/
Pioneering Leaders Shaping the Future of Healthcare, 2024 Pioneering Leaders Shaping the Future of Healthcare, 2024

Pioneering Leaders Shaping the Future of Healthcare, 2024 - PDF document

ciolook
ciolook . @ciolook
Follow
65 views
Uploaded On 2024-01-10

Pioneering Leaders Shaping the Future of Healthcare, 2024 - PPT Presentation

This edition features a handful of The Pioneering Leaders Shaping the Future of Healthcare that are leading us to a better future ID: 1039430

#internationalbusinessmagazine #Globalbusinessmagazine #topbusinessmagazine #BestBusinessMagazineforentrepreneurs

Share:

Link:

Embed:

Download Presentation from below link

Download Pdf The PPT/PDF document "Pioneering Leaders Shaping the Future of..." is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.


Presentation Transcript

dZ^Çu]}Ÿ^Çu‰Z}vÇ^šuoovZPvŒŸÀD]]vWÀ]vPšZtÇ(}Œ&µšµŒdZŒ‰]92/,,668(, W˜ŠWŠ˜ešÆšµ¯uÂáR˜u¿š¯”Wµ®µÂµÛöÆ&Šu¨Ì˜uŠ-JCNKF6WTMEU&Ñ®u¯íŠ¯Ìš¿¿Âµu˜̵(¯¯µÚu̚µ¯ 4š“ŠRšŠ¯ŠešÆšµ¯ušŠÆ× 2KQPGGTKPI.GCFGTU R˜u¿š¯”̘Š!ÑÌÑŠµ“ *GCNVJECTG ¬ª¬® 2˜u¨š†WѦ˜šŠ“&Šu¨Ì˜uŠ(¯“µÂ®u̚µ¯WŠ˜¯µ¨µ”áA“ꁊµѯÌᵓRu¯Ìu¨uÂudZŒ]vhvÀ]oÀvuvš]vEµŒ}]vv}Pv]ŸÀZŒZ 8¯§ܓ¯Å“ٝÿ†¿Ü ⬝ÖʝâÙʧ¯ÜâÅ“Ê§ÄÊ¿“忝ÜŽ Ù¯ââÅ¯Å⬝¿†Å¨å†¨ S…‹‘Ž‘‘ƒ‰ƒœ‹‡ 8¯§ܓ¯Å“ٝÿ†¿Ü ⬝ÖʝâÙʧ¯ÜâÅ“Ê§ÄÊ¿“忝ÜŽ Ù¯ââÅ¯Å⬝¿†Å¨å†¨ S…‹‘Ž‘‘ƒ‰ƒœ‹‡ \n#^CSÙW$ \n#^CSÙ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æVXFKDVFKHPLVWU\SK\VLFVFRPSXWHUVFLHQFHDQGHQJLQHHULQJæWRJDLQDKROLVWLFXQGHUVWDQGLQJRIFRPSOH[ELRORJLFDOV\VWHPV7KLVFURVVGLVFLSOLQDU\PLQGVHWHQDEOHVWKHPWRGHYHORSLQQRYDWLYHVROXWLRQVDQGEUHDNWKURXJKV7KH\UHFRJQL]HWKHHWKLFDOLPSOLFDWLRQVRIWKHLUZRUNDQGVWULYHWRFRQGXFWUHVHDUFKWKDWDOLJQVZLWKWKHKLJKHVWVWDQGDUGVRILQWHJULW\7KH\SULRULWL]HWKHZHOOEHLQJRILQGLYLGXDOVDQGFRPPXQLWLHVHQVXULQJWKDWWKHLUGLVFRYHULHVDQGLQQRYDWLRQVFRQWULEXWHSRVLWLYHO\WRVRFLHW\(WKLFDOOHDGHUVKLSLVDFRUQHUVWRQHRIWKHLUFRPPLWPHQWWRUHVSRQVLEOHVFLHQWLFDGYDQFHPHQW7KHVHSHUVRQDOLWLHVDOVRSRVVHVVDNHHQVHQVHRILQQRYDWLRQ7KH\FKDOOHQJHFRQYHQWLRQDOWKLQNLQJGHYHORSLQJQRYHODSSURDFKHVWRVROYHFRPSOH[SUREOHPV:KHWKHULW\n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n#^CSÙW$ \n#^CSÙ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æVXFKDVFKHPLVWU\SK\VLFVFRPSXWHUVFLHQFHDQGHQJLQHHULQJæ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n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dZ^Çu]}Ÿ^Çu‰Z}vÇ ^šuoovZPvŒŸÀD]]vWÀ]vPšZtÇ(}Œ&µšµŒdZŒ‰] W˜ŠWŠ˜ešÆšµ¯uÂáR˜u¿š¯”Wµ®µÂµÛöÆ&Šu¨Ì˜uŠ -JCNKF6WTMEU &Ñ®u¯íŠ¯Ìš¿¿Âµu˜̵(¯¯µÚu̚µ¯ dZŒ]vhvÀ]o Àvuvš]vEµŒ}]vv}Pv]ŸÀZŒZ &29(56725 $57,&/(6 dZ^Çu]}Ÿ^Çu‰Z}vÇ ^šuoovZPvŒŸÀD]]vWÀ]vPšZtÇ(}Œ&µšµŒdZŒ‰] W˜ŠWŠ˜ešÆšµ¯uÂáR˜u¿š¯”Wµ®µÂµÛöÆ&Šu¨Ì˜uŠ -JCNKF6WTMEU &Ñ®u¯íŠ¯Ìš¿¿Âµu˜̵(¯¯µÚu̚µ¯ dZŒ]vhvÀ]o Àvuvš]vEµŒ}]vv}Pv]ŸÀZŒZ &29(56725 $57,&/(6 ‰µšÇ]š}Œv]ZD]ooŒDvP]vP]š}ŒšZŒ]v}Œ s]µo]ÌŒÀšŒš˜]Pv]Œš}ŒÀ]DŒŸv}]š]PvŒ:u}vŒo ^v]}Œ^oDvPŒt]o}vdXU,µvšŒXµš}uŒ^µDvPŒ}oo]v:X^oÆµŸÀd]uU^u]šZ dZv]o,WšŒ,ÇvdZv]o}vµošvšs]š}Œ}oo]v-DQXDU\ jÊ=18¤—ûùûý S~g~~e4TT=18¤˜˜Ã9¹8\nj_¤_¤î_=]î1˜¬˜=_¤8=˜]î1îÔ=_˜8j¬T_j¤ j¬\nj¤î_˜]=¤¤=_î_Ê0j]j Êî_Ê]î_˜4T\n¤j_=\n4]\n8î_=\nîT48j¤j\njÊ=_14\nj=_1jj¤8Ä=˜4Ä=¤8j¬¤=j]=˜˜=j_0j] S~g~~e9¤=_¤=18¤˜]î=_˜jTTÊÄ=¤8 S~g~~e9 ÁÁÁX(}}lX}ul]}o}}lÁÁÁXšÁ]©ŒX}ul]}o}}l (PDLO]v(}›]}o}}lX}u&}Œ^µŒ]‰Ÿ}vÁÁÁX]}o}}lX}u 3RRMD0%DQVDOf„Š„‰dƒ„€ Ž|‡€Ž'~„Š‡ŠŠ† ~Šˆ ZŒZvoǐš(ULF6PLWK^KƵŸÀ$OHQ6SHQFHU %ULHI &RPSDQ\1DPH .KDOLG7XUN&KLHI+HDOWKFDUH,QIRUPDWLRQ7HFKQRORJ\2\rvFHU.KDOLGLVDVWDOZDUWOHDGHULQWKHUHDOPRIKHDOWKFDUHLQQRYDWLRQPDQDJLQJRYHUFXVWRPHUVDFURVVWKUHHVSUDZOLQJKRVSLWDOVPRUHWKDQFOLQLFVDQGERWK%HKDYLRUDODQG3XEOLF+HDOWKGHSDUWPHQWV'U5REHUW6PLWK6HQLRU9LFH3UHVLGHQW'U6PLWKLVDSDVVLRQDWHDGYRFDWHFRPPLWWHGWRFUDIWLQJKHDOWKLHUFRPPXQLWLHVJOREDOO\GULYHQE\DWKUHHSURQJHGDSSURDFKURRWHGLQFRPPXQLW\VHUYLFHDQGKHDOWK&KLQRRN7KHUDSHXWLFV,QFFKLQRRNW[FRP&RXQW\RI6DQWD&ODUDVDQWDFODUDFRXQW\JRY&KULVWRSKHU5RRW&72([SHULHQFH6WUDWHJ\&KULVWRSKHUVSHDUKHDGVDQHOLWHWHDPRIFXVWRPHUH[SHULHQFHOHDGVDQGEXVLQHVVDSSOLHGVFUXPPDVWHUVGULYLQJ$JLOHZD\VRIZRUNLQJ+LVFRPPLWPHQWOLHVLQLQQRYDWLQJVROXWLRQVWKDWHQKDQFHH[SHULHQFHVIRUHPSOR\HHVSDWLHQWVDQGFXVWRPHUV%RHKULQJHU,QJHOKHLPERHKULQJHULQJHOKHLPFRP/XND&KDPL&KLHI3URFXUHPHQW2\rvFHU:LWKRYHU\HDUVDVDSURFXUHPHQWSURIHVVLRQDO/XNDKDVEHHQLQYROYHGLQGHYHORSLQJDOOPDQXIDFWXULQJEDVHGSURMHFWVIURPLQFHSWLRQWRDSSURYDO9LWH[3KDUPDFHXWLFDOVYLWH[SKDUPDFRP9DQHVVD)HUQDQGHV*OREDO+HDGRI'LJLWDO([SHULHQFH'LJLWDO&KDQQHOV9DQHVVDLVDPXOWLOLQJXDOLQQRYDWLYHDQGH[SHULHQFHG&72ZLWKLQWHUQDWLRQDOH[SHUWLVHLQRULJLQDWLQJODXQFKLQJDQGPDQDJLQJVXFFHVVIXOJOREDOEXVLQHVV,7VWUDWHJLHV%10HOORQEQ\PHOORQFRP )HDWXUHG3HUVRQ 4š“ŠRšŠ¯ŠešÆšµ¯ušŠÆ× 2KQPGGTKPI.GCFGTU R˜u¿š¯”̘Š!ÑÌÑŠµ“ *GCNVJECTG ¬ª¬® ‰µšÇ]š}Œv]ZD]ooŒDvP]vP]š}ŒšZŒ]v}Œ s]µo]ÌŒÀšŒš˜]Pv]Œš}ŒÀ]DŒŸv}]š]PvŒ:u}vŒo ^v]}Œ^oDvPŒt]o}vdXU,µvšŒXµš}uŒ^µDvPŒ}oo]v:X^oÆµŸÀd]uU^u]šZ dZv]o,WšŒ,ÇvdZv]o}vµošvšs]š}Œ}oo]v-DQXDU\ jÊ=18¤—ûùûý S~g~~e4TT=18¤˜˜Ã9¹8\nj_¤_¤î_=]î1˜¬˜=_¤8=˜]î1îÔ=_˜8j¬T_j¤ j¬\nj¤î_˜]=¤¤=_î_Ê0j]j Êî_Ê]î_˜4T\n¤j_=\n4]\n8î_=\nîT48j¤j\njÊ=_14\nj=_1jj¤8Ä=˜4Ä=¤8j¬¤=j]=˜˜=j_0j] S~g~~e9¤=_¤=18¤˜]î=_˜jTTÊÄ=¤8 S~g~~e9 ÁÁÁX(}}lX}ul]}o}}lÁÁÁXšÁ]©ŒX}ul]}o}}l (PDLO]v(}›]}o}}lX}u&}Œ^µŒ]‰Ÿ}vÁÁÁX]}o}}lX}u 3RRMD0%DQVDOf„Š„‰dƒ„€ Ž|‡€Ž'~„Š‡ŠŠ† ~Šˆ ZŒZvoǐš(ULF6PLWK^KƵŸÀ$OHQ6SHQFHU %ULHI &RPSDQ\1DPH .KDOLG7XUN&KLHI+HDOWKFDUH,QIRUPDWLRQ7HFKQRORJ\2\rv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rvFHU:LWKRYHU\HDUVDVDSURFXUHPHQWSURIHVVLRQDO/XNDKDVEHHQLQYROYHGLQGHYHORSLQJDOOPDQXIDFWXULQJEDVHGSURMHFWVIURPLQFHSWLRQWRDSSURYDO9LWH[3KDUPDFHXWLFDOVYLWH[SKDUPDFRP9DQHVVD)HUQDQGHV*OREDO+HDGRI'LJLWDO([SHULHQFH'LJLWDO&KDQQHOV9DQHVVDLVDPXOWLOLQJXDOLQQRYDWLYHDQGH[SHULHQFHG&72ZLWKLQWHUQDWLRQDOH[SHUWLVHLQRULJLQDWLQJODXQFKLQJDQGPDQDJLQJVXFFHVVIXOJOREDOEXVLQHVV,7VWUDWHJLHV%10HOORQEQ\PHOORQFRP )HDWXUHG3HUVRQ 4š“ŠRšŠ¯ŠešÆšµ¯ušŠÆ× 2KQPGGTKPI.GCFGTU R˜u¿š¯”̘Š!