/
Spotlighting the Most Trusted Diagnostic and Pathology Centers in India 2023 Spotlighting the Most Trusted Diagnostic and Pathology Centers in India 2023

Spotlighting the Most Trusted Diagnostic and Pathology Centers in India 2023 - PDF document

insightssuccess2
insightssuccess2 . @insightssuccess2
Follow
68 views
Uploaded On 2023-11-22

Spotlighting the Most Trusted Diagnostic and Pathology Centers in India 2023 - PPT Presentation

This edition features a handful of the Most Trusted Diagnostic and Pathology Centers in India that are leading us into a better future ID: 1034317

#BusinessMagazinecompany #BusinessMagazineIndia #TopBusinessMagazine #BusinessSolutionsMagazineinIndia #BusinessEMagazin

Share:

Link:

Embed:

Download Presentation from below link

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


Presentation Transcript

,ošZ}š}ŒJ ,}ÁD}Œv]Pv}ŸvWšZ}o}PÇvšŒŒZÀu‰]vPšZ/v]v,ošZŒ/vµšŒÇMsK�Wìô/^^hWìôîìîï ÆãâçßÜÚÛçÜáÚWKHÀâæçÇåèæçØ×'LDJQRVWLF3DWKRORJ\‡–‡”•‹ †‹ƒ šŒv/v][]PPšvšr‹µ]‰‰D]o�}Œš}ŒÇ dZvK‰Ÿuµud}u}ŒŒ}Á ZoovPvK‰‰}Œšµv]Ÿ(}Œ]Pv}ŸvWšZ}o}PÇ/vµšŒÇ]všZdZv}o}P]ooÇÀvŒZZZLQVLJKWVVXFFHVVLQ 3DWKRORJ\ÜæçÛØæçè×ìâÙÜáÝèåì¡ 3DWKRORJ\ÜæçÛØæçè×ìâÙÜáÝèåì¡ QGLDKDVZLWQHVVHGDUHPDUNDEOHWUDQVIRUPDWLRQLQLWVKHDOWKFDUHODQGVFDSHRYHUWKH\HDUVDQGDSLYRWDODVSHFWRIWKLVHYROXWLRQKDVEHHQWKHSUROLIHUDWLRQRIGLDJQRVWLFDQGSDWKRORJ\FHQWHUVDFURVVWKHFRXQWU\7KHVHFHQWHUVVHUYHDVWKHXQVXQJKHURHVRIWKHKHDOWKFDUHVHFWRUSOD\LQJDFULWLFDOUROHLQHDUO\GLVHDVHGHWHFWLRQSUHYHQWLRQDQGSDWLHQWFDUH,QWKLVZLQWHU¶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¿OLQJFDWHULQJWRWKHGLYHUVH Nq¡S~sSsG¹N/N/g¹Ns'Ø/ggM/SsG~F¹N/s¹S~s GLDJQRVWLFQHHGVRIDJURZLQJSRSXODWLRQ7KURXJKRXUH[SORUDWLRQRIWKHVHWUXVWHGGLDJQRVWLFDQGSDWKRORJ\FHQWHUVZHDLPWRSURYLGHLQVLJKWVLQWRWKHLUSLYRWDOUROHLQVKDSLQJWKHKHDOWKFDUHODQGVFDSHRIWKHQDWLRQ7KLV,QVLJKWV6XFFHVV¶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“«ãÊØ°ÜBÊ㗠QGLDKDVZLWQHVVHGDUHPDUNDEOHWUDQVIRUPDWLRQLQLWVKHDOWKFDUHODQGVFDSHRYHUWKH\HDUVDQGDSLYRWDODVSHFWRIWKLVHYROXWLRQKDVEHHQWKHSUROLIHUDWLRQRIGLDJQRVWLFDQGSDWKRORJ\FHQWHUVDFURVVWKHFRXQWU\7KHVHFHQWHUVVHUYHDVWKHXQVXQJKHURHVRIWKHKHDOWKFDUHVHFWRUSOD\LQJDFULWLFDOUROHLQHDUO\GLVHDVHGHWHFWLRQSUHYHQWLRQDQGSDWLHQWFDUH,QWKLVZLQWHU¶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¿OLQJFDWHULQJWRWKHGLYHUVH Nq¡S~sSsG¹N/N/g¹Ns'Ø/ggM/SsG~F¹N/s¹S~s GLDJQRVWLFQHHGVRIDJURZLQJSRSXODWLRQ7KURXJKRXUH[SORUDWLRQRIWKHVHWUXVWHGGLDJQRVWLFDQGSDWKRORJ\FHQWHUVZHDLPWRSURYLGHLQVLJKWVLQWRWKHLUSLYRWDOUROHLQVKDSLQJWKHKHDOWKFDUHODQGVFDSHRIWKHQDWLRQ7KLV,QVLJKWV6XFFHVV¶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“«ãÊØ°ÜBÊ㗠%S+BSJXBMB-BCPSBUPSZ%JBHOPTUJDT\r–ŽŠ‚•Šˆ\r…Š‚ †‚•‰„‚“†0”‚”•'“†”†•'‚…\n–•–“† ìô    šŒv/v][]PPšvšr‹µ]‰‰D]o�}Œš}ŒÇ .BOHMBN%JBHOPTUJDT–“ „„“†…Š•†…”•“†‡†““†…Š‚ˆ”•Š„†•“†‡‰Š„†  0ODRVFTU-BCPSBUPSJFTŠ††“‡“–”•'†Š‚ƒŠŠ•š'‚…„„–“‚„š˜Š•‰†…Š„‚•Š• ™„††„†  1SFNJFS)FBMUI$FOUFS“–”•†…†”•Š‚•Š‡“Ž‘“†‰†”Š—† †‚•‰„‚“†‚…††””–•Š”  ,ošZ}š}ŒJ,}ÁD}Œv]Pv}ŸvWšZ}o}PÇvšŒŒZÀu‰]vPšZ/v]v,ošZŒ/vµšŒÇM dZvK‰Ÿuµud}u}ŒŒ}ÁZoovPvK‰‰}Œšµv]Ÿ(}Œ]Pv}ŸvWšZ}o}PÇ/vµšŒÇ]všZdZv}o}P]ooÇÀvŒ %S+BSJXBMB-BCPSBUPSZ%JBHOPTUJDT\r–ŽŠ‚•Šˆ\r…Š‚ †‚•‰„‚“†0”‚”•'“†”†•'‚…\n–•–“† ìô    šŒv/v][]PPšvšr‹µ]‰‰D]o�}Œš}ŒÇ .BOHMBN%JBHOPTUJDT–“ „„“†…Š•†…”•“†‡†““†…Š‚ˆ”•Š„†•“†‡‰Š„†  0ODRVFTU-BCPSBUPSJFTŠ††“‡“–”•'†Š‚ƒŠŠ•š'‚…„„–“‚„š˜Š•‰†…Š„‚•Š• ™„††„†  1SFNJFS)FBMUI$FOUFS“–”•†…†”•Š‚•Š‡“Ž‘“†‰†”Š—† †‚•‰„‚“†‚…††””–•Š”  ,ošZ}š}ŒJ,}ÁD}Œv]Pv}ŸvWšZ}o}PÇvšŒŒZÀu‰]vPšZ/v]v,ošZŒ/vµšŒÇM dZvK‰Ÿuµud}u}ŒŒ}ÁZoovPvK‰‰}Œšµv]Ÿ(}Œ]Pv}ŸvWšZ}o}PÇ/vµšŒÇ]všZdZv}o}P]ooÇÀvŒ ,QVLJKWV6XFFHVV0HGLD7HFK//&0HWUR3ODFH1RUWK6XLWH'XEOLQ2+8QLWHG6WDWHV3KRQH  (PDLOLQIR#LQVLJKWVVXFFHVVFRP)RU6XEVFULSWLRQZZZLQVLJKWVVXFFHVVFRP,QVLJKWV6XFFHVV0HGLDDQG7HFKQRORJ\3YW/WG6XUYH\1R%UDQG6TXDUH2\rvFH1R.XQMLU&KRZN3LPSOH6DXGDJDU3XQH0DKDUDVKWUD3KRQH,QGLD(PDLOLQIR#LQVLJKWVVXFFHVVLQ)RU6XEVFULSWLRQZZZLQVLJKWVVXFFHVVLQ&RUSRUDWH2\rvFHVVDOHV#LQVLJKWVVXFFHVVLQ$8*867 (GLWRULQ&KLHI3RRMD0%DQVDO0DQDJLQJ(GLWRU*DXUDY35:DQNKDGH$VVLVWLQJ(GLWRU3UDMDNWD=XUDOH9LVXDOL]HU6DQGHHS7LNRGH$UWDQG'HVLJQ+HDG5DVKPL6LQJK6U*UDSKLF'HVLJQHU6RQDP'HHSD$VVW9LFH3UHVLGHQW6ZDSQDOL9DVDLNDU6U6DOHV0DQDJHU7HMDVZLQL:KDYDO7HDP/HDGHU1LWLQ3DWLO6U%XVLQHVV'HYHORSPHQW([HFXWLYH6DSQD:DOXQMNDU7HFKQLFDO+HDG3UDFKL0RNDVKL7HFKQLFDO6SHFLDOLVW5DMHVKZDUL$YKDG'LJLWDO0DUNHWLQJ0DQDJHU5HQXND.XONDUQL60(602([HFXWLYH1LNLWD.KDGDONDU&LUFXODWLRQ0DQDJHU7DQDML)DUWDGH #:•S÷äòol´l{Ÿ{tl/[÷äòo[l]¦¦Â[[lD¶÷ƒlƒ¶lc¦ò##ä•lWŽo@l�o¶@²llS÷äòo[lSÂ[ÂSŽÂ¶@lcòÂl¦#oÂolƒ¶l÷ƒäÂ[l[¶l÷loò÷[lƒäƒ›÷Âl[ò#¶l#ol›ÂlSÂ:S#¶¦Â¶l#SoSƒ[÷oo¶l÷lƒ•lØ#Sl#Sl›•lƒ•lƒ[²l¦oS#÷¦²l¦òƒ÷¦ƒ²l:ò#o#¦#:•÷ä²lS¦#S¶÷äl#Sl#oòÂS÷[²l÷oò#ol:S÷#Sl:ÂS÷[[÷#lØS#l/[÷äòo[l]¦¦Â[[lD¶÷ƒlƒ¶lc¦ò##ä•lWŽo@l�o¶@YÂ:S÷olS÷äòo[lSƒ÷l[#•l÷oòl/[÷äòo[l]¦¦Â[[@lWS÷o¶lƒ¶lW›÷[ò¶l›•l/[÷äòo[l]¦¦Â[[lD¶÷ƒlƒ¶lc¦ò##ä•lWŽo@l�o¶@&##l[l#l±llllll@؃¦Â›##@¦#k÷[÷äòo[[¦¦Â[[ lòoo:[±kko÷ooÂS@¦#k÷[÷äòo[[¦¦Â[[ YE/lEhD\rY±lD,E'k{Ÿ-ÊkdÚÚttÂlƒSÂlƒ[#lƒŽƒ÷ƒ›Âl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nV6XSHU6SHFLDOL]HG/DERUDWRULHV1HWZRUN2QFTXHVW/DERUDWRULHVLVWKHEHVWOHDGLQJSDWKRORJ\ODEVDQGGLDJQRVWLFVFHQWUHLQ,QGLD 2QFTXHVW/DERUDWRULHV $GLW\D%XUPDQ'LUHFWRU 3UHPLHU+HDOWK&HQWHUZDVHVWDEOLVKHGLQDQGLVUHFRJQL]HGDVDSLRQHHULQWKHPHGLFDOGLDJQRVWLFVDUHQDZLWKVXSUHPHO\KLJKVWDQGDUGVIRUFDUHDQGSUHFLVHWHVWLQJ 3UHPLHU+HDOWK&HQWHU 3UDGHHS&KDNUDYDUWK\0DQDJLQJ'LUHFWRU ,ošZ}š}ŒJ ,}ÁD}Œv]Pv}ŸvWšZ}o}PÇvšŒŒZÀu‰]vPšZ/v]v,ošZŒ/vµšŒÇMsK�Wìô/^^hWììîìîï ÆãâçßÜÚÛçÜáÚWKHÀâæçÇåèæçØ×'LDJQRVWLF3DWKRORJ\‡–‡”•‹ †‹ƒ šŒv/v][]PPšvšr‹µ]‰‰D]o�}Œš}ŒÇ dZvK‰Ÿuµud}u}ŒŒ}Á ZoovPvK‰‰}Œšµv]Ÿ(}Œ]Pv}ŸvWšZ}o}PÇ/vµšŒÇ]všZdZv}o}P]ooÇÀvŒZZZLQVLJKWVVXFFHVVLQ ÆãâçßÜÚÛçÜáÚWKHÀâæçÇåèæçØ×'LDJQRVWLF3DWKRORJ\‡–‡”•‹ †‹ƒ ,QVLJKWV6XFFHVV0HGLD7HFK//&0HWUR3ODFH1RUWK6XLWH'XEOLQ2+8QLWHG6WDWHV3KRQH  (PDLOLQIR#LQVLJKWVVXFFHVVFRP)RU6XEVFULSWLRQZZZLQVLJKWVVXFFHVVFRP,QVLJKWV6XFFHVV0HGLDDQG7HFKQRORJ\3YW/WG6XUYH\1R%UDQG6TXDUH2\rvFH1R.XQMLU&KRZN3LPSOH6DXGDJDU3XQH0DKDUDVKWUD3KRQH,QGLD(PDLOLQIR#LQVLJKWVVXFFHVVLQ)RU6XEVFULSWLRQZZZLQVLJKWVVXFFHVVLQ&RUSRUDWH2\rvFHVVDOHV#LQVLJKWVVXFFHVVLQ$8*867 (GLWRULQ&KLHI3RRMD0%DQVDO0DQDJLQJ(GLWRU*DXUDY35:DQNKDGH$VVLVWLQJ(GLWRU3UDMDNWD=XUDOH9LVXDOL]HU6DQGHHS7LNRGH$UWDQG'HVLJQ+HDG5DVKPL6LQJK6U*UDSKLF'HVLJQHU6RQDP'HHSD$VVW9LFH3UHVLGHQW6ZDSQDOL9DVDLNDU6U6DOHV0DQDJHU7HMDVZLQL:KDYDO7HDP/HDGHU1LWLQ3DWLO6U%XVLQHVV'HYHORSPHQW([HFXWLYH6DSQD:DOXQMNDU7HFKQLFDO+HDG3UDFKL0RNDVKL7HFKQLFDO6SHFLDOLVW5DMHVKZDUL$YKDG'LJLWDO0DUNHWLQJ0DQDJHU5HQXND.XONDUQL60(602([HFXWLYH1LNLWD.KDGDONDU&LUFXODWLRQ0DQDJHU7DQDML)DUWDGH #:•S÷äòol´l{Ÿ{tl/[÷äòo[l]¦¦Â[[lD¶÷ƒlƒ¶lc¦ò##ä•lWŽo@l�o¶@²llS÷äòo[lSÂ[ÂSŽÂ¶@lcòÂl¦#oÂolƒ¶l÷ƒäÂ[l[¶l÷loò÷[lƒäƒ›÷Âl[ò#¶l#ol›ÂlSÂ:S#¶¦Â¶l#SoSƒ[÷oo¶l÷lƒ•lØ#Sl#Sl›•lƒ•lƒ[²l¦oS#÷¦²l¦òƒ÷¦ƒ²l:ò#o#¦#:•÷ä²lS¦#S¶÷äl#Sl#oòÂS÷[²l÷oò#ol:S÷#Sl:ÂS÷[[÷#lØS#l/[÷äòo[l]¦¦Â[[lD¶÷ƒlƒ¶lc¦ò##ä•lWŽo@l�o¶@YÂ:S÷olS÷äòo[lSƒ÷l[#•l÷oòl/[÷äòo[l]¦¦Â[[@lWS÷o¶lƒ¶lW›÷[ò¶l›•l/[÷äòo[l]¦¦Â[[lD¶÷ƒlƒ¶lc¦ò##ä•lWŽo@l�o¶@&##l[l#l±llllll@؃¦Â›##@¦#k÷[÷äòo[[¦¦Â[[ lòoo:[±kko÷ooÂS@¦#k÷[÷äòo[[¦¦Â[[ YE/lEhD\rY±lD,E'k{Ÿ-ÊkdÚÚttÂlƒSÂlƒ[#lƒŽƒ÷ƒ›Âl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nV6XSHU6SHFLDOL]HG/DERUDWRULHV1HWZRUN2QFTXHVW/DERUDWRULHVLVWKHEHVWOHDGLQJSDWKRORJ\ODEVDQGGLDJQRVWLFVFHQWUHLQ,QGLD 2QFTXHVW/DERUDWRULHV $GLW\D%XUPDQ'LUHFWRU 3UHPLHU+HDOWK&HQWHUZDVHVWDEOLVKHGLQDQGLVUHFRJQL]HGDVDSLRQHHULQWKHPHGLFDOGLDJQRVWLFVDUHQDZLWKVXSUHPHO\KLJKVWDQGDUGVIRUFDUHDQGSUHFLVHWHVWLQJ 3UHPLHU+HDOWK&HQWHU 3UDGHHS&KDNUDYDUWK\0DQDJLQJ'LUHFWRU ,ošZ}š}ŒJ ,}ÁD}Œv]Pv}ŸvWšZ}o}PÇvšŒŒZÀu‰]vPšZ/v]v,ošZŒ/vµšŒÇMsK�Wìô/^^hWììîìîï ÆãâçßÜÚÛçÜáÚWKHÀâæçÇåèæçØ×'LDJQRVWLF3DWKRORJ\‡–‡”•‹ †‹ƒ šŒv/v][]PPšvšr‹µ]‰‰D]o�}Œš}ŒÇ dZvK‰Ÿuµud}u}ŒŒ}Á ZoovPvK‰‰}Œšµv]Ÿ(}Œ]Pv}ŸvWšZ}o}PÇ/vµšŒÇ]všZdZv}o}P]ooÇÀvŒZZZLQVLJKWVVXFFHVVLQ ÆãâçßÜÚÛçÜáÚWKHÀâæçÇåèæçØ×'LDJQRVWLF3DWKRORJ\‡–‡”•‹ †‹ƒ /E]Pv}ŸZÀ}oÀ(Œ}uu}šo]v]oo}Œš}ŒÇ]vš}}u‰ŒZv]À]Pv}ŸvšŒ‹µ]‰‰Á]šZššr}(ršZrŒššZv}o}PÇUšŒ]vPš}}ÀŒïììUìì쉟všvvµooÇX ŒXdZvPiuZo]^]vPZUDvP]vP]Œš}ŒvZ](}vµošvšWšZ}o}P]š šŒv/v][]PPšvšr‹µ]‰‰D]o�}Œš}ŒÇ HDOWKFDUHLVDVHFWRUWKDWGHPDQGVWKHKLJKHVWTXDOLW\LQHYHU\WKLQJ%HLWWUHDWPHQWPHGLFLQHWHFKQRORJLHVDQGGLDJQRVLVSUHFLVLRQDFFXUDF\DQGSUHFDXWLRQVDUHWKHFRUQHUVWRQHRIH\ruHFWLYHSDWLHQWFDUHDQGKHDOLQJ%HIRUHSURYLGLQJWKHEHVWVXLWDEOHWUHDWPHQWVDQGUHIHUULQJPHGLFLQHVWRWKHSDWLHQWHYHU\GRFWRUKDVWRDFFXUDWHO\GLDJQRVHWKHURRWFDXVHRIWKHLOOQHVV7KXVEHIRUHIRFXVLQJRQHYHU\WKLQJHOVHWKHVSRWOLJKWPXVWEHRQWKHPRVWWUXVWZRUWK\GLDJQRVLVDQGGHWHFWLRQVRWKDWWKHKHDOWKFDUHJLYHUFDQEHDVVXUHGWRR\ruHUSUHFLVHWUHDWPHQWVDQGPHGLFLQHVDFFRUGLQJO\6LPSO\LQWKHPRVWLPSRUWDQWLQLWLDOVWDJHWKHTXDOLW\RIKHDOWKFDUHLVFRPSOHWHO\GHSHQGLQJRQWKHEHJLQQLQJH[SHUWGLDJQRVWLFDQGSDWKRORJ\VHUYLFHVWKDWDUHXQGHQLDEO\FUXFLDOLQWRGD\\nVHUDRIKHDOWKFDUH7KHZD\WKHPRVWWUXVWHGGLDJQRVWLFDQGSDWKRORJ\FHQWUHVOLNH%$%,1$'LDJQRVWLFVKDYHEHHQSURYLGLQJIRUWKHODVWIRXUGHFDGHV /E]Pv}ŸZÀ}oÀ(Œ}uu}šo]v]oo}Œš}ŒÇ]vš}}u‰ŒZv]À]Pv}ŸvšŒ‹µ]‰‰Á]šZššr}(ršZrŒššZv}o}PÇUšŒ]vPš}}ÀŒïììUìì쉟všvvµooÇX ŒXdZvPiuZo]^]vPZUDvP]vP]Œš}ŒvZ](}vµošvšWšZ}o}P]š šŒv/v][]PPšvšr‹µ]‰‰D]o�}Œš}ŒÇ HDOWKFDUHLVDVHFWRUWKDWGHPDQGVWKHKLJKHVWTXDOLW\LQHYHU\WKLQJ%HLWWUHDWPHQWPHGLFLQHWHFKQRORJLHVDQGGLDJQRVLVSUHFLVLRQDFFXUDF\DQGSUHFDXWLRQVDUHWKHFRUQHUVWRQHRIH\ruHFWLYHSDWLHQWFDUHDQGKHDOLQJ%HIRUHSURYLGLQJWKHEHVWVXLWDEOHWUHDWPHQWVDQGUHIHUULQJPHGLFLQHVWRWKHSDWLHQWHYHU\GRFWRUKDVWRDFFXUDWHO\GLDJQRVHWKHURRWFDXVHRIWKHLOOQHVV7KXVEHIRUHIRFXVLQJRQHYHU\WKLQJHOVHWKHVSRWOLJKWPXVWEHRQWKHPRVWWUXVWZRUWK\GLDJQRVLVDQGGHWHFWLRQVRWKDWWKHKHDOWKFDUHJLYHUFDQEHDVVXUHGWRR\ruHUSUHFLVHWUHDWPHQWVDQGPHGLFLQHVDFFRUGLQJO\6LPSO\LQWKHPRVWLPSRUWDQWLQLWLDOVWDJHWKHTXDOLW\RIKHDOWKFDUHLVFRPSOHWHO\GHSHQGLQJRQWKHEHJLQQLQJH[SHUWGLDJQRVWLFDQGSDWKRORJ\VHUYLFHVWKDWDUHXQGHQLDEO\FUXFLDOLQWRGD\\nVHUDRIKHDOWKFDUH7KHZD\WKHPRVWWUXVWHGGLDJQRVWLFDQGSDWKRORJ\FHQWUHVOLNH%$%,1$'LDJQRVWLFVKDYHEHHQSURYLGLQJIRUWKHODVWIRXUGHFDGHV (VWDEOLVKHGLQE\'U7KDQJMDP'KDEDOL6LQJK%$%,1$'LDJQRVWLFVKDVHYROYHGIURPDPRGHVWFOLQLFDOODERUDWRU\LQWRDFRPSUHKHQVLYHGLDJQRVWLFFHQWUHHTXLSSHGZLWKVWDWHRIWKHDUWWHFKQRORJ\7KH5LVLQJ6WDURI+HDOWKFDUH+RUL]RQ:LWKQHDUO\IRXUGHFDGHVRIH[SHULHQFHLWKDVJDUQHUHGUHQRZQLQWKH1RUWKHDVWUHJLRQDQGKROGVDSURPLQHQWSRVLWLRQDPRQJPHGLFDOIDFLOLWLHV6WD\ruHGZLWKSUR¿FLHQWPHGLFDOH[SHUWVVSDQQLQJGLYHUVH¿HOGVVXFKDV3DWKRORJ\%LRFKHPLVWU\5DGLRORJ\0ROHFXODU%LRORJ\DQG0LFURELRORJ\WKHFHQWUHFDWHUVWRRYHUSDWLHQWVDQQXDOO\,WDFKLHYHG1$%/DFFUHGLWDWLRQLQPDUNLQJLWDVWKH¿UVWFHQWUHZLWK1$%/DFFUHGLWDWLRQLQWKH1RUWK(DVWHUQUHJLRQ7KHFHQWUHIXUWKHUH[SDQGHGE\LQDXJXUDWLQJDQHZXQLWLQVROLGLI\LQJLWVVWDWXVDVRQHRIWKHODUJHVWGLDJQRVWLFFHQWUHVLQ(DVWHUQ,QGLD7KHQHZXQLWIHDWXUHVFRQWHPSRUDU\DPHQLWLHVLQFOXGLQJKLJKHQGLPDJLQJPDFKLQHVDXWRPDWHGDQDO\]HUVDQGPRUH7KHIDFLOLW\LVKRXVHGLQDQHOHJDQWO\GHVLJQHGFHQWUDOO\DLUFRQGLWLRQHGEXLOGLQJFRPSOHWHZLWKDVSDFLRXVSDWLHQWZDLWLQJORXQJHDPSOHSDUNLQJVSDFHDQGDFDIHWHULD)XUWKHUPRUHWKHFHQWUHDOORZVSDWLHQWVWRDFFHVVWKHLUUHSRUWVRQOLQHR\ruHULQJDOHYHORIFRQYHQLHQFHDQGVHUYLFHRQSDUZLWKWKH¿QHVWODERUDWRULHVDFURVVWKHQDWLRQ$'\QDPLF9LVLRQDU\/HDGHUVKLS7KH)RXQGHU'U7KDQJMDP'KDEDOL6LQJKLVDOVRWKH&KDLUPDQDQG0DQDJLQJ'LUHFWRURIWKH%$%,1$*URXSRI&RPSDQLHV+HLVD3DWKRORJLVWE\SURIHVVLRQDQGZDVDWHDFKLQJIDFXOW\PHPEHURIWKHUHSXWHG5HJLRQDO,QVWLWXWHRI0HGLFDO6FLHQFHV 5,06 ,PSKDO:KHQKHZDVVHUYLQJDV$VVRFLDWH3URIHVVRULQWKH'HSDUWPHQWRI3DWKRORJ\5,06'57'6LQJKYROXQWDULO\UHWLUHGIURPVHUYLFHLQWRZRUNDVIXOOWLPH/DERUDWRU\'LUHFWRURI%$%,1$'LDJQRVWLFV±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¿UVWRILWVNLQGLQWKHVWDWH:RUNLQJDVWKH&KDLUPDQDQG0DQDJLQJ'LUHFWRURI%$%,1$*URXS'U7'6LQJKZLWKKLVG\QDPLVPDQGYLVLRQDU\LGHDVKDVEHHQWKH'ULYLQJIRUFHEHKLQGWKH*URXS¶VVXFFHVV$WSUHVHQWWKH*URXSHPSOR\VDURXQGVWD\ruZKLFKQHHGOHVVWRVD\LVVLJQL¿FDQWFRQVLGHULQJWKHDFXWHXQHPSOR\PHQWSUREOHPLQWKHUHJLRQ7KH0RVW&UXFLDO)DFWRU'U7'6LQJKEHOLHYHVWKDWGLDJQRVWLFDQGSDWKRORJ\VHUYLFHVIRUPWKHEDFNERQHRIDFFXUDWHPHGLFDOGHFLVLRQPDNLQJHQDEOLQJHDUO\GLVHDVHGHWHFWLRQSHUVRQDOL]HGWUHDWPHQWSODQVDQGH\ru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¶VPXOWLGLVFLSOLQDU\H[SHUWVFRYHU3DWKRORJ\5DGLRORJ\%LRFKHPLVWU\0LFURELRORJ\DQG0ROHFXODU%LRORJ\7KHFURZQMHZHOLVLWV1$%/DFFUHGLWDWLRQLQXQGHUVFRULQJLWVXQZDYHULQJFRPPLWPHQWWRSUHFLVLRQ%$%,1$'LDJQRVWLFVVLJQL¿HVDQRQJRLQJMRXUQH\RILQQRYDWLRQFRPSDVVLRQDQGXQPDWFKHGGLDJQRVWLFVOHDGHUVKLS6SRWOLJKWLQJWKH0RVW7UXVWHG'LDJQRVWLFDQG3DWKRORJ\&HQWHUVLQ,QGLD $+DOOPDUNRI([FHOOHQFH,QWKHIDFHRI¿HUFHFRPSHWLWLRQ%$%,1$'LDJQRVWLFVVWDQGVRXWDVDEHDFRQRIH[FHOOHQFH,WVGLVWLQFWLRQOLHVLQOHDGLQJHGJHWHFKQRORJ\ZLWKDGYDQFHGGLDJQRVWLFVWRROVLQDOOGLYLVLRQVHQVXULQJXQPDWFKHGSUHFLVLRQ'U7'6LQJKDQGKLVWHDP¶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ruHUDFRPSUHKHQVLYHUDQJHRIWHVWVFRXSOHGZLWKDFRPPLWPHQWWRH[FHOOHQFHLQDQHDVLO\DFFHVVLEOHDQGEXGJHWIULHQGO\PDQQHU'U7'6LQJKDQGKLVWHDP¶VLQVSLUDWLRQZDVIXHOOHGE\WKHGULYHWRUHVKDSHKHDOWKFDUHDQGFRQWULEXWHWREHWWHUSDWLHQWRXWFRPHVSDUWLFXODUO\LQWKH1RUWKHDVWUHJLRQFRQVLGHULQJLWVXQLTXHVRFLRHFRQRPLFFRQWH[W7KLVHQGHDYRXUVWHPPHGIURPDJHQXLQHDVSLUDWLRQWRLQWHJUDWHTXDOLW\GLDJQRVWLFVHUYLFHVVHDPOHVVO\LQWRWKHLUFRPPXQLW\\nVKHDOWKFDUHMRXUQH\ :RUNLQJDVWKH&KDLUPDQDQG0DQDJLQJ'LUHFWRURI%$%,1$*URXS'U7'6LQJKZLWKKLVG\QDPLVPDQGYLVLRQDU\LGHDVKDVEHHQWKHGULYLQJIRUFHEHKLQGWKH*URXSdVVXFFHVV (VWDEOLVKHGLQE\'U7KDQJMDP'KDEDOL6LQJK%$%,1$'LDJQRVWLFVKDVHYROYHGIURPDPRGHVWFOLQLFDOODERUDWRU\LQWRDFRPSUHKHQVLYHGLDJQRVWLFFHQWUHHTXLSSHGZLWKVWDWHRIWKHDUWWHFKQRORJ\7KH5LVLQJ6WDURI+HDOWKFDUH+RUL]RQ:LWKQHDUO\IRXUGHFDGHVRIH[SHULHQFHLWKDVJDUQHUHGUHQRZQLQWKH1RUWKHDVWUHJLRQDQGKROGVDSURPLQHQWSRVLWLRQDPRQJPHGLFDOIDFLOLWLHV6WD\ruHGZLWKSUR¿FLHQWPHGLFDOH[SHUWVVSDQQLQJGLYHUVH¿HOGVVXFKDV3DWKRORJ\%LRFKHPLVWU\5DGLRORJ\0ROHFXODU%LRORJ\DQG0LFURELRORJ\WKHFHQWUHFDWHUVWRRYHUSDWLHQWVDQQXDOO\,WDFKLHYHG1$%/DFFUHGLWDWLRQLQPDUNLQJLWDVWKH¿UVWFHQWUHZLWK1$%/DFFUHGLWDWLRQLQWKH1RUWK(DVWHUQUHJLRQ7KHFHQWUHIXUWKHUH[SDQGHGE\LQDXJXUDWLQJDQHZXQLWLQVROLGLI\LQJLWVVWDWXVDVRQHRIWKHODUJHVWGLDJQRVWLFFHQWUHVLQ(DVWHUQ,QGLD7KHQHZXQLWIHDWXUHVFRQWHPSRUDU\DPHQLWLHVLQFOXGLQJKLJKHQGLPDJLQJPDFKLQHVDXWRPDWHGDQDO\]HUVDQGPRUH7KHIDFLOLW\LVKRXVHGLQDQHOHJDQWO\GHVLJQHGFHQWUDOO\DLUFRQGLWLRQHGEXLOGLQJFRPSOHWHZLWKDVSDFLRXVSDWLHQWZDLWLQJORXQJHDPSOHSDUNLQJVSDFHDQGDFDIHWHULD)XUWKHUPRUHWKHFHQWUHDOORZVSDWLHQWVWRDFFHVVWKHLUUHSRUWVRQOLQHR\ruHULQJDOHYHORIFRQYHQLHQFHDQGVHUYLFHRQSDUZLWKWKH¿QHVWODERUDWRULHVDFURVVWKHQDWLRQ$'\QDPLF9LVLRQDU\/HDGHUVKLS7KH)RXQGHU'U7KDQJMDP'KDEDOL6LQJKLVDOVRWKH&KDLUPDQDQG0DQDJLQJ'LUHFWRURIWKH%$%,1$*URXSRI&RPSDQLHV+HLVD3DWKRORJLVWE\SURIHVVLRQDQGZDVDWHDFKLQJIDFXOW\PHPEHURIWKHUHSXWHG5HJLRQDO,QVWLWXWHRI0HGLFDO6FLHQFHV 5,06 ,PSKDO:KHQKHZDVVHUYLQJDV$VVRFLDWH3URIHVVRULQWKH'HSDUWPHQWRI3DWKRORJ\5,06'57'6LQJKYROXQWDULO\UHWLUHGIURPVHUYLFHLQWRZRUNDVIXOOWLPH/DERUDWRU\'LUHFWRURI%$%,1$'LDJQRVWLFV±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¿UVWRILWVNLQGLQWKHVWDWH:RUNLQJDVWKH&KDLUPDQDQG0DQDJLQJ'LUHFWRURI%$%,1$*URXS'U7'6LQJKZLWKKLVG\QDPLVPDQGYLVLRQDU\LGHDVKDVEHHQWKH'ULYLQJIRUFHEHKLQGWKH*URXS¶VVXFFHVV$WSUHVHQWWKH*URXSHPSOR\VDURXQGVWD\ruZKLFKQHHGOHVVWRVD\LVVLJQL¿FDQWFRQVLGHULQJWKHDFXWHXQHPSOR\PHQWSUREOHPLQWKHUHJLRQ7KH0RVW&UXFLDO)DFWRU'U7'6LQJKEHOLHYHVWKDWGLDJQRVWLFDQGSDWKRORJ\VHUYLFHVIRUPWKHEDFNERQHRIDFFXUDWHPHGLFDOGHFLVLRQPDNLQJHQDEOLQJHDUO\GLVHDVHGHWHFWLRQSHUVRQDOL]HGWUHDWPHQWSODQVDQGH\ru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¶VPXOWLGLVFLSOLQDU\H[SHUWVFRYHU3DWKRORJ\5DGLRORJ\%LRFKHPLVWU\0LFURELRORJ\DQG0ROHFXODU%LRORJ\7KHFURZQMHZHOLVLWV1$%/DFFUHGLWDWLRQLQXQGHUVFRULQJLWVXQZDYHULQJFRPPLWPHQWWRSUHFLVLRQ%$%,1$'LDJQRVWLFVVLJQL¿HVDQRQJRLQJMRXUQH\RILQQRYDWLRQFRPSDVVLRQDQGXQPDWFKHGGLDJQRVWLFVOHDGHUVKLS6SRWOLJKWLQJWKH0RVW7UXVWHG'LDJQRVWLFDQG3DWKRORJ\&HQWHUVLQ,QGLD $+DOOPDUNRI([FHOOHQFH,QWKHIDFHRI¿HUFHFRPSHWLWLRQ%$%,1$'LDJQRVWLFVVWDQGVRXWDVDEHDFRQRIH[FHOOHQFH,WVGLVWLQFWLRQOLHVLQOHDGLQJHGJHWHFKQRORJ\ZLWKDGYDQFHGGLDJQRVWLFVWRROVLQDOOGLYLVLRQVHQVXULQJXQPDWFKHGSUHFLVLRQ'U7'6LQJKDQGKLVWHDP¶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ruHUDFRPSUHKHQVLYHUDQJHRIWHVWVFRXSOHGZLWKDFRPPLWPHQWWRH[FHOOHQFHLQDQHDVLO\DFFHVVLEOHDQGEXGJHWIULHQGO\PDQQHU'U7'6LQJKDQGKLVWHDP¶VLQVSLUDWLRQZDVIXHOOHGE\WKHGULYHWRUHVKDSHKHDOWKFDUHDQGFRQWULEXWHWREHWWHUSDWLHQWRXWFRPHVSDUWLFXODUO\LQWKH1RUWKHDVWUHJLRQFRQVLGHULQJLWVXQLTXHVRFLRHFRQRPLFFRQWH[W7KLVHQGHDYRXUVWHPPHGIURPDJHQXLQHDVSLUDWLRQWRLQWHJUDWHTXDOLW\GLDJQRVWLFVHUYLFHVVHDPOHVVO\LQWRWKHLUFRPPXQLW\\nVKHDOWKFDUHMRXUQH\ :RUNLQJDVWKH&KDLUPDQDQG0DQDJLQJ'LUHFWRURI%$%,1$*URXS'U7'6LQJKZLWKKLVG\QDPLVPDQGYLVLRQDU\LGHDVKDVEHHQWKHGULYLQJIRUFHEHKLQGWKH*URXSdVVXFFHVV )XWXULVWLF+HDOWKFDUHDWRXU'RRUVWHSV%$%,1$'LDJQRVWLFVH[WHQGVLPPHUVLYHEHQH¿WVWKDWUHGH¿QHKHDOWKFDUHFRQYHQLHQFHDQGVDIHW\,WVXVHUIULHQGO\RQOLQHSODWIRUPDOORZVGLJLWDODSSRLQWPHQWERRNLQJDQGUHSRUWDFFHVVVDYLQJWLPH5HFRJQL]LQJWKHXUJHQF\LQPHGLFDOGHFLVLRQVWKHFHQWUH¶VUDSLGUHVXOWVGHOLYHU\DOLJQVZLWKIDVWSDFHGOLYHV'U7'6LQJKDQGKLVWHDPKDYHDSQHXPDWLFVDPSOHWUDQVSRUWDWLRQV\VWHPIRUIDFLOLWDWLQJHDV\WUDQVSRUWDWLRQRIVDPSOHVEHWZHHQODEÀRRUV+RPHVDPSOHFROOHFWLRQSULRULWL]HVVDIHW\DQGSHUVRQDOL]HGFDUHZKLOHFRQWDFWOHVVSURFHVVHVHQKDQFHZHOOEHLQJ7KH\HPSRZHUFOLHQWVZLWKGLJLWDOKHDOWKUHFRUGVIRUSURDFWLYHPDQDJHPHQW7KHLUFRPPLWPHQWJRHVEH\RQGGLDJQRVWLFVDVKHDOWKDZDUHQHVVLQLWLDWLYHVSURYLGHNQRZOHGJHIRULQIRUPHGGHFLVLRQV,QDQXWVKHOO%$%,1$'LDJQRVWLFV\nLPPHUVLYHEHQH¿WVHPEUDFHWHFKQRORJ\FRQYHQLHQFHDQGKROLVWLFZHOOEHLQJFDWHULQJWRWKHFRQWHPSRUDU\GHPDQGVRIFOLHQWVVHHNLQJHQKDQFHGKHDOWKFDUHH[SHULHQFHV7HFKQRVSDUNHG7UDQVIRUPDWLRQ7KHDGRSWLRQRIPRGHUQWHFKQRORJLHVLQWKHGLDJQRVWLFVSDFHKDVVSDUNHGDWUDQVIRUPDWLYHUHYROXWLRQUHGH¿QLQJDFFXUDF\VSHHGDQGDFFHVVLELOLW\LQKHDOWKFDUH$GYDQFHGWHFKQRORJLHVOLNH$UWL¿FLDO,QWHOOLJHQFH $, 0DFKLQH/HDUQLQJ 0/ DQGVWDWHRIWKHDUWLPDJLQJWRROVDUHUHYROXWLRQL]LQJWKHGLDJQRVWLFSURFHVVOHDGLQJWRPRUHDFFXUDWHDQGWLPHO\GLDJQRVHVSHUVRQDOL]HGWUHDWPHQWSODQVDQGLPSURYHGSDWLHQWRXWFRPHV%$%,1$'LDJQRVWLFVVWUDWHJLFDOO\LQFRUSRUDWHGFXWWLQJHGJHWRROVDQGDGYDQFHGGLDJQRVWLFDQDO\]HUVLQWRLWVVHUYLFHV,QWKLVUDSLGO\HYROYLQJODQGVFDSH'U7'6LQJKSULRULWL]HVFRQWLQXRXVOHDUQLQJDQGWUDLQLQJIRUKLVVWD\ruHQVXULQJWKH\UHPDLQDGHSWDWXWLOL]LQJWKHODWHVWWHFKQRORJ\7KHPRGHUQL]DWLRQRIGLDJQRVWLFWHFKQRORJLHVLVDSLYRWDOPRPHQWIRUWKHKHDOWKFDUHLQGXVWU\DQGWKHFRPSDQ\\nVDGDSWDELOLW\DQGFRPPLWPHQWWRSURYLGLQJWKHEHVWGLDJQRVWLFVHUYLFHVKDYHHQDEOHGWKHPWRVWD\DKHDGRIWKHFXUYHDQGFRQWLQXHWRGHOLYHUTXDOLW\KHDOWKFDUHWRWKHLUFRPPXQLW\2YHUWKURZLQJ2EVWDFOHV%$%,1$'LDJQRVWLFV\nMRXUQH\KDVEHHQPDUNHGE\UHVLOLHQFHLQIDFLQJFKDOOHQJHVKHDGRQ(PEUDFLQJWHFKQRORJ\\nVUDSLGHYROXWLRQ'U7'6LQJKDQGKLVWHDPKDYHSULRULWL]HGWUDLQLQJDQGFXWWLQJHGJHHTXLSPHQWWRPDLQWDLQGLDJQRVWLFLQQRYDWLRQ%DODQFLQJD\ruRUGDELOLW\DQGDFFHVVLELOLW\KDVEHHQSLYRWDOHQVXULQJWKHLUVHUYLFHVFDWHUWRGLYHUVHVRFLRHFRQRPLFEDFNJURXQGV7KHLUJURZWKIURPDVPDOOWHDPWRRYHUPHPEHUVZDVPHWZLWKDFRPPLWPHQWWRIRVWHULQJDSRVLWLYHZRUNHQYLURQPHQWHQFRXUDJLQJVNLOOGHYHORSPHQWDQGXQLW\,QWKHLUFRPPXQLW\WUXVWLVSDUDPRXQW7KURXJKSDWLHQWFHQWULFVHUYLFHVRQOLQHDFFHVVLELOLW\DQGDSURIRXQGFRPPLWPHQWWKH\\nYHEXLOWDIRXQGDWLRQRIFUHGLELOLW\DQGFRQ¿GHQFH1DYLJDWLQJWKHGLJLWDODJHZHEVLWHXSGDWHVKDYHNHSWWKHPLQIRUPDWLYHDQGHQJDJLQJHQVXULQJYDOXDEOHXVHUH[SHULHQFHV'U7'6LQJK¶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¿HVDFRPPLWPHQWWRPDLQWDLQLQJULJRURXVVWDQGDUGVWKDWHVWDEOLVKWKHFHQWUH¶VUHOLDELOLW\,QYHVWPHQWLQFXWWLQJHGJHWHFKQRORJ\GHPRQVWUDWHVGHGLFDWLRQWRLQQRYDWLRQ$SDWLHQWFHQWULFDSSURDFKHQFRPSDVVLQJFRPIRUWFRQYHQLHQFHDQGDQRYHUDOOSRVLWLYHH[SHULHQFHVROLGLI\WUXVWDQGIRVWHUVOR\DOW\ 7LPHO\UHVXOWVXQZDYHULQJFRQVLVWHQF\DQGFROODERUDWLRQVZLWKPHGLFDOSURIHVVLRQDOVDQGLQVWLWXWLRQVEROVWHUFUHGLELOLW\/DVWO\UHFHSWLYLW\WRIHHGEDFNIRUFRQWLQXRXVLPSURYHPHQWUHÀHFWVDFXVWRPHUFHQWULFHWKRV$W%$%,1$'LDJQRVWLFV'U7'6LQJKDQGKLVWHDP¶VYLVLRQIRUVFDOLQJHQFDSVXODWHVDFRPPLWPHQWWRHPEUDFLQJWHFKQRORJ\H[SDQGLQJWKHLUVHUYLFHR\ruHULQJFRPPXQLW\RXWUHDFKDQGHQYLURQPHQWDOUHVSRQVLELOLW\:LWKWKHVHVWUDWHJLHVWKH\DLPWRVHWQHZVWDQGDUGVLQGLDJQRVWLFVPDNLQJTXDOLW\KHDOWKFDUHDFFHVVLEOHDQGLQQRYDWLYHIRUDOO +DOORI)DPH 2UGHURIWKH5LVLQJ6XQ*ROGDQG6LOYHU5D\V¶WR'U7KDQJMDP'KDEDOL6LQJKDVDUHFRJQLWLRQRIKLVFRQWULEXWLRQWRWKH,QGLD-DSDQUHODWLRQVKLSIURPWKH-DSDQHVH*RYHUQPHQWDW-DSDQ,FRQRI(WKLFDO+HDOWKFDUH$ZDUG¶WR%$%,1$'LDJQRVWLFVDVWKHUHFRJQLWLRQIRUGHOLYHULQJHWKLFDODQGD\ruRUGDEOHKHDOWKFDUHIURP63($.,QGLD 6RFLHW\IRU3URPRWLRQRI(WKLFDODQG$\ruRUGDEOH+HDOWK&DUH DW&KDQGLJDUK1DWLRQDO,QGXVWULDO([FHOOHQFH$ZDUG¶WR%$%,1$'LDJQRVWLFVIRU([FHOOHQFHLQ+HDOWKFDUHE\1DWLRQDO&KDPEHURI&RPPHUFH ,QGXVWU\RI,QGLDDW0XPEDL1(')L$ZDUG¶SUHVHQWHGWR%DELQD+RVSLWDOLWLHV3YW/WGIRURXWVWDQGLQJHQWUHSUHQHXULDOLQLWLDWLYHLQWKH1RUWK(DVWHUQ5HJLRQRI,QGLDIURP1(')L 1RUWK(DVWHUQ'HYHORSPHQW)LQDQFH&RUSRUDWLRQ/WGDW*XZDKDWLQG1RUWK(DVW([FHOOHQFH$ZDUGV¶WR%$%,1$'LDJQRVWLFVIRURXWVWDQGLQJSHUIRUPDQFHE\,QGLDQ&KDPEHURI&RPPHUFHDW0XPEDL )XWXULVWLF+HDOWKFDUHDWRXU'RRUVWHSV%$%,1$'LDJQRVWLFVH[WHQGVLPPHUVLYHEHQH¿WVWKDWUHGH¿QHKHDOWKFDUHFRQYHQLHQFHDQGVDIHW\,WVXVHUIULHQGO\RQOLQHSODWIRUPDOORZVGLJLWDODSSRLQWPHQWERRNLQJDQGUHSRUWDFFHVVVDYLQJWLPH5HFRJQL]LQJWKHXUJHQF\LQPHGLFDOGHFLVLRQVWKHFHQWUH¶VUDSLGUHVXOWVGHOLYHU\DOLJQVZLWKIDVWSDFHGOLYHV'U7'6LQJKDQGKLVWHDPKDYHDSQHXPDWLFVDPSOHWUDQVSRUWDWLRQV\VWHPIRUIDFLOLWDWLQJHDV\WUDQVSRUWDWLRQRIVDPSOHVEHWZHHQODEÀRRUV+RPHVDPSOHFROOHFWLRQSULRULWL]HVVDIHW\DQGSHUVRQDOL]HGFDUHZKLOHFRQWDFWOHVVSURFHVVHVHQKDQFHZHOOEHLQJ7KH\HPSRZHUFOLHQWVZLWKGLJLWDOKHDOWKUHFRUGVIRUSURDFWLYHPDQDJHPHQW7KHLUFRPPLWPHQWJRHVEH\RQGGLDJQRVWLFVDVKHDOWKDZDUHQHVVLQLWLDWLYHVSURYLGHNQRZOHGJHIRULQIRUPHGGHFLVLRQV,QDQXWVKHOO%$%,1$'LDJQRVWLFV\nLPPHUVLYHEHQH¿WVHPEUDFHWHFKQRORJ\FRQYHQLHQFHDQGKROLVWLFZHOOEHLQJFDWHULQJWRWKHFRQWHPSRUDU\GHPDQGVRIFOLHQWVVHHNLQJHQKDQFHGKHDOWKFDUHH[SHULHQFHV7HFKQRVSDUNHG7UDQVIRUPDWLRQ7KHDGRSWLRQRIPRGHUQWHFKQRORJLHVLQWKHGLDJQRVWLFVSDFHKDVVSDUNHGDWUDQVIRUPDWLYHUHYROXWLRQUHGH¿QLQJDFFXUDF\VSHHGDQGDFFHVVLELOLW\LQKHDOWKFDUH$GYDQFHGWHFKQRORJLHVOLNH$UWL¿FLDO,QWHOOLJHQFH $, 0DFKLQH/HDUQLQJ 0/ DQGVWDWHRIWKHDUWLPDJLQJWRROVDUHUHYROXWLRQL]LQJWKHGLDJQRVWLFSURFHVVOHDGLQJWRPRUHDFFXUDWHDQGWLPHO\GLDJQRVHVSHUVRQDOL]HGWUHDWPHQWSODQVDQGLPSURYHGSDWLHQWRXWFRPHV%$%,1$'LDJQRVWLFVVWUDWHJLFDOO\LQFRUSRUDWHGFXWWLQJHGJHWRROVDQGDGYDQFHGGLDJQRVWLFDQDO\]HUVLQWRLWVVHUYLFHV,QWKLVUDSLGO\HYROYLQJODQGVFDSH'U7'6LQJKSULRULWL]HVFRQWLQXRXVOHDUQLQJDQGWUDLQLQJIRUKLVVWD\ruHQVXULQJWKH\UHPDLQDGHSWDWXWLOL]LQJWKHODWHVWWHFKQRORJ\7KHPRGHUQL]DWLRQRIGLDJQRVWLFWHFKQRORJLHVLVDSLYRWDOPRPHQWIRUWKHKHDOWKFDUHLQGXVWU\DQGWKHFRPSDQ\\nVDGDSWDELOLW\DQGFRPPLWPHQWWRSURYLGLQJWKHEHVWGLDJQRVWLFVHUYLFHVKDYHHQDEOHGWKHPWRVWD\DKHDGRIWKHFXUYHDQGFRQWLQXHWRGHOLYHUTXDOLW\KHDOWKFDUHWRWKHLUFRPPXQLW\2YHUWKURZLQJ2EVWDFOHV%$%,1$'LDJQRVWLFV\nMRXUQH\KDVEHHQPDUNHGE\UHVLOLHQFHLQIDFLQJFKDOOHQJHVKHDGRQ(PEUDFLQJWHFKQRORJ\\nVUDSLGHYROXWLRQ'U7'6LQJKDQGKLVWHDPKDYHSULRULWL]HGWUDLQLQJDQGFXWWLQJHGJHHTXLSPHQWWRPDLQWDLQGLDJQRVWLFLQQRYDWLRQ%DODQFLQJD\ruRUGDELOLW\DQGDFFHVVLELOLW\KDVEHHQSLYRWDOHQVXULQJWKHLUVHUYLFHVFDWHUWRGLYHUVHVRFLRHFRQRPLFEDFNJURXQGV7KHLUJURZWKIURPDVPDOOWHDPWRRYHUPHPEHUVZDVPHWZLWKDFRPPLWPHQWWRIRVWHULQJDSRVLWLYHZRUNHQYLURQPHQWHQFRXUDJLQJVNLOOGHYHORSPHQWDQGXQLW\,QWKHLUFRPPXQLW\WUXVWLVSDUDPRXQW7KURXJKSDWLHQWFHQWULFVHUYLFHVRQOLQHDFFHVVLELOLW\DQGDSURIRXQGFRPPLWPHQWWKH\\nYHEXLOWDIRXQGDWLRQRIFUHGLELOLW\DQGFRQ¿GHQFH1DYLJDWLQJWKHGLJLWDODJHZHEVLWHXSGDWHVKDYHNHSWWKHPLQIRUPDWLYHDQGHQJDJLQJHQVXULQJYDOXDEOHXVHUH[SHULHQFHV'U7'6LQJK¶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¿HVDFRPPLWPHQWWRPDLQWDLQLQJULJRURXVVWDQGDUGVWKDWHVWDEOLVKWKHFHQWUH¶VUHOLDELOLW\,QYHVWPHQWLQFXWWLQJHGJHWHFKQRORJ\GHPRQVWUDWHVGHGLFDWLRQWRLQQRYDWLRQ$SDWLHQWFHQWULFDSSURDFKHQFRPSDVVLQJFRPIRUWFRQYHQLHQFHDQGDQRYHUDOOSRVLWLYHH[SHULHQFHVROLGLI\WUXVWDQGIRVWHUVOR\DOW\ 7LPHO\UHVXOWVXQZDYHULQJFRQVLVWHQF\DQGFROODERUDWLRQVZLWKPHGLFDOSURIHVVLRQDOVDQGLQVWLWXWLRQVEROVWHUFUHGLELOLW\/DVWO\UHFHSWLYLW\WRIHHGEDFNIRUFRQWLQXRXVLPSURYHPHQWUHÀHFWVDFXVWRPHUFHQWULFHWKRV$W%$%,1$'LDJQRVWLFV'U7'6LQJKDQGKLVWHDP¶VYLVLRQIRUVFDOLQJHQFDSVXODWHVDFRPPLWPHQWWRHPEUDFLQJWHFKQRORJ\H[SDQGLQJWKHLUVHUYLFHR\ruHULQJFRPPXQLW\RXWUHDFKDQGHQYLURQPHQWDOUHVSRQVLELOLW\:LWKWKHVHVWUDWHJLHVWKH\DLPWRVHWQHZVWDQGDUGVLQGLDJQRVWLFVPDNLQJTXDOLW\KHDOWKFDUHDFFHVVLEOHDQGLQQRYDWLYHIRUDOO +DOORI)DPH 2UGHURIWKH5LVLQJ6XQ*ROGDQG6LOYHU5D\V¶WR'U7KDQJMDP'KDEDOL6LQJKDVDUHFRJQLWLRQRIKLVFRQWULEXWLRQWRWKH,QGLD-DSDQUHODWLRQVKLSIURPWKH-DSDQHVH*RYHUQPHQWDW-DSDQ,FRQRI(WKLFDO+HDOWKFDUH$ZDUG¶WR%$%,1$'LDJQRVWLFVDVWKHUHFRJQLWLRQIRUGHOLYHULQJHWKLFDODQGD\ruRUGDEOHKHDOWKFDUHIURP63($.,QGLD 6RFLHW\IRU3URPRWLRQRI(WKLFDODQG$\ruRUGDEOH+HDOWK&DUH DW&KDQGLJDUK1DWLRQDO,QGXVWULDO([FHOOHQFH$ZDUG¶WR%$%,1$'LDJQRVWLFVIRU([FHOOHQFHLQ+HDOWKFDUHE\1DWLRQDO&KDPEHURI&RPPHUFH ,QGXVWU\RI,QGLDDW0XPEDL1(')L$ZDUG¶SUHVHQWHGWR%DELQD+RVSLWDOLWLHV3YW/WGIRURXWVWDQGLQJHQWUHSUHQHXULDOLQLWLDWLYHLQWKH1RUWK(DVWHUQ5HJLRQRI,QGLDIURP1(')L 1RUWK(DVWHUQ'HYHORSPHQW)LQDQFH&RUSRUDWLRQ/WGDW*XZDKDWLQG1RUWK(DVW([FHOOHQFH$ZDUGV¶WR%$%,1$'LDJQRVWLFVIRURXWVWDQGLQJSHUIRUPDQFHE\,QGLDQ&KDPEHURI&RPPHUFHDW0XPEDL IXQGDPHQWDOVKLIWLQWKHZD\KHDOWKFDUHLVDFFHVVHGGHOLYHUHGDQGH[SHULHQFHGDFURVVWKHQDWLRQLVKDSSHQLQJ,QGLD¶VKHDOWKFDUHODQGVFDSHLVDWWKHSUHFLSLFHRIDVLJQL¿FDQWWUDQVIRUPDWLRQDQGDWWKHKHDUWRIWKLVHYROXWLRQDUHPRGHUQGLDJQRVWLFDQGSDWKRORJ\FHQWHUV7KHVHFHQWHUVDUHGULYLQJDIXQGDPHQWDOVKLIWLQWKHZD\KHDOWKFDUHLVDFFHVVHGGHOLYHUHGDQGH[SHULHQFHGDFURVVWKHQDWLRQ7KHLUHPHUJHQFHVLJQL¿HVDJURXQGEUHDNLQJFKDSWHULQWKH,QGLDQKHDOWKFDUHLQGXVWU\ZKHUHLQQRYDWLRQDFFHVVLELOLW\DQGSUHFLVLRQKDYHEHFRPHWKHGULYLQJIRUFHVRIDKHDOWKLHUWRPRUURZ7KHLULPSDFWLVIDUUHDFKLQJIURPHDUO\GLVHDVHGHWHFWLRQWRVWUHDPOLQHGSDWLHQWFDUHDQGWKHLULQÀXHQFHRQWKH,QGLDQKHDOWKFDUHLQGXVWU\LVXQGHQLDEOH7KH3LRQHHUVRI&KDQJH0RGHUQGLDJQRVWLFDQGSDWKRORJ\FHQWHUVDUHWKHWUDLOEOD]HUVRIWKLVWUDQVIRUPDWLRQ:LWKVWDWHRIWKHDUWIDFLOLWLHVDGYDQFHGGLDJQRVWLFWHFKQRORJLHVDQGDFRPPLWPHQWWRGHOLYHULQJUHOLDEOHDQGWLPHO\UHVXOWVWKH\KDYHEHFRPHWKHEDFNERQHRI,QGLD¶VKHDOWKFDUHHFRV\VWHP7KHLULQÀXHQFHJRHVIDUEH\RQGWUDGLWLRQDOGLDJQRVWLFVHUYLFHVUHVKDSLQJKHDOWKFDUHLQPXOWLSOHZD\V7KH5ROHRI0RGHUQ'LDJQRVWLFDQG3DWKRORJ\&HQWUHV(DUO\'LVHDVH'HWHFWLRQ,QDFRXQWU\EDWWOLQJQXPHURXVKHDOWKFKDOOHQJHVHDUO\GHWHFWLRQRIGLVHDVHVLVSDUDPRXQW0RGHUQGLDJQRVWLFFHQWHUVHPSOR\FXWWLQJHGJHWHFKQRORJ\DQGDZLGHUDQJHRIWHVWVWRGHWHFWGLVHDVHVDWWKHLUHDUOLHVWVWDJHV7KLVLVSDUWLFXODUO\FUXFLDOIRUFRQGLWLRQVOLNHFDQFHUZKHUHHDUO\GHWHFWLRQFDQVLJQL¿FDQWO\LPSURYHVXUYLYDOUDWHV7KURXJKDGYDQFHGLPDJLQJJHQHWLFWHVWLQJDQGUHJXODUKHDOWKFKHFNXSVWKHVHFHQWHUVSURYLGHDFUXFLDOOLIHOLQHIRUSDWLHQWV7KURXJKSUHFLVLRQGLDJQRVWLFVWKH\DUHHQDEOLQJWKHLGHQWL¿FDWLRQRIGLVHDVHVDWWKHLUPRVWWUHDWDEOHVWDJHV,}ÁÀâ×Øåá$")*./$/#*'*"4¶ØáçåØæŒÅØéÔàãÜáÚšZ\n)$),ošZŒ/vµšŒÇM»ØÔßçÛ·âÖçâåæ”_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ IXQGDPHQWDOVKLIWLQWKHZD\KHDOWKFDUHLVDFFHVVHGGHOLYHUHGDQGH[SHULHQFHGDFURVVWKHQDWLRQLVKDSSHQLQJ,QGLD¶VKHDOWKFDUHODQGVFDSHLVDWWKHSUHFLSLFHRIDVLJQL¿FDQWWUDQVIRUPDWLRQDQGDWWKHKHDUWRIWKLVHYROXWLRQDUHPRGHUQGLDJQRVWLFDQGSDWKRORJ\FHQWHUV7KHVHFHQWHUVDUHGULYLQJDIXQGDPHQWDOVKLIWLQWKHZD\KHDOWKFDUHLVDFFHVVHGGHOLYHUHGDQGH[SHULHQFHGDFURVVWKHQDWLRQ7KHLUHPHUJHQFHVLJQL¿HVDJURXQGEUHDNLQJFKDSWHULQWKH,QGLDQKHDOWKFDUHLQGXVWU\ZKHUHLQQRYDWLRQDFFHVVLELOLW\DQGSUHFLVLRQKDYHEHFRPHWKHGULYLQJIRUFHVRIDKHDOWKLHUWRPRUURZ7KHLULPSDFWLVIDUUHDFKLQJIURPHDUO\GLVHDVHGHWHFWLRQWRVWUHDPOLQHGSDWLHQWFDUHDQGWKHLULQÀXHQFHRQWKH,QGLDQKHDOWKFDUHLQGXVWU\LVXQGHQLDEOH7KH3LRQHHUVRI&KDQJH0RGHUQGLDJQRVWLFDQGSDWKRORJ\FHQWHUVDUHWKHWUDLOEOD]HUVRIWKLVWUDQVIRUPDWLRQ:LWKVWDWHRIWKHDUWIDFLOLWLHVDGYDQFHGGLDJQRVWLFWHFKQRORJLHVDQGDFRPPLWPHQWWRGHOLYHULQJUHOLDEOHDQGWLPHO\UHVXOWVWKH\KDYHEHFRPHWKHEDFNERQHRI,QGLD¶VKHDOWKFDUHHFRV\VWHP7KHLULQÀXHQFHJRHVIDUEH\RQGWUDGLWLRQDOGLDJQRVWLFVHUYLFHVUHVKDSLQJKHDOWKFDUHLQPXOWLSOHZD\V7KH5ROHRI0RGHUQ'LDJQRVWLFDQG3DWKRORJ\&HQWUHV(DUO\'LVHDVH'HWHFWLRQ,QDFRXQWU\EDWWOLQJQXPHURXVKHDOWKFKDOOHQJHVHDUO\GHWHFWLRQRIGLVHDVHVLVSDUDPRXQW0RGHUQGLDJQRVWLFFHQWHUVHPSOR\FXWWLQJHGJHWHFKQRORJ\DQGDZLGHUDQJHRIWHVWVWRGHWHFWGLVHDVHVDWWKHLUHDUOLHVWVWDJHV7KLVLVSDUWLFXODUO\FUXFLDOIRUFRQGLWLRQVOLNHFDQFHUZKHUHHDUO\GHWHFWLRQFDQVLJQL¿FDQWO\LPSURYHVXUYLYDOUDWHV7KURXJKDGYDQFHGLPDJLQJJHQHWLFWHVWLQJDQGUHJXODUKHDOWKFKHFNXSVWKHVHFHQWHUVSURYLGHDFUXFLDOOLIHOLQHIRUSDWLHQWV7KURXJKSUHFLVLRQGLDJQRVWLFVWKH\DUHHQDEOLQJWKHLGHQWL¿FDWLRQRIGLVHDVHVDWWKHLUPRVWWUHDWDEOHVWDJHV,}ÁÀâ×Øåá$")*./$/#*'*"4¶ØáçåØæŒÅØéÔàãÜáÚšZ\n)$),ošZŒ/vµšŒÇM»ØÔßçÛ·âÖçâåæ”_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ 3HUVRQDOL]HG0HGLFLQH7KHFRQFHSWRISHUVRQDOL]HGPHGLFLQHWDLORUHGWRDQLQGLYLGXDO¶VJHQHWLFPDNHXSLVJDLQLQJPRPHQWXP'LDJQRVWLFFHQWHUVSOD\DSLYRWDOUROHLQWKLVVKLIW7KH\R\ruHUJHQHWLFSUR¿OLQJHQDEOLQJGRFWRUVWRSUHVFULEHWUHDWPHQWVDQGWKHUDSLHVWKDWDUHVSHFL¿FWRDSDWLHQW¶VXQLTXHJHQHWLFFKDUDFWHULVWLFVLPSURYLQJWKHH\rvFDF\RIPHGLFDOLQWHUYHQWLRQV&XVWRPL]HG+HDOWKFDUH7KHFRQFHSWRISHUVRQDOL]HGPHGLFLQHLVWDNLQJURRW0RGHUQGLDJQRVWLFFHQWHUVSOD\DFUXFLDOUROHLQWKLVSDUDGLJPVKLIW7KH\R\ruHUJHQHWLFWHVWLQJDQGSUR¿OLQJHQVXULQJWKDWWUHDWPHQWVDUHWDLORUHGWRHDFKSDWLHQW¶VXQLTXHJHQHWLFPDNHXS7KLVQRWRQO\HQKDQFHVWKHH\ruHFWLYHQHVVRILQWHUYHQWLRQVEXWDOVRPLQLPL]HVDGYHUVHH\ru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ru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À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¿QHG7KHVHFHQWHUVDUHEUHDNLQJGRZQJHRJUDSKLFDOEDUULHUV%\HVWDEOLVKLQJDZLGHVSUHDGQHWZRUNRIGLDJQRVWLFIDFLOLWLHVWKH\DUHHQVXULQJWKDWKHDOWKFDUHLVDFFHVVLEOHWRLQGLYLGXDOVHYHQLQUHPRWHDUHDV2QOLQHVFKHGXOLQJKRPHVDPSOHFROOHFWLRQDQGHOHFWURQLFKHDOWKUHFRUGVDUHPDNLQJKHDOWKFDUHVHUYLFHVPRUHFRQYHQLHQWDQGH\rvFLHQW,QWHUQDWLRQDO6WDQGDUGV0RGHUQGLDJQRVWLFFHQWHUVDGKHUHWRLQWHUQDWLRQDOTXDOLW\VWDQGDUGV7KHFRPPLWPHQWWRSUHFLVLRQDQGUHOLDELOLW\KDVLQVWLOOHGDQHZOHYHORIWUXVWDPRQJSDWLHQWV3HRSOHFDQEHFRQ¿GHQWWKDWWKHLUGLDJQRVWLFUHSRUWVDUHDFFXUDWHDQGLQOLQHZLWKJOREDOKHDOWKFDUHQRUPV,QWKHFXUUHQWODQGVFDSHRI,QGLDQKHDOWKFDUHPRGHUQGLDJQRVWLFDQGSDWKRORJ\FHQWHUVDUHWKHFDWDO\VWVRIFKDQJH7KH\VLJQLI\QRWMXVWWKHSURPLVHRISUHFLVLRQGLDJQRVWLFVEXWDOVRWKHSRWHQWLDOWRWUDQVIRUPKRZKHDOWKFDUHVHUYLFHVDUHDFFHVVHGDQGH[SHULHQFHG$V,QGLDHPEDUNVRQDMRXUQH\WRZDUGDKHDOWKLHUDQGPRUHLQFOXVLYHIXWXUHWKHVHFHQWHUVZLOOUHPDLQSLYRWDOLQVKDSLQJWKHQDWLRQ¶VKHDOWKFDUHQDUUDWLYH7KHLUXQZDYHULQJFRPPLWPHQWWRLQQRYDWLRQDQGDFFHVVLELOLW\HQVXUHVWKDWKHDOWKFDUHLQ,QGLDLVHYROYLQJWRPHHWWKHGLYHUVHQHHGVRILWVYDVWSRSXODWLRQ ZèŒÜØ«Œ—aʓú  \n\n\r ,QVLJKWV6XFFHVV0HGLDDQG7HFKQRORJ\3YW/WG6XUYH\1R%UDQG6TXDUH2\rvFH1R.XQMLU&KRZN3LPSOH6DXGDJDU3XQH0DKDUDVKWUD3KRQH,QGLD(PDLOLQIR#LQVLJKWVVXFFHVVLQ)RU6XEVFULSWLRQZZZLQVLJKWVVXFFHVVLQ ‰†’–†”‰–…ƒ†…“‚˜Š‡‚—–“‡( \r\r   \r  && •‚šŠ•–„‰&–ƒ”„“Šƒ†•\r”Šˆ‰•””–„„†”” †•\r”Šˆ‰•””–„„†””‚ˆ‚›Š†Š‘“Š•'…ŠˆŠ•‚˜˜˜&Š”Šˆ‰•””–„„†””&Š 444:&+0&$%1002 "00:&+ _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ 3HUVRQDOL]HG0HGLFLQH7KHFRQFHSWRISHUVRQDOL]HGPHGLFLQHWDLORUHGWRDQLQGLYLGXDO¶VJHQHWLFPDNHXSLVJDLQLQJPRPHQWXP'LDJQRVWLFFHQWHUVSOD\DSLYRWDOUROHLQWKLVVKLIW7KH\R\ruHUJHQHWLFSUR¿OLQJHQDEOLQJGRFWRUVWRSUHVFULEHWUHDWPHQWVDQGWKHUDSLHVWKDWDUHVSHFL¿FWRDSDWLHQW¶VXQLTXHJHQHWLFFKDUDFWHULVWLFVLPSURYLQJWKHH\rvFDF\RIPHGLFDOLQWHUYHQWLRQV&XVWRPL]HG+HDOWKFDUH7KHFRQFHSWRISHUVRQDOL]HGPHGLFLQHLVWDNLQJURRW0RGHUQGLDJQRVWLFFHQWHUVSOD\DFUXFLDOUROHLQWKLVSDUDGLJPVKLIW7KH\R\ruHUJHQHWLFWHVWLQJDQGSUR¿OLQJHQVXULQJWKDWWUHDWPHQWVDUHWDLORUHGWRHDFKSDWLHQW¶VXQLTXHJHQHWLFPDNHXS7KLVQRWRQO\HQKDQFHVWKHH\ruHFWLYHQHVVRILQWHUYHQWLRQVEXWDOVRPLQLPL]HVDGYHUVHH\ru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ru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À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¿QHG7KHVHFHQWHUVDUHEUHDNLQJGRZQJHRJUDSKLFDOEDUULHUV%\HVWDEOLVKLQJDZLGHVSUHDGQHWZRUNRIGLDJQRVWLFIDFLOLWLHVWKH\DUHHQVXULQJWKDWKHDOWKFDUHLVDFFHVVLEOHWRLQGLYLGXDOVHYHQLQUHPRWHDUHDV2QOLQHVFKHGXOLQJKRPHVDPSOHFROOHFWLRQDQGHOHFWURQLFKHDOWKUHFRUGVDUHPDNLQJKHDOWKFDUHVHUYLFHVPRUHFRQYHQLHQWDQGH\rvFLHQW,QWHUQDWLRQDO6WDQGDUGV0RGHUQGLDJQRVWLFFHQWHUVDGKHUHWRLQWHUQDWLRQDOTXDOLW\VWDQGDUGV7KHFRPPLWPHQWWRSUHFLVLRQDQGUHOLDELOLW\KDVLQVWLOOHGDQHZOHYHORIWUXVWDPRQJSDWLHQWV3HRSOHFDQEHFRQ¿GHQWWKDWWKHLUGLDJQRVWLFUHSRUWVDUHDFFXUDWHDQGLQOLQHZLWKJOREDOKHDOWKFDUHQRUPV,QWKHFXUUHQWODQGVFDSHRI,QGLDQKHDOWKFDUHPRGHUQGLDJQRVWLFDQGSDWKRORJ\FHQWHUVDUHWKHFDWDO\VWVRIFKDQJH7KH\VLJQLI\QRWMXVWWKHSURPLVHRISUHFLVLRQGLDJQRVWLFVEXWDOVRWKHSRWHQWLDOWRWUDQVIRUPKRZKHDOWKFDUHVHUYLFHVDUHDFFHVVHGDQGH[SHULHQFHG$V,QGLDHPEDUNVRQDMRXUQH\WRZDUGDKHDOWKLHUDQGPRUHLQFOXVLYHIXWXUHWKHVHFHQWHUVZLOOUHPDLQSLYRWDOLQVKDSLQJWKHQDWLRQ¶VKHDOWKFDUHQDUUDWLYH7KHLUXQZDYHULQJFRPPLWPHQWWRLQQRYDWLRQDQGDFFHVVLELOLW\HQVXUHVWKDWKHDOWKFDUHLQ,QGLDLVHYROYLQJWRPHHWWKHGLYHUVHQHHGVRILWVYDVWSRSXODWLRQ ZèŒÜØ«Œ—aʓú  \n\n\r ,QVLJKWV6XFFHVV0HGLDDQG7HFKQRORJ\3YW/WG6XUYH\1R%UDQG6TXDUH2\rvFH1R.XQMLU&KRZN3LPSOH6DXGDJDU3XQH0DKDUDVKWUD3KRQH,QGLD(PDLOLQIR#LQVLJKWVVXFFHVVLQ)RU6XEVFULSWLRQZZZLQVLJKWVVXFFHVVLQ ‰†’–†”‰–…ƒ†…“‚˜Š‡‚—–“‡( \r\r   \r  && •‚šŠ•–„‰&–ƒ”„“Šƒ†•\r”Šˆ‰•””–„„†”” †•\r”Šˆ‰•””–„„†””‚ˆ‚›Š†Š‘“Š•'…ŠˆŠ•‚˜˜˜&Š”Šˆ‰•””–„„†””&Š 444:&+0&$%1002 "00:&+ _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ QWKHUHDOPRIKHDOWKFDUHZKHUHSUHFLVLRQDQGDFFXUDF\FDQEHDPDWWHURIOLIHDQGGHDWKWKHUROHRIGLDJQRVWLFDQGSDWKRORJ\FHQWUHVFDQQRWEHRYHUVWDWHG7KH\DUHWKHXQVXQJKHURHVZRUNLQJGLOLJHQWO\EHKLQGWKHVFHQHVSURYLGLQJKHDOWKFDUHSUDFWLWLRQHUVZLWKFUXFLDOLQVLJKWVIRUGLDJQRVLVWUHDWPHQWDQGSDWLHQWFDUH$PRQJWKHVHXQVXQJKHURHV'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVVWDQGVWDOODVDEHDFRQRIWUXVWH[FHOOHQFHDQGLQQRYDWLRQLQWKH¿HOGRIGLDJQRVWLFVLQ,QGLD7KLVLQVWLWXWLRQKDVHDUQHGLWVUHSXWDWLRQDVRQHRI,QGLD\n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ruHUVDZLGHUDQJHRIURXWLQHDQGVSHFLDOL]HGWHVWVLQWKH¿HOGVRI+DHPDWRORJ\%LRFKHPLVWU\,PPXQRFKHPLVWU\6HURORJ\0LFURELRORJ\&OLQLFDO3DWKRORJ\+LVWRSDWKRORJ\DQG&\WRORJ\)RXQGHGE\'U+DUVKDGDYLVLRQDU\LQWKH¿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nVPRVWUHSXWHGPHGLFDOWHVWLQJODERUDWRULHV7KHODERUDWRU\IXQFWLRQVLQ¿YHGL\ruHUHQWGHSDUWPHQWVKDHPDWRORJ\%LRFKHPLVWU\DQGLPPXQRFKHPLVWU\&OLQLFDO3DWKRORJ\6HURORJ\DQGURXWLQH0LFURELRORJ\DQG+LVWRSDWKRORJ\DQGF\WRORJ\$FFRUGLQJWR'U+DUVKDGWKH\DUHDOZD\VRQWKHZKHHORIFRQWLQXRXVLPSURYHPHQW7KHLUH\ruRUWVDUHVHHQLQWHUPVRI4XDOLW\(\rvFLHQF\5HOLDELOLW\RISDWLHQWVRQWKHPDQGDERYHDOOWKHXUJHWRVDWLVI\WKHLUSDWLHQW¶VQHHGV'U+DUVKDG-DULZDODSDVVHGKLV0%%6IURP%RPED\8QLYHUVLW\LQ+HIXUWKHUREWDLQHGDSRVWJUDGXDWH'LSORPDLQ3DWKRORJ\DQG%DFWHULRORJ\IURP&363DUHO0XPEDLLQ+HFRQWLQXHGKLVVWXGLHVIXUWKHUDQGDFTXLUHGD'RFWRUDWHLQ0HGLFLQH 0' LQ0LFURELRORJ\LQ$IWHUDFTXLULQJWKHVHPHGLFDOTXDOL¿FDWLRQV'U-DULZDODIXOO\H[SORLWHGKLVFDSDELOLWLHVE\ZRUNLQJDVDOHFWXUHUDQGVXEVHTXHQWO\DVDUHDGHULQ0LFURELRORJ\DW*UDQW0HGLFDO&ROOHJH0XPEDL+HWKHQPDUFKHGDKHDGDQGHVWDEOLVKHG'U-DULZDOD\nVODERUDWRU\LQDQGLQDGGLWLRQWRPDQ\URXWLQHDQGVSHFLDOL]HGODELQYHVWLJDWLRQVKHKDVJDLQHGH[FHOOHQFHLQWKH¿HOGRI$EQRUPDO+DHPRJORELQV&RPSUHKHQVLYH'LDJQRVWLF6HUYLFHV'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVR\ruHUVDQH[WHQVLYHDUUD\RIGLDJQRVWLFVHUYLFHVUDQJLQJIURPURXWLQHEORRGWHVWVWRDGYDQFHGPROHFXODUGLDJQRVWLFV:KHWKHULW¶VHDUO\GLVHDVHGHWHFWLRQPRQLWRULQJFKURQLFFRQGLWLRQVRUFRQGXFWLQJVSHFLDOL]HGWHVWVWKLVLQVWLWXWLRQVHUYHVDVDRQHVWRSGHVWLQDWLRQIRUDOOGLDJQRVWLFQHHGV6HUYLFHV+RPH%ORRG&ROOHFWLRQ6HUYLFHV7KHODERUDWRU\SURYLGHVKRPHFROOHFWLRQVHUYLFHVIRUSDWLHQWVZKRFDQQRWYLVLWWKHODERUDWRU\7KLVFDQEHGRQHZLWKSULRULQWLPDWLRQWRWKHODERUDWRU\DQGLVDYDLODEOHDFURVV0XPEDL1DYL0XPEDLDQG7KDQH$QDGGLWLRQDOFKDUJHRI\r_ZLOOEHFKDUJHGSHUYLVLW;5D\DQG(&*;UD\DQG(&* $YDLODEOHDW0DQGSHVKZDUDQG(NVDUFHQWUHRQO\ ;UD\DQG(&*FDQDOVREHGRQHDWKRPH'RQ\nWKHVLWDWH *Y 2HIVYH[VY` *PHNUVZ[PJZ¼ßßèàÜáÔçÜáÚ¼á×ÜÔá»ØÔßçÛÖÔåØàæÃÔæçŸÃåØæØáçŸÔá×¹èçèåØ ·å½ÔåÜêÔßÔ¿ÔÕâåÔçâåìØáæèåØæÖâàãßÜÔáÖØçâÜçæÄèÔßÜçìÀÔáÔÚØàØáçÆìæçØà×ØáØ×ÔæãØåçÛØ×ÜåØÖçÜéØæâÙØææØáçÜÔßàØ×ÜÖÔßßÔÕâåÔçâåìæçÔá×Ôå×æŸÜáçØåáÔçÜâáÔßæçÔá×Ôå׼Ƥ¨¤«¬­¥£¤¥ŸÁ´µ¿™Á´µ»¡ ·å»ÔåæÛÔ×½ÔåÜêÔßÔ¹âèá×Øå·å½ÔåÜêÔßÔ¿ÔÕâåÔçâåì™·ÜÔÚáâæçÜÖæ _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ 6SRWOLJKWLQJWKH0RVW7UXVWHG'LDJQRVWLFDQG3DWKRORJ\&HQWHUVLQ,QGLD QWKHUHDOPRIKHDOWKFDUHZKHUHSUHFLVLRQDQGDFFXUDF\FDQEHDPDWWHURIOLIHDQGGHDWKWKHUROHRIGLDJQRVWLFDQGSDWKRORJ\FHQWUHVFDQQRWEHRYHUVWDWHG7KH\DUHWKHXQVXQJKHURHVZRUNLQJGLOLJHQWO\EHKLQGWKHVFHQHVSURYLGLQJKHDOWKFDUHSUDFWLWLRQHUVZLWKFUXFLDOLQVLJKWVIRUGLDJQRVLVWUHDWPHQWDQGSDWLHQWFDUH$PRQJWKHVHXQVXQJKHURHV'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVVWDQGVWDOODVDEHDFRQRIWUXVWH[FHOOHQFHDQGLQQRYDWLRQLQWKH¿HOGRIGLDJQRVWLFVLQ,QGLD7KLVLQVWLWXWLRQKDVHDUQHGLWVUHSXWDWLRQDVRQHRI,QGLD\n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ruHUVDZLGHUDQJHRIURXWLQHDQGVSHFLDOL]HGWHVWVLQWKH¿HOGVRI+DHPDWRORJ\%LRFKHPLVWU\,PPXQRFKHPLVWU\6HURORJ\0LFURELRORJ\&OLQLFDO3DWKRORJ\+LVWRSDWKRORJ\DQG&\WRORJ\)RXQGHGE\'U+DUVKDGDYLVLRQDU\LQWKH¿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nVPRVWUHSXWHGPHGLFDOWHVWLQJODERUDWRULHV7KHODERUDWRU\IXQFWLRQVLQ¿YHGL\ruHUHQWGHSDUWPHQWVKDHPDWRORJ\%LRFKHPLVWU\DQGLPPXQRFKHPLVWU\&OLQLFDO3DWKRORJ\6HURORJ\DQGURXWLQH0LFURELRORJ\DQG+LVWRSDWKRORJ\DQGF\WRORJ\$FFRUGLQJWR'U+DUVKDGWKH\DUHDOZD\VRQWKHZKHHORIFRQWLQXRXVLPSURYHPHQW7KHLUH\ruRUWVDUHVHHQLQWHUPVRI4XDOLW\(\rvFLHQF\5HOLDELOLW\RISDWLHQWVRQWKHPDQGDERYHDOOWKHXUJHWRVDWLVI\WKHLUSDWLHQW¶VQHHGV'U+DUVKDG-DULZDODSDVVHGKLV0%%6IURP%RPED\8QLYHUVLW\LQ+HIXUWKHUREWDLQHGDSRVWJUDGXDWH'LSORPDLQ3DWKRORJ\DQG%DFWHULRORJ\IURP&363DUHO0XPEDLLQ+HFRQWLQXHGKLVVWXGLHVIXUWKHUDQGDFTXLUHGD'RFWRUDWHLQ0HGLFLQH 0' LQ0LFURELRORJ\LQ$IWHUDFTXLULQJWKHVHPHGLFDOTXDOL¿FDWLRQV'U-DULZDODIXOO\H[SORLWHGKLVFDSDELOLWLHVE\ZRUNLQJDVDOHFWXUHUDQGVXEVHTXHQWO\DVDUHDGHULQ0LFURELRORJ\DW*UDQW0HGLFDO&ROOHJH0XPEDL+HWKHQPDUFKHGDKHDGDQGHVWDEOLVKHG'U-DULZDOD\nVODERUDWRU\LQDQGLQDGGLWLRQWRPDQ\URXWLQHDQGVSHFLDOL]HGODELQYHVWLJDWLRQVKHKDVJDLQHGH[FHOOHQFHLQWKH¿HOGRI$EQRUPDO+DHPRJORELQV&RPSUHKHQVLYH'LDJQRVWLF6HUYLFHV'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVR\ruHUVDQH[WHQVLYHDUUD\RIGLDJQRVWLFVHUYLFHVUDQJLQJIURPURXWLQHEORRGWHVWVWRDGYDQFHGPROHFXODUGLDJQRVWLFV:KHWKHULW¶VHDUO\GLVHDVHGHWHFWLRQPRQLWRULQJFKURQLFFRQGLWLRQVRUFRQGXFWLQJVSHFLDOL]HGWHVWVWKLVLQVWLWXWLRQVHUYHVDVDRQHVWRSGHVWLQDWLRQIRUDOOGLDJQRVWLFQHHGV6HUYLFHV+RPH%ORRG&ROOHFWLRQ6HUYLFHV7KHODERUDWRU\SURYLGHVKRPHFROOHFWLRQVHUYLFHVIRUSDWLHQWVZKRFDQQRWYLVLWWKHODERUDWRU\7KLVFDQEHGRQHZLWKSULRULQWLPDWLRQWRWKHODERUDWRU\DQGLVDYDLODEOHDFURVV0XPEDL1DYL0XPEDLDQG7KDQH$QDGGLWLRQDOFKDUJHRI\r_ZLOOEHFKDUJHGSHUYLVLW;5D\DQG(&*;UD\DQG(&* $YDLODEOHDW0DQGSHVKZDUDQG(NVDUFHQWUHRQO\ ;UD\DQG(&*FDQDOVREHGRQHDWKRPH'RQ\nWKHVLWDWH *Y 2HIVYH[VY` *PHNUVZ[PJZ¼ßßèàÜáÔçÜáÚ¼á×ÜÔá»ØÔßçÛÖÔåØàæÃÔæçŸÃåØæØáçŸÔá×¹èçèåØ ·å½ÔåÜêÔßÔ¿ÔÕâåÔçâåìØáæèåØæÖâàãßÜÔáÖØçâÜçæÄèÔßÜçìÀÔáÔÚØàØáçÆìæçØà×ØáØ×ÔæãØåçÛØ×ÜåØÖçÜéØæâÙØææØáçÜÔßàØ×ÜÖÔßßÔÕâåÔçâåìæçÔá×Ôå×æŸÜáçØåáÔçÜâáÔßæçÔá×Ôå׼Ƥ¨¤«¬­¥£¤¥ŸÁ´µ¿™Á´µ»¡ ·å»ÔåæÛÔ×½ÔåÜêÔßÔ¹âèá×Øå·å½ÔåÜêÔßÔ¿ÔÕâåÔçâåì™·ÜÔÚáâæçÜÖæ _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ 6SRWOLJKWLQJWKH0RVW7UXVWHG'LDJQRVWLFDQG3DWKRORJ\&HQWHUVLQ,QGLD WRJHWLQWRXFKZLWKWKHODERUDWRU\RQIRUPRUHGHWDLOV2XWVLGH%ORRG&ROOHFWLRQ6HUYLFHV,QFDVHDKRPHYLVLWLVQRWDYDLODEOHDSDWLHQWLQQHHGFDQEHEURXJKWWRWKHODERUDWRU\LQWKHLUYHKLFOH7KHODERUDWRU\ZLOODUUDQJHWRFROOHFWWKHSDWLHQW\n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¿QHGE\WKH/DERUDWRU\,QQRYDWLRQDQG5HVHDUFK%H\RQGURXWLQHGLDJQRVWLFV'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVLVDFWLYHO\HQJDJHGLQUHVHDUFKDQGLQQRYDWLRQ7KHLQVWLWXWLRQFROODERUDWHVZLWKOHDGLQJKHDOWKFDUHRUJDQL]DWLRQVFRQWULEXWLQJWRJURXQGEUHDNLQJDGYDQFHPHQWVLQWKH¿HOG7KLVGHGLFDWLRQWRSURJUHVVHQVXUHVWKDWSDWLHQWVEHQH¿WIURPWRGD\¶VEHVWSUDFWLFHVDQGWRPRUURZ¶VLQQRYDWLRQV7KHODERUDWRU\EHOLHYHVLQWKHFRQWLQXDOLPSURYHPHQWRILWVVHUYLFHVZKLFKLVDFKLHYHGWKURXJKUHJXODUHGXFDWLRQDQGWUDLQLQJRILWVSHUVRQQHOFRPSHWHQFHDVVHVVPHQWDWDOOOHYHOVDQGFRQVWDQWXSJUDGDWLRQLQWHUPVRIHTXLSPHQWDQGSURFHVVHV$7UXVWHG3DUWQHULQ+HDOWKFDUH7KHPDQDJHPHQWDQGVWD\ruRI'U-DULZDOD/DERUDWRU\HQVXUHFRPSOLDQFHZLWKLWV4XDOLW\0DQDJHPHQW6\VWHPGH¿QHGDVSHUWKHGLUHFWLYHVRIHVVHQWLDOPHGLFDOODERUDWRU\VWDQGDUGVLQWHUQDWLRQDOVWDQGDUG,621$%/ 1$%+,QDQDWLRQDVYDVWDQGGLYHUVHDV,QGLDDFFHVVWRUHOLDEOHGLDJQRVWLFVHUYLFHVFDQEHDOLIHOLQH2YHUWKH\HDUV'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVKDVEHFRPHDWUXVWHGSDUWQHULQWKHKHDOWKFDUHMRXUQH\RIPLOOLRQV,WSOD\VDSLYRWDOUROHLQHQVXULQJWLPHO\DQGDFFXUDWHGLDJQRVHVIDFLOLWDWLQJH\ruHFWLYHWUHDWPHQWSODQVDQGXOWLPDWHO\LPSURYLQJSDWLHQWRXWFRPHV'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVLVDQLQVWLWXWLRQWKDWKDVQRWMXVWHDUQHGWUXVWEXWKDVUHGH¿QHGWKHVWDQGDUGVRIGLDJQRVWLFH[FHOOHQFHLQ,QGLD7KHLQVWLWXWLRQ¶VKLVWRU\LWVFRPPLWPHQWWRLQQRYDWLRQWKHGHGLFDWHGWHDPRIH[SHUWVDQGWKHSURIRXQGLPSDFWLWKDVKDGRQKHDOWKFDUHLQ,QGLDLVWUXO\FRPPHQGDEOH'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVLVQRWMXVWDGLDJQRVWLFFHQWUHLW¶VDFRUQHUVWRQHRIKHDOWKFDUHLOOXPLQDWLQJWKHSDWKWRZDUGVDKHDOWKLHUPRUHLQIRUPHGIXWXUHIRUDOO _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ WRJHWLQWRXFKZLWKWKHODERUDWRU\RQIRUPRUHGHWDLOV2XWVLGH%ORRG&ROOHFWLRQ6HUYLFHV,QFDVHDKRPHYLVLWLVQRWDYDLODEOHDSDWLHQWLQQHHGFDQEHEURXJKWWRWKHODERUDWRU\LQWKHLUYHKLFOH7KHODERUDWRU\ZLOODUUDQJHWRFROOHFWWKHSDWLHQW\n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¿QHGE\WKH/DERUDWRU\,QQRYDWLRQDQG5HVHDUFK%H\RQGURXWLQHGLDJQRVWLFV'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVLVDFWLYHO\HQJDJHGLQUHVHDUFKDQGLQQRYDWLRQ7KHLQVWLWXWLRQFROODERUDWHVZLWKOHDGLQJKHDOWKFDUHRUJDQL]DWLRQVFRQWULEXWLQJWRJURXQGEUHDNLQJDGYDQFHPHQWVLQWKH¿HOG7KLVGHGLFDWLRQWRSURJUHVVHQVXUHVWKDWSDWLHQWVEHQH¿WIURPWRGD\¶VEHVWSUDFWLFHVDQGWRPRUURZ¶VLQQRYDWLRQV7KHODERUDWRU\EHOLHYHVLQWKHFRQWLQXDOLPSURYHPHQWRILWVVHUYLFHVZKLFKLVDFKLHYHGWKURXJKUHJXODUHGXFDWLRQDQGWUDLQLQJRILWVSHUVRQQHOFRPSHWHQFHDVVHVVPHQWDWDOOOHYHOVDQGFRQVWDQWXSJUDGDWLRQLQWHUPVRIHTXLSPHQWDQGSURFHVVHV$7UXVWHG3DUWQHULQ+HDOWKFDUH7KHPDQDJHPHQWDQGVWD\ruRI'U-DULZDOD/DERUDWRU\HQVXUHFRPSOLDQFHZLWKLWV4XDOLW\0DQDJHPHQW6\VWHPGH¿QHGDVSHUWKHGLUHFWLYHVRIHVVHQWLDOPHGLFDOODERUDWRU\VWDQGDUGVLQWHUQDWLRQDOVWDQGDUG,621$%/ 