQERGLHVDFFUHGLWDWLRQDQG
ཿІᄃଡ଼ଌጜॏฬ஠ঢ়ϊಣཽឋȄ PDQDJHPHQWUXOHVRQ-XQH7$)DWWHQGHGWKH
QDQRPHWHUGUXJVDQGFRVPHWLFVLQVSHFWLRQODERUDWRULHV
ӼԪණ‫ٽ‬ፐҢဎॶࠣፐҢ೏ԥᜱॶࠣፐҢᔯᡜᇅ DXGLWRUV
SURIHVVLRQDQGSUDFWLFDOWUDLQLQJSURMHFWH[SHUW
WHDPPHHWLQJ
ᇰᡜᜍ‫ݳ‬೤ঔॐϟཏُȂґ‫ٿ‬Ϭ஡ࡼ៊ᇅ၏೏ᖓ
ᛯȂᡲፐҢဎ‫࡛ܛ‬ҴϟॶࠣፐҢ‫ڸ‬ԋӓϟࣻᜱ‫ݳ‬ 7$)KDVSURYLGHGWKH)RRGDQG'UXJ$GPLQLVWUDWLRQ
೤ᇅᇰᡜᜍ‫࡚ښ‬Ȃ૗ၮ୾ር໣ຸܿॶࠣԋӓࠣ፵ 'HSDUWPHQWRI+HDOWKRSLQLRQVUHJDUGLQJIRRGK\JLHQH
LQVSHFWLRQDQGDFFUHGLWDWLRQDQGFHUWL¿FDWLRQUHJXODWLRQ
ᆔ౪೤ጓ௦क़Ȃණ‫ٽ‬੒ຳ޲‫ٻܗ‬ң޲‫؂‬τ߭ЗȂ
UHYLVLRQVIRUPDQ\WLPHV,QWKHIXWXUH7$)ZLOOFRQWLQXH
пණ݈ཿ޲Ӷ୾ር໣‫ޠ‬ᝰ‫ލ‬ΩȄ WREHLQFRQWDFWZLWKWKH$GPLQLVWUDWLRQWRIDFLOLWDWH
WKH'HSDUWPHQWRI+HDOWKWRHVWDEOLVKIRRGK\JLHQH
DQGVDIHW\UHODWHGUHJXODWLRQVDQGDFFUHGLWDWLRQDQG
FHUWL¿FDWLRQV\VWHPVVRDVWRFRQQHFWZLWKWKHWUDFNRI
LQWHUQDWLRQDOWUDGLQJLQIRRGVDIHW\TXDOLW\PDQDJHPHQW
UHJXODWLRQVDQGSURYLGHFRQVXPHUVRUXVHUVZLWKHYHQ
PRUHFRQ¿GHQFHWRXSJUDGHWKHEXVLQHVVRSHUDWRUVLQ
WKHLULQWHUQDWLRQDOFRPSHWLWLYHQHVV

‡ %XUHDXRI)RRGDQG'UXJ$QDO\VLV'HSDUWPHQW
‡ ՘࢈ଲፐҢဎ᛿‫ࠣॶޑ‬ᔯᡜ‫׌‬ RI+HDOWK([HFXWLYH<XDQ

 У  Сࡷ೥᛿ᔯ‫ࣂ׌‬ፚӬձ‫ۤٲ‬ȇ У  С 2Q-XQH7$)YLVLWHGWKH%XUHDXRI)RRGDQG'UXJ
ᇅፐҢဎ᛿‫ࠣॶޑ‬ᔯᡜ‫׌‬Ӭᒳ௱୞ፐҢဎ‫ې‬ଋᔯ $QDO\VLVWRGLVFXVVFRRSHUDWLRQLVVXHVRQ-XQH
7$)KHOGWKHPHHWLQJZLWKWKH%XUHDXRI)RRGDQG'UXJ
ᡜཿଡ଼ϟᄃᡜࡊᇰѠᇴཽ݃ȂᚗРпȶᖓӬຠ
$QDO\VLV'HSDUWPHQWRI+HDOWKWRJHWKHUWRH[SODLQWKH
ᠧȷРԓӬձȂӔӤᘘ৥ॶࠣȃ᛿‫ޑ‬ІϾ㠉ࠣᄃ SURPRWLRQIRUDFFUHGLWDWLRQRIODERUDWRULHVFRQVLJQHG
ᡜࡊᇰѠȇ У  Сஉ՘ಒΚঐᖓӬຠᠧ਱Ȃ E\'HSDUWPHQWRI+HDOWKIRULQVSHFWLRQEXVLQHVVWKDW
ϭԒ࡚ϑஉ՘Π  ঢ়ᄃᡜࡊ‫ޠ‬ᖓӬຠᠧȂۧԥ  7$)DQGWKH%XUHDXZLOOFRRSHUDWHLQWKHZD\RIɆDOOLHG
DVVHVVPHQWɇWRH[SDQGWKHDFFUHGLWDWLRQRIODERUDWRULHV
ঢ়ࡠஉ՘Ȅ
IRUIRRGGUXJVDQGFRVPHWLFVRQ-XQHWKH¿UVW
DOOLHGDVVHVVPHQWFDVHZDVFRQGXFWHG7KHDOOLHG
DVVHVVPHQWVKDYHEHHQFRQGXFWHGIRUODERUDWRULHVLQ
WKLV\HDUUHPDLQLQJODERUDWRULHVWREHFRQGXFWHG

‡ %XUHDXRI+HDOWK3URPRWLRQ'HSDUWHPQWRI
‡ ՘࢈ଲፐҢဎ୾Җୋஷ‫׌‬
+HDOWK([HFXWLYH<XDQ
 Ԓߒ୾Җୋஷ‫׌‬ஐ҃ߴୋಣࡷཽҐཽȂଇ ,QHDUO\WKH0DWHUQDO,QIDQWDQG5HSURGXFWLYH
፤ᗝ፝Ґཽᄈ‫ࣻڐ‬ᜱຠਰᇅө໷ࠣ፵ߵໍࣁ୞ණ +HDOWK'LYLVLRQRIWKH%XUHDXRI+HDOWK3URPRWLRQ
‫ٽ‬஠ཿ࡛ឋᇅ‫ڟ‬ֆȂ෉૗ᙥҦ  Ԓॏฬஉ՘Ȃ YLVLWHG7$)WRGLVFXVVUHJDUGLQJLQYLWLQJ7$)WRSURYLGH
SURIHVVLRQDOVXJJHVWLRQDQGDVVLVWDQFHWRUHOHYDQW
‫׾‬๢ᒹ༉‫੿੾ܓ‬ᔯᡜᐡᄻຠਰࠣ፵ᇅᄃᡜࡊ૗
HYDOXDWLRQDQGDOOTXDOLW\SURPRWLRQDFWLYLWLHVZLWK
ΩȄ WKHKRSHWKDWWKURXJKWKHSURMHFWFRQGXFWHGLQ
WRLPSURYHHYDOXDWHGTXDOLW\IRUFRQJHQLWDOGLVHDVHV
LQVSHFWLRQERGLHVDQGODERUDWRU\FRPSHWHQFH

ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

‡ ՘࢈ଲ੒ຳ޲ߴៗ‫ې‬সཽ ‡ &RQVXPHU3URWHFWLRQ&RPPLVVLRQ([HFXWLYH
<XDQ
 У  Сࡷ೥੒ߴཽȂᇴ݃ 7$) ᇰᜍпІԄե
2Q-XO\7$)YLVLWHGWKH&RQVXPHU3URWHFWLRQ
ၽңᇰѠᄃᡜࡊȂ‫ٯ‬ଭᄈᇰᜍϟՍ᜺‫ܗܓ‬஽‫ښ‬
&RPPLVVLRQWRLQWURGXFHWKH7$)DFFUHGLWDWLRQDQGKRZ
‫ܓ‬Ȃᇴ݃Ѡ૗ोҢϟࣻᜱ‫ࡢݳ‬ೱӉȄ WRXVHDFFUHGLWHGODERUDWRULHV7$)DOVRSRLQWHGRXW
YROXQWDU\DFFUHGLWDWLRQDQGPDQGDWRU\DFFUHGLWDWLRQWR
‡ ϲ࢈ഌ‫׌่ڌ‬ H[SODLQSRVVLEOHGHULYDWLRQRIUHODWHGOHJDOUHVSRQVLELOLWLHV

ҐཽᇰѠϟ‫่ڌ‬ၾᔜൠԋӓᔯᡜᐡᄻȂᕖϲ࢈ഌ ‡ &KLOGUHQ
V%XUHDX0LQLVWU\RIWKH,QWHULRU
‫࡛׌่ڌ‬ឋཿࣩ௵ңϟ‫่ڌ‬ၾ‫ڏ‬ᔯᡜ஠ೱᐡᄻȄ 7$)DFFUHGLWHGFKLOGUHQ
VSOD\JURXQGVDIHW\LQVSHFWLRQ
 У  СՎ  Сᒳ౪ၾᔜൠԋӓᔯᡜসଌጜȂԫ ERGLHVKDYHEHHQVXJJHVWHGE\WKH&KLOGUHQ
V%XUHDX
ൠ୥ᇅᏱসॏ  ӫȄ У  Сяৱः୧ө՘ཿ 0LQLVWU\RIWKH,QWHULRUWRKDYHEXVLQHVVRSHUDWRUVDGRSW
WKHFKLOGUHQ
VJDPHHTXLSPHQWLQVSHFWLRQUHVSRQVLEOH
ߤ೪‫่ڌ‬ၾ዆೪ࢋԋӓᆔ౪೤ጓϟ஠ཿᔯࢦᐡᄻ
ERGLHV'XULQJ$XJXVWWR7$)KHOGWKHFKLOGUHQ
V
ၦੀᒛၛཽឋȄ SOD\JURXQGVDIHW\LQVSHFWRUWUDLQLQJZLWKDWWHQGDQWV
2Q6HSWHPEHU7$)DWWHQGHGWKHFRQVXOWDWLRQ
PHHWLQJIRUGLVFXVVLRQRIWKHUHJXODWLRQVSHUWDLQLQJWRWKH
UHVSRQVLEOHLQVSHFWLRQERG\
VTXDOL¿FDWLRQVIRUFKLOGUHQ
V
DPXVHPHQWIDFLOLWLHVVDIHW\PDQDJHPHQW

‡ 7RXULVP%XUHDX0LQLVWU\RI7UDQVSRUWDWLRQDQG
&RPPXQLFDWLRQV
,Q$XJXVW7$)DWWHQGHGPHHWLQJRIWKH7RXULVP%XUHDX
IRUWKHUHYLHZRIKRWVSULQJLQVSHFWLRQERG\DSSURYDO
PHHWLQJVIRUWKHDXGLWLQJRIGDWDDQGLQIRUPDWLRQWKDW
ijııĺ ԒၾᔜൠԋӓᔯᡜসଌጜᏱসӬྲ
ŵũŦġŤũŪŭťųŦůĭŴġűŭŢźŨųŰŶůťġŴŢŧŦŵźġŪůŴűŦŤŵŰųġŵųŢŪůŪůŨġŪůġijııĺ DSSURYHGWKHKRWVSULQJLQVSHFWLRQERG\WRH[HFXWHWKH
VSULQJSURMHFW,Q1RYHPEHU7$)DWWHQGHGWKHPHHWLQJ
‡ һ೾ഌᢏӏ‫׌‬ RIWKH7RXULVP%XUHDXIRUWKHUHYLHZRIWKHDXGLWLQJRI
DSSURYHGKRWVSULQJLQVSHFWLRQXQLWV
EXVLQHVVLQ
 У໣ϸրяৱᢏӏ‫׌‬ቸࢦྤࢷᔯᡜᐡᄻϟᇰѠ DQGDVVLVWHGWKH7RXULVP%XUHDXLQRQVLWHDXGLWLQJRI
DSSURYHGERGLHV
ቸឋཽឋ  ԪȂࢦਰ೩Ѡྤࢷᔯᡜᐡᄻஉ՘ྤ
ࢷॏฬϟ኶ᐄၦਠ  ԪཽឋȂпІ  Уяৱᢏ ‡ &RXQFLORI$JULFXOWXUH([HFXWLYH<XDQ
ӏ‫  ׌‬Ԓ࡚ྤࢷᔯᡜᇰѠ൑՞ཿଡ଼ᔯਰᔯଇཽ ,QUHVSRQVHWRWKHSURPXOJDWLRQRIWKHɆ$JULFXOWXUDO
ឋȂ‫ڟ‬ֆᢏӏ‫׌‬౫ൠࢦਰ  ঢ়ᇰѠᐡᄻȄ 3URGXFWV3URGXFWLRQDQG&HUWL¿FDWLRQ0DQDJHPHQW
$FWɇ7$)KDVHVWDEOLVKHGWKH3URGXFWLRQDQG0DUNLQJ
‡ ՘࢈ଲၼཿ‫ې‬সཽ 7UDFHDELOLW\&HUWL¿FDWLRQ%RGLHV$FFUHGLWDWLRQ3URJUDP
DQGWKH2UJDQLF$JULFXOWXUDO3URGXFWV&HUWL¿FDWLRQ
7$) ࣐ӱᔗȶၼ౱ࠣҢ౱ᇅᡜᜍᆔ౪‫ݳ‬ȷϟϵҁ %RGLHV$FFUHGLWDWLRQ3URJUDPDFFRUGLQJWRWKHODWHVW
ᄃࢋȂϑ‫ٸ‬ၼ‫ཽې‬ϟഷུ೤ۢȂॐۢȶ౱᎜ቻᐤ UXOHVVHWE\WKH&RXQFLORI$JULFXOWXUHWRIDFLOLWDWHWKHWZR
ᡜᜍᐡᄻᇰᜍ݉ଡ଼ॏฬȷІȶԥᐡၼ౱ࠣᡜᜍᐡ VHUYLFHSURJUDPVWRSURFHHGVPRRWKO\DQGFRQGXFWHG
WKHDFFUHGLWDWLRQDVVHVVRUFRQVLVWHQF\WUDLQLQJRQ
ᄻᇰᜍ݉ଡ଼ॏฬȷȂ࣐‫ٻ‬၏Ρ໷݉ଡ଼ॏฬ૗໸ւ
$SULO7KLVWUDLQLQJLQYLWHGUHSUHVHQWDWLYHVIURPWKH
ໍ՘Ȃܼ  У  Сஉ՘ᇰᜍຠቸসΚय‫ܓ‬ଌጜȄ JRYHUQPHQWDODXWKRULWLHV&RXQFLORI$JULFXOWXUHUHODWHG
ҐԪଌጜᗝ፝лᆔᐡᜱၼ‫ཽࣻې‬ᜱ൑՞хߓȃҐ XQLWV7$)DVVHVVRUVDQGDLPHGDWDJULFXOWXUDOSURGXFWV
ཽຠቸসȂଭᄈၼ౱ࠣࣻᜱឋᚡණяଇ፤Ȃණ‫ٽ‬ UHODWHGLVVXHVIRUGLVFXVVLRQWRSURYLGHFKDQQHOVIRUIXOO
FRPPXQLFDWLRQWREXLOGFRJQLWLRQEHWZHHQHDFKRWKHUDQG
Ԛщϸྜྷ೾ᆔၿȂ‫܅ٯ‬ԫᇰ‫ޤ‬ȂႁԚӔᜌȄ
WRUHDFKFRQVHQVXV


