Professional Documents
Culture Documents
DICTIONARY OF
ACRONYMS,
INITIALISMS,
ABBREVIATIONS
AND SYMBOLS
6HFRQG5HYLVHG
DQG(QODUJHG
(GLWLRQ
This Page Intentionally Left Blank
ELSEVIER’S
DICTIONARY OF
ACRONYMS,
INITIALISMS,
ABBREVIATIONS
AND SYMBOLS
6HFRQG5HYLVHGDQG(QODUJHG(GLWLRQ
FRPSLOHGDQGHGLWHGE\
),25(77$ %(1('(7720$77,$
0LODQ,WDO\
(/6(9,(5
$PVWHUGDP²%RVWRQ²+HLGHOEHUJ²/RQGRQ²1HZ<RUN²2[IRUG
3DULV²6DQ'LHJR²6DQ)UDQFLVFR²6LQJDSRUH²6\GQH\²7RN\R
(/6(9,(56&,(1&(%9
6DUD%XUJHUKDUWVWUDDW
32%R[$($PVWHUGDP7KH1HWKHUODQGV
(OVHYLHU6FLHQFH%9$OOULJKWVUHVHUYHG
7KLVGLFWLRQDU\LVSURWHFWHGXQGHUFRS\ULJKWE\(OVHYLHU6FLHQFHDQGWKHIROORZLQJWHUPVDQGFRQGLWLRQVDSSO\WRLWVXVH
3KRWRFRS\LQJ
6LQJOHSKRWRFRSLHVPD\EHPDGHIRUSHUVRQDOXVHDVDOORZHGE\QDWLRQDOFRS\ULJKWODZV3HUPLVVLRQRIWKH3XEOLVKHUDQG
SD\PHQWRIDIHHLVUHTXLUHGIRUDOORWKHUSKRWRFRS\LQJLQFOXGLQJPXOWLSOHRUV\VWHPDWLFFRS\LQJFRS\LQJIRUDGYHUWLVLQJ
RUSURPRWLRQDOSXUSRVHVUHVDOHDQGDOOIRUPVRIGRFXPHQWGHOLYHU\6SHFLDOUDWHVDUHDYDLODEOHIRUHGXFDWLRQDOLQVWLWXWLRQV
WKDWZLVKWRPDNHSKRWRFRSLHVIRUQRQSURILWHGXFDWLRQDOFODVVURRPXVH
,QWKH86$XVHUVPD\FOHDUSHUPLVVLRQVDQGPDNHSD\PHQWVWKURXJKWKH&RS\ULJKW&OHDUDQFH&HQWHU,QF5RVHZRRG
'ULYH 'DQYHUV 0$ 86$ SKRQH ID[ DQG LQ WKH 8. WKURXJK WKH
&RS\ULJKW /LFHQVLQJ$JHQF\ 5DSLG &OHDUDQFH 6HUYLFH &/$5&6 7RWWHQKDP &RXUW 5RDG /RQGRQ :3 /3 8.
SKRQHID[2WKHUFRXQWULHVPD\KDYHDORFDOUHSURJUDSKLFULJKWVDJHQF\IRUSD\
PHQWV
'HULYDWLYH:RUNV
3HUPLVVLRQRIWKH3XEOLVKHULVUHTXLUHGIRUDOORWKHUGHULYDWLYHZRUNVLQFOXGLQJFRPSLODWLRQVDQGWUDQVODWLRQV
(OHFWURQLF6WRUDJHRU8VDJH
3HUPLVVLRQRIWKH3XEOLVKHULVUHTXLUHGWRVWRUHRUXVHHOHFWURQLFDOO\DQ\PDWHULDOFRQWDLQHGLQWKLVZRUN
([FHSWDVRXWOLQHGDERYHQRSDUWRIWKLVZRUNPD\EHUHSURGXFHGVWRUHGLQDUHWULHYDOV\VWHPRUWUDQVPLWWHGLQDQ\IRUP
RU E\ DQ\ PHDQV HOHFWURQLF PHFKDQLFDO SKRWRFRS\LQJ UHFRUGLQJ RU RWKHUZLVH ZLWKRXW SULRU ZULWWHQ SHUPLVVLRQ RI WKH
3XEOLVKHU
$GGUHVVSHUPLVVLRQVUHTXHVWVWR(OVHYLHU·V6FLHQFH 7HFKQRORJ\5LJKWV'HSDUWPHQWDWWKHSKRQHID[DQGHPDLODGGUHVV
HVQRWHGDERYH
1RWLFH
1RUHVSRQVLELOLW\LVDVVXPHGE\WKH3XEOLVKHUIRUDQ\LQMXU\DQGRUGDPDJHWRSHUVRQVRUSURSHUW\DVDPDWWHURISURGXFWV
OLDELOLW\QHJOLJHQFHRURWKHUZLVHRUIURPDQ\XVHRURSHUDWLRQRIDQ\PHWKRGVSURGXFWVLQVWUXFWLRQVRULGHDVFRQWDLQHGLQ
WKHPDWHULDOKHUHLQ%HFDXVHRIUDSLGDGYDQFHVLQWKHPHGLFDOVFLHQFHVLQSDUWLFXODULQGHSHQGHQWYHULILFDWLRQRIGLDJQRVHV
DQGGUXJGRVDJHVVKRXOGEHPDGH
)LUVWHGLWLRQ
6HFRQGUHYLVHGDQGHQODUJHGHGLWLRQ
/LEUDU\RI&RQJUHVV&DWDORJLQJLQ3XEOLFDWLRQ'DWD
$ FDWDORJUHFRUGIURPWKH/LEUDU\RI&RQJUHVVKDVEHHQDSSOLHGIRU
%ULWLVK/LEUDU\&DWDORJXLQJLQ3XEOLFDWLRQ'DWD
$ FDWDORJXHUHFRUGIURPWKH%ULWLVK/LEUDU\KDVEHHQDSSOLHGIRU
,6%1
(UZLQ6FKU|GLQJHU
7$%/(2) &217(176
3UHIDFHWRWKHILUVWHGLWLRQ L[
3UHIDFHWRWKHVHFRQGHGLWLRQ [L
*XLGHWRWKHXVHRIWKHGLFWLRQDU\ [LLL
3HUPLVVLRQWRLQFOXGHJUDQWHGE\[L[
$FURQ\PV,QLWLDOLVPV$EEUHYLDWLRQV6\PEROV$ WR=
$%287 7+($87+25
7KHDXWKRUKDVDSRO\KHGULFEDFNJURXQG6KHVWXGLHG&RPPHUFLDO6FLHQFHDQG/DQJXDJHV IROORZHG
E\3KLORVRSK\ DQG3V\FKRORJ\1H[W-RXUQDOLVP/DZ (FRQRPLFVRIWKH(XURSHDQ&RPPXQLWLHV
DQG&ULPLQDO/DZ /DVWEXWQRWOHDVW,QWHUQDWLRQDO%XVLQHVV 8QLYHUVLW\RI:DVKLQJWRQ
7KHDERYHDQGKHULQGHSWKNQRZOHGJHRIWKHVSHFLILFWHUPLQRORJLHVSHUWDLQLQJWRWKHVFLHQWLILFDQG
WHFKQLFDO GLVFLSOLQHV SOXV WKH VHYHUDO ODQJXDJHV WKDW VKH NQRZV DW PRWKHUWRQJXH OHYHO KDYH
DOORZHGKHUWRVXFFHHGLQKHUFDUHHULQ7UDQVODWLRQV7HDFKLQJDQG&RQVXOWDQF\
6KHKDVDFTXLUHGKHUH[SHUWLVHDQGNQRZKRZE\ZRUNLQJZLWK3DWHQW2IILFHVZLWKWKH3RO\WHFKQLF
RI 0LODQ ZLWK 8QLYHUVLWLHV DQG LPSRUWDQW FRQFHUQV VSHFLDOL]LQJ LQ ILHOGV VXFK DV &KHPLVWU\
&ULPLQDO/DZ0HGLFLQH1XFOHDU(QJLQHHULQJ3K\VLFV3V\FKRORJ\$OWHUQDWLYH(QHUJLHV
6KHLVD&HUWLILHG7UDQVODWRUVKHZULWHVDQGUXQV3RVW8QLYHUVLW\&RXUVHVVKHGRHV3URIHVVLRQDO
&RQVXOWDQF\ZRUNIRUWKH0LODQ&RXUWRI/DZDQGVKHLVDPHPEHURIWKH$PHULFDQ$VVRFLDWLRQ
IRUWKH$GYDQFHPHQWRI6FLHQFH:DVKLQJWRQ'&DVZHOODVWKH1HZ<RUN$FDGHP\RI6FLHQFHV
This Page Intentionally Left Blank
35()$&(727+(),567 (',7,21
7KLV'LFWLRQDU\ LVWKHRXWFRPHRIDQLGHD,KDGVHYHUDO\HDUVDJRZKHQLQP\3URIHVVLRQ,DFWX
DOO\OLYHG WKHGLIILFXOW\RIILQGLQJGHILQLWLRQVRIDFURQ\PVLQLWLDOLVPVDQGDEEUHYLDWLRQVDQGSRVVL
EO\DGGLWLRQDOLQIRUPDWLRQ,QP\GDLO\SURIHVVLRQDOOLIHVDPHDVLWPD\KDYHKDSSHQHGWR\RX,
ZDVDOVRFRQIURQWHGZLWKPDQ\DFURQ\PVDQGLQLWLDOLVPVWKDWKDGLGHQWLFDOVHWVRIOHWWHUVEXWGLI
IHUHQWGHILQLWLRQV
:KRLVWKHSHUVRQRQHDUWKWKDWFDQQDPHWKHPRUUHPHPEHUWKHPDOO"
,IRXQGWKDWWKHUHZDVDORWRIFRQIXVLRQLQWKLVLQWULFDWHZRUOGRIDFURQ\PVLQLWLDOLVPVDEEUHYLD
WLRQVZLWKWKHWKRXVDQGVRIH[LVWLQJRQHVSOXVWKHQHZRQHVFRLQHGHYHU\GD\6R,UHDOL]HG,KDG
WRGRVRPHWKLQJWRILOOWKLVJDSDVQRVXFK'LFWLRQDU\LVDYDLODEOH:HDOONQRZWKDW'LFWLRQDULHV
GRQRWPDWHULDOL]HRYHUQLJKWVRDUPHGZLWKGHWHUPLQDWLRQSHUVHYHUDQFHDQGSDWLHQFH,VWDUWHGFRO
OHFWLQJ D ZHDOWK RI LQIRUPDWLRQ , OLWHUDOO\ ZHQW WKURXJK WKRXVDQGV RI 6FLHQWLILF DQG 7HFKQLFDO
-RXUQDOVDQG3HULRGLFDOV,VFDQQHGDKXJHDPRXQWRIUHIHUHQFHPDWHULDO,JDWKHUHGERWKKLVWRULFDO
GDWDDVZHOODVUHFHQWGHYHORSPHQWVVSDQQLQJWZRGHFDGHVIURPWR,OLVWHGWKRXVDQGV
RIDFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQV,DGGHGIUHVKO\FRLQHGRQHVDQGXSGDWHGWHUPV,FRRUGLQDW
HGWKHZRUNDQGILQDOO\DVVHPEOHGWKHZKROHORWRIDFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQVV\PEROV
DQGFRGHV,UHFKHFNHGWKHZKROHPDQXVFULSWIRUDFFXUDF\DQGSUHVHQWHGWKH'LFWLRQDU\LQHDVLO\
UHDGDEOHIRUP
7KLV LV WKH UHVXOW D 'LFWLRQDU\ LQFOXGLQJ RYHU DFURQ\PV LQLWLDOLVPV DEEUHYLDWLRQV LQ
(QJOLVKWKHODQJXDJHWKDWPDNHVPRVWXVHRIWKHP+RZHYHU,KDYHDOVRDGGHG)UHQFKDQG,WDOLDQ
RQHVWUDQVODWLQJWKHPLQWR(QJOLVKZKHQHYHUDSSOLFDEOH,QRUGHUWRPDNHLWPRUHH[KDXVWLYHDQG
DQWLFLSDWLQJ\RXUQHHGIRUIXUWKHUGHWDLOV\RXZLOOILQGWKDWPDQ\DFURQ\PVLQLWLDOLVPVDEEUHYLD
WLRQVKDYHEHVLGHVWKHGHILQLWLRQLWVHOIDOVRH[SODQDWLRQVRULQIRUPDWLRQVXFKDVZKHQRUKRZD
VXEVWDQFH RU PDWHULDO ZDV GHYHORSHG ZKHQ DQG ZKHUH D FHUWDLQ 3ODQW VWDUWHG RSHUDWLQJ ZKHQ D
3URJUDPZDVLVVXHGZKHQDQGZKHUHDQ,QVWLWXWLRQZDVHVWDEOLVKHG,KDYHDOVRPDGHDPSOHXVH
RIFURVVUHIHUHQFHVIRUWKRVHLQWHUHVWHGLQPDNLQJDPRUHLQGHSWKVWXG\
, KDYH DGGHG VHYHUDO $SSHQGLFHV IURP WR LQFOXGLQJ DFURQ\PV DQG LQLWLDOLVPV RI 5HVHDUFK
,QVWLWXWHV 8QLYHUVLWLHV )RXQGDWLRQV 3XEOLFDWLRQV $ZDUGV )HOORZVKLSV %DQNV $LUSRUW &RGHV
&KHPLFDOV\PEROV1$72DFURQ\PV,QWHUQDWLRQDO2UJDQL]DWLRQV7KH\DUHDOOLQDOSKDEHWLFDORUGHU
IRU\RXWRILQGDWDJODQFHWKHDFURQ\PWKDWLQWHUHVWV\RX
,Q$SSHQGL[,KDYHOLVWHGWKHQDPHVRI3XEOLVKHUVDQG$XWKRUVZKRKDYHJUDQWHGPHSHUPLVVLRQ
WR UHSULQW DFURQ\PV DQG H[FHUSWV IURP WKHLU SXEOLFDWLRQV $OO WKH RWKHU PDWHULDO KDV QRW EHHQ
REWDLQHGIURPFRS\ULJKWHGVRXUFHV,KDYHFROOHFWHGLWIURPEURDGFDVWLQJVEURFKXUHVSDPSKOHWV
[
OLWHUDWXUHFLUFXODWHGDQGLQIRUPDWLRQGLVVHPLQDWHGDWZRUNVKRSVVHPLQDUVV\PSRVLDDQGFRQIHU
HQFHVUHODWLQJWRWKHYDULRXVILHOGVDQGVXEILHOGVLQFOXGHGLQP\'LFWLRQDU\
7KLV 'LFWLRQDU\ FRYHUV RYHU ILHOGV DQG VXEILHOGV UDQJLQJ IURP $WPRVSKHULF 3K\VLFV WR
&\WRNLQH%LRORJ\IURP2QFRORJ\ WR&ORQHPDNLQJIURP&RPSXWHU6FLHQFH WR&KDRWLF'\QDPLFV
IURP$SRSWRVLVWR3DOHRJUDSK\IURP5LYHU0RUSKRORJ\WR3HWDIORSVIURP9LUDO3DWKRJHQHVLV WR
;HQRWUDQVSODQWDWLRQDOORIZKLFKDUHOLVWHGLQ$SSHQGL[
,NQRZWKDWP\HIIRUWVDQGWKHWLPH,KDYHVSHQWLQUHVHDUFKZLOOEHPRUHWKDQFRPSHQVDWHGIRU
ZKHQ \RX ZKHWKHU \RX DUH D %LRORJLVW D 3K\VLFLVW D 3K\VLFLDQ D 6FKRODU D &RQVXOWDQW D
7UDQVODWRU D %XVLQHVV SHUVRQ D VWXGHQW RU D OD\SHUVRQ ZKHQ LQ GLIILFXOW\ ZLOO FRQVXOW WKLV
'LFWLRQDU\ DQGILQGWKHDQVZHUVWR\RXUDFURQ\PRUDEEUHYLDWLRQSUREOHPV
)LRUHWWD%(1('(7720$77,$
0LODQ0DUFK
35()$&(727+(6(&21'
5(9,6('$1'(1/$5*('(',7,21
7KHSXEOLFDWLRQRIP\GLFWLRQDU\LQGLIIXVHGWKURXJKRXWWKHZRUOGHOLFLWHGVRPXFKLQWHUHVW
WKDW,ZDVSURPSWHGDQGHQFRXUDJHGWRXSGDWHDQGHQODUJHWKHSUHYLRXVZRUN
$FURQ\PV,QLWLDOLVPV$EEUHYLDWLRQVDUHEHLQJFRLQHGDWDVXSHUKLJKSDFH,KDYHFROOHFWHGVHOHFW
HGH[SDQGHGDQGDVVHPEOHGIRU\RXRYHUQHZRQHVLQDGGLWLRQWRWKHSUHYLRXVIRU
DWRWDORIPRUHWKDQ
,QRUGHUWREHDEOHWRSURYLGHWKHODWHVWDFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQV,KDYHH[SORUHGKXQ
GUHGVRIILHOGVDQGVXEILHOGVFRYHULQJLQWKLVQHZHQODUJHG(GLWLRQRYHURIWKHP
, KDYH UHYLVHG WKH SUHYLRXV ZRUN WR FRUUHFW RYHUVLJKWV WKDW LQDGYHUWHQWO\ RFFXUUHG DQG WRRN WKLV
RSSRUWXQLW\ WR XSGDWH DFURQ\PV DQG LQLWLDOLVPV WKDW LQ WKH PHDQWLPH KDYH EHFRPH REVROHWH DQG
WKHUHIRUHKDYHEHHQUHSODFHG
,QWKHFROOHFWLRQDQGH[SDQVLRQRIDFURQ\PVLQLWLDOLVPVDQGDEEUHYLDWLRQVDVZHOODVLQWKHLQIRU
PDWLRQ,KDYHVXSSOLHG,KDYHPDLQWDLQHGWKHVDPHJXLGHOLQHVDVLQWKHSUHYLRXVZRUN+RZHYHU
WKLVWLPH\RXGRQRWKDYH$SSHQGLFHVDV,KDYHPHUJHGWKHDFURQ\PVDQGLQLWLDOLVPVZLWKWKHRWK
HUVRIWKH9ROXPH
7KHQHZDFURQ\PVLQLWLDOLVPVDQGDEEUHYLDWLRQVZLWKUHOHYDQWH[SDQVLRQVWKDW,KDYHDGGHG
LQFOXGH QHZ ILHOGVVXEILHOGV VXFK DV $QJLRJHQHVLV $QWLVHQVH $JHQWV $VWHURVHLVPRORJ\
%LRDQWKURSRORJ\ %LRPHGLFDO 2SWLFV &RSSHU 0HWDEROLVP 'RSDPLQHUJLF 1HXURQV ([RSODQHWV
,PDJLQJ )LVK %LRORJ\ *DOD[\ (YROXWLRQ *ODFLDO &\FOHV 0HVHQFK\PDO 7XPRUV 0RQLWRULQJ RI
9ROFDQRHV 3KDUPDFRJHQHWLFV 3KDUPDFRNLQHWLFV 6LFNOH &HOO 'LVHDVH 7HUURULVW :HDSRQV
7UDQVJHQLF 3ODQWV 9DFFLQH 9HFWRUV 9DVFXORJHQHVLV :KLUOLQJ 'LVHDVH $GYHFWLRQ +\SR[LD
6FLHQFH 6SDFH:HDWKHU0RGHOOLQJ5DUH&DQFHU&HOO6WUDLQV*HQHWLFDOO\0RGLILHG$QLPDOV HWF
ZKHUHUHVHDUFKLVXQGHUWDNHQ
2WKHUVUHIHUWRWKH&KDQJHRYHUWRWKH(852WR%DQNLQJ,QWHJUDWLRQVWR:HEVLWHVGHDOLQJZLWK
0HGLFLQH %LRORJ\ HWF WR (GXFDWLRQDO :HEVLWHV WR$VVRFLDWLRQV &HQWHUV 5HVHDUFK ,QVWLWXWHV
&RQVRUWLDDQGPDQ\PRUH
$OODFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQVDQGV\PEROVDUHOLVWHGLQDOSKDEHWLFDORUGHUDQGXQGHUQHDWK
\RXZLOOILQGLQLWDOLFVIRUHDV\UHIHUHQFHWKHILHOGVDQGVXEILHOGVWKDWRIIHU\RXDWDJODQFHZLWK
RXWZDVWLQJWLPHWKHRQHVWKDWLQWHUHVW\RX6DPHDVLQWKHSUHYLRXVZRUNLQDGGLWLRQWRWKHVWDQ
GDUGILHOGVVXEILHOGV,KDYHDGGHGRWKHUVWRJLYH\RXDFOXHDVWRWKHGLUHFWLRQZKHUHUHVHDUFKLVFDU
ULHGRXW
%HVLGHVWKHDFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQVLQ(QJOLVKDQGWKH)UHQFKDQG,WDOLDQRQHVWUDQV
ODWHGLQWR(QJOLVK,KDYHDGGHGRWKHUVLQ'XWFK*HUPDQ3RUWXJXHVHDQG6SDQLVKZLWKUHOHYDQW
WUDQVODWLRQVLQWR(QJOLVKZKHUHDSSOLFDEOH
[LL
, KDYH DOVR LQFOXGHG 1$72 DFURQ\PV LQLWLDOLVPV DQG DEEUHYLDWLRQV DFFRUGLQJ WR WKHLU XSGDWHG
$$3ERWKLQ(QJOLVKDQG)UHQFKWKHWZRRIILFLDOODQJXDJHVRIWKH1RUWK$WODQWLF7UHDW\
2UJDQLVDWLRQ
<RX ZLOO DOVR ILQG RI LQWHUHVW WKH$FURQ\PV ,QLWLDOLVPV RI 6FLHQFH ([SHULPHQWV ,QLWLDWLYHV
3URJUDPV3URMHFWVZRUOGZLGHIURPXSWR7KHVHLQFOXGHWKH(XURSHDQ&RPPXQLW\
&RPPLVVLRQ
0DQ\ DFURQ\PVLQLWLDOLVPV UHIHU WR 5HHPHUJLQJ 'LVHDVHV WR 1DVFHQW )LHOGV WR QHZ VWXGLHV LQ
0DG&RZ'LVHDVH WR$QWLSDWKRJHQ3URJUDPV WR%LRGHIHQVH WR&RXQWHUWHUURULVP7HFKQRORJLHV
WR 7HUURULVW :HDSRQV WR $QWKUD[ 'LVHDVH WR ( &ROL 3URMHFWV ZRUOGZLGH WR (PHUJLQJ
7HFKQRORJLHVWR(XURSHDQ860LVVLRQV XSWRWR$UWLILFLDO2UJDQVWR0HWDVWDVLV 1HZ
6WXGLHVWR/DVHU7KHUPRPHWHUV WRSUHYHQWVSUHDGLQJRILQIHFWLRQVVXFKDV6$56HWF DQGPRUH
:KHUHHOVHZRXOG\RXILQGWKLVZHDOWKRILQIRUPDWLRQ"
6LQFHWKHUHDUHDFURQ\PVGHOLEHUDWHO\FRLQHGIRUHIIHFW,WKRXJKW\RXZRXOGOLNHWRNQRZDERXWLW
VR,KDYHLQFOXGHGVRPHRIWKHPVXFKDV
32:(5 3HRSOH2UJDQL]HGDQG:RUNLQJIRU(FRQRPLF5HELUWK
0$&+2 0HQ$OOLHGWR&RPEDW+\SURFULV\DQG2SSUHVVLRQ
%/26620 %DVLF/LEHUDWLRQ2I6PRNHUVDQG6\PSDWKL]HUV2I0DULMXDQD
DQGVRIRUWK
$OORIWKLVKDVHQWDLOHGDORWRIZRUNLQ6FLHQWLILFDQG7HFKQRORJLFDOUHVHDUFK0XFKWLPHKDVDOVR
EHHQVSHQWLQFKHFNLQJFURVVUHIHUHQFHVDQGLQJRLQJWKURXJKLQIRUPDWLRQGLVVHPLQDWHG8QGHUWKH
KHDGLQJ´3HUPLVVLRQWRLQFOXGHJUDQWHGE\µ,KDYHOLVWHGWKHQDPHVRI$FDGHPLHV$VVRFLDWLRQV
,QVWLWXWHV&HQWHUV)HGHUDWLRQVDQG2UJDQL]DWLRQVZKRKDYHDOORZHGPHWRGRVR$OORWKHUPDWHU
LDOLVQRWIURPFRS\ULJKWHGVRXUFHVVDPHDVLQWKHSUHYLRXVZRUN,KDYHFROOHFWHGLWIURPLQIRU
PDWLRQGLVVHPLQDWHGDQGFLUFXODWHGDWVHPLQDUVZRUNVKRSVV\PSRVLDFRQIHUHQFHVEURFKXUHVDQG
EURDGFDVWLQJV
,KDYHPRUHWKDQGRXEOHGWKHVL]HRIWKHSUHYLRXV(GLWLRQPDNLQJWKLVRQHDFRPSUHKHQVLYHVRXUFH
RILQIRUPDWLRQH[SDQGLQJLWVVFRSHDQGHQKDQFLQJLWVXVHIXOQHVV
,VLQFHUHO\KRSHWKDW\RXP\5HDGHUZLOOZHOFRPHWKLV6HFRQG5HYLVHGDQG(QODUJHG(GLWLRQDQG
WKDW\RXZLOOGHFLGHWRDGGLWWRWKHUHIHUHQFHFROOHFWLRQRI\RXUOLEUDU\3OHDVHDFFHSWLWDVDQHZ
0LOOHQQLXPDFKLHYHPHQW
)LRUHWWD%(1('(7720$77,$
0LODQ-XQH
*8,'(727+(86(2) 7+(',&7,21$5<
$EEUHYLDWLRQVQRWXVHG
D ,QYLHZRIWKHIDFWWKDWWKLVLVPHDQWWREHH[FOXVLYHO\D'LFWLRQDU\RIDFURQ\PVLQL
WLDOLVPVDEEUHYLDWLRQVV\PEROVFRGHVQRQHRIWKHILHOGVRUVXEILHOGVFRYHUHGE\WKH
'LFWLRQDU\KDVEHHQSXWLQDEEUHYLDWHGIRUP
)RUH[DPSOH FRPSURJIRU&RPSXWHU3URJUDPPLQJ
JHRGIRU*HRGHV\ PHGIRU0HGLFLQHHWF
E ,QDGGLWLRQWKHXVXDODEEUHYLDWLRQVVXFKDVHVSIRUHVSHFLDOO\RUDEIRUDERXWKDYH
QRWEHHQDEEUHYLDWHG
:KHQWKHILHOGVDUHQRWPHQWLRQHG
,QFHUWDLQFDVHVWKHILHOGVRUVXEILHOGVWRZKLFKWKHDFURQ\PRULQLWLDOLVPUHIHUVWRKDVQRW
EHHQPHQWLRQHG7KLVLVEHFDXVHLWLVREYLRXVRUFDQEHGHULYHG
)RUH[DPSOH$*, $PHULFDQ*HRORJLFDO,QVWLWXWH
,QWKLVFDVHLWLVREYLRXVWKDWWKHILHOGLV*HRORJ\ DQGWKHUHIRUHWKHUHLVQRQHHGWRPHQWLRQ
LW
2U839*8WLOLW\3KRWR9ROWDLF*URXS
,QWKLVFDVHLWFDQHDVLO\EHGHULYHGWKDWLWUHIHUVWR3KRWRYROWDLFV
:KHQWKHVDPHDFURQ\PLQLWLDOLVPUHODWHVWRPDQ\ILHOGV
:KHQWKHDFURQ\PLQLWLDOLVPRUDEEUHYLDWLRQLVXVHGLQVHYHUDOFRQWH[WVDOORIWKHILHOGVDQG
VXEILHOGVKDYHEHHQPHQWLRQHG
:KHQWKHDFURQ\PLVSXUSRVHO\FRLQHGZLWKDPHDQLQJ
:KHQWKHDFURQ\PRULQLWLDOLVPKDVEHHQFRLQHGSXUSRVHO\ZLWKDPHDQLQJWKLVKDVEHHQ
EURXJKWWRWKHDWWHQWLRQRIWKHSHUVRQFRQVXOWLQJWKHGLFWLRQDU\
+23( +HDOWK2SSRUWXQLW\IRU3HRSOH(YHU\ZKHUH
,WLVREYLRXVZK\WKH\KDYHXVHGWKHZRUGKRSHLQWKHDFURQ\P
675(66 6WUXFWXUDO(QJLQHHULQJ6\VWHP6ROYHU
,QWKLVFDVHLWLVVLJQLILFDWLYHWKDWWKH\KDYHXVHGWKHZRUG6WUHVV
(635,7 (XURSHDQ6WUDWHJLF3URJUDPIRU5HVHDUFKDQGGHYHORSPHQW
LQ,QIRUPDWLRQ7HFKQRORJ\
HVSULW DFWXDOO\PHDQVLQ)UHQFKPLQGLQWHOOHFWWDOHQWLQWHOOLJHQFHEUDLQV
*87V *UDQG8QLILHG7KHRULHV
6XUHO\LWLVQRWDFRLQFLGHQFHWKDWWKHZRUGJXWVKDVEHHQXVHGWRFRLQ
WKHDFURQ\P
:KHQWKHDFURQ\PDFFLGHQWDOO\PHDQVVRPHWKLQJLQDQRWKHUODQJXDJH
,WPD\KDSSHQWKDWWKHDFURQ\PRULQLWLDOLVPDFFLGHQWDOO\PHDQVVRPHWKLQJLQDQRWKHUODQ
JXDJH$OVRLQWKLVFDVHLWKDVEHHQEURXJKWWR\RXUDWWHQWLRQDVLWLVRQO\IDLUWKDW\RXVKRXOG
NQRZIRULQVWDQFHWKDW
6(0 6FDQQLQJ(OHFWURQ0LFURVFRS\
VHP DFWXDOO\PHDQVLQ$UDELFSRLVRQ
$9,6 $XGLRYLVXDO,QIRUPDWLRQ6\VWHP
DYLV DFWXDOO\PHDQVLQ)UHQFKQRWLFHRSLQLRQDGYLFHMXGJHPHQW
FRXQVHOHWF
$67, $VVRFLDWLRQIRU6FLHQFH7HFKQRORJ\DQG,QQRYDWLRQ
$VWL 7KHQDPHRIDQ,WDOLDQWRZQ
%2,$ %XUHDX2I,QGLDQ$IIDLUV
ERLD DFWXDOO\PHDQVLQ,WDOLDQH[HFXWLRQHU
$FURQ\PVLQLWLDOLVPVZLWKH[SODQDWLRQVRUDGGLWLRQDOLQIRUPDWLRQ
:KHQGHHPHGQHFHVVDU\EHVLGHVWKHGHILQLWLRQDQH[SODQDWLRQRIWKHDFURQ\PRULQLWLDOLVP
RUGHWDLOVWKDWPD\LQWHUHVWWKHSHUVRQFRQVXOWLQJWKH'LFWLRQDU\KDYHEHHQDGGHG
300$ 3RO\PHWK\O0HWKDFU\ODWHXVHGPDLQO\LQOLJKWLQJIL[WXUHVDQG
VXUJLFDODSSOLDQFHV
[Y
$&0 $VVRFLDWLRQIRU&RPSXWLQJ0DFKLQHU\LVORFDWHGLQ:DVKLQJWRQ'&
86$
863KDUP 863KDUPDFRSRHLD7KHILUVWRQHZDVSXEOLVKHGLQWKH86$
LQ
3(0)& 3RO\PHU(OHFWURO\WH0HPEUDQH)XHO&HOO
(XURSHDQ&RPPLVVVLRQWK )3
)RUIXUWKHUGHWDLOVVHHXQGHU)3
3/$10$13URMHFW $IWHUDEULHIGHVFULSWLRQWKHGDWH/DXQFKHGLQ
6HSWHPEHU
036 $IWHUWKHH[SDQVLRQ7KH,WDOLDQ036ZDVIRXQGHGLQ
036 0DWHULDOV3URFHVVLQJLQ6SDFH
&RQGXFWHGE\1$6$ HYHUVLQFHWKHODWHV
7KHLPSRUWDQFHRIPHQWLRQLQJWKHILHOGVVXEILHOGV
,QPDQ\FDVHV\RXZLOOILQGWKDWWKHUHDUHEHVLGHVWKHVWDQGDUGILHOGVDQGVXEILHOGV
DOVRDGGLWLRQDORQHV7KLVLVEHFDXVH,KDYHDGGHGWKHPDVUHVHDUFKSURJUHVVHVDQGRU
DFFRUGLQJWRWHFKQRORJLFDOGHYHORSPHQWVLQWKDWSDUWLFXODUILHOG
,QRWKHUFDVHVLWLVLPSRUWDQWWRNQRZWKHILHOGDVDSHUVRQQRWFRQYHUVDQWZLWKWKH
VXEMHFWPD\EHPLVOHG
30' 3RVWPRUWHP'XPSKDVQRWKLQJWRGRZLWKWKHSDUDSKHUQDOLDRID
GHFHDVHGSHUVRQEXWDV\RXZLOOVHHUHIHUVWR&RPSXWHU3URJUDPPLQJ
3+ 3XUSOHKHDUWGRHVQRWUHODWHWRPHGLFLQHRUDQDWRP\EXWLVDW\SHRIZRRG
WRPDNHIXUQLWXUHVRLWJRHVXQGHU0DWHULDOV
:KHQWKHGHILQLWLRQRIDQDFURQ\PLVNQRZQZLWKDQRWKHUQDPH
:KHQWKHGHILQLWLRQRIDQDFURQ\PLQLWLDOLVPLVNQRZQZLWKDQRWKHUQDPHWKLVKDVEHHQ
PHQWLRQHG
)RUH[DPSOH 3&3URJUDP&RXQWHU
&RPSXWHU7HFKQRORJ\
3URJUDPFRXQWHULVDOVRNQRZQDV&RQWUROFRXQWHURUUHJLVWHU
LQVWUXFWLRQFRXQWHURUUHJLVWHUVHTXHQFHFRXQWHURUUHJLVWHU
[YL
301JUDQXORF\WH
,PPXQRORJ\
3RO\PRUSKRQXFOHDUJUDQXORF\WHLVDOVRNQRZQDV1HXWURSKLO
93 9DSRU3UHVVXUH
0HWHRURORJ\
9DSRU3UHVVXUHLVDOVRNQRZQDV9DSRU7HQVLRQ
&URVVUHIHUHQFHV
:KHQHYHUDSSOLFDEOHFURVVUHIHUHQFHVKDYHEHHQXVHG
)RUH[DPSOH 3 3DVFDO
)RUIXUWKHUGHWDLOVVHHXQGHU3D
: :DLW7LPH
)RUIXUWKHUGHWDLOVVHHXQGHU:7:DLWLQJ7LPH
1$72DFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQV
3XQFWXDWLRQDQG&DSLWDOL]DWLRQ
$FURQ\PVXVXDOO\GRQRWKDYHSHULRGVDIWHUHDFKOHWWHUDQGHYHQWKRXJKLQLWLDOLVPVGRKDYH
WKHPWKLVSUDFWLFHLVUDSLGO\GHFOLQLQJ7KHXVHRIFDSLWDOORZHUFDVHRUDFRPELQDWLRQRI
ERWKLVDOVRFRQWURYHUVLDO
7KHUHIRUHVLQFHWKHXVHRISXQFWXDWLRQDQGFDSLWDOL]DWLRQLQDFURQ\PVDQGLQLWLDOLVPVKDV
QHYHU EHHQ XQLYHUVDOO\ DJUHHG XSRQ , KDYH XVHG LQ WKLV 'LFWLRQDU\ WKH PRVW FRPPRQO\
DGRSWHGIRUP
:KHQERWKIRUPVZLWKSHULRGVDQGZLWKRXWSHULRGVDUHXVHGWKH\KDYHEHHQLQGLFDWHG
:K\WKHXVHRIWKH(QJOLVKODQJXDJH
D %HFDXVHWKHSUDFWLFHRIFRLQLQJDFURQ\PVDQGLQLWLDOLVPVSUHYDLOVLQWKH(QJOLVKODQ
JXDJH
[YLL
E %HFDXVH (QJOLVK EHVLGHV EHLQJ WKH QDWLYH ODQJXDJH RI *UHDW %ULWDLQ WKH 8QLWHG
6WDWHV&DQDGDDQGRWKHUFRXQWULHVLVDOVRWKHVHFRQGODQJXDJHPRVWZLGHO\XVHGLQ
WKHZRUOG$VDPDWWHURIIDFWLWLVXVHGE\RYHUPLOOLRQSHRSOHDURXQGWKHZRUOG
F %HFDXVHLWKDVWKHUROHRILQWHUQDWLRQDOODQJXDJHLQWKH&RPSXWHU ILHOGLQ6FLHQFH
7HFKQRORJ\ DQGPDQ\PRUHILHOGV
)LRUHWWD%(1('(7720$77,$
This Page Intentionally Left Blank
3(50,66,2172,1&/8'( *5$17('%<
$$$6$PHULFDQ$VVRFLDWLRQIRUWKH$GYDQFHPHQWRI6FLHQFH86$
$JELRZRUOG)RXQGDWLRQ,QF7XVNHJHH,QVWLWXWH$ODEDPD86$
$,',&$VVRFLD]LRQH,WDOLDQD'L,QJHJQHULD&KLPLFD,WDO\
$,,$ $VVRFLD]LRQH,WDOLDQDGL,QJHJQHULD$JUDULD,WDO\
$,31'$VVRFLD]LRQH,WDOLDQD3URYH1RQ'LVWUXWWLYH0RQLWRUDJJLR'LDJQRVWLFR,WDO\
$,7 $VVRFLD]LRQH,WDOLDQDGL7HOHULOHYDPHQWR,WDO\
$,7$ $VVRFLD]LRQH,WDOLDQDGL7HFQRORJLD$OLPHQWDUH,WDO\
$,9 $VVRFLD]LRQH,WDOLDQDGHO9XRWR,WDO\
$3)$ $VVRFLDWLRQSRXU3URPRXYRLUOH)UDQoDLVGHV$IIDLUHV)UDQFH
$7,*$VVRFLD]LRQH7HFQLFD,WDOLDQDGHO*DV,WDO\
%R(%DQNRI(QJODQG*%
%3%&9 %DQFD3RSRODUHGL%HUJDPR&UHGLWR9DUHVLQR,WDO\
&,$0&ROOHJLRGHJOL,QJHJQHULH$UFKLWHWWLGL0LODQR,WDO\
&,%&HQWHUIRU,QWHJUDWLYH%LRVFLHQFH-DSDQ
(6'$ (DVW6ZHGHQ'HYHORSPHQW$JHQF\6ZHGHQ
(XURSH3XEOLFDWLRQV*%
(XURSHDQ6FKRRORI2QFRORJ\,WDO\
)$67 )HGHUD]LRQHGHOOH$VVRFLD]LRQL6FLHQWLILFKHH7HFQLFKH,WDO\
*5&*OHQQ5HVHDUFK&HQWHU1$6$ 86$
*6)&*RGGDUG6SDFH)OLJKW&HQWHU1$6$ 86$
,QWHVD%&,IRUPHUO\&DULSORDQG%&,,WDO\
-6&/\QGRQ%-RKQVRQ6SDFH&HQWHU1$6$ 86$
/D5&/DQJOH\5HVHDUFK&HQWHU1$6$ 86$
0-5HVHDUFK86$
0360RQWHGHL3DVFKLGL6LHQD,WDO\
06)&0DVKDOO6SDFH)OLJKW&HQWHU1$6$ 86$
06.&&0HPRULDO6ORDQ.HWWHULQJ&DQFHU&HQWHU86$
0680XUUD\6WDWH8QLYHUVLW\86$
1$6$ 1DWLRQDO$HURQDXWLFVDQG6SDFH$GPLQLVWUDWLRQ86$
1$721RUWK$WODQWLF7UHDW\2UJDQLVDWLRQ$$3
1%%1DWLRQDO%DQNRI%HOJLXP
1&&$01DWLRQDO&HQWHUIRU&RPSOHPHQWDU\DQG$OWHUQDWLYH0HGLFLQH86$
1&0+'1DWLRQDO&HQWHUIRU0LQRULW\+HDOWKDQG+HDOWK'LVSDULWLHV1,+86$
1(,1DWLRQDO(\H,QVWLWXWH1,+86$
1+*5,1DWLRQDO+XPDQ*HQRPH5HVHDUFK,QVWLWXWH1,+86$
1,$ 1DWLRQDO,QVWLWXWHRQ$JLQJ1,+86$
1,$,'1DWLRQDO,QVWLWXWHRI$OOHUJ\DQG,QIHFWLRXV'LVHDVHV86$
1,'&'1DWLRQDO,QVWLWXWHRI'HDIQHVVDQGRWKHU&RPPXQLFDWLRQ'LVRUGHUV1,+86$
1,'&51DWLRQDO,QVWLWXWHRI'HQWDODQG&UDQLRIDFLDO5HVHDUFK1,+86$
1,(+61DWLRQDO,QVWLWXWHRI(QYLURQPHQWDO+HDOWK6FLHQFHV86$
1,0+1DWLRQDO,QVWLWXWHRI0HQWDO+HDOWK1,+86$
1,151DWLRQDO,QVWLWXWHRI1XUVLQJ5HVHDUFK1,+86$
[[
1,361DWLRQDO,QVWLWXWHRI3K\VLRORJLFDO6FLHQFHV-DSDQ
15(/ 1DWLRQDO5HQHZDEOH(QHUJ\/DERUDWRU\86$
1<$61HZ<RUN$FDGHP\RI6FLHQFHV86$
6,$06RFLHWjGL,QFRUDJJLDPHQWRG
$UWLH0HVWLHUL,WDO\
6,5,$VVRFLD]LRQH,WDOLDQDGL5RERWLFD,WDO\
8QLFUHGLWRIRUPHUO\&UHGLWR,WDOLDQR,WDO\
:RUOG%DQN
WRWKHOHYHORIHGXFDWLRQDOGHYHORSPHQWRIDSHU
$ VRQPHDVXUHGE\PHDQVRIDFKLHYHPHQWWHVWV,WLV
EDVHGRQWKHFRPSDULVRQRIKLVKHUVFRUHZLWKWKH
DYHUDJHVFRUHRISHUVRQVRIWKHVDPHFKURQRORJLFDO
D DEEUDEVROXWH DJH
&KHPLVWU\ $EVROXWHLQFKHPLVWU\PHDQVSXUH $$ $FWLYH$FFRXQW$FWLYH$VVHWV$FWLYLW\
3K\VLFV ,QSK\VLFVDEVROXWHUHODWHVWRPHDVXUH $FFRXQW
PHQWE\PHDQVRIPDVVOHQJWKDQGVFDOHXQLWV %DQNLQJ%XVLQHVV&RPPHUFH(FRQRPLFV
7KHUPRG\QDPLFV ,QWKHUPRG\QDPLFVDEVROXWH $$ $GYHUWLVLQJ$VVRFLDWLRQ
UHIHUVWRWKHDEVROXWHWHPSHUDWXUHVFDOH $$ $IWHU$UULYDO
D DFFRXQW $$ $LU$WWDFKp
$OVRDF$&$FFFDFFW $$ $LUWR$LU
D DFFXPXODWRU $OVR$7$
$YLDWLRQ&RPSXWHU7HFKQRORJ\(OHFWULFLW\ 2UGQDQFH
0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ3HWUROHXP $$$$ $OFRKROLFV$QRQ\PRXV
(QJLQHHULQJ $$ $OZD\V$IORDW
D DFWLRQ $$ 7KHDLUOLQHFRGHIRU$PHULFDQ$LUOLQHV
PHDQLQJVKDUHVWRFNLQ)UHQFK $$ $QQXODU$UUD\
D DEEUDGGUHVV $$ $QWLDHUHD
$GGUHVVLVDV\PEROLQWHJHURUDVHULHVRIFKDUDF ,WDOLDQLQLWLDOLVPPHDQLQJ$QWLDLUFUDIW
WHUVLQGLFDWLQJDORFDWLRQRUWKHOLNHZKHUHLQIRU $$ $QWLDLUFUDIW
PDWLRQLVVWRUHG 2UGQDQFH$QWLDLUFUDIWLVXVHGWRGHVWUR\HQHP\
&RPSXWHU7HFKQRORJ\ DLUFUDIW
$ $JJOXWLQRJqQH $$ $Q[LHW\$WWDFN
PHDQLQJ$JJOXWLQRJHQLQ)UHQFK 3V\FKRORJ\
0HGLFLQH $$ $UDFKLGRQLF$FLGRU$UDFKLGRQDWH
$ $PHULFD$PHULFDQ %LRFKHPLVWU\&+2 $UDFKLGRQLFDFLGLV
$OVR$P IRXQGLQDQLPDOIDWVDQGLQYLHZRIWKHIDFWWKDWLW
D DEEUDQDORJDQDORJXH LVDQXQVDWXUDWHGIDWW\DFLGLWLVQHFHVVDU\LQWKH
&KHPLVWU\)RRG7HFKQRORJ\(YROXWLRQ KXPDQGLHW
0HWURORJ\ $$ $UFKLWHFWXUDO$VVRFLDWLRQ
$D DQQR $$ $ULWKPHWLF$YHUDJH
PHDQLQJ\HDULQ,WDOLDQ $$ $UPD$HURQDXWLFD
D DVVHQWHG ,WDOLDQLQLWLDOLVPPHDQLQJ$LU&RUSV
D DEEUDV\QFKURQRXV DD DEEUDUWHULHV
&RPSXWHU7HFKQRORJ\6FLHQFH $QDWRP\
D DXGLWDXGLWRU $$ $UWLFXODWHG$UP
D$ $EDPSHUH 0HFKDQLFV
$EDPSHUHLVWKHFHQWLPHWHUJUDPVHFRQGHOHFWUR $$ $VFRUELF$FLG
PDJQHWLFXQLWRIFXUUHQWHTXLYDOHQWWRDPSHUHV %LRFKHPLVWU\&+2 $VFRUELFDFLGYLWDPLQ&
(OHFWULFLW\ LVIRXQGLQPDQ\YHJHWDEOHVDQGIUXLWVDQGLVLQGLV
$$ $EVROXWH$GGUHVV0DFKLQH$GGUHVV SHQVDEOHIRUKXPDQJURZWK
$EVROXWHDGGUHVVLVWKHQXPEHUWKDWLGHQWLILHVD $$ $VVHWV$FFRXQWLQJ
ORFDWLRQLQFRPSXWHUPHPRU\ %XVLQHVV&RPPHUFH)LQDQFH
&RPSXWHU3URJUDPPLQJ $$ $VVLVWDQW$GPLQLVWUDWRU
$$ $EVROXWH$GGUHVVLQJ $$ $VVLVWHQ]D$XWRPRELOLVWLFD
&RPSXWHU3URJUDPPLQJ ,WDOLDQLQLWLDOLVPPHDQLQJ5RDG6HUYLFH
$$ $FFDGHPLD$HURQDXWLFD,WDO\ $$ $VVRFLDWHLQ$UWV
,WDOLDQLQLWLDOLVPPHDQLQJ$LU)RUFH$FDGHP\ $$ $XGLW$JHQF\
$$ $FFHVV$UP $$$$ $XWKRU
V$OWHUDWLRQ
&RPSXWHU7HFKQRORJ\ $$ $XWRPRELOH$VVRFLDWLRQ
$$ $FKLHYHPHQW$JHRU(GXFDWLRQDO$JH $$$ $EGRPLQDO$RUWLF$QHXU\VP
$FKLHYHPHQWDJHRUHGXFDWLRQDODJHDFWXDOO\UHIHUV &DUGLRORJ\
$OVR$$$' )RXQGHGLQ/RFDWHGLQ&KLFDJR,OOLQRLV
$$'(%8* $XWRPDWHGDQG$OJRULWKPLF 86$
'(%8*JLQJ $$,06 $Q$QDO\WLFDO,QIRUPDWLRQ0DQDJHPHQW
$$'*( $&($LU'HIHQFH*URXQG(QYLURQPHQW 6\VWHP
LQIUDVWUXFWXUHpOHFWURQLTXHGHODGpIHQVHDpULHQQH $$,3 $&($&&,6LPSOHPHQWDWLRQSODQ
GX&$( SODQGHPLVHHQ±XYUHGHO
$&&,6GX&$(
$$ GLS $UFKLWHFWXUDO$VVRFLDWLRQGLSORPD $$,6 $&($&&,6LPSOHPHQWDWLRQVWUDWHJ\
$$'6$$'6 $PHULFDQ$VVRFLDWLRQRI'HQWDO VWUDWpJLHGHPLVHHQ±XYUHGHO
$&&,6GX&$(
6FKRROV86$ $$,6 $PHULFDQ$VVRFLDWLRQIRU,QIRUPDWLRQ
$$'6 $XWRPDWLF$SSOLFDWLRQV'HYHORSPHQW 6FLHQFH86$
6\VWHP $$,V\VWHP $FLG$PSOLILHG,PDJLQJV\VWHP
$$($$( $PHULFDQ$VVRFLDWLRQRI(QJLQHHUV 3RODURLG
V
86$ 3ULQWLQJ$SSOLFDWLRQV
$$(2HPSOR\HU $IILUPDWLYH$FWLRQ(TXDO $$,: $QWDUFWLF,QWHUPHGLDWH:DWHU
2SSRUWXQLW\HPSOR\HU $$,: LVFKDUDFWHUL]HGE\DEHORZDYHUDJHVDOLQL
$$(6 $PHULFDQ$VVRFLDWLRQRI(QJLQHHULQJ W\
6RFLHWLHV86$ 2FHDQRJUDSK\
$$) $FHW\ODPLQRIOXRUHQH $$,: $XWRPRWLYH$IWHUPDUNHW,QGXVWU\:HHN
$$) DOOLHGDLUIRUFH 86$
IRUFHDpULHQQHDOOLpH)$$ $$/ $EVROXWH$VVHPEO\/DQJXDJH
$$) $UP\$LU)RUFH $$/ $HURDFRXVWLF/HYLWDWLRQ
$$) $VFRUELF$FLG)DFWRU (QJLQHHULQJ*HRORJ\*HRSK\VLFV0DWHULDOV
$$) $VVRFLDWLRQGHV$UFKLYLVWHV)UDQoDLV 6FLHQFH
)UHQFK$VVRFLDWLRQ $$/ DUWLOOHULHDQWLDpULHQQHOpJqUH
$$) $X[LOLDU\$LU)RUFH OLJKWDQWLDLUFUDIWDUWLOOHU\/$$
$$)&( $OOLHG$LU)RUFHV&HQWUDO(XURSH>REVR $$/ $VVRFLD]LRQH$UPDWRUL/LEHUL,WDO\
OHWH@ $$/& $PSKLELRXV$VVDXOW/DQGLQJ&UDIW
)RUFHVDpULHQQHVDOOLpHVGX&HQWUH(XURSH $$/&& $VLDQ$IULFDQ/HJDO&RQVXOWDWLYH
)$$&(>REVROqWH@ &RPPLWWHH
$$)( $GYDQFHG$LUFUDIW)OLJKW([SHULPHQW $$/', $VVRFLDWLRQRI$JULFXOWXUDO/LEUDULHVDQG
$$)3$$)3 $PHULFDQ$FDGHP\RI)DPLO\ 'RFXPHQWDOLVWVRI,QGLD
3K\VLFLDQV86$ ,QGLDQ/LEUDU\$VVRFLDWLRQ
$$)6 $PHULFDQ$FDGHP\RI)RUHQVLF6FLHQFHV $$// $PHULFDQ$VVRFLDWLRQRI/DZ/LEUDULHV
5RFNYLOOH0DU\ODQG86$ $$/6 $VVRFLDWLRQRI$PHULFDQ/DZ6FKRROV
$$* $VVLVWDQW$GMXWDQW*HQHUDO 86$
$$*5 $YHUDJH$QQXDO*URZWK5DWH $$0 $LUWR$LU0LVVLOH
$$+ $GYDQFHG$WWDFN+HOLFRSWHU $$0$$0 $PHULFDQ$FDGHP\RI0LFURELRORJ\
$$+$ $ZDLWLQJ$FWLRQRI+LJKHU$XWKRULW\ 86$
$$+/ $XVWUDOLDQ$QLPDO+HDOWK/DERUDWRU\ $$0 $QWLDLUFUDIW0LVVLOH
$XVWUDOLD 2UGQDQFH
$$+6/' $VVRFLDWLRQRI$FDGHPLF+HDOWK6FLHQFHV $$0 $WPRVSKHULF$QJXODU0RPHQWXP
/LEUDU\'LUHFWRUV $$0&$$0& $PHULFDQ$VVRFLDWLRQRI
$$,$$, $PHULFDQ$VVRFLDWLRQRI 0HGLFDO&ROOHJHV86$
,PPXQRORJLVWV86$ $$0& $PHULFDQ$VVRFLDWLRQRI0HGLFROHJDO
$$, $VVRFLDWHRIWKH$XFWLRQHHUV
,QVWLWXWH &RQVXOWDQWV
$$, $VVRFLD]LRQH$UWLVWLFD,QWHUQD]LRQDOH 3KLODGHOSKLD3HQQV\OYDQLD86$
,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO$UWLVWLF $$0( $PHULFDQ$VVRFLDWLRQRI0LFURSURFHVVRU
$VVRFLDWLRQ (QJLQHHUV86$
$$,$ $&($&&,6LPSOHPHQWDWLRQDUFKLWHFWXUH $$0* DQWLDLUFUDIWPDFKLQHJXQ
DUFKLWHFWXUHGHPLVHHQ±XYUHGHO
$&&,6GX PLWUDLOOHXVHDQWLDpULHQQH
&$( $$0, $VVRFLDWLRQIRUWKH$GYDQFHPHQWRI0HGLFDO
$$,$ $VVRFLDWHRIWKH,QVWLWXWHRI$FWXDULHV ,QVWUXPHQWDWLRQ
$$,, $PHULFDQ$VVRFLDWLRQRI,QGLYLGXDO,QYHQWRUV
,WDOLDQLQLWLDOLVPRIWKH7RXULVW,QIRUPDWLRQ $YLDWLRQ%LRORJ\&RPSXWHU3URJUDPPLQJ
2IILFH 0HGLFLQH2UGQDQFH
$$6( $LUERUQH$UFWLF6WUDWRVSKHULF([SHGLWLRQ DE DEEUDERUWLRQ
$$6( $XVWUDOLDQ$VVRFLDWHG6WRFN([FKDQJHV %LRORJ\0HGLFLQH
$XVWUDOLD $%DE DEEUDERXW
$$6( , $LUERUQH$UFWLF6WUDWRVSKHULF([SHGLWLRQ, DE DEEUDEULGJHPHQW
$$6(,O $LUERPH$UFWLF6WUDWRVSKHULF([SHGLWLRQ $OVRDEU
,, $% $EVROXWH9DOXH
$$6+72 $PHULFDQ$VVRFLDWLRQRI6WDWH+LJKZD\ &RPSXWHU3URJUDPPLQJ0DWKHPDWLFV
DQG7UDQVSRUWDWLRQ2IILFLDOV $% $EVWUDFW
$$6/ $PHULFDQ$VVRFLDWLRQRI6FKRRO/LEUDULDQV $OVRDEVWUDEV
86$ $% $FFRXQW%RXJKW
$PHULFDQ/LEUDU\$VVRFLDWLRQV %XVLQHVV)LQDQFH
$$6
V $UPHQLDQ$FDGHP\RI6FLHQFHV $% $GDSWLYH%HKDYLRXU
$$673 $OOLHG6WRUDJHDQG7UDQVSRUWDWLRQRI 3V\FKRORJ\
$PPXQLWLRQDQG([SORVLYHV3XEOLFDWLRQ $% $GGUHVV%XV
SXEOLFDWLRQLQWHUDOOLpHVXUOHVWRFNDJHHWOHWUDQV &RPSXWHU7HFKQRORJ\
SRUWGHVPXQLWLRQVHWH[SORVLIV $% $GYLVRU\%RDUG
$$7 $OSKD$QWLWU\SVLQDSURWHLQ $% $HURQDXWLFDO%RDUG
$$7 $QJOR$XVWUDOLDQ7HOHVFRSH 86$LU)RUFH
$$8 $VVRFLDWLRQRI$PHULFDQ8QLYHUVLWLHV $% $IULFDQ%DQN
$$8/ $WODQWLF$VVRFLDWLRQRI8QLYHUVLW\/LEUDULHV $% $LGWR%OLQG
$$83 $$83 $PHULFDQ$VVRFLDWLRQRI $% DLUEDJDLUEDJ
8QLYHUVLW\3URIHVVRUV86$ 7KHDLUEDJLVDEDJWKDWLQIODWHVDXWRPDWLFDOO\LQ
$$8:$$8: $PHULFDQ$VVRFLDWLRQRI RUGHUWRSURWHFWDXWRPRELOHSDVVHQJHUVGXULQJWKH
8QLYHUVLW\:RPHQ86$ LPSDFWRIDFROOLVLRQ
$$9 $GHQR$VVRFLDWHG9LUXV 0HFKDQLFDO(QJLQHHULQJ
$$9 LVDOVRNQRZQDV'HSHQGRYLUXV $% $LU%DVH
9LURORJ\ $YLDWLRQ$HULDO3KRWRJUDPPHWU\
$$9 $LUERUQH$VVDXOW9HKLFOH $% $LU%HDULQJ
$$9 DPSKLELRXVDVVDXOWYHKLFOH $% $LU%ODVW
YpKLFXOHG
DVVDXWDPSKLELH (QJLQHHULQJ0LQLQJ(QJLQHHULQJ
$$9 $VVHVVHG$QQXDO9DOXH $% $LUEODVWLQJDLUEODVWLQJ
$$963 $OOLHG$YLRQLFV3XEOLFDWLRQ (QJLQHHULQJ
SXEOLFDWLRQLQWHUDOOLpHVXUO
DYLRQLTXH $% $LU%RDUG5$)*%
$$Y7HFK $VVRFLDWHLQ$YLDWLRQ7HFKQRORJ\ DE DEEU$LUERUQH
$$: DLUWRDLUZDUIDUH )RUIXUWKHUGHWDLOVVHHXQGHU$%1DEQ
OXWWHDpULHQQH $% $LU%RPEHU
DQWLDLUZDUIDUHQDYDODLUGHIHQFHRQO\ $% $LU%UDNH
OXWWHDQWLDpULHQQH/$$ >GpIHQVHDpULHQQH 7KHDLUEUDNHLVDPHFKDQLVPRSHUDWHGE\PHDQV
QDYDOHXQLTXHPHQW@ RIFRPSUHVVHGDLU
$$:$&8 DQWLDLUZDUIDUHDLUFUDIWFRQWUROXQLW 0HFKDQLFDO(QJLQHHULQJ
XQLWpFRQWU{OHXUG
DpURQHIVGHOXWWHDQWLDpULHQQH $% $LU%UHDWKLQJ
$$:& DQWLDLUZDUIDUHFRPPDQGHU 5HIHUULQJWRDQDHURG\QDPLFYHKLFOHRUDQHQJLQH
FRPPDQGDQWGHODOXWWHDQWLDpULHQQH 0HFKDQLFDO(QJLQHHULQJ
DQWLDLUZDUIDUHFRRUGLQDWRU $% $LU%XUVW
FRRUGRQQDWHXUGHODOXWWHDQWLDpULHQQH 2UGQDQFH3HWUROHXP(QJLQHHULQJ
$$:&1 DQWLDLUZDUIDUHFRPPDQGQHW $% $NWLHERODJHW
UpVHDXGHFRPPDQGHPHQWGHODOXWWHDQWLDpULHQQH 6ZHGLVK/LPLWHG&R
$$:6 $HULDO$UWLOOHU\:HDSRQV6\VWHP $E DEEU$ODEDPLQH
$% DEEU$EEH\ $% $P\ORLG%RG\
DE DEEUDERUW 3DWKRORJ\
$% $QFKRU%ROW
DFHQWUHGHFRQWU{OHGHUHPSODFHPHQW>4*@ $OVRDFFSWDFSW
EFHQWUHGHFRPPDQGHVHFRQGDLUH>WpOpFRPV@ $&&( $WODQWLF&LUFXODWLRQDQG&OLPDWH
DSSURDFKFRQWUROFHQWUH ([SHULPHQW
FHQWUHGHFRQWU{OHG
DSSURFKH&&$ $&&(66 $LUFUDIW&RPPXQLFDWLRQ(OHFWURQLF
DUHDFRQWUROFHQWUH 6LJQDOLQJ6\VWHP
FHQWUHGHFRQWU{OHUpJLRQDO $&&,6 $XWRPDWHG&RPPDQGDQG&RQWURO
DXWRPDWLFFRGHFKDQJLQJ ,QIRUPDWLRQ6\VWHP
FKDQJHPHQWGHFRGHDXWRPDWLTXH V\VWqPHDXWRPDWLVpG
LQIRUPDWLRQGHFRPPDQGH
$&& $LU&RPEDW&RPPDQG PHQWHWGHFRQWU{OH
$&& $ODVND&RDVWDO&XUUHQW $&&/ $OEHUWD&RXQFLORI&ROOHJH/LEUDULHV
2FHDQRJUDSK\ &DQDGD
$&&$&& $OWD&RUWH&RVWLWX]LRQDOH $&&/$,0 $XWRPDWHG&LUFXLW&DUG/D\RXW$QG
,WDOLDQLQLWLDOLVPPHDQLQJ6XSUHPH&RQVWLWXWLRQDO ,0SOHPHQWDWLRQ
&RXUW $&&1 $PHULFDQ&RXUWDQG&RPPHUFLDO
$OVR$& 1HZVSDSHUV86$
$&&$&& $PHULFDQ&ROOHJHRI&DUGLRORJ\ )RXQGHGLQ1HZVSDSHUVRIJHQHUDOFLUFXOD
$&& $PLQRF\FORSURSDQH&DUER[\OLF$FLG WLRQGHYRWHGWRWKH&RXUWVILQDQFLDOUHDOHVWDWH
$&& $QWDUFWLF&LUFXPSRODU&XUUHQW DQGEXVLQHVVLQWHUHVWV
$&&IORZVHDVWZDUGDURXQG$QWDUFWLFD $&&R[LGDVH DP\QRF\FORSURSDQHFDUER[\ODWH
2FHDQRJUDSK\ $&&R[LGDVH
$&& $QWHULRU&LQJXODWH&RUWH[ $&&3 $OOLHG&RPEDW&ORWKLQJ3XEOLFDWLRQ
7KH$&&LVDVPDOODUHDRIWKHEUDLQORFDWHG 3XEOLFDWLRQLQWHUDOOLpHVXUOHVYrWHPHQWVGHFRP
EHWZHHQWKHFHUHEUDOKHPLVSKHUHV,WLVDFULWLFDO EDW
FRPSRQHQWRIWKHQHXUDOFLUFXLWIRUDFWLRQPRQLWRU $&&3 $WODQWLF&OLPDWH&KDQJH3URJUDP
LQJ 2IWKH861DWLRQDO2FHDQLFDQG$WPRVSKHULF
0DJQHWLF5HVRQDQFH0HGLFLQH3V\FKLDWU\ $GPLQLVWUDWLRQ
3V\FKRORJ\ DFFSW DEEUDFFHSWDFFHSWDQFH
$&& $QWKURSRJHQLF&OLPDWH&KDQJH $OVRDFFHDFSWDFF
(FRORJ\ $&&5 $QQXDO&RVWRI&DSLWDO5HFRYHU\
$&& $VFHQGLQJ&KDLQ&RQGLWLRQ $&&5$ $PHULFDQ&KDPEHURI&RPPHUFH
0DWKHPDWLFV 5HVHDUFKHUV$VVRFLDWLRQ
$&& $VVRFLDWLRQGHV&DUWRWKqTXHV&DQDGLHQQHV $FFUG,QW DEEU$FFUXHG,QWHUHVW
&DQDGD %DQNLQJ%XVLQHVV&RPPHUFH)LQDQFH
$&& $XWRPDWLF&KURPD&RQWURO DFFUHG DEEUDFFUHGLWHG
$&&$ $FFHOHUDWHG&DSLWDO&RVW$OORZDQFH $&&V $FHW\O&RHQ]\PH$ &DUER[\ODVHV
$&&$ $PHULFDQ&RUSRUDWH&RXQVHO$VVRFLDWLRQ $&&VDUHQHHGHGIRUWKHELRV\QWKHVLVDQGR[LGD
86$ WLRQRIORQJFKDLQIDWW\DFLGV
7KH$&&$ LVORFDWHGLQ:DVKLQJWRQ'& %LRORJLFDO6FLHQFHV
$&&$ $VVRFLDWLRQRI&HUWLILHGDQG&RUSRUDWH $&&6 $LU&RPPDQGDQG&RQWURO6\VWHP
$FFRXQWDQWV*% 6\VWqPHGHFRPPDQGHPHQWHWGHFRQWU{OHDpULHQV
DFFD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $&&6 $VVRFLDWHRIWKH&RUSRUDWLRQRI&HUWLILHG
XVLQJWKH,WDOLDQZRUGDFFDZKLFKPHDQVDLWFK 6HFUHWDULHV
WKHOHWWHUK $&&6$ $OOLHG&RPPXQLFDWLRQVDQG&RPSXWHU
$&&$' $GYLVRU\&RPPLWWHHRQ&OLPDWH 6HFXULW\$JHQF\>REVROHWH@
$SSOLFDWLRQVDQG'DWD %XUHDXDOOLpGHVpFXULWpGHVWUDQVPLVVLRQVHWGH
$&&$3 $&(&,6FRQWLQJHQF\DVVHWVSRRO O
LQIRUPDWLTXH>REVROqWH@
SRROGHPR\HQV6,&GHFLUFRQVWDQFHGX&$( $&&V\QWKDVH $PLQRF\FORSURSDQH&DUER[\OLF
$&&% $&(FHQWUDOL]HGFRPPXQLFDWLRQVEXGJHW $FLGV\QWKDVH
EXGJHWGHVV\VWqPHVGHWpOpFRPPXQLFDWLRQVFHQ DFFW DEEUDFFRXQW
WUDOLVpVGX&$( $OVRD$&$FDFFW
$&&& $XVWUDOLDQ&RPSHWLWLRQDQG&RQVXPHU DFFW DEEUDFFRXQWDQW
&RPPLVVLRQ$XVWUDOLD $OVRDFWQW
DFFH DEEUDFFHSWDQFH DFFW DEEUDFFRXQWLQJ
2IWKH,QWHUQDWLRQDO&RXQFLOIRUWKH([SORUDWLRQRI SXEOLFDWLRQLQWHUDOOLpHVXUODFRGLILFDWLRQ
WKH6HD $&2* DJHQFHFLYLOH27$1GXWHPSVGHJXHUUH
$&03 $OOLHG&RQILJXUDWLRQ0DQDJHPHQW 1$72FLYLOZDUWLPHDJHQF\1&:$
3XEOLFDWLRQ $&2+ $GYLVRU\&RPPLWWHHIRU2SHUDWLRQDO
SXEOLFDWLRQLQWHUDOOLpHJHVWLRQGHODFRQILJXUD +\GURORJ\
WLRQ 2IWKH:RUOG0HWHRURORJLFDO2UJDQL]DWLRQ
$&05 DLUFRPEDWPDQRHXYULQJUDQJH $&ROO+ $VVRFLDWHRIWKH&ROOHJHRI+DQGLFUDIW
SRO\JRQHG
HQWUDvQHPHQWjODPDQ±XYUHGHFRPEDW $&RP3 $OOLHG&RPPXQLFDWLRQV3XEOLFDWLRQ
DpULHQ SXEOLFDWLRQLQWHUDOOLpHVXUOHVFRPPXQLFDWLRQV
$&055 $GYLVRU\&RPPLWWHHRI([SHUWVRQ $&205 $GYLVRU\&RPPLWWHHRQ2FHDQLF
0DULQH5HVRXUFHV5HVHDUFK 0HWHRURORJLFDO5HVHDUFK
$&06 $HURVRO&RPSRVLWLRQ0DVV6SHFWURPHWHU 2IWKH:RUOG0HWHRURORJLFDO2UJDQL]DWLRQ
$WPRVSKHULF3K\VLFV0HWHRURORJ\0LGGOH $&23 $VVRFLDomRGH&RQVHOKHLURVGH2ULHQWDomR
$WPRVSKHUH5HVHDUFK 3URILVVLRQDO3RUWXJDO
$&06 DXWRPDWHGFRPPXQLFDWLRQVPDQDJHPHQW 3RUWXJXHVH$VVRFLDWLRQV9RFDWLRQDO*XLGDQFH
V\VWHP $&236 $GYLVRU\&RPPLWWHH2Q3URWHFWLRQRIWKH
V\VWqPHDXWRPDWLVpGHJHVWLRQGHVWpOpFRPPXQLFD 6HD
WLRQV $&25' $GYLVRU\&RXQFLO2Q5HVHDUFKDQG
$&1 $FU\ORQLWULOHRU9LQ\OF\DQLGH 'HYHORSPHQW*%
&+ &+&1$ FRORUOHVVOLTXLGWKDWLVVROXEOHLQ $&26 $VVLVWDQW&KLHIRI6WDII
RUJDQLFVROYHQWV,WLVXVHGPDLQO\LQDFU\OLFUXE VRXVFKHIG
pWDWPDMRU6&(0
EHU $&267 $GYLVRU\&RXQFLO2Q6FLHQFHDQG
2UJDQLF&KHPLVWU\ 7HFKQRORJ\*%
$&1 $LU&RQVLJQPHQW1RWH $&3 $F\O&DUULHU3URWHLQ
7UDQVSRUWDWLRQ 7KH$&3 LVDSURWHLQLQIDWW\DFLGV\QWKHVLV
$&1 $VLDQ&KHPLFDO1HZV %LRFKHPLVWU\
$ ZHHNO\QHZVPDJD]LQHIRUWKH$VLDQ&KHPLFDO $&3 DGYDQFHGFRPPDQGSRVW
,QGXVWU\ SRVWHGHFRPPDQGHPHQWGHO
DYDQW
$&1, $]LHQGD&RPXQDOH1DYLJD]LRQH,QWHUQD DLUERUQHFRPPDQGSRVW
,WDO\ SRVWHGHFRPPDQGHPHQWYRODQW
$&1,1 $VVRFLD]LRQH&XOWXUDOH1D]LRQDOH DLUVSDFHFRQWUROSODQ
,JLHQLVWLFKH1DWXUDOL,WDO\ SODQGHFRQWU{OHGHO
HVSDFHDpULHQ
$&13 $PHULFDQ&ROOHJHRI $OOLHG&RPPXQLFDWLRQV3XEOLFDWLRQ
1HXURSV\FKRSKDUPDFRORJ\86$ SXEOLFDWLRQLQWHUDOOLpHVXUOHVFRPPXQLFDWLRQV
$F139 $XWRJUDSKDFDOLIRUQLFD 1XFOHDU $&3 $IULFDQ&DULEEHDQDQG3DFLILF*URXSRI
3RO\KHGURVLV9LUXV &RXQWULHV
$&16 $GYDQFHG&RPPXQLFDWLRQV1HWZRUN $&3 $PHULFDQ&ROOHJHRI3K\VLFLDQV86$
6HUYLFH $&3 $UFKHDQ&KXUFKLOO3URYLQFH&DQDGD
$&185 $OWR&RPPLVVDULDWRGHOOH1D]LRQL8QLWH $&3 $VVRFLDWHRIWKH&ROOHJHRI3UHFHSWRUV
SHUL5LIXJLDWL81 $&3 $VVRFLDWLRQRI&RUUHFWRUVRIWKH3UHVV
$&2 $GDSWLEOH&RQWURO2SWLPL]DWLRQ $&3 $XWRPDWLF&ROW3LVWRO
$&2 DLUVSDFHFRQWURORUGHU $&3$ $VVRFLDWLRQRI&RPSXWHU3URJUDPPHUVDQG
RUGUHGHFRQWU{OHGHO
HVSDFHDpULHQ $QDO\VWV
DLUVSDFHFRRUGLQDWLRQRUGHU $&3D\ $FFRXQW3D\DEOH
RUGUHGHFRRUGLQDWLRQDpULHQQH $&3& $VVRFLDWLRQRI&RIIHH3URGXFLQJ&RXQWULHV
$&2 $OWHUQDWLQJ&XUUHQW2XWSXWV $&3) DSSURDFK $YHUDJHG&RXSOHG3DLU)XQFWLRQDO
$&2 $VVRFLDWLRQRI&RPPLVVLRQHG2IILFHUV DSSURDFK
$&2 $YHUDJH&DOFXODWLQJ2SHUDWLRQ $&30 $VVRFLDWLRQGHIRUPDWLRQSRXUOD
7KHDYHUDJHFDOFXODWLQJRSHUDWLRQLVXVHGWRHVWL &RRSpUDWLRQHWOD3URPRWLRQ)UDQFH
PDWHFRPSXWHUVFDOFXODWLRQVSHHGV DFSW DEEUDFFHSWDFFHSWDQFH
&RPSXWHU3URJUDPPLQJ $OVRDFFDFFSWDFFH
$&2$ $GXOW&KLOGUHQ2I$OFRKROLFV DFT DEEUDFTXLWWHPHQW
$&RG3 $OOLHG&RGLILFDWLRQ3XEOLFDWLRQ
$OVRDGDGYWDGYHUW ,WDOLDQLQLWLDOLVPRIWKH(XURSHDQ(QYLURQPHQWDO
DGYDEEUDGYLFHDGYLVHDGYLVRU\ $JHQF\
$'9$&$67 $'9DQFHGDOXPLQLXPSUHFLVLRQ $($ $PHULFDQ(FRQRPLF$VVRFLDWLRQ$PHULFDQ
&$67LQJIRULQWHJUDOO\VWLIIHQHGQHWVKDSHFRPSR (OHFWURQLFV$VVRFLDWLRQ86$
QHQWV $($ $PHULFDQ([SRUW$LUOLQHV86$
'DLPOHU%HQ]$HURVSDFHODXQFKHG$'9$&$67 LQ $($ $WRPLF(QHUJ\$XWKRULW\
LQSDUWQHUVKLSZLWKIRXQGULHV&LUDO)UDQFH $(%6 $QWL(VWURJHQ%LQGLQJ6LWH
7K\VVHQ*HUPDQ\0LUWHF*UHHFHDQGWKH $(& $GGLWLRQDO([WHQGHG&RYHUDJH
8QLYHUVLWLHVRI/LVERQ0XQLFKDQG3DWUDV ,QVXUDQFH
*UHHFH $(& $UFKLWHFWXUH(QJLQHHULQJDQG&RQVWUXFWLRQ
(XURSHDQ&RPPXQLW\3URMHFW 'HVLJQ6RIWZDUH
$'9$1&( $VVRFLDWLRQRQ'HYHORSPHQWRI $(& $UP\(GXFDWLRQDO&RUSV
9RFDWLRQV$QG1HZ&UHDWLYH(PSOR\PHQW,WDO\ $(& $WRPLF(QHUJ\&RPPLVVLRQ
7UDQVQDWLRQDO3URMHFWV $(& $WRPLF(QHUJ\&RXQFLO
$GY&KJV DEEU$GYDQFH&KDUJHV $(&$ $VVRFLD]LRQH(PLOLDQD&HQWUL$XWRQRPLGL
%XVLQHVV&RPPHUFH IRUPD]LRQHSURIHVVLRQDOH%RORJQD,WDO\
$GYHFWRU $GHQRYLUDOYHFWRU 9RFDWLRQDO7UDLQLQJ
$QDWRP\*HQHWLF7KHUDSLHV0HGLFLQH $(&% $WRPLF(QHUJ\&RQWURO%RDUG&DQDGD
1HXURELRORJ\ $H&O $HUR&OXE,WDOLDQR,WDO\
DGYHUW DEEUDGYHUWLVHPHQW $(&/ $WRPLF(QHUJ\RI&DQDGD/LPLWHG
$OVRDGDGYDGYW $(&0$ $VVRFLDWLRQ(XURSpHQQHGH&RQVWUXFWLRQ
$GY)UW DEEU$GYDQFH)UHLJKW GH0DWpULHO$pURVSDWLDO
$GY3PW DEEU$GYDQFH3D\PHQW )UHQFKLQLWLDOLVPRIWKH(XURSHDQ$VVRFLDWLRQRI
DGYW DEEUDGYHUWLVH $HURVSDFH0DWHULDO&RQVWUXFWLRQ
DGYW DEEUDGYHUWLVHPHQW $(&3 $OOLHG(QYLURQPHQWDO&RQGLWLRQV
$OVRDGDGYDGYHUW 3XEOLFDWLRQ
DGYW DEEUDGYHUWLVHU SXEOLFDWLRQLQWHUDOOLpHVXUOHVFRQGLWLRQVHQYLURQ
$': DUHDGHIHQFHZHDSRQ QHPHQWDOHV
DUPHGHGpIHQVHGH]RQH $(&73 $OOLHG(QYLURQPHQWDO&RQGLWLRQV7HVWLQJ
$':+4 DLUGHIHQFHZDUKHDGTXDUWHUV 3XEOLFDWLRQ
SRVWHGHFRPPDQGHPHQWGHJXHUUHGHODGpIHQVH SXEOLFDWLRQLQWHUDOOLpHVXUOHVHVVDLVUHODWLIVDX[
DpULHQQH3&*'$ FRQGLWLRQVHQYLURQQHPHQWDOHV
$'= DLUGHIHQFH]RQH $(' $FDGHP\IRU(GXFDWLRQDO'HYHORSPHQW
]RQHGHGpIHQVHDpULHQQH='$ E $(G$VVRFLDWHLQ(GXFDWLRQ
$'=& DLUGHIHQFH]RQHFRRUGLQDWRU $OVR$(
FRRUGRQQDWHXUGH]RQHGHGpIHQVHDpULHQQH $(' $WODQWLF(FRORJ\'LYLVLRQ86$
$( $FFRPPRGDWLRQ(QGRUVHPHQW 2IWKH86(QYLURQPHQWDO3URWHFWLRQ$JHQF\
%XVLQHVV(FRQRPLFV)LQDQFH $QWKURSRJHQLF6WUHVVRUV
$( $FFRXQW([HFXWLYH $('$$('$ $VVRFLD]LRQH(VWLPDWRULG
$UWH
$( $FFUXHG([SHQGLWXUH $QWLFD,WDO\
%XVLQHVV&RPPHUFH)LQDQFH $QWLTXH$UW
$( $GDSWLYH(Q]\PH $('$ $XWRUL('LWRUL$VVRFLDWL,WDO\
$GDSWLYHHQ]\PHLVDOVRNQRZQDV,QGXFLEOH $('3 $OOLHG(QJLQHHULQJ'RFXPHQWDWLRQ
(Q]\PH 3XEOLFDWLRQ
(Q]\PRORJ\ SXEOLFDWLRQLQWHUDOOLpHGRFXPHQWDWLRQ
$( $GPLQLVWUDWLRQRIWKH(QYLURQPHQW86$ G·LQJpQLHULH
$( $ULWKPHWLFDO(OHPHQW $('6 $WRPLF(QHUJ\'HWHFWLRQ6\VWHP
$( $VVRFLDWHLQ(GXFDWLRQ $(( $WRPLF(QHUJ\(VWDEOLVKPHQW
$OVR$(G $((1 $JHQFH(XURSpHQQHSRXUO
(QHUJLH
DHDWWKHDJHRIDJHG 1XFOpDLUH
$($ $FWRUV
(TXLW\$VVRFLDWLRQ )UHQFKLQLWLDOLVPRIWKH(XURSHDQ$JHQF\IRU
$($ $JHQ]LD(XURSHDGHOO·$PELHQWH 1XFOHDU(QHUJ\
$() $YLDWLRQ(QJLQHHU)RUFH
,WDOLDQDFURQ\PPHDQLQJ/HJDO(WKLFDODQG VXFKDVDQHPLDEOHHGLQJDQGLQIHFWLRQ$FXWH
6RFLDO$VSHFWV *UDQXORF\WLF/HXNHPLDLVDOVRNQRZQDV
$*(7$& $FFRUG*pQpUDOVXUOHV7DULIVHWOH 0\HOREODVWLF/HXNHPLD
&RPPHUFH 0HGLFLQH
)UHQFKDFURQ\PPHDQLQJ*HQHUDO$JUHHPHQWRQ $*0 $FFHOHUDWRUHD*UDGLHQWH0DJQHWLFR
7DULIIVDQG7UDGH*$77 ,WDOLDQLQLWLDOLVPPHDQLQJ0DJQHWLF*UDGLHQW
$*(; SURJUDP $ERYH*URXQG(;SHULPHQWVSUR $FFHOHUDWRU
JUDP $*0 $LUWR*URXQG0LVVLOH
$*)6 $YLDWLRQ*ULGGHG)RUHFDVW6\VWHP 0LOLWDU\
DJJ DJJLXQWR $*0 $QQXDO*HQHUDO0HHWLQJ
,WDOLDQDEEUHYLDWLRQPHDQLQJDVVLVWDQWGHSXW\ $*0$ $PHULFDQ*HDU0DQXIDFWXUHUV
$VVRFLDWLRQ
$OVRDGGHG 86$
DJJ DEEUDJJUHJDWH $*0$$*0$ $PHULFDQ*XLOGRI0XVLFDO
%RWDQ\*HRORJ\0DWHULDOV $UWLVWV86$
$*** $GYLVRU\*URXSRQ*UHHQKRXVH*DVHV $*0. FHOOV $IULFDQ*UHHQ0RQNH\.LGQH\FHOOV
2IWKH:RUOG&OLPDWH3URJUDP 7KH$*0.FHOOVDUHXVHGIRUWKHJURZWKRIFHU
$J+J .RQJVEHUJLWH WDLQW\SHVRIYLUXVHV
.RQJVEHUJLWHLVDPHUFXULDQW\SHRIVLOYHU 9LURORJ\
0LQHUDORJ\ $*1 $FWLYH*DODFWLF1XFOHXV
$*, $GMXVWHG*URVV,QFRPH )RUIXUWKHUGHWDLOVVHHXQGHU$*1V
$*,$*, $PHULFDQ*HRORJLFDO,QVWLWXWH $J12 6LOYHU1LWUDWH
$*, $QQpH*pRGpVLTXH,QWHUQDWLRQDOH 6LOYHU1LWUDWHLVXVHGPDLQO\WRFDXWHUL]HZRXQGV
)UHQFKDFURQ\PPHDQLQJ,QWHUQDWLRQDO*HRGHWLF LQKDLUG\HVDQGLQLQNPDQXIDFWXUH
<HDU ,QRUJDQLF&KHPLVWU\
$J, ,RGDUJ\ULWH $*1V $FWLYH*DODFWLF1XFOHL
$J,LVDOVRNQRZQDV,RG\ULWH $VWURQRP\([WUHPH8OWUDYLROHW$VWURQRP\
0LQHUDORJ\ $*2 $GMXWDQW*HQHUDO
V2IILFH
$J, 6LOYHU,RGLGH DJR DEEUDJRVWR
6LOYHU,RGLGHLVXVHGPDLQO\LQPHGLFLQHDQGSKR ,WDOLDQDEEUHYLDWLRQPHDQLQJ$XJXVW
WRJUDSK\ $*2 $LU*XQQHU\2IILFHU
,QRUJDQLF&KHPLVWU\ $*2 $XGLWRU*HQHUDO
V2IILFH
$*,)$5 $VVRFLD]LRQH*,RYDQL)$5PDFLVWL DJR 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
,WDOLDQDFURQ\PRIWKH<RXQJ3KDUPDFLVWV XVLQJWKH,WDOLDQZRUGDJRZKLFKPHDQVQHHGOH
$VVRFLDWLRQ WRQJXH$OVRFU\VWDO&KHPLVWU\
$*,/ $LUERUQH*HQHUDO,OOXPLQDWLQJ/LJKW $J2 6LOYHU2[LGH
$*,2 $UPHG*XDUG,QVSHFWLRQ2IILFHU 6LOYHU2[LGHDOVRNQRZQDV$UJHQWRXV2[LGHLV
DJLR 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ XVHGPDLQO\WRSXULI\GULQNLQJZDWHU
XVLQJWKH,WDOLDQZRUGDJLRZKLFKPHDQVLQ ,QRUJDQLF&KHPLVWU\
,WDOLDQHDVHFRPIRUWVRPHWLPHVFKDQFH $*3 $FFRUGL*HQHUDOLGL3UHVWLWR
$J,2 6LOYHU,RGDWH ,WDOLDQLQLWLDOLVPPHDQLQJ*HQHUDO$UUDQJHPHQWV
6LOYHU,RGDWHLVXVHGLQPHGLFLQH WR%RUURZ
,QRUJDQLF&KHPLVWU\ $J32 6LOYHU3KRVSKDWH
$*,3 $]LHQGD*HQHUDOH,WDOLDQD3HWUROL,WDO\ 6LOYHU3KRVSKDWHDOVRNQRZQDV6LOYHU
$*,5( $]LHQGD*HQHUDOH,WDOLDQDSHU 2UWKRSKRVSKDWHLVXVHGPDLQO\LQSKDUPDFHXWL
O
(VSRUWD]LRQHGHO5LVR,WDO\ FDOV
,WDOLDQDFURQ\PRIWKH1DWLRQDO,WDOLDQ5LFH ,QRUJDQLF&KHPLVWU\
([SRUW%RDUG $*5 $GYDQFHG*DVFRROHG5HDFWRU
$*,6 $VVRFLD]LRQH*HQHUDOH,WDOLDQDGHOOR 7KH$*5LVDSRZHUJHQHUDWLQJQXFOHDUUHDFWRU
6SHWWDFROR,WDO\ FRROHGE\FDUERQGLR[LGHJDV
$*/ $ERYH*URXQG/HYHO 1XFOHDU(QJLQHHULQJ
1DYLJDWLRQ DJU DEEUDJULFXOWXUDO
$*/ $FXWH*UDQXORF\WLF/HXNHPLD DJUDJULF DEEUDJULFXOWXUH
7KH$*/ LVDGLVHDVHFKDUDFWHUL]HGE\V\PSWRPV $*5 $VVRFLDWLRQRI*UDGXDWH5HFUXLWHUV*%
$, $QWL,FLQJ $VVRFLDWLRQ
$YLDWLRQ $,$& $VVRFLD]LRQH,WDOLDQD$JHQWLGL&DPELR
$, $SWLWXGH,QGH[ ,WDOLDQDFURQ\PRIWKH,WDOLDQ6WRFNEURNHUV
$, $UWLILFLDO,QVHPLQDWLRQ $VVRFLDWLRQ
$UWLILFLDO,QVHPLQDWLRQLVDSURFHVVE\PHDQVRI $,$( $VVRFLDWHRIWKH,QVWLWXWHRI$XWRPRELOH
ZKLFKVSHUUQDWR]RDDUHGHSRVLWHGLQWRWKHYDJLQD (QJLQHHUV
RUFHUYL[E\DUWLILFLDOPHDQV $,$)$LDI $VVRFLD]LRQH,WDOLDQDGHJOL$QDOLVWL
0HGLFLQH )LQDQ]LDUL
$, $UWLILFLDO,QWHOOLJHQFH ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI
$,$ $FDGpPLH,QWHUQDWLRQDOHG
$VWURQDXWLTXH )LQDQFLDO$QDO\VWV
$,263 $VVRFLDWLRQ,QWHUQDWLRQDOHG
2ULHQWDWLRQ %UHVFLD,WDO\3XUSRVHWKHSURPRWLRQRIVFLHQWLILF
6FRODLUHHW3URIHVVLRQQHOOH DQGWHFKQLFDONQRZOHGJHLQWKHILHOGRI1RQ
$,263 ZDVIRXQGHGLQWRFRQWULEXWHWRWKH 'HVWUXFWLYH7HVWLQJ3XEOLVKHVD-RXUQDORQD
GHYHORSPHQWRIYRFDWLRQDOJXLGDQFHDQGSURPRWH TXDUWHUO\EDVLVFRQJUHVVDQGV\PSRVLXPSURFHHG
FRQWDFWEHWZHHQSHUVRQVDVVRFLDWHGZLWKLW LQJVHGXFDWLRQDOSDSHUVDQGWHFKQLFDODQGVFLHQWLI
$,27( $VVRFLD]LRQH,WDOLDQD2SHUDWRUL7LWROL(VWHUL LFWH[WERRNV
,WDO\ $,33 $VVRFLD]LRQH,WDOLDQD3XEEOLFLWDUL
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI 3URIHVVLRQLVWL
%URNHUVLQ)RUHLJQ6HFXULWLHV ,WDOLDQ$VVRFLDWLRQ
$,3 $HURQDXWLFDO,QIRUPDWLRQ3XEOLFDWLRQ $,33, $VVRFLD]LRQH,WDOLDQDGL3VLFRWHUDSLD
SXEOLFDWLRQG·LQIRUPDWLRQDpURQDXWLTXH 3VLFRDQDOLWLFD,QIDQWLOH
DLULQGHSHQGHQWSURSXOVLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI
SURSXOVLRQDQDpURELH ,QIDQWLOH3V\FKRDQDO\WLF3V\FKRWKHUDS\
$,3 $PHULFDQ,QVWLWXWHRI3K\VLFV86$ $,36 $VWURQRPLFDO,PDJH3URFHVVLQJ6\VWHP
$,3 $VVRFLD]LRQH,WDOLDQD3HOOLFFLDL,WDO\ $,37 $GYDQFHG,PDJH3URFHVVLQJ7HUPLQDO
,WDOLDQDFURQ\PRIWKH,WDOLDQ)XUULHUV 2IWKH'HIHQFH5HVHDUFK$JHQF\
$VVRFLDWLRQ $OJRULWKPVZULWWHQE\/RJLFD3URJUDPPHUV
$,3 $VVRFLD]LRQH,WDOLDQDWUDJOLDGGHWWLDLVLVWHPL 1HXUDO1HWZRUN6RIWZDUH
3URGXWWLYL,WDO\ $,4) $VVRFLD]LRQH,WDOLDQDSHUOD4XDOLWjGHOOD
$,3 ZDVIRXQGHGLQ%DVHGLQ7XULQ,WDO\ )RUPD]LRQH,WDO\
$,3 $VVRFLD]LRQH,WDOLDQD3DUNLQVRQLDQL $,5 $FRXVWLF,QWHUFHSW5HFHLYHU
,WDOLDQ$VVRFLDWLRQ $,5 $FXWH,QVXOLQ5HVSRQVH
$,3$ $VVRFLDWHRIWKH,QVWLWXWHRI,QFRUSRUDWHG (QGRFULQRORJ\
3UDFWLWLRQHUVLQ$GYHUWLVLQJ $,5 $IWHU,QLWLDO5HOHDVH
$,3$$,3$ $VVRFLD]LRQH,WDOLDQD3VLFRORJLD $,5 $LUERUQH,QWHUFHSW5RFNHW
$QDOLWLFD,WDO\ $,5 $LU,QIODWDEOH5HWDUGHUUHIHUULQJWRERPEV
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI $,5 $LU,QMHFWLRQ5HDFWRU
$QDO\WLF3V\FKRORJ\ 0HFKDQLFDO(QJLQHHULQJ
$,3$$LSD $XWRULWjSHUO
,QIRUPDWLFDQHOOD $,5 $LU,QWHUFHSW5RFNHW
3XEEOLFD$PPLQLVWUD]LRQH,WDO\ $,5 $QQDOVRI,PSUREDEOH5HVHDUFK
$,3$, $VVRFLD]LRQH,WDOLDQD3HULWL$VVLFXUDWLYL $ KXPRUSXEOLFDWLRQ
,QFHQGLRHULVFKLGLYHUVL $,5 DQQXDOLQIUDVWUXFWXUHUHSRUW
,WDOLDQ$VVRFLDWLRQ UDSSRUWDQQXHOG·LQIUDVWUXFWXUH
$,3( $PHULFDQ,QVWLWXWHRI3ODQW(QJLQHHUV DUHDRILQWHOOLJHQFHUHVSRQVLELOLW\
$,3( $VVRFLDWHRIWKH,QVWLWXWLRQRI3URGXFWLRQ ]RQHGHUHVSRQVDELOLWpGXUHQVHLJQHPHQW=55
(QJLQHHUV $,5 $UP\,QWHOOLJHQFH5HVHUYH
$,3(6 $VVRFLD]LRQH,WDOLDQDSHUOD3URPR]LRQH $,UDGDU $LUERUQH,QWHUFHSWUDGDU
GHOO
(QHUJLD6RODUH,WDO\ (QJLQHHULQJ
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRUWKH $,5%$/7$3 $OOLHG$LU)RUFHV%DOWLF$SSURDFKHV
3URPRWLRQRI6RODU(QHUJ\ >REVROHWHUHSODFHGE\$,51257+@
$,3(9 $VVRFLD]LRQH,WDOLDQDSHUODGLIHVDGHL )RUFHVDpULHQQHVDOOLpHVGHVDSSURFKHVGHOD
3RUWDWRULGL(SDWLWH9LUDOH %DOWLTXH>REVROqWHUHPSODFpSDU$,51257+@
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRUWKH $,5& $VVRFLD]LRQH,WDOLDQDSHUOD5LFHUFDVXO
SURWHFWLRQRI9LUDO+HSDWLWLV&DUULHUV &DQFUR,WDO\
$,3+ $LSK $VVRFLDWLRQ,QWHUQDWLRQDOHGHV ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$VVRFLDWLRQIRU
3URGXFWHXUVGHO
+RUWLFXOWXUH &DQFHU5HVHDUFK
)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ $,5&(17 $OOLHG$LU)RUFHV&HQWUDO(XURSH
RI+RUWLFXOWXUH3URGXFHUV >REVROHWHUHSODFHGE\$,51257+@
$,3Q' $VVRFLD]LRQH,WDOLDQD3URYHQRQ'LVWUXWWLYH )RUFHVDpULHQQHVDOOLpHVGX&HQWUH(XURSH
0RQLWRUDJJLR'LDJQRVWLFD >REVROqWHUHPSODFpSDU$,51257+@
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ6RFLHW\IRU1RQ $,5&(17/$17 0DULWLPH$LU&HQWUDO$WODQWLF
'HVWUXFWLYH7HVWLQJ0RQLWRULQJ'LDJQRVWLFV7KH 6XE$UHD>REVROHWH@
$,3Q'ZDVHVWDEOLVKHGLQDQGLVEDVHGLQ
,WDOLDQDFURQ\PRIWKH$SKDVLFVOWDOLDQ )UHQFKDFURQ\PRIWKH$VVRFLDWLRQRIWKH-HZVLQ
$VVRFLDWLRQ WKH5HVLVWDQFH
$,7$ $VVRFLD]LRQH,WDOLDQDGL7HFQRORJLD $-&0& $&&6-RLQW&RQILJXUDWLRQ0DQDJHPHQW
$OLPHQWDUH &RPPLWWHH
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI)RRG &RPLWpGHJHVWLRQFRQMRLQWHGHODFRQILJXUDWLRQGH
7HFKQRORJ\$,7$ ZDVIRXQGHGLQ0LODQ,WDO\LQ O·$&&6
$-) $OOLHGMRLQWIRUFH
$LWHF $VVRFLD]LRQHLWDOLDQDWHFQLFRHFRQRPLFDGHO IRUFHLQWHUDUPpHVLQWHUDOOLpHV
FHPHQWR,WDO\ $-, DUHDRIMRLQWLQWHUHVW
$,7, $VVRFLD]LRQH,WDOLDQD7UDGXWWRULH,QWHUSUHWL ]RQHG·LQWpUrWFRPPXQ
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI $-2' $OOLHG-RLQW2SHUDWLRQV'RFWULQH
7UDQVODWRUVDQG,QWHUSUHWHUV GRFWULQHLQWHUDOOLpHVGHVRSpUDWLRQVLQWHUDUPpHV
$,7 SURJUDP $GYDQFHG,QIRUPDWLRQ7HFKQRORJ\ $-3 $OOLHG-RLQW3XEOLFDWLRQ
SURJUDP SXEOLFDWLRQLQWHUDOOLpHLQWHUDUPpHV
(XURSHDQ8QLRQ3URJUDP DNDFN DEEUDFNQRZOHGJH
$,7,9$ $VVRFLD]LRQH,WDOLDQD7HFQLFL,QGXVWULH 7HOHFRPPXQLFDWLRQV
9HUQLFLH$IILQL,WDO\ $. DEEU$ODVND86$
$,9 $VVRFLD]LRQH,QWHUQD]LRQDOHGL9XOFDQRORJLD $.$ $OVR.QRZQ$V
,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ 0DQDJHPHQW
RI9ROFDQRORJ\ $.$3V $.LQDVH$QFKRULQJ3URWHLQV
$,9 $VVRFLD]LRQH,WDOLDQDGHO9XRWR 0HGLFLQH0ROHFXODU3KDUPDFRORJ\6LJQDO
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$VVRFLDWLRQIRU 7UDQVGXFWLRQ
9DFXXP$ QRQSURILW$VVRFLDWLRQVWDUWHGLWV $.& $PHULFDQ.HQQHO&OXE
DFWLYLW\LQ$ PHPEHURIWKH,8967$WKH $.+, $ODVND+LVWRULFDOOLEUDU\DQGPXVHXP
$,9 RUJDQL]HVDQDWLRQDOFRQJUHVVHYHU\WZR DNKL 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
\HDUV3XEOLVKHVD5HYLHZDQGWH[WERRNVRUJD XVLQJWKH$UDELFZRUGDNKLZKLFKPHDQVP\
QL]HV&RXUVHVRQYDFXXPSK\VLFVDQGVSHFLDOL]HG EURWKHU
ZRUNVKRSV $.WE $NWLHERODJHW6ZHGHQ
)RUIXUWKHUGHWDLOVVHHXQGHU,8967$ -RLQW6WRFN&RPSDQ\LQ6ZHGHQ
$,9 $YLDWLRQ,PSDFW9DULDEOH $/ $EQRUPDO/XQJV
$,; $VWURWHFK,QWHUQDWLRQDO&RUS 0HGLFLQH
$PHULFDQ6WRFN([FKDQJHV\PEROV $/ $EVROXWH/LPHQ
$,< 7KHDLUSRUWFRGHIRU$WODQWLF&LW\1HZ-HUVH\ 3V\FKRSK\VLFV
86$ $/ $FFHVVLRQ/LVW
$- $FKLOOHV-HUN $/ $FFLGHQWDO/RVV
7KH$FKLOOHV-HUNLVDOVRNQRZQDV$FKLOOHV 1XFOHDU(QHUJ\
7HQGRQ5HIOH[ $/ $FRXVWLF/DE\ULQWK
3K\VLRORJ\ $FRXVWLFDO(QJLQHHULQJ
$- $PHULFDQ-RXUQDO $/ $FWLRQIRU/LIH
$- $QWLMDPPLQJ $/ $FXWH/HXNHPLD
(OHFWURQLFV $FXWHOHXNHPLDLVDIRUPRIOHXNHPLDFKDUDFWHU
$- $]HUEDLMG]KDQ L]HGE\DQHPLDDQGKHPRUUKDJLFPDQLIHVWDWLRQV
DMD DEEUDGMDFHQW 0HGLFLQH
$MD $PHULFDQ-DLO$VVRFLDWLRQ86$ $/ $HURQRP\/DERUDWRU\86$
$-$ $PHULFDQ-RXUQDORI$UFKDHRORJ\ 2IWKH86(QYLURQPHQWDO5HVHDUFK/DERUDWRULHV
3XEOLFDWLRQ $/ $LU/LDLVRQ
$-$ $PHULFDQ-XGJHV$VVRFLDWLRQ86$ $/ $LU/RFN
$MD /
$MD7KHDERYHDFURQ\PVZHUHFRLQHGDFFL &LYLO(QJLQHHULQJ(QJLQHHULQJ0LQLQJ
GHQWDOO\XVLQJWKH,WDOLDQZRUG$MD/
$MDZKLFK (QJLQHHULQJ
PHDQV7KH+DJXHLQ,WDOLDQ $/ DEEU$ODEDPD86$
$-$5 $VVRFLDWLRQGHV-XLIV$QFLHQV5HVLVWDQWV $/ $OEDQLD
)UDQFH $/ $OHVVDQGULD,WDO\
$O WKHFKHPLFDOV\PEROIRU$OXPLQXP$OXPLQLXP
$OXPLQXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF $UFKLWHFWXUH$YLDWLRQ*HRORJ\0LOLWDU\6FLHQFH
QXPEHUDQDWRPLFZHLJKWRIDQGD =RRORJ\
PHOWLQJSRLQWRI$&,WLVXVHGLQDOOR\VPDLQO\ $/$$ $PHULFDQ/DQGV$FFHVV$VVRFLDWLRQ
IRUKRXVHKROGXWHQVLOVEHYHUDJHFDQVDQGHOHFWUL $/$&( $XWRQRPRXV/$JUDQJLDQ&LUFXODWLRQ
FDOHTXLSPHQW ([SORUHU
&KHPLVWU\ $/$( $WPRVSKHULF/\PDQ$OSKD(PLVVLRQV
$/ $PHULFDQ/HDJXH$PHULFDQ/HJLRQ $/$/& $VVRFLD]LRQH/DWLQR$PHULFDQDSHULO
$/$/ $QJOR/DWLQ /LEHUR&RPPHUFLR
/DQJXDJHV ,WDOLDQDFURQ\PRIWKH/DWLQ$PHULFDQ
DO DQQpHGHOXPLqUH $VVRFLDWLRQIRU)UHH7UDGH
)UHQFKLQLWLDOLVPPHDQLQJOLJKW\HDU $/$5$ $V/RZ$V5HDVRQDEO\$FKLHYDEOH
$VWURQRP\ $/$50 $LUERUQH/$VHU5HFHLYHU0RGXOH
DO DSUqVOLYUDLVRQ $/$50 $LU/DXQFKHG$GYDQFHG5DPMHW0LVVLOH
)UHQFKLQLWLDOLVPPHDQLQJDIWHUGHOLYHU\ $/$50 DLUODXQFKHGDQWLUDGDUPLVVLOH
$/ $UF/DPS PLVVLOHDQWLUDGDUjODQFHXUDpULHQ
$UFODPSLVDOVRNQRZQDVHOHFWULFDUFODPS $/$50 $XWRPDWLF/LJKW$LUFUDIW5HDGLQHVV
(OHFWULFLW\ 0RQLWRU
$/ $UJRQ/DVHU $/$6$ODV DEEU$ODVND
$UJRQ/DVHULVDODVHUWKDWXVHVLRQL]HGDUJRQ,WLV $/$6 $VVRFLDWHLQ/HWWHUV$UWVDQG6FLHQFHV
DOVRNQRZQDV$UJRQ,RQ/DVHU $/$6 $VVRFLDWHRIWKH&KDUWHUHG/DQG$JHQWV
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQIRU $0 $FDGHP\RI0DQDJHPHQW
WKHILJKWDJDLQVW7KURPERVLV $0 $FFHVV0DQDJHPHQW$FFHVV0HFKDQLVP
$/7$ $PHULFDQ/LWHUDU\7UDQVODWRUV$VVRFLDWLRQ $FFHVV0HWKRG
$PHULFDQ/LEUDU\7UXVWHH$VVRFLDWLRQ86$ &RPSXWHU7HFKQRORJ\
$/7$, $QDOLVL/LYHOODPHQWRH7HPSLILFD]LRQH $0 $FFHVV0DWUL[$FFHVV0RGH
$XWRPDWLFL,QWHJUDWL &RPSXWHU3URJUDPPLQJ
,WDOLDQDFURQ\PPHDQLQJ$XWRPDWLRQ,QWHJUDWHG $0 $FFRXQWLQJ0DFKLQH
$QDO\VLV/HYHOOLQJDQG7LPLQJ 7KHDFFRXQWLQJPDFKLQHLVDNH\ERDUGRSHUDWHG
%XVLQHVV0DQDJHPHQW QRQFRPSXWHUL]HGPDFKLQHXVHGWRFDUU\RXWFDOFX
$/7%0' DFWLYHOD\HUHGWKHDWUHEDOOLVWLFPLVVLOH ODWLRQVDQGSURYLGHDFFRXQWLQJUHFRUGV
GHIHQFH &RPSXWHU7HFKQRORJ\
GpIHQVHDFWLYHFRQWUHOHVPLVVLOHVEDOLVWLTXHVGH $0 $FRXVWLF0DJQHWLF
WKpkWUH $0 $FWXDWRU0HFKDQLVP
$/7( $/7LWXGH(UURU$/WLWXGH7UDQVPLWWLQJ $0 $GGUHVVLQJ0RGH$GGUHVV0RGLILFDWLRQ
(TXLSPHQW &RPSXWHU3URJUDPPLQJ
$/7(/ &RPSDQLHV $VVRFLDWLRQRI/RQJGLVWDQFH $0 $GGUHVV0DUN
7(/HSKRQH&RPSDQLHV 0LFURSURFHVVRUV
$OWHU(XURSHSURMHFW $OWHUQDWLYH7UDIILFLQ7RZQV $0 7KHDLUOLQHFRGHIRU$HURPH[LFR
SURMHFW DP DLUPDLO
$OWHU(XURSHLVIXQGHGE\WKH8.
