µ - Natural Fertility Management
Transcription
µ - Natural Fertility Management
7KH1DWXUDO)HUWLOLW\0DQDJHPHQW &RQFHSWLRQ3URJUDP ,QWURGXFWRU\%RRNOHW $3UHSDUDWLRQ3URJUDP)RU$OO3URVSHFWLYH3DUHQWV 2SWLPLVLQJ<RXU&KDQFHVRID1DWXUDO+HDOWK\&RQFHSWLRQ 3UHJQDQF\%LUWKDQG%DE\a7KURXJK3UHFRQFHSWLRQ+HDOWK&DUH DQG1DWXUDO7UHDWPHQWV)RU)HUWLOLW\3UREOHPV 1DWXUDO)HUWLOLW\0DQDJHPHQW ³5HSURGXFWLYH+HDOWK&DUH)RU(YHU\6WDJH2I<RXU/LIH´ 7KH-RFHO\Q&HQWUHIRU1DWXUDO)HUWLOLW\0DQDJHPHQW+ROLVWLF0HGLFLQH Suite A, Level 6, 204 Clarence Street Sydney NSW 2000 Australia Ph: 612 9268 9000 Fax: 612 9267 6377 Email: enquiries@fertility.com.au Web: www.fertility.com.au 1DWXUDO)HUWLOLW\0DQDJHPHQW ³5HSURGXFWLYH+HDOWK&DUH)RU(YHU\6WDJH2I<RXU/LIH´ 3URGXFHGE\1)03W\/WG 6XLWH$/HYHO&ODUHQFH6W 6\GQH\16:$XVWUDOLD 3K )D[ (PDLOHQTXLULHV#IHUWLOLW\FRPDX :HEZZZIHUWLOLW\FRPDX &RS\ULJKW1DWXUDO)HUWLOLW\0DQDJHPHQW3W\/WG5HSULQWHG 3ULQWHGE\/LJDUH%RRN3ULQWHUV6\GQH\ PEFC/21-31-17 This book has been printed on Australian offset paper certified by the Programme for the Endorsement of Forest Certification (PEFC). PEFC is committed to sustainable forest management through third party forest certification of responsibly managed forests. May we give ourselves, our ch ildren and our fu tu re generations the gift of strong health and vitality, with a natural, safe and healthy start to life, and a natural, safe and healthy environment in which to live ~ … and may we do this by seeking out knowledge about the inherent and natural fertility of our own bodies which is our own natural birthright . &RQWHQWV 7KH1)0&RQFHSWLRQ3URJUDP 2YHUYLHZ 6XFFHVV5DWHV :KDWWR([SHFW (VVHQWLDO,QIRUPDWLRQ )HHV&RVWV )UHTXHQWO\$VNHG4XHVWLRQV &DVH6WXGLHV $ERXW8V %H\RQG&RQFHSWLRQ2WKHU5HSURGXFWLYH DQG*HQHUDO+HDOWK6HUYLFHV $ERXW1)0 +RZWR)LQG8V+RXUVRI2SHUDWLRQ )UHH,QWURGXFWRU\&RQVXOWDWLRQ %HFDXVHHDFKFRXSOH¶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¿UVWDLPRI1)0LVDOZD\V DQDWXUDOFRQFHSWLRQWKRXJKLWLVDOVRXVHGE\VRPHFRXSOHVWR VXSSRUW WKH HIIHFWLYHQHVV RI DVVLVWHG UHSURGXFWLYH WHFKQRORJLHV VXFKDV,9) ³$KHDOWK\ERG\ LVDIHUWLOHERG\´ :K\1DWXUDO)HUWLOLW\0DQDJHPHQW" 7KH1)0DSSURDFKKDVFRPHDERXWDVDUHVSRQVHWRWKHULVLQJ UDWHRIKHDOWKSUREOHPVLQIHUWLOLW\SUHJQDQF\ELUWKDQGFKLOGUHQ¶V KHDOWK$WSUHVHQWRQHFRXSOHLQVL[LVLQIHUWLOHRQHZRPDQLQ¿YH ZLOOVXIIHUDPLVFDUULDJHRQHEDE\LQWHQLVERUQSUHPDWXUHO\DQG RQHFKLOGLQWKLUW\LVERUQZLWKDFRQJHQLWDOGHIHFW$WOHDVWRQH FKLOG LQ HYHU\ WHQ VXIIHUV IURP OHDUQLQJ RU EHKDYLRXU SUREOHPV DQGRQHFKLOGLQ¿YHVXIIHUVIURPDVWKPD 7KHVH¿JXUHVDUHRQWKHULVHLQ:HVWHUQFRXQWULHVDQGDUHWKRXJKW WREHGXHWRRXUPRGHUQOLIHVW\OHZKLFKLVQRWDVKHDOWK\DVRXU SDUHQWV¶ RU JUDQGSDUHQWV¶ JHQHUDWLRQV (QYLURQPHQWDO SROOXWLRQ SRRU QXWULHQW OHYHOV LQ VRLOV DQG IRRGV SROOXWHG ZDWHU WR[LF IDUPLQJPHWKRGVFKHPLFDOUDGLDWLRQDQGKHDY\PHWDOH[SRVXUH XW ZZZIHUWLOLW\FRPDX 2YHUYLHZ VHGHQWDU\OLIHVW\OHVZHLJKWSUREOHPVRYHUXVHRIVXJDUFDIIHLQH DOFRKRO DQG WKH VWUHVV RI PRGHUQ OLYLQJ DOO FRQWULEXWH WR SRRUHU JHQHUDOKHDOWKDQGFRQVHTXHQWSRRUHUUHSURGXFWLYHKHDOWK 7KHDSSURDFKDW1)0LVRQHRIFRPPRQVHQVH7KHLGHDLV VLPSO\WREULQJSURVSHFWLYHSDUHQWVEDFNWRRSWLPDOKHDOWK EHIRUH FRQFHSWLRQ RFFXUV WR RSWLPLVH \RXU FKLOG¶V FKDQFH RIDKHDOWK\FRQVWLWXWLRQE\FUHDWLQJWKHEHVWSRVVLEOHVWDUW WR OLIH 7KLV LQYROYHV SUHFRQFHSWLRQ KHDOWK FDUH IRU D PLQLPXP RI IRXU PRQWKV IRU ERWK SDUHQWV ZKLFK LQFOXGHV WUHDWPHQW RI IHUWLOLW\ RU UHSURGXFWLYH KHDOWK SUREOHPV LI WKH\ DUH SUHVHQW IROORZHGE\QXWULWLRQDODQGOLIHVW\OHVXSSRUWIRUWKHSUHJQDQWDQG EUHDVWIHHGLQJPRWKHU 1)0DWWKH-RFHO\Q&HQWUH «RZQDELOLW\WRPDQDJH RXUIHUWLOLW\ ´ $IWHUWKHSK\VLFDOHPRWLRQDO WROO RI WKUHH PLVFDUULDJHV ZH IRXQGRXUGRFWRUVDGYLFHRIµMXVW NHHS WU\LQJ¶ GLI¿FXOW WR DFFHSW 'HÀDWHGZHVWDUWHGDSURJUDP DW WKH -RFHO\Q &HQWUH ZKLFK IRFXVHG RQ RXU QXWULWLRQ DQG OLIHVW\OH$OPRVWLPPHGLDWHO\ZH QRWLFHGRXUKHDOWKLPSURYHDQG JDLQHG FRQ¿GHQFH LQ RXU RZQ DELOLW\ WR PDQDJH RXU IHUWLOLW\ 1RZRXUEDE\LVGXHWREHERUQ DQ\GD\,UHDOLVHWKDWLQOHDUQLQJ WRQXUWXUHRXUVHOYHVSURSHUO\ZH KDYH WDNHQ WKH ¿UVW UHDO VWHSV WRZDUGV EHFRPLQJ SDUHQWV KDSSLHULQGLYLGXDOVWRR µ 0V(90RVPDQ16: ³%HLQFRQWURO QDWXUDOO\´ XW ZZZIHUWLOLW\FRPDX 1)0 ZDV ¿UVW SLRQHHUHG LQ $XVWUDOLD LQ 6LQFH WKHQ WKH &RQFHSWLRQ3URJUDPKDVEHHQFRQVWDQWO\H[SDQGHGDQGUH¿QHG KHOSLQJ WKRXVDQGV RI ZRPHQ DQG FRXSOHV ZKR KDYH EHHQ WUHDWHG DW RXU FOLQLF WKH -RFHO\Q &HQWUH ZKLFK ZDV VHW XS LQ DVWKH¿UVWQDWXURSDWKLFIHUWLOLW\FOLQLFGHGLFDWHGWRSURYLGLQJ 1DWXUDO )HUWLOLW\ 0DQDJHPHQW :H KDYH DOVR WUDLQHG RUWKRGR[ DQG QDWXUDO PHGLFLQH SUDFWLWLRQHUV QDWLRQDOO\ DQG LQWHUQDWLRQDOO\ LQ RXU PHWKRGV RI QDWXUDO WUHDWPHQWV IRU IHUWLOLW\ SUREOHPV DQG SUHFRQFHSWLRQKHDOWKFDUH 3DUHQWLQJVWDUWVEHIRUHFRQFHSWLRQ $W 1)0 ZH UHFRJQLVH WKDW WKH MRXUQH\ LQWR SDUHQWLQJ LV XQGRXEWHGO\RQHRIOLIH¶VPRVWSURIRXQGDQGLQWLPDWHH[SHULHQFHV 3DUHQWLQJ VWDUWV HYHQ EHIRUH FRQFHSWLRQ WDNHV SODFH 7KURXJK WKH&RQFHSWLRQ3URJUDP\RXFDQOHDUQDERXWHIIHFWLYHQXWULWLRQ UHSURGXFWLYH F\FOHV DQG KHDOWK\ OLYLQJ WR PDQDJH \RXU RZQ IHUWLOLW\ \RXU RZQ KHDOWK DQG WKH KHDOWK RI \RXU EDELHV DV DQ RQJRLQJEHQH¿WIRU\RXUZKROHIDPLO\ 7KHLPSRUWDQFHRISUHFRQFHSWLRQKHDOWKFDUH 7KH SUDFWLFH RI SUHFRQFHSWLRQ KHDOWK FDUH KDV EHHQ XVHG IRU WKRXVDQGV RI \HDUV DQG LV H[SHULHQFLQJ D UHVXUJHQFH QRZ GXH WR LQFUHDVLQJ LQIHUWLOLW\ DQG SUREOHPV LQ SUHJQDQF\ ELUWK DQG LQIDQW KHDOWK7KH DQFLHQW 6SDUWDQV NQHZ RI SUHFRQFHSWLRQ KHDOWK EHQH¿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µEXLOGLQJEORFNV¶ZKLFKDUH QHFHVVDU\IRUWKHIRUPDWLRQRIDKHDOWK\HPEU\R WKHDEVHQFHRIWR[LQVWKDWFRXOGEHGHWULPHQWDOWRWKLV SURFHVV RSWLPXPJHQHUDODQGUHSURGXFWLYHKHDOWKLQERWKSDUHQWV 0HGLFDO UHVHDUFK DQG D UHYLHZ RI HPEU\RORJ\ VXJJHVW WKDW LQWHUYHQWLRQ GXULQJ WKH SUHFRQFHSWLRQ SHULRG LV D OHJLWLPDWH DQG RYHUGXH IRFXV IRU PRGHUQ J\QDHFRORJ\ DQG REVWHWULFV 7KH FRPELQHG HYLGHQFH RI PDQ\ HPLQHQW UHVHDUFKHUV VKRZV WKDW PDQ\ FRQGLWLRQV VXFK DV LQIHUWLOLW\ PLVFDUULDJH DQG SRRU IRHWDO KHDOWK DUH SUHYHQWDEOH DQG WUHDWDEOH ZLWK SUHFRQFHSWLRQ KHDOWK FDUH FRPELQHG ZLWK FRQWLQXLQJ KHDOWKFDUH WKURXJKRXW SUHJQDQF\ <RXU JURZLQJ EDE\ LV UDSLGO\ GHYHORSLQJ QHZ RUJDQV DQG ERG\ WLVVXHV DQG QHHGV QXWULHQWV WR FRPSOHWH WKLV JURZWK DQG GHYHORSPHQW LQ RSWLPXP KHDOWK DQG YLWDOLW\ 7KH IRRG \RX HDW DQGWKHVXSSOHPHQWV\RXWDNHEHIRUHDQGGXULQJSUHJQDQF\DFW DVDVXSSO\RIQXWULWLRQIRUWKHVHGHYHORSLQJRUJDQVDQGWLVVXHV 'XULQJ WKH ¿UVW WKUHH PRQWKV DIWHU FRQFHSWLRQ WKH PDVV RI WKH HPEU\R LQFUHDVHV RYHU PLOOLRQ WLPHV 7KLV LV WKH WLPH ZKHQ FHOOV GLIIHUHQWLDWH DQG RUJDQV DUH EHLQJ IRUPHG 6RPHWLPHV QXWULHQWGH¿FLHQFLHVPD\EHVRJUHDWWKDWWKHSUHJQDQF\FDQQRW FRQWLQXH ,Q RWKHU FDVHV WKH GH¿FLHQF\ LV QRW VR VHYHUH EXW PD\ VWLOO EH GHWULPHQWDO WR WKH KHDOWK RI WKH XQERUQ FKLOG )RU H[DPSOH WKLV LV WKH FDVH LQ VSLQD EL¿GD ZKHUH OHYHOV RI IROLF DFLG DUH LQVXI¿FLHQW IRU VDWLVIDFWRU\ FORVXUH RI WKH QHXUDO WXEH DQGWKHVSLQHFRYHULQJGRHVQRWIXOO\GHYHORS2WKHUOHVVREYLRXV SUREOHPV VXFK DV DOOHUJLHV DVWKPD EHKDYLRXU SUREOHPV DQG LQIHFWLRQV IRU H[DPSOH PLGGOH HDU JDVWURLQWHVWLQDO DQG UHVSLUDWRU\LQIHFWLRQDUHIDUOHVVOLNHO\WRRFFXULQFKLOGUHQZKHQ FRQFHSWLRQ RFFXUV DIWHU WKH UHVWRUDWLRQ RI DGHTXDWH QXWULHQW VWDWXVDQGORZWR[LFLW\OHYHOV «KDGDJUHDWSUHJQDQF\ ´ 0\ H[SHULHQFH KDV EHHQ QRWKLQJ EXW ZRQGHUIXO , ZDV JXLGHG WKURXJK P\ SUH SUHJQDQF\ SURJUDP KDG D JUHDW SUHJQDQF\ IHOW KHDOWK\ ¿W VWURQJ DQG ZDV QRW DW DOO IHDUIXO RI WKH SHQGLQJ ELUWK 2I DOO WKH SHRSOH , NQHZ SUHJQDQW DW WKH VDPH WLPH , ZDV WKH RQO\ RQH ZKR IHOW VR JUHDW ,W¶V WKH RQO\ ZD\ WR GR LW %RWK P\ VRQ DQG , VWLOO YLVLW UHJXODUO\ IRU QDWXURSDWKLF FRQVXOWDWLRQV 7KDQNV>1)0@ µ 0UV(+%URQWH16: :K\IRXUPRQWKVRISUHFRQFHSWLRQKHDOWKFDUH" 7KH UHDVRQ SUHFRQFHSWLRQ KHDWK FDUH WDNHV D PLQLPXP RI PRQWKV LV WR HQVXUH WKDW WKH KHDOWK RI \RXU VSHUP DQG HJJV LV RSWLPDO EHIRUH FRQFHSWLRQ 6SHUP FDQ WDNH XS WR GD\V WR JHQHUDWH DQG GXULQJ WKLV WLPH WKH\ DUH VXVFHSWLEOH WR GDPDJH IURP LOOQHVV WR[LQV SROOXWDQWV DQG GUXJV VXFK DV FLJDUHWWHV DQG DOFRKRO DQG QXWULWLRQDO GH¿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¿FLHQF\ 8QOLNH HJJV ZKLFK DUH VDIHO\ FRFRRQHGZLWKLQWKHPRWKHU¶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¿UVWIHZF\FOHVRIFKDUWLQJDQGSURYLGH \RX ZLWK DOO WKH QHFHVVDU\ PDWHULDOV WR JXLGH \RX EHWZHHQ DSSRLQWPHQWV,WFRQWDLQV XW ZZZIHUWLOLW\FRPDX % % % DFRS\RI1DWXUDO)HUWLOLW\E\)UDQFHVFD1DLVK \RXU1)0:RUNERRNIRU&RQFHSWLRQZKLFKLQFOXGHV IXOOLQVWUXFWLRQVIRUOHDUQLQJWKHPHWKRGV F\FOHFKDUWVIRUUHFRUGLQJREVHUYDWLRQV GLHWJXLGHOLQHVIRUUHSURGXFWLYHKHDOWK UHFRPPHQGDWLRQVIRUSUHFRQFHSWLRQKHDOWKFDUH D&'ZKLFKFRQWDLQV WUDFNDQLQWURGXFWLRQWR1)0E\)UDQFHVFD1DLVK WUDFNUHOD[DWLRQDQGVXJJHVWLRQVWRUHGXFHVWUHVV IRUPRWLYDWLRQDQGFRQ¿GHQFHWKDW\RXFDQDFKLHYHD 2YHUYLHZ % % % KHDOWK\FRQFHSWLRQSUHJQDQF\ELUWKDQGEDE\DQGWR KHOSWRV\QFKURQLVH\RXUOXQDUDQGKRUPRQDOF\FOHVIRU RSWLPXPIHUWLOLW\ DIHUWLOLW\WKHUPRPHWHU DQRUGHUFDUGIRU\RXUSHUVRQDOOXQDUFDOFXODWLRQVDQG PRRQFDOHQGDUVIRU¿YH\HDUVDWQRIXUWKHUFRVWWR\RX WLPH]RQHFDOFXODWRUIRUDGMXVWLQJ\RXUSHUVRQDOOXQDU FDOFXODWLRQVWRGLIIHUHQWWLPH]RQHVZKHQWUDYHOOLQJ 7KLV NLW FDQ EH ERXJKW DV D VHSDUDWH LWHP EXW ZKHUH WKHUH DUH IHUWLOLW\ SUREOHPV LW LV VWURQJO\ UHFRPPHQGHG WKDW \RX FRQVXOW D QDWXURSDWK IRU SHUVRQDOWUHDWPHQWRQWKH1)0&RQFHSWLRQ3URJUDP 2XULQWHJUDWHGWHDPRIQDWXURSDWKVGRFWRUV )RU PDQ\ RI RXU SDWLHQWV WKLV LV WKHLU ¿UVW H[SHULHQFH RI QDWXUDO WKHUDSLHV 2XU DSSURDFK LV YHU\ GLIIHUHQW IURP ZKDW \RX PD\ H[SHULHQFH ZLWK RUWKRGR[ PHGLFLQH LW LV DQ KROLVWLF DSSURDFK ZKLFK PHDQV WKDW DV ZHOO DV WUHDWLQJ DQ\ REYLRXV IHUWLOLW\ SUREOHPVZHDOVRDGGUHVVWKHYDULRXVURRWFDXVHVEHKLQGDQ\ UHSURGXFWLYH KHDOWK SUREOHPV ZKLFK DUH RIWHQ GXH WR OLIHVW\OH LVVXHV :H¿QGWKDWDQLQWHJUDWLYHDSSURDFKWRIHUWLOLW\ZRUNVEHVWZLWK DSULPDU\IRFXVRQQDWXUDODQGUHVWRUDWLYHWKHUDSLHVDVWKH¿UVW DSSURDFKFRPSOHPHQWHGE\DSSURSULDWHRUWKRGR[PHGLFLQH %HQHÀWVRIWKH1)0DSSURDFKWRSODQQLQJDEDE\ %HQH¿WVIRUSURVSHFWLYHSDUHQWV LQFUHDVHGFKDQFHRIDKHDOWK\FRQFHSWLRQSUHJQDQF\ELUWK EDE\ DVXFFHVVIXODOWHUQDWLYHWRDVVLVWHGUHSURGXFWLYH WHFKQRORJ\IRUPRVWIHUWLOLW\SUREOHPV JHQWOHQDWXUDODQGVDIH±GRHVQRWWKUHDWHQ\RXUKHDOWK LQWHJUDWHGWHDPRIQDWXURSDWKVDQGGRFWRUV DQHPSRZHULQJH[SHULHQFHRIXQGHUVWDQGLQJDQG PDQDJLQJ\RXURZQIHUWLOLW\ LPSURYHGJHQHUDOKHDOWKDQGHQHUJ\ DSSURSULDWHIRUDOOFRXSOHVSODQQLQJDIDPLO\ HTXDOLQYROYHPHQWIRUHDFKSDUWQHU OHDUQVDIHQDWXUDOFRQWUDFHSWLRQIRUDIWHUWKHELUWKRI\RXU EDE\ KHOSIXOIRUROGHUSDUHQWVRUWKRVHZLWKXQGLDJQRVHGIHUWLOLW\ SUREOHPV «FRPSDVVLRQDQG XQGHUVWDQGLQJ ´ $IWHUVWDUWLQJIHUWLOLW\WUHDWPHQW DWWKH>«,9)&OLQLF@LWZDVDMR\ WR ¿QG RXW DERXW WKH 1DWXUDO )HUWLOLW\ SURJUDP $W >« ,9) &OLQLF@ ZH ZHUH WUHDWHG OLNH D QXPEHU DQG VDZ D GLIIHUHQW SHUVRQ RQ HDFK YLVLW 2Q MRLQLQJ WKH 1DWXUDO )HUWLOLW\ SURJUDP ZH ZHUH DVVLJQHG WR RQH QDWXURSDWK DQG ZH ZHUH WUHDWHG LQ D UHOD[HG DWPRVSKHUH ZLWK FRPSDVVLRQ DQG XQGHUVWDQGLQJ$IWHU DERXW PRQWKVZH¿QDOO\FRQFHLYHG DQGJDYHELUWKWRDYHU\KHDOWK\ KDSS\ EDE\ JLUO $OWKRXJK VKH ZDV ZHHNV HDUO\ VKH ZDV YHU\KHDOWK\DQGRQO\UHTXLUHG ZHHNVLQKRVSLWDOEHIRUHFRPLQJ KRPH µ 0U0UV3-+RUQVE\16: %HQH¿WVIRU\RXUSUHJQDQF\ELUWK GHFUHDVHGFKDQFHRIPLVFDUULDJHSUHPDWXUHELUWKRU VWLOOELUWK GHFUHDVHGRFFXUUHQFHRIFRPPRQSUHJQDQF\FRPSODLQWV VXFKDVPRUQLQJVLFNQHVVDVZHOODVPRUHVHULRXV SUREOHPVVXFKDVJHVWDWLRQDOGLDEHWHVK\SHUWHQVLRQ LQFUHDVHGFKDQFHRIDQDWXUDOXQPHGLFDWHGELUWK GHFUHDVHGULVNRISRVWQDWDOGHSUHVVLRQ XW ZZZIHUWLOLW\FRPDX 2YHUYLHZ %HQH¿WVIRU\RXUEDE\FKLOG LQFUHDVHGFKDQFHRIDKHDOWK\KDSS\EDE\ UHGXFHGULVNRIFRQJHQLWDOPDOIRUPDWLRQVELUWKGHIHFWV LQFUHDVHGFKDQFHRISUREOHPIUHHEUHDVWIHHGLQJDQGFORVH ERQGLQJ OHVVOLNHO\WRVXIIHUIURPYDULRXVKHDOWKDQGOHDUQLQJ SUREOHPVLQFKLOGKRRGDQGDVDQDGXOW KHDOWKEHQHILWVIRUDOOIXWXUHJHQHUDWLRQV SDUHQWVHGXFDWHGDERXWGLHWDQGQXWULWLRQIRUJURZLQJ IDPLO\ %HQH¿WVLI$VVLVWHG5HSURGXFWLYH7HFKQRORJ\LVUHTXLUHG «UHVXOWHGLQDWRWDOO\ QDWXUDOFRQFHSWLRQ KDVEHHQIRXQGWRPRUHWKDQGRXEOH\RXUFKDQFHVRI VXFFHVVZLWK,9)VHH6XFFHVV5DWHVVHFWLRQRIWKLV ERRNOHW KHOSVWRDYRLGWKHLQFUHDVHGPLVFDUULDJHDQGKHDOWKULVNV WRPRWKHUDQGLQIDQWWKDWPD\RFFXUZLWK,9) :KDWGRHVWKH&RQFHSWLRQ3URJUDPLQYROYH" ´ $W DJH DIWHU \HDUV RI WU\LQJ WR FRQFHLYH DQG KHDUWEUHDNLQJ IDLOHG ,9) DWWHPSWV ZH KDG DOPRVW JLYHQ XS KRSH RI HYHU KDYLQJ D FKLOG 'RFWRUV JDYH XV OLWWOH FKDQFH RI FRQFHLYLQJ QDWXUDOO\ >2XU QDWXURSDWK@ XQGHUWRRN D FRPSUHKHQVLYH UHYLHZ RI RXU PHGLFDO KLVWRU\ FRQGXFWHG VRPH IXUWKHU WHVWV DQG HQFRXUDJHG P\ KXVEDQG WR KDYH VXUJHU\ WR FRUUHFW D YDULFRFHOH DQ RSHUDWLRQ P\ GRFWRUV KDG DGYLVHG DJDLQVW EHFDXVH ³LW QHYHU ZRUNV´ 7KLV FRPELQHG ZLWK QXWULWLRQDO LPSURYHPHQWV KHUEV WR HQKDQFH RXU IHUWLOLW\ DQG D YDULHW\ RI VWUHVV PDQDJHPHQW WHFKQLTXHV UHVXOWHG LQ D WRWDOO\ QDWXUDO FRQFHSWLRQ , JDYH ELUWK WR RXU EHDXWLIXO VRQ ZKHQ , ZDV DIWHU D WURXEOH IUHH SUHJQDQF\ TXLFN ODERXU :H DUH HWHUQDOO\ JUDWHIXO IRU >RXU QDWXURSDWK¶V@ VXSSRUW DGYLFH DQG HQFRXUDJHPHQW WR JR RQ WU\LQJ ZKLFK PDGH RXU GUHDP DUHDOLW\ µ 0UV5.6\GQH\16: 7KHUHDUHVHYHUDOFRQFXUUHQWDSSURDFKHVGXULQJWKH&RQFHSWLRQ 3URJUDPIRUERWKSDUWQHUV $+HDOWK\/LIHVW\OH DYRLGDQFHRIDQGSURWHFWLRQDJDLQVWHQYLURQPHQWDOWR[LQV FKHPLFDOVKHDY\PHWDOVUDGLDWLRQ DYRLGDQFHRIFDIIHLQHDOFRKROFLJDUHWWHVVRFLDOGUXJV UHJXODUH[HUFLVH VWUHVVUHGXFWLRQ *RRG1XWULWLRQ RUJDQLFIUHVKIRRG SXUL¿HGZDWHU JRRGGLHWDU\EDODQFHRISURWHLQDQGFDUERK\GUDWH DYRLGDQFHRIUH¿QHGJUDLQVVXJDUVDWXUDWHGIDWVDQGVRPH GDLU\SURGXFWV DFRPSUHKHQVLYHDQGEDODQFHGUHJLPHRIQXWULWLRQDO VXSSOHPHQWV 1DWXUDO7UHDWPHQWVXVLQJQXWULWLRQDODQGKHUEDOPHGLFLQH IRUUHSURGXFWLYHDQGIHUWLOLW\SUREOHPV IRUJHQHUDOKHDOWKLVVXHVZKLFKFDQDIIHFWIHUWLOLW\ IRUGHWR[L¿FDWLRQDQGUHFRYHU\IURPWR[LFH[SRVXUH 'LDJQRVWLF3URWRFROV XULQHDQGKDLUDQDO\VHVWRWHVWIRUWR[LFPHWDOVHJOHDG PHUFXU\ DVVHVVPHQWRIQXWULWLRQDOGH¿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¿QG RXU SDWLHQWV FRQVLGHU VH[ VHOHFWLRQ WR EH DQ DGGLWLRQDOERQXV:HDOVREHOLHYHVRPHRIWKHRSWLRQVDYDLODEOH WR LQÀ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¿WIURPWKHODWHVWUHVHDUFKDQG GHYHORSPHQWIURP)UDQFHVFDDQGKHUWHDP,I\RXOLYHRXWVLGH 6\GQH\\RXFDQKDYHDIUHHKDOIKRXULQWURGXFWRU\FRQVXOWDWLRQ E\SKRQH)ROORZLQJDQLQLWLDOIDFHWRIDFHFRQVXOWDWLRQ\RXFDQ UHFHLYH WUHDWPHQW IURP WKH -RFHO\Q &HQWUH YLD SKRQH PDLO RU HPDLO 3OHDVHUHIHUWRWKH)HHV&RQVXOWDWLRQ3URFHGXUHVKDQGRXWIRUPRUH LQIRUPDWLRQRQWKLV «QRRQHKDGEHHQDEOH WR¿QGWKHSUREOHP ´ :H KDG EHHQ WR YDULRXV 'RFWRUV +RPRHRSDWKV EXW QR RQH KDG EHHQ DEOH WR ¿QG WKH SUREOHP DQG ZH KDG DOPRVW JLYHQ XS KRSH DIWHU ï \HDUV DQG WZR PLVFDUULDJHV 1RZ WKDQNV WR 1)0 ZH KDYH D VWURQJ KHDOWK\ EULJKW KDSS\ EHDXWLIXO GDXJKWHU 1R FROLF UHÀX[ IHHGLQJ SUREOHPV DOOHUJLHV DVWKPD HF]HPD RU VOHHSLQJ SUREOHPV ,W GLG FRVW XVDORWRIPRQH\EXWDVZHDUH VR KHDOWK\ IURP WKH SURJUDP WKHUH DUH YHU\ IHZ 'RFWRU YLVLWV QRZ $ VSHFLDO WKDQNV WR >RXU QDWXURSDWK@ KHU EULJKW SRVLWLYH DWWLWXGH DQG FRQVWDQW HQFRXUDJHPHQW DQG VXSSRUW ZDV ZRQGHUIXO DOO WKH ZD\ WKURXJK $W ODVW RXU SUD\HUV KDYHEHHQDQVZHUHG µ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¿GHQWLDOLW\ &RQ¿GHQWLDOLW\ LV DVVXUHG ZKHQ \RX XQGHUWDNH DQ\ IRUP RI WUHDWPHQWDWWKH-RFHO\Q&HQWUH.QRZOHGJHRIWKHQDWXUHRI\RXU YLVLWLVUHVWULFWHGWR\RXUSUDFWLWLRQHUVDQGRXUVWDII<RXUSULYDF\ LVDOVRVWULFWO\SURWHFWHGZLWKDQ\FRPPXQLFDWLRQVZHPLJKWKDYH ZLWK \RX RXWVLGH RI FOLQLF WLPH 1DWXUDO )HUWLOLW\ 0DQDJHPHQW 3W\/WGRSHUDWHVXQGHUWKHQDPHRIWKH-RFHO\Q&HQWUHIRUWKLV UHDVRQ XW ZZZIHUWLOLW\FRPDX 2YHUYLHZ 2XUµ%DE\%RDUG´DWWKH-RFHO\Q&HQWUH UHFHSWLRQVKRZVVRPHRIWKHPDQ\EDELHVZH KDYHEHHQKRQRXUHGWRKHOSLQWRWKLVZRUOG )UHH,QWURGXFWRU\&RQVXOWDWLRQ %HFDXVH HDFK FRXSOH¶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¿FDQW KHDOWK EHQH¿WV ZKLFK FDQ EH RI EHQH¿W WR DOO 7KH SURJUDP LV DOVR DSSURSULDWH DQG RIIHUV VLJQL¿FDQWO\LPSURYHGRXWFRPHV IRUFRXSOHVIDFLQJIHUWLOLW\LVVXHV VXFK DV UHSHDWHG PLVFDUULDJH XQH[SODLQHG LQIHUWLOLW\ PDOH IHUWLOLW\ SUREOHPV IDLOHG ,9) DWWHPSWVDVZHOODVGLDJQRVHG LQIHUWLOLW\ $W \RXU IUHH LQWURGXFWRU\ FRQVXOWDWLRQ \RX FDQ KDYH \RXU SDUWLFXODU KHDOWK LVVXHV DVVHVVHG IRU D UHDOLVWLF LGHD RI KRZ PXFK RXU SURJUDP FDQ KHOS \RXU LQGLYLGXDO VLWXDWLRQ VHHWKHDGMDFHQWER[ )RUPDQ\µLQIHUWLOH¶FRXSOHVWKH FKDOOHQJH WR FRQFHSWLRQ H[LVWV DV D FROOHFWLRQ RI VXEFOLQLFDO KHDOWK LVVXHV WKDW FDQQRW DORQHFDXVHLQIHUWLOLW\EXWZKHQ JURXSHG WRJHWKHU VLJQL¿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¿FLHQWGHJUHH GXULQJWKLVWLPH7KHFORVHUWKHSURJUDPLVIROORZHGWKHKLJKHU WKHVXFFHVVUDWH 0HDVXULQJWKHSURJUDP·VVXFFHVVUDWHLVFRPSOH[ 6XFFHVV UDWH SHUFHQWDJHV IRU WKH 1)0 &RQFHSWLRQ 3URJUDP DUH FRPSOH[ WR PHDVXUH 2XU SDWLHQWV FRPH WR XV ZLWK VXFK GLIIHULQJ JHQHUDO DQG UHSURGXFWLYH KHDOWK LVVXHV WKDW LW LV RIWHQ LQDSSURSULDWH WR FRPSDUH WKHP ZLWK RQH DQRWKHU 6RPH KDYH OLWWOH GLI¿FXOW\ ZLWK FRQFHLYLQJ DQG ZDQW WR VLPSO\ RSWLPLVH WKH KHDOWK RI WKHLU EDE\ 7KH PDMRULW\ GR KDYH VRPH UHSURGXFWLYH KHDOWKRULQIHUWLOLW\LVVXH0DQ\KDYHWULHGDVVLVWHGUHSURGXFWLYH WHFKQRORJLHVVXFKDV,9)DQGVRPHKDYHµUHDFKHGWKHHQGRI WKHURDG¶EHIRUHWU\LQJRXUVHUYLFHV2WKHUVDUHROGHUSURVSHFWLYH SDUHQWVZLWKGHFUHDVHGIHUWLOLW\DQGODFNRIWLPH:HKDYHFDVHV GHHPHG XQWUHDWDEOH PDQ\ RI ZKLFK ZH KDYH VXFFHVVIXOO\ WUHDWHG 7KH RWKHU IDFWRU WKDW PDNHV PHDVXULQJ VXFFHVV UDWHV GLI¿FXOWLVWKDWWUHDWPHQWLVSHUVRQDOLVHGIRUHDFKSDWLHQW7KHUH LVQRRQHKHUEDOIRUPXODRUWUHDWPHQWSURWRFROZKLFKZHDSSO\WR HYHU\RQHZKLFKFRXOGWKHQEHPHDVXUHGIRULWVHIIHFW -RFHO\Q&HQWUHFOLQLFDORXWFRPHVDUHVXFFHVVIXO GHVSLWHGLIÀFXOWFDVHV XW ZZZIHUWLOLW\FRPDX :HGRKRZHYHUKDYLQJEHHQLQSUDFWLFHVLQFHKDYHPXFK DQHFGRWDOHYLGHQFHFOLQLFDOREVHUYDWLRQZKLFKVWURQJO\VXJJHVWV WKDWRXURYHUDOOVXFFHVVUDWHLVKLJKGHVSLWHDODUJHSURSRUWLRQRI 6XFFHVV5DWHV FKDOOHQJLQJFDVHVVXFKDVROGHUSURVSHFWLYHSDUHQWVLQWKHLUODWH V DQG HDUO\ V 1DWXUDO DQG KROLVWLF WUHDWPHQWV FDQ RIWHQ VXFFHHGZKHQRUWKRGR[WUHDWPHQWVVXFKDVGUXJVDQGVXUJHU\ IDLO 