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

ԥᐡၼ౱ࠣᇰᡜᜍึ৥ᇅ௱ኅР८Ȃܼ  У  )RURUJDQLFDJULFXOWXUDOSURGXFWVDFFUHGLWDWLRQDQG
Сᖟᒳԥᐡၼ౱ࠣᡜᜍၦଊᆔ౪‫ق‬ಜձཿᇴ݃ FHUWL¿FDWLRQGHYHORSPHQWDQGSURPRWLRQ7$)KHOG
DPHHWLQJIRUWKHLQWURGXFWLRQRIRUJDQLFDJULFXOWXUDO
ཽȂॏԥ  ᐡᄻ  ΢୥ђȂᇅлᆔᐡᜱၼ‫ې‬
SURGXFWVFHUWL¿FDWLRQLQIRUPDWLRQPDQDJHPHQWV\VWHP
ཽІᡜᜍᐡᄻໍ՘ήР८ᄈ८ྜྷ೾Ȃ‫ٻ‬ᡜᜍᐡᄻ RSHUDWLRQRQ0DUFKZLWKSHUVRQVIURPERGLHV
‫ྀఽ؂‬ᕤ၍ᇰᡜᜍࣻᜱ‫ݳ‬೤ȃ೤ጓᇅࢻโȄ SDUWLFLSDWHGLQWKHPHHWLQJWRFRPPXQLFDWHIDFHWR
IDFHLQWKUHHZD\VZLWKWKHJRYHUQPHQWDODXWKRULWLHV
ࣃস୥ђၼ‫ཽې‬ᖟᒳϟၦଊ‫ق‬ಜཽឋІၼᙑဎᖟ &RXQFLORI$JULFXOWXUHDQGWKHFHUWL¿FDWLRQERGLHVWR
ᒳϟԥᐡၼ౱ࠣঔ‫ཽݳ‬ឋȂഇႇᇅлᆔᐡᜱȃ‫׭‬ IDFLOLWDWHFHUWL¿FDWLRQERGLHVWRXQGHUVWDQGPRUHFOHDUO\
UHJDUGLQJWKHDFFUHGLWDWLRQDQGFHUWL¿FDWLRQUHODWHGDFWV
೛஠ঢ়ȃၦଊ‫ق‬ಜஉ՘൑՞‫ྜྷޠ‬೾Ȃ‫ٻ‬ᇰᡜᜍࢻ
UHJXODWLRQVDQGSURFHVVÀRZV
โ‫؂‬ђӬ౪ᇅ໸ᄲȄ
7$)DVVLJQHGSHUVRQVWRDWWHQGWKHLQIRUPDWLRQV\VWHP
PHHWLQJKHOGE\WKH&RXQFLORI$JULFXOWXUHDQGWKH
RUJDQLFSURGXFWVUHJXODWLRQUHYLVLRQPHHWLQJKHOGE\WKH
Ᏹཽȃ‫׭‬೛ყᡞР८ $JULFXOWXUDO)RRG$JHQF\7KURXJKWKHFRPPXQLFDWLRQ
ZLWKWKHJRYHUQPHQWDODXWKRULWLHVWHFKQLFDOH[SHUWV
 Ԓࡼ៊ᇅᚃ‫ٲ‬ᔯᡜᏱཽȃᠧᜌऌᏱᏱཽȃ LQIRUPDWLRQV\VWHPH[HFXWLRQXQLWVWKHDFFUHGLWDWLRQ
ਰᚃᏱཽȃॏ໕ϏโᏱཽȃⲋ८ϏโᏱཽȃѯᢋ DQGFHUWL¿FDWLRQSURFHVVÀRZVEHFDPHPRUHUHDVRQDEOH
DQGVPRRWK
ెᏘρᏱཽІϜ๽Җ୾ᕘძϏโᏱ๊ཽ஠ཿყᡞ
᛬ဎӬձറ‫נ‬ᓄȂ୥ᇅ‫ࣻڐ‬ᜱԒཽ‫ܗ‬ःଇཽࣁ
୞Ȃ‫ึٯ‬৥ᇅ‫ڐ‬уᏱཽყᡞϟӬձȄҐԒ࡚ቩђ
$FDGHPLFDVVRFLDWLRQVDQGWHFKQLFDOJURXSV
Πᇅѯᢋቺ‫ݚ‬ᄳϸᚕऌ‫׭‬Ᏹཽ᛬ဎӬձറ‫נ‬ᓄȄ ,Q7$)FRQWLQXHGWRVLJQWKHPHPRUDQGXPRI
XQGHUVWDQGLQJ 0R8 ZLWKSURIHVVLRQDOJURXSVVXFK
‡ ѯᢋቺ‫ݚ‬ᄳϸᚕऌ‫׭‬Ᏹཽ 76&67 DVWKH7DLZDQ6RFLHW\RI/DERUDWRU\0HGLFLQH7DLZDQ
$FDGHP\RI)RUHQVLF6FLHQFHV6RFLHW\RI1XFOHDU
 У  С 7$) ᇅѯᢋቺ‫ݚ‬ᄳϸᚕऌ‫׭‬Ᏹཽ᛬ဎ 0HGLFLQH&KLQHVH0HWURORJ\6RFLHW\&KLQHVH6RFLHW\
Ӭձറ‫נ‬ᓄ 0R8 ȂᚗРឺК࣐୾ϲቺ‫ݚ‬ϸᚕ‫׭‬ RI3DYHPHQW(QJLQHHULQJ7DLZDQ&RQFUHWH,QVWLWXWH
೛ϟࣻᜱឋᚡІᇰᜍ୉ևΩȂ‫ו‬Ꮦ૗ࣻህࣻԚȂ 7KH&KLQHVH,QVWLWXWHRI(QYLURQPHQWDO(QJLQHHULQJ
7$)SDUWLFLSDWHGLQUHODWHGDQQXDOFRQIHUHQFHVRU
ԥਞණЁቺ‫ݚ‬ϸᚕ‫׭‬೛ᕘძІᔯขൣ֚‫ٻ‬ң޲ϟ
VHPLQDUDFWLYLWLHVDVZHOODVGHYHORSHGFRRSHUDWLRQZLWK
ᅗཏ࡚Ȅ RWKHUDFDGHPLFDVVRFLDWLRQJURXSV,QWKLV\HDU7$)
KDVDGGHGWKHVLJQLQJRI0R8ZLWK7DLZDQ6RFLHW\IRU
&KURPDWRJUDSKDQG6HSDUDWLRQ7HFKQRORJ\

‡ 7DLZDQ6RFLHW\IRU&KURPDWRJUDSKDQG
6HSDUDWLRQ7HFKQRORJ\
2Q-DQXDU\7$)VLJQHGWKHPHPRUDQGXP
RIXQGHUVWDQGLQJ 0R8 ZLWK7DLZDQ6RFLHW\IRU
&KURPDWRJUDSKDQG6HSDUDWLRQ7HFKQRORJ\7KH
WZRSDUWLHVZLOOFRRSHUDWHLQGHGLFDWLRQWRGRPHVWLF
FKURPDWRJUDSK\DQGVHSDUDWLRQWHFKQRORJ\UHODWHG
LVVXHVDQGDFFUHGLWDWLRQZLWKWKHKRSHWRUHDFKVRPH
DFKLHYHPHQWE\DVVLVWLQJHDFKRWKHUDQGWRHIIHFWLYHO\
HQKDQFHWKHHQYLURQPHQWIRUFKURPDWRJUDSK\DQG
VHSDUDWLRQWHFKQRORJ\DQGWKHVDWLVIDFWLRQWRXVHUVRI
ᇅቺ‫ݚ‬Ᏹཽ᛬ဎ ŎŰŖ WHVWLQJUHSRUWV
ŕłŇġŴŪŨůŦťġŵũŦġŎŰŖġŸŪŵũġŕŔńŔŕ


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

 У  СՎ  С୥ђቺ‫ݚ‬Ᏹཽቺ‫׭ݚ‬೛ᇅᄃ 'XULQJ1RYHPEHUWR7$)DWWHQGHGWKHVXPPLW
ᡜࡊᇰᜍା৬ཽȄ PHHWLQJRIFKURPDWRJUDSK\DQGVHSDUDWLRQWHFKQRORJ\
DQGODERUDWRU\DFFUHGLWDWLRQ

‡ Ϝ๽Җ୾੒ຳ޲Нఁஆߝཽ ‡ &RQVXPHUV
)RXQGDWLRQ&KLQHVH7DLSHL

 У  Сࡷ೥੒ஆཽȂӪ၏ཽࣻᜱ΢সᇴ݃Ґ 2Q-XO\7$)YLVLWHGWKH&RQVXPHUV
)RXQGDWLRQWR
LQWURGXFHWKH7$)PDQDJHPHQWLQDFFUHGLWHGODERUDWRU\
ཽᄈᇰѠᄃᡜࡊᆔ౪‫ޠ‬ҴൠȂ‫ߓٯ‬ႁӬձཏ᜺Ȅ
DQGH[SUHVVHGZLOOLQJQHVVWRFRRSHUDWH

‡ ѯᢋࣹρФ‫׭‬৲ϵཽ ‡ 7DLZDQ3URIHVVLRQDO&LYLO(QJLQHHUV$VVRFLDWLRQ
 У  Сࡷ೥ѯᢋࣹρФ‫׭‬৲ϵཽ౪‫ݔߞٲ‬Ҙ၊ 2Q$XJXVW7$)YLVLWHG&KDLUPDQ<RQJ<X/LQRI
7DLZDQ3URIHVVLRQDO&LYLO(QJLQHHUV$VVRFLDWLRQDQG
ᇅ၏ཽࣻᜱ΢সȂྜྷ೾ρФስ஀೤ጓ࢝ᄻ።ᐍ‫ٲ‬
UHODWHGSHUVRQVDWWKHDVVRFLDWLRQWRFRPPXQLFDWH
ۤȄԫࡷ೥ࣁ୞ൣᏳȂёၸܼѯᢋࣹρФ‫׭‬৲ϵ LVVXHVUHJDUGLQJWKHVWUXFWXUDODGMXVWPHQWLQWKH¿HOG
ཽ  У  Сึ՘ϟಒ  ෉‫׭‬৲ൣȄ RIFLYLOHQJLQHHULQJUHJXODWLRQV7KHYLVLWLQJDFWLYLW\ZDV
UHSRUWHGDQGSXEOLVKHGRQWKHHGLWLRQRISURIHVVLRQDO
HQJLQHHUQHZVRQ6HSWHPEHUE\7DLZDQ3URIHVVLRQDO
&LYLO(QJLQHHUV$VVRFLDWLRQ

‡ Ϝ๽᎝८ϏโᏱཽ ‡ &KLQHVH6RFLHW\RI3DYHPHQW(QJLQHHULQJ
 У  Сᇅ  С‫ڟ‬ᒳϜ๽᎝८ϏโᏱཽܼഈҧ 2QDQG2FWREHU7$)DVVLVWHG&KLQHVH6RFLHW\RI
τᏱᖟ՘‫ޠ‬ȶಒ  ۪᎝८ϏโᏱ೛ःଇཽᄳ 3DYHPHQW(QJLQHHULQJLQKROGLQJWKHɆWK$FDGHPLF
6HPLQDUIRU3DYHPHQW(QJLQHHULQJDQGWKH
 ୾ርᇅ‫ۭڎ‬᎝८஠ঢ়ା৬ཽឋȷȄ
,QWHUQDWLRQDODQG&URVV6WUDLWV3DYHPHQW(QJLQHHULQJ
6XPPLW0HHWLQJɇLQ)HQJ&KLD8QLYHUVLW\

‡ Ϝ๽Җ୾ᠧᜌऌᏱᏱཽ ‡ 7DLZDQ$FDGHP\RI)RUHQVLF6FLHQFHV
‫ڦ‬ூϜ๽Җ୾ᠧᜌऌᏱᏱཽӤཏȂᇅҐཽӔӤᖓ 7$)REWDLQHGWKHSHUPLVVLRQIURP7DLZDQ$FDGHP\
ӫॐۢȶᒒጣᠧۢ '1$ ᄃᡜࡊᇰᜍ‫׭‬೛೤ጓȷȂ RI)RUHQVLF6FLHQFHVWRHVWDEOLVKWKHɆ7HFKQLFDO
5HJXODWLRQIRUWKH$FFUHGLWDWLRQRI%ORRG5HODWLRQVKLS
ձ࣐၏᜹ᄃᡜࡊ‫ޠ‬ᇰᜍ्ؒȂܼ  У  Сᒳ
'1$,GHQWL¿FDWLRQ/DERUDWRU\ɇXQGHUWKHQDPHRI
౪ᇴཽ݃Ȃ௱ኅᄃᡜࡊᇰᜍȄ ERWKRUJDQL]DWLRQVIRUWKHQHHGVRIDFFUHGLWLQJVXFK
ODERUDWRULHV2Q2FWREHUDQLQWURGXFWLRQPHHWLQJ
ZDVKHOGWRSURPRWHWKHDFFUHGLWDWLRQRIWKHODERUDWRU\