VHQYLURQPHQW $0 $LU0DWWUHVV
DQGWUDQVSRUWGHSDUWPHQW7KHLQLWLDWLYHZDV $0 $OYHRODU0DFURSKDJH
ODXQFKHGLQ$SULO 7KHDOYHRODUPDFURSKDJHLVDOVRFDOOHGGXVWFHOO
/RZ(PLVVLRQV9HKLFOHV EHFDXVHLWDEVRUEVIRUHLJQPDWWHU
$/7 NH\ $/7HUQDWH.H\ $QDWRP\
&RPSXWHU7HFKQRORJ\ $PDEEU$PHULFD$PHULFDQ
$/7285 $FFXHLO/RFDO7285LVWLTXH $OVR$
2IWKH12: 3URJUDP $0 $PHULFDQ$FDGHP\RI$QWL$JLQJ0HGLFLQH
(XURSHDQ&RPPXQLW\3URJUDP &KLFDJR86$
$/752&&(17 $OWHUQDWH5HJLRQDO2SHUDWLRQDO +ROGVDQQXDO&RQIHUHQFHVDQGWUDLQVGRFWRUVLQ
&RQWURO&HQWUH $QWLDJLQJ0HGLFLQH
FHQWUHGHFRQWU{OHRSHUDWLRQQHOUpJLRQDOGH $P 7KHFKHPLFDOV\PEROIRU$PHULFLXP
UHFKDQJH $PHULFLXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRP
$/76 $VVRFLD]LRQHSHUOD/RWWDDL7XPRULGHO6HQR LFQXPEHUDQDWRPLFZHLJKWRIDQGDKDOI
,WDO\ OLIHRI\HDUV1DPHGIRU$PHULFD EHFDXVHLW
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRUWKHILJKW ZDVGLVFRYHUHGLQWKH8QLWHG6WDWHVRI$PHULFD
DJDLQVW%UHDVW&DQFHU &KHPLVWU\6\PEROV
$/8 $UDE/DZ\HUV8QLRQ $0 $PLQRSK\OOLQH
$/8 $ULWKPHWLF/RJLF8QLW &+12
$/8LVDGLJLWDOFLUFXLWRUJURXSRIFLUFXLWVZLWKLQ 3KDUPDFRORJ\
WKH&38ZKLFKFDUULHVRXWDVHWRIDULWKPHWLFORJLF DPDEEUDPPHWHU
RSHUDWLRQV$ULWKPHWLF/RJLF8QLWLVDOVRNQRZQ $QLQVWUXPHQWWRPHDVXUHWKHIORZUDWHRIDQHOHF
DV$ULWKPHWLFDO(OHPHQW WULFFXUUHQW
&RPSXWHU7HFKQRORJ\ (QJLQHHULQJ
$/9) $UWLOOHULH/RXUGHVXU9RLH)HUUpH)UDQFH $P DPPRQLXP
DOZ DEEUDOORZDQFH &KHPLVWU\
'HVLJQ(QJLQHHULQJ,QGXVWULDO(QJLQHHULQJ DP DEEUDPRUWLVVHPHQW
DO\ DEEUDOOR\ )UHQFKDEEUHYLDWLRQPHDQLQJUHGHPSWLRQRIVWRFN
)RXQGU\0HWDOOXUJ\ %XVLQHVV(FRQRPLFV)LQDQFH
$/<'ERXQGDU\ $/OHU¡G<RXQJHU'U\DVERXQG $P $PSHUHSHUPHWHU
DU\ 7KH6WDQGDUG,QWHUQDWLRQDOXQLWRIPDJQHWLFILHOG
'HJODFLDO5HFRUGV*HRORJ\*HRSK\VLFV VWUHQJWKRUPDJQHWL]DWLRQ
4XDWHUQDU\*HRORJ\ 0HWURORJ\
DP DERYHPHQWLRQHG DP DEEUDPSOLWXGH
$1$$1$ $PHULFDQ1XUVHV
$VVRFLDWLRQ $1$6,1 $VVRFLD]LRQH1D]LRQDOH$]LHQGH6HUYL]L
$1$ $QWLQXFOHDU$QWLERGLHV GL,QIRUPDWLFDH7HOHPDWLFD
3DWKRORJ\ DQDW DEEUDQDWRPLFDODQDWRP\
$1$ $VVRFLDWLRQRI1DWLRQDO$GYHUWLVHUV86$ $1% $VVRFLD]LRQH1D]LRQDOH%HUVDJOLHUL
$1$ $VVRFLD]LRQH1D]LRQDOH$OSLQL ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO%HUVDJOLHUL
,WDOLDQDFURQ\PRIWKH1DWLRQDO0RXQWDLQ7URRSV $VVRFLDWLRQ7KH%HUVDJOLHULDUHVROGLHUVRIWKH
&RUSV9HWHUDQV
$VVRFLDWLRQ OLJKWLQIDQWU\RIWKH,WDOLDQ$UP\
DQD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $1%' $VVRFLDWLRQRI1DWLRQDO%RQG'HDOHUV
XVLQJWKH$UDELFZRUGDQDZKLFKPHDQV,PH 86$
$1$$2 $VVRFLD]LRQH1D]LRQDOH$LXWLH$VVLVWHQWL 7KH$1%'ZDVIRXQGHGLQ
2VSHGDOLHUL $1& $FLG1HXWUDOL]LQJ&DSDFLW\
,WDOLDQ$VVRFLDWLRQ $FLG5DLQ(FRV\VWHP6WXGLHV/LPQRORJ\
$1$& $VVRFLD]LRQH1D]LRQDOH$XWRVHUYL]LLQ $1& $IULFDQ1DWLRQDO&RQJUHVV
&RQFHVVLRQH $1& 7KHDLUSRUWFRGHIRU$QFKRUDJH$ODVND
,WDOLDQ$VVRFLDWLRQ $QF DEEUDQFLHQ
$QDFW $JHQFHQDWLRQDOHSRXUO
DPpOLRUDWLRQGHV )UHQFKDEEUHYLDWLRQPHDQLQJROGIRUPHU
FRQGLWLRQVGHWUDYDLO)UDQFH DQF DEEUDQFLHQW
)UHQFKDFURQ\PRIWKH1DWLRQDO$JHQF\IRU $1& $UP\1DY\&LYLO$HURQDXWLFV&RPPLWWHH
,PSURYHPHQWRI:RUNLQJ&RQGLWLRQV $1& $UP\1XUVH&RUSV
$1$(($QDHH $VVRFLD]LRQH1$]LRQDOH $1&$ $OOLHG1DYDO&RPPXQLFDWLRQV$JHQF\
GHOO
(GLWRULD(OHWWURQLFD,WDO\ >REVROHWH@
,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO$VVRFLDWLRQRI %XUHDXDOOLpGHVWUDQVPLVVLRQVQDYDOHV>REVROqWH@
(OHFWURQLF3XEOLVKLQJ $1&$ $VVRFLD]LRQH1D]LRQDOH&RRSHUDWLYH
$1$) $UP\1DY\$LU)RUFH $JULFROH,WDO\
$1$* $VVRFLD]LRQH1D]LRQDOH$UPDGHO*HQLR DQFD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
,WDO\ XVLQJWKH,WDOLDQZRUGDQFDZKLFKPHDQVEXW
,WDOLDQDFURQ\PRIWKH1DWLRQDO3LRQHHU&RUSV WRFN$QDWRP\0LQLQJ(QJLQHHULQJKLS
9HWHUDQV
$VVRFLDWLRQ $QDWRP\$UFKLWHFWXUHLOLXP$QDWRP\
0LOLWDU\ $1&$'$QFDG $VVRFLD]LRQH1D]LRQDOH
$1$,3 $VVRFLD]LRQH1D]LRQDOH$PPLQLVWUDWRUL &RPPHUFLDQWL$UWLFROL'HQWDUL
,PPRELOLDUL3URIHVVLRQLVWL ,WDOLDQ$VVRFLDWLRQ
,WDOLDQ$VVRFLDWLRQ $1&& $VVRFLD]LRQH1D]LRQDOHGHOOH&RRSHUDWLYHGL
$1$/DQDO DEEU$QDOJHVLF &RQVXPR
$QDQDOJHVLFLVDVXEVWDQFHRUPHGLFDWLRQWKDW ,WDOLDQ$VVRFLDWLRQ
UHOLHYHVSDLQ $1&( $JHQFH1DWLRQDOHSRXUOD&UpDWLRQ
3KDUPDFRORJ\ G
(QWUHSULVHV
DQDO DEEUDQDORJLHDQDORJLTXH )UHQFK$JHQF\
)UHQFKDEEUHYLDWLRQPHDQLQJDQDORJ\DQDORJLF $1&( $VVRFLD]LRQH1D]LRQDOH&RVWUXWWRUL(GLOL
DQDORJLFDO ,WDOLDQ$VVRFLDWLRQ
DQDO DEEUDQDORJ\ $QFH$1&( $VVRFLD]LRQH1D]LRQDOHGHO
$QWKURSRORJ\(YROXWLRQ &RPPHUFLRFRQO
(VWHUR
DQDO DEEUDQDO\VLV ,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI
$QDO\WLFDO&KHPLVWU\0DWKHPDWLFV0HWHRURORJ\ )RUHLJQ7UDGH$1&(LVORFDWHGLQ0LODQ,WDO\
DQDO DEEUDQDO\VW DQDQFKDUDFWHUV DOSKDQXPHULFFKDUDFWHUV
DQDODEEUDQDO\WLTXH DQFKDUDFWHUVDOVRNQRZQDVDOSKDPHULFFKDUDF
)UHQFKDEEUHYLDWLRQPHDQLQJDQDO\WLFDO WHUVDUHDOSKDEHWLFRUQXPHULFFKDUDFWHUVVXFKDV
$1$4 DXWRULWpQDWLRQDOHSRXUO·DVVXUDQFHGHOD OHWWHUVRUQXPHUDOVDVZHOODVSXQFWXDWLRQPDUNV
TXDOLWp DQGV\PEROVXVHGE\DFRPSXWHU
QDWLRQDOTXDOLW\DVVXUDQFHDXWKRULW\14$$ DQFK DEEUDQFKRUHG
$1$6 $]LHQGD1D]LRQDOH$XWRQRPDGHOOH6WUDGH $1&, $VVRFLD]LRQH1D]LRQDOH&RPXQL,WDOLDQL
,WDO\ ,WDOLDQ$VVRFLDWLRQ
,WDOLDQDFURQ\PRIWKH1DWLRQDO5RDG%RDUG $1&0$ $VVRFLD]LRQH1D]LRQDOH&LFOR0RWRFLFOR
H$FFHVVRUL
$13( $JHQFH1DWLRQDOH3RXUO
(PSORL $168/) $VVRFLDWLRQ1DWLRQDOHGHV6FLHQWLILTXHV
)UHQFKDFURQ\PRIWKH1DWLRQDO(PSOR\PHQW SRXUO
8VDJHGHOD/DQJXH)UDQoDLVH
$JHQF\ )UHQFK$VVRFLDWLRQ
$13) $VVRFLDWLRQ1DWLRQDOHSRXUOH)DLWHVOHYRXV $16:(5 $XWRPDWHG1HWZRUN6FKHGXOH:LWK
PrPH)UDQFH (YDOXDWLRQRI5HVRXUFHV
)UHQFKLQLWLDOLVPRIWKH'R,W<RXUVHOI1DWLRQDO $17 $GHQLQH1XFOHRWLGH7UDQVORFDWRU
$VVRFLDWLRQ $17$QW DEEU$QWDUFWLFDQWDUFWLF
$13, $VVRFLD]LRQH1D]LRQDOH3DUWLJLDQLG
,WDOLD *HRJUDSK\
,WDO\ $17DQW DEEU$QWHQQD
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI (OHFWURPDJQHWLVP 7KHDQWHQQDLVDGHYLFHWKDW
,WDOLDQ3DUWLVDQV UDGLDWHVRUUHFHLYHVUDGLRZDYHV
$133,$ $VVRFLD]LRQH1D]LRQDOH3HUVHJXLWDWL ,QYHUWHEUDWH=RRORJ\ 7KHDQWHQQDVDUHPRYDEOH
3ROLWLFL,WDOLDQL$QWLIDVFLVWL VHQVRU\UHFHSWRUVRQWKHKHDGVRIPDQ\LQVHFWVDQG
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI FUXVWDFHDQV
,WDOLDQ$QWLIDVFLVWSROLWLFDO9LFWLPV $17 $QWHQQD1RLVH7HPSHUDWXUH
$132 _1DSKWK\OSKHQ\OR[D]ROH $QW $QWKUDQLOLF$FLG
$133 $QQXDO1HW3ULPDU\3URGXFWLYLW\ 7KH$QWKUDQLOLFDFLGLVXVHGPDLQO\LQWKHPDQX
$15$9$ $GYDQFHG1RLVH5HGXFWLRQXVLQJ$FWLYH IDFWXUHRIG\HVDQGSKDUPDFHXWLFDOV$QWKUDQLOLF
9LEUDWLRQ$FWXDWRUV DFLGLVDOVRNQRZQDV2$PLQREHQ]RLFDFLG
(XURSHDQ&RPPXQLW\3URMHFW 2UJDQLF&KHPLVWU\
$15( $JHQF\RI1DWXUDO5HVRXUFHVDQG(QHUJ\ $QW $VVRFLD]LRQHQD]LRQDOHWXPRUL,WDO\
-DSDQ $17$$17$ $VVRFLD]LRQH1D]LRQDOH
-DSDQHVH$JHQF\ 7HUPRWHFQLFLHG$HURWHFQLFL
$156 1DWLRQDO$JHQF\IRU$,'65HVHDUFK ,WDOLDQ$VVRFLDWLRQ
)UHQFK$JHQF\ $17& $GYDQFHG1HWZRUNLQJ7HVW&HQWHU
$157 $VVRFLDWLRQ1DWLRQDOHGHOD5HFKHUFKH DQWKRO DEEUDQWKRORJ\
7HFKQLTXH)UDQFH $QDQWKRORJ\LVDERRNRUDFROOHFWLRQRIVHOHFWHG
)UHQFKLQLWLDOLVPRIWKH1DWLRQDO$VVRFLDWLRQIRU ZULWLQJVE\RQHDXWKRURUE\YDULRXVDXWKRUV
7HFKQLFDO5HVHDUFK $17, $VVRFLD]LRQH1D]LRQDOHGHL7ULEXWDULVWL
$16 $FDGHP\RI1DWXUDO6FLHQFHV86$ ,WDOLDQL,WDO\
$16 $GYDQFHG1HXWURQ6RXUFH ,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI
1HXWURQ6FLHQFH 7D[&RQVXOWDQWV$GYLVRUV
$16$16 $PHULFDQ1XFOHDU6RFLHW\ $178 _1DSKWK\OWKLRXUHD
DQV DEEUDQVZHU $178LVXVHGDVDURGHQWLFLGH
$16 $TXDWLF1XLVDQFH6SHFLHV 2UJDQLF&KHPLVWU\
$16 $VWURQRPLFDO1HWKHUODQGV6DWHOOLWH7KH $18 $XVWUDOLDQ1DWLRQDO8QLYHUVLW\
1HWKHUODQGV $19$5 $JHQFH1DWLRQDOHSRXUOD9$ORULVDWLRQGH
$16 $XWRQRPLF1HUYRXV6\VWHP OD5HFKHUFKH)UDQFH
7KHDXWRQRPLFQHUYRXVV\VWHPFRQWUROVLQYROXQ )UHQFKDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQIRU
WDU\DFWLRQV ([SORLWDWLRQRI5HVHDUFK
3K\VLRORJ\ $19* $VVRFLD]LRQH1D]LRQDOH9RORQWDULGL
$16$ $JHQ]LD1D]LRQDOH6WDPSD$VVRFLDWD *XHUUD,WDO\
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWHG3UHVV ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO:DU9ROXQWHHUV
$JHQF\ $VVRFLDWLRQ
DQVD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 0LOLWDU\
XVLQJWKH,WDOLDQZRUGDQVDZKLFKPHDQVKDQ $1:5 $UFWLF1DWLRQDO:LOGOLIH5HIXJH
GOHKRRSDVZHOODVDQVD$QDWRP\LQ(QJOLVK $1=$&$Q]DF $XVWUDOLDQDQG1HZ=HDODQG$UP\
$16, $PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWH &RUSV
$16,LVORFDWHGLQ1HZ<RUN86$ $2 $FFRXQW2I
866WDQGDUGV,VVXLQJ,QVWLWXWHV $2 $QJROD
$16,0 DEEU$1DORJ6,0XODWLRQ $2 $SSHOG·2IIUHV
&RPSXWHU3URJUDPPLQJ )UHQFKLQLWLDOLVPPHDQLQJ&DOO)RU%LGV
$2 $UFWLF2VFLOODWLRQ
DS DXWKRU
VSURRI $3$5 $EVRUEHG3KRWRV\QWKHWLFDOO\$FWLYHVRODU
$3 $XWRPDWLF3DJLQDWLRQ 5DGLDWLRQ
7KHDXWRPDWLFSDJLQDWLRQDXWRPDWLFDOO\LQGLFDWHV %LRORJLFDO6FLHQFHV0DULQHDQG&RDVWDO
VXFFHVVLYHSDJHQXPEHUVRQDGRFXPHQW 6FLHQFHV3KRWRV\QWKHVLV
&RPSXWHU3URJUDPPLQJ $3$6 $GDSWDEOH3URJUDPPDEOH$VVHPEO\6\VWHP
$3 $XWRPDWLF3LVWRO 7KH$3$6LVDURERWLFV\VWHPWRDXWRPDWLFDOO\
2UGQDQFH DVVHPEOHDQGPDQXIDFWXUHSDUWV
$3 $XWRPDWLF3URJUDPPLQJ $3$6 1HZV $VVRFLDWLRQRI3HUVRQDO$VVLVWDQW
&RPSXWHU3URJUDPPLQJ 6HFUHWDULHV1HZV
$3$ $GYDQFH3ULFLQJ$JUHHPHQWV $ SXEOLFDWLRQRIWKH$3$6*%
$3$ DLUSDWURODUHD 3XEOLFDWLRQV
]RQHGHSDWURXLOOHDpULHQQH $3$7& $OOLHG3XEOLFDWLRQ$LU7UDIILF&RQWURO
$3$ $OH[DQGULD3RUW$XWKRULW\ SXEOLFDWLRQLQWHUDOOLpHVXUOHFRQWU{OHGHODFLUFXOD
$3$ $ONDOLQH3KRVSKDWDVH$FWLYLW\ WLRQDpULHQQH
$3$$3$ $PHULFDQ3KDUPDFHXWLFDO$VVRFLDWLRQ $3% $FFRXQWLQJ3ULQFLSOHV%RDUG*%
$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ$PHULFDQ $3% $OO3RLQWV%XOOHWLQ
3V\FKRORJLFDO$VVRFLDWLRQ86$ $3% $QWLSKDVH%RXQGDU\
$3$ $PHULFDQ3URWHFWLYH$VVRFLDWLRQ$PHULFDQ $3%LVDOVRNQRZQDV$QWLSKDVH'RPDLQ
3URWHVWDQW$VVRFLDWLRQ86$ 0DWHULDOV6FLHQFH
$SD $UWLJLDQDWRSLFFROHD]LHQGH,WDO\ $3% $UWHULDO3UHPDWXUH%HDW
$3$ $VVRFLDWHLQ3XEOLF$GPLQLVWUDWLRQ $3%$ $PHULFDQ3RZHU%RDW$VVRFLDWLRQ86$
$3$ $VVRFLDWLRQRI3XEOLF$QDO\VWV*% $3& $GHQRPDWRXV3RO\SRVLV&ROL
$3$ $VVRFLD]LRQH3URYLQFLDOH$UWLJLDQL 6LJQDO7UDQVGXFWLRQ7XPRU6XSSUHVVRUV
,WDOLDQ$VVRFLDWLRQ $3& $PPRQLXP3HUFKORUDWH
$3$$3VWDLQLQJ $ONDOLQH3KRVSKDWDVH$QWL )RUIXUWKHUGHWDLOVVHHXQGHU$3
$ONDOLQH3KRVSKDWDVHVWDLQLQJ $3& $QDSKDVH3URPRWLQJ&RPSOH[
'HUPDWRORJ\0HODQRPD6NLQ&DQFHU %LRFKHPLVWU\%LRORJ\&HOO%LRORJ\&HOO&\FOH
$3$& $&&63ROLF\DQG$GYLVRU\&RPPLWWHH>KDV 0HGLFLQH0ROHFXODUDQG+XPDQ*HQHWLFV
PHUJHGZLWK$,$&WREHFRPH$$&@ 0ROHFXODU3DWKRORJ\
&RPLWpFRQVXOWDWLIVXUODSROLWLTXHHWODSODQLILFD $3& $QWHQQD3DWWHUQ&RUUHFWLRQ
WLRQGHO·$&&6>DIXVLRQQpDYHFO·$,$&SRXU $3& $QWLJHQ3UHVHQWLQJ&HOO
GHYHQLUO·$$&@ ,PPXQRORJ\
$3$& $VVRFLDWLRQ$VVXUDQFH3HLQWXUH$QWL DSF DSURQWDFDVVD
&RUURVLRQ%HOJLXP ,WDOLDQLQLWLDOLVPPHDQLQJFDVKGRZQUHDG\FDVK
%HOJLDQ$VVRFLDWLRQV $3& $UPRUHG3HUVRQQHO&DUULHU
$3$&+( $FFHOHUDWRUIRU3K\VLFV$QG&KHPLVWU\ 2UGQDQFH
RI+HDY\0HWDOV $3& $URPDWLF3RO\PHU&RPSRVLWHV
$3$&+( $FWLYHWKHUPDO3URWHFWLRQIRU$YLRQLFV $3& $VSLULQ3KHQDFHWLQDQG&DIIHLQH
&UHZDQG+HDWVHQVLWLYH(TXLSPHQW $3& $XWRPDWLF3KDVH&RQWURO
86$LU)RUFH (OHFWURQLFV
$3$&6 $VVRFLDWLRQIRU3D\PHQW&OHDULQJ6HUYLFHV $3& $YHUDJH3URSHQVLW\WR&RQVXPH
*% $3&$& $VLD3DFLILF&RXQFLORI$PHULFDQ
$SDI $VVRFLD]LRQHSHUODSURPR]LRQHGHOO·DOWD &KDPEHUVRI&RPPHUFH-DSDQ
IHGHOWj,WDO\ $3&$&ZDVIRUPHGLQ
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRUWKHSURPR DS&$0V $SO\VLD&HOO$GKHVLRQ0ROHFXOHV
WLRQRIKLJKILGHOLW\ $3&& $3&&\FORVRPH
$SDI $SRSWRWLFSURWHDVHDFWLYDWLQJIDFWRU )RUIXUWKHUGHWDLOVVHHXQGHU$3&
$SRSWRVLV0HGLFLQH $3&&, $VVHPEOpH3HUPDQHQWHGHV&KDPEUHVGH
$3$* $WODQWLF3ROLF\$GYLVRU\*URXS &RPPHUFHHWG
,QGXVWULH
*URXSHFRQVXOWDWLIGHODSROLWLTXHDWODQWLTXH $3&( $JHQFH3RXUOD&UpDWLRQG
(QWUHSULVHV
$3$0 $QWLSHUVRQQHO$QWLPDWHULDO $3&2 $SFR $VVRFLD]LRQH3URIHVVLRQDOHGHL
$3$3 $FHW\OSDPLQRSKHQRO &RQVXOHQWLGL'LUH]LRQHHG2UJDQL]]D]LRQH
$]LHQGDOH,WDO\
,QIRUPDWLRQIURP$3;6ZDVFROOHFWHGE\0DUV DDQWLUDGDU
3DWKILQGHUZKLFKODQGHGRQWKHVXUIDFHRI0DUVRQ EDQWLUD\RQQHPHQW
WK -XO\ $UJHQWLQD
&KHPLVWU\*HRORJ\*HRSK\VLFV3ODQHWDU\ $UJHQWLQH
([SORUDWLRQ6FLHQWLILF,QVWUXPHQWV $UPRXU
$4 $FFRPSOLVKPHQW4XRWLHQW $UPHEOLQGpH
)RUIXUWKHUGHWDLOVVHHXQGHU$4 $FKLHYHPHQW $5 $OOHUJLF5KLQLWLV
4XRWLHQW 7KHDOOHUJLFUKLQLWLVDOVRNQRZQDVKD\IHYHULV
$4 $FKLHYHPHQW4XRWLHQW WKHLQIODPPDWLRQRIWKHQDVDOPHPEUDQHVFDXVHG
7KHDFKLHYHPHQWTXRWLHQWLVDFWXDOO\WKHDFKLHYH E\FHUWDLQSODQWSROOHQVE\KRXVHKROGGXVWDQGWKH
PHQWDJHGLYLGHGE\WKHFKURQRORJLFDODJH OLNH
3V\FKRORJ\ 0HGLFLQH
DT DEEUDTXHRXV $5 $OOHU5HWRXUELOOHWG
&KHPLVWU\*HRORJ\6FLHQFH )UHQFKLQLWLDOLVPPHDQLQJUHWXUQWLFNHW
$4 DVVXUDQFHGHODTXDOLWp $5 $OO5DLO$OO5LVNV
TXDOLW\DVVXUDQFH4$ $5 $OWH]]D5HDOH
$4 /
$TXLOD,WDO\ ,WDOLDQLQLWLDOLVPPHDQLQJ5R\DO+LJKQHVV
$4$0 $LU4XDOLW\$VVHVVPHQW0RGHO $5DU $PHULFDQ5HJLVWHU
$4$3 $OOLHG4XDOLW\$VVXUDQFH3XEOLFDWLRQ DU DQDO\WLFDOUHDJHQW
SXEOLFDWLRQLQWHUDOOLpHVXUO·DVVXUDQFHGHODTXDOLWp $5 $QGURJHQ5HFHSWRU
$4& $XWRPDWLF4XHQFK&RPSHQVDWLRQ $5 $QQXDO5HSRUW$QQXDO5HWXUQ
$4,53 $XWRRLODLU4XDOLW\,PSURYHPHQW5HVHDUFK $U $UDELF
3URJUDP86$ $OVR$5$$UDE
&KHPLFDO(QJLQHHULQJ(QYLURQPHQWDO /DQJXDJHV
(QJLQHHULQJ6FLHQFH $5 $UH]]R,WDO\
$4/ $FFHSWDEOH4XDOLW\/HYHO $U WKHFKHPLFDOV\PEROIRU$UJRQ
,QGXVWULDO(QJLQHHULQJ $UJRQLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF
$TO $TXLOD QXPEHUDQDWRPLFZHLJKWRIDQGDERLO
7KH(DJOHLVDFRQVWHOODWLRQO\LQJVRXWKRI&\JQXV LQJSRLQWRI$&7KHZRUGDUJRQGHULYHV
DQG/\UD IURPWKH*UHHNWHUPLGOH
$VWURQRP\ &KHPLVWU\
$43) $VVRFLDWLRQ4XpEHFRLVHGHV3URIHVVHXUVGH $5 $UNDQVDV86$
)UDQoDLV&DQDGD $5 $ULWKPHWLF5HJLVWHU
)UHQFKLQLWLDOLVPRIWKH4XHEHF$VVRFLDWLRQRI &RPSXWHU7HFKQRORJ\
3URIHVVRUVRI)UHQFK $5 $UP\5HJXODWLRQ
$TU $TXDULXV DU DEEUDUULYDODUULYH
$TXDULXVLVDFRQVWHOODWLRQORFDWHGEHWZHHQ3LVFHV $U DU\O
DQG&DSULFRUQXV 2UJDQLF&KHPLVWU\
$VWURQRP\ $5 $VSHFW5DWLR
$5 $FFRXQW5HFHLYDEOH DU DVUHTXLUHG
$5 $FFRXQWV5HJLVWHU $5 $XWRPDWLF5HJXODWRU
'DWD3URFHVVLQJ )RUIXUWKHUGHWDLOVVHHXQGHU$& $XWRPDWLF
$5 $FNQRZOHGJHPHQWRI5HFHLSW &RQWUROOHU
$5 $FWLYH5HVLVWDQFH $5 $XWRPDWLF5RXWLQH
2FFXSDWLRQDO7KHUDS\ 7KHDXWRPDWLFURXWLQHDXWRPDWLFDOO\SHUIRUPVLI
$5DU $GYLFHRI5HFHLSW FHUWDLQFRQGLWLRQVRFFXULQDSURJUDPRUUHFRUG
$5$GYLVRU\5HSRUW &RPSXWHU3URJUDPPLQJ
$5 DLUUHFRQQDLVVDQFH `$5 `$GUHQHUJLF5HFHSWRU
UHFRQQDLVVDQFHDpULHQQH (QGRFULQRORJ\0ROHFXODUDQG&HOOXODU
DLUURXWH 3K\VLRORJ\0HGLFLQH7K\URLG
URXWHDpULHQQH $5$ $EEUHYLDWHG5HJLVWHU$GGUHVV
DDQWLUDGDU $5$ $FHW\OHQH5HGXFWLRQ$VVD\
EDQWLUDGLDWLRQ %RWDQ\
&RPPHUFH(FRQRPLFV)LQDQFH $6LVDPLOGYHUVLRQRIDXWLVP
$6 $JJUHJDWH6XSSO\ $6 $VVHUWHG6HFXULWLHV
(FRQRPLFV $6 $VVHVVDEOH6WRFN
$6 $LUVFRRS$LU6FRRS %XVLQHVV)LQDQFH
$6LVXVHGIRUFRPEXVWLRQRUYHQWLODWLRQ $6 $VVLVWDQW6HFUHWDU\
0HFKDQLFDO'HYLFHV $6 $VVXUDQFHV6RFLDOHV
$6 $LUVSHHG )UHQFKLQLWLDOLVPPHDQLQJ1DWLRQDO,QVXUDQFH
$YLDWLRQ $V DEEUDVWLJPDWLVP
$6 $LUWR6XUIDFH (OHFWURQLFV2SWLFV3K\VLRORJ\
0LVVLOHV $6DV $W6LJKW
$6 7KHDLUOLQHFRGHIRU$ODVND$LUOLQHV %XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH
$6 $OLPHQWDU\6\VWHP $6 $XGLRJHQLF6HL]XUH
0HGLFLQH $6LVDW\SHRIUHIOH[HSLOHSV\
DV DEEUDORQJVLGH 0HGLFLQH1HXURORJ\
$6 $OWH]]D6HUHQLVVLPD $6 $XVWUDOLDQ6WDQGDUG
,WDOLDQDFURQ\PPHDQLQJ0RVW6HUHQH+LJKQHVV 7HFKQRORJ\
$V $OWRVWUDWXVFORXG $6 $XWRPDWLF6SULQNOHU
0HWHRURORJ\ $6 $X[LOLDU\6WRUDJH
$6 $PPRQLXP6XOIDWH )RUIXUWKHUGHWDLOVVHHXQGHU$0 $X[LOLDU\
1+62 $6LVXVHGPDLQO\DVDIRRGDGGLWLYH 0HPRU\
LQIHUPHQWDWLRQSURFHVVHVDQGLQZDWHUWUHDWPHQW DV DX[VRLQVGH
,QRUJDQLF&KHPLVWU\ )UHQFKLQLWLDOLVPPHDQLQJFDUHRIFR
$6 $QJOR6D[RQ $6$ $FFHVVLEOH6XUIDFH$UHD
$6 $QWKUDQLODWH6\QWKDVH $6$ $FHW\OVDOLF\OLF$FLG
$6LVDVWURPDOHQ]\PH &+&22&+&22+7KHWUDGHQDPHRIDFHW\O
$6 $QWLVXEPDULQH VDOLF\OLFDFLGLVDVSLULQ,WKDVZLGHVSUHDGPHGLFL
$OVR$6 QDOXVHDVDQDQWLS\UHWLF
2UGQDQFH 2UJDQLF&KHPLVWU\
$6 $Q[LHW\6FRUH$Q[LHW\6WDWH $6$$6$ $FRXVWLFDO6RFLHW\RI$PHULFD
3V\FKRORJ\ $PHULFDQ6RFLHW\RI$QHVWKHVLRORJLVWV$PHULFDQ
$6 $RUWLF6WHQRVLV 6XUJLFDO$VVRFLDWLRQ86$
0HGLFLQH $6$ DGPLVVLRQDXVHUYLFHDFWLI>)5@
$6DV $SSOLFDWLRQ6\VWHP LQLWLDORSHUDWLRQDOFDSDELOLW\,2&
$6 $UFXDWHG6XOFXV DUWLOOHULHVRODLU
$6 $ULWKPHWLF6FDQ JURXQGWRDLUDUWLOOHU\
&RPSXWHU3URJUDPPLQJ DVVRFLDWLRQGHV\VWqPHG·DUPH
$6 $ULWKPHWLF6KLIW ZHDSRQV\VWHPSDUWQHUVKLS:63
$ULWKPHWLFVKLIWDFWXDOO\UHIHUVWRWKHVKLIWRIWKH $6$ $PDWHXU6ZLPPLQJ$VVRFLDWLRQ*%
GLJLWVRIDQXPEHU $6$ $PHULFDQ6RFLHW\RI$SSUDLVHUV$PHULFDQ
$V 7KHFKHPLFDOV\PEROIRU$UVHQLF 6WDQGDUGV$VVRFLDWLRQ86$
$UVHQLFLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF $6$ $PHULFDQ6WDWLVWLFDO$VVRFLDWLRQ86$
QXPEHUDQDWRPLFZHLJKWRIDQGD $6$ $UHD6WUDWHJLFDGL$IIDUL
ERLOLQJSRLQWRI$& ,WDOLDQDFURQ\PPHDQLQJ6WUDWHJLF%XVLQHVV$UHD
7KHZRUGDUVHQLFGHULYHVIURPWKH*UHHNWHUP $6$ $VVRFLDWLRQRI6RXWKHDVW$VLD
PDQO\VWURQJ $6$ $VWURQRPLFDO6RFLHW\RIWKH$WODQWLF86$
&KHPLVWU\ $6$ $WRPLF6SKHUH$SSUR[LPDWLRQ
$6 $UWHULRVFOHURVLV $6$ $VVRFLD]LRQH6ROLGDULHWj$,'6,WDO\
$UWHULRVFOHURVLVLVDGLVHDVHRIWKHDUWHULHVFKDUDF $6$ $XVLOLDULR6RFLR$VVLVWHQ]LDOH
WHUL]HGE\WKLFNHQLQJDQGORVVRIHODVWLFLW\RIDUWHU $6$$' DGYDQFHGVKLSERUQHDUHDDLUGHIHQFH
LDOZDOOV GpIHQVHDpULHQQHGH]RQHDYDQFpHHPEDUTXpH
0HGLFLQH $6$% $VVRFLDWLRQIRUWKH6WXG\RI$QLPDO
$V DEEU$VLDQ$VLDWLF %HKDYLRU
$6 $VSHUJHU6\QGURPH $6$'+$$VDGKD $VVRFLDWLRQ6\QGLFDOH$XWRULVpH
SRXUO
$PpQDJHPHQWHWOH'pYHORSSHPHQWGHV $6& $&&66RIWZDUH&RPPLWWHH
,UULJDWLRQVGHV+DXWHV$OSHV)UDQFH &RPLWpGXORJLFLHOGHO·$&&6
$6$( $PHULFDQ6RFLHW\RI$JULFXOWXUDO(QJLQHHUV DLUVSDFHFRQWURO
86$ FRQWU{OHGHO·HVSDFHDpULHQ
$6$* DLUVXUIDFHDFWLRQJURXS DOOVRXUFHFHOO
JURXSHG·DFWLRQ$LUGHVXUIDFH FHOOXOHWRXWHVVRXUFHV
$6$/ $QQXDLUH6RFLpWpG
+LVWRLUHHWG
$UFKHRORJLH DUHDVXSSRUWFRPPDQGHU
GHOD/RUUDLQH)UDQFH FRPPDQGDQWGHVRXWLHQGH]RQH
3XEOLFDWLRQ DXWKRUL]HGVXERUGLQDWHFRPPDQG
DVDO 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ FRPPDQGHPHQWVXERUGRQQpDXWRULVp
XVLQJWKH$UDELFZRUGDVDOZKLFKPHDQVKRQH\ $872',1VZLWFKLQJFHQWUH
)RRG7HFKQRORJ\ FHQWUHGHFRPPXWDWLRQ$872',1
$6$/0 $GYDQFHG6WUDWHJLF$LU/DXQFKHG0LVVLOH $6& $GPLQLVWUDWLYH6XSSRUW&HQWHU86$
$6$1&$ $GYDQFHG6WXG\IRU$FWLYH1RLVH $6& $OWHUHG6WDWHRI&RQVFLRXVQHVV
&RQWUROLQ$LUFUDIW $6& $PHULFDQ6RFLHW\RI&ULPLQRORJ\
1RLVH&RQWUROLQ$LUFUDIW 7KH$6&LVORFDWHGLQ&ROXPEXV2KLR86$
$6$3 $PHULFDQVIRUD6RXQG$,'6+O9 3ROLF\ $6& $QDO\WLFDO6FLHQFHV&HQWHU86$
$6$3 $VVRFLD]LRQH6LQGDFDOHSHUOH$]LHQGH 7KH$6&LVDVWDWHRIWKHDUW5HVHDUFK
3HWUROFKLPLFKHHFROOHJDWHDSDUWHFLSD]LRQHVWDWDOH 2UJDQL]DWLRQVHUYLQJDQDO\WLFDOQHHGVRI
,WDOLDQ$VVRFLDWLRQ 0RQVDQWR·VQHZ/LIH6FLHQFHV&RPSDQ\
$6$3 $V6RRQ$V3RVVLEOH $QDO\WLFDO6FLHQFHV
$6$5 $GYDQFHG6\QWKHWLF$SHUWXUH5DGDU $6& $VVRFLDWLRQIRU6\VWHPDWLFV&ROOHFWLRQV
$6$7 DQWLVDWHOOLWH 7D[RQRP\
DQWLVDWHOOLWH $6& $[LDO6XPPLW&DOGHUD
$6$8 $LU6HDUFK$WWDFN8QLW 7KH$[LDO6XPPLW&DOGHUDLVDVPDOOQDUURZ
$6% $FFRXQWLQJ6WDQGDUGV%RDUG GHSUHVVLRQRIWHQLQFOXGHGLQWKHVXPPLWUHJLRQRI
$6%$6% $PHULFDQ6RFLHW\RI%DFWHULRORJLVWV WKHD[LDOKLJK
86$ (DUWK2EVHUYDWLRQV2FHDQRJUDSK\
$6% $QDO\WLFDO6XSSRUW%UDQFK $6&$ $GYDQFHG6DWHOOLWHIRU&RVPRORJ\DQG
2IWKH861DWLRQDO,QVWLWXWHIRU2FFXSDWLRQDO $VWURSK\VLFV-DSDQ86$
6DIHW\DQG+HDOWK $VWURQRP\$VWURSK\VLFV&RVPRORJ\;UD\
$QDO\WLFDO6HUYLFHV2FFXSDWLRQDO'LVHDVHV 6DWHOOLWHV
:RUNSODFH+D]DUGV $6&$3 $PHULFDQ6RFLHW\RI&RPSRVHUV$XWKRUV
$6% $UP\6FLHQFH%RDUG86$ DQG3XEOLVKHUV86$
DVE DEEUDVEHVWRV $6&% $PHULFDQ6RFLHW\IRU&HOO%LRORJ\86$
0DWHULDOV6FLHQFH0LQHUDORJ\ $6&( $PHULFDQ6RFLHW\RI&LYLO(QJLQHHUV
$6% $XGLWLQJ6WDQGDUGV%RDUG 86$
$6% DJULFXOWXUH SURJUDPPH $OWHUQDWLYHVWR6ODVK DVFH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
DQG%XUQDJULFXOWXUHSURJUDPPH.HQ\D XVLQJWKH,WDOLDQZRUGDVFHZKLFKPHDQVKDWFK
2IWKH,&5$) HV(QJLQHHULQJ*UDSKLF$UWV=RRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU,&5$) $6&(1' $GYDQFHG6\VWHPIRU&RPPXQLFDWLRQV
DVEO DEEUDVVHPEOH DQG(GXFDWLRQLQ1DWLRQDO'HYHORSPHQW
DVEO DEEUDVVHPEOHU $6&(7 $PHULFDQ6RFLHW\RI&HUWLILHG(QJLQHHULQJ
$OVRDVVPDVPEOU 7HFKQLFLDQV86$
)RUIXUWKHUGHWDLOVVHHXQGHUDVPEOU $6&, $FFHOHUDWHG6WUDWHJLF&RPSXWLQJ,QLWLDWLYH
$6%0% $PHULFDQ6RFLHW\IRU%LRFKHPLVWU\DQG 'HIHQVH([SORVLYH7HVWLQJ6WRFNSLOH6WHZDUGVKLS
0ROHFXODU%LRORJ\86$ :HDSRQV'HVLJQ
$6%2 $VVRFLDWLRQRI6FKRRO%XVLQHVV2IILFLDOV $6&, $GYDQFHG6FLHQWLILF&RPSXWLQJ,QLWLDWLYH
,QWHUQDWLRQDO $6&, $GYDQFHG6SHHFK&DOO,WHP
(GXFDWLRQDO:HE6LWH 'LJLWDO0RELOHV
$6& $FDGpPLHGHV6FLHQFHV&RPPHUFLDOHV $6&, $PHULFDQ6RFLHW\IRU&OLQLFDO,QYHVWLJDWLRQ
)UHQFKLQLWLDOLVPRIWKH$FDGHP\RI&RPPHUFLDO 86$
6FLHQFHV)UDQFH
)UHQFKLQLWLDOLVPPHDQLQJ6RFLDODQG+HDOWK XVLQJWKH,WDOLDQZRUGDVVHZKLFKPHDQVERDUG
$FWLRQ D[LVD[OH
$66 $GYDQFHG6SDFH6WDWLRQ $66(',& $VVRFLDWLRQSRXUO
(PSORLGDQV
$66 $IIHFWLYH6HQVLWLYLW\6FDOH G
,QGXVWULHHWOH&RPPHUFH
$66 $LU6DPSOLQJ6\VWHP$LU6XUYHLOODQFH )UHQFK$VVRFLDWLRQ
6\VWHP $66(66 $QDO\WLFDO6WXGLHVRI6XUIDFH(IIHFWVRI
$66 $QWHQQD6XSSRUW6WUXFWXUH 6XEPHUJHG6XEPDULQHV
DVV DEEUDVVHPEO\ $66(665(3 DVVHVVPHQWUHSRUW
&RPSXWHU3URJUDPPLQJ0HFKDQLFDO FRPSWHUHQGXG·pYDOXDWLRQ
(QJLQHHULQJ0LOLWDU\6FLHQFH $66(7 $LU6WRUDJH6\VWHPV(QHUJ\7UDQVIHU
DVVDVVLFXUDWD (QHUJ\7UDQVIHU
,WDOLDQDEEUHYLDWLRQPHDQLQJLQVXUHGPDLO $66(7 $PHULFDQ6RFLHW\RI6FLHQWLILFDQG
DVV DEEUDVVLVWDQW (QJLQHHULQJ7UDQVODWRUV86$
$66 $VVL]H5ROOV*% $66(7 $XWRPDWHG6\VWHPIRU6HTXHQWLDO
$66 $VVRFLDWHLQ6HFUHWDULDO6FLHQFH ([WUDFWLRQDQG7DEXODWLRQ
$66$66 $VVRFLDWHLQ6HFUHWDULDO6WXGLHV $66,&&$VVLFF $VVRFLD]LRQH,WDOLDQDGHO
DVV DEEUDVVRFLDWLRQ &RPPHUFLR&KLPLFR
)RUIXUWKHUGHWDLOVVHHXQGHUDVVQ $66,&&LVORFDWHGLQ0LODQ,WDO\
$66 $VVRFLD]LRQH6ROLGDULHWjSHUOR6YLOXSSR $66,&5(',72 $VVRFLD]LRQH6LQGDFDOHIUDOH
,WDOLDQLQLWLDOLVPRIWKH6ROLGDULW\IRU $]LHQGHGL&UHGLWR,WDO\
'HYHORSPHQW$VVRFLDWLRQ ,WDOLDQDEEUHYLDWLRQRIWKH,WDOLDQ%DQNHUV
7UDGH
DVVDEEUDVVRUWHG 8QLRQ
$OVRDVVWG $66,'(5 $6VRFLD]LRQHLQGXVWULH6,'(5XUJLFKH
$66 DYLDWLRQVXSSRUWVKLS ,WDOLDQH,WDO\
EkWLPHQWGHVRXWLHQGHO·DpURQDYDOH $VVLQIRUP DEEU$VVRFLD]LRQH&RVWUXWWRUL
$V6 $UVHQLF'LVXOILGH 0DFFKLQH$WWUH]]DWXUHSHUO
8IILFLRHSHULO
$UVHQLF'LVXOILGHLVXVHGPDLQO\LQILUHZRUNVDQG 7UDWWDPHQWRGHOOH,QIRUPD]LRQL
LQWKHOHDWKHULQGXVWU\ $VVLQIRUPLVORFDWHGLQ0LODQ,WDO\$ 1DWLRQDO
,QRUJDQLF&KHPLVWU\ $VVRFLDWLRQRIWKHPDLQHQWHUSULVHVRI,QIRUPDWLRQ
$V6$UVHQLF3HQWDVXOILGH &RPPXQLFDWLRQ7HFKQRORJ\RSHUDWLQJLQWKH
$UVHQLF3HQWDVXOILGHLVXVHGDVDSLJPHQW ,WDOLDQPDUNHW
,QRUJDQLF&KHPLVWU\ ,WDOLDQ$VVRFLDWLRQ
$V6 'LPRUSKLWH $VVLQWHO $VVRFLD]LRQH1D]LRQDOH,PSUHVH6HUYL]L
0LQHUDORJ\ ,QIRUPDWLFD7HOHPDWLFD5RERWLFD(LGRPDWLFD
$VVDO]DRDEEU$VVRFLD]LRQH1D]LRQDOHWUDL ,WDO\
3URGXWWRULGL$OLPHQWL=RRWHFQLFL $66,5(0( $VVRFLD]LRQHIUDJOL,VWLWXWL5HJLRQDOL
$VVDO]DRLVORFDWHGLQ5RPH,WDO\ GL0HGLR&UHGLWR,WDO\
$66$66,1 $JULFXOWXUDO6\VWHPIRU6WRUDJH$QG ,WDOLDQDEEUHYLDWLRQRIWKH$VVRFLDWLRQRI
6XEVHTXHQW6HOHFWLRQRI,QIRUPDWLRQ*% 0HGLXP7HUP5HJLRQDO&UHGLW,QVWLWXWLRQV
$66& $ 6DQLWDU\6WDQGDUGV&RPPLWWHHV $66,5(9, $66RFLD]LRQH,WDOLDQD5(9,VRULFRQ
86$ WDELOL,WDO\
$66&2 $66RFLD]LRQHQD]LRQDOH&2QVXOHQWL ,WDOLDQDEEUHYLDWLRQRIWKH,WDOLDQ$VVRFLDWLRQRI
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI $XGLWRUV
&RQVXOWDQWV $66,67 $UP\6\VWHPIRU6WDQGDUGL]HG,QWHOOLJHQFH
$66' $VVRFLDWLRQRI6WRFNDQG6KDUH'HDOHUV 6XSSRUW7HUPLQDOV86$
$66( DLUVHUYLFLQJDQGVWDQGDUGHTXLSPHQW $66,67 $66HVVPHQWRI,QIRUPDWLRQ6\VWHPVDQG
HQWUHWLHQHWpTXLSPHQWVWDQGDUGGHVDpURQHIV 7HFKQRORJLHVLQPHGLFLQH
$66( $PHULFDQ6RFLHW\RI6DIHW\(QJLQHHUV $66,67 $XWRPDWLRQ6HUYLFHV6\VWHP
$PHULFDQ6RFLHW\RI6DQLWDU\(QJLQHHUV86$ ,PSURYHPHQW6ROXWLRQDQG7UDFNLQJ
$66( $XWRPDWLF6\VWHPIRU6FLHQWLILF $66,67 $XWRPDWLF6\VWHPIRU6XUIDFH,QVSHFWLRQ
([SHULPHQWV DQG6RUWLQJRI7LOHV
DVVH 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ (XURSHDQ&RPPXQLW\3URMHFW
$660 DQWLVXUIDFHVKLSPLVVLOH
PLVVLOHDQWLQDYLUH ,WDOLDQDFURQ\PFRLQHGLQDQGVWLOOFXUUHQWO\
DVVP DEEUDVVHPEOHU LQXVH$WWKHWLPHWKH6RFLHWjSHU$]LRQL-RLQW
$OVRDVEODVPEOU 6WRFN&RPSDQLHVZHUHFDOOHG6RFLHWj$QRQLPH
)RUIXUWKHUGHWDLOVVHHXQGHUDVPEOU $VVRUHYL $VVRFLD]LRQHGHOOH6RFLHWjGLUHYLVLRQH
DVVPW DEEUDVVHVVPHQW ,WDO\
DVVQ DEEUDVVRFLDWLRQ ,WDOLDQDEEUHYLDWLRQRIWKH$VVRFLDWLRQRIDXGLWLQJ
&KHPLVWU\$VVRFLDWLRQLQFKHPLVWU\LVWKHFRUUH &RPSDQLHV
ODWLRQFRPELQDWLRQRIIXQFWLRQVVXEVWDQFHV $663 $HURVRO6FDWWHULQJ6SHFWURPHWHU3UREH
3V\FKRORJ\$VVRFLDWLRQLQSV\FKRORJ\LVDFRQ $663 $SSURYHG6SHFLHV6SHFLILF3URWRFRO
QHFWLRQEHWZHHQWZRWKRXJKWVRULPDJHVZKHUHE\ $66 UHDFWRU $XWRPDWLF6WDUWXS6\VWHPUHDFWRU
ZKHQRQHWDNHVSODFHWKHRWKHULVUHFDOOHG $667 $PHULFDQ6RFLHW\IRU6WHHO7UHDWLQJ86$
$662 $PHULFDQ6RFLHW\IRUWKH6WXG\RI $VVWDVVW DEEU$VVLVWDQW
2UWKRGRQWLFV86$ DVVWG DEEUDVVHQWHG
$662 $UFKLYLR6WRULFRSHUOD6LFLOLD2ULHQWDOH DVVWG DEEUDVVRUWHG
3XEOLFDWLRQ $OVRDVV
DVVR 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $668 DLUVXSSRUWVLJQDOXQLW
XVLQJWKH,WDOLDQZRUGDVVRZKLFKPHDQVDFH XQLWpGHWUDQVPLVVLRQVG·DSSXLDpULHQ
VWDUZL]DUG DVV\ DEEUDVVHPEO\
$662%$1&$ $662FLD]LRQH%$1&$ULD,WDOLDQD )RUIXUWKHUGHWDLOVVHHXQGHUDVV
,WDO\ $VV\U DEEU$VV\ULDQ
,WDOLDQDEEUHYLDWLRQRIWKH,WDOLDQ%DQNHU·V $67 $JHQ]LDGHOOD6WDPSD7HFQLFD,WDO\
$VVRFLDWLRQ ,WDOLDQDFURQ\PRIWKH7HFKQLFDO3UHVV$JHQF\
$662%$7 $66RFLD]LRQH2SHUDWRUL%$QFDULLQ $67$ $HULDO6XUYHLOODQFHDQG7DUJHW$FTXLVLWLRQ
7LWROL,WDO\ $67$ $PHULFDQ6DLO7UDLQLQJ$VVRFLDWLRQ
$VVRF DEEU$VVRFLDWLRQ $PHULFDQ6SLFH7UDGH$VVRFLDWLRQ$PHULFDQ
$OVRDVVDVVQ 6XUJLFDO7UDGH$VVRFLDWLRQ86$
$VVRFDPS $VVRFLD]LRQHQD]LRQDOHRSHUDWRULYHLFROL $67& $VVRFLDWLRQRI6FLHQFHDQG7HFKQRORJ\
ULFUHD]LRQDOLHDUWLFROLSHUFDPSHJJLR &HQWHUV86$
,WDOLDQ$VVRFLDWLRQ $67( $HURVSDFH6\VWHPV7HVW(QYLURQPHQW
$662'(/ $662FLD]LRQHQD]LRQDOH'LVWULEX]LRQH $67( $PHULFDQ6RFLHW\RI7HVW(QJLQHHUV
(/HWWURQLFD,WDO\ $PHULFDQ6RFLHW\RI7RROV(QJLQHHUV86$
,WDOLDQDEEUHYLDWLRQRIWKH1DWLRQDO$VVRFLDWLRQ DVWH 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
IRU(OHFWURQLF'LVWULEXWLRQ XVLQJWKH,WDOLDQZRUGDVWHZKLFKPHDQVURGV
$662',5(&7 $662FLD]LRQH$JHQ]LHGL',5(&7 EDUVODQFHVDXFWLRQV
0DUNHWLQJ,WDO\ $67(& $XVWUDOLDQ6FLHQFHDQG7(FKQRORJ\
,WDOLDQDEEUHYLDWLRQRIWKH$VVRFLDWLRQRI'LUHFW &RXQFLO$XVWUDOLD
0DUNHWLQJ$JHQFLHV $67() $VVRFLDWLRQSRXUO
RUJDQLVDWLRQGH6WDJHVGH
$662)$50$ $662FLD]LRQHIUDLQGXVWULHFKLPL 7HFKQLFLHQV(WUDQJHUVGDQVO
LQGXVWULH)UDQoDLVH
FR)$50$FHXWLFKH )UDQFH
$662)21'$VVRIRQG DEEU$662FLD]LRQH )UHQFKDFURQ\PRIWKH$VVRFLDWLRQIRUWKHVHWWLQJ
QD]LRQDOHGHOOH)21'HULH XSRIWUDLQLQJFRXUVHVSHULRGVIRU)RUHLJQ
,WDOLDQDEEUHYLDWLRQRIWKH1DWLRQDO)RXQGULHV 7HFKQLFLDQVLQWKH)UHQFK,QGXVWU\
$VVRFLDWLRQ$VVRIRQGLVORFDWHGLQ7UH]]DQRVXO $67(5 $GYDQFHG6SDFHERUQH7KHUPDO(PLVVLRQ
1DYLJOLR0LODQ,WDO\ DQG5HIOHFWLRQ
$662)7 DEEU$6VRFLD]LRQH,WDOLDQDSHUOD7XWHOD $67(5 $JHQ]LDSHUOR6YLOXSSR7HFQRORJLFR
GHO62)7ZDUH,WDO\ GHOO
(PLOLD5RPDJQD,WDO\
,WDOLDQDEEUHYLDWLRQRIWKH,WDOLDQ$VVRFLDWLRQIRU $67(5IDFLOLW\ $WPRVSKHULF6XUIDFH7XUEXOHQW
6RIWZDUH3URWHFWLRQ ([FKDQJH5HVHDUFKIDFLOLW\
$662/20%$5'$ $VVRFLD]LRQH,QGXVWULDOH $LU6XUIDFH([FKDQJH3URFHVVHV$WPRVSKHULF
/RPEDUGD,WDO\ 5HVHDUFK
,WDOLDQDEEUHYLDWLRQRIWKH$VVRFLDWLRQRIWKH $67(5UDGLRPHWHU LPDJH $GYDQFHG6SDFHERUQH
,QGXVWULDOLVWVRI/RPEDUG\ 7KHUPDO(PLVVLRQDQG5HIOHFWLRQUDGLRPHWHU
$VVRQLPH $VVRFLD]LRQHWUDOHVRFLHWjDQRQLPH LPDJH
$7$$9 $VVRFLDWLRQ7KLRQYLOORLVHG
$LGH$X[ )RUIXUWKHUGHWDLOVVHHXQGHU5*2
9LFWLPHV)UDQFH $7& $XWRPDWLF7UDLQ&RQWURO
)UHQFKLQLWLDOLVPRIWKH7KLRQYLOOH$VVRFLDWLRQIRU 7KHDXWRPDWLFWUDLQFRQWUROLVDUDLOV\VWHPZKHUH
$LGWR9LFWLPV/RFDWHGDW7KLRQYLOOH)UDQFH DOORSHUDWLRQVDUHFRQWUROOHGDXWRPDWLFDOO\
$7$& DLUWDVNLQJDXWKRULW\FRPPDQGHU 7UDQVSRUWDWLRQ(QJLQHHULQJ
FRPPDQGDQWGHO·DXWRULWpG·DWWULEXWLRQGHVPLV $7&$ $GYDQFHG7DQNHU&DUJR$LUFUDIW
VLRQVDpULHQQHV $7&$ $OOLHG7DFWLFDO&RPPXQLFDWLRQV$JHQF\
$7$& $LU7UDQVSRUW$GYLVRU\&RXQFLO*% >REVROHWH@
$7$&06 DUP\WDFWLFDOPLVVLOHV\VWHP %XUHDXDOOLpGHVWpOpFRPPXQLFDWLRQVWDFWLTXHV
V\VWqPHGHPLVVLOHWDFWLTXHGHO·DUPpHGHWHUUH >REVROqWH@
$7$'PRGHO $WPRVSKHULF7UDQVSRUW$QG $7&DUUD\ $XVWUDOLD7HOHVFRSH&RPSDFWDUUD\
'LVSHUVLRQPRGHO 7KH$7&DUUD\LQ1DUUDEUL$XVWUDOLDLVSURYLGHG
$7$) $OOLHGWDFWLFDODLUIRUFH>REVROHWH@ ZLWKDQWHQQDV7RJHWKHUWKH\IRUPDPGLDP
IRUFHDpULHQQHWDFWLTXHDOOLpH)$7$>REVROqWH@ HWHUDQWHQQD
$7$, $VVRFLDWLRQGH7UDQVSRUW$pULHQ,QWHUQDWLRQDO $VWURSK\VLFV*HRSK\VLFV5DGLR$VWURQRP\
$7$/ $OWHUQDWH7UDQVRFHDQLF$ERUW/DQGLQJ 6SDFH6FLHQFH
$7 7 $PHULFDQ7HOHSKRQHDQG7HOHJUDSK $7&& DLUWUDIILFFRQWUROFHQWUH
$7$22 DLUWDFWLFDODUHDRIRSHUDWLRQV FHQWUHGHFRQWU{OHGHODFLUFXODWLRQDpULHQQH
]RQHG·RSpUDWLRQVDpULHQQHWDFWLTXHV &&&$
$7$5 $ERYH7UDQVPLWWHG$V5HFHLYHG $7&& $PHULFDQ7\SH&XOWXUH&ROOHFWLRQ
$7$5 $FTXLVLWLRQ7UDFNLQJ$QG5HFRJQLWLRQ 7KH$7&&LVDJOREDOELRVFLHQFHRUJDQL]DWLRQIRU
$YLDWLRQ LQWHOOHFWXDODQGHFRQRPLFGHYHORSPHQW
$7$5 $GYDQFHG7DFWLFDO$YLRQLFV5DGDU %LRUHVRXUFHV0DPPDOLDQ*HQH&ROOHFWLRQ
$7$5 $LU7R$LUYLVXDO5HFRJQLWLRQ 0ROHFXODU%LRORJ\
$YLDWLRQ $7&&,6 $UP\7DFWLFDO&RPPDQGDQG&RQWURO
$7$9 $VVRFLDWLRQ7HFKQLTXHSRXUO
$PpOLRUDWLRQ ,QIRUPDWLRQ6\VWHP
GHOD9LWLFXOWXUH)UDQFH V\VWqPHWDFWLTXHG·LQIRUPDWLRQGHFRPPDQGHPHQW
)UHQFKDFURQ\PRIWKH7HFKQLFDO$VVRFLDWLRQIRU HWGHFRQWU{OHGHO·DUPpHGHWHUUH
,PSURYHPHQWRI9LWLFXOWXUH $7&) $XWRPRELOHDQG7RXULQJ&OXERI)LQODQG
$7% $FURVV7KH%RDUG $7&3 $QWDUFWLF7UHDW\&RQVXOWDWLYH3DUWLHV
$7% $GYDQFHG7HFKQRORJ\DQG%LRWHFKQRORJ\ $7&5%6 $LU7UDIILF&RQWURO5DGDU%HDFRQ
$7% DGYDQFHGWHFKQRORJ\ERPEHU 6\VWHP
ERPEDUGLHUGHWHFKQRORJLHDYDQFpH 1DYLJDWLRQ
DLUWHFKQLFDOEDWWDOLRQ $7&58 DLUWUDIILFFRQWUROUDGDUXQLW
EDWDLOORQWHFKQLTXHGHVIRUFHVDpULHQQHV VWDWLRQUDGDUGHFRQWU{OHGHODFLUFXODWLRQDpULHQQH
$7%, $OO7D[D%LRGLYHUVLW\,QYHQWRU\ $7&6 $FWLYH7KHUPDO&RQWURO6\VWHP
7KH$7%,LVDVXUYH\RIWKHYDULRXVW\SHVRI $7&6&& $7&6\VWHPV&RPPDQG&HQWHU
RUJDQLVPVLQDOLPLWHGDUHD $7&7 $LU7UDIILF&RQWURO7RZHU
$7%0 $QWLWDFWLFDO%DOOLVWLF0LVVLOH 1DYLJDWLRQ
$7%0' DFWLYHWKHDWUHEDOOLVWLFPLVVLOHGHIHQFH $7&9 DQWLWDQNFRPEDWYHKLFOH
GpIHQVHDFWLYHFRQWUHOHVPLVVLOHVEDOLVWLTXHVGH YpKLFXOHGHFRPEDWDQWLFKDU9&$&
WKpkWUH $7' $FWXDO7LPHRI'HSDUWXUH
$7 EXV $GYDQFHG7HFKQRORJ\EXV $7'& $GYDQFHG7HFKQRORJ\'HYHORSPHQW&HQWHU
$7& $LU7UDIILF&RQWURO 7KH$7'&KDVEHHQHVWDEOLVKHGE\WKH5%6,
1DYLJDWLRQ -DSDQ
$7& $OFRKROLF7UHDWPHQW&HQWHU86$ )RUIXUWKHUGHWDLOVVHHXQGHU5%6,
$7& $OOWHUUDLQ&\FOH $7'& $IWHU7RS'HDG&HQWHU
7KH$7&LVDF\FOHIRURIIURDGXVH 0HFKDQLFDO(QJLQHHULQJ7LPLQJ0DUNV
0HFKDQLFDO'HYLFHV $7'' $WPRVSKHULF7XUEXOHQFHDQG'LIIXVLRQ
$7&$7& $PELWL7HUULWRULDOLGL&DFFLD,WDO\ 'LYLVLRQ
$7& $VVRFLDWLRQRI7UDQVODWLRQ&RPSDQLHV*% $7'V $UULYDO7LPH'LVWULEXWLRQV
$7& $VWURQRP\7HFKQRORJ\&HQWHU*% $7( DXWRPDWLFWHVWHTXLSPHQW
7KH$7&RSHQHGLQ2FWREHU PDWpULHOG·HVVDLDXWRPDWLTXH
(XURSHDQ&RPPXQLW\3URMHFW 7KHDEYROWLVWKHFHQWLPHWHUJUDPVHFRQGHOHFWUR
$86 7KHDLUSRUWFRGHIRU$XVWLQ7H[DV86$ PDJQHWLFXQLWRIHOHFWURPRWLYHIRUFH
$86 $XVWUDOLD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQ (OHFWULFLW\
OHWWHUV $9 $FURVRPDO9HVLFOH
$XV DEEU$XVWULD$XVWULDQ $9 $FWXDO9DOXH
$XV&(57 $XVWUDOLDQ&RPSXWHU(PHUJHQF\ %XVLQHVV)LQDQFH
5HVSRQVH7HDP$XVWUDOLD $9 $QFKRULQJ9LOOXVSODFHQWDO
:HE6LWH $QDWRP\%LRFKHPLVWU\5HSURGXFWLYH0HGLFLQH
$860 $GDSWLYH8VHU6HOHFWLRQ0HFKDQLVP 6WRPDWRORJ\
86$ $9 $RUWLF9DOYH
2IWKH&DOLIRUQLD,QVWLWXWHRI7HFKQRORJ\ 7KHDRUWLFYDOYHUHJXODWHVEORRGIORZIURPWKHOHIW
$XVWUDO DEEU$XVWUDOLD YHQWULFOHLQWRWKHDRUWD
$XVWUDO $XVWUDOLDQ $QDWRP\
/DQJXDJHV $9 $UPRUHG9HKLFOH
$87 $VVRFLDWLRQRI8QLYHUVLW\7HDFKHUV 2UGQDQFH
$X7H &DODYHULWH $9 $UWHULRYHQRXV
&DODYHULWHLVDJROGRUHPLQHUDO $9 $WULRYHQWULFXODU
0LQHUDORJ\ $QDWRP\
DXWK DEEUDXWKHQWLF $9 $XWKRUL]HG9HUVLRQ
DXWK DEEUDXWKRUDXWKRULW\ DY DEEUDYDLODEOH
DXWK DEEUDXWKRUL]DWLRQDXWKRUL]HG $9 $YHOOLQR,WDO\
$870 $VVRFLDWLRQRI8QLYHUVLW\7HFKQRORJ\ DY DEEUDYHQXH
0DQDJHUV,QF86$ $OVR$YH
86$VVRFLDWLRQ DY DEEUDYHUDJH
$872 DEEU$XWRPDWLF $OVRDYHDYJ
$872 DEEU$XWRPRELOH $9 7KHDLUOLQHFRGHIRU$YLDQFD
$872%86 $XWRPDWHG%XGJHW6\VWHP DYDY DYLVWD
DXWREXV 7KHDERYHDFURQ\UQZDVFRLQHGDFFLGHQWDO ,WDOLDQLQLWLDOLVPPHDQLQJRQGHPDQGDWVLJKW
O\XVLQJWKH,WDOLDQZRUGDXWREXVZKLFKPHDQV %DQNLQJ&RPPHUFH)LQDQFH
EXV DY DYRLUGXSRLV
$8720$3 $872PDWLF0$FKLQLQJ3URJUDP $OVR$9'3$92,5
DXWRPWQ DEEUDXWRPDWLRQ DYDXGYLV DEEUDXGLRYLVXDO
7KHWHUPDXWRPDWLRQUHIHUVWRWKHDXWRPDWLFRU 7KHWHUPDXGLRYLVXDOUHIHUVWRDQHGXFDWLRQDQG
UHPRWHFRQWUROOHGRSHUDWLRQRIPDFKLQHVLQRUGHU WUDLQLQJPHWKRGWKDWXVHVYLVXDOLPDJHVDQGDXGL
WRUHSODFHKXPDQODERU EOHVLJQDOV
(QJLQHHULQJ 7HOHFRPPXQLFDWLRQV
$87235207 $872PDWLF352JUDPPLQJRI $9$ $FDGHP\RI9HWHULQDU\$OOHUJ\
0DFKLQH7RROV $9$ $FWLYLW\9HFWRU$QDO\VLV
$87235236 $872PDWLF352JUDPPLQJIRU 3V\FKRORJ\
3RVLWLRQLQJ6\VWHPV $9$ $OORFDWLRQGH9LHLOOHVVH$JULFROH)UDQFH
$87236< $87RPDWLF23HUDWLQJ6<VWHP $9$ $PHULFDQ9HFWXULVW$VVRFLDWLRQ$PHULFDQ
$8726327 $872PDWLF6\VWHPIRU32VLWLRQLQJ 9HQWLODWLRQ$VVRFLDWLRQ$PHULFDQ9LGHR
7RROV $VVRFLDWLRQ$PHULFDQ9RFDWLRQDO$VVRFLDWLRQ
$89V $XWRQRPRXV8QGHUZDWHU9HKLFOHV 86$
$XWRPDWHG'RFNLQJ$XWRQRPRXV2FHDQRJUDSK\ $9$ $QWKUD[9DFFLQH$EVRUEHG
$XWRQRPRXV8QGHUZDWHU9HKLFOHV2FHDQRJUDSKLF %LRGHIHQVH
([SHULPHQWV $9$ $UWHULRYHQRXV$QDVWRPRVLV
$8: $OO8S:HLJKW $QDWRP\
DX[ DEEUDX[LOLDU\ $9$ $VEHVWRV9LFWLPVRI$PHULFD
$X[5(V $X[LQ5HVSRQVH(OHPHQWV $9$ $VVRFLDWHRIWKH9DOXHUV$VVRFLDWLRQ
%LRFKHPLVWU\ $9$ $XWRPDWHG9LVLRQ$VVRFLDWLRQ
D9 DEYROW $9$* $VVRFLD]LRQH9RORQWDUL$VVLVWHQ]DPDODWL
*UDYL
,WDOLDQ$VVRFLDWLRQ )UHQFKDFURQ\PPHDQLQJ$HURDVWKHQLD
$9$0( $VRFLDFLzQGH0XMHUHV(PSUHVDULDVGH 0HGLFLQH
9DOODGROLG6SDLQ $9, $LUERUQH9HKLFOH,GHQWLILFDWLRQ
6SDQLVK$VVRFLDWLRQV $9, $LU9HORFLW\,QGH[
$9$17 $VVRFLDWLRQRI9ROXQWDU\$JHQFLHVRQ $9, $PHULFDQ9HWHUDQVRI,VUDHO
1DUFRWLFV7UHDWPHQW $9, $VVRFLDWLRQ8QLYHUVHOOHG
$YLFXOWXUH
DYDQW 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 6FLHQWLILTXH
XVLQJWKH)UHQFKZRUGDYDQWZKLFKPHDQV )UHQFKDFURQ\PRIWKH:RUOG
V3RXOWU\6FLHQFH
EHIRUHIURQWIRUZDUG $VVRFLDWLRQ
$9$32 $VVRFLD]LRQH9RORQWDUL$VVLVWHQ]D3D]LHQWL DYL 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
2QFRORJLFL XVLQJWKH,WDOLDQZRUGDYLZKLFKPHDQVJUDQGID
,WDOLDQ$VVRFLDWLRQ WKHUVDQFHVWRUV
$9& $XWRPDWLF9ROXPH&RQWURO $9,&$ $GYDQFHG9LGHRHQGRVFRS\,PDJH
(OHFWURQLFV &RPPXQLFDWLRQDQG$QDO\VLV
$9& $YHUDJH9DULDEOH&RVW 0HGLFLQH
D9FP DEYROWSHUFHQWLPHWHU $9,' $GYDQFHG9LVXDO,QIRUPDWLRQ'LVSOD\
$9&2 DEEU$9HUDJH&2VW $9,' $LUERUQH9HKLFOH,'HQWLILFDWLRQ
$9' $OWHUQDWH9RLFH'DWD $YLJROIH $VVRFLDWLRQGHVYLFWLPHVPLOLWDLUHVHW
$9'3 $LGHG9LVXDO'HYHORSPHQW3URJUDP FLYLOHVGHODJXHUUHGX*ROIH
$9'3 $ODVND9LOODJH'HPRQVWUDWLRQ3URMHFW $9,5,6 $LUERUQH9LVLEOHDQG,QIUDUHG,PDJLQJ
2IWKH86(QYLURQPHQWDO3URWHFWLRQ$JHQF\ 6SHFWURPHWHU
$9'3 DYRLUGXSRLV $9,6 $FWLYH9LEUDWLRQ,VRODWLRQ6\VWHP
$OVRDY$92,5 $9,6 $VVRFLD]LRQH9RORQWDUL,WDOLDQLGHO6DQJXH
$9( $HURVSDFH9HKLFOH(OHFWURQLFV ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI9ROXQWDU\
$9H $QWHULRU9HUPLV ,WDOLDQ%ORRG'RQRUV
&OLQLFDO3V\FKRORJ\0HGLFLQH1HXURVFLHQFHRI $9,6 $XGLRYLVXDO,QIRUUQDWLRQ6\VWHP
$XWLVP5DGLRORJ\ DYLV 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
$YH DEEU$YHQXH XVLQJWKH)UHQFKZRUGDYLVZKLFKPHDQVQRWLFH
$OVRDY RSLQLRQDGYLFHMXGJHPHQWFRXQVHO
DYH DEEUDYHUDJH $9/% DUPRXUHGYHKLFOHODXQFKHGEULGJH
$OVRDYDYJ YpKLFXOHEOLQGpSRVHXUGHSRQWV9%33
0DWKHPDWLFV $9/,6V\VWHP $WRPLF9DSRU/DVHU,VRWRSH
$9(& $XWRPDWLF9LEUDWLRQ([FLWHU&RQWURO 6HSDUDWLRQV\VWHP
$9(6 $VVRFLD]LRQH9RORQWDULDWR([WUDFRPXQLWDULR &RPPHUFLDO7HFKQRORJLHV8UDQLXP(QULFKPHQW
6DUGHJQD $90 $UWHULRYHQRXV0DOIRUPDWLRQ
,WDOLDQ$VVRFLDWLRQ $90$$90$ $PHULFDQ9HWHULQDU\0HGLFDO
$9) $]LPXWKDOO\9DU\LQJ)LHOG $VVRFLDWLRQ
$9* $PLQRHWKR[\QLY\O*O\FLQH $905/ DUPRXUHGYHKLFOHPRXQWHGURFNHWODXQFK
$9*LVDQLQKLELWRURIHWK\OHQHELRV\QWKHVLV HU
&URS%LRWHFKQRORJ\0LFURELRORJ\3ODQW YpKLFXOHVEOLQGpODQFHURTXHWWHV9%/5
3DWKRORJ\5KL]RELDO,QIHFWLRQV $90V $UWHULRYHQRXV0DOIRUPDWLRQV
DYJ DEEUDYHUDJH 5DGLDWLRQ2QFRORJ\7XPRU%LRORJ\
$OVRDYDYH DYQ DEEUDYLDWLRQ
0DWKHPDWLFV $OVRDY
$9*$6 DYLDWLRQJDVROLQH $91,5 $GYDQFHG9LVLEOHDQG1HDU,QIUDUHG
HVVHQFHDYLDWLRQ 5DGLRPHWHU
$9*56 $YLDQ*HQHWLF5HVRXUFHV6\VWHP $QLQVWUXPHQWDERDUG$'(26
&RRUGLQDWLRQDQG/LYLQJ6WRFNV&RQVHUYDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU$'(26
$9+55 $GYDQFHG9HU\+LJK5HVROXWLRQ $92 $ODVND9ROFDQR2EVHUYDWRU\
5DGLRPHWHU 9ROFDQRORJ\
$WPRVSKHULF5HVHDUFK$WPRVSKHULF6FLHQFHV $92 $YRLG9HUEDO2UGHUV
/DQG$WPRVSKHUH,QWHUDFWLRQV0HWHRURORJ\ $92,' $LUILHOG9HKLFOH2EVWDFOH,QGLFDWLRQ
$9, $pURDVWKpQLHGHO
$YLDWHXU 'HYLFH
LVLQMHFWHGLQWRLPPDWXUHIHPDOHPLFHDQGWKH
UHDFWLRQLVXVHGWRDVFHUWDLQSUHJQDQF\LQZRPHQ
3DWKRORJ\
&RPSXWHU3URJUDPPLQJ6FLHQFH
% E DEEUELW
&RPSXWHU3URJUDPPLQJ0DWKHPDWLFV
0HFKDQLFDO'HYLFHV
% %DFLOOXV % %ROLYDU
%DFWHULRORJ\ $OVR%ROERO9HQH]XHOD
E EDFLOOXV &XUUHQFLHV
0LFURELRORJ\ E ERQG
E EDJ $OVREG
EDJLVDOVRNQRZQDVPXOWLVHW %XLOGLQJ(QJLQHHULQJ%XVLQHVV&KHPLVWU\&LYLO
&RPSXWHU6FLHQFH (QJLQHHULQJ(OHFWULFLW\)LQDQFH0HGLFLQH
% %DKW 0HWDOOXUJ\
$OVR%KW7KDLODQG E ERRN
&XUUHQFLHV E ERUH
E EDOH 'HVLJQ(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ
$JULFXOWXUH,QGXVWULDO(QJLQHHULQJ 0LQLQJ(QJLQHHULQJ2FHDQRJUDSK\2UGQDQFH
E EDOO E ERUQ
*HRORJ\0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ %WKHFKHPLFDOV\PEROIRU%RURQ
2FHDQRJUDSK\2UGQDQFH 7KHZRUGERURQLVDFRPELQDWLRQRIWKHZRUGV
E EDUQ ERUD[DQGFDUERQ
EDUQLVDXQLWRIPHDVXUHIRUQXFOHDUUHDFWLRQFURVV &KHPLVWU\6\PEROV
VHFWLRQV E EULJKWQHVV
$JULFXOWXUH1XFOHDU3K\VLFV $VWURSK\VLFV2SWLFV
% %DURQ E EULFN
$OVR%5 0DWHULDOV
E DEEUEDVH % %ULWLVK
$UFKLWHFWXUH%LRORJ\%XLOGLQJ(QJLQHHULQJ E EXON
&KHPLFDO(QJLQHHULQJ&KHPLVWU\(OHFWURQLFV *UDSKLF$UWV
(QJLQHHULQJ*UDSKLF$UWV0DWKHPDWLFV0LOLWDU\ %$%$ %DFKHORURI$UWV
6FLHQFH5RERWLFV %$ %DKUDLQ
E EDVV %$ %DQFD$QWRQLDQDGL3DGRYDH7ULHVWH
$FRXVWLFV ,WDOLDQ%DQN
E EDW %$ %DQN$FFHSWDQFH
%XLOGLQJ(QJLQHHULQJ0DWHULDOV6FLHQFH %$ %DUL,WDO\
9HUWHEUDWH=RRORJ\ %D 7KHFKHPLFDOV\PEROIRU%DULXP
E DEEUEDWFK %DULXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF
&RPSXWHU3URJUDPPLQJ(QJLQHHULQJ QXPEHUDQDWRPLFZHLJKWRIDQGD
% %DWWHU\ PHOWLQJSRLQWRIDERXW$&7KHZRUGEDULXP
$OVREW\EWU\ GHULYHVIURPWKH*UHHNWHUPKHDY\
&KHPLFDO(QJLQHHULQJ(OHFWULFLW\0HGLFLQH &KHPLVWU\6\PEROV
0LOLWDU\6FLHQFH2UGQDQFH %$ %DVH$GGUHVV
E DEEUEHO &RPSXWHU3URJUDPPLQJ
EHOLVHTXDOWRWHQGHFLEHOV %$ %HOOH$UWL
3K\VLFV ,WDOLDQDFURQ\PPHDQLQJ)LQH$UWV
% %HOJLXP %$ %pQpILFHV$JULFROHV)UDQFH
$OVR%( %$ %LOOHG$W
% %HWWHU %XVLQHVV)LQDQFH
% %LEOH %$ %UHZVWHU$QJOH
E ELG 2SWLFV
%XVLQHVV)LQDQFH %D%$ %ULWLVK$FDGHP\
E ELOOLRQ %$ 7KHDLUOLQHFRGHIRU%ULWLVK$LUZD\V
0DWKHPDWLFV %$ %ULWLVK$VVRFLDWLRQ*%
E DEEUELQDU\ %$ %URGPDQQ
V$UHDV
7KH%&)KDVEHHQUHSODFHGE\WKH8610)6 3K\VLRORJ\
1DWLRQDO0DULQH)LVKHULHV6HUYLFH %&1 7KHDLUSRUWFRGHIRU%DUFHORQD6SDLQ
%&IOX[ %LRJHQLFRUJDQLF&DUERQIOX[ EFQ DEEUEHDFRQ
$WPRVSKHULF5HVHDUFK&KHPLVWU\&KHPLFDODQG 1DYLJDWLRQ
3K\VLFDO2FHDQRJUDSK\ %&1 %HHW&\VW1HPDWRGH
%&* %DOOLVWRFDUGLRJUDP &URS6FLHQFH0ROHFXODUDQG6WUXFWXUDO%LRORJ\
0HGLFLQH 3ODQW%UHHGLQJ5HSURGXFWLRQ5HVHDUFK
%&* %pFpJLWH %&1(7 %XVLQHVV&RRSHUDWLRQ1(7ZRUN
)UHQFKLQLWLDOLVPPHDQLQJ%&*LQIHFWLRQ (XURSHDQ&RPPXQLW\
0HGLFLQH %&2'+ %UDQFKHG&KDLQ2[RDFLG'HK\GURJHQDVH
%&* %URPRFUHVRO*UHHQ %FRP6F%&RP6F %DFKHORURI&RPPHUFLDO
%&*LVDOVRNQRZQDV%URPFUHVRO*UHHQ 6FLHQFH
2UJDQLF&KHPLVWU\ %&R9 %RYLQH&RURQDYLUXV
%&* YDFFLQH %DFLOOXV&DOPHWWH*XpULQYDFFLQH $QWL6$56'UXJV%LRFKHPLVWU\0ROHFXODU
7KH%&*YDFFLQHLVXVHGIRULPPXQL]DWLRQRI %LRORJ\0ROHFXODU%LRWHFKQROJ\
KXPDQVDJDLQVWWXEHUFXORVLV1DPHGIRU$OEHUW %&3%&3 %DFKHORURI&LW\3ODQQLQJ
&DOPHWWH DQG&DPLOOH*XpULQ %&3 %DQFR&RPHUFLDO3RUWXJXrV3RUWXJDO
,PPXQRORJ\ 7KH%&3 LVOLVWHGRQWKH1HZ<RUN)UDQNIXUWDQG
%FK%&K %DFKHORURI&KHPLVWU\ /RQGRQ6WRFN([FKDQJH7KH%&3 ZDVJUDQWHG
%&KODPROHFXOHV %DFWHULRFKORURSK\OODPROHFXOHV WKH(XURPRQH\$ZDUGIRU([FHOOHQFHDVWKHEHVW
3KRWRV\QWKHVLV 3RUWXJXHVHEDQN\HDUVLQDURZ
%&K(%&K( %DFKHORURI&KHPLFDO(QJLQHHULQJ 3RUWXJXHVH%DQN
$OVR%&(%&( )RUIXUWKHUGHWDLOVVHHXQGHU%3$ %DQFR
%&, %DQFD&RPPHUFLDOH,WDOLDQD,WDO\ 3RUWXJXrVGR$WOkQWLFR
1RZ%DQFD,QWHVD%&,ZLWK&$5,3/2DQG%$9 %&3 %LUWK&RQWURO3LOO
%DQNLQJ,QWHJUDWLRQV %&3 %XGJHW&KDQJH3URSRVDO
)RUIXUWKHUGHWDLOVVHHXQGHU&$5,3/2 DQG %&SDUWLFOHV %ODFN&DUERQSDUWLFOHV
%$9 $VLDQ&OLPDWH6RRW
%&, %DQFRGH&RPHUFLR ,QGXVWULD %&3V %ORFN&RSRO\PHUV
$QJRODQ%DQN &KHPLFDO(QJLQHHULQJ3RO\PHULF0DWHULDOV
%&, %DWWHU\&RXQFLO,QWHUQDWLRQDO %&37 %UHDVW&DQFHU3UHYHQWLRQ7ULDO
7KH%&,LVEDVHGLQ&KLFDJR86$ 7KHEUHDVWFDQFHUSUHYHQWLRQWULDOJRWXQGHUZD\LQ
%&, %URDGFDVW,QWHUIHUHQFH WKH8QLWHG6WDWHVDQG&DQDGDLQ
'DWD&RPPXQLFDWLRQV %&5%DQN&DVK5DWLR%DQN&DVK5HVHUYH
%&,3 %URPRFKORURLQGR\OSKRVSKDWH %DQNLQJ)LQDQFH
%&,6 %LRGLYHUVLW\&RQVHUYDWLRQ,QIRUPDWLRQ %&5 %&HOODQWLJHQ5HFHSWRU
6\VWHP 7KH%&5LVDPXOWLSURWHLQFRPSOH[
%&,V EUDLQFRPSXWHULQWHUIDFHV %LRFKHPLVWU\&HOO%LRORJ\*HQHWLFV
6HYHUDOODERUDWRULHVLQWKH8QLWHG6WDWHVVWDUWHG ,PPXQRORJ\0HGLFLQH
GHYHORSLQJ%&,VLQWKHVDQGKDYHEHHQ %&6%&6 %DFKHORURI&KHPLFDO6FLHQFH
LPSURYLQJWKHPHYHUVLQFH7KH%&,VUHDGWKH %&V %DFNFURVVHV
HOHFWULFDOLPSXOVHVFUHDWHGE\QHXUDODFWLYLW\ *HQHWLFV
WKURXJKWKHVFDOS %&6 %DVLF&RQWURO6\VWHP
1HXURVFLHQFH %&V %HIRUH&RPSXWHUV
%&/ %DFKHORURI&LYLO/DZ %&6 %HVW&DVW6WHHO
%&O %RURQ7ULFKORULGH 0HWDOOXUJ\
%&O LVXVHGPDLQO\WRUHILQHFRSSHUPDJQHVLXP %&6 %RVWRQ&RPSXWHU6RFLHW\86$
DQGDOXPLQLXP %&6$ZDUG %ULWLVK&RPSXWHU6RFLHW\$ZDUG
,QRUJDQLF&KHPLVWU\ *%
%&// %FHOO&KURQLF/\PSKRF\WLF/HXNHPLD 7KH%&6LQDVVRFLDWLRQZLWK7KH)LQDQFLDO7LPHV
%&/6 %DVLF&DUGLDF/LIH6XSSRUW UXQV7KH,QIRUPDWLRQ6\VWHPV0DQDJHPHQW
%&0%&0 %DFKHORURI&KXUFK0XVLF $ZDUG
%&0WKHRU\ %LHQHQVWRFN&RRSHU0XQURWKHRU\
%, %DQFDG
,WDOLD %,&( %RDUGRQ,QIUDFWXUHDQGWKH&RQVWUXFWHG
$OVR%$1.,7$/,$ (QYLURQPHQW86$
,WDOLDQLQLWLDOLVPRIWKH%DQNRIOWDO\ %,&(0$ %ULWLVK,QWHUQDO&RPEXVWLRQ(QJLQH
%L 7KHFKHPLFDOV\PEROIRU%LVPXWK 0DQXIDFWXUHUV
$VVRFLDWLRQ*%
%LVPXWKLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF %,&(6 %DWWOHILHOG,QIRUPDWLRQ&ROOHFWLRQDQG
QXPEHUDQGDQDWRPLFZHLJKWRI ([SORLWDWLRQ6\VWHP
&KHPLVWU\6\PEROV0LQHUDORJ\ V\VWqPHGHUHFXHLOHWG·H[SORLWDWLRQGHVLQIRUPD
%,$ %,$ %DFKHORURI,QGXVWULDO$UWV WLRQVGXFKDPSGHEDWDLOOH
%,$ %RDUGRI,PPLJUDWLRQ$SSHDOV86$ %L&O %LVPXWK&KORULGH
%,$ %UDLOOH,QVWLWXWHRI$PHULFD86$ %LVPXWK&KORULGHLVXVHGPDLQO\DVDFDWDO\VW
%,$ %XUHDXRI,QGLDQ$IIDLUV ,QRUJDQLF&KHPLVWU\
%,$& %XVLQHVVDQG,QGXVWU\$GYLVRU\&RPPLWWHH %,&V %XVLQHVV,QQRYDWLRQ&HQWUHV
WRWKH2(&')UDQFH %,&6( %RDUGRQ,QWHUQDWLRQDO&RPSDUDWLYH6WXGLHV
%,$&721 'HYHORSPHQWRI,QGXVWULDOHTXLSPHQW LQ(GXFDWLRQ86$
DOORZLQJSURGXFWLRQRIDVWDEOHDQGKHDWUHVLVWDQW %,' %,' %DFKHORURI,QGXVWULDO'HVLJQ
PL[RIEDFWHULD %,' %DFWHULDO,'HQWLILFDWLRQ
(XURSHDQ&RPPXQLW\3URMHFW %,' %DQTXH,VODPLTXHGH'pYHORSSHPHQW
%,$6 %DWWOHILHOG,OOXPLQDWLRQ$LUERUQH6\VWHP $UDE%DQN
%,$6 %XR\,QWHJUDWHG$QWHQQD6XEPDULQH %,'%LG %XVLQHVV,PSURYHPHQW'LVWULFW86$
%L$V2 5RRVHYHOWLWH 1HZ<RUN
5RRVHYHOWLWHLVDPLQHUDORIWKHPRQD]LWHJURXS %,'&2 %XVLQHVVDQG,QGXVWULDO'HYHORSPHQW
0LQHUDORJ\ &2USRUDWLRQ
%,$7$%,$7$ %ULWLVK,QGHSHQGHQW$LU %,'6 %DVH,QWUXVLRQ'HWHFWLRQ6\VWHP
7UDQVSRUW$VVRFLDWLRQ*% %,'6 %ULWLVK,QVWLWXWHRI'HDOHUVLQ6HFXULWLHV
%,% %DE\,QFHQGLDU\%RPE *%
%,% %LRJUDSKLFDO,QIRUPDWLRQ%ODQN %,'6 %URDGEDQG,QIUDVWUXFWXUHVIRU'LJLWDO79 DQG
%,% %RDUGIRU,QWHUQDWLRQDO%URDGFDVWLQJ86$ PXOWLPHGLD6HUYLFHV
%,% %ULWLVK,QWHUDFWLYH%URDGFDVWLQJ*% (XURSHDQ&RPPXQLW\3URMHFW
,QWHUDFWLYH7HOHYLVLRQ6HUYLFHV %,( %,( %DFKHORURI,QGXVWULDO(QJLQHHULQJ
ELE 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH %,( %XUHDX,QWHUQDWLRQDOGHV([SRVLWLRQV
(QJOLVKDEEUHYLDWLRQELE0HGLFLQH %,) %DQGHG,URQ)RUPDWLRQ
%,%$ %ULWLVK,QVXUDQFH%URNHUV
$VVRFLDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU%,)V
%,%% %XQGHVLQVWLWXWIU%HUXIVELOGXQJ %,) %DQN,QVXUDQFH)XQG
%,%%LVORFDWHGLQ%HUOLQ*HUPDQ\ %,) %HQHYROHQFH,QWHUQDWLRQDO)RXQGDWLRQ
*HUPDQ,QVWLWXWH &KDULWLHV
ELEOELEOLFR %,)%,) %ULWLVK,QGXVWULHV)DLU*%
,WDOLDQDEEUHYLDWLRQPHDQLQJELEOLFDO %,)$ %ULWLVK,QWHUQDWLRQDO)UHLJKW$VVRFLDWLRQ
ELEO ELEOLRJUDILDELEOLRJUDIR *%
,WDOLDQDEEUHYLDWLRQPHDQLQJELEOLRJUDSK\ELEOL %,)) EDWWOHILHOGLGHQWLILFDWLRQIULHQGRUIRH
RJUDSKHU LGHQWLILFDWLRQDPLHQQHPLVXUOHFKDPSGHEDWDLOOH
ELEO ELEOLRWHFD %,)V %DQGHG,URQ)RUPDWLRQV
,WDOLDQDEEUHYLDWLRQPHDQLQJOLEUDU\ 7KH%,)VDUHVHGLPHQWDU\URFNV
%,& %DQFR,QWHUQDFLRQDOGH&UpGLWR3RUWXJDO (DUWK6FLHQFHV(QYLURQPHQWDO6FLHQFHV,VRWRSH
3RUWXJXHVH%DQN *HRORJ\*HRFKHPLVWU\
%,& %LRLQIRUPDWLFV&RUH %,)8 %DQNLQJ,QVXUDQFHDQG)LQDQFH8QLRQ*%
$W06.&& %,* %HVW,Q*URXS
)RUIXUWKHUGHWDLOVVHHXQGHU06.&& %,* %XVLQHVV,QYHVWPHQW*DPH
%,& %XVLQHVV,QQRYDWLRQ&HQWHU ELJQXP DEEUELJ QXPEHU
%,&$ %LHQQDOH,QWHUQD]LRQDOHGL&RPXQLFD]LRQH &RPSXWHU6FLHQFH
$PELHQWDOH,WDO\ %,+ %HWK,VUDHO+RVSLWDO86$
%,&& %,&(6LQLWLDOFRUHFDSDELOLW\ %,+ %XUHDX,QWHUQDWLRQDOGHO
+HXUH)UDQFH
FDSDFLWpFHQWUDOHLQLWLDOHGX%,&(6 %,, %DQN,QWHUQDWLRQDO,QGRQHVLD
,QGRQHVLDQ%DQN
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO%DQNIRU %,67,LVDQLQWHUGLVFLSOLQDU\SURJUDPWRFUHDWH
5HFRQVWUXFWLRQDQG'HYHORSPHQW DFDGHPLFFHQWHUVRIH[FHOOHQFHLQELRFRPSXWLQJ
%,51 %LRPHGLFDO,QIRUPDWLFV5HVHDUFK1HWZRUN %,7 %DFKHORURI,QGXVWULDO7HFKQRORJ\
0RXVHPRGHOVRIKXPDQQHXURORJLFDOGLVHDVHV %,7 %RURQ,QMHFWLRQ7DQN
1HXURVFLHQFH 1XFOHDU(QHUJ\
)RUIXUWKHUGHWDLOVVHHXQGHU0%,51 %,7 %RUVD,QWHUQD]LRQDOHGHO7XULVPR,WDO\
%,56 %DQFD,QWHUQD]LRQDOHSHUOD5LFRVWUX]LRQHHOR %,7 %XUHDX,QWHUQDWLRQDOGX7UDYDLO)UDQFH
6YLOXSSR %,7( %XLOW,Q7HVW(TXLSPHQW
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO%DQNIRU %L7H %LVPXWK7HOOXULGH
5HFRQVWUXFWLRQDQG'HYHORSPHQW %LVPXWK7HOOXULGHLVXVHGPDLQO\IRUVHPLFRQGXF
%,6 %DFKHORURI,QWHUGLVFLSOLQDU\6WXGLHV WRUV
%,6 %DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV ,QRUJDQLF&KHPLVWU\
%,6 %DWWOHILHOG,OOXPLQDWLRQ6\VWHP %L7H 7HOOXURELVPXWKLWH
%,6 %LRJUDSKLFDO,QYHQWRU\IRU6WXGHQWV 0LQHUDORJ\
3V\FKRORJ\ ELWQ DEEUELWXPHQ
ELV ELVHVWLOH ELWXPHQLVDIODPPDEOHVXEVWDQFHRFFXUULQJQDWX
,WDOLDQDEEUHYLDWLRQPHDQLQJELVVH[WLOHOHDS UDOO\RUREWDLQHGS\UROLWLFDOO\
\HDU *HRORJ\0DWHULDOV
%,6 %ULWLVK,QIRUPDWLRQ6HUYLFHV%ULWLVK %,76 %LQDU\,QWHUV\VWHP7UDQVPLVVLRQ6WDQGDUGV
,QWHUSODQHWDU\6RFLHW\*% %,76 %XUHDX,QWHUQDWLRQDOGX7RXULVPH6RFLDO
%,6 %XUHDX,QWHUDIULFDLQGHV6ROVHWGHO
(FRQRPLH %L92 3XFKHULWH
5XUDOH 0LQHUDORJ\
%,6 %XUHDXRI,QVSHFWLRQDQG6XUYH\ EL] DEEUHYLDWLRQRIWKHZRUGEXVLQHVV
%,6 %XVLQHVV,QWHOOLJHQFH6\VWHP %- %DFKHORURI-RXUQDOLVP
%L6 %LVPXWK6XOILGH %- %DWFK-RE
%LVPXWK6XOILGHLVXVHGIRUWKHSURGXFWLRQRIELV &RPSXWHU3URJUDPPLQJ
PXWKFRPSRXQGV %- %LFHSV-HUN
,QRUJDQLF&KHPLVWU\ 0HGLFLQH
%L6 %LVPXWKLQLWH %-$ %XUHDXRI-XVWLFH$VVLVWDQFH86$
0LQHUDORJ\ %-3 %KDUDWL\D-DQDWD3DUW\,QGLD
EL6& RIWKHWZR6WUDWHJLF&RPPDQGVGHVGHX[ %-6 7KHDLUSRUWFRGHIRU%HLMLQJ&KLQD
&RPPDQGHPHQWVVWUDWpJLTXHV %-6 %XUHDXRI-XVWLFH6WDWLVWLFV86$
%,6&/$17 %D\RI%LVFD\6XE$UHD>REVROHWH@ EN DEEUEDQN
6RXV]RQHGXJROIHGH*DVFRJQH>REVROqWH@ %. %HORZ.QHH
%,6( %DONDQVLQWHOOLJHQFHVXSSRUWHOHPHQW 0HGLFLQH
pOpPHQWGHVRXWLHQGXUHQVHLJQHPHQWGDQVOHV %N 7KHFKHPLFDOV\PEROIRU%HUNHOLXP
%DONDQV 7KHQDPH%HUNHOLXPGHULYHVIURP%HUNHOH\
%L6H *XDQDMXDWLWH 8QLYHUVLW\RI&DOLIRPLD86$ZKHUHLWZDV
*XDQDMXDWLWHLVIRXQGLQTXDUW] SURGXFHG
0LQHUDORJ\ &KHPLVWU\
ELVHWWELVHWWLPDQDOH EN DEEUERRN
,WDOLDQDEEUHYLDWLRQPHDQLQJELZHHNO\ %. %RVQLD+HU]HJRYLQD
%L6L2 (XO\WLWH EN EURRN
0LQHUDORJ\ +\GURORJ\
%L6L2 6LOOpQLWH %. %UDLQ.RUHD.RUHD
0LQHUDORJ\ *UDGXDWH7UDLQLQJ
%,62 %RDUGRQ,QWHUFRQWLQHQWDO6FLHQWLILF ENJ DEEUEDQNLQJ
2UJDQL]DWLRQV86$ ENJ DEEUERRNNHHSLQJ
%,65$ %ULWLVK,URQDQG6WHHO5HVHDUFK$VVRFLDWLRQ $OVRENSJ
*% ENJUG DEEUEDFNJURXQG
0HWDOOXUJ\ %.. 7KHDLUSRUWFRGHIRU%DQJNRN7KDLODQG
%,67, %LRPHGLFDO,QIRUPDWLRQ6FLHQFHDQG ENSJ DEEUERRNNHHSLQJ
7HFKQRORJ\,QLWLDWLYH86$ $OVRENJ
FRQVXOWDWLRQFRPPDQGHPHQWHWFRQWU{OH
%LRFKHPLVWU\%LRSK\VLFV0ROHFXODU%LRORJ\ )ORZ&\WRPHWU\$QDO\VLV0HGLFDO5HVHDUFK
3K\VLRORJ\ &'5, &HQWUDO'UXJ5HVHDUFK,QVWLWXWH,QGLD
V
&G0 &DVVDGHO0H]]RJLRPR,WDO\ *RYHUQPHQW
,WDOLDQ%DQN &'5/ &HQWURGL'RFXPHQWD]LRQHH5LFHUFKHSHU
&'0 &RGH'LYLVLRQ0XOWLSOH[ OD/RPEDUGLD,WDO\
7HOHFRPPXQLFDWLRQV ,WDOLDQ&HQWHU
&'0 &ROG'DUN0DWWHU &'5/ FRQWUDFWGDWDUHTXLUHPHQWVOLVW
$VWURQRP\$VWURSK\VLFV3K\VLFV OLVWHGHVGRQQpHVFRQWUDFWXHOOHV
&'0 &ROOHWWLYR'RQQH0LODQHVL0LODQ,WDO\ &'520 &RPSDFW'LVNZLWK5HDG2QO\0HPRU\
FGP FDQGHODVSHUVTXDUHPHWHURIVXUIDFH 7KH&'520LVXVHGIRUVWRUDJHRIDYHU\ODUJH
&'0$ &RGH'LYLVLRQ0XOWLSOH$FFHVV YROXPHRIGDWD
1H[WJHQHUDWLRQ0RELOH3KRQH7HFKQRORJ\ &RPSXWHU7HFKQRORJ\
&'06 &ROG'DUN0DWWHU6HDUFK &'5V &RPSOHPHQWDULW\'HWHUPLQLQJ5HJLRQV
$W6WDQIRUG8QLYHUVLW\3DOR$OWR&DOLIRUQLD &'5: 5HZULWDEOH&'V
86$ &G6 &DGPLXP6XOILGH
$VWURQRP\$VWURSK\VLFV3K\VLFV &G6LVXVHGPDLQO\LQVRODUFHOOVDQGLQFHUDPLF
&'06 &U\RJHQLF'DUN0DWWHU6HDUFK JOD]HV
$VWURQRP\%RORPHWHUV3K\VLFV ,QRUJDQLF&KHPLVWU\
&G1 &RGLFHGHOOD1DYLJD]LRQH &'6&'6 &HQWUR'LDJQRVL6WHULOLWj
,WDOLDQLQLWLDOLVPPHDQLQJ1DYLJDWLRQ&RGH ,WDOLDQLQLWLDOLVPRIWKH&HQWHUIRUWKH'LDJQRVLV
F'1$ FRPSOHPHQWDU\'HR[\ULERQXFOHLF$FLG RI6WHULOLW\
*HQHWLFV ,WDOLDQ&HQWHU
&'1$ &RQIpUHQFHGHVGLUHFWHXUVQDWLRQDX[GHV &'6 &KLHIRI'HIHQFH6WDII>8.@
DUPHPHQWV D&KHIG·pWDWPDMRUGHODGpIHQVH&(0'
&RQIHUHQFHRI1DWLRQDO$UPDPHQWV'LUHFWRUV E&KHIG·pWDWPDMRUGHVDUPpHV&(0$>)5@
&1$' FLYLOGLUHFWLRQRIVKLSSLQJ
&G2 &DGPLXP2[LGH GLUHFWLRQFLYLOHGHODQDYLJDWLRQFRPPHUFLDOH
&DGPLXP2[LGHLVXVHGPDLQO\LQEDWWHU\HOHF &G6 &RGLFHGHOOD6WUDGD
WURGHV ,WDOLDQLQLWLDOLVPPHDQLQJ5RDG5HJXODWLRQV
,QRUJDQLF&KHPLVWU\ &'6 &RPPDQGDQG'DWD6XEV\VWHP
&GR DEEU&RPPDQGR &'6 &RPSDWLEOH'XSOH[6\VWHP
&'2$ &HOOXOH'pSDUWHPHQWDOHG
2XYUDJHVG
$UW &'6 &RPSUHKHQVLYH'LVSOD\6\VWHP
)UDQFH &G6 &RQVLJOLRGL6LFXUH]]D
&'20 &RORUHG'LVVROYHG2UJDQLF0DWWHU ,WDOLDQLQLWLDOLVPPHDQLQJ6HFXULW\&RXQFLO
&'26 FRPEDWGD\RIVXSSO\ &G6 &RQVLJOLRGL6WDWR
MRXUG·DSSURYLVLRQQHPHQWGHFRPEDW ,WDOLDQLQLWLDOLVPPHDQLQJ&RXQFLORI6WDWH
&'2: &RORUDGR'LYLVLRQ2I:LOGOLIH86$ &'6 &RQVROLGDWHG'HEHQWXUH6WRFN
&RQVHUYDWLRQ%LRORJ\ &G6H &DGPLXP6HOHQLGH
&'3 &DVVD'HSRVLWLH3UHVWLWL,WDO\ &DGPLXP6HOHQLGHLVXVHGPDLQO\LQSKRWRHOHFWULF
,WDOLDQLQLWLDOLVPPHDQLQJ%DQNIRU'HSRVLWVDQG FHOOV
/RDQV)RXQGHG\HDUVDJR ,QRUJDQLF&KHPLVWU\
,WDOLDQ%DQN &'6+ &HQWUHGH'RFXPHQWDWLRQHQ6FLHQFHV
&'3&GS &XVWRPHU'HGLFDWHG3URFHVVRU +XPDLQHV)UDQFH
&'3V &RUG'RUVXP3RWHQWLDOV )UHQFK&HQWHU
&G5 &DVVDGL5LVSDUPLR &'6/ &RQVXPHU'LJLWDO6XEVFULEHU/LQH
,WDOLDQLQLWLDOLVPPHDQLQJ6DYLQJV%DQN %URDGEDQG7HFKQRORJLHV
&GU DEEU&RPPDQGHU &'60 &RPLWpVXUOHVGpILVGHODVRFLpWpPRGHUQH
$OVR&RPGU&PGU&RPP &RPPLWWHHRQWKH&KDOOHQJHVRI0RGHUQ6RFLHW\
&'5 &RXQFLOIRU'HYHORSPHQWDQG5HFRQVWUXFWLRQ &&06
/HEDQRQ &'625* &LYLO'LUHFWLRQRI6KLSSLQJ
&'5 FULWLFDOGHVLJQUHYLHZ 2UJDQL]DWLRQ
H[DPHQFULWLTXHGHODFRQFHSWLRQ 2UJDQLVDWLRQGHODGLUHFWLRQFLYLOHGHODQDYLJDWLRQ
&'5( &'5HVSRQVLYH(OHPHQW FRPPHUFLDOH
'LUHFWLRQGHVSODQVFLYLOVG·XUJHQFH ,WDOLDQDFURQ\PPHDQLQJ(XURSHDQ5HVHDUFK
&(3(5 &HQWURSHUOD3UHYHQ]LRQHGHL5LVFKL &HQWHU5RPH,WDO\
,WDOLDQ&HQWHU &(5 FRPEDWHIIHFWLYHQHVVUHSRUW
&(3(6 &HQWUH(XURSpHQ3RXUO
(QVHLJQHPHQW UDSSRUWVXUO·HIILFDFLWpDXFRPEDW
6XSpULHXU &HU &RPLWDWRSHUO
HGLOL]LDUHVLGHQ]LDOH
/RFDWHGLQ%XFKDUHVW5RPDQLD)RXQGHGLQ ,WDOLDQ&RPPLWWHH
&(3(6&(3(6 &RPLWDWR(XURSHRSHULO &(5 &RQGLWLRQHG(PRWLRQDO5HVSRQVH
3URJUHVVR(FRQRPLFRH6RFLDOH 0HGLFLQH
,WDOLDQDFURQ\PRIWKH(XURSHDQ&RPPLWWHHIRU &(5 &RQWL(FRQRPLFL5HJLRQDOLUHSDUWR
(FRQRPLFDQG6RFLDO'HYHORSPHQW ,WDOLDQDFURQ\PRIWKH&HQWUDO6WDWLVWLFV,QVWLWXWH
&(3(; &HQWUDO(TXDWRULDO3DFLILF([SHULPHQW GHSDUWPHQW
$WPRVSKHULF5HVHDUFK*HRSK\VLFV0HWHRURORJ\ &(5 &RRUGLQDWHG(FRV\VWHP5HVHDUFK
&(3(; &RQWUROOHG(FRV\VWHPV3ROOXWLRQ &(5$&6 &RPSDUDWLYH(YDOXDWLRQRIWKHGLIIHUHQW
(;SHULPHQW 5$GLDWLQJ&DEOHVDQG6\VWHPVWHFKQRORJLHV
&(3+ &HQWUHG·(WXGHGX3RO\PRUSKLVPH+XPDLQ (XURSHDQ&RPPXQLW\
)UDQFH &(5$0 &HQWUHG
(QVHLJQHPHQWHWGH5HFKHUFKH
)UHQFK&HQWHU $SSOLTXpHVDX0DQDJHPHQW
&(3, &DSLWDO([SHQGLWXUH3ULFH,QGH[ &(5& &HQWHUIRU(QYLURQPHQWDO5HVHDUFKDQG
&(3, &(QWUR3VLFRSHGDJRJLFRSHUO
,QIDQ]LD &RQVHUYDWLRQ86$
,WDOLDQ&HQWHU &(5&LVLQYROYHGLQVWXGLHVWRFRPEDWORVVRIELR
&(3,6 3DQ$PHULFDQ&HQWUHIRU6DQLWDU\ GLYHUVLW\
(QJLQHHULQJDQG(QYLURQPHQWDO6FLHQFHV3HUX 865HVHDUFK&HQWHU
&(30 &HQWUHG
([SORLWDWLRQ3RVWDOH0pWURSROLWDLQ &(5& &HQWUHG
(WXGHVGHV5HYHQXVHWGHV&RWV
)UDQFH )UDQFH
)UHQFK&HQWHU )UHQFK&HQWHU
&(30$ &HQWUDO(XURSH3LSHOLQH0DQDJHPHQW &(5& &RUUHODWHG(OHFWURQ5HVHDUFK&HQWHU
$JHQF\ -DSDQ
$JHQFHGHJHVWLRQGHVROpRGXFVHQ&HQWUH(XURSH &(5&$ &(QWUHGH5HFKHUFKHHQ&DOFXO$SSOLTXp
&(302 &HQWUDO(XURSH3LSHOLQH0DQDJHPHQW &DQDGD
2UJDQL]DWLRQ &(5&$ LVD4XHEHF&HQWHUFUHDWHGLQ,WV
2UJDQLVDWLRQGHJHVWLRQGHVROpRGXFVHQ&HQWUH PDLQREMHFWLYHLVWRLQWHQVLI\WHFKQRORJ\WUDQVIHU
(XURSH IURPXQLYHUVLW\WRLQGXVWU\
&(32 &HQWUDO(XURSHDQ3LSHOLQH2IILFH>REVROHWH &RPSXWDWLRQDO)OXLG'\QDPLFV&KHPLVWU\
UHSODFHGE\&(302@ &(5&+$5 &HQWUHG
(WXGHVHW5HFKHUFKHVGH
%XUHDX&HQWUH(XURSHGHVSLSHOLQHV>REVROqWH &KDUERQQDJHVGH)UDQFH
UHPSODFpSDU&(302@ FHUHEHOODU /7' FHUHEHOODU/RQJ7HUP'HSUHVVLRQ
&(33 &RPPLWWHHRQ(OHPHQWDU\3DUWLFOH3K\VLFV 0HGLFLQH1HXURVFLHQFH
86$ &(5(4 &HQWUHG
(WXGHVHWGH5(FKHUFKHVVXUOHV
&(33& &HQWUDO(XURSH3LSHOLQH3ROLF\&RPPLWWHH 4XDOLILFDWLRQV)UDQFH
&RPLWpGHJHVWLRQ&HQWUH(XURSHGHVSLSHOLQHV &(5(6 &HQWUHG
(WXGHVHWGH5HFKHUFKHV(Q
&(34 FLYLOHPHUJHQF\SODQQLQJTXHVWLRQQDLUH 6WUDWpJLH)UDQFH
TXHVWLRQQDLUHGHVSODQVFLYLOVG·XUJHQFH43&8 )UHQFK&HQWHU
&(36 &HQWUDO(XURSHSLSHOLQHV\VWHP &(5(6 &HQWURGL5LFHUFKHH6WXGL(FRQRPLFL
UpVHDX&HQWUH(XURSHGHVSLSHOLQHV ,WDOLDQDFURQ\PRIWKH&HQWHUIRU5HVHDUFKDQG
&(37 &RQIpUHQFH(XURSpHQQHGHV$GPLQLVWUDWLRQV (FRQRPLF6WXGLHV
GHV3RVWHVHWGHV7pOpFRPPXQLFDWLRQV &(5(6 &ORXGVDQG(DUWK
V5DGLDQW(QHUJ\6\VWHP
)UHQFKDFURQ\PPHDQLQJ(XURSHDQ&RQIHUHQFH &(5)$ &HQWUHG
(QUHJLVWUHPHQWHWGH5pYLVLRQGHV
RI3RVWDODQG7HOHFRPPXQLFDWLRQV )RUPXODLUHV$GPLQLVWUDWLIV(XURSHDQ
$GPLQLVWUDWLRQV &RPPXQLW\
&(38 &HQWUR(XURSHR3UHSDUD]LRQH8QLYHUVLWDULD &(5)$ LVDQ(&&HQWHUZKLFKKHOSVQHZHQWHU
,WDOLDQ&HQWHU SULVHVLQWKHFRPSLODWLRQRIIRUPVDVIDUDVODQ
&(4 &RXQFLORQ(QYLURQPHQWDO4XDOLW\ JXDJHUHJXODWLRQVDQGRWKHUGHWDLOVDUHFRQ
&(5 &HQWUR(XURSHR5LFHUFKH FHUQHG
,WDOLDQDFURQ\PRIWKH&HQWHUIRUWKH $XGLRORJ\+HDULQJ6FLHQFHV&RPPXQLFDWLRQ
'HYHORSPHQWRI7HFKQRORJLFDO5HVHDUFK&(69,7 6FLHQFHV&RPPXQLFDWLRQ'LVRUGHUV3K\VLRORJ\
LVEDVHGLQ)ORUHQFH,WDO\ &) &KULVWHQVHQ)XQG3DOR$OWR&DOLIRUQLD
&(69,7(& &(QWURSHUODSURPR]LRQHHOR 86$
69,OXSSR7(&QRORJLFRGHOOHSLFFROHHPHGLHLPS &) &RGLFH)LVFDOH
UHVHGHO0H]]RJLRUQR ,WDOLDQLQLWLDOLVPPHDQLQJ)LVFDOFRGHWD[SD\HU
V
,WDOLDQDFURQ\PRIWKH&HQWHUIRUWKH FRGH
7HFKQRORJLFDO3URPRWLRQDQG'HYHORSPHQWRI &) &RPSOHPHQW)L[DWLRQ
VPDOODQGPHGLXPVL]HGHQWHUSULVHVRI6RXWKHUQ ,PPXQRORJ\
,WDO\&(69,7(&LVEDVHGLQ1DSOHV,WDO\ &) &RQJR
&(7 FRPEDWHQKDQFHPHQWWUDLQLQJ &RQJR
HQWUDvQHPHQWGHSHUIHFWLRQQHPHQWDXFRPEDW FRXQWHUIRUFH
&(7$ &UHZDQG(TXLSPHQW7UDQVODWLRQ$LG FRQWUHIRUFH
&(7,$7 &(QWUH7HFKQLTXHGHV,QGXVWULHV &) &RQVWDQW)UHTXHQF\
$pUROLTXHVHW7KHUPLTXHV)UDQFH &) &RXQWLQJ)DFWRU
)UHQFK7HFKQLFDO&HQWHU 3RO\SHSWLGHV
&(7,0&HWLP &(QWUH7HFKQLTXHGHV,QGXVWULHV &) &\VWLF)LEURVLV
0pFDQLTXHV)UDQFH &\VWLFILEURVLVLVDKHUHGLWDU\GLVHDVH,WLVDOVR
)UHQFK7HFKQLFDO&HQWHU NQRZQDVPXFRYLVFLGRVLVEHFDXVHWKHH[RFULQH
&(723 &RPLWp(XURSpHQGHV7UDQVPLVVLRQV JODQGVSURGXFHPXFXVRIKLJKYLVFRVLW\
2OpRK\GUDXOLTXHVHW3QHXPDWLTXHV)UDQFH 0HGLFLQH
(XURSHDQ&RPPLWWHH &)$ &DQDGLDQ)RUHVWU\$VVRFLDWLRQ
&(73 &KROHVWHU\O(VWHU7UDQVSRUW3URWHLQ &)$ &DUERQDWH)OXRUDSDWLWH
&(76 &RPPLVVLRQRQ(QJLQHHULQJDQG7HFKQLFDO &)$ FHDVHILUHDJUHHPHQW
6\VWHPV86$ DFFRUGGHFHVVH]OHIHX
&(76 &RQWLQXLQJ(GXFDWLRQDQG7UDLQLQJ &)$&I$ &HQWHU)RU$VWURSK\VLFV+DUYDUG
6HUYLFH*% 6PLWKVRQLDQ
V
&(80& &KDLUPDQRIWKH(XURSHDQ8QLRQ0LOLWDU\ 7KH&)$ LVORFDWHGLQ&DPEULGJH0DVVDFKXVHWWV
&RPPLWWHH 86$
SUpVLGHQWGX&RPLWpPLOLWDLUHGHO·8QLRQ &)$ &RORQL]DWLRQ)DFWRU$JDU
HXURSpHQQH3&08( &)$ &RPPLVVLRQRI)LQH$UWV86$
&(9 &LWUXV([RFRUWLV9LURLG &)$ &RPPXQDXWp)LQDQFLqUH$IULFDLQH
&(: &RXQWHU(OHFWURQLF:DUIDUH &)$ &RPSOHWH)UHXQG
V$GMXYDQW
&I 7KHFKHPLFDOV\PEROIRU&DOLIRUQLXP &)$ &OHDYDJH)DFWRU$
1DPHGDIWHU&DOLIRUQLD EHFDXVHLWZDVGLVFRYHUHG &HOO%LRORJ\3DWKRORJ\
E\UHVHDUFKHUVDWWKH8QLYHUVLW\RI&DOLIRUQLD &) , &RVW)UHLJKWDQG,QVXUDQFH
%HUNHOH\86$ &RPPHUFH6KLSSLQJ
6\PEROV&KHPLVWU\ &)$2 &RPSDJQLH)UDQoDLVHGHO
$IULTXH
&) &DUULHG)RUZDUG 2FFLGHQWDOH
&) &DUULHU)UHTXHQF\ &)$5 &HQWHU)RU$,'65HVHDUFK
&DUULHU)UHTXHQF\LVDOVRNQRZQDV&HQWHU 7KH*UHDW/DNHV5HJLRQDO&)$5LVDFRQVRUWLXP
)UHTXHQF\ RIVFLHQWLVWVRIYDULRXV868QLYHUVLWLHV
7HOHFRPPXQLFDWLRQV &)$5 FRQVWDQWIDOVHDODUPUDWH
&) &DVK)ORZ WDX[FRQVWDQWGHIDXVVHVDOHUWHV
%XVLQHVV(FRQRPLFV)LQDQFH &)$55 &HQWHUIRU)HUWLOLW\$QG5HSURGXFWLYH
&) &HPHQW)ORRU 5HVHDUFK86$
%XLOGLQJV &)$7* &HQWUHGH)RUPDWLRQ$X[7HFKQLTXHV
&)FI &HQWULIXJDO)RUFH *D]LqUHV)UDQFH
0HFKDQLFV &)$7 ORDGLQJ &UHHS)$7LJXHORDGLQJ
&)FI &HQWULSHWDO)RUFH 2SWLPLVDWLRQRIPHWKRGRORJLHVWRSUHGLFWFUDFN
0HFKDQLFV LQLWLDWLRQDQGHDUO\JURZWKLQFRPSRQHQWVXQGHU
&) &KDUDFWHULVWLF)UHTXHQF\ FRPSOH[FUHHSIDWLJXHORDGLQJ
(XURSHDQ&RPPXQLW\3URMHFW
(QJLQHHULQJ&RPSXWHU7HFKQRORJ\(OHFWURQLFV &KORURGLIOXRURPHWKDQHLVXVHGDVDVROYHQWDQGD
*HRJUDSK\*HRORJ\+\GURORJ\1DYLJDWLRQ UHIULJHUDQW
1XFOHRQLFV7HOHFRPPXQLFDWLRQV7UDQVSRUWDWLRQ 2UJDQLF&KHPLVWU\
(QJLQHHULQJ &+&O 0HWK\OHQH&KORULGH
&+$26 &DPEULGJH+HDUW$QWLR[LGDQW6WXG\ )RUIXUWKHUGHWDLOVVHHXQGHU0&
&RURQDU\'LVHDVH &+&O 0HWK\O&KORULGH
&+$3 &KDOOHQJH+DQGVKDNH$XWKHQWLFDWLRQ 0HWK\O&KORULGHDOVRNQRZQDV&KORURPHWKDQHLV
3URWRFRO XVHGPDLQO\DVDUHIULJHUDQW
&RPSXWHUV &+&O2 (SLFKORURK\GULQ
&+$36 &OHDULQJ+RXVH$XWRPDWHG3D\PHQW (SLFKORURK\GULQLVXVHGPDLQO\LQWKHPDQXIDFWXUH
6\VWHP*% RIJO\FHURODQGLQUHVLQV
&+$5$ &HQWHUIRU+LJK$QJXODU5HVROXWLRQ 2UJDQLF&KHPLVWU\
$VWURQRP\ &K&09 &KU\VDQWKHPXP&KORURWLF0RWWOH9LURLG
$WWKH*HRUJLD6WDWH8QLYHUVLW\86$ &+&V &XWLFXODU+\GURFDUERQV
&+$5,60$ &+LFDJR$UJRQQH5HVRQDQW (QWRPRORJ\(QYLURQPHQWDO6FLHQFHV=RRORJ\
,RQL]DWLRQ6SHFWURPHWHUIRU0LFURDQDO\VLV &+' &KLOGKRRG'LVHDVH
&KHPLVWU\*HRSK\VLFDO6FLHQFHV0DWHULDOV 0HGLFLQH
6FLHQFH &KG &KRUGLQ
&+$50 &RXSOHG+\GURVSKHUH$WPRVSKHUH 'HYHORSPHQWDO%LRORJ\
5HVHDUFK0RGHO &+' &RURQDU\+HDUW'LVHDVH
&+$506 &-7)+4DXJPHQWDWLRQUHTXLUHPHQWV &+'0 &ROG+RW'DUN0DWWHU
DQGPDQQLQJV\VWHP>REVROHWHQRZFDOOHG $VWURQRP\3DUWLFOH$VWURSK\VLFV3K\VLFV
*(06@ &K( &KROLQHVWHUDVH
V\VWqPHGHJHVWLRQGHVEHVRLQVHQHIIHFWLIVHW &KROLQHVWHUDVHLVDOVRNQRZQDV
PR\HQVG·DSSRLQWGHV4&GH*),0>REVROqWH 3VHXGRFKROLQHVWHUDVHVHUXPFKROLQHVWHUDVH
PDLQWHQDQWDSSHOp*(06@ (Q]\PRORJ\
&+$60 &RYHQWU\+HDOWK$QG6DIHW\0RYHPHQW &+(& &RPPRQZHDOWK+XPDQ(FRORJ\&RXQFLO
*% *%
FKDVP 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH FKHP DEEUFKHPLFDOFKHPLVWFKHPLVWU\
(QJOLVKZRUGFKDVP*HRORJ\ &KHV DEEU&KHVKLUH(QJODQG
&K$7 &KROLQH$FHW\OWUDQVIHUDVH &+(66 &RUQHOO+LJK(QHUJ\6\QFKURWURQ6RXUFH
&+ERQGV &DUERQ+\GURJHQERQGV &+(; &RPPLWWHHRQ+XPDQ([SORUDWLRQ86$
&KHPLFDO%LRG\QDPLFV&KHPLVWU\ &+H[SHULPHQWV &HQWXULRQ+DOLWHH[SHULPHQWV
&+%U %URPRIRUP 7KH&+H[SHULPHQWVZHUHXQGHUJURXQGERPE
%URPRIRUPLVXVHGWRVHSDUDWHPLQHUDOV WHVWVFDUULHGRXWLQWKHV
2UJDQLF&KHPLVWU\ )XVLRQ3K\VLFV
&+%U 0HWK\OHQH%URPLGH &+) &RQJHVWLYH+HDUW)DLOXUH
0HWK\OHQH%URPLGHLVXVHGPDLQO\DVDVROYHQW +HDUW5HVHDUFK0HGLFLQH
2UJDQLF&KHPLVWU\ &+) &ULWLFDO+HDW)OX[
&+%U 0HWK\O%URPLGH &+) )OXRURIRUP
0HWK\O%URPLGHLVXVHGPDLQO\DVDQH[WUDFWLRQ )OXRURIRUPDOVRNQRZQDV7ULIOXRURPHWKDQHLV
VROYHQWIRUYHJHWDEOHRLOV XVHGPDLQO\DVDUHIULJHUDQW
2UJDQLF&KHPLVWU\ 2UJDQLF&KHPLVWU\
&+%U %URPREHQ]HQH FKIZG FKDUJHVIRUZDUG
%URPREHQ]HQHDOVRNQRZQDV3KHQ\O%URPLGHLV FKJ DEEUFKDQJH
XVHGPDLQO\DVDVROYHQW FKJ DEEUFKDUJH
2UJDQLF&KHPLVWU\ $OVRFKJH
&+&O &KORURIRUP (OHFWULFLW\(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ
&KORURIRUPDOVRNQRZQDV7ULFKORURPHWKDQHLV 0HWDOOXUJ\0LOLWDU\6FLHQFH1XFOHRQLFV
QRZXVHGDVDVROYHQWDQGLQVHFWLFLGHIRUPHUO\LW 2UGQDQFH
ZDVXVHGDVDQDQHVWKHWLF &+, 7KHDLUSRUWFRGHIRUWKHFLW\RI&KLFDJR
2UJDQLF&KHPLVWU\ 86$
&+&O) &KORURGLIOXRURPHWKDQH &+, 0HWK\O,RGLGH
(QHUJ\7HFKQRORJ\ $OVR&L
&+3 3HRSOH
V5HSXEOLFDQ3DUW\7XUNH\ ,QYHUWHEUDWH=RRORJ\0HWHRURORJ\9HUWHEUDWH
FKSG FKDUJHVSDLG =RRORJ\
FKSSG FKDUJHVSUHSDLG &, &RPSXOVRU\,QVXUDQFH
FKT DEEUFKHTXH &, &RQILJXUDWLRQ,QWHUDFWLRQ
$OVRFN &,&, &RQVXODU,QYRLFH
&+5 &HQWUH+RVSLWDOLHU5pJLRQDO &RPPHUFH
)UHQFKLQLWLDOLVPPHDQLQJ5HJLRQDOJHQHUDO &, &RQWDLQPHQW,QWHJULW\&RQWDLQPHQW,VRODWLRQ
+RVSLWDO 1XFOHDU(QHUJ\
0HGLFLQH &, &RQWDPLQDWLRQ,QGH[
&+5 &RPPLWWHHRQ+XPDQ5LJKWV86$ 0HGLFLQH
&+5$& &+5RPDWLQ$FFHVVLELOLW\$FWLYLW\ &, &RURQDU\,QVXIILFLHQF\
%LRFKHPLVWU\*HQH([SUHVVLRQ0HGLFLQH 0HGLFLQH
0LFURFKHPLVWU\0ROHFXODU%LRORJ\ &,FL &RUUXJDWHG,URQ
&
+5' DEEU&DVHKDUGHQHG FL FRVWDQGLQVXUDQFH
*HRORJ\0DWHULDOV6FLHQFH0HWDOOXUJ\ &RPPHUFH6KLSSLQJ
&+5,67,1( &+DUDFWHULVWLFVDQG5HTXLUHPHQWVRI &, &UHGLWR,WDOLDQR,WDO\
,QIRUPDWLRQ6\VWHPVEDVHGRQ7UDIILFGDWDLQDQ ,WDOLDQ%DQN%DQNLQJ,QWHJUDWLRQV
,QWHJUDWHG1HWZRUN(QYLURQPHQW(XURSHDQ )RUIXUWKHUGHWDLOVVHHXQGHU8&,
&RPPXQLW\ &, &ULPLQDO,QYHVWLJDWLRQ
&+5/$ &HQWHUIRU+XPDQ5LJKWV/HJDO$LG &ULPLQDO/DZ
+XPDQ5LJKWV &L &XULH
FKURQ DEEUFKURQLFOHFKURQRORJLFDOFKURQRORJ\ $OVRF
&+58 &HQWUH+RVSLWDOLHU5pJLRQDO8QLYHUVLWDLUH 1XFOHRQLFV
)UDQFH &, &\WRSODVPLF,QFRPSDWLELOLW\
&+6 &DVHKDUGHQHG6WHHO &HOO%LRORJ\'HYHORSPHQWDO%LRORJ\0ROHFXODU
0HWDOOXUJ\ %LRORJ\
&+6 7KHDLUSRUWFRGHIRU&KDUOHVWRQ6RXWK &, &\WRWR[LF,QGH[
&DUROLQD86$ &\WRFKHPLVWU\
&+71 7KH&RRSHUDWLYH+XPDQ7LVVXH1HWZRUN &, ,YRU\&RDVW
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQ
2IWKH861DWLRQDO&DQFHU,QVWLWXWH OHWWHUV
&+8 &HQWLJUDGH+HDW8QLW &,$ &DOLIRUQLD,QVWLWXWHRI$UWV86$
&+8 &HQWUH+RVSLWDOLHU8QLYHUVLWDLUH &,$ &DVK,Q$GYDQFH
)UHQFKDFURQ\PPHDQLQJ8QLYHUVLW\JHQHUDO %XVLQHVV&RPPHUFH
+RVSLWDO &,$ &HQWUDO,QWHOOLJHQFH$JHQF\86$
0HGLFLQH &,$ &HUDPLFV,QWHUQDWLRQDO$VVRFLDWLRQ
&+9 &HQWUH+RVSLWDOLHU9DXGRLV6ZLW]HUODQG &,$ &OLQLFDO,QQRYDWRU$ZDUG
&+: &KLOOHG:DWHU 1RYHOVWXGLHVRQWKHHIIHFWVRIH[SRVXUHWRVHFRQG
FKZ FRQVWDQWKRWZDWHU KDQGWREDFFRVPRNH7KH&,$ KDVEHHQHVWDE
&, FL FDVWLURQ OLVKHGE\)$05,
0HWDOOXUJ\ $ZDUG3URJUDPV1RYHO0HGLFDODQG&OLQLFDO
&, &KDQQHO,VODQGV 6FLHQWLILF5HVHDUFK6WXGLHV
&, &KHPLFDO,QWROHUDQFH )RUIXUWKHUGHWDLOVVHHXQGHU)$05,
(QYLURQPHQWDO+HDOWK &,$ &RPPXQLFDWLRQ,QWHUDXULFXODLUH
&, &KHPRWKHUDSHXWLF,QGH[ -RXUQDOGH%LRSK\VLTXH 0pGHFLQH1XFOpDLUH
3KDUPDFRORJ\9LURORJ\ 3XEOLFDWLRQ
&,&, &KLHI,QVSHFWRU )RUIXUWKHUGHWDLOVVHHXQGHU&,9
&, &KLOH &,$ &RQIHGHUD]LRQH,WDOLDQD$JULFROWRUL,WDO\
&KLOL &,$ &RQVHLO,QWHUQDWLRQDOGHV$UFKLYHV
FRXQWHULQWHOOLJHQFH /LEUDU\$VVRFLDWLRQ
FRQWUHLQJpUHQFH &,$% &RQVHLOLQWHUQDWLRQDOGHVDJHQFHVEpQpYROHV
&, 7KHDLUSRUWFRGHIRU&KLQD$LUOLQHV >RSpUDWLRQVGHVHFRXUV@
&, &LUUXV
,QWHUQDWLRQDO&RXQFLORI9ROXQWDU\$JHQFLHV FHQWUHLQWHUDOOLpGHUHQVHLJQHPHQW
,&9$>UHOLHIRSHUDWLRQV@ &,& &RQVHLO,QWHUQDWLRQDOGHV&RPSRVLWHXUV
&,$' &OLPDWH,PSDFW$VVHVVPHQW'LYLVLRQ )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO&RXQFLORI
&,$' &RDOLWLRQ,QWHUQDWLRQDOHSRXUO
$FWLRQDX &RPSRVHUV
'HYHORSSHPHQW &,& &RQVWUXFWLRQ,QGXVWU\&RPPLVVLRQ&DQDGD
&,$' &RXQWHULQWHOOLJHQFH$QDO\VLV'LYLVLRQ &,& &RQVXPHU,QIRUPDWLRQ&HQWHU86$
86$ &,&$ FRXQWHULQWHOOLJHQFHFRRUGLQDWLQJDXWKRULW\
&, 6\ FRXQWHULQWHOOLJHQFHDQGVHFXULW\ DXWRULWpGHFRRUGLQDWLRQGHODFRQWUHLQJpUHQFH
FRQWUHLQJpUHQFHHWVpFXULWp &,&& &ROODERUDWLYH,QWHJUDWHG&RPPXQLFDWLRQVIRU
&,$2 &RQJUHVVRI,WDOLDQ$PHULFDQ2UJDQL]DWLRQV &RQVWUXFWLRQ
&,$5 &HQWHUIRU,QWHU$PHULFDQ5HODWLRQV (XURSHDQ&RPPXQLW\3URMHFW
&,$6 &RQWDLQPHQW,VRODWLRQ$FWXDWLRQ6LJQDO &,&(3 &RQVHLO,QWHUDPpULFDLQGX&RPPHUFH(WGH
1XFOHDU(QHUJ\ OD3URGXFWLRQ
&,$6( &RPSXWHU,QVWLWXWHIRU$SSOLFDWLRQVLQ )UHQFKDFURQ\PRIWKH,QWHU$PHULFDQ&RXQFLO
6FLHQFHDQG(QJLQHHULQJ86$ IRU7UDGHDQG3URGXFWLRQ
&,$7 &HQWHUIRU,QWHUQDWLRQDO7URSLFDO$JULFXOWXUH &,&(52 &HQWUHIRU,QWHUQDWLRQDO&OLPDWHDQG
&DOL&RORPELD (QHUJ\5HVHDUFK1RUZD\
&,$8 &RRUGLQDPHQWR,WDOLDQR$LXWL8PDQLWDUL &,&) &KDPEUHGHV,QJpQLHXUV&RQVHLOVGH)UDQFH
,WDO\ )UDQFH
&,$9 SHUVLVWDQFHGX&DQDO$WULRRX$XULFXOR &,&+ &RPLWp,QWHUQDWLRQDOGHOD&XOWXUHGX
9HQWULFXODLUH&RPPXQ +RXEORQ
)UHQFKDFURQ\PPHDQLQJ&RPPRQ ,QWHUQDWLRQDO&RPPLWWHH
$WULRYHQWULFXODU&DQDOSHUVLVWHQW &,&+( &RQVRUWLXPIRU,QWHUQDWLRQDO&RRSHUDWLRQ
0HGLFLQH LQ+LJKHU(GXFDWLRQ
&,% &HQWUHIRU,QWHJUDWLYH%LRORJ\,UHODQG &,&,1 &RQIHUHQFHRQ,QWHUOLEUDU\&RPPXQLFDWLRQV
3URWHRPLFV5HVHDUFK3URJUDPPH DQG,QIRUPDWLRQ1HWZRUN
&,% &KDUWHUHG,QVWLWXWHRI%DQNHUV*% &,&,5(3$72 &RPPLWWHHIRU,QWHUQDWLRQDO
&,% &RPLWp,QWHUQDWLRQDOGHV%LEOLRWKqTXHV &RRSHUDWLRQLQ,QIRUPDWLRQ5(WULHYDODPRQJ
&,% &RPPHUFLDO,QWHUQDWLRQDO%DQN(J\SW ([DPLQLQJ3$7HQW2IILFHV
(J\SWLDQ%DQN &,&3 &DSLWDO,QYHVWPHQW&RPSXWHU3URJUDP
&,% &RPSDJQLH,QWHUQDWLRQDOHGH%DQTXH)UDQFH %XVLQHVV(FRQRPLFV)LQDQFH
&,% &RQVRU]LR,QWHUXQLYHUVLWDULRSHUOH &,&3 &RPPLWWHHWR,QYHVWLJDWH&RS\ULJKW
%LRWHFQRORJLH,WDO\ 3UREOHPV
,WDOLDQ&RQVRUWLXP 86&RPPLWWHH
&,%& &DQDGLDQ,PSHULDO%DQNRI&RPPHUFH &,&3 &RPPXQLFDWLRQ,QWHUUXSW&RQWURO3URJUDP
&DQDGLDQ%DQN 'DWD3URFHVVLQJ
&,%& &HQWUHV,QWHULQVWLWXWLRQQHOVGH%LODQGHV &,&5 &RPLWDWR,QWHUPLQLVWHULDOHSHULO&UHGLWRHLO
&RPSpWHQFHV)UDQFH 5LVSDUPLR,WDO\
(PSOR\PHQW9RFDWLRQDO*XLGDQFH9RFDWLRQDO ,WDOLDQLQLWLDOLVPPHDQLQJ&UHGLWDQG6DYLQJV
7UDLQLQJ ,QWHUGHSDUWPHQWDO&RPPLWWHH
&,%& &RQIpGpUDWLRQ,QWHUQDWLRQDOHGHOD%RXFKHULH &,&5 &RPLWDWR,QWHUQD]LRQDOHGHOOD&URFH5RVVD
HWGHOD&KDUFXWHULH &RPLWp,QWHUQDWLRQDOGHOD&URL[5RXJH
&L%LW &HQWURLQWHUXQLYHUVLWDULR%LEOLRWHFDLWDOLDQD ,WDOLDQDQG)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO
WHOHPDWLFD &RPPLWWHHRIWKH5HG&URVV
&L%LWLVEDVHGLQ3LVD,WDO\ &,&5$ &HQWUH,QWHUQDWLRQDOSRXUOD&RRUGLQDWLRQ
&,& &DUFLQRJHQ,GHQWLILFDWLRQ&RPPLWWHH GHV5HFKHUFKHVHQ$JULFXOWXUH
86&RPPLWWHH )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO&HQWHUIRU
&,& &DUGLDF,QKLELWLRQ&HQWHU &RRUGLQDWLRQRI5HVHDUFKLQ$JULFXOWXUH
3K\VLRORJ\ &,&5,6 &RRSHUDWLYH,QGXVWULDODQG&RPPHUFLDO
&,& &KHPLFDO,QVWLWXWHRI&DQDGD 5HIHUHQFHDQG,QIRUPDWLRQ6HUYLFHV
&,& FRPEDWLQIRUPDWLRQFHQWUH /LEUDU\$VVRFLDWLRQ
FHQWUHG·LQIRUPDWLRQGHFRPEDW&,& &,&5SURFHVV &D,QGXFHG&D 5HOHDVHSURFHVV
FRPELQHGLQWHOOLJHQFHFHQWUH 0HGLFDO%LRWHFKQRORJ\3K\VLRORJ\
&,0$ &HQWUHSRXUO
OQGpSHQGDQFHGHV0DJLVWUDWVHW &DUJR5HFHSWRUV&HOO%LRORJ\+XPDQ
GHV$YRFDWV 'HYHORSPHQW0HWDEROLVP0HGLFLQH0ROHFXODU
