MNS BULLETIN

June 2011

MEDICINAL PLANTS AND EXTRACTS

MARKET NEWS SERVICE (MNS)
QUARTERLY EDITION
 'LVFODLPHU

7KLV UHSRUW KDV EHHQ SUHSDUHG ZLWKRXW IRUPDO HGLWLQJ DV D VHUYLFH WR H[SRUWHUV DQG LQGXVWULHV LQ
GHYHORSLQJ FRXQWULHV E\ WKH 0DUNHW 1HZV 6HUYLFH 016 'LYLVLRQ RI 0DUNHW 'HYHORSPHQW
,QWHUQDWLRQDO 7UDGH &HQWUH 7KH -RLQW $JHQF\ RI WKH :RUOG 7UDGH 2UJDQL]DWLRQ DQG 7KH 8QLWHG
1DWLRQV

1RSDUWRIWKLVUHSRUWPD\EHUHSURGXFHGVWRUHGLQDUHWULHYDOV\VWHPRUWUDQVPLWWHGLQDQ\IRUPRUE\
DQ\PHDQVZLWKRXWSULRUSHUPLVVLRQLQZULWLQJIURPWKH,QWHUQDWLRQDO7UDGH&HQWUH

7KH PHQWLRQ RI VSHFLILF FRPSDQLHV RU RI FHUWDLQ FRPPHUFLDO SURGXFWV DQG EUDQG QDPHV GRHV QRW
LPSO\WKDWWKH\DUHHQGRUVHGRUUHFRPPHQGHGE\,7&LQSUHIHUHQFHWRRWKHUVRIDVLPLODUQDWXUHWKDW
DUHQRWPHQWLRQHG

7KHGHVLJQDWLRQVHPSOR\HGDQGWKHSUHVHQWDWLRQRIPDWHULDORQWKHPDSGRQRWLPSO\WKHH[SUHVVLRQ
RIDQ\RSLQLRQZKDWVRHYHURQWKHSDUWRIWKH,QWHUQDWLRQDO7UDGH&HQWUHFRQFHUQLQJWKHOHJDOVWDWXVRI
DQ\&RXQWU\WHUULWRU\FLW\RUDUHDRURILWVDXWKRULWLHVRUFRQFHUQLQJWKHGHOLPLWDWLRQRILWVIURQWLHUVRU
ERXQGDULHV



3UHSDUHGE\-RVHI%ULQFNPDQQ $VVRFLDWHV
,7&&RQVXOWDQW

&RQWDFWVIRU0HGLFLQDO3ODQWV ([WUDFWV,QIRUPDWLRQ3URYLGHUV

0DUNHWLQWHOOLJHQFHSURGXFWLRQDQGWUDGHGDWDUHJXODWRU\QHZVVWDQGDUGVDQGVSHFLILFDWLRQV
0U-RVHI%ULQFNPDQQDWEULQN#VRQLFQHW

%RWDQLFDOSULFHVFXUUHQF\UDWHVWUDGHHYHQWOLVWLQJVJOREDOGLUHFWRU\RIKHUEDOWUDGHDVVRFLDWLRQV
0V7DVKD*ROGEHUJDWWDVKDJROGEHUJ#\DKRRFRP

&RYHU3LFWXUH

6HQQD SODQW &DVVLD DQJXVWLIROLD‹ 6WHYHQ )RVWHU )RU PRUH LQIRUPDWLRQ RQ PHGLFLQDO DQG
DURPDWLFSODQWSKRWRJUDSK\E\6WHYHQ)RVWHU*URXS,QFSOHDVHYLVLWKWWSZZZVWHYHQIRVWHUFRP





















 

1

 EDITORS NOTE

0160HGLFLQDO3ODQWDQG([WUDFWVUHSRUWLVDIRUPDWWHGYHUVLRQRIDQHZVDQGLQIRUPDWLRQEXOOHWLQ
SUHSDUHG E\ WKH ,QWHUQDWLRQDO 7UDGH &HQWUH WR SURPRWH LQWHUQDWLRQDO WUDGH LQ PHGLFLQDO SODQWV DQG
ERWDQLFDO H[WUDFWV 7KH UHYLVHG YHUVLRQ RI WKH UHSRUW LQFOXGHV VXEVWDQWLDOO\ PRUH LQIRUPDWLRQ RQ WKH
VWUXFWXUH DQG IXQFWLRQ RI WKH PDUNHW 7KHVH DGGLWLRQDO IHDWXUHV KDYH EHHQ LQFOXGHG DIWHU H[WHQVLYH
FRQVXOWDWLRQZLWKH[LVWLQJVXEVFULEHUVDQGWUDGHH[SHUWV

)RUVXEVFULSWLRQGHWDLOVSOHDVHFRQWDFW016LQ*HQHYDDWWKHDGGUHVVJLYHQEHORZ

&RYHUDJH,VVXH1RLQFOXGHVVL[UHJLRQDOUHYLHZV

 $)5,&$ $OJHULD $QJROD %HQLQ %RWVZDQD %XUNLQD )DVR %XUXQGL &DPHURRQ &DSH 9HUGH
&HQWUDO $IULFDQ 5HSXEOLF &KDG &RPRURV &RQJR &{WH Gµ,YRLUH 'HPRFUDWLF 5HSXEOLF RI WKH
&RQJR 'MLERXWL (J\SW (TXDWRULDO *XLQHD (ULWUHD (WKLRSLD *DERQ *DPELD *KDQD *XLQHD
*XLQHD%LVVDX.HQ\D/HVRWKR/LEHULD/LE\D0DGDJDVFDU0DODZL0DOL0DXULWDQLD0DXULWLXV
0D\RWWH 0RURFFR 0R]DPELTXH 1DPLELD 1LJHU 1LJHULD 5pXQLRQ 5ZDQGD 6DKUDZL $UDE
'HPRFUDWLF 5HSXEOLF 6mR 7RPp DQG 3UtQFLSH 6HQHJDO 6H\FKHOOHV 6LHUUD /HRQH 6RPDOLD
6RXWK$IULFD6XGDQ6ZD]LODQG7DQ]DQLD7RJR7XQLVLD8JDQGD=DPELDDQG=LPEDEZH
 &+,1$ DQG RWKHU (DVW $VLDQ &RXQWULHV %UXQHL &DPERGLD &KLQD ,QGRQHVLD -DSDQ /DRV
0DOD\VLD 0RQJROLD 0\DQPDU 1RUWK .RUHD 3KLOLSSLQHV 6LQJDSRUH 6RXWK .RUHD 7DLZDQ
7KDLODQG7LPRU/HVWHDQG9LHW1DP
 (8523( $OEDQLD $QGRUUD $XVWULD %HODUXV %HOJLXP %RVQLD DQG +HU]HJRYLQD %XOJDULD
&URDWLD &\SUXV &]HFK 5HSXEOLF 'HQPDUN (VWRQLD )LQODQG )UDQFH *HUPDQ\ *UHHFH
+XQJDU\,FHODQG,UHODQG,WDO\/DWYLD/LHFKWHQVWHLQ/LWKXDQLD/X[HPERXUJ0DFHGRQLD0DOWD
0ROGRYD 0RQDFR 0RQWHQHJUR 1HWKHUODQGV 1RUZD\ 3RODQG 3RUWXJDO 5RPDQLD 5XVVLD
6HUELD6ORYDNLD6ORYHQLD6SDLQ6ZHGHQ6ZLW]HUODQG8NUDLQHDQG8QLWHG.LQJGRP
 ,1',$ DQG RWKHU $VLDQ &RXQWULHV $IJKDQLVWDQ $UPHQLD $]HUEDLMDQ %DKUDLQ %DQJODGHVK
%KXWDQ *HRUJLD ,QGLD ,UDQ ,UDT ,VUDHO -RUGDQ .D]DNKVWDQ .XZDLW .\UJ\]VWDQ /HEDQRQ
0DOGLYHV 2PDQ 1HSDO 3DNLVWDQ 3DOHVWLQH 4DWDU 6DXGL $UDELD 6UL /DQND 6\ULD 7DMLNLVWDQ
7XUNH\7XUNPHQLVWDQ8QLWHG$UDE(PLUDWHV8]EHNLVWDQDQG<HPHQ
 1257+ $0(5,&$ $QWLJXD DQG %DUEXGD %DKDPDV %DUEDGRV %HOL]H &DQDGD &RVWD 5LFD
&XED 'RPLQLFD 'RPLQLFDQ 5HSXEOLF (O 6DOYDGRU *UDQDGD *XDWHPDOD +DLWL +RQGXUDV
-DPDLFD0H[LFR1LFDUDJXD3DQDPD6DLQW.LWWVDQG1HYLV6DLQW/XFLD6DLQW9LQFHQWDQGWKH
*UHQDGLQHV7ULQLGDGDQG7REDJRDQGWKH8QLWHG6WDWHVRI$PHULFD
 6287+ $0(5,&$ $UJHQWLQD %ROLYLD %UD]LO &KLOH &ROXPELD (FXDGRU *X\DQD 3DUDJXD\
3HUX6XULQDPH8UXJXD\DQG9HQH]XHOD

7KH UHJLRQDO UHYLHZV FRYHU WKH VL[ PDLQ SURGXFLQJ UHJLRQV RI WKH ZRUOG ,QIRUPDWLRQ RQ 2FHDQLF
FRXQWULHVZLOOEHFRYHUHGIURPWLPHWRWLPHLQDVSHFLDOIHDWXUHVVHFWLRQRIWKHEXOOHWLQ

6FRSH(DFKUHJLRQDOVHFWLRQLQFOXGHVQHZVRQ
x 'HPDQGDQGVXSSO\WUHQGVLQFOXGLQJLQGXVWU\QHZVIURPWKHPDMRUSURGXFHUVLQHDFKUHJLRQ
x ,QGLFDWLYHSULFHVRIUDZPDWHULDOV
x ,QGLFDWLYHSULFHVRIKHUEDOH[WUDFWV
x 7UDGHVSHFLILFDWLRQVFRPPRQO\XVHGLQHDFKUHJLRQ
x 7UDGHIDLUVDQGFRQIHUHQFHV

3ULFHV 3ULFHV DQG TXRWDWLRQV DUH LQ 86 GROODUV SHU NLOR XQOHVV RWKHUZLVH VWDWHG 7KH\ VKRXOG EH
FRQVLGHUHG LQGLFDWLYH RQO\ DQG UHIOHFW WKH SULFH RI D SURGXFW RI D VSHFLILF JUDGH RU TXDOLW\ IURP WKH
VSHFLILHGRULJLQ7KHOHYHORIPDUNHUFRPSRXQGVIRUFKHPLFDOVWDQGDUGL]DWLRQRIH[WUDFWVUHIHUUHGWR
LQTXRWHVLVWKRVHFRPPRQO\IRXQGLQWKHLQGXVWU\7KH\GRQRWLPSO\DQ\VRUWRIʊ WUDGLQJVWDQGDUd”.

,QWKHSULFLQJWDEOHVLIDERWDQLFDOFRPHVWRPDUNHWIURPERWKFXOWLYDWLRQDQGZLOGFROOHFWLRQWKHRUGHU
XVHG&XOW:LOGRU:LOG&XOWLVEDVHGRQWKHSUHGRPLQDQWPHWKRGRIKDUYHVW

*UHDW FDUH VKRXOG EH WDNHQ ZKHQ FRPSDULQJ SULFHV RI PHGLFLQDO SODQWV DQG H[WUDFWV IURP GLIIHULQJ
RULJLQV DV IRUP VWUXFWXUH DQG ELRFKHPLFDO DFWLYLW\ PD\ GLIIHU FRQVLGHUDEO\ EHWZHHQ YHU\ VLPLODU
SURGXFWV

2
6SHFLILFDWLRQV 7KH VHOHFWHGVSHFLILFDWLRQVKHHWV JLYHQ DUH DFWXDO LQGXVWU\VSHFLILFDWLRQV RU VSHFLILHG
TXDOLW\ JUDGHV HJ 3K(XUJUDGH RU 863JUDGH FRPPRQO\ XVHG E\ H[SRUWHUV DQG LPSRUWHUV :H GR
QRWJXDUDQWHHWKHLUFRQWHQWRUDFFXUDF\QRUZLVKWRLPSO\WKDWWKH\KDYHDQ\OHJDOVWDWXVLQWUDGH

6XEVFULSWLRQV7RVXEVFULEHWRWKH0160HGLFLQDO3ODQWVDQG([WUDFWVUHSRUW RUOHDUQPRUHDERXW
WKHPDQ\RWKHU016VHUYLFHVSURYLGHGE\,7&SOHDVHFRQWDFW

0DUNHW1HZV6HUYLFH016
,QWHUQDWLRQDO7UDGH&HQWUH81&7$':72
3DODLVGHV1DWLRQV*HQHYD6ZLW]HUODQG
7HO)D[
(0DLOIRUJHQHUDOHQTXLULHVDQGVXEVFULSWLRQVPQV#LQWUDFHQRUJ
:HEKWWSZZZPQVRQOLQHRUJ

3
63(&,$/)($785(6

,VVXH 1R  LQFOXGHV VL[ UHJLRQDO UHYLHZV HDFK ZLWK D VSHFLDO IRFXV RQ FXUUHQW GHYHORSPHQW
SURJUDPPHV LQYROYLQJ WKH PHGLFLQDO DQG DURPDWLF SODQW VHFWRU WKURXJK JRYHUQPHQW RUJDQL]DWLRQV
HJ *7= 86$,' LQWHUJRYHUQPHQWDO RUJDQL]DWLRQV HJ 81&7$' 81'3 81,'2 DQG QRQ
JRYHUQPHQWDORUJDQL]DWLRQVHJ::)

7UDGH 6SHFLILFDWLRQV (DFK HGLWLRQ FRQWDLQV WUDGH VSHFLILFDWLRQV IRU PHGLFLQDO SODQWV DQGRU WKHLU
H[WUDFWLYHVIURPHDFKRIVL[FRYHUHGUHJLRQV,QWKLVLVVXH\RXZLOOILQGVSHFLILFDWLRQVIURPHDFKRIWKH
VL[UHJLRQVIRUERWDQLFDOLQJUHGLHQWVWKDWDUHXVHGDVFRPSRQHQWVRIKHUEDOPHGLFLQDOSURGXFWVDQGRU
QDWXUDO KHDOWK SURGXFWV +LELVFXV IORZHU $IULFD %XUNLQD )DVR (J\SW 6XGDQ 1XWPHJ NHUQHO
(DVWHUQ$VLDQ&RXQWULHV,QGRQHVLD/LQGHQIORZHU(XURSH'DPDVNURVHIORZHU,QGLDDQGRWKHU
$VLDQ FRXQWULHV (YHQLQJ SULPURVH RLO 1RUWK $PHULFD &DQDGD DQG &DPX FDPX GU\ H[WUDFW
6RXWK$PHULFD3HUX

%DFN,VVXHV(DFKHGLWLRQDOVRLQFOXGHVDQDOSKDEHWLFDOUHIHUHQFHOLVWRIWUDGHVSHFLILFDWLRQVWKDWDUH
DYDLODEOHLQEDFNLVVXHVRIWKH016VLQFH

*OREDO+HUE7UDGH$VVRFLDWLRQ'LUHFWRU\(DFKHGLWLRQLQFOXGHVDUHJXODUO\XSGDWHGGLUHFWRU\ZLWK
FRQWDFW LQIRUPDWLRQ IRU KHUE WUDGH DVVRFLDWLRQV FRXQFLOV DQG H[SRUW SURPRWLRQ RUJDQL]DWLRQV WKDW
UHSUHVHQWWKHJURZHUVZLOGFROOHFWRUVSURFHVVRUVDQGWUDGHUVRIPHGLFLQDOKHUEVDQGH[WUDFWV

/LQNV WR 6XVWDLQDELOLW\ 6WDQGDUGV DQG *XLGDQFH 'RFXPHQWV 5HOHYDQW WR WKH *OREDO 7UDGH RI
0HGLFLQDO DQG $URPDWLF 3ODQWV DQG ([WUDFWV (DFK HGLWLRQ LQFOXGHV D UHJXODUO\ XSGDWHG VHFWLRQ
SURYLGLQJ OLQNV WR IXUWKHU LQIRUPDWLRQ RQ WKH YDULRXV VXVWDLQDELOLW\ VWDQGDUGV EHLQJ LPSOHPHQWHG DW
PHGLFLQDO FXOLQDU\ DQG DURPDWLF SODQW KDUYHVW VLWHV WKH VWDQGDUGV VHWWLQJ RUJDQL]DWLRQV DQG
FHUWLILFDWLRQRUYHULILFDWLRQRUJDQL]DWLRQV

5DWHVRI([FKDQJH0D\
&855(1&< &2'( 81,7686' 81,76(85
%ULWLVK3RXQG *%3  
&DQDGLDQ'ROODU &$'  
&KLQHVH<XDQ5HQPLQEL &1<  
(J\SWLDQ3RXQG (*3  
(852 (85  
+RQJ.RQJ'ROODU +.'  
,QGLDQ5XSHH ,15  
-DSDQHVH<HQ -3<  
0DOD\VLDQ5LQJJLW 0<5  
0H[LFDQ3HVR 0;1  
0RURFFDQ'LUKDP 0$'  
1HSDOHVH5XSHH 135  
3HUXYLDQ1XHYR6RO 3(1  
5XVVLDQ5XEOH 58%  
6RXWK$IULFDQ5DQG =$5  
6ZLVV)UDQF &+)  
7DLZDQ'ROODU 7:'  
8QLWHG6WDWHV'ROODU 86'  
6RXUFH<DKRRŠ)LQDQFH&XUUHQF\&RQYHUWHU
 

4
6RPH8VHIXO7HUPLQRORJ\

$(=     $JUL([SRUW=RQHV
$3,     $\XUYHGLF3KDUPDFRSRHLDRI,QGLD
$<86+    $\XUYHGD<RJDDQG1DWXURSDWK\8QDQL6LGGKDDQG+RPRHRSDWK\
%3     %ULWLVK3KDUPDFRSRHLD
%7)3    %LR7UDGH)DFLOLWDWLRQ3URJUDPPH
&%'    &RQYHQWLRQRQ%LRGLYHUVLW\
&&&    6WDQGDUG&ODVVLILFDWLRQRI&RPPRGLWLHVRIWKH5HSXEOLFRI&KLQD
&&&&6    &RPPRGLW\&ODVVLILFDWLRQIRU&KLQD&XVWRPV6WDWLVWLFV
FIXJ    &RORQ\IRUPLQJXQLWVSHUJUDP
& )    &RVW )UHLJKWPHDQVWKHSULFHLQFOXGHVFRVWDQGIUHLJKWFKDUJHV
&)5 6HOOHU KDV WKH VDPH UHVSRQVLELOLWLHV DV ZKHQ VKLSSLQJ )2% EXW
VKLSSLQJFRVWVDUHSUHSDLGE\WKHVHOOHU
&,) &RVW ,QVXUDQFH )UHLJKW PHDQV WKH SULFH LQFOXGHV FRVW IUHLJKW DQG
LQVXUDQFH
&,7(6 &RQYHQWLRQ RQ ,QWHUQDWLRQDO 7UDGH LQ (QGDQJHUHG 6SHFLHV RI :LOG
)ORUD )DXQD
&/ &RQWDLQHUORDG
&6     &XWDQGVLIWHG
&2075$'(   &RPPRGLW\7UDGH6WDWLVWLFV'DWDEDVH
&26(:,&    &RPPLWWHHRQWKH6WDWXVRI(QGDQJHUHG:LOGOLIHLQ&DQDGD
('40    (XURSHDQ'LUHFWRUDWHIRUWKH4XDOLW\RI0HGLFLQHV
(0($    (XURSHDQ0HGLFLQHV$JHQF\
(VVHQWLDO2LOV 2GRURXV SURGXFW XVXDOO\ RI FRPSOH[ FRPSRVLWLRQ REWDLQHG IURP D
ERWDQLFDOO\ GHILQHG SODQW UDZ PDWHULDO E\ VWHDP GLVWLOODWLRQ GU\
GLVWLOODWLRQRUDVXLWDEOHPHFKDQLFDOSURFHVVZLWKRXWKHDWLQJ
([WUDFWV 3UHSDUDWLRQV RI OLTXLG OLTXLG H[WUDFWV DQG WLQFWXUHV VHPLVROLG VRIW
H[WUDFWV DQG ROHRUHVLQV RU VROLG GU\ H[WUDFWV FRQVLVWHQF\ REWDLQHG
IURP +HUEDO 'UXJV RU DQLPDO PDWWHU SUHSDUHG E\ VXLWDEOH PHWKRGV
XVLQJHWKDQRORURWKHUVXLWDEOHVROYHQWV
(;: ([ZRUNV%X\HUDUUDQJHVIRUSLFNXSRIJRRGVDWWKHVHOOHU
VORFDWLRQ
6HOOHU LV UHVSRQVLEOH IRU SDFNLQJ ODEHOLQJ DQG SUHSDULQJ JRRGV IRU
VKLSPHQWRQDVSHFLILHGGDWHRUWLPHIUDPH
)DUP*DWH3ULFH 5HIHUV WR WKH GROODU YDOXH RI DJULFXOWXUDO SURGXFWV WKDW \RX UHFHLYH
IURP GLUHFW IDUP VDOHV RU WKH YDOXH RI SULPDU\ SURGXFWV XVHG IRU
SURFHVVLQJ
)$6 )UHH DORQJVLGH VKLS  %X\HU DUUDQJHV IRU RFHDQ WUDQVSRUW 6HOOHU LV
UHVSRQVLEOH IRU SDFNLQJ ODEHOLQJ SUHSDULQJ JRRGV IRU VKLSPHQW DQG
GHOLYHULQJWKHJRRGVWRWKHGRFN
)$69DOXH 9DOXHRIH[SRUWVDWWKHVHDSRUWDLUSRUWRUERUGHUSRUWRIH[SRUWDWLRQ
EDVHGRQWKHWUDQVDFWLRQSULFHLQFOXGLQJLQODQGIUHLJKWLQVXUDQFHDQG
RWKHU FKDUJHV LQFXUUHG LQ SODFLQJ WKH PHUFKDQGLVH DORQJVLGH WKH
FDUULHUDWWKHSRUWRIH[SRUW
)&$ )UHH FDUULHU VHOOHU LV UHVSRQVLEOH IRU FRVWV XQWLO WKH EX\HU
V QDPHG
IUHLJKWFDUULHUWDNHVFKDUJH
)&/ )XOOFRQWDLQHUORDG
)/2   )DLUWUDGH/DEHOOLQJ2UJDQL]DWLRQV,QWHUQDWLRQDO
)2% )UHH 2Q %RDUG  PHDQV WKDW WKH SULFH RQO\ LQFOXGHV WKH FRVW RI WKH
LWHP 6HOOHU DUUDQJHV IRU WUDQVSRUW RI WKH JRRGV SUHSDULQJ JRRGV IRU
VKLSPHQWDQGORDGLQJWKHJRRGVRQWRWKHYHVVHO
)25 )27 )UHH 2Q 5DLO RU )UHH RQ 7UXFN ERWK UHIHU WR JRRGV EHLQJ FDUULHG E\
UDLODQGVKRXOGRQO\EHXVHGZKHQWKHJRRGVDUHFDUULHGE\UDLO7KH
ULVNRIORVVRUGDPDJHLVWUDQVIHUUHGZKHQWKHJRRGVDUHORDGHGRQWR
WKHUDLO
)6&   )RUHVW6WHZDUGVKLS&RXQFLO
)7$     )UHH7UDGH$JUHHPHQW
)7&     )DLU7UDGH&HUWLILHG
):&    )DLU:LOG&HUWLILHG
):)    )DLU:LOG)RXQGDWLRQ

5
*$&3    *RRG$JULFXOWXUDODQG&ROOHFWLRQ3UDFWLFH
*$3    *RRG$JULFXOWXUDO3UDFWLFH
*03    *RRG0DQXIDFWXULQJ3UDFWLFH
KD     +HFWDUH
+HUEDO'UXJ3UHSDUDWLRQV 2EWDLQHGE\VXEMHFWLQJ+HUEDO'UXJVWRWUHDWPHQWVVXFKDVH[WUDFWLRQ
GLVWLOODWLRQ H[SUHVVLRQ IUDFWLRQDWLRQ SXULILFDWLRQ FRQFHQWUDWLRQ RU
IHUPHQWDWLRQ 7KHVH LQFOXGH FRPPLQXWHG RU SRZGHUHG KHUEDO GUXJV
WLQFWXUHV H[WUDFWV HVVHQWLDO RLOV H[SUHVVHG MXLFHV DQG SURFHVVHG
H[XGDWHV
+HUEDO'UXJV : KROH IUDJPHQWHG RU FXW SODQWV SDUWV RI SODQWV DOJDH IXQJL RU
OLFKHQ LQ DQ XQSURFHVVHG VWDWH XVXDOO\ LQ GULHG IRUP EXW VRPHWLPHV
IUHVK &HUWDLQ H[XGDWHV WKDW KDYH QRW EHHQ VXEMHFWHG WR D VSHFLILF
WUHDWPHQWDUHDOVRFRQVLGHUHGWREHKHUEDOGUXJV
+HUEDO7HDV &RQVLVW H[FOXVLYH RI RQH RU PRUH +HUEDO 'UXJV LQWHQGHG IRU RUDO
DTXHRXVSUHSDUDWLRQVE\PHDQVRIGHFRFWLRQLQIXVLRQRUPDFHUDWLRQ
XVXDOO\VXSSOLHGLQEXONIRUPRULQVDFKHWV 
+3/&    +LJK3HUIRUPDQFH/LTXLG&KURPDWRJUDSK\
+37/&    +LJK3HUIRUPDQFH7KLQ/D\HU&KURPDWRJUDSK\
+6&RGH    +DUPRQL]HG6\VWHP&RGH
,6     ,QVWRUHPHDQLQJWKHKHUEHJIOD[VHHGLVLQWKHJUDLQHOHYDWRU
,7&+6   ,QGLDQ7UDGH&ODVVLILFDWLRQ+DUPRQL]HG6\VWHP
,7&   ,QWHUQDWLRQDO7UDGH&HQWUH81&7$':72
0$3    0HGLFLQDODQG$URPDWLF3ODQWV
1/7     1RWOHVVWKDQ
1+3    1DWXUDO+HDOWK3URGXFW&DQDGD
1$,&6    1RUWK$PHULFDQ,QGXVWU\&ODVVLILFDWLRQ6\VWHP
1(62,    1RW(OVHZKHUH6SHFLILHG2U,QFOXGHG
107    1RWPRUHWKDQ
123    1DWLRQDO2UJDQLF3URJUDP86'$
17)3    1RQ7LPEHU)RUHVW3URGXFWV
27&    2YHUWKH&RXQWHUPHGLFLQHV0HGLFLQHVVROGZLWKRXWDSUHVFULSWLRQ
3(     3RZGHUHG([WUDFW
3K(XU    (XURSHDQ3KDUPDFRSRHLD
3K)U    3KDUPDFRSpH)UDQoDLVH
6(     6RIW([WUDFW
7%&     7HDEDJFXW
7&0    7UDGLWLRQDO&KLQHVH0HGLFLQH
7+0    7UDGLWLRQDO+HUEDO0HGLFLQH
7+03    7UDGLWLRQDO+HUEDO0HGLFLQDO3URGXFW
7/&     7KLQ/D\HU&KURPDWRJUDSK\
8(%7    8QLRQIRU(WKLFDO%LRWUDGH
83,     8QDQL3KDUPDFRSRHLDRI,QGLD
86'     8QLWHG6WDWHV'ROODU
86'$    8QLWHG6WDWHV'HSDUWPHQWRI$JULFXOWXUH
863     8QLWHG6WDWHV3KDUPDFRSHLD
9$7     9DOXH$GGHG7D[
 

6

$)5,&$
¾ 


$5$%5(38%/,&2)(*<37
81,'2(*<37±83*5$',1*(*<37,$10$39$/8(&+$,16
$ IRXU\HDU 86'  PLOOLRQ SURMHFW HQWLWOHG ʊ8SJUDGLQJ WKH 0HGLFLQDO DQG $URPDWLF 3ODQWV
9DOXH &KDLQV  $FFHVV WR H[SRUW PDUNHWV´ RULJLQDOO\ VFKHGXOHG WR FRPPHQFH LQ -DQXDU\  KDV
VLQFHFRPPHQFHGIROORZLQJWKHHQGRIWKHUHYROXWLRQLQ)HEUXDU\7KHSURMHFWLVIXQGHGLQSDUW
E\ WKH 6WDWH 6HFUHWDULDW IRU (FRQRPLF $IIDLUV 6(&2 RI WKH 6ZLVV &RQIHGHUDWLRQ ZLWK FRXQWHUSDUW
LQSXWVE\WKH(J\SWLDQ0LQLVWU\RI,QGXVWU\DQG)RUHLJQ7UDGH&RXQFLORI7HFKQRORJ\DQG,QQRYDWLRQ
&HQWHUV DQG WKH (WUDFH &HQWHU (J\SWLDQ 7UDFHDELOLW\ &HQWUH IRU $JUR,QGXVWULDO ([SRUWV 7KH
H[HFXWLQJDJHQF\IRUWKLVSURMHFWLVWKH8QLWHG1DWLRQV,QGXVWULDO'HYHORSPHQW2UJDQL]DWLRQ81,'2
7KHSURMHFWDLPVWROHYHUDJHWKH$JULFXOWXUHDQG$JUR,QGXVWULHV7HFKQRORJ\&HQWHUµVWHFKQLFDO
LQIUDVWUXFWXUH LQ RUGHU WR LPSURYH VXSSO\ FKDLQV RI PHGLFLQDO DQG DURPDWLF SODQWV 0$3 )RU PRUH
LQIRUPDWLRQ RQ WKH SURMHFW ZKLFK UXQV XQWLO 'HFHPEHU  FRQWDFW 0U 0DKPRXG $EGHO6DODP
1DWLRQDO 7HFKQLFDO &RRUGLQDWRU (WUDFH $JULFXOWXUH DQG $JURLQGXVWULHV 7HFKQRORJ\ &HQWHU *L]D
(J\SWPVDODP#HWUDFHHJRUJ

6285&( 81,'2 5HJLRQDO 2IILFH (J\SW 8SJUDGLQJ WKH 0HGLFLQDO DQG $URPDWLF 3ODQWV 9DOXH &KDLQ 
KWWSZZZXQLGRRUJLQGH[SKS"LG 

81'3(*<37±0(',&,1$/3/$176&216(59$7,21352-(&7
7KH0HGLFLQDO3ODQWV&RQVHUYDWLRQ3URMHFW03&3LVMRLQWO\XQGHUWDNHQE\WKH8QLWHG1DWLRQV
'HYHORSPHQW 3URJUDP 81'3 WKH *OREDO (QYLURQPHQW )DFLOLW\ *() DQG WKH (J\SWLDQ
(QYLURQPHQWDO$IIDLUV$JHQF\(($$,WLVDQDWLRQDOSURMHFWWKDWDLPVDWH[DPLQLQJDQGHOLPLQDWLQJ
WKH URRW FDXVHV WR WKH ORVV LQ ELRGLYHUVLW\ DQG DGGUHVVLQJ WKH WKUHDWV WR WKH FRQVHUYDWLRQ DQG
VXVWDLQDEOH XVH RI PHGLFLQDO SODQWV LQ (J\SW WKURXJK D QXPEHU RI LQWHUYHQWLRQV ZKLOH DW WKH VDPH
WLPHHPSRZHULQJWKH%HGRXLQFRPPXQLW\WRXVHDQGPDQDJHLWVUHVRXUFHVLQDVXVWDLQDEOHPDQQHU
2Q0DUFKWKH03&3SURGXFHGVKRUWILOP+HDOLQJDW0RXQW6LQDLZDVFKRVHQDPRQJ
KXQGUHGV RI ILOPV WR EH QRPLQDWHG IRU WKH $O -D]HHUD ,QWHUQDWLRQDO 'RFXPHQWDU\ )LOP $ZDUG 7KH
DZDUGVFHUHPRQ\ZDVKHOG$SULODVSDUWRIWKHWK$O-D]HHUD,QWHUQDWLRQDO'RFXPHQWDU\
)LOP)HVWLYDOLQ'RKD4DWDU
2Q-XQHWKH03&3DQQRXQFHGWKDWLWLVVHHNLQJWRKLUHVHYHUDOSHUVRQVLQFOXGLQJ
DTXDOLILHGFRQVXOWDQWWRFRQGXFWWUDLQLQJVHVVLRQVRQWKHPRUSKRORJLFDOGHVFULSWLRQRI0HGLFLQDODQG
$URPDWLF 3ODQWV  DQ $UW 'HVLJQHU DQG 3URGXFW 'HYHORSPHQW &RQVXOWDQW  D 3URGXFWLRQ
3DFNDJLQJDQG/DEHOLQJ&RQVXOWDQWDQGDQ(QYLURQPHQWDO(FRQRPLFV&RQVXOWDQW7KHUHVSHFWLYH
7HUPV RI 5HIHUHQFH 7R5 DUH SRVWHG RQOLQH XQGHU WKH PHQX LWHP 5HVRXUFHV DW
KWWSZZZPSFSHJ\SWFRP(QJOLVK5HVRXUFHV5HVRXUFHVDVS[ $SSOLFDQWV VKRXOG VXEPLW D FRYHU
OHWWHUVXPPDUL]LQJWKHLUTXDOLILFDWLRQVIRUWKHSRVLWLRQDQGDFXUUHQW&9WRLQIR#PSFSHJ\SWFRP

6285&( 81'3 (J\SW 0HGLFLQDO 3ODQWV &RQVHUYDWLRQ 3URMHFW 03&3 1HZV 
KWWSZZZPSFSHJ\SWFRP(QJOLVK1HZV1HZVDVS[


%85.,1$)$62±1(:/<&(57,),('6285&(62))$,575$'(+,%,6&86)/2:(5
+LELVFXV IORZHU DND 5RVHOOH +LELVFXV VDEGDULIID LV XVHG DV D FRPSRQHQW RI KHDOWK\
EHYHUDJHV GLHWDU\ VXSSOHPHQW SURGXFWV QDWXUDO KHDOWK SURGXFWV DQG RI KHUEDO PHGLFLQDO SURGXFWV
+LELVFXV H[WUDFWV DQG KHUEDO WHDV KDYH EHHQ WKH VXEMHFW RI UHFHQW FOLQLFDO WULDOV ORRNLQJ DW SRWHQWLDO
QHZWKHUDSHXWLFXVHV
8QWLOYHU\UHFHQWO\WKHRQO\VRXUFHFRXQWU\IRU)DLU7UDGH&HUWLILHGDQGRUJDQLFFHUWLILHGKLELVFXV
IORZHU ZDV WKH $UDE 5HSXEOLF RI (J\SW 1RZ LQ  D QXPEHU RI SURGXFHUV DQG WUDGHUV LQ WKH
FRXQWU\ RI %XUNLQD )DVR KDYH DFKLHYHG )DLU7UDGH &HUWLILFDWLRQ WKURXJK WKH )DLU7UDGH /DEHOOLQJ
2UJDQLVDWLRQV ,QWHUQDWLRQDO )/2&(57 *PE+ KWWSZZZIORFHUWQHW 7DEOH  QH[W SDJH VKRZV
GHWDLOVIRUWKH)/2&(57SURGXFHUVDQGWUDGHUVRIKLELVFXVIORZHUIURPERWK%XUNLQD)DVRDQG(J\SW
2I SRVVLEOH LQWHUHVW WR SURGXFW GHYHORSHUV DQG PDUNHWHUV RI KLELVFXV LQJUHGLHQWV UHFHQWO\
SXEOLVKHG VWXGLHV WKDW LQYHVWLJDWH WKH YDULRXV WUDGLWLRQDO DQG SRWHQWLDO QHZ KHDOWK DQG WKHUDSHXWLF
XVHVRIKLELVFXVH[WUDFWVDQGWHDVLQFOXGHWKHIROORZLQJOLVWHGSDSHUVDORQJZLWKZHEVLWHOLQNVWRPRUH
LQIRUPDWLRQDERXWHDFKVWXG\


7
 ¾ 6XUYH\RQPHGLFLQDOSODQWVDQGVSLFHVXVHGLQ%HQL6XHI8SSHU(J\SW
KWWSZZZQFELQOPQLKJRYSXEPHG
¾ 3K\VLFRFKHPLFDODQGSK\WRFKHPLFDOSURSHUWLHVRIFROGDQGKRWZDWHUH[WUDFWLRQIURP Hibiscus
sabdariffaKWWSZZZQFELQOPQLKJRYSXEPHG
¾ $QWLR[LGDQWDQGGUXJGHWR[LILFDWLRQSRWHQWLDOVRIHibiscus sabdariffaDQWKRF\DQLQH[WUDFW
KWWSZZZQFELQOPQLKJRYSXEPHG
¾ /LSRVRPHFRQWDLQLQJHibiscus sabdariffaFDO\[H[WUDFWIRUPXODWLRQVZLWKLQFUHDVHGDQWLR[LGDQW
DFWLYLW\LPSURYHGGHUPDOSHQHWUDWLRQDQGUHGXFHGGHUPDOWR[LFLW\
KWWSZZZQFELQOPQLKJRYSXEPHG
¾ 'HWHUPLQDWLRQRI$QWLPLFURELDO$FWLYLW\RI6RUUHOHibiscus sabdariffaRQ(VFKHULFKLDFROL
2+,VRODWHGIURP)RRG9HWHULQDU\DQG&OLQLFDO6DPSOHV
KWWSZZZQFELQOPQLKJRYSXEPHG
¾ Hibiscus sabdariffa/WHDWLVDQHORZHUVEORRGSUHVVXUHLQSUHK\SHUWHQVLYHDQGPLOGO\
K\SHUWHQVLYHDGXOWVKWWSZZZQFELQOPQLKJRYSXEPHG
¾ $QHYDOXDWLRQRIWKHK\SROLSLGHPLFHIIHFWRIDQH[WUDFWRIHibiscus sabdariffaOHDYHVLQ
K\SHUOLSLGHPLF,QGLDQVDGRXEOHEOLQGSODFHERFRQWUROOHGWULDO
KWWSZZZQFELQOPQLKJRYSXEPHG
¾ (IIHFWVRIHibiscus sabdariffaH[WUDFWSRZGHUDQGSUHYHQWLYHWUHDWPHQWGLHWRQWKHOLSLGSURILOHV
RISDWLHQWVZLWKPHWDEROLFV\QGURPH0H6\KWWSZZZQFELQOPQLKJRYSXEPHG
¾ (IIHFWVRIVRXUWHDHibiscus sabdariffaRQOLSLGSURILOHDQGOLSRSURWHLQVLQSDWLHQWVZLWKW\SH,,
GLDEHWHVKWWSZZZQFELQOPQLKJRYSXEPHG

7DEOH±$IULFDQ3URGXFHUVDQG7UDGHUVRI)DLU7UDGH&HUWLILHG+LELVFXV)ORZHU
$IULFDQ3URGXFHUVRI)DLU7UDGH+,%,6&86
1DPH &RXQWU\ &RQWDFW :HEVLWH
&22352/() %XUNLQD  KWWSZZZIDLUWUDGHDIULFDQHWSURGXFHUV
=RXWRXGH.RXULQLRQ )DVR SURGXFWVSURGXFHUSURILOH"SURG 
&223$.( %XUNLQD 3DXO2XHGUDRJR7HO KWWSZZZIDLUWUDGHDIULFDQHWSURGXFHUV
&RRSHUDWLYH$JULFROHGX )DVR  SURGXFWVSURGXFHUSURILOH"SURG 
.HQHGRXJRX
/LEUD2UJDQLF&XOWLYDWLRQ
5R\DO2WWRPDQ&RDQG,WV
$IILOLDWH2UJDQLF1DWXUH&R
6DNDUDQ6RFLHW\
'HYHORSPHQW$VVRFLDWLRQ
8*&3$%0
O¶8QLRQGHV*URXSHPHQWV
SRXUOD&RPPHUFLDOLVDWLRQ
GHV3URGXLWV$JULFROHVGDQV
HEHQIUXLW#\DKRRIU
(J\SW *KDULHE$EGHOKDPLG
JKDULHEDEGHOKDPLG#VHNHPFRP
(J\SW 0RKDPHG5H]N7HO
LQIR#UR\DOIRUKHUEVFRP
(J\SW )DWK\6ROLPDQ
IDWK\V#GHOWDVSLFHHJHFRFRP
%XUNLQD 0RXQLD(VVHILDQL
)DVR 7HO
LQIR#DJULIDVRFRP

KWWSZZZVHNHPFRPHQJOLVKHFRQRPLF&RPSDQ\
DVS["&,' 

KWWSZZZUR\DOIRUKHUEVFRP

KWWSZZZIDLUWUDGHDIULFDQHWSURGXFHUV
SURGXFWVSURGXFHUSURILOH"SURG 
KWWSZZZDJULIDVRFRPKLELVFXVKWPO
OD%RXFOHGX0RXKRXQ
$*5,)$626$5/
%XUNLQDWXUH6$5/
'HOWD6SLFH/DQG&RPSDQ\
(J\*URXS&R
)DUPHUV'HYHORSPHQW
$VVRFLDWLRQ
*HEDQD$IULTXH
*L]D6HHGV +HUEV
/RWXV&R