ÑÌÑŠµ“ *GCNVJECTG ¬ª¬® $ J¥8ôpú-ÒpúfpÒôÒ8îú6ú8pf8púúÒ-pîÒ_ú8ôxfp_—pBíúp_ú6ú8ôBxf-—\_B6f8\r&Òfpú—Ò_úú  úîpú-—îB8ú_\r8\rpúî8B-B\r—Ò8ôúÒ-pîÒ_úpBôú-ú_fx\ú_B_\Òpú8pîÒ_úÒ8ôô_úú ¥îú8p\_Bîúffúf+ W˜ŠWŠ˜ešÆšµ¯uÂáR˜u¿š¯”Wµ®µÂµÛöÆ&Šu¨Ì˜uŠ -JCNKF6WTMEU &Ñ®u¯íŠ¯Ìš¿¿Âµu˜̵(¯¯µÚu̚µ¯ 2˜u¨š†WѦ˜šŠ“&Šu¨Ì˜uŠ(¯“µÂ®u̚µ¯WŠ˜¯µ¨µ”áA“ꁊµѯÌᵓRu¯Ìu¨uÂu $ J¥8ôpú-ÒpúfpÒôÒ8îú6ú8pf8púúÒ-pîÒ_ú8ôxfp_—pBíúp_ú6ú8ôBxf-—\_B6f8\r&Òfpú—Ò_úú  úîpú-—îB8ú_\r8\rpúî8B-B\r—Ò8ôúÒ-pîÒ_úpBôú-ú_fx\ú_B_\Òpú8pîÒ_úÒ8ôô_úú ¥îú8p\_Bîúffúf+ W˜ŠWŠ˜ešÆšµ¯uÂáR˜u¿š¯”Wµ®µÂµÛöÆ&Šu¨Ì˜uŠ -JCNKF6WTMEU &Ñ®u¯íŠ¯Ìš¿¿Âµu˜̵(¯¯µÚu̚µ¯ 2˜u¨š†WѦ˜šŠ“&Šu¨Ì˜uŠ(¯“µÂ®u̚µ¯WŠ˜¯µ¨µ”áA“ꁊµѯÌᵓRu¯Ìu¨uÂu $ FRPSOH[QHWZRUNRIKRVSLWDOVDQGFOLQLFVHDFKEX]]LQJZLWKDFWLYLW\DOOVHDPOHVVO\RUFKHVWUDWHGXQGHUWKHJXLGLQJKDQGRI.KDOLG7XUNWKH&KLHI+HDOWKFDUH,QIRUPDWLRQ7HFKQRORJ\2IFHUDWWKH&RXQW\RI6DQWD&ODUD.KDOLGLVDVWDOZDUWOHDGHULQWKHUHDOPRIKHDOWKFDUHLQQRYDWLRQPDQDJLQJRYHUFXVWRPHUVDFURVVWKUHHVSUDZOLQJKRVSLWDOVPRUHWKDQFOLQLFVDQGERWK%HKDYLRUDODQG3XEOLF+HDOWKGHSDUWPHQWV.KDOLGRYHUVHHVDVWURQJWHDPZLWKDEXGJHWH[FHHGLQJPLOOLRQ+LVOHJDF\LVHWFKHGLQDFFRPSOLVKPHQWVæDFKLHYLQJWKHSUHVWLJLRXV+,0666WDJHVWDWXVIRUDOOWKUHHKRVSLWDOVDIHDWDFFRPSOLVKHGE\RQO\RI86KRVSLWDOV+HOHGWKHFKDUJHLQLPSOHPHQWLQJ1HWVPDUW0\$YDWDU(+5IRUWKH%HKDYLRUDO+HDOWK6HUYLFHV'HSDUWPHQWWUDQVIRUPLQJWKHODQGVFDSHRIPHQWDOKHDOWKFDUH,QWKHDQQDOVRIKHDOWKFDUHWHFKQRORJ\.KDOLGDUUDQJHGWKHUROORXWRILQQRYDWLYH,6V\VWHPVLQWKHPXOWLPLOOLRQGROODUEHG6REUDWR3DYLOLRQKRVSLWDO+HGLUHFWHGWKHH[SDQVLRQRI&RXQW\,7V\VWHPVWRHQFRPSDVV2è&RQQRUDQG6W/RXLVH5HJLRQDOKRVSLWDOVHQVXULQJVHDPOHVVLQWHJUDWLRQDQGRSHUDWLRQDOH[FHOOHQFH/HWèVH[SORUH.KDOLGèVOHDGHUVKLSZKLFKLVDERXWWUDQVIRUPLQJFKDOOHQJHVLQWRYLFWRULHVWKURXJKKLVVWUDWHJLFYLVLRQRSHUDWLRQDOH[SHUWLVHDQGSURIRXQGFRPSDVVLRQ)URP9LVLRQWR9LWDOLW\.KDOLGèVMRXUQH\LVSURRIRIWKHXQH[SHFWHGWXUQVOLIHFDQWDNHWUDQVIRUPLQJFDUHHUVDQGVKDSLQJGHVWLQLHV+LVVWRU\DVKHSXWVLWEHJDQLQQDQFHDQGWHOHFRPLQ$PHULFDEXWIDWHLQWHUYHQHGDWDFRQIHUHQFHê0\ZRUNFDXJKWWKHH\HRI.DLVHU3HUPDQHQWHë7KLVFKDQFHHQFRXQWHUVSDUNHGDQHZFKDSWHUWUDQVLWLRQLQJKLPLQWRKHDOWKFDUH)RU.KDOLGWKLVVZLWFKZDVPRUHWKDQDFDUHHUPRYHæLWZDVDSURIRXQGDOLJQPHQWRIKLVSDVVLRQDQGSXUSRVH,QKHDOWKFDUHKHIRXQGWKHPHDQVWRPHUJHKLVORYHIRUWHFKQRORJ\ZLWKDQLQQDWHGHVLUHWRVHUYHRWKHUV7KHLQGXVWU\EHFDPHKLVSODWIRUPWRWDFNOHVRFLHW\èVLQWULFDWHKHDOWKFKDOOHQJHVGLUHFWO\ZLWKDPLVVLRQWKDWUHVRQDWHGGHHSO\ê$FDXVHQRWMXVWDMREë,QWKLVVHFWRU.KDOLGIRXQGDFDOOLQJRQHWKDWHFKRHVKLVODWHIDWKHUèVGHGLFDWLRQWRKHDOLQJDQGSXEOLFVHUYLFH$WDOHWKDWLOOXPLQDWHVWKHSRZHURISXUSRVHGHPRQVWUDWLQJKRZXQH[SHFWHGSDWKVFDQOHDGWRIXOOOLQJLPSDFWIXOZRUN7HOHFRPPXQLFDWLRQVWR7HOHPHGLFLQH.KDOLGèVSURIHVVLRQDOMRXUQH\UHHFWVKLVXQ\LHOGLQJFRPPLWPHQWWRHQKDQFLQJKHDOWKFDUHWKURXJKWHFKQRORJ\+HHPEDUNHGRQKLVSDWKDVDQHQJLQHHUGUDZQE\KLVIHUYRUIRUVROYLQJSUREOHPVDQGIRVWHULQJLQQRYDWLRQ$UPHGZLWKHQJLQHHULQJDQGFRPSXWHUVFLHQFHHGXFDWLRQKHIXUWKHUIRUWLHGKLVNQRZOHGJHZLWKDEXVLQHVV0DVWHUèVGHJUHHOD\LQJWKHJURXQGZRUNIRUKLVOHDGHUVKLSLQWKH,7GRPDLQ,Q.KDOLGèVMRXUQH\EURXJKWKLPWRWKH8QLWHG6WDWHVZKHUHKHLQLWLDOO\YHQWXUHGLQWRWKHWHOHFRPVHFWRU+RZHYHUKLVGHVWLQ\XQIROGHGLQKHDOWKFDUH,7VSDUNHGE\DJURXQGEUHDNLQJSURMHFWSURWRW\SHIRU.DLVHU3HUPDQHQWHèVSKDUPDF\GHSDUWPHQW.KDOLGèVLQQRYDWLRQVKRQHDWDFRQIHUHQFHSLTXLQJ.DLVHU3HUPDQHQWHèVLQWHUHVWDQGSDYLQJWKHZD\IRUVXEVWDQWLDOFRQWULEXWLRQVWRKHDOWKFDUH2YHUWKH\HDUV.KDOLGKRQHGKLVKHDOWKFDUH,7SURZHVVVSHDUKHDGLQJWUDQVIRUPDWLYHSURMHFWVLQ,7LQIUDVWUXFWXUHDQGVHUYLFHV-RLQLQJ6DQWD&ODUD&RXQW\KHSRVLWLRQHGWKHUROHRI&KLHI,QIRUPDWLRQ2IFHUIRUWKH&RXQW\èV+HDOWKDQG+RVSLWDO6\VWHP7KHUHKHOHGKLVGHGLFDWHGWHDPWKURXJKLQLWLDWLYHVOLNHLPSOHPHQWLQJFRPSUHKHQVLYH,7LQIUDVWUXFWXUHPDQDJLQJDFTXLVLWLRQVDQGHQDEOLQJVZLIWYLUWXDOKHDOWKVHUYLFHVGXULQJWKHSDQGHPLF%H\RQGWKHVHPLOHVWRQHV.KDOLGèVIRFXVRQFRPSDVVLRQLQFOXVLYLW\DQGRQJRLQJLPSURYHPHQWXQGHUVFRUHVKLVDSSURDFK.KDOLGVKDUHVê(YHU\VWHSRIP\MRXUQH\IURPDQHQJLQHHUWRD&,2KDVEHHQJXLGHGE\P\IDWKHUèVVHUYLFHRULHQWHGHWKRVDQGP\GHVLUHWRPDNHDSRVLWLYHLPSDFWRQSHRSOHèVOLYHVë+HUHPDLQVVWHDGIDVWLQKLVPLVVLRQWRHOHYDWHKHDOWKFDUHDFFHVVGHOLYHU\DQGRXWFRPHVDOOZKLOHPHQWRULQJWKHQH[WJHQHUDWLRQRILQGXVWU\OHDGHUV6N\LVWKH/LPLW,Q.KDOLGèVSHUVSHFWLYHWKHKHDOWKFDUHLQGXVWU\VWDQGVYDVWHQFRPSDVVLQJGLYHUVHVHUYLFHVYLWDOIRUFRPPXQLWLHVê)URPGLDJQRVWLFVWRSROLF\PDNLQJLWèVPXOWLIDFHWHGDQGFULWLFDOë+RVSLWDOVFOLQLFVKRPHKHDOWKFDUHDQGWHOHPHGLFLQHDOOSOD\UROHVH[WHQGLQJEH\RQGSDWLHQWFDUHWRDUHDVOLNHUHVHDUFKDQGHGXFDWLRQ&UXFLDOO\KHDOWKFDUHLQWHUWZLQHVZLWKWHFKQRORJ\SKDUPDFHXWLFDOVDQGLQVXUDQFHHQULFKLQJLWVFRPSOH[LW\ê,QWHUVHFWLRQDOLW\DPSOLHVLWVGHSWKëHWDPLGWKLVFRPSOH[LW\DIXQGDPHQWDODLPVKLQHVWKURXJKWRHQKDQFHSHRSOHèVKHDOWKDQGZHOOEHLQJ.KDOLGXQGHUOLQHVWKHLQGXVWU\èVG\QDPLFQDWXUHVKDSHGE\WHFKQRORJ\DQGSROLF\VKLIWVê'LJLWDOKHDOWKDQGSHUVRQDOL]HGPHGLFLQHUHGHQHLWVERXQGDULHVë$VGHPRJUDSKLFVVKLIWDQGVRFLHWDOWUHQGVLQXHQFHWKHKHDOWKFDUHUHDOPFRQWLQXDOO\HYROYHVSURPLVLQJDIXWXUHZKHUHLWVVFRSHH[SDQGVHQVXULQJFRPSUHKHQVLYHZHOOEHLQJIRUDOO$5HWURVSHFWLYH/HDGHU.KDOLGèVFDUHHUHYROXWLRQLQYROYHGDSLYRWDOVKLIWDVKHWUDQVLWLRQHGIURPDQLQGLYLGXDOFRQWULEXWRUWRDWHDPOHDGHUDWUDQVLWLRQKHGHVFULEHVDVDFKDOOHQJLQJOHDUQLQJFXUYHê6KLIWLQJIURPWDVNRULHQWHGWRDQLQVSLULQJOHDGHUë+LVVXFFHVVZDVQRORQJHUPHDVXUHGVROHO\E\LQGLYLGXDOSHUIRUPDQFHEXWE\WKHSHUIRUPDQFHDQGGHYHORSPHQWRIKLVWHDP.KDOLGOHDUQHGWRGHOHJDWHHIIHFWLYHO\DQGIRFXVRQDEURDGHUVWUDWHJLFSHUVSHFWLYHUHHFWLQJKLVHIIRUWVWRJURZ$GGLWLRQDOO\.KDOLGèVMRXUQH\ZDVIXUWKHUHQULFKHGE\WKHQXDQFHVRIDGLIIHUHQWFXOWXUDOEDFNJURXQG7KHODQJXDJHEDUULHUGHVSLWHSURFLHQF\LQ(QJOLVKSUHVHQWHGDXQLTXHFKDOOHQJHDVKHFRPSHWHGLQDODQGVFDSHZKHUH(QJOLVKZDVWKHQDWLYHWRQJXH$GDSWLQJWRDQHZFXOWXUHUHTXLUHGSURIRXQGDGDSWDELOLW\DQGH[LELOLW\DGHOLFDWHEDODQFHEHWZHHQDVVLPLODWLRQDQGPDLQWDLQLQJRQHèVLQGLYLGXDOLW\7KHVHFKDOOHQJHVLQUHWURVSHFWEHFDPHWKHVWHSSLQJVWRQHVWKDWVKDSHG.KDOLGèVUHVLOLHQWDQGDGDSWDEOHOHDGHUVKLSVW\OH7KH\LQVWLOOHGLQKLPWKHYDOXHVRIFRQWLQXRXVOHDUQLQJDQGWKHGULYHWREHFRPHWKHOHDGHUKHSURXGO\HPERGLHVWRGD\7RGD\èV'\QDPLF7RRO.KDOLGKLJKOLJKWVWKHSURIRXQGLPSDFWRIWHFKQRORJ\RQKHDOWKFDUHSURFHVVHVê7HFKQRORJ\KDVIXQGDPHQWDOO\VWUHDPOLQHGRXUSURFHVVHVPDNLQJWKHPHIFLHQWDQGHIIHFWLYHë+HKLJKOLJKWVWKHSLYRWDOUROHRI(OHFWURQLF+HDOWK5HFRUGV (+5V æHOLPLQDWLQJSDSHUFOXWWHUDQGHQVXULQJLQVWDQWDFFHVVWRSDWLHQWLQIRUPDWLRQWKHUHE\DFFHOHUDWLQJGLDJQRVHVDQGWUHDWPHQWV'LJLWDOLQQRYDWLRQVSDUWLFXODUO\$,DQG0DFKLQH/HDUQLQJDXWRPDWHWDVNVOLEHUDWLQJWHDPVIRUYDOXHDGGHGDFWLYLWLHVê$XWRPDWLRQHQKDQFHVHIFLHQF\DQGHOHYDWHVSDWLHQWFDUHë3UHGLFWLYHDQDO\WLFVKDUQHVVELJGDWDJXLGLQJUHVRXUFHDOORFDWLRQDQGSHUVRQDOL]HGSDWLHQWVHUYLFHVHQKDQFLQJRXWFRPHVDQGVDWLVIDFWLRQ&UXFLDOO\WHFKQRORJ\IRUWLHVF\EHUVHFXULW\WKDWLVVDIHJXDUGLQJVHQVLWLYHGDWDê$GYDQFHGVHFXULW\V\VWHPVPDLQWDLQVWDNHKROGHUWUXVWë'XULQJWKHSDQGHPLFUHPRWHWHFKQRORJLHVHQVXUHGXQLQWHUUXSWHGVHUYLFHVVDIHJXDUGLQJHPSOR\HHVèVDIHW\DQGPDLQWDLQLQJRSHUDWLRQDOFRQWLQXLW\:KLOHUHDSLQJWKHVHEHQHWV.KDOLGHPSKDVL]HVYLJLODQFHLQDFNQRZOHGJLQJFKDOOHQJHVê6WUDWHJLFSODQQLQJDQGRQJRLQJWUDLQLQJPLWLJDWHULVNVë8OWLPDWHO\WHFKQRORJ\VWDQGVDVDG\QDPLFWRROUHVKDSLQJKHDOWKFDUHSURPLVLQJEHWWHUFDUHLPSURYHGRXWFRPHVDQGDJLOHKHDOWKFDUHV\VWHPV,WèV$OO$ERXW%DODQFH,Q.KDOLGèVH\HVHIIHFWLYHOHDGHUVKLSLVDGHOLFDWHEDODQFHRIVWUDWHJ\DQGJHQXLQHKXPDQFRQQHFWLRQ+LVSKLORVRSK\HQFDSVXODWHGLQKLVZRUGVêSHRSOHUVWëXQGHUVFRUHVWKHFRUHRIKLVOHDGHUVKLSVW\OH)RU.KDOLGXQGHUVWDQGLQJKLVWHDPèVDVSLUDWLRQVDQGSURYLGLQJVXSSRUWLVIRUHPRVW+HFKDPSLRQVDVHUYDQWOHDGHUVKLSDSSURDFKZKHUHKHDFWLYHO\VHUYHVKLVWHDPIRVWHULQJDQDWPRVSKHUHRIUHVSHFWDQGHQFRXUDJHPHQW.KDOLGèVVWUDWHJLFDFXPHQVKLQHVWKURXJKLQKLVPHWLFXORXVJRDOVHWWLQJ+HFROODERUDWHVFORVHO\ZLWKKLVWHDPDQGVWDNHKROGHUVHQVXULQJWKHLU,7LQLWLDWLYHV +ú_—fpú\B 6—'Bx_8ú—& _B6Ò8ú8\r8úú_pBÒJp&Òfíúú8\rxôúôí—6— Òpú_Lffú_îúAB_ú8púôúpBfÒ8ô6—ôúf_úpB6Ò*úÒ\Bfpú6\ÒîpB8\úB\-úLf-úf+ $ FRPSOH[QHWZRUNRIKRVSLWDOVDQGFOLQLFVHDFKEX]]LQJZLWKDFWLYLW\DOOVHDPOHVVO\RUFKHVWUDWHGXQGHUWKHJXLGLQJKDQGRI.KDOLG7XUNWKH&KLHI+HDOWKFDUH,QIRUPDWLRQ7HFKQRORJ\2IFHUDWWKH&RXQW\RI6DQWD&ODUD.KDOLGLVDVWDOZDUWOHDGHULQWKHUHDOPRIKHDOWKFDUHLQQRYDWLRQPDQDJLQJRYHUFXVWRPHUVDFURVVWKUHHVSUDZOLQJKRVSLWDOVPRUHWKDQFOLQLFVDQGERWK%HKDYLRUDODQG3XEOLF+HDOWKGHSDUWPHQWV.KDOLGRYHUVHHVDVWURQJWHDPZLWKDEXGJHWH[FHHGLQJPLOOLRQ+LVOHJDF\LVHWFKHGLQDFFRPSOLVKPHQWVæDFKLHYLQJWKHSUHVWLJLRXV+,0666WDJHVWDWXVIRUDOOWKUHHKRVSLWDOVDIHDWDFFRPSOLVKHGE\RQO\RI86KRVSLWDOV+HOHGWKHFKDUJHLQLPSOHPHQWLQJ1HWVPDUW0\$YDWDU(+5IRUWKH%HKDYLRUDO+HDOWK6HUYLFHV'HSDUWPHQWWUDQVIRUPLQJWKHODQGVFDSHRIPHQWDOKHDOWKFDUH,QWKHDQQDOVRIKHDOWKFDUHWHFKQRORJ\.KDOLGDUUDQJHGWKHUROORXWRILQQRYDWLYH,6V\VWHPVLQWKHPXOWLPLOOLRQGROODUEHG6REUDWR3DYLOLRQKRVSLWDO+HGLUHFWHGWKHH[SDQVLRQRI&RXQW\,7V\VWHPVWRHQFRPSDVV2è&RQQRUDQG6W/RXLVH5HJLRQDOKRVSLWDOVHQVXULQJVHDPOHVVLQWHJUDWLRQDQGRSHUDWLRQDOH[FHOOHQFH/HWèVH[SORUH.KDOLGèVOHDGHUVKLSZKLFKLVDERXWWUDQVIRUPLQJFKDOOHQJHVLQWRYLFWRULHVWKURXJKKLVVWUDWHJLFYLVLRQRSHUDWLRQDOH[SHUWLVHDQGSURIRXQGFRPSDVVLRQ)URP9LVLRQWR9LWDOLW\.KDOLGèVMRXUQH\LVSURRIRIWKHXQH[SHFWHGWXUQVOLIHFDQWDNHWUDQVIRUPLQJFDUHHUVDQGVKDSLQJGHVWLQLHV+LVVWRU\DVKHSXWVLWEHJDQLQQDQFHDQGWHOHFRPLQ$PHULFDEXWIDWHLQWHUYHQHGDWDFRQIHUHQFHê0\ZRUNFDXJKWWKHH\HRI.DLVHU3HUPDQHQWHë7KLVFKDQFHHQFRXQWHUVSDUNHGDQHZFKDSWHUWUDQVLWLRQLQJKLPLQWRKHDOWKFDUH)RU.KDOLGWKLVVZLWFKZDVPRUHWKDQDFDUHHUPRYHæLWZDVDSURIRXQGDOLJQPHQWRIKLVSDVVLRQDQGSXUSRVH,QKHDOWKFDUHKHIRXQGWKHPHDQVWRPHUJHKLVORYHIRUWHFKQRORJ\ZLWKDQLQQDWHGHVLUHWRVHUYHRWKHUV7KHLQGXVWU\EHFDPHKLVSODWIRUPWRWDFNOHVRFLHW\èVLQWULFDWHKHDOWKFKDOOHQJHVGLUHFWO\ZLWKDPLVVLRQWKDWUHVRQDWHGGHHSO\ê$FDXVHQRWMXVWDMREë,QWKLVVHFWRU.KDOLGIRXQGDFDOOLQJRQHWKDWHFKRHVKLVODWHIDWKHUèVGHGLFDWLRQWRKHDOLQJDQGSXEOLFVHUYLFH$WDOHWKDWLOOXPLQDWHVWKHSRZHURISXUSRVHGHPRQVWUDWLQJKRZXQH[SHFWHGSDWKVFDQOHDGWRIXOOOLQJLPSDFWIXOZRUN7HOHFRPPXQLFDWLRQVWR7HOHPHGLFLQH.KDOLGèVSURIHVVLRQDOMRXUQH\UHHFWVKLVXQ\LHOGLQJFRPPLWPHQWWRHQKDQFLQJKHDOWKFDUHWKURXJKWHFKQRORJ\+HHPEDUNHGRQKLVSDWKDVDQHQJLQHHUGUDZQE\KLVIHUYRUIRUVROYLQJSUREOHPVDQGIRVWHULQJLQQRYDWLRQ$UPHGZLWKHQJLQHHULQJDQGFRPSXWHUVFLHQFHHGXFDWLRQKHIXUWKHUIRUWLHGKLVNQRZOHGJHZLWKDEXVLQHVV0DVWHUèVGHJUHHOD\LQJWKHJURXQGZRUNIRUKLVOHDGHUVKLSLQWKH,7GRPDLQ,Q.KDOLGèVMRXUQH\EURXJKWKLPWRWKH8QLWHG6WDWHVZKHUHKHLQLWLDOO\YHQWXUHGLQWRWKHWHOHFRPVHFWRU+RZHYHUKLVGHVWLQ\XQIROGHGLQKHDOWKFDUH,7VSDUNHGE\DJURXQGEUHDNLQJSURMHFWSURWRW\SHIRU.DLVHU3HUPDQHQWHèVSKDUPDF\GHSDUWPHQW.KDOLGèVLQQRYDWLRQVKRQHDWDFRQIHUHQFHSLTXLQJ.DLVHU3HUPDQHQWHèVLQWHUHVWDQGSDYLQJWKHZD\IRUVXEVWDQWLDOFRQWULEXWLRQVWRKHDOWKFDUH2YHUWKH\HDUV.KDOLGKRQHGKLVKHDOWKFDUH,7SURZHVVVSHDUKHDGLQJWUDQVIRUPDWLYHSURMHFWVLQ,7LQIUDVWUXFWXUHDQGVHUYLFHV-RLQLQJ6DQWD&ODUD&RXQW\KHSRVLWLRQHGWKHUROHRI&KLHI,QIRUPDWLRQ2IFHUIRUWKH&RXQW\èV+HDOWKDQG+RVSLWDO6\VWHP7KHUHKHOHGKLVGHGLFDWHGWHDPWKURXJKLQLWLDWLYHVOLNHLPSOHPHQWLQJFRPSUHKHQVLYH,7LQIUDVWUXFWXUHPDQDJLQJDFTXLVLWLRQVDQGHQDEOLQJVZLIWYLUWXDOKHDOWKVHUYLFHVGXULQJWKHSDQGHPLF%H\RQGWKHVHPLOHVWRQHV.KDOLGèVIRFXVRQFRPSDVVLRQLQFOXVLYLW\DQGRQJRLQJLPSURYHPHQWXQGHUVFRUHVKLVDSSURDFK.KDOLGVKDUHVê(YHU\VWHSRIP\MRXUQH\IURPDQHQJLQHHUWRD&,2KDVEHHQJXLGHGE\P\IDWKHUèVVHUYLFHRULHQWHGHWKRVDQGP\GHVLUHWRPDNHDSRVLWLYHLPSDFWRQSHRSOHèVOLYHVë+HUHPDLQVVWHDGIDVWLQKLVPLVVLRQWRHOHYDWHKHDOWKFDUHDFFHVVGHOLYHU\DQGRXWFRPHVDOOZKLOHPHQWRULQJWKHQH[WJHQHUDWLRQRILQGXVWU\OHDGHUV6N\LVWKH/LPLW,Q.KDOLGèVSHUVSHFWLYHWKHKHDOWKFDUHLQGXVWU\VWDQGVYDVWHQFRPSDVVLQJGLYHUVHVHUYLFHVYLWDOIRUFRPPXQLWLHVê)URPGLDJQRVWLFVWRSROLF\PDNLQJLWèVPXOWLIDFHWHGDQGFULWLFDOë+RVSLWDOVFOLQLFVKRPHKHDOWKFDUHDQGWHOHPHGLFLQHDOOSOD\UROHVH[WHQGLQJEH\RQGSDWLHQWFDUHWRDUHDVOLNHUHVHDUFKDQGHGXFDWLRQ&UXFLDOO\KHDOWKFDUHLQWHUWZLQHVZLWKWHFKQRORJ\SKDUPDFHXWLFDOVDQGLQVXUDQFHHQULFKLQJLWVFRPSOH[LW\ê,QWHUVHFWLRQDOLW\DPSOLHVLWVGHSWKëHWDPLGWKLVFRPSOH[LW\DIXQGDPHQWDODLPVKLQHVWKURXJKWRHQKDQFHSHRSOHèVKHDOWKDQGZHOOEHLQJ.KDOLGXQGHUOLQHVWKHLQGXVWU\èVG\QDPLFQDWXUHVKDSHGE\WHFKQRORJ\DQGSROLF\VKLIWVê'LJLWDOKHDOWKDQGSHUVRQDOL]HGPHGLFLQHUHGHQHLWVERXQGDULHVë$VGHPRJUDSKLFVVKLIWDQGVRFLHWDOWUHQGVLQXHQFHWKHKHDOWKFDUHUHDOPFRQWLQXDOO\HYROYHVSURPLVLQJDIXWXUHZKHUHLWVVFRSHH[SDQGVHQVXULQJFRPSUHKHQVLYHZHOOEHLQJIRUDOO$5HWURVSHFWLYH/HDGHU.KDOLGèVFDUHHUHYROXWLRQLQYROYHGDSLYRWDOVKLIWDVKHWUDQVLWLRQHGIURPDQLQGLYLGXDOFRQWULEXWRUWRDWHDPOHDGHUDWUDQVLWLRQKHGHVFULEHVDVDFKDOOHQJLQJOHDUQLQJFXUYHê6KLIWLQJIURPWDVNRULHQWHGWRDQLQVSLULQJOHDGHUë+LVVXFFHVVZDVQRORQJHUPHDVXUHGVROHO\E\LQGLYLGXDOSHUIRUPDQFHEXWE\WKHSHUIRUPDQFHDQGGHYHORSPHQWRIKLVWHDP.KDOLGOHDUQHGWRGHOHJDWHHIIHFWLYHO\DQGIRFXVRQDEURDGHUVWUDWHJLFSHUVSHFWLYHUHHFWLQJKLVHIIRUWVWRJURZ$GGLWLRQDOO\.KDOLGèVMRXUQH\ZDVIXUWKHUHQULFKHGE\WKHQXDQFHVRIDGLIIHUHQWFXOWXUDOEDFNJURXQG7KHODQJXDJHEDUULHUGHVSLWHSURFLHQF\LQ(QJOLVKSUHVHQWHGDXQLTXHFKDOOHQJHDVKHFRPSHWHGLQDODQGVFDSHZKHUH(QJOLVKZDVWKHQDWLYHWRQJXH$GDSWLQJWRDQHZFXOWXUHUHTXLUHGSURIRXQGDGDSWDELOLW\DQGH[LELOLW\DGHOLFDWHEDODQFHEHWZHHQDVVLPLODWLRQDQGPDLQWDLQLQJRQHèVLQGLYLGXDOLW\7KHVHFKDOOHQJHVLQUHWURVSHFWEHFDPHWKHVWHSSLQJVWRQHVWKDWVKDSHG.KDOLGèVUHVLOLHQWDQGDGDSWDEOHOHDGHUVKLSVW\OH7KH\LQVWLOOHGLQKLPWKHYDOXHVRIFRQWLQXRXVOHDUQLQJDQGWKHGULYHWREHFRPHWKHOHDGHUKHSURXGO\HPERGLHVWRGD\7RGD\èV'\QDPLF7RRO.KDOLGKLJKOLJKWVWKHSURIRXQGLPSDFWRIWHFKQRORJ\RQKHDOWKFDUHSURFHVVHVê7HFKQRORJ\KDVIXQGDPHQWDOO\VWUHDPOLQHGRXUSURFHVVHVPDNLQJWKHPHIFLHQWDQGHIIHFWLYHë+HKLJKOLJKWVWKHSLYRWDOUROHRI(OHFWURQLF+HDOWK5HFRUGV (+5V æHOLPLQDWLQJSDSHUFOXWWHUDQGHQVXULQJLQVWDQWDFFHVVWRSDWLHQWLQIRUPDWLRQWKHUHE\DFFHOHUDWLQJGLDJQRVHVDQGWUHDWPHQWV'LJLWDOLQQRYDWLRQVSDUWLFXODUO\$,DQG0DFKLQH/HDUQLQJDXWRPDWHWDVNVOLEHUDWLQJWHDPVIRUYDOXHDGGHGDFWLYLWLHVê$XWRPDWLRQHQKDQFHVHIFLHQF\DQGHOHYDWHVSDWLHQWFDUHë3UHGLFWLYHDQDO\WLFVKDUQHVVELJGDWDJXLGLQJUHVRXUFHDOORFDWLRQDQGSHUVRQDOL]HGSDWLHQWVHUYLFHVHQKDQFLQJRXWFRPHVDQGVDWLVIDFWLRQ&UXFLDOO\WHFKQRORJ\IRUWLHVF\EHUVHFXULW\WKDWLVVDIHJXDUGLQJVHQVLWLYHGDWDê$GYDQFHGVHFXULW\V\VWHPVPDLQWDLQVWDNHKROGHUWUXVWë'XULQJWKHSDQGHPLFUHPRWHWHFKQRORJLHVHQVXUHGXQLQWHUUXSWHGVHUYLFHVVDIHJXDUGLQJHPSOR\HHVèVDIHW\DQGPDLQWDLQLQJRSHUDWLRQDOFRQWLQXLW\:KLOHUHDSLQJWKHVHEHQHWV.KDOLGHPSKDVL]HVYLJLODQFHLQDFNQRZOHGJLQJFKDOOHQJHVê6WUDWHJLFSODQQLQJDQGRQJRLQJWUDLQLQJPLWLJDWHULVNVë8OWLPDWHO\WHFKQRORJ\VWDQGVDVDG\QDPLFWRROUHVKDSLQJKHDOWKFDUHSURPLVLQJEHWWHUFDUHLPSURYHGRXWFRPHVDQGDJLOHKHDOWKFDUHV\VWHPV,WèV$OO$ERXW%DODQFH,Q.KDOLGèVH\HVHIIHFWLYHOHDGHUVKLSLVDGHOLFDWHEDODQFHRIVWUDWHJ\DQGJHQXLQHKXPDQFRQQHFWLRQ+LVSKLORVRSK\HQFDSVXODWHGLQKLVZRUGVêSHRSOHUVWëXQGHUVFRUHVWKHFRUHRIKLVOHDGHUVKLSVW\OH)RU.KDOLGXQGHUVWDQGLQJKLVWHDPèVDVSLUDWLRQVDQGSURYLGLQJVXSSRUWLVIRUHPRVW+HFKDPSLRQVDVHUYDQWOHDGHUVKLSDSSURDFKZKHUHKHDFWLYHO\VHUYHVKLVWHDPIRVWHULQJDQDWPRVSKHUHRIUHVSHFWDQGHQFRXUDJHPHQW.KDOLGèVVWUDWHJLFDFXPHQVKLQHVWKURXJKLQKLVPHWLFXORXVJRDOVHWWLQJ+HFROODERUDWHVFORVHO\ZLWKKLVWHDPDQGVWDNHKROGHUVHQVXULQJWKHLU,7LQLWLDWLYHV +ú_—fpú\B 6—'Bx_8ú—& _B6Ò8ú8\r8úú_pBÒJp&Òfíúú8\rxôúôí—6— Òpú_Lffú_îúAB_ú8púôúpBfÒ8ô6—ôúf_úpB6Ò*úÒ\Bfpú6\ÒîpB8\úB\-úLf-úf+ VHDPOHVVO\DOLJQZLWKEURDGHURUJDQL]DWLRQDOREMHFWLYHV5HJXODUUHYLHZVDQGRSHQFRPPXQLFDWLRQJXDUDQWHHWKH\VWD\RQWKHULJKWSDWK.KDOLGèVFRPPXQLFDWLRQVWUDWHJ\LVGHOLEHUDWHDQGWUDQVSDUHQWHPSKDVL]LQJFODULW\DQGDOLJQPHQW+HLQYHVWVLQKLVJURZWKVHWWLQJDQH[DPSOHIRUFRQWLQXRXVOHDUQLQJ7KURXJKWKLVDSSURDFK.KDOLGFUDIWVDOHDGHUVKLSPRGHOGHQHGE\SDUWLFLSDWLRQWUDQVSDUHQF\DQGGHYHORSPHQWDOIRFXV+LVOHDGHUVKLSIRFXVHVRQHPSRZHULQJLQGLYLGXDOVQXUWXULQJWKHLUSRWHQWLDODQGFROOHFWLYHO\DGYDQFLQJKHDOWKFDUHWKURXJKLQQRYDWLYH,7VROXWLRQV3DWLHQWFHQWULF&DUH.KDOLGèVWHDPDVKHVWDWHVVSHFLDOL]HVLQRIIHULQJWDLORUHG,7VROXWLRQVYLWDOIRUWKH&RXQW\èVKHDOWKFDUHV\VWHPê2XUJRDOLVWRLPSURYHSDWLHQWFDUHHQKDQFHHIFLHQF\DQGGULYHLQQRYDWLRQë)URPGDLO\,7RSHUDWLRQVWRVWUDWHJLFSODQQLQJWKHLUVHUYLFHVVSDQDZLGHVSHFWUXP7KHLUFRUHIRFXVUHPDLQVSDWLHQWFHQWULFFDUH.KDOLGèVWHDPXQGHUVWDQGVWKHGLUHFWLPSDFWWKHLUZRUNKDVRQSDWLHQWVVKDSLQJWKHLURXWFRPHVDQGH[SHULHQFHV(YHU\WDVNIURPRSHUDWLQJFULWLFDO,7V\VWHPVWRLPSOHPHQWLQJQRYHOWHFKQRORJLHVLVGULYHQE\DVKDUHGGHGLFDWLRQWRGHOLYHULQJKLJKTXDOLW\HIIHFWLYHDQGHIFLHQWSDWLHQWFDUH7KHLUFRPPLWPHQWWRH[FHOOHQFHHFKRHVLQHYHU\VHUYLFHWKH\SURYLGHHQVXULQJWKHKHDOWKFDUHV\VWHPWKULYHVWKURXJKWKHSRZHURIWHFKQRORJ\(PSDWK\DQG(PSRZHUPHQW.KDOLGèVOHDGHUVKLSHWKRVUHYROYHVDURXQGWKHWUDQVIRUPDWLYHSRZHURIVHUYDQWOHDGHUVKLSDSKLORVRSK\KHDUWLFXODWHVZLWKFRQYLFWLRQê/HDGHUVKLSLVQèWDERXWDVVHUWLQJSRZHUEXWDERXWHPSRZHULQJRWKHUVë,QKLVUHDOPHPSDWK\FRPSDVVLRQDQGJHQXLQHGHGLFDWLRQWRVHUYLFHIRUPWKHFRUQHUVWRQHRIKLVDSSURDFK7RLQVWLOOWKHVHYDOXHVLQKLVWHDP.KDOLGFKDPSLRQVRSHQFRPPXQLFDWLRQDQGPXWXDOUHVSHFWê$FWLYHOLVWHQLQJDOORZVIRUGLYHUVHWKRXJKWFRQWULEXWLQJWRLQQRYDWLRQë+HLQYHVWVLQKLVWHDPèVJURZWKIRVWHULQJDQHQYLURQPHQWZKHUHFRQWLQXRXVOHDUQLQJWKULYHV.KDOLGèVGHGLFDWLRQJRHVEH\RQGSURIHVVLRQDOGHYHORSPHQWQXUWXULQJHDFKWHDPPHPEHUèVFRQGHQFHDQGFRPPLWPHQWWKURXJKJHQXLQHLQWHUHVWLQWKHLUSHUVRQDOJURZWK7UDQVSDUHQF\DQGKRQHVW\DUH.KDOLGèVJXLGLQJSULQFLSOHVXQGHUSLQQHGE\HWKLFDOVWDQGDUGVê&OHDUH[SHFWDWLRQVDQGKRQHVWIHHGEDFNEXLOGWUXVWë+HOHDGVE\H[DPSOHVKRZFDVLQJUHVLOLHQFHVWHDGIDVWFRPPLWPHQWDQGFRPSDVVLRQ.KDOLGEHOLHYHVWKDWWKLVOHDGHUVKLSPRGHOFUHDWHVDULSSOHHIIHFWIRVWHULQJDSRVLWLYHVXSSRUWLYHDQGHIIHFWLYHZRUNHQYLURQPHQWZKHUHHDFKWHDPPHPEHUWKULYHV0RGHUQ$SSURDFK$VWKH&KLHI+HDOWKFDUH,QIRUPDWLRQ7HFKQRORJ\2IFHUIRU6DQWD&ODUD&RXQW\èV7HFKQRORJ\6HUYLFHVDQG6ROXWLRQV 766 GHSDUWPHQW.KDOLGOHDGVWKHFKDUJHLQPHUJLQJWHFKQRORJ\ZLWKKHDOWKFDUH.KDOLGèVPLVVLRQLVê(QVXULQJRXU,7LQLWLDWLYHVDOLJQZLWKEURDGHUKHDOWKFDUHJRDOVë7KLVLQYROYHVDG\QDPLFUROHRYHUVHHLQJ,7VWUDWHJ\DQGRSHUDWLRQVDFURVVKHDOWKFDUHFRPSRQHQWVDOOZKLOHSODFLQJSDWLHQWFDUHDWWKHIRUHIURQW.KDOLGèVOHDGHUVKLSWKULYHVRQFROODERUDWLRQDQGLQQRYDWLRQ+HIRVWHUVDQHQYLURQPHQWZKHUHKLVWHDPLVGULYHQE\DêVKDUHGFRPPLWPHQWWRH[FHOOHQFHLQFXVWRPHUVXSSRUWë7KLVDSSURDFKKDVQRWRQO\OHGWREHWWHUSDWLHQWH[SHULHQFHVEXWKDVDOVRIDFLOLWDWHGSDUWQHUVKLSVZLWKVWUDWHJLFEXVLQHVVHV.KDOLGèVYLVLRQH[WHQGVWRGLJLWDOWUDQVIRUPDWLRQZKHUHKHSLRQHHUVWKHXVHRIPRGHUQWHFKQRORJLHVWRLPSURYHKHDOWKFDUHGHOLYHU\+HXQGHUVWDQGVWKDWVWD\LQJXSGDWHGRQKHDOWKFDUH,7DGYDQFHPHQWVLVHVVHQWLDO6HFXULW\DQGGDWDLQWHJULW\DUHSDUDPRXQWDQG.KDOLGWDNHVVWHSVWRLPSOHPHQWUREXVWVHFXULW\PHDVXUHVDQGFXOWLYDWHVDVHFXULW\FRQVFLRXVFXOWXUH$VDPHPEHURIWKH766H[HFXWLYHWHDP.KDOLGSOD\VDSLYRWDOUROHLQVKDSLQJWKHRUJDQL]DWLRQDOFXOWXUHDQGIXWXUHGLUHFWLRQ+LVKROLVWLFDSSURDFKHQVXUHVWKDW6DQWD&ODUD&RXQW\èVKHDOWKFDUHV\VWHPLVFRQWLQXRXVO\SURSHOOHGWRZDUGHIFLHQF\LQQRYDWLRQDQGVHFXULW\2QHLVDOODQG$OOLV2QH7KH&RXQW\RI6DQWD&ODUD+HDOWK6\VWHPXQGHU.KDOLGèVYLVLRQDU\JXLGDQFHLVIRFXVHGRQLQFOXVLYHKHDOWKFDUHê:HèUHVKDSLQJWKHIXWXUHRIKHDOWKFDUHZLWKHTXLW\DQGWHFKQRORJ\DWWKHFRUHë ¾úL_úfÒ\8\rpú xpx_úB úÒ-pîÒ_ú‘pú^xp—Ò8ôpúî8B-B\r—ÒppúîB_ú+ VHDPOHVVO\DOLJQZLWKEURDGHURUJDQL]DWLRQDOREMHFWLYHV5HJXODUUHYLHZVDQGRSHQFRPPXQLFDWLRQJXDUDQWHHWKH\VWD\RQWKHULJKWSDWK.KDOLGèVFRPPXQLFDWLRQVWUDWHJ\LVGHOLEHUDWHDQGWUDQVSDUHQWHPSKDVL]LQJFODULW\DQGDOLJQPHQW+HLQYHVWVLQKLVJURZWKVHWWLQJDQH[DPSOHIRUFRQWLQXRXVOHDUQLQJ7KURXJKWKLVDSSURDFK.KDOLGFUDIWVDOHDGHUVKLSPRGHOGHQHGE\SDUWLFLSDWLRQWUDQVSDUHQF\DQGGHYHORSPHQWDOIRFXV+LVOHDGHUVKLSIRFXVHVRQHPSRZHULQJLQGLYLGXDOVQXUWXULQJWKHLUSRWHQWLDODQGFROOHFWLYHO\DGYDQFLQJKHDOWKFDUHWKURXJKLQQRYDWLYH,7VROXWLRQV3DWLHQWFHQWULF&DUH.KDOLGèVWHDPDVKHVWDWHVVSHFLDOL]HVLQRIIHULQJWDLORUHG,7VROXWLRQVYLWDOIRUWKH&RXQW\èVKHDOWKFDUHV\VWHPê2XUJRDOLVWRLPSURYHSDWLHQWFDUHHQKDQFHHIFLHQF\DQGGULYHLQQRYDWLRQë)URPGDLO\,7RSHUDWLRQVWRVWUDWHJLFSODQQLQJWKHLUVHUYLFHVVSDQDZLGHVSHFWUXP7KHLUFRUHIRFXVUHPDLQVSDWLHQWFHQWULFFDUH.KDOLGèVWHDPXQGHUVWDQGVWKHGLUHFWLPSDFWWKHLUZRUNKDVRQSDWLHQWVVKDSLQJWKHLURXWFRPHVDQGH[SHULHQFHV(YHU\WDVNIURPRSHUDWLQJFULWLFDO,7V\VWHPVWRLPSOHPHQWLQJQRYHOWHFKQRORJLHVLVGULYHQE\DVKDUHGGHGLFDWLRQWRGHOLYHULQJKLJKTXDOLW\HIIHFWLYHDQGHIFLHQWSDWLHQWFDUH7KHLUFRPPLWPHQWWRH[FHOOHQFHHFKRHVLQHYHU\VHUYLFHWKH\SURYLGHHQVXULQJWKHKHDOWKFDUHV\VWHPWKULYHVWKURXJKWKHSRZHURIWHFKQRORJ\(PSDWK\DQG(PSRZHUPHQW.KDOLGèVOHDGHUVKLSHWKRVUHYROYHVDURXQGWKHWUDQVIRUPDWLYHSRZHURIVHUYDQWOHDGHUVKLSDSKLORVRSK\KHDUWLFXODWHVZLWKFRQYLFWLRQê/HDGHUVKLSLVQèWDERXWDVVHUWLQJSRZHUEXWDERXWHPSRZHULQJRWKHUVë,QKLVUHDOPHPSDWK\FRPSDVVLRQDQGJHQXLQHGHGLFDWLRQWRVHUYLFHIRUPWKHFRUQHUVWRQHRIKLVDSSURDFK7RLQVWLOOWKHVHYDOXHVLQKLVWHDP.KDOLGFKDPSLRQVRSHQFRPPXQLFDWLRQDQGPXWXDOUHVSHFWê$FWLYHOLVWHQLQJDOORZVIRUGLYHUVHWKRXJKWFRQWULEXWLQJWRLQQRYDWLRQë+HLQYHVWVLQKLVWHDPèVJURZWKIRVWHULQJDQHQYLURQPHQWZKHUHFRQWLQXRXVOHDUQLQJWKULYHV.KDOLGèVGHGLFDWLRQJRHVEH\RQGSURIHVVLRQDOGHYHORSPHQWQXUWXULQJHDFKWHDPPHPEHUèVFRQGHQFHDQGFRPPLWPHQWWKURXJKJHQXLQHLQWHUHVWLQWKHLUSHUVRQDOJURZWK7UDQVSDUHQF\DQGKRQHVW\DUH.KDOLGèVJXLGLQJSULQFLSOHVXQGHUSLQQHGE\HWKLFDOVWDQGDUGVê&OHDUH[SHFWDWLRQVDQGKRQHVWIHHGEDFNEXLOGWUXVWë+HOHDGVE\H[DPSOHVKRZFDVLQJUHVLOLHQFHVWHDGIDVWFRPPLWPHQWDQGFRPSDVVLRQ.KDOLGEHOLHYHVWKDWWKLVOHDGHUVKLSPRGHOFUHDWHVDULSSOHHIIHFWIRVWHULQJDSRVLWLYHVXSSRUWLYHDQGHIIHFWLYHZRUNHQYLURQPHQWZKHUHHDFKWHDPPHPEHUWKULYHV0RGHUQ$SSURDFK$VWKH&KLHI+HDOWKFDUH,QIRUPDWLRQ7HFKQRORJ\2IFHUIRU6DQWD&ODUD&RXQW\èV7HFKQRORJ\6HUYLFHVDQG6ROXWLRQV 766 GHSDUWPHQW.KDOLGOHDGVWKHFKDUJHLQPHUJLQJWHFKQRORJ\ZLWKKHDOWKFDUH.KDOLGèVPLVVLRQLVê(QVXULQJRXU,7LQLWLDWLYHVDOLJQZLWKEURDGHUKHDOWKFDUHJRDOVë7KLVLQYROYHVDG\QDPLFUROHRYHUVHHLQJ,7VWUDWHJ\DQGRSHUDWLRQVDFURVVKHDOWKFDUHFRPSRQHQWVDOOZKLOHSODFLQJSDWLHQWFDUHDWWKHIRUHIURQW.KDOLGèVOHDGHUVKLSWKULYHVRQFROODERUDWLRQDQGLQQRYDWLRQ+HIRVWHUVDQHQYLURQPHQWZKHUHKLVWHDPLVGULYHQE\DêVKDUHGFRPPLWPHQWWRH[FHOOHQFHLQFXVWRPHUVXSSRUWë7KLVDSSURDFKKDVQRWRQO\OHGWREHWWHUSDWLHQWH[SHULHQFHVEXWKDVDOVRIDFLOLWDWHGSDUWQHUVKLSVZLWKVWUDWHJLFEXVLQHVVHV.KDOLGèVYLVLRQH[WHQGVWRGLJLWDOWUDQVIRUPDWLRQZKHUHKHSLRQHHUVWKHXVHRIPRGHUQWHFKQRORJLHVWRLPSURYHKHDOWKFDUHGHOLYHU\+HXQGHUVWDQGVWKDWVWD\LQJXSGDWHGRQKHDOWKFDUH,7DGYDQFHPHQWVLVHVVHQWLDO6HFXULW\DQGGDWDLQWHJULW\DUHSDUDPRXQWDQG.KDOLGWDNHVVWHSVWRLPSOHPHQWUREXVWVHFXULW\PHDVXUHVDQGFXOWLYDWHVDVHFXULW\FRQVFLRXVFXOWXUH$VDPHPEHURIWKH766H[HFXWLYHWHDP.KDOLGSOD\VDSLYRWDOUROHLQVKDSLQJWKHRUJDQL]DWLRQDOFXOWXUHDQGIXWXUHGLUHFWLRQ+LVKROLVWLFDSSURDFKHQVXUHVWKDW6DQWD&ODUD&RXQW\èVKHDOWKFDUHV\VWHPLVFRQWLQXRXVO\SURSHOOHGWRZDUGHIFLHQF\LQQRYDWLRQDQGVHFXULW\2QHLVDOODQG$OOLV2QH7KH&RXQW\RI6DQWD&ODUD+HDOWK6\VWHPXQGHU.KDOLGèVYLVLRQDU\JXLGDQFHLVIRFXVHGRQLQFOXVLYHKHDOWKFDUHê:HèUHVKDSLQJWKHIXWXUHRIKHDOWKFDUHZLWKHTXLW\DQGWHFKQRORJ\DWWKHFRUHë ¾úL_úfÒ\8\rpú xpx_úB úÒ-pîÒ_ú‘pú^xp—Ò8ôpúî8B-B\r—ÒppúîB_ú+ 7KHLUFRPPLWPHQWHQFRPSDVVHVKROLVWLFZHOOQHVVLQFOXGLQJPHQWDOKHDOWKDQGSUHYHQWLYHFDUHVKDSLQJDIXWXUHIRFXVHGRQRYHUDOOKHDOWK/HYHUDJLQJFXWWLQJHGJHWHFKQRORJ\WKH\SLRQHHUDGYDQFHPHQWVLQDUWLFLDOLQWHOOLJHQFHDQGGDWDDQDO\WLFVHQVXULQJHIFLHQWDQGHTXLWDEOHKHDOWKFDUH:HLQQRYDWHSURFHVVHVWRGHOLYHUTXDOLW\KHDOWKFDUHë&RQWLQXRXVOHDUQLQJLVHPEHGGHGLQWKHLUFXOWXUHHQVXULQJWKHLUZRUNIRUFHLVDGHSWDWHYROYLQJKHDOWKFDUHWHFKQRORJ\&UXFLDOO\WKHLUFROODERUDWLYHSDUWQHUVKLSVDPSOLI\WKHLULPSDFW:RUNLQJZLWKKHDOWKFDUHSURYLGHUVDQGUHVHDUFKLQVWLWXWLRQVWKH\VKDUHNQRZOHGJHDQGUHVRXUFHVê&ROODERUDWLRQGULYHVLQQRYDWLRQDQGDGYDQFHPHQWë6DQWD&ODUD&RXQW\VKDSHVKHDOWKFDUHèVIXWXUHE\FKDPSLRQLQJHTXLW\HPEUDFLQJWHFKQRORJ\IRVWHULQJOHDUQLQJSURPRWLQJZHOOQHVVDQGEXLOGLQJUREXVWSDUWQHUVKLSV7KHLULQLWLDWLYHVSURPLVHWUDQVIRUPDWLYHKHDOWKFDUHSURYLGLQJXQSDUDOOHOHGFDUHWRHYHU\LQGLYLGXDOLQWKHLUFRPPXQLW\7KH5HYROXWLRQDU\6WHS,Q.KDOLGèVSHUVSHFWLYHWKHIXWXUHRIKHDOWKFDUHLVRQWKHFXVSRIDSDWLHQWFHQWULFUHYROXWLRQGULYHQE\WHFKQRORJLFDODGYDQFHPHQWVDQGGDWDGULYHQLQVLJKWVê,VHHKHDOWKFDUHEHFRPLQJLQFUHDVLQJO\SHUVRQDOL]HGZLWKWHFKQRORJ\HQDEOLQJPRUHDFFXUDWHGLDJQRVHVWDUJHWHGWUHDWPHQWVDQGSURDFWLYHSUHYHQWLYHFDUHë.KDOLGVD\Vê,QGWKHODWHVWDGYDQFHPHQWVLQWKHKHDOWKFDUHLQGXVWU\WREHWUHPHQGRXVO\SURPLVLQJDVWKH\DUHHIIHFWLYHO\FRQYHUJLQJWHFKQRORJ\DQGKHDOWKFDUHWRGHOLYHUVXSHULRUSDWLHQWFDUHDQGGULYHHIFLHQWSURFHVVHVë$VWKHKHDOWKFDUHLQGXVWU\HPEUDFHVDPRUHGLJLWL]HGPRGHOWKHXVHRI(OHFWURQLF+HDOWK5HFRUGV (+5V 7HOHPHGLFLQHDQG0RELOH+HDOWK P+HDOWK