,QWURGXFWLRQ‫ع‬6HOHFWLRQRI9HQWXUH6HHGV‫ع‬ :LWK WKH DFFHOHUDWLRQ RI LQQRYDWLRQ LQ ,R7 DXWRPDWHG RSHUDWLRQ DQG RWKHU DUHDV WKHJOREDO VHPLFRQGXFWRU PDUNHW KDV JURZQ DW D UDWH H[FHHGLQJ  SHU DQQXP GXH WR
LQFUHDVHG GHPDQG PDLQO\ LQ WKH PHPRU\ ILHOGV VXFK DV '5$0 DQG 1$1' 7KH .\XVKXUHJLRQLVDOVRWKULYLQJPDLQO\LQ&026DQGRWKHUVHQVRUVDQGSRZHUVHPLFRQGXFWRUVDQGWKH
,& SURGXFWLRQ UHVXOWV LQ  ZHUH SRVLWLYH IRU WKH IRXUWK FRQVHFXWLYH \HDU GHVSLWH WKHLPSDFWRIWKH.XPDPRWR(DUWKTXDNHLQGXFHGVXVSHQVLRQRISURGXFWLRQDQGRWKHUIDFWRUV $WWKHVDPHWLPHLQRUGHUIRUWKHVHPLFRQGXFWRUUHODWHGLQGXVWU\LQ.\XVKXWRDFKLHYH
VXVWDLQDEOH JURZWK DW D WLPH RI D PDMRU FKDQJH LQ WKH LQGXVWU\ FDOOHG WKH WK ,QGXVWULDO
5HYROXWLRQ LW LV LPSRUWDQW QRW RQO\ WR PDQXIDFWXUH KDUGZDUH VXFK DV VHPLFRQGXFWRUVGHYLFHVDQGSURGXFWLRQIDFLOLWLHVEXWDOVRWRZRUNRQEUHDNWKURXJKVWKURXJKWKHFUHDWLRQRIQHZV\VWHPVDQGVHUYLFHVWKDWPDNHXVHRIWKHP
 ,QRUGHUWRUHDOL]HWKHVHFKDQJHVLWLVQHFHVVDU\WRVHHNWRFROODERUDWHZLWKQHZSOD\HUVVXFK DV YHQWXUH FRPSDQLHV ZLWKRXW EHLQJ ERXQG E\ H[LVWLQJ YDOXHV DQG EXVLQHVVIUDPHZRUNV -DSDQ VDQQXDOYHQWXUHFDSLWDOLQYHVWPHQWZDV?LQILVFDO,QILVFDOLWZDV?DQLQFUHDVHRIRYHUWKHSUHYLRXV\HDU$VDUHVXOWRSHQLQQRYDWLRQLQFRRSHUDWLRQZLWKYHQWXUHFRPSDQLHVSDUWLFXODUO\ODUJHHQWHUSULVHVKDVDFFHOHUDWHGDQGDQXPEHURILQQRYDWLYHLQLWLDWLYHVE\YHQWXUHFRPSDQLHVKDYHHPHUJHGLQ
WKH.\XVKXUHJLRQ ,Q OLJKW RI WKH DERYH ZH LQYHVWLJDWHG WKH HIIRUWV RI YHQWXUH FRPSDQLHV LQ .\XVKX DQGVHOHFWHGVHHGVZLWKKLJKSRWHQWLDOIRUDSSOLFDWLRQWRWKHVHPLFRQGXFWRUUHODWHGLQGXVWU\DQGFRPSLOHGWKHPDVSDPSKOHWV ,KRSHWKLVVHHGERRNZLOOVHUYHDVDFDWDO\VWIRUWKHIRUPDWLRQRIDOOLDQFHVDQGWKHFUHDWLRQRIQHZEXVLQHVVHVEHWZHHQVHPLFRQGXFWRUUHODWHGFRPSDQLHVDQGYHQWXUHFRPSDQLHVDQG
LQ WXUQ ZLOO OHDG WR WKH FUHDWLRQ RI D QHZ LQQRYDWLRQ HFRV\VWHP WKDW ZLOO OHDG WR WKH QH[W
JHQHUDWLRQ,QIRUPDWLRQ3ROLF\'LYLVLRQ(FRQRPLF3ROLF\'LYLVLRQ.\XVKX%XUHDXRI(FRQRP\
7UDGHDQG,QGXVWU\&RQVLJQHGWRDQGLPSOHPHQWHGE\.\XVKX,QGXVWULDO$GYDQFHPHQW&HQWHU .\XVKX6HPLFRQGXFWRU (OHFWURQLFV7HFKQRORJ\,QQRYDWLRQ$VVRFLDWLRQ㻌$ERXWWKH3UHSDUDWLRQ0HWKRGDQG3RVLWLRQLQJRIWKH6HHGV&ROOHFWLRQ‫ٳ‬7KLVVHFWLRQKDVEHHQFRPSLOHGDVDFRPPLVVLRQHGSURMHFWFRPPLVVLRQHGE\WKH0LQLVWU\RI(FRQRP\7UDGHDQG,QGXVWU\3URMHFWWR&UHDWHDQG6XSSRUW5HJLRQDO&RUH(QWHUSULVHVLQ)<
 &RQVLJQHH.\XVKX,QGXVWULDO$GYDQFHPHQW&HQWHU 
 &RQWUDFWHGDJHQF\<DQR5HVHDUFK,QVWLWXWH/WG‫ٳ‬7KHWHFKQLFDOVHHGVDQGSURGXFWVRIWKHOLVWHGFRPSDQLHVDUHSUHSDUHGEDVHGRQWKH
PDWHULDOVSURYLGHGDQGKHDULQJVIURPHDFKFRPSDQ\DQGWKH.\XVKX%XUHDXRI(FRQRP\
7UDGHDQG,QGXVWU\GRHVQRWJXDUDQWHHWKHHIIHFWLYHQHVVRIWKHWHFKQRORJ\‫ٳ‬,QWKLVVHFWLRQZHVHOHFWDQGSXEOLVKQRWRQO\VRFDOOHGVWDUWXSVEXWDOVRDGYDQFHGSURGXFWVWHFKQRORJLHVDQGEXVLQHVVPRGHOVDVYHQWXUHVHHGVLQFOXGLQJWKHGHYHORSPHQW
RIQHZILHOGVE\H[LVWLQJFRPSDQLHVDQGWKHHVWDEOLVKPHQWRIVHFRQGWLPHEXVLQHVVHV







7DEOHRI&RQWHQWV,QWURGXFWLRQ$,‫ ؞‬,R7‫ ؞‬,&7
.\XVKX9HQWXUH6HHV1R   0'0GRPHVWLFPDUNHWVKDUH1R2SWLPDO%L]
㻌   237L0&RUSRUDWLRQ‫ ق‬6$*$72.<2‫ ؟‬+HDG2IILFH‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   3UHGLFWLQJ(QYLURQPHQWDO:LQG0RWLRQLQ$LUIORZ$QDO\VW   (QYLURQPHQWDO*,6/DERUDWRU\&R/WG‫) ق‬8.82.$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwww    $,4XHU\6\VWHP$,4 㻌   .LPXUD,QIRUPDWLRQ7HFKQRORJ\&R/WG‫ ق‬6$*$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   0DNHKXPDQWKLQNLQJPRUHIUHH0DFKLQHOHDUQLQJWKDWDQ\RQHFDQXVH 㻌   *URRYHQDXWV,QF‫) ق‬8.82.$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww  㻌 )LUVWLQ-DSDQn+DQG\&RVPR7DON|WREURDGFDVWOLYHYLGHR     &LUFOH2QH&R/WG‫ ق‬2,7$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww  㻌 :LWK,R7¼$,  ,QFUHDVHWKHYDOXHRI\RXUVOHHSLQJGDWD   6N\GLVF,QF‫) ق‬8.82.$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   %LRVHQVRUFDSDEOHRIKXPDQERG\GHWHFWLRQZLWKRXWFRQWDFW 㻌   +,%,.,12'(16+,&R/WG‫) ق‬8.82.$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   ,R7+XE$6LJKWYLVXDOL]LQJ0DQXIDFWXUHUVb0㻌   )XVLRQWHFK&R/WG‫ ق‬.80$0272‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   3URWRW\SLQJf3URGXFWLQFRUSRUDEOH/DVEHU\3L3HULSKHUDOVDQG6PDOO/RW0DQXIDFWXULQJ㻌   0HFKD7UDFNV&R/WG‫) ق‬8.82.$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww  㻌 n,QGXVWULDO:LUHOHVV/$16\VWHP|IRU:LUHOHVV,QGXVWULDO(WKHUQHW   5DGUL[&R/WG‫) ق‬8.82.$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   㻌 +LJKSUHFLVLRQZLUHOHVVPHDVXUHPHQWV\VWHP D[LVDFFHOHUDWLRQVHQVRUD[LV,08    /2*,&$/352'8&7&R/WG‫) ق‬8.82.$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   㻌 < V&+$,1n$,HTXLSSHGWH[WFUHDWLRQVXSSRUWLQJV\VWHP   < V5HDGLQJ&R/WG‫ ق‬.80$0272‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   㻌 0RYLHEDVHGFRPPXQLFDWLRQ,$B6PDUWDYDWDU   %21'&R/WG‫) ق‬8.82.$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   2
2QHVWRSWRWD
DOVXSSRUWIU RPSODQQLQJ DQGGHYHORSSPHQWRI,R7
7GHYLFHVFHQ
QWHUHGRQZLUUHOHVV  㻌        FFRPPXQLFDWL RQWHFKQRORJJ\WRPDVVS URGXFWLRQ   %%UDYHULGJH
H&R/WG‫) ق‬8.82.$$‫ ك‬wwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
0LFURFRQW UROVHUYHU XQLW&RQE
ERW   0 㻌   --ERW&R /WG‫ ق‬.80
0$0272‫ ك‬wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww )DVWLPSOHPPHQWDWLRQRIGDWDILOOWHULQJDOH
HUWLQJDJJ
JUHJDWLRQD
DQGLQWHJUDDWLRQ  㻌 )   /
/DIOD,QF ‫) ق‬8.82.$$‫ ك‬w wwwwwwwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
J$OO0DUNH
HWLQJ5HTX
XLUHPHQWV ZLWK$OOLQRQH‫ ع‬  㻌 ‫ ع‬$FKLHYLQJ   7
7HFK-,1&R
R/WG‫) ق‬8.82.$‫ ك‬wwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww )DFHDXWKH
HQWLFDWLRQZZDWFKLQJVV\VWHP+,7720,
   ) 㻌   <
<ҩ6ҩ<HQWH
HUSULVHV,Q
QF‫) ق‬8.8 2.$‫ ك‬wwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 





 0HGL FDO‫ ؞‬+HD
DOWKFDUH ‫ ؞‬%LRWHF KQRORJ\.\XVKX9HQWXUH6HHV
V1RHSWRU76
=ZKKLFKFDQTX
XDQWLI\WDV
VWHV    7DVWHUHFH   ,,QWHOOLJHQW 6HQVRU7H
HFKQRORJ\,QF‫) ق‬8.
.82.$.$1$*$:$‫؟‬‫ ؟‬+HDG2IILLFH‫ ك‬P-DSDQ   &
 㻌 &HOO3URFHVVVLQJ7HFKQRORJ\8VLLQJ3353UURWHLQIURP   (
(GLW)RUFH,,QF‫) ق‬8.8
82.$‫ ك‬w www wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
HQ]DWHVWٍ   㻌 ٌ 3DLQOHVV XOWUDVHQV LWLYHLQIOXH
68'[%LRWH
HF&RUSRUDDWLRQ‫ ق‬.$**26+,0$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww    6
[SHULHQFHK
KDVUHVXOWH
HGLQDQHQ
QWHUSULVHWKDWFDQDOVVREHUHIX UELVKHG    㻌 \HDUH[   7
7KUHHG\QH &RUSRUDWLRQ‫ ق‬.80$$0272‫ ك‬w w wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
RSDUWLFOHVWWR%H(DWH Q ‫ ع‬   ‫( ع‬QFDSVXO DWHG1DQR 㻌   6
6(17$13K
KDPD,QF‫) ق‬8.82.$$‫ ك‬wwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
HPHQW'HO6
6DOW 'HVR OV    6
 㻌 6DOWH[FUHWWLRQVXSSOH   7
7RL0HGLFD O&R/WG‫ ق‬.80$02
272‫ ك‬w wwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
SLUDWRUIRU LQWUDWUDFKHDOVSXWXPP   ِ $PRUH6 8ّ  FRQWLQXRXVDVS
 㻌
72.620( '7(&&R/WG‫ ق‬2,77$‫ ك‬wwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww    7

DEOHVFDIIR OGPDGHR IPDJQHVLXXPDOOR\V   %
 㻌 %LRDEVRUED   --DSDQ0HG LFDO'HYLFH
H7HFKQROR
RJ\&R/WWG‫ ق‬.80$0272‫ ك‬ww wwwwwwwwwwwww wwwwwww XFWXUHPDQQXIDFWXULQ JWHFKQROR
RJ\3KDUPDFRORJLFDO HYDOXDWLRQQPRGHO    㻌 'FHOOVWUX
   %
%LR0HGLFDO 7HFKQRORJ
J\+<%5,''&R/WG ‫ ق‬.$*26++,0$‫ ك‬wwww wwwwwwwwwwwww wwwwwww 
RRGEUDLQE
EDUULHUPRRGHO%%%.
.LWæ   ,,QYLWUREOR 㻌   3
3+$50$&226(/&2 /7'‫ ق‬1$**$6$.,‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww    'RPXRRQ 㻌 'LDORJXH6 XSSRUW6\VVWHPVFR   X
XQLYHUVDOVVRXQGGHVLJ
JQLQF‫ ق‬6 $*$72. <2‫ ؟‬+HDG2IILFH‫ ك‬w w wwwwwwwwwwwww wwwwwww 
VRUV\VWHPPُ    َ )RRWSUHVVVXUHVHQV 㻌
5HLI&R/WWG‫) ق‬8.8 2.$‫ ك‬wwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww    5HGLFDOVWHWKRVFRSHV ZLWKDXWRPPDWHGGLDJJQRVWLFDVVVLVWDQFH   5 㻌 5HPRWHPH   $
$0,&R/W G‫ ق‬.80$00272‫ ك‬w ww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
DWLRQHQGS
SURGXFWV $*(V PHD
DVXUHPHQWW   7 㻌 7R[LFDGYD QFHGJO\FD   %%ORRP7HFK
KQRORJ\FR
RUSRUDWLRQ ‫ ق‬.80$02
272‫ ك‬w wwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
HGFRVPHWLFV   &3ODFHQ WD6HULHVWKDWFDQQ RWEHFDOOH 㻌   )),/720,QF
F‫) ق‬8.82
2.$‫ ك‬wwwwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww    1 㻌 1HPDWRGHVVUHVSRQG WRFDQFHU VPHOO   +
+LURWVX%LR
R6FLHQFH,,QF‫) ق‬8.8
82.$72.
.<2‫ ؟‬+HDG
G2IILFH‫  ك‬wwwwwwwwwwwww wwwwwww 
%ORFNEXVWHU7UHDWPH QW(TXLSP
PHQW XQDSSURYHG ‫ ص‬   ‫*  ش‬OREDO% 㻌   3
3PLQG&R /WG 3($$&(2)0,1
1'&2/WWG ‫ ق‬.80$$0272‫ ك‬w wwwwwwwwwwwww wwwwwww 






(
(QYLURQP HQW‫( ؞‬QH
HUJ\



.\XVKX99HQWXUH6HHV1R   $
 㻌 $)()(+IXHOFHOOVWKDWSURGXFHHK\GURJHQRQWKHVSRWDQGFRQYHHUWLWLQWRHOOHFWULFLW\   $$TXDIDLU\&&RUSRUDWLRQ‫ ق‬0,<$=$$.,‫ ك‬wwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww $HURVKLHOGVVD89*, 89VWHULOL]]LQJDQGLU UDGLDWLQJG
GHYLFH  㻌 $   HHQHIRUHVW&&R/WG‫ ق‬2,7$‫ك‬2
wwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
SDUDWLRQDQG 5HFRYHU\(T
TXLSPHQW   7 ZRWRZHUELRRJDVSXULILHUU936$0HWKKDQH3XULILFD WLRQDQG6HS 㻌   $$GVRUSWLRQ 7HFKQRORJ
J\,QGXVWUULHV&R/WG
G‫ ق‬1$*$6
6$.,‫ ك‬wwww wwwwwwwwwwwww wwwwwww 
5DGLDQWKH DWJDVFRPPEXVWLRQP
PRGHWRHD
DVHHQYLURQQPHQWDOLP
PSDFW   5 㻌   6
6WHOOD(QYL URQPHQW&&RUSRUDWLRQ
Q‫ ق‬1$*$6$$.,72.<<2‫ ؟‬+HDG2
2IILFH‫ ك‬ww wwwwwww 
RSRZHU6\\VWHP   &
 㻌 &RPSDFW6 PDOO+\GUR   6
6(,.2(/( &75,&&2 /7'‫) ق‬8
8.82.$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww ZLWKRXWJDVNHWWV/RZ3UHVVXUUH/RVV[+LJK
K+HDW7UDQVIHU3HUIRUPDQFHH[&RPSDFW ;36HULHV    $$OOZHOGW\SHZ 㻌   ;
;HQHV\V,Q
QF‫ ق‬6$*$72.<2‫ ؟‬+HDG2IILF
FH‫ ك‬wwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
ZHU*HQHUUDWRUDQG$$WWDFKPHQ W   1 㻌 1HZ'RXEO H3URSHOOH U:LQG3RZ
   --$3$1)8''2,1'867
75<,QF‫) ق‬8.82.$‫ك‬‫ ك‬wwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
ZLWKWKHFRPPPXQLW\ZH
HFUHDWHDP
PHFKDQLVPDDQGPDNHLW YLVLEOH   :
 㻌 :RUNLQJLQF RRSHUDWLRQZ   +
+L%L4RR///&‫) ق‬8.82
2.$‫ ك‬wwwwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww    +TXLHWnPXOWWLOHQVZLQ
QGWXUELQH|| 㻌 +LJKO\HIILFFLHQWDQGT   5
5LDPZLQG&&R/WG‫) ق‬8.82.$‫ك‬‫ ك‬w wwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
DQGDORQH SRZHUVXS
SSO\V\VWHPP
   %
 㻌 %OXHVN\R XWOHWDVWD   7
7HFKQRORJL FDO3ODQQH
HU,QF‫ ق‬2,,7$‫ ك‬wwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
HQWPDQXIIDFWXUHDQ
QGVDOHRI QH[WJHQHUDWLRQOLWKLLXPLRQED
DWWHULHV   '
 㻌 'HYHORSPH   ==(3725$VVLD&RUSRUDDWLRQ‫) ق‬8.
.82.$‫ ك‬w wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww  0RQ RG]XNXULL 0DQXIDF WXULQJ‫ ؞ك‬0DWHULDO
.\XVKX99HQWXUH6HHV 1R
0L\R)LOP+LJKO\)XQFWLRQDO))LOP6KHHWWV   0 㻌   .
.\XV\X1D QRWHF2SWLFV&R/WG ‫ ق‬2,7$‫ ك‬w wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
PHWKRGFXUYYHFXWWLQJ PHWKRG   1HZFRQVWWUXFWLRQP 㻌   .
.LULVKLPD6
6HLNR&R//WG‫ ق‬.$*2
26+,0$‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww &RQWULEXWLQQJWRVRFLH
HW\XVLQJ KHDWDVD NH\ZRUG )*+3OLJ KW    & 㻌   &&UXFLDO&RR
ROLQJ3HUIRRUPDQFH&R
R/WG‫ ق‬.$*26+,0.
$‫ ك‬wwwwwwww wwwwwwwwwwwww wwwwwww REDOFKDQJ
JLQJFRDWLQ
QJ   7 㻌 75<7(&7UUDUJDDJOR   7
7U\7HFK&&R/WG‫ ق‬2,7$‫ك‬2
wwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww $ZDUG  9HFWWRU0DJQHWLF3URSHUW\9LV
VXDOL]HU   .
 㻌 .\XVKX(FRQRRP\7UDGHDDQG,QGXVWU\\'LUHFWRU V$   %
%5,*+7(& &R/WG‫ ق‬2,7$‫ ك‬ww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
ZGHUّ   㻌 , PSURYHPHQWWRIVWUHQJWK GXUDELOLW\ DQGIOXLGLW\ RIFRQFUHWH ِ 9ROFDQLFJJODVVILQHSRZ   3
3ULQFLSOH& R‫ ؜‬/WG‫ ق‬.$*26+,00$‫ ك‬wwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
ZHUVXSSO\ IRUFUHDWWLQJLQQRYDDWLRQ  㻌 ,,QGXVWULDOSXOVHSRZ   ))XVLRQ7HF KV&RUSRUDDWLRQ‫ ق‬.80
0$0272‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
50$&5(2 WHFKQRORJLHV   5 㻌   551$6&,0(77$//,/WG ‫) ق‬8.82.$$‫ ك‬wwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
'HYHORSPHQW RIKLJKVSH HGOLQHKHDG SULQWHUVXVL QJURERWLFKHDGFOHDQLQJJXQLWV,QWURGGXFWLRQ   㻌 '        WWR+LJK6SHH
HG,QN-HW&R
ROJDWH3ULQWHUUV

  

 
 㻌
  

 
 㻌
  

 
 㻌
  

 
 㻌
  

.
.,7&&&R/WG‫ ق‬.8
80$0272‫ك‬‫ ك‬wwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww ,,PDJHVHQVVRUWHVWLQJJVROXWLRQ 6(0,3,
0
0RZD6ROX WLRQV&R /WG‫ ق‬.80
0$0272‫ ك‬wwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
2
2SHQXSWRRPRUURZZZLWKPLFURFFDSVXOHV
0
0&/DELQF
F‫ ق‬.$*26 +,0$‫ ك‬www wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww ,,QWHJUDWHG (QJLQHHULQJRI0HWD
DO'3ULQWWHUV
2
230/DERUUDWRU\&R/WG‫) ق‬8. 82.$.<2272‫ ؟‬+HDG
G2IILFH‫ ك‬w wwwwwwwwwwwww wwwwwww &&RDWLQJXQLIRUPPO\RQHDFKQ DQRPLFURQSR
RZGHUSDUWLFOH
H'HGLFDWHGSRZGHUVXUIDFH WUHDWPHQWIRU HDFKXVHU

3
3$7&R/WWG‫ ق‬6$*$$‫ ك‬wwwwwwwwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
5R
RERW‫ ؞‬6S
SDFH‫ ؞‬0R
RELOLW\
.\XVKX99HQWXUH6HHV1R
.HVURER XVLQJKRP
PHILUHH[WL QJXLVKHUV
 
  .
   &&)3,QF‫ق‬‫) ق‬8.82.$‫ ك‬wwwwwwwwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww /DUJHYHUVVDWLOHXQPDQQHGDLUFFUDIWFL;   㻌 /   FFL'URQHFR /WG‫ ق‬2,77$‫ ك‬wwwwwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww $OOFDWHJRUULHVRILQGX
XVWULDOGURQ
QHVFKRRO  㻌 $   (($06-$3$$1&R/WG ‫ ق‬2,7$‫ ك‬w wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
7R\GRJ‫ ق‬2GRUPHDV2
VXUHPHQWG
GRJ+DQDF
FKDQ‫ ك‬  㻌 7   1
1H[W7HFKQQRORJ\//&&‫) ق‬8.82.
.$‫ ك‬wwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
6$5 6\QWK
KHWLF$SHUWWXUH5DGDUU 6DWHOOLWH
HIRU(DUWK2EVHUYDWL RQ  㻌 6   L 436,QF‫ق‬‫) ق‬8.82.$$‫ ك‬wwwwwwwwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 







$JULLFXOWXUH IRUHVWU\\DQGILVK
KHULHV‫) ؞‬RRG
)
.\XVKX99HQWXUH6HHV1R
XUVHU\   )
 㻌 )XWXUHSODQWWIDFWRU\UH DOL]LQJPD[[LPXPHIILF LHQF\ZLWKPLQLPXPV SDFH(FR1X
   ((/0,QF‫ ق‬.$*26+,00$‫ ك‬wwwwwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
2SWLPDO:H
HLJKW1DYLJDWLRQ6FD
DOH7DEOH &RPEL   2 㻌   2
2.3ODQQLQ J&R/WG ‫ ق‬.80$00272‫ ك‬w www wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww $EVRUEQRWR QO\HWK\OHQH EXWDOVRYHJ
JHWDEOHJHQH
HUDWLQJJDVHV
VLQDVKRUWWWLPH7DQNDIU HVK  㻌 $   7
7$1.$&2 /WG‫ ق‬6$**$‫ ك‬w wwwwwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
1$12;*1
1VHULHVRIIXOWUDILQH EXEEOHJH QHUDWRUV  㻌 1   1
1$12;&2 /7'‫) ق‬8
8.82.$‫ ك‬w wwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
JV\VWHPIR
RUDJULFXOWX UH,QYHUWHU 7HPSHUDWX
XUH$XWRPD WLF&RQWURO 3DQHO   //DERUVDYLQJ 㻌   88QLYHUVDOO\\(OHFWULF::RUNV&R /WG‫ ق‬.80
0$0272‫ ك‬wwwwwwwwwwww wwwwwwwwwwwww wwwwwww 














KHU 3URGXXFWV6HUYLFHV 
 2WK


.\XVKX99HQWXUH6HHV 1R
GVSHDNHU +,7)3    :
 㻌 :RRGERDUG   .
.,7+,7&R/WG‫) ق‬8.
.82.$‫ ك‬ww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww XQGODQGRS HUDWRUWRDFFWLYHO\LPSUURYHWKHV\V
VWHPIRUWR XULVWUHFHSWWLRQ  㻌 - DSDQLQERX   .
.XPDPRWR '0&/WG‫ ق‬.80$02
272‫ ك‬wwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 'HVLJQLQJD
DQGSURGXFLQJKDQGVVRQLQWHOO HFWXDOHQWH
HUWDLQPHQ WFRQWHQWV  㻌 '   6
6+,.80,''(6,*1,QF
F‫) ق‬8.82
2.$‫ ك‬w wwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 
8QLTXH
:WR
:+LJK%ULJKWQHV
VV0RGXOH   8 㻌   667(4&R//WG‫) ق‬8.8
82.$‫ ك‬www wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 






/LVWRI PDMRUYHQ
QWXUHVXSS
SRUWRUJDQQL]DWLRQVL Q.\XVKX wwwwwwwwwwwww wwwwwwwwwwwww wwwwwww ,QGH[ ‫ ق‬.\XVKX99HQWXUH6HHGV‫ ك‬wwww wwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwww wwwwwww 

-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

237L0&RUSRUDWLRQ
7XUQWKH,QWHUQHWLQWRDLU

0'0GRPHVWLFPDUNHWVKDUH1R2SWLPDO%L]
,R7SODWIRUPVHUYLFHV2SWLPDO%L]LVDVHUYLFHWKDWHQDEOHV\RXWRPDQDJHDZLGHUDQJHRIQHWZRUNLQJGHYLFHVVXFKDVVPDUWSKRQHVWDEOHWVDQGSHUVRQDOFRPSXWHUVIURPWKHFORXGLQFOXGLQJWKH,QWHUQHWRIWKH,R7EXVLQHVVDQGWRHDVLO\SHUIRUPWKH
UHTXLUHGVHFXULW\PHDVXUHVDQGVHWWLQJV,WLVUDWHG1RLQWKHILHOGRI0'0 0RELOH'HYLFH0DQDJHPHQW VHUYLFH
IURPVHYHUDOSURPLQHQWUHVHDUFKFRPSDQLHV,QDGGLWLRQLWVXSSRUWVPRUHWKDQPXOWLGHYLFHPRGHOVDQGVXSSRUWVDZLGHUDQJHRIHQYLURQPHQWVDQGXVHFDVHV6LQFHZHDUHGHYHORSLQJLQ-DSDQRXUVXSSRUWLVVDIHDQGZHRIIHUDULFKUDQJHRIIXQFWLRQVUHTXLUHGE\-DSDQHVHFRPSDQLHV$VWKHQXPEHURIOLFHQVHVFRQWLQXHVWRLQFUHDVHVWHDGLO\WKH
QXPEHURIRSWLRQDOVHUYLFHVVXFKDVVHFXULW\VHUYLFHVFRQWLQXHVWRJURZVWHDGLO\,QDGGLWLRQZLWKRXUEXVLQHVVDOOLDQFHZLWKGHYLFHWHUPLQDOPDNHUVZHFDQYHULI\WKHDFWXDOGHYLFHVRI
WKHODWHVWGHYLFHVEHIRUHJHQHUDOUHOHDVH
:HDUHRXWVWDQGLQJDWWKH:LWKDEURZVHU
,Q6DD6DQGRQSUHPLVHV
5HJLVWUDWLRQVHWWLQJDQG
7RSURYLGHVHUYLFHVDFFRUGLQJWRWKHVL]HRIWKH
FRPSDWLELOLW\RIWKHVSUHDGRIEDWFKPDQDJHPHQW
6HUYLFHSURYLGHU
HQWHUSULVHFRPSDWLEOHWHUPLQDOVDQGWKHVSHHG
0DQDJHGHTXLSPHQWRIFRUUHVSRQGHQFHRIWKHODWHVWWHUPLQDOVZKLFKDUHHVVHQWLDOFRQGLWLRQVIRU0'0VWXG\(DVW-DSDQ2SWLPDO%L]
$GPLQLVWUDWRUV,QIRUPDWLRQ6\VWHPV'DWDFHQWHU
5DLOZD\&RPSDQ\(DVW-DSDQ'LYLVLRQHWF
5DLOZD\&RPSDQ\.DQVDL8QLYHUVLW\
3ULPDU\'LYLVLRQ6<6.(16HUYLFHSURYLGHUVFDQDOVRSHUIRUPPDQDJHPHQWDJHQFLHV
8VHU
2SHUDWRUV)/(16&RUSRUDWLRQ6HQGDL6HRQJQDP+LJK6FKRROHWF
7ZRZD\FRPPXQLFDWLRQGLDJUDPXVLQJ2SWLPDO%L]

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHYHORSPHQW

7KHFRPSDQ\LVIRXQGHGE\UHSUHVHQWDWLYH6XJD\DZKLOHVWXG\LQJDW
6DJD8QLYHUVLW\:HSURYLGHWKHVHUYLFHJURXSFRPSOHPHQWLQJWKH
ODFNRI,QWHUQHWYXOQHUDELOLW\DQGODFNRIFRQYHQLHQFHE\WKHSRZHURIWHFKQRORJ\XQGHUWKHFRQFHSWRIH[LVWLQJH[LVWHQFHZLWKRXWEHLQJ
FRQVFLRXVDWDOOZLWKRXWEHLQJFRQVFLRXVHYHQLIWKHUHLVQR,7OLWHUDF\
FDOOHGFKDQJHWKH,QWHUQHWWRDLU$IWHUWKDWXQGHUWKHVWURQJIHHOLQJWRZLQWKHGHIDFWRVWDQGDUGRIWKHZRUOGZHDUHOLVWHGRQ
WKH)LUVW6HFWLRQRIWKH7RN\R6WRFN([FKDQJHLQ
6XJD\DRXUUHSUHVHQWDWLYHKDVDODUJHSDWHQWDVVHWVFDOHDQGQR
RQHZKRZLOOFDWFKXSZLWKWKH-DSDQHVHLQWKHIXWXUHZLOODSSHDU
:HDUHDOVRUDLVLQJWKHYRLFH7KHFXUUHQWFRPSDQ\QDPH2SWLPLVDOUHDG\FRQVLGHUHGLQKLVKLJKVFKRROHUDDQGLWLVDFRLQHGZRUGFRPELQLQJRSWLPL]DWLRQ RSWLPL]DWLRQDQGRSWLPLVPLVP RSWLPLVP
DQGSXWWLQJRXUGUHDPVw:HDUHGHYHORSLQJDQ$,w,R7VROXWLRQ
VSHFLDOL]HGLQWKHLQGXVWU\LQWKHIXWXUHDQG
DUHSURPRWLQJGHPRQVWUDWLRQH[SHULPHQWVDWYDULRXVVLWHV
w:HDUHDOVRNHHQO\HQJDJHGLQDFWLYLWLHVWRHVWDEOLVKDMRLQWYHQWXUHZLWKOHDGLQJLQGXVWU\SDUWQHUVDQGE\VWUHQJWKHQLQJRXU
LQYHVWPHQWLQ,R7$,5RERWZHZLOOEHFRPHWKHFHQWHURIWKHIRXUWKLQGXVWULDOUHYROXWLRQ,DLPWRDLP
w:HZLOOFRPELQHRXUWHFKQRORJLHVZLWKDOOLQGXVWULHVLQFOXGLQJDJULFXOWXUHFRQVWUXFWLRQDQGPHGLFDOILHOGVDQGFUHDWH
QHZLQGXVWULDOLQIUDVWUXFWXUHZLWKWKHSRZHU
RI,7

䕔2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH

㻌$GGUHVV㻌 㻌 㻌 㻌 㻌 㻌 7RN\R+HDG2IILFH
㻌㻌㻌㻌㻌㻌㻌

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ‫ٿ‬<HDURIIRXQGDWLRQ‫؟‬6KLRGRPH%XLOGLQJ)
5HSUHVHQWDWLYH‫؟‬.DLJDQ0LQDWR7RN\R
85/KWWSVZZZRSWLPFRMS 3UHVLGHQW 2VDPX+DVKLPRWR 
4XHU\:HEVLWH/LFHQVH6DOHVDQG0DLQWHQDQFH6XSSRUW6HUYLFHV 2SWLPDO %XVLQHVV ,R73ODWIRUP
6HUYLFHV5HPRWH0DQDJHPHQW6HUYLFHV6XSSRUW6HUYLFHVDQG2WKHU6HUYLFHV ‫ٹ‬3DWHQWVRQWKHSURGXFW
=RQH0DQDJHPHQW 863DW1R 
6HFXUH6KLHOG 863DW1R 

-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

(QYLURQPHQWDO*,6/DERUDWRU\&R/WG
W&/WG
6RIWZDUHWKDWFDQVLPXODWHZLQGIORZRQDPDS
3UHGLFWLQJ(QYLURQPHQWDO:LQG0RWLRQLQ
n$LUIORZ$QDO\VW|(DV\VLPXODWLRQRIZLQGXVLQJ'PDSGDWD
2XUOLYLQJHQYLURQPHQWLVDIIHFWHGE\ZLQGIORZ9DULRXVFKDOOHQJHVDUHFORVHO\UHODWHGWRZLQGIORZLQFOXGLQJLPSURYLQJXUEDQFOLPDWHGHYHORSLQJQHZ
HQHUJLHVDQGULVNPDQDJHPHQWIRUILUHDQGJDVRXWIORZULVNV$LUIORZ$QDO\VW
LVDVRIWZDUHWKDWFDQVLPXODWHLQYLVLEOHZLQGIORZXVLQJJHQHUDOSXUSRVHPDSGDWD$GYDQFHGZLQGFRQGLWLRQSUHGLFWLRQE\ODWHVWIOXLGDQDO\VLVPRGHO:HDGRSWHGDGYDQFHG/(6PRGHOZKLFKFDQDQDO\]HFRPSOH[ZLQGIORZLQJLQGLPHQVLRQDOVSDFH6LQFHLWFDQEHDQDO\]HGLQDVKRUWWLPHZLWKDJHQHUDOSXUSRVH3&LWFDQEHXVHGLQSUDFWLFHVXFKDVXUEDQSODQQLQJ,WLVH[WHQVLRQVRIWZDUHWKDWUXQVRQ*,6VRIWZDUH$UF*,6WKDWLVJOREDOO\SRSXODU9LVXDOL]DWLRQRIZLQGIORZDURXQG
FRPSOH[EXLOGLQJV

&XPEHUVRPHDQDO\VLVSURFHGXUHLVXQQHFHVVDU\LWLVSRVVLEOHWR
XVHLWE\WKHSODQQLQJSUDFWLWLRQHUKLPVHOIKHUVHOI:LQGFRQGLWLRQDQDO\VLVVRIWZDUH
0DQ\ZLQGFRQGLWLRQDQDO\VLVVRIWZDUHUHTXLUHVNQRZOHGJHRIIOXLGG\QDPLFVIRUXVHUVVXFKDVVHOHFWLRQRIDQDO\WLFDOPRGHOVDQGFRQGLWLRQVHWWLQJLQRUGHUWR
GHDOZLWKDQDO\VLVRIYDULRXVIOXLGSKHQRPHQDVXFKDVLQGXVWULDOSURGXFWV2QWKH
RWKHUKDQGVLQFH$LUIORZ$QDO\VWVSHFLDOL]HVLQZLQGDQDO\VLVDURXQGWKHWRSRJUDSK\DQGWKHEXLOGLQJWKHXVHUFDQDQDO\]HDSSURSULDWHO\ZLWKRXWNQRZOHGJHRIIOXLGDQDO\VLVFRPSDUHDQGHYDOXDWHZLQGFRQGLWLRQVRIDOWHUQDWLYH
SODQDQGPDNHGHFLVLRQVEDVHGRQLW<RXFDQIRFXVRQ)RUPRUHLQIRUPDWLRQUHIHUWR+3ZZZDLUIORZDQDO\VWFRP

$SSOLFDEOHWRSUHGLFWLQJEXLOGLQJZLQGVDQGGLIIXVLQJVXEVWDQFHVIURPIDFWRULHV

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

8VLQJJHRJUDSKLFLQIRUPDWLRQTXDQWLWDWLYHDQDO\VLVDQG
YLVXDOL]DWLRQRI*,6LVDQHIIHFWLYHPHWKRGIRUPDNLQJDOOGHFLVLRQVDQGFRQVHQVXVEXLOGLQJ7KHJHRJUDSKLF
LQIRUPDWLRQV\VWHPLVQRZGHYHORSLQJWRJHWKHUZLWKWKHFORXGDQGRSHQGDWD
2QWKHRWKHUKDQGWKHPRYHPHQWRIZLQGDQGDLUWKDWFKDQJHVGHSHQGLQJRQWKHFLW\DQGQDWXUDOWRSRJUDSK\LVRQHRIWKHIDFWRUVWKDWDIIHFWKXPDQDFWLYLW\EXWRQO\$LUIORZ$QDO\VWLVLQWHJUDWHGZLWK*,6WKDWFDQJUDVSLW-DFN'DQJHUPRQGSUHVLGHQWRI(65,ZKLFKKDVWKHWRSVKDUHRI*,6UHFHLYHGHYDOXDWLRQDQG
VXSSRUWDQGGHFLGHGWRVHOO$LUIORZ$QDO\VWLQWKH
ZRUOG,WLVRXUPLVVLRQWRXVHLWDVDSUREOHPVROYLQJWRRO

:HZLOOFRQWLQXHDQGGHYHORSRYHUVHDVVDOHVQRWRQO\LQ-DSDQEXWDOVRLQRUGHUWRXWLOL]HWKHPLQXUEDQHQYLURQPHQWVDQG
ZLQGSRZHUGHYHORSPHQWRYHUVHDV:HZLOOHQKDQFHWKHGRFXPHQWDWLRQWKDWLQWURGXFHVXVHUH[DPSOHVRIDSSOLFDWLRQVWKHUHE\PDNLQJLWHDVLHUWRLPDJLQHKRZWR
XVHWKHP
,QDGGLWLRQVLQFHEXVLQHVVPRGHOVDUH
FKDQJLQJIURPRZQHGWRXVHGLQUHFHQW\HDUVZHZLOOFRQWLQXHWRUHVSRQGWR
VXEVFULSWLRQPRGHOVDQGEXLOGDQHDV\WR
XVHHQYLURQPHQW

䕔&RUSRUDWHSURILOH
1XPEHURIHPSOR\HHV‫؟‬$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌&DSLWDO‫؟‬)XNXRND653&HQWHU%XLOGPLOOLRQWKRXVDQG\HQ0RPRFKLKDPD6DZDUD<HDURIIRXQGDWLRQ‫؟‬)XNXRND
5HSUHVHQWDWLYH‫؟‬
85/ KWWSZZZHQJLVLQFFRP
4XHU\7(/RUZHEVLWH 3UHVLGHQW 5\R$UD\D   ‫ٹ‬2XWOLQHRIEXVLQHVV‫؞‬$,5(19,5210(17(9$/8$7,2186,1*
*,6$1'&216758&7,21$1$/<6,62)
(19,5210(17(9$/8$7,21
‫*؞‬,6V\VWHPGHYHORSPHQW‫*؞‬,6&)'VRIWZDUHVDOHV

‫ٹ‬8WLOLW\PRGHOIRUWKLVSURGXFW)OXLGDQDO\VLVV\VWHP-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

.LPXUD,QIRUPDWLRQ7HFKQRORJ\&R/WGO&/ G(OLPLQDWHWKHWLPHIRUVHDUFK$,4XHU\6\VWHP$,4
$, 4XHU\ 6\VWHPV XVLQJ WKH ,%0 :DWVRQ -DSDQHVH YHUVLRQ ,I \RX DVN \RXU FRPSDQ\ V SURYLVLRQV DQGDSSOLFDWLRQPHWKRGV$,ZLOOUHVSRQGDWDQ\WLPHIRUKRXUVRQEHKDOIRIWKHHPSOR\HH,QDGGLWLRQWR
WKH DSSOLFDWLRQ IRU H[SHQVHV DQG ORQJWHUP YDFDWLRQ ZH FDQ WDNH D ZLGH UDQJH RI PHDVXUHV VXFK DV
SURGXFWLQIRUPDWLRQKRZWRFUHDWHTXRWHVDQGKRZWRRSHUDWH3&V
6WDII$GYLVRU\2SHUDWRU
DVVLVWDQFH

7HOOPHKRZWRDSSO\IRULQ
KRXVH
,DOVRZDQWDIRUPDW

<RXDUHDVNLQJIRUWKH
LQWHUQHWFRQQHFWLRQPHWKRG
6RILUVW

3URGXFW
LQIRUPDWLRQ4 $

n:KDWZDVWKHSULFHRIQHZSURGXFW$"

5LFKSUHVHWGDWDWKDWFDQEHXVHGLPPHGLDWHO\:HVWDUWHGWRRIIHU$,4IURPWRPRUURZWKDWDOORZV\RXWRXVHWKHV\VWHPZLWKOHDUQLQJGDWD 4 $ 
ZKLFKLVDSUREOHPLQLQWURGXFLQJ$,SUHVHWIURPWKH
EHJLQQLQJ$OOPDLQWHQDQFHUHODWHGWR$,FDQEHVXEVWLWXWHG$OOQHFHVVDU\PDLQWHQDQFHEHIRUHDQGDIWHUWKH
LQWURGXFWLRQRI$,FDQEHGHOHJDWHGE\.LPXUD,QIRUPDWLRQ7HFKQRORJ\‫ٹ‬3UHVHWWLQJGDWD
:LQGRZV:LQGRZV,3KRQH,3KRQHL3KRQH;
+XPDQ5HVRXUFHVw*HQHUDO$IIDLUVw$FFRXQWLQJ([LVWLQJVHDUFKWRROV
$,4

9HUVLRQXSJUDGHw([WHQVLELOLW\:HDUHDGGLQJIXQFWLRQVRQFHHYHU\WKUHHPRQWKVEDVHGRQWKHRSLQLRQVIURPXVHUVZKRLQWURGXFHGLW

8VLQJ$,4
$YHUDJHWLPHWRUHDFKDQVZHUUHGXFHGWR
DERXW

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW
:HKDYHEXLOWDV\VWHPWKDWFDQEHXVHGQRWRQO\LQKRXVHXVHEXWDOVRRXWVLGHWKHFRPSDQ\
VXFKDVUHFUXLWPHQW5HJDUGOHVVRIWKHW\SHRIEXVLQHVVZHFDQXVHLWZLGHO\LQFRPSDQLHVVXFKDVWKH+5*HQHUDO$IIDLUVDQG,QIRUPDWLRQ6\VWHPV'LYLVLRQ$,4DOVRSURYLGHVRIILFHDQGRIILFHSUHVHWGDWD
䕔2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH

㻌 $GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌
2URVKLKRPPDFKL6DJD6DJD
85/ KWWSVZZZNLGHDMS
4XHU\WRL#NLGHDMS

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU
7DNDR.LPXUD     ,Q$SULOZHVWDUWHGWKHDUWLILFLDOLQWHOOLJHQFHEXVLQHVVDVWKHILUVWSDUWQHUFRPSDQ\RI,%0:DWVRQ-DSDQHVHYHUVLRQ
7KHV\VWHPFRQVWUXFWLRQUHFRUGZDVKLJKO\DSSUHFLDWHGLQ)HEUXDU\DQGUHFHLYHG
WKH,%0&KRLFH$ZDUG7RS6WUDWHJLF
%XVLQHVV3DUWQHU-DSDQDZDUG-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

*URRYHQDXWV,QF
0DNHKXPDQWKLQNLQJPRUHIUHH0DFKLQHOHDUQLQJWKDWDQ\RQHFDQXVH

<RXGRQRWKDYHWRUHO\RQH[SHUWVDQ\PRUH
(YHU\WKLQJ\RXWU\WRXVHLQEXVLQHVVLVH[SHQVLYHDQGGLIILFXOW0DFKLQH
OHDUQLQJH[SHUWVVKRXOGQRWXVHPDFKLQHOHDUQLQJEXWWKRVHEXVLQHVVSURIHVVLRQDOVPXVWEHDEOHWRXVHPDFKLQHOHDUQLQJ7KDW VZK\0$*(//$1
%/2&.6RIIHUVHDV\DQGUHDVRQDEOHSULFHVVRWKDWDQ\RQHFDQIHHOIUHHWRXVH
PDFKLQHOHDUQLQJ$OOQHFHVVDU\IXQFWLRQVDUHDYDLODEOHKHUH
,Q0$*(//$1%/2&.6QRWRQO\WKHPDFKLQHOHDUQLQJEORFNEXWDOVRDEORFNIRUFRPSOHWLQJDVHULHVRISURFHVVHVVXFKDVDEORFNIRUFROOHFWLQJDQGVWRULQJGDWD
WREHDQDO\]HGDQGDEORFNIRURXWSXWWLQJWKHUHVXOWDUHSUHSDUHGLQDGYDQFH
7KHIORZGHVLJQFDQEHHDVLO\GHVLJQHGVLPSO\E\FRQQHFWLQJWKHEORFNVLQZKDWRUGHUWKHGDWDLVSURFHVVHGDQGZKHUHWKHUHVXOWVDUHVWRUHGDQG
RXWSXWWHG

0$*(//$1%/2&.6LPDJH

8VHGHQWHUSULVHVKDYHDZRQGHUIXODFKLHYHPHQW
9DULRXVFRPSDQLHVKDYHDOUHDG\EHJXQWRXVHWKHPVHOYHVDQGZHDUHVWDUWLQJWRDFKLHYHKLJKUHVXOWVRQRXURZQ)RUH[DPSOHSUHGLFWLRQRIWKHQXPEHURIYLVLWRUVVDOHVIRUHFDVWIRUHFDVWRIWKHQXPEHURILQFRPLQJFDOOVDWWKHFDOO
FHQWHUVWRFNSULFHSUHGLFWLRQSRZHUVDYLQJHIIHFWSUHGLFWLRQ2WKHULQGXVWULHVDQGXVDJHVVXFKDVDEQRUPDOLW\GHWHFWLRQRIWKHUPDOSRZHUSODQWDEQRUPDOLW\
GHWHFWLRQE\DHULDOVKRRWLQJLQVSHFWLRQRISURGXFWVDUHYDULRXV,QWKLVZD\LWLV
FKDUDFWHUL]HGE\WKHIDFWWKDWWKHXVHUKLPVHOIFDQREWDLQUHVXOWVE\PDFKLQH
OHDUQLQJXVLQJ$,QRWWKHH[SHUW‫'پ‬HPDQGIRUHFDVWUHVXOWLPDJH5HGLV
WKHSUHGLFWHGYDOXH%OXHLVWKHDFWXDOYDOXH,WFDQEHVHHQWKDWWKHSUHGLFWLRQLVSHUIRUPHGZLWKKLJKDFFXUDF\0DQDJHPHQWVWUDWHJ\9LVLRQ'XULQJDGD\IUHHWULDO
0$*(//$1%/2&.6RIIHUVDIUHHWULDOSURJUDPIRUGD\VLQRUGHUWR
PDNHLWHDV\WRH[SHULHQFHWKHDFWXDOIRUFH3OHDVHWU\WKH0$*(//$1
%/2&.6DWWKLVRFFDVLRQ5HIHUWRRXU
ZHEVLWHIRUGHWDLOVKWWSVZZZPDJHOODQLFFORXGVFRP$ZLGHUDQJHRIORFDOFRPSDQLHVUDQJLQJIURPVWDUWXSWRPDMRUFRPSDQLHVLQFOXGLQJ.R\R)LQDQFLDO*URXSDQG*URZQRW]
&RUSRUDWLRQKDYHOHDUQHGDERXW$,WRJHWKHU
DQGKDYHEHHQHVWDEOLVKHGDVDVLWHIRUDFWLYDWLQJEXVLQHVVHVXWLOL]LQJ$,DQGFUHDWLQJQHZEXVLQHVVHV,QWKHIXWXUHZHZLOOVXSSRUWWKHXVHRI$,LQFRQMXQFWLRQZLWKFRRSHUDWLYHRUJDQL]DWLRQVDQGFRPSDQLHV‫ٹ‬%DVLFLQIRUPDWLRQ 0$*(//$1%/2&.685/KWWSVZZZPDJHOODQLFFORXGVFRP2SHUDWLRQ&RQWDFW*RRYQRW],QTXLU\IURPWKHZHEVLWH
‫&ٹ‬RPSDQ\SURILOH

㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌$GGUHVV‫ٿ‬,PDL]XPL&KXR:DUG)XNXRND)XNXRND
85/ KWWSZZZJURRYHQDXWVMS
4XHU\ :HEVLWH

‫ٹ‬2XWOLQHRIEXVLQHVV

1XPEHURIHPSOR\HHV‫؟‬6RIWZDUHDQGVHUYLFHVEXVLQHVV&DSLWDO‫؟‬ 0$*(//$1%/2&.6VHUYLFHVDQG
PLOOLRQWKRXVDQG\HQ
FRQVXOWLQJWKDWFDQEHHDVLO\XVHGE\<HDURIIRXQGDWLRQ‫؟‬DQ\RQHWROHDUQ,R7ELJGDWDPDFKLQHV
5HSUHVHQWDWLYH‫؟‬7(&+3$5.EXVLQHVV)RXQGHU &KDLUPDQ  2SHUDWLRQRIWKHVFKRROQXUVLQJ7(&+.XPLNR6DVDNL3UHVLGHQW &(2 (LKLUR6DLVKX   3$5.


-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

&LUFOH2QH&R/WG
,3FRPPXQLFDWRUVFRQQHFWHGDQ\ZKHUHWKURXJKRXWWKHFRXQWU\)LUVWLQ-DSDQn+DQG\&RVPR7DON|WREURDGFDVWOLYHYLGHR

㻌$SSOLFDWLRQIHDWXUHVRIKDQG\FRVPRWDONVHUYLFHV:LWKWKHFRPLQJUHWLUHPHQWRIWHFKQLFLDQVRIWKHEDE\ERRP)LUVWLQ-DSDQ :HEFDPHUDVFDQEH
FRQQHFWHGWR+DQG\,3FRPPXQLFDWRUVJHQHUDWLRQWKHODFNRILQGXVWULDOWHFKQLFLDQVZLOOEHFRPHDVHULRXVSUREOHPIRUHYHU\HQWHUSULVH(VSHFLDOO\LQWKHFRQVWUXFWLRQLQGXVWU\ZLWK7RN\R2O\PSLFVDSSURDFKLQJWKHUHLVDQLQHYLWDEOHUXVKWRFRPSOHWHFRQVWUXFWLRQ
7KLVSURGXFWFDQFRQQHFWWKHRQVLWH\RXQJWHFKQLFLDQVWRWKH
YHWHUDQVWKURXJKDXGLRDQGYLGHRDQGKHOSWRUHVROYHWKHWHFKQLFLDQVKRUWDJH㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌,QWHUQHWQHWZRUN㻌

7HFKQLFDOIHDWXUHV
7KLV,3FRPPXQLFDWRUZLWKDFDPHUDLQVWDOOHGLQWKHKHOPHWDERQH
FRQGXFWLRQVSHDNHUDQGDQRLVHFDQFHOLQJPLFURSKRQHHQDEOHVFOHDUFDOOVHYHQDWDQRLV\FRQVWUXFWLRQVLWH6LQFHERWKKDQGVFDQEHXVHG
WKH\RXQJWHFKQLFLDQVFDQSHUIRUPFRQVWUXFWLRQZRUNZKLOHUHFHLYLQJDGYLFHIURPWKHYHWHUDQV1RYHOW\‫؞‬7KHLGHDRIGHYHORSLQJ,3FRPPXQLFDWRUVFRPHVIURPWKHFRPPRQ :L)L
VHQVHWKDWZHFDQWDONWKURXJKFRQYHQWLRQDOUDGLRV,3FRPPXQLFDWRUV:HE
FDPHUD
FDQEURDGFDVWOLYHYLGHRVDQ\ZKHUHLQWKHZRUOG
‫؞‬7KHZHDNSRLQWRI,3FRPPXQLFDWLRQHTXLSPHQWLVWKDWZLWKRXW,QWHUQHWDFFHVVDFDOOFDQQRWEHPDGHHYHQDWDGLVWDQFHRIP)RUWKLVUHDVRQ'XDO6,0WKDWFDQEHFRQQHFWHGWRVHYHUDOFRPPXQLFDWLRQFDUULHUVLVXVHG )LUVWLQ-DSDQ 

7KURXJKWKH
VFUHHQYHWHUDQWHFKQLFLDQVFDQ
RIIHUDGYLFHWRWKH
ZLULQJHQJLQHHUVIURPKHDGTXDUWHU

0DQDJHPHQWVWUDWHJ\9LVLRQ‫&ٴ‬UHDWHWKHIXWXUHE\IODVKLQJ‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

&UHDWHQH[WJHQHUDWLRQSURGXFWVZLWKQHZLGHDV
0DQ\PXQLFLSDOLWLHVVXIIHUIURPEXGJHWGHILFLWLQGLVWULEXWLQJGLVDVWHUSUHYHQWLRQUDGLRVWRHYHU\
KRXVHKROG:HKDYHGHYHORSHGDQDSSOLFDWLRQWKDWWDLORUVSHRSOH VVPDUWSKRQHVWRGLVDVWHUSUHYHQWLRQUDGLRV$SSO\LQJ,3FRPPXQLFDWLRQVWHFKQRORJ\WR6PDUW3KRQHV䖂 1RWLQJWKDWDOPRVWDOOWKHOLVWHGFRPSDQLHVSHUIRUP

WKHVDIHW\FRQILUPDWLRQV\VWHPE\VHQGLQJHPDLOZHDUHGHYHORSLQJn%&&DVW|V\VWHPZKLFKFDQ
FRQILUPVDIHW\E\PDLODQGYRLFH䖂 $OVRZHDUHGHYHORSLQJn6&FDVW|V\VWHPLQZKLFKVKRSVEHFRPHEURDGFDVWLQJVWDWLRQVDQGVHQGUHDOWLPHDGYHUWLVHPHQWZLWKSKRWRJUDSKVWRWKH
FXVWRPHUV䖂 :HDUHGHYHORSLQJn$SRURQ|V\VWHPWR
FRQILUPWKHVDIHW\RIHOGHUO\SHRSOHDQG
GHWHFWGHDWKRIWKRVHZKROLYHDORQHእ㒊䝇䝢䞊䜹䞊➃Ꮚ
External speakerterminal$QHDUWKTXDNHZLWKDᡞูཷಙᶵ䠄㜵⅏䝷䝆䜸䠅
Door-specific receiver(disaster prevention radio)

Simplemaster station
device⡆᫆ぶᒁ⿦⨨
CSS-500
0
CSS-500㟈ᗘ䠒䛾ᆅ㟈䛜
VHLVPLF
Ⓨ⏕䛧䜎䛧䛯䚹
LQWHQVLW\RI㧗ྎ䛻㑊㞴䛧䛶
RFFXUUHG䛟䛰䛥䛔䚹

5HPRYHWRD
WDOOSODWIRUP

Resident smartphonesఫẸᡤ᭷䛾䝇䝬䞊䝖䝣䜷䞁‫&ٹ‬RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌1RGD%HSSXFLW\2LWD
85/KWWSZZZFLUFOHRQHFRMS
4XHU\7(/RUZHEVLWH

‫ٹ‬2XWOLQHRIEXVLQHVV
1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬
5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU7RVKLR,FKLPDUX     ‫'؞‬LVDVWHUSUHYHQWLRQDGPLQLVWUDWLYHUDGLRSDUHQWVWDWLRQIRUORFDOJRYHUQPHQWV‫)؞‬RUORFDOJRYHUQPHQWGLVDVWHUSUHYHQWLRQEURDGFDVWLQJWRUHVLGHQWV VPXKR )DPLOLDU&RVPRFDVW‫؞‬,3&RPPXQLFDWLRQ(TXLSPHQW&RVPRWRNH&R/WG‫(؞‬OGHUO\$SRORQ‫؞‬5HPRWHVXUYHLOODQFHFDPHUD6HFXULW\3UR

-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

6N\GLVF,QF
:LWK,R7¼$,

,QFUHDVH WKHYDOXHRI\RXUVOHHSLQJGDWD
6N\$,'HYHORSPHQWRIUHDGLO\ DYDLODEOH,R7VHQVRUGHYLFHVDQGFORXGVHUYLFHVDQDO\VLVZLWK$, DUWLILFLDOLQWHOOLJHQFH DQGSURYLVLRQRI$,VHUYLFHVPDFKLQHIDLOXUHSUHGLFWLRQHWF IRUHDFKILHOG

)LYHPRGXOHV3DWWHUQUHFRJQLWLRQ,R7RQHVWRSVHUYLFHV)RUDOOWKHVHQVLQJFRPPXQLFDWLRQYLVXDOL]DWLRQDQGDQDO\VLV $, IXQFWLRQVUHTXLUHGIRU,R7
WKH\DUHSURYLGHGE\RQHVWRS&RQVLVWHQWGHYHORSPHQWIURPGHYLFHWRVHUYLFHFDQUHGXFHGHYHORSPHQWFRVWVDQGLQWURGXFHGLYHUVH,R7VROXWLRQV

6N\$,

3UHGLFWLYHDQDO\WLFV,PDJHUHFRJQLWLRQ

6SHFLDOPLFURDQDO\VLV&OXVWHUDQDO\VLV

6N\$,LVDQ$, $UWLILFLDO,QWHOOLJHQFH $QDO\VLV6HUYLFHWKDWLVVSHFLDOL]HGIRU,R7WLPHVHULHVGDWD
)LYHXQLTXHDQDO\VLVPRGXOHV ULJKWWDEOH DUHRSWLPDOO\FRPELQHGDQGSURYLGHGIRUHDFKFDVH

6N\$,(IIHFWLYHZRUNE\LQWURGXFLQJ$,1RUPDO‫'ؚ‬HFLVLRQWRUHO\RQWKHH[SHULHQFH RIDVNLOOHGSHUVRQ VWHWKRVFRSHNH\VWURNHWHVW‫ؚ‬-XGJLQJIURPWKHODUJHDPRXQWVRIGDWD GDWDLQWKHIDFWRU\DQG'1$GDWD‫ؚ‬%XVLQHVVWKDWQHHGVWRFRUUHFW KXPDQELDVHV PHGLFDOGLDJQRVWLFV*RFKHVVPDQXDO

$EQRU
PDO

2U

6PDUWVWHWKRVFRSH
7KLVLVDVHUYLFHWKDWXVHVWKHPLFURSKRQHIXQFWLRQRIDVPDUWSKRQHWRUHFRUGWKH
VRXQGRIDEHDULQJRUJHDUDQGWRSHUIRUP$,DQDO\VLVRQWKHUHFRUGHGGDWDWRGLDJQRVHHTXLSPHQWDEQRUPDOLWLHV6PDUWVWHWKRVFRSH