)UHQFKDFURQ\PPHDQLQJ&HQWHUIRUWKH *HQHWLFV3DWKRORJ\
,QGHSHQGHQFHRI0DJLVWUDWHVDQG/DZ\HUV &,06 &KHPLFDO,RQL]DWLRQ0DVV6SHFWURPHWHU
&,0$& &,YLFR0XVHRGL$UWH&RQWHPSRUDQHD &,066 &HQWHUIRU,QWHOOLJHQFH0DWHULDO6\VWHPV
,WDOLDQ0XVHXP DQG6WUXFWXUHV
&,0$& &RQVHLO,QWHUQDWLRQDOGHV0DFKLQHVj $WWKH9LUJLQLD3RO\WHFKQLF,QVWLWXWH86$
&RPEXVWLRQ &,066 &RRSHUDWLYH,QVWLWXWHRI0HWHRURORJ\
&,0$3 &RPPLVVLRQ,QWHUQDWLRQDOHGHV0HWKRGHV 6DWHOOLWH6WXGLHV
G
$QDO\VHGHV3HVWLFLGHV &,08&/ &DWKROLF8QLYHUVLW\RI/RXYDLQ&HQWUH
&,0$6 &RQIpUHQFH,QWHUQDWLRQDOHGHOD0XWXDOLWp IRU0HGLFDO,QIRUPDWLFV%HOJLXP
HWGHV$VVXUDQFHV6RFLDOHV &,09 &DXOLIORZHU0RVDLF9LUXV
&,0$6 &RRSHUDWLYH,QVWLWXWHIRU0DULQHDQG 9LURORJ\
$WPRVSKHULF6WXGLHV &,1 &KLQHVH,QVWLWXWHRI1HXURVFLHQFH&KLQD
&,0%$33 &,0%XLOGLQJEORFNIRUWKH$XWRPDWHG &,1& &RPPDQGHULQ&KLHI
3URGXFWLRQRI3ODVWLF3DUWV FRPPDQGDQWHQFKHI&(&
(XURSHDQ&RPPXQLW\3URMHFW &,1&($67/$17 &RPPDQGHULQ&KLHI(DVW
&,0( &RPLWp,QWHUJRXYHUQHPHQWDOSRXUOHV $WODQWLF>KDVUHSODFHG&,1&($67/$17 @
0LJUDWLRQV(XURSpHQQHV FRPPDQGDQWHQFKHI(VWGHO·$WODQWLTXH>UHP
&,0($ &HQWURGL,QIRUPD]LRQHVXOOD0RELOLWjHOH SODFH&,1&($67/$17 @
(TXLYDOHQ]H$FFDGHPLFKH5RPH,WDO\ &RPPDQGHULQ&KLHI(DVWHUQ$WODQWLF$UHD
,WDOLDQ&HQWHU >REVROHWHUHSODFHGE\&,1&($67/$17 @
&,0, &HQWUHIRU,QWHUQDWLRQDODQG0HGLFDO FRPPDQGDQWHQFKHIGX6HFWHXURULHQWDOGH
,QIRUPDWLFV*% O·$WODQWLTXH>REVROqWHUHPSODFpSDU&,1&($67
6HWXSE\WKH1RWWLQJKDP8QLYHUVLW\&,0,KDV /$17 @
GHYHORSHGDUHPRWHXOWUDVRXQGV\VWHPIRUREVWHW &,1&(17 &RPPDQGHULQ&KLHI$OOLHG)RUFHV
ULFV &HQWUDO(XURSH>REVROHWHUHSODFHGE\&,1&
5HPRWH8OWUDVRXQG'LDJQRVWLFV7HOHPHGLFLQH 1257+@
&,0,& FLYLOPLOLWDU\FRRSHUDWLRQ FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHVGX&HQWUH
FRRSpUDWLRQFLYLORPLOLWDLUH (XURSH>REVROqWHUHPSODFpSDU&,1&1257+@
&,0,7 &HQWHUIRU0LQLPDOO\,QYDVLYH7KHUDS\ &,1&+ &RPSXWHUL]HG,QIRUPDWLRQIURP1DWLRQDO
86$ &ULPLQRORJLFDO+ROGLQJV
&,0,7 KDVEHHQODXQFKHGE\%ULJKDP:RPHQ
V ,QIRUPDWLRQ6HUYLFH
+RVSLWDO0DVVDFKXVHWWV*HQHUDO+RVSLWDOWKH &,1&,%(5/$17 &RPPDQGHULQ&KLHI,EHULDQ
'UDSHU/DERUDWRU\DQG0DVVDFKXVHWWV,QVWLWXWHRI $WODQWLF$UHD>REVROHWHUHSODFHGE\&,1&
7HFKQRORJ\XQGHUWKHDXVSLFHVRI3DUWQHUV 6287+/$17@
+HDOWKFDUH6\VWHP,WZDVFUHDWHGWRVHHNQHZDQG FRPPDQGDQWHQFKHIGX6HFWHXULEpULTXHGH
OHVVLQYDVLYHZD\VWRSHUIRUPWUDGLWLRQDOVXUJLFDO O·$WODQWLTXH>REVROqWHUHPSODFpSDU&,1&
SURFHGXUHV 6287+/$17@
0LQLPDOO\,QYDVLYH7KHUDSLHV &,1&1257+ &RPPDQGHULQ&KLHI1RUWK>KDV
&,00 &DQDGLDQ,QVWLWXWHRI0LQLQJDQG UHSODFHG&,1&(17 DQG&,1&1257+:(67@
0HWDOOXUJ\&DQDGD FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHV1RUG
&,00<7 &HQWUR,QWHUQDFLRQDOGH0HMRUDPLHQWR (XURSH>UHPSODFH&,1&(17 HW&,5&1257+
GH0DL]< 7ULJR0H[LFR :(67@
6SDQLVKDFURQ\PRIWKH,QWHUQDWLRQDO0DL]HDQG &RPPDQGHULQ&KLHI$OOLHG)RUFHV1RUWKHUQ
:KHDW,PSURYHPHQW&HQWHU (XURSH>REVROHWHUHSODFHGE\&20-&1257+@
&,00<7 LVD0H[LFR&LW\EDVHGODERUDWRU\ FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHVGX
$JULFXOWXUDO0DQDJHPHQW7HFKQLTXHV&URS 1RUG(XURSH>REVROqWHUHPSODFpSDU&20-&
,PSURYHPHQWV 1257+@
&,035 &DWLRQ,QGHSHQGHQW0DQQRVH3KRVSKDWH &,1&1257+:(67 &RPPDQGHULQ&KLHI$OOLHG
5HFHSWRU )RUFHV1RUWKZHVWHUQ(XURSH>REVROHWHQRZSDUW
7KH&,035KDVDQLPSRUWDQWUROHLQWKHELRJHQH RI&,1&1257+@
VLVRIO\VRVRPHV FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHVGX1RUG
2XHVW(XURSH>REVROqWHIDLWPDLQWHQDQWSDUWLHGH WRPDLQWDLQFROODERUDWLRQZLWKWKH81WRSURPRWH
&,1&1257+@ LQWHUQDWLRQDODFWLYLWLHVLQWKHILHOGRIPHGLFDOVFL
&,1&6287+ &RPPDQGHULQ&KLHI6RXWK>KDV HQFHVWRVHUYHWKHVFLHQWLILFLQWHUHVWVRIWKHLQWHU
UHSODFHG&,1&6287+@ QDWLRQDOELRPHGLFDOFRPPXQLW\
FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHV6XG 0HGLFDO6FLHQFHV
(XURSH>UHPSODFH&,1&6287+@ &,25 &RQIpGHUDWLRQLQWHUDOOLpHGHVRIILFLHUVGH
&RPPDQGHULQ&KLHI$OOLHG)RUFHV6RXWKHUQ UpVHUYH
(XURSH>REVROHWHUHSODFHGE\&,1&6287+@ ,QWHUDOOLHG&RQIHGHUDWLRQRI5HVHUYH2IILFHUV
FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHVGX6XG &,2V &KLHI,QIRUPDWLRQ2IILFHUV
(XURSH>REVROqWHUHPSODFpSDU&,1&6287+@ &,26 &RPLWDWR,QWHUQD]LRQDOH2UJDQL]]D]LRQH
&,1&6287+/$17 &RPPDQGHULQ&KLHI6RXWK 6FLHQWLILFD
$WODQWLF>KDVUHSODFHG&,1&,%(5/$17@ ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO&RPPLWWHH
FRPPDQGDQWHQFKHI6XGGHO·$WODQWLTXH>UHP IRU6FLHQWLILF2UJDQL]DWLRQ
SODFH&,1&,%(5/$17@ &,26 &RQVHLO,QWHUQDWLRQDOSRXUO
2UJDQLVDWLRQ
&,1&86$5(85 &RPPDQGHULQ&KLHI86$UP\ 6FLHQWLILTXH
(XURSH &,267$ &RPPLVVLRQ,QWHUQDWLRQDOHSRXU
FRPPDQGDQWHQFKHIGHV)RUFHVWHUUHVWUHVDPpUL O
2UJDQLVDWLRQ6FLHQWLILTXHGX7UDYDLOHQ
FDLQHVHQ(XURSH $JULFXOWXUH
&,1&:(67/$17 &RPPDQGHULQ&KLHI:HVW &,3 &DOI,QWHVWLQDO3KRVSKDWDVH
$WODQWLF>KDVUHSODFHG&,1&:(67/$17 @ 0ROHFXODU%LRORJ\7K\ODNRLGV
FRPPDQGDQWHQFKHI2XHVWGHO·$WODQWLTXH &,3 &DSLWDO,QYHVWPHQW3URJUDP
>UHPSODFH&,1&:(67/$17 @ &,3 &DUULDJHDQG,QVXUDQFH3DLGWR
&RPPDQGHULQ&KLHI:HVWHUQ$WODQWLF$UHD (FRQRPLFV,QWHUQDWLRQDO7UDGH
>REVROHWHUHSODFHGE\&,1&:(67/$17@ &,3 &DVW,URQ3LSH
FRPPDQGDQWHQFKHIGX6HFWHXURFFLGHQWDOGH &,3 &DWKROLF,QWHUFRQWLQHQWDO3UHVV
O·$WODQWLTXH>REVROqWHUHPSODFpSDU&,1&:(67 &,3 &HQWHUIRU,QWHUQDWLRQDO3ROLF\
/$17@ &,3 &HQWUHG
,QIRUPDWLRQGH3UHVVH
&,17& &KLHI,QWHOOLJHQFH&RUSV %HOJLDQ&HQWHU
&,17(&&LQWHF &RXQFLOIRU,1IRUPDWLRQ &,3 &OHDQ,Q3ODFH
7(&KQRORJ\6UL/DQND &,3&,3 &RPLWDWR,QWHUPLQLVWHULDOHSHUL3UH]]L
&,19 &RPLWpLQWHUQDWLRQDOGHQRUPDOLVDWLRQGHOD ,WDOLDQDFURQ\PRIWKH,QWHUGHSDUWPHQWDO
YpULILFDWLRQ &RPPLWWHHRQ3ULFHV
,QWHUQDWLRQDO$XGLWLQJ3UDFWLFHV&RPPLWWHH &,3 &RPPLWWHHRQ,QWHUQDWLRQDO3URJUDPV86$
,$3& &,3 FRPPXQLFDWLRQVLPSURYHPHQWSODQ
&,19(67$9 &HQWURGH,QYHVWLJDFLRQHV\(VWXGLRV SODQG·DPpOLRUDWLRQGHVWpOpFRPPXQLFDWLRQV
$YDQ]DGRV0H[LFR &,3 &RPSXWHU,QWHJUDWHG3URGXFWLRQ
*HQHWLF(QJLQHHULQJ0H[LFDQ&HQWHU $ FRPSXWHULQWHJUDWHGSURGXFWLRQUHIHUVWRDPDQ
&,2 &HQWUDO,PDJHU\2IILFH86$ XIDFWXULQJSURFHVVZKHUHDOOWKHSKDVHVRIWKH
&,2 &KLHI,QIRUPDWLRQ2IILFHU SURFHVVDUHFRPSXWHUFRQWUROOHG
&,2 &KXUFK,QIRUPDWLRQ2IILFH*% 5RERWLFV
&,2 &RPLWDWR,QWHUQD]LRQDOH2OLPSLFR&RPLWp &,3 &RQVROLGDWHG,QVWUXPHQW3DFNDJH
,QWHUQDWLRQDO2O\PSLTXH $WPRVSKHULF5HVHDUFK
,WDOLDQDQG)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO &,3 &RQWLQXDWLRQ,Q3DUW
2O\PSLF&RPPLWWHH 3DWHQWV
&,2 &RPPXQLW\,QYHVWPHQW2IILFHU &,3 &RQWUDWG
,QVHUWLRQ3URIHVVLRQQHOOH)UDQFH
&,2 &RQYHQWLRQDO,QWHUQDWLRQDO2ULJLQ &,3 LVD)UHQFKMREFUHDWLRQVFKHPHIRU\RXQJ
&,2$ &RPPLWWHHRQ,QWHUQDWLRQDO2FHDQ$IIDLUV SHRSOH
&,206 &RXQFLOIRU,QWHUQDWLRQDO2UJDQL]DWLRQVRI &,3 &XUUHQW,Q3ODQH
0HGLFDO6FLHQFHV $SSOLHG3K\VLFV
/RFDWHGLQ*HQHYD6ZLW]HUODQGFR:+2 &,3 ,QWHUQDWLRQDO3RWDWR&HQWUH3HUX
)RXQGHGLQWRIDFLOLWDWHDQGFRRUGLQDWHWKH &,3$ &DQDGLDQ,QVWLWXWHRI3XEOLF$IIDLUV
DFWLYLWLHVRILWVPHPEHUVWRDFWDVDFRRUGLQDWLQJ &,3$ &HQWUR,WDOLDQRGL3VLFRORJLD$QDOLWLFD
FHQWUHEHWZHHQWKHPDQGWKHQDWLRQDOLQVWLWXWLRQV ,WDOLDQ&HQWHU
&,3$ &RPLWp,QWHUQDWLRQDOGH3KRWRJUDPPHWULH O
$SSURYLVLRQQHPHQWHQ(DX&ROOHFWLYHGH
$UFKLWHFWXUDOH O
$VVDLQLVVHPHQW
&,3$ &RPPLVVLRQH,QWHUQD]LRQDOHSHUOD3URWH]LRQH )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO5HIHUHQFH
GHOOH$OSL &HQWHUIRU&RPPXQLW\:DWHU6XSSO\DQG
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO&RPPLVVLRQ 6DQLWDWLRQ
IRU3URWHFWLRQRIWKH$OSV &LU DEEU&LUFLQXV
&,3$ &RQYHQ]LRQH,QWHUEDQFDULDSHUL3UREOHPL $ VPDOOFRQVWHOODWLRQDGMRLQLQJ&HQWDXUXV
GHOO
$XWRPD]LRQH $VWURQRP\
,WDOLDQDFURQ\PPHDQLQJ$XWRPDWLRQ3UREOHPV FLU DEEUFLUFOH
,QWHUEDQNLQJ&RQYHQWLRQ 0DWKHPDWLFV
&,3$&( FRXQWHULQWHOOLJHQFHSROLF\$&( FLU DEEUFLUFXLW
SROLWLTXHGX&$(HQPDWLqUHGHFRQWUHLQJpUHQFH &DUWRJUDSK\&RPSXWHU3URJUDPPLQJ
&,3& &DQDGLDQ,QVWLWXWHRQ3ROOXWLRQ&RQWURO (OHFWULFLW\(OHFWURPDJQHWLVP0DWKHPDWLFV
&DQDGD FLU DEEUFLUFXODU
&,3& &RPPXQLW\,QWHOOHFWXDO3URSHUW\&RXUW $OVRFLUF
&RPPXQLW\3DWHQWV,QIULQJHPHQW3URFHHGLQJV FLU DEEUFLUFXPIHUHQFH
,QYDOLGLW\3URFHHGLQJV 0DWKHPDWLFV
FL3&5 VXUYH\FXOWXUHLQGHSHQGHQW3&5VXUYH\ &,5 &RPPLVVLRQRQ,QGXVWULDO5HODWLRQV
%LRORJ\0LFURELRORJ\ 'HSDUWPHQWRI(PSOR\PHQW*%
)RUIXUWKHUGHWDLOVVHHXQGHU3&5 &,5 &RPPLVVLRQRQ,QWHUJRYHUQPHQWDO5HODWLRQV
&,3( &RPLWDWR,QWHUPLQLVWHULDOHSHUOD &,5 &RQVLJOLR,WDOLDQRSHUL5LIXJLDWL
3URJUDPPD]LRQH(FRQRPLFD,WDO\ ,WDOLDQDFURQ\PRIWKH,WDOLDQ&RXQFLOIRU
,WDOLDQDFURQ\PRIWKH(FRQRPLF3ODQQLQJ 5HIXJHHV
,QWHUGHSDUWPHQWDO&RPPLWWHH &,5 &RQVXPHU,QIRUPDWLRQ5HJXODWLRQ
&,3( &RQVHLO,QWHUQDWLRQDOGHOD3UpSDUDWLRQj 861DWLRQDO+LJKZD\7UDIILF6DIHW\
O
(QVHLJQHPHQW $GPLQLVWUDWLRQ
&,3)&,3) &RQVRU]LR,WDOLDQR3URGXWWRUL &,5 &RQWLQXLQJ,QWHOOLJHQFH5HTXLUHPHQW
)D]]ROHWWL,WDO\ &,5 &RXUWRI,QGXVWULDO5HODWLRQV7KH3KLOLSSLQHV
,WDOLDQ&RQVRUWLXP &,5 7KH&RPPLWWHHRQ,QGXVWULDO5HODWLRQV
&,3,(//( &RQVRU]LR3HOOHWWLHUL/RPEDUGL (8)(36$GYLVRU\3DQHO
0LODQ,WDO\ )RUIXUWKHUGHWDLOVVHHXQGHU(8)(36
&LSP &HQWUR,WDOLDQRSHUODSURPR]LRQHGHOODPHGL &,5$ &HQWUR,WDOLDQR5LFHUFKH$HURVSD]LDOL
D]LRQH,WDO\ ,WDOLDQDFURQ\PRIWKH,WDOLDQ&HQWHUIRU
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ&HQWHUIRU $HURVSDFH5HVHDUFK&,5$ LVORFDWHGLQ&DSXD
0HGLDWLRQ3URPRWLRQ,WDO\ ,WDO\
&,30 &RPLWp,QWHUQDWLRQDOGHV3RLGVHW0pVXUHV &,5$ &RRSHUDWLYH,QVWLWXWHIRU5HVHDUFKLQWKH
&,3V &/2&.,QWHUDFWLQJ3URWHLQV $WPRVSKHUH
%LRORJLFDO7LPLQJ&/2&.3URWHLQV0HGLFLQH &,5$' &HQWURGH,QIRUPDomRVREUH
1HXURELRORJ\3K\VLRORJ\ 5HFRQKHFLPHQWR$FDGpPLFRGH'LSORPDV
&,36 &RPPRQZHDOWK,QWHUQDWLRQDO3KLODWHOLF 3RUWXJXHVH&HQWHU
6RFLHW\ &,5& &HQWUDO,QIRUPDWLRQ5HIHUHQFHDQG&RQWURO
&,36+ &RQVHLO,QWHUQDWLRQDOGHOD3KLORVRSKLHHW &,5& &HQWUDO,QWHOOLJHQFH5HWULHYDO&HQWHU
GHV6FLHQFHV+XPDLQHV &,5& &HQWUH,QWHUQDWLRQDOGH5HFKHUFKHVXUOH
&,3652 &RPLWp,QWHUVHFUpWDULDWSRXUOHV &DQFHU
3URJUDPPHV6FLHQWLILTXHVVH5DSSRUWDQWj )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO&HQWHUIRU
O
2FpDQRJUDSKLH 5HVHDUFKRQ&DQFHU
&,5 &DQDGLDQ,QVWLWXWHRI5HVHDUFK&DQDGD FLUF DEEUFLUFXODU
&,5 &HQWHUIRU,QWHU$PHULFDQ5HODWLRQV $OVRFLU
&,5 &HQWHUIRU,QGLYLGXDO5LJKWV86$ &,5&( &HQWUDO,WDO\LQQRYDWLRQ5HOD\&(QWUH
&,5 &HQWUDO,QGLDQ5LGJH &,5&(LVORFDWHGLQ5RPH,WDO\
*HRORJ\*HRSK\VLFV ,WDOLDQ&HQWHU
&,5 &HQWUH,QWHUQDWLRQDOGH5HIHUHQFHSRXU &,5&($ &ROOHJHRI,QYHVWLJDWLYH5HPHGLDODQG
&RQVXOWLQJ(QJLQHHUVRI$XVWUDOLD
0LGGOH(DU3K\ORJHQHWLF$QDO\VLV9HUWHEUDWH FULVLVPDQDJHPHQWRUJDQL]DWLRQ
3DOHRQWRORJ\ RUJDQLVDWLRQGHJHVWLRQGHVFULVHV
&0/ &KHPLFDO0DUNXS/DQJXDJH &02& FLYLOPLOLWDU\REMHFWFODVV
&RPSXWHU6FLHQFH FODVVHG·REMHWVFLYLOVPLOLWDLUHV
&0/ &KURQLF0\HORLG/HXNHPLD FLYLOPLOLWDU\RSHUDWLRQFHOO
&0/ LVDW\SHRIOHXNHPLDWKDWDIIHFWVWKH FHOOXOHG·RSpUDWLRQVFLYLORPLOLWDLUHV
P\HORLG &023 FRQILJXUDWLRQPDQDJHPHQWRSHUDWLQJSODQ
0HGLFLQH SODQIRQFWLRQQHOGHJHVWLRQGHODFRQILJXUDWLRQ
FPO DEEUFRPPHUFLDO &0233 &\FORSKRVSKDPLGH0HFKORUHWKDPLQH
$OVRFRPO 2QFRYLQ3URFDUED]LQHDQG3UHGQLVRQH
&0/ &RXSOHG0DS/DWWLFH &DQFHU&KHPRWKHUDS\2QFRORJ\
%LRORJLFDO1HWZRUNV &025(3 FLYLOPLOLWDU\RSHUDWLRQVUHSRUW
&0/$ &DQDGLDQ0HGLFDO/LEUDU\$VVRFLDWLRQ FRPSWHUHQGXG·RSpUDWLRQVFLYLORPLOLWDLUHV
&0/($ &DOLIRUQLD0HGLDDQG/LEUDU\(GXFDWRUV
&026 GHYLFH &RPSOHPHQWDU\026GHYLFH
$VVRFLDWLRQ86$ (OHFWURQLFV
&00 &KLQHVH0HGLFDO0DWHULDOV )RUIXUWKHUGHWDLOVVHHXQGHU026
&00 &RPPLWWHHRQ0HPEHUVKLS0DQDJHPHQW &03 &DSLOODU\0HOWLQJ3RLQW
(8)(36$GYLVRU\3DQHO &03 &RDVWDO0DQDJHPHQW3URJUDPV
)RUIXUWKHUGHWDLOVVHHXQGHU(8)(36 &03 &RPPRQ0LGSRLQW3URILOHV
&00 &RPSXWDWLRQDO0HOWLQJ0RGHO &03 FRQILJXUDWLRQPDQDJHPHQWSODQ
&RPSXWDWLRQDO0RGHOV*HRORJLFDO6FLHQFHV SODQGHJHVWLRQGHODFRQILJXUDWLRQ
&00 &RRUGLQDWH0HDVXULQJ0DFKLQH &03 &RUUXJDWHG0HWDO3LSH
&00 &RUSRUDFLyQ0XQGLDOGHOD0XMHU0HGHOOLQ &03 &\WLGLQH0RQRSKRVSKDWH
&RORPELD &03 LVDOVRNQRZQDV&\WLG\OLF$FLG
&00 &ULVLV0DQDJHPHQW0DQXDO %LRFKHPLVWU\
0DQXHOGHJHVWLRQGHVFULVHV &03($ &RPLWpPLOLWDLUHGHSDUWHQDULDWHXURDWODQ
&003 &RPPLWWHHRQ&RQGHQVHG0DWWHUDQG WLTXH
0DWHULDOV3K\VLFV86$ (XUR$WODQWLF3DUWQHUVKLS0LOLWDU\&RPPLWWHH
&00V FULVLVPDQDJHPHQWPHDVXUHV ($30&
PHVXUHVGHJHVWLRQGHVFULVHV &03($&(0 &RPLWpPLOLWDLUHGHSDUWHQDULDW
&PQ &HQWURGLPHGLFLQDQXFOHDUH HXURDWODQWLTXHHQVHVVLRQGHVFKHIVG
pWDWPDMRU
,WDOLDQLQLWLDOLVPRIWKH1XFOHDU0HGLFLQH&HQWHU (XUR$WODQWLF3DUWQHUVKLS0LOLWDU\&RPPLWWHHLQ
,WDO\ &KLHIVRI6WDII6HVVLRQ($30&&6
&01 &HULXP0DJQHVLXP1LWUDWH FPSVFHQWLPHWHUVSHUVHFRQG
&02 &DUGLRP\RSDWKLH2EVWUXFWLYH &03V &RPPRQ0\HORLG3URJHQLWRUV
)UHQFKLQLWLDOLVPPHDQLQJ+\SHUWURSKLF %LRORJ\&DUGLRORJ\&DUGLRYDVFXODU0HGLFLQH
2EVWUXFWLYH&DUGLRP\RSDWK\ FPSWU DEEUFRPSXWHU
0HGLFLQH $OVR&3
&02 &DULEEHDQ0HWHRURORJLFDO2UJDQL]DWLRQ FPT FHQWLPHWURTXDGUDWR
&02 &ROODWHUDOL]HG0RUWJDJH2EOLJDWLRQV ,WDOLDQDEEUHYLDWLRQPHDQLQJVTXDUHFHQWLPHWHU
86$ &05 &HQWHUIRU0HGLFLQHV5HVHDUFK
)LQDQFH &05 &RORVVDO0DJQHWRUHVLVWDQFH
&02 FLYLOPLOLWDU\RSHUDWLRQV>REVROHWH@ 0DJQHWRUHVLVWDQFH0HWDOV5HVHDUFK
RSpUDWLRQVFLYLORPLOLWDLUHV>REVROqWH@ &05 FRQWUHPHVXUHVUDGDU
FRPPXQLFDWLRQVPDQDJHPHQWRUJDQL]DWLRQ UDGDUFRXQWHUPHDVXUHV5&0
>REVROHWH@ &05$ &KHPLFDO0DUNHWLQJ5HVHDUFK$VVRFLDWLRQ
RUJDQLVDWLRQGHJHVWLRQGHVWpOpFRPPXQLFDWLRQV &05% &ULVLV0DQDJHPHQW5HVRXUFH%RDUG
>REVROqWH@ &RPPLVVVLRQGHVUHVVRXUFHVSRXUODJHVWLRQGHV
FRQILJXUDWLRQPDQDJHPHQWRIILFHRUJDQL]DWLRQ FULVHV
EXUHDXRUJDQLVDWLRQGHJHVWLRQGHODFRQILJX &06 ELRORJ\ &HOO0ROHFXODUDQG6WUXFWXUDOELROR
UDWLRQ J\
FRYHUDJHPLVVLRQRUGHU &06* &RQILJXUDWLRQ0DQDJHPHQW6WHHULQJ*URXS
RUGUHGHPLVVLRQGHFRXYHUWXUH *URXSHGLUHFWHXUGHODJHVWLRQGHODFRQILJXUDWLRQ
)UHQFK&HQWHU ,WDOLDQ&HQWHU5HIHUHQFH0DWHULDOV
&1(1 &RPLWDWR1D]LRQDOHSHUO
(QHUJLD1XFOHDUH &11 &DEOH1HZV1HWZRUN86$
,WDOLDQDFURQ\PRIWKH1DWLRQDO&RPPLWWHHIRU FQQ DEEUFRQQHFWRU
1XFOHDU(QHUJ\ 'HVLJQ(QJLQHHULQJ(OHFWULFDO(QJLQHHULQJ
&1(6 &HQWUH1DWLRQDOG
(WXGHV6SDWLDOHV ,QGXVWULDO(QJLQHHULQJ
)UHQFKDFURQ\PRIWKH1DWLRQDO&HQWHUIRU6SDFH &116 &RQQHFWLRQOHVV1HWZRUN6HUYLFHV
6WXGLHV)UDQFH &12 &KLHIRI1DYDO2SHUDWLRQV
&1(7 &HQWUH1DWLRQDOG
(WXGHVGHV &12F\FOH &DUERQ1LWURJHQ2[\JHQF\FOH
7pOpFRPPXQLFDWLRQV)UDQFH +LJKWHPSHUDWXUHWKHUPRQXFOHDUUHDFWLRQVLQVWDUV
&1(72 &HQWUR1D]LRQDOH(GLOL]LDH7HFQLFKH $VWURQRP\
2VSHGDOLHUH &12'& &KLQD1DWLRQDO2FHDQRJUDSKLF'DWD
,WDOLDQ&HQWHU &HQWHU
&1) &HQWUH1DWLRQDOGH)RUPDWLRQ)UDQFH &KLQHVH&HQWHU
)UHQFK&HQWHU &12) &RQVHLO1DWLRQDOGHO
2UJDQLVDWLRQ)UDQoDLVH
&1) &RQMXQFWLYH1RUPDO)RUP )UDQFH
$UWLILFLDO,QWHOOLJHQFH )UHQFK&RXQFLO
&1) &\DQRJHQ)OXRULGH &126 &HQWUR1D]LRQDOH2SHUH6DOHVLDQH
&1)LVXVHGPDLQO\DVDWHDUJDV ,WDOLDQ&HQWHU
,QRUJDQLF&KHPLVWU\ &126) &RPLWp1DWLRQDO2O\PSLTXHHW6SRUWLI
&1)37 &HQWUH1DWLRQDOGHOD)RQFWLRQ3XEOLTXH )UDQoDLV)UDQFH
7HUULWRULDOH)UDQFH &13
F\FOLFQXFOHRWLGH
SKRVSKRK\GURODVH
)UHQFK&HQWHU &13 &DLVVH1DWLRQDOHGH3UpYR\DQFH)UDQFH
&1* &RPSUHVVHG1DWXUDO*DV )UHQFKLQLWLDOLVPRIWKH1DWLRQDO3URYLGHQW)XQG
&1* &\FOLF1XFOHRWLGH*DWHG&KDQQHOV &13 &RPPLWWHHRQ1XFOHDU3K\VLFV86$
0HGLFLQH0ROHFXODU%LRORJ\DQG*HQHWLFV &13 &RQWLQXRXV1HJDWLYH3UHVVXUH
1HXURELRORJ\2GRUDQW6LJQDOV 0HGLFLQH
&1*( &RUSR1D]LRQDOH*LRYDQL(VSORUDWRUL,WDO\ &133 &HQWUH1DWLRQDOGH3UpYHQWLRQHWGH
&1, &KHPLFDO1HZV ,QWHOOLJHQFH 3URWHFWLRQ)UDQFH
2QOLQHLQIRUPDWLRQUHVRXUFHVIRUWKH&KHPLFDO )UHQFKLQLWLDOLVPRIWKH1DWLRQDO&HQWHUIRU
,QGXVWU\ 3UHYHQWLRQDQG3URWHFWLRQ
&1, &RPPXQLFDWLRQV1DYLJDWLRQ,GHQWLILFDWLRQ &136 &HQWUH1DWLRQDOGHV3RQWVGH6HFRXUV
&1,( &RPPLWWHHIRUWKH1DWLRQDO,QVWLWXWHIRUWKH )UDQFH
(QYLURQPHQW86$ &1369(5 &HQWUH1DWLRQDOGHV3RQWVGH6HFRXUVj
&1,,& &KLQD1DWLRQDO,QWHUQHW,QIRUPDWLRQ&HQWHU 9HUQHXLOO
(WDQJ)UDQFH
&KLQD &15 FRPEDWQHWUDGLR
&KLQD,QWHUQHW UDGLRGHUpVHDXGHFRPEDW
&1,- &HQWUR1DFLRQDOGH,QIRUPDomRSDUDD &15 &RPPLWWHHRQ1DWXUDO5HVRXUFHV81
-XYHQWXGH3RUWXJDO &15&15 &RQVLJOLR1D]LRQDOHGHOOH5LFHUFKH
3RUWXJXHVH&HQWHU ,WDO\
&1,2 1DWLRQDO&DQFHU5HVHDUFK&HQWHU ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO5HVHDUFK
6SDQLVK&HQWHU &RXQFLO
&1/$ &KLQD1DWLRQDO/LEUDU\$VVRFLDWLRQ &15) &ROG1HXWURQ5HVHDUFK)DFLOLW\
&1/$ &RXQFLORI1DWLRQDO/LEUDU\$VVRFLDWLRQV &16 &HQWHUIRU1HXURVFLHQFH86$
&10 &HUWLILHG1XUVH0LGZLIH &16 &HQWUDO1HUYRXV6\VWHP
&10&$ &HQWUR1D]LRQDOH0HWHRURORJLD 7KH&16FRPSULVHVWKHEUDLQH\HVDQGVSLQDO
&OLPDWRORJLD$HURQDXWLFD,WDO\ FRUG
/RFDWHGLQ5RPH,WDO\7KH$HURQDXWLFVVHUYLFHLV $QDWRP\%UDLQDQG&RJQLWLYH6FLHQFHV
SDUWRIWKH200 1HXURSK\VLRORJ\1HXURORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU200 &16 VHH&201$96287+
&10( &DLVVH1DWLRQDOHGHV0DUFKpVGHO
(WDW YRLU&201$96287+
)UDQFH &16$ 1DWLRQDO&HQWUHIRU(QYLURQPHQWDO+HDOWK
&105 &HQWUR1D]LRQDOH0DWHULDOLGL5LIHULPHQWR 6SDLQ
,WDO\
,QRUJDQLF&KHPLVWU\ &RPSXWHU3URJUDPPLQJ
&2) &DUERQ\O)OXRULGH &2*2* FRPELQHGJDVRUJDVSURSXOVLRQ
&DUERQ\O)OXRULGHDOVRNQRZQDV SURSXOVLRQFRPELQpHWXUELQHjJD]RXWXUELQH
)OXRURVSKRVJHQHLVXVHGLQRUJDQLFV\QWKHVLV jJD]
2UJDQLF&KHPLVWU\ &2+ FHVVDWLRQRIKRVWLOLWLHV
&R) &REDOWRXV)OXRULGH FHVVDWLRQGHVKRVWLOLWpV
&REDOWRXV)OXRULGHLVDOVRNQRZQDV &2+$ FHVVDWLRQRIKRVWLOLWLHVDJUHHPHQW
&REDOWGL)OXRULGH DFFRUGGHFHVVDWLRQGHVKRVWLOLWpV
,QRUJDQLF&KHPLVWU\ &RKR &RKHUHQWRVFLOODWRU
&R) &REDOWLF)OXRULGH (OHFWURQLFV
&REDOWLF)OXRULGHLVDOVRNQRZQDV&REDOW &2+5 &HQWHUIRU2UDO+HDOWK5HVHDUFK
7ULIOXRULGH 8QLYHUVLW\RI.HQWXFN\86$
,QRUJDQLF&KHPLVWU\ &2, &HQWUDO2IILFHRI,QIRUPDWLRQ
&2)$&( &RPSDJQLH)UDQoDLVHG
$VVXUDQFHVSRXU &2, &RPPLVVLRQRFpDQRJUDSKLTXHLQWHUJRX
OH&RPPHUFH([WpULHXU YHUQHPHQWDOH
)UHQFKDFURQ\PRIWKH([SRUW&UHGLW*XDUDQWHH ,QWHUJRYHUQPHQWDO2FHDQRJUDSKLF&RPPLVVLRQ
'HSDUWPHQW ,2&
&2)$&( &RQIHGHUDWLRQRI)DPLO\2UJDQL]DWLRQV FRPPXQLW\RILQWHUHVW
LQWKH(XURSHDQ&RPPXQLW\ FRPPXQDXWpG·LQWpUrWV
&2)& &RQWDLQHU2Q)ODWFDU &2,& &DUHHUVDQG2FFXSDWLRQDO,QIRUPDWLRQ&HQWUH
&RI(QJUV &KLHIRI(QJLQHHUV *%
&2))FRII DEEUFRIIHUGDP %ULWLVK&HQWHU
1DYDO$UFKLWHFWXUH &2,( &HQWURGH2ULHQWDFLyQH,QIRUPDFLyQGH
&2))$ FHUWLILFDWHRIILQDOILQDQFLDODFFHSWDQFH (PSOHR6SDLQ
FHUWLILFDWG·DFFHSWDWLRQILQDQFLqUHILQDOH &2,1 &HQWUHIRU2UJDQLF,1IRUPDWLFV
&2), &2PPLWWHHRQ),VKHULHV (VWDEOLVKHGLQ(DVW6ZHGHQ
2IWKH81)$2 2UJDQLFDQG3RO\PHU(OHFWURQLFV
)RUIXUWKHUGHWDLOVVHHXQGHU)$2 &2,1 &2QVRU]LRFRRSHUDWLYH,1WHJUDWH
&2)2 &HUWLILFDWH2)2FFXSDQF\ ,WDOLDQ&RQVRUWLXP
&2)7,5 &2)RXULHU7UDQVIRUP,QIUDUHG &2,1 FRXQWHULQVXUJHQF\
6SHFWURVFRS\ FRQWUHLQVXUUHFWLRQ
&2* &HQWHU2I*UDYLW\ &2,123 FRXQWHULQVXUJHU\RSHUDWLRQ
0HFKDQLFV RSpUDWLRQGHFRQWUHLQVXUUHFWLRQ
&2*$ &2OODERUDWLYHVWXG\RQWKH*HQHWLFVRI &2,16 &2PSXWHUL]HG,1IRUPDWLRQ6\VWHPV
$OFRKROLVP &RO DEEU&ROXPELD86$
%HKDYLRUDO*HQHWLFV &RO&ROR DEEU&RORUDGR86$
&2*$* FRPELQHGJDVDQGJDVSURSXOVLRQ FRO DEEUFROXPQ
SURSXOVLRQFRPELQpHWXUELQHjJD]HWWXUELQH $UFKLWHFWXUH&KHPLFDO(QJLQHHULQJ&RPSXWHU
jJD] 3URJUDPPLQJ(QJLQHHULQJ0DWKHPDWLFV
&2*(0, &2QWUDFWDQWV*(QpUDX[GH0DLVRQV 1XFOHRQLFV
)UDQFH &2/ &RVW2I/LYLQJ
&2*(1( &RPPLWWHH2Q*(1HWLF &2/ &RXQFLORQ2FHDQ/DZ
([SHULPHQWDWLRQ &2/$ &RVW2I/LYLQJ$GMXVWPHQW
/RFDWHGLQ3DULV)UDQFH)RXQGHGLQWRVHUYH &2/$ &RVW2I/LYLQJ$OORZDQFH
DVDQRQJRYHUQPHQWDOLQWHUGLVFLSOLQDU\DQGLQWHU &2ODVHU &DUERQ0RQR[LGHODVHU
QDWLRQDOFRXQFLORIVFLHQWLVWVDQGDVDVRXUFHRI 2SWLFV
DGYLFHIRUWKHEHQHILWRIJRYHUQPHQWVLQWHUJRYHUQ &2/$ 6WXGLHV &HQWHUIRU2FHDQ/DQG$WPRVSKHUH
PHQWDODJHQFLHVVFLHQWLILFJURXSVDQGLQGLYLGXDOV 6WXGLHV
FRQFHUQLQJUHFRPELQDQW'1$ DFWLYLWLHV &ROG &RPSXWHURXWSXWWRODVHUGLVN
&2JHQH&\WRFKURPH2[LGDVHJHQH &2/' &RXQFLORQ2FHDQRJUDSKLF/DERUDWRU\
%LRPHGLFDO&KHPLVWU\&DUGLDF+\SHUWURSK\ 'LUHFWRUV
0HGLFLQH &2/',5(77, &RQIHGHUD]LRQH1D]LRQDOH
&2*2 DEEU&RRUGLQDWH*HRPHWU\ &ROWLYDWRUL'LUHWWL
,WDOLDQDFURQ\PRIWKH,WDOLDQ)DUPHUV
1DWLRQDO RSpUDWLRQVDpULHQQHVFRPELQpHV
)HGHUDWLRQ &20$5$,50(' &RPPDQGHU0DULWLPH$LU
&2/($51 DEEU&2RSHUDWLYH/($51LQJ )RUFH0HGLWHUUDQHDQ
FROO DEEUFROOLVLRQ FRPPDQGDQWGHV)RUFHVDpURPDULWLPHVGHOD
&2/2& FKDQJHRIORFDWLRQRIFRPPDQG 0pGLWHUUDQpH
DEDVFXOHGH3&>)5@ &20$55& &RPPDQGHU$55&
EFKDQJHPHQWG·HPSODFHPHQWGXFRPPDQGH FRPPDQGDQWGHO·$55&
PHQW &20% &HQWHU2I0DULQH%LRWHFKQRORJ\
&2/26 &2QFHSW/HDUQLQJ2I6FLHQFH 2IWKH8QLYHUVLW\RI0DU\ODQG86$
&2/352 FROOHFWLYHSURWHFWLRQ>1%&@ %LRUHPHGLDWLRQ)LVK(QGRFULQRORJ\*HQHWLFVRI
SURWHFWLRQFROOHFWLYH>1%&@ $UFKDHDO2UJDQLVPV0DULQH0LFURELDO3URGXFWV
&2/7 &LW\2I/RQGRQ7HOHFRPPXQLFDWLRQV 0ROHFXODU%LRORJ\
&RQIHUHQFHV &20% &\FORSKRVSKDPLGH2QFRYLQ0H&&18
&20 FLUFXODWLRQRSpUDWLRQQHOOHPLOLWDLUH DQG%OHRP\FLQ
RSHUDWLRQDODLUWUDIILF2$7 2QFRORJ\
&20 &ODTXHPHQWG
2XYHUWXUHGHOD0LWUDOH FRPE 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
)UHQFKDFURQ\PPHDQLQJ0LWUDO2SHQLQJ6QDS (QJOLVKZRUGFRPE0ROHFXODU%LRORJ\
0HGLFLQH ,QYHUWHEUDWH=RRORJ\9HUWHEUDWH=RRORJ\
&20 &RPSXWHU2XWSXWRQ0LFURILOPHU &20%$/7$3 &RPPDQGHU$OOLHG)RUFHV%DOWLF
&20$ &2PPLWWHHRQWKH0HGLFDO$VSHFWVRI)RRG $SSURDFKHV>REVROHWHQRZSDUWRI&,1&
DQG1XWULWLRQ3ROLF\*% 1257+@
&20$,5%$/7$3 &RPPDQGHU$OOLHG$LU)RUFHV FRPPDQGDQWGHV)RUFHVDOOLpHVGHVDSSURFKHVGH
%DOWLF$SSURDFKHV>REVROHWHQRZSDUWRI OD%DOWLTXH>REVROqWHIDLWPDLQWHQDQWSDUWLHGX
&20$,51257+@ &,1&1257+@
FRPPDQGDQWGHV)RUFHVDpULHQQHVDOOLpHVGHV &20%(; FRPELQHGH[HUFLVH
DSSURFKHVGHOD%DOWLTXH>REVROqWHIDLWPDLQ H[HUFLFHPXOWLQDWLRQDO
WHQDQWSDUWLHGH&20$,51257+@ &20&HQWHU &RPPXQLFDWLRQ2SWLFVDQG
&20$,5&(17 &RPPDQGHU$OOLHG$LU)RUFHV 0DWHULDOV&HQWHU
&HQWUDO5HJLRQ>REVROHWH@ 2IWKH'HQPDUN7HFKQLFDO8QLYHUVLW\
FRPPDQGDQWGHV)RUFHVDpULHQQHVDOOLpHVGHOD &20&+(&. FRPPXQLFDWLRQVFKHFN
5pJLRQ&HQWUH>REVROqWH@ YpULILFDWLRQGHVWUDQVPLVVVLRQV
&20$,5&(17/$17 &RPPDQGHU0DULWLPH$LU &RPGU DEEU&RPPDQGHU
&HQWUDO$WODQWLF6XE$UHD>REVROHWH@ $OVR&RPP&PGU&GU
FRPPDQGDQWGHV)RUFHVDpURPDULWLPHGHOD6RXV FRPGW DEEU&RPPDQGDQW
]RQHFHQWUDOHGHO·$WODQWLTXH>REVROqWH@ &20(&21&RPHFRQ &RXQFLOIRU0XWXDO
&20$,5($67/$17 &RPPDQGHU1DYDO$LU (FRQRPLF$VVLVWDQFH
)RUFHV(DVW$WODQWLF>KDVUHSODFHG&20 &20('6 &RPPLWWHHRIWKH&KLHIVRI0LOLWDU\
0$5$,5($67/$17@ 0HGLFDO6HUYLFHVLQ1$72
FRPPDQGDQWGHV)RUFHVDpURQDYDOHV(VWGH &RPLWpGHVFKHIVGHVVHUYLFHVGHVDQWpPLOLWDLUHV
O·$WODQWLTXH>UHPSODFH&200$5$,5($67 DXVHLQGHO·27$1
/$17@ &20()27 &2QVRU]LR0(GLWHUUDQHRGL
&20$,51257+ &RPPDQGHU$OOLHG$LU)RUFHV )2UPD]LRQH7HFQRORJLFD
1RUWK ,WDOLDQ&RQVRUWLXP
FRPPDQGDQWGHV)RUFHVDpULHQQHVDOOLpHV1RUG &20(6$&RPHVD &RPPRQ0DUNHWIRU(DVWHUQ
&20$-) FRPPDQGHUDOOLHGMRLQWIRUFH DQG6RXWKHUQ$IULFD
FRPPDQGDQWGHIRUFHLQWHUDUPpHVLQWHUDOOLpH &20(7 &2QVRUWLXPIRU0LFURHOHFWURQLFV
&20$0)$ &RPPDQGHU$&(0RELOH)RUFH 7UDLQLQJ
$LU &20(77 &RPPXQLW\DFWLRQSURJUDPPHIRU
FRPPDQGDQWGHOD)RUFHPRELOHGX&$($LU (GXFDWLRQDQG7UDLQLQJIRU7HFKQRORJ\
&20$0)/ &RPPDQGHU$&(0RELOH)RUFH (XURSHDQ&RPPXQLW\3URJUDP
/DQG &20(; FRPPHQFHH[HUFLVH
FRPPDQGDQWGHOD)RUFHPRELOHGX&$(7HUUH FRPPHQFHUO·H[HUFLFH
&20$2 FRPSRVLWHDLURSHUDWLRQV FRPPXQLFDWLRQVH[HUFLVH
SRLQWGHFRQWU{OH (OHFWULFLW\2UGQDQFH
&RRSHUDWLRQ3DUWQHU>3I3@ 0HFKDQLFDO(QJLQHHULQJ,QPHFKDQLFDOHQJLQHHU
3DUWHQDLUHGHODFRRSpUDWLRQ>333@ LQJFRXQWHUSRLVHLVDOVRNQRZQDVFRXQWHUZHLJKW
FRRUGLQDWLRQSRVW FRXQWHUEDODQFH
SRVWHGHFRRUGLQDWLRQ &3 &URVV3RODUL]DWLRQ
FRXQWHUSUROLIHUDWLRQ (OHFWURPDJQHWLVP
FRQWUHSUROLIpUDWLRQ &3$ &HQWUHGH3HUIHFWLRQQHPHQWDX[$IIDLUHV
FUpGLWGHSDLHPHQW )UHQFKLQLWLDOLVPRIWKH&HQWHUIRU%XVLQHVV
FDVKFUHGLW&& LPSURYHPHQW
VHH&2/352 &3$ &HUWLILHG3XEOLF$FFRXQWDQW
YRLU&2/352 $FFRXQWV)LQDQFH
&3&3 &DSH3URYLQFH &3$ &KLUSHG3XOVH$PSOLILFDWLRQ
&3 &DSLOODU\3UHVVXUH /DVHU&KHPLVWU\3K\VLFV
)OXLG0HFKDQLFV3K\VLRORJ\ &3$ &ODLPV3D\DEOH$EURDG
&3&3 &DUULDJH3DLG &3$ FORVHVWSRLQWRIDSSURDFK
&3FS &DVHOOD3RVWDOH SRLQWG·DSSURFKHOHSOXVUDSSURFKp
,WDOLDQLQLWLDOLVPPHDQLQJ3RVW2IILFH%R[ FSD FRORUSKDVHDOWHUQDWLRQ
&S &DXGDWHSXWDPHQ 7HOHFRPPXQLFDWLRQV
&3 &HQWHURI3UHVVXUH &3$ &RUWH3HUPDQHQWHG
$UELWUDWR
$YLDWLRQ ,WDOLDQLQLWLDOLVPPHDQLQJ3HUPDQHQW$UELWUDWLRQ
&3 &HUWLILFDWHRI3XUFKDVH &RXUW
%XVLQHVV&RPPHUFH)LQDQFH &3$ &ULWLFDO3DWK$QDO\VLV
FS &HUXORSODVPLQ F3$%3 FKORURSODVW3RO\DGHQ\ODWH%LQGLQJ3URWHLQ
&HUXORSODVPLQLVDOVRNQRZQDV)HUUR[LGDVH &HOO%LRORJ\&KHPLFDO%LRORJ\
%LRFKHPLVWU\&RSSHU0HWDEROLVP &3$3 &RQWLQXRXV3RVLWLYH$LUZD\3UHVVXUH
&3 &KDUWHUHG3DUW\ &3$32& &RPLWpSHUPDQHQWGHVDVVRFLDWLRQVGX
&3FS &KHPLFDOO\3XUH SHUVRQQHOGHVRUJDQLVDWLRQVFRRUGRQQpHV>REVROqWH
&KHPLFDOO\SXUHDFWXDOO\PHDQVZLWKRXWLPSXULWLHV UHPSODFpSDU&53 @
GHWHFWDEOHE\PHDQVRIDQDO\VLV 6WDQGLQJ&RPPLWWHHRIWKH6WDII$VVVRFLDWLRQVRI
&KHPLVWU\ WKH&RRUGLQDWHG2UJDQL]DWLRQV>REVROHWHUHSODFHG
&3&3FS &KLHIRI3ROLFH E\&53 @
&3 &LUFXODU3LWFK &3% %XUHDXRI(FRQRPLF3ROLF\7KH
&3&3 &LYLO3URFHGXUH 1HWKHUODQGV
&3 &ORVLQJ3ULFH&ORVLQJ3XUFKDVH &3% &DUWDJHQD3URWRFRORQ%LRVDIHW\
%XVLQHVV)LQDQFH 7KH&3%ZLOOFRPHLQWRIRUFHLQ6HSWHPEHU
&3&3 &RGHRI3URFHGXUH DQGZLOOHVWDEOLVKPRGDOLWLHVIRUVDIHWUDQVIHUKDQ
&3&3 &RGLFH3HQDOH GOLQJDQGXVHRI/02V
,WDOLDQLQLWLDOLVPPHDQLQJ3HQDO&RGH )RUIXUWKHUGHWDLOVVHHXQGHU/02V
&3 &ROG3XQFKHG &3% &RPSHWLWLYH3URWHLQ%LQGLQJ
&3 &RPPHUFLDO3DSHU 0HGLFLQH
%DQNLQJ%XVLQHVV)LQDQFH &3% &RRSHU3DLU%R[
&3&3 &RPPXQLVW3DUW\ 1DQRVFLHQFH3K\VLFV&3%6 3DUD
&3FS DEEUFRPSDUH &KORURSKHQ\OEHQ]HQHVXOIRQDWH
&3 DEEUFRPSXWHU 2UJDQLF&KHPLVWU\
$OVRFPSWU &3%: FKDUJHGSDUWLFOHEHDPZHDSRQ
&3&3 &RQVLJOLR3URYLQFLDOH DUPHjIDLVHDXGHSDUWLFXOHVFKDUJpHV
,WDOLDQLQLWLDOLVPPHDQLQJ'LVWULFW&RXQFLO &3& &DVSLDQ3LSHOLQH&RQVRUWLXP
&3 &RQVWDQW3UHVVXUH &3& &HPHQW3ODVWHU&HLOLQJ
0HGLFLQH 0DVRQU\
&3&3 &RQWUDFW3ULFH &3& &HQWUDO3URGXFW&ODVVLILFDWLRQ
%XVLQHVV&RPPHUFH)LQDQFH (XURSHDQ&RPPXQLW\
&3 &RUWLFDO3ODWH &3& &KURQLF3DVVLYH&RQJHVWLRQ
&3FS &RXQWHUSRLVH 0HGLFLQH
&KHPLVWU\3KDUPDFHXWLFDOV )RXQGDWLRQWKDWVXSSRUWVUHVHDUFKLQWKHIRUPHU
&U% &RURQD%RUHDOLV 6RYLHW8QLRQ
$ VPDOOFRQVWHOODWLRQO\LQJEHWZHHQ%RRWHVDQG &ROODERUDWLYH86)683URMHFWV
+HUFXOHV &5'2 &KLHI5HVHDUFKDQG'HYHORSPHQW2IILFHU
$VWURQRP\ &5'3 &HQWUHV5pJLRQDX[GH'RFXPHQWDWLRQ
&5%5 &OLQFK5LYHU%UHHGHU5HDFWRU 3pGDJRJLTXH)UDQFH
&5%53 &OLQFK5LYHU%UHHGHU5HDFWRU3ODQW &5' V\VWHP &RQWURO5RG'ULYHV\VWHP
&UEWUDQVPHPEUDQHSURWHLQ &UXPEVWUDQVPHP &5( F$03 5HVSRQVH(OHPHQW
EUDQHSURWHLQ 1HXURELRORJ\1HXURORJ\1HXURVFLHQFH6LJQDO
$ UHJXODWRURIHSLWKHOLDOSRODULW\LQ'URVRSKLOD 7UDQVGXFWLRQ
&HOO%LRORJ\0ROHFXODU*HQHWLFV(SLWKHOLDO&HOO &5( &HQWUR5LFHUFKH(XURSHR
3RODULW\3KRWRUHFHSWRU0RUSKRJHQHVLV ,WDOLDQDFURQ\PRIWKH(XURSHDQ5HVHDUFK&HQWHU
&5& &DQFHU5HVHDUFK&DPSDLJQ &5( &RPPLVVLRQIRU5DFLDO(TXDOLW\*%
&5& &DUGLDF&DOFLXP5HOHDVH&KDQQHOU\DQRGLQH &5( &RVPLF5D\([SRVXUH
UHFHSWRU &5( &\FOLF$03 5HVSRQVH(OHPHQW
%LRFKHPLVWU\%LRSK\VLFV0HGLFLQH3K\VLRORJ\ &5( 6WDQGLQJ&RQIHUHQFHRI5HFWRUV3UHVLGHQWV
&5& &RORUHFWDO&DQFHU DQG9LFH&KDQFHOORUVRIWKH(XURSHDQ
&5& FRQWURODQGUHSRUWLQJFHQWUH 8QLYHUVLWLHV
FHQWUHGHGpWHFWLRQHWGHFRQWU{OH&'& *HQHYD6ZLW]HUODQG)RXQGHGLQWRGHYHORS
&ULVLV5HVSRQVH&HOO>REVROHWHUHSODFHGE\ FRRSHUDWLRQEHWZHHQWKHH[HFXWLYHKHDGVRIDOO
-2&@ (XURSHDQXQLYHUVLWLHVWRUHSUHVHQWWKHXQLYHUVLWLHV
DFHOOXOHGHUpDFWLRQDX[FULVHV>REVROqWHUHP SRLQWVRIYLHZWRJRYHUQPHQWDODQGQRQJRYHUQ
SODFpSDU-2&@ PHQWDOERGLHVFRQFHUQHGZLWKKLJKHUHGXFDWLRQLQ
EFHOOXOHGHFULVH (XURSH
&ULVLV5HVSRQVH&HQWUH>REVROHWHUHSODFHGE\ &5($0 &RVPLF5DGLDWLRQ(IIHFWVDQG$FWLYDWLRQ
-2&@ 0RQLWRU
FHQWUHGHFULVH>REVROqWHUHPSODFpSDU-2&@ &5(%SURWHLQ &\FOLF$035HVSRQVH(OHPHQW
&U& &KURPLXP&DUELGH %LQGLQJSURWHLQ
,QRUJDQLF&KHPLVWU\ 0ROHFXODU%LRORJ\1HXURVFLHQFH7UDQVFULSWLRQ
&5& PHWKRG &RRUGLQDWLQJ5HVHDUFK&RXQFLO )DFWRUV
PHWKRG )RUIXUWKHUGHWDLOVVHHXQGHU&%3 DQGF$03
$ UHVHDUFKWHFKQLTXHIRUPXODWHGDSSURYHGDQG &5(& &RORUDGR5LYHU([WHQVLRQDO&RUULGRU
SXEOLVKHGE\WKH&RRUGLQDWLQJ5HVHDUFK&RXQFLO *HRORJLFDO6FLHQFHV
,QF86$ &5(& &RPLWpGHUpFODPDWLRQV
&5&3URJUDPPH &DQDGD5HVHDUFK&KDLUV &RPSODLQWV&RPPLWWHH&&
3URJUDPPH &5('& &DSLWDO5HJLRQ(FRQRPLF'HYHORSPHQW
(VWDEOLVKHGE\WKH*RYHUQPHQWRI&DQDGD &RUSRUDWLRQ
&5&V &RRSHUDWLYH5HVHDUFK&HQWUHV$XVWUDOLD &5('&LVORFDWHGLQ+DUULVEXUJ3HQQV\OYDQLD
7KH&5&VZHUHVHWXSLQWRXQLWHDFDGHPLF 86$
JRYHUQPHQWDQGLQGXVWU\UHVHDUFKHUV &5('(0 DEEU&5('LWR(0LOLDQR
&5' &DUERK\GUDWH5HFRJQLWLRQ'RPDLQ ,WDOLDQ%DQN
%LRFKHPLVWU\*O\FRELRORJ\0HGLFLQH0ROHFXODU &5(',23 &RQVRU]LRGL&UHGLWRSHUOH2SHUH
DQG&HOOXODU3K\VLRORJ\6WUXFWXUDO%LRORJ\ 3XEEOLFKH,WDO\
&5' FRPPDQGHU·VUHTXLUHGGDWH ,WDOLDQDFURQ\PRIWKH&UHGLW&RQVRUWLXPIRU
GDWHG·pFKpDQFHIL[pHSDUOHFRPPDQGDQW 3XEOLF:RUNV
&5'& &OLPDWH5HVHDUFK'DWD&HQWHU (VWDEOLVKHGLQLQEHFDPHSDUWRIWKH
&5'& &RWWRQ5HVHDUFKDQG'HYHORSPHQW *UXSSR'H[LDVLQFH0D\WKHFRUSRUDWH
&RUSRUDWLRQ QDPHLV'H[LD&UHGLRS
&5') &DWKRGH5D\'LUHFWLRQ)LQGHU &5('2 &OXVWHURI5HVHDUFKRQ(QGRFULQH
&5') &LYLOLDQ5HVHDUFKDQG'HYHORSPHQW 'LVUXSWLRQLQ(XURSH
)RXQGDWLRQ86$ $ QHZ(XURSHDQ8QLRQ\HDU5HVHDUFK
7KH&5')LVD9LUJLQLDEDVHGQRQSURILW 3URJUDP
+RUPRQHPLPLFNLQJ&KHPLFDOV7R[LFRORJ\
&5()$& &HQWUHG
(WXGHHWGH)RUPDWLRQSRXU &U) LVXVHGDVDFDWDO\VW
O
$FFRPSDJQHPHQWGHV&KDQJHPHQWV ,QRUJDQLF&KHPLVWU\
&UHJLRQ &RQVWDQWUHJLRQ &5) &RUWLFRWURSLQ5HOHDVLQJ)DFWRU
,PPXQRJOREXOLQ0ROHFXOHV &5)LVDSHSWLGH
&5(+$&UHKD &HQWUHV5pJLRQDX[SRXUO
(QHUJLH %UDLQ&KHPLVWU\1HXURVFLHQFH
HWO
+$ELWDW)UDQFH 1HXURWUDQVPLWWHUV
)UHQFK&HQWHU &5))7 WHFKQLTXH &\FOLF5HGXFWLRQ)DVW)RXULHU
&5(0( FRQFOXVLRQVDQGUHFRPPHQGDWLRQVRQPDU 7UDQVIRUPWHFKQLTXH
LWLPHH[HUFLVHV>REVROHWHUHSODFHGE\1//'%@ &5)OZ ORQJZDYH&ORXG5DGLDWLYH)RUFLQJ
FRQFOXVLRQVHWUHFRPPDQGDWLRQVUHODWLYHVDX[ $WPRVSKHULF6FLHQFHV&ORXG0LFURSK\VLFV
H[HUFLVHVPDULWLPHV>REVROqWHUHPSODFpSDU *HRSK\VLFV
1//'%@ &5)3&UIS &HQWUL5HJLRQDOLGL)RUPD]LRQH
&5(6 &HQWHUIRU5HSURGXFWLRQRI(QGDQJHUHG 3URIHVVLRQDOH,WDO\
6SHFLHV86$ ,WDOLDQ&HQWHUV9RFDWLRQDO7UDLQLQJ
&ORQLQJ&RQVHUYDWLRQ%LRORJ\&RQVHUYDWLRQ FUJ DEEUFDUULDJH
3URJUDPV3URMHFWV*HQHWLFV0ROHFXODU*HQHWLFV (QJLQHHULQJ*UDSKLF$UWV2UGQDQFH
3RSXODWLRQ%LRORJ\3RSXODWLRQ*HQHWLFV &5*FRPPXQLFDWLRQUHSRUWLQJJDWH
5HSURGXFWLYH%LRORJ\=RRORJ\ VHXLOGHFRPSWHUHQGX
&5(6 &HQWURSHUOD5LFHUFD(OHWWURQLFDLQ6LFLOLD &5*5 &RDOLWLRQIRU5HVSRQVLEOH*HQHWLF5HVHDUFK
,WDOLDQDFURQ\PRIWKH&HQWHUIRU(OHFWURQLF &5+V\VWHP &RUWLFRWURSLQ5HOHDVLQJ+RUPRQHV\V
5HVHDUFKLQ6LFLO\ WHP
&5(6LVEDVHGLQ3DOHUPR,WDO\ 0DPPDOLDQ*HQHWLFV0HQWDO+HDOWK3V\FKLDWU\
&UHV DEEUFUHVFHQW &5, &HQWUDOHGHV5qJOHPHQWV,QWHUEDQFDLUHV
$VWURQRP\,QYHUWHEUDWH=RRORJ\6FLHQFH )UDQFH
&5(VHJPHQW &DPS5RFN(PHUVRQVHJPHQW )UHQFKLQLWLDOLVPRIWKH&HQWHUIRU,QWHUEDQN
&UXVWDO6WXGLHV 6HWWOHPHQWV5HIHUULQJWRVHWWOHPHQWVE\WKH7%)
&5(60( &HQWUR5LFHUFKH(FRQRPLFKH V\VWHP
6RFLRORJLFKHHGL0HUFDWR(GLOL]LR,WDO\ )RUIXUWKHUGHWDLOVVHHXQGHU7%)
,WDOLDQ5HVHDUFK&HQWHU &5, &KULVWHQVHQ5HVHDUFK,QVWLWXWH0DGRQJ3DSXD
&5(63 FULVLVUHVSRQVHSURWRW\SH 1HZ*XLQHD
SURWRW\SHGHUpSRQVHDX[FULVHV &5, &RPPLVVLRQ5RJDWRLUH,QWHUQDWLRQDOH
&5(667 SURMHFW &U\RJHQLF5DUH(YHQW6HDUFK )UHQFKDFURQ\PPHDQLQJ,QWHUQDWLRQDO5RJDWRU\
ZLWK6XSHUFRQGXFWLQJ7KHUPRPHWHUVSURMHFW &RPPLVVLRQ-XGLFLDO&RPPLVVLRQ
*HUPDQ\ &5,$&ULD &RPPXQLW\5HVHDUFK,QLWLDWLYHRQ
$VWURQRP\%RORPHWHUV3K\VLFV $LGV86$
&5(67 &RUH5HVHDUFKIRU(YROXWLRQDO6FLHQFHDQG &5,$'6 &HQWUDO5HJLRQ,QWHJUDWHG$LU'HIHQFH
7HFKQRORJ\-DSDQ 6\VWHP>REVROHWH@
5HVHDUFK3URMHFWV V\VWqPHGHGpIHQVHDpULHQQHLQWpJUpHGHOD5pJLRQ
&5) &DSDFLWp5pVLGXHOOH)RQFWLRQQHOOH &HQWUH>REVROqWH@
)UHQFKLQLWLDOLVPPHDQLQJ)XQFWLRQDO5HVLGXDO &5,$, &RQVRU]LRFDPSDQRGL5LFHUFDSHU
&DSDFLW\)XQFWLRQDO5HVLGXDO$LU O
,QIRUPDWLFDHO
$XWRPD]LRQH,QGXVWULDOH
0HGLFLQH &5,$,LVORFDWHGLQ1DSOHV,WDO\
&5) &HQWUR5LFHUFKH),$7 ,WDOLDQ&RQVRUWLXP
,WDOLDQLQLWLDOLVPRI),$7 5HVHDUFK&HQWHU7XULQ &5,&6 &HQWUDO5HJLRQ,QWHJUDWHG&RPPXQLFDWLRQV
,WDO\ 6\VWHP>REVROHWH@
&5) &ODVVLFDO5HFHSWLYH)LHOG V\VWqPHLQWpJUpGHWpOpFRPPXQLFDWLRQVGHOD
&RPSXWDWLRQDQG1HXUDO6\VWHPV1HXURVFLHQFH 5pJLRQ&HQWUH>REVROqWH@
3V\FKLDWU\3V\FKRORJ\ &5,0 &RPPHUFLDO5HIULJHUDWRU,QFXEDWRU0RGXOH
&5) &ORXG5DGLDWLRQ)HHGEDFN &5,1&$ &HQWUDO5HJLRQ,QWHOOLJHQFH
&5) FRQWLQJHQF\UHDFWLRQIRUFH &RPPXQLFDWLRQV$UFKLWHFWXUH>REVROHWH@
IRUFHGHUpDFWLRQSRXUOHVVLWXDWLRQVGHFLUFRQ DUFKLWHFWXUHGHVFRPPXQLFDWLRQVSRXUOHUHQ
VWDQFH VHLJQHPHQWGHOD5pJLRQ&HQWUH>REVROqWH@
&U) &KURPRXV)OXRULGH
&6)%HQWHUHGWKHZRUOGRIKLJKWHFKQRORJ\ JUDPVLQELRLQIRUPDWLFVDQGFRPSXWDWLRQDOELROR
ILQDQFLQJLQ0DUFK J\LQWKH8QLWHG6WDWHV
$GYLVRU\6HUYLFHV&RUSRUDWH)LQDQFH6ZLVV %LRLQIRUPDWLFV&RPSXWDWLRQDO%LRORJ\
%DQN &6, &RPXQLWjGHJOL6WDWL,QGLSHQGHQWL
&6)5 &RPPLWWHHRQ6FLHQWLILF)UHHGRPDQG 2IWKH)RUPHU6RYLHW8QLRQ
5HVSRQVLELOLW\ &6, &RQGLWLRQDO6\PPHWULF,QVWDELOLW\
2IWKH$$$6 &6, &5&6$0LQWHUIDFH
)RUIXUWKHUGHWDLOVVHHXQGHU$$$6 LQWHUIDFH&'&6$0
&6)6 VHH&20675,.)256287+ &6,& 6SDQLVK1DWLRQDO5HVHDUFK&RXQFLO
9RLU&20675,.)256287+ 6SDQLVK&RXQFLOV
&6* &LYLO6HDOLIW*URXS &6,&23 &RPPLWWHHIRUWKH6FLHQWLILF,QYHVWLJDWLRQ
*URXSHVXUOH6HDOLIWFLYLO RI&ODLPV2IWKH3DUDQRUPDO86$
FRXUVHDQGVSHHGPDGHJRRGRYHUWKHJURXQG &6,2 &HQWUDO6FLHQWLILF,QVWUXPHQWV2UJDQL]DWLRQ
URXWHHWYLWHVVHVXUOHIRQG ,QGLD
&6* &RPSXWHU6XSSRUW*URXS86$ &6,5 &RXQFLORI6FLHQWLILF ,QGXVWULDO5HVHDUFK
&6*KDVEHHQUHSODFHGE\&16' &RPSXWHUDQG ,QGLD
1HWZRUN6HUYLFHV'LYLVLRQ &6,52 &RPPRQZHDOWK6FLHQWLILFDQG,QGXVWULDO
&6* &RQWULEXWLRQ6RFLDOH*pQpUDOLVpH 5HVHDUFK2UJDQL]DWLRQ$XVWUDOLD
)UHQFKLQLWLDOLVPPHDQLQJ6RFLDO6HFXULW\ &6,6 &HQWHUIRU6WUDWHJLFDQG,QWHUQDWLRQDO6WXGLHV
&RQWULEXWLRQ 86$
&6*( &RQIRUPDWLRQ6HQVLWLYH*HO(OHFWURSKRUHVLV FVN FRXQWHUVLQN
&ROODJH5HVHDUFK'LDJQRVWLF5DGLRORJ\*HQH 0HFKDQLFDO'HYLFHV
7KHUDS\*HQHWLFV0HGLFDO%LRFKHPLVWU\ &6/ &HQWUDO6FLHQFH/DERUDWRU\
0HGLFLQH 7KH&6/ LVORFDWHGQHDU<RUN*%,WLVDQ
&6JHQH &LWUDWH6\QWKDVHJHQH ([HFXWLYH$JHQF\RI0$))
3ODQW0ROHFXODU%LRORJ\3ODQW3K\VLRORJ\ )RRG6DIHW\6DIHJXDUGLQJRI)RRG6XSSO\
&6+ FRPEDWVXSSRUWKHOLFRSWHU 3URWHFWLRQRIWKH(QYLURQPHQW
DKpOLFRSWqUHG·DSSXLDXFRPEDW )RUIXUWKHUGHWDLOVVHHXQGHU0$))
EKpOLFRSWqUHGHVRXWLHQDXFRPEDW &6/ &RQVRU]LR6FXRODH/DYRUR,WDO\
&6+$)7 DEEU&UDQNVKDIW 3URMHFWV
0HFKDQLFDO(QJLQHHULQJ &6/$ &KXUFKDQG6\QDJRJXH/LEUDU\$VVRFLDWLRQ
&6+/DERUDWRU\ &ROG6SULQJ+DUERU/DERUDWRU\ &60 &HQWUR6YLOXSSR0DWHULDOL
86$ ,WDOLDQLQLWLDOLVPRIWKH0DWHULDOV'HYHORSPHQW
$OVR&6+/ &HQWHU5RPH,WDO\
&6, &HQWURSHUOR6YLOXSSR,QGXVWULDOH &60 &HUHEURVSLQDO0HQLQJLWLV
,WDOLDQLQLWLDOLVPRIWKH&HQWHUIRU,QGXVWULDO 0HGLFLQH
'HYHORSPHQW &60 &OLPDWH6\VWHP0RGHO&OLPDWH6\VWHP
&6,&6, &HQWUR6SRUWLYR,WDOLDQR 0RQLWRULQJ
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ6SRUW&HQWHU &60 &RPPDQGDQG6HUYLFH0RGXOH
&V, &HVLXP,RGLGH &60 FRQWLQHQWDOVKHOIPLQH
&V,LVXVHGPDLQO\IRULQIUDUHGVSHFWURVFRS\,WLV PLQHSRXUOHSODWHDXFRQWLQHQWDO
QRZXVHGIRUWKHVWXG\RIGLHOHFWULFWRPHWDOWUDQ &60$ &HQWUHIRU6XUIDFHDQG0DWHULDOV$QDO\VLV
VLWLRQ *%
(QJLQHHULQJ6FLHQFH,QRUJDQLF&KHPLVWU\ %LRPHGLFDO'HYLFHV6XUIDFH$QDO\VLV
0DWHULDOV6FLHQFH0HWDOOL]DWLRQ3K\VLFDO &60$&' &DUULHU6HQVH0XOWLSOH$FFHVVZLWK
6FLHQFH &ROOLVLRQ'HWHFWLRQ
&6,&6, &RGLFH6SRUWLYR,QWHUQD]LRQDOH 7HOHFRPPXQLFDWLRQV
,WDOLDQLQLWLDOLVPPHDQLQJ,QWHUQDWLRQDO6SRUW &60% &RQVLJOLRGHJOL6WDWLGHO0DU%DOWLFR
&RGH &60(( &HQWHUIRU6FLHQFH0DWKHPDWLFVDQG
&6, &RPSXWDWLRQDO6FLHQFHVDQG,QIRUPDWLFV (QJLQHHULQJ(GXFDWLRQ86$
7KH&6,LVDW*HRUJH0DVRQ8QLYHUVLW\,WZDV &61 &DURWLG6LQXV1HUYH
HVWDEOLVKHGLQ,WLVRQHRIWKHILUVW3K'SUR &61&5$ &KDPEUH6\QGLFDOH1DWLRQDOHGX
&RPPHUFHHWGHOD5pSDUDWLRQ$XWRPRELOH WKHIRFDOSRLQWDW1,+IRUWKHFRQGXFWRILQLWLDO
)UDQFH SHHUUHYLHZWKHIRXQGDWLRQRIWKH1,+JUDQWDQG
&61(7 &RPSXWHU6FLHQFH1(7ZRUN DZDUGSURFHVV7RWKLVHQGWKH&HQWHUGHYHORSV
&61,6 6WHHULQJ&RPPLWWHHRQ&RPPXQLFDWLRQ DQGLPSOHPHQWVLQQRYDWLYHIOH[LEOHZD\VWRFRQ
6\VWHPV1HWZRUN,QWHURSHUDELOLW\>REVROHWH@ GXFWUHIHUUDODQGUHYLHZIRUDOODVSHFWVRIVFLHQFH
&RPLWpGLUHFWHXUGXSURMHFWG·LQWHURSpUDELOLWp )RUIXUWKHUGHWDLOVVHHXQGHU1,+
GHVUpVHDX[GHV\VWqPHVGHFRPPXQLFDWLRQ &65 &ODVV6ZLWFK5HFRPELQDWLRQ
>REVROqWH@ )RUIXUWKHUGHWDLOVVHHXQGHU$,'
&61/9 &KDPEUH6\QGLFDOH1DWLRQDOHGHV/RXHXUV &65 FRPEDWVWUHVVUHDFWLRQ
GH9pKLFXOHV,QGXVWULHOV)UDQFH DUpDFWLRQGHVWUHVVGHFRPEDW
&V12 &HVLXP1LWUDWH EVWUHVVVXLWHDXFRPEDW
,QRUJDQLF&KHPLVWU\ &65 &RPPLWWHHIRU6FLHQWLILF5HVHDUFK
&62 &HQWUDO6HOOLQJ2UJDQL]DWLRQ &65 &XVWRPHU6HUYLFH5HSUHVHQWDWLYH
&62 &HQWUDO6WDWLVWLFV2IILFH,UHODQG &65& &KLQD6HFXULWLHV5HJXODWRU\&RPPLVVLRQ
&62 &KLHI6FLHQWLILF2IILFHU &KLQD
&62 &RPPLWWHHRI6HQLRU2IILFLDOV &KLQHVH&RPPLVVLRQV
&V2 &HVLXP2[LGH &65((6 &RRSHUDWLYH6WDWH5HVHDUFK(GXFDWLRQ
,QRUJDQLF&KHPLVWU\ DQG([WHQVLRQ6HUYLFH
&V2 &HVLXP3HUR[LGH 2IWKH86'$
,QRUJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU86'$
&V2+ &HVLXP+\GUR[LGH &65) FRPPRQVRXUFHURXWHILOH
&V2+LVDOVRNQRZQDV&HVLXP+\GUDWH ILFKLHUFRPPXQGHVURXWDJHVG·RULJLQH
,QRUJDQLF&KHPLVWU\ &65, &RXQFLORI6FLHQWLILFDQG,QGXVWULDO5HVHDUFK
&VS&63 &DPHUD6LQGDFDOH3URYLQFLDOH,WDO\ ,QGLDQ&RXQFLO
&63 &KLUDO6WDWLRQDU\3KDVH &656 &HQWHUIRU6FLHQFH5HVHDUFKDQG6WDWLVWLFV
&63 &LUFXPVSRUR]RLWH3URWHLQ )RUPHU6RYLHW8QLRQ
0DODULD9DFFLQH &656 &RKHUHQW6WRNHV5DPDQ6SHFWURVFRS\
&63 &RPPDQGHPHQWFRPPDQGDQWVXERUGRQQp &656 FRPPRQVHFXULW\UHTXLUHPHQWVWDWHPHQW
SULQFLSDO>REVROqWHUHPSODFpSDU65&@ pQRQFpGHVLPSpUDWLIVGHVpFXULWpFRPPXQV
3ULQFLSDO6XERUGLQDWH&RPPDQG&RPPDQGHU &656 &RRSHUDWLYH6WDWH5HVHDUFK6HUYLFH
36&>REVROHWHUHSODFHGE\65&@ &65V&XVWRPHU6HUYLFH5HSUHVHQWDWLYHV
FRPPHQFHVHDUFKSRLQW &6V &HQWUDO6WDUV
SRLQWGHFRPPHQFHPHQWGHODUHFKHUFKH 7KH&6VDUHVRFDOOHGEHFDXVHRIWKHLUORFDWLRQ
&63 &RQVXOHQ]DSHUOR6YLOXSSRGHOOD3URGXWWLYLWj QHDURULQWKHFHQWUHVRIWKH3ODQHWDU\1HEXODH
,WDO\ $VWURQRP\$VWURSK\VLFV
&63 &RQWURO6ZLWFKLQJ3RLQW &66 &KDRWLF6WUDLQ6WUXFWXUH
&63*VPROHFXOHV &KRQGURLWLQ6XOSKDWH &66LVDOVRNQRZQDV&\FOLFDO6WUDLQ6WUXFWXUH
3URWHRJO\FDQVPROHFXOHV (SLGHPLRORJ\
%UDLQ5HVHDUFK1HXURVFLHQFH1HXURVXUJHU\ &66 FRPEDWVHUYLFHVXSSRUW
6SLQDOFRUG,QMXULHV VRXWLHQORJLVWLTXHGXFRPEDW
&63, &HQWHUIRU6FLHQFHLQWKH3XEOLF,QWHUHVW &66$ &RPSXWLQJ6HUYLFHVDQG6RIWZDUH
86$ $VVRFLDWLRQ
&6SURWHLQ &LUFXPVSRUR]RLWHSURWHLQ &66$ &URS6FLHQFH6RFLHW\RI$PHULFD86$
(SLGHPLRORJ\+XPDQ*HQHWLFV,QIHFWLRXV &66( &RQIHUHQFHRI6WDWH6DQLWDU\(QJLQHHUV
'LVHDVHV0ROHFXODU,PPXQRORJ\0ROHFXODU &66/ &RQWLQXRXV6\VWHP6LPXODWLRQ/DQJXDJH
0HGLFLQH7URSLFDO0HGLFLQH &V62 &HVLXP6XOIDWH
&6353 &RPPLWWHHRQ6FKRODUO\&RPPXQLFDWLRQ &HVLXP6XOIDWHLVXVHGPDLQO\LQEUHZLQJDQG
ZLWKWKH3HRSOH
V5HSXEOLFRI&KLQD PLQHUDOZDWHUV
&63V &RUSRUDWH6HUYLFH3URYLGHUV ,QRUJDQLF&KHPLVWU\
&637 FRPPDQGHUIRUVXSSRUW F6W &HQWLVWRNH
FRPPDQGDQWFKDUJpGXVRXWLHQ )OXLG0HFKDQLFV
&65 &HQWHUIRU6FLHQWLILF5HYLHZ86$ &67 &HUYLFDO&RUWLFRVSLQDO7UDFW
7KH&65ZDVHVWDEOLVKHGLQ7KH&HQWHULV &67 &ROOHFWLYH6HFXULW\7UHDW\>&,6@
7UDLWpGHVpFXULWpFROOHFWLYH>&(,@ *HQRPLFV0LFURELRORJ\,PPXQRORJ\
&RQYHQWLRQDO6WDELOLW\7DONV &7 &LUFXODWLRQ7LPH
HQWUHWLHQVRXSRXUSDUOHUVVXUODVWDELOLWpGHV 0HGLFLQH
DUPHPHQWVFRQYHQWLRQQHOV &7 &RDWHG7DEOHW
&67 &RUWLFRVSLQDO7UDFW 0HGLFLQH
&67% &RPSXWHU6FLHQFHDQG7HOHFRPPXQLFDWLRQV &7&7 &RPPLVVDULR7HFQLFR
%RDUG86$ ,WDOLDQLQLWLDOLVPPHDQLQJ&RDFK
&67' &HQWHUIRU6FLHQFHDQG7HFKQRORJ\ 6SRUWV
'HYHORSPHQW81 &7 &RPSXWHUL]HG7RPRJUDSK\
FVWJ DEEUFDVWLQJ &7 &RQGHQVHG7DQQLQ
0HWDOOXUJ\ )RUIXUWKHUGHWDLOVVHHXQGHU&7V
FVWPV DEEUFXVWRPV &7 &RQIHUHQFH7HUPV
&67 1HW &KLQD6FLHQFHDQG7HFKQRORJ\1HWZRUN &7 DEEU&RQQHFWLFXW86$
&KLQD &7 &RQVWLWXWLYH7UDQVFULSW
,QWHUQHWLQ&KLQD &7 &RQVXOHQWH7HFQLFR
&672 &HUWLILFDWR6XSHULRUHGL7XULVPR ,WDOLDQLQLWLDOLVPPHDQLQJ&RQVXOWLQJ(QJLQHHU
2SHUDWLYR &7 &RUSRUDWLRQ7D[
2IWKH,QWHUQDWLRQDOVFKRRORI7RXULVP,WDO\ &7 DEEU&RXQWHU
&675 &RQWLQXRXVIORZ6WLUUHG7DQN5HDFWRU &7 &ULWLFDO7KHRU\
&KHPLFDO.LQHWLFV&KHPLVWU\(OHFWURSKRUHVLV &7 (QGRFDUGLDO&XVKLRQ7LVVXH
3K\VLFDO&KHPLVWU\ &7$ &HQWHUIRU7HFKQRORJ\$VVHVVPHQW
&68 &DOLIRUQLD6WDWH8QLYHUVLW\86$ 7KH&7$ LVD:DVKLQJWRQ'&EDVHGLQIRUPDWLRQ
&68 FDVXDOW\VWDJLQJXQLW &OHDULQJKRXVH86$
XQLWpGHWUDQVLWGHVPDODGHVHWEOHVVpV &7$&WD &HQWURGL7HUDSLDGHOO
$GROHVFHQ]D
&68 &KULVWLDQ6RFLDO8QLRQ*HUPDQ\ ,WDOLDQ&HQWHU
&68 &RORUDGR6WDWH8QLYHUVLW\86$ &7$ &RPPRQ7UDLQLQJ$UFKLWHFWXUH
&68&68 &RQVWDQW6SHHG8QLW (XURSHDQ&RPPXQLW\3URMHFW
&69 &KU\VDQWKHPXP6WXQW9LURLG &7$ &RXQFLOIRU7HFKQRORJLFDO$GYDQFHPHQW
&6: &KDQQHO6WDWXV:RUG 86$
&6: FRXUVHDQGVSHHGPDGHJRRGWKURXJKWKH &7$% &HW\OWULPHWK\ODPPRQLXP%URPLGH
ZDWHU &KHPLVWU\
URXWHHWYLWHVVHVXUO·HDX &7$&2+ &HW\OWULPHWK\ODPPRQLXP
&6:5 &HQWHUIRUWKH6WXG\RI:RUOG5HOLJLRQV &KORULGH+\GUR[LGH
$W+DUYDUG'LYLQLW\6FKRRO+DUYDUG8QLYHUVLW\ &KHPLVWU\
&6:V &RPPHUFLDO6H[:RUNHUV &7$. &LSKHU7H[W$XWR.H\
7KHVRFDOOHGGLUHFWFRPPHUFLDOVH[ZRUNHUVDUH &7$36 FRQWLQJHQF\WKHDWUHDXWRPDWHGSODQQLQJ
WKHRQHVZKRZRUNLQEURWKHOVDQGWKHLQGLUHFW V\VWHP
FRPPHUFLDOVH[ZRUNHUVDUHWKHRQHVZKRZRUNLQ V\VWqPHDXWRPDWLVpGHSODQLILFDWLRQGHVRSpUDWLRQV
PDVVDJHSDUORUVDQGWKHOLNH GHFLUFRQVWDQFHjO·pFKHORQGXWKpkWUH
&6:6 FRUSVVXSSRUWZHDSRQV\VWHP &WDV &KU\VOHUWHFKQRORJLHVDLUERUQHV\VWHPV
V\VWqPHG·DUPHGHVRXWLHQGHFRUSVG·DUPpH &7% &DQFHU7UDLQLQJ%UDQFK
&6= &DVFDGLD6XEGXFWLRQ=RQH 2IWKH861DWLRQDO&DQFHU,QVWLWXWH
(DUWKDQG(QYLURQPHQWDO6FLHQFHV2FHDQLFDQG &7% &HQWUR7HDWUDOH%UHVFLDQR
$WPRVSKHULF6FLHQFHV ,WDOLDQ&HQWHU
&7 &DEOH7UDQVIHU &7% &RPSUHKHQVLYH7HVW%DQ
FW DEEUFDUDW &7%FROXPQ &\WRWURSKREODVWFROXPQ
$OVRN $QDWRP\%LRFKHPLVWU\5HSURGXFWLYH0HGLFLQH
&7 &DWDQLD,WDO\ 6WRPDWRORJ\
FW DEEUFHQW &W%3 &DUER[\OWHUPLQDO%LQGLQJ3URWHLQ
&7 &HQWHU7DS 3NDQW%LRORJ\
(OHFWULFLW\ &7%VXEXQLW &KROHUD7R[LQ%VXEPLW
&7 &HQWUDO$IULFDQ5HSXEOLF %UDLQ5HVHDUFK1HXURVFLHQFH1HXURVXUJHU\
&7 &KROHUD7R[LQ 6SLQDOFRUG,QMXULHV
7HFKQRORJ\0HFKDQLFDO'HYLFHV0HFKDQLFDO
' (QJLQHHULQJ0LQLQJ(QJLQHHULQJ
' 'XFKHVV'XNH
G GXUDWLRQ
G GDWDGDWH 2FHDQRJUDSK\6FLHQFH
'G GDXJKWHU&RPSDQ\ ' 'XWFK
G GD\GHEHQWXUH 7KH*HUPDQLFODQJXDJHRIWKH1HWKHUODQGV
G GHJUHH /DQJXDJHV
0DWKHPDWLFV0HWURORJ\ G SHQQ\SHQFH
G GHOLYHUHG '$ GDPDJHDVVHVVPHQW
'G GHQVLW\ pYDOXDWLRQGHVGRPPDJHV
&RPSXWHU7HFKQRORJ\(FRORJ\*UDSKLF$UWV GpIHQVHDpULHQQH
0HFKDQLFV2SWLFV7UDQVSRUWDWLRQ(QJLQHHULQJ DLUGHIHQFH$'
'' GHULYDWLYH 'HQPDUN
&KHPLVWU\0DWKHPDWLFV 'DQHPDUN
' 'pWHQX GLUHFWDFWLRQ
PHDQLQJLQ)UHQFKGHWDLQHGLQFXVWRG\ DFWLRQGLUHFWH
'+ 7KHFKHPLFDOV\PEROIRU'HXWHULXP '$ 'HQPDUN
'HXWHULXPLVDOVRNQRZQDV+HDY\+\GURJHQ $OVR'HQ'N
&KHPLVWU\6\PEROV '$ 'DWD$FTXLVLWLRQ
G GHYLDWLRQ &RPSXWHU3URJUDPPLQJ7HOHFRPPXQLFDWLRQV
(QJLQHHULQJ1DYLJDWLRQ2SWLFV2UGQDQFH '$ 'DWD$YDLODEOH
3V\FKRORJ\6WDWLVWLFV GDGD\GD\V
GG GLDPHWHUGLVWDQFHGLVWDO '$ 'D\VDIWHU$FFHSWDQFH
' 'LJLW %XVLQHVV&RPPHUFH
$QDWRP\0DWKHPDWLFV '$ 'HFLPDO$GGUHVV
' 'LJLWDO 'DWD&RPPXQLFDWLRQV
&RPSXWHU7HFKQRORJ\(QJLQHHULQJ '$ 'HGXFWLEOH$YHUDJH
G GLPH '$ 'HHGRI$JUHHPHQW
' 'LRGH '$ 'HOD\HG$FWLRQ
(OHFWURQLFV 2UGQDQFH
G GLRSWHU '$ 'HOLYHU\DJDLQVW$FFHSWDQFH
2SWLFV '$ 'HQPDUN
' 'LUHWWR '$'$ 'HQWDO$VVLVWDQW
5DLOZD\V 7KURXJKWUDLQLQ,WDOLDQ '$ 'HSDUWPHQWRIWKH$UP\86$
G GLVHDVH '$ 'HSOHWLRQ$OORZDQFH
0HGLFLQH '$ 'HSRVLW$FFRXQW
GGLVFRXQW '$ 'HVLJQ$XWRPDWLRQ
' 'LVSOD\ &RPSXWHU7HFKQRORJ\
%HKDYLRU&RPSXWHU6FLHQFH(OHFWURQLFV '$'$ 'HYHORSPHQWDO$JH'HYHORSPHQW$JH
'G GLYLGHQG 3V\FKRORJ\
' 'RFWRU '$ 'LIIHUHQWLDO$QDO\]HU
' 'ROODU '$ LVDOVRNQRZQDV(OHFWURQLF'LIIHUHQWLDO
$OVRGROGOU $QDO\]HU
' 'RPHQLFD &RPSXWHU7HFKQRORJ\
6XQGD\LQ,WDOLDQ '$ 'LSORPDLQ$QDHVWKHWLFV
G DEEUGRUVDO '$ 'LULWWLG
$XWRUHFRPSHQVL
$QDWRP\ ,WDOLDQLQLWLDOLVPPHDQLQJ5R\DOWLHV
G DEEUGRVH '$ 'LULWWRG
$XWRUH
0HGLFLQH1XFOHRQLFV ,WDOLDQDFURQ\PPHDQLQJ&RS\ULJKW
' 'UXP /DZ
$UFKLWHFWXUH&KHPLFDO(QJLQHHULQJ&RPSXWHU '$ 'LVWULFW$WWRUQH\86$
'$ 'RFWRURI$UWV
':0 'HVWLQDWLRQ:DUQLQJ0DUNHU
'DWD&RPPXQLFDWLRQV
':6 'LIIXVLQJ:DYH6SHFWURVFRS\
':6LVDPXOWLSOHOLJKWVFDWWHULQJWHFKQLTXH
$VWURQRP\'LIIXVLQJ:DYH6SHFWURVFRS\
0LFURVFRSLF'\QDPLFVRI*UDLQV3K\VLFV
':6 GLVWULEXWHGZDUJDPLQJV\VWHP
V\VWqPHGHMHXGHJXHUUHUpSDUWL
':61(7 GLVWULEXWHGZDUJDPLQJV\VWHPQHWZRUN
UpVHDXGHMHXGHJXHUUHUpSDUWL
':7GZW 'HDGZHLJKW7RQGHDGZHLJKWWRQQDJH
'; 7KHDLUOLQHFRGHIRU'DQDLU
'; 'LDJQRVLV
$UWLILFLDO,QWHOOLJHQFH&RPSXWHU7HFKQRORJ\
0HGLFLQH6\VWHPDWLFV
'; 'LUHFW([SDQVLRQ
0HFKDQLFDO(QJLQHHULQJ
';$ 'XDOHQHUJ\;UD\$EVRUSWLRPHWU\
2EHVLW\2VWHRSRURVLV3K\VLRORJ\
';& 'DWD([FKDQJH&RQWURO
';0 'H[DPHWKDVRQH
,PPXQRORJ\0ROHFXODUDQG&HOOXODU%LRORJ\
0ROHFXODU6LJQDO7UDQVGXFWLRQ
G\ DEEUGHOLYHU\
G\ DEEUGHSXW\
'< 'RFN\DUG
G\ DEEUGXW\
'\ 7KHFKHPLFDOV\PEROIRU'\VSURVLXP
'\VSURVLXPZDVGLVFRYHUHGE\WKH)UHQFKFKHPLVW
3DXO(PLOH/HFRTGH%RLVEDXGUDQ
&KHPLVWU\6\PEROV
'<$1$ '<QDPLF$OJRULWKPIRU105
$SSOLFDWLRQV
G\QDEEUG\QDPLFV
$OVRG\QDP
G\Q G\QHG\QHV
'<67$/ '\QDPLF6WRUDJH$OORFDWLRQ
'\QDPLFVWRUDJHDOORFDWLRQLVDOVRNQRZQDV
'\QDPLF$OORFDWLRQ'\QDPLF0HPRU\
$OORFDWLRQ
&RPSXWHU3URJUDPPLQJ
'= $OJHULD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
WHUV
'= 'L]\JRXV
'= 'RFWRURI=RRORJ\
G] DEEUGR]HQ
'= GURS]RQH
]RQHGHODUJDJH
'=$$6 'URS=RQH$VVHPEO\$LU6\VWHP
$YLRQLFV
'=WZLQV 'L]\JRWLFWZLQV
$OVRNQRZQDV)UDWHUQDO7ZLQV
*HQHWLFV
0HWHRURORJ\ ,QPHWHRURORJ\WKHH\HLVWKHH\H
( VKDSHGDUHDDWWKHFHQWHURIDWURSLFDOF\FORQH
( 6SDLQ,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU
( HOHFWURPDJQHWLFHQYLURQPHQWDOHIIHFWV>QDYDO
( (DUO(DUWK(DVW RSHUDWLRQV@
H HDUQLQJV HIIHWVGHO
HQYLURQQHPHQWpOHFWURPDJQpWLTXH
%XVLQHVV)LQDQFH >RSpUDWLRQVQDYDOHV@
H HFFHQWULFLW\ ( 1$72($ &RPSRQHQW>&RPSRQHQWRIWKH
$VWURQRP\0DWKHPDWLFV 1$(: &)RUFHEDVHGDW*HLOHQNLUFKHQ@
(( (GG\GLIIXVLYLW\ eOHPHQW($ GHO
27$1>pOpPHQWGHOD)RUFH
)OXLG0HFKDQLFV 1$(: &EDVpj*HLOHQNLUFKHQ@
( pODVWDQFH HD DEEUHDFK
PHDQLQJHODVWDQFHLQ)UHQFK ($ (GXFDWLRQDO$JH
(OHFWULFLW\0HGLFLQH ($ (GXFD]LRQH$PELHQWDOH
H HODVWLFLW\ ,WDOLDQLQLWLDOLVPPHDQLQJ(QYLURQPHQWDO
0DWHULDOV6FLHQFH0DWKHPDWLFV (GXFDWLRQ
H HOHFWURQ ($ (IIHFWLYH$GGUHVV
(OHFWULFLW\3K\VLFV &RPSXWHU3URJUDPPLQJ
H HPLVVLYLW\ ($ HOHFWURQLFDWWDFN
7KHUPRG\QDPLFV DWWDTXHpOHFWURQLTXH
H DEEUHQDEOH HPHUJHQF\DFWLRQ
$OVRHQEO PHVXUHG
XUJHQFH
&RPSXWHU3URJUDPPLQJ&RPSXWHU7HFKQRORJ\ HYROXWLRQDU\DFTXLVLWLRQ
H HQHUJ\ DFTXLVLWLRQpYROXWLYH
(QJLQHHULQJ3K\VLFV ($ (OOLSVRLG$OJRULWKP
( (QJOLVK ($ (QHP\$LUFUDIW
7KH*HUPDQLFODQJXDJHRIWKH%ULWLVK,VOHVVWDQ ($ (QHUJLD$WRPLFD
GDUGDOVRLQWKH8QLWHG6WDWHV ,WDOLDQLQLWLDOLVPPHDQLQJ$WRPLF(QHUJ\
/DQJXDJHV ($ (QHUJ\$QDO\VLV
( (Q]\PH ($ (QWH$XWRQRPR
7KHZRUGHQ]\PHPHDQVLQ*UHHNLQ\HDVW ,WDOLDQLQLWLDOLVPPHDQLQJ,QGHSHQGHQW%RG\
(Q]\PRORJ\ $XWRQRPRXV$JHQF\
( HSLQHSKULQH ($ (QWKDOSLPHWULF$QDO\VLV
(QGRFULQRORJ\3KDUPDFRORJ\ $QDO\WLFDO&KHPLVWU\
H DEEUHUURU ($ (QYLURQPHQWDO$QDO\VLV
&RPSXWHU3URJUDPPLQJ0HGLFLQH6FLHQFH ($ (U\WKURF\WH$QWLERG\
H HVWLPDWH ($ (U\WKURF\WH$QWLFRUSV
( (WKDQH )UHQFKLQLWLDOLVPPHDQLQJ(U\WKURF\WH
(WKDQHLVDIODPPDEOHFRORUOHVVJDVLQVROXEOHLQ $QWLERGLHV
ZDWHUDQGVROXEOHLQDOFRKRO 0HGLFLQH
2UJDQLF&KHPLVWU\ ($ 7KHDLUOLQHFRGHIRU(DVWHUQ$LU/LQHV
( ([FHOOHQF\([FHOOHQW ($$ (DVW$IULFDQ$LUZD\V
H DEEUH[HFXWHH[HFXWLRQ ($$ (QJLQHHULQ$HURQDXWLFVDQG$VWURQDXWLFV
&RPSXWHU3URJUDPPLQJ ($$ (QYLURQPHQWDO$VVHVVPHQW$VVRFLDWLRQ
(H ([SHFWDWLRQV 86$
( H[SHULPHQWHU ($$ (WK\O$FU\OLF$FLG
H DEEUH[SUHVVLRQ ($$ (XURSHDQ$OXPLQLXP$VVRFLDWLRQ
7KHH[SUHVVLRQLQFKHPLFDOHQJLQHHULQJLVDOVR ($$$ (XURSHDQ$VVRFLDWLRQRI$GYHUWLVLQJ
NQRZQDVPHFKDQLFDOH[SUHVVLRQ $JHQFLHV
&KHPLFDO(QJLQHHULQJ %HOJLDQ$VVRFLDWLRQ
( H\H ($& (DVW$IULFDQ&RPPXQLW\
$QDWRP\ 7KHH\HFRQWDLQVWKHIROORZLQJOD\HUV 7DQ]DQLD8JDQGDDQG.HQ\DUHHVWDEOLVKHGWKHLU
VFOHUDDQGFRUQHDFKRURLGDQGUHWLQD ($&LQ1RYHPEHU,WZDVUDWLILHGZLWKLQ
PRQWKVDQGHQDFWHPHQWDQGLPSOHPHQWDWLRQZHUH )RUFHVDUPpHVGHV(QWLWpV
FRPSOHWHGE\1RYHPEHU ($) (3(&$GKHUHQFH)DFWRU
($& (U\WKURF\WH$QWLFRUSV&RPSOpPHQW )RUIXUWKHUGHWDLOVVHHXQGHU(3(&
)UHQFKLQLWLDOLVPPHDQLQJ(U\WKURF\WH$QWLERG\ ($)% (GZDUGV$LU)RUFH%DVH86$
&RPSOHPHQW ($* VLQJOHFHOO(OHFWURDQWHQQRJUDSK\
0HGLFLQH (OHFWURSK\VLRORJLFDO7HFKQLTXHV
($& (XURSHDQ$FFLGHQW&RGH ($**) (XURSHDQ$JULFXOWXUDO*XLGDQFHDQG
($& ([HFXWLYH$GYLVRU\&RPPLWWHH *XDUDQWHH)XQG
($& ([HUFLVHDQG$FWLYLWLHV&RQIHUHQFH>3I3@ (XURSHDQ8QLRQ
>REVROHWHQRZFDOOHG3$&@ ($+ 6HJXQGD(VFXDGULOOD$HURQDYDOGH
&RQIpUHQFHVXUOHVH[HUFLFHVHWDFWLYLWpV>333@ +HOLFzSWHURV$UJHQWLQD
>REVROqWHPDLQWHQDQWDSSHOp3$&@ ($+& (DVW$IULFDQ+LJK&RPPLVVLRQ
($&(0 (XURSHDQ$VVRFLDWLRQRI&RQVXPHU 7KH($+&ZDVHVWDEOLVKHGLQ,WKDVEHHQ
(OHFWURQLFV0DQXIDFWXUHUV UHSODFHGE\WKH($&62LQ
($&1 (XURSHDQ$LU&KHPLVWU\1HWZRUN )RUIXUWKHUGHWDLOVVHHXQGHU($&62
($&26&223 ([HFXWLYH$VVLVWDQWWRWKH&KLHIRI ($+& (DVW$VLD+\GURJUDSKLF&RPPLVVLRQ
6WDIIIRU&RRSHUDWLRQ 0RQDFR
RIILFLHUJpQpUDOGpOpJXpGX&(0SRXUODFRRSpUD ($+,/ (XURSHDQ$VVRFLDWLRQIRU+HDOWK
WLRQ ,QIRUPDWLRQDQG/LEUDULHV
($&5 (XURSHDQ$VVRFLDWLRQIRU&DQFHU5HVHDUFK ($+6: (XURSHDQ$JHQF\IRU+HDOWKDQG6DIHW\DW
($&62 (DVW$IULFDQ&RPPRQ6HUYLFHV :RUN
2UJDQL]DWLRQ (XURSHDQ&RPPXQLW\3URJUDP
7KH($&62KDVUHSODFHG($+& ($, (QJLQHHUVDQG$UFKLWHFWV,QVWLWXWH
)RUIXUWKHUGHWDLOVVHHXQGHU($+& ($. (WK\O$P\O.HWRQH
($' (ODERUD]LRQH$XWRPDWLFDGHL'DWL (WK\ODP\ONHWRQHDOVRNQRZQDVRFWDQRQHLV
,WDOLDQLQLWLDOLVPPHDQLQJ$XWRPDWLF'DWD XVHGPDLQO\LQSHUIXPHU\
3URFHVVLQJ 2UJDQLF&KHPLVWU\
($' (OHFWURDQWHQQRJUDSKLF*&'HWHFWLRQ ($. .HQ\D,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
(OHFWURSK\VLRORJLFDO7HFKQLTXHV WHUV
($' H[WHQGHGDLUGHIHQFH ($/* (XURSHDQ$TXDWLF/LEUDULHV*URXS
GpIHQVHDpULHQQHpODUJLH ($0 (OHFWULF$FFRXQWLQJ0DFKLQH
($'% (DVW$IULFDQ'HYHORSPHQW%DQN ($0 (PEHGGHG$WRP0HWKRG
7UHDW\IRU(DVW$IULFDQ&RRSHUDWLRQ 3K\VLFV
($'& (WK\ODOXPLQXP'LFKORULGH ($0 HPHUJHQF\DFWLRQPHVVDJH
($'5&& (XUR$WODQWLF'LVDVWHU5HVSRQVH PHVVDJHGHPHVXUHG
XUJHQFH
&RRUGLQDWLRQ&HQWUH ($0 (QWH$XWRWUDVSRUWL0HUFL
&HQWUHHXURDWODQWLTXHGHFRRUGLQDWLRQGHVLQWHU ,WDOLDQLQLWLDOLVPPHDQLQJ)UHLJKW7UDQVSRUW
YHQWLRQVHQFDVGHFDWDVWURSKH %RDUG
($'58 (XUR$WODQWLF'LVDVWHU5HVSRQVH8QLW ($067 (XURSHDQ$VVRFLDWLRQIRU0DULQH6FLHQFHV
8QLWpHXURDWODQWLTXHG
LQWHUYHQWLRQHQFDVGHFDWD DQG7HFKQLTXHV
VWURSKH ($1 (XURSHDQ$HURDOOHUJHQ1HWZRUN
($'6*URXS (XURSHDQ$HURQDXWLFV'HIHQVHDQG ($1 (XURSHDQ$UWLFOH1XPEHULQJ
6SDFH*URXS ($1 ([SHQGLWXUH$FFRXQW1XPEHU
($( ([SHULPHQWDO$OOHUJLF(QFHSKDORP\HOLWLV %XVLQHVV&RPPHUFH
,PPXQRELRORJ\,PPXQRORJ\0HGLFLQH ($1 ([SHULPHQWDO$OOHUJLF1HXULWLV
1HXURWUDQVSODQWV 0HGLFLQH1HXURORJ\
($( ([SHULPHQWDO$XWRLPPXQH(QFHSKDORP\HOLWLV ( & (QJLQHHULQJDQG&RQVWUXFWLRQ
%LRFKHPLVWU\&HOO%LRORJ\0HGLFLQH1HXURORJLF H H HDFKDQGHYHU\
'LVHDVHV1HXURSDWKRORJ\5KHXPDWRORJ\ $FFRXQWLQJ&RPPHUFH
($(& (DVW$VLD(FRQRPLF&DXFXV (DQG3 ([WUDRUGLQDU\DQG3OHQLSRWHQWLDU\
($(& (XURSHDQ$WRPLF(QHUJ\&RPPXQLW\ ( 2( (UURUVDQG2PLVVLRQV([FHSWHG
($(* (DVW$VLDQ(FRQRPLF*URXSLQJ $FFRXQWLQJ&RPPHUFH
($) (QWLW\$UPHG)RUFHV
SURJUDPPHG
DPpOLRUDWLRQGHODGpIHQVH (DUWKDQG3ODQHWDU\6FLHQFHV*HRORJ\,RQ
HXURSpHQQH 0LFURSUREH$QDO\VLV3HWURJUDSKLF6WXGLHV
(',6 (QYLURQPHQWDO'DWDDQG,QIRUPDWLRQ6HUYLFH ('6 (OHFWURQLF'DWD6\VWHPV86$
86$ ('6 (QHUJ\'LVSHUVLYH6\VWHP
(', 6HUYLFH (OHFWURQLF'DWD,QWHUFKDQJH6HUYLFH ('6 (QJLQHHULQJ'HVLJQ6SHFLILFDWLRQ
('L68 (QWHUHJLRQDOHSHULO'LULWWRDOOR6WXGLR ('6 (QYLURQPHQWDO'DWD6HUYLFH86$
8QLYHUVLWDULR,WDO\ 2IWKH8612$$
HGLW DEEUHGLWHGHGLWLRQHGLWRU )RUIXUWKHUGHWDLOVVHHXQGHU12$$
$OVRHG ('6 HVWLPDWHGGDWHRIVWDUW
HGLW HGLWRUH DGDWHGHFRPPHQFHPHQWSUpYXH'&3
,WDOLDQDEEUHYLDWLRQPHDQLQJSXEOLVKHU EGDWHGHGpEXWSUREDEOH
('/ (QWU\'HVFHQWDQG/DQGLQJ ('6 ([FKDQJHDEOH'LVN6WRUDJH
)RUIXUWKHUGHWDLOVVHHXQGHU$6,0(7 &RPSXWHU7HFKQRORJ\
('/ (VVHQWLDO'UXJV/LVW ('6(6 (XURSHDQ'DWD6\VWHPIRU(QHUJ\6DYLQJ
('/ PXVFOHV ([WHQVRU'LJLWRUXP/RQJXVPXVFOHV ('63 (QGRFULQH'LVUXSWRU6FUHHQLQJ3URJUDP
0HGLFLQH0XVFOH$JLQJ.LQHVLRORJ\3K\VLRORJ\ 86$
('0 (OHFWURQ'LVFKDUJH0DFKLQLQJ ('7 (DVWHUQ'D\OLJKW7LPH
(OHFWURQGLVFKDUJHPDFKLQLQJLVDOVRNQRZQDV HGW DEEUHGLWRU
HOHFWULFDOGLVFKDUJHPDFKLQLQJHOHFWURHURVLYH )RUIXUWKHUGHWDLOVVHHXQGHUHG
PDFKLQLQJHOHFWURVSDUNPDFKLQLQJHOHFWULFVSDUN ('7 (QJLQHHULQJ'HVLJQ7H[W
PDFKLQLQJ ('7$ (WK\OHQHGLDPLQHWHWUDDFHWLF$FLG
0HWDOOXUJ\ ('7$ LVXVHGPDLQO\DVDFKHODWLQJDJHQWDQGD
('0 (OHFWURQLF'LVWDQFH0HWHU IRRGSUHVHUYDWLYH
(UXSWLYH$FWLYLWLHV)LHOGPHDVXUHPHQWVRI 2UJDQLF&KHPLVWU\
'HIRUPDWLRQV*HRSK\VLFV6HLVPLF5HVHDUFK ('7$1 (WK\OHQHGLDPLQHWHWUDDFHWRQLWULOH
9ROFDQLF+D]DUGV9ROFDQRORJ\ HGXFDEEUHGXFDWHGHGXFDWLRQHGXFDWLRQDO
('0 (YHQW'ULYHQ0RQLWRU ('9$& (OHFWURQ'LVFUHWH9DULDEOH$XWRPDWLF
7KHHYHQWGULYHQPRQLWRUDFWXDOO\FDUULHVRXW &RPSLOHU
DFWLRQVZKHQFHUWDLQHYHQWVWDNHSODFH ('9$&EHFDPHRSHUDWLRQDOLQ
&RPSXWHU7HFKQRORJ\ &RPSXWHU7HFKQRORJ\
('0(' (XURSHDQ'LUHFWRU\RI0DULQH (': HIIHFWLYHGRZQZLQG
(QYLURQPHQWDO'DWD YHQWHIIHFWLIGHUHWRPEpH9(5
('2 ([WHQGHG'XUDWLRQ2UELWHU (':$ (UELXP'RSHG:DYHJXLGH$PSOLILHU
('203 ('20HGLFDO3URMHFW )RUPHWURDUHDQHWZRUNV
(G3 (OHFWULFLGDGHGH3RUWXJDO (';DQDO\VLV (OHFWURQLQGXFHG;UD\IOXRUHVFHQFH
(G3 LVWKHQDWLRQDOSRZHUXWLOLW\ DQDO\VLV
('3 (OHFWURQ'HJHQHUDF\3UHVVXUH &KHPLVWU\&KHPLFDO%LRORJ\
$VWURQRP\0DWKHPDWLFV3K\VLFV ('; VSHFWUD (QHUJ\'LVSHUVLYH;UD\VSHFWUD
('30 (OHFWURQLF'DWD3URFHVVLQJ0DFKLQH (( (DVWHUQ(XURSHDQ
('36 (OHFWURQLF'DWD3URFHVVLQJ6\VWHP (( (OHFWULFDO(QJLQHHU
7KHHOHFWURQLFGDWDSURFHVVLQJV\VWHPLVXVHGIRU (( HPHUJHQF\HVWDEOLVKPHQW
KLJKVSHHGGDWDSURFHVVLQJ WDEOHDXG
HIIHFWLIVG
XUJHQFH7(8
&RPSXWHU7HFKQRORJ\ (( (PSOR\PHQW([FKDQJH
('3V (PSOR\HH'HYHORSPHQW3URJUDPV (( (QGWR(QG
('5 (XURSHDQ'HSRVLWDU\5HFHLSW (( (QYLURQPHQWDO(GXFDWLRQ
('5$ (QYLURQPHQWDO'HVLJQ5HVHDUFK (( (TXLW\(DUQLQJV
$VVRFLDWLRQ %XVLQHVV)LQDQFH
(GXFDWLRQDO:HE6LWHV (( (UURUV([FHSWHG
('5) (QGRWKHOLXP'HULYHG5HOD[LQJ)DFWRU &RPPHUFH)LQDQFH
$OVR(QGRWKHOLDO'HSHQGHQW5HOD[LQJ)DFWRU ((D DWLSLFDO(DUO\(QGRVRPH
('56 (XURSHDQ'DWD5HOD\6DWHOOLWH (($ (J\SWLDQ(OHFWULFLW\$XWKRULW\(J\SW
('6 (QHUJ\'LVSHUVLYH6SHFWURVFRS\[UD\ (($ (OHFWURQLF(QJLQHHULQJ$VVRFLDWLRQ
6SHFWURPHWHU (($ (WK\OHQH(WK\O$FU\ODWH
7KHHQGRIUHFRUGJDSLVDFWXDOO\DJDSRISUHFLVH (3 (IIHFWLYH3DU
OHQJWKLQGLFDWLQJWKHHQGRIDUHFRUGRQDWDSH %DQNLQJ%XVLQHVV)LQDQFH
&RPSXWHU3URJUDPPLQJ (3 (OHFWURVWDWLF3RWHQWLDO
(25$ ([SORVLYH2UGQDQFH5HFRQQDLVVDQFH$JHQW (OHFWULFLW\
0LOLWDU\ (3 (PXODWRU3URJUDP
(256$7 (/,17 RFHDQUHFRQQDLVVDQFHVDWHOOLWH HS HQGVSHULQFK
VDWHOOLWH(/,17 GHUHFRQQDLVVDQFHRFpDQLTXH 7H[WLOHV
(257& (XURSHDQ2UJDQL]DWLRQIRU5HVHDUFKDQG (3 (QWHUSULVH3RUWDO
7UHDWPHQWRI&DQFHU(XURSHDQ&RPPXQLW\ (3 (QWU\3RLQW
7KH(257&ZDVVHWXS\HDUVDJR (QWU\SRLQWLVDOVRNQRZQDVHQWUDQFHDQGUHIHUV
&OLQLFDO7ULDO6WDUWHJLHV1HZ'UXJV WRWKHSRLQWRIH[HFXWLRQ
'HYHORSPHQW2QFRORJ\ &RPSXWHU3URJUDPPLQJ
(26 (DUWK2EVHUYDWLRQ6DWHOOLWH1$6$ (3 (QWU\3RUWLRQ
(26 (DUWK2EVHUYLQJ6\VWHP &RPSXWHU3URJUDPPLQJ
(26 (OHFWURQLF2IILFH6\VWHP (S (SLVWOH
(26 HQGRIVHW (3 (VWLPDWHG3RVLWLRQ
ILQGHEORF 1DYLJDWLRQ
(26 (TXDWLRQ2I6WDWH (3 (WK\OHQH3URS\OHQH
3K\VLFDO&KHPLVWU\ (3 (XURSHDQ3KDUPDFRSRHLD
(26',6 (DUWK2EVHUYLQJ6\VWHP'DWD,QIRUPDWLRQ (3 (XURSHDQ3ODQ
6\VWHP (3 (YRNHG3RWHQWLDO
(26',6DQHWZRUNRIGDWDVWRUDJHFHQWHUVZDV 7KHHYRNHGSRWHQWLDOLVHVVHQWLDOO\DQHXURQ
VHOHF
EXLOWE\1$6$ VFLHQWLVWVLQ WULFDOUHVSRQVHWRVWLPXOL
(260 HOHFWURRSWLFDOVXSSRUWPHDVXUHV 3K\VLRORJ\
PHVXUHVGHVRXWLHQRSWRpOHFWURQLTXHV (3 ([WHQGHG3OD\
(263 (DUWK2EVHUYLQJ6FDQQLQJ3RODULPHWHU $FRXVWLFDO(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ
(266 (XURSHDQ6HD/HYHO2EVHUYLQJ6\VWHP (3 ([WUD3OD\
(XURSHDQ&RPPXQLW\3URMHFW0HDQ6HD/HYHO 0HFKDQLFDO(QJLQHHULQJ
'HWHUPLQDWLRQ6HD6XUIDFH7RSRJUDSK\ (3$ (FRQRPLF3ODQQLQJ$JHQF\-DSDQ
(27 (QGRI7DSH(QG2I7H[W (3$ (QWH3URWH]LRQH$PELHQWDOH
(27 HQGRIWRXU ,WDOLDQDFURQ\PRIWKH(QYLURQPHQWDO3URWHFWLRQ
ILQG
DIIHFWDWLRQ $JHQF\,WDO\
(27 PDUN (QG2I7DSHPDUN (3$ (QYLURQPHQWDO3URWHFWLRQ$JHQF\
&RPSXWHU3URJUDPPLQJ 7KH(3$FUHDWHGLQLVD86)HGHUDO
(27 UHFRJQLWLRQ (QG2I7UDQVPLVVLRQUHFRJQLWLRQ $JHQF\ZKLFKHVWDEOLVKHVUXOHVDQGVWDQGDUGVIRU
7KHWHUPHQGRIWUDQVPLVVLRQUHFRJQLWLRQUHIHUVWR SROOXWLRQFRQWURODQGHQYLURQPHQWDOSURWHFWLRQ
WKHDELOLW\RIDFRPSXWHUWRUHFRJQL]HWKHHQGRID )RUIUXWKHUGHWDLOVVHHXQGHU67$5IHOORZVKLS
GDWDWUDQVPLVVLRQHYHQLIWKHEXIIHULVQRWILOOHG SURJUDP
&RPSXWHU3URJUDPPLQJ (3$ (WKLRSLDQ3ULYDWL]DWLRQ$JHQF\
(286$ ([HFXWLYH2IILFHIRU8QLWHG6WDWHV (WKLRSLDQ$JHQF\
$WWRUQH\V86$ (3$& LQVWUXPHQW (QHUJHWLF3$UWLFOH&RPSRVLWLRQ
(29 (QG2I9ROXPH LQVWUXPHQW
(2: (QG2I:RUG $VWURQRP\$VWURSK\VLFV*HRSK\VLFV6SDFH
(2< (QG2I<HDU 6FLHQFH
(3 (DUQLQJ3RZHU (3 $FW (QHUJ\3ROLF\$FW86$
%XVLQHVV(FRQRPLFV)LQDQFH (3$0 (VHUFL]L3XEEOLFL$VVRFLDWL0LODQHVL0LODQ
(3 (DUQLQJV3ULFH ,WDO\
(3 (DVWHUQ3DFLILF (3$6$ (QWH3HUO
$VVLVWHQ]D6RFLDOHDJOL$UWLJLDQL
(3 (GLWRU3URJUDP HFRPPHUFLDQWL,WDO\
7KHHGLWRUSURJUDPHQDEOHVDFRPSXWHUXVHUWR (3% (DVW3DFLILF%DUULHU
SHUIRUPGHOHWLRQVPRGLILFDWLRQVRUFRUUHFWLRQVLQ 2FHDQRJUDSK\
DQH[LVWLQJILOHRUSURJUDP (3%DSSURDFK ([WDQW3K\ORJHQHWLF%UDFNHW
&RPSXWHU3URJUDPPLQJ DSSURDFK
(6& (XURSHDQ6KLSSHUV
&RXQFLOV (6(0 (QWH6FXROD(GLOH0LODQHVH0LODQ,WDO\
(6&$3 (FRQRPLFDQG6RFLDO&RPPLVVLRQIRU$VLD ,WDOLDQ6FKRRO
DQGWKH3DFLILF (6(V ([RQLF6SOLFLQJ(QKDQFHV
)RUPHUO\FDOOHGWKH(FRQRPLF&RPPLVVLRQIRU %LRORJ\&DQFHU5HVHDUFK&KHPLFDO3URFHVVHV
$VLDDQGWKH)DU(DVW(6&$3 ZDVIRXQGHGLQ ([RQV2OLJRQXFOHRWLGH0RWLIV
6KDQJDLLQ7KHWK6HVVLRQRIWKH(6&$3 (6) (U\WKURSRLHWLF6WLPXODWLQJ)DFWRU
RSHQHGLQ%HLMLQJRQWKHWK$SULOZLWKD (6) (XURSHDQ6FLHQFH)RXQGDWLRQ
VSHHFKIURP&KLQHVH3UHPLHU/L3HQJ 7KH(XURSHDQ6FLHQFH)RXQGDWLRQLVDQDVVRFLD
(6&%V (XURSHDQ6\VWHPRI&HQWUDO%DQNV WLRQRIQDWLRQDOUHVHDUFKFRXQFLOVDQGDFDGHPLHV
7KH(6&%VSULPDU\REMHFWLYHLVWRPDLQWDLQSULFH IURP(XURSHDQFRXQWULHVIRXQGHGLQ
VWDELOLW\DQGWRIRUPXODWHDPRQHWDU\SROLF\VWUDWH (6) (XURSHDQ6HFXULW\)RUXP
J\IRUWKLVSXUSRVH )RUXPHXURSpHQGHVpFXULWp
(6&(3 (FROH6XSpULHXUHGH7RXULVPHGH HVJ HVHJXHQWH
&RPPHUFHHWGH3XEOLFLWp)UDQFH ,WDOLDQDEEUHYLDWLRQPHDQLQJDQGWKHIROORZLQJ
(6&,0 (XURSHDQ6KRUW&RXUVH,Q0HFKDWURQLFV RQH
(XURSHDQ&RPPXQLW\ (6+$ (XURSHDQ6PDOO+\GURSRZHU$VVRFLDWLRQ
(6&0,' 7KH(XURSHDQ6RFLHW\RI&OLQLFDO (6, (OHFWURVSUD\,RQL]DWLRQ
0LFURELRORJ\DQG,QIHFWLRXV'LVHDVHV %LRFKHPLVWU\&KHPLVWU\&KHPLFDO%LRORJ\
6ZLW]HUODQG (6, (XURSHDQ6RIWZDUH,QVWLWXWH
(6&3 (FROH6XSpULHXUHGH&RPPHUFHGH3DULV (6,(( (FROH6XSpULHXUHG
,QJpQLHXUVHQ
)UDQFH (OHFWURWHFKQLTXHHW(OHFWURQLTXH)UDQFH
HVFO HVFOXVLYR (6,06 (OHFWURVSUD\,RQL]DWLRQ0DVV
,WDOLDQDEEUHYLDWLRQPHDQLQJH[FOXVLYH 6SHFWURPHWU\
(6&V (PEU\RQLF6WHP&HOOV (6,6 (6$ 6SDFH,QIRUPDWLRQ6\VWHPV
&HOO%LRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU(6$
(6' (GL]LRQL6WXGLR'RPHQLFDQR,WDO\ (6- (: VWDQGRIIMDPPHU
3XEOLFDWLRQV EURXLOOHXUGH*(jGLVWDQFHGHVpFXULWpGHO
REMHF
(6' (OHFWURQ6WLPXODWHG'HVRUSWLRQ WLI
(6' (OHFWURVWDWLF'LVFKDUJH (6/ (XURSHDQ6\VWHPV/DQJXDJH
(VG DEEU(VGUDV (60 (OHFWURQLF6XSSRUW0HDVXUH
(6' (VWLPDWHG6KLSSLQJ'DWH (60 HOHFWURQLFZDUIDUHVXSSRUWPHDVXUHV
%XVLQHVV&RPPHUFH6KLSSLQJ PHVXUHVGHVRXWLHQGHJXHUUHpOHFWURQLTXH06(
(6' ([SHULPHQWDO6WHULOL]LQJ'RVH
(6' ([6WRFN'LYLGHQG (60 (OHFWURQ6WLPXODWHG0LJUDWLRQ
%XVLQHVV)LQDQFH (OHFWURQLFV6XUIDFH&KHPLVWU\3K\VLFV
(6' ([WHUQDO6\PERO'LFWLRQDU\ (60 (UUHXU6WDQGDUGVXUOD0R\HQQH
(6'$ (DVW6ZHGHQ'HYHORSPHQW$JHQF\ )UHQFKLQLWLDOLVPPHDQLQJ6WDQGDUG(UURURIWKH
6FLHQFH 7HFKQRORJ\3DUNV 0HDQ
(6', (XURSHDQ6HFXULW\DQG'HIHQFH,GHQWLW\ (60 (XURSHDQ6LQJOH0DUNHW
,GHQWLWpHXURSpHQQHGHVpFXULWpHWGHGpIHQVH ,QWHUQDWLRQDO%XVLQHVV
,(6' (605 (OHFWULFDOO\6FDQQLQJ0LFURZDYH
(6',$' (OHFWURQ6WLPXODWHG'HVRUSWLRQ,RQ 5DGLRPHWHU
$QJXODU'LVWULEXWLRQ (61 (QJOLVK6SHDNLQJ1DWLRQ
(6'3 (XURSHDQ6HFXULW\DQG'HIHQFH3ROLF\ (61HVQ (UDVPXV6WXGHQW1HWZRUN
SROLWLTXHHXURSpHQQHHQPDWLqUHGHVpFXULWpHWGH (6QHW (QHUJ\6FLHQFHVQHWZRUN86$
GpIHQVH3(6' (616 7KH%URRNKDYHQ(QHUJ\6\VWHP1HWZRUN
(6( (FROH6XSpULHXUHG
(OHFWULFLWp)UDQFH 6LPXODWRU
(6( (XURSHDQ6FKRRORI(FRQRPLFV (62 (XURSHDQ6FKRRORI2QFRORJ\
(FRQRPLFV)LQDQFH0DQDJHPHQW +HDGTXDUWHUHGLQ0LODQ,WDO\ZLWK2IILFHVZRUOG
(6((0 (OHFWURQ6SLQ(FKR(QYHORSH0RGXODWLRQ ZLGHLWZDVIRXQGHGLQE\3URI8PEHUWR
HVHJJ HVHJXHQWL 9HURQHVL,WLVDQRQSURILWSULYDWHRUJDQL]DWLRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJDQGWKHIROORZLQJ &DQFHU3UHYHQWLRQ'LDJQRVLVDQG&XUH
RQHV (62 (XURSHDQ6RXWKHUQ2EVHUYDWRU\
(;352* H[HUFLVHSURJUDPPH
SURJUDPPHG
H[HUFLFHRXGHPDQ±XYUH
(;35(66 (;3HULPHQWDO5(HQWU\6SDFH9HKLFOH
H[SV DEEUH[SHQVHV
$OVRH[VH[HV
H[U DEEUH[HFXWRU
$OVRH[H[FWU
([5 ([5LJKWV
(;5$3 H[HUFLVHUHPHGLDODFWLRQSURJUDPPH
SURJUDPPHGHPHVXUHVFRUUHFWLYHVGHO
H[HUFLFH
([5LJKWV :LWKRXWWKH5LJKWV
H[V DEEUH[SHQVHV
$OVRH[SVH[HV
(;63(& H[HUFLVHVSHFLILFDWLRQ
VSpFLILFDWLRQG
H[HUFLFH
(;6833 H[HUFLVHVXSSOHPHQW>REVROHWH@
VXSSOpPHQWG
H[HUFLFH>REVROqWH@
H[W DEEUH[WHQVLRQ
)UHQFKDEEUHYLDWLRQPHDQLQJSURORQJDWLRQH[WHQ
VLRQ
H[W DEEUH[WHUQDO
$QDWRP\3KDUPDFRORJ\
H[W DEEUH[WLQFW
H[W DEEUH[WUDH[WUDFW
(;7$& H[SHULPHQWDOWDFWLFV
WDFWLTXHH[SpULPHQWDOH
H[WG DEEUH[WUXGHG
H[WYH DEEUH[HFXWLYH
$OVRH[
([: ([:DUUDQWV
(;: (;:RUNV
(FRQRPLFV,QWHUQDWLRQDO7UDGH
([:DUUDQWV :LWKRXW:DUUDQWV
$OVR([:
(<)3 (QKDQFHG<HOORZ)OXRUHVFHQW3URWHLQ
0HGLFLQH1HXURELRORJ\3KDUPDFRORJ\
7R[LFRORJ\
H\JHQH H\HOHVVJHQH
%LRORJ\'HYHORSPHQWDO%LRORJ\'HYHORSPHQWDO
*HQHWLFV*HQHWLF(QJLQHHULQJ
(<3 (QJOLVK<HOORZ3DJHV
(= HQJDJHPHQW]RQH
]RQHG
HQJDJHPHQW
H[FOXVLRQ]RQH
]RQHG
H[FOXVLRQ
H[WUDFWLRQ]RQH
]RQHG
H[WUDFWLRQ
(](]U (]UD
H]LQH HOHFWURQLFPDJD]LQH
)$ )LHOG$UWLOOHU\
) )$ )LHOGLQJ$YHUDJH
)$ )L[HG$VVHWV
%XVLQHVV)LQDQFH
I IDUWKLQJ )$ )ORDWLQJ$VVHWV
FRLQV*%GHPRQHWL]HGLQ %XVLQHVV)LQDQFH
)I )HOORZ )$ )RU]H$UPDWH
I IHWFK ,WDOLDQDFURQ\PPHDQLQJ$UPHG)RUFHV
,Q2FHDQRJUDSK\IHWFKLVDOVRNQRZQDVIHWFK 0LOLWDU\
OHQJWK )$ )UHH$ORQJVLGH
&RPSXWHU3URJUDPPLQJ2FHDQRJUDSK\ %XVLQHVV&RPPHUFH
) 7KHFKHPLFDOV\PEROIRU)OXRULQH )$ )UHXQG
V$GMXYDQW
8VHGPDLQO\LQIOXRULGHSURGXFWLRQ7KHZRUGIOX ,PPXQRORJ\
RULQHGHULYHVIURPD/DWLQWHUPPHDQLQJ´IORZ )$$ )HGHUDO$YLDWLRQ$GPLQLVWUDWLRQ86$
LQJµ )$$ IRUFHDpULHQQHDOOLpH
6\PEROV6\PEROV DOOLHGDLUIRUFH$$)
I IRUFH IRUZDUGDVVHPEO\DUHD
&RPSXWHU3URJUDPPLQJ0HFKDQLFV0LOLWDU\ ]RQHGHUHVVHPEOHPHQWDYDQFpH
6FLHQFH )$$&( )RUFHVDpULHQQHVDOOLpHVGX&HQWUH(XURSH
IIUDFWLRQ >REVROqWH@
&KHPLVWU\0DWKHPDWLFV3HWUROHXP(QJLQHHULQJ $OOLHG$LU)RUFHV&HQWUDO(XURSH$$)&(
6FLHQFH >REVROHWH@
0HWDOOXUJ\ ,QPHWDOOXUJ\IUDFWLRQLVDOVRNQRZQ )$$+ )DWW\$FLG$PLGH+\GUREDVH
DVFXW %LRORJ\%UDLQ$QDQGDPLGH3K\VLRORJ\
I IUDFWLRQDO 1HXURVFLHQFH6LJQDO/LSLGV
0DWKHPDWLFV )$$:& IRUFHDQWLDLUZDUIDUHFRPPDQGHU
) )UHQFK FRPPDQGDQWGHOXWWHDQWLDpULHQQHGHODIRUFH
$ 5RPDQFHODQJXDJHVSRNHQLQ)UDQFHSDUWVRI )$% )RUHVWU\$VVRFLDWLRQRI%RWVZDQD
%HOJLXPDQG6ZLW]HUODQG)UHQFKLVXVHGDVDQ )$%,)DEL )HGHUD]LRQH$XWRQRPD%DQFDUL,WDOLDQL
LQWHUQDWLRQDOODQJXDJHIRUVFKRODUVKLSVFLHQFH ,WDO\
DQGGLSORPDF\ ,WDOLDQDFURQ\PRIWKH)UHH$VVRFLDWLRQRI,WDOLDQ
/DQJXDJHV %DQN(PSOR\HHV
I IUHTXHQF\ )$%06 )DVW$WRP%RPEDUGPHQW0DVV
$OVR IUHT 6SHFWURPHWU\
$FRXVWLFV0DWKHPDWLFV3K\VLFV6WDWLVWLFV )$%3 )DWW\$FLG%LQGLQJ3URWHLQ
I IXQFWLRQ IDF DEEUIDFVLPLOH
&KHPLVWU\&RPSXWHU3URJUDPPLQJ IDF DEEUIDFWRU\
0DWKHPDWLFV3K\VLRORJ\3V\FKRORJ\ IDF IDVWDVFDQ
)$ )DFH$PRXQW )$& )LHOG$OLJQHG&XUUHQW
%XVLQHVV)LQDQFH )RUIXUWKHUGHWDLOVVHHXQGHU)$&V
)$ )DFWRU\$FWV )$&IRUFHDpULHQQHGHFRPEDW
)$ )DQFRQL·V$QHPLD FRPEDWDLUIRUFH
1DPHGIRUWKH6ZLVVSHGLDWULFLDQ*XLGR)DQFRQL IRUZDUGDLUFRQWUROOHU
)$ LVDUDUHDXWRVRPDOUHFHVVLYHFDQFHUVXVFHSWL FRQWU{OHXUDpULHQRX$LUDYDQFp&$$
ELOLW\V\QGURPH )$&$ )HGHUDO$GYLVRU\&RPPLWWHH$FW
*HQHWLFV0HGLFLQH2QFRORJ\3DWKRORJ\ )$&$ LVD86ODZ
)$ )DWW\$FLG )$&$ IRUFHDLUFRRUGLQDWLRQDUHD
)DWW\DFLGVDUHXVHGPDLQO\LQFRRNLQJDQGIRRG ]RQHGHFRRUGLQDWLRQDpULHQQHGHODIRUFH
HQJLQHHULQJ7KH\DUHDOVRXVHGWRSURGXFHFRV IRUFHDLUFUDIWFRQWURODUHD
PHWLFVDQGVRDSV ]RQHGHFRQWU{OHGHVDpURQHIVGHODIRUFH
2UJDQLF&KHPLVWU\ IDFDF IDVWDVFDQDVFXVWRPDU\
I$ IHPWRDPSHUH )$&(WHFKQRORJ\ )OXRURSKRUH$VVLVWHG
(OHFWULFLW\ &DUERK\GUDWH(OHFWURSKRUHVLVWHFKQRORJ\
0HGLFLQH %XVLQHVV)LQDQFH
)$1')DQG )HGHUD]LRQH$VVRFLD]LRQL1D]LRQDOL )$5 )LQLWH$XWRPDWLRQ5HFRJQL]DEOH
'LDEHWLFL,WDO\ &RPSXWHU6FLHQFH
) $ )HEUXDU\DQG$XJXVW )$5 )LVKHULHVDQG$TXDFXOWXUH5HVHDUFK
6HFXULWLWHV )$5 )RQGDWLRQ$QGUp5HQDUG%HOJLXP
) $ )LQDQFHDQG$FFRXQWLQJ %HOJLDQ)RXQGDWLRQ
) ' )UHLJKWDQG'HPXUUDJH )$5 )RUFHV$UPpHV5ZDQGDLVHV
%XVLQHVV&RPPHUFH6KLSSLQJ )$5$ SURJUDP )UHQFK$PHULFDQ5LGJH$WODQWLF
I I IL[WXUHVDQGILWWLQJV SURJUDP
) :6 )LVKDQG:LOGOLIH6HUYLFH86$ )$5% )HGHUDO$VVLVWDQFH5HYLHZ%RDUG
7KH) :6LVD86)HGHUDO$JHQF\GHDOLQJZLWK 86'HSDUWPHQWRI&RPPHUFH
WKHSURWHFWLRQRIWKUHDWHQHGDQGHQGDQJHUHG )$5&)DUF 5HYROXWLRQDU\$UPHG)RUFHVRI
VSHFLHV &RORPELD
7KUHDWHQHGDQG(QGDQJHUHG6SHFLHV )$5( )RQWL$OWHUQDWLYHH5LVSDUPLR(QHUJHWLFR
)$16 )DUPDFL$QWLLQILDPPDWRUL1RQ6WHURLGHL ,WDOLDQDFURQ\PPHDQLQJ$OWHUQDWLYH6RXUFHVDQG
,WDOLDQDFURQ\PPHDQLQJ1RQ6WHURLGDO$QWL (QHUJ\6DYLQJV
,QIODPPDWRU\'UXJV IDUP DEEUIDUPDFLDIDUPDFLVWD
$O]KHLPHU'LVHDVH5HVHDUFK'UXJV7HVWLQJ ,WDOLDQDEEUHYLDWLRQPHDQLQJSKDUPDF\SKDUPD
(SLGHPLRORJLFDO6WXGLHV FLVW
)$2 IDEULFDWLRQDVVLVWpHSDURUGLQDWHXU )$50(56 0XOWLPHGLDGLVWDQFHOHDUQLQJIRU
FRPSXWHUDLGHGPDQXIDFWXULQJ&$0 )$50(56DQGUXUDOGHYHORSPHQW(&
)$2 )ODWODQG$WPRVSKHULF2EVHUYDWRU\ )$5 )LVKHULHVDQG$TXDFXOWXUH5HVHDUFK
)$2 )RRGDQG$JULFXOWXUH2UJDQL]DWLRQ81 (XURSHDQ&RPPXQLW\3URJUDP
IDR IRUWKHDWWHQWLRQRI )$56 )LQDQFLDO$FFRXQWLQJDQG5HSRUWLQJ6\VWHP
)$3 )DPLOLDO$GHQRPDWRXV3RO\SRVLV )$6 )DFXOW\RI$UWVDQG6FLHQFHV
0ROHFXODU*HQHWLFV2QFRJHQHVLV )$6LVWKHODUJHVWRI+DUYDUG8QLYHUVLW\
VQLQH
)$3 )DPLOLDO$P\ORLGRWLF3RO\QHXURSDWK\ IDFXOWLHV
)$3 )LEUREODVW$FWLYDWLRQ3URWHLQ )$6)$6 )HGHUDWLRQRI$PHULFDQ6FLHQWLVWV
)$3 )LUVW$LG3RVW 86$
)$3 )UHHGRP$WWDFKHG3D\ORDGV )$6 )HOORZRIWKH$QWLTXDULDQ6RFLHW\
)$3$9 )HGHUD]LRQH$QWL3LUDWHULD$XGLRYLVLYD )$6 )HWDO$OFRKRO6\QGURPH
,WDO\ 0HGLFLQH
,WDOLDQ)HGHUDWLRQ )$6 )LQDQFLDO$FFRXQWLQJ6WDQGDUGV
)$3& )RRGDQG$JULFXOWXUH3ODQQLQJ&RPPLWWHH )$6 )LQDQFLDO$QDO\VLV6\VWHP
&RPLWpG·pWXGHSRXUOHUDYLWDLOOHPHQWHWO·DJULFXO %XVLQHVV)LQDQFH
WXUH )$6 )LUVWV$QG6HFRQGV
)$36 )LQDQFLDO$SSOLFDWLRQ3UHSURFHVVRU6\VWHP )$6 )RQGR$IULFDQR6YLOXSSR
)$4 )DLU$YHUDJH4XDOLW\ ,WDOLDQDFURQ\PRIWKH$IULFDQ'HYHORSPHQW
)$4 )RLUH$X[4XHVWLRQV )XQG
)UHQFKLQLWLDOLVPPHDQLQJ)UHTXHQWO\$VNHG )$6 )RUHLJQ$JULFXOWXUDO6HUYLFH86$
4XHVWLRQV )$6 )UHH$ORQJVLGH6KLS
7KH)UHQFKHTXLYDOHQWPHQWLRQHGDERYHKDVEHHQ )$6 IXQFWLRQDODUHDVHUYLFHV>$&&,6@
FRLQHGDQGSXEOLVKHGE\WKH)UHQFK*HQHUDO VHUYLFHVGHGRPDLQHIRQFWLRQQHO>$&&,6@
&RPPLVVLRQRQWHUPLQRORJLHVDQGQHRORJLVPVLQ )$6% )LQDQFLDO$FFRXQWLQJ6WDQGDUGV%RDUG
WKH)UHQFK2IILFLDO*D]HWWHRIWKHWK 0DUFK 7KH)$6%LVVXHG7KH6WDWHPHQWRI)LQDQFLDO
$FFRXQWLQJ6WDQGDUGVQ$ WLWOHG)LQDQFLDO
)$4 )UHH$ORQJVLGH4XD\)UHH$W4XD\ 6WDWHPHQWVRI1RWIRU3URILW 2UJDQL]DWLRQV7KLV
%XVLQHVV&RPPHUFH6KLSSLQJ SURQRXFHPHQWLPPHGLDWHO\IROORZVWKHLVVXDQFHRI
)$4)DT )UHTXHQWO\$VNHG4XHVWLRQV 6)$61$ $FFRXQWLQJIRU&RQWULEXWLRQV
)$5 )HGHUDO$FTXLVLWLRQ5HJXODWLRQ86$ 5HFHLYHGDQG&RQWULEXWLRQV0DGH%RWKRIWKHVH
)$5 )HGHUDO$YLDWLRQ5HJXODWLRQV86$ SURQRXQFHPHQWVKDYHDPDMRULPSDFWRQWKHILQDQ
