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¶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³:HOOH\HV´ (UQHVWR0DVHUDWLZDVERUQ )HE (Q]R)HUUDULZDVERUQ DERXW &DUUR]]HULD%DUWROHWWLLVHVWDEOLVKHG %UDQG 3ODFH 3HRSOH 0DVVRQH'¶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u %DUWROHWWL 5HPDUNV YDULDEOHULVHU +HZDVWKHIRXQGHURIWKHHSRQ\PRXVEUDQG VSHFLDOL]HGLQWKHEHJLQQLQJ::,LQWKH FRQVWUXFWLRQVRIERPEHUVDQGWKHQDIWHU ::,,RIFLYLODLUFUDIWVDQGPRWRUF\FOHV +HWRRNWKHQDPHRIDQHOGHUEURWKHUERUQLQ DQGVXGGHQO\GLHG $WWKDWWLPHWKH(QJOLVKQDPHZDVPRUH DSSHDOLQJIRUDELF\FOHV¶EUDQG7KHZRUNVKRS ZDVVHWWOHGLQDFRXUWRZQHGE\9LQFHQ]R /DQFLD¶VIDWKHU ,WVSUHYDOLQJDFWLYLW\FRQVLVWHGLQZRUNLQJRQ WUXFNDQGEXVHV <HDU 'DWH -XO (YHQW ),$7)DEEULFD,WDOLDQD$XWRPRELOL 7RULQRLVIRXQGHG )LDW 7KH³ò+3´LVWKHILUVW)LDW )LDW )LDW³+3´LVWHILUVW)LDWHQWLUHO\ FRQFHLYHGDQGSURGXFHGE\WKHEUDQG )LDW %UDQG -DQ 7KH6RFLHWj0LODQHVH$XWRPRELOL,VRWWD )UDVFKLQL&LVHVWDEOLVKHG ,VRWWD )UDVFKLQL )LDW *LRYDQQL$JQHOOLEHFRPHV&(2RI)LDW )LUVWIXQLFXODULQ,WDO\DQGRQHRIWKHILUVW LQWKHZRUOG 7KHILUVW*LURG ,WDOLD,WDOLDQ7RXU $XWRPRELOLVWLFRWDNHVSODFH 7KH\HDUROG(WWRUH%XJDWWLFRQFHLYHV KLVILUVWFDU 3ODWHVDUHUHTXLUHGWRLGHQWLI\SXEOLF VHUYLHFDUV $QWRQLR)HVVLDWKHGHVLJQHURI)LDW³ %DOLOOD´ZDVERUQ $XWRPRELOHWUXFNVDQGEXVHVUHDFKWKH QXPEHURI ³+3&RUVD´LVWKHILUVWVSRUWFDU )LUVW,WDOLDQ7RXU 7KHSURGXFWLRQRIPRWRUL]HGYHKLFOHVLQ ,WDO\UHDFKHVXQLWV ),$7EXLOGVLWVILUVWLQGXVWULDOYHKLFOH WKH+3 *LRYDQQL$JQHOOLHVWHEOLVKHVWKHQHZ UHFRUGDWWKH,WDOLDQ7RXU 0DWWHR&HLUDQRHVWDEOLVKHVWKH³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´ *LRYDQQL*LRYDQQL%DWWLVWD&HLUDQR &HLUDQR HVWDEOLVKWKH³**)OOL&HLUDQR´ 'HF *LRYDQQL&HLUDQROHDYHVWKH³**)OOL &HLUDQR &HLUDQR´DQGHVWDEOLVKHVWKH³&HLUDQR *LRYDQQL-XQLRU&´ $&,FRQVWLWXWHVLWVHOIDVDSULYDWH FRPSDQ\ 7KH³+3´LVHTXLSSHGZLWKDFF )LDW HQJLQH 0DWWHR&HLUDQRWUDQVIRUPVKLVFRPSDQ\ &HLUDQR,WDOD LQ³,WDOD)DEEULFD$XWRPRELOL´ *LRYDQQL%DWWLVWDOLTXLGDWKH³&HLUDQR &HLUDQR &´DQGWUDQVIRUPVLWLQWR³6WDU5DSLG´ )LUVWIURQWGULYHHOHFWULFFDUE\)LDW )LDW $OPHULFRGD6FKLRFRQFHLYHVWKHILUVW ,WDOLDQDLUVKLSDHURVWDW (QULFR)RUODQLQLH[SHULPHQWVDIO\LQJ UDIWZKLFKOLIWVLWVHOIWZRIHHWRYHU/DNH 0DJJLRUHZDWHU 0DU 7KH)DEEULFDGLDXWRPRELOLHYHORFLSHGL %LDQFKL (GRDUGR%LDQFKL&LVIRXQGHG 6&$7LVIRXQGHGLQ7XULQE\*LRYDQ 6&$7 %DWWLVWD&HLUDQR )/$*LVIRXQGHG )/$* 'DWH 3ODFH 7XULQ 7XULQ 0DWWHR&HLUDQR 7XULQ *LRYDQQL%DWWLVWD &HLUDQR 3URGXFWLRQRIVWDUWV )LDW 5HPDUNV ,QWKHVDPH\HDU*LRYDQQL%DWWLVWDWUDQVIRUPV WKHFRPSDQ\LQWR³&HLUDQR&´ 7KHILUVWGHFDGHRIWKHFHQWXU\VHHVWKH GHYHORSPHQWRIELJHQJLQHV $OPHULFRGD6FKLR /DNH0DJJLRUH /RPEDUG\ ,WLVWKHDQFHVWRURIERWKWKHVHDSODQHDQGWKH K\GURIRLO (GRDUGR%LDQFKL 7XULQ *LRYDQ%DWWLVWD&HLUDQR *HQRD 0LFKHOH$QVDOGL*LRYDQ %DWWLVWD&HLUDQR /HRSROGR&DQGLDQL&DUOR 7KHOLQHZDVWKRXJKWWRFRQQHFW3RUWD &DVWLJOLRQL 0DJHQWDZLWK3RUWD9LWWRULD 3XEOLFWUDQVSRUWDWLRQYHKLFOHVZHUHPRGLILHG DQGSUHSDUHGE\WKLVEUDQG 0LFKHOH$QVDOGL*LRYDQ %DWWLVWD&HLUDQR 9LQFHQ]R/DQFL&ODXGLR )RFROLQ ,WLVDELJFDUZLWKDFFHQJLQH &DUUR]]HULD³/XLJLGDOOD9LD´LV /XLJL'DOOD9LD 6FKLR9LFHQ]D HVWDEOLVKHG 63$6RFLHWj3LHPRQWHVH$XWRPRELOL 63$ 7XULQ LVIRXQGHG 1RY /DQFLDLVIRXQGHGE\9LQFHQ]R/DQFLD /DQFLD 7XULQ *LRYDQQL*LRYDQQL EDWWLVWD&HLUDQR *LRYDQQL&HLUDQR 7XULQ )LUVWSURMHFWRI,WDOLDQPHWUR 3HRSOH <HDU 'DWH (YHQW $/)$$QRQLPD/RPEDUGD)DEEULFD $XWRPRELOL5RPHRLVIRXQGHG )LUVWHGLWLRQRI7DUJD)ORULR %UDQG $OID5RPHR 0LODQ ,WDOD 6LFLO\ 'XULQJWKH([KLELWLRQDPLOHRID EDQNHGUDLOZD\WUDFNLVLQDXJXUDWHG *LRYDQQL$JQHOOLPDNHVKLVILUVWYLVLWWR )LDW )RUGSODQWV )LDWHPSOR\HHVUHDFK )LDW 7KH³6RFLHWj,WDOLDQD$XWRPRELOL'DUUDFT´ 'DUUDFT LVHVWDEOLVKHG 0LODQ 6WDELOLPHQWL)DULQD LVHVWDEOLVKHG )DULQD 7XULQ )LDW³+3´ZLQV7DUJD)ORULR 7KH,WDOLDQWHDPFRPPDQGHGE\SULQFH %RUJKHVHZLQVWKH3DULV%HMLQJUDLG )LDW 7KH$OIDLVWKHILUVW/DQFLDSURGXFHG /DQFLD 7KH³´XVHVDFRD[LDOFRPSUHVVRUWR )LDW JLYHSRZHUWR VHUYLFHVOLNHWKHVWDUWHU 7KH³+3´LVWKHILUVW F\OLQGHUV )LDW )LDW 63$EHFRPHVWKH6RFLHWj/LJXUH 63$ 3LHPRQWHVH$XWRPRELOL 7KH'LDOIDLVWKHVSRUWYHUVLRQRI/DQFLD /DQFLD $OID 7KH³+37LSR´LVHTXLSSHGZLWK )LDW WKHILUVWPRQREORFNHQJLQH )LDW³)LDFUH´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pZHUHSUHSDUHGE\)DULQD 7KHILUVWSURWRW\SHZLOOEHGHVWUR\HGE\ILUH 7KHVXIIL['LZLOODOZD\VLQGLFDWHVSRUW YHUVLRQV ,WLVDF\OLQGHUVHQJLQHRIFF ,WVHQJLQHLVWKH³ERDW´W\SHDVLWHPERGLHV WKHVKLIWLQWKHFUDQFNFDVH ,WPRGLILHGPRGHOVIURP)LDW,WDOD$OID 5RPHR,VRWWD)UDVFKLQL'HODKD\H%XJDWWL &LWURHQLWDOVRZRUNHGRQEXVHVDQGLQGXVWULDO <HDU 'DWH (YHQW %UDQG 3RXJKNHHSVLHSODQW86$LVLQDXJXUDWHG )LDW *LOHUDLVIRXQGHG /DQFLD%HWDSURSRVHVIRUWKHILUVWWLPHD PRQREORFNHQJLQH ,VRWWD)UDQVFKLQLLQWURGXFHVWKHIURQW EUDNHV 7KH³PRGHO´HQJLQHLVXVHGIRU IDPRXV)LDW³=HUR´ /DQFLDV\PEROWDNHVRULJLQ ,VRWWD )UDVFKLQL )LDW /DQFLD7KHWDLVWKHILUVW(XURSHDQFDU /DQFLD 3HRSOH *LXVHSSH*LOHUD 5HPDUNV YHKLFOHV )LUVW)LDWSODQWDEURDG 7KH97LVWKHILUVWPRWRUF\FOHSURGXFHG SURGXFWLRQHQGHGLQO 0LODQ ,WLVDF\OLQGHUVHQJLQHRIFF /DQFLD 3RXJKNHHSVLH 0LODQ /DQFLD ,Q,WDO\WKHUHDUHDXWRPRELOHV 7KH$OID+3SURGXFHGEHWZHHQ $OID5RPHR DQGLVWKHILUVW$OIDVSRUWFDU 7KHFDUVH[SRUWHGDEURDGDUHWKH RIWKHHQWLUH,WDOLDQSURGXFWLRQ 7KH³5HFRUG´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± FFHQJLQHLW ZLOOUHDFKPSKLQ$SULO 3URGXFHGRQO\LQWKHWRUSHGRYHUVLRQLW UHDFKHGPSK 7KHIURQWSODWHLVQRWVXSSOLHGEXWWKH UHSHWLWLRQRIWKHQXPEHUVRILGHQWLILFDWLRQDOVR LQWKHIURQWSDUWLVSUHVFULEHGWKHUHIRUH VRPHWLPHVWKHQXPEHUVZHUHSDLQWHGRQWKH UDGLDWRU 7XULQ ,WVWDUWHGZRUNLQJRQFLUFXVFDUVWKHQRQ PRGHOVGHULYHGIURP63$)LDW)HUUDUL)DVW ,WDOD&KLULELUL$XUHD6FDW&HLUDQR/DQFLD <HDU 'DWH 'HF (YHQW ZLWKHOHFWULFVWDUWFRPPDQGHGE\SHGDO /DQFLD7KHWDLVWKHILUVWFDULQWKHZRUOG ZLWKDQHPERGLHGHOHFWULFV\VWHP 7KH³7LSR=HUR´EHFRPHVDUHIHUHQFH PRGHOIRUVSRUWFDUV *LRYDQQL0DUVDJOLDDUULYHVVHFRQGDWWKH ³7DUJD)ORULR´ZLWKDQ$TXLOD,WDOLDQD³ +3´ 6RFLHWj$QRQLPD2IILFLQH$OILHUL0DVHUDWL LVIRXQGHG &DUUR]]HULD%DOERLVHVWDEOLVKHG %UDQG 3ODFH 3HRSOH 5HPDUNV /DQFLD )LDW $TXLOD,WDOLDQD *LRYDQQL0DUVDJOLD SLORW 0DVHUDWL %RORJQD %DOER 7XULQ 7KHSURGXFWLRQRIPRWRUL]HGYHKLFOHVLQ ,WDO\UHDFKHVXQLWV 7KH³6RFLHWj,WDOLDQD$XWRPRELOL'DUUDFT´ 'DUUDT LVPHUJHGLQWR³$FFRPDQGLWD,QJ1LFROD 5RPHR 5RPHRH&R´ &DUUR]]HULD*KLDLVHVWDEOLVKHG *KLD $SU )HUUXFFLR/DPERUJKLQLZDVERUQ 1RY $QDLUPDLOVHUYLFHFRYHULQJWKH1RWKHUQ $GULDWLFDUHDLVLQDXJXUDWHG *LRYDQ%DWWLVWD&HLUDQRHVWDEOLVKHV &HLUDQR6$6RFLHWj$QRQLPD )HE ³6RFLHWj$QRQLPD,QJ1LFROD5RPHRH 5RPHR &R´7DNHVFRQWURORIWKUHHSURGXFWLRQ SODQWV 7ZRSDWHQWOLNHFHUWLILFDWHVSURWHFWWZR HQJLQHVFRQFHLYHGE\/DQFLD /DQFLD &DUUR]]HULD7RXULQJLVHVWDEOLVKHG 7RXULQJ $OILHUL(WWRUHDQG (UQHVWR0DVHUDWL 5RPH1DSOHV 1LFROD5RPHR 7XULQ *LDFLQWR*KLD 5HQD]]RGL )HUUXFFLR/DPERUJKLQL &HQWR)HUUDUD 9HQLFH7ULHVWH 3ROD)LXPH 7XULQ *LRYDQ%DWWLVWD&HLUDQR 1DSOHV5RPH 6DURQQR0LODQ 7XULQ 1LFROD5RPHR %XLOWLQPRUHWKDQXQLWVLWZDVDOVR HTXLSSHGZLWKWKH³PRGHO$´HQJLQH $TXLOD,WDOLDQD³,WDOLDQ(DJOH´LVDVPDOO FRPSDQ\LQ7XULQZKLFKZLOOEHDEVRUEHGE\ )LDW ,WZDVVSHFLDOL]HGLQZRUNLQJRQVSLGHUV FRXSqDQGVHGDQVGHULYHGIURP)LDW 3UHYDLOLQJDFWLYLW\VSRUWERGLHVRQ)LDW FKDVVLVVHGDQRQ$OID5RPHR)HUUDUL 3OD\PRXWK&KU\VOHU 7KHWKUHHSODQWVDUH³2IILFLQH0HFFDQLFKH´LQ 6DURQQR³2IILFLQH0HFFDQLFKH7DEDQHOOL´LQ 5RPHDQG2IILFLQH³)HUURYLDULH0HULGLRQDOL´LQ 1DSOHV 2QHFRYHUVDQ F\OLQGHUVDQGWKHRWKHUD KXJH9ZLWKDPRQREORFN FUDQFNFDVH7KLVZLOOEHSUHVHQWHGDW 3DULV([KLELWLRQDOWKRXJKLWZLOOQHYHUEH SURGXFHGLQVHULHV ,WDGDSWHG³:\PDQQ´ERGLHVRQ,VRWWD <HDU 'DWH (YHQW -XO $OEHUWR$VFDULZDVERUQ (Q]R)HUUDULVWDUWVKLVSLORWFDUUHHU 7KH³´LVWKH¶VFDULQ,WDO\ &HLUDQR 7XULQ *LRYDQQLDQG(UQHVWR &HLUDQR =DJDWR /DQFLD 0LODQ 8JR=DJDWR *LRYDQQL&HLUDQRDQGVRQ(UQHVWR HVWDEOLVKWKH³*LRYDQQL&HLUDQR)DEEULFD $XWRPRELOLV´ &DUUR]]HULD=DJDWRLVIRXQGHG 7KHSURGXFWLRQRI/DQFLD³7KHWD´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¶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³´EHJLQV )LDW 3ODFH *LRYDQQL&HLUDQRHVWDEOLVKHV³6$ &HLUDQR )RQGHULH*DMD´ %LDQFKL³7LSR´EHFRPHVWKHSRSH¶VFDU %LDQFKL &DUUR]]HULD%RUVDQLLVHVWDEOLVKHG %RUVDQL 7KHILUVWSURWRW\SHRI6,$,0DUFKHWWL60 6,$,0DUFKHWWL 5HPDUNV ³5D\WRQ[´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j,WDOLDQD6HUYL]L$HUHLRQH RIWKHILUVWWZRDLUOLQHFRPSDQLHVLV HVWDEOLVKHG *LRYDQQL$JQHOOLLVQDPHGVHQDWRU )LDWOHDYHVUDFHV &DUUR]]HULD&RQWDLVHVWDEOLVKHG %UDQG 3ODFH 3HRSOH 5HPDUNV )LDW )LDW )LDW &RQWD )LDW0HILVWRIHOHUHDFKHVWKHZRUOG )LDW VSHHGUHFRUGZLWKNPKDERXW PSK 7KH,VRWWD)UDVFKLQL7LSRLVRQHRIWKH ,VRWWD ILUVWFDUVZLWKDF\OLQGHULQOLQHHQJLQH )UDVFKLQL 7KHROGLWVSURMHFWGDWHV$OID $OID5RPHR 3ZLQVWKHILUVWZRUOGFKDPSLRQVKLS &RUUDGLQRG $VFDQLR VWDUWVFRQFHLYLQJWKH KHOLFRSWHU 6&$7EXLOGVWKH³´XQGHU&HLUDQR 6&$7 OLFHQVH &HLUDQR 2IILFLQH9LEHUWLLVHVWDEOLVKHG 9LEHUWL 7KH,WDOLDQFDUSURGXFWLRQUHDFKHV XQLWVE\)LDW ,QDXJXUDWLRQRI0LODQ/DNHVKLJKZD\ 0DUFHOOR$GULDQRDQG%UXQR&DYDOLHUL 'XFDWL 'XFDWLHVWDEOLVKWKH6RFLHWj6FLHQWLILFD 5DGLR IURPZKLFKZLOOWDNHRULJLQ'XFDWL ,Q,WDO\WKHUHDUHDXWRPRELOHV WUXFNVDQGEXVHV $SU 7KH6DYRLD0DUFKHWWL6WHUD 6DYRLD VHDSODQHVWDUWVDWRXUZKLFKZLOOHQGLQ 0DUFKHWWL *LRYDQQL$JQHOOL 7XULQ 6SHFLDODQGDGYHUWLVLQJYHKLFOHV¶SUHSDUDWLRQ ZDVLWVPDLQDFWLYLW\ VLU(UQHVW(OGULGJHSLORW 7KHUHFRUGLVHVWDEOLVKHGLQ$USDMRQ)UDQFH 3HVFDUD &RUUDGLQRG $VFDQLR 7KHPRGHOZRXOGEHSURGXFHGXQWLO 7XULQ %XVHVDOVRDUWLFXODWHGDQG³*UH\KRXQGV´ PDGHWKLVEUDQGIDPRXV /RPEDUG\ %RUJR3DQLJDOH %RORJQD 6HVWR&DOHQGH GHSDUWXUH 0DUFHOOR$GULDQRDQG %UXQR&DYDOLHUL'XFDWL )UDQFHVFR'H3LQHGR SLORW(UQHVWR ,QWKH\ZHUHWKHYDULDWLRQLVRI WKH <HDU 'DWH (YHQW 1RYHPEHUDIWHUDOPRVWPLOHV FRYHUHG 6$9$WKHILQDQFLDOVRFLHW\RI)LDWLV FUHDWHG 7KH³´DOWKRXJKSURGXFHGLQ XQLWVLVIDPRXVIRULWVEXVKLQJV³PHOWLQJ DWDFOLPE¶VVLJKW´ /LQJRWWRSODQWLQFUHDVHVVXUIDFHIURP WRVTIW )HE 7UDQVDGULDWLFDRSHQVWKHILUVWSXEOLFDLU OLQHIURP5RPHWR9HQLFH $&,EHFRPHV5$&,5HDOH$XWRPRELOH &OXEG ,WDOLD 7KH7LSRLVWKHILUVW0DVHUDWLHYHU EXLOW ,Q,WDO\WKHUHDUHDXWRPRELOHV 0D\ 8PEHUWR1RELOHIOLHVRYHUWKH1RUWK3ROH ODWLWXGH1RUWKZLWKWKH$LUVKLS1RUJH 6HS %UDQG 3ODFH )LDW 3HRSOH &DPSDQHOOLPRWRU PHFKDQLF )LDW 5HPDUNV 7KHFFHQJLQHDOORZHGDQ\ZD\WKH SODFHV )LDW 5RPH9HQLFH 0DVHUDWL 63$SDVVHVXQGHUFRQWURORI)LDW 63$)LDW 7KHSURGXFWLRQRIDXWRPRELOHVLQ,WDO\ UHDFKHVXQLWV %LDQFKL³7LSR´EHFRPHVWKHSRSH¶VFDU %LDQFKL &DUUR]]HULD6LDWDLVHVWDEOLVKHG 6LDWD 3ODWHVUHSRUWWKHGHSDUWPHQWFRGHDQG WKHLPDWULFXODWLRQQXPEHU ,Q,WDO\WKHUHLVDQDXWRPRELOHHYHU\ LQKDELWDQWV 7KH³´LVWKHILUVW)LDWHTXLSSHGZLWK )LDW GLVWULEXWRUVWDUWDQGOHIWKDQGGULYH )ROORZLQJDFRPPHUFLDOWKHFLUFXODWLRQ $QVDOGR WD[IRUWKH$QVDOGR³+´FRVWV³OLUDVD GD\´OLUDV\HDU 9RJKHUD3DYLD 8PEHUWR1RELOH 7XULQ 5RPH 7XULQ ,Q1RELOHZLOOUHDFKWKH1RUWK3ROHIRU WKHVHFRQGWLPHEXWKHZLOOGLHEHFDXVHRIWKH FUDVKRIWKHDLUVKLS,WDOLD ,WZRUNHGRQERGLHVRQ)LDWFKDVVLVUDFH FDUVPHFKDQLFDOHODERUDWLRQV 6LDWD FRQFHLYHG³,O&XFFLROR´DQFHVWRURIVPDOO DX[LOLDU\PRWRUF\FOHVHQJLQHV <HDU 'DWH (YHQW /DQFLDLQWURGXFHVLWVQHZ³DPPLUDJOLD´ IODJVKLS³'LODPEGD´ &DUUR]]HULD5RPDQD]]LLVHVWDEOLVKHG %UDQG /DQFLD 3ODFH 1HZ<RUN 5RPDQD]]L %DUL )LUVWHGLWLRQRI0LOOHPLJOLDRQH WKRXVDQGPLOHV -XO 7KH,WDOLDQFDUSURGXFWLRQUHDFKHV XQLWVE\)LDW 7KH*X]]L*7LVWKHILUVWPRWRUF\FOH *X]]L ZLWKHODVWLFFKDVVLV 7KH,VRWWD)UDVFKLQL$FRVWV ,VRWWD OLUDV )UDVFKLQL 1LFROD5RPHRHQGVKLVUHODWLRQVKLSZLWK $OID5RPHR $OID5RPHR $OHMDQGUR'H7RPDVRZDVERUQ &DUUR]]HULD$OOHPDQRLVHVWDEOLVKHG 7KH³9´HVWDEOLVKHVWKHQHZZRUOG 0DVHUDWL UHFRUGRQWKHNPGLVWDQFH NPK =DJDWRFRQFHLYHVIRU$OID5RPHRWKH³& $OID5RPHR *UDQG6SRUW´ =DJDWR 1RY (Q]R)HUUDULHVWDEOLVKHVWKH³6FXGHULD´ )LDWVWDWUVWKHSURGXFWLRQRI³´ DYDLODEOHLQVL[YHUVLRQV 3HRSOH %UHVFLD $OOHPDQR )HUUDUL )LDW 5HPDUNV ¶´ORQJLWLVHTXLSSHGZLWKDPRQREORFN9 HQJLQH ,WSURGXFHGFLW\EXVHVLQGXVWULDOYHKLFOHV ³JUH\KRXQGV´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³´ HQGHG <HDU 'DWH $SU 0D\ DERXW (YHQW %UDQG )LDW³0´EHFRPHVWKHSRSH¶VFDU )LDW ,VRWWD)UDVFKLQL³$EHFRPHVWKHSRSH¶V ,VRWWD FDU )UDVFKLQL 