International Catalogue 2012–2013

International Catalogue
2012– 2013
see d s & s e r v ic e s
0UMVYTH[PVU
(JJSODQW /HWWXFH ,QWURGXFWLRQ &XFXPEHU %DWDYLD/HWWXFH 5LMN=ZDDQ([SRUW$UHDV *KHUNLQ %XWWHUKHDG/HWWXFH 5LMN=ZDDQ3URGXFW/LQHV 6ZHHW3HSSHU &RV/HWWXFH 5HVHDUFK'HYHORSHPHQW +RW3HSSHU ,FHEHUJ/HWWXFH 0DUNHWLQJDQG6DOHV6WDWHPHQW 7RPDWR /HDI/HWWXFH 3URGXFW6SHFLÀFDWLRQV :DWHUPHORQ 2DNOHDI/HWWXFH 5HVLVWDQFH6WDWHPHQW 0HORQ %DE\OHDI *HQHUDO7HUPVDQG&RQGLWLRQV 6DODQRYD 3ODQWLQJ*XLGHDQG'LVFODLPHU (QGLYH 6SLQDFK „„„„9VV[Z[VJR
&XFXUELWDFHDH 6RODQDFHDH „„„„9VV[JYVWZ
„„„„6[OLYZ
3LNLUK9PQRA^HHU0JVUZ
+LJKUHVLVWDQFH
,QWHUPHGLDWHUHVLVWDQFH
%ODQFKHG&HOHU\ 2UJDQLF
&HOHULDF &RQYHQLHQFH
&KLYHV ,QGXVWU\
6HQVDWLRQDO)ODYRXUV
%HHWURRW
&RUQ6DODG &DUURW /HHN 6HQVDWLRQDO6QDFNV
3ROH6OLFLQJ%HDQ 5DGLVK %URFFROL&DXOLÁRZHU 6ZLVV&KDUG &DEEDJH .RKOUDEL )YHZZPJH
„„„„)YHZZPJH
7KHFXOWLYDWLRQSHULRGVLQWKHWDEOHV
DUHRQO\DQLQGLFDWLRQKRZHYHUWKH
H[DFW SHULRGV PD\ GLIIHU FRQVLGHU
DEO\EHWZHHQORFDWLRQV
3LHMJYVWZ
3DUVOH\ seeds & services
6[OLYZ
Š
9VV[Z[VJR
„„„„3LHMJYVWZ
9VV[JYVWZ
„„„„-Y\P[JYVWZ
-Y\P[JYVWZ
*VU[LU[
+LHYJ\Z[VTLY
5LMN=ZDDQVSHFLDOL]HVLQEUHHGLQJSUR
GXFWLRQDQGVDOHVRIYHJHWDEOHVHHGVIRU
WKHSURIHVVLRQDOJURZHUVPDUNHW:HDUH
DPRQJ WKH ZRUOG·V WRS RI YHJHWDEOH
EUHHGLQJFRPSDQLHV
7KH FRPSDQ\·V SULPDU\ IRFXV LV FUHDW
LQJ QHZ YHJHWDEOH YDULHWLHV 7KRURXJK
IXQGDPHQWDOJHQHWLFUHVHDUFKLVWKHED
VLV IRU RXU LQQRYDWLYH EUHHGLQJ ZRUN
2XU UDQJH RI YDULHWLHV LV FRQWLQXRXVO\
UHQHZHGDQGLPSURYHG5LMN=ZDDQKDV
VHYHUDOEUHHGLQJVWDWLRQVVLWXDWHGLQDOO
LPSRUWDQWFOLPDWH]RQHV7KH\HQDEOHXV
WR VHOHFW XQGHU WHPSHUDWH FRQWLQHQWDO
VXEWURSLFDOWURSLFDODQG0HGLWHUUDQHDQ
FRQGLWLRQV
7KH VHHGV RI RXU YDULHWLHV DUH VROG LQ
RYHU D GLIIHUHQW FRXQWULHV (DFK RI
WKHYDULHWLHVZHGHYHORSFRPHVZLWKLWV
RZQFXOWLYDWLRQSODQ5LMN=ZDDQZRUNV
ZLWK D ODUJH WHDP RI H[SHULHQFHG FURS
DGYLVRUV DOO RYHU WKH ZRUOG 7KH\ DUH
ULJKW DW WKH FHQWUH RI WKH PDUNHWV DQG
FDQ SURYLGH H[SHUW DGYLFH WDLORUHG WR
ORFDO FLUFXPVWDQFHV :RUNLQJ WRJHWKHU
ZLWKRXUSDUWQHUVZHVWULYHWREULQJRXW
WKHEHVWLQRXUYDULHWLHV
9HJHWDEOH YDULHWLHV PXVW VDWLVI\ WKH
ZLVKHV RI D JURZLQJ DPRXQW RI SDU
WLHV 5LMN =ZDDQ QRW RQO\ FRQVLGHUV
WKH GHPDQGV RI JURZHUV 2XU LQWHUQD
WLRQDO EXVLQHVV GHYHORSPHQW WHDPV DUH
LQFRQWDFWZLWKDOOWKHPDMRUSOD\HUVLQ
WKHYHJHWDEOHFKDLQVXFKDVWKHUHWDLOHUV
DQGWKHIRRGSURFHVVRUV%\VKDULQJLQ
IRUPDWLRQ RQ SURGXFW LQQRYDWLRQ WDVWH
DQGSURGXFWSUHVHQWDWLRQZHWU\WRXWL
OL]HQHZPDUNHWRSSRUWXQLWLHVWRJHWKHU
2XU IDPLO\RZQHG FRPSDQ\ LV FKDU
DFWHUL]HG E\ FRQWLQXRXV DXWRQRPRXV
JURZWKZLWKVWURQJDWWHQWLRQWRWKHLQ
WHUHVWVRIRXUHPSOR\HHV
,Q5LMN=ZDDQZDVHOHFWHGDV%HVW
(PSOR\HU RI WKH <HDU LQ 7KH 1HWKHU
ODQGV 5LMN =ZDDQ EHOLHYHV WKDW RQO\
ZLWK KLJKO\ PRWLYDWHG HPSOR\HHV ZH
FDQRIIHURXUFXVWRPHUVWRSTXDOLW\VHHG
DQGDWRSTXDOLW\VHUYLFH
:LWK D SOHDVDQW FRRSHUDWLRQ EDVHG RQ
PXWXDOWUXVWZHDUHFRQYLQFHGWKDWZH
OD\WKHIRXQGDWLRQIRUDVXFFHVVIXOKDU
YHVWRIKHDOWK\DQGGHOLFLRXVYHJHWDEOHV
/RRNLQJIRUZDUGWRPHHWLQJ\RX
-DQ2PYOHH
0DQDJLQJ'LUHFWRU5LMN=ZDDQ([SRUW%9
5LMN=ZDDQ(;3257%9
%XUJHPHHVWHU&UH]HHODDQ
32%R[Ã=*'H/LHU
7KH1HWKHUODQGV
3KRQH )D[
H[SRUW#ULMN]ZDDQQO
ZZZULMN]ZDDQFRP
5LMN=ZDDQ+HDGTXDUWHU
5LMN=ZDDQ6XEVLGLDULHV
5LMN=ZDDQ%UHHGLQJ6WDWLRQV
;OL(TLYPJHZ
(IV\[`LHYZHNV9PQRA^HHUTHKLP[ZÄYZ[Z[LWZPU[V[OL<:HUK*HUHKH-YVT[OLUVU
V\YHJ[P]P[PLZL_WHUKLKTVYLHUKTVYLPUHZV\[OLYUKPYLJ[PVU^P[OHIYVHKHZZVY[TLU[MVY
VWLUÄLSKHUKWYV[LJ[LKJ\S[P]H[PVU
;OLTHYRL[
²WRJHWKHUZLWKFKDLQSDUWQHUV²ORRNLQJ
FRXSOH RI \HDUV 5LMN =ZDDQ KDV PDGH
,QWKHFOXVWHU1RUWK&HQWUDODQG6RXWK
IRURSSRUWXQLWLHVLQWKHPDUNHWE\LQWUR
HQRUPRXV VWHSV LQ WKLV FURS ZLWK WKH
$PHULFD 5LMN =ZDDQ LQYHVWHG D ORW LQ
GXFLQJPDUNHWLQJFRQFHSWVDQGSURGXFW
¶&DULEEHDQ· FRQFHSW LQ FRXQWULHV VXFK
VHWWLQJXSDJRRGGLVWULEXWLRQQHWZRUN
EUDQGVIRUH[DPSOH
DV*XDWHPDODDQG%UD]LO,QWKHVHFRXQ
7KHDLPLVWRKDYHVSHFLDOL]HGFURSDQG
WULHVWKHFXOWLYDWLRQRIRWKHUIUXLWFURSV
FKDLQ DGYLVRUV IRU HDFK SURGXFW JURXS
;OLJYVWZ
DQGLQHDFKPDUNHWWRKHOSRXUSDUWQHU
$VDUHVXOWRILWVORQJH[SHULHQFHLQWKH
FUHDVLQJO\ XQGHU SURWHFWHG FXOWLYDWLRQ
WRJHWWKHEHVWRXWRIRXUYDULHWLHV,QRXU
JUHHQKRXVHPDUNHW5LMN=ZDDQKDVEH
ZKLFKZHVWLPXODWHE\GHYHORSLQJVXLW
LQFUHDVLQJ QXPEHU RI 5LMN =ZDDQ VXE
FRPHPDUNHWOHDGHUIRUSHSSHUDQGFX
DEOHYDULHWLHV
VLGLDULHV5LMN=ZDDQ%UDVLOLVWKHODWHVW
FXPEHULQWKH860H[LFRDQG&DQDGD
WRFUHDWHDVWDEOHEDVHLQWKLVLPSRUWDQW
:HDOVRKDYHDJRRGSRVLWLRQLQWRPDWR
:LWKWKHRSHQLQJRI5LMN=ZDDQ%UDVLO
FRXQWU\
ZLWK UHOLDEOH DQG KLJK TXDOLW\ YDULHWLHV
5LMN =ZDDQ ZDQWV WR FUHDWH D VWURQJ
LQPDQ\GLIIHUHQWW\SHV5LMN=ZDDQFDQ
KRPHEDVHIRUWKHIXUWKHUGHYHORSPHQW
6RPHRIWKHFRXQWULHVLQWKHFOXVWHUVXFK
RIIHU D EURDG UDQJH RI YDULHWLHV LQ IUXLW
DQG H[SDQVLRQ LQ 6RXWK $PHULFD :H
DV%UD]LODQG0H[LFRDUHFKDUDFWHUL]HGE\
FURSV SHUIHFWO\ ÀWWLQJ WKH LQFUHDVLQJ
KDYHFRQÀGHQFHWKDWWRJHWKHUZLWKRXU
DVWHDG\JURZWKRIWKH¶PLGGOHFODVV·7KLV
OHYHORIJURZLQJWHFKQLTXHV
SDUWQHUVZHFDQRIIHUDEURDGUDQJHRI
PHDQVWKDWWKHUHLVDQLQFUHDVLQJGHPDQG
LVDOVRLQFUHDVLQJ,QRSHQÀHOGDQGLQ
WRSTXDOLW\YDULHWLHVIRUWKH$PHULFDV
IRU KLJK TXDOLW\ SURGXFWV$ \HDUURXQG
,QRSHQÀHOGFURSVWRR5LMN=ZDDQKDV
VXSSO\ RI FOHDQ DQG KHDOWK\ YHJHWDEOHV
DJRRGSRVLWLRQ)RU&DOLIRUQLD86ZH
LV EHFRPLQJ PRUH DQG PRUH LPSRUWDQW
KDYHDEURDGDVVRUWPHQWLQOHWWXFHVSLQ
5LMN=ZDDQSOD\VDUROHLQWKLV1RWRQO\
DFKDQGEUDVVLFDVDQGWKHÀUVWVWHSVDUH
E\GHYHORSLQJWKHULJKWYDULHWLHVEXWDOVR
EHLQJ PDGH LQ PHORQ 'XULQJ WKH ODVW
1VVW=LN[LY
>PT
.YVV[ZJOVS[LU
3PVULS)HYKPU
=PUJLU[]HU
>VSMLYLU
*OYPZ4PSSLY
4HYSLLU
]HUKLY;VYYL
.\PSSLYTV
*HZ[PSSV
9\\K]HU
/VSZ[L`U
,UYPX\L
9VKHY[L
.YL[JOLU
9H`TVUK
.\PKV.YHZZP
1\HU*HYSVZ
9VZHZ
1HU-YHUR
6T]SLL
1VOUKL=YPLZ
5LMN=ZDDQ'LVWULEXWRUV
5LMN=ZDDQ6XEVLGLDULHV
5LMN=ZDDQ%UHHGLQJ6WDWLRQV
(MYPJHHUK4PKKSL,HZ[
;OLYLPZHIPNKPMMLYLUJLPUJSPTH[LIL[^LLU[OLJV\U[YPLZPU[OL4PKKSL,HZ[HUK[OLJV\U[YPLZZV\[OVM
[OL:HOHYH0U[OL4PKKSL,HZ[HUK5VY[O(MYPJH[OLYHPUMHSSPZSPTP[LKHUK[OLZ\TTLYZHYLOV[HUKKY`
:V\[OVM[OL:HOHYH[OLYLPZHKY`HUKH^L[ZLHZVUK\YPUN[OL`LHY0U(MYPJHHUK[OL4PKKSL,HZ[^L
ÄUKTHU`[`WPJHSSVJHS]LNL[HISLZHZ^LSSHZº,\YVWLHU»]LNL[HISLZ0UZVTLTHYRL[Z9PQRA^HHUPZH
THYRL[SLHKLYI\[[OLWV[LU[PHSPU[OPZYLNPVUPZZ[PSSLUV\YTV\Z
;OLTHYRL[
$IULFD 5LMN =ZDDQ GHFLGHG WR VWDUW 5=
5LMN =ZDDQ YDULHWLHV :LWK D KLJKHU
)URP RXU H[LVWLQJ UDQJH 5LMN =ZDDQ
$IULVHPDEUHHGLQJFRPSDQ\ZKHUHYD
¶VXFFHVV UDWH· RI WKH VHHGV WKH OHWWXFH
KDVLQWURGXFHGPDQ\VXLWDEOHYDULHWLHV
ULHWLHVVXLWDEOHIRUORFDO$IULFDQIDUPHUV
PDUNHW KDV FRPSOHWHO\ FKDQJHG ZLWK
:LWKVSHFLÀFEUHHGLQJZHZLOOEHDEOHWR
DUH GHYHORSHG 7KURXJK WKH LQWURGXF
PRUHDGGHGYDOXHIRUDOOFKDLQSOD\HUV
RIIHUYDULHWLHVIRUVSHFLÀFORFDOQHHGV,Q
WLRQRIKLJKTXDOLW\)K\EULGYDULHWLHV
(J\SW5LMN=ZDDQVWDUWHGLWVRZQVXE
DEHWWHULQFRPHFDQEHDFKLHYHG,QWKH
,QWURSLFDO$IULFDWKHUHLVDIDVWJURZLQJ
VLGLDU\ D IHZ \HDUV DJR 7RJHWKHU ZLWK
ORQJWHUPWKHVHDFWLYLWLHVZLOODOVREHQ
GHPDQG IRU TXDOLW\ YHJHWDEOHV 0RUH
GLVWULEXWRUV DQG JURZHUV 5LMN =ZDDQ
HÀWWKHZKROHUHJLRQRI&HQWUDO$IULFD
DQGPRUHSURIHVVLRQDOJUHHQKRXVHFRP
WULHVWROLIWKRUWLFXOWXUHLQWKHZKROHUH
SDQLHVVWDUWSURGXFWLRQIRUH[SRUW*RRG
JLRQWRDKLJKHUOHYHOZLWKPRUHDGGHG
;OLJYVWZ
YDOXH IRU WKH ZKROH FKDLQ LQ WKH HQG
,Q WKH 0LGGOH (DVWHUQ FRXQWULHV
SRUW IURP 6HQHJDO DQG SHSSHU DQG WR
7KURXJK FKDLQ FRRSHUDWLRQ ZLWK UHWDLO
5LMN =ZDDQ LV RQH RI WKH PDUNHW OHDG
PDWR H[SRUW IURP (WKLRSLD )URP WKH
HUVDOUHDG\VWDUWLQJLQWKH0LGGOH(DVW
HUV LQ PLQL FXFXPEHU 2WKHU H[DPSOHV
FXUUHQWDVVRUWPHQW5LMN=ZDDQDOUHDG\
DQG 6RXWK $IULFD PRUH VWHSV IRUZDUG
ZKHUH 5LMN =ZDDQ GHYHORSHG H[FHOOHQW
RIIHUV D ELJ UDQJH RI VXLWDEOH YDULHWLHV
FDQEHPDGHLQWKHIXWXUH
YDULHWLHVDUHFDXOLÁRZHUIRUWKHPDUNHW
%UHHGLQJRQVSHFLÀFWUDLWVVXFKDVGLV
LQ6\ULDSHSSHUIRU,VUDHODQGORQJFX
HDVH UHVLVWDQFH DQG KHDW WROHUDQFH ZLOO
7KHÀUVWVWHSVRI5LMN=ZDDQLQ&HQWUDO
FXPEHUV IRU 6RXWK$IULFD 6WLOO WKHUH LV
UHVXOW LQ VXLWDEOH YDULHWLHV IRU VSHFLÀF
$IULFD ZHUH PDGH ZLWK WKH VWDUW RI 5=
DORWRISRWHQWLDOLQRWKHU$IULFDQFRXQ
FRXQWULHV
46HP D VHHG SURGXFWLRQ FRPSDQ\ RI
WULHV ,Q 6RXWK $IULFD IRU H[DPSOH WKH
5LMN=ZDDQ'XHWRWKHODFNRIKLJKTXDO
FXOWLYDWLRQ RI OHWWXFH KDV DOUHDG\ LP
LW\VHHGVIRUWKHORFDOIDUPHUVLQ&HQWUDO
SURYHG D ORW VLQFH WKH LQWURGXFWLRQ RI
H[DPSOHVDUHWKHPHORQDQGWRPDWRH[
.LYHYK/\SPZa
(IK\SSHO:H»ZH 4HYJ\Z)\YUL[[
(KYPHU9VLSVMZ ;HYLRLS:HPK
5LMN=ZDDQ'LVWULEXWRUV
5LMN=ZDDQ6XEVLGLDULHV
5LMN=ZDDQ%UHHGLQJ6WDWLRQV
.LY[1HU2YVVR (OTL[;\UHSP
(ZPHHUK6JLHUPH
;OLÄYZ[HJ[P]P[PLZVM9PQRA^HHUPU[OPZ]HZ[YLNPVUILNHUPU(\Z[YHSPH^OLYL9PQRA^HHUZ[HY[LK
^P[O[OLPU[YVK\J[PVUVMMY\P[JYVWZHUKSLHM`]LNL[HISLZ;OYV\NO[OL`LHYZ[OLHJ[P]P[PLZ^LYL
L_WHUKLK^P[OZLLKWYVK\J[PVUIYLLKPUNHUKYLZLHYJOZ\WWVY[(\Z[YHSPHWSH`ZHUPTWVY[HU[YVSL
PU[OLKL]LSVWTLU[VMV\YHJ[P]P[PLZPU[OLYLNPVU
;OLTHYRL[Z
RSSRUWXQLWLHV WR LQWURGXFH RXU H[LVWLQJ
PHQW WHDP ZH KDYH VHW XS VXFFHVVIXO
,Q 5LMN =ZDDQ HVWDEOLVKHG D VXE
UDQJHDVZHOODVVSHFLÀFEUHHGLQJIRUWKH
SURMHFWV IRU WKH LQWURGXFWLRQ RI OHWWXFH
VLGLDU\LQ&KLQD:LWK6KDQGRQJDVRXU
,QGLDQPDUNHW
DQGVHYHUDOLQLWLDWLYHVWRVWLPXODWHKLJK
VWDUWLQJ SRLQW RQH RI WKH PRVW LPSRU
WHFKYHJHWDEOHSURGXFWLRQIRUFOHDQDQG
WDQWKRUWLFXOWXUDOSURYLQFHVZHVXFFHVV
$Q H[FOXVLYH QHWZRUN RI GLVWULEXWRUV
KHDOWK\ YHJHWDEOHV )RRG VDIHW\ ZLOO
IXOO\LQWURGXFHGRXUUHGWRPDWRDQGRXU
HQDEOHVXVWRRSWLPDOO\VHUYHWKHPDUNHW
SOD\DQHYHUJURZLQJUROHLQWKHGHYHO
HJJSODQWYDULHWLHV
LQFRXQWULHVDV1HZ=HDODQG-DSDQ.R
RSPHQWRIIUHVKYHJHWDEOHSURGXFWLRQLQ
UHD 0DOD\VLD ,QGRQHVLD 7KDLODQG DQG
$VLD
9LHWQDP
$V VRPH RI WKH &KLQHVH YHJHWDEOHV DUH
TXLWH GLIIHUHQW IURP RXU (XURSHDQ DV
7KH VXFFHVV RI RXU FKDLQ VXSSRUW SUR
VRUWPHQW ZH VWDUWHG EUHHGLQJ VSHFLÀ
2XU EUHHGLQJ VWDWLRQV LQ $XVWUDOLD
JUDPVLVZHOOLOOXVWUDWHGE\WKHVXFFHVV
FDOO\IRUWKH&KLQHVHPDUNHWLQKRWSHS
&KLQD,QGLDDQGRXUH[WHQVLYHWULDOQHW
RI6DODQRYDŠOHWWXFHZKLFKFKDQJHGWKH
SHUSLQNWRPDWRDQG$VLDQFXFXPEHU
ZRUNWKURXJKRXW$VLDDQG2FHDQLDSUR
PDUNHW DQG DGGHG YDOXH IRU WKH ZKROH
:LWKWZREUHHGLQJVWDWLRQVLQWKHSURY
YLGHXVZLWKDJRRGSRVLWLRQWRGHYHORS
FKDLQ
LQFHV6KDQGRQJDQG*XDQJ[LZHDUHVHW
WKH EHVW YHJHWDEOH YDULHWLHV DGDSWHG WR
%\ GHYHORSLQJ WKH ULJKW YDULHWLHV DQG
WRGHYHORSYDULHWLHVIRUWKHPRVWLPSRU
ORFDOJURZLQJFRQGLWLRQVDQGFXOWXUHV
VXSSRUWLQJ WKHVH ZLWK JURZLQJ DGYLFH
WDQWUHJLRQVLQ&KLQD
QHZ PDUNHW RSSRUWXQLWLHV HYROYH IRU
)\ZPULZZKL]LSVWTLU[
WKH ZKROH YHJHWDEOH FKDLQ 6HHGV DQG
0RUH UHFHQWO\ LQ 5LMN =ZDDQ ,Q
&RRSHUDWLRQ LQ WKH ZKROH YHJHWDEOH
6HUYLFHVRI5LMN=ZDDQ
GLD ZDV HVWDEOLVKHG ,QGLD OLNH &KLQD
FKDLQLVRILQFUHDVLQJLPSRUWDQFHHVSH
LVDFRXQWU\ZLWKDKXJHYHJHWDEOHFRQ
FLDOO\LQ$VLDDQG2FHDQLD
VXPSWLRQ LQ ZKLFK ZH VHH SOHQW\ RI
:LWK RXU GHGLFDWHG EXVLQHVV GHYHORS
.LYHYK/\SPZa
5LMN=ZDDQ'LVWULEXWRUV
5LMN=ZDDQ6XEVLGLDULHV
5LMN=ZDDQ%UHHGLQJ6WDWLRQV
(YPL)HLSKL
>LUO\3P
.PYP/HYLNVWWH 4PJOPLSA^HHU
/HUZ)V\THU
1HU+VSKLYZ\T 1VZ]K2UHHW
:[L]LU9VILY[Z
,HZ[LYU,\YVWL9\ZZPHHUK*LU[YHS(ZPH
9PQRA^HHUZ[HY[LK[OLÄYZ[HJ[P]P[PLZPU,HZ[LYU,\YVWLPU[OLTPKZL]LU[PLZ:PUJL[OH[[PTL
OVY[PJ\S[\YLPU[OL^OVSLYLNPVUOHZZ[YVUNS`L]VS]LK*VTWHUPLZOH]LILJVTLIPNNLYHUK
TVYLWYVMLZZPVUHSHUK[OLU\TILYVMJYVWZHUK[`WLZPUJYLHZLK9PQRA^HHUWSH`ZPU[V[OPZ
^P[OHIYVHKHZZVY[TLU[HUK[OLYPNO[Z\WWVY[PUNYV^PUNHUKZHSLZ
;OLTHYRL[
RSVLQLWVRZQVSHHG'HSHQGLQJRQWKH
DOVR EHFRPLQJ LQFUHDVLQJO\ LPSRUWDQW
:KLOHLQWKHSDVWWKHPDMRULW\RIWKHKRU
QHHGV ZH VXSSRUW RXU FXVWRPHUV ZLWK
1H[WWRFXFXPEHUVDQGWRPDWRHVIRUWKH
WLFXOWXUDOFRPSDQLHVZHUHRZQHGE\WKH
WKHULJKWDGYLFH)RUH[DPSOHE\GHYHO
VXEVWUDWH PDUNHW LQ ZKLFK 5LMN =ZDDQ
VWDWHQRZDGD\VPRVWFRPSDQLHVDUHLQ
RSLQJDQGVKDULQJPDUNHWLGHDVDQGLQL
LVWKHPDUNHWOHDGHU5LMN=ZDDQLVDOVR
SULYDWH KDQGV :LWK ODUJHU FRPSDQLHV
WLDWLQJRUMRLQLQJLQWHUHVWLQJSURMHFWVLQ
IURQWUXQQHULQOHWWXFHIRU1)7SURGXF
PRUH VSHFLDOL]DWLRQ DQG D EHWWHU LQIUD
JURZLQJDQGVDOHV
WLRQ
KDVWDNHQSODFH%HFDXVHPRUHDQGPRUH
;OLVWLUÄLSKJYVWZ
5=KDVDVWURQJSRVLWLRQLQJKHUNLQVDQG
YHJHWDEOHV DUH EHLQJ VROGRQ D FRQWUDFW
,QHDVWHUQ(XURSHZHKDYHDVWURQJSRVL
WRPDWRHV RQ WKH LQGRRU VRLO PDUNHW ,Q
EDVHWKHUHLVDJURZLQJGHPDQGIRUUH
WLRQLQEUDVVLFDVFDUURWVUHGEHHWOHWWXFH
WRPDWRHVIRUH[DPSOHZHLQWURGXFHYD
OLDEOH YDULHWLHV ZLWK D KLJK TXDOLW\ :H
DQGJKHUNLQVZKLFKDUHEHFRPLQJPRUH
ULHWLHVIRUGLIIHUHQWW\SHVZKLFKFDQJHW
SOD\ LQWR WKLV ZLWK RXU RZQ VDOHV VXE
DQGPRUHSRSXODU,QJKHUNLQVZHKDYH
DSRVLWLRQQH[WWRWKHWUDGLWLRQDOO\SRS
VLGLDULHVDQGDVPDUWQHWZRUNRIH[SHUL
DEURDGDVVRUWPHQWZKLFKLVFRPSOHWHO\
XODU EHHI WRPDWRHV 7KH VDPH JRHV IRU
HQFHGGLVWULEXWRUV
SDUWKHQRFDUSLF 7KLV UHVXOWV LQ D EHWWHU
SHSSHU DQG HJJSODQWV :H SOD\ DQ LP
VWUXFWXUH D PDMRU SURIHVVLRQDOL]DWLRQ
TXDOLW\DQGDKLJKHUSURGXFWLRQ1H[WWR
SRUWDQW UROH LQ GLYHUVLÀFDWLRQ RI FURSV
:LWKWKHUHFHQWHVWDEOLVKPHQWRI5=$O
WKHVHFURSVWKHUHDUHPDQ\QHZGHYHORS
ZKLFKLQFUHDVHVDVDUHVXOWRIDQLQFUHDV
PDW\ LQ .D]DNKVWDQ 5LMN =ZDDQ QRZ
PHQWVLQWKHUHJLRQZLWKWKHLQWURGXFWLRQ
LQJSURVSHULW\DQG¶EOXUULQJERUGHUV·
DOVR KDV D VWDEOH EDVH WR H[WHQG WKH DF
RISHSSHUHJJSODQWDQGZDWHUPHORQV
WLYLWLHVLQ&HQWUDO$VLD:HWUDLQRXUGLV
WULEXWRUVWRJHWWKHPRVWRXWRIRXUYD
;OLPUKVVYTHYRL[
ULHWLHV$Q LPSRUWDQW SULQFLSOH ZH WDNH
$VDUHVXOWRIWKHORQJFROGZLQWHUVWKH
LQWRDFFRXQWLVWKDWHYHU\PDUNHWGHYHO
LQGRRUSURGXFWLRQLQHDVWHUQ(XURSHLV
7L[LY
/LJRTLPLY
(Y[LT:`JOL]
)LUJL3HU`P
:[HUPZSH]
6]JOHY`R
(UKYLP
0^HZORPU
7YaLT`ZSH^
6WPVSH
:LYNL`
:LTLUV]
:LYNP`
=HZ`SL]ZR``
5LMN=ZDDQ'LVWULEXWRUV
5LMN=ZDDQ6XEVLGLDULHV
5LMN=ZDDQ%UHHGLQJ6WDWLRQV
9PQRA^HHU7YVK\J[3PULZ
(YHU\ \HDU 5LMN =ZDDQ LQWURGXFHV PDQ\ QHZ YDULHWLHV ZLWK LPSURYHG FKDUDFWHU
LVWLFV 7KHVH YDULHWLHV PHHW WKH KLJKHVW UHTXLUHPHQWV UHJDUGLQJ TXDOLW\ ÁDYRXU
\LHOGDQGUHVLVWDQFHWRSHVWVDQGGLVHDVHV2XUJRDOLVWRFRQWLQXRVO\LPSURYHDQG
GLYHUVLI\RXUUDQJHLQDOODVSHFWV
7RPHHWWKHGHPDQGRIVSHFLÀFWDUJHWJURXSVDQGWRIDFLOLWDWHWKHRULHQWDWLRQZLWKLQ
WKHUDQJH5LMN=ZDDQKDVLQWURGXFHGÀYHSURGXFWOLQHVLQZKLFKYDULHWLHVDUHFRP
ELQHGZLWKRXWVWDQGLQJIHDWXUHV7KHVHYDULHWLHVDUHLGHQWLÀHGZLWKSURGXFWOLQHV
V\PEROVDIWHUWKHQDPHIURPWKHDSSURSULDWHSURGXFWOLQH
6YNHUPJ
*VU]LUPLUJL
0UK\Z[Y`
:LUZH[PVUHS
-SH]V\YZ
:LUZH[PVUHS
:UHJRZ
(Z[OLTHYRL[SLHKLYPUSL[[\JL9PQRA^HHUPZH[[OLJLU[YLVM[OLJVU]LUPLUJL
THYRL[HUK^LHYLPUJSVZLJVU[HJ[^P[O[OLWYVJLZZPUNPUK\Z[Y`>L[OPURHSVUN
^P[O[OLT[VZVS]L[OLPYWYVISLTZHUKJYLH[LUL^WYVK\J[Z:WLJPHSIYLLKPUN
WYVNYHTTLZHYLHPTLKH[HTVUNV[OLY[OPUNZZOLSMSPMLJVSV\YHUKÅH]V\Y
:WLJPÄJ[YHP[Z
*VSSHIVYH[PVU
:\JJLZZM\SYLZ\S[Z
)RU WKLV LQGXVWU\ DWWUDFWLYH FRORXU DQG
&KRRVLQJ WKH ULJKW YDULHW\ LV D TXHV
2QH H[DPSOH RI D VXFFHVVIXO FRQYHQ
D JRRG ÁDYRXU LV QRW HQRXJK $PRQJ
WLRQRIFROODERUDWLRQ$IWHUDOOLQRUGHU
LHQFH SURGXFW LV 6DODQRYDŠ D OHWWXFH
PDQ\ VSHFLÀF GHPDQGV WKH\ QHHG
WR KDYH D VXFFHVVIXO HQG SURGXFW FURS
W\SH WKDW IDOOV DSDUW LQWR D P\ULDG RI
ORZ ZDVWDJH JRRG SUHVHQWDWLRQ DQG
PDWWHUV VXFK DV IHUWLOLVHUV DQG LUULJD
VPDOOOHDYHVZLWKMXVWRQHFXW$QRWKHU
VKHOÁLIH ZKHQ SDFNHG 7KH ZLVKHV RI
WLRQDUHMXVWDVLPSRUWDQWDVZDVKDELOLW\
H[DPSOHLV&DULEEHDQDFDQWDORXSHPH
JURZHUV VXFK DV KLJK \LHOGLQJ DQG OD
SURFHVVDELOLW\DQGVWRUDELOLW\([FKDQJH
ORQZLWKDQLPSURYHGVKHOIOLIH7KHWKLQ
ERXUIULHQGO\YDULHWLHVUHPDLQWKHVDPH
RI NQRZOHGJH ZLWK RXU SDUWQHUV LV
VPRRWKVNLQDQGVPDOOVHHGFDYLW\PDNH
5LMN=ZDDQKDVDUDQJHRIYHJHWDEOHYD
WKHUHIRUH RI JUHDW LPSRUWDQFH LW LV WKH
WKLVSURGXFWYHU\SRSXODUZLWKSURFHV
ULHWLHV WKDW DOORZ SURFHVVRUV DV ZHOO DV
RQO\ZD\WRJHWWKHEHVWIURPDYDULHW\
VRUVWRR$PDMRUWUHQGLVKDUYHVWLQJOHW
JURZHUVWRFUHDWHPD[LPXPSURÀW
,QRUGHUWRDQWLFLSDWHWRWKHZLVKHVIURP
WXFHPHFKDQLFDOO\PDNLQJFXWWLQJLQWKH
PDUNHWVDOODURXQGWKHZRUOGZHZRUN
IDFWRU\REVROHWH2XU6ZHHW&ULVS)ULVHH
ZLWK DQ LQWHUQDWLRQDO QHWZRUN RI FRQ
YDULHWLHVDUHLGHDOIRUWKLVSXUSRVH
YHQLHQFHVSHFLDOLVWV
:PUJL
^LOH]LILLU^VYRPUN[VVMMLYH^PKLYHUNLVMVYNHUPJHSS`
WYVK\JLK]LNL[HISLZLLKZ^OPJOM\SS`TLL[[OLVYNHUPJZLLKYLX\PYLTLU[Z
HZYLJVNUPZLKI`HSS,\YVWLHUJLY[PÄJH[PVUIVKPLZ([[OLTVTLU[^LHYL
PU]LZ[PUNHSV[VMLMMVY[PU^PKLUPUNV\YYHUNL
:WLJPHSH[[LU[PVU
EHHQ WKRURXJKO\ WHVWHG DQG RIIHUV SUR
5LMN =ZDDQ LV LQYHVWLQJ D ORW LQ ZLGH
$W 5LMN =ZDDQ ZH WKLQN LW LV ZRUWK
IHVVLRQDORUJDQLFJURZHUVWKHODWHVWDG
QLQJ WKLV UDQJH 5LMN =ZDDQ RIIHUV D
SD\LQJ VSHFLDO DWWHQWLRQ WR RUJDQLF
YDQFHV LQ SHVW DQG GLVHDVH UHVLVWDQFH
EURDG UDQJH RI QRQFKHPLFDOO\WUHDWHG
KRUWLFXOWXUH $IWHU DOO RUJDQLF JURZ
UREXVWQHVV WDVWH DQG VKHOI OLIH 7KLV
VHHGLQWKHIROORZLQJFURSV
LQJ GHPDQGV VSHFLÀF YDULHWLHV ZLWK
FRQYLQFHVXVWKDWRXURUJDQLFUDQJHZLOO
JRRG UHVLVWDQFHV DQG VRPHWLPHV RWKHU
FRQWULEXWH WR DQ RSWLPDO RUJDQLF SUR
‡FDUURWV
‡FDEEDJH
FRQVXPHUSUHIHUHQFHV7KDWLVZK\RXU
GXFWLRQDQGSURGXFW:HDFFXUDWHO\IRO
‡FHOHULDF
‡FXFXPEHUV ‡HJJSODQWV
EUHHGHUVWDNHWKHVSHFLÀFZLVKHVRIWKLV
ORZ WKH LQWHUQDWLRQDO UHJXODWLRQV DQG
‡HQGLYH
‡NRKOUDEL
‡OHHNV
FXVWRPHUJURXSLQDFFRXQWLQWKHLUSUR
