$ERXWWKLVPDQXDO
7KLVPDQXDOZLOOIRUPSDUWRIDQHGXFDWLRQDQGWUDLQLQJSDFNDJH
RQ,QWHJUDWHG3HVW0DQDJHPHQW,30RIYHJHWDEOHLQVHFWVGLVHDVHV
DQGZHHGVLQ7DVPDQLD7KHPDQXDOLVQRWDQDOOHQFRPSDVVLQJ
GRFXPHQWRQYHJHWDEOH,305DWKHULWLVDEDVHOHYHOPDQXDO
ZKLFKFRYHUVWKHPDLQIHDWXUHVRIDQ,30SURJUDP,WRXWOLQHV
WKHPDQDJHPHQWRSWLRQVWKDWFDQEHLPSOHPHQWHGWRDVVLVW\RX
WRUHGXFH\RXUUHOLDQFHRQFKHPLFDOVIRUSHVWFRQWUROLQYHJHWDEOH
FURSSLQJV\VWHPV
7KHPDQXDOSURYLGHV\RXZLWKDQLQWURGXFWRU\VHFWLRQRQ,307KLV
LQWURGXFHVWKHFRPSRQHQWVRI,30WKHWHFKQLTXHVDQGWRROVWKDW
FDQEHXVHGWRPDQDJHSHVWVVXFKDVFURSPRQLWRULQJDQGWKHQD
VWHSE\VWHSSURFHVVRQGHVLJQLQJDQ,30V\VWHPIRU\RXUFURSSLQJ
VLWXDWLRQ
)ROORZLQJWKLVLVDVHFWLRQRQFDVHVWXGLHVRIYDULRXV,30WHFKQLTXHV
WKDWKDYHEHHQGHPRQVWUDWHGWKURXJKRXWWKHOLIHRIWKHSURMHFWWKDW
OHGWRWKHSURGXFWLRQRIWKLVPDQXDO,WLVDQWLFLSDWHGWKDWIXUWKHU
WHFKQLTXHVZLOOEHGHPRQVWUDWHGDQGDGGHGWRWKHPDQXDOLQWKH
IXWXUH
7KHIROORZLQJWKUHHVHFWLRQVSURYLGHSKRWRJUDSKLFDQGGHWDLOHG
LQIRUPDWLRQRQWKHGLVHDVHVLQVHFWVDQGZHHGV\RXDUHOLNHO\WRILQG
LQSRWDWRFDUURWEHDQSHDEURFFROLDQGRQLRQFURSVLQ7DVPDQLD
(DFKFURSLVFRYHUHGLQGLYLGXDOO\IRUGLVHDVHVDQGLQVHFWV)ROORZLQJ
HDFKFURSLVDWDEOHZKLFKLQGLFDWHVWKHYDULRXVFRQWUROPHWKRGVRU
WRROVWKDWFDQEHXVHGWRPDQDJHWKHVSHFLILFSHVW)RUHDFKLQVHFW
DQGGLVHDVHPHQWLRQHGDGHWDLOHGGHVFULSWLRQRIOLIHF\FOHGDPDJH
DQGPDQDJHPHQWRSWLRQVLVLQFOXGHGLQWKHDSSHQGL[RIWKHPDQXDO
7KLVHGLWLRQRIWKHPDQXDOZDVIXQGHGE\JURZHUOHYLHVWKURXJK
+RUWLFXOWXUH$XVWUDOLD/WG
9HJHWDEOH,QWHJUDWHG3HVW0DQDJHPHQWLQ7DVPDQLD
L
7KLVPDQXDOKDVEHHQZULWWHQE\
)HOLFLW\:DUGODZ
$JULFXOWXUDO2IILFHU
'HSDUWPHQWRI3ULPDU\,QGXVWULHV:DWHUDQG(QYLURQPHQW
32%R['HYRQSRUW7DVPDQLD
3KRQH
ZZZGSLZHWDVJRYDX
‹&RS\ULJKW6WDWHRI7DVPDQLD1RYHPEHU
,6%1
'LVFODLPHU
7KHLQIRUPDWLRQLQWKLVPDQXDOLVFROODWHGIURPSURMHFWH[SHULHQFH
H[SHUWDGYLFHDQGUHIHUHQFHVRXUFHVDQGLVRIIHUHGLQJRRGIDLWK