‡ ѯᢋᚃ‫ٲ‬ᔯᡜᏱཽ ‡ 7DLZDQ6RFLHW\RI/DERUDWRU\0HGLFLQH

7$) ᇅѯᢋᚃ‫ٲ‬ᔯᡜᏱཽ᛬ဎӬձറ‫נ‬ᓄࡤȂᖟ $IWHU7$)DQG7DLZDQ6RFLHW\RI/DERUDWRU\0HGLFLQH


VLJQHGWKHPHPRUDQGXPRIXQGHUVWDQGLQJ 0R8 WKH
՘ಒΚԪӬձࣁ୞ȄҐཽᙥҦѯᢋᚃ‫ٲ‬ᔯᡜᏱཽ
¿UVWFRRSHUDWLRQDFWLYLW\ZDVKHOGWKURXJKWKHRSSRUWXQLW\
ԒཽϟᐡཽȂܼ  У  Վ  С୆ѯτᚃଲ୾ር RIWKH7DLZDQ6RFLHW\RI/DERUDWRU\0HGLFLQHDQQXDO
ཽឋϜЗȂӔӤᒳ౪࣐෉‫ڎ‬Љ‫ࣁޠ‬୞Ȃяৱ΢኶ FRQIHUHQFHWRMRLQWO\KROGDWZRGD\DFWLYLW\IURPWR
࣐  ՞Ȅ7$) ܼ  У  С ί ЀȂ п ᒳ ౪ȶ ᚃ 1RYHPEHUDWWKH,QWHUQDWLRQDO&RQIHUHQFH&HQWHURI
1DWLRQDO7DLZDQ8QLYHUVLW\+RVSLWDOZLWKDWWHQGDQWV
Ᏹᄃᡜࡊᇰᜍึ৥ᇅ৥గ፤ᏬȷРԓȂ௥ଇᚃᏱ
,QWKHDIWHUQRRQRI1RYHPEHU7$)KHOGLQWKHIRUPRI
ስ஀ᇰᜍึ৥  ԒࡤȂίΚ໧ࢳ஡՘ϟևΩР Ɇ0HGLFDO/DERUDWRU\$FFUHGLWDWLRQ'HYHORSPHQWDQG
Ӫ‫ܗ‬዗Ӷୱᚡ௥ଇȄ 3URVSHFW)RUXPɇWRH[SORUHWKHGLUHFWLRQRIGHGLFDWLRQ
DQGSRWHQWLDOSUREOHPLQWKHQH[WVWHSDIWHU\HDUVRI
GHYHORSPHQWLQDFFUHGLWDWLRQLQWKH¿HOGRIPHGLFLQH


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

௱ኅࣁ୞ 3URPRWLRQDO$FWLYLWLHV
7$) ഇ ႇ ᆪ ય KWWSZZZWDIWZRUJWZȂ ණ ‫ ٽ‬ᇰ 7KURXJKRXUZHEVLWHKWWSZZZWDIWZRUJWZ7$)KDV
ᜍ२्ଊਁȃࣁ୞ϵ֚ȃᇰᜍཿଡ଼Ϯಞᇅࣻᜱ೤ SURYLGHGLPSRUWDQWLQIRUPDWLRQUHJDUGLQJDFFUHGLWDWLRQ
DFWLYLW\DQQRXQFHPHQWVDFFUHGLWDWLRQEXVLQHVVHV
ጓНӈၦଊȂ‫ٯ‬ᇅዀྦᔯᡜ‫୾׌‬ঢ়࠯ಓӬ‫ܓ‬ຠᠧ
LQWURGXFWLRQDQGUHOHYDQWLQIRUPDWLRQRUQRUPDWLYH
‫ޤ‬ᜌ݉ଡ଼ᆪય KWWSZZZFDRUJWZ ഀ๗Ȃණ‫ٽ‬ GRFXPHQWV7$)DOVROLQNHGRXUZHEVLWHZLWKQDWLRQDO
өࣩӼ२ᕤ၍ಓӬ‫ܓ‬ຠᠧІ୾ϲѵᇰᜍಣᙒၦଊ FRPSOLDQFHDVVHVVPHQWNQRZOHGJHVHUYLFHZHEVLWH
‫ޠ‬ᆔၿȄη๗Ӭ৵ፚཽȃ፤НึߓཽȃႶึഞ‫ݗ‬ KWWSZZZFDRUJWZRIWKH%XUHDXRI6WDQGDUGV
0HWURORJ\DQG,QVSHFWLRQWRSURYLGHPXOWLSOHFKDQQHOV
ᇅఁ‫ي‬ଌጜ‫ٿ‬௱ኅᇰᜍȄ Ԓࣻᜱࣁ୞ԄίȈ
IRUDOO¿HOGVWRXQGHUVWDQGFRPSOLDQFHDVVHVVPHQWDQG
GRPHVWLFDQGRYHUVHDVDFFUHGLWDWLRQRUJDQL]DWLRQVɅ
,/$&05$ ᄃᡜࡊಣӬዀଅഞ‫ݗ‬
LQIRUPDWLRQ7$)DOVRLQFRUSRUDWHRFFDVLRQVVXFKDV
VHPLQDUVSDSHUSXEOLVKLQJFRQIHUHQFHPDUNDZDUGLQJ
࣐ቩђᄃᡜࡊϟᇰᜍቌঅпІ௱ኅ 05$ ਞઊȂ
DQGHGXFDWLRQDOWUDLQLQJWRSURPRWHDFFUHGLWDWLRQ
ܼ  Ԓ ‫ ۼ‬କ ᇨ ձ ,/$&05$ ᄃ ᡜ ࡊ ಣ Ӭ ዀ 5HOHYDQWDFWLYLWLHVLQDUHDVIROORZV
ଅഞ‫ݗ‬Ȃα८‫ڔ‬ԥȶ୾ርᄃᡜࡊᇰᜍᖓ࿘ࣻϤ
‫ܜ‬ᇰ‫ڟ‬ឋᄃᡜࡊಣӬዀଅȷ ,/$&/DERUDWRU\ ,/$&/DERUDWRU\&RPELQHG05$0DUN3ODWH
&RPELQHG05$0DUN Ȃ ࢑ Ҧ ,/$&05$0DUN ,QRUGHUWRLQFUHDVHWKHYDOXHIRUODERUDWRU\DFFUHGLWDWLRQ
ᇅঐրᄃᡜࡊ஠឵ጢဵϟᇰᜍዀᇭಣӬՅԚȄစ DQGWRSURPRWH05$HIIHFWLYHQHVV7$)VWDUWHGWR
ႇΚԒӼп‫ޠٿ‬௱୞ІࡈᏳȂ೼໷ ,/$&05$ PDNHWKH,/$&/DERUDWRU\&RPELQHG05$0DUN
3ODWHDWWKHHQGRI,WLVZULWWHQRQWKHSODWH
ᄃᡜࡊಣӬዀଅഞ‫ݗ‬Ȃᓎ຀ᄃᡜࡊᇰᜍᜍਫΚ‫ڂ‬
DVɆ,QWHUQDWLRQDO/DERUDWRU\$FFUHGLWDWLRQ&RRSHUDWLRQ
ႶึȂ౐‫ڨ‬ᄃᡜࡊ‫ޠ‬Ԃຠᇅᢛ፭Ȃϛ༊࢑ᕖூ୾ 0XWXDO5HFRJQLWLRQ$UUDQJHPHQW/DERUDWRU\&RPELQHG
ርᇰᜍᖓ࿘ࣻϤ‫ܜ‬ᇰ‫ڟ‬ឋ᛬ဎ‫݃ޠ‬ᜍϟΚȂηԚ 0DUNɇ ,/$&/DERUDWRU\&RPELQHG05$0DUN ZKLFK
࣐‫ڟ‬ֆᄃᡜࡊ‫ܦ‬৥ᔯขཿଡ଼‫ޠ‬ഷ‫ٺ‬ւᏣȄ LVDPDUNIRUFRPELQHGDFFUHGLWDWLRQZLWKDXQLTXH
VHULDOQXPEHUIRUWKHLQGLYLGXDOODERUDWRU\IURPWKH
,/$&05$0DUN7KURXJKRQH\HDURISURPRWLRQDQG
SURSDJDWLRQWKH,/$&/DERUDWRU\&RPELQHG05$0DUN
WKDWKDVEHHQGHOLYHUHGWRJHWKHUZLWKWKHODERUDWRU\
DFFUHGLWDWLRQFHUWL¿FDWHKDVHDUQHGJRRGDSSUDLVDODQG
DGPLUDWLRQIURPODERUDWRULHV7KHPDUNQRWRQO\SURYHV
WKHSRVVHVVLRQRIVLJQLQJ,QWHUQDWLRQDO/DERUDWRU\
$FFUHGLWDWLRQ&RRSHUDWLRQ0XWXDO5HFRJQLWLRQ
$UUDQJHPHQWEXWDOVREHFRPHVDIDYRXUDEOHWRROWKDW
DVVLVWVODERUDWRULHVWRGHYHORSLQVSHFWLRQEXVLQHVVHV

6HPLQDUVIRUEXVLQHVVRSHUDWRUVLQWKH¿HOGRI
ਯҔስ஀စᕋ޲৵ፚཽ
FDOLEUDWLRQ
ŔŦŮŪůŢųŴġŧŰųġţŶŴŪůŦŴŴġŰűŦųŢŵŰųŴġŪůġŵũŦġŧŪŦŭťġŰŧġŤŢŭŪţųŢŵŪŰů
2Q0DUFK7$)LQYLWHGUHSUHVHQWDWLYHVIURP
ਯҔስ஀စᕋ޲৵ፚཽ ODERUDWRU\RSHUDWLRQLQWKH¿HOGRIFDOLEUDWLRQEXVLQHVV
WRVKDUHSUHOLPLQDU\H[FKDQJHUHJDUGLQJWKHRYHUDOO
 У  СȂѣ໲  ঢ়ਯҔስ஀୧ཿ࠯ᄃᡜࡊစ HQYLURQPHQWDQGPXWXDOH[SHFWDWLRQV'XULQJWKH
ᕋхߓໍ՘৵ፚȂᄈᐍঐᕘძᇅࣻϤ෉గձߒؐ PHHWLQJ7$)GHOLQHDWHGWKHGLUHFWLRQDQGFRQVHQVXV
һࢻȂཽϜᄈਯҔስ஀‫ޠ‬௱ኅᇅᆔ౪๊፟ᚡȂϼ UHJDUGLQJWKHLVVXHVRISURPRWLRQDQGPDQDJHPHQWLQ
WKH¿HOGRIFDOLEUDWLRQZKLFKFDQEHEHQH¿FLDOWRSURPRWH
୛яРӪα‫ޠ‬ӔᜌȂᄈߵໍᇰѠਯҔᄃᡜࡊȃ‫ٻ‬
WKHDFFUHGLWDWLRQRIFDOLEUDWLRQODERUDWRULHVWRFXVWRPHUV
ңਯҔൣ֚ϟ៬ࡋІҐཽਯҔስ஀ϟήទȂ஡ԥ ZKRXVHFDOLEUDWLRQUHSRUWVDQGWR7$)LQWKHWKUHHZLQV
‫ܛ‬ֆઊȄ VLWXDWLRQLQWKH¿HOGRIFDOLEUDWLRQ


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

୾ርᇰᜍСኋણࣁ୞ &HOHEUDWLRQDFWLYLWLHVRQ,QWHUQDWLRQDO
$FFUHGLWDWLRQ'D\
࣐ ៫ ᔗ ୾ ር ᇰ ᜍ ፤ ᏬȞ,$)ȟ І ୾ ር ᄃ ᡜ ࡊ ᇰ
ᜍ ᖓ ࿘Ȟ,/$&ȟ ‫ ึ ܛ‬କ  Ԓ  У  С ࣐ ಒ ,QUHVSRQVHWRWKH6HFRQG,QWHUQDWLRQDO$FFUHGLWDWLRQ
'D\IRU-XQHRISURSRVHGE\,QWHUQDWLRQDO
Ρ ۪ ୾ ር ᇰ ᜍ СȞ,QWHUQDWLRQDO$FFUHGLWDWLRQ
$FFUHGLWDWLRQ)RUXP ,$) DQG,QWHUQDWLRQDO/DERUDWRU\
'D\ȟȂ ପ Ӭȶ ૗ Ω ȷ ϟ л ᚡȂ Ս  У  С Վ $FFUHGLWDWLRQ&RRSHUDWLRQ ,/$& 7$)KDVPDWFKHG
 СȂᆡЗԋ௷Κ‫ق‬ӗࣁ୞Ȃ෉గпӼϰϤ୞ȃ ZLWKWKHVXEMHFWRIɆ&RPSHWHQFHɇWRDUUDQJHDVHULHV
စᡜϸ‫ޠٵ‬РԓȂЖᏳөࣩᕤ၍ᇰᜍȃМࡼᇰ RIDFWLYLWLHVIURP-XQHWRZLWKWKHKRSHWROHDGDOO
ᜍȃၽңᇰᜍȂႁ‫ژ‬ȶΚ೏ᜍ݃Ȃӓ౩೾՘ȷ‫ޠ‬ ¿HOGVWRXQGHUVWDQGDFFUHGLWDWLRQVXSSRUWDFFUHGLWDWLRQ
ಥ྄ҭዀȄࣻᜱࣁ୞ᄣख़ԄίȈ XWLOL]HDFFUHGLWDWLRQWKURXJKGLYHUVL¿HGLQWHUDFWLRQDQG
H[SHULHQFHVKDULQJWRDFKLHYHWKH¿QDOJRDORIɆ7HVWHG
&HUWL¿HG2QH$FFHSWHG(YHU\ZKHUHɇ7KHUHOHYDQW
DFWLYLWLHVDUHEULHÀ\LQWURGXFHGDVIROORZV