ZKHQQHHGHGDGMXVWRXUEUHHGLQJSUR
‡OHWWXFH
‡PHORQV
‡SHSSHUV
JUDPV:HKDYHVHYHUDOGHPRÀHOGVDQG
JUDPPHVWRQHZUHJXODWLRQV
‡URRWVWRFNV ‡VSLQDFK
>PKLYHUNL
:HFDQRIIHUVXLWDEOHYDULHWLHVIRUPDQ\
2XU UDQJH RI RUJDQLFDOO\ SURGXFHG
JURZLQJFRQGLWLRQV
VHHGFRQVLVWVRIOHWWXFHWRPDWRFXFXP
‡FDXOLÁRZHU
‡WRPDWRHV
JODVVKRXVHV VSHFLÀFDOO\ GHGLFDWHG IRU
RUJDQLFFURSV
9LSPHISLZLLK
2XU KLJK TXDOLW\ YHJHWDEOH VHHG KDV
EHU PHORQ HQGLYH DQG SHSSHU VHHG
Industry
)`JVUZLY]PUN]LNL[HISLZ]LY`ZOVY[S`HM[LYOHY]LZ[PUN[OLYPJOULZZVMUH[\YL
JHUILWYLZLY]LK]LY`^LSS-YVaLUJHUULKVYKYPLK]LNL[HISLZTHRLP[
WVZZPISL[VOH]LH]HYPLKLHZ`[VWYLWHYLHUKOLHS[O`TLHSH[HYLHZVUHISL
WYPJL;OH[PZ^O`9PQRA^HHUZ\WWVY[Z[OPZPUK\Z[Y`^P[O[OLYPNO[]HYPL[PLZ
:WLJPHS[YHP[Z
*\Z[VTLYZHUKJVSSHIVYH[PVU
,_WHUKPUNYHUNL
7KHYHJHWDEOHLQGXVWU\XVHVRSHQ
,QGXVWU\ YHJHWDEOHV DUH DQ LPSRUWDQW
$W WKLV PRPHQW RXU UDQJH RI LQGXVWU\
ÀHOG FURSV 7KH PRVW LPSRUWDQW WUDLWV
SURGXFW IRU UHWDLO PDUNHWV IRRG VHUY
YDULHWLHVFRQVLVWVRIWKHIROORZLQJFURSV
IRU RXU YDULHWLHV DUH WKHUHIRUH D KLJK
LFHDQGIRRGLQGXVWU\%\EHLQJLQFORVH
SURGXFWLRQ JRRG UHVLVWDQFH DJDLQVW
FRQWDFW ZLWK LPSRUWDQW IRRG VXSSOLHUV
‡DXEHUJLQH ‡FDUURWV
GLVHDVHV DQG JRRG ÀHOG ÁH[LELOLW\ 7KLV
ZHDUHDEOHWRPDNHWKHULJKWFKRLFHVLQ
‡EHHWURRW
‡FDXOLÁRZHU ‡OHHN
PHDQV IRU H[DPSOH JRRG UHVLVWDQFH
RXUEUHHGLQJSURJUDPPHV:HDOVRSD\
‡EURFFROL
‡FHOHULDF
‡SHSSHUV
DJDLQVW H[WUHPH ZHDWKHU FRQGLWLRQV D
VSHFLDODWWHQWLRQWRRUJDQLFSURGXFWLRQ
‡FDEEDJH
‡FKLYHV
‡VSLQDFK
‡NRKOUDEL
ORQJKDUYHVWLQJSHULRGDQGDJRRGVWRU
DJHOLIHDIWHUKDUYHVWLQJ)XUWKHUPRUHLW
2XU DLP LV KRZHYHU WR H[SDQG RXU
LV EHFRPLQJ PRUH DQG PRUH LPSRUWDQW
UDQJH ZLWK PRUH YHJHWDEOHV ,Q DGGL
WKDW FURSV DUH VXLWDEOH IRU PHFKDQLFDO
WLRQZHDOVRZDQWWRLQFUHDVHWKHXVDJH
KDUYHVWLQJ DQG WKH LQWHUQDO TXDOLW\ RI
SRVVLELOLWLHV7RJHWKHUZLWKRXUFXVWRP
WKHFURSPXVWEHJRRG
HUV ZH ORRN IRU WKH EHVW SURGXFW DIWHU
SURFHVVLQJWRVDWLVI\FRQVXPHUQHHGV
Sensational
Flavours
9PQRA^HHUPZJVU]PUJLK[OH[]HYPL[PLZ^P[OHUL_JLW[PVUHSÅH]V\YKLZLY]L
L_[YHH[[LU[PVU)HZLKVUL_[LUZP]LZLUZVY`HUKJVUZ\TLYYLZLHYJO9PQRA^HHU
OHZZLSLJ[LKHU\TILYVM]HYPL[PLZ[OH[N\HYHU[LLHKLTVUZ[YHIS`KPZ[PUJ[P]L
[HZ[LL_WLYPLUJL!:LUZH[PVUHS-SH]V\YZ
+PZ[PUJ[P]L
:LWHYH[LWSH[MVYT
9VSSLKV\[PU[LYUH[PVUHSS`
:KHUHDV ÁDYRXU ZLOO DOZD\V EH RI
,Q6HQVDWLRQDO)ODYRXUVRXUVSHFLDOYD
6HQVDWLRQDO )ODYRXUV KDV PHDQZKLOH
JUHDW LPSRUWDQFH LQ WKH EUHHGLQJ RI
ULHWLHVJHWWKHSODWIRUPWKH\GHVHUYH$I
VWDUWHGLQWKH1HWKHUODQGV6SDLQ,WDO\
5LMN=ZDDQWKHYDULHWLHVZLWKLQ6HQVD
WHUDOOWKHVHSURGXFWVDUHRIIHULQJH[WUD
&KLQD DQG *HUPDQ\ ,Q WKH PRQWKV
WLRQDO )ODYRXUV UDQJH UHDOO\ VWDQG RXW
YDOXHHVSHFLDOO\WRIRRGVHUYLFHFRPSD
DKHDGWKHSURGXFWOLQHZLOOEHODXQFKHG
)RULQVWDQFHDWRPDWRZLWKDVXUSULVLQJ
QLHVDQGWKHKLJKHUUHWDLOVHJPHQW
LQPRUHFRXQWULHVDQGZLOOEHDGGHGWR
VZHHWVRXU EDODQFH RU DQ DXEHUJLQH
8OWLPDWHO\ 6HQVDWLRQDO )ODYRXUV DOVR
ZLWK PRUH DQG PRUH YDULHWLHV 7KH EDU
WKDW DEVRUEV OHVV IDW PDNLQJ LW PRUH
SURYLGHV JURZHUV ZLWK SRVVLELOLWLHV WR
ZLOO UHPDLQ KLJK RQO\ YDULHWLHV ZLWK
VXLWDEOHIRUIU\LQJ7KDWLVKRZZHKDYH
VHUYH QHZ PDUNHWV 3DUW RI WKLV UHFRJ
D UHDOO\ H[FHSWLRQDO ÁDYRXU GHVHUYH D
VHOHFWHG D QXPEHU RI XQLTXH YDULHWLHV
QLVDEOHSURGXFWOLQHLVDYHU\H[FOXVLYH
SODFHLQWKH6HQVDWLRQDO)ODYRXUVUDQJH
IURPRXUUDQJH
DQG UHFRJQLVDEOH 6HQVDWLRQDO )ODYRXUV
5HOLDELOLW\ DQG SURGXFWLRQ UHPDLQ DQ
FDWDORJXH
LPSRUWDQWSUHFRQGLWLRQ
=LNL[HISLZUHJRZZLLT[VIL[OLWLYMLJ[^H`[VPUJYLHZL]LNL[HISLJVUZ\TW
[PVUHYV\UK[OL^VYSK;OH[»Z^O`9PQRA^HHUOHZZLSLJ[LKHU\TILYVM
]HYPL[PLZ[OH[Z\P[[OL^PZOLZVM[OLTVKLYUJVUZ\TLYWLYMLJ[S`!YLHK`[VLH[
IP[LZPaL]LNL[HISLZ^P[OHNYLH[[HZ[L
/LHS[O`ºPUIL[^LLU»
0KLHS[YLH[MVYJOPSKYLU
º3L[»ZZUHJR»
0RUH DQG PRUH FRQVXPHUV DUH VHHLQJ
5LMN=ZDDQKDVKDGRQHSDUWLFXODUWUXO\
5HOLDELOLW\ DQG SURGXFWLRQ QDWXUDOO\
WKH EHQHÀWV RI VQDFNLQJ RQ YHJHWDEOHV
LQQRYDWLYH VQDFN SURGXFW LQ LWV UDQJH
UHPDLQ LPSRUWDQW SUHFRQGLWLRQV VLQFH
DV D KHDOWK\ ¶LQEHWZHHQ· ,Q UHDFWLRQ
IRU VRPH \HDUV QRZ WKH PLQL FXFXP
\RX FDQQRW KDYH D VXFFHVVIXO SURGXFW
WR WKLV WUHQG 5LMN =ZDDQ RIIHUV DQ HY
EHU 7KLV FUXQFK\ FRFNWDLO FXFXPEHU LV
ZLWKRXW D VXFFHVVIXO FURS :H XQGHU
HUJURZLQJ UDQJH RI VSHFLÀF YDULHWLHV
DQ LGHDO WUHDW IRU FKLOGUHQ ,Q DGGLWLRQ
VWDQG WKDW HDFK LQGLYLGXDO JURZLQJ
ZKLFK UHSUHVHQW LGHDO VQDFNV VXFK DV
5LMN=ZDDQDOVRRIIHUVDZLGHUDQJHRI
UHJLRQ DQG SDUWLFXODU PDUNHW UHTXLUHV
UHDG\WRHDW KRQH\VZHHW SOXP WRPD
WDVW\ FKHUU\ SOXP WRPDWRHV ZKLFK
D VSHFLÀF DSSURDFK VR RXU H[SHUWV DUH
WRHV DQG VPDOO KDQG\VL]HG FUXQFK\
DORQJZLWKSURGXFWVOLNHFHOHU\UDGLVK
RQKDQGWR SURYLGH\RX ZLWK SHUVRQDO
FRFNWDLO FXFXPEHUV :KHQ GHYHORSLQJ
EDE\ EHHW DQG FDUURW UHSUHVHQW SHUIHFW
WDLORUPDGH DGYLFH :H DUH KDSS\ WR
VXFKYDULHWLHVRXUEUHHGHUVWDNHDOOWKH
LQJUHGLHQWV IRU D KHDOWK\ DQG YDULHG
LQYLWH \RX WR RXU GHPR ÀHOGV VR WKDW
NH\ FKDUDFWHULVWLFV LQWR DFFRXQW \HDU
¶VQDFN SDFN· %\ GHYHORSLQJ GLIIHUHQW
\RX FDQ VHH DQG WDVWH RXU VQDFN UDQJH
URXQG FRQVLVWHQW WDVWH JRRG VKHOI OLIH
YDULHWLHVVSHFLÀFDOO\IRUGLIIHUHQWJURZ
,Q WKLV FDVH QRW ¶VHHLQJ· EXW ¶WDVWLQJ· LV
DQGRIFRXUVHDQDWWUDFWLYHDSSHDUDQFH
LQJUHJLRQVZHKDYHEHHQDEOHWRHQVXUH
EHOLHYLQJ6RFRPHDQGYLVLWXVDQGOHW·V
WKDW FRQVXPHUV FDQ EX\ KLJKTXDOLW\
VQDFN
VQDFNSURGXFWVDOO\HDUURXQG
,NNWSHU[
5LMN=ZDDQKDVDEURDGUDQJHRIYDULHWLHVZLWKH[FHOOHQW
IUXLWTXDOLW\FKDUDFWHULVWLFVDQGVKHOIOLIH:HRIIHU
YDULHWLHVVXLWDEOHIRU\HDUURXQGFXOWLYDWLRQLQFRQWUROOHG
FRQGLWLRQVDQGYDULHWLHVDGDSWHGWRSURWHFWHGDQGRSHQ
ÀHOGFXOWLYDWLRQ
5L^THYRL[VWWVY[\UP[PLZ
5LMN=ZDDQLVFRQWLQXRXVO\ORRNLQJIRUQHZPDUNHW
RSSRUWXQLWLHVDQGGHYHORSLQJQHZDQGUHOLDEOHODERXU
IULHQGO\YDULHWLHVZLWKWKHEDUIRUSURGXFWLYLW\EHLQJ
UDLVHGZLWKHYHU\QHZLQWURGXFWLRQ
=HYPV\ZZOHWLZHUKJVSV\YZ
2XUHJJSODQWUDQJHFRQVLVWVRIF\OLQGULFDORYDODQG
URXQGW\SHV$SDUWIURPWKHYDULDWLRQLQVKDSHWKH
UDQJHLVH[SDQVLYHLQIUXLWFRORXUVDVZHOO$SDUWIURP
VKLQ\EODFNZHRIIHUYDULHWLHVLQJUHHQZKLWHYLROHW
DQGVWULSHGSXUSOHDQGZKLWH
7LYMLJ[X\HSP[`
5LMN=ZDDQHJJSODQWYDULHWLHVDUHVHOHFWHGIRUWKH
EHVWH[WHUQDOFRORXUVSLQHOHVVIUXLWVDQGDFDO\[WKDW
NHHSVLWVQLFHJUHHQFRORXUDIWHUKDUYHVWLQJ:HDLP
IRUDSHUIHFWLQWHUQDODQGH[WHUQDOTXDOLW\FRPELQHG
ZLWKH[FHOOHQWVKHOIOLIHDVWURQJSRLQWRI5LMN=ZDDQ
HJJSODQWYDULHWLHV
3VUN
6]HS
9V\UK
3LHMJYVWZ
)YHZZPJH
9VV[JYVWZ
9VV[Z[VJR
-Y\P[JYVWZ
,NNWSHU[
6[OLYZ
:VSHU\TTLSVUNLUH
7\YW\YH
,NNWSHU[
365.*@305+90*(3>/0;,
365.*@305+90*(3)3(*2
)HYVX\L9A-
(UH[VSPH9A-
)YPNP[[L9A-
‡9LJRURXVSODQW
‡6WURQJYLJRURXVSODQW
‡2SHQSODQWKDELW
‡(DV\VHWWLQJRIXQLIRUP
F\OLQGULFDOIUXLWV
‡)LUPORQJF\OLQGULFDOIUXLWV
‡6WURQJFROGWROHUDQFHIRU
ZLQWHUFXOWLYDWLRQ
‡6SLQHOHVVFDO\[
‡6XLWDEOHIRUKDUYHVWDVPLQLIUXLWV
‡+LJK\LHOGLQJJRRGTXDOLW\
IUXLWVVSLQHOHVV
365.*@305+90*(3
=(90,;@
/LH[LK
7YV
V [LJ[LK
O
6WLUMPLSK
-Y\P[JVSV\Y
7YVK\J[SPUL
365.*@305+90*(3)3(*2
O
:OPU`)SHJR
(U H T \ Y 9 A
O
:OPU`)SHJR
) Y P NP [[L9 A
O
:OPU`)SHJR
(UH[ V SPH9 A
, Z[ L SS L 9 A
O
:OPU`)SHJR
O
5PSV9A
O
6 YPLU [HS9 A
O
O
:OPU`)SHJR
:OPU`)SHJR
365.*@305+90*(3>/0;,
) HYVX \L 9A
O
6=(396<5+
O
O
>OP[L
96<5+¸7<97<9(¹
*OLY`S9A-
:HILSSL9A-
‡&ORVHGSODQWZLWKPHGLXPYLJRU
‡7\SLFDO,WDOLDQW\SHHJJSODQW
‡6KLQ\EODFNRYDOURXQGIUXLWVZLWK
VWURQJFDO\[
‡(DUO\JHQHUDWLYHSODQW
‡,UUHJXODUELFRORXUYLROHWSXUSOHIUXLWV
‡6XLWDEOHIRURSHQÀHOGFXOWLYDWLRQ
96<5+
=(90,;@
/LH[LK
7YV[LJ[LK
6WLUMPLSK
-Y\P[JVSV\Y
6=(396<5+
:OPU`)SHJR
-H U [ HZ [ P J 9 A
O
*OLY `S9 A
O
O
:OPU`)SHJR
O
O
=PVSL[7\YWSL
96<5+7<97<9(
:HIL SS L 9 A
7YVK\J[SPUL
:VSHU\TTLSVUNLUH
,NNWSHU[
6=(3:;907,+
:OHUUVU9A-
(UNLSH9A-
‡8QLTXHJUHHQYDULHW\ZLWK
VSHFLDOWDVWH
‡6WURQJYLJRURXVSODQW
‡6XLWDEOHIRUZLQWHUFXOWLYDWLRQ
‡*RRGVKHOIOLIHZKLWHÁHVK
-Y\P[JYVWZ
6=(3.9,,5
‡3XUSOHDQGZKLWHVWULSHGIUXLWV
9VV[Z[VJR
‡3URGXFWLYHYDULHW\HDUO\
6=(3>/0;,
:OHYHWV]H9A-
3H[V9A-
‡/RQJYLJRURXVSODQW
‡&OHDQZKLWHRYDOIUXLWV
‡/DUJHÀUPVHPLVSLQHOHVVIUXLWV
‡8QLIRUPIUXLWVVWURQJSODQWYLJRU
‡6XLWDEOHIRURSHQÀHOGSURGXFWLRQ
‡6XLWDEOHIRUZLQWHUFXOWLYDWLRQ
9VV[JYVWZ
6=(3)3(*2
1H`SV9A-
)YHZZPJH
‡6WDQGDUGIRUKHDWHGFXOWLYDWLRQ
‡+LJKTXDOLW\XQLIRUPVSLQHOHVV
IUXLWV
‡3URGXFWLYHHDUO\
=(90,;@
/LH[LK
7YV[LJ[LK
O
O
6WLUMPLSK
-Y\P[JVSV\Y
6=(3.9,,5
:OHUUVU9A
.YLLU
6=(3)3(*2
) L`VUJL9A
O
1H`SV9A
O
:OPU`)SHJR
7YVK\J[SPUL
3LHMJYVWZ
6=(3
:OPU`)SHJR
3\JPH9A
O
4VUH YJH9A
O
:OHYHWV]H9A
O
:OPU`)SHJR
:OPU`)SHJR
O
:OPU`)SHJR
6=(3>/0;,
O
>OP[L
O
6=(3:;907,+
(UNLS H9A
3LPYL 9A
O
:[YPWLK7\YWSL>OP[L
O
O
O
:[YPWLK7\YWSL>OP[L
6[OLYZ
3H[ V9A
*\J\TILY
5LMN=ZDDQKDVDOHDGLQJSRVLWLRQLQWKHLQWHUQDWLRQDOFXFXPEHU
PDUNHW2XUGHGLFDWHGWHDPRIEUHHGHUVFRQWLQXRXVO\GHYHORSV
QHZLQQRYDWLYHYDULHWLHVIRUDOOJURZLQJFRQGLWLRQV7ZR
ÀQHH[DPSOHVRIWKHVHLQQRYDWLRQVDUHWKHLQWURGXFWLRQRIWKH
%OXHOHDIFRQFHSWDQGWKH%RQ'HIHQVHYDULHWLHV
5L^JVUJLW[Z
7KH%OXHOHDIYDULHWLHVRIIHUWKHJURZHUDPRUHKHDOWK\DQG
JUHHQFURSLQXQKHDWHGFXOWLYDWLRQV8QGHUWKH%RQ'HIHQVH
ODEHO5LMN=ZDDQLQWURGXFHVDVWKHÀUVWEUHHGLQJFRPSDQ\
YDULHWLHVZLWK&*009UHVLVWDQFH
+P]LYZPÄJH[PVU
7KHUHLVDZLGHGLYHUVLW\LQFXFXPEHUV:HGHYHORSWKHPLQD
YDULHW\RIFRORXUVVNLQIRUPVDQGOHQJWKVIURPPLQLWRORQJ
DQGIURPVPRRWKWRVSLQHG2QHYHU\JRRGH[DPSOHRIWKH
GLYHUVLÀFDWLRQRI5LMN=ZDDQDUHWKHVQDFNFXFXPEHUVZKLFK
DUHMXVWWKHULJKWVL]HWRHDWLQRQHELWH7KLVW\SHLVDOVRLGHDO
DVDVQDFNEHWZHHQPHDOVHVSHFLDOO\IRUFKLOGUHQ7KHVQDFN
UDQJHLVQRZIXUWKHUH[SDQGHGZLWKDOLJKWJUHHQYDULHW\ZLWKD
ÀUPHUELWHDQGDQDWWUDFWLYHFUHDP\ZKLWH
4VKLYUNYV^PUN[LJOUPX\L
1HZJURZLQJWHFKQLTXHVGHPDQGQHZYDULHW\WUDLWV
5LMN=ZDDQIROORZVZLWKYDULHW\GHYHORSPHQWIRUWKHVHQHZ
WHFKQLTXHVVXFKDVWKHHPHUJLQJKLJKZLUHFURSSLQJDQG
VXSSOHPHQWDU\OLJKWLQJLQPRGHUQJUHHQKRXVHSURGXFWLRQ
9DULHWLHVZLWKVSHFLÀFVXLWDELOLW\FDQFRQWULEXWHWRDQLQFUHDVHG
\LHOGDQGDKLJKHUTXDOLW\SURGXFW
wa
an
b y R ij k Z
3VUN
4PKP
4PUP
*\J\TPZZH[P]\Z
*\J\TILY
$ *\J\TILYTVZHPJJ\J\TV]PY\Z
*\J\TILYTVZHPJ
*=@=
$ *\J\TILY]LPU`LSSV^PUN
PWVTV]PY\Z
*\J\TILY]LPU`LSSV^PUN
*@:+=
$ *\J\YIP[`LSSV^Z[\U[PUN
KPZVYKLYJYPUP]PY\Z
*\J\YIP[`LSSV^Z[\U[PUNKPZVYKLY
79:=
$ 7HWH`HYPUNZWV[WV[`]PY\Z
L_>4=0
7HWH`HYPUNZWV[
>4=
$ >H[LYTLSVUTVZHPJWV[`]PY\Z
L_>4=00
>H[LYTLSVUTVZHPJ
A@4=
$ A\JJOPUP`LSSV^TVZHPJWV[`]PY\Z
A\JJOPUP`LSSV^Z
*J\
$ *SHKVZWVYP\TJ\J\TLYPU\T
:JHIHUKN\TTVZPZ
*JH
$ *VY`ULZWVYHJHZZPPJVSH
*VY`ULZWVYHISPNO[HUK[HYNL[ZWV[
9VV[Z[VJR
*4=
-Y\P[JYVWZ
9LZPZ[HUJLJVKLZ
7J\
$ 7ZL\KVWLYVUVZWVYHJ\ILUZPZ
+V^U`TPSKL^
.*L_,J $ ,Y`ZPWOLJPJOVYHJLHY\T
.VSV]PUVT`JLZJPJOVYHJLHY\
7V^KLY`TPSKL^
)YHZZPJH
*.44= $ *\J\TILYNYLLUTV[[SL
TVZHPJ]PY\LZ
*\J\TILYNYLLUTV[[SL
9VV[JYVWZ
7_L_:M $ :WOHLYV[OLJHM\SPNPULH
UV^7VKVZWOHLYPH_HU[OPP
7V^KLY`TPSKL^
*VJR[HPS
3LHMJYVWZ
(ZPHU
6[OLYZ
:SPJLY
*\J\TILY
365.
1\UNSH9A-
&FD&FX
=LYKVU9A- &9<9&<6'9
&*009&FD&FX3[H[6I
&09&9<9
‡1LFHEDODQFH
‡6WURQJIUXLWVHWWLQJ
‡6WURQJSODQW
‡'DUNJUHHQIUXLWZHOOULEEHG
‡*RRGIUXLWVHWWLQJ
‡*RRGVWDPLQD
‡/RQJVOHQGHUIUXLW
4`Y[OVZ9A-
7YVSVVN9A-
&FX3[H[6I
&09&9<9
&FX
3[H[6I
‡*HQHUDWLYHSODQW
‡+LJKIUXLWTXDOLW\
‡(DV\IUXLWVHWWLQJ
‡:HOOEDODQFHGRSHQSODQW
‡6WURQJDJDLQVWEXUQWKHDGV
‡*RRGVWDPLQD
365.*<*<4),9
=(90,;@
(KKPZVU9A
/LH[LK
*J\7_L_:M
*.44=*4=*=@=
7YV[LJ[LK
O
:WYPUN
:\TTLY
(\[\TU
O
O
O
>PU[LY
(PZVWVZ 9A
*JH*J\
*=@=7_L_:M
O
O
O
)VYLHS9A
*J\
*=@=7_L_:M
O
O
O
)\YNV Z 9A
*JH*J\
*=@=7_L_:M
O
*HKPa9A
*J\7_L_:M
*\T SH\KL9A
*J\7_L_:M
+LT H Y YHNL9A
*JH*J\L_:M
O
O
7_L_:M
O
O
,Z[ LWH9A
*JH*J\
*=@=7_L_:M
O
1\UNSH9A
*JH*J\
*=@=*@:+=
O
4`Y[ OVZ 9A
*J\7_L_:M
*4=*=@=
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
7HPZHQ L9A
*JH*J\
*=@=7_L_:M
O
7YHKL YH9A
*JH*J\7_L_:M
*=@=
O
7YVSVVN9A
*J\
7_L_:M
:JV[ PU VZ 9A
*J\
7_L_:M
O
O
O
;\UKYH9A
*JH*J\
*=@=*@:+=
O
O
O
=LYKVU9A
*.44=*JH*J\7_L_:M
*4=*=@=
O
O
O
O
O
O
9LTHYR
7YVK\J[SPUL
*\J\TPZZH[P]\Z
*\J\TILY
-Y\P[JYVWZ
40+0
@HUP9A-
&FX
&09&9<9
‡2SHQDQGJHQHUDWLYHSODQW
‡)UXLWOHQJWKFP
‡1LFHULEEHGDQGZHOOÀOOHGIUXLW
9VV[Z[VJR
‡*RRGVKHOIOLIH
40+0*<*<
<*<4),9
/LH[LK
@H U P 9 A
*J\
*4=*=@=
1 P YYH9A
*J\
*4=*=@=
4L K PH 9A
*JH*J\
*4=*=@=7_L_:M
4 L ^H 9A
*JH*J\
*4=*=@=7_L_:M
7YV[LJ[LK
:WYPUN
:\TTLY
(\[\TU
O
O
O
O
O
O
O
O
O
O
O
>PU[LY
7YVK\J[SPUL
O
O
9VV[JYVWZ
=(90,;@
O
4050
2PUNZ[HY9A-
&FX3[H[6I
&FX3[H[6I
&09&9<93569:09=<09
&09&9<9
‡1LFHEDODQFHGRSHQSODQWV
‡9LJRURXVSODQWZLWKVWURQJIROLDJH
‡6KLQ\IUXLWVRIJRRGTXDOLW\
‡0XOWLIUXLWLQJYDULHW\ZLWKJRRG
TXDOLW\IUXLWV
‡(DUO\SURGXFWLYH
)YHZZPJH
.PHUJV9A-
‡)UXLWOHQJWKFP
/LH[LK
7YV[LJ[LK
:WYPUN:\TTLY
(\[\TU
>PU[LY
;`WLVM-Y\P[PUN
O
:PUNSL
) YLUQP 9 A
*J\7_L_:M
+L S [ HZ [H Y 9A
*JH*J\7_L_:M
*4=*=@=
O
+ LL U H 9A
*J\7_L_:M
*4=*=@=
O
.PHUJ V9A
*J\7_L_:M
*4=*=@=79:=>4=A@4=
O
2 HZWPH U9A
*J\7_L_:M
*4=
O
2OHZZPI9 A
*J\7_L_:M
*4=*=@=79:=>4=A@4=
O
2PU N Z[HY 9A
*J\7_L_:M
*4=*=@=
O
4\ S[ PZ[HY 9A
*J\7_L_:M
*4=*=@=79:=>4=A@4=
O
O
5 V\ YH U9 A
*J\7_L_:M
A@4=
O
O
7PJV^LSS9 A
*J\
7_L_:M
:PS `VU9 A
*J\7_L_:M
*4=*=@=79:=>4=A@4=
O
O
4\S[P
:\ U Z[ H Y 9A
*J\7_L_:M
*4=*=@=79:=>4=A@4=
O
O
:LTP4\S[P
=H SS L`Z [HY 9 A
*J\7_L_:M
*4=
O
@H SKH 9 A
*J\7_L_:M
*4=*=@=79:=>4=A@4=
O
@H X V\[9A
*J\7_L_:M
O
O
O
O
O
:PUNSL
4\S[P
O
:LTP4\S[P
O
:LTP4\S[P
O
:LTP4\S[P
O
O
O
:LTP4\S[P
O
7YVK\J[SPUL
:LTP4\S[P
:LTP4\S[P
O
O
:LTP4\S[P
:LTP4\S[P
O
:LTP4\S[P
O
O
:PUNSL
6[OLYZ
=(90,;@
3LHMJYVWZ
4050*<*<4),9
*\J\TILY
:30*,9
4VKHU9A-
*HTHU9A-
&FX3[H[6I
&09&9<9
&FX3[H[6I
&09&9<9
‡+LJK\LHOGLQJYDULHW\
‡+LJKIUXLWTXDOLW\
‡0HGLXPVSLQHG
‡*HQHUDWLYHSODQW
‡6WURQJSODQWZLWKQLFHEDODQFH
‡/HDGLQJYDULHW\IRUVSULQJ
DQGDXWXPQ
:30*,9
=(90,;@
7YV[LJ[LK
:WYPUN
(\[\TU
>PU[LY
(SHUPZ9A
*JH*J\
*4=
/LH[LK
O
O
O
O
*HT H U9A
*J\7_L_:M
*4=*=@=
O
O
O
,ZWHYVU9A
*J\7_L_:M
*4=*=@=
O
O
4VKHU9A
*J\7_L_:M
*4=*=@=
O
O
(:0(5
.LYHRS9A-
&FX
&09&9<93[H[6I
‡9LJRURXVRSHQSODQW
‡'DUNJUHHQVSLQHGIUXLWV
‡*RRGVKHOIOLIH
:\TTLY
O
O
O
O
7YVK\J[SPUL
*\J\TPZZH[P]\Z
*\J\TILY
-Y\P[JYVWZ
*6*2;(03
*LUNLS9A-
&FX3[H[6I
‡8QLIRUPIUXLWVRIFP
‡*HQHUDWLYHPXOWLIUXLWLQJYDULHW\
‡%URDGDGDSWDELOLW\
‡0XOWLIUXLWLQJJRRGVKHOIOLIH
‡,QJUHGLHQWIRUPL[HGVQDFNFRQFHSW
‡,QJUHGLHQWIRUPL[HGVQDFNFRQFHSW
9VV[Z[VJR
‡6WURQJFROGWROHUDQFHDGDSWDEOH
9VV[JYVWZ
3[H[6I
‡&UHDP\ZKLWHIUXLWV
)YHZZPJH
&9<9
‡6PRRWKOLJKWJUHHQIUXLWV
3LHMJYVWZ
&FX3[H[6I
9A-
6[OLYZ
,ZWHKHUH9A-
.OLYRPU
*KHUNLQVDUHDSURGXFWLQGHYHORSPHQW
0HFKDQLFDOKDUYHVWLQJLVEHFRPLQJ
LQFUHDVLQJO\LPSRUWDQWIRUWKH
SURFHVVLQJLQGXVWU\DVZHOODVWKH
GHYHORSPHQWRIJKHUNLQYDULHWLHVIRU
SURWHFWHGZLUHFXOWLYDWLRQ5LMN=ZDDQ
RIIHUVDUDQJHRIYDULHWLHVIRUDOO
SXUSRVHVDQGJURZLQJFRQGLWLRQV
9LZPZ[HUJLJVKLZ
*4=
$ *\J\TILYTVZHPJJ\J\TV]PY\Z
*\J\TILYTVZHPJ
*J\
$ *SHKVZWVYP\TJ\J\TLYPU\T
:JHIHUKN\TTVZPZ
7J\
$ 7ZL\KVWLYVUVZWVYHJ\ILUZPZ
+V^UL`TPSKL^
7_L_:M$ :WOHLYV[OLJHM\SPNPULH
UV^7VKVZWOHLYPH_HU[OPP
7V^KLY`TPSKL^
=LYZH[PSL
*=@=
$ *\J\TILY]LPU`LSSV^PUNPWVTV]PY\Z
*\J\TILY]LPU`LSSV^PUN
*KHUNLQVDUHDYHUVDWLOHSURGXFWXVHG
LQPDQ\GLIIHUHQWZD\V7KH\DUH
RIIHUHGDVDSLFNOHGSURGXFWZKROH
RUVOLFHGRURQWKHIUHVKPDUNHWDVD
VSHFLDOW\SURGXFW$OOXVHVGHPDQG
VSHFLÀFYDULHW\FKDUDFWHULVWLFVIRU
ZKLFKZHKDYHGHYHORSHGDUDQJHRI
VPRRWKURXJKO\VSLQHGRUGHQVHO\
VSLQHGYDULHWLHV
79:=
$ 7HWH`HYPUNZWV[WV[`]PY\ZL_>4=0
7HWH`HYPUNZWV[
>4=
$ >H[LYTLSVUTVZHPJWV[`]PY\Z
L_>4=00
>H[LYTLSVUTVZHPJ
A@4=
$ A\JJOPUP`LSSV^TVZHPJWV[`PY\Z
A\JJOPUP`LSSV^Z
*V
$ *VSSL[V[YPJO\TVYIPJ\SHYL
(U[OYHJUVZL
0U[LYUHSHUKL_[LYUHSX\HSP[`
5LMN=ZDDQVHOHFWVLWVJKHUNLQV
IRUH[FHOOHQWH[WHUQDODQGLQWHUQDO
SUHVHQWDWLRQDQGSURFHVVLQJTXDOLWLHV
:HDLPIRUKLJK\LHOGLQJUHVLVWDQW
YDULHWLHVZLWKVWURQJSODQWVHQGXUDQFH
DQGUHFRYHU\0HFKDQLFDOKDUYHVWLQJ
GHPDQGVDVSHFLÀFFURSW\SHIRU
ZKLFKZHLQWURGXFHWKHVPRRWK
SDUWKHQRFDSLFYDULHW\8QLVRQR5=
(4,90*(5:705,+
7\JJPUP9A-
&FX
&R3[H[6I
‡6XLWDEOHIRUPHFKDQLFDOKDUYHVW
‡&RPSDFWSODQWVZLWKPHGLXP
VL]HGOHDYHV
‡/HVVGHQVHEXWPRUHSURQRXQFHGO\
VSLQHGIUXLWV
*\J\TPZZH[P]\Z
.OLYRPU
&FX3[H[6I
+PYPNLU[9A-
&09
‡9DULHW\IRUZLUHRUVWLFNFXOWLYDWLRQ
‡6XLWDEOHIRULQGRRUDQGRXWGRRU
FXOWLYDWLRQ
&FX3[H[6I
<UPZVUV9A-
&09
&FX3[H[6I
‡3URYHQYDULHW\IRUKRUL]RQWDO
FXOWLYDWLRQ
‡)LUVWSDUWKHQRFDUSLFYDULHW\VXLWDEOH
IRUPHFKDQLFDOKDUYHVW
‡2SHQSODQWZLWKPHGLXPYLJRU
‡3ODQWVZLWKVWHPIUXLWVHQDEOH
PDFKLQHKDUYHVWLQJ
‡0XOWLIUXLWLQJYDULHW\ZLWKVWDEOH
IUXLWTXDOLW\
‡6WDEOHSURGXFWLRQRIXQLIRUPGDUN
JUHHQIUXLWV
2HYHVRL9A-
4HQLZ[VZH9A-
&FX3[H[6I
&093FX
‡9DULHW\IRUKRUL]RQWDOFXOWLYDWLRQ
&09
&FX3[H[6I
‡+LJKTXDOLW\IUXLWVRQVWHPDQG
ODWHUDOVKRRWV
9VV[Z[VJR
2`IYPH9A-
7(9;/,56*(970*:466;/
&093FX
‡*RRGUHJHQHUDWLRQDQGHQGXUDQFH
‡6WURQJFRPSDFWSODQWVIRUKRUL]RQWDO
FXOWLYDWLRQ
‡8QLIRUPGDUNJUHHQIUXLWKLJK
\LHOGLQJ
‡6OLJKWO\ORQJHUTXDOLW\IUXLWVVXLWDEOH
IRUVOLFLQJ
-Y\P[JYVWZ
7(9;/,56*(970*:705,+
./,9205
=(90,;@
3+YH[PV
/VYPaVU[HS
*\S[P]H[PVU
O
=LY[PJHS
*\S[P]H[PVU
0UKVVY
O
O
4LJOHUPJHS
/HY]LZ[
7YVK\J[SPUL
)YHZZPJH
9VV[JYVWZ
‡6WURQJUHJHQHUDWLRQ
7(9;/,56*(970*:705,+
*VT W VUPZ [9A
*J\7_L_:M
*4=
!