6LQFH RXU FOLQLF EHJDQ ZH KDYH KDG VXFFHVVIXO RXWFRPHV ZLWKWKRXVDQGVRIµLQIHUWLOH¶FRXSOHV /LWWOHIXQGLQJWRGDWHWRFRQGXFWVFLHQWLÀFVWXGLHVRQ WKHZRUNRIWKH-RFHO\Q&HQWUH 7KHZRUNRI1)0LVDXQLTXHDQGQHZDSSURDFKWRDGGUHVVLQJ IHUWLOLW\SUREOHPV:H KDYHSLRQHHUHGWKHFRQFHSWDQGSUDFWLFH RIµSUHFRQFHSWLRQKHDOWKFDUH¶ZKLFKLVQRZDWHUPDQGPHWKRGLQ FRPPRQXVHWKURXJKRXWERWKQDWXUDODQGRUWKRGR[DSSURDFKHV WR IHUWLOLW\ SUHJQDQF\ DQG LQIDQW KHDOWK 3DUWO\ EHFDXVH RXU DSSURDFK LV QHZ DQG SDUWO\ EHFDXVH ZH SULPDULO\ XVH QDWXUDO WKHUDSLHV WKHUH LV OLWWOH H[WHUQDO IXQGLQJ DYDLODEOH WR FRQGXFW VFLHQWL¿F VWXGLHV WR YHULI\ WKH FOLQLFDOO\ REVHUYHG VXFFHVV UDWHV ZHVHHHDFKGD\$OVRWKHKROLVWLFDSSURDFKGRHVQRWHDVLO\OHQG LWVHOIWRWKHVFLHQWL¿FPHWKRGEHFDXVHRILWVPXOWLIDFHWHGQDWXUH WKHGLI¿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µVPDOOIRUGDWHV¶RUORZELUWK ZHLJKWEDELHV 7RGD\ZHKDYHD EHDXWLIXOOLYHO\EDE\ ER\« ´ $IWHU WZR PLVFDUULDJHV ZH ZDQWHG WR JLYH RXU QH[W SUHJQDQF\ RXU EHVW VKRW 7KH PDWHULDO LQ µ%HWWHU %DELHV¶ OHG XV WRWKH-RFHO\Q&HQWUHLQ6\GQH\ +HUH ZH ZHUH LQWURGXFHG WR WKH 1DWXUDO )HUWLOLW\ 0DQDJHPHQW >&RQFHSWLRQ@ 3URJUDP )ROORZLQJ WKH SURJUDP ZDVQ¶W WRR GLI¿FXOW EHFDXVH ZH DOUHDG\ KDG D ORW RQ ERDUG DOUHDG\ EXW VWLOO ZH GLGQ¶W NQRZ ZKDW WKH RXWFRPH ZRXOG EH 7RGD\ ZH KDYH D EHDXWLIXO OLYHO\ EDE\ ER\ 'HYDQDUG 'HYDQ IRU VKRUW/RRNLQJEDFNZHZHUH H[WUHPHO\ IUDJLOH ZKHQ ZH KDG RXU ¿UVW FRQVXOWDWLRQ ZLWK >RXU QDWXURSDWK@ >2XU QDWXURSDWK@ ZDV ZRQGHUIXO VXSSRUWLYH LQIRUPDWLYH HQFRXUDJLQJ DQG DYDLODEOH :H KDYH IROORZHG WKH SURJUDP YLD HPDLO DQG SKRQH FDOO WKLV ZRUNHG YHU\ ZHOO :KLOH ZH ZHUH QHUYRXV WKURXJKRXW WKH SUHJQDQF\ ZH EHFDPH OHVV IUDJLOH WKLV ZDV GXH WR >RXU QDWXURSDWK@ DQG RXU PDWHUQLW\ FDUHJLYHUV LQ :HOOLQJWRQ µ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¿FDQGLQGLYLGXDOKHDOWKLVVXHV 2. Foresight Study 2003 Foresight has completed a further, larger study with 1,061 couples. The statistics from this show excellent outcomes, with a conception rate of 78.4% (leading to a healthy baby) within two years of following the program. This study also suggests a more than doubled conception success rate for IVF of 47.1% following preconception health care. 3. University of New England Susan Arentz, BHSc(Hons) ND, Dip Hom; Dip Bot Med. and Dr Gemma O’Brien, BSc(Hons), PhD Syd, conducted an independent study of 67 patients on the NFM Conception Program conducted at The Jocelyn Centre. A high proportion of the couples in this study (those in the test group) had serious fertility problems and were diagnosed as infertile. In both the test and control group 25% of women were over 40 years of age. Results showed that 56% RISUHYLRXVO\LQIHUWLOHFRXSOHVFRQFLHYHGZLWKLQWKH¿UVWPRQWKV following their participation in the program and 50% of these women were in the 40+ age group. +RZGRWKHVHVXFFHVVUDWHVDSSO\WRLQGLYLGXDOFDVHV" :KHQ\RXEHJLQWKH1)0&RQFHSWLRQ3URJUDP\RXUQDWXURSDWK ZLOOGLVFXVVWKHIROORZLQJZLWK\RX XW ZZZIHUWLOLW\FRPDX ZKHWKHUWKHSURJUDPFDQDGGUHVV\RXUVSHFL¿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¿QGLQJV DQG UHVHDUFK WR NHHS WKH &RQFHSWLRQ 3URJUDP³VWDWHRIWKHDUW´ 7KHHQGUHVXOWZDVIDEXORXVDEDE\JLUOIXOOWHUP ´ ,GLVFRYHUHGWKH>1DWXUDO)HUWLOLW\0DQDJHPHQW&RQFHSWLRQ@SURJUDP DIWHUUHDGLQJ)UDQFHVFD¶VERRNµ%HWWHU%DELHV¶0\KXVEDQGDQG,GHFLGHGWR JRDORQJDQGVHHZKDWLWZDVDOODERXW:HZHUHHDJHUWRSURYLGHWKHEHVW IXWXUHIRURXUFKLOGVLPSO\JLYHLWDJRRGµKHDGVWDUW¶LQOLIH:HZHUHERWK VXUSULVHG KRZ WKRURXJK DQG LQWHUHVWHG RXU FRQVXOWDQW ZDV LQ ERWK RI XV 6KHZDQWHGWRJDLQDVPXFKLQIRUPDWLRQDERXWXVERWKSDVWDQGSUHVHQW DV SRVVLEOH 0\ F\FOHV ZHUH PRUH WKDQ GD\V ORQJ EXW ZHUH UHJXODU , ZDVVKRFNHGWRGLVFRYHUWKDWP\ORQJF\FOHVZRXOGLQFUHDVHWKHFKDQFHVRI PLVFDUULDJH,GLGQ¶WEHOLHYHWKDWWDNLQJKHUEVZRXOGVKRUWHQP\F\FOHV%RWK P\KXVEDQGDQG,ZHUHDPD]HGWKDWWKHVHKHUEVDQGVXSSOHPHQWVDFWXDOO\ EURXJKWP\F\FOHGRZQWRGD\V :KLOVWRQWKHSURJUDPZHZHUHYHU\SRVLWLYHDQGIHOWJUHDW7KHHQGUHVXOW ZDVIDEXORXVDEDE\JLUOIXOOWHUP6KHLVQRZï\UVROGDQGLVQRWRQO\ EHDXWLIXOEXWDOVRFOHYHU ,DPQRZZHHNVSUHJQDQWZLWKP\QGSUHJQDQF\DIWHUZHUHWXUQHGWR WKHSURJUDP:HXQGHUZHQWWKHVDPHSURFHVVH[FHSWZHZHUHERWKDOLWWOH PRUHODLGEDFNDQGPRUHÀH[LEOHZLWKRXUHDWLQJ:HDFWXDOO\IRXQGLWKDUGHU WRVWLFNWRWKHGLHWDU\SODQWKHVHFRQGWLPHURXQG:HDUHORRNLQJIRUZDUGWR WKHQGFKLOGQH[W\HDU:HDUHERWKFRQ¿GHQWWKDWRXUQGFKLOGZLOOEHMXVW DVKHDOWK\DVRXU¿UVW µ 0UV&'93DUUDPDWWD16: 'LVFODLPHU 'HVSLWHWKHH[FHOOHQWVXFFHVVUDWHVVKRZQIRUSUHFRQFHSWLRQKHDOWKFDUH DQGQDWXUDOWUHDWPHQWVIRUIHUWLOLW\SUREOHPVSOHDVHQRWHWKDWWKHUHFDQEH QRJXDUDQWHHRIFRQFHSWLRQLQLQGLYLGXDOFDVHV XW ZZZIHUWLOLW\FRPDX 7KH1)0&RQFHSWLRQ3URJUDP :KDWWR([SHFW 2XUVRQKDVEHHQD UHPDUNDEO\ZHOOEDE\« ´ :LWK ERWK RI XV ORRNLQJ DW RXUKHDOWKLQDSRVLWLYHZD\WKLV SURJUDP GLG PXFK WR DOOHYLDWH WKH QHJDWLYLW\ RI LQIHUWLOLW\ 7R EHORRNLQJDWRXUVHOYHVEH\RQG IHUWLOLW\ WRRN VRPH SUHVVXUH RII , WKLQN WKDW PDGH D KXJH GLIIHUHQFH WR RXU FKDQFHV 2XU VRQ KDV EHHQ D UHPDUNDEO\ ZHOO EDE\ DQG , KDG D GUHDP SUHJQDQF\ :H KDYH FRQWLQXHG WR EH SURDFWLYH DERXW KHDOWK DWWLWXGHV DQG VHH WKH UHVXOWV HYHU\GD\ 7KH -RFHO\Q &HQWUH ZDV UHFRPPHQGHG WR XV E\ VHYHUDO FRXSOHV DQG , KDYH GRQHWKHVDPH µ 0V0$7&DQEHUUD$&7 )RUPDQ\RIRXUSDWLHQWVWKLVLVWKH¿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¿FLDOHIIHFWV RQ\RXUKHDOWKDQGWKHUHIRUHWKHKHDOWKRI\RXUFKLOGZKHWKHU\RX DUHDSURVSHFWLYHPRWKHURUIDWKHU7KLVLQFOXGHV XW ZZZIHUWLOLW\FRPDX % GDLO\FKDUWLQJRIF\FOLFDOFKDQJHVVXFKDVFHUYLFDOPXFXV DQGERG\DWUHVWWHPSHUDWXUHIRUGLDJQRVWLFSXUSRVHV QDWXUDOFRQWUDFHSWLRQDQGIRURSWLPXPFRQFHSWLRQWLPLQJ GDLO\VXSSOHPHQWVYLWDPLQVPLQHUDOVLQPRVWFDVHVDW OHDVWDGR]HQWDEOHWVDQGOLTXLGKHUEDOPHGLFLQHV :KDWWR([SHFW GLHWDU\LPSURYHPHQWVRUJDQLFIRRGVDQGSXUL¿HGZDWHU DYRLGDQFHRUPLQLPDOLVDWLRQRIDQGSURWHFWLRQDJDLQVW HQYLURQPHQWDOWR[LFH[SRVXUHDWZRUNDQGDWKRPH DYRLGDQFHRIDOFRKROFLJDUHWWHVVRFLDOGUXJVXQQHFHVVDU\ PHGLFDOGUXJVVXJDUDQGDOOVXEVWLWXWHVZKLWHUH¿QHG