&DPEULGJH8QLWHG.LQJGRP 'HFHPEHU

*HQHYD6ZLW]HUODQG

, 17(51$7,21$/ 7 ^5$,1,1* : ^25.6+2321

7+( $ 66(660(17$1' 0 $1$*(0(172) 7 5$&+20$

)25 ( ^{1*/,6+ 63($.,1*} 1 ^$7,21$/ & 225',1$7256

&DPEULGJH8QLWHG.LQJGRP 'HFHPEHU

&

5

DQGDOOULJKWVDUHUHVHUYHGE\WKH:RUOG+HDOWK2UJDQL]DWLRQ:+2 7KHGRFXPHQWPD\QRWEHUHYLHZHGDEVWUDFWHGTXRWHGUHSURGXFHG RUWUDQVODWHGLQSDUWRULQZKROHZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRI:+2

1RSDUWRIWKLVGRFXPHQWPD\EHVWRUHGLQDUHWULHYDOV\VWHP RUWUDQVPLWWHGLQDQ\IRUPRUE\DQ\PHDQVHOHFWURQLFPHFKDQLFDO

RU RWKHUZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRI:+2 7KHYLHZVH[SUHVVHGLQGRFXPHQWVE\QDPHGDXWKRUV

DUHVROHO\WKHUHVSRQVLELOLW\RIWKRVHDXWKRUV

7$%/(2)&217(176

3UHDPEOH 5DSLG$VVHVVPHQW0HWKRGRORJ\5$

6$)(VWUDWHJ\

1DWLRQDO7UDFKRPD7DVN)RUFH 6WDQGDUGL]HGUHSRUWLQJ

$QQXDOQDWLRQDOGDWDUHSRUWLQJRIWUHQGVLQWUDFKRPDDFWLYLWLHV 0DQDJHPHQW,QIRUPDWLRQ6\VWHPV0,6 7UDLQLQJPDQXDOV 7HWUDF\FOLQHH\HRLQWPHQW 7ULFKLDVLVVXUJHU\

&RVWRIWUDFKRPDFRQWURODFWLYLWLHV 2SHUDWLRQDOUHVHDUFK 7HUPLQRORJ\

$QQH[$JHQGD

$QQH[/LVWRISDUWLFLSDQWV

$SSHQGL[6XPPDU\RIFRXQWU\SURILOHGDWD

$SSHQGL[$JHQFLHVDQGRUJDQL]DWLRQVZRUNLQJLQWUDFKRPDHQGHPLFFRXQWULHV

$SSHQGL[5HSRUWLQJRISRSXODWLRQEDVHGGDWDXVLQJWKH:+2VLPSOLILHGJUDGLQJVFKHPH

$SSHQGL[$QQXDOQDWLRQDOGDWDIRUUHSRUWLQJWUHQGVLQWUDFKRPDFRQWURODFWLYLWLHV

$SSHQGL[$OWHUQDWLYHVWUDWHJLHVIRUD]LWKURP\FLQGLVWULEXWLRQ

$SSHQGL[6WDQGDUGWHUPLQRORJ\IRUWUDFKRPDSURJUDPPHV

$SSHQGL[6XPPDU\RIUHFRPPHQGDWLRQVDQGDFWLRQUHTXLUHG

35($0%/(

$ ILYHGD\ZRUNVKRSRQ7UDFKRPD&RQWUROIRU1DWLRQDO3URJUDPPH&RRUGLQDWRUVZDVMRLQWO\

FRQYHQHGE\WKH:RUOG+HDOWK2UJDQL]DWLRQDQGWKH7DVN)RUFHRIWKH,QWHUQDWLRQDO$JHQF\IRUWKH 3UHYHQWLRQRI%OLQGQHVV,$3%ZLWKVXSSRUWIURP(GQD0F&RQQHOO&ODUN)RXQGDWLRQ

3DUWLFLSDQWV IURP QLQH FRXQWULHV ZLWK HQGHPLF WUDFKRPD DQG UHSUHVHQWDWLYHV IURP RUJDQL]DWLRQV FROODERUDWLQJ WKURXJK WKH :+2 $OOLDQFH IRU WKH *OREDO (OLPLQDWLRQ RI 7UDFKRPD DWWHQGHGWKHZRUNVKRSZKLFKZDVKRVWHGE\WKH,QWHUQDWLRQDO&HQWUHIRU(\H+HDOWK8.