)$5 )LOH$GGUHVV5HJLVWHU FLDOVWDWHPHQWVRIQRWIRUSURILWFROOHJHVDQGXQL
)$5 )LQDQFLDO$FFRXQWV5HFHLYDEOH YHUVLWLHV
%XLOGLQJ(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ $JULFXOWXUDO5HVHDUFK(QWRPRORJ\
0HWDOOXUJ\ )&6 )OXRUHVFHQFH&RUUHODWLRQ6SHFWURVFRS\
)&* )HGHUDO&RRUGLQDWRUIRU*HRORJ\86$ %LRORJLFDO,PDJLQJ&HOO%LRORJ\+XPDQ
)&+1+ SIOXRURDQLOLQH 'HYHORSPHQW0HWDEROLVP
SIOXRURDQLOLQHLVXVHGPDLQO\LQKHUELFLGHV )&6 )UDPH&KHFN6HTXHQFH
2UJDQLF&KHPLVWU\ IFV DEEUIUDQFVREVROHWH
)&, )DFXOW\RI&RPSXWLQJ,QIRUPDWLRQ 1RZ(852(858%HFDPH(&8(XURSHDQ
$W&RUQHOO8QLYHUVLW\1<86$ 6LQJOH&XUUHQF\ZLWKHIIHFWIURP-DQXDU\
&RPSXWHU6FLHQFH6FLHQWLILF&RPPXQLFDWLRQ &XUUHQFLHV
)&, )HGHUDO&ULPH,QVXUDQFH )&6& )RUHLJQ&ODLPV6HWWOHPHQW&RPPLVVLRQ
)&, )HOORZRI&RPPHUFH,QVWLWXWH 86$
)&,$ )RUHLJQ&UHGLW,QVXUDQFH$VVRFLDWLRQ )&6FDEOH )RUFH&RROHG6XSHUFRQGXFWLQJFDEOH
)&,& )HGHUDO&URS,QVXUDQFH&RUSRUDWLRQ86$ )&67 )HGHUDO&RXQFLOIRU6FLHQFHDQG7HFKQRORJ\
)&,3 )LEUH&KDQQHORYHU,QWHUQHW3URWRFRO 86$
I&-' IDPLOLDO&UHXW]IHOGW-DNRE'LVHDVH )&7 )XQGDPHQWDOVRI&RPSXWDWLRQ7KHRU\
%LRFKHPLVWU\%LRSK\VLFV1HXURORJ\ &RPSXWDWLRQ7KHRU\
1HXURSDWKRORJ\3DWKRORJ\3ULRQ'LVHDVHV )&7) )RUFHG&RQYHFWLRQ7HVW)DFLOLW\
)&0$5(3 )HGHUDO&RRUGLQDWRUIRU0$5LQH IFW\ DEEUIDFWRU\
(QYLURQPHQWDO3UHGLFWLRQ86$ $OVRIDFW\IDFWIDF
)&0V )XHO&RQWDLQLQJ0DVVHV )&8 )HGHUDO&UHGLW8QLRQ
1XFOHDU$FFLGHQWV1XFOHDU3K\VLFV )&8 IXHOFRQVXPSWLRQXQLW
)&0665 )HGHUDO&RRUGLQDWRUIRU0HWHRURORJLFDO XQLWpGHFRQVRPPDWLRQGHFDUEXUDQW
6HUYLFHVDQG6XSSRUWLQJ5HVHDUFK86$ )&86 )HGHUDO&UHGLW8QLRQ6\VWHP86$
)&1 )UHH&RUH1XWDWLRQ )&= )LVKHU\&RQVHUYDWLRQ=RQH
*HRPDJQHWLVP3DOHRPDJQHWLVP3K\VLFV )&= IRUZDUGFRPEDW]RQH
)&15GHSRVLW )RUHLJQ&XUUHQF\1RQ5HVLGHQW ]RQHDYDQWGHVFRPEDWV
GHSRVLW,QGLD )' )DFLOLW\'LYLVLRQ)DFWRU\'HSDUWPHQW
,QYHVWPHQW6FKHPHV )'IG )HGHUDO'HEW
)&2 )LXPLFLQR$LUSRUW/HRQDUGRGD9LQFL5RPH )' )HGHUDO'HSDUWPHQW
,WDO\ )' )LORGLIIXVLRQH
)&203 )HGHUDO&RRUGLQDWRUIRU2FHDQ0DSSLQJ ,WDOLDQLQLWLDOLVPPHDQLQJFDEOHUDGLR
DQG3UHGLFWLRQ86$ )' )LUH'HSDUWPHQW
)&3 )RQGV&RPPXQGH3ODFHPHQW )' )ORSS\'LVN
)UHQFKLQLWLDOLVPPHDQLQJ8QLW7UXVW0XWXDO )'LVDOVRNQRZQDV'LVNHWWH)OH[LEOH'LVN
)XQG86 &RPSXWHU7HFKQRORJ\
IFS DEEUIRROVFDS )' )O\LQJ'XWFKPDQ
)&3$ )RUHLJQ&RUUXSW3UDFWLFHV$FW )' )RFDO'LVWDQFH
7KH)&3$ EDQV86&RPSDQLHVIURPSD\LQJ )RFDOGLVWDQFHLVDOVRNQRZQDV)RFDO/HQJWK
EULEHV 2SWLFV
)&5 ILUHFRQWUROUDGDU )' )RUFHG'UDIW
UDGDUGHFRQGXLWHGHWLU 0HFKDQLFDO(QJLQHHULQJ
)&5 )RUZDUGLQJDJHQW
V&HUWLILFDWHRI5HFHLSW )' IUDPHZRUNGRFXPHQW
%XVLQHVV&RPPHUFH6KLSSLQJ GRFXPHQWFDGUH
)&5$ )DLU&UHGLW5HSRUWLQJ$FW86$ )' )UHH'HOLYHU\)UHH'RFN
)&5'& )UHGHULFN&DQFHU5HVHDUFKDQG IG DEEUIXQG
'HYHORSPHQW&HQWHU %XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH
7KH)&5'&LVORFDWHGLQ)UHGHULFN0'86$ IG DEEUIXQGLQJ
)&6 )HGHUDO&RXQWHULQWHOOLJHQFH6HUYLFH86$ $OVRIGJ
)&6 )HWDO&DOI6HUXP )'$)'$ )RRGDQG'UXJ$GPLQLVWUDWLRQ
%LRWHFKQRORJ\ 86$
)&6 ILUHFRQWUROV\VWHP )'$&6 )ORULGD·V'HSDUWPHQWRI$JULFXOWXUHDQG
V\VWqPHGHFRQGXLWHGHWLU &RQVXPHU6HUYLFHV86$
)&6 )ODJHOODWH&DXGDO6HWD )RUIXUWKHUGHWDLOVVHHXQGHU&&(3
%XVLQHVV)LQDQFH ,WDOLDQDFURQ\PRIWKH,WDOLDQ%RDWLQJ
), )RU]D,WDOLD,WDO\ $VVRFLDWLRQ
,WDOLDQ3ROLWLFDO3DUW\ ),& )HGHUD]LRQH,WDOLDQD&URQRPHWULVWL,WDO\
), )XHO,QMHFWLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ7LPH.HHSHUV
),LVDV\VWHPXVHGLQJDVROLQHHQJLQHVDQGGLHVHO $VVRFLDWLRQ
HQJLQHV ),& )HOORZRIWKH,QVWLWXWHRI&KHPLVWV
0HFKDQLFDO(QJLQHHULQJ ),& )OLJKW,QIRUPDWLRQ&HQWHU
), 7KHDLUOLQHFRGHIRU,FHODQGDLU ),& )UHLJKW,QVXUDQFH&DUULDJH
),$ )DPLOLHV,Q$FWLRQ %XVLQHVV&RPPHUFH6KLSSLQJ
),$ ZDVIRXQGHGLQ*HRUJLD86$LQ ),& -RKQ()RJDUW\,QWHUQDWLRQDO&HQWHU
DJDLQVWGUXJDEXVH 2I1,+86$7KH),&ZDVHVWDEOLVKHGLQ
),$ )HGHUDO,QVXUDQFH$GPLQLVWUDWLRQ86$ 7KH&HQWHUSURPRWHVDQGVXSSRUWVVFLHQWLILF
),$ )pGpUDWLRQ,QWHUQDWLRQDOHGHO
$XWRPRELOH UHVHDUFKDQGWUDLQLQJLQWHUQDWLRQDOO\WRUHGXFHGLV
,QWHUQDWLRQDO)HGHUDWLRQ SDULWLHVLQJOREDOKHDOWK
),$ )pGpUDWLRQ,QWHUQDWLRQDOHGHV$FWHXUV )RUIXUWKHUGHWDLOVVHHXQGHU(36 DQG1,+
,QWHUQDWLRQDO)HGHUDWLRQ ),&$)HGHUDO,QVXUDQFH&RQWULEXWLRQV$FW
),$ )HOORZRIWKH,QVWLWXWHRI$FWXDULHV ),&% )HGHUDO,QWHUPHGLDWH&UHGLW%DQN
),$ )OXRURLPPXQRDVVD\ ),&( )HGHUD]LRQH,QWHUQD]LRQDOH&RPXQLWj
),$%&,)LDEFL )HGHUD]LRQH,QWHUQD]LRQDOHGHOOH (GXFDWLYH
3URIHVVLRQL,PPRELOLDUL )RXQGHGLQXQGHUWKHDXVSLFHVRI81(6&2
),$%&,LVORFDWHGLQ0LODQ,WDO\ )RUIXUWKHUGHWDLOVVHHXQGHU81(6&2
,QWHUQDWLRQDO)HGHUDWLRQ ),&0 )DWDO,QIDQWLOH&DUGLRP\RSDWK\
),$%48$/ DEEU),$%LOLWpHW48$/LWp 0HGLFLQH
)UHQFKDEEUHYLDWLRQPHDQLQJ5HOLDELOLW\DQG ),&1 )UHH,QQHU&RUH1XWDWLRQ
4XDOLW\ *HRPDJQHWLVP3DOHRPDJQHWLVP3K\VLFV
),$( )HGHUD]LRQH,WDOLDQD$UWLJLDQL(GLOL,WDO\ ),&2 )LQDQFLDO ,QWHUPHGLDULHV&ODLPV2IILFH
),$) )pGpUDWLRQ,QWHUQDWLRQDOHGHV$UFKLYHVGX *%
)LOP ),&2 DEEU),QDQFLQJ&2USRUDWLRQ
),$0 )HGHUD]LRQH,WDOLDQD$HUR0RGHOOLVPR ),&V )HGHUDO,QIRUPDWLRQ&HQWHUV86$
,WDOLDQ)HGHUDWLRQ ),&6 )LQDQFLDO,QIRUPDWLRQDQG&RQWURO6\VWHP
),$06 )OLQGHUV,QVWLWXWHIRU$WPRVSKHULFDQG %XVLQHVV)LQDQFH
0DULQH6FLHQFHV$XVWUDOLD ),&7 )HGHUD]LRQH,WDOLDQDGHOOH&RPXQLWj
),$7 )DEEULFD,WDOLDQD$XWRPRELOL7RULQR,WDO\ 7HUDSHXWLFKH,WDO\
),$7 )RQGVG
OQWHUYHQWLRQSRXUO
$PpQDJHPHQWGX ,WDOLDQ)HGHUDWLRQ
7HUULWRLUH)UDQFH ),&9 IXWXUHLQIDQWU\FRPEDWYHKLFOH
),$ WHFKQLTXH )ORZ,QMHFWLRQ$QDO\VLVWHFKQLTXH IXWXUYpKLFXOHGHFRPEDWG·LQIDQWHULH)9&,
)RUIXUWKHUGHWDLOVVHHXQGHU6,$ ),&<7 )XQGDFLyQSDUDHOIRPHQWRHQ$VWXULDVGHOD
),$8 )LDOXULGLQH ,QYHVWLJDFLyQ&LHQWLILFDDSOLFDGD\OD7HFQRORJLD
+HSDWLF7R[LFLW\ (&
),% )HOORZRIWKH,QVWLWXWHRI%DQNHUV ),' )pGpUDWLRQ,QWHUQDWLRQDOHGH'RFXPHQWDWLRQ
),%6 )LHOGE\,QIRUPDWLRQ%OHQGLQJDQG ,QWHUQDWLRQDO)HGHUDWLRQ
6PRRWKLQJ ),' )HGHUDWLRQRI,QWHUQDWLRQDO'RFXPHQWDWLRQ
),%9 )pGpUDWLRQ,QWHUQDWLRQDOHGHV%RXUVHVGH ),' )HGHUD]LRQH,QWHUQD]LRQDOHGL'RFXPHQWD]LRQH
9DOHXUV ,QWHUQDWLRQDO)HGHUDWLRQ
)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO)HGHUDWLRQ ),')LG )HGHUD]LRQH,WDOLDQD'LDEHWH,WDO\
RI6WRFN([FKDQJHV ,WDOLDQ)HGHUDWLRQ
6WRFN([FKDQJHV ),' )HOORZRIWKH,QVWLWXWHRI'LUHFWRUV
),& )HGHUDO,QVXUDQFH&RQWULEXWLRQ86$ ILG DEEUILGHOLW\ILGXFLDU\
),& )pGpUDWLRQGHV,QVWLWXWHXUV&KUpWLHQV ),'$/ )HGHUD]LRQH,WDOLDQDGL$WOHWLFD/HJJHUD
%HOJLDQ)HGHUDWLRQ ,WDO\
),& )HGHUDWLRQRI,QVXUDQFH&RXQVHO86$ ,WDOLDQ)HGHUDWLRQ
),& )HGHUD]LRQH,WDOLDQD&DQRWWDJJLR,WDO\ ),'$3$ )HGHUD]LRQH,WDOLDQD'RQQH$UWL
3URIHVVLRQL$IIDUL,WDO\
DOO&DWKROLFXQLYHUVLWLHVLQWKHVHDUFKIRUWUXWKWR UDGDUGHERUGjYLVLRQIURQWDOH
KHOSVROYHSUREOHPVRIJURZWK DQGGHYHORSPHQW )/%)HGHUDO/DQG%DQN86$
DQGWRFRRSHUDWHZLWKRWKHULQWHUQDWLRQDORUJDQL )/% )HGHUDO/RDQ%DQN86$
]DWLRQV )/% )UDQFROH/RQJGX%DWHDX
),9 )HOLQHOPPXQRGHILFLHQF\9LUXV )UHQFKLQLWLDOLVPPHDQLQJ)UHH$ORQJVLGH6KLS
9LURORJ\ )$67KHDERYHH[SDQVLRQKDVUHSODFHG)/%
),9 )HUWLOLVDWLRQ,Q9LWUR )UDQFR/RQJGX%RUG
)UHQFKDFURQ\PPHDQLQJ,Q9LWUR)HUWLOL]DWLRQ (FRQRPLFV,QWHUQDWLRQDO7UDGH
0HGLFLQH )/& )HGHUDO/LEUDU\&RPPLWWHH
),9 9HQH]XHODQ,QYHVWPHQW)XQG9HQH]XHOD )/& IRUFHORJLVWLFFRRUGLQDWRU
)- )LML FRRUGRQQDWHXUGHVRXWLHQORJLVWLTXHGHODIRUFH
). 7KH)LIWK)XQGDPHQWDO.DWDORJ )/&V )HUURHOHFWULF/LTXLG&U\VWDOV
$VWURQRP\ IOG DEEUILHOGIOXLG
).%3 ).%LQGLQJ3URWHLQV IOGU IOXLGGUDPIOXLGGUDP
,QWUDFHOOXODU5HFHSWRU 0HWURORJ\
$QLPDO%LRORJ\%LRFKHPLVWU\%LRORJLFDO )/((7 )UHLJKWDQG/RJLVWLFV(IIRUWVIRU(XURSHDQ
6FLHQFHV%LRPHGLFDO6FLHQFHV%LRSK\VLFV 7UDIILF(XURSHDQ&RPPXQLW\
0ROHFXODU3K\VLRORJ\9HWHULQDU\0HGLFLQH )OHP )OHPLVK
)/ )OLJKW/HYHO )OHPLVKLVRQHRIWKHRIILFLDOODQJXDJHVRI
$YLDWLRQ %HOJLXPLWLVD*HUPDQLFGLDOHFWPXWXDOO\LQWHOOL
IO DEEUIORRU JLEOHZLWK'XWFK
$UFKLWHFWXUH0LQLQJ(QJLQHHULQJ1DYDO /DQJXDJHV
$UFKLWHFWXUH )/(7 IRUZDUGOLQHRIHQHP\WURRSV
*HRORJ\ ,QJHRORJ\IORRULVDOVRNQRZQDVERW OLJQHDYDQWGHVIRUFHVHQQHPLHV
WRP )/(7& )HGHUDO/DZ(QIRUFHPHQW7UDLQLQJ&HQWHU
)/ DEEU)ORULGD86$ 86$
), )ORULQ )/(; IOHHWH[HUFLVH
)UHQFKDEEUHYLDWLRQPHDQLQJJXLOGHUREVROHWH H[HUFLFHGHVIRUFHVQDYDOHV
1RZ(852(858%HFDPH(&8(XURSHDQ )/) )HGHUD]LRQH/XFLR)RQWDQD,WDO\
6LQJOH&XUUHQF\ZLWKHIIHFWIURP-DQXDU\ ,WDOLDQ)HGHUDWLRQ
&XUUHQFLHV )/,& )LOP/LEUDU\,QIRUPDWLRQ&RXQFLO
IO DEEUIOXLG IOLF 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
3K\VLFV6FLHQFH XVLQJWKHZRUGIOLFZKLFKPHDQVLQ)UHQFK
)/ )RFDO/HQJWK SROLFHPDQFRS86$
)RFDOOHQJWKLVDOVRNQRZQDV)RFDO'LVWDQFH )/,(5V )DVW/RZ,RQL]DWLRQ(PLVVLRQ5HJLRQV
2SWLFV $VWURQRP\$VWURSK\VLFV
)/$ )LML/LEUDU\$VVRFLDWLRQ )/,+ )LUVW/HYHO,QWHUUXSW+DQGOHU
)/$ )ORULGD/LEUDU\$VVRFLDWLRQ &RPSXWHU7HFKQRORJ\
)/$ )XWXUH/DUJH$LUFUDIW )/,3 IOLJKWLQIRUPDWLRQSXEOLFDWLRQ
IXWXUDYLRQJURVSRUWHXU SXEOLFDWLRQG·LQIRUPDWLRQGHYRO
)/$-$ /DWLQ$PHULFDQ)HGHUDWLRQRI<RXQJ )/,3 )OXRUHVFHQFH/RVV,Q3KRWREOHDFKLQJ
(QYLURQPHQWDOLVWV&RORPELD %LRORJLFDO,PDJLQJ&HOO%LRORJ\+XPDQ
)/$0(SURMHFW )XWXUH/DVHU$WPRVSKHULF 'HYHORSPHQW0HWDEROLVP
0HDVXUHPHQW(TXLSPHQWSURMHFW )/,3V )$''/LNH,&(,QKLELWRU\3URWHLQV
(XURSHDQ&RPPXQLW\3URMHFW/DVHU$WPRVSKHULF )RUIXUWKHUGHWDLOVVHHXQGHU)$''
0HDVXUHPHQW(TXLSPHQW )/,5LPDJHU )RUZDUG/RRNLQJ,QIUDUHGLPDJHU
)/$3 PHWKRG )OXRUHVFHQFH/RFDOL]DWLRQ$IWHU (QJLQHHULQJ
3KRWREOHDFKLQJPHWKRG )/,56 IRUZDUGORRNLQJLQIUDUHGV\VWHP
%LRFKHPLVWU\%LRSK\VLFV&DQFHU5HVHDUFK V\VWqPHLQIUDURXJHjYLVLRQIURQWDOH
)/$3: )XOO3RWHQWLDO/LQHDU$XJPHQWHG3ODQH )/. )ULGD/HDNH\.DURQJR
:DYH $QWKURSRORJ\
0DWHULDOV6FLHQFHDQG(QJLQHHULQJ )// )OX[/LQH/DWWLFH
)/$5 IRUZDUGORRNLQJDLUERUQHUDGDU 6XSHUFRQGXFWLYLW\
8QLWHG1DWLRQV3UHYHQWLYH'HSOR\PHQW)RUFH 2SWLFV
8135('(3 )2: )UHH2Q:DJRQ
)25(&$3 IRUFHFRPEDWDLUSDWURO %XVLQHVV&RPPHUFH
SDWURXLOOHDpULHQQHGHFRPEDWGHODIRUFH )2; )LVKHU\2FHDQRJUDSK\([SHULPHQW
)25(0 )XQGDFLRQ)RUPDFLRQ\(PSOHR 86([SHULPHQW
6SDQLVK)RXQGDWLRQ )2; )XWXUHVDQG2SWLRQV([FKDQJH
)25(; DEEU)25HLJQ(;FKDQJH &RPPHUFLDO
)250$3(/(& )RUPDWLRQ3URIHVVLRQQHOOHFRQWLQ )3 )DFLVW3DUW\
XHGDQVO
(TXLSHPHQW(OHFWULTXH)UDQFH )3 )LUH3OXJ
&RQWLQXRXV9RFDWLRQDO7UDLQLQJ )3 )LVVLRQ3URGXFW
)250(76 PHVVDJHWH[WIRUPDWWLQJV\VWHP (QHUJ\
V\VWqPHGHIRUPDWDJHGHWH[WHVGHPHVVDJHV )3 )L[HG3ULFH
)2535218 )RUFHGHSURWHFWLRQGHV1DWLRQV )3)3 )ORDWLQJ3RLQW)ORDWLQJ3ROLF\
8QLHV>REVROqWHUHPSODFpHSDUO·,)25@ )3 IRUFHSURSRVDO
8QLWHG1DWLRQV3URWHFWLRQ)RUFH81352)25 SURSRVLWLRQGHIRUFHV
>REVROHWHUHSODFHGE\,)25@ IRUFHSURWHFWLRQ
)2575$1 DEEU)25PXOD75$1VODWLRQ SURWHFWLRQGHVIRUFHV
&RPSXWHU3URJUDPPLQJ )3 )RUHLJQ3ROLF\
)26 )DLQW2EMHFW6SHFWURJUDSK )3ISIS )UHH]LQJSRLQW
$VWURQRP\3K\VLFV6SDFH7HOHVFRSH6FLHQFH 7KHIUHH]LQJSRLQWLVWKHWHPSHUDWXUHDWZKLFKD
IRV IUHHRYHUVLGHVKLS VXEVWDQFHLQDOLTXLGSKDVHIUHH]HV
%XVLQHVV&RPPHUFH6KLSSLQJ 3K\VLFDO&KHPLVWU\
)26',&,, )LOP2SWLFDO6HQVLQJ'HYLFHIRU,QSXW )3IS IRRWSRXQG
WR&RPSXWHUV 0HWURORJ\
&RPSXWHU7HFKQRORJ\ IS IXOO\SDLG
)26)$ )HGHUDWLRQRI2LO6HHGDQG)DWV )3 )LIWK)UDPHZRUN3URJUDPPH
$VVRFLDWLRQ 7RVXSSRUWFURVVERUGHU5 '&ROODERUDWLRQV
)266 )HGHUDO,QWHOOLJHQFH6HUYLFH>)%L+@ (XURSHDQ8QLRQ3URJUDP
6HUYLFHGHUHQVHLJQHPHQWIpGpUDO>)%L+@ )3 6L[WK)UDPHZRUN3URJUDPPH
)266 )LEHU2SWLF6RODU6LPXODWRU (XURSHDQ5HVHDUFK
)266LVDLQYHQWLRQ%KXVKDQ6RSRUL
VWR )RUIXUWKHUGHWDLOVVHHXQGHU(7,
PHDVXUHWKHSHUIRUPDQFHRIDSKRWRYROWDLFFHOO )3$ )RUHLJQ3UHVV$VVRFLDWLRQ
7KHFRQYHQWLRQDOPHWKRGUHOLHVRQDVLQJOH[HQRQ )3$ )UHHRI3DUWLFXODU$YHUDJH
DUFODPSZKRVHRXWSXWKDVVWURQJHPLVVLRQOLQHV )3$ PRGHO )L[HG3ULQFLSDO$[LVPRGHO
DORQJWKHVSHFWUXPDQGGRHVQRWTXLWHPDWFKWKH 3K\VLFV
VWDQGDUGVSHFWUXP&RQVHTXHQWO\FRUUHFWLRQVKDYH )3$5 )UDFWLRQRIWKHLQFLGHQW3KRWRV\QWKHWLFDOO\
WREHPDGHDQGPXVWEHFDOFXODWHG7KLVSURFHVV $FWLYH5HDFWLRQ
FDQWDNHXSWRWZRGD\VIRUPXOWLMXQFWLRQGHYLFHV $WPRVSKHULF5HVHDUFK$WPRVSKHULF6FLHQFHV
7KH)266FDQDFFRPSOLVKWKHVDPHWDVNLQRQO\ (QYLURQPHQWDO6FLHQFHDQG0DQDJHPHQW/DQG
ILYHPLQXWHVZLWKFRPSDUDEOHDFFXUDF\,WDFKLHYHV $WPRVSKHUH,QWHUDFWLRQV0HWHRURORJ\3ODQW
WKLVE\XVLQJWZROLJKWVRXUFHV2QHLVDQLQIUDUHG %LRORJ\
VRXUFHZLWKQRHPLVVLRQOLQHV7KHRWKHULVVSOLW )3% IDVWSDWUROERDW
LQWRDQXOWUDYLROHWEHDPDQGDYLVLEOHEHDPERWK YHGHWWHUDSLGH
RIZKLFKDUHSDVVHGWKURXJKILOWHUVWREORFN )3% )ORDWLQJ3RLQW%RDUG
XQZDQWHGHPLVVLRQOLQHV )3&)3& )HGHUDO3RZHU&RPPLVVLRQ
3KRWRYROWDLF0HDVXUHPHQWV 7KH)HGHUDO3RZHU&RPPLVVLRQLVDERDUGHVWDE
)27 IRUFHRSpUDWLRQQHOOHWHUUHVWUH OLVKHGLQWKH86$PDLQO\WRUHJXODWHHOHFWULF
ODQGWDVNIRUFH SRZHUDQGQDWXUDOJDVLQGXVWULHVLQYROYHGLQLQWHU
)27IRW )UHH2Q7UXFN VWDWHFRPPHUFH
%XVLQHVV&RPPHUFH6KLSSLQJ )3& ILQDOSODQQLQJFRQIHUHQFH
)27& IRUFHRYHUWKHKRUL]RQWUDFNFRRUGLQDWRU FRQIpUHQFHGHSODQLILFDWLRQILQDOH
FRRUGRQQDWHXUGHVSLVWHVWUDQVKRUL]RQGHODIRUFH IRUFHSODQQLQJF\FOH
)29 )LHOG2I9LHZ F\FOHGHSODQLILFDWLRQGHVIRUFHV
)<, )RU<RXU,QIRUPDWLRQ
)<,* )RU<RXU,QIRUPDWLRQDQG*XLGDQFH
)<2 )LVFDO<HDU2SWLRQ
%XVLQHVV)LQDQFH
)<5 )RUPHU<XJRVODY5HSXEOLF
)<74 )LVFDO<HDU7UDQVLWLRQ4XDUWHU
%XVLQHVV)LQDQFH
)=6 )HOORZRIWKH=RRORJLFDO6RFLHW\
)=6/ )HOORZRIWKH=RRORJLFDO6RFLHW\/RQGRQ
)]V )UDFWXUH=RQHV
%DWK\PHWU\2FHDQRJUDSK\6HLVPRORJ\
JHQHUDODJUHHPHQW
* DFFRUGJpQpUDO
JHQHUDODOHUW
DOHUWHJpQpUDOH
JDEEUJDLQ JURXQGDWWDFN
&RQWURO6\VWHPV'HVLJQ(QJLQHHULQJ DWWDTXHDXVRO
(OHFWURPDJQHWLVP(OHFWURQLFV *$ *HQHUDO$VVHPEO\81
J JDOH%HDXIRUWOHWWHU *$ *HQHUDO$YHUDJH
0HWHRURORJ\ &RPPHUFH
J JDXJHJDJH *$ *HQHUDORIWKH$UP\
%XLOGLQJ(QJLQHHULQJ&LYLO(QJLQHHULQJ *$ *HQLR$HURQDXWLFR
(QJLQHHULQJ(OHFWURPDJQHWLVP0HFKDQLFDO ,WDOLDQLQLWLDOLVPPHDQLQJ$HURQDXWLFDO(QJLQHHUV
'HYLFHV2UGQDQFH *$ *HRJUDSKLFDO$VVRFLDWLRQ
* *HUPDQ\ *$ DEEU*HRUJLD86$
$OVR*(*HU *$ *LEEHUHOOLF$FLG
J JLJD &+2*$ LVDFU\VWDOOLQHDFLGZKLFKRFFXUVLQ
* *ROG SODQWVDQGLVVLPLODUWRWKHJLEEHUHOOLQV
J JUDPJUDPPH %LRFKHPLVWU\
0HWURORJ\ *$ *LXQWD$PPLQLVWUDWLYD
J JUDYLW\ ,WDOLDQDFURQ\PPHDQLQJ$GPLQLVWUDWLYH&RXQFLO
0HFKDQLFV *$ *OLGH$QJOH
* *ULQG *$ *ROILQJ$VVRFLDWLRQ
*J *XDUGLDQ *$ *ROJL$SSDUDWXV
J $FFHOHUDWLRQRIJUDYLW\ 1DPHGDIWHUWKH,WDOLDQSK\VLFLDQ&DPLOOR*ROJL
3K\VLFV
* &RQVWDQWRIJUDYLWDWLRQ &HOO%LRORJ\
3K\VLFV *$ *URVV$VVHW
* *DXVV %XVLQHVV)LQDQFH
(OHFWURPDJQHWLVP *$ *URXQGWR$LUUHIHUULQJWRDPLVVLOH
J JHQGHU 0LOLWDU\
%LRORJ\(OHFWULFLW\ *$ *XP$UDELF
J JLQJLYDO $ EUDQFKHGDUDELQRJDODFWDQSRO\VDFFKDULGHXVHG
$QDWRP\5HIHUULQJWRWKHJXPV PDLQO\LQWKHPDQXIDFWXUHRISKDUPDFHXWLFDOVDQG
J JOXFRVH LQNV
%LRFKHPLVWU\ JD V JHQHUDODYHUDJHDQGVDOYDJH
* *XDQLQH 6HD7UDQVSRUW
%LRFKHPLVWU\ *$$3 *HQHUDOO\$FFHSWHG$FFRXQWLQJ3ULQFLSOHV
* VSHFLILFJUDYLW\ *D$V *DOOLXP$UVHQLGH
0HFKDQLFV :LWKPLQRUPRGLILFDWLRQVWKH6'06FRXOGEH
J WKH*UHHNOHWWHUJDPPDa XVHGWRDQDO\]HPDWHULDOVRWKHUWKDQVLOLFRQ2I
* :KROH*DOH%HDXIRUWOHWWHU SDUWLFXODULPSRUWDQFHLVJDOOLXPDUVHQLGH*D$V
0HWHRURORJ\ DVHPLFRQGXFWRUPDWHULDOIRUKLJKHIILFLHQF\VRODU
* 7KLUG*HQHUDWLRQ FHOOVDQGKLJKVSHHGPLFURHOHFWURQLFV7KH6'06
* *URXSRI)LYH FRXOGEHXVHGWRLPSURYHWKHSURVSHFWVIRU*D$V
* *URXSRI6HYHQ WHFKQRORJLHV
*D WKHFKHPLFDOV\PEROIDU*DOOLXP 6HPLFRQGXFWRU0DWHULDOV6RODU&HOOV
,WVFRPSRXQGVDUHXVHGDVVHPLFRQGXFWRUV )RUIXUWKHUGHWDLOVVHHXQGHU6'06
&KHPLVWU\6\PEROV *D$V *DOOLXP$UVHQLGH
*$ *DVWULF$QDO\VLV *DOOLXPDUVHQLGHLVDFU\VWDOOLQHPDWHULDOKDYLQJD
JD JDXJH PHOWLQJSRLQWRI$&
*$ *HQHUDO$FFRXQW*HQHUDO$JHQW ,QRUJDQLF&KHPLVWU\
*$ *DPELD *$$6 *HQHUDOO\$FFHSWHG$XGLWLQJ6WDQGDUGV
*DPELH *$% *HQHUDO$JUHHPHQWWR%RUURZ
*DGROLQLXP2[LGHLVXVHGPDLQO\LQODVHUV *()ZDVHVWDEOLVKHGLQWRFRRUGLQDWHWKH
,QRUJDQLF&KHPLVWU\ HQYLURQPHQWDODFWLYLWLHVRI81(3WKH:%DQGWKH
*'3 *RYHUQPHQW'HYHORSPHQW3ODWIRUP 81'HYHORSPHQW3URJUDP7KH*()LVFKDUJHG
*'3 *URVV'RPHVWLF3URGXFW ZLWKGHPRQVWUDWLQJWKHYDOXHRISURPLVLQJWHFK
*'3 *XDQRVLQH'LSKRVSKDWH QRORJLHV2QHRILWVDLPVLVWRUHGXFHWKHHPLVVLRQ
*'35 *URXSRI'HSXW\3HUPDQHQW5HSUHVHQWDWLYHV RIJUHHQKRXVHJDVHVWKURXJK5HQHZDEOH(QHUJ\
RQWKH3XEOLF'LVFORVXUHRI1$72'RFXPHQWV 3URMHFWV
*URXSHGHVUHSUpVHQWDQWVSHUPDQHQWVVXSSOpDQWV )RUIXUWKHUGHWDLOVVHHXQGHU81(3 DQG:%
VXUODPLVHHQOHFWXUHSXEOLTXHGHGRFXPHQWV *()5.$ *HQHWLFDOO\(QJLQHHUHG)RRG5LJKWWR
27$1 .QRZ$FW86$
*'36 *OREDO'DWD3URFHVVLQJ6\VWHP %LRHQJLQHHUHG)RRGV
*'5 *HUPDQ'HPRFUDWLF5HSXEOLF *()V *XDQLQHQXFOHRWLGH([FKDQJH)DFWRUV
*'5 *HRSK\VLFDO'DWD5HFRUG *()6$ *HQHWLFDOO\(QJLQHHUHG)RRG6DIHW\$FW
*'5V *OREDO'HSRVLWDU\5HFHLSWV 86$
%DQNLQJ)LQDQFH %LRHQJLQHHUHG)RRGV
*'6 &LYLO'HPRFUDWLF3DUW\RI%L+)%L+ *(* 7KHDLUSRUWFRGHIRU6SRNDQH:DVKLQJWRQ
SDUWLGpPRFUDWLTXHFLYLOGH%RVQLH+HU]pJRYLQH 86$
*'6 *HQHUDO'DWD6WUHDP *(*/266 *URXSRI([SHUWVRQWKH*OREDO6HD
&RPSXWHUV OHYHO2EVHUYLQJ6\VWHP
*'6 *UDSKLF'DWD6\VWHP 2IWKH,QWHUJRYHUQPHQWDO2FHDQRJUDSKLF
*'6 *UDSKLF'HVLJQ6\VWHP &RPPLVVLRQ
*'6,'% *OREDO'LJLWDO6HD,FH'DWD%DQN *H+ *HUPDQLXP7HWUDK\GULGH
*'6V *XDQRVLQH'LSKRVSKDWHGLVVRFLDWLRQ ,QRUJDQLF&KHPLVWU\
6WLPXODWRUV *(,( *UXSSR(XURSHRGL,QWHUHVVH(FRQRPLFR
)RUIXUWKHUGHWDLOVVHFXQGHU*5)V *XDQLQH ,WDOLDQDFURQ\PRIWKH(XURSHDQ*URXSRI
1XFOHRWLGH5HOHDVLQJ)DFWRUV (FRQRPLF,QWHUHVW(&
*( *DVWURHQWHURORJ\ *(,3 *URXSHpXURSpHQLQGpSHQGDQWGHSURJUDPPH
0HGLFLQH ,QGHSHQGHQW(XURSHDQ3URJUDPPH*URXS,(3*
*( *HQHUDO([SHQVHV *(. *HRPDJQHWLF(OHFWURNLQHWRJUDSK
*( *HQHWLF(QJLQHHULQJ*HQHWLFDOO\(QJLQHHUHG *(.LVDQLQVWUXPHQWXVHGWRFDOFXODWHWKHVSHHG
*( *HQRYD,WDO\ DQGGLUHFWLRQRIRFHDQFXUUHQWV
*H 7KHFKHPLFDOV\PEROIRU*HUPDQLXP (QJLQHHULQJ
1DPHGIRU*HUPDQ\ ZKHUHLWZDVGLVFRYHUHG *(/ *HQHUDO(PXODWLRQ/DQJXDJH
&KHPLVWU\6\PEROV *(0 *UDGHGWHVWIRU(QJOLVK0DMRUV
*( *HUPDQ\ /LQJXLVWLFV
$OVR**HU *(0 *UDGXDWHG(TXLW\0RUWJDJH
*( *URVV(DUQLQJV %XVLQHVV&RPPHUFH(FRQRPLFV
%XVLQHVV)LQDQFH *(0 *URXQG(IIHFW0DFKLQH
*( *XLGH(GJH 0HFKDQLFDO(QJLQHHULQJ
7KHWHUPJXLGHHGJHUHIHUVWRWKHHGJHRIDSDSHU *(0DOOLDQFH *OREDO(TXLW\0DUNHWDOOLDQFH
WDSHDSXQFKFDUGRURWKHUPHDQVIRUDOLJQPHQW )RUPHGLQ
XVH (TXLW\([FKDQJHV
&RPSXWHU7HFKQRORJ\ *(0GHWHFWRU *DPPDV(OHFWURQVDQG0XRQV
*($'*( *HUPDQ$LU'HIHQFH*URXQG GHWHFWRU
(QYLURQPHQW *(0,0 *URXSRI([SHUWVRQ0DULQH,QIRUPDWLRQ
LQIUDVWUXFWXUHpOHFWURQLTXHGHODGpIHQVHDpULHQQH 0DQDJHPHQW
GHO·$OOHPDJQH *(06 $PHULFDQ*DV([FKDQJH0HDVXUHPHQW
*(%$ *OREDO(QHUJ\%DODQFH$UFKLYH 6\VWHP
(DUWKDQG3ODQHWDU\6FLHQFHV (QYLURQPHQW0RQLWRULQJ
*(& *OREDO(QYLURQPHQWDO&KDQJH *(06 JHQHULFHVWDEOLVKPHQWPDQDJHPHQWV\VWHP
*(( *HQHUDOL]HG(VWLPDWLQJ(TXDWLRQ >IRUPHUO\FDOOHG&+$506@
*((3 *URXSRI([SHUWVRQ(IIHFWVRI3ROOXWDQWV V\VWqPHJpQpULTXHGHJHVWLRQGHVHIIHFWLIV>DQFLHQ
*() *OREDO(QYLURQPHQWDO)DFLOLW\ QHPHQWDSSHOp&+$506@
%LRORJLFDO&KHPLVWU\0HGLFLQH *6 *URVV6DOHV
*51(7 *UHHN5HVHDUFKDQG7HFKQRORJ\1HWZRUN %XVLQHVV&RPPHUFH
*51(7 LVDOHDGLQJFRQVRUWLXPWRH[WHQG*e$17 *6 *URVV6SUHDG
FRQQHFWLYLW\LQWRWKH%DONDQV %XVLQHVV)LQDQFH
(XURSHDQ&RPPLVVLRQ *6 *URXQG6SHHG
*511 *HQHUDO5HJUHVVLRQ1HXUDO1HWZRUN $OVR6SHHGRYHUWKHJURXQG
*52 *DPPD5D\2EVHUYDWRU\ $YLDWLRQ
JUR JURVVGR]HQV *6 *URXS6HSDUDWRU
*52%$7 VHH*525%$7 *6 *URZWK6WRFN
YRLU*525%$7 %XVLQHVV)LQDQFH
*525%$7 JURXQGRUGHURIEDWWOH JV JXLQHDV
RUGUHGHEDWDLOOH7HUUH *6 *XOI6KHOI
*53 *ODVV5HLQIRUFHG3ODVWLF3RO\HVWHU *6$ *HQHUDO6HUYLFHV$GPLQLVWUDWLRQ86$
*53V *HQHUDO5HFHSWRUVIRU3KRVSKRLQRVLWLGHV *6$ *HRORJLFDO6RFLHW\RI$PHULFD
%LRFKHPLVWU\0ROHFXODU%LRORJ\0ROHFXODU *6$ *UHDW6DOLQLW\$QRPDO\
0HGLFLQH *6$& 7KH*HQRPH6HTXHQFLQJDQG$QDO\VLV
*55 *HQRW\SLF5HODWLYH5LVNV &RQIHUHQFH86$
(SLGHPLRORJ\*HQHWLFV0HGLFLQH3V\FKLDWU\ *HQRPLFV
*55 7KHDLUSRUWFRGHIRU*UDQG5DSLGV0LFKLJDQ *6$0 *OXWDPDWHVHPLDOGHK\GH$PLQRPXWDVH
86$ %LRFKHPLVWU\
*56 *DPPD5D\6SHFWURPHWHU *6$7 *OREDO6DWHOOLWHGDWD$FTXLVLWLRQ7HDP
7KH*56LVDFROOHFWLRQRIWKUHHLQVWUXPHQWV 86$
ZKLFKDUHXVHGWRGHWHUPLQHWKHFRPSRVLWLRQRI *6& *DV6ROLG&KURPDWRJUDSK\
WKHPDUWLDQVXUIDFH *DVVROLGFKURPDWRJUDSK\LVDFKURPDWRJUDSK\
/XQDU5HVHDUFK6SDFH5HVHDUFK ZKHUHLQWKHVWDWLRQDU\SKDVHLVDVXUIDFHDFWLYH
)RUIXUWKHUGHWDLOVVHHXQGHU+(1' VRUEHQWDQGWKHPRELOHSKDVHLVDJDV
*56 *RYHUQPHQW5XEEHUDQG6W\UHQH $QDO\WLFDO&KHPLVWU\
&KHPLFDO,QGXVWU\ *6& *HQHUDO6WDII&RUSV
*56 *UHDW5HG6SRW *6& *HRORJLFDO6XUYH\RI&DQDGD
7KH*56LVDUHJLRQLQ-XSLWHU
V6RXWK(TXDWRULDO *6& *OREDO6XSSO\&KDLQ
%HOW 7KH*6&LVDQ,QIRUPDWLRQ7HFKQRORJ\SURMHFW
$VWURQRP\ WKDW*OD[R:HOOFRPHKDVLQLWLDWHGLQ
*57 *5HDWHU7KDQ *6&, *ROGPDQ6DFKV&RPPRGLW\,QGH[
$OVR*7 *LYHVDUHSUHVHQWDWLRQRIWKHHFRQRPLFLPSRUWDQFH
JUW*57JURW JURVVUHJLVWHUWRQQDJH RIFRPPRGLWLHVLQWKHZRUOGHFRQRP\
*57 *URXS5DSLG7UDQVLW *6&V *HUPOLQH6WHP&HOOV
7UDQVSRUWDWLRQ(QJLQHHULQJ &HOO%LRORJ\'HYHORSPHQW(PEU\RORJ\
*58 JULGUHIHUHQFHXQLW *6' *URXSH6DQLWDLUH'LYLVLRQQDLUH)UDQFH
XQLWpGHUpIpUHQFHGHJULOOH85() *6( *URXQG6XSSRUW(TXLSPHQW
*5803,(6 *URZQ8S0DWXUH3HUVRQV86$ *6(LVDOVRNQRZQDV*URXQG+DQGOLQJ
JUZW JURVVZHLJKW (TXLSPHQW
*V *DXVV $YLDWLRQ
1DPHGIRUWKH*HUPDQPDWKHPDWLFLDQ.DUO *6(ORQJLWXGH *HRFHQWULF6RODU(FOLSWLFORQJLWXGH
)ULHGULFK*DXVV /XQDU5HVHDUFK
(OHFWURPDJQHWLVP *6(6 *RYHUQPHQW6SRQVRUHG(QWHUSULVHV
*6 *HQHUDO6HFUHWDU\*HQHUDO6WDII %XVLQHVV&RPPHUFH
*6 *ODPRXU6WRFN *6)& *RGGDUG6SDFH)OLJKW&HQWHU1$6$·V
%XVLQHVV)LQDQFH ([WUDWHUUHVWULDO3K\VLFV6SDFH5HVHDUFK
*6 *OXWDPLQH6\QWKHWDVH*O\FRJHQ6\QWKHWDVH 1DQRVDWHOOLWH7HFKQRORJ\
(Q]\PRORJ\ )RUIXUWKHUGHUDLOVVHHXQGHU*(67
*6 *ROG6WDQGDUG *6, ,QVWLWXWHIRU+HDY\,RQ5HVHDUFK'DUPVWDGW
*6 *RRGVDQG6HUYLFHV *HUPDQ\
*6 *RYHUQPHQW6HFXULWLHV*RYHUQPHQW6WRFN +HDY\,RQ3K\VLFV
,PPXQRORJ\
JYO DEEUJUDYHO
%XLOGLQJV
*9/ HIIHFW *UDIW9HUVXV/HXNHPLDHIIHFW
&OLQLFDO0HGLFLQH&OLQLFDO,PPXQRORJ\
([SHULPHQWDO0HGLFLQH+HPDWRORJ\2QFRORJ\
*92 *URVV9DOXHRI2XWSXW
*97 jJDLQYDULDEOHGDQVOHWHPSV
VHQVLWLYLW\WLPHFRQWURO67&
*9: *URVV9HKLFOH:HLJKW
*: JDWHZD\
SDVVHUHOOH
JXLGHGZHDSRQ
HQJLQJXLGp
*: JLJDZDWW
*: JURXQGZDWHUJURXQGZDWHU
$OVR8QGHUJURXQG:DWHU3KUHDWLF:DWHU
+\GURORJ\
*:$7 *ULQGLQJ:KHHO$EUDVLRQ7HVW
*:( *OREDO:HDWKHU([SHULPHQW
*:(1 *URXQG:DYH(PHUJHQF\1HWZRUN
7HOHFRPPXQLFDWLRQV
*:)$ 7KH*DPELD:RPHQ
V)LQDQFH$VVRFLDWLRQ
*:, *UHHQKRXVH:DUPLQJ,QGH[
*:,1 *OD[R:HOOFRPH,QWHUQDWLRQDO1HWZRUN
*:3 *LIW:LWK3XUFKDVH
0DUNHWLQJ
*:3 *OREDO:DUPLQJ3RWHQWLDO
*:3 *URVV:RUOG3URGXFW
*:3$6 *HQHUDO:RUNIRUFH3HUIRUPDQFH
$SSUDLVDO6\VWHP
*:80& *HRUJH:DVKLQJWRQ8QLYHUVLW\0HGLFDO
&HQWHU86$
*\J\DEEUJUD\JUH\
+LVWRORJ\2SWLFV5DGLRORJ\
*< *X\DQD
*\D *LJD\HDUVDJR
*<( *UHDWHU<HOORZVWRQH(FRV\VWHP
J\P DEEUJ\PQDVLXPJ\PQDVWLFV
*<1J\Q *\QHFRORJ\
*\QHFRORJ\LVWKHEUDQFKRIWKHPHGLFDOVFLHQFH
GHDOLQJZLWKWKHGLVHDVHVWKDWDIIHFWWKHVH[XDO
RUJDQVRIZRPHQ
0HGLFLQH
*\U *LJD\HDU
J\UR DEEUJ\URFRPSDVVJ\URVFRSH
1DYLJDWLRQ
J\UR DEEUJ\URSODQH
$YLDWLRQ
*= JURXQG]HUR
DSRLQW]pUR3=
EVXUIDFH]pUR
*=7 *UHHQZLFK=RQH7LPH
+$ +DLWL
+ +DwWL
KROGLQGDUHD
]RQHG·DWWHQWH
+ +DOI$GGHU +$ +DOI$GGHU
$OVR+$ $OVR+
&RPSXWHU7HFKQRORJ\ &RPSXWHU7HFKQRORJ\
+K KDUERXUKDUGQHVV +$ +DOI$GMXVW
K DEEUKDUGZDUH &RPSXWHU3URJUDPPLQJ
0HFKDQLFDO(QJLQHHULQJ ,QPHFKDQLFDOHQJLQHHU +$ +DXWHV$OSHV)UDQFH
LQJWKHWHUPKDUGZDUHFRPSULVHVWRROVIDVWHQHUV +$ +HDY\$UWLOOHU\
KLQJHVDQGRWKHUPHWDOSDUWV KDKD KHFWDUHKHFWDUHV
&RPSXWHU7HFKQRORJ\ ,QFRPSXWHUWHFKQRORJ\ 0HWURORJ\
WKHWHUPKDUGZDUHUHIHUVWRWKHSK\VLFDOFRPSR +$ +RPH$GGUHVV
QHQWVRIZKLFKDFRPSXWHULVPDGHXS &RPSXWHU7HFKQRORJ\
2UGQDQFH ,QRUGQDQFHWKHWHUPKDUGZDUHUHIHUV +$+$ +RXU$QJOH
PDLQO\WRPHWDOSDUWVXVHGLQFRPEDW +$ +RXVH$FFRXQW
K KHDW +$ +\DOXURQLF$FLG
(QJLQHHULQJ0HWHRURORJ\3K\VLRORJ\ +$ DOVRNQRZQDV+\DOXURQDQEHORQJVWRWKHJO\
7KHUPRG\QDPLFV FRVDPLQRJO\FDQIDPLO\,WLVDQHVVHQWLDOSRO\VDF
KK KHLJKW FKDULGH
$OVRKWKW %LRFKHPLVWU\DQG0ROHFXODU%LRORJ\+HDOWK
+K +HLU 6FLHQFHV3ODQW3DWKRORJ\
+ +HQU\ +$$ KHDY\DQWLDLUFUDIWDUWLOOHU\
+ +HURLQ DUWLOOHU\DQWLDpULHQQHORXUGH
+HURLQLVDOVRNQRZQDV'LDFHW\OPRUSKLQH +$$ +HLJKW$ERYH$LUSRUW
3KDUPDFRORJ\ +$$53 +LJKIUHTXHQF\$FWLYH$XURUDO5HVHDUFK
K DEEU+LHUDUFK\ 3URJUDP86$
%HKDYLRU 7KH+$$53 SURMHFWZDVODXQFKHGLQ
K KLJK $WPRVSKHULF3K\VLFV)XQGDPHQWDO3K\VLFVDQG
+LJKLQPHWHRURORJ\LVDOVRNQRZQDVKLJKSUHV &KHPLFDO3URFHVVHV3ODVPD3K\VLFV8SSHU
VXUHV\VWHPDQWLF\FORQH $WPRVSKHUH6WXGLHV
0HWHRURORJ\ +$$57 +LJKO\$FWLYH$QWLUHWURYLUDO7UHDWPHQW
K KRPH 7KHUDS\
%HKDYLRU&RPSXWHU7HFKQRORJ\(OHFWULFLW\ +$$57 LVDFRPELQDWLRQRIDQWLUHWURYLUDOGUXJVWR
(OHFWURQLFV1DYLJDWLRQ WUHDW+,9LQIHFWHGSDWLHQWV
KK KRUL]RQWDO $,'67KHUDSLHV$QWLUHWURYLUDO'UXJV+,9
K KRVW 9DFFLQHV,PPXQRORJ\,QIHFWLRXV'LVHDVHV
%LRORJ\9LURORJ\ 7UHDWPHQWRI,QIHFWLRQV9LURORJ\
+K +RW +$% +LJK$QJOHJUDLQ%RXQGDU\
++KK KRXURUKRXUV +$%&,7 +LJK$OWLWXGH%DOORRQ&LUFXPVWHOODU
$OVRKUKUV ,PDJLQJ7HOHVFRSH
KK KXPLGLW\ %LRDVWURQRP\([RSODQHWV,PDJLQJ
KK KXQGUHG +$&& +DUULVEXUJ$UHD&RPPXQLW\&ROOHJH
+ +XQJDU\,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU +$&&LVORFDWHGLQ+DUULVEXUJ3HQQV\OYDQLD
+ +\GUDQW 86$,WSURYLGHVFXVWRPL]HGWUDLQLQJLQ(QJOLVK
&LYLO(QJLQHHULQJ DVDVHFRQGODQJXDJH+D]DUGRXV0DWHULDOV3ROLFH
+ +\GUDXOLFV DQG)LUHILJKWLQJ+HDWLQJ$& 5HIULJHUDWLRQ
)OXLG0HFKDQLFV HWF
+ 7KHFKHPLFDOV\PEROIRU+\GURJHQ +$&&3 DQDO\VLV +D]DUG$QDO\VLV&ULWLFDO&RQWURO
&KHPLVWU\6\PEROV 3RLQWDQDO\VLV
K FRHIILFLHQWRIYLVFRVLW\ +$&03 +LJK$YDLODELOLW\&OXVWHU0XOWL
K HOHFWURO\WLFSRODUL]DWLRQ 3URFHVVLQJ,%0V\VWHP
1DYLJDWLRQ %RULF$FLGLVXVHGPDLQO\DVDQH\HZDVK
+DW$ JHQH +LVWRQH$FHW\OWUDQVIHUDVH7\SH$ JHQH ,QRUJDQLF&KHPLVWU\
&HOO%LRORJ\'HYHORSPHQWDO*HQHWLFV0HGLFLQH +%2 6DVVROLWH
0ROHFXODU%LRORJ\ 6DVVROLWHLVDOVRNQRZQDV6DVVROLQ6DVVROLQH
+$75,&6 +$PSVKLUH7HFKQLFDO5HVHDUFK 0LQHUDORJ\
,QGXVWULDODQG&RPPHUFLDO6HUYLFH +%2&V +HPRJORELQ%DVHG2[\JHQ&DUULHUV
+$7V +LVWRQH$FHW\OWUDQVIHUDVHV $UWLILFLDO%ORRG %ORRG6XEVWLWXWHV&HOOIUHH
7KH+$7VDUHKLVWRQHPRGLI\LQJHQ]\PHV +HPRJORELQ&OLQLFDO7ULDOV7UDQVIXVLRQ
0ROHFXODU0HGLFLQH 0HGLFLQH
+$8V +HPDJJOXWLQDWLQJ8QLWV +%2, +DUERU%UDQFK2FHDQRJUDSKLF,QVWLWXWLRQ
+$863 +HUSHVYLUXV$VVRFLDWHG8ELTXLWLQ6SHFLILF +ERPE +\GURJHQ%RPE
3URWHDVH 2UGQDQFH
%LRFKHPLVWU\%LRORJ\&DQFHU*HQHWLFV +%SRSXODWLRQPRGHOV +RUL]RQWDO%UDQFKSRSXOD
'HXELTXLWLQDWLRQ0HGLFLQH3DWKRORJ\ WLRQPRGHOV
+$9 7KHDLUSRUWFRGHIRU+DYDQD&XED &OXVWHUV6SDFH$VWURSK\VLFV
+$9 +HSDWLWLV$ 9LUXV +%5 KLJKELWUDWH
+HSDWLWLV$ 9LUXVLVDOVRNQRZQDV,QIHFWLRXV GpELWELQDLUHpOHYp
+HSDWLWLV9LUXV(SLGHPLF-DXQGLFH9LUXV +%6 +DUYDUG%XVLQHVV6FKRRO86$
9LURORJ\ +E6 6LFNOH+HPRJORELQ
+$ YLUXV +HPDGVRUSWLRQYLUXV 6LFNOH&HOO'LVHDVH
+$=&21 KD]DUGRXVFRQGLWLRQV +EVV +DQN
VEDODQFHGVDOWVROXWLRQ
FRQGLWLRQVGDQJHUHXVHV +E66 +RPR]\JRXV6LFNOH&HOO
+$=0$7 DEEU+$=DUGRXV0$7HULDOV %LRFKHPLVWU\'HQWLVWU\0HGLFLQH0ROHFXODU
+% +DOI%ORFN *HQHWLFV6LFNOH&HOO'LVHDVH
&RPSXWHU3URJUDPPLQJ +%7V +HWHURMXQFWLRQ%LSRODU7UDQVLVWRUV
+E +HPRJORELQ &LUFXLW'HVLJQLQJ'HYLFH(QJLQHHULQJ'HYLFH
$OVRKJE 3K\VLFV
+HPDWRORJ\ +%9 +HSDWLWLV%9LUXV
+% +HSDWLWLV% +HSDWLWLV%9LUXVDOVRNQRZQDV6HUXP+HSDWLWLV
+HSDWLWLV%LVDOVRNQRZQDV6HUXP+HSDWLWLV 9LUXVLVDSDUDUHWURYLUXV
0HGLFLQH 9LURORJ\
+%$ +RQHVW%DOORW$VVRFLDWLRQ86$ +& +DELWXDOFULPLQDO
+E&2 &DUER[\KHPRJORELQ &ULPLQDO/DZ
+%&V+LJK%XUGHQ&RXQWULHV7XEHUFXORVLV +& +DLU&HOO
7XEHUFXORVLV&RQWURO +& +DOI&DUU\
+%' +RUPRQH%LQGLQJ'RPDLQ &RPSXWHU3URJUDPPLQJ
0HGLFLQH2QFRORJ\ +& +DUGZDUH&RPSDWLELOLW\
+%() +XEEDUG%URRN([SHULPHQWDO)RUHVW1HZ &RPSXWHU7HFKQRORJ\
+DPSVKLUH86$ +& +HDW&RLO
+%(6 +XPDQ%HKDYLRUDQG(YROXWLRQ6RFLHW\ (OHFWULFLW\
+%) )OXRURERULF$FLG +& +LJK&KXUFK
)OXRURERULF$FLGLVXVHGIRUPDQ\SXUSRVHVIRU +& +LJK&RPPLVVLRQHU
LQVWDQFHIRUWKHSURGXFWLRQRIIOXRURERUDWHV +& +LJK&RXUW
,QRUJDQLF&KHPLVWU\ +& +LSSRFDPSXV
+%0 +HU%ULWDQQLF0DMHVW\*% $QDWRP\9HUWHEUDWH=RRORJ\
+%0,V +\EULG%UDLQ0DFKLQH,QWHUIDFHV +& +ROGLQJ&RPSDQ\
%LRPHGLFDO(QJLQHHULQJ%LRQLF7HFKQRORJLHV +& +RPH&RPSXWHU
6SLQDOFRUG,QMXULHV +&LVD3&WREHXVHGDWKRPHQRWIRUSURIHVVLRQDO
K%03 KXPDQ%RQH0RUSKRJHQLF3URWHLQ MREV
*HQHWLFV &RPSXWHU7HFKQRORJ\
+E2 2[\KHPRJORELQ KF KRQRULVFDXVD
%LRFKHPLVWU\ +&+& +RVSLWDO&RUSV
+%2 %RULF$FLG +& +RVW&RPSXWHU
+&LVDOVRNQRZQDV+RVW3URFHVVRU 2UJDQLF&KHPLVWU\)RUPLF$FLGLVXVHGPDLQO\
&RPSXWHU7HFKQRORJ\ LQWUHDWLQJOHDWKHUVDQGIRUWKHSURGXFWLRQRI
+& +RXVHRI&RPPRQV LQVHFWLFLGHV
+& +\EULG&RPSXWHU %LRORJ\ )RUPLF$FLGLVDOVRNQRZQDV
&RPSXWHU7HFKQRORJ\ 0HWKDQRLF$FLG
+& +\GURFDUERQ +&R9 +XPDQ&RURQDYLUXV
2UJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU+&R9V
+&$ +HDGRI&RQWUDFWLQJ$FWLYLW\ +&R9V +XPDQ&RURQDYLUXVHV
+&% +H[DFKORUREHQ]HQH 8SSHU5HVSLUDWRU\7UDFW,OOQHVVHV
2UJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU6$56&R9
+&%3 +H[DFKORURELSKHQ\O +&3 +DELWDW&RQVHUYDWLRQ3ODQ
+&& +HSDWRFHOOXODU&DUFLQRPD )RUIXUWKHUGHWDLOVVHHXQGHU+&3V
+&&+ +H[DFKORURF\FORKH[DQH +&3 +XPDQ&LUFDGLDQ3DFHPDNHU
2UJDQLF&KHPLVWU\ &+&O 0HGLFLQH6OHHS0HGLFLQH
+&&/V +XPDQ&RORQ&DQFHU&HOO/LQHV KFS KRORFHQWULFSURWHLQ
+&'$ +\SRWKHWLFDO&RUH'LVUXSWLYH$FFLGHQW 0ROHFXODU%LRORJ\
+&)+&)KFIKFI +LJKHVW&RPPRQ)DFWRU +&3 DUUDQJHPHQWV +H[DJRQDO&ORVH3DFNLQJ
+&)$ +HDOWK&DUH)LQDQFLQJ$GPLQLVWUDWLRQ DUUDQJHPHQW
86$ +&3, +DUPRQL]HG&RQVXPHU3ULFH,QGH[
+&)&V +\GURFKORURIOXRURFDUERQV +&3,WKHHFRQRPLFVWDWLVWLFIRUWKHHXUR]RQHLV
&KHPLVWU\&KORURIOXRURFDUERQV6XEVWLWXWHV SXEOLVKHGPRQWKO\E\(XURVWDW
&OLPDWH&KDQJH +&3V +DELWDW&RQVHUYDWLRQ3ODQV86$
+&* +XPDQ&KRULRQLF*RQDGRWURSLQ 7KH+&3VZHUHFUHDWHGE\DDPHQGPHQWWR
+&*DOVRNQRZQDV&KRULRQLF*RQDGRWURSLQLV WKH86(QGDQJHUHG6SHFLHV$FW
SURGXFHGE\WKHFKRULRQLFYHVLFOH $QLPDO3K\VLRORJ\%LRORJ\&RQVHUYDWLRQ
%LRFKHPLVWU\ %LRORJ\(FRORJ\(QYLURQPHQW:LOGOLIH%LRORJ\
+FKDLQ +HDY\FKDLQ KFS VWUXFWXUH KH[DJRQDOFORVHSDFNHGVWUXFWXUH
,PPXQRORJ\ &U\VWDOORJUDSK\
+&+V +H[DFKORURF\FORKH[DQHV +&U2 'LFKURPLF$FLG
+&+:$' +HUHGLWDU\&HUHEUDO+HPRUUKDJHZLWK ,QRUJDQLF&KHPLVWU\
$P\ORLGRVLV'XWFKW\SH +&V +DLU&HOOV
+&+:$'LVDIRUPRI`DP\ORLGUHODWHGGLVHDVH +&6 +DXW&RPPDQGHPHQWFRPPDQGDQWVXERU
+&, KXPDQFRPSXWHULQWHUIDFH GRQQp>REVROqWHUHPSODFpSDU5&@
LQWHUIDFHKRPPHPDFKLQH 0DMRU6XERUGLQDWH&RPPDQGFRPPDQGHU06&
+&/ +LJK&RVWRI/LYLQJ >REVROHWHUHSODFHGE\5&@
+&O2 &KORURXV$FLG +&6'LYLVLRQRI+HDOWK&DUH6HUYLFHV86$
,QRUJDQLF&KHPLVWU\ +&6 +LJK&RQWHQW6FUHHQLQJ
+&0 +\EULG&RXSOHG0RGHO +&6 +XPDQ&KRULRQLF6RPDWRPDPPRWURSLQ
+&0 +\SHUWURSKLF&DUGLRP\RSDWK\ (QGRFULQRORJ\
+&0LVFKDUDFWHUL]HGE\K\SHUWURSK\RIWKHKHDUW +&V +\GURFDUERQV
&DUGLRORJ\0HGLFLQH0XWDQW*HQHV3DWKRORJ\ 2UJDQLF&KHPLVWU\
+&0 5HVHDUFKDQGWHFKQRORJLFDOGHYHORSPHQWSUR +&7+7 +HPDWRFULW
JUDPLQWKHILHOGRI+XPDQ&DSLWDODQG0RELOLW\ 3DWKRORJ\
(XURSHDQ&RPPXQLW\3URJUDP +&8 KHOLFRSWHUFRQWUROXQLW
)RUIXUWKHUGHWDLOVVHHXQGHU+0&3URJUDPPH XQLWpFRQWU{OHXUG·KpOLFRSWqUHV
+&1 +\GURF\DQLF$FLG +&9 +HSDWLWLV&9LUXV
+&1DOVRNQRZQDV3UXVVLF$FLG+\GURJHQ /LYHU'LVHDVH,PPXQRORJ\
&\DQLGHLVXVHGPDLQO\LQLQVHFWSRLVRQV +' +DOI'XSOH[
,QRUJDQLF&KHPLVWU\ KG DEEUKDQG
+&2 +HDGRI&RQWUDFWLQJ2IILFH +' +DQVHQ
V'LVHDVH
+&2 &DUERQLF$FLG +DQVHQ
VGLVHDVHLVDOVRNQRZQDV/HSURV\
,QRUJDQLF&KHPLVWU\ 0HGLFLQH
+&2+ )RUPLF$FLG +' DEEU+DUGHQHG
2UGQDQFH &DQFHU5HVHDUFK&HOO%LRORJ\,PPXQRORJ\
+HE +HEUHZ 0HGLFLQH0LFURELRORJ\
+HEUHZLVDVHPLWLFODQJXDJHRIWKH$IUR$VLDWLF +(/ +LJK(QHUJ\/DVHU
IDPLO\WKHODQJXDJHRIWKHDQFLHQW+HEUHZVQRZ +(/ FHOO +XPDQ(U\WKUROHXNHPLDFHOO
WKHQDWLRQDOODQJXDJHRI,VUDHO +(/' +HDOWK(IIHFWV/DERUDWRU\'LYLVLRQ
/DQJXDJHV +(/,26 +RVSLWDO(QYLURQPHQW/DQJXDJHZLWKLQDQ
+(%0V +RW(OHFWURQ%RORPHWHU0L[HUV ,QIRUPDWLRQ2EMHFW6\VWHP
$SSOLHG6ROLG6WDWH3K\VLFV+HWHURG\QH 0HGLFLQH
5HFHLYHUV,QVWUXPHQWDWLRQ +H//,6 +HDOWK/LWHUDWXUH/LEUDU\DQG,QIRUPDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU+76+(%0 6HUYLFHV
+HEU DEEU+HEUHZV +(/3 +RPRSKLOH(IIRUWIRU/HJDO3URWHFWLRQ
+HEU DEEU+HEULGHV 86$
+(& (FROHGHV+DXWHV(WXGHV&RPPHUFLDOHV +(0 +RVWLOH(QYLURQPHQW0DFKLQH
)UDQFH 0HFKDQLFDO(QJLQHHULQJ5RERWLFV
+(& KHOLFRSWHUHOHPHQWFRRUGLQDWRU +(0$ +\GUR[\HWK\OPHWKDFU\ODWH
DFRRUGRQQDWHXUGHVPR\HQVKpOLFRSWqUHV +(07 +LJK(OHFWURQ0RELOLW\7UDQVLVWRU
EFRRUGRQQDWHXUGHO·pOpPHQWKpOLFRSWqUH $SSOLHG3K\VLFV0LFURHOHYWURQLFV1DQRVFLHQFH
+('PHWHRULWHV +RZDUGLWH(XFULWHDQG'LRJHQLWH 3K\VLFV
PHWHRULWHV +(1' +LJK(QHUJ\1HXWURQ'HWHFWRU
*HRFKHPLVWU\*HRSK\VLFV0HWHRULWLFV3ODQHWDU\ +(1'ZKLFKEHJDQPDSSLQJLQ)HEUXDU\LV
6FLHQFH SDUWRIWKH*56RQWKH0DUV2G\VVH\0LVVLRQ
+('7$ $FLG 1XFOHDU5HVHDUFK6SDFH5HVHDUFK
+\GUR[\HWK\OHWK\OHQHGLDPLQHWULDFHWLF$FLG )RUIXUWKHUGHWDLOVVHHXQGHU*56
+(GX%7 +LJKHU(GXFDWLRQLQ%LRWHFKQRORJ\ +(3 +LJK(JJ3DVVDJH
+((' +LJK(QHUJ\(OHFWURQ'LIIUDFWLRQ 9LURORJ\
+(('LVWKHGLIIUDFWLRQRIHOHFWURQVZLWKKLJK +(3 KLJKH[SORVLYHSODVWLF
HQHUJLHVLQWKHUDQJHIURPWRHOHF H[SORVLIEULVDQWSODVWLF
WURQYROWV +(3$ LQOHWILOWHU +LJK(IILFLHQF\3DUWLFXODWH$LU
3K\VLFV LQOHWILOWHU
+()$ +LJKHU(GXFDWLRQ)DFLOLWLHV$FW +(3$3 +LJK(QHUJ\3K\VLFV$GYLVRU\3DQHO
+() DQWHQQDV +LJK(IILFLHQF\DQWHQQDV +(3$7 FKDUJH +LJK([SORVLYH3ODVWLF$QWLWDQN
+()&( +LJKHU(GXFDWLRQ)XQGLQJ&RXQFLOIRU FKDUJH
(QJODQG*% 2UGQDQFH
+()&(LVWKH*RYHUQPHQWERG\WKDWGLVWULEXWHV +(3(6 DFLG +\GUR[\HWK\O
LQIUDVWUXFWXUHDQGWHDFKLQJIXQGLQJWR(QJOLVK 3LSHUD]LQHHWKDQHVXOIRQLFDFLG
8QLYHUVLWLHV &+126FU\VWDOVWKDWDUHVROXEOHLQDOFRKRO
+(*5$ SURMHFW +LJK(QHUJ\*DPPD5D\ DQGZDWHUKDYLQJDPHOWLQJSRLQWRI$&
$VWURQRP\SURMHFW 2UJDQLF&KHPLVWU\
+(*5$D*HUPDQ6SDQLVK$UPHQLDQIDFLOLW\ +(3QHW +LJK(QHUJ\3K\VLFVQHWZRUN
SURMHFWZDVFRPSOHWHGLQ +(33 +LJK([SORVLYH3ODVWLF3URMHFWLOH
*DPPDUD\V6WXGLHV 2UGQDQFH
+(, +DOO(IIHFW,PDJLQJ )RUIXUWKHUGHWDLOVVHHXQGHU+(6+
&DUGLDF,PDJLQJ,PDJLQJ7HFKQRORJ\0DJQHWLF K(5 KXPDQ(VWURJHQ5HFHSWRU
5HVRQDQFHLQ0HGLFLQH0HGLFDO,PDJLQJ +(5 +XPDQ(SLGHUPDOJURZWKIDFWRU5HFHSWRU
+(, +HDOWK(IIHFWV,QVWLWXWH 0HGLFLQH7XPRU%LRORJ\
7KH+(,RI&DPEULGJH0$86$LVDQRQ +(5$ +DGURQ(OHFWURQ5LQJ$FFHOHUDWRU
SURILWRUJDQL]DWLRQWKDWVHUYHVDVDQLQGHSHQGHQW 3DUWLFOH3K\VLFV
VRXUFHRILQIRUPDWLRQRQWKHKHDOWKHIIHFWVRI +HUHIV DEEU+HUHIRUGVKLUH*%
PRWRUYHKLFOHHPLVVLRQVDQGWKHOLNH +(5/ +HDOWK(IIHFWV5HVHDUFK/DERUDWRU\
+(. +XPDQ(PEU\RQLF.LGQH\ +(57,6 +HUWIRUGVKLUH&RXQW\7HFKQLFDO
%LRFKHPLVWU\%LRORJ\0HGLFDO6FLHQFHV ,QIRUPDWLRQ6HUYLFH
+(/ 7KHDLUSRUWFRGHIRU+HOVLQNL)LQODQG +HUWV DEEU+HUWIRUGVKLUH*%
+(/ +HQ(JJ/\VR]\PH +(6&V +XPDQ(PEU\RQLF6WHP&HOOV
+XPDQ(PEU\RORJ\5HJHQHUDWLYH0HGLFLQH +)LVXVHGPDLQO\DVDQDGGLWLYHLQOLTXLGURFNHW
+(6&$ +(DOWK6FLHQFHV&RPPXQLFDWLRQV SURSHOODQWV
$VVRFLDWLRQ ,QRUJDQLF&KHPLVWU\
+(6+ +LJK([SORVLYH6TXDVK+HDG +) 7HWUDK\GURIRODWH
+(6+LVDOVRNQRZQDV+LJK([SORVLYH3ODVWLF +)$ +HOVLQNL)LQDO$FW
3URMHFWLOH $FWHILQDOG·+HOVLQNL
2UGQDQFH +)%5 +LJK)OX[%HDP5HDFWRU86$
+(7 KHDY\HTXLSPHQWWUDQVSRUW 7KH+)%5LVDQHXWURQVFDWWHULQJIDFLOLW\DWWKH
pTXLSHPHQWPDWpULHOORXUG 86%URRNKDYHQ1DWLRQDO/DERUDWRU\,WLVRQ
+(7 +LJK(QHUJ\7HOHVFRSH LQGHILQLWHVWDQE\VLQFH-DQXDU\
8QLYHUVLW\RI&KLFDJR86$ (QHUJ\1XFOHDU3K\VLFV5DGLRDFWLYH,VRWRSHV
+(7 +RW(QJLQHHULQJ7HVWV +)%5 +ROORZ)LEHU%LRUHDFWRUV
+HW&RU H[SHULPHQWV +HWHURQXFOHDU&RUUHODWLRQ +)& +\GURIOXRURFDUERQ
H[SHULPHQWV +)&V +\GURIOXRURFDUERQV
%LRPDWHULDOV0HGLFLQH2UWKRSDHGLF6XUJHU\ +)') +LJK)UHTXHQF\'LUHFWLRQ)LQGLQJ
5DGLRORJ\6NHOHWDO'LVRUGHUV 2UGQDQFH
+(7( +LJK(QHUJ\7UDQVLHQW([SHULPHQW +)($ +XPDQ)HUWLOL]DWLRQDQG(PEU\RORJ\
$ VDWHOOLWHGHGLFDWHGWRWKHVWXG\RI*5%V $XWKRULW\
$VWURQRP\$VWURSK\VLFV3K\VLFV 7KH+)($ LVDQ$JHQF\WKDWUHJXODWHVWKHXVHRI
)RUIXUWKHUGHWDLOVVHHXQGHU*5%V KXPDQUHSURGXFWLYHWHFKQRORJ\LQ*%
+(7( $FLG+\GUR[\HLFRVDWHWUDHQRLF$FLG %LRHWKLFV
+(73 +HLJKW(TXLYDOHQWRI7KHRUHWLFDO3ODWH )RUIXUWKHUGHWDLOVVHHXQGHU+*$&
&KHPLFDO(QJLQHHULQJ +),5 +LJK)OX[,VRWRSH5HDFWRU
+(73 +H[DHWK\OWHWUDSKRVSKDWH 7KHKLJKIOX[LVRWRSHUHDFWRULVORFDWHGDWWKH2DN
+(733 +\GUR[\HWK\OLGHQH7KLDPLQH 5LGJH1DWLRQDO/DERUDWRU\7HQQHVVHH86$
3\URSKRVSKDWH 1XFOHRQLFV
%LRFKHPLVWU\ K),; KXPDQ)DFWRU,;
+(8 +LJKO\(QULFKHG8UDQLXP 0HGLFLQH+XPDQ*HQHWLFV
1XFOHRQLFV +)0 +ROG)RU0RQH\
+(9 SRUFLQH+HPDJJOXWLQDWLQJ(QFHSKDORP\HOLWLV %XVLQHVV&RPPHUFH
9LUXV +)0GLVHDVH +DQG)RRWDQG0RXWKGLVHDVH
+(9V +LJK(QGRWKHOLDO9HQXOHV 7KH+)0GLVHDVHLVFDXVHGE\&R[VDFNLH$DQG
%ORRG5HVHDUFK1HZERUQ0HGLFLQH3DWKRORJ\ RWKHUHQWHURYLUXVHV
3HGLDWULFV K)Q KXPDQ)LEURQHFWLQ
+(: 'HSDUWPHQWRI+HDOWK(GXFDWLRQDQG )RUIXUWKHUGHWDLOVVHHXQGHU)Q )LEURQHFWLQ
:HOIDUH86$ +)2 +\GURXV)HUULF2[LGH
+(; +HOVLQNL6WRFN([FKDQJHDQG)LQQLVKGHULYD +)3 +DUGZDUH)ORDWLQJ3RLQW
WLYHV([FKDQJH &RPSXWHU7HFKQRORJ\
$ -XO\PHUJHGRSHUDWLRQ +)3( +H[DIOXRURSURS\OHQH(SR[LGH
+I 7KHFKHPLFDOV\PEROIRU+DIQLXP +IUKIU +LJK)UHTXHQF\5HFRPELQDWLRQ
+DIQLXPLVXVHGPDLQO\LQOLJKWEXOEILODPHQWVDQG 0LFURELRORJ\
QXFOHDUUHDFWRUV +)5 +LJK)OX[5HDFWRU3HWWHQ
&KHPLVWU\6\PEROV 7KH\HDUROG+)5RZQHGE\WKH(XURSHDQ
+) +DJHPDQ)DFWRU 8QLRQ·V-RLQW5HVHDUFK&HQWUHLVXVHGIRUHQHUJ\
+) KIKI DEEUKDOI UHODWHGUHVHDUFK
+) +HLJKW)LQGHU 0HGLFDO,VRWRSHV
(QJLQHHULQJ +)5 +ROG)RU5HOHDVH
+) +HOG)RU %XVLQHVV&RPPHUFH
+) +LJKIUHTXHQF\ +)63 +XPDQ)URQWLHU6FLHQFH3URJUDP
7KHUDQJHRIIUHTXHQFLHVIURPWRPHJDKHUW] 7KH+)63 ZDVIRXQGHGLQ$ -DSDQHVH3ULPH
7HOHFRPPXQLFDWLRQV 0LQLVWHUSURSRVHGLWVFUHDWLRQLQDWWKH*
+) +\GURJHQ)OXRULGH HFRQRPLFVXPPLW7KH+)63 KDVDZDUGHGJUDQWV
DQGIHOORZVKLSVWRWKRXVDQGVRIVFLHQWLVWVDURXQG
6XOIRF\DQDWH0HUFXULF6XOIRF\DQLGHLVXVHG $WPRVSKHULF5HVHDUFK([SHULPHQWDO$LUFUDIW-HW
PDLQO\LQILUHZRUNV 'HVLJQV
,QRUJDQLF&KHPLVWU\ +LE +HPRSKLOXVLQIOXHQ]DH W\SHE
+J62 0HUFXULF6XOIDWH &OLQLFDO0HGLFLQH3HGLDWULFV
+J62 LVXVHGLQPDQ\FKHPLFDOSURFHVVHV +,%8 +\GURORJLFDO,QVWLWXWHDQG%HOJUDGH
,QRUJDQLF&KHPLVWU\ 8QLYHUVLW\
+J62 0HUFXURXV6XOIDWH +,&$3 KLJKFRPEDWDLUSDWURO
0HUFXURXV6XOIDWHLVXVHGLQEDWWHULHV SDWURXLOOHDpULHQQHGHFRPEDWjKDXWHDOWLWXGH
,QRUJDQLF&KHPLVWU\ KLGKHDGLQYROXWLRQGHIHFWLYH
KJWKJW DEEUKHLJKW KLGLVDQDSRSWRWLFDFWLYDWRU
+J7H &RORUDGRLWH %LRORJ\%UDLQDQG&RJQLWLYH6FLHQFHV*HQHWLFV
&RORUDGRLWHLVIRXQGLQWHOOXULGHRUHV 0HGLFLQH
0LQHUDORJ\ +,'$&= KLJKGHQVLW\DLUVSDFHFRQWURO]RQH
+*9 +HDY\*RRGV9HKLFOH ]RQHGHFRQWU{OHGHO·HVSDFHDpULHQjIRUWHGHQVLWp
KJZ\KJZ\ DEEUKLJKZD\ +,'2 +LJKZD\,QGXVWU\'HYHORSPHQW
++ +HU+LJKQHVV 2UJDQL]DWLRQ-DSDQ
++& +DQG+HOG&RPSXWHU 7KH+,'2ZDVIRXQGHGLQ
+KGKKGKKG DEEUKRJVKHDGKRJVKHDGV -DSDQHVH2UJDQL]DWLRQ
(TXDOWRDERXWOLWUHV +,) +HDOWK,QIRUPDWLRQ)RXQGDWLRQ86$
++'1 +H[DFKORURKH[DK\GURGLPHWKDQRQDSKWDOHQH +,) +\SR[LD,QGXFLEOHIDFWRU
++)$ +RXVLQJDQG+RPH)LQDQFH$JHQF\ 7KH+,)LVDWUDQVFULSWLRQIDFWRU
++* +LJKRUGHU+DUPRQLF*HQHUDWLRQ $JLQJ5HVHDUFK&HUHEURYDVFXODU5HVHDUFK
3K\VLFV7KHRUHWLFDO3K\VLFV 1HXURVFLHQFH
++0, +RZDUG+XJKHV0HGLFDO,QVWLWXWH +,)2 +LJKHVW,Q)LUVW2XW
+HDGTXDUWHUHGDW&KHY\&KDVH0DU\ODQG86$ +,)5 KHOLFRSWHULQIOLJKWUHIXHOOLQJ
++ REMHFW +HUELJ+DURREMHFW UDYLWDLOOHPHQWHQYROG·KpOLFRSWqUHV
$VWURQRP\$VWURSK\VLFV +,* +DZDLL,QVWLWXWHRI*HRSK\VLFV
++6 7KH86'HSDUWPHQWRI+HDOWKDQG+XPDQ +,, +HDOWK,QVXUDQFH,QVWLWXWH86$
6HUYLFHV86$ +,/(; KLJKOHYHOH[HUFLVH
++9 +LJKHU+HDWLQJ9DOXH+LJK+HDWLQJ9DOXH H[HUFLFHGHKDXWQLYHDX
7KHUPRG\QDPLFV +,0 +HU,PSHULDO0DMHVW\
++9 +XPDQ+HUSHV9LUXV +,0$& +HDY\,RQ0HGLFDO$FFHOHUDWRULQ&KLED
+,DEEU+DZDLL86$ -DSDQ
+, +DZDLLDQ,VODQGV +,0$&EHJDQRSHUDWLQJLQDW1,56,WLVWKH
+, +LJK,QWHQVLW\ ZRUOG
VRQO\KHDY\LRQDFFHOHUDWRUGHGLFDWHGWR
+, +RUL]RQWDO,QVWUXFWLRQ PHGLFDOXVH
&RPSXWHU3URJUDPPLQJ &DQFHU7KHUDSLHV5DGLDWLRQ2QFRORJ\
+, +RW,VVXH )RUIXUWKHUGHWDLOVVHHXQGHU1,56
%XVLQHVV)LQDQFH +,0(= KLJKPLVVLOHHQJDJHPHQW]RQH
+,+, +XPLGLW\,QGH[ ]RQHG·HQJDJHPHQWGHVPLVVLOHVjKDXWHDOWLWXGH
0HWHRURORJ\ +,1$ &URDWLDQ,QIRUPDWLRQ1HZV$JHQF\
+, +\EULG,QWHUIDFH $JHQFHGHSUHVVHFURDWH
&RPSXWHU7HFKQRORJ\ +LQG DEEU+LQGXVWDQL
+, +\GURJHQ,RGLGH +LQGXVWDQLLVWKHVWDQGDUGODQJXDJHRIQRUWKHUQ
+,LVXVHGPDLQO\WRPDNH+\GULRGLF$FLG ,QGLD,WLVEDVHGRQDGLDOHFWRI:HVWHUQ+LQGL
,QRUJDQLF&KHPLVWU\ VSRNHQLQ'HOKL
+,$ +RURORJLFDO,QVWLWXWHRI$PHULFD86$ /DQJXDJHV
+,$$ +HDOWK,QVXUDQFH$VVRFLDWLRQRI$PHULFD +LQ'& +ROGHULQ'XH&RXUVH
86$ %XVLQHVV)LQDQFH
+,$3(5 +LJKSHUIRUPDQFH,QVWUXPHQWHG$LUERUQH +,16 KHOLFRSWHULQWHJUDWHGQDYLJDWLRQV\VWHP
3ODWIRUPIRU(QYLURQPHQWDO5HVHDUFK86$ V\VWqPHGHQDYLJDWLRQLQWpJUpSRXUKpOLFRSWqUH
+,$3(5ZLOOH[SORUHWKHWURSRSDXVHWKHDUHD +,2 ,RGLF$FLG
EHWZHHQWKHXSSHUDQGORZHUDWPRVSKHUHV +,2 LVXVHGPDLQO\LQPHGLFLQH
,QRUJDQLF&KHPLVWU\ 7KH+HDOWK,QVWLWXWHRIWKH8UDQLXP,QGXVWU\
+,3 +HDOWK,QVXUDQFH3ODQ ZKLFKLV6WDWHUXQZDVHVWDEOLVKHGLQLQWKH
+,3 +RW,VRVWDWLF3UHVVLQJ PLQLQJWRZQRI3ILEUDP
+,3$&6 +RVSLWDO,QWHJUDWHG3LFWXUH$UFKLYLQJDQG +,9 +XPDQ,PPXQRGHILFLHQF\9LUXV
&RPPXQLFDWLRQ6\VWHP 7KH+,9 EHORQJVWRWKHVXEIDPLO\/HQWLYLULQDH
0HGLFLQH DQGLVWKHFDXVDWLYHDJHQWRI$,'6GLVHDVH
+,3$5 KLJKSRZHUDFTXLVLWLRQUDGDU 9LURORJ\
UDGDUG·DFTXLVLWLRQGHJUDQGHSXLVVDQFH +,9&$7 UHSRUWHU +XPDQ,PPXQRGHILFLHQF\
+,3&V +LJKO\,QGHEWHG3RRU&RXQWULHV 9LUXV&KORUDPSKHQLFRO$FHW\OWUDQVIHUDVHUHSRUWHU
+,3HG +RW,VRVWDWLFDOO\3UHVVHG %LRORJLFDO&KHPLVWU\0HGLFLQH
1XFOHDU6FLHQFH +,91(7 +,9 9DFFLQH(IILFDF\7ULDOV1HWZRUN
+,3LQJ +RW,VRVWDWLFDOO\3UHVVLQJ 7KH+,91(7 LVD*URXSSURSRVHGWRRYHUVHHDQG
1XFOHDU6FLHQFH UHVKDSHYDULRXVDVSHFWVRI$,'65HVHDUFK
+,3,5 KLJKSRZHULOOXPLQDWLRQUDGDU +. +HIQHU&DQGOH
UDGDUG·LOOXPLQDWLRQGHJUDQGHSXLVVDQFH +.DOVRNQRZQDV+HIQHUNHU]HLVDXQLWRIOXPL
+,5 K\GURVWDWLFLPSDFWURFNHW QRXVLQWHQVLW\XVHGLQWKHHDUO\VLQ*HUPDQ\
URTXHWWHSHUFXWDQWHjDUPHPHQWK\GURVWDWLTXH 2SWLFV
+,5,6 +,JK5HVROXWLRQ,PDJLQJ6SHFWURPHWHU +. +LJKPROHFXODUZHLJKW.LQLQRJHQ
+,56 +LJK5HVROXWLRQ,QIUDUHG5DGLDWLRQ6RXQGHU 3URWHLQ6FLHQFH
+,6 +LJKUHVROXWLRQ,QWHUIHURPHWHU6SHFWURPHWHU +. +H[RNLQDVH
+LV +LVWLGLQH (Q]\PRORJ\
&+21+LVWLGLQHLVDQHVVHQWLDODPLQRDFLG +. +RQJ.RQJ&KLQD
ZKLFKFRQWDLQVWKHLPLGD]ROHULQJV\VWHP +.%8 +RQJ.RQJ%DSWLVW8QLYHUVLW\+RQJ
%LRFKHPLVWU\ .RQJ
+,6 +RVSLWDO,QIRUPDWLRQ6\VWHPV +.' +\SHUNLQHWLN'LVRUGHU
0HGLFLQH &HOO%LRORJ\(QGRFULQRORJ\0HGLFLQH
+,6&URDWLDQ,QIRUPDWLRQVHUYLFH 3V\FKLDWU\
6HUYLFHG·LQIRUPDWLRQFURDWH )RUIXUWKHUGHWDLOVVHHXQGHU$'+'
KRVWLOHLQWHOOLJHQFHVHUYLFH +.( +RQJ.RQJ(QJOLVK
VHUYLFHGHUHQVHLJQHPHQWHQQHPL +.* 7KHDLUSRUWFRGHIRU+RQJ.RQJ&KLQD
+,6 +RXVH,QIRUPDWLRQ6HUYLFH86$ +.,% +RQJ.RQJ,QVWLWXWHRI%LRWHFKQRORJ\
+,6$0 KLJKDOWLWXGHVXUIDFHWRDLUPLVVLOH +.,%LVDQRQSURILW5HVHDUFKDQG'HYHORSPHQW
PLVVLOHVXUIDFHDLUKDXWHDOWLWXGH &HQWHU
+,6&$/( +HOLRVSKHUH,QVWUXPHQWIRU6SHFWUXP +.,%25 +RQJ.RQJ,QWHU%DQN2IIHUHG5DWH
&RPSRVLWLRQDQG$QLVRWURS\ %DQNLQJ)LQDQFH
+LV3O[ 6L[+LVWLGLQHIXVLRQSURWHLQ +./0 +HDW.LOOHG/LVWHULD0RQRF\WRJHQHV
+,66 +RVSLWDO,QIRUPDWLRQ6XSSRUW6\VWHP ,PPXQRELRORJ\,PPXQRORJ\3URJUDPV
KLVV 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH 0HGLFLQH
(QJOLVKZRUGKLVV +.0$ +RQJ.RQJ0RQHWDU\$XWKRULW\
7HOHFRPPXQLFDWLRQV +.5 +\GURO\WLF.LQHWLF5HVROXWLRQ
+LWHFK +LJKWHFKQRORJ\ &KHPLFDO%LRORJ\&KHPLVWU\
%LRWHFKQRORJ\,QWHUQHW6RIWZDUH'HYHORSPHQW +.7 +RQJ.RQJ7HOHFRP
0HGLFDO7HFKQRORJ\7HOHFRPPXQLFDWLRQV +.7'& +RQJ.RQJ7UDGH'HYHORSPHQW&RXQFLO
+O WHVW +HPDJJOXWLQDWLRQ,QKLELWLRQWHVW +RQJ.RQJ
+,WHVWLVDOVRNQRZQDV+$,WHVW +.8 +RQJ.RQJ8QLYHUVLW\
,PPXQRORJ\ +.867 +RQJ.RQJ8QLYHUVLW\RI6FLHQFHDQG
+,7 SURWHLQ +,VWLGLQH7ULDGSURWHLQ 7HFKQRORJ\
%LRFKHPLVWU\*HQRPLFV0ROHFXODU%LRSK\VLFV KOKO DEEUKHFWROLWHUKHFWROLWHUV
+,75$1 +LJKUHVROXWLRQ75$1VPLVVLRQ +/ +RPH/DQJXDJH
+,76+LWV +\SHUWH[W,QGXFHG7RSLF6HDUFK +/ +RQRXUV/LVW
,%0 +/ +RXVHRI/RUGV
&OHYHU7HFKQRORJLHV +/$ +DZDLL/LEUDU\$VVRFLDWLRQ
+,8, +HDOWK,QVWLWXWHRIWKH8UDQLXP,QGXVWU\ +/$ +XPDQ/HXNRF\WH$QWLJHQ
&RPSXWHU3URJUDPPLQJ
, ,$ ,QSXW$UHD
,QSXWDUHDLVDOVRNQRZQDV,QSXW6WRUDJH,QSXW
%ORFN,QSXW6HFWLRQ
, HOHFWULFFXUUHQW &RPSXWHU3URJUDPPLQJ
, DEEU,QGHSHQGHQW ,$ ,QVWUXFWLRQ$GGUHVV
LDEEULQGLFDWHG &RPSXWHU3URJUDPPLQJ
, ,QIRUPDWLRQ ,$ ,QVXIILVDQFH$RUWLTXH5pJXUJLWDWLRQ$RUWLTXH
6FLHQFH ,QVFLHQFHLQIRUPDWLRQLVWKHGDWDFODVVL )UHQFKLQLWLDOLVPPHDQLQJ$RUWLF
ILHGUHFRUGHGRULQWHUSUHWHGVRWKDWWKHUHVXOWLV ,QVXIILFLHQF\5HJXUJLWDWLRQ
PHDQLQJIXO 0HGLFLQH
7HOHFRPPXQLFDWLRQV ,QWHOHFRPPXQLFDWLRQVLWLV ,$ ,QWDQJLEOH$VVHW
WKHLQIRUPDWLRQWUDQVPLWWHGE\VLJQDOVWKURXJK %DQNLQJ%XVLQHVV)LQDQFH
WHOHFRPPXQLFDWLRQFKDQQHOV ,$ ,QWHOOLJHQ]D$UWLILFLDOH
, ,QSXW ,WDOLDQLQLWLDOLVPPHDQLQJ$UWLILFLDO,QWHOOLJHQFH
&RPSXWHU3URJUDPPLQJ(OHFWURQLFV ,$ ,QWHULP$XGLW
, DEEU,QVSHFWRU ,$ ,QWHUQDWLRQDO$QJVWURP
, DEEU,QVWLWXWH 1DPHGIRUWKH6ZHGLVKSK\VLFLVWDQGDVWURQRPHU
,,QVWUXFWLRQ $QGHUV-RQDVcQJVWU|P
&RPSXWHU3URJUDPPLQJ6FLHQFH 3K\VLFV
, ,QWHOOLJHQFH ,$ DEEU,RZD86$
, ,QWHQVLW\ ,$$ ,QGROHDFHWLF$FLG
, ,QWHUUXSW ,QGROHDFHWLFDFLGLVXVHGDVDKRUPRQHWRVWLPXODWH
7KHWHUPLQWHUUXSWLQFRPSXWHUVLVDVWRSSDJHLQD SODQWJURZWK
ZRUNLQJSURJUDPWKDWFDQUHVXPHRSHUDWLRQDWD %LRFKHPLVWU\
ODWHUVWDJH ,$$ ,QWHUQDWLRQDO$FDGHP\RI$VWURQDXWLFV
&RPSXWHU3URJUDPPLQJ )RUIXUWKHUGHWDLOVVHHXQGHU,$)
,L LQYHVWPHQW ,$$ ,QWHUQDWLRQDO$GYHUWLVLQJ$VVRFLDWLRQ
,7KHFKHPLFDOV\PEROIRU,RGLQH ,QWHUQDWLRQDO$HURVSDFH$EVWUDFWV86$
7KHZRUGLRGLQHGHULYHVIURPWKH*UHHN´LRGpVµ ,$$ ,QWHUQDWLRQDO$VVRFLDWLRQIRU$HURELRORJ\
ZKLFKPHDQVYLROHW ,$$ ,QYHVWPHQW$GYLVHUV$FW86$
6\PEROV&KHPLVWU\3KDUPDFRORJ\ ,$$ ,VUDHO$UFKLYHV$VVRFLDWLRQ
, ,UHODQG,ULVK ,$$,$$ ,WDOLDQ$VVRFLDWLRQRI$FFRXQWDQWV
, ,WDO\
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU ,$$/' ,QWHUQDWLRQDO$VVRFLDWLRQRI$JULFXOWXUDO
,$ ,PPHGLDWH$GGUHVV /LEUDULDQVDQG'RFXPHQWDOLVWV
,PPHGLDWHDGGUHVVLVDOVRNQRZQDV=HUR/HYHO ,$$3$ ,QWHUQDWLRQDO$VVRFLDWLRQRI$PXVHPHQW
$GGUHVV 3DUNVDQG$WWUDFWLRQV86$
&RPSXWHU3URJUDPPLQJ ,$% ,QVWLWXW9DQGH$FFRXQWDQWVHQGH
,$ ,PPHGLDWHO\$YDLODEOH %HODVWLQJFRQVXOHQWHQ
,$ ,PPXQH$GKHUHQFH %HOJLDQ,QVWLWXWH
,PPXQRORJ\ ,$% ,QWHU$PHULFDQ%DQN
,$ ,QDFWLYH$FFRXQW ,$% ,QWHUQHW$FWLYLWLHV%RDUG
%DQNLQJ%XVLQHVV)LQDQFH )RXQGHGLQ1RZ,QWHUQHW$UFKLWHFWXUH
,$ ,QFRPH$YHUDJLQJ %RDUG
,$ ,QFRUSRUDWHG$FFRXQWDQW ,$% ,QWHUQHW$UFKLWHFWXUH%RDUG
,$ ,QGH[HG$GGUHVV +DVUHSODFHG,$%
7KHWHUPLQGH[HGDGGUHVVUHIHUVWRDQDGGUHVV ,$%% ,QGLDQ$VVRFLDWLRQRI%ORRG%DQNV,QGLD
PRGLILHGE\DQLQGH[UHJLVWHUEHIRUHRUGXULQJWKH ,$%% ,QWHU$PHULFDQ%DQN%RQGV
FRXUVHRIDQLQVWUXFWLRQ %DQNLQJ%XVLQHVV)LQDQFH
&RPSXWHU3URJUDPPLQJ ,$%* ,QWHUQDWLRQDO$VVRFLDWLRQRI%LRPHGLFDO
,$ ,QGLUHFW$GGUHVV *HURQWRORJ\
,QGLUHFWDGGUHVVLVDOVRNQRZQDV0XOWLOHYHO 7KHWK &RQJUHVVRIWKH,$%*ZDVKHOGRQ
$GGUHVV6HFRQG/HYHO$GGUHVV WKWK $XJXVW
$SSOLHG3K\VLFV2UJDQLF'HYLFHV RUGLQDWHUHVHDUFKUHTXLULQJLQWHUQDWLRQDOFRRSHUD
,**6) ,PPXQRJOREXOLQ*HQH6XSHU)DPLO\ WLRQDQGWRRUJDQL]HLQWHUQDWLRQDOFRQJUHVVHV DQG
,*+ ,F\*UDLQ+DOR FRPPLVVLRQV
$VWURQRP\2SWLFDO$VWURQRP\6SDFH$VWURQRP\ ,*< ,QWHUQDWLRQDO*HRSK\VLFDO<HDU
6SDFH3K\VLFV5HVHDUFK 7KH,*< LVWKHSHULRGIURP-XO\WR
,*,(5 ,QQRFHQ]R*DVSDULQL,QVWLWXWHIRU(FRQRPLF 'HFHPEHU
5HVHDUFK ,+ ,QIHFWLRXV+HSDWLWLV
8QLYHUVLWj&RPPHUFLDOH/XLJL%RFFRQL0LODQR ,QIHFWLRXVKHSDWLWLVLVDOVRNQRZQDVKHSDWLWLV$
,WDO\ 0HGLFLQH
,*/ ,QWHUJHQLFXODWH/HDIOHW ,+ ,QVWLWXWHRI+\GURORJ\*%
,*0 ,QWHUJDODFWLF0HGLXP ,+$V ,QGLDQ+RXVLQJ$XWKRULWLHV,QGLD
$VWURQRP\$VWURSK\VLFV3K\VLFV6SDFH6FLHQFHV ,+$:. ,PSURYHG+$:.
,*0 ,QWHUSODQHWDU\*OREDO0RGHO +$:.DPpOLRUp
,*0 ,VWLWXWR*HRJUDILFR0LOLWDUH,WDO\ ,+% ,QWHUQDWLRQDO+\GURJUDSKLF%XUHDX
,WDOLDQLQLWLDOLVPRIWKH0LOLWDU\6XUYH\2IILFH 7KH,+%KDVEHHQUHSODFHGE\WKH,+2
,J0 PHPRU\%FHOOV ,PPXQRJOREXOLQ0SRVLWLYH )RUIXUWKHUGHWDLOVVHHXQGHU,+2
PHPRU\%FHOOV ,+&3LKFS ,QVWLWXWHIRU+HDOWKDQG&RQVXPHU
,PPXQRORJ\0HGLFLQH5KHXPDWRORJ\ 3URWHFWLRQ(XURSHDQ&RPPLVVLRQ
,*1,JQ ,%0*OREDO1HWZRUN ,+&SURFHGXUHV ,PPXQRKLVWRFKHPLVWU\SURFH
,*1 ,QVWLWXW*pRJUDSKLTXH1DWLRQDO)UDQFH GXUHV
,*20 ,QWHJUDWHG*OREDO2FHDQ0RQLWRULQJ %UDLQ&KHPLVWU\0HGLFDO'HYLFHV7XPRU
,*266 ,QWHJUDWHG*OREDO2FHDQ6HUYLFHV6\VWHP *URZWK
,*3 ,JQHRXVDQG*HRWKHUPDO3URFHVVHV ,+' ,QWHUQDWLRQDO+\GURORJLFDO'HFDGH
,*3,*3 ,QGLFD]LRQH*HRJUDILFD3URWHWWD 7KH,+'LVWKHSHULRGIURPZKHQ
,*3 ,QWHJUDWHG*UDGXDWH3URJUDP86$ K\GURORJ\UHVHDUFKZDVFDUULHGRXWE\WKHSDUWLFL
,*33 ,QVWLWXWHRI*HRSK\VLFVDQG3ODQHWDU\3K\VLFV SDWLQJQDWLRQV
86$ ,+' ,VFKHPLF+HDUW'LVHDVH
,*5& ,QWHUQDWLRQDO*HRG\QDPLFV5HVHDUFK&HQWHU &DUGLRORJ\
7KH,*5&LVEDVHGDWD5XVVLDQILHOGVWDWLRQRXW ,+'3 ,QWHUQDWLRQDO+XPDQ'LPHQVLRQVRI*OREDO
VLGH%LVKNHN.U\J\]VWDQ &KDQJH3URJUDP
,*53 ,QWHULRU*DWHZD\5RXWLQJ3URWRFRO 3URJUDPV
,*53 LVDURXWLQJSURWRFRORIWKHGLVWDQFHYHFWRU ,+( ,QWHJUDWHG+HDOWK(QYLURQPHQW
W\SHGHYHORSHGE\&,6&26\VWHP 0HGLFLQH
,*6 ,%0*OREDO6HUYLFHV ,+(( ,+(( ,QVWLWXWGHV+DXWHV(WXGHV
,*6KDVFUHDWHGRQHRIWKHODUJHVW6DQVLQWKH (XURSpHQQHVGH6WUDVERXUJ)UDQFH
ZRUOG )RXQGHGLQ,+((RUJDQL]HVSRVWXQLYHUVL
)RUIXUWKHUGHWDLOVVHHXQGHU6DQV W\FRXUVHV2QHRIWKHPOHDGVWRWKH&HUWLILFDW
,*6 ,QQHU*XOI6KHOI G
pWXGHVHXURSpHQQHV2WKHUVWRWKH'LSO{PHG
p
,*6 ,QVWLWXWHRI*HRORJLFDO6FLHQFHV*% WXGHVDSSURIRQGLHV
,*6 ,QWHUQDO*XLGH6HTXHQFH ,+(3 ,QVWLWXWHRI+LJK(QHUJ\3K\VLFV2IWKH
,J6) GRPDLQV ,PPXQRJOREXOLQ6XSHUIDPLO\ &KLQHVH$FDGHP\RI6FLHQFHV
GRPDLQV ,+) ,QWHJUDWLRQ+RVW)DFWRU
&HOOXODU,PPXQRORJ\&OLQLFDO0HGLFLQH ,KK ,QGLDQKHGJHKRJ
0ROHFXODU6FLHQFHV 7KH,KKLVDVLJQDOLQJPROHFXOH
,*63 ,QWHUQDWLRQDO*UHHQODQG6HD3URMHFW (QGRFULQRORJ\*HQHWLFV0HGLFLQH0ROHFXODU
,*66 LQWHULPJHRJUDSKLFVXSSRUWV\VWHP %LRORJ\
V\VWqPHSURYLVRLUHGHVRXWLHQJpRJUDSKLTXH ,+/ ,QWHUQDWLRQDO+XPDQLWDULDQ/DZ
,*7 ,PSDLUHG*OXFRVH7ROHUDQFH ,+0 ,QVWLWXWHRI+\GURPHWHRURORJ\$OEDQLD
,*7,*7 ,QVWLWXWHRI*DV7HFKQRORJ\ ,+02,+02 ,QWHUQDWLRQDO+RPHRSDWKLF
,*8 ,QWHUQDWLRQDO*DV8QLRQ 0HGLFDO2UJDQL]DWLRQ
,*8 ,QWHUQDWLRQDO*HRJUDSKLFDO8QLRQ ,+2 ,QVWLWXWHRI+XPDQ2ULJLQV
)RXQGHGLQWRHQFRXUDJHWKHVWXG\RISURE 3DOHRDQWKURSRORJ\
OHPVUHODWLQJWRJHRJUDSK\WRSURPRWHDQGFR
2I,*%33$*(6 &OLPDWH)RUHFDVWLQJ
)RUIXUWKHUGHWDLOVVHHXQGHU(3,/2* ,0'* ,QWHUQDWLRQDO0DULWLPH'DQJHURXV*RRGV
,*%33$*(6 DQG/*0 &RGH
,0 7 ,QIRUPDWLRQ0DQDJHPHQWDQG7HFKQRORJ\ &RGHLQWHUQDWLRQDOGXWUDQVSRUWPDULWLPHGH
,0$2 ,QKLELWHXUGHOD0RQR$PLQH2[\GDVH PDUFKDQGLVHVGDQJHUHXVHV
)UHQFKDFURQ\PPHDQLQJ0RQRDPLQH2[LGDVH ,0( ,QVWLWXWHRI0DNHUVRI([SORVLYHV86$
,QKLELWRU %RPE'HWHFWLRQ&KHPLVWU\([SORVLYHV
0HGLFLQH3KDUPDFRORJ\ )RUHQVLFV7DJJLQJ6FKHPHV
,0$53( ,QVWLWXWRGHO0$5GHO3HU3HUX ,0(,0( ,QVWLWXWLRQRI0HFKDQLFDO(QJLQHHUV
,0$7 LQGHSHQGHQWPDULWLPHDQDO\VLVWHDP $OVR,0HFK(
pTXLSHLQGpSHQGDQWHG·DQDO\VHVPDULWLPHV ,0( ,VWLWXWR0RQHWDULR(XURSHR(&
,0$=21 ,QVWLWXWRGR+RPHQH0HLR$PELHQWHGD ,WDOLDQDFURQ\PRIWKH(XURSHDQ0RQHWDU\
$PD]{QLD%UD]LO ,QVWLWXWH
,0% ,QVWLWXWHRI0ROHFXODU%LRWHFKQRORJ\ L0(' LVWLWXWRSHULO0('LWHUUDQHR,WDO\
7KH,QVWLWXWHRI0ROHFXODU%LRWHFKQRORJ\ZDVFUH ,0(.2 ,QWHUQDWLRQDO0HDVXUHPHQW&RQIHGHUDWLRQ
DWHGLQ,WVJRDOLVWRSURPRWHWKHGHYHORS +XQJDU\
PHQWRIQHZPHDQVWRLPSURYHELRWHFKQRORJ\LQ )RXQGHGLQSURPRWHVWKHLQWHUQDWLRQDO
WKHVW FHQWXU\ H[FKDQJHRIVFLHQWLILFDQGWHFKQLFDOLQIRUPDWLRQ
%LRORJ\(FRQRPLF'HYHORSPHQW7HFKQRORJ\ UHODWLQJWRGHYHORSPHQWVLQPHDVXULQJWHFKQLTXHV
,0%% ,QVWLWXWHRI0ROHFXODU%LRORJ\DQG LQVWUXPHQWGHVLJQ DQGPDQXIDFWXUHDQGLQWKH
%LRFKHPLVWU\&DQDGD DSSOLFDWLRQRILQVWUXPHQWDWLRQLQVFLHQWLILF
,0%% ,QVWLWXWHRI0ROHFXODU%LRORJ\DQG UHVHDUFKDQGLQGXVWU\SURPRWHVFRRSHUDWLRQ
%LRWHFKQRORJ\*UHHFH DPRQJVFLHQWLVWVDQGHQJLQHHUVLQWKHILHOGDQG
,0% GHWHFWRU ,UYLQH0LFKLJDQ%URRNKDYHQGHWHF ZLWKRWKHULQWHUQDWLRQDORUJDQL]DWLRQVRUJDQL]HV
WRU FRQJUHVVHVV\PSRVLDHWF
,0%+V ,QWHUPHGLDWH0DVV%ODFN+ROHV ,0(2,0(2 ,VWLWXWR,WDOLDQRSHULO0HGLRHG
$VWURSK\VLFV (VWUHPR2ULHQWH,WDO\
,0%1 ,QWHUQDWLRQDO0ROHFXODU%LRORJ\1HWZRUNIRU ,WDOLDQDFURQ\PRIWKH,WDOLDQ,QVWLWXWHIRUWKH
$VLDDQGWKH3DFLILF5LP 0LGGOHDQG)DU(DVW
7KH,0%1ZDVODXQFKHGDWWKHEHJLQQLQJRI ,0(5 ,QVWLWXWHIRU0DULQH(QYLURQPHQWDO5HVHDUFK
DWDPHHWLQJLQ7RN\R-DSDQ *%
,0%52 ,QYHVWPHQW0DQDJHPHQW5HJXODWRU\ ,PHU ,VWLWXWRGLPHGLRFUHGLWRUHJLRQDOH
2UJDQL]DWLRQ*% ,WDOLDQ%DQN
,0& LQVWUXPHQWPHWHRURORJLFDOFRQGLWLRQV ,0) ,QLWLDO0DVV)XQFWLRQ
FRQGLWLRQVPpWpRURORJLTXHVGHYRODX[LQVWUX $VWURQRP\$VWURSK\VLFV*DOD[\(YROXWLRQ
PHQWV ,0) ,QWHUQDWLRQDO0RQHWDU\)XQG
,0& ,QWHUQDWLRQDO0DULQH&HQWUH2ULVWDQR,WDO\ ,QWHUQDWLRQDO%XVLQHVV
,0& ,QWHUQDWLRQDO0XVLF&RXQFLO)UDQFH ,0* ,QVWLWXWHRI0ROHFXODU*HQHWLFV
)RXQGHGLQXQGHUWKHDXVSLFHVRI81(6&2 2IWKH&]HFK$FDGHP\RI6FLHQFHV
WRIRVWHUWKHH[FKDQJHRIPXVLFLDQVPXVLFZULWWHQ ,0* ,QWHUIHURPHWULF0RQLWRUIRU*UHHQKRXVH
DQGUHFRUGHGDQGLQIRUPDWLRQWRVXSSRUWFRQ *DVHV
WHPSRUDU\FRPSRVHUVWUDGLWLRQDOPXVLFDQG $Q,QVWUXPHQWDERDUG$'(26
\RXQJSURIHVVLRQDOPXVLFLDQVWRIRVWHUDSSUHFLD )RUIXUWKHUGHWDLOVVHHXQGHU$'(26
WLRQRIPXVLFE\WKHSXEOLF ,0* ,QWHUQDWLRQDO0DQDJHPHQW*URXS>IRUUHFRQ
)RUIXUWKHUGHWDLOVVHHXQGHU81(6&2 VWUXFWLRQLQ%RVQLD@
,0&( ,QWHUFRQWLQHQWDO6SDFH6WDWLRQ0DQDJHPHQW *URXSHLQWHUQDWLRQDOGHJHVWLRQ>SRXUODUHFRQ
DQG&RVW(YDOXDWLRQ VWUXFWLRQHQ%RVQLH@
,0&/ FRQWHQW ,QWUDP\RFHOOXODU/LSLGFRQWHQW ,0** ,QVWLWXWHRI0DULQH*HRORJ\DQG*HRSK\VLFV
&HOOXODUDQG0ROHFXODU3K\VLRORJ\'LDJQRVWLF )RUPHU6RYLHW8QLRQ
5DGLRORJ\(SLGHPLRORJ\ ,0, ,QWHUQDWLRQDO0HWHRURORJLFDO,QVWLWXWH
,0&2 ,QWHUJRYHUQPHQWDO0DULWLPH&RQVXOWDWLYH ,0, ,VWLWXWR0RELOLDUH,WDOLDQR,WDO\
2UJDQL]DWLRQ81 ,WDOLDQDFURQ\PRIWKH,WDOLDQ)LQDQFLQJ,QVWLWXWH
,0' ,QGLD0HWHRURORJLFDO'HSDUWPHQW ,0,17 LPDJHU\LQWHOOLJHQFH
,3 ,RQL]DWLRQ3RWHQWLDO ,PPXQRORJ\9LUDO5HSOLFDWLRQ
,3 LVDOVRNQRZQDV,RQ3RWHQWLDO ,3' ,QFXEDWLRQ3HULRG'LVWULEXWLRQ
$WRPLF3K\VLFV %LRORJLFDO6FLHQFHV(FRORJ\(SLGHPLRORJ\
,3 ,URQ3LSH ,3' ,QVWLWXWHRI3HUVRQQHODQG'HYHORSPHQW*%
,3 ,VVXHG3ULFH ,3( LQGLYLGXDOSURWHFWLYHHTXLSPHQW>1%&@
%XVLQHVV)LQDQFH pTXLSHPHQWLQGLYLGXHOGHSURWHFWLRQ>1%&@
,3 ,QRVLWROWULSKRVSKDWH ,3( ,QWHUQDWLRQDO3HWUROHXP([FKDQJH/RQGRQ
,3$ ,QVWLWXWHRI3UDFWLWLRQHUVLQ$GYHUWLVLQJ *%
,3$ ,QVWUXFWLRQDQG3UDFWLFDO$GYLFH ,3(UHJXODWLRQV ,QWHUQDWLRQDO3HWUROHXP([FKDQJH
,3$ ,QVXUDQFHDQG3HQVLRQV$XWKRULW\*% UHJXODWLRQV
,3$ ,QWHUJRYHUQPHQWDO3HUVRQQHO$FW86$ 2LO7UDGLQJ
,3$ ,QWHUQDWLRQDO3KRQHWLF$OSKDEHW ,3) LQSODFHIRUFH
,3$ ,QWHUQDWLRQDO3KRQHWLF$VVRFLDWLRQ*% IRUFHHQSODFH
)RXQGHGLQWRSURPRWHWKHVFLHQWLILFVWXG\RI LQWHUQDWLRQDOSURWHFWLRQIRUFH
SKRQHWLFV DQGLWVDSSOLFDWLRQV IRUFHGHSURWHFWLRQLQWHUQDWLRQDOH
,3$$,3$$ ,QWHUQDWLRQDO3V\FKRDQDO\WLFDO ,3)& ,QGR3DFLILF)LVKHULHV&RPPLVVLRQ
$VVRFLDWLRQ 2IWKH81)RRGDQG$JULFXOWXUH2UJDQL]DWLRQ
,3$% ,QIRUPDWLRQ7HFKQRORJ\$VVRFLDWLRQRI ,3* LQLWLDOSDUWQHUVKLSJRDO
$PHULFD86$ REMHFWLILQLWLDOGX3DUWHQDULDW
,3$% ,QWHUQDWLRQDO3URJUDPIRU$QWDUFWLF%XR\V LQWHUQDWLRQDOSODQQLQJJURXS
,3$&( LQWHOOLJHQFHSROLF\$&( JURXSHGHSODQLILFDWLRQLQWHUQDWLRQDO
SROLWLTXHGX&$(HQPDWLqUHGHUHQVHLJQHPHQW ,3*5, ,QWHUQDWLRQDO3ODQW*HQHWLF5HVRXUFHV
,3$ IHDWXUHV ,QVWUXPHQW3HUIRUPDQFH$VVHVVPHQW ,QVWLWXWH
IHDWXUHV 2IWKH&*,$5
,3$, ,QWHUQDWLRQDO3ULPDU\$OXPLQLXP,QVWLWXWH ,3*5,·VPLVVLRQLVWRHQFRXUDJHVXSSRUWDQG
,3$/ ,RZD3ULYDWH$FDGHPLF/LEUDU\86$ HQJDJHLQDFWLYLWLHVWRVWUHQJWKHQWKHFRQVHUYDWLRQ
,3$QHW ,QYHVWPHQW3URPRWLRQ1HWZRUN DQGXVHRISODQWJHQHWLFUHVRXUFHVZRUGZLGH
:RUOG%DQN*URXS 3ODQW*HQHWLF5HVRXUFHV
,3$5 LPSURYHGSXOVHDFTXLVLWLRQUDGDU )RUIXUWKHUGHWDLOVVHHXQGHU&*,$5
UDGDUG·DFTXLVLWLRQjLPSXOVLRQVDPpOLRUp ,3+& ,QWHUQDWLRQDO3DFLILF+DOLEXW&RPPLVVLRQ
,3$66 ,QWHUDJHQF\3DQHORQ$GYDQFHG6FLHQFH ,3+7 ,QVWLWXWHRI3K\VLFDO+LJK7HFKQRORJ\
6HFXULW\86$ ,3, ,PSOLFLW3ULFH,QGH[
,3% LQWHOOLJHQFHSUHSDUDWLRQRIWKHEDWWOHILHOG %XVLQHVV&RPPHUFH
SUpSDUDWLRQGXFKDPSGHEDWDLOOHSRXUOHUHQ ,3, ,QWHUQDWLRQDO3UHVV,QVWLWXWH
VHLJQHPHQW ,3, ,VWLWXWRSHUOD3URPR]LRQH,QGXVWULDOH
,3%, ,QWHUQDWLRQDO3DSHU%RDUG,QGXVWU\*% ,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU,QGXVWULDO
,3& ,QGXVWULDO3ODQQLQJ&RPPLWWHH 3URPRWLRQ
&RPLWpGHSODQLILFDWLRQLQGXVWULHOOH ,3,(&$ ,QWHUQDWLRQDO3HWUROHXP,QGXVWU\
LQLWLDOSODQQLQJFRQIHUHQFH (QYLURQPHQWDO&RQVHUYDWLRQ$VVRFLDWLRQ*%
FRQIpUHQFHGHSODQLILFDWLRQLQLWLDOH ,3,5 LQLWLDOSURJUDPPHGLQWHUSUHWDWLRQUHSRUW
,3&& ,QWHUJRYHUQPHQWDO3DQHORQ&OLPDWH&KDQJH FRPSWHUHQGXLQLWLDOG·LQWHUSUpWDWLRQ
6SRQVRUHGE\WKH81 ,3. ,QVWLWXWHRI3ODQW*HQHWLFVDQG&URS3ODQW
$QWKURSRJHQLF*OREDO:DUPLQJ&OLPDWRORJ\ 5HVHDUFK*HUPDQ\
*UHHQKRXVH6FLHQFH 0ROHFXODU3ODQW3DWKRORJ\3ODQW)XQFWLRQDO
)RUIXUWKHUGHWDLOVVHHXQGHU81 *HQRPLFV
,3&& ,QWHUQDWLRQDO3HWUROHXP&OHDULQJ ,3/ ,QLWLDO3URJUDP/RDG
&RUSRUDWLRQ &RPSXWHU3URJUDPPLQJ
L3&5 LQYHUVH3&5 ,3/ ,QWUDSHULRG/LQH
%LRGLYHUVLW\ 0HGLFLQH
)RUIXUWKHUGHWDLOVVHHXQGHU3&5 ,3/ ,VSHWWRUDWR3URYLQFLDOHGHO/DYRUR
,3&V ,QVXOLQ3URGXFLQJ&HOOV ,WDOLDQLQLWLDOLVPRIWKH'LVWULFW/DERU
%LRORJ\0HGLFLQH2QFRORJ\ ,QVSHFWRUDWH
,3&V ,QWHUIHURQ3URGXFLQJ&HOOV LSP LSP LQFKHVSHUPLQXWH
]DWLRQFRVSRQVRUHGE\WKHSXEOLFDQGSULYDWHVHF (DUWKDQG3ODQHWDU\6FLHQFHV*HRORJ\
WRULQVWLWXWLRQV,WVDLPLVWRIDFLOLWDWHWKHDFTXLVL *HRSK\VLFV6HLVPRORJ\
WLRQDQGWUDQVIHURISURSULHWDU\DJULFXOWXUDO ,6&,6& ,QWHUQDWLRQDO6RFLHW\RI&KHPRWKHUDS\
ELRWHFKQRORJ\ DSSOLFDWLRQVIURPWKHLQGXVWULDO ,6& ,QWHUQDWLRQDO6WHHULQJ&RPPLWWHHRIVHQLRU
FRXQWULHVIRUWKHEHQHILWRIWKHGHYHORSLQJZRUOG H[HFXWLYHV
,6$%3 ,QWHUQDWLRQDO6RXWK$WODQWLF%XR\3URJUDP 7KH,6&ZDVIRUPHGE\WKH,)3,WRRYHUVHHGHYHO
2IWKH86'DWD%XR\&RRSHUDWLRQ&RXQFLO RSPHQWRI'9'$XGLR7HFKQRORJ\
,6$&) ,QVWLWXW6XSpULHXUG·$UFKLWHFWXUHGHOD )RUIXUWKHUGHWDLOVVHHXQGHU'9' DQG,)3,
&RPPXQDXWp)UDQoDLVH%HOJLXP ,6& ,QWHURSHUDELOLW\6XE&RPPLWWHH
$UFKLWHFWXUH,QVWLWXWH 6RXVFRPLWpGHO·LQWHURSpUDELOLWp
,6$' ,VWLWXWR6XSHULRUHGL$UFKLWHWWXUD 'HVLJQ ,6& ,QWHU6\VWHP&URVVLQJ
,WDO\ ,6&$ ,QGLDQ6FLHQFH&RQJUHVV$VVRFLDWLRQ
$UFKLWHFWXUH 'HVLJQ ,6&$5 ,QIRUPDWLRQ6WRUDJH&XUDWLRQ$QDO\VLVDQG
,6$( ,VWLWXWRGL6WXGLRH$QDOLVL(FRQRPLFD 5HWULHYDO
,WDOLDQ(FRQRPLFV,QVWLWXWH %LRLQIRUPDWLFV
,6$) ,QWHUQDWLRQDO6HFXULW\$VVLVWDQFH)RUFH )RUIXUWKHUGHWDLOVVHHXQGHU%,67, DQG
>$IJKDQLVWDQ@ %,263,&(
)RUFHLQWHUQDWLRQDOHG·DVVLVWDQFHjODVpFXULWp ,6&& ,QIRUPDWLRQ6\VWHPV&RRUGLQDWLRQ
>$IJKDQLVWDQ@ &RPPLWWHH
,6$0,VDP ,QWHJUD]LRQH6WDWLVWLFD$UHD0LODQHVH &RPLWpGHFRRUGLQDWLRQGHVV\VWqPHVG·LQIRUPD
,WDO\ WLRQ
6WDWLVWLFV ,QIRUPDWLRQ6\VWHPV6XE&RPPLWWHH
,6$ PHWKRG ,QGH[HG6HTXHQWLDO$FFHVVPHWKRG 6RXVFRPLWpGHVV\VWqPHVG·LQIRUPDWLRQ
&RPSXWHU3URJUDPPLQJ ,6&&3 ,QWHUQDWLRQDO6DWHOOLWH&ORXG&OLPDWRORJ\
,6$06 ,PSURYHG6WUDWRVSKHULF$QG0HVRVSKHULF 3URMHFW
6RXQGHU $WPRVSKHULF3URILOH'DWD(DUWKDQG3ODQHWDU\
,6$06LVDQLQVWUXPHQWDERDUG8$56 6FLHQFHV2]RQH3URMHFWV
)RUIXUWKHUGHWDLOVVHHXQGHU8$56 ,6&&7 ,QWHUQDWLRQDO6FLHQWLILF&RRSHUDWLRQ
,6$6 ,QVWLWXWHIRU6SDFHDQG$HURQDXWLFDO6FLHQFH &RQWUDFW
-DSDQ ,6&(+ ,QWHUQDWLRQDO6FLHQWLILF&RPPLWWHHRQ
,6$6LVD1DWLRQDO,QWHU8QLYHUVLW\5HVHDUFK (QYLURQPHQWDO+HDOWK
,QVWLWXWHXQGHUWKHMXULVGLFWLRQRIWKH0LQLVWU\RI ,6&2 ,QQHUPRVW6WDEOH&LUFXODU2UELW
(GXFDWLRQ6FLHQFHDQG&XOWXUH,6$6PHUJHG $VWURSK\VLFV
ZLWK1$6'$ DQG1$/ LQ ,6&2 ,VWLWXWR1D]LRQDOHSHUOR6WXGLRGHOOD
)RUIXUWKHUGHWDLOVVHHXQGHU1$6'$ DQG1$/ &2QJLXQWXUD,WDO\
,6$667 ,QWHUQDWLRQDO6FKRRORQWKH6FLHQFH ,WDOLDQDFURQ\PRIWKH1DWLRQDO,QVWLWXWHIRUWKH
7HFKQLTXHV 6WXG\RI(FRQRPLF7UHQGV
,6$:,3 ,QWHJUDWH6RLO$QG:DWHU,PSURYHPHQW ,6&20*5((1/$1' ,VODQG&RPPDQRI
3URJUDP *UHHQODQG>REVROHWH@
,6% LQWHUPHGLDWHVWDJLQJEDVH &RPPDQGHPHQWGX*URHQODQG>REVROqWH@
EDVHG·pWDSHLQWHUPpGLDLUH ,6&20,&(/$1' ,VODQG&RPPDQG,FHODQG>REVR
,6%$ ,QFRUSRUDWHG6RFLHW\RI%ULWLVK$GYHUWLVHUV OHWHQRZVXEVXPHGDVDQHOHPHQWRI5&($67@
*% &RPPDQGHPHQWGHO·,VODQGH>REVROqWHPDLQ
,6%& ,QWHUQDWLRQDO6PDOO%XVLQHVV&RQVRUWLXP WHQDQWLQFRUSRUpFRPPHpOpPHQWDXVHLQGX5&
86$ ($67@
,6%/ ,QIRUPDWLRQ6\VWHP%DVH/DQJXDJH ,6&200$'(,5$ ,VODQG&RPPDQGRI0DGHLUD
,6%1 ,QWHUQDWLRQDO6WDQGDUG%RRN1XPEHU >REVROHWHQRZVXEVXPHGDVDGHWDFKPHQWRI5&
,6& ,QVWLWXW6XSpULHXUGH&RPPHUFH6DLQW/RXLV ($67@
%HOJLXP &RPPDQGHPHQWGHO·DUFKLSHOGH0DGqUH>REVROqWH
%HOJLDQ,QVWLWXWH PDLQWHQDQWLQFRUSRUpFRPPHGpWDFKHPHQWDX
,6& ,QWHUQDWLRQDO6FLHQWLILF&RRSHUDWLRQ VHLQGX5&($67@
,6& ,QWHUQDWLRQDO6HLVPRORJLFDO&HQWUH ,6&3,6&3 ,QWHUQDWLRQDO6RFLHW\RI&RPSDUDWLYH
3DWKRORJ\
,WDOLDQDFURQ\PPHDQLQJ([WUDRUGLQDU\ORFDO 7KH,60LVWKHVSDFHEHWZHHQWKHVWDUV
3URSHUW\7D[ $VWURQRP\$VWURSK\VLFV3K\VLFV6SDFH6FLHQFH
,6, ,QVWLWXWHIRU6FLHQWLILF,QIRUPDWLRQ ,60$ ,QWHUQDWLRQDO6HFXULWLHV0DUNHW$VVRFLDWLRQ
3KLODGHOSKLD86$ ,60% ,QWHOOLJHQW6\VWHPVLQ0ROHFXODU%LRORJ\
3XEOLVKHURI6FLHQFH:DWFK &RPSXWDWLRQDO0ROHFXODU%LRORJ\
,6,,6, ,QWHUQDWLRQDO6WDQGDUGV,QVWLWXWH ,60(5,(XURSD ,QWHUGLVFLSOLQDU\5HVHDUFK
,6, ,QWHU6HUYLFHV,QWHOOLJHQFH ,QVWLWXWH(XURSHDQ1HWZRUN
,6, ,QWHUVWLPXOXV,QWHUYDO ,60(6 ,VWLWXWR6SHULPHQWDOH0RGHOOL(6WUXWWXUH
,6,& ,QWHUQDWLRQDO6WXGHQW,GHQWLW\&DUG +HDG2IILFH%HUJDPR,WDO\
,6,'$ ,VWLWXWR6XSHULRUHSHU,PSUHQGLWRULH ,60(7 ,6WLWXWR0(GLWHUUDQHR7UDSLDQWL3DOHUPR
'LULJHQWLG
$]LHQGD,WDO\ ,WDO\
(QWUHSUHQHXUV 0DQDJHUV :LWKWKH8QLYHUVLW\RI3LWWVEXUJ3HQQV\OYDQLD
,6,6 ,QGHSHQGHQW6FKRROV,QIRUPDWLRQ6HUYLFH 5HVHDUFK7UDQVSODQWV
*% ,60,%0 WK ,QWHUQDWLRQDO6\PSRVLXPRQ0HWDO
,6,6 ,QWHJUDWHG6XUIDFH,UUDGLDQFH6WXG\ ,RQVLQ%LRORJ\DQG0HGLFLQH
,6,6 ,QWHUQDWLRQDO6HFXULW\,QIRUPDWLRQ6HUYLFH +HOGRQWK 2FWREHULQ6DQ-XDQ3XHUWR
,6,6& ,VWLWXWR6XSHULRUH,QWHUQD]LRQDOHGL6FLHQ]H 5LFR86$
&ULPLQDOL 0HWDO,RQV
,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO,QVWLWXWHRI ,606 ,QWHUQDWLRQDO6HLVPLF0RQLWRULQJ6\VWHP
+LJKHU6WXGLHVLQ&ULPLQDO6FLHQFHV ,61 ,QLWLDO6HTXHQFH1XPEHU
,6. ,FHODQG.URQD ,61 ,QWHUVHJPHQWDO1HUYH
$OVR,.U ,61$ ,VWLWXWRGL6WXGL1XFOHDULSHUO
$JULFROWXUD
&XUUHQFLHV ,WDO\
,6.2 ,QWHUQDWLRQDO6RFLHW\IRU.QRZOHGJH ,WDOLDQDFURQ\PRIWKH,QVWLWXWHRI1XFOHDU6WXGLHV
2UJDQL]DWLRQ*HUPDQ\ IRU$JULFXOWXUH
)RXQGHGLQWRSURPRWHUHVHDUFKGHYHORS ,6136 ,QVWLWXWHIRU6SDFHDQG1XFOHDU3RZHU
PHQWDQGDSSOLFDWLRQRIDOOPHWKRGVIRUWKHRUJD 6WXGLHV86$
QL]DWLRQRINQRZOHGJHJLYHVDGYLFHRQWKHFRQ ,62 ,PDJLQJ6SHFWURPHWULF2EVHUYDWRU\
VWUXFWLRQSHUIHFWLRQDQGDSSOLFDWLRQRIFODVVLILFD ,62 ,QFHQWLYH6WRFN2SWLRQ86$
WLRQV\VWHPVWKHVDXULWHUPLQRORJLHVHWFRUJD ,62 ,QGXVWU\6ROXWLRQV2SHUDWLRQV
QL]HVLQWHUQDWLRQDOFRQIHUHQFHHYHU\WZR\HDUV ,62 ,QIUDUHG6SDFH2EVHUYDWRU\
,6/$ ,OOLQRLV6SHFLDO/LEUDU\$VVRFLDWLRQ86$ ,62ZDVODXQFKHGE\(6$ LQ
,6/$ ,VODPLF/LEUDU\$VVRFLDWLRQ ,QIUDUHG$VWURQRP\
,6/$ ,VWLWXWRGL6WXGL/DWLQR$PHULFDQL )RUIXUWKHUGHWDLOVVHHXQGHU(6$
8QLYHUVLWj&RPPHUFLDOH/XLJL%RFFRQL0LODQR ,62 ,QWHUQDWLRQDO6WDQGDUGV2UJDQL]DWLRQ
,WDO\ ,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ
/DWLQ$PHULFDQ6WXGLHV )RXQGHGLQ+HDG2IILFH*HQHYD
,6/( ,QVWLWXWHRI6RFLRORJ\RI/DZIRU(XURSH 6ZLW]HUODQG
%HOJLDQ,QVWLWXWH ,VR ,Q*UHHNLVDSUHIL[PHDQLQJHTXDO
,6/,& ,VUDHO6RFLHW\RI/LEUDULHVDQG,QIRUPDWLRQ ,62 ,QWUDVHDVRQDO$WPRVSKHULF2VFLOODWLRQ
&HQWUHV ,62 ,VWLWXWR6XSHULRUHGL2VWHRSDWLD
,6/0 PRGHO ,QYHVWPHQW6DYLQJ/LTXLGLW\ ,WDO\6HWXSLQ0LODQLQ
0RQH\PRGHO ,62 ,VWLWXWR6XSHULRUH2OLVWLFR,WDO\
,6/6&3 ,QWHUQDWLRQDO6DWHOOLWH/DQG6XUIDFH ,62&,VRF ,QWHUQHW62&LHW\
&OLPDWRORJ\3URMHFW )RXQGHGLQ-DQXDU\
,6/8 ,VUDHO6SHFLDO/LEUDULHV8QLRQ ,62'( ,62'HYHORSPHQW(QYLURQPHQW
LVP LQGXVWULDOLVFLHQWLILFLHPHGLFLXVL ,62/$,62/$ ,VWLWXWR6DUGR2UJDQL]]D]LRQH
,WDOLDQLQLWLDOLVPPHDQLQJLQGXVWULDOVFLHQWLILFDQG /DYRUR$UWLJLDQR,WDO\
PHGLFDOXVHV ,WDOLDQ,QVWLWXWH
,60,VP ,QWHJUDWHG6HUYLFHV0RGXOH ,62/( ,VODQG6DWHOOLWH2EVHUYDWLRQIRU/RFDO
,60,60 ,QWHUQDWLRQDO6RFLHW\RI ([SORLWDWLRQ
0LFURELRORJLVWV (FRV\VWHPV3URMHFWV
,60 ,QWHUVWHOODU0HGLXP
$WPRVSKHULFDQG3ODQHWDU\3K\VLFV6SDFH SURPRWHVLQWHUQDWLRQDOFRRUGLQDWLRQRI
$VWURSK\VLFV6SDFH7HOHVFRSH6FLHQFH UHVHDUFKGLVFXVVLRQV\PSRVLDDQGSXEOLFDWLRQLQ
,8) ,QVWLWXW8QLYHUVLWDLUHGH)UDQFH WKHILHOGRISKDUPDFRORJ\FRRSHUDWHVZLWK:+2
)UHQFK,QVWLWXWH LQPDWWHUVFRQFHUQLQJGUXJVDQGGUXJUHVHDUFK
,8)R67 ,QWHUQDWLRQDO8QLRQRI)RRG6FLHQFHDQG DQGZLWKUHODWHGLQWHUQDWLRQDOXQLRQVIRXU\HDUO\
7HFKQRORJ\ LQWHUQDWLRQDOFRQJUHVVHV
,8)52 ,QWHUQDWLRQDO8QLRQRI)RUHVWU\5HVHDUFK )RUIXUWKHUGHWDLOVVHHXQGHU:+2
2UJDQL]DWLRQV$XVWULD ,836 ,QWHUQDWLRQDO8QLRQRI3K\VLRORJLFDO
,8** ,QWHUQDWLRQDO8QLRQRI*HRGHV\DQG 6FLHQFHV
*HRSK\VLFV)UDQFH ,83V\6 ,QWHUQDWLRQDO8QLRQRI3V\FKRORJLFDO
,8*6 ,QWHUQDWLRQDO8QLRQRI*HRORJLFDO6FLHQFHV 6FLHQFH
,8*7(V KXPDQ,Q8WHUR*HQH7UDQVIHU ,838, ,QGLDQD8QLYHUVLW\3XUGXH8QLYHUVLW\DW
([SHULPHQWV ,QGLDQDSROLV86$
+XPDQ*HQH7KHUDSLHV0HGLFDO([SHULPHQWV )RUIXUWKHUGHWDLOVVHHXQGHU&((6
3UHQDWDO*HQH7UDVIHU5HVHDUFK ,85 ,QWHUQDWLRQDO8QLRQRI5DGLRHFRORJ\
,8+36 ,QWHUQDWLRQDO8QLRQRIWKH+LVWRU\DQG ,85 ,QWHUQDWLRQDO8QLRQRI5DLOZD\V
3K\VLRORJ\RI6FLHQFH ,86 ,QHUWLDO8SSHU6WDJH
,8,6 ,QWHUQDWLRQDO8QLRQRI,PPXQRORJ\6RFLHWLHV ,866 ,QWHJUDWHG8QGHUVHD6XUYHLOODQFH6\VWHP
,8.$'*( ,PSURYHG8.$LU'HIHQFH*URXQG 0DULQH%LRORJ\
(QYLURQPHQW ,866 ,QWHUQDWLRQDO8QLRQRI6RLO6FLHQFH
LQIUDVWUXFWXUHpOHFWURQLTXHDPpOLRUpHGHODGpIHQVH ,87$0,QWHUQDWLRQDO8QLRQRI7KHRUHWLFDODQG
DpULHQQHDX5R\DXPH8QL $SSOLHG0HFKDQLFV
,8/0 ,VWLWXWR8QLYHUVLWDULRGL/LQJXH0RGHUQH ,872; ,QWHUQDWLRQDO8QLRQRI72;LFRORJ\
,WDO\ ,89'7 ,QWHUQDWLRQDO8QLRQDJDLQVW9HQHUHDO
,WDOLDQ/DQJXDJH,QVWLWXWH 'LVHDVHVDQG7UHSRQHPDWRVHV*%
,80 ,QGHSHQGHQW8QLYHUVLW\RI0RVFRZ )RXQGHGLQDGPLQLVWUDWLYHDQGHGXFDWLRQDO
,80, ,QWHUQDWLRQDO8QLRQRI0DULQH,QVXUDQFH DFWLYLWLHVSXEOLFKHDOWKDQGWHFKQLFDODVSHFWVRI
6ZLW]HUODQG VH[XDOO\WUDQVPLWWHGGLVHDVHV DQG$,'6
,806 ,QWHUQDWLRQDO8QLRQRI0LFURELRORJLFDO ,8967$ ,QWHUQDWLRQDO8QLRQIRU9DFXXP6FLHQFH
6RFLHWLHV 7HFKQLTXHDQG$SSOLFDWLRQV
/RFDWHGLQ6WUDVERXUJ)UDQFH)RXQGHGLQ )RUIXUWKHUGHWDLOVVHHXQGHU$,9
0LFURELRORJ\ LY LQFUHDVHGYDOXH
,816 ,QWHUQDWLRQDO8QLRQRI1XWULWLRQDO6FLHQFHV LY LQLWLDOYHORFLW\
)RXQGHGLQ ,9 ,QWUDYHQRXVLQWUDYHQRXVO\
,83$% ,QWHUQDWLRQDO8QLRQRI3XUHDQG$SSOLHG ,9 LY LQYRLFHYDOXH
%LRSK\VLFV ,9 ,YRU\&RDVW
,83$&,83$& ,QWHUQDWLRQDO8QLRQRI3XUHDQG ,9$ ,PSRVWDVXO9DORUH$JJLXQWR,WDO\
$SSOLHG&KHPLVWU\ ,WDOLDQDFURQ\PPHDQLQJ9DOXH$GGHG7D[
)RXQGHGLQWRSURPRWHFRQWLQXLQJFRRSHUD ,9$ ,QYHQWRU\9DOXDWLRQ$GMXVWPHQW
WLRQDPRQJFKHPLVWVRIWKHPHPEHUFRXQWULHVWR %XVLQHVV)LQDQFH
VWXG\WRSLFVRILQWHUQDWLRQDOLPSRUWDQFHZKLFK ,9& LPPHGLDWHO\YLWDOFDUJR
UHTXLUHUHJXODWLRQVWDQGDUGL]DWLRQRUFRGLILFDWLRQ FDUJDLVRQLPPpGLDWHPHQWYLWDOH
WRFRRSHUDWHZLWKRWKHULQWHUQDWLRQDORUJDQL]DWLRQV ,9& ,QWHOHFW9LVXDO&RPPXQLFDWLRQV
ZKLFKGHDOZLWKWRSLFVRIDFKHPLFDOQDWXUHWR 9LGHRFRQIHUHQFLQJ6\VWHPV
FRQWULEXWHWRWKHDGYDQFHPHQWRISXUHDQGDSSOLHG ,9& ,QWUDYHQRXV&KRODQJLRJUDP
FKHPLVWU\ LQDOOLWVDVSHFWV 5DGLRORJ\
,83$3 ,QWHUQDWLRQDO8QLRQRI3XUHDQG$SSOLHG ,9&& ,QVWLWXWWHFKQLTXHGHV9LQVGH&RQVRPPDWLRQ
3K\VLFV &RXUDQWH)UDQFH
,83(60 ,QWHUQDWLRQDO8QLRQIRU3K\VLFDODQG )UHQFK:LQH,QVWLWXWH
(QJLQHHULQJ6FLHQFHVDQG0HGLFLQH ,9&3 LOOHJDOYHKLFOHFKHFNSRLQW
,83+$5 ,QWHUQDWLRQDO8QLRQRI3KDUPDFRORJ\ SRVWHGHFRQWU{OHLOOpJDOGHVYpKLFXOHV
)RXQGHGLQDVDVHFWLRQRI7KH,QWHUQDWLRQDO ,9&60 :KROHVDOH7D[9HQH]XHOD
8QLRQRI3K\VLRORJLFDO6FLHQFHVLQGHSHQGHQW ,9$ 9DOXH$GGHG7D[ZLOOUHSODFH,9&60
)RUIXUWKHUGHWDLOVVHHXQGHU-6&
- -$(5, -DSDQ$WRPLF(QHUJ\5HVHDUFK,QVWLWXWH
-DSDQ
$WRPLF(QHUJ\(OHFWULFDO(QJLQHHULQJ-DSDQHVH
- -DSDQ ,QVWLWXWHV/DVHU$FFHOHUDWLRQ3ODVPD3K\VLFV
$OVR-$ 6KRUWSXOVH/DVHU3K\VLFV
- M MHW -$)&,6 MRLQWDUPHGIRUFHVRIWKH&,6
)OXLG0HFKDQLFV0HFKDQLFDO(QJLQHHULQJ DIRUFHVDUPpHVFRQMRLQWHVGHOD&RPPXQDXWp
- -HZ-HZLVK GHVeWDWVLQGpSHQGDQWV
M DEEUMRE EIRUFHVLQWHUDUPpHVGHOD&RPPXQDXWpGHV
&RPSXWHU3URJUDPPLQJ,QGXVWULDO(QJLQHHULQJ eWDWVLQGpSHQGDQWV
- MRLQWVWDII -$)= -HEHO$OL)UHH=RQH