1$%+,QDQDWLRQDVYDVWDQGGLYHUVHDV,QGLDDFFHVVWRUHOLDEOHGLDJQRVWLFVHUYLFHVFDQEHDOLIHOLQH2YHUWKH\HDUV'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVKDVEHFRPHDWUXVWHGSDUWQHULQWKHKHDOWKFDUHMRXUQH\RIPLOOLRQV,WSOD\VDSLYRWDOUROHLQHQVXULQJWLPHO\DQGDFFXUDWHGLDJQRVHVIDFLOLWDWLQJH\ruHFWLYHWUHDWPHQWSODQVDQGXOWLPDWHO\LPSURYLQJSDWLHQWRXWFRPHV'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVLVDQLQVWLWXWLRQWKDWKDVQRWMXVWHDUQHGWUXVWEXWKDVUHGH¿QHGWKHVWDQGDUGVRIGLDJQRVWLFH[FHOOHQFHLQ,QGLD7KHLQVWLWXWLRQ¶VKLVWRU\LWVFRPPLWPHQWWRLQQRYDWLRQWKHGHGLFDWHGWHDPRIH[SHUWVDQGWKHSURIRXQGLPSDFWLWKDVKDGRQKHDOWKFDUHLQ,QGLDLVWUXO\FRPPHQGDEOH'U-DULZDOD/DERUDWRU\ 'LDJQRVWLFVLVQRWMXVWDGLDJQRVWLFFHQWUHLW¶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ru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¿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¿HOGRILQYHVWLJDWLYHPHGLFLQHDQGGLDJQRVWLFWHVWLQJVHUYLFHVFRPHVZLWKDVWURQJJURXQGZRUNIRUWKHGHGLFDWHGVHWXSRIWKHRUJDQL]DWLRQ'U*XSWDVD\V³2XUH[SHULHQFHDQGHVWDEOLVKPHQWVWKDWKDYHEHHQPLOHVWRQHVLQWKLVGRPDLQKDYHEHHQPDSSHGRXWEHORZ±0DQJODP'LDJQRVWLFV 0DLQ&HQWUH DW+LVDUZDVHVWDEOLVKHG±(VWDEOLVKHG5DGLRORJ\DQG,PDJLQJVHUYLFHV)LUVW'LDJQRVWLF&HQWUHLQ+DU\DQD5HJLRQWRVWDUW05,±6WDUWHGSURYLGLQJ%ORRGEDQNVHUYLFHVDW+LVDU±6WDUWHG&RPSRQHQWVDQG$SKHUHVLVPDFKLQHDW0DQJODP%ORRG%DQN±0DQJODP'LDJQRVWLFV 0DQJODP/DE&LW\&HQWUH+LVDU ZDVHVWDEOLVKHG±)LUVW'LDJQRVWLF&HQWUHLQ+DU\DQDUHJLRQ ([FHSW1&5 WRSURYLGH1XFOHDU0HGLFLQHVHUYLFHVZLWKWKHODWHVW3(7&7VFDQQHUDQGDGXDOKHDG*DPPD&DPHUD±0DQJODP'LDJQRVWLFV +DQVL&HQWUH ZDVHVWDEOLVKHG)LUVWWRSURYLGH³DQ\WLPHUHSRUWFROOHFWLRQ´LQDGGLWLRQWRZHEIDFLOLWDWLRQRIUHSRUWYLHZDQGGRZQORDG7KHYHU\¿UVW1$%/$FFUHGLWHG0HGLFDO/DERUDWRU\LQ+LVDU&LW\±0DQJODP'LDJQRVWLFV -LQG %KLZDQL&HQWUH ZDVHVWDEOLVKHG±0DQJODP'LDJQRVWLFV 7RVKDP 7RKDQD&HQWUH ZDVHVWDEOLVKHG7KHYHU\¿UVW1$%+$FFUHGLWHGGLDJQRVWLFFHQWUHLPDJLQJPRGDOLWLHV LQ+LVDU±0DQJODP'LDJQRVWLFV )DWHKDEDG&HQWUH ZDVHVWDEOLVKHG±0DQJODP'LDJQRVWLFV 0RRQDN&HQWUH ZDVHVWDEOLVKHG±0DQJODP/DE&LW\&HQWUH+LVDU 7RKDQD0DQJODP'LDJQRVWLFVJRW1$%/DFFUHGLWHG7RKDQD0DQJODP'LDJQRVWLFVEHFDPHWKHYHU\¿UVW1$%/$FFUHGLWHG0HGLFDO/DERUDWRU\LQ)DWHKDEDGFLW\´/LYLQJ8SWR$1REOH0RWWR5HÀHFWLQJRQWKHMRXUQH\'U*XSWDVD\VLQKLVKHDUWIHOWPHVVDJH³'HDUDOOZHZRXOGOLNHWRWKDQN\RXDOOIRU\RXUVXSSRUWDQGEOHVVLQJVWKDWKDYHKHOSHGXVDFKLHYHPDQ\PLOHVWRQHVDQGVXFFHVVHV+HIXUWKHUVWKDW0DQJODP'LDJQRVWLFVKDVJRQHDORQJZD\WRSURYLGHDSUHYHQWLYHFDUHSURJUDPRILQWHUQDWLRQDOVWDQGDUGVDQGOLYHXSWRLWVPRWWRRYHUWKH\HDUV,QFRUSRUDWLQJDGYDQFHGVWDWHRIWKHDUWPDFKLQHVLQHDFK DvPou]Pv}Ÿz}µŒE,˜E�Œ]šD}šWŒ(ŒŒ]Pv}ŸvšŒ}(Z}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ru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¿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¿HOGRILQYHVWLJDWLYHPHGLFLQHDQGGLDJQRVWLFWHVWLQJVHUYLFHVFRPHVZLWKDVWURQJJURXQGZRUNIRUWKHGHGLFDWHGVHWXSRIWKHRUJDQL]DWLRQ'U*XSWDVD\V³2XUH[SHULHQFHDQGHVWDEOLVKPHQWVWKDWKDYHEHHQPLOHVWRQHVLQWKLVGRPDLQKDYHEHHQPDSSHGRXWEHORZ±0DQJODP'LDJQRVWLFV 0DLQ&HQWUH DW+LVDUZDVHVWDEOLVKHG±(VWDEOLVKHG5DGLRORJ\DQG,PDJLQJVHUYLFHV)LUVW'LDJQRVWLF&HQWUHLQ+DU\DQD5HJLRQWRVWDUW05,±6WDUWHGSURYLGLQJ%ORRGEDQNVHUYLFHVDW+LVDU±6WDUWHG&RPSRQHQWVDQG$SKHUHVLVPDFKLQHDW0DQJODP%ORRG%DQN±0DQJODP'LDJQRVWLFV 0DQJODP/DE&LW\&HQWUH+LVDU ZDVHVWDEOLVKHG±)LUVW'LDJQRVWLF&HQWUHLQ+DU\DQDUHJLRQ ([FHSW1&5 WRSURYLGH1XFOHDU0HGLFLQHVHUYLFHVZLWKWKHODWHVW3(7&7VFDQQHUDQGDGXDOKHDG*DPPD&DPHUD±0DQJODP'LDJQRVWLFV +DQVL&HQWUH ZDVHVWDEOLVKHG)LUVWWRSURYLGH³DQ\WLPHUHSRUWFROOHFWLRQ´LQDGGLWLRQWRZHEIDFLOLWDWLRQRIUHSRUWYLHZDQGGRZQORDG7KHYHU\¿UVW1$%/$FFUHGLWHG0HGLFDO/DERUDWRU\LQ+LVDU&LW\±0DQJODP'LDJQRVWLFV -LQG %KLZDQL&HQWUH ZDVHVWDEOLVKHG±0DQJODP'LDJQRVWLFV 7RVKDP 7RKDQD&HQWUH ZDVHVWDEOLVKHG7KHYHU\¿UVW1$%+$FFUHGLWHGGLDJQRVWLFFHQWUHLPDJLQJPRGDOLWLHV LQ+LVDU±0DQJODP'LDJQRVWLFV )DWHKDEDG&HQWUH ZDVHVWDEOLVKHG±0DQJODP'LDJQRVWLFV 0RRQDN&HQWUH ZDVHVWDEOLVKHG±0DQJODP/DE&LW\&HQWUH+LVDU 7RKDQD0DQJODP'LDJQRVWLFVJRW1$%/DFFUHGLWHG7RKDQD0DQJODP'LDJQRVWLFVEHFDPHWKHYHU\¿UVW1$%/$FFUHGLWHG0HGLFDO/DERUDWRU\LQ)DWHKDEDGFLW\´/LYLQJ8SWR$1REOH0RWWR5HÀHFWLQJRQWKHMRXUQH\'U*XSWDVD\VLQKLVKHDUWIHOWPHVVDJH³'HDUDOOZHZRXOGOLNHWRWKDQN\RXDOOIRU\RXUVXSSRUWDQGEOHVVLQJVWKDWKDYHKHOSHGXVDFKLHYHPDQ\PLOHVWRQHVDQGVXFFHVVHV+HIXUWKHUVWKDW0DQJODP'LDJQRVWLFVKDVJRQHDORQJZD\WRSURYLGHDSUHYHQWLYHFDUHSURJUDPRILQWHUQDWLRQDOVWDQGDUGVDQGOLYHXSWRLWVPRWWRRYHUWKH\HDUV,QFRUSRUDWLQJDGYDQFHGVWDWHRIWKHDUWPDFKLQHVLQHDFK DvPou]Pv}Ÿz}µŒE,˜E�Œ]šD}šWŒ(ŒŒ]Pv}ŸvšŒ}(Z}]'U*5*XSWD0' 3DWK )RXQGHU0DQJODP'LDJQRVWLFV _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ 6SRWOLJKWLQJWKH0RVW7UXVWHG'LDJQRVWLFDQG3DWKRORJ\&HQWHUVLQ,QGLD GHSDUWPHQWEDFNHGE\UHSXWHG'RFWRUVDQGWUDLQHGWHFKQLFLDQVFDULQJVWD\ruDQGVWULQJHQWLQWHUQDODQGH[WHUQDOTXDOLW\FRQWUROVDQGFKHFNVE\0HGLFDODXWKRULWLHVKDYHKHOSHG0DQJODP'LDJQRVWLFVPDLQWDLQDFFXUDF\7KHFHQWUH¶VUHYROXWLRQDU\FRQFHSWRISUHYHQWLYHKHDOWKFKHFNSURJUDPVIRUDOOVHJPHQWVDQGDJHJURXSVKDVEHHQSURYHQWREHWKHEHVWVRXUFHRILQYDOXDEOHLQVLJKWLQWRDSHUVRQ¶VKHDOWKDQGZHOOEHLQJ7DFNOHGKROLVWLFDOO\E\DWHDPRIGRFWRUVDQGWHFKQLFLDQVWKHVHSURJUDPVLPSURYHWKHRYHUDOOTXDOLW\RIUHSRUWVDQGGLDJQRVHV0DQJODP$GYDQFHG3DWKRORJ\GHSDUWPHQWKDVEHFRPHDFRPSOHWHFDUHXQLWE\LQWURGXFLQJPDQ\QHZDQGDGYDQFHGPDFKLQHV,WVDGGLWLRQVKDYHUHVXOWHGLQDGUDVWLFLQFUHDVHLQTXDOLW\DQGUHGXFHGWKHWXUQDURXQGWLPHRIUHSRUWVKHOSLQJTXLFNHQWKHGLDJQRVWLFVSURFHVVVXEVWDQWLDOO\7DNLQJDQRWKHUVWHSIRUZDUGIRUEHWWHUSDWLHQWFDUHDQGSURYLGLQJKHDOWKFDUHURXQGWKHFORFNZHDUHRSHQîZLWKWKHDLPRIDVVLVWLQJGRFWRUVDQGQXUVLQJKRPHVIRUHPHUJHQF\FDUH´VD\V'U*XSWD0DQJODP'LDJQRVWLFVVHUYLFHDLPVWRKHOSSDWLHQWVZKRFDQ¶WDWWHQGWKHFHQWUHV6SHFLDOFRQFHVVLRQVIRUSRRUSDWLHQWVDQGFKDULWDEOHFDPSVKHOSXVFDUHIRUWKRVHZKRFDQ¶WD\ruRUGTXDOLW\SULYDWHKHDOWKFDUH'U*XSWDDGGV³2XUH üRUWVDUHDOZD\VFKDQQHOL]HGWRZDUGVVWUHQJWKHQLQJRXUVHUYLFHVVRWKH\PD\PHHW\RXUH[SHFWDWLRQVDWDOOWLPHV6LQFHUHO\ORRNIRUZDUGWR\RXUVXSSRUWDQGZHOFRPHDQ\VXJJHVWLRQVRUIHHGEDFNWKDWZRXOGKHOSXVVHUYH\RXEHWWHU%HQFKPDUNLQJ4XDOLW\6WDQGDUGV0DQJODP'LDJQRVWLFVKDVEXLOWDUHSXWDWLRQIRUTXDOLW\LQ+LVDUDQGVXUURXQGLQJDUHDV,WFRQGXFWVULJRURXVTXDOLW\DVVXUDQFHDQGTXDOLW\LPSURYHPHQWSURJUDPV7KHTXDOLW\DVVXUDQFHSURJUDPLVUHYLHZHGDQGHQKDQFHGUHJXODUO\WRPRQLWRUWKHLUTXDOLW\DQGH\ruHFWLYHQHVV³:HUHJXODUO\SDUWLFLSDWHLQH[WHUQDOTXDOLW\FRQWUROSURJUDPVDQGUHJXODULQWHUQDOTXDOLW\FRQWUROH[HUFLVHV2XUTXDOLW\DVVXUDQFHSURJUDPFRPSDUHVWHVWUHVXOWVDPRQJPHWKRGVLQVWUXPHQWVDQGRWKHUODERUDWRULHV´VWDWHV'U*XSWD)RVWHULQJ6RFLDO5HVSRQVLELOLW\+HDOVRDGGVWKDWWKH\SURYLGHGLDJQRVWLFIDFLOLWLHVDWWKHGRRUVWHSVRISHRSOHRI+LVDUWKXVDYRLGLQJLQFRQYHQLHQFHDQGPDNLQJFRVWH\ruHFWLYHGLDJQRVHV7KH\DUHUXQQLQJODEVLQFKDULWDEOHKRVSLWDOVDWVXEVLGL]HGUDWHV7KH\RUJDQL]HFDPSVIURPWLPHWRWLPHIRUVHQLRUFLWL]HQVDQG'HIHQVHSHUVRQQHODQGSHUIRUPWHVWVDWDQRPLQDOFRVW6KDULQJWKHLUVLJQL¿FDQWVHUYLFHV'U*XSWDVD\VWKH\LQFOXGH1XFOHDU0HGLFLQH1XFOHDUPHGLFLQHLVDPHGLFDOVSHFLDOLW\LQYROYLQJWKHXVHRIUDGLRDFWLYHVXEVWDQFHVLQGLDJQRVLQJDQGWUHDWLQJYDULRXVGLVHDVHV:LWKLWVEHJLQQLQJPRUHWKDQ¿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¿FDWLRQHWFKDYHDGGHGDIHDWKHUWRLWVFDS0DQJODP1XFOHDU&HQWUHKDVZLWKLWQRZWKHODWHVW3(7&7VFDQQHUDQGDGXDOKHDGJDPPDFDPHUD$OVRWKHFHQWUHLVHTXLSSHGZLWKWKHUDSHXWLFIDFLOLWLHVOLNH,RGLQHWKHUDS\IRUK\SHUWK\URLGLVP1XFOHDU0HGLFLQHDQG3(7&7KHUHLQ+DU\DQDZLOOEHDERRQWRWKHPHGLFDOIUDWHUQLW\'U*XSWDZHOFRPHV\RXWRWKH:RUOGRI1XFOHDU0HGLFLQHDQG3(7&7LQ+DU\DQD1XFOHDU0HGLFLQHLVDPHGLFDOVSHFLDOW\WKDWLQYROYHVWKHDGPLQLVWUDWLRQRI‡5DGLRSKDUPDFHXWLFDOV^UDGLRLVRWRSHV UDGLRDFWLYHSRUWLRQ SKDUPDFHXWLFDOV QRQUDGLRDFWLYHSRUWLRQ `‡5DGLRODEHOHGQRUPDOFRQVWLWXHQWPROHFXOHVRIWKHERG\‡5DGLRLVRWRSHVWRWKHSDWLHQWVIRUYDULRXVGLDJQRVWLFWKHUDSHXWLFSXUSRVHV3DWKRORJ\6HUYLFHV0DQJODPR\ruHUVH[WHQVLYHWHVWVDFURVVDOOFOLQLFDODQGFHOOXODUSDWKRORJ\GLVFLSOLQHV,WVODERUDWRULHVDUHVXSSRUWHGE\FRQVXOWDQWSDWKRORJLVWVZKRSURYLGHH[SHUWDGYLFHGULYLQJTXDOLW\DQGLPSURYLQJSDWLHQWFDUH,PDJLQJ6HUYLFHV0DQJODP'LDJQRVWLFVR\ruHUVSURIHVVLRQDODQGH[FHOOHQWFDUHWRDOOVXUURXQGLQJFRPPXQLWLHV,WSURYLGHVDIXOOUDQJHRILQSDWLHQWHPHUJHQF\DQGRXWSDWLHQWLPDJLQJVHUYLFHVVXFKDV&705,0DPPRJUDSK\,QWHUYHQWLRQDO5DGLRORJ\DQG8OWUDVRXQG%ORRG%DQN6HUYLFHV7KH%ORRG%DQNFDWHUVWRWKHQHHGVRIDOOWKHSDWLHQWVRIWKH+RVSLWDO$OOFROOHFWHGEORRGLVVSOLWLQWRFRPSRQHQWVOLNH3DFNHGFHOOV)UHVK)UR]HQ3ODVPD&U\RSUHFLSLWDWH3ODWHOHWVDQG6LQJOH'RQRU3ODWHOHWVRQUHTXHVW%ORRG%DQN6HUYLFHV±)DFLOLWLHVIRUZKROHEORRGDOOFRPSRQHQWVOLNH5%&))3SODWHOHWVDQGSODWHOHWDSKHUHVLV7KH¿UVWFHQWUHWRVWDUWSODWHOHWDSKHUHVLV'U*XSWDLQIRUPV:HKDYHWZR%D[WHUDSKHUHVLVPDFKLQHVERWKVLQJOHDQGGRXEOHQHHGOH´,WLVWKHRQO\EORRGEDQNLQWKLVUHJLRQWRKDYHWRRSSUHVV±WZRPDFKLQHVIRUOHXNRUHGXFHGFRPSRQHQWV$OOWHVWVDUHGRQHSHU:+2JXLGHOLQHVDQGWKJHQHUDWLRQNLWVDUHXVHGIRUWHVWLQJ)RUEORRGJURXSVDQGFURVVPDWFK*(/WHFKQRORJ\LVXVHG3URGXFWVDUHDYDLODEOH‡:KROH%ORRG‡&RPSRQHQWV‡$SKHUHVLV _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ ÂèåØÙÙâåçæÔåØÔßêÔìæÖÛÔááØßÜíØ×çâêÔå×ææçåØáÚçÛØáÜáÚâèåæØåéÜÖØææâçÛØìàÔìàØØçìâèåØëãØÖçÔçÜâáæÔçÔßßçÜàØæ¡ ££ GHSDUWPHQWEDFNHGE\UHSXWHG'RFWRUVDQGWUDLQHGWHFKQLFLDQVFDULQJVWD\ruDQGVWULQJHQWLQWHUQDODQGH[WHUQDOTXDOLW\FRQWUROVDQGFKHFNVE\0HGLFDODXWKRULWLHVKDYHKHOSHG0DQJODP'LDJQRVWLFVPDLQWDLQDFFXUDF\7KHFHQWUH¶VUHYROXWLRQDU\FRQFHSWRISUHYHQWLYHKHDOWKFKHFNSURJUDPVIRUDOOVHJPHQWVDQGDJHJURXSVKDVEHHQSURYHQWREHWKHEHVWVRXUFHRILQYDOXDEOHLQVLJKWLQWRDSHUVRQ¶VKHDOWKDQGZHOOEHLQJ7DFNOHGKROLVWLFDOO\E\DWHDPRIGRFWRUVDQGWHFKQLFLDQVWKHVHSURJUDPVLPSURYHWKHRYHUDOOTXDOLW\RIUHSRUWVDQGGLDJQRVHV0DQJODP$GYDQFHG3DWKRORJ\GHSDUWPHQWKDVEHFRPHDFRPSOHWHFDUHXQLWE\LQWURGXFLQJPDQ\QHZDQGDGYDQFHGPDFKLQHV,WVDGGLWLRQVKDYHUHVXOWHGLQDGUDVWLFLQFUHDVHLQTXDOLW\DQGUHGXFHGWKHWXUQDURXQGWLPHRIUHSRUWVKHOSLQJTXLFNHQWKHGLDJQRVWLFVSURFHVVVXEVWDQWLDOO\7DNLQJDQRWKHUVWHSIRUZDUGIRUEHWWHUSDWLHQWFDUHDQGSURYLGLQJKHDOWKFDUHURXQGWKHFORFNZHDUHRSHQîZLWKWKHDLPRIDVVLVWLQJGRFWRUVDQGQXUVLQJKRPHVIRUHPHUJHQF\FDUH´VD\V'U*XSWD0DQJODP'LDJQRVWLFVVHUYLFHDLPVWRKHOSSDWLHQWVZKRFDQ¶WDWWHQGWKHFHQWUHV6SHFLDOFRQFHVVLRQVIRUSRRUSDWLHQWVDQGFKDULWDEOHFDPSVKHOSXVFDUHIRUWKRVHZKRFDQ¶WD\ruRUGTXDOLW\SULYDWHKHDOWKFDUH'U*XSWDDGGV³2XUH üRUWVDUHDOZD\VFKDQQHOL]HGWRZDUGVVWUHQJWKHQLQJRXUVHUYLFHVVRWKH\PD\PHHW\RXUH[SHFWDWLRQVDWDOOWLPHV6LQFHUHO\ORRNIRUZDUGWR\RXUVXSSRUWDQGZHOFRPHDQ\VXJJHVWLRQVRUIHHGEDFNWKDWZRXOGKHOSXVVHUYH\RXEHWWHU%HQFKPDUNLQJ4XDOLW\6WDQGDUGV0DQJODP'LDJQRVWLFVKDVEXLOWDUHSXWDWLRQIRUTXDOLW\LQ+LVDUDQGVXUURXQGLQJDUHDV,WFRQGXFWVULJRURXVTXDOLW\DVVXUDQFHDQGTXDOLW\LPSURYHPHQWSURJUDPV7KHTXDOLW\DVVXUDQFHSURJUDPLVUHYLHZHGDQGHQKDQFHGUHJXODUO\WRPRQLWRUWKHLUTXDOLW\DQGH\ruHFWLYHQHVV³:HUHJXODUO\SDUWLFLSDWHLQH[WHUQDOTXDOLW\FRQWUROSURJUDPVDQGUHJXODULQWHUQDOTXDOLW\FRQWUROH[HUFLVHV2XUTXDOLW\DVVXUDQFHSURJUDPFRPSDUHVWHVWUHVXOWVDPRQJPHWKRGVLQVWUXPHQWVDQGRWKHUODERUDWRULHV´VWDWHV'U*XSWD)RVWHULQJ6RFLDO5HVSRQVLELOLW\+HDOVRDGGVWKDWWKH\SURYLGHGLDJQRVWLFIDFLOLWLHVDWWKHGRRUVWHSVRISHRSOHRI+LVDUWKXVDYRLGLQJLQFRQYHQLHQFHDQGPDNLQJFRVWH\ruHFWLYHGLDJQRVHV7KH\DUHUXQQLQJODEVLQFKDULWDEOHKRVSLWDOVDWVXEVLGL]HGUDWHV7KH\RUJDQL]HFDPSVIURPWLPHWRWLPHIRUVHQLRUFLWL]HQVDQG'HIHQVHSHUVRQQHODQGSHUIRUPWHVWVDWDQRPLQDOFRVW6KDULQJWKHLUVLJQL¿FDQWVHUYLFHV'U*XSWDVD\VWKH\LQFOXGH1XFOHDU0HGLFLQH1XFOHDUPHGLFLQHLVDPHGLFDOVSHFLDOLW\LQYROYLQJWKHXVHRIUDGLRDFWLYHVXEVWDQFHVLQGLDJQRVLQJDQGWUHDWLQJYDULRXVGLVHDVHV:LWKLWVEHJLQQLQJPRUHWKDQ¿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¿FDWLRQHWFKDYHDGGHGDIHDWKHUWRLWVFDS0DQJODP1XFOHDU&HQWUHKDVZLWKLWQRZWKHODWHVW3(7&7VFDQQHUDQGDGXDOKHDGJDPPDFDPHUD$OVRWKHFHQWUHLVHTXLSSHGZLWKWKHUDSHXWLFIDFLOLWLHVOLNH,RGLQHWKHUDS\IRUK\SHUWK\URLGLVP1XFOHDU0HGLFLQHDQG3(7&7KHUHLQ+DU\DQDZLOOEHDERRQWRWKHPHGLFDOIUDWHUQLW\'U*XSWDZHOFRPHV\RXWRWKH:RUOGRI1XFOHDU0HGLFLQHDQG3(7&7LQ+DU\DQD1XFOHDU0HGLFLQHLVDPHGLFDOVSHFLDOW\WKDWLQYROYHVWKHDGPLQLVWUDWLRQRI‡5DGLRSKDUPDFHXWLFDOV^UDGLRLVRWRSHV UDGLRDFWLYHSRUWLRQ SKDUPDFHXWLFDOV QRQUDGLRDFWLYHSRUWLRQ `‡5DGLRODEHOHGQRUPDOFRQVWLWXHQWPROHFXOHVRIWKHERG\‡5DGLRLVRWRSHVWRWKHSDWLHQWVIRUYDULRXVGLDJQRVWLFWKHUDSHXWLFSXUSRVHV3DWKRORJ\6HUYLFHV0DQJODPR\ruHUVH[WHQVLYHWHVWVDFURVVDOOFOLQLFDODQGFHOOXODUSDWKRORJ\GLVFLSOLQHV,WVODERUDWRULHVDUHVXSSRUWHGE\FRQVXOWDQWSDWKRORJLVWVZKRSURYLGHH[SHUWDGYLFHGULYLQJTXDOLW\DQGLPSURYLQJSDWLHQWFDUH,PDJLQJ6HUYLFHV0DQJODP'LDJQRVWLFVR\ruHUVSURIHVVLRQDODQGH[FHOOHQWFDUHWRDOOVXUURXQGLQJFRPPXQLWLHV,WSURYLGHVDIXOOUDQJHRILQSDWLHQWHPHUJHQF\DQGRXWSDWLHQWLPDJLQJVHUYLFHVVXFKDV&705,0DPPRJUDSK\,QWHUYHQWLRQDO5DGLRORJ\DQG8OWUDVRXQG%ORRG%DQN6HUYLFHV7KH%ORRG%DQNFDWHUVWRWKHQHHGVRIDOOWKHSDWLHQWVRIWKH+RVSLWDO$OOFROOHFWHGEORRGLVVSOLWLQWRFRPSRQHQWVOLNH3DFNHGFHOOV)UHVK)UR]HQ3ODVPD&U\RSUHFLSLWDWH3ODWHOHWVDQG6LQJOH'RQRU3ODWHOHWVRQUHTXHVW%ORRG%DQN6HUYLFHV±)DFLOLWLHVIRUZKROHEORRGDOOFRPSRQHQWVOLNH5%&))3SODWHOHWVDQGSODWHOHWDSKHUHVLV7KH¿UVWFHQWUHWRVWDUWSODWHOHWDSKHUHVLV'U*XSWDLQIRUPV:HKDYHWZR%D[WHUDSKHUHVLVPDFKLQHVERWKVLQJOHDQGGRXEOHQHHGOH´,WLVWKHRQO\EORRGEDQNLQWKLVUHJLRQWRKDYHWRRSSUHVV±WZRPDFKLQHVIRUOHXNRUHGXFHGFRPSRQHQWV$OOWHVWVDUHGRQHSHU:+2JXLGHOLQHVDQGWKJHQHUDWLRQNLWVDUHXVHGIRUWHVWLQJ)RUEORRGJURXSVDQGFURVVPDWFK*(/WHFKQRORJ\LVXVHG3URGXFWVDUHDYDLODEOH‡:KROH%ORRG‡&RPSRQHQWV‡$SKHUHVLV _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ ÂèåØÙÙâåçæÔåØÔßêÔìæÖÛÔááØßÜíØ×çâêÔå×ææçåØáÚçÛØáÜáÚâèåæØåéÜÖØææâçÛØìàÔìàØØçìâèåØëãØÖçÔçÜâáæÔçÔßßçÜàØæ¡ ££ ÇØÖÛáÂãçÜàèàÇâàâååâê &KDOOHQJHV2SSRUWXQLWLHV FORAND ,QGXVWU\ INTHE 7HFKQRORJLFDOO\ $GYDQFHG%RA QWKHFRQFXUUHQWWLPHVPRGHUQGLDJQRVWLFDQGSDWKRORJ\FHQWHUVDUHQRWPHUHO\GLDJQRVWLFKXEVWKH\DUHNH\SOD\HUVLQWKHWUDQVIRUPDWLRQRIWKH,QGLDQKHDOWKFDUHLQGXVWU\7KHLULQÀ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¶VWHFKQRORJLFDOO\DGYDQFHGHUDWKLVLQGXVWU\LVH[SHULHQFLQJERWKFKDOOHQJHVDQGRSSRUWXQLWLHVWKDWDUHUHVKDSLQJWKHZD\LWRSHUDWHVDQGFRQWULEXWHVWRWKHEURDGHUKHDOWKFDUHHFRV\VWHP&KDOOHQJHVLQWKH$GYDQFHG(UD'DWD0DQDJHPHQWDQG3ULYDF\:LWKWKHDGYHQWRIGLJLWDOL]DWLRQDQGWKHLQWHJUDWLRQRIWHFKQRORJ\LQWRGLDJQRVWLFVYDVWDPRXQWVRISDWLHQWGDWDDUHEHLQJJHQHUDWHG0DQDJLQJDQGVHFXULQJWKLVGDWDKDYHEHFRPHSDUDPRXQW(QVXULQJSDWLHQWSULYDF\ZKLOHPDLQWDLQLQJWKHLQWHJULW\RIVHQVLWLYHKHDOWKLQIRUPDWLRQSRVHVDVLJQL¿FDQWFKDOOHQJH7HFKQRORJLFDO,QWHJUDWLRQ:KLOHDGYDQFHGWHFKQRORJLHVR\ruHULQFUHGLEOHGLDJQRVWLFFDSDELOLWLHVLQWHJUDWLQJWKHPVHDPOHVVO\LQWRH[LVWLQJKHDOWKFDUHV\VWHPVFDQEHFRPSOH['LDJQRVWLFFHQWHUVQHHGWRLQYHVWLQERWKLQIUDVWUXFWXUHDQGVWD\ruWUDLQLQJWROHYHUDJHWKHVHWHFKQRORJLHVH\ruHFWLYHO\ AND 'LDJQRVWLF 3DWKRORJ\ _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ ÇØÖÛáÂãçÜàèàÇâàâååâê &KDOOHQJHV2SSRUWXQLWLHV FORAND ,QGXVWU\ INTHE 7HFKQRORJLFDOO\ $GYDQFHG%RA QWKHFRQFXUUHQWWLPHVPRGHUQGLDJQRVWLFDQGSDWKRORJ\FHQWHUVDUHQRWPHUHO\GLDJQRVWLFKXEVWKH\DUHNH\SOD\HUVLQWKHWUDQVIRUPDWLRQRIWKH,QGLDQKHDOWKFDUHLQGXVWU\7KHLULQÀ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¶VWHFKQRORJLFDOO\DGYDQFHGHUDWKLVLQGXVWU\LVH[SHULHQFLQJERWKFKDOOHQJHVDQGRSSRUWXQLWLHVWKDWDUHUHVKDSLQJWKHZD\LWRSHUDWHVDQGFRQWULEXWHVWRWKHEURDGHUKHDOWKFDUHHFRV\VWHP&KDOOHQJHVLQWKH$GYDQFHG(UD'DWD0DQDJHPHQWDQG3ULYDF\:LWKWKHDGYHQWRIGLJLWDOL]DWLRQDQGWKHLQWHJUDWLRQRIWHFKQRORJ\LQWRGLDJQRVWLFVYDVWDPRXQWVRISDWLHQWGDWDDUHEHLQJJHQHUDWHG0DQDJLQJDQGVHFXULQJWKLVGDWDKDYHEHFRPHSDUDPRXQW(QVXULQJSDWLHQWSULYDF\ZKLOHPDLQWDLQLQJWKHLQWHJULW\RIVHQVLWLYHKHDOWKLQIRUPDWLRQSRVHVDVLJQL¿FDQWFKDOOHQJH7HFKQRORJLFDO,QWHJUDWLRQ:KLOHDGYDQFHGWHFKQRORJLHVR\ruHULQFUHGLEOHGLDJQRVWLFFDSDELOLWLHVLQWHJUDWLQJWKHPVHDPOHVVO\LQWRH[LVWLQJKHDOWKFDUHV\VWHPVFDQEHFRPSOH['LDJQRVWLFFHQWHUVQHHGWRLQYHVWLQERWKLQIUDVWUXFWXUHDQGVWD\ruWUDLQLQJWROHYHUDJHWKHVHWHFKQRORJLHVH\ruHFWLYHO\ AND 'LDJQRVWLF 3DWKRORJ\ _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ &RVWRI$GYDQFHG(TXLSPHQW7KHDFTXLVLWLRQDQGPDLQWHQDQFHRIDGYDQFHGGLDJQRVWLFHTXLSPHQWFDQEHSURKLELWLYHO\H[SHQVLYH6PDOOHUGLDJQRVWLFFHQWHUVPD\IDFH¿QDQFLDOFKDOOHQJHVZKHQWU\LQJWRNHHSXSZLWKWKHODWHVWWHFKQRORJLHV5HJXODWRU\&RPSOLDQFH&RPSOLDQFHZLWKHYROYLQJUHJXODWLRQVLQKHDOWKFDUHLQFOXGLQJGDWDVHFXULW\DQGGLDJQRVWLFDFFXUDF\LVHVVHQWLDO6WD\LQJXSGDWHGDQGDOLJQHGZLWKWKHVHUHJXODWRU\FKDQJHVFDQEHFKDOOHQJLQJIRUGLDJQRVWLFIDFLOLWLHV+HDOWKFDUH'LVSDULWLHV'HVSLWHWHFKQRORJLFDODGYDQFHPHQWVKHDOWKFDUHGLVSDULWLHVSHUVLVWLQPDQ\UHJLRQV(QVXULQJWKDWDGYDQFHGGLDJQRVWLFFDSDELOLWLHVUHDFKXQGHUVHUYHGFRPPXQLWLHVDQGYXOQHUDEOHSRSXODWLRQVUHPDLQVDVLJQL¿FDQWFKDOOHQJH&RPSHWLWLYH/DQGVFDSH$VWHFKQRORJ\HYROYHVQHZHQWUDQWVDQGFRPSHWLWRUVFRQWLQXRXVO\HPHUJH(VWDEOLVKHGGLDJQRVWLFFHQWHUVPXVWUHPDLQDJLOHDQGLQQRYDWLYHWRVWD\FRPSHWLWLYHLQWKLVUDSLGO\FKDQJLQJODQGVFDSH2SSRUWXQLWLHVLQWKH$GYDQFHG(UD3UHFLVLRQ0HGLFLQH$GYDQFHGGLDJQRVWLFVLQFOXGLQJJHQHWLFSUR¿OLQJDQGELRPDUNHUDQDO\VLVDOORZIRUSHUVRQDOL]HGWUHDWPHQWSODQV7KHGLDJQRVWLFLQGXVWU\FDQSOD\DSLYRWDOUROHLQWKHJURZWKRISUHFLVLRQPHGLFLQHR\ruHULQJFXVWRPL]HGKHDOWKFDUHVROXWLRQV7HOHPHGLFLQH,QWHJUDWLRQ7KHULVHRIWHOHPHGLFLQHFUHDWHVRSSRUWXQLWLHVIRUGLDJQRVWLFDQGSDWKRORJ\FHQWHUVWRSURYLGHUHPRWHWHVWLQJDQGFRQVXOWDWLRQV7KLVQRWRQO\HQKDQFHVDFFHVVLELOLW\EXWDOVREURDGHQVWKHUHDFKRIGLDJQRVWLFVHUYLFHV$,DQG%LJ'DWD$UWL¿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ruHURSSRUWXQLWLHVIRUSUHYHQWLYHKHDOWKFDUH,GHQWLI\LQJULVNIDFWRUVHDUO\DOORZVLQGLYLGXDOVWRPDNHOLIHVW\OHFKDQJHVDQGSUHYHQWGLVHDVHVEHIRUHWKH\PDQLIHVW1DYLJDWLQJWKH$GYDQFHG(UD7KHODQGVFDSHRIKHDOWKFDUHLQ,QGLDLVXQGHUJRLQJDVLJQL¿FDQWWUDQVIRUPDWLRQODUJHO\GULYHQE\WKHUDSLGDGYDQFHPHQWVLQWHFKQRORJ\$PRQJWKHNH\FRQWULEXWRUVWRWKLVWUDQVIRUPDWLRQDUHGLDJQRVWLFDQGSDWKRORJ\FHQWHUV7KHVHFHQWHUVDUHOHYHUDJLQJFXWWLQJHGJHWHFKQRORJ\WRPRGHUQL]HKHDOWKFDUHVHUYLFHVPDNLQJWKHPPRUHDFFHVVLEOHH\rv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¿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¿FDWLRQDQGULVNDVVHVVPHQW )LQDQFLDOSDSHUZRUNVWUDWHJ\ _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ &RVWRI$GYDQFHG(TXLSPHQW7KHDFTXLVLWLRQDQGPDLQWHQDQFHRIDGYDQFHGGLDJQRVWLFHTXLSPHQWFDQEHSURKLELWLYHO\H[SHQVLYH6PDOOHUGLDJQRVWLFFHQWHUVPD\IDFH¿QDQFLDOFKDOOHQJHVZKHQWU\LQJWRNHHSXSZLWKWKHODWHVWWHFKQRORJLHV5HJXODWRU\&RPSOLDQFH&RPSOLDQFHZLWKHYROYLQJUHJXODWLRQVLQKHDOWKFDUHLQFOXGLQJGDWDVHFXULW\DQGGLDJQRVWLFDFFXUDF\LVHVVHQWLDO6WD\LQJXSGDWHGDQGDOLJQHGZLWKWKHVHUHJXODWRU\FKDQJHVFDQEHFKDOOHQJLQJIRUGLDJQRVWLFIDFLOLWLHV+HDOWKFDUH'LVSDULWLHV'HVSLWHWHFKQRORJLFDODGYDQFHPHQWVKHDOWKFDUHGLVSDULWLHVSHUVLVWLQPDQ\UHJLRQV(QVXULQJWKDWDGYDQFHGGLDJQRVWLFFDSDELOLWLHVUHDFKXQGHUVHUYHGFRPPXQLWLHVDQGYXOQHUDEOHSRSXODWLRQVUHPDLQVDVLJQL¿FDQWFKDOOHQJH&RPSHWLWLYH/DQGVFDSH$VWHFKQRORJ\HYROYHVQHZHQWUDQWVDQGFRPSHWLWRUVFRQWLQXRXVO\HPHUJH(VWDEOLVKHGGLDJQRVWLFFHQWHUVPXVWUHPDLQDJLOHDQGLQQRYDWLYHWRVWD\FRPSHWLWLYHLQWKLVUDSLGO\FKDQJLQJODQGVFDSH2SSRUWXQLWLHVLQWKH$GYDQFHG(UD3UHFLVLRQ0HGLFLQH$GYDQFHGGLDJQRVWLFVLQFOXGLQJJHQHWLFSUR¿OLQJDQGELRPDUNHUDQDO\VLVDOORZIRUSHUVRQDOL]HGWUHDWPHQWSODQV7KHGLDJQRVWLFLQGXVWU\FDQSOD\DSLYRWDOUROHLQWKHJURZWKRISUHFLVLRQPHGLFLQHR\ruHULQJFXVWRPL]HGKHDOWKFDUHVROXWLRQV7HOHPHGLFLQH,QWHJUDWLRQ7KHULVHRIWHOHPHGLFLQHFUHDWHVRSSRUWXQLWLHVIRUGLDJQRVWLFDQGSDWKRORJ\FHQWHUVWRSURYLGHUHPRWHWHVWLQJDQGFRQVXOWDWLRQV7KLVQRWRQO\HQKDQFHVDFFHVVLELOLW\EXWDOVREURDGHQVWKHUHDFKRIGLDJQRVWLFVHUYLFHV$,DQG%LJ'DWD$UWL¿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ruHURSSRUWXQLWLHVIRUSUHYHQWLYHKHDOWKFDUH,GHQWLI\LQJULVNIDFWRUVHDUO\DOORZVLQGLYLGXDOVWRPDNHOLIHVW\OHFKDQJHVDQGSUHYHQWGLVHDVHVEHIRUHWKH\PDQLIHVW1DYLJDWLQJWKH$GYDQFHG(UD7KHODQGVFDSHRIKHDOWKFDUHLQ,QGLDLVXQGHUJRLQJDVLJQL¿FDQWWUDQVIRUPDWLRQODUJHO\GULYHQE\WKHUDSLGDGYDQFHPHQWVLQWHFKQRORJ\$PRQJWKHNH\FRQWULEXWRUVWRWKLVWUDQVIRUPDWLRQDUHGLDJQRVWLFDQGSDWKRORJ\FHQWHUV7KHVHFHQWHUVDUHOHYHUDJLQJFXWWLQJHGJHWHFKQRORJ\WRPRGHUQL]HKHDOWKFDUHVHUYLFHVPDNLQJWKHPPRUHDFFHVVLEOHH\rv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¿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¿FDWLRQDQGULVNDVVHVVPHQW )LQDQFLDOSDSHUZRUNVWUDWHJ\ _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ 3 