DSSOLFDWLRQVKDVZLWQHVVHGDVLJQLFDQWVXUJH7KHVHGLJLWDOWRROVVWUHDPOLQHUHFRUGNHHSLQJLPSURYHWKHUHDFKRIKHDOWKFDUHVHUYLFHVDQGHQVXUHWLPHO\FRPPXQLFDWLRQEHWZHHQKHDOWKFDUHSURIHVVLRQDOVDQGSDWLHQWV+HUHDUHWKHSLYRWDOWUHQGVVKDSLQJWKHKHDOWKFDUHLQGXVWU\'LJLWDO+HDOWKFDUH)XHOHGE\VPDUWSKRQHVDQGLQQRYDWLYHWHFKQRORJLHVGLJLWDOKHDOWKFDUHLQFOXGLQJWHOHKHDOWKDQGZHDUDEOHGHYLFHVRIIHUVSDWLHQWVPRUHFRQYHQLHQWDQGDFFHVVLEOHRSWLRQV$UWLFLDO,QWHOOLJHQFHDQG0DFKLQH/HDUQLQJ$,DQG0/DUHWUDQVIRUPLQJKHDOWKFDUHUHYROXWLRQL]LQJGLDJQRVWLFVWUHDWPHQWSODQQLQJDQGGUXJGLVFRYHU\+RZHYHUHWKLFDODQGOHJDOFRQFHUQVDFFRPSDQ\WKHLUSRWHQWLDO9DOXH%DVHG&DUH7KLVPRGHOIRFXVHVRQHQKDQFLQJSDWLHQWRXWFRPHVZKLOHORZHULQJFRVWVDGGUHVVLQJWKHULVLQJKHDOWKFDUHH[SHQVHVDQGDLPLQJIRULPSURYHGSDWLHQWFDUH3HUVRQDOL]HG0HGLFLQH8WLOL]LQJJHQHWLFVHTXHQFLQJDQGLQGLYLGXDOULVNIDFWRUVSHUVRQDOL]HGPHGLFLQHWDLORUVWUHDWPHQWVUHSUHVHQWLQJDOHDSIRUZDUGLQSUHFLVLRQKHDOWKFDUH3DWLHQW(QJDJHPHQW$FWLYHO\LQYROYLQJSDWLHQWVLQKHDOWKFDUHGHFLVLRQVHQKDQFHVDGKHUHQFHWRWUHDWPHQWSODQVDQGRYHUDOORXWFRPHVUHFRJQL]LQJWKHSDWLHQWDVDQDFWLYHSDUWLFLSDQWLQWKHLUFDUHMRXUQH\5HPRWH+HDOWKFDUH7KHSDQGHPLFKDVDFFHOHUDWHGWHOHPHGLFLQHYLUWXDOKRVSLWDOVKRPHEDVHGFDUHDQGZHDUDEOHVRIIHULQJFRQYHQLHQFHDFFHVVLELOLW\DQGDIIRUGDELOLW\ZKLOHUHGXFLQJLQIHFWLRQULVNV6KLIWLQ3D\HU0L[$QDJLQJSRSXODWLRQDQG0HGLFDUH$GYDQWDJHSRSXODULW\FRXOGVKLIWWKHSD\HUPL[LPSDFWLQJWKHKHDOWKFDUHODQGVFDSHDQGVHUYLFHGHOLYHU\&RRSHWLWLRQ&RRSHUDWLYHFRPSHWLWLRQEHWZHHQLQVXUHUVUHWDLOHUVSURYLGHUVDQGWHFKFRPSDQLHVIRVWHUVLQQRYDWLRQLQWHJUDWLRQDQGFXVWRPHUFHQWULFKHDOWKFDUHVROXWLRQV6RIWZDUHDQG3ODWIRUPV,QFUHDVHGLQYHVWPHQWLQFRPPXQLFDWLRQFROODERUDWLRQDQGFRRUGLQDWLRQSODWIRUPVLPSURYHVSDWLHQWH[SHULHQFHFOLQLFDOGHFLVLRQVDQGGDWDVHFXULW\&\EHUVHFXULW\:LWKULVLQJF\EHUWKUHDWVKHDOWKFDUHRUJDQL]DWLRQVPXVWEROVWHU,7V\VWHPVWRVDIHJXDUGSDWLHQWFDUHDQGQDQFLDOVWDELOLW\8QGHUVWDQGLQJWKHVHWUHQGVLVFUXFLDOLQSUHSDULQJIRUWKHIXWXUHRIKHDOWKFDUHZKHUHSDWLHQWQHHGVWHFKQRORJ\DQGLQQRYDWLRQFRQYHUJHWRFUHDWHDWUDQVIRUPDWLYHKHDOWKFDUHH[SHULHQFH,QWRWKH*URXQGVRI7RPRUURZ.KDOLGVKDUHVWKDWWKHKHDOWKFDUHLQGXVWU\VWDQGVRQWKHEULQNRIDVWRXQGLQJLQQRYDWLRQVHDFKSURPLVLQJWUDQVIRUPDWLYHLPSDFWê7KHSRWHQWLDORIWKHVH ž_xú-úÒôú_f\fÒíBxp8¦xú8îú&8f\_ÒpB8Ò8ô6\Òîp&8Bppp-úf+J 7KHLUFRPPLWPHQWHQFRPSDVVHVKROLVWLFZHOOQHVVLQFOXGLQJPHQWDOKHDOWKDQGSUHYHQWLYHFDUHVKDSLQJDIXWXUHIRFXVHGRQRYHUDOOKHDOWK/HYHUDJLQJFXWWLQJHGJHWHFKQRORJ\WKH\SLRQHHUDGYDQFHPHQWVLQDUWLFLDOLQWHOOLJHQFHDQGGDWDDQDO\WLFVHQVXULQJHIFLHQWDQGHTXLWDEOHKHDOWKFDUH:HLQQRYDWHSURFHVVHVWRGHOLYHUTXDOLW\KHDOWKFDUHë&RQWLQXRXVOHDUQLQJLVHPEHGGHGLQWKHLUFXOWXUHHQVXULQJWKHLUZRUNIRUFHLVDGHSWDWHYROYLQJKHDOWKFDUHWHFKQRORJ\&UXFLDOO\WKHLUFROODERUDWLYHSDUWQHUVKLSVDPSOLI\WKHLULPSDFW:RUNLQJZLWKKHDOWKFDUHSURYLGHUVDQGUHVHDUFKLQVWLWXWLRQVWKH\VKDUHNQRZOHGJHDQGUHVRXUFHVê&ROODERUDWLRQGULYHVLQQRYDWLRQDQGDGYDQFHPHQWë6DQWD&ODUD&RXQW\VKDSHVKHDOWKFDUHèVIXWXUHE\FKDPSLRQLQJHTXLW\HPEUDFLQJWHFKQRORJ\IRVWHULQJOHDUQLQJSURPRWLQJZHOOQHVVDQGEXLOGLQJUREXVWSDUWQHUVKLSV7KHLULQLWLDWLYHVSURPLVHWUDQVIRUPDWLYHKHDOWKFDUHSURYLGLQJXQSDUDOOHOHGFDUHWRHYHU\LQGLYLGXDOLQWKHLUFRPPXQLW\7KH5HYROXWLRQDU\6WHS,Q.KDOLGèVSHUVSHFWLYHWKHIXWXUHRIKHDOWKFDUHLVRQWKHFXVSRIDSDWLHQWFHQWULFUHYROXWLRQGULYHQE\WHFKQRORJLFDODGYDQFHPHQWVDQGGDWDGULYHQLQVLJKWVê,VHHKHDOWKFDUHEHFRPLQJLQFUHDVLQJO\SHUVRQDOL]HGZLWKWHFKQRORJ\HQDEOLQJPRUHDFFXUDWHGLDJQRVHVWDUJHWHGWUHDWPHQWVDQGSURDFWLYHSUHYHQWLYHFDUHë.KDOLGVD\Vê,QGWKHODWHVWDGYDQFHPHQWVLQWKHKHDOWKFDUHLQGXVWU\WREHWUHPHQGRXVO\SURPLVLQJDVWKH\DUHHIIHFWLYHO\FRQYHUJLQJWHFKQRORJ\DQGKHDOWKFDUHWRGHOLYHUVXSHULRUSDWLHQWFDUHDQGGULYHHIFLHQWSURFHVVHVë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ê7KHSRWHQWLDORIWKHVH ž_xú-úÒôú_f\fÒíBxp8¦xú8îú&8f\_ÒpB8Ò8ô6\Òîp&8Bppp-úf+J LQQRYDWLRQVLVEUHDWKWDNLQJHQKDQFLQJSDWLHQWFDUHDQGRSHUDWLRQDOHIFLHQF\ë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èVLPPXQHV\VWHPWRFRPEDWGLVHDVHVRIIHULQJSHUVRQDOL]HGWUHDWPHQWVHVSHFLDOO\IRUFDQFHUSDWLHQWV5RERWLFV$XWRQRPRXVRUKXPDQJXLGHGPDFKLQHVDVVLVWLQVXUJHU\UHKDELOLWDWLRQGLDJQRVLVDQGFDUHGHOLYHU\HQKDQFLQJVDIHW\DQGRXWFRPHV7KHVHDGYDQFHPHQWVSURPLVHDIXWXUHZKHUHKHDOWKFDUHEHFRPHVPRUHHIFLHQWSHUVRQDOL]HGDQGHIIHFWLYHVKDSLQJDZRUOGZKHUHPHGLFDOSRVVLELOLWLHVVHHPOLPLWOHVV7KH0LOHVWRQHV,Q.KDOLGèVLPSDFWIXOMRXUQH\ZLWKLQKHDOWKFDUH,7WKHRSHQLQJRIWKH6REUDWR3DYLOLRQLVDQHPERGLPHQWRIKLVFRPPLWPHQWê7HFKQRORJ\WUXO\HQKDQFHVWKHGHOLYHU\RIKHDOWKFDUHë+HUHKLVWHDPPHWLFXORXVO\FUDIWHGDSDWLHQWFHQWHUHGHQYLURQPHQWZKLOHVHDPOHVVO\LQWHJUDWLQJLQQRYDWLYHWHFKQRORJLHVIRURSWLPDOFDUH.KDOLGèVWHQXUHLQ6DQWD&ODUD&RXQW\HFKRHVKLVPLVVLRQRIDFFHVVLEOHKHDOWKFDUHOHDGLQJWKHVPRRWKLQWHJUDWLRQRI6W/RXLVH5HJLRQDO+RVSLWDODQG2è&RQQRU+RVSLWDOHQVXULQJXQLQWHUUXSWHGSDWLHQWFDUH$PLGVWWKHJOREDOFKDOOHQJHVRI&29,'.KDOLGèVUHVLOLHQFHVWDQGVRXW+LVWHDPVZLIWO\DGDSWHGSLRQHHULQJWKHWHOHKHDOWKSURJUDP7KLVLQLWLDWLYHQRWRQO\HQVXUHGFRQWLQXRXVFDUHEXWDOVRODLGWKHIRXQGDWLRQIRUWKHIXWXUHRIKHDOWKFDUHDQGKHVD\V(VWDEOLVKLQJDIUDPHZRUNIRUWKHIXWXUHRIKHDOWKFDUHGHOLYHU\ëHW.KDOLGèVSULGHH[WHQGVEH\RQGDFKLHYHPHQWVWRIRVWHULQJDFXOWXUHRILQQRYDWLRQê&KDOOHQJHWKHVWDWXVTXRGULYHLQQRYDWLRQë+LVVWRU\SDLQWVDYLYLGSLFWXUHRIWKHLPSDFWRIVWUDWHJLFWHFKQRORJ\UHVLOLHQWOHDGHUVKLSDQGDVKDUHGYLVLRQLOOXPLQDWLQJDSDWKWRZDUGVLPSURYHGSDWLHQWRXWFRPHVDQGH[SHULHQFHV%HTXHDWKLQJ:LVGRP.KDOLGèVDGYLFHIRUHPHUJLQJKHDOWKFDUHOHDGHUVEHJLQVZLWKDSURIRXQGLQVLJKWê7UXHOHDGHUVKLSLVDERXWLQXHQFHLQVSLUDWLRQDQGLPSDFWQRWWLWOHVë,QWKHLQWULFDWHKHDOWKFDUHHFRV\VWHPGHFLVLRQVFDUU\LPPHQVHZHLJKWDQGKLVFRXQVHOXQGHUVFRUHVWKHLPSRUWDQFHRIDOHDGHUVKLSVW\OHIRXQGHGRQHPSDWK\FRPSDVVLRQDQGDFRPPLWPHQWWRHQKDQFLQJSDWLHQWFDUH+HHPSKDVL]HVDçSHRSOHUVWèDSSURDFKDVKLVVHFRQGSLHFHRIDGYLFHUHFRJQL]LQJWKDWHYHU\FKRLFHLQKHDOWKFDUHULSSOHVWKURXJKVWDIISDWLHQWVDQGFRPPXQLWLHV.KDOLGXUJHVDVSLULQJOHDGHUVWRSULRULWL]HVROXWLRQVWKDWEHQHWWKRVHWKH\VHUYH&RQWLQXRXVOHDUQLQJWKHWKLUGSLOODURI.KDOLGèVDGYLFHLVIXQGDPHQWDOLQDQHYHUHYROYLQJKHDOWKFDUHODQGVFDSH/HDGHUVVKRXOGVWD\XSGDWHGDQGFXOWLYDWHDFXOWXUHRIOHDUQLQJZLWKLQWKHLUWHDPVIRVWHULQJFXULRVLW\DQGHPEUDFLQJQHZLGHDV(TXLW\LV.KDOLGèVIRXUWKWHQHWUHPLQGLQJOHDGHUVWKDWKHDOWKFDUHLVDERXWHQVXULQJDFFHVVIRUDOOLUUHVSHFWLYHRIEDFNJURXQG,WèVWKHOHDGHUèVGXW\WRFKDPSLRQHTXLW\DQGHOLPLQDWHKHDOWKGLVSDULWLHV)LQDOO\.KDOLGXQGHUOLQHVWKHVLJQLFDQFHRIFROODERUDWLRQDQGFRPPXQLFDWLRQê6XFFHVVIXOOHDGHUVKLSKLQJHVRQWUDQVSDUHQF\RSHQGLDORJXHDQGWUXVWë/HDGHUVPXVWHVWDEOLVKKDUPRQLRXVUHODWLRQVKLSVERWKZLWKLQDQGRXWVLGHWKHLURUJDQL]DWLRQV