.YH]P UH9A
*J\7_L_:M
*4=*=@=
!
2 HYHVRL9A
*J\7_L_:M
*4=7J\
!
2`IYPH9A
*J\7_L_:M
*4=
!
3LUHYH9A9A
*J\7_L_:M
7YLZ[ V9A
*J\7_L_:M
*4=
!
:OHR[ OP9A
*J\7_L_:M
*4=79:=>4=A@4=7J\
!
>HNULY 9A
*J\7_L_:M
*4=
!
9A
*J\7_L_:M
!
O
9A
*J\7_L_:M
!
O
O
O
!
O
O
O
O
O
O
O
O
O
3LHMJYVWZ
O
7(9;/,56*(970*:466;/
) YHOTZ 9A
*J\7_L_:M
*4=
!
O
+PYPNLU[9A
*J\7_L_:M
*4=
!
O
/HYTVUPL9A
*J\7_L_:M
*4=
!
O
4HQLZ[VZ H9A
*J\7_L_:M
*4=7J\
!
O
:JO\ILY [9A
*J\7_L_:M
*4=
!
O
;YPSVN `9A
*J\7_L_:M
*4=A@4=
!
<UPZV UV9A
*J\7_L_:M
*4=
!
O
O
*J\
*V!7_L_:M
!
O
O
O
O
(4,90*(5:705,+
7\JJPUP9A
6[OLYZ
:^LL[7LWWLY
6ZHHWSHSSHUVDUHJURZQ\HDUURXQGDQGFRPHLQPDQ\
GLIIHUHQWFRORXUVIRUPVDQGVL]HV2XUGHGLFDWHGWHDP
RIEUHHGHUVFUHDWHVDQHYHUH[SDQGLQJUDQJHRIKLJK
TXDOLW\SHSSHUYDULHWLHV:HRIIHUDZLGHDUUD\RIIRUPV
DQGFRORXUVVXLWDEOHIRUPRVWJURZLQJFRQGLWLRQV:LWK
WKLVUDQJHRIYDULHWLHV5LMN=ZDDQKROGVDIDVWLQFUHDVLQJ
PDUNHWVKDUHLQWKHLQWHUQDWLRQDOVZHHWSHSSHUPDUNHW
>PKLUPUNYHUNL
,QEORFN\SHSSHUV5LMN=ZDDQRIIHUVDFRPSOHWH
UDQJHIURPODUJHWRVPDOOIUXLWHGYDULHWLHVHDUO\WR
ODWHPDWXULW\DQGVXLWDELOLW\IRURSHQÀHOGSURWHFWHG
RU¶KLJKWHFK·FRQGLWLRQV:HDUHDEOHWRRIIHUDUHOLDEOH
YDULHW\IRUPRVWJURZLQJFRQGLWLRQVDQGPDWFK\RXU
VSHFLÀFQHHGV
%HVLGHVDQH[FHOOHQWUDQJHRIEORFN\SHSSHUVZHDOVR
RIIHUDQXPEHURIYDULHWLHVLQW\SHVIURPDOORYHUWKH
ZRUOGVXFKDV6QRZZKLWH5=DW\SLFDO+XQJDULDQ
ZD[W\SH3DOHUPR5=D0HGLWHUUDQHDQ'XOFH,WDOLDQR
W\SHDQG%HOOLVD5=D7XUNLVK.DSLDW\SHWRQDPH
DIHZ(DFKRIWKHPKDVDVSHFLÀFVKDSHFRORXUWDVWH
DQGWH[WXUH$VWDQGDUGSURGXFWLQVRPHPDUNHWVD
VSHFLDOW\LQRWKHUPDUNHWV
)SVJR`
+VSTH
3HT\`V
+\SJL0[HSPHUV
*HWZPJ\THUU\\T]HYHUU\\T
:^LL[7LWWLY
;4=
$ ;VIHJJVTVZHPJ[VIHTV]PY\Z
;VIHJJVTVZHPJ
;V4=
$ ;VIHJJVTVZHPJ[VIHTV]PY\Z
;VIHJJVTVZHPJ
;:>=
$ ;VTH[VZWV[[LK^PS[[VZWV]PY\Z
;VTH[VZWV[[LK^PS[
?J]
$ ?HU[OVTVUHZJHTWLZ[YPZW]
]LZPJH[VYPH
)HJ[LYPHSZWV[
3[
$ 3L]LPSS\SH[H\YPJHHUHTVYWO!
6PKPVWZPZZPJ\SH
7V^KLY`TPSKL^
7J
$ 7O`[VWO[OVYHJHWZPJP
)\JRL`LMY\P[HUKYVV[YV[
4P
$ 4LSVPKVN`ULPUJVNUP[H
9VV[RUV[
4Q
$ 4LSVPKVN`ULQH]HUPJH
9VV[RUV[
4H
$ 4LSVPKVN`ULHYLUHYPH
9VV[RUV[
9VV[Z[VJR
$ 7V[H[V@WV[`]PY\Z
7V[H[V@
)YHZZPJH
7=@
9VV[JYVWZ
744V= $ 7LWWLYTPSKTV[[SL[VIHTV]PY\Z
7LWWLYTPSKIV[[SL
-Y\P[JYVWZ
9LZPZ[HUJLJVKLZ
/\UNHYPHU>H_
:UHJR
3LHMJYVWZ
*OHYSPZ[VU
6[OLYZ
2HW`H
:^LL[7LWWLY
)36*2@
)36*2@@,336>
)36*2@9,+
:[H`LY9A-
5HNHUV9A-
7P
7P
/W
‡2SHQFRPSDFWSODQW
‡2SHQSODQWZLWKJRRGYLJRU
‡(DUO\SURGXFWLYH
‡/DERUIULHQGO\KLJK\LHOG
‡9HU\IDVWFRORULQJ
‡6WDQGDUGIRUKHDWHGFXOWLYDWLRQ
‡6WDQGDUGIRUKHDWHGFXOWLYDWLRQ
)HJOH[H9A-
9LK1L[9A-
7P
39<7P;FY
76:9
‡6WDEOHVKDSHDQGFRORU
/W
‡*RRGVHWWLQJXQGHUGLIÀFXOW
FRQGLWLRQV
‡&RPSDFWSODQWHDUO\
‡*RRGVHWWLQJXQGHUKRWFRQGLWLRQV
‡6WDQGDUGIRUSURWHFWHGFXOWLYDWLRQ
‡6XLWDEOHIRUSURWHFWHGDQGRSHQÀHOG
)36*2@
=(90,;@
/ LH[LKNYLLUOV\ZL
.YLLUOV\ZL
7
7SHZ[PJ[\UULS
6WLUMPLSK
-Y\P[ZPaL
)36*2@.9,,59,+
+
( SLNYP H9 A
;T!
;:>=
O
O
?3
)\ SL YP H 9A
;T!
;:>=
O
O
?3
* VT WHZ 9A
7=@!;T?J]!
;:>=
O
O
3
*V W SH9 A
;T!
;:>=
O
O
+H]VZ9A
;T!
.VZ W LS9A
7=@!;T?J]!
;:>=
0 UZ W PYH[PVU9 A
;T!
3[
1 PUQ\9A
;T!
3[
4HUK`9A
;T!
O
O
4Ha\YRH9 A
;T!
O
O
5H N HUV9 A
;T!
3
3?3
O
3[
?3
O
3?3
O
O
4
O
3
O
5PY]PU 9A
;T!
;:>=3[4H4P4Q
9 L K 1L [9 A
7=@!;T?J]!
3[
9 L K^PUN9 A
;T!
;:>=
9V T H U JL 9 A
;T!
;:>=
: HWWV Y V9 A
;T!
:VU K L S H9 A
7=@!;T!?J]!
;:>=
;YH]PH[[H9 A
;T!
;:>=
O
O
=L Y ZL[ 9A
;T!
;:>=
O
O
AH T I V UP9 A
;T!
;:>=
A P KL U R KH 9A
;T!
O
3
O
O
O
4
?3
O
O
?3
O
4
O
O
O
3
43
O
O
3
?3
?3
O
O
3
?3
O
)36*2@@,336>
) HZLS N H9A
;T!
) HJO H[H9 A
;T!
*YVZ I`9A
;T!
/LSZPU RP9 A
;T!
0 SHU N H9A
7=@!;T
0 UaL SS 9 A
;T!
3PYP JH 9A
7=@!;T
;:>=
;:>=
:HYHTIH9 A
;T!
: [ H`LY9 A
;T!
: ]LU9 A
;T!
;HYHU [V 9A
;T!
9 P JOT V U K 9A
=H U JV\ ]L Y 9A
O
;:>=
?3
O
O
O
O
O
O
3
O
?3
43
O
;:>=
O
3
3
O
O
O
?3
O
O
3
O
O
3
O
O
43
;T!
O
O
?3
;T!
O
;:>=
3
3
7YVK\J[SPUL
*HWZPJ\THUU\\T]HYHUU\\T
-Y\P[JYVWZ
:^LL[7LWWLY
)36*2@69(5.,
6YHUNLY`9A-
7P
‡9LJRURXVRSHQSODQW
‡/DUJHXQLIRUPIUXLWV
9VV[Z[VJR
‡+LJKWRWDO\LHOG
)36*2@.9,,5
7\YZ\P[9A-
7P
‡9LJRURXVSODQW
‡9HU\VORZFRORULQJ
3LHMJYVWZ
)YHZZPJH
9VV[JYVWZ
‡/DUJHVL]HYHU\SURGXFWLYH
)36*2@
=(90,;@
/LH[LKNYLLUOV\ZL
.YLLUOV\ZL
7SHZ[PJ[\UULS
O
O
6WLUMPLSK
-Y\P[ZPaL
7YVK\J[SPUL
)36*2@69(5.,
(YHUJPH9A
;T!
) VVNPL9A
;T!
O
O
.PST V\Y 9A
;T!
O
O
6 YHUNLY `9A
;T!
O
O
:`T WH[O`9A
;T!
O
O
?3
;T!
O
O
3?3
3
4
?3
O
?3
)36*2@.9,,5
7\YZ\P[9A
6[OLYZ
;:>=
:^LL[7LWWLY
+634(
)LUPUV9A-
7P
76:9
‡ 'ROPDIRUSURWHFWHGZLQWHUFXOWLYDWLRQ
‡*RRGVHWWLQJXQGHUFROGFRQGLWLRQV
‡ 8QLIRUPWKLQZDOOHGIUXLWVIRUVWXIÀQJ
+634(
=(90,;@
/LH[LKNYLLUOV\ZL
.YLLUOV\ZL
7SHZ[PJ[\UULS
O
O
;T!
O
O
7=@!;T
O
O
.YLLUOV\ZL
7SHZ[PJ[\UULS
) LUPU V 9 A
;T!
7\U[ V9 A
9 HP R V9 A
;:>=
6WLUMPLSK
-Y\P[ZPaL
7YVK\J[SPUL
6WLUMPLSK
-Y\P[ZPaL
7YVK\J[SPUL
3(4<@6
3(4<@69,+
3(4<@6@,336>
2HKLRH9A-
7SPUPV9A-
39<7P
76:9
39<7P
76:9
‡9LJRURXVSODQWVZLWKJRRGVHWWLQJLQ
FROGFRQGLWLRQV
‡*RRGTXDOLW\IUXLWVRIPHGLXPVL]H
‡ 6XLWDEOHIRUSURWHFWHGZLQWHUFXOWLYDWLRQ
-LUVTLUV9A-
39<7P
76:93F0D0L0M
‡9LJRURXVFRPSDFWSODQWV
‡0HGLXPVL]HIUXLWVRIKLJKTXDOLW\
‡6XLWDEOHIRURSHQÀHOGDQGSURWHFWHG
FXOWLYDWLRQ
3(4<@6
=(90,;@
/LH[LKNYLLUOV\ZL
3(4<@69,+
* HUVH9 A
7=@!;T!
;:>=
O
O
-L U V T L U V 9A
7=@!;T
;:>=7J4H4P4Q
O
O
-Y VKV 9 A
7=@!;T!;:>=!
O
O
. YH U H [L 9A
;T!
O
O
. \LTLZ 9 A
;T!;:>=!
O
O
2 H K L R H9 A
7=@!;T!
O
O
7LYJO LY VU9 A
;T!;:>=!
O
O
@H[ HZ[V 9A
;T!;:>=!
O
O
A HMPY V 9 A
;T!
O
O
O
O
;:>=
3(4<@6@,336>
7SPUP V 9 A
7=@!;T!
;:>=
O
O
*HWZPJ\THUU\\T]HYHUU\\T
:^LL[7LWWLY
-Y\P[JYVWZ
+<3*,0;(30(56
7HSLYTV9A-
7P
‡9LJRURXVSODQWV
‡ 6XLWDEOHIRUSURWHFWHGZLQWHUFXOWLYDWLRQ
9VV[Z[VJR
‡ +LJKTXDOLW\IUXLWV6HQVDWLRQDO)ODYRXU
+<3*,0;(30(5
5 6
=(90,;@
;T!
4H I YV\ R H9A
;T!
4 HZZV \KH 9 A
;T!
/LH[LKNYLLUOV\ZL
.YLLUOV\ZL
7SHZ[PJ[\UULS
O
O
O
O
O
O
O
.YLLUOV\ZL
7SHZ[PJ[\UULS
O
O
O
O
O
O
O
;:>=
6WLUMPLSK
-Y\P[ZPaL
7YVK\J[SPUL
6WLUMPLSK
-Y\P[ZPaL
7YVK\J[[SPUL
9VV[JYVWZ
7H S LYTV9A
)YHZZPJH
2(7@(
)LSSPZH9A-
7P
76:9
‡9LJRURXVRSHQSODQW76:9UHVLVWDQW
‡*RRGVHWWLQJLQFROGFRQGLWLRQV
3LHMJYVWZ
‡6WDEOHVKDSHDQGFRORXU
=(90,;@
/ [LK NYLLUOV\ZL
/LH[LKNYLLUOV\ZL
) L SS PZH9 A
;T!
;:>=
*V YPU U H 9 A
;T!
7J
2H WW` 9A
;T!
6[OLYZ
2(7@(
:^LL[7LWWLY
*/(930:;65
,NLTLU9A-
7P
‡1LFHIUHVKJUHHQFRQLFDOIUXLWV
‡2SHQSURGXFWLYHSODQWV
‡6XLWDEOHIRUSURWHFWHG
ZLQWHUFXOWLYDWLRQ
*/(930:;65
=(90,;@
.YLLUOV\ZL
7SHZ[PJ[\UULS
:HT T`9A
;T!
/LH[LKNYLLUOV\ZL
O
O
,NLT LU9A
;T!
O
O
/LH[LKNYLLUOV\ZL
.YLLUOV\ZL
7SHZ[PJ[\UULS
O
O
6WLUMPLSK
-Y\P[ZPaL
7YVK\J[SPUL
6WLUMPLSK
-Y\P[ZPaL
7YVK\J[SPUL
/<5.(90(5>(?
:UV^^OP[L9A-
7P
‡6QRZZKLWHFRQLFDOIUXLWV
‡6WDEOHXQLIRUPVKDSH
‡&RPSDFWSODQWVHDUO\
/<5.(90(5>(?
=(90,;@
) YVUZVU9A
;T!
;:>=
*LU[ \ Y `9A
;T!
O
O
:UV^^OP[L9A
;T!
O
O
*HWZPJ\THUU\\T]HYHUU\\T
:^LL[7LWWLY
-Y\P[JYVWZ
:>,,;:0=90
9VV[Z[VJR
VHHWDEOH
=(90,;@
3\T IHY K9A
/LH[LKNYLLUOV\ZL
;T!
.YLLUOV\ZL
;:>=
7SHZ[PJ[\UULS
6WLUMPLSK
O
O
6WLUMPLSK
-Y\P[ZPaL
7YVK\J[SPUL
-Y\P[ZPaL
7YVK\J[SPUL
)YHZZPJH
:5(*2
9VV[JYVWZ
:>,,;:0=90
;YPJVSVYLZLYPLZ
7P
‡6KRUWFRQLFDOIUXLWVLQWKUHHFRORUV
‡1LFHVZHHWÁDYRU
3LHMJYVWZ
‡6XLWDEOHIRUPL[HGSDFNDJLQJ
=(90,;@
/LH[LKNYLLUOV\ZL
.YLLUOV\ZL
7SHZ[PJ[\UULS
;YPVYH9A
;T!
O
O
O
;YPYVZ Z V9A
;T!
O
O
O
;YP`LS SV^9A
;T!
O
O
O
6[OLYZ
:7,*0(3;0,:
/V[7LWWLY
3HSSHUVFRPHLQPDQ\GLIIHUHQWW\SHVDQGVL]HV/RFDO
SUHIHUHQFHVLQWDVWHFRORXUDQGXVDJHPDNHKRWSHSSHUV
DYHU\GLYHUVHSURGXFWZRUOGZLGH5LMN=ZDDQRIIHUV
DFRQWLQXRXVO\LQFUHDVLQJUDQJHRISHSSHUYDULHWLHV
WRPHHWORFDOGHPDQGVDQGLVZLGHQLQJWKHUDQJHIRU
VSHFLDOW\SHSSHUV
4HYRL[KP]LYZP[`
'LIIHUHQWFXOWXUHVDQGWUDGLWLRQVGHPDQGGLIIHUHQW
W\SHVDQGÁDYRXUV:LWKGHGLFDWHGEUHHGLQJLQWKH
7XUNLVK6LYULW\SHDQGWKH0HGLWHUUDQHDQRUKRW$UDELF
W\SHZHDUHDEOHWRVHUYHWKHPDUNHWVWKURXJKRXWWKH
0HGLWHUUDQHDQDQGWKH0LGGOH(DVW
2XULQFUHDVLQJSUHVHQFHLQDQGEUHHGLQJIRUWKH$VLDQ
PDUNHWUHVXOWLQDZKROHQHZUDQJHRIKRWSHSSHUV
9DULHW\GHYHORSPHQWLQWKHVRFDOOHG´%XOOKRUQµW\SH
IRUWKHSURWHFWHGZLQWHUFXOWLYDWLRQKDVUHYROXWLRQL]HG
WKHPDUNHWLQ&KLQD:LWKYDULHWLHVOLNH7KXQGHU5=
DQG/LEHUDWRU5=DQHZVWDQGDUGKDVEHHQVHWLQWKLV
PDUNHW
7KHH[SDQGLQJUDQJHLQ$VLDQW\SHVZLOODOVRÀQGWKHLU
ZD\LQWRRWKHUDUHDVDVDVSHFLDOW\SURGXFW
$SDUWIURPH[FHOOHQWIUXLWTXDOLW\FKDUDFWHULVWLFVWKH
YDULHWLHVIRUZLQWHUFXOWLYDWLRQDUHDOVRVHOHFWHGIRUWKHLU
VWDELOLW\LQWKDWTXDOLW\FROGWROHUDQFHDQGH[FHOOHQW
UHFRYHU\WKURXJKZLQWHU
/V[3HT\`V
(UHOLPT/V[2HW`H
4LKP[LYYHULHU/V[
*HWZPJ\THUU\\T]HYHUU\\T
/V[7LWWLY
;4=
$ ;VIHJJVTVZHPJ[VIHTV]PY\Z
;VIHJJVTVZHPJ
;V4=
$ ;VIHJJVTVZHPJ[VIHTV]PY\Z
;VIHJJVTVZHPJ
;:>=
$ ;VTH[VZWV[[LK^PS[[VZWV]PY\Z
;VTH[VZWV[[LK^PS[
?J]
$ ?HU[OVTVUHZJHTWLZ[YPZW]
]LZPJH[VYPH
)HJ[LYPHSZWV[
3[
$ 3L]LPSS\SH[H\YPJHHUHTVYWO!
6PKPVWZPZZPJ\SH
7V^KLY`TPSKL^
7J
$ 7O`[VWO[OVYHJHWZPJP
)\JRL`LMY\P[HUKYVV[YV[
4P
$ 4LSVPKVN`ULPUJVNUP[H
9VV[RUV[
4Q
$ 4LSVPKVN`ULQH]HUPJH
9VV[RUV[
4H
$ 4LSVPKVN`ULHYLUHYPH
9VV[RUV[
9VV[Z[VJR
$ 7V[H[V@WV[`]PY\Z
7V[H[V@
)YHZZPJH
7=@
9VV[JYVWZ
744V= $ 7LWWLYTPSKTV[[SL[VIHTV]PY\Z
7LWWLYTPSKIV[[SL
-Y\P[JYVWZ
9LZPZ[HUJLJVKLZ
(ZPHU
3LHMJYVWZ
:P]YP
6[OLYZ
:LYYHUV
/V[7LWWLY
3(4<@6
(:0(5)<33/695
9A-
7P;FY
;O\UKLY9A-
76:9
7P
‡+RW/DPX\RIRUJUHHQKDUYHVW
‡/RQJVWUDLJKWFRQLFDOIUXLWVRI
/'FP
‡6XLWDEOHIRUZLQWHUDQGHDUO\VSULQJ
FXOWLYDWLRQ
‡/LJKWJUHHQIUXLWV
‡9LJRURXVSODQWVZLWKKLJK\LHOG
SRWHQWLDO
:,99(56
4L_[PaV9A-
7P
‡9HUVDWLOHYDULHW\IRUSURWHFWHG
FXOWLYDWLRQ
(5(/,042(7@(
(a[LJH9A-
7P
3PILYH[VY9A-
7P
3F
‡/DUJHUVL]HIUXLWVFRPSDUHGWR
7KXQGHU
‡6WURQJSODQWVXLWDEOHIRURSHQ
ÀHOGFXOWLYDWLRQ
‡8QLIRUPFRQLFDOIUXLWV
‡9LJRURXVORQJSODQWVKLJK\LHOGLQJ
‡$QDKHLPW\SHIRUJUHHQKDUYHVW
‡ 6XLWDEOHIRUSURWHFWHGZLQWHUFXOWLYDWLRQ
‡6PDOO6HUUDQRW\SHIUXLWVZLWK
H[FHOOHQWVKHOIOLIH
‡6XLWDEOHIRURSHQÀHOGDQG
SURWHFWHGFXOWLYDWLRQ
‡6XLWDEOHIRUJUHHQDQGUHGKDUYHVW
9A-
39<7P;FY
‡6WURQJSODQWVZLWKJRRGFRQWLQXDWLRQ
‡6XLWDEOHIRUDXWXPQZLQWHU
FXOWLYDWLRQ
‡/DUJHXQLIRUPIUXLWV
4,+0;,99(5,(5
/HIPI9A-
7P
:0=90
4LSPZ9A-
7P
‡2SHQSODQWVZLWKJRRGYLJRU
‡6OHQGHUOLJKWJUHHQIUXLWV
‡6XLWDEOHIRUKDUYHVWLQJUHHQDQGUHG
‡6WURQJYLJRUDQGFROGWROHUDQFH
‡ 6XLWDEOHIRUSURWHFWHGZLQWHUFXOWLYDWLRQ
‡6XLWDEOHIRUSURWHFWHGZLQWHU
FXOWLYDWLRQ
*HWZPJ\THUU\\T]HYHUU\\T
/V[7LWWLY
(:0(57(610(60;(30(56;@7,
9A-
7P
9A-
3F
(:0(5:/,,7/695
9A-
7P
7P
‡ /DUJHGDUNJUHHQIUXLWVRIJRRGTXDOLW\
‡8QLIRUPVPRRWKJUHHQIUXLWV
‡6XLWDEOHIRUJUHHQDQGUHGKDUYHVW
‡6XLWDEOHIRUSURWHFWHGZLQWHU
YHUVDWLOH
‡ 6XLWDEOHIRUSURWHFWHGZLQWHUFXOWLYDWLRQ
‡/DUJHGDUNJUHHQVRPHZKDW
GHQWHGIUXLWV
‡6WURQJFROGWROHUDQFH
‡ 6XLWDEOHIRUSURWHFWHGZLQWHUFXOWLYDWLRQ
/6;7,77,9
=(90,;@
7YV[LJ[LK
6WLUMPLSK
-Y\P[3LUN[OJT
7YVK\J[SPUL
9VV[JYVWZ
9VV[Z[VJR
‡%DODQFHGSODQW
-Y\P[JYVWZ
(:0(5/(5.10(6
3(4<@6
9A
;T!?J]!
;:>=
O
(5(/,042(7@(
;T!
O
9A
7=@!;T?J]!
O
) VUHUaH9A
;T!
O
/HIPI9A
;T!
O
7PJHYLK9A
;T!
O
O
4,+0;,99(5,(5
7J
:,99(56
;T!
O
4LSPZ9A
;T!
O
:WPJL9A
;T!
O
O
@HURH9A
;T!
O
O
4L_[ P aV9A
O
)YHZZPJH
(a[ LJH9A
:0=90
(:0(5)<33/695
) VVT LY 9A
;T!
7J
O
3PILYH[VY 9A
;T!
7J
O
9 \ZO 9A
;T!
O
:[ PUNLY 9A
;T!
O
;O\UK LY 9A
;T!
O
9A
;T!
O
O
7J
7J4H4P4Q
3LHMJYVWZ
(:0(5:/,,7/695
9A
;T!
(:0(57(610(60;(30(56;@7,
;T!
9A
;T!
7J4H4P4Q
O
9A
;T!
7J
O
9A
;T!
7J
O
O
O
(:0(5/(5.10(6
6[OLYZ
9A
;VTH[V
7RPDWRHVDUHKHDOWK\DQGWDVW\DQGFRPHLQPDQ\GLIIHUHQW
IRUPVDQGFRORXUV5LMN=ZDDQKDVDVWURQJSRVLWLRQLQWKH
FOXVWHUWRPDWRPDUNHWDQGZHDUHH[SDQGLQJLQDOOIUHVKPDUNHW
VHJPHQWVZRUOGZLGH
,_WHUKPUNKP]LYZP[`
:HRIIHUDQHYHULQFUHDVLQJUDQJHRIWRSTXDOLW\YDULHWLHVLQ
LQWHUPHGLDWHORRVHDQGFOXVWHUWRPDWRHVWKDWDUHVXLWDEOHIRU
PDQ\JURZLQJFRQGLWLRQV9DULHWLHVIRU¶KLJKWHFK·FRQGLWLRQV
FROGWROHUDQWYDULHWLHVIRUZLQWHUSURGXFWLRQDQGYDULHWLHVIRU
RSHQÀHOGFRQGLWLRQVZRUOGZLGH
5LMN=ZDDQLVH[SDQGLQJZLWKDUDQJHRIVSHFLDOW\WRPDWRHV
DVWKHUHLVDJURZLQJGHPDQGIRUVSHFLDOW\YDULHWLHVXVHGDVD
VQDFNYHJHWDEOH:HRIIHUDZLGHFKRLFHLQWKHVHYDULHWLHVIURP
VZHHWPLQLSOXPWRPDWRHVLQGLIIHUHQWVKDSHVDQGVL]HVWR
VSHFLDOW\YDULHWLHVIRUVDODGXVHVXFKDV5XJDQWLQR5=RXUÀUVW
YDULHW\LQWKH&XRUGL%XHRUR[KHDUWW\SH
8\HSP[`HUKÅH]V\Y
%HVLGHVH[FHOOHQWSODQWFKDUDFWHULVWLFVUHVLVWDQFHVDQG\LHOG
5LMN=ZDDQKDVDVWURQJIRFXVRQRYHUDOOIUXLWTXDOLW\DQG
LVDFWLYHO\VHOHFWLQJRQÁDYRXU:HDLPWRGHYHORSDEURDG
GLYHUVLW\LQÁDYRXUVIRUVSHFLÀFSXUSRVHVVXFKDVVQDFNVDODG
XVHDQGFRRNLQJSXUSRVHV
>VYRPUNVUYLZPZ[HUJL
+DUPIXOYLUXVHVDQGIXQJLFRQVWDQWO\SUHVVXUHWRPDWR
FXOWLYDWLRQZRUGZLGH5LMN=ZDDQVWURQJO\LQYHVWVLQEUHHGLQJ
IRUUHVLVWDQFHWRHQDEOHDUHOLDEOHFOHDQDQGKHDOWK\FURS$Q
H[SDQGLQJUDQJHRIURRWVWRFNVDOVRFRQWULEXWHVWRWKLVJRDO
)LLMZ[LHR
7PUR)LLMZ[LHR
0U[LYTLKPH[LJS\Z[LY
0U[LYTLKPH[LSVVZL
3`JVWLYZPJ\TLZJ\SLU[\TZ`U:VSHU\TLZJ\SLU[\T
;VTH[V
;4= $ ;VIHJJVTVZHPJ[VIHTV]PY\Z
;VIHJJVTVZHPJ
;:>= $ ;VTH[VZWV[[LK^PS[[VZWV]PY\Z
;VTH[VZWV[[LK^PS[
;V4= $ ;VTH[VTVZHPJ[VIHTV]PY\Z
;VTH[VTVZHPJ
-Y\P[JYVWZ
9LZPZ[HUJLJVKLZ
$ -\S]PHM\S]HL_*SHKVZWVYP\TM\S]\T
3LHMTVSK
-VS
$ -\ZHYP\TV_`ZWVY\TMZWS`JVWLYZPJP
-\ZHYP\T^PS[
-VY
$ -\ZHYP\TV_`ZWVY\TMZW
YHKPJPZS`JVWLYZPJP
-\ZHYP\TJYV^UHUKYVV[YV[
6S
$ 6PKP\TS`JVWLYZPJ\T
UV^6UUV^6PKP\TULVS`JVWLYZPJP
7V^KLY`TPSKL^
$ :[LTWO`SP\TIV[Y`VZ\TMZWS`JVWLYZPJP
.YH`SLHMZWV[
70
$ 7`YLUVJOHL[HS`JVWLYZPJP
*VYR`YVV[YV[
=K
$ =LY[PSSP\TKHOSPHL
=LY[PJPSSP\T^PS[
=H
$ =LY[PJPSSP\THSIVH[Y\T
=LY[PJPSSP\T^PS[
3[
$ 3L]LPSS\SH[H\YPJH
HUHTVYWO!6PKPVWZPZZPJ\SH
7V^KLY`TPSKL^
4P
$ 4LSVPKVN`ULPUJVNUP[H
9VV[RUV[
4Q
$ 4LSVPKVN`ULQH]HUPJH
9VV[RUV[
4H
$ 4LSVPKVN`ULHYLUHYPH
9VV[RUV[
)YHZZPJH
:IS
9VV[JYVWZ
-M
9VV[Z[VJR
;@3*= $ ;VTH[V`LSSV^SLHMJ\YSILNVTV]PY\Z
;VTH[V`LSSV^SLHMJ\YS
7S\T
:WLJPHS[PLZ
3LHMJYVWZ
*OLYY`
6[OLYZ
*VJR[HPS
;VTH[V
),,-:;,(2
),,-:;,(2.9,,5
),,-:;,(29,+
VHHWDEOH
4VU[LULNYV9A-
7R097</&9)I$()RO
),,-:;,(27052
6EO9D9G
,ZTPYH9A-
0D0L0M
7R09)I$()RO6EO
‡/DUJHXQLIRUPIUXLWVZLWKDVWURQJ
JUHHQEDFN
‡&RPSDFWSODQWVIRUVKRUWFXOWLYDWLRQ
‡+DUYHVWLQ¶EUHDNLQJ¶FRORXU
6HQVDWLRQDO)ODYRXU
9D9G
‡8QLFRORUSLQNIUXLWVRQFRPSDFW
SODQWV
‡/LPLWHGVKHOIOLIHJRRGWDVWH
‡6XLWDEOHIRUVSULQJFXOWLYDWLRQ
),,-:;,(2
=(90,;@
/LH[LK
7YV[LJ[LK
6WLU
W
MPLSK
:WYPUN :\TTLY (\[\TU >PU[LY -Y\P[^LPNO[NY
),,-:;,(2.9,,5
.YHUZ V S9A
;V4=!;:>=-M!(,-VS!:IS=H!=K!
;@3*=4H4P4Q
O
4VU[ L ULNY V9A
;V4=!;@3*=-M!(,-VS!:IS=H!=K!
4H4P4Q
O
;PT HU M H`H9 A
;V4=!;@3*=-VS!=H!=K!
4H4P4Q
O
O
O
O
O
O
O
O
O
),,-:;,(29,+
)V N V[H9A
;V4=!-M!(,-VS!-VY=H!=K!:P
6UL_6S
* PU [ V 9A
;V4=!-M!(,-VS!-VY:IS=H!=K!
4H4P4Q
O
O
O
* SH YHIL SS H 9 A
;V4=!-M!(,-VS!:IS=H!=K!
4H4P4Q
O
O
O
+LZWPUH9 A
;V4=!-VS!=H!=K!
4H4P4Q
O
O
O
O
.\ `HUH9A
;V4=!-M!(,-VS!-VY:IS=H!=K!:P
=H SV\ Y V 9 A
;V4=!;:>=;@3*=-M!(,-VS!-VY:IS=H!=K!
4H4P4Q
O
O
O
O
=H SVH Z PZ 9 A
;V4=!;:>=-VS!=H!=K!