JUDLQVDQGVDWXUDWHGIDWV UHDGLQJDQGOHDUQLQJEHWZHHQDSSRLQWPHQWV H[HUFLVHDQGZHLJKWORVVSURWRFROLILQGLFDWHG +RZZLOODOOWKHVHOLIHVW\OHFKDQJHVIHHO" 7KH FORVHU \RX DGKHUH WR WKHVH KHDOWK\ SULQFLSOHV WKH TXLFNHU DQGVWURQJHUZLOOEHWKHLPSDFWRQ\RXUKHDOWKDQGRQLQFUHDVLQJ WKH FKDQFH RI D VXFFHVVIXO RXWFRPH 2YHU WKH PRQWKV RI SUHFRQFHSWLRQ KHDOWK FDUH \RX FDQ H[SHFW WR VWDUW IHHOLQJ YHU\ KHDOWK\0DQ\FRXSOHVFRQWLQXHWKHVHGLHWDU\DQGOLIHVW\OHKDELWV DIWHUWKHSURJUDPKDV¿QLVKHGVLPSO\EHFDXVHWKH\IHHOVRJRRG DQG DOVR EHFDXVH WKH\ SURYLGH D ZRQGHUIXO OHYHO RI KHDOWK IRU SUHJQDQF\DQGIRUDOOWKHGHPDQGVRISDUHQWLQJDQHZERUQFKLOG &RQVXOWDWLRQV <RXUQDWXURSDWKLFFRQVXOWDWLRQVERWKSDUWQHUVWRDWWHQG IUHHQRREOLJDWLRQLQWURGXFWRU\ïKUFRQVXOWDWLRQWRWDON DERXWKRZWKHSURJUDPFDQDGGUHVV\RXUVSHFL¿FVLWXDWLRQ LQLWLDOH[WHQGHGFRQVXOWDWLRQVïKUVLQWRWDO ZHHNVDSDUWRURQWKHVDPHGD\LIFRPLQJIURPRXWVLGH 6\GQH\WRDVVHVV\RXUFDVHGHYLVH\RXUWUHDWPHQW SURWRFROVDQGWHDFK\RXWKHSURJUDPPHWKRGV IROORZXSFRQVXOWDWLRQVHYHU\ZHHNVKUWRPRQLWRU SURJUHVVDQGDGMXVWWUHDWPHQW <RXUPHGLFDOFRQVXOWDWLRQV FRQVXOWDWLRQVIRUWKHSURVSHFWLYHPRWKHUIRUVZDEV EORRGDQGXULQHWHVWV FRQVXOWDWLRQIRUWKHSURVSHFWLYHIDWKHUIRUEORRGDQG XULQHWHVWVDQGDUHIHUUDOIRUDVHPHQDQDO\VLVDQGFXOWXUH UHVXOWVFRQVXOWDWLRQV ,KDYHKDGWZRHIIRUWOHVV SUHJQDQFLHV« ´ 0\ WZR EHDXWLIXO FKLOGUHQ DUH PRUH WKDQ HQRXJK SURRI IRU PH WKDW 1DWXUDO )HUWLOLW\ 0DQDJHPHQW ZRUNV , KDYH KDG WZR HIIRUWOHVV SUHJQDQFLHV QR PRUQLQJ VLFNQHVV VWUHWFK PDUNV FRQVWLSDWLRQ HWF DQG YHU\ KHDOWK\ EDELHV XQGHU WKH 1)0 SURJUDP , DP VXUH WKDW ZLWKRXW WKLV KHOS , SUREDEO\ ZRXOG QRW KDYH EHHQ DEOH WR FRQFHLYH DW DOO 7KH WUHDWPHQW ZH UHFHLYHG ZDV DOZD\V SRVLWLYHDQGFRYHUHGDOORSWLRQV DYDLODEOH ERWK PHGLFDO DQG QDWXUDO , ZDV DOZD\V LQIRUPHG DQGQHYHUIHOWXQFRPIRUWDEOH µ 0V':%DXONDP+LOOV16: 3OHDVH UHIHU WR WKH ³)HHV DQG &RQVXOWDWLRQV 3URFHGXUHV´ KDQGRXW DFFRPSDQ\LQJ WKLV ERRNOHW ZKLFK WHOOV \RX ZKDW \RXQHHGWREULQJWRHDFKFRQVXOWDWLRQ ,Q VRPH FDVHV IXUWKHU PHGLFDO FRQVXOWDWLRQV RWKHU QDWXUDO WKHUDSLHVRUFRXQVHOOLQJPD\EHUHTXLUHG XW ZZZIHUWLOLW\FRPDX :KDWWR([SHFW :KHQLWLVWLPHWRFRQFHLYH 2QFH GHWR[L¿FDWLRQ KDV EHHQ FRPSOHWHG KHDOWK FRQFHUQV DGGUHVVHGDQGDGHTXDWHQXWULWLRQDOVWDWXVLVDFKLHYHGLWLVWLPH WR WU\ WR FRQFHLYH$W WKLV SRLQW \RXU 1)0 QDWXURSDWK ZLOO JXLGH \RX ZLWK WLPLQJ WHFKQLTXHV ZKLFK HQVXUH WKDW \RXU FRQFHSWLRQ RFFXUVDWDQRSWLPDOWLPHLQ\RXUF\FOHWRHQDEOHWKHEHVWSRVVLEOH FKDQFHRIDKHDOWK\RXWFRPH 2QFH\RXDUHSUHJQDQW ,KDGKDGDORWRIWURXEOH IDOOLQJSUHJQDQW« ´ , KDG KDG D ORW RI WURXEOH IDOOLQJ SUHJQDQW DIWHU \HDUV D IULHQG UHFRPPHQGHG WKH -RFHO\Q &HQWUH $W ¿UVW P\ KXVEDQG ZDV VNHSWLFDO EXW DIWHUKHDULQJWKHVXFFHVVUDWHV VHHLQJWKDWWKHWUHDWPHQWZDV YHU\ FRPPRQ VHQVH KH ZDV YHU\ VXSSRUWLYH$IWHU EHLQJ RQ WKH SUHFRQFHSWLRQ SURJUDP IRU DQ H[WHQGHG PRQWKV GXH WR FRPSOLFDWLRQV WKDW QHHGHG WR EH VRUWHG RXW RQ P\ VLGH ZH HYHQWXDOO\ IHOO SUHJQDQW DIWHU PRQWKVRI³WU\LQJ´ZHDFWXDOO\ FRQFHLYHG PRUH TXLFNO\ WKDQ WKH DYHUDJH RI PRQWKV :H ZHUH WKULOOHG WR KDYH D KHDOWK\ KDSS\DQGYHU\OLYHO\ER\ µ 0UV31:RURQRUD+WV16: XW ZZZIHUWLOLW\FRPDX :KHQ \RX DUH SUHJQDQW \RXU 1)0 QDWXURSDWK ZLOO FRQWLQXH WR VHH \RX GXULQJ \RXU SUHJQDQF\ WR HQVXUH WKDW \RX GRQ¶W ORVH WKH DGYDQWDJHV RI SUHFRQFHSWLRQ KHDOWK FDUH 7\SLFDOO\ WKLV LQYROYHV D FRQVXOWDWLRQ HDFK WULPHVWHU WR PDLQWDLQ QXWULWLRQDO VWDWXV DQG RQJRLQJ KHDOWK 7KH ZRUN \RX KDYH GRQH GXULQJ SUHFRQFHSWLRQ KHDOWK FDUH FRQWLQXHG LQWR SUHJQDQF\ VKRXOG HQVXUH D YHU\ KHDOWK\ SUHJQDQF\ ,I WKHUH DUH KHDOWK FRQFHUQV GXULQJSUHJQDQF\WKHUHDUHXVXDOO\QDWXUDOUHPHGLHVZKLFKFDQ DVVLVW ZLWK WKHVH 2XU GRFWRU FDQ DOVR RIIHU PHGLFDO VXSSRUW GXULQJSUHJQDQF\DOWKRXJKWKLVGRHVQRWUHSODFHWKHFDUHRI\RXU PLGZLIHRUREVWHWULFLDQ <RXPD\HOHFWWRFRQWLQXHVHHLQJ\RXUQDWXURSDWKDQGRXUGRFWRU IRU DGYLFH DQG UHPHGLHV IRU ELUWKLQJ EUHDVWIHHGLQJ DQG LQIDQW KHDOWK FDUH :H FDQ DOVR DVVLVW \RX ZLWK QDWXUDO FRQWUDFHSWLRQ JLYHQ \RXU QHZIRXQG IHUWLOLW\ VWDWXV SODQQLQJ \RXU QH[W EDE\ JHQHUDOKHDOWKDQGZLWKDQ\IXUWKHUPDOHRUIHPDOHUHSURGXFWLYH KHDOWKLVVXHVVHHWKH³%H\RQG&RQFHSWLRQ´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¿HGZDWHU DYRLGLQJµZKLWH¶UH¿QHGJUDLQVDQGHDWLQJDJRRGEDODQFHRI SURWHLQDQGFDUERK\GUDWHV SUDFWLVLQJSUHFRQFHSWLRQKHDOWKFDUHIRUDWOHDVWIRXU PRQWKVEHIRUHWU\LQJWRFRQFHLYH DYRLGLQJXQSURWHFWHGLQWHUFRXUVHGXULQJ\RXUIHUWLOHWLPHV PLQLPLVLQJWR[LFH[SRVXUHIURPUDGLDWLRQFKHPLFDOVDQG KHDY\PHWDOVLQERWKGRPHVWLFDQGZRUNHQYLURQPHQWV WDNLQJDWOHDVWDGR]HQWDEOHWVRQDGDLO\EDVLVSOXVOLTXLG KHUEDOPHGLFLQHWZLFHGDLO\ XQGHUWDNLQJDVHULHVRIPHGLFDOSDWKRORJ\WHVWV PLQLPLVLQJXVHRIPHGLFDODQGIHUWLOLW\GUXJVRQO\ZKHQ DSSURSULDWHDQGLQFRRSHUDWLRQZLWK\RXUSUHVFULELQJ GRFWRU GHOD\LQJ,9)RURWKHUDVVLVWHGUHSURGXFWLYHWHFKQRORJLHV FKDUWLQJWKHSURVSHFWLYHPRWKHU¶VF\FOHRQDGDLO\EDVLV UHDGLQJDQGOHDUQLQJEHWZHHQDSSRLQWPHQWV XQGHUWDNLQJH[HUFLVHDQGRUZHLJKWORVVSURJUDPV XVLQJVWUHVVPDQDJHPHQWWHFKQLTXHV 6HHWKH)HHV&RQVXOWDWLRQ3URFHGXUHVKDQGRXWZKLFKFRPHVZLWK WKLVERRNOHWIRUDIXOOH[SODQDWLRQRIIHHVDQGFRVWVDQGZKDWWREULQJWR \RXU¿UVWIHHSD\LQJFRQVXOWDWLRQV 7KH 2YHUYLHZ 6XFFHVV 5DWHV DQG :KDW WR ([SHFW VHFWLRQV RI WKLV ERRNOHWJLYH\RXDIXOOGHVFULSWLRQRIWKH&RQFHSWLRQ3URJUDP 127( 7KH )HHV &RQVXOWDWLRQ 3URFHGXUHVKDQGRXWDOVR WHOOV \RX ZKDW \RX QHHG WREULQJWR\RXU¿UVWIHH SD\LQJQDWXURSDWKLFDQG RUPHGLFDOFRQVXOWDWLRQ XW ZZZIHUWLOLW\FRPDX 7KH1)0&RQFHSWLRQ3URJUDP )HHV&RVWV «WROGE\DGRFWRUKH FRXOGGRQRPRUHIRUXV ´ $IWHUDVWUHVVIXOWLPHRIWU\LQJ WR IDOO SUHJQDQW DQ RSHUDWLRQ DQGWKHQEHLQJWROGE\DGRFWRU KH FRXOG GR QR PRUH IRU XV ¿QGLQJ WKH -RFHO\Q &HQWUH ZDV ZRQGHUIXO 1RW RQO\ ZHUH ZH VR JODG WR EH DEOH WR JR DERXW LW QDWXUDOO\ EXW WKHLU DSSURDFK IURP WKH VWDUW ZDV VR SRVLWLYH 7KH\ DFWXDOO\ JDYH XV KRSH 7KH ZKROH ZD\ WKURXJK WKH WUHDWPHQWWKH\ZHUHYHU\KHOSIXO DQGXQGHUVWDQGLQJ$QGWKHQWR IDOOSUHJQDQWDWWKH¿UVWDWWHPSW DIWHU WUHDWPHQW ZDV PRUH WKDQ ZH GUHDPW RI $W WKH RXWVHW WKH FRVW RI WUHDWPHQW ZDV D