3LQLQIDULQDLVIRXQGHGE\3LQLQ)DULQD 3LQLQIDULQD &DUUR]]HULD&DVDURLVHVWDEOLVKHG &DVDUR &DUUR]]HULD(VSHULDLVHVWDEOLVKHG (VSHULD &$ELSODQHVHWVDZRUOG VUHFRUG &DSURQL IRUDOWLWXGHDQGGXUDWLRQ 7KH,WDOLDQFDUSURGXFWLRQLVUHGXFHGWR XQLWV $SDUWLFXODUHODVWLFDVVHPEO\LVFRQFHLYHG /DQFLD IRUWKH³$VWXUD´LWOHWVWKHHQJLQHZRUN ZLWKRXWWUDQVPLWWLQJYLEUDWLRQWR FDU¶V ERG\ )LDWSURGXFHVWKH%DOLOODWKHILUVW )LDW VXFFHVVIXO,WDOLDQUXQDERXW 3ODFH 5RPH 5RPH 7XULQ 7XULQ %UHVFLD 3HRSOH 3LQLQ)DULQD 7XULQ 7XULQ 0DU &DUUR]]HULD&ROOLLVHVWDEOLVKHG 0LODQ 7KHVHFRQGORQJGLVWDQFHIOLJKWPDGHE\ 6,$,0DUFKHWWL 2UEHWHOOR ,WDOR%DOEROHDGHU DJURXSRI6,$,0DUFKHWWL60OHDG GHSDUWXUH1HZ WKHSODQHVWR1HZ<RUNVNLHV <RUN 7KH)LDW0RGHO1HTXLSSHGZLWKD )LDW GLHVHOHQJLQHDQGSURGXFHGXQWLOLV RQHRIWKHPRVWLQWHUHVWLQJWUXFNVDWWKDW 7KH³7XERFDU´EXVZDVLWVPDLQUHDOL]DWLRQ 7KLVEUDQG¶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³$HUDXWR´FRQFHLYHGDIWHU::,,LWLVDFDU WUDQVIRUPDEOHLQDSODQH,WSDVVHGDOOWHVWV HDVLO\ 7KHEULJDGHFDPHEDFNWR5RPHDIWHU PLOHVFRYHUHG <HDU 'DWH (YHQW WLPH ,5,WDNHVFRQWURORI$OID5RPHR %UDQG 3ODFH 3HRSOH $OID5RPHR 0DUFR)HUUDJXWLSURIHVVRUDW3HUXJLD 8QLYHUVLW\FRQFHLYHGDGHYLFHXVLQJILQH FRDOIRUIHHGLQJPRWRUV7KHV\VWHPZDV VLPSOHLWZDVQHFHVVDU\DVSHFLHVRISRW VWHZVZLWKSRUWDEOHVWRYHDQGDFRQWDLQHU IRUWKHILUHZRRG)URPDEXUQHUDYDSRU MHWDUULYHGWRWKHEXUQLQJFRDOWKXV SURGXFLQJWKHJDVIXHOFDOOHG ³JDVVRJHQR´WKDWWKHQZDVSXPSHGWR WKHPRWRU 2FW 7KH0DFFKL&DVWROGL0& 0DFFKL HVWDEOLVKHVWKHQHZVHHGZRUOGUHFRUGIRU &DVWROGL VHDSODQHVZLWKDVSHHGRIDERXW PSK $XJ $OD/LWWRULDWKHILUVW1DWLRQDO$LUOLQHLV HVWDEOLVKHGDVDPHUJHU RI6,6$$HUR (VSUHVVR6$1$DQG6$0ZKLFKKDG PHUJHG7UDQVDGULDWLFDLQ *LRYDQQLDQG(UQHVWR&HLUDQREX\ &HLUDQR)DWD ³)DWD´DVSDUHSDUWVIDFWRU\ 'HF &DURZQHUVKDYHWRZLWKGUDZWKHLUQHZ SODWHVDFFRUGLQJWRODZRI'HFHPEHU WK 0DU 7ZRQHZYHUVLRQVRI³%DOLOOD´DUH )LDW SUHVHQWHGWKH³DHURG\QDPLFVHGDQ´ GRRUV± VSHHGDQGWKH³6SRUW´ 7KH³F´ZDVHTXLSSHGZLWKWKH )LDW VPDOOHVWF\OLQGHUVHQJLQHLQWKHZRUOG 7KHW\SLFDOYLEUDWLRQRIWKH³F´RYHU )LDW DFHUWDLQVSHHGLVQDPHG³VKLPP\´DIWHU DSRSXODUGDQFH 7KHILUVWSURWRW\SHRI³7RSROLQR´ZDV )LDW DIURQWZKHHOGULYHDQGDIURQWHQJLQH PRGHO 3HUXJLD 0DUFR)HUUDJXWL *DUGD/DNH )UDQFHVFR$JHOOR 7XULQ *LRYDQQLDQG(UQHVWR &HLUDQR 5HPDUNV ,5,D6WDWHFRPSDQ\LVWKH³,QVWLWXWHIRUWKH ,QGXVWULDO5HFRQVWUXFWLRQ´ 7KHPD[LPXPVSHHGUHDFKHGZDVRI .PK 0LODQ ,WDOVRLQWURGXFHGWKHIURQWEDIIOHV <HDU 'DWH (YHQW 7KH)LDW1VX³$UGLWD´³EUDYH´LVWKH IDYRULWHFDURI\RXQJQD]LKLHUDUFKV .DUO$EDUWKFKDOOHQJHVWKH³2ULHQW ([SUHVV´WUDLQZLWKKLVPRWRUELNHDQG ZLQV )LUVWSURGXFWLRQRI)LDW$7RSROLQR OLWWOHPRXVHRU0LFNH\0RXVH %UDQG )LDW1VX 'DQWH*LDFRVD GHVLJQHU $OID5RPHR³&´LVHTXLSSHGZLWKWKH $OID5RPHR ³WUDQVD[OH´IUDPHZRUNIURQWHQJLQHJHDU ER[DQGGLIIHUHQWLDOJURXSHGZLWKWKH EDFND[OH 7KH$OID5RPHR&FRVWVOLUDV $OID5RPHR /DQFLD /DQFLD $OID5RPHR /DQFLD &DSURQL 'HF 3HRSOH .DUO$EDUWK )HE 9LQFHQ]R/DQFLDGLHV 7KH/DQFLD$SULOLDLQWURGXFHVWKHIRXU LQGHSHQGHQWVXVSHQVLRQV 0DVHUDWLIDPLO\VHOOVWKHSURSHUW\RIWKH FRPSDQ\WR2UVLIDPLO\LQ0RGHQD )LDW³7RSROLQR´LVLQWURGXFHG 7KH)LDW³0LOOH0LJOLD´LVWKHILUVW)LDW ZLWKFRQWLQXRXVVLGHERG\ $OID5RPHRXQGHUWDNHVWKHFRQVWUXFWLRQ RIDQHZSODQWLQ3RPLJOLDQRG¶$UFR 1DSOHV 0D\ $OID5RPHR³´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¶$UFR1DSOHV $OID5RPHR 0RQ]D 9LWWRULR-DQR 7KLVPRGHOUHVXPHVWKH³WUDQVD[OH´ IUDPHZRUNDOUHDG\XVHGLQWKH³&´ VLQFH 7KHFRPSDQ\FHDVHG LWVDFWLYLW\LQ'HFHPEHU EHFDXVHRIWKHLQFUHDVLQJZDUDFWLYLWLHV )LDW 7XULQ <HDU (YHQW %UDQG 7KH)LDW1LVDWUXFNZLWKDGYDQFHG )LDW FDELQDQGHQJLQHZLWKUHODWLYHFRZOLQJ LQVHUWHGLQWKHVDPHFDELQ 0D\ ³&7)´GULYHQE\:LOEXU6KDZZLQV 0DVHUDWL ,QGLDQDSROLV³0LOHV´ /DQFLD³$UGHD´LVSUHVHQWHGWRWKHSXEOLF /DQFLD 'DWH ³&LVLWDOLD´EUDQGZDVERUQ 6FXGHULD)HUUDULFKDQJHVQDPHLQWR ³$XWR$YLR&RVWUX]LRQL)HUUDUL´ $XWR$YLR&RVWUX]LRQL)HUUDUL³´ SDUWLFLSDWHVWR³0LOOH0LJOLD´ )HUUDULSODQWLVPRYHGIURP0RGHQDWR 0DUDQHOOR $IWHU6HSWHPEHUWKEHFDXVHRIWKH SUHVHQFHRIWKHDOOLHGWURRSVLQWKH