$IULFDQ7UDGHUVRI)DLU7UDGH+,%,6&86
%XUNLQD 0RXQLD(VVHILDQL7HO KWWSZZZDJULIDVRFRPKLELVFXVKWPO
)DVR LQIR#DJULIDVRFRP
%XUNLQD %RYH\&ODXGH7HO KWWSZZZFROHDFSRUJHQLQWUDQHWRUJDQLVPH
)DVR 
EXUNLQDWXUH#JPDLOFRP
(J\SW 6DEU\=DN\7DKD KWWSZZZGHOWDVSLFHFRP
7HO 
VDEU\#GHOWDVSLFHHJHFRFRP
(J\SW 1DVVDU.KDOLID KWWSHJ\JURXSFRP
NKDOLID#HJ\JURXSFRP 
(J\SW (QJ$WWLD0RKDPHG6REK\ KWWSZZZIDLUWUDGHDIULFDQHWSURGXFHUV
7HO SURGXFWVSURGXFHUSURILOH"SURG 
IGDHJ\SW#JPDLOFRP 
%XUNLQD 'DYLG+HXEL KWWSZZZJHEDQDFRPKWPJHEDQDBDIULTXHBHKWP
)DVR LQIR#JHEDQDFRP 
(J\SW $ODD(O'LQ6ROOPDQ7HO KWWSZZZJL]DVHHGVFRP
LQIR#JL]DVHHGVFRP 
(J\SW &KULVWRSKH)ORULGH KWWSZZZVHNHPFRPHQJOLVKHFRQRPLF&RPSDQ\
FKULVWRSKHIORULGH#VHNHPFRP DVS["&,' 
8
 %27$1,&$/352'8&763(&,),&$7,216
+LELVFXV)ORZHU5RVHOOH
DSURGXFWRI%XUNLQD)DVR(J\SW6HQHJDODQGWKH6XGDQ


352'8&7 5RVHOOH3K(XU 
%RWDQLFDOQDPH +LELVFXVVDEGDULIID/)DP0DOYDFHDH
3KDUPDFRSRHLDOQDPH +LELVFLVDEGDULIIDHIORV3K(XU
3DUWXVHG :KROHRUFXWGULHGFDO\FHVDQGHSLFDO\FHV
&XOWLYDWHGRUZLOG &XOWLYDWHG
6WRUDJH 6WRUHSURWHFWHGIURPPRLVWXUH
,'(17,),&$7,21
&KDUDFWHUV $FLGLFWDVWH
0DFURVFRSLF 3K(XU5RVHOOH0RQRJUDSK,'7HVW$
0LFURVFRSLF 3K(XU5RVHOOH0RQRJUDSK,'7HVW%
7KLQOD\HUFKURPDWRJUDSK\ 3K(XU5RVHOOH0RQRJUDSK,'7HVW&3K(XU
7(676
)RUHLJQPDWWHU 107RIIUDJPHQWVRIIUXLWVUHGIXQLFOHVDQGSDUWVRIWKH
FDYHUQHG FDSVXOH ZLWK \HOORZLVKJUH\ SHULFDUS ZKRVH WKLQ
ZDOOV FRQVLVW RI VHYHUDO OD\HUV RI GLIIHUHQWO\ GLUHFWHG ILEUHV
IODWWHQHGUHQLIRUPHVHHGVZLWKDGRWWHGVXUIDFH3K(XU
/RVVRQGU\LQJ 1073K(XU
7RWDODVK 1073K(XU
&RORXULQJLQWHQVLW\ 7KH DEVRUEDQFH LV 1/7  IRU WKH ZKROH GUXJ DQG 1/7
IRUWKHFXWGUXJ3K(XU
&RQWHQW 1/7RIDFLGVH[SUHVVHGDVFLWULFDFLGGULHGGUXJ
&217$0,1$7,21
+HDY\PHWDOV 107SSPFDGPLXP
107SSPOHDG
107SSPPHUFXU\
3HVWLFLGHUHVLGXHV 0HHWVWKHUHTXLUHPHQWV3K(XU*HQHUDO&KDSWHU

 

 WK
 (XURSHDQ 3KDUPDFRSRHLDO &RPPLVVLRQ 5RVHOOH ,Q (XURSHDQ 3KDUPDFRSRHLD   HGLWLRQ 3K(XU 
6WUDVERXUJ)UDQFH(XURSHDQ'LUHFWRUDWHIRUWKH4XDOLW\RI0HGLFLQHV('40

9
 %27$1,&$/5$:0$7(5,$/6LQGLFDWLYHEXONSULFHV

3URGXFW %RWDQLFDO1DPH &XOWLYDWHG 2ULJLQ 3ULFH %DVLV
RU:LOG 86'NJ
&KDPRPLOHIORZHU  0DWULFDULDUHFXWLWD & (J\SW  )2%86$
&ORYHIORZHUEXG 6\]\JLXPDURPDWLFXP & 0DGDJDVFDU=DQ]LEDU  6SRW1<
)HQQHOIUXLW )RHQLFXOXPYXOJDUH & (J\SW  6SRW1<
&HUWLILHGRUJDQLF &HUWLILHGRUJDQLF )DLU7UDGH1. QRWNQRZQ

%27$1,&$/(;75$&76LQGLFDWLYHEXONSULFHV

3URGXFW 6WDQGDUG 2ULJLQ 3ULFH %DVLV
86'NJ
'HYLO
VFODZURRWGU\H[WUDFW ZZ $IULFD  )2%2ULJLQ
+DUSDJRSK\WXPSURFXPEHQV
.RODQXWGU\H[WUDFW FDIIHLQH $IULFD  )2%2ULJLQ
&RODQLWLGD

1RWHV
4XDOLW\6WDQGDUGV2IILFLDOTXDOLW\VWDQGDUGVPRQRJUDSKVIRUPRVWWKHDERYHOLVWHGERWDQLFDOUDZ
WK
PDWHULDOV FDQ EH IRXQG LQ HLWKHU WKH (J\SWLDQ 3KDUPDFRSRHLD   HGLWLRQ  $UDELF DQG (QJOLVK
VW QG
HGLWLRQVWKH*KDQD+HUEDO3KDUPDFRSRHLD (GLWLRQ (GLWLRQDQGRUWKH(XURSHDQ
WK
3KDUPDFRSRHLD3K(XU HGLWLRQRU)UHQFK3KDUPDFRSRHLD3K)U;


0((7,1*6$1'75$'(6+2:6
$)5,&$
'HFHPEHU
%,2 1$7 ,, 7+( 6(&21' (8520(' &21)(5(1&( 3/$17 1$785$/ 352'8&76 )520
%,2',9(56,7<72%,2,1'8675<
9HQXH  $OH[DQGULD(J\SW
&RQWDFW  $VKUDI$.KDOLO3K'
(0$,/  ELRQDW#JPDLOFRPLQIR#ELRQDWVRUJ
:(%  KWWSZZZELRQDWVRUJ

7KH FRQIHUHQFH ZLOO EH DFFRPSDQLHV E\ DQ H[KLELWLRQ RSHQ WR DFDGHPLF LQVWLWXWLRQV VFLHQWLILF
DVVRFLDWLRQV QRQSURILW IRXQGDWLRQV EDQNV LQWHUQDWLRQDO RUJDQL]DWLRQV SKDUPDFHXWLFDO FRVPHWLF
DJULFXOWXUH DQG FKHPLFDO LQGXVWULHV UDZ PDWHULDOV DQG RWKHUV ZKR VKDUH D FRQFHUQ ZLWK PHGLFLQDO
SODQWVSKDUPDFHXWLFDOVFRVPHWLFVDQGQDWXUDOSURGXFWV

 

10
&+,1$DQGRWKHU(DVW$VLDQ&RXQWULHV

3(23/(µ65(38%/,&2)&+,1$
7KLVHGLWLRQRIWKH0DUNHW1HZV6HUYLFH016IRU0HGLFLQDO3ODQWVEHJLQVWRXWLOL]HWKHQHZO\
HVWDEOLVKHG &KHQJGX 0DUNHW 3ULFH ,QGH[ IRU 0HGLFLQDO 3ODQWV 6HH %RWDQLFDO 5DZ 0DWHULDOV
LQGLFDWLYH EXON SULFHV VHFWLRQ 7KH PHGLFLQDO SODQW SULFH LQGH[ ZDV ODXQFKHG LQ &KHQJGX 6LFKXDQ
3URYLQFH LQ $SULO  E\ WKH 0LQLVWU\ RI &RPPHUFH ,W LV GHVLJQHG WR PRQLWRU PDUNHW SULFHV RI
PHGLFLQDO SODQWV DQG KHOS WR DYRLG VKDUS SULFH IOXFWXDWLRQV 7KH &KHQJGX SULFH LQGH[ VKRZV WKH
ZHHNO\PDUNHWSULFHVSULFHFKDQJHVDQGFKDQJHUDWHVRIGLIIHUHQW&KLQHVHPHGLFLQDOSODQWV
&KHQJGX
V+HKXDFKL+HUEDO0HGLFLQH0DUNHWLVRQHRIWKHQDWLRQ
VELJJHVWPDUNHWVE\WXUQRYHU


&KHQJGX+HKXDFKL&KLQHVH+HUEDO0HGLFLQH0DUNHW

7KH&KHQJGXPHGLFLQDOSODQWSULFHLQGH[FDQEHDFFHVVRQOLQHDWKWWSZZZ\VLQGH[FRPDQG
LVSUHVHQWO\DYDLODEOHLQ&KLQHVHODQJXDJHRQO\+HUHLVDQH[DPSOHRIDQHQWU\IRUO\FLXPIUXLWGULHG
JRMLEHUULHVIURP1LQJ[LDZLWKSULFLQJTXRWHGIRU-XO\DQGSDVWZHHNVFRPSDULVRQFKDUW


Ꮼኟᯭᮯ୍➼ඖ༓ඞ1LQJ[LD&KLQHVHPDWULPRQ\YLQHIUXLW<XDQNLORJUDP
㵐嵴ῤ 㵐嵴ᖜ ᖜ
㖞斜 ㉍௴
,QFUHDVH'HFUHDVHIURP 3HUFHQWDJH&KDQJH
'DWH 4XRWHGSULFH
SUHYLRXVZHHN IURPSUHYLRXVZHHN
ᖺ᭶᪥ <XDQNJ  


 

11
5(38%/,&2),1'21(6,$
81&7$'
V %LR7UDGH ,QLWLDWLYH ZKLFK VXSSRUWV GHYHORSLQJ FRXQWULHV LQ SURPRWLQJ WKH
VXVWDLQDEOH XVH RI WKHLU ELRGLYHUVLW\ LV LQ WKH SURFHVV RI FRQGXFWLQJ D VWXG\ RQ $VVHVVLQJ WKH
%LR7UDGHSRWHQWLDORI,QGRQHVLD,WLVLQWHQGHGWRSURYLGHDQRYHUYLHZRIWKHFRXQWU\
VSRWHQWLDOLQWKH
XVH DQG WUDGH RI ELRGLYHUVLW\EDVHG SURGXFWV DQG VHUYLFHV DQG WR LGHQWLI\ SURPLVLQJ VHFWRUVYDOXH
FKDLQV DQG WKHLU SRWHQWLDO IRU VXVWDLQDEOH VRXUFLQJ ZKLOH FRQWULEXWLQJ WR SRYHUW\ DOOHYLDWLRQ DQG
ELRGLYHUVLW\FRQVHUYDWLRQ

,QIXUWKHUHQJDJLQJORFDODFWRUVLQGHYHORSLQJVXVWDLQDEOHELRGLYHUVLW\EDVHGVHFWRUV81&7$'
ZLWK WKH VXSSRUW RI WKH 6ZLVV 6HFUHWDULDW IRU (FRQRPLF $IIDLUV 6(&2 LV RUJDQL]LQJ D 9DOXH &KDLQ
$QDO\VLV :RUNVKRS IRU WKH 1DWXUDO ,QJUHGLHQWV 5DWWDQ DQG (FRWRXULVP 6HFWRUV RQ
-XO\LQ-DNDUWD,QGRQHVLD

7KHZRUNVKRSDLPVWRSURYLGHDSODWIRUPWRGLVFXVVWKHLQLWLDOUHVXOWVRIWKHVWXG\DVZHOODVWR
LGHQWLI\ DQGDGGUHVVFKDOOHQJHVDQG RSSRUWXQLWLHVLQ SURPRWLQJWKHGHYHORSPHQWRIWKHVHVHFWRUV,W
ZLOODOVREHDQRSSRUWXQLW\WRLGHQWLI\DQGHVWDEOLVKSRVVLEOHFRRSHUDWLRQDQGV\QHUJLHVZLWKRQJRLQJ
SURJUDPPHV DQG LQLWLDWLYHV IURP JRYHUQPHQW HQWLWLHV DV ZHOO DV SULYDWH DQG DFDGHPLF VHFWRUV DQG
FLYLOVRFLHW\

,QGRQHVLD LV D PDMRU SURGXFHU DQG H[SRUWHU RI QDWXUDO PHGLFLQDO DQG DURPDWLF SODQW LQJUHGLHQWV
LQFOXGLQJDPRQJRWKHUV

x DJDUZRRG$TXLODULDPDODFFHQVLV
x EHWHOQXW$UHFDFDWHFKX
x EODFNSHSSHUIUXLW3LSHUQLJUXP
x FDUGDPRPVHHG(OHWWDULDFDUGDPRPXP
x FORYHIORZHUEXG6\]\JLXPDURPDWLFXP
x FRSDOJXP%XUVHUDELSLQQDWD
x FXEHEIUXLW3LSHUFXEHED
x GDPPDUJXP$JDWKLVVSSDQG6KRUHDVSS
x JDPELUH[WUDFW8QFDULDJDPELU
x JLQJHUUKL]RPH=LQJLEHURIILFLQDOH
x JXWWDKDQJNDQJ3DODTXLXPOHLRFDUSXP3REORQJLIROLXP
x JXWWDSHUFKDODWH[3DODTXLXPJXWWDDQG3D\HQDVSS
x -DYDWHDOHDI2UWKRVLSKRQVWDPLQHXV
x -DYDQHVHWXUPHULFUKL]RPH&XUFXPD[DQWKRUUKL]D
x PDFHDULO0\ULVWLFDIUDJUDQV
x QXWPHJNHUQHO0\ULVWLFDIUDJUDQV
x 3DGDQJFLQQDPRQEDUN&LQQDPRPXPEXUPDQLL
x SDWFKRXOLOHDI3RJRVWHPRQFDEOLQ
x VDSSDQZRRG&DHVDOSLQLDVDSSDQ
x 6XPDWUDEHQ]RLQJXP6W\UD[EHQ]RLQRU6W\UD[SDUDOOHORQHXUXV
x WRQJNDWDOLURRW(XU\FRPDORQJLIROLD

6HHʊ 0HHWLQJVDQG7UDGH6KRZV”VHFWLRQIRUGHWDLOVRQWKHVHXSFRPLQJWUDGHHYHQWVLQ,QGRQHVLD

x  -XO\  ± ,QWHUQDWLRQDO )HGHUDWLRQ RI (VVHQWLDO 2LOV DQG $URPD 7UDGHV ,)($7 6WXG\
7RXURI-DYD,VODQG,QGRQHVLD
x  -XO\   9DOXH &KDLQ $QDO\VLV :RUNVKRS IRU WKH 1DWXUDO ,QJUHGLHQWV 5DWWDQ DQG
(FRWRXULVP6HFWRUV
x 6HSWHPEHU±2FWREHU±+HUEDODQG+HDOWK)RRG,QGRQHVLD

6RXUFH /RUHQD -DUDPLOOR %LR7UDGH 3URJUDPPH RI ,QGRQHVLD 81&7$' )$;     
7(/(PDLO/RUHQD-DUDPLOOR#XQFWDGRUJ

 

12
 %27$1,&$/352'8&763(&,),&$7,216
1XWPHJNHUQHO
DSURGXFWRI,QGRQHVLD


352'8&7 1XWPHJ 
%RWDQLFDOQDPH 0\ULVWLFDIUDJUDQV+RXWW)DP0\ULVWLFDFHDH
3KDUPDFRSRHLDOQDPH 6HPHQ0\ULVWLFDH335&
3DUWXVHG 'ULHGNHUQHO
&XOWLYDWHGRUZLOG &XOWLYDWHG
6WRUDJH 3UHVHUYHLQDFRRODQGGU\SODFHSURWHFWHGIURPPRWK
 
,'(17,),&$7,21
&KDUDFWHUV &RORUJUD\LVKEURZQRUJUD\LVK\HOORZ
2GRUVWURQJO\DURPDWLF
7DVWHSXQJHQW
7H[WXUHKDUG
0DFURVFRSLF $VSHUPDFURVFRSLFGHVFULSWLRQLQ335&0RQRJUDSK
0LFURVFRSLF $VSHUPLFURVFRSLFGHVFULSWLRQLQ335&0RQRJUDSK
7KLQOD\HUFKURPDWRJUDSK\ $V SHU WKLQOD\HU FKURPDWRJUDSK\ 7/& LGHQWLILFDWLRQ WHVW LQ 335&
0RQRJUDSKXVLQJYRODWLOHRLO335&$SSHQGL[9,%
 
7(676
:DWHU 107335&$SSHQGL[,;+PHWKRG
&RQWHQW 1/7POJRIYRODWLOHRLO335&$SSHQGL[;'
)RUHLJQPDWWHU )UHHRIIRUHLJQPDWWHU
 
7+(5$3(87,&6 
$FWLRQ 7RZDUPWKHVSOHHQDQGVWRPDFKDQGSURPRWHWKHIORZRITLDQGDUUHVW
GLDUUKHDDVDQDVWULQJHQW
,QGLFDWLRQV 'HILFLHQF\FROG RI WKH VSOHHQ DQG VWRPDFK ZLWK SHUVLVWHQW GLDUUKHD
HSLJDVWULFDQGDEGRPLQDOGLVWHQVLRQDQGSDLQDQRUH[LDDQGYRPLWLQJ
'RVDJH JUDPV

 


&KLQHVH3KDUPDFRSRHLD&RPPLVVLRQ6HPHQ0\ULVWLFDH,Q3KDUPDFRSRHLDRIWKH3HRSOH¶V5HSXEOLFRI&KLQD
9ROXPH,%HLMLQJ&KLQD3HRSOHµV0HGLFDO3XEOLVKLQJ+RXVH

13
 %27$1,&$/5$:0$7(5,$/6LQGLFDWLYHEXONSULFHV

&1< &KLQHVH<XDQ5HQPLQEL86' 8QLWHG6WDWHV'ROODU

3URGXFW %RWDQLFDO1DPH &XOWLYDWHG 2ULJLQ 3ULFHNJ %DVLV
RU:LOG
&DVVLDEDUNSRZGHUHG &LQQDPRPXPDURPDWLFXP &XOW:LOG &KLQD 86' )2%&$
VWHDPVWHULOL]HG
&RUG\FHSVIXQJXV &RUG\FHSVVLQHQVLV :LOG 6LFKXDQ &1< &KHQJGX0DUNHW
෤⹸ኟⲡᕝⲡ୍➼
&RUG\FHSVIXQJXV &RUG\FHSVVLQHQVLV :LOG 7LEHW &1< &KHQJGX0DUNHW
෤⹸ኟⲡ⸝ⲡ୍➼
&XPLQIUXLW &XPLQXPF\PLQXP &XOWLYDWHG &KLQD 86' 6SRW1<

'HVHUWEURRPUDSHVWHP &LVWDQFKHGHVHUWLFROD :LOG &KLQD &1< &KHQJGX0DUNHW
ဒ剩呱୍➼
(SKHGUDKHUE (SKHGUDVLQLFD :LOG&XOW &KLQD &1< &KHQJGX0DUNHW
㯞㯤亇峏
*DQRGHUPDPXVKURRP *DQRGHUPDOXFLGXP :LOG &KLQD &1< &KHQJGX0DUNHW
⅋Ⱚ㔝⏕୍➼
*DUOLFEXOE $OOLXPVDWLYXP &XOWLYDWHG &KLQD 86' 6SRW1<

*DVWURGLDUKL]RPH *DVWURGLDHODWD :LOG &KLQD &1< &KHQJGX0DUNHW
᫓㯞㔝⏕୍➼
*LQJHUUKL]RPHZKROH =LQJLEHURIILFLQDOH &XOWLYDWHG &KLQD &1< &KHQJGX0DUNHW
⏕ጧ亇峏
*LQJHUUKL]RPH =LQJLEHURIILFLQDOH &XOWLYDWHG &KLQD 86' 6SRW1<
ZKROHSHHOHG
/\FLXPIUXLWZKROHGULHG /\FLXPEDUEDUXP &XOW:LOG 1LQJ[LD &1< &KHQJGX0DUNHW
Ꮼኟᯭᮯ୍➼
/\FLXPIUXLWZKROHGULHG /\FLXPEDUEDUXP &XOW:LOG ;LQMLDQJ &1< &KHQJGX0DUNHW
᪂␩ᯭᮯ୍➼
6HQQDOHDI &DVVLDDQJXVWLIROLD &XOW &KLQD &1< &KHQJGX0DUNHW
␒Ὅྔ୍➼
;DQWKLXPIUXLW ;DQWKLXPVLELULFXP :LOG &KLQD &1< &KHQJGX0DUNHW
創俛⫸亇峏

&HUWLILHGRUJDQLF 2UJDQLF)DLU7UDGH1.±1RWNQRZQ

1RWHV 0RQRJUDSKV SURYLGLQJ TXDOLW\ VWDQGDUGV DQG WHVWV IRU WKH DERYH OLVWHG &KLQHVH KHUEV DUH
SXEOLVKHG LQ WKH 3KDUPDFRSRHLD RI WKH 3HRSOHV 5HSXEOLF RI &KLQD 335& (QJOLVK (GLWLRQ 
0DQ\ DUH DOVR SXEOLVKHG LQ WKH -DSDQHVH 3KDUPDFRSRHLD -3 ;9 (QJOLVK (GLWLRQ  DQGRU WKH
.RUHDQ+HUEDO3KDUPDFRSRHLD.+3(QJOLVK(GLWLRQ


 

14
 0((7,1*6$1'75$'(6+2:6
&+,1$ 27+(5($67(51$6,$1&28175,(6

-XQH
+($/7+,1*5(',(176+L1$785$/,1*5(',(1761L&+,1$
9HQXH  6KDQJKDL1HZ,QWHUQDWLRQDO([SR&HQWUH6KDQJKDL&KLQD
2UJDQL]HU  8QLWHG%XVLQHVV0HGLD8%0,QWHUQDWLRQDO
&RQWDFW 0U-RQDWKRQ9LV8%032%R[$(0DDUVVHQ7KH1HWKHUODQGV
7(/
)$;
(0$,/ -RQDWKRQYLV#XEPFRP
:(%  KWWSILDVLDFKLQDLQJUHGLHQWVQHWZRUNFRPKRPH

([KLELWRUSURILOH&RPSDQLHVWKDWFXOWLYDWHH[WUDFWSURFHVVRUVXSSO\KHDOWKQXWUDFHXWLFDORUJDQLF
RU IXQFWLRQDO LQJUHGLHQWV QDWXUDO LQJUHGLHQWV XVHG LQ IRRG  EHYHUDJHV PHGLFDO UHPHGLHV DQG
QXWUDFHXWLFDOV

-XO\
,)($7678'<72852)-$9$,6/$1',1'21(6,$
2UJDQL]HUV ,QWHUQDWLRQDO )HGHUDWLRQ RI(VVHQWLDO 2LOV DQG $URPD7UDGHV ,)($7 ,QGRQHVLDQ
(VVHQWLDO2LO&RXQFLO3$&72
&RQWDFW  ,)($76HFUHWDULDW/LQFROQµV,QQ)LHOGV/RQGRQ:&$%38QLWHG.LQJGRP
   7(/
)$;
(0$,/  HYHQWV#LIHDWRUJ
:(%  KWWSZZZLIHDWRUJKWWSZZZLIHDWRUJ6WXG\7RXUV,QGRQHVLD,QGRQHVLDSGI

$LP7KHVWXG\WRXUZLOODOORZSDUWLFLSDQWVWRJDLQNQRZOHGJHRIWKHSURGXFWLRQWUDGLQJDQGUHVHDUFK
RQ HVVHQWLDO RLOV H[WUDFWV DQG GHULYDWLYHV DQG WR XQGHUVWDQG WKH HFRQRPLF KLVWRULFDO DQG FXOWXUDO
EDFNJURXQGZKLFKIRUPWKHWUDGLWLRQDOFRWWDJHLQGXVWU\RI,QGRQHVLD±WKH6SLFH,VODQGV

-XO\
9$/8( &+$,1 $1$/<6,6 :25.6+23 )25 7+( 1$785$/ ,1*5(',(176 5$77$1 $1'
(&27285,606(&7256,1,1'21(6,$
9HQXH  +RWHO,ELV$UFDGLD-DNDUWD,QGRQHVLD
2UJDQL]HUV 8QLWHG 1DWLRQDO &RQIHUHQFH RQ 7UDGH DQG 'HYHORSPHQW 81&7$' 7UDGH
(QYLURQPHQW&OLPDWH&KDQJHDQG6XVWDLQDEOH'HYHORSPHQW%UDQFK
&RQWDFW 0V/RUHQD-DUDPLOOR%LR7UDGH3URJUDPPHRI,QGRQHVLD81&7$'
)$;
7(/
(PDLO  /RUHQD-DUDPLOOR#XQFWDGRUJ

-XO\
)22',1*5(',(1763+,/,33,1(6
9HQXH  60;&RQYHQWLRQ&HQWHU0DQLOD3KLOLSSLQHV
&RQWDFW  8%0/LYH32%2;%+$PVWHUGDP=2
   7(/
)$;
(0$,/  MRQDWKRDQYLV#XEPFRP
:(%  KWWSILSKLOLSSLQHVLQJUHGLHQWVQHWZRUNFRP

$OWKRXJK PRVW H[KLELWRUV UHSUHVHQW WKH IRRG LQJUHGLHQW YDOXH FKDLQ WKHUH ZLOO DOVR EH H[KLELWRUV RI
KHDOWK QXWUDFHXWLFDO RUJDQLF DQG IXQFWLRQDO LQJUHGLHQWV DV ZHOO DV QDWXUDO LQJUHGLHQWV XVHG LQ
PHGLFLQDOUHPHGLHVDQGQXWUDFHXWLFDOVLQFOXGLQJDPRQJRWKHUV
x $PUXWD+HUEDOV3YW/WG,QGLD
x /-$&.7RQJNDW$OL0DOD\VLD
x 0DIFR:RUOGZLGH&RUSRUDWLRQ86$
x 0DUWLQ%DXHU*URXS*HUPDQ\
x 3ODQWH[WUDNW*PE+ &R.**HUPDQ\
x 9LG\D+HUEV3YW/WG,QGLD

15

-XO\
WK
 +(5%$/$6,$
,17(51$7,21$/+(5%$/75$'(6+2: 75$'(3/$7)250)25+(5%$/,1'8675<
9HQXH 3XWUD:RUOG7UDGH&HQWUH.XDOD/XPSXU0DOD\VLD
2UJDQL]HU *,7(;.2+(5$.RQVRUWLXP3HGDJDQJ 3HPEHNDO+HUED$VLD
(QGRUVHGE\ 0DOD\VLD ([WHUQDO 7UDGH 'HYHORSPHQW &RUSRUDWLRQ 0$75$'(  *DJDVDQ
%DGDQ(NRQRPL0HOD\X*$%(0
6XSSRUWHGE\ 0LQLVWU\ RI $JULFXOWXUH  $JUR %DVH ,QGXVWU\ 0LQLVWU\ RI 5XUDO  5HJLRQDO
'HYHORSPHQW0LQLVWU\RI6FLHQFH7HFKQRORJ\ ,QQRYDWLRQ0LQLVWU\RI'RPHVWLF
7UDGH&RRSHUDWLRQ &RQVXPHULVP0LQLVWU\RI7UDGH ,QGXVWU\
&RQWDFW :DULVDQ $VDO 6GQ %KG /HYHO  *WRZHU 1R  -DODQ 7XQ 5D]DN 
.XDOD/XPSXU0DOD\VLD
7(/
)$;
(0$,/  DVLDKHUEDO#JPDLOFRP
:(%  KWWSZZZKHUEDODVLDFRPP\

&RQFXUUHQW (YHQWV +HUEDO $VLD &DUHHU )DLU  %ULGJLQJ &DUHHU 2SSRUWXQLW\ LQ +HUEDO  %LRWHFK
,QGXVWU\3DFNDJLQJ +HDOWK,QJUHGLHQWV$VLD+HUEDO3DFNDJLQJ +HDOWK,QJUHGLHQWV([SR 
([KLELWRUSURILOH*URZHUVDQGVXSSOLHUVRIERWDQLFDOUDZPDWHULDOVPHGLFLQDOSODQWVVSLFHVFRIIHH
WHD OHDI HVVHQFHV ERWDQLFDO H[WUDFWV PDULQH H[WUDFWV QDWXUDO IODYRUV QDWXUDO HGLEOH SLJPHQWV
RUJDQLF KHDOWK LQJUHGLHQWV EHH SURGXFWV VXSSOLHUV RI $\XUYHGLF PHGLFLQHV QDWXURSDWKLF PHGLFLQHV
KRPRHRSDWKLFPHGLFLQHVPHGLFLQDOKHUEDOWHDVDURPDWKHUDS\SURGXFWVDQGPRUH

$XJXVW
,17(51$7,21$/ &21)(5(1&( $1' (;+,%,7,21 2) 7+( 02'(5,1,=$7,21 2) &+,1(6(
0(',&,1($1'+($/7+352'8&76
&RQFXUUHQW(YHQW+RQJ.RQJ,QWHUQDWLRQDO7HD)DLU
9HQXH +RQJ .RQJ &RQYHQWLRQ DQG ([KLELWLRQ &HQWUH  ([SR 'ULYH :DQ &KDL +RQJ
.RQJ+DUERXU5RDG(QWUDQFH
2UJDQL]HUV +RQJ .RQJ 7UDGH 'HYHORSPHQW &RXQFLO 0RGHUQL]HG &KLQHVH 0HGLFLQH
,QWHUQDWLRQDO$VVRFLDWLRQ/WG0&0,$
&RQWDFW 7(/
)$;
(0$,/ KNWGF#KNWGFRUJ
:(% KWWSJEFRGHKNWGFFRPXQL6LFPFPKNWGFFRP

([KLELWRU SURILOH 6XSSOLHUV RI PHGLFLQDO SODQWV  H[WUDFWV WUDGLWLRQDO &KLQHVH PHGLFLQDO SURGXFWV
KHDOWKVXSSOHPHQWVDQGWUDGHDVVRFLDWLRQV

$XJXVW
1$785$/352'8&76(;32$6,$
9HQXH  +RQJ.RQJ&RQYHQWLRQ ([KLELWLRQ&HQWUH+RQJ.RQJ 
6XSSRUWHUV +RQJ .RQJ +HDOWK )RRG $VVRFLDWLRQ +.+)$ +RQJ .RQJ 2UJDQLF )DUPLQJ
$VVRFLDWLRQ +2)$ ,QWHUQDWLRQDO $OOLDQFH RI 'LHWDU\)RRG 6XSSOHPHQW
$VVRFLDWLRQ ,$'6$ .+6$ 1$6$$ &HUWLILHG 2UJDQLF 1LSSRQ 3KDUPDF\
$VVRFLDWLRQ 1SK$ 1DWXUDO 3URGXFWV 1= 2UJDQLF )HGHUDWLRQ RI $XVWUDOLD
,QWHUQDWLRQDO)HGHUDWLRQRI2UJDQLF$JULFXOWXUH0RYHPHQWV,)2$0
2UJDQL]HU  1HZ+RSH1DWXUDO0HGLDDGLYLVLRQRI3HQWRQ0HGLD$VLD/LPLWHG
&RQWDFW :DQFKDL&HQWUDO%XLOGLQJ/RFNKDUW5RDG:DQ&KDL&KLQD+RQJ.RQJ
6$50U$QJHO1J
7(/ 
(0$,/ 6DOHV  6SRQVRUVKLS  DODQODP#SHQWRQFRP UNLGGHU#QHZKRSHFRP 0DUNHWLQJ
35\FKDQJ#SHQWRQFRP6HPLQDU &RQIHUHQFHDQJ#SHQWRQFRP
:(%  KWWSZZZQDWXUDOSURGXFWVDVLDFRP

([KLELWRU 3URILOH +HUEV DQG VSLFHV SODQW H[WUDFWV GLHWDU\ VXSSOHPHQWV WUDGLWLRQDO UHPHGLHV DQG
PHGLFLQHVFRIIHHDQGWHDHFRORJLFDOSURGXFWVRUJDQLFIRRGVDQGEHYHUDJHV

16

6HSWHPEHU
WK
 ,17(51$7,21$/6($%8&.7+251$662&,$7,21&21)(5(1&(,6$
'HYHORSLQJ6HDEXFNWKRUQ)RUWKH+DUPRQLRXV(FRV\VWHP +HDOWK\/LIH
9HQXH  4LQJKDL&RQIHUHQFH&HQWUH;LQLQJ4LQJKDL3URYLQFH35&
2UJDQL]HUV ,QWHUQDWLRQDO 6HDEXFNWKRUQ $VVRFLDWLRQ ,6$  4LQJKDL 3URYLQFLDO *RYHUQPHQW
35&
6SRQVRUV &RPPHUFH 'HSDUWPHQW RI 4LQJKDL 3URYLQFH 35& &KDPEHU RI &RPPHUFH
4LQJKDL3URYLQFH4LQJKDL7VLQJKXD%LRWU\%LR7HFK&R/WG
&RQWDFW ,6$6HFUHWDULDW'U;LD-LQJIDQ
7(/
)$;
(0$,/ LVDKRPH#FRP
:(% KWWSZZZLVDKRPHQHW

7RSLFV
 &RQVHUYDWLRQDQG8WLOL]DWLRQRI6HDEXFNWKRUQ*HUPSODVP5HVRXUFHV
 6HDEXFNWKRUQ3ODQWLQJ0DQDJHPHQWDQG5HVRXUFHV&RQVWUXFWLRQ
 $SSOLFDWLRQ6WXG\RQ)XQFWLRQDO)RRG 'UXJ
 6HDEXFNWKRUQ3URGXFW3URFHVVLQJ 0DUNHWLQJ
 (FRHQYLURQPHQW&RQVWUXFWLRQDQG:DWHUDQG6RLO&RQVHUYDWLRQ
 6HDEXFNWKRUQDQG/RZFDUERQHFRQRPLFDQGVRFLDOFRQVWUXFWLRQ

6HSWHPEHU
,17(51$7,21$/75$,1,1*:25.6+2321,17(*5$7('6867$,1$%/('(9(/230(17,1
02817$,1 $5($6 $1' 1217,0%(5)25(67352'8&76 17)36 ,1'8675,$/ $1'
&200(5&,$/'(9(/230(17
9HQXH  =KHMLDQJ3URYLQFH&KLQD
2UJDQL]HUV 0267 ,QWHUQDWLRQDO 1HWZRUN IRU %DPERR DQG 5DWWDQ ,1%$5 /LQµDQ 0RGHUQ
)RUHVWU\7HFKQRORJ\6HUYLFH&HQWHU/0)76&
&RQWDFW =KX=KDRKXD-LQ:HL&RRUGLQDWRU
7(/H[W
)$;
(0$,/ ]K]K#LQEDULQW:MLQ#LQEDULQW
:(% KWWSZZZLQEDULQWVKRZDVS"%RDUG,'  1HZV,' 

&RQIHUHQFHWRSLFV
x 6XVWDLQDEOHGHYHORSPHQWRI(FRQRP\LQPRXQWDLQRXVUHJLRQV
x 3RYHUW\DOOHYLDWLRQLQPRXQWDLQRXVUHJLRQV
x 0RXQWDLQIRUHVWVXVWDLQDEOHPDQDJHPHQW
x 6XVWDLQDEOHPDQDJHPHQWLQGXVWULDOL]DWLRQDQGFRPPHUFLDOL]DWLRQRI17)3V
x 17)3VLQ&KLQDDQGWKHLUGHYHORSPHQWLQGXVWULDOL]DWLRQDQGFRPPHUFLDOL]DWLRQ
x ʊ &RPSDQ\IDUPHUV”±WKHEHVWPRGHOIRU17)3VLQGXVWULDOL]DWLRQ
x &XOWLYDWLRQDQGSURFHVVLQJWHFKQRORJLHVRIZLOGPHGLFLQDOSODQWVDQGHGLEOHPHGLFLQDOIXQJXV
x ,QGXVWULDOFRRSHUDWLRQDQG1*2VDUHWKHOLQNVDPRQJFRPSDQLHVPDUNHWVDQGIDUPHUV

)LHOG YLVLW SURJUDP ZLOO EH DUUDQJHG LQ FRPELQDWLRQ ZLWK WKH LQGRRU FRXUVHV GXULQJ WKH ZRUNVKRS
'XULQJ WKH ZRUNVKRS  RI WKH WLPH ZLOO EH IRU ILHOG YLVLW  7KLV ZRUNVKRS ZLOO JLYH LQWURGXFWLRQ WR
17)3V GHYHORSPHQW H[SHULHQFHV RI &KLQD HVSHFLDOO\ RQ WKH DVSHFWV RI LQGXVWULDOL]DWLRQ DQG
FRPPHUFLDOL]DWLRQ  7KH SDUWLFLSDQWV ZLOO DOVR EH DEOH WR VHH WKH GHYHORSPHQW DQG XWLOL]DWLRQ RI WKH
ORFDO PHGLFLQDO SODQWV WKH FXOWLYDWLRQ RI HGLEOH DQG PHGLFLQDO IXQJXV DQG &KLQDµV ELJJHVW KRQH\
LQGXVWU\EDVH±7RQJOX

 

17
6HSWHPEHU
9,7$)22'6$6,$7+(*/2%$/1875$&(87,&$/(9(17
9HQXH  $VLD:RUOG([SR+RQJ.RQJ 
2UJDQL]HUV  ,,5([KLELWLRQVZZZLQIRUPDFRP
&RQWDFW  7(/ 
(0$,/  FOHH#LLU[FRXN
:(%  KWWSYLWDIRRGVDVLDFRP

([KLELWRU SURILOH 6XSSOLHUV RI 1XWUDFHXWLFDO LQJUHGLHQWV )XQFWLRQDO IRRGV DQG GULQNV
3KDUPDFHXWLFDO LQJUHGLHQWV %RWDQLFDO H[WUDFWV 1XWULFRVPHWLFV &RQWUDFW PDQXIDFWXULQJ VHUYLFHV
&RQVXOWDQF\UHJXODWRU\DQGPDUNHWLQJVHUYLFHV

6HSWHPEHU±2FWREHU
+(5%$/$1'+($/7+)22',1'21(6,$
&2/2&$7(':,7+,17(5)22',1'21(6,$
9HQXH -DNDUWD ,QWHUQDWLRQDO ([KLELWLRQ &HQWUH .HPD\RUDQ -DNDUWD -DNDUWD 5D\D
,QGRQHVLD
2UJDQL]HU .ULVWD0HGLD3UDWDPD37.ULVWD([KLELWLRQV-OQ%ODQGRQJDQ'*-DNDUWD
7(/
)$;
(0$,/  LQIR#NULVWDPHGLDFRP
:(%  KWWSZZZLQWHUIRRGLQGRQHVLDFRP

([KLELWRU SURILOH 6XSSOLHUV RI PHGLFLQDO SODQWV  H[WUDFWV KHUEV DQG VSLFHV HVVHQWLDO RLOV DQG
ROHRUHVLQV DURPDV DQG IODYRUV IUXLW DQG YHJHWDEOH SURGXFWV RUJDQLF LQJUHGLHQWV VHDVRQLQJV VR\
SURGXFWVVWDUFKHVVZHHWHQHUVYLWDPLQVDQGPLQHUDOVDQGPRUH

2FWREHU
+($/7+,1*5(',(176+L-$3$1
9HQXH  7RN\R%LJ6LJKW([KLELWLRQ&HQWHU:HVW+DOOV $WULXP-DSDQ
6XSSRUWHGE\ 0LQLVWU\ RI $JULFXOWXUH )RUHVWU\ DQG )LVKHULHV 0LQLVWU\ RI +HDOWK /DERXU DQG
:HOIDUH -DSDQ ([WHUQDO 7UDGH 2UJDQL]DWLRQ -(752 7RN\R 0HWURSROLWDQ
*RYHUQPHQW-DSDQ+HDOWK 1XWULWLRQ)RRG$VVRFLDWLRQ
2UJDQL]HU  8QLWHG%XVLQHVV0HGLD8%0,QWHUQDWLRQDO
&RQWDFW 0U 7DNXUR $]XPD 8%0 .DQGD  EOGJ  .DMLFKR &KL\RGDNX 7RN\R 
-DSDQ
7(/
)$;
(0$,/  IH[SR#FPSMDSDQFRP
:(%  KWWSZZZKLMDSDQLQIRHQJLQGH[SKS

1RYHPEHU
%,2)$&+:25/'75$'()$,5)2525*$1,&)22'$1'1$785$/352'8&76
9HQXH 7KH7RN\R,QWHUQDWLRQDO([KLELWLRQ&HQWHU7RN\R%LJ6LJKW:HVW+DOO7RN\R
3DWURQ  ,QWHUQDWLRQDO)HGHUDWLRQRI2UJDQLF$JULFXOWXUH0RYHPHQWV,)2$0
$FNQRZOHGJHGE\0LQLVWU\RI$JULFXOWXUH)RUHVWU\DQG)LVKHULHV0$))0LQLVWU\RIWKH(QYLURQPHQW
-DSDQ ([WHUQDO 7UDGH 2UJDQL]DWLRQ -(752 $VHDQ-DSDQ &HQWUH 7RN\R
0HWURSROLWDQ*YW'HOHJDWLRQRIWKH(XURSHDQ&RPPLVVLRQLQ-DSDQ(PEDVV\RI
WKH)HGHUDO5HSXEOLFRI*HUPDQ\
6XSSRUWHGE\ -DSDQ 6HOI6HUYLFH $VV -DSDQ 5HWDLOHUV $VVRFLDWLRQ -DSDQ &KDLQ 6WRUHV $VV
1LKRQ:HOOQHVV0RYHPHQW2UJDQLF&RWWRQ$VVRFLDWLRQ
&RQWDFW 1UQEHUJ *OREDO $IIDLUV *PE+ 0HVVH]HQWUXP  1XUQEHUJ *HUPDQ\ 0UV
0LULDP6WDKHO
7(/
)$;
(0$,/  ELRIDFK#QJIPDLOFRP
:(%  ZZZELRIDFKMDSDQFRP