FRQFHUQEXWZLWKKHOSIURPWKH IDPLO\ZHMXVWPDGHLW:HQRZ KDYHDEHDXWLIXOEDE\JLUOZKRLV KDUGQRWWRVSRLO µ 0V(::LQGVRU16: XW ZZZIHUWLOLW\FRPDX 7KLVVHFWLRQLVDERXWRXUIHHVVWUXFWXUHZKDW\RXUIHHVFRYHUDQG WKHUDWLRQDOHEHKLQGSULFHVHWWLQJIRUWKH&RQFHSWLRQ3URJUDP )RUWKHODWHVWOLVWLQJRIVSHFL¿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¿FDOO\IRUFOLQLFDOXVHDQG RIWHQRQO\DYDLODEOHWKURXJKSUDFWLWLRQHUSUHVFULSWLRQ7KHTXDOLW\ RI WKHVH SURGXFWV RIWHQ GLIIHUV YDVWO\ IURP RYHU WKH FRXQWHU SUHSDUDWLRQVDYDLODEOHLQKHDOWKIRRGVKRSVRUVXSHUPDUNHWVDQG WKLVLVUHÀHFWHGLQWKHLUSULFHDVZHOODVWKHLUHIIHFWLYHQHVV )HHV&RVWV %HFDXVHWKHKHDOWKSUREOHPVWR[LFLW\DQGQXWULWLRQDOGH¿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ÀQDQFHVIRUWKH-RFHO\Q&HQWUH 7KH -RFHO\Q &HQWUH IRU 1DWXUDO )HUWLOLW\ 0DQDJHPHQW ZDV RULJLQDOO\ VHW XS ZLWK IXQGLQJ IURP WKH HVWDWH RI -RFHO\Q 1DLVK PRWKHURI)UDQFHVFD1DLVK6LQFHLWVLQFHSWLRQDQ\VPDOODQQXDO SUR¿W ZH PD\ PDNH LV SORXJKHG GLUHFWO\ EDFN LQWR LPSURYLQJ VHUYLFHVRULQWRUHVHDUFKDQGGHYHORSPHQW ,VLWUHDOO\ZRUWKLW" 7KLVLVDTXHVWLRQZKLFKZHDUHRIWHQDVNHG7KHFRVWVRI XQGHUWDNLQJWKHSURJUDPDUHFRQVLGHUDEOHDQG\RXQHHGWR EH FRQ¿GHQW WKDW \RXU ¿QDQFLDO FRPPLWPHQW LV ZRUWKZKLOH 2XU DQVZHU WR WKLV TXHVWLRQ FRPHV GRZQ WR WKH YDOXH RI WKHHQGJRDOLWVHOIWKHLPSRUWDQFHRIDKHDOWK\VWDUWWR\RXU FKLOG¶V OLIH DQG WKH HIIHFW WKLV ZLOO KDYH RQ KLVKHU IXWXUH GHYHORSPHQW2QHFRPSDULVRQ\RXPD\¿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¿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¿FDWLRQ DQG SUHSDUDWLRQ 0RVW ZRPHQ ZRXOG EH DZDUH WKDW WKHVH VXEVWDQFHV DUH QRW UHFRPPHQGHG GXULQJ SUHJQDQF\KRZHYHUWKHHIIHFWVRIHLWKHUSDUHQWLQGXOJLQJLQWKLV SUHFRQFHSWLRQSHULRGLVMXVWDVLIQRWHYHQPRUHGHWULPHQWDODVVR PDQ\VLJQL¿FDQWHYHQWVKDSSHQYHU\HDUO\LQWKHSUHJQDQF\ 7R[LQVVXFKDVDOFRKROFLJDUHWWHVDQGFDIIHLQHKDYHEHHQVKRZQ WRKDYHDVLJQL¿FDQWLPSDFWRQERWKPDOHDQGIHPDOHIHUWLOLW\DV ZHOODVRQWKHKHDOWKRIWKHSUHJQDQF\DQGEDE\7R[LFHIIHFWVWR DQ\FHOOZKLFKLVLQDSURFHVVRIGLYLVLRQVXFKDVVSHUPHJJV DQGIRHWDOFHOOVZLOOEHFDUULHGWKURXJKWRWKHZKROHRUJDQLVP $VWKHVSHUPDQGHJJVQHHGWRJHQHUDWHPDWXUHLQDWR[LQIUHH HQYLURQPHQWWKHVHVXEVWDQFHVVKRXOGEHDYRLGHGIRUDWOHDVWIRXU PRQWKV EHIRUH D FRQFHSWLRQ LV DWWHPSWHG 0RVW RI RXU SDWLHQWV ¿QGWKDWWKHLQFUHDVHGZHOOEHLQJDQGHQHUJ\WKH\H[SHULHQFHRQ RXUSURJUDPPRUHWKDQFRPSHQVDWHVIRUWKHVWLPXODWRU\HIIHFWV ZKLFK WKH\ KDYH SUHYLRXVO\ H[SHULHQFHG DV D UHVXOW RI WKHVH VXEVWDQFHVDQGKDELWV:KHUHWKHUHLVDQHHGIRUIXUWKHUVXSSRUW ZHFDQUHIHU\RXWRDUHFRPPHQGHGK\SQRWKHUDSLVW )RU PRUH LQIRUPDWLRQ RQ WKLV VHH 7KH 1DWXUDO :D\ WR %HWWHU %DELHV ZKLFKZLOOEHVXSSOLHGDVSDUWRI\RXU1)0&RQFHSWLRQ.LWZKHQ\RXVWDUW WKHSURJUDP :K\GR,KDYHWRZDLWPRQWKVEHIRUHWU\LQJDJDLQ" 7RHQVXUHWKHKHDOWKRI\RXUVSHUPDQGHJJVLVRSWLPDOEHIRUH FRQFHSWLRQ$VHJJVDQGVSHUPWDNHDSSUR[LPDWHO\ï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¿UVWRSWLRQUDWKHUWKDQ\RXUODVWRUFRQFXUUHQWRSWLRQ ,I LW LV DW DOO SRVVLEOH WR KDYH D QDWXUDO DQG KHDOWK\ FRQFHSWLRQ SUHJQDQF\ELUWKDQGEDE\WKHQWKLVLVREYLRXVO\WKHEHWWHUSDWK WRWDNHIRUDOOFRQFHUQHG7KHUHDUHDOVRVRPHSUDFWLFDOUHDVRQV IRUWKLV «ZRUNHGZLWKPHWKURXJK P\,9)F\FOHV ´ , KDG VSHQW \HDUV WU\LQJ WR IDOO SUHJQDQW DQG KDG PDQ\ PHGLFDO WHVWV GRQH WR ¿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±ZRUGVFDQQRW UHDOO\ H[SUHVV RXU WKDQNV IRU DOO WKDW \RX KDYH GRQH IRU XV DQG IRU WKH ZRQGHUIXO DGYLFH WKURXJKRXW RXU ORQJHG IRU SUHJQDQF\ µ 0UV3-6\GQH\16: XW ZZZIHUWLOLW\FRPDX % % % % % WKHIHUWLOLW\GUXJVXVHGRQDVVLVWHGUHSURGXFWLYHSURJUDPV LQWHUIHUHZLWKDQGRYHUULGHWKHPRUHJHQWOHUHPHGLHVZH XVHDQGDUHLQFRPSDWLEOHZLWKSUHFRQFHSWLRQSUHSDUDWLRQ SUHFRQFHSWLRQKHDOWKFDUHFDQVLJQL¿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¿UVWDWWHPSWEHLQJVXFFHVVIXO DUHKLJKHU SUHFRQFHSWLRQKHDOWKFDUHFDQKHOSWRUHGXFHWKHULVNV ZKLFKDUHLQFUHDVHGIRUWKRVHRQDVVLVWHGUHSURGXFWLYH SURJUDPV,9)HWFVXFKDVPLVFDUULDJHSRRUIRHWDORU LQIDQWKHDOWKSUREOHPVRUSHULQDWDOGHDWK $VVLVWHG UHSURGXFWLYH WHFKQRORJLHV DQG WKH 1)0 &RQFHSWLRQ 3URJUDPDUHQRWQHFHVVDULO\LQFRPSDWLEOH,IWKHUHLVDFOHDUQHHG IRU,9),&6,RUDQ\RWKHUWHFKQRORJ\\RXU1)0QDWXURSDWKFDQ FRQWLQXH WR VXSSRUW \RX WKURXJK WKLV ZLWK D PRGL¿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¿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ÀDPPDWRU\'LVHDVHFDXVDWLYHDJHQWV DUHLGHQWL¿HGDQGWUHDWHGGXULQJWKHLQLWLDOVWDJHV RIWKHSURJUDP7KLVPD\UHTXLUHDQWLELRWLFV %RWKWXEHV EORFNHG $VHULRXVFKDOOHQJHWRQDWXUDOIHUWLOLW\WUHDWPHQW DOWKRXJKPLOGWXEDOGDPDJHFDQRIWHQEH DGGUHVVHGVXFFHVVIXOO\,QPRUHVHYHUHFDVHVWKH &RQFHSWLRQ3URJUDPLVRIIHUHGDVDFRPSOHPHQW WRUHSURGXFWLYHWHFKQRORJ\ &DQGLGDWKUXVK 5HVSRQGVZHOOWRQDWXUDOWUHDWPHQW 6WUHVV 'LIIHUHQWWHFKQLTXHVDUHXVHGWRUHGXFHOLIHVW\OH VWUHVVDQGWKHLQHYLWDEOHVWUHVVRILQIHUWLOLW\ 0LVFDUULDJH ,GHQWL¿FDWLRQRIULVNIDFWRUVLVXQGHUWDNHQ LQFOXGLQJDGGLWLRQDOSDWKRORJ\WHVWVZKHUH PLVFDUULDJHLVUHFXUUHQW3UHFRQFHSWLRQKHDOWK FDUHFDQVXFFHVVIXOO\DGGUHVVPRVWFDXVHVDQG UDWHVDUHJUHDWO\UHGXFHG ,I \RX KDYH TXHULHV DERXW RWKHU FRQGLWLRQV DQG ZKHWKHU WKH &RQFHSWLRQ 3URJUDPFRXOGDVVLVWSOHDVHERRNLQIRUDIUHHLQWURGXFWRU\FRQVXOWDWLRQ ,KDGDFDVHRIVHYHUH HQGRPHWULRVLV« ´ $IWHUD\HDURIXQVXFFHVVIXO FRQFHSWLRQ DWWHPSWV DQG GRFWRUV DOUHDG\ UHFRPPHQGLQJ ,9)P\KXVEDQGDQG,GHFLGHG WR JLYH WKH 1DWXUDO )HUWLOLW\ 0DQDJHPHQW SURJUDP D WU\ , KDG D FDVH RI VHYHUH HQGRPHWULRVLVDQGP\KXVEDQG KDG D YDULFRFRHOH ZKLFK ZDV JUHDWO\ DIIHFWLQJ KLV VSHUP TXDOLW\ DQG PRWLOLW\ :KLOVW RQ WKH SURJUDP P\ KXVEDQG¶V SUREOHPLPSURYHGJUHDWO\ZDV DOO ZLWKLQ QRUPDO UDQJH :LWK VRPH PHGLFDO LQWHUYHQWLRQ WKHSURJUDPP\HQGRPHWULRVLV ZDV DOVR SXW DW ED\ $V ZH ZHUH DSSURDFKLQJ WKH HQG RI RQH \HDU RQ WKH SURJUDP ZH ZHUH MXVW DERXW JLYLQJ XS RQ WKH LGHD WKDW D QDWXUDO FRQFHSWLRQZDVDFKLHYDEOHEXW LWDFWXDOO\KDSSHQHG7KDQN\RX >QDWXURSDWK@ IRU DOZD\V EHLQJ SRVLWLYH DQG KDYLQJ IDLWK WKDW WKLVZDVSRVVLEOHIRUXV µ 0UV/66\GQH\16: XW ZZZIHUWLOLW\FRPDX )UHTXHQWO\$VNHG4XHVWLRQV :KDWLI,·PWDNLQJRWKHUPHGLFDWLRQV" )HUWLOLW\GUXJVLQWHUIHUHZLWKDQ\DWWHPSWWRDGGUHVVKRUPRQDORU UHSURGXFWLYH KHDOWK LVVXHV WKURXJK QDWXUDO UHPHGLHV DQG DUH LQDSSURSULDWH ZKLOH SUHFRQFHSWLRQ KHDOWK FDUH LV XQGHUWDNHQ WKRXJK FDQ EH DFFRPPRGDWHG LI QHFHVVDU\ DW D ODWHU VWDJH 2WKHUPHGLFDOGUXJVPD\RUPD\QRWFDXVHSUREOHPVDQGFDQ EHDVVHVVHGLQGLYLGXDOO\:KHUHHIIHFWLYHQDWXUDOWUHDWPHQWVDUH DYDLODEOHLWLVRIWHQSRVVLEOHWRUHSODFHWKHVHZLWK\RXUPHGLFDO GRFWRU¶V FRRSHUDWLRQ 6LPLODUO\ WKHUH PD\ EH D OHVV LQYDVLYH SKDUPDFHXWLFDOPHGLFDWLRQZKLFKFDQEHXVHGDVDQDOWHUQDWLYH ««SUHJQDQWDWDJH DIWHUVRPHKHOSIURP,9)« ´ ,KDYHEHHQZDQWLQJWRZULWH WKLV IRU VR ORQJ QRZ EXW WKHUH QHYHU VHHPV WR EH WKH WLPH ,W LV UHDOO\ WR WKDQN \RX IRU WKH ERRNV WKDW \RX UHOHDVHG ZKLFK FKDQJHG P\ ZKROH OLIH UHDOO\ , ¿UVW JRW \RXU ERRN 1DWXUDO )HUWLOLW\ ZKHQ , OLYHG LQ 16: DQG RIWHQ UHDG LW RYHU RYHU , IHOO SUHJQDQW DW DJH DIWHU VRPH KHOS IURP ,9) GXH WR WUDXPD WR P\ WXEHV DQG KDYH D KHDOWK\ EDE\ ER\ , KDG QR SUREOHPV ZLWK P\ SUHJQDQF\ $Q\ZD\ , ZDQWHG WR VKDUH ZLWK \RX ZKDW \RX KHOSHG PH WR DFKLHYH DQG WR WKDQN \RX :LWKRXW SHRSOH OLNH \RXUVHOYHV ZKR KDYH RWKHUV¶ LQWHUHVW DW KHDUW ZHOO LW ZRXOG EH D VDG VDGZRUOG7KDQN\RXDJDLQ µ 0UV/6\GQH\16: &DQ,GRWKH&RQFHSWLRQ3URJUDPHYHQLI,·PQRW LQIHUWLOH" $EVROXWHO\ ,Q IDFW WKH 1)0 &RQFHSWLRQ 3URJUDP KDV DQ LQWHJUDODLPWRHGXFDWHDQGPDNHDFFHVVLEOHDOOWKHFRQFHSWVRI SUHFRQFHSWLRQKHDOWKFDUHDVDVWDQGDUGDSSURDFKIRUDQ\FRXSOH SODQQLQJDIDPLO\,QFUHDVLQJQXPEHUVRIRXUSDWLHQWVFRPHWRXV ZLWKRXWDQ\SDUWLFXODUKHDOWKSUREOHPEXWZLWKWKHUHFRJQLWLRQWKDW ERRVWLQJWKHLUKHDOWKLVJRLQJWRKDYHORQJWHUPEHQH¿WVIRUWKHLU FKLOGUHQDQGWKHPVHOYHV:HOLYHLQDQLQFUHDVLQJO\WR[LFZRUOG DQGUHGUHVVLQJWKLVLVVXHSULRUWRFRQFHSWLRQLVPDNLQJVHQVHWR PRUHDQGPRUHFRXSOHV,WLVRQHRIWKHPDQ\WKLQJVZHGRDVD FRQVFLRXVDFWRISDUHQWLQJ7KHSUDFWLFHRISUHFRQFHSWLRQKHDOWK FDUHLVEHFRPLQJPRUHFRPPRQSODFHWKURXJKRXWERWKRUWKRGR[ DQG QDWXUDO PHGLFLQH DV D VHQVLEOH UHVSRQVH WR RXU VRFLHW\¶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¶VJHVWDWLRQELUWKDQGJHQHUDOKHDOWK 0DQ\RIWKHLQFUHDVHGULVNVDVVRFLDWHGZLWKROGHUSDUHQWVKDYH EHHQ VKRZQ WR EH DVVRFLDWHG ZLWK WKH JUHDWHU WR[LF H[SRVXUHV DQGQXWULWLRQDOGH¿FLHQFLHVDVVRFLDWHGZLWKDORQJHUOLIH7KHUHDUH DOVRVHYHUDOQXWULWLRQDOUHPHGLHVZKLFKVXSSRUWWKHPLWRFKRQGULDO IXQFWLRQ LQ WKH HJJV DQG VSHUP WKH HQHUJ\ VWRUHKRXVH (YHQ JHQHWLFDQGFKURPRVRPDOSUREOHPVKDYHEHHQVKRZQWRUHVSRQG SRVLWLYHO\WRQXWULWLRQDOVXSSOHPHQWDWLRQDQGGHWR[L¿FDWLRQ +RZHYHU ROGHU SDUHQWV GR QHHG WR EH DZDUH RI WKHLU UHGXFHG FKDQFHV DQG EH UHDOLVWLF DERXW WKHLU FRPPLWPHQWV <RX FDQ GLVFXVV\RXULQGLYLGXDOFLUFXPVWDQFHVZLWKRQHRIRXUQDWXURSDWKV DW\RXULQWURGXFWRU\FRQVXOWDWLRQ :KDWLIP\LQIHUWLOLW\LVQRWDGLDJQRVHGSUREOHP" 7KLVLVDFRPPRQVLWXDWLRQIRUFRXSOHVZHVHH:LWKQRHYLGHQFH RI SDUWLFXODU UHSURGXFWLYH KHDOWK SUREOHPV WKHUH VHHPV WR EH µQR UHDVRQ¶ IRU D ODFN RI FRQFHSWLRQ 2IWHQ WKLV LV FDXVHG E\ D FRPELQDWLRQ RI YDULRXV PLQRU QXWULWLRQDO GH¿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¶VF\FOHPLJKWLQGLFDWHVRPHVRUWRISUREOHP DOWKRXJK WKH PHGLFDO GLDJQRVLV RI LQIHUWLOLW\ LV RQO\ PDGH DIWHU RQH\HDUHVSHFLDOO\LIDJHRIHLWKHUSDUHQWLVDQLVVXH «DVDQROGHUZDQQDEH PXP« ´ :H ZHQW WR WKH -RFHO\Q &HQWUH EHFDXVH DV DQ ROGHU ZDQQDEH PXP ZH NQHZ ZH QHHGHGWRJHWSUHJQDQWTXLFNO\ 7KH YLWDPLQWHVW UHJLPH ZDV WLPH FRQVXPLQJ EXW >RXU QDWXURSDWK@ ZDV VHQVDWLRQDOO\ VXSSRUWLYH ,Q WKH HQG ZH FRQFHLYHG RQ WKH VHFRQG F\FOH DIWHU WKH SUHFRQFHSWLRQ SHULRG DQG KDG D GUHDP EDE\ JUHDWVOHHSHUQRQDSS\UDVK QR XQH[SODLQHG FU\LQJ YHU\ FDOP DQG FRQWHQWHG ,¶P VXUH WKH KHUEV YLWDPLQV PLQHUDOV FRQWULEXWHG WR WKDW DQG WKH\ ZHUH LQYDOXDEOH WKURXJK ZHHNVRIPRUQLQJVLFNQHVV µ 0UV55\H17 (YHQ ZLWKRXW WKH GLDJQRVLV RI D VSHFL¿F IHUWLOLW\ SUREOHP WKH 1)0 &RQFHSWLRQ 3URJUDP FDQ VWLOO LPSURYH \RXU FKDQFHV RI FRQFHSWLRQ $QG HYHQ LI WKHUH LV QR FRQFHUQ ZLWK IHUWLOLW\ SUREOHPVDOOSURVSHFWLYHSDUHQWVFDQEHQH¿WIURPWKHVLJQL¿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·PVLQJOHFDQ,GRWKH&RQFHSWLRQ3URJUDP" $OWKRXJK WKHUH DUH REYLRXV DGYDQWDJHV WR KDYLQJ ERWK SURVSHFWLYHSDUHQWVXQGHUWDNHWKH1)0&RQFHSWLRQ3URJUDPZH XQGHUVWDQGWKDWWKLVLVQRWDOZD\VSRVVLEOH:KHUHDVSHUPGRQRU LVEHLQJXVHGLWZLOOVWLOOEHYHU\KHOSIXOIRUWKHSURVSHFWLYHPRWKHU WRFDUU\RXWSUHFRQFHSWLRQKHDOWKFDUH:HKDYHDOVRZRUNHGZLWK VSHUPDQGHJJGRQRUVZKHUHDSSURSULDWH %XW,KDYHDYHU\JRRGGLHWDOUHDG\« «XQGHUVWDQGLQJRIWKH FDXVHRIPLVFDUULDJH« ´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¿UVW PRQWK RI WU\LQJ DQG QRZ KDYH WKH PRVW EHDXWLIXO EDE\ GDXJKWHU ZKR KDG DQ $SJDU VFRUH RI DIWHU PLQXWH :H DUHYHU\JUDWHIXOWRWKH-RFHO\Q &HQWUH >RXU QDWXURSDWK@ DQG VWDII µ 0UV/&&DULQJEDK16: XW ZZZIHUWLOLW\FRPDX 7KH PRGHUQ GLHW LV JHQHUDOO\ ODFNLQJ LQ HVVHQWLDO QXWULHQWV 7KLV LV EHFDXVH RI PDQ\ IDFWRUV LQ PRGHUQ IDUPLQJ DQG IRRG SUHSDUDWLRQPHWKRGVUHVXOWLQJLQORZQXWULWLRQDOOHYHOVLQWKHIRRGV ZHFRQVXPH:KHQWKLVLVFRPELQHGZLWKDPRGHUQSUHIHUHQFH IRUSUHSDFNDJHGSURFHVVHGDQGFKHPLFDOODGHQSURGXFWVWKHUH LV D JUDGXDO DQG GHWULPHQWDO GHFOLQH LQ RYHUDOO KHDOWK LQFOXGLQJ UHSURGXFWLYHKHDOWK (YHQLI\RXDUHDOUHDG\FDUHIXOWRHDWLQDKHDOWK\PDQQHU\RX PD\EHXQDZDUHRIPDQ\VSHFL¿FDOO\KHOSIXOGLHWDU\UHTXLUHPHQWV IRU JRRG UHSURGXFWLYH KHDOWK DQG KHDOWK\ FKLOGUHQ ,W LV DOVR YLUWXDOO\ LPSRVVLEOH WR UHFHLYH WKH OHYHO RI QXWULHQWV \RX QHHG IURPGLHWDORQHHYHQLI\RXUIRRGLVRUJDQLFDQGQXWULWLRXVGXH WR WKH ULVLQJ WR[LFLW\ RI RXU HQYLURQPHQW ZKLFK LQFUHDVHV RXU UHTXLUHPHQWV )RUH[DPSOHLQWKH$XVWUDOLDQ'LHWDU\6XUYH\LWZDVIRXQG WKDWRIIHPDOHVRIUHSURGXFWLYHDJHGLGQRWUHFHLYHWKH 5'$UHFRPPHQGHGGLHWDU\DOORZDQFHIRU]LQF=LQFLVHVVHQWLDO IRU WKH KRUPRQDO KHDOWK RI ERWK PHQ DQG ZRPHQ SURGXFWLRQ RI QRUPDO VSHUP WKH SURSHU GHYHORSPHQW RI WKH IRHWXV DQG D KHDOWK\SUHJQDQF\8QIRUWXQDWHO\LWLVSUHVHQWLQIHZHUDQGIHZHU IRRGVGXHWRIDUPLQJDQGSURFHVVLQJPHWKRGVDQGDVDIURQW OLQHDQWLR[LGDQWGHSOHWHGE\LQFUHDVHGOHYHOVRIWR[LFH[SRVXUH $PRQJVW D PXOWLWXGH RI RWKHU VLJQL¿FDQW ¿QGLQJV LW KDV EHHQ VKRZQ WKDW SUHQDWDO PXOWLYLWDPLQ DQG PLQHUDO VXSSOHPHQWV FDQ UHGXFH WKH LQFLGHQFH RI SUHWHUP GHOLYHU\ ORZ ELUWK ZHLJKW LQIDQW PRUELGLW\ DQG PRUWDOLW\ ZKLOH DQWLR[LGDQW YLWDPLQ VXSSOHPHQWDWLRQ KDV EHHQ GHPRQVWUDWHG WR GHFUHDVH WKH LQFLGHQFH RI SUHHFODPSVLD :KLOVW LW LV QRZ ZHOO NQRZQ WKDW IROLF DFLG VXSSOHPHQWDWLRQ FDQ VLJQL¿FDQWO\ UHGXFH WKH ULVN RI VSLQD EL¿GD LQ \RXU EDE\ PRVW RWKHU QXWULHQWV KDYH DOVR EHHQ VKRZQWREHHVVHQWLDOIRUIRHWDOGHYHORSPHQWDQGSUHYHQWLRQRI PLVFDUULDJH (YHQZKHQWKHGLHWLVSXUHO\RUJDQLFZLWKSURSHUO\SXUL¿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¿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¿WVDQGWKLVGRHVQRWPHDQLWLVQ¶WZRUWKGRLQJWKHSURJUDP ,WMXVWZRQ¶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¿W XW ZZZIHUWLOLW\FRPDX )UHTXHQWO\$VNHG4XHVWLRQV %DFNXSFRQWUDFHSWLRQVXFKDVFRQGRPVFDQEHXVHGDWWLPHV \RXLGHQWLI\DVSRVVLEO\IHUWLOH7KLVPHWKRGKDVEHHQVKRZQWR EH JUHDWHU WKDQ HIIHFWLYH LI XVHG FRUUHFWO\ +RZHYHU LI D FRQFHSWLRQGLGRFFXUWKHUHZLOOEHLQPRVWFDVHVQRGHWULPHQWDO HIIHFWV ,I \RXU QDWXURSDWK QHHGV WR XVH UHPHGLHV ZKLFK DUH EHWWHU DYRLGHG GXULQJ SUHJQDQF\ VKH ZLOO LQIRUP \RX DQG \RX FDQWDNHSDUWLFXODUFDUHWRDYRLGFRQFHSWLRQ XW ZZZIHUWLOLW\FRPDX 7KH1)0&RQFHSWLRQ3URJUDP &DVH6WXGLHV &RQQLH6SLURV &RQQLH DQG 6SLURV KDG D KLVWRU\ RI HFWRSLF SUHJQDQF\ ZKLFK ZDVSRVVLEO\WKHUHVXOWRIDGKHVLRQVIRUPHGDIWHUDODSDURVFRS\ KDG EHHQ SHUIRUPHG WR FRUUHFW D F\VWLF FRQGLWLRQ LQ &RQQLH¶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¶V UHSURGXFWLYH KHDOWK LPSURYHG DV ZH DGGUHVVHG WKH YDULRXV SUREOHPV ZLWK QDWXUDO UHPHGLHV 'HVSLWH RXU LQLWLDO FRQFHUQVWKH\FRQFHLYHGDEDE\ZKLFKZDVFRUUHFWO\SODFHGLQ WKHXWHUXVDQGZDVFDUULHGWRIXOOWHUP 6LPRQH:D\QH 6LPRQHDQG:D\QHFDPHWRXVZLWKDWURXEOHGKLVWRU\:HZHUH QRWYHU\FRQ¿GHQWWKDWZHFRXOGKHOSEXWGHVSLWHRXUGRXEWVWKH\ ZLVKHG WR FRQWLQXH WUHDWPHQW 7ZR \HDUV SUHYLRXVO\ GXH WR D VHYHUHELUWKGHIHFWWKHLUEDE\KDGGLHGDIWHURQO\DIHZKRXUVRI OLIH6L[PRQWKVODWHUDQRWKHUFRQFHSWLRQUHVXOWHGLQDPLVFDUULDJH DW ZHHNV :D\QH KDG VXEVHTXHQWO\ EHHQ GLDJQRVHG DV KDYLQJDµWUDQVORFDWHG¶JHQHZKLFKKDGOHGWRLQFUHDVHGOHYHOVRI DEQRUPDOVSHUPDQGFRXOGDOVROHDGWRFRQJHQLWDOPDOIRUPDWLRQV DOWKRXJKWKHLUVSHFLDOLVWIHOWLWZDVQRWWKHFDXVHRIWKHLUSUHYLRXV SUREOHPV+HDOVRKDGDQHQODUJHGYDULFRFHOHYDULFRVHYHLQLQ WKHWHVWHV6RRQDIWHUWKHPLVFDUULDJH6LPRQHZDVGLDJQRVHG ZLWK *UDYHV¶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¶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¶VUHSURGXFWLYHKHDOWKFDUHQHHGVDWHYHU\VWDJHRIOLIH 5HSURGXFWLYHKHDOWKFDUHIRUHYHU\VWDJHRI\RXUOLIH % % % % % % % % SUHFRQFHSWLRQKHDOWKFDUH QDWXUDOWUHDWPHQWVIRUIHUWLOLW\SUREOHPV SUHJQDQF\ELUWKEUHDVWIHHGLQJSRVWQDWDOFDUH QDWXUDOFRQWUDFHSWLRQ PDOHJHQHUDOUHSURGXFWLYHKHDOWKHJSURVWDWHKHDOWK IHPDOHJHQHUDOUHSURGXFWLYHKHDOWKHJHQGRPHWULRVLVPHQVWUXDOLUUHJXODULWLHVSRO\F\VWLF RYDULDQV\QGURPH LQIDQWDQGFKLOGKHDOWK PHQDUFKHPHQRSDXVHPDQDJHPHQW %HFDXVH WKHUH DUH GLIIHUHQW QHHGV DW GLIIHUHQW WLPHV ZKHQ LW FRPHV WR PDQDJLQJ \RXU IHUWLOLW\ ZH KDYH GHYHORSHG YDULRXV SURJUDPV DQG VHUYLFHV ZKLFK DOORZ \RX WR PDNH FOHDU À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¿WRIWKHORQJWHUPGHHSHIIHFWLYHQHVVDQGVDIHW\RIQDWXUDOPHGLFLQH VXSSRUWHG E\ WKH GLDJQRVWLF FULVLV PDQDJHPHQW DQG V\PSWRPDWLF UHOLHI EHQH¿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µH[SHUWV¶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¿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¿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µSUHFRQFHSWLRQKHDOWKFDUH¶ZKLFKLVQRZDWHUPLQFRPPRQXVHWKURXJKRXW ERWK QDWXUDO DQG RUWKRGR[ DSSURDFKHV WR IHUWLOLW\ DQG SUHJQDQF\ 'XH WR WKH GHPDQG IRU WKLV LQIRUPDWLRQLQKHURZQSUDFWLFH)UDQFHVFDZURWHKHU¿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µ1DWXUDO)HUWLOLW\0DQDJHPHQW¶KDVFRPHWR GHVFULEHDPRGDOLW\DQGLVSUDFWLFHGLQPDQ\RWKHUFOLQLFVQDWLRQDOO\DQGLQWHUQDWLRQDOO\ ³5HSURGXFWLYH+HDOWK&DUHIRU(YHU\6WDJHRI<RXU/LIH´ XW ZZZIHUWLOLW\FRPDX +RZWR)LQG8V +RXUVRI2SHUDWLRQ The Jocelyn Centre is conveniently situated in the heart of the city with a variety of public transport and parking options close by. Trains: Town Hall Station (2 minute walk), Wynyard Station (7 minute walk) Buses: QVB bus stop (1 minute), Town Hall bus stop (2 minutes), Wynyard bus stop (7 minutes) Parking: P1 - Wilson Parking, 190–202 Clarence Street – next to our premises P2 - The Bowlers Club Car Park, 168 Clarence Street – just over Market St P3 - Plaza Parking, 124 Clarence Street – just before the corner of King St The Jocelyn Centre has on onsite dispensary of herbal and nutritional supplements, as well as convenient reordering facilites via phone, fax and email. Dispensary Hours of Opening for Buying Supplements: 9.00am – 5.00pm Monday to Saturday (and occasionally on week nights – call ahead to confirm). Appointments Hours of Operating: Most practitioners are part-time and work variable hours. This can include evenings, early mornings and Saturdays, as well as normal business hours. Ask at reception for details. Suite A, Level 6, 204 Clarence Street Sydney NSW 2000 Australia Ph: 612 9268 9000 Fax: 612 9267 6377 Email: enquiries@fertility.com.au Web: www.fertility.com.au XW ZZZIHUWLOLW\FRPDX 1RWHV XW ZZZIHUWLOLW\FRPDX 1RWHV XW ZZZIHUWLOLW\FRPDX The Jocelyn Centre is conveniently situated in the heart of the city with a variety of public transport and parking options close by. Trains: Town Hall Station (2 minute walk), Wynyard Station (7 minute walk) Buses: QVB bus stop (1 minute), Town Hall bus stop (2 minutes), Wynyard bus stop (7 minutes) Parking: P1 - Wilson Parking, 190–202 Clarence Street – next to our premises P2 - The Bowlers Club Car Park, 168 Clarence Street – just over Market St P3 - Plaza Parking, 124 Clarence Street – just before the corner of King St