RIWLPHUHTXLUHGZDVPRQWKVEXWWKH\
UHGXFHGLWIRUPHWRZHHNV6LQFHWKDW
ZDVVXFKDORQJWLPHDJR,KDYHQRLGHD
ZKDWWKHUXOHVDQGUHTXLUHPHQWVDUH
WRGD\,QIRUPDWLRQRQYROXQWHHULQJRQ
0LGZD\PD\EHIRXQGDWKWWSWLQ\XUO
FRP[UJO]!
=63ULQFH(GZDUGDQG0DULRQ
,VODQG ,QWKH%ULWLVKLQVWDOOHGD
ZHDWKHUVWDWLRQRQ0DULRQ,VODQG,WZDV
H[SDQGHGWRLQFOXGHUHJLRQDOPHWHRURO
RJ\DQGWKHELRORJ\RIWKHLVODQGV7KHUH
LV D QHZ VFLHQWLILF EDVH ORFDWHG RQ
0DULRQ,VODQGEXLOWEHWZHHQDQG
WKDW GRHV FOLPDWH DQG ZHDWKHU
VWXGLHV,Q$SULO6$1$3WKH6RXWK
$IULFDQ1DWLRQDO$QWDUFWLF3URJUDPPH
ODXQFKHG DQ H[SHULPHQW RQ 0DULRQ
,VODQGFDOOHG3URELQJ5DGLR,QWHQVLW\DW
KLJK=IURP0DULRQ35,=0VHDUFKLQJ
IRUVLJQDWXUHVRIWKHK\GURJHQOLQHLQWKH
HDUO\XQLYHUVH7KHUHDUHRWKHUJOREDO
H[SHULPHQWVORRNLQJIRUWKHVDPHVLJQDO
EXW35,=0LVVHWDSDUWE\LWVORFDWLRQRQ
0DULRQ,VODQGZKLFKDWNLORPHWHUV
IURPWKHQHDUHVWSHUPDQHQWLQKDELWDQWV
LVRQHRIWKHPRVWUHPRWHORFDWLRQVRQ
(DUWKDOORZLQJDFFHVVWRWKHIXOOIUH
TXHQF\UDQJHRIWKHJOREDOVLJQDOZLWK
RXWUDGLRIUHTXHQF\LQWHUIHUHQFH,WKDV
EHHQORQJKHOGWKDWRQO\VFLHQWLILFWHDP
PHPEHUVZLOOPRVWOLNHO\EHWKHRQHV
DFWLYDWLQJWKLVUDUHHQWLW\LQWKHIXWXUH
DOWKRXJK\RXQHYHUNQRZ,VXSSRVH
7KHPRVWUHFHQWDFWLYLW\ZDVE\=6=
RS 'DYLG =6%&( WKDW HQGHG LQ
2FWREHUZLWK462V3ULRUWR
WKDW=6&RS%HYPDGHDERXW
462VLQ
9326RXWK2UNQH\,VODQGV
7KLVRQHKDVSODQVIRUUHDFWLYDWLRQE\D
ODUJHWHDPLQ)HEUXDU\0DUFKDV
9393';8 VHH KWWSVVRUNQH\
FRP!7KHODVWDPDWHXURSHUDWLRQIURP
KHUHZDVLQZKHQ9325.PDGH
462V %ULWDLQ DQG $UJHQWLQD
ERWKPDLQWDLQEDVHVRQWKHLVODQGV7KH
$UJHQWLQHEDVHLVRQ/DXULH,VODQGDQG
WKH %ULWLVK EDVH LV RQ 6LJQ\ ,VODQG
6LJQ\5HVHDUFK6WDWLRQ3KRWR)ZDV
HVWDEOLVKHGE\WKH%ULWLVKLQDQG
ZDV RSHUDWLRQDO \HDUURXQG XQWLO
ZKHQLWFKDQJHGWRD³VRXWKHUQ
KHPLVSKHUH VXPPHU ́ VFKHGXOH IURP
1RYHPEHUWR$SULOHDFK\HDU,WFRP
SULVHVIRXUEXLOGLQJVZLWKDFDSDFLW\RI
HLJKW SHRSOH 7KH $UJHQWLQH EDVH
2UFDGRVKDVKDGDSUHVHQFHRQ/DXULH
,VODQGVLQFHDQGLVWKXVWKHROGHVW
FRQWLQXRXVO\VWDIIHGUHVHDUFKVWDWLRQLQ
WKH$QWDUFWLF,WFRPSULVHVEXLOGLQJV
DQGKRXVHVXSWRSHRSOHGXULQJVXP
PHUDQGLQWKHZLQWHU7KHUHKDV