$OWKRXJK WKH %,2)$&+ WUDGH VKRZ LV SULPDULO\ IRU EX\HUV  VHOOHUV RI FHUWLILHG RUJDQLF ILQLVKHG
SURGXFWVWKHUHZLOOEHPDQ\H[KLELWRUVRIEXONERWDQLFDOUDZPDWHULDOVDQGH[WUDFWV

18

1RYHPEHU
,1&260(7,&6$6,$
9HQXH  %,7(&%DQJNRN7KDLODQG
2UJDQL]HU  5HHG([KLELWLRQVSDUWRI5HHG(OVHYLHU  
&RQWDFW  7(/
)$;
(0$,/  LQFRVDVLDWHDP#UHHGH[SRFRXN
:(%  KWWSZZZLQFRVPHWLFVDVLDFRP

7KLVWUDGHVKRZLVIRUFRVPHWLFPDQXIDFWXUHUVIRUPXODWRUVVFLHQWLVWVDQGVDOHV PDUNHWLQJH[SHUWV
7KHUHZLOOEHH[KLELWRUVRIQDWXUDOERWDQLFDOLQJUHGLHQWVXVHGLQFRVPHWLFSURGXFWV

1RYHPEHU
,17(51$7,21$/6<0326,80210(',&,1$/$1'$520$7,&3/$176
9HQXH  &KLDQJ0DL7KDLODQG
2UJDQL]HUV6SRQVRUV ,QWHUQDWLRQDO 6RFLHW\ IRU +RUWLFXOWXUDO 6FLHQFH ,6+6 +RUWLFXOWXUDO 6FLHQFH
6RFLHW\RI7KDLODQG+667'HSDUWPHQWRI$JULFXOWXUH'2$.DVHWVDUW8QLYHUVLW\
.8 &KLDQJ 0DL 8QLYHUVLW\ &08 0DHMR 8QLYHUVLW\ 08 7KDLODQG 5HVHDUFK
)XQG75)
&RQWDFW 3H\DQRRW 1DND 6HFUHWDU\ +RUWLFXOWXUDO 5HVHDUFK ,QVWLWXWH &KDWXFKDN %DQJNRN
7KDLODQG
 7(/H[W
)$;
(0$,/ 3H\DQRRW#KRWPDLOFRPUR\DOIORUDV\PSRVLXP#\DKRRFRP
:(%  KWWSZZZUR\DOIORUDFRPLPDJHV0HGLFLQDOSGI

&RQIHUHQFH 7RSLFV :RUOG SURGXFWLRQ DQG PDUNHWLQJ JHQHWLF UHVRXUFHV DQG EUHHGLQJ
ELRWHFKQRORJ\ FXOWXUDO SUDFWLFHV DQG SK\VLRORJ\ SODQW SURWHFWLRQ SRVWKDUYHVW WHFKQRORJ\
SURFHVVLQJ DQG SURFHVVHG SURGXFWV KHDOWK SRWHQWLDO RI WURSLFDO DQG VXEWURSLFDO IUXLWV SURGXFWLRQ
SRWHQWLDO RI 0$3 VSD DQG DURPDWKHUDS\ FRVPHWLF UROH RI 0$3 LQGXVWULDO SURGXFWLRQ RI
SKDUPDFHXWLFDODQGQXWUDFHXWLFDOSURGXFWVLQGXVWULDOSURGXFWLRQRIHVVHQWLDORLO

0D\
$6,$1$520$,1*5(',(176&21*5(66 (;32$$,&
9HQXH  *UDQG+\DWW1XVD'XD%DOL
2UJDQL]HU  'HZDQ$WVLUL,QGRQHVLD,QGRQHVLDQ(VVHQWLDO2LO&RXQFLO
6XSSRUWHUV 0LQLVWU\ RI $JULFXOWXUH 0LQLVWU\ RI ,QGXVWU\ 0LQLVWU\ RI 7UDGH (VVHQWLDO 2LO
$VVRFLDWLRQ RI ,QGLD &KLQD (VVHQWLDO 2LOV $URPD DQG 6SLFHV 7UDGH $VVRFLDWLRQ
)UDJUDQFH )ODYRXU$VVRFLDWLRQRI,QGLD7KH6SLFH&RXQFLORI6UL/DQND
:(%  KWWSZZZDDLFFRP

6HSWHPEHU
)22',1*5(',(176$6,$
9HQXH  -DNDUWD,QWHUQDWLRQDO([SR.HPD\RUDQ-DNDUWD,QGRQHVLD
&RQWDFW  8%032%2;%+$PVWHUGDP=2
   7(/
)$;
(0$,/  MRQDWKDQYLV#XEPFRP
:(%  KWWSILDVLDLQGRQHVLDLQJUHGLHQWVQHWZRUNFRPFRQIHUHQFH

$OWKRXJK SULPDULO\ D IRRG LQJUHGLHQW WUDGH VKRZ WKHUH ZLOO EH VRPH H[KLELWRUV RI PHGLFLQDO DQG
DURPDWLFSODQWVDQGH[WUDFWV
 

19
C
 (8523(

&=(&+5(38%/,&5(38%/,&62)+81*$5<32/$1'$1'6/29(1,$
&(175$/(8523(352*5$00( ”75$',7,21$/ :,/'”0(',&,1$/3/$17+$59(67,1*
$WKUHH\HDU(85¼PLOOLRQSURMHFWHQWLWOHGʊ 3URPRWLQJWUDGLWLRQDOFROOHFWLRQDQGXVHRIZLOG
SODQWV WR UHGXFH VRFLDO DQG HFRQRPLF GLVSDULWLHV LQ &HQWUDO (XURSH´ FRPPHQFHG LQ 0D\  7KH
SURMHFW LV VXSSRUWHG E\ WKH (XURSHDQ 5HJLRQDO 'HYHORSPHQW )XQG (5') DQG DLPV WR LQWURGXFH D
SLORWPRGHOE\IRUWKHFROOHFWLRQSURFHVVLQJDQGXVHRIZLOGSODQWVWKDWLVVRFLDOO\DQGFXOWXUDOO\
DFFHSWDEOHHFRQRPLFDOO\YLDEOHDQGHQYLURQPHQWDOO\VRXQG
7KHQHZSURMHFWLVOHGE\&RUYLQXV8QLYHUVLW\RI%XGDSHVW+XQJDU\DQGLQFOXGHVQLQHSDUWQHUV
IURPIRXU&HQWUDO(XURSHDQFRXQWULHV&]HFK5HSXEOLF5HSXEOLFRI+XQJDU\5HSXEOLFRI3RODQGDQG
5HSXEOLFRI6ORYHQLDZKRUDQJHIURPORFDODXWKRULWLHVWR1*2VDJUDULDQFKDPEHUVDQG8QLYHUVLWLHV
75$)),&(XURSH:RUOG:LGH)XQGIRU1DWXUH::)+XQJDU\LVHQJDJHGLQWKHSURMHFWWRSURPRWH
WKHVXVWDLQDELOLW\RIZLOGKDUYHVWLQJDQGWUDGHWKURXJKLPSOHPHQWDWLRQRIWKH)DLU:LOG6WDQGDUGZKLFK
75$)),& KHOSHG GHYHORS DQG SURPRWHV WKURXJK LWV SDUWQHUVKLS ZLWK WKH )DLU:LOG )RXQGDWLRQ 7KH
)DLU:LOG 6WDQGDUG ZLOO EH XVHG ZLWKLQ WKH SURMHFW WR JDWKHU LQIRUPDWLRQ DERXW WKH XVH KDUYHVW DQG
WUDGLWLRQDOLPSRUWDQFHRIZLOGSODQWVDQGWKHLUVLJQLILFDQFHLQWKHFXOWXUDOKHULWDJHRI(DVWHUQ(XURSH
$FFRUGLQJWRWKH7UDGLWLRQDODQG:LOGSURMHFWGHVFULSWLRQʊ &HQWUDO(XURSHXVHGWREHDQGVWLOOLV
DPRQJ WKH PDLQ H[SRUWHUV RI SURGXFWV RULJLQDWLQJ IURP SODQWV ± HJ PHGLFLQDO DQG VSLFH SODQWV  WR
SURFHVVRUV LQ :HVWHUQ (XURSH :LOG FROOHFWLRQ UHSUHVHQWV  RI PHGLFLQDO GUXJ SURGXFWLRQ ,Q
(XURSHLWLVHVWLPDWHGWKDWDERXWSODQWVDUHWUDGHGFRPPHUFLDOO\RIZKLFKDUHQDWLYHV
8S WR  RI WKHVH VSHFLHV DUH VWLOO FROOHFWHG IURP WKH ZLOG 7KHVH SODQWV FRQVWLWXWH DQ LPSRUWDQW
PDUNHWDQGDQLPSRUWDQWJHQHWLFEDVHIRUPDQ\HVVHQWLDOGUXJV:LWKFRQWLQXHGJURZWKLQWKLVVHFWRU
LW LV LPSRUWDQW IRU WKH FRXQWULHV RI &HQWUDO (XURSH WR MRLQ IRUFHV WR GHYHORS D FRKHUHQW DSSURDFK WR
SODQWVXSSO\LQRUGHUWRHQVXUHWKDWWKLVGHPDQGGRHVQRWH[KDXVWQDWXUDOVWRFNVDQGWKHWUDGLWLRQDO
NQRZOHGJHEDVHLVSUHVHUYHG7KHJRDORI7UDGLWLRQDODQG:LOGLVWRSURWHFWDQGVKDUHWKLVGHFOLQLQJ
FXOWXUDOKHULWDJHDQGDOVRWRLPSURYHOLYHOLKRRGVRIYXOQHUDEOHJURXSVLQUXUDOSDUWVRI&HQWUDO(XURSH”
([SHFWHGUHVXOWVLQFOXGHDPRQJRWKHUVLPSURYHGHPSOR\PHQWRSWLRQVIRUYXOQHUDEOHJURXSVLQ
WDUJHWUHJLRQVDQGDEHWWHUFDSDFLW\DPRQJWDUJHWJURXSVWRVXVWDLQDEO\FROOHFWDQGSURFHVVSODQWVDV
ZHOODVDVXVWDLQDEOHDSSURDFKWRSODQWXVH7KHVHUHVXOWVZLOOEHDFKLHYHGWKURXJKWKHGHYHORSPHQW
RIDVWUDWHJ\DQGDFWLRQSODQRQHPSOR\PHQWDQGUHGXFLQJWKHVRFLDOGLVSDULWLHVEHWZHHQSRSXODWLRQV
LQ PDUJLQDOL]HG UXUDO DUHDV RI &HQWUDO (XURSH ZKLFK ZLOO LQFOXGH DQ DQDO\VLV RI WKH UHJLRQV
HPSOR\PHQW RSSRUWXQLWLHV PDMRU SDUWQHUVKLSV WR EH HVWDEOLVKHG DQG UHFRPPHQGDWLRQV IRU
LPSOHPHQWDWLRQ IRU H[DPSOH WKH GHYHORSPHQW RI WUDLQLQJ PDWHULDOV FROOHFWLQJ GDWD HWF 7KLV
VWUDWHJ\ ZLOO HQG LQ DWUDQVQDWLRQDOPRGHO DQHWKQRERWDQLFDOVWXG\DQGWUDLQLQJ PDWHULDOVZKLFK ZLOO
EH WKH EDVH IRU WKH WUDLQLQJ RI DURXQG  SHRSOH LQ WUDGLWLRQDO SODQW FROOHFWLRQ DQG GHPRQVWUDWLRQ
LQVWDOODWLRQV

6285&(6
7KH &HQWUDO (XURSH 3URJUDPPH 3URPRWLQJ WUDGLWLRQDO FROOHFWLRQ DQG XVH RI ZLOG SODQWV WR UHGXFH VRFLDO DQG
HFRQRPLFGLVSDULWLHV LQ &HQWUDO (XURSH KWWSZZZFHQWUDOHXQFFHQWUDOSURMHFWVLPSOHPHQWLQJD
SURMHFWDSSURYHGSURMHFWVIXQGHGSURMHFWV"W[BIXQGHGSURMHFWVBSL>SURMHFW@ 
)DLU:LOG)RXQGDWLRQ1HZSURMHFWWRSURWHFWWUDGLWLRQDONQRZOHGJHLQ(XURSHDQSODQWWUDGH%XGDSHVW+XQJDU\
:RUOG :LGH )XQG IRU 1DWXUH ::) +XQJDU\  0D\  KWWSZZZIDLUZLOGRUJQHZVQHZ
SURMHFWWRSURWHFWWUDGLWLRQDONQRZOHGJHLQHXURSHDQSODKWPO


%261,$$1'+(5=(*29,1$5(38%/,&62))5$1&(+81*$5<0$&('21,$ 32/$1'
(;3$1',1*5$1*(2))$,5:,/'&(57,),('(8523($10(',&,1$/ $520$7,&3/$176
 7KH)DLU:LOG)RXQGDWLRQZHEVLWHKDVXSORDGHGDQH[SDQGHGOLVWRI)DLU:LOG&HUWLILHGERWDQLFDO
LQJUHGLHQWVQRZDYDLODEOHIURP(XURSHDQSURGXFHUVLQFOXGLQJGHWDLOVIRUFHUWLILHGRSHUDWRUVLQ%RVQLD
DQG +HU]HJRYLQD %ROHWXV GRR )UDQFH )DUIDOOD (VVHQWLDOV $* +XQJDU\ 6FKPLGW  &R NIW
0DFHGRQLD$ONDORLG$'6NRSMHDQG3RODQG5XQRVS]RR7KHOLVWFDQEHDFFHVVHGDW

KWWSZZZIDLUZLOGRUJSXEOLFDWLRQGRZQORDGVRWKHUGRFXPHQWV)DLU:LOGBVSHFLHVBOLVWBXSGDWHBSGI 

6285&( )DLU:LOG )RXQGDWLRQ $YDLODEOH )DLU:LOGFHUWLILHG SURGXFWV DQG LQJUHGLHQWV :HLQIHOGHQ 6ZLW]HUODQG
)DLU:LOG)RXQGDWLRQKWWSZZZIDLUZLOGRUJFHUWLILFDWLRQRYHUYLHZ
 

20
%261,$$1'+(5=(*29,1$±$VVLVWDQFHWRWKH0HGLFLQDO $URPDWLF3ODQW +RQH\6HFWRU
$ IRXU\HDU 86'  PLOOLRQ 86$,' SURMHFW LQ %RVQLD DQG +HU]HJRYLQD %L+ ʊ )RVWHULQJ
$JULFXOWXUDO 0DUNHWV $FWLYLW\ )$50$´ FRPPHQFHG LQ  DQG FRQWLQXHV WKURXJK  7KH
SURJUDP FRILQDQFHG E\ WKH 8QLWHG 6WDWHV $JHQF\ IRU ,QWHUQDWLRQDO 'HYHORSPHQW 86$,' DQG WKH
6ZHGLVK,QWHUQDWLRQDO'HYHORSPHQW&RRSHUDWLRQ$JHQF\6,'$LVPDQDJHGDQGLPSOHPHQWHGE\WKH
LQWHUQDWLRQDOGHYHORSPHQWFRQVXOWLQJILUP&KHPRQLFV,QWHUQDWLRQDO
7KUHHDJULFXOWXUDOVHFWRUVDUHWKHIRFXVRIWKHSURMHFW0HGLFLQDODQG$URPDWLF3ODQWV0$3
DQG +RQH\  )UXLWV DQG 9HJHWDEOHV DQG  'DLU\ )$50$µV REMHFWLYH LV WR DFKLHYH UDSLG
VXVWDLQDEOHDQGEURDGEDVHGHFRQRPLFJURZWKWKURXJKGHPDQGGULYHQDVVLVWDQFHDLPHGDWLPSURYLQJ
FRPSHWLWLYHQHVV RI %L+ DJULFXOWXUDO SURGXFHUV DQG DJULFXOWXUDO EXVLQHVVHV )$50$ LV ZRUNLQJ WR
H[SDQG HQYLURQPHQWDOO\ VXVWDLQDEOH SURGXFWLRQ SURFHVVLQJ GRPHVWLF VDOHV H[SRUW VDOHV DQG WKH
SURGXFWLRQRIYDOXHDGGHGSURGXFWV$FFRUGLQJWR)$50$UHSRUWVKLJKOLJKWVRIWKHSURMHFWE\HQGRI
KDYHLQFOXGHG
¾ )$50$ ZRUNHG LQWHQVLYHO\ ZLWK  DJULFXOWXUDO SURGXFHUSDUWQHU RUJDQL]DWLRQV LQ WKH 0$3 DQG
KRQH\VHFWRUUHSUHVHQWLQJRIWKHWRWDOVHFWRUDORXWSXW
¾ 'LUHFWO\RULQGLUHFWO\DVVLVWHGRYHU0$3VDQGKRQH\SURGXFHUVIURPDOORYHU%L+
¾ 3URPRWHGPRYLQJWKH0$3VHFWRULQWKHGLUHFWLRQRIJUHDWHUFXOWLYDWLRQRISODQWPDWHULDOLQVWHDGRI
VWULFWO\ZLOGFROOHFWLRQ7KHDLPLVWR LPSURYHSURGXFWTXDOLW\LQFUHDVHYROXPHVUHGXFHSUHVVXUH
RQWKHIRUHVWVDQGDOORZIRUEXVLQHVVH[SDQVLRQ,WPD\DOVRFKDQJHWKHKLJKFDVKIORZGHPDQG
FXUUHQWO\ H[SHULHQFHG E\ PDQ\ FRPSDQLHV IRU WKH SXUFKDVH RI SURGXFW E\ FROOHFWRUV RI ZLOG
SURGXFW
,Q -XQH  )$50$ UHSRUWHG WKH RSHQLQJ RI WKH ODUJHVW PHGLFLQDO SODQW JUHHQKRXVH LQ WKH
UHJLRQ7KHPðJUHHQKRXVHIRUWKHSURGXFWLRQRIRUJDQLFPHGLFLQDOSODQWVKRQH\DQGEHHKLYHV
ZDV RSHQHG LQ ʊ %LãLQD” LQ âHNRYLüL DQG ZDV FRILQDQFHG E\ 86$,' DQG 0R]DLN )RXQGDWLRQ
KWWSZZZPR]DLNEDHQJ 7KH JUHHQKRXVH LV SDUW RI D SURMHFW ʊ
(FRSODQWV  6WUHQJWKHQLQJ :RPHQ
WKURXJK 2UJDQLF 3URGXFWLRQ RI 0HGLFLQDO 3ODQWV”  D SURMHFW FRQWLQXRXVO\ VXSSRUWHG E\ WKH
86$,'6LGD )$50$ SURMHFW ZKLFK SODQV WR SURGXFH ODYHQGHU IORZHU /DYDQGXOD VSS DQG KRQH\
SURGXFLQJSODQWVWRHPSOR\ZRPHQIURPUXUDODUHDVRIâHNRYLüL2VPDFLDQGğLYLQLFH
'XULQJ-XO\)$50$FRQVXOWDQW0U9LQFHQW'XQDWHZLOOEHSURYLGLQJWHFKQLFDOVXSSRUW
WR%L+PHGLFLQDODQGDURPDWLFSODQWSURGXFHUVLQWKHH[WUDFWLRQRISODQWHVVHQWLDORLOV
)$50$ KDV DOVR SURGXFHG WZHQW\ PHGLFLQDO SODQW FXOWLYDWLRQ H[WHQVLRQ PDWHULDOV DYDLODEOH DW
KWWSZZZERVQLDIDUPDEDHQGRFXPHQWVVHFWRUDOGRFXPHQWVPDSVDQGKRQH\

 &XOWLYDWLRQRI$QLVHIUXLW3LPSLQHOODDQLVXPKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI%DVLOOHDI2FLPXPEDVLOLFXPKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI&DOHQGXODIORZHU&DOHQGXODRIILFLQDOLVKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI&KDPRPLOHIORZHU0DWULFDULDUHFXWLWDKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI&RULDQGHUIUXLW&RULDQGUXPVDWLYXPKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI(QJOLVKODYHQGHU/DYDQGXODYHUDKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI)HQQHOIUXLW)RHQLFXOXPYXOJDUHKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI+\VVRSKHUE+\VVRSXVRIILFLQDOLVKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI,PPRUWHOOH+HOLFKU\VXPLWDOLFXPKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI/HPRQEDOPOHDI0HOLVVDRIILFLQDOLVKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI0DUVKPDOORZ$OWKDHDRIILFLQDOLVKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI3DUVOH\OHDI3HWURVHOLQXPVDWLYXPKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI3HSSHUPLQWOHDI0HQWKDîSLSHULWDKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI6DJHOHDI6DOYLDRIILFLQDOLVKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI6W-RKQµVZRUW+\SHULFXPSHUIRUDWXPKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI6ZHHWPDUMRUDP2ULJDQXPPDMRUDQDKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI7K\PHKHUE7K\PXVYXOJDULVKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI9DOHULDQURRW9DOHULDQDRIILFLQDOLVKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI:LQWHUVDYRU\KHUE6DWXUHMDPRQWDQDKWWSZZZERVQLDIDUPDEDGRZQORDG
 &XOWLYDWLRQRI<DUURZIORZHU$FKLOOHDPLOOHIROLXPKWWSZZZERVQLDIDUPDEDGRZQORDG

6285&(6
86$,'B6,'$B)RVWHULQJ $JULFXOWXUDO 0DUNHWV $FWLYLW\ )$50$ 0RQWKO\ 3URMHFW %XOOHWLQ 'HFHPEHU 
KWWSZZZERVQLDIDUPDEDGRZQORDG
86$,'B6,'$B)RVWHULQJ $JULFXOWXUDO 0DUNHWV $FWLYLW\ )$50$ 0RQWKO\ 3URMHFW %XOOHWLQ -XQH 
KWWSZZZERVQLDIDUPDEDGRZQORDG



21
 %27$1,&$/352'8&763(&,),&$7,216
/LQGHQ/LPH)ORZHU
DZLOGKDUYHVWHGSURGXFWRI$OEDQLD%RVQLD +HU]HJRYLQD%XOJDULD&URDWLD*HUPDQ\
+XQJDU\/DWYLD/LWKXDQLD0DFHGRQLD3RODQG5RPDQLD5XVVLDQ)HGHUDWLRQ6HUELD 
0RQWHQHJURDQG8NUDLQH


352'8&7 /LPHIORZHU 
%RWDQLFDOQDPH 7LOLDFRUGDWD0LOOHU7LOLDSODW\SK\OORV6FRS7LOLDîYXOJDULV+H\QH
RUDPL[WXUHRIWKHVH)DP7LOLDFHDH
3KDUPDFRSRHLDOQDPH 7LOLDHIORV3K(XU
3DUWXVHG :KROHGULHGLQIORUHVFHQFH
&XOWLYDWHGRUZLOG :LOGFROOHFWHG
6WRUDJH 6WRUHSURWHFWHGIURPPRLVWXUH
 
,'(17,),&$7,21
&KDUDFWHUV )DLQWDURPDWLFRGRXU
)DLQWVZHHWDQGPXFLODJLQRXVWDVWH
0DFURVFRSLF 3K(XU/LPH)ORZHU0RQRJUDSK,'7HVW$
0LFURVFRSLF 3K(XU/LPH)ORZHU0RQRJUDSK,'7HVW%
7KLQOD\HUFKURPDWRJUDSK\ 3K(XU/LPH)ORZHU0RQRJUDSK,'7HVW&3K(XU
 
7(676
)RUHLJQPDWWHU 107 7KHUH DUH QR LQIORUHVFHQFHV ZLWK D EUDFW EHDULQJ DW WKH
DED[LDO IDFH VWHOODWD ILYH WR HLJKWUD\HG WULFKRPHV DQG IORZHUV
KDYLQJ DQ DSSDUHQW GRXEOH FRUROOD E\ WUDQVIRUPDWLRQ RI ILYH
VWDPHQVLQWRSHWDOOLNHVWDPLQRLGVDQG KDYLQJD SLVWLOZKLFK LVQRW
OREXODU QRULQGHQWHG+H[DPHURXVIORZHUVRFFXURQO\ RFFDVLRQDOO\
7LOLDDPHULFDQD/7LOLDWRPHQWRVD0RHQFK3K(XU
/RVVRQGU\LQJ 1073K(XU
7RWDODVK 1073K(XU
 
&217$0,1$7,21 0LFURELDOHQXPHUDWLRQOLPLWVIRUKHUEDOGUXJVDQGWKHLUSUHSDUDWLRQV
WRZKLFKERLOLQJZDWHULVDGGHGEHIRUHXVH

$HURELFEDFWHULD  FIXJ

0ROGVDQG\HDVWV  FIXJ

Escherichia coli  FIXJ
Salmonella  1RWGHWHFWHG
+HDY\PHWDOV 107SSPFDGPLXP
107SSPOHDG
107SSPPHUFXU\
3HVWLFLGHUHVLGXHV 0HHWVWKHUHTXLUHPHQWV3K(XU*HQHUDO&KDSWHU
 
7+(5$3(87,&86(
+HUEDO7HD +HUEDO PHGLFLQDO SURGXFW WUDGLWLRQDOO\ XVHG IRU WUHDWLQJ FROG

V\PSWRPVDQGFRXJKVDVVRFLDWHGZLWKFROGV 
'RVDJH 8QOHVV RWKHUZLVH SUHVFULEHG GULQN RQH FXS RI WHD LQIXVLRQ ±
WLPHVGDLO\SUHSDUHGXVLQJJRIGULHGOLQGHQIORZHUSHUFXS

 

 WK
 (XURSHDQ 3KDUPDFRSRHLDO &RPPLVVLRQ /LPH IORZHU ,Q (XURSHDQ 3KDUPDFRSRHLD   HGLWLRQ 3K(XU 
6WUDVERXUJ)UDQFH(XURSHDQ'LUHFWRUDWHIRUWKH4XDOLW\RI0HGLFLQHV('40

 %UDXQ 5 6XUPDQQ 3 :HQGW 5 :LFKWO 0 =LHJHQPH\HU - HGV /LQGHQEOWHQ ,Q 6WDQGDUG]XODVVXQJHQ IU
)HUWLJDU]QHLPLWWHO7H[WXQG.RPPHQWDU(UJlQ]XQJVOLHIHUXQJ6WXWWJDUW*HUPDQ\'HXWVFKHU$SRWKHNHU
9HUODJ


22
 %27$1,&$/(;75$&76,QGLFDWLYHEXONSULFHV

3URGXFW 6WDQGDUG 3ULFH %DVLV
86'NJ
%LOEHUU\IUXLWH[WUDFW DQWKRF\DQLQV  )2%86$
9DFFLQLXPP\UWLOOXV
*LQNJROHDIGU\H[WUDFW PLQJLQNJRIODYRQHJO\FRVLGHV  )2%86$
*LQNJRELORED ELOREDOLGHJLQNJROLGHV$% &
0DULWLPHSLQHGU\H[WUDFW SURF\DQLGLQV  )2%86$
3LQXVSLQDVWHU
0LONWKLVWOHIUXLWGU\H[WUDFW PLQVLO\PDULQFDOFXODWHGDVVLO\ELQ  )2%86$
6LO\EXPPDULDQXP
1HWWOHURRWGU\H[WUDFW PLQSSPVFRSROHWLQPLQ‰VLWRVWHURO  )2%86$
8UWLFDGLRLFD
6W-RKQµVZRUWKHUEGU\H[WUDFW PLQK\SHULFLQVH[SUHVVHGDVK\SHULFLQ  )2%86$
+\SHULFXPSHUIRUDWXP +\SHUIRULQ
9DOHULDQURRWGU\H[WUDFW PLQYDOHUHQLFDFLG  )2%86$
9DOHULDQDRIILFLQDOLV

1RWHV
 4XDOLW\6WDQGDUGV0RQRJUDSKVSURYLGLQJTXDOLW\VWDQGDUGVDQGWHVWVIRUPRVWDOORIWKHDERYHOLVWHGKHUEVFDQ
EHIRXQGHLWKHULQWKH (XURSHDQ3KDUPDFRSRHLD3K(XURU8QLWHG6WDWHV3KDUPDFRSHLD ±1DWLRQDO)RUPXODU\
8631)

 7KHKDUYHVWRIZLOG%LOEHUU\IUXLWZDVEDGGULYLQJPDUNHWSULFHVXS

 )ORRGLQJLQ3RODQGDQG(DVWHUQ(XURSHFDXVHGSULFHLQFUHDVHVIRU9DOHULDQURRWDVWKHVXSSO\FDQQRWPHHWZLWK
GHPDQGGXHWRSRRUKDUYHVW


 

23
 0((7,1*6$1'75$'(6+2:6
(8523($1&28175,(6

-XO\
, ,17(51$7,21$/ 6<0326,80 21 0(',&,1$/ $520$7,& $1' 1875$&(87,&$/ 3/$176
)52002817$,1286$5($6
9HQXH  &RQJUHVV&HQWUH6WHLQPDWWH
&RQWDFW  'U&KULVWRSK&DUOHQ$JURVFRSH&KDQJLQV:lGHQVZLO$&:'HSDUWPHQW+HDG
&HQWUHGHV)RXJqUHV&RQWKH\6ZLW]HUODQG
  7(/
  )$;
(0$,/  FKULVWRSKFDUOHQ#DFZDGPLQFK
:(%  KWWSZZZDJURVFRSHDGPLQFKPDSPRXQWDLQ

-XO\
WK6<0326,802)(7+123+$50$&2/2*<
(WKQRSKDUPDFRORJ\LQWHUIDFHEHWZHHQELRIRRGVDQGSK\WRPHGLFLQHV
9HQXH  ʊ7UDQVLOYDQLa” 8QLYHUVLW\ %UDúRY )DFXOW\ RI )RRG DQG 7RXULVP $UR 3DODFH
+RWHO%UDúRYʊ 9DOHDFX6WJUXWL”+RWHOùLUQHD
2UJDQL]HUV 5RPDQLDQ 6RFLHW\ RI (WKQRSKDUPDFRORJ\ 7UDQVLOYDQLD 8QLYHUVLW\ 1DWLRQDO
,QVWLWXWH RI 5' IRU 3RWDWR DQG 6XJDU %HHW 6& +2),*$/ 6$ 7KH 5RPDQLDQ
0HGLFLQDO DQG $URPDWLF 3ODQWV *URZHUV 0DQXIDFWXUHUV DQG 8VHUV $VVRFLDWLRQ
523$0
&RQWDFW  3UHVLGHQW3URI'U$QJHOD0DUFXOHVFX6WU)kQWkQLWHLQU$&S
  7(/
(0$,/  PDUFXOHVFXBDQJHOD#\DKRRFRP
:(%  KWWSHWQRIDUPDNRUJ

7RSLFV 
x (FRORJLFDO UHVRXUFHV RI PHGLFLQDO DQG DURPDWLF SODQWV IURP VSRQWDQHRXV IORUD LQFOXGLQJ
HQGHPLFSODQWVFXOWXUHRUUHVXOWHGIURPELRWHFKQRORJLHV
x 3UHVHUYDWLRQRIPHGLFLQDOLQFOXGLQJHQGHPLFSODQWVIURPVSRQWDQHRXVIORUD ±E\ HFRORJLFDO
PHDQVWKDWVKRZFRQVLGHUDWLRQRHQYLURQPHQWDOSURWHFWLRQSURWHFWHGDUHDVDQGELRGLYHUVLW\
x 1XWULWLYHVXSSOHPHQWVEDVHGRQPHGLFLQDODQGDURPDWLFSODQWV±TXDOLW\DQGHIILFLHQF\
x 3K\WRWKHUDS\DURPDWKHUDS\DQGSK\WRFRVPHWLFVIURPWUDGLWLRQDOWRVFLHQFH
x 7HFKQRORJLFDODQGODERUDWRU\VWXGLHVDLPLQJWRSURPRWHELRORJLFDODFWLYHVXEVWDQFHV
x 0RQRJUDSKVIRUWKH5RPDQLDQ7UDGLWLRQDOSKDUPDFRSRHLD

-XO\
7+(;9,17(51$7,21$/&21*5(663+<723+$50
9HQXH  *HRUJ6LPRQ2KP+RFKVFKXOH8QLYHUVLW\RI1XUHPEHUJ1XUHPEHUJ*HUPDQ\
2UJDQL]HUV ,QWHUUHJLRQDO &HQWHU ʊ $GDSWRJHQ” 5XVVLD 6RFLHW\ IRU 0HGLFLQDO 3ODQW DQG
1DWXUDO 3URGXFW 5HVHDUFK *$ *HUPDQ\ 8QLYHUVLW\ RI 5HJHQVEXUJ
'HSDUWPHQW RI 3KDUPDFHXWLFDO %LRORJ\ *HUPDQ\ ,QVWLWXWH RI 1XWULWLRQ RI WKH
5XVVLDQ $FDGHP\ RI 0HGLFDO 6FLHQFH 5XVVLD 6DLQW3HWHUVEXUJ ,QVWLWXWH RI
3KDUPDF\5XVVLD
&RQWDFW  ,QWHUUHJLRQDO&HQWHUʊ $GDSWRJHQ”3LVNDUHYVN\$YH6W3HWHUVEXUJ
5XVVLD
  7(/)$;
(0$,/  SK\WR#PDLOUX
:(%  KWWSZZZDGDSWRJHQUXSK\WRKWPO

7KHUH ZLOO EH DQ ,QWHUQDWLRQDO ([KLELWLRQ GXULQJ WKH &RQJUHVV ZLWK QHZ HTXLSPHQW WHFKQLTXHV DQG
SURGXFWV7KHSURJUDPZLOOLQFOXGHV\PSRVLDRQ

x 1XWUDFHXWLFDOVDQGPHGLFLQDOSODQWSURGXFWVFKDOOHQJHVDSSOLFDWLRQDQGHIILFDF\
x 5HVRXUFHVFXOWLYDWLRQDQGHFRORJLFDODVSHFWVRIPHGLFLQDOSODQWV
x 3K\WRWHFKQRORJ\DQGTXDOLW\FRQWURORIKHUEDOPHGLFLQDOSURGXFWV
x 5HJXODWLRQRIKHUEDOPHGLFLQDOSURGXFWVDQGIRRGVXSSOHPHQWVLQ5XVVLDDQG(XURSHDQ8QLRQ


24
-XO\
,17(51$7,21$/ +23 *52:(56 &219(17,21 ,+*& 0((7,1* 2) 7+( (&2120,&
&200,66,21$1'(;(&87,9(&200,77((
9HQXH  3UDJXH&]HFK5HSXEOLF
2UJDQL]HUV ,QWHUQDWLRQDO+RS*URZHUV&RQYHQWLRQ
&RQWDFW  ,+*& 6HFUHWDULDW 'U 0DUWLQ 3DYORYLF 0DOJDMHYD  6, &HOMH 6ORYHQLD
7(/
  )$;
(0$,/  PDUWLQSDYORYLF#LKSVVL
:(%  KWWSZZZKPHOMJL]VLLKJFDFWKWP

6HSWHPEHU
UG
6$1$ ,17(51$7,21$/(;+,%,7,212)1$785$/352'8&76
9HQXH  %RORJQD*HUPDQ\
&RQWDFW  3DROD&HVWDULRU0RQLFD0DVHOOL
   7(/
)$;
(0$,/  VDQD#ERORJQDILHUHLW
:(%  KWWSZZZVDQDLWHQ

$OWKRXJK 6$1$ WUDGH VKRZ LV SULPDULO\ IRU EX\HUV  VHOOHUV RI FHUWLILHG RUJDQLF ILQLVKHG SURGXFWV
WKHUHZLOOEHVRPHH[KLELWRUVRIEXONERWDQLFDOUDZPDWHULDOVDQGH[WUDFWV

6HSWHPEHU
7+
7+( ,17(51$7,21$/0(',&,1$/086+5220&21)(5(1&(,00&
9HQXH  =DJUHE&URDWLD
2UJDQL]HU 'U 0\NR 6DQ ± +HDOWK IURP 0XVKURRPV &R 8QLYHUVLW\ RI =DJUHE &URDWLD ±
)DFXOW\ RI $JULFXOWXUH )DFXOW\ RI )RRG 7HFKQRORJ\ DQG %LRWHFKQRORJ\ )DFXOW\ RI
)RUHVWU\&URDWLDQ6RFLHW\RI)RRG7HFKQRORJLVWVDQG1XWULWLRQLVWV
&RQWDFW 'U0\NR6DQ0LUDPDUVND=DJUHE&URDWLD1$
7(/
)$;
(PDLO  LPPFORF#JPDLOFRP
:(%  KWWSZZZLPPFFRP

2FWREHU
$18*$
9HQXH &RORJQH([KLELWLRQ&HQWHU*HUPDQ\
2UJDQL]HU .RHOQPHVVH *PE+ 0HVVHSODW]   .|OQ *HUPDQ\  %XQGHVYHUEDQG GHV
'HXWVFKHQ/HEHQVPLWWHOKDQGHOVH9%9/$P:HLGHQGDPP$%HUOLQ
&RQWDFW  'LHWPDU(LGHQ7(/)$;
(0$,/  GHLGHQ#NRHOQPHVVHGHRUEYO#HLQ]HOKDQGHOGH
:(%  KWWSZZZDQXJDFRP

$OWKRXJKSULPDULO\DIRRGVKRZWKHUHZLOOEHVRPHH[KLELWRUVRIQDWXUDOERWDQLFDOLQJUHGLHQWVDW$QXJD

2FWREHU
$662&,$7,21 2) 2)),&,$/ $1$/<7,&$/ &+(0,676 $2$& (8523( ,17(51$7,21$/
:25.6+23 4XDOLW\ &RQWURO RI %RWDQLFDOV 7&0 +HUEDO )RRG 6XSSOHPHQWV DQG +HUEDO
0HGLFLQDO3URGXFWV
9HQXH 8QLYHUVLW\RI(UODQJHQ1XUHPEHUJ
2UJDQL]HU 3K\WR/DE *PE+ DQG WKH :RUNLQJ *URXS 6HSDUDWLRQ 6FLHQFH RI WKH *HUPDQ
&KHPLFDO6RFLHW\
&RQWDFW 'U .ODXV 5HLI FR 3K\WR/DE *PE+  &R .* $2$& (XURSH ([HFXWLYH
&RPPLWWHH'XWHQGRUIHU6WU'9HVWHQEHUJVJUHXWK
(0$,/  .ODXVUHLI#SK\WRODEGH
:(%  KWWSZZZDRDFHXURSHFRP

 

25
2FWREHU
1$7(;3275$'(6+2:
9HQXH  3DULV1RUG9LOOHSLQWH+DOO)UDQFH
2UJDQL]HUV  )HGHUDWLRQ)UDQFDLVHGHOD'LHWHWLTXH &RPH[SR3DULV
&RQWDFW  5RJHU6HUUDXOW)DLU&KDLUPDQ7(/)$;
(0$,/  LQIR#IHGHUDWLRQGLHWHELRRUJ
:(%  KWWSZZZQDWH[SRFRP

([KLELWRU 3URILOH  :KLOH PDLQO\ DQ H[SR IRU ILQLVKHG SURGXFWV WKHUH ZLOO DOVR EH D VXSSOLHUVµ
PDUNHWSODFHIRUH[KLELWRUVRIUDZPDWHULDOVSURFHVVLQJDQGSDFNDJLQJ
9LVLWRU SURILOH 1DWXUDO SURGXFW PDQXIDFWXUHUV ZKROHVDOHUV GLVWULEXWRUV RUJDQLF DQG KHDOWK IRRG
UHWDLOHUVPHGLFDOSURIHVVLRQDOVLPSRUWH[SRUWUHSUHVHQWDWLYHV

2FWREHU
&260(7+,&$,17(51$7,21$/&21*5(66215$:0$7(5,$/6,1&260(7,&6
9HQXH  3DODLVGHV&RQJUqV&RXUV+RQRUp&UHVS*5$66()UDQFH
&RQWDFW  *HQHYLqYH-8*(2UJDQLVLQJ&RPPLWWHH
7(/
)$;
(0$,/ FRQWDFW#FRVPHWKLFDJUDVVHFRP
:(%  KWWSZZZFRVPHWKLFDJUDVVHFRP

2FWREHU
&3K,:25/':,'(
9HQXH  0HVVH)UDQNIXUW*HUPDQ\
2UJDQL]HU  8%0,QIRUPDWLRQ/WG
&RQWDFW 7(/
)$;
(0DLO  FSLKL#XEPFRP
:(%  KWWSZZZFSKLFRP

&3K,([KLELWRUVRIPHGLFLQDOSODQWV H[WUDFWVLQFOXGHDPRQJRWKHUV
¾ $OFKHP,QWHUQDWLRQDO/WG   KWWSZZZDOFKHPLQWHUQDWLRQDOFRP
¾ %XUJXQG\ %RWDQLFDO([WUDFWV   KWWSZZZEXUJXQG\H[WUDFWVFRP
¾ )LQ]HOEHUJ*PE+ &R.*   KWWSZZZILQ]HOEHUJGH
¾ *HKUOLFKHU*PE+    KWWSZZZJHKUOLFKHUGH
¾ ,QGHQD6S$     KWWSZZZLQGHQDFRP
¾ /LQQHD6$     KWWSZZZOLQQHDZRUOGZLGHFRP
¾ 1DWXUH[      KWWSZZZQDWXUH[FRP