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

7KHFKDOOHQJHVWDUWVZLWK WKHSUREOHPRIHOGHUO\SHRSOH
OLYLQJDORQHIDFHGE\+DVKLPRWRUHSUHVHQWDWLYHRIWKH
FRPSDQ\:HEHJDQGHYHORSLQJDPHFKDQLVPWKDWFDQ
WDNHFDUHRIWKHVHSHRSOH )RUFXVWRPHUVZKRKDYHVLPLODUSUREOHPVZHHVWDEOLVKHG6N\GLVFFRPSDQ\PDNLQJXVHRIRXUGDWDDQDO\VLVWHFKQRORJ\ZKLFKLV
+DVKLPRWRbVUHVHDUFKILHOGZHZDQWWRGHYHORSDPHFKDQLVPWKDWFDQUHDGLO\UHDOL]HWKHJRDORInFDULQJ|UHJDUGOHVVRIZKHWKHUWKH
WDUJHWLVKXPDQRUQRQKXPDQ:HEHOLHYHWKDWLWLVWKHPLVVLRQRIWKH6N\GLVFWRVROYH
RXUFXVWRPHUVd SUREOHPVE\nFRQYHUWLQJQRQGDWDLQWRGDWDnDQGDQDO\]LQJ WKHFROOHFWHGGDWDSURSHUO\,Q6HSWHPEHUZHPDQDJHGWRUDLVH
DGGLWLRQDOIXQGVRI<(1DQGSODQWRHVWDEOLVKEDVHVLQ7RN\RDQG9LHWQDP,QWHUPVRI
EXVLQHVVZHZLOOH[SDQGRXUVHUYLFHVIRUPDQXIDFWXULQJLQGXVWULHVLQZKLFK6N\$,LVEHLQJ
XVHG 7REHVSHFLILFZHZLOOSURPRWHFRRSHUDWLRQZLWKGLYHUVHSDUWQHUVVXFKDVFRQFOXGLQJEDVLF
DJUHHPHQWVZLWK$-6RQWKHSURYLVLRQRI$,,R7
VHUYLFHVIRULQWHJUDWHGFKHPLVWU\UHODWHGLQGXVWULHVDQGFROODERUDWLQJZLWKFRPSDQLHVRIIHULQJ0(6
6ROXWLRQVIRUPDQXIDFWXULQJLQGXVWULHV :HDUH
ORRNLQJLQWRWKHIXWXUHDQGHQGHDYRULQJWRSURYLGHIXUWKHU$,,R7 VHUYLFHV‫&ٹ‬RUSRUDWHSURILOH$GGUHVV ‫ٿ‬)8.82.$JURZWKQH[W) 
'DLPL\R&KXRNX)XNXRNDFLW\)XNXRND
85/KWWSVN\GLVFMS
4XHU\ 7(/ 
)$;  RU:HEVLWH

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫ ؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW
2VDPX+DVKLPRWR‫ٹ‬2XWOLQHRIEXVLQHVV:HSURSRVHWRLQFUHDVHWKHYDOXHDQG
HIILFLHQF\RIPDQXIDFWXULQJDQG
LQIUDVWUXFWXUHLQGXVWULHVXVLQJ,R7$,
WHFKQRORJ\DQGSURSRVHEXLOGDQG
LQWURGXFH,R7V\VWHPV-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6+,%,.,12'(16+,&R/WG
:HDLPWRFRPPHUFLDOL]HXVLQJH[FHOOHQWVHQVLQJWHFKQRORJ\RI .\XVKX,QVWLWXWHRI7HFKQRORJ\

%LRVHQVRUFDSDEOHRIKXPDQERG\
GHWHFWLRQZLWKRXWFRQWDFW 7KHVXUIDFHRIWKHERG\YLEUDWHVILQHO\E\FDUGLRDQG
SXOPRQDU\DFWLYLW\3URGXFWDSSOLFDWLRQIHDWXUHV,QUHFHQW\HDUVWKHGHFOLQLQJELUWKUDWHDQGDJLQJRI
VRFLHW\LVEHLQJDVRFLDOSUREOHP$V\VWHPIRUPDQDJLQJKHDOWKULVNVDWWKHLQGLYLGXDOOHYHOLVUHTXLUHGWRVHFXUH
WKHTXDOLW\RIOLIHDQGVXSSUHVVPHGLFDOFRVWV

0HDVXUHWKHYLEUDWLRQRIWKHVXUIDFHQRQFRQWDFWO\ZLWKPLFURZDYH
7UDQVP
LWWLQJZDYH)HDWXUHVRIWKHWHFKQRORJ\WKDWVXSSRUWVSURGXFWV

%UHDW
KLQJ

5HIOHFWL
QJ
ZDYH

7KHGHPRGXODWLRQFLUFXLWGHPRGXODWHVWKHVLJQDOE\GLYLGLQJLWLQWRDPRWLRQVLJQDODQGDILQHYLEUDWLRQVLJQDOEDVHGRQWKHSKDVHDQGDPSOLWXGHFKDQJHV)URPWKLVVLJQDOWKHVLJQDOSURFHVVLQJXQLWXVHVDQRLVHSURFHVVLQJ
/6,GHYHORSHGE\ .\XVKX,QVWLWXWHRI7HFKQRORJ\WRUHGXFHQRLVHVXFKDVHQYLURQPHQWDOQRLVHDQGRXWSXWVDVLJQDOFHQWHUHGRQPRWLRQDQGDELRORJLFDOVLJQDOFHQWHUHG
RQKHDUWEHDWDQGUHVSLUDWLRQ1RLVHSURFHVVLQJ/6,VKDYH
DOVRDFTXLUHGLQWHUQDWLRQDOSDWHQWVXVLQJRUWKRJRQDOWUDQVIRUPDWLRQ

+HDUW
EHDW

%RG\
PRWLRQ

([WUDFWKHDUWEHDWDQG
UHVSLUDWLRQE\QRLVH
SURFHVVLQJWHFKQRORJ\GHYHORSHGDW.\XVKX,QVWLWXWHRI7HFKQRORJ\'LUHFWLRQDOFRXSOHU*+]

1RYHOW\

3KDVH
GHWHFWLRQFLUFXLW

1HZO\GHYHORSHG'RSSOHU
VHQVRU(OHFWURPDJQHWLFVHQVRU
0RWLRQ
VLJQDO'HPRGXODWLRQ
0LFURYLEUDWLFLUFXLW

1HZUDGLRZDYHELRPHWULFVHQVRUVFDQEHXVHGWRGHWHFWKHDUWUDWHDQGERG\PRWLRQELRPHWULFVLJQDOVLQD
QRQFRQWDFWPDQQHURQVLJQDO

6LJQDOSURFHVVLQJ'HGLFDWHG'63

0RWLRQ
VLJQDO%LRPHGLFDOVLJQDO%LRVHQVRUV

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG:HDLPWRFUHDWHDQHZEXVLQHVVLQ.\XVKXE\FROODERUDWLQJZLWKLQGXVWU\JRYHUQPHQWDQG
DFDGHPLFFRPPXQLWLHVWRXWLOL]HWKHLQWHOOHFWXDOUHVRXUFHVRI.\XVKXUHJLRQVSRVVHVVHGE\XQLYHUVLWLHVDQGSXEOLFUHVHDUFKLQVWLWXWLRQV:LWKWKHFRRSHUDWLRQRI3URIHVVRU6DWRRI.\XVKX,QVWLWXWHRI7HFKQRORJ\ZHZLOOGHYHORSQHZVHQVLQJUHODWHGWHFKQRORJ\DQGREWDLQ
SDWHQWVDQGFRPPHUFLDOL]HLWEDVHGRQLQWHOOHFWXDOSURSHUW\‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW:HZLOOGHYHORSVHQVRUSURGXFWVDQG
VHQVRUGHYLFHVXVLQJWKHLQWHOOHFWXDOSURSHUW\RIQRLVHUHPRYDOWHFKQRORJ\DQGVHQVLQJWHFKQRORJ\RZQHGE\.\XVKX,QVWLWXWHRI7HFKQRORJ\DQG
GHYHORSDQGVHOOVHQVRUSURGXFWVDQG
VHQVRUGHYLFHVWRWKHVHFXULW\DXWRPRWLYHVDQLWDU\PHGLFDOFDUH
FRQVXPHULQGXVWULDOHTXLSPHQW2$
)$DQGURERWLFPDUNHWV‫&ٹ‬RUSRUDWHSURILOH$GGUHVV‫ٿ‬+LELNLQRNLWD:DNDPDWVXNX
.LWD.\XVKX)XNXRND
85/ KWWSKLELNLQRGHQVKLFRMS
7(/
0$,/LQIR#KLELNLQRGHQVKLFRMS‫پ‬3OHDVHPDNHDQLQTXLU\E\PDLO

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫ ؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬&(2 6XJXUX +RULQRXFKL‫ٹ‬2XWOLQHRIEXVLQHVV‫؞‬$FWXDOL]DWLRQRIUHVXOWVWHFKQRORJ\ LQ67$57SURMHFW‫'؞‬ULYHUPRQLWRULQJGXULQJDXWRPDWLFRSHUDWLRQ %XVLQHVV‫؞‬,27PRQLWRULQJV\VWHPEXVLQHVV+HDOWKPDQDJHPHQWLQDGDLO\OLIH

-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6)XVLRQWHFK&R/WG
&RQVXOWLQJ,R76ROXWLRQWR,QQRYDWH0DQXIDFWXULQJ

,R7+XE$6LJKWYLVXDOL]LQJ0DQXIDFWXUHUVb0)HDWXUHVRIWKH,R7+XEV$6LJKW$6LJKWDUHOD\VWDWLRQWKDWFRQQHFWVPRQRDQGFORXGFRPSXWHUVHQDEOHVHDV\DQGLQH[SHQVLYHFROOHFWLRQRIDYDULHW\RIGDWDE\
FRQQHFWLQJVHQVRUVDQGIDFLOLWLHV‫&ٴ‬RPSOLDQFHZLWKDZLGHYDULHW\RILQSXWVDQGRXWSXWV VLPSOH
FRQQHFWLRQRIPRGXODUFRQQHFWRUV\VWHP
56¼‫ؚ‬,&¼‫'ؚ‬LJLWDO¼‫ؚ‬$QDORJ¼
‫ٴ‬%XLOWLQ(WKHUQHW/$1‫ٴ‬:LUHOHVVFRPPXQLFDWLRQVXSSRUW RSWLRQDO
*/7(:L)L%/(/3:$HWF‫*ٴ‬HW3RVLWLRQ,QIRUPDWLRQ 2SWLRQDO*36VQLIILQJ VFKHGXOHGWRUHVSRQGWR
‫ٴ‬%HFRPSDWLEOHZLWKDOOVHQVRUV$FFHOHURPHWHU,R77HFKQRORJ\&RQVXOWDQWV1RWLQ2WKHU&RPSDQLHV,QRUGHUWRPD[LPL]HWKHHIIHFWLYHQHVVRIWKHXVHRI,R7HTXLSPHQWLWLVLPSRUWDQWWRFODULI\WKHSUREOHPVIRUHDFKFXVWRPHUDQGGHVLJQDV\VWHPWKDWLVRSWLPDODQGUHDVRQDEOH7RFODULI\FRVWHIIHFWLYHQHVVZH
LQYHVWLJDWHDQGDQDO\]HFXVWRPHUSURGXFWLRQOLQHVRQVLWH

&RQYHUVLRQFLUFXLW(TXLSPHQW
2QOLQH

6HQVRU$FFHOHUDWLRQ
9LEUDWLRQ
7HPSHUDWXUH
DQG
KXPLGLW\

0RQLWRU

VZLWFK&XUUHQW$QG
9ROWDJHHWF

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

2XUFRPSDQ\ZDVODXQFKHGDVDXQLYHUVLW\YHQWXUHE\
SURIHVVRUV RI,QIRUPDWLRQDQG7HFKQRORJ\'HSDUWPHQW
.XPDPRWR8QLYHUVLW\7KLVLVD5‫'٭‬RULHQWHGFRPSDQ\
WKDWZRUNVZLWKORFDOFRPSDQLHVDQGJRYHUQPHQWVWR
GHOLYHU0DGHLQ.80$0272WRWKHZRUOG,QFRRSHUDWLRQZLWKORFDO,7FRPSDQLHVZHDUHGHYHORSLQJPDQXIDFWXULQJVROXWLRQVWRUHDOL]HVPDUWIDFWRULHVEDVHG
RQ,QGXVWU\(VSHFLDOO\DVD
SUHOLPLQDU\VWDJHRIV\VWHPGHVLJQZH
ZLOORSHQXSDFRQVXOWDQWGLYLVLRQWKDWFDQSURYLGHDV\VWHPRSWLPL]HGIRUHDFKFXVWRPHUDIWHUYLVLWLQJWKHFXVWRPHUVbPDQXIDFWXULQJOLQHV DQGFODULI\LQJWKH
SUREOHPV,QDGGLWLRQZHZLOOGHYHORSDSRVLWLRQLQIRUPDWLRQXWLOL]DWLRQVROXWLRQWKDWXVHVSURSULHWDU\*36DQGVQLIILQJPRGXOHV‫ٴ‬1RYHOW\DQGXQLTXHQHVV
7KHILUVWVWHSLQPDQXIDFWXULQJDFWLYLWLHVVXFKDV
LPSURYLQJSURGXFWLYLW\DQGTXDOLW\LVILHOGDQDO\VLVWKURXJKYLVXDOL]DWLRQ,WLVSRVVLEOHWRSURYLGHDRQHWRS
SODQWLPSURYHPHQWV\VWHPWKURXJKFRQVROHLPSURYHPHQW
DQG,R7,&7GHYHORSPHQW DQGLWLVSRVVLEOHWRSURYLGHDUHDVRQDEOHV\VWHPWKDWPHHWVWKHQHHGVRIWKHVLWH

‫ٹ‬2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH$GGUHVV ‫ٿ‬1XPEHURIHPSOR\HHV‫؟‬,QFXEDWRUZLWK.XPDPRWR8QLYHUVLW\ &DSLWDO‫ ؟‬PLOOLRQ\HQ&RRSHUDWLRQ0LQDPLNXPDPRWR<HDURIIRXQGDWLRQ‫؟‬&KXR.XPDPRWR
5HSUHVHQWDWLYH‫؟‬85/ KWWSZZZIXVLRQWHFKFRMS&(2.,06X<RXQJ
4XHU\7(/


‫؞‬,R7,QWURGXFWLRQ&RQVXOW‫؞‬,&7LQWURGXFWLRQFRQVXOWDQDO\VLVRIPXGG\HWF‫'؞‬HYHORSPHQWDQGVDOHRI,R7HTXLSPHQWYDULRXVYLVXDOL]DWLRQV‫'؞‬HYHORSPHQWDQGVDOHRIORFDWLRQPDQDJHPHQWV\VWHPV‫'؞‬HYHORSPHQWRIFDUHHTXLSPHQW
HDV\WRVWDQGFKDLUVHWF
2WKHU

-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%60HFKD7UDFNV&R/WG
<RXUSURWRW\SHLVDSURGXFW
3URWRW\SLQJf3URGXFWLQFRUSRUDEOH5DVSEHUU\3L3HULSKHUDOVDQG6PDOO/RW0DQXIDFWXULQJ
5DVSEHUU\3L 5DVSEHUU\3L KDVEHHQGHYHORSHGDVDQLQH[SHQVLYH3&ERDUGIRU
HGXFDWLRQDOXVHEXWGHPDQGKDVEHHQUDSLGO\LQFUHDVHGLQSURWRW\SLQJDQG
VPDOOORWPDQXIDFWXULQJLQWKH,R7ILHOGHWF DQGWKHWRWDOQXPEHURIVKLSPHQWVZRUOGZLGHH[FHHGVDQGVKLSPHQWVDUHQRZLQFUHDVLQJE\DQQXDOO\:HKDYHVKLSSHGWKHODUJHVWGRPHVWLFFODVVRISHULSKHUDOHTXLSPHQWWRXVHWKLV5DVSEHUU\3LIRUEXVLQHVVDQGRIIHULWWRODUJHWRVPDOOGRPHVWLFFRPSDQLHVXQLYHUVLWLHV DQGRWKHUUHVHDUFKLQVWLWXWLRQV
5DVSEHUU\3L DOWKRXJKKDYLQJDKLJKSULFHSHUIRUPDQFHUDWLRZDVKDUGO\DGRSWHGLQEXVLQHVVDSSOLFDWLRQVDWWKHRXWVHWRIVDOHVEHFDXVHRIFRQFHUQVDERXWUHOLDELOLW\DQGWKHOLNH%\GHYLVLQJDFLUFXLWFRQILJXUDWLRQDQGDEXLOWLQ
5DVSEHUU\3L&RPPXQLFDWLRQ0RGXOHV*3L
6'FDUGZHKDYHIRU WKHILUVWWLPH LQ-DSDQUHDOL]HGWKHFRPPHUFLDOL]DWLRQ RISHULSKHUDOGHYLFHVWKDWFDQVWDEO\RSHUDWH5DVSEHUU\3L IRUEXVLQHVVXVHDQG
KDYHEHHQDGRSWHGIRUYDULRXVGHYLFHVVXFKDVDJULFXOWXUDO,R7DQGSKRWRYROWDLF
SRZHUJHQHUDWLRQHTXLSPHQW$VDUHVXOWZHKDYH EHHQUHFRJQL]HGLQ-DSDQDV
DOHDGLQJFRPSDQ\ZLWKDEXQGDQWNQRZKRZLQWKHILHOGDQGLQUHFHQW\HDUVZHKDYHGHYHORSHGSURGXFWVDQGWKHOLNHWKDWDUHXQXVXDOLQWKHZRUOG
7KHSULFHRI5DVSEHUU\3LLVOHVVWKDQ\HQDQGLVOHVVWKDQRIWKH
SULFHRIWKHEXVLQHVVHTXLSPHQWRIWKHVDPHVSHFLILFDWLRQ2QWKHRWKHUKDQG
PRUHWKDQWKLVFRVWDGYDQWDJH5DVSEHUU\3L ZKLFKKDVDKXJHQXPEHURIXVHUVDURXQGWKHZRUOGFDQVKRUWHQWKHGHYHORSPHQWWLPHE\UHIHUULQJWRDZHDOWKRIFDVHVDQGEULQJVDERXWDQRYHUZKHOPLQJFRPSHWLWLYHQHVVLQUHVHDUFKDQGGHYHORSPHQWILHOGVVXFKDV,R7LQZKLFKWULDODQGHUURURFFXUV$'&RQYHUWHU0RGXOHVIRU5DVSEHUU\3L $'3L

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG,QWKHFRPSDQ\ZDVHVWDEOLVKHGWRGHYHORSDQGFRPPHUFLDOL]HURERWLF
HTXLSPHQWDWWKH<RNRJDZD+DPDLQ)XNXRND&LW\n0HFKD|GHULYHGIURPnPHFKDQLFDO|UHIHUVWRPDFKLQHVn7UDFNVn
GHULYHG IURP|KXQGUHGVRIURDGVnWKHELUWKSODFHRIWKHFRPSDQ\ ZKHUHSHRSOHdV|IRRWSULQWV| FURVVHDFKRWKHUDURXQGWLGDOIODWV LQGLFDWHVRXUZLVKWR
OHDYHDIRRWSULQWLQWKHPHFKDQLFDODQG
HOHFWURQLFHQJLQHHULQJILHOGV‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW
3URWRW\SLQJXVLQJLQH[SHQVLYHRIIWKHVKHOISURGXFWVLVH[WUHPHO\HIIHFWLYHLQ,R7ZKHUHLW
LVGLIILFXOWWRSUHSDUHILUPVSHFLILFDWLRQVRUWKH
OLNHLQDGYDQFHDQGWULDODQGHUURULQWKHILHOGLV
HVVHQWLDO,QDGGLWLRQWKHUHDUHDZLGHUDQJH
RIWHFKQLFDODUHDVUHTXLUHGIRU,R7VXFKDV
VHQVRUFRPPXQLFDWLRQFORXGDQG$,DQGLWLV
GLIILFXOWWRFRYHUDOORIWKHPE\RQHFRPSDQ\$VDSURIHVVLRQDOPDQXIDFWXUHURISURWRW\SLQJKDUGZDUHWKDWLVHIIHFWLYHIRU,R7ZHZDQWWRDFWLYHO\GHYHORSFROODERUDWLRQVZLWKDYDULHW\RIFRPSDQLHV‫ٹ‬2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH$GGUHVV ‫ٿ‬)XNXRND6\VWHP/6,&HQWHU
0RPRFKLKDPD6DZDUD.X
)XNXRND)XNXRND
85/KWWSVPHFKDWUD[FRP
4XHU\ZHEVLWH

1XPEHURIHPSOR\HHV‫؟‬
1RWGLVFORVHG&DSLWDO‫ ؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬&(26RLFKL1DJDVDWR'HYHORSPHQWRI5DVSEHUU\3L
3HULSKHUDO(TXLSPHQWIRU%XVLQHVV
8VH
3URGXFWLRQRIVPDOOORWVXVLQJWKHP'HYHORSPHQWRI(OHFWURQLF(TXLSPHQW

-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

5DGUL[&R/WG
:LUHOHVVLQGXVWULDOURERWVZLWKXOWUDKLJKVSHHGZLUHOHVVFRQWURO

n,QGXVWULDO:LUHOHVV/$16\VWHP|IRU:LUHOHVV,QGXVWULDO(WKHUQHW
3URGXFWDSSOLFDWLRQIHDWXUHV
7KHZRUOGPDUNHWRILQGXVWULDOQHWZRUNVLVJURZLQJUDSLGO\DQGLQWKLVILHOG-DSDQHVHLQGXVWULDOSURGXFWVDOVRIDFHILHUFHLQWHUQDWLRQDOFRPSHWLWLRQ,QRUGHUWRLPSURYHSURGXFWLYLW\LWLVHVVHQWLDOWRFRSHZLWKWKHVKRUWHQLQJRIWKHSURGXFWOLIHF\FOHDQGLPSURYHWKHIOH[LELOLW\RISURGXFWLRQOLQH
UHFRQILJXUDWLRQ8QGHUWKLVEDFNJURXQGWKHQHHGIRUZLUHOHVVLQGXVWULDO(WKHUQHWLVLQFUHDVLQJ)HDWXUHVRIWKHWHFKQRORJ\WKDWVXSSRUWVSURGXFWV,QGXVWULDOZLUHOHVV/$1V\VWHP
V\VWHPFRQILJXUDWLRQ ,QGXVWULDOZLUHOHVV/$1V\VWHPVWKDWKDYHEHHQMRLQWO\UHVHDUFKHGDQG
GHYHORSHGZLWK.\XVKX,QVWLWXWHRI7HFKQRORJ\DUHGHVLJQHGRQWKHEDVLVRIDV\VWHPFRPSDWLEOHZLWKWKHZLUHOHVV/$1,(((DQGUHDOL]H
YHU\KLJKVSHHGSHULRGLFFRPPXQLFDWLRQ >̭V@RUOHVVSHUWHUPLQDO 
DQGORZGHOD\WLPHV\QFKURQL]DWLRQ >̭V@RUOHVV XVLQJSURSULHWDU\373

,QWKHILHOGRILQGXVWULDO(WKHUQHWWKHUHLVQRWHFKQRORJ\LQWKHPDUNHWIRU
UHDOL]LQJZLUHOHVVFRPPXQLFDWLRQRI&ODVV&SURGXFWVWKDWUHTXLUHSHULRGLF
FRPPXQLFDWLRQRI>PV@RUOHVVDQGWKLVWHFKQRORJ\LVWKHKLJKHVWOHYHORILWVNLQGLQWKHLQGXVWU\3URYLGLQJPRGXOH

1RYHOW\FRPSDUHGZLWKRWKHUFRPSDQLHV 
WHFKQRORJLHV

3RZHUVXSSO\&LUFXLW
V, etc.

:LUHOHVV/$16WDQGDUG)XQFWLRQV
DQG,QGXVWULDO6\VWHPV
3URYLVLRQRIDZLUHOHVVPRGXOHWKDWDFKLHYHVUHDOWLPHSHUIRUPDQFH&RPPXQLFDWLRQRIPXOWLSOH
GHYLFHV GHYLFHV :LUHOHVVPRGXOHFXUUHQWO\XQGHUGHYHORSPHQW

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW5DLGUL[&R/WGKDVEHHQODXQFKHGDVDXQLYHUVLW\YHQWXUHDQGLVFRQVLVWHQWO\VWUHQJWKHQLQJWKHFROODERUDWLRQEHWZHHQLQGXVWU\DFDGHPLDDQGJRYHUQPHQW$WSUHVHQWLQGHYHORSLQJLQGXVWULDOZLUHOHVV/$1V\VWHPV.\XVKX,QVWLWXWHRI7HFKQRORJ\DQG,RNXND
5HVHDUFKDQG'HYHORSPHQW2UJDQL]DWLRQKDYHEHHQDGRSWHGE\WKH
VWUDWHJLFLQIUDVWUXFWXUHWHFKQRORJ\HQKDQFHPHQWSURMHFWVLQFHILVFDO
,QILVFDOZHKDYHDOVREHHQRQHRISDUWLFLSDQWVLQVLOLFRQYDOOH\FRXUVHRILQQRYDWLRQVXSSRUWSURJUDP +L\DNX1H[W(QWHUSULVH IRUPHGLXPDQGVPDOOVL]HGFRPSDQLHVVXSSRUWHGE\
0LQLVWU\RI(FRQRP\7UDGHDQG,QGXVWU\:HDUHSDUWLFLSDWLQJLQDQLQGXVWULDOZLUHOHVV/$1
FRQVRUWLXPWKDWLVSURPRWHG
E\.\XVKX,QVWLWXWHRI7HFKQRORJ\
7RJHWKHUZLWKSDUWLFLSDWLQJXQLYHUVLWLHVDQGFRPSDQLHVZHDUHDLPLQJWRSXWLQGXVWULDOZLUHOHVV/$1
V\VWHPVLQWRSUDFWLFDOXVH

‫ٹ‬2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH

'HVLJQDQGGHYHORSPHQWRIGLJLWDOZLUHOHVV$GGUHVV‫ٿ‬             
1XPEHURIHPSOR\HHV‫؟‬
FRPPXQLFDWLRQV\VWHPVDQG,3
GHYHORSPHQW&DSLWDO‫؟‬.\XVKX,QVWLWXWHRI7HFKQRORJ\,QFXEDWLRQ‫ٹ‬3DWHQWVRQWKHSURGXFWPLOOLRQWKRXVDQG\HQ
)DFLOLWLHV.DZD]X,L]XND-DSDQHVH3DWHQW$SSOLFDWLRQ1R
<HDURIIRXQGDWLRQ‫؟‬-DSDQHVH3DWHQW$SSOLFDWLRQ1R
)XNXRND
85/KWWSZZZUDGUL[FRPDQG-DSDQHVH3DWHQW$SSOLFDWLRQ
5HSUHVHQWDWLYH‫؟‬
1R
4XHU\(PDLOVXSSRUW#UDGUL[FRP
&(2+LURVKL2FKL       6HH+3IRUPRUHLQIRUPDWLRQ-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

/2*,&$/352'8&7&R/WG
&RQWULEXWLQJWRWKHVHFXULW\DQGVDIHW\RIVRFLDOLQIUDVWUXFWXUHWKURXJK,R7DQGZLUHOHVVWHFKQRORJLHV+LJKSUHFLVLRQZLUHOHVVPHDVXUHPHQWV\VWHP D[LVDFFHOHUDWLRQVHQVRUD[LV,08 $SSOLFDWLRQIHDWXUHVRIKLJKSUHFLVLRQZLUHOHVVPHDVXUHPHQWV\VWHP

(3621
0RXQWHGZLWK
0$

(3621
0RXQWHGZLWK
09

,QUHVSRQVHWRDQLQFUHDVHLQQDWXUDOGLVDVWHUVWKLVV\VWHPLVXVHGWRYHULI\WKHVHLVPLFSHUIRUPDQFHRIVRFLDOLQIUDVWUXFWXUHVDQGEXLOGLQJVWRHQVXUHVDIHW\DQGSUHYHQWGDPDJHFDXVHGE\HTXLSPHQWIDLOXUH
‫؞‬2SWLPXPIRUDQDO\VLVDQGGLDJQRVLVRIGHWHULRUDWLRQDQGGDPDJHRIODUJH
EXLOGLQJV D[LVDFFHOHUDWLRQVHQVRU ‫؞‬3UHYHQWLYHPDLQWHQDQFHRIHTXLSPHQWZLWKGULYHV D[LV,08 ‫؞‬0RWLRQ4XDQWL]DWLRQ D[LV,08 +LJKSUHFLVLRQZLUHOHVVPHDVXUHPHQWV\VWHPD[LVDFFHOHUDWLRQVHQVRU OHIW D[LV,08
ULJKW )HDWXUHVRIWHFKQRORJLHVWKDWVXSSRUWKLJKSUHFLVLRQZLUHOHVVPHDVXUHPHQWV\VWHP‫؞‬7KHKLJKHVWOHYHOVHQVRUVLQWKHZRUOGZLWKORZQRLVHDQGKLJKUHVROXWLRQDFFHOHUDWLRQDUHLQVWDOOHG  5HVROXWLRQ̭*/6% D[LVDFFHOHUDWLRQVHQVRU ‫؞‬:LGH$UHD&RYHUVRYHUP6WDEOH0HDVXUHPHQWE\0+]5DGLR
&RPPXQLFDWLRQ'LVWDQFHFKDQJHVGHSHQGLQJRQWKHVXUURXQGLQJHQYLURQPHQW 

1RYHOW\FRPSDUHGZLWKRWKHUFRPSDQLHV 
WHFKQRORJLHV‫؞‬,QVWDOODWLRQLVSRVVLEOHZLWKRXWWURXEOHVRPHFDEOHURXWLQJ‫؞‬6\QFKURQRXVPHDVXUHPHQWRIPXOWLSOHVHQVRUVLVSRVVLEOHE\ZLUHOHVVFRPPXQLFDWLRQXVLQJSURSULHWDU\SURWRFROV0+]

&ORXG

*DWHZD\:LWKDKLJKSUHFLVLRQZLUHOHVVPHDVXUHPHQW
V\VWHP
5HPRWHVXUYHLOODQFHLPDJH

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
 7KLVLVD5 'W\SH,QIRUPDWLRQ ‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW&XVWRPL]DWLRQLQDFFRUGDQFHZLWKYDULRXVDSSOLFDWLRQVLVVWURQJ
:HZDQWWRFRRSHUDWHZLWKV\VWHPFRPSDQLHVWKDWDUH
VWURQJLQWKHLURZQILHOGV&XVWRPHUV‫؞‬+RXVLQJPDQXIDFWXUHUVFRQVWUXFWLRQFRPSDQLHVDXWRPRELOHPDQXIDFWXUHUV 5DLOZD\FRPSDQLHVURERWPDQXIDFWXUHUVXQLYHUVLWLHV 5HVHDUFKLQVWLWXWLRQV GLVDVWHUSUHYHQWLRQVSRUWV
HWF $SSOLFDWLRQ)LHOGV‫&؞‬RQVWUXFWLRQ‫؞‬$XWRPRELOHVUDLOZD\VURERWVDQGPDFKLQHU\‫؞‬$JULFXOWXUDOVSRUWVDQGUHKDELOLWDWLRQ&RPPXQLFDWLRQV0DQXIDFWXUHUWKDWDLPVWRFRQWULEXWHWRYDULRXVLQGXVWULHVLQRUGHUWRUHDOL]HDVDIHFRPIRUWDEOHKHDOWK\DQGULFKVRFLHW\ZLWKLWVSURSULHWDU\ZLUHOHVVVHQVRUWHFKQRORJ\7KHZLUHOHVVVHQVRUWHFKQRORJ\WKDWFRQWULEXWHVWRWKHUHDOL]DWLRQRIWKH,R7VRFLHW\LVDLPLQJWRH[SDQGEXVLQHVVIURP)XNXRNDWRQDWLRQZLGHDQGZRUOGZLGH2WKHUSURGXFWVVPDOOZLUHOHVVVHQVRUV
‫؞‬6PDOOQLQHD[LVZLUHOHVVPRWLRQVHQVRU‫؞‬:LUHOHVVVWUDLQJDXJHORJJHU‫؞‬:LUHOHVVHOHFWURP\RJUDSK\VHQVRUVHWF‫ٹ‬2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH'HYHORSPHQWDQGVDOHRIZLUHOHVVVHQVRU               1XPEHURIHPSOR\HHV‫؟‬$GGUHVV‫ٿ‬SURGXFWVZLUHOHVVWHFKQRORJLHVKDUGZDUHGHYHORSPHQWVRIWZDUHGHYHORSPHQW1DNDKDUDEXLOGLQJ)&DSLWDO‫؟‬PLOOLRQ\HQ
PHFKDQLFDOGHVLJQFRRSHUDWLYHGHVLJQDQG
0DWRED0LQDPLNX)XNXRND)XNXRND<HDURIIRXQGDWLRQ‫؟‬GHYHORSPHQW85/KWWSZZZOSGFRMS
5HSUHVHQWDWLYH‫؟‬
2ZLQJWRFHUWLILFDWLRQWR,62

4XHU\7(/RU
3UHVLGHQW7DNXQRUL7VXML    7KH0LQLVWU\RI(FRQRP\7UDGHDQG ,QGXVWU\DORFDOIXWXUHOHDGHU:HEVLWH>VPDOODQGPHGLXPVL]HGFRPSDQLHV@-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

< V5HDGLQJ&R/WG
6XSSRUWVHQWHQFHFUHDWLRQZLWKDQLQIHUHQFHIXQFWLRQXVLQJDUWLILFLDOLQWHOOLJHQFH

< V&+$,1n$,HTXLSSHGWH[WFUHDWLRQVXSSRUWLQJV\VWHP6XSSRUWWKHFUHDWLRQRIYDULRXVVHQWHQFHV
7KH< V&+$,1KDVEHHQGHYHORSHGRQWKHDVVXPSWLRQWKDWLWZLOOEHXVHGLQWKH
PHGLFDOILHOG UDGLRJUDSKLFLPDJLQJ WRSUHSDUHDODUJHQXPEHURIGLDJQRVWLFVGRFXPHQWV%\FKDQJLQJGDWDWKDWDOORZVDUWLILFLDOLQWHOOLJHQFHWROHDUQZHFDQVXSSRUWWH[W
FUHDWLRQWDVNVLQYDULRXVILHOGVVXFKDVILQDQFLDODGPLQLVWUDWLYHDQG
DUFKLWHFWXUDOILHOGV$,WH[WFUHDWLRQVXSSRUWV\VWHP

6LPSOHLQSXWWRFRQQHFWWKHUHFRPPHQGHG
VWDWHPHQWVWR$,
$QDO\]HWKHVHQWHQFHGXULQJWKHLQSXWRSHUDWLRQDQGSUHVHQWWKHEHVWVHQWHQFH
WRZULWHQH[WLQUHDOWLPH&OLFNWRFRQQHFWWKHVHQWHQFHVWRFRPSOHWHWKH
VHQWHQFH

$VMXGLFLRXVDQGHDV\WRXVH
7KH< V&+$,1KDVDOHDUQLQJIXQFWLRQ,WZLOOQRWRQO\OHDUQQHZVHQWHQFHVE\
DQDO\]LQJQHZO\HQWHUHGVHQWHQFHVDQGVWRULQJWKHPLQDGDWDEDVHEXWDOVRLPSURYHWKHDFFXUDF\RIUHFRPPHQGHGVHQWHQFHV

6WDQGDUGL]DWLRQRIGHVFULSWLRQVE\QDWXUDOODQJXDJHDQDO\VLVHQJLQH
$Q$,EDVHGDQDO\VLVHQJLQHXQGHUVWDQGVIOXFWXDWLRQVRIH[SUHVVLRQVDQGVLPLODUVHQWHQFHVDQGVWDQGDUGL]HVVHQWHQFHSUHVHQWDWLRQ$VDUHVXOWWKHVHQWHQFHVFDQEHIRUPHGZLWKXQLW\

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW
 1DWXUDOODQJXDJHDQDO\VLVWHFKQRORJ\LV

5DGLRORJLVWZRUNLQJDVUHSUHVHQWDWLYHRXU
FRPSDQ\LVSDUWLFXODUO\VWURQJLQWKH
PHGLFDOILHOG,QDGGLWLRQZHKDYH
HVWDEOLVKHGDQDUWLILFLDOLQWHOOLJHQFH
ODERUDWRU\LQWKHFRPSDQ\WRSURPRWHWKH
GHYHORSPHQWRIV\VWHPVWKDWXWLOL]HDUWLILFLDOLQWHOOLJHQFHWHFKQRORJ\ 7KH< V&+$,1KDVEHHQFRPPHUFLDOL]HGE\DQDO\]LQJHQRUPRXVDPRXQWVRIGDWDDFFXPXODWHGLQWKHUHPRWHGLDJQRVWLF
LPDJLQJEXVLQHVVXVLQJDUWLILFLDOLQWHOOLJHQFH
WHFKQRORJLHV‫&ٹ‬RUSRUDWHSURILOH
$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌.LWDNX+LGD.XPDPRWR
.XPDPRWR
85/KWWSZZZ\VUHDGLQJFRMS
4XHU\7(/RU
:HEVLWHQRWOLPLWHGWRWKHPHGLFDOILHOGEXWFDQ
LPSURYHWKHHIILFLHQF\RIWKHWDVNRIDQDO\]LQJVHQWHQFHVLQYDULRXVILHOGVDQG
FUHDWLQJVHQWHQFHV,QDGGLWLRQZHDUH
GHYHORSLQJDQDO\WLFDOWHFKQRORJLHVWRLPSURYH
WKHIXQFWLRQRIRXUEXVLQHVVVXSSRUWV\VWHP ,QWKHIXWXUHZHLQWHQGWRH[SDQGRXU
EXVLQHVVLQYDULRXVILHOGVRWKHUWKDQWKHPHGLFDOILHOGDQGZHZDQWWRFRRSHUDWHZLWKFRPSDQLHVWKDWKDYHVWUHQJWKVLQGRFXPHQWPDQDJHPHQW
V\VWHPVEXVLQHVVV\VWHPVDQGWKHOLNH
‫ٹ‬2XWOLQHRIEXVLQHVV5HPRWHLPDJLQJVXSSRUWUHJLRQDO
1XPEHURIHPSOR\HHV‫؟‬PHGLFDOFROODERUDWLRQVXSSRUWUDGLRORJ\&DSLWDO‫؟‬FRQVXOWLQJPHGLFDOWKUHHGLPHQVLRQDOPLOOLRQWKRXVDQG\HQ
LPDJHDQDO\VLVEXVLQHVVKRVSLWDO
LQIRUPDWLRQV\VWHPFRQVXOWLQJDQG
<HDURIIRXQGDWLRQ‫؟‬VRIWZDUHGHYHORSPHQW
5HSUHVHQWDWLYH‫؟‬‫ٹ‬3DWHQWVRQWKHSURGXFW
5HSUHVHQWDWLYH'LUHFWRU<RVKLKDUX1DND\DPD      863DW1R


-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

%21'&R/WG
3URJUDPVFDQEHFUHDWHGLQDQHDV\VSHHG\DQGUHSHDWLQJZD\0RYLHEDVHGFRPPXQLFDWLRQ,$B6PDUWDYDWDU(QKDQFLQJWKHWUDQVPLVVLRQSRZHURIPRYLQJLPDJHVEDVHGRQ,&7¼KXPDQHPRWLRQ¼.DZDLL㻌 %21'KDVH[SHFWHGWKDWSHRSOHDURXQGWKHZRUOGYLGHRJDWKHUVRQ,QWHUQHWDQGLQ
WKHIXWXUHKDYHDFFHVVWRPRYLHPDNLQJVXFKDVDGYHUWLVLQJYLGHR:HDUHWKHRQO\
RQHLQ-DSDQVRIDUWRKDYHGHYHORSHGWKHPRYLHEDVHGFRPPXQLFDWLRQWRROLH
$UWLILFLDO,QWHOOLJHQW6PDUWDYDWDU6HULHV 6PDUWDYDWDU6HULHVDQDO\]HVKXPDQHPRWLRQVIURPODQJXDJHVDQGLPDJHVDQG
PHUJHVWKHPZLWKFRPSUHKHQVLYHGDWDEDVHVRISHUIRUPDQFHVXFKDVH[SUHVVLRQVDQG
PRYHPHQWVVRXVHUVFDQHDVLO\TXLFNO\DQGUHSHDWHGO\FUHDWHULFKFRQWHQWVZLWKULFKHPRWLRQDOVHQVLWLYLWLHVZLWKRXWKDYLQJWROHDUQDQ\WKLQJEHIRUHKDQG
-DSDQ7DLZDQ.RUHD&KLQD86
KWWSIERQGFRMSSGIFUHDWRUBYSGI"
 ,QFRRSHUDWLRQZLWKDYDULHW\RIGDWDEDVHVDQG$,VLWLVDKLJKO\UHYROXWLRQDU\DQG
H[SDQVLYHSURGXFWWKDWFDQEHFUHDWHGDVDQLQWHUIDFHIRUFRPPXQLFDWLRQWKDWFRQYH\V
HPRWLRQDOVHQVLWLYLWLHVLQDULFKPDQQHUKWWSVZZZUEEWRGD\FRPDUWLFOHKWPO
K‫؞‬7H[WDQGYRLFH

‫(؞‬PRWLRQDODQDO\VLVW\SH‫؞‬3URYLGHDSURJUDPVFULSW‫؞‬3HUIRUPDQFHSDWWHUQ ‫؞‬6PDUWDYDWDUDXWRPDWLFDOO\DGGVH[SUHVVLRQVDQGPRYHPHQWV‫پ‬7KHPDUNRI6PDUWDYDWDUFDQEHRII/DQJXD
JH‫؞‬0RYLQJLPDJHRU VWLOOLPDJH$QDO\VLV2XWSXW

,Q
, DGGLWLRQ WR FKDUDFWHUVb H[SUHVVLRQVPRYHPHQWV DQG WDONV 6PDUWDYDWDUPFRPELQHV YDULRXV HIIHFWV VXFK DV FDPHUDF,PDJHZRUN %*0 DQG VRXQG HIIHFWV WR JLYHZ
WWKHPDULFKVHQVHRIHPRWLRQ$GUDPDWLFUHGXFWLRQLQSURJUDPSURGXFWLRQFRVWLVUHDOL]HG6ROYLQJWKHSUREOHPRILQIRUPDWLRQGLVWULEXWLRQLQPXOWLODQJXDJH
‫ٽ‬3ULFHRIWKHFRPSDQ\ VFRQWUDFWDQGWKHFRVWRISXUFKDVLQJWKH6PDUW$YDWDU6HULHV

3 to 100,000 yen
Company-supplied materials

Movie

Movie lengthOne

15 to 60 seconds

10 to 300,000 yen
Half of the market
priceOver 300,000 yen
Made-to-orderpurchasing BOND products
Made-to-order: Initial 1,560,000 yen ·68,000 yen/month

One

One

If 100 movies are made, one for 23,780 yen in the first year and 8,160 yen from the second year
on. If one thousand movies are made, one for 2,378 yen in the first year, and 816 yen since thesecond year.

Consultation

Consultation

From one second to many hours

Editing, remaking

Not possible

Not possible

Not possible

Many times

Sending, delivering

Not included

Not included

Not included

Multiple terminals‫ٴ‬2SHQWKHRQGHPDQGSURJUDPPLQJDQGGLVWULEXWLRQSODWIRUPWRWKHPLOOLRQSHRSOH)XWXUHEXVLQHVV ‫ٴ‬3URYLGHGWRORFDOJRYHUQPHQWVDVLQIRUPDWLRQGHOLYHU\WRROVIRUHDV\WRXQGHUVWDQGPRYLHWRUHVLGHQWVLQFOXGLQJGHSOR\PHQWIRUHLJQSHRSOH‫ٴ‬5HIRUPLQJODUJHFRPSDQLHVbLQIRUPDWLRQGHOLYHU\WRROVVXFKDVHPSOR\HHHGXFDWLRQ,5LQIRUPDWLRQIRUVKDUHKROGHUVDQG)$4WRXVHUV‫ٴ‬,QFRRSHUDWLRQZLWKFRPSDQLHVWKDWKDYHWKHODWHVWLQIRUPDWLRQDQGDODUJHDPRXQWRIGDWDLQIRUPDWLRQLVDXWRPDWLFDOO\SURJUDPPHGDQGGLVWULEXWHG

‫&ٹ‬RUSRUDWHSURILOH
㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌1LVKLPLQDWRNRNXUDNLWDNX.LWDN\XV\X)XNXRND
85/KWWSIERQGFRMS
4XHU\7(/RU
SRZHU#IERQGFRMS

䕔2XWOLQHRIEXVLQHVV
1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬
5HSUHVHQWDWLYH‫؟‬&(2+LURPL)XUXNDZD

7KHRQO\GRPHVWLFVRIWZDUHPDQXIDFWXUHUWKDWGHYHORSVSURSULHWDU\$,DQGFDQHDVLO\DQG
TXLFNO\FUHDWHGLVWULEXWHDQGPDNHYRLFHFDOOVWRHPRWLRQDOO\ULFKFRQWHQWIURPODQJXDJHVDQGLPDJHV HJSULQW&69DQG566GDWD 

䕔3DWHQWVRQWKHSURGXFW

6LPSOHYLGHRFUHDWLRQDQGLQWHUDFWLYHVRIWZDUH
$QHPRWLRQW\SHOLEUDU\6LPXOWDQHRXVGHOLYHU\WRPXOWLSOHWHUPLQDOV-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6%UDYHULGJH&R/WG
2QHVWRSWRWDOVXSSRUWIURPSODQQLQJDQGGHYHORSPHQWRI,R7
GHYLFHVFHQWHUHGRQZLUHOHVVFRPPXQLFDWLRQWHFKQRORJ\WR
PDVVSURGXFWLRQ'HYHORSPHQWDQGVDOHRIZLUHOHVVPRGXOHV‫؞‬:HSURSRVHWKHFRQFHSWRIDEODQNPRGXOHIRU1RUGLF6HPLFRQGXFWRU
&RUSRUDWLRQ FXUUHQWO\RIWKHZRUOGVKDUHRI%/(FKLSV DQGEHFRPHWKHZRUOGVWDQGDUGIRUWKHFRQFHSWRIDEODQNPRGXOH'HYHORSPHQWPDQXIDFWXUHDQGVDOHRIILQLVKHG
HOHFWURQLFHTXLSPHQW 2(02'0(60w2XU,R7HTXLSPHQW6WDUWXSFRPSDQ\VXSSRUWDQGFRQVLJQHGGHVLJQPDQXIDFWXULQJPDUNHWVKDUHLVRUPRUH
w6XSSRUWHGGHYLFHGHYHORSPHQWVXSSRUWDW)XNXRND&LW\/R5D:$1æw&RQVXOWDWLRQVXFKDV(60HWFSDUWLDOFRQVLJQPHQWRIWKHIROORZLQJEXVLQHVV
HWF:HKDYHDFFHSWHGZLGHO\ 3ODQQLQJ
 $UFKLWHFWXUDOGHVLJQ &LUFXLWGHVLJQ(OHFWULFDOSURWRW\SH(YDOXDWLRQ
 0HFKDQLFDOGHVLJQPROGGHVLJQPROGLQJSDFNDJLQJ 0&8ILUPZDUHw$SSOLFDWLRQ6:GHYHORSPHQW
 0DQXIDFWXULQJSURGXFWLRQWHFKQRORJ\
 ,QKRXVHSXUFKDVLQJ GRPHVWLFDQGRYHUVHDV
 )%% ZDUHKRXVHGHOLYHU\ZRUN

22㽢22 mm
BLE+LoRaWANTM
Parallel operation of BLE and LoRaWAN is possible

0DQDJHPHQWVWUDWHJ\9LVLRQ⋇ $GRSWLRQRIVXLWDEOHZLUHOHVVVWDQGDUGVOHDGLQJWKHGHYHORSPHQWPDVVSURGXFWLRQDQG
SRSXODUL]DWLRQRIPRUHUHOLDEOHDQGFRQYHQLHQW,R7 GHYLFHV⋈ 3URYLGHVHUYLFHSDFNDJHWKDWFDQEHXVHGIRULPSURYLQJSXEOLFVHUYLFHVDQGLPSURYLQJDGPLQLVWUDWLYHZRUNHIILFLHQF\
ْ6HUYLFH3DFNDJH HJ ْٓ:LUHOHVV6WDQGDUGV HJ ٓ+HUH

:KHUH":DWFKDSSOLFDWLRQ
䕔&RUSRUDWHSURILOH$GGUHVV ‫ٿ‬6XVHQML1LVKLNX)XNXRND)XNXRND
85/KWWSZZZEUDYHULGJHFRP
7(/
(PDLOLQIR#EUDYHULGJHFRP

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫ ؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬&(27VX\RVKL<RVKLGD:DWFKLQJGHYLFH

䕔2XWOLQHRIEXVLQHVV‫'؞‬HYHORSPHQWDQGVDOHRIZLUHOHVVPRGXOHV‫'؞‬HYHORSPHQWPDQXIDFWXUHDQG
VDOHRIILQLVKHGHOHFWURQLFHTXLSPHQW
LQFOXGLQJ2(02'0(60‫؞‬3XEOLF6HUYLFH3DFNDJH3URYLVLRQ

-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

-ERW&R/WG
5HPRWHFRQWUROV\VWHP  0LFURFRQWUROVHUYHUXQLW&RQERW$SSOLFDWLRQIHDWXUHVRI&RQERW2XUXQLTXHGHVLJQDQGSDUWVSURFXUHPHQWHQDEOHXVWRSURYLGHORZFRVWSURGXFWVZKLFKDUHHDV\WREHLQWURGXFHGWRVPDOOVFDOHIDUPHUVDQGWKH
OLNH$VDQH[DPSOHRIWKHDSSOLFDWLRQVLWLVSRVVLEOHWRUHPRWHO\PRQLWRU
DQGFRQWURODFDWFKLQJWUDSDVFRXQWHUPHDVXUHVDJDLQVWELUG VKD]DUGDQG
LWLVDOVRSRVVLEOHWRDSSO\LWWRYDULRXVILHOGVEHFDXVHLWLVH[FHOOHQWLQWKH
H[SDQGDELOLW\RIVRIWZDUH)XUWKHUVLQFHLWLVVXSHULRULQSRZHUVDYLQJWKH
SURGXFWFDQEHXVHGLQDUHJLRQZKHUHWKHUHLVQRSRZHUVXSSO\HTXLSPHQW
DQGVHPLSHUPDQHQWO\RSHUDWHGZLWKVRODUEDWWHULHVLQVWDOOHG2WKHU$SSOLFDWLRQV (TXLSPHQWIRUFRXQWHUPHDVXUHVDJDLQVWELUG VKD]DUGVVHZDJHPHDVXULQJ
HQYLURQPHQWPRQLWRULQJLQDJULFXOWXUHDQGSURGXFWLRQHTXLSPHQWPRQLWRULQJLQIDFWRULHV)HDWXUHVRIWHFKQRORJLHVWKDWVXSSRUWSURGXFWVDQGVHUYLFHV
,QDGGLWLRQWRUHPRWHFRQWUROE\ZLUHOHVVDQGZHEFRQWUROWHFKQRORJLHVZHDUHDEOHWRGHYHORSPDQLSXODWRUVE\SXUVXLQJXQLTXHHTXLSPHQWDQGHOHFWURQLFGHVLJQWHFKQLTXHV1HWVXSSRUWLVSRVVLEOHLQUHPRWHDUHDVVXFKDVUHPRWHPRQLWRULQJUHPRWHFRQWURODQGPHDVXUHPHQWFRQWUROZLWKVPDOOZLUHOHVVVHUYHUV&RPSDULVRQVDQGQRYHOW\ZLWKRWKHUFRPSDQLHV 
WHFKQRORJLHV
7KHPLFURFRQWUROVHUYHUXQLWGHYHORSHGE\0+,LVVXSHULRULQH[WHUQDOFRQWURORIH[LVWLQJIDFLOLWLHVE\LWVRZQFRPPXQLFDWLRQSURWRFROVUHDOL]HVORQJGLVWDQFHWUDQVPLVVLRQE\XVLQJDIXQFWLRQRIVZLWFKLQJEHWZHHQDPDVWHUPRGHDQGDVODYHPRGHLQFRPELQDWLRQZLWKDQXQOLFHQVHGVSHFLILHG
VPDOOSRZHUUDGLRPRGXOH:L)LLVPRUHSRZHUVDYLQJWKDQSURGXFWVRIRWKHUFRPSDQLHVDQGFDQ
EHRSHUDWHGE\DEDWWHU\GULYHQFRPPXQLFDWLRQGLVWDQFHRIDERXWVHYHUDONPIRUKRXUV PDQ\
RIWKHRWKHUSURGXFWVXVH*FRPPXQLFDWLRQWKHVSHHGRIORQJGLVWDQFHFRPPXQLFDWLRQLVOLPLWHG
LQUHPRWHDUHDVDQGDOVRFRQVXPHDODUJHQXPEHURIHOHFWULFSRZHUHWF ,QDGGLWLRQVLQFHWKH
VSHFLILFVPDOOSRZHUZLUHOHVVPRGXOHLVLQH[SHQVLYHDQGKDVQROLQHXVHIHHLWFDQEHUHDOL]HGDWD
ORZHUFRVWLQWHUPVRILQVWDOODWLRQFRVWDQGRSHUDWLRQDVFRPSDUHGZLWKSURGXFWVRIRWKHUFRPSDQLHV$ELUGVKDUPIXOODUJHFDSWXUHZDQD

0DQDJHPHQWVWUDWHJ\9LVLRQ䖃%DFNJURXQG䖃)XWXUHEXVLQHVVGHSOR\PHQW

<RXFDQQRWUHDFKDSODFHZKHQLWLVIDUDZD\GDQJHURXVRUGXHWRVKRUWRIWLPHODERUDQG
H[SHUWLVH2XUSURGXFWFDQUHDFKVN\PRXQWDLQXQGHUJURXQGDQGVHDERWWRPDQGLWVDSSOLFDWLRQPDUNHWLVXQOLPLWHG
7KHUHIRUHLWLVLPSRUWDQWWRSURGXFHSURGXFWVWKDWFDQWXUQWKH3'&$

,QDGGLWLRQWRVPDOODQGPHGLXPVL]HGFRPSDQLHVWKDWZDQWWRLPSURYHWKHHIILFLHQF\RIWKHLURSHUDWLRQVDJULFXOWXUDOIRUHVWU\DQGILVKHU\LQGXVWULHVZKHUH
DJLQJLVDGYDQFLQJDOVRGHPDQGVWRLPSURYHV\VWHPHIILFLHQF\DQGDXWRPDWLRQDVDVROXWLRQ:HDUH
FRQVLGHULQJWKHHQWU\LQWRVXFKPDUNHWVE\UHGXFLQJFRVWVDQGUHDOL]LQJFRPPHUFLDOL]DWLRQ

䕔&RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌
0L\DKDUDHLN\XX<DVKLURJXQ+LNDZDFKR.XPDPRWR
85/KWWSZZZMERWFRMS
4XHU\7(/RU:HEVLWH

䕔2XWOLQHRIEXVLQHVV‫ٴ‬$XWRPDWLRQRIIDFWRULHVySURGXFWLRQDQG
1XPEHURIHPSOR\HHV‫؟‬
LQVWDOODWLRQRIVSHFLDOHTXLSPHQWyGHVLJQRIVHFXULW\HTXLSPHQW&DSLWDO‫؟‬WKRXVDQG\HQ䕔 )RUWKLVSURGXFW<HDURIIRXQGDWLRQ‫؟‬3URGXFWVFHUWLILHGE\WKHQHZEXVLQHVV
5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW<XLFKL0DWVXRND   VXSSRUWDQGSURFXUHPHQWV\VWHPLQ.XPDPRWR3UHIHFWXUHLQILVFDO


-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6/DIOD,QF
 &RPSUHVVLYHILOWHULQJV\VWHPV&30IRU,R7
)DVWLPSOHPHQWDWLRQRIGDWDILOWHULQJDOHUWLQJDJJUHJDWLRQDQGLQWHJUDWLRQ(IILFLHQF\RIFRPSOH[,R7PHVVDJHSURFHVVLQJ

*OREDO
IHHGEDFN

1RWLFH,QWHUQHW&ORXG

9DOXH
GDWD

7KLVSURGXFWHIILFLHQWO\LPSOHPHQWVILOWHULQJDJJUHJDWLRQLQWHJUDWLRQDQG
DOHUWSURFHVVLQJRI,R7GDWDZKLFKLVEHFRPLQJPRUHFRPSOH[\HDUE\\HDU
'XHWRGDWDFRPSUHVVLRQDQGREIXVFDWLRQWKLVSURGXFWFDQHIILFLHQWO\DQG
VHFXUHO\RSHUDWHHYHQIRUHPEHGGHGGHYLFHVWKDWKDYHORZSURFHVVLQJSHUIRUPDQFH8OWUDKLJKVSHHGHQJLQHVDOORZVHDUFKLQDFRPSUHVVHGVWDWH

/RFDO
IHHGEDFN

7KHFRUHHQJLQHGHYHORSHGMRLQWO\ZLWK.\XVKX8QLYHUVLW\LVLQVWDOOHGWRDFKLHYH
RYHUZKHOPLQJSHUIRUPDQFH%HFDXVHPXOWLSOH,R7PHVVDJHVFDQEHSURFHVVHGVLPXOWDQHRXVO\WKHSHUIRUPDQFH
QFH
LVOHVVGHJUDGHGDVPRUHHGJHGHYLFHVDUHDGGHG6LQFH,R7GDWDLVFRPSUHVVHGWR
WR
WRE\DSURSULHWDU\FRPSUHVVLRQPHWKRGLWLVKLJKO\REIXVFDWLYHDQG
DFKLHYHVKLJKWKURXJKSXWHYHQLQDORZVSHHG,QWHUQHWOLQHHQYLURQPHQW$GYDQWDJHVRIFRPSUHVVHGWUDQVPLVVLRQWHFKQRORJ\
6LQFHFRPSUHVVHGGDWDFDQEHSURFHVVHGZLWKRXWUHVROYLQJDQGWKHVSHHGRIUHWULHYDOFDQEHLQFUHDVHGLQSURSRUWLRQWRWKHFRPSUHVVLRQUDWHWKHQXPEHURI,R7*:LQVWDOODWLRQVFDQEHUHGXFHGWKHXVHRIGDWDRQORZVSHHGOLQHVFDQEHUHGXFHGDQGWKHFRVWRIFRPPXQLFDWLRQFDQEHUHGXFHG,QDGGLWLRQEHFDXVHRQO\QHFHVVDU\GDWDFDQEHHDVLO\REWDLQHGWKURXJKDGHGLFDWHGTXHU\ZHFDQ
FRQFHQWUDWHRQDSSOLFDWLRQGHYHORSPHQWDQGUHGXFHWKHRYHUDOOGHYHORSPHQWFRVW),*V&30GDWDIORZ
‫پ‬7RWKHXSSHUOHYHOE\PRQLWRULQJRQO\
QHFHVVDU\GDWD
 %\XSORDGLQJRUE\,R7*:DORQH
 5HLQIRUFLQJ5HDO7LPH3URSHUWLHVE\-XGJLQJ

