Ê,
-
,
ÊEÊ
6
"*
 /

,

QRQHRI<HOORZVWRQH

1DWLRQDO3DUN"VKRW

VSULQJVOLYHVDW\SHRI

EDFWHULXPFDOOHG7KHUPXV

EURFNLDQXVZKLFKSURGXFHV

DQHQ]\PHWKDWFDQPDNH

LQGXVWULDOEOHDFKLQJFKHDSHU

DQGPRUHHQYLURQPHQWDOO\

IULHQGO\,1/VFLHQWLVWVKDYH

IRXQGWKDWWKHQHZ8OWUDVWDEOH

&DWDODVH(Q]\PHODVWVRUGHUV

RIPDJQLWXGHORQJHULQKDUVK

LQGXVWULDOFRQGLWLRQVWKDQ

FXUUHQWO\DYDLODEOHFDWDODVHV

PDNLQJLWDFKHDSHUDOWHUQD

WLYHIRUWUHDWLQJK\GURJHQ

SHUR[LGHZDVWHZDWHU5	'

0DJD]LQHLQFOXGHGWKLV

GLVFRYHU\DVRQHRIWKH

8OWUDVWDEOH&DWDODVH(Q]\PHIURP<HO

ORZVWRQH%DFWHULD

PRVWVLJQLÀFDQWWHFKQRORJLFDO

DGYDQFHVIRUWKH\HDU

7KHFKDOOHQJHRIKDUVK

HQYLURQPHQWV

&ORWKDQGSDSHUPDQXIDFWXUHUV

DQGRWKHULQGXVWULHVDUHUHO\

LQJLQFUHDVLQJO\RQK\GURJHQ

SHUR[LGHLQVWHDGRIFKORULQHWR

ZKLWHQDQGGLVLQIHFWSURGXFWV

8VLQJDFDWDODVHWREUHDNGRZQ

OHIWRYHUK\GURJHQSHUR[LGH

LVWKHPRVWGLUHFWZD\IRU

LQGXVWULHVWRWUHDWZDVWHZDWHU

%XWPRVWW\SHVRIFRPPHUFLDO

FDWDODVHVFRPHIURPRUJDQ

LVPVWKDWOLYHDWDERXWURRP

WHPSHUDWXUHWKHDONDOLQLW\DQG

KLJKWHPSHUDWXUHVRILQGXVWULDO

SURFHVVHVGHVWUR\WKHHQ]\PH

TXLFNO\

5	'$ZDUG

:LQQHUIRU



>Ñ	i>V

ÅiiiÅ

<HOORZVWRQH"VKRWSRROVFRQWDLQ

RUJDQLVPVWKDWWKULYHLQH[WUHPH

KHDWDQGS+2QJRLQJUHVHDUFK

LQWRWKHVHRUJDQLVPVKDV

\LHOGHGDFDWDODVHUHYROXWLRQDU\

WRK\GURJHQSHUR[LGHXVLQJ

LQGXVWULHV


 ÓÞi`Ñ ÑL>V

*$H
 Ê,
-
,
ÊEÊ
6
"*
 /

)RUPRUHLQIRUPDWLRQ

7HFKQLFDO&RQWDFWV

9LFNL7KRPSVRQ



9LFNL7KRPSVRQ#LQOJRY

:LOOLDP$SHO



:LOOLDP$SHO#LQOJRY

%XVLQHVV&RQWDFW

-RKQ6Q\GHU



-RKQ6Q\GHU#LQOJRY

,1/LVD86'HSDUWPHQWRI(QHUJ\

QDWLRQDOODERUDWRU\RSHUDWHGE\

%DWWHOOH(QHUJ\$OOLDQFH

,1/·VKDUG\VROXWLRQ

7RÀQGDEHWWHUDOWHUQDWLYH

,1/UHVHDUFKHUVWXUQHGWRD

PLFUREHWKH\IRXQGDW<HOORZ

VWRQH7EURFNLDQXVWKULYHV

LQWKHVWHDP\ZDWHUVRIKRW

VSULQJV3FRQGLWLRQVVLPLODU

WRWKRVHLQLQGXVWULDODSSOLFD

WLRQV$IWHULVRODWLRQIURP

WKHPLFUREHWKH&DWDODVH·V