1RYHPEHU
,)($7&21)(5(1&(%ULGJLQJ&RQWLQHQWVDQG&XOWXUHV
9HQXH  %DUFHORQD6SDLQ
2UJDQL]HU 7KH,QWHUQDWLRQDO)HGHUDWLRQRI(VVHQWLDO2LOVDQG$URPD7UDGHV,)($7
/LQFROQµV,Q)LHOGV/RQGRQ:&$%38.
&RQWDFW  7(/
)$;
(0$,/  HYHQWV#LIHDWRUJ
:(%  KWWSZZZLIHDWRUJ

&RQIHUHQFHWKHPH
x 6SDLQDVDEULGJLQJFRXQWU\IRU/DWLQ$PHULFD
x 0DUNHWWUHQGVLQ6SDQLVKDQG3RUWXJXHVHVSHDNLQJFRXQWULHV
x %DUFHORQDDVDORJLVWLFDOFHQWUHIRUGHYHORSLQJEXVLQHVVEHWZHHQ(XURSH1RUWK$IULFDQDQG
WKH$PHULFDV
x 5HJXODWRU\OHJLVODWLYHDQGVXVWDLQDELOLW\LVVXHVLQ(XURSHDQGWKH$PHULFDV
x 'HYHORSPHQWVLQWKHFLWUXVDQGDURPDFKHPLFDOVHFWRUV

 

26
1RYHPEHU
0$360(',&,1$/$1'$520$7,&3/$176
VW
0HGLFLQDODQGDURPDWLFSODQWVLQJHQHUDWLQJRIQHZYDOXHVLQ FHQWXU\
9HQXH $FDGHP\RI6FLHQFHVDQG$UWVRI%RVQLDDQG+HU]HJRYLQD6DUDMHYR%RVQLDDQG
+HU]HJRYLQD
&RQWDFW &KDLUPDQ6XOHMPDQ5HGåLü%LVWULN6DUDMHYR %RVQLDDQG+HU]HJRYLQD
7(/
)$;
(0$,/ PSODQWV#\DKRRFRPVUHG]LF#DQXELKED
:(% KWWSZZZPDSVDUDMHYRFRP

7KHPHV &XOWLYDWLRQ 6XVWDLQDEOH 8VH DQG &RQVHUYDWLRQ ,QWHUQDWLRQDO 7UDGH RI 0$3V (FRQRP\ RI
+HUEDO6HFWRU

1RYHPEHU±'HFHPEHU
)22',1*5(',(176(8523( 1$785$/,1*5(',(176
9HQXH  3DULV1RUG9LOOHSRLQWH3DULV)UDQFH
&RQWDFW 8%0L%932%R[$6$PVWHUGDP=2
7(/
)$;
(0$,/  )LHXURSH#XEPFRP
:(%  KWWSILHXURSHLQJUHGLHQWVQHWZRUNFRP

)HEUXDU\
%,2)$&+:25/'75$'()$,5)2525*$1,&)22'$1'1$785$/352'8&76
9HQXH  ([KLELWLRQ&HQWUH1XUHPEHUJ*HUPDQ\
3DWURQ  ,QWHUQDWLRQDO)HGHUDWLRQRI2UJDQLF$JULFXOWXUH0RYHPHQWV,)2$0
7(/
)$;
2UJDQL]HU  1UQEHUJ0HVVH*PE+0HVVH]HQWUXP'1UQEHUJ
(0$,/  ELRIDFK#QXHUQEHUJPHVVHGH
:(%  KWWSZZZELRIDFKGH

$OWKRXJK WKH %,2)$&+ WUDGH VKRZ LV SULPDULO\ IRU EX\HUV  VHOOHUV RI FHUWLILHG RUJDQLF ILQLVKHG
SURGXFWVWKHUHZLOOEHPDQ\H[KLELWRUVRIEXONERWDQLFDOUDZPDWHULDOVDQGH[WUDFWV

1RYHPEHU
+($/7+,1*5(',(176(8523( 1$785$/,1*5(',(176
9HQXH  0HVVH)UDQNIXUW*HUPDQ\
2UJDQL]HU  &03,QIRUPDWLRQDGLYLVLRQRI8QLWHG%XVLQHVV0HGLD
&RQWDFW  &03,QIRUPDWLRQ32%R[$(0DDUVVHQWKH1HWKHUODQGV
7(/
)$;
(0$,/  )L#FPSLEL]
:(%  KWWSKLHXURSHLQJUHGLHQWVQHWZRUNFRP

([KLELWRUSURILOH&RPSDQLHVWKDWFXOWLYDWHH[WUDFWSURFHVVRUVXSSO\KHDOWKQXWUDFHXWLFDOVRUJDQLF
DQGIXQFWLRQDOLQJUHGLHQWVDQGQDWXUDOLQJUHGLHQWVWKDWDUHXVHG LQFRVPHWLFVKHDOWKIRRGSURGXFWV
PHGLFLQDOKHUEDOSURGXFWVDQGQXWUDFHXWLFDOSURGXFWV
 

27
 
 ,1',$DQGRWKHU$VLDQ&RXQWULHV

,6/$0,&5(38%/,&2)$)*+$1,67$1
,1&5($6,1*6$))521&8/7,9$7,21$1'6,*1,),&$1735,&()/8&7$7,21
6DIIURQ VW\OH DQG VWLJPD &URFXV VDWLYXV LV XVHG QRW RQO\ DV D FXOLQDU\ KHUE EXW DOVR DV D
PHGLFLQDO LQJUHGLHQW LQ $VLDQ V\VWHPV RI PHGLFLQH LQFOXGLQJ LQ WKH $\XUYHGLF &KLQHVH DQG 8QDQL
V\VWHPVRIPHGLFLQH:KLOHWKH,VODPLF5HSXEOLFRI,UDQLVWKHZRUOGµVOHDGLQJSURGXFHUDQGH[SRUWHU
RI VDIIURQ SURGXFWLRQ KDV VLJQLILFDQWO\ LQFUHDVHG RYHU WKH SDVW IHZ \HDUV LQ QHLJKERULQJ ,VODPLF
5HSXEOLFRI$IJKDQLVWDQ

$FFRUGLQJWRD-XQH %%&UHSRUWIDUPHUVLQ ZHVWHUQ$IJKDQLVWDQVD\WKDW VDIIURQSULFHV
KDYHGHFOLQHGVKDUSO\RYHUWKHSDVW\HDUUDLVLQJIHDUVWKDWVRPHPD\UHVXPHRSLXPSRSS\3DSDYHU
VRPQLIHUXPFXOWLYDWLRQ6DIIURQKDVVHUYHGDVDSURILWDEOHDOWHUQDWLYHFURSWRRSLXP6DIIURQIDUPHUV
LQ+HUDW3URYLQFHERUGHULQJ,UDQWROG%%&3DVWKRWKDWSULFHVKDYHGURSSHGE\XSWRDVVXSSO\
KDV RXWVWULSSHG GHPDQG /DVW \HDU +HUDW 3URYLQFH SURGXFHG RYHU  07 RI VDIIURQ DQG PRUH WKDQ
 07 DUH H[SHFWHG LQ  ,Q  $IJKDQL VDIIURQ VROG DW 86'  SHU NLOR EXW WKH FXUUHQW
PDUNHWSULFHVWDQGVDWNJ

$ SDJH UHSRUW HQWLWOHG ʊ 9DOXH &KDLQ *RYHUQDQFH DQG *HQGHU 6DIIURQ 3URGXFWLRQ LQ
$IJKDQLVWDQ” LV DYDLODEOH WR GRZQORDG DW WKH ZHEVLWH RI WKH $IJKDQLVWDQ 3XEOLF 3ROLF\ 5HVHDUFK
2UJDQL]DWLRQ$3352KWWSDSSURRUJDIGRZQORDGV6DIIURQ9&B*RYHUQDQFHBDQGB*HQGHUSGI

6285&(6
3DUWR60LKUDQ59DOXH&KDLQ*RYHUQDQFHDQG*HQGHU6DIIURQ3URGXFWLRQLQ$IJKDQLVWDQ.DEXO$IJKDQLVWDQ
$IJKDQLVWDQ 3XEOLF 3ROLF\ 5HVHDUFK 2UJDQL]DWLRQ $3352 1RYHPEHU  $YDLODEOH DW
KWWSDSSURRUJDIGRZQORDGV6DIIURQ9&B*RYHUQDQFHBDQGB*HQGHUSGI
$QRQ $IJKDQ FRQFHUQ RYHU VDIIURQ SULFH GURS %%& 1HZV 6RXWK $VLD  -XQH  $YDLODEOH DW
KWWSZZZEEFFRXNQHZVZRUOGVRXWKDVLD


5(38%/,&2)$50(1,$5(38%/,&2)$=(5%$,-$1$1'*(25*,$
,03529,1*/2&$/(&2120,(67+528*+6867$,1$%/(:,/'&2//(&7,212)0$3V
$QHLJKW\HDUSURMHFWILQDQFHGE\WKH*HUPDQ*RYHUQPHQWHQWLWOHGʊ 6XVWDLQDEOHPDQDJHPHQW
RI WKH ELRGLYHUVLW\ LQ SURWHFWHG DUHDV DQG IRUHVWV 6RXWK &DXFDVXV´ FRPPHQFHG LQ  DQG UXQV
WKURXJKWKH\HDU7KHSURMHFWZDVFRPPLVVLRQHGE\WKH*HUPDQ)HGHUDO0LQLVWU\IRU(FRQRPLF
&RRSHUDWLRQ DQG 'HYHORSPHQW %0= ZLWK WKH (QYLURQPHQW 0LQLVWULHV LQ $UPHQLD $]HUEDLMDQ DQG
*HRUJLDDVWKHOHDGH[HFXWLQJDJHQFLHV7KH*HUPDQ7HFKQLFDO&RRSHUDWLRQ*7=DQGWKH,QVWLWXWH
IRU 0DUNHW (FRORJ\ ,02 DUH LPSOHPHQWLQJ WKH SURJUDPPH 2QH FRPSRQHQW RI WKH SURMHFW LV WKH
LPSOHPHQWDWLRQRIWKH)DLU:LOG6WDQGDUGKWWSZZZIDLUZLOGRUJGRFXPHQWVDQGFHUWLILFDWLRQV\VWHP
WRDVVLVWZLWKVXVWDLQDEOHPDQDJHPHQWRIQDWXUDOUHVRXUFHVLQ*HRUJLD$UPHQLDDQG$]HUEDLMDQ

3RYHUW\ LV ZLGHVSUHDG DPRQJ UXUDO SRSXODWLRQV RI WKLV UHJLRQ DQG LQ WKH SDVW ORFDO FROOHFWRUV
KDYHH[SORLWHGZLOGFROOHFWHGSODQWUHVRXUFHVDERYHVXVWDLQDEOHOHYHOV:LOGFROOHFWLRQLVQRW\HWVHHQ
DVDSURIHVVLRQEXWDVVHDVRQDOZRUNDOWKRXJKIRUPDQ\SHRSOHWKHJHQHUDWHGLQFRPHLVWKHPDLQRU
RQO\VRXUFHRILQFRPHWKURXJKRXWWKH\HDU,QPRVWFDVHVZLOGFROOHFWRUVGRQRWZRUNZLWKFRQWUDFWV
DQG DUH QRW HPEHGGHG LQ VRFLDO VHFXULW\ V\VWHPV 7KHVH FRQGLWLRQV OHDG WR D ORZ HVWHHP RI ZLOG
FROOHFWHGSURGXFWVDQGWKHLUQDWXUDOKDELWDWVHVSHFLDOO\RXWVLGHRISURWHFWHGDUHDV

7KHSURJUDPPHFRPSRQHQWRQZLOGSODQWFROOHFWLRQDLPVWR

¾ ,PSURYHWKHHFRQRPLFVLWXDWLRQRIORFDOSHRSOHE\HVWDEOLVKLQJYDOXHFKDLQVIRUZLOGFROOHFWHG
SODQWSURGXFWV
¾ ,QWURGXFH D PDQDJHPHQW V\VWHP IRU ZLOG FROOHFWHG SODQW UHVRXUFHV VR WKDW WKH FROOHFWLRQ LV
VXVWDLQDEOHRYHUORQJWLPHSHULRGV
¾ ,QVWLWXWLRQDOL]HVXVWDLQDEOHFROOHFWLRQPHWKRGVLQDQRUPDWLYHIUDPHZRUN

7KH )DLU:LOG 6WDQGDUG LV FHQWUDO WR WKH SURMHFW
V DSSURDFK DQG LWV XVH KDV DOUHDG\ OHG WR
)DLU:LOGFHUWLILFDWLRQDQGFRPPHUFLDODYDLODELOLW\RIVHOHFWHG0$3VSHFLHVOLVWHGLQ7DEOH
 

28
 7DEOH)DLU:LOG&HUWLILHG0HGLFLQDODQG$URPDWLF3ODQWVDYDLODEOHIURPWKH&DXFDVXV3URMHFW

)DLU:LOG&HUWLILHG0$3V$YDLODEOHIURPWKH&DXFDVXV3URJUDPPH
&RXQWU\ &RPPRQ1DPHDQG3ODQW3DUW %RWDQLFDO1DPH
2ULHQWDOVSUXFHWUHHFRQHV 3LFHDRULHQWDOLV
3LQHFRQHVEXGVDQGQHHGOHV 3LQXVNRFKLDQD
$UPHQLD 5RVHKLSV 5RVDFDQLQD
6FRWFKSLQHFRQHVEXGVDQGQHHGOHV 3LQXVV\OYHVWULV
:DOQXW\RXQJIUXLWZLWKSHULFDUS -XJODQVUHJLD
%ODFNEHUU\ 5XEXVIUXWLFRVXV
&KHUU\SOXPIUXLW 3UXQXVFHUDVLIHUD
$]HUEDLMDQ &RUQHOLDQFKHUU\ &RUQXVPDV
+DZWKRUQEHUULHV &UDWDHJXVSHQWDJ\QD
1HWWOHOHDI 8UWLFDGLRLFD
&DXFDVLDQELOEHUU\IUXLW 9DFFLQLXPDUFWRVWDSK\ORV
+RSVWURELOH +XPXOXVOXSXOXV
*HRUJLD +RUVHPLQWOHDI 0HQWKDORQJLIROLD
2UHJDQROHDIDQGIORZHU 2ULJDQXPYXOJDUH
6W-RKQµVZRUWKHUE +\SHULFXPSHUIRUDWXP

6285&(6
)DLU:LOG )RXQGDWLRQ $YDLODEOH )DLU:LOGFHUWLILHG SURGXFWV DQG LQJUHGLHQWV :HLQIHOGHQ 6ZLW]HUODQG )DLU:LOG
)RXQGDWLRQKWWSZZZIDLUZLOGRUJFHUWLILFDWLRQRYHUYLHZ
)ODVFKH)3URMHFW'HVFULSWLRQ6XVWDLQDEOHPDQDJHPHQWRIWKHELRGLYHUVLW\LQSURWHFWHGDUHDVDQGIRUHVWV6RXWK
&DXFDVXV (VFKERUQ *HUPDQ\ 'HXWVFKH *HVHOOVFKDIW IU ,QWHUQDWLRQDOH =XVDPPHQDUEHLW *7= *PE+
$YDLODEOHDWKWWSZZZJW]GHHQZHOWZHLWHXURSDNDXNDVXV]HQWUDODVLHQJHRUJLHQKWP
6FKLQGOHU+6DQQHU$)DLU:LOGLQWKH&DXFDVXV:HLQIHOGHQ6ZLW]HUODQG)DLU:LOG)RXQGDWLRQ$YDLODEOH
DWKWWSZZZIDLUZLOGRUJDFWLYLWLHV
6FKLQGOHU+&ROOHFWLRQRI:LOG3ODQWVLQWKH&DXFDVXV±)DLU:LOGDV$OWHUQDWLYH0DQDJHPHQWDQG7UDGH0RGHO
0LQLVWU\ RI (QYLURQPHQW 3URWHFWLRQ DQG 1DWXUDO 5HVRXUFHV RI *HRUJLD %LR7RSLF 1U  )HEUXDU\ 
KWWSFKPPRHJRYJHZHEPLOOGDWDILOH%LR7RSLFBBB&ROOHFWLRQBRIB:LOGB3ODQWVBLQBWKHB&DXFDVXVSGI


5(38%/,& 2) .<5*<=67$1  1(: 6285&( 2) 25*$1,& $1' )$,575$'( &(57,),('
&$/(1'8/$)/2:(5$1'&+$020,/()/2:(5
&DOHQGXOD IORZHU &DOHQGXOD RIILFLQDOLV DQG &KDPRPLOH IORZHU DND 0DWULFDULD IORZHU
0DWULFDULD UHFXWLWD DUH ERWK ZLGHO\ XVHG DV FRPSRQHQWV RI QDWXUDO FRVPHWLF SURGXFWV KHDOWK\
EHYHUDJHVGLHWDU\VXSSOHPHQWSURGXFWVQDWXUDOKHDOWKSURGXFWVDQGRIKHUEDOPHGLFLQDOSURGXFWV

8QWLO YHU\ UHFHQWO\ WKH RQO\ VRXUFH FRXQWU\ IRU 2UJDQLF )DLU7UDGH FDOHQGXOD DQG FKDPRPLOH
IORZHUV UHVSHFWLYHO\ ZDV WKH $UDE 5HSXEOLF RI (J\SW $ QHZO\ FHUWLILHG SURGXFHU LQ WKH 5HSXEOLF RI
.\UJ\]VWDQ KDV DFKLHYHG )DLU7UDGH &HUWLILFDWLRQ WKURXJK WKH )DLU7UDGH /DEHOOLQJ 2UJDQLVDWLRQV
,QWHUQDWLRQDO)/2&(57*PE+KWWSZZZIORFHUWQHW7KH%LR)DUPHU$JULFXOWXUDO&RPPRGLW\DQG
6HUYLFH &RRSHUDWLYH %LR )DUPHU $&6& RI -DODODEDW .\UJ\]VWDQ HVWDEOLVKHG LQ  KDG DOUHDG\
DFKLHYHG )DLU7UDGH FHUWLILFDWLRQ IRU LWV FRWWRQ *RVV\SLXP KLUVXWXP LQ  DQG QRZ DGGV IDLUWUDGH
FDOHQGXODDQGFKDPRPLOHWRWKHLUUDQJHRIH[SRUWDEOHERWDQLFDORIIHULQJV

7DEOHQH[WSDJHVKRZVGHWDLOVIRUWKH)/2&(57SURGXFHUVDQGWUDGHUVRIFDOHQGXODIORZHU
DQGFKDPRPLOHIORZHUIURPERWK.\UJ\]VWDQDQG(J\SW

6285&(6
%LR )DUPHU $JULFXOWXUDO &RPPRGLW\ DQG 6HUYLFH &RRSHUDWLYH 0HGLFLQDO DQG $URPDWLF 3ODQWV $YDLODEOH DW
KWWSRUJDQLFIDUPLQJNJ"SDJHBLG  ODQJ HQ
)/2&(57*PE+/LVWRI&HUWLILHG2SHUDWRUV%RQQ*HUPDQ\)/2&(57*PE+$YDLODEOHDW KWWSZZZIOR
FHUWQHWIORFHUWPDLQSKS"LG 

 

29
 7DEOH±3URGXFHUVRI)DLU7UDGH&HUWLILHG&DOHQGXOD)ORZHUDQG&KDPRPLOHIORZHU

1DPH &RXQWU\ &RQWDFW :HEVLWH
352'8&(562))$,575$'(&$/(1'8/$)/2:(5
0V5HJLQD.DOEDHYD
%LR)DUPHU$JULFXOWXUDO
7HO
&RPPRGLW\DQG .\UJ\]VWDQ KWWSRUJDQLFIDUPLQJNJ"SDJHBLG  ODQJ HQ

6HUYLFH&RRSHUDWLYH
UHJLQDNDOEDHYD#KHOYHWDVNJ
6DNDUDQ6RFLHW\
)DWK\6ROLPDQ KWWSZZZIDLUWUDGHDIULFDQHWSURGXFHUV
'HYHORSPHQW (J\SW
IDWK\V#GHOWDVSLFHHJHFRFRP SURGXFWVSURGXFHUSURILOH"SURG 
$VVRFLDWLRQ
352'8&(562))$,575$'(&+$020,/()/2:(5
0V5HJLQD.DOEDHYD
%LR)DUPHU$JULFXOWXUDO
7HO
&RPPRGLW\DQG .\UJ\]VWDQ KWWSRUJDQLFIDUPLQJNJ"SDJHBLG  ODQJ HQ

6HUYLFH&RRSHUDWLYH
UHJLQDNDOEDHYD#KHOYHWDVNJ
(QJ$WWLD0RKDPHG6REK\ KWWSZZZIDLUWUDGHDIULFDQHWSURGXFHUV
)DUPHUV'HYHORSPHQW
(J\SW 7HO SURGXFWVSURGXFHUSURILOH"SURG 
$VVRFLDWLRQ
IGDHJ\SW#JPDLOFRP 
KWWSZZZVHNHPFRPHQJOLVKHFRQRPLF&RPSD
/LEUD2UJDQLF *KDULHE$EGHOKDPLG
(J\SW Q\DVS["&,' 
&XOWLYDWLRQ JKDULHEDEGHOKDPLG#VHNHPFRP

5R\DO2WWRPDQ&R 0RKDPHG5H]N
KWWSZZZUR\DOIRUKHUEVFRP
DQG,WV$IILOLDWH (J\SW 7HO

2UJDQLF1DWXUH&R LQIR#UR\DOIRUKHUEVFRP
6DNDUDQ6RFLHW\
)DWK\6ROLPDQ KWWSZZZIDLUWUDGHDIULFDQHWSURGXFHUV
'HYHORSPHQW (J\SW
IDWK\V#GHOWDVSLFHHJHFRFRP SURGXFWVSURGXFHUSURILOH"SURG 
$VVRFLDWLRQ


/(%$1(6(5(38%/,&
3URPRWLQJ3URGXFWV%DVHGRQ6XVWDLQDEO\:LOG+DUYHVWHG0HGLFLQDO $URPDWLF3ODQWV
$ IRXU\HDU 86'  PLOOLRQ SURMHFW LQ WKH /HEDQHVH 5HSXEOLF HQWLWOHG ʊ 0DLQVWUHDPLQJ
%LRGLYHUVLW\ 0DQDJHPHQW LQWR 0HGLFLQDO DQG $URPDWLF 3ODQWV 0$3V 3URGXFWLRQ 3URFHVVHV LQ
/HEDQRQ” FRPPHQFHG LQ -XQH  DQG FRQWLQXHV WKURXJK -XQH  7KH SURJUDP LV IXQGHG
WKURXJK WKH *OREDO (QYLURQPHQW )DFLOLW\ *() DQG WKH 8QLWHG 1DWLRQV 'HYHORSPHQW 3URJUDPPH
81'3

7KH81'3SURMHFWµVLGHDLVWKDWQRQGHVWUXFWLYHZLOGKDUYHVWLQJWRJHWKHUZLWKLQFRPHJHQHUDWHG
E\ 0$3 EXVLQHVV RSSRUWXQLWLHV IRU ORFDO SHRSOH ZLOO PDLQWDLQ WKH ZLOG VWRFNV RI DW OHDVW  JOREDOO\
VLJQLILFDQW0$3VSHFLHVWKDWDUHFRPPHUFLDOO\WUDGHGDQGWKUHDWHQHGE\FXUUHQWKDUYHVWLQJSUDFWLFHV
7KLV SURMHFW LPSOHPHQWHG E\ WKH /HEDQHVH $JULFXOWXUH 5HVHDUFK ,QVWLWXWH /$5, ZLOO FUHDWH
LQFHQWLYHV IRU ORFDO FRPPXQLWLHV WR VXVWDLQDEO\ PDQDJH WKH ZLOG VWRFNV E\ HQVXULQJ WKH LQFUHDVHG
ILQDQFLDO UHWXUQV IORZ WR WKH JXDUGLDQV RI ZLOG 0$3 VWRFNV DQG DUH GLUHFWO\ OLQNHG WR VXVWDLQDEOH
KDUYHVWLQJDQGPDQDJHPHQWSUDFWLFHV

7DUJHW 0$3 VSHFLHV LQ WKLV 81'3 SURMHFW LQFOXGH 'DPDVFXV KROO\KRFN $OFHD GDPDVFHQD
(KUHQEHUJµV PDUMRUDP 2ULJDQXP HKUHQEHUJLL /HEDQRQ VDYRU\ 0LFURPHULD OLEDQRWLFD /HEDQRQ
YLROHW 9LROD OLEDQRWLFD 0DUMRUDPOHDYHG FDODPLQW &\FORWULFKLXP RULJDQLIROLXP 6\ULDQ RUHJDQR
2ULJDQXP V\ULDFXP 7KUHHOREHG VDJH 6DOYLD IUXWLFRVD 7K\PEUD 7K\PEUD VSLFDWD DQG 7K\PH
7K\PXVKLUVXWXVDQG7K\PXVV\ULDFXV

,Q 0D\  WKH 81'3 /HEDQRQ 0$3V SURMHFW LQ FRRSHUDWLRQ ZLWK WKH 8QLWHG 1DWLRQV
9ROXQWHHUVSURJUDPPH819.UDIW)RRGV,QFDQGWKHKHUEDOFRVPHWLFVFRPSDQ\ʊ .KDQ(O6DERXQ
%DGU +DVVRXQ  6RQV” KWWSZZZNKDQDOVDERXQQHW RUJDQL]HG D SUHVV FRQIHUHQFH RQ WKH UROH RI
WKH SULYDWH VHFWRU LQ SURGXFLQJ DQG SURPRWLQJ SURGXFWV EDVHG RQ VXVWDLQDEO\ KDUYHVWHG 0$3V 7KH
81'30$3V3URMHFWDQG%DGU+DVVRXQ 6RQVµFRPSDQ\VLJQHGDPHPRUDQGXPRIXQGHUVWDQGLQJ
WRHQFRXUDJHWKHFRPSDQ\WREX\WKHVXVWDLQDEO\KDUYHVWHGSODQWVDQGEXLOGLWVSURGXFWLRQFDSDFLW\
7KLVSDUWQHUVKLSDOVRDLPVDWSURPRWLQJDQHZSURGXFWOLQHZLWKDWUDGHPDUNHGEUDQGVKRZLQJWKDWLW
ZDVVXVWDLQDEO\KDUYHVWHGDQGLWµVQDWXUDODQGRUJDQLF

 

30
6285&(6
8QLWHG 1DWLRQV 'HYHORSPHQW 3URJUDPPH 81'3 /HEDQRQ 3URMHFWV 'DWDEDVH 0DLQVWUHDPLQJ %LRGLYHUVLW\
0DQDJHPHQWLQWR0HGLFLQDODQG$URPDWLF3ODQWV0$3V3URGXFWLRQ3URFHVVHVLQ/HEDQRQ0DUFK
KWWSZZZXQGSRUJOE3URMHFW)DFW6KHHWSURMHFW'HWDLOFIP"SURMHFW,G 
8QLWHG 1DWLRQV 'HYHORSPHQW 3URJUDPPH 81'3 /HEDQRQ 19 MRLQV 81'3µV FRPPLWPHQW WR VDIHJXDUG WKH
HQYLURQPHQW-XQHKWWSZZZXQGSRUJOEFRPPXQLFDWLRQQHZV1HZV'HWDLOFIP"QHZV,G 
8QLWHG 1DWLRQV 6\VWHP LQ /HEDQRQ 3UHVV 5HOHDVH 3URGXFLQJ DQG 3URPRWLQJ 3URGXFWV %DVHG RQ 6XVWDLQDEO\
+DUYHVWHG 0HGLFLQDO DQG $URPDWLF 3ODQWV 0$3V %HLUXW /HEDQRQ  0D\ 
KWWSZZZXQRUJOE1HZV'HWDLOVDVS["SDJHLG 


%27$1,&$/352'8&763(&,),&$7,216
'DPDVN5RVH)ORZHU
DSURGXFWRI,QGLD,UDQ*HRUJLD/HEDQRQ3DNLVWDQ6\ULDDQG7XUNH\


352'8&7 *XO(6XUNK83, 
%RWDQLFDOQDPH 5RVDGDPDVFHQD0LOO)DP5RVDFHDH
3KDUPDFRSRHLDOQDPH 5RVDHGDPDVFHQDHIORV
3DUWXVHG 'ULHGIORZHUVLQWDFWDQGVHSDUDWHG
&XOWLYDWHGRUZLOG &XOWLYDWHG
6WRUDJH 6WRUHSURWHFWHGIURPPRLVWXUH
,'(17,),&$7,21
&KDUDFWHUV &RORXUUHGGLVKEURZQ
2GRXUSOHDVDQW
7DVWHDVWULQJHQW
0DFURVFRSLF $VSHU83,0RQRJUDSK'HVFULSWLRQ
0LFURVFRSLF $VSHU83,0RQRJUDSK'HVFULSWLRQ
7KLQOD\HUFKURPDWRJUDSK\ $V SHU 83, 0RQRJUDSK 7/& EHKDYLRXU RI SHWUROHXP HWKHU ž
H[WUDFW
7(676
)RUHLJQPDWWHU 10783,$SSHQGL[
7RWDODVK 10783,$SSHQGL[
$FLGLQVROXEOHDVK 10783,$SSHQGL[
$OFRKROVROXEOHH[WUDFWLYH 1/783,$SSHQGL[
:DWHUVROXEOHH[WUDFWLYH
&217$0,1$7,21
0LFURELDOTXDOLW\
+HDY\PHWDOV
1/783,$SSHQGL[

7RWDODHURELFPLFURELDOFRXQW107 FIXSHUJ

7RWDOFRPELQHG\HDVWDQGPROGFRXQW107 FIXSHUJ
$EVHQFH RI (VFKHULFKLD FROL 6DOPRQHOOD VSS 6WDSK\ORFRFFXV
DXUHXVDQG3VHXGRPRQDVDHUXJLQRVD
107SSPOHDG
107SSPFDGPLXP
107SSPPHUFXU\
107SSPDUVHQLF
3HVWLFLGHUHVLGXHV &RPSOLHV ZLWK WKH ([SRUW ,QVSHFWLRQ &RXQFLO (,& UHTXLUHPHQWV IRU
H[SRUW
7+(5$3(87,&86(6
,Q WKH 8QDQL 6\VWHP RI =RIH$]DH5DHHVDZHDNQHVVRISULQFLSOHRUJDQVKHDUWEUDLQDQG
0HGLFLQH OLYHU =RIH%DGDQ GHELOLW\ 1DIVXG'DP KDHPRSW\VLV .KDITDQ
SDOSLWDWLRQ $VKRE &KDVKP FRQMXQFWLYLWLV :DMXOX]Q HDUDFKH
4XODK

 


8QDQL3KDUPDFRSRHLD&RPPLWWHH*XO(6XUNK,Q7KH8QDQL3KDUPDFRSRHLDRI,QGLD3DUW,9ROXPH,,,1HZ
'HOKL ,QGLD *RYHUQPHQW RI ,QGLD 0LQLVWU\ RI +HDOWK DQG )DPLO\:HOIDUH 'HSDUWPHQW RI $\XUYHGD <RJD 
1DWXURSDWK\8QDQL6LGGKDDQG+RPRHRSDWK\$<86+

31
 %27$1,&$/5$:0$7(5,$/6LQGLFDWLYHEXONSULFHV
,15 ,QGLDQ5XSHHV135 1HSDOHVH5XSHHV86' 8QLWHG6WDWHV'ROODUV
3URGXFW %RWDQLFDO1DPH &XOWLYDWHG2U 2ULJLQ 3ULFHSHUNJ %DVLV
:LOG
$PODIUXLW 3K\OODQWKXVHPEOLFD :LOG&XOW 1HSDO 135 .DWKPDQGX1HSDOJXQM
$PODIUXLWGULHG 3K\OODQWKXVHPEOLFD :LOG&XOW ,QGLD ,15 %KRSDO0DQGL$KPHGDEDG
1DJDRQ5DQFKL
$VKZDJDQGKDURRW :LWKDQLDVRPQLIHUD &XOW:LOG ,QGLD ,15 1DJDRQ%KRSDO$PULWVDU
%DFRSDKHUE%UDKPLSDWUD %DFRSDPRQQLHUL :LOG ,QGLD ,15 'HOKL9LUXGKXQDJDU
.RONDWD6RODQ
&DUGDPRPVHHGVPDOO (OHWWDULDFDUGDPRPXP &XOWLYDWHG ,QGLD ,15 9DQGDQPHWWX%RGLQD\DNDQXU
&LQQDPRQEDUN'DOFKLQL &LQQDPRPXP]H\ODQLFXP &XOWLYDWHG 1HSDO 135 1HSDOJXQM
&ORYHIORZHUEXG 6\]\JLXPDURPDWLFXP &XOWLYDWHG ,QGLD ,15 &RFKLQ
&RULDQGHUIUXLW &RULDQGUXPVDWLYXP &XOWLYDWHG ,QGLD ,15 &KHQQDL
&XPLQVHHG &XPLQXPF\PLQXP &XOWLYDWHG ,QGLD ,15 &KHQQDL
)HQQHOIUXLW )RHQLFXOXPYXOJDUH &XOWLYDWHG ,QGLD ,15 &KHQQDL
)HQXJUHHNVHHG 7ULJRQHOODIRHQXPJUDHFXP &XOWLYDWHG ,QGLD ,15 &KHQQDL
*DUOLFEXOE $OOLXPVDWLYXP &XOWLYDWHG ,QGLD ,15 &KHQQDL
*LQJHUUKL]RPH =LQJLEHURIILFLQDOH &XOWLYDWHG ,QGLD ,15 &RFKLQ
*LQJHUUKL]RPHGULHG6XQWKR =LQJLEHURIILFLQDOH &XOWLYDWHG 1HSDO 135 .DWKPDQGX1HSDOJXQM
*LQJHUUKL]RPHIUHVK$GXZD =LQJLEHURIILFLQDOH &XOWLYDWHG 1HSDO 135 1HSDOJXQM.DWKPDQGX
+LPDOD\DQUKXEDUEUKL]RPH 5KHXPDXVWUDOH :LOG 1HSDO 135 .DWKPDQGX1HSDJXQM
3DGDPFKDO
,QGLDQFDUGDPRPVHHGODUJH $PRPXPVXEXODWXP &XOWLYDWHG ,QGLD ,15 *DQJWRN
,QGLDQFDVVLDOHDI7HMSDW &LQQDPRPXPWDPDOD :LOG 1HSDO 135 1HSDJXQM.DWKPDQGX
-DWDPDQVLURRWDQGUKL]RPH 1DUGRVWDFK\VJUDQGLIORUD :LOG 1HSDO 135 .DWKPDQGX1HSDOJXQM
/RQJSHSSHUIUXLW3LSOD 3LSHUORQJXP &XOW:LOG 1HSDO 135 .DWKPDQGX1HSDOJXQM
/RQJSHSSHUIUXLWSLSSDOL 3LSHUORQJXP &XOW:LOG ,QGLD ,15 %RNDUR1DJDRQ0DQGL'HOKL
0DFHDULO 0\ULVWLFDIUDJUDQV &XOWLYDWHG ,QGLD ,15 &RFKLQ
0RUHOPXVKURRP*XFKKLFK\DX 0RUFKHOODFRQLFD :LOG 1HSDO 135 1HSDOJXQM
1XWPHJNHUQHOZLWKVKHOO 0\ULVWLFDIUDJUDQV &XOWLYDWHG ,QGLD ,15 &RFKLQ
1XWPHJNHUQHOZLWKRXWVKHOO 0\ULVWLFDIUDJUDQV &XOWLYDWHG ,QGLD ,15 &RFKLQ
3V\OOLXPKXVN,VDEJROKXVN 3ODQWDJRRYDWD &XOWLYDWHG ,QGLD ,15 0X]DIIDUQDJDU1HHPXFK
'HOKL$PULWVDU
3V\OOLXPVHHG,VDEJRO%HHM 3ODQWDJRRYDWD &XOWLYDWHG ,QGLD ,15 0DQGL6RODQ'HOKL
3V\OOLXPVHHGSRZGHUHGVWHDP 3ODQWDJRRYDWD &XOWLYDWHG ,QGLD 86' )2%&$
VWHULOL]HG
6HQQDOHDI7%&VWHDPVWHULOL]HG &DVVLDDQJXVWLIROLD &XOWLYDWHG ,QGLD 86' )2%2ULJLQ
6HQQDSRG &DVVLDDQJXVWLIROLD &XOWLYDWHG ,QGLD ,15 9LUXGKXQDJDU'HOKL.RONDWD
6KDWDYDULURRW.XUROL $VSDUDJXVUDFHPRVXV &XOW:LOG 1HSDO 135 .DWKPDQGX1HSDOJXQM
7XUPHULFUKL]RPH &XUFXPDORQJD &XOWLYDWHG ,QGLD ,15 &RFKLQ&KHQQDL(URGH
:LQJHG3ULFNO\DVKIUXLWZLWK =DQWKR[\OXPDUPDWXP :LOG 1HSDO 135 1HSDJXQM.DWKPDQGX
VHHG7LPXU
&HUWLILHG2UJDQLF &HUWLILHG2UJDQLF )DLU7UDGH

1RWHV
 4XDOLW\ 6WDQGDUGV 0RQRJUDSKV SURYLGLQJ TXDOLW\ VWDQGDUGV DQG WHVWV IRU PRVW DOO RI WKH DERYH
OLVWHGKHUEVFDQEHIRXQGHLWKHULQWKH$\XUYHGLF3KDUPDFRSRHLDRI,QGLD9ROXPHV,WKURXJK9WKH
6LGGKD 3KDUPDFRSRHLD RI ,QGLD 3DUW , 9ROXPH , WKH 8QDQL 3KDUPDFRSRHLD RI ,QGLD 9ROXPHV ,
WKURXJK9WKH,QGLDQ3KDUPDFRSRHLDDQGRUWKH,QGLDQ+HUEDO3KDUPDFRSRHLD

 

32
 %27$1,&$/(;75$&76LQGLFDWLYHEXONSULFHV
,15 ,QGLDQ5XSHHV135 1HSDOHVH5XSHHV(85 (XURV
3URGXFW 6WDQGDUG 2ULJLQ 3ULFHSHUNJ %DVLV
$PODIUXLWGU\H[WUDFW WDQQLQV ,QGLD (85 )2%,QGLDQSRUW
3K\OODQWKXVHPEOLFD
*\PQHPDOHDIGU\H[WUDFW J\PQHPLFDFLG ,QGLD (85 )2%,QGLDQSRUW
*\PQHPDV\OYHVWUH
,QGLDQIUDQNLQFHQVHGU\H[WUDFW  ,QGLD (85 )2%,QGLDQSRUW
%RVZHOOLDVHUUDWD
6KDWDYDULURRWGU\H[WUDFW VDSRQLQV ,QGLD (85 )2%,QGLDQ3RUW
$VSDUDJXVUDFHPRVXV


0((7,1*6$1'75$'(6+2:6
,1',$DQGRWKHU6RXWKHUQ&HQWUDODQG:HVWHUQ$VLDQ&RXQWULHV

6HSWHPEHU
WK
 ,17(51$7,21$/&21*5(66$1'$118$/0((7,1*2)7+(62&,(7<)250(',&,1$/
3/$17$1'1$785$/352'8&75(6($5&+
9HQXH  0DULWLP3LQH%HDFK+RWHO%HOHN$QWDO\D7XUNH\
&RQWDFW  &KDLUPDQ.+VQ&DQ%DúHU
7(/)$;
(0$,/  LQIR#JDRUJ
:(%  KWWSZZZJDRUJ

7RSLFV &RQVHUYDWLRQ DQG ELRGLYHUVLW\ LVVXHV 4XDOLW\ FRQWURO DQG VDIHW\ DVVHVVPHQWV RI
SK\WRPHGLFLQHVDQG&RVPHWLFVIODYRUVDQGDURPDVDPRQJRWKHUV:RUNVKRSVLQFOXGH5HJXODWRU\
$IIDLUV RI +HUEDO 0HGLFLQDO 3URGXFWV 0DQXIDFWXULQJ DQG 4XDOLW\ &RQWURO RI +HUEDO 5HPHGLHV DQG
%UHHGLQJDQG&XOWLYDWLRQRI0HGLFLQDO3ODQWV

6HSWHPEHU
QG
 ,17(51$7,21$/6<0326,8021(66(17,$/2,/6,6(2
9HQXH 0DULWLP3LQH%HDFK5HVRUW+RWHO$QWDO\D7XUNH\
6XSSRUWHUV ,&0$3,QWHUQDWLRQDO<HDURI&KHPLVWU\
6SRQVRU 0**OFLFHN,QWHUQDWLRQDO)UDJUDQFH&RPSDQ\&$0$*
&RQWDFW )767XUL]P+LODO0DKDOOHVL&DGGH<LOGL]dDQND\D$QNDUD7XUNH\
7(/)$;)$;
(0$,/ LQIR#LVHRRUJ
:(% KWWSZZZLGHRRUJ

0DLQ7RSLFVLQFOXGHFXOWLYDWLRQRISODQWVXVHGIRUWKH SURGXFWLRQ RIHVVHQWLDORLOVDQG RLOSURGXFWLRQ
7KHUHZLOODOVREHDQH[KLELWLRQ

6HSWHPEHU
75$,1,1*21086+5220&8/7,9$7,21)2560$//0$5*,1$/)$50(56*52:(56,,
9HQXH  &KDPEDJDKW6RODQ,QGLD
6SRQVRUV  'LUHFWRUDWHRI0XVKURRP5HVHDUFK,QGLDQ&RXQFLOIRU$JULFXOWXUDO5HVHDUFK
&RQWDFW 'LUHFWRUDWH RI 0XVKURRP 5HVHDUFK ,QGLDQ &RXQFLO RI $JULFXOWXUDO 5HVHDUFK
&KDPEDJKDW6RODQ+LPDFKDO3UDGHVK
7(/
(0$,/  'LUHFWRUPU#JPDLOFRP
:(%  KWWSZZZQUFPXVKURRPRUJKWPOWUDLQLQJBFDOHQGHUBKWPO