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
,QZHVWDUWHGWKLVYHQWXUHZLWK.\XVKX8QLYHUVLW\ VXQLTXHWHFKQRORJLFDOVHHGVVXFKDVVHDUFKWH[WPLQLQJDQGUHFRPPHQGDWLRQV)RUWKLVUHDVRQZHKDYHORQJEHHQDZDUHRIKRZWRHIILFLHQWO\SURFHVVGDWDLQDFRPSXWHUHQYLURQPHQWZLWKPDQ\UHVWULFWLRQVVXFKDV
LQWKHVWUHDPLQJVHDUFKILHOG6&30 VVHDUFKHQJLQHFRUHVKDYHEHHQXWLOL]LQJWKHZRUOGOHDGLQJWHFKQRORJLHVLQWKHILHOGRIVWUHDPLQJ
VHDUFKDQGZHDUHZRUNLQJRQGHYHORSLQJSURGXFWVWRRIIHUWKHLUVXSHULRULW\‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW&RPSDQLHVDQGRWKHUFRPSDQLHVZDQWWRFRRSHUDWHZLWKHDFKRWKHU&XUUHQWO\ZHDUHGHYHORSLQJGHPRQVWUDWLRQDSSOLFDWLRQVIRUV&307KLVWHFKQRORJ\LVVXLWDEOHIRU
DODUJHQXPEHURI,R7HGJHGHYLFHVDQG
HQYLURQPHQWVWKDWUHTXLUHKLJKIUHTXHQF\H[FKDQJH
RIODUJHDPRXQWVRIGDWDHYHQZKHQWKHZLUHOHVVFRPPXQLFDWLRQHQYLURQPHQWLVSRRUDQGLVEHOLHYHG
WREHHIIHFWLYHVSHFLILFDOO\LQWKHILHOGVRIIDFWRULHVFRQVWUXFWLRQVLWHVLQIUDVWUXFWXUHPRQLWRULQJ
PDLQWHQDQFHRSHUDWLRQVGURQHVPDUWDJULFXOWXUH
DQGWKHOLNH:HDUHORRNLQJIRUFRPSDQLHVRU
GHPRQVWUDWLRQSDUWQHUVWRMRLQWO\GHYHORSV\VWHPVWKDWDUHVXLWDEOHIRUV&30

‫ٹ‬2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH
$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌)XNXRND6\VWHP/6,&HQWHU
0RPRFKLKDPD6DZDUD.X)XNXRND&LW\)XNXRND
7(/
85/KWWSZZZODIODFRMS
4XHU\7(/RUZHEVLWH

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU
7DWVXQRUL<XPHQ   '(9(/230(172):(%6<67(06'(9(/230(172)$33/,&$7,216)25
680$)2'(9(/230(172)$1$/<6,6
$1'9,68$/,=$7,2162/87,216
,1'8675,$/$1',1'8675,$/

-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6

7HFK-,1&R/WG
‫ع‬$FKLHYLQJ$OO0DUNHWLQJ5HTXLUHPHQWVZLWK$OOLQRQH‫ع‬$SODWIRUPWKDWUHDOL]HVGDWDPDUNHWLQJDWDQ\WLPHIRUDQ\RQH
ْ3XEOLFGHPDQGٓ

‫؞‬:DQWWRLPSURYHODERU SURGXFWLYLW\‫؞‬:DQWWRXVHELJGDWDIRU PDUNHWLQJ$FKLHYLQJGDWDPDUNHWLQJLVHVVHQWLDO
ْ&RUSRUDWHLVVXHVٓw'DWDFDQQRWEHXVHGLPPHGLDWHO\EHFDXVHLWLVVHSDUDWHG
w,I\RXGRQRWLQWURGXFHYDULRXVWRROV
,FDQQRWUHDOL]HZKDW,ZDQWWRGR
w2SHUDWLRQLVGLIILFXOWDQGQRWHDV\WRXVH
w7KHUHLVQRSHUVRQZLWKOLWHUDF\DQGLWFDQ
QRWEHXVHG

'DWDPDUNHWLQJ5HTXLUHGLWHP&KDUDFWHULVWLFVRIE‫ڀ‬GDVKDWDQ\WLPH&DQXVHGDWD

'DWD
,QWHJULW\

6LQFHWKHFRQVWUXFWLRQDQG
RSHUDWLRQRI':+LVFDUULHGRXWZLWKLQWKHFRVWQRDGGLWLRQDOFRVWPDQKRXULVJHQHUDWHG

nE\2QH
&DQXVHGDWD

)XQFWLRQLQJ&RPSOHWH
QHVV

6LQFHRQHWRROUHDOL]HV2QHWR2QH0DUNHWLQJWKHUHLV
QRDGGLWLRQDOWRROFRVW$Q\RQH
&DQXVHGDWD

6HUYLFHV&RQYHQLH
QFH

7KHUHLVQRDGGLWLRQDOFRQVXOWLQJFRVWGXHWRWKH
VXSSRUWV\VWHP

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫ٴ‬2XWORRN7HFK-,1WRJHWKHUZLWK)URP6FUDWFK&R/WGLV
GHYHORSLQJEXVLQHVVEDVHGRQELJGDWD[DUWLILFLDOLQWHOOLJHQFH:HZLOODFFHOHUDWHWKH
VSHHGRIGHYHORSLQJQHZVROXWLRQVLQWKHILHOGRIPDUNHWLQJWHFKQRORJ\E\XVLQJDUWLILFLDOLQWHOOLJHQFHWHFKQRORJ\LQKXJHPDUNHWLQJGDWDDFFXPXODWHGLQE‫ڀ‬GDVKIURPQRZRQ,QDGGLWLRQZHSODQWRH[SDQGRXUEXVLQHVVLQ
YDULRXVLQGXVWULDOILHOGVDQGDUHDVZLWKWKHGDWD
LQWHJUDWLRQWHFKQRORJ\GDWDKLJKVSHHG
SURFHVVLQJWHFKQRORJ\DQGDUWLILFLDOLQWHOOLJHQFH
WHFKQRORJ\DVWKHVRXUFHRIFRPSHWLWLYHQHVVIURPQRZRQ:LWKGLYHUVLILFDWLRQRIGHYLFHVE\GLJLWDOVKLIWDQG
SRSXODUL]DWLRQRI616FRPSDQLHVKDYHEHFRPHDEOH
WRDFTXLUHHQRUPRXVGDWDRIFRQVXPHUV+RZHYHU
LQWHJUDWLRQDQDO\VLVDQGFRPELQHGXWLOL]DWLRQRIELJGDWDDFURVVDOOPDUNHWLQJSURFHVVHVVXFKDV
DGYHUWLVHPHQWGDWD:HEDFFHVVORJGDWDSXUFKDVHGDWDDQGXVHUGDWDFDQQRWEHSUDFWLFHGDQGLWKDV
EHHQDSUREOHP0HDQZKLOH7HFK-,1GHYHORSVDQG
SURYLGHVWKHPDUNHWLQJSODWIRUPE‫ڀ‬GDVKDVDPDUNHWLQJVROXWLRQWKDWUHDOL]HVDFTXLVLWLRQLQWHJUDWLRQXWLOL]DWLRQDQGDQDO\VLVRIELJGDWDRIDOOLQGXVWULHVDQGEXVLQHVVW\SHVRQRQHSODWIRUPDQGLW
KDVEHHQLQWURGXFHGWRPDQ\FRPSDQLHVLV䕔2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH
1XPEHURIHPSOR\HHV‫؟‬㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌
2VXPL%XLOGLQJ )))7HQMLQ &DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬&KXRNX)XNXRND)XNXRND
5HSUHVHQWDWLYH‫؟‬
7(/
3UHVLGHQW &(2
85/KWWSWHFKMLQFRMS
7DNXUR+LJDVKLJDWD      
4XHU\7(/RU:HEVLWH'HYHORSPHQWDQGSURYLVLRQRIE‫ڀ‬GDVKPDUNHWLQJSODWIRUPVVXSSRUWIRU
LQWURGXFWLRQVHUYLFHGHVNVGHYHORSPHQWDQGUHVHDUFKRIDUWLILFLDOLQWHOOLJHQFHEDVLFUHVHDUFKDQGGHYHORSPHQWLQWKH
DUHDRIPDUNHWLQJWHFKQRORJ\QHZ
EXVLQHVVGHYHORSPHQWDQGQHZIXQFWLRQDOGHYHORSPHQW

-[WUJW8GPVWTG5GGU0Q

#+ȷ+Q6ȷ+%6<ҩ6ҩ<HQWHUSULVHV,QF
1XUVLQJFDUHLQVXUDQFHwQXUVLQJFDUHURERWLQWURGXFWLRQVXSSRUWSURMHFWDSSOLFDWLRQ)DFHDXWKHQWLFDWLRQZDWFKLQJV\VWHP+,720,
$SSOLFDWLRQFKDUDFWHULVWLFVRISURGXFWVVHUYLFHV
7KHQXPEHURIGHPHQWLDSDWLHQWVDJHGRUROGHULVHVWLPDWHGWREHPLOOLRQLQ:KLOHWKHUHDUHUHSRUWVWKDWH[SHQVHVVXFKDVSHUVRQQHOH[SHQVHVIRUVHDUFKLQJZLOOEHVHYHUDOPLOOLRQ\HQGXHWRZDQGHULQJQRWLILFDWLRQV:HGR
QRWQHFHVVDULO\SURYLGHDFFXUDWHLQIRUPDWLRQVXFKDVFORWKHVDQGEDFNSDFNDWWKHWLPHRIJRLQJRXWZKLFKLVQHFHVVDU\IRUILQGLQJDQGFDVHVQRWUHDFKLQJGLVFRYHU\DUHLQFUHDVLQJ
+,720,UHDOL]HVLGHQWLILFDWLRQRILQGLYLGXDOVZKLFKZDVGLIILFXOWZLWKVHQVRUVRIWKHFRQYHQWLRQDOW\SHE\IDFHUHFRJQLWLRQDQG
GRHVQRWUHDFWLQWKHFDVHZKHUHWKH\JRRXWZLWKVWDIIRIWKH
IDPLO\RUIDFLOLW\OLYLQJWRJHWKHUHLWKHUDORQHRUWRDWKLUGSDUW\,W
LVSRVVLEOHWRVHOHFWDOHUWVRQO\E\VRUWLQJRXWFDVHVJRLQJRXWRQH
DIWHUWKHRWKHU
%\GHWHFWLQJWKHRXWLQJDVVRRQDVSRVVLEOHWRDOOHYLDWHWKH
VLWXDWLRQRIEHLQJRXWRIWRXFKDQGGHWHFWLQJRXWLQJVLQVWDQWO\O\VHQGWKHUHFRUGHGYLGHRDWWKHWLPHRIGHWHFWLRQDQGWKH
PRYHPHQWSUHGLFWLRQUDQJHWRWKHSUHUHJLVWHUHGPDLODGGUHVV,I,II\RXFDQUHFHLYHPDLO\RXFDQVHHWKHYLGHRDWWKHWLPHRIJRLQJ
QJRXWXQQHFHVVDU\IRUGHGLFDWHGDSSOLFDWLRQVVHWWLQJVHWF,WLVSRVVLEOHWRVSUHDGWKHVDPHFRQWHQWVE\HPDLOWUDQVIHUDQG616
16
HWFWRWKRVHZKRZHUHQRWUHJLVWHUHGDWWKHWLPHRIGHWHFWLRQ$OVRDIWHUGLVFRYHU\WKHVHSHUVRQDOLQIRUPDWLRQZLOOEHGHOHWHG
G
VRWKHUHZLOOEHQRLQIRUPDWLRQOHIWRQWKHVPDUWSKRQHRUFHOOSKRQHWKDWUHFHLYHGWKHQRWLILFDWLRQVR\RXFDQHDVLO\DQGUHOLDEO\DEO\PDQDJH\RXUSHUVRQDOLQIRUPDWLRQ:DQGHUHUHDUO\GHWHFWLRQ
DVVLVWDQFHV\VWHP>+LWRPL@)DFH
UHJLVWUDWLRQFDPHUD
0RYDEOH 

5HFRJQLWLRQFDPHUD

6HUYHU

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫ٴ‬1RYHOW\DQG2ULJLQDOLW\

6WDUWHGGHYHORSPHQWIURPDQGVWDUWHGGHYHORSPHQW
RI+,720,EDVHGRQWKH
WHFKQRORJ\RI+LJKVSHHG
YLGHRFRQYHUVLRQWHFKQRORJ\IRUPXOWLGHYLFHDGRSWHGDOVRE\
0LQLVWU\RI/DQG,QIUDVWUXFWXUH
DQG7UDQVSRUW%\XVLQJ)DFH5HFRJQLWLRQLWUHVSRQGV
RQO\WRWKHVSHFLILFSHUVRQWKDWZDVGLIILFXOWLQWKHSDVWH[WUDFWVWKH
UHFRUGHGYLGHRDWWKDWWLPH$IWHUDOOGLVFRYHU\WKDWLQIRUPDWLRQFDQEHEURZVHG$Q\V\VWHPWKDWSUHYHQWVOHDNDJHRISHUVRQDOLQIRUPDWLRQ'HYHORSHG

䕔&RUSRUDWHSURILOH
1XPEHURIHPSOR\HHV‫؟‬
㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌&DSLWDO‫؟‬PLOOLRQ\HQ7VXEXNXKRQPDFKL.XUXPH<HDURIIRXQGDWLRQ‫؟‬)XNXRND
5HSUHVHQWDWLYH‫؟‬
85/KWWS\V\HQWHUSULVHFRMS
3UHVLGHQW &(2
4XHU\RU:HEVLWH
6KLQML<D\RVKL      ‫)ٴ‬XWXUHEXVLQHVV'HYHORSPHQW:HZLOOFRQWLQXHWRGHYHORSQRWRQO\GHPHQWLDEXWDOVRKRVSLWDOVFKLOGFDUHIDFLOLWLHVHVSHFLDOO\IRU
IDFLOLWLHVZKHUHPDQDJHPHQWRIHQWHULQJDQGOHDYLQJSHRSOHEHFRPHVLPSRUWDQWDQGZDWFKLQJ
RYHUV\VWHPVIRUVROLWDU\HOGHUO\SHRSOH䕔2XWOLQHRIEXVLQHVV'HYHORSPHQWRIOLYHYLGHRGHOLYHU\V\VWHPV'HYHORSPHQWRIIDFHUHFRJQLWLRQDQG
PRQLWRULQJV\VWHPV'HYHORSPHQWRI)$LQVSHFWLRQV\VWHP-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[,QWHOOLJHQW6HQVRU7HFKQRORJ\,QF
K O
7RROVHVVHQWLDOWRWKHSDUDGLJPVKLIWLQSURGXFWGHYHORSPHQW

7DVWHUHFHSWRU76=ZKLFKFDQTXDQWLI\WDVWHV
3URGXFWIHDWXUHV7KHWDVWHUHFHSWRU76=PLPLFVWKHKXPDQWDVWHUHFHSWLRQPHFKDQLVPDQGFDQTXDQWLI\WKHnWDVWH|RIDYDULHW\RIIRRGVSKDUPDFHXWLFDOVHWF,QDGGLWLRQWRRXUUHVHDUFKILHOGVZHDUHZRUNLQJ
RQSURGXFWGHYHORSPHQWDQGPDUNHWLQJVDOHVLQILHOGVWKDWUHTXLUH
REMHFWLYHWDVWHHYDOXDWLRQ7HFKQLFDOIHDWXUHV
6LQFHWKHUHDUHWKRXVDQGVRIWDVWHVXEVWDQFHVLWLVQRWSRVVLEOHWRHYDOXDWHWDVWHRQO\ZLWKnKLJKVHOHFWLYLW\nLHRQHWRRQH
FRUUHVSRQGHQFHWRDSDUWLFXODUVXEVWDQFHDVZKDWFRQYHQWLRQDOFKHPLFDOVHQVRUVKDYHGRQH7KHUHIRUHnJOREDOVHOHFWLYLW\|WKDWUHVSRQGVVLPLODUO\WRVLPLODUWDVWHVLVSXUVXHG7KURXJKMRLQWUHVHDUFKZLWKWKH
7RNR/DERUDWRU\DWWKH8QLYHUVLW\RI.\XVKXZHKDYHGHYHORSHGDUWLILFLDOOLSLGPHPEUDQHWDVWHVHQVRUVZLWKJOREDOVHOHFWLYLW\UHVSRQGLQJWRYDULRXVWDVWHFRPSRQHQWV1RYHOIHDWXUHVRIWKLVWHFKQRORJ\%\FRPELQLQJWDVWHUHFHSWRUGDWDZLWKSHUVRQDOSUHIHUHQFHGDWDLQ
DGGLWLRQWRKXPDQWRQJXHHYDOXDWLRQ VHQVRU\HYDOXDWLRQ LWLVSRVVLEOH
WRREMHFWLYHO\DVFHUWDLQDQGHYDOXDWHWDVWHSUHIHUHQFHVE\GLIIHUHQWUHJLRQVJHQGHUVDJHV

7DVWHUHFRJQL]HU76=

0DQDJHPHQWVWUDWHJ\9LVLRQ䖃%DFNJURXQG䖃)XWXUHEXVLQHVVGHSOR\PHQW

,QZHEHJDQMRLQWUHVHDUFKZLWK7RNR
.L\RVKLSURIHVVRURI.\XVKX8QLYHUVLW\DQG
UHDOL]HGWKHSUDFWLFDODSSOLFDWLRQRIWDVWH
UHFHSWRUVIRUWKHILUVWWLPHLQWKHZRUOG&RQYHQWLRQDOO\WDVWHZDVUHJDUGHGDVD
VXEMHFWLYHLQGLFDWRUDQGFRXOGQRWEHHYDOXDWHG
EXWWRGD\ZLWKWDVWHUHFHSWRUVWDVWHFDQEH
REMHFWLYHO\HYDOXDWHG
:HZDQWWRFRQWULEXWHWRIRRGFXOWXUHWKURXJKWKHWDVWHVHQVRUEXVLQHVVZLWKWKHDLPRI
FRQQHFWLQJWKHZRUOGWRJHWKHUZLWKDFRPPRQODQJXDJHRIWDVWH WDVWH :HMRLQWO\SDUWLFLSDWHLQEXVLQHVVHVFRPPLVVLRQHG
WR.\XVKX8QLYHUVLW\DQGDSSO\WKHWHFKQRORJ\RI
WDVWHUHFHSWRUVWKDWKDVEHHQFXOWLYDWHGVRIDUWRFRQGXFW5‫'٭‬RIURERWLFDXWRPDWLRQLQPDQXIDFWXULQJ
:HKDYHDOUHDG\GHYHORSHGQHZVHQVRUVDQG
GHYLVHGPHDVXUHPHQWSURFHGXUHVWRUHGXFH
PHDVXULQJWLPH
:HDOVRDLPDWURERWLFDXWRPDWLRQLQPDQDJHPHQW
RIUDZPDWHULDOVDQGSURGXFWVE\GHYHORSLQJSURGXFWVZLWKRSWLPDOGHVLJQWKDWWDNHVLQWRDFFRXQWWKHWDVWHDQGFRVWRIUDZPDWHULDOVPHDVXUHGE\WDVWHUHFHSWRUVDQGE\PHDVXULQJVDPSOHVZLWKWDVWHUHFHSWRUVDWWKHIDFWRU\‫ٹ‬2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌2QQD$WVXJL.DQDJDZD
85/KWWSZZZLQVHQWFRMS
7(/
)$;

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW+LGHND]X,NH]DNL5 'PDQXIDFWXUHDQGVDOHRIWDVWHUHFRJQLWLRQHTXLSPHQW
0DQXIDFWXUHDQGVDOHRIFRQVXPDEOHV

‫ٹ‬3DWHQWVRQWKHSURGXFW
863DW1RVDQG
:HKDYHDFTXLUHGPDQ\RWKHUSDWHQWVKyushu Venture Sees No.

20

Medical・Health care・Biotechnology

EditForce Inc.
Changing the world with tools that can manipulate
both DNA/RNA

Cell Processing Technology Using PPR Protein from Japan

Future value of cell processing technology●Model of PPR protein

・The BioEconomy (bio-economy) of the OECD reached ¥250,000,000,000(as of 2015) and is estimated to be ¥970,000,000,000 (as of 2025), andcell processing technologies such as genome editing and RNA manipulation
are indispensable for future industries.
・It used to take over 10 years to improve rice quality, but it is possible toshorten this scale to a span of several years by using cell processing
technology.

Cell processing technology using PPR protein

Ringel et al.、 Nature 2011

・We have established techniques for engineering cells (DNA/RNA) using PPR(Pentatricopeptide repeat) proteins, which are abundant in plants.
・A motif composed of 35 amino acids is used to recognize nucleobase. By
combining PPR proteins with a variety of effectors (e.g. cleaving, inserting, orlighting), we may realize what cannot be achieved by previous technologies.

●With PPR protein engineering technology
RNA recognition used

Novelty compared with other technologies

There are technologies such as ZF and TALEN/CRISPR that are to becompared. All of these technologies edit only the genome (DNA), and webelieve that ZF is superior to other technologies as tools for genome editing
and RNA manipulation. As described below, patents have been filed in the
United States as well as in Japan, and are pending in EU, Singapore, and othercountries.

Management strategy / Vision●BACKGROUND OF THE VISION/CORPORATION

・With “New Tools lead to a New World" as our
corporate vision, our core PPR-protein technology is arevolutionary technology that can simultaneously
control RNA, which is the downstream of DNA, in
addition to DNA editing.
・This technology was invented by Kazuhiro Nakamura,
Associate Professor, Graduate School of Agricultural
Sciences, Kyushu University, and we established thecompany in hope of using this technology not only inacademia but also in a wide range of industries. The ability
to manipulate DNA/RNA makes it widely applicable to awide range of species including pharmaceutical, chemical,
agri, and other fields.

■Corporate profile●Outlook

We place the utmost importance on
alliances with pharmaceutical companies.
・Our technology aims to develop new
molecular-targeted drugs targeting RNA andto develop therapeutic drugs to correct thebalance of gene expression in acquired
diseases.
・In addition, by collaborating with a variety ofcompanies and research institutes, we hope toincrease the yields of compounds (bioethanol,
plastics, etc.) and production efficiency byusing the power of microorganisms.

Number of employees：29
Address 〒819-0395
Capital：Kyushu University in the Agri-biotechnology
313million 500thousand yen
research facilities, 744, Motooka, Nishi-ku, Year of foundation：2015
Fukuoka, Fukuoka
Representative：
URL https://www.editforce.jp
President and Representative
Query TEL 092-802-4935 ordirector
Takahiro Nakamura
Website20■Outline of business

Development and provision of gene-editing
technologies. Research into reagents, drug
discovery, seeds and seedlings, material production,etc. Intellectual Property Management, etc.

■Patents on the product・Design and use of artificial proteins that bind to RNA[PCT/ JP2012/077274, Kyushu University]
・Design and use of artificial proteins that bind to DNA[PCT/ JP2014/061329, Kyushu University andHiroshima University]

-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[

68'[%LRWHF&RUSRUDWLRQWL
6XSHU6HQVLWLYH9LUXV7HVWLQJ7HFKQRORJLHVDQG.LWV%DVHGRQ*O\FR
1DQRWHFKQRORJ\ٌ3DLQOHVVXOWUDVHQVLWLYHLQIOXHQ]DWHVWٍ$SSOLFDWLRQ)HDWXUHVRI3URGXFWҩ6HUYLFHV 7KH VHQVLWLYLW\ RI WKH WHVW LV DERXW  WLPHV JUHDWHU WKDQ WKDW RI WKH UDSLGGLDJQRVWLFNLWVXVHGLQJHQHUDOPHGLFDOLQVWLWXWLRQVHQDEOLQJLQIOXHQ]DWHVWLQJZLWKVDOLYDDQRQLQYDVLYHVSHFLPHQWREHSHUIRUPHGLQOHVVWKDQPLQXWHV2QVLWHWHVWLQJZDVFRQGXFWHGLQ,]XPL&LW\.DJRVKLPD3UHIHFWXUHWRGHWHFWLQIOXHQ]DLQIHFWLRQ LQ ZLOG ELUGV DW DQ HDUO\ VWDJH DQG WR SURPSWO\ LVVXH DFFXUDWH ZDUQLQJV WR
JRYHUQPHQW DJHQFLHV %DVHG RQ WKLV ZDUQLQJ WKH UHOHYDQW SDUWLHV FRQWLQXHG WR WDNH
SUHYHQWLYHPHDVXUHVWRSUHYHQWWKHRFFXUUHQFHRIKLJKO\SDWKRJHQLFLQIOXHQ]DLQSRXOWU\IDUPVZLWKDKLJKVHQVHRIFULVLV$VDUHVXOWWKHGDPDJHWRSRXOWU\IDUPVLQ.DJRVKLPD
3UHIHFWXUHZDVFRPSOHWHO\SUHYHQWHG㻌 㻌 9LUXVFDSWXUHDQGSXULILFDWLRQNLW)HDWXUHVRI7HFKQRORJLHV6XSSRUWLQJ3URGXFWVDQG6HUYLFHV
1DQRELRWHFKQRORJ\XVLQJDQHZO\GHYHORSHGROLJRVDFFKDULGHFKDLQKDVHQDEOHGWKH
GHWHFWLRQRIYLUXVERXQGROLJRVDFFKDULGHVXVLQJVXJDUFKLSVDQGWKHFDSWXUHDQG
FRQFHQWUDWLRQSXULILFDWLRQRIYLUXVLQQRQLQYDVLYH SDLQOHVV VDOLYDVDPSOHVFDQEHSHUIRUPHGXVLQJVPDOOHUQDQRSDUWLFOHVWKDQWKRVHRIWKHLPPRELOL]HGYLUXV7KXVJHQHWLF
WHVWVFDQEHSHUIRUPHGRQVLWH6HHWKHYLGHRDWKWWSZZZVXG[ELRWHFMSPRYLHKWPO&RPSDULVRQDQGQRYHOW\ZLWKWHFKQRORJLHVRIRWKHUFRPSDQLHV([DPLQDWLRQXVLQJDNLW
8SSHUOHIW2QVLWH
LQVSHFWLRQRIZLOGELUGVLQ
RXULQKRXVHODERUDWRU\LQ
WKHULJKWXSSHUFDUHZHOIDUHIDFLOLW\DQGLQWKH
ORZHUOHIW

7KHDELOLW\WRHDVLO\DQGTXLFNO\FRQFHQWUDWHDQGSXULI\YLUXVSDUWLFOHVLQVDPSOHVLQFUHDVHVWKHVHQVLWLYLW\DQGWKHHIILFLHQF\RIWKHSUHWUHDWPHQWRIJHQHWLFWHVWV1RQLQYDVLYH
VHQVLWLYHUDSLGGLDJQRVWLFWHVWVFDQSURYLGHSURPSWDFFHVVWRDSSURSULDWHWKHUDS\UHGXFH
WKHFKDQFHVRIXVLQJXQQHFHVVDU\DQWLELRWLFVDQGSUHYHQWQRVRFRPLDOLQIHFWLRQV,Q
DGGLWLRQWDNLQJWKHOHDGWRLQWURGXFHWKLVWHFKQRORJ\ZLOOGLIIHUHQWLDWH\RXUFOLQLFIURPRWKHUV/LYHVWRFNSRXOWU\HSLGHPLFVFDQEHFRQWUROOHGWRPLQLPXPE\WHVWLQJRQVLWHDQG
UHVSRQGLQJZLWKDVHQVHRIFULVLV0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV

7KLV YHQWXUH FRPSDQ\ LV ODXQFKHG E\ .DJRVKLPD
8QLYHUVLW\ LQ 6HSWHPEHU  WR FRQWULEXWH RXUELRFKHPLVWU\ WHFKQRORJLHV WR SHRSOH DOO DURXQG WKHZRUOG EDVHG RQ WKH UHVHDUFK UHVXOWV RI 3UDFWLFDO
$SSOLFDWLRQ RI 6XJDU &KLSVn -67 3UHYHQWXUH
3URJUDP 7KHUHSUHVHQWDWLYHGLUHFWRUVHUYHGLQ-67
DV OHDGHU IURP 2FWREHU  WR 6HSWHPEHU 
:KDW LV LPSRUWDQW IRU PDQDJHPHQW LV WR DYRLGYLRODWLRQV RI KXPDQ HWKLFV DQG PRUDOLW\ DQG NHHSDOWUXLVPLQPLQG:HDLPWREHVXFKDFRPSDQ\DV
.\RFHUD&R/WGDIRUPHUYHQWXUHFRPSDQ\ZKLFKKDV VXFFHHGHG EDVHG RQ ,QDPRUL PDQDJHPHQWSKLORVRSK\,Q 1RYHPEHU  nD KLJKO\ VHQVLWLYH YLUXV WHVWPHWKRGXVLQJVXJDUFKDLQQDQRWHFKQRORJ\|SURSRVHG
E\ .DJRVKLPD 8QLYHUVLW\ +RVSLWDO ZDV MXGJHG WR EH
VXLWDEOH DW WKH $GYDQFHG 0HGLFDO &RQIHUHQFH DQGEHFDPHDQRIILFLDOO\DSSURYHGWHVWPHWKRGIRUKXPDQYLUDO G LVHDVHV ,Q  DGGLWLRQ ZH DUH FRQGXFWLQJGHPRQVWUDWLRQUHVHDUFKRQWHVWVIRUGRPHVWLFSRXOWU\YLUXVHV VXFK DV DYLDQ LQIOXHQ]D LQ FROODERUDWLRQ ZLWKLQGXVWU\ DQG DFDGHPLD :H UHFUXLW FROODERUDWLYHKRVSLWDOV WHVWLQJ FRPSDQLHV QXUVLQJ FDUH IDFLOLWLHV
DQG SXEOLF DJHQFLHV IURP ORFDO JRYHUQPHQWV ,Q
FRRSHUDWLRQZLWKWKHEURWKHUFRPSDQ\68'[7:WKH
SURMHFW ZLOO EH FRQGXFWHG IURP 7DLZDQ WR WKH ZKROH
$VLD



䕔&RUSRUDWHSURILOH
$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌6KLUR\DPD.DJRVKLPDNDJRVKLPD
85/KWWSZZZVXG[ELRWHFMS
4XHU\:HEVLWH

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW &62
<DVXR6XGD‫ٹ‬2XWOLQHRIEXVLQHVV
5HVHDUFKDQGGHYHORSPHQWSURGXFWPDUNHWLQJDQGFRQWUDFWUHVHDUFKRQVXJDUFKDLQV‫ٹ‬3DWHQWVRQWKHSURGXFW
7:&$6*
-386(3
-386-3
-386-3HWF

-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[7KUHHG\QH&RUSRUDWLRQWL
7KHVWUHQJWKLVWKHVL]HRIWKHFRUUHVSRQGLQJILHOGDFFRUGLQJWRWKHUHTXHVW\HDUH[SHULHQFHKDVUHVXOWHGLQDQHQWHUSULVHWKDWFDQDOVREHUHIXUELVKHG
6ROYLQJSUREOHPVZLWKDZLGHUDQJHRISURFHVVLQJPHWKRGV2ULJLQDOO\ZHIRXQGHGUHVLQSURFHVVLQJDVDUDZZRUNEXWZHXQGHUVWDQGFXVWRPHUV 
UHTXLUHPHQWVDQGPDNHRSWLPXPSURSRVDOVZLWKRXWVWLFNLQJWRUHVLQV,WLVVXFKDFRPSDQ\WKDWPDNH\RXUIHHOLQJVIURPSURFHVVHGJRRGVWRDXWRPDWLFHTXLSPHQWDQGFOHDQLQJHTXLSPHQW,ZLOODOVRPDNHDMRLQWDSSOLFDWLRQLQLQWHOOHFWXDOSURSHUW\DQGEXLOGDUHODWLRQVKLSRI:,1:,1$NLW1DQDNRZKLFKFDQEHVDIHO\UHPRYHGIURPWKHLQMHFWLRQQHHGOHVLPSO\E\VWDEELQJDQGURWDWLQJLW
7KHIDFWWKDWWKHUHDUHPDQ\QHHGOHVWLFNLQMXULHVE\SHQW\SHV\ULQJHVKDVEHHQSRVHGDVD
SUREOHPLQDFDGHPLFVRFLHWLHVHWFZKLFKLVDQLQGXVWU\VXEMHFW:KHQH[DPLQLQJZKHWKHUWKHUHLVDQ\WKLQJWKDWFDQEHGRQHIRUPHGLFLQHZKLFKLVDGLIIHUHQWILHOG,UHDFKHGWKH
SURFHVVLQJRIWKHNLWPDNLQJIXOOXVHRIWKHWHFKQRORJ\RIUHVLQSURFHVVLQJZKLFK,GRDV
H[LVWLQJEXVLQHVV7KLVSHQW\SHLQMHFWLRQQHHGOHVWLFNLQMXU\SUHYHQWLRQNLW1DQDNRLVDSURGXFWWKDWKHOSVLQMXU\DWWKHWLPHRIQHHGOHUHPRYDODQGSUHYHQWLRQRILQMXU\DWQHHGOH
FROOHFWLRQ:HDOVRZRUNHGRQ8QLTXH0RQR]XNXULE\PDNLQJIXOOXVHRIFUHDWLYLW\LQ\HDUVRIDFKLHYHPHQWVXFKDVGHYHORSPHQWRIVSKHULFDOERG\FRPSOHWHQRQFRQWDFWIORDWLQJXQLWDQGGHYHORSPHQWRIFXVWRPPDGHUHVSLUDWRUPDVNWKDWZHZRUNHGRQIURPFXVWRPHU V
UHTXHVWLV

3HQW\SHV\ULQJHQHHGOHVWLFNLQMXU\SUHYHQWLRQNLW

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHYHORSPHQW

,Q DERXW\HDUVDJR 0+,ZDVIRXQGHGLQWKHLQGXVWULDOSODVWLFSDUWVPDNLQJLQGXVWU\DQGWKHQKDVEHHQDEOHWRGHVLJQPDQXIDFWXUHDQGDVVHPEOHVHPLFRQGXFWRUUHODWHGHTXLSPHQWLQUHVSRQVHWRPDQ\QHHGV
2(0VXSSOLHVIRUZDIHUFOHDQLQJHTXLSPHQWRULJLQDOSURGXFWVIURPRXUFRPSDQ\2(0
VXSSOLHVIRUJODVVVXEVWUDWHWUDQVSRUWDWLRQHTXLSPHQWDQGSXUH\HOORZ/('IOXRUHVFHQWODPSVSURYLGHQHZPHGLFDOSURGXFWVDQG
GLVDVWHUSUHYHQWLRQUHODWHGSURGXFWV6LQFHLW
LVVRRQWKHILIW\ILYH\HDUVHFWLRQRIWKH
IRXQGDWLRQZHDUHLQYHVWLJDWLQJKRZWRGHYHORSWKHILIWHHQ\HDUIXWXUH,QDGGLWLRQWRUHVLQSURFHVVLQJDVGHVFULEHGDERYHZHGRQRWGHFLGHWRDFKLHYHWKLVE\FUHDWLQJDOOLDQFHVZLWKRWKHUFRPSDQLHVLQRUGHUWRUHVSRQGWRWKHQHHGVRIFXVWRPHUVLQDZLGH
UDQJH

,Q-DSDQWKHUHLVDVLWXDWLRQZKHUHWKHUHLVQRELJIRUFHRIGHFOLQLQJSRSXODWLRQIURPWKHDJHRIVPDOOFKLOGUHQDQGLQWKHQHDUIXWXUHWKHUHZLOO
EHDODFNRIZRUNLQJSRSXODWLRQ7KHUHIRUHWKH
URERWLVXVHGDVDZRUNHUFRPLQJIURPRYHUVHDVWR-DSDQ+RZTXLFNO\WKHRYHUVHDVZRUNHUVDUH
SXWLQWRSOD\DVDEDWWOHLVFRQVLGHUHGWREHDZDLWLQJLVVXHLQDOOLQGXVWULHV)RUWKLVUHDVRQZHZLOOGHYHORSDEXVLQHVVWKDWIRFXVHVRQHGXFDWLRQIRUWKLVZRUNHU7KHIRXQGDWLRQLVWR
EXLOGDWUDLQLQJV\VWHPWKDWLQWURGXFHV95
WHFKQRORJ\IRUPHGLFDOHTXLSPHQW,QSDUWLFXODUZHDUHIRFXVLQJRQFRQWHQWSURGXFWLRQ,Q
UHVSRQVHWRWKHQHHGVRIRXUFXVWRPHUVIRUDOO
H[LVWLQJDQGQHZEXVLQHVVHVZHDUHH[SHFWLQJWKHZLGHVSUHDGXVHRISURGXFWVXVLQJHGXFDWLRQDVDNH\ZRUGQRWRQO\LQWKH
PHGLFDOILHOGEXWDOVRLQDOOLQGXVWULHVLQWKHIXWXUH

䕔&RUSRUDWHSURILOH
㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌*XQFKLNX6DQEDQ&KR<DWVXVKLUR.XPDPRWR
85/KWWSZZZWKUHHG\QHMS
4XHU\7(/
)$;

䕔2XWOLQHRIEXVLQHVV
1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW &(2.RML+DJLKLUD      

3ODVWLFVSURFHVVHGSURGXFWVDOXPLQXPSURILOHSURGXFWVIXOO\DXWRPDWHGVHPLFRQGXFWRUFOHDQLQJHTXLSPHQWVXEVWUDWHUHODWHGHTXLSPHQWDXWRPRELOHUHODWHGHTXLSPHQWIRRGUHODWHGHTXLSPHQWLPSURYHPHQWVDQGPRGLILFDWLRQVQHZEXVLQHVVHVGHYHORSPHQWRIPHGLFDOGLVDVWHUSUHYHQWLRQUHODWHG
SURGXFWVOLJKWVWRUDJHW\SHKDQGUDLOFRYHUVJUHHQ=(52GHYHORSPHQWRIFXVWRPPDGHUHVSLUDWRUPDVNVSHQW\SHV\ULQJHQHHGOHUHPRYDONLWVZKHDW 

-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[

6(17$13KDPD,QF
1DQRIRUPXODWLRQFDQHQKDQFHVROXELOLW\6HQWDQ)RRGLFOH ‫(ع‬QFDSVXODWHG1DQRSDUWLFOHV
WR%H(DWHQ ‫ع‬:RUOG VILUVWHQFDSVXODWHGQDQRSDUWLFOHVWREHHDWHQ
:H KDG GHYHORSHG6HQWDQ)RRGLFOHDQLQJUHGLHQWHQFDSVXODWHGQDQRSDUWLFOHWKDWFDQEHXVHGDVIRRGPDWHULDOn)RRGLFOH| LVRXU QHZ FRLQHGZRUGE\FRPELQLQJ)RRGDQG3DUWLFOH:HDUHWKHILUVWLQWKHZRUOGWRGHYHORSLW

:KDWLV6HQWDQ)RRGLFOH"&HOOXORVH,QJUHGLHQW,WbVDVDIHDQGUHOLDEOHIRRGPDWHULDODQLQJUHGLHQWHQFDSVXODWHGQDQRSDUWLFOH
:KHQZHHDWLWZHFDQWDNHLQJUHGLHQWLQRXUERG\HIILFLHQWO\,WV TXDOLW\ LV
TXLWHGLIIHUHQWIURPWKRVHRIQDQRSDUWLFOHVSUHSDUHGVLPSO\ E\FUXVKLQJ LQWRQDQRVL]HV)HDWXUHVRI6HQWDQ)RRGLFOH
7KHVWDWHRILQVROXEOHPDWHULDOKDVEHHQFKDQJHGLQWRWKHDPRUSKRXVVWDWHE\
RXUWHFKQRORJ\VRWKDWZHKDYHLPSURYHG)RRGLFOHbVVROXELOLW\DQG
DEVRUEDELOLW\ IDUPRUHWKDQWKHUDZPDWHULDObV

6HQWDQ)RRGLFOH

3;5' SRZGHU;UD\GLIIUDFWLRQ$8& $UHD8QGHUWKHEORRG
FRQFHQWUDWLRQWLPH&XUYH

7KHUHDUHSHDNVZKLFKLQGLFDWHLWLV
FU\VWDOOLQHVWDWH

5DZ
PDWHULDO)RRGLFOH&U\VWDOOLQH
VWDWH

5DZ PDWHULDO,WLVSRRUO\DEVRUEDEOHEHFDXVHLWLVQRWGLVSHUVHGLQZDWHU

$V$8&LVODUJHUWKH
KLJKHUPDWHULDObVDEVRUEDELOLW\LV

7KHUHDUHQRSHDNV)RRGLFOH$PRUSKRXVVWDWH$8&RI)RRGLFOHWLPHVODUJHUWKDQ WKDWRIUDZ
PDWHULDO

,WLVYHU\DEVRUEDEOHEHFDXVHLWLVGLVSHUVHGLQZDWHU

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
2XUFRPSDQ\LVDGUXJGLVFRYHU\ELR
YHQWXUH:HGHYHORSHG6HQWDQ)RRGLFOH
E\WDNLQJWKHNQRZKRZDQGKXPDQUHVRXUFHVZKLFK DUHGHYHORSHGLQGUXJ
5 'WRIRRGLQGXVWU\ 7KLVPDNHVZH
FDQ WDNHYDULRXVLQJUHGLHQWVLQRXUERG\HIILFLHQWO\DQGHDVLO\‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV&XUUHQWO\ZHDUHFRQGXFWLQJ5 'IRUSUDFWLFDOXVHRI6HQWDQ)RRGLFOHZLWKFRPSDQLHVDQGXQLYHUVLWLHV,QWKHIXWXUHZHSODQWRFRPPHUFLDOL]H6HQWDQ)RRGLFOHFRQWDLQLQJORZDEVRUEHQF\DFWLYH
LQJUHGLHQWV LQVXSSOHPHQWVIRRGVDQGFRVPHWLFV:HDLPWREHDFRPSDQ\WKDWFRQWULEXWHVWRVHOIPHGLFDWLRQDQGKXPDQKHDOWK LQPRGHUQVRFLHWLHVZKHUHKHDOWKFRQVFLRXVQHVVLQFUHDVHVE\LQWURGXFLQJQHZSUHYHQWLYHPHGLFLQHSRVVLELOLWLHVLQWRHYHU\LQGXVWU\ZLWK 6HQWDQ)RRGLFOH

䕔&RUSRUDWHSURILOH$GGUHVV‫ٿ‬)6KLPRNDZDEDWDPDFKL+DNDWD)XNXRND
85/KWWSZZZVHQWDQLU\RXFRMS
7(/ 
)$; 

䕔2XWOLQHRIEXVLQHVV
1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW 0DVDDNL0DWVXEDUD

5HVHDUFKDQGGHYHORSPHQWRISKDUPDFHXWLFDOVPHGLFDOGHYLFHVDQGTXDVLGUXJVDQGWKH
PDQXIDFWXUHDQGVDOHRIKHDOWKIRRGVHWF‫ٹ‬3DWHQWRQWKHSURGXFW$SSOLFDWLRQ$SSOLFDWLRQ
&RPPHUFLDO$SSOLFDWLRQ1R)RRG6DQLWDWLRQ1DQRSDUWLFOHV&RPPHUFLDO$SSOLFDWLRQ)RRG1DQRSDUWLFOHV

-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[7RL0HGLFDO&R/WG
1HZSUDFWLFHRIVDOWLQWDNHPDQDJHPHQW

6DOWH[FUHWLRQVXSSOHPHQW'HO6DOW 'HVROV $SSOLFDWLRQ)HDWXUHVRI3URGXFWҩ6HUYLFHV
,WLVZHOONQRZQWKDWH[FHVVLYHVDOWLQWDNHLVDPDMRUFRQWULEXWRUWROLIHVW\OHUHODWHGGLVHDVHVVXFKDVKLJKEORRGSUHVVXUHDQGWKHPDUNHWIRUORZVDOWSURGXFWVLVH[SDQGLQJ\HDUE\\HDUGXHWRWKHKHLJKWHQHGDZDUHQHVVRIKHDOWK
2QWKHRWKHUKDQGLWLVQRWFRPSOHWHO\DFFHSWHGEHFDXVHRISUREOHPVVXFKDV
WDVWHUHVLVWDQFHWRORZVDOWSURGXFWV2XUVDOWH[FUHWLRQVXSSOHPHQW'(/62/LVDQHZDSSURDFKWRDEVRUEVDOWDQG
HOLPLQDWHLWLQWKHVWRRO6DOWLQWDNHLVUHGXFHGZLWKRXWVDFULILFLQJWKHWDVWHRIRXUPHDOV)HDWXUHVRI7HFKQRORJLHV6XSSRUWLQJ
3URGXFWVDQG6HUYLFHV'HO6DOW 'HVROV ZKLFKZDVMRLQWO\GHYHORSHGZLWK.XPDJD8QLYHUVLW\$OJLQDWHDSURSULHWDU\FRPSRXQGGHYHORSHGLQFROODERUDWLRQZLWK0HGLFDO
6FKRRORI.XPDPRWR8QLYHUVLW\KDVEHHQIRXQGWRHIIHFWLYHO\DGVRUEVDOWLQ
IRRGDQGSUHYHQWDQLQFUHDVHLQEORRGVDOWFRQFHQWUDWLRQDIWHUPHDOV(TXLYDOHQWWRFXWLQDYHUDJHVDOWLQWDNHRI-DSDQHVH 

3UHYLRXVO\WKHVXSSOHPHQWVIRUKLJKEORRGSUHVVXUHKDGEHHQDV\PSWRPDWLF
DSSURDFKVXFKDVGLODWLQJEORRGYHVVHOVEXWWKLVSURGXFWLVDFRXQWHUFDXVDODSSURDFKQRWWRDEVRUEWKHVDOWRIWKHRIIHQGLQJVXEVWDQFHDQGLWLVDEUDQGQHZVLPSOHPHFKDQLVP

6DOLQLW\‫ق‬٫‫ك‬

1RYHOW\FRPSDUHGZLWKWHFKQRORJLHVRIRWKHUFRPSDQLHV

0HDVXUHGEORRGVDOWFRQFHQWUDWLRQ

Salineonly

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV:HDUHDPDQXIDFWXUHURIPHGLFDOGHYLFHVDQG
RXUPDLQEXVLQHVVLVWKHPDQXIDFWXUHDQGVDOH
RIDUWLILFLDOGLDO\VLVWDSHVDQGRWKHUSURGXFWV,QWKLVFRQWH[WZHOHDUQHGDERXWWKHYHU\VWULFWGLHWDU\UHVWULFWLRQVIRUGLDO\VLVSDWLHQWVDQG
KDYHEHHQORRNLQJIRUZD\VWRVROYHWKHVH
SUREOHPV$WRQHWLPHZHGLVFRYHUHGLQDOLWHUDWXUHWKDWGLHWDU\ILEHULPSURYHGK\SHUWHQVLRQLQUDWVDQG
EDVHGRQWKLVZHZRUNHGZLWK0HGLFDO6FKRRORI.XPDPRWR8QLYHUVLW\RQUHVHDUFKRIHIIHFWLYH
VDOWDEVRUSWLRQ:HGHYHORSHGWKLVVXSSOHPHQW
RYHUDSHULRGRIWZR\HDUV:LWKWKHGHYHORSPHQWRIWKLVSURGXFWZHKDYH
HVWDEOLVKHGDQHZDSSURDFKWRDEVRUEH[FHVVPDWHULDOVIURPWKHERG\DQGH[FUHWHLWRXWVLGHWKHERG\:HZLOOFRQWLQXHRXUUHVHDUFKDQGGHYHORSVXSSOHPHQWVWKDWFDQVHOHFWLYHO\DGVRUERWKHUVXEVWDQFHV HJKHDY\PHWDOVDQGSKRVSKRUXV 
6LQFHWKLVSURGXFWKDVWKHSRWHQWLDOWREH
FRPPHUFLDOL]HGLQDYDULHW\RIIRUPVDVZHOODVVXSSOHPHQWVZHKRSHWRFRQWULEXWHWRLPSURYLQJWKH
FRQGLWLRQVRIK\SHUWHQVLYHSDWLHQWVLQ-DSDQE\PDNLQJLWZLGHO\UHFRJQL]HGWKDWVDOWLQWDNHPDQDJHPHQWLVSRVVLEOHLQFROODERUDWLRQZLWKIRRGFRPSDQLHVDQGRWKHURUJDQL]DWLRQV‫ٹ‬2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌)9LFWRU\$SDUWPHQW
@6DLNXFKRX&KXRXNX.XPDPRWR
.XPDPRWR
85/KWWSZZZWR\PHGLFDOMS
4XHU\7(/RU
:HEVLWH

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW+LGHQRUL7DNHVKLWD'HYHORSPHQWPDQXIDFWXUHDQGVDOHVRIPHGLFDOVXSSOLHV'HYHORSPHQWPDQXIDFWXUHDQGVDOHVRIKHDOWKIRRGV'HYHORSPHQWPDQXIDFWXUHDQGVDOHRIEHDXW\FDUHSURGXFWV‫ٹ‬3DWHQWVRQWKHSURGXFW
3DWHQWDSSOLFDWLRQILOHGLQ-XQH



-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[

72.620('7(&&R/WG
&RQWLQXRXVDVSLUDWLRQIRUKRXUVJHQWOHJHQWOHDQGQRQPDQXDOLPSURYHV4‫؞‬2‫؞‬/

ِ$PRUH68ّ FRQWLQXRXVDVSLUDWRUIRU
LQWUDWUDFKHDOVSXWXP$SSOLFDWLRQRI$PRUH68LQWUDWUDFKHDOVSXWXPDVSLUDWRU
7KLVSURGXFWLVDKRXUFRQWLQXRXVVXFWLRQGHYLFHIRUWUDFKHDOVSXWXPLQSDWLHQWVZKRKDYHKDGDWUDFKHRVWRP\7KLV GHYLFHFDQTXLFNO\DVSLUDWHVSXWXPJHQHUDWHGLQWUDFKHDZLWKRXW KXPDQLQYROYHPHQW,WLVQRQLQYDVLYHDQGGRHVQRWGLVWUHVVWKHSDWLHQWGXULQJDVSLUDWLRQJUHDWO\UHGXFHVWKH
EXUGHQRQWKHQXUVHDQGDOORZVWKHSDWLHQWWRVOHHSZHOODWQLJKW,QWKHPHGLFDOILHOGWKHEXUGHQRIVXFWLRQLQJDWQLJKWLVUHGXFHGDQGKRPHFDUHLVDOVRSRVVLEOHIRUHOGHUO\QXUVLQJFDUH7KHEHQHILWVRIWKHUHGXFWLRQLQH[SHQVHVDQGWKHUHGXFWLRQLQWKHEXUGHQRIQXUVLQJFDUHDUHFRQVLGHUDEOHDQGWKH
GHJUHHRIVRFLDOFRQWULEXWLRQLVVXEVWDQWLDO&RQWLQXRXVVXFWLRQHTXLSPHQWIRUWUDFKHDOVSXWXPLVWKH
ZRUOGdVILUVWGHYLFHRILWVNLQG'HPDQGIRUFRQWLQXRXVVXFWLRQLQJHTXLSPHQWLVVWURQJLQ-DSDQDQG
RYHUVHDVDQGZHEHOLHYHWKDWWKLVHTXLSPHQWZLOOEHFRPHLQFUHDVLQJO\SRSXODULQWKHIXWXUH)HDWXUHVRI$PRUH68LQWUDWUDFKHDOVSXWXPDVSLUDWRU,QDSURSULHWDU\ORZIORZKLJKSUHVVXUHVXFWLRQV\VWHPJHQWOHVORZFRQWLQXRXVVXFWLRQLQJIRUKRXUVLVSHUIRUPHGWRDVSLUDWHWKHVSXWXPJHQHUDWHGLQWKHWUDFKHD6LQFH VXFWLRQIORZLVORZLQWUDWUDFKHDOVSXWXPFDQEHDVSLUDWHGQRQLQYDVLYHO\ZLWKDVWUXFWXUHWKDWGRHVQRWDIIHFWEUHDWKLQJDQGGRHVQRWDGKHUHWRWKHWUDFKHDOZDOO$SURSULHWDU\ORZIORZKLJKSUHVVXUHVXFWLRQSXPSRIIHUVDQH[FHOOHQWFRQWLQXRXVVXFWLRQV\VWHPIRUKLJKYLVFRVLW\WUDFKHDOVSXWXPZKLFKGRHVDIIHFWEUHDWKLQJRISDWLHQWVRQDYHQWLODWRU$XWRPDWLFDVSLUDWRURILQWUDWUDFKHDOVSXWXP&RPSDULVRQZLWKJHQHUDODVSLUDWRUVDQGVRFLDOFRQWULEXWLRQ
8QOLNHFRQYHQWLRQDOVXFWLRQHUVLWLVDQHQWLUHO\QHZFDWHJRU\RIVXFWLRQHUVWKDWFRQWLQXRXVO\DVSLUDWH
VSXWXPIRUKRXUVZLWKRXWKXPDQLQWHUYHQWLRQ%HFDXVHRIWKHVRSKLVWLFDWLRQRIPHGLFDOFDUHDQG
WKHLQFUHDVHLQWKHQXPEHURIFKURQLFSDWLHQWVLQDQDJLQJVRFLHW\ZLWKDORZELUWKUDWHWKHQHHGIRUQXUVLQJSRZHUDQGKRPHFDUHWKHHTXLSPHQWIRUDVSLUDWLQJVSXWXPZLWKRXWKXPDQLQYROYHPHQWKDV
DFRQVLGHUDEOHDGYDQWDJHLQUHGXFLQJWKHEXUGHQRQERWKWKHSDWLHQWV DQGWKHQXUVLQJDQGPHGLFDOSHUVRQQHODQGVDYHVODERUFRVWV/DXQFKHGQDWLRQZLGHLWKDVDORWRIZRUGRIPRXWKDQGUHSHDWFXVWRPHUVDQGKDVUHFHLYHGKLJKDFFODLPIURPSDWLHQWVDQGPHGLFDOSURIHVVLRQDOVZKRKDYHEHHQ
VHQGLQJYRLFHVRISOHDVXUHWRWKHSXEOLFWKURXJKEORJVHWF

&XIISUHVVXUHUHJXODWRU

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV:HKDYHEHJXQWKHGHYHORSPHQWPDQXIDFWXUHDQGVDOHRIPHGLFDOQXUVLQJFDUHDQGZHOIDUHHTXLSPHQWVLQFHZHPHWZLWK$/6SDWLHQWVZLWKLQWUDFWDEOHGLVHDVHV:HDUHGHYHORSLQJRXU
RZQSURGXFWVLQFRRSHUDWLRQZLWKPHGLFDOSURIHVVLRQDOV)RUH[DPSOHZHKDYHGHYHORSHGDQDXWRPDWLFFXIISUHVVXUHUHJXODWRUWKDWDXWRPDWLFDOO\DGMXVWVWKHFXIISUHVVXUHRIDQ
HOHFWULFLW\IUHHWUDFKHDOWXEHLQFROODERUDWLRQZLWKDXQLYHUVLW\KRVSLWDODQGVHOOVLWQDWLRQZLGH,QRUGHUWRH[SDQGVDOHVWRXVHUVQDWLRQZLGHZHDUHH[KLELWLQJDWH[KLELWLRQVDQGDFDGHPLF
FRQIHUHQFHVDQGFRQGXFWLQJSXEOLFUHODWLRQVDFWLYLWLHVIRU
VSHFLDOLVWPDJD]LQHVDQGSDWLHQWPHHWLQJV
2XUVWUHQJWKVLQFOXGHOLVWHQLQJWRRSLQLRQVIURPWKHPHGLFDOSURIHVVLRQFROODERUDWLQJZLWKWKHPHGLFDOSURIHVVLRQWRGHYHORS
GHYLFHVDQGFRQGXFWFOLQLFDOHYDOXDWLRQVDQGVSDULQJQR HIIRUWVWR
FRPPHUFLDOL]HSURGXFWVWKDWDUHXQLTXH

,QWKHIXWXUHZHZLOOFRQWLQXHWRFRQGXFWUHVHDUFKDQG
GHYHORSPHQWFHQWHUHGRQKHDOWKFDUHDQGOLIHFDUHHTXLSPHQWWRSURGXFHRXURZQSURGXFWVDQGH[SDQGWKHPQDWLRQZLGHDQGRYHUVHDV:HDUHFRPPLWWHGWRSURGXFWGHYHORSPHQWZLWKWKHDLPRIEHFRPLQJDQLFKHOHDGHUFHQWHUHGRQUHVSLUDWRU\FDUHVXFWLRQFDUHDQGGHPHQWLDFDUH7KH
FRPSDQ\KDVDPDUNHWLQJEXVLQHVVOLFHQVHIRUPHGLFDOGHYLFHVDQGKDVDORWRIH[SHULHQFHZLWKDSSURYDORISKDUPDFHXWLFDO
GHYLFHVDQGLVDLPLQJIRUJURZWKLQWKHILHOGRIPHGLFDO
GHYLFHV,QUHFHQW\HDUVZHKDYHSDUWLFLSDWHGLQ0(',&$
*HUPDQ\ WKHZRUOG VODUJHVWH[KLELWLRQRIPHGLFDOGHYLFHV
DQGDUHSUHSDULQJIRURYHUVHDVH[SDQVLRQ:HSODQWRSURPRWHVDOHVQDWLRQZLGHDQGRYHUVHDVE\VWUHQJWKHQLQJFRRSHUDWLRQZLWKGRPHVWLFVDOHVGHDOHUVDQGWUDGLQJFRPSDQLHV‫ٹ‬2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH$GGUHVV‫ٿ‬2KQHJDZD8VD2LWD
85/ KWWSZZZWRNVRQHW
4XHU\7(/
)$;
0$,/LQIR#DPRUFRMS

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫ ؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW &(26KXLFKL7RNXQDJD0DQXIDFWXUHDQGVDOHRIPHGLFDOFDUHQXUVLQJFDUHDQGZHOIDUHHTXLSPHQW/RQJWHUPFDUHLQVXUDQFHVHUYLFHEXVLQHVV‫ٹ‬/LFHQVHHWF
0HGLFDOGHYLFHPDQXIDFWXULQJEXVLQHVVOLFHQVH/LFHQVHIRU5HSDLURI0HGLFDO'HYLFHV/LFHQVHIRU
/HDVLQJRI6DOHVRI0HGLFDO'HYLFHV-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[-DSDQ0HGLFDO'HYLFH7HFKQRORJ\&R/WG
%HH[SHFWHGDVDQH[WJHQHUDWLRQFRURQDU\VWHQW%LRDEVRUEDEOHVFDIIROGPDGHRIPDJQHVLXPDOOR\V:KDW,V%LRUHVRUEDEOH6FDIIROG"
0JDOOR\ELRDEVRUEDEOHVFDIIROGLQGZHOOHGLQWKHFRURQDU\DUWHU\OHVLRQGHFRPSRVHVZLWKLQ\HDUDIWHUKHDOLQJSURFHVVVRLWFDQUHVWRUHYDVRPRWLRQLQWKHSRVWRSHUDWLYHUHPRWHSHULRG$VDUHVXOWUHGXFWLRQRIGHOD\HGWKURPERVLVRFFXUUHQFH
&OLQLFDOHIIHFWVVXFKDVVKRUWHQLQJWKHSHULRGRIWDNLQJDQWLSODWHOHWGUXJVDQGH[SDQGLQJRSWLRQVIRUSRVWRSHUDWLYHUHWUHDWPHQWDUH
H[SHFWHG

0JDOOR\
6FDIIROG

6WUXW̭P

$EERWW̭P%LRWURQLN̭P

6XSHULRULW\RYHURWKHUSURGXFWV7KHJUHDWHVWIHDWXUHRIRXUSURGXFWLVLQXOWUDWKLQ̭PVWUXWFRPSRVHGRIHOHPHQWVZLWKELRORJLFDOVDIHW\7KLQQLQJRIWKHVWUXWLVGLUHFWO\OLQNHGWRWKH
SHUIRUPDQFHRIWKHSURGXFW KHDOLQJDELOLW\RIWKH
DIIHFWHGSDUW $EERWW9DVFXODU 86 $EVWE*7
PDGHRISRO\ODFWLFDFLG DQG%LRWURQLN *HUPDQ\ 0DJPDULV PDGHRI0JDOOR\ VWUXWVDUH̭PHDFKZKLFKPDNHVLWSRVVLEOHWRUHGXFHWKHWKLFNQHVVE\PRUHWKDQ,QWKHIRUPHUFDVHGHOD\HGWKURPERVLVRFFXUULQJLQDORQJWHUPGHFRPSRVLWLRQSURFHVV RYHU\HDUV LVDVXEMHFWDQGWKHODWWHUFRQVWLWXHQWHOHPHQWVFRQWDLQUDUHHDUWKVVRWKDWGRXEWUHPDLQVLQELRORJLFDOVDIHW\'HOLYHU\V\VWHP

