6(=± ([SHULHQFHVKDULQJ	2SHUDWLRQDO,VVXHV
                                                                                 ...
/RFDWLRQ	6LWH,GHQWLILFDWLRQ

                                                                        0DUNHWLQJWKH=RQH



 ...
3RRU6RLORQGLWLRQV                                                                !
            0DUVK/DQG                  ...
6HLVPLF=RQH                                                                 #
                    3RRU/RDG%HDULQJDSDFLW± +...
-


  ‡    6LWHFRQGLWLRQVQRQDJULFXOWXUDOSODLQEDUUHQGUODQG
‡    ([WHUQDORQQHFWLYLW
        ±   5RDGV1DWLRQDO+LJKZD6WDWH+LJKZDHWF
±   5DLO$LU6HD
  ‡    'LVWDQFHIURPQHDUHVW:DWHU	3RZHU6RXUFHV3UR[LPLWRIWKHVRXUFH
       DSDFLW
‡    'LVWDQFHIURPWKHQHDUHVWWRZQFLWRUDPHWURSROLWDQDFFHVVWR6RFLDO
       ,QIUDVWUXFWXUH
-XO                                                                                       




                           ...
RQWG«

 ‡    $YDLODELOLWRI)DFWRUVRI3URGXFWLRQ
       R ,IHVOHYHUDJHLW
       R 1RWKHQ3XOOWKHPLQRUUHDWH$FFHVVLELOLW
       ...
3UHIHDVLELOLW6WXG


  ‡    RPSRQHQWVRI3UHIHDVLELOLWVWXG

        ± /RFDWLRQ$QDOVLV
        ± 6WXGRI5HJLRQDO'QDPLFV
       ...
(QHUJ
 0LQ$UHD        +D                         +D                    +D           +D

 0LQ%XLOW      ± 6TPWU IRU        ...
:KLOH'HFLGLQJRQ7SH	6L]H«


  ‡ KHFNIRU)LQDQFLDODSDELOLWLHV
        ± RQVLGHUWKHGHYHORSPHQWFRVWVDQGRWKHUDVVRFLDWHGFRVWV

  ...
-XO                                                                




                                                  ...
/DQG3URFXUHPHQW

                                                                   0DUNHWLQJWKH=RQH



                  ...
PLJKW GHFLGH QRW WR VHOO
             0DFKLQHU                                             FHUWDLQ VWUDWHJLF ODQG SDUFHOV
...
/DQG$FTXLVLWLRQ3UHVFULSWLRQE*RYWRI,QGLD
                                                   DVSHUGUDIW5	53ROLF
‡   *2,GLUHFWLYHVSURSRVDOVWRHQVXUHDVPRRWK	HIILFLHQWSURFHVV RI
    /DQGSURFXUHPHQWIRU6(=SURMHFWV
      ± 0LQLPXPLQYROYHPHQW...
$SSURYDOV

                                                                            0DUNHWLQJWKH=RQH




              ...
,QSULQFLSOH$SSURYDO                          )RUPDO$SSURYDO                            1RWLILFDWLRQ


                    ...
D
9DOLGLWRI,Q                                                                      *UDQWRI$SSURYDOIRU
                      ...
'HPDQG$VVHVVPHQW

                                                                   0DUNHWLQJWKH=RQH



                 ...
EFRQVLGHULQJYDULRXV
            SHUIRUPDQFHLQGLFDWLRQV
        ±   RQVLGHULQJWKHUHJLRQDOGQDPLFV

  ‡    ,GHQWLILQJWKHLQGXV...
±   1XPEHURIXQLWVLQYDULRXVFDWHJRULHV
                ‡ 6PDOO0HGLXP0HJD
        ±   ([SHFWHG,QYHVWPHQW
        ±   (PSORPHQ...
‡    ,QSXWVIRU3URMHFW6FKHGXOLQJ	0DUNHWLQJWKH]RQH

-XO                                                                     ...
3KDVLQJRI'HYHORSPHQWV


  $SSURDFK+ROLVWLF3ODQQLQJ$QG1HHG%DVHG'HYHORSPHQW
  ‡ 6WDUWZLWKD'HPRQVWUDWLRQ3KDVHRIµ;¶DFUH
      ...
‡   5HDGWRXVH,QIUDVWUXFWXUH
                ‡   RQQHFWLYLWLQWHUPVRI$UWHULDO5RDGV
                ‡   'UDLQDJH6HZHUDJH
    ...
Nächste SlideShare
Wird geladen in …5
×

S J Vijay[1]

1.595 Aufrufe

Veröffentlicht am

Veröffentlicht in: Bildung, Gesundheit & Medizin
0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
1.595
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
47
Aktionen
Geteilt
0
Downloads
0
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

S J Vijay[1]