6HSWHPEHU
$6,$1+(5%$/6+2: (;+,%,7,21
9HQXH  16,&([KLELWLRQ*URXQGV2NKOD1HZ'HOKL,QGLD
+RVW 6RFLHW\ IRU &RQVHUYDWLRQ DQG 5HVRXUFH 'HYHORSPHQW RI 0HGLFLQDO 3ODQWV 1HZ
'HOKLDQG6HUYLFHV,QWHUQDWLRQDO
&RQWDFW '$EORFN/6&1DUDLQD9LKDU5LQJ5RDG1HZ'HOKL,QGLD

33
 7(/)$;
(0$,/ LQIR#VHUYLQWRQOLQHFRP
:(% KWWSZZZDVLDQKHUEDOVKRZFRP

([KLELWRU SURILOH 6XSSOLHUV RI KHUEDO H[WUDFWV DQG LQJUHGLHQWV 0HGLFLQDO 3ODQWV %RDUGV )RUHVW
'HSDUWPHQWV $\XUYHGLF 6LGGKD DQG 8QDQL KHUEDO GUXJV PDQXIDFWXUHUV RI KHUEDO IRRGV DQG KHUEDO
WHDV KHDOWK GULQNV DQG GLHWDU\ VXSSOHPHQWV PDQXIDFWXUHUV RI HTXLSPHQW DQG PDFKLQHV XVHG LQ
PDQXIDFWXUHRI$\XUYHGLFDQGRWKHUKHUEDOPHGLFLQDOSURGXFWV

2FWREHU
)22',1*5(',(176,1',$
9HQXH  %RPED\([KLELWLRQ&HQWUH0XPEDL,QGLD
&RQWDFW 8%0,QWHUQDWLRQDO0HGLD32%R[$6$PVWHUGDP=21HWKHUODQGV
7(/)$;
(0$,/  -RQDWKRQYLV#XEPFRP
:(%  KWWSILLQGLDLQJUHGLHQWVQHWZRUNFRP

$OWKRXJK PRVW H[KLELWRUV UHSUHVHQW WKH IRRG LQJUHGLHQW YDOXH FKDLQ WKHUH ZLOO EH VRPH H[KLELWRUV RI
PHGLFLQDODQGDURPDWLFSODQWV H[WUDFWV

2FWREHU
QG*/2%$/6800,7216867$,1$%/('(9(/230(17$1'%,2',9(56,7<*/266
9HQXH  5DLSXU&KKDWWLVJDUK,QGLD
+RVW  &RXQFLO IRU 7ULEDO DQG 5XUDO 'HYHORSPHQW &75' 6RFLHW\ IRU ,QWHUQDWLRQDO
'HYHORSPHQW 6,' $IULFDQ %RXQG &RUSRUDWLRQ *HUPDQ $VVRFLDWLRQ IRU +RPD
WKHUDS\$(,5HVHDUFKDQG&RQVXOWDQF\3YW/WG
&RQWDFW  'U 51 3DWL &RQIHUHQFH &RRUGLQDWRU 0DKDPD\D %KDZDQ +,* .DQDQ
9LKDU3KDVH323DWLD%KXEDQHVZDU
  7(/)$;
(0$,/  GUSDWL#JPDLOFRP
:(%  KWWSZZZJORVVFRP

&RQIHUHQFHWKHPH7UDGLWLRQDONQRZOHGJHDQGELRGLYHUVLW\FRQVHUYDWLRQVXVWDLQDEOHGHYHORSPHQW
SXEOLFLQWHUHVWHQYLURQPHQWDOODZVHQHUJ\DQGELRGLYHUVLW\FRQVHUYDWLRQDQGVXVWDLQDEOHXVHRIZLOG
SODQWGLYHUVLW\([KLELWRUSURILOH3URGXFHUVSURFHVVRUVDQGH[SRUWHUVRIPHGLFLQDOKHUEVFHUWLILHG
RUJDQLFLQJUHGLHQWVHVVHQWLDORLOVHTXLSPHQWIRUSDFNDJLQJKHUEDOSURGXFWV

2FWREHU
7+(),)7+,17(51$7,21$/&21)(5(1&(219(7,9(5,&9
9HQXH  &HQWUDO,QVWLWXWHRI0HGLFLQDODQG$URPDWLF3ODQWV/XFNQRZ,QGLD
2UJDQL]HUV &HQWUDO ,QVWLWXWH RI 0HGLFLQDO DQG $URPDWLF 3ODQWV &,0$3 7KH &KDLSDWWDQD
)RXQGDWLRQ%DQJNRN7KDLODQG2IILFHRIWKH5R\DO'HYHORSPHQW3URMHFWV%RDUG
25'3%%DQJNRN7KDLODQG7KH9HWLYHU1HWZRUN,QWHUQDWLRQDO791,7KH,QGLD
9HWLYHU1HWZRUN1DWLRQDO 6FLHQFH $JHQFLHV LQ ,QGLD &6,5 '67,&$5 1DWLRQDO
0HGLFLQDO3ODQW%RDUG0LQLVWU\RI(QYLURQPHQWDQG)RUHVWVHWF
&RQWDFW ,&9 6HFUHWDULDW 'U 8 & /DYDQLD &HQWUDO ,QVWLWXWH RI 0HGLFLQDO DQG $URPDWLF
3ODQWV&,0$37(/)$;
(0$,/  LFY#FLPSDUHVLQ
:(%  KWWSLFYFLPDSUHVLQ

&RQIHUHQFH7KHPH7KHIDVWJURZLQJDQGGHHSURRWVRI9HWLYHUDQGKLJKELRPDVVKDVRSHQHGQHZ
RSSRUWXQLWLHV IRU LWV XWLOL]DWLRQ LQ PLWLJDWLQJ JOREDO ZDUPLQJ WKURXJK SKRWRV\QWKHWLF FDSWXUH RI
DWPRVSKHULF FDUERQ DQG LWV VHTXHVWUDWLRQ LQ VXEVRLO KRUL]RQV 7HFKQLFDO DGYDQFHV DUH DOVR EHLQJ
PDGH LQ FHOOXORVLF FRQYHUVLRQ RI SODQW ELRPDVV LQWR ELRIXHO RIIHULQJ DQ LQWHJUDWHG DSSURDFK IRU
RSWLPXP XWLOL]DWLRQ RI YHWLYHU SODQWDWLRQV WKHUHE\ UHGXFLQJ WKH ORDG IURP DQWKURSRJHQLF HPLVVLRQV
7KH FRQIHUHQFH DLPV WR UHYLHZ WKH VWDWHV RI DUW GHYHORSPHQWV RQ WKH SURVSHFWV DQG SRWHQWLDO RI
9HWLYHULQ DGGUHVVLQJ LVVXHVUHODWHGWRFOLPDWHFKDQJHDQGPLWLJDWLRQ RIJOREDO ZDUPLQJXSGDWHWKH
ODWHVWGHYHORSPHQWVRI9HWLYHUDSSOLFDWLRQVWRXQGHUVFRUHLWVSURPLVHVDQGSRWHQWLDOLQWKHVHUYLFHRI
WKHJOREDOFRPPXQLW\RYHUYLHZWKH9HWLYHU(FRV\VWHP6HUYLFHV


34
1RYHPEHU
%,2)$&+,1',$,17(51$7,21$/25*$1,&75$'()$,5
9HQXH  %RPED\([KLELWLRQ&HQWUH0XPEDL,QGLD
3DWURQ ,QWHUQDWLRQDO)HGHUDWLRQRI2UJDQLF$JULFXOWXUH0RYHPHQWV,)2$0
6XSSRUWHUV 1&2)0LQLVWU\RI$JULFXOWXUH$3('$02)3,
2UJDQL]HU 1UQEHUJ0HVVH 1XUQEHUJ *OREDO )DLUV ,QWHUQDWLRQDO &RPSHWHQFH &HQWUH IRU
2UJDQLF$JULFXOWXUH,&&2$
&RQWDFW 0LULDP 6WDKHO 1XUQEHUJ *OREDO IDLUV 0HVVH]HQWUXP  1XUQEHUJ *HUPDQ\
7(/)$;
(0$,/ ELRIDFKJOREDOO\#QXHUQEHUJPHVVHGH
:(% KWWSZZZELRIDFKLQGLDFRP

([KLELWRUSURILOH$OWKRXJKSULPDULO\DWUDGHVKRZIRUFHUWLILHGRUJDQLFILQLVKHGSURGXFWVWKHUHZLOOEH
VRPHVXSSOLHUVRIERWDQLFDOUDZPDWHULDOVDQGH[WUDFWV

'HFHPEHU
0,''/(($671$785$/ 25*$1,&352'8&76(;320(123(
9HQXH  'XEDL,QWHUQDWLRQDO([KLELWLRQ &RQYHQWLRQ&HQWUH'XEDL8$(
3DWURQV 8$(0LQLVWU\RI+HDOWK8$(0LQLVWU\RI(QYLURQPHQW :DWHU'XEDL0XQLFLSDOLW\
2UJDQL]HU  *OREDO/LQNV'XEDL//&DGLYLVLRQRI&RQH[([KLELWLRQV//&
6XSSRUWHUV ,QWHUQDWLRQDO )HGHUDWLRQ RI 2UJDQLF $JULFXOWXUH 0RYHPHQWV ,)2$0 &KDPEHURI
+HUEDO ,QGXVWULHV RI WKH 3KLOLSSLQHV .RUHD +HDOWK 6XSSOHPHQW $VVRFLDWLRQ
,QWHUQDWLRQDO&RPSHWHQFH&HQWUHRI$JULFXOWXUH0(9(*
&RQWDFW *OREDO/LQNV'XEDL//&32%R['XEDL8$(
7(/)$;
(0$,/ LQIR#QDWXUDOSURGXFWPHFRP
:(% KWWSZZZQDWXUDOSURGXFWPHFRP

([KLELWRU 3URILOH +HUEV  VSLFHV KHUEDO H[WUDFWV KHUEDO WHDV  FRIIHHV SK\WRSKDUPDFHXWLFDO
SURGXFWVWUDGLWLRQDOPHGLFLQHV$\XUYHGD+RPHRSDWKLF1DWXURSDWKLFGLHWDU\VXSSOHPHQWVRUJDQLF
IRRGVQDWXUDOMXLFHDURPDWKHUDS\SURGXFWV

)HEUXDU\
7+
 ,17(51$7,21$/&21*5(662)(7+123+$50$&2/2*<
9HQXH  6FKRRORI1DWXUDO3URGXFW6WXGLHV-DGDYSXU8QLYHUVLW\.RONDWD,QGLD
&RQWDFW 'U 3XORN . 0XNKHUMHH 3K' )56& 'HSDUWPHQW RI 3KDUPDFHXWLFDO 7HFKQRORJ\
-DGDYSXU8QLYHUVLW\.RONDWD7(/)$;
(0$,/  LQIR#LVHVQSVMXRUJRUQDWSURGSN#\DKRRFRP
:(%  KWWSZZZLVHVQSVMXRUJ

6HVVLRQVRILQWHUHVWWRSURGXFHUVWUDGHUVDQGH[SRUWHUVRIPHGLFLQDOSODQWV H[WUDFWVZLOOLQFOXGH
x *OREDOWUDGHDQGFRPPHUFLDOL]DWLRQRI$\XUYHGDDQGRWKHUDQFLHQWV\VWHPVRIPHGLFLQH
x (WKQRSKDUPDFRORJ\ELRFXOWXUDOGLYHUVLW\DQGFRQVHUYDWLRQRIPHGLFLQDOSODQWV
x ,QWHUQDWLRQDOFRRSHUDWLRQIRUSURPRWLRQDQGGHYHORSPHQWRIQDWXUDOSURGXFWV

)HEUXDU\
WK
3$1$&($± 1$785$/352'8&76(;32,1',$
9HQXH  :RUOG7UDGH&HQWUH&RPSOH[0XPEDL,QGLD
2UJDQL]HUV  6HLVKLGR&RPPXQLFDWLRQV
&RQWDFW  0V0LQL&KDNUDYDUW\&(2
(0$,/  PLQL#VHLVKLGRFRPPXQLFDWLRQVFRP
:(%  KWWSZZZVHLVKLGRFRPPXQLFDWLRQVFRP  

([KLELWRU3URILOH5DZ 0DWHULDO  ,QJUHGLHQWV 3ODQW ([WUDFWV 5DZ DQG (QFDSVXODWHG +HUEV
6SLFHV 1DWXUDO ,QJUHGLHQWV 1XWUDFHXWLFDOV 3UR%LRWLFV )XQFWLRQDO )RRG  %DNHU\ ,QJUHGLHQWV
&RVPHFHXWLFDO 2LOVHHGV  2LOVHHG H[WUDFW 1DWXUDO (VVHQFH 1DWXUDO FRORUV  )ODYRULQJV HWF«
1DWXUDO0HGLFLQDOSURGXFWV+HUEDO$\XUYHGD1DWXURSDWK\+RPHRSDWK\8QDQL6LGGKD&KLQHVH
PHGLFLQHV DQG RWKHU 7UDGLWLRQDO PHGLFLQHV« 2WKHU 1DWXUDO 3URGXFWV 7H[WLOH )LEUHV 'HWHUJHQWV
3HVWLFLGHV)HUWLOL]HUV &URS&DUH+RXVHKROG&OHDQHUV)RUHVW3URGXFH%LRHQHUJHWLFV (VVHQFH
6WLFNV« 

35

 1257+$0(5,&$

,1&5($6,1*180%(52)+(5%$/352'8&76,1&$1$',$1$1'860$5.(76&217$,1
&(57,),('6867$,1$%/<:,/'+$59(67('0(',&,1$/$1'$520$7,&3/$176
,QWKH'HFHPEHU 016 ZHIHDWXUHGLQIRUPDWLRQRQ WKHIDVWJURZLQJVXSSO\FKDLQRI
PHGLFLQDODQGDURPDWLFSODQWVDQGH[WUDFWVWKDWZHUHFRPLQJLQWRWKHJOREDOPDUNHWSODFHZLWKYDOXH
DGGLQJFHUWLILFDWLRQVRUYHULILFDWLRQVWKDWGHPRQVWUDWHHYLGHQFHRIVXVWDLQDEOHUHVRXUFHPDQDJHPHQW
DQG SURGXFWLRQ HFRORJLFDO HFRQRPLFDO DQG VRFLDO VXVWDLQDELOLW\ SUDFWLFHV WKURXJKRXW WKH VXSSO\
FKDLQ 1RZ VRPH PRQWKV ODWHU ZH FOHDUO\ VHH WKLV WUHQG FRQWLQXH E\ WKH HQWU\ RI DQ LQFUHDVLQJ
QXPEHU RI ILQLVKHG KHUEDO SURGXFWV LQWR WKH 1RUWK $PHULFDQ PDUNHW WKDW FRQWDLQ ZLOGKDUYHVWHG
ERWDQLFDOLQJUHGLHQWVFDUU\LQJHFRORJLFDODQGRUVRFLDOFHUWLILFDWLRQPDUNVRQWKHSURGXFWODEHOLQJ
0DUNHWLQJ WKHVH QHZO\ FHUWLILHG KHUEDO SURGXFWV LQ 1RUWK $PHULFD FRXOG KHOS WR SUHVHUYH DQG
SURWHFW WKH WUDGLWLRQ RI ZLOGKDUYHVWLQJ RI PHGLFLQDO SODQWV VXVWDLQDEO\ LQFUHDVH KRXVHKROG LQFRPH
DQG KHOS WR LPSURYH TXDOLW\ RI OLIH LQ WKH FROOHFWLRQ FRPPXQLWLHV EHFDXVH RI SULFH PDUNXSV DQG
SUHPLXPVSDLGWRSURGXFHUVIRULPSOHPHQWLQJFHUWLILDEOHVXVWDLQDELOLW\VWDQGDUGV0RUHRYHUEXLOGLQJ
D PDUNHW IRU VXVWDLQDEO\ ZLOGKDUYHVWHG KHUEV KHOSV WR SURWHFW ELRGLYHUVLW\ LH IRUHVW HQFURDFKPHQW
DQG XQVXVWDLQDEOH IRUHVW PDQDJHPHQW FDQ EH KDOWHG LI WKHUH LV D VWHDG\ PDUNHW IRU VXVWDLQDEO\
PDQDJHGELRGLYHUVLW\SURGXFWV0DLQWDLQLQJFHUWLILFDWLRQIRUWKHILQLVKHGSURGXFWVUHTXLUHVWKHEXLOGLQJ
RIORQJWHUPUHODWLRQVKLSVDQGSODQQLQJEHWZHHQSURGXFHUVDQGEX\HUVLPSOHPHQWDWLRQRIVXVWDLQDEOH
ZLOGFURSSURGXFWLRQDQGWUDGLQJV\VWHPVWUDFHDELOLW\WUDQVSDUHQF\DQGWUXVW7KHVXFFHVVRIFHUWLILHG
ILQLVKHG SURGXFWV LQ WKH 1RUWK $PHULFDQ PDUNHW FDQ KDYH D GLUHFW SRVLWLYH LPSDFW RQ SURGXFHU
FRPPXQLWLHV ZKR HDUQ VRPH RU DOO RI WKHLU KRXVHKROG LQFRPH IURP WUDGLWLRQDO DQG VXVWDLQDEOH ZLOG
KDUYHVWLQJRIPHGLFLQDODQGDURPDWLFSODQWVIRUWKHJOREDOPDUNHW
+HUH DUH MXVW D IHZ H[DPSOHV RI VHOHFWHG KHUEDO PHGLFLQDO SURGXFWV HQWHULQJ WKH 1RUWK
$PHULFDQPDUNHWWKDWPD\KHOSWRGULYHGHPDQGIRUFHUWLILHGVXVWDLQDEO\ZLOGKDUYHVWHGKHUEV
$87+(17,&7($6$XWKHQWLF7HDV,QFRI7RURQWR2QWDULRKWWSZZZDXWKHQWLFWHDVFRP
WKURXJK D ILYH\HDU KHUEDO WHD VXSSO\ DJUHHPHQW ZLWK +$0 /WG &R  $UPHQLDQ7HD RI 9LOODJH
2G]XQ /RUL 5HJLRQ 5HSXEOLF RI $UPHQLD KWWSZZZDUPHQLDQWHDFRP KDV EHJXQ WR PDUNHW D
UDQJH RI RUJDQLF $UPHQLDQ ZLOGKDUYHVWHG KHUEDO WHD SURGXFWV LQ 1RUWK $PHULFD ,Q -XQH 
$XWKHQWLF 7HDV DOVR ILOHG ZLWK WKH 8QLWHG 6WDWHV 6HFXULWLHV DQG ([FKDQJH &RPPLVVLRQ 6(& WR
UHJLVWHU  VKDUHV RI FRPPRQ VWRFN RIIHUHG E\ LWV VKDUHKROGHUV 7KH ZLOGFROOHFWHG KHUEV
SDFNHGIRU$XWKHQWLF7HDVLQ$UPHQLDE\+$0/WG&RDUHFHUWLILHGXVLQJWKHQHZʊ *UHHQ&DXFDVXV
6WDQGDUd,” GHYHORSHG MRLQWO\ E\ ʊ &$8&$6&(57 //& RI 7ELOLVL *HRUJLD KWWSZZZFDXFDVFHUWJH
DQGʊ (&2*/2%(//&”RI<HUHYDQ$UPHQLDKWWSZZZHFRJOREHDPZKLFKKDVEHHQDFFUHGLWHGE\
WKH *HUPDQ ,QWHUQDWLRQDO $FFUHGLWDWLRQ %RG\ '$3 'HXWVFKHV $NNUHGLWLHUXQJVV\VWHP 3UIZHVHQ
*PE+6HH7DEOHIRUDOLVWRI$UPHQLDQRUJDQLFZLOGKDUYHVWHGKHUEVEHLQJPDUNHWHGLQ&DQDGD
*22'1$785(Š,Q'HFHPEHU$ONDORLG$'6NRSMHRI6NRSMH5HSXEOLFRI0DFHGRQLD

KWWSZZZDONDORLGFRPPNWHDVQVS[DFKLHYHG)DLU:LOGŠ FHUWLILFDWLRQIRUVHYHUDO0DFHGRQLDQZLOG
KDUYHVWHG PHGLFLQDO SODQWV XVHG LQ LWV UDQJH RI RUJDQLF KHUEDO WHD SURGXFWV ,QVSHFWLRQ DQG
FHUWLILFDWLRQ IRU FRPSOLDQFH ZLWK WKH )DLU:LOG 6WDQGDUG KWWSZZZIDLUZLOGRUJVWDQGDUG ZDV FDUULHG
RXWE\WKH,QVWLWXWHIRU0DUNHW(FRORJ\,02RI:HLQIHOGHQ6ZLW]HUODQGKWWSZZZLPRFK$ONDORLG

6NRSMH KDV DOUHDG\ WUDGHPDUNHG LWV EUDQG QDPH *RRG 1DWXUHŠ  IRU PHGLFLQDO WHDV LQ WKH 8QLWHG
6WDWHVRI$PHULFD86DQGSODQVWRODXQFKIRXURILWV*RRG1DWXUHŠKHUEDOWHDVLQWKH86LQ
7KHPDLQKHUEVLQWKHVHZLOGWHDSURGXFWVDUHQHWWOHOHDI8UWLFDGLRLFDURVHKLS5RVDFDQLQDHOGHU
IORZHU6DPEXFXVQLJUDDQGOLQGHQEORVVRP7LOLDFRUGDWD7SODW\SK\OORV6HH7DEOHIRUDOLVWLQJ
RIWKH0DFHGRQLDQ)DLU:LOGFHUWLILHGPHGLFLQDOSODQWVWREHPDUNHWHGLQWKH86

75$',7,21$/ 0(',&,1$/6Š  7UDGLWLRQDO 0HGLFLQDOV ,QF 70, RI 6HEDVWRSRO &DOLIRUQLD
KWWSZZZWUDGLWLRQDOPHGLFLQDOVFRP ZDV DPRQJ WKH ILUVW $PHULFDQ FRPSDQLHV WR PDUNHW KHUEDO
SURGXFWVFRQWDLQLQJʊ FHUWLILHGRUJDQLFZLOd”KHUEVDFFRUGLQJWRWKH1232UJDQLF:LOGFURS+DUYHVWLQJ
3UDFWLFH 6WDQGDUG DQG WKH ILUVW WR PDUNHW KHUEDO SURGXFWV FHUWLILHG DJDLQVW ERWK WKH ʊ 2UJDQLF :LOG
FURS” DQG ʊ )DLU:LOd” VWDQGDUGV LQ ERWK &DQDGD DQG WKH 86 70,µV SURGXFWV SUHVHQWO\ FRQWDLQ
)DLU:LOGŠ FHUWLILHG LQJUHGLHQWV IURP ZLOGKDUYHVWLQJ FRPPXQLWLHV VLWXDWHG LQ %RVQLD  +HU]HJRYLQD


)DLU:LOGŠLVD86372UHJLVWHUHGWUDGHPDUNRIWKH)DLU:LOG)RXQGDWLRQ:HVWVWUD‰H&+:HLQIHOGHQ
6:,7=(5/$1'5HJLVWUDWLRQ1XPEHU

*RRG1DWXUHŠLVD86372UHJLVWHUHGWUDGHPDUNRI)$50$&(976.$+(0,6.$.2=0(7,&.$,1'8675,-$
$/.$/2,'$'6.23-(&25325$7,210$&('21,$5HJLVWUDWLRQ1XPEHU

 7UDGLWLRQDO 0HGLFLQDOVŠ LV D 86372 UHJLVWHUHG WUDGHPDUN RI 7UDGLWLRQDO 0HGLFLQDOV ,QF 6HEDVWRSRO
&DOLIRUQLD86$5HJLVWUDWLRQ1XPEHUVDQG

36
%L+5HSXEOLFRI+XQJDU\5HSXEOLFRI.D]DNKVWDQDQG5HSXEOLFRI3RODQG6HH7DEOHIRUDOLVWLQJ
RIWKH)DLU:LOGPHGLFLQDOSODQWVPDUNHWHGE\7UDGLWLRQDO0HGLFLQDOVŠLQ&DQDGDDQGWKH86
:KLOH WKH )DLU:LOG 6WDQGDUG LV SUHVHQWO\ DYDLODEOH WR SURGXFHUV LQ ILYH ODQJXDJHV $]HUL
$UPHQLDQ(QJOLVK*HRUJLDQDQG5XVVLDQKWWSZZZIDLUZLOGRUJGRFXPHQWV7UDGLWLRQDO0HGLFLQDOV
,QF LV SUHVHQWO\ IXQGLQJ LWV WUDQVODWLRQ LQWR DGGLWLRQDO ODQJXDJHV LQFOXGLQJ %RVQLDQ *HUPDQ
+XQJDULDQDQG3ROLVK7KHVHWUDQVODWLRQVRIWKHVWDQGDUGVKRXOGEHFRPHDYDLODEOHE\HQGRI

7DEOH )DLU:LOGŠ&HUWLILHGDQG*UHHQ&DXFDVXV&HUWLILHGZLOGPHGLFLQDOSODQWV
7REHPDUNHWHGLQ&DQDGDDQGRU8QLWHG6WDWHVRI$PHULFD
:LOGKDUYHVWHGKHUE 2ULJLQV &HUWLILFDWLRQ6WDQGDUG )LQLVKHG3URGXFW1DPHV
%ODFNFXUUHQWOHDI
$UPHQLD *UHHQ&DXFDVXV6WDQGDUG $XWKHQWLF7HDV$QL%OHQG
5LEHVQLJUXP
$XWKHQWLF7HDV0RXQWDLQ0HGOH\
$UPHQLD *UHHQ&DXFDVXV6WDQGDUG
$XWKHQWLF7HDV2ULHQW%OHQG
(XURSHDQHOGHUIORZHU
%L+ 7UDGLWLRQDO0-XVWIRU.LGV2UJDQLF&ROG
6DPEXFXVQLJUD )DLU:LOG6WDQGDUG
+XQJDU\ &DUH+HUEDO7HD
0DFHGRQLD )DLU:LOG6WDQGDUG *RRG1DWXUH2UJDQLF(OGHU7HD
/LFRULFHURRW 7UDGLWLRQDO0HGLFLQDOV2UJDQLF/LFRULFH5RRW
.D]DNKVWDQ )DLU:LOG6WDQGDUG
*O\F\UUKL]DJODEUD
/LQGHQIORZHU
7LOLDFRUGDWDDQGRU
7UDGLWLRQDO0HGLFLQDOV2UJDQLF7KURDW&RDW
$UPHQLD *UHHQ&DXFDVXV6WDQGDUG $XWKHQWLF7HDV$UPHQLDQ%OHQG
7UDGLWLRQDO0HGLFLQDOV-XVWIRU.LGV2UJDQLF
%L+
&ROG&DUH+HUEDO7HD
+XQJDU\ )DLU:LOG6WDQGDUG
7UDGLWLRQDO0HGLFLQDOV-XVWIRU.LGV2UJDQLF
7LOLDSODW\SK\OORV 3RODQG
1LJKW\1LJKWŠ+HUEDO7HD
0DFHGRQLD )DLU:LOG6WDQGDUG *RRG1DWXUH2UJDQLF/LQGHQ7HD

0DFHGRQLD )DLU:LOG6WDQGDUG *RRG1DWXUH2UJDQLF1HWWOH7HD

1HWWOHOHDI
%L+
8UWLFDGLRLFD
+XQJDU\ )DLU:LOG6WDQGDUG 7UDGLWLRQDO0HGLFLQDOV2UJDQLF1HWWOH/HDI
3RODQG
$XWKHQWLF7HDV$QL%OHQG
2UHJDQRKHUE
$UPHQLD *UHHQ&DXFDVXV6WDQGDUG $XWKHQWLF7HDV0RXQWDLQ0HGOH\
2ULJDQXPYXOJDUH
$XWKHQWLF7HDV2ULHQW%OHQG
5RVHKLS *RRG1DWXUH2UJDQLF5RVHKLSDQG+LELVFXV
0DFHGRQLD )DLU:LOG6WDQGDUG
5RVDFDQLQD 7HD

$UPHQLD *UHHQ&DXFDVXV6WDQGDUG $XWKHQWLF7HDV2ULHQW%OHQG

6W-RKQµVZRUWKHUE
+\SHULFXPSHUIRUDWXP
0DFHGRQLD )DLU:LOG6WDQGDUG *RRG1DWXUH2UJDQLF6W-RKQµV:RUW7HD

:LOG$UPHQLDQ
FKU\VDQWKHPXP $UPHQLD *UHHQ&DXFDVXV6WDQGDUG $XWKHQWLF7HDV$URPDRI$UPHQLD
6FDELRVDFDXFDVLFD
:LOGFKHUU\OHDI $XWKHQWLF7HDV$QL%OHQG
$UPHQLD *UHHQ&DXFDVXV6WDQGDUG
3UXQXVDYLXP $XWKHQWLF7HDV$URPDRI$UPHQLD
$XWKHQWLF7HDV$URPDRI$UPHQLD
:LOGKRUVHPLQWOHDI
$UPHQLD *UHHQ&DXFDVXV6WDQGDUG $XWKHQWLF7HDV:LOG0LQW
0HQWKDORQJLIROLD
$XWKHQWLF7HDV2ULHQW%OHQG
$XWKHQWLF7HDV$UPHQLDQ%OHQG
:LOGWK\PHKHUE
$UPHQLD *UHHQ&DXFDVXV6WDQGDUG $XWKHQWLF7HDV0RXQWDLQ0HGOH\
7K\PXVNRWVFK\DQXV
$XWKHQWLF7HDV2ULHQW%OHQG

6285&(6
$ONDORLG6NRSMH$ONDORLG$'6NRSMHKDVEHHQDZDUGHGWKH)DLU:LOG6WDQGDUG9HUVLRQ&HUWLILFDWHIRU
LWV WHDV IURP WKH %RWDQLFDOV SRUWIROLR $ONDORLG 6NRSMH 1HZV  'HFHPEHU  $YDLODEOH DW
KWWSZZZDONDORLGFRPPNQHZVQVBDUWLFOHQHZIDLUZLOGFHUWLILFDWHQVS[
&DXFDVFHUW //& DQG (FR*OREH //& *UHHQ &DXFDVXV 6WDQGDUG 9HUVLRQ  7ELOLVL *HRUJLD DQG <HUHYDQ
$UPHQLD &DXFDVFHUW //& DQG (FR*OREH //&  -XQH  $YDLODEOH DW
KWWSZZZHFRJOREHDPILOHVILOHV*UHHQ&DXFDVXV6WDQGDUGBSGI
)DLU:LOG )RXQGDWLRQ )DLU:LOG 6WDQGDUG 9HUVLRQ  )DLU:LOG )RXQGDWLRQ :HLQIHOGHQ 6ZLW]HUODQG 
$YDLODEOHDWKWWSZZZIDLUZLOGRUJSXEOLFDWLRQGRZQORDGVIDLUZLOGVWDQGDUGYHU)DLU:LOG6WDQGDUG9SGI
)DLU:LOG)RXQGDWLRQ7UDGLWLRQDO0HGLFLQDOVPDUNHWV)DLU:LOGFHUWLILHGSURGXFWV:HLQIHOGHQ6ZLW]HUODQG1RY
KWWSZZZIDLUZLOGRUJQHZVWUDGLWLRQDOPHGLFLQDOVPDUNHWVIDLUZLOGFHUWLILHGSURGXFWVKWPO

37
)DLU:LOG )RXQGDWLRQ 1HZ )DLU:LOG &HUWLILHG WHDV KLW WKH VKHOYHV :HLQIHOGHQ 6ZLW]HUODQG  $SULO 
$YDLODEOHDWKWWSZZZIDLUZLOGRUJQHZVQHZIDLUZLOGFHUWLILHGKHUEDOWHDVKLWWKHVKHOYHVKWPO
)DLU:LOG )RXQGDWLRQ $YDLODEOH )DLU:LOGFHUWLILHG SURGXFWV DQG LQJUHGLHQWV :HLQIHOGHQ 6ZLW]HUODQG )DLU:LOG
)RXQGDWLRQKWWSZZZIDLUZLOGRUJFHUWLILFDWLRQRYHUYLHZ
(FR*OREH//&/LVWRI(&2*/2%(//&RSHUDWRUV<HUHYDQ$UPHQLD(FR*OREH//&-XQH $YDLODEOH
DWKWWSZZZHFRJOREHDPILOHVILOHV/LVWRI(&2*/2%(RSHUDWRUVBSGI
8QLWHG6WDWHV'HSDUWPHQWRI$JULFXOWXUH86'$$JULFXOWXUDO0DUNHWLQJ6HUYLFH$061DWLRQDO2UJDQLF3URJUDP
123 :LOG &URS +DUYHVWLQJ *XLGDQFH :DVKLQJWRQ '& 86'$ $06 123  0D\  $YDLODEOH DW
KWWSZZZDPVXVGDJRY$06YJHWILOH"G'RF1DPH 67(/35'&
8QLWHG6WDWHV6HFXULWLHVDQG([FKDQJH&RPPLVVLRQ+HUEDO7HD6XSSO\$JUHHPHQWEHWZHHQ$XWKHQWLF7HDV,QF
DQG+$0/WG&R:DVKLQJWRQ'&866HFXULWLHVDQG([FKDQJH&RPPLVVLRQ-XQH$YDLODEOHDW
KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDLQGH[KWP


%27$1,&$/352'8&763(&,),&$7,216
5HILQHG(YHQLQJ3ULPURVH2LO
DSURGXFWRI&$1$'$


352'8&7 5HILQHG(YHQLQJ3ULPURVH2LO 
%RWDQLFDOQDPH 2HQRWKHUDELHQQLV/RU2HQRWKHUDODPDUNLDQD/)DP2QDJUDFHDH
3KDUPDFRSRHLDOQDPH 2HQRWKHUDHROHXPUDIILQDWXP3K(XU
3DUWXVHGDQG)RUP )DWW\RLOREWDLQHGIURPWKHVHHGVE\H[WUDFWLRQDQGRUH[SUHVVLRQ,WLVWKHQ
UHILQHG$VXLWDEOHDQWLR[LGDQWPD\EHDGGHG
/DEHOOLQJ 7KHODEHOVWDWHVZKHUHDSSOLFDEOHWKDWWKHRLOLVVXLWDEOHIRUXVHLQWKH
PDQXIDFWXUHRISDUHQWHUDOGRVDJHIRUPV
6WRUDJH 8QGHUDQLQHUWJDVLQDZHOOILOOHGDLUWLJKWFRQWDLQHUSURWHFWHGIURPOLJKW
&+$5$&7(56
$SSHDUDQFH &OHDUOLJKW\HOORZRU\HOORZOLTXLG
6ROXELOLW\ 3UDFWLFDOO\LQVROXEOHLQZDWHUDQGLQHWKDQROSHUFHQWPLVFLEOHZLWKOLJKW
SHWUROHXPESƒ&
5HODWLYHGHQVLW\ $ERXW
5HIUDFWLYHLQGH[ $ERXW
,'(17,),&$7,21
7KLQOD\HUFKURPDWRJUDSK\ ,GHQWLILFDWLRQRIIDWW\RLOVE\7/&3K(XU
*DVFKURPDWRJUDSK\ &RPSRVLWLRQRIIDWW\DFLGV3K(XU0HWKRG$
7(676
$FLGYDOXH 0D[LPXP,ILQWHQGHGIRUXVHLQWKHPDQXIDFWXUHRISDUHQWHUDOGRVDJHIRUPV
PD[LPXP3K(XU
3HUR[LGHYDOXH 0D[LPXP,ILQWHQGHGIRUXVHLQWKHPDQXIDFWXUHRISDUHQWHUDOGRVDJH
IRUPVPD[LPXP3K(XU0HWKRG$
8QVDSRQLILDEOHPDWWHU 0D[LPXPSHUFHQWGHWHUPLQHGRQJ3K(XU
$ONDOLQHLPSXULWLHV
&RPSRVLWLRQRIIDWW\DFLGV
&RPSOLHVZLWKWKHWHVWIRUDONDOLQHLPSXULWLHVLQIDWW\RLOV3K(XU
&RPSRVLWLRQRIWKHIDWW\DFLGIUDFWLRQRIWKHRLO
² VDWXUDWHGIDWW\DFLGVRIFKDLQOHQJWKOHVVWKDQ&PD[LPXPSHUFHQW
² SDOPLWLFDFLGSHUFHQWWRSHUFHQW
² VWHDULFDFLGSHUFHQWWRSHUFHQW
² ROHLFDFLGSHUFHQWWRSHUFHQW
² OLQROHLFDFLGSHUFHQWWRSHUFHQW
² JDPPDOLQROHQLFDFLGHTXLYDOHQWFKDLQOHQJWKRQPDFURJRO
SHUFHQWWRSHUFHQW
² DOSKDOLQROHQLFDFLGPD[LPXPSHUFHQW
%UDVVLFDVWHURO 0D[LPXPSHUFHQWLQWKHVWHUROIUDFWLRQRIWKHRLO3K(XU
:DWHU 0D[LPXPSHUFHQWLILQWHQGHGIRUXVHLQWKHPDQXIDFWXUHRISDUHQWHUDO
GRVDJHIRUPVGHWHUPLQHGRQJ3K(XU
7+(5$3(87,&86(
6WDQGDUGL]HGIL[HGRLO 6RXUFHRIHVVHQWLDOIDWW\DFLGVRPHJDIDWW\DFLGVRUOLQROHLFDFLGIRUWKH

SUHSDUDWLRQV PDLQWHQDQFHRIJRRGKHDOWK 

 WK
 (XURSHDQ 3KDUPDFRSRHLDO &RPPLVVLRQ 5HILQHG (YHQLQJ 3ULPRUVH 2LO ,Q (XURSHDQ 3KDUPDFRSRHLD  
HGLWLRQ3K(XU6WUDVERXUJ)UDQFH(XURSHDQ'LUHFWRUDWHIRUWKH4XDOLW\RI0HGLFLQHV('40

+HDOWK&DQDGD1DWXUDO+HDOWK3URGXFWV'LUHFWRUDWH1+3'(YHQLQJ3ULPURVH2LO,Q1+3'&RPSHQGLXPRI
0RQRJUDSKV 2WWDZD 2QWDULR 1DWXUDO +HDOWK 3URGXFWV 'LUHFWRUDWH  -XO\  $YDLODEOH DW
KWWSZHESURGKFVFJFFDQKSLGEGLSVQGE,PDJHV

38
 %27$1,&$/5$:0$7(5,$/6LQGLFDWLYHEXONSULFHV
&$' &DQDGLDQ'ROODU±86' 8QLWHG6WDWHV'ROODU

3URGXFW %RWDQLFDO1DPH *UDGH &XOWLYDWHG 2ULJLQ 3ULFHSHUNJ %DVLV
RU:LOG
$PHULFDQJLQVHQJURRW 3DQD[TXLQTXHIROLXV 863'6 &XOWLYDWHG :LVFRQVLQ 86' )DUPJDWH:,
$PHULFDQJLQVHQJURRW  3DQD[TXLQTXHIROLXV 863'6 &XOWLYDWHG &DQDGD 86' )DUPJDWH
%ODFNFRKRVKUKL]RPH $FWDHDUDFHPRVD ([WUDFWTXDOLW\ :LOG 86$ 86' (;:
&DUGDPRPVHHG  (OHWWDULDFDUGDPRPXP 8631) &XOWLYDWHG *XDWHPDOD 86' )2%
&RULDQGHUIUXLW &RULDQGUXPVDWLYXP 1. &XOWLYDWHG &DQDGD 86' 6SRW1<
(FKLQDFHDKHUE  (FKLQDFHDSXUSXUHD 3K(XU &XOWLYDWHG 3DFLILF1: 86' )2%3DF1:
(FKLQDFHDURRW  (FKLQDFHDSXUSXUHD 3K(XU &XOWLYDWHG 3DFLILF1: 86' )2%3DF1:
)OD[VHHG%URZQ  /LQXPXVLWDWLVVLPXP )RRGJUDGH &XOWLYDWHG &DQDGD &$' )2%&DQDGD
)OD[VHHG*ROGHQ  /LQXPXVLWDWLVVLPXP )RRGJUDGH &XOWLYDWHG &DQDGD &$' )2%&DQDGD
*ROGHQVHDOUKL]RPH +\GUDVWLVFDQDGHQVLV ([WUDFWTXDOLW\ &XOWLYDWHG :LVFRQVLQ 86' )DUPJDWH:,
*ROGHQVHDOUKL]RPH +\GUDVWLVFDQDGHQVLV 1. :LOG 86$ 86' (;:
*ROGHQVHDOUKL]RPH +\GUDVWLVFDQDGHQVLV 1. :LOG&XOW 86$ 86' )2%&$
SRZGHUHGVWHDPVWHULOL]HG
0DUVKPDOORZURRW $OWKHDRIILFLQDOLV 3K(XU &XOWLYDWHG 86$ 86' )2%3DF1:
3HSSHUPLQWOHDI  0HQWKDîSLSHULWD 3K(XU &XOWLYDWHG 86$ 86' )2%3DF1:
3OHXULV\URRW $VFOHSLDVWXEHURVD %+3 &XOWLYDWHG 86$ 86' )2%&$
6OLSSHU\HOPEDUN  8OPXVUXEUD 863 :LOG 86$ 86' )2%86$
:LOGFKHUU\EDUN 3UXQXVVHURWLQD %+3 :LOG 86$ 86' )2%&$
&HUWLILHGRUJDQLF±1. *UDGHQRWNQRZQ