VRXWKHUQUHJLRQVRI,WDO\WKHQHZSODWHV DUHZLWKRXWWKHEXWWRQRIWKH³)DVFLR´EXW ZLWKWKHKROHSUHGLVSRVHGIRUVXFK DSSHQGL[ $OID5RPHRPHUJHVZLWK,VRWWD)UDVFKLQL DQG2IILFLQH5HJJLDQHXQGHU*HUPDQ DXWKRULWLHVIRUPLQJ&$5,0 6WDELOLPHQWR0RQYLVRLVHVWDEOLVKHG &DUUR]]HULD6FDOOLVHVWDEOLVKHG *LRYDQQL$JQHOOLGLHV *LRYDQQL&HLUDQRFHDVHVKLVDFWLYLW\ /DQFLDUHFRPPHQFHVWKHSURGXFWLRQRG ³$UGHD´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¶HQJLQH ,WPDLQO\ZRUNHGRQ)LDWVSLGHUV %XVHVDQG³*UH\KRXQGV´ZHUHSUHSDUHGE\ WKLVEUDQG *LRYDQQL&HLUDQR 'DQWH*LDFRVD ,WPDLQO\ZRUNHGRQEXVHV 'DQWH*LDFRVDWDNHVWKHWHFKQLFDOGLUHFWLRQRI <HDU (YHQW 7XULQ VEUDQGDIWHU::,, 3LDJJLRSURGXFHVWKH9HVSDFRQFHLYHG E\&RUUDGLQRG $VFDQLR 9LWWRULR9DOOHWWDWDNHVWKHJXLGHRIWKH FRPSDQ\ ³'´LVWKHILUVW&LVLWDOLDSURGXFHG 0D\ 7KH6SRUWLVWKHILUVW)HUUDUL 3LQLQIDULQDFRQFHLYHV³&LVLWDOLD´FDU PRGHO 'DWH %UDQG 3LDJJLR 7KHK\GUDXOLFEUDNHVFRQWUROQDPHG ³)LDW%DOGZLQ´LVXVHGIRUWKHILUVWWLPH &DUUR]]HULD9LJQDOHLVIRXGHG /DYHUGDZKLFKDOUHDG\SURGXFHV DJULFXOWXUDOPDFKLQHVVWDUWVWKH SURGXFWLRQRIDFFPRWRUF\FOH 7KH/DPEUHWWD%SURGXFHGE\ ,QQRFHQWLLVDYDOLGDOWHUQDWLYHWR9HVSD /DQFLD³$SULOLD&RXSp´LVRQHRIWKHILUVW FDUVGHVLJQHGE\*LRYDQQL0LFKHORWWLDQG EXLOWE\9LJQDOH 3HRSOH 3RQWHGHUD3LVD &RUUDGLQR' $VFDQLR )LDW 9LWWRULR9DOOHWWD &LVLWDOLD )HUUDUL 3LQLQIDULQD 2OGSODWHVDUHGLVWULEXWHGXQWLO H[KDXVWLRQWKHQHZRQHVPDLQWDLQLQJ W\SHDQGGLPHQVLRQVVKRZERWKRQIURQW DQGEDFNWKHFRDWRIDUPVRIWKHUHSXEOLF &DUUR]]HULD6LULRLVHVWDEOLVKHG 6LULR 26&$2IILFLQD6SHFLDOL]]DWD 26&$ &RVWUX]LRQH$XWRPRELOLLVIRUPHGE\ 0DVHUDWL 0DVHUDWL%URWKHUV 7KH³%*LDUGLQLHUD´GHULYHGIURPWKH ³%´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³26&$6SRUW´WKDWKHOSHG 6WLUOLQJ0RVVDQG%LOO/OR\GZLQDFODVVYLFWRU\ DW6HEULQJLQ 7KHFDUQRZH[LVWVLQOHVVWKDQWHQH[HPSODUV 7KHV\PERORI/DPERUJKLQLLVDEXOOFRPLQJ IURP)HUUXFFLR/DPERUJKLQL¶V]RGLDFVLJQ ,WKDGEHHQFRQFHLYHGEHIRUH::,,EXWWKH ZDULWVHOISUHYHQWHG)LDWIURPXVLQJLW <HDU 'DWH (YHQW %UDQG .DUO$EDUWKHVWDEOLVKHV³6RFLHWj$EDUWK $EDUWK &´ 3LHUR'XVLRDOVRIRXQGHURI³&LVLWDOLD´ $XWRDU FUHDWHV³$XWRDU´ZKLFKZLOOUHYHDODVDQ XQIRUWXQDWHHIIRUW )HUUDULZLQVDW/H0DQV )HUUDUL 7XULQ 3ODFH 3HRSOH 5HPDUNV .DUO$EDUWK3LHUR'XVLR $EDUWK¶VIDWKHUZDVLWDOLDQ $UPDQGR6FDJOLDULQL 3LHUR'XVLR 7KHEUDQGZDVIRXQGHGDIWHULQYLWDWLRQRI $UJHQWLQH3UHVLGHQW3pURQ /H0DQV /XLJL&KLQHWWLSLORW 7XULQ 9LWWRULR-DQRGHVLJQHU 7KH/DQFLD$XUHOLDLVWKHILUVWFDUZLWKD /DQFLD F\OLQGUHV9HQJLQHDQGWKHJHDU RQWKHUHDUD[OHIDVWHQHGRQWKH GLIIHUHQWLDO $&,FRPHVEDFNWRLWVROGQDPHIURP 5$&, $OID5RPHR$OIHWWDZLQVDOOUDFHV $OID5RPHR LQWKH:RUOG&KDPSLRQVKLS $HUIHULVHVWDEOLVKHG $HUIHU &DUUR]]HULD&DQWDLVHVWDEOLVKHG &DQWD 7XULQ $OID5RPHR³´LVLQWURGXFHG $OID5RPHR )ROORZLQJWKH³-HHS´IUDPHZRUN)LDW FRQFHLYHVWKH³&DPDSJQROD´ &DUUR]]HULD6FDJOLHWWLLVIRUPHGRXWVLGH RI0RGHQD )LDW ³*´LVWKHILUVWUHDFWLRQHQJLQH,WDOLDQ PLOLWDU\SODQH )HUUDULZLQVLWVILUVW)RUPXOD FKDPSLRQVKLS )LDW³&DPSDJQROD´FURVVHV$IULFDIURP 1RUWKWR6RXWKDQGHVWDEOLVKHVWKHQHZ )LDW 6FDJOLHWWL )HUUDUL )LDW /XLJL&KLQHWWLGURYHDOLWHU)HUUDUL00 %DUFKHWWD 7KLVFDU VSURMHFWGDWHV 1DSOHV ,WVSUHYDLOLQJDFWLYLW\ZDVWKDWRISUHSDULQJ EXVHVIRUSXEOLFWUDQVSRUWDWLRQDQGLQGXVWULDO YHKLFOHV 6SRUWFDUVVHGDQVDQGFDEULROHWVIURP)LDW ZHUHPRGLILHGE\WKLV³FDUUR]]LHUH´ $YLUWXDOO\DOOQHZ$OIDIRUDQHZGHFDGHLW VHUYHGDVDEULGJHEHWZHHQSUHZDU$OIDVDQG WKH*LXOLHWWDWKDWZDVWRIROORZLQ 6HYHUDOFDUUR]]HULDFRQWULEXWHGERG\GHVLJQV EXWPRVWZHUHGRQHE\7RXULQJ 0RGHQD 7KHFRDFKZRUNVFRQVWUXFWRURIFKRLFHE\ )HUUDULZKRVHUHODWLRQVKLSFRQWLQXHV SUHVHQWO\ $OEHUWR$VFDUL GD\VKRXUVDQGPLQXWHVLVWKHWLPH WDNHQ <HDU 'DWH (YHQW %UDQG UHFRUG )LDW³9´LVWKHILUVW)LDWZLWKIRXU )LDW LQGHSHQGHQWVXVSHQVLRQV 3LQLQIDULQDVWDUWVFRRSHUDWLRQZLWK)HUUDUL 3LQLQIDULQD )HUUDUL $OID5RPHRLQWURGXFHV³'LVFR9RODQWH´ $OID5RPHR ³IO\LQJVDXFHU´ 7RXULQJVW\OH 7KH³6LDWD6´ZDVLQWURGXFHG VRPHZKDWUHVHPEOLQJDVFDOHGGRZQ &REUDXVLQJWKHDOOQHZGHJUHH RYHUKHDGYDOYHOLWHU9 )LDWSURGXFHVWKH *LRDFFKLQR&RORPERLVHPSOR\HGDV WHFKQLFDOGLUHFWRU $XWRELDQFKLFRQWUROOHGE\%LDQFKL)LDW DQG3LUHOOLLVHVWDEOLVKHG )LDWSURGXFHVWKH ,Q-XDQ0DQXHO)DQJLRJRWWKHVHFRQG SODFHZLWKDPRGHOGHULYHGIURP³'LVFR 9RODQWH´ 7KH9PRQLNHUFDPHIURP)LDW V XQGHUVWDQGLQJWKDWWKHWHUP9KDGEHHQ SDWHQWHGE\+HQU\)RUG *LRDFFKLQR&RORPER 7XULQ )UDQFR6FDJOLRQH *LRYDQQL%HUWRQH $XWRELDQFKL 0LODQ %LDQFKL)LDW 3LUHOOL )LDW )LDW )LDW 5HPDUNV ,WLVDVPDOOVHGDQFDUZLWKWZRVHDWVDQG KLJKURDGSHUIRUPDQFHV )LDW 0DVHUDWL $OHMDQGUR'H7RPDVRDUULYHVLQ,WDO\ )LDW6W\OLQJKLUHV*LRUJHWWR*LXJLDUR 0D\ $OEHUWR$VFDULGLHV ³*´ZLQVD1$72FRPSHWLWLRQIRUD WDFWLFDOILJKWHUSODQH 3HRSOH 6LDWD)LDW $IWHUH[KDXVWLRQDQHZSRVWHULRUSODWHLV SURGXFHGLWLVVLPLODUWRWKHROGRQHEXW ZLWKVPDOOHUGLPHQVLRQVPP[ /DQFLDLQWURGXFHVQHZPRGHO³$SSLD´DW /DQFLD 6DORQHGL7RULQR7XULQ([KLELWLRQ $OID5RPHRLQWURGXFHV³%$7´PRGHOV $OID5RPHR 3ODFH 0RGHQD 0RQ]D0LODQ 4XLQWDYDOOH $OHMDQGUR'H7RPDVR *LRUJLR*LXJLDUR $OEHUWR$VFDUL 7KLVFDUZLOOEHSURGXFHG XQWLO +HZLOOOHDGWKHEUDQGWRLPSRUWDQWYLFWRULHVLQ UDFHVDQGWRWKHSURGXFWLRQRIVXFFHVVIXO PRGHOV $OVRWKHIURQWRQHLVRILURQVKHHW 7KHVRXUFHIRULQVSLUDWLRQIRUWKLVPRGHOZDV WKHVXSHULRUFODVV³$XUHOLD´ %$7VWDQGVIRU³%HUOLQHWWD$HURGLQDPLFD 7HFQLFD´EXWLWDOVRUHFDOOVWKHQDPHRIWKH DQLPDOWRZKLFKWKHFDUVUHVHPEOH 7RJHWKHUZLWKWKHLWZLOOEHFRPHWKH SUHIHUUHGFDUE\,WDOLDQVIRUWKHIROORZLQJ GHFDGH +HGLHGLQ0RQ]DZLWKKLVIULHQG&DVWHOORWWL¶V )HUUDUL <HDU 'DWH (YHQW )LDWLQWURGXFHVWKH³1XRYD>QHZ@´ ³(VDWDX%´LVDQLQWHUHVWLQJIRUZDUG FRQWUROWUXFN %UDQG )LDW /DQFLD $XWRELDQFKLLQWURGXFHVWKH³%LDQFKLQD´ $XWRELDQFKL 3ODFH 6HS *LDQQL$JQHOOL$OEHUWR3LUHOOLDQG $XWRELDQFKL *LXVHSSH%LDQFKLDUHSKRWRJUDSKHG VWDQGLQJEHVLGHDQ$XWRELDQFKL ³%LDQFKLQD´ 0DVHUDWLLQWURGXFHVLWV³*79LJQDOH´ 0DVHUDWL *LDQQL$JQHOOL $OEHUWR3LUHOOL DQG*LXVHSSH %LDQFKL )HE 7KH0XVHXPRI$XWRPLELOHLQ7XULQLV HVWDEOLVKHG )LQDO7DUJD)ORULRROGYHUVLRQ 7XULQ 2FW -DQ *LDQQL&DSURQLGLHV 7KHGLPHQVLRQRI0LUDILRULSODQWLV GRXEOHG /DPERUJKLQLDWWHPSWVXQVXFFHVVIXOO\WR SURGXFHKHOLFRSWHUV 9LQFHQ]R)ORULRGLHV $OHMDQGUR'H7RPDVRHVWDEOLVKHVKLV RZQDXWRPRELOHFRPSDQ\ 3ODWHVFDQEHEXLOGZLWKRWKHUPDWHULDOV WKDQPHWDO /DFLDLQWURGXFHVWKHWKLUGVHULHVRI ³$SSLD´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³WHOHYLVLRQ´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¶V3RUWHOORSODQWUHDFKHV $OID5RPHR XQLWVSURGXFHGLQ /DQFLD³$SSLD´FRVWVOLUDV /DQFLD /DQFLDLQWURGXFHV³)ODYLD´ /DQFLD $XWRELDQFKL³%LDQFKLQD´FDEULROHWLV SUHVHQWHGDW*HQHYD([KLELWLRQ ,QQRFHQWLLQWURGXFHVWKHQHZVSLGHU³ 6´7KHFRPSDQ\MXVWDVVHPEOHGWKH FDU¶VSDUWVDQGODXQFKHGLWZLWKD GHFLGHGO\FRPSHWLWLYHSULFH OLUDV )LDW³7´DQG$OID5RPHR³5RPHR´ DUHWKHPRVWFRPPRQDPEXODQFHVLQ ,WDO\LQWKH6L[WLHV $76$XWRPRELOL7XULVPR6SRUWLV HVWDEOLVKHG $XWRPRELOL7XULVPRH6SRUW$76LV HVWDEOLVKHG $XWRELDQFKL *HQHYD ,QQRFHQWL 7XULQ 1RY $ERXW $XWRELDQFKLSURGXFHVWKHSODFHV YHUVLRQRI³%LDQFKLQD´ -XQ $OID5RPHR³*LXOLD´GHEXWVDW0RQ]D $XWRGURPR 3ODFH 3HRSOH 5HPDUNV 3RUWHOOR1DSOHV 5DWKHUKLJKSULFHIRUVXFKDFDUEXWMXVWLILHG E\LWVFKDUDFWHULVWLFV ,WLVDIURQWGULYHPRGHOLWSUHSDUHVWKHPDUNHW IRUWKH³)XOYLD´ZKLFKZLOOEHLQWURGXFHGLQ $W WKDWWLPHLWFRVWHGPRUH WKDQD)LDW³´ 7KHHQJLQHV DQGRWKHUFRPSRQHQWVFDPH IURP*UHDW%ULWDLQIURP2VL7XULQWKHERG\ ZLWKWKHSODWIRUPFKDVVLV )LDW$OID 5RPHR $76 %RORJQD *LRUJLR%LOOL(DUO9ROSLGL $76ZLOOSDUWLFLSDWHWRWKHILUVW)JUDQGSUL[LQ 0LVXUDWD ZLWK3KLO+LOODVSLORW $JURXSRIHQJLQHHUVGULYHUVDQGRWKHU SHUVRQQHOOHDYH)HUUDULWRIRUP$76³ *7´ZDVILUVWURDGFDUERG\GHVLJQHGE\ 0LFKHORWWL 0RQ]D 2UD]LR6DWWD 3XOLJD GHVLJQHU $XWRELDQFKL $OID5RPHR 1RY ,WDOLDQSROLFH³HQOLVWV´)HUUDUL³*7(´DV )HUUDUL HQVXLWHFDU ,Q³,OVRUSDVVR´PRYLHSLFWXUH9LWWRULR /DQFLD *DVVPDQGULYHVD/DQFLD³$XUHOLD%´ *LRWWR%L]]DUULQLFUHDWHV6RFLHWj$XWRVWDU $XWRVWDU LQRUGHUWRPDQDJHDXWRPRELOH HQJLQUHHULQJSURMHFWV 9LQFHQ]R6SDWDIRUD 7KHFDUKDGDUHPDUNDEOHF[FRHIILFLHQW DOVRREWDLQHGWKDQNVWRWHVWSHUIRUPHGLQ 3ROLWHFQLFRGL7RULQR¶VZLQGWXQQHO 9LQFHQ]R6SDWDIRUD ZLOOEHFRPHIDPRXVIRU KLVPDQ\VXFFHVVIXOHQVXLWHVLQ5RPH 'LQR5LVLGLUHFWRU 