  1. 1. 6(=± ([SHULHQFHVKDULQJ 2SHUDWLRQDO,VVXHV $3UHVHQWDWLRQRQ ³)LUVW+DQGLQ6(=´ ,QWHUQDWLRQDORQIHUHQFH 6SHFLDO(FRQRPLF=RQHV± UHDWLQJ,VODQGVRI(FRQRPLF *URZWK E 0U6-9LMD 6DOPRQ/HDS$VVRFLDWHV,QGLD VMYLMD#VDOPRQOHDSFRLQ -XO 6WDJHV 0DUNHWLQJWKH=RQH )LQDQFLDOORVXUH 3KVLFDO3ODQ 'HYHORSPHQWDO2SWLRQV 'HPDQG$VVHVVPHQW $SSURYDOV /DQG3URFXUHPHQW 3UH)HDVLELOLW /RFDWLRQ 6LWH ,GHQWLILFDWLRQ -XO
  2. 2. /RFDWLRQ 6LWH,GHQWLILFDWLRQ 0DUNHWLQJWKH=RQH )LQDQFLDOORVXUH 3KVLFDO3ODQ 'HYHORSPHQWDO2SWLRQV 'HPDQG$VVHVVPHQW $SSURYDOV /DQG3URFXUHPHQW 3UH)HDVLELOLW /RFDWLRQ 6LWH ,GHQWLILFDWLRQ -XO ,GHQWLILFDWLRQRI/RFDWLRQ 6LWH ‡ OLPDWLFRQGLWLRQV ‡ 7RSRJUDSKLFDORQGLWLRQV ‡ 6RLORQGLWLRQV ± *HRWHFKQLFDO *HR PRUSKRORJLFDOFRQGLWLRQVRIWKHVLWH $
  3. 3. 3RRU6RLORQGLWLRQV ! 0DUVK/DQG
  4. 4. 6HLVPLF=RQH # 3RRU/RDG%HDULQJDSDFLW± +LJK3LOLQJRVW ± /DFRQWRXUVGLPHQVLRQVRIOHQJWKDQGZLGWK
  5. 5. - ‡ 6LWHFRQGLWLRQVQRQDJULFXOWXUDOSODLQEDUUHQGUODQG
  6. 6. ‡ ([WHUQDORQQHFWLYLW ± 5RDGV1DWLRQDO+LJKZD6WDWH+LJKZDHWF
  7. 7. ± 5DLO$LU6HD ‡ 'LVWDQFHIURPQHDUHVW:DWHU 3RZHU6RXUFHV3UR[LPLWRIWKHVRXUFH DSDFLW
  8. 8. ‡ 'LVWDQFHIURPWKHQHDUHVWWRZQFLWRUDPHWURSROLWDQDFFHVVWR6RFLDO ,QIUDVWUXFWXUH
  9. 9. -XO
  10. 10. RQWG« ‡ $YDLODELOLWRI)DFWRUVRI3URGXFWLRQ R ,IHVOHYHUDJHLW R 1RWKHQ3XOOWKHPLQRUUHDWH$FFHVVLELOLW - /RJLVWLF/LQNDJHVIURP6WDWH*RYWRUE2ZQVKRXOGEHFKHFNHG - 3XOOLQWKHUHTXLUHG+XPDQ5HVRXUFH ¾ 7KLVLVZKHUHLQYHVWPHQWLQGHYHORSLQJ6RFLDO,QIUDVWUXFWXUHEHFRPHVFUXFLDO ‡ 'HWDLOVRIRWKHU,QGXVWULHVLQWKHYLFLQLW ‡ 'HWDLOVRIWKHKDELWDWLRQV VHWWOHPHQWVLQDQGDURXQGWKHVLWH ‡ 'HWDLOVRISRSXODWLRQDQGPDQSRZHUDYDLODELOLW -XO 3UH)HDVLELOLW 0DUNHWLQJWKH=RQH )LQDQFLDOORVXUH 3KVLFDO3ODQ 'HYHORSPHQWDO2SWLRQV 'HPDQG$VVHVVPHQW $SSURYDOV /DQG3URFXUHPHQW 3UH)HDVLELOLW /RFDWLRQ 6LWH ,GHQWLILFDWLRQ -XO
  11. 11. 3UHIHDVLELOLW6WXG ‡ RPSRQHQWVRI3UHIHDVLELOLWVWXG ± /RFDWLRQ$QDOVLV ± 6WXGRI5HJLRQDO'QDPLFV ± $YDLODELOLWRI1DWXUDO5HVRXUFHV ± 5HJLRQDORQQHFWLYLW ± 3UR[LPLWWRQHDUHVWWRZQFLWRUPHWURSROLWDQ ± 'HWDLOVRILQGXVWULDODFWLYLWLHVLQWKHYLFLQLW ± 6LWH'HVFULSWLRQ KDUDFWHULVWLFV ± $YDLODELOLWRIIDFWRUVRISURGXFWLRQ ± $YDLODELOLWRI/DERXU ± 3UHOLPLQDU,GHQWLILFDWLRQRIWKH,QGXVWU ± 6HFRQGDU'DWDEDVHG'HPDQG$VVHVVPHQW ± 7HQWDWLYH3URMHFWRVW -XO 7SHVRI6(= 6(=VIRU,7*HPV )7:= 6HFWRU 0XOWL3URGXFW -HZHOOHU%LRWHFK )UHH7UDGH 6SHFLILF 6(= :DUHKRXVLQJ 6(= 1RQRQYHQWLRQDO =RQH
  12. 12. (QHUJ 0LQ$UHD +D +D +D +D 0LQ%XLOW ± 6TPWU IRU QRWOHVVWKDQ 0LQ 0LQ3URFHVVLQJ XS ,7,7(6 VTPWV 3URFHVVLQJ $UHD ± 6TPWU IRU%LR $UHD WHFKQRORJ ± 6TPWU IRU*HPV -HZHOOHU 1HW:RUWK 5VFURUHV 5VFURUHV 5VFURUHV 0LQLPXP 5VFURUHV 5VFU 5V 5VFURUHV ,QYHVWPHQW FURUHV 2WKHUV ,7,7(65HTXLUHGWREH FHQWUDOODLUFRQGLWLRQHG )7:=ZLWKLQ0XOWL SURGXFW6(=VKDOOQRW H[FHHGRIWKH3$ -XO