1RWHV
 4XDOLW\ 6WDQGDUGV 6WDQGDUGV IRU WKH DERYH OLVWHG PHGLFLQDO SODQWV DUH SXEOLVKHG LQ WKH 8QLWHG 6WDWHV
3KDUPDFRSHLD  1DWLRQDO )RUPXODU\ 8631) 6RPH DOVR KDV TXDOLW\ VWDQGDUGV SXEOLVKHG LQ WKH )DUPDFRSHD
+HUERODULDGHORV(VWDGRV8QLGRV0H[LFDQRV)+(80DQGRULQWKH(XURSHDQ3KDUPDFRSRHLD3K(XU

%27$1,&$/(;75$&76,QGLFDWLYHEXONSULFHV

3URGXFW 6WDQGDUG 2ULJLQ 3ULFH %DVLV
86'NJ
%ODFNFRKRVKUKL]RPHGU\H[WUDFW PLQWULWHUSHQHJO\FRVLGHVDVGHR[\DFWHLQ 86$  )2%86$
$FWDHDUDFHPRVD
(FKLQDFHDSXUSXUHDKHUEGU\H[WUDFW PLQSKHQROVH[SUHVVHGDVFKORURJHQLFDFLG 86$  )2%86$
(FKLQDFHDSXUSXUHD
*ROGHQVHDOUKL]RPHSRZGHUHGH[WUDFW DONDORLGVK\GUDVWLQH EHUEHULQH 86$  )2%86$
+\GUDVWLVFDQDGHQVLV
6DZSDOPHWWRIUXLWH[WUDFW(8VWDQGDUG PLQDQGPD[IDWW\DFLGV 86$  )2%86$
6HUHQRDUHSHQV


1RWHV
 %ODFN&RKRVKUKL]RPHSULFHVURVHRYHUWKHODVWTXDUWHU RIGXHWRDODWHKDUYHVWFRPLQJZKLFKZDVD
UHVXOWRIDVHYHUHZLQWHULQWKHVRXWKHDVWHDUO\VQRZDQGDORZVWRFNRIWKHKDUYHVWIURPWKHSUHYLRXV\HDU
 7KHKDUYHVWRI6DZ3DOPHWWREHUU\ZDVSRRUFDXVLQJWKHUDZPDWHULDOPDUNHWSULFHWRGRXEOH

 

39
 0((7,1*6$1'75$'(6+2:6
1257+$0(5,&$1&28175,(6
-XQH
WK
 1257+$0(5,&$1$*52)25(675<&21)(5(1&($352),7$%/(/$1'86(
9HQXH  6WRQH\&UHHN,QQ&ROXPELD0LVVRXUL86$
+RVWV 8QLYHUVLW\RI*HRUJLDDQGWKH$VVRFLDWLRQIRU7HPSHUDWH$JURIRUHVWU\
6SRQVRUV &ROOHJH RI $JULFXOWXUDO DQG (QYLURQPHQWDO 6FLHQFHV )RUW 9DOOH\ 6WDWH 8QLYHUVLW\
2GXP 6FKRRO RI (FRORJ\ *HRUJLD 2UJDQLFV :DUQHOO 6FKRRO RI )RUHVWU\ DQG
1DWXUDO5HVRXUFHV
&RQWDFW &DUOD :RRG &RQIHUHQFH 2IILFH 'LUHFWRU 8QLYHUVLW\ RI *HRUJLD &ROOHJH RI
$JULFXOWXUDO DQG (QYLURQPHQWDO 6FLHQFHV $WKHQV &RQIHUHQFH 2IILFH  +RNH
6PLWK%XLOGLQJ$WKHQV*HRUJLD7(/
(0$,/ FDUODP#XJDHGX
:(%  KWWSZZZFHQWHUIRUDJURIRUHVWU\RUJ
   KWWSKRVWLQJFDHVXJDHGX1$$&LQGH[KWPO

-XQH
,)7
9HQXH  1HZ2UOHDQV0RULDO&RQYHQWLRQ&HQWHU1HZ2UOHDQV/RXLVLDQD86$
&RQWDFW  ,QVWLWXWHRI)RRG7HFKQRORJLVWV:HVW9DQ%XUHQ6WH&KLFDJR,/
   7(/)$;
(0$,/  LQIR#LIWRUJ
:(%  KWWSZZZDPIHLIWRUJFPV

$OWKRXJK PDLQO\ D VKRZ IRU IRRG LQJUHGLHQWV WKHUH DUH VRPH H[KLELWRUV RIIHULQJ PHGLFLQDO DQG
DURPDWLFSODQWVDQGH[WUDFWV

-XO\
QG
62&,(7<)25(&2120,&%27$1< $118$/0((7,1*$1'(;+,%,7,21
9HQXH  6W/RXLV0LVVRXUL
+RVWV : LOOLDP/%URZQ&HQWHUDWWKH0LVVRXUL%RWDQLFDO*DUGHQ
&RQWDFW  6RFLHW\IRU(FRQRPLF%RWDQ\32%R[6W/RXLV02
:(%  KWWSZZZHFRQERWRUJBRUJDQL]DWLRQBLQGH[SKS"VP _PHHWLQJVBE\B\HDU
 
-XO\
7+
 $118$/6(48,0/$9(1'(5)(67,9$/
9HQXH  6HTXLP:DVKLQJWRQ86$
6SRQVRU  6HTXLP/DYHQGHU*URZHUV$VVRFLDWLRQ
&RQWDFW  6HTXLP/DYHQGHU)HVWLYDOò(DVW)LUVW6WUHHW3RUW$QJHOHV:$
   7(/RU
(0$,/  LQIR#ODYHQGHUIHVWLYDOFRP
:(%  KWWSZZZODYHQGHUIHVWLYDOFRP

-XO\
6(&21'$&0$3&21)(5(1&(
9HQXH  $ODEDPD$ 08QLYHUVLW\1RUPDO$ODEDPD86$
6SRQVRU $PHULFDQ&RXQFLOIRU0HGLFLQDOO\$FWLYH3ODQWV,QF$&0$3
32%R[7LWXVYLOOH)/86$
7(/)$;
(0$,/  LQIR#DFPDSRUJ
:(%  KWWSZZZDFPDSRUJFRQIHUHQFHKWPO

$XJXVW
,6+6,17(51$7,21$/6<0326,80210(',&,1$/$1'$520$7,&3/$176
)HDWXULQJ0D\DQHWKQRERWDQ\DQGSKDUPDWKHUDS\
9HQXH  )ORUHV3HWHQ*XDWHPDOD
6SRQVRUV ,QWHUQDWLRQDO 6RFLHW\ IRU +RUWLFXOWXUDO 6FLHQFH ,6+6 ,QWHUQDWLRQDO &RXQFLO IRU
0HGLFLQDO DQG $URPDWLF 3ODQWV ,&0$3 6+0(1 *UHDW 3DUWQHUV %RVWRQ 0$
8QLYHUVLW\ RI 0DVVDFKXVHWWV )DUPD\D /DERUDWRULHV *XDWHPDOD 8QLYHUVLGDG GH
6DQ&DUORV*XDWHPDOD(OVHYLHU&DPLQR5HDO7LNDO

40
&RQWDFW 6HFUHWDULDW,0$363HWHQFR&3LQHGD32%2;%RVWRQ0$86$
7(/
(0$,/ LVKVWLNDO#VKPHQRUJ
:(%  KWWSZZZLPDSVSHWHQRUJ

7RSLFV (WKQRSKDUPDFRORJ\ ZLOO H[SORUH LQGLJHQRXV SUDFWLFHV DQG PDUNHW GHYHORSPHQW LQFOXGLQJ
PHGLFLQDO SODQW FXOWLYDWLRQ ELRGLYHUVLW\ DQG HVVHQWLDO RLOV 3KDUPDFRJQRV\ VHVVLRQV ZLOO H[SORUH WKH
SK\VLFDOFKHPLFDODQGELRORJLFDOSURSHUWLHVRIPHGLFLQDOSODQWV

6HSWHPEHU
$// 7+,1*6 25*$1,& &21)(5(1&( $1' 75$'( 6+2: &2/2&$7(' :,7+ 25*$1,&
352'8&76(;32%,2)$&+$0(5,&$
9HQXH  7KH%DOWLPRUH&RQYHQWLRQ&HQWHU%DOWLPRUH0DU\ODQG
2UJDQL]HU  1UQEHUJ0HVVH,)2$0
&RQWDFW  7(/WROOIUHH86RQO\
(0$,/  WUDGHVKRZV#QHZKRSHFRP
:(%  KWWSZZZELRIDFKDPHULFDFRP

$OWKRXJK$OO7KLQJV2UJDQLFLVSULPDULO\DQH[KLELWLRQIRUFHUWLILHGRUJDQLFILQLVKHGSURGXFWVWKHUHZLOO
EHVRPHH[KLELWRUVRIRUJDQLFPHGLFLQDODQGDURPDWLFKHUEVH[WUDFWV

2FWREHU
+$:$,µ,3$&,),&,6/$1'6.$9$)(67,9$/
9HQXH  8+0DQRDPDLQFDPSXV0F&DUWK\0DOO+RQROXOX+DZDLµL
&RQWDFW Ĵ$ZD'HYHORSPHQW&RXQFLO32%R[+RQROXOX+,
7(/)$;
(0$,/  VHF\DGF#JPDLOFRP
:(%  KWWSDZDGHYHORSPHQWRUJNDYDIHVWLYDO

2FWREHU
6833/<6,'(:(67,17(51$7,21$/75$'(6+2:$1'&21)(5(1&(
9HQXH  9HQHWLDQ+RWHODQG6DQGV([SRVLWLRQ&HQWHU/DV9HJDV86$
2UJDQL]HU  9LUJR3XEOLVKLQJ3KRHQL[$UL]RQD86$
:(%  KWWSZZZVXSSO\VLGHVKRZFRPZHVW

([KLELWRU3URILOH([KLELWRUVRIQDWXUDOKHDOWKLQJUHGLHQWVDQGPHGLFLQDOKHUEV H[WUDFWV

0DUFK
(1*5('($,1*5(',(176 ,1129$7,21
9HQXH  $QDKHLP&RQYHQWLRQ&HQWHU$QDKHLP&DOLIRUQLD86$
3URGXFHU  1HZ+RSH1DWXUDO0HGLD%RXOGHU&RORUDGR86$
&RQWDFW 1HZ+RSH1DWXUDO0HGLD3HDUO6WUHHW6XLWH%RXOGHU&286$
7(/
(0$,/ WUDGHVKRZV#QHZKRSHFRP
:(%  KWWSHQJUHGHDFRPHQJUHGHD3XEOLFHQWHUDVS[

(QJUHGHDFRORFDWHGLQ1DWXUDO3URGXFW([SR:HVWEULQJVWRJHWKHUQDWXUDOLQJUHGLHQWVXSSOLHUVDQG
SURGXFWPDQXIDFWXUHUVWRVRXUFHQHZLQJUHGLHQWVSDFNDJLQJWHFKQRORJLHVHTXLSPHQWDQGVHUYLFHV

0D\
6833/<6,'(0$5.(73/$&(
9HQXH  -DYLWV&HQWHU1HZ<RUN&LW\
2UJDQL]HU  9LUJR3XEOLVKLQJ3KRHQL[$UL]RQD86$
&RQWDFW  7RGG:LOOLV7(/H[W
(0$,/  WZLOOLV#YSLFRFRP
:(%  KWWSZZZVXSSO\VLGHVKRZFRPPDUNHWSODFHH[KLELWKWPO

([KLELWRU3URILOH([KLELWRUVRIQDWXUDOKHDOWKLQJUHGLHQWVDQGPHGLFLQDOKHUEV H[WUDFWV

41

6287+$0(5,&$


3(58±6833257)25(;3257(562)%,2',9(56,7<%$6('352'8&76
3HUXLVRQHRIWKHEHQHILFLDU\FRXQWULHVRIDWKUHH\HDU,7&SURJUDPPHHQWLWOHGʊ 7UDGH&OLPDWH
&KDQJH DQG (QYLURQPHQW 3URJUDPPH 7&&(3´ IXQGHG E\ WKH 'DQLVK ,QWHUQDWLRQDO 'HYHORSPHQW
$JHQF\ '$1,'$ ZLWK FRXQWHUSDUW LQSXWV E\ 35203(58 7KH REMHFWLYH RI WKH 7&&(3 LV WR
VWUHQJWKHQ WKH FRPSHWLWLYHQHVV RI GHYHORSLQJ FRXQWULHV LQ HQYLURQPHQWDO PDUNHWV DQG WR RYHUFRPH
EDUULHUV WKDW PLJKW UHVXOW IURP HQYLURQPHQW UHODWHG VWDQGDUGV 7KH 3HUX FRXQWU\ SURMHFW XQGHU WKH
7&&(3 DLPV WR VXSSRUW WKH FRPSHWLWLYHQHVV RI 3HUXµV ELRGLYHUVLW\EDVHG SURGXFW VHFWRU LQ UHJLRQDO
DQGLQWHUQDWLRQDOPDUNHWV

2XWSXWV RI WKH SURJUDPPH LQFOXGH SURGXFWLRQ RI D 86 0DUNHW *XLGH IRU %LRGLYHUVLW\%DVHG
3ODQW 3URGXFWV ZLWK FRUUHVSRQGLQJ WUDLQLQJ PDWHULDOV WKDW FRYHU UHJXODWLRQV DQG VWDQGDUGV TXDOLW\
UHTXLUHPHQWVGLVWULEXWLRQFKDQQHOVSDFNDJLQJDQGODEHOLQJLVVXHV3ULRULWL]HG3HUXYLDQERWDQLFDOVLQ
WKLVSURMHFWLQFOXGHFDPXFDPXIUXLW0\UFLDULDGXELDFDWµVFODZVWHPEDUN8QFDULDWRPHQWRVDDQGRU
8QFDULD JXLDQHQVLV GUDJRQµV EORRG FURWRQ &URWRQ OHFKOHUL O~FXPD IUXLW 3RXWHULD OXFXPD PDFD
URRW/HSLGLXPPH\HQLLSXUSOHFRUQH[WUDFW=HDPD\VVDFKDLQFKL3OXNHQHWLDYROXELOLVDQG\DFyQ
6PDOODQWKXVVRQFKLIROLXV

6HOHFWHG3HUXYLDQFRPSDQLHVLQWKHSURMHFWZLOOEHFRPLQJWRWKH86ZLWK35203(58
2FWREHUIRUWKH6XSSO\6LGH:HVWH[KLELWLRQDQGVLGHHYHQWPHHWLQJVZLWKLQWHUHVWHGEX\HUVRI
3HUXYLDQ QDWXUDO LQJUHGLHQWV 7KH SURMHFW LV DOVR SODQQLQJ WKH RUJDQL]DWLRQ RI ZRUNVKRSV DQG WUDGH
HYHQWVVXUURXQGLQJWKH/DWLQ3KDUPDWKDWZLOOWDNHSODFHLQ1RYHPEHULQ/LPD3HUX

6285&(6
,QWHUQDWLRQDO 7UDGH &HQWUH ,7& 7UDGH &OLPDWH &KDQJH DQG (QYLURQPHQW 3URJUDPPH
KWWSZZZLQWUDFHQRUJOD\RXWVWKUHH
FROXPQDVS["SDJHLG  LG  WHUPV 7UDGHF&OLPDWH&KDQJH
.DVWHULQH $ %LRGLYHUVLW\ EDVHG SURGXFWV ,QWHUQDWLRQDO 7UDGH &HQWUH ,7& 7UDGH &OLPDWH &KDQJH DQG
(QYLURQPHQW 3URJUDPPH 7&&(3 1HZVOHWWHU 0DUFK  ,VVXH 1R $YDLODEOH DW
KWWSZZZLQWUDFHQRUJZRUNDUHD'RZQORDG$VVHWDVS["LG 
35203(586XSSO\6LGH:HVW
KWWSZZZELRFRPHUFLRSHUXRUJDGPLQUHFXUVRVGHVFDUJDEOHVL6833/<6,'(:(67&2192&$725,$SGI


3(58'(6,*1$7(6$*(2*5$3+,&$/,1',&$7,21723527(&7ʊ 0DFD-XQtQ±3DVco”
'XULQJ ,QWHOOHFWXDO 3URSHUW\ :HHN RQ  $SULO  WKH ʊ
3HUXYLDQ 1DWLRQDO ,QVWLWXWH IRU WKH
'HIHQVH RI &RPSHWLWLRQ DQG WKH 3URWHFWLRQ RI ,QWHOOHFWXDO 3URSHUW\” ,1'(&23, LVVXHG D
GHQRPLQDWLRQRIJHRJUDSKLFDORULJLQIRUPDFDURRW/HSLGLXPPH\HQLLWKDWLVJURZQLQWKH-XQtQDQG
3DVFR UHJLRQV ʊ 0DFD -XQtQ ± 3DVFo” $ GHQRPLQDWLRQ RI JHRJUDSKLFDO RULJLQ VHUYHV WR LGHQWLI\
SURGXFWV LQ WKH PDUNHW ZLWK VSHFLDO FKDUDFWHULVWLFV GXH WR WKH VSHFLILF ]RQH RI SURGXFWLRQ DQG
PHWKRGVRIJURZLQJKDUYHVWLQJDQGSURFHVVLQJWKDWDUHWUDGLWLRQDOO\XVHGDQGXQLTXHLQWKHUHJLRQ

7KH JHRJUDSKLFDO LQGLFDWLRQ RI ʊ 0DFD -XQtQ  3DVFo” KDV EHHQ SURPRWHG E\ WKH PDFD
SURGXFHUV RI WKHVH UHJLRQV RI 3HUX DQG E\ WKH 3HU~ELRGLYHUVR 3URMHFW ZKLFK KDV EHHQ GHYHORSHG
ZLWKLQ WKH IUDPHZRUN RI WKH QDWLRQDO %LR7UDGH 3URJUDPPH DQ DOOLDQFH EHWZHHQ WKH 6ZLVV 6WDWH
6HFUHWDULDWIRU(FRQRPLF$IIDLUV6(&2DQG*HUPDQ,QWHUQDWLRQDO&RRSHUDWLRQ*,=,1'(&23,ZLOO
ZRUNWRKDYHʊ 0DFD-XQtQ±3DVFo”UHFRJQL]HGDQGSURWHFWHGLQDOOPHPEHUFRXQWULHVRIWKH/LVERQ
$JUHHPHQWDGPLQLVWHUHGE\:,32

'XULQJWKH,QWHUQDWLRQDO6\PSRVLXPRI*HRJUDSKLFDO,QGLFDWLRQV*,WRRNSODFHLQ
/LPD 3HUX RUJDQL]HG E\ :,32 ,1'(&23, DQG WKH 0LQLVWU\ RI )RUHLJQ $IIDLUV RI 3HUX 7KH
V\PSRVLXP EURXJKW WRJHWKHU UHSUHVHQWDWLYHV RI 0HPEHU 6WDWHVµ DGPLQLVWUDWLRQV SURGXFHUV RI *,
SURGXFWVDQGVSHFLDOLVWVLQWKHILHOGRIJHRJUDSKLFDOLQGLFDWLRQV$FFRUGLQJWR,1'(&23,KRVWLQJWKH
*,V\PSRVLXPLQ/LPD ZRXOGHQDEOH3HUXWRVKRZFDVHLWVIODJVKLSSURGXFWVWRUHSUHVHQWDWLYHVIURP
RYHUFRXQWULHVLQFOXGLQJLWVʊ 9LOOD5LFD&RIIHH”ʊ0DFKX3LFFKX+XDQTXLxD&RIIHH”ʊ 0DFD-XQtQ±
3DVFo”DQGWKHFRXQWU\µVQDWLRQDOGULQN3LVFRDPRQJRWKHU3HUXYLDQ*,SURGXFWV

 

42
6285&(6
$QRQ3HUXWRVKRZFDVHIODJVKLSSURGXFWVWRRYHUFRXQWULHV$1',1$-XQH
,1'(&23, ,1'(&23, HQWUHJy GHQRPLQDFLyQ GH RULJHQ D OD 0DFD -XQtQ3DVFR ,1'(&23,  $SULO 
KWWSZZZLQGHFRSLJRESHPRGXORV127127B'HWDOODU1RWLFLDDVS["3)/  127 
0,1&(785 ± *7= ± 81(381&7$' &%7) 6XPPDU\ 5HSRUW  ,QWHU5HJLRQDO %LR7UDGH :RUNVKRS &DSDFLW\
%XLOGLQJ IRU %LR7UDGH 3URMHFW /LPD 3HUX  6HSWHPEHU  $YDLODEOH DW KWWSZZZXQHS
XQFWDGRUJFEWIHYHQWVOLPD:RUNVKRS5HSRUW3(58,QWHU5HJLRQDO:RUNVKRSSGI
:RUOG,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ:,32:RUOGZLGH6\PSRVLXPRQ*HRJUDSKLFDO,QGLFDWLRQV/LPD
3HUXKWWSZZZZLSRLQWPHHWLQJVHQGHWDLOVMVS"PHHWLQJBLG 


%27$1,&$/352'8&763(&,),&$7,216
&DPX&DPXGU\H[WUDFW
DSURGXFWRI3HUX


352'8&7 &DPX&DPXGU\H[WUDFW 
%RWDQLFDOQDPH 0\UFLDULDGXELD)DP0\UWDFHDH
3KDUPDFRSRHLDOQDPH 0\UFLDULDHGXELDHIUXFWXVH[WUDFWXPVLFFXP
3DUWXVHG )UXLWSXOS
7\SHRIH[WUDFWLRQ )LOWHUHGKRPRJHQL]HGDQGVSUD\GULHGH[WUDFW
&RPSRVLWLRQ &DPXFDPXIUXLWSXOSFDUULHUPDOWRGH[WULQIURP*02IUHHFURSV
'UXJWRH[WUDFWUDWLR ZZNJRIFDPXFDPXSXOSNJVSUD\GULHGH[WUDFW
&XOWLYDWHGRUZLOG +DUYHVWHGIURPZLOGJURZLQJEXVK\WUHHVRI$PD]RQULYHUWULEXWDULHVDQG
ODNHVKRUHV
3DFNLQJ NJSRO\HWK\OHQHEDJVLQPDVWHUILEHUGUXPV
6WRUDJH 6WRUHLQIXOOWLJKWFRQWDLQHUVLQDFRROGU\SODFHSURWHFWHGIURPOLJKW
 
&+$5$&7(5,67,&6
$SSHDUDQFH )LQHSRZGHU
&RORU 3LQNWRFUHDPFRORU
2GRU 2GRUOHVV
7DVWH 6ZHHWDQGDFLG
 
7(676
0RLVWXUH 107
6FUHHQJUDQXORPHWU\ PHVK
6ROXELOLW\ VROXEOHLQZDWHU+\JURVFRSLF
&RQWHQW 1/79LWDPLQ&DVFRUELFDFLG
0,&52%,2/2*,&$/48$/,7<
7RWDODHURELFFRXQW FIXJU
<HDVWDQGPRXOGV FIXJU
6DOPRQHOOD $EVHQW
&ROLIRUP%DFLOOL $EVHQW




 


50XHOOH6$&DPXFDPXGU\H[WUDF[WVSHFLILFDWLRQ&DOODR3HUX$YDLODEOHDWKWWSZZZUPXHOOHFRP

43
 %27$1,&$/(;75$&76LQGLFDWLYHEXONSULFHV
3URGXFW 6WDQGDUG 2ULJLQ 3ULFH %DVLV
86'NJ
$oDLIUXLWGU\H[WUDFW !3RO\SKHQROV %UD]LO  )2%H[SRUW
(XWHUSHROHUDFHD
%ROGROHDIGU\H[WUDFW EROGLQ+3/& %UD]LO  )2%H[SRUW
3HXPXVEROGXV
&DPXFDPXIUXLWGU\H[WUDFW !YLWDPLQ& %UD]LO  )2%H[SRUW
0\UFLDULDGXELD
&DW
VFODZEDUNIUHH]HGULHGH[WUDFW WRWDODONDORLGV %UD]LO  )2%H[SRUW
8QFDULDWRPHQWRVD
&DWXDEDEDUN !WDQQLQV$2$& %UD]LO  )2%H[SRUW
7ULFKLOLDFDWLJXD
*XDUDQDVHHGGU\H[WUDFW FDIIHLQHDGGHGFDIIHLQHIURP %UD]LO  )2%86$
3DXOLQDFXSDQD FRIIHHEHDQ
*XDUDQDVHHGGU\H[WUDFW FDIIHLQH %UD]LO  )2%H[SRUW
3DXOLQDFXSDQD
0DUDSXDPDEDUNGU\H[WUDFW !WRWDOWDQQLQV %UD]LO  )2%H[SRUW
3W\FKRSHWDOXPRODFRLGHV
0DWpOHDIGU\H[WUDFW FDIIHLQH %UD]LO  )2%H[SRUW
,OH[SDUDJXDULHQVLV !WKHREURPLQH
0DWpOHDISRZGHUHGH[WUDFW ZZ %UD]LO  )2%RULJLQ
,OH[SDUDJXDULHQVLV
3DVVLRQIORZHUKHUEGU\H[WUDFW WRWDOIODYRQRLGV %UD]LO  )2%H[SRUW
3DVVLIORUDLQFDUQDWD
3DXGµDUFREDUNGU\H[WUDFW ZZ %UD]LO  )2%RULJLQ
7DEHEXLDLPSHWLJLQRVD
&HUWLILHGRUJDQLF

1RWHV
4XDOLW\ 6WDQGDUGV 6WDQGDUGV IRU VRPH RI WKH DERYH OLVWHG ERWDQLFDOV DQG H[WUDFWV PD\ EH SXEOLVKHG LQ WKH
)DUPDFRSHD $UJHQWLQD )DUPDFRSpLD %UDVLOHLUD )DUPDFRSHD +HUERODULD GH ORV (VWDGRV 8QLGRV 0H[LFDQRV
)+(80DQGRULQ8QLWHG6WDWHV3KDUPDFRSHLDDQG1DWLRQDO)RUPXODU\8631)


0((7,1*6$1'75$'(6+2:6
6287+$0(5,&$1&28175,(6

-XO\
9,,,)(5,$\;,,,)(67,9$/,17(51$&,21$/'(/$0$&$
WK)DLUDQGWK,QWHUQDWLRQDO0DFD)HVWLYDO
9HQXH  &ROHJLR(VWDWDOGH$JRVWRWKRI$XJXVW6WDWH6FKRRO-XQtQ3HU~
2UJDQL]HUV  $JHQFLD$JUDULD-XQtQHQFRRUGLQDFLyQFRQOD'LUHFFLyQ5HJLRQDOGH$JULFXOWXUD
:(%  KWWSZZZLSSQRUJSHQRGH

-XO\
,,&219(1&,21,17(51$&,21$/'(&$36,&80QG,QWHUQDWLRQDO&DSVLFXP&RQYHQWLRQ
9HQXH  8QLYHUVLGDGGH6DQ0DUWtQGH3RUUHVGH/DPED\HTXH
2UJDQL]HU  &DSVLFXP&RPPLWWHHRIWKH$VRFLDFLRQGH([SRUWDGRUHV$'(;
:(%KWWSZZZDGH[SHUXRUJSHLPJHQHVBZHELPDJHQHVBSODQWLOODLPDJHQHVBZHELPJBFDSVLFXPKWPOBFDSVLFXPKWPO 

$XJXVW
+($/7+,1*5(',(176+L6287+$0(5,&$6800,7
9HQXH  1RYRWHO&HQWHU1RUWH6mR3DXOR%UD]LO
2UJDQL]HU  8QLWHG%XVLQHVV0HGLD
&RQWDFW  9LQFHQW%UDLQ(YHQW0DQDJHU
7(/
(0$,/  9LQFHQWEUDLQ#XEPFRP
:(%  KWWSKLHYHQWVFRPEUHQ

44

([KLELWRUSURILOH&RPSDQLHVWKDWFXOWLYDWHH[WUDFWSURFHVVRUVXSSO\KHDOWKQXWUDFHXWLFDOVRUJDQLF
DQGIXQFWLRQDOLQJUHGLHQWVDQGQDWXUDOLQJUHGLHQWVWKDWDUHXVHG LQFRVPHWLFVKHDOWKIRRGSURGXFWV
PHGLFLQDOKHUEDOSURGXFWVDQGQXWUDFHXWLFDOSURGXFWV

6HSWHPEHU
3(581$785$FRORFDWHGZLWK([SRDOLPHQWDULD3HU~
9HQXH  &XDUWHO*HQHUDOGHO(MpUFLWR3HQWDJRQLWR/LPD3HU~
2UJDQL]HU  35203(583(58%,2',9(562
:(%  KWWSZZZELRFRPHUFLRSHUXRUJ

([KLELWRUSURILOH6XSSOLHUVRIQDWXUDOIRRGLQJUHGLHQWVQXWUDFHXWLFDODQGGLHWDU\VXSSOHPHQW
FRPSRQHQWVDQGPHGLFLQDOSODQWVDQGH[WUDFWV

1RYHPEHU
%,2)$&+$0(5,&$/$7,1$
9HQXH 7UDQVDPpULFD ([SR &HQWHU $Y 'U 0DULR 9LOODV %RDV 5RGULJXHV   6DQWR
$PDUR6mR3DXOR%UD]LO
&RQWDFW 3ODQHWD2UJkQLFR8UTXL]DORMD±/HEORQ5LRGH-DQHLUR±5-±
7(/)$;
RU1UQEHUJ0HVVH*PE+0HVVH]HQWUXP1UQEHUJ
7(/
(0$,/ &DUOD $OYHV H $OYDUR :HUQHFN H[SRVLWRU#SODQHWDRUJDQLFRFRPEU RU 0V 0LULDP
+HPSHOELRIDFKJOREDOO\#QXHUQEHUJPHVVHGH  
:(%  KWWSZZZELRIDFKDPHULFDODWLQDFRPEU
   KWWSZZZLIRDPRUJHYHQWVIDLUV%LR)DFK%LR)DFKB$PHULFDB/DWLQDKWPO

([KLELWRU SURILOH $OWKRXJK %LR)DFK LV SULPDULO\ D WUDGH VKRZ ZLWK H[KLELWRUV RI RUJDQLF ILQLVKHG
QDWXUDO SURGXFWV WKHUH DUH D IHZ VXSSOLHUV RI EXON QDWXUDO LQJUHGLHQWV LQFOXGLQJ RUJDQLF KHUEV DQG
VSLFHV HVVHQWLDO RLOV DoDt SXOS FDFDR SRZGHU FRIIHH WHD GULHG IUXLWV DQG IUXLW MXLFH FRQFHQWUDWHV
QXWVKRQH\SROOHQDQGSURSROLV

6HSWHPEHU
)22',1*5(',(1766287+$0(5,&$
9HQXH  ([SR&HQWHU1RUWH6mR3DXOR%UDVLO
2UJDQL]HU  &03,QIRUPDWLRQDGLYLVLRQRI8QLWHG%XVLQHVV0HGLD
&RQWDFW 0U &DVVLDQR )DFFKLQHWWL (YHQW 0DQDJHU $ODPHGD 7RFDQWLQV ƒ DQGDUVOD
$OSKDYLOOH±%DUXHUL±63%UD]LO
7(/H[W
)$;
(0$,/  FIDFF#XEPEUD]LOFRPEU
:(%  KWWSILVRXWKDPHULFDLQJUHGLHQWVQHWZRUNFRPKRPH

([KLELWRU SURILOH 7KRXJK PDLQO\ D VKRZ ZLWK VXSSOLHUV RI IRRG LQJUHGLHQWV VRPH RI WKH H[KLELWRUV
RIIHU QDWXUDO ERWDQLFDO LQJUHGLHQWV PDGH IURP PHGLFLQDO DQG DURPDWLF SODQWV ([KLELWRUV RI ERWDQLFDO
LQJUHGLHQWVZLOOLQFOXGH)RUWLWHFK0DIFR1DWXUH[DQG7UDGDO%UD]LODPRQJRWKHUV




45
 63(&,),&$7,216$9$,/%/()520016%$&.,668(6

+(5%25(;75$&7 5(*,21 016(',7,21
$FDFLDJXPP\H[XGDWH $IULFD 016±6HSWHPEHU
$oDtIUXLWGU\H[WUDFW 6RXWK$PHULFD 016±'HFHPEHU
$MRZDQIUXLW ,QGLD 016±'HFHPEHU
$OWKDHDIORZHU &KLQD.RUHD 016±'HFHPEHU
$PEUHWWHVHHG ,QGLD 016±'HFHPEHU
$PHULFDQJLQVHQJURRW3( 1RUWK$PHULFD 016±'HFHPEHU
$PHULFDQVWRUD[EDOVDP 1RUWK$PHULFD 016±6HSWHPEHU
$PODIUXLW3( ,QGLD 016±6HSWHPEHU
$QGURJUDSKLVKHUE3( ,QGLD 016±-XQH
$UQLFDIORZHU6( :HVWHUQ(XURSH 016±6HSWHPEHU
$URQLDIUXLWMXLFHFRQFHQWUDWH (DVWHUQ(XURSH 016±'HFHPEHU
$UWHPLVLD(VVHQWLDO2LO ,QGLD1HSDO 016±0DUFK
$UWLFKRNHOHDI3( :HVWHUQ(XURSH 016±0DUFK
$UWLFKRNHOHDI $IULFD 016±0DUFK
$VDIHWLGDROHRJXPUHVLQ ,QGLD 016±6HSWHPEHU
$VKZDJDQGKDURRW ,QGLD 016±6HSWHPEHU
$VKZDJDQGKDURRW3( ,QGLD 016±'HFHPEHU
$PHULFDQJLQVHQJURRW 1RUWK$PHULFD 016±6HSWHPEHU
$VLDQJLQVHQJURRW3( -DSDQ 016±6HSWHPEHU
%DFRSDKHUE3( ,QGLD 016±-XQH
%DREDEIUXLW3( $IULFD 016±6HSWHPEHU
%HQ]RLQWLQFWXUHFRPSRXQG 1RUWK$PHULFD 016-XQH
%LOEHUU\IUXLW (DVWHUQ(XURSH 016±6HSWHPEHU
%LUFKOHDI (DVWHUQ(XURSH 016±'HFHPEHU
%LWWHURUDQJHIUXLW3( &KLQD 016±'HFHPEHU
%ODFNFRKRVKH[WUDFW863 1RUWK$PHULFD 016±6HSWHPEHU
%ODFNFRKRVKUKL]RPH3( 1RUWK$PHULFD 016±6HSWHPEHU
%ODFNFXUUDQWGU\H[WUDFW :HVWHUQ(XURSH 016±'HFHPEHU
%ODGGHUZUDFNWKDOOXV &DQDGD 016±6HSWHPEHU
%ROGROHDI 6RXWK$PHULFD 016±0DUFK
%ROGROHDIGU\H[WUDFW 6RXWK$PHULFD 016±0DUFK
%RVZHOOLDVHUUDWD3( ,QGLD 016±'HFHPEHU
%XFKXOHDI 6RXWK$IULFD 016±'HFHPEHU
&DOHQGXODWLQFWXUH (DVWHUQ(XURSH 016±-XQH
&DOLIRUQLDSRSS\KHUE 1RUWK$PHULFD 016±0DUFK
&DPSKRUQDWXUDO &KLQD 016±-XQH
&DPXFDPXGU\H[WUDFW 6RXWK$PHULFD 016±-XQH
&DSVLFXPROHRUHVLQ 6RXWK$PHULFD 016±'HFHPEHU
&DUDOOXPDH[WUDFW ,QGLD 016±'HFHPEHU
&DUDZD\IUXLW $IULFD 016±-XQH
&DUREEHDQJXP (XURSH 016±'HFHPEHU
&DVFDUDVDJUDGDGU\H[WUDFW 1RUWK$PHULFD 016±0DUFK
&DWµVFODZEDUNGU\H[WUDFW 6RXWK$PHULFD 016±0DUFK
&DWµVFODZH[WUDFW863 6RXWK$PHULFD 016±6HSWHPEHU
&KiGHEXJUHGU\H[WUDFW 6RXWK$PHULFD 016±'HFHPEHU
&KDPRPLOHIORZHU $IULFD 016±-XQH
&KDVWHWUHHIUXLW (DVWHUQ(XURSH 016±'HFHPEHU
&KDVWHWUHHIUXLW $IULFD 016±6HSWHPEHU
&KDVWHWUHHIUXLWH[WUDFW :HVWHUQ(XURSH 016±6HSWHPEHU
&KLQHVHDVDIHWLGDUHVLQ &KLQD 016±6HSWHPEHU
&KLQHVHFLQQDPRQEDUN &KLQD 016±-XQH
&KLQHVHKDZWKRUQIUXLW3( &KLQD 0166HSW0166HSW
&KLQHVHORYDJHUKL]RPH &KLQD 016±6HSWHPEHU
&LQQDPRQEDUN3( &KLQD 016±'HFHPEHU
&LWURQHOODHVVHQWLDO2LO ,QGLD6UL/DQND 016±-XQH