3URILOHPP

$EERWW,QFPP%LRWURQLN,QFPP

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬9HQWXUHSROLF\‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV 7KH JRYHUQPHQW ZLOO FRQWULEXWH WR SURORQJLQJKHDOWK\ OLIH H[SHFWDQF\ DQG UHGXFLQJ PHGLFDOF R V W V  L Q  - D S D Q V  X O W U D  D J L Q J  V R F L H W \  E \
FRPPHUFLDOL]LQJWKHZRUOG VKLJKHVWSHUIRUPDQFH
ELRUHVRUEDEOHVFDIIROGPDGHRI0JDOOR\ XQGHUDV\VWHP RI LQGXVWU\DFDGHPLDJRYHUQPHQWF R R S H U D W L R Q  D Q G  P H G L F D O  H Q J L Q H H U L Q JFRRSHUDWLRQ FHQWHUHG RQ .XPDPRWR 3UHIHFWXUH)XUWKHUPRUHZHDLPWRJDLQDVKDUHRIRYHUVHDVSURGXFWV LQ WKH FRURQDU\ VWHQW PDUNHW ZKLFK LV
RFFXSLHGE\RYHUVHDVSURGXFWVDQGWRFRQWULEXWH
WRWKHLQWHUQDWLRQDOH[SDQVLRQRIPHGLFDOGHYLFHV
H[SDQVLRQRIH[SRUWV  ,QWKHILVFDO\HDURI)<ZHSODQWRVHWWOHIRU
WKH ILQDO SURGXFW VSHFLILFDWLRQV JR WKURXJK WKHPDQXIDFWXULQJ SURFHVV DQG VWUXFWXUH SHUIRUP WKHSHUIRUPDQFH WHVWV DQG FRQGXFW ELRORJLFDO VDIHW\
WHVWV DQG SODQ IRU ),0 H[DPLQDWLRQ LQ )< ,Q
WKH ),0 WHVW ZH SURYH QRQLQIHULRULW\ RI SULPDU\HQGSRLQWV UHVWHQRVLVUDWHHWF IRUQRQDEVRUEDEOH
VWHQWV DQG WKHQ OLFHQVH RXW WR PHGLFDO GHYLFHPDQXIDFWXULQJ GHDOHUV ,Q DGGLWLRQ WR WKHWKHUDSHXWLF HTXLSPHQW IRU FDUGLRYDVFXODU GLVHDVHVZHZLOOGHYHORSWKHWHFKQRORJ\ZH KDYHGHYHORSHG
LQWR WUHDWPHQW HTXLSPHQW IRU GLJHVWLYH RUJDQV DQG
H[HUFLVHHTXLSPHQW

䕔&RUSRUDWHSURILOH
㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌%OGJ'7DKDUD0DVKLNLPDFKL.DPLPDVKLNL*XQ.XPDPRWR
KWWSZZZMPGWFRMS
4XHU\7(/RU
:HEVLWH

䕔2XWOLQHRIEXVLQHVV
1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU
6KX]RX<DPDVKLWD &RQWUDFWUHVHDUFKDQGGHYHORSPHQWRIFRURQDU\VFDIIROGVDQGPHGLFDOGHYLFHV

䕔3DWHQWVRQWKHSURGXFW3HQGLQJDSSOLFDWLRQVVXFKDV
3&7-3%LRUHVRUEDEOH6WHQW$SSOLFDWLRQ+LJK3HUIRUPDQFH
%LRUHVRUEDEOH6WHQW-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[%LR0HGLFDO7HFKQRORJ\+<%5,'&R/WG
+<%5,' &/ G 'FHOOVWUXFWXUHPDQXIDFWXULQJWHFKQRORJ\
3KDUPDFRORJLFDOHYDOXDWLRQPRGHO$SSOLFDWLRQIHDWXUHVRISURGXFWVDQGVHUYLFHV $WKUHHGLPHQVLRQDOKXPDQWLVVXHPRGHOWKDWUHIOHFWVELRORJLFDOIXQFWLRQLVD
XVHIXOWRROWRFRPSUHKHQVLYHO\HYDOXDWHVDIHW\SKDUPDFRNLQHWLFVDQG
SKDUPDFRORJ\LQGUXJGLVFRYHU\UHVHDUFKDQGFDQEHXVHGDVDORZFRVWDQG
HIILFLHQWDOWHUQDWLYHWRDQLPDOVWXGLHVWKDWSHUIRUPWR[LFRORJLFDOHYDOXDWLRQV

6WUDWXPFRUQHXP*UDQXODUOD\HU)HDWXUHVRIWHFKQRORJLHVWKDWVXSSRUWSURGXFWVDQGVHUYLFHV 7KUHH'LPHQVLRQDO6WUXFWXUH&RQVWUXFWLRQ7HFKQRORJ\&HOO,QWHJUDWLRQ0HWKRG
7KLVWHFKQRORJ\PDNHVLWSRVVLEOHWRFRQVWUXFWWKUHHGLPHQVLRQDOFHOOVWDFNHGWLVVXHIUDJPHQWVLQDVLPSOHDQGVKRUWWLPHE\DSSO\LQJDQDOWHUQDWLQJVWDFNLQJPHWKRG
EDVHGRQSRO\PHUFKHPLVWU\WRIRUPQDQRILOPVRIPDFURPROHFXOHVRQHDFKFHOO
6KRUWWHUPFRQVWUXFWLRQRIWKUHHGLPHQVLRQDORUJDQL]DWLRQ,QWURGXFWLRQRIYDVFXODUDQGO\PSKDWLFQHWZRUNV$GDSWDELOLW\WR0XOWLSOH&HOOV0XOWL&HOO$UUDQJHPHQW&RQWURO/RQJWHUPFXOWXUHVWDELOLW\&RUWLFDOOD\HU

3ULFNOHOD\HU

%DVDOOD\HU
'HUPDOOD\HU

7KUHHGLPHQVLRQDOVNLQPRGHO1RYHOW\FRPSDUHGZLWKWHFKQRORJLHVRIRWKHUFRPSDQLHV&XUUHQWHYDOXDWLRQNLWVDOORZDVVHVVPHQWRIUHSHDWHGGRVHWR[LFLW\PHWDEROLF
DFWLYLW\DQGFHOOWRFHOOUHVSRQVHVWKDWDUHGLIILFXOWWRDVVHVV'UXJVFUHHQLQJXVLQJWKH3KDUPDFRORJ\(YDOXDWLRQ0RGHOIURPWKHLQLWLDOVWDJHVRIGUXJGLVFRYHU\HQDEOHVVKRUWWHUPDQGKLJKSUHFLVLRQHYDOXDWLRQRIWR[LFLW\WKHUHE\UHDOL]LQJDUHGXFWLRQLQGUXJGLVFRYHU\FRVWVXVLQJQHZGUXJV7KUHHGLPHQVLRQDOOLYHUPRGHO0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV‫؞‬,QWKHWKUHHGLPHQVLRQDOVWUXFWXUHEXVLQHVVVXSSRUWLQJGUXJGLVFRYHU\ZHZLOOIRFXVRQVDOHVRISKDUPDFRORJLFDOHYDOXDWLRQPRGHOVLQ
WKHPHGLFDOFRVPHWLFVIRRGDQGFKHPLFDOPDUNHWV,QWKHPHGLXPWRORQJWHUP
‫؞‬:HZLOOLPSOHPHQWDYDULHW\RILQIHFWLRXVGLVHDVHWUHDWPHQWSURMHFWVWKDWPDNHXVHRIWKHWKUHHGLPHQVLRQDOFHOOVWUXFWXUH
‫؞‬:HZLOOSURPRWHUHVHDUFKDQGGHYHORSPHQW
RIZHOOQHVVEXVLQHVVHVWKDWPDNHXVHRIORFDODGYDQWDJHVDQGXVHVXEWURSLFDOXVHIXOSODQWV‫؞‬,QUHVSRQVHWRWKHGHPDQGIRUDOWHUQDWLYHPHWKRGVIRUDQLPDOH[SHULPHQWVZKLFKDUH
HVVHQWLDOIRUWKHGHYHORSPHQWRIQHZGUXJVZHDUH
IRFXVLQJRXUHIIRUWVRQWKHSURGXFWLRQRISKDUPDFRORJLFDOHYDOXDWLRQFHOOVWRVXSSRUWGUXJGLVFRYHU\‫(؞‬VWDEOLVKHGLQDVDXQLYHUVLW\YHQWXUHFRPSDQ\WKH%07+\EULGZDVFHUWLILHGDVDYHQWXUHDSSURYHGE\.DJRVKLPD8QLYHUVLW\LQ
‫؞‬:HZLOODOVRWDNHRQWKHFKDOOHQJHRIFUHDWLQJORFDOFRPPXQLWLHVDQGSURPRWLQJUHJLRQDOHGXFDWLRQWKURXJKLQGXVWU\DFDGHPLDJRYHUQPHQWFROODERUDWLRQ‫ٹ‬2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH

1XPEHURIHPSOR\HHV‫؟‬㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌&DSLWDO‫؟‬.DJRVKLPD8QLYHUVLW\,QQRYDWLRQ&HQWHU PLOOLRQWKRXVDQG\HQ).RULPRWR.DJRVKLPD<HDURIIRXQGDWLRQ‫؟‬.DJRVKLPD
5HSUHVHQWDWLYH‫؟‬
85/KWWSZZZEPWK\EULGFRMS
3UHVLGHQWDQG5HSUHVHQWDWLYH
4XHU\7(/RU:HEVLWH
GLUHFWRU0DVDDNL1DZDQR   $FWLYLWLHVUHODWHGWRSKDUPDFHXWLFDOVKHDOWKIRRGVPHGLFDOPDFKLQHU\DQGHQYLURQPHQWDOFRQVHUYDWL
RQHWF

‫ٹ‬3DWHQWVRQWKHSURGXFW
%DVLF3DWHQW1R3DW1R
3DWHQW$SSOLFDWLRQHWF
3HULSKHUDO3DWHQWV3&7-3:2$3DWHQW $SSOLFDWLRQ

-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[3+$50$&26(/&2/7'/7'
6\VWHPIRUHYDOXDWLQJWKHWUDQVIHURIGUXJVDQGIRRGIXQFWLRQDOLQJUHGLHQWVWRWKHEUDLQ,QYLWUREORRGEUDLQEDUULHUPRGHO%%%.LWæ%$&.*5281'2)%%%.LWæ'(9(/230(17$VWKHQXPEHURISHRSOHZLWKGHPHQWLDDQGGHSUHVVLRQLQFUHDVHVZLWKDJHLWLV
QHFHVVDU\WRUDSLGO\GHYHORSWKHUDSHXWLFGUXJVDQGIXQFWLRQDOFRPSRQHQWVWKDWDIIHFWWKHEUDLQ)RUWKHVHLQJUHGLHQWVWREHHIIHFWLYHWKHGUXJPXVWEHWUDQVIHUUHGLQWRWKH
EUDLQ8QOLNHRWKHURUJDQVWKHEUDLQLVSURWHFWHGE\VSHFLDOEDUULHUIXQFWLRQV WKHEORRGEUDLQEDUULHU%%% VRRQO\DYHU\OLPLWHGQXPEHURIFRPSRQHQWVFDQEHWUDQVIHUUHGWRWKHEUDLQ7KHUHIRUHZHKDYHGHYHORSHGWKH%%%.LWæDVDV\VWHPWRTXLFNO\DVVHVVZKHWKHUFRPSRQHQWVXQGHUGHYHORSPHQWFDQEHWUDQVIHUUHGWRWKHEUDLQ7KLVSURGXFWLV
WKHZRUOG VILUVWDQGRQO\SURGXFW$FFHOHUDWH&16GUXJGLVFRYHU\%ORRGEUDLQEDUULHULQYLWURUHFRQVWLWXWLRQPRGHOV:RUOG VILUVW3ULPDWH PRQNH\ %%%
PRGHO
%%%.LWæ 0%7+ &RQWHQW0DLQXQLWGHGLFDWHGFXOWXUHVROXWLRQ)HDWXUHVRIWKH%%%.LWæ
7KLVSURGXFWXVHVWKUHHW\SHVRI%%%FHOOVZKLFKHQDEOHUDSLGHYDOXDWLRQRIWKH
LQWUDFHUHEUDOPLJUDWLRQRIPDQ\FRPSRQHQWVLQDW\SLFDOFHOOFXOWXUHIDFLOLW\
7KLVSURGXFWLVDIUR]HQSURGXFWWKDWFDQEHWKDZHGIRUWKHFRQYHQLHQFHRIWKH
H[SHULPHQWDQGWHVWHGGD\VDIWHUWKDZLQJ

&RPSDULVRQZLWKFRQYHQWLRQDOWHFKQRORJ\(YDOXDWLRQRIEUDLQSHQHWUDWLRQRIGUXJVHWFKDVEHHQFRQGXFWHGLQDQLPDOH[SHULPHQWV&RPSDUHGWRDQLPDOH[SHULPHQWVWKH
WLPHUHTXLUHGLVJUHDWO\UHGXFHGZKLFKLVH[SHFWHGWRLPSURYHWKH
GHYHORSPHQWVSHHGDQGUHGXFHODERUFRVWV,WFDQDOVRFRQWULEXWHWRUHGXFLQJWKHQXPEHURIODERUDWRU\DQLPDOVWKDWZLOOEHVDFULILFHG

 

7KHEORRGEUDLQEDUULHU %%% LVUHFRQVWLWXWHG
LQFHOOFXOWXUHSODWHV$QLPDOH[SHULPHQWV%%%.LWæ

6HYHUDOGD\VEUHHGLQJDGPLQLVWUDWLRQ $ERXWKRXUV3URGXFWWKDZLQJDQG
7LPH
HXWKDQDVLDDXWRSV\([WUDFWLRQHYDOXDWLRQWHVW\HQIRUSXUFKDVHDQG
&RVWRIHYDOXDWLQJRQH
PDLQWHQDQFHRIUDWV?5DW%%%.LW
FRPSRXQG
\HQPRQNH\SXUFKDVHDQG
?0RQNH\%%%.LWæ
PDLQWHQDQFHFRVW
1XPEHURI$QLPDO
9LFWLPVDW&RPSRXQG
(YDOXDWLRQ

2QHDQLPDO

1XPEHURIFRPSRXQGVHYDOXDWHGSHUWLPH
6NLOOOHYHORIVFLHQWLVW
5HSURGXFLELOLW\RIHYDOXDWLRQUHVXOWV





1HHG

8QQHFHVVDU\%\WKHH[SHULPHQWHU

6WDEOH$SSUR[LPDWHO\DQLPDOV5DW%%%.LWæ$SSUR[LPDWHO\PRQNH\%%%NLWæ

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV

7KHFRPSDQ\ZDVIRXQGHGLQDV
DELRYHQWXUHIURPWKH)DFXOW\RI
0HGLFLQH1DJDVDNL8QLYHUVLW\%\
GHYHORSLQJPDQXIDFWXULQJDQGVHOOLQJ
%%%.LWæZHVXSSRUWWKHGHYHORSPHQW
RIQHZGUXJVE\SKDUPDFHXWLFDOFRPSDQLHVDQGRWKHUHQWLWLHV

%DVHGRQWKHNQRZOHGJHJDLQHGWKURXJKWKHGHYHORSPHQWRIWKH
%%%.LWæZHDUHGHYHORSLQJWHFKQRORJLHVWKDWFRQWULEXWHWRWKH
H[SDQVLRQRI%%%UHODWHGSURGXFWVDQGWKHRSWLPL]DWLRQRIFHOOFXOWXUH,QDGGLWLRQZHZLOOSURPRWHFRRSHUDWLRQZLWKUHVHDUFKLQVWLWXWHVDQGFRPSDQLHVLQYROYHGLQWKHGHYHORSPHQWRIQHZGUXJVDQG
IXQFWLRQDOLQJUHGLHQWVDQGFHOOFXOWXUHXVLQJRXUWHFKQRORJ\‫ٹ‬2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌')/$*'HMLPDFKR1DJDVDNL
1DJDVDNL
85/KWWSZZZSKDUPDFRFHOOFRMS
4XHU\7(/
(PDLOLQIR#SKDUPDFRFHOOFRMS

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW0DVDPL1LZD'HYHORSPHQWPDQXIDFWXUHDQGVDOHRI%%%.LWæHQWUXVWHGWHVWLQJXVLQJ%%%
.LWæDQGGHYHORSPHQWPDQXIDFWXUHDQG
VDOHRIFHOOFXOWXUHUHODWHGSURGXFWV‫ٹ‬3DWHQWVRQWKHSURGXFW
863DW1R
863DW1R

-[WUJW8GPVWTG5GGU0Q/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[XQLYHUVDOVRXQGGHVLJQLQF
)DFLOLWDWHFRXQWHUVHUYLFHDQGFRPPXQLFDWLRQZLWKHOGHUO\SHRSOHGXULQJQXUVLQJFDUH'LDORJXH6XSSRUW6\VWHPVFRPXRRQ:RUOGdVILUVWGLDORJXHVXSSRUWHTXLSPHQWWKDWFDQEH
XVHGZLWKRXWDWWDFKLQJWRHDUV
8QWLOQRZPRVWRIWKHGHYLFHVWKDWVXSSRUWKHDULQJDUHKHDULQJDLGVDQGVRXQGFROOHFWRUVZRUQE\SHRSOHZLWKKHDULQJLPSDLUPHQWVWKHPVHOYHVDQGWKHUHLVQRGHYLFHWRVXSSRUWRQ
WKHVSHDNLQJVLGH&RPXRRQLVWKHZRUOG VILUVWGLDORJXHVXSSRUWV\VWHPWKDWPDNHVLWSRVVLEOH
WRVPRRWKFRPPXQLFDWLRQZLWKWKHHOGHUO\E\PDNLQJLWHDVLHUWRKHDUWKHYRLFHRIWKHVSHDNHUZLWKRXWKDYLQJWRZHDULWWRWKHKDUGRIKHDULQJSHUVRQ

6RQLF%UDLQDFKLHYHGE\-DSDQHVHKLJKTXDOLW\VRXQGWHFKQRORJLHV
0U1DNDLVKLLQYHQWRUDQGUHSUHVHQWDWLYHRI&RPXRRQIRXQGWKDWQRWRQO\WKHVL]HEXWDOVRWKHFODULW\LVJUHDWO\DIIHFWLQJKXPDQ VVSHHFKDQGLWWRRNWKUHH\HDUVWR
FRPPHUFLDOL]HLW
6RQLF%UDLQ7HFKQRORJ\UHDOL]HVDQHJJVKDSHGGHVLJQWKDWHQKDQFHVGLUHFWLYLW\DFKLHYHVRSWLPXPDFRXVWLFFKDUDFWHULVWLFVDGLJLWDODPSOLILHUWKDWUHGXFHVVRXQG
GLVWRUWLRQWRWKHXWPRVWDQGXOWLPDWHFODULW\

5HVHDUFKUHVXOWVDUHSXEOLVKHGLQWKH86QHXURORJ\UHODWHG
PDJD]LQH1HXURUHSRUW&RPSDUHGZLWKJHQHUDOVSHDNHUV&RPXRRQ KDVFRQILUPHGWKHXVHIXOQHVVRIZRUGGLVFULPLQDWLRQRIKHDULQJLPSDLUHGSHRSOHDWWKHFHUHEUDOFRUWH[OHYHO7KLVVXJJHVWV
WKDW&RPXRRQPD\EHXVHGDVDOLIHVXSSRUWWRROIRUSHRSOHZLWKKHDULQJORVV7KH
UHVXOWVRIWKLVUHVHDUFKDUHSXEOLVKHGRQ$XJXVWLQWKH861HXURORJ\PDJD]LQH
1HXURUHSRUW&RPXRRQPRELOH%DWWHU\W\SH
DQGSRUWDEOH
:LQQLQJWKH*RRG'HVLJQ$ZDUG

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW:LWKZRUOGZLGHDJLQJJRLQJRQFRPPXQLFDWLRQLPSDLUPHQWGXHWRKHDULQJORVVKDVEHFRPHDQ
LVVXHIRUPDQNLQG
7KHQXPEHURIKHDULQJLPSDLUHGSHRSOHLQWKH
ZRUOGLQH[FHHGVDQGLVVDLG
WRLQFUHDVHWRSHRSOHLQ2XUFRPSDQ\KDVWHFKQRORJLHVWRUHDOL]HWKHVRXQGZKLFKLVKDUGWRKHDUE\WKHHOGHUO\VWXGLHVGLIILFXOW\LQPHGLFLQHVFLHQWLILFDOO\DQGWUDQVPLWVWRWKHEUDLQQHDWO\2XUWHFKQRORJ\LVH[SHFWHG
WREHDSSOLHGLQYDULRXVILHOGVVXFKDV79DQG
GLVDVWHUSUHYHQWLRQEURDGFDVWUDGLR,Q-DSDQXQLWVDUHDOUHDG\LQRSHUDWLRQDWEDQNVKRVSLWDOVSKDUPDFLHVQXUVLQJFDUHIDFLOLWLHVVFKRROVFRPSDQLHVDQGRWKHUV:HSURDFWLYHO\SURSRVHSURGXFWVWRDGPLQLVWUDWLYHLQVWLWXWLRQVDQGDXWRPRELOHVFKRROVYLVLWHGE\HOGHUO\SHRSOHDXWRPRELOHVFKRROVSXEOLFWUDQVSRUWDWLRQIDFLOLWLHVPHGLFDOLQVWLWXWLRQVWREHLQWURGXFHGIRU
LPSDUWLDOGHPHQWLDH[DPLQDWLRQRIKHDULQJLPSDLUHGSHUVRQVDQGDXWRPRELOHVFKRROVZKHUHHOGHUO\SHRSOHDUHWDNLQJFRXUVHV,QDGGLWLRQLQRUGHUWRUHDOL]HWKHLPSURYHPHQWHIIHFWRIIXUWKHUKHDULQJ
ZHDUHSURPRWLQJUHVHDUFKXQGHUWKHDGRSWLRQRI)<6WUDWHJLF%DVLF7HFKQRORJ\$GYDQFHPHQW
6XSSRUW3URMHFW

䕔&RUSRUDWHSURILOH$GGUHVV ‫ٿ‬)0DULQ[7RZHU.DLJDQ0LQDWR7RN\R85/KWWSXVGFRMS
4XHU\ RU:HEVLWH

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW &(26KLQLFKLUR1DNDLVKL䕔2XWOLQHRIEXVLQHVV'HVLJQGHYHORSPHQWDQGVDOHRIDXGLWRU\VXSSRUWHTXLSPHQW
6RXQGGHVLJQSODQQLQJSURGXFWLRQDQG
FRQVXOWLQJRIVWRUHVEXLOGLQJVDQGLQGRRUVSDFHV

䕔3DWHQWVRQWKHSURGXFW‫ٵ‬5HJLVWHUHGGHVLJQUHJLVWUDWLRQ1R
‫ٵ‬-DSDQHVH3DWHQW1RIRUDVVLVWLQJKHDULQJLPSDLUHGSHRSOHZKRDFTXLUHGWKH
SDWHQWV-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[

5HLI&R/WG
$FTXLVLWLRQDQGXXWLOL]DWLRQ RIZDONLQJ SDUDPHWHUVَ)RRWSUHVVXUHVHQVRUV\VWHPُ2XWOLQHDQGFKDUDFWHULVWLFVRIWHFKQRORJ\w&RPSDULVRQZLWKFRQYHQWLRQDOWHFKQRORJ\<RXFDQDFTXLUHZDONLQJSDUDPHWHUV IRRWSUHVVXUHZDONLQJVSHHG
VWULGHHWF IURPDSUHVVXUHVHQVRULQFRUSRUDWHGLQWKHLQVROH:LUHOHVVFRPPXQLFDWLRQVWDQGDUGVFRUUHVSRQGWR%OXHWRRWKFODVVDQGZDONLQJSDUDPHWHUVFDQEHXWLOL]HGLQVRIWZDUHRIH[WHUQDOHTXLSPHQW
8VHUVFDQHDVLO\PHDVXUHSDUDPHWHUVE\MXVWVHWWLQJWKHLQVROHLQWKH
VKRHV0DQ\RWKHUGHYLFHVWKDWFDQDFTXLUHZDONLQJSDUDPHWHUVDUHLQ
WKHIRUPRIDVKHHWOLNHLQVWDOODWLRQW\SHDQGZDONLQJSODFHVDUHOLPLWHG:LWKWKHIRRWSUHVVXUHVHQVRUV\VWHPLWLVSRVVLEOHWRDFTXLUHZDONLQJSDUDPHWHUVZLWKRXWUHVWULFWLQJWKHORFDWLRQLILWLVDIODWURRP

3RVVLEOHDSSOLFDWLRQV$W SUHVHQWZHKDYHGHYHORSHGDQGFRPPHUFLDOL]HGVRIWZDUHWKDWPHHWVWKH
QHHGVRIJDLWUHKDELOLWDWLRQDWKRVSLWDOIDFLOLWLHVDQGIXQFWLRQDOWUDLQLQJRIQXUVLQJIDFLOLWLHVEDVHGRQJDLWSDUDPHWHUVREWDLQHGIURPIRRWSUHVVXUH
VHQVRUV\VWHPV,WLVDVVXPHGWKDWRWKHUWUDLQLQJVXSSRUWHTXLSPHQWFDUHVXSSRUWHTXLSPHQWDQGPRYHPHQWWUDQVIHUVXSSRUWHTXLSPHQWLQPHGLFDOUHKDELOLWDWLRQDQGFDUHVLWHVDUHXVHGDVDQDO\]HUVE\OLQNLQJZDONLQJSDUDPHWHUVZLWKHDFKRWKHU$SSHDUDQFHRIIRRWSUHVVXUHVHQVRUV\VWHP

0DQDJHPHQWVWUDWHJ\‫&ٴ‬RPSDQ\SURILOH‫ٴ‬%XVLQHVVGHYHORSPHQWDQGEXVLQHVVSDUWQHUVKLS:HKDYHNQRZKRZRIPDQXIDFWXULQJVXFKDVPHGLFDOUHKDELOLWDWLRQHTXLSPHQWQXUVLQJ
FDUHVHUYLFHHTXLSPHQWVSKHUHFRQWUROWHFKQRORJ\FRPSDFWPXOWLD[LVDUPHWF:H
UHDOL]HSURGXFWVIURPFRQFHSWDQGXVHUYLHZSRLQWIURPSODQQLQJSURSRVDOWRSURWRW\SHGHYHORSPHQWXQWLOQRZ :HDUHGRLQJIURPSODQQLQJWRVRIWZDUHGHYHORSPHQWDQG
KDUGZDUHGHYHORSPHQWDWRXUFRPSDQ\ٌ'RPHVWLFEXVLQHVVٍ:HDUHSURPRWLQJWKHLQWURGXFWLRQRIRXU
SURGXFWVWRUHVHDUFKLQVWLWXWLRQVVXFKDVKHDOWKFDUHSURIHVVLRQDOVVRFLDOZHOIDUHSURIHVVLRQDOVDQG
XQLYHUVLWLHV:HH[SHFWWRFROODERUDWHZLWKGLVWULEXWRUVVXFKDVPHUFKDQWVZKRKDYH
H[SHUWLVHLQSURPRWLQJVDOHVLQVSHFLDOL]HGDUHDVٌ2YHUVHDVEXVLQHVVٍ:HDLPWRH[SDQGVDOHVRIRXUSURGXFWVLQ
6LQJDSRUH$IWHUWKHHVWDEOLVKPHQWRIVDOHVDFWLYLWLHVLQ6LQJDSRUHZHSODQWRSURFHHGWRRWKHU6RXWKHDVW$VLD‫ٴ‬5HSUHVHQWDWLYHSURGXFW*DLWUHKDELOLWDWLRQVXSSRUWWRROV WUHH
:DONLQJDVVHVVPHQWLQVROH3L7&DUH SLWFDUH

䕔&RUSRUDWHSURILOH$GGUHVV‫ٿ‬0LKDJLQR.RNXUD.LWDNX.LWDN\XV\X)XNXRND
85/KWWSVUHLIFRUSFRP
7(/

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW&KLHI7HFKQLFDO2IILFHU

0DVDR0RUL

䕔2XWOLQHRIEXVLQHVV
'HYHORSPHQWPDQXIDFWXUHDQGVDOHRIPHGLFDOHTXLSPHQWDQGV\VWHPV'HYHORSPHQWPDQXIDFWXUHDQGVDOHRIUHKDELOLWDWLRQVXSSRUWHTXLSPHQWDQGV\VWHPV'HYHORSPHQWPDQXIDFWXUHDQGVDOHRIQXUVLQJFDUHZHOIDUHHTXLSPHQWDQG WKHV\VWHPV-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[$0,&R/WG
8VHVWHWKRVFRSHV¼ (&*¼ ,R7WRUHDOL]HDXWRPDWLFGLDJQRVLVDQGUHPRWHPHGLFDOFDUH

5HPRWHPHGLFDOVWHWKRVFRSHVZLWKDXWRPDWHGGLDJQRVWLFDVVLVWDQFH‫ع‬6\VWHPWKDWQRWRQO\FDQDXWRPDWLFDOO\GHWHFWYDOYXODUKHDUWGLVHDVHVVXFKDVDRUWLFVWHQRVLVEXWDOVRFDQEHXVHGLQUHPRWHFOLQLFDOSUDFWLFH‫ع‬$XWRPDWHGGLDJQRVLVDVVLVWDQW$,‫؞‬7KHDXWRPDWLFDXVFXOWDWRU\IXQFWLRQRIDXVFXOWDWRU\VRXQGVLVDFKLHYHGE\V\QWKHVL]LQJWKHWLPLQJRIP\RFDUGLDODFWLRQSRWHQWLDOVDQG
DXVFXOWDWRU\VRXQGVDQGSURFHVVLQJWKHPLQDXQLTXHSURJUDP%UHDNWKURXJK RIVWHWKRVFRSHV
w3ODFLQJHOHFWURGHVDURXQGWKHVWHWKRVFRSHDQGGHWHFWLQJFRQWDFWVWDWXVRIWKHVWHWKRVFRSH
w'HWHFWDUUK\WKPLDVXFKDVDWULDOILEULOODWLRQIURPHOHFWURFDUGLRJUDP
w$VVLVWZLWKDXWRPDWLFGLDJQRVLVRIUHVSLUDWRU\GLVHDVHVLQFRPELQDWLRQZLWKXOWUDVRXQG
w%ORRGSUHVVXUHPRQLWRUw9LWDOVLJQPHDVXUHPHQWIXQFWLRQVXFKDV
R[\JHQVDWXUDWLRQLVDGGHG
w'LJLWL]HYDULRXVGDWDDQGPDNHLWDYDLODEOHIRUUHPRWHPHGLFDOH[DPLQDWLRQ

3URWRW\SHQXPEHULQJPDFKLQH$ZDUGVUHFHLYHG‫؞‬2PURQ.RWR&KDOOHQJHQG3UL]HIRU([FHOOHQFH‫؞‬.'',‫ۻ‬/DE([FHOOHQFH$ZDUG‫؞‬.XPDPRWR7(&3ODQQLQJ/DPSUL6SHFLDO$ZDUGIRU([DPLQHUV

3URWRW\SHPDFKLQH

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
7KHSUHVLGHQWDFDUGLRORJLVWVWDUWHGZLWKWKHEHOLHIWKDWKH
ZDQWHGWRUHGXFHVXGGHQGHDWKDQGKHDUWIDLOXUHDQGWKDWKH
ZDQWHGWREHDZRUOGLQZKLFKKHZRXOGEHDEOHWRUHFHLYHWKHVDPHOHYHORIPHGLFDOFDUHZKHUHYHUKHOLYHG7RVROYHWKLVSUREOHPZH
KDYHGHYHORSHGDVXSHUVWHWKRVFRSH DUHPRWHXVHVWHWKRVFRSHZLWKDXWRPDWLFGHWHFWLRQRIYDOYXODUKHDUWGLVHDVHHTXLSSHGZLWKYDULRXVYLWDOVLJQPHDVXUHPHQWIXQFWLRQV WKDWLVQHFHVVDU\IRUWKLVSXUSRVHZKLFKLVFRQVLGHUHGWREHDXWRPDWHGGLDJQRVLVDQG
UHPRWHPHGLFDOWUHDWPHQW,QWKHIXWXUHZHZLOOQRWRQO\GHYHORSGHYLFHVEXWDOVRGHYHORSUHPRWHPHGLFDOFDUHVHUYLFHVWRVROYHSUREOHPVLQDUHDVZLWKGHSRSXODWLRQVXFKDVUHPRWHLVODQGVDQGUHPRWHDUHDV‫&ٹ‬RUSRUDWHSURILOH$GGUHVV‫ٿ‬+DPDPDWVXF\R
0LQDPDWD.XPDPRWR
85/KWWSDPLNXPDPRWRFRP
7(/

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQWDQG5HSUHVHQWDWLYH
GLUHFWRU
6KLQSHL2JDZD
31‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV
7HOHPHGLFLQHKDVEHHQ
SURPRWHGDVDQDWLRQDOPHDVXUH
LQUHFHQW\HDUV5DSLGPHGLFDOLQQRYDWLRQZLOOOHDGWRUHVHDUFKDQGGHYHORSPHQWRIQHZPHGLFDO
GHYLFHVDQGVHUYLFHVLQRUGHUWRUHDOL]HSUHYHQWLYHPHGLFLQH
KHDOWKSURPRWLRQDQGPHGLFDO
H[SHQGLWXUHUHGXFWLRQ䕔2XWOLQHRIEXVLQHVV‫'؞‬HYHORSPHQWRI0HGLFDO'HYLFHV$XWRPDWLF
GLDJQRVLVRIHOHFWURQLFVWHWKRVFRSHV%UHDNLQJGRZQDQGGHYHORSLQJDVVLVWIXQFWLRQV‫'؞‬HYHORSPHQWRI$VVLVW)XQFWLRQ3UHYHQWLYH
0HGLFLQH5HPRWH&RPSOHWHO\QHZKHDOWKFDUHVHUYLFHV䕔3DWHQWVRQWKHSURGXFW$SSOLFDWLRQ $SSOLFDWLRQ$SSOLFDWLRQ  $SSOLFDWLRQ
$SSOLFDWLRQ

-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[%ORRP7HFKQRORJ\FRUSRUDWLRQWL
3RZHUIXOVXSSRUWWRROWRGHWHFWVLJQVRIOLIHVW\OHUHODWHGGLVHDVHV

7R[LFDGYDQFHGJO\FDWLRQHQGSURGXFWV$*(V PHDVXUHPHQW
7HFKQLFDOSURGXFWRYHUYLHZ
5HFHQWO\DGYDQFHGJO\FDWLRQHQGSURGXFWV$*(V SDUWLFXODUO\$*(V *O\FHU$*(VODWHU
FDOOHGWR[LF$*(V 7$*( GHULYHGIURPJO\FHUDOGHK\GHDVXJDUPHWDEROL]LQJ
LQWHUPHGLDWHDUHNQRZQWREHVWURQJO\
DVVRFLDWHGZLWKWKHGHYHORSPHQWRIOLIHVW\OHUHODWHGGLVHDVHV&RQWLQXRXVPHDVXUHPHQWVRIWKLV7$*(FDQKHOSWRPRQLWRUWKHH[WHQVLRQRIKHDOWK\OLIHH[SHFWDQF\&DUERK\GUDWH$*(DFFXPXODWHV

3URWHLQ 6DFFKDULI\$JLQJ

:KDWLV$*(V"
7KHDGYDQFHGJO\FDWLRQHQGSURGXFW $*(V LVDPDWHULDOIRUPHGZKHQSURWHLQVDQGVXJDUVDUH
KHDWHG,WLVKLJKO\WR[LFDQGLVFRQVLGHUHGWREHD
FDXVDWLYHDJHQWRIDJLQJ([SRVXUHRIWKHERG\WRKLJKFRQFHQWUDWLRQVRIVXJDUIRUDSHULRGRIWLPHUHVXOWVLQDQLUUHYHUVLEOHFKDQJHWRDWR[LF
VXEVWDQFH
 0DQ\IRRGVDQGEHYHUDJHVDOVRFRQWDLQ$*(V:HWDNH$*(VLQWRWKHERG\WKURXJKPHDOVDQG
VQDFNV6RPHRIWKH$*(VLQWKHVHIRRGVDQG
EHYHUDJHVLVEURNHQGRZQGXULQJGLJHVWLRQEXW
DERXWDFFXPXODWHVLQWKHERG\ZLWKRXWEHLQJ
H[FUHWHG
 ,WLVLPSRUWDQWWROLYHLQZD\VWKDWGRQRWVWRUH
$*(VZKLFKFDQFDXVHVHULRXVLOOQHVVLQRWKHUSDUWVRIWKHERG\

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
‫؞‬:HIRFXVHGRXUDWWHQWLRQRQWKH$*(VGHULYHGIURPWR[LFJO\FHUDOGHK\GH
7$*( GLVFRYHUHGE\3URIHVVRU0DVD\RVKL7DNHXFKLDW.DQD]DZD0HGLFDO
8QLYHUVLW\‫؞‬:HDLPWRH[WHQGRXUKHDOWK\OLIHH[SHFWDQF\E\GHWHFWLQJHDUO\VLJQVRIOLIHVW\OHUHODWHGGLVHDVHVWKURXJK7$*(PHDVXUHPHQW‫ٴ‬1RYHOW\DQGRULJLQDOLW\‫؞‬:HDUHILQGLQJRXW7$*(VWUXFWXUHVIRUWKHILUVWWLPHLQWKHZRUOG
‫؞‬0HDVXULQJ7$*(LQVLGHEORRGLVDSURSULHWDU\WHFKQLTXHRIRXUFRPSDQ\‫؞‬7KHFRPSDQ\ZDVWKHILUVWLQWKHZRUOGWRGLVFRYHUWKHSUHVHQFHRI7$*(LQXULQH


䕔&RUSRUDWHSURILOH㻌 㻌 㻌 㻌 㻌 㻌+HDG2IILFH5HVHDUFK‫ٿ؟‬㻌㻌㻌㻌㻌㻌㻌㻌
$GGUHVV,QFXEDWRUZLWK.XPDPRWR8QLYHUVLW\&RRSHUDWLRQ0LQDPLNXPDPRWR&KXR.XPDPRWR
7RN\R2IILFH)RXUWKIORRURIWKHLQWHUQDWLRQDO%XLOGLQJ 0DUXQRXFKL&KL\RGD7RN\R
85/KWWSEORRPWHFKQRORJ\FRMS
4XHU\7(/)$;

(PSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQWDQG
5HSUHVHQWDWLYH'LUHFWRU
+LGHNL 6DLWR‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV‫؞‬:HDUHFRQGXFWLQJFOLQLFDO
WULDOVDLPLQJIRU7$*(PHDVXUHPHQWVWREHFRYHUHG
E\LQVXUDQFHLQWKHIXWXUH‫؞‬:HDLPIRUGUXJVGLDJQRVLQJLQIHUWLOLW\E\GHYHORSLQJXULQH
PHDVXUHPHQWNLWV 䕔2XWOLQHRIEXVLQHVV'UXJGHYHORSPHQWHQWUXVWHG
WHVWLQJDQGHQWUXVWHG
PHDVXUHPHQW
䕔3DWHQWVRQWKHSURGXFW>$SSOLFDWLRQ@-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[),/720,QF
:RUOG V)LUVW)LOWHU7HFKQRORJ\6DYHVWKH
(QYLURQPHQWRIWKH(DUWKDQGWKH6NLQ&3ODFHQWD6HULHVWKDWFDQQRWEHFDOOHGFRVPHWLFV/LQHXSUHIOHFWLQJWKHRXWVWDQGLQJSHUVRQDOLW\RI),/720:HDUHGHSOR\LQJ3ODFHQWDw3ODVPDZKLFKFROOHFWHGWLVVXHIOXLGLWVHOIIURPSODFHQWD
PDWHULDOZLWKRXWGLOXWLRQRYHUKHDWLQJE\FRPSOHWHO\XQKHDWHGDQGFRVPHWLFV3ODFHQWD
&VHULHVXVLQJ3ODFHQWD3ODVPD$ULFKQDWXUDOKRWVSULQJORWLRQ<DPDGD,]XPLVHULHVWKDWFRXOGEHUHDOL]HGE\PHPEUDQHVHSDUDWLRQWHFKQRORJ\,QDGGLWLRQZHZLOOFRPPHUFLDOL]HZKDWZHKDYHQHYHUKDGEHIRUHZLWKRXWEHLQJFRQFHUQHGZLWKFRPPRQVHQVHVXFKDVWKHSXUHVRDSVHULHVWKDWZDVUHERUQDVJHOE\RXUPHFKDQRFKHPLFDO
WHFKQRORJ\),/720NHHSVVWLFNLQJWRLQGLYLGXDOSURGXFWGHYHORSPHQW2ULJLQDOILOWHUWHFKQRORJ\XWLOL]HVWKHDFWLYHLQJUHGLHQWVDVLWLV
SODFHQWDSODVPD!
2XUSURSULHWDU\3'PHPEUDQHVHSDUDWLRQPHWKRGLVWKHZRUOG VILUVWILOWHUWHFKQRORJ\WR
VWDEO\UHPRYHQDQRVL]HGSDUWLFOHV)URPWKHLQWHUPHGLDWHLGHDRIGLDO\VLVWHFKQRORJ\XVHGLQDUWLILFLDOGLDO\VLVHWFDQGILOWUDWLRQWHFKQRORJ\XVHGLQZDWHUWUHDWPHQWEORRG
DQGEORRGYHVVHOVLQRXUERG\DUHEHLQJWKHPRGHOV2QO\DIWHUWKHFRPSOHWLRQRIVHSDUDWLRQWHFKQRORJ\ZKLFKFKDQJHVFRPPRQVHQVHRIILOWHUXSWRQRZDFRPSOHWHO\XQKHDWHGDFWLYHSODFHQWDZLWKWKHDFWLYHLQJUHGLHQWLQWDFWZDVUHDOL]HGWKHFRPPRQVHQVH
RIILOWHUVVRIDUDIXOO\QRQKHDWHGDFWLYHSODFHQWDZLWKWKHDFWLYHLQJUHGLHQWDVLVZDVUHDOL]HG+\EULGODERUDWRU\),/720LVDOVRDUDZPDWHULDOPDNHUWKDWGHYHORSVSODFHQWDH[WUDFWLWVHOIZKLFKLVDUDZ
PDWHULDORIFRVPHWLFVZKLFKLVUDUHLQFRVPHWLFVLQGXVWU\PDLQO\LQSUHSDUDWLRQPDQXIDFWXULQJ,QDGGLWLRQWRILQDOSURGXFWVZHDOVRGHYHORSHGRXURZQLQKRXVH
SURGXFWLRQRIILOWHUPHPEUDQHVWKHPVHOYHVDVZHOODVEDVLFHTXLSPHQWV DQGWHFKQRORJLHVQHFHVVDU\IRUPDQXIDFWXULQJDVZHOODVILOWHUPHPEUDQHVWKHPVHOYHV+\EULGODEWKDWFDQ
FRPSOHWHHYHU\WKLQJLQKRXVH7KDWLV),/720

3'0HPEUDQH6HSDUDWRU!

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG,QWHUQDOUHVHDUFKZDVLQHYLWDEOHLIUHVHDUFKDQGGHYHORSPHQWWKDWGRHVQRWKDYHDPRGHOZHUHWR
PDNHVRPHWKLQJQRWLQWKHZRUOG
),/720LVDGHYHORSPHQWRULHQWHGUHVHDUFKLQVWLWXWHWKDWZRUNVFRQVLVWHQWO\IURPPDWHULDOVWRILQLVKHGSURGXFWV$K\EULGODEWKDWERDVWVGHYHORSPHQWVSHHGVQRW
IRXQGLQRWKHUFRPSDQLHVDQG
PDNHVXVHRIDZLGHQHWZRUNZLWKRXWVLGHUHJDUGOHVVRIJHQUH7KDWLV
),/720:HZDQWWRNHHSFKDQJLQJFRPPRQVHQVHRIFKHPLVWU\

䕔&RUSRUDWHSURILOH$GGUHVV‫ٿ‬+LELNLQR.LWD
:DNDPDWVXNX.LWD.\XVKX)XNXRND
85/KWWSZZZILOWRPFRP
4XHU\7(/RU 2QOLQH

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV
7KHJRDOWKDW),/720DLPVIRULVVHDZDWHUGHVDOLQDWLRQE\3'
PHPEUDQHVHSDUDWLRQ,QRXUERG\WKHNLGQH\VFRQWLQXHSXULI\LQJ/RIZDWHUHYHU\GD\3'PHPEUDQHVHSDUDWLRQKDVWKH
SRWHQWLDOWRUHDOL]HDGYDQFHGZDWHUSXULILFDWLRQFRPSDUDEOHWRLWV
NLGQH\V7KHILUVWVWHSLVWKHSODFHQWDSODVPD/RRNLQJWRVHDZDWHU
GHVDOLQDWLRQ\HDUVODWHU),/720ZLOOFRQWLQXHWRVWLFNWRWKH
URDGOHDGLQJWRWKDWJRDO%XVLQHVVGHYHORSPHQWLPDJH!
$FKLHYHPHQWRIIDUPEDFWHULDOUHPRYDO QPWREH
VHSDUDWHG
9LUXVUHPRYDOIURPGULQNLQJZDWHU VHSDUDWLRQWDUJHWQP
$FKLHYHPHQWRIVHDZDWHU VPRGHUDWLRQ VHSDUDWLRQWDUJHWQPVDOLQLW\FRQFHQWUDWLRQRUOHVV$FKLHYHORZFRVWGHVDOLQDWLRQRIVHDZDWHU
6HSDUDWLRQREMHFWQPVDOWFRQWHQWRUOHVV

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬
0DUFK
5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW &(26DWRVKL7DNHVKLWD䕔2XWOLQHRIEXVLQHVV'HYHORSPHQWDQGPDQXIDFWXUHVDOHRIFRVPHWLFKHDOWKIRRGUDZPDWHULDOVKDQGPDGHFRVPHWLFVX
SSRUW3'PHPEUDQHVHSDUDWLRQPHWKRGHWF6HSD
UDWLRQWHFKQRORJ\FRQVXOWLQJVHUYLFH

䕔 3DWHQWVRQWKHSURGXFW$FKLHYHPHQWRISUDFWLFDODSSOLFDWLRQRI3'PHPEU
DQHVHSDUDWLRQWHFKQRORJ\LQYHQWLRQRIZDWHUUHS
HOOHQWFUHDPWHFKQRORJ\LQYHQWLRQRIVSDZDWHUVD
PSOLQJPHWKRGSUHVHUYLQJKRWVSULQJLQJUHGLHQWVL
QYHQWLRQRISXUHVRDSJHOE\PHFKDQRFKHPLFDO PH
WKRG

-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[+LURWVX%LR6FLHQFH,QF
,1HPDWRGHVUHVSRQGWRFDQFHUVPHOO
([DPLQDWLRQXWLOL]LQJROIDFWLRQRIQHPDWRGHVٕ1HZFRQFHSW
n%LRORJLFDO'LDJQRVWLFV|ٕN-NOSE+HDOWK\SHUVRQ

n1126(|LVDUHJLVWHUHGWUDGHPDUNRI+,52768%LR6FLHQFH,QF

㻌 $GYDQWDJHVRIQHPDWRGHŦőŃƈƏƈƊƄƑƖŃ

&DQFHUSDWLHQW 2QHRIWKHPRVWZHOONQRZQPRGHORUJDQLVPV

Urine
Uri
U
Ur
rin
in e
ine

$
$WWUDFWLRQ

Urine
U
Uri
Ur
rine
in e
in

 (DV\EUHHGLQJ $FRQYHQLHQWSODWIRUPIRUPROHFXODUELRORJ\DQGJHQHWLFV$YRLGDQFH
GDQF
FH *RRGROIDFWLRQ  1XPEHURIQHPDWRGHVLQXULQHVLGHٕ         1XPEHURIQHPDWRGHVLQFRQWUROVLGH$GYDQWDJHVRI1126( 1HPDWRGH126( &KHPRWD[LVLQGH[  FDQFHUSDWLHQWV+LJKVHQVLWLYLW\‫'؟‬HWHFWVFDQFHUZLWKPRUHWKDQVHQVLWLYLW\

7RWDOQXPEHURIVFRUHGQHPDWRGHV&KHPRWD[LVLQGH[3DLQOHVV‫؟‬5HTXLUHVRQO\GURSRIXULQH
6LPSOH‫؟‬1RVSHFLDOFRQGLWLRQVIRUXULQHFROOHFWLRQ IDVWLQJHWF )DVW‫؟‬5HVXOWVZLOOEHREWDLQHGLQDERXWDQKRXU
$IIRUGDEOH‫؟‬/RZLQLWLDOFRVWHQDEOHVDGRSWLRQLQGHYHORSLQJFRXQWULHV
'HWHFWYDULRXVFDQFHUVDWRQFH‫؟‬6XLWDEOHDVDFDQFHUVFUHHQLQJ
(DUO\GHWHFWLRQ‫؟‬5HVSRQGVWRXULQHRI6WDJHDQG6WDJH 

0.6
0.5
0.4
0.3
0.2
0.1
0
-0.1
-0.2
-0.3
-0.4
-0.5

6WDJH 

Urine of healthy person

Sensitivity(%)

,QGH[
100
90
80
70
60
50
40
30
20
10
0

90.5%
(57/63)

*DVWULFFDQFHU










&RORQFDQFHUDQG
5HFWDOFDQFHU









3DQFUHDWLFFDQFHU









Urine of cancer patientsٕ ,QGH[ٙ ٔ 
0RGLILHGIURP7+LURWVXƈƗŃƄƏ3/2621(

1126(DVDQ)LUVW&DQFHU6FUHHQLQJ
20.6%(13/63)

CEA

28.6%(18/63)'HWDLOHGLQVSHFWLRQVW2SWLRQ&DQFHU7HVWCA19-9‫ٵ‬8ULQHVDPSOHRQO\‫ٵ‬+LJKSUHFLVLRQ‫ٵ‬,QH[SHQVLYHWHVWIHHVN-NOSE

5HVXOWRI&OLQLFDOUHVHDUFKRQ1DQSXK+RVSLWDO
0RGLILHGIURPWK'HF3UHVVUHOHDVH 

3RV
1HJ

&OLQLFDOUHVHDUFKFROODERUDWRUV
 WK1RY &DQGHWHFWPXOWLSOHHDUO\VWDJH
FDQFHUV

3(7&7VFDQ
0DPPRJUDSK\05,VFDQ
8OWUDVRQLFGLDJQRVLV3K\VLRORJLFDOH[DPLQDWLRQ(QGRVFRS\%HVXLWDEOHIRUVWVFUHHQLQJ&RQWLQXHUHJXODUFKHFNXSV

Hillsgarden Clinic

Engaru-Kosei Hospital

3HULRGLFDOH[DPLQDWLRQ
VHYHUDOWHVWVSHU\HDU
Ibi Kosei Hospital

Nahanishi Clinic

Hiroshima University Hospital

Ageo Central General Hospital

Toda Chuo General Hospital
Shin-yamanote Hospital
Saitama Medical University International Medical Center
Nanpuh Hospital
Shikoku Cancer Center

Inazawa Kosei Hospital

䕔&RUSRUDWHSURILOH
㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌$NDVDND&KRPH%XLOGLQJ)
$NDVDND0LQDWRNX7RN\R
85/KWWSKELRMS
4XHU\:HEVLWH㻌䘠 &DQFHU3DWLHQWVDVIROORZXSREVHUYDWLRQV䘠 +HDOWK\ SHUVRQWRJHWKHUZLWKURXWLQHXULQDO\VLV‫)ٹ‬XWXUHSURVSHFWVRIRXUEXVLQHVV
1126( EDODQFHV ORZ FRVW ZLWK KLJK VHQVLWLYLW\ :H HVWDEOLVKWKHHYLGHQFHRIFOLQLFDOVWXGLHVDQGGHYHORSDQDXWRPDWHGDQDO\VLV
GHYLFH DLPLQJ DW SUDFWLFDO XVH LQ  :H ZLOO SURPRWH WKHLQWURGXFWLRQRI1126(LQPHGLFDOFKHFNXSV1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW &(2
7DNDDNL+LURWVX      䕔2XWOLQHRIEXVLQHVV

5HVHDUFKIRU%LRORJLFDO'LDJQRVWLFV
5HVHDUFKGHYHORSPHQWPDQXIDFWXULQJ
DQGVDOHRIFDQFHUGLDJQRVWLF
HTXLSPHQWXWLOL]LQJƆőŃƈƏƈƊƄƑƖŃROIDFWRU\VHQVRUV䕔3DWHQWVRQWKHSURGXFW&KLED)XNXRND(KLPH2NLQDZD-[WUJW8GPVWTG5GGU0Q

/GFKECNȷ*GCNVJECTGȷ$KQVGEJPQNQI[3PLQG&R/WG 3($&(2)0,1'&2/WG 'HYHORSPHQWRIDQLQQRYDWLYHPLQLPDOO\LQYDVLYHWUHDWPHQWSODWIRUP‫*ش‬OREDO%ORFNEXVWHU7UHDWPHQW(TXLSPHQWXQDSSURYHG $SSOLFDWLRQDQGIHDWXUHVRIWKHSURGXFW7KHILUVWDQGRQO\SURGXFWWRHOLPLQDWH\RXUSDLQ6XEMHFWVDUHSDWLHQWVZRUOGZLGHZKRVXIIHUIURPSDLQDQGDGYHUVHGUXJUHDFWLRQV)HDWXUHVRI7HFKQRORJLHV6XSSRUWLQJ3URGXFWVDQG6HUYLFHV$OWHUQDWLQJPDJQHWLFILHOGJHQHUDWRUZHDNHUWKDQJHRPDJQHWLFILHOG
$FKLHYLQJUHJXODWLRQRIQHXURWURSKLFIDFWRUDQGVHURWRQLQSURGXFWLRQ

1RYHOW\FRPSDUHGZLWKWHFKQRORJLHVRIRWKHUFRPSDQLHV$WHFKQLTXHWKDWSURGXFHVIHZHUVLGHHIIHFWVWKDQWKHH[LVWLQJWKHUDSLHV

1RQDFFUHGLWHGPHGLFDOGHYLFH
3UHYLRXVSUREOHPV ILEURP\DOJLDQHXURSDWKLFSDLQHWF 
'UXJWUHDWPHQWFDQFDXVHVLGHHIIHFWVDQGKDVXQVWDEOHHIIHFWLYHQHVV2WKHUV\PSWRPDWLFWUHDWPHQWVDUHRIWHQLQHIIHFWLYH
7HPSRUDU\EXWQRWSHUPDQHQWPLWLJDWLRQFDQEHH[SHFWHG

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
 :HKDYHEHHQGHGLFDWHGWRWKHGHYHORSPHQWRIPLQLPDOO\LQYDVLYHWKHUDSHXWLFHTXLSPHQWIRURYHU
\HDUV ,QZHZHUHVHOHFWHGWREHVXSSRUWHGE\
1('2 V5 'RULHQWHGYHQWXUHVXSSRUWSURMHFWDQG
$0('bVPHGLFDOLQGXVWULDOFROODERUDWLRQQSURMHFW,QWKH
UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGWULDOVLJQLILFDQWWKHUDSHXWLFHIIHFWKDVEHHQREVHUYHG‫ٴ‬0DQDJHPHQWSROLFLHV 8QGHUWKHPRWWRn&KDQFH&KDOOHQJH&KDQJH| & 
ZHPDNHFRQWULEXWLRQVWRWKHVRFLHW\WKURXJKRXU5‫'٭‬
ZRUN
 ZHVWULYHIRUEXLOGLQJDZLQZLQUHODWLRQVKLSZLWKSDUWQHUFRPSDQLHVDQGVDOHVFRPSDQLHV MRLQWUHVHDUFKDQGGHYHORSPHQWLVSXUVXHGLIFRQGLWLRQVDOORZ  

䕔&RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌 7DNDKLUD.LWDNX
.XPDPRWR.XPDPRWR
85/KWWSZZZSPLQGFRMS
4XHU\7(/RU
:HEVLWH‫)ٴ‬XWXUHGHYHORSPHQWRIRXUEXVLQHVV $FFUHGLWHGDVDPHGLFDOGHYLFHIRU
PLQLPDOO\LQYDVLYHSDLQWUHDWPHQW $IWHUEHFRPLQJDOLVWHGFRPSDQ\LQ
 :HDLPIRUSXEOLFRIIHULQJRIQHZVKDUHVVHYHUDO\HDUVODWHU‫ٴ‬,QDGGLWLRQWRVWLIIVKRXOGHUVDQGORZEDFNSDLQPHGLFDOGHYLFHVIRUPHQVWUXDOFUDPSVKHDGDFKHVDQGQHXURSDWKLFSDLQUKHXPDWLVPDUWKULWLVWKDWDERXWRI
ZRPHQDUHVXIIHULQJIURPDUHGHYHORSHG:H
DOVRGHYHORSPHGLFDOGHYLFHVIRUGHPHQWLDLQFOXGLQJ$O]KHLPHUdVGLVHDVH DVZHOODVIRU
EUHDVWFDQFHU $OORIWKHPDUH0LQLPDOO\,QYDVLYH7KHUDSHXWLF(TXLSPHQW 

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU,ZDR.LQRVKLWD‫ٹ‬2XWOLQHRIEXVLQHVV
5HVHDUFKGHYHORSPHQWDQGPDQXIDFWXUHRIPLQLPDOO\LQYDVLYHSDLQWUHDWPHQWHTXLSPHQW )LEURP\DOJLDUKHXPDWLVP 1HXURSDWKLFSDLQ FKURQLFSDLQDFXWHSDLQ  *ULFNOH VOXPEDUVSLQH OXPEDUVSLQHWKRUDFLF
VSLQHFHUYLFDOVSLQH 
 'HSUHVVLRQDQG$O]KHLPHU VGLVHDVH
 %UHDVWFDQFHUWUHDWPHQWHTXLSPHQWHWF

-[WUJW8GPVWTG5GGU0Q

'PXKTQPOGPVȷ'PGTI[$TXDIDLU\&RUSRUDWLRQn)XHOFHOOVDUHH[SHQVLYHLVDVWRU\LQWKHSDVW\HQ:KURUOHVV$)()(+IXHOFHOOV WKDWSURGXFHK\GURJHQRQWKH
VSRW DQGFRQYHUW LWLQWR HOHFWULFLW\+LJKO\K\EULGZLWKUHFKDUJHDEOHEDWWHULHV
7KHKLJKHVWLQVWDQWDQHRXVSRZHULVOHIWWRWKHVHFRQGDU\EDWWHU\EHFDXVHLWLVK\EULGZLWKWKHVHFRQGDU\SRZHUVRXUFH)XHOFDSDFLW\LVDSRUWDEOHSRZHUVRXUFHWKDWVHUYHVDVDIXHOFHOO$)()(+FDQEHXVHGLQGRRUVDVZHOOVLQFHLWRQO\UHOHDVHVVWHDPGXULQJWKH
RSHUDWLRQ6LQFHWZRIXHOFDUWULGJHVFDQEHLQVWDOOHGWKHRWKHUFDQEHUHSODFHGZKLOHRQH
LVLQXVHWRPDLQWDLQFRQWLQXLW\8WLOL]DWLRQVFHQHVDUHYHU\HIIHFWLYHDVHPHUJHQF\SRZHUVRXUFHVDQGRXWGRRUREVHUYDWLRQSRZHUVRXUFHV)LYHIHDWXUHVWRRYHUWXUQWKHFRQFHSWRIFRQYHQWLRQDOIXHOFHOOV&RPSDFWDQGOLJKWZHLJKW/LJKWZHLJKWEHFDXVHWKHUHLVQRVHSDUDWRUVLQFHWKHFHOOLV
PROGHGLQSODVWLF
/RQJWHUPIXHOVWRUDJH,IVWRUHGLQDOXPLQXPSRXFKEDJVLWFDQEHVWRUHGIRUPRUHWKDQ\HDUV/RQJWHUPSRZHUJHQHUDWLRQ&RQWLQXRXVSRZHUJHQHUDWLRQLVSRVVLEOHLIWKHUHLVIXHO)XHOFDQEHHDVLO\UHSODFHG
/DUJHFDSDFLW\)XHOFDUWULGJHVDUH:KUSHUERWWOH'XUDWLRQRI:KULV
PDLQWDLQHGVLQFHWZRIXHOFDUWULGJHVFDQEHLQVWDOOHG
/RZHQYLURQPHQWDOLPSDFW&DOFLXPK\GUR[LGHJHQHUDWHGDIWHUUHDFWLRQFDQEHGLVFDUGHG
E\JHQHUDOZDVWH