  13. 13. :KLOH'HFLGLQJRQ7SH 6L]H« ‡ KHFNIRU)LQDQFLDODSDELOLWLHV ± RQVLGHUWKHGHYHORSPHQWFRVWVDQGRWKHUDVVRFLDWHGFRVWV ‡ KHFNIRU3RVVLEOH)RUZDUG %DFNZDUG/LQNDJHV ‡ KHFNIRU,QKHUHQW$GYDQWDJH ‡ KHFNRXU7HFKQLFDO([SHUWLVH ‡ 'HYHORSPHQWDO$SSURDFKWREHDGDSWHG ± $OOEXV ± 6RPHLQ-9 ± 2XWVRXUFH Collaborative ± $Q$SSURSULDWH0L[ Advantage -XO 6HOHFWLRQRQZKDW%DVLV ‡ 'HYHORSHU¶V3HUVSHFWLYH ± 'HYHORSPHQWDSDELOLWLHV ‡ 2ZQRQVRUWLXP ± )LQDQFLDODSDELOLWLHV ± 0DUNHWLQJDSDELOLWLHV ‡ 2ZQ2XWVRXUFHG µ 'HYHORSHU 2XWVRXUFHV ‡ XVWRPHU V3HUVSHFWLYH 93RUW 9$LUSRUWV 93RZHU3ODQWV ± )DFWRUVRI3URGXFWLRQ 9'HVDOLQDWLRQ3ODQWV 95RDGV ‡ $YDLODELOLW 7RµRGHYHORSHUVµRIWHQ RGHYHORSHUVµ RQUHYHQXHVKDULQJPRGHO ‡ $FFHVVLELOLW ³ROODERUDWLYH $GYDQWDJH´ ± 3UR[LPLWWR2XWJDWH3RUW$LUSRUW
  14. 14. -XO
  15. 15. /DQG3URFXUHPHQW 0DUNHWLQJWKH=RQH )LQDQFLDOORVXUH 3KVLFDO3ODQ 'HYHORSPHQWDO2SWLRQV 'HPDQG$VVHVVPHQW $SSURYDOV /DQG3URFXUHPHQW 3UH)HDVLELOLW /RFDWLRQ 6LWH ,GHQWLILFDWLRQ -XO 7UDGLWLRQDO/DQG3URFXUHPHQW2SWLRQV ‡ .HKDOOHQJHV ‡ .HKDOOHQJHV ± ,QDGHTXDWH FRPSHQVDWLRQ DV ± )UHH0DUNHWEDVHGKDUDFWHULVWLFV ‡ 6SHFXODWLYHIRUFHVPDFDXVHLQIODWLRQRI SURYLGHGEWKH/$$ FHUWDLQSDUFHOVRIODQGEHRQGWKHPDUNHW ± ,PSDFW RQ OLYHOLKRRG YDOXH ‡ 7KHDYHUDJHSULFHLQFUHDVHVFRQVLGHUDEO ± 5HKDELOLWDWLRQ DFWLRQ LQ FDVH RI ORV ± 1ROHJDOGLUHFWLYHRI/DQG$FTXLVLWLRQV V RI KRPHVWHDGZRUNSODFH ‡ HUWDLQ ODQGRZQHUV PDLQO VSHFXODWRUV ‡ ,PSOHPHQWDWLRQRI5 5E*RYW 5HDO (VWDWH ILUPV
  16. 16. PLJKW GHFLGH QRW WR VHOO 0DFKLQHU FHUWDLQ VWUDWHJLF ODQG SDUFHOV ‡ 3ULRULWJLYHQWR/DQG$FTXLVLWLRQ ‡ $ERYHFDQ OHDG WR FRQWLJXLW LVVXHVLQD 0XOWLSURGXFW6(= 5HDOORFDWLRQ ± ,QDEVHQFHRIWKH6WDWH6XSSRUWIRU ‡ 5 5DUHDVODFNGXHDWWHQWLRQRQ YHULILQJWKHWLWOHDQGSRVVHVVLRQ ULJKWV RI GHYHORSPHQWRI,QIUDVWUXFWXUH WKH ODQGV IDFLOLWLHVFRPPXQLWVHUYLFHVLQWKH ‡ 3RVVLELOLW RI OLWLJDWLRQ RQ WKH WLWOH RI WKH ODQGV E YDULRXV LQWHUHVWHGSDUWLHV LQFUHDVHV -XO
  17. 17. /DQG$FTXLVLWLRQ3UHVFULSWLRQE*RYWRI,QGLD DVSHUGUDIW5 53ROLF
  18. 18. ‡ *2,GLUHFWLYHVSURSRVDOVWRHQVXUHDVPRRWK HIILFLHQWSURFHVV RI /DQGSURFXUHPHQWIRU6(=SURMHFWV ± 0LQLPXPLQYROYHPHQWRI6WDWH*RYHUQPHQWLQWKH/DQG$FTXLVLWLRQ SURFHVV ± (QFRXUDJHGWKH3ULYDWH3XUFKDVHRIODQGEWKHGHYHORSHU ± $ERYHZLOOHQVXUHWKDWODQGRZQHUJHWVWKHPDUNHWYDOXHIRUKLVKHUODQG ‡ 1RDFTXLVLWLRQRIZHWIHUWLOHODQG ‡ 'RXEOHFURSODQGVWREHDFTXLUHGRQOLIYHUQHFHVVDU ± HJIRUPDLQWDLQLQJFRQWLJXLW ‡ (TXLWSDUWQHUVKLSODQGSORWVLQWKH6(=LQGXVWULDOSURMHFWWR EHJLYHQ WRODQGVHOOHUVWRHQVXUHORQJWHUPEHQHILW ‡ *RYHUQPHQWLVOLNHOWRILQDOL]HDQGLPSOHPHQWD1DWLRQDO5HKDEL OLWDWLRQ 3ROLFZKLFKLVOLNHOWRDGGUHVVWKHLVVXHVRI ± ORVVRIDOOOLYHOLKRRGVGXHWR/DQGDFTXLVLWLRQ ± 5 5VXSSRUWWKDWZRXOGEHPDQGDWRUIRUWKH'HYHORSHU*RYHUQPHQW