4H4P4Q
O
O
O
;VT HSH9 A
;V4=!-M!(,-VS!-VY:IS=H!=K!
6UL_6S
3V N PZ[PJH9A
;V4=!-M!(,-VS!-VY=H!=K!
O
O
O
O
O
O
O
O
O
),,-:;,(27052
,ZT PYH9 A
;V4=!-M!(,-VS!:IS=H!=K!
9 A
;V4=!;@3*=-M!(,-VS!-VY:IS=H!=K!
4H4P4Q
O
05;,94,+0(;,¶366:,
(Y]LU[V9A-
7R0976:9)I$()RO
3LVU9A-
7R097</&9)RO9D
)RU6EO9D9G6L
9G
2QH[2O
0D0L0M
‡6WDQGDUGORRVHWRPDWRIRU
¶KLJKWHFK·FXOWLYDWLRQ
‡6KLQ\UHGIUXLWVZLWKYHU\
JRRGÁDYRU
‡%DODQFHGRSHQSODQW
‡8QLIRUPGHHSUHGIUXLWV
‡*RRGVHWWLQJXQGHUKRWGU\
FRQGLWLRQV
‡&RPSDFWSODQW7</&9UHVLVWDQW
O
O
O
7YVK\J[
SPUL
3`JVWLYZPJ\TLZJ\SLU[\TZ`U:VSHU\TLZJ\SLU[\T
;VTH[V
+LS`JH9A-
,UKLH]V\Y9A-
7R0976:97</&9)I%'
7R09)I$()RO)RU
)RO9D9G
9D9G
‡8QLIRUPVPRRWKIUXLWVRQ
UHJXODUFOXVWHUV
‡/DUJHFOXVWHUIRU¶KLJK
WHFK·FXOWLYDWLRQ
‡6WURQJVHWWLQJXQGHUFROGFRQGLWLRQV
‡3URGXFWLYHZLWK
JRRGTXDOLW\
FOXVWHUV
‡9LJRURXVSODQWVVXLWDEOHIRU
ZLQWHUFXOWLYDWLRQ
-Y\P[JYVWZ
05;,94,+0(;,¶*3<:;,9
9VV[Z[VJR
‡/RQJRSHQ
SODQW
VWURQJO\
JHQHUDWLYH
/LH[LK 7YV[LJ[LK
6WLU
W
MPLSK
:WYPUN :\TTLY (\[\TU >PU[LY -Y\P[^LPNO[NY
-Y\P[ ^LP O[
05;,94,+0(;,366:,
( ILSS\Z 9 A
;V4=!-M!(,-VS!=H!=K!
4H4P4Q
4P4Q
O
(SM L Y L a9 A
;V4=!;@3*=-M!)+-VS!=H!=K!
4H4P4Q
O
(T LLYH9A
;V4=!;@3*=-VS!=H!=K!
4H4P4Q
( Y]L U [V 9A
;V4=!;:>=-M!(,-VS!-VY:IS=H!=K!:P
6UL_6S
)HY I H K VZ 9A
;V4=!-M!(,-VS!=H!=K!
)LYPS 9A
;V4=!-VS!=H=K
*P I L SS PH9 A
;V4=!-M!(,-VS!=H!=K!
+P Z[ L U9A
;V4=!;@3*=-VS!=H=K4H4P4Q
,S H U [ V 9A
;V4=!-M!(,-VS!-VY:IS=H!=K!:P
6UL_6S
+ `]PU L9 A
;V4=!;:>=;@3*=-VS!=H!=K!
4H4P4Q
O
.H O L Y P Z 9 A
;V4=!-M!(,-VS!-VY=H!=K!
4H4P4Q
O
0 ]HU O VL9 A
;V4=!-VS!=H!=K!
4H4P4Q
O
1HK]P N H9A
;V4=!;:>=;@3*=-M!(,-VS!-VY=H!=K!
4H4P4Q
O
3 LV U 9A
;V4=!;@3*=-VS!=H!=K!
4H4P4Q
O
3PS VZ 9 A
;V4=!-M!(,-VS!-VY=H!=K!
4H4P4Q
O
3 VN\YL 9A
;V4=!;:>=-M!(,-VS!=H!=K!
4 H Y \[Z JORH 9 A
;V4=!-VS!=H!=K!
7L[ \ S H 9A
;V4=!-VS!=H!=K!
=H SP H U [9 A
;V4=!;:>=-VS!=H!=K!
4H4P4Q
>H H K 9 A
;V4=!;@3*=-VS!=H!=K!
4H4P4Q
O
O
O
O
O
O
O
O
4H4P4Q
O
O
O
O
O
O
O
O
O
O
7YVK\J[
SPUL
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
)YHZZPJH
=(90,;@
9VV[JYVWZ
05;,94,+0(;,
O
O
(SSL N YPUP9A
;V4=!-VS!=H!=K!
+L S`J H9 A
;V4=!;:>=;@3*=-M!)+-VS!=H!=K!
4H4P4Q
3` [ LYUV9A
;V4=!-M!(,-VS!-VY=H!=K!:P
6UL_6S
O
9V[ LY UV 9A
;V4=!;:>=-M!(,-VS!-VY=H!=K!:P
6UL_6S4H4P4Q
O
9Ha ` TV9A
;V4=!;:>=;@3*=-M!)+-VS!=H!=K!
4H4P4Q
O
O
O
9HT` S L9A
;V4=!;:>=;@3*=-M!)+-VS!=H!=K!
4H4P4Q
O
O
O
9A
;V4=!-M!(,-VS!-VY:IS=H!=K!:P
6UL_6S
O
O
O
O
O
O
O
O
3LHMJYVWZ
05;,94,+0(;,*3<:;,9:4(33
05;,94,+0(;,*3<:;,94,+0<4
4LJHUV9A
;V4=!;:>=-M!(,-VS!-VY:IS=H!=K!:P
O
*HWWY PJPH9 A
;V4=!;:>=-M!(,-VS!-VY:IS=H!=K!:P
O
,U KLH]V\ Y 9A
;V4=!-M!(,-VS!-VY=H!=K!
O
- \[ \UV 9A
;V4=!-M!(,-VS!-VY:IS=H!=K!:P
O
3 L ]H U a V 9A
;V4=!-M!(,-VS!-VY:IS=H!=K!:P
O
9A
;V4=!-M!(,-VS!-VY=H!=K!:P
O
6[OLYZ
05;,94,+0(;,*3<:;,93(9.,
;VTH[V
*6*2;(03
9A-
7R097</&9)I$()RO
)RU/W9D9G6L
*/,99@
2QH[2O0D0L0M
‡&RFNWDLOZLWKVWDEOHUHJXODUFOXVWHUV
VHHWDEOH
‡$GDSWDEOHYDULHW\ZLWK7</&9
UHVLVWDQFH
‡9LJRURXVSODQWV
*6*2;(03
=(90,;@
/LH[LK
7
7YV[LJ[LK
6WLUMPLSK :WYPUN :\TTLY (\[\TU >PU[LY -Y\P[^LPNO[NY
(T VYVZ V9 A
;V4=!-M!(,-VS!-VY=H!=K!:P
6UL_6S4H4P4Q
O
) Y PVZV 9A
;V4=!-M!(,-VS!-VY=H!=K!:P
6UL_6S
O
+ LS PV Z V9 A
;V4=!-M!(,-VS!-VY=H!=K!:P
6UL_6S4H4P4Q
O
0 T W LY VZ V9 A
;V4=!-M!(,-VS!-VY=H!=K!
6UL_6S4H4P4Q
O
4LZZ PUH9 A
;V4=!-M!(,-VS!-VY=H!=K!
4H4P4Q
O
O
O
O
O
9A
;V4=!;@3*=-M!(,-VS!-VY3[=H!=K!:P
6UL_6S4H4P4Q
O
O
O
O
O
7YVK\J[
SPUL
*/,99@
=(90,;@
/LH[LK
7YV[LJ[LK 6WLUMPLSK
:WYPUN
:\TTLY
(\[\TU
>PU[LY
-Y\P[^LPNO[NY 7YVK\J[SPUL
*/,99@366:,
*OLYHT`9A
;V4=!-M!(,-VS!=H!=K!:P
4H4P4Q
O
:HZZHY P9A
;V4=!-M!(,-VS!-VY=H!=K!:P
4H4P4Q
O
O
O
*/,99@*3<:;,9
;HZ[ LY `9A
;V4=!;:>=;@3*=-M!(,-VS!=H!=K!:P
4H4P4Q
4VZJH[LS9A
;V4=!;:>=;@3*=-M!(,-VS!=H!=K!:P
4H4P4Q
O
;PN\HU9A
;V4=!;:>=;@3*=-M!(,-VS!=H!=K!:P
4H4P4Q
O
O
O
.YHTT`9A
;V4=!;@3*=-VS!=H!=K!
4H4P4Q
O
O
O
O
O
O
73<4,365.(;,+
0[HJH9A-
3VUNH[PUV9A-
7R0976:97</&9)I$(
)RO9D9G
7R09)I$()RO9D
9G
‡6WDEOHHORQJDWHGSOXP
‡8QLIRUPORQJF\OLQGULFDOIUXLWV
‡6XLWDEOHIRUJUHHQDQGUHGKDUYHVW
‡6XLWDEOHIRUJUHHQDQGUHGKDUYHVW
‡3URGXFWLYH7</&9DQG76:9
UHVLVWDQW
‡:HOOEDODQFHGSODQWVSURGXFWLYH
73<4
=(90 ,;@
/LH[LK
7YV[LJ[LK 6WLUMPLSK
:WYPUN
:\TTLY
(\[\TU
>PU[LY
-Y\P[^LPNO[NY
73<4, 365 .(;, +
0[ HJH 9A
;V4=!;:>=;@3*=-M!(,-VS!=H!=K!
O
O
O
3VUNH[PUH9A
;V4=!-M!(,-VS!=H!=K!
O
O
O
O
;HIH Y L 9 A
;V4=!-VS!=H!=K!
O
O
O
O
4H4P4Q
7YVK\J[SPUL
3`JVWLYZPJ\TLZJ\SLU[\TZ`U:VSHU\TLZJ\SLU[\T
;VTH[V
-Y\P[JYVWZ
73<46=(3
VHHWDEOH
73<46=(3
=(90,;@
/LH[LK
7YV[LJ[LK 6WLUMPLSK
4VU[ H S]V9 A
;V4=!;:>=;@3*=
= -M!(,-VS!=H!=K!
4H4P4Q
O
4 V U [ LIL S V 9A
;V4=!;:>=;@3*=
= -M!(,-VS!=H!=K!
4H4P4Q
O
5 V^H YH 9A
;V4=!;:>=;@3*=-M!-VS!=H=K4H4P4Q
O
:\TTLY
(\[\TU
>PU[LY
O
O
-Y\P[^LPNO[NY 7YVK\J[SPUL
O
O
O
O
O
O
9VV[Z[VJR
O
:WYPUN
:7,*0(3;0,:
9\NHU[PUV9A-
7R09)I$()RO)RU6EO
7R09
0L0D0M
‡0LQL6DQ0DU]DQRW\SH
‡&ODVVLFR[KHDUWWRPDWRVWDEOH
‡+DUYHVWLQ´EUHDNLQJ´VWDJH
‡*UHDWIRUVDODGXVH
‡(ORQJDWHGIUXLWVVOLJKWO\GHQWHG
QLFHWDVWH
9VV[JYVWZ
9D9G
9A-
‡*HQHUDWLYHSODQWZLWKSHQGXORXV
OHDYHV
*VUML[[V9A-
7R09)RO6EO
‡0LQLEORFN\VKDSHGWRPDWR
‡/RQJRSHQSODQWJHQHUDWLYH
:7,* 0 (3;0 , :
=(90,;@
/LH[LK
7YV[LJ[LK 6WLUMPLSK
:WYPUN
:\TTLY
(\[\TU
>PU[LY
-Y\P[^LPNO[NY
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
7YVK\J[SPUL
3LHMJYVWZ
)YHZZPJH
‡6WDEOHVKDSHVXSHUEWDVWH
*<69 +0 ) <,
9 \NHU[PUV
;V4=!-M!(,-VS!-VY:IS=H!=K!
O
:7,* 0 (3;@ 73 <4
;V4=!-VS!:IS
7HYLZV9A
;V4=!-M!(,-VS!=H!=K!:P
4H4P4Q
:VSHYP UV9A
;V4=!-VS!:IS
4H4P4Q
O
O
9A
;V4=!
4P4H4Q
O
O
4H4P4Q
O
O
O
O
O
:7,* 0 (3;@ 73< 4 *3 < :; ,9
;V]HSL9A
;V4=!-M!(,-VS!-VY=H!=K!:P
6[OLYZ
*VUML[[V9A
>H[LYTLSVU
:DWHUPHORQVVWDQGRXWIRUWKHLUMXLF\
VZHHWIUXLWÁHVKDQGYHU\KLJKO\FRSHQH
FRQWHQW5LMN=ZDDQKDVH[SDQGHGLWV
EUHHGLQJDFWLYLWLHVLQWKLVFURSDQGZHDUH
QRZRIIHULQJWKHÀUVWLQWHUHVWLQJYDULHWLHV
0U[LYUH[PVUHSYHUNL
:DWHUPHORQVDUHDQLPSRUWDQWYHJHWDEOH
FURSZLWKPDQ\VLJQLÀFDQWJURZLQJDUHDV
ZRUOGZLGHVXFKDV&KLQD,QGLD&HQWUDO
$VLD0LGGOH(DVWWKH%DONDQDQGDOO
FRXQWULHVDURXQGWKH0HGLWHUUDQHDQDV
ZHOODVWKH$PHULFDV(DFKRIWKHVHDUHDV
RZQVSHFLÀFW\SHVDQGYDULHW\GHPDQGV
5LMN=ZDDQIRFXVHVRQEUHHGLQJSHUVRQDO
VL]HZDWHUPHORQ6XJDUEDE\DQG&ULPVRQ
W\SHZDWHUPHORQYDULHWLHV:LWKVSHFLÀF
YDULHWLHVVXLWDEOHIRUGLIIHUHQWJURZLQJ
FRQGLWLRQVLQRSHQÀHOGDQGLQSURWHFWHG
FXOWLYDWLRQZHDUHZRUNLQJRQRIIHULQJD
WUXO\LQWHUQDWLRQDOUDQJH
*\J\TPZTLSV
*904:65:>,,;
)HYVULZH9A-
*VS\TIPH9A-
‡6WDEOHIUXLWVZLWKJRRGH[WHUQDOFRORXU
‡)UXLWVZLWKDQDWWUDFWLYHVNLQSDWWHUQ
‡'HHSUHGÁHVKZLWKPHGLXP
VL]HGVHHGV
‡+LJKLQWHUQDOTXDOLW\JRRGVXJDUOHYHO
‡6WURQJSODQWZLWKVPDOOOHDYHV
JRRGFRYHUDJH
‡6XLWDEOHIRUPHGLXPHDUO\SODQWLQ
RSHQÀHOG
9VV[Z[VJR
-Y\P[JYVWZ
>H[LYTLSVU
‡6XLWDEOHIRURSHQÀHOGVSULQJ²
VXPPHUF\FOHV
6ULPKH9A-
‡$WWUDFWLYHIUXLWVZLWKJRRG
H[WHUQDOSUHVHQWDWLRQ
9VV[JYVWZ
‡9LJRURXVSODQWV
‡*RRGLQWHUQDOTXDOLW\ZLWKIHZHU
VPDOOVHHGV
3LHMJYVWZ
6[OLYZ
‡3ODQWVZLWKPHGLXPYLJRUJRRG
OHDIFRYHU
)YHZZPJH
‡(DUO\YDULHW\ZLWKJRRGVHWWLQJ
XQGHUORZWHPSHUDWXUHV
4LSVU
0HORQLVRQHRIWKHIDVWHVWJURZLQJFURSVZLWKLQ5LMN=ZDDQ
:HKDYHLQWHQVLÀHGRXUEUHHGLQJHIIRUWVLQPHORQZRUOGZLGH
7KHJRDOLVFOHDUZHZDQWWRGHYHORSTXDOLW\PHORQVDYDLODEOH
WKURXJKRXWWKHZKROH\HDU
+YP]PUN[OLPUUV]H[PVU
7KH&DULEEHDQPHORQIDPLO\LVDQH[DPSOHRIDQLQQRYDWLYH
PHORQFRQFHSW:HKDYHPDQDJHGWRGHYHORSDQXPEHURI
ZLQWHUYDULHWLHVWRPDNHWKLVVZHHWIUXLWDYDLODEOH\HDUURXQG
WKH&DULEEHDQFRQFHSW
-SH]V\YHUKZOLSMSPML
$VPHORQVDUHWUDQVSRUWHGRYHUYDVWGLVWDQFHVVKHOIOLIH
EHFRPHVDQLPSRUWDQWFULWHULD7KH5LMN=ZDDQYDULHWLHV
FRPELQHDJRRGÁDYRXUZLWKH[FHOOHQWSUHVHQWDWLRQDQGIUXLW
TXDOLW\2XUEUHHGLQJZRUNIRUJURZHUVFRQFHQWUDWHVRQVWDEOH
KLJK\LHOGLQJYDULHWLHVZLWKJRRGGLVHDVHUHVLVWDQFH:HKDYH
DQLQFUHDVLQJIRFXVRQLPSRUWDQWWUDLWVIRUWKHFRQYHQLHQFH
PDUNHW7KLVLQFOXGHVODUJHUIUXLWDWKLQVNLQDQGDVPDOOVHHG
FDYLW\6WUXFWXUHÀUPQHVVDQGVKHOIOLIHDIWHUSURFHVVLQJDOVR
SOD\DQLPSRUWDQWUROHLQWKHGHYHORSPHQWRIFRQYHQLHQFH
PHORQV,QWKH&DULEEHDQFRQFHSW\RXZLOOÀQGWKHVHWUDLWV
FRPELQHGLQDVHULHVRIYDULHWLHV
0UJYLHZPUNKP]LYZP[`
,QUHFHQW\HDUV5LMN=ZDDQKDVVWDUWHGXSVHYHUDOQHZ
EUHHGLQJSURJUDPPHVLQGLIIHUHQWW\SHVERWKLQDURPDWLFDV
ZHOODVLQORQJVKHOIOLIHYDULHWLHV:LWKQHZLQWURGXFWLRQVLQWKH
(DVWHUQ6KLSSHUW\SHWKH6SDQLVK3LHOGH6DSRDQGWKH7XUNLVK
.LUNDJDoZHRIIHUDQLQFUHDVLQJGLYHUVLW\LQRXUPHORQUDQJH
*OHYLU[HPZ
,HZ[LYU:OPWWLY
.HSPH
>LZ[LYU:OPWWLY
*\J\TPZTLSV
4LSVU
45:=
$ 4LSVUULJYV[PJZWV[JHYTV]PY\Z
4LSVUULJYV[PJZWV[
.JL_,J$,Y`ZPWOLJPJOVYHJLHY\T
UV^.VSV]PUVT`JLZJPJOVYHJLHY\T
7V^KLY`TPSKL^
-VT
$ -\ZHYP\TV_`ZWVY\TMZWTLSVUPZ
-\ZHYP\T^PS[
-Y\P[JYVWZ
9LZPZ[HUJLJVKLZ
$ (WOPZNVZZ`WPP
*V[[VUHWOPK
>4=
$ >H[LYTLSVUTVZHPJWV[`]PY\Z
>H[LYTLSVUTVZHPJ
)YHZZPJH
9VV[JYVWZ
(N
9VV[Z[VJR
7_L_:M$ :WOHLYV[OLJHM\SPNPULH
UV^7VKVZWOHLYPH_HU[OPP
7V^KLY`TPSKL^
2PYRHNHs
/VUL`+L^
3LHMJYVWZ
7PLSKL:HWV
6[OLYZ
1H\UL*HUHYP
@LSSV^*HUHY`
4LSVU
*/(9,5;(0:
*/(9,5;(0:(964(;0*
*/(9,5;(0:365.:/,3-30-,
,ZJVYPHS9A-
(N\Z[PUV9A-
)RP
)RP
*FH[(F3[H[6I
3[H[6I
‡*RRGLQWHUQDOTXDOLW\
‡*RRGH[WHUQDOSUHVHQWDWLRQ
‡'HHSRUDQJHÁHVKFRORXU
‡1LFHLQWHUQDOTXDOLW\
‡8QLIRUPVL]H
‡+RPRJHQHRXVQHWWLQJ
7H[JOP9A-
)RP
)RP3[H[6I
‡1LFHGHÀQHGVWULSHV
‡1LFHLQWHUQDOTXDOLW\
*/(9,5;(0:
=(90,;@
7YV[LJ[LK
6WLUMPLSK
-Y\P[^LPNO[RN
-SLZOJVSV\Y
7YVK\J[SPUL
*/(9,5;(0:(964(;0*
,ZJVYPHS9A
-VT!
.JL_,J!7_L_:M!
O
6YHUNL
7H[ JO P9 A
-VT!
-VT!7_L_:M!
7 :M O
6 YHUNL
7_L_:M!
O
6YHUNL
*/(9,5;(0:365.:/,3-30-,
(N\Z[ PUV9 A
-VT!
,(:;,95:/077,9(964(;0*
VHHWDEOH
,(:;,95:/077,9(964(;0*
6WLUMPLSK
-Y\P[^LPNO[RN
-SLZOJVSV\Y
9A
-VT!
.JL_,J!7_L_:M!
O
6YHUNL
9A
-VT!
.JL_,J!7_L_:M!
O
6YHUNL
=(90,;@
7YV[LJ[LK
7YVK\J[SPUL
*\J\TPZTLSV
4LSVU
>,:;,95:/077,9(964(;0*
>,:;,95:/077,9365.:/,3-30-,
>,:;,95:/077,9.63+365.:/,3-30-,
9A-
*HYPIILHU.VSK9A-
*HYPIILHU:\U9A-
3[H[6I
)RP
3[H[6I$J
‡0HGLXPVKHOIOLIH
‡9HU\VZHHWVWDEOH
‡&UHDP\JROGHQEDFNJURXQG
QLFHSUHVHQWDWLRQ
‡5REXVWSODQWVYHUVDWLOH
)RP$J
*FH[(F3[H[6I
‡/RQJVKHOIOLIHJROGHQ\HOORZ
FDQWDORXSH
‡,GHDOIRUUHWDLODQGSURFHVVLQJ
‡1LFHEULJKWRUDQJHÁHVKFRORXU
‡1LFHÁDYRXUJRRGLQWHUQDOTXDOLW\
9VV[Z[VJR
)RP
‡6WDEOHVZHHWÁDYRXU
*HYPIILHU+YLHT9A-
9A-
)RP
)RP
3[H[6I
-Y\P[JYVWZ
>,:;,95:/077,9
3[H[6I
‡5RXQGVPDOOHUƔ&DULEEHDQ*ROGW\SHƕ
‡0HGLXPVKHOIOLIH
‡:HOOQHWWHG
‡1LFHQHWWLQJ
‡6ZHHWÁDYRXU
9VV[JYVWZ
‡1LFHÁDYRUJRRGLQWHUQDOTXDOLW\
*HYPIILHU8\LLU9A-
)RP
*FH[(F3[H[6I
‡1LFHÁDYRXU
‡/DUJHUPRUHURXQG
Ɣ&DULEEHDQ*ROGW\SHƕ
>,:;,95:/077,9
9
=(90,;@
7YV[LJ[LK
YV[LJ[LK
6WLU MPLSK
6WLUMPLSK
-Y\P[^LPNO[RN
-SLZOJVSV\Y
>,:;,95:/077,9(964(;0*
9 (96
9 A
-VT!
7_L_:M!
O
6YHUNL
9A
-VT!
7_L_:M!
O
6YHUNL
7YVK\J[SPUL
3LHMJYVWZ
)YHZZPJH
‡9LJRURXVSODQW
*HYP II LHU.V SK 9 A
-VT!
7_L_:M!(N
O
6YHUNL
*HYP I I LHU:[HY 9 A
-VT!
7_L_:M!(N
O
6YHUNL
*H YP IILH U+Y LH T9 A
-VT!
7_L_:M!
O
6YHUNL
*HYPIILHU 8 \LLU9 A
-VT!
.JL_,J!7_L_:M!
O
6YHUNL
.JL_,J!7_L_:M!
O
6YHUNL
>,:;,95:/077,9.63+365.:/,3-30-,
*H YP IILH U :\ U9 A
-VT!(N
6[OLYZ
>,:;,95:/077,9365.:/,3-30-,
4LSVU
.(30(
.(30((964(;0*
.(30(365.:/,3-30-,
4VU[ZLU`9A-
3\PNP9A-
)RP
3[H[6I
)RP
3[H[6I
‡/DUJHIUXLWVL]H
‡6WURQJYLJRURXVSODQW
‡6PDOOIUXLWVFDUH
‡+LJKEUL[VZHHW
‡8QLIRUPQHWWLQJ
‡1LFHQHWWLQJ
=LYTPV9A-
.\HKPHUH9A-
0169)RP
)RP
*FH[(F3[H[6I
3[H[6I
‡6XLWDEOHIRULQGRRUSURGXFWLRQ
‡6WURQJYLJRURXVSODQW
‡1LFHQHWWLQJVPDOOIUXLWVFDUH
‡/DUJHIUXLWVL]H
‡*UHHQÁHVK
‡2YDOURXQGIUXLWV
. 0(
.(3
=(90,;@
7YV[LJ[LK
6WLUMPLSK
-Y\P[^LPNO[RN
-SLZOJVSV\Y
.(30((964(;0*
4VU[ ZLU`9 A
-VT!
7_L_:M!
O
.YLLU
=LYT PV9 A
45:=-VT!
.JL_,J!7_L_:M!
O
.YLLU
4PY L SS H9A
-VT!
.JL_,J!7_L_:M!
O
.YLLU
(S W LZ9A
-VT!
.JL_,J!7_L_:M!
O
.YLLU
3\P N P 9A
-VT!
7_L_:M!
O
.YLLU
.\HK PH U H 9 A
-VT!
7_L_:M!
O
>OP[L.YLLU
.(30(365.:/,3-30-,
7YVK\J[SPUL
*\J\TPZTLSV
4LSVU
5H[HS9A-
-Y\P[JYVWZ
1(<5,*(5(90@LSSV^*HUHY`
;PRHS9A-
)RP
*FH[(F3[H[6I
*FH[(F3[H[6I$J
‡9LJRURXVSODQW
‡9LJRURXVSODQWJRRGIUXLWVHWWLQJ
‡(DV\IUXLWVHWWLQJ
‡8QLIRUPVPDOOHUVL]HVIUXLWV
‡9HU\QLFHWDVWH
‡9HU\QLFHWDVWHDQGDURPD
+\JYHS9A-
.SHKPHS9A-
)RP
)RP
*FH[(F3[H[6I
*FH[(F3[H[6I
‡6WURQJYLJRURXVSODQW
JRRGOHDIFRYHUDJH
‡5RXQG
‡*RRGIUXLWVHWWLQJ
‡([FHOHQWWDVWH
9VV[Z[VJR
)RP
‡6PRRWKVNLQ
3LHMJYVWZ
)YHZZPJH
9VV[JYVWZ
‡8QLIRUPVKLQ\\HOORZIUXLWV
1(<5,*(5(90
6WLUMPLSK
-Y\P[^LPNO[RN
-SLZOJVSV\Y
5H[ HS9A
-VT!
.JL_,J!7_L_:M!
7YV[LJ[LK
O
>OP[L
+\JYHS9A
-VT!
.JL_,J!7_L_:M!
O
>OP[L
;PRHS9A
-VT!
.JL_,J!7_L_:M!(N
O
>OP[L
.SHKP HS9A
-VT!
.JL_,J!7_L_:M!
O
>OP[L
7YVK\J[SPUL
6[OLYZ
=(90,;@
*\J\TPZTLSV
4LSVU
4LSVU
70,3+,:(76
9PJ\YH9A-
4HILS9A-
0169)RP
+HUPLS9A-
0169)RP
*FH[(F3[H[6I
0169)RP
*FH[(F3[H[6I
*FH[(F3[H[6I
‡6PDOOHUVL]H3LHOGH6DSR
‡%DODQFHGSODQWPHGLXPYLJRXU
‡6WURQJSODQWZLWKJRRGOHDIFRYHUDJH
‡9HU\KLJKEUL[
‡$GDSWDEOHHDV\VHWWLQJ
‡8QLIRUPVWULSHGIUXLWV
‡*RRGVKHOIOLIH
‡&OHDUZKLWHÁHVKH[FHOOHQW
IUXLWTXDOLW\
‡+LJKEUL[JRRGWDVWH
70,3+,:(76
=(90,;@
6WLUMPLSK
-Y\P[^LPNO[RN
9 PJ\YH9A
45:=-VT!
.JL_,J!7_L_:M!
7YV[LJ[LK
O
4HILS 9A
45:=-VT!
.JL_,J!7_L_:M!
O
>OP[L
+HUPLS9A
45:=-VT!
.JL_,J!7_L_:M!
O
>OP[L
9 L`T PLS9A
45:=-VT!
.JL_,J!7_L_:M!
>OP[L
O
-SLZOJVSV\Y
7YVK\J[SPUL
>OP[L
2092(.(h )HSRH9A-
)RP
3[H[6I
‡9LJRURXVSODQWV
‡*RRGVHWWLQJHDUO\PDWXULW\
‡1LFHSUHVHQWDWLRQJRRGWDVWH
2092(.(h
=(90,;@
) H SR H 9 A
7YV[LJ[LK
-V
V T!
7_L_:M!
6WLUMPLSK
O
-Y\P[^LPNO[RN
-SLZOJVSV\Y
>OP[L
7YVK\J[SPUL
>/0;,/65,@+,>
:^LL[IHSS9A-
)RP
*FH[(F3[H[6I$J
‡6WURQJRSHQSODQW
‡6PDOOZKLWHIUXLWV
‡6ZHHWZKLWHIUXLWÁHVK
/65,@+,>>/0;,
=(90,;@
: ^LL[IH SS9 A
-VT!
.JL_,J!7_L_:M!(N
7YV[LJ[LK
6WLUMPLSK
-Y\P[^LPNO[RN
-SLZOJVSV\Y
O
O
>OP[L
7YVK\J[SPUL
9VV[Z[VJR
9VV[Z[VJR
;V4= $ ;VTH[VTVZHPJ[VIHTV]PY\Z
;VTH[VTVZHPJ
AHKVR9A-*TH_PTH_TVJOH[H
$ -\ZHYP\TV_`ZWVY\TMZWS`JVWLYZPJP
-\ZHYP\T^PS[
-VY
$ -\ZHYP\TV_`ZWVY\TMZW
YHKPJPZS`JVWLYZPJP
-\ZHYP\TJYV^UHUKYVV[YV[
70
$ 7`YLUVJOHL[HS`JVWLYZPJP
*VYR`YVV[YV[
=K
$ =LY[PSSP\TKHOSPHL
=LY[PJPSSP\T^PS[
=H
$ =LY[PJPSSP\THSIVH[Y\T
=LY[PJPSSP\T^PS[
4P
$ 4LSVPKVN`ULPUJVNUP[H
9VV[RUV[
4Q
$ 4LSVPKVN`ULQH]HUPJH
9VV[RUV[
4H
$ 4LSVPKVN`ULHYLUHYPH
9VV[RUV[
9VV[Z[VJR
-VS
966;:;6*2:63(5(*,(,
2PUN2VUN9A-
7R09)RO)RU3O9D9G
‡6XLWDEOHIRUFXFXPEHUPHORQ
DQGZDWHUPHORQ
‡&ROGWROHUDQFHSURGXFWLRQ
IUXLWTXDOLW\
‡([FHOOHQWLQFRPELQDWLRQZLWK
ORQJFXFXPEHU
0D0L0M
‡6XLWDEOHIRUWRPDWR
‡6HWWLQJXQLIRUPLW\FROGWROHUDQFH
‡*RRGSHUIRUPDQFHLQVKRUWF\FOHV
)YHZZPJH
)RF9D
$ -\ZHYP\T^PS[YHKPJPJ\J\TLYPU\T
-\ZHYP\T^PS[
9VV[JYVWZ
966;:;6*2*<*<9)0;(*,(,
-VJ
,TWLYHKVY9A-
7LSVWZ9A-3HNLUHYPHZPJLYHYPH
-Y\P[JYVWZ
9LZPZ[HUJLJVKLZ
7R09)RO)RU3O9D9G
‡6XLWDEOHIRUZDWHUPHORQ
‡6XLWDEOHIRUPRVWWRPDWRFXOWLYDWLRQ
‡8QLIRUPLW\SURGXFWLRQIUXLWTXDOLW\
‡6WURQJQHPDWKRGHUHVLVWDQFH
FROGWROHUDQFH
‡([WUDHDUOLQHVV
3LHMJYVWZ
0D0L0M
9D
‡9HUVDWLOHH[FHOOHQWIRUFOXVWHUYDULHWLHV
966;:;6*2
=(90,;@
9LJVTTLUKLKMVY
/LH[LK
7YV[LJ[LK
6WLUMPLSK
*<*<9)0;(*,(,
-LYYV 9A
-VJ=H
*=@=7_L_:M
4LSVUHUK>H[LYTLSVU
7LSVW Z 9A
=H
*=@=7_L_:M
>H[LYTLSVU
A HKVR9A
-VJ=H
*=@=7_L_:M
*\J\TILY4LSVUHUK>H[LYTLSVU
*VSVZ\Z 9A
;V4=!-VS!-VY7S=H!=K!
;V4=!-VS!-VY7S=H!=K!
4H4P4Q
4H4P4Q
;VTH[V
,T WLYHKVY 9A
2 PUN2VUN9A
;V4=!-VS!-VY7S=H!=K!
4H4P4Q
;VTH[V
O
O
O
O
O
O
;VTH[V
O
O
O
6[OLYZ
:63(5(*,(,
)LL[YVV[
%HHWURRWDUHDWUDGLWLRQDO
LQJUHGLHQWLQPDQ\FXLVLQHVDURXQG
WKHZRUOG,WVVSHFLÀFVZHHWWDVWH
GHHSUHGFRORXUDQGJRRGVKHOIOLIH
PDNHEHHWURRWDSRSXODUKHDOWK\
YHJHWDEOH
*YVWPUKL]LSVWTLU[
5LMN=ZDDQRIIHUVDJURZLQJ
UDQJHRIVSHFLÀFK\EULGVLQWKH
PRVWLPSRUWDQWVHJPHQWVURXQG
DQGVPRRWKIRUWKHIUHVKPDUNHW
KLJKURXQGDQGKLJK\LHOGLQJIRU
LQGXVWU\DQGHORQJDWHGW\SHV
IRUHIÀFLHQWSURFHVVLQJ2XUQHZ
LQWURGXFWLRQ%HOXVKL5=DQG
0RQW\5=RIIHUDQHZVWDQGDUGLQ
EUL[DQGEHWDQLQFRQWHQWFRPELQHG
ZLWKDKLJKXQLIRUPSURGXFWLRQ
)L[H]\SNHYPZ]HYJVUKP[P]H
‡)RULQGXVWU\DQGIUHVKPDUNHWXVH
‡)RU,QGXVWU\XVH
‡1LFHURXQGVKDSHVPRRWKVNLQ
‡+LJKURXQGVKDSH
‡6WURQJIROLDJH
‡6WURQJIROLDJH
‡+LJK\LHOGLQJ
‡9HU\KLJK\LHOGLQJ
‡+LJKEUL[DQGEHWDQLQFRQWHQW
‡9HU\KLJKEUL[DQGEHWDQLQFRQWHQW
),,;966;
=(90,;@
:V^PUNKLUZP[`
-YLZO
0UK\Z[Y`
7YVK\J[SPUL
) LS\ZO P9A-
[V
O
O
(RLSH 9A
[V
O
O
96<5+
[V
O
3HYRH 9A
[V
O
3PILYV 9A
[V
O
4VU[ ` 9A-
[V
O
A LWWV9A-
[V
O
) HI`ILH[9A
365.