$)()(+ /DWHVW7\SH$GRSWLRQRIRQVLWHSURGXFWLRQDQGXVHK\GURJHQVXSSO\V\VWHP%\DGRSWLQJWKHK\GURJHQVXSSO\PHWKRGZHDUHGHVLJQHGWRSURGXFHK\GURJHQRQVLWH
DQGXVHLW DWORZSUHVVXUH )RUWKLVUHDVRQLWLVVDIHWRXVHK\GURJHQWKDWLVJHQHUDOO\DWKLJKULVNRIH[SORVLRQ$TXDIDLU\FHOOVDUHWKLQFHOOVPDGHRISODVWLFDQGGRQRWUHTXLUHDVHSDUDWRU7KLVLVEHFDXVHWKHSDWHQWHGWHFKQRORJ\DOORZVWKHSUHVVXUL]DWLRQWREHKHOGSHUPDQHQWO\$FFRUGLQJO\ WLJKWHQLQJZLWKEROWVLVQRWQHFHVVDU\DQGWKHSURGXFWKDVH[FHOOHQWPDVVSURGXFWLRQDQGPDLQWDLQVVWDEOHTXDOLW\WKURXJKDVLPSOHVWUXFWXUH

3ODVWLFFHOO

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG$TXDIDLU\DLPVWREHDFRPSDQ\WKDWFDQ
FRQWULEXWHWRWKHIXWXUHRIWKH(DUWKE\
UHDOL]LQJDULFKOLYLQJHQYLURQPHQWZLWKWHFKQRORJ\DQGSDVVLRQ:LWKWKHPRWWRRI
EUHDNLQJWKHFRPPRQVHQVHRUEUHDNLQJFRPPRQVHQVHRXUWHFKQRORJ\HPSKDVL]HV&ROXPEXVCVHJJLGHDWKDWGRHVQRWGHSHQG
RQQHZWHFKQRORJ\RUKLJKWHFKQRORJ\:H
ZDQWWRFUHDWHQHZSURGXFWVDQGQHZ
PDUNHWV &XUUHQWO\ZHDUHFRQGXFWLQJIXHOFHOOEXVLQHVVLQWKHHOHFWULFLW\EXLOGLQJEXW
$TXDIDLU\ OHDYHVLWVQDPHDVIXHOFHOOEUDQG

䕔&RUSRUDWHSURILOH$GGUHVV‫ٿ‬1REHRND7HNNR'DQFKL
2RWDNHPDFKL1REHRND0L\D]DNL
85/ KWWSZZZDTXDIDLU\FRMS
4XHU\RU
UHFHSWLRQ#DTXDIDLU\FRMS‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV
7KHSROLF\RIIXHOFHOOGHYHORSPHQWLVWRLQFUHDVHWKH
FDSDFLW\DQGLQFUHDVHWKHRXWSXWDQGZHDUH
WDUJHWLQJN:HTXLYDOHQW$OVRZHDLPWRUHGXFH
WKHFRVWRIWKHPDLQXQLWDQGFDUWULGJHVIRUJHQHUDOKRXVHKROGV&XUUHQWO\ZHDUHZRUNLQJLQFROODERUDWLRQZLWK0LVDWRPDFKLDQGDUHLQWURGXFLQJSRZHUIRUGLVDVWHUSUHYHQWLRQPHDVXUHVWRPXQLFLSDOLWLHVZKLFKDUHPRGHOFDVHVRILQWURGXFWLRQWRYDULRXVPXQLFLSDOLWLHV:HZLOOLQWURGXFHWKLVV\VWHPWRPHGLFDOIDFLOLWLHVDQGGLVSHQVLQJSKDUPDFLHVDVHPHUJHQF\SRZHUVRXUFHV HJHOHFWURQLFPHGLFDOUHFRUGV\VWHPV DQGZLOOFRQWLQXH
WRVWXG\WKHSRVVLEOHXVHRIOHDVHVGXULQJHYHQWVDQGIHVWLYDOV

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫ ؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQWDQG
5HSUHVHQWDWLYHGLUHFWRU
1DR\XNL ,FKLQRVH䕔2XWOLQHRIEXVLQHVV
3ODQQLQJGHYHORSPHQWPDQXIDFWXULQJDQGVDOHVRIIXHOFHOOV
䕔3DWHQWVRQWKHSURGXFW,QVHUW0ROGLQJ&HOO3DWHQW 7KLQ&HOO 
3DWHQW1R+\GURJHQ*HQHUDWLQJ0DWHULDO3DWHQW
3DWHQW1R

-[WUJW8GPVWTG5GGU0Q

'PXKTQPOGPVȷ'PGTI[HQHIRUHVW&R/WG
(YHQLQWKHVSDFHZKHUHWKHUHDUHSHRSOHDLUFRQGLWLRQLQJPHDVXUHVFDQEHVDIHO\GRQHKRXUVDGD\$HURVKLHOGVD89*,89VWHULOL]LQJDQGLUUDGLDWLQJGHYLFH&KDUDFWHULVWLFVRIWKHDHURVKLHOGw2SHUDEOHLQOLYLQJURRPVSDFHE\VSHFLDOVWUXFWXUHw)LOWHUOHVVGDLO\LQVSHFWLRQ1RQHHGIRUH[FKDQJHZRUN
w(OHFWULFLW\FRVWLV\HQHYHQLQRSHUDWLRQIRUKRXUVw)XOOVXSSRUWDIWHULQVWDOODWLRQ ODPSUHSODFHPHQWLQVSHFWLRQHWF

8VHU VYRLFH(OGHUO\UHVLGHQWLDOQHZVSDSHUV,QIOXHQ]D ,QIHFWLRQGLGQRWRFFXUIRUWKHILUVWWLPH
VLQFHWKHLQWURGXFWLRQRIXOWUDYLROHWVWHULOL]HUV$HURVKLHOGHG 7RS ,QGXVWULDO6WDQGE\
5RRP ERWWRP

3DUWLDOH[FHUSWIURPWKHHOGHUO\UHVLGHQWLDOQHZVSDSHUV0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬0LVVLRQ&UHDWHWKHZRUOGZKHUHSHRSOHFDQOLYHERWKPHQWDOO\SK\VLFDOO\KDSS\‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW([LVWLQJSURGXFWVZLOOLQFOXGHVDIHW\PDQDJHPHQWVHQVRUVDQGPRQLWRULQJIXQFWLRQV,QDGGLWLRQQHZSURGXFWVDUH
LQWURGXFHGLQWRHPHUJHQF\YHKLFOHVDQG
EDVHGRQWKHVHWHFKQRORJLHVZHZLOOGHYHORSWKHPLQWRWKHSXEOLFWUDQVSRUWDWLRQLQIUDVWUXFWXUH‫ٴ‬,QWURGXFWLRQRI6HUYLFHV $HURVKLHOGV0HGLFDO KRVSLWDOFOLQLF FDUHIDFLOLWLHVZHOIDUHIDFLOLWLHVMXYHQLOHUVQXUVLQJJDUGHQVQXUVLQJJDUGHQVIRRGSODQWVFRFRRNLQJVWDWLRQVHWF
&RPSDQLHV FDOOFHQWHUVHPSOR\HHGLQLQJURRPVRIILFHURRPV DQGGHSDUWPHQWVWRUHVXSHUSHUV PLONIHHGLQJURRPVWRLOHWV HWF

䕔&RUSRUDWHSURILOH$GGUHVV ‫ٿ‬2D]D.LQRXH2LWD2LWD
85/KWWSZZZHQHIRUHVWFRMS
4XHU\7(/RU:HEVLWH$OWKRXJKGHWDLOVFDQQRWEHDGGHGKHUHZH
DUHUHFUXLWLQJSDUWQHUFRPSDQLHVLQWKHVDOHVSDWKDQGWHFKQLFDODVSHFWVOLVWHGRQWKHOHIW

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫ ؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW &(2
7RVKLKLNR.LKDUD䕔2XWOLQHRIEXVLQHVV'HYHORSPHQWDQGVDOHRIVWHULOL]DWLRQHTXLSPHQWIRUDLUVWHULOL]DWLRQ,QIHFWLRQ
FDQDOZD\VRFFXULQVRFLDOOLIH:HDLPWR
PHHWWKHFKDOOHQJHVWKDWZHIDFHWKURXJKPHDVXUHVDJDLQVWWKHDLUHQYLURQPHQW

䕔3DWHQWVRQWKHSURGXFW
863DW1R

-[WUJW8GPVWTG5GGU0Q

'PXKTQPOGPVȷ'PGTI[$GVRUSWLRQ7HFKQRORJ\,QGXVWULHV&R/WG
W L & /WG
6DOHVFRQWDFW)XWDPXUD&KHPLFDO&R/WG )RUWKHKLJKO\HIILFLHQWSXULILFDWLRQVWRUDJHDQGWUDQVSRUWSURFHVVHVRIELRJDV

7ZRWRZHUELRJDVSXULILHU936$0HWKDQH3XULILFDWLRQDQG6HSDUDWLRQDQG5HFRYHU\(TXLSPHQW

:KDWLV936$0HWKDQH3XULILFDWLRQ6HSDUDWLRQDQG5HFRYHU\(TXLSPHQW"
)URPELRJDVWRQRQPHWKDQHFRPSRQHQWV FDUERQGLR[LGHK\GURJHQVXOILGHVLOR[DQHZDWHUHWF DVDGVRUEHQWV
7KLVHTXLSPHQWLVXVHGWRSXULI\DQGUHFRYHUSXULILHGPHWKDQHE\DEVRUELQJDQGUHPRYLQJLW
936$ 9DFXXP3UHVVXUH6ZLQJ$GVRUSWLRQUHIHUVWRSUHVVXUHFKDQJHVWKDWDGVRUEDQGGLVORGJHDWGLIIHUHQWSUHVVXUHV
7KLVPHWKRGUHILQHVVHSDUDWHVDQGUHFRYHUVWKHWDUJHWJDVE\UHSHDWHGO\ZHDULQJLW)HDWXUH ,WDGRSWV936$PHWKRGDQGLWLVKLJKUHFRYHU\UDWHE\UHF\FOLQJSURFHVVRIGHVRUSWLRQJDV ,WLVXQQHFHVVDU\WRFROOHFWWUDSVGHGLFDWHGWRWUDFHFRPSRQHQWVVXFKDVK\GURJHQVXOILGH
DQGVLOR[DQHDQGLWLVSRVVLEOHWRDGVRUEDQGGHVRUEDOOFRPSRQHQWVH[FHSWPHWKDQHLQWKHDGVRUSWLRQWRZHURIWKLVHTXLSPHQW 7KLVHTXLSPHQWLVDUHVXOWRI5 'DQGGHPRQVWUDWLRQSURMHFWRI1('21HZ(QHUJ\
9HQWXUH7HFKQRORJ\,QQRYDWLRQ3URMHFWHWF$GHPRQVWUDWLRQSURMHFWLVXQGHUZD\DWWKH%'$6+3URMHFW 6HZHUDJH,QQRYDWLYH7HFKQLFDO'HPRQVWUDWLRQ3URMHFW ,QWKH%'$6+SURMHFWLWZLOOEHDGHPRQVWUDWLRQRIVLQJOHFROXPQ936$PHWKDQH 

3XULILFDWLRQVWRUDJHDQGWUDQVSRUWDWLRQRIELRJDV
7RJHWKHUZLWKWKLVHTXLSPHQWZHKDYHEHHQUHVHDUFKLQJDQG
GHYHORSLQJDGHYLFH PHWKDQHVWRUDJHGHYLFH WKDWFDQVDYH
VSDFHDQGODUJHFDSDFLW\DWDORZSUHVVXUH OHVVWKDQ03D* 
RISXULILHGPHWKDQHREWDLQHGIURPELRJDVZLWK936$PHWKDQH
6LQFHWKLVPHWKDQHVWRUDJHGHYLFHILOOVZLWKOHVVWKDQ03D
TXDOLILHGSHUVRQLVQRWUHTXLUHG%\XVLQJWKHVHGHYLFHVLQFRPELQDWLRQLWLVSRVVLEOHWRSXULI\VWRUHDQGWUDQVSRUWKLJKO\HIILFLHQWO\HYHQLIWKHSODFHZKHUHWKHELRJDVLVJHQHUDWHGDQG
WKHGHVWLQDWLRQDUHVHSDUDWHG%LRJDVPHWKDQH
ংॖड़फ़५
 
‫ق‬ওॱথٛ٫‫ك‬

3XULILHG
PHWKDQH
PHWKDQHෞ৲ওॱথ‫ ۺ‬‫ق‬ওॱথ‫ۺ‬٫‫ك‬଩ಓૄওॱথล୉ಎ઼
/RZSUHVVXUHPHWKDQHDEVRUEHU
पेॊ੄५ঌ‫ش‬५ฅ୉
6SDFHVDYLQJVWRUDJHE\

936$ওॱথ
936$PHWKDQH

੤ൗ஑ওॱথล୉ઍஓ
2QERDUGPHWKDQHVWRUDJHFRQWDLQHUV+LJKO\HIILFLHQWWUDQVSRUWE\पेॊৈ஍૨ୟଛ

936$PHWKDQH

'HVWLQDWLRQIRU
XVHRIล୉ওॱথਹ৷੔VWRUHGPHWKDQH঎ॖছ‫ش‬೤મ%RLOHUIXHO৅ਗ਼ਃ೤મ*HQHUDWRUIXHOଠேफ़५ঽ৿੤೤મ1DWXUDOJDV਷ಞ೤મਗ਼౱৷ਉમDXWRPRELOHIXHO5DZPDWHULDO ऩन
IRUK\GURJHQIXHOFHOOV
(WF

+LJKO\HIILFLHQWSXULILFDWLRQVWRUDJHDQGWUDQVSRUWDWLRQRIELRJDV0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV

,WLVDYHQWXUHFRPSDQ\RULJLQDWLQJIURP1DJDVDNL8QLYHUVLW\LQ2PXUD&LW\
1DJDVDNL3UHIHFWXUHDQGGHVLJQVPDQXIDFWXUHV:HVHOOJDVWUHDWPHQWZDWHUWUHDWPHQWDQGJDVVHSDUDWLRQHTXLSPHQWXVLQJDGVRUSWLRQWHFKQRORJ\,QDGGLWLRQWRWKLVHTXLSPHQWZHKDYHDVWDQGDUGOLQHXSRIHTXLSPHQW 0D[2]RQH5HDFWRU WKDWHIILFLHQWO\DEVRUEVDQGGHFRPSRVHV92&VHWFZLWKR]RQHRQWKHVXUIDFHRIWKHDGVRUEHQWDQGFDWDO\VW3ULQFLSDODSSOLFDWLRQV
DUH92&GHFRPSRVLWLRQDWSULQWLQJSODQWVVHPLFRQGXFWRUSODQWVDQGRWKHUIDFLOLWLHVDVZHOODVLQWKHZRUNSODFHHQYLURQPHQW:HZLOOSURYLGHLQH[SHQVLYH
VSDFHVDYLQJ936$PHWKDQHLQ
FRRSHUDWLRQZLWKELRJDVUHODWHG
FRPSDQLHV VXFKDVPHWKDQH
IHUPHQWDWLRQWDQNPDQXIDFWXUHUVDQGJHQHUDWRUPDQXIDFWXUHUV 
DQGOLYHVWRFNIDUPHUV䕔&RUSRUDWHSURILOH

䕔2XWOLQHRIEXVLQHVV㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌$GGUHVV‫ٿ‬1XPEHURIHPSOR\HHV‫؟‬
1DJDVDNL3UHIHFWXUH,QGXVWU\3URPRWLRQ)RXQGDWLRQw &DSLWDO‫؟‬PLOOLRQ\HQ,QFXEDWLRQIDFLOLW\,NHGD2PXUD1DJDVDNL <HDURIIRXQGDWLRQ‫؟‬85/KWWSZZZN\XFKDNXFRMS
5HSUHVHQWDWLYH‫؟‬$GVRUSWLRQ7HFKQRORJ\,QGXVWULHV3UHVLGHQWDQG
5HSUHVHQWDWLYHGLUHFWRU(VWLPDWHDQGRWKHULQTXLULHV<DVXQRUL+RWWD     )XWDPXUD&KHPLFDO

'HVLJQPDQXIDFWXUHDQGVDOHRIJDVWUHDWPHQWZDWHUWUHDWPHQWDQGJDVVHSDUDWLRQHTXLSPHQWXVLQJDGVRUSWLRQWHFKQRORJ\

䕔3DWHQWVRQWKHSURGXFW%LRIHUPHQWDWLRQ*DV8WLOL]LQJ$GVRUEHQWRI3DWHQW
0HWKDQHUHFRYHU\DQGSXULILFDWLRQIURP$GVRUSWLYH6HSDUDWLRQRI&+IURP3DWHQW%LRJDV
0(7+2'6$1''(9,&(6)255(3257

Kyushu Venture Sees No.

39

Environment・Energy

Stella Environment Corporation
Small-scale NU100B medical waste incinerators

Radiant heat gas combustion mode to easeenvironmental impact
Application Features of Product･Services

In developing countries, risks and damage caused by the inappropriate
disposal, open burning, and illegal dumping of infectious medical
wastes are becoming serious social problems.

Features of Technologies Supporting Products＆Services

Biomass fuels such as firewood and waste wood and/or petroleum
fuels can be selected as combustion improvers. Despite the small
furnaces, they have the ability to detoxify and reduce the volume ofincineration, which meets the standard heating of medical waste
incineration (the temperature inside the furnace is 800℃ or higher
and the gas remaining for 2 seconds or longer without combustion).
(Patent No. 475518-Solid Biomass-fired Waste Plastic Small
Incinerator and Chimney Top Structure for Inhibiting Dioxin
Generation)

Novelty compared with technologies of other companies

Thanks to the attached photovoltaic generation equipment withaccumulators, this product can be installed in areas where the supply ofcommercial power sources is unstable. In addition, the furnace of simple
construction and the simplified operating system make easy maintenancepossible.

Products :NU-100 B

Management strategy / Vision●Background
Reducing the risk of infectious diseases andimproving the urban environment●Novelty and originality
・Reduction of dioxin emissions from radiant heatcombustion
・No smoke by controlling the gasification rate
・Fuel Efficiency through Waste Heat Recovery
System・Efficiency improvement by using thecontinuous input method
・All-weather operations thanks to a special
chimney umbrella■Corporate profile
Address 〒106-0031
3A, Courtyard HIROO, 4-21-2,
Nishiazabu, Minato, Tokyo
URL http://stella-sec.jp
TEL 03-6805-0734
FAX 03-5468-5463

Number of employees：7
Capital：27million 500thousand yen
Year of foundation：2005
Representative：
Representative Director
Hisatoshi Shimase
39●Future development ofbusiness

The expansion of sales and cost
reduction through local
production is pursued by
exploiting the incinerator
markets in Indochina countries
and the Pacific island states andestablishing service systems
there.
■Outline of business
Sale and installation of small
incinerators and photovoltaic
generators for medical waste■Patents on the product
Patent No. 475518

-[WUJW8GPVWTG5GGU0Q

'PXKTQPOGPVȷ'PGTI[6(,.2(/(&75,&&2/7'
:HZLOOKHOS\RXWRPDNHHIIHFWLYHXVHRISODFHVZLWKWKHSRWHQWLDORILQWURGXFLQJVPDOOK\GURHOHFWULFSRZHUJHQHUDWLRQ&RPSDFW6PDOO+\GURSRZHU6\VWHP:HRIIHUORZFRVWRQHSDFNDJHFRQILJXUDWLRQVIRUFRQYHQWLRQDOVPDOOK\GURHOHFWULFSRZHUJHQHUDWLRQV\VWHPV3URGXFW)HDWXUHVw$OOSRZHUJHQHUDWLRQIXQFWLRQVDUHLQVWDOOHGLQFRQWDLQHUVw(OLPLQDWHEXLOGLQJVSLSLQJDQGZLULQJZRUNVKRUWHQORFDOZRUN
,PSURYHVDIHW\w/RZSULFHSURGXFWVw6LPSOHUHPRWHPRQLWRULQJ RSWLRQ w/RZ
QRLVH
w5HOHDVHZDWHUFDQEHPDLQWDLQHGHYHQLQFDVHRIIDLOXUH

6L]HRIHTXLSPHQW

2XWSXW

7\SH

6L]H

N:

671

:¼/¼+

N:

671

:¼/¼+

N:

671

:¼/¼+¼XQLWV1&RQWUROSDQHO

2:DWHU
4
WXUELQH
JHQHUDWRU,QOHW
6
5 PDQXDOYDOYH
3:DWHU
LQWDNH

7 %\SDVVSLSH

RXWOHWZDVKSRUW+HDWP
:DWHUYROXPHP6N:SRZHUJHQHUDWLRQ$SSOLHGZDWHUWXUELQHFURVVIORZ
UHYHUVHSXPS

8

7UDQV
IRUPHU,QOHWYDOYH
2XWOHWPDQXDOYDOYH
%\SDVVHOHFWURPRWLYHYDOYH

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
7KHXVHRIUHQHZDEOHHQHUJ\DVD&2IUHH
SRZHUVRXUFHLVLQFUHDVLQJ
2QWKHRWKHUKDQGWKHUHDUHPDQ\SODFHVZKHUHVPDOOK\GURHOHFWULFSRZHUJHQHUDWLRQEHORZWKHN:FDQEHLQVWDOOHGLQ-DSDQ
EXWWKHLQVWDOODWLRQLVQRWDGYDQFHGGXHWRWKH
KLJKFRVWRIEXLOGLQJVIDFLOLWLHVDQG
FRQVWUXFWLRQ‫&ٹ‬RUSRUDWHSURILOH
$GGUHVV‫ٿ‬             7RNR+DNDWD.X)XNXRND)XNXRND
85/KWWSZZZVHLNRGHQNLFRMS4XHU\7(/RU
:HEVLWH‫[(ٴ‬KLELWLRQDW([KLELWLRQ3ODFH ‫؞‬1(:HQYLURQPHQWDOH[KLELWLRQ 7RN\R%LJ6LJKW  ‫(؞‬FR7HFKQR :HVWHUQ-DSDQ*HQHUDO([KLELWLRQ ‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV (QYLURQPHQWDOO\)ULHQGO\:DWHUWR+HOS&UHDWHD/RZ
&DUERQ6RFLHW\ :HZLOOSURPRWHWKHSRSXODUL]DWLRQRISRZHUJHQHUDWLRQ
DQGEXVLQHVVGHYHORSPHQW ‫ٹ‬2XWOLQHRIEXVLQHVV3RZHU SURGXFWLRQDQGVDOHRISRZHUVXSSO\
1XPEHURIHPSOR\HHV‫؟‬HTXLSPHQWUHODWHGV\VWHPVDQGHTXLSPHQW FRQVROLGDWHG (QYLURQPHQWDQG(QHUJ\ PDQXIDFWXUHDQG
&DSLWDO‫؟‬ELOOLRQPLOOLRQ\HQ
VDOHRISXEOLFDQGLQGXVWULDOHTXLSPHQWUHODWHG
<HDURIIRXQGDWLRQ‫؟‬
V\VWHPVDQGHTXLSPHQW ,QIRUPDWLRQ
5HSUHVHQWDWLYH‫؟‬
SODQQLQJGHYHORSPHQWRSHUDWLRQDQG
PDLQWHQDQFHDQGVDOHRIFRPSXWHUV\VWHPV3UHVLGHQWDQG5HSUHVHQWDWLYH
(OHFWURQLF&RQWURO(TXLSPHQWGLUHFWRU<DVX\XNL)XNXVKLJH    DQGVRIWZDUH  
2SWURQLFVDQG6HUYLFHV-[WUJW8GPVWTG5GGU0Q

'PXKTQPOGPVȷ'PGTI[;HQHV\V,QF
;3VHULHVRIDOOZHOGHGSODWHH[FKDQJHUV$OOZHOGW\SHZLWKRXWJDVNHWV/ R Z  3 U H V V X U H  / R V V  [  + L J K  + H D W  7U D Q V I H U 
3HUIRUPDQFH [&RPSDFW ;36HULHV$SSOLFDWLRQIHDWXUHVRIWKH;3VHULHVRIDOOZHOGHGSODWHKHDWH[FKDQJHUV
7KH;3VHULHVFDQEHXVHGXQGHUFRQGLWLRQVRIKLJKHUWHPSHUDWXUHDQGKLJKHUSUHVVXUHWKDQFRQYHQWLRQDOSODWHKHDWH[FKDQJHUVXVLQJJDVNHWV6LQFH-DSDQHVHFRPSDQLHVFDQQRWLQGHSHQGHQWO\GHVLJQRUPDQXIDFWXUHDOOZHOGHGSODWHKHDWH[FKDQJHUVDQGKDYHEHHQ
UHO\LQJRQH[SHQVLYHRYHUVHDVSURGXFWVWKHUHKDVEHHQQHZQHHGVKHUH

0DULQHWHPSHUDWXUHGLIIHUHQWLDOSRZHUJHQHUDWLRQ(YDSRUDWRUVDQGFRQGHQVHUV)HDWXUHRIWKHWHFKQRORJ\WKDWVXSSRUWVWKH;3VHULHVRIDOOZHOGHGSODWH
KHDWH[FKDQJHUV$QHZKHDWH[FKDQJHUGHYHORSHGIRUWKHSUDFWLFDOXVHRIDQHZWHFKQRORJ\FDOOHG27(&RFHDQWKHUPDOHQHUJ\FRQYHUVLRQ ZKLFKXVHVWKHPLQRUWHPSHUDWXUHGLIIHUHQFHRI٦
EHWZHHQZDUPDQGFROGVHDZDWHUWRJHQHUDWHHOHFWULFLW\LVFKDUDFWHUL]HGE\JRRGKHDWWUDQVIHUSHUIRUPDQFHDQGORZSUHVVXUHORVV
7KHSODWHLVFKDUDFWHUL]HGE\DQDV\PPHWULFSDWWHUQVXLWDEOHIRUHYDSRUDWLRQDQG
FRQGHQVDWLRQDQGHQMR\VKLJKSUHVVXUHUHVLVWDQFHORZIOXLGPRYHPHQWUHVLVWDQFHDQGKLJKKHDWWUDQVIHUSHUIRUPDQFH7KHDEXQGDQWKHDWWUDQVIHUH[SHULPHQWDOGDWDDFFXPXODWHGE\YROXQWDU\GHYHORSPHQWLVXVHGLQGHVLJQ,QDGGLWLRQWKHIHDWXUHGDOOZHOGLQJKDVDFKLHYHG
VWDEOHZHOGLQJTXDOLW\DQGFRVWUHGXFWLRQWKURXJKWKHXVHRIURERWZHOGLQJ

)RUELQDU\SRZHU
JHQHUDWLRQ

1RYHOW\FRPSDUHGZLWKFRQYHQWLRQDOSODWHKHDWH[FKDQJHUV$OWKRXJKFRQYHQWLRQDOSODWHKHDWH[FKDQJHUVDUHVXSHULRUWRWXEHKHDWH[FKDQJHUVLQWHUPVRIKLJKSHUIRUPDQFHFRPSDFWQHVVDQGORZFRVWWKHXVHRIDODUJHTXDQWLW\RIJDVNHWVWRSUHYHQWIOXLGIURPOHDNLQJRXWUHVWULFWVWKH
WHPSHUDWXUHDQGSUHVVXUHDWZKLFKWKH\FDQEHVDIHO\XVHGDQGLQFUHDVHVWKHSUHVVXUHORVVDWZKLFKWKHIRXU*DVJDV)RUVWHHOZRUNVKROHVIRUWKHLQOHWDQGRXWOHWRIWKHIOXLGSURYLGHGLQWKHKHDWWUDQVIHUSODWHDQGWKHIORZRIWKHIOXLGGRQRW/RZZDWHUFRROHU +HDWUHFRYHU\FRQWULEXWHWRKHDWWUDQVIHU(VSHFLDOO\LQSURFHVVHVLQYROYLQJHYDSRUDWLYHFRQGHQVDWLRQLWLVSRLQWHGRXWWKDWWKHUHLV
DSUREOHPZLWKWKHEDVLFVWUXFWXUHRIWKHVDPHLQOHWDQGRXWOHWVL]H
7KH;36HULHVFRQVLVWVRIDIXOO\ZHOGHGKHDWWUDQVIHUSDUWZLWKQRJDVNHWDQGDSUHVVXUHUHVLVWDQWSDUWWKDWGRHVQRWUHTXLUHVXEVHTXHQWEROWLQJLQZKLFKKHDWWUDQVIHUSODWHVZLWKQRKROHVIRUIOXLGLQOHWDQGRXWOHWSRUWVDUH
DUUDQJHGLQWKHYHUWLFDOGLUHFWLRQ)OXLGLVIORZHGLQWRWKHJDSVEHWZHHQWKHSODWHVGLUHFWO\IURPWKHULJKWDQGOHIWVLGHVDQGWKHWRSDQGERWWRPRIWKHKHDWWUDQVIHUSODWHWKHUHE\PLQLPL]LQJSUHVVXUHORVVDQGWKHQR]]OHVL]HDQG
SRVLWLRQRIWKHHQWUDQFHDQGH[LWSRUWDQGWKHOHQJWKRIWKHSODWHFDQEHRSWLPDOO\GHWHUPLQHGDFFRUGLQJWRGHVLJQFRQGLWLRQV7KLVLVDOVRDGYDQWDJHRXVLQWKDWWKHGHJUHHRIIUHHGRPLQGHVLJQLVKLJKDQGKLJKSHUIRUPDQFHFDQEHHDVLO\UHDOL]HG
6LQFHQRJDVNHWVDUHXVHGWKH\FDQEHXVHGDWKLJKWHPSHUDWXUH ٦ DQGKLJKSUHVVXUH 03D DQGFDQEHFOHDQHGZLWKFKHPLFDOVRUMHWVZKLFKPDNHVFOHDQLQJHDVLHUDQGUHGXFHVPDLQWHQDQFHFRVWV0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

:HKDYHIRFXVHGRQWKHHQHUJ\RIWKHRFHDQDQGKDYHEHHQZRUNLQJ
RQUHVHDUFKDQGGHYHORSPHQWZLWKWKHDLPRIUHDOL]LQJDQG
ZLGHVSUHDGLQJXVHRI27(&:HDUHDOVRFRQGXFWLQJUHVHDUFKDQG
GHYHORSPHQWWRJHQHUDWHHOHFWULFLW\IURPLKRWVSULQJZDWHUDQG
QGXVWULDOZDVWHKHDWJHQHUDWHGIURPSHWUROHXPDQGVWHHOSURGXFWLRQIDFLOLWLHVZKLFKDUHUHODWLYHO\ORZLQWHPSHUDWXUH7KHFRUHRIRXU
WHFKQRORJ\LVWKHGHVLJQRIWKHVHWHPSHUDWXUHGLIIHUHQFHSRZHU
JHQHUDWLRQV\VWHPVDQGWKHSURGXFWLRQRIKHDWH[FKDQJHUVZKLFKDUHWKHPRVWLPSRUWDQWFRPSRQHQWVWKDWPDNHXSWKHV\VWHPV:HZDQWWRGHYHORSQHZDSSOLFDWLRQVVXFKDV
HYDSRUDWRUVDQGFRQGHQVHUVIRUVPDOOWHPSHUDWXUH
GLIIHUHQFHSRZHUJHQHUDWLRQXVLQJZDVWHKHDWIURPIDFWRULHVKRWVSULQJZDWHUHWFUHERLOHUVDQG
FRQGHQVHUVDURXQGGLVWLOODWLRQWRZHUVLQFKHPLFDO
SODQWVZKLFKKDYHKLWKHUWREHHQGLIILFXOWWRUHSODFHZLWKSODWHW\SHDQGJDVJDVKHDWUHFRYHU\ZKLFKLVWKHLQOHWIRUHIIHFWLYHXWLOL]DWLRQRIXQXVHGKHDWHQHUJ\ZKLFKLVQRZEHLQJIXOO\GHYHORSHG

䕔&RUSRUDWHSURILOH
$GGUHVV‫ٿ‬            )$NDVDND0LQDWR7RN\R
85/KWWSZZZ[HQHV\VFRP
4XHU\7(/
RU:HEVLWH䕔2XWOLQHRIEXVLQHVV

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬
5HSUHVHQWDWLYH‫؟‬
3UHVLGHQWDQG
5HSUHVHQWDWLYHGLUHFWRU
6DGD\XNL-LWVXKDUD (QJLQHHULQJRIRFHDQWHPSHUDWXUHGLIIHUHQFHSRZHUJHQHUDWLRQDQG
H[KDXVWKHDWWHPSHUDWXUHGLIIHUHQFHSRZHUJHQHUDWLRQRSHUDWLRQPDQDJHPHQWZRUNGHVLJQPDQXIDFWXUHDQGVDOHRIKHDWH[FKDQJHUV䕔3DWHQWVRQWKHSURGXFW

+($7(;&+$1*(3/$7(+($7(;&+$1*(81,7
+($7(;&+$1*(56<67(0+($7(;&+$1*(5
6+(//6758&785(+($775$16)(50(0%(5$1'
+($775$16)(50(0%(5)250,1*0(7+2'6($0:(/',1*$33$5$786

-[WUJW8GPVWTG5GGU0Q

'PXKTQPOGPVȷ'PGTI[-$3$1)8'2,1'8675<,QF
6WURQJDOO\RIORZZLQGVSHHGDUHD
1HZ'RXEOH3URSHOOHU:LQG3RZHU*HQHUDWRU
DQG$WWDFKPHQW
:KDWLVD'RXEOH3URSHOOHU:LQG3RZHU*HQHUDWRU"$GXDOSURSHOOHUZLQGSRZHUJHQHUDWRULVDZLQGSRZHUJHQHUDWRUZLWKDWRWDORIWZRSURSHOOHUVRQHOD\HULQIURQWDQGRQHEDFN%\KDYLQJWZRSURSHOOHUOD\HUVZH
ERDVWRIKLJKERRWDELOLW\DQGKLJKSRZHUJHQHUDWLRQHIILFLHQF\,QDGGLWLRQWKHUH
DUHWZRSURSHOOHUVZKHUHDVRQO\RQHVHWRIWRZHUJHQHUDWRULVQHHGHGVRLWLV
H[FHOOHQWLQFRVWSHUIRUPDQFH

3URSULHWDU\SRZHUWUDQVPLVVLRQWHFKQRORJ\
7KHGRXEOHSURSHOOHUZLQGSRZHUJHQHUDWRUKDVEHHQUHVHDUFKHGE\PDQ\UHVHDUFKLQVWLWXWHVIRUQHDUO\\HDUVDVDPHDQVRIJHQHUDWLQJQHDUO\WZRZLQGWXUELQHVDWDFRVWRIDERXWRQHZLQGWXUELQH,QWKLVSURFHVVZHKDYHVXFFHHGHGLQUHDOL]LQJORZFRVWWHFKQRORJ\ZKLFKKDVORQJEHHQDWHFKQRORJLFDOSUREOHPWKH
SRZHURIWKHIURQWDQGUHDUSURSHOOHUVURWDWLQJDWGLIIHUHQWVSHHGVLVFRQQHFWHGWRD
JHQHUDWRUZLWKRXWHQHUJ\ORVVDQGZLWKRXWDIIHFWLQJWKHFKDUDFWHULVWLFVRIWKHZLQGWXUELQH

1RSURFHVVLQJUHWURILWWLQJWRRWKHUFRPSDQ\ VSURGXFWVSRVVLEOH
7KHEODGHSRZHUWUDQVPLVVLRQPHFKDQLVPZKLFKLVWKHFRUHRIRXUGRXEOHSURSHOOHUZLQGJHQHUDWRULVXQSURFHVVHGDQGFDQEHUHDUUDQJHGWRPRVWFRPSHWLWRUV&RVWVFDQEHLQWURGXFHGDWDORZFRVWHQRXJKWRPDWFKSHUIRUPDQFH
LPSURYHPHQWV%\LQVWDOOLQJWKHGRXEOHSURSHOOHUDWWDFKPHQWLWLVSRVVLEOHWR
JHQHUDWHHOHFWULFLW\HYHQZLWKDERXWKDOIWKHZLQGEHIRUHLQVWDOOLQJWKHDWWDFKPHQW
DQGWKHWRWDOSRZHUJHQHUDWLRQKDVDOVREHHQLPSURYHGE\DERXWWZLFH

N: PGLDPHWHU ZLQGWXUELQH
FXUUHQWO\LQRSHUDWLRQLQ+LJDVKLNX)XNXRNDVKLDQG.XUXPHVKL

0DQDJHPHQWVWUDWHJ\9LVLRQ8WLOL]LQJH[SHUWLVHLQ
ZLQGWXQQHOH[SHULPHQWV

3URSRVDOVIRUIXWXUHGHYHORSPHQWDQG
FRRSHUDWLRQ$VRXUQDPHLPSOLHVZHDUH
JRRGDWGHVLJQLQJDQG
PDQXIDFWXULQJZLQGWXQQHOWHVWHTXLSPHQW:HDUHRSWLPL]LQJ
WKHSHUIRUPDQFHRIZLQGSRZHU
JHQHUDWRUVE\GHQVHZLQGWXQQHOWHVWVWKDWFDQRQO\EHGRQHE\ZLQGWXQQHOPDQXIDFWXUHUV$W
SUHVHQWZHDUHFRQVWUXFWLQJDODUJHZLQGWXQQHOIDFLOLW\ZLWKD
P¼PRXWOHW$VDEDFNXSWRRWKHUFRPSDQLHV ZLQGWXUELQHVZH
ZLOOEHDEOHWRKDQGOHWKHPE\GLVWULEXWRUVDQG
WUDGLQJFRPSDQLHVZKRVHOOZLQGWXUELQHV:HZLOODOVREHDEOHWRGHOLYHURXUZLQGWXUELQHVDQGRIIHUWKHPWRFXVWRPHUVZKRRSHUDWHWKHP
,QSDUWLFXODUEHFDXVHRILWVVXSHULRUFKDUDFWHULVWLFVDWORZZLQGVSHHGVLWFDQEHWUDQVSRUWHGLQXUEDQDQG
ORZO\LQJDUHDVZKHUHZLQGLVQRWH[SHFWHG&XUUHQWO\ZHDUHVXSSO\LQJN:SURGXFWVEXWZHDUH
SURJUHVVLYHO\GHYHORSLQJODUJHN:N:PDFKLQHV䕔2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌)XMLPLWVXPDFKL.XUXPH)XNXRND
85/KWWSMDSDQIXGRFRP
4XHU\:HEVLWH'HYHORSPHQWPDQXIDFWXUHDQGVDOHRIZLQG

1XPEHURIHPSOR\HHV‫؟‬SRZHUJHQHUDWRUVSRZHUV\VWHPVZLQGWXQQHO&DSLWDO‫؟‬WHVWLQJHTXLSPHQWPHDVXULQJGHYLFHVUHODWHG
WRZLQGWXQQHOWHVWLQJDQGPHDVXUHPHQWPLOOLRQWKRXVDQG\HQ
VRIWZDUH
<HDURIIRXQGDWLRQ‫؟‬䕔3DWHQWVRQWKHSURGXFW
5HSUHVHQWDWLYH‫؟‬$SSOLFDWLRQ1R
3UHVLGHQW-RVKXD/DZQ     >)OXLGPDFKLQHU\DQGSRZHUJHQHUDWRUV@

-[WUJW8GPVWTG5GGU0Q

'PXKTQPOGPVȷ'PGTI[+L%L4RR//&&UHDWLRQRIDVPDOOVFDOHUHVRXUFHUHF\FOLQJV\VWHPWKDWFRQWULEXWHVWRWKH
UHYLWDOL]DWLRQRIWKHUHJLRQ:RUNLQJLQFRRSHUDWLRQZLWKWKHFRPPXQLW\ZHFUHDWHD
PHFKDQLVPDQGPDNHLWYLVLEOH
:KDWLVD6PDOO6FDOH5HVRXUFH5HF\FOLQJ6\VWHP"
$OWKRXJK WKH JHQHUDO IORZ RI UHVRXUFH UHF\FOLQJ LV WKH IRXQGDWLRQ WKDWVXSSRUWVRXUOLYHVWKHUHDUHQRWPDQ\RSSRUWXQLWLHVIRUFRQVXPHUVWRVHH
WKHXOWLPDWHGHVWLQDWLRQRIUHVRXUFHV
7KH6PDOO6FDOH5HVRXUFH5HF\FOLQJ6\VWHPLVDPHFKDQLVPIRUFRPSOHWLQJUHVRXUFH UHF\FOLQJ DW WKH ORFDO EXVLQHVV VWRUH DQG HYHQW OHYHO $OWKRXJKHDFKF\FOHLVVPDOOZHEHOLHYHWKDWLWFRQWULEXWHVWRORFDOFUHDWLRQDQGLVDQLPSRUWDQWHOHPHQWRIWKH &LUFXODU(FRQRP\ZKLFKKDV DWWUDFWHGDWWHQWLRQ
LQUHFHQW\HDUV

9LVXDOL]LQJ5HVRXUFH5HF\FOLQJWKURXJK*RRGVDQG6WRULHV%XLOGLQJD5HVRXUFH5HFRYHU\DQG0DQDJHPHQW
6\VWHP%HVLGHVJDWKHULQJUHVRXUFHVDWVLWHVVXFKDV
FLW\PDUDWKRQVRXWGRRUVSRUWVDQGHYHQWVZHDOVRVXSSRUWWKHFUHDWLRQRIDQHQYLURQPHQWDOO\FRQVFLRXVV\VWHP

,Q FUHDWLQJ WKLV PHFKDQLVP ZKDW ZH HPSKDVL]H LV KRZ WR GHOLYHU
FLUFXODWHG UHVXOWV WR FRQVXPHUV :H EHOLHYH WKDW LI ZH FDQ FRPPXQLFDWHZHOO WKDW FRQVXPHUV DUH ZRUNLQJ RQ UHVRXUFH FLUFXODWLRQ LQ WKH UHJLRQ ZH
ZLOOEHDEOHWRJDWKHUEHWWHUTXDOLW\UHF\FOLQJUHVRXUFHVHDVLO\
7KHUHIRUH ZH DUH DFWLYHO\ ZRUNLQJ RQ WKH GHYHORSPHQW RI QHZ UHF\FOHG
PDWHULDOVSURFHVVLQJWHFKQRORJLHVDQGDWWUDFWLYHSURGXFWVPDNLQJIXOOXVH
RI WUDGLWLRQDO WHFKQRORJ\ DQG ODWHVW GLJLWDO WHFKQRORJ\ :H DOVR SURYLGH
H[FLWLQJ H[SHULHQFHV WKURXJK FLWL]HQ ZRUNVKRSV DQG RWKHUV XVLQJ WKRVHSURGXFWV(QYLURQPHQWDOO\&RQVFLRXV$FWLYLWLHV/HDGWR
5HYLWDOL]DWLRQRI/RFDO&RPPXQLWLHV
:H KRSH WR HYHQWXDOO\ UHYLWDOL]H WKH ORFDO FRPPXQLW\ WKURXJK WKHVH
DFWLYLWLHV )RU WKLV SXUSRVH LW LV LPSRUWDQW WR ZRUN WRJHWKHU ZLWK WKH ORFDOFRPPXQLW\ :H ZLOO ZRUN WRJHWKHU ZLWK RXU VWDNHKROGHUV WR FUHDWH D
VXVWDLQDEOH UHVRXUFH FLUFXODWLRQ V\VWHP WKDW FDQ EH XVHG E\ D YDULHW\ RI
ORFDOKXPDQUHVRXUFHVLQKDUPRQ\ZLWKORFDOFXOWXUHDQGLQLWLDWLYHV'HVLJQRI5HF\FOHG*RRGV 6WRULHV7RUHWXUQRULJLQDOJRRGVWRFRQVXPHUVDORQJZLWKUHVRXUFHUHF\FOLQJVWRULHVE\FRPELQLQJWUDGLWLRQDOFUDIWVPDQVKLS'
GLJLWDOPDQXIDFWXULQJDQGORFDOFRQWHQW

7KH .LWDN\XVKX (FR3UHPLXP 5HYLHZ &RPPLWWHH V 6SHFLDO $ZDUG IRU )2/0,&6æ D QHZ PDWHULDO WKDW FDQ EH XVHG LQ UHF\FOHG JRRGVZDVKLJKO\HYDOXDWHG.LWDN\XVKX 0DUDWKRQ  UHFHLYHG D KLJK UHFRJQLWLRQ IRU LWV ORZ FDUERQ SHUIRUPDQFH LQ WKH UHVRXUFH UHF\FOLQJ V\VWHP 'HFHPEHU
 

0DQDJHPHQWVWUDWHJ\9LVLRQ‫*ٴ‬RDORIFUDFNLQJ‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV:HKRSHWRFRQWULEXWHWRWKHUHYLWDOL]DWLRQ
RI WKH ORFDO FRPPXQLW\ E\ FUHDWLQJ DQGLPSOHPHQWLQJ D SDFNDJH WKDW LQWHJUDWHVJRRGV VHUYLFHV DQG PHFKDQLVPV ZLWK D
IRFXV RQ HQYLURQPHQWDO FRQVLGHUDWLRQV LQ
RXUDFWLYLWLHVLQFRRSHUDWLRQZLWKWKHORFDOFRPPXQLW\,QWKHIXWXUHZHLQWHQGWRSURPRWHVPDOOVFDOHUHVRXUFHUHF\FOLQJLQWRXULVWDUHDV
DQG RWKHU DUHDV DQG WR HVWDEOLVK D V\VWHP WKDW ZLOO IDFLOLWDWH WKH PLJUDWLRQ RI
WRXULVWV2WKHU UHODWHG LQLWLDWLYHV LQFOXGH WKH GHYHORSPHQW RI GLJLWDO IRUPLQJ WHFKQRORJ\ZLWK VSHFLILFDWLRQV IRU UHF\FODEOH UHVRXUFHV DQG VXSSRUW IRU WKH FRQVWUXFWLRQ RI
ORZHQYLURQPHQWDOLPSDFWDQG]HURHPLVVLRQV\VWHPVLQWKHLQGXVWULDOVHFWRU:H
ZLOO DOVR H[SDQG FROODERUDWLRQ ZLWK EXVLQHVV HQWLWLHV WKDW ZLVK WR SURPRWHUHVRXUFHUHF\FOLQJ

䕔&RUSRUDWHSURILOH
㻌 $GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌.R\RPDFKL:DNDPDWVXNX.LWDN\XV\X)XNXRND
85/KWWSVKLELTRRFRMS
4XHU\
RU:HEVLWH䕔2XWOLQHRIEXVLQHVV
1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH3DUWQHU
6KLQWDUR0DWVXGD     


5HVHDUFKDQGFRQVXOWLQJRQWKHHQYLURQPHQWORZFDUERQDQGUHVRXUFHUHF\FOLQJSURGXFW
SODQQLQJGHYHORSPHQWDQGVDOHVXVLQJUHF\FODEOHUHVRXUFHVUHVHDUFKDQG
GHYHORSPHQWHWF

䕔3DWHQWVRQWKHSURGXFW
3DWHQW1R HQYLURQPHQWDOO\IULHQGO\PDWHULDOVPDGHIURPUHF\FODEOHUHVRXUFHV 

-[WUJW8GPVWTG5GGU0Q

'PXKTQPOGPVȷ'PGTI[5LDPZLQG&R/WG:RUOG VILUVWFRPSDFWZLQGWXUELQHV\VWHPZLWKZLQGOHQVHVDQG
PXOWLURWRUV+LJKO\HIILFLHQWDQGTXLHWnPXOWLOHQVZLQGWXUELQH|
$SSOLFDWLRQFKDUDFWHULVWLFVRIVPDOOZLQGWXUELQHV\VWHPV$PDMRUVKLIWWRDUHQHZDEOHHQHUJ\VRFLHW\KDVEHJXQ8VHRIGLVWULEXWHGSRZHUVRXUFHV 0DUNHWLVODUJHDQGWKHVPDOODQGPHGLXPVL]HGZLQGWXUELQHPDUNHWLVUDSLGO\
H[SDQGLQJ
7KLVSURGXFWERDVWVWKHZRUOG VKLJKHVWHQHUJ\DFTXLVLWLRQUDWHSHUXQLWDUHD  :RUOGdVILUVWZLQGWXUELQHV\VWHPWKDWLQFRUSRUDWHVPXOWLURWRUFRQFHSWLQWR
WKHTXLHWZLQGOHQVWXUELQH

)HDWXUHVRI7HFKQRORJLHV6XSSRUWLQJ6PDOO:LQG9HKLFOH6\VWHPV
%DVHGRQWKHWHFKQRORJ\RIGLIIXVHUDXJPHQWHGZLQGWXUELQHVFDOOHGn:LQG
/HQV|GHYHORSHGE\.\XVKX8QLYHUVLW\ZHGHYHORSWKHZLQGWXUELQHV\VWHPVZLWKKLJKHQHUJ\DFTXLVLWLRQHIILFLHQF\WKURXJKLWVV\QHUJLHQRELUGVWULNHDQGKLJKOLJKWQLQJUHVLVWDQFHOHYHODQGJRRGDSSHDUDQFH
:RUOG VRQO\ZLQGWXUELQHWKDWVROYHVHQYLURQPHQWDOSUREOHPVDQGKDVKLJKVRFLDODFFHSWDELOLW\%HLQJILWIRUPDVVSURGXFWLRQFRVWUHGXFWLRQDQGODUJHFDSDFLW\ LQWKHIXWXUH
ILYHZKHHOVHWF 

N:OHQVZLQGPLOO VLQJOHPDFKLQH .\XVKX8QLYHUVLW\,WR&DPSXVLQVWDOOHGDQGDERXWRWKHUWXUELQHV LQGHSHQGHQWV\VWHP 

1RYHOW\FRPSDUHGZLWKWHFKQRORJLHVRIRWKHUFRPSDQLHV$ODUJHQXPEHURIIRUHLJQZLQGWXUELQHVKDYHEHHQLQWURGXFHGLQWKHFRQWH[WRI
),7V\VWHP+RZHYHUWKHFRVWZLOOEHUHGXFHGZLWKLQWURGXFWLRQRIRXUZLQGWXUELQHVDVWKH\DUHRIKLJKHUHIILFLHQF\WKDQWKHIRUHLJQRQHV/HVVZLQGWXUELQHQRLVHDQGODQGVFDSHGHVWUXFWLRQUHVXOWLQKLJKDFFHSWDELOLW\ZKLFKGUDZDOLQHEHWZHHQXVDQGRWKHUFRPSDQLHVN:PXOWLOHQVZLQGWXUELQH .LWDN\XVKX&LW\&KXNLLVH[SHULPHQWLQJWRREWDLQFHUWLILFDWLRQ &HUWLILFDWLRQLVVFKHGXOHGWREHDFTXLUHGLQ
0DUFK JULGFRQQHFWLRQ 

Management strategy / Vision‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

‫؞‬2ULJLQDWHGIURPZLQGHQJLQHHULQJVHFWLRQRI
5HVHDUFK,QVWLWXWHIRU$SSOLHG0HFKDQLFV 5,$0 DW.\XVKX8QLYHUVLW\ZHJUDVSWKHQDWXUHRIWKHZLQG
QHDUWKHVXUIDFHHVWLPDWHWKHIORZSDWWHUQVRIWKH
ZLQGDQGXQGHUVWDQGWKHZLQGLWVHOI7KHZRUOGdVILUVWnZLQGOHQVWHFKQRORJ\|FDPHLQWREHLQJZLWKWKHFRRSHUDWLRQEHWZHHQILHOGVRIDHURQDXWLFVPHFKDQLFDOHQJLQHHULQJHOHFWULFDOHQJLQHHULQJDQG
PDWHULDOHQJLQHHULQJ5HSUHVHQWDWLYHRI&XUUHQW
5HDP:LQGLVWKHSURMHFWOHDGHU
‫؞‬,QFRRSHUDWLRQZLWK.\XVKX8QLYHUVLW\ZHZLOOFRQWULEXWHWRWKHXVHRIQDWXUDOHQHUJ\DQG
FRQWULEXWHWRORFDOFRPPXQLWLHVWKURXJKFRRSHUDWLYHFRPSDQLHV‫؞‬,QRUGHUWRREWDLQWKHW\SHFHUWLILFDWHRIWKH-DSDQ0DULQH,QGXVWU\$VVRFLDWLRQILHOGWULDOVDUHFXUUHQWO\XQGHUZD\DW+LNDUL.LWDN\XVKX&LW\‫؞‬$IWHUREWDLQLQJFHUWLILFDWHDN:PXOWLOHQVZLQGWXUELQHDSSOLFDEOHWR),7ZLOOEHLQWURGXFHGLQWRWKH
GRPHVWLFPDUNHW,WLVVFKHGXOHGIRU$SULO
‫؞‬:HDUHDLPLQJIRUORZFRVWKLJKSHUIRUPDQFHZLQGWXUELQHVWKDWDUHFKHDSHUWKDQDQ\RWKHUW\SH,Q
PDQXIDFWXULQJZHZLOOFRRSHUDWHZLWKPDQXIDFWXUHUVRIPDFKLQHU\DQGSURFHVVLQJWHFKQRORJLHVJHQHUDWRUVFRQWUROOHUVDQGSODVWLFVPDQXIDFWXUHUVRIEODGHVDQG
DLUFROOHFWRUV‫؞‬,QVDOHVZHZLOOFRRSHUDWHZLWKFRPSDQLHVUDQJLQJIURPUHWDLOHUVWRWKHOHDGLQJRQHVVSHFLDOL]LQJLQ
UHQHZDEOHHQHUJ\EXVLQHVV
‫&ٹ‬RUSRUDWHSURILOH
1XPEHURIHPSOR\HHV‫؟‬              $GGUHVV‫ٿ‬&DSLWDO‫؟‬*,&)6.DVXJDNRHQ.DVXJDPLOOLRQWKRXVDQG\HQ)XNXRND<HDURIIRXQGDWLRQ‫؟‬KWWSZZZULDPZLQGFRMS
5HSUHVHQWDWLYH‫؟‬
4XHU\7(/RU

&(2<XML2K\D  :HEVLWH


䕔2XWOLQHRIEXVLQHVV:LQGFRQGLWLRQIRUHFDVWLQJFRQVXOWDQW3URGXFWLRQDQGVDOHVRIVPDOOZLQGWXUELQHVN:N:DQGN:PXOWLOHQVPDFKLQHV

䕔3DWHQWVRQWKHSURGXFW,QKRXVH3DWHQW1RRI
0XOWLOHQV:LQG9HKLFOHV &OXVWHU:LQG 
GDWHG$SULO+

-[WUJW8GPVWTG5GGU0Q

'PXKTQPOGPVȷ'PGTI[7HFKQRORJLFDO3ODQQHU,QF
2SWLPDOIRUUHFKDUJLQJXOWUDVPDOO(9V/RFDOFRQVXPSWLRQRIUHQHZDEOHHQHUJ\%OXHVN\RXWOHWDVWDQGDORQHSRZHUVXSSO\V\VWHP‫)ٶ‬HDWXUHVRIDEOXHVN\RXWOHW 7KLVSURGXFWLVDUHFKDUJLQJVWDWLRQGHYHORSHGIRUXOWUDVPDOOHOHFWULF
YHKLFOHVZKLFKLVH[SHFWHGWREHFRPHSRSXODULQWKHIXWXUHDVDQHZ
FRQYHQLHQWPHDQVRIWUDQVSRUWDWLRQLQWKHUHJLRQWKDWVDYHVHQHUJ\LQWUDQVSRUWDWLRQDQGLPSURYHVWKHTXDOLW\RIOLIHDQGWUDQVSRUWDWLRQ7KHPDLQIHDWXUHRIWKLVV\VWHPLVWKHDELOLW\WRVWRUHHOHFWULFLW\IURPUHQHZDEOHHQHUJ\VRXUFHVDQGXVHWKHVDPH$&9RIHOHFWULFLW\DVDFRPPHUFLDOSRZHUVRXUFH
7KLVV\VWHPLVDOVRDQHIIHFWLYHSRZHUVRXUFHIRUHPHUJHQF\SRZHUVXSSOLHV‫ٶ‬/RFDOSURGXFWLRQDQGORFDOFRQVXPSWLRQRIHQHUJ\%OXHVN\RXWOHW 7KHVWRUDJHFDSDFLW\RIWKHV\VWHPVLVXSWRDERXWN:K ILYHSDQHOW\SH 
DQGFDQIXOO\FKDUJHDSSUR[LPDWHO\XQLWVRIXOWUDVPDOOHOHFWULFYHKLFOHV$OO
WKH$&9RXWSXWIURPWKHRXWOHWLVPDGHRIUHQHZDEOHHQHUJ\HQDEOLQJORFDOHQHUJ\SURGXFWLRQWREHFRQVXPHGORFDOO\6LQFHWKHRXWSXWSRZHUVXSSO\LVVLQXVRLGDOSUHFLVLRQHTXLSPHQWFDQEHXVHGDQGLWLVYHU\HIIHFWLYHDVDQ
HPHUJHQF\SRZHUVXSSO\‫ٶ‬1R&2ĉHPLVVLRQVGXULQJRSHUDWLRQ (FRIULHQGO\HOHFWULFYHKLFOHVFDQEHGULYHQE\HFRUHQHZDEOHHQHUJ\HQDEOLQJWUDQVSRUWLQIUDVWUXFWXUHZLWK]HURHPLVVLRQVWKDWGRHVQRWHPLW&2ĉ

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬2XUVWUHQJWKV 7KHFRPSDQ\dVJUHDWHVWVWUHQJWKLVLWVDELOLW\‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW $WSUHVHQWDEOXHVN\RXWOHWLVSURYLGHGWR

WRHQJLQHHUPDQXIDFWXULQJLQDFRPSUHKHQVLYH
PDQQHU7KLVWHFKQLFDOJURXSRIHQJLQHHUVZLWKYDULRXVH[SHULHQFHVLQWKHILHOGVRIGHVLJQDQG
GHYHORSPHQWSURGXFWLRQWHFKQRORJ\DQG
PDLQWHQDQFHDQGLQVSHFWLRQRIDXWRPRELOHDQG
HOHFWULFDOPDFKLQHU\FDQVROYHDYDULHW\RIFXVWRPHULVVXHVLQPDQXIDFWXULQJ :HDOVRIRFXVRQGHYHORSLQJKXPDQUHVRXUFHVDQGFUHDWLQJDQHQYLURQPHQWLQZKLFKHQJLQHHUVFDQSOD\DQDFWLYHUROHLQFUHDWLQJDSURVSHURXV
VRFLHW\RIWKHIXWXUHEXVLQHVVHVWKDWXVHXOWUDVPDOOHOHFWULFYHKLFOHV
IRUFROOHFWLRQDQGGHOLYHU\DQGWRUHPRWHLVODQGV
WKDWXVHWKHPDVWRXULVWUHQWDOFDUV,QDYDULHW\RIZD\VLQWKHIXWXUH:HZLOOWDNHSUHYDLOLQJVPDOOHOHFWULF
YHKLFOHVDVRXUWDUJHWPDUNHWDQG
DFWLYHO\LQWURGXFLQJRXUSURGXFWVWRLVRODWHGLVODQGVVHHNLQJIRUORFDOUHYLWDOL]DWLRQWRXULVWGHVWLQDWLRQVDQGPXQLFLSDOLWLHV‫&ٹ‬RUSRUDWHSURILOH

㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌$GGUHVV‫ٿ‬8VKLJDPL1DNDWVX2LWD
85/ KWWSZZZWSODQFRP
4XHU\7(/   )$;

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU
0LWVXUX7HUDVKLWD     ‫ٹ‬2XWOLQHRIEXVLQHVV㻌 ‫(؞‬QJLQHHULQJ  'HVLJQDQG'HYHORSPHQW3URGXFWLRQ7HFKQRORJ\,QVSHFWLRQDQG0DLQWHQDQFH  ‫'؞‬HYHORSPHQWEXVLQHVV  3URGXFWDQG)DFLOLW\'HYHORSPHQW  ‫(؞‬FRWRXULVPEXVLQHVV  8OWUDFRPSDFW(9UHQWDOFDU -[WUJW8GPVWTG5GGU0Q

'PXKTQPOGPVȷ'PGTI[=(3725$VLD&RUSRUDWLRQ6PDOOOLJKWKLJKFDSDFLW\XVLQJWKUHHGLPHQVLRQDOFRPSRVLWHV'HYHORSPHQWPDQXIDFWXUHDQGVDOHRIQH[W
JHQHUDWLRQOLWKLXPLRQEDWWHULHV
7DUJHW0DUNHWVDQG7KHLU7UHQGV