DVDXVHIXOJXLGHIRUJURZHUVZLVKLQJWRLPSOHPHQWLQWHJUDWHG
SHVWPDQDJHPHQW,30SUDFWLFHV+RZHYHUDVHDFKJURZHU·V
FLUFXPVWDQFHVDUHXQLTXHLWLV\RXUUHVSRQVLELOLW\WRFORVHO\DQG
FRQWLQXRXVO\PRQLWRU\RXURZQSURGXFWLRQDQGPDNHWKHQHFHVVDU\
DGMXVWPHQWVDQGGHFLVLRQVWRRSWLPLVHUHVXOWV
LL
9HJHWDEOH,QWHJUDWHG3HVW0DQDJHPHQWLQ7DVPDQLD
,QWURGXFWLRQ
:KHQWKHSHVWLFLGH''7ZDVILUVWLQWURGXFHGLQLWZDVVHHQ
DVDPLUDFOH,WJDYHLPPHGLDWHDQGFRPSOHWHSHVWFRQWUROZLWKQR
QRWLFHDEOHDIIHFWWRKXPDQVRUWKHHQYLURQPHQW6L[W\ILYH\HDUV
DIWHUWKHUHOHDVHRI''7KXQGUHGVRIFKHPLFDOVDUHXVHGDVD¶TXLFN
IL[·WRFRQWUROLQVHFWVGLVHDVHVDQGZHHGV%XWMXVWDVWKHXQLQWHQGHG
FRQVHTXHQFHVRIXVLQJ''7ILQDOO\OHGWRLWVUHPRYDOIURPWKH
PDUNHWPDQ\PRUHUHFHQWO\GHYHORSHGFKHPLFDOVDUHIDFLQJD
VLPLODUO\XQFHUWDLQIXWXUH$VTXLFNO\DVQHZFKHPLFDOVDUHUHOHDVHG
DQH[LVWLQJRQHLVORVWWRWKHGHYHORSPHQWRISHVWUHVLVWDQFHRU
UHJLVWUDWLRQLVUHPRYHGGXHWRSUREOHPVDVVRFLDWHGZLWKKXPDQDQG
HQYLURQPHQWDOKHDOWK
,QWHJUDWHG3HVW0DQDJHPHQW,30LQYHJHWDEOHFURSSLQJZDV
GHYHORSHGDVDUHVXOWRIWKHLQFUHDVLQJSUREOHPVDVVRFLDWHGZLWK
SHVWLFLGHVDQGLVQRZDGRSWHGDOORYHUWKHZRUOGDVDPHDQVWR
PDQDJHSHVWVZLWKRXWUHO\LQJVROHO\RQFKHPLFDOSHVWLFLGHV,W
HQDEOHVEHWWHUSHVWPDQDJHPHQWGHFLVLRQVWREHPDGHVRWKDWWKH
EHVWSRVVLEOHFRPELQDWLRQRIFRQWURORSWLRQVLVXVHGWRFRQWUROWKH
SHVWZKLOHUHGXFLQJWKHUHOLDQFHRQSHVWLFLGHV,30GRHVQRWPHDQ
QHYHUXVLQJSHVWLFLGHV²LWMXVWPHDQVWKDWFKHPLFDOVDUHXVHGZKHQ
RWKHURSWLRQVZRQ·WZRUNDQGWKHFKRLFHLVWRXVH¶VRIWHU·FKHPLFDOV
WKDWDUHOHVVKDUPIXOWRWKHHQYLURQPHQWDQGWREHQHILFLDOLQVHFWV
7KHGULYLQJIRUFHEHKLQGWKHSXVKIRUFOHDQHUVDIHUSURGXFH
JURZQZLWKPLQLPDOSHVWLFLGHXVHLVFRPLQJIURPLQWHUQDWLRQDO
PDUNHWUHTXLUHPHQWVFRQVXPHUVDQGJURZHUVZKRZDQWWR
JURZFOHDQHUDQGVDIHUSURGXFH0DQ\(XURSHDQFRXQWULHVZLOO
RQO\DFFHSWSURGXFHJURZQXQGHUFHUWDLQFHUWLILFDWLRQVWDQGDUGV
VXFKDV(85(3*$3ZKLFKUHTXLUHVJURZHUVWRGHPRQVWUDWH