*HYPSSVU9A
[V
O
9A
[V
O
3LHMJYVWZ
4VU[`9A-9A
6[OLYZ
)LS\ZOP9A-9A
)YHZZPJH
9VV[JYVWZ
9VV[Z[VJR
-Y\P[JYVWZ
)LL[YVV[
*HYYV[
&DUURWVDUHJURZQZRUOGZLGH
DQGDUHEHLQJRIIHUHGLQPDQ\
GLIIHUHQWSURGXFWIRUPVEXQFKHG
ZDVKHGVOLFHGDQGMXLFHG7KH\
DUHXVHGIUHVKIRUWKHLUFULVSVZHHW
ÁDYRXUDQGQXWULWLRQDOFRQWHQWV
:LWKDQLQFUHDVLQJLQWHUHVWIRU
VQDFNYHJHWDEOHVFDUURWVDUH
EHFRPLQJDSRSXODUFRQYHQLHQFH
SURGXFW%HVLGHVWKHVHOHFWLRQ
RQDJURQRPLFWUDLWVVXFKDV
IROLDJHTXDOLW\XQLIRUPLW\VKDSH
FRORXUVPRRWKQHVVDQGVKHOIOLIH
5LMN=ZDDQDOVRVHOHFWVYDULHWLHV
RQWKHEDVLVRIWDVWHDQGQXWULRQDO
YDOXHV
5LMN=ZDDQKDVDVWURQJSRVLWLRQ
LQWKHLQGXVWU\VHJPHQWDQGLV
GHYHORSLQJDEURDGUDQJHRI
YDULHWLHVIRUWKHIUHVKPDUNHW
%\VWDUWLQJXSDFWLYLWLHVLQ
&KLQD,QGLDDQG%UD]LOZHKDYH
LQWHQVLÀHGRXUVFUHHQLQJSURJUDP
IRUFROOHFWLQJUHOLDEOHGDWDRQRXU
QHZYDULHWLHV$VDUHVXOWZHDLP
WRRIIHUVWDEOHUHOLDEOHKHDOWK\DQG
WDVW\YDULHWLHV
+H\J\ZJHYV[H
9VV[Z[VJR
-Y\P[JYVWZ
*HYYV[
4VYLSPH9A-
‡6WURQJKHDOWK\OHDYHV
‡+LJK\LHOGLQJYDULHW\
‡/RQJVWRUDELOLW\ERWKLQÀHOGDQG
FRROVWRUDJH
9VV[JYVWZ
>HYTPH9A-
‡'HHSRUDQJHFRORXUZLWK
‡+LJKFDURWHQHDQGGU\PDWWHUFRQWHQW
‡
+LJKFDURWHQHDQ
‡6WURQJKHDOWK\OHDYHV
‡
6WURQJKHDOWK\OH
9A-
‡8SULJKWGDUNOHDYHV
‡
8SULJKWGDUNOHD
‡9HU\ORQJÀHOGVWRUDELOLW\ÁH[LEOH
‡
9
9HU\ORQJÀHOGVW
*(996;
*OPWPV UH9A
4H[\YP[`HM[LYZV^PUN
:V^PUNKLUZP[`
TWJOH
>HZOPUN
)\UJOPUN
0UK\Z[Y`
7YVK\J[SPUL
O
TWJOH
O
9A
TWJOH
O
5HUZO V9A
TWJOH
O
4VYLSPH9A
TWJOH
O
1VZOP9A
TWJOH
O
*YVM[ V U9A
TWJOH
O
2 HYV[HU9A
TWJOH
O
;YHMMVY K9A
TWJOH
O
>HYTPH9A
>HYT
>H
H
PH9 A
TWJOH
O
1LYHKH 9A
O
6[OLYZ
=(90,;@
3LHMJYVWZ
)YHZZPJH
‡'HHSRUDQJHLQWHUQDODQG
‡
'HHSRUDQJHLQWH
H[WHUQDOFRORXU
)YVJJVSP*H\SPÅV^LY
*H\SPÅV^LY
5LMN=ZDDQKDVH[WHQVLYHH[SHULHQFHLQFDXOLÁRZHUDQGZHFUHDWHGDEURDGUDQJH
RIUHOLDEOHYDULHWLHVDGGLQJYDOXHWRWKHHQWLUHSURGXFWFKDLQ:HDLPWRGHYHORS
YDULHWLHVZKLFKJLYHDVWDEOHSHUIRUPDQFHXQGHUFKDQJLQJZHDWKHUFRQGLWLRQVIRU
DOOJURZLQJFRQGLWLRQV
)UHVKDQGLQGXVWU\
5LMN=ZDDQKDVFDXOLÁRZHUYDULHWLHVHVSHFLDOO\EUHGIRUGLIIHUHQWVHDVRQVDQG
FOLPDWLFFRQGLWLRQVVXLWDEOHIRUWKHIUHVKPDUNHWLQGXVWU\DQGGXDOSXUSRVH
YDULHWLHV)RUIUHVKPDUNHW5LMN=ZDDQRIIHUVYDULHWLHVZLWKVWDEOHGHQVHZKLWHFXUGV
DQGIRULQGXVWU\YDULHWLHVZLWKDJRRG\LHOGDQGDKLJKSHUFHQWDJHRIXVDEOHÁRUHWV
5HVLVWDQFHDQGGLYHUVLW\
%HVLGHVUHOLDELOLW\XQLIRUPLW\FXUGTXDOLW\DQGOHDIFRYHUDJHZHLQYHVWVWURQJO\LQ
GHYHORSLQJYDULHWLHVPRUHUHVLVWDQWWRSHVWVDQGGLVHDVHV$ORQJVLGHWKHWUDGLWLRQDO
ZKLWHFDXOLÁRZHU5LMN=ZDDQKDVDQXPEHURIVSHFLDOLWLHVLQWKHUDQJHVXFKDVWKH
JUHHQFDXOLÁRZHU9LWDYHUGH5=DQGWKHURPDQHVFRW\SH)RUPRVD5=
)YVJJVSP
%URFFROLLVFRQVLGHUHGWREHRQHRIWKHKHDOWKLHVWYHJHWDEOHVRIWKH%UDVVLFDIDPLO\
5LMN=ZDDQKDVDUHODWLYHO\\RXQJEUHHGLQJSURJUDPLQ%URFFROLEXWZHGRVHH
JRRGRSSRUWXQLWLHVIRULPSURYHPHQWLQWKLVJURZLQJFURS
:RUOGZLGH
:LWKLPSRUWDQWPDUNHWVLQ1RUWK&HQWUDODQG6RXWK$PHULFDWKH)DU(DVWDQG
(XURSHEURFFROLLVDJOREDOFURS$VZLWKFDXOLÁRZHUWKHUHDUHVSHFLDOYDULHW\
UHTXLUHPHQWVIRUWKHIUHVKPDUNHWDVZHOODVIRULQGXVWU\SXUSRVHV5LMN=ZDDQ
DLPVWRRIIHUYDULHWLHVIRUDOOPDUNHWVDQGDGDSWHGWRORFDOJURZLQJFRQGLWLRQV
2QHRIRXUHDUOLHVWLQWURGXFWLRQV$JDVVL5=LVJDLQLQJSRSXODULW\IRULWVWROHUDQFH
WRH[WUHPHZDUPDQGGU\FRQGLWLRQV
)YVJJVSP
3`JVWLYZPJVU4PSSS`JVWLYZPJ\T32HYZ[L_-HY^
)YHZZPJH
9VV[JYVWZ
9VV[Z[VJR
-Y\P[JYVWZ
;VTH[V
9VTHULZJV
3LHMJYVWZ
*H\SPÅV^LY.YLLU
6[OLYZ
*H\SPÅV^LY>OP[L
*H\SPÅV^LY
*(<30-36>,9>/0;,
*(<30-36>,9.9,,5
*OHTIVYK9A-
:HU[HTHYPH9A-
=P[H]LYKL-
‡([FHOOHQWSODQWYLJRXU
‡)UHVKPDUNHWDQGSURFHVVLQJ
‡4XLFNGHYHORSPHQW
‡6WDEOHFXUGVHWWLQJ
‡)XOOVHDVRQYDULHW\IRUGU\FOLPDWHV
‡+HDY\TXDOLW\FXUGV
‡*RRGLQQHUZUDSSHUOHDYHV
‡9HU\YLJRURXV
‡<HDUURXQGSURGXFWLRQ
‡(DV\WRKDUYHVW
‡3HUIHFWVHOIFRYHUDJH
‡6WURQJYLJRXU
‡6PRRWKFXUG
‡+HDY\GHQVHFXUGV
‡8SULJKWSODQWKDELW
*HZWLY9A-
‡)UHVKPDUNHWDQGSURFHVVLQJ
‡6WURQJLQZDUPGU\FOLPDWHV
‡*RRGLQQHUZUDSSHUOHDYHV
‡6PRRWKÁDWZKLWHFXUGV
‡5HOLDEOH
+L_[LY9A-
‡)UHVKPDUNHWDQGSURFHVVLQJ
‡$GDSWDEOHWRVWUHVVFRQGLWLRQV
‡9LJRURXVVWURQJURRWV\VWHP
‡*RRGVHOIFRYHULQJ
*(<30-36>,9
=(90,;@
MYLZOTHYRL[
WYVJLZZPUN
:WYPUN
:\TTLY
O
O
O
O
(\[\TU
>PU[LY
4H[\YP[`HM[LY[YHUZWSHU[PUN
7SHU[ZOH
O
O
>/0;,*(<30-36>,9
) PZOV W9A
O
*HZWLY 9A
O
O
*HZ[ LSS\T9A
O
O
*LYJ`9A
O
O
*OHTIVY K9A
O
+LUHSP9A
O
O
+L_[ LY 9A
O
O
+P]P[ H9A
O
O
.YLNV Y 9A
O
O
4PYHTVU[L9A
O
O
4VUL LYH9A
O
O
5LISPUH9A
O
O
:HU[ HTHY PH9A
O
:PLYYH 4 HKY L9A
O
:VS]HUN9A
O
O
:[ HIPSPZ 9A
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
.9,,5*(<30-36>,9
=P[ H]LY KL9A
O
O
O
)YHZZPJHVSLYHJLH]HYIV[Y`[PZ
*H\SPÅV^LY
-Y\P[JYVWZ
*(<30-36>,9964(5,:*6
-VYTVZH-
‡1LFHSRLQWHGTXDOLW\FXUGV
‡6WURQJDJDLQVWOHDIGLVHDVHV
9VV[Z[VJR
‡6XLWDEOHIRUIDOODQGZLQWHUKDUYHVW
=(9
90,;@
-VYT
T VZ H 9A
MYLZOTHYRL[
WYV
YVJLZZPUN
O
O
:WYPUN
:\TTLY
(\[\TU
>PU[LY
O
O
4H[\YP[`HM[LY[YHUZWSHU[PUN
N
7SHU[ZOH
9VV[JYVWZ
964
4(5,:*6
)YHZZPJHVSLYHJLHJVU]HYIV[`[PZ]HYP[HSPJH
)YHZZPJH
)YVJJVSP
(NHZZP9A-
4VUÄSZ9A-
‡+LJKSHUFHQWDJHTXDOLW\FXUGV
‡6XLWDEOHIRUIUHVKPDUNHW
‡+HDWWROHUDQW
‡7ROHUDQWWROHDIVSRWV
‡6WDEOHJURZWK
‡*RRGGRPHVKDSH
‡6WURQJDJDLQVWKROORZVSOLWVWHPV
‡+HDY\FXUGV
3LHMJYVWZ
)YVJJVSP
=(90,;@
MYLZOTHYRL[
WYVJLZZPUN
:WYPUN
:\TTLY
(\[\TU
>PU[LY
4H[\YP[`HM[LY[YHUZWSHU[PUN
7SHU[ZOH
(NHZZ P9A
O
O
O
O
O
O
;HOVL9A
O
O
O
O
4VUMPSZ 9A
O
O
O
6[OLYZ
)96**630
*HIIHNL
&DEEDJHLVDQLPSRUWDQWVWDEOHFURSZRUOGZLGH,WV
QXWULWLRQDOYDOXHVPDNHLWDSRSXODUYHJHWDEOHZLWK
DJUHDWIXWXUH:LWKLQWKHPDLQW\SHVWKHUHLVDZLGH
GLYHUVLW\LQVKDSHVVL]HVWDVWHDQGWH[WXUHV5LMN=ZDDQ
RIIHUVDZLGHFKRLFHZLWKLQHDFKW\SH
5LMN=ZDDQKDVDVWURQJSRVLWLRQLQHDUO\ZKLWHFDEEDJH
DQGUHGFDEEDJH2XUVWRUDJHYDULHWLHVDUHJDLQLQJ
IDVWLQSRSXODULW\:HRIIHUYDULHWLHVIRUIUHVKPDUNHW
YDULHWLHVZLWKVSHFLÀFWUDLWVIRUWKHSURFHVVLQJLQGXVWU\
DQGGXDOSXUSRVHYDULHWLHVLQGLIIHUHQWVL]HV
2XUYDULHWLHVDUHFKDUDFWHUL]HGE\DJRRGÀHOGVWDQG
DELOLW\DQGDQRSWLPDOSHUIRUPDQFHEHIRUHDQGDIWHU
VWRUDJH'LVHDVHVDQGSHVWVDUHDPDMRULVVXHIRU
JURZHUVWKHUHIRUH5LMN=ZDDQLVLQYHVWLQJVWURQJO\
LQEUHHGLQJIRUUHVLVWDQFHV6SHFLÀFUHVHDUFKIDFLOLWLHV
DURXQGWKHZRUOGHQDEOHXVWRWHVWRXUEUHHGLQJ
PDWHULDOLQWKHPRVWH[WUHPHFRQGLWLRQV
3RLQWHGFDEEDJHLVJDLQLQJSRSXODULW\DVDVDODG
YHJHWDEOH:LWK6RQVPD5=DQG7RXULPD5=ZHFDQ
RIIHUWZRYHUVDWLOHYDULHWLHVZLWKDQH[FHOOHQWPLOG
VZHHWWDVWH
9LK*HIIHNL
)YHZZPJHVSLYHJLHJVU]HYJHWP[H[H
)YHZZPJH
9VV[JYVWZ
9VV[Z[VJR
-Y\P[JYVWZ
*HIIHNL
7VPU[LK*HIIHNL
3LHMJYVWZ
>OP[L*HIIHNL
6[OLYZ
:H]V`*HIIHNL
*HIIHNL
9,+*())(.,
9LKTH9A-
-\[\YPTH9A-
‡9HUVDWLOHYDULHW\IRUIUHVKDQG
SURFHVVLQJXVH
‡3URFHVVLQJYDULHW\VXSHUELQWHUQDO
FRORXUDQGÀQHVWUXFWXUH
‡/RQJKDUYHVWLQJZLQGRZVWURQJ
DJDLQVWFUDFNLQJ
‡/DUJHSODQWIUDPHORQJÀHOG
VWDQGDELOLW\
‡5HFRPPHQGHGIURPHDUO\WR
ODWHVHDVRQ
‡6XLWDEOHIRUODUJHVL]HIUHVKPDUNHW
XSWRNJ
:(=6@*())(.,
,Z[YLTH9A-
)RF
‡,QWHUPHGLDWHW\SHEHWZHHQ6DYR\
DQGZKLWHFDEEDJH
‡([WHUQDO6DYR\DSSHDUDQFHIDGHV
DWPDWXULW\
‡6PRRWKLQWHUQDOEOLVWHULQJ
‡ )ODWURXQGVKDSHVWURQJKHDOWK\SODQW
>/0;,*())(.,
;HJVTH9A-
)RF
4\JZ\TH9A-
)RF
‡6HPLÁDWVKDSHDOOVHDVRQV
‡/DWHVHDVRQLQFOXGLQJVWRUDJH
‡)LQHLQWHUQDOVWUXFWXUHWKLQOHDYHV
‡9LJRURXVSODQWIXVDULXPUHVLVWDQW
‡9LJRURXVSODQWZD[\IROLDJHVWURQJ
DJDLQVW7ULSV
‡/DUJHIUDPHVWUHVVWROHUDQW
‡'XDOSXUSRVHXSWRNJ
‡6XLWDEOHIRUIUHVKPDUNHW
DQGSURFHVVLQJ
9A-
(UJVTH9A-
)RF
)RF
‡1RYHOW\VWURQJÀHOGSHUIRUPDQFH
‡6WDQGDUGIRUODWHVHDVRQVWRUDJH
‡5RXQGWRVHPLÁDWVKDSHGKHDGV
‡)RUSODQWLQJVIURPVSULQJWR
HDUO\VXPPHU
‡$GDSWDEOHYDULHW\WRGLIIHUHQWFOLPDWH
FRQGLWLRQV
‡:HLJKWUDQJHXSWRNJ
IUHVKFXWTXDOLW\
‡([FHOOHQWLQWHUQDOTXDOLW\IRUIUHVK
FXWDQGFDEEDJHUROOV
)YHZZPJHVSLYHJLHJVU]HYJHWP[H[H
*HIIHNL
-Y\P[JYVWZ
7605;,+*())(.,
:VUZTH9A-
‡6SHFLDOW\FDEEDJHHDUO\PDWXULW\
‡$GDSWDEOHYDULHW\DWGLIIHUHQW
GHQVLWLHV
MYLZOTHYRL[
WYVJLZZPUN
4H[\YP[`HM[LY[YHUZWSHU[PUN
7SHU[ZOH
/LHK^LPNO[ZPURN
>/0;,*())(.,
O
9 H`T H 9A
O
(KLTH9A
O
*PSLTH9A
O
;V\NOTH9A
O
1L[ T H9A
;HJVTH9A
-VJ!
-VJ!
O
O
O
6 YPLTH9A
O
4HYJLSSV9A
O
O
9A
-VJ!
O
O
4\S[ PTH9A
-VJ!
O
O
9A
-VJ!
O
O
A \SLPTH9A
O
O
:LST H9A
O
O
O
O
O
:[ VYLTH9A
O
O
2 HSVYHTH9A
O
:\MHTH9A
(UJVTH9A
4\JZ\TH9A
-VJ!
-VJ!
O
O
7605;,+*())(.,
:VUZTH9A
O
;V\YPTH9A
O
:(=6@
O
9A
-VJ!
O
,Z[ YLTH9A
-VJ!
O
:HSPT H9A
O
O
9 LKT H9A
O
O
9 L_VTH9A
O
4VYHTH9A
7YVK\J[SPUL
)YHZZPJH
=(90,;@
3LHMJYVWZ
/,(+*())(.,
9VV[JYVWZ
9VV[Z[VJR
‡3UHPLXPSURGXFWZLWK
WHQGHUVZHHWWDVWH
-\[ \YP TH9A
9 VKPTH9A
O
9 LN\TH9A
O
O
O
6[OLYZ
9,+*())(.,
3L[[\JL
>VYSK^PKLYHUNLVMZ\JJLZZM\S]HYPL[PLZ
/HWWXFHLVDQLPSRUWDQWOHDIYHJHWDEOHZRUOGZLGH,W
LVDYLWDOLQJUHGLHQWIRUDKHDOWK\IUHVKIRRGGLHW5LMN
=ZDDQLVRQHRIWKHOHDGLQJOHWWXFHEUHHGLQJFRPSDQLHV
LQWKHZRUOG:HLQYHVWDORWRIUHVHDUFKHIIRUWLQWR
ÀQGLQJQHZDQGEHWWHUYDULHWLHVRIOHWWXFHIRUDOO
JURZLQJFRQGLWLRQVDQGGHYHORSLQJDZLGHGLYHUVLW\LQ
FRORXUWDVWHDQGWH[WXUH
$SDUWIURPXQLTXHQHZGHYHORSPHQWVLQWKH6DODQRYDŠ
UDQJHZKLFKDUHSUHVHQWHGVHSDUDWHO\ZHRIIHUD
FRPSOHWHUDQJHRIW\SHVVXFKDV/ROOR%LRQGD/ROOR
5RVVD2DNOHDIOHWWXFHLQUHGDQGJUHHQ%XWWHUKHDG
OHWWXFHVXLWDEOHIRULQGRRUDQGRXWGRRU,FHEHUJ&RV
DQG%DWDYLD$OOYDULHWLHVRIIHUHGLQWKHVHW\SHVKDYH
EHHQVHOHFWHGRQDVWURQJJHQHWLFEDVLVRITXDOLW\
YLJRXUDQGDZLGHSDWWHUQRIUHVLVWDQFHVDV/HWWXFH
0RVDLF9LUXV%UHPLD/DFWXFDHGRZQ\PLOGHZDQG
3HPSKLJXVEXUVDULXVURRWDSKLG:HRIIHUDFRPSOHWH
UDQJHRIYDULHWLHVUHVLVWDQWWRWKH1DVRQRYLDULELVQLJUL
DSKLG
&KRRVLQJIRU5LMN=ZDDQOHWWXFHLVFKRRVLQJIRUPDQ\
\HDUVRIGHGLFDWLRQDQGH[SHULHQFHLQEUHHGLQJOHWWXFH
,WLVFKRRVLQJIURPDZLGHUDQJHRIPDQ\UHOLDEOHDQG
VXFFHVVIXOYDULHWLHV,WLVFKRRVLQJIRUDKLJKSURGXFWLRQ
RIH[FHOOHQWTXDOLW\
)HI`SLHM
)H[H]PH
)\[[LYOLHK
3HJ[\JHZH[P]H
3L[[\JL
$ )YLTPHSHJ[\JHL+V^U`TPSKL^
34=
$ 3L[[\JL4VZHPJ=PY\Z
5Y!
$ THPUIPV[`WLVM5HZVUV]PHYPIPZUPNYP
*\YYHU[SL[[\JLHWOPK
7I
$ 7LTWOPN\ZI\YZHYP\Z
3L[[\JL9VV[(WOPK
)YHZZPJH
9VV[JYVWZ
9VV[Z[VJR
)S
-Y\P[JYVWZ
9LZPZ[HUJLJVKLZ
3LHM3L[[\JL
6HRSLHM3L[[\JL
3LHMJYVWZ
0JLILYN
6[OLYZ
*VZ
3HJ[\JHZH[P]H]HYJHWP[H[H
)H[H]PH3L[[\JL
)H[H]PH3L[[\JL
)(;(=0(.,,5
)(;(=0(9,+
;V\YIPSSVU9A
9LKPHS9A
‡9HUVDWLOHRSHQJUHHQ%DWDYLD
%O1U
‡6WURQJDJDLQVWWLSEXUQVORZEROWLQJ
‡'HHSUHGRSHQ%DWDYLD
‡+LJK\LHOGLQJVXLWDEOHIRU,QGXVWU\
‡6WURQJDJDLQVWWLSEXUQVORZEROWLQJ
‡$WWUDFWLYHOHDIFRQWUDVW
)(;(=0(3,;;<*,
=(90,;@
7YV[LJ[LK
/`KYVWVUPJ
6WLUMPLSK
:WYPUN
O
O
O
:\TTLY
(\[\TU
>PU[LY
O
O
O
O
.9,,5)(;(=0(
( M P JP V U 9 A
)S!
,T VJP V U 9 A 9 A )S!5Y!7I
-VUZ LJ H 9 A
7I
0T HNPU H [ P V U 9 A
)S!5Y!7I
34=!
0T W\SZ P V U 9 A
)S!
34=!
0U]P J[ H 9 A
:[HY M P N O [ L Y 9 A
;V\Y I P S S V U 9 A
)S!5Y!7I
34=!
;Y P H[O S V U 9 A
)S!
34=!
34=!
O
O
O
O
O
O
O
O
O
O
O
O
O
7I
O
O
O
O
O
)S!5Y!7I
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
9,+)(;(=0(
* OLY V R L L 9 A
)S!
O
O
4VOP J H U 9 A
)S!7I
O
O
O
9 LKP H S 9 A
)S!5Y!
O
O
O
9 \I` : R` 9 A
)S!5Y!
O
O
34=!
O
O
O
O
O
7YVK\J[SPUL
3HJ[\JHZH[P]H]HYJHWP[H[H
)\[[LYOLHK3L[[\JL
)\[[LYOLHK3L[[\JL
-SHUKYPH9A
)<;;,9/,(+9,+
-Y\P[JYVWZ
)<;;,9/,(+.9,,5
:R`WOVZ9A
%O
%O1U
/09
‡6WDQGDUGIRUK\GURSRQLFFXOWLYDWLRQ
‡%HDXWLIXOUHGEXWWHUKHDG
‡$WWUDFWLYH´EORQGµFRORXU
‡6ORZEROWLQJYDULHW\
‡6XLWDEOHIRUSURWHFWHGFXOWLYDWLRQ
‡1DVRQRYLDUHVLVWDQW
%O
9VV[Z[VJR
)HSSLYPUH9A
/09
‡)UHVKJUHHQFRORXUWKLFNOHDYHG
‡6ORZEROWLQJYDULHW\
)YHZZPJH
9VV[JYVWZ
‡6XLWDEOHIRURSHQÀHOGFXOWLYDWLRQ
)<;;,9/,(+3,;;<*,
/`KYVWVUPJ
6WLUMPLSK
:WYPUN
:\TTLY
(\[\TU
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
>PU[LY
.9,,5)<;;,9/,(+
( S L_H U K Y PH9 A
)S!7I
) HSS LYPUH9 A
)S!
*VZT VWV S PH9 A
)S!5Y!7I
-HI P L[[V 9 A
)S!5Y!7I
34=!
-H\Z[ PUH9 A
)S!5Y!
34=!
-S H U K Y P H 9A
)S!
/ \UNHY PUH9A
)S!5Y!
34=!
5 HK PU L 9A
)S!
34=!
5 H[ H S P H 9 A
)S!7I
O
9 L _9A
)S!
O
9 V\ZZV9 A
)S!5Y!7I
34=!
O
O
:H U [ V Y V 9A
)S!5Y!7I
34=!
O
O
)S!5Y!
34=!
O
O
O
34=!
O
O
O
O
O
O
O
O
O
9,+)<;;,9/,(+
:R`W O VZ 9 A
7YVK\J[SPUL
3LHMJYVWZ
7YV[LJ[LK
O
O
6[OLYZ
=(90,;@
*VZ3L[[\JL
*6:.9,,5:4(33
*6:9,+:4(33
9HMHLS9A
9A
%O)RO1U
%O
/09
‡6PDOOFRVYDULHW\IRURSHQÀHOG
‡'HHSUHGVPDOOFRVYDULHW\
‡6WURQJDJDLQVWWLSEXUQVORZEROWLQJ
‡%HDXWLIXOFRQWUDVWVORZÀOOLQJ
‡:RQGHUIXOVZHHWWDVWH
‡6XLWDEOHIRUVSULQJDQGDXWXPQ
FXOWLYDWLRQ
9A
%O1U
/096V5V
‡9HUVDWLOHYDULHW\IRURSHQÀHOG
‡6XLWDEOHIRU+\GURSRQLFFXOWLYDWLRQ
‡%URDGPLOGHZUHVLVWDQFH
*6:.9,,540+0
8\PU[\Z9A
%O)RO1U
*6:.9,,53(9.,
4H_PT\Z9A
%O
6V5V
‡$GDSWDEOHGHHSJUHHQYDULHW\
‡6WDQGDUGUREXVWYDULHW\
‡6XLWDEOHDVZKROHKHDGDQGKHDUWV
‡*RRGKHDGÀOOLQJFORVHGRQWRS
‡6ORZEROWLQJ
‡%URDGPLOGHZUHVLVWDQFH
3HJ[\JHZH[P]H]HYYVTHUH
*VZ3L[[\JL
-Y\P[JYVWZ
*6:67,5/,(9;
9A
%O)RO
‡'DUNJUHHQRSHQKHDUWFRV
‡/RRVHOHDYHVZLWKVROLGYHLQV
9VV[JYVWZ
9VV[Z[VJR
‡8QLIRUPOHDYHVZLWKEOLVWHUHG
VWUXFWXUH
*6:3,;;<*,
=(90,;@
7YV[LJ[LK
/`KYVWVUPJ
VUPJ
6WLUMPLSK
:WYPUN
:\TTLY
(
(\[\TU
>PU[LY
O
O
O
O
7YVK\J[SPUL
) HT
T IP9A
)S!
O
O
) SHHUL Z 9A
)S!
34=!
O
O
6 SP[ L9A
)S!5Y!
34=!
O
O
O
O
9 HMHL S9A
)S!-VS!5Y!
O
O
O
O
9 PU JV U9A
)S!5Y!
34=!
O
O
;H YPM H 9 A
)S!
34=!
O
O
O
O
;\ K L SH 9A
)S!-VS!
34=!
O
O
O
O
=PSS LUH9A
)S!5Y!
34=!
O
O
O
O
9A
)S!5Y!
34=!:Z9Z
O
O
O
O
)S!
34=!
*SH\K P\Z 9A
)S!-VS!7I
34=!
8 \PU[\Z 9 A
)S!-VS!5Y!
O
O
O
O
)YHZZPJH
:4(
:4(33
O
:4(339,+
O
O
40+0
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
3(9.,
1\SP\Z 9 A
)S!5Y!
34=!:Z9Z
4H_PT\Z 9A
)S!
:Z9Z
5PY]H U \Z 9A
)S!-VS!5Y!
34=!:Z9Z
O
O
:H S]P \Z 9A
)S!5Y!
:Z9Z
O
O
;P IL YP \Z 9A
)S!-VS!
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
3LHMJYVWZ
9A
3(9.,)365+
)S!
*HYV S\Z 9 A
)S!-VS!5Y!
*L Y]H U [LZ 9 A
)S!5Y!
34=!
O
34=!
O
67,5/,(9;
9A
)S!-VS!
6[OLYZ
-PSP W \Z 9A
3HJ[\JHZH[P]H]HYJHWP[H[H
0JLILYN3L[[\JL
0JLILYN3L[[\JL
*HY[HNLUHZ9A
7H[HNVUPH9A
%O1U
%O
‡9LJRURXVSODQWVZLWKVWURQJIUDPH
‡6WDQGDUGIRUZLQWHUFXOWLYDWLRQ
‡6ORZEROWLQJVWURQJDJDLQVWWLSEXUQ
‡9LJRURXVSODQWVZLWKVWURQJIUDPH
‡6XLWDEOHIRUVSULQJWRVXPPHU
FXOWLYDWLRQ
‡8QLIRUPKLJKURXQGVKDSH
;VZJHUHZ9A
%O1U3E
‡6WURQJSODQWVQLFHJUHHQFRORXU
‡6WDEOHYDULHW\VWURQJDJDLQVW
WLSEXUQ
‡6XLWDEOHIRUVSULQJDQGDXWXPQ
FXOWLYDWLRQ
0*,),9.3,;;<*,
=(90,;@
/`KYVWVUPJ
6\[KVVY
:WYPUN
:\TTLY
(\[\TU
O
O
O
>PU[LY
0*,),9.3,;;<*,
(KHS9A
)S!7I
(SWPUHZ 9A
)S!5Y!7I
(YKPUHZ 9A
)S!5Y!7I
O
O
34=!
O
O
(YNLU[PUHZ 9A
)S!5Y!7I
34=!
O
) LYUH UKPUHZ 9A
)S!5Y!7I
34=!
O
) Y\T H 9A
)S!
*HT W PVUHZ 9A
)S!5Y!
O
O
O
*HY[ HNLUHZ 9A
)S!5Y!
O
O
O
*OPJH NV9A
)S!
O
,ZJHYJOH9A
)S!
O
O
O
-PVYL[[L9A
)S!
O
O
O
-VY[ \UHZ 9A
)S!5Y!
O
O
O
.P[ HUHZ 9A
)S!5Y!
O
0 ZSHUK PH9A
)S!5Y!
O
2LUPH9A
)S!
O
O
O
3HN\UHZ 9A
)S!5Y!
O
O
O
3LYPUHZ 9A
)S!5Y!7I
O
O
O
4HKYH Z 9A
)S!
7H[ HNVUPH9A
)S!
O
9 PILUHZ 9A
)S!5Y!7I
O
O
9 \IL[[L9A
)S!
O
O
:HU[ HY PUHZ 9A
)S!5Y!7I
:HYH[ VNH9A
)S!
O
:PILYP UHZ 9A
)S!5Y!7I
O
:PS]PUHZ 9A
)S!5Y!7I
O
;VZJH UHZ 9A
)S!5Y!7I
O
9A
)S!7I
O
O
34=!
34=!
O
O
34=!
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
7YVK\J[SPUL
3HJ[\JHZH[P]H
3LHM3L[[\JL
3LHM3L[[\JL
3633696::(
3L]PZ[YV9A
%O3E
-Y\P[JYVWZ
36336)065+(
(THUKPUL9A
/09
%O)RO
‡'DUNJUHHQ/ROOR%LRQGD
‡'HHSJORVV\UHGFRORXU
‡*RRGYLJRXUVWURQJDJDLQVWWLSEXUQ
‡6WDEOHYDULHW\DGDSWDEOH
‡ 6WDEOHYDULHW\IRURSHQÀHOGSURGXFWLRQ
‡6XLWDEOHIRUSURWHFWHGDQGRSHQ
ÀHOGFXOWLYDWLRQ
9VV[Z[VJR
*HYTLZP9A
%O)RO1U
‡'HHSUHG/ROOR5RVVD
‡6ORZEROWLQJEURDGPLOGHZUHVLVWDQFH
3,(-3,;;<*,
=(90,;@
7YV[LJ[LK
/`KYVWVUPJ
O
O
6WLUMPLSK
:WYPUN
:\TTLY
(\[\TU
O
O
O
>PU[LY
3633696::(
(T HU KPUL9A
)S!-VS!
(U[ OV U`9A
)S!-VS!
*HYT LZ P9A
)S!-VS!5Y!
*HYT VSP9A
)S!5Y!
O
O
*H]LYUL[9A
)S!5Y!
O
O
*VUJV Y KL9A
)S!
:H[ PUL9A
)S!5Y!
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
7YVK\J[SPUL
3LHMJYVWZ
)YHZZPJH
9VV[JYVWZ
‡6WURQJYLJRXULQFRROFRQGLWLRQV
O
O
O
O
O
O
O
O
(SLWW V9A
)S!5Y!
34=!
3L]PZ[Y V9A
)S!7I
34=!
3P]VYU V9A
)S!
3VJHY UV9A
)S!
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
6[OLYZ
36336)065+(
3HJ[\JHZH[P]H
3LHM3L[[\JL
6HRSLHM3L[[\JL
6(23,(-.9,,5
6(23,(-9,+
2YPZ[PUL9A
%O
4\YH{9A
/09
%O1U
/09
‡1LFHJUHHQZLWKURXQGHGVKDSH
‡9LJRURXVGHHSUHGRDN
‡6ORZEROWLQJJRRGÀHOGVWDQGDELOLW\
‡6ORZEROWLQJ
‡6XLWDEOHIRURSHQÀHOGFXOWLYDWLRQ
‡$GDSWDEOHYDULHW\RSHQÀHOG
FXOWLYDWLRQ
2PIYPSSL9A
%O1U
/09
‡9LEUDQWJUHHQRDNOHDIYDULHW\
4VUKH{9A
%O3E
/09
‡/DWHKHDGLQJVXLWDEOHIRUSURFHVVLQJ
‡%ULOOLDQWUHGRDNOHDIYDULHW\
‡6XLWDEOHIRURSHQÀHOGDQGSURWHFWHG
FXOWLYDWLRQ
‡&RPSDFWKDELW
‡6XLWDEOHIRUK\GURSRQLFFXOWLYDWLRQ
6(23,(-3,;;<*, =(90,;@
/`KYVWVUPJ
6WLUMPLSK
:WYPUN
:\TTLY
(\[\TU
>PU[LY
O
O
.9,,56(2
2 P I YPSS L 9A
)S!5Y!
