:KDWLVQHZLVWKDWPRUHDQGPRUHRIWKHVHPLFURJULGVDUHEHLQJSRZHUHGE\
UHQHZDEOHHQHUJ\PHWKRGVWKDQNVWRLQFUHDVHGD̆RUGDELOLW\DQGVKLIWLQJ
UHJXODWLRQVWKDWPDNHWKHPHDVLHUWRDGRSW$QGLW¶VDERRPLQJEXVLQHVV
'HSHQGLQJRQ\RXUQHZVVRXUFHWKHPLFURJULGPDUNHWLVH[SHFWHGWREHZRUWK
ELOOLRQE\XSIURPELOOLRQWKLV\HDU,QWKH8QLWHG6WDWHVD
PDVVLYHDPRXQWRIPLFURJULGPRYHPHQWLVKDSSHQLQJLQ&DOLIRUQLDZKLFKKDV
PDQGDWHGWKDWDOORILWVHOHFWULFLW\EHIURP]HURHPLVVLRQVRXUFHVE\
&DOLIRUQLDQVDUHDOVRVLPSO\FRQFHUQHGWKDWSRZHULVDYDLODEOHDWDOO %HWZHHQ
FDWDVWURSKLFZLOG¿UHVHDUWKTXDNHVPXGVOLGHVDQGWKH³SXEOLFVDIHW\SRZHU
VKXWR̆V ́WKDWWKHVWDWH¶VODUJHVWXWLOLW\3DFL¿F*DV (OHFWULFKDVUHFHQWO\
LPSOHPHQWHGSHRSOHDUHWXUQLQJWRUHQHZDEOHHQHUJ\PLFURJULGVLQDQH̆RUWWR
IUHHWKHPVHOYHVRIGHSHQGHQFHRQDODUJHDQGLQFUHDVLQJO\HUUDWLFHQHUJ\VXSSO\
2IFRXUVHWKHPRYHPHQWWRWKHVHPLFURJULGVLVQRWMXVWD&DOLIRUQLDWKLQJ,W¶V
KDSSHQLQJLQ3XHUWR5LFRZKHUHVRODUDQGEDWWHU\PLFURJULGVR̆HUHGVRPH
UHVSLWHDIWHUEDFNWREDFNKXUULFDQHVDQGHDUWKTXDNHV$QG1HZ<RUNVWDWHVDZ
WKHODXQFKRIDQPLOOLRQSUL]HIXQGWRGULYHUHQHZDEOHPLFURJULG
GHYHORSPHQWDIWHUEHLQJEDWWHUHGE\6XSHUVWRUP6DQG\
$FRPPXQLW\PLFURJULGLQ(DVW+DPSWRQRQ/RQJ,VODQGVXSSOLHVSHUFHQWRI
WKHWRZQ¶VHQHUJ\QHHGVNHHSVWKHORFDOZDWHUSODQWUXQQLQJDQG¿UHVWDWLRQV
RSHUDWLRQDOLQHPHUJHQFLHVDQGKDVDOORZHGWKHORFDOXWLOLW\WRDYRLG
PLOOLRQLQWUDQVPLVVLRQXSJUDGHVDVDUHVXOW0XQLFLSDOLWLHVDFURVVWKHFRXQWU\
DUHEXLOGLQJWKHPWRNHHSFULWLFDOIDFLOLWLHVXSDQGUXQQLQJQRPDWWHUZKDW
ZKLOHXVLQJJUHHQORFDOO\SURGXFHGHQHUJ\WRSRZHUWKHIDFLOLW\LQWKH
PHDQWLPH$QGJOREDOO\PLFURJULGVR̆HUHQHUJ\UHVRXUFHVDQGLQGHSHQGHQFHWR
UXUDOFRPPXQLWLHVDQGWRZQVLQ,QGLD$IULFDDQGRWKHUGHYHORSLQJDUHDVRI
the world.
(YHQXWLOLWLHVDUHH[SORULQJZD\VWRJHWLQWRWKHJDPH ,Q,OOLQRLV
&RPPRQZHDOWK(GLVRQZRUNHGZLWKWKH&KLFDJR+RXVLQJ$XWKRULW\WREXLOGWKH
%URQ]HYLOOHVRODUDQGEDWWHU\PLFURJULGIRUUHVLGHQWLDOXQLWVLQDORZ
LQFRPHQHLJKERUKRRGFRQQHFWHGWRDQHDUE\XQLYHUVLW\PLFURJULG,W¶VDSLORW
SURJUDPWROHDUQKRZFOXVWHUVRIPLFURJULGVFDQZRUNWRJHWKHUZKHQ
GLVFRQQHFWHGIURPWKHPDLQJULG