9LWWRULR*DVVPDQDFWRU *LRWWR%L]]DUULQL +HYDVWKHGHVLJQHURIPDQ\,WDOLDQVSRUW FDUVVXFKDV)HUUDUL*72 <HDU 'DWH (YHQW ,625LYROWDLVHVWDEOLVKHG %UDQG ,625LYROWD *72LQWURGXFHGE\)HUUDUL )HUUDUL 1HZ$UHVHSODQWEHJLQVZRUN $OID5RPHR ³$XWRPRELOL)HUUXFFLR/DPERUJKLQL6S$´ /DPERUJKLQL LVHVWDEOLVKHG 2FW 3ODFH $UHVH0LODQ 6$JDWD %RORJQHVH %RORJQD 3HRSOH 5HQ]R5LYROWD 5HPDUNV 5HQ]R5LYROWDLVDUHIULJHUDWLRQLQGXVWULDOLVW ZKRWULHVWREXLOGDEHWWHU)HUUDUL7KHERG\RI WKHILUVWFDULVGHVLJQHGE\*LRUJHWWR*XLJLDUR FRDFKZRUNE\%HUWRQHDQGDQ$PHULFDQ9 2QO\XQLWVZHUHEXLOWVRPHFRQVLGHULWWKH PRVWFROOHFWDEOHIXOOERGLHG)HUUDUL,W GRPLQDWHGWKHURDGUDFLQJFLUFXLWIRUWKH IROORZLQJWKUHH\HDUV )HUUXFFLR/DPERUJKLQL 7KHVWRU\WHOOVWKDWWKHLGHDRIPDNLQJVSRUW FDUVFDPHLQWR)HUUXFFLR/DPERUJKLQL¶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³$SSLD´HQGV /DQFLD )RUGELGVIRU)HUUDUL )RUG)HUUDUL 7XULQ )LUVW/DPERUJKLQLH[LWIURPWKHIDFWRU\LQ /DPERUJKLQL 6DQW $JDWD%RORJQHVH%RORJQD )HUUXFFLR/DPERUJKLQL )LDW³´WKHHYROXWLRQRI³´VWDUWLD )LDW FDUUHHUWKDWZLOOOHDGLWWREHSURGXFHGLQ XQLWV 0DVHUDWL6SLGHU³0LVWUDO´LVWKHILUVW 0DVHUDWL 0DVHUDWLZLWKDZLQG¶VQDPH 2FHDQJRLQJOLQHUV0LFKHODQJHORDQG 5DIIDHOORDUHODXQFKHG /DPERUJKLQLODXQFKHV³0LXUD´DW7XULQ /DPERUJKLQL 6DQW $JDWD %RORJQHVH %RORJQD 7XULQ*HQHYD *LDPSDROR'DOODUD -XVWWKHFKDVVLVZDVVKRZQZLWKLWVOLJKWHQHG <HDU 'DWH (YHQW DQG*HQHYD([KLELWLRQ *LRUJHWWR*XLJLDURMRLQV*KLD 0DUFHOOR*DQGLQLMRLQV%HUWRQH /DPERUJKLQL0LXUDWDNHVLWVQDPHIURP DILJKWLQJEXOOUDFH )LDW³'LQRVSLGHU´LVSUHVHQWHGDW7XULQ ([KLELWLRQ6DORQHGL7RULQR *LRYDQQL$JQHOOLJUDQGVRQRIIRXQGHU *LRYDQQLEHFRPHV3UHVLGHQWRI)LDW 3LQLQ)DULQDGLHV 6HUJLR3LQLQIDULQDEHFRPHVFKDLUPDQRI WKHEUDQG 'H7RPDVRSUHVHQWVDW7XULQ0RWRUVKRZ WKHVSLGHU0DQJXVWD 'H7RPDVRSUHVHQWVLQ*HQHYDDQ F\OLQGHUFFEDUFKHWWDSHQQHGE\ *LRUJHWWR*LXJLDUR ³'XHWWR´FRPHVLQWR$OID5RPHROLQHXS %UDQG *KLD %HUWRQH /DPERUJKLQL )LDW 3LQLQIDULQD 'H7RPDVR *LRYDQQL$JQHOOL ,WLQWURGXFHVDKHDGFDPGULYHVKDIWHQJLQH ZLWKVHOIORFNLQJGLIIHUHQWLDO WK +HZLOOEHLQFKDUJHXQWLO)HE 7XULQ 7XULQ 'H7RPDVR *LRUJHWWR*LXJLDUR $OID5RPHR )LDW 3HRSOH 5HPDUNV 3DROR6WDQ]LQL%RE ER[VKLHOGHGVWUXFWXUHDQGWKHSRZHUIXO9 :DOODFHWHVW GULYHUDQG GHVLJQHUV0DUFHOOR *DQGLQLDQG*LRUJHWWR *LXJLDURFRQVWLWXWHGWKH ZRUNLQJWHDP *LRUJHWWR*LXJLDUR 0DUFHOOR*DQGLQL 7XULQ )LDW )LDW³´LVWKHFDURIWKH\HDULQ(XURSH )LDW 3LQLQIDULQD¶V&DOFXODWLRQDQG'HVLJQ 3LQLQIDULQD &HQWUHLVVHWXS 'H7RPDVRDFTXLUHV*KLD 'H7RPDVR *KLD )LDWSURGXFWLRQSODQWLQ5LYDOWDEHJLQVLWV )LDW DFWLYLW\ ,QDIHZPRQWKV&DYDOOHUR¶VJDQJ FRPSOHWHVKROGXSVDPRQJ7XULQ *HQRDDQG0LODQDOVRNLOOLQJVHYHUDO SHRSOH7KHLUFDUDEODFN)LDW³´ 3ODFH 7KHIDPRXVGHVLJQHUVWDUWHGZRUNLQJDW*KLD LQ 7KH3LQLQIDULQDGHVLJQHGURDGVWHUZRXOGVWD\ LQSURGXFWLRQZLWKXSGDWHVXQWLO 5LYDOWD7XULQ 7XULQ*HQRD 0LODQ ,WZLOODOVRKRVWWKH³5RERJDWH´WKHPRVW HYROXWHGURERWL]HGV\VWHPLQWKHZRUOGDWWKDW WLPHVHH <HDU 'DWH (YHQW %UDQG ,Q³7KH*UDGXDWH´'XVWLQ+RIIPDQGULYHV $OID5RPHR DQ$OID5RPHR³'XHWWR´ )LDWUHDFKHVPLOOLRQFDUVSURGXFHG )LDW &LWURsQWDNHVFRQWURORI0DVHUDWL 0DVHUDWL &LWURsQ 0DUWLQL5RVVLUDFLQJWHDPGHEXWVLQ 0DUWLQL +RFNHQKHLP 5RVVL &DUUR]]HULD*LXJLDUR,WDOGHVLJQLV *LXJLDUR HVWDEOLVKHG )HUUDULLQWURGXFHV³*7%'D\WRQD´ +RFNHQKHLP *HUPDQ\ )HUUDUL 3LQLQIDULQD )LDWWDNHVFRQWURORI/DQFLD 1RY $HULWDOLDLVHVWDEOLVKHGDVDPHUJHURI $HUIHU6DOPRLUDJKLDQGWKHDHURQDXWLFV DFWLYLWLHVRI)LDW LVWKHILUVW)LDWZLWKIURQWZKHHO GULYHDQGFURVVVHFWLRQHQJLQH 7KHVSRUWFDU³'LQR&RXSp´LV SUHVHQWHG 7KHSURGXFWLRQRI³%LDQFKLQD´HQGV 0DU )LDWLQWURGXFHVWKH³´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³´LQD )LDW VTIWSODQW 'H7RPDVRUXQV)RUPXODWHDPIRUWKH 'H7RPDVR ODVWWLPH 'H7RPDVR³3DQWHUD´LVLQWURGXFHG 'H7RPDVR 7KH³´LVWKHILUVWIURQWGULYH)LDW )LDW $OID5RPHR$OIDVXGFRPHVRXWIURP 3RPLJOLDQRG $UFR VIDFWRU\ $OID5RPHR $QHOHFWULFPLFURFDULVSURSRVHG $VHDWV± FHQWUDOHQJLQHVSLGHUFDOOHG ;LVSUHVHQWHGLQ$PHULFDWRR 3LQLQIDULQD¶VIXOOVL]H:LQG7XQQHOLVWKH ILUVWLQ,WDO\DQGRQHRIWKHILUVWLQWKH ZRUOG )LRUDQRWUDFNLVFRPSOHWHG )LDW )LDW 'DWH 3ODFH 3HRSOH 5XVVLD 5HPDUNV ,QWKHVDPH\HDUWKHFDULVFKRVHQDV³&DURI WKH\HDU´LQ(XURSH ³3DQWHUD´ZRXOGEHSURGXFHGIRUWKHIROORZLQJ \HDUV ,WZLOOEHSURGXFHGLQPRUHWKDQDPLOOLRQXQLWV DOUHDG\LQ 7KHIDFWRU\LVWKHDWWHPSWPDGHE\VWDWH FRQWUROOHG$OIDWRLQSODQWELJLQGXVWU\LQ 6RXWKHUQ,WDO\ 3LQLQIDULQD )HUUDUL 'H7RPDVRDFTXLUHV&DUUR]]HULD9LJQDOH 'H7RPDVR 9LJQDOH 0DUWLQL5RVVLUDFLQJWHDPGHEXWVLQ) 0DUWLQL FKDPSLRQVKLSVSRQVRUL]LQJ,WDOLDQEUDQG 5RVVL7HFQR 7HFQR /DPERUJKLQL³&RXQWDFK´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³6WUDWRV´LVLQWURGXFHG %UDQG )LDW)HUUDUL )RUG'H 7RPDVR /DQFLD 7KHQHZEUDQG,YHFRLVLQWURGXFHG ,YHFR)LDW 'H7RPDVRDFTXLUHV0DVHUDWL 'H7RPDVR 0DVHUDWL )LDW 'DWH ,Q0LUDILRULSODQW)LDWDGRSWVWKHILUVW DXWRPDWL]HGFRXSOLQJV\VWHPRIERG\DQG PHFKDQLFDOSDUWRIWKHFDU 3ODWHVDUHGLYLGHGLQWZRSDUWVZLWK SRVVLELOLW\RIWUDGLWLRQDODSSOLFDWLRQ DFURQ\PXSDQGQXPEHUVGRZQRULQ VWUDLJKWOLQH 0D\ )LQDO7DUJD)ORULRQHZHGLWLRQ 7KH³5RERJDWH´LVWKHILUVWURERWL]HGDQG )LDW IOH[LEOHV\VWHPLQWKHZRUOGIRUERGLHV DVVHPEOLQJ )LDW$XWR6S$8QOLPLWHGLVHVWDEOLVKHG )LDW/DQFLD $XWRELDQFKL $EDUWK)HUUDUL )LDWSURGXFHVWKH3DQGD )LDW 0DUWLQL5RVVLUDFLQJWHDPEHJLQVLWV 0DUWLQL SDUWQHUVKLSZLWK/DQFLDLQUDOOLHV 5RVVL/DQFLD &HVDUH5RPLWLKLUHGLQDVILQDQFLDO )LDW GLUHFWRUEHFRPHV&(2RI)LDW 3LQLQIDULQDEHJLQVWRDVVHPEOH 3LQLQIDULQD PHFKDQLFDOSDUWVRQWKHERG\DVZHOODV FRPSOHWHYHKLFOHV *DVROLQHSULFHUHDFKHVOLUDV /DQFLD³7UHYL´LVWKHILUVWVHULHV /DQFLD 7XULQ 3ODFH 3HRSOH 5HPDUNV 1DPHGDIWHUD%HUWRQHFRQFHSWFDURI DQGSRZHUHGE\WKH)HUUDUL'LQR9LQOLWHU IRUPWKH³6WUDWRV´GRPLQDWHGZRUOGUDOO\LQJLQ WKHVHDVRQV ,WMRLQVWUXFNVHFWRUVRI)LDW2P/DQFLD 0DJLUX]DQG8QLF 7XULQ0LUDILRUL 7KHVHSODWHVLQWURGXFHWKHDFURQ\PRIWKH SURYLQFHLQRUDQJH 6LFLO\ 7KHUDFHZDVVWRSSHGGXHWRFDUVEHFRPLQJ WRRODUJHDQGWRRIDVWIRUWKHURDGV &DVVLQR 1DSOHV5LYDOWD 7XULQ 7XULQ 7XULQ &HVDUH5RPLWL 7KHV\VWHPZLOOEHQDPHG³9ROXPH[´ <HDU 'DWH 0D\ (YHQW %UDQG SURGXFWLRQFDUWRDGRSWWKH VXSHUFKDUJLQJYROXPHWULFFRPSUHVVRU *LOOHV9LOOHQHXYHGLHVLQDQDFFLGHQWLQ )HUUDUL %HOJLXPGULYLQJKLV³7´ 1$6$EDVHLQ&DSH&DQDYHUDOKRVWVWKH )LDW FRPPHUFLDOODXQFKRI)LDW8QR 5HIOHFWLQJDOXPLQXPSODWHVZLWKEODFN ILJXUHVRQZKLWHDUHLQWURGXFHG *LDQQL&DSURQLLV,QYHVWHGLQWKH ,QWHUQDWLRQDO$HURVSDFH+DOORI)DPH ³&URPD´LQWURGXFHVWKH&+7V\VWHP )LDW 7KH³'HOWD6´DUDFHFDULVHTXLSSHG ZLWKGRXEOHVXUFKDUJLQJV\VWHPWXUER DQG9ROXPH[VHH³7UHYL´ /DQFLD )LDWWDNHVFRQWURORI$OID5RPHR &KU\VOHUDFTXLUHVPDMRULW\VWRFNVRI /DPERUJKLQL )HUUDULLQWURGXFHV³)´ )LDW$OID 5RPHR /DPERUJKLQL &KU\VOHU )HUUDUL ³+LVWRULF´0LOOH0LJOLD6WRULFDEHFRPHVDQ DQQXDOHYHQW $XJ (Q]R)HUUDULGLHV /DQFLD³'HOWD+)LQWHJUDOH9´LV HTXLSSHGZLWKDWULSOHGLIIHUHQWLDOGULYH 3ODFH 3HRSOH =ROGHU%HOJLXP *LOOHV9LOOHQHXYH &DSH&DQDYHUDO )ORULGD 7KH³<´LVHTXLSSHGZLWKFRQWLQXRXV /DQFLD YDULDWLRQJHDUZLWKHOHFWURPDJQHWLFFOXWFK (QJLQHGHVLJQHU$XUHOLR/DPSUHGLGLHV 7KH³7´LQWKHFDU¶VQDPHFRPHVIURPWKH WUDQVYHUVDOSRVLWLRQRIWKHJHDU 7KHPRGHOPDUNV)LDWHFRQRPLFUHVXPSWLRQ DIWHU VFULVLV 6DQ'LHJR&$/ *LDQQL&DSURQL 7KHV\VWHPLQYROYHVDGRXEOHDVSLUDWLRQ FKDQQHOWRGHFUHDVHIXHOFRQVXPSWLRQ 7KH³'HOWD6´ZDVDVDVWRQLVKLQJOEV± FFDQGKSHQJLQHDVGDQJHURXV $IWHUVRPHGHDWKVGXHWRLWVH[FHVVLYHSRZHU WKH³%JURXS´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³/D)ORULWD´ HVWDWH8PEULD $QRIIVKRUHPRWRUERDWHTXLSSHGZLWK /DPERUJKLQL /DPERUJKLQLHQJLQHZLQV&ODVV:RUOG &KDPSLRQVKLS 3ODWHVQXPHUDWLRQFKDQJHV $OID5RPHROHDYHV86PDUNHW $OID5RPHR 3UDWROD6HUUDDQG0HOILSURGXFWLRQSODQWV )LDW 3UDWROD6HUUD EHJLQVWKHLUDFWLYLW\ $YHOOLQR0HOIL 3RWHQ]D )HE *LRYDQQL$JQHOOLEHFRPHVKRQRUDU\ )LDW 3UHVLGHQWRI)LDW 7KH)LDW³0DUHD ELSRZHU´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¶VSURGXFWLRQSODQWVDUHZLGHQHG 0DVHUDWL -XQ )LDWDQQRXQFHVWKHHQGRIFDUSURGXWLRQ )LDW LQ5LYDOWD¶VSODQW 7KH6DORQHGHOO DXWRPRELOHLQ7XULQLV VWRSSHG 3ODFH 0RGHQD 5LYDOWD7XULQ 7XULQ 3HRSOH 5HPDUNV QHZ3LQLQIDULQDSODQWLQ%DLUR&DQDYHVH,WDO\ RIDERXWXQLWVD\HDURIWKH3DMHUR 3LQLQ
© Copyright 2026 Paperzz