EHHQRFFDVLRQDODFWLYLW\IRUPDQ\\HDUV
IURP2UFDGRVE\/8SHUVRQQHOXVLQJ
/8=$,WLVQRWDEOHWKDW9325.RSHU
DWHGIURPLWVRZQSRUWDEOHVHWXSVHSD
UDWHIURPWKH6LJQ\EDVHDQGQH[W\HDU¶V
SODQQHG';SHGLWLRQZLOOEHGRLQJDVLP
LODUDUUDQJHPHQW
3<6 ± 6W 3HWHU DQG 3DXO
5RFNV7KLVLVDJURXSRIVPDOOLVOHWV
3KRWR'%UD]LOLDQVFLHQWLILFQDYDOEDVH6LPyQ%ROLYDURQ$YHV,VODQG3KRWRYLD
:LNLPHGLD&RPPRQV
5 Band WAZ
&DOOVLJQ =RQHV =RQHV
1HHGHG
$.$
'0((
($50
($*)
+06
+$+:
+$$*6
,5($
,.;%; RQ0
,.$2'
,.%4(
,==15
-$&0'
-$,8
-$;%*
-+&);
-.%60
./,
.5'
.+%
.)89
.75
.85
..8 RQ
.%(2
.=9
181
11;
1::
1;5
1$$
5$$; RQ0
58';
5:/7 RQ0
5;+=
5=(& RQ0
64
60%,3
635%* RQ0
9(7=7
92)%
:)-
&DOOVLJQ =RQHV =RQHV
1HHGHG
:)=
:/.
:12
:/,
:80
:'1
:5.&
:;<
:$0+-
:$%&.
$,
($%&;
)1%8
*.'*
*.04
+%)01 RQ
-$'0
-$*1 RQ
-$064 RQ
-+((%
.(3
.7.
.-*-
./5
.3$
.-/'
.27
.=,
147
1**
175 RQ
8$/< RQ
81-
8600
:&:4
:28/
:70'
:51 RQ
:&1
:/(
=/$/
$VRI-XQH
VWDWLRQVKDYHDWWDLQHGDWOHDVWWKH=RQHOHYHO
DQG
VWDWLRQVKDYHDWWDLQHGWKH=RQHOHYHO
$VRI-XQH
7KHWRSFRQWHQGHUVIRU%DQG:$==RQHVQHHGHGRQ
RURWKHULILQGLFDWHG
&+$1*(6VKRZQLQ%2/'
5XOHVDQGDSSOLFDWLRQVIRUWKH:$=SURJUDPPD\EHREWDLQHG
E\VHQGLQJDODUJH6$(ZLWKWZRXQLWVRISRVWDJHRUDQ
DGGUHVVODEHODQGWR:$=$ZDUG0DQDJHU-RKQ
%HUJPDQ.&/.'HHU7UDLO%UDQGRQ06
7KHSURFHVVLQJIHHIRUWKH%:$=DZDUGLVIRUVXE
VFULEHUVSOHDVHLQFOXGH\RXUPRVWUHFHQW&4PDLOLQJODEHO
RUDFRS\DQGIRUQRQVXEVFULEHUV$QHQGRUVHPHQW
IHHRIIRUVXEVFULEHUVDQGIRUQRQVXEVFULEHUVLV
FKDUJHGIRUHDFKDGGLWLRQDO]RQHVFRQILUPHG3OHDVH
PDNHDOOFKHFNVSD\DEOHWR-RKQ%HUJPDQ$SSOLFDQWVVHQG
LQJ46/FDUGVWRD&4FKHFNSRLQWRUWKH$ZDUG0DQDJHU
PXVWLQFOXGHUHWXUQSRVWDJH.&/.PD\DOVREHUHDFKHG
YLDHPDLONFON#FTDPDWHXUUDGLRFRP!
3OHDVHQRWH&RVWRIWKH%DQG:$=3ODTXHLV
VKLSSHGZLWKLQWKH86DOOIRUHLJQVHQWDLUPDLO
7KHIROORZLQJKDYHTXDOLILHGIRUWKHEDVLF%DQG
:$=$ZDUG
&DOOVLJQ %:$= 'DWH =RQHV
5$%
.&667
.&$:;
.26&$
.$2
8SGDWHVWRWKH%:$=OLVWRIVWDWLRQV
&DOOVLJQ %:$= 'DWH =RQHV
7)%
.%'
7)'&
-$&,8
:80
://
1HZUHFLSLHQWVRI%DQG:$=ZLWKDOO=RQHV
FRQILUPHG
%:$= &DOOVLJQ 'DWH $OO
.&$:;
&4$XJXVW 9LVLW2XU:HE6LWH