2SSRUWXQLW\ZDVWDNHQWRGLVFXVVDQGUHYLHZWKHDYDLODEOHGDWDDQGGHYHORSRXWOLQHSODQVIRU WUDFKRPD FRQWURO SULRULWLHV IRU WKH QLQH SDUWLFLSDWLQJ FRXQWULHV 6HH $SSHQGL[ $ VXPPDU\ RI WKH

$FWLRQ3ODQDULVLQJIURPWKHGLVFXVVLRQVDWWKLVZRUNVKRSLVSUHVHQWHGLQ$SSHQGL[

5$3,'$66(660(170(7+2'2/2*<5$

,WZDVQRWHGWKDWWKHILUVW5$PHWKRGRORJ\KDVEHHQYDOLGDWHGLQ7DQ]DQLDWKHSDUWLFLSDQWV UHFRPPHQGHGWKDWWKHUDSLGDVVHVVPHQWPHWKRGRORJ\FRQWLQXHWREHYDOLGDWHGDQGUHILQHGLQ7KH

*DPELDDQG*KDQDGXULQJWKHQH[WPRQWKV

6$)(675$7(*<

7KHJURXSUHFRPPHQGHGWKDWSDUWLFLSDQWFRXQWULHVDGRSWDQGLPSOHPHQWWKH6$)(VWUDWHJ\

IRUWUDFKRPDFRQWURO7KH³(´FRPSRQHQWPD\DOVRLQFOXGH(GXFDWLRQDQG(FRQRPLFGHYHORSPHQWDV ZHOODV(QYLURQPHQWDOLPSURYHPHQW

1$7,21$/75$&+20$7$6.)25&(

,W LV UHFRPPHQGHG WKDW SDUWLFLSDQW FRXQWULHV ZLWK HQGHPLF WUDFKRPD HVWDEOLVK D QDWLRQDO WUDFKRPDWDVNIRUFHDVSDUWRIWKHSUHYHQWLRQRIEOLQGQHVVSURJUDPPHLQWKH0LQLVWU\RI+HDOWK7KH WDVNIRUFHVKRXOGEULQJWRJHWKHUUHSUHVHQWDWLYHVRIDOOQDWLRQDODQGLQWHUQDWLRQDOJURXSVLQYROYHGLQ WUDFKRPDFRQWURODFWLYLWLHVLQWKHFRXQWU\VHH$SSHQGL[IRUGHWDLOVRI1*'2LQYROYHPHQW

67$1'$5',=('5(3257,1*

,QRUGHUWRPDNHWKHGDWDSUHVHQWHG IURP SRSXODWLRQEDVHG VXUYH\V RI WUDFKRPD XVLQJ WKH :+2 VLPSOLILHG JUDGLQJ VFKHPH LW LV UHFRPPHQGHG WKDW UHSRUWLQJ E\ DJH DQG JHQGHU EH HQFRXUDJHG6HH$SSHQGL[IRUVXJJHVWLRQV

$118$/1$7,21$/'$7$5(3257,1*2)75(1'6,175$&+20$$&7,9,7,(6

7KHJURXSUHFRPPHQGHGWKDWWKH$QQXDO1DWLRQDO'DWDUHSRUWHGLQ$SSHQGL[EHDGRSWHGE\

SDUWLFLSDQWFRXQWULHVDVWKHPLQLPXPUHTXLUHPHQWVWRUHSRUWWUHQGVLQWUDFKRPDDFWLYLWLHV7KLVZLOO QHHGUHYLHZDVSURJUDPPHVGHYHORS2WKHUGDWDPD\EHUHTXLUHGDQGXVHGE\LQGLYLGXDOFRXQWULHV