LQQRYDWLRQVLVEUHDWKWDNLQJHQKDQFLQJSDWLHQWFDUHDQGRSHUDWLRQDOHIFLHQF\ë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èVLPPXQHV\VWHPWRFRPEDWGLVHDVHVRIIHULQJSHUVRQDOL]HGWUHDWPHQWVHVSHFLDOO\IRUFDQFHUSDWLHQWV5RERWLFV$XWRQRPRXVRUKXPDQJXLGHGPDFKLQHVDVVLVWLQVXUJHU\UHKDELOLWDWLRQGLDJQRVLVDQGFDUHGHOLYHU\HQKDQFLQJVDIHW\DQGRXWFRPHV7KHVHDGYDQFHPHQWVSURPLVHDIXWXUHZKHUHKHDOWKFDUHEHFRPHVPRUHHIFLHQWSHUVRQDOL]HGDQGHIIHFWLYHVKDSLQJDZRUOGZKHUHPHGLFDOSRVVLELOLWLHVVHHPOLPLWOHVV7KH0LOHVWRQHV,Q.KDOLGèVLPSDFWIXOMRXUQH\ZLWKLQKHDOWKFDUH,7WKHRSHQLQJRIWKH6REUDWR3DYLOLRQLVDQHPERGLPHQWRIKLVFRPPLWPHQWê7HFKQRORJ\WUXO\HQKDQFHVWKHGHOLYHU\RIKHDOWKFDUHë+HUHKLVWHDPPHWLFXORXVO\FUDIWHGDSDWLHQWFHQWHUHGHQYLURQPHQWZKLOHVHDPOHVVO\LQWHJUDWLQJLQQRYDWLYHWHFKQRORJLHVIRURSWLPDOFDUH.KDOLGèVWHQXUHLQ6DQWD&ODUD&RXQW\HFKRHVKLVPLVVLRQRIDFFHVVLEOHKHDOWKFDUHOHDGLQJWKHVPRRWKLQWHJUDWLRQRI6W/RXLVH5HJLRQDO+RVSLWDODQG2è&RQQRU+RVSLWDOHQVXULQJXQLQWHUUXSWHGSDWLHQWFDUH$PLGVWWKHJOREDOFKDOOHQJHVRI&29,'.KDOLGèVUHVLOLHQFHVWDQGVRXW+LVWHDPVZLIWO\DGDSWHGSLRQHHULQJWKHWHOHKHDOWKSURJUDP7KLVLQLWLDWLYHQRWRQO\HQVXUHGFRQWLQXRXVFDUHEXWDOVRODLGWKHIRXQGDWLRQIRUWKHIXWXUHRIKHDOWKFDUHDQGKHVD\V(VWDEOLVKLQJDIUDPHZRUNIRUWKHIXWXUHRIKHDOWKFDUHGHOLYHU\ëHW.KDOLGèVSULGHH[WHQGVEH\RQGDFKLHYHPHQWVWRIRVWHULQJDFXOWXUHRILQQRYDWLRQê&KDOOHQJHWKHVWDWXVTXRGULYHLQQRYDWLRQë+LVVWRU\SDLQWVDYLYLGSLFWXUHRIWKHLPSDFWRIVWUDWHJLFWHFKQRORJ\UHVLOLHQWOHDGHUVKLSDQGDVKDUHGYLVLRQLOOXPLQDWLQJDSDWKWRZDUGVLPSURYHGSDWLHQWRXWFRPHVDQGH[SHULHQFHV%HTXHDWKLQJ:LVGRP.KDOLGèVDGYLFHIRUHPHUJLQJKHDOWKFDUHOHDGHUVEHJLQVZLWKDSURIRXQGLQVLJKWê7UXHOHDGHUVKLSLVDERXWLQXHQFHLQVSLUDWLRQDQGLPSDFWQRWWLWOHVë,QWKHLQWULFDWHKHDOWKFDUHHFRV\VWHPGHFLVLRQVFDUU\LPPHQVHZHLJKWDQGKLVFRXQVHOXQGHUVFRUHVWKHLPSRUWDQFHRIDOHDGHUVKLSVW\OHIRXQGHGRQHPSDWK\FRPSDVVLRQDQGDFRPPLWPHQWWRHQKDQFLQJSDWLHQWFDUH+HHPSKDVL]HVDçSHRSOHUVWèDSSURDFKDVKLVVHFRQGSLHFHRIDGYLFHUHFRJQL]LQJWKDWHYHU\FKRLFHLQKHDOWKFDUHULSSOHVWKURXJKVWDIISDWLHQWVDQGFRPPXQLWLHV.KDOLGXUJHVDVSLULQJOHDGHUVWRSULRULWL]HVROXWLRQVWKDWEHQHWWKRVHWKH\VHUYH&RQWLQXRXVOHDUQLQJWKHWKLUGSLOODURI.KDOLGèVDGYLFHLVIXQGDPHQWDOLQDQHYHUHYROYLQJKHDOWKFDUHODQGVFDSH/HDGHUVVKRXOGVWD\XSGDWHGDQGFXOWLYDWHDFXOWXUHRIOHDUQLQJZLWKLQWKHLUWHDPVIRVWHULQJFXULRVLW\DQGHPEUDFLQJQHZLGHDV(TXLW\LV.KDOLGèVIRXUWKWHQHWUHPLQGLQJOHDGHUVWKDWKHDOWKFDUHLVDERXWHQVXULQJDFFHVVIRUDOOLUUHVSHFWLYHRIEDFNJURXQG,WèVWKHOHDGHUèVGXW\WRFKDPSLRQHTXLW\DQGHOLPLQDWHKHDOWKGLVSDULWLHV)LQDOO\.KDOLGXQGHUOLQHVWKHVLJQLFDQFHRIFROODERUDWLRQDQGFRPPXQLFDWLRQê6XFFHVVIXOOHDGHUVKLSKLQJHVRQWUDQVSDUHQF\RSHQGLDORJXHDQGWUXVWë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nVDQG$O]KHLPHU\n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nVDQG$O]KHLPHU\nVGLVHDVH7KHDELOLW\RIVWHPFHOOVWRGLIIHUHQWLDWHLQWRQHXUDOFHOOVRIIHUVKRSHIRUUHSDLULQJDQGUHJHQHUDWLQJGDPDJHGEUDLQWLVVXH([RVRPH7KHUDS\([RVRPHVVPDOOYHVLFOHVUHOHDVHGE\FHOOVKDYHJDLQHGDWWHQWLRQIRUWKHLUUROHLQLQWHUFHOOXODUFRPPXQLFDWLRQ5HVHDUFKHUVDUHH[SORULQJWKHWKHUDSHXWLFSRWHQWLDORIH[RVRPHVGHULYHGIURPVWHPFHOOVDVWKH\FDUU\ELRDFWLYHPROHFXOHVWKDWFDQLQXHQFHWLVVXHUHSDLUDQGUHJHQHUDWLRQ'%LRSULQWLQJ$GYDQFHVLQ'ELRSULQWLQJWHFKQRORJ\DOORZVFLHQWLVWVWRFUHDWHFRPSOH[WLVVXHVDQGRUJDQVOD\HUE\OD\HULQFRUSRUDWLQJVWHPFHOOVDQGVXSSRUWLQJVWUXFWXUHV7KLVLQQRYDWLYHDSSURDFKKROGVSURPLVHIRUFUHDWLQJFXVWRPPDGHWLVVXHVIRUWUDQVSODQWDWLRQRYHUFRPLQJWKHFKDOOHQJHVDVVRFLDWHGZLWKRUJDQVKRUWDJHV,PPXQRPRGXODWLRQ8QGHUVWDQGLQJWKHLPPXQHUHVSRQVHWRVWHPFHOOWKHUDSLHVLVFUXFLDOIRUWKHLUVXFFHVV5HVHDUFKHUVDUHGHYHORSLQJVWUDWHJLHVWRPRGXODWHWKHLPPXQHV\VWHPSUHYHQWLQJUHMHFWLRQDQGSURPRWLQJWKHLQWHJUDWLRQRIWUDQVSODQWHGFHOOV7KLVDSSURDFKHQKDQFHVWKHVDIHW\DQGHIFDF\RIVWHPFHOOEDVHGWUHDWPHQWV&RPELQLQJ6WHP&HOOVZLWK1DQRWHFKQRORJ\1DQRWHFKQRORJ\RIIHUVSUHFLVHWRROVIRUPDQLSXODWLQJPDWHULDOVDWWKHQDQRVFDOH%\FRPELQLQJVWHPFHOOVZLWKQDQRPDWHULDOVUHVHDUFKHUVDLPWRHQKDQFHWKHGHOLYHU\RIWKHUDSHXWLFDJHQWVPRQLWRUFHOOEHKDYLRUDQGFUHDWHWDUJHWHGWUHDWPHQWVIRUYDULRXVGLVHDVHV$UWLFLDO,QWHOOLJHQFHLQ'UXJ'LVFRYHU\,QWHJUDWLQJDUWLFLDOLQWHOOLJHQFH $, LQWRVWHPFHOOUHVHDUFKH[SHGLWHVGUXJGLVFRYHU\SURFHVVHV$,DOJRULWKPVDQDO\]HYDVWGDWDVHWVWRSUHGLFWKRZVSHFLFGUXJVRUFRPELQDWLRQVZLOODIIHFWVWHPFHOOEHKDYLRUDFFHOHUDWLQJWKHLGHQWLFDWLRQRISRWHQWLDOWKHUDSHXWLFFDQGLGDWHV$GYDQFHPHQWVLQ7LVVXH(QJLQHHULQJ5HJHQHUDWLYHPHGLFLQHH[WHQGVEH\RQGVWHPFHOOWKHUDS\WRLQFOXGHWLVVXHHQJLQHHULQJDPXOWLGLVFLSOLQDU\HOGIRFXVHGRQFUHDWLQJIXQFWLRQDOWLVVXHVDQGRUJDQVLQWKHODERUDWRU\6FLHQWLVWVDUHXVLQJDFRPELQDWLRQRIVWHPFHOOVELRPDWHULDOVDQGJURZWKIDFWRUVWRGHYHORSDUWLFLDORUJDQVIRUWUDQVSODQWDWLRQ7KLVFRXOGDGGUHVVWKHFULWLFDOVKRUWDJHRIGRQRURUJDQVDQGUHGXFHWKHULVNRIWUDQVSODQWUHMHFWLRQ&KDOOHQJHVDQG(WKLFDO&RQVLGHUDWLRQV:KLOHWKHSRWHQWLDORIVWHPFHOOVDQGUHJHQHUDWLYHPHGLFLQHLVH[FLWLQJFKDOOHQJHVUHPDLQ(WKLFDOFRQFHUQVVXUURXQGLQJWKHXVHRIHPEU\RQLFVWHPFHOOVKDYHOHGUHVHDUFKHUVWRH[SORUHDOWHUQDWLYHVRXUFHVVXFKDVLQGXFHGSOXULSRWHQWVWHPFHOOV L36&V ZKLFKDUHGHULYHGIURPDGXOWFHOOV$GGLWLRQDOO\HQVXULQJWKHVDIHW\DQGHIFDF\RIVWHPFHOOWKHUDSLHVLQFOLQLFDOWULDOVLVFUXFLDOIRUWKHLUZLGHVSUHDGDGRSWLRQ7KH)XWXUH/DQGVFDSH$VUHVHDUFKLQVWHPFHOOVDQGUHJHQHUDWLYHPHGLFLQHSURJUHVVHVWKHIXWXUHKROGVJUHDWSURPLVHIRULQQRYDWLYHDQGSHUVRQDOL]HGKHDOWKFDUHVROXWLRQV7KHGHYHORSPHQWRIFXWWLQJHGJHWHFKQRORJLHVVXFKDVJHQHHGLWLQJDQG&5,635&DVIXUWKHUHQKDQFHVWKHSRWHQWLDOWRPDQLSXODWHDQGRSWLPL]HVWHPFHOOVIRUWKHUDSHXWLFSXUSRVHV6WHPFHOOVDQGUHJHQHUDWLYHPHGLFLQHDUHDWWKHIRUHIURQWRIDPHGLFDOUHYROXWLRQRIIHULQJKRSHIRUSUHYLRXVO\LQFXUDEOHFRQGLWLRQV7KHV\QHUJLVWLFLQWHJUDWLRQRIGLYHUVHWHFKQRORJLHVHWKLFDOFRQVLGHUDWLRQVDQGJOREDOFROODERUDWLRQZLOOVKDSHWKHIXWXUHRIUHJHQHUDWLYHPHGLFLQHRSHQLQJQHZDYHQXHVIRUSHUVRQDOL]HGDQGHIIHFWLYHWUHDWPHQWV$VZHVWDQGRQWKHEULQNRIDWUDQVIRUPDWLYHHUDLQKHDOWKFDUHWKHMRXUQH\RIVWHPFHOOVIURPWKHODERUDWRU\WRWKHEHGVLGHVLJQDOVDSURIRXQGVKLIWWRZDUGVDUHJHQHUDWLYHDQGSDWLHQWFHQWULFDSSURDFKWRPHGLFLQH