pWDWPDMRULQWHUDUPpHV -$* -XGJH$GYRFDWH*HQHUDO
- M MRXUQDO -$,'6 -RXUQDORI$FTXLUHG,PPXQH'HILFLHQF\
- M -XGJH-XGJHPHQW 6\QGURPH
/DZ -$-2 -DQXDU\$SULO-XO\2FWREHU
-M 7KHV\PEROIRUMRXOH -$-2DUHWKHH[SLU\PRQWKVRIPDQ\SUHPLXP
-RXOHLVDOVRNQRZQDV1HZWRQPHWHURIHQHUJ\ FRQWUDFWV
0HWURORJ\ )LQDQFH
-$ -DSDQ -DN67$7 SDWKZD\ -DQXV.LQDVH67$7 SDWKZD\
$OVR- &HOO%LRORJ\0HGLFLQH0ROHFXODU%LRORJ\
-$ -HXQHV$JULFXOWHXUV -$/ -RXUQDOG
$QQRQFHV/pJDOHV)UDQFH
)UHQFKLQLWLDOLVPPHDQLQJ<RXQJ$JULFXOWXUHUV 3XEOLFDWLRQ
-$ -RE$QDO\VLV -$/ 7KHDLUOLQHFRGHIRU-DSDQ$LU/LQHV
-REDQDO\VLVLVDOVRNQRZQDV-RE6WXG\ -$//& -RLQW$QDO\VLVDQG/HVVRQV/HDUQHG&HQWUH
,QGXVWULDO(QJLQHHULQJ >KDVUHSODFHG3$7@
-$-$ -RLQW$FFRXQW &HQWUHLQWHUDUPpHVG·DQDO\VHHWG·HQVHLJQHPHQWV
-$ -XGJH$GYRFDWH WLUpV>DUHPSODFpOD3$7@
-$ -XVWLFHRI$SSHDO*% -DP DEEU-DPDLFD
-$$ MRLQWDFWLRQDUHD -$0 -DSDQHVH$VVRFLDWLRQIRU0LFURELRORJ\
]RQHG·DFWLRQFRQMRLQWH -$0 -RXUQDORI$SSOLHG0HFKDQLFV
-$$ -RLQW$YLDWLRQ$XWKRULW\ -$0 -XJHGHV$IIDLUHV0DWULPRQLDOHV
-$$/' -DSDQ$VVRFLDWLRQRI$JULFXOWXUDO )UHQFKDFURQ\PPHDQLQJ-XGJHIRU0DWULPRQLDO
/LEUDULDQVDQG'RFXPHQWDOLVWV $IIDLUV)UDQFH
-DSDQHVH$VVRFLDWLRQ /DZ
-$$7 MRLQWDLUDVVDXOWRUDLUDWWDFNWHDP -$0 -XQFWLRQDO$GKHVLRQ0ROHFXOH
JURXSHG·DVVDXWDpULHQRXG·DWWDTXHDpULHQQH &HOO%LRORJ\
LQWHUDUPpHV MDP 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
-$$:6& MRLQW$$: VXSSRUWDQGFRRUGLQDWLRQ (QJOLVKZRUGMDP)RRG7HFKQRORJ\0LOLWDU\
QHW 6FLHQFH2UGQDQFH
UpVHDXGHFRRUGLQDWLRQHWVRXWLHQGHOD/$$ -$0$ -RXUQDORIWKH$PHULFDQ0HGLFDO
FRPELQpH $VVRFLDWLRQ86$
-$%(; 7KH-DSDQ$VVRFLDWLRQRI%LRLQGXVWULHV -$05, -DSDQ0DULWLPH5HVHDUFK,QVWLWXWH-DSDQ
(;HFXWLYHV-DSDQ -$067(& -DSDQ
V0DULQH6FLHQFHDQG
-$& -RLQW$VWURQRP\&RXQWHU+DZDLL 7(FKQRORJ\&HQWHU-DSDQ
-$& -XQLRU$VVRFLDWLRQRI&RPPHUFH86$ -$067(&ZDVIRUPHGLQ,Q-$0
-$&& -RLQW$XWRPDWLF&RQWURO&RQIHUHQFH 67(&ODXQFKHG.DLNRWKHZRUOG
VGHHSHVWGLYLQJ
-$&0 -RXUQDORIWKH$VVRFLDWLRQIRU&RPSXWLQJ VXEPHUVLEOH
0DFKLQHU\ 0DULQH6FLHQFHDQG7HFKQRORJ\2FHDQRJUDSK\
3HULRGLFDO -DQ DEEU-DQXDU\
-$&6 -RXUQDORIWKH$PHULFDQ&KHPLFDO6RFLHW\ -$1 7KHDLUSRUWFRGHIRU-DFNVRQYLOOH,QWHUQDWLRQDO
3HULRGLFDO $LUSRUW
-$(/ -6&$YLRQLFV(QJLQHHULQJ/DERUDWRU\ - ' -XQHDQG'HFHPEHU
3HULRGLFDO %XVLQHVV)LQDQFH
-&1257+ -RLQW&RPPDQG1RUWK -', -RXUQDOGX'URLW,QWHUQDWLRQDO)UDQFH
&RPPDQGHPHQWLQWHUDUPpHV1RUG 3XEOLFDWLRQ
-&1257+($67 -RLQW&RPPDQG1RUWK(DVW -'50$ -DSDQ'LJLWDO5RDG0DS$VVRFLDWLRQ
&RPPDQGHPHQWLQWHUDUPpHV1RUG(VW 7KH-DSDQ'LJLWDO5RDG0DSDVVRFLDWLRQZDVRUJD
-&3 -RE&RQWURO3URFHVVRU QL]HGLQ-DSDQE\WKH0LQLVWU\RI&RQVWUXFWLRQV
-&3 -RLQW&RPPLWWHHRQ3UROLIHUDWLRQ ,WVDLPLVWRFUHDWHDQGPDLQWDLQDGLJLWDOFDUWR
&RPLWpPL[WHVXUODSUROLIpUDWLRQ JUDSKLFDOGDWDEDVHRIDOO-DSDQURDGV
-&3 -RXUQDOGH&KLPLH3K\VLTXH)UDQFH -( -RE(YDOXDWLRQ
3HULRGLFDO ,QGXVWULDO(QJLQHHULQJ
-&6 -RE&RQWURO6WDWHPHQW -( -RVHSKVRQ(IIHFW
&RPSXWHU3URJUDPPLQJ 7KH-RVHSKVRQHIIHFWLVDOVRNQRZQDV-RVHSKVRQ
-&6 -RLQW&KLHIRI6WDII86 7XQQHOLQJ
-&626 -RLQWDQG&RPELQHG6WDII2IILFHU6FKRRO 0DWHULDOV6FLHQFH
86$ -($ -HUVH\(XURSHDQ$LUZD\V
-&6287+ -RLQW&RPPDQG6RXWK 8.5HJLRQDO&DUULHU
&RPPDQGHPHQWLQWHUDUPpHV6XG -(% -XQFWLRQDO(SLGHUPRO\VLV%XOORVD
-&6287+&(17 -RLQW&RPPDQG6RXWK&HQWUH %LRFKHPLVWU\+XPDQ*HQHWLFV0HGLFLQH
>KDVUHSODFHG/$1'6287+&(17@ 0ROHFXODU*HQHWLFV3HGLDWULFV
&RPPDQGHPHQWLQWHUDUPpHV6XG&HQWUH>UHP -(&)$ -RLQW)$2:+2([SHUW&RPPLWWHHRQ
SODFH/$1'6287+&(17@ )RRG$GGLWLYHV
-&6287+($67 -RLQW&RPPDQG6RXWK(DVW $SSOLHG1XWULWLRQ)RRG6DIHW\
&RPPDQGHPHQWLQWHUDUPpHV6XG(VW +HSDWRFDUFLQRJHQV
-&6287+:(67 -RLQW&RPPDQG6RXWK:HVW )RUIXUWKHUGHWDLOVVHHXQGHU)$2 DQG:+2
&RPPDQGHPHQWLQWHUDUPpHV6XG2XHVW -(&6 -RE(QWU\&HQWUDO6HUYLFHV
-&7 -RLQW&RPPLWWHHRQ7HFKQRORJ\IRU6SDFH -(&66 -DSDQDQG(DVW&KLQD6HDV6WXG\
6FLHQFHDQG$SSOLFDWLRQV86$ -(' -RLQW(SLFHQWUDO'HWHUPLQDWLRQ
MFW DEEUMXQFWLRQ 6HLVPRORJ\
$OVRMFWQ -('$ &HQWHU -RLQW(QYLURQPHQWDO'DWD$QDO\VLV
-&8 -RKQ&DERW8QLYHUVLW\5RPH,WDO\ &HQWHU86$
868QLYHUVLW\ -('(& -RLQW(OHFWURQLF'HYLFH(QJLQHHULQJ
-' -RE'HVFULSWLRQ &RXQFLO
7KHMREGHVFULSWLRQGHVFULEHVWKHEDVLFDFWLYLWLHV -(,'$ -DSDQ(OHFWURQLF,QGXVWU\'HYHORSPHQW
QHHGHGWRFDUU\RXWDMRE $VVRFLDWLRQ
-G DEEUMRLQHG -(/ -HXQHVVH(XURSpHQQH/LEpUDOH
-' -RUGDQ'LQDU )UHQFKDFURQ\PPHDQLQJ(XURSHDQ/LEHUDO
&XUUHQFLHV <RXWK
-' -XOLDQ'DWH -(0 -DSDQHVH([SHULPHQW0RGXOH
-XOLDQGDWHLVDOVRNRQZQDV-XOLDQGD\DQGUHIHUV -(0'(6 -RLQW(XURSHDQ0(72&'DWD([FKDQJH
WRWKHQXPEHURIGD\VHODSVHGVLQFH-DQXDU\ 6\VWHP
%& V\VWqPHLQWHUDUPpHVG·pFKDQJHGHGRQQpHV
$VWURQRP\ 0(72&HQ(XURSH
-' -XQHDQG'HFHPEHU -(1(; -DSDQHVH(O1LxR([SHULPHQW
6HFXULWLHV -(3 -RLQW(GXFDWLRQDO3URMHFW
-' -XQLRU'HDQ (XURSHDQ&RPPXQLW\3URMHFW
-' -XVWLFH'HSDUWPHQW -(36 MRQWH[HUFLVHSODQQLQJVWDII
-' -XYHQLOH'HOLQTXHQF\-XYHQLOH'HOLQTXHQW pWDWPDMRULQWHUDUPpHVPL[WHGHSODQLILFDWLRQ
&ULPLQDO/DZ G·H[HUFLFH
-'&-GF -XYHQLOH'LDEHWHV&HQWHU,WDO\ -(56 -DSDQ(DUWK5HVRXUFHV6DWHOOLWH
,VOHW&HOO7UDQVSODQWV-XYHQLOH'LDEHWHV5HVHDUFK -(6 -RE(QWU\6XEV\VWHP
-') -XYHQLOH'LDEHWHV)RXQGDWLRQ &RPSXWHU3URJUDPPLQJ
-G)5 -XDQGH)XFD5LGJH -(66, -RLQW(XURSHDQ6XEPLFURQ6LOLFRQ,QLWLDWLYH
-', -RLQW'HFODUDWLRQRI,QWHQW (XURSHDQ&RPPXQLW\,QLWLDWLYH
.$/ .QRZOHGJH$ERXW/DQJXDJH
. .DO6L2 .DOLRSKLOLWH
.DOLRSKLOLWHDOVRNQRZQDV)DFHOOLWH3KDFHOOLWHLV
IRXQGLQEDVHPHQWURFNVDW0W6RPPD,WDO\
NN NDUDW 0LQHUDORJ\
0HWDOOXUJ\ .DO6L2 /HXFLWH
)RUIXUWKHUGHWDLOVVHHXQGHU.W /HXFLWHLVDOVRNQRZQDV*UHQDWLWH:KLWH*DUQHW
. .HOYLQNHOYLQ .DO6L2 0LFURFOLQH
7KHUPRG\QDPLFV 0LQHUDORJ\
. .HQW .DP/$1' .DPLRND/LTXLGVFLQWLOODWRU$QWL
N DEEUNH\ 1HXWULQR'HWHFWRU
%XLOGLQJ(QJLQHHULQJ&RPSXWHU3URJUDPPLQJ .DP/$1'LVDFROODERUDWLRQRI-DSDQHVHDQG
(OHFWULFLW\(OHFWURQLFV*UDSKLF$UWV0HFKDQLFDO 86,QVWLWXWLRQV7KHH[SHULPHQWPD\EHUXQQLQJ
'HYLFHV6\VWHPDWLFV7HOHFRPPXQLFDWLRQV WLOO
N DEEUNH\ERDUG $QWLQHXWULQRV$QWLQHXWULQRV'HWHFWLRQ1HXWULQR
7KHNH\ERDUGLVDVHWRIOHYHUVRUNH\VZKLFKDUH 5HVHDUFK1XFOHDU5HDFWRUV3DUWLFOH3K\VLFV
XVHGWRRSHUDWHDW\SHZULWHUDPDFKLQHDFRPSXW 6RODU1HXWULQRV
HURUDSLDQR .$0 WRUL .ROPRJRURY$UQROG0RVHUWRUL
0HFKDQLFDO(QJLQHHULQJ %LRFKHPLFDO(QJLQHHULQJ&KHPLFDO(QJLQHHULQJ
N NLOR .DQ DEEU.DQVDV86$
. .LQJ $OVR.DQV.6
$OVR.J .$3/ .QROO$WRPLF3RZHU/DERUDWRU\86$
. .QLJKW .$50(1H[SHULPHQW .$UOVUXKH5XWKHUIRUG
$OVR.QW 0HGLXP(QHUJ\1HXWULQRH[SHULPHQW
. 7KHFKHPLFDOV\PEROIRU3RWDVVLXP &RVPRORJ\3K\VLFV
3RWDVVLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF .$6/,% .DQDJDZD$VVRFLDWLRQRI6SHFLDO
QXPEHUDQDWRPLFZHLJKWRIDQGD /LEUDULHVDQG,QIRUPDWLRQ%XUHDXV
PHOWLQJSRLQWRI$&3RWDVVLXPLVDOVRNQRZQ NDW NDWDO
DV.DOLXP,WLVXVHGLQLQGXVWU\IRUPDQ\SXUSRV (Q]\PRORJ\
HV .$8 .H\VWDWLRQ$GDSWHU8QLW
&KHPLVWU\6\PEROV .$8 DNLORDFFRXQWLQJXQLW
ND DEEUFDWKRGH EWKRXVDQGDFFRXQWLQJXQLWV
(OHFWULFLW\(OHFWURQLFV3K\VLFDO&KHPLVWU\ DNLORXQLWpGHFRPSWH
.$ .H\$FFHVV EPLOOLRQG·XQLWpVGHFRPSWH
&RPSXWHU3URJUDPPLQJ .$9$6 .QRZOHGJH$FTXLVLWLRQ9LVXDOL]DWLRQDQG
N$ NLORDPSHUH $VVHVVPHQW6WXG\
NLORDPSHUHLVDPHWULFXQLWRIHOHFWULFDOFXUUHQW NE DEEUNH\ERDUG
HTXLYDOHQWWRDPSHUHV $OVRNH\EGNEG
0HWURORJ\ )RUIXUWKHUGHWDLOVVHHXQGHUN
.$ .LQDVH$FWLYLW\ .% .H\%RXQFH
.$% .HHS$PHULFD%HDXWLIXO &RPSXWHU7HFKQRORJ\
.$J&1 3RWDVVLXP$UJHQWRF\DQLGH NE NLOREDU
3RWDVVLXP$UJHQWRF\DQLGHDOVRNQRZQDV NLOREDULVDXQLWRISUHVVXUHHTXDOWRRQHWKRXVDQG
&\DQRDUJHQDWH6LOYHU3RWDVVLXP&\DQLGHLVXVHG EDUV
PDLQO\LQVLOYHUSODWLQJ 0HWURORJ\
,QRUJDQLF&KHPLVWU\ .ENE .LOREDVH
.$J&1 6LOYHU3RWDVVLXP&\DQLGH 7KHNLOREDVHLVHTXDOWRRQHWKRXVDQGEDVHV
6LOYHU3RWDVVLXP&\DQLGHLVXVHGPDLQO\DVDQ *HQHWLFV
DQWLVHSWLFDQGLQVLOYHUSODWLQJ .E .LORELW
2UJDQLF&KHPLVWU\ &RPSXWHU7HFKQRORJ\
.$,67 .RUHD$GYDQFHG,QVWLWXWHRI6FLHQFHDQG .% .LORE\WH
7HFKQRORJ\7DHMRQ.RUHD $OVR.E\WHNE\WH
.$. .H\$XWR.H\ NEG DEEUNH\ERDUG
/ /X[HPEXUJ·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
/ WHU
/ WKH5RPDQQXPHUDOIRU
/D 7KHFKHPLFDOV\PEROIRU/DQWKDQXP
/ O ODERXU /DQWKDQXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRP
0HGLFLQH LFQXPEHUDQDWRPLFZHLJKWRIDQGD
/ /DPEHUW PHOWLQJSRLQWRI$&
/DPEHUWLVDXQLWRIEULJKWQHVV &KHPLVWU\6\PEROV
2SWLFV /$ /DRV
/ /DQJUDQJLDQ /$ /DZ$JHQW
0HFKDQLFV /$ /DZ$VVRFLDWLRQ
OODQJXDJH /$ /HJD$UDED
&RPSXWHU3URJUDPPLQJ/LQJXLVWLFV ,WDOLDQDFURQ\PPHDQLQJ$UDE/HDJXH
/ /DWLQ /$ /HJDO$VVHWV
/DQJXDJHV %XVLQHVV)LQDQFH
/ O OHDJXH /$ /HJLVODWLYH$VVHPEO\
0HWURORJ\ /$ /HWWHURI$XWKRULW\
/ OOHDUQHU %XVLQHVV)LQDQFH
/ /HJJH /$ /LEUDU\$VVRFLDWLRQ
/DZLQ,WDOLDQ /$ /LJKW$OOR\
OOHQJWK /$ /LTXLG$VVHWV
0HWURORJ\ %XVLQHVV)LQDQFH
O OHYRURWDWRU\ /$ /RFDO$FFXUDF\
6FLHQFH 5RERWLFV
O OLJKW /$ /RFDO$XWKRULW\
$UFKLWHFWXUH2SWLFV /$/D /RXLVLDQD86$
/ /LQHU /$ /RV$QJHOHV86$
O OLQN /$$ /LEUDU\$VVRFLDWLRQRI$OEHUWD&DQDGD
$OVRON /$$ OLJKWDQWLDLUFUDIWDUWLOOHU\
&DUWRJUDSK\&LYLO(QJLQHHULQJ'HVLJQ DUWLOOHULHDQWLDpULHQQHOpJqUH$$/
(QJLQHHULQJ7HOHFRPPXQLFDWLRQV7UDQVSRUWDWLRQ OXWWHDQWLDpULHQQH>GpIHQVHDpULHQQHQDYDOH
(QJLQHHULQJ XQLTXHPHQW@
O OLTXLG DQWLDLUZDUIDUH$$: >QDYDODLUGHIHQFH
3K\VLFV RQO\@
/ O OLUD /$ 5 ORJLVWLFVDUPDPHQWVDQGUHVRXUFHV
$OVR,7/ ORJLVWLTXHDUPHPHQWVHWUHVVRXUFHV
1RZ(852(858%HFDPH(&8(XURSHDQ /$$3'V /DUJH$UHD$YDODQFKH3KRWRGLRGHV
VLQJOHFXUUHQF\ZLWKHIIHFWIURP-DQXDU\ &RORU6FDQQLQJ(PLVVLRQ6SHFWURVFRS\0HGLFDO
&XUUHQFLHV ,QVWUXPHQWDWLRQ6FLQWLOODWLRQ'HWHFWLRQ
/ /LVWHG /$$6 /DERUDWRLUHG·$XWRPDWLTXHHWG·$QDO\VHGHV
6HFXULWLHV 6\VWqPHV)UDQFH
O OLWHUOLWUH 2IWKH&157RXORXVH)UDQFH
0HWURORJ\ /$$:& ORFDODQWLDLUZDUIDUHFRRUGLQDWRU
O ORFDO FRRUGRQQDWHXUORFDOGHODOXWWHDQWLDpULHQQH
0DWKHPDWLFV0HGLFLQH6FLHQFH7UDQVSRUWDWLRQ /DEODE DEEUODERUDWRULR
(QJLQHHULQJ ,WDOLDQDEEUHYLDWLRQPHDQLQJODERUDWRU\
/ /RQGRQ /$% /DERUDWRULR$QDOLVL%LRPHGLFKH,WDO\
/ /RUG ODE DEEUODERXU
OOXPEHU 0HGLFLQH
0DWHULDOV /DE DEEU/DEUDGRU&DQDGD
/ O /XQHGu /$% /LEUDU\$VVRFLDWLRQRI%DUEDGRV
0RQGD\LQ,WDOLDQ /$% ORZDOWLWXGHERPELQJ
ERPEDUGHPHQWjEDVVHDOWLWXGLQH
7KH$,'6YLUXVLVDOVRNQRZQDV/$9 )LQDQFH
9LURORJ\ /%2 /LWKLXP7ULERUDWH
/$: OLJKWDQWLWDQNZHDSRQ /%3 /LSRSRO\VDFFKDULGH%LQGLQJ3URWHLQ
DUPHDQWLFKDUOpJqUH )RUIXUWKHUGHWDLOVVHHXQGHU/%3V
/$:6 /DVHU$WPRVSKHULF:LQG6RXQGHU /%3 /36%LQGLQJ3URWHLQ
/$; 7KHDLUSRUWFRGHIRU/RV$QJHOHV,QWHUQDWLRQDO %LRFKHPLVWU\0ROHFXODU0HGLFLQH6WUXFWXUDO
$LUSRUW/RV$QJHOHV&DOLIRUQLD86$ %LRORJ\
/% /DYDWRU\%DVLQ )RUIXUWKHUGHWDLOVVHHXQGHU/36
%XLOGLQJV /%3V /LSRSRO\VDFFKDULGH%LQGLQJ3URWHLQV
/% /HJDO%RQG %LRFKHPLVWU\0ROHFXODU0HGLFLQH6WUXFWXUDO
%XVLQHVV)LQDQFH %LRORJ\
/% /RFDO%DWWHU\ /%6 /DQG%DVHG6RXUFHVRIPDULQHSROOXWLRQ
7KHWHUPORFDOEDWWHU\UHIHUVWRWKHEDWWHU\XVHGIRU /%6 /RQGRQ%XVLQHVV6FKRRO*%
WHOHJUDSKLFVWDWLRQUHFRUGLQJPHDQV /%7 /DERUDWRULR%LRSROLPHUL7HFQRORJLFL
(OHFWULFLW\ ,WDOLDQLQLWLDOLVPRIWKH7HFKQRORJLFDOELRSRO\
/% /RJLF%RPE PHUV/DERUDWRU\
OE SRXQG /%7 /DUJH%LQRFXODU7HOHVFRSH
/%DQN /DQGHVNUHGLHWEDQN%DGHQ:UWWHQEHUJ $ MRLQWSURMHFWZLWKWKH$UFHWUL2EVHUYDWRU\LQ
*HUPDQ\ ,WDO\WKH5HVHDUFK&RUSRUDWLRQRI7XFVRQ
/%% 7KHDLUSRUWFRGHIRU/XEERFN7H[DV86$ $UL]RQDDQG2KLR6WDWH8QLYHUVLW\86$
/%& /HEDQHVH%URDGFDVWLQJ&RPSDQ\/HEDQRQ $VWURQRP\(FRORJ\(QGDQJHUHG6SHFLHV
/%' /LJDQG%LQGLQJ'RPDLQ (QYLURQPHQW
0HGLFLQH0HQRSDXVH3KDUPDFRORJ\ /%70 /DUJH%DVLQ7XUQRII0RGHO
/%( /RQJ%LOORI([FKDQJH /%: /RZ%LUWK:HLJKW
OEI SRXQGIRUFH 0HGLFLQH
0HWURORJ\ /& /DQJXDJH&RQYHUWHU
/%ILOP /DQJPXLU%ORGJHWWILOP (VVHQWLDOO\/DQJXDJH&RQYHUWHULVDGHYLFHZKLFK
7KH/%ILOPPD\EHXVHGDVDELRVHQVRUDQGLQ WUDQVODWHVDFHUWDLQIRUPRIGDWDLQWRDQRWKHU
ILHOGVVXFKDVQRQOLQHDURSWLFVPROHFXODUHOHFWURQ &RPSXWHU7HFKQRORJ\
LFVDQGRWKHUV /& /DWH&KDUJH
%LRFKHPLVWU\&KHPLVWU\1XFOHDU(QJLQHHULQJ %XVLQHVV&RPPHUFH
3K\VLFDO&KHPLVWU\ /& /HFFR,WDO\
/%* 7KHDLUSRUWFRGHIRU/H%RXUJHW3DULV /& /HJDO&DSLWDO
)UDQFH %XVLQHVV)LQDQFH
/%+% /RZ%DUULHU+\GURJHQ%RQG /& /HJJHVXOOD&DPELDOH
/%, /HJJHVXL%UHYHWWL,QGXVWULDOL ,WDOLDQ/DZV
,WDOLDQLQLWLDOLVPPHDQLQJ/DZFRQFHUQLQJ /& /HWWHU&RGH
,QGXVWULDO3DWHQWV 7KHOHWWHUFRGHLVD%DXGRWFRGHIXQFWLRQZKLFKLV
/%, /OR\GV%DQN,QWHUQDWLRQDO XVHGWRFDQFHOHUURUVVRWKDWWKHUHFHLYLQJWHUPLQDO
/%,& /LJKW%HDP,QGXFHG&XUUHQW SULQWVQRWKLQJ
OEO ODEHO &RPSXWHU7HFKQRORJ\
$UFKLWHFWXUH&RPSXWHU3URJUDPPLQJ /& /& OF OF /HWWHURI&UHGLW
/%/ /DZUHQFH%HUNHOH\/DERUDWRU\86$ %DQNLQJ&RPPHUFH
7KH/%/ LVD86QDWLRQDOODERUDWRU\DIILOLDWHG OF OHXUFRPSWH
ZLWKWKH8QLYHUVLW\RI&DOLIRUQLDDQGIXQGHGE\ )UHQFKLQLWLDOLVPPHDQLQJWKHLUDFFRXQW
WKH86'2( /& /HYHO&RQYHUWHU
)RUIXUWKHUGHWDLOVVHHXQGHU'2( (OHFWURQLFV
/%0 /DVHU%HDP3ULQWHU OF OHYHOFURVVLQJ
*UDSKLF$UWV /& /HYHUDJH&RQWUDFW
/%0 /HJJHVXLEUHYHWWLD0DUFKLG·LPSUHVD %XVLQHVV)LQDQFH
,WDOLDQLQLWLDOLVPPHDQLQJ/DZFRQFHUQLQJ3DWHQWV /& /LEHUDWLRQ&RPPLWWHH
DQG7UDGHPDUNV /& /LEUDU\RI&RQJUHVV86$
/%2 /HYHUDJHG%X\2XW86$ /& /LIH&\FOH
&KHPLVWU\DQG%LRORJ\RIWKH2FHDQV&RDVWDO 0HGLFLQH
6WXGLHV /09 /RQJ0DUNHW9DOXH
)RUIXUWKHUGHWDLOVVHHXQGHU16) /0: /RZ0ROHFXODU:HLJKW
/0(V /DUJH0DULQH(FRV\VWHPV OPZ OXPHQSHUZDWW
/0(; /RQGRQ0HWDO([FKDQJH,QGH[*% 2SWLFV
/0) /LQHDU0DJQHWLF)XVLRQ /0:+& /RZ0ROHFXODU:HLJKW+\GURFDUERQ
(QHUJ\ /0;%V /RZ0DVV;UD\%LQDULHV
/0)%5/LTXLG0HWDO)DVW%UHHGHU5HDFWRU /1 OHDGQDWLRQ
(QHUJ\ DSD\VFKHIGHILOH>6)25@
/0)5 /LTXLG0HWDO)XHO5HDFWRU ESD\VSLORWH
/0* /DERUDWRU\RI0ROHFXODU*HQHWLFV /1/HJD1D]LRQDOH
$WWKH861DWLRQDO,QVWLWXWHRI$JLQJ ,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO/HDJXH
86/DERUDWRULHV /1/LQH1XPEHU
/0* OLJKWPDFKLQHJXQ &RPSXWHU3URJUDPPLQJ
PLWUDLOOHXVHOpJqUH /Q /RJDULWPRQDWXUDOH
/0*3 /DERUDWRLUHGHV0DWpULDX[HWGX*pQLH ,WDOLDQLQLWLDOLVPPHDQLQJQDWXUDOORJDULWKP
3K\VLTXH)UDQFH $OVRNQRZQDV1DSLHULDQ/RJDULWKP
7KH/0*3 LVD&156DIILOLDWHG/DERUDWRU\LQ 0DWKHPDWLFV
0DWHULDOV6FLHQFH /1 /\PSK1RGH
OPKU OXPHQKRXU /1LVDOVRNQRZQDV/\PSK*ODQG
2SWLFV $QDWRP\
/0, /LQN0DQDJHPHQW,QWHUIDFH /Q /DPLQLQ
/0,&V /RZDQG0LGGOH,QFRPH&RXQWULHV &DQFHU5HVHDUFK&HOO%LRORJ\3DWKRORJ\
/0/ /HDQ0LVILUH/LPLW /1$ /HJD1DYDOH,WDOLDQD,WDO\
/01/LEUDU\0DQDJHPHQW1HWZRUN /1$/QD /RWWDDOOD1RQ$XWRVXIILFLHQ]D
/01$ /RQJ5DQJH0XOWLSXUSRVH1DYDO$LUFUDIW $Q,WDOLDQQRWIRUSURILW)RXQGDWLRQ
/02V /LYLQJ0RGLILHG2UJDQLVPV /1$': /RZHU1RUWK$WODQWLF'HHS:DWHU
)RUIXUWKHUGHWDLOVVHHXQGHU&3% /1& /\PSK1RGH&HOO
/03 /DWHQW0HPEUDQH3URWHLQ /1(/DERUDWRLUH1DWLRQDOG·(VVDL)UDQFH
/03&5 /LJDWLRQ0HGLDWHG3RO\PHUDVH&KDLQ /1* /LTXHILHG1DWXUDO*DV
5HDFWLRQ /LTXHILHGQDWXUDOJDVLVDOVRNQRZQDV/1JDV
,PPXQRORJ\*HQHWLFV0ROHFXODU,PPXQRORJ\ 3HWUROHXP(QJLQHHULQJ
/03 SRVLWLRQ /HIW0HQWR3RVWHULRUSRVLWLRQ /1*6 /DERUDWRUL1D]LRQDOLGHO*UDQ6DVVR
0HGLFLQH ,WDOLDQ/DERUDWRU\
/05 /DUJH0DULQH5HVRXUFH /1,/HJD1DYDOH,WDOLDQD
/05 /LTXLG0HWDO5HDFWRU ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ1DYDO/HDJXH
/0V /DQJPXLU0RQROD\HUV /1.6 /RYDVWDWLQ1RQDNHWLGH6\QWKDVH
)RUIXUWKHUGHWDLOVVHHXQGHU/0 %DFWHULRORJ\&KHPLVWU\/RYDVWDWLQ%LRV\QWKHVLV
OPVHF OXPHQVHFRQG 3KDUPDF\3RO\NHWLGH6\QWKDVH
2SWLFV /1.6 /RZ1DWXUDO.LOOHU6\QGURPH
/07 /DUJH0LOOLPHWHU7HOHVFRSH /1.6LVDVXEFDWHJRU\RIFKURQLFIDWLJXH
&RPSOHWHGLQ /12 OLPLWHGQXFOHDURSWLRQ
0LOOLPHWHU:DYH$VWURQRP\ RSWLRQQXFOpDLUHOLPLWpH
/07/07 /HQJWK0DVV7LPH /13) /\PSK1RGH3HUPDELOLW\)DFWRU
3K\VLFV /17 PRGHO /LQHDU1R7KUHVKROGPRGHO
/07 /RFDO0HDQ7LPH ,RQL]LQJ5DGLDWLRQ3RSXODWLRQ6WXGLHV5DGLRQ
1DYLJDWLRQ (IIHFWV5HVHDUFK5DGLDWLRQ5LVNV
/072 /LQHDU0XIILQ7LQ2UELWDO /17&VSULPDU\/\PSK1RGH7 &HOOV
(OHFWURQLF6WUXFWXUH0HWKRGV *HRSK\VLFV+LJK /176/HDJXHRI1DWLRQV7UHDW\6HULHV
3UHVVXUH5HVHDUFK0DWKHPDWLFV3ODQHWDU\ /2/2 /HWWHURI2IIHU
3K\VLFV %XVLQHVV&RPPHUFH
/07 SUHVHQWDWLRQ /HIW0HQWXP7UDQVYHUVHSUH /2/2 /LDLVRQ2IILFHU
VHQWDWLRQ /2 /LPLWHG2UGHU
FRPSWHUHQGXGHVLWXDWLRQORJLVWLTXH EjYXHGLUHFWH
/2*67$5 ORJLVWLFVWDWXVUHSRUW FHQYLVLELOLWpGLUHFWH
FRPSWHUHQGXGHVLWXDWLRQORJLVWLTXH /26$0 ORZDOWLWXGHVXUIDFHWRDLUPLVVLOH
/2*6805(3 ORJLVWLFVXPPDU\UHSRUW PLVVLOHVXUIDFHDLUjEDVVHDOWLWXGH
FRPSWHUHQGXORJLVWLTXHVRPPDLUH /26& /DZ2IWKH6HD&RQIHUHQFH
/2*6853/86 ORJLVWLFVXUSOXV /26+$'5(3 ORFDOVKLSSLQJDGYLVRU\UHSUHVHQWD
VXUSOXVORJLVWLTXH WLYH
/2+ OLJKWREVHUYDWLRQKHOLFRSWHU UHSUpVHQWDQWORFDOGHODQDYLJDWLRQFRPPHUFLDOH
KpOLFRSWqUHOpJHUG·REVHUYDWLRQ /266/LEUDULHVRIWKH6RFLDO6FLHQFHV
/2+/RVV2I+HWHUR]\JRVLW\ /27 /DWHUDO2OIDFWRU\7UDFW
ORK 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ /27 /LQHDU2SWLFDO7UDMHFWRU\
XVLQJWKH$UDELFZRUG´ORKµZKLFKPHDQVEORFN /272HIIHFW /RQJLWXGLQDO2SWLF7UDQVYHUVH2SWLF
ERDUGVODESDQHOSODWIRUP HIIHFW
/2, /HWWHU2I,QVWUXFWLRQ/HWWHU2I,QWHQW &RQGHQVHG0DWWHU3K\VLFV
/2, /RVV2I,PSULQWLQJRIWKH,*) /27 SRVLWLRQ /HIW2FFLSLWRWUDQVYHUVHSRVLWLRQ
&DQFHU(PEU\RQLF'HYHORSPHQW(SLJHQHWLF 0HGLFLQH
$OWHUDWLRQV /276 ORJLVWLFVRYHUWKHVKRUH
)RUIXUWKHUGHWDLOVVHHXQGHU,*) RSpUDWLRQVORJLVWLTXHVVXUSODJH
/2,&= /DQG2FHDQ,QWHUDFWLRQVLQWKH&RDVWDO /29$ /RVV2I9DFXXP$FFLGHQW
=RQH /29$/ /DUYDO2FFOXGHG9LUXV$ONDOL/LEHUDWHG
/2,)2 /RZHVW,Q)LUVW2XW 9LURORJ\
/2-, ORVVRIMRELQGHPQLW\ /2:&$3 ORZ DOWLWXGHFRPEDWDLUSDWURO
LQGHPQLWpGHSHUWHG·HPSORL SDWURXLOOHDpULHQQHGHFRPEDWjEDVVHDOWLWXGH
/2/,7$ V\VWHP /DQJXDJHRIWKH2QOLQH /2[ /LTXLG2[\JHQ
,QYHVWLJDWLRQDQG7UDQVIRUPDWLRQ$EVWUDFWRUVV\V /2;/2; /LTXLG2[\JHQ([SORVLYH
WHP OR] OLTXLGR]RQH
/20(= ORZPLVVLOHHQJDJHPHQW]RQH OR] 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
]RQHG·HQJDJHPHQWGHVPLVVLOHVjEDVVHDOWLWXGH XVLQJWKH$UDELFZRUG´OR]µZKLFKPHDQVDOPRQG
/20, /HWWHU2I0RUDO,QWHQW %RWDQ\
%XVLQHVV)LQDQFH /3 /DERXU3DUW\
/RQ DEEU/RQGRQ*% /3 ODQGLQJSRLQW
$OVR/RQG SRLQWGHGpEDUTXHPHQW
/21 7KHDLUSRUWFRGHIRUWKHFLW\RI/RQGRQ OLJKWSDWURO
(QJODQG SDWURXLOOHOpJqUH
/RQG DEEU/RQGRQ*% /3 ODS
$OVR/RQ (QJLQHHULQJ0DWHULDOV6FLHQFH0HWDOOXUJ\
ORQJDEEUORQJLWXGH 0LOLWDU\6FLHQFH
/23 /LQH2I3RVLWLRQ /3/3 /LEHUDO3DUW\
/23$5 ORZSRZHUDFTXLVLWLRQUDGDU /3 /LFLWD]LRQH3ULYDWD
UDGDUG·DFTXLVLWLRQGHIDLEOHSXLVVDQFH ,WDOLDQLQLWLDOLVPPHDQLQJ3ULYDWH7HQGHU
/23, /RVV2I3LSLQJ,QWHJULW\ /3 /LIH3ROLF\
/23 SRVLWLRQ /HIW2FFLSLWR3RVWHULRUSRVLWLRQ ,QVXUDQFH
0HGLFLQH /3 /LPLWHG3DUWQHU
/25$' ORQJUDQJHDFWLYHGHWHFWLRQV\VWHP %XVLQHVV)LQDQFH
V\VWqPHGHGpWHFWLRQDFWLYHjORQJXHGLVWDQFH /3 /LQHDU3URJUDPPLQJ
/25$1 ORQJUDQJHQDYLJDWLRQ 0DWKHPDWLFV
UDGLRQDYLJDWLRQjORQJXHGLVWDQFH /3 /LVW3URFHVVLQJ
/RUV/OR\G·VRXWZDUGUHLQVXUDQFHVFKHPH &RPSXWHU3URJUDPPLQJ
2XWZDUGUHLVXUDQFHGHELWDQGFUHGLWQRWHV /3/3 /RQGRQ3RUW
SURFHVVHGHOHFWURQLFDOO\VLQFH'HFHPEHU /3 /RQGRQ3RVW
,QVXUDQFH /3 /RQJ3RVLWLRQ
/26 OLQHRIVLJKW /3 /RUG3URYRVW
DjSRUWpHRSWLTXH /3 /RZ3UHVVXUH
/3 /XQD3LHQD 0HGLFLQH3ULPDWH5HVHDUFK
,WDOLDQLQLWLDOLVPPHDQLQJIXOOPRRQ /30 /DWHUDO3RVWHULRU0HVRGHUP
$VWURQRP\ $QDWRP\'HYHORSPHQWDO%LRORJ\0HGLFLQH
/3$ /LQN3DFN$UHD /30OSPOLQHVSHUPLQXWH
/3$ /\VRSKRVSKDWLGLF$FLG /30 /LVW3URJUDPPLQJ/DQJXDJH
/3$ LVDELRDFWLYHOLSLG /3 PLVVLRQ /XQDU3URVSHFWRUPLVVLRQ
%LRFKHPLVWU\0HGLFLQH0ROHFXODU%LRORJ\ 7KH/3 PLVVLRQZDVODXQFKHGRQWK -DQXDU\
3K\VLRORJ\ ,WLVWKHWKLUGPLVVLRQLQ1$6$·V'LVFRYHU\
/3$5 ODUJHSKDVHGDUUD\UDGDU 3URJUDP
DJUDQGUDGDUjEDOD\DJHpOHFWULTXH /XQDU5HVHDUFK
EJUDQGUDGDUjpOpPHQWVHQSKDVH /SQ/HQGHUSDUWLFLSDWLRQQRWHV
/3& /LQHDU3UHGLFWLYH&RGLQJ )LQDQFH
/3' ODQGLQJWUDQVSRUWGRFN /31/LFHQVHG3UDFWLFDO1XUVH
WUDQVSRUWDPSKLELHGHFKDODQGVGHGpEDUTXHPHQW /32/DWWLFH3UHIHUUHG2ULHQWDWLRQ
HWGHSHUVRQQHO *HRORJ\*HRSK\VLFV
/3' /LJKW3HWUROHXP'LVWLOODWH /32PRGHO /DWH3OHLVWRFHQH2ULJLQVPRGHO
/3( /LTXLG3KDVH(SLWD[\ /SS /HQJWKEHWZHHQSHUSHQGLFXODUV
6ROLG6WDWH3K\VLFV 1DYDO$UFKLWHFWXUH
/3 HOHFWURQV SOLNH/RQH3DLUHOHFWURQVRIFKDOFR /33V /RQJ3HULRG3XOVHV
JHQDWRPV (DUWKTXDNH5HVHDUFK*HRORJ\0HWHRURORJ\
$WRP7HFKQRORJ\ 9ROFDQRORJ\
/SHUX /\FRSHUVLFRQSHUXYLDQXP /336 ORZSUHVVXUHSXPSVWDWLRQ
/3) SURFHVV /HDFKLQJ3UHFLSLWDWLRQDQG)ORWDWLRQ VWDWLRQGHSRPSDJHEDVVHSUHVVLRQ
SURFHVV /35 /DWH3KDVH5HDFWLRQ
0LQLQJ(QJLQHHULQJ $VWKPDDQG$OOHUJ\&OLQLFDO,PPXQRORJ\
/3* /DERUDWRU\RI3RSXODWLRQ*HQHWLFV 0HGLFLQH
/3* /LSRSKRVSKRJO\FDQ /35OSU OHSOXVUpGXLW
%LRFKHPLVWU\%LRORJLFDO&KHPLVWU\+RVW %XVLQHVV&RPPHUFH
5HVLVWDQFH0ROHFXODU3KDUPDFRORJ\0HGLFLQH /35$ /LEUDU\3XEOLFDWLRQ5HODWLRQV$VVRFLDWLRQ
/3* /LTXHILHG3HWUROHXP*DV /3 UHFRUG /RQJ3OD\LQJUHFRUG
/3*LVDOVRNQRZQDV&RPSUHVVHG3HWUROHXP /36/LSRSRO\VDFFKDULGH
*DV/LTXHILHG+\GURFDUERQ*DV /36LVD7/5OLJDQG
3HWUROHXP(QJLQHHULQJ %LRFKHPLVWU\,PPXQRORJ\0HGLFLQH
/3 JDV /LTXHILHG3HWUROHXPJDV )RUIXUWKHUGHWDLOVVHXQGHU7/5
)RUIXUWKHUGHUDLOVVHHXQGHU/3* /36& /XQDUDQG3ODQHWDU\6FLHQFH&RQIHUHQFH
/3+ DPSKLELRXVDVVDXOWVKLSKHOLFRSWHU 86$
SRUWHKpOLFRSWqUHVG·DVVDXWDPSKLELH 7KH/36&RQ0DUWLDQ0HWHRULWH$/+
/3+ /LSRWURSLQ+RUPRQH ZDVKHOGLQ+RXVWRQ86$
/3+LVDOVRNQRZQDV/LSRWURSLF+RUPRQH /37%/37% /RQGRQ3DVVHQJHU7UDQVSRUW%RDUG
%LRFKHPLVWU\(QGRFULQRORJ\ *%
/3, /LYLQJ3ODQHW,QGH[ /370 /DWHVW3DOHRFHQH7KHUPDO0D[LPXP
/3, ORZSUREDELOLW\RILQWHUFHSW (DUWK6FLHQFHV*HRORJLFDO6FLHQFHV0DULQH
IDLEOHSUREDELOLWpG·LQWHUFHSWLRQ 6FLHQFH
/3, /XQDUDQG3ODQHWDU\,QVWLWXWH86$ /375/LYHUPRUH3RRO7\SH5HDFWRU
3ODQHWDU\6FLHQFH (QHUJ\
/3-'*90 /3-'\QDPLF*OREDO9HJHWDWLRQ /37V /RQJ3HULRG7UHPRUV
0RGHO (DUWKTXDNH5HVHDUFK*HRORJ\0HWHRURORJ\
%LRJHRFKHPLVWU\HFRV\VWHPV$QDO\VLV 9ROFDQRORJ\
*HRJUDSK\ /38/DQJXDJH3URFHVVRU8QLW
/3/ /LSRSURWHLQ/LSDVH /38 /DYRULGL3XEEOLFD8WLOLWj,WDO\
+HDUW'LVHDVH*HQHV3RSXODWLRQ*HQHWLFV /397 /DUJH3ULQW9LGHR7HUPLQDO
/3/ 7KHDLUSRUWFRGHIRU/LYHUSRRO*% OS:OS:OXPHQSHU:DWWOXPHQVSHU:DWW
/3/V /DPLQD3URSULD/\PSKRF\WHV 2SWLFV
/4/HWWHU4XDOLW\ %HOJLDQ/HDJXH
&RPSXWHU 7HFKQRORJ\ /5%*( /DERUDWRU\RI5HFHSWRU%LRORJ\DQG*HQH
/4$ /LYHOORGL4XDOLWj$FFHWWDELOH ([SUHVVLRQ
,WDOLDQLQLWLDOLVPPHDQLQJ$FFHSWDEOH4XDOLW\ /5%*(LVD'LYLVLRQRIWKH%DVLF6FLHQFHV86
/HYHO 1DWLRQDO&DQFHU,QVWLWXWH
/4*SUREOHP /LQHDU4XDGUDWLF*DXVVLDQSUREOHP /5%0/RQJ5DQJH%DOOLVWLF0LVVLOH
/40$ /LPLWHGL4XDOLWj0HGLD$FFHWWDELOH /5& /HDUQLQJ5HVRXUFH&HQWHU
,WDOLDQLQLWLDOLVPPHDQLQJ$YHUDJH$FFHSWDEOH 7HFKQLFDO&ROOHJH86$
4XDOLW\/LPLW /5& ORJLVWLFUHDGLQHVVFHQWUH
/43 /HWWHU4XDOLW\3ULQWHU FHQWUHGHSUpSDUDWLRQORJLVWLTXH
&RPSXWHU7HFKQRORJ\ /5& /RQGRQ5RZLQJ&OXE*%
/45/DZ4XDUWHUO\5HYLHZ /5& /RQJLWXGLQDO5HGXQGDQF\&KHFN
/476 /RQJ47 6\QGURPH &RPSXWHU3URJUDPPLQJ
$UWHU\&ORJJLQJ3ODTXHV&DUGLRORJ\ /5&&/DERUDWRLUHGH5HFKHUFKHVHWGH&RQWU{OHGX
&DUGLRYDVFXODU(OHFWURSK\VLRORJ\*HQHWLFV &DRXWFKRXF)UDQFH
0HGLFLQH )UHQFKLQLWLDOLVPRIWKH5XEEHU5HVHDUFKDQG
/5/DEHO5HFRUG &RQWURO/DERUDWRU\
&RPSXWHU 7HFKQRORJ\ /5&0 ORQJUDQJHFUXLVHPLVVLOH
/U 7KHFKHPLFDOV\PEROIRU/DZUHQFLXP PLVVLOHGHFURLVLqUHjORQJXHSRUWpH
1DPHGIRUWKH/DZUHQFH UDGLDWLRQODERUDWRU\ /5( /LQJXLVWLF5HVHDUFKDQG(QJLQHHULQJ
&DOLIRUQLD86$IRXQGHGE\(UQHVW2 5HVHDUFKDQGWHFKQRORJLFDOGHYHORSPHQWLQWKH
/DZUHQFH ILHOGRIWHOHPDWLFV\VWHPVLQDUHDVRIJHQHUDOLQWHU
&KHPLVWU\6\PEROV HVW/5(
/5 /HJDO5HVHUYH (&7HOHPDWLFV3URJUDP
/5 /HJJH5HJLRQDOH /5((V /LJKW5DUH(DUWK(OHPHQWV
,WDOLDQLQLWLDOLVPPHDQLQJ5HJLRQDO/DZ OUHJ OHJJHUHJLRQDOH
/5 /HQGLQJ5DWH ,WDOLDQDEEUHYLDWLRQPHDQLQJUHJLRQDOODZ
%DQNLQJ%XVLQHVV&RPPHUFH)LQDQFH /5(53 /RQJ5DQJH(IIHFWV5HVHDUFK3URJUDP
/5/LNHOLKRRG5DWLR /5) ODVHUUDQJHILQGHU
/5 /LVWLQJ5HTXLUHPHQWV WpOpPqWUHjODVHU
)LQDQFH /5) /XPEHU5HFRYHU\)DFWRU
/5 /OR\G·V5HJLVWHU*% /5) /XWHLQL]LQJKRUPRQH5HOHDVLQJ)DFWRU
,QVXUDQFH6KLSSLQJ /5)0' /RFDO5HDFWLRQ)LHOG0ROHFXODU
/5 /RDQ5DWH '\QDPLFV
%XVLQHVV)LQDQFH &KHPLVWU\
/5/RJLFDO5HFRUG /5,/DWHUDO5HWLFXODUQXFOHXV,QWHUQDOGLYLVLRQ
&RPSXWHU3URJUDPPLQJ 'HSDUWPHQWRI$QDWRP\*HRUJHWRZQ8QLYHUVLW\
/5 ORQJUDQJH 6FKRRORI0HGLFLQHDQG'HQWLVWU\86$
DjJUDQGHGLVWDQFH>WpOpFRPV@ /5, /HIW5LJKW,QGLFDWRU
EDORQJUD\RQG·DFWLRQ>DpURQHI@ /5, OLPLWHGUDQJHRILQWHUFHSW
FjORQJWHUPH>SUpYLVLRQPpWpRILQDQFLqUHV@ IDLEOHSRUWpHG·LQWHUFHSWLRQ
GjORQJXHSRUWpH>HQJLQPLVVLOH@ /5, /XSXV5HVHDUFK,QVWLWXWH86$
/5$ /DJJHG5HVHUYH$FFRXQWLQJ /5,1) ORQJUDQJHLQWHUPHGLDWHQXFOHDUIRUFHV
/5$ ORQJUDQJHDWWDFN IRUFHVQXFOpDLUHVLQWHUPpGLDLUHVjSOXVORQJXH
DWWDTXHjJUDQGHGLVWDQFH SRUWpH
ORQJUDQJHDYLDWLRQ /50 ODQFHURTXHWWHVPXOWLSOH
DYLDWLRQjORQJUD\RQG·DFWLRQ DPXOWLSOHODXQFKURFNHWV\VWHP0/56
/5$&&&/HDUQLQJ5HVRXUFHV$VVRFLDWLRQRI EPXOWLSOHURFNHWODXQFKHU05/
&DOLIRUQLD&RPPXQLW\&ROOHJHV86$ /50 /LTXLG5HDFWLRQ0ROGLQJ
/5$0/RQJ5DQJH$WWDFN0LVVLOH /503 ORQJUDQJHPDULWLPHSDWURODLUFUDIW
/5DV\PPHWU\ /HIW5LJKWDV\PPHWU\ 3$70$5jORQJUD\RQG·DFWLRQ
$QDWRP\0HGLFLQH /506 ORQJUDQJHPLVVLOHV\VWHP
/5%$ /LJXH5R\DOH%HOJHG
$WKOpWLVPH V\VWqPHGHPLVVLOHjORQJXHSRUWpH
*HRPHFKDQLFV(DUWKDQG6SDFH6FLHQFHV /6,5)LVDWUDQVFULSWLRQIDFWRU,WLVQRZFDOOHG
/6&2VXSHFRQGXFWRU /DQWKDQXP6WURQWLXP ,5)
&RSSHU2[LGHVXSHUFRQGXFWRU ,PPXQRORJ\0HGLFDO%LRSK\VLFV0HGLFLQH
6XSHUFRQGXFWLYLW\ 2QFRORJLF3DWKRORJ\2QFRORJ\
/6&3 /LYLQJ6WRFN&ROOHFWLRQ3URJUDP /6/ ODQGLQJVKLSORJLVWLFV
1,+·V86$ EkWLPHQWGHVRXWLHQORJLVWLTXHGHGpEDUTXHPHQW
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ /6/ /LQN6XSSRUW/D\HU
/6'/DQJXDJHIRU6\VWHPV'HYHORSPHQW /60/DQGLQJ6KLS0HGLXP
/6' /HDJXHIRU6SLULWXDO'LVFRYHU\ 7KH/60LVDODQGLQJVKLSKDYLQJDOHQJWKRI
/6'/HDVW6LJQLILFDQW'LJLW DERXWIHHW
&RPSXWHU3URJUDPPLQJ 860LOLWDU\DQG1DY\
/6' /LQH6KDULQJ'HYLFH /606 /LYLQJ6WDQGDUGV0HDVXUHPHQWV6WXG\
/6' /LQH6LJQDO'HWHFWRU 7KH/606LVDKRXVHKROGVXUYH\FRQGXFWHGE\WKH
/6' ORJLVWLFVXSSRUWGHWDFKPHQW :RUOG%DQNVLQFH
GpWDFKHPHQWGHVRXWLHQORJLVWLTXH :RUOG%DQN6XUYH\V
ODQGLQJVKLSGRFN /61'/LTXLG6FLQWLOODWRU1HXWULQR'HWHFWRU
EkWLPHQWWUDQVSRUWGHFKDODQGVGHGpEDUTXH &RVPRORJ\3K\VLFV
PHQW /62 /RQGRQ6\PSKRQ\2UFKHVWUD*%
/6' /\VHUJLF$FLG'LHWK\ODPLGH /63 /DQJXDJHIRU6SHFLDO3XUSRVHV
/6'ZKLFKLVDOVRNQRZQDV/\VHUJLGHLVDKDO /LQJXLVWLFV
OXFLQRJHQ /63 /DVHU6FDWWHULQJ3DWWHUQDWRUIRUOLTXLGIORZ
2UJDQLF&KHPLVWU\ PHDVXUHPHQWRILQGXVWULDOVSUD\V
/6' 3RXQGV6KLOOLQJVDQG3HQFH*% (XURSHDQ&RPPXQLW\3URMHFW
/6'0 /DJUDQJLDQ6WRFKDVWLF'LVSHUVLRQ0RGHO /63/HIW6DFURSRVWHULRU
1DPHGIRUWKH)UHQFKPDWKHPDWLFLDQ-RVHSK /63 ORJLVWLFVXSSRUWSODQ
/DJUDQJH SODQGHVRXWLHQORJLVWLTXH
/6'V /LJQRVWLEEHQH'LR[\JHQDVHV /63V /DQG6XUIDFH3DUDPHWHUL]DWLRQV
/6( ORJLVWLFVXSSRUWHOHPHQW $WPRVSKHULF5HVHDUFK$WPRVSKHULF6FLHQFH
pOpPHQWGHVRXWLHQORJLVWLTXH %LRORJLFDO6FLHQFHV(QYLURQPHQWDO6FLHQFHDQG
/6(/6(/RQGRQ6FKRRORI(FRQRPLFV*% 0DQDJHPHQW/DQG$WPRVSKHUH,QWHUDFWLRQV
/6(&V /LYHU6LQXVRLGDO(QGRWKHOLDO&HOOV 0HWHRURORJ\3ODQW%LRORJ\
+HSDWRF\WH*URZWK0ROHFXODU2QFRORJ\ /64$ /RFDO6\VWHP4XHXH$UHD
3DWKRORJ\3URWHLQ(QJLQHHULQJ /65 /RFDO6WDQGDUGRI5HVW
)RUIXUWKHUGHWDLOVVHHXQGHU+*) DQG9(*) $VWURQRP\$VWURSK\VLFV
/6((/RL6XUO· (PSORLG·(WUDQJHUV /652 /LIH6FLHQFHV5HVHDUFK2IILFH
)UHQFKLQLWLDOLVPPHDQLQJ/DZUHODWLQJWRWKH /66 /DS6KHDU6WUHQJWK
(PSOR\PHQWRI)RUHLJQHUV 0DWHULDOV6FLHQFH
/DZ /66 /DUJH6FDOH6WUXFWXUH
/6(3 /HJDO6HUYLFHVIRUWKH(OGHUO\3RRU1< 3K\VLFV
86$ /66/LIHVDYLQJ6HUYLFH
/6) SODQ/LPLWHG6DODU\)OH[LELOLW\SODQ /66 ORJLVWLFVXSSRUWVLWH
/6* /DUJH6FDOH*HRVWURSKLF VLWHGHVRXWLHQORJLVWLTXH
*HRSK\VLFV /6VWDWH /RZ6SLQVWDWH
/6 *D]HWWH/DZ6RFLHW\*D]HWWH 0ROHFXODU&KHPLVWU\
6LQFH /67 /DQGLQJ6KLS7DQN
OVKOG OHDVHKROG 7KH/67 LVDPLOLWDU\YHVVHOXVHGIRUODQGLQJ
/6, /DUJH6FDOH,QWHJUDWLRQ WURRSVDQGHTXLSPHQWRQEHDFKHV
(OHFWURQLFV /67 /DS6KHDU7HVW
/6,FLUFXLW /DUJH6FDOH,QWHJUDWHGFLUFXLW 0DWHULDOV6FLHQFH
/6,5 /LPE6FDQQLQJ,QIUDUHG5DGLRPHWHU /67 /DWHVW6WDUWLQJ7LPH
/6,5) /\PSKRF\WH6SHFLILF,QWHUIHURQ5HJXODWRU\ /67/HIW6DFURWUDQVYHUVH
)DFWRU /VW/LUDVWHUOLQD
,WDOLDQDEEUHYLDWLRQPHDQLQJSRXQGVWHUOLQJ
,WDOLDQ8QLYHUVLW\ $OVR/8
/8) /RZHVW8VDEOH)UHTXHQF\ /9 /HIW9DOXH
/8) /X[HPEXUJIUDQF>REVROHWH@ &RPSXWHU3URJUDPPLQJ
1RZ(852(858%HFDPH(&8(XURSHDQ /9 /HWWHUDGL9HWWXUD
6LQJOH&XUUHQF\ZLWKHIIHFWIURP-DQXDU\ ,WDOLDQLQLWLDOLVPPHDQLQJ&RQVLJQPHQW1RWH
/8+) /RZHVW8VHIXO+LJK)UHTXHQF\ :D\ELOO
7HOHFRPPXQLFDWLRQV %XVLQHVV&RPPHUFH
/8, /DQJXDJH8VHU,QWHUIDFH /9 /RZ9ROWDJH
/8,02 /LEHUD8QLYHUVLWj,QWHUQD]LRQDOHGL (OHFWULFLW\
0HGLFLQD2PHRSDWLFD6DPXHO+DKQHPDQQ /9$ /DUJH9HUWLFDO$SHUWXUH
1DSOHV,WDO\ /9$ /RZ9ROWDJH$FWLYDWHG
+RPHRSDWK\LVDWKHUDS\DGYDQFHGE\'U6DPXHO /9$V/RZ9HORFLW\$QRPDOLHV
+DKQHPDQQ LQWKHODWHWK FHQWXU\ 6HLVPRORJ\
+RPHRSDWK\ /9' /DERUDWRU\RI9LUDO'LVHDVHV
/8,1$ /LEHUD8QLYHUVLWj,WDOLDQDGL1$WXURSDWLD 7KH/9'LVORFDWHGRQWKH861,+PDLQFDPSXV
,WDO\ )RUIXUWKHUGHWDLOVVHXQGHU1,+
,WDOLDQ8QLYHUVLW\ /9' /DUJH9ROXPH'HWHFWRU
/8,66 /LEHUD8QLYHUVLWj,QWHUQD]LRQDOHGL6WXGL /9'7 /LQHDU9DULDEOH'LIIHUHQWLDO7UDQVIRUPHU
6RFLDOL (OHFWULFLW\
,WDOLDQ8QLYHUVLWLHV /9() /HIW9HQWULFXODU(MHFWLRQ)UDFWLRQ
/8//8//HIW8SSHU/REH /9) /HIW9LVXDO)LHOG
/8/8/RFDOO\8QZDQWHG/DQG8VH &RJQLWLYH1HXURVFLHQFH1HXURVFLHQFH
/8/8&) /DQG8VH/DQG8VH&KDQJHDQG /9) /R\DOLVW9ROXQWHHU)RUFH,UHODQG
)RUHVWU\ 7KH/9)LVDJURXSRXWVLGH&/0&
$IIRUHVWDWLRQ5HIRUHVWDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU&/0&
/80 /8QDUH[FXUVLRQ0RGXOH /9+ /9+/HIW9HQWULFXODU+\SHUWURSK\
/XQDUH[FXUVLRQPRGXOHLVDOVRNQRZQDV/XQDU 0HGLFLQH
0RGXOH /9,/HWWUHGH9RLWXUH,QWHUQDWLRQDOH
6SDFH7HFKQRORJ\ )UHQFKLQLWLDOLVPPHDQLQJ,QWHUQDWLRQDO
/80&21 /RXLVLDQD8QLYHUVLWLHV0DULQH &RQVLJQPHQWRU'HOLYHU\1RWH
&21VRUWLXP86$ /90+/RXLV9XLWWRQ0RsW+HQQHVV\
/80(1 /LEHUD8QLYHUVLWjGL0HGLFLQD1DWXUDOH <HDUO\6FLHQFHIRU$UW3UL]HVDZDUGHGWRVFLHQWLVWV
,WDO\ $UW3UL]HV6FLHQFH
,WDOLDQ8QLYHUVLW\ /91 /LFHQVHG9RFDWLRQDO1XUVH
/802 /RZHVW8QRFFXSLHG0ROHFXODU2UELWDO /93 /\VLQH9DVRSUHVVLQ
%LRLQRUJDQLF&KHPLVWU\ 0HGLFLQH
OXQOXQHGu /9V/DWHUDO9HQWULFOHV
,WDOLDQDEEUHYLDWLRQPHDQLQJ0RQGD\ $QDWRP\
/82V/DERUDWRU\8QLW2SHUDWLRQV /96& /RQGRQ9ROXQWDU\6HUYLFH&RXQFLO*%
/83 /DWH8SSHU3DOHROLWKLF /97 /DQGLQJ9HKLFOH7UDFNHG
$QWKURSRORJ\,VODQG*HQHWLFV 1HDQGHUWDO$UPV /9= /RZ9HORFLW\=RQH
3ULPDWH%LUWK *HRORJ\2FHDQRJUDSK\
/84/84/HIW8SSHU4XDGUDQW /9=/RZ9LVFRVLW\=RQH
OXUE DEEUOHJJHXUEDQLVWLFD 7KHDVWKHQRVSKHUH
,WDOLDQ/DZV /: /DQGLQJ:HLJKW
/867 /LEHUD8QLYHUVLWjGL6WXGL7ULEXWDUL /: ODVHUZHDSRQ
,WDOLDQ8QLYHUVLWLHV DUPHODVHU
/87 /RFDO8VHU7HUPLQDO /: /RQJ:DYH
/89 &RQIHUHQFH /LVS8VHUVDQG9HQGRUV +\GURORJ\ /RQJ:DYHLVDOVRNQRZQDV
&RQIHUHQFH 6KDOORZZDWHU:DYH
/89V /DUJH8QLODPHOODU9HVLFOHV 0HWHRURORJ\/RQJ:DYHLVDOVRNQRZQDV
$QDO\WLFDO&KHPLVWU\3K\VLFDO&KHPLVWU\ 3ODQHWDU\:DYH0DMRU:DYH
/X[ DEEU/X[HPERXUJ/X[HPEXUJ 7HOHFRPPXQLFDWLRQV7KHWHUPORQJZDYHLQ
WHOHFRPPXQLFDWLRQVUHIHUVWRDZDYHKDYLQJD 0LFURELRORJ\
OHQJWKRIRYHURQHWKRXVDQGPHWHUV /= ODQGLQJ]RQH
/: /RZ:DWHU D]RQHG·DWWHUULVVDJH
2FHDQRJUDSK\ E]RQHGHGpEDUTXHPHQW
/:$7 /\Q[DQG:ROYHULQH$GYLVRU\7HDP /=/HXFLQH=LSSHU
86$ /=7 /DUJH=HQLWK7HOHVFRSH
&RQVHUYDWLRQ%LRORJ\ :RUNRQWKH/=7 VWDUWHGLQ2SHUDWLYHLQ
/:% /RZHU%RXQG $SULO
0DWKHPDWLFV $VWURQRP\
/:& /DQJXDJHRI:LGHU&RPPXQLFDWLRQ /=7 /HDG=LUFRQDWH7LWDQDWH
/:' /RZ:DWHU'DWD /=7 LVXVHGPDLQO\LQFRPSXWHUVPHPRU\XQLWV
/:, /DVLQJ:LWKRXW,QYHUVLRQ 0DWHULDOV
4XDQWXP&RKHUHQFH3K\VLFV
/:/ /HQJWKDW:DWHU/LQH
/:/ /RDG:DWHU/LQH
1DYDO$UFKLWHFWXUH
/:0OZP /RZ:DWHU0DUN
/:267/RZ:DWHU2UGLQDU\6SULQJ7LGHV
OZSOHDYHZLWKSD\
/:3 /RDG:DWHU3ODQH
1DYDO$UFKLWHFWXUH
/:5 ODVHUZDUQLQJUHFHLYHU
UpFHSWHXUG·DOHUWHODVHU
ORFDOZDJHUDWHSHUVRQQHO
SHUVRQQHOjVWDWXWORFDO
/:5 /LJKW:DWHU5HDFWRU
1XFOHRQLFV
/:6 /RQJ:DYHOHQJWK6SHFWURPHWHU
OZVW DEEUORZHVW
/:8$ /RFDO:DWHU8WLOLWLHV$GPLQLVWUDWLRQ7KH
3KLOLSSLQHV
O[ OX[
2SWLFV
/;5_ /LYHU;5HFHSWRU_
%LRFKHPLVWU\/LSLG5HVHDUFK0HGLFDO1XWULWLRQ
1XFOHDU5HFHSWRUV2[\VWHURO3KDUPDFRORJ\
/< /DVW<HDU<HDU·V
/< 7KHDLUOLQHFRGHIRU(O$O,VUDHO$LUOLQHV
/< /XFLIHU<HOORZ
/< /LE\D
/\_ /\PDQ_
$VWURSK\VLFV6SDFH3K\VLFV
/<5,& /DQJXDJHIRU<RXU5HPRWH,QVWUXFWLRQE\
&RPSXWHU
O\V DEEUO\VLQH
/\VLQHLVDQDPLQRDFLG
%LRFKHPLVWU\
/<6* /RQGRQ<RXQJ6ROLFLWRUV*URXS
7KH$VVRFLD]LRQH*LRYDQL$YYRFDWL0LODQR
$*$0DQGWKH/RQGRQ<RXQJ6ROLFLWRUV*URXS
/<6*UHSUHVHQWUHVSHFWLYHO\WKH\RXQJODZ\HUV
DQGVROLFLWRUVRI0LODQDQG/RQGRQ
/\V56 O\V\OW51$ 6\QWKHWDVH
PPLOOLRQ
0 0DWKHPDWLFV
0 0LQHVZHHSHUPLQHVZHHSHU
)RUIXUWKHUGHWDLOVVHHXQGHU06
00DFK PPLVW
$OVR0DFKPDFK 0HWHRURORJ\ %HDXIRUWOHWWHU
1DPHGIRUWKH$XVWULDQSK\VLFLVW(UQVW0DFK PDEEUPRGH
)OXLG0HFKDQLFV $UFKDHRORJ\ &RPSXWHU3URJUDPPLQJ &RPSXWHU
P DEEUPDFKLQH 7HFKQRORJ\ (OHFWURPDJQHWLVP 3HWURORJ\
&RPSXWHU7HFKQRORJ\0HFKDQLFDO(QJLQHHULQJ 3K\VLFV 6WDWLVWLFV 7HOHFRPPXQLFDWLRQV
0HFKDQLFV P PRLV
0P 0DJLVWUDWH PHDQLQJPRQWKLQ)UHQFK
PDEEUPDJQHWL]DWLRQ PPRODU
PDJQHWL]DWLRQLVWKHSURFHVVE\PHDQVRIZKLFK &KHPLVWU\
PDWHULDOVDUHPDJQHWL]HG 0P0RODULW\
(OHFWURPDJQHWLVP 3K\VLFDO&KHPLVWU\
0 0DMHVW\ 0P 0RQGD\
PPDOH 0P PRQH\
%LRORJ\%RWDQ\(QJLQHHULQJ PDEEUPRQLWRU
P PDQXDO &RPSXWHU3URJUDPPLQJ &RPSXWHU7HFKQRORJ\
PDQXDOPHDQVFDUULHGRXWE\KDQG (OHFWURQLFV(QJLQHHULQJ6XUJHU\
(QJLQHHULQJ6FLHQFH 0 0RQVLHXU
P PDUN 0ULQ)UHQFK
&RPSXWHU3URJUDPPLQJ*HRORJ\0LOLWDU\ P 0RRQPRRQ
6FLHQFH2UGQDQFH7HOHFRPPXQLFDWLRQV $VWURQRP\
0 0DUTXHVV 0P PRWRUZD\
PPDVFXOLQH 0P PRXQWDLQ
PPDVV *HRJUDSK\
0HFKDQLFV0HWURORJ\0LOLWDU\6FLHQFH 0WRPRYHDVRIZRUN
P PDWXUHG 7LPH6WXG\
$OVRPDW PPXFRLG
6WRFNV %LRFKHPLVWU\
0 0HGLFDO PDEEUPXOWLSOLHU
0PHJDE\WH (OHFWULFLW\ (OHFWURQLFV 0DWKHPDWLFV
&RPSXWHU7HFKQRORJ\ PPXVFOH
0P PHPEHU $QDWRP\
$OVRPEU 0$ 0DGDJDVFDU
$QDWRP\(QJLQHHULQJ*HRORJ\0DWKHPDWLFV 0DGDJDVFDU
7D[RQRP\ PLOLWDU\DVVLVWDQW
PDEEUPHPRU\ DVVLVWDQWPLOLWDLUH
&RPSXWHU7HFKQRORJ\ ,PPXQRORJ\ 3V\FKRORJ\ 0$ 0DLVRQG·$UUrW
P PHULGLDQ )UHQFKDFURQ\PPHDQLQJSULVRQMDLOJDRO
$VWURQRP\&DUWRJUDSK\ 0$ 0DQGHOLF$FLG
PPHWHUPHWUH 0DQGHOLF$FLGDOVRNQRZQDVDP\JGDOLFDFLGLV
PHWUHGHULYHVIURPWKH*UHHNYHUE´WRPHDVXUHµ XVHGPDLQO\DVDXULQDU\DQWLVHSWLF
(QJLQHHULQJ0HWURORJ\ 2UJDQLF&KHPLVWU\
P PLOH 0$ 0DQSRZHU$GPLQLVWUDWLRQ
0HWURORJ\ 0$ 0DUJLQ$FFRXQW
00LOO 0$ 0DULWLPH$GPLQLVWUDWLRQ
,QGXVWULDO(QJLQHHULQJ0HFKDQLFDO'HYLFHV 0$ 0DUNHW$YHUDJH
0LQLQJ(QJLQHHULQJ %XVLQHVV)LQDQFH
PPLOOL 0$ DEEU0DVVDFKXVHWWV86$
0DWKHPDWLFV 0$ 0DVVLPR$YYDORUDELOH
,WDOLDQDFURQ\PPHDQLQJ6HOI0DQDJHG&RRSHUD PDO7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
WLYH)XQG XVLQJWKH)UHQFKZRUG´PDOµZKLFKPHDQVSDLQ
0$* 0\HOLQ$VVRFLDWHG*O\FRSURWHLQ HYLODFKHWURXEOH
%LRFKHPLVWU\%LRORJ\%LRSK\VLFV0HGLFLQH 0$/$ 0DODZL/LEUDU\$VVRFLDWLRQ
1HXURQDO5HJHQHUDWLRQ1HXUDO3ODVWLFLW\ PDOD7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
3DWKRORJ\ XVLQJWKH,WDOLDQZRUG´PDODµVKRUWIRU´PDODYL
0$*( 0DULQH$HURVRODQG*DV([FKDQJH WDµZKLFKPHDQV´WKHXQGHUZRUOGµ
0$*(5H[SHULPHQW 0$*QHWRPHWHUDQG(OHFWURQ 0$/&0LGZHVW$FDGHPLF/LEUDULHV&RQIHUHQFH
5HIOHFWRPHWHUH[SHULPHQW 0$/',06 0DWUL[$VVLVWHG/DVHU'HVRUSWLRQ
/XQDU5HVHDUFK3K\VLFV6SDFH6FLHQFHV ,RQL]DWLRQ0DVV6SHFWURPHWU\
0$*,( 01&$GYLVRU\*URXSRQ,QWHURSHUDELOLW\ 0$/',WHFKQLTXH0DWUL[$VVLVWHG/DVHU
DQG(OHFWURQLFV 'HVRUSWLRQ,RQL]DWLRQWHFKQLTXH
*URXSHFRQVXOWDWLIGHV*&2VXUO·LQWHURSpUDELOLWp 0$/',LVDWHFKQLTXHWKDWJLYHVFRPSOHWHSRO\
HWO·pOHFWURQLTXH PHUFKDUDFWHUL]DWLRQLQDPDWWHURIPLQXWHV
0$*2,0 01&$GYLVRU\*URXSRQ,GHQWLILFDWLRQ 3RO\PHUV
0DWWHUV 0$/',72)06 0DWUL[$VVLVWHG/DVHU'HVRUSWLRQ
*URXSHFRQVXOWDWLIGHV*&2VXUOHVTXHVWLRQV ,RQL]DWLRQ7LPH2I)OLJKW0DVV6SHFWURPHWU\
G·LQGHQWLILFDWLRQ %DFWHULRORJ\%LRFKHPLVWU\%LRSK\VLFV
0$*3,(0DFKLQH$XWRPDWLFDOO\*HQHUDWLQJ 0LFURELRORJ\
3URGXFWLRQ,QYHQWRU\(YDOXDWLRQ 0$/*0LQQHVRWD$QWLO\PSKRF\WH*OREXOLQ
0$*7) PDULQHDLUJURXQGWDVNIRUFH 0$// 0LFKLJDQ$VVRFLDWLRQRI/DZ/LEUDULHV
IRUFHRSpUDWLRQQHOOHDLUVROGHVPDULQHV 86$
0$+56, 0LGGOH$WPRVSKHUH+LJK5HVROXWLRQ 0D/5IDPLO\ 0DPPDOLDQDSSDUHQW/75UHWURWUDQV
6SHFWURJUDSK,QYHVWLJDWLRQ SRVRQIDPLO\
0$+56,LVDQLQVWUXPHQWRIWKH861DYDO 'HYHORSPHQWDODQG0HWDEROLF1HXURORJ\*HQHWLF
5HVHDUFK/DERUDWRU\ 'LVHDVH5HVHDUFK+XPDQ*HQRPH5HVHDUFK
$WPRVSKHULF&KHPLVWU\0HWHRURORJ\3K\VLFV 1HXURELRORJ\1HXURORJLFDO'LVRUGHUV
0$+V 0RWRU$FWLYLW\+LVWRJUDPV 0$/7 0DVWHURI$UWVLQ/DQJXDJH7HDFKLQJ
$QDWRP\&HUHEUDO0HFKDQLVPV1HXURELRORJ\ 0$/7 0XFRVD$VVRFLDWHG/\PSKRLG7LVVXH
2UJDQLVPDO%LRORJ\6HQVRU\3KLVLRORJ\ *HRJUDSKLF0HGLFLQH,PPXQRORJ\,QIHFWLRXV
0$, 0DQXIDFWXUHUV· $VVRFLDWLRQRI,VUDHO 'LVHDVHV0HGLFLQH0LFURELRORJ\
0$,0HPEHURIWKH$QWKURSRORJLFDO,QVWLWXWH 0$00HPRU\$OORFDWLRQ0DQDJHU
0$, 0XOWLODWHUDO$JUHHPHQWRQ,QYHVWPHQW 0$0%2 0HGLWHUUDQHDQ$VVRFLDWLRQRI0DULQH
86(&%XVLQHVV7UDQVDWODQWLF,VVXHV %LRORJLFDO2FHDQRJUDSK\
PDL7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ PDQ DEEUPDQXDO
XVLQJWKH,WDOLDQZRUG´PDLµZKLFKPHDQVQHYHU PDQ DEEUPDQXIDFWXUH
0$,'6 0XULQH$FTXLUHG,PPXQRGHILFLHQF\ $OVRPDQIPDQXIPIU
6\QGURPH 0$1 7KHDLUSRUWFRGHIRU0DQFKHVWHU*%
0$,'6LVDPRXVHGLVHDVHVLPLODUWRKXPDQ 0$1 PHWURSROLWDQDUHDQHWZRUN
$,'6 UpVHDXPpWURSROLWDLQ
,PPXQRELRORJ\0HGLFLQH3DWKRORJ\ 0 $ 0HUJHUVDQG$FTXLVLWLRQV86$
0$,0 PDULWLPHDQWLLQYDVLRQPLQH )LQDQFH
PLQHPDULQHDQWLLQYDVLRQ 0 $ PRQLWRULQJDQGDVVHVVPHQW
0$,70DLW 0DQXIDFWXUHUV· $VVRFLDWLRQIRU VXUYHLOODQFHHWpYDOXDWLRQ
,QIRUPDWLRQ7HFKQRORJ\,QGLD 0$1'$7(0XOWLOLQH$XWRPDWLF1HWZRUN
0DM 0DMRU 'LDJQRVWLFDQG7UDQVPLVVLRQ(TXLSPHQW
PDM DEEUPDMRULW\ 0DQG0 0HFKDQL]DWLRQDQG0RGHUQL]DWLRQ
0DM*HQ 0DMRU*HQHUDO 0 1 0D\DQG1RYHPEHU
0$/ PLQHDFWXDWLRQOHYHO 6HFXULWLHV
QLYHDXGHGpFOHQFKHPHQWG·XQHPLQH 0 50DLQWHQDQFHDQG5HSDLU
0$/ 0D[LPDO$FFHSWDEOH/RDG 0 60DLQWHQDQFHDQG6XSSO\
0$/ 0XVHRFLYLFR$PHGHR/LD,WDO\ 0 6 0DUFKDQG6HSWHPEHU
0XVHXPV 6HFXULWLHV
0%0HPRU\%DQN /RXLVQRWIRUSURILW&HQWHUGHYRWHGWREDVLFSODQW
&RPSXWHU7HFKQRORJ\ VFLHQFH ZKLFKRSHQHGLQ
0% 0HUFKDQW%DQN 0%*& PDLQERG\JURXSFRPPDQGHU
0% 0pWDEROLVPH%DVDO FRPPDQGDQWGXJURXSHGXJURV
)UHQFKLQLWLDOLVPPHDQLQJ%DVDO0HWDEROLVP 0%+& 0XOWL%DQN+ROGLQJ&RPSDQ\
3K\VLRORJ\ 0E, 0DQDJHPHQWE\,QWLPLGDWLRQ
0% PLOLWDU\EXGJHW 0%, 0DULQH%LRWHFKQRORJ\,QVWLWXWH-DSDQ
EXGJHWPLOLWDLUH 0%, 0DWKHPDWLFVDQG%LRVFLHQFHVLQ,QWHUDFWLRQ
0%0LQLVWHURGHO%LODQFLR 0%, 0HGLFLQHDQG%LRLQIRUPDWLFV
,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI%XGJHW 0%, 0LFKLJDQ%LRWHFKQRORJ\,QVWLWXWH86$
0% 0RQHWDU\%DVH %LRFDWDO\VLV%LRSURFHVV(QJLQHHULQJ&KHPLVWU\
0%0RWRU%RDWPRWRUERDW )HUPHQWDWLRQ
1DYDO$UFKLWHFWXUH 0%,$ 0XQLFLSDO%RQG,QVXUDQFH$VVRFLDWLRQ
0% 0XQLFLSDO%RQG 0%,SURMHFW 0DQFKHVWHU%LRVFLHQFHV,QFXEDWRU
0% 0XQLFLSDO%RURXJK SURMHFW*%
0%$ 0DQWOH%RXJXHUJUDYLW\$QRPDO\ %LRORJLFDO6FLHQFHV%LRWHFKQRORJ\%XVLQHVVHV
(DUWK6FLHQFHV*HRORJLFDO6FLHQFHV 0%,51 0RXVH%UDLQ,PDJLQJ5HVHDUFK1HWZRUN
0%$ 0DUJH%UXWHG·$XWRILQDQFHPHQW )RUIXUWKHUGHWDLOVVHHXQGHU%,51
)UHQFKLQLWLDOLVPPHDQLQJ&DVK)ORZ PELWDEEUPHJD%,7
0%$ 0DVWHURI%XVLQHVV$GPLQLVWUDWLRQ $ PHJDELWFRQVLVWVRIDERXWPLOOLRQELQDU\ELWV
0%$ 0RUWJDJH%DQNHUV$VVRFLDWLRQ86$ &RPSXWHU7HFKQRORJ\
0%$5, 0RQWHUH\%D\$TXDULXP5HVHDUFK 0%/ 0DULQH%LRORJLFDO/DERUDWRU\86$
,QVWLWXWH 0%/ 0DULQH%RXQGDU\/D\HU
7KH0%$5,RI&DOLIRUQLD86$ZDVIRXQGHGLQ 0%/ 0HGLFDO %LRORJLFDO/DERUDWRULHV-DSDQ
LWLVDQLQGHSHQGHQWODERUDWRU\GHDOLQJZLWK 0%0PDQXIDFWXUH 0HDWDQG%RQH0HDOPDQXIDF
VFLHQWLILFGLVFRYHULHV WXUH
2FHDQRJUDSK\ 0%0, 0LQG%RG\0HGLFDO,QVWLWXWH
0%& 0D[LPXP%UHDWKLQJ&DSDFLW\ 7KH0%0,ZDVIRXQGHGLQ%RVWRQ86$LQ
0%&LVDOVRNQRZQDV0D[LPXP9HQWLODWRU\ ,WLVDQRQSURILWUHVHDUFKDQGHGXFDWLRQFHQ
&DSDFLW\ WHU
0%& 0LGGOH(DVW%URDGFDVWLQJ %LRPHGLFDO5HVHDUFK&DUGLRYDVFXODU5HVHDUFK
0%& 0LOLWDU\%XGJHW&RPPLWWHH ([SHULPHQWDO3V\FKRORJ\3V\FKLDWU\
&RPLWpGXEXGJHWPLOLWDLUH&%0 0%2 0DQDJHPHQW%\2EMHFWLYHV
0%& 0RQHWDU\%DVH&RQWURO ,QGXVWULDO(QJLQHHULQJ
0E&2 &DUERQ0RQR[LGH&RPSOH[RI0\RJORELQ 0%3 0DOWRVH%LQGLQJ3URWHLQ
%LRFKHPLVWU\%LRSK\VLFDO&KHPLVWU\0ROHFXODU 0E3 0DQDJHPHQWE\3HUIRUPDQFH
%LRORJ\ 0ES 0HJDEDVHSDLU
0%' 0LOOLRQ%DUUHOVSHU'D\ 0%3 0\HOLQ%DVLF3URWHLQ
0%'$ 0LQRULW\%XVLQHVV'HYHORSPHQW$JHQF\ $SSOLHG1HXURELRORJ\0HGLFLQH0ROHFXODU
0%'2( 0LOOLRQ%DUUHOVSHU'D\2LO(TXLYDOHQW %LRORJ\
0%'6 0LQLPXP%DVLF'DWD6HW 0%35% 0LOLWDU\%XGJHW3ULRULW\5HYLHZ%RDUG
0E( 0DQDJHPHQWE\([FHSWLRQ &RPPLVVLRQG·H[DPHQGHVSULRULWpVGXEXGJHW
0%(0ROHFXODU%HDP(SLWD[\ PLOLWDLUH
6ROLG6WDWH3K\VLFV 0ESV 0HJDELWVSHUVHFRQG
0%) 0DULQH%LRORJ\DQG)LVKHULHV PEU DEEUPHPEHU
0%) PHGLXPERPEHUIRUFH )RUIXUWKHUGHWDLOVVHHXQGHU0P
IRUFHGHERPEDUGLHUVPR\HQV 0%5 0HPRU\%XIIHU5HJLVWHU
0%)5 PXWXDODQGEDODQFHGIRUFHUHGXFWLRQV &RPSXWHU7HFKQRORJ\
UpGXFWLRQVPXWXHOOHVHWpTXLOLEUpHVGHVIRUFHV 0%56SURJUDP 0LQRULW\%LRPHGLFDO5HVHDUFK
0%* PDLQERG\JURXS>QDY\@ 6XSSRUWSURJUDP86$
JURXSHGXJURV>PDULQH@ 0%6 0RUWJDJH%DFNHG6HFXULW\
0%* 0LVVRXUL%RWDQLFDO*DUGHQ86$ )LQDQFH
7KH0%*LVRQHRIWKHIRXQGHUVRIWKHQHZ6W 0%6 0\RVLQ%LQGLQJ6XEXQLW
0HWDOOXUJ\ GLUHFWLYHGHVRSpUDWLRQV0&0
0&,0DVWHU&RQWURO,QWHUUXSW 0&05 PLQHFRXQWHUPHDVXUHVUHSRUW
&RPSXWHU7HFKQRORJ\ FRPSWHUHQGXGHOXWWHFRQWUHOHVPLQHV
0&L 0HJDFXULH 0&09 PLQHFRXQWHUPHDVXUHVYHVVHO
P&L PLOOLFXULH EkWLPHQWGHOXWWHFRQWUHOHVPLQHV
0HWURORJ\ 0&2 0DUV&OLPDWH2UELWHU
0&,0RWHXUj&RPEXVWLRQ,QWHUQH 0&3 0DMRU&DSVLG3URWHLQ
)UHQFKLQLWLDOLVPPHDQLQJ,QWHUQDO&RPEXVWLRQ 0&3 0DUJLQDO&RVW3ULFLQJ
(QJLQH %XVLQHVV(FRQRPLFV&RPPHUFH
0&, 7KHDLUSRUWFRGHIRU.DQVDV&LW\,QWHUQDWLRQDO 0&3 0DVWHU&RQWURO3URJUDP
$LUSRUW.DQVDV&LW\0LVVRXUL86$ +&3 0LFURFRQWDFW3ULQWLQJ
0&,&306 0XOWLSOH&ROOHFWRU,QGXFWLYHO\ &KHPLVWU\
&RXSOHG3ODVPD0DVV6SHFWURPHWHU 0&3 PLOLWDU\FRRSHUDWLRQSURJUDPPH
*HRORJLFDO6FLHQFHV,QRUJDQLF&KHPLVWU\,VRWRSH SURJUDPPHGHFRRSpUDWLRQPLOLWDLUH
*HRORJ\ PRELOHFRPPDQGSRVW
0&/ 0D[LPXP&RQFHQWUDWLRQ/HYHO SRVWHGHFRPPDQGHPHQWPRELOH
0&/.0DVWHU&ORFN 0&3 0RELOH&DUULHU3HDN
0&/.LVDOVRNQRZQDV0DVWHU7LPHU $VWURQRP\0DWHULDOV6FLHQFH3K\VLFV
&RPSXWHU7HFKQRORJ\ 0&3 0RQRF\WH&KHPRDWWUDFWDQW3URWHLQ
0&0 0HFKDQLFDO&XUUHQW0HWHU %LRFKHPLVWU\0ROHFXODU%LRORJ\0HGLFDO
0&0 0LOLWDU\&RPPLWWHHPHPRUDQGXP 6FLHQFHV3HULRGRQWDO3K\VLRORJ\
PpPRUDQGXPGX&RPLWp0LOLWDLUH 0&3 DPSOLILHUV 0LFURFKDQQHO3ODWHDPSOLILHUV
PLQHFRXQWHUPHDVXUHV 0&3 SURJUDP 0LFURVRIW&HUWLILHG3URIHVVLRQDO
DFRQWUHPHVXUHVPLQHV SURJUDP
EOXWWHFRQWUHOHVPLQHV 4XDOLILFDWLRQ3URJUDPV
PFP PLQLPRFRPXQHPXOWLSOR 0&36PFSV PFVPHJDF\FOHVSHUVHFRQG
,WDOLDQLQLWLDOLVPPHDQLQJORZHVWFRPPRQPXOWL 0&3V 0HWK\ODFFHSWLQJ&KHPRWD[LV3URWHLQV
SOH &HOOXODUDQG0ROHFXODU%LRORJ\*HQRPLFV
0DWKHPDWLFV ,PPXQRORJ\0LFURELRORJ\
0&0 0RQWH&DUOR0HWKRG 0&36 0LOLWDU\&RPPLWWHHLQ3HUPDQHQW6HVVLRQ
0&0(; PLQHFRXQWHUPHDVXUHVH[HUFLVH &RPLWpPLOLWDLUHHQVHVVLRQSHUPDQHQWH
H[HUFLFHGHOXWWHFRQWUHOHVPLQHV 0&5 0HWDEROLF&OHDUDQFH5DWH
0&0)1 VHH0&0)251257+ 0HGLFLQH
YRLU0&0)251257+ 0&5 PLOLWDU\FLYLOUHODWLRQV
0&0)250(' 0LQH&RXQWHUPHDVXUHV)RUFH UHODWLRQVPLOLWDURFLYLOHV
0HGLWHUUDQHDQ>REVROHWHUHSODFHGE\0&0)25 PLOLWDU\FRPPXQLFDWLRQVUHTXLUHPHQW
6287+@ EHVRLQHQWpOpFRPPXQLFDWLRQVPLOLWDLUHV
)RUFHGHOXWWHFRQWUHOHVPLQHVGHOD0pGLWHUUDQpH 0&5 0HODQRFRUWLQ5HFHSWRU
>REVROqWHUHPSODFpHSDU0&0)256287+@ 0HWDEROLF'LVHDVHV2EHVLW\
0&0)251257+ 0LQH&RXQWHUPHDVXUHV)RUFH 0&50/3 0LGFRQWLQHQWDO5HJLRQ0HGLFDO/LEUDU\
1RUWK>KDVUHSODFHG67$1$9)25&+$1@ 3URJUDP
)RUFHGHOXWWHFRQWUHOHVPLQHVGX1RUG>UHPSODFH 0&57) PLOLWDU\FLYLOUHODWLRQVWDVNIRUFH
67$1$9)25&+$1@ JURXSHSRXUOHVUHODWLRQVPLOLWDURFLYLOHV
0&0)256287+ 0LQH&RXQWHUPHDVXUHV)RUFH 0&60DGUDV&LYLO6HUYLFH
6RXWK>KDVUHSODFHG0&0)250('@ 0&60DOD\DQ&LYLO6HUYLFH
)RUFHGHOXWWHFRQWUHOHVPLQHVGX6XG>UHPSODFH 0&6 0DQDJHPHQW&RQVXOWLQJ6HUYLFH
0&0)250('@ 0&V 0DQWOH&HOOV
0&0* 0LOLWDU\&RPPLWWHH0HWHRURORJLFDO*URXS 0&60DVWHU&RQWURO6\VWHP
*URXSHPpWpRURORJLTXHGX&RPLWp0LOLWDLUH 0&60DVWHURI&RPPHUFLDO6FLHQFHV
0&PLVVLRQ 0DJQHWRVSKHULF&RQVWHOODWLRQPLVVLRQ 0&6 0HVRVFDOH&RQYHFWLYH6\VWHP
1$6$·V 0&60HVVDJH&RQWURO6\VWHP
7KH0&PLVVLRQLVSODQQHGIRU 0&60RQWH&DUOR6LPXODWLRQ
0&023',5 0&0 RSHUDWLRQVGLUHFWLYH 0&6 0XOWLSOH&RQVROH6XSSRUW
D]RQHGHFRQWU{OHQDYDO OLVWHGHVWkFKHVHVVHQWLHOOHVjODPLVVLRQ>&&3@
E]RQHGHFRQWU{OHQDYDOGHODQDYLJDWLRQFRP 0(72& PHWHRURORJLFDODQGRFHDQRJUDSKLFFHQWUH
PHUFLDOH FHQWUHPpWpRURORJLTXHHWRFpDQRJUDSKLTXH
0(6 PRGXODWLRQSDUpWDOHPHQWGXVSHFWUH 0(721 0(7URSROLWDQ2SWLFDO1HWZRUN
VSUHDGVSHFWUXPPRGXODWLRQ660 (XURSHDQ&RPPXQLW\3URMHFW
0(6 0XOWLSOH(DUQLQJ6WDWHPHQW 0(752 0(VVHQJHU75DQVSRUW2UJDQL]HU
0(6$ 0LGGOH(DVW6WXGLHV$VVRFLDWLRQRI1RUWK &DQFHU'HYHORSPHQWDO%LRORJ\0ROHFXODU
$PHULFD *HQHWLFV
0(6$% 0HGLFDO(GXFDWLRQIRU6RXWK$IULFDQ 0HW56 0HWKLRQ\OW51$ 6\QWKHWDVH
%ODFNV %LRORJ\
)RUWKHILJKWDJDLQVW$,'60DODULD7XEHUFXORVLV 0(76$7 QHWZRUN 0(7HRURORJLFDO6$7HOOLWHQHW
0(6$ SURJUDP 0DWKHPDWLFV(QJLQHHULQJDQG ZRUN
6FLHQFH$FKLHYHPHQWSURJUDP 0HW62 0HWKLRQLQH6XOIR[LGH
863URJUDP 0(8 PDULQHH[SHGLWLRQDU\XQLW
0(6$5 PXOWLIXQFWLRQDOHOHFWULFDOO\VFDQQHGDGDS XQLWpGXFRUSVH[SpGLWLRQQDLUHGHVPDULQHV
WLYHUDGDU 0(85 PLOOLRQHXURV>VLQJOH(XURSHDQFXUUHQF\
UDGDUDGDSWLIPXOWLIRQFWLRQjEDOD\DJHpOHFWURQ 08@
LTXH PLOOLRQG·HXURV>PRQQDLHXQLTXHHXURSpHQQH
0(6&V 0RXVH(PEU\RQLF6WHP&HOOV 08@
0(6* 0HGLWHUUDQHDQ6KLSSLQJ*URXS 0HXUR 0LOLRQLGLHXUR
*URXSHPpGLWHUUDQpHQGHODQDYLJDWLRQFRPPHU ,WDOLDQDEEUHYLDWLRQPHDQLQJ0LOOLRQ(XURV$OVR
FLDOH 087KHVLQJOH(XURSHDQFXUUHQF\
0H6+ 0HGLFDO6XEMHFW+HDGLQJV 0H9 0pJDpOHFWURQ9ROW
&HOO%LRORJ\*HQH([SUHVVLRQ*HQH5HJXODWLRQ )UHQFKV\PEROPHDQLQJ0HJDHOHFWURQ9ROW$OVR
*HQHWLFV0HGLFLQH PHY(QHUJ\XQLWHTXDOWR HOHFWURQYROWV
0(623 0DQDJHPHQW(QULFKPHQW6WRFN2ZQHUVKLS 3K\VLFV
3ODQ 0(: 0LFURZDYH(DUO\:DUQLQJ
PHWDEEUPHWDOOXUJLFDO (QJLQHHULQJ 5DGDU
PHWDEEUPHWDSKRUPHWDSKRULFDO 0(:6* 1$720XOWLVHUYLFH(OHFWURQLF:DUIDUH
PHWDEEUPHWHRURORJLFDOPHWHRURORJ\ 6XSSRUW*URXS
0HW 0HWKLRQLQH *URXSH27$1LQWHUDUPpHVGHVRXWLHQGHODJXHUUH
%LRFKHPLVWU\ pOHFWURQLTXH
0HWDEEU7KH0HWURSROLWDQ 0(; 0(:6*75$&69$1H[HUFLVH
PHW DEEUPHWURSROLWDQ H[HUFLFHGH75$&69$1GX0(:6*
0(7 0LG(XURSHDQ7LPH 0H[DEEU0H[LFDQ
0H7 0RELOHHOHFWURQLF7UDQVDFWLRQV 0(; 7KHDLUSRUWFRGHIRU0H[LFR&LW\
0(7$&$1 0(7D$QDO\VHVIRUWKHLPSURYHG 0(;+ 0XOWL(QHUJ\;UD\+RORJUDSK\
WUHDWPHQWRI&$1FHU 6ROLG6WDWH3K\VLFV
(XURSHDQ&RPPXQLW\3URMHFW 0H[6S0H[LFDQ6SDQLVK
0HWDOFRQ,QWHUQDWLRQDO ,QWHUQDWLRQDO([KLELWLRQ /DQJXDJHV
DQGFRQIHUHQFHIRUPHWDOFRQVWUXFWLRQSURGXFWV 0(= PLVVLOHHQJDJHPHQW]RQH
DQGVHUYLFHV86$ ]RQHG·HQJDJHPHQWGHVPLVVLOHV
+HOGDQQXDOO\LWLVVSRQVRUHGE\WKH0&$ 0) 0DVWHU)LOH
)RUIXUWKHUGHWDLOVVHHXQGHU0&$ &RPSXWHU3URJUDPPLQJ
PpWDSK DEEUPpWDSKRUH 0) 0DVWHURI)RUHVWU\
)UHQFKDEEUHYLDWLRQPHDQLQJPHWDSKRU 0) 0HGLXP)RFXV
0(7&21 FRQWURORIPHWHRURORJLFDOLQIRUPDWLRQ 0)PI0HGLXP)UHTXHQF\
FRQWU{OHGHVUHQVHLJQHPHQWVPpWpRURORJLTXHV 0)LVWKHEDQGRIIUHTXHQFLHVUDQJLQJIURPWR
0(7&21 DEEU0(7URSROLWDQ&21VRUWLXP NLORKHUW]
0HW+E 0HWKDHPRJORELQ0HWDKDHPRJORELQ 7HOHFRPPXQLFDWLRQV
0(7,0 0(UFDWR7HOHPDWLFRGHOOH,PSUHVH0HGLH 0) PLFURILFKH
,WDO\ 7KHPLFURILFKHLVXVHGPDLQO\LQOLEUDULHV
0(7/ PLVVLRQHVVHQWLDOWDVNOLVW>3&&@ *UDSKLF$UWV
YDOHXUGHVFDUDFWpULVWLTXHVIRQFWLRQQHOOHVGHVV\V 0-'0DQDJHPHQW-RE'HVFULSWLRQ
WqPHVSULVLQGLYLGXHOOHPHQW 0-/& PXOWLQDWLRQDOMRLQWORJLVWLFFHQWUH
0,65 0XOWLDQJOH,PDJLQJ6SHFWURPHWHU FHQWUHORJLVWLTXHLQWHUDUPpHVPXOWLQDWLRQDO
0,65(3 PLVVLRQUHSRUW PXOWLQDWLRQDOMRLQWORJLVWLFFRPPDQGHU
FRPSWHUHQGXRXUDSSRUWGHPLVVLRQ FRPPDQGDQWORJLVWLTXHLQWHUDUPpHVPXOWLQDWLRQ
0LVV DEEU0LVVLVVLSSL86$ DO
$OVR06 0-2 0DGGHQ-XOLDQ2VFLOODWLRQ
0,6680 PLVVLRQVXPPDU\ $ GD\ZDYHLQWKHDWPRVSKHUHRULJLQDWLQJ
V\QWKqVHGHPLVVLRQ RYHUWKH,QGLDQ2FHDQ
0,67, 0XOWLSXUSRVH,QWHUQDWLRQDO6HFXULWLHV 1DPHGDIWHUWKHUHVHDUFKHUVZKRGLVFRYHUHGLW
7UDGLQJ,QIRUPDWLRQ DERXW\HDUVDJR
0,685& 0RVDLFR,QIRUPDWL]]DWRGHJOL6WUXPHQWL $WPRVSKHULF6FLHQFH&OLPDWRORJ\*HRSK\VLFV
8UEDQLVWLFL&RPXQDOL,WDO\ 0HWHRURORJ\2FHDQRJUDSK\
0,7 0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\ 0-5 0-5HVHDUFK0$86$
86$ 3HOWLHUHIIHFW7KHUPDO&\FOHUV
0,7 0DVWHU,QVWUXFWLRQ7DSH 0-6' 0DUFK-XQH6HSWHPEHU'HFHPEHU
0DVWHU,QVWUXFWLRQ7DSHLVDOVRNQRZQDV0DVWHU 6HFXULWLHV
3URJUDP)LOH PN 0DUN
&RPSXWHU3URJUDPPLQJ 1RZ(852(858%HFDPH(&8(XURSHDQ
0,7 0RGHUQ,QYHVWPHQW7KHRU\ VLQJOHFXUUHQF\ZLWKHIIHFWIURP-DQXDU\
%XVLQHVV(FRQRPLFV)LQDQFH &XUUHQFLHV
0,7 0RQRLRGRW\URVLQH 0.%6 0HGLFDO.QRZOHGJH%DVHG6\VWHPV
(QGRFULQRORJ\ 0HGLFLQH
0,7 0XQLFLSDO,QYHVWPHQW7UXVW 0.& 7KHDLUSRUWFRGHIRU'RZQWRZQ.DQVDV&LW\
0,7%$6( 0,7RFKRQGULDOGDWD%$6((& $LUSRUW.DQVDV&LW\0LVVRXUL86$
0,7(50LWHU 0DWHULDOL,QQRYDWLYLH7(FQRORJLH PNU DEEUPDNHU
5HODWLYH,WDO\ 0.60.6 PHWHUNLORJUDPVHFRQG
,VWLWXWR1D]LRQDOHGL&RRUGLQDPHQWR0DWHULDOL $OVRPNVPNV
&15 0.6$ PNVDV\VWHPPHWHUNLORJUDPVHFRQG
,WDOLDQDFURQ\PPHDQLQJ,QQRYDWLYH0DWHULDOV DPSHUHV\VWHP
DQG5HOHYDQW7HFKQRORJLHV 0HWURORJ\
2IWKH,WDOLDQ1DWLRQDO5HVHDUFK&RXQFLO PNW DEEUPDUNHW
0,7(V 0LQLDWXUH,QYHUWHGUHSHDW7UDQVSRVDEOH 0/ 0DOL
(OHPHQWV 0DOL
5LFH1XFOHDU*HQRPH 0XOWL/D\HUGHIHQFH
0,7(6 0LQRULW\,QWURGXFWLRQWR(QJLQHHULQJ GpIHQVHPXOWLFRXFKH
(QWUHSUHQHXUVKLSDQG6FLHQFH86$ 0/ PD[LPXPOLNHOLKRRG
0,7, 0LQLVWU\RI,QWHUQDWLRQDO7UDGHDQG,QGXVWU\ %D\HVLDQPHWKRGWRDQDO\]H'1$ VHTXHQFHV
-DSDQ 0/ 0HGLHYDO/DWLQ
0,7,ZDVHVWDEOLVKHGLQ /DQJXDJHV
0,WUDQVLWLRQ 0HWDO,QVXODWRUWUDQVLWLRQ P/ PLOOLODPEHUW
$VWURSK\VLFV&KHPLVWU\3K\VLFV PO PLOOLOLWUHPLOOLOLWHU
0,76 0HFKDWURQLF,QYDVLYH7RROVIRU6XUJHU\ 0/ 0RQROD\HU
PLWW DEEUPLWWHQWH 0RQROD\HULVDOVRNQRZQDV0RQRILOP0ROHFXODU
,WDOLDQDEEUHYLDWLRQPHDQLQJDGGUHVVHUIRU )LOP0RQRPROHFXODU)LOP
ZDUGHUVHQGHU 3K\VLFDO&KHPLVWU\
0,86 0RGXODU,QWHJUDWHG8WLOLW\6\VWHP PO PRUHRUOHVV
0,88 0HWHRURORJLFDO,QVWLWXWHRIWKH8QLYHUVLW\RI 0/ 0RWRU/DXQFK
8SSVDOD6ZHGHQ 0/$ 0DQLWRED/LEUDU\$VVRFLDWLRQ&DQDGD
0,:& VHH0:& 0/$ 0DU\ODQG/LEUDU\$VVRFLDWLRQ86$
YRLU0:& 0/$0OD 0DVWHU/LFHQFH$JUHHPHQW
0,= 0DUJLQDO,FH=RQH 1HWZDUH
0,=(; 0DUJLQDO,FH=RQH(;SHULPHQW 0/$ PHDQOLQHRIDGYDQFH
)UHQFKLQLWLDOLVPPHDQLQJPHWDQHSKULQH SXUSRVHV&RQVLVWHQWZLWKWKHSURYLVLRQVRI6)$6
%LRFKHPLVWU\ 1$ FRPSDQLHVVKRXOGUHYLVHWKHLUGHILQLWLRQRI
01 DEEU 0LQQHVRWD86$ FDVKIORZWRDFFRXQWIRUH[FKDQJHUDWHPRYHPHQWV
$OVR0LQQ DQGSHULRGLFDOO\DGMXVWFDVKIORZVIURPLQYHVWPHQW
01 0RQDFR EDVHE\WKHFXUUHQWWUDQVODWLRQDGMXVWPHQWUHVLGLQJ
010Q0Q 0RWRQDYH LQHTXLW\
,WDOLDQLQLWLDOLVPPHDQLQJPRWRUVKLSERDW &DVK)ORZ
VWHDPVKLS 01' PLVVLRQQHHGGRFXPHQW
01 0RWRU1HXURQ0RWRQHXURQ DGRFXPHQWpQRQoDQWOHVEHVRLQVGHODPLVVLRQ
3K\VLRORJ\ EH[SUHVVLRQRXpQRQFpGHVEHVRLQVGHODPLV
010Q PXOWLQDWLRQDO VLRQ
01$ UHJLRQ 0LGGOHHDVWDQG1RUWK$IULFDUHJLRQ PXOWLQDWLRQDOGLYLVLRQ
01$7) PXOWLQDWLRQDODPSKLELRXVWDVNIRUFH GLYLVLRQPXOWLQDWLRQDOH'01
IRUFHRSpUDWLRQQHOOHDPSKLELHPXOWLQDWLRQDOH 01' 0RWRU1HXURQ'LVHDVH
01$8 PLOOLRQ1$72DFFRXQWLQJXQLWV $ FRPPRQQHXURGHJHQHUDWLYHGLVHDVH
PLOOLRQG·XQLWpGHFRPSWHGHO·27$1 &DQFHU5HVHDUFK1HXURORJ\1HXURSDWKRORJ\
01% 0RVFRZ1DURGQ\%DQN 01''3 PXOWLQDWLRQDOGHWDLOHGGHSOR\PHQWSODQ
,QFRUSRUDWHGLQWKH&LW\RI/RQGRQVLQFH SODQGHGpSORLHPHQWGpWDLOOpPXOWLQDWLRQDO
&RUSRUDWH)LQDQFH3URMHFW)LQDQFH5XVVLDQ 01'20RGLILHG1HJOHFWRI'LIIHUHQWLDO2YHUODS
%DQN %LRFKHPLVWU\&KHPLVWU\2SWRHOHFWURQLF
01% PXOWLQDWLRQDOEULJDGH &RPSXWLQJ6\VWHPV3K\VLFV
EULJDGHPXOWLQDWLRQDOH%01 01(V 0XOWLQDWLRQDO(QWHUSULVHV
0Q%2 0DQJDQHVH%RUDWH 01) 0pWDX[1RQ)HUUHX[
8VHGPDLQO\DVDYDUQLVK )UHQFKLQLWLDOLVPPHDQLQJQRQIHUURXVPHWDOV
,QRUJDQLF&KHPLVWU\ 01) PXOWLQDWLRQDOIRUFH
01%7 PRELOHQDYDOEDWWOHWDUJHW IRUFHPXOWLQDWLRQDOH
REMHFWLIQDYDOPRELOH 0Q) 0DQJDQLF)XRULGH
01& 0DMRU1$72&RPPDQG&RPPDQGHU>REVR 0Q) LVDOVRNQRZQDV0DQJDQHVH)OXRULGH
OHWHUHSODFHGE\6&@ 0DQJDQHVH7ULIOXRULGH
*UDQG&RPPDQGHPHQWFRPPDQGDQWGHO·27$1 ,QRUJDQLF&KHPLVWU\
*&2>REVROqWHUHPSODFpSDU6&@ 01IUHTXHQF\ 0LFURQXFOHXVIUHTXHQF\
0Q&O 6FDFFKLWH +XPDQ1XWULWLRQ
0LQHUDORJ\ PQIUV DEEUPDQXIDFWXUHUV
01&1 0XVHR1DFLRQDOGH&LHQFLDV1DWXUDOHV PQJ DEEUPDQDJLQJ
6SDQLVKLQLWLDOLVPRIWKH6SDQLVK1DWXUDO+LVWRU\ 01*,( 0LWRFKRQGULDO1HXURJDVWURLQWHVWLQDO
0XVHXP (QFHSKDORP\RSDWK\
7KH01&1ZDVIRXQGHGLQE\.LQJ&KDUOHV 7KH01*,(LVDQDXWRVRPDOUHFHVVLYHKXPDQGLV
,,,,WLVORFDWHGLQGRZQWRZQ0DGULGDQGKDVWKH HDVH
PRVWLPSRUWDQWQDWXUDOKLVWRU\FROOHFWLRQVLQ *DVWURLQWHVWLQDO'\VPRWLOLW\
6SDLQ /HXNRHQFHSKDORSDWK\0\RSDWK\
0Q&2 0DQJDQHVH&DUERQDWH 2SKWKDOPRSOHJLD3HULSKHUDO1HXURSDWK\
0Q&2 LVXVHGPDLQO\DVDIRRGDGGLWLYH 01, 0RQRQXFOpRVH,QIHFWLHXVH
,QRUJDQLF&KHPLVWU\ )UHQFKLQLWLDOLVPPHDQLQJ,QIHFWLRXV
0Q&2 5KRGRFKURVLWH 0RQXFOHRVLV
01&V 0HGLWHUUDQHDQ1RQPHPEHU&RXQWULHV 0HGLFLQH
01&V 0RQRQXFOHDU&HOOV 01/ 7KHDLUSRUWFRGHIRU0DQLOD3KLOLSSLQHV
%LRORJ\%LRSK\VLFV&HOO%LRORJ\0HGLFLQH 01/& PDULWLPH1$72ORJLVWLFFRQFHSW
0LFURELRORJ\3DWKRORJ\ FRQFHSWPDULWLPHGHODORJLVWLTXHGHO·27$1
01&V 0XOWLQDWLRQDO&RUSRUDWLRQV PXOWLQDWLRQDOORJLVWLFFRPPDQGFRPPDQGHU
01&VXVHGLYLGHQGUHPLWWDQFHVDQGSD\PHQWVRI FRPPDQGHPHQWFRPPDQGDQWORJLVWLTXHPXOWL
UR\DOW\DQGHQJLQHHULQJFKDUJHVWRPHDVXUHWKHLU QDWLRQDO
VXEVLGLDULHV· FDVKIORZVEXWPHDVXUHRSHUDWLRQDO 01/&$ PXOWLQDWLRQDOORJLVWLFFHQWUHDLU
FDVKIORZVGLIIHUHQWO\IRUPDQDJHPHQWHYDOXDWLRQ FHQWUHORJLVWLTXHPXOWLQDWLRQDODLU
0RG+HE0RGHUQ+HEUHZ *HRORJ\*HRSK\VLFV6SDFH5HVHDUFK7HUUHVWULDO
0RGHUQ+HEUHZLVWKHOLYLQJODQJXDJHRI,VUDHO,W 0DJQHWLVP
LVDUHYLVHGYHUVLRQRIDQFLHQW+HEUHZ 02/$ PDS 0DUV2UELWHU/DVHU$OWLPHWHUPDS
/DQJXDJHV 0DUWLDQ7RSRJUDSK\
02',2 FRQIHUHQFHRILQIRUPDWLRQRIILFLDOVLQ )RUIXUWKHUGHWDLOVVHHXQGHU02/$
0LQLVWULHVRI'HIHQFH PROF PRODUFRQFHQWUDWLRQ
FRQIpUHQFHGHVUHVSRQVDEOHVGHO·LQIRUPDWLRQGHV 02/' 0HWK\OJO\R[DO/\VLQH'LPHU
PLQLVWqUHVGHOD'pIHQVH 020 0LFURVRIW2IILFH0DQDJHU
02'< 0DWXULW\2QVHW'LDEHWHVRI<RXWK 020 0RGXODU2FHDQ0RGHO
(SLGHPLRORJ\*HQHWLFV0HGLFLQH 020(176 02ELOH0HGLDDQG(17HUWDLQPHQW
02( 0DLQG·2HXYUH(WUDQJqUH 6HUYLFHV
02(0HDVXUH2I(IIHFWLYHQHVV (XURSHDQ&RPPXQLW\3URMHFW
02( 0LODQIDLU2YHUVHDV([KLELWLRQ 020,0RPL 0XVHXPRI0RYLQJ,PDJH*%
02( 0XOWLSOH2I(DUQLQJV 5HRSHQHGLQ
(FRQRPLFV)LQDQFH 0R0/9 0RORQH\0XULQH/HXNHPLD9LUXV
02) 0LQLVWU\2I)LQDQFH-DSDQ 0HGLFLQH(QGRFULQRORJ\
02) 0XOWL2SWLRQ)DFLOLW\ 0206 0DQJDQHVH2[LGH0HVDSRURXV6WUXFWXUHV
0R)H 0ROLEGHQXP,URQ &KHPLFDO(QJLQHHULQJ&KHPLVWU\0DWHULDOV
0RI) 0LQLVWU\RI)RRG 6FLHQFH
02)V 0HWDORUJDQLF)UDPHZRUNV 02086<6 DEEU02ELOH08OWLPHGLD6<6WHPV
&KHPLFDO(QJLQHHULQJ0DWHULDOV6FLHQFH (XURSHDQ&RPPXQLW\3URMHFW
02)7(&0RIWHF 0LQLVWU\2I)RUHLJQ7UDGHDQG 0RQ DEEU0RQGD\
(FRQRPLF&RRSHUDWLRQ&KLQD PRQDEEUPRQHWDU\
02* 0\HOLQ2OLJRGHQGURF\WH*O\FRSURWHLQ PRQ DEEUPRQLWRU
$XWRLPPXQH'LVHDVHV,PPXQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHUP
1HXURLPPXQRORJ\1HXURORJ\3DWKRORJ\ 021(; DEEU021VRRQ(;SHULPHQW
02+0HGLFDO2IILFHURI+HDOWK 021,&$ PXOWLQDWLRQDO021LWRULQJRIWUHQGVDQG
02+0LQLVWU\2I+HDOWK GHWHUPLQDQWV,Q&$UGLRYDVFXODUGLVHDVH
02+$9( 6WXG\ 0HDVXUHPHQW2I+D]H$QG (XURSHDQ&RPPXQLW\
9LVXDO(IIHFWV6WXG\ 0212&(37 0RQRFU\VWDOOLQH6LOLFRQ6RODU&HOO
02,0HPRUDQGXP2I,QWHQW &RVW(IIHFWLYH3URGXFWLRQ7HFKQRORJ\
02,0LQLVWU\2I,QIRUPDWLRQ0LQLVWU\2IWKH 0RQW DEEU0RQWDQD86$
,QWHULRU 0RQWU DEEU0RQWUHDO&DQDGD
02,0XOWLSOLFLW\RI,QIHFWLRQ 0R2 0RO\EGHQXP'LR[LGH
9LURORJ\ 0R2 LVXVHGWRPDNHSLJPHQWV
02,& PLOLWDU\RFHDQRJUDSKLFLQWHOOLJHQFHFHQWUH ,QRUJDQLF&KHPLVWU\
FHQWUHGHUHQVHLJQHPHQWRFpDQRJUDSKLTXHPLOL 0R2 0RO\EGHQXP7ULR[LGH
WDLUH 0R2DOVRNQRZQDV0RO\EGHQXP$QK\GULGHLV
02,&02YLPHQWR,WDOLDQR&DVDOLQJKH,WDO\ DWR[LFSRZGHU
,WDOLDQDFURQ\PPHDQLQJ,WDOLDQ+RXVHZLYHV ,QRUJDQLF&KHPLVWU\
0RYHPHQW 0R2 0RO\EGLWH
$OVR0RLFD 0RO\EGLWHLVDOVRNQRZQDV0RO\EGLF2FKHU
02/ 0DQQHG2UELWLQJ/DERUDWRU\ 0RO\EGLQH
02/ 0DUJLQH2SHUDWLYR/RUGR 0LQHUDORJ\
,WDOLDQDFURQ\PPHDQLQJ*URVV2SHUDWLRQDO 0221 0DQDJHPHQW2I2SWLFDO1HWZRUNV
0DUJLQ (XURSHDQ&RPPXQLW\3URMHFW
02/ 0XVFOH2I/DZUHQFHRIPDOHIOLHV 0227: PLOLWDU\RSHUDWLRQVRWKHUWKDQZDU
'HYHORSPHQWDO*HQHWLFV*HQHWLFV RSpUDWLRQVPLOLWDLUHVDXWUHVTXHFHOOHVGHJXHUUH
02/$ 0DUV2UELWHU/DVHU$OWLPHWHU 023 0DLQWHQDQFH2SHUDWLRQ3URWRFRO
$QLQVWUXPHQWDERDUGWKH0DUV*OREDO6XUYH\RU 023 0DUJLQ2I3URILW
VSDFHFUDIW02/$ DUULYHGDW0DUVRQWK %XVLQHVV )LQDQFH
6HSWHPEHU PRS DEEUPRO\EGRSWHULQ
(DUWK$WPRVSKHULFDQG3ODQHWDU\6FLHQFHV 023$ 0DVWHU2VFLOODWRU3RZHU$PSOLILHU
IRUFHGHSURWHFWLRQPXOWLQDWLRQDOH 0\HORSHUR[LGDVHLVDOVRNQRZQDV
03)6(( 0XOWLQDWLRQDO3HDFH)RUFH6RXWK(DVWHUQ 9HUGRSHUR[LGDVH
(XURSH %LRFKHPLVWU\0LFURELDO,QIHFWLRQV
)RUFHPXOWLQDWLRQDOHGHSDL[SRXUO·(XURSHGX 032V 0HWURSROLWDQ3ODQQLQJ2UJDQL]DWLRQV
6XG(VW 033 0LWRFKRQGULDO3URFHVVLQJ3HSWLGDVH
03)7 )UHQFK&KDGLDQ3DOHRDQWKURSRORJLFDO %LRFKHPLVWU\/LIH6FLHQFH0ROHFXODU
0LVVLRQ %LRHQHUJHWLFV0ROHFXODU%LRORJ\
03* PR\HQSRO\YDOHQWGXJpQLH 033 DUFKLWHFWXUH 0DVVLYHO\3DUDOOHO3URFHVVRU
PXOWLSXUSRVHHQJLQHHUYHKLFOH DUFKLWHFWXUH
03+ 0DVWHURI3XEOLF+HDOWK 033 DUFKLWHFWXUHOLQNVWRJHWKHULQGHSHQGHQW
$OVR03+ SURFHVVRUVHDFKRIZKLFKKDVLWVRZQPHPRU\
0SKLO 0DVWHURI3KLORVRSK\ GLVNVDQGRSHUDWLQJV\VWHPV
PSKSV PLOHVSHUKRXUSHUVHFRQG &RPSXWHU6FLHQFH
03, 0DQQRVH3KRVSKDWH,VRPHUDVH 033& 0XOWLSRWHQW+HPDWRSRLHWLF3URJHQLWRU&HOO
03, 0DUJLQDO3URVSHULW\WR,QYHVW 03SHUWXUEDWLRQWKHRU\ VHFRQGRUGHU0¡OOHU
%XVLQHVV)LQDQFH 3OHVVHWSHUWXUEDWLRQWKHRU\
03, 0DULQH3ROOXWLRQ,QFLGHQW &KHPLVWU\
03, 0D[LPXP3RWHQWLDO,QWHQVLW\ 033V 0XOWLSRWHQW3URJHQLWRUV
+XUULFDQHV 'HYHORSPHQWDO%LRORJ\3DWKRORJ\6WHP&HOO
03, 0HDQ3RLQWRI,PSDFW UHVHDUFK
03,LVDOVRNQRZQDV&HQWHURI%XUVW 034 0F*LOO3DLQ4XHVWLRQQDLUH
2UGQDQFH 0HGLFLQH1HXURJHQHWLFV3V\FKLDWU\
03,0LQLVWHURGHOOD3XEEOLFD,VWUX]LRQH 035 0RQWKO\3URJUDP5HYLHZ
,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI(GXFDWLRQ 036 0DLQWHQDQFH3DLQWLQJ6HUYLFH
,WDO\ 036 0DUJLQDO3URSHQVLW\WR6DYH
03,$ 0D[3ODQFN,QVWLWXWIU$VWURQRPLH (FRQRPLFV
+HLGHOEHUJ*HUPDQ\ 036 0DVVLYH3DUDOOHO6\VWHPV
7KH03,$ UXQVWKH&DODU$OWR2EVHUYDWRU\LQ 036 0DWHULDOV3URFHVVLQJLQ6SDFH
6RXWKHUQ6SDLQ ([SHULPHQWVRIPDWHULDOVSURFHVVLQJLQVSDFHZHUH
03,) 0HVVDJH3DVVLQJ,QWHUIDFH)RUXP FRQGXFWHGE\1$6$HYHUVLQFHWKHODWHV
03,0 0D[3ODQFN,QVWLWXWIU0HWHRURORJLH 036 0DWKHPDWLFDO3URJUDPPLQJ6RFLHW\
*HUPDQ\ 036 0DWKHPDWLFVDQG3K\VLFDO6FLHQFHV
03/ 0DUV3RODU/DQGHU 036 0HGLDQ3HULRGRI6XUYLYDO
3ODQHWDU\6FLHQFH 036 PLVVLRQSODQQLQJV\VWHP
03/ 0D[LPXP3HUPLVVLEOH/HYHO V\VWqPHGHSODQLILFDWLRQGHPLVVLRQ
0HGLFLQH5DGLDWLRQ 036 0RQWHGHL3DVFKLGL6LHQD,WDO\
03/ PSOPRWLYDWHGSURGXFWLYLW\OHYHO )RXQGHGLQ
03/ 0RYLPHQWR3ROLWLFR/DYRUDWRUL %DQNV
,WDOLDQ0RYHPHQWV 036 0XOWLSXUSRVH6KLS
03/ 0XOWLVFKHGXOH3ULYDWH/LQH 861DY\
030PSP PHWHUVSHUPLQXWH 0360 0DVWHULQ3XEOLF6HFWRU0DQDJHPHQW
$OVRPSP 0369 0\HORSUROLIHUDWLYH6DUFRPD9LUXV
030 0LG3DFLILF0RXQWDLQV 037 0LQLVWU\RI3RVWDQG7HOHFRPPXQLFDWLRQV
030*WHFKQLTXH 0HOW3RZGHU0HOW*URZWKWHFK &KLQD
QLTXH 037 0RGHUQ3RUWIROLR7KHRU\
0306 PLVVLRQSODQQLQJDQGPRQLWRULQJV\VWHP %XVLQHVV)LQDQFH
V\VWqPHGHSODQLILFDWLRQHWGHVXLYLGHPLVVLRQ 0373 0HWK\O3KHQ\O
031$V 0RGLILHG3HSWLGH1XFOHLF$FLGV 7HWUDK\GURS\ULGLQH
*HQHWLFV 'HYHORSPHQW 038 0LFURSURFHVVLQJ8QLW
031WHVW 0RVW3UREDEOH1XPEHUWHVW (OHFWURQLFV
0LFURELRORJ\ 03; DEEUPXOWLSOH[
0320HWURSROLWDQ3ODQQLQJ2UJDQL]DWLRQ 04 0HPRU\4XRWLHQW
032 0\HORSHUR[LGDVH )RUIXUWKHUGHWDLOVVHHXQGHU04V
%XVLQHVV)LQDQFH )ORZQIURPWKH861DWLRQDO6FLHQWLILF
0V 0DVVD&DUUDUD,WDO\ %DOORRQLQJ)DFLOLW\LQ3DOHVWLQH7H[DV
06 0DVV6SHFWURPHWHU0DVV6SHFWURVFRSH 06$7 0LQQHVRWD6FKRODVWLF$SWLWXGH7HVW86$
6SHFWURVFRS\ 06$8 0XOWL6WDWLRQ$FFHVV8QLW
060DVV6SHFWURPHWU\ 06% 0LOOHQQLXP6HHG%DQN*%
$QDO\WLFDO&KHPLVWU\ &U\RELRORJ\3ODQW6SHFLHV6HHG3UHVHUYDWLRQ
060DVV6WRUDJH 7HFKQRORJ\6HHG*HUPLQDWLRQ7HFKQRORJ\
0DVVVWRUDJHLVDOVRNQRZQDV$X[LOLDU\6WRUDJH 06% PLQHVZHHSHUERDW
&RPSXWHU7HFKQRORJ\ HPEDUFDWLRQGHGUDJDJH
060DVWHURI6FLHQFH PVE PRVWVLJQLILFDQWELW
$OVR06&0VF 06% 0XWXDO6DYLQJV%DQN
060DVWHURI6XUJHU\ 06& 0DMRU6XERUGLQDWH&RPPDQG
06 0HFKDQRVHQVLWLYH &RPPDQGHU>REVROHWHUHSODFHGE\5&@
06 0HWULF6\VWHP +DXW&RPPDQGHPHQWFRPPDQGDQWVXERUGRQ
0HWURORJ\ Qp+&6>REVROqWHUHPSODFpSDU5&@
06 0LFURZDYH6FDQQHU 0DULWLPH6XERUGLQDWH&RPPDQG&RPPDQGHU
06 0LOG6WHHO >REVROHWHUHSODFHGE\&&1$9@
0HWDOOXUJ\ &RPPDQGHPHQWFRPPDQGDQWPDULWLPHVXERU
06 0LOLWDU\6WDQGDUG GRQQp>REVROqWHUHPSODFpSDU&&1$9@
PV DEEUPLOOLVHFRQG PLQHVZHHSHUFRDVWDO
&RPSXWHU7HFKQRORJ\ GUDJXHXUGHPLQHVF{WLHU
06 0LQHVZHHSHUPLQHVZHHSHU 06& 0DQDJHPHQW6HUYLFH&HQWHU
1DYDO$UFKLWHFWXUH2UGQDQFH 06&0DVV6WRUDJH&RQWURO
060LQLVWHURGHOOD6DQLWj,WDO\ 06& 06F0DVWHURI6FLHQFH
,WDOLDQLQLWLDOLVPRIWKH+HDOWK0LQLVWU\ $OVR06
06 0LQLVWU\RI6KLSSLQJ 06&0HGLFDO6WDII&RUSV
06 0LQLVWU\RI6XSSO\ 06&0HVVDJH6ZLWFKLQJ&RQFHQWUDWLRQ
06 0LQRULW\6WRFNKROGHUV 'DWD&RPPXQLFDWLRQV
%XVLQHVV(FRQRPLFV)LQDQFH 06&0RVW6LJQLILFDQW&KDUDFWHU
06 DEEU0LVVLVVLSSL86$ 06&LVDOVRQRZQDV0RVW6LJQLILFDQW'LJLW
$OVR0LVV 0RVW6LJQLILFDQW%LW
06 0RQH\6XSSO\ &RPSXWHU3URJUDPPLQJ
%XVLQHVV)LQDQFH 06&&\VWLFD 0HQLQJLWLV6HURVD&\VWLFD
06 0RQWKVDIWHU6LJKW 06&&\VWLFDLVDOVRNQRZQDV0HQLQJLWLV
06 0RWRU6KLS 6HURVD&LUFXPVFULSWD
1DYDO$UFKLWHFWXUH 0VF/ 0HFKDQRVHQVLWLYHLRQFKDQQHOV/DUJH
06 0XOWLSOH6FOHURVLV &KHPLFDO(QJLQHHULQJ&KHPLVWU\0HGLFLQH
&KURQLF,OOQHVVHV0HGLFLQH 3K\VLRORJ\
06 0XWXR6RFFRUVR 06&3PVFS0HDQ6SKHULFDO&DQGOH3RZHU
,WDOLDQLQLWLDOLVPPHDQLQJ0XWXDO$LG 06&SURMHFW 0XOWLPHGLD6XSHU&RUULGRUSURMHFW
06$ 0DULWLPH6DIHW\$JHQF\-DSDQ 0DOD\VLD
06$ 0HPEHURIWKH6RFLHW\RI$SRWKHFDULHV 06&V 0DUURZ6WURPDO&HOOV
06$ 0HPEHURIWKH6RFLHW\RI$UFKLWHFWV *HQH7KHUDS\+HDOWK6FLHQFHV0HGLFLQH
06$ 0HWKDQHVXOIRQLF$FLG 0VF6 0HFKDQRVHQVLWLYHLRQFKDQQHOV6PDOO
06$ LVXVHGDVDFDWDO\VWLQFKHPLFDOUHDFWLRQV )RUIXUWKHUGHWDLOVVHHXQGHU0VF/
2UJDQLF&KHPLVWU\ 06&V 0HVHQFK\PDO6WHP&HOOV
06$ 0XOWLODWHUDO6WHHO$JUHHPHQW 6WHP&HOO5HVHDUFK
06$ 0XOWLSOLFDWLRQ6WLPXODWLQJ$FWLYLW\ 06&60VFV 0LFURVRIW&OXVWHU6HUYLFHV
06$* 0HGLD6XSSRUW$GYLVRU\*URXS 06&7V 0LQLDWXUH6\QDSWLF&DOFLXP7UDQVLHQWV
*URXSHFRQVXOWDWLISRXUOHVRXWLHQGHVPpGLDV 06' 0HDQ6TXDUH'LVSODFHPHQW
06$00HGLXP6FDOH$QLVRWURS\0HDVXUHPHQW 06' PLQHVDIHW\GLVWDQFH
%DOORRQ([SHULPHQW GLVWDQFHGHVpFXULWp´PLQHVµ
06' 0RVW6LJQLILFDQW'LJLW
07 0DVWHU7HUPLQDO WHPSVPR\HQHQWUHUpSDUDWLRQV
&RPSXWHU7HFKQRORJ\ 07& 0DQKDWWDQ7KHDWHU&OXE86$
07 0DWHUD,WDO\ 07&0DVVDFKXVHWWV7HFKQRORJ\&ROODERUDWLYH
07 0HDQ7LPHPHDQWLPH 867HFKQRORJ\3URJUDPV
07 0HDVXUHG7LPH 07& 0LFURELRORJ\DQG7XPRUELRORJ\&HQWHU
07PWPW PHFKDQLFDOWUDQVSRUW 7KH07&LVDGHSDUWPHQWRIWKH.DUROLQVND
070HGLFDO7HFKQRORJLVW ,QVWLWXWH6WRFNKROP6ZHGHQ
07 PHJDWRQPHJDWRQV 07& 0LQLPXP7D[&UHGLW86$
070HPEUDQD7\PSDQL 07& 0RGXOH7HUPLQDOGH&RPPXWDWLRQ
07 0HWDOORWKLRQHLQ 07& 07XEHUFXORVLV&RPSOH[
%LRFKHPLVWU\ %LRORJLFDO6FLHQFHV&HOO%LRORJ\0HGLFLQH
07PHWULFWRQ 0ROHFXODU%DFWHULRORJ\
07LVDOVRNQRZQDV0HJDJUDPDQG7RQQH,WLV 0WFU 0LVVLOHWHFKQRORJ\FRQWUROUHJLPH
HTXDOWRNJV 07&7 0RWKHU7R&KLOG7UDQVPLVVLRQRI+,9
0HWURORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU$59 WKHUDS\DQG
07 0LFURWXEXOH +,9
%LRORJLFDO,PDJLQJ&HOO%LRORJ\DQG0HWDEROLVP 07' 0D[LPXP7ROHUDWHG'RVH
+XPDQ'HYHORSPHQW PW'1$ PLWRFKRQGULDO'1$
07 0LOLWDU\7UDLQLQJ *HQHWLFV
070LQLVWHURGHO7HVRUR,WDO\ )RUIXUWKHUGHWDLOVVHHXQGHU'1$
,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI7UHDVXU\ PW'1$V PXWDQW'1$V
07 0LQLVWU\RI7UDQVSRUW 07'3 0ROHFXODU7DUJHWV'LVFRYHU\3URJUDP
07 DEEU0RQWDQD86$ 2IWKH861&,
07PWPW PRWRUWDQNHU )RUIXUWKHUGHWDLOVVHXQGHU1&,
07PW PW PRWRUWUDQVSRUW 07(3 0LOLRQLGL7RQQHOODWHGL(TXLYDOHQWH
07PW PW DEEUPRXQW 3HWUROLIHUR
(QJLQHHULQJ0LOLWDU\6FLHQFH2UGQDQFH ,WDOLDQLQLWLDOLVPPHDQLQJ0LOOLRQVRI7RQVRI2LO
PW DEEUPRXQWDLQ (TXLYDOHQW
*HRJUDSK\ 07) PHGLFDOWUHDWPHQWIDFLOLW\
07$ PHVVDJHWUDQVIHUDJHQW LQVWDOODWLRQGHWUDLWHPHQWPpGLFDO
DJHQWGHWUDQVIHUWGHPHVVDJHV$70 PHVVDJHWH[WIRUPDW
07$ 0RWLRQ7LPH$QDO\VLV IRUPDWGHWH[WHGHPHVVDJH
7LPH6WXG\ 07) 0RGXODWLRQ7UDQVIHU)XQFWLRQ
P7 DLU PDULWLPH7URSLFDODLU 07)3 PHGLXPWHUPILQDQFLDOSODQ
07 DUHD 0LGGOH7HPSRUDODUHDRIWKHEUDLQ SODQILQDQFLHUjPR\HQWHUPH3)07
)RUWKHGHWHFWLRQDQGSHUFHSWLRQRIPRWLRQ PLVVLRQWDLORUHGIRUFHSDFNDJH
07$V 0DWHULDOV7UDQVIHU$JUHHPHQWV HQVHPEOHGHIRUFHVDGDSWpjODPLVVLRQ
7HFKQRORJ\7UDQVIHU([FKDQJHRI0DWHULDOV 07)6 0HGLXP7HUP)LQDQFLDO6WUDWHJ\*%
+7$6 0LFUR7RWDO$QDO\VLV6\VWHPV PWJ DEEUPHHWLQJ
0LFURIOXLGLF6\VWHPV 0WJ DEEUPRUWJDJH
0WDVH 0HWK\OWUDQVIHUDVH0HWK\OWUDQVIHUDVH $OVRPWJH
(Q]\PRORJ\ PWJG DEEUPRUWJDJHG
07$Y 0RWKHU7RQJXH$YRLGDQFH PWJH DEEUPRUWJDJH
/LQJXLVWLFV $OVR0WJ
07% 0DWHULDOV7UDQVSRUWDWLRQ%XUHDX86$ PWJHH DEEUPRUWJDJHH
07%0RWRU7RUSHGR%RDW PWJRU DEEUPRUWJDJRU
07%LVDOVRNQRZQDV0RVTXLWR%RDW3HWURO 07+ PHGLXPWUDQVSRUWKHOLFRSWHU
7RUSHGR%RDW KpOLFRSWqUHPR\HQGHWUDQVSRUW
1DYDO$UFKLWHFWXUH 0WK DEEUPRQWK
07%( 0HWK\O7HUWLDU\%XW\O(WKHU 07+)5 0HWK\OHQH7HWUDK\GURIRODWH
07%) 0HDQ7LPH%HWZHHQ)DLOXUHV 5HGXFWDVH
&RPSXWHU7HFKQRORJ\ PWKO\ DEEUPRQWKO\
07%5 PHDQWLPHEHWZHHQUHSDLUV 07,0RYLQJ7DUJHW,QGLFDWRU
(OHFWURQLFV UDGDUGHSRXUVXLWHGHPLVVLOHV
07,3 PHGLXPWHUPLPSOHPHQWDWLRQSODQ 075DEEU0RWRU
SODQGHPLVHHQ±XYUHjPR\HQWHUPH 0753 PHGLXPWHUPUHVRXUFHSODQ
PHGLXPWHUPLQIUDVWUXFWXUHSODQ SODQGHUHVVRXUFHVjPR\HQWHUPH3507
SODQG·LQIUDVWUXFWXUHjPR\HQWHUPH 076 0DODGLHj7UDQVPLVVLRQ6H[XHOOH0DODWWLDD
07,:* 0LOLWDU\7UDQVLWLRQDO,VVXHV:RUNLQJ 7UDVPLVVLRQH6HVVXDOH
*URXS )UHQFKDQG,WDOLDQLQLWLDOLVPPHDQLQJ6H[XDOO\
*URXSHGHWUDYDLOPLOLWDLUHVXUOHVTXHVWLRQVUHOD 7UDQVPLWWHG'LVHDVH
WLYHVjO·$OOLDQFHHQSpULRGHGHWUDQVLWLRQ 076 0DULQH7HFKQRORJ\6RFLHW\
07- 0HQGRFLQR7ULSOH-XQFWLRQ 076 0HUFDWRDOO·LQJURVVRGHL7LWROLGL6WDWR
07/ PLQLPXPWULJJHUOHYHO %DQNLQJ)LQDQFH
QLYHDXPLQLPDOGHGpFOHQFKHPHQW 076 0HVVDJH7ROO6HUYLFH
07/ UHJLRQV 0HGLDO7HPSRUDO/REHUHJLRQV 076 0HVVDJH7UDQVIHU6\VWHP
&RJQLWLYH1HXURVFLHQFH3V\FKRORJ\ 07V 0LFURWXEXOHV
PWOU51$ PLWRFKRQGULDOODUJHULERVRPDO51$ %LRORJLFDO,PDJLQJ&HOO%LRORJ\DQG0HWDEROLVP
%LRORJLFDO6FLHQFHV +XPDQ'HYHORSPHQW
)RUIXUWKHUGHWDLOVVHHXQGHU 51$ 0760XOWLWUDFN6WHUHR
PWOV DEEUPDWHULDOV $FRXVWLFDO (QJLQHHULQJ
0700HWKRG7LPH0HDVXUHPHQW 0762 0RELOH7HOHFRPPXQLFDWLRQV6ZLWFKLQJ
7LPH6WXG\ 2IILFH
0706 PDULWLPHWDFWLFDOPHVVDJHV\VWHP 0768 0LGGOH7HQQHVVHH6WDWH8QLYHUVLW\86$
V\VWqPHGHPHVVDJHVWDFWLTXHVPDULWLPHV 077 PRELOHWUDLQLQJWHDP
071%ORWV 0XOWLSOH7LVVXH1RUWKHUQ%ORWV pTXLSHPRELOHG·HQWUDvQHPHQW
&ORQWHFK/DERUDWRULHV86$ 077 0\REODVW7UDQVIHU7KHUDS\
3RO\$
51$ 1RUWKHUQ%ORWV &HOO7KHUDS\&HOO7UDQVSODQWDWLRQ
071 0HGLXP7HUP1RWHV86$ 077) 0HDQ7LPH7R)DLOXUH
071/ 0DKDQDJDU7HOHSKRQH1LJDP,QGLD (QJLQHHULQJ
071/ LVVWDWHRZQHG 07750HDQ7LPH7R5HSDLU
072 0HGLFDO7HFKQLFDO2IILFHU (QJLQHHULQJ
072&0LFURWXEXOH2UJDQL]LQJ&HQWHU 0775 PHDQWLPHWRUHSDLUUHSODFH
&HOO%LRORJ\ DPR\HQQHGHVWHPSVGHVWUDYHDX[GHUpSDUD
072( 0WRH 0LOOLRQWRQQHVRIRLOHTXLYDOHQW WLRQUHPSODFHPHQW
P725 PDPPDOLDQ7DUJHW2I5DSDP\FLQ EWHPSVPR\HQGHUpSDUDWLRQUHPSODFHPHQW
0HGLFLQH0ROHFXODU3KDUPDFRORJ\2QFRORJ\ 07750HDQ7LPH7R5HVWRUH
6LJQDO7UDQVGXFWLRQ5DSDP\FLQVHQVLWLYH.LQDVH 7UDQVSRUWDWLRQ (QJLQHHULQJ
073 0DULWLPH7DFWLFDO3XEOLFDWLRQ 0780HWK\OWKLRXUDFLO
SXEOLFDWLRQWDFWLTXHPDULWLPH 0HWK\OWKLRXUDFLOLVXVHGLQWKHWUHDWPHQWRIK\SHU
073 0LFURVRPDOWULJO\FHULGH7UDQVIHU3URWHLQ WK\URLGLVP
'HIHFWVLQ073 FDXVHDEHWDOLSRSURWHLQHPLDGLV 3KDUPDFRORJ\
HDVH 07; 0HWKRWUH[DWH
'LVFRYHU\&KHPLVWU\0HGLFLQH3KDUPDFHXWLFDO $ GUXJDOVRNQRZQDV$PHWKRSWKLQXVHGWRWUHDW
5HVHDUFK3KDUPDFRNLQHWLFV OHXNHPLDDQGVHYHUDORWKHUFDQFHUV
073( 0LVVLRQ7R3ODQHW(DUWK1$6$·V86$ 3KDUPDFRORJ\