=(3725 VFRUHWHFKQRORJLHVDQGDSSOLFDWLRQVLQ
UHFKDUJHDEOHEDWWHULHVf̭P

&DUERQQDQRILEHU‫؞‬,QUHFHQW\HDUVVHFRQGDU\EDWWHULHVKDYHEHHQXVHGLQDZLGHYDULHW\RIDSSOLFDWLRQVLQFOXGLQJPRELOHWHUPLQDOVVXFKDVVPDUWSKRQHVDQGODSWRSVPRELOHSRZHUVRXUFHVVXFKDVGUDZRQHVHOHFWULFVFRRWHUVDQGHOHFWULFYHKLFOHVDQGVWDWLRQDU\VWRUDJH
GHYLFHVWKDWVWRUHUHQHZDEOHHQHUJ\IURPZLQGDQGVRODUSRZHUJHQHUDWLRQ‫*؞‬RLQJIRUZDUGWKHUHLVDQHHGWRPDNHUHFKDUJHDEOHEDWWHULHVPRUHFRPSDFWDQG
OLJKWZHLJKWZKLOHUHTXLULQJVDIHEDWWHULHVWKDWFDQSURYLGHSRZHUIRUDORQJSHULRGRI
WLPH

‫=؞‬HSWRUKDVEHHQGHYHORSLQJQHZFRPSRVLWHPDWHULDOVE\XWLOL]LQJWKHVHPLFRQGXFWRUPDQXIDFWXULQJSURFHVVHVFXOWLYDWHGRYHUWKH\HDUV:HKDYHVXFFHHGHGLQGHYHORSLQJFRPSRVLWHVZLWKDQXQSUHFHGHQWHGWKUHHGLPHQVLRQDOVWUXFWXUHE\HPEHGGLQJFDUERQQDQRILEHUV &1)V RQPHWDOVXEVWUDWHV RUPHWDOIRLOV XVLQJHOHFWURSODWLQJSURFHVVHVEDVHGRQKLJKWKURXJKSXW5ROOWR5ROOPHWKRGV XSSHUULJKWSDQHO ‫؞‬7KHFRPSRVLWHPDWHULDOZLWK&1)HPEHGGHGRQWKHFRSSHUIRLOKDVH[FHOOHQW
HOHFWULFDODQGWKHUPDOFRQGXFWLYLW\DQGLVH[SHFWHGWREHDSSOLHGDVDIXQFWLRQDOPDWHULDOZLWKDKLJKVXUIDFHDUHDGXHWRWKHWKUHHGLPHQVLRQDOVWUXFWXUH
‫؞‬:KHQDSSOLHGWROLWKLXPLRQEDWWHULHVWKHEDWWHU\FDSDFLW\FDQEHDERXWWZLFHDVKLJKDVWKDWRIFRQYHQWLRQDOJUDSKLWHDFWLYHPDWHULDOVE\FRPELQLQJWKHPZLWKDQ
DFWLYHPDWHULDOZLWKDKLJKHOHFWULFHQHUJ\FDSDFLW\GHQVLW\DVDFXUUHQWFROOHFWRUIRU
WKHQHJDWLYHHOHFWURGH)XUWKHUPRUHWKHKLJKWKHUPDOFRQGXFWLYLW\GHULYHGIURPWKH
WKUHHGLPHQVLRQDOVWUXFWXUHRI&1)PDNHVLWDVDIHEDWWHU\ ORZHUSDQHORQWKHULJKW 

0HWDOVXEVWUDWH

/DPLQDWH7\SH&HOO%DWWHU\6DPSOHV0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV‫=؞‬HSWRU&RUSRUDWLRQZDVHVWDEOLVKHGLQLQWKH
866LOLFRQ9DOOH\E\WKUHHHQJLQHHUVVSXQRXWIURP,QWHO&RUS:HZLOOGHYHORSIXHOFHOOVDQGVHFRQGDU\EDWWHULHVEDVHGRQVHPLFRQGXFWRUSURFHVVHV‫؞‬$VRIWKH-DSDQ,QQRYDWLRQ2UJDQL]DWLRQ
,1&- KDVEHFRPHDOHDGLQJLQYHVWRUDQGLQYHVWPHQWFRPHVIURPVHYHUDO-DSDQHVHVXEVLGLDULHV‫(=؞‬3725$VLD&R/WGZDVHVWDEOLVKHGLQ)XNXRND
LQDVDVXEVLGLDU\LQRUGHUWRXWLOL]HJHRJUDSKLFDODGYDQWDJHVLQWKHOLWKLXPLRQEDWWHU\PDUNHWZLWK-DSDQHVHPDQXIDFWXUHUVRIDGYDQFHGPDWHULDOVDQGHTXLSPHQWDVZHOODV$VLDQPDQXIDFWXUHUVRIEDWWHU\DVVHPEOLHVFRPLQJLQWRVLJKW:HDUHOHDGLQJWKHPDVVSURGXFWLRQRIQHJDWLYHHOHFWURGHGHYHORSHGLQ6LOLFRQ9DOOH\‫؞‬:LWKWKHDLPRILQGHSHQGHQWPDVVSURGXFWLRQRIFRSSHUIRLO&1)FRPSRVLWHVGHYHORSHGDQGSDWHQWHGE\=HSWRUDVFXUUHQWFROOHFWRUVIRUDQRGHHOHFWURGHVZH
ZLOORXWVRXUFHWKHSURGXFWLRQDQGDVVHPEO\RIEDWWHULHVWRH[LVWLQJEDWWHU\PDQXIDFWXUHUV‫؞‬%\HPEHGGLQJ&1)LQPHWDOPDWHULDOVZHDLPWRLPSURYHWKHSURSHUWLHVRIQHZIXQFWLRQDOFRPSRVLWHV,Q
DUHDVRWKHUWKDQEDWWHULHVZHZLOOFRQWULEXWHWRQHZ
LQGXVWULDOILHOGVE\LPSURYLQJWKHIROORZLQJFKDUDFWHULVWLFV   ‫؞‬0HFKDQLFDOVWUHQJWKDQGZHDUUHVLVWDQFH   ‫(؞‬OHFWULFDOFRQGXFWLYLW\   ‫؞‬7KHUPDOFRQGXFWLYLW\   ‫؞‬,QFUHDVHLQVSHFLILFVXUIDFHDUHD LQFUHDVHLQ
FDWDO\VWVXSSRUWHIILFLHQF\ ‫&ٹ‬RUSRUDWHSURILOH

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌$GGUHVV‫ٿ‬'DLPL\R&KXRNX)XNXRND PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬)XNXRND
5HSUHVHQWDWLYH‫؟‬
85/KWWSZZZ]HSWRFRFRP3UHVLGHQW
4XHU\7(/RU
5\X]R+LJDVKLKDUD:HEVLWH
‫ٹ‬2XWOLQHRIEXVLQHVV'HYHORSPHQWDQG0DVV3URGXFWLRQRI&1)
7KUHH'LPHQVLRQDO&RPSRVLWHV'HYHORSPHQWDQGGHVLJQRIFHOOSDFNVIRUOLWKLXPLRQEDWWHULHVLQDFFRUGDQFHZLWKWKHLU
LQWHQGHGXVH

‫ٹ‬3DWHQWVRQWKHSURGXFW
3DWHQW1RDQG3DWHQW1R

3DWHQW1RDQG3DWHQW1R

-[WUJW8GPVWTG5GGU0Q

/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN.\XV\X1DQRWHF2SWLFV&R/WG
7KHZRUOG VILUVWUHYHUVHW\SHDQGKHDWEORFNLQJW\SH
DUHOLQHXS 0L\R)LOP+LJKO\)XQFWLRQDO)LOP6KHHWV:KDWLVDKLJKO\IXQFWLRQDOILOPVKHHW"
$WUDQVSDUHQWILOPVKHHWWKDWFDQFRQWUROWUDQVSDUHQF\DQG
FORXGLQHVVZLWKHOHFWULFLW\,WKDVKLJKFRQYHQLHQFHDQG
DSSOLFDELOLW\DQGFDQEHXVHGLQDYDULHW\RIVFHQHVLQFOXGLQJ
EXVLQHVVHVHYHQWVYHKLFOHV DXWRPRELOHVDLUFUDIWWUDLQVHWF 
VWRUHVDQGSULYDWHKRPHV([SDQGLQJ$SSOLFDWLRQV,QDGGLWLRQWRLQVWDQWVZLWFKLQJRIWUDQVSDUHQF\FORXGLQHVVZLWKSRZHU212))LPDJHSURMHFWLRQDQGWRQLQJDUHDOVRSRVVLEOH,Q
DGGLWLRQDOWKRXJKRUGLQDU\SURGXFWVDUHWUDQVSDUHQWDWWKHWLPH
RISRZHUGLVWULEXWLRQWKH\DUHDOVRRIIHUHGLQWKHUHYHUVHW\SH
WKHZRUOG VILUVW ZLWKQRQHQHUJL]HGWUDQVSDUHQWDQGWKHW\SHDFKLHYLQJDWKHUPDOFXWRIIUDWLRRIDERXWDQGWKHDSSOLFDEOH
UDQJHLVJUHDW,WLVVSUHDGLQJ

7RWKHWRSUXQQHUZLWKWKHWKLQQHVVRIWKHKLJKO\IXQFWLRQDOILOPVKHHW
6LPLODUSURGXFWLVJHQHUDOO\DERXW̭PWKLFNEXWLWLV
RYHUZKHOPLQJO\WKLQ̭PWKLFN,QDGGLWLRQZHKDYHHVWDEOLVKHG
SRVLWLRQVWKDWGRQRWDOORZRWKHUW\SHVRIIROORZXSVXFKDVVSHHG
RIUHVSRQVHDQGWUDQVSDUHQF\7KHWHFKQRORJ\KDVDOUHDG\EHHQ
SURYHQWREHVXSHULRULQPDQ\UHVSHFWVDVLWLVPRYLQJWRZDUGVXSSO\LQJLWWRPDMRU-DSDQHVHDQGRYHUVHDVDLUFUDIWPDQXIDFWXUHUV,PDJHRIXVH
)URPOHIWFOHDUWRZKLWHWXUELGLW\WRYLGHRSURMHFWLRQ‫&پ‬RRSHUDWLRQ7DNDR6KLRWVXND$WULH
+D]H5DWH   2))  21 

7RWDOOXPLQRXVWUDQVPLWWDQFH   21 

3DUDOOHO7UDQVPLVVLRQ  

 2))  21 

2SWLFDOSURSHUW\‫پ‬6SHFLPHQV PPILOPVRQO\ &5+
‫پ‬9DOXHVDUHDFWXDOYDOXHVQRWJXDUDQWHHGYDOXHV0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV,QZHHVWDEOLVKHGDFRPSDQ\WRRSWLPL]HSRO\PHU
DQGOLTXLGFU\VWDOFRPSRVLWHVDQGUHDOL]HWKHZRUOG VRQO\FRQWLQXRXV5ROOWR5ROOSURGXFWLRQPHWKRGIRUOLTXLGFU\VWDOILOPV6XEVHTXHQWO\ZHKDYHVXFFHHGHGLQ
FRPPHUFLDOL]LQJDPRQRFKURPDWLFOLTXLGFU\VWDOILOPXVLQJGLFKURLFG\HVDQGDORZYROWDJHOLTXLGFU\VWDOILOPGULYHQDW9RUOHVV,QZHFRQWLQXHG5 'DQG
FRPPHUFLDOL]DWLRQRI53'/& 5HYHUVH3RO\PHU
'LVSHUVHG/LTXLG&U\VWDOZKLFKLVWKHEDVLVRIWKH/LYHU
7\SH
,QDGGLWLRQZHSRVVHVVWHFKQRORJLHVUHODWHGWRERWKWKH
VXUIDFHRIPDFKLQHU\DQGHTXLSPHQWDVZHOODV/&'V

7KHVFRSHRIDSSOLFDWLRQKDVH[SDQGHG
EH\RQGWKHRULJLQDODVVXPSWLRQVRIWKH
FRPSDQ\DQGZHDUHDVNLQJWKDWLWZLOOEH
FRQQHFWHGWRDQXPEHURIDSSOLFDWLRQ
VFHQHV)RUH[DPSOHLQ(XURSHDQGWKH8QLWHG
6WDWHVDSSOLFDWLRQVIRUZDOOPRXQWHG79V
XVXDOO\ZDOOWUDQVSDUHQWEDVHFRORUEODFNZKHQ79VDUHXVHG DUHDOVRFRQVLGHUHG5HVHDUFKLVDOVRXQGHUZD\RQJODVVHGGHYLFHVWKDWLPSURYHSK\VLFDOSHUIRUPDQFH

䕔2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH

$GGUHVV‫ٿ‬            2JD+LMLPDFKL+D\DPLJXQ2LWD
85/KWWSZZZN\XQDQRMS
7(/
)$;

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬&KLHI([HFXWLYH2IILFHU-XQLFKL%DED      5 'SURGXFWLRQDQGVDOHVRIIXQFWLRQDOOLTXLGFU\VWDOILOPV䕔3DWHQWVRQWKHSURGXFW
3DWHQW1R3RO\PHU1HWZRUN/LTXLG
&U\VWDO'LVSOD\'HYLFHDQGPHWKRGVRISUHSDUDWLRQWKHUHRI3DWHQW1R89
([SRVXUH'HYLFH3DWHQW$SSOLFDWLRQ
/LTXLG&U\VWDO%OLQG'HYLFHDQGPHWKRGVRIXVH ,QWHUQDWLRQDO3DWHQW 

-[WUJW8GPVWTG5GGU0Q

/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN.LULVKLPD6HLNR&R/WG
0DWHULDOVDUHILQLVKHGLQWRSURGXFWVE\SURFHVVLQJSDUWVLQDVLQJOHVWHS1HZFRQVWUXFWLRQPHWKRGFXUYHFXWWLQJPHWKRG)HDWXUHVRIWKHQHZPHWKRGFXUYHFXWPHWKRG
,WLVFKDUDFWHUL]HGE\DPDFKLQLQJPHWKRGWKDWLVFDUULHGRXWLQ
RQO\RQHVWHSXVLQJRXUGHYHORSPHQWPHWKRG&XUYH&XWWLQJ
0HWKRG 0DWHULDO‫ڀ‬0DFKLQLQJSURFHVVLQJ‫)ڀ‬LQLVKLQJSURFHVVLQJ &RPSDUHGWRWKHFRQYHQWLRQDOSURFHVVLQJPDWHULDOVFDXONLQJZLUHSURFHVVLQJIODWJULQGLQJSURFHVVLQJPDFKLQLQJSURFHVVLQJDQGILQLVKLQJSURFHVVLQJ ZHUHDOL]HGDUHGXFWLRQRISURGXFWLRQSURFHVVHVUHGXFWLRQRIPDWHULDOZDVWHVWDELOL]DWLRQRITXDOLW\DQGUHDOL]DWLRQRIDVKRUWGHOLYHU\SHULRG:LWKWKHPDWHULDOPDFKLQLQJ
2QHVKRWSURFHVVLQJ,QWRWKHSURGXFW3URYLGHSDUWVLQDVKRUWWLPH)HDWXUHVRIWKHWHFKQRORJ\WKDWVXSSRUWVVHUYLFHV
2XUFRPSDQ\VSHFLDOL]HVLQPLFURIDEULFDWLRQRIGLIILFXOWWRFXWPDWHULDOV 1LDOOR\V
VXFKDV.29$5DQG)H1L686PDWHULDOVDOXPLQXP2)+&HWF ,QUHFHQW\HDUVZHKDYHEHHQDGYDQFLQJWRPHGLFDOUHODWHGILHOGVWRLPSURYHWHFKQRORJLHVDQGUHGXFHFRVWV&RPSDULVRQVDQGQRYHOW\ZLWKRWKHUFRPSDQLHV WHFKQRORJLHV&RQYHQWLRQDOO\YDULRXVPDFKLQHWRROVZHUHXVHGWRSURFHVVSDUWVZKLFKUHTXLUHG
DORWRISURFHVVLQJWLPHDQGFRVW%\XVLQJRXUFXUYHFXWPHWKRGZHFDQSURYLGHPDFKLQHGSDUWVWRXVHUVZLWKVKRUWGHOLYHU\WLPHORZFRVWDQGKLJKTXDOLW\&XUYHFXWDSSOLFDWLRQ0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

:HDUHJRRGDWPLFURIDEULFDWLRQZLWKGLIILFXOWWRFXWPDWHULDOVDVSUHFLVLRQPHWDOSURFHVVLQJ RSWLFDOFRPPXQLFDWLRQVHPLFRQGXFWRUPHGLFDOVSDFHDQG
DYLDWLRQ ,Q'HFHPEHUZHDFTXLUHGWKHDSSURYDO
RIWKH.DJRVKLPD3UHIHFWXUDO*RYHUQRU V0DQDJHPHQW,QQRYDWLRQ3ODQEDVHGRQRXUXQLTXHFXUYHFXWWLQJPHWKRG%\HQDEOLQJVLQJOHSDUWPDFKLQLQJRISDUWVIURPPDWHULDOVZHRIIHUPDFKLQHGSDUWVZLWKVKRUWGHOLYHU\WLPHORZFRVWDQGKLJKTXDOLW\WRXVHUV,Q
DGGLWLRQZHDUHDFTXLULQJ,62 TXDOLW\DQG
HQYLURQPHQW UDLVLQJWUXVWDQGFUHGLELOLW\DVDWKHPH
DQGDOWKRXJKLWLVD\RXQJFRPSDQ\RIHLJKW\HDUVRIHVWDEOLVKPHQWZHDUHFRQWLQXDOO\VWULYLQJWRDFTXLUHPDUNHWVKDUHE\ZLGHO\SXEOLFL]LQJWKHWHFKQRORJLFDO
FDSDELOLWLHVZLWKKLJKSURFHVVLQJGLIILFXOW\‫ؚ‬,LPSURYHSURFHVVLQJWHFKQRORJLHV‫ؚ‬.HHSLQPLQGWKHTXDOLW\GHOLYHU\GDWHFRVWLQRUGHUWRDOZD\VVDWLVI\RXUFXVWRPHUV‫&ؚ‬RQWLQXRXVO\SXUVXHDQGLPSURYHWKH
HIIHFWLYHQHVVRI406
‫ؚ‬:HFRQVWDQWO\PDNHLPSURYHPHQWVLQ
SURFHVVLQJWHFKQRORJ\WRPDLQWDLQDQGPDLQWDLQUHOLDEOHTXDOLW\:HZLOOFDUU\RXWEXVLQHVVGHYHORSPHQWZLWKWKH
DERYHPRWWR$OVRZHZLOOPDNHHIIRUWVGD\DQG
QLJKWVRWKDWZHFDQFRQWULEXWHWRWKHORFDOFRPPXQLW\HVSHFLDOO\E\VWDUWLQJWRLPSURYH
FXVWRPHU VGHVLUHGTXDOLW\DQGSURFHVVLQJWHFKQRORJ\䕔2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌.RNXEX.DZDKDUD.LULVKLPD.DJRVKLPD
85/KWWSNLULVKLPDVHLNRMS
4XHU\7(/RU
:HEVLWH

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU
7DPRWVX1LVKLVKLJH     3UHFLVLRQPHWDOSURFHVVLQJLQGXVWU\VHPLFRQGXFWRUFRPSRQHQWSURFHVVLQJRSWLFDOFRPPXQLFDWLRQFRPSRQHQWSURFHVVLQJRWKHUPLFURSURFHVVLQJHWF 

䕔3DWHQWVRQWKHSURGXFW
,62  

-[WUJW8GPVWTG5GGU0Q



/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN&UXFLDO&RROLQJ3HUIRUPDQFH&R/WGRUPDQFH &R /WG'HVLJQDQGVDOHRIKLJKEULJKWQHVV/('SURGXFWVDQGGHVLJQRIKLJKSHUIRUPDQFHKHDWGLVVLSDWLRQV\VWHPV&RQWULEXWLQJWRVRFLHW\XVLQJKHDWDVDNH\ZRUG )*+3OLJKW $SSOLFDWLRQIHDWXUHVRISURGXFWVDQGVHUYLFHV%\XVLQJODPLQDWHGW\SHYDSRUFKDPEHU)*+3DV/('PRXQWLQJVXEVWUDWHWKLVSURGXFWUHDOL]HGVLJQLILFDQWO\KLJKHUEULJKWQHVVWKDQFRQYHQWLRQDOSURGXFW7KLVLVWKHILUVW/('OLJKWLQJLQWKHZRUOGWKDWZDV
DEOHWREHDSSOLHGWRWKHILHOGRIXOWUDKLJKEULJKWQHVVZKLFKFRXOGQRWEHDGYDQFHGZLWKFRQYHQWLRQDO/('OLJKWLQJ)HDWXUHVRIWHFKQRORJLHVWKDWVXSSRUWSURGXFWVDQGVHUYLFHV )*+3LVWKHFRUHWHFKQRORJ\WKDWFRXOGILQDOO\EHSXWWRSUDFWLFDOXVHE\ILQGLQJVXSSRUWIURP.DJRVKLPDSUHIHFWXUH0LQLVWU\RI(FRQRP\7UDGHDQG,QGXVWU\1('2
HWFDWYDULRXVVWDJHVRIUHVHDUFKDQGGHYHORSPHQW7KHWHFKQRORJ\LVUHFRJQL]HGDVWKH
ZRUOG VEHVWDELOLW\WRHVFDSHKHDWLQWKHZRUOGZLGHPDJD]LQHRI7KHUPDO7UDQVDFWLRQ
6RFLHW\ $SSOLHG7KHUPDO(QJLQHHULQJYROSS 7KHFRUHWHFKQRORJ\PDNHVLWSRVVLEOHWRVROYHWKHSUREOHPRIKHDWJHQHUDWLRQZKLFKEHFRPHVSDUWLFXODUO\QRWLFHDEOHDWKLJKGHQVLW\PRXQWLQJDQGUHDOL]HHQHUJ\VDYLQJE\LPSURYLQJGHYLFHRSHUDWLRQHIILFLHQF\DQGLPSURYHPHQWRIUHOLDELOLW\E\VXSSUHVVLQJGHYLFHWHPSHUDWXUH

)*+3OLJKWV&RPSDULVRQVZLWKRWKHUFRPSDQLHVdWHFKQRORJLHV 1RYHOW\ 7KH)*+3OLJKWFDQDOVREHDSSOLHGWRVFHQHVZKHUHWKHOLJKWGRHVQRWUHDFKEHFDXVH
WKHEULJKWQHVVLVLQVXIILFLHQWLQRWKHUPDQXIDFWXUHU V/('SURGXFWV DGRSWLRQH[DPSOHUHSODFHPHQWRIXOWUDKLJKEULJKWQHVVPHUFXU\ODPS ,QDGGLWLRQEHFDXVHRILWVKLJKOXPLQDQFHFKDUDFWHULVWLFVLWLVSRVVLEOHWRLUUDGLDWHDZLGH
UDQJHZLWKKLJKLOOXPLQDQFHZKHQLOOXPLQDWLQJQHDUGLVWDQFHVRLWLVSRVVLEOHWRGUDPDWLFDOO\UHGXFHWKHQXPEHURIODPSVIURPPHUFXU\ODPSOLJKWLQJDQGLWLVSRVVLEOHWRGUDVWLFDOO\VXSSUHVVERWKLQLWLDOFRVWDQGUXQQLQJFRVW&DVHVWXG\0DGHIURPPHUFXU\ODPSVLQKLJKVFKRROJ\PQDVLXPOLJKWLQJWR)*+3OLJKWVHWF )*+3OLJKW ZLGHDQJOHW\SH 

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
:HDUHDYHQWXUHFRPSDQ\IURP.DJRVKLPD
8QLYHUVLW\DQGHVWDEOLVKHGDFRPSDQ\ 6HSWHPEHU DJDLQVWWKHEDFNGURSRIDGRSWLQJ1('2OHDGLQJLQGXVWULDOWHFKQRORJ\FUHDWLRQSURMHFWLQ)<
:HDUHZRUNLQJRQDLPLQJDWGHVLJQLQJKLJKSHUIRUPDQFHKHDWGLVVLSDWLRQV\VWHPZLWK)*+3ZKLFKLVDODPLQDWHGW\SHYDSRUFKDPEHUDVWKHFRUHWHFKQRORJ\DQGDLPLQJWRDVVLVWFXVWRPHUV 
DGYDQFHPHQWDQGOLPLWEUHDNLQJ,QFDVH
,WLVDOVRRXUFRPSDQ\ VPLVVLRQWRFRQWULEXWHWRWKHUHDOL]DWLRQRIDQHQHUJ\VDYLQJVRFLHW\WKURXJKVRFLDOLPSOHPHQWDWLRQRI)*+3DSSOLHGSURGXFWV
䕔&RUSRUDWHSURILOH

‫)ٴ‬XWXUHEXVLQHVVGHYHORSPHQW 8QWLOQRZE\XVLQJ)*+3DVDQ/('VXEVWUDWHKLJKGHQVLW\SDFNDJLQJKDVEHHQUHDOL]HGZLWKWKHDGYDQFHRIKLJKEULJKWQHVVDQGWKHOLPLWEUHDNLQJGRZQWRDGRSWLRQLQDUHDVZKHUHFRQYHQWLRQDO/('OLJKWLQJFRXOG
QRWDGYDQFH/RRNLQJDKHDGZHDUHDLPLQJWRKHOS\RXDFKLHYHVRSKLVWLFDWLRQDQGOLPLWEUHDNLQJRIPRUHFXVWRPHUV SURGXFWVWKURXJKWKHGHYHORSPHQWRIODWHUDOO\GHYHORSHG
SURGXFWVRI)*+3OLJKWVRXUFHVXEVWUDWHVDQG
WKHGHYHORSPHQWRIKLJKGHQVLW\SDFNDJLQJRISRZHUHOHFWURQLFV,QDGGLWLRQZHZLOODOVRFRQWULEXWHWRHQHUJ\UHODWHGILHOGVEDVHGRQDGYDQFHGXVHRIKHDW

1XPEHURIHPSOR\HHV‫؟‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌$GGUHV‫ٿ‬&DSLWDO‫؟‬7DNHRND.DJRVKLPDWKRXVDQG\HQ.DJRVKLPD<HDURIIRXQGDWLRQ‫؟‬85/
5HSUHVHQWDWLYH‫؟‬
KWWSZZZFUXFLDOFRROLQJSHUIRUPDQFHFRMS 5HSUHVHQWDWLYH'LUHFWRU
4XHU\LQIR#FUXFLDOFRROLQJSHUIRUPDQFHFRMS .HL0L]XWD    

䕔2XWOLQHRIEXVLQHVV0DUNHWLQJRI)*+3OLJKWVDQG
GHVLJQLQJDQGPDUNHWLQJRIKHDWGLVVLSDWLRQV\VWHPVIRUHOHFWURQLF
GHYLFHV䕔3DWHQWVRQWKHSURGXFW
863DW1RVDQG

0DQ\WKLQJV-[WUJW8GPVWTG5GGU0Q

/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN

7U\7HFK&R/WG
2SWLPXPVSUD\LQJ /RQJHUSDUWVOLIHE\DSSO\LQJWUDJHUV75<7(&7UDUJDDJOREDOFKDQJLQJFRDWLQJ
$SSOLFDWLRQDQGFKDUDFWHULVWLFVRIWKHSURGXFW)RUSURGXFWVXVHGLQHQYLURQPHQWVUHTXLULQJKHDWUHVLVWDQFHZHDUUHVLVWDQFHDQGFRUURVLRQUHVLVWDQFHSODVPDVSUD\FRDWLQJWHFKQRORJ\LVSURYLGHG

&RDWLQJWKHPHWDOZLWKFHUDPLFV)HDWXUHVRI7HFKQRORJLHV6XSSRUWLQJ3URGXFWV7ULWHF VWUDJJHUVKDYHLPSURYHGFRDWLQJVWUHQJWKFRPSDUHGWRWKHSULRUDUWEHFDXVHWKHVXEVWUDWHDQG
FRDWLQJOD\HUIXVH IRUPDJUDGHGVWUXFWXUH :LWKVHOHFWLQJSURSULHWDU\VSUD\LQJPDWHULDOVWKDWDUHFRPSDWLEOHZLWKWKHHQYLURQPHQWKLJKIXQFWLRQDOLW\DQG
SURORQJHGOLIHVSDQFDQEHUHDOL]HG&HUDPLF
&HUPHW
0HWDO

&RPSDULVRQZLWK2WKHU
&RPSDQLHVb7HFKQRORJLHV3ULRUDUW

&DVHRIDWUDJHU

%DVHPHWDO
6XEVWUDWH

6XEVWUDWH+HDW

6SUD\HGPDWHULDOVDQGRSWLPDOO\FXVWRPL]HG:LWKPHOWLQJEDVHDQGFRDWLQJOD\HUWKHFRDWLQJVWUHQJWKLVIXUWKHULPSURYHG
:HbYHJRWDFWXDODFKLHYHPHQWV &RUURVLRQUHVLVWDQFH

UHVLVWDQFH

:HDU
UHVLVWDQWManagement strategy / Vision‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV‫؞‬:HZLOOSURSRVHD75<7(&7UDUJDWKDWRIIHUVRSWLPDOVSUD\LQJWRFRPSDQLHVDQG
RWKHUILHOGVZKHUHLPSURYHPHQWVLQWKH
KHDWUHVLVWDQFHZHDUUHVLVWDQFHDQG
FRUURVLRQUHVLVWDQFHRISURGXFWVDQG
FRPSRQHQWVDUHDQLVVXH
‫؞‬3OHDVHFRQWDFWXVIRULVVXHV QHHGV LQYDULRXVLQGXVWULHV:HZLOOZRUNWRJHWKHUWRVROYHWKHVHLVVXHV‫؞‬2XUPDQDJHPHQWSKLORVRSK\LVnPDNLQJLPSRVVLEOHSRVVLEOH7KLVLVDFRPSDQ\WKDWVROYHVWKHSUREOHPVRIFXVWRPHUV HVSHFLDOO\RQ
VLWH DQGZHDUHPDNLQJHYHU\HIIRUWWRYLVLWWKH
VLWHGLUHFWO\‫(؞‬VWDEOLVKHGWKH,QWHOOHFWXDO3URSHUW\6HFWLRQZLWKWKH,QWHOOHFWXDO3URSHUW\6WUDWHJ\DVWKH
PDLQVWD\RIPDQDJHPHQW‫؞‬2XUSURGXFWURWDU\3&EXUQHU ZKLFKKDV
EHHQSDWHQWHG KDVEHHQZHOOUHFHLYHGDQGZRQ
WKH.\XVKX'LVWULFW,QYHQWLRQ$ZDUG2LWD
3UHIHFWXUH%XVLQHVV3ODQ*UDQG3UL[DQG2LWD
3UHIHFWXUH%XVLQHVVRIWKH<HDU$ZDUG

䕔2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH
$GGUHVV+HDG2IILFH!‫ٿ‬             
1XPEHURIHPSOR\HHV‫؟‬$RVDNL2LWD2LWD
&DSLWDO‫؟‬PLOOLRQ\HQ
1R]X3ODQW!‫ٿ‬2D]D<RVKLGD1RWVXFKR.XVXQRJH2LWD <HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
85/KWWSZZZWU\WHFMDSDQFRP
7(/
5HSUHVHQWDWLYH'LUHFWRU+HDG2IILFH7HFKQLFDO6DOHV'HSW +LURVKL7DNHVDNL     (PDLOLQIR#WU\WHFMS+HDWDQGDEUDVLRQUHVLVWDQFHWUHDWPHQWDQG
SODVPDVSUD\WUHDWPHQW
'LIIXVLRQLQILOWUDWLRQWUHDWPHQWVKRWEODVWLQJWUHDWPHQW'ULOOURGIRUEODVWIXUQDFHSLJLURQEODVWIXUQDFH3&
%XUQHUDQGVHOIGULOOLQJORFNEROW&LYLOHQJLQHHULQJPDWHULDOVDQGUROOUROOWKUHDGLQJ

-[WUJW8GPVWTG5GGU0Q

/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN

%5,*+7(&FR/7'
7KHZRUOGdVILUVWGHYLFHIRUPHDVXULQJPDJQHWLFSURSHUWLHVRIPRWRUPDFKLQHV.\XVKX(FRQRP\7UDGHDQG,QGXVWU\'LUHFWRU V$ZDUG

9HFWRU0DJQHWLF3URSHUW\9LVXDOL]HU
0DJQHWLFSURSHUW\PHDVXULQJHTXLSPHQW
VXFKDVDWZRGLPHQVLRQDOVLQJOHSODWHPDJQHWLFWHVWHU:HDUHGHYHORSLQJPDQXIDFWXULQJDQGPDUNHWLQJ
PDJQHWLFSURSHUW\PHDVXULQJHTXLSPHQWVXFKDVYHFWRUPDJQHWLFSURSHUW\YLVXDOL]DWLRQGHYLFHVWUHVVORDGHG
VLQJOHSODWHPDJQHWLFWHVWHUVDQGWZRGLPHQVLRQDOVLQJOH
SODWHPDJQHWLFWHVWHUV:HSURYLGHPDJQHWLFSURSHUW\PHDVXUHPHQWWHFKQRORJLHVFKDUDFWHUL]HGE\SURFHVVLQJPLQLDWXUHPDJQHWLFVHQVRUVDQGVSHHGLQJXSPHDVXUHPHQWVXVLQJ)3*$ )LHOGSURJUDPPDEOHJDWHDUUD\ :HDOVRFRQGXFWFRQVLJQHGPDJQHWLFSURSHUW\PHDVXUHPHQWVXVLQJWKLVGHYLFH

9HFWRUPDJQHWLFVHQVRU

8WLOL]HWKH0LQLPXP9HFWRU0DJQHWLF6HQVRU,QWKLVV\VWHPZHYLVXDOL]HWKHGHJUHHRIORVVLQWKHIRUP
RIYHFWRUTXDQWLWLHVRIWKHPDJQHWLFFKDUDFWHULVWLFVRIPRWRUPDFKLQHVVRDVWRGHWHUPLQHWKHFDXVHIRUORVVDQG
UHGXFHLW7KLVPHWKRGLVEDVHGRQDPLQLPXP+FRLO
VHQVRUDQGFRPELQHVDSHQHWUDWLQJSUREHVHQVRUIRU
PDJQHWLFIOX[GHQVLW\PHDVXUHPHQWLQWKH;DQG<GLUHFWLRQV7KHGHYHORSPHQWRInPLQLPXPYHFWRUPDJQHWLF
VHQVRU|ZLWKFRUHWHFKQRORJ\PDNHVWKLVKDSSHQ ‫؞‬0DJQHWLFIOX[GHQVLW\SUREHPHWKRG SUREHVSDFLQJ
PP  ‫؞‬0DJQHWLFILHOGVWUHQJWK+FRLOPHWKRG +FRLOZLGWKPP ‫پ‬1RWRQO\WKHPRWRUEXWDOVRWKHWUDQVIRUPHUFDQEHPHDVXUHG

9(&7250$*1(7,&&+$5$&7(5,67,&6
9,68$/,=$7,21$33$5$786

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

6WDUWLQJDVKRXVLQJHTXLSPHQWPDQXIDFWXUHURIIDXFHWILWWLQJDVVHPEO\LQZHDUH
H[SDQGLQJRXUEXVLQHVVWRDUHDVLQFOXGLQJWKH
SUHPLVHVZRUNIRUPDMRUVWHHOPDQXIDFWXUHUVFRQWUROSDQHODVVHPEO\DQGZLULQJDQGZH
DUHQRZFRQGXFWLQJRXUEXVLQHVVLQIRXUDUHDVWKHV\VWHPEXVLQHVVWKHPDVVSURIHVVLRQDOEXVLQHVVWKHYHKLFOHEXVLQHVV
DQGWKH5&EXVLQHVV:HKDYHHVWDEOLVKHGDSRVLWLRQDVDFRPSUHKHQVLYHHQJLQHHULQJFRPSDQ\LQWKHHOHFWURQLFVILHOG

%DVHGRQWKHDFKLHYHPHQWVWKHGHSDUWPHQWGHYHORSLQJFRQVXPHUHOHFWURQLFVPDQXIDFWXUHLVXVLQJFRPSUHVVRUVWRPHDVXUHPRWRUV,WLVEHOLHYHGWKDWWKHFRQYHQWLRQDOO\RQH
GLPHQVLRQDOPDJQHWLFFKDUDFWHULVWLFVDUHPDGHnYLVLEOH|LQ
WKHIRUPRIYHFWRUTXDQWLWLHVVRWKDWWKHPDJQHWLFIOX[GHQVLW\PDJQHWLFILHOGVWUHQJWKLURQORVVGLVWULEXWLRQDQG
WKHOLNHFDQEHDFFXUDWHO\DQGHIILFLHQWO\JUDVSHGZKLFKJUHDWO\KHOSVLPSURYHWKHHIILFLHQF\RIPRWRUPDFKLQHV,Q
WKHIXWXUHZHSODQWRGHYHORSVDOHVLQWKHDXWRPRWLYHLQGXVWU\,QDGGLWLRQWRWKLVZHH[SHFWWRSOD\LPSRUWDQWUROHVLQDYDULHW\RIILHOGV䕔2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH
1XPEHURIHPSOR\HHV‫؟‬㻌$GGUHVV+HDG2IILFH+HDG2IILFH)DFWRU\㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌‫ٿ‬.DLZDUD2LWD2LWD
0XNDLEDUX3ODQW‫ٿ‬0XNDLEDUX2NL2LWD2LWD
85/KWWSEWHFQHWFRMS
4XHU\+HDG2IILFH7(/&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU.L\RIXPL8HNL    


6\VWHPEXVLQHVVPDVVSURIHVVLRQDO
EXVLQHVVYHKLFOHEXVLQHVV5&EXVLQHVV
DQGWHFKQLFDOGHYHORSPHQW

䕔3DWHQWVRQWKHSURGXFW
3DWHQW1R3DWHQW1R

-[WUJW8GPVWTG5GGU0Q

/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN3ULQFLSOH&R‫؜‬/WG 7RDQHZFRQFUHWHDGPL[WXUHIRUYROFDQLFHIIOXHQWV VLOXV ,PSURYHPHQWRIVWUHQJWKGXUDELOLW\DQGIOXLGLW\RIFRQFUHWH

ِ9ROFDQLFJODVVILQHSRZGHUّ
&KDUDFWHULVWLFVRIYROFDQLFJODVVILQHSRZGHU
9ROFDQLFHMHFWRUV VLODV ZKLFKDUHXQXWLOL]HGUHVRXUFHVLQ-DSDQDUHXVHGDVUDZPDWHULDOVIURPZKLFKYROFDQLFJODVV\LVVHOHFWHGDQGSXOYHUL]HG&RPSDUHGZLWKFRQYHQWLRQDOO\XVHGVLOLFDIXPHWKLVFDQKHOSWRDFKLHYHFRQFUHWHDGPL[WXUHVHQMR\LQJHTXDORUKLJKHUVWUHQJWKDQGIOXLGLW\ZLWKVPDOOHUDPRXQWRIFKHPLFDODGPL[WXUHV$VDGPL[WXUHVDUHHVVHQWLDOWRYDULRXVFRQVWUXFWLRQZRUNWKLVYROFDQLFJODVVILQHSRZGHUFDQEHXVHG
DVDVXVWDLQDEOHUHVRXUFH
)HDWXUHVRI0DQXIDFWXULQJ7HFKQRORJ\,Q-DSDQZHKDYHHQRUPRXVUHVHUYHVDQGZHDUH
SURGXFLQJILQHYROFDQLFJODVVSRZGHUVZLWKDQDYHUDJHSDUWLFOHVL]HRIDERXW̭PE\FODVVLI\LQJDQGSXOYHUL]LQJ
WKHVLODVHMHFWHGE\YROFDQRHVZLGHO\GLVWULEXWHGLQ6RXWK.\XVKX

1RYHOW\FRPSDUHGZLWKRWKHUFRPSDQLHV WHFKQRORJLHV&RPSDUHGZLWKVLOLFDIXPHVWKHUHLVDGHFUHDVHRI
&2HPLVVLRQVGXULQJPDQXIDFWXULQJDQG
WUDQVSRUWDWLRQHQDEOLQJSURGXFWLRQZLWKORZHU&2
FRQVXPSWLRQ

9ROFDQLFJODVVILQHSRZGHU

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW
:HDLPWRHVWDEOLVKDPDVVSURGXFWLRQV\VWHP:HZLOODSSURDFKFHPHQWPDQXIDFWXULQJFRPSDQLHVDQGUDZ
FRQFUHWHPDQXIDFWXULQJFRPSDQLHVWRFRQWULEXWHWRWKHSURORQJDWLRQRIFRQFUHWHOLIHE\LPSURYLQJSHUIRUPDQFHDQGGXUDELOLW\RIFRQFUHWH
DGPL[WXUHV

6LQFHYROFDQLFHMHFWRUVVXFKDVVLODVDUHSRURXV
DQGKDYHKLJKZDWHUSHUPHDELOLW\WKH\PD\
FDXVHVHGLPHQWFROODSVHZKHQDEVRUELQJPRLVWXUHDQGDUHQRWVXLWDEOHIRUSODQWLQJ
7KHUHIRUHWKHORFDOJRYHUQPHQWZDVDOVRFRQFHUQHGZLWKWKHFRXQWHUPHDVXUHVDQGZH
KDYHPDQDJHGWRSURYHZKHWKHULWFRXOGEH
HIIHFWLYHO\XVHGDVDQLQGXVWULDOL]HGPDWHULDOWKURXJKWULDODQGHUURU‫&ٹ‬RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌.DPRLNH.DJRVKLPD.DJRVKLPD
4XHU\7(/   )$;  

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW &(2.D]XUR+LJDVKL      ‫ٹ‬2XWOLQHRIEXVLQHVV
3URFHVVLQJRIYROFDQLFMHWVSURGXFWLRQSURFHVVLQJDQGVDOHRIVLOXVEDOORRQV‫ٹ‬3DWHQWVRQWKHSURGXFW
0HWKRGIRUSURGXFLQJDKLJKVWUHQJWKYLWUHRXVEDOORRQDFFRUGLQJWR863DW
1R

-[WUJW8GPVWTG5GGU0Q

/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN)XVLRQ7HFKV&RUSRUDWLRQWL&UHDWLRQRILQGXVWU\E\SXOVHGSRZHUWKHWKLUGSRZHUDIWHU'&DQG$&SRZHU,QGXVWULDOSXOVHSRZHUVXSSO\IRUFUHDWLQJLQQRYDWLRQ:KDW,V3XOVHG3RZHU"
,I\RXWDNHRXWHQHUJ\WKDWXVHVPLFURZDYHRYHQIRUVHFRQGLQDQH[WUHPHO\VKRUWWLPHRIQDQRVHFRQGVLWZLOO
EHWKHSRZHUWKDWLVLQVWDQWDQHRXVO\FRQVXPHGLQ-DSDQ,ILW
LVDERXW0:SXOVHSRZHUFDQEHJHQHUDWHGSHU
VHFRQG7KHHQHUJ\ZKLFKJHQHUDWHKXJHHOHFWULFSRZHUZLWKORZFRVWLVFDOOHGSXOVHSRZHU:HKDYHGHYHORSHGDKLJKO\UHSHWLWLYHUHOLDEOHFRPSDFWDQGOLJKWZHLJKWSXOVHGSRZHUVXSSO\WKDWFDQVHUYHWKHLQGXVWU\:DWHUEORRPWUHDWPHQW)ODVKPHPRU\$SSOLFDWLRQILHOGVXVLQJSXOVHGSRZHUVXSSO\DUHZLGHO\
2LOUHPRYDOIURPDOJDHGHSOR\HGLQFOXGLQJHQYLURQPHQWIRRGSURFHVVLQJPHGLFDOWUHDWPHQWRLOH[WUDFWLRQDJULFXOWXUDOILVKLQJVWHULOL]DWLRQODUJHVFLHQFHWHFKQRORJ\$FWXDOO\SXOVHSRZHUVXSSO\LVXVHG
IRUIODVKPHPRU\SURGXFWLRQHOHFWULFIHQFHHWF$VRYHUVHDVPLOLWDU\XVHDOWKRXJKLWLVDRQHVKRWRSHUDWLRQDKXJHSXOVH$FFHOHUDWRUDQG
IXVLRQSRZHUVXSSO\LVEHLQJGHYHORSHG

(QYLU
RQP
HQW
0HGL
FDO

3XOVLQJ

Energy$SSOLFDWLRQVIRUSXOVHGSRZHUVRXUFHV,QQRYDWLRQDQG,QGXVWU\&UHDWLRQ

1DQR
WHFK
QROR
J\

&DQFHUWUHDWPHQW)RRG

SRZHUV

/DUJ
/DU
/D
/
D
DUJ
DU
U
H
VFDOH
VFLHQ
FH
DQG
WHFK
QROR
J\

5HF\
FOLQJ

$JULF
XOWXU
DO
ILVK

%XVL
QHVV

6HSDUDWLRQRIJROGDQGVLOYHU

1RQKHDWHG
FRRNHU(OHFWULF
IHQFH

:LGHUDQJHRIDSSOLFDWLRQVIRUSXOVHGSRZHU

3XOVHSRZHUWKHWKLUGSRZHUDIWHU'&$&SRZHUKDVWKH
SRVVLELOLW\RIFUHDWLQJPDQ\LQQRYDWLRQVDQGDLPVWRFUHDWHLQGXVWULHVWKDWUHVSRQGWRHDFKWHFKQRORJLFDOLQQRYDWLRQ

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV$VDYHQWXUHFRPSDQ\RI.XPDPRWR8QLYHUVLW\WKHFRPSDQ\GHYHORSHGDFRPSDFWDQG
OLJKWZHLJKWSXOVHGSRZHUVXSSO\WKDWFDQEHXVHG
LQLQGXVWU\FDSDEOHRIKLJKUHSHWLWLYHRSHUDWLRQ
DQGKLJKUHOLDELOLW\8VLQJWKLVWHFKQRORJ\ZHDUH
VWULYLQJWRFUHDWHDQLQGXVWU\LQWKHILHOGRISXOVHG
SRZHUDSSOLFDWLRQVIRUH[DPSOHE\SXULI\LQJODNHVDQGPDUVKHVZLWKDQHZQRQKHDWHGFRRNHUZDWHUEORRPWUHDWPHQWHTXLSPHQWQHZPDQXIDFWXULQJHTXLSPHQWDQGUHPRYLQJRLOIURPPLFURDOJDH,QFRRSHUDWLRQZLWKWKH6XPDWVX(OHFWURQLFV0DQXIDFWXULQJ&R/WGZHDUHVHOOLQJDYDULHW\RISXOVHGSRZHUVRXUFHVWKDWZHKDYHGHYHORSHGDQG
FXVWRPSURGXFWVWKDWPHHWWKHGHPDQGVRIFRPSDQLHV0DQ\XQLYHUVLWLHVODERUDWRULHVDQG
FRPSDQLHVRSHUDWHSXOVHGSRZHUVXSSOLHVHDFKRIZKLFKLVFRQGXFWLQJUHVHDUFKDQGGHYHORSPHQWRQ
GLIIHUHQWSXOVHGSRZHUDSSOLFDWLRQV,QWKHIXWXUHZHZLOOPDNHHYHU\HIIRUWWRGHYHORSSXOVHGSRZHULQWRWKHULFHLQGXVWU\E\FUHDWLQJDQXPEHURILQQRYDWLRQV䕔&RUSRUDWHSURILOH

$GGUHVV‫ٿ‬            7R\RRND.RVKL.XPDPRWR
85/KWWSIXVLRQWHFKMS
4XHU\

䕔2XWOLQHRIEXVLQHVV

1XPEHURIHPSOR\HHV‫؟‬'HYHORSPHQWRISXOVHGSRZHUVRXUFHVDQG
&DSLWDO‫؟‬WKHLUDSSOLHGUHVHDUFKDQGGHYHORSPHQWPLOOLRQWKRXVDQG\HQ
MRLQWUHVHDUFKDQGGHYHORSPHQWZLWKYDULRXVFRPSDQLHVYROXQWDU\SURGXFWGHYHORSPHQW<HDURIIRXQGDWLRQ‫؟‬HWF
5HSUHVHQWDWLYH‫؟‬
䕔3DWHQWVRQWKHSURGXFW3UHVLGHQWDQG5HSUHVHQWDWLYH
GLUHFWRU+LGHQRUL$NL\DPD     3DWHQW8QKHDWHG&RRN

3DWHQWDOJLFLGDOGHYLFH

-[WUJW8GPVWTG5GGU0Q

/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN

51$6&,0(7$//,/WG
3URFHVVLQJKHDWWUHDWPHQWSURFHVVIRULPSURYLQJWKH
SHUIRUPDQFHRIFRPPHUFLDOO\DYDLODEOHPHWDOEDUV

50$&5(2WHFKQRORJLHV:KDW,V50$&5(27HFKQRORJLHV"

+LJKIUHTXHQF\KHDWLQJ⋇5HVWULFWLRQVRQHQYLURQPHQWDOSUREOHPVVXFKDVKD]DUGUHF\FODELOLW\DQG
DOOHUJLHVKDYHEHHQLQFUHDVLQJIRUHOHPHQWDGGLWLRQZKLFKZDVLQGLVSHQVDEOH
IRULPSURYLQJWKHSHUIRUPDQFHRIPHWDOV7KHUHIRUHZHUHDOL]HGVLJQLILFDQWLPSURYHPHQWRQO\E\SURFHVVLQJSURFHVVZKLFKDSSOLHVORFDOKHDWLQJDQGJLYHV
WZLVWGHIRUPDWLRQ⋈,WLVWKHZRUOG VILUVWWHFKQRORJ\WKDWJDLQHGSDWHQWVLQYDULRXVFRXQWULHVDURXQGWKHZRUOG$QXPEHURI50$&5(2IDFLOLWLHVKDYHDOUHDG\EHHQ
LQWURGXFHGWRPDMRUGRPHVWLFFRPSDQLHV&RROLQJXQLW

7ZLVW
GHIRUPDWLRQ

5HDOL]DWLRQRIPHWDOJUDLQUHILQHPHQWE\ORFDOKHDWLQJDQGFRQWLQXRXVWZLVWLQJ
7KLVLVDKLJKFRQWLQXLW\PDVVSURGXFWLRQWHFKQRORJ\DQGLVHIIHFWLYHIRUDOPRVWDOOPHWDOPDWHULDOV50$LVDPHWDOUHQHZDOWHFKQLTXHWKDWRYHUFRPHVWKHZDOOVRIPHWDOPDWHULDOVWKDWZHUHFRQVLGHUHGWREHFULWLFDO
,QDGGLWLRQZHKDYHDFKLHYHGKLJKSHUIRUPDQFHPHWDOSDUWVZLWKKLJKSURGXFWLYLW\DQGPDVVSURGXFWLYLW\LQFRPELQDWLRQZLWKDPROGKHDWLQJDSSDUDWXVIRUSODVWLFSURFHVVLQJXVLQJSDWHQWWHFKQRORJ\

6XPPDU\RI50$&5(27HFKQLTXHV
7KHFRPELQDWLRQRIKLJKIUHTXHQF\KHDWLQJDQG
ZDWHUFRROLQJDFKLHYHVORFDOWRUVLRQDQGODWHUDOPRYHPHQWDFKLHYHVFRQWLQXLW\ &RPSDULVRQVDQGQRYHOW\ZLWKRWKHUFRPSDQLHV 
WHFKQRORJLHV7KHUHLVQRRWKHUFRPSDQ\WHFKQRORJ\WKDWFDQEHFRPSDUHGDWSUHVHQW$OWKRXJK50$&5(2LVWKRXJKWWREHDJUDLQUHILQHPHQWWHFKQRORJ\ZLWKPDVVSURGXFWLYLW\LQIDFWLWLVDWHFKQRORJ\WKDWFDQSHUIRUPKHDWWUHDWPHQWDWWKH
VDPHWLPH:LWK50$&5(2DVWKHIRXQGDWLRQWHFKQRORJ\ZHDUHVWLOOFRQWLQXLQJWRGHYHORSDSSOLHGWHFKQRORJ\([DPSOHVRI50$&5(2GHYLFHV'LDPHWHUPP¼PPFDQEHSURFHVVHG 

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW,QRUGHUWRUHDOL]HDKXPDQIULHQGO\KLJKSHUIRUPDQFHPHWDOPDWHULDOZHGHYHORSHGDKLJKPDVVSURGXFWLYLW\ORZFRVWPHWDOUHQDLVVDQFHWHFKQRORJ\WKDWPDQ\SHRSOHFDQXVH
8SRQGHYHORSPHQWRIWKLVWHFKQRORJ\LWZDVDGRSWHGDV
8QLYHUVLW\&UHDWLRQ9HQWXUH&UHDWLRQ6XSSRUWE\WKHPLQLVWU\RI(GXFDWLRQ&XOWXUH6SRUWV6FLHQFHDQG
7HFKQRORJ\
50$&5(2>0ROGKHDWLQJGHYLFH@ SDWHQWHG GHYHORSHGIRU
WKHSXUSRVHRIPD[LPL]LQJWKHHIIHFWRIWKHWHFKQRORJ\KDVDJUHDWXVHUHFRUGDVLWKDVJUHDWHIIHFWRQIRUJLQJRI
FRPPHUFLDOPDWHULDOV

$VDQDSSOLFDWLRQDSSOLFDWLRQWRWUDQVSRUWDWLRQHTXLSPHQWVXFKDVDLUFUDIW
DQGDXWRPRELOHVDQGPROGPDWHULDOVZKLFKDUHUHTXLUHGWRDFKLHYHKLJKSHUIRUPDQFH
VXFKDVZHLJKWUHGXFWLRQRIPHWDOPDWHULDOVKDVSURJUHVVHGDQGPDVVSURGXFWLRQKDV
EHHQUDSLGO\DFKLHYHG
6LQFHPRVWPHWDOOLFPDWHULDOVDUHHIIHFWLYH
ZHDUHZRUNLQJLQFRRSHUDWLRQZLWKPDQ\
XVHUVWRSHQHWUDWH50$&5(2DQGPROG
KHDWHUV

䕔2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH

0DQXIDFWXULQJDQGVDOHVRI50$&5(2GHYLFHV㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌
DQGWHFKQLFDOGHYHORSPHQWFRQWUDFWV
1XPEHURIHPSOR\HHV‫؟‬$GGUHVV‫ٿ‬7HFKQRORJ\GHYHORSPHQWFRQWUDFWIRUSODVWLF
&DSLWDO‫؟‬PLOOLRQ\HQ<DNXLQ&KXRNXZRUNLQJ IRUJLQJHWF DQGSURGXFWLRQDQGVDOH
<HDURIIRXQGDWLRQ‫؟‬)XNXRND)XNXRND
RIPROGKHDWLQJHTXLSPHQW
85/KWWSZZZULQDVFLPHWDOOLFRMS 5HSUHVHQWDWLYH‫؟‬
䕔3DWHQWVRQWKHSURGXFW
&(2'U.DWVXDNL1DNDPXUD   863DW1RVHWF  
4XHU\:HEVLWH-[WUJW8GPVWTG5GGU0Q

/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN

.,7&&&R/WG
,QNMHWWHFKQRORJ\LVXVHGWRLQQRYDWHWHFKQRORJLHVDQGFRQWULEXWHWRVRFLHW\'HYHORSPHQWRIKLJKVSHHGOLQHKHDGSULQWHUVXVLQJURERWLFKHDGFOHDQLQJXQLWV,QWURGXFWLRQWR+LJK6SHHG,QN-HW&ROJDWH3ULQWHUV'HYHORSLQJDKLJKVSHHG,-&ROJDWH3ULQWHURQGHPDQG 7KHYROXPHRISDFNDJLQJPDWHULDOVUDSLGO\LQFUHDVHGGXHWRWKHH[SDQVLRQRI1HW
6DOHVDQGWKH6L[WK,QGXVWU\ ,PDJHTXDOLW\LPSURYHPHQWLVDFFHOHUDWHGIURPVLPSOHER[HVWRDWWUDFWLYHSDSHUPDFKLQHVDQGGLVSOD\FDVHV 8VHRIDOLQHKHDGWRUHDOL]HIXOOFRORUSULQWLQJDWDVSHHGRIPSHUPLQXWH

6SDFHVDYLQJFRVWUHGXFWLRQXVLQJFOHDQLQJURERWV 3ULQWLQJDSSDUDWXVHVXVLQJOLQHKHDGVDUHEHFRPLQJODUJHUDQGWKXVPRUHVSDFH
VDYLQJDQGHQYLURQPHQWIULHQGO\FOHDQLQJLQWHUPVRIHTXLSPHQWPDLQWHQDQFHLVD
FKDOOHQJH1RZLULQJDQGWXEHOHVVLVUHDOL]HG SDWHQWILOHG +LJKVSHHG,-SULQWHU:DVKDEOH5HPRYDEOHDQG(QYLURQPHQWIULHQGO\ )RUPDLQWHQDQFHLQWKHILHOGRISKDUPDFHXWLFDOVDQGIRRGVXVLQJHGLEOHLQNVDPDQDJHDEOHK\JLHQLFHQYLURQPHQWLVQHFHVVDU\7KHILUVWXQLWLQWKHLQGXVWU\ZKLFKFDQVHOHFWDQGFOHDQFRPSRQHQWVŮŬŷŐŦŦŃƅƘƖƌƑƈƖƖŃƖƆƋƈƐƈŃ

Ink
Jet
Head

Ink
Jet
Ink

Special ink
Dietable, resist, etc.