DWWKHWLPHRI ODQGDFTXLVLWLRQ ± (QVXULQJSDUWQHUVKLSWKURXJKHTXLWVKDUHRUWKURXJKDQDOWHUQDW HSORWRIODQG -XO +EULG0RGHO 7KHNHDGYDQWDJHVRIWKH+EULGPRGHO ‡ 0D[LPXPSXUFKDVHWKURXJKPDUNHWGHWHUPLQHGPRGHO ,WHQVXUHVIDLUYDOXH RIODQGWRERWKWKHVHOOHUDVZHOODVWKHGHYHORSHU ‡ ,WDOVRHQVXUHVWKDWDOOWKHUHTXLUHGODQGIRUWKHSURMHFWFDQJHWSURFXUHG ZLWKRXWDQXQUHVWRUUHVHQWPHQWIURPWKHODQGRZQHUV ‡ ,QFOXVLYHGHYHORSPHQWRIWKHORFDOFRPPXQLW± LQYROYHPHQWRIERWKWKH 3ULYDWH'HYHORSHUDQGWKH*RYHUQPHQW -XO
  19. 19. $SSURYDOV 0DUNHWLQJWKH=RQH Φι ν α ν χ ι α λ Χλ ο σ υ ρ ε 3KVLFDO3ODQ 'HYHORSPHQWDO2SWLRQV 'HPDQG$VVHVVPHQW $SSURYDOV /DQG3URFXUHPHQW 3UH)HDVLELOLW /RFDWLRQ 6LWH ,GHQWLILFDWLRQ -XO $SSURYDOV ‡ ,GHQWLILFDWLRQRIWKH/RFDWLRQ6LWH ‡ 'HFLGLQJXSRQWKHWSHRI6(=EDVHGRQWKHDYDLODEOHODQG ‡ 3UH)HDVLELOLW6WXG ‡ 3UHSDULQJWKH3URSRVDO ‡ $SSOLFDWLRQWR6WDWH*RYW%2$UHTXLUHVFRQFXUUHQFHIURP6WDW H*RYW
  20. 20. ,QSULQFLSOH$SSURYDO )RUPDO$SSURYDO 1RWLILFDWLRQ 6WDUW/DQG3URFXUHPHQW 9DOLGLWRI,QSULQFLSOH$SSURYDO 5XOH
  21. 21. D
  22. 22. 9DOLGLWRI,Q *UDQWRI$SSURYDOIRU $XWKRUL]HG2SHUDWLRQ ¾ ,QSULQFLSDODSSURYDOVKDOOEHYDOLGIRUDSHULRGRIHDUZLWKLQ ZKLFK WLPH WKHGHYHORSHUKDVWRVXEPLWVXLWDEOHSURSRVDOIRUIRUPDOD SSURYDO ¾ )XUWKHUH[WHQVLRQIRUDSHULRGQRWH[FHHGLQJUVXSRQDSSOLFD WLRQE 'HPDUFDWLQJWKH WKHGHYHORSHU 3URFHVVLQJ 1RQ 3URFHVVLQJ$UHDV -XO
  23. 23. 'HPDQG$VVHVVPHQW 0DUNHWLQJWKH=RQH )LQDQFLDOORVXUH 3KVLFDO3ODQ 'HYHORSPHQWDO2SWLRQV 'HPDQG$VVHVVPHQW $SSURYDOV /DQG3URFXUHPHQW 3UH)HDVLELOLW /RFDWLRQ 6LWH ,GHQWLILFDWLRQ -XO 'HPDQG$VVHVVPHQW ‡ 6HFWRU,GHQWLILFDWLRQ ± 6WXGLQJWKHRYHUDOOJURZWKSDWWHUQVDWJOREDO QDWLRQDOOHYHO
  24. 24. EFRQVLGHULQJYDULRXV SHUIRUPDQFHLQGLFDWLRQV ± RQVLGHULQJWKHUHJLRQDOGQDPLFV ‡ ,GHQWLILQJWKHLQGXVWULHVZLWKLQWKHVHFWRU ± ,QGXVWU,GHQWLILFDWLRQ3DUDPHWHUVYL] ([LVWLQJ,QGXVWULDORQFHQWUDWLRQ([SRUWRQWULEXWLRQ RIWKHLQGXVWU6(= (28RQFHQWUDWLRQ ‡ *URXSLQJWKHLGHQWLILHGLQGXVWULHVZUWVLPLODULQIUDVWUXFWXUH HTXLUHPHQWV U ‡ )RUHFDVWLQJWKH2'HPDQGLQWHUPVRI ± /DQGRIIWDNHEHDFKVKRUWOLVWHGLQGXVWU3ORWVEXLOW XS
  25. 25. ± 1XPEHURIXQLWVLQYDULRXVFDWHJRULHV ‡ 6PDOO0HGLXP0HJD ± ([SHFWHG,QYHVWPHQW ± (PSORPHQW*HQHUDWHG ‡ )RUHFDVWLQJWKHDFKLHYDEOH5DWHVIRU/DQG %XLOW XS
  26. 26. ‡ ,QSXWVIRU3URMHFW6FKHGXOLQJ 0DUNHWLQJWKH]RQH -XO
  27. 27. 3KDVLQJRI'HYHORSPHQWV $SSURDFK+ROLVWLF3ODQQLQJ$QG1HHG%DVHG'HYHORSPHQW ‡ 6WDUWZLWKD'HPRQVWUDWLRQ3KDVHRIµ;¶DFUH ± :KLFKUHSUHVHQWVWKHELJSLFWXUH ± :KLFKVDWLVILHVWKHEDVLFUHTXLUHPHQWVLQWHUPVRI ‡ 'HYHORSHG/DQG ‡ %XLOWXSIDFLOLW)DFWRUVKHGVHWF
  28. 28. ‡ 5HDGWRXVH,QIUDVWUXFWXUH ‡ RQQHFWLYLWLQWHUPVRI$UWHULDO5RDGV ‡ 'UDLQDJH6HZHUDJH ‡ 8WLOLWRQQHFWLRQV3RZHU:DWHU,QIR FRPP