JRRGDJULFXOWXUDOSUDFWLFH(85(3*$3LQFRUSRUDWHV,QWHJUDWHG
3HVW0DQDJHPHQW,30DQG,QWHJUDWHG&URS0DQDJHPHQW
,&0SUDFWLVHVZLWKLQWKHIUDPHZRUNRIFRPPHUFLDODJULFXOWXUDO
SURGXFWLRQ$GRSWLRQRI,30,&0LVUHJDUGHGE\(85(3*$3
DVHVVHQWLDOIRUWKHORQJWHUPLPSURYHPHQWDQGVXVWDLQDELOLW\RI
DJULFXOWXUDOSURGXFWLRQ
,30FDQDQGZLOOZRUNWRPDQDJH\RXUFURSSHVWV,WUHTXLUHV\RX
WRDGRSWDFRPELQDWLRQRISDWLHQFHNQRZOHGJHVNLOOVDQGDFKDQJH
LQPLQGVHWWRPRYHDZD\IURPWUDGLWLRQDOSHVWLFLGHSUDFWLFHV8QOLNH
WKH¶TXLFNIL[·VKRUWWHUPUHVXOWVDFKLHYHGZLWKSHVWLFLGHV,30LV
DORQJWHUPDQGVXVWDLQDEOHDSSURDFKWRPDQDJLQJFURSSHVWVWKDW
HQDEOHV\RXWRJURZDQGSURYLGHSURGXFHXVLQJHQYLURQPHQWDOO\
VXVWDLQDEOHSUDFWLFHVWKDWDUHVDIHUIRU\RX\RXUIDPLO\DQG
FRQVXPHUV
)HOLFLW\:DUGODZ
9HJHWDEOH,QWHJUDWHG3HVW0DQDJHPHQWLQ7DVPDQLD
LLL
$FNQRZOHGJHPHQWV
7KHDXWKRUVRIWKLVPDQXDODUHJUDWHIXOIRUDOOWKHDGYLFHDQG
LQIRUPDWLRQWKDWZDVSURYLGHGWRZDUGVWKHPDNLQJRIWKLV
SXEOLFDWLRQ7KHPDQXDOZLOOIRUPSDUWRIDQHGXFDWLRQDOSDFNDJH
RQ,QWHJUDWHG3HVW0DQDJHPHQWGHYHORSHGIRU7DVPDQLDQYHJHWDEOH
FURSVDQGZDVGHYHORSHGE\WKH'HSDUWPHQWRI3ULPDU\,QGXVWULHV
:DWHUDQG(QYLURQPHQWZLWKIXQGLQJSURYLGHGE\+RUWLFXOWXUH
$XVWUDOLD/LPLWHG+$/
7KLVPDQXDOZRXOGQRWKDYHEHHQSRVVLEOHLILWZDVQ·WIRUWKH
IROORZLQJWHDPPHPEHUVIURPWKH'HSDUWPHQWRI3ULPDU\
,QGXVWULHV:DWHUDQG(QYLURQPHQW'3,:(7DVPDQLDQ,QVWLWXWH
RI$JULFXOWXUDO5HVHDUFK7,$5$XVWUDOLDQ4XDUDQWLQH,QVSHFWLRQ
6HUYLFH$4,6DQG7DVPDQLDQ)DUPHUVDQG*UD]LHUV$VVRFLDWLRQ
7)*$ZKRNLQGO\SURYLGHGWKHLUH[SHUWLVHDGYLFHVXSSRUWDQG
WLPH$QGUHZ%LVKRS/LRQHO+LOO,DLQ.LUNZRRG5HEHFFD$VKOH\
3KLOOLS*DUGDPDQG.DUHQ6WHZDUWDOO'3,:()UDQN+D\7,$5
/RLV5DQVRP$4,6DQG6WHSKHQ:HOVK7)*$7KDQNVPXVWDOVR
JRWR*LQD'RQQHOO\DQG7UDFH\7D\ORUIRUWKHLUDUWLVWLFGHVLJQVDQG
WR-RKQ0F3KHHIRUWKHWLPHDQGJHQHUDOPHQWRULQJDQGJXLGDQFH
KHSURYLGHGWKURXJKRXWWKHSURGXFWLRQRIWKLVPDQXDO