‡ $FFUHGLWDWLRQ&RPSHWHQFHIRUXPDQGHFRQRPLF
‡ ᇰᡜᜍ૗Ωᇅစᔽึ৥፤Ꮼ
GHYHORSPHQWIRUXP
ҐԪ፤ᏬҦዀྦᔯᡜ‫׌‬ȃ໕ขϜЗІѯᢋႬφᔯ 7KHIRUXPZDVKHOGWRJHWKHUZLWK%XUHDXRI6WDQGDUGV
ᡜϜЗӔӤᖟᒳȂܼ  У  СӶዀྦᔯᡜ‫׌‬ಒ 0HWURORJ\DQG,QVSHFWLRQWKH&HQWHUIRU0HDVXUHPHQW
Ρཽឋࡊᖟ՘Ȃл्௥ଇପӬ࢈‫ۻ‬௱৥ᇰᜍᡜᜍ 6WDQGDUGVDQGWKH(OHFWURQLFV7HVWLQJ&HQWHU7DLZDQ
‫࡚ښ‬ίȂ‫୾ש‬ᇰѠᡜᜍᐡᄻᇅᄃᡜࡊ૗Ωึ৥౫ DWWKHVHFRQGPHHWLQJURRPRIWKH%XUHDXRI6WDQGDUGV
0HWURORJ\DQG,QVSHFWLRQRQ-XQH7KHIRUXPPDLQO\
‫ݸ‬ȂІึ৥୧ࠣᇰᡜᜍ૗Ωᄈѵ᎜౱ཿϟਞઊȂ
H[SORUHGWKHVWDWXVRIGHYHORSLQJWKHFRPSHWHQFH
пᇰᜍ݉ଡ଼‫ڟ‬ֆॏ໕ዀྦᇅ୾ር௦क़Ȅᇅཽ޲ԥ
IRUDSSURYDORIFHUWL¿FDWLRQERGLHVDQGODERUDWRULHV
ዀྦᔯᡜ‫׌‬ȃ୾ຸ‫׌‬ȃႬႬϵཽȃ੒ஆཽȃज୧ LQRXUFRXQWU\XQGHUWKHJRYHUQPHQWDOSURPRWLRQ
ᓻΩԋӓᇰᜍϵѨѯᢋϸϵѨȃ໕ขϜЗȃѯᢋ RIDFFUHGLWDWLRQDQGFHUWL¿FDWLRQV\VWHPVDQGWKH
ႬφᔯᡜϜЗІҐ๊ཽ൑՞‫  ޠ‬ӫхߓȄ HIIHFWLYHQHVVRIGHYHORSLQJPHUFKDQGLVHDFFUHGLWDWLRQ
DQGFHUWL¿FDWLRQSUR¿FLHQF\IRUH[SRUWLQJLQGXVWULHV
DVZHOODVWKHDVVLVWDQFHIRUPHDVXUHPHQWVWDQGDUGV
DQGFRQQHFWLRQZLWKLQWHUQDWLRQDOWUDFNVWKURXJK
DFFUHGLWDWLRQVHUYLFHV3DUWLFLSDQWVLQWKHIRUXPLQFOXGHG
UHSUHVHQWDWLYHVIURPWKH%XUHDXRI6WDQGDUGV
0HWURORJ\DQG,QVSHFWLRQWKH%XUHDXRI)RUHLJQ
7UDGH7DLZDQ(OHFWULFDODQG(OHFWURQLF0DQXIDFWXUHUV
$VVRFLDWLRQ&RQVXPHUV
)RXQGDWLRQWKH$PHULFDQ
8/,QWHUQDWLRQDO//&7DLZDQ%UDQFKWKH&HQWHUIRU
0HDVXUHPHQW6WDQGDUGVDQGWKH(OHFWURQLFV7HVWLQJ
&HQWHU7DLZDQDQG7$)


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

‡ ૗ྜਞ౦౱ࠣᇰᜍᡜᜍ‫࡚ښ‬ϟѠ՘‫ܓ‬ຠզ ‡ 7KHPHHWLQJIRULQWURGXFLQJWKHIHDVLELOLW\
ᇴཽ݃ HYDOXDWLRQIRUHQHUJ\HI¿FLHQF\SURGXFWV
DFFUHGLWDWLRQDQGFHUWL¿FDWLRQV\VWHPV
 У  Спȶ૗ྜਞ౦౱ࠣȷᇰᡜᜍ‫࣐࡚ښ‬лᚡȂ
7KHPHHWLQJZDVKHOGRQ-XQHXQGHUWKHVXEMHFW
‫ٯ‬੬րϮಞө୾࿾૗ਞ౦ᇰᡜᜍ‫࡚ښ‬ϟ௱୞Іึ
RIɆ(QHUJ\(I¿FLHQF\3URGXFWVɇDFFUHGLWDWLRQDQG
৥Ȃп୉࣐୾ϲ࡛ҴಓӬ୾ር्ؒᇰᡜᜍ‫࡚ښ‬ϟ
FHUWL¿FDWLRQV\VWHPVWRSDUWLFXODUO\LQWURGXFHWKH
୥ՄȄҐԪᇅཽ΢সଷཿࣩȃᡜᜍᐡᄻ๊Ӓໍ SURPRWLRQDQGGHYHORSPHQWRIHQHUJ\HI¿FLHQF\
ѵȂ୾ϲࣻᜱлᆔᐡᜱᇅः‫ف‬ᐡᄻҼ୥ᇅࡿᏳȂ DFFUHGLWDWLRQLQHDFKFRXQWU\IRUUHIHUHQFHUHJDUGLQJWKH
ණяः‫࡛ف‬ឋȂႁԚӼᜟྜྷ೾Іϸ‫׭ٵ‬೛‫ޠ‬ਞ HVWDEOLVKPHQWRIGRPHVWLFDFFUHGLWDWLRQDQGFHUWL¿FDWLRQ
ઊȂ‫ٯ‬ӔӤ෉೩୾ϲȂп਴౐Рԓ࡛Ҵ୾ϲ࿾૗ V\VWHPVLQFRPSOLDQFHZLWKLQWHUQDWLRQDOUHTXLUHPHQWV
,QDGGLWLRQWRSDUWLFLSDQWVIURPWKHLQGXVWU\DQG
෶ᆈᇰᡜᜍ౱ཿϟୋӓҀൠȄяৱ΢኶ႁ  ΢Ȅ
FHUWL¿FDWLRQERGLHVUHOHYDQWGRPHVWLFJRYHUQPHQWDO
DXWKRULWLHVDQGUHVHDUFKRUJDQL]DWLRQVDOVRSDUWLFLSDWHG
LQWKHPHHWLQJWRSURYLGHJXLGDQFHDQGWRSURSRVH
UHVHDUFKVXJJHVWLRQ0XOWLODWHUDOFRPPXQLFDWLRQDQG
VKDULQJRIWHFKQLFDOHIIHFWLYHQHVVZHUHDFKLHYHGLQWKH
‡  Ԓ୾ርᇰᜍСȶᇰᜍ  ૗Ω‫ۢ޼ޠ‬ȷ PHHWLQJ,WZDVDFRPPRQZLVKIURPDOOSDUWLFLSDQWVWKDW
ःଇཽ DKHDOWK\PDUNHWRIGRPHVWLFHQHUJ\VDYLQJDQGFDUERQ
UHGXFWLRQDFFUHGLWDWLRQDQGFHUWL¿FDWLRQLQGXVWU\FDQEH
 У  С୆ѯτᚃଲ୾ርཽឋϜЗᖟᒳҐःଇཽ HVWDEOLVKHGE\GHHSURRW$WRWDORISHUVRQVDWWHQGHG
Ȃ‫ٲ‬ӒၛᕖூᇰᜍਞઊԚѓ፤НӔ  ጖Ȅ࿌ WKHPHHWLQJ
Сࣁ୞ϸή൑ϰໍ՘  ಒΚ൑ϰᗝ፝  ঢ়ᇰѠᄃ
‡ ,QWHUQDWLRQDO$FFUHGLWDWLRQ'D\
ᡜࡊпȶ഻ആᇰᜍቌঅ ± ᇰѠᄃᡜࡊԚѓစᡜϸ
$FFUHGLWDWLRQ  $I¿UPDWLRQRI&RPSHWHQFH
‫ٵ‬ȷໍ՘ൣ֚ȇಒΡ൑ϰȶᜱᗥ஠ཿ‫ޠ‬ᇰᜍ΢Ω VHPLQDU
ၦྜ ± Ԛߞᇅᐤጜϸ‫ٵ‬ȷȂҦхߓ 7$) ΢সȃ
7KHVHPLQDUZDVKHOGRQ-XQHDWWKH,QWHUQDWLRQDO
ຠቸসᇅᄃᡜࡊлᆔໍ՘ൣ֚ȇಒή൑ϰȶ៬ࡋ
&RQIHUHQFH&HQWHURI1DWLRQDO7DLZDQ8QLYHUVLW\
ᇰӤϟ୾ርᇰᜍࠣท ± ‫ٻ‬ң޲စᡜϸ‫ٵ‬ȷȂҦ
+RVSLWDO$WRWDORISDSHUVUHJDUGLQJVXFFHVVIXO
ϜѶᇅӵР࢈‫ۻ‬хߓ‫ڸ‬Ӎཿхߓໍ՘ൣ֚Ȃᖃॏ DFFUHGLWDWLRQHIIHFWLYHQHVVZHUHREWDLQHGLQDGYDQFH
 ΢ᇅཽȄ IRUWKHVHPLQDU7KHDFWLYLW\ZDVFRQGXFWHGRQWKDW
GD\E\VHVVLRQVWKH¿UVWVHVVLRQLQYLWHGDFFUHGLWHG
ODERUDWRULHVWRSUHVHQWUHSRUWVIRUWKHWRSLFɆ&UHDWLQJ
DFFUHGLWDWLRQYDOXH±VXFFHVVIXOH[SHULHQFHVKDULQJ
ZLWKDFFUHGLWHGODERUDWRULHVɇWKHVHFRQGVHVVLRQ
Ɇ&UXFLDOSURIHVVLRQDODFFUHGLWDWLRQKXPDQUHVRXUFHV
±VKDULQJRIJURZWKDQGH[SHULHQFHɇZDVSUHVHQWHG
E\7$)UHSUHVHQWDWLYHVDVVHVVRUVDQGODERUDWRU\
DGPLQLVWUDWRUVWKHWKLUGVHVVLRQɆ,QWHUQDWLRQDO
DFFUHGLWDWLRQEUDQGQDPHUHFRJQLVHGE\FXVWRPHUV
±H[SHULHQFHVKDULQJE\XVHUVɇZDVSUHVHQWHGE\
WKHFHQWUDODQGORFDOJRYHUQPHQWUHSUHVHQWDWLYHVDQG
HQWHUSULVHUHSUHVHQWDWLYHV$WRWDORISHUVRQV
୾ርᇰᜍСȶᇰᜍ Į ૗Ω‫ۢ޼ޠ‬ȷःଇཽ SDUWLFLSDWHGLQWKHVHPLQDU
ŊůŵŦųůŢŵŪŰůŢŭġłŤŤųŦťŪŵŢŵŪŰůġŅŢźɆłŤŤųŦťŪŵŢŵŪŰůȗłŧŧŪųŮŢŵŪŰůġ
ŰŧġńŰŮűŦŵŦůŤŦɇŴŦŮŪůŢų


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

‡ ‫୾ש‬ᕘߴဎᇅज୾ᕘߴဎᓻًᄃᡜࡊᐈձ ‡ 7KHPHHWLQJIRULQWURGXFLQJWKH*RRG
*/3 ӬձР਱ᇴཽ݃ /DERUDWRU\3UDFWLFH */3 FRRSHUDWLRQVFKHPH
EHWZHHQRXU(3$DQG86(3$
 У  СഇႇҐԪ௱ኅࣁ୞Ȃഷτ‫ޠ‬ਞઊӶܼ
7KURXJKWKLVSURPRWLRQDODFWLYLW\KHOGRQ-XQH
जР᠍ೱ൑՞хߓпІ‫୾ש‬ᄃᡜࡊхߓѠ‫ޣ‬௦८
WKHJUHDWHVWHIIHFWLYHQHVVLVWKDWUHSUHVHQWDWLYHVRI
ᄈ८ዑఽᄈजР */3 ࢦਰ‫ݳܗ‬೤‫ޠ‬ᅹୱȂйᕘ
WKH$PHULFDQUHVSRQVLEOHXQLWVDQGRXUODERUDWRULHV
ߴဎхߓ‫ޣ‬௦ᇅजРхߓ୧ፚȂԥւܼࡼ៊ᒳ౪ FDQFODULI\GLUHFWO\IDFHWRIDFHUHJDUGLQJ*/3
௱୞Ϝज */3 ࣻৡ‫ܓ‬᛬ဎ‫ࣻޠ‬ᜱ‫ۤٲ‬Ȅᖃॏԥ DXGLWLQJRUTXHVWLRQLQUHJXODWLRQV%HVLGHVRXU(3$
 ঐᐡᄻȃ ΢ᇅཽȄ UHSUHVHQWDWLYHVFDQQHJRWLDWHGLUHFWO\ZLWK$PHULFDQ
UHSUHVHQWDWLYHVZKLFKLVIDYRXUDEOHIRUWKHFRQWLQXDWLRQ
RISURPRWLQJUHOHYDQWLVVXHVLQVLJQLQJ7DLZDQDQG86$
*/3FRPSDWLELOLW\$WRWDORISHUVRQVIURPERGLHV
DWWHQGHGWKHPHHWLQJ