  29. 29. ‡ 0DQGDWRUFRPPRQIDFLOLWLHV ‡ 0LQLPXP9HUWLFDORPSRQHQWV ‡ 3ODQ%XLOGQH[WRQHHDUGHPDQGIURPWKHUHYHQXHVJHQHUDWHG -XO 'HYHORSPHQWDO2SWLRQV 0DUNHWLQJWKH=RQH )LQDQFLDOORVXUH 3KVLFDO3ODQ 'HYHORSPHQWDO2SWLRQV 'HPDQG$VVHVVPHQW $SSURYDOV /DQG3URFXUHPHQW 3UH)HDVLELOLW /RFDWLRQ 6LWH ,GHQWLILFDWLRQ -XO
  30. 30. 0DQGDWRU$VSHFWV« ‡ $UHDVKDOOEH 9 RQWLJXRXVDQG9DFDQW 9 6KDOOKDYHQRSXEOLFWKRURXJKIDUH RQGLWLRQRIRQWLJXLW5XOH
  31. 31. ¾ %2$FDQUHOD[WKHFRQGLWLRQRIFRQWLJXLWRIFDVHWRFDVHEDVLV RQPHULWVIRUUHDVRQVWREH UHFRUGHGLQZULWLQJ H[FHSWWKHFRQGLWLRQUHJDUGLQJWKHLGHQWLILHGDUHDWREHDYDFDQ WODQG ‡ RQGLWLRQIRU)HQFLQJ%RXQGDU:DOOLQWKHSURFHVVLQJDUHD 9 %HIXOOVHFXUHGEWDNLQJVXFKPHDVXUHVDVDSSURYHGE%2$ 9 6HSDUDWHHQWUDQG([LW3RLQWV ‡ 6L]H/LPLWDWLRQ 9 DSSLQJWKH6,=(RI6(=0XOWLSURGXFW6(=+D
  32. 32. -XO 7KH$SSURDFK '7$ '7$ 6RFLDO $QFLOODU ,QGXVWULHV ,QIUDVWUXFWXUH 0XOWL3URGXFW6(= +D 25 ,IHQRXJK/DQGLVQRWDFTXLUHGDYDLODEOHLQLWLDOO .LFN6WDUWZLWKD6HFWRU6SHFLILF6(= VXEVHTXHQWODFTXLUHHQR XJKODQGDQGGHYHORSPXOWLSURGXFW6(= RQYHUVLRQWRDQRWKHUFODVVRI6(=DOORZHG 5XOH
  33. 33. G
  34. 34. RQYHUVLRQWRDQRWKHUFODVVRI6(=DOORZHG ¾ 6HFWRUVSHFLILF6(=LIDSSURYHGRUQRWLILHGDQGVXEVHTXHQWOGHY HORSHUDFTXLUHVPRUHODQGDQG PHHWVWKHFULWHULDRIPXOWL SURGXFW6(=WKHQDVHFWRUVSHFLILF6(=FDQEHFRQYHUWHGLQWR0XO WL WL 3URGXFW6(= -XO
  35. 35. %2$3UHVFULSWLRQV 3DUWLFXODUV ,7,7(6% 6HFWRU 0XOWLSURGXFW 7* - 6SHFLILF6(= 6(= 6(= 5RDGVZLWK6WUHHWOLJKWLQJ6LJQDOV 6LJQDJH ¥ ¥ ¥ :DWHU7UHDWPHQW3ODQWZDWHUVXSSOOLQHVVHZDJHOLQHVVWRUP ¥ ¥ ¥ ZDWHUGUDLQVDQGZDWHUFKDQQHOV 6HZDJH *DUEDJHGLVSRVDOSODQWSLSHOLQHVDQGRWKHUUHODWHG ¥ ¥ ¥ LQIUDVWUXFWXUH6HZDJHWUHDWPHQWSODQW (OHFWULFDO*DV 3HWUROHXP1DWXUDO*DV'LVWULEXWLRQ1HWZRUN ¥ ¥ ¥ LQFOVXEVWDWLRQVSLSHOLQHQHWZRUN 6HFXULWRIILFHVSROLFHSRVWVHWFDWHQWUH[LWDQGRWKHUSRL WV Q ¥ ¥ ¥ ZLWKLQ DORQJWKHSHULSKHURIWKHVLWH (IIOXHQW7UHDWPHQWSODQW SLSHOLQHVDQGUHODWHGLQIUDVWUXFWXUH ¥ ¥ ¥ 2IILFH6SDFH 2IILFH6SDFHDQGRU6KRSSLQJ$UFDGHDQGRU ¥ ¥ ¥ 5HWDLO6SDFHDQGRU0XOWLSOH[HV 3DUNLQJLQFO0XOWLOHYHOFDUSDUNLQJDXWRPDWHGRUPDQXDO
  36. 36. ¥ ¥ ¥ 7HOHFRP RWKHUFRPPXQLFDWLRQIDFLOLWLHVLQFOLQWHUQHW ¥ ¥ ¥ FRQQHFWLYLW -XO %2$3UHVFULSWLRQVRQWG
  37. 37. 3DUWLFXODUV ,7,7(6%7 6HFWRU 0XOWLSURGXFW * -6(= 6SHFLILF6(= 6(= 5DLQZDWHU+DUYHVWLQJ3ODQW ¥ ¥ ¥ 3RZHULQFOSRZHUEDFNXSIDFLOLWLHV
  38. 38. ¥ ¥ ¥ $LUFRQGLWLRQLQJ ¥ ; ; 6ZLPPLQJSRRO ¥ ¥ ¥ )LUHSURWHFWLRQ6VWHPZLWKVSULQNOHUVILUH VPRNHGHWHFWRUV ¥ ¥ ¥ 5HFUHDWLRQIDFLOLWLHVLQFOOXEKRXVH,QGRRU RXWGRRUJDPHV ¥ ¥ ¥ JP (PSORHH:HOIDUHIDFLOLWLHVOLNH$70UqFKH0HGLFDOFHQWHU ¥ ¥ ¥ HWF 6KRSSLQJDUFDGHDQGRU5HWDLOVSDFH ¥ ¥ ¥ %XVLQHVVDQGRURQYHQWLRQHQWUH ¥ ¥ ¥ RPPRQ'DWDFHQWUHZLWKLQWHUFRQQHFWLYLW ¥ ¥ ¥ +RXVLQJRU6HUYLFHDSDUWPHQWV +RXVLQJ+RWHO 6HUYLFH ¥ ¥ ¥ $SSWV+RXVLQJ +RWHO 3ODJURXQG ¥ ¥ ¥ -XO
  39. 39. %2$3UHVFULSWLRQVRQWG