DQGHPLFWLPHVKDYHWDXJKWXVWKHPRVWLPSRUWDQWOHVVRQVRIRXUOLYHV±+HDOWKFDUHPXVWEHRXUWRSPRVWSULRULW\7KHWLPHVKDYHDOVREURXJKWEDFNLQWRIRFXVWKHFULWLFDOLW\RIDQDGDJHWKDWSUHYHQWLRQLVDOZD\VEHWWHUWKDQFXUH%HIRUHSUHYHQWLRQWKHUHLVDQXUJHQWQHHGWRGHWHFWWKHOHYHODWZKLFKRXUKHDOWKLVUDWKHUWKDQZDLWLQJIRUVRPHWKLQJWRKDSSHQDQGWKHQGLDJQRVLQJLW7KLVLVH[DFWO\ZKHUHWKHHVVHQWLDOUROHRIGLDJQRVWLFFHQWUHVDQGFOLQLFDOODERUDWRULHVJDLQVSURPLQHQFH7KHQHHGIRUUHSXWDEOHGLDJQRVWLFDQGSDWKRORJ\LQVWLWXWHVKDVQHYHUEHHQJUHDWHUWKDQLQWRGD\\nVIDVWSDFHGZRUOGZKHQKHDOWKFDUHGHFLVLRQVGHSHQGRQWKHDFFXUDWHDQGTXLFNGLDJQRVHV,QYLWLQJ\RXWROHDUQPRUHDERXWWKHIRXQGDWLRQRIWKHLUGHGLFDWLRQWRH[FHOOHQFHLQLV2QFTXHVW/DERUDWRULHV/WGDSLRQHHURIUHOLDELOLW\DQGDFFXUDF\LQWKH¿HOGRISDWKRORJ\WHVWLQJIRUPRUHWKDQ\HDUV7UDGLWLRQRI8QÀLQFKLQJ7UXVW)RURYHUWZRGHFDGHV2QFTXHVW/DERUDWRULHVKDVEXLOWDOHJDF\RIWUXVWDQGSUHFLVLRQLQWKH¿HOGRISDWKRORJ\WHVWLQJ$VDSURPLQHQWVSHFLDOL]HGODERUDWRU\QHWZRUNLWKDVHDUQHGDUHSXWDWLRQIRUSURYLGLQJVHFRQGRSLQLRQVDQGGH¿QLWLYHGLDJQRVHVWKURXJKFXWWLQJHGJHWHFKQRORJ\DQG0ROHFXODUDQG&OLQLFDO'LDJQRVWLFVH[SHUWLVH7KHWHDP\nVFRPPLWPHQWWRGHOLYHULQJDFFXUDWHDQGFRQFOXVLYHUHVXOWVKDVJDUQHUHGWKHWUXVWRIERWKLQWHUQDWLRQDODQGGRPHVWLFSDUWQHUV2QFTXHVW\nVSDWKLV¿UPO\JURXQGHGLQDWUDGLWLRQEDVHGRQXQÀLQFKLQJGHGLFDWLRQDQGWUXVW7KH\LQKHULWSULQFLSOHVWKDWUHVRQDWHZLWKUHOLDELOLW\DQGLQWHJULW\WKURXJKRXW,QGLDVLQFHWKH\DUHVXSSRUWHGE\WKHSUHVWLJLRXV%XUPDQIDPLO\ZKREXLOW'DEXU\nVRXWVWDQGLQJUHSXWDWLRQ7KHLUFRPPLWPHQWWRVDIHJXDUGLQJWKHVHYHQHUDEOHYDOXHVLVIRXQGHGRQWKLVOHJDF\%H\RQG&RPSDUH([SHULHQFH,QWKH¿HOGRIGLDJQRVLVH[SHULHQFHLVSULFHOHVV2QFTXHVWFDQEHSURXGRIDWHDPRIFRPPLWWHGPHGLFDOSURIHVVLRQDOVZLWKPRUHWKDQ\HDUVRIFRPELQHGH[SHUWLVH3DWLHQWVFDQUHVWHDV\NQRZLQJWKDWWKHLUKHDOWKLVLQWKHKDQGVRIVNLOOHGVSHFLDOLVWVZKRZRQ\nWVHWWOHIRUDQ\WKLQJOHVVWKDQFRUUHFWQHVVDQGSUHFLVLRQWKDQNVWRWKLVGHSWKRINQRZOHGJHDQGH[SHULHQFH7KH3XUVXLWRI4XDOLW\)RU2QFTXHVW/DERUDWRULHV/WGSXUVXLQJTXDOLW\LVQRWMXVWDFDWFKSKUDVH7KH\SURXGO\GLVSOD\WKHFRYHWHG1$%/DFFUHGLWDWLRQDQGDGKHUHWRWKHVWULFWHVWTXDOLW\UHTXLUHPHQWV7KLVDFFUHGLWDWLRQGHPRQVWUDWHVWKHLUVWHDGIDVWGHGLFDWLRQWRXSKROGLQJXQZDYHULQJH[FHOOHQFHLQDOODVSHFWVRIWKHLUGLDJQRVWLFVHUYLFHV,QQRYDWLQJWKH)XWXUH,W\nVLQWKHLU'1$,QQRYDWLQJQHZZRUOGZLGHWHFKQRORJ\WR,QGLD2QFTXHVWKDVFRQVWDQWO\EHHQDWWKHIRUHIURQW7KH\HQVXUHWKDWSDWLHQWVKDYHDFFHVVWRUHYROXWLRQDU\GHYHORSPHQWVWKDWPD\VLJQL¿FDQWO\LPSDFWWKHLUKHDOWKE\FRQVLVWHQWO\VWD\LQJDKHDGRIWKHFXUYHLQGLDJQRVWLFLQQRYDWLRQ/HDGLQJLQ2QFRORJ\([FHOOHQFH2QFTXHVWLVPRUHWKDQMXVWDQDPHLW\nVDOVRDFDWFKSKUDVHIRUH[FHOOHQFHLQRQFRORJ\WHVWLQJ7KHLULQQRYDWLYHH\ruRUWVLQWKLVDUHDDUHFUXFLDOIRUHDUO\GLVHDVHGHWHFWLRQDQGWUHDWPHQWSURYLGLQJKRSHDQGVDYLQJOLYHV7KH\WDNHRQWKLVWDVNZLWKGHGLFDWLRQEHFDXVHWKH\UHFRJQL]HWKHUHYROXWLRQDU\SRWHQWLDORIDFFXUDWHFDQFHUGLDJQRVWLFVRQSDWLHQWFDUHDQGUHVXOWV7KH+HDUWRI3HUVRQDOL]HG&DUH2QFTXHVWLVDFXWHO\DZDUHRIKRZGHHSO\SHUVRQDOKHDOWKFDUHLV7KHLUGHGLFDWLRQJRHVZHOOEH\RQGMXVWR\ruHULQJGLDJQRVWLFVHUYLFHV7KH\R\ru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nVWRDIXWXUHWKDW\nVQRWMXVWKHDOWKLHUEXWDOVREULPPLQJZLWKXQZDYHULQJFRQ¿GHQFH7HFKDGYDQFHG&RQTXHVW2QFTXHVW\n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üHUHQWWHFKQRORJLHV&OLQLFDO7ULDO &7 DQG3DWLHQW6XSSRUW3URJUDPPH 363 ZLWKOHDGLQJ3KDUPDDQG+HDOWKFDUH2UJDQLVDWLRQV:LWKWZRGHFDGHVRIH[SHULHQFHLQFOLQLFDOWULDOVDQGSDWLHQWVXSSRUWSURJUDPVDORQJVLGHWRSSKDUPDFHXWLFDODQGKHDOWKFDUHHQWLWLHV2QFTXHVWSULRULWL]HV,&+*&3*XLGHOLQHV2\ruHULQJFRPSUHKHQVLYHFHQWUDOL]HGVHUYLFHVDQGDQH[SDQVLYH,QGLDQQHWZRUN2QFTXHVWLVDVLQJOHGHVWLQDWLRQIRUFOLQLFDOWULDOQHHGVSDWLHQWUHFUXLWPHQWVLWHWUDLQLQJDQGORJLVWLFV²DOOVWULFWO\SURWRFROFRPSOLDQW'HGLFDWHG3URMHFW7HDPIRU$OOURXQG$VVLVWDQFH2QFTXHVW\nVVSHFLDOL]HGWHDPVEXLOGUHODWLRQVKLSVZLWK&52V3URJUDP6SRQVRUVDQG3KDUPDFRPSDQLHVDLGLQJLQ W]}vŒ}(dŒµšUZo]]o]šÇUvµŒÇÁ]šZ]Ÿ}vš}ÆoovKEYh^d�}Œš}Œ] _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ 6SRWOLJKWLQJWKH0RVW7UXVWHG'LDJQRVWLFDQG3DWKRORJ\&HQWHUVLQ,QGLD 3 DQGHPLFWLPHVKDYHWDXJKWXVWKHPRVWLPSRUWDQWOHVVRQVRIRXUOLYHV±+HDOWKFDUHPXVWEHRXUWRSPRVWSULRULW\7KHWLPHVKDYHDOVREURXJKWEDFNLQWRIRFXVWKHFULWLFDOLW\RIDQDGDJHWKDWSUHYHQWLRQLVDOZD\VEHWWHUWKDQFXUH%HIRUHSUHYHQWLRQWKHUHLVDQXUJHQWQHHGWRGHWHFWWKHOHYHODWZKLFKRXUKHDOWKLVUDWKHUWKDQZDLWLQJIRUVRPHWKLQJWRKDSSHQDQGWKHQGLDJQRVLQJLW7KLVLVH[DFWO\ZKHUHWKHHVVHQWLDOUROHRIGLDJQRVWLFFHQWUHVDQGFOLQLFDOODERUDWRULHVJDLQVSURPLQHQFH7KHQHHGIRUUHSXWDEOHGLDJQRVWLFDQGSDWKRORJ\LQVWLWXWHVKDVQHYHUEHHQJUHDWHUWKDQLQWRGD\\nVIDVWSDFHGZRUOGZKHQKHDOWKFDUHGHFLVLRQVGHSHQGRQWKHDFFXUDWHDQGTXLFNGLDJQRVHV,QYLWLQJ\RXWROHDUQPRUHDERXWWKHIRXQGDWLRQRIWKHLUGHGLFDWLRQWRH[FHOOHQFHLQLV2QFTXHVW/DERUDWRULHV/WGDSLRQHHURIUHOLDELOLW\DQGDFFXUDF\LQWKH¿HOGRISDWKRORJ\WHVWLQJIRUPRUHWKDQ\HDUV7UDGLWLRQRI8QÀLQFKLQJ7UXVW)RURYHUWZRGHFDGHV2QFTXHVW/DERUDWRULHVKDVEXLOWDOHJDF\RIWUXVWDQGSUHFLVLRQLQWKH¿HOGRISDWKRORJ\WHVWLQJ$VDSURPLQHQWVSHFLDOL]HGODERUDWRU\QHWZRUNLWKDVHDUQHGDUHSXWDWLRQIRUSURYLGLQJVHFRQGRSLQLRQVDQGGH¿QLWLYHGLDJQRVHVWKURXJKFXWWLQJHGJHWHFKQRORJ\DQG0ROHFXODUDQG&OLQLFDO'LDJQRVWLFVH[SHUWLVH7KHWHDP\nVFRPPLWPHQWWRGHOLYHULQJDFFXUDWHDQGFRQFOXVLYHUHVXOWVKDVJDUQHUHGWKHWUXVWRIERWKLQWHUQDWLRQDODQGGRPHVWLFSDUWQHUV2QFTXHVW\nVSDWKLV¿UPO\JURXQGHGLQDWUDGLWLRQEDVHGRQXQÀLQFKLQJGHGLFDWLRQDQGWUXVW7KH\LQKHULWSULQFLSOHVWKDWUHVRQDWHZLWKUHOLDELOLW\DQGLQWHJULW\WKURXJKRXW,QGLDVLQFHWKH\DUHVXSSRUWHGE\WKHSUHVWLJLRXV%XUPDQIDPLO\ZKREXLOW'DEXU\nVRXWVWDQGLQJUHSXWDWLRQ7KHLUFRPPLWPHQWWRVDIHJXDUGLQJWKHVHYHQHUDEOHYDOXHVLVIRXQGHGRQWKLVOHJDF\%H\RQG&RPSDUH([SHULHQFH,QWKH¿HOGRIGLDJQRVLVH[SHULHQFHLVSULFHOHVV2QFTXHVWFDQEHSURXGRIDWHDPRIFRPPLWWHGPHGLFDOSURIHVVLRQDOVZLWKPRUHWKDQ\HDUVRIFRPELQHGH[SHUWLVH3DWLHQWVFDQUHVWHDV\NQRZLQJWKDWWKHLUKHDOWKLVLQWKHKDQGVRIVNLOOHGVSHFLDOLVWVZKRZRQ\nWVHWWOHIRUDQ\WKLQJOHVVWKDQFRUUHFWQHVVDQGSUHFLVLRQWKDQNVWRWKLVGHSWKRINQRZOHGJHDQGH[SHULHQFH7KH3XUVXLWRI4XDOLW\)RU2QFTXHVW/DERUDWRULHV/WGSXUVXLQJTXDOLW\LVQRWMXVWDFDWFKSKUDVH7KH\SURXGO\GLVSOD\WKHFRYHWHG1$%/DFFUHGLWDWLRQDQGDGKHUHWRWKHVWULFWHVWTXDOLW\UHTXLUHPHQWV7KLVDFFUHGLWDWLRQGHPRQVWUDWHVWKHLUVWHDGIDVWGHGLFDWLRQWRXSKROGLQJXQZDYHULQJH[FHOOHQFHLQDOODVSHFWVRIWKHLUGLDJQRVWLFVHUYLFHV,QQRYDWLQJWKH)XWXUH,W\nVLQWKHLU'1$,QQRYDWLQJQHZZRUOGZLGHWHFKQRORJ\WR,QGLD2QFTXHVWKDVFRQVWDQWO\EHHQDWWKHIRUHIURQW7KH\HQVXUHWKDWSDWLHQWVKDYHDFFHVVWRUHYROXWLRQDU\GHYHORSPHQWVWKDWPD\VLJQL¿FDQWO\LPSDFWWKHLUKHDOWKE\FRQVLVWHQWO\VWD\LQJDKHDGRIWKHFXUYHLQGLDJQRVWLFLQQRYDWLRQ/HDGLQJLQ2QFRORJ\([FHOOHQFH2QFTXHVWLVPRUHWKDQMXVWDQDPHLW\nVDOVRDFDWFKSKUDVHIRUH[FHOOHQFHLQRQFRORJ\WHVWLQJ7KHLULQQRYDWLYHH\ruRUWVLQWKLVDUHDDUHFUXFLDOIRUHDUO\GLVHDVHGHWHFWLRQDQGWUHDWPHQWSURYLGLQJKRSHDQGVDYLQJOLYHV7KH\WDNHRQWKLVWDVNZLWKGHGLFDWLRQEHFDXVHWKH\UHFRJQL]HWKHUHYROXWLRQDU\SRWHQWLDORIDFFXUDWHFDQFHUGLDJQRVWLFVRQSDWLHQWFDUHDQGUHVXOWV7KH+HDUWRI3HUVRQDOL]HG&DUH2QFTXHVWLVDFXWHO\DZDUHRIKRZGHHSO\SHUVRQDOKHDOWKFDUHLV7KHLUGHGLFDWLRQJRHVZHOOEH\RQGMXVWR\ruHULQJGLDJQRVWLFVHUYLFHV7KH\R\ru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nVWRDIXWXUHWKDW\nVQRWMXVWKHDOWKLHUEXWDOVREULPPLQJZLWKXQZDYHULQJFRQ¿GHQFH7HFKDGYDQFHG&RQTXHVW2QFTXHVW\n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üHUHQWWHFKQRORJLHV&OLQLFDO7ULDO &7 DQG3DWLHQW6XSSRUW3URJUDPPH 363 ZLWKOHDGLQJ3KDUPDDQG+HDOWKFDUH2UJDQLVDWLRQV:LWKWZRGHFDGHVRIH[SHULHQFHLQFOLQLFDOWULDOVDQGSDWLHQWVXSSRUWSURJUDPVDORQJVLGHWRSSKDUPDFHXWLFDODQGKHDOWKFDUHHQWLWLHV2QFTXHVWSULRULWL]HV,&+*&3*XLGHOLQHV2\ruHULQJFRPSUHKHQVLYHFHQWUDOL]HGVHUYLFHVDQGDQH[SDQVLYH,QGLDQQHWZRUN2QFTXHVWLVDVLQJOHGHVWLQDWLRQIRUFOLQLFDOWULDOQHHGVSDWLHQWUHFUXLWPHQWVLWHWUDLQLQJDQGORJLVWLFV²DOOVWULFWO\SURWRFROFRPSOLDQW'HGLFDWHG3URMHFW7HDPIRU$OOURXQG$VVLVWDQFH2QFTXHVW\nVVSHFLDOL]HGWHDPVEXLOGUHODWLRQVKLSVZLWK&52V3URJUDP6SRQVRUVDQG3KDUPDFRPSDQLHVDLGLQJLQ W]}vŒ}(dŒµšUZo]]o]šÇUvµŒÇÁ]šZ]Ÿ}vš}ÆoovKEYh^d�}Œš}Œ] _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ 6SRWOLJKWLQJWKH0RVW7UXVWHG'LDJQRVWLFDQG3DWKRORJ\&HQWHUVLQ,QGLD SURJUDPGHVLJQDQGH[HFXWLRQ&HQWUDOL]HGODEVHQVXUHUHVXOWGDWDFRQVLVWHQF\IRUPXOWLFLW\SURJUDPV(DFKSURMHFWKDVDGHGLFDWHG3URMHFW0DQDJHUIROORZLQJ623VXSSRUWHGE\3URMHFW$VVRFLDWHV7KH\KDQGOHWDVNVIURPWHVWYDOLGDWLRQWRORJLVWLFV2QFTXHVWR\ruHUVDFHQWUDOL]HGUHSRUWSRUWDOH[WHQGHGVDPSOHVWRUDJHDQGRQGHPDQGWHFKQLFDOVXSSRUW7KHLUH[SHUWWHDPFXVWRPL]HVVWXGLHVHVWDEOLVKHVSURMHFWPDQDJHPHQWIUDPHZRUNVDQGPDLQWDLQVFRQ¿GHQWLDOLW\ZKLOHDGKHULQJWRSURWRFROVDQGVSRQVRUVKLSUHTXLUHPHQWV2QFTXHVW\nVFRPPLWPHQWHQFRPSDVVHVH\rvFLHQWKDQGOLQJRIFOLQLFDOWULDOVDQGH[WHQGVWRSUHFOLQLFDOVWXGLHVWKURXJKSDUWQHURUJDQL]DWLRQV&RQWDFWIRUPRUHGHWDLOV FOLQLFDOWULDORSHUDWLRQV#RQFTXHVWQHW $&RQTXHULQJ%HTXHVW)XOO\FRPSOLDQWZLWKUHJXODWRU\UHTXLUHPHQWVWKH\KDYHDQH[FHOOHQWH[WHUQDOSUR¿FLHQF\WUDFNUHFRUG2QFTXHVWWDNHVSULGHLQEHLQJIXOO\FRPSOLDQWZLWKWKHVWULQJHQWUHJXODWRU\UHTXLUHPHQWV7KHLULPSHFFDEOHH[WHUQDOSUR¿FLHQF\WUDFNUHFRUGUHD\rvUPVWKHLUFRPPLWPHQWWRTXDOLW\DQGDFFXUDF\([SHUWIDFXOW\LQDOO¿HOGVKDYHWKHFRPSHWHQFHWRGLDJQRVHFRPSOH[FDVHVDQGSURYLGHH[SHUWRSLQLRQV 7KHLUWHDPRIH[SHUWVFRPSULVHVSURIHVVLRQDOVZLWKXQSDUDOOHOHGFRPSHWHQFHWRGLDJQRVHHYHQWKHPRVWFRPSOH[FDVHV7KH\SURYLGHH[SHUWRSLQLRQVWKDWJXLGHKHDOWKFDUHGHFLVLRQVDQGHQVXUHWKHEHVWSRVVLEOHRXWFRPHV2QFTXHVWLVDQHVWDEOLVKHGEUDQGQDPHLQVSHFLDOL]HGWHVWLQJ2YHUWKH\HDUV2QFTXHVWKDVEHFRPHV\QRQ\PRXVZLWKH[FHOOHQFHLQRQFRORJ\DQGUDSLGO\SURJUHVVLQJLQWKH¿HOGRI1HXURORJ\1HSKURORJ\*HQRPLFWHVWLQJ7KH\KDYHHDUQHGWKHWUXVWRIKHDOWKFDUHSURIHVVLRQDOVDQGSDWLHQWVPDNLQJWKHPDWUXVWHGQDPHLQWKH¿HOG:LGHQLQJWKH5HDFKDQG6FRSH1RZDJJUHVVLYHO\EXLOGLQJXSRQWKHLUUHWDLOSUHVHQFH$VWKHFKDLQRIODERUDWRULHVORRNVDKHDGWKH\DUHDJJUHVVLYHO\H[SDQGLQJWKHLUUHWDLOSUHVHQFHWRHQVXUHWKDWWKHLUVHUYLFHVDUHDFFHVVLEOHWRHYHQPRUHLQGLYLGXDOVDFURVVWKHFRXQWU\2QFTXHVW\nVQDWLRQDOIRRWSULQWVSDQV/DEV&ROOHFWLRQ&HQWUHVDQG6HUYLFH$VVRFLDWHVFRPPLWWLQJWRUHDFKLQJHYHU\FRUQHURIWKHQDWLRQWRPDNHTXDOLW\KHDOWKFDUHDFFHVVLEOHWRDOO)XUWKHU2QFTXHVWLVDJJUHVVLYHO\SDUWQHULQJZLWKDVSLULQJHQWUHSUHQHXUVNHHQRQEHLQJDSDUWRIWKHQREOHKHDOWKFDUHJLYHULQGXVWU\3DUWQHULQJZLWK2QFTXHVWDOORZVWREHDSDUWRI,QGLD\n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ýFLHQWZRUNLQJVWD ü7KHUHSRUWLQJFROOHFWLRQFXVWRPHUFDUHDQGSULFHVDUHDOODPD]LQJDQG,DVDFXVWRPHUDPSUHWW\VDWLV¿HG.7KDNND%HVWVHUYLFHRI2QFTXHVW7KH\KDYHDJRRGSDFNDJHZLWKDYHU\ORZSULFH±&6KDUPD*RWP\573&5GRQH7KHSKOHERWRPLVWZDVIULHQGO\DQGNHSWDOOWKHSUHFDXWLRQVLQFKHFN5HSRUWVZHUHDOVRKDQGOHGRQWLPH'H¿QLWHO\DERRQLQWKHVHWU\LQJWLPHV±66RQL5HFHQWO\,JRWP\&53DQG''LPHUGRQHIURP2QFTXHVW7KHVDPSOHVZHUHFROOHFWHGWLPHO\DQGWKHUHSRUWVFDPHSURPSWO\56KDUPD,JRWP\&29,'WHVWGRQHIURPKRPHZLWKLQDIHZKRXUVDQGUHFHLYHGUHSRUWVWLPHO\1.XPDU2QHRIWKHEHVWODEVLQ'HOKL7KH\XQGHUVWDQG\RXUFRQFHUQDQGGHOLYHUWKHEHVWVHUYLFHVLQ'HOKL,KDGP\573&5WHVWIURP2QFTXHVWIRUP\ÀLJKWLQ'HOKL,*,DLUSRUW±06KHKURM)RUPRUHLQIRUPDWLRQSOHDVHFOLFNRUHPDLODW OLIH#RQFTXHVWODEVFRP2UIRU+RPH&ROOHFWLRQFDOO# &}Œ}ÀŒšÁ}UKv‹µš�}Œš}Œ]Zµ]ošoPÇ}(šŒµšv‰Œ]]}v]všZ.o}(‰šZ}o}PÇšŸvP _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ SURJUDPGHVLJQDQGH[HFXWLRQ&HQWUDOL]HGODEVHQVXUHUHVXOWGDWDFRQVLVWHQF\IRUPXOWLFLW\SURJUDPV(DFKSURMHFWKDVDGHGLFDWHG3URMHFW0DQDJHUIROORZLQJ623VXSSRUWHGE\3URMHFW$VVRFLDWHV7KH\KDQGOHWDVNVIURPWHVWYDOLGDWLRQWRORJLVWLFV2QFTXHVWR\ruHUVDFHQWUDOL]HGUHSRUWSRUWDOH[WHQGHGVDPSOHVWRUDJHDQGRQGHPDQGWHFKQLFDOVXSSRUW7KHLUH[SHUWWHDPFXVWRPL]HVVWXGLHVHVWDEOLVKHVSURMHFWPDQDJHPHQWIUDPHZRUNVDQGPDLQWDLQVFRQ¿GHQWLDOLW\ZKLOHDGKHULQJWRSURWRFROVDQGVSRQVRUVKLSUHTXLUHPHQWV2QFTXHVW\nVFRPPLWPHQWHQFRPSDVVHVH\rvFLHQWKDQGOLQJRIFOLQLFDOWULDOVDQGH[WHQGVWRSUHFOLQLFDOVWXGLHVWKURXJKSDUWQHURUJDQL]DWLRQV&RQWDFWIRUPRUHGHWDLOV FOLQLFDOWULDORSHUDWLRQV#RQFTXHVWQHW $&RQTXHULQJ%HTXHVW)XOO\FRPSOLDQWZLWKUHJXODWRU\UHTXLUHPHQWVWKH\KDYHDQH[FHOOHQWH[WHUQDOSUR¿FLHQF\WUDFNUHFRUG2QFTXHVWWDNHVSULGHLQEHLQJIXOO\FRPSOLDQWZLWKWKHVWULQJHQWUHJXODWRU\UHTXLUHPHQWV7KHLULPSHFFDEOHH[WHUQDOSUR¿FLHQF\WUDFNUHFRUGUHD\rvUPVWKHLUFRPPLWPHQWWRTXDOLW\DQGDFFXUDF\([SHUWIDFXOW\LQDOO¿HOGVKDYHWKHFRPSHWHQFHWRGLDJQRVHFRPSOH[FDVHVDQGSURYLGHH[SHUWRSLQLRQV 7KHLUWHDPRIH[SHUWVFRPSULVHVSURIHVVLRQDOVZLWKXQSDUDOOHOHGFRPSHWHQFHWRGLDJQRVHHYHQWKHPRVWFRPSOH[FDVHV7KH\SURYLGHH[SHUWRSLQLRQVWKDWJXLGHKHDOWKFDUHGHFLVLRQVDQGHQVXUHWKHEHVWSRVVLEOHRXWFRPHV2QFTXHVWLVDQHVWDEOLVKHGEUDQGQDPHLQVSHFLDOL]HGWHVWLQJ2YHUWKH\HDUV2QFTXHVWKDVEHFRPHV\QRQ\PRXVZLWKH[FHOOHQFHLQRQFRORJ\DQGUDSLGO\SURJUHVVLQJLQWKH¿HOGRI1HXURORJ\1HSKURORJ\*HQRPLFWHVWLQJ7KH\KDYHHDUQHGWKHWUXVWRIKHDOWKFDUHSURIHVVLRQDOVDQGSDWLHQWVPDNLQJWKHPDWUXVWHGQDPHLQWKH¿HOG:LGHQLQJWKH5HDFKDQG6FRSH1RZDJJUHVVLYHO\EXLOGLQJXSRQWKHLUUHWDLOSUHVHQFH$VWKHFKDLQRIODERUDWRULHVORRNVDKHDGWKH\DUHDJJUHVVLYHO\H[SDQGLQJWKHLUUHWDLOSUHVHQFHWRHQVXUHWKDWWKHLUVHUYLFHVDUHDFFHVVLEOHWRHYHQPRUHLQGLYLGXDOVDFURVVWKHFRXQWU\2QFTXHVW\nVQDWLRQDOIRRWSULQWVSDQV/DEV&ROOHFWLRQ&HQWUHVDQG6HUYLFH$VVRFLDWHVFRPPLWWLQJWRUHDFKLQJHYHU\FRUQHURIWKHQDWLRQWRPDNHTXDOLW\KHDOWKFDUHDFFHVVLEOHWRDOO)XUWKHU2QFTXHVWLVDJJUHVVLYHO\SDUWQHULQJZLWKDVSLULQJHQWUHSUHQHXUVNHHQRQEHLQJDSDUWRIWKHQREOHKHDOWKFDUHJLYHULQGXVWU\3DUWQHULQJZLWK2QFTXHVWDOORZVWREHDSDUWRI,QGLD\n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ýFLHQWZRUNLQJVWD ü7KHUHSRUWLQJFROOHFWLRQFXVWRPHUFDUHDQGSULFHVDUHDOODPD]LQJDQG,DVDFXVWRPHUDPSUHWW\VDWLV¿HG.7KDNND%HVWVHUYLFHRI2QFTXHVW7KH\KDYHDJRRGSDFNDJHZLWKDYHU\ORZSULFH±&6KDUPD*RWP\573&5GRQH7KHSKOHERWRPLVWZDVIULHQGO\DQGNHSWDOOWKHSUHFDXWLRQVLQFKHFN5HSRUWVZHUHDOVRKDQGOHGRQWLPH'H¿QLWHO\DERRQLQWKHVHWU\LQJWLPHV±66RQL5HFHQWO\,JRWP\&53DQG''LPHUGRQHIURP2QFTXHVW7KHVDPSOHVZHUHFROOHFWHGWLPHO\DQGWKHUHSRUWVFDPHSURPSWO\56KDUPD,JRWP\&29,'WHVWGRQHIURPKRPHZLWKLQDIHZKRXUVDQGUHFHLYHGUHSRUWVWLPHO\1.XPDU2QHRIWKHEHVWODEVLQ'HOKL7KH\XQGHUVWDQG\RXUFRQFHUQDQGGHOLYHUWKHEHVWVHUYLFHVLQ'HOKL,KDGP\573&5WHVWIURP2QFTXHVWIRUP\ÀLJKWLQ'HOKL,*,DLUSRUW±06KHKURM)RUPRUHLQIRUPDWLRQSOHDVHFOLFNRUHPDLODW OLIH#RQFTXHVWODEVFRP2UIRU+RPH&ROOHFWLRQFDOO# &}Œ}ÀŒšÁ}UKv‹µš�}Œš}Œ]Zµ]ošoPÇ}(šŒµšv‰Œ]]}v]všZ.o}(‰šZ}o}PÇšŸvP _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ + HDOWKFDUHRUJDQL]DWLRQVSOD\DFUXFLDOUROHLQHQVXULQJWKHZHOOEHLQJRILQGLYLGXDOVDQGFRPPXQLWLHV7RSURYLGHKLJKTXDOLW\FDUHDQGPDNHDSRVLWLYHLPSDFWKHDOWKFDUHRUJDQL]DWLRQVPXVWSRVVHVVDIHZHVVHQWLDOTXDOLWLHV7KHVHTXDOLWLHVQRWRQO\GH¿QHWKHLUVXFFHVVEXWDOVRLQÀXHQFHSDWLHQWRXWFRPHVDQGRYHUDOOKHDOWKFDUHVWDQGDUGV$QH[FHSWLRQDOKHDOWKFDUHRUJDQL]DWLRQSODFHVWKHSDWLHQWDWWKHFHQWHURILWVRSHUDWLRQV7KLVPHDQVOLVWHQLQJWRSDWLHQWVUHVSHFWLQJWKHLUSUHIHUHQFHVDQGLQYROYLQJWKHPLQGHFLVLRQPDNLQJSURFHVVHV3DWLHQWFHQWHUHGFDUHDOVRHPSKDVL]HVH\ru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ruKDYHZRUNHGWLUHOHVVO\WREULQJH[FHOOHQFHWRPHGLFDOGLDJQRVWLFVDQGVHUYLFHV6HWWLQJ6WDQGDUGVWKH3UHPLHU:D\&OLQLFDOH[FHOOHQFHLVDFRUQHUVWRQHRIDQ\WRSWLHUKHDOWKFDUHRUJDQL]DWLRQ7KLVTXDOLW\HQFRPSDVVHVWKHH[SHUWLVHDQGFRPSHWHQFHRIKHDOWKFDUHSURIHVVLRQDOVDGKHUHQFHWRHYLGHQFHEDVHGSUDFWLFHVDQGDFRPPLWPHQWWRFRQWLQXRXVOHDUQLQJDQGLPSURYHPHQW([FHSWLRQDORUJDQL]DWLRQVLQYHVWLQRQJRLQJWUDLQLQJDQGGHYHORSPHQWIRUWKHLUVWD\ruWRGHOLYHUWKHKLJKHVWVWDQGDUGRIFDUH3UHPLHU+HDOWK&HQWHUZDVHVWDEOLVKHGZLWKDPLVVLRQWREHFRPHWKHPRVWWUXVWHG UHOLDEOHKHDOWKFDUHVHUYLFHSURYLGHULQ7DPLO1DGX7RGD\WKLVLVUHÀHFWHGE\PRUHWKDQIRRWIDOOVWKDW3+&KDVRQDGDLO\EDVLVµ,WVYLVLRQIRUWKHIXWXUHLVDGLVHDVHIUHHVRFLHW\WKURXJKEHWWHUGLDJQRVLVIRUWKHFXUHDQGWLPHO\SUHYHQWLRQWKURXJKKHDOWKVFUHHQLQJ¶7KHRUJDQL]DWLRQKDVFRQWLQXRXVFURVVIXQFWLRQDOGLVFXVVLRQVEHWZHHQ+HDGVRI'HSDUWPHQWVWKDWVXEVHTXHQWO\SHUFRODWHGRZQWRWKHPDQDJHULDOOHYHOIRUH\ru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ruHUHDUO\DQGDFFXUDWHGLDJQRVHVIRUGLVHDVHVDQGKHOSUHGXFHWKHRYHUDOOEXUGHQRIGLVHDVHVRQLWVSDWLHQWV3UHPLHU+HDOWK&HQWHUR\ruHUVVWDWHRIWKHDUWODEIDFLOLWLHVKRPHYLVLWIDFLOLWLHVDVRQOLQHUHSRUWVWKURXJK:KDWV$SSLQDWLPHO\PDQQHU&RPSUHKHQVLYH'LDJQRVWLFVLVZKDWGHVFULEHVLWWKHEHVW,WR\ruHUVDFRPSUHKHQVLYHUDQJHRI3DWKRORJ\5DGLRORJ\DQG&DUGLRORJ\VHUYLFHVDORQJZLWK3UHYHQWLYH+HDOWK&KHFNXSV3UHPLHU+HDOWK&HQWHUIRFXVHVRQ5DGLRORJ\VHUYLFHVOLNH6RQRJUDSK\'LJLWDO;UD\0DPPRJUDSK\DQG%RQHGHQVLW\DQG&DUGLRORJ\VHUYLFHVOLNH(&*'(FKRDQG6WUHVVWHVWV5HGH¿QLQJ%HWWHUPHQWV3UHPLHU+HDOWK&HQWHUDOVRR\ruHUVYDOXHDGGHGVHUYLFHVVXFKDV$XGLRPHWU\2SWRPHWU\/XQJ)XQFWLRQ7HVWV'LHWDQG1XWULWLRQ&RXQVHOLQJ3UHPLHU+HDOWK&HQWHULVDRQHVWRSIRUDOOGLDJQRVWLFQHHGV&KDPSLRQLQJLWVYLVLRQRISUHYHQWLYHKHDOWKFDUHLWHQDEOHVFRQYHQLHQWDQGHDV\DFFHVVWRGHJUHHTXDOLW\KHDOWKFDUH7RGD\DIWHUFRQGXFWLQJRYHUWHQPLOOLRQWHVWVDQGVHUYLQJRYHUWKUHHPLOOLRQSDWLHQWV3UHPLHUFRQWLQXHVWRUDLVHWKHEDUWRDFKLHYHRSWLPXPDFFXUDF\DQGSUHFLVLRQEHVLGHVHQGHDYRULQJWRSURSDJDWHZHOOQHVVDQGSUHYHQWLYH WŒu]Œ,ošZvšŒ dŒµšŸvŸ}v(}Œ}u‰ŒZv]À,ošZŒvtoov^}oµŸ}v _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ_$XJXVW_ZZZLQVLJKWVVXFFHVVLQ 6SRWOLJKWLQJWKH0RVW7UXVWHG'LDJQRVWLFDQG3DWKRORJ\&HQWHUVLQ,QGLD + HDOWKFDUHRUJDQL]DWLRQVSOD\DFUXFLDOUROHLQHQVXULQJWKHZHOOEHLQJRILQGLYLGXDOVDQGFRPPXQLWLHV7RSURYLGHKLJKTXDOLW\FDUHDQGPDNHDSRVLWLYHLPSDFWKHDOWKFDUHRUJDQL]DWLRQVPXVWSRVVHVVDIHZHVVHQWLDOTXDOLWLHV7KHVHTXDOLWLHVQRWRQO\GH¿QHWKHLUVXFFHVVEXWDOVRLQÀXHQFHSDWLHQWRXWFRPHVDQGRYHUDOOKHDOWKFDUHVWDQGDUGV$QH[FHSWLRQDOKHDOWKFDUHRUJDQL]DWLRQSODFHVWKHSDWLHQWDWWKHFHQWHURILWVRSHUDWLRQV7KLVPHDQVOLVWHQLQJWRSDWLHQWVUHVSHFWLQJWKHLUSUHIHUHQFHVDQGLQYROYLQJWKHPLQGHFLVLRQPDNLQJSURFHVVHV3DWLHQWFHQWHUHGFDUHDOVRHPSKDVL]HVH\ru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ruKDYHZRUNHGWLUHOHVVO\WREULQJH[FHOOHQFHWRPHGLFDOGLDJQRVWLFVDQGVHUYLFHV6HWWLQJ6WDQGDUGVWKH3UHPLHU:D\&OLQLFDOH[FHOOHQFHLVDFRUQHUVWRQHRIDQ\WRSWLHUKHDOWKFDUHRUJDQL]DWLRQ7KLVTXDOLW\HQFRPSDVVHVWKHH[SHUWLVHDQGFRPSHWHQFHRIKHDOWKFDUHSURIHVVLRQDOVDGKHUHQFHWRHYLGHQFHEDVHGSUDFWLFHVDQGDFRPPLWPHQWWRFRQWLQXRXVOHDUQLQJDQGLPSURYHPHQW([FHSWLRQDORUJDQL]DWLRQVLQYHVWLQRQJRLQJWUDLQLQJDQGGHYHORSPHQWIRUWKHLUVWD\ruWRGHOLYHUWKHKLJKHVWVWDQGDUGRIFDUH3UHPLHU+HDOWK&HQWHUZDVHVWDEOLVKHGZLWKDPLVVLRQWREHFRPHWKHPRVWWUXVWHG UHOLDEOHKHDOWKFDUHVHUYLFHSURYLGHULQ7DPLO1DGX7RGD\WKLVLVUHÀHFWHGE\PRUHWKDQIRRWIDOOVWKDW3+&KDVRQDGDLO\EDVLVµ,WVYLVLRQIRUWKHIXWXUHLVDGLVHDVHIUHHVRFLHW\WKURXJKEHWWHUGLDJQRVLVIRUWKHFXUHDQGWLPHO\SUHYHQWLRQWKURXJKKHDOWKVFUHHQLQJ¶7KHRUJDQL]DWLRQKDVFRQWLQXRXVFURVVIXQFWLRQDOGLVFXVVLRQVEHWZHHQ+HDGVRI'HSDUWPHQWVWKDWVXEVHTXHQWO\SHUFRODWHGRZQWRWKHPDQDJHULDOOHYHOIRUH\ru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ruHUHDUO\DQGDFFXUDWHGLDJQRVHVIRUGLVHDVHVDQGKHOSUHGXFHWKHRYHUDOOEXUGHQRIGLVHDVHVRQLWVSDWLHQWV3UHPLHU+HDOWK&HQWHUR\ruHUVVWDWHRIWKHDUWODEIDFLOLWLHVKRPHYLVLWIDFLOLWLHVDVRQOLQHUHSRUWVWKURXJK:KDWV$SSLQDWLPHO\PDQQHU&RPSUHKHQVLYH'LDJQRVWLFVLVZKDWGHVFULEHVLWWKHEHVW,WR\ruHUVDFRPSUHKHQVLYHUDQJHRI3DWKRORJ\5DGLRORJ\DQG&DUGLRORJ\VHUYLFHVDORQJZLWK3UHYHQWLYH+HDOWK&KHFNXSV3UHPLHU+HDOWK&HQWHUIRFXVHVRQ5DGLRORJ\VHUYLFHVOLNH6RQRJUDSK\'LJLWDO;UD\0DPPRJUDSK\DQG%RQHGHQVLW\DQG&DUGLRORJ\VHUYLFHVOLNH(&*'(FKRDQG6WUHVVWHVWV5HGH¿QLQJ%HWWHUPHQWV3UHPLHU+HDOWK&HQWHUDOVRR\ruHUVYDOXHDGGHGVHUYLFHVVXFKDV$XGLRPHWU\2SWRPHWU\/XQJ)XQFWLRQ7HVWV'LHWDQG1XWULWLRQ&RXQVHOLQJ3UHPLHU+HDOWK&HQWHULVDRQHVWRSIRUDOOGLDJQRVWLFQHHGV&KDPSLRQLQJLWVYLVLRQRISUHYHQWLYHKHDOWKFDUHLWHQDEOHVFRQYHQLHQWDQGHDV\DFFHVVWRGHJUHHTXDOLW\KHDOWKFDUH7RGD\DIWHUFRQGXFWLQJRYHUWHQPLOOLRQWHVWVDQGVHUYLQJRYHUWKUHHPLOOLRQSDWLHQWV3UHPLHUFRQWLQXHVWRUDLVHWKHEDUWRDFKLHYHRSWLPXPDFFXUDF\DQGSUHFLVLRQEHVLGHVHQGHDYRULQJWRSURSDJDWHZHOOQHVVDQGSUHYHQWLYH WŒu]Œ,ošZvšŒ dŒµšŸvŸ}v(}Œ}u‰ŒZv]À,ošZŒvtoov^}oµŸ}v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±6(/(&7LQ$QQD1DJDUDQG0RJDSSDLU&KHQQDLVSUHDGVRYHUDQDUHDRIVTIWHDFKDQGWKHRQHLQ.DQFKLSXUDPH[WHQGVRYHUDQDUHDRIVTIW7KHVH6(/(&7FHQWHUVZLOOPDNHSDWLHQWVIHHOHQHUJHWLF7KHVRRWKLQJDPELHQFHFRXSOHGZLWKSOHDVDQWOLJKWLQJZLOOPDNHWKHPIHHOFRPIRUWDEOH'ULYHLQ&ROOHFWLRQ)RUWKH¿UVWWLPHLQWKHVWDWH3+&6HOHFWR\ruHUVDGULYHLQEORRGFROOHFWLRQIDFLOLW\WRLWVFXVWRPHUV7KHGULYHLQEORRGFROOHFWLRQIDFLOLW\LVDEHQH¿WHVSHFLDOO\IRUVHQLRUFLWL]HQVDQGWKHSK\VLFDOO\FKDOOHQJHGIRUTXLFNEORRGFROOHFWLRQHYHQZLWKRXWJHWWLQJRXWRIWKHFDU7KH\FDQJLYHWKHVDPSOHLQWKHGULYHLQDUHDZLWKRXWJHWWLQJLQWRWKHODERUDWRU\DQGZDLWLQJLQDTXHXH$OOWHVWLQJUHTXHVWVFDQEHPDGHE\SKRQHDQGWKHYDOLGDWHGUHVXOWVFDQEHREWDLQHGWKURXJK:KDWV$SS/RXQJH$FFHVV7KLVXOWUDPRGHUQIDFLOLW\FRPHVZLWKRSXOHQWORXQJHDFFHVVZKLFKPHDQV\RXFDQJLYH\RXUWHVWVLQDUHOD[LQJDQGFRPIRUWDEOHHQYLURQPHQW7KHIDFLOLW\FRPHVZLWKSOHDVLQJLQWHULRUVZKLFKPDNHV\RXUZDLWLQJWLPHSOHDVDQWDQGFRPIRUWDEOH7RZDUGV1HZ+RUL]RQV3UHPLHU+HDOWK&HQWHUDLPVWRH[SDQGLWVRSHUDWLRQVHYHU\\HDUDQGLVSODQQLQJWRVHWXSPRUHGLDJQRVWLFFHQWHUVE\WKHHQGRI,WLVRQLWVZD\WRH[SDQGLQJLWVVHUYLFHVWRRWKHUSDUWVRIWKHVWDWHDQGFUHDWLQJPRUHHPSOR\PHQWE\WKHHQGRI$SDUWIURPWKLV3UHPLHU+HDOWK&HQWHUKDVDOVRHVWDEOLVKHGWKUHHFHQWHUVRIH[FHOOHQFHLQ0HGLFDO'LDJQRVWLFVE\FUHDWLQJDQHZSKHQRPHQRQLQWKHGLDJQRVWLFODQGVFDSHRIWKHVWDWH3UHPLHU+HDOWK&HQWHU6(/(&7WKLVDUFKLWHFWXUDOO\GHVLJQHGIDFLOLW\ZLWKRSXOHQWLQWHULRUVFRPHVDVDEHQFKPDUNLQJVWDQGDUGWRWKHGLDJQRVWLFHQYLURQPHQWRIWKHVWDWH µµ µµ µµ µµ WŒu]Œ,ošZvšŒÁšo]ZÁ]šZu]]}vš}}ušZu}ššŒµš˜Œo]oZošZŒŒÀ]‰Œ}À]Œ]vdu]oEµXd}ÇUšZ]]ŒGšÇu}ŒšZvîñìì=(}}žoošZšW,Z}v]oǐ]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±6(/(&7LQ$QQD1DJDUDQG0RJDSSDLU&KHQQDLVSUHDGVRYHUDQDUHDRIVTIWHDFKDQGWKHRQHLQ.DQFKLSXUDPH[WHQGVRYHUDQDUHDRIVTIW7KHVH6(/(&7FHQWHUVZLOOPDNHSDWLHQWVIHHOHQHUJHWLF7KHVRRWKLQJDPELHQFHFRXSOHGZLWKSOHDVDQWOLJKWLQJZLOOPDNHWKHPIHHOFRPIRUWDEOH'ULYHLQ&ROOHFWLRQ)RUWKH¿UVWWLPHLQWKHVWDWH3+&6HOHFWR\ruHUVDGULYHLQEORRGFROOHFWLRQIDFLOLW\WRLWVFXVWRPHUV7KHGULYHLQEORRGFROOHFWLRQIDFLOLW\LVDEHQH¿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µµ µµ µµ µµ WŒu]Œ,ošZvšŒÁšo]ZÁ]šZu]]}vš}}ušZu}ššŒµš˜Œo]oZošZŒŒÀ]‰Œ}À]Œ]vdu]oEµXd}ÇUšZ]]ŒGšÇu}ŒšZvîñìì=(}}žoošZšW,Z}v]oǐ]X QHWZRUNFRQQHFWLRQ QHWZRUNFRQQHFWLRQ _$XJXVW_ZZZLQVLJKWVVXFFHVVLQ êêê¡ÜáæÜÚÛçææèÖÖØææ¡Üá