LQGXVWULDOKDOIOLIHZDVIRXQG

WREHGD\VLQVWHDGRIWKH

VHFRQGVRIRWKHUFDWDODVHV

3DQIROGLPSURYH

PHQW7KLVPDNHVWKH8OWUDVW

DEOH&DWDODVH(Q]\PHERWK

SRZHUIXODQGFKHDSWRXVH

'HFDGHVRIKLJKFRVWDQG

HQYLURQPHQWDOLPSDFW

%\WKHVLQGXVWULDO

FKHPLVWVKDGVWDUWHGWR

UHSODFHFKORULQHEOHDFKLQJ

ZLWKJUHHQHUK\GURJHQSHU

R[LGHZKLFKFDQEHEURNHQ

GRZQLQWRZDWHUDQGR[\JHQ

DIWHUWKHEOHDFKLQJVWHS

,QGXVWULHVWKDWVZLWFKHGWR

K\GURJHQSHUR[LGHGHYHORSHG

ZDVWHZDWHUWUHDWPHQWRSWLRQV

VXFKDVGLOXWLQJZDVWHZDWHU

ZLWKSXUHZDWHU\HWWKLVLV

H[SHQVLYHDQGSURGXFHVHYHQ

PRUHZDVWH$QRWKHUVROX

WLRQKDVEHHQWRWUHDWSHUR[LGH

FKHPLFDOO\ZLWKVDOWVEXW

WKHUHPDLQLQJKDUPIXOZDVWH

HVVHQWLDOO\FDQFHOVRXWWKH

HQYLURQPHQWDOEHQHÀWRIXVLQJ

K\GURJHQSHUR[LGH

7KHPRVWGLUHFWZDVWHZDWHU

WUHDWPHQWVRIDUXVHVDFDWD

ODVHWREUHDNGRZQK\GURJHQ

SHUR[LGH%XWLQGXVWULHV

ZRUNLQJZLWKFRPPHUFLDO

FDWDODVHVKDYHKDGWRPDNHD

FKRLFHHLWKHUVSHQGWLPHDQG

PRQH\EULQJLQJWKHZDVWHZD

WHUWHPSHUDWXUHDQGDONDOLQLW\

GRZQWRWROHUDEOHOHYHOVRU

HOVHVSHQGHYHQPRUHPRQH\

FRQWLQXDOO\DGGLQJFDWDODVH

WRXQWUHDWHGZDVWHZDWHUWR

UHSOHQLVKWKHHQ]\PH

%XWWKH8OWUDVWDEOH&DWDODVH

(Q]\PHVXUPRXQWVWKHVHH[WUD


 ÓÞi`ÑwÅ ÑwÅ Ó FRVWVDQGHQYLURQPHQWDOSURE

OHPV:LWKWKHQHZHQ]\PH

K\GURJHQSHUR[LGHEUHDNV

GRZQVDIHO\DQGZDVWHZDWHU

QHHGVQRH[WUDSUHWUHDWPHQW

:KDW·VPRUHEHFDXVHWKH

FDWDODVHKDVDORQJLQGXVWULDO

OLIHLWFDQEHUHXVHGWRWUHDW

PXOWLSOHEDWFKHVRIZDVWHZD

WHU

%ULQJLQJWKHWHFKQRORJ\

WRUHDOXVH

8OWUDVWDEOH&DWDODVH(Q]\PH

FDQKHOSLQGXVWULHVWKDWQHHG

WRVDIHO\ZKLWHQDQGGLVLQIHFW

SURGXFWVVXFKDVWH[WLOHV

SDSHUSXOSIRRGDQGIRRG

FRQWDLQHUV7KH,1/WHDPLV

GLVFXVVLQJSRVVLEOHFROODERUD

WLRQVZLWKHQ]\PHPDQXIDF

WXUHUVWRGHYHORSODUJHVFDOH

PHWKRGVRIFDWDODVHSURGXF

WLRQ

,1/WHDPPHPEHUV

JDWKHULQJVDPSOHVLQ

<HOORZVWRQH1DWLRQDO3DUN

7KHFDWDODVHFRQWDLQLQJ

EDFWHULDZDVXOWLPDWHO\

IRXQGLQWKHSRROVKRZQ

DWXSSHUOHIW

*$G *$E

*$F

*$