᝱დ  Ԓᄃᡜࡊᇰᜍ  ໋Ԓ‫ࣁޠ‬୞ɯ 3ODQQLQJIRUWKHWKDQQLYHUVDU\RIODERUDWRU\


ኊؒࣁ୞ዀᇮ DFFUHGLWDWLRQDFWLYLWLHVLQ±VROLFLWDWLRQIRU
DFWLYLW\VORJDQ
Ґཽ॓ೱ‫ޠ‬ᄃᡜࡊᇰᜍཿଡ଼Ȃ֊஡ܼ  Ԓ۪
7$)ZLOOKDYHEHHQLQFKDUJHRIODERUDWRU\DFFUHGLWDWLRQ
ᅗ  ໋ԒȂ7$) ஡ܼ  Ԓᒳ౪‫ق‬ӗࣁ୞Ȃ
EXVLQHVVIRU\HDUVLQDQGZLOOKROGDVHULHV
пኋણ‫୾ש‬ᇰᜍࣁ୞֊஡፾ΤԚԒ໧ࢳȂ‫෉ٯ‬
RILWVWKDQQLYHUVDU\DFWLYLWLHVWRFHOHEUDWHIRU
ࡠ૗ԥ‫؂‬ኅτ‫ޠ‬ਞઊᇅึ৥Ȅ Ԓ  У  RXUFRXQWU\
VVWHSSLQJLQWRWKHJURZQXSVWDJHRI
Сϵ໡ኊؒȶᄃᡜࡊᇰᜍ  ໋Ԓȷࣁ୞ዀᇮ DFFUHGLWDWLRQ2Q2FWREHU7$)RSHQHGSXEOLF
6ORJDQ ȂՎ  У  СԞӈᄡЦСȂӔԥ  VROLFLWDWLRQIRU7KHWK$QQLYHUVDU\RI/DERUDWRU\
጖‫׺‬ጉȂစҐཽ‫׺‬ಊ‫؛‬ឋᒶяࠊήӫȂ‫࣐זٸ‬Ȉ $FFUHGLWDWLRQVORJDQ$VRI1RYHPEHU7$)KDV
UHFHLYHGDWRWDORISURSRVDOV7KHWRSVHOHFWLRQV
ု኉‫ע‬ӒҢȃఘ‫ࠎ܇‬ӒҢᇅᄒ៸៸ϊ‫ە‬Ȅ
KDYHEHHQGHWHUPLQHGWKURXJKYRWLQJDQGDUHUDQNHGLQ
ȶ ᄃ ᡜ ࡊ ᇰ ᜍ  ໋ Ԓ ȷ ࣁ ୞ ዀ ᇮ 6ORJDQ ࣐ WKHRUGHURI0U7H&KLK7XQJ0U&KXQJ<XQJ/LDQJ
DQG0LVV<LQJ<LQJ/LDR
Ɇ஁ࡼӤЗ஠ཿӓ౩Ȃᄃᡜࡊᇰᜍձჲ ɇȂ
Ԅίშ‫ܛ‬ұȂԫዀᇮ஡ኅ‫ހ‬ңܼ  Ԓ‫ܛ‬ԥࣁ 7KHWK$QQLYHUVDU\RI/DERUDWRU\$FFUHGLWDWLRQ
୞Ȅ DFWLYLW\VORJDQLV3HUVLVWLQJRQHPLQGRQH[SHUWLVH
JOREDOO\WRJHWKHUZHSDUWQHUHGIRU\HDUVLQ
ODERUDWRU\DFFUHGLWDWLRQDVVKRZQLQWKHIROORZLQJ
JUDSK7KHVORJDQZLOOEHZLGHO\XVHGLQDOODFWLYLWLHV
WKURXJKRXW


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

 Ԓᆔ౪‫ق‬ಜᇅ౱ࠣᇰᡜᜍ፤Нึߓཽ 7KH0DQDJHPHQW6\VWHPDQG3URGXFWV


$FFUHGLWDWLRQDQG&HUWL¿FDWLRQ3DSHUV3XEOLFDWLRQ
࣐ႁ‫୾ໍߵژ‬ϲᡜᜍᇅᇰᜍ‫࡚ښ‬ϟึ৥Ȃ࡛Ҵө &RQIHUHQFH
ࣩᄈᡜᜍᇅᇰᜍ‫࡚ښ‬ϟ߭ᒧᇅ߭ЗȂ‫ٯ‬ቩ஽‫ٻ‬ң
,QRUGHUWRDFKLHYHIDFLOLWDWLQJWKHGHYHORSPHQWRI
޲‫ܗ‬ւড়ࣻᜱ޲ϟା࡚߭ᒧȂܼ  У  Сᒳ
GRPHVWLFFHUWL¿FDWLRQDQGDFFUHGLWDWLRQV\VWHPVDQG
౪፤НึߓཽȄҐԪࣁ୞пᆔ౪‫ق‬ಜᇅ౱ࠣᡜᜍ
HVWDEOLVKLQJWKHUHOLDQFHDQGFRQ¿GHQFHLQFHUWL¿FDWLRQ
࣐лᚡȂᖃॏึߓ  ጖፤НȂ֥  ጖౫ൠึ DQGDFFUHGLWDWLRQV\VWHPDPRQJDOODUHDVDVZHOODV
ߓІ ጖ਫ८‫ם‬ԓȄ፤Нึߓϸ࣐ᇰᡜᜍਞઊȃ VWUHQJWKHQLQJWKHKLJKUHOLDQFHIRUXVHUVRULQWHUHVWHG
ॶࠣԋӓȃᇰᡜᜍึ৥ȃႬ‫ܓ‬౱ࠣᡜᜍȃϾ‫ܓ‬౱ SDUWLHVDSDSHUSXEOLFDWLRQFRQIHUHQFHZDVKHOGRQ
ࠣᡜᜍᇅࠣ፵ᆔ౪ၽң๊ϳ໷ಣրȄ፤Нၦਠණ 1RYHPEHU7KHDFWLYLW\DGRSWHGPDQDJHPHQW
V\VWHPDQGSURGXFWVFHUWL¿FDWLRQDVLWVVXEMHFWVDQGKDG
‫୾ٽ‬ϲѵᇰᡜᜍึ৥‫ޠ‬ഷུၦଊȂпᅗ٘୾ϲᇰ
SDSHUVSXEOLVKHGLQFOXGLQJWKHSUHVHQWDWLRQVRI
ᡜᜍᡞ‫ق‬ө౱ཿϟሰؒȂᙥԫࡈᏳ‫୾ש‬२ຝᇰᡜ
SDSHUVLQWKHFRQIHUHQFHDQGSDSHUVLQZULWWHQIRUP
ᜍᡞ‫ښ‬ϟᆡઢȂ‫ٯ‬௱ኅ୾ϲᇰᡜᜍᢏ‫܉‬Ȅࣁ୞୥ 7KHSDSHUSUHVHQWDWLRQVZHUHGLYLGHGLQWRJURXSVDV
ђ΢সႁ  ΢Ȅᇅཽ΢সनෂ‫ྜٿ‬ኅ‫ހ‬Ȃ௄ DFFUHGLWDWLRQHIIHFWLYHQHVVIRRGVDIHW\DFFUHGLWDWLRQ
࢈‫ۻ‬ᐡᜱȃᡜᜍᐡᄻȃҖ໣ኆ୧Վঐ΢Ȃႁ‫ژ‬ӓ DQGFHUWL¿FDWLRQGHYHORSPHQWHOHFWULFDOSURGXFWV
Җ୥ᇅϟҭ‫ޠ‬ȂЇᔗΫϸًԂȄҐԪࣁ୞ѫΚ੬ FHUWL¿FDWLRQFKHPLFDOSURGXFWVFHUWL¿FDWLRQDQGTXDOLW\
Ք࣐ॷԪණ‫ٽ‬ᡜᜍᐡᄻ౫ൠ৥៕‫ޠ‬ൠӵȂӔԥή PDQDJHPHQWXWLOL]DWLRQ7KHLQIRUPDWLRQFRYHUHGLQ
WKHSDSHUVKDGSURYLGHGWKHODWHVWLQIRUPDWLRQIRU
ঢ়ᡜᜍᐡᄻӶึߓཽཽൠѵӤਣໍ՘ᡜᜍࡈ༉ᇅ
GRPHVWLFDQGRYHUVHDVDFFUHGLWDWLRQGHYHORSPHQW
৥៕Ȃႁ‫ژ‬ᇰᡜᜍ௱ኅࣻህࣻԚ‫ޠ‬ਞ‫ݏ‬Ȅ
WRVDWLVI\WKHQHHGVIRUHDFKLQGXVWU\LQGRPHVWLF
DFFUHGLWDWLRQV\VWHPZKLFKKHOSHGWRSURPRWHWKHVSLULW
RIRXUFRXQWU\LQSD\LQJKLJKUHJDUGVWRDFFUHGLWDWLRQ
DQGFHUWL¿FDWLRQV\VWHPVDQGWRSURPRWHGRPHVWLF
FRQFHSWLQDFFUHGLWDWLRQDQGFHUWL¿FDWLRQ7KHQXPEHU
RISDUWLFLSDQWVLQWKLVDFWLYLW\UHDFKHGSHUVRQVZKR
FDPHIURPDZLGHUDQJHIURPJRYHUQPHQWDXWKRULWLHV
FHUWL¿FDWLRQERGLHVSULYDWHLQGXVWULHVDQGLQGLYLGXDOV
7KHDFWLYLW\KDVDFKLHYHGWKHSXUSRVHRISDUWLFLSDWLRQ
E\DOOSHRSOHDQGUHFHLYHGYHU\JRRGUHVSRQVHV
$QRWKHUVSHFLDOIHDWXUHLQWKLVDFWLYLW\ZDVWKHSURYLVLRQ
RIH[KLELWLRQERRWKVIRUFHUWL¿FDWLRQERGLHV$WRWDORI
FHUWL¿FDWLRQERGLHVFRQGXFWHGFHUWL¿FDWLRQSURPRWLRQ
DQGH[KLELWLRQRXWVLGHWKHSDSHUSXEOLFDWLRQFRQIHUHQFH
KDOOWRDFKLHYHWKHHIIHFWLYHQHVVRIPXWXDOSURPRWLRQRI
DFFUHGLWDWLRQDQGFHUWL¿FDWLRQ

ijııĺ Ԓᆔ౪‫ق‬ಜᇅ౱ࠣᇰᡜᜍ፤Нึߓཽ
ŕũŦġijııĺġŎŢůŢŨŦŮŦůŵġŔźŴŵŦŮġŢůťġőųŰťŶŤŵŴġłŤŤųŦťŪŵŢŵŪŰůġŢůťġ
ńŦųŵŪŧŪŤŢŵŪŰůġőŢűŦųŴġőŶţŭŪŤŢŵŪŰůġńŰůŧŦųŦůŤŦ


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

,62,(& ུዀྦϟः‫ف‬ᇅ௱୞ 7KHUHVHDUFKDQGSURPRWLRQIRU,62,(&


QHZVWDQGDUGV
Ҧܼ ,62,(& ഷಥ૪਱‫ޏ‬Ґ )',6 Ҕ೏
Ӷ࣐෉‫ڎ‬ঐУ‫׺ޠ‬ಊ໧ࢳȂႲॏܼ݃Ԓ  7KH)',6YHUVLRQRI,62,(&LVDWWKHPRQWK
YRWLQJVWDJHDQGLVH[SHFWHGWREHRI¿FLDOO\SXEOLFL]HG
Ԓߒۗ૗Ҕԓึ՘Ȅϟࡤ஡‫ڦ‬х ,62,(&*XLGH
LQHDUO\,WZLOOUHSODFHWKH,62,(&*XLGH
 ᇅ ,62,(&*XLGHȂ ࣐ ૗
DQG,62,(&*XLGHWREHFRPHWKH
Ωၑᡜஉ՘ᐡᄻϟ૗Ω्ؒᇅ೤ጓ૗Ωၑᡜॏฬ QHZVWDQGDUGIRUWKHUHTXLUHPHQWRIFRPSHWHQFHV
‫ึޠ‬৥ᇅၽձ‫ུޠ‬ዀྦȄ7$) ࣐ӱᔗ೼ӌུዀྦ IRUSUR¿FLHQF\WHVWLQJSURYLGHUVDQGWRUHJXODWHWKH
ϟᄃࢋȂܼ  У  Сᒳ౪ȶ૗Ωၑᡜ  ႈІӓ GHYHORSPHQWRISUR¿FLHQF\WHVWLQJSURJUDP,QUHVSRQVH
зࣩϟᄃᡜࡊᇅᇰᜍᐡᄻ‫ޠ‬Ϗ‫ڏ‬ȷःଇཽпІܼ WRWKHLPSOHPHQWDWLRQRIWKHVHQHZVWDQGDUGV7$)
 У  Վ  Сᒳ౪ȶ,62,(& ಓӬ‫ܓ‬ຠ KHOGDVHPLQDURQɆ3UR¿FLHQF\7HVWLQJ±$:RUOGZLGH
7RROIRU/DERUDWRULHVDQG$FFUHGLWDWLRQ%RGLHVɇRQ
ᠧ ± ૗ΩၑᡜΚૢ्ؒȷଌጜ፟โȂ੬ᗝ፝‫ښ‬ॐ
'HFHPEHUDQGWKHWUDLQLQJFRXUVHVIRUɆ,62
ԫུዀྦ‫ޠ‬Ϗձϊಣлৱ 0U'DQLHO7KROHQ ‫ٿ‬
,(&FRPSOLDQFHDVVHVVPHQW±WKHJHQHUDO
ѯᒒՍᗀ၍ᇴ݃ȂᐋӉःଇཽϟ஠ᚡᅌᗀлᗀ UHTXLUHPHQWVIRUSUR¿FLHQF\WHVWVɇIURP'HFHPEHU
΢Іଌጜ፟โᗀ৲Ȅᖃॏ୥ᇅःଇཽ΢኶࣐  WR7$)SDUWLFXODUO\LQYLWHG0U'DQLHO7KROHQWKH
՞ȃଌጜ፟โ΢኶࣐  ՞Ȅ &KDLUPDQRIWKHWDVNIRUFHWKDWHVWDEOLVKHGWKHVHQHZ
VWDQGDUGVWR7DLZDQDVWKHNH\QRWHVSHDNHULQWKH
VHPLQDUDQGWKHOHFWXUHUIRUWKHWUDLQLQJFRXUVHV$
WRWDORISHUVRQVSDUWLFLSDWHGLQWKHVHPLQDUDQG
SHUVRQVSDUWLFLSDWHGLQWKHWUDLQLQJFRXUVHV