3RZHUVXSSO\Print control board
Controlling design

Ink supply recovery
mechanism
Mechanical andcontrol design

Processdevelopment

Custo
mer

Work (product)transporter
Mechanical andcontrol design

0DLQWHQDQFH

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

$LPLQJWRnFUHDWHDQHZEXVLQHVVHVXVLQJ,QN-HW
WHFKQRORJ\WRFRQWULEXWHWRWKHVRFLHW\nWKHFRPSDQ\ZDVHVWDEOLVKHG7KHFRPSDQ\JDWKHUVWHFKQLFLDQVIURPPDMRUFRPSDQLHVDQGZRUNWRJHWKHUZLWKFUHDWLYHSDUWQHUFRPSDQLHVZKLFKERDVWKLJK,QN-HW
WHFKQRORJ\WRGHYHORSWHFKQRORJLHVWKDWVROYHDYDULHW\RIFKDOOHQJHV $WWKHVDPHWLPHZHZLOOSURMHFWWKHLQNMHW
SURFHVVIURPWKHSUDFWLFDOGHYHORSPHQWVWDJHVKDUHWKHUROHVLQFOXGLQJLWVSURGXFWLRQHVWDEOLVKZRUOGILUVW
DQGLQGXVWU\ILUVWFXVWRPGHYLFHVDQGSURFHVVHVDQG
GLIIHUHQWLDWHRXUVHOYHVIURPRWKHUFRPSDQLHVPDLQO\
LQWKHQLFKHPDUNHWDQGDFTXLUHLQWHOOHFWXDOSURSHUW\,QNMHWWHFKQRORJ\LVDSURFHVVPHWKRGIRU
UHDOL]LQJIXQFWLRQVUHTXLUHGE\PDWHULDOVDQGLQN'HYHORSPHQWLQLQGXVWULDODSSOLFDWLRQVLVSULPDULO\WDUJHWHGDWnQLFKHPDUNHWV|LHSULQWLQJRQQRQSDSHUPDWHULDOV7KHIXWXUHGHYHORSPHQWILHOGV
DUHDVIROORZV3KDUPDFHXWLFDODQGIRRGILHOGVXVLQJHGLEOH
LQNV
2UJDQLFHOHFWURQLFVILHOG
3ULQWLQJILHOGVPDLQO\IRUQRQDEVRUELQJPHGLD:HDUHDLPLQJIRU1RZLWKnZDVKDEOH|nUHPRYDEOH|DQGnHQYLURQPHQWIULHQGO\|LQNMHWWHFKQRORJLHV‫ٹ‬2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH
$GGUHVV‫ٿ‬1XPEHURIHPSOR\HHV‫؟‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌,QFXEDWRUZLWK.XPDPRWR8QLYHUVLW\&DSLWDO‫؟‬PLOOLRQ\HQ
&RRSHUDWLRQ0LQDPLNXPDPRWR<HDURIIRXQGDWLRQ‫؟‬&KXRXNX.XPDPRWR.XPDPRWR
5HSUHVHQWDWLYH‫؟‬
85/KWWSZZZNLWFFQHW
5HSUHVHQWDWLYH'LUHFWRU
4XHU\7(/RU:HEVLWH    .HQML7RPLWD ‫؞‬8VHLQNMHWWHFKQRORJ\ &RQFHSWV'HVLJQDQG0DQXIDFWXUHDQG
6DOHVRI3ULQWLQJ0DFKLQHV
‫؞‬7HFKQLFDOFRQVXOWLQJUHODWHGWRWKHDERYH

‫ٹ‬3DWHQWVRQWKHSURGXFW&OHDQLQJDSSDUDWXVDQGFOHDQLQJPHWKRG   )LOHGLQWKH,QN-HW5HFRUGLQJ$SSDUDWXV-[WUJW8GPVWTG5GGU0Q

/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN

0RZD6ROXWLRQV&R/WG
7RUHGXFHWKHFRVWRIVHPLFRQGXFWRUWHVWLQJSURFHVVHV,PDJHVHQVRUWHVWLQJVROXWLRQ6(0,3,
$GGHGYDOXHRIWKHPRZD
'HYHORSPHQWRIKDUGZDUHVVXFKDVPHDVXULQJLQVWUXPHQWVDQGMLJVIRU
VHPLFRQGXFWRUWHVWLQJ'HYHORSPHQWRIWHVWHUDSSOLFDWLRQVRIWZDUHDQGWHVWSURJUDPV0DQXIDFWXULQJWHFKQRORJ\RIVHPLFRQGXFWRUPDVVSURGXFWLRQSURFHVVGHIHFWDQDO\VLVWHFKQRORJ\HWF
6ROXWLRQVDUHSURYLGHGLQYDULRXVIRUPVVXFKDVGHYHORSPHQWVXSSRUWRU
HQWUXVWHGGHYHORSPHQWRISURGXFWVWKHPVHOYHV)HDWXUHVRI6(0,3,LPDJHFDSWXUHRSWLRQ$QLQVWUXPHQWIRUWHVWLQJ6(0,3,LPDJHVHQVRUVZKLFKDOORZVRUPRUH
PHDVXUHPHQWVDWDWLPH6XSSRUWIRU6XE/9'6DQG0,3,'3K\SURWRFROV,Q
DGGLWLRQZHKDYHDFKLHYHGDORZFRVWWHVWVROXWLRQZKLOHPDLQWDLQLQJWHVWVSHHGE\XVLQJDORZFRVWKLJKVSHHGLPDJHSURFHVVLQJVHUYHU,PDJH6HQVRU&DSWXUH2SWLRQ>6(0,3,@'HYHORSPHQWRIPRZD,QDGGLWLRQWRWKHDERYHPHQWLRQHG6(0,3,ZHKDYHDOVRGHYHORSHG
WHVWHUHTXLSPHQWVXFKDVGHYLFHSRZHUVXSSOLHVDQGSDWWHUQJHQHUDWRUVDQGZHKDYHEHHQGHYHORSLQJQHZHTXLSPHQWLQDFFRUGDQFHZLWKFXVWRPHUUHTXHVWV8VLQJWKHVHH[SHULHQFHVZHZLOOSURYLGHVROXWLRQVWR
DH[WHQVLYHUDQJHRIFXVWRPHUVPRUHWKDQVHPLFRQGXFWRUPDQXIDFWXULQJFRPSDQLHV'HPRQVWUDWLRQHQYLURQPHQW
6LPXOWDQHRXVPHDVXUHPHQWRIRU
PRUHLPDJHVHQVRUV

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
 ,QUHFHQW\HDUVWKHVHPLFRQGXFWRU‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW 2XUKHDGRIILFHZDVORFDWHGLQ.XPDPRWR6KLNRNXLQGXVWU\LVWKULYLQJZRUOGZLGH0+,RIIHUVWHFKQRORJLFDOVROXWLRQVSURSRVDOVIRUFRVWUHGXFWLRQVHPLFRQGXFWRUWHVWLQJPHDVXUHPHQWVXSSRUWDQGPDLQWHQDQFH
VHUYLFHVWRLWVPDMRUFXVWRPHUVRI
VHPLFRQGXFWRUPDQXIDFWXULQJFRPSDQLHV :HDUHYLJRURXVO\GHYHORSLQJRXU
SURGXFWV:HEHOLHYHWKDWRXUVHUYLFHVDQGRSWLRQDOHTXLSPHQWZLOOEHUHFRJQL]HGDVDQHZEXVLQHVVPRGHOLQ
WKHVHPLFRQGXFWRUWHVWLQJSURFHVV$VDNL'LVWULFW.XPDPRWR3UHIHFWXUHDQGLWVEXVLQHVVRIILFHZDVORFDWHGLQ<DPDJL7RZQZKLFKZDVDIIHFWHGE\
WKH.XPDPRWR(DUWKTXDNHLQ)RUWXQDWHO\ZHKDG
OLWWOHGDPDJHWRRXUFRPSDQ\LWVHOIEXWZHKDG
ZLWQHVVHGDJUHDWGHDORIGDPDJH7KHUHIRUHZHDUH
FRQVLGHULQJDQGGHYHORSLQJQHZVROXWLRQVXVLQJRXU
WHFKQRORJ\DVQHZEXVLQHVVHV,QWKHIXWXUHZHZLOOFRQWLQXHWRH[SDQGRXUEXVLQHVVRIH[LVWLQJSURGXFWVDQG
GHYHORSSURGXFWVWKDWGHWHFWGLVDVWHUVLQDGYDQFHE\XVLQJWKHQHZEXVLQHVVSDWHQWVWKDWDUHEHLQJVXEPLWWHG
VRDVWRPDNHRXUFRPSDQ\DPHDQLQJIXOH[LVWHQFHE\PDNLQJFRQWULEXWLRQWRWKHZRUOG䕔2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH

,QRUGHUWRLPSURYHWKHSHUIRUPDQFHRI㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌

VHPLFRQGXFWRUWHVWHUVZHDUHGHYHORSLQJDQG
1XPEHURIHPSOR\HHV‫؟‬
VHOOLQJHTXLSPHQWDQGGHYHORSLQJWHVWHU
<XPH&KRXVHQ3OD]DRIILFH 2IILFHU‫؟‬DSSOLFDWLRQV&DSLWDO‫؟‬PLOOLRQ\HQ7DKDUD0DVKLNLPDFKL‫ٹ‬3DWHQWVRQWKHSURGXFW<HDURIIRXQGDWLRQ‫؟‬.DPLPDVKLNL.XPDPRWR
7KHUHDUHQRSDWHQWVUHODWHGWRWKLVSURGXFWEXW
5HSUHVHQWDWLYH‫؟‬
WKHUHDUHSDWHQWVWKDWKDYHEHHQDSSOLHGIRU
4XHU\7(/
3UHVLGHQW 7RPRND]X7DPDNL   VHSDUDWHO\   

-[WUJW8GPVWTG5GGU0Q/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN

0&/DELQF
2SHQXSWRPRUURZZLWKPLFURFDSVXOHV
0&/DE&R/WGLVDFRPSDQ\DLPLQJWRFRQWULEXWHWRVRFLHW\WKURXJKHQYLURQPHQWDOO\IULHQGO\KLJKSHUIRUPDQFHPLFURFDSVXOHGHYHORSPHQWWHFKQRORJ\:KDWLVWKHPLFURFDSVXOH"&DSVXOHZDOO‫؞‬0LFURFDSVXOH
6HYHUDO̭PWRKXQGHGV̭P‫؞‬1DQRFDSVXOH
6HYHUDOQPWRKXQGHGV QP&RUH
PDWHULDO$OLTXLGRUILQHSRZGHULVSXW
LQWKHFRUHVXEVWDQFH
,QWKHHQFDSVXODWHGLWHP
0LFURQRUGHULWHPV,WLVFDOOHGPLFURFDSVXOH

$GYDQWDJHRIPLFURFDSVXOHV5HOHDVH
3HQHWUDQWGLIIXVLRQ6ZHOOLQJĺGHVRUSWLRQ㻰㼕㼟㼞㼡㼜㼠㼕㼚㼓㻌㼍㼚㼐㻌㼐㼕㼟㼟㼛㼘㼢㼕㼚㼓
ĺ5HOHDVH

3URWHFWLRQ
2WKHU
䞉6XUIDFHPRGLILFDWLRQ
䞉6WLPXOXVUHVSRQVLYHQHVV
䞉'HQVLW\ FRQWURO
䞉&RQWUROOHGUHOHDVH䞉䞉䞉䞉*UDQWLQJIXQFWLRQDOLW\w,PSURYHPHQWRISK\VLFDOSURSHUWLHV
SRZGHUL]DWLRQ RIOLTXLGVLPSURYHPHQWRI
PL[DELOLW\VKDWWHUSURRIw6KLHOGLQJHIIHFW0DVNLQJRIWDVWHDQGVFHQW
0L[LQJSUHYHQWLRQFKHPLFDOVFDQEHFRPSRXQGHG
5HGXFWLRQRIVLGHHIIHFWVw,PSURYHPHQWRIVDIHW\GLYHUJHQFHwPRLVWXUHDEVRUSWLRQwGLVSHUVLRQSUHYHQWLRQ
6XVWDLQHGUHOHDVHUHOHDVHRIHQFDSVXODWHG
VXEVWDQFHVWRWKHRXWVLGHRYHUWLPH
6SDWLDOO\FRQWUROOHG

2LOFRQWDLQLQJPLFURFDSVXOH6(0([DPSOHRISURGXFWV 0&PLFURFDSVXOHV
6FHQWFRQWDLQLQJ0&IRUORQJODVWLQJVFHQWw)RUPXODWLRQ0&RIVRLOVPRNLQJZLWKFRQWDPLQDQWLQJUHGLHQWV
w0LFURELDOLQFOXVLRQ0&XVHIXOIRURUJDQLFDJULFXOWXUH
w1LWULFDFLGQLWURJHQUHPRYDOGHQLWULILFDWLRQEDFWHULDOLQFOXVLRQ0&w0&V,QFOXGLQJ*ROI6WXG6DWFK 'HFRPSRVLWLRQ%DFWHULDw&RQGLWLRQLQJwK\JURVFRSLFLW\0&w+HDWVWRUDJH0&w&ODZUHFRYHU\0&IRUQDLOFDUH
w,QVHFWSKHURPRQHHQFORVLQJ0&w:DWHUSURRIVSHFLDODJHQWLQFOXVLYH0&

2LOFRQWDLQLQJPLFURFDSVXOH6(00DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

3URGXFWVKLSPHQWDQGVDOHV

&RP
SDQ\
$

0

D

&

N
D

6DPSOHVKLSSLQJ
6DPSOHVKLSSLQJ
&RP
SDQ\
%

/

P

D

R

E

W
R

5 '
FRQVLJQPHQW

3URGXFWVKLSPHQWV

6DOH
&RP
SDQ\
&

3URGXFWVKLSPHQWV

&RP
SDQ\
'

6DOH

-RLQWUHVHDUFK.DJRVKLPD8QLYHUVLW\ <RVKLGD/DERUDWRU\1LLJDWD8QLYHUVLW\ 7DJXFKL /DERUDWRU\
0L\D]DNL8QLYHUVLW\ 6KLRPRUL /DERUDWRU\&ROOHJHRIWHFKQRORJ\.L\R\DPD /DERUDWRU\)XUWKHUPRUHRQHVWRSVHUYLFHLVSRVVLEOH
EHFDXVHPDVVSURGXFWLRQFDQEHFDUULHGRXWE\D
FRRSHUDWLQJFRPSDQ\䕔2XWOLQHRIEXVLQHVV

䕔&RUSRUDWHSURILOH$GGUHVV‫ٿ‬1LVKLGD.DJRVKLPD.DJRVKLPDKWWSZZZPFODERMS
4XHU\ :HEVLWH

65 '
FRQVLJQPHQW%DVHGRQFXVWRPHUQHHGVEDVHGRQ<DVXR+DEHZKRLVWKHSUHVLGHQWRI0&/DE&R/WG
.DJRVKLPD8QLYHUVLW\HPHULWXVSURIHVVRU ZLWK3URIHVVRU(PHULWXV3URIHVVRU(PHULWXV3URIHVVRU
RI.DJRVKLPD8QLYHUVLW\1LLJDWD8QLYHUVLW\
0L\D]DNL8QLYHUVLW\7RN\R0HWURSROLWDQ&ROOHJH
RI7HFKQRORJ\,WLVSRVVLEOHWRVWXG\LQDEUDLQJURXSE\HDFKODERUDWRU\DQGUHVSRQGWRWKH
QHHGV

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW<DVXR+DWDWH

5HVHDUFKDQGGHYHORSPHQWRIPLFURFDSVXOHV
0DVVSURGXFWLRQGHYHORSPHQWRI
PLFURFDSVXOHV
0DVVSURGXFWLRQRIPLFURFDSVXOHV

䕔3DWHQWVRQWKHSURGXFWRUPRUHSDWHQWDSSOLFDWLRQVRUPRUHSDWHQWV

-[WUJW8GPVWTG5GGU0Q

/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN

230/DERUDWRU\&R/WG
3DUWVPDGHRIPHWDO'SULQWHUVDQGFRQWUDFWPDQXIDFWXULQJSURWRW\SLQJRIPROGV,QWHJUDWHG(QJLQHHULQJRI0HWDO'3ULQWHUV
230/DK\EULGPHWDO'SULQWHU +LJKSHUIRUPDQFHPDFKLQHZLWK:<EODVHUDQGKLJKSUHFLVLRQPDFKLQLQJIXQFWLRQ:HSXUVXHVWDELOLW\WKDWFDQEHXVHGLQIXOOVFDOHDWDPDVVSURGXFWLRQVLWHDQGKDYH
RYHUZKHOPLQJSHUIRUPDQFH VSHHGDFFXUDF\ %\GHSOR\LQJWKHVHULHVWKHPRGHOVL]HFDQ
KDQGOHXSWR[[PPDWSUHVHQWDQGZHZLOOSURPRWHDSSOLFDWLRQWRIXUWKHUODUJHUSDUWVLQWKHIXWXUH+\EULGDGYDQWDJHVDQGFRPSUHKHQVLYHHQJLQHHULQJ ,QDGGLWLRQWR5 'RSHUDWLRQVIURPWKHEHJLQQLQJRIWKHIRXQGDWLRQZHKDYHDFFXPXODWHGDORWRIGHVLJQDQGPDQXIDFWXULQJGDWDEDVHVIRUXVHLQVHYHUHPDVVSURGXFWLRQVLWHVDQGKDYHVWDQGDUGL]HGFRQVWUXFWLRQPHWKRGV :HKDYHDFKLHYHGWKHPROGLQJHIILFLHQF\LPSURYHPHQWDQGWKHPROGLQJTXDOLW\LPSURYHPHQWLQWKHGLPHQVLRQDOZDWHUSLSHE\WKHPHWDO'SULQWHUPHWKRGDQGE\LQWHJUDWLQJWKHJDVYHQWOD\HU SRURXVVWUXFWXUH DQGWDNLQJPHDVXUHVDJDLQVWPROGLQJGHIHFWVKLJKTXDOLW\0ROGHGSURGXFWVDUHSURGXFHG

230/DSSHDUDQFH

1H[WJHQHUDWLRQSURWRW\SHPROGLQJVHUYLFH2306SHHG
/DEّ
 ,WLVWKHILUVWVHUYLFHLQWKHLQGXVWU\WKDWFDQSUHGLFWPDVVSURGXFWLRQSHUIRUPDQFHIURPWKHHYDOXDWLRQVWDJH:HKDYHHVWDEOLVKHGDV\VWHPWKDWDOORZVUHVSRQVHVZLWKLQKDOIDGD\WKURXJKVLPSOHSURFHGXUHVXVLQJDGHGLFDWHG:HE
7KHORFDWLRQLVQRWRQO\GRPHVWLFEXWDOVR&KLQD6RXWKHDVW$VLD&RPSDWLEOH
UHVLQVDUHJHQHUDOSXUSRVHHQJLQHHULQJSODVWLFVVXSHUHQJLQHHULQJSODVWLFVHWF

3URFHVVLPDJH

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

 7KH230/DERUDWRU\KDVEHHQZRUNLQJRQUHVHDUFKDQG
GHYHORSPHQWRIPHWDO'SULQWHUWHFKQRORJ\VLQFHWKHHDUO\GD\VDQGKDVEHHQZRUNLQJRQWKLVWHFKQRORJ\DVDSLRQHHUFRPSDQ\ 6LQFHILVFDOWKH6RGLF*URXSKDVMRLQWO\GHYHORSHG
DQGLQWURGXFHGWKH6RGLFPHWDO'SULQWHUWKH2306HULHV
DQGRSHUDWHVLWDVWKHZRUOG VRQO\PHWDO'SULQWHUHQJLQHHULQJVHUYLFHFRPSDQ\ZLWKVHYHUDOLQWHUQDWLRQDO
PHPEHUV 
0DVVSURGXFWLRQSURFHVVLQJFHQWHUV .DJD033& ZKLFKDUH0HWDO6KDSHG6HUYLFHV$LUFUDIWKDYHLQVWDOOHGWKH
ODUJHVWQXPEHURIPHWDO'SULQWHUVLQ$VLDDQGFDQ
KDQGOHODUJHVFDOHFDVHV,WLVDOVRSUHVXSSRVHGWKDWLWPLJKWEHDEXIIHULQJIXQFWLRQZKHQWKHFXVWRPHUVDUHLQ
WURXEOHZLWKWKHFDSDFLW\‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW ,QDGGLWLRQWRWKHDLUFUDIWDQGVSDFH
GHYHORSPHQWLQGXVWULHVZKLFKKDYHDOUHDG\EHHQLQSURJUHVV'SULQWHUWHFKQRORJ\KDVHQWHUHGWKHPDUNHWIRUSDUWVDQGPROGVQRWWKHSURWRW\SHPDUNHWEXWLQWKHHUDLQZKLFKLWLVXVHG
DVDPDVVSURGXFHGSDUW ,QWKLVFRQWH[WZHDUHDFWLYHO\ZRUNLQJQRWRQO\LQ-DSDQEXWDOVRLQRYHUVHDVPDUNHWV:HZDQWWRFRRSHUDWHZLWKSHRSOHDLPLQJWRXVHPHWDO'
SULQWHUWHFKQRORJ\IRUPDVVSURGXFWLRQVLWHV

䕔2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH

$GGUHVV‫ٿ‬            %.\RWR5HVHDUFK3DUN%XLOGLQJ
1R&KXGRML$ZDWDFKR6KLPRJ\R:DUG.\RWR
85/KWWSKWWSZZZRSPODEQHW
4XHU\ 7(/
RUZHEVLWH

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU.D]XKR0RULPRWR      


5HVHDUFKDQG'HYHORSPHQWRI0HWDO'
3ULQWHU7HFKQRORJLHV'HVLJQDQGSURGXFWLRQEXVLQHVV0HWDOSRZGHUPDWHULDOGHYHORSPHQW
EXVLQHVV'HYHORSPHQWRIVRIWZDUHGHGLFDWHGWRPHWDO'SULQWHUV6XSSRUWDQGFRQVXOWLQJEXVLQHVV
2WKHUV-[WUJW8GPVWTG5GGU0Q



/QPQF\WMWTK /CPWHCEVWTKPIᲣȷ/CVGTKCN

3$7&R/WG 3RZGHU$SSOLFDWLRQ7HFKQRORJ\ 
6XUIDFHPRGLILFDWLRQ VXUIDFHPRGLILFDWLRQ RISRZGHU&RDWLQJXQLIRUPO\RQHDFKQDQRPLFURQSRZGHUSDUWLFOH
'HGLFDWHGSRZGHUVXUIDFHWUHDWPHQWIRUHDFKXVHU$SSOLFDWLRQ)HDWXUHVRI3URGXFWҩ6HUYLFHV (YHU\QDQRPLFURQSRZGHUSDUWLFOHFDQEHFRDWHGXQLIRUPO\ :HKDYHNQRZKRZWRSURSHUO\XVHGUXJVLQDFFRUGDQFHZLWKWKHW\SHRIPDWHULDOVDQGSRZGHUV 6XUIDFHWUHDWHGSRZGHUVDUHHIIHFWLYHLQLPSURYLQJWKHILOOLQJUDWHIORZDELOLW\GLVSHUVLELOLW\DQGZDWHUUHVLVWDQFH
 :HVXSSRUWWKHHQKDQFHPHQWRIPDWHULDOFKDUDFWHULVWLFVE\GRZQVL]LQJDQGXSJUDGLQJWKHSHUIRUPDQFHRIRXUSURGXFWV ,WLVZLGHO\XVHGLQKHDWUDGLDWLRQPDWHULDOVVHDODQWVLQNMHWSLJPHQWVHWF$YHUDJH
GLDPHWHURIDOXPLQDSDUWLFOHV¡P

>6XUIDFHRIDPL[WXUHRIXQWUHDWHGDOXPLQDDQGUHVLQ@)HDWXUHVRI7HFKQRORJLHV6XSSRUWLQJ
3URGXFWVDQG6HUYLFHV&RDJXODWLRQRISDUWLFOHVLV
FRQVSLFXRXVLQXQWUHDWHG
EXW
VPRRWKHG
E\VXUIDFH
WUHDWPHQW

8VLQJRXUSURSULHWDU\PL[LQJWHFKQRORJ\WKLVSURFHVVUHGXFHVWKHGLVSHUVLRQRIWKHVXUIDFHDUHDRIWKHSDUWLFOHVDQGLVKLJKO\HIIHFWLYHHYHQDWORZDGGLWLYHOHYHOV
,WLVRSWLPXPIRUUHGXFLQJHUURUVVXFKDVJDVJHQHUDWLRQDQGSRRUKDUGHQLQJGXH
WRGUXJUHVLGXH

1RYHOW\FRPSDUHGZLWKWHFKQRORJLHVRIRWKHUFRPSDQLHV
8QOLNHWKHVDOHRISRZGHUVWKDWDUHVLPSO\VXUIDFHWUHDWHGZHDUHPDLQO\
HQJDJHGLQHQWUXVWHGSURFHVVLQJDQGZHZLOOIRUPXODWHGHGLFDWHGFKHPLFDOVIRU
HDFKFXVWRPHUDQGFRRSHUDWHZLWKRXUFXVWRPHUVWRGHYHORSRXUSURGXFWV>6XUIDFHPRGLILFDWLRQRIDOXPLQDDQGWKHVXUIDFHRID
PL[WXUHRIUHVLQ@

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV:HKDYHDFTXLUHGDQHZIDFWRU\WRKDQGOHPDVVSURGXFWLRQRIVXUIDFHWUHDWPHQWRISRZGHUVIRU
KHDWORVVFRQWUROSURGXFWVDQGGLHOHFWULFPDWHULDOV&HUDPLFSRZGHUVDUHPDQXIDFWXUHGLQODUJH
TXDQWLWLHVZLWKRXUVWUHQJWKVRIGLVSHUVLRQDQG
ORZYLVFRVLW\RISRZGHUVRI¡PRUOHVVLQSDUWLFOHVL]HDQG¡PRUOHVV:HDUHSXUVXLQJIXUWKHUTXDOLW\VWDELOLW\E\HQDEOLQJHDV\PHDVXUHPHQWRISURGXFWYDULDELOLW\DJLQJGHJUDGDWLRQHWFGXULQJGHYHORSPHQWZLWKXQLYHUVLWLHVWRHYDOXDWHQHZVXUIDFHPRGLILFDWLRQV:HKDYHGHYHORSHGVXUIDFHWUHDWPHQWWHFKQRORJ\EDVHGRQWKHLQWHJUDWLRQRISRZGHUWHFKQRORJ\LQFHUDPLFVDQGRUJDQLFFKHPLVWU\DQGDUHHQJDJHGLQDZLGHUDQJHRIDFWLYLWLHVIURPVPDOOYROXPHSURGXFWLRQWRPDVVSURGXFWLRQ‫؞‬0DQDJHPHQWSROLFLHV3XUVXLQJWKHZRUOG VEHVWWHFKQRORJ\ZLWKWKH
VORJDQ|1RULYDOSURGXFWVDQGSURFHVVHV|:HKDYHGHYHORSHGDFRPSRVLWHPDWHULDOE\XQLIRUPO\GLVSHUVLQJDQGPL[LQJIOXRULQDWHG
UHVLQDQGLQRUJDQLFSRZGHUWRSURYLGHKLJKKHDWUHVLVWDQWKHDWGLVVLSDWLRQVKHHWVDQG
IOXRULQDWHGUHVLQGLHOHFWULFPDWHULDOV‫ٹ‬2XWOLQHRIEXVLQHVV䕔&RUSRUDWHSURILOH             $GGUHVV‫ٿ‬0L\DQR<DPDXFKL0DFKL7DNHR&LW\6DJD
85/KWWSSDW[FRP
4XHU\FRQWDFWRXU(QJLQHHULQJ'LYLVLRQRU:HEVLWH‫&؞‬RQWUDFW3URFHVVLQJRI3RZGHU6XUIDFH

1XPEHURIHPSOR\HHV‫؟‬
0RGLILFDWLRQ3URFHVV&DSLWDO‫؟‬PLOOLRQ\HQ‫؞‬0DQXIDFWXULQJDQGVDOHVRIIOXRULQDWHG
<HDURIIRXQGDWLRQ‫؟‬UHVLQKHDWUDGLDWLRQPDWHULDOV‫&؞‬RQWUDFWUHVHDUFKIRUSURGXFW
5HSUHVHQWDWLYH‫؟‬
3UHVLGHQW6XPLKLNR.XULWD   GHYHORSPHQW
  




-[WUJW8GPVWTG5GGU0Q



4QDQVȷ5RCEGȷ/QDKNKV[&)3,QF$XWRPDWLFILUHH[WLQJXLVKLQJV\VWHPWKDWGRHVQRWUHTXLUHDQ\KXPDQKDQGV .HVURERXVLQJKRPHILUHH[WLQJXLVKHUV)LUHH[WLQJXLVKHUFKDQJHV!

 7HFKQLFDO)HDWXUHVRI.HVURER!
)LJXUH6HQVRUFKDUDFWHULVWLFVDQGYLVLEOHVSHFWUXPEDQG
6XQOLJKW1HDUXOWUDYLROHWVHQVRU
1LFNHOQHJDWLYHVHQVDWLRQ‫؞‬n.HVURER|LVWKHFRPELQDWLRQRIURERWDQGILUH
H[WLQJXLVKHUVVROGDWWKHPDUNHW‫؞‬,QH[SHQVLYHDQGLQQRYDWLYHDXWRPDWLFILUHH[WLQJXLVKLQJV\VWHP‫)؞‬XOO\DXWRPDWLFLQLWLDOILUH
H[WLQJXLVKLQJV\VWHP.HVURERSURWHFWV\RXUIDPLO\DQGKRXVHIURPILUHKRXUVGD\V‫؞‬7KDQNVWRWKHLQEXLOWILUH
H[WLQJXLVKHUVZDWHUSLSHVDUH
QRWUHTXLUHGDQGLQVWDOODWLRQDQG
FRQVWUXFWLRQLVHDV\

&KDQJHRIVRFLDOHQYLURQPHQW!

,QUHFHQW\HDUVUHVLGHQWLDOILUHV
KDYHGHFUHDVHGGXHWRFKDQJHVLQWKHHOGHUO\VRFLHW\ҩ
ERUGHUOHVVVRFLHW\ҩUHVLGHQWLDOHQYLURQPHQWVEXWWKHQXPEHU
RIHOGHUO\YLFWLPVZKRGLHGLQ
ILUHVKDVLQFUHDVHG\HDUE\\HDU

ILUHH[WLQJXLVKLQJ ‫؞‬6HFRQGDU\GDPDJHLVKHOGWRDPLQLPXPGXHWRSLQSRLQWLQMHFWLRQ

7KHYLVLEOHOLJKWUHJLRQLV
H[FOXGHGIURPGHWHFWLRQ

1HDUXOWUDYLROHWVHQVRU
1LFNHOQHJDWLYHVHQVDWLRQ.HVURER 3LQSRLQWHG
 ,QLWLDOILUHILJKWLQJVHUYLFH ‫'؞‬DPDJHE\ILUHLVPLQLPL]HGE\LQLWLDO7XQJVWHQ
ILODPHQWODPS)LJXUH,QIUDUHGLPDJHSURFHVVLQJ*DVIODPH,QIUDUHGILOWHU
7UDQVPLVVLRQFKDUDFWHULVWLF

'HWHFWLRQ

:DYHOHQJWK8OWUDYLROHWUHJLRQ

8OWUDYLROHW
6HQVRU

9LVLEOHUHJLRQ,QIUDUHGUHJLRQ

5HO\RQFRPELQDWLRQV
1HZGHWHFWLRQ,QIUDUHGILOWHU:(%FDPHUD,QMHFWLRQ‫&؞‬DPHUDDQGQHDUXOWUDYLROHWVHQVRUFRPELQHG
)LJXUH 
 &RPSXWHUVFDQGHWHFWILUHVRXUFHHYHQLQRQH
FDQGOHDQGVHUYHILUHGHWHFWLRQKRXUVGD\V ‫؞‬3LQSRLQWLQMHFWLRQWRWKHGHWHFWHGILUHVRXUFHV)LJXUH ‫(؞‬PHUJHQF\QRWLILFDWLRQWRDQ\UHJLVWUDQW%DFNJURXQGRI(PHUJHQF\DQG)XWXUH([SDQVLRQ‫ٴ‬%DFNJURXQGҩ)RFXVLQJKLVDWWHQWLRQRQILUHSUHYHQWLRQPHDVXUHVRI
FRQYHQWLRQDOKRPHV+DQDGDUHSUHVHQWDWLYHRIWKH
FRPSDQ\GHYHORSHGDIXOO\DXWRPDWHGILUHH[WLQJXLVKLQJV\VWHPZLWKHDV\LQVWDOODWLRQDWORZFRVWEDVHGRQKLVH[SHULHQFHVRIVSULQNOHUGU\FRQVWUXFWLRQDWWKHZHOIDUH
IDFLOLWLHVҩ:HKDYHGHYHORSHGDFRPSXWHUFRQWUROOHGLQLWLDOILUHILJKWLQJV\VWHPDQGQHWZRUNOLQNLQJV\VWHPLQ
FRRSHUDWLRQZLWK.\XVKX,QVWLWXWHRI7HFKQRORJ\,QVWLWXWHRI1DWLRQDO&ROOHJHVRI7HFKQRORJ\DQG1DWLRQDO,QVWLWXWHRI7HFKQRORJ\.LWDN\XVKX&ROOHJH
‫؞‬:HDUHVHOHFWHGDQGIXQGHGE\n)LUHDQG'LVDVWHU
3UHYHQWLRQ5HVHDUFK6XSSRUW|SURMHFWRI)LUH(TXLSPHQW
DQG6DIHW\&HQWHURI-DSDQ‫)؞‬LUHILJKWLQJH[SHULPHQWVKDYHEHHQFRQGXFWHGDWWKH
+DWVXWD6HLVDNXVKR&R/WG

䕔&RUSRUDWHSURILOH
㻌 $GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌'DLPL\R&KXRNX)XNXRND)XNXRND
85/KWWSNHVXURERFRP
7(/
)$;䖃)XWXUHEXVLQHVVGHSOR\PHQW
ҩ:HDUHVHHNLQJWRDOO\ZLWKFRPSDQLHVZKLFKZRUNRQUHJLRQDOLQWHJUDWHGILUHSUHYHQWLRQPHDVXUHVLQDJUHHPHQWZLWKRXUFRQFHSWLRQnRQH
OHVVUHVLGHQWLDOILUHDQGRQHOHVVYLFWLP|ҩ:HZDQWWRUHLQIRUFHILUHSUHYHQWLRQPHDVXUHVIRU
FRQYHQWLRQDOKRPHVHOGHUO\SHRSOHbVKRPHVDSDUWPHQWVVPDOOVFDOHVWRUHVDQGZHOIDUH
IDFLOLWLHVZKLFKDUHQRWVXEMHFWWROHJDOUHJXODWLRQ
DQGDUHUHVSRQVLEOHIRUWKHLURZQILUHVDIHW\
ҩ:LWKWKHXWLOL]DWLRQRI,R7WRDOO\ZLWKWKHORFDOFRPPXQLW\ZHZDQWWRSURPRWHDFWLYLWLHVWRHQKDQFHWKHUHJLRQDOVDIHW\DQGVHFXULW\

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬$SULO
5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU
+LURPLFKL+DQDGD      ‫ٹ‬2XWOLQHRIEXVLQHVV'HYHORSPHQWPDQXIDFWXUHVDOHDQG
PDLQWHQDQFHRIDXWRPDWLFILUH
H[WLQJXLVKLQJV\VWHPV

‫ٹ‬3DWHQWVRQWKHSURGXFW
863DW1RnILUHH[WLQJXLVKLQJV\VWHP
7UDGHPDUNUHJLVWUDWLRQ1R
'HVLJQ5HJLVWHUHG+$1$+$1$

-[WUJW8GPVWTG5GGU0Q



4QDQVȷ5RCEGȷ/QDKNKV[FL'URQHFR/WG
5HIHUWR6XUYH\DQG/RJLVWLFV/DUJHYHUVDWLOHXQPDQQHGDLUFUDIWFL;
3URGXFWDSSOLFDWLRQIHDWXUHV,QWKHIXWXUHGURQHEXVLQHVVHVSHFLDOO\LQWKHORJLVWLFVDQGVXUYH\LQJILHOGVWKHZHLJKWWKDWFDQEHWUDQVSRUWHGLVLPSRUWDQW7RVDWLVI\WKHVH
QHHGVODUJHVFDOHGURQHGHYHORSPHQWLVUHTXLUHG)HDWXUHVRIWKHWHFKQRORJ\WKDWVXSSRUWVSURGXFWV)RUWKHFUHDWLRQRIODUJHVFDOHGURQHVGURQHDQDO\]HULVXVHGZKLFKLVJ\MRLQWO\GHYHORSHGZLWKWKH2N\R3UHIHFWXUDO,QGXVWULDO6FLHQFHDQG7HFKQRORJ\&HQWHU7KLVDOORZV\RXWRREWDLQIOLJKWGDWDZLWKRXWDFWXDOO\VNLSSLQJWKHDLUFUDIW0HDVXUHPHQWRIWKHQXPEHURIUHYROXWLRQDQGEXR\DQF\RIYDULRXVPRWRUV
HWF %\WKLVDQDO\VLVLWLVSRVVLEOHWRSHUIRUPDSSURSULDWHDLUIUDPHGHVLJQEDVHG
RQQXPHULFDOYDOXHV&L;DLUIUDPHGLDJUDP
&L; DLUIUDPH GLDJUDP&RPSDULVRQZLWKRWKHUFRPSDQLHV WHFKQRORJLHV$LUFUDIWGHYHORSPHQWEDVHGRQQXPHULFDOYDOXHVZKLFKLVQRWDYDLODEOHLQRWKHUFRPSDQLHVFDQEHSHUIRUPHG
,QDGGLWLRQWKHUHLVDQHQYLURQPHQWLQZKLFKPDWHULDOVFDQEHSURFHVVHGDQG
FXVWRPL]DWLRQLVDYDLODEOHWRVDWLVI\FXVWRPHUVbGHOLFDWHQHHGV'UDLQ$QDO\]HU2XWORRN'LDJUDP0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

2XUPDLQEXVLQHVVLVVHOOLQJDQG
GHYHORSLQJGURQHV$SDUWIURPWKH
GHYHORSPHQWRIODUJHVFDOHDLUIUDPHVZH
DOVRFRQGXFWWUDQVDFWLRQVZLWKDZLGH
YDULHW\RIFXVWRPHUVDV'-, VOHJLWLPDWH
DJHQF\ZKLFKLVWKHZRUOG VODUJHVWGURQH
PDQXIDFWXUHU,QDGGLWLRQZHKDYHGHYHORSHGUHVFXHGURQHVEDVHGRQWKH
FRQFHSWRIKXPDQOLIHUHVFXHDQGERDWVWRGXVWSHVWLFLGHVLQUXUDODUHDV,QWKHVDPHZD\DVLQWKHVXUYH\LQJILHOGWKDWLVFXUUHQWO\LQRSHUDWLRQZHZLOOGHYHORSDQDLUIUDPHWKDWDOORZVKHDY\JRRGVWREHWUDQVSRUWHGIDUDZD\LQWKH
ORJLVWLFVILHOG
,QDGGLWLRQZHZLOOXVHGURQHDQDO\]HUWRFUHDWHDQHQYLURQPHQWLQZKLFKDZLGH
YDULHW\RIGURQHVFDQEHPHDVXUHGDQG
GHYHORSDQLQVSHFWLRQEXVLQHVV䕔&RUSRUDWHSURILOH

㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌$GGUHVV‫ٿ‬+LJDVKLRPLFKL2LWD2LWD
85/KWWSZZZFL'URQHMS
7(/
4XHU\:HEVLWH䕔%XVLQHVVRXWOLQH
1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQWDQG
5HSUHVHQWDWLYHGLUHFWRU
6KXQML 2QR   5 'PDQXIDFWXULQJFRQVWUXFWLRQPDLQWHQDQFHVDOHVDQGH[SRUWRIXQPDQQHGDLUFUDIWRUURERWLF
FRQWUROV\VWHPV䕔3DWHQWVRQWKHSURGXFW-DSDQHVH3DWHQW/DLG2SHQ1R
$33$5$786)250($685,1*&+$5$&7(5,67,&6
2)$1810$1'('$,5&5$)7$1'810$1'('$,5&5$)7(9$/8$7,216<67(086,1*7+(6$0(-[WUJW8GPVWTG5GGU0Q



4QDQVȷ5RCEGȷ/QDKNKV[($06-$3$1&R/WG

2OG

:HVW-DSDQ.URQRV&R/WG :RUOGZLGHGURQHVUHYROXWLRQFDXVHGE\XQSXEOLVKHG869
㻌㻌$
$OO W
$OOFDWHJRULHVRILQGXVWULDOGURQHVFKRROLIL G W L OG
K O
869ZDWHUVXUIDFHGURQH
6HDVL]HGODUJHVFDOHDXWRPDWLFVDLOLQJXQPDQQHGUHVHDUFKERDWUHVFXHERDWDVZHOODVKHUELFLGHVJUDQXOHVOLTXLGGUXJFRQWURODJHQWVIRUVSUD\LQJULFHHWFNLQGVRIZDWHUGURQHDUH
RQVDOH

8*9ODQGGURQH
:HDUHDOVRGHYHORSLQJDXWRPDWHGXQPDQQHGYHKLFOHV 8*9V WKDWFDQEHXVHGIRUDXWRPDWLF
WUDFNLQJRIVXVSLFLRXVSHUVRQVSHVWLFLGHGLVWULEXWLRQYHKLFOHVNJORDGVYHKLFOHVWKDWFDQRSHUDWHIRUPRUHWKDQRQHKRXUDQG
HQWHUWDLQPHQW

8$9GURQHVFKRRO2XUFRPSDQ\LVDSHVWLFLGHVSUD\LQJGURQH
RIILFLDOVFKRROGHVLJQDWHGE\WKH-DSDQ$JULFXOWXUH)RUHVWU\DQG)LVKHULHV$VVRFLDWLRQ
,QDGGLWLRQWR2LWDFLW\WKHUHDUHWUDLQLQJEDVHV
LQ.DJRVKLPDSUHIHFWXUH0L\D]DNLSUHIHFWXUH)XNXRNDSUHIHFWXUH,WRSHQHGLQ'HFHPEHU
DQGDOUHDG\SHRSOHDFTXLUHGRXUOLFHQVH
6SHFLDOWUDLQLQJVXUYH\LQJLQVSHFWLRQDQGRWKHUOHVVRQVDUHDOVRFRQGXFWHGDWWKHVFKRROGHGLFDWHGDLUILHOGDQGVWDIILQHDFKILHOGFRQGXFWVWUDLQLQJHYHU\ZHHN

0DQDJHPHQWVWUDWHJ\9LVLRQQ/HDGLQ
Q D
Q
D 6SHFLDO0RGHOHOHO)XWXUHGHYHORSPHQWDQGFRRSHUDWLRQ'HYHORSPHQWRIHTXLSPHQWE\GHYHORSLQJDYDULHW\
RIGURQHV 8QPDQQHG$LUFUDIW 8$9 DQG
GHYHORSLQJVFKRRORSHUDWLRQVIRUGHVLJQVDOHDQG
PDQHXYHULQJ
7RSURFHHGWRWKH%OXH2FHDQERDWV 8QPDQQHG
6XUIDFH9HVVHO 869 DQGXQGHUZDWHUGURQHV
889 ZHUHPDQXIDFWXUHGXVLQJWKHWHFKQRORJ\RIRYHUKHDGGURQH'HYHORSPHQWDQGVDOHRI
XQPDQQHGDXWRQDYLJDWLRQERDWVZKLFKDUHDFWLYH
LQVXEVHDPDULQHVXUYH\V

䕔&RUSRUDWHSURILOH              $GGUHVV‫ٿ‬0,Q2LWD,QGXVWULDO5HVHDUFK,QVWLWXWH7DNDHQLVKL
2LWD2LWD
7(/

0DLOZHVWMDSDQNURQRV#RFWQHWQHMS:HH[SRUWWR-DSDQDQG6RXWKHDVW$VLDMRLQWGHYHORSPHQWZLWKRYHUVHDVFRPSDQLHVDQG
FRRSHUDWLRQDJUHHPHQWZLWKWKHJRYHUQPHQWZHKDYHH[SDQGHGRXUEXVLQHVVQRWRQO\DVDPDQXIDFWXUHURIGURQHEXWDOVRWRDZLGH
UDQJHRIGURQHPDUNHWLQJZLWKWKHDLPRIDGRPHVWLFPDMRUGURQHPDQXIDFWXUHU

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
3UHVLGHQWDQG
5HSUHVHQWDWLYHGLUHFWRU
+LUR\XNL0L]REH     䕔2XWOLQHRIEXVLQHVV$OOFDWHJRU\PDQXIDFWXULQJDQGGHYHORSPHQWPDNHUV'XULQJVFKRRORSHQLQJ&RPSOHWLRQRIHGXFDWLRQDOIDFLOLWLHVDWVDOHVDJHQFLHVLQ-DSDQ&RPSOHWHDHURGURPHGHGLFDWHGWRODUJHVFDOH
GURQHWUDLQLQJ

䕔3DWHQWVRQWKHSURGXFW'HVLJQ5LJKWV5HJLVWUDWLRQDQG3UDFWLFDO0RGHO5LJKWVHWF

-[WUJW8GPVWTG5GGU0Q



4QDQVȷ5RCEGȷ/QDKNKV[0GZV6GEJPQNQI[..%
,WVQLIIV\RXUOHJDQGFDWHJRUL]HWKHVPHOO

7R\GRJ‫ق‬2GRUPHDVXUHPHQWGRJ+DQDFKDQ‫ك‬$ERXWWKH+DQDFKDQ
7KLVLVDGRJW\SHURERWWKDWLQFRUSRUDWHVDQRGRUVHQVRU6HSDUDWHVPHOOVZLWKYDULRXVPRWLRQV%HJLQQLQJ
$URXQGWKLVSRLQW%HJLQQLQJRI0HDVXUHPHQW5HVXOWVLQ3DWWHUQV/9 %DG

6QXJJOH/92.

6QLIILQJDWWKH6RFNV

/9*RRG

)DLQW

0DQDJHPHQWVWUDWHJ\9LVLRQ䖃-RLQW&RPSDQ\1H[W7HFKQRORJ\䖃)XWXUHEXVLQHVVGHSOR\PHQW

7KHQH[WWHFKQRORJ\LVDYHQWXUHFRPSDQ\WKDWGHYHORSVPHFKDWURQLFVSURGXFWVHVWDEOLVKHGE\HGXFDWRUVDQGVWXGHQWVVSHFLDOL]HGLQ.LWDN\XVKX:HFRQGXFWSURWRW\SHSURGXFWLRQDQG
GHYHORSPHQWRIYDULRXVSURGXFWVE\XWLOL]LQJWKH
EXLOWLQFRQWURODQGURERWLFWHFKQRORJLHVGHYHORSHG
LQRXUUHVHDUFK3OHDVHFRQVXOWZK\+RZGR,
KDYHDQLGHDEXWKRZWRPDNH"DQGWKHSODJXHU:HZLOODOVRFUHDWHDORWRIURERWVIURPQRZ
RQLWLVH[SHGLHQWWRUDSLGO\SURWRW\SHURERWVZLWKQHZFRQFHSWV+RZHYHUWKHUHDUHQRSHRSOHRUIXQGVWKDWFDQEHPDVVSURGXFHG
<RXFDQFRRSHUDWHZLWKFRPSDQLHVZKRKDYH
URERWVEXLOWWRJHWKHU

‫&ٹ‬RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌6KLL.RNXUDPLQDPLNX.LWDN\XV\X)XNXRND
85/KWWSZZZQH[W
WHFKFRMS
4XHU\LQIR#QH[WWHFKFRMS

‫ٹ‬2XWOLQHRIEXVLQHVV:HDUHZRUNLQJRQSURWRW\SLQJDQG
1XPEHURIHPSOR\HHV‫؟‬
GHYHORSLQJPHFKDWURQLFVSURGXFWV&DSLWDO‫؟‬PLOOLRQ\HQVXFKDV'SULQWHUVDQGURERWVZLWK<HDURIIRXQGDWLRQ‫؟‬WKHXVHRI'R\RXZDQWWRGRDVD
5HSUHVHQWDWLYH‫؟‬VORJDQ"
3UHVLGHQW7DNDVKL7DNLPRWR    -[WUJW8GPVWTG5GGU0Q



4QDQVȷ5RCEGȷ/QDKNKV[L436,QF ,QVWLWXWHIRU4VKX3LRQHHUVRI6SDFH,QF 
2EVHUYHWKHHDUWKLQUHDOWLPH*URXQGGHFRPSRVLWLRQIXQFWLRQP:HDWKHUSURRIW\SH

6$5 6\QWKHWLF$SHUWXUH5DGDU 6DWHOOLWHIRU(DUWK2EVHUYDWLRQ‫ع‬:HREVHUYHHYHU\SDUWRIWKHHDUWKGD\DQGQLJKWUHJDUGOHVVRIZHDWKHULQDERXWPLQXWHVDQG
FKDQJHWKHZRUOGRIDXWRPDWLFRSHUDWLRQORJLVWLFVHFRQRPLFDFWLYLW\ZLWK6$5GDWD‫ع‬

6PDOO6$5VDWHOOLWHV OHVVWKDQ.JRIFRQYHQWLRQDOORZFRVWVDWHOOLWHV 
6PDOOUDGDU 6$5 VDWHOOLWHFDSDEOHRI(DUWKREVHUYDWLRQUHJDUGOHVVRIZHDWKHUFRQGLWLRQVIRUKRXUV&RPSDUHGWRFRQYHQWLRQDO6$5VDWHOOLWHVZHDUHGHYHORSLQJVPDOO6$5VDWHOOLWHVZLWKKLJKUHVROXWLRQ P OLJKWZHLJKWFRPSDFWVL]HSRZHUVDYLQJORZFRVWVXSHULRULW\/DUJHVWDQWHQQDVIRUVPDOO.JVDWHOOLWHV$PHWHUGLDPHWHUODUJHZHLJKW.JXOWUDOLJKWZHLJKWGHSOR\HG
SDUDEROLFDQWHQQD0LQLDWXUL]DWLRQLVUHDOL]HGE\XVLQJRQO\WKHHODVWLF
GHIRUPDWLRQRIWKHPDWHULDOZLWKRXWWKHPRYDEOHSDUWRIWKHPDFKLQH

.JVPDOO6$5VDWHOOLWHV
7KHDQWHQQDXVHGLVWKHODUJHVWDQWHQQDIRU
NJVPDOOVDWHOOLWHVGHYHORSHGLQZH 'HEULVVHQVRU
7KHZRUOG VILUVWWKURXJKILOPPLFURGHEULVVHQVRUWKDWFDQGHWHFWPLFURVFRSLF
VSDFHGHEULVLQVSDFH

2WKHU7HFKQRORJLHV!
‫؞‬1RQS\URWHFKQLFVDWHOOLWHVHSDUDWLRQPHFKDQLVP7KHUHDUHVLJQLILFDQWUHGXFWLRQVLQLPSDFWOHYHOVGXULQJVHSDUDWLRQRIURFNHWVDQGVDWHOOLWHVDQG
EHQHILWVRIUHXVDELOLW\‫&؞‬RQGXFWLYHWHWKHUDGHYLFHWKDWXVHVDQLQGXFHGHOHFWURPRWLYHIRUFHWRIORZDFXUUHQWDQGUDLVHVRUORZHUVLWVDOWLWXGHE\/RUHQW]IRUFHJHQHUDWHGE\
LQWHUIHUHQFHEHWZHHQWKHFXUUHQWDQGWKHHDUWK VPDJQHWLFILHOG
‫'؞‬HSOR\PHQWVDLOIRURUELWGHSDUWXUHDQWLGHEULVHTXLSPHQWIRUVPDOOVDWHOOLWHV5HXVHDQGUHFRQGLWLRQLQJDUHSRVVLEOHEHFDXVHRIWKHIUHHGRPRIGHSOR\PHQWDQGFRQWUDFWLRQ

46$7(26VPDOOVDWHOOLWH 'HEULVVHQVRU

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

7KH4365HVHDUFK,QVWLWXWHLVDFRPSDQ\WKDWGHYHORSVZRUOGOHDGLQJVPDOOVDWHOOLWHVDQGVSDFHHTXLSPHQWEDVHG
RQDZLGHUDQJHRIH[SHULHQFHVDQGLQQRYDWLYHLGHDVIURPSURIHVVRUVDW.\XVKX8QLYHUVLW\DQG\RXQJWHFKQLFLDQVDQG
LQGXVWULHV,QWKHSDVW.\XVKX8QLYHUVLW\KDVEHHQDUHSUHVHQWDWLYHLQVWLWXWHIRUGHYHORSPHQWRI0LFURJHQHUDOSXUSRVH(QYLURQPHQWDO'LVDVWHU)DFLOLWLHVIRU&KLED8QLYHUVLW\GHYHORSPHQWRI'HEULV6HQVRUVDQGWKHOLNHDVZHOODVFRPSUHKHQVLYHVXSSRUWIRUGHYHORSPHQWLQSURMHFWVVXFKDV'HYHORSPHQWRI46$7RI(26IRU8OWUDVPDOOJHQHUDOSXUSRVH$UWLILFLDO6DWHOOLWH8VHGIRU(DUWK2EVHUYDWLRQHWF,QWKHILUVWKDOIRIZHSODQWRODXQFKDQLQQRYDWLYHVPDOO6$5VDWHOOLWHLQWKHZRUOG VILUVW
SODFH

,QWKHIXWXUHZHZLOOEXLOGD6$5
VDWHOOLWHV\VWHPRIYHKLFOHVEXLOGDZRUOGWKDWFDQVKRRWDOPRVWDQ\ZKHUH
LQWKHZRUOGZLWKLQDERXWPLQXWHVDQGFRPELQHFRQWLQXRXVO\REWDLQHG
LPDJHGDWDZLWK$, GHHSSODQQLQJPDFKLQHOHDUQLQJ WRFRQWULEXWHWRWKH
HIILFLHQF\RILQIUDVWUXFWXUHPDQDJHPHQWDJULFXOWXUDOPDULQHDQGILVKLQJDQG
GLVDVWHUPDQDJHPHQW,QDGGLWLRQZH
ZLOOH[SDQGRXUQHWZRUNRI.\XVKXORFDOFRPSDQLHVWRH[SDQGWKHVDWHOOLWH
EXVLQHVVLQ.\XVKXWRWKHZRUOG

䕔&RUSRUDWHSURILOH
$GGUHVV‫ٿ‬             
7HQMLQ$NDLIXVHQ%XLOGLQJ)%
7HQMLQ&KXRNX)XNXRND)XNXRND
85/KWWSLTSVQHW
7(/

䕔2XWOLQHRIEXVLQHVV

1XPEHURIHPSOR\HHV‫؟‬5HVHDUFKDQGGHYHORSPHQWRI&DSLWDO‫؟‬ELOOLRQPLOOLRQVDWHOOLWHVVDWHOOLWHHTXLSSHG
WKRXVDQG\HQ
HTXLSPHQWSUHFLVLRQHTXLSPHQW<HDURIIRXQGDWLRQ‫؟‬HOHFWURQLFHTXLSPHQWDQGVRIWZDUH
5HSUHVHQWDWLYH‫؟‬'HVLJQPDQXIDFWXUHVDOHVDQG
3UHVLGHQWDQG5HSUHVHQWDWLYH
GLUHFWRU6KXQVXNH2QLVKL     WHFKQLFDOFRQVXOWLQJ-[WUJW8GPVWTG5GGU0Q

#ITKEWNVWTGHQTGUVT[CPFHKUJGTKGUȷ(QQF(/0,QF)XWXUHSODQWIDFWRU\UHDOL]LQJPD[LPXPHIILFLHQF\ZLWKPLQLPXPVSDFH

(FR1XUVHU\‫ع‬3ODQQHGDQGHIILFLHQWFXOWLYDWLRQRIEDE\OHDYHVVSURXWVPLFURKHUEVHWFLQDIWFRQWDLQHU
XQGHUFRPSOHWHSHVWLFLGHIUHHFRQGLWLRQVZLWKRXWEHLQJLQIOXHQFHGE\WKHZHDWKHU‫ع‬

2ZQDXWRPDWLFWUDQVSRUWV\VWHP
,WLVSRVVLEOHWRFXOWLYDWHPDQ\FURSVHIILFLHQWO\E\PDNLQJLWPXOWLVWDJHHYHQLQDVPDOOVSDFH&XOWLYDWLRQHTXLYDOHQWWR*UHHQKRXVHDLQRQHFRQWDLQHU

8QLWL]HGLQFRQWDLQHU%XGGLQJUDFNVFXOWLYDWLRQUDFNVDUWLILFLDOOLJKWVRXUFHVDLUFRQGLWLRQLQJHTXLSPHQWLUULJDWLRQDQGDOOUHTXLUHGHTXLSPHQWDUHDOOXQLWL]HGLQRQHFRQWDLQHU3ODQWWDLORUHGVRIWZDUHPDQDJHPHQW
w/('LOOXPLQDWLRQSDWWHUQ UHGEOXHLUUDGLDWLRQLQWHQVLW\wLUUDGLDWLRQWLPH w/('LUUDGLDWLRQGLVWDQFHw(QYLURQPHQWDOPDQDJHPHQW LQGRRUWHPSHUDWXUHw
KXPLGLW\wFDUERQGLR[LGHFRQFHQWUDWLRQ /DERUVDYLQJE\DXWRPDWLFWUDQVSRUWDWLRQ/('VDUHXVHGDVDUWLILFLDOOLJKWVRXUFHV(IILFLHQWLUUDGLDWLRQRIUHTXLUHGOLJKW ZDYHOHQJWK HQDEOHVVKRUWWHUPKDUYHVWLQJ2WKHUIHDWXUHV!
%\XVLQJWKHVRZLQJPDFKLQHWKHRSHUDWRUMXVWVRZHGWKHVHHGHGVKHHWRQWKHWUD\DQGWKHVHHGLQJLVFRPSOHWHG
7KHSODQWLQJRIWKHVHHGVLQWRWKHPHGLXPLVVSHHGHGXS0RUHRYHUKDUYHVWLQJPDFKLQHVFDQEHXVHGIRUVPRRWKUHDSLQJ

*URZWKSURPRWLRQE\/('OLJKWVRXUFHV

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV

(OPLVDPDQXIDFWXULQJFRPSDQ\WKDWVWULYHVWRGHYHORSSURGXFWVRQDGD\WRGD\EDVLVZLWKWKH
DLPRIVSUHDGLQJXQZDQWHGWKLQJVDURXQGWKH
ZRUOGEDVHGRQLWVVORJDQRIIRUPRIWKLQNLQJ
DQGZRUOG,QSDUWLFXODUIXOO\DXWRPDWLFRSWLFDOGLVNUHSDLUHTXLSPHQWLVXVHGZRUOGZLGHQRWRQO\LQ-DSDQ:HDUHDOVRVXSSO\LQJ/('OLJKWLQJDQGDXWRPDWLFVDWHOOLWHWUDFNLQJHTXLSPHQWZKLFKDUHKLJKO\FRORUUHQGHULQJE\OHYHUDJLQJ
RXUWHFKQRORJLFDOFDSDELOLWLHV:HDUHDOVRZRUNLQJWRGHYHORSQHZSURGXFWVZLWKJUHDWHUHPSKDVLVRQDJULFXOWXUH:KLOHIRRGVDIHW\DQGWUDFHDELOLW\DUHDWWUDFWLQJDWWHQWLRQE\GHYHORSLQJDQGRSHUDWLQJ(FR
QXUVHU\WKDWFXOWLYDWHVEDE\OHDI YHJHWDEOHV LQD
FRQWDLQHUDQGLQVWDOOVLWQH[WWRDVDOHVSODFHWRJHWKHUZLWKFRQWDLQHUVWKHXOWLPDWH:HDLPIRUGLUHFWSURGXFWLRQ,QDGGLWLRQZHEHOLHYHWKDWZH
FDQGHYHORSWKLVV\VWHPZKLFKFDQSURYLGHIUHVKYHJHWDEOHVQRWRQO\LQWKHGRPHVWLFEXWDOVRLQWKH
$VLDGHVHUWDUHDZKHUHWKHQDWXUDOHQYLURQPHQWLV
VHYHUHO\UHVWULFWHGDQGSODQWJURZWKLVOLPLWHGDQG
DOVRLQH[WUHPHO\FROGDUHDV

䕔&RUSRUDWHSURILOH
㻌 $GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌0L\DKDUD.DVHGD
0LQDPLVDWVXPD.DJRVKLPD
85/KWWSZZZHOPFRMS
7(/
)$;

䕔2XWOLQHRIEXVLQHVV'HVLJQIRU&RQWUDFW'HYHORSPHQWRI(OHFWURQLF(TXLSPHQW
1XPEHURIHPSOR\HHV‫؟‬'HVLJQDQGPDQXIDFWXUHRIODERUVDYLQJ&DSLWDO‫؟‬PDFKLQHVIRULQGXVWULDOXVH
PLOOLRQWKRXVDQG\HQ
䕔3DWHQWVRQWKHSURGXFW
2SWLFDOGLVNUHSDLUV\VWHP/('OLJKWEXOEV<HDURIIRXQGDWLRQ‫؟‬
VRODUWUDFNLQJSRZHUJHQHUDWLRQV\VWHP
5HSUHVHQWDWLYH‫؟‬WUDFHDELOLW\V\VWHPIRUPHDWIDFWRULHV EHHIDQGDXWRPDWLFVDWHOOLWHWUDFNLQJ
3UHVLGHQW7DNDND]X0L\DKDUD  DQGSRUNV\VWHP-[WUJW8GPVWTG5GGU0Q

#ITKEWNVWTGHQTGUVT[CPFHKUJGTKGUȷ(QQF

2.3ODQQLQJ&R/WG
7RSUHVHUYHWKHEHQHILWVRIFRQVXPHUV2SWLPDO:HLJKW1DYLJDWLRQ6FDOH7DEOH&RPEL:KDWLVWKHRSWLPXPZHLJKWQDYLJDWLRQVFDOHn7DEOH&RPEL"
7KLVPDFKLQHDLPVWRUHGXFHWKHEXUGHQRIZRUNDQGPLQLPL]HHUURUVLQZHLJKLQJDQGLPSURYHPDQDJHPHQWHIILFLHQF\E\DXWRPDWLFDOO\DQGTXLFNO\ILQGLQJWKHRSWLPXPFRPELQDWLRQRIPHDVXUHGREMHFWVZKHQSDFNLQJIUXLWVIRRGVDQGWKHOLNH6LQFHLWSURYLGHVWKHVDPHUHVXOWVZKRHYHURSHUDWHVLWWKLVGHVNWRSZHLJKLQJPDFKLQHHQDEOHVVWDQGDUGL]HGZHLJKLQJDQGWKXVSUHVHUYHWKHEHQHILWVRIFRQVXPHUV)HDWXUHVRIn7DEOH&RPEL|‫)؞‬RXURSHUDWLRQEXWWRQV$Q\RQHFDQHDVLO\OHDUQWRRSHUDWHLW‫؞‬%HLQJOLJKWDQGFRPSDFWWKHPDFKLQHLVHDV\WREHVWRUHGDQGFDQEHRSHUDWHG
DQ\ZKHUH‫؞‬7KHPDFKLQHVDUHPDQXIDFWXUHGLQKRXVH7KHUHIRUHWKH\FDQFRSHZLWKDYDULHW\RIPHDVXUHGREMHFWVERWKLQVRIWZDUHDQGKDUGZDUH

n7DEOH&RPEL|DYDLODEOHIRUUHQWLQJIRUWKHILUVWWLPH
WLPH
LQWKHLQGXVWU\,QRUGHUWRUHGXFHWKHEXUGHQRILQVWDOOLQJWKHZHLJKLQJPDFKLQHZHDUHWKHILUVWLQWKH
LQGXVWU\WRRIIHUUHQWDOVHUYLFHVRWKDWLWFDQEHXVHGRQO\GXULQJWKHEXV\SHULRG7KH
UHQWLQJV\VWHPRSHUDWHVRQUXOHVOLNHnWKHPLQLPXPUHQWDOSHULRGLVRQHPRQWKnQR
2SWLPDO:HLJKW1DYLJDWLRQ%DODQFHPDLQWHQDQFHIHHnSRVVLEOHWRFDQFHOZKHQKDUYHVWLQJLVGUDVWLFDOO\UHGXFHGGXHWR
7DEOH&RPELQDWLRQQDWXUDOGLVDVWHUVHWFnVRWKDWPRUHSHRSOHFDQXVHWKHVHZHLJKLQJPDFKLQHVZLWKHDVH

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%LUWKRIWKHPDFKLQHVWULJJHUHGE\IHHGEDFN
RIRQVLWHSHDVDQWV ,QVSLUHGE\WKHIHHGEDFNRIRQVLWHSHDVDQWVWKH
UHSUHVHQWDWLYHGLUHFWRUZLWK\HDUH[SHULHQFHRIZHLJKLQJPDFKLQHVDOHVFDPHXSZLWKWKHLGHDRIGHYHORSLQJn7DEOH
&RPELnWKHRSWLPXPZHLJKWQDYLJDWLRQV\VWHP $VDYHQWXUHFRPSDQ\VWDUWLQJIURPVFUDWFKZHDUHDEOH
WRLPSURYHRXULQKRXVHPDQXIDFWXUHGZHLJKLQJPDFKLQHV
LQDFFRUGDQFHZLWKWKHRQVLWHYRLFHV 7KLVSURGXFWUHFHLYHGWKH.XPDPRWR3UHIHFWXUDO,QGXVWULDO$ZDUGLQWKHWKLUG\HDUVLQFHLWLVSXWLQWRPDUNHW:HDUHVWHDGLO\LQFUHDVLQJLWVVDOHVSHUIRUPDQFH
IURP+RNNDLGRWR2NLQDZDDQGSURPRWLQJLWWKURXJKRXW-DSDQ

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW :HDLPWRGHYHORSDWRWDOFRRUGLQDWLRQ
EXVLQHVVIRUDJULFXOWXUDOKDUYHVWLQJDQG
VKLSPHQW 7RH[SDQGVDOHVZHDUHGHYHORSLQJQHZ
SURGXFWVZKLFKWDUJHWXVHUVZKRKDYHQRWRQO\SDFNDJLQJQHHGVEXWDOVRVRUWLQJQHHGV :HDUHDOVRGHYHORSLQJSURGXFWVIRUIUHTXHQWXVHUV ,QWKHIXWXUHZHZLOOIRFXVRQVDOHVWR
SODQWIDFWRULHVDQG-$VDQGFRRSHUDWLRQZLWKDXWRPDWHGSDFNDJLQJPDFKLQHPDQXIDFWXUHUV‫ٹ‬2XWOLQHRIEXVLQHVV‫&ٹ‬RUSRUDWHSURILOH

$GGUHVV‫ٿ‬             7DKDUD0DVKLNLPDFKL.DPLPDVKLNL*XQ.XPDPRWR
85/KWWSZZZWDEOHFRPELFRP
4XHU\7(/RU
:HEVLWH

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬3UHVLGHQW 
0LWVXUX+DWDH      


0DQXIDFWXUHDQGVDOHRI7DEOH&RPELQH
&RQVWUXFWLRQRISURGXFWLRQSODQWIDFLOLWLHV3URGXFWLRQDQGVDOHRI,27VHQVRUV

‫ٹ‬3DWHQWVRQWKHSURGXFW
1XPEHURISDWHQWDSSOLFDWLRQVFDVHVRIGHVLJQUHJLVWUDWLRQFDVHVRI
WUDGHPDUNUHJLVWUDWLRQ-[WUJW8GPVWTG5GGU0Q

#ITKEWNVWTGHQTGUVT[CPFHKUJGTKGUȷ(QQF7$1.$&2/WG

TANKA CO. 䚸LTD.