  40. 40. 3DUWLFXODUV ,7,7(6% 6HFWRU 0XOWLSURGXFW 7* - 6SHFLILF 6(= 6(= 6(= /DQGVFDSLQJDQGZDWHUERGLHV ¥ ¥ ¥ )RRG6HUYLFHVLQFOXGLQJDIHWHULDIRRGFRXUWV
  41. 41. 5HVWDXUDQWV ¥ ¥ ¥ FRIIHHVKRSVFDQWHHQVDQGFDWHULQJIDFLOLWLHV /DQGVFDSLQJDQGZDWHUERGLHV ¥ ¥ ¥ :L )L DQGRU:L 0D[6HUYLFHV ¥ ¥ ¥ OLQLFDQG0HGLFDOHQWHUV OLQLFDQGRU0HGLFDOHQWUHV ¥ ¥ ¥ DQGRU+RVSLWDOV 'ULSDQG0LFURLUULJDWLRQVVWHPV ¥ ¥ ¥ 5DLO+HDG5DLO+HDGZLWKLQWKH6(= ; ¥ ¥ 3RUW ; ; ¥ $LUSRUWDQGRU$LUDUJRRPSOH[ ; ; ¥ ,QODQGRQWDLQHU'HSRWV ; ; ¥ $FFHVVRQWURO 0RQLWRULQJ6VWHP ; ¥ ¥ -XO %2$3UHVFULSWLRQVRQWG
  42. 42. 3DUWLFXODUV ,7,7(6% 6HFWRU 0XOWLSURGXFW 7* - 6SHFLILF 6(= 6(= 6(= 6FKRROV RU7HFKQLFDO,QVWLWXWLRQVDQGRU(GXFDWLRQDO ; ¥ ¥ ,QVWLWXWLRQV %XVED ¥ ¥ ¥ %DQNV ; ; ¥ 6XFKRWKHURSHUDWLRQV
  43. 43. VSHFLILHGDERYHZKLFKWKH%2$PD ¥ ¥ ¥ DXWKRUL]HIURPWLPHWRWLPH -XO
  44. 44. 'HYHORSPHQW2SWLRQV 6LPLODUWR ,QGXVWULDO3DUNV 6LWH ,QWHUQDO /HYHOLQJ 'UDLQDJH 6HZHUDJH 'HYHORSPHQW 5RDGV *UHHQ /DQG $FTXLUH 1RWLI 3ODQ )HQFH DWDOVW ,QFHQWLYHV ([HPSWLRQV RQFHVVLRQV 3ULYLOHJHV -XO 'HYHORSPHQW2SWLRQV %3XEOLF 3ULYDWH 3DUWQHUVKLS %R'HYHORSHUV ³ROODERUDWLYH$GYDQWDJH´ $GGLWLRQDO2SSRUWXQLWLQ ([WHUQDO 7R6+1+ WKH0XOWLSURGXFW $LU3RUW6WULS 5DLO6LGLQJ 3RUW,',7 RQQHFWLYLW +HOLSDG 8WLOLW 3ODQWV 3RZHU :DWHU (QHUJ ,QIRFRPP 8WLOLW RQQHFWLRQV 3RZHU :DWHU (QHUJ ,QIRFRPP 6LWH ,QWHUQDO /HYHOLQJ 'UDLQDJH 6HZHUDJH 'HYHORSPHQW 5RDGV *UHHQ /DQG $FTXLUH 1RWLI 3ODQ )HQFH DWDOVW ,QFHQWLYHV ([HPSWLRQV RQFHVVLRQV 3ULYLOHJHV -XO
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‡ ,QGXVWULDO3DUN ± 'HYHORSHUSURYLGHVEDVLFODQGDQGLQGXVWULDOLQIUDVWUXFWXUHYHU OLWWOHVRFLDO LQIUDVWUXFWXUH ‡ )XOO,QWHJUDWHG ± 'HYHORSHUEXLOGVHYHUWKLQJLQFOXGLQJSRUWVDLUSRUWVSRZHUSOD QWGHVDOLQDWLRQ SODQWURDGVDQGDOVRSURYLGHVRFLDOLQIUDVWUXFWXUHVXFKDVKRW HOVPDOOVKRXVLQJ HWF ‡ 2XWVRXUFHG8WLOLWLHV ± 'HYHORSHUVRXWVRXUFHSRUWVDLUSRUWVSRZHUSODQWURDGVWRFR GHYHORSHURIWHQ WKHUHLVUHYHQXHVKDULQJDJUHHPHQWV ‡ 6KDUHG,QIUDVWUXFWXUH ± $IHZ6(=LQWKHVDPHYLFLQLWFRPHWRJHWKHUWREXLOGDQGVKDUH LQIUDVWUXFWXUH VXFKDVSRUWRUDLUSRUWVRUSRZHUSODQW7KLVPRGHOZDVSRSXODU LQSXGRQJ FKLQD -XO
  46. 46. 'HYHORSPHQWDO$SSURDFK ‡ $OOEXV ‡ 6RPHLQ-9 ‡ 2XWVRXUFH ‡ $Q$SSURSULDWH0L[ -XO 1HHG%DVHG$SSURDFK +LJK ULWLFDOLWRI,QIUDVWUXFWXUHWR/RFDWRUV 'HYHORSDQGSURFXUH 'HYHORSHUVWR 2 0FRQWUDFWIURP FUHDWHDQGRSHUDWH UHSXWHG6HUYLFH WKHLQIUDVWUXFWXUH 3URYLGHUV UHDWHWKHVDPHLILWFDQEH 2XWVRXUFHWKH OHYHUDJHGIRUFURVV ,QIUDVWUXFWXUH VXEVLGL]DWLRQHOVHRXWVRXUFH WKHGHYHORSPHQW /RZ +LJK 5HYHQXH*HQHUDWLQJDSDFLW -XO
  47. 47. 3DUWQHUVKLS2SWLRQV ‡ 9HQGRU ‡ 6HUYLFH3URYLGHU ‡ 'HVLJQ%27 ‡ 5HYHQXH6KDULQJ ‡ (TXLW3DUWLFLSDWLRQ -XO 3DUWQHUVKLS5DWLRQDOH ‡ 5LVN6KDULQJ 2SHUDWLRQV ‡ 5LVN6KDULQJ ([SHUWLVH7HFKQRORJ ‡ 5LVN6KDULQJ %XVLQHVV ‡ DSLWDO,QMHFWLRQ ‡ )LQDQFLDO,QVWLWXWLRQ5HTXLUHPHQW -XO