46
&ORYHEXGWLQFWXUH
&RFRDEXWWHU
&RODQXW
&RODQXWGU\H[WUDFW
&RULDQGHUIUXLW
&RULDQGHUIUXLWHVVHQWLDORLO
&RU\GDOLV<DQKXVXRWXEHU
&RWWRQVHHGRLO
&UDQEHUU\IUXLWGU\FRQF
&UDQEHUU\MXLFHH[WUDFW
&UDQEHUU\OLTXLGSUHSDUDWLRQ
&XSXDoXIUXLWSRZGHU
'DPDVNURVHIORZHU
'DPDVNURVHHVVHQWLDO2LO
'DQGHOLRQURRW
'DQJJXLURRW3(
'HYLOµVFODZURRW3(
'HYLOµVFODZURRWWXEHU
'KDWWXUDVHHG
(FKLQDFHDKHUE URRW3(
(FKLQDFHDURRW3(
(OHXWKHURURRW
(OHXWKHURURRW3(
(QJOLVKODYHQGHUIORZHU
(SKHGUDKHUE
(SLPHGLXPKHUE3(
(XFDO\SWXVRLO
(XURSHDQHOGHUIORZHU
(XURSHDQYHUYDLQ
(YHQLQJSULPURVHRLO
)HQQHOIUXLW
)HQQHOIUXLWVZHHW
)HQXJUHHNVHHG
)HQXJUHHNVHHG3(
)HYHUIHZOHDI3(
)LJIUXLW
)OD[VHHG
*DUFLQLDIUXLWH[WUDFW
*DUOLFEXOEJUDQXOHV
*DUOLFEXOE3(
*DUOLFEXOE3(
*DUOLFRLOPDFHUDWH
*LQJHUUKL]RPH
*LQJHUUKL]RPH3(
*LQNJROHDI3(
*ROGHQVHDOUKL]RPH
*RWXNRODKHUE3(
*RWXNRODKHUE3(
*UDSHIUXLW3(
*UHDWHUFHODQGLQHKHUE
*UHDWHUJDODQJDOUKL]RPH
*UHHQWHDOHDI3(
*UHHQWHDOHDI3(
*ULIIRQLDVHHG
*XDUDQDVHHG3(
*XDUJXP
*XJJXOUHVLQ3(
*\QRVWHPPDKHUE3(
,QGLD 016±-XQH
6RXWK$PHULFD 016±-XQH
$IULFD 016±-XQH
:HVWHUQ(XURSH 016±'HFHPEHU
(XURSH 016±0DUFK
1RUWK$PHULFD 016±6HSWHPEHU
&KLQD 016±0DUFK
1RUWK$PHULFD 016±'HFHPEHU
1RUWK$PHULFD 016±6HSWHPEHU
1RUWK$PHULFD 016±'HFHPEHU
1RUWK$PHULFD 016±'HFHPEHU
6RXWK$PHULFD 016±'HFHPEHU
,QGLDDQGRWKHU$VLD 016±-XQH
(DVWHUQ(XURSH 016±'HFHPEHU
(XURSH 016±0DUFK
&KLQD 016±6HSWHPEHU
:HVWHUQ(XURSH 016±-XQH
$IULFD 016±6HSWHPEHU
,QGLD 016±6HSWHPEHU
1RUWK$PHULFD 016±6HSWHPEHU
:HVWHUQ(XURSH 016±6HSWHPEHU
(XURSH 016±6HSWHPEHU
&KLQD 016±-XQH
(XURSH 016±-XQH
&KLQD 016±0DUFK
&KLQD 016±-XQH
(XURSH 016±6HSWHPEHU
(XURSH 016±0DUFK
$IULFD 016±-XQH
1RUWK$PHULFD 016±-XQH
$IULFD 016±'HFHPEHU
$IULFD 016±0DUFK
$IULFD 016±6HSWHPEHU
,QGLD 016±6HSWHPEHU
:HVWHUQ(XURSH 016±0DUFK
,UDQ 016±'HFHPEHU
1RUWK$PHULFD 016±'HFHPEHU
,QGLD 016±-XQH
1RUWK$PHULFD 016±-XQH
&KLQD 016±'HFHPEHU
1RUWK$PHULFD 016±0DUFK
:HVWHUQ(XURSH 016±0DUFK
&KLQD 016±-XQH
&KLQD 016±6HSWHPEHU
-DSDQ 016±'HFHPEHU
1RUWK$PHULFD 016±0DUFK
,QGLD 016±6HSWHPEHU
$IULFD 016±-XQH
(DVWHUQ(XURSH 016±'HFHPEHU
(DVWHUQ(XURSH 016±0DUFK
,QGLD 016±6HSWHPEHU
&KLQD 016±0DUFK
&KLQD 016±-XQH
$IULFD 016±6HSWHPEHU
:HVWHUQ(XURSH 016±'HFHPEHU
,QGLD 016±-XQH
,QGLD 0166HSW0160DUFK
&KLQD 016±0DUFK
47
+HQQDOHDI
+LELVFXVIORZHU
+RODUUKHQDEDUNURRW
+RRGLDJRUGRQLLH[WUDFW
+RSVWURELOH
+RSVWURELOH3(
,FHODQGPRVV
,QGLDQIUDQNLQFHQVHH[WUDFW
,SHFDFUKL]RPH
,Y\OHDI3(
-DPDLFDTXDVVLDVWHPZRRG
-DSDQHVHKRQH\VXFNOHOHDIVWHP &KLQD-DSDQ.RUHD
-XQLSHUIUXLW(VVHQWLDO2LO
-XQLSHUWDU
.KHOODIUXLW
.RKNLOHDI
/DEGDQXPJXPUHVLQRLG
/DYHQGHUIORZHUHVVHQWLDORLO (DVWHUQ(XURSH
/HPRQEDOPOHDI3(
/HPRQSHHOHVVHQWLDORLO
/HPRQYHUEHQDOHDI
/LFRULFHURRW3(
/LFRULFHURRW
/LFRULFHURRW3(
$IULFD 016±'HFHPEHU
$IULFD 016±'HFHPEHU
016±-XQH
$IULFD 016±0DUFK
$IULFD 016±'HFHPEHU
(XURSH 016±-XQH
1RUWK$PHULFD 016±0DUFK
(DVWHUQ(XURSH 016±6HSWHPEHU
(DVWHUQ(XURSH 016±6HSWHPEHU
6RXWK$PHULFD 016±0DUFK
:HVWHUQ(XURSH 016±'HFHPEHU
1RUWK$PHULFD 016±6HSWHPEHU
016±0DUFK
(DVWHUQ(XURSH 016±0DUFK
(XURSH 016±-XQH
$IULFD 016±0DUFK
-DSDQ 016±-XQH
:HVWHUQ(XURSH 016±6HSWHPEHU
016±6HSWHPEHU
:HVWHUQ(XURSH 016±-XQH
1RUWK$PHULFD 016±-XQH
6RXWK$PHULFD 016±'HFHPEHU
&KLQD 016±-XQH
2WKHU$VLDQ&RXQWULHV 016±0DUFK
-DSDQ 016±6HSWHPEHU
/LQGHQ/LPHIORZHU
/RQJVWDPHQRQLRQEXOE
/\FLXPIUXLWIUHH]HGULHGSZG &KLQD
0DFDK\SRFRW\O3(
0DULWLPHSLQHEDUN
0DUVKPDOORZURRW
0DWpOHDI
0DWpOHDI3(
0HDGRZVZHHWKHUE
0LONWKLVWOHIUXLW
0LONWKLVWOHIUXLW3(
0RORNKLDOHDI
(XURSH 016±-XQH
&KLQD 016±0DUFK
016±'HFHPEHU
3HUX 016±'HFHPEHU
:HVWHUQ(XURSH 016-XQH
(XURSH 016±'HFHPEHU
6RXWK$PHULFD 016±-XQH
:HVWHUQ(XURSH 016±6HSWHPEHU
(DVWHUQ(XURSH 016±'HFHPEHU
$IULFD 016±0DUFK
(DVWHUQ(XURSH 0166HSWHPEHU016-XQH
$IULFD 016±'HFHPEHU
0\UUKJXPUHVLQ $VLD<HPHQ 0160DUFK
0\UUKWLQFWXUH $IULFD 016±-XQH
1HHPOHDI3( ,QGLD 016±-XQH
1HWWOHOHDI (XURSH 016±'HF0166HSW
1HWWOHURRW (DVWHUQ(XURSH 016±-XQH
1HWWOHURRW3( :HVWHUQ(XURSH 016±6HSWHPEHU
1LJHOODVHHG ,QGLD 016±0DUFK
1RQLIUXLW3( ,QGLD 016±'HFHPEHU
1XWPHJNHUQHO ,QGRQHVLD 016±-XQH
2OLYHOHDI3( :HVWHUQ(XURSH 016±-XQH
2QLRQHVVHQWLDORLO $IULFD 0160DUFK
2QLRQMXLFHFRQFHQWUDWHSZG (DVWHUQ(XURSH 016±0DUFK
2QLRQROHRUHVLQ ,QGLD 016±0DUFK
2SLXPSRSS\ODWH[ ,QGLD 016±0DUFK
2UHJRQJUDSHURRW 1RUWK$PHULFD 016±0DUFK
3DUPHOLDOLFKHQH[WUDFW ,QGLD1HSDO 016±6HSWHPEHU
3DVVLRQIORZHU 1RUWK$PHULFD 016±-XQH
3DVVLRQIORZHU3( 6RXWK$PHULFD 016±-XQH
3HRQ\URRW -DSDQ 016±0DUFK
3HSSHUIUXLW3( ,QGLD 016±'HFHPEHU
3HSSHUPLQWOHDI(VVHQWLDO2LO 1RUWK$PHULFD 016±-XQH

48
3OHXULV\URRW
3RPHJUDQDWHIUXLW3(
3RPHJUDQDWHMXLFHSRZGHU
3V\OOLXPKXVN
3\JHXPEDUN
3\UHWKUXPIORZHUH[WUDFW
5HGFORYHUKHUE3(
5HGSRSS\H[WUDFW
5HGSRSS\SHWDOV
5HLVKLPXVKURRP3(
5KDWDQ\URRW)(
5KDWDQ\WLQFWXUH
5KRGLRODURRW
5KXEDUEURRWGU\H[WUDFW
5RRLERVOHDI3(
5RVHPDU\OHDI(VVHQW2LO
5RVHPDU\OHDI3(
6DIHGPXVOLURRW
6DIIURQVW\OHDQGVWLJPD
6DJHOHDI
6DLJRQFLQQDPRQEDUN
6DQGDOZRRGKHDUWZRRG
6DUJDVVXPWKDOOXV
6DUVDSDULOODUKL]RPH
6DZSDOPHWWRIUXLW6(
6FKLVDQGUDIUXLW3(
6FKLVDQGUDIUXLW6RXWKHUQ
6HDEXFNWKRUQIUXLW3(
6HDEXFNWKRUQSXOSH[WUDFW
6HQQDOHDIGU\H[WUDFW
6HQQDSRG
6HQQDSRG OHDI3(
6OLSSHU\HOPEDUN
6RXUVRSOHDI3(
6SHDUPLQWOHDI
6W-RKQµVZRUWKHUE
6W-RKQµVZRUWKHUE3(
6WHPRQDURRW
6XPDURRW
6XWKHUODQGLDKHUE
6ZHHWZRUPZRRGKHUE(2
6ZHHWZRUPZRRGOHDI3(
7K\PHKHUE
7ULEXOXVIUXLW3(
7ULEXOXVIUXLW3(
7ULEXOXVURRW3(
8VQHDOLFKHQH[WUDFW
8YDXUVLOHDI3(
9DOHULDQURRW
9DOHULDQURRW3(
:KLWHWHDOHDI3(
:LOGFKHUU\EDUN)(
:LOG\DPURRW3(
:LOORZEDUN
:LOORZEDUN3(
:LWFKKD]HO
:ROIEHUU\3(
<DUURZKHUE(VVHQWLDO2LO
1RUWK$PHULFD 016±0DUFK
:HVWHUQ(XURSH 016±0DUFK
$IULFD 016±'HFHPEHU
,QGLD 016±0DUFK
$IULFD 016±-XQH
$IULFD 016±6HSWHPEHU
1RUWK$PHULFD 016±0DUFK
:HVWHUQ(XURSH 016±0DUFK
$IULFD 016±0DUFK
&KLQD 016±'HFHPEHU
1RUWK$PHULFD 016±0DUFK
:HVWHUQ(XURSH 016±-XQH
&KLQD 016±6HSWHPEHU
&KLQD 016±0DUFK
:HVWHUQ(XURSH 016±-XQH
$IULFD 016±0DUFK
1RUWK$PHULFD 0166HSWHPEHU
,QGLD 016±'HFHPEHU
,QGLD 016±-XQH
(DVWHUQ(XURSH 016±6HSWHPEHU
9LHW1DP 016±'HFHPEHU
,QGLD 016±-XQH
&KLQD 016±6HSWHPEHU
1RUWK$PHULFD 016±0DUFK
1RUWK$PHULFD 016±-XQH
&KLQD 016±0DUFK
&KLQD 016±0DUFK
&KLQD 016±-XQH
:HVWHUQ(XURSH 016'HFHPEHU
,QGLD 016±0DUFK
$IULFD 016±0DUFK
,QGLD 016±6HSWHPEHU
1RUWK$PHULFD 016±-XQH
6RXWK$PHULFD 016±6HSWHPEHU
$IULFD 016±-XQH
&KLQD 016±-XQH
:HVWHUQ(XURSH 016±0DUFK
&KLQD 016±6HSWHPEHU
6RXWK$PHULFD 016±6HSWHPEHU
$IULFD 016±6HSWHPEHU
(DVWHUQ(XURSH 016±0DUFK
&KLQD 016±0DUFK
(XURSH 016±0DUFK
&KLQD 016'HFHPEHU
,QGLD 016±0DUFK
(DVWHUQ(XURSH 016±0DUFK
:HVWHUQ(XURSH 016±6HSWHPEHU
(DVWHUQ(XURSH 016±0DUFK
(DVWHUQ(XURSH 016±-XQH
(DVWHUQ(XURSH 016±6HSWHPEHU
&KLQD 016±6HSWHPEHU
1RUWK$PHULFD 016±'HFHPEHU
1RUWK$PHULFD 016±-XQH
(DVWHUQ(XURSH 016±-XQH
:HVWHUQ(XURSH 016±'HFHPEHU
1RUWK$PHULFD 016±-XQH
&KLQD 016±'HFHPEHU
(DVWHUQ(XURSH 016±-XQH
49
 /,1.6726867$,1$%,/,7<67$1'$5'6$1'*8,'$1&('2&80(1765(/(9$17727+(
*/2%$/75$'(2)0(',&,1$/$1'$520$7,&3/$176$1'(;75$&76

7KLV VHFWLRQ FRQWDLQV OLQNV WR IXUWKHU LQIRUPDWLRQ RQ WKH YDULRXV VXVWDLQDELOLW\ VWDQGDUGV EHLQJ
LPSOHPHQWHG DW PHGLFLQDO SODQW KDUYHVW VLWHV VWDQGDUGV VHWWLQJ RUJDQL]DWLRQV DQG FHUWLILFDWLRQ RU
YHULILFDWLRQRUJDQL]DWLRQV

,W LV SRVVLEOH WKDW ZH DUH QRW \HW DZDUH RI DOO RI WKH H[LVWLQJ VXVWDLQDELOLW\ FHUWLILFDWLRQ RU YHULILFDWLRQ
V\VWHPVSUHVHQWO\XQGHUJRLQJLPSOHPHQWDWLRQDWPHGLFLQDODQGDURPDWLFSODQWSURGXFWLRQVLWHVDURXQG
WKHZRUOG7RDGG\RXUFRQWDFWGHWDLOVRUWRXSGDWHRUFRUUHFWWKHEHORZOLVWHGGHWDLOVSOHDVHFRQWDFW
,7&&RQVXOWDQW7DVKD*ROGEHUJDWWDVKDJROGEHUJ#\DKRRFRP

DemeterKWWSZZZGHPHWHUQHW

¾ ,QWHUQDWLRQDO'HPHWHU6WDQGDUGV3URGXFWLRQKWWSGHPHWHUQHWVWDQGDUGVVWBSURGXFWLRQBHSGI
¾ ,QWHUQDWLRQDO'HPHWHU6WDQGDUGV3URFHVVLQJKWWSGHPHWHUQHWVWDQGDUGVVWBSURFHVVLQJBHSGI
¾ 6WDQGDUGVIRUWKHODEHOLQJRI'HPHWHUSURGXFWVKWWSGHPHWHUQHWVWDQGDUGVVWBODEHOOLQJBHSGI

EcoCertKWWSZZZHFRFHUWFRP

¾ 7KH (FR&HUW )DLU 7UDGH 6WDQGDUG LV DYDLODEOH DW
KWWSDSSOLHFRFHUWFRP,0*SGI()7B6WDQGDUGSGI
¾ 2WKHU(FR&HUW)DLU7UDGHGRFXPHQWVFDQEHGRZQORDGHGDWKWWSDSSOLHFRFHUWFRP()7KWPO

Equal ExchangeKWWSZZZHTXDOH[FKDQJHFRRSGRPHVWLFIDLUWUDGH

¾ (TXDO([FKDQJH3ULQFLSOHVIRU'RPHVWLF)DLU7UDGH
KWWSZZZHTXDOH[FKDQJHFRRSGIWILOHVYGIWSULQFLSOHVIO\HUSGI

FairWild FoundationKWWSZZZIDLUZLOGRUJ

¾ )DLU:LOG6WDQGDUG9HUVLRQ
KWWSZZZIDLUZLOGRUJSXEOLFDWLRQGRZQORDGVIDLUZLOGVWDQGDUGYHU)DLU:LOG6WDQGDUG9SGI
¾ )DLU:LOG6WDQGDUG9HUVLRQ3HUIRUPDQFH,QGLFDWRUV
KWWSZZZIDLUZLOGRUJSXEOLFDWLRQGRZQORDGVIDLUZLOGVWDQGDUGYHU)DLU:LOG6WDQGDUG,QGLFDWRUV9SGI

FloCert: KWWSZZZIORFHUWQHW 

¾ )DLU7UDGH6WDQGDUGVIRU+HUEVDQG6SLFHVIRU6PDOO3URGXFHUVµ2UJDQL]DWLRQV9HUVLRQ

KWWSZZZIDLUWUDGHQHWILOHDGPLQXVHUBXSORDGFRQWHQWVWDQGDUGVGRFXPHQWV
B(1B+HUEV+HUEDOWHDV6SLFHVB632SGI 
¾ )DLU7UDGH6WDQGDUGVIRU7HDIRU6PDOO3URGXFHUVµ2UJDQL]DWLRQV9HUVLRQ
KWWSZZZIDLUWUDGHQHWILOHDGPLQXVHUBXSORDGFRQWHQWVWDQGDUGVGRFXPHQWVB(1B7HDB632BSGI
¾ )DLU7UDGH6WDQGDUGVIRU7HDIRU+LUHG/DERXU9HUVLRQ
KWWSZZZIDLUWUDGHQHWILOHDGPLQXVHUBXSORDGFRQWHQWVWDQGDUGVGRFXPHQWVB(1B7HDB+/BSGI

Forest Stewardship CouncilKWWSZZZIVFRUJ


¾ )6&,QWHUQDWLRQDO6WDQGDUG)6&3ULQFLSOHVDQG&ULWHULDIRU)RUHVW6WHZDUGVKLS
KWWSZZZIVFRUJILOHDGPLQZHE
GDWDSXEOLFGRFXPHQWBFHQWHULQWHUQDWLRQDOB)6&BSROLFLHVVWDQGDUGV)6&B67'BBB9BB(1B)6&B3ULQFLSOHVBDQGB
&ULWHULDSGI

Institute for Market EcologyKWWSZZZLPRFKLQGH[SKS"VHLWH LPRBLQGH[BHQ 


¾ ,026RFLDO )DLU7UDGH&HUWLILFDWLRQ3URJUDPPH
KWWSZZZIDLUIRUOLIHQHWORJLFLRFOLHQWIDLUIRUOLIHILOH,02B6)7B3URJUDPPHB9HUVLRQB)HESGI

Instituto Biodinâmico for Rural DevelopmentKWWSZZZLEGFRPEU

¾ ,%'(FR6RFLDO3URJUDPKWWSZZZHFRVRFLDOQHWFRP

50
¾ ,%'(FR6RFLDO&HUWLILFDWLRQ3URJUDPIRU)DLU5HODWLRQVKLSVLQ7UDGLQJ6RFLDOO\DQG
(QYLURQPHQWDOO\&HUWLILHG3URGXFWV
KWWSZZZLEGFRPEUGRZQORDGVGLUOHJ'LUHWUL]HVBBB,%'B'LUHWUL]B,%'B(FRVRFLDOB(QJOLVKBWK(GLWLRQBSGI

NatureLife International Foundation for Environment, Education and Sustainability
KWWSZZZVXQFHUWFRP

¾ 681&HUWLILFDWHKWWSZZZVXQFHUWFRPDSSOLFDWLRQDVS[

Rainforest AllianceKWWSZZZUDLQIRUHVWDOOLDQFHRUJ

¾ 6XVWDLQDEOH$JULFXOWXUH6WDQGDUGKWWSZZZUDLQIRUHVW
DOOLDQFHRUJDJULFXOWXUHGRFXPHQWVVXVWBDJBVWDQGDUGSGI

Soil AssociationKWWSZZZVRLODVVRFLDWLRQRUJ 

¾ 6RLO$VVRFLDWLRQ(WKLFDO7UDGH6WDQGDUGV
KWWSZZZVRLODVVRFLDWLRQRUJ:KDWZHGR2UJDQLFVWDQGDUGV6WDQGDUGVWDELG'HIDXOWDVS[

Union for Ethical BioTradeKWWSZZZXHEWFK

¾ *XLGDQFHIRUWKHDSSOLFDWLRQRIWKH%LR7UDGH9HULILFDWLRQ)UDPHZRUN
KWWSZZZHWKLFDOELRWUDGHRUJGO352B'B*XLGDQFHBWRBWKHB$SSOLFDWLRQBRIBWKHB9HULILFDWLRQB)UDPHZRUNBSGI
¾ *XLGHOLQHVIRUWKH'HYHORSPHQWDQG,PSOHPHQWDWLRQRI0DQDJHPHQW3ODQVIRU:LOGFROOHFWHG
3ODQW6SHFLHVXVHGE\2UJDQL]DWLRQV:RUNLQJZLWK1DWXUDO,QJUHGLHQWV
KWWSZZZELRWUDGHRUJ5HVRXUFHV3XEOLFDWLRQVXQFWDGBGLWFBWHGBBB(QJSGI
¾ %LR7UDGH9HULILFDWLRQ)UDPHZRUNIRU1DWLYH1DWXUDO,QJUHGLHQWV
KWWSZZZHWKLFDOELRWUDGHRUJGO67'B%LR7UDGHB9HULILFDWLRQB)UDPHZRUNBIRUB1DWLYHB1DWB,QJUHGLHQWVBB(1SGI
¾ 81&7$'%LR7UDGH,QLWLDWLYH%LR7UDGH3ULQFLSOHVDQG&ULWHULD
KWWSZZZELRWUDGHRUJ5HVRXUFHV3XEOLFDWLRQV81&7$'B%7B3&BHQSGI

UTZ CertifiedKWWSZZZXW]FHUWLILHGRUJ

¾ 87=&HUWLILHG&KDLQRI&XVWRG\IRU7HD
KWWSZZZXW]FHUWLILHGRUJLQGH[SKS"SDJH,'  VKRZGRF BB 
¾ 87=&RGHRI&RQGXFWIRU7HD)DUPV87=&RGHRI&RQGXFWIRU7HD)DFWRULHV
KWWSZZZXW]FHUWLILHGRUJLQGH[SKS"SDJH,'  VKRZGRF BB 

)RUFRPSOHWHOLVWVRIFHUWLILHGRUYHULILHGRSHUDWLRQVDQGRUPHPEHUVRIIDLUWUDGHRUJDQL]DWLRQVVHH

&RRSHUDWLRQIRU)DLU7UDGHLQ$IULFD&2)7$PHPEHUVOLVW
KWWSZZZFRIWDRUJHQHQPHPEHUVBOLVWLQJDVS

(FR&HUW)DLU7UDGH()7FHUWLILHGSURGXFWVDQGRSHUDWRUV
KWWSZZZHFRFHUWFRP,0*SGIB/LVWHBSURGXLWVB(65SGI

)OR&HUW)DLU7UDGH&HUWLILHG)7&RUJDQL]DWLRQV
KWWSZZZIORFHUWQHWIORFHUWPDLQSKS"LG 

)RUHVW6WHZDUGVKLS&RXQFLO)6&&HU WLILFDWH'DWDEDVHRIFHUWLILHGSURGXFWVVSHFLHVDQG
FHUWLILFDWHKROGHUV
KWWSLQIRIVFRUJ

,%'(FR6RFLDO&HUWLILHG2SHUDWRUV
KWWSZZZHFRVRFLDOQHWFRPLQGH[SKS"DUHD SURMHWRV OJ HQ

,026RFLDO )DLUWUDGH&HUWLILFDWLRQ3URJUDPPH&HUWLILHG2SHUDWRUV
KWWSZZZIDLUIRUOLIHQHWORJLFLRSPZVLQGH['20SKS"FOLHQWBLG IDLUIRUOLIH SDJHBLG RSHUDWRUV ODQJBLVR HQ 

3K\WR7UDGH$IULFDPHPEHUVOLVW
KWWSZZZSK\WRWUDGHDIULFDFRPPHPEHUVRXUPHPEHUVDVS

51

5DLQIRUHVW$OOLDQFH&HUWLILHGIDUPVOLVW
KWWSVXVWDLQDEOHIDUPFHUWFRPFHUWLILHGBIDUPVFIP

8QLRQIRU(WKLFDO%LR7UDGH8(%7PHPEHUVOLVW
KWWSZZZXHEWFKDERXWPHPEHUVKWPO

8QLWHG1DWLRQV*OREDO&RPSDFWSDUWLFLSDQWVOLVW
KWWSZZZXQJOREDOFRPSDFWRUJ3DUWLFLSDQWV$QG6WDNHKROGHUVVHDUFKBSDUWLFLSDQWKWPO

87=&HUWLILHG7HD3URGXFHUVOLVW
KWWSZZZXW]FHUWLILHGRUJLQGH[SKS"SDJH,' 

:RUOG)DLU7UDGH2UJDQL]DWLRQ:)72PHPEHUVOLVW
KWWSZZZZIWRFRPLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG 
 

52
016*/2%$/+(5%75$'($662&,$7,21',5(&725<

016 SURYLGHV D JOREDO GLUHFWRU\ RI KHUE WUDGH DVVRFLDWLRQV FROOHFWLYHV FRXQFLOV DQG H[SRUW
SURPRWLRQ RUJDQL]DWLRQV WKDW UHSUHVHQW WKH JURZHUV ZLOG FROOHFWRUV SURGXFHUV DQG WUDGHUV RI
ERWDQLFDOUDZPDWHULDOVH[WUDFWVDQGRLOVDQGRWKHUKHUEDOSURGXFWV7RDGG\RXUDVVRFLDWLRQFRQWDFW
GHWDLOV RU WR XSGDWH RU FRUUHFW WKH EHORZOLVWHG GHWDLOV SOHDVH FRQWDFW ,7& &RQVXOWDQW 7DVKD
*ROGEHUJDWWDVKDJROGEHUJ#\DKRRFRP
 
$)5,&$
&2025(6
*,( ± OD 0DLVRQ GHV (SLFHV GHV &RPRUHV &HOOXOH Gµ$SSXL &RQVHLO ± 6LqJH 0RURQL %kWLPHQW H[
&()$'(5±5RXWHGH0µGp%302521,8QLRQGHV&RPRUHV7(/)$;
(0$,/PDLVRQHSLFHV#FRPRUHVWHOHFRPNP:(%KWWSZZZHSLFHVFRPRUHVFRP

(*<37
(J\SWLDQ 6RFLHW\ IRU WKH 3URGXFHUV 0DQXIDFWXUHUV DQG ([SRUWHUV RI 0HGLFLQDO DQG $URPDWLF
3ODQWV (60$3 'U )DURXN (OVKREDNL  (OKHIQDZ\ 6W )DWPD 5RVKGL 6W (OKDUDP (OJL]D 7(/
)$;0RELOH(0$,/GUIDURXN#HOVKREDNLFRP
:(%KWWSZZZHVPDSRUJHJ

(J\SWLDQ 6SLFHV DQG +HUEV ([SRUW 'HYHORSPHQW $VVRFLDWLRQ (6+('$ 'U )DURXN (OVKREDNL
&KDLUPDQ5RVWRP6W*DUGHQ&LW\VWIORRU(*&DLUR7(/
(0$,/HVKHGD#OLQNQHW

0HGLFLQDO3ODQWV$VVRFLDWLRQ03$LQ6W.DWKHULQH(O6KDPLDD6DLQW.DWKHULQH&LW\6RXWK6LQDL
(J\SW7(/)$;
:(%KWWSZZZPSFSHJ\SWFRP

5HJLRQDO 0HGLFLQDO  +HUEDO 3ODQWV 1HWZRUN 0+31 RI WKH $VVRFLDWLRQ RI $JULFXOWXUDO
5HVHDUFK ,QVWLWXWLRQV LQ WKH 1HDU (DVW DQG 1RUWK $IULFD $$5,1(1$ 'U 06$ 6DIZDW 32
%R[±%DJD$PPDQ-RUGDQ7HO)$;
(0$,/PDSDDUHQLQD#QFDUWWJRYMR
:(%KWWSZZZDDULQHQDRUJ0+3:HE

WK
8QLRQRI3URGXFHUVDQG([SRUWHUVRI+RUWLFXOWXUDO&URSV83(+& IORRU2UJDQL]DWLRQVDQG
&RPSDQLHV%XLOGLQJ1DGL(O6HLG6WUHHW'RNN\*L]D(J\SW7(/
)$; (0$,/PDLO#XSHKFRUJ
:(%KWWSZZZXSHKFRUJ

(7+,23,$
(WKLRSLDQ 3XOVHV 2LO 6HHGV DQG 6SLFHV 3URFHVVRUV ([SRUWHUVµ $VVRFLDWLRQ (3263($ (OLDV
*HQHWH32%R[$GGLV$EDED7(/
(0$,/DJURSURP#HWKLRQHWHWRUHSRVSHDVVRFLDWLRQ#HWKLRQHWHW

*+$1$
$JULEXVLQHVV LQ 6XVWDLQDEOH 1DWXUDO $IULFDQ 3ODQW 3URGXFWV $61$33 30%  .DQGD
$FFUD+12&0HPSHDVHP(DVW/HJRQ$FFUD 0U'DQ $FTXD\H7(/ 
)$;(0$,/DVQDSSZHVW#\DKRRFRP
:(%KWWSZZZDVQDSSRUJ

%RWDQLFDO3URGXFWV$VVRFLDWLRQRI*KDQD%273$*
:(% KWWSZZZDVQDSSRUJLQGH[SKS"RSWLRQ FRPBFRQWHQW YLHZ DUWLFOH LG ERWDQLFDOSURGXFWV
DVVRFLDWLRQRIJKDQDERWSDJ FDWLG JKDQDSDUWQHUV ,WHPLG 

.(1<$
1HWZRUNIRU1DWXUDO*XPVDQG5HVLQVLQ$IULFD1*$5$6HFUHWDULDWFR.()5,.DUXUD32%R[
 ±  0RELO 3OD]D 1DLUREL .HQ\D 7(/     )$;   
(0$,/LQIR#QJDUDRUJ
:(%KWWSZZZQJDUDRUJ


53
7KH 7HD %RDUG RI .HQ\D 1DLYDVKD 5RDG ± 2II 1JRQJ 5RDG 32 %R[  &LW\ 6TXDUH 
1DLUREL .HQ\D 7(/         )$;     
(0$,/LQIR#WHDERDUGRUNH:(%KWWSZZZWHDERDUGRUNH

0$85,7,86
QG
$VVRFLDWLRQIRU$IULFDQ0HGLFLQDO3ODQWV6WDQGDUGV$$036FR([HFXWLYH6HUYLFHV/WG /HV
-DPDODFV %XLOGLQJ 9LHX[ &RQVHLO 6WUHHW 3RUW /RXLV 5HSXEOLF RI 0DXULWLXV 7(/    
)$;    (0$,/ VHFUHWDU\#DDPSVRUJ RU 'HQ]LO 3KLOOLSV &'( $VVRFLDWH ([SHUW
+HUEDOVDQG3KDUPDFHXWLFDOV(0$,/GHQ]LO#GHQ]LOFRP
:(%KWWSZZZDDPSVRUJ

0252&&2
$VVLOD 0HGLFLQDO DQG $URPDWLF 3ODQW ² $/ $0$/ $VVRFLDWLRQ 0OOH (/ %28$$1$1, 0DOLND
&(//

$VVRFLDWLRQ IpPLQLQH GHV KHUEHV PpGLFLQDOHV HW DURPDWLTXHV GH %HQL \LGHU &RPPXQH UXUDOH
EHQL\LGHU%HQ.HUULFK7pWRXDQ0RURFFR7(/

$VVRFLDWLRQ 0DURFDLQH GHV 3ODQWHV $URPDWLTXHV HW 0pGLFLQDOHV $0$3$0 0U 0RKDPHG
0DU]RXN &(//     (0$,/ FRQWDFW#QRKDIOHXUFRP 0U 'ULVVL +DVVDQ &(//
(0$,/ILGDQDWXUH#PHQDUDPD

$VVRFLDWLRQ 0DURFDLQH SRXU OH 'pYHORSSHPHQW GHV 3ODQWHV $URPDWLTXHV HW 0pGLFLQDOHV
$'(3$0,QVWLWXW$JURQRPLTXHHW9pWpULQDLUH+DVVDQ,,%35DEDW,QVWLWXWV5DEDW0RURFFR
$ERXONDVVLP(O+DVVDQRU=ULUD6DDGLD7(/
(0$,/V]ULUD#LDYDFPDRU]ULUDBVDDGLD#\DKRRIURUDERXONDVVLPKDVVDQ#JPDLOFRP

6RFLpWp 0DURFDLQH GHV 3ODQWHV $URPDWLTXHV HW 0pGLFLQDOHV 620$3$0 3U ,VPDLOL $ODRXL 0\
0XVWDSKD7(/(0$,/PLVPDLOL#LDYDFPDRU3U(/*KDIDUL+RXVVLQ
(0$,/HOUKDIIDUL#\DKRRIU

1$0,%,$
'HYLOµV &ODZ :RUNLQJ *URXS 32 %R[  :LQGKRHN 1DPLELD &KDLUSHUVRQ 0DJGDOHQD <D
.DVLWD7(/±)$;±(0$,/FULDDZKN#LDIULFDFRPQD
:(%KWWSZZZFULDDVDGFRUJGHYLOVFODZKWP

+RRGLD*URZHUV$VVRFLDWLRQRI1DPLELD+2*5$1:LQGKRHN1DPLELD&KDLUPDQ-|UQ0LOOHU
(0$,/MGVPLOOHU#LZD\QD

1,*(5,$
+HUE6HOOHUV$VVRFLDWLRQRI1LJHULD0UV4XLQF\$\RGHOH

5(81,21
$VVRFLDWLRQ SRXU OHV 3ODQWHV $URPDWLTXHV HW 0HGLFLQDOHV GH OD 5pXQLRQ $3/$0('20 
DYHQXH0D[LPH5LYLqUH±3DUF7HFKQRU67(&/27,/'(,OHGHOD5pXQLRQ
7(/)$;
(0$,/FRQWDFW#DSODPHGRPFRP
:(%KWWSZZZDSODPHGRPFRP

6287+$)5,&$
&DSH(WKQRERWDQLFDO*URZHUV$VVRFLDWLRQ32%R[9ODHEHUJ&DSH7RZQ7(/
)$;(0$,/PLURVDM#LDIULFDFRP
UREE\#]L]DPHOHQDWXUDOKHDOWKFRP

6RXWKHUQ $IULFDQ +RRGLD *URZHUV $VVRFLDWLRQ 6$+*$ &KDLUPDQ  5REE\ *DVVRI =L]DPHOH
+HUEV32%R[2QUXV5LYHU&RXQFLOPHPEHUV±9RONHU0LURV $GROI-RXEHUW
7(/)$;
(0$,/UREE\#]L]DPHOHFRPRU9RONHU#PLURVFR]DDGROI#DIULQDWXUDOFRP


54
6RXWK $IULFDQ 5RRLERV &RXQFLO 32 %R[  6XQVHW %HDFK &DSH 7RZQ 6RXWK $IULFD 
7(/)$;
:(%KWWSZZZVDURRLERVFR]D

72*2
2UJDQLVPH GH 3URPRWLRQ GHV 3ODQWHV $URPDWLTXHV HW 0pGLFLQDOHV GX 7RJR 233$0 72*2
9LWDOLV<DR6RGDWRQRX%XLOGLQJ/X[ROLQ±%33.5RDG$QHFKR=,%DJXLGD%DJXLGD7RJR
7(/)$;
(0$,/YLWDVRGDWRQRX#RSSDPWRJRFRP
:(%KWWSFIRUPDWSURQX[LWQHWRSSDP

781,6,$
$VVRFLDWLRQ7XQLVLHQQHGHV3ODQWHV0pGLFLQDOHV+DPPDP6RXVVH)$;

8*$1'$
8JDQGD &RPPHUFLDO $ORH 9HUD )DUPHUVµ $VVRFLDWLRQ 0U $OL 6VHVDQJD 3ORW  5DVKLG .KDPLV
5RDG 32 %R[  .DPSDOD 8JDQGD 7(/     )$;    (0$,/
VVHVDQJDDOL#\DKRRFRP
:(%KWWSZZZXFDYIDFIVLWHVRUJ

=,0%$%:(
3K\WR7UDGH$IULFD±7KH6RXWKHUQ$IULFDQ1DWXUDO3URGXFWV7UDGH$VVRFLDWLRQ6$137$32
%R[%(%HOYHGHUH+DUDUH=LPEDEZH7(/)$;
(0$,/LQIR#SK\WRWUDGHDIULFDFRP
:(%KWWSZZZVDQSURWDFRP

$6,$
%$1*/$'(6+
%DQJODGHVK +HUEDO 3URGXFWV 0DQXIDFWRULHV $VVRFLDWLRQ %+30$ 6HFUHWDU\ *HQHUDO 0U
+DVLEXU 5DKPDQ $&0( /DERUDWRULHV /WG  .DOOD\DQSXU 0LUSXU 5RDG 'KDND %DQJODGHVK
7(/±)$;(0$,/KUDKPDQHG#DFPHJOREDOFRP

%XVLQHVV 3URPRWLRQ &RXQFLO IRU +HUEDO 6HFWRU RI WKH %DQJODGHVK ([SRUW 3URPRWLRQ %XUHDX
'KDND%DQJODGHVK7(/)$;

&+,1$
&KLQD &KDPEHU RI &RPPHUFH RI 0HGLFLQHV  +HDOWK 3URGXFWV ,PSRUWHUV  ([SRUWHUV
&&&0+3,()1R3DQMLD\XDQQDQOL&KDR\DQJ'LVWULFW%HLMLQJ&KLQD
7(/)$;(0$,/VHUYLFH#FFFPKSLHRUJFQ
:(%KWWSZZZPKSLHFRP

,QWHUQDWLRQDO&HQWUHRI5HVHDUFKDQG7UDLQLQJRQ6HDEXFNWKRUQ,&576
:(%KWWSZZZLFUWVRUJ

0RGHUQL]HG &KLQHVH 0HGLFLQH ,QWHUQDWLRQDO $VVRFLDWLRQ +RQJ .RQJ *32 %R[  7(/
)$;(0$,/PFPLD#PFPLDRUJ
:(%KWWSZZZPFPLDRUJ

-$3$1
-DSDQ2LOVHHG3URFHVVRUVµ$VVRFLDWLRQ-23$KWWSZZZRLORUMS

,1',$
$OO,QGLD $URPDWLF3ODQWV*URZHUV $VVRFLDWLRQ$,$3*$3UHVLGHQW7KDNXU5DQGKLU6LQJK
(3)ODW:D]DUDW5RDG-DPPX7DZL-DPPX .DVKPLU

$VLDQ 0HGLFLQDO 3ODQWV  +HDOWK &DUH 7UXVW $03+&7 6RQDPXNKL 1DJDU 6DQJDULD )DQWD
6DODZDV 5RDG -RGKSXU ±   5DMDVWKDQ ,QGLD 7(/   )$;
(0$,/DPSWUXVW#\DKRRFRP


55
&HQWUDO +HUEDO $JUR 0DUNHWLQJ )HGHUDWLRQ &+$0) 'U 5DMDUDP 7ULSDWK\ $ 5RKLW 9LOOD
3DFKSHGL&KRZN5LQJ5RDG1R5DLSXU&*±7(/
(0$,/FKDPIPDLO#JPDLOFRPPGKRUJDQLF#JPDLOFRP
:(%KWWSZZZFKDPIRUJ

&HQWUDO 2UJDQLVDWLRQ IRU 2LO ,QGXVWU\ DQG 7UDGH 6KUL 0DQVXNKEDL 3DWHO 3UHVLGHQW 0 '&0
%XLOGLQJ%DUDNKDPED5RDG1HZ'HOKL±7(/)$;

(VVHQWLDO2LO $VVRFLDWLRQRI,QGLD 0U6&-DLQ([HFXWLYH6HFUHWDU\$QVDUL5RDG
'DU\D*DQM1HZ'HOKL7(/)$;
(0$,/HRDL#EROQHWLQ
:(%KWWSZZZHRDLLQ

)HGHUDWLRQ RI ,QGLDQ +HUEDO ,QGXVWU\ ),+, 3URI 9LPDOD 'HYL 06 $XUR 3KDUPD )ODW 1R 
&DSWDLQH0DULXV;DYLHU6WUHHW3RQGLFKHUU\±,QGLD7(/
)$;(0$,/ILKL#ILKLRQOLQHFRPENXUXS#ILKLRQOLQHFRP
:(%KWWSZZZILKLRQOLQHFRPDERXWXVKWP

)UDJUDQFHV )ODYRXUV$VVRFLDWLRQRI,QGLD1DYLQFKDQGUD5DQFKKRGGDV6KDK+DOO%)ORRU
6LU9LWKDOGDV7KDFNHUVH\0DUJ0XPEDL±
7(/)$;
(0$,/IDIDL#PWQOQHWLQ:(%KWWSZZZIDIDLRUJ

+HDOWK )RRGV DQG 'LHWDU\ 6XSSOHPHQWV $VVRFLDWLRQ +$'6$  'DODPDO +RXVH 1DULPDQ
3RLQW0XPEDL±,QGLD0V'LSDOL0DKDGLN7(/H[W
)$;(0$,/GLSDOLKDGVD#JPDLOFRP:(%KWWSZZZKDGVDFRP

+HUEDO )DUPHUV $VVRFLDWLRQ *XQWDNDO +DQXPHVK 1DJDU  *XQWDNDO $QGKUD 3UDGHVK
,QGLD7(/

+HUEV  +HUEDO ([SRUW 3URPRWLRQ $VVRFLDWLRQ RI ,QGLD +(3$,  6LOYHU $UFK SOD]D
 1HZ 3DODVLD ,QGRUH    03 ,1',$ 7(/   )$; 
02%(0$,/FRQWDFW#KHSDLRUJ
:(%KWWSZZZKHSDLRUJ

,QGLD3HSSHUDQG6SLFH7UDGH$VVRFLDWLRQ0$7KRPDV6HFUHWDU\9,-HZ7RZQ.RKL
7(/)$;
(0$,/LSVWD#YVQOFRP
:(%KWWSZZZLSVWDFRP

/DXKDO 6SLWL6HDEXFNWKRUQ6RFLHW\/DXKDO 6SLWL'LVWULFW+LPDFKDO3UDGHVK,QGLD

0DKDUDVKWUD 5DM\D 6XJDQGKL $XVKDGKL 9DQDVSDWL 8WSDGDN 3UDNUL\D 6DQJK 'U 6*3DWLO
3UHVLGHQW  3DVKDQ )ODWV %HKLQG /HQ\DGUL 6RFLHW\ 3DVKDQ 6RRV 5RDG 3XQH   7(/


0DODEDU +HUEV  0XVOL *URZHUV 6RFLHW\ 5HJG $EUDKDP .XULDQ 7UHDVXUHU 7& .ULSD
%KDYDQ 53/DQH $ .DZDGLDU 32 7ULYDQGUXP 'LVW .HUDOD  7(/ 
02%,/()$;
(0$,/DEUBELQF\#KRWPDLOFRP

0HGLFLQDO$URPDWLFDQG'\H3ODQWV6WDNHKROGHUVµ&RQVRUWLXP0$36&211DWLRQDO6HFUHWDULDW
0$36&21 & ,,QG )ORRU 2SSRVLWH Ĵ0µ %ORFN 0DUNHW *UHDWHU .DLODVK  , 1HZ 'HOKL  
,QGLD7(/)$;(0$,/LQIR#PDSVFRQFRP
:(%KWWSZZZPDSVFRQFRP

1DWLRQDO0HGLFLQDO3ODQWV%RDUG103%'HSDUWPHQWRI$<86+$\XUYHGD<RJD 1DWXURSDWK\
8QDQL 6LGGKD  +RPRHRSDWK\ 0LQLVWU\ RI +HDOWK  )DPLO\ :HOIDUH *RYHUQPHQW RI ,QGLD
&KDQGUDORN%XLOGLQJ-DQSDWK1HZ'HOKL±7(/)$;(
0$,/LQIRQPSE#QLFLQFHRQPSE#QLFLQ

56
:(%KWWSQPSEQLFLQLQGH[KWP

3KDUPDFHXWLFDOV ([SRUW 3URPRWLRQ &RXQFLO 3KDUPH[FLO +2  $GLW\D 7UDGH &HQWUH
$PHHUSUHW+\GHUDEDG±,QGLD7(/)$;
(0$,/LQIR#SKDUPH[FLOFRP
:(%KWWSZZZSKDUPH[FLOFRP