6\VWHPIRUSUHVHUYLQJORQJWHUPIUHVKQHVVRIVDIHKLJKTXDOLW\IUXLWVDQG
YHJHWDEOHVRIQDWXUDORULJLQ

7DQNDIUHVK$EVRUEQRWRQO\HWK\OHQHEXWDOVRYHJHWDEOHJHQHUDWLQJJDVHVLQDVKRUWWLPH

$SSOLFDWLRQ)HDWXUHVRI7DQNDIUHVK
7KLVSURGXFWLVDIUHVKQHVVNHHSLQJDJHQWRQO\RIFRPSOHWHO\QHZQDWXUDOO\GHULYHG
LQJUHGLHQWVWKDWKDYHQHYHUEHHQEHIRUH7DQNDIUHVKERDVWVVHFXULW\DQGVDIHW\%DPERRFKDUFRDO-DSDQHVHWHDLVWKHPDLQLQJUHGLHQWDQGLWLVDVDIHDQGVDIHDGVRUEHQW7DQNDIUHVK89E\WLWDQLXPR[LGHDQGSKRWRFDWDO\VWZKLFKLVDSDWHQWRI
6DJDSUHIHFWXUH/RQJWHUPIUHVKQHVVKROGLQJV\VWHPWKDWFKDQJHVWKHZRUOGILUVWDQG
WKHZRUOGE\WKHVHLQWHUDFWLRQV7KHLVVXHRIDJULFXOWXUHIRUHVWU\DQGILVKHULHVUHGXFWLRQRIIRRGORVVUDWHUHDOL]HGDQG83RISURILWUDWLRFDQEHH[SHFWHG®

)HDWXUHVRI7HFKQRORJLHV6XSSRUWLQJ/RQJ7HUP)UHVKQHVV
3UHVHUYDWLRQ6\VWHP

*DVDGVRUEHQW

7KHRULJLQVRI7$1.$WKHGHYDVWDWLRQRIPRXQWDLQDUHDVGXHWRDJLQJDQG
GHSRSXODWLRQ(VSHFLDOO\LQZHVWHUQ-DSDQLWEHJDQZLWKWKHLGHDWKDWEDPERRGDPDJHLVFRPPRQ,ZDQWWRGRVRPHWKLQJ7KHVHLGHDVJRWXVVWDUWUHVHDUFK:KLOHZHDUH
FRQGXFWLQJUHVHDUFKZHKDGSUREOHPZLWKWKHSHUIRUPDQFHRIEDPERRFKDUFRDO$WWKLVSRLQWZHPHWZLWKWKH8UHVKLQR7HD([SHULPHQW6WDWLRQLQ6DJD3UHIHFWXUHDQGIRXQG
RXWWKHIDFWWKDWWKHLQJUHGLHQWVRIFKDUFRDODQGWHDJHOOHGDQGLQWHJUDWHGVKRZVDPD]LQJDGVRUSWLRQFDSDFLW\&RPSDULVRQZLWKRWKHUFRPSDQ\ VWHFKQRORJ\w1RYHOW\&RPSDUHGWRWKHFRVWRIRWKHUFRPSDQLHVWKHFRPSDQ\KDVDFKLHYHGDQHFRQRPLFDO
HIILFLHQF\DQGVDIHW\RIXSWRRQHVL[W\DQGDKLJKYHUVDWLOLW\WKDWLVXQLTXHWRDFRPSDFWVL]H®

7KHFUHDWLRQRIWKHXOWLPDWHIUHVKQHVVPDLQWHQDQFHV\VWHP/RQJWHUPIUHVKQHVVUHWDLQHU

0DQDJHPHQWVWUDWHJ\9LVLRQ‫&ٴ‬RUSRUDWH3KLORVRSK\DQG0LVVLRQ:HZLOOVWULYHWRLPSURYHTXDOLW\LQDOODUHDVRIRXUEXVLQHVVDQGFRQWULEXWHWR
VRFLHW\E\HDUQLQJFXVWRPHUVDWLVIDFWLRQ
DQGHPSOR\HHVDWLVIDFWLRQ,ZRXOGOLNHWRHQMR\-DSDQHVHIDUPHUVE\VXSSO\LQJGHOLFLRXVYHJHWDEOHVQRWRQO\LQ-DSDQEXWDOVRLQRWKHUFRXQWULHV:HZLOOGHYHORSIRRGVDIHW\DQG
VDWLVIDFWLRQWKURXJKSUHVHUYLQJIUHVKQHVVLQWKHGLVWULEXWLRQRIIUXLWVDQG
YHJHWDEOHVZRUOGZLGH‫)ٴ‬XWXUHGHYHORSPHQWRIEXVLQHVV:HSODQWRDFFHOHUDWHFROODERUDWLRQZLWKRWKHUFRPSDQLHVWRLPSURYHWKHHIILFLHQF\RIRXUIUHVKQHVV
SUHVHUYDWLRQV\VWHPDQGGHYHORSLQQRYDWLYHWHFKQRORJLHV,QFRRSHUDWLRQZLWKDJULFXOWXUHUHODWHGYHQWXUHVWKH
JRYHUQPHQWZLOOSURSRVHWKLVSURSRVDOWRFXVWRPHUVLQFOXGLQJRXWOHWVWUDWHJLHVVXFKDVVWRUDJHE\PDLQWDLQLQJORQJWHUPIUHVKQHVVDIWHUKDUYHVWDQG
H[SRUWE\LQH[SHQVLYHVKLSSLQJ
:HKRSHWKDWWKHVHSURGXFWVZLOOEHXVHGE\YHJHWDEOHSURGXFHUVDQGKDQGOHUVWRDGMXVWVKLSPHQWVWKURXJKH[SRUWVDQGORQJWHUPVWRUDJH

䕔&RUSRUDWHSURILOH

䕔2XWOLQHRIEXVLQHVV

1XPEHURIHPSOR\HHV㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌
1XPEHURIHPSOR\HHV‫؟‬&DSLWDORI
)XUX\X)XML&KRX&DSLWDO‫؟‬(VWDEOLVKHG
6DJD6DJDPLOOLRQWKRXVDQG\HQ
1DPHRIUHSUHVHQWDWLYH
85/KWWSWDQNDHFRLQIR <HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH'LUHFWRU     <DVXR,UL
7(/
5HSUHVHQWDWLYH‫؟‬$QLQQRYDWLYHORQJWHUPIUHVKQHVVPDLQWHQDQFHSURMHFWLQYHJHWDEOHVIUXLWVDQGIORZHUVLQ-DSDQDQGDEURDGXVLQJFDWHFKLQH[WUDFWHGIURPEDPERRFKDUFRDOSURGXFHGIURPDQDEDQGRQHGEDPERRJURYHLQ
6DJD3UHIHFWXUHDQGXQXVHG-DSDQHVHWHDH[WUDFWHGIURP1RWHD
7KLVV\VWHPXVHVDVDIHKLJKSHUIRUPDQFHQDWXUDODGVRUEHQWDQGDSKRWRFDWDO\VWXVLQJWLWDQLXPR[LGHRZQHGE\6DJD3UHIHFWXUH

)$;

䕔3DWHQWVRQWKHSURGXFW$SSOLFDWLRQ1RIUHVKQHVVSUHVHUYDWLYHVWKHLU

3UHVLGHQW<DVXR,ULH     PDQXIDFWXULQJPHWKRGVJDVSXULILFDWLRQGHYLFHVDQGJDVSXULILFDWLRQV\VWHPV-[WUJW8GPVWTG5GGU0Q

#ITKEWNVWTGHQTGUVT[CPFHKUJGTKGUȷ(QQF

1$12;&2/7'
,QYLVLEOHZRUOGDQGIXWXUHFUHDWLRQWHFKQRORJLHV

1$12;*1VHULHVRIXOWUDILQHEXEEOHJHQHUDWRUV:KDWLV8OWUDILQH%XEEOH"
,QUHFHQW\HDUV8OWUDILQH%XEEOHZKLFKKDVDWWUDFWHGDWWHQWLRQIURPHYHU\LQGXVWULDODVVRFLDWLRQKDVEHHQZLGHO\VWXGLHGIRULWVIXQFWLRQDODSSOLFDWLRQ
,QUHFHQW\HDUVZHDOVRFRQGXFWHIIHFWYHULILFDWLRQIRUDJULFXOWXUH K\GURSRQLFVRLOFXOWLYDWLRQDQGJURZWKSURPRWLRQ DQGLQGXVWULDOZDVKLQJDOWKRXJKZHDUHPDLQO\
HQJDJHGLQWKHDTXDWLFLQGXVWU\VXFKDVIUHVKQHVVPDLQWHQDQFHDQGODQGEDVHGDTXDFXOWXUH+LJKGHQVLW\XOWUDILQHEXEEOHJHQHUDWRU
2XUVWDWLFIOXLGPL[HUVKDYHHYROYHGIRUDERXW\HDUVDJRDQGWKHEXEEOH
JHQHUDWLRQDQGSURFHVVLQJFDSDELOLWLHVKDYHLQFUHDVHGE\WRWLPHVFRPSDUHG
WRRXUFRQYHQWLRQDOSURGXFWV‫ٴ‬8OWUDGHQVHXOWUDILQHEXEEOHJHQHUDWRUIRUUHVHDUFKLQVWLWXWLRQV‫ٴ‬/DUJHDQGVPDOOHTXLSPHQWIRUILVKLQJDQGDJULFXOWXUDOXVH
DOHV
9DULRXVPRGHOVDUHDYDLODEOHGHSHQGLQJRQWKHDSSOLFDWLRQILHOGVDQGVFDOHV

5DPRQG1DQR0L[HU
5DPRQG6WLUUHU$SSOLFDWLRQ$FKLHYHPHQWV
5HWHQWLRQRIILVKIUHVKQHVV)LVKLQJ$VVRFLDWLRQ)LVK0DUNHW$TXDWLF
3URFHVVLQJ/DERUDWRU\$TXDWLF5HWDLOHUV/DQGEDVHGDTXDIDUP HJ)XNXNXNDDEDORQHIDUP +\GURSRQLFVSODQWVRSHQILHOGDQGKRXVHFXOWLYDWRUV

1$12;*W\SH
1;*

1$12;1W\SHV
1;1$

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG

‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW

1DQR[LVDFRPSDQ\WKDWLVGHWDFKHGIURPWKH
EXVLQHVVGLYLVLRQRI)XNXND:DWHU,QGXVWU\DQG
LVURRWHGLQZDWHULQGXVWU\)RUDERXW\HDUVZHKDYHEHHQKROGLQJWKH
EHOLHIWRUHGXFHORVVGXHWRILVKIUHVKQHVVGHWHULRUDWLRQ
7KHDLPRIWKLVSDWHQWWHFKQRORJ\LVWREHXVHG
DVDVROXWLRQWRSUREOHPVWKDWZDWHULQGXVWU\DQG
DJULFXOWXUDOLQGXVWU\KDYHEHHQIDFHGZLWKIRUPDQ\\HDUV
7KLVWHFKQRORJ\ZLOOFKDQJHWKHIXWXUHLQFOXGLQJUHYROXWLRQRIIUHVKILVKGLVWULEXWLRQDQG
SURPRWLRQRIDTXDFXOWXUHDQGDJULFXOWXUDOJURZWK&XUUHQWO\ZHDUHZRUNLQJPDLQO\IRUZDWHUDQG
DJULFXOWXUDOLQGXVWULHVEXWZHDOVRFRQGXFW
HIIHFWYHULILFDWLRQLQRWKHUILHOGVVXFKDVZDVKLQJDQGVWHULOL]DWLRQ:HDUHH[SHFWLQJWRFROODERUDWHZLWKVSHFLDOL]HGFRPSDQLHVWRFRQGXFWHIIHFWYHULILFDWLRQDQGLQWURGXFWLRQV\VWHPGHYHORSPHQWDQGWRGHYHORSSDWHQWVDQGNQRZKRZOLFHQVLQJEXVLQHVVHVIRUHDFKILHOG
6LQFHZHKDYHHVWDEOLVKHGDGLVWULEXWRUV\VWHP
ZHDUHUHFUXLWLQJFRPSDQLHVZKRZDQWWRUHJLVWHUGLVWULEXWRUVLQYDULRXVILHOGVDWDQ\WLPH

䕔&RUSRUDWHSURILOH
$GGUHVV‫ٿ‬             1LVKLPLQDWRPDFKL.RNXUDNLWDNX.LWDN\XVKX)XNXRND
85/KWWSZZZQDQR[FRMS
4XHU\7(/RU
:HEVLWH

䕔2XWOLQHRIEXVLQHVV0DQXIDFWXUHDQGVDOHRIVWDWLFIOXLGPL[LQJ
1XPEHURIHPSOR\HHV‫؟‬HTXLSPHQWDQGXOWUDILQHEXEEOH
&DSLWDO‫؟‬PLOOLRQ\HQ
JHQHUDWLQJHTXLSPHQW<HDURIIRXQGDWLRQ‫؟‬䕔3DWHQWVRQWKHSURGXFW
5HSUHVHQWDWLYH‫؟‬
863DW1RVDQG
3UHVLGHQW.HQLFKL0RJDPL   ,QDGGLWLRQUHJLVWUDWLRQRIPDQ\SDWHQWV  
DQGWUDGHPDUNV-[WUJW8GPVWTG5GGU0Q

#ITKEWNVWTGHQTGUVT[CPFHKUJGTKGUȷ(QQF

8QLYHUVDOO\(OHFWULF:RUNV&R/WG
: N &
/WG
+HOSLQJWRPDNHSURILWDEOHDJULFXOWXUHE\SURGXFWLRQFRVWUHGXFWLRQV\VWHP

/DERUVDYLQJV\VWHPIRUDJULFXOWXUH,QYHUWHU
7HPSHUDWXUH$XWRPDWLF&RQWURO3DQHO'HYHORSPHQWDQGSURGXFWLRQRIDXWRPDWLFFRQWUROSDQHOVIRUDJULFXOWXUH
1HZQH[WJHQHUDWLRQDJULFXOWXUHLVVSUHDGLQJ%\XVLQJWKHLQYHUWHUFRQWUROSDQHOWRFRPEDWKHDWVWURNHLQFDWWOHZHDUHDEOHWRUHGXFHFRVWV
7KLVSURGXFWLVGHVLJQHGDQGPDQXIDFWXUHGE\8QLYHUVDO'HQNREDVHGRQWKHRSLQLRQVRI
ORFDOFXVWRPHUV,QYHUWHUDXWRPDWLFFRQWUROSDQHO)HDWXUHVRI7HFKQRORJLHV6XSSRUWLQJ3URGXFWVDQG
6HUYLFHV)RFXVLQJRQWHFKQLFDODVSHFWV
7KHLQYHUWHUFRQWUROSDQHOIRUEDUQVPHDVXUHVQRWRQO\WHPSHUDWXUHEXWDOVRKXPLGLW\DQGDXWRPDWLFDOO\FRQWUROVWKHDLUYROXPHXVLQJWKHGLVFRPIRUWLQGH[)RUFDWWOHEDUQV,QYHUWHUDXWRPDWLF
FRQWUROSDQHO

1RYHOW\FRPSDUHGZLWKWHFKQRORJLHVRIRWKHUFRPSDQLHV'LVWLQFWIURPWKHFRQYHQWLRQDOPDQXDOVZLWFKLQJFRQWUROSDQHDXWRPDWLF
WHPSHUDWXUHFRQWURODQGDXWRPDWLFFRQWUROEDVHGRQWHPSHUDWXUHKXPLGLW\GLVFRPIRUWLQGH[EHFRPHVSRVVLEOH
,WLVDQH[FHOOHQWZD\WRUHGXFHKHDWVWURNHLQFDWWOHZKLOHDWWKHVDPHWLPHVDYLQJHQHUJ\$XWRPDWLFFRQWUROSDQHOVRIKXPLGLW\VHQVRUVZLQGGLUHFWLRQYHORFLW\DQG
VRODUUDGLDWLRQDUHDOVRDYDLODEOH
3OHDVHOHWXVNQRZ\RXUUHTXHVW:HDUHUHDG\WRRIIHUVXJJHVWLRQV,QYHUWHUH[WHUQDO
VHWWHU:LWKDWRXFKSDQHO&DQEHVHWHDVLO\Management strategy / Vision
䖃%DFNJURXQG䖃)XWXUHGHYHORSPHQWRIEXVLQHVV:HDUHHQJDJHGLQDXWRPDWLFFRQWUROSDQHOVDQGHOHFWULFDOZRUNIRUDJULFXOWXUHDQGHQHUJ\DQGZHSURYLGHSURSRVDOVIRUHQHUJ\VDYLQJPHDVXUHV3URSRVDOVDUHPDGHLQDFFRUGDQFHZLWKFXVWRPHUVb
UHTXHVWVDQGRXUH[SHULHQFHVNQRZKRZDQG
WHFKQRORJLHV
:HSURSRVHGHYLFHVWKDWSOHDVHRXUFXVWRPHUV,Q
DGGLWLRQDIWHUVDOHVVHUYLFHVDUHFRQGXFWHGEDVHG
RQWKHPRWWRRIVSHHG\UHOLDEOHDQGWKRURXJKVHUYLFHV,I\RXKDYHDQ\UHTXHVWVSOHDVHIHHOIUHH
WRWHOHSKRQHWRUHDFKWKHFXVWRPHUVXSSRUWFHQWHU

䕔&RUSRUDWHSURILOH

㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌6KLPD]DNL&KXRXNX
.XPDPRWR.XPDPRWR
85/KWWSXQLYHUVDOO\FRMS
4XHU\7(/)DFHERRNRU:HEVLWH

:HZRXOGOLNHWRFRRSHUDWHZLWKFRQVWUXFWLRQFRPSDQLHVLQYROYHGLQDJULFXOWXUHQDWLRQZLGH
:HLQWHQGWRZRUNLQFRRSHUDWLRQZLWKHOHFWULF
SRZHUFRQVWUXFWLRQFRPSDQLHVUHODWHGWRDJULFXOWXUHWRKHOSGRPHVWLFSURGXFHUV$XWRPDWLFFRQWUROSDQHOVFDQDOVREHGHYHORSHG
DQGPDQXIDFWXUHG:HDUHZRUNLQJWRUHGXFHFRVWVE\SURSRVLQJ
HQHUJ\VDYLQJDQG&2VDYLQJGHYLFHV+RXVH(OHFWULFLW\:DWFKLQJ7HDPLVVSUHDGLQJWKURXJKRXWWKHFRXQWU\DQGZRUNLQJWRKHOSGRPHVWLFSURGXFHUVDQG

䕔2XWOLQHRIEXVLQHVV
1XPEHURIHPSOR\HHV‫؟‬(OHFWULFDOZRUNVSHFLDOL]LQJLQDJULFXOWXUH&DSLWDO‫؟‬PLOOLRQ\HQ
'HYHORSPHQWPDQXIDFWXUHDQGVDOHRI<HDURIIRXQGDWLRQ‫؟‬
HQYLURQPHQWDOFRQWUROGHYLFHVIRUEDUQV
5HSUHVHQWDWLYH‫؟‬
0DQXIDFWXULQJDQGVDOHVRIDXWRPDWLF
3UHVLGHQWDQG
RSHQLQJDQGFORVLQJHTXLSPHQWIRUYLQ\O
KRXVHV
5HSUHVHQWDWLYHGLUHFWRU
+LURIXPL1DNDJDZD      -[WUJW8GPVWTG5GGU0Q



1VJGT 2TQFWEVU5GTXKEGU .,7+,7&R/WG
+LJKHQGDXGLRIRUVXSHUVRQDU+,767VHULHV:RRGERDUGVSHDNHU+,7)3)HDWXUHVRIWKH+,767VHULHV 5HDOL]DWLRQRIRPQLGLUHFWLRQDOUHSURGXFWLRQRIKLJKGLUHFWLYLW\ 5HDOL]LQJWKHTXLFNVWDUWRIVRXQG
 UHDOL]DWLRQRIUHSURGXFWLRQE\DSODQHZDYHZLWKOLWWOHDWWHQXDWLRQ
7KH+,767VHULHVLVDEOHWRUHDOL]HWKHZRUOG VXQSUHFHGHQWHGVSHHGRIVRXQG
JHQHUDWLRQE\FRQVWUXFWLQJDV\QWKHWLFSRO\PHUPDWHULDOILOPLQDFLUFXODUF\OLQGHUVKDSH
LQDVRXQGERG\DQGLWLVSRVVLEOHWRJHQHUDWHDSODQHZDYHZLWKOHVVDWWHQXDWLRQLQDOOGLUHFWLRQV)RUWKLVUHDVRQLWIDLWKIXOO\UHSURGXFHVWKHPHORG\DQGVWUHQJWKLQWKHQDWXUDOVRXQGVRIRQHLQVWUXPHQW )HDWXUHVRIWKH+,7)3ZRRGERDUGVSHDNHU 8VLQJDZRRGSODWHDVDVRXQGJHQHUDWRUUHDOL]LQJWKHRPQLGLUHFWLRQDOUHSURGXFWLRQRIVRXQGIURPWKHXOWUDORZUHJLRQIURP+]
 5HDOL]LQJDWLUHGVRIWVRXQGWKDWLVDXGLEOHDQGIDLWKIXOO\UHSURGXFLQJWKH
VRXQGRIDVWULQJLQVWUXPHQWLQSDUWLFXODU 8QDEOHWRVHHDFRQYHQWLRQDOVSHDNHUXQLW &ROODERUDWLRQZLWK2NDZDIXUQLWXUHZLWKKLJKZRRGZRUNLQJWHFKQRORJ\:HXVHZRRGDVDPDWHULDODQGWKHZDUPWKRIQDWXUHXQLTXHWRZRRGWKHVRXQG
WKDWGRHVQRWIDWLJXHRXUHDUVHYHQLIZHOLVWHQIRUDORQJWLPHVSUHDGVWKURXJKRXWWKHVSDFHDQGLWJLYHVXVDVHQVHRIUHDOLVWLFDQGUHDOLVWLFIHHOLQJ%HFDXVHWKHZRRGLVYLEUDWLQJWKHVWULQJLQVWUXPHQWFDQIDLWKIXOO\UHSURGXFHWKHVRXQGDQGLWKDVDOVRJDLQHGDIDYRUDEOHUHSXWDWLRQIRUWKHFUDIWVPHQDQGVSDFHGHVLJQHUVZKRSURGXFH
VWULQJLQVWUXPHQWV6XSHUWZHHWHU+,767

:RRGERDUGVSHDNHU+,7)3

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
.\XVKX,QVWLWXWHRI7HFKQRORJ\:HGLVFRYHUHGWKDWELRORJLFDOVHQVRUVGHYHORSHGE\XWLOL]LQJWKHFRPPXQLW\FUHDWLRQEXVLQHVV 0LQLVWU\RI(FRQRP\7UDGHDQG,QGXVWU\ FDQEHXVHGDV
SURQXQFLDWRUVDQGGHYHORSHGDKLJKHQGDXGLRVXSHUWZHHWHU+,7677KHQHZSURQXQFLDWLRQZDVKLJKO\HYDOXDWHGDQGUHFHLYHGDQDXGLREUDQG
DZDUG KHOGE\WKHSXEOLVKHURIWKHVRXQGVRXUFH 
7KHZRRGERDUGVSHDNHUَ+7)3ُZRQWKH)XNXRND'HVLJQ$ZDUGIURPWKHKLJKGHVLJQQDWXUH

䕔&RUSRUDWHSURILOH
㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌+LELNLQR:DNDPDWVXNX.LWD.\XVKX)XNXRND
85/KWWSZZZNLWKLWFRP
4XHU\7(/RU
:HEVLWH‫)ٴ‬XWXUHEXVLQHVVGHYHORSPHQW
+,767VHULHV:HKDYHHVWDEOLVKHGDQHWZRUNRIDXGLRVSHFLDOLVWVLQ-DSDQDQGDUHSUHSDULQJIRU
RYHUVHDVDGYDQFHPHQWVLQWKHIXWXUH:HDUH
VHOHFWLQJH[SRUWHUVZLWKRYHUVHDVVDOHVURXWHV:RRGERDUGVSHDNHU+,7)3+RWHOOREE\UHVWDXUDQWVRIILFHVVDOHVDFWLYLWLHVZKLOHWU\LQJWRLQWURGXFHLQWRSODFHVZKHUHSHRSOHJDWKHU,QDGGLWLRQZHDUHVWXG\LQJWKH
DSSURDFKWRDQLQWHULRULQGXVWU\QHZEXVLQHVV䕔2XWOLQHRIEXVLQHVV
1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQ\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU
0DVDPLFKL,VKLKDUD    ‫'؞‬HYHORSPHQWPDQXIDFWXUHDQG
VDOHRIVRXQGUHODWHGHTXLSPHQW
‫؞‬9RLFHUHFRUGLQJDQGHGLWLQJ

-[WUJW8GPVWTG5GGU0Q



1VJGT 2TQFWEVU5GTXKEGU .XPDPRWR'0&/WG
.XPDPRWR'0&DLPVWREHFRPHDnSODWIRUP|LQWRXULVPWKDWFRQQHFWVUHJLRQVZLWKWKHQDWLRQDQGWKHZRUOG-DSDQLQERXQGODQGRSHUDWRUWRDFWLYHO\LPSURYHWKH
V\VWHPIRUWRXULVWUHFHSWLRQ:KDWLV'0&"
'0&DQDEEUHYLDWLRQRI'HVWLQDWLRQ0DQDJHPHQW&RPSDQ\LVDUHJLRQDOWRXULVPSURPRWLRQRUJDQL]DWLRQVXSSRUWHGE\WKHQDWLRQDOJRYHUQPHQW-DSDQ7RXULVP$JHQF\ &KDUDFWHULVWLFVRI/DQG2SHUDWLRQV
7KHLQFUHDVHRILQGLYLGXDOIRUHLJQWRXULVWVDQGFKDQJHVLQWUDYHOQHHGV
SUHFRQGLWLRQ 
$LPLQJWRFUHDWHUHSHDWEXVLQHVVZHSURYLGHWRXULVWVZLWKH[FLWHPHQWWKURXJKH[SHULHQWLDOSURJUDPVDQGLQWHUDFWLRQVZLWKORFDOUHVLGHQWV
7KLVZRUNLVDLPHGSULPDULO\DWDWWUDFWLQJLQERXQGYLVLWRUVWR.XPDPRWRDQG
SURYLGHVWRXUSURJUDPVWKDWPHHWWKHQHHGVRIYLVLWRUVIURPVKRUWWHUPWR
ORQJWHUPVWD\V,WDOVRFRRUGLQDWHVDZLGHUDQJHRIVWD\SURJUDPVIURPVSRUWVWRXULVPVXFKDVLQWHUDFWLRQZLWKSURIHVVLRQDOJROIDQGVRFFHUWHDPVWRJRXUPHWWRXULVPDQGJUHHQWRXULVP&KDUDFWHULVWLFVRIWKHV\VWHPIRUWRXULVWUHFHSWLRQ:HDLPWRFUHDWHDQHQYLURQPHQWWKDWIDFLOLWDWHVLQERXQGWUDYHOOLQJ
6SHFLILFDOO\ZHSURYLGHPXOWLOLQJXDOFDOOFHQWHUVHUYLFHVFRQVXPSWLRQWD[H[HPSWLRQVHUYLFHVHOHFWURQLFPRQH\VHWWOHPHQWVHUYLFHVDQGFURVVERUGHU(&VHUYLFHV

8SSHU 'HYHORSPHQWRI1HZ7RXULVP
5HVRXUFHV 1LJKW+RW6WUHFNLQJ %HORZ$ZDUHQHVVUDLVLQJ6HPLQDUIRU
7RXULVP$UHD5HVLGHQWV

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
‫؞‬7KH.XPDPRWR(DUWKTXDNHOHGWRWKH
HVWDEOLVKPHQWRIWKH'0&E\.XPDPRWR
3UHIHFWXUHDQG+LJR%DQN2XUPLVVLRQLVWRUHYLWDOL]H.XPDPRWR3UHIHFWXUHDVDZKROHWKURXJKIRRGDQGWRXULVP
:KDWLVLPSRUWDQWLVWRFUHDWHSURGXFWVIURPDPDUNHWLQSHUVSHFWLYHLHnFUHDWHSURGXFWVWKDWVHOO|UDWKHUWKDQDSURGXFWRXW
VW\OHLHnVHOOZKDW\RXZDQWWRVHOOn7RWKLV
HQGZHEDVHRXUDFWLRQVRQELJGDWDDQG
YDULRXVVXUYH\GDWD

‫ٴ‬2XWORRN
2XUVHUYLFHLVDYDLODEOHQRWRQO\LQ.XPDPRWR
3UHIHFWXUHEXWDOVRLQ.\XVKX3UHIHFWXUH,Q
SDUWLFXODUZHZRXOGOLNH\RXWRPDNHXVHRIWKHV\VWHPIRUWRXULVWUHFHSWLRQ
,QDGGLWLRQZHSURYLGHVXSSRUWIRUWKH
IRUPDWLRQRI'02 2UJDQD]DWLRQ DQG'0&LQ
DUHDVZKHUHWKHUHLVDQHHG
:HDUHGHYHORSLQJDZLGHUDQJHRIEXVLQHVVHVUHODWHGWRIRRGDQGWRXULVPVRSOHDVHIHHOIUHHWRFRQVXOWXV:HZHOFRPHORFDOJRYHUQPHQWV
DQGFRPSDQLHVWKDWFDQHVWDEOLVKFRRSHUDWLRQZLWKXV

䕔&RUSRUDWHSURILOH
 $GGUHVV‫ٿ‬            .DPLWRRULFKRF\XRNX
 .XPDPRWR.XPDPRWR
85/KWWSVNGPFFRMS 4XHU\7(/RU
 :HEVLWH

‫ٹ‬2XWOLQHRIEXVLQHVV ‫؞‬/DQGRSHUDWRUVHUYLFH
1XPEHURIHPSOR\HHV‫؟‬‫؞‬%XVLQHVVRIDORFDOWUDGLQJ&DSLWDO‫؟‬PLOOLRQ\HQ
FRPSDQ\<HDURIIRXQGDWLRQ‫؟‬‫&؞‬RQVXOWLQJVHUYLFH
5HSUHVHQWDWLYH‫؟‬&(26KLQLFKL0XUDWD      ‫؞‬,QIRUPDWLRQWUDQVPLVVLRQVHUYLFHV-[WUJW8GPVWTG5GGU0Q



1VJGT 2TQFWEVU5GTXKEGU 

6+,.80,'(6,*1,QF
'HVLJQLQJV\VWHPVWRPDNHHYHU\RQHVPLOH

'HVLJQLQJDQGSURGXFLQJKDQGVRQLQWHOOHFWXDOHQWHUWDLQPHQWFRQWHQWV:HDUHJRRGDWFUHDWLQJQHZH[SHULHQFHV
6FLHQFH0XVHXP)XNXRND&LW\$5& $55DGLRFRQ $5&LVDQHZJHQHUDWLRQUDGLRFRQWUROWKDWXVHV$5
DXJPHQWHGUHDOLW\ <RXFDQRSHUDWHWKHFDUZKLOHZDWFKLQJWKHUHDOWLPHYLGHRIURPWKHFDPHUD
HPEHGGHGLQWKHUDGLRFRQWURO$5&FDQDOVREH
XVHGWRLQWURGXFHRIILFHV:HVHWXSUHJXODUH[KLELWLRQVLQZKLFKZHWKLQNZKLOHPRYLQJRXUERGLHVDQGH[SHULHQFHWKLQJVWKURXJKVLPXODWLRQWRGHHSHQRXUXQGHUVWDQGLQJRIVFLHQFH
DQGWHFKQRORJ\WKDWVXSSRUWVRXUGDLO\OLYHV/HW\RXUFUHDWLYLW\IO\

3URJUDPPLQJHGXFDWLRQ,I\RXVZLSH\RXUWDEOHWWRZDUGWKHODUJHVFUHHQWKH
VRXQGVDQGWKHSLFWXUHV\RXKDYHZULWWHQRQWKH
WDEOHWZLOOYLYLGO\DSSHDURQWKHVFUHHQ7KLVFRQWHQWLVZHOOUHFHLYHGE\DZLGHUDQJHRIJHQHUDWLRQV

:HFDQQXUWXUHWKHFUHDWLYLW\DQGORJLFDOWKLQNLQJUHTXLUHGIRUSURJUDPPLQJWKURXJKZRUNVKRSVXVLQJ
RXUL26DSSOLFDWLRQn6SULQJLQ nDQGSDLQWRQH|$GGLQJ\RXUFUHDWLYLW\WRRXUWHFKQRORJ\VSDFHDQGHYHQWVOHWXVFUHDWHQHZYDOXHVWRJHWKHU
䕔&RUSRUDWHSURILOH
$GGUHVV‫ٿ‬            +DNDWDKRMR%XLOGLQJ
+DNDWDHNLPDH+DNDWD)XNXRND
85/KWWSVZZZVKLNXPLFRMS
4XHU\:HEVLWH

‫ٹ‬2XWOLQHRIEXVLQHVV:HSURYLGHRQHVWRSVHUYLFHVFRYHULQJ

1XPEHURIHPSOR\HHV‫؟‬HYHU\WKLQJIURPSODQQLQJWRGHVLJQDQG
SURGXFWLRQRISDUWLFLSDWRU\FRQWHQWVXFKDV
&DSLWDO‫؟‬PLOOLRQ\HQ
GLJLWDOVLJQDJHUHDOWLPHOLYHSUHVHQWDWLRQ<HDURIIRXQGDWLRQ‫؟‬DQGHGXFDWLRQDOFRQWHQW7KHVRIWZDUHKDV
5HSUHVHQWDWLYH‫؟‬
EHHQKLJKO\SUDLVHGERWKLQ-DSDQDQG
&(26KXQVXNH1DNDPXUD    DEURDGIRULWVDZDUGVIURP,QWHODQG  
0LFURVRIW

-[WUJW8GPVWTG5GGU0Q



1VJGT 2TQFWEVU5GTXKEGU 

67(4&R/WG
‫؞‬0DQXIDFWXUHDQGVDOHRIKLJKRXWSXWKLJKOXPLQDQFH/('V ZKLWHEOXHJUHHQ89&89$ ‫؞‬6DOHVRIDSSOLHGSURGXFWV ILVKFROOHFWLRQOLJKWVZDWHUWUHDWPHQWHTXLSPHQWELRPDVVSRZHUJHQHUDWLRQHTXLSPHQW 

8QLTXH:WR:+LJK%ULJKWQHVV0RGXOH)HDWXUHVRI+LJK3RZHUDQG+LJK%ULJKWQHVV/('0RGXOHV3DWHQWHG:WR:KLJKLQWHQVLW\PRGXOHV
+LJKO\UHOLDEOHLQRUJDQLFPDWHULDOVZLWKKLJKKHDWGLVVLSDWLRQDQGKLJKWKHUPDOFRQGXFWLYLW\ FRUUHVSRQGLQJWRGHHSXOWUDYLROHWUD\V 
6LQFHVXEVWUDWHSURGXFWLRQLVRQO\SULQWLQJLWFDQUHVSRQGTXLFNO\WRYDULRXVQHHGV
7KHVHSURGXFWVDUHGHYHORSHGEDVHGRQ1('2VXEVLGLHVEDVHGRQRXURZQSDWHQWV3URGXFWLRQLVHQWUXVWHGWR6KLNRNX0HWURORJ\,QGXVWU\$VDVLQJOHPRGXOHKLJKRXWSXWSURGXFWLWERDVWVXQULYDOHGSHUIRUPDQFH

:ZKLWHPRGXOH
DQG89&PRGXOH)HDWXUHVRI+LJK%ULJKWQHVV/('RQERDUG/LJKW:ZDWHUFRROHGILVKFROOHFWRUVKDYHN:FDSDFLW\IRU0HWDKDOD/DPSV:$LU&RROHG)LVK&ROOHFWLRQHWFDOVRKDYHDFDSDFLW\HTXLYDOHQWWRN:
7KHVHOLJKWVRXUFHVDUHEOXHJUHHQDQGKDYHDZDYHOHQJWKVXLWDEOHIRUILVKDQGLQWKH
ILVKHUPDQH[SHULPHQWRIWKH3\XVKLPD,VODQG:HKDYHREWDLQHGJRRGUHVXOWV)HDWXUHVRIELRPDVVSRZHUJHQHUDWLRQDQGZDWHUWUHDWPHQWHTXLSPHQW
+LJKSRZHU89&/('PRGXOHVDUHXVHGIRUZDWHUWUHDWPHQW
7KHZDWHUWUHDWPHQWHTXLSPHQWLVXVHGLQKLJKSHUIRUPDQFHELRPDVVJDVSRZHU
SODQWV:HKDYHGHYHORSHG89&KLJKSRZHU/('PRGXOHIRUWKHILUVWWLPHLQWKHLQGXVWU\DQGLWLVDGRSWHGDVZDWHUWUHDWPHQWHTXLSPHQW:HDOVRVXSSRUWWKHVDOHRIELRPDVVSRZHU
JHQHUDWLRQHTXLSPHQWHTXLSSHGZLWKWKLVZDWHUWUHDWPHQWHTXLSPHQW:ZDWHUFRROHG/('ILVKFROOHFWLRQODPS

0DQDJHPHQWVWUDWHJ\9LVLRQ‫ٴ‬%DFNJURXQG
,WLVDYHQWXUHFRPSDQ\IURP.\XVKX,QVWLWXWHRI7HFKQRORJ\IRXQGHGLQ
,Q1('2 VODUJHVXEVLG\ZLWK6KLNRNX0HWURORJ\,QGXVWU\,WLVDWKLQJWKDWZHJRWWRJHWKHUDQGSURPRWHGGHYHORSPHQW
7KHEDVLFSDWHQWZDVDFTXLUHGE\WKH&RPSDQ\DQGWKH
FXUUHQWVLWXDWLRQLVMRLQWO\RZQHGE\6KLNRNX0HWURORJ\,QGXVWU\
6LQFHRXUFRPSDQ\LVDYHQWXUHFRPSDQ\ZHDUHOHDYLQJDOO
/('PRGXOHPDQXIDFWXULQJWR6KLNRNX0HWURORJ\,QGXVWU\$OWKRXJKLWLVDYHQWXUHIURP.\XVKX,QVWLWXWHRI7HFKQRORJ\UHSUHVHQWDWLYHVDQGNH\RIILFHUVDUHFRPSRVHGRI+LWDFKL V2%
DQG+LWDFKL VH[SHULHQFHLQVHPLFRQGXFWRUGHYHORSPHQWKDV
DOVREHHQXWLOL]HG

䕔&RUSRUDWHSURILOH
㻌$GGUHVV‫ٿ‬㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌+LELNLQR:DNDPDWVX.LWD.\XVKX)XNXRND
85/KWWSZZZ67(4FRP
4XHU\7(/     ‫)ٴ‬XWXUHEXVLQHVVGHSOR\PHQW+LJKRXWSXWKLJKEULJKWQHVV/('PRGXOH:LWKIXUWKHUGHYHORSPHQWRIKLJKSRZHUPRGXOHVWRPHHWWKHQHHGV:KLWHDQG
GHHSXOWUDYLROHWUD\V 89& FDQDOVREH
XVHG'HYHORSPHQWRIDSSOLHGSURGXFWV
7KHPHUFXU\UHJXODWLRQVDUHH[SHFWHGWRDIIHFWWKHRQERDUGOLJKWVDQGWKH/('RQERDUGOLJKWVZLOOEHH[SDQGHGLQVDOHV6LQFHPHUFXU\UHJXODWLRQVDIIHFWZDWHUWUHDWPHQWHTXLSPHQWZHZDQWWRDFWLYHO\VHOO89&PRGXOHV

1XPEHURIHPSOR\HHV‫؟‬&DSLWDO‫؟‬PLOOLRQWKRXVDQG\HQ<HDURIIRXQGDWLRQ‫؟‬5HSUHVHQWDWLYH‫؟‬
5HSUHVHQWDWLYH'LUHFWRU
0DVDPLFKL,VKLKDUD      䕔2XWOLQHRIEXVLQHVV‫؞‬0DQXIDFWXULQJDQGPDUNHWLQJRI/('PRGXOHVEH\RQG:‫'؞‬HYHORSPHQWRIKLJKSRZHU89&/('PRGXOHV‫[(؞‬SDQGLQJVDOHVRI/('RQERDUGOLJKWV‫)؞‬RUZDWHUWUHDWPHQWHTXLSPHQWXVLQJ89&/('6DOH
‫؞‬6XSSRUWIRUVDOHVRIELRPDVVSRZHU
JHQHUDWLRQV\VWHPV/LVWRIPDMRUYHQWXUHVXSSRUWRUJDQL]DWLRQVLQ.\XVKX2UJDQL]DWLRQQDPH
2UJDQL]DWLRQIRU6PDOO 0HGLXP(QWHUSULVHVDQG5HJLRQDO,QQRYDWLRQ
-$3$1.\XVKX+HDGTXDUWHUV.\XVKX1%&$GGUHVV7(/+3

6DPXWHLKDNDWDJLRQ%/'**LRPPDFKL

+DNDWDNX)XNXRND)XNXRND

KWWSZZZVPUMJRMSN\XVKX),EEIXNXRND7HQMLQ&KXRNX)XNXRND)XNXRND

KWWSTVKXQEFRUMS

1DWLRQDO,QVWLWXWHRI$GYDQFHG,QGXVWULDO
6FLHQFHDQG7HFKQRORJ\.\XVKX ,QGXVWU\DFDGHPLDJRYHUQPHQWH[FKDQJHVWXG\

6KXNXPDFKL7RVX6DJD


KWWSZZZDLVWJRMSN\XVKXJURXSَ,768.,1.$,ُ
)XNXRND9HQWXUH%XVLQHVV6XSSRUW))XNXRND%/'*7HQMLQ&KXR$VVRFLDWLRQNX)XNXRND)XNXRND

KWWSIYEVRUJ

'DLP\R&KXRNX)XNXRND)XNXRND

KWWSVJURZWKQH[WFRP)XNXRND*URZWK1H[W)'DLP\R

&KXRNX)XNXRND)XNXRND

KWWSVWDUWXSFDIHMS)XNXRND*URZWK1H[W

6WDUWXS&DIH)XNXRND.LWDN\XVKX)RXQGDWLRQIRUWKH.LWDN\XXV\XXWHNXQRVHQWD%OG)$GYDQFHPHQWRI,QGXVWU\6FLHQFHDQG

1DNDEDUXVKLPPDFKL7REDWDNX

7HFKQRORJ\‫ق‬60(VXSSRUWFHQWHU‫ك‬.LWDN\XVKX)XNXRND

6DJDSUHIHFWXUDOUHJLRQDOLQGXVWU\VXSSRUW
FHQWHU‫ق‬9HQWXUH(QWHUSULVH1HWZRUNRI
6$*$3UHIHFWXUH‫ك‬
1DJDVDNL,QGXVWULDOSURPRWLRQRUJDQL]DWLRQ

1DJDVDNL3UHIHVWXUH%XVLQHVV3URPRWLRQ3OD]D*HQHUDO)RXQGDWLRQ.XPDPRWR3UHIHFWXUH(QWUHSUHQHXULDO6XSSRUW&HQWHU
KWWSVZZZNVUSRUMSIDLV1DEHVKLPDPDFKL<DHPL]R6DJD

6DJD

KWWSZZZLQIRVDJDRUMS'H]LPDNRXU\XXNDLNDQ'HMLPDPDFKL 
1DJDVDNL1DJDVDNL)'H]LPDNRXU\XXNDLNDQ
'HMLPDPDFKL1DJDVDNL1DJDVDNL
.XPDPRWRWHNXQRSRULVXVHQWDXFKL7DEDUX0DVKLNLPDFKL.DPLPDVKLNL.XPDPRWR

KWWSVZZZMRKRQDJDVDNLRUMS
KWWSQDJDVDNLESSMS
KWWSZZZNPMEDFNXSRUMS

2LWD,QGXVWULDOSURPRWLRQRUJDQL]DWLRQ

2RLWDGDLVRIXLDSXUD]D%OG)



‫ق‬2LWD6WDUWXS&HQWHU,QF‫ك‬+LJDVKLNDVXJDPDFKL2LWD2LWD

KWWSVVWDUWXSRLWDMS6DGRZDUDFKR+LJDVKLNDPLQDND



0L\D]DNL0L\D]DNL

KWWSZZZLSRUWRUMS

0L\D]DNL,QGXVWULDOSURPRWLRQRUJDQL]DWLRQ.DJRVLPDNHQVDQJ\RXNDLNDQ).DJRVKLPD,QGXVWU\6XSSRUW&HQWHU

0HL]DQFKR.DJRVKLPD.DJRVKLPD
0LGGOH)ORRU.DJRVLPDNHQVDQJ\RXNDLNDQ.DJRVKLPDNRJ\RLQGXVWULDOFOXE0HL]DQFKR.DJRVKLPD.DJRVKLPD


KWWSZZZNULFRUMS
KWWSZZZLNLFRUMS

‫ٮ‬7KHDERYHLVDVXPPDU\RIWKH.\XVKX6HPLFRQGXFWRUDQG(OHFWURQLFV,QQRYDWLRQ&RXQFLODIWHUFROOHFWLQJLQIRUPDWLRQLQGHSHQGHQWO\E\+3HWF,WGRHVQRWFRYHUWKHLQVWLWXWLRQWKDWVXSSRUWVYHQWXUHLQWKH.\XVKXUHJLRQ,QGH[‫ق‬.\XVKX9HQWXUH6HHGV‫ك‬&RPSDQ\QDPH‫ق‬$‫ك=ع‬
$

%

&

(

)

*
+

,
-

.

/
0

1
2

3

5

6

7

&RPSDQ\QDPH&ODVVLILFDWLRQLWHP

3DJH$GVRUSWLRQ7HFKQRORJ\,QGXVWULHV$GVRUSWLRQ7HFKQRORJ\,QGXVWULHV&R/WG

(QYLURQPHQW‫(؞‬QHUJ\$0,$0,&R/WG

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\$TXDIDLU\$TXDIDLU\&RUSRUDWLRQ(QYLURQPHQW‫(؞‬QHUJ\%LR0HGLFDO7HFKQRORJ\+<%5,'%LR0HGLFDO7HFKQRORJ\+<%5,'&R/WG

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\%ORRP7HFKQRORJ\%ORRP7HFKQRORJ\FRUSRUDWLRQ

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\



%21'

%21'&R/WG$,‫؞‬,R7‫؞‬,&7



%UDYHULGJH%UDYHULGJH&R/WG$,‫؞‬,R7‫؞‬,&7

%ULJWHF%5,*+7(&&R/WG

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO



&)3

&)3,QF

5RERW‫؞‬6SDFH‫؞‬0RELOLW\

FL'URQH

FL'URQHFR/WG

5RERW‫؞‬6SDFH‫؞‬0RELOLW\&LUFOH2QH&LUFOH2QH&R/WG$,‫؞‬,R7‫؞‬,&7

&UXFLDO&RROLQJ3HUIRUPDQFH&UXFLDO&RROLQJ3HUIRUPDQFH&R/WG

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO

($06-$3$1‫ق‬:HVW-DSDQ.URQRV‫ك‬($06-$3$1&R/WG‫ق‬:HVW-DSDQ.URQRV&R/WG‫ك‬

5RERW‫؞‬6SDFH‫؞‬0RELOLW\(GLW)RUFH(GLW)RUFH,QF

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\



(/0

(/0,QF

$JULFXOWXUHIRUHVWU\DQGrVKHULHV‫)؞‬RRG

HQHIRUHVWHQHIRUHVW&R/WG

(QYLURQPHQW‫(؞‬QHUJ\(QYLURQPHQWDO*,6/DERUDWRU\(QYLURQPHQWDO*,6/DERUDWRU\&R/WG$,‫؞‬,R7‫؞‬,&7



),/720),/720,QF

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\)XVLRQ7HFKV)XVLRQ7HFKV&RUSRUDWLRQ

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO)XVLRQWHFK)XVLRQWHFK&R/WG$,‫؞‬,R7‫؞‬,&7

*URRYHQDXWV*URRYHQDXWV,QF

$,‫؞‬,R7‫؞‬,&7+,%,.,12'(16+,+,%,.,12'(16+,&R/WG$,‫؞‬,R7‫؞‬,&7



+L%L4RR+L%L4RR//&(QYLURQPHQW‫(؞‬QHUJ\+LURWVX%LR6FLHQFH+LURWVX%LR6FLHQFH,QF

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\,QWHOOLJHQW6HQVRU7HFKQRORJ\,QWHOOLJHQW6HQVRU7HFKQRORJ\,QF

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\



L436

L436,QF QVWLWXWHIRU4VKX3LRQHHUVRI6SDFH,QF

5RERW‫؞‬6SDFH‫؞‬0RELOLW\

-$3$1)8'2,1'8675<-$3$1)8'2,1'8675<,QF

(QYLURQPHQW‫(؞‬QHUJ\-DSDQ0HGLFDO'HYLFH7HFKQRORJ\-DSDQ0HGLFDO'HYLFH7HFKQRORJ\&R/WG

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\



-ERW

-ERW&R/WG$,‫؞‬,R7‫؞‬,&7

.LPXUD,QIRUPDWLRQ7HFKQRORJ\.LPXUD,QIRUPDWLRQ7HFKQRORJ\$,‫؞‬,R7‫؞‬,&7

.LULVKLPD6HLNR.LULVKLPD6HLNR&R/WG

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO

.,7&&.,7&&&R/WG

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO

.,7+,7.,7+,7&R/WG

2WKHU‫ق‬3URGXFW6HUYLFH‫ك‬.XPDPRWR'0&.XPDPRWR'0&/WG

2WKHU‫ق‬3URGXFW6HUYLFH‫ك‬

.\XV\X1DQRWHF2SWLFV.\XV\X1DQRWHF2SWLFV&R/WG

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO



/DIOD

/DIOD,QF

$,‫؞‬,R7‫؞‬,&7

/2*,&$/352'8&7/2*,&$/352'8&7&R/WG$,‫؞‬,R7‫؞‬,&7



0&/DE

0&/DELQF

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO

0HFKD7UDFNV

0HFKD7UDFNV&R/WG$,‫؞‬,R7‫؞‬,&7

0RPD6ROXWLRQV

0RZD6ROXWLRQV&R/WG

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO



1$12;

1$12;&2/7'

$JULFXOWXUHIRUHVWU\DQGrVKHULHV‫)؞‬RRG



1H[W7HFKQRORJ\

1H[W7HFKQRORJ\//&

5RERW‫؞‬6SDFH‫؞‬0RELOLW\



2.3ODQQLQJ

2.3ODQQLQJ&R/WG

$JULFXOWXUHIRUHVWU\DQGrVKHULHV‫)؞‬RRG



230‫ؙ‬/DERUDWRU\

230‫ؙ‬/DERUDWRU\&R/WG

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO



237L0

237L0&RUSRUDWLRQ$,‫؞‬,R7‫؞‬,&7



3PLQG

3PLQG&R/WG 3($&(2)0,1'&2/WG

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\



3$7

3$7&R/WG 3RZGHU$SSOLFDWLRQ7HFKQRORJ\

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO



3+$50$&26(/

3+$50$&26(/&2/7'

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\

3ULQFLSOH

3ULQFLSOH&R‫؜‬/WG

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO

5DGUL[

5DGUL[&R/WG$,‫؞‬,R7‫؞‬,&7



5HLI

5HLI&R/WG

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\

5LDPZLQG

5LDPZLQG&R/WG(QYLURQPHQW‫(؞‬QHUJ\

51$6&,0(7$//,51$6&,0(7$//,/WG

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDO



6(,.2(/(&75,&

6(,.2(/(&75,&&2/7'

(QYLURQPHQW‫(؞‬QHUJ\



6(17$13KDUPD

6(17$13KDUPD,QF

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\



6+,.80,'(6,*1

6+,.80,'(6,*1,QF

2WKHU‫ق‬3URGXFW6HUYLFH‫ك‬

6N\GLVF

6N\GLVF,QF

$,‫؞‬,R7‫؞‬,&7



6WHOOD(QYLURQPHQW

6WHOOD(QYLURQPHQW&RUSRUDWLRQ(QYLURQPHQW‫(؞‬QHUJ\




67(4

67(4&R/WG

2WKHU‫ق‬3URGXFW6HUYLFH‫ك‬

68'[%LRWHF

68'[%LRWHF&RUSRUDWLRQ

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\



7$1.$

7$1.$&2/WG$JULFXOWXUHIRUHVWU\DQGrVKHULHV‫)؞‬RRG

7HFK-,1

7HFK-,1FR/WG$,‫؞‬,R7‫؞‬,&7



7HFKQRORJLFDO3ODQQHU

7HFKQRORJLFDO3ODQQHU,QF

(QYLURQPHQW‫(؞‬QHUJ\

7KUHHG\QH

7KUHHG\QH&RUSRUDWLRQ

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\

7RL0HGLFDO

7RL0HGLFDO&R/WG

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\



72.8620('7(&72.620('7(&&R/WG

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\

7U\7HFK

7U\7HFK&R/WG

0RQRG]XNXUL 0DQXIDFWXULQJ‫؞ك‬0DWHULDOXQLYHUVDOVRXQGGHVLJQXQLYHUVDOVRXQGGHVLJQLQF

0HGLFDO‫؞‬+HDOWKFDUH‫؞‬%LRWHFKQRORJ\

8QLYHUVDOO\(OHFWULF:RUNV

8QLYHUVDOO\(OHFWULF:RUNV&R/WG

$JULFXOWXUHIRUHVWU\DQGrVKHULHV‫)؞‬RRG



;;HQHV\V;HQHV\V,QF

(QYLURQPHQW‫(؞‬QHUJ\<<ҩ6ҩ<HQWHUSULVHV<ҩ6ҩ<HQWHUSULVHV,QF

$,‫؞‬,R7‫؞‬,&7



< V5HDGLQJ< V5HDGLQJ&R/WG$,‫؞‬,R7‫؞‬,&7



=(3725$VLD=(3725$VLD&RUSRUDWLRQ(QYLURQPHQW‫(؞‬QHUJ\



8

=












































>&RQWDFWWV@.\XVVKX6HPLFRRQGXFWRU, QGXVWULHV (OHFWURQLFV7HFKQRRORJ\DWLRQ$VVRFLDWLRQ,QQRYD.67%%OGJ+DNDWDHNL+LJDVKL+DNDWDNNX )XNXRND
D-$3$1

3KRQH 

n9HQWXUH
H6HHGV&R
ROOHFWLRQ|
n3URMHFWWWR&UHDWHDQG6XSSR
RUW5HJLRQD
DO&RUH(QWH
HUSULVHVLQ )<| VSRQVRUHGE\\WKH0LQLVWWU\RI(FRQRP\7UDGHDQG,QGXXVWU\ 

3XEOLFFDWLRQ,Q0D
DUFK.\XVK
KX%XUHDXRII(FRQRP\7
7UDGHDQG,QQGXVWU\WKH00LQLVWU\RI(FFRQRP\7UD GHDQG,QGXVWU\&RQVLLJQHGWRDQGLPSOHPHQWH
HGE\ .\XVK
KX,QGXVWULDOO$GYDQFHPH
HQW&HQWHU.\XVKKX6HPLFRQGGXFWRU,QGXVWWULHV (OHFWUURQLFV7HFKQRRORJ\,QQRYDDWLRQ$VVRFLDDWLRQ