34=!
2 PWSPU N 9A
)S!5Y!
34=!
2 PY L ]L 9 A
)S!5Y!7I
34=!
O
O
2 YPZ[ PUL9 A
)S!
34=!
O
O
4 V U K H {9A
)S!7I
34=!
O
O
4 \ YH { 9 A
)S!5Y!
34=!
7HYH K H{9A
)S!5Y!7I
34=!
9V\ _ H{9 A
)S!5Y!
O
O
=L Y ZH {9 A
)S!
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
9,+6(2
O
O
O
O
7YVK\J[SPUL
)YHZZPJH
9VV[JYVWZ
9VV[Z[VJR
-Y\P[JYVWZ
)HI`SLHM
)()@3,(-3,;;<*,
=(90,;@
7YV[LJ[LK
6WLUMPLSK
@LHYYV\UK
)S!5Y!
O
O
O
)S!5Y!
O
O
O
7YVK\J[SPUL
3V T L YP H 9 A
)(;(=0(9,+
+ P]LY P H 9 A
6(23,(-.9,,5
2PUL]PH9A
)S!5Y!
34=!
O
O
O
)S!5Y!
34=!
O
O
O
)S!5Y!
O
O
O
)S!5Y!7I
O
O
O
O
O
O
O
O
O
6(23,(-9,+
3\ U H] P H 9 A
3LHMJYVWZ
)(;(=0(.9,,5
05*0:,+.9,,5
) \ Y V] P H 9 A
05*0:,+9,+
:HYH] P H 9 A
+ H U [L Y P H 9 A
)S!5Y!7I
34=!
*6:9,+
( U [V Y P H 9 A
)S!5Y!
6[OLYZ
*6:.9,,5
:HSHUV]H
Ž
6DODQRYDŠVWDQGVRXWDVDFODVVRILWVRZQ7KH
6DODQRYDŠUDQJHLQFOXGHVYDULHWLHVZKLFK\LHOGOHDYHV
RIEDE\OHDIGLPHQVLRQVZLWKLQFUHDVHGVKHOIOLIHEHWWHU
ÁDYRXUDQGDKLJKSHUFHQWDJHRIXVDEOHSURGXFW7KLV
PDNHV6DODQRYDŠWKHFKRLFHIRUWKHSURFHVVLQJLQGXVWU\
,HZ`HUKYVI\Z[
7KH6DODQRYDŠUDQJHLVFRQWLQXRXVO\H[SDQGLQJZLWK
QHZSRVVLELOLWLHVDQGXVHV2QHRIWKHQHZSRVVLELOLWLHV
LVPHFKDQLFDOKDUYHVWIURPDKLJKGHQVLW\SODQWLQJ
0HFKDQLFDOO\KDUYHVWHG6DODQRYDŠOHDYHVRIIHUWKH
EHVWDOWHUQDWLYHWREDE\OHDIIRUVDODGPL[HV7KHÀQDO
SURGXFWLVPRUHPDWXUHDQGUREXVWLQFRPSDULVRQ
7KHSURGXFWFDQEHSURFHVVHGZLWKRXWDQ\IXUWKHU
SUHSDUDWLRQDQGRIIHUVH[FHOOHQWVKHOIOLIH
5L^[`WLZ
&RQVXPHUVZDQWYDULDWLRQLQWDVWHWH[WXUHVKDSHDQG
FRORXU6DODQRYDŠPHHWVWKHVHGHPDQGVDQGRIIHUV
FRQVXPHUVDQHQWLUHO\QHZTXDOLW\RIOHWWXFH:LWKWKH
LQWURGXFWLRQRIQHZW\SHVVXFKDVWKHUHGFULVS\IULVpH
7ULSOH[5=DQG5=6DODQRYDŠZHVKRZIXUWKHU
GLYHUVLÀFDWLRQDQGLPSURYHPHQWLQWKH6DODQRYDŠ
UDQJH
)RUPRUHGHWDLOHGLQIRUPDWLRQDQGFXVWRPYDULHW\
DGYLFHZHUHFRPPHQGWRFRQWDFW\RXU
5LMN=ZDDQFRQWDFWSHUVRQ
ZZZ6DODQRYDFRP
4\S[PSLHMI\[[LYOLHK
4\S[PSLHMI\[[LYOLHK
4\S[PSLHMVHRSLHM
3`JVWLYZPJVU4PSSS`JVWLYZPJ\T32HYZ[L_-HY^
)YHZZPJH
9VV[JYVWZ
9VV[Z[VJR
-Y\P[JYVWZ
;VTH[V
:^LL[JYPZWMYPZtLSL[[\JL
3LHMJYVWZ
0UJPZLKSLHMSL[[\JL
6[OLYZ
4\S[PSLHMVHRSLHM
:HSHUV]H
;VTH[VLZ
Ž
4<3;03,(-)<;;,9/,(+.9,,5
‡0DQ\XQLIRUPVPDOOOHDYHV
‡/RYHO\WHQGHUÁDYRU
‡$WWUDFWLYHVKHOISUHVHQWDWLRQ
‡)UHVKJUHHQFRORXU
+LZJHY[LZ9A ,TLYZVU9A
:HSHUV]H 9A
4<3;03,(-)<;;,9/,(+.9,,5
=(90,;@
7YV[LJ[LK
/`KYVWVUPJ
6WLUMPLSK
(\[\TU
:WYPUN
:\TTLY
+LZJH Y [LZ 9A
)S!5Y!7I
O
O
O
O
>PU[LY
O
O
,T LYZVU9A
)S!7I
O
O
O
O
O
O
9A
)S!5Y!
O
O
O
7YV[LJ[LK
/`KYVWVUPJ
6WLUMPLSK
(\[\TU
O
O
O
O
>PU[LY
:WYPUN
:\TTLY
O
O
4LJOHUPJHS
/HY]LZ[
7YVK\J[SPUL
4<3;03,(-)<;;,9/,(+9,+
‡0DQ\XQLIRUPVPDOOOHDYHV
‡9HU\SUHWW\FRORXUFRQWUDVW
‡<HOORZJUHHQUHGLQRQH
‡/RYHO\IUHVKÁDYRU
.H\NPU9A
9LUVPY9A
9A
9A
4<3;03,(-)<;;,9/,(+9,+
=(90,;@
.H\NPU9A
)S!
9 LUVPY 9A
)S!
O
9A
)S!5Y!
O
9A
)S!5Y!7I
O
O
O
O
O
O
O
O
O
O
O
O
O
4LJOHUPJHS
/HY]LZ[
7YVK\J[SPUL
3`JVWLYZPJVU4PSSS`JVWLYZPJ\T32HYZ[L_-HY^
;VTH[V
-Y\P[JYVWZ
4<3;03,(-6(23,(-.9,,5
‡0DQ\XQLIRUPVPDOOOHDYHV
‡$WWUDFWLYHÀUPKHDG
‡)UHVKGDUNJUHHQFRORXU
‡1LFHO\OREHGOHDYHV
9VV[Z[VJR
*VVR9A
+HNHTH9A
4<3;03,(-6(23,(-.9,,5
7YV[LJ[LK
/`KYVWVUPJ
6WLUMPLSK
(\[\TU
>PU[LY
:WYPUN
*VVR 9A
)S!
O
O
O
O
O
O
+HNHTH9A
)S!
O
O
O
6WLUMPLSK
(\[\TU
:\TTLY
4LJOHUPJHS
/HY]LZ[
7YVK\J[SPUL
4LJOHUPJHS
/HY]LZ[
7YVK\J[SPUL
9VV[JYVWZ
=(90,;@
)YHZZPJH
O
4<3;03,(-6(23,(-9,+
‡0DQ\XQLIRUPVPDOOOHDYHV
‡)UHVKQXWW\ÁDYRU
‡:DUPUHGFRORXU
3LHMJYVWZ
‡1LFHO\OREHGOHDYHV
?LYLZ9A
9A
=(90,;@
7YV[LJ[LK
? LYLZ9A
)S!5Y!
O
9A
)S!
O
/`KYVWVUPJ
O
O
O
O
>PU[LY
:WYPUN
O
O
O
O
:\TTLY
6[OLYZ
4<3;03,(-6(23,(-9,+
:HSHUV]H
;VTH[VLZ
Ž
05*0:,+3,(-3,;;<*,.9,,5
‡$YHU\DWWUDFWLYHOHWWXFH
‡*UHDWVZHHWWDVWH
‡'HHSO\LQFLVHGOHDYHV
‡*RRGVKHOIOLIH
‡6XLWDEOHIRUPHFKDQLFDOKDUYHVW
05+669=(90,;@!
9A
6<;+669=(90,;0,:!
=PJPUP[`9A
=P]HU[V9A
05*0:,+3,(-3,;;<*,.9,,5
=(90,;@
7YV[LJ[LK
)S!5Y!
34=!
=P]HU [V9A
)S!5Y!
34=!
9A
)S!5Y!
=PJPUP[`9A
/`KYVWVUPJ
6WLUMPLSK
(\[\TU
>PU[LY
:WYPUN
:\TTLY
4LJOHUPJHS
/HY]LZ[
O
O
O
O
O
O
O
O
O
O
O
O
O
O
7YV[LJ[LK
/`KYVWVUPJ
7YVK\J[SPUL
O
O
O
05*0:,+3,(-3,;;<*,9,+
‡1LFH'OHDIVWUXFWXUH
‡7HQGHUÁDYRU
‡'HHSO\LQFLVHGOHDYHV
‡*RRGVKHOIOLIH
‡6XLWDEOHIRUPHFKDQLFDOKDUYHVW
05+669=(90,;0,:!
)LSSHNVU9A
9A
6<;+669=(90,;0,:!
1HKPNVU9A
4HKYPNVU9A
:VSHNVU9A
05*0:,+3,(-3,;;<*,9,+
=(90,;@
) LSSHNVU9A
)S!7I
6WLUMPLSK
(\[\TU
O
>PU[LY
:WYPUN
O
O
:\TTLY
4LJOHUPJHS
/HY]LZ[
O
1HKPNV U9A
)S!5Y!
O
O
O
O
O
O
4HKYP NVU9A
)S!5Y!7I
34=!
O
O
O
O
O
O
:VSHNV U
)S!5Y!
34=!
O
O
O
9A
)S!
O
O
O
O
O
7YVK\J[SPUL
3`JVWLYZPJVU4PSSS`JVWLYZPJ\T32HYZ[L_-HY^
;VTH[V
-Y\P[JYVWZ
:>,,;*90:7-90:,,3,;;<*,.9,,5
‡9HU\FUXQFK\ELWH
‡1LFHO\IULOOHGOHDYHV
‡9HU\JRRGVKHOIOLIH
‡'HHSO\LQFLVHGOHDYHV
‡6XLWDEOHIRUPHFKDQLFDOKDUYHVW
,_HJ[9A
6<;+669=(90,;0,:!
,_WLKP[PVU9A
,_WSVYL9A
9A
9A
:>,,;*90:7-90:,,3,;;<*,.9,,5
=(90,;@
,_HJ[ 9A
)S!
34=!
,_WLKP[PVU9A
)S!5Y!
34=!
,_WSV Y L9A
)S!5Y!
34=!
7YV[LJ[LK
/`KYVWVUPJ
O
O
O
6WLUMPLSK
(\[\TU
>PU[LY
:WYPUN
:\TTLY
4LJOHUPJHS
/HY]LZ[
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
9A
)S!5Y!
34=!
O
O
O
O
O
O
9A
)S!5Y!
34=!
O
O
O
O
O
O
6WLUMPLSK
(\[\TU
>PU[LY
:WYPUN
:\TTLY
4LJOHUPJHS
/HY]LZ[
O
O
O
O
O
O
7YVK\J[SPUL
9VV[JYVWZ
9VV[Z[VJR
05+669=(90,;@!
)YHZZPJH
:>,,;*90:7-90:,,3,;;<*,9,+
‡9HU\FUXQFK\ELWH
‡1LFHO\IULOOHGOHDYHV
‡9HU\JRRGVKHOIOLIH
‡'HHSO\LQFLVHGOHDYHV
3LHMJYVWZ
‡6XLWDEOHIRUPHFKDQLFDOKDUYHVW
6<;+669=(90,;0,:!
+\WSL_9A
;YPWSL_9A
9A
:>,,;*90:7-90:,,3,;;<*,9,+
7YV[LJ[LK
/`KYVWVUPJ
+\WSL_9A
)S!5Y!
;YPWSL _9A
)S!5Y!
O
O
O
9A
)S!5Y!
O
O
O
O
O
O
O
O
7YVK\J[SPUL
6[OLYZ
=(90,;@
,UKP]L
(QGLYHLVDQLPSRUWDQWOHDI\
YHJHWDEOHERWKDVDQLQJUHGLHQW
LQVDODGVDVZHOODVDFRRNHG
YHJHWDEOH(QGLYHVWDQGVRXWIRU
LWVUREXVWOHDYHVDQGELWWHUWDVWH
5LMN=ZDDQGHYHORSVYDULHWLHVLQ
DOOW\SHVVXLWDEOHIRUJODVVKRXVHDV
ZHOODVRXWGRRUFXOWLYDWLRQ
@LHYYV\UK[VWWYVK\J[
:LWKLQHQGLYHWZRPDLQW\SHV
FDQEHGLVWLQJXLVKHGVPRRWK
OHDYHGHQGLYHZKLFKLVXVHGUDZ
LQVDODGVDVZHOODVFRRNHGDQG
IULVpHHQGLYHSRSXODUDVVDODG
LQJUHGLHQW'LIIHUHQWFXOWXUHVSUHIHU
GLIIHUHQWFRORXUVIURPEORQGWR
GHHSJUHHQDQGGLIIHUHQWOHYHOVRI
ELWWHUQHVVDOORIZKLFKLVWDNHQLQWR
DFFRXQWLQRXUEUHHGLQJSURJUDP
&ROGDQGKHDWUHVLVWDQFHEROWLQJ
WROHUDQFHDQGWLSEXUQDUH
LPSRUWDQWVHOHFWLRQFULWHULD7LS
EXUQLVHVSHFLDOO\LPSRUWDQWLQ
IULVpHW\SHVZKLFKDUHXVHGDVD
IUHVKVDODGYHJHWDEOH.RUEL5=
SURYHVWREHVWURQJLQDOODVSHFWV
-90:,,
*PNHS9A
‡6WDQGDUG)ULVHHW\SH
‡6WURQJFROGDQGKRWWROHUDQFH
YHUVDWLOH
‡6WURQJDJDLQVWWLSEXUQ
-90:,,
=(90,;@
* PNH S 9A
6WLUMPLSK
7YV[LJ[LK
O
:\TTLY
O
O
(\[\TU
O
2H[ YH S9 A
4 V U HJV 9 A
:WYPUN
O
O
>PU[LY
O
O
7YVK\J[SPUL
*PJOVYP\TLUKP]PH
,UKP]L
2L[OLS9A
‡/DUJHKHDGVSURGXFWLYH
‡6WURQJÀHOGVWDQGDELOLW\
‡6WURQJDJDLQVWWLSEXUQ
DQGGLVFRORUDWLRQ
:466;/
=(90,;@
6WLUMPLSK
7YV[LJ[LK
:WYPUN
:\TTLY
,_JLS9A
O
O
O
2L[ OLS9A
O
O
O
4PRHK V9A
O
O
:L`JOLS9A
O
O
:[ YH[ LNV9A
O
(\[\TU
>PU[LY
7YVK\J[SPUL
9VV[Z[VJR
-Y\P[JYVWZ
:466;/
:466;/.9,,5
O
O
9VV[JYVWZ
O
O
O
;VYPUV 9A
:466;/)365+
O
O
)YHZZPJH
:VSLPHKV9A
-05,-90:,,
3LHMJYVWZ
2VYIP9A
‡)LQHO\LQFLVHGOHDYHV
‡*RRGYLJRXUXSULJKW
‡6WURQJDJDLQVWEROWLQJDQGWLSEXUQ
-05,-90:,,
:WYPUN
:\TTLY
(\[\TU
) HY\U KP9A
6WLUMPLSK
O
7YV[LJ[LK
O
O
O
.HSHU[P9A
O
O
2VYIP9A
O
O
O
O
>PU[LY
O
7YVK\J[SPUL
6[OLYZ
=(90,;@
:WPUHJO
6SLQDFKLVUHJDUGHGDVDYHU\KHDOWK\YHJHWDEOHGXHWRLWV
KLJKLURQYLWDPLQ&FDURWHQRLGVIRODWHDQGOXWHLQFRQWHQW
6SLQDFKLVJURZQZRUOGZLGHLQRSHQÀHOGDQGXQGHU
SURWHFWLRQIRUSUHPLXPPDUNHWV5LMN=ZDDQKDVDOHDGLQJ
SRVLWLRQLQWKHVSLQDFKPDUNHW
>PKLYHUNL
5LMN=ZDDQGHYHORSVYDULHWLHVIRUDOOJURZLQJFRQGLWLRQVDQG
XVHV:HRIIHUDZLGHUDQJHRIUREXVWYDULHWLHVZLWKVWURQJ
PLOGHZUHVLVWDQFHDQGEROWLQJWROHUDQFHIRULQGXVWU\)RUIUHVK
PDUNHWZHRIIHUDUDQJHRIW\SHVLQGLIIHUHQWVKDGHVRIJUHHQ
VPRRWKO\DQGPRUHURXJKO\VWUXFWXUHGOHDYHV6DYR\DQG
YDULHWLHVZLWKDUHGYHLQIRUVDODGXVH,QGLYLGXDOYDULHWLHV
GLIIHULQJURZLQJVSHHGEROWLQJWROHUDQFHDQGUHVLVWDQFHV
+PMMLYLU[\ZLZ
,Q1RUWK$PHULFDDQG(XURSHPRVWVSLQDFKLVJURZQIRU
LQGXVWU\DQGIUHVKO\KDUYHVWHGDVEDE\OHDI,QWKH)DU
(DVWVSLQDFKLVJURZQDWDZLGHUVSDFLQJDQGWKHSODQWVDUH
LQGLYLGXDOO\KDUYHVWHGZLWKSDUWRIWKHURRW7KHVHDUHVROGLQ
EXQFKHV2ULHQWDOVSLQDFKKDVDPRUHSRLQWHGRUWULDQJXODU
OHDIVKDSHDQGDQHUHFWJURZLQJKDELW5LMN=ZDDQRIIHUVDQ
H[SDQGLQJUDQJHRIYDULHWLHVLQWKLVW\SH
*SLHUHUKOLHS[O`
5HVLVWDQFHEUHHGLQJSOD\VDQLPSRUWDQWSDUWLQRXUVSLQDFK
EUHHGLQJ:HDLPIRUDUHOLDEOHFURSIRUJURZHUVDQGDFOHDQ
DQGKHDOWK\SURGXFWIRUFRQVXPHUV%HFDXVHVSLQDFKLV
PRVWO\KDUYHVWHGPHFKDQLFDOO\XQLIRUPLW\JHUPLQDWLRQ
EROWLQJWROHUDQFHDQGDQHUHFWJURZLQJKDELWDUHLPSRUWDQFH
VHOHFWLRQFULWHULD
:TVV[OV]HSYV\UK
:H]V`
:WPUHJPHVSLYHJLH
:WPUHJO
*4= $ *\J\TILYTVZHPJJ\J\TV]PY\Z
*\J\TILYTVZHPJ
$ 7LYVUVZWVYHMHYPUVZHMZW:WPUHJPHL
+V^U`TPSKL^
)YHZZPJH
9VV[JYVWZ
9VV[Z[VJR
7MZ
-Y\P[JYVWZ
9LZPZ[HUJLJVKLZ
3LHMJYVWZ
6YPLU[HS
6[OLYZ
9LK=LPULK
:WPUHJO
:466;/6=(396<5+
:PS]LY^OHSL9A-
3IV
.HaLSSL9A-
3IV
3IV
‡2YDOURXQGOHDYHV
‡9LJRURXVEDE\OHDIYDULHW\
‡$GDSWDEOHYDULHW\UHOLDEOH
‡'DUNJUHHQURXQGHGOHDYHV
‡6XLWDEOHDVEDE\OHDIDQGLQGXVWU\
‡8SULJKWJURZLQJKDELW
:466;/6=(396<5+
=(90,;@
:WYPUN
:\TTLY
(\[\TU
>PU[LY
0UK\Z[Y`
O
O
O
) LH]LY 9A
7MZ!
) VH9A
7MZ! O
) YPNO[[V\JHU9A
7MZ!
O
+VSWOPU9A
*4=7MZ! ,HNSL9A
7MZ!
.HaLSSL9A-
7MZ!
.VSKLU^OHSL9A
7MZ!
7MZ!
.YPaa S`9A
7MZ! 7MZ!
4HYHI \9A
*4=7MZ!
4V\MSVU9A
7MZ!
7HYYV[9A
*4=7MZ! O
O
7LSPJH U9A
*4=7MZ!
O
O
7PNLVU9A
7MZ!
7\T H9A
7MZ!
7MZ!
O
9 HJVVU9A
7MZ!
7MZ!
O
9 OPUV9A
*4=7MZ! 7MZ!
O
:PS]LY^OHSL9A
7MZ! 7MZ!
:WHYYV^9A
7MZ!
:X\PYYLS9A
7MZ!
O
:^HU9A
7MZ!
O
;V\JHU9A
7MZ!
> OHSL 9A
7MZ! 7MZ!
O
O
9A-
7MZ!
7MZ!
O
O
9A
7MZ!
O
O
7MZ! O
7YVK\J[SPUL
O
O
O
O
O
7MZ!
)\UJOPUN
O
O
O
)HI`SLHM
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
:(=6@
ALI\9A-
3IV
3IV
‡%HDXWLIXOOHDYHVZLWK6DYR\OLNH
VWUXFWXUH
‡'HHSJUHHQVWXUG\SODQWV
‡6XLWDEOHIRUVSULQJDQGVXPPHU
FXOWLYDWLRQ
:(=6@
=(90,;@
:WYPUN
*YVJVKPSL9A
7MZ! +VURL`9A
7MZ!
A LI\9A
7MZ!
:\TTLY
O
O
7MZ!
O
O
(\[\TU
>PU[LY
O
O
0UK\Z[Y`
)HI`SLHM
)\UJOPUN
7YVK\J[SPUL
O
O
O
O
O
:WPUHJPHVSLYHJLH
:WPUHJO
-Y\P[JYVWZ
9,+=,05,+
9LK2P[[LU9A-
3IV
‡%DE\OHDIYDULHW\ZLWKGHHSUHGYHLQV
‡5RXQGOHDYHVZLWKXSULJKW
JURZLQJKDELW
9VV[Z[VJR
‡6XLWDEOHIRUVSULQJDQGDXWXPQ
FXOWLYDWLRQ
9,+=,05,+
=(90,;@
:WYPUN
:\TTLY
(\[\TU
>PU[LY
0UK\Z[Y`
)HI`SLHM
7MZ!
O
O
O
9 LK2P[[LU9A
7MZ!
O
O
O
)\UJOPUN
7YVK\J[SPUL
)\UJOPUN
7YVK\J[SPUL
9VV[JYVWZ
9 LK* HY KPUHS9A
690,5;(3
)YHZZPJH
;\YHJV9A-
&093IV
‡9LJRURXVSODQWV
‡8SULJKWVZRUGOLNHOHDYHV
3LHMJYVWZ
‡6XLWDEOHIRUDXWXPQDQG
ZLQWHUFXOWLYDWLRQ
690,5;(3
:WYPUN
) S\LIPY K9A
*4=7MZ! 7`[ OVU9A
*4=7MZ! :HST VU9A
7MZ! ;\YHJV9A
9A
:\TTLY
(\[\TU
>PU[LY
0UK\Z[Y`
)HI`SLHM
O
O
O
O
O
O
O
O
O
O
*4=7MZ!
O
O
O
O
*4=7MZ!
O
O
7MZ!
O
O
6[OLYZ
=(90,;@
)SHUJOLK*LSLY`
(Y[O\Y9A
2`SPHU9A
(WP\TNYH]LVSLUZ
:[L[OHT9A-
*LSLYPHJ
*PZRV9A
(WP\TNYH]LVSLUZ
6[HNV9A
7YLZPKLU[9A
*OP]LZ
+VSVYLZ9A
(SSP\TZJOVLUVWYHZ\T
+P]VUUL9A
-P[SH\9A
3`JVWLYZPJVU4PSSS`JVWLYZPJ\T32HYZ[L_-HY^
;VTH[Vc______c______c_______c_______c__________
*VYU:HSHK
-Y\P[JYVWZ
=HSLYPHULSSHSVJ\Z[H
+PVUL9A
*PYPSSH9A
9VV[Z[VJR
7\SZHY9A
3LLR
)3(<>.96,5,/,9-:;
(SJHaHY9A
)<3.((9:,9,<A,5
4HYNHYP[H9A
-/@)90+:
4H[LQRV9A-
)YHZZPJH
9VV[JYVWZ
(SSP\TWVYY\T
4H[PZZL9A-
7OHZLVS\Z]\SNHYPZ
-HZPSP9A ,KLY9A-
-LZ[P]HS9A
=VS[\YUV9A-
4HU[YH9A4VYYL9A-
6[OLYZ
3LHMJYVWZ
7VSL:SPJPUN)LHU
7HYZSL`
*<93,+7(9:3,@
7L[YVZLSPU\TJYPZW\T
:466;/7(9:3,@
966;7(9:3,@
=LY[H9A
-LSPJPH9A
)\IRH9A
4VZRY\S
(TZ[LYKHTZLZUPQ
/HSÅHUNL
9PUH9A
-YPZL]LY[MVUJL
9HKPZO
/LSYV9A
:^PZZ*OHYK
*OHYSPL9A-
9HWOHU\ZZH[P]\Z
4VUKPHS9A
9VUKLLS9A
)L[H]\SNHYPZ
2VOSYHIP
‡6XLWDEOHIRUVXPPHUDQGDXWXPQ
‡9HU\JRRGLQWHUQDOTXDOLW\
‡9LJRURXVSODQWV
‡(DV\WRKDUYHVW
‡)ODWURXQGEXOE
=VS[\YUV9A-
3LJO9A-
‡6PRRWKÁDWZKLWHEXOE
‡(DV\DGDSWDEOHYDULHW\
‡6XLWDEOHIRUVXPPHUDQGDXWXPQ
‡8SULJKWJURZLQJKDELW
‡8SULJKWJURZLQJKDELW
‡6XLWDEOHIRUVSULQJWRDXWXPQ
‡*RRGIROLDJH
‡*RRGÀHOGVWDQGDELOLW\
9VV[JYVWZ
‡$GDSWDEOHWRH[WUHPHJURZLQJ
FRQGLWLRQV
‡6XLWDEOHIRUSURWHFWHGDQGRSHQ
ÀHOGFXOWLYDWLRQ
)YHZZPJH
‡ 6XLWDEOHIRUIUHVKPDUNHWSURFHVVLQJ
3LHMJYVWZ
4VYYL9A-
6[OLYZ
,KLY9A-
9VV[Z[VJR
-Y\P[JYVWZ
)YHZZPJHVSLYHJLH
9LZLHYJO+L]LSVWTLU[
-VY9PQRA^HHUIYLLKPUNPZHJVUZ[HU[ZLHYJOMVYWLYMLJ[PVU>LJVU[PU\V\ZS`KL]LSVW]HYPL[PLZ
^P[OL]LUIL[[LYJVTIPUH[PVUZVMKLZPYLK[YHP[Z0UVYKLY[VHJOPL]L[OPZ^LPU]LZ[OLH]PS`PU
YLZLHYJOHUKKL]LSVWTLU[
'HYHORSLQJ D QHZ YDULHW\ LV D OHQJWK\
SURFHVV2QFHLWLVFOHDUZKDWWUDLWVDQHZ
YDULHW\ VKRXOG KDYH D EUHHGHU VWDUWV
ORRNLQJ IRU VXLWDEOH JHQHWLF PDWHULDO
IURPZKLFKWRGHYHORSSDUHQWOLQHV:H
XVH H[LVWLQJ YDULHWLHV IRU WKLV SXUSRVH
EXWZHDOVRKDYHDODUJHJHQHEDQNDFRO
OHFWLRQRIOLYLQJPDWHULDOLQFOXGLQJZLOG
WLHV DQG ZH LQWURGXFH DERXW QHZ
%HVLGHVLQYHVWLQJLQWKHVHEUHHGLQJVWD
YDULHWLHVHYHU\\HDU$QHZO\LQWURGXFHG
WLRQVZHDOVRPDNHVWURQJLQYHVWPHQWV
1DWXUHSURYLGHVXVZLWKDYLUWXDOO\LQH[
YDULHW\KDVDQDYHUDJHOLIHVSDQRIWR
LQ QHZ ODERUDWRU\ WHFKQLTXHV WKDW VXS
KDXVWLEOHVRXUFHRIGLYHUVLW\8OWLPDWHO\
\HDUV
SRUWEUHHGLQJ7KHVHHQDEOHXVWRVSHHG
UHODWLYHVDQGROGODQGUDFHV
LWFDQWDNHDVORQJDVWR\HDUVEHIRUH
XS DQG RIWHQ DOVR LPSURYH WKH GHYHO
DQLGHDRUWUDLWHYROYHVLQWRDYHJHWDEOH
5LMN =ZDDQ KDV VHYHUDO EUHHGLQJ VWD
RSPHQW RI QHZ YDULHWLHV ,W RIIHUV XV D
YDULHW\DYDLODEOHWRWKHFRQVXPHU
WLRQVZRUOGZLGHZKHUHZHWHVWDQGVH
EHWWHULQVLJKWLQWKHJHQHWLFEDFNJURXQG
OHFWQHZYHJHWDEOHYDULHWLHVDGDSWHGWR
RIWKHPDWHULDOZHZRUNZLWK
$WWKHPRPHQWRXUFRPPHUFLDODVVRUW
GLIIHUHQW FOLPDWLF FRQGLWLRQV DV ZHOO DV
PHQW FRQVLVWV RI FRPPHUFLDO YDULH
FXOWXUDOSUHIHUHQFHV
7KH VXSSRUW RI RXU PROHFXODU DQG FHOO
EUHHGLQJ ORFDWLRQV ZRUOGZLGH $OO RXU
SRXQGV7KLVUHVXOWVLQRIIHULQJKHDOWK\
YDULHWLHVDUHEHLQJGHYHORSHGE\PHDQV
YHJHWDEOHYDULHWLHVZLWKDZLGHGLYHUVLW\
RIFODVVLFSODQWEUHHGLQJWHFKQLTXHV
LQWDVWHVDQGWH[WXUHV
2XUUHVHDUFKWHFKQLTXHVGRQRWRQO\HQ
5LMN =ZDDQ DQQXDOO\ LQYHVWV D VL]HDEOH
DEOHRXUEUHHGHUVWRGHYHORSQHZYDULH
SDUW RI LWV WXUQRYHU LQ 5' 7KRVH LQ
WLHVIDVWHUDQGPRUHHIÀFLHQWO\:HDOVR
YHVWPHQWVDUHQHHGHGWREHDEOHWRZRUN
FDUU\ RXW UHVHDUFK LQWR GLVHDVH UHVLVW
ZLWKVSHFLDOLVWJURXSVLQDOO5'GLVFL
ELRORJ\ UHVHDUFK GHSDUWPHQW SOD\V DQ
DQFHDQGVHHGWHFKQRORJ\7KLVHQFRP
SOLQHVDQGVWDWHRIWKHDUWHTXLSPHQW,Q
LQFUHDVLQJ UROH LQ RXU YDULHW\ GHYHORS
SDVVHVIXUWKHULPSURYHPHQWRIWKHVHHG
DGGLWLRQ 5LMN =ZDDQ KDV HQWHUHG LQWR
PHQW2XUPROHFXODUUHVHDUFKGHYHORSV
TXDOLW\RIRXUYDULHWLHVDQGGHYHORSLQJ
YDULRXVFROODERUDWLRQVLQWKHDUHDRIUH
QHZ DQG PRUH HIÀFLHQW GHWHFWLRQ WHFK
UHVLVWDQFH WHVWV IRU SODQW SHVWV DQG GLV
VHDUFK ZLWK .H\JHQH %9 D PROHFXODU
QLTXHVUHVXOWLQJLQDUDSLGO\LQFUHDVLQJ
HDVHV
ELRORJ\ UHVHDUFK FRPSDQ\ LQ :DJHQLQ
DPRXQWRIPROHFXODUPDUNHUV
JHQ1HWKHUODQGVDQGZLWKYDULRXVRWK
2QH RI RXU UHVHDUFK JURXSV VSHFLDO
HUUHVHDUFKLQVWLWXWHVDQGXQLYHUVLWLHVDOO
7KHVH PDUNHUV SURYLGH XV ZLWK D PRUH
L]HV LQ GHWHUPLQLQJ SK\WRFKHPLFDOV LQ
RYHUWKHZRUOG
DFFXUDWHSUHGLFWLRQRIWKHGHVLUHGFRP
SODQWV LH ÁDYRXUV YLWDPLQV DQG PLQ
ELQDWLRQ SULRU WR WHVWLQJ WKHP DW RXU
HUDOV EXW DOVR KHDOWKHQKDQFLQJ FRP
4HYRL[PUNHUK:HSLZ:[H[LTLU[9PQRA^HHU
‡5LMN=ZDDQPDNHVDFRQWLQXRXVHIIRUW
$V\VWHPIRUFRQWUROOLQJDQGLPSURY
WDWLRQ KDV JUDQWHG D FHUWLÀFDWH WR
WR IXOÀO WKH ZLVKHV RI LWV FXVWRPHUV
LQJ WKH TXDOLW\ RI DOO RXU SURFHVVHV
5LMN=ZDDQDQGFDQJUDQWFHUWLÀFDWHV
DQGRWKHUSDUWLHVFRQFHUQHG
IURPEUHHGLQJWRPDUNHWLQJDQGDI
WRJURZHUVZKRPHHWWKHGHPDQGVRI
WHU VDOHV FRPSDUDEOH WR ,62 WKH V\VWHP :LWKLQ ,.= FHUWLÀFDWLRQ
‡5LMN=ZDDQFRPSOLHV²DWOHDVW²ZLWK
WKHUH DUH SRVVLELOLWLHV IRU JURZHUV WR
WKH VWDWXWRU\ UHTXLUHPHQWV DULVLQJ
$TXDOLW\V\VWHPWRFRPSO\ZLWKHQYL
IURP OHJLVODWLRQ UHJDUGLQJ WKH PDU
URQPHQWDOQDWLRQDOOHJLVODWLRQLQRU
NHWLQJ RI YHJHWDEOH VWDQGDUG VHHG RI
GHUWRPLQLPL]HEXUGHQLQJRIWKHHQ
YHJHWDEOHFURSV
YLURQPHQWFRPSDUDEOHWR,62
LQWHJUDWH RWKHU TXDOLW\ V\VWHPV HJ
*/2%$/*$3
)XUWKHUPRUH5LMN=ZDDQLVDOORZHG
E\ VHYHUDO QDWLRQDO LQVSHFWLRQ ERG
‡5LMN =ZDDQ DV DQ\ RWKHU 'XWFK YHJ
‡1$/1DNWXLQERXZ$FFUHGLWHG/DER
LHV IRU RUJDQLF SURGXFWV WR PDUNHW
HWDEOH VHHG FRPSDQ\ LV UHVSRQVL
UDWRU\IRUDFFUHGLWDWLRQE\1DNWXLQ
RUJDQLFDOO\ SURGXFHG VHHGV XQGHU
EOH LWVHOI IRU WKH TXDOLW\ RI LWV VHHGV
ERXZ RI ODERUDWRU\ WHVWV FDUULHG RXW
WKH TXDOLW\ ODEHO IRU RUJDQLF SURG
,Q RUGHU WR FKHFN WKH TXDOLW\ RI WKH
E\ 5LMN =ZDDQ VXFK DV JHUPLQDWLRQ
XFWVRIWKHUHVSHFWLYHFRXQWULHV
VHHGV5LMN=ZDDQRSHUDWHVDFRQWLQX
WHVWV SK\VLFDO VHHG SXULW\ WHVWV VSH
RXV H[WHQVLYH WHVWLQJ SURJUDPPH
FLÀFVHHGERUQGLVHDVHWHVWV
LQ WKH ÀHOG DQG LQ WKH ODERUDWRU\