0W3. 0\RWRQLQ3URWHLQ.LQDVH 07< 7KHDLUSRUWFRGHIRU0RQWHUUH\0H[LFR
0735 0LQLDWXUH7HPSHUDWXUH3UHVVXUH5HFRUGHU 08 2PDQ
0750DWHULDO7HVWLQJ5HDFWRU 0X0DFKHXQLW
1XFOHRQLFV 08 0DNLQJ8S
075 0LQLDWXUH7HPSHUDWXUH5HFRUGHU P8PLOOLXQLW
7HPSHUDWXUH5HFRUGHUV 08 0RQHWDU\8QLW
07U 0LQLVWHURGHL7UDVSRUWL,WDO\ 08$ 0XOWL8QLW$FWLYLW\
,WDOLDQDEEUHYLDWLRQRIWKH0LQLVWU\RI3XEOLF 08$7 PRELOHXQGHUZDWHUDFRXVWLFXQLW
7UDQVSRUW GLVSRVLWLIDFRXVWLTXHVRXVPDULQPRELOH
075 PLVVLOHWUDFNLQJUDGDU 08& PLOOLRQG·XQLWpVGHFRPSWH
%LRSV\DQG8WHULQH(YDFXDWLRQ0HGLFDO PDULWLPHZDUKHDGTXDUWHUV
,QVWUXPHQWV TXDUWLHUJpQpUDOGHJXHUUHPDULWLPH4**0
09$ 0DUNHW9DOXH$GGHG PRELOHZDUKHDGTXDUWHUV
(VVHQWLDOO\09$ LVWKHPHDVXUHRIVKDUHKROGHU TXDUWLHUJpQpUDOGHJXHUUHPRELOH4**0
ZHDOWKEHFDXVHLWFRPSDUHVUHVRXUFHVLQYHVWHGE\ 0:,$ 0HGLFDO:RPHQ·V,QWHUQDWLRQDO$VVRFLDWLRQ
OHQGHUVDQGVKDUHKROGHUVZLWKWKHLUFXUUHQWYDOXH *HUPDQ\
LQWKHPDUNHWSODFH 7KH0:,$ ZDVIRXQGHGLQWRIDFLOLWDWHFRQ
(FRQRPLFV)LQDQFH WDFWVEHWZHHQPHGLFDOZRPHQ
)RUIXUWKHUGHWDLOVVHHXQGHU(9$ 0:/ 0HWHRULF:DWHUOLQH
09$0YD0HJDYROW$PSHUH *URXQGZDWHU5HVHDUFK,VRWRSLF6LJQDWXUHV
09$ 0RGLILHG9DFFLQLD$QNDUD 0LQHUDO([FKDQJH
0HGLFLQH9DFFLQH9HFWRUV 0:0 0RWLI:LQGRZ0DQDJHU
09% 0XOWLYHVLFXODU%RGLHV 0:17V 0XOWLZDOOHG1DQRWXEHV
09%50XOWLYLEUDWRU 0XOWLZDOOHG3K\VLFV
(OHFWURQLFV 0: 23 PLQHZDUIDUHRSHUDWLRQ
PYFPDQXDOYROXPHFRQWURO RSpUDWLRQGHJXHUUHGHVPLQHV
09& 0D[LPDO9ROXQWDU\&RQWUDFWLRQ 0:3 0LQH:DUIDUH3XEOLFDWLRQ
0RWRU8QLWV0XVFOH0DVV3K\VLRORJ\ 3XEOLFDWLRQOXWWHJXHUUHGHVPLQHV
09(0HWK\O9LQ\O(WKHU 0:5 PRUDOHZHOIDUHDQGUHFUHDWLRQDFWLYLWLHV
09(0XUUD\9DOOH\(QFHSKDOLWLV DFWLYLWpVVRFLRUpFUpDWLYHV
7KH0XUUD\9DOOH\(QFHSKDOLWLVLVDEUDLQLQIODP 0:6 0LFURZDYH6SHFWURPHWHU
PDWLRQWKDWFDXVHGDQHSLGHPLFLQWKHHDUO\V 0:6 PLVVLOHZDUQLQJV\VWHP
LQWKH0XUUD\9DOOH\$XVWUDOLD V\VWqPHG·DOHUWHDX[PLVVLOHV
0HGLFLQH 0:60XOWLZRUN6WDWLRQ
090 0DULQHU9HQXV0HUFXU\ 0:65 0LFURZDYH:DWHU6XEVWDQFH5DGLRPHWHU
093&%0RWRU9HKLFOH3ROOXWLRQ&RQWURO%RDUG 0:7K0HJDZDWW7KHUPDO
095 0LQLVDWHOOLWH9DULDQW5HSHDW 1XFOHRQLFV
'1$ 9DULDWLRQ$QDO\VLV*HQHWLF,GHQWLILFDWLRQ 0:75 PLQHZDUIDUHWHVWLQJUDQJH
7HVWV SRO\JRQHG·HVVDLGHJXHUUHGHVPLQHV
096 0XOWLSOH9LUWXDO6WRUDJH 0:9 0D[LPXP:RUNLQJ9ROWDJH
09660RWRU9HKLFOH6DIHW\6WDQGDUG (OHFWULFLW\
097 0RWGH9HUURXLOODJHGH7UDPH 0:9 PLQHZDUIDUHYHVVHO
099 0D[LPXP9ROXQWDU\9HQWLODWLRQ EkWLPHQWGHJXHUUHGHVPLQHV
0Z0HJDZDWW 0:9 IORZ0RGXODWHG:DY\9RUWH[IORZ
P:PZPLOOLZDWW 0:<U 0HJDZDWW<HDU
0HWURORJ\ 0[0D[ZHOOPD[ZHOO
0: PLQHZDUIDUH (OHFWURPDJQHWLVP
JXHUUHGHVPLQHV 0; 0H[LFR
0: 0RXQW:DVKEXUQ $OVR0(;
0:$ PHPRUDQGXPRIZRUNLQJDJUHHPHQW 0[ DEEU0LGGOHVH[*%
PpPRUDQGXPGHPLVHHQ±XYUH 0< 0DOD\VLD
PRUDOHDQGZHOIDUHDFWLYLWLHV P\DEEU0D\HU
DFWLYLWpVVRFLRUpFUpDWLYHV 7KHUPRG\QDPLFV
0:% 0HWURSROLWDQ:DWHU%RDUG 0\ 0LOOLRQ\HDUV
0:& 0D[LPDO:RUN&DSDFLW\ 0\DEEU0\RSLD
0:& PLQHZDUIDUHFRRUGLQDWRU 0\RSLDLVDOVRNQRZQDV1HDUVLJKWHGQHVV
FRRUGRQQDWHXUGHODJXHUUHGHVPLQHV 0HGLFLQH
0:&) 0RQWDQD:RPHQ·V&DSLWDO)XQG86$ P\FDEEUP\FRORJ\
0:'V 0ROHFXODU:HLJKW'LVWULEXWLRQV %RWDQ\ 0\FRORJ\LVWKHVWXG\RIIXQJL
0:(0:(0ZH0HJDZDWW(OHFWULF 0\+& 0\RVLQ+HDY\&KDLQ
1XFOHRQLFV 0<,3 <HOORZ)OXRUHVFHQW3URWHLQPROHFXOHV
0:+4 PDLQZDUKHDGTXDUWHUV 0<5 PLG\HDUUHYLHZ
TXDUWLHUJpQpUDOGHJXHUUHSULQFLSDO4**3 H[DPHQGHPLH[HUFLFH
0=0RQR]\JRWLFPRQR]\JRXV
0= 0RWR]DWWHUD
,WDOLDQLQLWLDOLVPPHDQLQJPRWRUUDIWODQGLQJ
FUDIW
0= 0R]DPELTXH
0=RQH 0DQXIDFWXULQJ=RQH
1$$ 1HXWURQ$FWLYDWLRQ$QDO\VLV
1 1HXWURQDFWLYDWLRQDQDO\VLVLVDOVRNQRZQDV
$FWLYDWLRQ$QDO\VLV
1XFOHDU(QJLQHHULQJ
11DVDO 1$$ 1DWLRQDO$HURQDXWLF$VVRFLDWLRQ
$QDWRP\ 1$$ 1RUWK$WODQWLF$VVHPEO\
11HXWURQQXPEHU $VVHPEOpHGHO·$WODQWLTXH1RUG$$1
1XFOHDU3K\VLFV QDD QRWDOZD\VDIORDW
11HZWRQ 1$$$ _1DSKWKDOHQHDFHWLF$FLG
0HWURORJ\ 1$$$ LVXVHGPDLQO\WRSURPRWHJURZWKRIURRWV
17KHFKHPLFDOV\PEROIRU1LWURJHQ LQSODQWFXWWLQJV
1LWURJHQLVXVHGPDLQO\DVDQLQHUWJDVDQGUHIULJ 1$$%6$ 1RW$OZD\V$IORDW%XW6DIH$JURXQG
HUDQW 1$$&3 1DWLRQDO$VVRFLDWLRQIRUWKH$GYDQFHPHQW
&KHPLVWU\6\PEROV RI&RORXUHG3HRSOH86$
1QRUPDO 1$$(( 1RUWK$PHULFDQ$VVRFLDWLRQRI
&KHPLVWU\0DWKHPDWLFV0HGLFLQH0HWHRURORJ\ (QYLURQPHQWDO(GXFDWRUV86$
2UJDQLF&KHPLVWU\ 1$$* 1$72$UP\$UPDPHQWV*URXS
1QRUWK *URXSH27$1VXUO·DUPHPHQWGHVIRUFHVWHU
1 1RUZD\·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU UHVWUHV
1 1XFOHXV 1$$/ 1HWZRUNRI$ODEDPD$FDGHPLF/LEUDULHV
$VWURQRP\&HOO%LRORJ\&RPSXWHU 86$
3URJUDPPLQJ+\GURORJ\1XFOHDU3K\VLFV 1$$/'1LJHULDQ$VVRFLDWLRQRI$JULFXOWXUDO
6FLHQFH /LEUDULDQVDQG'RFXPHQWDOLVWV
1$ 1DPLQJ$XWKRULW\ 1$$461DWLRQDO$PELHQW$LU4XDOLW\6WDQGDUGV
1$ 1DSROL,WDO\ (QYLURQPHQWDO+HDOWK6FLHQFHV
1$ 1DUFRWLFV$QRQ\PRXV 1$% 1DWLRQDO$XVWUDOLD%DQN
)RXQGHGLQWKH86$LQVHOIKHOS 1$%LVWKHODUJHVWDQGVWURQJHVWEDQNLQ$XVWUDOLD
1$ 1HW$VVHWV 1$% 1$72$SSHDOV%RDUG
%XVLQHVV(FRQRPLFV)LQDQFH &RPPLVVLRQGHVUHFRXUVGHO·27$1
1$ 1HWKHUODQGV$QWLOOHV 1$% 1HXURELRORJ\DQG$QHVWKHVLRORJ\%UDQFK
1$1$1HXWUDO$[LV 1$% 1HXWUDOL]LQJ$QWLERG\
0HFKDQLFV 0HGLFLQH
1$ 1HZ$FFRXQW 1$%$ 1XRYD$FFDGHPLDGL%HOOH$UWL
1D QRDGYLFHQRQDFFHSWDQFH ,WDOLDQ$FDGHP\
1$ 1RPLQD$QDWRPLFD 1$%( 1DWLRQDO$VVRFLDWLRQIRU%LOLQJXDO
1RPLQD$QDWRPLFDZDVDGRSWHGLQ (GXFDWLRQ
0HGLFLQH 1$%( 1DWLRQDO$VVRFLDWLRQRI%DU([HFXWLYHV
1$ 1RUDGUHQDOLQH &KLFDJR,OOLQRLV86$
1$1RUWK$PHULFD 1$%( 1DWLRQDO$VVRFLDWLRQRI%XVLQHVV
1$ 1RW$SSOLFDEOH (FRQRPLVWV86$
1$ 1RW$SSURSULDWHG 1D%) )HUUXFLWH
1$ 1RW$XWKRUL]HG )HUUXFLWHLVIRXQGRQ0RXQW9HVXYLXV,WDO\
1$ 1RW$YDLODEOH 0LQHUDORJ\
1$1$1XPHULFDO$SHUWXUH 1D%L2 6RGLXP%LVPXWKDWH
2SWLFV 1D%L2DOVRNQRZQDV6RGLXP0HWDELVPXWKDWH
1$ 1XUVH·V$LGH LVXVHGPDLQO\LQSKDUPDFHXWLFDOV
0HGLFLQH ,QRUJDQLF&KHPLVWU\
1D7KHFKHPLFDOV\PEROIRU6RGLXP 1$%2 1RUWK$WODQWLF%LRFXOWXUDO2UJDQL]DWLRQ
6RGLXPLVXVHGPDLQO\DVDSRO\PHUL]DWLRQFDWD 1$%2LVKHDGTXDUWHUHGDWWKH&LW\8QLYHUVLW\RI
O\VWDQGLQFDEOHVDVDFRQGXFWRU 1HZ<RUN86$
1$$ 1DWLRQDO$FDGHP\RI$UELWUDWRUV:DVKLQJWRQ 1D%2 6RGLXP0HWDERUDWH
'&86$ 6RGLXP0HWDERUDWHLVXVHGDVDQKHUELFLGH
1$$ 1DWLRQDO$VVRFLDWLRQRI$FFRXQWDQWV86$ ,QRUJDQLF&KHPLVWU\
KDVUHSODFHGLQWKH3UHVLGHQW
V&RPPLVVLRQ 1%3 1DPH%LQGLQJ3URWRFRO
IRUWKH6WXG\RI(WKLFDO3UREOHPV LQ0HGLFLQH DQG 1%3 1DWLRQDO%DQNRI3RODQG
%LRPHGLFDODQG%HKDYLRUDO5HVHDUFK 3ROLVK%DQN
1%%% 1DWLRQDO%HWWHU%XVLQHVV%XUHDX86$ 1%3 1HW%LRPH3URGXFWLRQ
1%& 1DWLRQDO%URDGFDVWLQJ&RUSRUDWLRQ86$ &OLPDWH
1%& 1DWLRQDO%XLOGLQJ&RGH86$ 1%36 1RQ%DQN3ULYDWH6HFWRU*%
1%&1%&1XFOHDU%LRORJLFDODQG&KHPLFDO 1%4; 1LWUR6XOSKDQR\O%HQ]R)
ZHDSRQVRUPLVVLOHZDUKHDGV 4XLQR[DOLQHGLRQ
2UGQDQFH 1%5 1RQERUURZHG1RQERUURZHG5HVHUYHV
1%&$&& QXFOHDUELRORJLFDODQGFKHPLFDODUHD 1%5) 1DWLRQDO%LRPHGLFDO5HVHDUFK)RXQGDWLRQ
FRQWUROFHQWUH 1%57 1DWLRQDO%RDUGRI5HVSLUDWRU\7KHUDS\
FHQWUHGHFRQWU{OHGHVHFWHXUQXFOpDLUHELRORJLTXH 86$
HWFKLPLTXH 1%61DWLRQDO%LRORJLFDO6HUYLFH
1%&& 1DWLRQDO%UHDVW&DQFHU&RDOLWLRQ86$ )RUPHUO\1DWLRQDO%LRORJLFDO6XUYH\
1%&&& QXFOHDUELRORJLFDODQGFKHPLFDOFROOHF 1%6 1DWLRQDO%LRORJLFDO6XUYH\
WLRQFHQWUH 5HQDPHG1DWLRQDO%LRORJLFDO6HUYLFH
FHQWUHGHFROOHFWHQXFOpDLUHELRORJLTXHHWFKLP 1%61%61DWLRQDO%XUHDXRI6WDQGDUGV
LTXH 1%66 1DWLRQDO%DQN6XUYHLOODQFH6\VWHP86$
QXFOHDUELRORJLFDOFKHPLFDOFRQWUROFHQWUH 1%66 1DWLRQDO&DQDGLDQ%UHDVW6FUHHQLQJ6XUYH\
FHQWUHGHFRRUGLQDWLRQQXFOpDLUHELRORJLTXHHW &DQDGD
FKLPLTXH 1%69 QDUURZEDQGVHFXUHYRLFH
1%&' QXFOHDUELRORJLFDODQGFKHPLFDOGHIHQFH FU\SWRSKRQLHjEDQGHpWURLWH
GpIHQVHQXFOpDLUHELRORJLTXHHWFKLPLTXH 1%69( QDUURZEDQGVHFXUHYRLFHHTXLSPHQW
1%&6&& QXFOHDUELRORJLFDODQGFKHPLFDOVXEFRO PDWpULHOGHFU\SWRSKRQLHjEDQGHpWURLWH
OHFWLRQFHQWUH 1%7& 1DWLRQDO%ORRG7UDQVIXVLRQ&RXQFLO,QGLD
FHQWUHVHFRQGDLUHGHFROOHFWHQXFOpDLUHELRORJLTXH 7KH1%7&ZDVFUHDWHGWRUHJXODWHEORRGEDQNLQJ
HWFKLPLTXH 1%7, 61LWUREHQ]\O7KLRLQRVLQH
1%&=&& QXFOHDUELRORJLFDODQGFKHPLFDO]RQH 1%9 1HW%RRN9DOXH
FRQWUROFHQWUH 1& 1DUURZ&RYHUDJH
FHQWUHGHFRQWU{OHGH]RQHQXFOpDLUHELRORJLTXHHW %XVLQHVV(FRQRPLFV)LQDQFH
FKLPLTXH 1& 1DWLRQDO&RQJUHVV
1%' 1DWLRQDO%DQNRI'HWURLW 1& 1$72&LYLOLDQ
86%DQN FLYLOjVWDWXW27$1
1%'1DWLRQDO%DQNRI'XEDL 1$72&RQILGHQWLDO
'DWHRIRSHQLQJ-DQXDU\ D1$72&RQILGHQWLHO
1%'1- 1%XW\OGHR[\QRMLULP\FLQ E27$1&RQILGHQWLHO
1%(5 1DWLRQDO%XUHDXRI(FRQRPLF5HVHDUFK F&RQILGHQWLHO27$1>)5@
*% 1& 1HR1HZ&ODVVLFDO
1%) 1XFOHRWLGH%LQGLQJ)ROG (FRQRPLFV
&HOO%LRORJ\0HGLFLQH0HWDEROLVPDQG 1& 1HW&DSLWDO
(QGRFULQRORJ\ %XVLQHVV(FRQRPLFV)LQDQFH
1%* 1DWLRQDO%DQNRI*UHHFH 1& 1HW&RVW1R&KDUJH
*UHHN%DQN %XVLQHVV&RPPHUFH
1%+ 1HXURVFLHQFHDQG%HKDYLRUDO+HDOWK 1& 1HWZRUN&RPSXWHU
1%,QXFOHDUEXUVWLQGLFDWRU 1& 1HZ&KDUWHU
LQGLFDWHXUG·H[SORVLRQQXFOpDLUH 1& 1LWURFHOOXORVH
1%,) 1DWLRQDO%LRWHFKQRORJ\,QIRUPDWLRQ)DFLOLW\ 1& QRFKDUJH
1%,, 1DWLRQDO%LRORJLFDO,QIRUPDWLRQ,QIUDVWUXFWXUH QF QRQFDOODEOH
86$ %XVLQHVV(FRQRPLFV)LQDQFH
7KH1%,,LVD86*HRORJLFDO6XUYH\3URMHFW 1& 1RUPDO&RQWURO
1%,26 1HWZRUN%DVLF,QSXW2XWSXW6\VWHP 1& DEEU1RUWK&DUROLQD86$
(OHFWURQLFV 1&$ 1HXURFLUFRODWRU\$VWKHQLD
1%2V1RQEULGJLQJ2[\JHQV 1&$ LVDOVRNQRZQDV'D&RVWD·V6\QGURPH
+XPDQ'HYHORSPHQW6RFLRORJ\ ,WDOLDQLQLWLDOLVPPHDQLQJ1HZ/DQG5HJLVWU\
1&V 1HWZRUN&RPSXWHUV 2IILFH
1&6 1HXURQDO&DOFLXP6HQVRUV 1&7( 1DWLRQDO&RXQFLORI7HDFKHUVRI(QJOLVK
1&6 1RQ&DOODEOH6HFXULWLHV 1&70 1DWLRQDO&RXQFLORI7HDFKHUVRI
%XVLQHVV(FRQRPLFV)LQDQFH 0DWKHPDWLFV86$
1&6 1RQFU\VWDOORJUDSKLF6\PPHWU\ 1&75 1DWLRQDO&HQWHUIRU7R[LFRORJLFDO5HVHDUFK
&U\VWDOORJUDSK\ 86$
1&6$ 1DWLRQDO&HQWHUIRU6XSHUFRPSXWLQJ 1&75 QRQFRRSHUDWLYHWDUJHWUHFRJQLWLRQ
$SSOLFDWLRQV UHFRQQDLVVDQFHGHVREMHFWLIVQRQFRRSpUDWLIV
1&6$ 1DWLRQDO&RPSXWDWLRQDO6FLHQFH$OOLDQFH 1&8$ 1DWLRQDO&RDO8WLOLVDWLRQ$VVHVVPHQW
86$ 86$
3K\VLFDODQG&RPSXWDWLRQDO6FLHQFHV 1&9 1HW&DORULILF9DOXH
)RUIXUWKHUGHWDLOVVHHXQGHU13$&, DQG3$&, (QHUJ\
1&6$ 1DWLRQDO&RPSXWHU6HFXULW\$VVRFLDWLRQ 1&9 1R&RPPHUFLDO9DOXH
1&6$ LVD866HFXULW\6RIWZDUH LQGXVWU\JURXS %XVLQHVV&RPPHUFH
1&6%&6 1DWLRQDO&RQIHUHQFHRI6WDWHVRQ 1&9$ 1DWLRQDO&RXQFLOIRU9RFDWLRQDO$ZDUGV
%XLOGLQJ&RGHVDQG6WDQGDUGV+HUQGRQ9LUJLQLD ,ULVK&RXQFLOV
86$ 1&94 1DWLRQDO&RXQFLOIRU9RFDWLRQDO
866WDQGDUGV,VVXLQJ2UJDQL]DWLRQV 4XDOLILFDWLRQ86$
1&6& 1DWLRQDO&RXQFLORI6HQLRU&LWL]HQV 1&:$ 1$72FLYLOZDUWLPHDJHQF\
1&6& 1RUWK&DUROLQD6XSHUFRPSXWLQJ&HQWHU DJHQFHFLYLOH27$1GXWHPSVGHJXHUUH$&2*
86$ 1&:0 1DWLRQDO&RQIHUHQFHRQ:HLJKWVDQG
1&6(; QDYDOFRQWURORIVKLSSLQJH[HUFLVH>REVROHWH 0HDVXUHV86$
UHSODFHGE\1&$*6(;@ 1' 1DWLRQDO'HEW
H[HUFLFHGHFRQWU{OHQDYDOGHODQDYLJDWLRQFRP 1'1' 1DY\'HSDUWPHQW86$
PHUFLDOH>REVROqWHUHPSODFpSDU1&$*6(;@ 1G7KHFKHPLFDOV\PEROIRU1HRG\PLXP
1&6/ 1DWLRQDO&RQIHUHQFHRI6WDQGDUGV 1HRG\PLXPLVDPHWDOOLFHOHPHQWKDYLQJWKH
/DERUDWRULHV DWRPLFQXPEHUDQDWRPLFZHLJKWRIDQG
%RXOGHU&RORUDGR86$ DPHOWLQJSRLQWRI$&1HRG\PLXPLVXVHG
1&6/2QDYDOFRQWURORIVKLSSLQJOLDLVRQRIILFHU PDLQO\LQDOOR\VDQGHOHFWURQLFV
>REVROHWHUHSODFHGE\1&$*6/2@ &KHPLVWU\6\PEROV
RIILFLHUGHODLVRQGXFRQWU{OHQDYDOGHODQDYLJD 1' 1HW'HEW1HZ'HDO
WLRQFRPPHUFLDOH>REVROqWHUHPSODFpSDU 1' 1RELOGRQQD
1&$*6/2@ ,WDOLDQLQLWLDOLVPPHDQLQJ1REOHZRPDQ
1&61 1RUWKHUQ&DOLIRUQLD6HLVPLF1HWZRUN 1' QG QRGDWHQRWGDWHG
(DUWK 3ODQHWDU\6FLHQFH*HRORJ\6HLVPRORJ\ 1' DEEU1RUWK'DNRWD86$
1&62 QDYDOFRQWURORIVKLSSLQJRIILFHU>REVROHWH@ $OVR1'DN
RIILFLHUGXFRQWU{OHQDYDOGHODQDYLJDWLRQFRP 1'$ 1DSKWKDOHQH'LFDUER[DOGHK\GH
PHUFLDOH>REVROqWH@ 1'$1'$1DWLRQDO'HQWDO$VVRFLDWLRQ86$
1&625* 1DYDO&RQWURORI6KLSSLQJ2UJDQL]DWLRQ 1'$ 1HZ'UXJ$SSOLFDWLRQ
>REVROHWHUHSODFHGE\1&$*625*@ 1'$ 1RQGHVWUXFWLYH$VVD\
2UJDQLVDWLRQGXFRQWU{OHQDYDOGHODQDYLJDWLRQ 7KH1'$ LVDPHWKRGXVHGWRGHWHUPLQHEXUQXS
FRPPHUFLDOH>REVROqWHUHPSODFpSDU DQGILVVLOHFRQWHQWRILUUDGLDWHGQXFOHDUIXHOV
1&$*625*@ 1G$ 1RWDGHOO·$XWRUH1RWHGHO
$XWHXU
1&65& QDYDOFRQWURORIVKLSSLQJUHJLRQDOFRP ,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ$XWKRU·V
PDQGHU>REVROHWH@ 1RWH
FRPPDQGDQWUpJLRQDOGXFRQWU{OHQDYDOGHODQDYL 1'$& 1XFOHDU'HIHQFH$IIDLUV&RPPLWWHH
JDWLRQFRPPHUFLDOH>REVROqWH@ &RPLWpGHVTXHVWLRQVGHGpIHQVHQXFOpDLUH
1&68 1RUWK&DUROLQD6WDWH8QLYHUVLW\86$ 1'$* 1$72'DWD$GPLQLVWUDWLRQ*URXS
1&7 1DWLRQDO&HQWHUIRU7R[LFRJHQRPLFV86$ *URXSHSRXUO·DGPLQLVWUDWLRQGHVGRQQpHVGH
1&7 1RQ&RPSHWLWLYH7HQGHUV O·27$1
%XVLQHVV&RPPHUFH 1'DN 1RUWK'DNRWD86$
1&7 1XRYR&DWDVWR7HUULWRULDOH,WDO\ $OVR1'
1( 1HXWURSKLO(ODVWDVH $OVR1(
1( 1( 1HZ(GLWLRQ 1(% 1HZ(QJODQG%LRODEV86$
1( 1HZ(QJODQG 1(% 1RLVH(TXLYDOHQW%DQGZLGWK
1( 1R(IIHFWV &RPPXQLFDWLRQV
1(1RUG(VW 1(% 1RUWK(TXDWRULDO%HOW
PHDQLQJ1RUWK(DVWLQ,WDOLDQ 1(% 1XFOHDU(QYHORSH%UHDNGRZQ
1( 1RUHSLQHSKULQH $OVR1(%'
1RUHSLQHSKULQHLVDOVRNQRZQDV1RUDGUHQDOLQH (PEU\RORJ\0LFURWXEXOH3RO\PHUL]DWLRQ1XFOHDU
(QGRFULQRORJ\ 7UDIILFNLQJ
1( QRWHQWHUHG 1(%V 1HXURHSLWKHOLDO%RGLHV
1( QRWHTXDO 1(%WHFKQLTXH 1XGJHG(ODVWLF%DQGWHFKQLTXH
QH QRWH[FHHGLQJ &KHPLVWU\*HRFKHPLVWU\3K\VLFV
1( 1XFOHDU(QYHORSH 1(& 1DWLRQDO(FRQRPLF&RXQFLO*%
&\WRPHJDORYLUXV(OHFWURQ0LFURVFRS\ 1(& 1DWLRQDO(OHFWULFDO&RGH
1($ 1DSROL(XURSD$IULFD1DSOHV,WDO\ 1(& 1DWLRQDO(QWHUSULVHV&RUSRUDWLRQ*%
,WDOLDQ2UJDQL]DWLRQ 1(& 1RUWK(TXDWRULDO&XUUHQW
1($ 1DWLRQDO(QGRZPHQWIRUWKH$UWV86$ 1(& 1RUWKHUQ(XURSHDQ&RPPDQG>REVROHWH@
1($ 1HDU(DUWK$VWHURLG &RPPDQGHPHQWGX1RUG(XURSH>REVROqWH@
$VWURQRP\3ODQHWDU\6FLHQFH3K\VLFV 1(& 1XFOHDU(QHUJ\&HQWHU
1($)& 1RUWK(DVW$WODQWLF)LVKHULHV&RPPLVVLRQ 1(& 1XFOHDU(QHUJ\&RPPLVVLRQ
1($ PDWHULDO1HJDWLYH(OHFWURQ$IILQLW\PDWHULDO 1(& 1XFOHL(FRORJLFL&DUDELQLHUL,WDO\
(OHFWURQLFV 1(& 1XOO(QHUJ\&RQGLWLRQ
1($&3 1DWLRQDO(PHUJHQF\$LUERUQH&RPPDQG 3K\VLFV
3RVW86$ 1(&% 1$72([HUFLVH&RRUGLQDWLRQ%RDUG
2UGQDQFH &RPPLVVLRQGHFRRUGLQDWLRQGHVH[HUFLFHVGH
1($3$&&3URMHFW 1RUWK(DVW$WODQWLF O·27$1
3DOHRFHDQRJUDSK\DQG&OLPDWH&KDQJH3URMHFW 1(&& 1RUWK(TXDWRULDO&RXQWHUFXUUHQW
(DUWK6FLHQFHV*HRFKHPLVWU\*HRSK\VLFV 2FHDQRJUDSK\
*OREDO%LRJHRFKHPLVWU\ 1(&+,1RUWKHDVWHUQ&RQVRUWLXPRI+HDOWK
1($3 SUREH 1HDU(DUWK$VWHURLG3URVSHFWRUSUREH ,QIRUPDWLRQ
1($3 ZDVEXLOWLQDQGODXQFKHGLQPLG 1(&23 SURJUDP 1XWULHQW(QKDQFHG&RDVWDO
2FHDQ3URGXFWLYLW\SURJUDP
$VWHURLGV&KHPLVWU\*HRORJ\3ODQHWDU\6FLHQFH 1(&V 1HXURHSLWKHOLDO&HOOV
1($5VSDFHFUDIW 1HDU(DUWK$VWHURLG5HQGH]YRXV 1(' 1$72HIIHFWLYHGDWD
VSDFHFUDIW1$6$·V GDWHG·HQWUpHHQYLJXHXU27$1
1($5UHWXUQHGWR(DUWKLQWZR\HDUVDIWHU 1('1R(YLGHQFHRI'LVHDVH
LWVODXQFK2QWKHUG -DQXDU\1($5ZDV 1('% 1$72(PLWWHU'DWDEDVH
SXWLQWRDWUDMHFWRU\WKDWIORDWLWEDFNWRDVWHURLG EDVHGHGRQQpHV27$1VXUOHVpPHWWHXUV
(URVRQWK )HEUXDU\ 1('& 1DWLRQDO(FRQRPLF'HYHORSPHQW&RXQFLO
3ODQHWDU\6FLHQFH *%
1($V 1HDU(DUWK$VWHURLGV 1('+1HZ(QJODQG'HDFRQHVV+RVSLWDO
$VWURQRP\(DUWK$WPRVSKHULFDQG3ODQHWDU\ 1('2 1HZ(QHUJ\DQGLQGXVWULDOWHFKQRORJ\
6FLHQFHV3K\VLFV 'HYHORSPHQW2UJDQL]DWLRQ7RN\R-DSDQ
)RUIXUWKHUGHWDLOVVHHXQGHU/,1($5SURMHFW 1('3 %,6&1$72([HUFLVH'LUHFWLYHDQG
1($7 1DWLRQDO(OHFWURQLF$XWRFRGLQJ7HFKQLTXH 3URJUDPPH
1($7 1RQH[HUFLVH$FWLYLW\7KHUPRJHQHVLV 'LUHFWLYHSURJUDPPHGHVH[HUFLFHVGHO·27$1
%LRFKHPLVWU\(QGRFULQRORJ\+XPDQ3K\VLRORJ\ GHV6&
0HGLFLQH0ROHFXODU%LRORJ\ 1(( 1HW(FRV\VWHP([FKDQJH
1($7 V\VWHP 1HDU(DUWK$VWHURLG7UDFNLQJV\VWHP 1((7 1XFOHDU([FLWDWLRQE\(OHFWURQ7UDQVLWLRQ
1$6$·V 3K\VLFV
3ODQHWDU\6FLHQFH6RODU6DWHOOLWHV 1() 1DWLRQDO(QHUJ\)RXQGDWLRQ*%
1(% 1DWLRQDO(QWHUSULVH%RDUG 1() 1HZ(FRQRPLFV)RXQGDWLRQ*%
1HE DEEU1HEUDVND86$ 1()$ 1RQHVWHULILHG)DWW\$FLGV
0HGLFLQH 1(/61DWLRQDO(GXFDWLRQDO/RQJLWXGLQDO6WXG\
1()0$ 1$72(XURSHDQ)LJKWHU$LUFUDIW 86$
'HYHORSPHQW3URGXFWLRQDQG/RJLVWLF 1(01(WK\OPDOHLPLGH
0DQDJHPHQW$JHQF\>REVROHWHUHSODFHGE\ 1(0$ 1DWLRQDO(OHFWULFDO0DQXIDFWXUHUV
1(70$@ $VVRFLDWLRQ86$
$JHQFHGHJHVWLRQ27$1SRXUOHGpYHORSSHPHQW 1(0' 1RQHTXLOLEULXP0ROHFXODU'\QDPLFV
ODSURGXFWLRQHWODORJLVWLTXHGHO·DYLRQGHFRPEDW 3K\VLFV6KRFN:DYHV
HXURSpHQ>REVROqWHUHPSODFpHSDUOD1(70$@ 1H02 1HZ0LOOHQLXP2EVHUYDWRU\
1()02 1$72(XURSHDQ)LJKWHU$LUFUDIW 0DULQH6FLHQFH2FHDQRJUDSK\
'HYHORSPHQW3URGXFWLRQDQG/RJLVWLF 1(QJ1RUWKHUQ(QJODQG
0DQDJHPHQW2UJDQL]DWLRQ 1(2 1HDU(DUWK2UELW
2UJDQLVDWLRQGHJHVWLRQ27$1SRXUOHGpYHORSSH 1(2 QRQFRPEDWDQWHYDFXDWLRQRSHUDWLRQ
PHQWODSURGXFWLRQHWODORJLVWLTXHGHO·DYLRQGH RSpUDWLRQG·pYDOXDWLRQGHQRQFRPEDWWDQWV
FRPEDWHXURSpHQ QpROQpRORJLVPH
1(* 1XPHULFDO([SHULPHQWDWLRQ*URXS )UHQFKDEEUHYLDWLRQPHDQLQJQHRORJLVP
QHJE DEEUQHJRWLDEOH /LQJXLVWLFV
1HJ,QVW DEEU1HJRWLDEOH,QVWUXPHQW 1(21 1DWLRQDO(FRORJLFDO2EVHUYDWRU\1HWZRUN
%XVLQHVV(FRQRPLFV)LQDQFH 86$
1(, 1DWLRQDO(\H,QVWLWXWH86$ 1(21VWDWLRQVDUHHTXLSSHGZLWKVHQVRUDUUD\V
(VWDEOLVKHGLQWKH1(,SDUWRIWKH1,+LV JHQHVHTXHQFHUVDQGFRPSXWLQJSRZHUIRUSHWDV
WKH86*RYHUQPHQW·VSULQFLSDODJHQF\IRUFRQ FDOHGDWDEDVHV
GXFWLQJDQGVXSSRUWLQJYLVLRQUHVHDUFK7KH1(, (QYLURQPHQWDO6FLHQFH
FRQGXFWVUHVHDUFKLQWKHRZQODERUDWRU\DQGFOLQL 1(28&20 1RUWKHDVWHUQ2KLR8QLYHUVLWLHV
FDOIDFLOLWLHVORFDWHGRQWKH1,+FDPSXVLQ &ROOHJH2I0HGLFLQH86$
%HWKHVGD0DU\ODQGDQGVXSSRUWVH[WUDPXUDO 1(3 1DWLRQDO(QHUJ\3URJUDPPH&DQDGD
UHVHDUFKDWXQLYHUVLWLHVPHGLFDOVFKRROVKRVSLWDOV 1(3 1HW(FRV\VWHP3URGXFWLRQ
DQGRWKHULQVWLWXWLRQVWKURXJKRXWWKH8QLWHG6WDWHV (FRORJ\
DQGDEURDG0DMRU1(,SURJUDPDUHDVLQFOXGHWKH 1(3 QRLVHHTXLYDOHQWSRZHU
UHWLQDWKHFRUQHDFDWDUDFWJODXFRPDDQGVWUD 1(3$ 1DWLRQDO(QYLURQPHQWDO3ROLF\$FW
ELVPXVDPEO\RSLDDQGYLVXDOSURFHVVLQJDQG $GYHQW
YLVXDOLPSDLUPHQWDQGLWVUHKDELOLWDWLRQ 86$FWV
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ 1(3$ 1XFOHDU(QHUJ\3URSXOVLRQ$LUFUDIW
1(, 1HGHUODQGV(FRQRPLVFK,QVWLWXXW7KH 1(3+*( 1RQHTXLOLEULXPS+*UDGLHQW
1HWKHUODQGV (OHFWURSKRUHVLV
'XWFK,QVWLWXWHV &HOO%LRORJ\DQG$QDWRP\0HGLFLQH
QHL 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ 1(3% 1$72([HUFLVH3ROLF\%RDUG
XVLQJWKH,WDOLDQZRUGQHLZKLFKPHDQVEHDXW\ &RPPLVVLRQVXUOHVRULHQWDWLRQVGHVH[HUFLFHVGH
VSRWVELUWKPDUNV O·27$1
1(,& 1DWLRQDO(DUWKTXDNH,QIRUPDWLRQ&HQWHU 1(36 1RUWK(XURSHDQ3LSHOLQH6\VWHP
86$ UpVHDXGHSLSHOLQHVGX1RUG(XURSH
1(,6 1DWLRQDO(DUWKTXDNH,QIRUPDWLRQ6HUYLFH 1(4 QHWH[SORVLYHTXDQWLW\
86$ SRLGVRXTXDQWLWpQHWWHG·H[SORVLIV
1(-01HZ(QJODQG-RXUQDORI0HGLFLQH86$ 1(5& 1DWLRQDO(FRORJ\5HVHDUFK&HQWHU86$
1(/ 1DWLRQDO(QJLQHHULQJ/DERUDWRU\*% 1(5& 1DWLRQDO(QYLURQPHQWDO5HVHDUFK&RXQFLO
1(/ 1R(IIHFW/HYHO *%
1(/$ 1DWLRQDO(OHFWULF/LJKW$VVRFLDWLRQ86$ 6ZLQGRQEDVHG1(5&LVRQHRIILYHUHVHDUFK
1(/$ 1HZ(QJODQG/LEUDU\$VVRFLDWLRQ86$ FRXQFLOVIXQGHGE\WKH'HSDUWPHQWRI(GXFDWLRQ
1(/,$&1DY\(OHFWURQLFV/DERUDWRU\,QWHUQDWLRQDO DQG6FLHQFH
$OJRO&RPSLOHU )RUIXUWKHUGHWDLOVVHHXQGHU&(+ DQG&2$3(&
&RPSXWHU3URJUDPPLQJ 1(5& 1RUWKHUQ$PHULFDQ(OHFWULF5HOLDELOLW\
1(/,1(7 1HZ(QJODQG/,EUDU\1(7ZRUN &RXQFLO
1(//&21HZ(QJODQG/DZ/LEUDU\&2QVRUWLXP 1(5, 1DWLRQDO(QYLURQPHQWDO5HVHDUFK,QVWLWXWHV
'HQPDUN
$XWRULWpFHQWUDOHG·H[SORLWDWLRQGX1,&6>REVROqWH DOOVHULRXVO\DIIHFWWKHTXDOLW\RIOLIHRIWKRVHZKR
YRLU1$&26$@ KDYHWKHP
1,&62&2 1,&62SHUDWLQJDQG&RQWURO 1,''0 1RQ,QVXOLQ'HSHQGHQW'LDEHWHV0HOOLWXV
2UJDQL]DWLRQ>REVROHWHVHH2&2@ 1LGLO 1XRYHLGHQWLWjGL ODYRUR,WDO\
2UJDQLVDWLRQGHFRQWU{OHGHO·H[SORLWDWLRQGX1,&6 ,WDOLDQDFURQ\PPHDQLQJ1HZ:RUNLGHQWLWLHV
>REVROqWHYRLU2&2@ 1,'5 1DWLRQDO,QVWLWXWHRI'HQWDO5HVHDUFK
1,&62, 1,&6RSHUDWLQJLQVWUXFWLRQ 86$
LQVWUXFWLRQVG·H[SORLWDWLRQGX1,&6 )RUIXUWKHUGHWDLOVVHHXQGHU1,'&5
1,' QDYDOLQIDQWU\GLYLVLRQ 1,'6 1$72LQWHJUDWHGGDWDVHUYLFH
GLYLVLRQG·LQIDQWHULHGHPDULQH VHUYLFHLQWpJUpGHGRQQpHVGHO·27$1
1,' 1H[W,'HQWLILHU 1,'76 1$72LQLWLDOGDWDFRPPRQXVHUWUDQVIHU
1,' 15,QWHUDFWLQJ'RPDLQ V\VWHP
)RUIXUWKHUGHWDLOVVHHXQGHU15 V\VWqPHLQLWLDOGHWUDQVIHUWGHGRQQpHVjXVDJH
1,'$ 1DWLRQDO,QVWLWXWHRQ'UXJ$EXVH86$ FRPPXQGHO·27$1
(VWDEOLVKHGLQWKH1,'$ OHDGVWKHQDWLRQLQ 1,( 1DWLRQDO,QVWLWXWHIRUWKH(QYLURQPHQW
EULQJLQJWKHSRZHURIVFLHQFHWREHDURQGUXJ 1,(7KH1HWKHUODQGV,QVWLWXWHRI(FRORJ\
DEXVHDQGDGGLFWLRQWKURXJKVXSSRUWDQGFRQGXFW 1,(ZDVIRXQGHGLQE\WKH5R\DO
RIUHVHDUFKDFURVVDEURDGUDQJHRIGLVFLSOLQHVDQG 1HWKHUODQGV$FDGHP\RI$UWVDQG6FLHQFHV1,(
UDSLGDQGHIIHFWLYHGLVVHPLQDWLRQRIUHVXOWVRIWKDW XQLWHVWKUHH$FDGHP\,QVWLWXWHV
UHVHDUFKWRLPSURYHGUXJDEXVHDQGDGGLFWLRQSUH 1,(+6 1DWLRQDO,QVWLWXWHRI(QYLURQPHQWDO+HDOWK
YHQWLRQWUHDWPHQWDQGSROLF\ 6FLHQFHV86$
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ (VWDEOLVKHGLQWKH1,(+6UHGXFHVWKHEXU
1,'&' 1DWLRQDO,QVWLWXWHRI'HDIQHVVDQG2WKHU GHQRIKXPDQLOOQHVVDQGG\VIXQFWLRQIURPHQYL
&RPPXQLFDWLRQ'LVRUGHUV86$ URQPHQWDOFDXVHVE\GHILQLQJKRZHQYLURQPHQWDO
(VWDEOLVKHGLQWKH1,'&'FRQGXFWVDQG H[SRVXUHVJHQHWLFVXVFHSWLELOLW\DQGDJHLQWHUDFW
VXSSRUWVELRPHGLFDOUHVHDUFK DQGUHVHDUFKWUDLQLQJ WRDIIHFWDQLQGLYLGXDO·VKHDOWK1,(+6FRQGXFWV
RQQRUPDOPHFKDQLVPVDVZHOODVGLVHDVHVDQG DQGDGPLQLVWHUVUHVHDUFKSURJUDPV
GLVRUGHUVRIKHDULQJEDODQFHVPHOOWDVWHYRLFH 1,(65 1DWLRQDO,QVWLWXWHRI(FRQRPLFDQG6RFLDO
VSHHFK DQGODQJXDJH WKDWDIIHFWPLOOLRQ 5HVHDUFK*%
$PHULFDQV 1,) 1DWLRQDO,JQLWLRQ)DFLOLW\86$
1,'&5 1DWLRQDO,QVWLWXWHRI'HQWDODQG 1,) 1DWLRQDO,VODPLF)URQW6XGDQ
&UDQLRIDFLDO5HVHDUFK86$ 1,) 1$72LQWHURSHUDELOLW\IUDPHZRUN
7KH1,'&5IRUPHUO\1,'5ZDVHVWDEOLVKHGLQ FDGUHG·LQWHURSpUDELOLWp27$1
WRSURPRWHWKHJHQHUDOKHDOWKRIWKH 1,) 1RLVH,PSURYHPHQW)DFWRU
$PHULFDQSHRSOHE\LPSURYLQJWKHLURUDOGHQWDO 1,)LVDOVRNQRZQDV,PSURYHPHQW)DFWRU
DQGFUDQLRIDFLDOKHDOWK7KURXJKWKHFRQGXFWDQG 6LJQDOWR1RLVH,PSURYHPHQW)DFWRU
VXSSRUWRIUHVHDUFKDQGWKHWUDLQLQJRIUHVHDUFKHUV 7HOHFRPPXQFDWLRQV
WKH1,'&5DLPVWRSURPRWHKHDOWKSUHYHQWGLV 1,) 1RWH,VVXDQFH)DFLOLW\
HDVHVDQGFRQGLWLRQVDQGGHYHORSQHZGLDJQRVWLFV %DQNLQJ%XVLQHVV(FRQRPLFV)LQDQFH
DQGWKHUDSHXWLFV1,'&5GLVWULEXWHVSURIHVVLRQDO 1,)2 1H[W,Q)LUVW2XW
DQGFRQVXPHUHGXFDWLRQPDWHULDOVIUHHRIFKDUJH 1,)6 1$72,QWHJUDWHG)LQDQFLDO6\VWHP>REVROHWH
ZKLFKFRYHUDYDULHW\RIVXEMHFWVDERXWRUDOKHDOWK UHSODFHGE\1$)6@
1,'' 1RQ,QVXOLQ'HSHQGHQW'LDEHWHV V\VWqPHILQDQFLHULQWpJUpGHO·27$1>REVROqWH
1,''. 1DWLRQDO,QVWLWXWHRI'LDEHWHVDQG UHPSODFpSDUOH1$)6@
'LJHVWLYHDQG.LGQH\'LVHDVHV 1,)V1RW,Q)LOHV
%HWKHVGD0'86$ 1LIV\VWHP 1LWURJHQIL[LQJV\VWHP
(VWDEOLVKHGLQWKH1,''.FRQGXFWVDQG %LRFKHPLVWU\
VXSSRUWVEDVLFDQGDSSOLHGUHVHDUFKDQGSURYLGHV 1,)7, 1$72LQWHURSHUDELOLW\IUDPHZRUNWHFKQLFDO
OHDGHUVKLSIRUDQDWLRQDOSURJUDPLQGLDEHWHV LQIUDVWUXFWXUH
HQGRFULQRORJ\DQGPHWDEROLFGLVHDVHVGLJHVWLYH LQIUDVWUXFWXUHWHFKQLTXHGXFDGUHG·LQWHURSpUDELOLWp
GLVHDVHV DQGQXWULWLRQDQGNLGQH\XURORJLF DQG 27$1
KHPDWRORJLFGLVHDVHV6HYHUDORIWKHVHGLVHDVHVDUH 1,* 1&1,961JDWHZD\
DPRQJWKHOHDGLQJFDXVHVRIGLVDELOLW\DQGGHDWK SDVVHUHOOH1&1,961
SRVWGRFWRUDOOHYHOWKLVUHVHDUFKWUDLQLQJLVUHVWULFW 1$72,QWHUQDWLRQDO6WDII
HGWRQXUVHVDQGWRFLWL]HQVRIWKH86DQGFHUWDLQ 6HFUpWDULDWLQWHUQDWLRQDOGHO·27$1
86WHUULWRULHV$GGLWLRQDOO\1,15SURYLGHV 1,6 1HZO\,QGHSHQGHQW6WDWHV
FDUHHUGHYHORSPHQWDZDUGVWRSURYLGHGRFWRUDOO\ 1,6$7 1DYLJDWLRQ,QIRUPDWLRQ6\VWHPLQ
SUHSDUHGQXUVHVZLWKDGGLWLRQDOVNLOOVWKH\QHHGDV $GYDQFHG7HFKQRORJ\
DUHVHDUFKHU1,15VXSSRUWVDERXWFHQWHUV 1,6&2 1$72,GHQWLILFDWLRQ6\VWHP&RRUGLQDWLRQ
DFURVVWKH86$ZKLFKIRFXVRQUHGXFLQJKHDOWK 2IILFH
GLVSDULWLHVRQYXOQHUDEOHSRSXODWLRQVWKHVHFHQ %XUHDXGHFRRUGLQDWLRQGXV\VWqPHG·LGHQWLILFD
WHUVVHUYHWRVWLPXODWHUHVHDUFKFDSDELOLW\ LQWKHLU WLRQGHO·27$1
KRVWVFKRROVRIQXUVLQJ 1,6*57 1$72,QWHU6WDII*URXSRQ
1,15 1RUZHJLDQ,QVWLWXWHIRU1DWXUH5HVHDUFK 5HLQIRUFHPHQWDQG7UDQVSRUWDWLRQ
1L17$ 1,1LWULOORDFHWLF$FLG *URXSHPL[WH27$1VXUOHUHQIRUFHPHQWHWOHV
1,2) 1DWLRQDO,QVWLWXWHRI2FHDQRJUDSK\DQG WUDQVSRUWV
)LVKHULHV(J\SW 1,6. 1RUZHJLDQ)RUHVW5HVHDUFK,QVWLWXWH
1,205 1LJHULDQ,QVWLWXWHIRU2FHDQRJUDSK\DQG 1RUZD\
0DULQH5HVHDUFK 1,67 1DWLRQDO,QVWLWXWHIRU6WDQGDUGVDQG
1,26+ 1DWLRQDO,QVWLWXWHIRU2FFXSDWLRQDO6DIHW\ 7HFKQRORJ\
DQG+HDOWK86$ 1,67 ZDVIRUPHUO\NQRZQDVWKH1DWLRQDO%XUHDX
7KH861,26+FRQGXFWVUHVHDUFKRQKHDOWK RI6WDQGDUGV
HIIHFWVDVVRFLDWHGZLWKWKHFRDOFRQYHUVLRQWHFK 86VWDQGDUGV,VVXLQJ2UJDQL]DWLRQV
QRORJ\ 1,67(3 1DWLRQDO,QVWLWXWHRI6FLHQFHDQG
1,2= 1HWKHUODQGV,QVWLWXWHIRU6HD5HVHDUFK 7(FKQRORJ\3ROLF\86$
1,3 1$'*(LPSURYHPHQWSODQ 1,7 1HJDWLYH,QFRPH7D[
SODQG·DPpOLRUDWLRQGX1$'*( 1,7 1HZ,QYHVWPHQW7HFKQRORJ\
1,31)$7 ,QWHUDFWLQJ3URWHLQ %XVLQHVV(FRQRPLFV)LQDQFH
)RUIXUWKHUGHWDLOVVHHXQGHU1)$7 1,7' 7KH1RYDUWLV,QVWLWXWHIRU7URSLFDO'LVHDVHV
1,3' 1$72LQWHURSHUDELOLW\SODQQLQJGRFXPHQW 3ULYDWHQRQSURILWLQVWLWXWHVHWXSE\6ZLVV
GRFXPHQW27$1GHSODQLILFDWLRQGHO·LQWHURSpUD 1RYDUWLVZLWKVXSSRUWIURPWKH6LQJDSRUH
ELOLWp *RYHUQPHQW,WZLOOEHLQWHPSRUDU\TXDUWHUVXQWLO
1,35 1HZ,GHDVLQ3ROOXWLRQ5HJXODWLRQ2IWKH $SULODQGWKHQZLOOPRYHWRDQHZEXLOGLQJ
:RUOG%DQN LQ%LRSROLV
1,36 1DWLRQDO,QVWLWXWHIRU3K\VLRORJLFDO6FLHQFHV 'HQJXH0XOWLGUXJUHVLVWDQWWXEHUFXORVLV/LIH
-DSDQ 6FLHQFHV
1,5 1XFOHDU,QVWDOODWLRQV5HJXODWLRQV 1L7H 0HORQLWH
1,5( 1DWLRQDO,QVWLWXWHIRU5HVRXUFHVDQG 0LQHUDORJ\
(QYLURQPHQW-DSDQ 1,7(& 1DWLRQDO,QIRUPDWLRQ7HFKQRORJ\LQ
1,5,7 1HWZRUN,QIRUPDWLRQ5HWULHYDO,WDO\ (GXFDWLRQ&HQWUH
0HHWLQJKHOGLQ0LODQRQWKVW 0DUFK ,ULVK&HQWHUV
1,5/$% 1RQ,RQL]LQJ5DGLDWLRQ/$%RUDWRU\ 1,7(/ DEEU1,JHULDQ7(/HFRPPXQLFDWLRQV
1,516 1,516 1DWLRQDO,QVWLWXWHIRU5HVHDUFK /LPLWHG
LQ1XFOHDU6FLHQFH*% 1,9$ 1RUZHJLDQ,QVWLWXWHIRU:DWHU5HVHDUFK
1,5UDGLDWLRQ 1HDU,QIUDUHGUDGLDWLRQ 1,:$ 1DPLELDQ,QIRUPDWLRQ:RUNHUV$VVRFLDWLRQ
(OHFWURPDJQHWLVP 1,:$ 1DWLRQDO,QVWLWXWHRI:DWHUDQG$WPRVSKHULF
1,56 1DWLRQDO,QVWLWXWHRI5DGLRORJLFDO6FLHQFHV 5HVHDUFK1HZ=HDODQG
-DSDQ 1,:,3 1$72LQWHJUDWHGZDUQLQJLPSURYHPHQW
-DSDQ
V+,0$&EHJDQRSHUDWLQJDW1,56LQ SURJUDPPH
&DQFHU7KHUDSLHV5DGLDWLRQ2QFRORJ\ SURJUDPPH27$1LQWpJUpSRXUO·DPpOLRUDWLRQGH
)RUIXUWKHUGHWDLOVVHHXQGHU+,0$& O·DOHUWH
1,6 1DYDO,QYHVWLJDWLYH6HUYLFH86$ 1,:6 1$72LQWHOOLJHQFHZDUQLQJV\VWHP
1,6LVRQHRIWKH86'HSDUWPHQWRI'HIHQVH
V V\VWqPHG·DOHUWHGXUHQVHLJQHPHQWGHO·27$1
LQYHVWLJDWLYHRIILFHV 1- DEEU1HZ-HUVH\86$
1,6 1$72LGHQWLILFDWLRQV\VWHP 1-&(& 1$72-RLQW&RPPXQLFDWLRQVDQG
V\VWqPHG·LGHQWLILFDWLRQGHO·27$1 (OHFWURQLFV&RPPLWWHH
&RPLWpPL[WHGHVWpOpFRPPXQLFDWLRQVHWGHO·pOHF *HQHWLFV,GHQWLW\7HVWLQJ
WURQLTXHGHO·27$1 1//'% 1$72OHVVRQVOHDUQHGGDWDEDVH>KDV
1-)$ 1$72-RLQW)UHTXHQF\$JUHHPHQW UHSODFHG&5(0(@
$FFRUGPL[WH27$1VXUOHVIUpTXHQFHV EDVHGHGRQQpHV27$1VXUOHVHQVHLJQHPHQWV
1-,1HWZRUN-RE,QWHUIDFH WLUpV>UHPSODFH&5(0(@
1-,7 1HZ-HUVH\,QVWLWXWHRI7HFKQRORJ\ 1/01DWLRQDO/LEUDU\RI0HGLFLQH86$
7KH861-,7 ZDVIRXQGHGLQ,WLVDSXEOLF (VWDEOLVKHGLQWKH1/0FROOHFWVRUJDQL]HV
UHVHDUFKXQLYHUVLW\ DQGPDNHVDYDLODEOHELRPHGLFDOVFLHQFHLQIRUPD
$UFKLWHFWXUH&RPSXWLQJ(QJLQHHULQJ/LEHUDO WLRQ WRLQYHVWLJDWRUVHGXFDWRUVDQGSUDFWLWLRQHUV
$UWV0DQDJHPHQW0DWKHPDWLFV6FLHQFH DQGFDUULHVRXWSURJUDPVGHVLJQHGWRVWUHQJWKHQ
7HFKQRORJ\ PHGLFDOOLEUDU\VHUYLFHVLQWKH8QLWHG6WDWHV,WV
1-/$ 1HZ-HUVH\/LEUDU\$VVRFLDWLRQ86$ HOHFWURQLFGDWDEDVHVLQFOXGLQJ0('/,1(DQG
1-/11HZ-HUVH\/LEUDU\1HWZRUN86$ 0('/,1(SOXVDUHXVHGH[WHQVLYHO\WKURXJKRXW
1-3$& 1HZ-HUVH\3HUIRUPLQJ$UWV&HQWHU WKHZRUOGE\ERWKKHDOWKSURIHVVLRQDOVDQGWKH
86$ SXEOLF
1. 1HZ.H\QHVLDQ 1/2 QDWLRQDOOLDLVRQRIILFHU
(FRQRPLFV RIILFLHUGHOLDLVRQQDWLRQDO
1. 1HXUR.LQLQ QDYDOOLDLVRQRIILFHU
1.$71.$VVRFLDWHG7UDQVFULSW RIILFLHUGHOLDLVRQGHODPDULQH
,PPXQRORJ\ 1/2 1R/LPLW2UGHU
1.FHOOV1DWXUDO.LOOHUFHOOV %XVLQHVV&RPPHUFH
,PPXQRORJ\ 1/21RQOLQHDU2SWLFDO0DWHULDOV
1/ 7KH1HWKHUODQGV 0DWHULDOV 6FLHQFH
1/ 1HW/LTXLGLW\ 1/3 1DWXUDO/DQJXDJH3URFHVVLQJ
%DQNLQJ(FRQRPLFV)LQDQFH 1/3 XVHVFRPSXWDWLRQDOPHWKRGVWRGLVFHUQPHDQ
1/ 1HZ/LQHFKDUDFWHU LQJIURPDWH[W
1/ 1LJKW/HWWHU $UWLILFLDO,QWHOOLJHQFH,QIRUPDWLRQ0DQDJHPHQW
1/ 1R/RDG ,QIRUPDWLRQ5HWULHYDODQG'LVVHPLQDWLRQ
)XQGV 1/3$'VXPPDULHV 1DWXUDO/DQJXDJHSURFHVVLQJ
1/ 1RXYHOOH/XQH RI3$WLHQW'LVFKDUJHVXPPDULHV
)UHQFKLQLWLDOLVPPHDQLQJ1HZ0RRQ 1/4 1HDU/HWWHU4XDOLW\
$VWURQRP\ &RPSXWHU7HFKQRORJ\
1/$ 1DWLRQDO/LEUDULDQV$VVRFLDWLRQ 1/5 QDWLRQDOOLDLVRQUHSUHVHQWDWLYH
1/$ 1DY\/LEUDU\1HWZRUN UHSUpVHQWDQWGHOLDLVRQQDWLRQDO
1/$ 1HEUDVND/LEUDU\$VVRFLDWLRQ86$ 1/5% 1DWLRQDO/DERU5HODWLRQV%RDUG86$
1/$ 1HYDGD/LEUDU\$VVRFLDWLRQ86$ 1/61DWLRQDO/LEUDU\RI6FRWODQG
1/$ 1LJHULDQ/LEUDU\$VVRFLDWLRQ 1/61DWLRQDO/RQJLWXGLQDO6WXG\86$
1/& 1H[W/LQHDU&ROOLGHU (GXFDWLRQ
3DUWLFOH3K\VLFV 1/6 1XFOHDU/RFDOL]DWLRQ6HTXHQFH
1/&1RUWKHUQ/LEUDU\&ROORTXH 0ROHFXODU%LRORJ\
1/&& QDWLRQDOORJLVWLFVFRRUGLQDWLRQFHOO 1/6 1XFOHDU/RFDOL]DWLRQ6LJQDO
FHOOXOHQDWLRQDOHGHFRRUGLQDWLRQORJLVWLTXH %LRORJ\%LRSK\VLFV0HGLFLQH1XFOHDU
1/&V1HPDWLF/LTXLG&U\VWDOV 7UDQVSRUW3K\VLRORJ\%LRFKHPLVWU\3ODQW
$SSOLHG3K\VLFV (PEU\RQLF 6FLHQFH %LRORJ\
0DFURPROHFXOHV 1/6& 1DWLRQDO/RJLVWLFV6XSSO\&HQWHU
1/' 1DWLRQDO/HDJXHIRU'HPRFUDF\%XUPD 2IWKH8612$$
1/* 1HWKHUODQGV'XWFK*XLOGHU )RUIXUWKHUGHWDLOVVHHXQGHU12$$
1RZ(852(858%HFDPH(&8(XURSHDQ 1/6& QDWLRQDOORJLVWLFVVXSSRUWFRPPDQG
VLQJOHFXUUHQF\ZLWKHIIHFWIURP-DQXDU\ FRPPDQGHPHQWQDWLRQDOGXVRXWLHQORJLVWLTXH
&XUUHQFLHV 1/6V 1XFOHDU/RFDOL]DWLRQ6LJQDOV
1/*, 1DWLRQDO/XEULILFDWLRQ*UHDVH,QVWLWXWH )RUIXUWKHUGHWDLOVVHHXQGHU1/6
86$ 1/667 1RQOLQHDU6HD6XUIDFH7HPSHUDWXUH
1// 1DWLRQDO/HJDO/DERUDWRULHV,QF86$ 1/7 1$72OLDLVRQWHDP
pTXLSHGHOLDLVRQGHO·27$1 0&&,6GHO·27$1
1/7 1DWXUDO/DQJXDJH7HFKQRORJ\ 10FHOOV 1RQPLJUDWLQJFHOOV
1/7 1RW/DWHU7KDQ &HOO%LRORJ\,PPXQRORJ\0HGLFLQH
1/7 1RW/HVV7KDQ 10'$ 10HWK\O'$VSDUWDWH
%XVLQHVV&RPPHUFH)LQDQFH 10'$5V 10HWK\O'$VSDUWDWH5HFHSWRUV
1/: QRQOHWKDOZHDSRQ 0HGLFLQH0ROHFXODU*HQHWLFV&HOOXODUDQG
DUPHQRQOpWDOH$1/ 0ROHFXODU3KDUPDFRORJ\
10 1DUURZ0DUNHW 10',6 1DWLRQDO0DULQH'DWDDQG,QIRUPDWLRQ
10QP 1DXWLFDO0LOH 6HUYLFH&KLQD
7KH,QWHUQDWLRQDOQDXWLFDOPLOHLVHTXDOWR 10'SURFHVV 1RQVHQVH0HGLDWHG'HFD\SURFHVV
IHHWHTXLYDOHQWWRPHWHUV )RUIXUWKHUGHWDLOVVHHXQGHU37&V
0HWURORJ\ 10'V\VWHP 1DWLRQDO0LVVLOH'HIHQFH6\VWHP
1P QDYHDPRWRUH 86$
10 DEEU1HZ0H[LFR86$ 10'= 1$72PDULWLPHGHIHQFH]RQH
$OVR10H[ ]RQHGHGpIHQVHPDULWLPHGHO·27$1
101HZ0RRQQHZPRRQ 10()& 1DWLRQDO0DULQH(QYLURQPHQWDO
$VWURQRP\ )RUHFDVWLQJ&HQWHU&KLQD
101P 1HZWRQPHWHU 10H[ 1HZ0H[LFR
1DPHGIRUWKH(QJOLVKDVWURQRPHUPDWKHPDWLFLDQ $OVR10
DQGSK\VLFLVW6LU,VDDF1HZWRQ 10) 1RQ0HPEHU)LUP
10 1LFWLWDWLQJ0HPEUDQH %XVLQHVV&RPPHUFH)LQDQFH
9HUWHEUDWH=RRORJ\ 10)6 1DWLRQDO0DULQH)LVKHULHV6HUYLFH
10QP 1R0DUN 7KH10)6ZDVIRUPHUO\NQRZQDV%&)
5HIHUULQJWRELOOVRIODGLQJ 2FHDQRJUDSK\
10 1XRYR0HUFDWR,WDO\ )RUIXUWKHUGHWDLOVVHHXQGHU%&)
,WDOLDQLQLWLDOLVPPHDQLQJ1HZ0DUNHW7KH 10+& 1RQPHWKDQH+\GURFDUERQ
,WDOLDQ1HZ0DUNHWZDVODXQFKHGLQ0D\ 1PL 1XRYRPHUFDWRLWDOLDQR,WDO\
DQGEHFDPHRSHUDWLYHLQ-XQH 10,&& 1$72PDULWLPHLQWHOOLJHQFHFRRUGLQDWLRQ
%DQNLQJ)LQDQFH,QYHVWPHQWV FHQWUH
10$ QDWLRQDOPLOLWDU\DXWKRULW\ FHQWUHGHFRRUGLQDWLRQGXUHQVHLJQHPHQWPDULWLPH
DXWRULWpPLOLWDLUHQDWLRQDOH GHO·27$1
1$72PLOLWDU\DXWKRULW\ 10- 1HXURPXVFXODU-XQFWLRQ
DXWRULWpPLOLWDLUHGHO·27$1 10-V 1HXURPXVFXODU-XQFWLRQV
10$ 1DWLRQDO0LQLQJ$VVRFLDWLRQ86$ 10/7 QDWLRQDOPHGLFDOOLDLVRQWHDP
10$% 1DWLRQDO0DWHULDOV$GYLVRU\%RDUG pTXLSHGHOLDLVRQPpGLFDOHQDWLRQDOH
86$ 100$36 1DWLRQDO0RUELGLW\0RUWDOLW\DQG$LU
10$&V1HDU0LGDLU&ROOLVLRQV 3ROOXWLRQ6WXG\86$
10$) 1$72PXOWLQDWLRQDODUHDIRUFH (QYLURQPHQW$QDO\VLV3XEOLF+HDOWK
IRUFHPXOWLQDWLRQDOHGH]RQHGHO·27$1 10PHWDO 1RQ0DJQHWLFPHWDO
10% 1$72PLOLWDU\ERG\ &RUH5HVHDUFK1DQR(OHFWURQLFV5HVHDUFK
RUJDQLVPHPLOLWDLUHGHO·27$1 3K\VLFV
10& 1DWLRQDO0DULQH&HQWHU 100) 1$72PXOWLQDWLRQDOPDULWLPHIRUFH
10& 1DWLRQDO0HWHRURORJLFDO&HQWHU86$ IRUFHPDULWLPHPXOWLQDWLRQDOHGHO·27$1
10& 1$720DQXDORQ&RGLILFDWLRQ 1026 1$72PDULWLPHRSHUDWLRQVLQWHOOLJHQFHV\V
0DQXHO27$1GHFRGLILFDWLRQ WHP
1$720LOLWDU\&RPPLWWHH V\VWqPHGHUHQVHLJQHPHQWRSpUDWLRQQHOPDULWLPH
&RPLWpPLOLWDLUHGHO·27$1 GHO·27$1
10& 1HWZRUN0DQDJHPHQW&HQWHU 103 1RUWK0DJQHWLF3ROH
10& 1HWZRUN0HDVXUHPHQW&HQWHU 103$ 1$72PDULWLPHSDWURODLUFUDIW
&RPPXQLFDWLRQV DYLRQGHSDWURXLOOHPDULWLPHGHO·27$1
10&& QDWLRQDOPRYHPHQWFRRUGLQDWLRQFHQWUH 103,6 1DWLRQDO0DULQH3ROOXWLRQ,QIRUPDWLRQ
FHQWUHQDWLRQDOGHFRRUGLQDWLRQGHVPRXYHPHQWV 6\VWHPV86$
10&&,6 1$720&&,6
12 1RUZD\ %DQNLQJ
$OVR1 12)81 QR ILUVWXVHRIQXFOHDUZHDSRQV
12 1RYDUD,WDO\ QRQUHFRXUVHQSUHPLHUjO·DUPHQXFOpDLUH
12 1LWURJHQ3HQWR[LGH 12*2 1HJDWLYH2EVHUYDWLRQVLQ*HQHWLF
12DOVRNQRZQDV1LWULF$QK\GULGHLVXVHGLQ 2QFRORJ\
FKORURIRUPVROXWLRQ -RXUQDOV
,QRUJDQLF&KHPLVWU\ 12+' QRPLQDORFXODUKD]DUGGLVWDQFH
12 1R2UGHUV GLVWDQFHRFXODLUHFULWLTXHQRPLQDOH
%XVLQHVV&RPPHUFH 12, QRWLFHRILQWHQWLRQ
12 1RUPDOO\2SHQFRQWDFW DYLVG·LQWHQWLRQ
(OHFWULFLW\ 12,$ 1DWLRQDO2FHDQ,QGXVWULHV$VVRFLDWLRQ
1R DEEU1XPEHU 12,$ KDVUHSODFHG12$
12$ 1DWLRQDO2FHDQRJUDSK\$VVRFLDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU12$
12$ KDVEHHQUHSODFHGE\12,$ QRLD7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
)RUIXUWKHUGHWDLOVVHHXQGHU12,$ XVLQJWKH,WDOLDQZRUGQRLDZKLFKPHDQVDQQR\
12$ QRWLFHRIDYDLODELOLW\ DQFHERUHGRPERWKHUWHGLRXVQHVV
DYLVGHGLVSRQLELOLWp 12,& 1DWLRQDO2FHDQRJUDSKLF,QVWUXPHQWDO&HQWHU
12$ 1XFOHR2SHUDWLYR$OFRORJLD,WDO\ 12,6 1$72RSHUDWLRQDOLQWHURSHUDELOLW\VWDQGDUG
$OFRKROLVP QRUPH27$1G·LQWHURSpUDELOLWpRSpUDWLRQQHOOH
12$$ 1DWLRQDO2FHDQLFDQG$WPRVSKHULF 12. 1H[W2I.LQ
$GPLQLVWUDWLRQ86$ 12. 1RUZHJLDQ.URQH
1R$GY DEEU1R$GYLFH $OVR1.U
12$2 1DWLRQDO2SWLFDO$VWURQRP\2EVHUYDWRU\ 12/ 1HW2SHUDWLQJ/RVV
$VWURQRP\2SWLFDO(QJLQHHULQJ 12/01RQOLQHDU2SWLFDO/RRS0LUURU
)RUIXUWKHUGHWDLOVVHHXQGHU$85$ 0DWHULDOV 6FLHQFH
12$5/ 1DYDO2FHDQDQG$WPRVSKHUH5HVHDUFK 120$1 1776RSHUDWLRQDQGPDQDJHPHQWV\V
/DERUDWRU\86$ WHP
12% QDYDORUGHURIEDWWOH V\VWqPHG·H[SORLWDWLRQHWGHJHVWLRQGX1776
RUGUHGHEDWDLOOHQDYDO 120%2 QRQPLQHOLNHERWWRPREMHFW
12&1RF 1XFOHL2SHUDWLYLGL&RQWUROOR,WDO\ REMHWDXIRQGDW\SLTXHGHPLQH
12& 1HWZRUNDQG2SWLFDO&RPPXQLFDWLRQV 120( QRQPLQHOLNHHFKR
WK (XURSHDQ&RQIHUHQFHKHOG-XQHLQ pFKRDW\SLTXHGHPLQH
,SVZLFK*% 120(6 12XYHDX0RXYHPHQW(XURSpHQ6XLVVH
:'02SWLFDO6ZLWFKLQJ3KRWRQLF1HWZRUNV 6ZLW]HUODQG
12&/$ 1HJURV2&FLGHQWDO/LEUDU\$VVRFLDWLRQ )UHQFKDFURQ\PRIWKH1HZ(XURSHDQ6ZLVV
12&1 1DWLRQDO2FHDQ&RPPXQLFDWLRQV1HWZRUN 0RYHPHQW
86$ 120/$& 1HZVOHWWHU2Q0LOLWDU\/DZ$QG
1R&V 1HWZRUNRULHQWHG&RPSXWHUV &RXQVHOLQJ86$
12'&1DWLRQDO2FHDQRJUDSKLF'DWD&HQWHU 121 1RUWKHUQ1RUZD\
12'PLFH 1RQREHVH'LDEHWLFPLFH DQRUGGHOD1RUYqJH
12( QDSRIWKHHDUWK E1RUYqJHVHSWHQWULRQDOH
DXUDVGXVRO 12123 QRQRSHUDWLRQDO
12( 1HW2SHUDWLQJ(DUQLQJV QRQRSpUDWLRQQHO
%XVLQHVV(FRQRPLFV)LQDQFH 122 1DWLRQDO2UJDQL]DWLRQ2UGHU
12( 1XFOHDU2YHUKDXVHU(IIHFW 123 1RPLQDO2SWLRQ3ROO
12( 1XFOHR(FRORJLFR,WDO\ QRS QRWRWKHUZLVHSURYLGHGIRU
2IWKH&DUDELQLHUL 123 QXFOHDURSHUDWLRQVSODQ
1Rq 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ SODQG·RSpUDWLRQQXFOpDLUH
XVLQJWKH,WDOLDQZRUG1RqZKLFKPHDQV1RDK QXFOHDURSHUDWLRQVSURFHGXUHV
12(6< 12(6SHFWURVFRS\ SURFpGXUHVG·RSpUDWLRQVQXFOpDLUHV
)RUIXUWKHUGHWDLOVVHHXQGHU12( 125 1$72RSHUDWLRQDOUHTXLUHPHQW
12) 1DWLRQDO2FHDQRJUDSKLF)DFLOLW\ EHVRLQRSpUDWLRQQHOGHO·27$1
12)$ 1RWLFH2I)XQGV$YDLODEOH86$ QRWLFHRIUHYLVLRQ
DYLVGHUpYLVLRQ UHSUpVHQWDQWQDWLRQDORXWUHPHUGHODQDYLJDWLRQ
125 1RW2WKHUZLVH5DWHG FRPPHUFLDOH
6WRFN([FKDQJH 1266 1DWLRQDO2FHDQLF6DWHOOLWH6\VWHP
1RU DEEU1RUZD\1RUZHJLDQ 127 1RUGLF2SWLFDO7HOHVFRSH
125& 1DWLRQDO2SWLRQ5HVHDUFK&HQWHU $VWURSK\VLFV6SDFH5HVHDUFK
2IWKH8QLYHUVLW\RI&KLFDJR86$125&ZDV 127 1XFOHL2SHUDWLYL7RVVLFRGLSHQGHQ]H,WDO\
HVWDEOLVKHGLQ'XULQJWKHZDULWFDUULHGRXW 127$/ QRW WRDOO
KXQGUHGVRIVXUYH\VIRUJRYHUQPHQWDJHQFLHV DSDVjWRXV
6LQFHWKHZDULWKDVEHFRPHDPDMRUXQLYHUVLW\ EGLIIXVLRQSDUWLHOOH
DIILOLDWHGVRFLDOUHVHDUFKRUJDQL]DWLRQ 127$0 QRWLFHWRDLUPHQ
125' 1DWLRQDO2UJDQL]DWLRQIRU5DUH'LVRUGHUV DYLVDX[QDYLJDQWV
86$ 127$5 QR WDLOURWRU
125'$ 1DYDO2FHDQRJUDSKLF5HVHDUFKDQG VDQVURWRUGHTXHXH
'HYHORSPHQW$GPLQLVWUDWLRQ86$ 1276 1$72RIIWKHVKHOI
1RUI DEEU1RUIRON 27$1VXUpWDJqUHRX27$1VWDQGDUG
125)/7 1RUWKHUQ)OHHW 1RWWV DEEU1RWWLQJKDPVKLUH*%
IORWWHGX1RUGRXGHO·$UFWLTXH QRYDEEUQRYHPEUH
125/$17 1RUWKHUQ6XE$UHD$WODQWLF>REVROHWH@ ,WDOLDQDEEUHYLDWLRQPHDQLQJ1RYHPEHU
6RXVVHFWHXUVHSWHQWULRQDOGHO·$WODQWLTXH 12: 1DWLRQDO2UJDQL]DWLRQIRU:RPHQ
>REVROqWH@ 12: 1HJRWLDEOH2UGHURI:LWKGUDZDO86$
1252 1DWLRQDO2SWLFDO$VWURQRPLFDO %DQNLQJ%XVLQHVV)LQDQFH
2EVHUYDWRULHV86$ 12: 1HZ2SSRUWXQLWLHVIRU:RPHQ(&
)RUIXUWKHUGHWDLOVVHHXQGHU$85$ 1R[ 2[LGHVRI1LWURJHQ
125V 1XFOHRODU2UJDQL]HU5HJLRQV &KHPLVWU\
1256$5 125ZHJLDQ6HLVPLF$5UD\1RUZD\ 12=( 1DWLRQDO2=RQH([SHULPHQW
1RUWKDQWV DEEU1RUWKDPSWRQVKLUH*% 13 1DQRSDUWLFOH
1RUWKXPE DEEU1RUWKXPEHUODQG*% )RUIXUWKHUGHWDLOVVHHXQGHU13V
1RUZDEEU1RUZHJLDQ QS DEEUQHDSWLGHV
/DQJXDJHV 2FHDQRJUDSK\
125:(/' 1RUWKZHVW/LEUDU\'LVWULFWV 13 1HSDO
126 1DWLRQDO2FHDQ6HUYLFH86$ QS QHSHU
2IWKH8612$$ 1DPHGIRUWKH6FRWWLVKSK\VLFLVW-RKQ1HSHU
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ 3K\VLFV
126 1$722IILFHRI6HFXULW\ 1S 7KHFKHPLFDOV\PEROIRU1HSWXQLXP
%XUHDXGHVpFXULWpGHO·27$1 1DPHGIRUWKHSODQHW1HSWXQHLWLVXVHGPDLQO\
1$72RSHQV\VWHPV LQQHXWURQGHWHFWLRQLQVWUXPHQWV
V\VWqPHVRXYHUWVGHO·27$1 &KHPLVWU\6\PEROV
126 1HWZRUN2SHUDWLQJ6\VWHP 13 1HZ3DJH
1261LWULF2[LGH6\QWKDVH 13 1HW3RVLWLRQ1HW3ULFH
126 QRSDOLQHV\QWKDVH %XVLQHVV&RPPHUFH
126 1RWLFH2I6DOH 13 1HW3URFHHGV1HW3URILW
%XVLQHVV&RPPHUFH %XVLQHVV(FRQRPLFV)LQDQFH
126 1RW2WKHUZLVH6SHFLILHG 13 1HXURSV\FKLDWULF1HXURSV\FKLDWU\
1RVQRV DEEU1XPEHUV QS QHZSDUDJUDSK
126& 1DYDO2FHDQ6\VWHPV&HQWHU 13 1REHO3UL]H
126&$ SURMHFW 1HZ2SWLFDO6HQVRU&RQFHSWIRU QS QRQSDUWLFLSDWLQJ
$HURQDXWLFVSURMHFW 13 1RQ3HUWLQHQWH
(XURSHDQ&RPPXQLW\3URMHFW ,WDOLDQLQLWLDOLVPPHDQLQJLPSHUWLQHQWLUUHOHYDQW
126,3 1$72RSHQV\VWHPVLQWHUFRQQHFWLRQSUR 131S 1R3UREOHP
ILOH 13 1RUPDO3URILW
SURILOG·LQWHUFRQQH[LRQGHVV\VWqPHVRXYHUWVGH %XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH
O·27$1 13 1RWDU\3XEOLF
1265(3 QDWLRQDORYHUVHDVVKLSSLQJUHSUHVHQWDWLYH $OVR13
*HRORJLFDODQG3ODQHWDU\6FLHQFHV,VRWRSH 1LFDUDJXD
*HRORJ\ 1LFDUDJXD
17,61DWLRQDO7HFKQLFDO,QIRUPDWLRQ6HUYLFH 181DWLRQV8QLHV1D]LRQL8QLWH
86$ )UHQFKDQG,WDOLDQDFURQ\PPHDQLQJ8QLWHG
17,6 1$72WHFKQLFDOLQWHURSHUDELOLW\VWDQGDUG 1DWLRQV
QRUPH27$1G·LQWHURSpUDELOLWpWHFKQLTXH 181DWXUDO8UDQLXP
170 QRWLFHWRPRYH 181HWWH]]D8UEDQD,WDO\
DYLVGHPRXYHPHQW ,WDOLDQDFURQ\PPHDQLQJ&LW\6DQLWDWLRQ
170V 1RUPDO7UDQVPLWWLQJ0DOHV 'HSDUWPHQW
171 1DWLRQDO7UHQGV1HWZRUN86$ 181RWKLQJ8QVDWLVIDFWRU\
173 1DWLRQDO7R[LFRORJ\3URJUDP86$ 18 1XRUR,WDO\
1,(+63URJUDPV5LVNVWR+XPDQ5HSURGXFWLRQ 18%1DWXUDO8UDQLXP%ORFN
)RUIXUWKHUGHWDLOVVHHXQGHU1,(+6 18%( 1DWLRQDO8QLRQRI%DQN(PSOR\HHV
173 1RUPDO7HPSHUDWXUHDQG3UHVVXUH QXEH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
0HGLFLQH XVLQJWKHZRUGQXEHZKLFKPHDQVLQ,WDOLDQ
173 FRQFHQWUDWLRQ 1XFOHRVLGH7ULSKRVSKDWHFRQ FORXGDOVRQXYROD
FHQWUDWLRQ 18%/ 1RUWKZHVWHUQ8QLYHUVLW\%LRWHFKQRORJ\
%DFWHULRORJ\0LFURELRORJ\ /DERUDWRU\86$
173)1XPEHURI7HUPLQDOV3HU)DLOXUH 18%/81HZ%DVLF/RJLF8QLW
173V 1+7HUPLQDO3HSWLGHV 18& 1$728NUDLQH&RPPLVVLRQ
175 1RUPDO7UDGH5HODWLRQV FRPPLVVLRQ27$18NUDLQH
175KDVUHSODFHG0)10RVW)DYRXUHG1DWLRQ 18&2/ 18PHULFDO&2QWURO/DQJXDJH
ZKLFKKDVEHHQDEROLVKHGE\WKH866HQDWHLQ 18&67$7 QXFOHDURSHUDWLRQDOVWDWXVUHSRUW
PLGMXO\7KHWHUP0)1ZLOOFRQWLQXHWREH FRPSWHUHQGXRSpUDWLRQQHOGHVLWXDWLRQQXFOpDLUH
HPSOR\HGE\WKHUHVWRIWKHZRUOG 18( 1LWURJHQ8VH(IILFLHQF\
867UDGLQJ'HVLJQDWLRQV %RWDQ\
176 1$06$ WUDQVSRUWDWLRQV\VWHP 18,5 18FOHR,QWHUYHQWR5DSLGR,WDO\
V\VWqPHGHWUDQVSRUWGHOD1$06$ 180 1DWLRQDO8QLRQRI0LQHZRUNHUV6RXWK
1761HYDGD7HVW6LWH $IULFD
176 1RQ7UDQVFULEHG6WUDQG 180$1XPDV\VWHPV 1RQ8QLIRUP0HPRU\
*HQHWLFV/LIH6FLHQFHV0HGLFLQH0LFURELRORJ\ $FFHVVV\VWHPV
5DGLDWLRQ2QFRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU603 V\VWHPV
176 1XFOHXV7UDFWXV6ROLWDULXV 180& 1$728NUDLQH0LOLWDU\&RPPLWWHH
$QDWRP\ &RPLWpPLOLWDLUH27$18NUDLQH
176&1DWLRQDO7HOHYLVLRQ6WDQGDUG&RGH 1X0,1HXWULQRVDWWKH0DLQ,QMHFWRU
176' 1HWZRUN7HVW6\VWHP'LYLVLRQ+HZOHWW $QH[SHULPHQWRIWKH86'HSDUWPHQWRI(QHUJ\
3DFNDUG·V IRUQHXWULQRVLJKWLQJV
177 1HZ7HFKQRORJ\7HOHVFRSH +LJK(QHUJ\3K\VLFV
7KH177 ZDVFRPSOHWHGLQ 183( 1DWLRQ8QLRQRI3XEOLF(PSOR\HHV
177 1LSSRQ7HOHJUDSKDQG7HOHSKRQH&RUSRUDWLRQ 1X3(&& 1XFOHDU3K\VLFV(XURSHDQ&ROODERUDWLRQ
-DSDQ &RPPLWWHH
1776 1$72WHUUHVWULDOWUDQVPLVVLRQV\VWHP 1X3(&&SURGXFHV\HDUSODQVIRUQXFOHDU
V\VWqPHGHWUDQVPLVVLRQVWHUUHVWUHVGHO·27$1 SK\VLFVDQGPHHWVXQGHUWKHDXVSLFHVRIWKH
178$ 1DWLRQDO7HFKQLFDO8QLYHUVLW\RI$WKHQV (XURSHDQ6FLHQFH)RXQGDWLRQ
*UHHFH 1XFOHDU3K\VLFV
7XUERPDFKLQHU\*UHHN8QLYHUVLWLHV 185 1DWLRQDO8QLRQRI5DLOZD\PHQ
17; 1R[LRXV7R[LQ 185 1DWXUDO8UDQLXP5HDFWRU
18 QDWLRQDOLW\XQGHWHUPLQHGSRVW 185LVDOVRNQRZQDV1DWXUDO)XHO5HDFWRU
SRVWHVDQVDWWULEXWLRQGHQDWLRQDOLWp 1XFOHDU(QJLQHHULQJ
1$728QFODVVLILHG QXU 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
D1$726DQV&ODVVLILFDWLRQ XVLQJWKH$UDELFZRUGQXUZKLFKPHDQVOLJKW
E27$16DQV&ODVVLILFDWLRQ EULJKWQHVV
F6DQV&ODVVLILFDWLRQ27$1>)5@ 185) 1XFOHRVRPH5HPRGHOLQJ)DFWRU
KRUVFRPEDW
2 2$ 2IILFH$XWRPDWLRQ
&RPSXWHU7HFKQRORJ\
2$ 2IILFHRI$GPLQLVWUDWLRQ
2 2KLR86$ 2$ 2NDGDLF$FLG
$OVR2+ RD RQDFFRXQWRI
RR RKP 2$ 2QRU$ERXW
1DPHGIRUWKH*HUPDQSK\VLFLVW*HRUJ62KP 2$ 2SHQ$FFRXQW
(OHFWULFLW\ %XVLQHVV)LQDQFH
RRSHQ 2$ 2SHUDWLRQDO$QDO\VLV2SHUDWLRQDO$XGLWLQJ
&RPSXWHU3URJUDPPLQJ(OHFWULFLW\*UDSKLF %XVLQHVV)LQDQFH
$UWV/LQJXLVWLFV0HGLFLQH3K\VLRORJ\ 2$ 2VWHRDUWKULWLV
9HWHULQDU\0HGLFLQH 0HGLFLQH
RRSHUDQG RD DEEURYHUDOO
&RPSXWHU3URJUDPPLQJ0DWKHPDWLFV 2$ 7KHDLUOLQHFRGHIRU2O\PSLF$LUZD\V
RRSHUDWLRQ 2$$ 2[DORDFHWLF$FLG
$OVRRS 2$% 2FHDQ$IIDLUV%RDUG86$
&RPSXWHU3URJUDPPLQJ,QGXVWULDO(QJLQHHULQJ 7KH2$%KDVUHSODFHG1$6&2
0LOLWDU\6FLHQFH6XUJHU\ )RUIXUWKHUGHWDLOVVHHXQGHU1$6&2
RRSHUDWLRQDO 2$& 2FHDQRJUDSKLF$GYLVRU\&RPPLWWHH86$
(QJLQHHULQJ 0LOLWDU\6FLHQFH 2$& 2IILFHRI$UPV&RQWURO86$
RRSHUDWRU 2$& 2Q$SSURYHG&UHGLW
$OVRRSU %XVLQHVV)LQDQFH
&RPSXWHU3URJUDPPLQJ ,QFRPSXWHUSURJUDP 2$&(6 2FHDQ$WPRVSKHUH&DUERQ([FKDQJH
PLQJWKHRSHUDWRULVWKHSHUVRQGHDOLQJZLWKWKH 6WXG\
RSHUDWLRQRIFRPSXWHUV 2$&+$ 2UHJRQ$XWRPDWHG&OHDULQJ+RXVH
(QJLQHHULQJ 7KHRSHUDWRULVWKHSHUVRQZKR $VVRFLDWLRQ86$
GHDOVZLWKWKHRSHUDWLRQDQGRUPDLQWHQDQFHRI 2$&, 2UJDQLVDWLRQGHO
DYLDWLRQFLYLOHLQWHUQD
GHYLFHVPDFKLQHVDQGWKHOLNH WLRQDOH
7HOHFRPPXQLFDWLRQV ,QWKLVFDVHWKHRSHUDWRULV ,QWHUQDWLRQDO&LYLO$YLDWLRQ2UJDQL]DWLRQ,&$2
WKHSHUVRQGHDOLQJZLWKWKHRSHUDWLRQRIDWHOH 2$(& 2UJDQL]DWLRQRI$VLDQ(FRQRPLF&RRSHUD
SKRQHFRPSDQ\VZLWFKERDUG WLRQ
RR RUGHU 2$(V 2WRDFRXVWLF(PLVVLRQV
)RUIXUWKHUGHWDLOVVHHXQGHURUG 2$) 2VWHRFODVW$FWLYDWLQJ)DFWRUV
RRXWSXW (QGRFULQRORJ\
&RPSXWHU7HFKQRORJ\ (OHFWURQLFV 0HFKDQLFDO 2$. 7KHDLUSRUWFRGHIRU2DNODQG&DOLIRUQLD
(QJLQHHULQJ 86$
R RYHUFDVW 2$/$ 2KLR$FDGHPLF/LEUDULHV$VVRFLDWLRQ
0HWHRURORJ\0LQLQJ(QJLQHHULQJ 86$
2 2ZQHU 2$/26 2IILFHIRU2FHDQ$IIDLUVDQGWKH/DZ2I
27KHFKHPLFDOV\PEROIRU2[\JHQ WKH6HD81
2[\JHQLVDJDVHRXVFKHPLFDOHOHPHQWKDYLQJWKH 2$/26KDVEHHQUHSODFHGE\'2$/26
DWRPLFQXPEHUDQDWRPLFZHLJKWRI 2$0 2IILFHRI$OWHUQDWLYH0HGLFLQH
DQGDPHOWLQJSRLQWRI$&2[\JHQPDNHV 2$0 2UELWDO$QJXODU0RPHQWXP
XSDERXWRIWKHDLUE\YROXPH 4XDQWXP&RPSXWDWLRQ4XDQWXP,QIRUPDWLRQ
2 2]RQH 4XDQWXP2SWLFV
2]RQHLVXVHGPDLQO\WRSXULI\GULQNLQJZDWHU 2 * 2LODQG*DV7HFKQRORJ\
&KHPLVWU\ 2 0 RSHUDWLRQDQGPDLQWHQDQFH
2$ REMHFWLYHDUHD H[SORLWDWLRQHWPDLQWHQDQFH
]RQHGHO·REMHFWLI 2 0 2UJDQL]DWLRQDQG0HWKRGV
RIIHQVLYHDFWLRQ $OVR2020
DFWLRQRIIHQVLYH 2 0 2UJDQL]]D]LRQHH0HWRGL
RXWRIDFWLRQ
PLVVLOHEDOLVWLTXHRUELWDO ]RQHRFpDQLTXH>]RQHGHO·HVSDFHDpULHQ@
2%0 2UGQDQFH%HQFK0DUN RIIHQVLYHFRXQWHUDLURSHUDWLRQ
2%3 2GRUDQW%LQGLQJ3URWHLQ RSpUDWLRQHIIHQVLYHFRQWUHOHSRWHQWLHODpULHQ
6WUXFWXUDO%LRORJ\ RSHUDWLRQDOFRQWURODXWKRULW\>1&6@
2%52SWLFDO%DUFRGH5HDGHU DXWRULWpGHFRQWU{OHRSpUDWLRQQHO>1&6@
7KHRSWLFDOEDUFRGHUHDGHUDOVRNQRZQDV2SWLFDO 2&$'&$ RIIHQVLYHFRXQWHUDLUGHIHQVLYHFRXQWHU
%DUFRGH6FDQQHULVDGHYLFHWKDWUHDGVFRGHG DLU
GHWDLOVIURPODEHOVRUWKHOLNHDQGLVXVHGPDLQO\ RSpUDWLRQRIIHQVLYHGpIHQVLYHFRQWUHOHSRWHQWLHO
LQUHWDLOVWRUHV DpULHQ
&RPSXWHU7HFKQRORJ\ 2&$/ 2QOLQH&U\SWDQDO\WLF$LG/DQJXDJH
2%5 2YHUVHDV%XVLQHVV5HSRUW86$ 2&$6 2UJDQL]DWLRQRI&HQWUDO$PHULFDQ6WDWHV
2%5 2XWERDUG5HFRUGHU 2&%& 2YHUVHDV&KLQHVH%DQNLQJ&RUSRUDWLRQ
'DWD&RPPXQLFDWLRQV 2F%/ 2FHDQ%LOORI/DGLQJ
REV DEEU2EVHUYDWRU\ $OVR2%/
$VWURQRP\ 2&%62UDODQG&UDQLRIDFLDO%LRORJLFDO6FLHQFHV
REV DEEUREVHUYHU 2&& 2IILFHRIWKH&RPSWUROOHURIWKH&XUUHQF\
REV DEEUREVROHWH 7KH2&&UHJXODWHVQDWLRQDOO\FKDUWHUHGEDQNVLQ
%LRORJ\6FLHQFH WKH86$
2%6 2EVWHWULFLDQ2EVWHWULFV 2&& 2IILFLDO&XVWRGLDQ&KDULWLHV
0HGLFLQH 2&&$0 2VVHUYDWRULRSHUOD&RPXQLFD]LRQH
2%6 2FHDQ%RWWRP6HLVPRPHWHUV &XOWXUDOHH$XGLRYLVLYDGHO0HGLWHUUDQHR
(DUWKTXDNHV5HVHDUFK(DUWK6FLHQFHV(DUWK &UHDWHGLQ0LODQ,WDO\E\81(6&2
7LGHV*HRORJ\*HRSK\VLFV2FHDQRJUDSK\ )RUIXUWKHUGHWDLOVVHHXQGHU81(6&2
3ODQHWDU\6FLHQFHV6HLVPLF7RPRJUDSK\ 2&&5 2IILFH&HQWUDOGH&KDXIIH5DWLRQQHOOH
2%6V 2FHDQ%RWWRP6HLVPRPHWHUV )UDQFH
)RUIXUWKHUGHWDLOVVHHXQGHU2%6 2&' 2EVHVVLYH&RPSXOVLYH'LVRUGHU
2%8 2IIVKRUH%DQNLQJ8QLW 7KH2&'DOVRNQRZQDV2EVHVVLYH&RPSXOVLYH
REYDEEUREYHUVH 1HXURVLVDIIHFWV\RXQJLQGLYLGXDOVDJHGWR
2&RFDEEU2FHDQ 3V\FKLDWULF'UXJV3V\FKRORJ\
2&2II&HQWHU 2&' 2FHDQ&KHPLVWU\'LYLVLRQ
2& 2IILFHU&RPPDQGLQJ 2IWKH$20/ 86$
2& 2IILFHU&RPPLVVLRQHU )RUIXUWKHUGHWDLOVVHHXQGHU$20/
2&2IILFHU&DQGLGDWH 2&'( 2UJDQLVDWLRQGH&RRSpUDWLRQHWGH
2&2Q&HQWHU 'pYHORSSHPHQW(FRQRPLTXHV)UDQFH
2&2Q&RXUVH )UHQFKLQLWLDOLVPRIWKH2UJDQL]DWLRQIRU
2& 2QGHV&RXUWHV (FRQRPLF&RRSHUDWLRQDQG'HYHORSPHQW
)UHQFKLQLWLDOLVPPHDQLQJ6KRUWZDYHV6KRUW 2(&'
ZDYHV 2&'0 RIILFHRIFLYLODQGGHIHQFHPRELOL]DWLRQ
(OHFWULFLW\3K\VLFV7HOHFRPPXQLFDWLRQV EXUHDXGHODPRELOLVDWLRQFLYLOHHWPLOLWDLUH
2&RF 2SHQ&KDUWHU 2&'0PRGHOV 2SHQXQLYHUVH&ROG'DUN0DWWHU
2&2SHQ&LUFXLW PRGHOV
(OHFWULFLW\ $VWURQRP\$VWURSK\VLFV3K\VLFV
2& 2SHUDWLQJ&RPSDQ\ 2&( RIILFHUFRQGXFWLQJWKHH[HUFLVH
%XVLQHVV)LQDQFH RIILFLHUGLUHFWHXUGHO·H[HUFLFH
2& 2SHUDWLQJ&RVW 2&($1/$17 2FHDQ6XE$UHD$WODQWLF>REVR
%XVLQHVV&RPPHUFH OHWH@
2& 2SSRUWXQLW\&RVW 6RXV]RQHRFpDQLTXHGHO·$WODQWLTXH>REVROqWH@
2& 2UJDQL]DWLRQDO&KDUW 2&(( 2FHDQLF&RQYHUJHQFH]RQH(DVWHUQ(GJH
2&2VWHRF\WH $WPRVSKHULF6FLHQFH&OLPDWRORJ\*HRSK\VLFV
+LVWRORJ\7KHRVWHRF\WHLVDERQHFHOO =RQDO'LVSODFHPHQWV
2& RF RYHUFKDUJH 2&*2UDO&KRODQJLRJUDP
2& 2YHUWKH&RXQWHU 2&*$ 2IILFHRI&RQJUHVVLRQDODQG*RYHUQPHQW
2&$ RFHDQLFDUHD>DLUVSDFHDUHD@ $IIDLUV86$
21,6(3 2IILFH1DWLRQDOG
,QIRUPDWLRQ6XUOHV 22& 2SHUDWLRQDO2FHDQRJUDSK\&HQWHU86$
(QVHLJQHPHQWVHWOHV3URIHVVLRQV)UDQFH 22'%06 2EMHFW2ULHQWHG'DWDEDVH0DQDJHPHQW
21/ 2XWHU1XFOHDUSKRWRUHFHSWRU/D\HU 6\VWHP
%LRORJLFDO7LPLQJ0HGLFLQH1HXURELRORJ\ 22( 2IILFHRI2FHDQ([SORUDWLRQ$WWKH86
3K\VLRORJ\ 12$$
21/86 2UJDQL]]D]LRQL1RQ/XFUDWLYHGL8WLOLWj 2FHDQ([SORUDWLRQ
6RFLDOH,WDO\ )RUIXUWKHUGHWDLOVVHHXQGHU12$$
RQR RUQHDURIIHU 222 2XW2I2UGHU
%XVLQHVV(FRQRPLFV)LQDQFH 223 2EMHFW2ULHQWHGSURJUDPPLQJ
213 2IILFH1DWLRQDOGHV3HQVLRQV%HOJLXP 6RIWZDUH
213 2SHQ1HWZRUN3URYLVLRQ 2233 2SHUH3XEEOLFKH
213*2UWKR1LWURSKHQ\O`*DODFWRVLGH ,WDOLDQLQLWLDOLVPPHDQLQJ3XEOLF:RUNV
213, 2IILFHRI1HZVDQG3XEOLF,QIRUPDWLRQ 226 2FHDQ2EVHUYLQJ6\VWHP
86$ 226 2IILFHRI2SSRUWXQLWLHVLQ6FLHQFH86$
215 2IILFHRI1DYDO5HVHDUFK86$ 226'3 2FHDQ2EVHUYLQJ6\VWHP'HYHORSPHQW
216 2IILFHIRU1DWLRQDO6WDWLVWLFV*% 3DQHO
216 2IILFHRI1$726WDQGDUGL]DWLRQ>UHSODFHGE\ 227: RSHUDWLRQVRWKHUWKDQZDU
16$ @ RSpUDWLRQVDXWUHVTXHFHOOHVGHJXHUUH
6HFUpWDULDW27$1SRXUODQRUPDOLVDWLRQ>UHPSODFp 229 REMHFWRIYHULILFDWLRQ
SDUO·$21@ REMHWGHYpULILFDWLRQ2'9
2166 2IILFH1DWLRQDOGH6pFXULWp6RFLDOH 23232EVHUYDWLRQ3RVW
%HOJLXP 0LOLWDU\6FLHQFH
2167 RXWOLQH1$72VWDIIWDUJHW RSDEEURSHQ
pEDXFKHG·REMHFWLIG·pWDWPDMRUGHO·27$1 )RUIXUWKHUGHWDLOVVHHXQGHUR
2QW DEEU2QWDULR&DQDGD 23 2SHQ0DUNHW
217 7KHDLUSRUWFRGHIRU2QWDULR&DOLIRUQLD %XVLQHVV&RPPHUFH)LQDQFH
86$ 23 2SHQ3ROLF\
217 RXWRIQDWLRQDOWHUULWRU\IRUFHV 23 2SHQLQJ3ULFH2SHQLQJ3XUFKDVH
IRUFHVKRUVGXWHUULWRLUHQDWLRQDO %XVLQHVV)LQDQFH
218 2UJDQLVDWLRQGHV1DWLRQV8QLHV RSDEEURSHUDQG
2UJDQL]]D]LRQHGHOOH1D]LRQL8QLWH &RPSXWHU3URJUDPPLQJ0DWKHPDWLFV
)UHQFKDQG,WDOLDQDFURQ\PRIWKH8QLWHG1DWLRQV 23 2SHUDWLQJ3URILW
2UJDQL]DWLRQ %XVLQHVV)LQDQFH
2185& RSpUDWLRQGHV1DWLRQV8QLHVSRXUOHUpWDE RSDEEURSHUDWLRQ
OLVVHPHQWGHODFRQILDQFHHQ&URDWLH )RUIXUWKHUGHWDLOVVHHXQGHUR
8QLWHG1DWLRQV&RQILGHQFH5HVWRUDWLRQ2SHUDWLRQ 23232SHUDWLRQ3DUW
LQ&URDWLD81&52 2SHUDWLRQSDUWLVDOVRNQRZQDV2SHUDWLRQ)LHOG
2186$/ 81RSHUDWLRQLQ(O6DOYDGRU &RPSXWHU3URJUDPPLQJ
2186, 2UJDQL]]D]LRQHGHOOH1D]LRQL8QLWHSHUOR RSDEEURSHUDWRU
6YLOXSSR,QGXVWULDOH )RUIXUWKHUGHWDLOVVHHXQGHUR
,WDOLDQDFURQ\PRIWKH8QLWHG1DWLRQV RSDEEURXWSXW
2UJDQL]DWLRQIRU,QGXVWULDO'HYHORSPHQW &RPSXWHU7HFKQRORJ\(OHFWURQLFV0HFKDQLFDO
22 2EVHUYDWLRQ2IILFHU (QJLQHHULQJ
RR RQRUGHU RS DEEURSSRVHGRSSRVLWH
22 2SHQ2UGHU RSDEEURSXV
%XVLQHVV&RPPHUFH)LQDQFH 23$ 2IIUH3XEOLTXHG
$FKDW
22 2SHUDWLRQ2UGHU )UHQFKDFURQ\PPHDQLQJ7DNHRYHU%LG
0LOLWDU\ %XVLQHVV)LQDQFH
RR RUGHURI 23$ 2LO3ROOXWLRQ$FW
22$ RXWRIDUHD 23$ DPLFDOH 2IIUH3XEOLTXHG
$FKDWDPLFDOH
KRUV]RQH )UHQFKDFURQ\PPHDQLQJ)ULHQGO\7DNHRYHU%LG
22% VHH25%$7 %XVLQHVV)LQDQFH
YRLU25%$7
$OVR3U
3 0HGLFLQH
3 3UHVLGHQW
33 SUHVVXUH
3 SDJH 0HFKDQLFV3K\VLFV
$OVRSJ S SURFXUDWLRQ
*UDSKLF$UWV&RPSXWHU3URJUDPPLQJ SS SURWRQ
S SDULW\ 3K\VLFV
%XVLQHVV(FRQRPLFV)LQDQFH 33 SXOVH
S SDUWQHUVKLS (OHFWULFLW\3K\VLFV3K\VLRORJ\
%XVLQHVV)LQDQFH 7HOHFRPPXQLFDWLRQV
3 3DVFDO S SXUFKDVHU
)RUIXUWKHUGHWDLOVVHHXQGHU3D %XVLQHVV&RPPHUFH
S DEEUSDWHQW 3 SUHVHUYDWLRQSDFNDJLQJDQGSDFNLQJ
%RWDQ\0HGLFLQH6FLHQFH WUDLWHPHQWSURWHFWHXUFRQGLWLRQQHPHQWHWHPEDO
S SD\HH ODJH
%XVLQHVV&RPPHUFH 3$ 3DOHUPR,WDO\
S SHQQ\SHQFH 3$ 3DQDPD
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
&XUUHQFLHV WHUV
S S SHUSUHIL[ 3$ 3DSHU$GYDQFH
3 7KHFKHPLFDOV\PEROIRU3KRVSKRUXV 'DWD&RPPXQLFDWLRQV
3KRVSKRUXVLVDQRQPHWDOOLFHOHPHQWKDYLQJWKH 3$ 3DUDJXD\
DWRPLFQXPEHUDQDWRPLFZHLJKWRIDQG 3$ 3DUDOOHO$FFHVV3DUDOOHO$GGLWLRQ3DUDOOHO
DPHOWLQJSRLQWRI$&3KRVSKRUXVLVXVHG $OJRULWKP
PDLQO\LQPDWFKHVDQGIHUWLOL]HUV,WLVDQLPSRU &RPSXWHU3URJUDPPLQJ
WDQWHOHPHQWLQWKHKXPDQGLHW7KHZRUGSKRV 3D3D 3DVFDO
SKRUXVGHULYHVIURPWKHZRUGOLJKWLQ*UHHN 3DVFDOLVWKHEDVLFXQLWRISUHVVXUHLQWKHPRWRU
&KHPLVWU\6\PEROV NLORJUDPVHFRQGV\VWHP1DPHGIRUWKH)UHQFK
S SLQW SKLORVRSKHUSK\VLFLVWDQGPDWKHPDWLFLDQ%ODLVH
0HWURORJ\ 3DVFDO
SS SLWFK 0HWURORJ\
%RWDQ\0DWHULDOV 3$ 3DWWR$WODQWLFR
3 SRUWSRVW3ULQFH3URWHVWDQW3XEOLF 1RUWK$WODQWLF7UHDW\
3 3RUWXJDO
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU S$ SD\LQJ$JHQW
S SRVW 3$3D DEEU3HQQV\OYDQLD86$
&LYLO(QJLQHHULQJ&RPSXWHU3URJUDPPLQJ 3$SD SHUDQQXP
0LQLQJ(QJLQHHULQJ 3$ 3HUQLFLRXV$QHPLD
3 3RVWHJJLR 3$3$ 3HUVRQDO$VVLVWDQW
PHDQLQJLQ(QJOLVK3DUNLQJ 3D SHVRDWRPLFR
33 SRLVH ,WDOLDQDFURQ\PPHDQLQJDWRPLFZHLJKW
3RLVHLVWKHXQLWRIG\QDPLFYLVFRVLW\LQWKHFHQ 3$ 3KRVSKDWLGLF$FLG
WLPHWHUJUDPVHFRQGV\VWHPRIXQLWV %LRFKHPLVWU\
)OXLG0HFKDQLFV 3$3$ 3K\VLFLDQ
V$VVLVWDQW
33 SRVLWLRQ 3$ 3RO\DPLGH
&DUWRJUDSK\,QGXVWULDO(QJLQHHULQJ 2UJDQLF&KHPLVWU\
33 SRVLWLYH 3$ 3RUWL$XWRQRPL,WDO\
&KHPLVWU\(OHFWULFLW\*UDSKLF$UWV 3$ 3RVWD$HUHD
0DWKHPDWLFV0HGLFLQH0HFKDQLFV3K\VLFV ,WDOLDQDFURQ\PPHDQLQJ$LU0DLODLUPDLO
33 3RZHU 3$ SRVWHURDQWHULRU
(QJLQHHULQJ3K\VLFV0DWKHPDWLFV2SWLFV $QDWRP\
33 3UHVE\RSLD 3$3$ 3RZHU$PSOLILHU
3UHVE\RSLDLVWKHGHFUHDVHGFDSDFLW\WRIRFXVWKH (OHFWURQLFV
H\HRQQHDULWHPVDVDUHVXOWRIDJLQJ 3$ 3RZHURI$WWRUQH\
7HOHPHGLFLQH $OVR3$+$
3$&7 3URJUDPPHRI$VVLVWDQFHDQG7HFKQLFDO %LRFKHPLVWU\
&RRSHUDWLRQLQIDYRXURI'HYHORSLQJ&RXQWULHV 3$+2 3DQ$PHULFDQ+HDOWK2UJDQL]DWLRQ
-5&(XURSHDQ&RPPXQLWLHV 3$+2ZDVIRUPHUO\NQRZQDVWKH3DQ$PHULFDQ
3$&9'3ODVPD$VVLVWHG&KHPLFDO9DSRXU 6DQLWDU\2UJDQL]DWLRQ
'HSRVLWLRQ 3$+5 3RVWDFFLGHQW+HDW5HPRYDO
3$&9'LVDGHYHORSPHQWRI&KHPLFDO9DSRXU 3$+V 3RO\F\FOLF$URPDWLF+\GURFDUERQV
'HSRVLWLRQLQZKLFKSODVPDLVXVHGWR\LHOGUHVXOWV &KHPLVWU\(DUWKDQG3ODQHWDU\6FLHQFHV
VLPLODUWRWKRVHRILRQLPSODQWDWLRQ ([RELRORJ\*HRSK\VLFV6SDFH6FLHQFH
0HWDO,PSODQWV 3$, 3DWKRJHQLFLW\,VODQG
3$' 3DFNHW$VVHPEOHU'LVDVVHPEOHU &DQFHU(SLGHPLRORJ\&OLQLFDO0LFURELRORJ\
3$' SURYLVLRQDODFFHSWDQFHGDWH 0ROHFXODU0LFURELRORJ\
GDWHGHUpFHSWLRQSURYLVRLUH 3$,5 3UHFLVLRQ$SSURDFK,QWHUIHURPHWHU5DGDU
SDG 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH 3$,6 3DOD]]RGHOOH$OWHUQDWLYHH,QL]LDWLYH6RFLDOL
ZRUGSDG ,WDO\
$QDWRP\(OHFWURQLFV(QJLQHHULQJ0HWDOOXUJ\ 3$,6 3XEOLF$IIDLUV,QIRUPDWLRQ6HUYLFH
=RRORJ\ 3$. 3DNLVWDQ
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
3$'2 3DQ$WODQWLF'HFDGDO2VFLOODWLRQ WHUV
&OLPDWH6FLHQFH'HFDGDO9DULDWLRQV*HRSK\VLFV 3$. 3$FWLYDWHG.LQDVH
0DULQH*HRFKHPLVWU\0HWHRURORJ\ 3$.LVDQHQ]\PH
3$'3 3DQHORQ$LU'HIHQFH3KLORVRSK\ $SRSWRVLV0HGLFLQH
&RPPLVVLRQVXUODSKLORVRSKLHGHODGpIHQVHDpUL SDO DEEUSDOHRJUDSK\
HQQH 7KHWHUPSDOHRJUDSK\UHIHUVWRWKHVWXG\RI
3$'5( 3RUWDEOH$XWRPDWLF'DWD5HFRUGLQJ DQFLHQWZULWLQJV
(TXLSPHQW $QWKURSRORJ\
SDGUH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 3DO DEEUSDOHRQWRORJ\
XVLQJWKH,WDOLDQZRUGSDGUHZKLFKPHDQV 7KHWHUPSDOHRQWRORJ\UHIHUVWRWKHVWXG\RI
IDWKHU DQFLHQWOLIH
3$'7$ SRVWHDYDQFpGHGLUHFWLRQWDFWLTXHDLU %LRORJ\
IRUZDUGDLUFRQWUROSRVW)$&3 3$/ SHUPLVVLYHDFWLRQOLQN
3$': 3DOHR$UFWLF'HHS:DWHUIULJLG DGLVSRVLWLIGHVpFXULWpHWG·DUPHPHQW
2FHDQ7KHUPRKDOLQH&LUFXODWLRQ EV\VWqPHGHYHUURXLOODJHpOHFWURQLTXH
3DOHRJHRJUDSK\ 3$/ 3KLOLSSLQHV$LUOLQHV
3$': 3DQHORQ$LU'HIHQFH:HDSRQV 3$/ 3UHDSSURYHG/RDQ
&RPPLVVLRQVXUOHVDUPHVGHGpIHQVHDpULHQQH %XVLQHVV&RPPHUFH)LQDQFH
3$) 3HWUROHXP$GYLVRU\)RUXP 3$/ 3URPR]LRQH$YYLDPHQWRDO/DYRUR,WDO\
3$) 3ODWHOHW$FWLYDWLQJ)DFWRU 7UDQVQDWLRQDO3URMHFWV
(QGRFULQRORJ\ 3$/$&(V 3URILOLQJ$XWRQRPRXV/$JUDQJLDQ
3$)(; 3URFHVV$QDO\VLV)LHOG(;SHULPHQW &LUFXODWLRQ([SORUHUV
3$) V\VWHPV 3RZHU$FWXDWHG)DVWHQLQJV\VWHPV 3$/$&(VZHUHILUVWGHSOR\HGLQE\DQ
3$)7$'&RQIHUHQFH 3$FLILF7UDGH$QG 2FHDQRJUDSKHURIWKH6FULSSV,QVWLWXWLRQRI
'HYHORSPHQW&RQIHUHQFH 2FHDQRJUDSK\86$
3D* 3HQQV\OYDQLD*HUPDQ &KHPLVWU\DQG%LRORJ\RIWKH2FHDQV
/DQJXDJHV 3$/'SURMHFW 3ROLF\$OWHUQDWLYHVIRU/LYHUVWRFN
3$*( 3RO\DFU\ODPLGH*HO(OHFWURSKRUHVLV 'HYHORSPHQWLQ0RQJROLDSURMHFW
3$*(26 3$VVLYH*(2GHWLF6DWHOOLWH 3$/,1(7 3HQQV\OYDQLD$UHD/LEUDU\1HWZRUN
SDJJ DEEUSDJLQH 86$
,WDOLDQDEEUHYLDWLRQPHDQLQJSDJHV 3$//$6 3DXO/DVHU&RROLQJ$FFHOHUDWLRQ6\VWHP
3$*PROHFXOHV 3KRWRDFLG*HQHUDWRUPROHFXOHV &U\VWDOOLQH,RQ%HDPV
&KHPLVWU\&KHPLFDO(QJLQHHULQJ 3$/ V\VWHP 3KDVH$OWHUQDWLRQ/LQHV\VWHP
0DFURPROHFXOHV1HXWURQ5HVHDUFK3RO\PHUV 7HOHFRPPXQLFDWLRQV
6HPLFRQGXFWRUV 3$0 3URJUDPPD$OLPHQWDUH0RQGLDOH
3$+ SDPLQRKLSSXULFDFLG ,WDOLDQDFURQ\PPHDQLQJ:RUOG)RRG3URJUDP
8QLWHG1DWLRQV3URJUDP %LRPHGLFLQH1HXURGHJHQHUDWLRQ'LVRUGHUV
3$0 3UHVVLRQ$WPRVSKpULTXH0R\HQQH 3$2 3UHVVLRQ$UWpULHOOH2SKWDOPLTXH
3$0 3URJUDPPDEOH$OJRULWKP0DFKLQH )UHQFKDFURQ\PPHDQLQJ2SKWDOPLF$UWHU\
3$0 3XOVH$PSOLWXGH0RGXODWLRQ 3UHVVXUH
3$03V 3DWKRJHQ$VVRFLDWHG0ROHFXODU3DWWHUQV 0HGLFLQH
0HGLFLQH,PPXQRORJ\ 3$2 3URJHWWRGL$GHJXDPHQWR2UJDQL]]DWLYR
3$0V 3XOPRQDU\$OYHRODU0DFURSKDJHV ,WDO\
3$1 &RQVHUYDWLYH1DWLRQDO$FWLRQ3DUW\0H[LFR 3$2 SURSHUW\DFFRXQWLQJRIILFHU
3$1 3pULDUWpULWH1RXHXVH DRIILFLHUFRPSWDEOHGHVELHQV
)UHQFKDFURQ\PPHDQLQJ3HULDUWHULWLV1RGRVD EDJHQWFRPSWDEOHGHVELHQV
DOVRNQRZQDV3RO\DUWHULWLV$FXWD1RGRVD 3$2 3XEOLFDWLRQ$VVLVWpHSDU2UGLQDWHXU
0HGLFLQH )UHQFKDFURQ\PPHDQLQJ'HVNWRS3XEOLVKLQJ
3$1 3HUR[\DFHW\O1LWUDWH3HUR[\$FHW\O1LWUDWH 3$2 $OYHRODU3DUWLDO3UHVVXUHLQ2[\JHQ
&KHPLVWU\ 0HGLFLQH
3$1 3HVWLFLGH$FWLRQ1HWZRUN 3D2 $UWHULDO3DUWLDO3UHVVXUHLQ2[\JHQ
861HWZRUNV 0HGLFLQH
3$1 3UHVVLRQ$UWpULHOOH1RUPDOH 3DS3DS WHVW 3DSDQLFRODRXWHVW
3$1$)7(/ 1HWZRUN 3DQ $IULFDQ 7KH3DSWHVWDOVRNQRZQDVSDSVWUDLQRUSDS
7HOHFRPPXQLFDWLRQ1HWZRUN VPHDULVXVHGWRGLDJQRVHXWHULQHFDQFHUV7KH
3$1$6 3RVLWLYH$QG1HJDWLYH$IIHFWLYLW\6FDOH 3DSDQLFRODRXWHVWZDVQDPHGIRUWKH*UHHNERUQ
0HGLFLQH1HXURJHQHWLFV3V\FKLDWU\ $PHULFDQSK\VLRORJLVW*HRUJH3DSDQLFRODRX
3 $ SHUVRQQHODQGDGPLQLVWUDWLRQ 3DWKRORJ\
SHUVRQQHOHWDGPLQLVWUDWLRQ 3$3 3DVVZRUG$XWKHQWLFDWLRQ3URWRFRO
3 $ 3URPRWLRQDQG$VVLVWDQFH &RPSXWHUV
3 & SXUFKDVLQJDQGFRQWUDFWLQJ 3$3 3RO\$3RO\PHUDVH
DFKDWVHWPDUFKpV 3$3 3RUWHW$VVXUDQFH3D\pV
3 &0 3URMHFWDQG&RQVWUXFWLRQ0DQDJHPHQW )UHQFKDFURQ\PPHDQLQJ&DUULDJHDQG,QVXUDQFH
3 ' 3LFNXSDQG'HOLYHU\ 3DLGWR
%XVLQHVV&RPPHUFH (FRQRPLFV,QWHUQDWLRQDO7UDGH
3 * 3URFWHU *DPEOH 3$3 3UHDUUDQJHG3D\PHQWV
5HVHDUFK'HYHORSPHQW0DQXIDFWXUHDQG %XVLQHVV&RPPHUFH)LQDQFH
0DUNHWLQJ 3$3 3UHVVLRQ$UWpULHOOH3XOPRQDLUH
&RQVXPHU3URGXFWV )UHQFKDFURQ\PPHDQLQJ3XOPRQDU\$UWHU\
3 + 3RVWDJHDQG+DQGOLQJ 3UHVVXUH
3 , 3URWHFWLRQDQG,QGHPQLW\&OXEVRU 0HGLFLQH
$VVRFLDWLRQV 3$3 3UrWG
$FFHVVLRQjOD3URSULpWp
3 / 3URILWDQG/RVV )UHQFKDFURQ\PPHDQLQJ+RPH/RDQ
$FFRXQWV 3$3 3UrWVDLGpVSRXUO·$FFHQVLRQjOD3URSULpWp
3 3 &RPPLWWHH 3D\PHQWVDQG3URJUHVV )UDQFH
&RPPLWWHH 3$3 3ULQWHU$FFHVV3URWRFRO
&RPLWpGHVSDLHPHQWHWGHO·DYDQFHPHQWGHV 3$36 SKDVHGDUPDPHQWVSURJUDPPLQJV\VWHP
WUDYDX[G·LQIUDVWUXFWXUH V\VWqPHGHSURJUDPPDWLRQpFKHORQQpHGHVDUPH
3 6VWDWHPHQW 3XUFKDVHDQG6DOHVWDWHPHQW PHQWV
3 6V\SKLOLV 3ULPDU\DQG6HFRQGDU\V\SKLOLV 3$36 3HULRGLF$UUD\VRI3LQQLQJ6LWHV
(SLGHPLRORJ\0HGLFLQH6H[XDOO\7UDQVPLWWHG 3K\VLFV
'LVHDVHV 3$4V 3DUWLDOO\$OORFDWHG4XRWDV
3 8 3KDUPDFLDDQG8SMRKQ SDUSDU DEEUSDUDJUDSK
3KDUPDFLD6ZHGHQDQG8SMRKQ86$EDVHG $OVRSDUD
PHUJHGLQ SDUSDU DEEUSDUDOOHO
'UXJV &DUWRJUDSK\&RPSXWHU3URJUDPPLQJ
3$1(/ 3URWHFWLRQ$FURVV1(WZRUN/D\HUV (OHFWULFLW\*HRGHV\0DWKHPDWLFV3K\VLFV
(XURSHDQ&RPPXQLW\3URMHFW 3$5 3KRWRV\QWKHWLFDOO\$FWLYH5DGLDWLRQ
3$1. 3DQWHWKHPDWH.LQDVH &OLPDWH&KDQJH(QYLURQPHQW5HVHDUFK
&KLOGUHQ
V9DFFLQH3URJUDPV+HDOWK5HVHDUFK 3% SXOSREXFFRD[LDO
SDWKRO DEEUSDWKRORJLFDOSDWKRORJ\ 3% 3XVK%XWWRQ
0HGLFLQH3V\FKRORJ\ 0HFKDQLFDO(QJLQHHULQJ
3$7+6 3$FLILF7UDQVSRUWRI+HDWDQG6DOW 3% 3\ULGRVWLJPLQH%URPLGH
&DQDGD-DSDQ86$ 3%LVDGUXJXVHGWRWUHDWP\DVWHQLDJUDYLV
3$70$5 SDWURXLOOHPDULWLPH 3KDUPDFRORJ\
PDULWLPHSDWURO03 3%$$ 3RO\EXWDGLHQHDFU\O$FLG
DYLRQGHSDWURXLOOHPDULWLPH 3% &V VHH3%&V
PDULWLPHSDWURODLUFUDIW03$ YRLU3%&V
3DW2II 3DWHQW2IILFH 3E$V6 *UDWRQLWH
3$8 3RZHU$PSOLILHU8QLW 0LQHUDORJ\
3$83 3K\ORJHQHWLF$QDO\VLV8VLQJ3DUVLPRQ\ 3%% 3RO\EURPLQDWHG%LSKHQ\O
&HOOXODU3DWKRORJ\0ROHFXODU3DWKRORJ\ 3%% 3URFHVVXVGH%RXQWHQ%RXW
3$9$& 3XEEOLFDWLRQVDQG$XGLRYLVXDO$GYLVRU\ )UHQFKLQLWLDOLVPPHDQLQJ6WUDLJKW7KURXJK
&RXQFLO86$ 3URFHVVLQJ
3$: 3ODVPD$UF:HOGLQJ 3E%U /HDG%URPLGH
3$:6 3URJUHVVLYH$QLPDO:HOIDUH6RFLHW\ ,QRUJDQLF&KHPLVWU\
$QLPDO5LJKWV 3%& 3ODQLILFDWLRQGHV%HVRLQVHQ&DSDFLWpV
3$:6SURMHFW 3URWHFWHG$UHDDQG:LOGOLIH6\VWHP )UHQFKLQLWLDOLVPPHDQLQJ0DQXIDFWXULQJ
SURMHFW.HQ\D 5HVRXUFHV3ODQQLQJ
3$:6LVDSURMHFWILQDQFHGE\WKH:RUOG%DQN 3%& 3RZHU%XLOGXS&DYLW\)DEU\3HURW
V
DQGRWKHUGRQRUV 3K\VLFV
SDZV 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH 3%& 3UH%RHW]LQJHU&RPSOH[RIWKHEUDLQVWHP
(QJOLVKZRUGSDZV $QDWRP\$QHVWKHVLRORJ\6HQVRU\3K\VLRORJ\
3$; 3ULYDWH$XWRPDWLF([FKDQJH 3E&O /HDG&KORULGH
3$;,6 3LORW$FWLRQRI([FHOOHQFHRQ,QQRYDWLYH /HDG&KORULGHLVXVHGPDLQO\LQWKHSURGXFWLRQRI
6WDUWXSV OHDGVDOWV
(XURSHDQ&RPPXQLW\ ,QRUJDQLF&KHPLVWU\
3$<( 3D\$V<RX(DUQ*% 3E&1 /HDG&\DQLGH
3$<( 3D\$V<RX(QWHU /HDG&\DQLGHLVXVHGLQPHWDOOXUJ\
SD\H 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ ,QRUJDQLF&KHPLVWU\
XVLQJWKH)UHQFKZRUGSD\HZKLFKPHDQVSD\ 3E&U2 &URFRLWH
ZDJHVDODU\ &URFRLWHLVDOVRNQRZQDV&URFRLVLWH
3$<623 3$<UROOEDVHG6WRFN2ZQHUVKLS3ODQ 0LQHUDORJ\
SD\W DEEUSD\PHQW 3%&V SODQQLQJERDUGVDQGFRPPLWWHHV>&(3@
3E %DQTXH3DULVEDV EXUHDX[HWFRPLWpVG·pWXGH>3&8@
)UHQFK%DQN 3E&X6E6 %RXUQRQLWH
3E 7KHFKHPLFDOV\PEROIRU/HDG 0LQHUDORJ\
&KHPLVWU\(QJLQHHULQJ*UDSKLF$UWV 3%' 3DLG%ORRG'RQRU
0HWDOOXUJ\ 3%' 3ROR%R['RPDLQ
3% 3DULV%RXUVH %LQGLQJ'RPDLQV&HOO'LYLVLRQ3URWHRPLF
)UHQFK6WRFN([FKDQJH 6FUHHQV
3% SDUWLFOHEHDP 3%' SKHQ\OELSKHQ\OR[DGLD[ROH
IDLVFHDXGHSDUWLFXOHV 3%(& 3DFLILF%DVLQ(FRQRPLF&RXQFLO
3% 3DVV%RRN 3%(,67 3ODQQLQJ%RDUGIRU(XURSHDQ,QODQG
3E SDVVLYLWjDEUHYH 6XUIDFH7UDQVSRUW
,WDOLDQLQLWLDOLVPPHDQLQJ6KRUWWHUPOLDELOLWLHV %XUHDXG·pWXGHGHVWUDQVSRUWVLQWpULHXUVGHVXUIDFH
3% 3HUPDQHQW%XQNHUV HQ(XURSH
3%3HUPLW%RQG3UHIHUHQFH%RQG 3%) 3RZHU%XUVW)DFLOLW\
3% 3KDUPDFRSRHLD%ULWDQQLFD 3E) /HDG)OXRULGH
3% 3UHPLXP%RQGV /HDG)OXRULGHLVXVHGPDLQO\LQRSWLFV
3% 3ULYUHGQD%DQND=DJUHEGG ,QRUJDQLF&KHPLVWU\
%DQNV 3E)H6E6 -DPHVRQLWH
-DPHVRQLWHLVDOVRNQRZQDV*UD\$QWLPRQ\ 3OXPELF$FLGLVXVHGPDLQO\DVDQR[LGL]LQJ
)HDWKHU2UH DJHQW
0LQHUDORJ\ ,QRUJDQLF&KHPLVWU\
3%*PDWHULDOV 3KRWRQLF%DQG*DSPDWHULDOV 3E2 /HDG7HWUR[LGH
3%*PDWHULDOVDUHDOVRNQRZQDV3KRWRQLFFU\V /HDG7HWUR[LGHDOVRNQRZQDV5HG/HDG2[LGHLV
WDOV XVHGPDLQO\LQJOD]HVSDLQWVDQGVWRUDJHEDWWHU
3K\VLFV7HFKQRORJ\ LHV
3%, 3RO\EHQ]LPLGD]ROH ,QRUJDQLF&KHPLVWU\
0DWHULDOV 3%2&6W SWDVWEXWR[\FDUER[\VW\UHQH
3%, 3URWHLQ%RXQG,RGLQH &KHPLVWU\&KHPLFDO(QJLQHHULQJ
%LRFKHPLVWU\ 0DFURPROHFXOHV1HXWURQ5HVHDUFK3RO\PHUV
3%, 7KHDLUSRUWFRGHIRU:HVW3DOP%HDFK)ORULGD 6HPLFRQGXFWRUV
86$ 3E2+ /HDG+\GUR[LGH
3E, /HDG,RGLGH /HDG+\GUR[LGHLVDOVRNQRZQDV/HDG+\GUDWH
/HDG,RGLGHLVXVHGPDLQO\LQSKRWRJUDSK\EURQ] ,QRUJDQLF&KHPLVWU\
LQJDQGSULQWLQJ 3%26 3ODQQLQJ%RDUGIRU2FHDQ6KLSSLQJ
,QRUJDQLF&KHPLVWU\ %XUHDXG·pWXGHGHVWUDQVSRUWVRFpDQLTXHV
3E,3EMXQFWLRQ /HDG,/HDGMXQFWLRQ 3%3 3HQLFLOOLQ%LQGLQJ3URWHLQ
3%. 3RZV]HFKQ\%DQN.UHG\WRZ\6$ )RUIXUWKHUGHWDLOVVHHXQGHU3%3V
3ROLVK%DQN 3%3% 3\ULGLQLXP%URPLGH3HUEURPLGH
3%/ 3ODQHWDU\%RXQGDU\/D\HU 3%3V 3HQLFLOOLQ%LQGLQJ3URWHLQV
0HWHRURORJ\ $QWLPLFURELDO$JHQWV&KHPRWKHUDS\0HGLFLQH
3%/ SURGXFWEDVHOLQH 0LFURELRORJ\&OLQLFDO,PPXQRORJ\
UpIpUHQFHGHSURGXFWLRQ 3%5 3D\PHQW%\5HVXOWV
3%/* 3RO\a%HQ]\O/*OXWDPDWH 3%5& 3HQQLQJWRQ%LRPHGLFDO5HVHDUFK&HQWHU
3RO\PHU&KHPLVWU\ 86$
3%/V 3HULSKHUDO%ORRG/\PSKRF\WHV ([HUFLVH%LRFKHPLVWU\'LHWLQGXFHG2EHVLW\
0HGLFLQH0LFURELRORJ\ 3K\VLRORJ\0DFURQXWULHQW,QWDNH5HJXODWLRQ
3%0&V 3HULSKHUDO%ORRG0RQRQXFOHDU&HOOV 1XWULHQWJHQH,QWHUDFWLRQV3KHQRW\SH0HWDEROLF
3E0R2 /HDG0RO\EGDWH 'LVHDVHV
,QRUJDQLF&KHPLVWU\ 3%57& 3ODQW%LRFKHPLVWU\5HVHDUFKDQG7UDLQLQJ
3%05 SURYLVLRQDOEDVLFPLOLWDU\UHTXLUHPHQW &HQWHU
EHVRLQPLOLWDLUHSURYLVRLUHGHEDVH 3E6 *DOHQD
3%1 _3KHQ\OW%XW\O1LWURQH 0LQHUDORJ\
3E1 /HDG$]LGH 3E6 /HDG6XOILGH
/HDG$]LGHLVXVHGLQH[SORVLYHV /HDG6XOILGHDOVRNQRZQDV3OXPERXV6XOILGHLV
,QRUJDQLF&KHPLVWU\ XVHGPDLQO\LQVHPLFRQGXFWRUVDQGLQFHUDPLFV
3E2 /HDG0RQR[LGH ,QRUJDQLF&KHPLVWU\
,QRUJDQLF&KHPLVWU\ 3%6 3KRVSKDWH%XIIHUHG6DOLQH
)RUIXUWKHUGHWDLOVVHHXQGHU3E2 /LWKDUJH 3%6 3K\FRELOLVRPHV
3E2/LWKDUJH 3ODQW%LRORJ\
/LWKDUJHDOVRNQRZQDV<HOORZ/HDG2[LGHDQG 3%6 3XEOLF%URDGFDVWLQJ6\VWHP
XVHGPDLQO\LQFHUDPLFVSDLQWVDQGYDUQLVKHVKDV 3E6E6 +HWHURPRUSKLWH
WKHVDPHIRUPXODDV/HDG0RQR[LGHEXWGLIIHUHQW +HWHURPRUSKLWHLVIRXQGLQDQWLPRQ\PLQHV
SK\VLFDOSURSHUWLHV 0LQHUDORJ\
,QRUJDQLF&KHPLVWU\ 3E6L2 /HDG6LOLFDWH
3%2 3HQLFLOOLQLQ%HHVZD[ /HDG6LOLFDWHDOVRNQRZQDV/HDG0HWDVLOLFDWHLV
3%2 3ODWH%RXQGDU\2EVHUYDWRU\ XVHGPDLQO\LQFHUDPLFV
*RWXQGHUZD\LQ ,QRUJDQLF&KHPLVWU\
3%2 3UHERUHDO2VFLOODWLRQ 3E6L6 *DOHQRELVPXWLWH
3E2 /HDG'LR[LGH 0LQHUDORJ\
/HDG'LR[LGHDOVRNQRZQDV/HDG3HUR[LGH 3E6Q6 7HDOOLWH
7HDOOLWHLVIRXQGLQWLQYHLQV
0LQHUDORJ\ %LRFKHPLVWU\
3E62 /HDG6XOIDWH 3& 3K\FRF\DQLQ
/HDG6XOIDWHLVXVHGLQVWRUDJHEDWWHULHV 3&LVRQHRIWKHPDMRUVSHFLHVRISK\FRELOLSUR
,QRUJDQLF&KHPLVWU\ WHLQV
3E7H $OWDLWH 3ODQW%LRORJ\
0LQHUDORJ\ 3& 3LDFHQ]D,WDO\
3E7H /HDG7HOOXULGH SF DEEUSLHFH
,QRUJDQLF&KHPLVWU\ 3& 3LWFK&LUFOH
3E7L2 /HDG7LWDQDWH 'HVLJQ(QJLQHHULQJ
/HDG7LWDQDWHLVXVHGDVDSDLQWSLJPHQW 3& 3ROLFH&RQVWDEOH
,QRUJDQLF&KHPLVWU\ 3& 3ROLWLFDO&RPPLWWHH>1$&@
3E7O$V6 +XWFKLQVRQLWH &RPLWpSROLWLTXH>&$1@
+XWFKLQVRQLWHLVIRXQGLQFU\VWDOOLQHGRORPLWH SRVWHGHFRPPDQGHPHQW
0LQHUDORJ\ DFRPPDQGSRVW&3
3E YLUXV 3HQLFLOOLXPEUHYLFRPSDFWXP YLUXV EKHDGTXDUWHUV+4
9LURORJ\ 3& 3RO\FDUERQDWH
3%: SDUWLFOHEHDPZHDSRQ 3RO\FDUERQDWHLVXVHGPDLQO\LQKRXVHKROGDSSOL
DUPHjIDLVFHDXGHSDUWLFXOHV DQFHV
3E:2 /HDG7XQJVWDWH 2UJDQLF&KHPLVWU\
/HDG7XQJVWDWHDOVRNQRZQDV/HDG:ROIUDPDWH 3& 3RO\FRPE
LVXVHGDVDSLJPHQW )RUIXUWKHUGHWDLOVVHHXQGHU3F*SURWHLQV
,QRUJDQLF&KHPLVWU\ 3& 3RUWODQG&HPHQWSRUWODQGFHPHQW
3E:2 5DVSLWH 0DWHULDOV
0LQHUDORJ\ 3& 3UH]]R&RQYHQXWR
3%:6( 3KLODGHOSKLD%DOWLPRUH:DVKLQJWRQ6WRFN ,WDOLDQLQLWLDOLVPPHDQLQJSULFHDJUHHGSULFH
([FKDQJH86$ IL[HG
3%; 3ODVWLF%RQGHG([SORVLYH SF DEEUSULFH
3%;DFFHVVOLQH 3ULYDWH%UDQFK([FKDQJHDFFHVV 3& 3ULPH&RVW
OLQH 3& 3ULQWHG&LUFXLW
3& /_3KRVSKDWLG\OFKROLQH (OHFWURQLFV
3& 3DQDPD&DQDO 3& 3URIHVVLRQDO&RUSRUDWLRQ
3& 3DUDOOHO&RPSXWHU 3& 3URILW&HQWHU
7KHSDUDOOHOFRPSXWHULVDOVRNQRZQDV3DUDOOHO 3& 3URJUDP&RXQWHU
'LJLWDO&RPSXWHU3DUDOOHO3URFHVVRU 7KHSURJUDPFRXQWHULVDOVRNQRZQDV&RQWURO
&RPSXWHU7HFKQRORJ\ &RXQWHURUUHJLVWHU,QVWUXFWLRQFRXQWHURUUHJLVWHU
3& 3DUWH&LYLOH 6HTXHQFH&RXQWHURUUHJLVWHU
/DZ ,WDOLDQLQLWLDOLVPPHDQLQJ3ODLQWLII &RPSXWHU7HFKQRORJ\
3& 3DWURO&UDIW 3& 3URJUDPPDEOH&RQWUROOHU
SF SD\FKHFNSD\FKHTXH &RQWURO6\VWHPV
3& SFSHUFHQWSHUFHQWDJH 3& 3XULILHG&RQFHQWUDWH
$OVRSF 0HGLFLQH
SF SHUFRQRVFHQ]D 3& 3\URPHWULF&RQH
,WDOLDQLQLWLDOLVPPHDQLQJFRS\WRSDUWLFXODUO\LQ 7KHS\URPHWULFFRQHLVDOVRNQRZQDV6HJHUFRQH
DOHWWHUID[HWF 0DWHULDOV6FLHQFH
3& 3HUVRQDO&RPSXWHU 3&$ 3DVVLYH&XWDQHRXV$QDSK\OD[LV
7KHWHUPSHUVRQDOFRPSXWHUUHIHUVWRDFRPSDFW 3DVVLYHFXWDQHRXVDQDSK\OD[LVLVDOVRNQRZQDV
FRPSXWHUWREHXVHGLQRIILFHVDQGKRPHV7KH 3DVVLYH$QDSK\OD[LV
SHUVRQDOFRPSXWHUZDVLQYHQWHGLQWKHVDW ,PPXQRORJ\
WKH6WDQIRUG5HVHDUFK,QVWLWXWH 3&$ 3HUFKORULF$FLG
&RPSXWHU7HFKQRORJ\ +&O2 8VHGPDLQO\DVDFDWDO\VWDQGDVD
3& 3HWW\&DVK UHDJHQW
%XVLQHVV(FRQRPLFV)LQDQFH ,QRUJDQLF&KHPLVWU\
3& 3KRVSKRFUHDWLQH 3&$ 3K\VLFLDQ&RUSRUDWLRQRI$PHULFD
6HFWHXUGHGpIHQVHDpULHQQHGX3RUWXJDO 7HFKQRORJLFDO,QQRYDWLRQ6FLHQWLILFDQG&XOWXUDO
>REVROqWH@ 'HYHORSPHQW
32$* 3ULPDU\2SHQ$QJOH*ODXFRPD 32,6 3RLQW2I,QIRUPDWLRQDQG6HUYLFH
*ODXFRPD0HGLFLQH2SKWDOPRORJ\3HGLDWULFV 32/ SHWUROHXPRLOVDQGOXEULFDQWV
32% SHUVRQQHORQERDUG SURGXLWVSpWUROLHUV
SHUVRQQHOjERUG 3RO DEEU3ROLVK
32% 3RLQW2I%XVLQHVV /DQJXDJHV
32% 3RVW2IILFH%R[ SRO DEEUSROLWLFDSROLWLFR
32% 3XEOLF2YHUVLJKW%RDUG ,WDOLDQDEEUHYLDWLRQPHDQLQJSROLWLFVSROLWLFDO
32& RFHDQLF3DUWLFXODWH2UJDQLF&DUERQ 3RO DEEU3ROL]LD
(DUWK6\VWHP6FLHQFH ,WDOLDQDEEUHYLDWLRQPHDQLQJ3ROLFH
32& SRLQWRIFRQWDFW 32/ 3URXGPDQ2FHDQRJUDSKLF/DERUDWRU\*%
DSRLQWGHFRQWDFW 32/$' SROLWLFDODGYLVRU
EUHVSRQVDEOHjFRQWDFWHU FRQVHLOOHUSROLWLTXH
FLQWHUORFXWHXU 32/$5$ VRIWZDUH 3URJUDPPLQJ$UFKLWHFWXUHIRU
32& 3RUWDIRJOLR2EEOLJD]LRQL&RQVLJOLDWH,WDO\ /DERUDWRU\$XWRPDWLRQVRIWZDUH
%DQNLQJ %LRWHFKQRORJ\/DERUDWRU\$XWRPDWLRQ6RIWZDUH
SRFSRF SRUWRIFDOO 3KDUPDFHXWLFDOV)RRGDQG&KHPLFDO,QGXVWULHV
32& 3UHVHUYDWLRQ2I&DSLWDO 32/'(5 32/DUL]DWLRQDQG'LUHFWLRQDOLW\RIWKH
%XVLQHVV(FRQRPLFV)LQDQFH (DUWK
V5HIOHFWDQFHV
32' 3D\3D\PHQW2Q'HOLYHU\ 32/(; DEEU32/DU(;SHULPHQW