7KDQNVWRWKHIROORZLQJRUJDQLVDWLRQVDQGSHRSOHZKRSURYLGHG
FRS\ULJKWDSSURYDOIRUXVHRIWKHLUSKRWRJUDSKLFPDWHULDOLQWKLV
SXEOLFDWLRQ
‡ ,QWHJUDWHG3HVW0DQDJHPHQWLQ/HWWXFH,QIRUPDWLRQ*XLGH
3URGXFHGE\6DQGUD0F'RXJDOO7RQ\1DSLHU-RH9DOHQ]LVLDQG
$QGUHZ:DWVRQIURP1HZ6RXWK:DOHV$JULFXOWXUH·V1DWLRQDO
9HJHWDEOH,QGXVWU\&HQWUH<DQFRDQG-RKQ'XII*OHQ*HLW]
DQG7RP)UDQNOLQ4XHHQVODQG'HSDUWPHQWRI3ULPDU\,QGXVWULHV
1DWLRQDO9HJHWDEOH,QGXVWU\DQG*ROGHQ6WDWH)RRGV
‡ 4/''3,3HUVOH\DQG&RRNH'LVHDVHRI9HJHWDEOH&URSV
,6%1
‡ '3,'6()LHOGJXLGHWRSHVWVDQGGLVHDVHVDQGGLVRUGHUVRI
YHJHWDEOHEUDVVLFDV‹6WDWHRI9LFWRULD'HSDUWPHQWRI3ULPDU\
,QGXVWULHV
‡ 5,7%5XUDO,QGXVWU\7UDLQLQJ(GXFDWLRQ7DVPDQLD,QFIRUXVH
RIWDEOHVIURPWKH75,7%)DUP&KHPLFDO7UDLQLQJ0DQXDO
‡ ‹'HQLV&UDZIRUG*UDSKLF6FLHQFH32%R[6WDZHOO
9LFWRULDZZZJUDSKLFVFLHQFHFRPDX
‡ *5'&,QVHFWV7KH8WH*XLGH'HQQLV+RSNLQVDQG0HOLQGD
0\OHV,6%1
LY
9HJHWDEOH,QWHJUDWHG3HVW0DQDJHPHQWLQ7DVPDQLD
&RQWHQWV
9HJHWDEOH,30
,QWURGXFHV\RXWR,30WKHFRPSRQHQWVRIDQ,30V\VWHPFURSPRQLWRULQJ
FKHPLFDOUHVLVWDQFHLPSURYLQJVSUD\FRYHUDJHDQGKRZWRGHVLJQDQ,30SURJUDP
,303UDFWLFHV
&DVHVWXGLHVRI,30FRPSDWLEOHWHFKQLTXHVLQFOXGLQJEUXVKZHHGLQJFURS
PRQLWRULQJLQVHFWH[FOXVLRQQHWWLQJDQGFRYHUFURSSLQJ
'LVHDVHV
3KRWRJUDSKVGHVFULSWLRQVDQGFRQWURORSWLRQVIRUWKHPRVWFRPPRQGLVHDVHVIRXQG
LQRQLRQVFDUURWVSHDVEHDQVEURFFROLDQGSRWDWRHV
,QVHFWV
3KRWRJUDSKVGHVFULSWLRQVDQGFRQWURORSWLRQVIRUWKHPRVWFRPPRQLQVHFWVDQG
EHQHILFLDOVIRXQGLQRQLRQVFDUURWVSHDVEHDQVEURFFROLDQGSRWDWRHV
:HHGV
,QWURGXFWLRQWRLQWHJUDWHGZHHGPDQDJHPHQWDQGYDULRXVZHHGPDQDJHPHQW
WHFKQLTXHV,QFOXGHVSKRWRJUDSKVDQGGHVFULSWLRQVRIFRPPRQ7DVPDQLDQZHHGV
$SSHQGLFHV
'HWDLOHGGHVFULSWLRQVRILQVHFWVDQGGLVHDVHVDOLVWRIDOOWKHFKHPLFDOJURXSVDQG
XVHIXOUHIHUHQFHVDQGFRQWDFWVWRREWDLQIXUWKHULQIRUPDWLRQ
9HJHWDEOH,QWHJUDWHG3HVW0DQDJHPHQWLQ7DVPDQLD
Y
YL
9HJHWDEOH,QWHJUDWHG3HVW0DQDJHPHQWLQ7DVPDQLD