$OOWKHDERYHPHQWLRQHGTXDOLW\V\VWHPV
DUHDXGLWHGRQDUHJXODUEDVLV
7KH H[HFXWLRQ RI 5LMN =ZDDQ·V TXDO
‡,.=,QWHJUDOH.HWHQ=RUJIRUFKDLQ
LW\V\VWHPLVFRQWUROOHGE\WKHRIÀFLDO
UHODWHG DFWLYLWLHV IURP EUHHGHU WR
‡$OO YDULHWLHV LQ 5LMN =ZDDQ·V SUHVHQW
'XWFK LQVSHFWLRQ VHUYLFH IRU YHJHWD
ZDUGV FXVWRPHU WR PHHW WKH QHHGV
UDQJH DUH REWDLQHG ZLWKRXW PDNLQJ
EOH DQG ÁRZHU VHHGV 1DNWXLQERXZ
IURPWKHPDUNHW,QFRRSHUDWLRQZLWK
XVHRIJHQHWLFPRGLÀFDWLRQWHFKQLTXHV
(&$6(XURSHVH&HUWLÀFDWLHLQVWHOOLQJ
ZKLFKOHDGWRJHQHWLFDOO\PRGLÀHGRU
‡,Q RUGHU WR VXSSO\ WRS TXDOLW\ VHHGV
YRRUGH$JUDULVFKH6HFWRU(XURSHDQ
JDQLVPV *02V WR ZKLFK 'LUHFWLYH
DQG WRS VHUYLFH 5LMN =ZDDQ ZRUNV
&HUWLÀFDWLRQ ERG\ IRU $JULFXOWXUH
RI WKH (XURSHDQ 3DUOLDPHQW
DFFRUGLQJ WR D ZLGH UDQJH RI TXDOLW\
5LMN =ZDDQ KDV GHYHORSHG WKH ,.=
DQG RI WKH &RXQFLO RI WKH (XURSHDQ
V\VWHPVWRPDQDJHDQGFRQWUROLWVDF
FHUWLÀFDWLRQ V\VWHP (&$6 FRQWURO
&RPPXQLWLHVRI0DUFKRQWKH
WLYLWLHV
OHGE\WKH'XWFK&RXQFLORI$FFUHGL
GHOLEHUDWH UHOHDVH LQWR WKH HQYLURQ
PHQWRI*02VDSSOLHV7KHIRUHJRLQJ
DSSOLHVWR5LMN=ZDDQYDULHWLHVZKLFK
KDYHEHHQRUZLOOEHPDUNHWHGLQWKH
\HDU
‡5LMN =ZDDQ FRQVLGHUV WKH ULVN RI
WKHUH EHLQJ DQ\ *02V SUHVHQW LQ
WKHSURSDJDWLQJPDWHULDORILWVYDULH
WLHVYHU\VPDOO:KHQGHYHORSLQJWKH
SURSDJDWLQJ PDWHULDO RI 5LMN =ZDDQ
YDULHWLHV WKH JUHDWHVW SRVVLEOH FDUH LV
H[HUFLVHG EDVHG RQ H[LVWLQJ OHJDO UH
TXLUHPHQWV UHODWLQJ WR WKH PDUNHWLQJ
RI YDULHWLHV 0RUHRYHU WKH PHWKRGV
YDU\RYHUWLPHDQGVSDFHGHSHQGVRQ
‡)XUWKHU LQIRUPDWLRQ RQ 5LMN =ZDDQ
XVHGLQWKHGHYHORSPHQWDQGSURGXF
HQYLURQPHQWDO IDFWRUV DQG WKDW QHZ
DQG LWV SURGXFWV LV DYDLODEOH WKURXJK
WLRQ RI WKLV SURSDJDWLQJ PDWHULDO LQ
SHVW ELRW\SHV RU QHZ SDWKRJHQ UDFHV
RXUUHJXODUPDUNHWLQJVWDWHPHQWVHJ
FOXGHSURFHGXUHVZKRVHSXUSRVHLVWR
FDSDEOHRIRYHUFRPLQJUHVLVWDQFHPD\
FDWDORJXHVSULFHOLVWVDQGOHDÁHWV
SUHYHQWWKHSUHVHQFHRI*02V
HPHUJH
7KLV VWDWHPHQW DSSOLHV WR DOO YDULHWLHV
‡0XFK RI 5LMN =ZDDQ·V UHVHDUFK LV
‡6HHG WUHDWPHQW LV RQO\ DSSOLHG E\
IRFXVVHG RQ UHVLVWDQFHV 7KH UHVLVW
5LMN =ZDDQ LQ FDVH LW FRQVLGHUV WKLV
DQFH FRGLQJ DSSOLHG E\ 5LMN =ZDDQ
WKHPRVWHIIHFWLYHPHWKRGWRFRQWUROD
LV EDVHG RQ JXLGHOLQHV IRU UHVLVWDQFH
SRVVLEOHGLVHDVHDQGRUSHVWDQGRU
FRGLQJ WKDW DUH VHW XS E\ WKH ,QWHU
WRUHDOLVHDUHGXFWLRQLQFURSVSUD\LQJ
QDWLRQDO 6HHG )HGHUDWLRQ ,W LV LP
5LMN=ZDDQDFWVKHUHE\LQFRQIRUPLW\
SRUWDQW LQ JHQHUDO WR VWUHVV WKDW WKH
ZLWK WKH DSSOLFDEOH VWDWXWRU\ UHJXOD
VSHFLÀFLW\RISHVWVRUSDWKRJHQVPD\
WLRQV
PDUNHWHGXQGHUWKH5LMN=ZDDQEUDQG
-DQXDU\
,:(7YVK\J[:WLJPÄJH[PVUZ
MVY=LNL[HISL79,*0:065:LLKZ
;OLZLWYVK\J[ZWLJPÄJH[PVUZMVYNLYTPUH[PVUVMWYLJPZPVUZLLKZ]HYPL[HSW\YP[`VMWYLJPZPVUZLLKZ
HUKZLLKOLHS[OYLX\PYLTLU[ZHYLIHZLK\WVU,:(YLJVTTLUKLKZ[HUKHYKZ
7KHVH SURGXFW VSHFLÀFDWLRQV DUH QRW
,:(=,.,;()3,:,,+
6HHG LV D QDWXUDO SURGXFW 7KH RIWHQ
PHDQW WR EH DEVROXWH PLQLPXP VWDQG
796+<*;:7,*0-0*(;065:
DUGV IRU GHOLYHU\ ,I WKH TXDOLW\ WHVWV RI
9HJHWDEOHJURZLQJKDVEHFRPHDKLJKO\
LQÁXHQFH ÀQDO UHVXOWV ,W LV WKHUHIRUH
5LMN =ZDDQ LQGLFDWH D ORZHU TXDOLW\
VSHFLDOL]HG DQG LQWHQVLYH DFWLYLW\$V D
RIWHQ QRW SRVVLEOH WR JLYH GHWDLOHG LQ
OHYHOWKDQJLYHQLQWKHVHVSHFLÀFDWLRQV
UHVXOWRIWKHHYHULQFUHDVLQJGHPDQGIRU
IRUPDWLRQ DERXW HPHUJHQFH DQG RWKHU
5LMN =ZDDQ ZLOO LQIRUP SURVSHFWLYH
EHWWHU TXDOLW\ YHJHWDEOH JURZHUV DQG
SK\VLFDO VHHG FKDUDFWHULVWLFV 7R PHHW
VHHGXVHUV
SODQWUDLVHUVUHTXLUHDQLPSURYHGTXDO
WKHZLVKHVRIFOLHQWVDVPXFKDVSRVVLEOH
LW\RIWKHEDVLFPDWHULDO
5LMN=ZDDQKDVPDGHXSTXDOLW\VWDQG
7KLV FRPPXQLFDWLRQ LV DLPHG DW LQ
YDU\LQJ HQYLURQPHQWDO FRQGLWLRQV WKXV
DUGVIRUWKHYDULRXVVHHGFDWHJRULHV
IRUPLQJ SURIHVVLRQDO VHHG XVHUV DERXW
7KHGHPDQGIRUVSHFLÀFVHHGIRUPVDQG
WKHTXDOLW\WKH\FDQH[SHFWVRWKH\FDQ
PRUH LQIRUPDWLRQ DERXW VHHG TXDOLW\
7KH JHUPLQDWLRQ SHUFHQWDJHV PHQ
PDNHWKHLURZQDVVHVVPHQWDQGGHFLGH
KDV VWURQJO\ LQFUHDVHG WR EHWWHU LQÁX
WLRQHG DUH 5LMN =ZDDQ PLQLPXP UH
LIWKHVHVHHGVPHHWWKHLUUHTXLUHPHQWV
HQFH HPHUJHQFH DQG UHTXLUHG QXPEHU
TXLUHG ÀJXUHV DQG PDGH XS DFFRUGLQJ
RISODQWV
WR,67$PHWKRGVDQGWROHUDQFHV
5VYTHS:LLK
7LSSL[PUN
.S\LJVH[PUN
,Q JHQHUDO QRUPDO VHHG KDV QRW EHHQ
3HOOHWLQJ LV GHÀQHG DV WKH SURFHVV RI
*OXHFRDWLQJLVDSURFHVVZKLFKÀ[HVWKH
VXEMHFWHGWRVSHFLDOSURFHVVHV,WLVVROG
FKDQJLQJ WKH VHHG IRUP E\ FRYHULQJ LW
DSSOLHG FURS SURWHFWLRQ SURGXFWV LQ DQ
E\ZHLJKWDQGRUE\FRXQWGHSHQGLQJ
ZLWK D PDWHULDO WKH PDLQ SXUSRVH EH
DOPRVWGXVWIUHHPDQQHUWRWKHVHHG$
RQ WKH SURGXFW 1RUPDO VHHG FRPSOLHV
LQJ WR LPSURYH XQLIRUPLW\ RI VL]H DQG
SLJPHQWPD\EHDGGHG
ZLWK(&VWDQGDUGV
VKDSH UHVXOWLQJ LQ LPSURYHG VRZLQJ
.,5,9(3+,-050;065:
7YLJPZPVU:LLK
DELOLW\$OVRDGGLWLRQDOLQJUHGLHQWVPD\
.LYTPUH[PVU
EHDGGHG3HOOHWHGVHHGLVVROGE\FRXQW
*HUPLQDWLRQÀJXUHVUHODWHWR,67$SUR
3UHFLVLRQVHHGKDVEHHQVXEMHFWHGWRDG
FHGXUHVDQGDUHYDOLGDWWKHWLPHRIGHV
GLWLRQDOSURFHVVHV,WKDVDXQLIRUPVL]H
-PSTJVH[PUN
DQGKLJKJHUPLQDWLRQ3UHFLVLRQVHHGLV
)LOP FRDWLQJ LV D IXOO FRYHULQJ XVXDOO\
VROGE\FRXQW
SLJPHQWHG OD\HU DURXQG WKH VHHG 7KH
=HYPL[HSW\YP[`
RULJLQDO VHHG IRUP UHPDLQV LQWDFW $G
9DULHWDO SXULW\ UDWH LV GHÀQHG DV WKH
7YPTPUN
GLWLRQDOLQJUHGLHQWVPD\EHDGGHG)LOP
SHUFHQWDJHRISODQWVIURPDVHHGORWWKDW
3ULPLQJ LV GHÀQHG DV DQ DFWLYDWLRQ RI
FRDWLQJ WUHDWPHQWV WKDW FRQWDLQ LQVHFWL
PHHWVWKHYDULHW\GHVFULSWLRQ
WKH JHUPLQDWLRQ SURFHVV ZLWK WKH SXU
FLGHV DUH QRUPDOO\ LGHQWLÀDEOH E\ FRO
SRVH WR REWDLQ IDVWHU RU PRUH XQLIRUP
RXUFRGLQJ)LOPFRDWHGVHHGLVVROGE\
HPHUJHQFHDIWHUVRZLQJ3ULPHGVHHGLV
FRXQW
VROGE\FRXQW
SDWFK
,:(YLJVTTLUKH[PVUVU
:LLK/LHS[O9LX\PYLTLU[Z
,:(7YVK\J[ZWLJPÄJH[PVUZVMWYLJPZPVUZLLKHUKWLSSL[Z
)YHZZPJH
SUHFLVLRQVHHGJHUP
VHHGVL]HJUDGDWLRQ
YDULHWDOSXULW\
PP
*SPTIPUN)LHU
SUHFLVLRQVHHGJHUP
)LL[YVV[ PRQRJHUP
SUHFLVLRQVHHGJHUP
)LL[YVV[ PXOWLJHUP
SUHFLVLRQVHHGJHUP
VHHGVL]HJUDGDWLRQ
*HYYV[
SUHFLVLRQVHHGJHUP
VHHGVL]HJUDGDWLRQ
*LSLY`*LSLYPHJ
SUHFLVLRQVHHGJHUP
SHOOHWV
*OPJVY`>P[SVVM
SUHFLVLRQVHHGJHUP
SHOOHWV
VHHGVL]HJUDGDWLRQ
*VYU:HSHK
SUHFLVLRQVHHGJHUP
VHHGVL]HJUDGDWLRQ
*\J\TILY
LQGRRU
SUHFLVLRQVHHGJHUP
YDULHWDOSXULW\
RXWGRRU
SUHFLVLRQVHHGJHUP
YDULHWDOSXULW\
LQGRRUSLFNOLQJ
SUHFLVLRQVHHGJHUP
YDULHWDOSXULW\
RXWGRRUSLFNOLQJ
SUHFLVLRQVHHGJHUP
YDULHWDOSXULW\
,NNWSHU[
SUHFLVLRQVHHGJHUP
YDULHWDOSXULW\
PP
PP
PP
PP
,UKP]L
SUHFLVLRQVHHGJHUP
SHOOHWV
-LUULS
SUHFLVLRQVHHGJHUP
SHOOHWV
VHHGVL]HJUDGDWLRQ
PP
3LLR
23SUHFLVLRQVHHGJHUP
SHOOHWV
)SUHFLVLRQVHHGJHUP
SHOOHWV
VHHGVL]HJUDGDWLRQ
,Q RUGHU WR VXSSO\ VXIÀFLHQWO\ KHDOWK\
PP
YHJHWDEOHVHHGVDQGLQRUGHUWRPHHWWKH
UHTXLUHPHQWV RI (8 &RXQFLO 'LUHFWLYH
(& 5LMN =ZDDQ XVHV YDULRXV
GLVHDVH ULVN PDQDJHPHQW VWUDWHJLHV WR
SUHYHQW DQG FRQWURO VHHG WUDQVPLWWHG
3L[[\JL
%XWWHUKHDG
%DWDYLD,FHEHUJ&RV
SUHFLVLRQVHHGJHUP
SHOOHWV
YDULHWDOSXULW\
RWKHUW\SHV
SUHFLVLRQVHHGJHUP
SHOOWHV
YDULHWDOSXULW\
4LSVU
&KDUHQWDLVW\SH
SUHFLVLRQVHHGJHUP
YDULHWDOSXULW\
2WKHUW\SHV
SUHFLVLRQVHHGJHUP
7HYZSL`
SUHFLVLRQVHHGJHUP
VHHGVL]HJUDGDWLRQ
9HKPZO
SUHFLVLRQVHHGJHUP
VHHGVL]HJUDGDWLRQ
GLVHDVHV7KHVHPD\LQFOXGHDQGDUHQRW
OLPLWHGWRVHHGKHDOWKWHVWLQJSURJUDPV
WLYHVHHGGLVLQIHFWLRQPHWKRGV
,6+,9(*KDVGHYHORSHGWKH0DQXDORI
6HHG+HDOWK7HVWLQJ0HWKRGVZKLFKLQ
SURWRFROV5LMN=ZDDQIROORZVWKH,6+,
9(* UHFRPPHQGHG PLQLPXP VL]HV RI
DUHSUHVHQWDWLYHVDPSOHIRUVHHGKHDOWK
WHVWLQJ
PP
,QIRUPDWLRQ UHJDUGLQJ WKH ,6+,9(*
VHHG KHDOWK WHVW SURWRFROV DQG UHFRP
PHQGHGPLQLPXPVDPSOHVL]HVFDQEH
PP
IRXQGDW
KWWSZZZZRUOGVHHGRUJLVILVKLB
YHJHWDEOHKWPO
PP
:^LL[/V[WLLWWLY
SUHFLVLRQVHHHGJHUP
YDULHWDOSXULLW\
:X\HZO
SUHFLVLRQVHHHGJHUP
YDULHWDOSXULW\
;VTH[V
SUHFLVLRQVHHHGJHUP
YDULHWDOSXULW\
H[FOXGLQJSROOLQDWRUV
SROOLQDWRUV
WLRQV VHHG WUHDWPHQWV DQG RWKHU HIIHF
FOXGHVVWDWHRIWKHDUWVHHGKHDOWKWHVWLQJ
:WPUHJO
SUHFLVLRQVHHHGJHUP
VHHGVL]HJUDDGDWLRQ
>H[LYTLSVU
QRUPDOW\SHH
SUHFLVLRQVHHHGJHUP
YDULHWDOSXULW\
VHHGOHVVW\S
SH
SUHFLVLRQVHHHGJHUP
SURWHFWHGVHHGSURGXFWLRQÀHOGLQVSHF
9LZPZ[HUJL:[H[LTLU[
+LÄUP[PVUVM[OL;LYTZ+LZJYPIPUN[OL9LHJ[PVUVM7SHU[Z[V7LZ[ZVY7H[OVNLUZMVY[OL
=LNL[HISL:LLK0UK\Z[Y`HZHKVW[LKI`[OL=LNL[HISLHUK6YUHTLU[HS*YVW:LJ[PVUVM[OL
0U[LYUH[PVUHS:LLK-LKLYH[PVU1\UL
0U[YVK\J[PVU
XQGHUVLPLODUHQYLURQPHQWDOFRQGLWLRQV
V\PSWRPV RU GDPDJH WKDQ VXVFHSWLEOH
7KH UHODWLRQVKLS EHWZHHQ D SODQW DQG
DQG SHVW RU SDWKRJHQ SUHVVXUH 5HVLVW
SODQWYDULHWLHVZKHQJURZQXQGHUVLPLODU
SODQW SDWKRJHQ LV YHU\ FRPSOH[ 7KH
DQW YDULHWLHV PD\ H[KLELW VRPH GLVHDVH
HQYLURQPHQWDOFRQGLWLRQVDQGRUSHVWRU
DELOLW\ RI D SODQW SHVW RU SDWKRJHQ WR
V\PSWRPVRUGDPDJHXQGHUKHDY\SHVW
SDWKRJHQSUHVVXUH
FDXVHGLVHDVHLQDSODQWGHSHQGVRQHQ
RUSDWKRJHQSUHVVXUH
YLURQPHQWDO FRQGLWLRQV WKH SURSHUWLHV
6XVFHSWLELOLW\ LV WKH LQDELOLW\ RI D SODQW
;^VSL]LSZVMYLZPZ[HUJL
HYLKLÄULK!
YDULHW\WRUHVWULFWWKHJURZWKDQGGHYHO
ZLWKLQDSODQWVSHFLHVFDQGLIIHULQWKHLU
+LJKVWDQGDUGUHVLVWDQF $V WR UHVLVWDQFH FRGHV 5LMN =ZDDQ
DELOLW\WRGHIHQGWKHPVHOYHV8QGHUGLI
HWLHVWKDWKLJKO\UHVWULFWWKHJURZWKDQG
IHUHQWFOLPDWLFFRQGLWLRQVWKHLQWHUDFWLRQ
GHYHORSPHQW RI WKH VSHFLÀHG SHVW RU
EHWZHHQWKHVDPHSODQWDQGSODQWSDWKR
SDWKRJHQ XQGHU QRUPDO SHVW RU SDWKR
,ILQDUHVLVWDQFHFRGHRIDFHUWDLQYDUL
JHQPD\KDYHGLIIHUHQWRXWFRPHV3ODQW
JHQ SUHVVXUH ZKHQ FRPSDUHG WR VXV
HW\UHIHUHQFHLVPDGHWRFHUWDLQSHVWELR
SDWKRJHQV DUH NQRZQ WR GHYHORS DQG
FHSWLEOH YDULHWLHV 7KHVH SODQW YDULHWLHV
W\SHV RU SDWKRJHQ UDFHV IRU ZKLFK WKH
IRUPQHZUDFHVRUVWUDLQVWKDWFDQFDXVH
PD\ KRZHYHU H[KLELW VRPH V\PSWRPV
UHVLVWDQFHLVFODLPHGWKLVPHDQVWKDWQR
GDPDJHWRSODQWVWKDWUHPDLQXQDIIHFWHG
RU GDPDJH XQGHU KHDY\ SHVW RU SDWKR
UHVLVWDQFH LV FODLPHG WR RWKHU ELRW\SHV
E\WKHRULJLQDOIRUPRIWKHSDWKRJHQ
JHQSUHVVXUH
RUUDFHVRIWKHVDPHSHVWRUSDWKRJHQ
+LÄUP[PVUZ
0RGHUDWHLQWHUPHGLDWH UHVLVWDQFH
,I LQ D UHVLVWDQFH FRGH QR UHIHUHQFH LV
,PPXQLW\1RWVXEMHFWWRDWWDFNRULQIHF
SODQW YDULHWLHV WKDW UHVWULFW WKH JURZWK
PDGHWRSHVWELRW\SHVRUSDWKRJHQUDFHV
WLRQE\DVSHFLÀHGSHVWRUSDWKRJHQ
DQG GHYHORSPHQW RI WKH VSHFLÀHG SHVW
IRUZKLFKWKHUHVLVWDQFHLVFODLPHGWKLV
5HVLVWDQFHLVWKHDELOLW\RIDSODQWYDUL
RU SDWKRJHQ EXW PD\ H[KLELW D JUHDWHU
PHDQV WKDW UHVLVWDQFH LV FODLPHG RQO\
HW\ WR UHVWULFW WKH JURZWK DQG GHYHORS
UDQJH RI V\PSWRPV RU GDPDJH FRP
WRFHUWDLQQRWIXUWKHUVSHFLÀHGSHVWELR
PHQW RI D VSHFLÀHG SHVW RU SDWKRJHQ
SDUHG WR KLJKVWDQGDUG UHVLVWDQW YDULH
W\SHVRUSDWKRJHQUDFHV
DQGRU WKH GDPDJH WKH\ FDXVH ZKHQ
WLHV0RGHUDWHO\LQWHUPHGLDWHO\UHVLVWDQW
FRPSDUHGWRVXVFHSWLEOHSODQWYDULHWLHV
SODQWYDULHWLHVZLOOVWLOOVKRZOHVVVHYHUH
RI WKH RUJDQLVP LWVHOI DQG WKH FDSDF
LW\RIWKHSODQWWRGHIHQGLWVHOI9DULHWLHV
RSPHQWRIDVSHFLÀHGSHVWRUSDWKRJHQ
SODQWYDUL
ZRXOGOLNHWRDGGWKHIROORZLQJ
.LULYHS;LYTZHUK*VUKP[PVUZ
.LULYHS;LYTZHUK*VUKP[PVUZVM:HSLHUK+LSP]LY`VM9PQRA^HHU,_WVY[)=HWWSPJHISL[VHSS
VMMLYZHUKHNYLLTLU[ZHUKIHZLKVU[OLYLJVTTLUKLK.LULYHS;LYTZHUK*VUKP[PVUZVM:HSLHUK
+LSP]LY`MVY[OL:LLK;YHKLHUK7SHU[PUN4H[LYPHSZ:LJ[VYHZHK]PZLKI`[OL=LNL[HISL:LLKZ+L
WHY[TLU[VM7SHU[\T53=VZZLUI\YJORHKL7*.V\KH;OL5L[OLYSHUKZ
$UWLFOH
(WWSPJHIPSP[`
7KHVHWHUPVDQGFRQGLWLRQVDUHDSSOLFDEOHWRDOORIIHUVDQG
DJUHHPHQWV EHWZHHQ 5LMN =ZDDQ ([SRUW %9 KHUHDIWHU
FDOOHG WKH VHOOHU DQG WKH EX\HU WR ZKLFK WKH VHOOHU KDV
GHFODUHGWKHVHWHUPVDQGFRQGLWLRQVDSSOLFDEOHXQOHVVDQG
LQVRIDUDVQRWH[SUHVVO\RWKHUZLVHDJUHHGLQZULWLQJ
7KHDSSOLFDELOLW\RIDQ\JHQHUDOWHUPVDQGFRQGLWLRQVRI
WKHEX\HULVKHUHE\H[SUHVVO\GHFOLQHG
$UWLFOH
6MMLYZHNYLLTLU[ZWYPJLZ
2IIHUVPDGHE\WKHVHOOHUDUHQRQELQGLQJ$QRQELQGLQJ
RIIHUFDQEHUHYRNHGE\WKHVHOOHUXSWRWKUHHZRUNLQJGD\V
IURPUHFHLSWRIWKHDFFHSWDQFHE\WKHEX\HU3ULFHVTXRWHG
LQDQRIIHUDUHH[FOXVLYHRIVDOHVWD[HV3ULFHVDUHJLYHQLQ
(XURRU86GROODUV(;:'H/LHU,QFRWHUPV
7KH VHOOHU UHVHUYHV WKH ULJKW WR DGMXVW LWV SULFHV SHULRGL
FDOO\$Q\QHZSULFHTXRWDWLRQVXSHUVHGHVWKHIRUPHUTXR
WDWLRQDVUHJDUGVRUGHUVSODFHGDIWHUWKHGDWHRIWKHQHZ
TXRWDWLRQ
,ILQDQRUGHUWKHUHTXLUHGTXDQWLW\GLIIHUVIURPWKHVHOOHU·V
VWDQGDUGSDFNLQJXQLWRULWVPXOWLSOHWKHVHOOHUZLOOEHIUHH
WRVXSSO\WKHQH[WKLJKHUTXDQWLW\
$OOJLYHQZHLJKWVDQGQXPEHUVDUHQHWZHLJKWVDQGQXPEHUV
$QRIIHUPDGHWRWKHEX\HURUDVDOHDJUHHPHQWEHWZHHQ
WKHVHOOHUDQGWKHEX\HUGRHVQRWLPSO\DQGPD\QRWEHLQ
WHUSUHWHGE\DQ\PHDQVDVDQLPSOLHGOLFHQFHWRWKHEX\HU
ZLWKUHJDUGWRDQ\LQWHOOHFWXDOSURSHUW\RQWKHJRRGVRI
IHUHGRUVROG
$UWLFOH
6YKLYKVJ\TLU[H[PVU
:KHQ SODFLQJ LWV RUGHU RU DW WKH VHOOHU·V ÀUVW UHTXHVW WKH
EX\HU PXVW VSHFLI\ LQ ZULWLQJ ZKDW LQIRUPDWLRQ VSHFLÀFD
WLRQV DQG GRFXPHQWV DUH UHTXLUHG SXUVXDQW WR WKH UHJXOD
WLRQVRIWKHFRXQWU\LQZKLFKWKHGHOLYHU\LVPDGHVXFKDV
WKRVHUHODWLQJWR
LQYRLFLQJ
IRUPLW\WRWKHVRZLQJRUSODQWLQJVHDVRQDIWHUWKHDJUHHPHQW
KDVEHHQFRQFOXGHGXQOHVVRWKHUZLVHDJUHHG$QDJUHHGGH
OLYHU\WLPHKRZHYHULVQRWDÀQDOWHUP,QWKHHYHQWWKDWD
GHOLYHU\LVRYHUGXHWKHEX\HUVKDOOLQIRUPWKHVHOOHUDFFRUG
LQJO\LQZULWLQJDQGDOORZKLPDUHDVRQDEOHSHULRGRIWLPHWR
IXOÀOWKHDJUHHPHQW
$UWLFOH
7HY[PHSKLSP]LYPLZ
7KHVHOOHULVDOORZHGWRHIIHFWSDUWLDOGHOLYHULHVRIWKHJRRGV
7KLVZLOOQRWEHDSSOLFDEOHKRZHYHULIDSDUWLDOGHOLYHU\KDV
QRLQGHSHQGHQWYDOXH,QWKHHYHQWRISDUWLDOGHOLYHULHVWKH
VHOOHULVHQWLWOHGWRLQYRLFHHDFKGHOLYHU\VHSDUDWHO\
$UWLFOH
9L[LU[PVUVM[P[SL
7KH JRRGV GHOLYHUHG E\ WKH VHOOHU DQGRU WKH SURGXFWV
RULJLQDWLQJIURPWKHGHOLYHUHGJRRGVUHPDLQWKHSURSHUW\
RIWKHVHOOHUXQWLOWKHEX\HUKDVSDLGIRUWKHPLQIXOO,Q
FDVH RI QRQSD\PHQW WKH VHOOHU LV DOORZHG WR UHFDOO WKH
JRRGVDQGRUSURGXFWVIURPWKHEX\HUWRZKLFKWKHEX\
HUZLOOJLYHRSSRUWXQLW\7KHEX\HUGRHVQRWKDYHWKHULJKW
WRFODLPDQ\PHDQVRIFRPSHQVDWLRQ7KHUHWHQWLRQRIWLWOH
LVDOVRH[WHQGHGWRFODLPVWKHVHOOHUPLJKWREWDLQDJDLQVW
WKHEX\HURQDFFRXQWRIWKHEX\HU·VIDLOXUHWRPHHWRQHRU
PRUHRILWVREOLJDWLRQVWRZDUGVWKHVHOOHU
7KH JRRGV GHOLYHUHG E\ WKH VHOOHU DQGRU WKH SURGXFWV
RULJLQDWLQJIURPWKHGHOLYHUHGJRRGVWRZKLFKWKHUHWHQ
WLRQRIWLWOHSXUVXDQWWRSDUDJUDSKRIWKLVDUWLFOHDSSOLHV
D VKDOODWDOOWLPHVEHVWRUHGDQGRUXVHGLQVXFKDZD\
WKDWWKHJRRGVDQGRUSURGXFWVFDQEHHDVLO\LGHQWL
ÀHGDVWKHVHOOHU·VSURSHUW\DQG
EPD\RQO\EHXVHGRUVROGIRUQRUPDORSHUDWLRQDOSXU
SRVHV
,QWKHHYHQWRIUHVDOHWKHEX\HUVKDOOVWLSXODWHDUHWHQWLRQRI
WLWOHIRUWKHEHQHÀWRIWKHVHOOHU7KHEX\HUVKDOOIXUWKHU
PRUHLPSRVHRQDEX\LQJSDUW\WKHREOLJDWLRQVDVVWLSX
ODWHGLQWKLVDUWLFOH
7KHEX\HULVQRWSHUPLWWHGWRSOHGJHWKHJRRGVRUWRDOORZ
DQ\RWKHUFODLPRQWKHP
SK\WRVDQLWDU\UHTXLUHPHQWV
LQWHUQDWLRQDOFHUWLÀFDWHVDQG
RWKHULPSRUWGRFXPHQWVRULPSRUWVWDWHPHQWV
$UWLFOH
.VVKJYVWHUKWYVJLZZPUNYLZLY]H[PVU
$OO GHOLYHULHV DUH VXEMHFW WR WKH XVXDO FURS DQG SURFHVVLQJ
UHVHUYDWLRQ,QWKHHYHQWWKDWWKHVHOOHUPDNHVDMXVWLÀHG
DSSHDOWRWKLVUHVHUYDWLRQWKHVHOOHULVQRWREOLJHGWRGH
OLYHUEXWZLOOHQGHDYRXUWRGHOLYHUSURUDWDTXDQWLWLHVRU
FRPSDUDEOH DOWHUQDWLYHV ,Q VXFK D FDVH WKH EX\HU LV QRW
HQWLWOHGWRDQ\FRPSHQVDWLRQZKDWVRHYHU
$UWLFOH
:\WWS`
7KH,QFRWHUPVZLOOEHDSSOLFDEOH'HOLYHU\ZLOOWDNH
SODFHH[ZRUNV'H/LHUXQOHVVRWKHUZLVHDJUHHG
,IWUDQVSRUWDWLRQLVOHIWWRWKHVHOOHULWZLOOEHH[HFXWHGLQ
VXFKDPDQQHUDVGHHPHGEHVWE\WKHVHOOHU$Q\H[WUDFRVWV
LQFXUUHGE\WKHVHOOHUDVDUHVXOWRIVSHFLDOGHPDQGVPDGH
E\WKHEX\HUFRQFHUQLQJWUDQVSRUWDWLRQZLOOEHFKDUJHGWR
WKHEX\HU
7KHEX\HULVQRWDOORZHGWRUHWXUQJRRGVWRWKHVHOOHUXQ
OHVVWKHVHOOHUJLYHVSHUPLVVLRQWKHUHWR7KHFRVWVRISRVVL
EOHUHWXUQVKLSPHQWVVKDOOEHDWWKHEX\HU·VDFFRXQW
$UWLFOH
,QWKHHYHQWRIOLTXLGDWLRQRUEDQNUXSWF\RIRUVXVSHQVLRQ
RISD\PHQWE\WKHEX\HUSD\PHQWVIDOOGXHLPPHGLDWH
O\ DQG WKH VHOOHU LV DXWKRULVHG WR VXVSHQG RU FDQFHO DQ\
DJUHHPHQWZLWKWKHEX\HUZLWKRXWSUHMXGLFHWRWKHVHOOHU·V
ULJKWWRVHHNFRPSHQVDWLRQRUDQ\RWKHUOHJDOUHPHG\
,ISDUWLDOSD\PHQWVZHUHDJUHHGXSRQDQGWKHEX\HUGH
IDXOWVRQRQHWHUPWKHIXOOUHPDLQLQJDPRXQWZLOOIDOOGXH
LPPHGLDWHO\ DQG ZLWKRXW IXUWKHU QRWLFH 7KH LQWHUHVW DV
PHQWLRQHGLQSDUDJUDSKRIWKLVDUWLFOHZLOOEHDSSOLFDEOH
DFFRUGLQJO\
7KHEDQNFKDUJHVVKDOOEHIRUWKHEX\HU·VDFFRXQW
$UWLFOH
+LSP]LY`[PTL
7KH VHOOHU LV ERXQG WR GHOLYHU DW D UHDVRQDEOH WLPH LQ FRQ
+LI[JVSSLJ[PVUJOHYNLZ
,IWKHEX\HUGHIDXOWVRQRQHRUPRUHRILWVREOLJDWLRQVWKHQ
DOOFRVWVRIGHEWFROOHFWLRQRXWRIFRXUWRULQFRXUWVKDOOEH
IRUWKHEX\HU·VDFFRXQW
$UWLFOH
$UWLFOH
;LYTZVM7H`TLU[
3D\PHQWLVGXHZLWKLQGD\VIURPLQYRLFHGDWHRUDVLQ
GLFDWHGRWKHUZLVHE\WKHVHOOHU,QH[FHHGLQJWKLVWHUPWKH
EX\HULVDXWRPDWLFDOO\LQGHIDXOWDQGRZHVLQWHUHVWWRWKH
VHOOHURQWKHRYHUGXHDPRXQWDWWKHUDWHRISHUPRQWK
DVRIWKHPRPHQWWKHGHIDXOWFRPPHQFHV'XULQJWKHGH
IDXOWWKHVHOOHUUHVHUYHVWKHULJKWWRVWRSIXUWKHUGHOLYHULHV
WRWKHEX\HU
3PHIPSP[`
,QWKHHYHQWWKDWLQWKHVHOOHU·VRSLQLRQDFRPSODLQWE\WKH
EX\HULVMXVWLÀHGWKHVHOOHUVKDOOWRWKHH[WHQWSRVVLEOHDQG
DWLWVVROHGLVFUHWLRQDQGFRVWVHLWKHUPDNHJRRGWKHGDP