32' SRLQWRIGLVHPEDUNDWLRQ 32/)(5 DEEU32/L]LD)(5URYLDULD
SRLQWGHGpEDUTXHPHQW ,WDOLDQDEEUHYLDWLRQPHDQLQJ5DLOZD\3ROLFH
SUREDELOLW\RIGHWHFWLRQ 32/+( VHH3+(
SUREDELOLWpGHGpWHFWLRQ YRLU3+(
32' 3RUW2I'HEDUNDWLRQ 32/675$'$ DEEU32/L]LD675$'$OH
32' 3RUW2I'HSDUWXUH ,WDOLDQDEEUHYLDWLRQPHDQLQJ+LJKZD\3ROLFH
32' 3RVWRSHUDWLYH'D\ SRO\ DEEUSRO\JRQ
32' 3UREDELOLW\2I'HWHFWLRQ 0DWKHPDWLFV
32' 3URWRQ2PQLGLUHFWLRQDO'HWHFWRU SRO\ DEEUSRO\WHFKQLFSRO\WHFKQLFDO
32( SRLQWRIHPEDUNDWLRQ 6FLHQFH
SRLQWG·HPEDUTXHPHQW 320 3DUWLFXODWH2UJDQLF0DWWHU
SRLQWRIHQWU\H[LW SRP DEEUSRPHULGLDQR
SRLQWG·HQWUpHGHVRUWLH3(6 ,WDOLDQDEEUHYLDWLRQPHDQLQJSPDIWHUQRRQ
32( 3RUW2I(PEDUNDWLRQ 320$& 3DUHWR2SWLPDO0RGHO$VVHVVPHQW&\FOH
32( 3RUW2I(QWU\ (FRORJ\6WDWLVWLFV
32(0&HQWHU 3KRWRQLFVDQG2SWRHOHFWURQLF 320&VLJQDOLQJ 3URRSLRPHODQRFRUWLQVLJQDOLQJ
0DWHULDOV&HQWHU %LRPHGLFDO5HVHDUFK(QGRFULQRORJ\*HQHWLFV
$W3ULQFHWRQ8QLYHUVLW\1<86$ 0ROHFXODU%LRORJ\2EHVLW\
32(06 3RO\R[\HWK\OHQHPRQRVWHDUDWH 320&86 SUHSRVLWLRQHGRUJDQL]DWLRQDOPDWHULDO
32(23 3RO\R[\HWK\OHQHR[\SURS\OHQH FRQILJXUHGLQXQLWVHWV
32(6 3RODURUELWLQJ2SHUDWLRQDO(QYLURQPHQWDO SUpSRVLWLRQQHPHQWGHPDWpULHOGHGRWDWLRQ
6DWHOOLWH RUJDQLTXHHQORWVXQLWDLUHV
3RI 3LDQRGHOO·RIIHUWDIRUPDWLYD,WDO\ 3206 3RODU2SHUDWLRQDO0HWHRURORJLFDO6DWHOOLWH
32) 3ODVWLF2SWLFDO)LEUHV 320V 3RO\R[RPHWDODWHV
WK ,QWHUQDWLRQDO&RQIHUHQFH6HSWHPEHU &KHPLVWU\0DWHULDOV6FLHQFH3DSHU,QGXVWU\
$PVWHUGDP7KH1HWKHUODQGV 32066 SUHSRVLWLRQHGRUJDQL]DWLRQDOPDWHULDOVWRU
&DEOH7HFKQRORJLHV)LEUH7HFKQRORJLHV DJHVLWH
0DWHULDOV7HFKQRORJLHV GpS{WGHSUpSRVLWLRQQHPHQWGHPDWpULHOGHGRWD
32*2 3RODU2UELWLQJ*HRSK\VLFDO2EVHUYDWRULHV WLRQRUJDQLTXH
32*2 3URJUDPPHU2ULHQWHG*UDSKLFV2SHUDWLRQ 321 3DUWLFXODWH2UJDQLF1LWURJHQ
32,17 32ORSHUO·,1QRYD]LRQH7HFQRORJLFD 321 3URJUDP2SSRUWXQLW\1RWLFH
%HUJDPR,WDO\
321LVDSURJUDPRIWKH86'HSDUWPHQWRI &RPSXWHU7HFKQRORJ\
(QHUJ\,VVXHGLQ SRW DEEUSRWHQWLDO
(QHUJ\2FHDQRJUDSK\ 0DWKHPDWLFV3K\VLFV6FLHQFH
321$ DQDO\VLV 3DUDIILQV2OHILQV1DSKWKHQHV 327 3URJUDPIRU2SHUDWLRQDO7UDMHFWRULHV
$URPDWLFVDQDO\VLV 327$' 3URJUDPIRU2SHUDWLRQDO7UDQVSRUW$QG
$QDO\WLFDO&KHPLVWU\ 'LVSHUVLRQ
322 3RVW2IILFH2UGHU 3276 3HGLDWULF2&'7UHDWPHQW6WXG\
323 SHUIRUPDQFHRULHQWHGSDFNDJLQJ )RUIXUWKHUGHWDLOVVHHXQGHU2&'
HPEDOODJHSHUIRUPDQW 3276 3ODLQ2OG7HOHSKRQH6HUYLFH
323 3RLQW2I3UHVHQFH 329 SULYDWHO\RZQHGYHKLFOH
$OVR3RSV YpKLFXOHSULYp
323 3RLQW2I3XUFKDVH 32: SULVRQHURIZDU
%XVLQHVV&RPPHUFH SULVRQQLHUGHJXHUUH3*
SRS DEEUSRSXODWLRQ SURJUDPPHRIZRUN
$UFKDHRORJ\(FRORJ\6WDWLVWLFV SURJUDPPHGHWUDYDLO3'7
323 3URGX]LRQHGL2ULJLQH3URWHWWD,WDO\ 32:(5 3HRSOH2UJDQL]HGDQG:RUNLQJIRU
323'$ 3RO\R[\SURS\OHQHGLDPLQH (FRQRPLF5HELUWK
323( 3DOPLWR\O2OHR\O3KRVSKDWLG\OHWKDQRODPLQH 32:(5 352)62SHUDWLRQDO:HDWKHU(GXFDWLRQ
323* 3DOPLWR\O2OHR\O3KRVSKDWLG\OJO\FHURO DQG5HVHDUFK
323,77 3RLQW2I3UHVHQFH,Q7KH7HUULWRU\ )RUIXUWKHUGHWDLOVVHHXQGHU352)6
323V 3HUVLVWHQW2UJDQLF3ROOXWDQWV 32:) 3K\VLFDO2QHZD\)XQFWLRQ
7R[LF&KHPLFDOV &U\SWRJUDSK\
325 3D\DEOH2Q5HFHLSW3D\2Q5HWXUQ 32:35* 3URJUDPPHRI:RUN5HYLHZ*URXS
%XVLQHVV&RPPHUFH *URXSHG·H[DPHQGXSURJUDPPHGHWUDYDLO
SRU SRUWRIUHIXJH SS SDFFRSRVWDOH
32576 3K\VLFDO2FHDQRJUDSKLF5HDO7LPH ,WDOLDQLQLWLDOLVPPHDQLQJSDUFHOSRVW
6\VWHP SSSS SDJHV
32576 3RUW2EMHFWLYHIRU5HDO7LPH6\VWHPV 33 SDSHUSOD\
326 3DWHQW2IILFH6RFLHW\86$ MHXRXH[HUFLFHILFWLI
326 3ODQG
2FFXSDWLRQGHV6ROV 3DSXD1HZ*XLQHD
)UHQFKDFURQ\PPHDQLQJ=RQLQJ5HJXODWLRQV 3DSRXDVLH1RXYHOOH*XLQpH
326 3RLQW2I6DOH SULPDU\SDUWLFLSDQW
326 3RODU2UELWLQJ6DWHOOLWH SDUWLFLSDQWSULQFLSDO
SRV DEEUSRVLWLRQ 33 3DSHU3URILW
326 7KHDLUSRUWFRGHIRU3RUW2I6SDLQ7ULQLGDG 33 3DUDOOHO3URFHVVRU
326$ SD\PHQWVRXWVWDQGLQJVXVSHQVHDFFRXQW &RPSXWHU6FLHQFH
FRPSWHG·LPSXWDWLRQSURYLVRLUHRXSDLHPHQWHQ 33SS 3DUFHO3RVW
LQVWDQFHGHUpJXODULVDWLRQ 33 3DULW\3ULFH
326% 3RVW2IILFH6DYLQJV%DQN*% %XVLQHVV&RPPHUFH
326'&25% 3ODQQLQJ2UJDQL]LQJ6WDIILQJ SS SDUWLDOSD\PHQW
'LUHFWLQJ&2RUGLQDWLQJ5HSRUWLQJDQG 33 3HQVLRQ3ODQ
%XGJHWLQJ 33 3HULRGLFDOO\3ROHG
326+ 3UREDELOLW\2I6HYHUH+DLO 1RQOLQHDUPDWHULDOV3K\VLFV
0HWHRURORJ\ 33 3HULSKHUDO3URFHVVRU
3266 SDVVLYHRSWLFDOVDWHOOLWHVXUYHLOODQFHV\VWHP &RPSXWHU7HFKQRORJ\
V\VWqPHSDVVLIGHVXUYHLOODQFHRSWLTXHGHVVDWHO 33SSSS 3HU3URFXUD
OLWHV ,WDOLDQLQLWLDOLVPPHDQLQJ%\SUR[\
SRVV DEEUSRVVLEOH /DZ
3267(&+ 3RKRQJ8QLYHUVLW\2I6FLHQFHDQG 33 3H\HU
V3DWFKHV
7(&+QRORJ\.RUHD 3H\HU
VSDWFKHVDUHQRGXOHVRIO\PSKRLGWLVVXH
3RVWHO 3RVWDHOHWWURQLFD XVXDOO\ORFDWHGLQWKHLOHXP
,WDOLDQDEEUHYLDWLRQPHDQLQJHOHFWURQLFPDLO &DQFHU+LVWRORJ\ 0HGLFLQH
3R6 WHUPLQDO 3ODFHRI6DOHWHUPLQDO 33 3LQJ3RQJ
(OHFWURQLF%XVLQHVV %LRFKHPLVWU\&KHPLVWU\
332 3ULQFLSHGHOD3RUWH2XYHUWH 33607 3UHQ\O3URWHLQ6SHFLILF0HWK\OWUDQVIHUDVH
)UHQFKLQLWLDOLVPPHDQLQJ2SHQ'RRU6\VWHP %LRFKHPLVWU\&KHPLVWU\
332200 3RQWLILFLH2SHUH0LVVLRQDULH 33637 3UHQ\O3URWHLQ6SHFLILF
,WDOLDQLQLWLDOLVPPHDQLQJ3DSDO0LVVLRQ:HOIDUH 3DOPLWR\OWUDQVIHUDVH
2UJDQL]DWLRQ %LRFKHPLVWU\&KHPLVWU\
332V 3UHIHUUHG3URYLGHU2UJDQL]DWLRQV 3366 3DUWHFLSD]LRQL6WDWDOL
333 ,QGRQHVLD
VPLQRULW\0RVOHPRULHQWHG8QLWHG ,WDOLDQLQLWLDOLVPPHDQLQJ6WDWH6KDUHKROGLQJV
GHYHORSPHQWSDUW\ SSW SDUWVSHUWKRXVDQG
333 3DUWHQDULDWSRXUODSDL[ 0HGLFLQH
3DUWQHUVKLSIRU3HDFH3I3 SSW SDUWVSHUWULOOLRQ
SXUFKDVLQJSRZHUSDULW\ 0HGLFLQH
SDULWpGXSRXYRLUG·DFKDW33$ 337 3LHORJUDILD3HUFXWDQHD7UDQVORPEDUH
333SSS 3RLQWWR3RLQW3URWRFRO 0HGLFLQH
&RPSXWHUV 3SWSSW DEEUSUHFLSLWDWH
333 3ULRU3DUWLFLSDWLQJ3UHIHUUHG &KHPLVWU\0HWHRURORJ\
6WRFNV 337 3URFHVVLQJ3URJUDP7DEOH
333 3XEOLF3ULYDWH3DUWQHUVKLS (OHFWURQLFV
333 &OLHQWV 3ODQQHG3URGXFWLRQ3URIRUPD&OLHQWV 337DVHV 3URWHLQ3KRVSKDWDVHV
333, SUHFLVLRQSODQSRVLWLRQLQGLFDWRU SSWQ DEEUSUHFLSLWDWLRQ
LQGLFDWHXUGHJLVHPHQWGHSUpFLVLRQ &KHPLVWU\,PPXQRORJ\0HWHRURORJ\
333/ 3ULQFHWRQ3ODVPD3K\VLFV/DERUDWRU\ SSWY SDUWVSHUWULOOLRQE\YROXPH
86$ 339 3RO\S3KHQ\OHQH9LQ\OHQH
)XVLRQ5HVHDUFK 339 3XEEOLFLWjVXO3XQWRGL9HQGLWD
333 WKHRU\ 3XUFKDVLQJ3RZHU3DULW\WKHRU\ ,WDOLDQLQLWLDOLVPPHDQLQJ3RLQWRI6DOH
334 3RO\SKHQ\OTXLQR[DOLQH $GYHUWLVLQJ
334E36 3RO\3KHQ\OTXLQROLQHEORFNSRO\ 339 WHFKQRORJ\ 3DQRUDPLF3DVVLYH9LHZWHFKQROR
VW\UHQH J\
&KHPLFDO(QJLQHHULQJ&KHPLVWU\ $YLDWLRQ
335 3DFNDJH3RZHU5HDFWRU 3S\ 3RO\S\UUROH
1XFOHDU3K\VLFV $ FRQGXFWLYHILOPPDWHULDO
335 3HVWHGHV3HWLWV5XPLQDQWV 33\9 3RO\S3ULG\OHQH9LQ\OHQH
7KHSHVWHGHVSHWLWVUXPLQDQWVDOVRNQRZQDV 33\9 LVD\HOORZOLJKWHPLWWLQJSRO\PHU
3VHXGRULQGHUSHVWLVDYLUDOGLVHDVHRIVKHHSDQG 34 3DUDPHWULF4XDQWXP
JRDWV 3K\VLFV
9HWHULQDU\0HGLFLQH 34 3HUPHDELOLW\4XRWLHQW
335 3KRWRSRODULPHWHU5DGLRPHWHU 34 3URJUDPPD4XDGUR
$VWURQRP\6SDFH6FLHQFH (XURSHDQ&RPPXQLW\
335% 3URMHFWDQG3ULRULW\5HYLHZ%RDUG>0%&@ 34PROHFXOHV 3ODVWRTXLQRQHPROHFXOHV
&RPPLVVLRQG·H[DPHQGHVSURMHWVHWSULRULWpV 3URWRQDQG(OHFWURQ7UDQVSRUW
>&%0@ 344 3\UURORTXLQROLQHTXLQRQH
SSUR SHUSURFXUDWLRQ 35 3DFNHW5DGLR
336 3DUOLDPHQWDU\RU3ULQFLSDO3ULYDWH6HFUHWDU\ &RPSXWHU6FLHQFH
336 3DUWLFLSDWLQJ3UHIHUUHG6WRFN SU DEEUSDLU
336 3ODQW3URWHFWLRQ6\VWHP (OHFWULFLW\
336 3RLQWWR3RLQW6\VWHP SU SDLU
336 3RO\JRQV3HU6HFRQG $OVR.LQHPDWLFSDLU
*UDSKLFV3URFHVVRUV 0HFKDQLFDO(QJLQHHULQJ
336 SUHFLVHSRVLWLRQLQJV\VWHP 35 3DUDOOHO5HSUHVHQWDWLRQ
V\VWqPHGHSRVLWLRQQHPHQWGHKDXWHSUpFLVLRQ &RPSXWHU3URJUDPPLQJ
336 3ULRU3UHIHUUHG6WRFN 35 3DULW\5DWLR
SSV SXOVHVSHUVHFRQG 35 3DUPD,WDO\
336(3 3UHQ\O3URWHLQ6SHFLILF(QGRSURWHDVH 35 3DUWLWR5DGLFDOH
3HULQDWDO5HVHDUFK 3XOVH5HSHWLWLRQ5DWHLVDOVRNQRZQDV3XOVH
3520 3URJUDPPDEOH5HDG2QO\0HPRU\ 5HFXUUHQFH5DWH3XOVH5HSHWLWLRQ)UHTXHQF\
&RPSXWHU7HFKQRORJ\ (OHFWULFLW\
3520(&3URMHFW 3RZHUDQG&RPPXQLFDWLRQV 3UU 3ROLRYLUXVUHFHSWRUUHODWHGSURWHLQ
6HFWRUV0RGHUQL]DWLRQDQG5XUDO6HUYLFHV3URMHFW 0HGLFLQH
(FXDGRU 355V 3DWWHUQ5HFRJQLWLRQ5HFHSWRUV
2IWKH:RUOG%DQN,'$ 356 3RZHU5HOD\6DWHOOLWH
3520(7+(86 3URJUDPIRU(XURSHDQ7UDIILF 356 3UHVLGHQWRIWKH5R\DO6RFLHW\
ZLWK+LJKHVW(IILFLHQF\DQG8QSUHFHGHQW6DIHW\ 356 3URJUDPPD5HJLRQDOHGL6YLOXSSR
3URJUDPV ,WDOLDQLQLWLDOLVPPHDQLQJ5HJLRQDO'HYHORSPHQW
3520,6 352JUDPPDEOH0XOWLGLPHQVLRQDO 3URJUDP
,QMHFWLRQ6\VWHP 357 3DUWLFRODUH5LOHYDQ]D7HFQRORJLFD
3520,6 3520RWRULGL,QL]LDWLYH6RFLDOL,WDO\ ,WDOLDQLQLWLDOLVPPHDQLQJ3DUWLFXODU
3520,6( 3UHGLFWDELOLW\DQGYDULDELOLW\RIPRQ 7HFKQRORJLFDO,PSRUWDQFH
VRRQVDQGWKHLUDJULFXOWXUDODQGK\GURORJLFDO 357DVH 3KRVSKRULERV\OWUDQVIHUDVH
LPSDFWVRIFOLPDWHFKDQJH 357' SRLQWGHUpIpUHQFHGHWUDQVPLVVLRQGHGRQ
3520,6(LVDPDMRU\HDUUHVHDUFKSURJUDPPH QpHV
IXQGHGE\WKH(XURSHDQ&RPPLVVLRQXQGHU)3 GDWDOLQNUHIHUHQFHSRLQW'/53
)RUIXUWKHUGHWDLOVVHHXQGHU)3 357/, 3URJUDPPHIRU5HVHDUFKLQ7KLUG/HYHO
SURS DEEUSURSHUW\ ,QVWLWXWLRQV
3UR3ODQ7 3URGXFWLRQ3ODQQLQJ7HFKQRORJ\ 7KH357/,LVDGPLQLVWHUHGE\WKH+LJKHU
3525$ 352FHGXUD5LVFKL$QRPDOL (GXFDWLRQ$XWKRULW\RI,UHODQGDQGVWDUWHGLQ
,WDOLDQDFURQ\PPHDQLQJ$QRPDORXV5LVNV 3570 3ULQWLQJ5HVSRQVH7LPH0RQLWRU
3URFHGXUH 3UXVV DEEU3UXVVLDQ
%DQNLQJ /DQJXDJHV
35268% SUREDEOHVXEPDULQH 359 3RUFLQH3VHXGRUDELHV9LUXV
VRXVPDULQSUREDEOH 0HGLFLQH0LFURELRORJ\,PPXQRORJ\2UDO
352680(5 DEEU3URGXFHU&RQVXPHU 86$ +HDOWK
SURW DEEUSURWHLQ 35:25$ 3HUVRQDO5HVSRQVLELOLW\DQG:RUN
3UR7 3URWK\PRVLQ_ 2SSRUWXQLW\UHFRQFLOLDWLRQ$FW
$SRSWRVLV2QFRSURWHLQV $ 86$FW
3527$& SURSRVHGWDFWLFDODPHQGPHQWPHVVDJH 86:HOIDUH6\VWHP
PHVVDJHGHSURSRVLWLRQGHPRGLILFDWLRQWDFWLTXH 36 3DFNHW6ZLWFKLQJ
3527(2 352JHWWR7HFQLFKH(FRORJLFKHH &RPSXWHU6FLHQFH
2FFXSD]LRQH,WDO\ 36 3DUDOOHO6WRUDJH
7UDQVQDWLRQDO3URMHFWV &RPSXWHU7HFKQRORJ\
SURY DEEUSURYLQFLD 36 3DUWLWD6HPSOLFH
,WDOLDQDEEUHYLDWLRQPHDQLQJGLVWULFWSURYLQFH ,WDOLDQLQLWLDOLVPPHDQLQJ6LQJOHHQWU\
SURYY DEEUSURYYHGLWRUH 36363DVVHQJHU6WHDPHU
,WDOLDQDEEUHYLDWLRQPHDQLQJ 36 3HHO6WUHQJWK
&RPPHUFH 3XUYH\RU (QJLQHHULQJ
0LOLWDU\ 4XDUWHUPDVWHUJHQHUDO 36 3HVDURH8UELQR,WDO\
6FKRROV 6XSHULQWHQGHQW 36 3KRQHWLF6HDUFK
SURYY DEEUSURYYLVRULR &RPSXWHU3URJUDPPLQJ
,WDOLDQDEEUHYLDWLRQPHDQLQJSURYLVLRQDOSURYLVR 36 3KRVSKDWLG\OVHULQH
U\WHPSRUDU\LQWHULP 36 3KRWRV\VWHP
352:/ V\VWHP 352FHGXUH:RUN/RJV\VWHP %LRFKHPLVWU\
SUR[ DEEUSUR[LPDWH SV SLFRVHFRQG
3U3F QRUPDOFHOOXODU3ULRQ3URWHLQ 0HWURORJ\
%LRFKHPLVWU\%LRSK\VLFV&UHXW]IHOGW-DNRE SV DEEUSLHFHV
'LVHDVH3ULRQ'LVHDVHV SV DEEUSRLVH
355 3DWWHUQ5HFRJQLWLRQ5HFHSWRU )OXLG0HFKDQLFV
355 3XOVH5HSHWLWLRQ5DWH )RUIXUWKHUGHWDLOVVHHXQGHU3
36 3RO\VW\UHQH 36&0LVDOVRNQRZQDV&DSDFLWRU6WDUW5XQ
3RO\VW\UHQHLVDQRQSRODUSRO\PHUJODVV\DWURRP 0RWRU
WHPSHUDWXUH,WLVXVHGPDLQO\LQSDFNDJLQJDQG (OHFWULFLW\
LQVXODWLRQ 36FSURWHLQ 3RVWHULRU6H[&RPEVSURWHLQV
2UJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU3F*SURWHLQV
36 3RVW6FULSWXP 36&V 3RODU6WUDWRVSKHULF&ORXGV
36 3RZHU6WHHULQJ $WPRVSKHULF3K\VLFV&OLPDWH*HRSK\VLFV
0HFKDQLFDO(QJLQHHULQJ 0HWHRURORJ\0LGGOH$WPRVSKHUH5HVHDUFK6SDFH
36 3RZHU6XSSO\ 5HVHDUFK
(OHFWULFLW\(OHFWURQLFV 36' 32/ VWRUDJHGHSRW
36 3UHIHUUHG6WRFN GpS{WGHVWRFNDJHGHSURGXLWVSpWUROLHUV
36 3UHVHQLOLQ 36' 3RSXODWLRQDQG6XVWDLQDEOH'HYHORSPHQW
$SRSWRVLV*HQHWLFV/LIH6FLHQFHV0HGLFLQH %LRGLYHUVLW\
1HXURORJ\ 36' 3UHYHQWLRQRI6LJQLILFDQW'HWHULRUDWLRQ
36 3ULFH6SUHDGLQJ 36' 3RVWV\QDSWLF'HQVLW\3URWHLQ
36 3URILW6KDULQJ 6LJQDO7UDQVGXFWLRQ
%XVLQHVV)LQDQFH 36( 3DFLILFFRDVW6WRFN([FKDQJH
36 3XEEOLFD6LFXUH]]D 36( 3DFNHW6ZLWFKLQJ([FKDQJH
,WDOLDQLQLWLDOLVPPHDQLQJ3ROLFH3XEOLF6DIHW\ 36( 3I3 VWDIIHOHPHQW
36 36 3XEOLF6DOH pOpPHQWG·pWDWPDMRUGX333
36$ 3DFLILF6FLHQFH$VVRFLDWLRQ86$ SVHF 3LFRVHFRQG
36$ 3UHFLSLWDWLRQ6HULHV$OJRULWKP 0HWURORJ\
36$ 3URVWDWH6SHFLILF$QWLJHQ 36) 3DWWHUQ6HQVLWLYH)DXOW
36$ SURYLVLRQDOVLWHDFFHSWDQFH &RPSXWHU3URJUDPPLQJ
UpFHSWLRQSURYLVRLUHGHODVWDWLRQRXGXVLWH 36) SHDFHVXSSRUWIRUFH
536 IRUFHGHVRXWLHQGHODSDL[
SURYLVLRQDOV\VWHPDFFHSWDQFH SVI SRXQGVSHUVTXDUHIRRW
UpFHSWLRQSURYLVRLUHGXV\VWqPH 0HWURORJ\
36$ 3XEOLF6HUYLFH$GYHUWLVLQJ 36) 3URJUDP6XSSRUW)DFLOLW\
36$V 3URGXFWLRQ6KDULQJ$JUHHPHQWV 36, 3DFLILF6WUDWXV,QYHVWLJDWLRQ
36$ WHVW 3URVWDWH6SHFLILF$QWLJHQWHVW 36, 3DFLILF6XOIXU,QYHVWLJDWLRQ
3URVWDWH&DQFHU 36, 3DXO6FKHUUHU,QVWLWXWH&DQWRQRI$DUJDX
3VE09 3HDVHHGERUQH0RVDLF9LUXV 6ZLW]HUODQG
9LURORJ\ 7KH36,LVDPXOWLGLVFLSOLQDU\)HGHUDO5HVHDUFK
36%13VEQ 3HRSOHVRIW%XVLQHVV1HWZRUN ,QVWLWXWH
3HRSOHVRIWZDVIRXQGHGLQ $VWURSK\VLFV%LRORJ\(QHUJ\ (QYLURQPHQWDO
36E3$$ 3RO\VW\UHQHE3RO\$FU\OLF$FLG 5HVHDUFK0DWHULDOV6FLHQFH0HGLFLQH3DUWLFOH
&KHPLVWU\ 3K\VLFV6ROLGVWDWH3K\VLFV
36%5 3XEOLF6HFWRU%RUURZLQJ5HTXLUHPHQW 36, 3ODVPD6RXUFH,QVWUXPHQW
36& 3K\ORJHQHWLF6SHFLHV&RQFHSW *HRSK\VLFV6SDFH6FLHQFH
3K\ORJHQRPLFV SVL SRXQGVSHUVTXDUHLQFK
36& 3LWWVEXUJK6XSHUFRPSXWLQJ&HQWHU86$ 0HWURORJ\
36& 3RODU6FLHQFH&HQWHU86$ SVLDSVLD SRXQGVSHUVTXDUHLQFKDEVROXWH
36&3RODU6WUDWRVSKHULF&ORXG 36,& 3DVVLYH6RODU,QGXVWULHV&RXQFLO
)RUIXUWKHUGHWDLOVVHHXQGHU36&V 7KHUHVLGHQWLDOEXLOGHU
VJXLGHOLQHVGHYHORSHGE\
36& 3ROLWLFDODQG6HFXULW\&RPPLWWHH %DOFRPEDQGWKH36,&DUHEHLQJXVHGE\DUFKL
&RPLWpSROLWLTXHHWGHVpFXULWp&236 WHFWVDQGHQJLQHHUVWRFUHDWHFRPIRUWDEOHDIIRUG
3ULQFLSDO6XERUGLQDWH&RPPDQG&RPPDQGHU DEOH(QHUJ\&RQVHUYLQJ%XLOGLQJV
>REVROHWHUHSODFHGE\65&@ SVLG SRXQGVSHUVTXDUHLQFKGLIIHUHQWLDO
&RPPDQGHPHQWFRPPDQGDQWVXERUGRQQp (QJLQHHULQJ
SULQFLSDO&63>REVROqWHUHPSODFpSDU65&@ SVLJ SRXQGVSHUVTXDUHLQFKJDXJH
36&0 3HUPDQHQW6SOLW&DSDFLWRU0RWRU 0HFKDQLFV
4 $ 4XHVWLRQVDQG$QVZHUV
4 4$5$1& 4XHHQ$OH[DQGUD
V5R\DO$UP\1XUVLQJ
&RUSV
4$5116 4XHHQ$OH[DQGUD
V5R\DO1DYDO1XUVLQJ
T TXDGUDWR 6HUYLFH
PHDQLQJVTXDUHLQ,WDOLDQ 4$V 4XDGUDWXUHSKDVH$PSOLWXGHV
T TXDOFXQR 3K\VLFV
PHDQLQJVRPHERG\VRPHRQHLQ,WDOLDQ 4$6 4XHVWLRQ$QVZHULQJ6\VWHP
T TXDUW &RPSXWHU3URJUDPPLQJ
4XDUWLVDXQLWRIYROXPH 4$7 TXDOLILFDWLRQDSSURYDOWHVW
0HFKDQLFV HVVDLG·KRPRORJDWLRQ
T TXDUWHU 4% 4XDOLILHG%LGGHUV
4XDUWHULVDXQLWRIPDVV TE TXDQWREDVWD
0HFKDQLFV ,WDOLDQLQLWLDOLVPPHDQLQJDVPXFKDVLVVXIILFLHQW
T DEEUTXDUWHUO\ 4% 4XHHQ
V%HQFK
$OVRTWO\ 4%' 4XHHQ
V%HQFK'LYLVLRQ
4XDUWHUO\PHDQVRFFXUULQJIRXUWLPHVD\HDU 4%2 4XDVL%LHQQLDO2VFLOODWLRQ
$FFRXQWLQJ 3HULRGLFDOV 7KHWHUPTXDVLELHQQLDORVFLOODWLRQUHIHUVWRD
T TXDUWLOH PRQWKF\FOHZKHUHLQVWUDWRVSKHULFZLQGVFKDQJH
6WDWLVWLFV GLUHFWLRQIURPHDVWWRZHVWDQGYLFHYHUVD
4 4XHEHF&DQDGD *HRGHV\*HRSK\VLFV0HWHRURORJ\
$OVR4XH 4%6 4XDQWL]HG%RWWOHQHFN6WDWHV
4 4XHHQ $WRPLFDQG0ROHFXODU6FLHQFHV&KHPLFDO
$OVR4X 3K\VLFV0ROHFXODU5HDFWLRQ'\QDPLFV
4 4XHHQVODQG$XVWUDOLD 4%6) PHGLD 4XDOLW\%LRORJLFDO6HUXP)UHHPHGLD
$OVR4OG4XH &HOO*URZWK0RQRFORQDO$QWLERG\3URGXFWLRQ
T DEEUTXHU\ TF TXDOFRVDTXDOFKHFRVD
$OVRT\ ,WDOLDQLQLWLDOLVPPHDQLQJVRPHWKLQJ
&RPSXWHU3URJUDPPLQJ 4& 4XDOLWj&RQWUROODWD,WDO\
T TXHVWLRQ 4& 4XDOLW\&LUFOH
4 TXHXH 4& 4XDOLW\&RQWURO
T TXLQWDO ,QGXVWULDO(QJLQHHULQJ
TXLQWDOLVHTXDOWR.LORJUDPV 4& 4XDQWXP&DVFDGH
0HWURORJ\ 0LFURVWUXFWXUDO6FLHQFHV
T TXLUH 4& 4XDQWXP&KHPLVWU\
0DWHULDOV 3K\VLFDO&KHPLVWU\
T TXRWD 4& 4XDQWXP&RPSXWHU
PHDQLQJDOLTXRWSURSRUWLRQTXRWDVKDUHLQ 4& 4XDVL&RQWUDFW4XDVL&RUSRUDWLRQ
,WDOLDQ %XVLQHVV&RPPHUFH)LQDQFH
4 4XRWLHQW 4& 4XHHQ
V&ROOHJH4XHHQ
V&RXQVHO
0DWKHPDWLFV 4& 4XLQDU\&RGH
4$ 4DWDU &RPSXWHU7HFKQRORJ\
4$ 4XDOLW\$VVXUDQFH 4&$ 4XDQWXPGRW&HOOXODU$XWRPDWD
4$ 4XLFN$VVHWV (OHFWULFDO(QJLQHHULQJ1DQRVFDOH6FLHQFH
%XVLQHVV)LQDQFH 3K\VLFV7HFKQRORJ\
4$/$6 4XDOLILHG$VVRFLDWH/DQG$JHQW
V6RFLHW\ 4&% 4XHXH&RQWURO%ORFN
4$/< 4XDOLW\$GMXVWHG/LIH<HDUV 4&' 4XDQWXP&KURPRG\QDPLFV
4XDOLW\RI/LIH+HDOWK&DUH 3DUWLFOH3K\VLFV
4$0 4XDGUDWXUH$PSOLWXGH0RGXODWLRQ 4&'6 4XDOLW\&RVW'HOLYHU\6DIHW\
4$0 4XHXHG$FFHVV0HWKRG 4&ODVHUV 4XDQWXP&DVFDGHODVHUV
&RPSXWHU3URJUDPPLQJ $SSOLHG3K\VLFV&KDRWLF5HVRQDWRUV
4$06 4XDOLW\$VVXUDQFHRI0HGLFDO6WDQGDUGV 0LFURODVHUV
0HGLFLQH 4&0 4XHVWLRQQDLUH4XHVWLRQVj&KRL[0XOWLSOH
,WDOLDQDEEUHYLDWLRQPHDQLQJTXLQWDO 3K\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHUT 43&8 TXHVWLRQQDLUHGHVSODQVFLYLOVG·XUJHQFH
4/$ 4XHEHF/LEUDU\$VVRFLDWLRQ&DQDGD FLYLOHPHUJHQF\SODQQLQJTXHVWLRQQDLUH&(34
4OG DEEU4XHHQVODQG$XVWUDOLD 43(JURXQGVWDWH 4XDQWXP3DUDHOHFWULFJURXQG
$OVR44XH VWDWH
4// 4XDVL/LTXLG/D\HU 43(; 4XDVL3DUDOOHO(;HFXWLRQ
$WPRVSKHULF3K\VLFV0HWHRURORJ\0LFURSK\VLFV &RPSXWHU7HFKQRORJ\
RI&ORXGV3K\VLFV 430 4XDOLW\3URWHLQ0DL]H
4/0 4XDVL/DJUDQJLDQ0RGHO 1XWULWLRQ3URWHLQ0DL]H
TOW\ DEEUTXDOLW\ 430VFKHPHV 4XDVL3KDVH0DWFKLQJVFKHPHV
TO\ DEEUTXDUWHUO\ 6ROLG6WDWH0LFURVWUXFWXUHV
)RUIXUWKHUGHWDLOVVHHXQGHUT 4326 4XDVL3HULRGLF2SWLFDO6XSHUODWWLFH
40 4XDQWXP0HFKDQLFV 6ROLG6WDWH0LFURVWUXFWXUHV
4XDQWXPPHFKDQLFVLVDOVRNQRZQDV4XDQWXP 432V 4XDVL3HULRGLF2VFLOODWLRQV
7KHRU\ $VWURQRP\$VWURSK\VLFV%ODFN+ROHV
3K\VLFV 435,0( 4XDOLW\RULHQWHGVRIWZDUH35RFHVVPDQ
40 4XHHQ0RWKHU DJHPHQW,Q0HGLXP(QWHUSULVHV
40& 4XDUWHUPDVWHU&RUSV (XURSHDQ&RPPXQLW\3URMHFW
40' 4XDQWXP0ROHFXODU'\QDPLFV 435. 4XDGUDWXUH3DUWLDO5HVSRQVH.H\LQJ
40) 4XHU\0DQDJHPHQW)DFLOLW\ 7HOHFRPPXQLFDWLRQV
40* 4XDUWHUPDVWHU*HQHUDO 43V 4XDVL3DUWLFOHV
40PRXVH 4XDVL0RQRFORQDOPRXVH $ TXDVLSDUWLFOHKDVWKHIHDWXUHVRIDSDUWLFOHEXW
,PPXQRORJ\0LFURELRORJ\6RPDWLF LVQRWDWUXHIUHHSDUWLFOH
+\SHUPXWDWLRQ 3K\VLFV
405 4XDOLWj0HGLD5LVXOWDQWH 436.4SVN 4XDWHUQDU\4XDGUDWXUH3KDVH6KLIW
,WDOLDQLQLWLDOLVPPHDQLQJ$YHUDJH2XWJRLQJ .H\LQJ
4XDOLW\ (OHFWURQLFV
405 TXDOLWDWLYHPLOLWDU\UHTXLUHPHQW TT DEEUTXHVWLRQV
EHVRLQPLOLWDLUHTXDOLWDWLI TTFK TXHOTXHFKRVH
40 VFDWWHULQJ FDOFXODWLRQV 4XDQWXP0HFKDQLFDO )UHQFKDEEUHYLDWLRQPHDQLQJVRPHWKLQJ
VFDWWHULQJFDOFXODWLRQV TTI TXHOTXHIRLV
406PHDVXUHPHQWV 4XDGUXSOH0DVV6SHFWURPHWHU )UHQFKDEEUHYLDWLRQPHDQLQJVRPHWLPHV
PHDVXUHPHQWV TTQ TXHOTX
XQ
$VWURQRP\3K\VLFV )UHQFKDEEUHYLDWLRQPHDQLQJVRPHERG\VRPH
4Q TXLQROLQLXP RQH
TQ DEEUTXRWDWLRQ 45 4DWDU5L\DO
TQW\ DEEUTXDQWLW\ &XUUHQFLHV
42/ 4XDOLW\2I/LIH TU DEEUTXDUWHU
423 4XDOLW\2ULHQWDWLRQ3URILOH )RUIXUWKHUGHWDLOVVHHXQGHUT
4264R6 4XDOLW\2I6HUYLFH 45 4XRWDWLRQ5HTXHVW
43 4XDVL3HULRGLFLW\ 45$ 4XDQWLWDWLYH5LVN$VVHVVPHQW
&KDRWLF'\QDPLFV 45$ TXLFNUHDFWLRQDOHUWDLUFUDIW
43 4XHU\3URJUDP DYLRQHQDOHUWHGHUpDFWLRQUDSLGH
7KHTXHU\SURJUDPHQDEOHVDXVHUWRSXWTXHVWLRQV 45) TXLFNUHDFWLRQIRUFH
WRDGDWDEDVHDQGWRVWRUHWKHGDWDREWDLQHG DIRUFHGHUpDFWLRQUDSLGH
&RPSXWHU3URJUDPPLQJ EIRUFHG·LQWHUYHQWLRQUDSLGH>)5@
43 4XRWHG3ULFH 450 4XLFN5HVSRQVH0HFKDQLVP
%XVLQHVV&RPPHUFH)LQDQFH 452 TXLFNUHVSRQVHRSWLRQ
43& 4XDQWXP3RLQW&RQWDFW RSWLRQGHUpSRQVHUDSLGH
&RQGHQVHG0DWWHU3K\VLFV6XEPLFURQ5HVHDUFK TXLFNUHDWLRQRSWLRQ
43& 4XDVL3XEOLF&RPSDQ\ RSWLRQGHUpDFWLRQUDSLGH
%XVLQHVV&RPPHUFH)LQDQFH 456 TXLFNUHIHUHQFHV\VWHP
43&V 4XDQWXP3RLQW&RQWDFWV V\VWqPHGHUpIpUHQFHUDSLGH
&RPSXWHU3URJUDPPLQJ
5 U UHTXHVW
U DEEUUHVHDUFK
,QVFLHQFHDVZHOODVLQRWKHUILHOGVUHVHDUFKLVWKH
5U DEEUUDGLXV LQYHVWLJDWLRQFRQGXFWHGZLWKDYLHZWRILQGQHZ
$QDWRP\0DWKHPDWLFV GDWDDQGSXWLWLQWRXVH
U DEEUUDJJLR 5U UHVHUYHG
,WDOLDQDEEUHYLDWLRQPHDQLQJUDGLXV U DEEUUHVHW
5U UDLOZD\ &RPSXWHU7HFKQRORJ\
7UDQVSRUWDWLRQ(QJLQHHULQJ U UHVLVWRU
U DEEUUDLQ UHVLVWRULVDOVRNQRZQDVUHVLVWRUHOHPHQW
5 +HDY\5DLQ%HDXIRUWOHWWHU (OHFWULFLW\
0HWHRURORJ\ 5 UHVSRQVH
U DEEUUDQJH %HKDYLRU
&DUWRJUDSK\(FRORJ\(QJLQHHULQJ*HRJUDSK\ 5 UHWXUQUHIHUULQJWRIDUHVWLFNHWVHWF
0DWKHPDWLFV0LOLWDU\6FLHQFH1DYLJDWLRQ U UHYROXWLRQ
3K\VLFV5RERWLFV6WDWLVWLFV $VWURQRP\*HRORJ\0HFKDQLFV
U UDUH 5U ULFHYXWD
5 UDUHHDUWK ,WDOLDQDEEUHYLDWLRQPHDQLQJUHFHLSW
&KHPLVWU\ U ULJKW
5U UDWLR 5 ULYHU
0DWKHPDWLFV *HRJUDSK\+\GURORJ\
5 UHDFK U URDG
&LYLO(QJLQHHULQJ(QJLQHHULQJ*HRJUDSK\ &LYLO(QJLQHHULQJ*HRORJ\0LQLQJ(QJLQHHULQJ
,QGXVWULDO(QJLQHHULQJ5RERWLFV U URG
U DEEUUHDG %DFWHULRORJ\0HFKDQLFDO'HYLFHV1XFOHRQLFV
&RPSXWHU7HFKQRORJ\(OHFWURQLFV *HRORJ\ ,QJHRORJ\URGLVDOVRNQRZQDVUROOHU
7HOHFRPPXQLFDWLRQV +LVWRORJ\ ,QKLVWRORJ\URGLVDOVRNQRZQDVURG
U DEEUUHDGHU FHOO
$OVRUGU 5U URHQWJHQ
&RPSXWHU7HFKQRORJ\*UDSKLF$UWV URHQWJHQLVDOVRNQRZQDV5|QWJHQ
U UHDO 1XFOHRQLFV
5 5pDXPXUWHPSHUDWXUHVFDOH 5 UROOHG
1DPHGIRUWKH)UHQFKSK\VLFLVW5HQpGH5pDXPXU 5 5RPDQLD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU
ZKRLQYHQWHGLW U URRG
7KHUPRG\QDPLFV 0HWURORJ\
5 5HFHLYHU U URXJK
&KHPLFDO(QJLQHHULQJ(OHFWURQLFV0HFKDQLFDO U URXWLQH
(QJLQHHULQJ ,QFRPSXWHUSURJUDPPLQJURXWLQHLVDVHULHVRI
U UHFRPPHQGDWLRQ LQVWUXFWLRQVXVHGWRSHUIRUPSDUWLFXODUIXQFWLRQV
U UHFWR &RPSXWHU3URJUDPPLQJ
*UDSKLF$UWV U UXQ
5 UHILQHG &DUWRJUDSK\&KHPLFDO(QJLQHHULQJ&RPSXWHU
&KHPLFDO(QJLQHHULQJ 3URJUDPPLQJ(QJLQHHULQJ*HRORJ\+\GURORJ\
U UHJLVWHU 0HFKDQLFDO(QJLQHHULQJ0LOLWDU\6FLHQFH1DYDO
&RPSXWHU7HFKQRORJ\*UDSKLF$UWV0HFKDQLFDO $UFKLWHFWXUH2UGQDQFH
(QJLQHHULQJ0LOLWDU\6FLHQFH 5U UXSHH
7HOHFRPPXQLFDWLRQV &XUUHQFLHV
5U UHJLVWHUHGUHQW 5$ $UJHQWLQD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
U UHJXODWLRQ WHUV
U UHOLDELOLW\ 5$ UDGLXVRIDFWLRQ
(QJLQHHULQJ6WDWLVWLFV UD\RQG·DFWLRQ
5 UHSRUW 5$ 5DGLR$VWURQRP\
5D 7KHFKHPLFDOV\PEROIRU5DGLXP 5$ 5RZ$GGUHVV
5DGLXPLVDUDGLRDFWLYHHOHPHQWKDYLQJWKHDWRPLF &RPSXWHU3URJUDPPLQJ
QXPEHU,WLVXVHGPDLQO\LQPHGLFLQHDQGLQ 5$ 5R\DO$FDGHPLFLDQ5R\DO$FDGHP\
UDGLRJUDSK\7KHZRUGUDGLXPGHULYHVIURPWKH 5$ 5R\DO$UWLOOHU\
/DWLQWHUPUD\ 5$$ 5HJLRQDO$LUOLQHV$VVRFLDWLRQ&DQDGD
&KHPLVWU\ 6\PEROV 5$$ 5HPRWH$FFHVV$GPLWWDQFH
5$ 5DQGRP$FFHVV 5RERWLFV
&RPSXWHU7HFKQRORJ\7HOHFRPPXQLFDWLRQV 5$$ 5KXPDWLVPH$UWLFXODLUH$LJX
5$ 5DQJH$ULWKPHWLF )UHQFKLQLWLDOLVPPHDQLQJ$FXWH$UWLFXODU
,QWHUYDODULWKPHWLFLVQRZNQRZQDV5DQJH 5KHXPDWLVP
$ULWKPHWLF 0HGLFLQH
&RPSXWHU3URJUDPPLQJ 5$$ 5R\DO$FDGHP\RI$UWV
5$ 5DYHQQD,WDO\ 5$$06 UHPRWHDQWLDUPRXUPLQHV\VWHP
5$ 5HDG$PSOLILHU V\VWqPHGHPLQHVDQWLEOLQGDJHjGLVWDQFH
5$ 5HDU$GPLUDO U$$9 YHFWRUV UHFRPELQDQW$GHQR$VVRFLDWHG9LUXV
0LOLWDU\ YHFWRUV
5$ UHDUDUHD *HQHWLF,PPXQL]DWLRQ*HQH7UDQVIHU
]RQHDUULqUH 5$% 5DGLR$GYHUWLVLQJ%XUHDX86$
UHLQIRUFHGDOHUW 5$% 5HJLVWUDU$FFUHGLWDWLRQ%RDUG
DOHUWHUHQIRUFpH 7KH5$%LVORFDWHGLQ0LOZDXNHH:LVFRQVLQ
5$ 5HFRUG$GGUHVV 86$
5$ 5HIHUHHV· $VVRFLDWLRQ UDE 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
5$ 5$5$ 5HIHUWR$FFHSWRU XVLQJWKH$UDELFZRUGUDEZKLFKPHDQV*RG
%XVLQHVV&RPPHUFH)LQDQFH /RUGPDVWHU
5$ 5HJLVWUR$HURQDXWLFR 5$& 5DGLR$GDSWLYH&RPPXQLFDWLRQV
,WDOLDQDFURQ\PPHDQLQJ$LU5HJLVWU\ 5$& 5DQGRP$FFHVV&RQWUROOHU
5$ 5HODWLYH$GGUHVV 5$& 5HFRPELQDQW'1$ $GYLVRU\&RPPLWWHH
5HODWLYHDGGUHVVLVDOVRNQRZQDV)ORDWLQJ 7KH5$&RIWKH861,+ZDVFUHDWHGLQDQG
$GGUHVV GHDOWZLWKJHQHVSOLFLQJ6LQFHLWGHDOVPDLQ
&RPSXWHU7HFKQRORJ\ O\ZLWKKXPDQJHQHWKHUDS\
5$ 5HOLDELOLW\$QDO\VLV5HOLDELOLW\$VVHVVPHQW )RUIXUWKHUGHWDLOVVHHXQGHU1,+
5$ 5HPRWH$FFHVV 5$& 5HFWLILHG$OWHUQDWLQJ&XUUHQW
&RPSXWHU7HFKQRORJ\ (OHFWULFLW\
5$ 5HSXUFKDVH$JUHHPHQW 5$& UHJLRQDODLUFRPPDQGHU
5$ 5HVHDUFK$UWLFOHV FRPPDQGDQWUpJLRQDOGHVIRUFHVDpULHQQHV
5$ 5HVHDUFK$VVLVWDQW 5$& 5R\DO$JULFXOWXUDO&ROOHJH5R\DO$UPRXUHG
5$ 5HVHUYH$OFDOLQH &RUSV5R\DO$XWRPRELOH&OXE
0HGLFLQH 5$&$ UHJLRQDODLUVSDFHFRQWURODXWKRULW\
5$ 5HVLGHQW$EURDG*% DXWRULWpGHFRQWU{OHGHO·HVSDFHDpULHQ
$ PDJD]LQHIRU([SDWULDWHV UDFF DEEUUDFFRPDQGDWD
5$ 5HVWULFWHG$FFRXQW ,WDOLDQDEEUHYLDWLRQPHDQLQJUHJLVWHUHGOHWWHU
5$ 5HWLQRLF$FLG U$&& URVWUDO$QWHULRU&LQJXODWH&RUWH[
5$ 5HWXUQ$GGUHVV $QDHVWKHVLD&RJQLWLYH1HXURSK\VLRORJ\,QWHQVLYH
&RPSXWHU3URJUDPPLQJ &DUH0HGLFLQH2SLRLG$QDOJHVLD3ODFHER
5$ 5HYHQXH$FW $QDOJHVLD
86$FWV 5$&( UDSLGRIIOLQHFU\SWRHTXLSPHQW
5$ 5KHXPDWRLG$UWKULWLV PDWpULHOGHFKLIIUHPHQWUDSLGHKRUVOLJQH
5KHXPDWRLGDUWKULWLVLVDOVRNQRZQDV$UWKULWLV 5$&( 5HVHDUFKLQ$GYDQFHG&RPPXQLFDWLRQWHFK
2EOLWHUDQV QRORJLHVLQ(XURSH
$XWRLPPXQH'LVHDVHV0HGLFLQH 5$&( 5RXWLQJ$QG&RVW(VWLPDWH
5$ 5LJKW$VFHQVLRQ UDFH 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
$VWURQRP\ (QJOLVKZRUGUDFH
5$ 5REXVWXV$UFKLVWULDOLV
$QWKURSRORJ\%LRORJ\&LYLO(QJLQHHULQJ'HVLJQ 0LOLWDU\6FLHQFH
(QJLQHHULQJ2FHDQRJUDSK\ 5$')5(4 UDGDUIUHTXHQF\
5$&HQYLURQPHQW 5DSLG$SSOLFDWLRQ IUpTXHQFHUDGDU
&XVWRPLVDWLRQHQYLURQPHQW 5$'+$= UDGLDWLRQKD]DUGV
5$& JXLGDQFH 5DGLRPHWULF$UHD&RUUHODWLRQJXLG DGDQJHUVGXVDX[UD\RQQHPHQWV
DQFH EGDQJHUVGHUDGLDWLRQRXGHUD\RQQHPHQW
5$&, 5LFHUFKH$SSOLFD]LRQL&KLPLFKH,QGXVWULDOL UDGLRDFWLI
,WDOLDQDFURQ\PPHDQLQJ,QGXVWULDO&KHPLFDO 5$' , 5$'LRJUDSKLF,QVSHFWLRQ
$SSOLFDWLRQV5HVHDUFK 0HWDOOXUJ\
5$&.V 5HFHSWRUVIRU$FWLYDWHG&.LQDVHV 5$',$& 5DGLR$FWLYLW\'HWHFWLRQ,GHQWLILFDWLRQ
5$&21 UDGDUEHDFRQ $QG&RPSXWDWLRQ
EDOLVHUDGDU 5$',17 UDGDULQWHOOLJHQFH
5$&3 UHJLRQDODLUVSDFHFRQWUROSODQ UHQVHLJQHPHQWUDGDU
SODQUpJLRQDOGHFRQWU{OHHO·HVSDFHDpULHQ 5$',86 5HPRWH$XWKHQWLFDWLRQ'LDO,Q8VHU
5$&6 5DQGRP$FFHVV&RPPXQLFDWLRQV6\VWHP 6HUYLFH
5$&6 5DQGRP$FFHVV&RPSXWLQJ6\VWHP 6HUYHUV
5$&6 5RDG$XWRPRELOH&RPPXQLFDWLRQ6\VWHP 5$',86 5HVHDUFK$QG'HYHORSPHQW,QWKH8QLWHV
UDGUDG UDGLDQ 6WDWHV
0DWKHPDWLFV 5$'0 5DGDUDQG$OJRULWKP'LVSOD\0RGHO
UDG DEEUUDGLDWLRQ 5$'0 5HJLRQDO$FLG'HSRVLWLRQ0RGHO
$QDWRP\&DUWRJUDSK\(YROXWLRQ3K\VLFV 5$'2& UHJLRQDODLUGHIHQFHRSHUDWLRQVFHQWUH
UDG UDGLDWLRQDEVRUEHGGRVH FHQWUHUpJLRQDOGHVRSpUDWLRQVGHGpIHQVHDpULHQQH
1XFOHRQLFV 5$'3527 DEEU5$'LDWLRQ3527HFWLRQ
5$'UDG UDGLXV 5HVHDUFKDQG7UDLQLQJSURJUDPLQWKHILHOGRIELRO
0DWKHPDWLFV RJ\KHDOWKSURWHFWLRQ
5$' 5DQGRP$FFHVV'HYLFH (XUDWRP3URJUDPV
5$' 5DSLG$FFHVV'HYLFH5DSLG$FFHVV'DWD UDGV UDGLDQVSHUVHFRQG
(OHFWURQLFV $OVRUDGVHF
5$' 5pJLPHQWG·$UWLOOHULH'LYLVLRQQDLUH)UDQFH 5$'6 5HDOWLPH$QDO\VLVDQG'LVSOD\6\VWHP
5DG 5HJLVWURDQDJUDILFRGLWWH 5$':$6720 0DQDJHPHQWDQG6WRUDJHRI
,WDOLDQDFURQ\PPHDQLQJ5HJLVWHURI)LUPV 5DGLRDFWLYH:DVWH
5$' 5HVWULFWHG$FWLYLW\'D\ (XUDWRP3URJUDPV
5$' 5LWHQXWDG
$FFRQWRVXL'LYLGHQGL 5$( 5HVHDUFK$VVHVVPHQW([HUFLVH*%
,WDOLDQDFURQ\PPHDQLQJ$GYDQFH:LWKKROGLQJ 5$( 5XVVLDQ$QWDUFWLF([SHGLWLRQ
7D[RQ'LYLGHQGV 5$) 5pJLPHQWG·$UWLOOHULHGH)RUWHVVH)UDQFH
5$'$ 5DQGRP$FFHVV'LVFUHWH$GGUHVV 5$) 5HJROD]LRQH$XWRPDWLFDGL)UHTXHQ]D
7HOHFRPPXQLFDWLRQV ,WDOLDQDFURQ\PPHDQLQJ$XWRPDWLF)UHTXHQF\
5$'$ 5R\DO$FDGHP\RI'UDPDWLF$UW 5HJXODWLRQ
UDGD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ 5$) 5HQGX$ OD)URQWLqUH
XVLQJWKH,WDOLDQZRUGUDGDZKLFKPHDQVURDG )UHQFKDFURQ\PPHDQLQJ'HOLYHUHG$W)URQWLHU
URDGVWHDG (FRQRPLFV,QWHUQDWLRQDO7UDGH
*HRORJ\ 5$) UHVRXUFHDOORFDWLRQILJXUH
5$'$5 5$GLR'HWHFWLRQ$QG5DQJLQJ DPRQWDQWGHODGRWDWLRQ
5$'$5 5HVXOWV$SSURDFK'HOR\PHQW EPRQWDQWGHVUHVVRXUFHVjDIIHFWHU
$VVHVVPHQWDQG5HYLHZ 5$) 5R\DO$LU)RUFH*%
7KHILYHWHQHWVRIFRUSRUDWHH[FHOOHQFH $OVR5$)
5$'$5LVDQDFURQ\PRIWKH(XURSHDQ &UHDWHGLQ
)RXQGDWLRQIRU4XDOLW\0DQDJHPHQW 5$)&2 5XVVLDQ$PHULFDQ)XHO&HOO&RQVRUWLXP
5$'$56$7 DEEU5$'$56$7HOOLWH&DQDGD 86)68SURMHFWV
5$'& UHJLRQDODLUGHIHQFHFRPPDQGHU 5$), 5XUDO$GYDQFHPHQW)RXQGDWLRQ,QWHUQDWLRQDO
FRPPDQGDQWUpJLRQDOGHGpIHQVHDpULHQQH 5$),LVDIDUPHUV
DGYRFDF\RUJDQL]DWLRQ
5$'& 5RPH$LU'HYHORSPHQW&HQWHU,WDO\ 5$)7 5HVWRUDWLRQRIPXVFOH$FWLYLW\7KURXJK
5DG &0 5DGDU&RXQWHUPHDVXUH
7KHWHUPUHVHWF\FOHPHDQVWKDWDF\FOHLVUHVHWWR DFHQWUHGHFRRUGLQDWLRQGXVDXYHWDJH
LWVLQLWLDOVWDWH ESRVWHGHFRPPDQGHPHQWGHFRRUGLQDWLRQGX
&RPSXWHU3URJUDPPLQJ VDXYHWDJH
5& 5HVLVWDQFH&RXSOLQJ 5&& 5HPRWH&HQWHU&RPSOLDQFH
5&LVDOVRNQRZQDV5HVLVWLYH&RXSOLQJ 5RERWLFV
(OHFWURQLFV 5&& 5HQDO&HOO&DUFLQRPD
5& 5HVLVWRU&DSDFLWRU )RUIXUWKHUGHWDLOVVHHXQGHU5(1&$
&RPSXWHUV 5&&$ 5HVLVWDQFH&DSDFLWDQFH&RXSOHG$PSOLILHU
5& 5HVSRQVDELOLWj&LYLOH 5&&$ LVDOVRNQRZQDV5HVLVWDQFH&RXSOHG
,WDOLDQLQLWLDOLVPPHDQLQJ&LYLO/LDELOLW\ $PSOLILHU
5& 5LVN&DSLWDO (OHFWURQLFV
%XVLQHVV(FRQRPLFV)LQDQFH 5&& 6 5LRWV&LYLO&RPPRWLRQV 6WULNHV
5& 5XQ&KDUW ,QVXUDQFH
7KH5&LVDOVRNQRZQDV5XQ'LDJUDP 5& FLUFXLW 5HVLVWDQFH&DSDFLWDQFHFLUFXLW
&RPSXWHU3URJUDPPLQJ 7KHUHVLVWDQFHFDSDFLWDQFHFLUFXLWLVDOVRNQRZQ
5& 7DLZDQ
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW DV5&QHWZRUN
WHUV (OHFWULFLW\
5&$ 5DGLR&RUSRUDWLRQRI$PHULFD86$ 5&' 5DEELW&DOLFLYLUXV'LVHDVH
5&$ 5HVSRQVDELOLWj&LYLOH$XWR (SLGHPLRORJ\9LURORJ\
,WDOLDQLQLWLDOLVPPHDQLQJ$XWRPRELOH/LDELOLW\ UFG DEEUUHFHLYHGUHFRUG
,QVXUDQFH 5&' 5HFHLYHU&DUULHU'HWHFWRU
5&$ 5HYHDOHG&RPSDUDWLYH$GYDQWDJH 5&($67 5HJLRQDO&RPPDQG&RPPDQGHU(DVW
%LEOLRPHWULF$QDO\VHV >KDVUHSODFHG($67/$1'@
5&$ 5R\DO&DQDGLDQ$FDGHP\&DQDGD &RPPDQGHPHQWFRPPDQGDQWUpJLRQDO(VW>UHP
5&$ 7KH&HQWUDO$IULFDQ5HSXEOLF
VLQWHUQDWLRQDO SODFH($67/$17 @
YHKLFOHUHJLVWUDWLRQOHWWHUV 5&(3 5R\DO&RPPLVVLRQRQ(QYLURQPHQWDO
5&$& 5HJLRQDO&LWL]HQ
V$GYLVRU\&RXQFLO 3ROOXWLRQ*%
86$ 5&)V 5HIUDFWRU\&HUDPLF)LEHUV
5&$& VHUYLFH 5HPRWH&RPSXWHU$FFHVV 5&)VDUHPDQPDGHPLQHUDOILEHUV7KH\DUHXVHG
&RPPXQLFDWLRQVVHUYLFH WRLQVXODWHLQGXVWULDOIXUQDFHVDQGFRNHRYHQV
5&$, 5HVHDUFK&HQWHUIRU$OOHUJ\DQG $VEHVWRV,QGXFHG&DQFHUV5HVHDUFK
,PPXQRORJ\5,.(1 5&* 5DGLRDFWLYLW\&RQFHQWUDWLRQ*XLGH
$QLQVWLWXWHHVWDEOLVKHGLQIXOO\VXSSRUWHGE\ 2IWKH86'2(
WKH-DSDQHVH*RYHUQPHQW )RUIXUWKHUGHWDLOVVHHXQGHU'2(
5& DVSKDOW 5DSLG&XULQJDVSKDOW 5&*/ 5HJXODWLRQRI&HOO*URZWK/DERUDWRU\
5&D[LV 5RVWURFDXGDOD[LV $ GHSDUWPHQWZLWKLQWKH&&5
5&% 5DWLRQDOLVDWLRQGHV&KRL[%XGJpWDLUHV )RUIXUWKHUGHWDLOVVHHXQGHU&&5
)UHQFKLQLWLDOLVPPHDQLQJ3ODQQLQJ 5&+ &KLOH
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
3URJUDPPLQJ%XGJHWLQJ WHUV
%XVLQHVV(FRQRPLFV)LQDQFH 5&+ 5R\DO&KLOGUHQ
V+RVSLWDO$XVWUDOLD
5&% 5HQHZDEOH&KHPLFDOVIURP%LRPDVV )RUIXUWKHUGHWDLOVVHHXQGHU6$695&
(XURSHDQ&RPPXQLW\3URMHFW 5&+0( 5R\DO&RPPLVVLRQRQWKH+LVWRULF
5&% &RQJR%UD]]DYLOOH
VLQWHUQDWLRQDOYHKLFOH 0RQXPHQWVRI(QJODQG*%
UHJLVWUDWLRQOHWWHUV 7KH5&+0(ZDVHVWDEOLVKHGLQ
U&%) UHJLRQDO&HUHEUDO%ORRG)ORZ 5&, 5DGLR&DQDGD,QWHUQDWLRQDO&DQDGD
&RJQLWLYH1HXURORJ\0HGLFLQH3V\FKLDWU\ 5&, 5HODWLYH&LWDWLRQ,PSDFW
3V\FKRORJ\5DGLRORJ\ %LEOLRPHWULF$QDO\VHV
5&& 5DGLR&RPPRQ&DUULHU 5&, 5R\DO&RORQLDO,QVWLWXWH
5&& 5HJLRQDO&DQFHU&HQWHU.HUDOD,QGLD UFO DEEUUHFDOO
5&& 5HJLRQDO&OLPDWH&HQWHU 3V\FKRORJ\7HOHFRPPXQLFDWLRQV
5&& UHJLRQDOFRQWUROFHQWUH 5&/(' 5HVRQDQW&DYLW\/LJKW(PLWWLQJ'LRGH
FHQWUHGHFRQWU{OHUpJLRQDO (OHFWULFDO(QJLQHHULQJ
UHVFXHFRRUGLQDWLRQFHQWUH 5&0 5DGDU&RXQWHUPHDVXUHV
*HQH([SUHVVLRQ0ROHFXODU%LRORJ\0ROHFXODU 5H 7KHFKHPLFDOV\PEROIRU5KHQLXP
*HQHWLFV 5KHQLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF
5'6 5DGLR'LPHQVLRQH6XRQR,WDO\ QXUQEHUDQGDQDWRPLFZHLJKWRI,WLV
1HWZRUNV XVHGPDLQO\LQHOHFWULFDOFRPSRQHQWVDQGILOD
5'6 5DWH'HWHUPLQLQJ6WHS PHQWV
&KHPLVWU\ &KHPLVWU\
5'V 5HIHUHQFH'RVHV 5( 5LFDYR(IIHWWL
5'6 5HPRWH'DWD6WDWLRQ ,WDOLDQDFURQ\PPHDQLQJ5HFHLSWVIURP%LOOV
5HPRWHGDWDVWDWLRQLVDOVRNQRZQDV5HPRWH 5( 5RGGLQJ(\H
'DWD7HUPLQDO %XLOGLQJV3LSH6\VWHPV
&RPSXWHU7HFKQRORJ\ 5( 5R\DO(QJLQHHUV
5'6 5HVSLUDWRU\'LVWUHVV6\QGURPH 5( 5R\DO6RFLHW\RI3DLQWHUVDQG(WFKHUV
7KHUHVSLUDWRU\GLVWUHVVV\QGURPHLVDFRPSOLFD 5H 5XSHH
WLRQLQLQIDQWVGHOLYHUHGSUHPDWXUHO\FKDUDFWHUL]HG &XUUHQFLHV
E\UHVSLUDWRU\GLVWUHVVDQGDVRPHZKDWSXUSOHGLV UH ZLWKUHIHUHQFHWR
FRORUDWLRQRIWKHVNLQ &RPPHUFH
0HGLFLQH 5($ 5DLOZD\([SUHVV$JHQF\
5GV URDGV 5($ UDSLGHQYLURQPHQWDODVVHVVPHQW
UGV UXQQLQJGD\V pYDOXDWLRQUDSLGHGHO·HQYLURQQHPHQW
5'670& 7UDIILF0HVVDJH&KDQQHORYHU5DGLR 5($ 5LJKW(DU$GYDQWDJH
'DWD6\VWHP $FRXVWLFV
7UDQVSRUW7HOHPDWLFV 5($ 5XUDO(OHFWULILFDWLRQ$GPLQLVWUDWLRQ
5'7 5DSLG'LDJQRVWLF7HVW 5($&765DGLDWLRQ(PHUJHQF\$VVLVWDQFH
5'7 ( 5HVHDUFK'HYHORSPHQW7HVWDQG &HQWHU7UDLQLQJ6LWH
(YDOXDWLRQ 5($&76LVRQHRIWKH:+2
V&HQWHUV
5'8 7KHDLUSRUWFRGHIRU5DOHLJK'XUKDP1RUWK 1XFOHDU'HIHQVH
&DUROLQD86$ )RUIXUWKHUGHWDLOVVHHXQGHU:+2
5'9 VHH59 5($* 5HDO(VWDWH$GYLVRU\*URXS
YRLU59 5($3(5 5HG(XURSHDGH$FFLRQ3DUD(VWXGLRV
UG\ DEEUUHDG\ 5XUDOHV
5( 5DQGRP(UURU (XURSHDQ&RPPXQLW\3URMHFW
5DQGRP(UURULVDOVRNQRZQDV6DPSOLQJ(UURU 5(%V 5HVHDUFK(WKLFV%RDUGV&DQDGD
6WRFKDVWLF(UURU 0RQLWRULQJRI+XPDQ([SHULPHQWDWLRQ5HVHDUFK
6WDWLVWLFV (WKLFV
5( 5DUH(DUWK 5(& UDGLRHOHFWURQLFFRPEDW
&KHPLVWU\ FRPEDWUDGLRpOHFWURQLTXH
5( 5DWHRI([FKDQJH 5(& 5HJLVWUR(VHUFHQWLLQ&RPPHUFLR
%XVLQHVV(FRQRPLFV)LQDQFH 5(& 5(PRWH&RQVROH
5( 5HDG(QDEOH &RPSXWHU7HFKQRORJ\
&RPSXWHUV 5(&&( UHFRQQDLVVDQFH
5( 5HDG(UURU UHFRQQDLVVDQFH
&RPSXWHU7HFKQRORJ\ 5(&&(;5(3 UHFRQQDLVVDQFHH[SORLWDWLRQUHSRUW
5( 5HDO(VWDWH FRPSWHUHQGXG·H[SORLWDWLRQGHUHFRQQDLVVDQFH
5( 5HFXUVLYHO\(QXPHUDEOHODQJXDJH UHFGUHF
GDEEUUHFHLYHG
&RPSXWHU3URJUDPPLQJ 5(&) UHFHLYLQJIRUFH
UH DEEUUHIHUHQFHUHJDUGLQJ IRUFHG·DFFXHLO
5( 5HJJLRQHOO
(PLOLD,WDO\ 5(&,7$/ 5(OD\&HQWUHIRU&HQWUDO,WDO\
UH DEEUUHODWLQJ 7XVFDQ\DQG8PEULD
5( 5HQHZDEOH(QHUJLHV 5(&2 UHFRQQDLVVDQFH
5H 5H\QROGVQXPEHU UHFRQQDLVVDQFH
1DPHGIRUWKH%ULWLVKSK\VLFLVW2VERUQH 5(&21 VHH5(&&(
5H\QROGVZKRGLVFRYHUHGLW YRLU5(&&(
)OXLG0HFKDQLFV 5(&21 DEEU5(PRWH&21VROH
)UHQFKDFURQ\PPHDQLQJ0HDVOHV0XPSV DSRLQWGHGLVORFDWLRQ>PRXYHPHQWVWHUUHVWUHV@
5XEHOODYDFFLQDWLRQ ESRLQWGHODUJDJH>WUDQVSRUWDpULHQ@
,PPXQRORJ\ UHSRUWLQJSRVW
525& 5R\DO2FHDQ5DFLQJ&OXE SRVWHGHGpWHFWLRQ
5252 5ROO2Q5ROO2II URFNHWSURMHFWLOH
)HUU\ERDWV IXVpHjWrWHLQHUWH
5256$7 UDGDURFHDQUHFRQQDLVVDQFHVDWHOOLWH 53 5DGLRVFRSLH3XOPRQDLUH
VDWHOOLWHUDGDUGHUHFRQQDLVVDQFHRFpDQLTXH 0HGLFLQH
526 5HDFWLYH2[\JHQ6SHFLHV 53 5DSLG3URWRW\SLQJ
526DUHPHWDEROLFEX\SURGXFWV 5353 5DWHVRI3RVWDJH
7KHPDLQVRXUFHRI526LVLQWKHPLWRFKRQGULD 53 5HDJHQWH3XUR
$QDWRP\%LRORJ\/RQJHYLW\$JLQJ0HGLFDO &KHPLVWU\
6FLHQFHV0ROHFXODU0HGLFLQH3K\VLRORJ\ 53 5HDO3URSHUW\
526 5HDG2QO\6WRUDJH5HDG2QO\6WRUH 53 5HFHLYHG3URQXQFLDWLRQ
526 5HSDUWL2SHUDWLYL6SHFLDOL$UPDGHL /LQJXLVWLFV
&DUDELQLHUL,WDO\ 53 5HFRPPHQGHG5HWDLO3ULFH
,WDOLDQDFURQ\PPHDQLQJ6SHFLDO2SHUDWLRQV $OVR533
8QLWVRIWKH&DUDELQHHUV$UP 53 5HLQIRUFHG3ODVWLF
526 UHSRUWRIVXUYH\ 0DWHULDOV
DUDSSRUWG·H[SHUWLVH 53 5HOD]LRQL3XEEOLFKH
ESURFqVYHUEDOGHYpULILFDWLRQ ,WDOLDQLQLWLDOLVPPHDQLQJ3XEOLF5HODWLRQV
526 5HWXUQ2Q6DOHV 53 5HRUGHU3RLQW
%XVLQHVV&RPPHUFH(FRQRPLFV 53 5HSO\3DLG
526 5LJKWV2I6KDUHKROGHUV 53 5HSRUW3URJUDP
%XVLQHVV(FRQRPLFV)LQDQFH &RPSXWHU3URJUDPPLQJ
526 5XQ2I6WDWLRQ 53 5HSULQW
526$7 52HQWJHQ6$7HOOLWH $OVRUHS
)RUIXUWKHUGHWDLOVVHHXQGHU5$66 53 5HVFXH3DUW\
526(%8' 5DUH2EMHFW6(DUFKHVZLWK%RORPHWHUV 53 5HWLQLWLV3LJPHQWRVD
8QGHUJURXQG6SDLQ 5HWLQLWLV3LJPHQWRVDLVDQLQKHULWHGUHWLQRSDWK\
'DWDWDNLQJFRPPHQFHGLQ *HQHWLFV
$VWURQRP\%RORPHWHUV3K\VLFV 53 5HWXUQRI3RVW
5266 5HPRWH2ULHQWHG6LPXODWLRQ6\VWHP5RXWH 53 5HWXUQ3UHPLXP
2ULHQWHG6LPXODWLRQ6\VWHP 53 5K{QH3RXOHQF)UDQFH
'DWD&RPPXQLFDWLRQV /LIH6FLHQFHV3KDUPDFHXWLFDOV6SHFLDOW\
5266 5XVVLDQRFHDQVXUYHLODQFHV\VWHP &KHPLFDOV
V\VWqPHUXVVHGHVXUYHLOODQFHRFpDQLTXH 5S 5LERVRPDOSURWHLQ
527 5LJKW2FFLSLWRWUDQVYHUVHSRVLWLRQ 53 5LVHUYDWD3HUVRQDOH
0HGLFLQH UHIHUULQJWRWKHLQLWLDOLVPSXWRQHQYHORSHVSHU
527$ ULVNVRWKHUWKDQDWWDFN VRQDO
ULVTXHVDXWUHVTXHFHX[G·XQHDWWDTXH 53 UDSLGUHVSRQVHSODQQLQJSURFHVV
527& 5HVHUYH2IILFHUV7UDLQLQJ&RUSV SURFHVVXVGHSODQLILFDWLRQGHVUpSRQVHVUDSLGHV
0LOLWDU\6FLHQFH 53$ 5DGLDWLRQ3URWHFWLRQ$GYLVHU
529 5HPRWHO\2SHUDWHG9HKLFOH 53$ 5HSOLFDWLRQ3URWHLQ$
529V 5HPRWHO\2SHUDWHG9HKLFOHV %LRFKHPLVWU\
8QSLORWHG6XEPHUVLEOHV 53$ 5LFHUFD3URJHWWL$PELHQWH,WDO\
52= UHVWULFWHGRSHUDWLQJ]RQH (QYLURQPHQWDO3URMHFWV
]RQHG·RSpUDWLRQVUpJOHPHQWpH 53% 5HFRJQL]HG3URIHVVLRQDO%RG\*%
53 3KLOLSSLQHV ,QYHVWPHQWV
3KLOLSSLQHV 53& UHFRJQL]HGDLUSLFWXUHSURGXFWLRQFHQWUH
UpFHSWLRQUHFHWWHSURYLVRLUH FHQWUHGHSURGXFWLRQGHODVLWXDWLRQDpULHQQH
SURYLVLRQDODFFHSWDQFH JpQpUDOH
UHOHDVHSRLQW 5qJOHPHQWGXSHUVRQQHOFLYLO
VD VHPLDQQXDOO\
6 6$ 6LQRDWULDO
$QDWRP\
6$ 6RFLHWj$QRQLPD6RFLpWp$QRQ\PH
'ROODUWKH'ROODUPDUN ,WDOLDQDQG)UHQFKDFURQ\PPHDQLQJ-RLQW6WRFN
6 6DWXUDWLRQ &RPSDQ\
(FRORJ\(OHFWURPDJQHWLVP(OHFWURQLFV %XVLQHVV(FRQRPLFV)LQDQFH
1XFOHRQLFV2SWLFV3K\VLFDO&KHPLVWU\3K\VLFV 6$ 6SDFHG$QWHQQD
V VHDVRQDOVHFRQGVHOOHUVKLOOLQJVWRFNEURNHU 6$ 6SHFLDO$VVHVVPHQW
66 6LHPHQV 6$ 6WUDWHJLD$]LHQGDOH
(OHFWULFLW\ 6LHPHQVZDVIRUPHUO\NQRZQDV ,WDOLDQDFURQ\PPHDQLQJFRPSDQ\VWUDWHJ\
PKRUHFLSURFDORKP 6$ 6XD$OWH]]D
6V VLJQ ,WDOLDQDFURQ\PPHDQLQJ+LV+HU+LJKQHVV
6V 6RXWKVRXWKHUQ 6$ 6XEMHFWWR$SSURYDO6XEMHFWWR$FFHSWDQFH
66 6WHUDGLDQ 6$ 6XUYLYRUVKLS$JUHHPHQW
6WHUDGLDQLVDXQLWRIPHDVXUHPHQWIRUVROLG %DQNLQJ
DQJOHV 6$$ 6DWHOOLWH$FWLYH$UFKLYH86$
0DWKHPDWLFV 6$$ 6FXRODGL$PPLQLVWUD]LRQH$]LHQGDOH,WDO\
6 6WUXFWXUH 6$$ VHFXULW\DFFUHGLWDWLRQDXWKRULW\
$YLDWLRQ&KHPLVWU\(QJLQHHULQJ*HRORJ\ DXWRULWpG·KRPRORJDWLRQGHVpFXULWp
0LQHUDORJ\6FLHQFH VPDOODUPVDPPXQLWLRQ
6 6XOIXU PXQLWLRQVG·DUPHVGHSHWLWFDOLEUH
$OVR6XOSKXU VXEPDULQHDFWLRQDUHD
&KHPLVWU\0LQHUDORJ\ VHFWHXUG·DFWLRQGHVRXVPDULQV
6 6ZHGHQ
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU 6$$ 6RFLHW\RI$PHULFDQ$UFKLYLVWV
6$ 6DLO$UHD 6$$ 6SHFLDO$UELWUDJH$FFRXQW
6$ 6DODU\$GPLQLVWUDWLRQ86$ 6$$)$ 6SHFLDO$UDE$VVLVWDQFH)XQGIRU$IULFD
6$ 6DOHUQR,WDO\ 6$$2 6RXWK$IULFDQ$VWURQRPLFDO2EVHUYDWRU\
6$ 6DOLF\OLF$FLG )RUIXUWKHUGHWDLOVVHHXQGHU6$/7
6$ 6DXGL$UDELD 6$$5& 6RXWK$VLDQ$VVRFLDWLRQIRU5HJLRQDO&R
$UDELH6DRXGLWH RSHUDWLRQ
VHFXULW\DXWKRULW\ 6$$:& VHFWHXUDQWLDLUZDUIDUHFRRUGLQDWLRQ
DXWRULWpHQPDWLqUHGHVpFXULWp FRRUGRQQDWHXUGHVHFWHXUGHOXWWHDQWLDpULHQQH
VHOHFWLYHDYDLODELOLW\ 6$% 6FLHQFH$GYLVRU\%RDUG86$
GLVSRQLELOLWpVpOHFWLYH 2IWKH86(3$
VLPSOHDOHUW (QYLURQPHQW7R[LFRORJ\
DOHUWHVLPSOH )RUIXUWKHUGHWDLOVVHHXQGHU(3$
VLWXDWLRQDZDUHQHVV 6$% 6SHFLDO$VVHVVPHQW%RQG
SHUFHSWLRQJOREDOHGHODVLWXDWLRQ 6$%0,6 6XEPDULQH$QWLEDOOLVWLF0LVVLOH
VPDOODUPV 0LOLWDU\
DUPHVGHSHWLWFDOLEUH 6$%5( 6RXWK$WODQWLF%LJKW5HFUXLWPHQW
VSHFLDODVVLJQPHQW ([SHULPHQW
PLVVLRQVSpFLDOH 6$& VFHQHRIDFWLRQFRPPDQGHU
VWDJLQJDUHD DFRPPDQGDQWGHOD]RQHGHFRQWDFW
]RQHG·pWDSH EFRPPDQGDQWVXUOHOLHXGHO·DFWLRQ
VXUIDFHWRDLU VXERUGLQDWHDUHDFRPPDQGHU
VXUIDFHDLU FRPPDQGDQWUpJLRQDOVXERUGRQQp
6$ 6DYLQJV$FFRXQWV VXSSRUWLQJDUPVFRRUGLQDWLRQ
6$ 6FKHGXOLQJ$OJRULWKP FRRUGRQQDWXHUGHVDUPHVG·DSSXL
&RPSXWHU3URJUDPPLQJ 6$& 6FLHQWLILF$GYLVRU\&RPPLWWHH
6$ 6HFXULW\$QDO\VW 6$& 6FRWWLVK$XWRPRELOH&OXE
6$ VHH6$ 6$& 6RFLHW\IRU$QDO\WLFDO&KHPLVWU\
YRLU6$ 6$& 6WDII$VVRFLDWLRQ&RPPLWWHH
)RUPHUO\WKH.*% 0HGLFLQH
6%89 6RODU%DFNVFDWWHU8OWUDYLROHW 6&DEEU6RXWK&DUROLQD86$
6& 6DIH&XVWRG\ 6& 6SDFH&RXQFLO1$6$·V
6& 6DIHW\&ODXVH 6& 6SHFLDO&RPPLWWHH
6& 6DWHOOLWH&RPPXQLFDWLRQV 6& 6SHOO&KHFNHU
7HOHFRPPXQLFDWLRQV 6&LVDOVRNQRZQDV6SHOO&KHFN6SHOOLQJ
6& 6DWHOOLWH&RPSXWHU &KHFNHU
7KH6DWHOOLWH&RPSXWHUZKLFKLVDQDX[LOLDU\FRP &RPSXWHU3URJUDPPLQJ
SXWHULVDOVRNQRZQDV6DWHOOLWH3URFHVVRU 6& 6SLQGOHVKDSHG&HOO
&RPSXWHU7HFKQRORJ\ %LRPHGLFLQH+XPDQ9LURORJ\
6F 7KHFKHPLFDOV\PEROIRU6FDQGLXP 6& 6WHP&HOO
1DPHGIRU6FDQGLD6FDQGLQDYLD )RUIXUWKHUGHWDLOVVHHXQGHU6&V
6F 6FKPLGWQXPEHU 6& 6XEFXWDQHRXVO\
3K\VLFDO&KHPLVWU\ 0HGLFLQH
6& 6FLHQWLILF&DOFXODWRU 6& 6XEVLGLDU\&RPSDQ\
7KH6&FDQFDUU\RXWH[SRQHQWLDODQGWULJRQRPHW 6& 6XSHUFRQGXFWLQJ
ULFRSHUDWLRQVEHVLGHVDULWKPHWLFRQHV 3K\VLFV
&RPSXWHU7HFKQRORJ\ 6& 6XUFKDUJH&RPEXVWLEOH
6& 6FLHQWLILF&RPSXWHU )UHQFKLQLWLDOLVPPHDQLQJ%XQNHU$GMXVWPHQW
7KHVFLHQWLILFFRPSXWHUFDQKDQGOHKLJKVSHHG )DFWRU
DULWKPHWLFDVZHOODVIORDWLQJSRLQWDULWKPHWLF 6& 6\QDSWRQHPDO&RPSOH[
&RPSXWHU7HFKQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU6&3
6& VFUHHQFRPPDQGHU 6& 6\VWHP&RPPDQG
FRPPDQGDQWGHO·pFUDQ &RPSXWHU3URJUDPPLQJ
VHDFXUUHQW 6&$ 6KDUHKROGHU&UHGLW$FFRXQWLQJ
FRXUDQWPDULQ 6&$ 6SLQRFHUHEHOODU$WD[LDV
6HFXULW\&RXQFLORIWKH81 %LRPHGLFLQH
&RQVHLOGH6pFXULWpGHV1DWLRQV8QLHV 6&$ 6SLQRFHUHEHOODU$WD[LD7\SH
6W&KULVWRSKHU1HYLV $ GLVHDVHFDXVHGE\DIDXOW\GRPLQDQWJHQH
6DLQW&KULVWRSKHHW1HYLV SDVVHGIURPJHQHUDWLRQWRJHQHUDWLRQ
6WRFNKROP&RQIHUHQFH *HQH7KHUDS\1HXURORJ\
&RQIpUHQFHGH6WRFNKROP 6&$ FRQGXFWRU 6WHHO&RUHG$OXPLQLXPFRQGXFWRU
VWUDWHJLFFRPPDQG>KDVUHSODFHG01&@ 6&$'$ 6XSHUYLVRU\&RQWURO$QG'DWD$FTXLVLWLRQ
FRPPDQGHPHQWVWUDWpJLTXH>UHPSODFH*&2@ 6&$// &RQVRUWLXPRI3V\FKRDQDO\WLF/LEUDULHV
VXEFRPPLWWHH 6&$06 6&$QQLQJ0LFURZDYH6SHFWURPHWHU
VRXVFRPLWp 6&$1 6RXWKHUQ&DOLIRUQLD$QVZHULQJ1HWZRUN
6& 6HGH&HQWUDOH 86$
,WDOLDQLQLWLDOLVPPHDQLQJ+HDG2IILFH 6&$1 6XEFRQWUDFWLQJ$VVLVWDQFH1HWZRUN
6& 6HOI&RPSDWLEOH (XURSHDQ&RPPXQLW\
6&VF VHOIFRQWDLQHG VFDQ 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
6& 6HPDQWLF&RXQW (QJOLVKZRUGVFDQ
/LQJXLVWLFV &RPSXWHU7HFKQRORJ\(OHFWURQLFV0HGLFLQH
6& 6HUYLFH&KDUJH 7HOHFRPPXQLFDWLRQV
6& 6HXO&RXUV 6FDQG DEEU6FDQGLQDYLDQ
)UHQFKLQLWLDOLVPPHDQLQJ6ROH4XRWDWLRQ 6FDQGLQDYLDQLVWKHJURXSRIODQJXDJHVFRPSULVLQJ
6& 6PDOO&RQVXPHU 'DQLVK,FHODQGLF1RUZHJLDQ2OG1RUVH
6& 6WDWLF&KHFN 6ZHGLVKDQGWKHODQJXDJHRIWKH)DHURH,VODQGV
&RPSXWHU7HFKQRORJ\ 1RUWK*HUPDQLF
6& 6WRFN&HUWLILFDWH /DQJXDJHV
VF VRQFRPSWH VFDQQLQJ +((' VFDQQLQJ+LJK(QHUJ\(OHFWURQ
)UHQFKLQLWLDOLVPPHDQLQJKLVKHUDFFRXQW 'LIIUDFWLRQ
6& 6RXV&XWDQp 3K\VLFV
)UHQFKLQLWLDOLVPPHDQLQJ6XEFXWDQHRXV 6&$16$5 6FDQQLQJ6\QWKHWLF$SHUWXUH5DGDU
2IWKH861&, ,WLQFOXGHV$NNDGLDQ$UDELF$UDPDLFDQG
)RUIXUWKHUGHWDLOVVHHXQGHU 1&, +HEUHZ
6()&$5 6RXWKHDVW)ORULGDDQG&$ULEEHDQ 6(00 6LQJOH(OHFWURQ0260HPRU\
5HFUXLWPHQW86$ (OHFWULFDO(QJLQHHULQJ1DQRVWUXFWXUH
VHJ DEEUVHJXHQWH )RUIXUWKHUGHWDLOVVHHXQGHU026
,WDOLDQDEEUHYLDWLRQPHDQLQJIROORZLQJ 6(03$ 6FDQQLQJ(OHFWURQ0LFURVFRS\ZLWK
6(* 6RFLHW\RI(FRQRPLF*HRORJLVWV 3RODUL]DWLRQ$QDO\VLV
VHJJ DEEUVHJXHQWL 0HWDOV3K\VLFV
,WDOLDQDEEUHYLDWLRQPHDQLQJIROORZLQJSOXUDO 6(03(5 6HFXUH(OHFWURQLF0DUNHWSODFHIRU
6(+33 6FLHQFHDQG(QYLURQPHQWDO+HDOWK3ROLF\ (XURSH
3URMHFW 6(03(5DLPVWRKDUPRQL]HDSSURDFKHVWRVHFXUL
863URMHFW W\DFURVV(XURSH,WLVVSRQVRUHGE\WKH(XURSHDQ
6(, 6ORYDN(QHUJ\,QVSHFWLRQ 8QLRQ6WDUWHGLQFRPSOHWHGE\WKHHQGRI
(QHUJ\$JHQFLHV
6(, 6SDFH([SORUDWLRQ,QLWLDWLYH86$ (XURSHDQ&RPPXQLW\3URMHFW
6(, 6WRFNKROP(QYLURQPHQW,QVWLWXWH6ZHGHQ 6(0V 6FDQQLQJ(OHFWURQ0LFURVFRSHV
6(, 6XVWDLQDEOH(FRV\VWHPV,QVWLWXWH (OHFWURQLFV
$ QRQSURILWLQ2UHJRQ86$ 6(07 6RFLpWpG·(WXGHVGHV0RWHXUV7KHUPLTXHV
(FRORJLFDO,VVXHV)RUXPV )UDQFH
6(,$ 6RODU(QHUJ\,QGXVWULHV$VVRFLDWLRQ86$ 6HQ DEEU6HQLRU
6(,5 6RXWKHDVW,QGLDQ5LGJH 6HQ 7KHIUDFWLRQDOFXUUHQF\XQLWRI,QGRQHVLD
*HRORJ\*HRSK\VLFV &XUUHQFLHV
6(- 6OLGLQJ([SDQVLRQ-RLQW 6(1,7 V\VWqPHG
H[SORLWDWLRQQDYDOGHVLQIRUPD
3LSLQJ WLRQVWDFWLTXHV
6(/ 7KHDLUSRUWFRGHIRU6HRXO QDYDOWDFWLFDOGDWDSURFHVVLQJV\VWHP17'6
6(/$ 6LVWHPD(FRQRPLFR/DWLQR$PHULFDQR 6(16$7,216 6WDQGLQJZLWK(OHFWULFDO
,WDOLDQDFURQ\PPHDQLQJ/DWLQ$PHULFDQ 1HXURPXVFXODU6WLPXODWLRQ$SSO\LQJ7DFWLOHDQG
(FRQRPLF6\VWHP SURSULRFHSWLYH,QIRUPDWLRQ2EWDLQHGIURP1DWXUDO
6(/$ 6RXWKHDVWHUQ/LEUDU\$VVRFLDWLRQ 6HQVRUV(&
6(/(1( 6(/HQRORJLFDODQG(QJLQHHULQJ([SORUHU 6(1</5& 6RXWKHDVWHUQ1HZ<RUN5HJLRQDO
-DSDQ /LEUDU\&RXQFLO
6(/(1(LVDMRLQWPLVVLRQWRWKHPRRQE\ 6(2 6DOYR(UURULH2PLVVLRQL
1$6'$ -DSDQDQG,6$6-DSDQ/DXQFKHGLQ ,WDOLDQDFURQ\PPHDQLQJ(UURUVDQG2PLVVLRQV
([FHSWHG
/XQDU3RODU2UELWHUV5HOD\6DWHOOLWHV 6H2 6HOHQLXP'LR[LGH
)RUIXUWKHUGHWDLOVVHHXQGHU,6$6 DQG1$6'$ 6H2 LVXVHGPDLQO\DVDQR[LGL]LQJDJHQW
6(/5& 6RXWKHDVWHUQ/LEUDU\5HVRXUFHV&RXQFLO &KHPLVWU\
6(0 6FDQQLQJ(OHFWURQ0LFURJUDSK6FDQQLQJ 6(2&6 6XQ(DUWK2EVHUYDWRU\DQG&OLPDWRORJ\
(OHFWURQ0LFURVFRSH 6DWHOOLWH
(OHFWURQLFV 6(21 6RODU(OHFWURRSWLFDO2EVHUYLQJ1HWZRUN
6(06(0 6FXROD(XURSHDGL0XVLFRWHUDSLD 6(26 6\QFKURQRXV(DUWK2EVHUYDWRU\6DWHOOLWH
,WDO\ 6(3 6FOpURVH(Q3ODTXHV
(XURSHDQ6FKRROV )UHQFKDFURQ\PPHDQLQJ0XOWLSOH6FOHURVLV
6(0 6KDUHG(TXLW\0RUWJDJH 6(3 VHOHFWLYHHPSOR\PHQWSODQ
6(0 6\VWqPHG·([SORLWDWLRQHW0DLQWHQDQFH SODQG·HPSORLVpOHFWLI
VHP 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ 6(3 6ORYHQVN\(QHUJHWLFN\3RGQLN
XVLQJWKH$UDELFZRUGVHPZKLFKPHDQVSRL 1RZ6(
VRQ )RUIXUWKHUGHWDLOVVHHXQGHU6(
$WRPLF3K\VLFV&KHPLVWU\(OHFWURQLFV1XFOHDU 6(3 6RODU(OHFWULF3URSXOVLRQ
(QJLQHHULQJ7R[LFRORJ\ 6(3 6\QWKHWLF(U\WKRSRLHVLV3URWHLQ
6HP DEEU6HPLQDU\ 6(3 LVDPRGLILHGSURWHLQZLWKDGHILQHGFRYDOHQW
6HP DEEU6HPLWLF VWUXFWXUH
6HPLWLFLVDVXEIDPLO\RI$IUR$VLDWLFODQJXDJHV %LRFKHPLVWU\%ORRG5HVHDUFK0HGLFLQH
0LFURHOHFWURQLFV PLVHHQFRPPXQGHVLQIRUPDWLRQVGHGpWHFWLRQ
6(7$5 6HUYLFHGHO·(QVHLJQHPHQWGHV7HFKQLTXHV ORLQWDLQH
$YDQFpHVGHOD5HFKHUFKH 6(:6 VDWHOOLWHHDUO\ZDUQLQJV\VWHP
)UHQFKDFURQ\PPHDQLQJ$GYDQFHG5HVHDUFK V\VWqPHGHGpWHFWLRQORLQWDLQHSDUVDWHOOLWH
7HFKQLTXHV7HDFKLQJ6HUYLFH 6) )LQODQG·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
6(7%,6 6(W7RS%R[IRU,QWHUDFWLYH6HUYLFHVRQ WHUV
GHPDQG 6) VDXWGHIUpTXHQFH
(XURSHDQ&RPPXQLW\3URMHFW IUHTXHQF\KRSSLQJ)+
6(7& 6WDWH(FRQRPLFDQG7UDGH&RPPLVVLRQ 6RXWK$IULFD
&KLQD $IULTXHGX6XG
6(7&$6HWFD 6\QGLFDWGHV(PSOR\pV 6) 6FDOH)DFWRU
7HFKQLFLHQVHW&DGUHVGH%HOJLTXH (QJLQHHULQJ
%HOJLDQ8QLRQV 6) 6HDVRQDO)OXFWXDWLRQ
6(7, 6HDUFKIRU([WUDWHUUHVWULDO,QWHOOLJHQFH 6) VHPLILQLVKHG
8QWLO6(7,ZDVIXQGHGE\1$6$1RZLWLV 0HWDOOXUJ\
XQGHUSULYDWHILQDQFLQJ7KHPDLQEUDQFKHVRI 6) 6HULDO)LOH
6(7,DUHORFDWHGDW+DUYDUG8QLYHUVLW\DQGLQ 6HULDO)LOHLVDOVRNQRZQDV6HTXHQWLDO
0RXQWDLQ9LHZ&DOLIRUQLD86$ 2UJDQL]DWLRQ
6(72 6RXWKHUQ(XURSH7UDQVSRUW2UJDQL]DWLRQ &RPSXWHU3URJUDPPLQJ
2UJDQLVDWLRQGHVWUDQVSRUWVGX6XGGHO·(XURSH 6) 6KRUW)RFXV
6(7 SURWRFRO 6HFXUH(QFU\SWLRQ7UDQVDFWLRQSURWR 6) 6SHFLDO)RUFHV86$
FRO 6) 6SHFLDOL]]D]LRQH)OHVVLELOH
7KHILUVWSXUFKDVHXVLQJWKHQHZ6HFXULW\ 6) 6SRQWDQHRXV)LVVLRQ
7HFKQRORJ\6WDQGDUGWRRNSODFHLQ'HQPDUNDWWKH 1XFOHDU3K\VLFV
EHJLQQLQJRI 6) 6WDQGDUG)RUP
(OHFWURQLF&RPPHUFH &RPSXWHU3URJUDPPLQJ
6(7V 6HFXUH(OHFWURQLF7UDQVDFWLRQV 6) 6WDWXWHRI)UDXGV
6(7V 6LQJOH(OHFWURQ7UDQVLVWRUV $OVR6)
0LFURHOHFWURQLFV1DQRVFLHQFH7UDQVLVWRU 6) 6XEPDULQH)OHHW
$UFKLWHFWXUH6ROLGVWDWHTXDQWXPFRPSXWHUV 861DY\
)RUIXUWKHUGHWDLOVVHHXQGHU5)6(7 6) 6WHURLGRJHQLF)DFWRU
6(76( 6LQJOH(OHFWURQ7UDQVLVWRU6FDQQLQJ *\QHFRORJ\,QWHUQDO0HGLFLQH2EVWHWULFV
(OHFWURPHWHU 3DWKRORJ\
$SSOLHG3K\VLFV0LFURHOHFWURQLFV1DQRVFLHQFH 6) 6WRFN)XQG
3K\VLFV 6) 6XQGDUDP)LQDQFH/LPLWHG,QGLD
6(7 VWDQGDUG 6HFXUH(OHFWURQLF7UDQVDFWLRQVVWDQ +LUH3XUFKDVH,QYHVWPHQW%DQNLQJ$VVHW
GDUG 0DQDJHPHQW/HDVLQJ0HUFKDQW%DQNLQJ
7KH6(7 VWDQGDUGZDVVHWXSLQ 6) 6\OYLDQ)LVVXUH
'LJLWDO&HUWLILFDWHV(QFU\SWLRQ7HFKQRORJLHV $QDWRP\
,QWHUQHW&RPPHUFH 6) 6XOIXU+H[DIOXRULGH
)RUIXUWKHUGHWDLOVVHHXQGHU6)1% 6) LVXVHGDVDGLHOHFWULF
VHWW DEEUVHWWHPEUH ,QRUJDQLF&KHPLVWU\
,WDOLDQDEEUHYLDWLRQPHDQLQJ6HSWHPEHU 6)$ 6RFLpWp)UDQoDLVHG·$VWURQDXWLTXH)UDQFH
(8 'ROODU(WDWV8QLV'ROODU$PpULFDLQ 6)$6 6WDWHPHQWRI)LQDQFLDO$FFRXQWLQJ6WDQGDUGV
)UHQFKLQLWLDOLVPPHDQLQJ86 6)$61$ LVPHDQWWRSURYLGHPLQLPDOUHTXLUH
&XUUHQFLHV PHQWVIRUILQDQFLDOVWDWHPHQWSUHVHQWDWLRQDQG
6(8+6 6RXWKHDVWHUQ8QLYHUVLW\RIWKH+HDOWK GRHVQRWSUHFOXGHFROOHJHVDQGXQLYHUVLWLHVIURP
6FLHQFHV86$ SURYLGLQJDGGLWLRQDOLQIRUPDWLRQ,PSOHPHQWDWLRQ
6(9 DEEU6HYHQOHVV RI6)$61$ SURPLVHVPDQ\FKDOOHQJHVWR
6(9 VXUIDFHHIIHFWYHVVHO LQGXVWU\DFFRXQWDQWVDQGWKHLUDXGLWRUV7KHILQDO
EkWLPHQWjHIIHWGHVXUIDFH SURGXFWVKRXOGSURPRWHXQGHUVWDQGLQJRIILQDQFLDO
6(: VKDUHGHDUO\ZDUQLQJ VWDWHPHQWVZLWKLQDQGDPRQJWKH1)3 LQGXVWULHV
1HXWULQR'HWHFWRUV1HXWULQR2VFLOODWLRQV V\VWqPH27$1QRUPDOLVpGHV\PEROHVGHFRGHVj
3K\VLFV6RODU1HXWULQRV EDUUHV
6Q2 6WDQQLF2[LGH 6Q6 6WDQQLF6XOILGH
6WDQQLF2[LGHDOVRNQRZQDV7LQ'LR[LGH7LQ 6WDQQLF6XOILGHDOVRNQRZQDV0RVDLF*ROG7LQ
3HUR[LGHLVXVHGPDLQO\LQSHUIXPHVWH[WLOHVDQG %URQ]H$UWLILFLDO*ROG7LQ'LVXOILGHLVXVHG
FHUDPLFV PDLQO\LQLPLWDWLRQJLOGLQJ
,QRUJDQLF&KHPLVWU\ ,QRUJDQLF&KHPLVWU\
612%2/ 6WULQJ2ULHQWHG6\PEROLF/DQJXDJH 616 6WUXWWXUD1D]LRQDOHGL6RVWHJQR,WDO\
&RPSXWHUV 616 6\PSDWKHWLF1HUYRXV6\VWHP
6120 6FDQQLQJ1HDUILHOG2SWLFDO0LFURVFRSH $QDWRP\
,PDJLQJ 616/ 6LHPHQV1HWZRUN6HUYLFHV
VQR513V VPDOOQXFOHRODU5LERQXFOHRSURWHLQ 616/ LVWKHQHWZRUNLQJVXEVLGLDU\RIWKH*HUPDQ
3DUWLFOHV PDQXIDFWXUHU6LHPHQV1L[GRUI
612:&$7 VXSSRUWRIQXFOHDURSHUDWLRQVZLWKFRQ 1HWZRUN0DQDJHPHQW
YHQWLRQDODLUWDFWLFV 617 6LVWHPD1D]LRQDOHGL7DUDWXUD
DSSXLGHVRSpUDWLRQVQXFOpDLUHVSDUOHVWDFWLTXHV ,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO&DOLEUDWLRQ
DpULHQQHVFODVVLTXHV 5DWLQJ6\VWHP
613 6RGLXP1LWURSUXVVLGH 618 6HRXO1DWLRQDO8QLYHUVLW\.RUHD
)RUIXUWKHUGHWDLOVVHHXQGHU6&1 618 6RODU1HXWULQR8QLW
613 6\VWqPH1HW3URWpJp)UDQFH 62 6DOHV2IILFH
)UHQFKLQLWLDOLVPPHDQLQJ3URWHFWHG1HW 62 6HOOHU
V2SWLRQ
6HWWOHPHQWV\VWHPIRUODUJHYDOXHIXQGWUDQVIHUV 62 6KLSRZQHU
613& 6HUYLFH1DWLRQDOGHOD3URWHFWLRQ&LYLOH 62 62 6KLSSLQJ2UGHU
)UDQFH &RPPHUFH6KLSSLQJ
613V 6LQJOH1XFOHRWLGH3RO\PRUSKLVPV 62 VPDOORXWOLQH
7KHVLQJOHQXFOHRWLGHSRO\PRUSKLVPLVDQDOWHU 3DFNDJLQJ
DWLRQWKDWWDNHVSODFHLQDVLQJOHQXFOHRWLGHEDVHLQ 62 6RPDOLD
D'1$ VWUHWFK 6RPDOLH
%LRWHFKQRORJ\*HQH([SUHVVLRQ*HQHWLFV VWDIIRIILFHU
*HQRPH0DSSLQJ*HQRPLF6LJQSRVWV+XPDQ RIILFLHUG·pWDWPDMRU2(0
*HQRPH/LIH6FLHQFHV0XOWLJHQH'LVHDVHV 62 6RQGULR,WDO\
3KDUPDFRJHQRPLFV 62 6SHFLDO2UGHU6WDQGLQJ2UGHU
615 6HOHFWLYH1RQFDWDO\WLF5HGXFWLRQ 62 6WDII2IILFH
615615 6LJQDOWR1RLVH5DWLR 62 6WRFN2SWLRQ
$FRXVWLFV(OHFWURQLFV 62 6WUDWXP2SWLFXP
615 6XEVWDQWLD1LJUDSDUVUHWLFXODWD $QDWRP\1HXURELRORJ\
615 6XSHUQRYD5HPQDQW 62 6WURQWLXP2[LGH
$VWURQRP\$VWURSK\VLFV7KHRUHWLFDO 6WURQWLXP2[LGHDOVRNQRZQDV6WURQWLXPLVXVHG
$VWURSK\VLFV3K\VLFV PDLQO\LQVRDSVDQGSLJPHQWV
VQ51$ VPDOOQXFOHDU51$ ,QRUJDQLF&KHPLVWU\
%LRPROHFXODU6FLHQFHV0ROHFXODU%LRORJ\ 62 6XOIXU'LR[LGH
VQ513 VPDOOQXFOHDU5LERQXFOHRSURWHLQ 6XOIXU'LR[LGHLVXVHGPDLQO\LQSKDUPDFHXWLFDOV
615V 6XSHUQRYD5HPQDQWV DQGDVDIRRGDGGLWLYH
)RUIXUWKHUGHWDLOVVHHXQGHU615 ,QRUJDQLF&KHPLVWU\
61V 6HQVRU\1HXURQV 62 6XOIXU7ULR[LGH
%LRORJ\3V\FKRORJ\ 6XOIXU7ULR[LGHDOVRNQRZQDV6XOIXULF$QK\GULGH
616 6RPDWLF1HUYRXV6\VWHP LVXVHGPDLQO\LQVRODUHQHUJ\FROOHFWRUV
3K\VLRORJ\ ,QRUJDQLF&KHPLVWU\
61V 6RXUFHRI1HXWURQV 62 6\VWHP2SHUDWLRQ
$W2DN5LGJH1DWLRQDO/DERUDWRU\86$:LOO &RPSXWHU7HFKQRORJ\
EHFRPSOHWHGLQ 62$ 6HFRQGDU\2UJDQLF$HURVRO
1HXWURQ6FDWWHULQJ /LNHR]RQH62$ LVIRUPHGIURPWKHDWPRVSKHULF
616 VWDQGDUG1$72EDUFRGHV\PERORJ\ R[LGDWLRQRIRUJDQLFFRPSRXQGV
&KHPLFDO(QJLQHHULQJ(QYLURQPHQWDO FDOHQGULHUGHVpYpQHPHQWV>H[HUFLFHV@
(QJLQHHULQJ6FLHQFH 62(V 6WDWH2ZQHG(QWHUSULVHV
62$ 6HPLFRQGXFWRU2SWLFDO$PSOLILHU 62) 6RXQG2Q)LOP
'LJLWDO,QIRUPDWLRQ3URFHVVLQJ(OHFWURQLF 62) VSHFLDORSHUDWLRQVIRUFH
(QJLQHHULQJ IRUFHG·RSpUDWLRQVVSpFLDOHV
62$ VSHHGRIDGYDQFH VWDWXVRIIRUFHV
YLWHVVHGHSURJUHVVLRQ VWDWXWGHVIRUFHV
62$ 6WDWH2FHDQLF$GPLQLVWUDWLRQ&KLQD 62) 6WDWH2ZQHUVKLS)XQG%XFKDUHVW
62$V 6HPLFRQGXFWRU2SWLFDO$PSOLILHUV 5RPDQLDQ)XQGV
)RUIXUWKHUGHWDLOVVHHXQGHU62$ 62)$ 6RFLHW\2I)LQDQFLDO$GYLVHUV
62% 6KRUWQHVV2I%UHDWK 62)$ 6WDWXVRI)RUFHV$JUHHPHQW
62%U 7KLRQ\O%URPLGH &RQYHQWLRQVXUOHVWDWXWGHVIRUFHV
7KLRQ\O%URPLGHLVDOVRNQRZQDV6XOILQ\O 62)$5 62XQG)L[LQJ$QG5DQJLQJ
%URPLGH *HRSK\VLFV
2UJDQLF&KHPLVWU\ 62)& 6ROLG2[LGH)XHO&HO
62& VHFWRURSHUDWLRQVFHQWUH &KHPLVWU\
FHQWUHG·RSpUDWLRQVGHVHFWHXU&26 62)( 6\PSRVLXP2Q)XVLRQ(QJLQHHULQJ
VSHFLDORSHUDWLRQVFRPPDQG 7KHWK 62)(ZDVKHOGLQ&KDPSDLJQ,OOLQRLV
FRPPDQGHPHQWGHVRSpUDWLRQVVSpFLDOHV 86$LQ2FWREHU
62& 6HGLPHQWDU\2UJDQLF&DUERQ 62)(502 6RFLpWp)UDQoDLVHG·(WXGHVHWGH
(DUWK6\VWHP6FLHQFH 5pDOLVDWLRQGH0DFKLQHVHWG·2XWLOODJH)UDQFH
62&$ 6WXGLHVRIWKH2FXODU&RPSOLFDWLRQVRI 62),$ 6WUDWRVSKHULF2EVHUYDWRU\IRU,QIUDUHG
$,'6 $VWURQRP\
62&$ LVDQHWZRUNRIHOHYHQFOLQLFVVSRQVRUHGE\ $VWURQRP\3K\VLFV3ODQHWDU\6FLHQFHV
WKH861(, 62),$ 6XQIORZHU2LO)RU,QGXVWULDO$SSOLFDWLRQV
2SKWKDOPRORJ\ (XURSHDQ&RPPXQLW\3URMHFW
)RUIXUWKHUGHWDLOVVHHXQGHU1(, 62)7 6\PSRVLXP2Q)XVLRQ7HFKQRORJ\
62&$ VXEPDULQHRSHUDWLRQVFRRUGLQDWLQJDXWKRULW\ 7KHWK 62)7 ZDVKHOGLQ/LVERQ3RUWXJDOLQ
DXWRULWpGHFRRUGLQDWLRQGHVRSpUDWLRQVVRXV 6HSWHPEHU
PDULQHV 6RJ 6KRUWJDVWUXODWLRQ
62&O 7KLRQ\O&KORULGH 'HYHORSPHQWDO%LRORJ\
7KLRQ\O&KORULGHDOVRNQRZQDV6XOIXU6XOIXURXV 62* VSHHGPDGHJRRGRYHUWKHJURXQG
2[\FKORULGHLVXVHGPDLQO\LQSHVWLFLGHV DYLWHVVHVXUOHIRQG
2UJDQLF&KHPLVWU\ EYLWHVVHUDSSRUWpHVXUOHVRO
62&0(7 VPRNHDQGREVFXUDQWFRXQWHUPHDVXUHV 62*($ 6FXRODGL*HVWLRQH$]LHQGDOH,WDO\
PDWHULDOVHYDOXDWLRQWHVW 62+2 6PDOO2IILFH+RPH2IILFH
HVVDLG·pYDOXDWLRQGHVIXPpHVHWREVFXUVLVVDQWV 62+2VDWHOOLWH 62ODUDQG+HOLRVSKHULF
XWLOLVpVFRPPHFRQWUHPHVXUHV 2EVHUYDWRU\VDWHOOLWH
62&5('2 6RFLpWpGH&UpGLWHWGH'pYHORSSHPHQW $ MRLQW1$6$(6$ DQGVDWHOOLWHODXQFKHGLQODWH
GHO·2FpDQLH
62&V 6WRUH2SHUDWHG&KDQQHOV $VWURQRP\$WPRVSKHULF3K\VLFV6SDFH3K\VLFV
6LJQDO7UDQVODWLRQ 3K\VLFVRIWKH(DUWK7HFKQRORJ\
62&6287+ 6SHFLDO2SHUDWLRQV&RPPDQG )RUIXUWKHUGHWDLOVVHHXQGHU1$6$(6$
$)6287+ 89&6
&RPPDQGHPHQWGHVRSpUDWLRQVVSpFLDOHVGH 62, SULPD6HWWLPDQD2IWDOPRORJLFD,WDOLDQD
O·$)6287+ ,WDOLDQDFURQ\PPHDQLQJILUVW,WDOLDQ
62' 6HVNDWFKHZDQ2UJDQLF'LUHFWRUDWH&DQDGD 2SKWKDOPRORJLF:HHN,WDO\1RYHPEHU
2UJDQLF)DUPLQJ 62, VLJQDOVRSHUDWLQJLQVWUXFWLRQ
62', 6XSHUR[LGH'LVPXWDVHDQHQ]\PH LQVWUXFWLRQG·H[SORLWDWLRQGHVWUDQVPLVVLRQV
$OVR62' VWDQGLQJRSHUDWLQJLQVWUXFWLRQV
$P\RWURSKLF/DWHUDO6FOHURVLV(Q]\PRORJ\ LQVWUXFWLRQVSHUPDQHQWHV
*HQHV1HXURGHJHQHUDWLYH'LVHDVHV VWDWHPHQWRILQWHQW
62( VFKHGXOHRIHYHQWV>H[HUFLVHV@ pQRQFpG·LQWHQWLRQ
63 6FDODU3URFHVVRU 63 6SRW3ULFH
&RPSXWHU6FLHQFH 63 6WDQG3LSH6WDQGSLSH
63 6FKHULQJ3ORXJK (QJLQHHULQJ
5HVHDUFK,QVWLWXWHV 6S 6WDUWLQJSULFH
63 VHFRQGDU\SDUWLFLSDQWV 63 6WUDGD3URYLQFLDOH
SDUWLFLSDQWVVHFRQGDLUHV 63 6WRFNOHVV3URGXFWLRQ
VHOISURSHOOHG %XVLQHVV&RPPHUFH
DXWRSURSXOVp 63 6XEVWDQFH3
VHQVLWLYHSRLQW 63 6\VWHPV3URJUDPPHU
SRLQWVHQVLEOH 7KHV\VWHPVSURJUDPPHUXVXDOO\ZULWHVV\VWHPV
6SDLQ VRIWZDUH
(VSDJQH &RPSXWHU6FLHQFH
VWDUWSRLQW 63 6\VWHPV3URJUDPPLQJ
SRLQWGHGpSDUW &RPSXWHU3URJUDPPLQJ
VXSSO\SRLQW )RUIXUWKHUGHWDLOVVHHXQGHU63 6\VWHPV
DSRLQWGHGLVWULEXWLRQ 3URJUDPPHU
ESRLQWGHUDYLWDLOOHPHQW 6S 6SHFLILFLW\SURWHLQ
63 6HFXULW\3ROLFH $ VHTXHQFHVVSHFLILFWUDQVFULSWLRQDODFWLYDWRULVR
63 6HOOLQJ3ULFH ODWHGIURPKXPDQFHOOVLQWKHV
%XVLQHVV&RPPHUFH 0ROHFXODUDQG&HOO%LRORJ\1HXURGHJHQHUDWLRQ
63 6HUYLFH3URJUDP 63$ 6FLQWLOODWLRQ3UR[LPLW\$VVD\
6HUYLFH3URJUDPLVDOVRNQRZQDV6HUYLFH 6S$ 6RFLHWjSHU$]LRQL
5RXWLQH6HUYLFH8WLOLW\3URJUDP ,WDOLDQDFURQ\PPHDQLQJ-RLQW6WRFN&RPSDQ\
&RPSXWHU3URJUDPPLQJ %XVLQHVV(FRQRPLFV)LQDQFH
63 6KRUH3DWURO 63$ 6RFLHWj3HVFD$WODQWLFD
0LOLWDU\3ROLFHRIWKH861DY\ ,WDOLDQDFURQ\PRIWKH$WODQWLF)LVKLQJ&RPSDQ\
63 6KRUW3RVLWLRQ 63$63$ 6RFLHWj3URWHWWULFHGHJOL$QLPDOL
63 6LJQDO3HSWLGDVH 6RFLpWp3URWHFWULFHGHV$QLPDX[
63 6LJQDO3URFHVVLQJ ,WDOLDQDQG)UHQFKDFURQ\PRIWKH6RFLHW\IRUWKH
&RPSXWHU3URJUDPPLQJ 3UHYHQWLRQRI&UXHOW\WR$QLPDOV
63 6PRNHOHVV3RZGHU 63$ 6XFFLQLPLG\O3URSLRQDWH
,QYLHZRIWKHIDFWWKDWWKHVPRNHOHVVSRZGHUSUR 63$ EDVLQ 6RXWK3ROH$LWNHQEDVLQ
GXFHVDYHU\VPDOODPRXQWRIVPRNHLWLVXVHGDV 63$'$76 6SDFH'HWHFWLRQDQG7UDFNLQJ6\VWHP
DVXEVWLWXWHIRUJXQSRZGHU 6SDFH7HFKQRORJ\
([SORVLYHV0DWHULDOV 63$'( 6WUDWRVSKHULF3KRWRFKHPLVWU\$HURVRODQG
63 6RLO3LSH '\QDPLFV([SHULPHQW86$
&LYLO(QJLQHHULQJ ,Q2FWREHUDQG0D\
63 6ROH3URSULHWRU )RUIXUWKHUGHWDLOVVHHXQGHU12=(
VS DEEUVSDFH 63$/$67 6LQGDFDWR3URYLQFLDOH$QWXRQRPR
6S 6SDQLVK /DYRUDWRUL$GGHWWL6HUYL]LR7HU]LDULR,WDO\
6SDQLVKLVDURPDQFHODQJXDJH,WLVWKHODQJXDJH ,WDOLDQ8QLRQV
RI6SDLQXVHGDOVRLQ/DWLQ$PHULFDH[FHSW%UD]LO 63$1 6SDFH3K\VLFV$QDO\VLV1HWZRUN86$
/DQJXDJHV 63$5 6DQGOHU3URJUDPIRU$VWKPD5HVHDUFK6DQ
6S DEEUVSDUH )UDQFLVFR&DOLIRUQLD86$
$OVRVS 63$5 VHDJRLQJSODWIRUPIRUDFRXVWLFUHVHDUFK
VS DEEUVSHFLDO SODWHIRUPHGHKDXWHPHUSRXUUHFKHUFKHVDFRXV
6WRFNV WLTXHV
VS DEEUVSHFLILF 6S$U 6SDQLVK$UDELF
VS DEEUVSHFLPHQ /DQJXDJHV
6FLHQFH6\VWHPDWLFV 63$5& 6FDODEOH3URFHVVRU$5&KLWHFWXUH
63VS DEEUVSHVH &RPSXWHU7HFKQRORJ\
,WDOLDQDEEUHYLDWLRQPHDQLQJH[SHQVHVFKDUJHV 63$5& 6FKRODUO\3XEOLVKLQJDQG$FDGHPLF
FRVWV 5HVRXUFHV&RDOLWLRQ
7KH6LJQDO5HFRJQLWLRQ3DUWLFOHLVDOVRNQRZQDV JLYHVKLJKVFKRROVWXGHQWVWKHRSSRUWXQLW\WR
6LJQDO5HFRJQLWLRQ3URWHLQ H[SORUHVFLHQFHWKURXJKVXPPHULQWHUQVKLSVZLWK
%LRFKHPLVWU\6WUXFWXUDO%LRORJ\%LRSK\VLFV SURIHVVLRQDOUHVHDUFKVFLHQWLVWVLQDFDGHPLHVJRY
653 6ROXEOH5HDFWLYH3KRVSKRUXV HUQPHQWDQGLQGXVWU\
654 6HWRI5HOHYDQW4XHVWLRQV )RUIXUWKHUGHWDLOVVHHXQGHU1<$6
654 7KHDLUSRUWFRGHIRU6DUDVRWD%UDGHQWRQ 658 VHDUFKDQGUHVFXHXQLW
)ORULGD86$ XQLWpGHUHFKHUFKHHWVDXYHWDJH
655 VHDUFKDQGUHVFXHUHJLRQ 658 6HLVPLF5HVHDUFK8QLW
UpJLRQGHUHFKHUFKHHWVDXYHWDJH 8QLYHUVLW\RIWKH:HVW,QGLHVLQ7ULQLGDG
656 VDWHOOLWHUDGDUVWDWLRQ (UXSWLYH$FWLYLWLHV*HRSK\VLFV6HLVPLF5HVHDUFK
VWDWLRQUDGDUGHVDWHOOLWH 9ROFDQLF+D]DUGV9ROFDQRORJ\
VHFXULW\UHTXLUHPHQWVVWDWHPHQW 66 6DVVDUL,WDO\
pQRQFpGHVLPSpUDWLIVGHVpFXULWp 66 6FLHQWLILF6\VWHP
VKRUWUDQJHVRQDU 7KHVFLHQWLILFV\VWHPGHDOVPDLQO\ZLWKFRPSXWD
VRQDUjFRXUWHSRUWpH WLRQV
VXEPDULQHUHVFXHVXEPHUVLEOH &RPSXWHU7HFKQRORJ\
VXEPHUVLEOHGHVDXYHWDJHGHVRXVPDULQ 66 6HOOLQJ6KRUW
656 6FLHQWLILF5HODWLRQV6SHFLDOLVW 66 6HQLRU6HFXULWLHV
656 1RULDQ6NHOHWDO5HSDLU6\VWHP 66 6HUYL]LR6HJUHWR
7KH1RULDQ6NHOHWDO5HSDLU6\VWHPLVDSURPLVLQJ ,WDOLDQLQLWLDOLVPPHDQLQJ6HFUHW6HUYLFH
PDWHULDOGHYHORSHGLQWRUHSDLUERQHIUDF 66 6HUYL]LR6RFLDOH
WXUHV ,WDOLDQLQLWLDOLVPPHDQLQJ6RFLDO6HUYLFH
%LRPDWHULDOV 66 6KRUW6DOH
656 6RQREXR\5HIHUHQFH6\VWHP 66 6RFLDO6HFXULW\
656 6WLPXODWHG5RPDQ6FDWWHULQJ 66 6WDLQOHVV6WHHO
5RPDQVKLIWHG/DVHUV3K\VLFV2SWLFV 6WDLQOHVV6WHHOLVFRPPRQO\NQRZQDV6WDLQOHVV
6U6 6WURQWLXP6XOILGH $OOR\
6WURQWLXP6XOILGHDOVRNQRZQDV6WURQWLXP 0HWDOOXUJ\
0RQRVXOILGHLVXVHGPDLQO\LQVWURQWLXPFRP 66 6WHDPVKLS
SRXQGV $OVRVV
,QRUJDQLF&KHPLVWU\ 1DYDO$UFKLWHFWXUH
656$ 6ORZ5HDFWLQJ6XEVWDQFHRI$QDSK\OD[LV 66 6WRSSHG6WRFN
0HGLFLQH 66 6XFFLQLPLG\O6XFFLQDWH
656* 6SHFLDO5HSUHVHQWDWLYHRIWKH6HFUHWDU\ 66 6XUIDFHWR6XUIDFH
*HQHUDO81 66$ 2UGLQH&DYDOOHUHVFRGHOOD6DQWLVVLPD
6U62 &HOHVWLQH $QQXQ]LDWD
&HOHVWLQHDOVRNQRZQDV&HOHVWLWHLVIRXQGPDLQ ,WDOLDQLQLWLDOLVPPHDQLQJ2UGHURI&KLYDOU\RI
O\LQK\GURWKHUPDOYHLQGHSRVLWVDQGLQVHGLPHQ WKH9LUJLQ0DU\
WDU\URFNV 66$ 6HLVPRORJLFDO6RFLHW\RI$PHULFD86$
0LQHUDORJ\ 66 & 6FRSH6HTXHQFHDQG&RRUGLQDWLRQ
65620 VKRUWUDQJHVWDQGRIIPLVVLOH 86(GXFDWLRQ5HIRUPV
PLVVLOHjFRXUWHSRUWpHWLUpjGLVWDQFHGHVpFXULWp 66$V 6WUDWRVSKHULF6XOIDWH$HURVROV
657 VKRUWUDQJHWUDQVSRUWDLUFUDIW 66% 6LQJOH6LGHEDQG
DpURQHIGHWUDQVSRUWjFRXUWUD\RQG·DFWLRQ 7HOHFRPPXQLFDWLRQV
657 6LPSOH5HDFWLRQ7LPH 66% 6SDFH6HLVPRORJLFDO%XUHDX
$JLQJ$QWLDJLQJ*HQHWLFV*HURQWRORJ\ 66% 6SDFH6WXGLHV%RDUG86$
6U7L2 6WURQWLXP7LWDQDWH 66% 6WDWH6HLVPRORJLFDO%XUHDX%HLMLQJ&KLQD
6WURQWLXP7LWDQDWHLVXVHGPDLQO\LQHOHFWURQLFV (DUWK6FLHQFH(DUWKTXDNH0DQDJHPHQW
6570 6KXWWOH5DGDU7RSRJUDSK\0LVVLRQ *HRSK\VLFV3K\VLFVRI(DUWK,QWHULRU6HLVPRORJ\
*HRSK\VLFVDQG3ODQHWDU\3K\VLFV 66% 6WDWH6WDWLVWLFDO%XUHDX&KLQD
2FHDQRJUDSK\ 66%FRPPXQLFDWLRQ 6LQJOH6LGHEDQGFRPPXQLFD
6573 6FLHQFH5HVHDUFK7UDLQLQJ3URJUDP WLRQ
2IWKH1HZ<RUN$FDGHP\RI6FLHQFHVWKH6573 $OVRVLQJOHVLGHEDQGPRGXODWLRQ
7HOHFRPPXQLFDWLRQV 6XSHUVRQLF)ORZLVDOVRNQRZQDV6XSHUFULWLFDO
66%,6XUYH\ 6SHQFHU6WXDUW%RDUG,QGH[6XUYH\ )ORZ
66%1 VXEVXUIDFHEDOOLVWLFQXFOHDUQXFOHDUSRZHUHG )OXLG0HFKDQLFV
EDOOLVWLFPLVVLOHVXEPDULQH 66)/& GHYLFH 6XUIDFH6WDELOL]HG)HUURHOHFWULF
VRXVPDULQQXFOpDLUHODQFHXUG·HQJLQV61/( /LTXLG&U\VWDOGHYLFH
66%6 PLVVLOHVROVROEDOLVWLTXHVWUDWpJLTXH %LRFKHPLVWU\&KHPLVWU\2SWRHOHFWURQLF
JURXQGWRJURXQGVWUDWHJLFEDOOLVWLFPLVVLOH &RPSXWLQJ6\VWHPV
66%V 6LQJOH6WUDQG%UHDNV 66* 6FLHQWLILF6WHHULQJ*URXS
0ROHFXODU%LRORJ\ 66+5& 6RFLDO6FLHQFHVDQG+XPDQLWLHV5HVHDUFK
66& 6ROLG6WDWH&RPSXWHU &RXQFLO&DQDGD
&RPSXWHU7HFKQRORJ\ 66, 6DWHOOLWH6HTXHQWLDO,PDJLQJ
66&6SHFLDOL]DWLRQLQ6RFLDO&RJQLWLRQ 66, 6N\6XUYH\,QVWUXPHQW
66& 6SHUPDWRJRQLDO6WHP&HOO 66, VWDQGLQJVLJQDOVLQVWUXFWLRQV
)RUIXUWKHUGHWDLOVVHHXQGHU66&V LQVWUXFWLRQVSHUPDQHQWHVGHVWUDQVPLVVLRQV
66& 6WDQGDUG6DOLQH&LWUDWH 66, 6WDWHZLGH6\VWHPLF,QLWLDWLYH
66& 6WD]LRQH6SHULPHQWDOH&RPEXVWLELOL,WDO\ 66, 6XSSOHPHQWDO6HFXULW\,QFRPH86$
66& 6XSHUFRQGXFWLQJ6XSHU&ROOLGHU 66,& 6LQWHUHG6,OLFRQ&DUELGH
66& VXUIDFHVHDUFKFRRUGLQDWLRQ 'HYHORSPHQWRQVHOIOXEULFDWLQJ66,&ZLWKRSWL
FRRUGLQDWLRQGHODUHFKHUFKHGHVXUIDFH PL]HGSRURVLW\DQGLQILOWUDWLRQ
66&3 DQDO\VLV 6LQJOH6WUDQG&RQIRUPDWLRQ (XURSHDQ&RPPXQLW\3URMHFW
3RO\PRUSKLVPDQDO\VLV 66,( 6PLWKVRQLDQ6FLHQFH,QIRUPDWLRQ([FKDQJH
$,'65HVHDUFK/LIH6FLHQFHV0HGLFLQH 66,, 6RFLpWpGH6HUYLFHVHWG
,QJpQLHULH
3DWKRORJ\ ,QIRUPDWLTXH
66&V 6SHUPDWRJRQLDO6WHP&HOOV )UHQFKLQLWLDOLVPPHDQLQJ&RPSXWHU%XUHDX
$QLPDO%LRORJ\5HSURGXFWLYH%LRORJ\9HWHULQDU\ 6HUYLFH6RIWZDUH&RPSDQ\
0HGLFLQH 66, LQVWUXPHQW 6ROLG6WDWH,PDJLQJLQVWUXPHQW
66&V 6WDWH6FLHQWLILF&HQWHUV5XVVLD $VWURQRP\/XQDUDQG3ODQHWDU\6FLHQFH6SDFH
7KH66&VZHUHODXQFKHGLQ 6FLHQFH
66&9 6HPL6XEPHUVLEOH&UDQH9HVVHO 66,2 6RXWKHUQ6XEWURSLFDO,QGLDQ2FHDQ
66' 6H[XDO6L]H'LPRUSKLVP 66,SURJUDP 6WDWHZLGH6\VWHPLF,QLWLDWLYHVSUR
66' 6WHDG\6WDWH'LVWULEXWLRQ JUDP
$QDO\WLFDO&KHPLVWU\ 2IWKH861DWLRQDO6FLHQFH)RXQGDWLRQ
66' 6WHURO6HQVLQJ'RPDLQ 6\VWHPLF(GXFDWLRQ5HIRUPV
66' 6XSHUVRQLF'LIIXVHU 66,V\VWHP 6ROLG6WDWH,PDJLQJV\VWHP
0HFKDQLFDO(QJLQHHULQJ 6HQVLWLYHIURPWRQP
66' 6XSSOHPHQWDU\6SHFLDO'HSRVLW*% 0HGLFLQH1HXURORJ\3V\FKLDWU\
%DQNLQJ%XVLQHVV)LQDQFH 66,7 6FXROD6XSHULRUHSHU,QWHUSUHWLH7UDGXWWRUL
VV'1$ VLQJOHVWUDQGHG'1$ ,WDO\
66( 6WUHGRVORYHQVNH(QHUJHWLFNH=DYRG\6ORYDN ,WDOLDQ6FKRROV
5HSXEOLF 66,= VHDVRQDOVHDLFH]RQH
66(ORFDWHGLQ=LOLQDLVRQHRIWKH(QHUJ\ ]RQHGHJODFHVVDLVRQQLqUHV
'LVWULEXWLRQ&RPSDQLHVRIWKH6ORYDN5HSXEOLF 66- VHOIVFUHHQLQJMDPPLQJ
UHVSRQVLEOHIRU&HQWUDO6ORYDNLD EURXLOODJHG·DXWRSURWHFWLRQ
66($ 6WDJH6SHFLILF(PEU\RQLF$QWLJHQ 66. GLHVHOSRZHUHGDWWDFNVXEPDULQH
*\QHFRORJ\+XPDQ%ODVWRF\VWV0HGLFLQH DVRXVPDULQG·DWWDTXHjSURSXOVLRQGLHVHO
2EVWHWULFV EVRXVPDULQFKDVVHXUGHVRXVPDULQ
66(& 6SDFH6FLHQFHDQG(QJLQHHULQJ&HQWHU 66.3 VLQJOHVKRWNLOOSUREDELOLW\
$WWKH8QLYHUVLW\RI:LVFRQVLQ86$ SUREDELOLWpGHGHVWUXFWLRQDXSUHPLHUFRXS
66) VXEVWUDWHJLFIRUFHV 66/ 6VO 6HFXUH6RFNHW/D\HU
DIRUFHVVRXVVWUDWpJLTXHV $ SURWRFROEXLOWLQWREURZVHUVWKDWXVHVHQFU\SWLRQ
EIRUFHVSUpVWUDWpJLTXHV>)5@ WRSUHYHQWWKHPHVVDJHEHLQJHLWKHUUHDGRU
66) 6XSHUVRQLF)ORZ FKDQJHG
'LJLWDO&HUWLILFDWHV3URWRFROV
7$ 7DQJLEOH$VVHWV
7 %XVLQHVV(FRQRPLFV)LQDQFH
7$ WDQNDUP\
DUPpHGHFKDUV
7 W WDQN WDVNLQJDXWKRULW\
(QJLQHHULQJ2UGQDQFH DXWRULWpUHVSRQVLEOH
(OHFWURQLFV,QHOHFWURQLFVWDQNLVDOVRNQRZQDV WHFKQLFDODUUDQJHPHQW
WDQNFLUFXLW DUUDQJHPHQWWHFKQLTXH
7 W WDUH WRZHGDUUD\
(QJLQHHULQJ)OXLG0HFKDQLFV DQWHQQHUHPRUTXpH
7 7HOHPDWLF7HFKQRORJ\IRU7UDQVSRUWDQG7UDIILF 7D 7KHFKHPLFDOV\PEROIRU7DQWDOXP
LQ7XULQ 7DQWDOXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF
7HOHPDWLF$SSOLFDWLRQV QXPEHUDQGDQDWRPLFZHLJKWRI
7 W WHOHSKRQH 7DQWDOXPLVXVHGPDLQO\LQWKHPDQXIDFWXUHRIVXU
7HOHFRPPXQLFDWLRQV JLFDODQGGHQWDOLQVWUXPHQWV
W WHPSHUDWXUH 7$ 7DUDQWR,WDO\
$OVRWHPS 7$ 7D[$EDWHPHQW
0HGLFLQH0HWHRURORJ\3K\VLRORJ\ 7$ 7D[$PRUWL]DWLRQ
7KHUPRG\QDPLFV 7$ 7HDFKLQJ$VVLVWDQW
77 7HVOD 7$ 7HFKQLFDO$VVLVWDQFH
(OHFWURPDJQHWLVP 7$ 7HOHJUDSKLF$GGUHVV
W WHVW 7$ 7HQVLRQ$UWpULHOOH
$OVRWVW 0HGLFLQH
&KHPLVWQ\3HWUROHXP(QJLQHHULQJ6FLHQFH 7$ 7HUHSKWKDOLF$FLG
7 W 7HVWDPHQW 8VHGPDLQO\WRPDNHSRO\HVWHUUHVLQVDQGDVD
7 7KDLODQG
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU SRXOWU\IHHGDGGLWLYH
7 7KRUDFLF 2UJDQLF&KHPLVWU\
0HGLFLQH 7$ 7HUPLQDO$GDSWHU
WWKXQGHU 7$ 7KHUPDQ$QDO\VLV
%HDXIRUW/HWWHU $QDO\WLFDO&KHPLVWU\0HWDOOXUJ\
77 7K\PLQH 7$ 7LELDOLV$QWHULRU
$OVR7K\ 7$ 7R[LQ$QWLWR[LQ
%LRFKHPLVWU\ &+12 $OVR7$7
7 7RPH 7$ 7UDFN$GGUHVV
%LEOLRJUDSK\ &RPSXWHU7HFKQRORJ\
7 W WRQV 7$ 7UDQVDFWLRQDO$QDO\VLV
0HFKDQLFDO(QJLQHHULQJ0HWURORJ\1DYDO ,QWHUSHUVRQDO5HODWLRQVKLSV3V\FKRORJ\
$UFKLWHFWXUH1XFOHRQLFV 7$ 7UDQVIHUUDEOH$FFRXQW
W WUDQVDFWLRQ 7$ 7UDYHOOLQJ$OORZDQFH
W WUDQVPLWWHU 7$7D 7ZLQ$UFKLWHFWXUH
7HOHFRPPXQLFDWLRQV (QWHUSULVH6HUYHUV
7 7KHFKHPLFDOV\PEROIRU7ULWLXP 7$$ 7DFWLFDO$LU$UP\
7ULWLXPLVXVHGLQPRQRQXFOHDUUHVHDUFK DUPpHDpULHQQHWDFWLTXH
&KHPLVWU\6\PEROV 7$$& 7HFKQRORJ\$VVHVVPHQW$GYLVRU\&RXQFLO
7 WURSLFDOORDGLQJ 7$$* 7RURQWR$UHD$UFKLYLVWV*URXS&DQDGD
6KLSSLQJ WDE DEEUWDEOH
W WUXH $QDWRP\&RPSXWHU3URJUDPPLQJ*HRJUDSK\
&DUWRJUDSK\0HFKDQLFDO(QJLQHHULQJ6FLHQFH 0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ0LQLQJ
7 W 7XHVGD\ (QJLQHHULQJ
7 7ULLRGRWK\URQLQH 7$% 7D[$QWLFLSDWLRQ%LOO
(QGRFULQRORJ\ 7$% 7HFKQLFDO$EVWUDFW%XOOHWLQ86$
7 7K\UR[LQH 7$% 7HFKQLFDO$VVLVWDQFH%RDUG
(QGRFULQRORJ\ 7$% 7HFKQRORJ\$VVHVVPHQW%RDUG
(XURSHDQ&RPPXQLW\3URMHFW %LRFKHPLVWU\0ROHFXODU*HQHWLFV
7$33, 7HFKQLFDO$VVRFLDWLRQRIWKH3XOSDQG3DSHU 7$V 7HQWDWLYHG·$SSHOSDUVHFRQGH
,QGXVWU\ 7$6 WRZHGDUUD\V\VWHPVRQDU
3DSHU0DQXIDFWXULQJ V\VWqPHVRQDUjDQWHQQHUHPRUTXpH
WDSSL 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 7$6 7UXH$LU6SHHGUHIHUULQJWRDQDLUFUDIW
XVLQJWKH,WDOLDQZRUGWDSSLZKLFKPHDQV 7$6 7XUNPHQLVWDQ$FDGHP\RI6FLHQFHV5HSXEOLF
EXQJVFDSVFRUNVSOXJVVWRSSHUV RI7XUNPHQLVWDQ
7$3V 7UDLQLQJ$FFHVV3RLQWV*% WDV 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
7$5 WDFWLFDODLUUHFRQQDLVVDQFH XVLQJWKH)UHQFKZRUGWDVZKLFKPHDQVKHDS
UHFRQQDLVVDQFHDpULHQQHWDFWLTXH ORWPDVVSLOHVWDFN
7$5 7HQVLRQ$UWpULHOOH5pWLQLHQQH +7$6 PLFURVFDOH7RWDO$QDO\WLFDO6\VWHPV
7$5 7HUUDLQ$YRLGDQFH5DGDU $QDO\WLFDO6FLHQFHV%LRHQJLQHHULQJ&KHPLVWU\
7$5 7KLUG$VVHVVPHQW5HSRUW 'HYLFH0LQLDWXUL]DWLRQ0HGLFLQH
2IWKH,3&& 7$6%, 7UDQVDWODQWLF6PDOO%XVLQHVV,QLWLDWLYH
&OLPDWH&KDQJH 7UDQVODWODQWLF,VVXHV86(&%XVLQHVV
)RUIXUWKHUGHWDLOVVHHXQGHU,3&& 7$6& 7$EXODU6HTXHQFH&RQWURO
7$5 7KUXVW$XJPHQWHG5RFNHW 7$6& 7UHDWPHQW$OWHUQDWLYHVWR6WUHHW$FFLGHQWV
7$5 7UDQVSRUWV$XWRPRELOHV5RXWLHUV 7$6& 7ULSDUWLWH$FFRXQWLQJ6WDQGDUGV&RPPLWWHH
7$5 7ULEXQDOH$PPLQLVWUDWLYR5HJLRQDOH 7KH1HWKHUODQGV
,WDOLDQDFURQ\PPHDQLQJ5HJLRQDO$GPLQLVWUDWLYH 7$6&SURJUDP 7UDQV$WODQWLF6WXG\RI&DODQXV
&RXUW ILQPDUFKLFXV SURJUDP
7$5$ 7VXNXED$GYDQFHG5HVHDUFK$OOLDQFH 2FHDQLFFDSHSRGSRSXODWLRQ2FHDQRJUDSK\
7$5$1,6 7RROIRUWKH$QDO\VLVRI5DGLDWLRQVIURP 3RODUDQG0DULQH5HVHDUFK
/LJKWQLQJVDQG6SULWHV 7$6' 7HFKQLFDODQG$GPLQLVWUDWLYH6XSSRUW
3URSRVHGIRU)UDQFH·V&1(60LFURVDWHOOLWH 'LYLVLRQ
3URJUDP 2IWKH863DFLILF0DULQH(QYLURQPHQWDO
$WPRVSKHULF6FLHQFH0LFURVDWHOOLWH3URJUDPV /DERUDWRU\
6SULWHV5HVHDUFK 7$6( 7HO$YLY6WRFN([FKDQJH,VUDHO
)RUIXUWKHUGHWDLOVVHHXQGHU&1(6 7DVH 7UDQVIHUDVH
7$5& 7K\PXVDQG$FWLYDWLRQ5HJXODWHG&\WRNLQH $OVRNQRZQDV7UDQVIHUULQJ(Q]\PH
&KHPRNLQHV,PPXQRORJ\0LFURELRORJ\ (Q]\PRORJ\
7$5&$3 WDUJHWFRPEDWDLUSDWURO 7$6(6 7DFWLFDO$LUERUQH6LJQDO([SORLWDWLRQ
SDWURXLOOHDpULHQQHGHFRPEDWVXUO·REMHFWLI 6\VWHP
7$5( WHOHJUDSKDXWRPDWLFUHOD\HTXLSPHQW 7$6, 7LPH$VVLJQPHQW6SHHFK,QWHUSRODWLRQ
PDWpULHOGHUHODLVWpOpJUDSKLTXHDXWRPDWLTXH 7HOHFRPPXQLFDWLRQV
7$5*(7 7UDQV(XURSHDQ$XWRPDWHG5HDOWLPH 7$6/2 WDFWLFDODLUVXSSRUWIRUODQGRSHUDWLRQV
*URVVVHWWOHPHQW([SUHVV7UDQVIHU DSSXLDpULHQWDFWLTXHGHVRSpUDWLRQVWHUUHVWUHV
7KH7$5*(7 V\VWHPFDPHLQWRIRUFHDQGVWDUWHG 7$60 7UDFWLFDODLUWRVXUIDFHPLVVLOH
RSHUDWLQJLQ(XURRQVW -DQXDU\ PLVVLOHWDFWLTXHVLUVXUIDFH
,QWHUEDQN3D\PHQW6\VWHPV 720$+$:.DQWLVKLSPLVVLOH
7$527 7UHQG$QDO\VLVE\5HODWLYH2SLQLRQ PLVVLOHDQWLQDYLUH720$+$:.