)RUXPRQWKHDGRSWLRQRI7$)DFFUHGLWDWLRQE\
JRYHUQPHQWDODXWKRULWLHV

,QRUGHUWRXQGHUVWDQGWKHEHQH¿WVRIXVLQJ7$)
DFFUHGLWHGRUJDQLVDWLRQVE\JRYHUQPHQWDODXWKRULWLHV
ŊŔŐİŊņńġIJĸıĵĴ ଌጜੳᏱসӬྲ DQGKRZWRHQKDQFHWKHHIIHFWVIRUWKHXVH7$)
ŊŔŐİŊņńġIJĸıĵĴġŵųŢŪůŪůŨġŤŰŶųŴŦŴ KHOGDIRUXPRQWKHDGRSWLRQRI7$)DFFUHGLWDWLRQE\
JRYHUQPHQWDODXWKRULWLHVRQ'HFHPEHUWRFROOHFW
VXJJHVWLRQVIURPGLIIHUHQWSHUVSHFWLYHV$WRWDORI
᠍ೱᐡᜱၽң 7$) ᇰᜍ፤Ꮼ
VSHDNHUVIURPJRYHUQPHQWDODXWKRULWLHVDQG1*2
࣐ᕤ၍᠍ೱᐡᜱၽң 7$) ᇰѠᐡᄻϟਞઊȂІ DWWHQGHGWKHIRUXP7KHIRUXPQHZVDQGFRQWHQWZHUH
SXEOLFLVHGRQWKH(FRQRPLF'DLO\1HZVRQDQG
Ԅեණ݈ၽңϟਞ‫ݏ‬Ȃ У  Сᖟᒳ᠍ೱᐡᜱ
'HFHPEHU
ၽң 7$) ᇰᜍ፤ᏬȂпኅાّ࡛Ȅᖃॏ  ঐ࢈
‫᠍ۻ‬ೱᐡᜱІ 1*2ȃӔ  ΢ᇅཽȄҐ፤Ꮼࣁ୞
ൣᏳІӓНϸրܼ  У ȃ Сёีܼစᔽ
СൣȄ

᠍ೱᐡᜱၽң ŕłŇ ᇰᜍ፤Ꮼ


ŇŰųŶŮġŰůġŵũŦġŢťŰűŵŪŰůġŰŧġŕłŇġŢŤŤųŦťŪŵŢŵŪŰůġţźġ
ŨŰŷŦųůŮŦůŵŢŭġŢŶŵũŰųŪŵŪŦŴ


ࡈᏳᇰᜍቌঅ
3URSDJDQGL]LQJWKHYDOXHRIDFFUHGLWDWLRQ

ఁ‫ي‬ଌጜ௱ኅ (GXFDWLRQDOWUDLQLQJV

7$) ܼ  Ԓ ᒳ ౪ ө ᜹ ஠ ཿ ଌ ጜ ፟ โȃ ः ଇ ,Q7$)KDVKHOGDZLGHUDQJHRISURIHVVLRQDO


ཽІ᠍ೱ൑՞ϟ‫ې‬ଋଌጜȂᖃॏ  ൠԪȂଌ WUDLQLQJFRXUVHVVHPLQDUVDQGWUDLQLQJVFRQVLJQHG
ጜ΢኶࣐  ΢ԪȄ஠ཿଌጜϲৡోࢃᇰᜍ E\JRYHUQPHQWDODXWKRULWLHVIRUDWRWDORIWUDLQLQJ
FRXUVHVZLWKSDUWLFLSDQWV7KHVHLQFOXGHG
೤ ጓ ,62,(&ȃ,62ȃ,62,(&
DFFUHGLWDWLRQFULWHULDVXFKDV,62,(&,62
ȃ,62,(&*XLGHȃᄃᡜࡊлᆔଌጜȃ
,62,(&DQG,62,(&*XLGHWUDLQLQJV
૗Ωၑᡜःଇཽȃ໕ขϛጃۢःଇཽȃНӈኦቹ IRUODERUDWRU\KHDGVHPLQDUVIRUSUR¿FLHQF\WHVWLQJ
Іᆔ౪ःଇཽȃϲഌጌਰःଇཽȃ໕ข‫׭‬೛ଌጜ VHPLQDUVIRUPHDVXUHPHQWXQFHUWDLQW\VHPLQDUVIRU
፟โ๊Ȅ GRFXPHQWZULWLQJDQGPDQDJHPHQWVHPLQDUVIRU
LQWHUQDODXGLWDQGWUDLQLQJIRUPHDVXUHPHQWWHFKQLTXHV

,WFDQEHFOHDUO\NQRZQIURPWKHDERYHSURPRWLRQDO
DFWLYLWLHVWKDW7$)KDVREWDLQHGWKHDGRSWLRQDQG
DSSOLFDWLRQE\WKH%XUHDXRI6WDQGDUGV0HWURORJ\DQG
,QVSHFWLRQ0LQLVWU\RI(FRQRPLF$IIDLUVWKH0LQLVWU\RI
7UDQVSRUWDWLRQDQG&RPPXQLFDWLRQVWKH(QYLURQPHQWDO
3URWHFWLRQ$GPLQLVWUDWLRQWKH'HSDUWPHQWRI+HDOWK
WKH3XEOLF&RQVWUXFWLRQ&RPPLVVLRQWKH&RXQFLORI
/DERU$IIDLUVWKH&RXQFLORI$JULFXOWXUHWKH0LQLVWU\
ŕłŇ ఁ‫ي‬ଌጜ RI)LQDQFHDQGWKH0LQLVWU\RI7KH,QWHULRU7$)DOVR
ŕłŇġŦťŶŤŢŵŪŰůŢŭġŵųŢŪůŪůŨŴ KDYHWHFKQLFDOFRRSHUDWLRQZLWKDVVRFLDWLRQV7$)LV
GHGLFDWHGWRWKHSURPRWLRQRIDFFUHGLWDWLRQRSHUDWLRQV
௄пαө໷௱ኅࣁ୞ȂѠпఽྀ‫ޤ‬ၿ 7$) ϑᕖ WKURXJKZHEVLWHDQGDOONLQGVRIDFWLYLWLHVDQGPHHWLQJV
ூစᔽഌዀྦᔯᡜ‫׌‬ȃһ೾ഌȃᕘߴဎȃፐҢဎȃ ZLWKWKHKRSHWKDWGRPHVWLFJRYHUQPHQWVDQGLQGXVWULHV
ϵӔϏโ‫ې‬সཽȃഽ‫ཽې‬ȃၼ‫ཽې‬ȃଓ࢈ഌȃϲ DWDOOOHYHOVFDQEHDVVLVWHGWKURXJKWKHSURIHVVLRQDOLVP
࢈ഌ๊൑՞‫௵ޠ‬ᇰᇅၽңȂηᇅΥঐᏱཽໍ՘‫׭‬ RI7$)WRQRWRQO\REWDLQWKHUHTXLUHGWHVWLQJWHFKQLTXHV
೛ӬձȂ‫ٯ‬ഇႇᆪયᇅөᆎࣁ୞ȃཽឋȂयΩܼ RUPDQDJHPHQWEXWDOVRWRVDYHWKHKXPDQUHVRXUFHV
FRVWIRUPRUHFRPSUHKHQVLYHEXVLQHVVHV
௱ኅᇰᜍཿଡ଼Ȃ‫ו‬గ୾ϲө઼࢈‫ۻ‬ᇅ౱ཿְ૗ᙥ
ֆҐཽ‫ޠ‬஠ཿȂϛ༊‫׈‬Ԛ‫ܛ‬ሰ‫ޠ‬ᔯข‫׭‬೛‫ܗ‬ཿଡ଼
ጓ൝‫ޠ‬ᆔ౪ȂӤਣη૗࿾ࣹ‫ڐ‬΢ΩစຳၦྜՅၽ

ңܼ‫؂‬ኅ‫ޠހ‬ཿଡ଼αȄ


3UHVHQWLQJVRXQGRSHUDWLRQUHVXOWV

৥౫

Ԓൣ
$118$/5(3257 ଓଡ଼྆‫ݸ‬
ଓ ‫) ݸ‬LQDQFLDO
6WDWXV

ᛨୋᄃᕽ


৥౫ᛨୋᄃᕽ
3UHVHQWLQJVRXQGRSHUDWLRQUHVXOWV

ଓଡ଼྆‫ݸ‬ )LQDQFLDO6WDWXV
7$) ᐤԒϟԒ࡚‫؛‬ᆘਫߓȂְစཽॏ৲ࢦਰ᛬ᜍ $OO¿QDQFLDOVWDWHPHQWVRI7$)LQSDVW\HDUVKDYH
Іုᆀ‫ٲ‬ቸឋ೾ႇȂൣစᔽഌਰറȄ EHHQIXOO\DXGLWHGE\&HUWL¿HG3XEOLF$FFRXQWDQWV
UHVROYHGE\7$)%RDUGVRI'LUHFWRUVDQG6XSHUYLVRUV
ཿ ଡ଼ Ԟ Τ Ҧ  Ԓ  ξ ϰ Վ  Ԓ WKHUHDIWHUUHSRUWHGWRWKH0LQLVWU\RI(FRQRPLF$IIDLUV
 ξϰȂԚߞ Ȅ‫ڐ‬Ϝ࢈‫ېۻ‬ᒳІ၅ IRU¿QDODSSURYDO
ֆ ཿ ଡ଼ Ԟ ΤȂ Ҧ  Ԓ  ξ ϰ Վ 
7KHRSHUDWLQJUHYHQXHJUHZE\IURP17
Ԓ  ξϰȇᇰᜍȃଌጜІ૗Ωၑᡜ๊݉ଡ଼   WR17  
ཿଡ଼ϟԞΤҦ  Ԓ  ξϰՎ  Ԓ $PRQJWKHJURVVUHYHQXHVDFFRXQWVUHFHLYDEOHIRU
 ξϰȄ Ԓ࡚ଓଡ଼๗ᄻୋӓȂйࣲ SURMHFWVFRQVLJQHGDQGVXEVLGL]HGE\JRYHUQPHQWDO
឵ᕋၽጓᛠϟཿଡ଼Ȃᡘұ 7$) ጃᄃϑႁۡԠй DXWKRULWLHVLQFUHDVHGIURP17  
WR17  $FFRXQWVUHFHLYDEOHIRU
СઊᆡໍȄଓଡ଼ൣߓ‫ݸޒ‬ԄίȈ
DFFUHGLWDWLRQVHUYLFHVVXFKDVDFFUHGLWDWLRQWUDLQLQJ
 DQGSUR¿FLHQF\WHVWLQJSURJUDPVLQFUHDVHGIURP17
  WR17  7KH
¿QDQFLDOVWUXFWXUHIRUZDVVRXQGDQGZLWKLQWKH
VFRSHRIRSHUDWLRQLQGLFDWLQJWKDW7$)LVWUXO\PRYLQJ
WRZDUGVLWVREMHFWLYHV7KH¿QDQFLDOVWDWHPHQWLV
VKRZQEHORZ


৥౫ᛨୋᄃᕽ
3UHVHQWLQJVRXQGRSHUDWLRQUHVXOWV

ଓყ‫ݳ‬΢ӓ୾ᇰᜍஆߝཽȁԞМᎸಠߓ
7DLZDQ$FFUHGLWDWLRQ)RXQGDWLRQ,QFRPH6WDWHPHQWV
 ԒІ  Ԓ  У  СՎ  У  С
)RUWKH\HDUHQGHG'HFHPEHUDQG ൑՞Ȉξϰ
([SUHVVHGLQ7KRXVDQG17'ROODUV

໷ҭ,WHPV  Ԓ  Ԓ

ཿଡ଼ԞΤ2SHUDWLQJUHYHQXH  


ȁ‫ې‬ᒳԞΤ&RQVLJQHGUHYHQXH  
ȁᇰᜍ݉ଡ଼ԞΤ$FFUHGLWDWLRQVHUYLFHUHYHQXH  
ȁଌጜ݉ଡ଼ԞΤ7UDLQLQJVHUYLFHUHYHQXH  
ȁਗᜓԞΤ'RQDWHUHYHQXH  

ཿଡ଼Мя2SHUDWLQJH[SHQVHV  


ȁ΢‫ٲ‬ຳң3HUVRQQHOH[SHQVHV  
ȁৰਢຳң7UDYHODQGDFFRPPRGDWLRQH[SHQVHV  
ȁᆱៗຳң0DLQWHQDQFHH[SHQVHV  
ȁ‫׸‬ᙠІ᠌᎜ຳң'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH  
ȁཿଡ଼ຳң2WKHURSHUDWLQJH[SHQVHV  
ȁ

ཿଡ଼ᗌᎸ1RQRSHUDWLQJLQFRPH  


ཿଡ଼ѵԞМя1HWQRQRSHUDWLQJLQFRPH  
ใࠊᎸಠ1HWLQFRPHEHIRUHLQFRPHWD[HV  
ȁ‫ܛ‬ூใ,QFRPHWD[HV  
ใࡤᎸಠ1HWLQFRPHDIWHULQFRPHWD[HV  


৥౫ᛨୋᄃᕽ
3UHVHQWLQJVRXQGRSHUDWLRQUHVXOWV

ଓყ‫ݳ‬΢ӓ୾ᇰᜍஆߝཽၦ౱॓༇ߓ
7DLZDQ$FFUHGLWDWLRQ)RXQGDWLRQ%DODQFH6KHHWV
 ԒІ  Ԓ  У  С
$VRI'HFHPEHUDQG ൑՞Ȉξϰ
([SUHVVHGLQ7KRXVDQG17'ROODUV

໷ҭ,WHPV  Ԓ  Ԓ

ၦȁȁ౱$VVHWV

ȁࢻ୞ၦ౱&XUUHQWDVVHWV  


ȁஆȁȁߝ(VWDEOLVKPHQWIXQG  
ȁ‫ۢڿ‬ၦ౱)L[HGDVVHWV  
ȁ‫ڐ‬уၦ౱2WKHU¿[HGDVVHWV  
ȁၦ౱ᖃ᚟7RWDODVVHWV  