DJH RU UHSODFH WKH JRRGV ZLWK QRQGHIHFWLYH JRRGV 7KH
EX\HUVKDOOLQWKDWHYHQWJLYHLWVIXOOFRRSHUDWLRQWRWKH
VHOOHU7KHEX\HULVXQGHUWKHREOLJDWLRQWROLPLWDVPXFK
DVSRVVLEOHWKHGDPDJHVUHJDUGLQJWKHGHOLYHUHGJRRGVIRU
ZKLFKKHÀOHGDFRPSODLQWEHIRUHWKHVHOOHU
7KHVHOOHUVKDOOQRWEHOLDEOHIRUGDPDJHVXIIHUHGE\WKH
EX\HUFDXVHGE\RURWKHUZLVHUHODWHGWRGHIHFWLYHJRRGV
LQFOXGLQJWKHLUSDFNDJLQJXQOHVVVXFKGDPDJHLVWKHUH
VXOWRILQWHQWLRQDOPLVFRQGXFWRUJURVVQHJOLJHQFHRQWKH
SDUWRIWKHVHOOHUDQGRULWVHPSOR\HHV
,IWKHVHOOHULVOLDEOHIRUDQ\GDPDJHLQFXUUHGE\WKHEX\HU
WKH VHOOHU·V OLDELOLW\ VKDOO QHYHU H[FHHG WKH QHW SXUFKDVH
SULFHH[FOXGLQJ9$7RIWKHJRRGVFRQFHUQHGDVFKDUJHG
WRWKHEX\HUE\LQYRLFH7KHVHOOHUVKDOOLQDQ\HYHQWQRWEH
OLDEOHIRUDQ\LQGLUHFWGDPDJHVXIIHUHGE\WKHEX\HUVXFK
DVEXWQRWOLPLWHGWRFRQVHTXHQWLDOGDPDJHWUDGLQJORVV
RUORVVRISURÀWV
7KHVHOOHUVKDOOIXUWKHUPRUHLQDQ\HYHQWQRWEHOLDEOHIRU
GDPDJHFDXVHGE\DQDOOHJHGGHOD\LQWKHGHOLYHU\RIWKH
JRRGV
$Q\SRWHQWLDOFODLPEDVHGRQWKHVHJHQHUDOWHUPVDQGFRQ
GLWLRQV VKDOO H[SLUH LI VXFK FODLP KDV QRW EHHQ LVVXHG WR
WKHVHOOHULQZULWLQJZLWKLQRQH\HDUDIWHUWKHGHOLYHU\RI
WKHJRRGV
$UWLFOH
<ZLHUK^HYYHU[`
7KH VHOOHU JXDUDQWHHV WKDW WKH JRRGV WR EH GHOLYHUHG E\
WKHVHOOHUFRQIRUPWRWKHEHVWRILWVNQRZOHGJHWRWKHGH
VFULSWLRQVFRQFHUQLQJWKRVHJRRGV1RJXDUDQWHHVDSSO\
WRWKHSURGXFWVSHFLÀFDWLRQVLIDQ\LQFDVHWKHJRRGVGH
OLYHUHGGRQRWFRPSO\ZLWKWKHSURGXFWVSHFLÀFDWLRQVDV
PHQWLRQHGLQWKHVHOOHU·VFDWDORJXHUHJDUGLQJWKHFXUUHQW
VHOOLQJVHDVRQWKHVHOOHUZLOOLQIRUPWKHEX\HUDERXWWKLV
7KHVHOOHUGRHVQRWJXDUDQWHHWKDWWKHJRRGVGHOLYHUHGE\
WKHVHOOHUWRWKHEX\HUFRPSO\ZLWKWKHSXUSRVHWRZKLFK
WKH\DUHSXWE\WKHEX\HU7KHEX\HUH[SOLFLWO\DFNQRZO
HGJHVWKDWHYHQZLWKWKHKLJKHVWTXDOLW\JRRGVVXFFHVVLQ
JURZLQJGHSHQGVODUJHO\XSRQFXOWLYDWLRQPHWKRGVVRLO
DQGZHDWKHUFRQGLWLRQV
$OOTXDOLW\GDWDSURYLGHGE\WKHVHOOHULQZULWLQJDUHH[
FOXVLYHO\EDVHGRQUHSURGXFLEOHWHVWV7KHVHGDWDLQGLFDWH
RQO\WKHUHVXOWDVLWLVREWDLQHGE\WKHVHOOHUDWWKHWLPHRI
WKHH[HFXWLRQRIWKHWHVWVDQGIRUWKHFLUFXPVWDQFHVWKDW
DSSOLHG WR WKH WHVWV 1R GLUHFW UHODWLRQ PD\ EH DVVXPHG
EHWZHHQ WKH GDWD DV SURYLGHG DQG WKH UHVXOW REWDLQHG
E\WKHEX\HU7KHUHVXOWREWDLQHGE\WKHEX\HUGHSHQGV
DPRQJVW RWKHUV IURP ORFDWLRQ FXOWLYDWLRQ PHDVXUHV IRU
H[DPSOH WKH VRZLQJ PHGLXP XVHG DQGRU WKH FOLPDWLF
FLUFXPVWDQFHV
$Q\DQGDOOJXDUDQWHHVRQWKHSDUWRIWKHVHOOHUODSVHLIWKH
EX\HUFDUULHVRXWSURFHVVHVRQWKHJRRGVRUFDXVHVSURF
HVVHVWREHFDUULHGRXWRQWKHPUHSDFNDJHVWKHJRRGVRU
FDXVHVWKHPWREHUHSDFNDJHGRUXVHVDQGRUVWRUHVWKH
JRRGV LQFRUUHFWO\ RU FDXVHV WKHP WR EH XVHGRU VWRUHG
LQFRUUHFWO\
7KHVHOOHUGRHVQRWJXDUDQWHHLQDQ\ZD\WKDWWKHXVHVDOH
WUDQVIHU SURGXFWLRQ RU DQ\ RWKHU SRVVLEOH DFW LQYROYLQJ
WKHGHOLYHUHGJRRGVDQGRUWKHXVHVDOHWUDQVIHUSURGXF
WLRQRUDQ\RWKHUSRVVLEOHDFWLQYROYLQJWKHJRRGVDULVLQJ
IURPWKHGHOLYHUHGJRRGVGRHVQRWLQIULQJHDQ\LQWHOOHF
WXDOSURSHUW\ULJKWVRIWKLUGSDUWLHV
$UWLFOH
:LLK[YLH[TLU[H[[OLYLX\LZ[VM[OLI\`LY
,QFDVHWKHJRRGVDWVSHFLDOUHTXHVWRIWKHEX\HUDUHEH
LQJWUHDWHGE\RURQEHKDOIRIWKHVHOOHUWKHVHOOHUGRHVQRW
SURYLGHDQ\JXDUDQWHHUHJDUGLQJWKHHIIHFWLYHQHVVDQGRU
FRQVHTXHQFHVRIVXFKWUHDWPHQW7KHVHOOHUVKDOOQRWEHOL
DEOHIRUDQ\GDPDJHUHVXOWLQJIURPWUHDWPHQWSHUIRUPHG
DWWKHVSHFLDOUHTXHVWRIWKHEX\HU
,IWKHVHOOHUFDQQHYHUWKHOHVVEHKHOGOLDEOHIRUDQ\GDPDJ
HVUHVXOWLQJIURPDWUHDWPHQWSHUIRUPHGDWVSHFLDOUHTXHVW
RIWKHEX\HUWKHOLDELOLW\RIWKHVHOOHUVKDOOEHOLPLWHGWRWKH
H[WHQWSRVVLEOHDQGDWLWVVROHGLVFUHWLRQWRUHSODFHPHQWRI
WKHJRRGVRUFUHGLWLQJWKHLQYRLFHUHODWHGWRWKHFRQFHUQHG
JRRGV$OOGDWDFRQFHUQLQJWKHJRRGVDUHEDVHGRQWHVWV
H[HFXWHGSULRUWRWKHUHTXHVWHGWUHDWPHQW
$UWLFOH
+LMLJ[ZJVTWSHPU[Z[LYTZ
7KHEX\HUVKDOOH[DPLQHWKHJRRGVRQRUDVVRRQDVSRV
VLEOHDIWHUGHOLYHU\DQGVKDOOLQIRUPWKHVHOOHUZLWKLQHLJKW
GD\VDIWHUGHOLYHU\LQFDVHQRWWKHFRUUHFWJRRGVKDYHEHHQ
GHOLYHUHGDQGRUQRWWKHDJUHHGTXDQWLW\KDVEHHQGHOLY
HUHG
&RPSODLQWVFRQFHUQLQJDSSDUHQWGHIHFWVWRWKHJRRGVLQ
FOXGLQJWKHLUSDFNDJLQJPXVWEHUHSRUWHGWRWKHVHOOHULQ
ZULWLQJZLWKLQHLJKWGD\VDIWHUWKHGDWHRIGHOLYHU\RIWKH
JRRGVWRWKHEX\HU&RPSODLQWVFRQFHUQLQJDOOHJHGQRQ
DSSDUHQWRUKLGGHQGHIHFWVWRWKHJRRGVLQFOXGLQJWKHLU
SDFNDJLQJPXVWEHUHSRUWHGWRWKHVHOOHULQZULWLQJZLWKLQ
HLJKW GD\V RI WKH GDWH RQ ZKLFK WKH DOOHJHG GHIHFW FRQ
FHUQHGZDVRUFRXOGUHDVRQDEO\KDYHEHHQGLVFRYHUHGE\
WKHEX\HU&RPSODLQWVKDYHWREHVHWRXWLQVXFKDPDQQHU
WKDWWKHVHOOHURUDWKLUGSDUW\FDQYHULI\WKHP7KHEDWFK
GHOLYHU\ DQG LQYRLFH GHWDLOV KDYH WR EH VSHFLÀHG 7KH
EX\HUVKRXOGDOVRLQGLFDWHXQGHUZKLFKFLUFXPVWDQFHVWKH
JRRGVKDYHEHHQXVHGDQGLQFDVHRIUHVDOHWRZKRPWKH
JRRGVKDYHEHHQUHVROG,QWKHHYHQWWKDWDQ\FRPSODLQW
LV QRW UHSRUWHG WR WKH VHOOHU LQ ZULWLQJ ZLWKLQ WKH VWDWHG
SHULRGWKHFRPSODLQWZLOOQRWEHGHDOWZLWKDQGWKHEX\HU
ZLOOORVHDOOULJKWVWRREWDLQDQ\IRUPRIUHFRYHU\LQFOXG
LQJGDPDJHV
,QFDVHRIDSHUPDQHQWGLVSXWHEHWZHHQWKHSDUWLHVDERXW
JHUPLQDWLRQ WUXHQHVV WR W\SH YDULHWDO SXULW\ WHFKQLFDO
SXULW\RUKHDOWKDQDVVHVVPHQWPD\EHSHUIRUPHGDWWKH
UHTXHVW RI WKH EX\HU DQGRU WKH VHOOHU E\ WKH 1DNWXLQ
ERXZ ,67$ VWDWLRQ LQ 5RHORIDUHQGVYHHQ 7KH 1HWKHU
ODQGV RU E\ DQRWKHU REMHFWLYH DQG LQGHSHQGHQW ERG\ DV
DJUHHGXSRQE\WKHEX\HUDQGWKHVHOOHUIRUWKHDFFRXQW
RIWKHXQVXFFHVVIXOSDUW\7KHVDPSOHIRUWKLVDVVHVVPHQW
ZLOOEHWDNHQIURP5LMN=ZDDQ,QFDVHRIDGLVSXWHDERXW
KHDOWK DSSOLFDWLRQ RI ,6+, ,QWHUQDWLRQDO 6HHG +HDOWK
,QLWLDWLYHDFFHSWHGPHWKRGVLVSUHIHUUHG7KHRXWFRPHRI
WKHDVVHVVPHQWZLOOEHELQGLQJRQERWKSDUWLHVQRWZLWK
VWDQGLQJ WKH ULJKW RI SDUWLHV FRQFHUQHG WR VXEPLW WR WKH
DXWKRULWLHVUHIHUUHGWRLQDUWLFOHDQ\GLVSXWHVDERXWWKH
FRQVHTXHQFHVRIWKLVRXWFRPH
&RPSODLQWV FRQFHUQLQJ DQ LQYRLFH RI WKH VHOOHU PXVW EH
VXEPLWWHG WR WKH VHOOHU LQ ZULWLQJ ZLWKLQ IRXUWHHQ GD\V
DIWHUWKHGDWHRILQYRLFH6XEPLWWLQJDFRPSODLQWGRHVQRW
JLYH WKH EX\HU DQ\ ULJKW WR VXVSHG SD\PHQW RI WKH FRQ
FHUQHGLQYRLFH
$UWLFOH
0UKLTUPÄJH[PVU
7KH EX\HU LQGHPQLÀHV WKH VHOOHU DJDLQVW DOO FODLPV DQG
ULJKWV IURP WKLUG SDUWLHV IRU FRPSHQVDWLRQ IRU GDPDJH
DOOHJHGO\FDXVHGE\RURWKHUZLVHDVVRFLDWHGZLWKJRRGV
VXSSOLHGE\WKHVHOOHULQFOXGLQJFODLPVDQGULJKWVZKLFK
KDYH EHHQ VXEPLWWHG DJDLQVW WKH VHOOHU LQ LWV FDSDFLW\ DV
SURGXFHURIWKHJRRGVRQWKHEDVLVRIDQ\UHJXODWLRQVUHODW
LQJWRSURGXFWOLDELOLW\LQZKDWHYHUFRXQWU\H[FHSWLIVDLG
GDPDJH LV GXH WR LQWHQWLRQDO PLVFRQGXFW RU JURVV QHJOL
JHQFHRQWKHSDUWRIWKHVHOOHU
7KH EX\HU VKDOO WDNH RXW VXIÀFLHQW LQVXUDQFH DJDLQVW DOO
SRVVLEOHFODLPVDQGOLDELOLWLHVHPDQDWLQJIURPWKHLQGHP
QLW\JLYHQLQDUWLFOH$WÀUVWUHTXHVWRIWKHVHOOHUWKH
LQVXUDQFHVKDOOEHVXEPLWWHGWRWKHVHOOHUIRULWVDSSURYDO
$UWLFOH (K]PJLZMVYJ\S[\YHSWYHJ[PJLZ]HYPL[`KLZ
JYPW[PVUZYLJVTTLUKH[PVUZ
&XOWXUDODGYLFHVIURPWKHVHOOHUDUHZLWKRXWHQJDJHPHQW
&XOWXUDO DGYLFHV GHVFULSWLRQV UHFRPPHQGDWLRQV DQG LO
OXVWUDWLRQV LQ ZKDWHYHU IRUP DUH EDVHG DV SUHFLVHO\ DV
SRVVLEOHRQH[SHULHQFHVLQWULDOVDQGLQSUDFWLFH+RZHYHU
WKHVHOOHUFDQQRWDFFHSWLQDQ\FDVHOLDELOLW\RQWKHEDVLVRI
VXFKLQIRUPDWLRQIRUGHYLDWLQJUHVXOWVLQWKHJURZQJRRGV
7KHEX\HULWVHOIZLOOEHGHHPHGWRGHWHUPLQHZKHWKHUWKH
JRRGVDUHVXLWDEOHWREHXVHGIRUWKHLQWHQGHGFXOWLYDWLRQV
DQGXQGHUWKHORFDOFRQGLWLRQV
$VXVHGLQWKHLQIRUPDWLRQVXSSOLHGE\WKHVHOOHULPPXQL
W\UHVLVWDQFHDQGVXVFHSWLELOLW\VKDOOPHDQWKHIROORZLQJ
,PPXQLW\1RWVXEMHFWWRDWWDFNRULQIHFWLRQE\DVSHFLÀHG
SHVWRUSDWKRJHQ
5HVLVWDQFH LV WKH DELOLW\ RI D SODQW YDULHW\ WR OLPLW WKH
JURZWKDQGGHYHORSPHQWRIDVSHFLÀHGSHVWRUSDWKRJHQ
DQGRUWKHGDPDJHWKH\FDXVHZKHQFRPSDUHGWRVXVFHS
WLEOH SODQW YDULHWLHV XQGHU VLPLODU HQYLURQPHQWDO FRQGL
WLRQVDQGSHVWRUSDWKRJHQSUHVVXUH5HVLVWDQFHYDULHWLHV
PD\ H[KLELW VRPH GLVHDVH V\PSWRPV RU GDPDJH XQGHU
KHDY\SHVWRUSDWKRJHQSUHVVXUH7ZROHYHOVRIUHVLVWDQFH
DUHGHÀQHG
+LJKVWDQGDUGUHVLVWDQFH+5SODQWYDULHWLHVWKDWKLJKO\
UHVWULFWWKHJURZWKDQGGHYHORSPHQWRIWKHVSHFLÀHGSHVW
RU SDWKRJHQ XQGHU QRUPDO SHVW RU SDWKRJHQ SUHVVXUH
ZKHQFRPSDUHGWRVXVFHSWLEOHYDULHWLHV7KHVHSODQWYD
ULHWLHVPD\KRZHYHUH[KLELWVRPHV\PSWRPVRUGDPDJH
XQGHUKHDY\SHVWRUSDWKRJHQSUHVVXUH
0RGHUDWHLQWHUPHGLDWH UHVLVWDQFH ,5 SODQW YDULHWLHV
WKDW UHVWULFW WKH JURZWK DQG GHYHORSPHQW RI WKH VSHFL
ÀHGSHVWRUSDWKRJHQEXWPD\H[KLELWDJUHDWHUUDQJHRI
V\PSWRPVRUGDPDJHFRPSDUHGWRKLJKVWDQGDUGUHVLVW
DQW YDULHWLHV 0RGHUDWHO\LQWHUPHGLDWHO\ UHVLVWDQW SODQW
YDULHWLHVZLOOVWLOOVKRZOHVVVHYHUHV\PSWRPVRUGDPDJH
WKDQVXVFHSWLEOHSODQWYDULHWLHVZKHQJURZQXQGHUVLPLODU
HQYLURQPHQWDOFRQGLWLRQVDQGRUSHVWRUSDWKRJHQSUHV
VXUH
6XVFHSWLELOLW\LVWKHLQDELOLW\RIDSODQWYDULHW\WRUHVWULFWWKH
JURZWKDQGGHYHORSPHQWRIDVSHFLÀHGSHVWRUSDWKRJHQ
$UWLFOH
-VYJLTHQL\YL
)RUFHPDMHXUHLVGHHPHGWRPHDQFLUFXPVWDQFHVEH\RQG
WKHVHOOHU·VFRQWUROKDPSHULQJRUEORFNLQJWKHIXOÀOPHQW
RIWKHDJUHHPHQW7KLVZLOOLQFOXGHDPRQJVWRWKHUVLIDQG
LQVRIDU DV VXFK FLUFXPVWDQFHV XQUHDVRQDEO\ KDPSHU RU
EORFNWKHIXOÀOPHQWVWULNHVLQRWKHUFRPSDQLHVWKDQWKDW
RIWKHVHOOHUZLOGVWULNHVRUSROLWLFDOVWULNHVLQWKHVHOOHU·V
FRPSDQ\ JHQHUDO VKRUWDJHV RI UHTXLUHG UDZ PDWHULDO
DQGRURWKHUPDWHULDOVQHFHVVDU\IRUWKHIXOÀOPHQWRIWKH
DJUHHPHQWXQIRUHVHHDEOHVWDJQDWLRQDWVXSSOLHUVDQGRU
RWKHUWKLUGSDUWLHVWKDWWKHVHOOHUGHSHQGVXSRQDQGJHQ
HUDOWUDQVSRUWSUREOHPV
,Q WKH HYHQW RI IRUFH PDMHXUH FRQGLWLRQV RFFXUULQJ WKH
VHOOHUZLOOLQIRUPWKHEX\HUDVVRRQDVSRVVLEOH
,Q FDVH D IRUFH PDMHXUH FRQGLWLRQ H[LVWV IRU ORQJHU WKDQ
WZRPRQWKVERWKSDUWLHVZLOOEHHQWLWOHGWRWHUPLQDWHWKH
DJUHHPHQW,QVXFKDFDVHWKHVHOOHUZLOOQRWEHREOLJHGWR
SURYLGHDQ\LQGHPQLÀFDWLRQ
,QFDVHRIIRUFHPDMHXUHWKHVHOOHUZLOOQRWEHREOLJHGWR
SURYLGHDQ\FRPSHQVDWLRQ
$UWLFOH
-\Y[OLY\ZLJ\S[P]H[PVUHUKPUZWLJ[PVU
7KHEX\HULVQRWDOORZHGWRXVHWKHJRRGVGHOLYHUHGIRUIXUWKHU
SURGXFWLRQDQGRUUHSURGXFWLRQRISURSDJDWLQJPDWHULDO
,I WKH JRRGV GHOLYHUHG DUH VROG RQ WR D WKLUG SDUW\ WKH
EX\HUPXVWLPSRVHWKLVVWLSXODWLRQRQSHQDOW\RIGDPDJHV
WRWKDWWKLUGSDUW\
$UWLFOH
,QWKDWFDVHWKHRWKHUSURYLVLRQVRIWKHJHQHUDOWHUPVDQG
FRQGLWLRQVZLOOUHPDLQIXOO\YDOLGLQVRIDUDVSRVVLEOH
$UWLFOH
$UWLFOH
<ZHNLVM[YHKLTHYRZSVNVZHUKV[OLYZPNUZ
8QOHVVRWKHUZLVHDJUHHGLQZULWLQJWKHEX\HUPD\QRWXVH
QRU FDXVH WR UHJLVWHU WUDGHPDUNV ORJRV RU RWKHU VLJQV
XVHG E\ WKH VHOOHU WR GLVWLQJXLVK LWV JRRGV IURP WKRVH RI
RWKHUHQWHUSULVHVDQGLWPD\QRWXVHWUDGHPDUNVORJRVRU
RWKHU VLJQV UHVHPEOLQJ WKHP 7KLV GRHV QRW DSSO\ WR WKH
WUDGLQJ RI WKH JRRGV LQ WKHLU RULJLQDO SDFNDJLQJ PDWH
ULDOZKLFKWKHVHOOHUKDVRUKDVKDGSURYLGHGZLWKWUDGH
PDUNVORJRVRURWKHUVLJQV
,I WKH JRRGV GHOLYHUHG DUH VROG RQ WR D WKLUG SDUW\ WKH
EX\HUPXVWLPSRVHWKLVVWLSXODWLRQRQSHQDOW\RIGDPDJHV
WRWKDWWKLUGSDUW\
:L[[SLTLU[VMKPZW\[LZ
,Q WKH HYHQW RI DQ\ GLVSXWHV HPDQDWLQJ IURP RIIHUV DQG
DJUHHPHQWV WR ZKLFK WKHVH WHUPV DQG FRQGLWLRQV DSSO\ RU
EHLQJFRQQHFWHGWKHUHZLWKWKHSDUWLHVZLOOUHVROYHVXFKGLV
SXWHVLQDIULHQGO\ZD\6KRXOGWKLVQRWEHSRVVLEOHWKHGLV
SXWHXQOHVVSDUWLHVDJUHHWRDUELWUDWLRQZLOOEHVHWWOHGE\D
FRXUWRIODZDWWKHGRPLFLOHRIWKHVHOOHUXQOHVVWKHDSSOLFDEOH
ODZDFFRUGLQJWRDUWLFOHSURYLGHVIRUDQRWKHUFRXUWRIODZ
7KHVHOOHUUHVHUYHVWKHULJKWWRVHUYHDVXPPRQVRQWKHEX\HU
WRDSSHDULQWKHFRXUWRIWKHFRXQWU\ZKHUHWKHEX\HUKDVLWV
UHJLVWHUHGRIÀFH
$UWLFOH
(WWSPJHISLSH^
$OO DJUHHPHQWV EHWZHHQ WKH VHOOHU DQG WKH EX\HU DUH VXE
MHFWWRWKHODZRIWKHFRXQWU\RIGRPLFLOHRIWKHVHOOHU7KH
´8QLWHG 1DWLRQV &RQYHQWLRQ RQ WKH ,QWHUQDWLRQDO 6DOHV RI
*RRGVµZLOOEHDSSOLFDEOHLIWKHVHOOHUDQGWKHEX\HUDUHQRW
GRPLFLOHG LQ WKH VDPH FRXQWU\ H[FHSW ZKHUH LQFRQVLVWHQW
ZLWKWKHVHWHUPVDQGFRQGLWLRQVRULIWKHODZRIWKHFRXQWU\
RIWKHVHOOHUSUHYDLOV
$GGLWLRQDOFRQGLWLRQVIRUWKHVDOHRIVHHGVSHUVTXDUHPHWHU
WRJURZHUV
$UWLFOH
(TV\U[
7KH DPRXQW RI VHHGV WR EH ERXJKW ZLOO EH GHWHUPLQHG LQ
FRQVXOWDWLRQE\WKHSURGXFWLRQDGYLVRURIWKHVHOOHUDQGWKH
EX\HU7KLVDPRXQWZLOOEHPHQWLRQHGLQWKHRUGHUIRUP7R
GHWHUPLQHWKHDPRXQWRIVHHGVWKHQXPEHURIVTXDUHPHWHU
RQZKLFKWKHEX\HUZLOOJURZSODQWVVKDOOEHGHWHUPLQHGÀUVW
6DLGQXPEHUVKDOODOVREHPHQWLRQHGLQWKHRUGHUIRUP6WDUW
LQJSRLQWVKDOOEHDPD[LPXPDPRXQWRIWZRDQGDKDOI
SODQWVSHUVTXDUHPHWHUXQOHVVWKHVHOOHUDQGWKHEX\HUH[
SOLFLWO\DJUHHRWKHUZLVHZKLFKVKDOOEHPHQWLRQHGLQWKHRU
GHUIRUP$GHYLDWLRQIURPWKHDIRUHPHQWLRQHGVWDUWLQJSRLQW
PLJKWKDYHFRQVHTXHQFHVIRUWKHSULFHSHUQHWVTXDUHPHWHU
$UWLFOH
7H`TLU[
7KHSULFHSHUQHWVTXDUHPHWHUDVLQFOXGHGLQWKHRUGHUIRUP
LV YDOLG IRU RQH JURZLQJ SHULRG DV LQGLFDWHG LQ WKH RUGHU
IRUP´1HWµPHDQVWKDWRQO\WKHVXUIDFHWKDWFDQEHXVHGIRU
WKHSURGXFWLRQRISODQWVZLOOEHWDNHQLQWRDFFRXQWIRUWKH
GHWHUPLQDWLRQRIWKHQXPEHURIVTXDUHPHWHUV
,QYRLFLQJIRUWKHDPRXQWGXHIRUWKHVHHGVZLOOWDNHSODFH
LQRQHWHUPXSRQGHOLYHU\
$UWLFOH
7KH EX\HU LV XQGHU WKH REOLJDWLRQ WR DOORZ WKH VHOOHU RU
DQ\RQHZKRFRQWUROVRQEHKDOIRIWKHVHOOHUGLUHFWDFFHVV
WRLWVEXVLQHVVLQFOXGLQJDQGLQSDUWLFXODUWKHJUHHQKRXVHV
RILWVEXVLQHVVLQRUGHUWKDWWKHVHOOHUFDQFDUU\RXWRUKDYH
FDUULHGRXWLQVSHFWLRQV´%XVLQHVVµLQWKLVDUWLFOHVKDOODOVR
PHDQDQ\EXVLQHVVDFWLYLWLHVWKDWDUHFDUULHGRXWE\DWKLUG
SDUW\RQEHKDOIRIWKHEX\HU7KHEX\HUVKDOOXSRQUHTXHVW
DOVRDOORZGLUHFWDFFHVVWRLWVDGPLQLVWUDWLRQZLWKUHJDUGWR
WKHUHOHYDQWSURSDJDWLQJPDWHULDO
*VU]LYZPVU
,I D SURYLVLRQ RI WKHVH JHQHUDO WHUPV DQG FRQGLWLRQV LV
LQYDOLG WKDW SURYLVLRQ ZLOO DXWRPDWLFDOO\ EH UHSODFHG E\
DYDOLGSURYLVLRQWKDWFRUUHVSRQGVDVFORVHO\DVSRVVLEOHWR
WKHSXUSRUWRIWKHLQYDOLGSURYLVLRQ
<ZLVM[OLZLLKZ
7KHEX\HUZLOOFDXVHWRXVHWKHVHHGVRQO\IRURQHSUR
GXFWLRQRISODQWVRQWKHQXPEHURIVTXDUHPHWHUVDQGLQ
WKHJURZLQJSHULRGDVLQFOXGHGLQWKHRUGHUIRUP,QFDVH
DYDULHW\LVJURZQRQPRUHVTXDUHPHWHUVWKDQWKHVTXDUH
PHWHUVDJUHHGXSRQWKHEX\HUZLOOSD\WRWKHVHOOHUWZLFH
WKHSULFHDVPHQWLRQHGLQDUWLFOHIRUHDFKVTXDUHPHWHU
WKDWH[FHHGVWKHQXPEHURIVTXDUHPHWHUVDVDJUHHGXSRQ
,QFDVHVHHGVUHPDLQDIWHUWKHSHULRGLQZKLFKSODQWVKDYH
EHHQUDLVHGWKHVHOOHUVKDOOFROOHFWWKHVHVHHGV
7KHEX\HULVQRWDOORZHGWRSURYLGHWKHVHHGVRUDQ\RWKHU
PDWHULDO RI D YDULHW\ LQ ZKDWHYHU IRUP WR WKLUG SDUWLHV
7KHEX\HULVKRZHYHUSHUPLWWHGWRSURYLGHWKHVHHGVWRD
SODQWUDLVHULILWKHSODQWUDLVHURQO\XVHVWKHVHHGVWRJURZ
\RXQJSODQWVIRUWKHEX\HULQDFFRUGDQFHZLWKWKHQXPEHU
RI VTXDUH PHWHUV DQG JURZLQJ SHULRG DV LQFOXGHG LQ WKH
RUGHUIRUPDQGLLWKHSODQWUDLVHUGHOLYHUVDOOWKHUHPDLQ
LQJVHHGVDQGDOO\RXQJSODQWVWKDWZHUHJURZQRXWRIWKH
VHHGVWRWKHEX\HU)RUWKLVSXUSRVHWKHEX\HUVKDOOJLYH
WKHUHOHYDQWLQIRUPDWLRQWRWKHVHOOHU
+PZJSHPTLY
73(5;05..<0+,
:7,*0,:
:LLKZWLYNYHT
7SHU[ZWLYOH
) Y V J JVSP
* H I I HN L
*HYYV[Z
*LSLYPHJ
*LSLY`
* H \ S P MSV^ L Y
* O P J V Y`
* O P]LZ
* S P T I PUN IL H UZ
5LMN=ZDDQ·VGHVFULSWLRQVLOOXVWUDWLRQV
JURZLQJDGYLFHVDQGDQ\RWKHULQIRUPD
WLRQ LQ ZKDWHYHU IRUP IRU H[DPSOH RQ
H[SLU\VRZLQJSODQWLQJDQGKDUYHVWLQJ
GDWHVDUHEDVHGDVSUHFLVHO\DVSRVVLEOH
RQH[SHULHQFHVLQWULDOVDQGLQSUDFWLFH
+RZHYHU5LMN=ZDDQGRHVQRWDFFHSWLQ
* V Y U ZH SH K
* \ J \ T IL Y
, N N W S H U[
IURPWKHXVHRIVXFKGHVFULSWLRQVLOOXV
, U K P]L
-L U U L S
WUDWLRQVJURZLQJDGYLFHVDQGLQIRUPD
.O L Y RPUZ
/V [ W L WWL Y
2V O S YHIP
3LLR
3 L [ [ \ JL
4LSVU
DQ\FDVHOLDELOLW\IRUGDPDJHVUHVXOWLQJ
WLRQ 7KH EX\HUXVHU LWVHOI LV UHVSRQVL
EOHIRUSURSHUVWRUDJHRIWKHVHHGVDQG
ZLOO EH GHHPHG WR GHWHUPLQH ZKHWKHU
WKH SURGXFWV DQG JURZLQJ DGYLFHV DUH
4 P U P J \J \T IL Y
VXLWDEOHWREHXVHGIRUWKHLQWHQGHGFXO
7H Y Z S L `
WLYDWLRQVDQGXQGHUWKHORFDOFRQGLWLRQV
7H Y Z U PW
9HKPZO
) L L [ YVV[
9 V V [ Z [ VJR J \J \YIP[ H J L H L
9 V V [ Z [ VJR ZVSH UH J L H L
: W P U H JO
: W P U HJOIH I` SL H M
: ^ L L [ WL WWL Y
;V T H [ V
>H [ L YTL SVU
: ^P Z Z JOH YK
;OLU\TILYVMZLLKZWLYNYHTPZHULZ[PTH[LVUS`HUKKLWLUKZVU[OLOHY]LZ[HUKVU
[OLNYHKPUNVM[OLZLLK7SHU[KLUZP[`KLWLUKZVU[OLJYVW[OLNYV^PUNZ`Z[LT\ZLK
HUK[OLNYV^PUNZLHZVUHUKTH`]HY`\UKLYKPMMLYLU[SVJHSJVUKP[PVUZ
w w w.G ESC H KE.eu GE/ KD 8.0 / 12.11-0
s e e d s & s e r v ice s
Lovemysalad.com is an interactive internet platform initiated by Rijk Zwaan.
We aim to have people sharing their passion for salads and vegetables. By
providing information on the background and origin of your favourite salad
vegetable and, above all, by sharing recipes and ideas, we created a platform
especially for salad lovers. By using popular social media environments such
as Twitter, Facebook and Google+, it is easy for all salad enthusiasts to contribute to the social salad network using your existing profiles, irrespective of
whether your passion for vegetables is personal or professional. Ultimately,
we want to stimulate vegetable consumption around the world, and draw
attention to important themes such as health, sustainability and the global
food supply.
Join the social salad network.
www.lovemysalad.com
facebook.com/lovemysalad
Rijk Zwaan EXPORT B.V. | Burgemeester Crezeelaan 40 | 2678 ZG De Lier | The Netherlands | www.rijkzwaan.com