7HVWLQJ 7$602 WDFWLFDODLUVXSSRUWIRUPDULWLPHRSHUD
0DUNHWLQJ WLRQV
7$58 7KH$FWLRQ5HVHDUFK8QLW,QGLD VRXWLHQDpULHQWDFWLTXHGHVRSpUDWLRQVQDYDOHV
$ QRQJRYHUQPHQWDORUJDQL]DWLRQEDVHGLQ1HZ 7$62 7KH$,'66XSSRUW2UJDQL]DWLRQ8JDQGD
'HOKL )RXQGHU1RHULQH.DOHHED
7$5:, WDUJHWZHDWKHULQIRUPDWLRQ 7$7 7DULIID$ 7HPSR
UHQVHLJQHPHQWVPpWpRVXUO·REMHFWLI +DV5HSODFHG787
7DV DEEU7DVPDQLD$XVWUDOLD )RUIXUWKHUGHWDLOVVHHXQGHU787
7$V 7HDFKLQJ$VVLVWDQWV 7$7 7KHPDWLF$SSHUFHSWLRQ7HVW
7$6 7HOHSKRQH$QVZHULQJ6HUYLFH7HOHSKRQH 7$7 LVDSURMHFWLYHWHVWWRDVVHVVWKHSHUVRQDOLW\RI
$QVZHULQJ6\VWHP DSHUVRQE\PHDQVRISLFWXUHVWREHLQWHUSUHWHG
7$6 7HORPHUH$VVRFLDWHG6HTXHQFH 3V\FKRORJ\
V\VWqPHGHGpVLJQDWLRQG·REMHFWLIV $YLDWLRQ(OHFWURQLFV
7'6 7KHUPDO'HVRUSWLRQ6SHFWUD 7( 7UDQVSRVDEOH(OHPHQW
3K\VLFDO&KHPLVWU\3K\VLFV )RUIXUWKHUGHWDLOVVHHXQGHU7(V
7'6 7KHUPDO'HVRUSWLRQ6SHFWURPHWU\ 7( 7UD]LRQH(OHWWULFD
7'6 7LPH'HSHQGHQW6HQVLWL]DWLRQ ,WDOLDQDFURQ\PPHDQLQJ(OHFWULF7UDFWLRQ
3V\FKLDWU\3V\FKRORJ\3V\FKRSKDUPDFRORJ\ 7( 7UpVRUHULHG·([SORLWDWLRQ
7'6 7UDQVFUDQLDO'RSSOHU6RQRJUDSK\ 7($ 7HWUDHWK\ODPPRQLXP
7G6FGPD 7LPHGLYLVLRQ6\QFKURQRXV&GPD 7($ 7UDQVIHUUHG(OHFWURQ$PSOLILHU
7G7 7HUPLQDOGHR[\WUDQVIHUDVH 7($ 7ULHWKDQRODPLQH
7G7 FLUFXLWGH7UDLWHPHQWGH7UDPH +2&+&+17ULHWKDQRODPLQHDOVRNQRZQDV
7'76 WDFWLFDOGDWDWUDQVIHUV\VWHP 7ULV+\GUR[\HWK\O$PLQHLVXVHGPDLQO\LQ
V\VWqPHGHWUDQVIHUWGHGRQQpHVWDFWLTXHV FRVPHWLFVZRRGVFRXULQJDQGGHWHUJHQWV
7'8 7RQJXH'LVSOD\8QLW 2UJDQLF&KHPLVWU\
(OHFWULFDO6WLPXODWRUV1HXURVFLHQFH6XUJLFDO 7($& 7HWUDHWK\ODPPRQLXP&KORULGH
7RROV &+1&O7HWUDHWK\ODPPRQLXP&KORULGHDOVR
7': 'HDG:HLJKW7RQQDJH NQRZQDV7($ &KORULGHLVXVHGPDLQO\LQPHGL
7':5 7HUPLQDO'RSSOHU:HDWKHU5DGDU FLQH
7'< 7HPSRUDU\'XW\ 2UJDQLF&KHPLVWU\
7'= WRUSHGRGDQJHU]RQH 7($0 7HDPEDVHG(XURSHDQ$XWRPRWLYH
]RQHG·HIILFDFLWpGHVWRUSLOOHV 0DQXIDFWXUH
7'= 7RXFK'RZQ=RQH (XURSHDQ&RPPXQLW\3URMHFW
1DYLJDWLRQ 7($ SUHVVXUHODVHU 7UDQVYHUVHO\([FLWHG
7( 7DEOHRI(TXLSPHQW $WPRVSKHULFSUHVVXUHODVHU
7( 7DSH(GLWRU 2SWLFV
7KHWDSHHGLWRULVXVHGWRHGLWDQGFRUUHFWGDWDRQ 7($6 7UDGHPDUN(OHFWURQLF$SSOLFDWLRQ6\VWHP
WDSHV 7(% 7D[([HPSW%RQG
&RPSXWHU3URJUDPPLQJ %XVLQHVV)LQDQFH
7( WDVNHOHPHQW 7H%* 7HVWRVWHURQHHVWUDGLRO%LQGLQJ*OREXOLQ
pOpPHQWRSpUDWLRQQHO 7(%3 7HORPHUH(QG%LQGLQJ3URWHLQ
WUDLQLQJHTXLSPHQW %LRFKHPLVWU\&HOO%LRORJ\&KHPLVWU\+XPDQ
DPDWpULHOG·LQVWUXFWLRQG·HQWUDvQHPHQW *HQHWLFV0HGLFLQH0ROHFXODU%LRORJ\
EPDWpULHOGLGDFWLTXH 0ROHFXODU*HQHWLFV
7( 7DX[G·(VFRPSWH 7H%U 7HOOXULXP'LEURPLGH
7(7D[([HPSWLRQ 7HOOXULXP'LEURPLGHLVDOVRNQRZQDV7HOOXURXV
7H 7HOOXULXP %URPLGH7HOOXULXP%URPLGH
8VHGPDLQO\LQDOOR\V ,QRUJDQLF&KHPLVWU\
&KHPLVWU\6\PEROV 7(& WDEOHDXG
HIIHFWLIVGXWHPSVGHFULVH
7( 7HQVLRQeOHFWULTXH FULVLVHVWDEOLVKPHQW&(
7( 7HUDPR,WDO\ 7(& 7HFKQLTXHV(XURSpHQQHVGH&RPPXWDWLRQ
7( 7HUPLQDO(TXLSPHQW 7(& 7HUHQD([HFXWLYH&RPPLWWHH
7HOHFRPPXQLFDWLRQV )RUIXUWKHUGHWDLOVVHHXQGHU7(5(1$
7H 7HWDQXV 7(& 7KHUPLRQLF(QHUJ\&RQYHUWHU
1HXURORJ\3DWKRORJ\ 7(& 7H[DV(PSOR\PHQW&RPPLVVLRQ
7( 7KHUPRG\QDPLF(TXLOLEULXP 7KH7(&LVORFDWHGLQ$XVWLQ7H[DV86$
7( 7KLRHVWHUDVH 7(& 7RWDO(OHFWURQ&RQWHQW
7( 7LPLQJ(UURU 7H FDORULPHWHU 7LVVXHHTXLYDOHQWFDORULPHWHU
&RPSXWHU3URJUDPPLQJ WHFK DEEUWHFKQLFDOWHFKQLFLDQWHFKQRORJ\
7( 7LVVXH(QJLQHHULQJ (QJLQHHULQJ6FLHQFH
7( 7RWDO(DUQLQJV 7(&+5(37 DEEU7HFKQLFDO5HSRUW
7( 7RWDO(QHUJ\ 7H&O 7HOOXULXP'LFKORULGH
7( 7RWDOO\(QFORVHG 7H&O LVDOVRNQRZQDV7HOOXURXV&KORULGH
(OHFWULFLW\ 7HOOXULXP&KORULGH
7( 7UDLOLQJ(GJH ,QRUJDQLF&KHPLVWU\
7+5,LVORFDWHGLQ/H[LQJWRQWKH8QLYHUVLW\RI 7LWDQLXPFDUELGHLVXVHGPDLQO\LQWXQJVWHQFDU
.HQWXFN\.<86$ ELGHWRROVDQGDUFPHOWLQJHOHFWURGHV
7K6L2 +XWWRQLWH %DVLF(QHUJ\6FLHQFH,QRUJDQLF&KHPLVWU\
+XWWRQLWHLVIRXQGLQEHDFKVDQGV 0DWHULDOV6FLHQFH3K\VLFVRI7KLQ)LOPV
0LQHUDORJ\ 6XSHUODWWLFH7HFKQRORJ\9DFXXP&RDWHUV
7K7 7KLRIODYLQH7 7,& 7RWDO,RQ&KURPDWRJUDP
8VHGPDLQO\LQIOXRUHVFHQWSDLQWVDQGWH[WLOHV 7,& 7ULSVLQ,QKLELWLQJ&DSDFLW\
7+7 7UqV+DXWH7HQVLRQ 0HGLFLQH
7+7) 7KHUPDO+\GUDXOLF7HVW)DFLOLW\ WLF 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
7K] 7HUDKHUW] (QJOLVKZRUGWLF1HXURORJ\ZKLFKKDVWKH
7HUDKHUW]LVDIUHTXHQF\XQLWHTXDOWR+] VRPHPHDQLQJLQ)UHQFKDQG,WDOLDQ
3K\VLFV 7L&O 7LWDQLXP7ULFKORULGH
7, 7DMLNLVWDQ 7LWDQLXP7ULFKORULGHDOVRNQRZQDV7LWDQRXV
7, 7DUJHW,GHQWLILFDWLRQ &KORULGHLVXVHGPDLQO\DVDUHGXFLQJDJHQW
UHIHUULQJWRUDGDUHWF ,QRUJDQLF&KHPLVWU\
7, 7HUDSLD,QWHQVLYD 7,'( WDFWLFDOLQWHUQDWLRQDOGDWDH[FKDQJH
7, 7H[DV,QVWUXPHQWV86$ pFKDQJHGHGRQQpHVWDFWLTXHVLQWHUQDWLRQDOHV
6HPLFRQGXFWRUV 7,'( 7HFKQRORJ\,QLWLDWLYHIRU'LVDEOHGDQG
7L 7LWDQLXP (OGHUO\SHRSOH
8VHGPDLQO\LQWKHSURGXFWLRQRISXUHK\GURJHQ (XURSHDQ&RPPXQLW\,QLWLDWLYHV
DQGLQDOOR\V 7,'( 7KHUPDO,RQ'\QDPLFV([SHULPHQW
&KHPLVWU\ *HRSK\VLFV6SDFH6FLHQFH
7,$ 7D[,QVWLWXWHRI$PHULFD86$ 7,( 7RWDO,QGXVWULDO(QJLQHHULQJ
7,$ 7KDQNV,Q$GYDQFH 7,( 7RWDO,QWHUOLEUDU\([FKDQJH
7,$ 7KH,QWHUQHW$GDSWRU WLH 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
7,$ 7UDQVLHQW,VFKHPLF$WWDFN (QJOLVKZRUGWLH
7,$ LVDOVRNQRZQDVPLQLLFWXV &LYLO(QJLQHHULQJ(OHFWULFLW\(QJLQHHULQJ
0HGLFLQH1HXURORJ\ 0LQLQJ(QJLQHHULQJ
7,$$&5() 7KH7HDFKHUV,QVXUDQFHDQG$QQXLW\ 7,(++ 7KH,QVWLWXWHRI(QYLURQPHQWDODQG+XPDQ
$VVRFLDWLRQ&ROOHJHHTXLWLHV5(WLUHPHQW)XQG +HDOWK86$
(VWDEOLVKHGDVDQRQSURILWVHUYLFHRUJDQL]DWLRQE\ 7,(UHFHSWRUV 7\URVLQHNLQDVHZLWK
WKH&DUQHJLH)RXQGDWLRQIRUWKH$GYDQFHPHQWRI ,PPXQRJOREXOLQDQG(*)OLNHGRPDLQVUHFHSWRUV
7HDFKLQJ86$ $QJLRJHQHVLV$QWLDQJLRJHQHVLV'UXJV&DQFHU
7,$/'6 WKHUPDOLPDJHU\DLUERUQHODVHUGHVLJQDWRU 5HVHDUFK0HGLFLQH3KDUPDFHXWLFDOV
V\VWHP 7,(6 7HOIRUG,QVWLWXWHRI(QYLURQPHQWDO6\VWHPV
V\VWqPHDpURSRUWpG·LOOXPLQDWLRQODVHUjLPDJHULH $QLQWHUGLVFLSOLQDU\UHVHDUFKFHQWUHEDVHGLQWKH
WKHUPLTXH 6FKRRORI(QYLURQPHQWDQG/LIH6FLHQFHV
7,% 7HFKQLVFKH,QIRUPDWLRQV%LEOLRWKHN 8QLYHUVLW\RI6DOIRUG*%
*HUPDQ\ 7,(6 7URSKLF,QWHUDFWLRQVLQ(VWXDULQH6\VWHPV
7L% 7LWDQLXP%RULGH 7,(6LVD861DWLRQDO6FLHQFH)RXQGDWLRQSUR
7LWDQLXP%RULGHLVXVHGPDLQO\LQPHWDOOXUJ\ MHFW,WZDVODXQFKHGLQ
,QRUJDQLF&KHPLVWU\ &KHPLVWU\DQG%LRORJ\RIWKH2FHDQV(VWDXULQH
7,% 2IILFHGX7RXULVPHHWG
,QIRUPDWLRQGH (FRORJ\
%UX[HOOHV%HOJLXP 7,,) WDFWLFDOLPDJLQHU\LQWHUSUHWDWLRQIDFLOLW\
7,%$ 7ULLGUREHQ]RLF$FLG LQVWDOODWLRQWDFWLTXHG·LQWHUSUpWDWLRQSKR
7,%25 7RN\R,QWHUEDQN2IIHUHG5DWH WRJUDSKLTXH
7,%3 7UL,VR%XW\O3KRVSKDWH 7,) 7DVVRGLWUDVIHULPHQWR,QWHUQRGHL)RQGL
7,& WDFWLFDOLQWHOOLJHQFHFHQWUH ,WDOLDQDFURQ\PPHDQLQJ5DWHRI,QWHUQDOFDSLWDO
FHQWUHGHUHQVHLJQHPHQWWDFWLTXH WUDQVIHU
WR[LFLQGXVWULDOFKHPLFDO 7,) 7HOHSKRQH,QIOXHQFH)DFWRU
SURGXLWFKLPLTXHLQGXVWULHOWR[LTXH 7HOHFRPPXQLFDWLRQV
7,& 7HFKQLFDO,QVWLWXWH&RXQFLO 7,) 7UDVSRUWL,QWHUQD]LRQDOL)HUURYLDUL
7L& 7LWDQLXP&DUELGH
,WDOLDQDFURQ\PPHDQLQJ,QWHUQDWLRQDO5DLOZD\ 7L1LVXVHGPDLQO\LQDOOR\VDQGVHPLFRQGXFWRUV
7UDQVSRUW ,QRUJDQLF&KHPLVWU\
7,)) 7DJJHG,PDJH)LOH)RUPDW 7,1$ 7KHUH,V1R$OWHUQDWLYH*%
'HVNWRS3XEOLVKLQJ$SSOLFDWLRQV WLQF DEEUWLQFWXUH
7,)5 7DWD,QVWLWXWHRI)XQGDPHQWDO5HVHDUFK $OVRWLQFW
0XPEDL,QGLD 0DWHULDOV
7,)5 7RWDO,QYHVWPHQW)RU5HWXUQ 7L2 $QDWDVH
%XVLQHVV)LQDQFH 7L2 LVDOVRNQRZQDV2FWDKHGULWH
7,* 7LPHXQWLO,*QLWLRQ 0LQHUDORJ\
7,*LVDOVRNQRZQDV7LPHRI,*QLWLRQ 7L2 5XWLOH
7,*(5 7RSRJUDSKLFDOO\,QWHJUDWHG*HRJUDSKLFDO 0LQHUDORJ\
(QFRGLQJDQG5HIHUHQFLQJ 7,2 7DX[,QWHUEDQFDLUH2IIHUW
7,*(5LVDV\VWHPGHYHORSHGE\WKH86%XUHDX )UHQFKDFURQ\PPHDQLQJ,QWHUEDQN2IIHUHG5DWH
RI&HQVXVDQGWKH86*HRORJLFDO6XUYH\ %XVLQHVV(FRQRPLFV)LQDQFH
0DS)LOHV 7,2 7H[DV,QVWLWXWHRI2FHDQRJUDSK\86$
7,*(7 7HOHWKRQ,QVWLWXWHIRU*HQH7KHUDS\ 7L2 7LWDQLXP'LR[LGH
$WWKH6DQ5DIIDHOH+RVSLWDO,WDO\ 7LWDQLXP'LR[LGHDOVRNQRZQDV7LWDQLD7LWDQLF
7,*5 7KH,QVWLWXWHIRU*HQRPLF5HVHDUFK $QK\GULGH7LWDQLXP:KLWHLVXVHGDVDSLJPHQW
7KH7,*5LVEDVHGLQ0DU\ODQG86$ ,QRUJDQLF&KHPLVWU\
6HTXHQFLQJDQG*HQH$QDO\VLV 7L2 7LWDQLXP2[LGH
)RUIXUWKHUGHWDLOVVHHXQGHU7&$* 7L2 7LWDQLXP7ULR[LGH
7,*5 7UHDVXU\,QYHVWPHQW*URZWK5HFHLSWV 7L2 DOVRNQRZQDV3HUWLWDQLF$FLG7LWDQHOORLV
86$ XVHGPDLQO\LQGHQWLVWU\
7,*5,+ 7RZDUGV,GHQWLI\LQJWKH*HQH5HVSRQVLEOH ,QRUJDQLF&KHPLVWU\
IRU,GLRSDWKLF+DHPRFKURPDWRVLV(& 7L2&+ 7HWUDEXW\O7LWDQDWH
7,*5SURWHLQ 7UDEHFXODU0HVKZRUN,QGXFLEOH 7HWUDEXW\O7LWDQDWHDOVRNQRZQDV7LWDQLXP
*OXFRFRUWLFRLG5HVSRQVHSURWHLQ %XW\ODWHLVXVHGPDLQO\DVDFDWDO\VW
*HQHWLFV5HVHDUFK*ODXFRPD0ROHFXODU 2UJDQLF&KHPLVWU\
%LRORJ\0ROHFXODU*HQHWLFV 7,27 7DVN,QSXW2XWSXW7DEOH
7, *ZHOGLQJ 7XQJVWHQ,QHUW*DVZHOGLQJ 7,3 WDUJHWLGHQWLILFDWLRQSRLQW
7HFKQRORJ\ SRLQWG·LGHQWLILFDWLRQG·REMHFWLI
7L+ 7LWDQLXP+\GULGH 7,3 7D[EDVHG,QFRPH3ROLF\
7LWDQLXP+\GULGHLVXVHGPDLQO\LQPHWDOOXUJ\ 7,3 7LWUH,QWHUEDQFDLUHGH3DLHPHQW
,QRUJDQLF&KHPLVWU\ )UHQFKDFURQ\PPHDQLQJ%DQN*LUR7UDQVIHU
7,, 7LL 7HFKQRORJ\,QQRYDWLRQDQG,QIRUPDWLRQ 7,3 7RWDO,QGLYLGXDO3URJUDP
%UXVVHOV $ WHVWWRVWRSVPRNLQJ
7,/ 7XPRU,QILOWUDWLQJ/\PSKRF\WHV 7,3 7UDYHUVLQJ,QFRUH3UREH
7,/$ 7UXWK,Q/HQGLQJ$FW86$ WLS 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
7,0 7HOHFRP,WDOLD0RELOH,WDO\ (QJOLVKZRUGWLS
7,0( 7HFKQRORJLFDO,QQRYDWLRQ0DQDJHPHQW $QDWRP\'HVLJQ(QJLQHHULQJ(OHFWULFLW\
(GXFDWLRQ 0HFKDQLFDO(QJLQHHULQJ
7,03V 7LVVXH,QKLELWRUVRI0HWDOORSURWHLQDVHV 7,3+ 7HPSRUDU\,QWHUQDWLRQDO3UHVHQFHLQ+HEURQ
7,06 7KHUPDO,RQL]DWLRQ0DVV6SHFWURPHWU\ 7,336$ 7HFKQLFDO,QGXVWULDO3KDUPDFLVWVDQG
*HRORJ\*HRSK\VLFV2FHDQRJUDSK\ 3KDUPDFHXWLFDO6FLHQWLVWV$VVRFLDWLRQ
7,0V 7UXVWIRU,QYHVWPHQWVLQ0RUWJDJHV 7,36 7HUPLQDODQGKRVW,QWHUIDFH3URFHVVRUV
7,066 7KLUG,QWHUQDWLRQDO0DWKHPDWLFVDQG 7,3723 7KH,QWHUQHW3LORW723K\VLFV
6FLHQFH6WXG\ $ VLWHWKDWZHQWXSLQ
7,066LVDKXJHWHVWLQYROYLQJWKUHHJUDGHOHYHOV 3K\VLFV
DQGILIW\FRXQWULHV 7,4 7HWUDK\GURLVRTXLQRQH
6FKRRO3HUIRUPDQFH6FLHQFH(GXFDWLRQ 7,5 WDUJHWLOOXPLQDWLQJUDGDU
,PSURYHPHQW UDGDUG·LOOXPLQDWLRQG·REMHFWLI
7,1 7D[SD\HU,GHQWLILFDWLRQ1XPEHU86$ 7,5 7UDQVSRUW,QWHUQDWLRQDO5RXWLHU
7L1 7LWDQLXP1LWULGH
)UHQFKDFURQ\PPHDQLQJ,QWHUQDWLRQDO5RDG 7/ 7D[H/RFDOH
7UDQVSRUW 7O 7KDOOLXP
7,5)0 7RWDO,QWHUQDO5HIOHFWLRQ)OXRUHVFHQFH 7KDOOLXPLVXVHGPDLQO\LQRSWLFDOJODVVDQGLQ
0LFURVFRS\ WKDOOLXPVDOWV7KHZRUGWKDOOLXPGHULYHVIURPWKH
%LRFKHPLVWU\%LRORJLFDO6FLHQFHV&HOOXODU *UHHNWHUPJUHHQVWDON
3URFHVVHV/LYH&HOO,PDJLQJ0HGLFLQH &KHPLVWU\6\PEROV
7,5, 7DX[,QWHUQHGH5HQWDELOLWp,QWpJUp)UDQFH 7/ 7KHUPROXPLQHVFHQFH
%DQNLQJ $WRPLF3K\VLFV
7,526 7HOHYLVLRQDQG,QIUDUHG2EVHUYDWLRQ 7/ 7LPH/RDQ
6DWHOOLWH %XVLQHVV(FRQRPLFV)LQDQFH
7,6 7HFKQRORJLFDO,QIRUPDWLRQ6\VWHP 7/ 7/ 7UDGH/LVW
7,6 7UXVWHG,QIRUPDWLRQ6\VWHPV 7/ 7UDGLQJ/LPLW
7,7 7HVWG
,PPRELOLVDWLRQGHV7UpSRQqPHV %XVLQHVV&RPPHUFH
)UHQFKDFURQ\PPHDQLQJ1HOVRQ
V7HVW 7/ 7UXFN/RDG
7UHSRQHPD3DOOLGXP,PPRELOL]DWLRQ7HVW UHIHUULQJWRODUJHVKLSPHQWVWKDWILOODQHQWLUH
0HGLFLQH WUXFN
7,7 7RN\R,QVWLWXWHRI7HFKQRORJ\-DSDQ )UHLJKW6KLSSLQJ
7,8 7R[LFRORJLFDOO\,QVLJQLILFDQW8VDJH 7/$ 7DON/LVWHQ$QDO\]HU
7,:( 7URSLFDO,QVWDELOLW\:DYH([SHULPHQW $ SURGXFWGHYHORSHGE\8.YHQGRUFDOOVFDQ
7,:V 7URSLFDO,QVWDELOLW\:DYHV 7/$ 7DQ]DQLD/LEUDU\$VVRFLDWLRQ
$WPRVSKHULF6FLHQFH&OLPDWRORJ\0HWHRURORJ\ 7/$ 7HQQHVVHH/LEUDU\$VVRFLDWLRQ86$
*HRSK\VLFV 7/$ 7H[DV/LEUDU\$VVRFLDWLRQ86$
WME WRQQHVGHMDXJHEUXWH 7/$ 7KDL/LEUDU\$VVRFLDWLRQ
7-6 WDFWLFDOMDPPLQJV\VWHP 7/$ 7KHDWHU/LEUDU\$VVRFLDWLRQ
V\VWqPHGHEURXLOODJHWDFWLTXH 7/$ 7XUNLVK/LEUDU\$VVRFLDWLRQ
WN DEEUWDQN 7O$V6 /RUDQGLWH
)RUIXUWKHUGHWDLOVVHHXQGHUW /RUDQGLWHLVIRXQGLQDUVHQLFDQWLPRQ\GHSRVLWV
7. 7K\PLGLQH.LQDVH 0LQHUDORJ\
(Q]\PRORJ\ 7O%U 7KDOOLXP%URPLGH
WN DEEUWUXFN 7O%UDOVRNQRZQDV7KDOORXV%URPLGHLVXVHG
0HFKDQLFDO(QJLQHHULQJ PDLQO\LQLQIUDUHGGHWHFWRUV
7.$ 7KHUPRNLQHWLF$QDO\VLV ,QRUJDQLF&KHPLVWU\
$QDO\WLFDO&KHPLVWU\ WOF DEEUWHOHFRPXQLFD]LRQL
7.' 7RNRG\QDPRPHWHU ,WDOLDQDEEUHYLDWLRQPHDQLQJWHOHFRPPXQLFDWLRQV
7.( 7XUEXOHQW.LQHWLF(QHUJ\ 7/& 7KLQ/D\HU&KURPDWRJUDSK\
7.* 7RNRG\QDJUDSK 7KHWHUPWKLQOD\HUFKURPDWRJUDSK\DFWXDOO\
7.3 7ULSRWDVVLXP3KRVSKDWH UHIHUVWRFKURPDWRJUDSK\FDUULHGRXWRQWKLQOD\HUV
7.33 7HWUDSRWDVVLXP3\URSKRVSKDWH RIDGVRUEHQWPDWHULDO
WNU DEEUWDQNHU $QDO\WLFDO&KHPLVWU\
7DQNHULVDOVRNQRZQDVWDQNVKLS 7/& 7RWDO/XQJ&DSDFLW\
1DYDO$UFKLWHFWXUH 3K\VLRORJ\
7.6& 7VX.XED6SDFH&HQWHU-DSDQ 7O&O 7KDOOLXP&KORULGH
7.9 7KLFNYHLQV 7KDOOLXP&KORULGHDOVRNQRZQDV7KDOORXV
%DVLF6FLHQFHV&DQFHU5HVHDUFK*HQHWLFV &KORULGHLVXVHGPDLQO\LQVXQWDQODPSV
7/ 7DEXODU/DQJXDJH ,QRUJDQLF&KHPLVWU\
&RPSXWHU3URJUDPPLQJ 7O&2 7KDOOLXP&DUERQDWH
7/ 7DSH/LEUDU\ 7KDOOLXP&DUERQDWHDOVRNQRZQDV7KDOORXV
&RPSXWHU7HFKQRORJ\ &DUERQDWHLVXVHGPDLQO\LQDUWLILFLDOGLDPRQGV
7/ 7DUJHW/DQJXDJH ,QRUJDQLF&KHPLVWU\
7KHWDUJHWODQJXDJHLVXVXDOO\WKHODQJXDJHLQWR 7/&V 7KLQ/D\HU&KURPDWRJUDPV
ZKLFKWH[WVDUHWUDQVODWHGIURPWKHVRXUFHODQ 7/' W51$/LNH'RPDLQ
JXDJH )RUIXUWKHUGHWDLOVVHHXQGHUW51$
/LQJXLVWLFV 7/ GDWLQJ 7KHUPROXPLQHVFHQWGDWLQJ
8$%8$% 8QHPSOR\PHQW$VVLVWDQFH%RDUG
8 8$% 8QLRQGHV$XWRPRELOLVWHV%XOJDUHV
8$% 8QLYHUVLW\RI$ODEDPDDW%LUPLQJKDP
86$
8 XQLIRUP 8$&9 8QLWj$QDOLVL&ULPLQL9LROHQWL,WDO\
8 8QLRQ ,WDOLDQLQLWLDOLVPPHDQLQJ8QLWIRUWKH$QDO\VLVRI
&RPSXWHU3URJUDPPLQJ'HVLJQ(QJLQHHULQJ 9LROHQW&ULPHV)RXQGHGLQ)XOO\RSHUDWLYH
0HFKDQLFDO'HYLFHV6XUJHU\ VLQFH
X DEEUXQLW 8$'6 8VHU$WWULEXWH'DWD6HW
(QJLQHHULQJ0DWKHPDWLFV0LOLWDU\6FLHQFH 8$( 8QLWHG$UDE(PLUDWHV
3K\VLFV 8$) 8QLYHUVLW\RI$ODVND)DLUEDQNV
8 8QLYHUVDO 8$)$ 8QLRQ$UDEHGX)HUHWGHO
$FLHU
$VWURQRP\0HFKDQLFDO(QJLQHHULQJ6FLHQFH )UHQFKDFURQ\PPHDQLQJ$UDE8QLRQIRU,URQDQG
X XQLYHUVH 6WHHO
,QVWDWLVWLFVXQLYHUVHLVDOVRNQRZQDVVWDWLVWLFDO 8$+ 8QLYHUVLW\RI$ODEDPDLQ+XQWVYLOOH86$
XQLYHUVH 8$, 8QLRQH$VWURQRPLFD,QWHUQD]LRQDOH
6WDWLVWLFV ,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO8QLRQRI
8 8QLYHUVLW\ $VWURQRPHUV
X XSGDWH 8$/ 8QLRQH$]LHQGH/RPEDUGH,WDO\
X XSSHU8SSHU ,WDOLDQLQLWLDOLVPRIWKH/RPEDUG&RPSDQLHV
$OVRXS $VVRFLDWLRQ0LODQ,WDO\
*HRORJ\ 8$0 8QGHUZDWHUWR$LU0LVVLOH
X XUDFLO 8$0, 8IILFLRSHUO
$UPRQL]]D]LRQHQHO0HUFDWR
%LRFKHPLVWU\ ,QWHUQR
8 7KHFKHPLFDOV\PEROIRU8UDQLXP 8$06 8QLYHUVLW\RI$UNDQVDVIRU0HGLFDO6FLHQFHV
8UDQLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF 86$
QXPEHUDQGDQDWRPLFZHLJKWRI 8$06 8SSHU$WPRVSKHUH0DVV6SHFWURPHWHU
8UDQLXPLVXVHGPDLQO\LQQXFOHDUIXHO1DPHG 8$3 8QLRQGHV$VVXUDQFHVGH3DULV)UDQFH
DIWHUWKHGLVFRYHU\RIWKHSODQHWRI8UDQXV )UHQFKDFURQ\PRIWKH3DULV,QVXUDQFHV8QLRQ
&KHPLVWU\6\PEROV 8$3 8QLYHUVDO$YDLODELOLW\RI3XEOLFDWLRQV
8X XULGLQH 8$3$ 8QLWHG$PDWHXU3UHVV$VVRFLDWLRQ
$OVR8UG 8$5 8QLW$GGUHVV5HJLVWHU
%LRFKHPLVWU\ 8$5& 8QLYHUVLW\$IILOLDWHG5HVHDUFK&HQWHU
8 8ULG\ODWH 86$
X DEEUXVHU 6HWXSE\1$6$ QHDU$PHV
&RPSXWHU3URJUDPPLQJ7HOHFRPPXQLFDWLRQV 8$53 8SSHU$WPRVSKHULF5HVHDUFK3URJUDP
8 8WDK86$ 1$6$·V
$OVR878W 8$56 8SSHU$WPRVSKHUH5HVHDUFK6DWHOOLWH
8$ XQDVVLJQHG /DXQFKHGLQ6KXWGRZQE\1$6$ LQ$XJXVW
8$ 8QGHUZULWLQJ$FFRXQW IRUHFRQRPLFUHDVRQV
8$ 8QLWp$VWURQRPLTXH (DUWK6FLHQFHV
)UHQFKLQLWLDOLVPPHDQLQJ$VWURQRPLFDO8QLW 8$57 8QLYHUVDO$V\QFKURQRXV5HFHLYHU7HUPLQDO
8$ 8QLWRI$FFRXQW 8$57 8QLYHUVDO$V\QFKURQRXV
8$ 8QLYHUVLW\RI$UL]RQD86$ 5HFHLYHU7UDQVPLWWHU
8$ XUDQLXPDSSDXYUL &RPSXWHU7HFKQRORJ\
GHSOHWHGXUDQLXP'8 8$6 8QLIRUP$FFRXQWLQJ6\VWHP
8$ 8ULQDO\VLV 8$6 8QLRQH$JHQWL6$,,WDO\
7KHDEEUHYLDWLRQXULQDO\VLVUHIHUVWRXULQHDQDO\ ,QVXUDQFH8QLRQV
VLV 8$6XDV 8SVWUHDP$FWLYDWLRQ6LWH
3DWKRORJ\ 8$6LVDOVRNQRZQDV8SVWUHDP$FWLYDWRU
8$ 7KHDLUOLQHFRGHIRU8QLWHG$LUOLQHV 6HTXHQFH
8$ 8QLYHUVLWHLW$QWZHUSHQ%HOJLXP *HQHWLFV
8$$ 8QLYHUVLW\RI$ODVND$QFKRUDJH
)UHQFKDFURQ\PRIWKH1DWLRQDO8QLRQRI 0RVFRZ5XVVLD
,QGHSHQGHQW:RUNHUV 81) 8QLILHGWKUHDG)RUP)LQH
81$9,$ $VVRFLD]LRQHSHUOD1RUPD]LRQHHOD 81) 8QLRQ1DWLRQDOHGHV)HPPHV)UDQFH
&HUWLILFD]LRQHQHO6HWWRUH$HURVSD]LDOH )UHQFKLQLWLDOLVPRIWKH:RPHQ1DWLRQDO8QLRQ
81$9,$ LVORFDWHGLQ5RPH,WDO\ 81)$2 8QLWHG1DWLRQV)RRGDQG$JULFXOWXUH
,WDOLDQ6WDQGDUGV,VVXLQJ$VVRFLDWLRQV 2UJDQL]DWLRQ
81& 8QLYHUVLW\RI1RUWK&DUROLQD86$ 81)&&& 8QLWHG1DWLRQV)UDPHZRUN&RQYHQWLRQ
81& 8QLYHUVLW\RI1RUWKHUQ&RORUDGR86$ RQ&OLPDWH&KDQJH
7KH81&LVD&DUQHJLH5HVHDUFK,QWHQVLYH 7KH81)&&&KDVEHHQUDWLILHGE\FRXQWULHV
,QVWLWXWLRQ
81&& 7KH8QLWHG1DWLRQV&RPSHQVDWLRQ &OLPDWH*UHHQKRXVH*DVHV
&RPPLVVLRQ 81)3$ 8QLWHG1DWLRQV3RSXODWLRQ)XQG
7KH81&&ZDVFUHDWHGLQ 81*$ 8QLWHG1DWLRQV*HQHUDO$VVHPEO\
81&&+ 8QLYHUVLW\RI1RUWK&DUROLQDDW&KDSHO 81+ 8QLYHUVLW\RI1HZ+DPSVKLUH86$
+LOO86$ 8QK 8QQLOKH[LXP
81&(' 8QLWHG1DWLRQV&RQIHUHQFHRQ 81+&5 8QLWHG1DWLRQV+LJK&RPPLVVLRQHU
V
(QYLURQPHQWDQG'HYHORSPHQW 2IILFHIRU5HIXJHHV
81&* 8QLYHUVLW\RI1RUWK&DUROLQDDW*UHHQVERUR +DXW&RPPLVVDULDWGHV1DWLRQV8QLHVSRXUOHV
86$ UpIXJLpV
81&, 8QLRQH1D]LRQDOHGHOOH&RRSHUDWLYH,WDOLDQH 81, (QWH1D]LRQDOH,WDOLDQRGL8QLILFD]LRQH
,WDOLDQ8QLRQ 81,LVORFDWHGLQ0LODQ,WDO\
81&,75$/ 8QLWHG1DWLRQV&RPPLVVLRQRQ ,WDOLDQ6WDQGDUGV,VVXLQJ2UJDQL]DWLRQV
,QWHUQDWLRQDO7UDGH/DZ 81, 8QLRQH1DWXULVWL,WDOLDQL
81&/26 8QLWHG1DWLRQV&RQYHQWLRQRQWKH/DZ ,WDOLDQDFURQ\PRIWKH,WDOLDQ1DWXULVW
RIWKH6HD $VVRFLDWLRQ
7KHPDULQHPLQHUDOSURYLVLRQRI81&/26ZDV 81, 8QLRQ1DWLRQDOHGHV,QWHOOHFWXHOV)UDQFH
VLJQHGLQDQGHQWHUHGLQWRIRUFHLQ 8QL%Z0 8QLYHUVLW\RI$UPHG)RUFHV0XQLFK
81&2/ 8QLYHUVDO&RPSXWHU2ULHQWHG/DQJXDJH ,QVWLWXWHIRU+\GUDXOLFV*HUPDQ\
81&52 8QLWHG1DWLRQV&RQILGHQFH5HVWRUDWLRQ 81,& 8QLRQH1D]LRQDOH,QYDOLGL&LYLOL,WDO\
2SHUDWLRQLQ&URDWLD 81,&(81,&( 8QLRQGHV,QGXVWULHVGHOD
RSpUDWLRQGHV1DWLRQV8QLHVSRXUOHUpWDEOLVVHPHQW &RPPXQDXWp(XURSpHQQH8QLRQHGHOOH,QGXVWULH
GHODFRQILDQFHHQ&URDWLH2185& GHOOD&RPXQLWj(XURSHD
81&: 8QLYHUVLW\RI1RUWK&DUROLQDDW:LOPLQJWRQ )UHQFKDQG,WDOLDQDFURQ\PRIWKH(XURSHDQ
86$ &RPPXQLW\,QGXVWULHV8QLRQ
81'+$ 8QLWHG1DWLRQV'HSDUWPHQWRI 81,&() 8QLWHG1DWLRQV,QWHUQDWLRQDO&KLOGUHQ
V
+XPDQLWDULDQ$IIDLUV>UHSODFHGE\2&+$@ (PHUJHQF\)XQG
'pSDUWHPHQWGHVDIIDLUHVKXPDQLWDLUHVGHV1DWLRQV 8QLFKDU DEEU8QLRQ&KDUERQQLqUH5KpQDQH
8QLHV>UHPSODFpSDUOH%&$+@ 81,&+,0 $VVRFLD]LRQHSHUO
8QLILFD]LRQHQHOVHW
81'2) 8QLWHG1DWLRQV'LVHQJDJHPHQW2EVHUYHU WRUHGHOO
,QGXVWULD&KLPLFD
)RUFH ,WDOLDQDEEUHYLDWLRQRIWKH$VVRFLDWLRQIRU
81'3 8QLWHG1DWLRQV'HYHORSPHQW3URJUDP 6WDQGDUGL]DWLRQLQWKH&KHPLFDO,QGXVWU\)LHOG
81( 8QLYHUVLW\RI1HZ(QJODQG$XVWUDOLD ,WDO\
81() 8QLILHGWKUHDGIRUP([WUD)LQH ,WDOLDQ6WDQGDUGV,VVXLQJ$VVRFLDWLRQV
81() 8QLRQ1DWLRQDOHGHV(WXGLDQWVGH)UDQFH 81,&2/8QLFRO 8QLYHUVDOFRPSXWHURULHQWHGODQ
)UHQFKDFURQ\UQRIWKH1DWLRQDO8QLRQRI)UHQFK JXDJH
6WXGHQWV 81,&267 DEEU81,WjSHUOD&267LWX]LRQH
81(3 8QLWHG1DWLRQV(QYLURQPHQW3URJUDP 81,'$ 8QLRQH,QGXVWULH'ROFLDULHH$OLPHQWDUL
)RUIXUWKHUGHWDLOVVHHXQGHU*() ,WDO\
81(37$ 8QLWHG1DWLRQV([SDQGHG3URJUDPRI 81,', 8QLRQH1D]LRQDOH,QGXVWULD'HQWDULD
7HFKQLFDO$VVLVWDQFH ,WDOLDQD
81(6&2 8QLWHG1DWLRQV(GXFDWLRQDO6FLHQWLILF ,WDOLDQ'HQWLVWU\8QLRQ
DQG&XOWXUDO2UJDQL]DWLRQ 81,',5 8QLWHG1DWLRQV,QVWLWXWHIRU'LVDUPDPHQW
81(;,0 8QLWHG([SRUW,PSRUW%DQN 5HVHDUFK*HQHYD6ZLW]HUODQG
&KHPLVWU\ )UHQFKLQLWLDOLVPPHDQLQJ7RWDO'LJHVWLEOH
813$ 8QLWHG1DWLRQVSURWHFWHGDUHD 1XWULHQWV
]RQHSURWpJpHSDUOHV1DWLRQV8QLHV=318 817$* 8QLWHG1DWLRQV7UDQVLWLRQ$VVLVWDQFH
813& 8QLRQ1DWLRQDOHGHV3URIHVVLRQQHOVGHOD *URXS
&RPSWDELOLWp 817'(' 8QLIRUP7UDGH'DWD(OHPHQWV'LUHFWRU\
)UHQFK8QLRQ 817',' 8QLIRUP7UDGH'DWD,QWHUFKDQJH
813) 8QLWHG1DWLRQVSHDFHIRUFHV 'LUHFWRU\
IRUFHVGHSDL[GHVQDWLRQV8QLHV)318 817+6&): 8QLYHUVLW\RI1RUWK7H[DV+HDOWK
8135('(3 8QLWHG1DWLRQV3UHYHQWLYH 6FLHQFH&HQWHUDW)RUW:RUWK86$
'HSOR\PHQW)RUFH 8176 8QLWHG1DWLRQV7UHDW\6HULHV
)RUFHGHGpSORLHPHQWSUpYHQWLIGHV1DWLRQV8QLHV 81762 8QLWHG1DWLRQV7UXFH6XSHUYLVLRQ
)25'(35(18 2UJDQL]DWLRQ
81352)25 8QLWHG1DWLRQV3URWHFWLRQ)RUFH 818 8QLWHG1DWLRQV8QLYHUVLW\
>REVROHWH@ 7KH8QLYHUVLW\LVDQDXWRQRPRXVLQVWLWXWLRQZLWKLQ
)RUFHGHSURWHFWLRQGHV1DWLRQV8QLHV>REVROqWH@ WKH81IUDPHZRUNDQGLVVSRQVRUHGMRLQWO\E\81
8QT XQQLOTXDGLXP DQG81(6&2818KDVQRVWXGHQWVRUGHJUHH
815 8QLRQSRXUOD1RXYHOOH5pSXEOLTXH)UDQFH FRXUVHVLWFRQGXFWVYDULRXVWUDLQLQJDFWLYLWLHVLQ
815 8QLYHUVLW\RI1HYDGD5HQR86$ DVVRFLDWLRQZLWKLWVSURJUDPPHDQGSURYLGHVIHO
815(3 XQGHUZD\UHSOHQLVKPHQW ORZVKLSVIRUSRVWJUDGXDWHVFLHQWLVWVDQGVFKRODUV
UDYLWDLOOHPHQWjODPHU IURPGHYHORSLQJFRXQWULHV
815,6' 7KH8QLWHG1DWLRQV5HVHDUFK,QVWLWXWHIRU )RUIXUWKHUGHWDLOVVHHXQGHU81(6&2
6RFLDO'HYHORSPHQW*HQHYD6ZLW]HUODQG 8185, 8QLRQH1D]LRQDOH8QLYHUVLWDULD
8155$ 8QLWHG1DWLRQV5HOLHIDQG5HKDELOLWDWLRQ 5DSSUHVHQWDWLYD,WDO\
$GPLQLVWUDWLRQ ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI,WDOLDQ
8QV 8QLGHQWLILHG1HXURQV 8QLYHUVLW\6WXGHQWV
%UDLQ5HVHDUFK3DWKRSK\VLRORJ\3K\VLRORJ\ 81866 8QLRQH1D]LRQDOH8WHQWL6WUXWWXUH
816 8QLILHGWKUHDGIRUP6SHFLDO 6DQLWDULH
8QV 8QQLOVHSWLXP ,WDOLDQ8QLRQ
&KHPLVWU\ 82 8QLWj2SHUDWLYD8QLWj2UJDQL]]DWLYD
816$6 8QLRQH1D]LRQDOH6FXROHSHU$WWLYLWj 82 8UDQLQLWH
6RFLDOL,WDO\ 8UDQLQLWHLVIRXQGPDLQO\LQVHGLPHQWDU\EHGVDQG
YRLU6&>SDVHQXVDJHjO·218@ K\GURWKHUPDOYHLQV
816&($5 8QLWHG1DWLRQV6FLHQWLILF&RPPLWWHH 0LQHUDORJ\
RQWKH(IIHFWVRI$WRPLF5DGLDWLRQ 82 8UDQLXP'LR[LGH
(VWDEOLVKHGLQ 8UDQLXP'LR[LGHDOVRNQRZQDV<HOORZFDNH
,RQL]LQJ5DGLDWLRQ 8UDQLDLVXVHGLQQXFOHDUIXHOURGV
816&20 8QLWHG1DWLRQV6SHFLDO&RPPLVVLRQ ,QRUJDQLF&KHPLVWU\
(VWDEOLVKHGDIWHUWKH*XOI:DULQ(QWUXVWHG 82 8UDQLXP7ULR[LGH
E\WKH816HFXULW\&RXQFLOWRVXSHUYLVHWKH 82DOVRNQRZQDV8UDQ\O2[LGHLVXVHGPDLQO\
GHVWUXFWLRQRIZHDSRQVRIPDVVGHVWUXFWLRQLQ,UDT LQSLJPHQWVDQGFHUDPLFV
7KHPDQGDWHZDVWHUPLQDWHGLQ ,QRUJDQLF&KHPLVWU\
816&5 VHH6&5>QRWLQXVHLQWKH81@ 82 7HUWLDU\7ULXUDQLXP2FWR[LGH
YRLU6&5>SDVHQXVDJHjO·218@ 82 DOVRNQRZQDV8UDQ\O8UDQDWH8UDQRXV
816,'(5 (QWH,WDOLDQRGL8QLILFD]LRQH 8UDQLF$FLGLVXVHGPDLQO\WRSUHSDUHXUDQLXP
6LGHUXUJLFD FRPSRXQGV
816,'(5LVORFDWHGLQ0LODQ,WDO\ ,QRUJDQLF&KHPLVWU\
,WDOLDQ6WDQGDUGV,VVXLQJ2UJDQL]DWLRQV 82$ 8QLWV2I$FFRXQW
8160 8QLYHUVLW\RI1HEUDVND6WDWH0XVHXP 8R$V 8QLWVRI$VVHVVPHQW
/LQFR,Q1HEUDVND86$ 82&2 5XWKHUIRUGLQH
8167$7 8QLWHG1DWLRQV6WDWLVWLFDO2IILFH 0LQHUDORJ\
(QYLURQPHQW6WDWLVWLFV6HFWLRQ 8RI/ 8QLYHUVLW\RI/RXLVYLOOH86$
817 8QLWp1XWULWLYH7UDQVIRUPDEOH 8RI6$ 8QLRQRI6RXWK$IULFD
82+2 6FKRHSLWH
,WDOLDQDFURQ\PRIWKH2IILFLDO3XEOLFDWLRQV2IILFH $OVR8X
RIWKH(XURSHDQ&RPPXQLWLHV %LRFKHPLVWU\
839* 8WLOLW\3KRWR9ROWDLF*URXS 85() XQLWpGHUpIpUHQFHGHJULOOH
7ZRPDMRUUHVXOWVRIWKH7XVFRQPHHWLQJLQ JULGUHIHUHQFHXQLW*58
KDYHEHHQWKHIRUPDWLRQRIWKH839*DQGWKHFUH 85() 8QLYHUVLWpVGHV5pVHDX[G
([SUHVVLRQ
DWLRQRIVWDWHZRUNLQJJURXSV$ QDWLRQDOVWHHULQJ )UDQoDLVH
FRPPLWWHHJXLGHVDQGFRRUGLQDWHVDFWLYLWLHVZKLFK )RUIXUWKHUGHWDLOVVHHXQGHU$83(/)
DUHGHGLFDWHGWRMRLQWVWDNHKROGHUDFWLRQVOHDGLQJ 8UHQLR 8UEDQDQGUHJLRQDOLQQRYDWLRQUHVHDUFKXQLW
WRWKHFRPPHUFLDOL]DWLRQRIXWLOLW\VFDOH39 V\V $W$ULVWRWOH8QLYHUVLW\7KHVVDORQLNL
WHPV )RUIXUWKHUGHWDLOVVHHXQGHU9HULWH
84$0 8QLYHUVLWpGX4XpEHFj0RQWUpDO&DQDGD 85(37 8QLRQH5HJLRQDOHGHJOL(QWL3URYLQFLDOL
%LRWHFKQRORJLHV(QYLURQPHQWDO6FLHQFH SHULO7XULVPRGHOOD/RPEDUGLD
0DWKHPDWLFDODQG&RPSXWHU6FLHQFHV+HDOWKDQG ,WDOLDQ8QLRQ
5LVN 85* XQGHUZD\UHSOHQLVKPHQWJURXS
85 8QFRQGLWLRQHG5HVSRQVH JURXSHGHUDYLWDLOOHPHQWjODPHU
85LVDOVRNQRZQDV8QFRQGLWLRQHG5HIOH[ 85*( 8QLI\LQJ5HVHDUFKDQG*UDGXDWH(GXFDWLRQ
8&5 ,QGRQHVLD
%HKDYLRU 85*(LVIXQGHGE\WKH:RUOG%DQN
85 8QGHU5XOH :RUOG%DQN3URJUDPV
6WRFNV 85*9 8QLWpGH5HFKHUFKHHQ*pQRPLTXH9pJpWDOH
85 8QLRQRI6RYLHW6RFLDOLVW5HSXEOLFV>IRUPHU )UDQFH
8665@ 3ODQW*HQRPLFV
DH[8566 85, 8QLYHUVLW\RI5KRGH,VODQG
EH[8QLRQVRYLpWLTXH 85, 8SSHU5HVSLUDWRU\WUDFW,QIHFWLRQ
85 8QLW5HFRUG 85/8UO 8QLIRUP5HVRXUFH/RFDWRU
&RPSXWHU3URJUDPPLQJ 850 8QLWpGH5DFFRUGHPHQWGH0XOWLSOH[
85 8QLYHUVLW\RI5RFKHVWHU86$ 8518UQ 8QLIRUP5HVRXUFH1DPH
85 8WLOLW\5RXWLQH 851V 8QLIRUP5HVRXUFH1DPHV
85LVDOVRNQRZQDV8WLOLW\3URJUDP /LEUDU\DQG,QIRUPDWLRQ6FLHQFH6XSHUFRPSXWLQJ
&RPSXWHU3URJUDPPLQJ $SSOLFDWLRQV
85$ 8QLYHUVLW\5HVHDUFK$VVRFLDWLRQ XURO DEEUXURORJ\XURORJLFDO
85$/ 8QLRQH5HJLRQDOH$OEHUJDWRULGHOOD 853 8IILFLR5HOD]LRQLFRQLO3XEEOLFR
/RPEDUGLD,WDO\ ,WDOLDQLQLWLDOLVPPHDQLQJ3XEOLF5HODWLRQV2IILFH
85$3 ZDYHH[SHULPHQW 8QLILHG5DGLR$QG 856, 8QLRQRI5DGLR6FLHQFH
3ODVPDZDYHH[SHULPHQW 8566 8QLRQGHVUpSXEOLTXHVVRFLDOLVWHVVRYLpWLTXHV
$HURQDXWLFV$VWURQRP\3K\VLFV >REVROqWH@
85& XQGHUZD\UHSOHQLVKPHQWFRRUGLQDWRU 8QLRQRI6RYLHW6RFLDOLVW5HSXEOLF>REVROHWH@
FRRUGRQQDWHXUGXUDYLWDLOOHPHQWjODPHU 857 8IILFLR5HJLRQDOHGHO7XULVPR,WDO\
85& 8QLYHUVLW\5HVHDUFK&RQVRUWLXP 857(/ DEEU<RXU7HOHJUDP
85&5,') 8QLRQ5pJLRQDOH&HQWUH5pJLRQDO 86 8IILFLR6WDPSD
G
,QIRUPDWLRQGHV'URLWVGHV)HPPHV ,WDOLDQLQLWLDOLVPPHDQLQJ3UHVV$JHQF\
/RFDWHGDW%HVDQoRQ)UDQFH XV XOWLPRVFRUVR
:RPHQ5LJKWV ,WDOLDQDEEUHYLDWLRQPHDQLQJODVWODVWPRQWK
85&50 8UDOV5HVHDUFK&HQWHUIRU5DGLDWLRQ 86 XOWUDVXRQR
0HGLFLQH ,WDOLDQLQLWLDOLVPPHDQLQJXOWUDVRXQG
85&V 8ELTXLWLQ5HDFWLRQ&RPSRQHQWV $FRXVWLFV
$GXOW2QFRORJ\%LRORJLFDO&KHPLVWU\&DQFHU 86 8QFOH6DP
%LRORJ\0HGLFLQH0ROHFXODU3KDUPDFRORJ\ 86 8QFRQGLWLRQHG6WLPXOXV
3HGLDWULF2QFRORJ\ %HKDYLRU
85&V 8QLIRUP5HVRXUFH&LWDWLRQV 86 8QGHUO\LQJ6WRFN
/LEUDU\DQG,QIRUPDWLRQ6FLHQFH6XSHUFRPSXWLQJ 86 8QGHU6HFUHWDU\
$SSOLFDWLRQV XV XQGHUVL]H
8UG DEEUXULGLQH 0DWHULDOV6FLHQFH
8:$ 8VHU:RUNLQJ$UHD
8:(% 8QLYHUVLW\RI:DVKLQJWRQ(QJLQHHUHG
%LRPDWHULDOV86$
8:(%LVD861DWLRQDO6FLHQFH)RXQGDWLRQ
VSRQVRUHG(QJLQHHULQJ5HVHDUFK&HQWHU
8:)&7 8JDQGD:RPHQ
V)LQDQFHDQG&UHGLW
7UXVW8JDQGD
8:0 8QLYHUVLW\RI:LVFRQVLQ0LOZDXNHH
86$
8:7 XQGHUZDWHUWHOHSKRQH
WpOpSKRQHVRXVPDULQ760
8< 8UXJXD\
8UXJXD\
X[ ZLIH
8;% 8QH[SORGHG%RPE
8;2 8QH[SORGHG2UGQDQFH
8= 8]EHNLVWDQ
2X]EpNLVWDQ
7HFKQRORJ\0DWKHPDWLFV7UDQVSRUWDWLRQ
9 (QJLQHHULQJ
9 SULPDU\9LVXDO&RUWH[
%UDLQDQG&RJQLWLYH6FLHQFHV1HXURVFLHQFH
9 9DOOH\ 9$ 9DORUH$WWXDOH
%XLOGLQJ(QJLQHHULQJ(OHFWULFDO(QJLQHHULQJ ,WDOLDQDFURQ\PPHDQLQJ3UHVHQW9DOXH$FWXDO
*HRORJ\2FHDQRJUDSK\ 9DOXH
9 YDOYH 9$ 9DOXH$QDO\VLV
$QDWRP\,QYHUWHEUDWH=RRORJ\0HFKDQLFDO 9DOXH$QDO\VLVLVDOVRNQRZQDV9DOXH
'HYLFHV (QJLQHHULQJ9DOXH&RQWURO
9 7KHFKHPLFDOV\PEROIRU9DQDGLXP ,QGXVWU\
9DQDGLXPLVDUDUHHOHPHQWKDYLQJWKHDWRPLF 9$ 9DUHVH,WDO\
QXPEHUDQGDPHOWLQJSRLQWRI$&,WLV 9$ YHORFLWjDFFHOHUDWD
XVHGPDLQO\LQDOOR\V 9$ 9HQWLODWLRQ$OYpRODLUH
&KHPLVWU\6\PEROV )UHQFKDFURQ\PPHDQLQJ$OYHRODU9HQWLODWLRQ
Y YDULDEOH 0HGLFLQH
$UWLILFLDO,QWHOOLJHQFH&RPSXWHU3URJUDPPLQJ YD YHU\DFWLYH
0DWKHPDWLFV0HWHRURORJ\6FLHQFH 9$9$ 9HWHUDQV$GPLQLVWUDWLRQ
9 9DWLFDQFLW\
VYHKLFOHUHJLVWUDWLRQOHWWHU 9$ 9HWHUDQV$IIDLUV86$
Y YHFWRU 9$ 9LFDU$SRVWROLF9LFH$GPLUDO
$YLDWLRQ&RPSXWHU3URJUDPPLQJ0DWKHPDWLFV 9$ 9LFWRULDDQG$OEHUW
0HGLFLQH0LOLWDU\6FLHQFH0ROHFXODU%LRORJ\ 5R\DO2UGHUV *%
3K\VLFV5RERWLFV 9$9D DEEU9LUJLQLD86$
9 9HJHWDULDQV 9$ 9LUWXDO$GYHUWLVLQJ
+XPDQ1XWULWLRQ 9$ 9LVXDO$FXLW\
YY YHLQ 7KHWHUPYLVXDODFXLW\UHIHUVWRWKHVKDUSQHVVRID
$QDWRP\%RWDQ\(QWRPRORJ\*HRORJ\ YLVXDOLPDJH
Y YHORFLW\ 3K\VLRORJ\
0HFKDQLFV 9$ 9LVXDO$LG
Y YHQWUDO 9$YD 9ROW$PSHUH
$QDWRP\%RWDQ\ 9ROWDPSHUHLVWKHXQLWLQWKH,6
Y YHULI\ (OHFWULFLW\
&RPSXWHU3URJUDPPLQJ2UGQDQFH 9$ 9ROXPHGHO·$LUDOYpRODLUH
7HOHFRPPXQLFDWLRQV 0HGLFLQH
Y YHUVLRQYHUVXV 9$ 9RWUH$OWHVVH
Y YHUWLFDO )UHQFKDFURQ\PPHDQLQJ<RXU+LJKQHVV
*HRGHV\6FLHQFH 9$$'V 9DVRDFWLYH$PLQHV$XWRLPPXQH'LVHDVHV
Y YHU\YLFDU 9$% 9HKLFOH$VVHPEO\%XLOGLQJ
9Y 9LFHRUYLFH 9$% 9LJLODQ]D$QWLQFHQGL%RVFKLYL,WDO\
9 9LFWRULD9LFWRULDQ 9$% 9RLFH$QVZHU%DFN
Y YLOODJHYLUWXDO 9$%0 9DOXH$GGHG%\0DQXIDFWXUHU
9 9LUXV %XVLQHVV&RPPHUFH
&RPSXWHU3URJUDPPLQJ9LURORJ\ 9$& $OWHUQDWLQJ&XUUHQW9ROWV
Y YLVFRXQWYLVLRQ YDF DEEUYDFDQF\
9 YRFDWLYH 0DWHULDOV6FLHQFH6ROLG6WDWH3K\VLFV
9Y YROW YDF DEEUYDFDQW
3K\VLFV YDF DEEUYDFDWLRQ
YY YROWDJH 7KHYDFDWLRQSHULRGRIODZFRXUWVLQ,WDO\LVFDOOHG
YROWDJHLVWKHSRWHQWLDOGLIIHUHQFHRUHOHFWURPRWLYH SHULRGRIHULDOHIHULHPHDQLQJYDFDWLRQ
IRUFHPHDVXUHGLQYROWV 8VXDOO\LWLVGXULQJWKHPRQWKRI$XJXVW
(OHFWULFLW\ /DZ
YY YROXPH 9DF DEEUYDFXXP
$FRXVWLFDO(QJLQHHULQJ$FRXVWLFV&RPSXWHU 3K\VLFV4XDQWXP0HFKDQLFV
(OHFWURQLFV 0HGLFLQH0ROHFXODU%LRORJ\3KDUPDFHXWLFDOV
9'+ 9DOYXODU'LVHDVHRIWKH+HDUW 9DVFXORJHQHVLV
9'0$ *HUPDQ0DFKLQHDQG3ODQW%XLOGLQJ 9(, 9ROFDQLF([SORVLYLW\,QGH[
$VVRFLDWLRQ YHO DEEUYHORFLW\
9'0V 9LUWXDO'LSROH0RPHQWV 9(06 9ROXPH([SLUDWRLUH0D[LPDOH6HFRQGH
9'3 9LGHR'LVSOD\3URFHVVRU )UHQFKDFURQ\PPHDQLQJ7LPHG9LWDO&DSDFLW\
9'3 YROXQWDU\GHSDUWXUHSODQ )RUFHG([SLUDWRU\9ROXPHIRUWKHILUVWVHFRQG
SODQGHGpSDUWYRORQWDLUH 0HGLFLQH
9'36 9RLFH'DWD3URFHVVLQJ6\VWHP 9HQ DEEU9HQHUDELOH
9'5 9HQHUHDO'LVHDVH5HVHDUFK ,WDOLDQDEEUHYLDWLRQPHDQLQJ9HQHUDEOH
9'5 9ROWDJH'HSHQGHQW5HVLVWRU 9HQ DEEU9HQHWLDQ
9'5/ 9HQHUHDO'LVHDVH5HVHDUFK/DERUDWRU\ 9(17(; DEEU9(1WLQJ(;SHULPHQW
9'6 9DULDEOH'HSWK6RQDU 9(3 9LVXDO(YRNHG3RWHQWLDO
(QJLQHHULQJ 9(5 YHQWHIIHFWLIGHUHWRPEpH
9'6 9RLFH'DWD6\VWHP HIIHFWLYHGRZQZLQG(':
7HOHFRPPXQLFDWLRQV YHU YHUVDPHQWR
9'7 9DULDEOH'HSWK7UDQVGXFHU ,WDOLDQDEEUHYLDWLRQPHDQLQJSD\PHQW
9'7 9LGHR'LVSOD\7HUPLQDO 9(5 9ROXPH([SLUDWRLUHGH5pVHUYH
9'8 9LVXDO'LVSOD\8QLW 0HGLFLQH
9':( PHWKRG 9DQ'HU:DDOV(SLWD[\PHWKRG )RUIXUWKHUGHWDLOVVHHXQGHU95(
1DPHGIRUWKH'XWFKSK\VLFLVW-RKDQQHV9DQ GHU 9(5 9ROXQWDU\([SRUW5HVWUDLQW
:DDOV 9(5$V 9(JHWDEOHRLOEDVHG5HOHDVH$JHQWV
&KHPLFDO(QJLQHHULQJ(OHFWULFDODQG&RPSXWHU +HDOWKDQG6DIHW\+D]DUGV
(QJLQHHULQJ0DWHULDOV6FLHQFH1XFOHDU 9HULWH 9LUWXDOHQYLURQPHQWIRUUHJLRQDOLQQRYDWLRQ
(QJLQHHULQJ WHFKQRORJLHV
9( 9DOXH(QJLQHHULQJ 9HULWHZLOOEHGHYHORSHGE\8UHQLRDQGZLOORIIHU
9( 9HQH]LD,WDO\ LQIRUPDWLRQWHFKQRORJ\WRROVIRULQQRYDWLRQ
9( 9HQH]XHOD LPSURYLQJWKHSHUIRUPDQFHRIUHJLRQDOERGLHVE\
9( YHQWLODWRLUHH[SLUpGpELW JLYLQJWKHPDFFHVVWRGLJLWDOH[SHUWVRILQQRYDWLRQ
0HGLFLQH PDQDJHPHQWWHFKQLTXHV
9( 9LWHOOLQH(QYHORSH (XURSHDQ&RPPLVVLRQ
0ROHFXODU%LRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU8UHQLR
9H 9ROWHOHWWURQH YHUW DEEUYHUWHEUDWH
,WDOLDQDEEUHYLDWLRQPHDQLQJ(OHFWURQ9ROW 9HUWHEUDWH=RRORJ\
(OHFWURQYROW YHUW DEEUYHUWLFDO
3K\VLFV *HRGHV\6FLHQFH
9( YROXPHH[SLUp 9(57,& 9(5LILFDWLRQ7HFKQRORJ\,QIRUPDWLRQ
0HGLFLQH &HQWHU
9( 9RUWH[(GJH 9(57,&$/ 9(5WLFDOFDYLW\ODVHU7HFKQRORJ\IRU
9( 9RVWUD(FFHOOHQ]D ,QWHUFRQQHFWLRQDQG$FFHVV/LQNV
,WDOLDQLQLWLDOLVPPHDQLQJ<RXU([FHOOHQF\ (XURSHDQ&RPPXQLW\3URMHFWV
9(% 9LUDO(SLGHPLRORJ\%UDQFK 9(575(3 YHUWLFDOUHSOHQLVKPHQW
9(&7$& YHFWRUHGDWWDFN UDYLWDLOOHPHQWYHUWLFDO
DDWWDTXHWpOpJXLGpHDWWDTXHVXUYHFWHXU 9(6 9HORFLWjGL(ULWURVHGLPHQWD]LRQH
EDWWDTXHJXLGpH 3DWKRORJ\
9(' YLVFRpODVWRG\QDPLTXH 9(6$ 9LGHR(OHFWURQLFV6WDQGDUGV$VVRFLDWLRQ
9(( 9HQH]XHODQ(TXLQH(QFHSKDORP\HOLWLV 9(6$ LVDQRUJDQL]DWLRQFRPSULVLQJJUDSKLF
9(*) 9DVFXODU(QGRWKHOLDO*URZWK)DFWRU $GDSWHU0DQXIDFWXUHUV DQGPRQLWRUPDNHUV
9(*)LVDQDQJLRJHQLFSURWHLQDOVRFDOOHG 9HVF DEEU9HVFRYR
9DVFXODU3HUPHDELOLW\)DFWRU ,WDOLDQDEEUHYLDWLRQPHDQLQJ%LVKRS
$QJLRJHQHVLV$QWLDQJLRJHQHVLV'UXJV 9HW DEEU9HWHUDQ
%LRFKHPLVWU\%LRSK\VLFV&DQFHU5HVHDUFK&HOO YHW DEEUYHWHULQDULD
%LRORJ\+RUPRQH5HVHDUFK,PPXQRORJ\ ,WDOLDQDEEUHYLDWLRQPHDQLQJYHWHULQDU\VFLHQFH
(XURSHDQ&RPPXQLW\3URMHFW 93 LVDOVRNQRZQDV9DSRU7HQVLRQ
9R,3 WHFKQRORJ\ 9RLFHRYHU,QWHUQHW3URWRFROWHFK 0HWHRURORJ\
QRORJ\ 93 9DULDEOH3LWFK
%XVLQHVV&RPPXQLFDWLRQV 93 9DULDEOH3RLQW
92,5 9HQXV2UELWHU,PDJLQJ5DGDU &RPSXWHU3URJUDPPLQJ
92,V 9ROXPHV2I,QWHUHVW 93 9HQRXV3UHVVXUH
&OLQLFDO3V\FKRORJ\0HGLFLQH1HXURVFLHQFHRI 0HGLFLQH
$XWLVP5DGLRORJ\ 93 9HQW3LSH
YRO DEEUYROFDQR 0HFKDQLFDO'HYLFHV
YRO DEEUYROXPH 93 9LFH3UHVLGHQW
$FRXVWLFDO(QJLQHHULQJ$FRXVWLFV&RPSXWHU $OVR93
7HFKQRORJ\0DWKHPDWLFV7UDQVSRUWDWLRQ 93 9LUWXDO3URFHVV
(QJLQHHULQJ 4XDQWXP0HFKDQLFV
YRO DEEUYROXPH 93 EUDQFK 9HULILFDWLRQ3URJUDPEUDQFK
,WDOLDQDEEUHYLDWLRQPHDQLQJYROXPH 2IWKH86)RUHFDVW6\VWHPV/DERUDWRU\
YRO DEEUYROXQWDU\ 93& 9HQWH3DU&RUUHVSRQGDQFH
9RO DEEU9ROXQWHHU )UHQFKLQLWLDOLVPPHDQLQJ0DLO2UGHU6HOOLQJ
YROF DEEUYROFDQLFYROFDQR 93) 9DVFXODU3HUPHDELOLW\)DFWRU
YROO DEEUYROXPL )RUIXUWKHUGHWDLOVVHHXQGHU9(*) 9DVFXODU
,WDOLDQDEEUHYLDWLRQPHDQLQJYROXPHV (QGRWKHOLDO*URZWK)DFWRU
920YRP 9ROW2KP0HWHU 93J 3ROLRYLUXVYLULRQSURWHLQ*HQRPHOLQNHG
923923 9DOXHGDVLQ2ULJLQDO3ROLF\ 9LURORJ\
,QVXUDQFH 93, 9DSRU3KDVH,QKLELWRU
923 9DOXH2I3URGXFW 93, 9LEULR 3DWKRJHQLFLW\,VODQG
%XVLQHVV&RPPHUFH)LQDQFH *HQRPLFV,PPXQRORJ\0LFURELRORJ\
925UDQJH 9HU\KLJKIUHTXHQF\2PQLGLUHFWLRQDO 93, 9LUJLQLD3RO\WHFKQLF,QVWLWXWH86$
5DGLRUDQJH 93,QXFOHXV 9HQWUDO3RVWHULRU,QIHULRUQXFOHXV
1DYLJDWLRQ 1HXURVFLHQFH1HXURSK\VLRORJ\
9257(; 9HULILFDWLRQRIWKH2ULJLQVRI5RWDWLRQ 93/ QXFOHXV 9HQWUDO3RVWHULRU/DWHUDOQXFOHXV
LQ7RUQDGRHV(;SHULPHQW 1HXURVFLHQFH1HXURSK\VLRORJ\
$QDO\VLVDQG3UHGLFWLRQRI6WRUPV0HVRVFDOH 930 QXFOHXV 9HQWUDO3RVWHULRU0HGLDOQXFOHXV
0HWHRURORJLFDO6WXGLHV0HWHRURORJ\ %LRPHGLFDO7HFKQRORJLHV'HYHORSPHQWDO
926 9DOXH2I6WRFN 1HXURVFLHQFH3K\VLRORJ\
%XVLQHVV&RPPHUFH)LQDQFH 931 9SQ 9LUWXDO3ULYDWH1HWZRUN
926 9HUWLFDO2EVWDFOH6RQDU 931V 9LUWXDO3ULYDWH1HWZRUNV
(QJLQHHULQJ 933 9DOXH3D\DEOHE\3RVW
926 9HVVHO2I2SSRUWXQLW\ 933 9DULDEOH3LWFK3URSHOOHU
926 9ROXQWDU\2EVHUYLQJ6KLS 0HFKDQLFDO(QJLQHHULQJ
926)$ 9HJHWDEOH2LOVZLWK6SHFLILF)DWW\$FLGV 933 9HVWHG3HQVLRQ3ODQ
(XURSHDQ&RPPXQLW\3URMHFW 933 9LUXV3QHXPRQLDRI3LJV
9262 9DQDG\O6XOIDWH 935 9LGHR3ODQNWRQ5HFRUGHU
9262DOVRNQRZQDV9DQDGLXP6XOIDWH 7KHYLGHRSODQNWRQUHFRUGHULVDQLQVWUXPHQW
9DQDGLF6XOIDWHLVXVHGPDLQO\DVDFRORUDQWDQG GHYHORSHGLQE\ELRORJLVWVDWWKH86
FDWDO\VW :+2,
,QRUJDQLF&KHPLVWU\ %LRORJ\2FHDQRJUDSK\
YRX DEEUYRXFKHU )RUIXUWKHUGHWDLOVVHHXQGHU:+2,
92; 9RLFHDFWLYDWHG 935& 9ROXPHRI3DFNHG5HG&HOOV
(OHFWURQLFV 935 9LUWXDO3ODQSRVLWLRQLQGLFDWRU5HIOHFWRVFRSH
93 9DJOLD3RVWDOH 1DYLJDWLRQ
,WDOLDQLQLWLDOLVPPHDQLQJSRVWDOPRQH\RUGHU 937 9HQWH3DU7pOpSKRQH
93 9DORUH3ODWHDOH )UHQFKLQLWLDOLVPPHDQLQJ7HOHSKRQHVHOOLQJWHOH
,WDOLDQLQLWLDOLVPPHDQLQJ$SSDUHQW9DOXH VDOHV
93 9DSRU3UHVVXUH 937 9ROXPH3ODVPDWLTXH7RWDO
96(LVRQHRIWKH(QHUJ\'LVWULEXWLRQ&RPSDQLHV 97 9RWLQJ7UXVW
LQWKH6ORYDN5HSXEOLFUHVSRQVLEOHIRU(DVW 97$ 9DULDEOH7UDQVIHU$GGUHVV
6ORYDNLD 97$ 9HQWUDO7HJPHQWDO$UHDRIWKHUDWEUDLQ
96* 9DULDQW6XUIDFH*O\FRSURWHLQ %DVLF1HXURVFLHQFH'UXJ$GGLFWLRQ/HDUQLQJ
%LRFKHPLVWU\ DQG0HPRU\1HXURELRORJ\3V\FKLDWU\
96* 9LWHVVHGH6pGLPHQWDWLRQ*OREXODLUH 97$0 9LUWXDO7HOHFRPPXQLFDWLRQV$FFHVV
)UHQFKLQLWLDOLVPPHDQLQJ6HGLPHQWDWLRQ5DWH 0HWKRG
6HG5DWH 97& 9ROXQWHHU7UDLQLQJ&RUSV
0HGLFLQH 97& 9RWLQJ7UXVW&HUWLILFDWH
96*PRGHO 9LVFRXV6HPL*HRVWURSKLFPRGHO %XVLQHVV)LQDQFH
96+25$' YHU\VKRUWUDQJHDLUGHIHQFH 97( 9HUWLFDO7XEH(YDSRUDWRU
GpIHQVHVRODLUjWUqVFRXUWHSRUWpH6$7&3 YWJ DEEUYRWLQJ
96+25$'6 YHU\VKRUWUDQJHDLUGHIHQFHV\VWHP 6WRFN
V\VWqPHG·DUPHGHGpIHQVHVRODLUjWUqVFRXUWH 97+ YLVXDOLVDWLRQWrWHKDXWH
SRUWpHV\VWqPH6$7&3 KHDGXSGLVSOD\+8'
960 9DVFXODU6PRRWK0XVFOH 972 9HUWLFDO7DNH2II
960LQVWUXPHQW 9ROFDQLF6\VWHP0RQLWRULQVWUX 972& 9ROXPH7DEOH2I&RQWHQWV
PHQW 972/ 9HUWLFDO7DNHRIIDQG/DQGLQJ
*HRSK\VLFV6HLVPLFLW\8QGHUVHD5HVHDUFK $YLDWLRQ
960&V 9DVFXODU6PRRWK0XVFOH&HOOV 9735 9HUWLFDO7HPSHUDWXUH3URILOH5DGLRPHWHU
961/ 9LGHVK6DQFKDU1LJDP/LPLWHG,QGLD 975 9LGHRWDSH5HFRUGHU5HFRUGLQJ
,QWHUQDWLRQDO7HOHFRP6HUYLFHV 976WHFKQRORJ\ 9HVVHO7UDIILF6HUYLFHV
962 9HU\6XSHULRU2OG 7HFKQRORJ\
UHIHUULQJWR%UDQG\HWF 0DULWLPH7UDIILF0DQDJHPHQW
9623 9HU\6XSHULRU2OG3DOH 978$9 SURJUDP 9HUWLFDO7DNHRIIDQGODQGLQJ
9623 9/%,6SDFH2EVHUYDWRU\3URJUDP 8QPDQQHG$HULDO9HKLFOHSURJUDP
7KH9623 LVDWHOHVFRSHQHWZRUN 9790 9DFXXP7XEH9ROWPHWHU
$FWLYH*DOD[LHV$VWURSK\VLFV5DGLR$VWURQRP\ 9790LVDOVRNQRZQDV7XEH9ROWPHWHU
6XSHUQRYDH (QJLQHHULQJ
)RUIXUWKHUGHWDLOVVHHXQGHU9/%, 98 9LJLOH8UEDQR
963' 9HVLFOH6XUIDFH3URWHLQ' ,WDOLDQLQLWLDOLVPPHDQLQJ7UDIILF3ROLFHPDQ
&HOO%LRORJ\0HGLFLQH 98 YLWHVVHXQLIRUPH
9672/ 9HUWLFDO6KRUW7DNHRIIDQG/DQGLQJ 98 9RLFH8QLW
969 9HVLFXODU6WRPDWLWLV9LUXV 98 9ROXPH8QLW
9LURORJ\ $FRXVWLFDO(QJLQHHULQJ
969* 9HVLFXODU6WRPDWLWLV9LUXV*SURWHLQ 98 9ULMH8QLYHUVLWHLW$PVWHUGDP7KH
0HGLFLQH 1HWKHUODQGV
97 9DFXXP7XEH YXOJ DEEUYXOJDUYXOJDUO\
(OHFWURQLFV 983 9LYHQGL8QLYHUVDO3XEOLVKLQJ
97 9DOHXUj7HUPH 989 FRQWLQXXPUDGLDWLRQ 9DFXXP8OWUDYLROHW
97 9DULDEOH7LPH FRQWLQXXPUDGLDWLRQ
97 9DWLFDQ&LW\ $VWURQRP\3K\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHU9 DQG9DW 99 9DFFLQLD9LUXV
97 9HFFKLR7HVWDPHQWR YY YHLQV
,WDOLDQLQLWLDOLVPPHDQLQJ2OG7HVWDPHQW 99 9LER9DOHQWLD,WDO\
97 9W DEEU9HUPRQW86$ YY YLFHYHUVDYROXPHV
97 9HUWLFDO7DEXODWLRQ YY YROXPHSHUYROXPH
&RPSXWHU3URJUDPPLQJ 0HGLFLQH
97 9LGHR7HUPLQDO9LUWXDO7HUPLQDO 99623 9HU\9HU\6XSHULRU2OG3DOH
97 9LWHUER,WDO\ 9988 9LJLOL8UEDQL
97 9RLFH7XEH ,WDOLDQLQLWLDOLVPPHDQLQJ7UDIILF3ROLFH
97 9ROXPHFRXUDQW7RWDO 9: 9HVVHO:DOO
0HGLFLQH 9: 9RONVZDJHQ*HUPDQ\
90LV(XURSH·VELJJHVWFDUPDNHU
Y:' YRQ:LOOHEUDQG'LVHDVH
Y:'DOVRNQRZQDV3VHXGRKHPRSKLOLDLVDEOHHG
LQJGLVRUGHUFKDUDFWHUL]HGE\LQFUHDVHGELQGLQJRI
PXWDQWY:)WR*S,E_
%LRFKHPLVWU\%LRPHGLFLQH+HPDWRORJ\
0HGLFLQH0ROHFXODU%LRSK\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHUY:) DQG*S,E_
Y:) YRQ:LOOHEUDQG)DFWRU
%LRFKHPLVWU\%LRPHGLFLQH+HPDWRORJ\
0HGLFLQH0ROHFXODU%LRSK\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHUY:'
Y[ YLGHRWH[
YLGHRWH[LVDOVRNQRZQDVYLGHRWH[WYLHZGDWD
7HOHFRPPXQLFDWLRQV
9;0/9R[PO 9RLFHH;WHQVLEOH0DUNXS
/DQJXDJH
$ VWDQGDUG9;0/ IRUXVLQJWKHKXPDQYRLFHWR
EURZVHWKHQHW
9<9 9HLQ<HOORZ9LUXV
2IWKHSHRQWUHH
9= 9HQWULFXODU=RQH
%UDLQ'HYHORSPHQW0HGLFLQH1HXURELRORJ\
9=,* 9DULFHOOD=RVWHU,PPXQH*OREXOLQ
9=9 9DULFHOOD=RVWHU9LUXV
9=9 LVDOVRNQRZQDV&KLFNHQSR[9LUXV
9LURORJ\
9=9 )RXQGDWLRQ 9DULFHOOD=RVWHU9LUXV)RXQGDWLRQ
86$
)HOORZVKLSV*UDQWV
:$& :RUOG$HURQDXWLFDO&KDUW
: :$&$ :RUOG$VVRFLDWLRQRI&HQWHU$VVRFLDWHV
)RXQGHGLQWRPRELOL]HLQWHUHVWHGLQGLYLGXDOV
QRWLQWKHOHJDOSURIHVVLRQWRSURPRWHWKHREMHFWV
: 7XQJVWHQ RIWKH:-$
7XQJVWHQLVDOVRNQRZQDV:ROIUDP )RUIXUWKHUGHWDLOVVHHXQGHU:-$ :RUOG-XULVW
&KHPLVWU\ $VVRFLDWLRQ
:Z ZDJHV :$&&& :RUOGZLGH$LU&DUJR&RPPRGLW\
: ZDWHUZHHNZLWKZLGHZLIHZRUNZURQJ &ODVVLILFDWLRQ
: :DNHIXOQHVV :$&+ :HVW$IULFDQ&OHDULQJ+RXVH
%LRPHGLFLQH3V\FKLDWU\ :$&. :DLW$FNQRZOHGJH
Z ZDLW $OVR:$.
&RPSXWHU6FLHQFH :$&/ :RUFHVWHU$UHD&RRSHUDWLRQ/LEUDULHV
: :DLW7LPH :$&/,0 'DWD 6HUYLFH :HVW$IULFD&/,0DWH'DWD
)RUIXUWKHUGHWDLOVVHHXQGHU:7 :DLWLQJ7LPH 6HUYLFH
: :DOHV :$&6 ZDUWLPHDLUFRXULHUVHUYLFHV
:Z ZDWW VHUYLFHVGHFRXUULHUDpULHQGXWHPSVGHJXHUUH
:DWWLVDXQLWRISRZHUHTXDOWRRQHMRXOHSHUVHF :$':DG :HE$LGHG'HVLJQ
RQG :$'% :HVW$IULFDQ'HYHORSPHQW%DQN
3K\VLFV :$'6 ZHDSRQVDFFHVVGHOD\V\VWHP>:6@
: :HGQHVGD\:HOVK:HVW:HVWHUQ V\VWqPHGHUHVWULFWLRQG·DFFqVDX[DUPHV>:6@
Z ZHLJKW :$'6 :LGH$UHD'DWD6HUYLFH
$OVRZJWZW 7HOHFRPPXQLFDWLRQV
(QJLQHHULQJ0HFKDQLFV0HWURORJ\6WDWLVWLFV :$( :HVW$IULFDQ(QJOLVK
Z ZLGWK /DQJXDJHV
$OVRZGW :$(& :DU$JULFXOWXUDO([HFXWLYH&RPPLWWHH
6FLHQFH7HOHFRPPXQLFDWLRQV :$(6 :RUNVKRSRQ$OWHUQDWLYH(QHUJ\6WUDWHJLHV
Z ZRUG :$) :RUOG$,'6)RXQGDWLRQ86$
/LQJXLVWLFV 2QHRIWKHWHUPVWKDWPDNHXSDODQ :$)& :RUOG$UHD)RUHFDVW&HQWHU
JXDJHGLFWLRQDU\ :$)6 :RPHQ
V$X[LOLDU\)LUH6HUYLFH
&RPSXWHU3URJUDPPLQJ ,QFRPSXWHUSURJUDP :$* *DPELD·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQ
PLQJZRUGLVDOVRNQRZQDVFRPSXWHUZRUG OHWWHUV
PDFKLQHZRUG :$* :DVKLQJWRQ$GYLVRU\*URXS
Z ZULWH :$ +,9 &RKRUW6WXG\ :HVWHUQ$XVWUDOLDQ+,9
$OVRZUW &RKRUW6WXG\
:$ 1DPLELD (VWDEOLVKHGLQ
:$ DEEU:DVKLQJWRQ86$ %LRFKHPLFDO*HQHWLFV&OLQLFDO,PPXQRORJ\
$OVR::DVK :$,5VWUDWHJ\ :LQJ$VVLVWHG,QFOLQH5XQQLQJ
:$ :HLJKWHG$YHUDJH VWUDWHJ\
6WDWLVWLFV $YLDQIOLJKW(YROXWLRQRIIOLJKW(YROXWLRQDU\
:$ :HVW$IULFD %LRORJ\/RFRPRWRU3HUIRUPDQFH
:$ :HVWHUQ$WODQWLF :$,6 :HFKVOHU$GXOW,QWHOOLJHQFH6FDOH
:$ :HVWHUQ$XVWUDOLD 7KH:HFKVOHU$GXOW,QWHOOLJHQFH6FDOHLVDQLQWHOOL
:$ :LOOLDPV$FW JHQFHWHVWIRUDGXOWV
)HGHUDO/HJLVODWLRQ86$ 3V\FKRORJ\
/DZ )RUIXUWKHUGHWDLOVVHHXQGHU:,6&
:$ :LWK$YHUDJH :$,6 :HVW$QWDUFWLF,FH6KHHW
:$$ :RUOG$OXPLQXP$EVWUDFWV *HRORJ\*HRSK\VLFV*ODFLRORJ\0DULQH
:$$& :RPHQ
V$UP\$X[LOLDU\&RUSV 6XEJODFLDO6HGLPHQWDWLRQ3ODQHWDU\6FLHQFHV
:$$) :RPHQ
V$X[LOLDU\$LU)RUFH 3RODU5HVHDUFK
:$% :KHQ$XWKRUL]HG%\ :$,6 :LGH$UHD,QIRUPDWLRQ6HUYHU
:$& ZHDWKHUDQDO\VLVFHQWUH 6XSHUFRPSXWLQJ$SSOLFDWLRQV/LEUDU\DQG
FHQWUHG·DQDO\VHPpWpRURORJLTXH ,QIRUPDWLRQ6FLHQFH
)RUWKHILJKWDJDLQVWKXQJHU FRPSULVHV(QJOLVK)ULVLDQ)OHPLVK'XWFK3ODWW
:)3& :LGH)LHOG3ODQHWDU\&DPHUD GHXWVFK<LGGLVKDQG*HUPDQ
,QGHFHPEHUWKH:)3&SURGXFHGDQLPDJH /DQJXDJHV
RIWKHIDLQWHVWJDOD[LHVHYHUVHHQ :*06 :RUNLQJ*URXSRQ0DULQH6HGLPHQWV
$VWURQRP\*DOD[\)RUPDWLRQ3ODQHW 2IWKH,QWHUQDWLRQDO&RXQFLOIRUWKH([SORUDWLRQRI
2EVHUYDWLRQV6N\6XUYH\V6SDFH6FLHQFH WKH6HD
:)4 :HLJKWHG)DLU4XHXLQJ :*17( :RUNLQJ*URXSRI1DWLRQDO7HFKQLFDO
:)5(& :HVW)ORULGD5HVHDUFKDQG(GXFDWLRQ ([SHUWV
&HQWHU86$ *URXSHGHWUDYDLOGHVH[SHUWVWHFKQLTXHV
:)6 :DWHU)RRG6DWLHWHG QDWLRQDX[
:)6 :RUN)DFWRU6\VWHP :*V :RUNLQJ*URXSV
:)6 :RUOG)UDQFKLVH6ROXWLRQV86$ :*6 ZRUOGJHRGHWLFV\VWHP
:)6$ :RUOG)HGHUDWLRQRI6RFLHWLHVRI V\VWqPHJpRGpVLTXHPRQGLDO
$QDHVWKHVLRORJLVWV :*6$7 :RUNLQJ*URXSRQ6$7HOOLWHV
)RXQGHGLQWRPDNHDYDLODEOHWKHKLJKHVW 2IWKH81:02
VWDQGDUGVRIDQDHVWKHVLDWRDOOSHRSOHRIWKHZRUOG )RUIXUWKHUGHWDLOVVHHXQGHU:02
:) V\VWHP :RUN)DFWRUV\VWHP :*6, :RUNLQJ*URXSRQ6HD,FH
:)7 :RPHQ
V)LQDQFH7UXVW6LHUUD/HRQH :*6VHTXHQFHV :KROH*HQRPH6KRWJXQ
%XVLQHVV)LQDQFH VHTXHQFHV
:)78:)78 :RUOG)HGHUDWLRQRI7UDGH &RPSXWDWLRQDO*HQRPLFV*HQHWLFV0HGLFLQH
8QLRQV ZJW DEEUZHLJKW
:)7= :RPHQ
V)LQDQFH7UXVWRI=DPELD $OVRZ
:I[ :RUNIROGHUIRU0LFURVRIW([FKDQJH (QJLQHHULQJ0HFKDQLFV0HWURORJ\6WDWLVWLFV
:)= ZHDSRQVIUHH]RQH :*=EDQN :HVWGHXWVFKH*HQRVVHQVFKDIWV
]RQHGHWLUOLEUH=7/ =HQWUDOEDQN*HUPDQ\
:* *UDQDGD·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW :+ ZDUKHDG
WHUV FKDUJHPLOLWDLUH
:* :DWHU*DXJH :+ZK :DWWKRXU
$OVRZJ ZJ )RUIXUWKHUGHWDLOVVHHXQGHUZKU
(QJLQHHULQJ ZK ZKLFKZKLWH
ZJ ZHLJKWJXDUDQWHHG :+$ :RUOG+HDOWK$VVHPEO\*HQHYD
:* :HOVK*XUUHOV :KI DEEUZKDUI
:* :HVWPLQVWHU*D]HWWH $OVRZK
ZJ DEEUZLQJ :++/ UDEELW :DWDQDEH+HULWDEOH+\SHUOLSLGHPLF
:* ZJ :LUH*DXJH:LUH*DJH UDEELW
'HVLJQ(QJLQHHULQJ(QJLQHHULQJ 'LVFRYHU\&KHPLVWU\)DPLOLDO
:* ZRUNLQJJURXS +\SHUFKROHVWHUROHPLD0HWDEROLF'LVHDVHV
JURXSHGHWUDYDLO*7 3KDUPDFHXWLFDO5HVHDUFK3KDUPDFRNLQHWLFV
:*$ :KHDW*HUP$JJOXWLQLQ :+, :RPHQ
V+HDOWK,QLWLDWLYH
&HOO%LRORJ\'HYHORSPHQWDO%LRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU+57 DQG
:* DFWLYLW\ :LQJOHVVDFWLYLW\ :,6'20
*HQHWLFV0HGLFLQH0ROHFXODU%LRORJ\ :+,0 :RUOG+XPRUDQG,URQ\0HPEHUVKLS
:*$+53 :KHDW*HUP$JJOXWLQLQFRQMXJDWHGWR $UL]RQD6WDWH8QLYHUVLW\86$
+RUVHUDGLVK3HUR[LGDVH :+,06< :RUOG+XPRUDQG,URQ\0HPEHUVKLS
%LGLUHFWLRQDO7UDFHUV1HXURVFLHQFH 6HULDO<HDUERRN
:*$0 :RUNLQJ*URXSRQ$QWDUFWLF0HWHRURORJ\ $UL]RQD6WDWH8QLYHUVLW\86$
2IWKH81:02 ZKO DEEUZKHHO
)RUIXUWKHUGHWDLOVVHHXQGHU:02 0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ
:*&&' :RUNLQJ*URXSRQ&OLPDWH&KDQJH ZKP ZDWWKRXUPHWHU
'HWHFWLRQ (OHFWULFDO(QJLQHHULQJ
:*' :RUNLQJ*URXSRQ'DWD :+15& :HVWHUQ+XPDQ1XWULWLRQ5HVHDUFK
:*PF :HVW*HUPDQLF &HQWHU
:HVW*HUPDQLFLVDVXEEUDQFKRI*HUPDQLF,W
;GLV H[GLVWULEXWLRQ
; ;GLVHDVH 7KH;GLVHDVHLVDYLUXVGLVHDVH
[GU DEEUWUDQVGXFHU
$OVR[GXFHU
[ &KHPLFDOV\PEROIRUPROHIUDFWLRQ $FRXVWLFDO(QJLQHHULQJ(QJLQHHULQJ5RERWLFV
; &KULVWFURVV ;'VO ;'LJLWDOVXEVFULEHUOLQH
; H[FOXGHGH[WUD ;H 7KHFKHPLFDOV\PEROIRU;HQRQ
[ H[FOXGHGH[FOXGLQJ ;HQRQLVDQHOHPHQWRIWKHQREOHJDVJURXSKDYLQJ
[ DEEUH[SHULPHQW WKHDWRPLFQXPEHUDQGDQDWRPLFZHLJKWRI
6FLHQFH6WDWLVWLFV ,WLVXVHGPDLQO\LQOXPLQHVFHQWWXEHVDQG
[ DEEUH[SUHVV ODVHUV
; +RDUIURVW%HDXIRUWOHWWHU &KHPLVWU\
0HWHRURORJ\ [HF DEEUH[HFXWH
; 6LHJEDKQ ;(& ([WHQGHG(PXODWRU&RQWURO
)RUIXUWKHUGHWDLOVVHHXQGHU;8 ;('$5 ;OLQNHG(FWRG\VSODVLQ$5HFHSWRU
; ;HQRQ 0ROHFXODU2QFRORJ\3URWHLQ(QJLQHHULQJ
&KHPLVWU\ [HT DEEUH[HFXWH
;$ $X[LOLDU\$PSOLILHU ;) ([WUD)LQH
;$ &URVV$VVHPEOHU ;)& ([WHQGHG)XQFWLRQ&RGH
[D H[FOXGLQJDOOEHQHILWV ;)& ;HQRSXV )LEUREODVW&HOOV
%XVLQHVV)LQDQFH &HOO%LRORJ\
;$0 ([WHUQDO$GGUHVV0RGLILHU ;)(/ ;UD\)UHH(OHFWURQ/DVHU
;$1(6 ;UD\$EVRUSWLRQ1HDU(GJH6WUXFWXUH $Q;)(/ LVDNLORPHWHURUPRUHORQJOLQHDU
;$6 ;UD\$EVRUSWLRQ6SHFWURVFRS\ SDUWLFOHDFFHOHUDWRUWKDWSURGXFHVDEHDPRIHOHF
;$60 DEEU&URVV$VVHPEOHU WURQV
[E H[ERQXV 3K\VLFV
UHIHUULQJWRVKDUHV ;)(/V ;UD\)UHH(OHFWURQ/DVHUV
%XVLQHVV)LQDQFH )RUIXUWKHUGHWDLOVVHHXQGHU;)(/
;%& ([WHUQDO%ORFN&RQWUROOHU [IHU DEEUWUDQVIHU
;%0 ([WHQGHG%DVLF0RGH [IPU WUDQVIRUPHU
;%7 ([SHQGDEOH%DWK\WKHUPRJUDSK (OHFWULFLW\
;& H[FOXGLQJFDSLWDOL]DWLRQH[FDSLWDOL]DWLRQ [J DEEUFURVVLQJ
;& H[FRXSRQ ;* ;\ORJOXFDQ
%XVLQHVV)LQDQFH [JH DEEUH[FKDQJH
;FK H[FKDQJH &RPSXWHU3URJUDPPLQJ4XDQWXP0HFKDQLFV
%XVLQHVV)LQDQFH 7HOHFRPPLWQLFDWLRQV
;&O H[FHVVFXUUHQWOLDELOLWLHV ;*) PLFH ([*HUP)UHHPLFH
;&/ ([FOHDULQJ+RXVH (FRORJ\0HGLFDO0LFURELDO(FRORJ\0HGLFLQH
%XVLQHVV)LQDQFH 0ROHFXODU%LRORJ\3KDUPDFRORJ\
;FRQQHFWLRQ &URVV&RQQHFWLRQ ;+9< DEEU([WUD+HDY\
;&3 ([&RXSRQ ;LF ;LQDFWLYDWLRQFHQWHU
%XVLQHVV(FRQRPLFV)LQDQFH &HOO%LRORJ\'HYHORSPHQWDO%LRORJ\+XPDQ
;&3 ([SHQGDEOH&XUUHQW3URILOHU *HQHWLFV0HGLFLQH
;&7'SUREH ([SHQGDEOH&RQGXFWLYLW\ ;,' ;/LQNHG,PPXQRGHILFLHQF\
7HPSHUDWXUH'HSWKSUREH ;, [LQ H[LQWHUHVW
[FYU DEEUWUDQVFHLYHU ;/ ([HFXWLRQ/DQJXDJH([WUD/DUJH
WUDQVFHLYHULVDOVRNQRZQDVWUDQVPLWWHUUHFHLYHU ;/ 7KHV\PEROIRULQGXFWLYHUHDFWDQFH
[G H[FOXGLQJ (OHFWULFLW\
[G H[GLVWULEXWLRQ ;/$ ;/LQNHG$JDPPDJOREXOLQHPLD
;' H['LYLGHQGH[FOXGLQJGLYLGHQG ;/&0 ;/LQNHG&DUGLRP\RSDWK\
$OVRH['LY *HQHWLFV+HDUW5HVHDUFK
%XVLQHVV)LQDQFH ;/)V ;UD\/XPLQRVLW\GLVWULEXWLRQ)XQFWLRQV
;'+ ;DQWKLQH'HK\GURJHQDVH $VWURQRP\$VWURSK\VLFV
[WOR FU\VWDORVFLOODWRU
5DGLR
;70 ;UD\7RPRJUDSKLF0LFURVFRSH
;UD\7RPRJUDSKLF6WXGLHV
[WPU DEEUWUDQVIRUPHU
(OHFWURPDJQHWLVP
;73 ([SHQGDEOH7HPSHUDWXUH3URILOHU
$SSOLHG2FHDQ3K\VLFV2FHDQRJUDSK\2FHDQ
(QJLQHHULQJ
;WUD DEEU([WUD
;WV&ROOHJH &KULVW
V&ROOHJHDW&DPEULGJH
;8 ;8QLW
;8QLWLVDOVRNQRZQDV;UD\XQLWVLHJEDKQ
3K\VLFV
[X )UDFWLRQDOFXUUHQF\XQLWRI9LHWQDP
&XUUHQFLHV
[YHUV DEEUWUDQVYHUVH
$QDWRP\&DUWRJUDSK\
[YWU DEEUWUDQVYHUWHU
;ZDU ([ZDUUDQWV
%XVLQHVV)LQDQFH
;ZDYH ([WUDRUGLQDU\:DYH
*HRSK\VLFV2SWLFV
;; 'RXEOH([FHOOHQW
;; ZLWKRXWVHFXULWLHVRUZDUUDQWV
%XVLQHVV)LQDQFH
;;< WULVRP\ .OLQHIHOWHU6\QGURPH
*HQHWLFV+XPDQ6\QGURPHV
;<$7 ;< $[LV7DEOH
;<3 ;< 3ORWWHU
<&& <RXWK&RQVHUYDWLRQ&RUSV
&KHPLVWU\+LJK0DJQHWLF)LHOG3K\VLFV
= =* =RRORJLFDO*DUGHQV
]KU ]HURKRXU
=, =HUR,PSDFW
= $WRPLF1XPEHU =, =LQ,QVWLWXWH
3K\VLFV =, =RQDO,QGH[
] KD]H%HDXIRUWOHWWHU 0HWHRURORJ\
0HWHRURORJ\ =, ]RQHG·LQWpUrW
= =DPELD DUHDRILQWHUHVW$2,
= =HQLWK'LVWDQFH =, =RQH,QGHUGLWH
)RUIXUWKHUGHWDLOVVHHXQGHU=' =, =RQH,QGXVWULHOOH
] ]HUR]RQH =, =RQHRIWKH,QWHULRU
=$06VWDUV =HUR$JH0DLQ6HTXHQFHVWDUV =,$ =RQHRI,QWHULRU$UPLHV
$VWURQRP\$VWURSK\VLFV =,) =HUR,QVHUWLRQ)RUFH
=DQJOH =HQLWKDQJOH 6HPLFRQGXFWRUV
$OVR=HQLWK'LVWDQFH =LQM DEEU=LQMDQWKURSXVERLVHO
=DQ] DEEU=DQ]LEDU $QWKURSRORJ\
=$3 =\PDUN$XWRPDWLRQ3ODQQHU =L WHVW =WHVWIRULQVWDQFHV
,QWHUDFWLYH6RIWZDUH3URJUDPV 6WDWLVWLFV
=$5 =RQHG·DFWLYLWpGHURXWLQH>GX&(&/$17@ =-6 =ULFK-XGLFLDO6\VWHP
&(&/$17 5RXWLQH$FWLYLW\$UHD&5$$ =.( =RQDO.LQHWLF(QHUJ\
=%% ]HUREDVHG%XGJHWLQJ 0HWHRURORJ\
=& =LRQLVW&RQJUHVV =/$ =DPELD/LEUDU\$VVRFLDWLRQ
=& =RRORJLFDO*DUGHQV =/$ =LPEDEZH/LEUDU\$VVRFLDWLRQ
=&* =HROLWH&U\VWDO*URZWK =0 =RQD0LOLWDUH=RQH0LOLWDLUH
=&K1 &KULVWLDQ1DWLRQDO8QLRQ3RODQG ,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ0LOLWDU\
=&35 =ULFK&LYLO3URFHGXUH5XOHV $UHD
=&78 =LPEDEZH&RQJUHVVRI7UDGH8QLRQV 0LOLWDU\
=' =HQLWK'LVWDQFH =0%+ =HQWUXPIU0ROHNXODUH%LRORJLH
='LVDOVRNQRZQDV=HQLWK$QJOH *HUPDQ\
$VWURQRP\ $W+HLOGHOEHUJ8QLYHUVLW\
=' =pUR'pIDXW =01+ =HQWUXPIU0ROHNXODUH1HXURELRORJLH
)UHQFKLQLWLDOLVPPHDQLQJ=HUR'HIHFW *HUPDQ\
=' =RQHGH'pIHQVH $W8QLYHUVLW\RI+DPEXUJ
)UHQFKLQLWLDOLVPPHDQLQJ'HIHQFH=RQH$UHD =Q 7KHFKHPLFDOV\PEROIRU=LQF
='$ ]RQHGHGpIHQVHDpULHQQH =LQFLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLFQXP
DDLUGHIHQFHDUHD$'$ EHUDQDWRPLFZHLJKWRIDQGDPHOWLQJ
EDLUGHIHQFH]RQH$'= SRLQWRI$&,WLVXVHGPDLQO\LQDQRGHVDOOR\V
=() &HQWHUIRU'HYHORSPHQW5HVHDUFK*HUPDQ\ DQGGU\FHOOV
=(// =HUR/HQJWK/DXQFK &KHPLVWU\6\PEROV
=(3 =HUR(PLVVLRQ3ODQW =Q$O2 *DKQLWH
7KHILUVWIRVVLOIXHOHG=(3 SLORWSODQWZLOOEHEXLOW *DKQLWHLVIRXQGPDLQO\LQFU\VWDOOLQHVFKLVWV
E\86'2(E\ 0LQHUDORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU'2( =Q%U =LQF%URPLGH
=(3V =HUR(PLVVLRQ3ODQWV =LQF%URPLGHLVXVHGPDLQO\LQSKRWRJUDSK\
)RUIXUWKHUGHWDLOVVHHXQGHU=(3 ,QRUJDQLF&KHPLVWU\
=(7$ =HUR(QHUJ\7KHUPRQXFOHDU$VVHPEO\ =Q&O =LQF&KORULGH
]HWD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ =Q&O LVXVHGPDLQO\LQPHGLFLQHDQGWH[WLOHV
XVLQJWKH,WDOLDQZRUG]HWDZKLFKLVWKHODVWOHW ,QRUJDQLF&KHPLVWU\
WHURIWKH,WDOLDQDOSKDEHW =Q&2 6PLWKVRQLWH
=) =HUR)UHTXHQF\ 6PLWKVRQLWHLVDOVRNQRZQDV6]DVNDLWH=LQF
3K\VLFV &DUERQDWH
=)& FXUYH =HUR)LHOG&RROHGFXUYH 0LQHUDORJ\
=8$ =RQHG·8VDJH$JULFROH
=83 =RQHj8UEDQLVHUSDU3ULRULWp)UDQFH
=Z =HVWHZKLWH
&HOO%LRORJ\'HYHORSPHQWDO%LRORJ\0HGLFLQH
0ROHFXODU%LRORJ\3KDUPDFRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU6JJ
=:)7 =LPEDEZH:RPHQ
V)LQDQFH7UXVW
%XVLQHVV)LQDQFH
==ODPHOODU PRUSKRORJ\ =LJ]DJODPHOODUPRUSKRO
RJ\
]]OLJKWQLQJ DEEU]LJ]DJOLJKWQLQJ
*HRSK\VLFV