॓ȁȁ༇/LDELOLWLHV

ȁࢻ୞॓༇&XUUHQWOLDELOLWLHV  


ȁߞ෉॓༇/RQJWHUP/LDELOLWLHV  
ȁ‫ڐ‬у॓༇2WKHUOLDELOLWLHV  
ȁ॓༇ᖃ᚟7RWDOOLDELOLWLHV  

౒ȁȁঅ1HWZRUWK
ȁ഻Ҵஆߝ)RXQGLQJIXQG  
ஆߝᎸ᚟7RWDOEDODQFHRIIXQGV  
ȁᎸȁȁಠ5HWDLQHGHDUQLQJV  
౒অᖃ᚟7RWDOQHWZRUWK  


$QQXDO(YHQWV2YHUYLHZ

ᄣख़

Ԓൣ
$118$/5(3257 τ‫ٲ‬ख 0LOHVWRQHV
τ

Ԓ࡚खᓄ


ᄣख़Ԓ࡚खᓄ ĮĮĮ τ‫ٲ‬ख
$QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV

 Ԓ࡚τ‫ٲ‬ଅ $QQXDO(YHQWV2YHUYLHZLQ

 У -DQXDU\


&1&$ &1$6 ೥ѯȂܼ  Сᒳ౪‫ۭڎ‬ᇰᜍᇰѠཽឋ &1&$ &1$6UHSUHVHQWDWLYHVYLVLWHG7DLZDQDQG
DWWHQGHGWKH&URVV6WUDLWV$FFUHGLWDWLRQ0HHWLQJRQ
-DQXDU\


ᇅѯᢋቺ‫ݚ‬ᄳϸᚕऌ‫׭‬Ᏹཽ᛬ဎӬձറ‫נ‬ᓄ 0R8ZDVVLJQHGEHWZHHQWKH7DLZDQ6RFLHW\IRU
&KURPDWRJUDSKDQG6HSDUDWLRQ7HFKQRORJ\DQG7$)

У )HEUXDU\


੏୾ '66%/$ Ѩߞ 0U3DWKRP<DPNDWH ‫ٿ‬೥Ȃ 'LUHFWRU*HQHUDORI'667KDLODQG0U3DWKRP
ܼ  С᛬ဎӬձറ‫נ‬ᓄ <DPNDWHYLVLWHG7DLZDQDQGVLJQHGWKH0R8ZLWK
7$)RQ)HEUXDU\


яৱܼѳώ२ኋᖟᒳϟಒϥ۪੖২‫ۭڎ‬ $WWHQGDQFHRIWKH)LIWK&URVV6WUDLWV,QIRUPDWLRQ
߭ਁ౱ཿዀྦ፤Ꮼ ,QGXVWU\6WDQGDUGV)RUXPLQ&KRQJTLQJ6LFKXDQ


яৱܼӠ࡚۞ຶᖟᒳϟ ,$)7& ཽឋІ $WWHQGDQFHRIWKH,$)7&PHHWLQJDQGUHOHYDQW
ࣻᜱϏձϊಣཽឋ WHFKQLFDOPHHWLQJLQ%RPED\,QGLD

У 0DUFK


яৱѯजᕘߴဎᚗᜟӬձཽឋ $WWHQGDQFHRIWKH(3$7±86(3$ELODWHUDO
FRRSHUDWLRQPHHWLQJ

ȃ
ᒳ౪ᡜᜍᐡᄻᇰᜍձཿႬဟϾᇴཽ݃ ,QWURGXFWLRQVHPLQDURQWKH&RPSXWHULVDWLRQRI
&HUWL¿FDWLRQ%RGLHV$FFUHGLWDWLRQ2SHUDWLRQ


ᄣख़Ԓ࡚खᓄ ĮĮĮ τ‫ٲ‬ख
$QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV


яৱѯᢋᝰ‫ލ‬Ω፤Ꮼା৬ཽȶ(&)$ ᇅѯᢋ‫ޠ‬ґ‫ٿ‬ȷ $WWHQGDQFHRIWKHVXPPLWRQɆ(&)$DQG7DLZDQ
V
)XWXUHɇKHOGE\WKH7DLZDQ&RPSHWLWLYHQHVV)RUXP


яৱ‫ۭڎ‬စᔽӬձ࢝ᄻ‫ڟ‬ឋ (&)$ ྜྷ೾ःଇཽ $WWHQGDQFHRIWKHFURVVVWUDLWV(FRQRPLF
&RRSHUDWLRQ)UDPHZRUN$JUHHPHQW (&)$ VHPLQDU


ᒳ౪ԥᐡၼ౱ࠣᡜᜍၦଊᆔ౪‫ق‬ಜձཿᇴཽ݃ ,QWURGXFWLRQVHPLQDURQLQIRUPDWLRQPDQDJHPHQW
V\VWHPRIRUJDQLFDJULFXOWXUDOSURGXFWVFHUWL¿FDWLRQ

У $SULO


хߓ $3/$& яৱ $3(&7(/05$7) ཽឋ 7$)UHSUHVHQWHG$3/$&WRDWWHQGWKH$3(&7(/
05$7)0HHWLQJ


ѯіᒳϵࡊ௄ѯіҀࠓ੖ၰཀྵ᎑‫ژ‬సЬᚋϜҔ‫ݎ‬ၰ 7KH7DLSHL2I¿FHPRYHGIURP1DQKDL5RDG7DLSHL
&LW\WR-KRQJMKHQJ(5G'DQVKXHL7RZQVKLS


яৱܼ‫៍ݱ‬๽ؔᖟᒳ‫ ޠ‬,/$&$,&ᇅ 37&* ཽឋ $WWHQGDQFHRIWKH,/$&$,&DQG37&*PHHWLQJVLQ
:DUVDZ3RODQG


хߓ 3$& ଢᙺຠզᗻ୾ .$6 7$)UHSUHVHQWHG3$&LQWKHIROORZXSHYDOXDWLRQRI
WKH.$6.RUHD


Ґཽӗ࣐ ,$) ᇅ *OREDO*$3028 ‫ޠ‬ᇰᜍᐡᄻ 7$)ZDVOLVWHGDVDQDFFUHGLWDWLRQERG\RQ,$)DQG
*OREDO*$3028


ᄣख़Ԓ࡚खᓄ ĮĮĮ τ‫ٲ‬ख
$QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV

У 0D\


&1&$ȃ&1$6 ᇅ &4& хߓ೥ѯȄܼ  ᒳ౪ 5HSUHVHQWDWLYHVIURP&1&$&1$6DQG&4&
ȶ‫ۭڎ‬ᇰᜍᡜᜍ‫ٲ‬ଡ଼ϟϏ୧ყᡞ৵ፚཽȷȂ ᒳ౪ YLVLWHG7DLZDQ7KHɆ&URVV6WUDLWV$FFUHGLWDWLRQ
ȶτഛᇰᜍᇰѠ‫ݳ‬೤ȃಣᙒІஉ՘Рԓःଇཽȷ DQG&HUWL¿FDWLRQ2SHUDWLRQ6HPLQDUIRU,QGXVWU\DQG
&RPPHUFH*URXSVɇZDVKHOGRQ0D\
7KHɆ0DLQODQG$FFUHGLWDWLRQ5HJXODWLRQ
2UJDQL]DWLRQDQG,PSOHPHQWDWLRQ0HWKRG
6HPLQDUɇZDVKHOGRQ0D\


ᐋӉ $3/$& ຠզϊಣȂຠզђ਍τ &$/$ 3DUWLFLSDWLRQLQWKH$3/$&05$HYDOXDWLRQRI&$/$
&DQDGD


ᒳ౪ѯіᒳϵࡊൗ᎑૰ཽȂ +RXVHZDUPLQJUHFHSWLRQRI7DLSHLRI¿FHDGGUHVVHG
စᔽഌ‫ݔ‬Ԫߞဒ‫܇‬ᇎᖞयມᇅථᄎ E\WKH'HSXW\0LQLVWHURI02($0U6KHQJ&KXQJ
/LQ


ᒳ౪ెᏘρᆔ؆ᔯข‫׭‬೛৵ፚཽ 6HPLQDURQWKHFRQFUHWHSLSLQJPDWHULDOVWHVWLQJ
WHFKQLTXH


୆ྪᓟԾൡ໼‫ۺ‬ᖟ՘๋౲ཽឋȂ 7$)VWUDWHJLFPHHWLQJZLWKWKHWKHPHɆ&UHDWLQJ
ཽឋлᚡȶ഻ആᇰᜍቌঅȷ $FFUHGLWDWLRQ9DOXHɇKHOGLQWKH/H0LGL+RWHO
&KLWRX


яৱܼ‫୾ݳ‬ВᏎᖟᒳ‫ޠ‬ಒ  ۪ 2(&'*/3 $WWHQGDQFHRIWKHUGPHHWLQJRI2(&':*RQ
Ϗձϊಣཽឋ */3LQ3DULV)UDQFH


яৱܼॸ෬ᖟᒳ‫ ޠ‬$3/$&%R0 ཽឋȃ $WWHQGDQFHRIWKH$3/$&%R0PHHWLQJWKH05$
05$&RXQFLO ཽឋᇅлຠզসଌጜ &RXQFLOPHHWLQJDQGOHDGHYDOXDWRUWUDLQLQJLQ+RQJ
.RQJ


хߓ $3/$&Ȃяৱ $3(&((05$ ःଇཽ 7$)UHSUHVHQWHG$3/$&WRDWWHQGWKH$3(&((
05$VHPLQDU


ᄣख़Ԓ࡚खᓄ ĮĮĮ τ‫ٲ‬ख
$QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV

У -XQH


$3/$& உ՘Ґཽᄃᡜࡊᇰᜍᇅ $3/$&05$UHHYDOXDWLRQRI7$)IRUWKHODERUDWRU\
ᔯᡜᐡᄻᇰᜍ 05$ ϟӕຠզ DFFUHGLWDWLRQDQGLQVSHFWLRQERG\DFFUHGLWDWLRQ


яৱ ,/$&$,&:* Ϗձϊಣ ,/$&* ঔॐཽឋȃ $WWHQGDQFHRIWKH,/$&$,&:*:*PHHWLQJIRU
,627& ཽឋ UHYLVLRQRI,/$&*DQGWKH,627&PHHWLQJ


ᖟᒳȶ૗ྜਞ౦౱ࠣᇰᜍᡜᜍ‫࡚ښ‬ϟ ,QWURGXFWLRQVHPLQDURQWKHHQHUJ\HI¿FLHQF\
Ѡ՘‫ܓ‬ຠզᇴཽ݃ȷ SURGXFWVDFFUHGLWDWLRQDQGIHDVLELOLW\HYDOXDWLRQRI
FHUWL¿FDWLRQPHFKDQLVP


ज୾ (3$0V)UDQFLVFD/LHP 0V)UDQFLVFD/LHP86(3$H[SHUWHYDOXDWHG
‫ٿ‬ѯஉ՘ 2(&'*/3 ຠզ 7DLZDQ
V2(&'*/3FRPSOLDQFHPRQLWRULQJ
SURJUDP


ᒳ౪  Ԓ୾ርᇰᜍС ,QWHUQDWLRQDO$FFUHGLWDWLRQ'D\Ɇ$FFUHGLWDWLRQ
ȶᇰᜍ˕૗Ω‫ۢ޼ޠ‬ȷःଇཽ ±$I¿UPDWLRQRI&RPSHWHQFHɇVHPLQDU


яৱ‫ ۭڎ‬/(' ྲ݃౱ཿӬձІһࢻཽឋȄ $WWHQGDQFHRIWKHFURVVVWUDLWV/('OLJKWLQJLQGXVWU\
FRRSHUDWLRQDQGH[FKDQJHPHHWLQJ


ᒳ౪‫୾ש‬ᕘߴဎᇅज୾ᕘߴဎᓻًᄃᡜࡊᐈձ */3 6HPLQDURQWKH*/3FRRSHUDWLRQEHWZHHQ(3$7DQG
ӬձР਱ᇴཽ݃ 86(3$


୆ѯі༬ύ໼‫ۺ‬ᖟᒳಒΫϳ۪ 3$& Ԓཽ 7$)KHOGWKHWK3$&SOHQDU\PHHWLQJDWWKH7DLSHL
*UDQG+RWHO


ᄣख़Ԓ࡚खᓄ ĮĮĮ τ‫ٲ‬ख
$QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV


яৱ‫ ۭڎ‬/(' ҂८ዀұዀྦһࢻःଇཽ $WWHQGDQFHRIVHPLQDURQWKHFURVVVWUDLWV/('ÀDW
SDQHOGLVSOD\VWDQGDUGV


ᇅፐҢဎ᛿‫ࠣॶޑ‬ᔯᡜ‫׌‬Ӭᒳ 7$)DQGWKH%XUHDXRI)RRGDQG'UXJ$QDO\VLV
ȶ௱୞ፐҢဎ‫ې‬ଋᔯᡜཿଡ଼ϟᄃᡜࡊᇰѠᇴཽ݃ȷ 'HSDUWPHQWRI+HDOWKMRLQWO\KHOGDQLQWURGXFWLRQ
VHPLQDURQWKHSURPRWLRQRIDFFUHGLWDWLRQRI
ODERUDWRULHVFRQVLJQHGE\WKH'HSDUWPHQWRI+HDOWK


хߓ ,$) ᇅ ,/$& яৱ,627&6& ཽឋ 7$)UHSUHVHQWHG,$)DQG,/$&WRDWWHQGWKH,627&
6&PHHWLQJ


-XO\


яৱܼѳώԚഎᖟᒳϟ‫ۭڎ‬ᇰᜍᡜᜍःଇཽ $WWHQGDQFHRIWKHFURVVVWUDLWVDFFUHGLWDWLRQDQG
ᇅϏձϸಣཽឋ FHUWL¿FDWLRQVHPLQDUDQGZRUNGLYLVLRQPHHWLQJLQ
&KHQJGX6LFKXDQ


‫ڟ‬ֆᒳ౪Ә‫ٲ‬ᄃᡜࡊᇰᜍࣻᜱϟ ,62,(& 7UDLQLQJFRXUVHVRQ,62,(&DQGLQWHUQDO
Іϲഌጌਰଌጜ፟โ DXGLWIRUFULPLQDOODERUDWRU\DFFUHGLWDWLRQ


ᐋӉ $3/$&ȃ3$& ᖓӬຠզ਱лຠզসȂ 3DUWLFLSDWLRQLQWKHMRLQW$3/$&3$&HYDOXDWLRQRI
ຠզ -$6$1= -$6$1=DV/HDG(YDOXDWRU


ࡷ೥੒ஆཽȂᇴ݃ҐཽᄈᇰѠᄃᡜࡊᆔ౪Ҵൠ 9LVLWLQJ&RQVXPHUV
)RXQGDWLRQWRLQWURGXFH7$)
ᇅӬձཏ᜺ PDQDJHPHQWRIDFFUHGLWHGODERUDWRULHVDQGLWV
ZLOOLQJQHVVWRFRRSHUDWH