6DPDJUD $GLYDVL 0HGLFLQDO 3ODQWV 'HYHORSPHQW $VVRFLDWLRQ 6$03'$  $ 5RKLW 9LOOD 5LQJ
5RDG1R5DLSXU&*,QGLD7(/)$;
(0$,/VDPSGDQJR#JPDLOFRP
:(%KWWSZZZVDPSGDRUJ

6KHOODF DQG )RUHVW 3URGXFWV ([SRUW 3URPRWLRQ &RXQFLO 6+()(;,/ ,QWHUQDWLRQDO 7UDGH
)DFLOLWDWLRQ&HQWUH:RRG6WUHHWQG)ORRU.RONDWD,QGLD
7(/)$;
(0$,/VHSF#YVQOQHW
:(%KWWSZZZVKHOODFHSFFRP

6SLFH  )RRG 6WXII ([SRUWHUV $VVRFLDWLRQ RI ,QGLD 6)($,  &RPPRGLW\ ([FKDQJH
WK
%XLOGLQJ )ORRU2SS'DQD%XQGHU6HFWRU9DVKL1DYL0XPEDL
7(/)$;
(0$,/VIHD#PWQOQHWLQRUNNFGLSDN#ERPYVQOQHWLQ
:(%KWWSZZZVIHDLQGLDQHW

6SLFHV %RDUG RI ,QGLD 6%, 0LQLVWU\ RI &RPPHUFH  ,QGXVWU\ *RYHUQPHQW RI ,QGLD 6XJDQGKD
%KDYDQ1+%\SDVV3DODULYDWWRP32&RFKLQ±
7(/)$;
(0$,/VSLFHVERDUG#YVQOFRP
:(%KWWSZZZLQGLDQVSLFHVFRP

7XWLFRULQ6HQQD([SRUWHUV$VVRFLDWLRQ76($3665DPDFKDQGUDQ3UHVLGHQW7XWLFRULQ7DPLO
1DGX,QGLD

,1'21(6,$
$JULEXVLQHVV &OXE $%& :LVPD 1XVDQWDUD /W  -OQ 0+ 7KDPULQ  -DNDUWD 3XVDW 
,QGRQHVLD7(/)$;

$VRVLDVL(NVSRUWLU&DVVLD9HUD,QGRQHVLD$(&,-O0+7KDPULQ3DGDQJ7(/

$VRVLDVL(NVSRUWLU/DGD$(/,7KH,QGRQHVLDQ3HSSHU([SRUWHU$VVRFLDWLRQ.HUWDQLDJD%XLOGLQJ
/W  -O 5RD 0DODND 6HODWDQ  -DNDUWD  7(/      )$; 


$VRVLDVL (NVSRUWLU 3DOD ,QGRQHVLD $(3$ 7KH ,QGRQHVLD 1XWPHJ ([SRUWHUV $VVRFLDWLRQ -O
+D\DP:XUXN-DNDUWD%DUDW7(/)$;

$VRVLDVL (NVSRUWLU 3DQLOLLQGRQHVLD $(3, 7KH ,QGRQHVLD 9DQLOOD ([SRUWHUV $VVRFLDWLRQ 'D
3HUVK'DHUDK3URS%DOL-O:56XSUDWPDQ'HQSDVDU7(/)$;

$VRVLDVL .DNDR ,QGRQHVLD $6.,1'2 7KH ,QGRQHVLDQ &RFRD $VVRFLDWLRQ :LVPD 1XJUDKD /W
-O 5DGHQ 6DOHK 9, 1R -DNDUWD 3XVDW  7(/       )$; 


$VRVLDVL3DOD,QGRQHVLD$3,7KH,QGRQHVLDQ1XWPHJ$VVRFLDWLRQ-O0DMDSDKLW%$ô1R
-DNDUWD3XVDW,QGRQHVLD

$VRVLDVL3HUGDJDQJDQ0LQ\DN$WVLUL,QGRQHVLD7KH,QGRQHVLDQ(VVHQWLDO2LO7UDGH$VVRFLDWLRQ
FR37'MDVXOD:DQJL-O*DUXGD.HPD\RUDQ-DNDUWD3XVDW,QGRQHVLD
7(/)$;


57
-25'$1
$VVRFLDWLRQRI$JULFXOWXUDO5HVHDUFKLQWKH1HDU(DVW 1RUWK$IULFD$$5,1(1$ $$5,1(1$
6HFUHWDULDW &2,&$5'$ :HVW$VLD5HJLRQDO3URJUDP:$5332  %R[ $PPDQ
-RUGDQ7(/)$;
(0$,/LKDPGDQ#FJLDURUJ
:(%KWWSZZZDDULQHQDRUJ
KHUEDPDO
1(3$/
+HUEV  17)3 &RRUGLQDWLRQ &RPPLWWHH RI WKH $VLD 1HWZRUN IRU 6XVWDLQDEOH $JULFXOWXUH DQG
%LRUHVRXUFHV$16$%0U%KLVKPD36XEHGL32%R[.DWKPDQGX1HSDO
7(/)$;
(0$,/DQVDE#DQVDERUJ
:(%KWWSZZZDQVDERUJQQQSKS
 
0HGLFLQDODQG$URPDWLF3ODQWV3URJUDPLQ $VLD0$33$'\'LUHFWRU*HQHUDO±3URJUDPVDQG
7HDP /HDGHU 3 2 %R[  .DWKPDQGX 1HSDO 7(/   H[W   )$; 

(0$,/PNDUNL#LFRLPRGRUJ
:(%KWWSZZZPDSSDDVLDRUJ

3+,/,33,1(6
&KDPEHU RI +HUEDO ,QGXVWULHV RI WKH 3KLOLSSLQHV &+,3 0H]]DQLQH )OU 6WUDWD  %OGJ 3
*XHYDUUD6WUHHW6DQ-XDQ3KLOLSSLQHV
7(/)$;
(0$,/VHF#FKLSLRUJSK
:(%KWWSZZZFKLSLRUJSK

6,1*$325(
6LQJDSRUH&KLQHVH0HGLFLQHVDQG+HDOWK3URGXFWV0HUFKDQW$VVRFLDWLRQ $.LQJ*HRUJHµV
$YHQXH6LQJDSRUH7(/)$;
(0$,/PHKHSURDVVQ#\DKRRFRPVJ
:(%KWWSZZZWFPRUJVJ

6LQJDSRUH &KLQHVH 'UXJ ,PSRUWHUV  ([SRUWHUV *XLOG  $OH[DQGUD 5RDG  'HOWD +RXVH
6LQJDSRUH7(/)$;(0$,/GDYHWDQJ#SDFLILFQHWVJ

65,/$1.$
7KH 6SLFHV  $OOLHG 3URGXFWV 3URGXFHUVµ DQG 7UDGHUVµ $VVRFLDWLRQ FR &H\ORQ &KDPEHU RI
&RPPHUFH1R1DZDP0DZDWKD&RORPER6UL/DQND
7(/)$;
(0$,/VDSSWD#FKDPEHUON
:(%KWWSZZZVDSSWDFRP

9,(71$0
$VVRFLDWLRQ RI (VVHQWLDO 2LOV 3HUIXPHV DQG &RVPHWLFV 9LHW 1DP 3URI 'U 1JX\HQ 7KXRQJ
'RQJ&7DSWKH4XDQ'RL0DL'LFK&DX*LD\+DQRL7(/
(0$,/KWTWLPP#KQYQQYQ

6D 3D ,QGLJHQRXV 0HGLFLQDO 3ODQWV $VVRFLDWLRQ 6,03$ 7D 3KLQ YLOODJH 7D 3KLQ WRZQ 6DSD
9LHW1DP

(8523(
$/%$1,$
$OEDQLDQ6SLFHDQG+HUEDO7UDGH$VVRFLDWLRQ$6+7$&RQWDFWGHWDLOVQRWDYDLODEOH

$8675,$
(XURSHDQ+HUE*URZHUV$VVRFLDWLRQ(8523$09HWHULQDHUSODW]$:LHQ$XVWULD
7(/)$;
(0$,/-RKDQQHV1RYDN#HXURSDPQHW
:(%KWWSZZZHXURSDPQHW

58

gVWHUUHLFKLVFKHQ 9HUEDQGHV IU +HLO XQG *HZU]SIODQ]HQ $*9 $XVWULDQ $VVRFLDWLRQ IRU
0HGLFLQDODQG+HUEDO+RUWLFXOWXUH$*9&KDLUZRPDQ0V$JQHV6FKLHUKXEHU
(0$,/DJQHVVFKLHUKXEHU#HXURSDUOHXURSDHX

%(/*,80
:RUOG $VVRFLDWLRQRI6HDZHHG3URFHVVRUV 0DULQDOJ,QWHUQDWLRQDO$YHQXH%UXJPDQQ$ ±%R[
%UXVVHOV7(/)$;
(0$,/PDULQDOJ#PDULQDOJRUJ
:(%KWWSZZZPDULQDOJRUJ

%261,$$1'+(5=(*29,1$
$VVRFLDWLRQRI0HGLFLQDO3ODQWVDQG:LOG)RUHVW3URGXFWVRI%RVQLDDQG+HU]HJRYLQD)RUHLJQ
7UDGH&KDPEHURI%RVQLDDQG+HU]HJRYLQD'HSDUWPHQWRI%UDQFK$VVRFLDWLRQV%UDQLVODYDĈXUÿHYD
%,+6DUDMHYR7(/)$;(0$,/IDYHGD#ELKQHWED

0$3$VVRFLDWLRQRIʊ=/$71,&$”%LKDü3RNRMEE%LKDü7(/)$;
(0$,/DOPD#ELKQHWED

%8/*$5,$
%XOJDULDQ$VVRFLDWLRQRI+HUEDQG0XVKURRP*DWKHUHUV0U-,9.2'5$*$1293UHVLGHQW
'RQGXNRY%OYG6RILD7(/7(/)$;

%XOJDULDQ ([FKDQJH IRU 6SLFHV  6RILD  3URI &YHWDQ /D]DURY %XO %RUVD ʊ %XOJDUSORG
6ODWLQHD&DUa” SkODG7(/)$;
(0$,/RIILFH#EJVSLFHVFRP
:(%KWWSZZZEJVSLFHVFRP

%XOJDULDQ1DWLRQDO$VVRFLDWLRQ(VVHQWLDO2LOV3HUIXPHU\ &RVPHWLFV%1$(23&0DULW]D
%OYG3ORYGLY7(/)$;
(0$,/RIILFH#EQDHRSFFRP
:(%KWWSZZZEQDHRSFFRP

&=(&+5(38%/,&
3(/(52&=RV$VVRFLDWLRQRIWKH3URGXFHUVDQG3URFHVVRUVRI0HGLFLQDOVDQG$URPDWLF3ODQWDQG
6SLFHV ,QJ %ODQND .RFRXUNRYi &6F 0HQGHO 8QLYHUVLW\ RI $JULFXOWXUH DQG )RUHVWU\ LQ %UQR
'HSDUWPHQWRI&URS6FLHQFH3ODQW%UHHGLQJDQG3ODQW0HGLFLQHRIILFH1
7(/)$;
(0$,/EODQND#PHQGHOXF]RULQIR#SHOHURF]
:(%KWWSZZZSHOHURF]

),1/$1'
$UFWLF)ODYRXUV$VVRFLDWLRQ$)$.DXSSDNDWX6820866$/0,)LQODQG
7(/)$;
(0$,/LQIR#DUFWLFIODYRXUVIL
:(%KWWSZZZDUFWLFIODYRXUVIL

)5$1&(
$VVRFLDWLRQ RI 'HOHJDWHV RI WKH 3URIHVVLRQDO 2UJDQL]DWLRQV RI 3URGXFHUV DQG &ROOHFWRUV RI
0HGLFLQDODQG$URPDWLF3ODQWVRIWKH((&EG0DUHFKDO-RIIUH)0LOO\OD)RUHW

$VVRFLDWLRQ ,QWHUQDWLRQDOH SRXU OH 'pYHORSSHPHQW GHV *RPPHV 1DWXUHOOHV $,'*80 
&KHPLQGH&URLVVHU%35RXHQ &HGH[)UDQFH7(/    )$; 
(0$,/IWKHYHQHW#FQLZRUOGFRPRUMRKQ#MUOXSLHQQHW

&RPLWpGHV3ODQWHVj3DUIXP$URPDWLTXHVHW0pGLFLQDOHV&33$50/HV4XLQWUDQGV5RXWHGH
9RL[0DQRVTXH7(/)$;
(0$,/FRQWDFW#FHSSDUPFRP
:(%KWWSZZZFHSSDUPFRP


59
&RPLWp,QWHUSURIHVVLRQQHOGHV+XLOHV(VVHQWLHOOHV )UDQoDLVHV&,+()=,6W-RVHSK7UDYHUVH
GHV0pWLHUV0DQRVTXH7(/)$;
(0$,/0LFKHONUDXV]#ZDQDGRRIU

(XURSHDQ&RQIHGHUDWLRQRI'LVWULEXWRUV3URGXFHUVDQG,PSRUWHUVRI0HGLFLQDO3ODQWV5XH
GX3HLQWUH/HEUXQ)9HUVDLOOHV

2IILFH 1DWLRQDO ,QWHUSURIHVVLRQQHO GH 3ODQWHV D 3DUIXP $URPDWLTXHV HW 0HGLFLQDOHV
21,33$0%392/;7(/)$;
(0$,/RQLSSDP#RQLSSDPIU
:(%KWWSZZZRQLSSDPIU

*(50$1<
7KH$VVRFLDWLRQ)RUWKH,QWHUQDWLRQDO3URPRWLRQRI*XPV$,3* 6HFUHWDULDWDW:*$+DPEXUJ
H9+$5=9(5(,1*RWHQVWUD‰H'+DPEXUJ&LW\6G
7(/)$;
(0$,/DLSJ#ZJDKKGH
:(%KWWSZZZWUHHJXPVRUJ

'HXWVFKHU)DFKDXVVFKXVVIU$U]QHL*HZU]XQG$URPDSIODQ]HQ')$3URI'U8%RPPH
%DG+HUVIHOG
 
(U]HXJHUULQJ IU +HLO  *HZU]SIODQ]HQ LQ %D\HUQ H9 7DO   0QFKHQ +HUU +DQV
0|VHU7(/)$;
(0$,/KDQVPRHVHU#ONSED\HUQGH
:(%KWWSZZZNUDHXWHUDQEDXGH

(XURSHDQ )HGHUDWLRQ RI (VVHQWLDO 2LOV ()(2 ()(2 6HFUHWDULDW 6RQQLQVWUDVVH  
+DPEXUJ*HUPDQ\7(/)$;
(0$,/HIHR#ZJDKKGH
:(%KWWSZZZHIHRRUJRUJ
 
(XURSHDQ +HUEDO ,QIXVLRQV $VVRFLDWLRQ (+,$ 6RQQLQVWU   +DPEXUJ *HUPDQ\
7(/)$;
(0$,/LQIR#HKLDRQOLQHRUJ
:(%KWWSZZZHKLDRQOLQHRUJ

(XURSHDQ6SLFH$VVRFLDWLRQ(6$5HXWHUVWUDVVH%RQQ7(/)$;

(0$,/HVD#YHUEDHQGHEXHURGH
:(%KWWSZZZHVDVSLFHVRUJ

)DFKYHUEDQG GHU *HZU]LQGXVWULH H 9 $VVRFLDWLRQ RI WKH *HUPDQ 6SLFH ,QGXVWU\
5HXWHUVWUD‰H%RQQ*HUPDQ\7(/)$;
(0$,/LQIR#JHZXHU]LQGXVWULHGH
:(%KWWSZZZJHZXHU]LQGXVWULHGH

*HVHOOVFKDIW ]XU )|UGHUXQJ YRQ 6DQGGRUQ XQG :LOGREVW 6DQGGRUQ H9 *HUPDQ 6RFLHW\ IRU
6HDEXFNWKRUQDQG:LOG)UXLWV,QIRVWHOOH$QGHU0KOH$OWODQGVEHUJ*HUPDQ\
7(/)$;
(0$,/VDQGGRUQ#VDQGGRUQQHW
:(%KWWSZZZVDQGGRUQQHW

+HVVLDQ $VVRFLDWLRQIRU 0HGLFLQDODQG6SLFH&XOLQDU\ 3ODQWV DJULPHG+HVVHQZ92GHUVWU
'7UHEXU*HUPDQ\7(/)$;
(0$,/DJULPHGKHVVHQ#WRQOLQHGH
:(%KWWSZZZDJULPHGGH:(QJOLVFKKWP

,QWHUQDWLRQDO &RXQFLO IRU 0HGLFLQDO DQG $URPDWLF 3ODQWV ,&0$3 'U 5HQDWH 6HLW]
(PPHULQJHUVWUDVVH'(PPHULQJ*HUPDQ\7HO)D[

60
(0$,/LQIR#LFPDSRUJ
:(%KWWSZZZLFPDSRUJ

,QWHUQDWLRQDO .DYD ([HFXWLYH &RXQFLO ,.(& 'U -RHUJ *UXHQZDOG ([HFXWLYH 'LUHFWRU FR
3K\WRSKDUP&RQVXOWLQJ:DOGVHHZHJ%HUOLQ*HUPDQ\7HO)D[

:(%KWWSZZZLNHFRUJ

9HUHLQ IU $U]QHL XQG *HZU]SIODQ]HQ 6$/83/$17$ H9 3URI2EHUGRUI6LHGOXQJ 
'%HUQEXUJ)$;
(0$,/VDOXSODQWD#WRQOLQHGH
:(%KWWSZZZVDOXSODQWDGH

:.) :LUWVFKDIWVYHUHLQLJXQJ .UlXWHU XQG )UFKWHWHH H9 6RQQLQVWUDVVH   2* '
+DPEXUJ&LW\6G7(/)$;
(0$,/LQIR#ZNIGH
:(%KWWSZZZZNIGH

+81*$5<
0HGLFLQDO 3ODQW $VVRFLDWLRQ DQG 3URGXFW &RXQFLO $NRV 0DWKH 6HFUHWDU\ + %XGDSHVW
0HQHVLXW7(/)$;

,7$/<
)HGHUD]LRQH ,WDOLDQD GHL 3URGXWWRUL GL 3LDQWH 2IILFLQDOL ),332 3UHVLGHQWH 'RWW $QGUHD
3ULPDYHUD$JURQRPR3K'3LDQWHRIILFLQDOL±$JULFROWXUDELRORJLFD6WU7RUUHQWH0XVVLQR6
2UIHW±3HUXJLD,WDO\7(/)$;
(0$,/ISULPDYHUDDQGUHD#LQILQLWRLW
:(%KWWSZZZSLDQWHRIILFLQDOLRUJPDLQILSSRKWP

,WDOLDQ EUDQFK RUJDQLVDWLRQ RI KHUEDO WUDGHUV )(, )(, )HGHUD]LRQH (UERULVWL ,WDOLDQL
 5RPD  3]]D ** %HOOL   7(/  ±   )$;  
(0$,/IHLURPD#WLQLWIHL#FRQIFRPPHUFLRLW
:(%KWWSZZZIHLHUERULVWLRUJDVVRFLD]LRQHKWP

,WDOLDQDVVRFLDWLRQRIIDUPHUVKDUYHVWHUVWUDQVIRUPHUVLPSRUWHUVH[SRUWHUVZKROHVDOHUVDQG
DJHQWV RI PHGLFLQDO DQG DURPDWLF SODQWV DQG VSLFHV $VVRHUEH 8QLRQH GHO &RPPHUFLR GHO
7XULVPRHGHL6HUYL]LGHOOD3URYLQFLDGL0LOD&RUVR9HQH]LD±0LODQR00±3DOHVWUR
7(/)$;
(0$,/LQIR#DVVRHUEHLW
:(%KWWSZZZDVVRHUEHLWHQJ

7+(1(7+(5/$1'6
1HGHUODQGVH9HUHQLJLQJYRRUGH6SHFHULMKDQGHO196'XWFK6SLFH7UDGH$VVRFLDWLRQFR3
9LVVHU =RRQ%9(LQVWHLQVWUDDW*9*3XUPHUHQG7KH1HWKHUODQGV
7(/)$;
(0$,/VHFUHWDULDDW#VSHFHULMHQYHUHQLJLQJQO
:(%KWWSZZZSYLVVHUFRP

32/$1'
3ROVNL .RPLWHW =LHODUVNL 3ROLVK +HUEDO &RPPLWWHH %,852 =$5=Ą'8 *àÏ:1(*2 3.=
3R]QDĔXO/LEHOWD7(/([W
:(%KWWSZZZSN]SO

520$1,$
$VRFLDWLD3URGXFDWRULORU 3UHOXFUDWRULORUVL 8WLOL]DWRULORUGH3ODQWH0HGLFLQDOHVL $URPDWLFHGLQ
5RPDQLD 523$0 5RPDQLDQ 0HGLFLQDO DQG $URPDWLF 3ODQWV *URZHUV 0DQXIDFWXUHUV DQG
8VHUV$VVRFLDWLRQ'U'XPLWUX/D]XUFD*0RURLDQX6DFHOH%UDVRYFRG
7(/)$;(0$,/GOD]XUFD#GHOWDQHWURFRQWDFW#URSDPRUJUR


61
3ODQWD5RPDQLFD'U2YLGLX%RMRU6WU*HRUJH(QHVFXQUVHFWRU%XFDUHVWL7(/
)$;
(0$,/RYLGLXERMRU#KRPHUR

6(5%,$$1'0217(1(*52
$VVRFLDWLRQIRU0HGLFLQDODQG$URPDWLF3ODQWVRI6RXWKHDVW(XURSHDQ&RXQWULHV$0$36((&
7DGHXãD.RãüXãND%HOJUDGH6HUELD7(/
(0$,/RIILFH#DPDSVHHFRUJ
:(%KWWSZZZDPDSVHHFRUJ

6/29(1,$
,QWHUQDWLRQDO+RS*URZHUV&RQYHQWLRQ,+*&0DOJDMHYD6,&HOLMH6ORYHQLD
7(/)$;
(0$,/PDUWLQSDYORYLF#JXHVWDUQHVVL
:(%KWWSZZZKPHOMJL]VLLKJF

63$,1
$VRFLDFLyQ&DWDODQDGH3URGXFWRUHVGH3ODQWDV$URPiWLFDV\0HGLFLQDOHV$&33$0&DWDOXxD
(0$,/DFSSDP#FWIFXGOHV
:(%KWWSZZZDFSSDPFDWZHEFDW

$VRFLDFLyQ (VSDxROD GH )DEULFDQWHV GH 3UHSDUDGRV $OLPHQWLFLRV (VSHFLDOHV 'LHWpWLFRV \
3ODQWDV 0HGLFLQDOHV $)(3$', & $UDJyQ   %DUFHORQD 6SDLQ 7(/  
)$;
(0$,/DIHSDGL#DIHSDGLRUJ
:(%KWWSZZZDIHSDGLRUJ

(XURSHDQ 6WHYLD $VVRFLDWLRQ (867$6 6HFUHWDU\µV RIILFH 0yQLFD /RUHQ]R 7HMHGRU &DOOH
0DODGHWD%$5%$6752+XHVFD7HO)D[
(0$,/LQIR#HXVWDVRUJ
:(%KWWSZZZHXVWDVRUJ

6:('(1
6YHQVND.U\GGI|UHQLQJHQ6ZHGLVK6SLFH$VVRFLDWLRQ%R1LOVVRQ6HFUHWDU\*HQHUDO
7(/(0$,/EROQLOVVRQ#JPDLOFRP
:(%KWWSZZZVYHQVNDNU\GGIRUHQLQJHQVH

81,7('.,1*'20
$URPDWKHUDS\ 7UDGH &RXQFLO $7& )DLUILHOG (QWHUSULVH &HQWUH /LQFROQ :D\ )DLUILHOG ,QGXVWULDO
(VWDWH/RXWK/LQFROQVKLUH/1/67(/
(0$,/LQIR#DWFRUJXN
:(%KWWSZZZDWFRUJXN

%ULWLVK+HUEDO0HGLFLQH$VVRFLDWLRQ%+0$32%R[([HWHU(;*;
7(/)$;
(0$,/VHFUHWDU\#EKPDLQIR
:(%KWWSZZZEKPDLQIR

,QWHUQDWLRQDO&RFRD2UJDQL]DWLRQ,&&2&RPPRQZHDOWK+RXVH1HZ2[IRUG6WUHHW/RQGRQ
:&$187(/)$;
(0$,/LQIR#LFFRRUJ
:(%KWWSZZZLFFRRUJ

,QWHUQDWLRQDO )HGHUDWLRQ RI (VVHQWLDO RLOV DQG $URPD 7UDGHV ,)($7  /LQFROQV ,QQ )LHOGV
/RQGRQ:&$%37(/)$;
(0$,/VHFUHWDULDW#LIHDWRUJ
:(%KWWSZZZLIHDWRUJ

7KH )HGHUDWLRQ RI2LOV 6HHGV DQG )DWV $VVRFLDWLRQ /WG)26)$  6W 'XQVWDQµV +LOO /RQGRQ
(&5148QLWHG.LQJGRP7(/)$;

62
(0$,/PHPEHUVKLS#IRVIDRUJ
:(%KWWSZZZIRVIDRUJ

6HHG &UXVKHUVµ DQG 2LO 3URFHVVRUVµ $VVRFLDWLRQ 6&23$ 6HFUHWDU\ *HQHUDO $QJHOD %RZGHQ
32%R[$6XUELWRQ.72/=8QLWHG.LQJGRP
7(/)$;
(0$,/DQJHODERZGHQ#VFRSDRUJXN
:(%KWWSZZZVFRSDRUJXN

7KH6HDVRQLQJDQG6SLFH$VVRFLDWLRQ66$&DWKHULQH6WUHHW/RQGRQ:&%--
7HO)D[
(0$,/VVD#IGIRUJXN
:(%KWWSZZZVHDVRQLQJDQGVSLFHRUJXN

1257+$0(5,&$
&$1$'$
$OEHUWD 1DWXUDO +HDOWK $JULFXOWXUDO 1HWZRUN $1+$1 32 %R[  +DZNVWRQH 532
(GPRQWRQ$OEHUWD70-&DQDGD7(/)$;DPWRSPRQO\
(0$,/LQIR#DQKDQRUJ
:(%KWWSQHZFURSVDOEHUWDRUJ

$OEHUWD5KRGLROD5RVHD*URZHUV2UJDQL]DWLRQ$55*232%R[7KRUVE\$OEHUWD&DQDGD
7&37(/RUWROOIUHH
(0$,/MXG\]DVWUH#DQKDQRUJ
:(%KWWSZZZDUUJRFD

%ULWLVK &ROXPELD +HUE *URZHUV $VVRFLDWLRQ %&+*$  6NHHQD 'ULYH .HORZQD %& 99
.7(/)$;
(0$,/LQIR#EFKHUEJURZHUVFRP
:(%KWWSZZZEFKHUEJURZHUVFRP

%ULWLVK &ROXPELD 6HD %XFNWKRUQ *URZHUV $VVRFLDWLRQ  :DUUHQ 5RDG 9HUQRQ %& 9%
&7(/)$;

&DQDGLDQ+HUE6SLFHDQG1DWXUDO+HDOWK3URGXFWV&RDOLWLRQFR6DVNDWFKHZDQ+HUEDQG6SLFH
$VVRFLDWLRQ6+6$%R[3KLSSHQ6DVNDWFKHZDQ7(/)$;
(0$,/VKVD#LPDJHZLUHOHVVFD
:(%KWWSZZZVDVNKHUEVSLFHRUJ&+61&

&DQDGLDQ 6SLFH $VVRFLDWLRQ &6$  (JOLQWRQ $YHQXH (DVW 6XLWH  7RURQWR 21 03 %
7(/H[W)$;
(0$,/LQIR#FDQDGLDQVSLFHDVVRFLDWLRQFRP
:(%KWWSZZZFDQDGLDQVSLFHDVVRFLDWLRQFRP

QG
&HUWLILHG2UJDQLF$VVRFLDWLRQVRI%& 6WUHHW9HUQRQ%&97*
7(/)$;
(0$,/RIILFH#FHUWLILHGRUJDQLFEFFD
:(%KWWSZZZFHUWLILHGRUJDQLFEFFD

)LOLqUH GHV SODQWHV PpGLFLQDOHV ELRORJLTXHV GX 4XpEHF &3 0DJRJ 4XpEHF -; :
&DQDGD7(/)$;
(0$,/ISPT#SODQWHVPHGLFLQDOHVTFFD
:(%KWWSZZZSODQWHVPHGLFLQDOHVTFFDLQGH[KWPO

0HGLFLQDO $URPDWLF3ODQWV$VVRFLDWLRQRI0DQLWRED32%R[6HONLUN0DQLWRED5$6
&DQDGD7(/)$;

1DWLRQDO +HUE DQG 6SLFH &RDOLWLRQ 1+6& FR 6+6$ %R[  3KLSSHQ 6DVNDWFKHZDQ 6N (
&DQDGD7(/)$;(0$,/VKVD#LPDJHZLUHOHVVFD


63
1RUWKHUQ $OEHUWD +HUE *URZHUV    6WUHHW )RUW 6DVN $% 7/ 6 &DQDGD 7(/ 
)$;

2QWDULR *LQVHQJ *URZHUV $VVRFLDWLRQ 2**$  %OXHOLQH 5RDG %R[  6LPFRH 2QWDULR
1<1&DQDGD7(/)$;
(0$,/DGPLQ#JLQVHQJJURZHUVFRP
:(%KWWSZZZJLQVHQJRQWDULRFRP

4XHEHF 6HDEXFNWKRUQ *URZHUVµ $VVRFLDWLRQ $3$4  UXH 6DLQWH0DUJXHULWH %HDXSUp 4F
*$(&$1$'$7(/)$;
(0$,/LQIR#DUJRXVLHUTFFD
:(%KWWSZZZDUJRXVLHUTFFDHQJODVVRFLDWLRQDSDTKLVWRU\DQGPLVVLRQDVS

6DVNDWFKHZDQ+HUE DQG 6SLFH $VVRFLDWLRQ6+6$ 32%R[6WDWLRQ0DLQ 6DVNDWRRQ 6N
6./&DQDGD7(/)$;
(0$,/VKVD#VDVNWHOQHW
:(%KWWSZZZVDVNKHUEVSLFHRUJ

:HVWHUQ &DQDGLDQ 2UJDQLF +HUE DQG 6SLFH $VVRFLDWLRQ 32 %R[  2SDO $OEHUWD
7$5&DQDGD7(/)$;(0$,/ZFGQKHUE#WHOXVSODQHWQHW

75,1,'$'
&DULEEHDQ +HUEDO %XVLQHVV $VVRFLDWLRQ &+%$ FR &$5', 32 %2;  8:, &DPSXV 6W
$XJXVWLQH7ULQLGDG 7REDJR:HVW,QGLHV7(/)$;
(0$,/FKED#LLFDFDUFRUJ
:(%KWWSZZZFDULEEHDQKHUEVRUJ

81,7('67$7(62)$0(5,&$
$PHULFDQ%RWDQLFDO&RXQFLO$%&0DQRU5RDG$XVWLQ7H[DV7(/
)$;
(0$,/DEF#KHUEDOJUDPRUJ
:(%KWWSZZZKHUEDOJUDPRUJ

$PHULFDQ&RXQFLOIRU0HGLFLQDOO\$FWLYH3ODQWV,QF$&0$3'U*DU\:6WXWWH9LFH3UHVLGHQW
DQG([HFXWLYH'LUHFWRU32%R[7LWXVYLOOH)/7(/)$;
(0$,/LQIR#DFPDSRUJ
:(%KWWSZZZDFPDSRUJ

$PHULFDQ +HUEDO 3URGXFWV $VVRFLDWLRQ $+3$  )HQWRQ 6WUHHW 6XLWH 6LOYHU 6SULQJ
0DU\ODQG7(/)$;
(0$,/DKSD#DKSDRUJ
:(%KWWSZZZDKSDRUJ

$PHULFDQ6SLFH7UDGH$VVRFLDWLRQ$67$06WUHHW1:6XLWH:DVKLQJWRQ'&
7(/)$;
(0$,/LQIR#DVWDVSLFHRUJ
:(%KWWSZZZDVWDVSLFHRUJ

Ĵ$ZD.DYD'HYHORSPHQW&RXQFLO32%R[+RQROXOX+,7(/
)$;
(0$,/KFELWW#KDZDLLHGX
:(%KWWSDZDGHYHORSPHQWRUJ

&DUROLQD$JUL6ROXWLRQV*URZHUV$VVRFLDWLRQ&$6*$&RQZD\6RXWK&DUROLQD3UHVLGHQW*UHJ
+\PDQ7(/(0$,/JK\PDQ#VFFRDVWQHW

)DU:HVW6SHDUPLQW2LO$GPLQLVWUDWLYH&RPPLWWHH1)UXLWODQG6XLW%.HQQHLFN:$
7(/)$;
(0$,/DJPJW#DJPJWFRP
:(%KWWSZZZIDUZHVWVSHDUPLQWRUJ

64

*UHDW3ODLQV+HUE*URZHUV$VVRFLDWLRQ*3+*$:WK7HUUDFH32%R[/DZUHQFH
.DQVDV7(/)$;
(0$,/KHUEJURZHUV#VXQIORZHUFRP
:(%KWWSZZZNDQVDVUXUDOFHQWHURUJJUHDWSODLQVKWP

+HUE*URZLQJ 0DUNHWLQJ1HWZRUN 0DXUHHQ5RJHUV'LUHFWRU32%R[ 6LOYHU6SULQJ3$
7(/)$;
(0$,/KHUEZRUOG#DROFRP
:(%KWWSZZZKHUEQHWFRP

+RS*URZHUVRI$PHULFD+*$32%R[:3URVSHFW3ODFH0R[HH:$
7(/)$;
(0$,/LQIR#XVDKRSVRUJ
:(%KWWSZZZXVDKRSVRUJ

WK
,GDKR 0LQW *URZHUV $VVRFLDWLRQ ,0*$  6:   $YHQXH 6XLWH  0HULGLDQ ,GDKR 
5RJHU%DWW([HFXWLYH'LUHFWRU7(/
(0$,/UEDWW#VSURQHW
:(%KWWSZZZLGDKRPLQWRUJJURZHUVKWPO

,QWHUQDWLRQDO $ORH 6FLHQFH &RXQFLO ,$6&  )HQWRQ 6WUHHW 6XLWH  6LOYHU 6SULQJ 0'
7(/)$;
:(%KWWSZZZLDVFRUJ

,QWHUQDWLRQDO+HUE$VVRFLDWLRQ32%R[-DFNVRQYLOOH)/86$
:(%KWWSZZZLKHUERUJ

1HZ0H[LFR+HUE*URZHUV $VVRFLDWLRQ10+*$ &HQWUDO$YH6($OEXTXHUTXH1HZ
0H[LFR&KDUOHV0DUWLQ7(/
(0$,/FPDUWLQ#QPVXHGX
:(%KWWSQPKJDFRP

1RUWK &DUROLQD +HUE $VVRFLDWLRQ 1&+$  5HVHDUFK 'ULYH )OHWFKHU 1RUWK &DUROLQD 
7(/
(0$,/MHDQLQHBGDYLV#QFVXHGX
:(%KWWSZZZQFKHUEDVVRFLDWLRQRUJ

1RUWKZHVW*LQVHQJ*URZHUV $VVRFLDWLRQ1**$1(WK&LUFOH/D&HQWHU:DVKLQJWRQ
7(/&(//
:(%KWWSZZZQZJLQVHQJRUJKRPHKWPO

5RRWVRI $SSDODFKLD*URZHUV $VVRFLDWLRQ5$*$32%R[7ULPEOH2KLR7(/

(0$,/WDQQHU#UXUDODFWLRQRUJ
:(%KWWSZZZURRWVRIDSSDODFKLDRUJ

6HTXLP/DYHQGHU*URZHUV$VVRFLDWLRQ6/*$3DUULVK5RDG6HTXLP:DVKLQJWRQ
:(%KWWSZZZODYHQGHUJURZHUVRUJ

6RQRPD&RXQW\+HUE$VVRFLDWLRQ32%R[6HEDVWRSRO&$7(/(
0$,/VRQRPDKHUEV#JPDLOFRP
:(%KWWSZZZVRQRPDKHUEVRUJ

:HVW9LUJLQLD+HUE$VVRFLDWLRQ:9+$6PRNH&DPS5RDG:HVWRQ:HVW9LUJLQLD
7(/
(0$,/Q\HDQQ#PDUUFRP
:(%KWWSZZZZYKHUERUJ

:RUOG&RFRD)RXQGDWLRQ:&).6WUHHW1:6XLWH:DVKLQJWRQ'&

65
7(/)$;
(0$,/ZFI#ZRUOGFRFRDRUJ
:(%KWWSZZZZRUOGFRFRDIRXQGDWLRQRUJ

2&($1$
$8675$/,$
$XVWUDOLDQ*LQVHQJ*URZHUV$VVRFLDWLRQ$**$32%R[+XRQYLOOH7$6
7(/
(0$,/LQIR#JLQVHQJRUJDX
:(%KWWSZZZJLQVHQJRUJDX

7KH$XVWUDOLDQ/DYHQGHU*URZHUVµ$VVRFLDWLRQ,QF7$/*$ 7KH6HFUHWDU\7$/*$,QF32%R[
5LFKPRQG1RUWK9LFWRULD$XVWUDOLD
(0$,/VHFUHWDU\#WDOJDFRPDX
:(%KWWSZZZWDOJDFRP

$XVWUDOLDQ7HD7UHH,QGXVWU\$VVRFLDWLRQ$77,$32%R[&DVLQR16:$XVWUDOLD
7(/)$;
(0$,/HQTXLULHV#WHDWUHHRUJDX
:(%KWWSZZZWHDWUHHRUJDX

),-,
3DFLILF,VODQGV1RQL$VVRFLDWLRQ3,1$32%R[/DXWRND)LML±,VODQGV
:(%KWWSZZZSLQDZV

6287+$0(5,&$
%2/,9,$
6RFLHGDG%ROLYLDQDGH0HGLFLQD7UDGLFLRQDO62%20(75$0U:DOWHU$OYDUH]3DVDMH*RQ]iOH]
/D3D]7(/)$;

%5$=,/
$VVRFLDomR %UDVLOHLUD GDV (PSUHVDV GR 6HWRU )LWRWHUiSLFR 6XSOHPHQWR $OLPHQWDU H GH
3URPRomRGD6D~GH$%,),6$7(/)$;(0$,/DELILVD#DELILVDRUJEU
:(%KWWSZZZDELILVDRUJEU

&2/80%,$
1DWLYD7UDGH$VVRFLDWLRQIRU1DWXUDO,QJUHGLHQWV(0$,/LQJUHGLHQWHVQDWXUDOHV#JPDLOFRP

(&8$'25
$VRFLDFLyQ $JURDUWHVDQDO GH 3URGXFWRUHV GH SODQWDV VHFDV PHGLFLQDOHV GHO (FXDGRU
$$3360( &RQWDFW ,QJ 2UODQGR &DGPH RU 6UWD 2OLYD &KXQFKR 5DPRQ 3LQWR HQWUH 'LH] GH
$JRVWR\-RVH$QWRQLR(JXLJXUHQ7(/)$;
(0$,/RUODQGRFDGPH#ODWLQPDLOFRP

$VRFLDFLyQ GH 3URGXFWRUHV GH 3ODQWDV 0HGLFLQDOHV GHO &KLPERUD]R -DPEL .LZD .P  9LD
6DQWD&UX]3DUURTXLD\$UXTXLHV5LREDPED(FXDGRU7(/)$;
(0$,/MDPELNLZD#FKSURHF

&DUDERWLMD$VVRFLDWLRQRI3URGXFHUVRI0HGLFLQDO3ODQWV0V0DUtD5HVID*XDWHPDO1R%DUULR
&DUDERWLMD2OPHGR&D\DPEH(FXDGRU7(/
(0$,/MHQFKDOD#\DKRRFRP

3(58
$VRFLDFLyQGH$JURLQGXVWULDOHVGH0DFD\3URGXFWRV$QGLQRVGHO$OWLSODQRGH-XQtQ3HU~

$VRFLDFLyQGH3URGXFWRUHVGH0DFD -DYLHU3DEOR &DVWLOOR*HUH3UHVLGHQWH.P &DUUHWHUD
&HQWUDO6KDFD\iQ-XQtQ3HU~7(/(0$,/PDFDMSFJ#\DKRRFRP

$VRFLDFLyQ GH 3URGXFWRUHV GH 0DFD (FROyJLFD GH OD 3URYLQFLD GH -XQtQ $3520$&$(
-81,1/XLV2VZDOGR&DVWLOOR+XHUWD3UHVLGHQWH-U6DQ0DUWLQ1ž-XQtQ3HU~

66
TEL: +51-64-344060.
E-MAIL: informes@apromacae.com or notariope@yahoo.com
WEB: http://www.apromacae.com

Asociación de Productores de Plantas Medicinales Ecológicas de La Unión - PERÚ

(APROPLAME), Régulo Chirinos.
E-MAIL: aproplame@aedes.com.pe
WEB: http://www.cotahuasiarequipa.com/aproplame

Peruvian Institute of Natural Products (Instituto Peruano de Productos Naturales), Avenida La

Universidad 595, La Molina, Lima 12. TEL: (51) 1 628 4026 / FAX: (51) 1 628 2660
E-MAIL: info@ippn.org.pe
WEB: http://www.ippn.org.pe

67
 Street address P: +41 22 730 0111 Postal address
International Trade Centre F: +41 22 733 4439 International Trade Centre
54-56 Rue de Montbrillant E: itcreg@intracen.org Palais des Nations
1202 Geneva, Switzerland www.intracen.org 1211 Geneva 10, Switzerland

The International Trade Centre (ITC) is the joint agency of the World Trade Organization and the United Nations.