ZZZFLRORRNFRP_-DQXDU\_ 7KH%UDLQ8QYHLOHG 1HXURVFLHQFHDQG HXURVFLHQFHDQGFRJQLWLYHUHVHDUFKKDYHXQGHUJRQHXQSUHFHGHQWHGDGYDQFHPHQWVLQUHFHQW\HDUVXQUDYHOLQJWKHP\VWHULHVRIWKHKXPDQEUDLQDQGUHVKDSLQJRXUXQGHUVWDQGLQJRIFRJQLWLRQ7KLVDUWLFOHGHOYHVLQWRVRPHRIWKHJURXQGEUHDNLQJGHYHORSPHQWVWKDWKDYHSURSHOOHGWKHVHHOGVIRUZDUGVKHGGLQJOLJKWRQQHZGLVFRYHULHVWHFKQRORJLHVDQGWKHLUSRWHQWLDOLPSOLFDWLRQV1HXURLPDJLQJ7HFKQLTXHV7KHDGYHQWRIDGYDQFHGQHXURLPDJLQJWHFKQLTXHVKDVUHYROXWLRQL]HGQHXURVFLHQFHDOORZLQJUHVHDUFKHUVWRVWXG\WKHEUDLQ\nVVWUXFWXUHDQGIXQFWLRQZLWKXQSUHFHGHQWHGGHWDLO)XQFWLRQDO0DJQHWLF5HVRQDQFH,PDJLQJ I05, 3RVLWURQ(PLVVLRQ7RPRJUDSK\ 3(7 DQGPDJQHWRHQFHSKDORJUDSK\ 0(* DUHMXVWDIHZH[DPSOHVRIFXWWLQJHGJHWHFKQRORJLHVWKDWSURYLGHLQVLJKWVLQWREUDLQDFWLYLW\FRQQHFWLYLW\DQGPDSSLQJ7KHVHWRROVHQDEOHUHVHDUFKHUVWRLQYHVWLJDWHQHXUDOQHWZRUNVREVHUYHFKDQJHVLQUHDOWLPHDQGFRUUHODWHEUDLQDFWLYLW\ZLWKVSHFLFFRJQLWLYHIXQFWLRQV$VDUHVXOWRXUXQGHUVWDQGLQJRIFRQGLWLRQVVXFKDV$O]KHLPHU\nVGLVHDVHVFKL]RSKUHQLDDQGGHSUHVVLRQKDVGHHSHQHGSRWHQWLDOO\SDYLQJWKHZD\IRUPRUHWDUJHWHGLQWHUYHQWLRQV%UDLQ&RPSXWHU,QWHUIDFHV %&,V $GYDQFHPHQWVLQQHXURVFLHQFHKDYHDOVROHGWRWKHGHYHORSPHQWRI%UDLQ&RPSXWHU,QWHUIDFHV %&,V EOXUULQJWKHOLQHVEHWZHHQWKHEUDLQDQGH[WHUQDOGHYLFHV%&,VDOORZGLUHFWFRPPXQLFDWLRQEHWZHHQWKHEUDLQDQGFRPSXWHUVHQDEOLQJLQGLYLGXDOVWRFRQWUROH[WHUQDOGHYLFHVRUSURVWKHWLFVWKURXJKWKHLUWKRXJKWV7KLVWHFKQRORJ\KROGVLPPHQVHSURPLVHIRUSDWLHQWVZLWKSDUDO\VLVRUPRWRUGLVRUGHUVSURYLGLQJWKHPZLWKDPHDQVWRUHJDLQPRELOLW\DQGLQGHSHQGHQFH$GGLWLRQDOO\%&,VDUHEHLQJH[SORUHGLQHQKDQFLQJFRJQLWLYHDELOLWLHVZLWKLPSOLFDWLRQVIRUHOGVVXFKDVHGXFDWLRQDQGQHXURUHKDELOLWDWLRQ2SWRJHQHWLFV2SWRJHQHWLFVLVDJURXQGEUHDNLQJWHFKQLTXHWKDWLQYROYHVXVLQJOLJKWWRFRQWUROQHXURQVJHQHWLFDOO\PRGLHGWRUHVSRQGWRVSHFLFZDYHOHQJWKV7KLVPHWKRGDOORZVUHVHDUFKHUVWRPDQLSXODWHQHXUDO ZZZFLRORRNFRP_-DQXDU\_ ZZZFLRORRNFRP_-DQXDU\_ 7KH%UDLQ8QYHLOHG 1HXURVFLHQFHDQG HXURVFLHQFHDQGFRJQLWLYHUHVHDUFKKDYHXQGHUJRQHXQSUHFHGHQWHGDGYDQFHPHQWVLQUHFHQW\HDUVXQUDYHOLQJWKHP\VWHULHVRIWKHKXPDQEUDLQDQGUHVKDSLQJRXUXQGHUVWDQGLQJRIFRJQLWLRQ7KLVDUWLFOHGHOYHVLQWRVRPHRIWKHJURXQGEUHDNLQJGHYHORSPHQWVWKDWKDYHSURSHOOHGWKHVHHOGVIRUZDUGVKHGGLQJOLJKWRQQHZGLVFRYHULHVWHFKQRORJLHVDQGWKHLUSRWHQWLDOLPSOLFDWLRQV1HXURLPDJLQJ7HFKQLTXHV7KHDGYHQWRIDGYDQFHGQHXURLPDJLQJWHFKQLTXHVKDVUHYROXWLRQL]HGQHXURVFLHQFHDOORZLQJUHVHDUFKHUVWRVWXG\WKHEUDLQ\nVVWUXFWXUHDQGIXQFWLRQZLWKXQSUHFHGHQWHGGHWDLO)XQFWLRQDO0DJQHWLF5HVRQDQFH,PDJLQJ I05, 3RVLWURQ(PLVVLRQ7RPRJUDSK\ 3(7 DQGPDJQHWRHQFHSKDORJUDSK\ 0(* DUHMXVWDIHZH[DPSOHVRIFXWWLQJHGJHWHFKQRORJLHVWKDWSURYLGHLQVLJKWVLQWREUDLQDFWLYLW\FRQQHFWLYLW\DQGPDSSLQJ7KHVHWRROVHQDEOHUHVHDUFKHUVWRLQYHVWLJDWHQHXUDOQHWZRUNVREVHUYHFKDQJHVLQUHDOWLPHDQGFRUUHODWHEUDLQDFWLYLW\ZLWKVSHFLFFRJQLWLYHIXQFWLRQV$VDUHVXOWRXUXQGHUVWDQGLQJRIFRQGLWLRQVVXFKDV$O]KHLPHU\n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nVGLVHDVHDGGLFWLRQDQGPRRGGLVRUGHUV7KHDELOLW\WRPRGXODWHVSHFLFQHXUDOSDWKZD\VZLWKOLJKWKDVRSHQHGQHZDYHQXHVIRUWDUJHWHGWUHDWPHQWVDQGUHQHGUHVHDUFKPHWKRGRORJLHV&RJQLWLYH(QKDQFHPHQWVDQG1HXURSODVWLFLW\5HVHDUFKLQQHXURVFLHQFHKDVXQFRYHUHGWKHUHPDUNDEOHSODVWLFLW\RIWKHKXPDQEUDLQFKDOOHQJLQJWKHWUDGLWLRQDOYLHZWKDWWKHEUDLQ\n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nVWKRXJKWV%UDLQGHFRGLQJWHFKQLTXHVXVHPDFKLQHOHDUQLQJDOJRULWKPVWRLQWHUSUHWEUDLQDFWLYLW\SDWWHUQVDVVRFLDWHGZLWKVSHFLFWKRXJKWVRUPHQWDOVWDWHV7KLVWHFKQRORJ\KDVSRWHQWLDODSSOLFDWLRQVLQDUHDVOLNHFRPPXQLFDWLRQIRULQGLYLGXDOVZLWKVHYHUHPRWRUGLVDELOLWLHVDQGWKHGHYHORSPHQWRIEUDLQFRPSXWHULQWHUIDFHVWKDWFDQLQWHUSUHWDSHUVRQ\nVLQWHQWLRQV:KLOHVWLOOLQLWVHDUO\VWDJHVWKHDELOLW\WRGHFRGHQHXUDOSDWWHUQVKDVLPSOLFDWLRQVIRUXQGHUVWDQGLQJWKHQHXUDOEDVLVRIFRQVFLRXVQHVVSHUFHSWLRQDQGFRJQLWLRQ(WKLFDOFRQVLGHUDWLRQVVXUURXQGLQJSULYDF\DQGFRQVHQWLQPLQGUHDGLQJWHFKQRORJLHVDUHEHLQJDFWLYHO\GLVFXVVHGDVWKHVHFDSDELOLWLHVFRQWLQXHWRHYROYH7KHODQGVFDSHRIQHXURVFLHQFHDQGFRJQLWLYHUHVHDUFKFRQWLQXHVWRHYROYHUDSLGO\SURSHOOHGE\WHFKQRORJLFDODGYDQFHPHQWVLQWHUGLVFLSOLQDU\FROODERUDWLRQVDQGDGHHSHQLQJXQGHUVWDQGLQJRIWKHEUDLQ\nVFRPSOH[LW\$VUHVHDUFKHUVGHOYHLQWRWKHVHIURQWLHUVWKHSRWHQWLDOIRUWUDQVIRUPDWLYHDSSOLFDWLRQVLQKHDOWKFDUHDUWLFLDOLQWHOOLJHQFHDQGRXUFRPSUHKHQVLRQRIKXPDQFRJQLWLRQEHFRPHVLQFUHDVLQJO\DSSDUHQW ZZZFLRORRNFRP_-DQXDU\_ DFWLYLW\ZLWKUHPDUNDEOHSUHFLVLRQRIIHULQJLQVLJKWVLQWRWKHFDXVDOUHODWLRQVKLSVEHWZHHQEUDLQIXQFWLRQDQGEHKDYLRU2SWRJHQHWLFVKDVFRQWULEXWHGVLJQLFDQWO\WRRXUXQGHUVWDQGLQJRIQHXUDOFLUFXLWVSDYLQJWKHZD\IRUSRWHQWLDOWKHUDSHXWLFLQWHUYHQWLRQVLQFRQGLWLRQVOLNH3DUNLQVRQ\nVGLVHDVHDGGLFWLRQDQGPRRGGLVRUGHUV7KHDELOLW\WRPRGXODWHVSHFLFQHXUDOSDWKZD\VZLWKOLJKWKDVRSHQHGQHZDYHQXHVIRUWDUJHWHGWUHDWPHQWVDQGUHQHGUHVHDUFKPHWKRGRORJLHV&RJQLWLYH(QKDQFHPHQWVDQG1HXURSODVWLFLW\5HVHDUFKLQQHXURVFLHQFHKDVXQFRYHUHGWKHUHPDUNDEOHSODVWLFLW\RIWKHKXPDQEUDLQFKDOOHQJLQJWKHWUDGLWLRQDOYLHZWKDWWKHEUDLQ\n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nVWKRXJKWV%UDLQGHFRGLQJWHFKQLTXHVXVHPDFKLQHOHDUQLQJDOJRULWKPVWRLQWHUSUHWEUDLQDFWLYLW\SDWWHUQVDVVRFLDWHGZLWKVSHFLFWKRXJKWVRUPHQWDOVWDWHV7KLVWHFKQRORJ\KDVSRWHQWLDODSSOLFDWLRQVLQDUHDVOLNHFRPPXQLFDWLRQIRULQGLYLGXDOVZLWKVHYHUHPRWRUGLVDELOLWLHVDQGWKHGHYHORSPHQWRIEUDLQFRPSXWHULQWHUIDFHVWKDWFDQLQWHUSUHWDSHUVRQ\nVLQWHQWLRQV:KLOHVWLOOLQLWVHDUO\VWDJHVWKHDELOLW\WRGHFRGHQHXUDOSDWWHUQVKDVLPSOLFDWLRQVIRUXQGHUVWDQGLQJWKHQHXUDOEDVLVRIFRQVFLRXVQHVVSHUFHSWLRQDQGFRJQLWLRQ(WKLFDOFRQVLGHUDWLRQVVXUURXQGLQJSULYDF\DQGFRQVHQWLQPLQGUHDGLQJWHFKQRORJLHVDUHEHLQJDFWLYHO\GLVFXVVHGDVWKHVHFDSDELOLWLHVFRQWLQXHWRHYROYH7KHODQGVFDSHRIQHXURVFLHQFHDQGFRJQLWLYHUHVHDUFKFRQWLQXHVWRHYROYHUDSLGO\SURSHOOHGE\WHFKQRORJLFDODGYDQFHPHQWVLQWHUGLVFLSOLQDU\FROODERUDWLRQVDQGDGHHSHQLQJXQGHUVWDQGLQJRIWKHEUDLQ\nVFRPSOH[LW\$VUHVHDUFKHUVGHOYHLQWRWKHVHIURQWLHUVWKHSRWHQWLDOIRUWUDQVIRUPDWLYHDSSOLFDWLRQVLQKHDOWKFDUHDUWLFLDOLQWHOOLJHQFHDQGRXUFRPSUHKHQVLRQRIKXPDQFRJQLWLRQEHFRPHVLQFUHDVLQJO\DSSDUHQW ZZZFLRORRNFRP_-DQXDU\_ ÁÁÁX]}o}}lX}u