  48. 48. $SSURDFKWR6WUDWHJLF3DUWQHUV ‡ 7KHRPSRQHQW$SSURDFK ‡ 6HOI6XVWDLQDELOLWULWHULD ‡ 2SSRUWXQLW6KDULQJ -XO 3KVLFDO3ODQ 0DUNHWLQJWKH=RQH )LQDQFLDOORVXUH 3KVLFDO3ODQ 'HYHORSPHQWDO2SWLRQV 'HPDQG$VVHVVPHQW $SSURYDOV /DQG3URFXUHPHQW 3UH)HDVLELOLW /RFDWLRQ 6LWH ,GHQWLILFDWLRQ -XO
  49. 49. 3KVLFDO3ODQ ‡ 3UHSDUDWRU ± 6XUYH0DSV ± 6DWHOOLWH0DSV ± 7RSRJUDSK ± ([LVWLQJ'UDLQDJH3DWWHUQV ± 6:27$QDOVLV -XO RQWG« ‡ 0DVWHU3ODQ ± /DQG8VH ‡ 6DODEOH$UHD ‡ 1RQ6DODEOH$UHD ‡ 3URFHVVLQJ$UHD ‡ 1RQSURFHVVLQJ$UHD ± /DQGVFDSH3ODQ ± 7UDQVSRUWDWLRQ3ODQ ± 8WLOLW ,QIUDVWUXFWXUH3ODQ ‡ :DWHU7UHDWPHQW 6XSSO ‡ +LJK9ROWDJH3RZHU5HWLFXODWLRQ1HWZRUN ‡ 6WRUP:DWHU'UDLQDJHROOHFWLRQ 7UHDWPHQW ‡ )XHO*DV6XSSO ‡ ,7 7HOHFRPPXQLFDWLRQ6VWHPV ‡ :DVWH:DWHUROOHFWLRQ 7UHDWPHQW ‡ RPPRQ6HUYLFHV7XQQHO ‡ 6ROLG:DVWHROOHFWLRQ 'LVSRVDO ‡ (OHFWULFLW3RZHU1HWZRUN -XO
  50. 50. RQWG« 8WLOLW ,QIUDVWUXFWXUH3ODQ :DWHU6XSSO 6ROLG:DVWH0DQDJHPHQW ‡ RPSRVLWLRQRI6ROLG:DVWH0DQDJHPHQW ‡ :DWHU6RXUFH ‡ (VWLPDWLRQRI6ROLG:DVWH ± 5HVHUYRLUV5LYHUV'DPV%DUUDJHV ‡ ROOHFWLRQ6VWHP ‡ *URXQG:DWHU ‡ 3URFHVVLQJRI6ROLG:DVWH ‡ 'LVSRVDEOH6VWHPV ‡ 7DQNV ‡ 5DLQ:DWHU+DUYHVWLQJ RPPRQ(IIOXHQW7UHDWPHQW ‡ 6HZHUDJH*HQHUDWLRQ ‡ :DWHU7UHDWPHQW ‡ 6HZHUDJHROOHFWLRQ ‡ (OHYDWHG6HUYLFHV5HVHUYRLU ‡ 6HZHUDJH'LVSRVDO ‡ 'LVWULEXWLRQ6VWHP ‡ RPPRQ(IIOXHQW7UHDWPHQW3ODQ ‡ 'LVSRVDORI7UHDWHG6HZHUDJH 3RZHU ,7 7HOHFRPPXQLFDWLRQ6VWHPV ‡ ,QIUDVWUXFWXUH ‡ DSWLYH3RZHU3ODQWV ‡ 1HWZRUNLQJRIWKHGLIIHUHQWVXE ]RQHV ‡ RQVWUXFWLRQDQG,PPHGLDWH3RZHU ‡ )HHGHU3LOODUV ‡ 6VWHP9ROWDJHDQG1HWZRUN ‡ 2SWLF)LEHUDEOLQJ -XO RQWG« ‡ 5HJLRQDORQQHFWLYLW ± ([LVWLQJRQQHFWLYLW ± ,PSURYHPHQWV ± 1HZ/LQNDJHV ‡ 'HWDLOHG3ODQ ± (QJLQHHULQJ'HVLJQ ± %LOORI4XDQWLWLHV ± 3KDVLQJ ± ,QIUDVWUXFWXUH6FKHGXOLQJ -XO
  51. 51. 7KH3KVLFDO3OD« 7KHPRPHQWDQ6(=3URPRWHUDFTXLUHV/DQGKHORVHVDOPRVWKDOIR ILW 3 F V LQ $ D UR H V J UH 5 V H W O H LG Q LD P H LD R P UF O 3 E H L3 E X OLF 6 P X OLF 5 F D LR D H UH W Q O 7 Q S UW P UD V R R P 2 K UV W H : W U% G V 2 H V D H DH R LH S Q S F V 0 VH D W U3 Q OD OH H Y O5 D V R G -XO ,Q1XWVKHOO %'HYHORSHUV R'HYHORSHUV ,QIUDVWUXFWXUH %XVLQHVV 8WLOLWLHV /LYLQJ IRU )DFLOLWLHV /HDUQLQJ 6HUYLFHV 5HFUHDWLRQ ,QFHQWLYHV_([HPSWLRQV_RQFHVVLRQV_ 3ULYLOHJHV )URP)HGHUDO 6WDWH*RYWV (QDEOHUV -XO
  52. 52. )LQDQFLDOORVXUH 0DUNHWLQJWKH=RQH )LQDQFLDOORVXUH 3KVLFDO3ODQ 'HYHORSPHQWDO 2SWLRQV 'HPDQG$VVHVVPHQW $SSURYDOV /DQG3URFXUHPHQW 3UH)HDVLELOLW /RFDWLRQ 6LWH ,GHQWLILFDWLRQ -XO )LQDQFLDOORVXUH ‡ RQVLGHULQGLFDWLYHSURMHFWFRVW ± /DQG 3URFXUHPHQW ± /DQG GHYHORSPHQW ‡ ODQGFXWWLQJILOOLQJJUDGLQJ ‡ 5RDG'HYHORSPHQW6WUHHW)XUQLWXUH3DUNLQJ/RWV ‡ ,QWHUFKDQJHV %ULGJHV ‡ RPSRXQGZDOO)HQFLQJ3URFHVVLQJ$UHD