ࡷ೥੒ߴཽબਫߞȂϮಞᄃᡜࡊᇰᜍཿଡ଼ 9LVLWLQJWKH&RQVXPHU3URWHFWLRQ&RPPLVVLRQWR
ᇅᇰѠᄃᡜࡊ LQWURGXFHODERUDWRU\DFFUHGLWDWLRQDQGDFFUHGLWHG
ODERUDWRULHV


ᄣख़Ԓ࡚खᓄ ĮĮĮ τ‫ٲ‬ख
$QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV

У $XJXVW


ࡷ೥ѯᢋࣹρФ‫׭‬৲ϵཽȂྜྷ೾ρФስ஀೤ጓ 9LVLWLQJWKH7DLZDQ3URIHVVLRQDO&LYLO(QJLQHHUV
࢝ᄻ።ᐍР਱ $VVRFLDWLRQWRFRPPXQLFDWHLVVXHVUHJDUGLQJWKH
VWUXFWXUDODGMXVWPHQWLQWKH¿HOGRIFLYLOHQJLQHHULQJ
UHJXODWLRQV


яৱѯजᕘߴӬձ‫׭‬೛‫ۢڟ‬ $WWHQGDQFHRIWKHELODWHUDOPHHWLQJUHJDUGLQJWKH
ಒ  ဵஉ՘ᒳ‫ݳ‬ᚗᜟཽឋ QXPEHULPSOHPHQWDWLRQDUUDQJHPHQWRIWKH
7HFKQLFDO$JUHHPHQWEHWZHHQ(3$7DQG86(3$


ࡷ೥᛿ᔯ‫׌‬ȂϮಞ ,QYLWHGE\WKH%XUHDXRI)RRGDQG'UXJ$QDO\VLV
ȶ2(&'*/3 ࢦਰ‫࡚ښ‬ᇅᄃᡜࡊᇰᜍ‫࡚ښ‬ϟЩၷȷ WRLQWURGXFHWKHɆFRPSDULVRQRI2(&'*/3
FRPSOLDQFHPRQLWRULQJSURJUDPDQGODERUDWRU\
DFFUHGLWDWLRQV\VWHPɇ

У 6HSWHPEHU


ࡷ೥ᚃ๋ཽȂࣂፚᚗРӬձ෶Ў२᙮ຠᠧР਱ 7$)YLVLWHGWKH7DLZDQ-RLQW&RPPLVVLRQRQ+RVSLWDO
$FFUHGLWDWLRQWRGLVFXVVLVVXHVUHJDUGLQJELODWHUDO
FRRSHUDWLRQWRUHGXFHUHSHDWHGDVVHVVPHQW


ུђ‫ ۄ‬635,1* ᖃဎߞ஼ࠓӏ‫ٿ‬೥Ȃ *URXS'LUHFWRURI635,1*0U7HR1DP.XDQ
ᚗРӤཏґ‫ٿ‬᛬ဎӬձറ‫נ‬ᓄ YLVLWHG7$)WRGLVFXVVWKH0R8ZLWK7$)


τഛ &1$6 еቄఽлӉ‫ٿ‬೥Ȃ୧ፚ‫ۭڎ‬ᇰᜍӬձР਱ &1$6&KDLU0DGDP)HQJTLQJ:DQJYLVLWHG7$)WR
GLVFXVVFURVVVWUDLWVDFFUHGLWDWLRQFRRSHUDWLRQ


ᄣख़Ԓ࡚खᓄ ĮĮĮ τ‫ٲ‬ख
$QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV


ᒳ౪  Ԓ࡚ဤᄃᔯᡜᐡᄻᔯᡜࠣ፵ਞ૗ᆔ౪ᐡ‫ښ‬ ,QWURGXFWLRQVHPLQDURQWKHLPSOHPHQWDWLRQRI
Ь౱ࠣϜ႘ȃᚎȃؓ໷ҭ૗Ωၑᡜᇴཽ݃ LQVSHFWLRQTXDOLW\DQGHIIHFWLYHQHVVPDQDJHPHQW
PHFKDQLVPIRULQVSHFWLRQERGLHVDQGWKHSUR¿FLHQF\
WHVWLQJSURJUDPVIRUOHDGFDGPLXPDQGPHUFXU\LQ
DTXDWLFSURGXFWV


ᒳ౪౱ࠣᡜᜍᐡᄻ৵ፚཽ 6HPLQDUIRUSURGXFWFHUWL¿FDWLRQERGLHV

 У 2FWREHU


ᒳ౪ȶ Ԓᆔ౪‫ق‬ಜᡜᜍᐡᄻ৵ፚཽȷ 6HPLQDUIRUPDQDJHPHQWV\VWHPFHUWL¿FDWLRQ
ERGLHV


яৱܼђ਍τᖟᒳϟ ,$) ᇅ ,/$& ᖓӬԒཽ $WWHQGDQFHRIWKH,$)DQG,/$&MRLQWJHQHUDO
ІϏձϊಣཽឋ DVVHPEO\DQGWHFKQLFDOPHHWLQJVLQ&DQDGD


яৱ଼ܼ‫ٿ‬՚‫ٴ‬ᖟᒳϟ */2%$/*$3 ଌጜ፟โ $WWHQGDQFHRIWKH*/2%$/*$3WUDLQLQJFRXUVHV
ІԒཽ DQGSOHQDU\PHHWLQJLQ0DOD\VLD


хߓ 3$& ଢᙺຠզСҐ -$% 7$)UHSUHVHQWHG3$&LQWKHIROORZXSHYDOXDWLRQIRU
-$%-DSDQ


ᒳ౪ᒒጣ '1$ ᠧۢᄃᡜࡊᇰᜍ‫׭‬೛೤ጓᇴཽ݃ ,QWURGXFWLRQVHPLQDURQWKHWHFKQLFDOFULWHULDIRU
DFFUHGLWDWLRQRIOLQHDJH'1$LGHQWL¿FDWLRQODERUDWRU\


ᒳ౪ȶӓ౩ًԂၼཿ೤ጓ *OREDO*$3 ೤ጓଌጜȷ 7UDLQLQJRQ*OREDO*$3FULWHULD


ᄣख़Ԓ࡚खᓄ ĮĮĮ τ‫ٲ‬ख
$QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV

 У 1RYHPEHU


яৱܼ኉୾ऌ໫ᖟᒳϟ */2%$/*$3 ᇰᜍᐡᄻԒཽ $WWHQGDQFHRIWKH*/2%$/*$3DFFUHGLWDWLRQ
ERGLHVSOHQDU\PHHWLQJLQ.ROQ*HUPDQ\


ᇅѯᢋᚃ‫ٲ‬ᔯᡜᏱཽӬᒳ 7$)DQG7DLZDQ6RFLHW\RI/DERUDWRU\0HGLFLQH
ȶᚃᏱᄃᡜࡊᇰᜍึ৥ᇅ৥గ፤Ꮼȷ MRLQWO\KHOGWKHIRUXPRQPHGLFDOODERUDWRU\
DFFUHGLWDWLRQGHYHORSPHQWDQGSURVSHFW


яৱܼϜ୾і‫ٶ‬ᖟᒳϟϜСᗻ෬ѯᇰᜍᐡᄻཽឋ 3DUWLFLSDWLRQLQWKHPHHWLQJIRUDFFUHGLWDWLRQERGLHV
LQ&KLQD-DSDQ.RUHD+RQJ.RQJDQG7DLZDQLQ
%HLMLQJ&KLQD


ᒳ౪ȶҖ໣ᔯᡜᄃᡜࡊᇰѠᐡ‫ښ‬ཿ޲ᇴཽ݃ȷ ,QWURGXFWLRQVHPLQDURQLQVSHFWLRQODERUDWRU\
DFFUHGLWDWLRQPHFKDQLVPIRUSULYDWHVHFWRUV


яৱቺ‫ݚ‬Ᏹཽቺ‫׭ݚ‬೛ᇅᄃᡜࡊᇰᜍା৬ཽ 3DUWLFLSDWLRQLQWKHVXPPLWPHHWLQJRI
FKURPDWRJUDSK\WHFKQLTXHDQGODERUDWRU\
DFFUHGLWDWLRQRIWKH7DLZDQ6RFLHW\RI
&KURPDWRJUDSK\DQG6HSDUDWLRQ7HFKQRORJ\


яৱܼऽ୾ᖟᒳϟ ,627& ཽឋ $WWHQGDQFHRIWKH,627&PHHWLQJLQ(QJODQG


яৱܼᗻ୾ॷᅮᖟᒳϟ ,(&(( ຠቸসଌጜ 3DUWLFLSDWLRQLQWKH,(&((DVVHVVRUWUDLQLQJLQ
6HRXO.RUHD


ᒳ౪ȶ‫ۭڎ‬ᡜ ᇰ ᜍ‫ٲ‬ଡ଼ყᡞһࢻ৵ፚཽȷ &URVV6WUDLWV&HUWL¿FDWLRQ$FFUHGLWDWLRQ*URXSV
([FKDQJH6HPLQDU


ᄣख़Ԓ࡚खᓄ ĮĮĮ τ‫ٲ‬ख
$QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV


ᒳ౪ҐཽҨຨ‫ې‬সȃຠቸসІӤϧϟ 7UDLQLQJRQ,62,(&IRU7$)
VDSSHDO
,62,(& ଌጜ FRPPLWWHHPHPEHUV$VVHVVRUVDQGFROOHDJXHV


ᖟᒳȶ Ԓᆔ౪‫ق‬ಜᇅ౱ࠣᇰᡜᜍ፤Нึߓཽȷ 3DSHUV3XEOLFDWLRQRI0DQDJHPHQW6\VWHP
DQG3URGXFWV$FFUHGLWDWLRQDQG&HUWL¿FDWLRQ



ᒳ౪ */2%$/*$3 ೤ጓଌጜ፟โȂ 7UDLQLQJFRXUVHRQWKH*/2%$/*$3FULWHULD


ဓ፝ 0U)HUQDQGR0LHWWR ᗀ௳ OHFWXUHGE\0U)HUQDQGR0LHWWR


୥ᇅॏ໕ऌ‫׭‬ॏฬ  Ԓ࡚Ԛ‫ݏ‬৥ 3DUWLFLSDWLRQLQWKHPHDVXUHPHQWWHFKQRORJ\
SURJUDPDFKLHYHPHQWH[KLELWLRQ

 У 'HFPEHU


ᒳ౪ȶ૗Ωၑᡜ  ႈІӓзࣩϟᄃᡜࡊᇅᇰᜍᐡᄻ 6HPLQDURQɆ3UR¿FLHQF\WHVWLQJ±DZRUOGZLGH
‫ޠ‬Ϗ‫ڏ‬ȷःଇཽᄳ ,62,(& ଌጜȂᗝ፝ ,62 WRROIRUODERUDWRULHVDQGDFFUHGLWDWLRQERGLHVɇDQG
&$6&2:* лৱ 0U'DQ7KROHQ ௳፟ WUDLQLQJFRXUVHRQ,62,(&7KH&KDLURI
,62&$6&2:*0U'DQ7KROHQZDVLQYLWHGWR
OHFWXUHWKHFODVV


яৱܼӠѼᵳ٩৭ᖟᒳϟ  Ԓ $3/$& ཽসτཽ $WWHQGDQFHRIWKH$3/$&*HQHUDO$VVHPEO\LQ
%DOL,QGRQHVLD


ᗝ፝ */2%$/*$3 лৱ 0U1LJHO*DUEXWW ‫ٿ‬೥Ȃ ,QYLWDWLRQWR*/2%$/*$3&KDLUPDQ0U1LJHO
‫ٯ‬ᒳ౪ӓ౩ًԂၼཿ೤ጓ */2%$/*$3 ᇰᡜᜍ *DUEXWWWRJLYHDWDONLQWKHVHPLQDURQ*/2%$/
ःଇཽᇅᇰᡜᜍ৵ፚཽ *$3DFFUHGLWDWLRQDQGFHUWL¿FDWLRQ


ᄣख़Ԓ࡚खᓄ ĮĮĮ τ‫ٲ‬ख
$QQXDO(YHQWV2YHUYLHZ0LOHVWRQHV


ᒳ౪ȶഽϏձཿᕘძขۢၦଊᆔ౪‫ق‬ಜᗀಭᇴཽ݃ȷ 6HPLQDURQ/DERU:RUNSODFH(QYLURQPHQWDO
0RQLWRULQJ,QIRUPDWLRQ0DQDJHPHQW6\VWHP


ᒳ౪ȶ୾ርᚃᏱ໕ข୥Մ‫ق‬ಜᇅ໕ขଢ྘ึ৥ःཽȷ ,QWHUQDWLRQDO0HGLFDO0HDVXUHPHQW5HIHUHQFH
ІȶᚃᏱᄃᡜࡊᆔ౪ᄳ૗Ωၑᡜࣁ୞ึ৥ःଇཽȷ 6\VWHPDQG0HDVXUHPHQW7UDFHDELOLW\'HYHORSPHQW
6HPLQDUDQGWKH0HGLFDO/DERUDWRU\0DQDJHPHQW
DQG3UR¿FLHQF\7HVWLQJ$FWLYLW\'HYHORSPHQW
6HPLQDU


ᒳ౪ȶ՘࢈ଲϵӔϏโ‫ې‬সཽ೥ࢦ 7$) ρФϏโขၑ 3URJUDP5HYLHZRQYLVLWVE\WKH3XEOLF&RQVWUXFWLRQ
ስ஀ᄃᡜࡊॏฬᔯଇ৵ፚཽȷ &RPPLVVLRQ([HFXWLYH<XDQRI7$)DFFUHGLWHG
ODERUDWRULHVLQWKH¿HOGRIFLYLOHQJLQHHULQJWHVWLQJ


ᒳ౪ȶ᠍ೱᐡᜱၽң 7$) ᇰᜍ፤Ꮼȷ )RUXPRQWKHDGRSWLRQRI7$)DFFUHGLWDWLRQE\
JRYHUQPHQWDODXWKRULWLHV



You might also like