  53. 53. ‡ 8WLOLWRUULGRU ± 8WLOLW SURYLVLRQV ± :DWHU7UHDWPHQWSODQW6HZHUDJH1HWZRUN6ROLG:DVWH0DQDJHPHQW )LUH )LJKWLQJ6VWHP ± ([WHUQDO OLQNDJHV DQG RII VLWH LQIUDVWUXFWXUH ± )DFLOLWLHV DQG YHUWLFDOLQIUDVWUXFWXUH LQ 3URFHVVLQJ 1RQ3URFHVVLQJ $UHD ± RVWDVVRFLDWHGZLWKGHYHORSLQJHQKDQFLQJ863 ± 6RIWRVW3UHOLPV3UH RSVPDUNHWLQJRQWLQJHQF
  54. 54. -XO
  55. 55. RQWG« ‡ 7REHGRQHLQDSKDVHZLVH ‡ 6KRXOGFRQVLGHU5HYHQXHDQGDVK)ORZV ‡ 6KRXOGFRQVLGHU)LQDQFLQJ6WUXFWXUH'HEW(TXLW
  56. 56. IRU-9 639 ± 'RRU WR 'RRUUV
  57. 57. ‡ 7LPHIURPJHWWLQJWKHIXQGVWLOOLWVUHSDPHQW ‡ )XQGLQJ6RXUFHV ± 'HEWIXQGLQJVRXUFHV ± (TXLW)XQGLQJ6RXUFHV -XO )LQDQFLDO3ODQ -XO
  58. 58. )LQDQFLDO3OD ‡ 6HOI6XVWDLQLQJRPSRQHQWV ‡ 0LQLPXPULWLFDOUHWXUQIRUSDUWQHUV ‡ ([SDQGGRQ¶W6KDUHWKHSLH ‡ /HQGHU ,QYHVWRU3DUDPHWHUV ‡ )RUDOOGHYHORSPHQW2SWLRQV -XO 0DUNHWLQJWKH=RQH 0DUNHWLQJWKH=RQH )LQDQFLDOORVXUH 3KVLFDO3ODQ 'HYHORSPHQWDO 2SWLRQV 'HPDQG$VVHVVPHQW $SSURYDOV /DQG3URFXUHPHQW 3UH)HDVLELOLW /RFDWLRQ 6LWH ,GHQWLILFDWLRQ -XO
  59. 59. 3RVLWLRQLQJ ,QGLDQ(3=V (3=V FRQYHUWHG 1(: ,QWHUQDWLRQDO6(=V 6(=V 6(=V /RZ +LJK RVW )RFXV )RFXV RVW 'LIIHUHQWLDWLRQ -XO 3RVLWLRQLQJ ‡ 'HYHORSPHQWDO3RVLWLRQLQJ ± 'RPHVWLF ± ,QWHUQDWLRQDO ± )XWXULVWLF ‡ 0DUNHW3RVLWLRQLQJ ± 'RPHVWLF ± 5HJLRQDO ± *OREDO ± +LJK(9$ -XO
  60. 60. 0DUNHWLQJ3OD ‡ 3RVLWLRQLQJ ‡ )L[WKH0L[ ‡ 7DUJHWWKH/HDGHUV ‡ 6HOO'HVWLQDWLRQQRWVSDFH ‡ ,QYHVWPHQW%DQNLQJ$SSURDFK ‡ 3ULQFLSOH ‡ 3RUWIROLR$SSURDFK ‡ L$,'$ -XO (QDEOHUV« 8QLW 'HYHORSHURGHYHORSHU 'HYHORSPHQW6WDJH ‡1RXVWRPV'XW ‡1RXVWRPV'XW ‡1R([FLVH'XW ‡1R([FLVH'XW %HQHILWV #(DFK6WDJH RI 3URMHFW DSLWDO*RRGV ‡1R6DOHV7D[ ‡1R6DOHV7D[ RQVXPDEOHV ‡1R6HUYLFH7D[ ‡1R6HUYLFH7D[ RPSRQHQWV 6SDUHV
  61. 61. ‡1R3XUFKDVH7D[ ‡1R3XUFKDVH7D[ ‡1R6WDPSGXW 5HJLVWUDWLRQ)HHV ‡1R6WDPSGXW 5HJLVWUDWLRQ ‡1R6WDPSGXWRQ0RUWJDJHV )HHV ‡1R(OHFWULFLWGXW ‡1R6WDPSGXWRQ0RUWJDJHV ‡1R(OHFWULFLWGXW 2SHUDWLRQ6WDJH 5DZ0DWHULDOV $VDERYH $VDERYH RQVXPDEOHV RPSRQHQWV 6SDUHV
  62. 62. 3URILW6WDJH ‡([HPSWLRQIURP,QFRPH7D[ ‡1R,QFRPH7D[IRU IRUWKHILUVWHDUV FRQVHFXWLYHHDUVLQD EORFNRIHDUV IRUWKHQH[WHDUV ‡1R0$7 RISURILWVSORXJKHGEDFNIRU ‡1R'LYLGHQG'LVWULEXWLRQ7D[ WKHQH[WHDUV ‡1R0$7 -XO
  63. 63. (IIHFWRI%HQHILWV ƒ 5HGXFHGRVWRILQIUDVWUXFWXUH RI IUHHHQWHUSULVH ƒ 5HGXFHGRVWRI8WLOLWLHV ƒ 5HGXFHGRVWRI5DZ0DWHULDO ƒ 5HGXFHGRVWRIDSLWDO ƒ 2SHUDWLRQDO(DVH(QDEOHG ,VODQG ƒ %DVNHWVRI%HQHILWVOHDGLQJWRJOREDOFRPSHWLWLYHQHVV -XO 7KH,GHDO*DPH6WUDWHJ ‡ )L[(FRQRPLF'ULYHUV ‡ KRRVH/RFDWLRQ ‡ 'HFLGH0DUNHW0L[ 0DQXIDFWXULQJDQGRU7UDGLQJDQGRU6HUYLFHV ‡ 6L]HLW5LJKW ‡ 3KVLFDO3ODQ'HYHORSPHQW3ODQ)LQDQFLDO3ODQ 0DUNHW3ODQ %XVLQHVV3ODQ 9LUWXDO(QWHUSULVHRI'HYHORSHUV Go P ! lay -XO
  64. 64. Thank You -XO

×