0$1$*(0(17,1)250$7,216<67(060,6

7KHSDUWLFLSDQWVUHFRPPHQGHGWKDWXVHUIULHQGO\0,6EHGHYHORSHGE\SDUWLFLSDQWFRXQWULHV ZKLFKZLOODOORZWKHPWRPRQLWRUWKHLUWUDFKRPDFRQWUROSURJUDPPHV

75$,1,1*0$18$/6

7KH SDUWLFLSDQWV UHFRPPHQGHG WKDW WKH PDQXDOV FXUUHQWO\ EHLQJ GHYHORSHG IRU WULFKLDVLV VXUJHU\WUDLQHUVDQGVFKRROH\HKHDOWKFKLOGWRFKLOGSURJUDPPHVEHILQDOL]HGDQGPDGHDYDLODEOHWR SDUWLFLSDWLQJFRXQWULHV

7(75$&<&/,1((<(2,170(17

7KH KLJK YROXPH QHHG FRVW DQG ODFN RI DYDLODELOLW\ RI WHWUDF\FOLQH H\H RLQWPHQW LQ VRPH SDUWLFLSDQW HQGHPLF FRXQWULHV LV D PDMRU FRQVWUDLQW ,W ZDV UHFRPPHQGHG WKDW LQYHVWLJDWLRQ EH XQGHUWDNHQWRH[SORUHWKHIHDVLELOLW\DQGHFRQRPLFVRIHVWDEOLVKLQJDWHWUDF\FOLQHRLQWPHQWSURGXFWLRQ LQDQHQGHPLFFRXQWU\RI$IULFD

75,&+,$6,6685*(5<

7KHFRVWRIVXUJHU\LQVRPHSDUWLFLSDQWFRXQWULHVLVDVLJQLILFDQWEDUULHUWRXSWDNHRIWULFKLDVLV VXUJHU\ LQ SRRU FRPPXQLWLHV ,W LV UHFRPPHQGHG WKDW SDUWLFLSDQW FRXQWULHV ZLWK SDUWQHU 1*'2V GHYHORSVWUDWHJLHVWRPDNHWULFKLDVLVVXUJHU\DIIRUGDEOHDQGDFFHVVLEOHDWWKHFRPPXQLW\OHYHO

&2672)75$&+20$&21752/$&7,9,7,(6

7KHFRVWRIWUHDWLQJDSHUVRQZLWKWULFKLDVLVLVHVWLPDWHGWREHOHVVWKDQZKHUHDVWKHFRVW RI EOLQGQHVV LQ WHUPV RI ORVW HFRQRP\ WR WKH LQGLYLGXDO DQG WR VRFLHW\ KDV EHHQ FDOFXODWHG WR EH VHYHUDOWKRXVDQGGROODUVSHU\HDUSHUEOLQGSHUVRQ

7KHFRVWRIFRPPXQLW\EDVHGDQWLELRWLFWUHDWPHQWLVXQNQRZQEXWOLNHO\WREHVLJQLILFDQW,WLV WKHUHIRUH UHFRPPHQGHG WKDW SDUWLFLSDQW FRXQWULHV GRFXPHQW WKH FRVW RI LPSOHPHQWLQJ YDULRXV FRPSRQHQWVRIWKH6$)(VWUDWHJ\IRUIXWXUHKHDOWKHFRQRPLFDQDO\VLV

23(5$7,21$/5(6($5&+

$V ZHOO DV YDOLGDWLRQ RI WKH UDSLG DVVHVVPHQW PHWKRGRORJ\ WKH SDUWLFLSDQWV UHFRPPHQGHG WKDWSULRULW\EHJLYHQ

DWRDVVHVVLQJWKHEDUULHUVDQGRXWFRPHRIWULFKLDVLVVXUJHU\

EWRDVVHVVLQJWKHRXWFRPHRIWUDGLWLRQDOSUDFWLFHVIRUPLQRUWULFKLDVLVHJIUHTXHQWHSLODWLRQ FWRHYDOXDWLRQRID]LWKURP\FLQGLVWULEXWLRQVWUDWHJLHVLQFOXGLQJFRVWVHHDSSHQGL[

7(50,12/2*<

,QRUGHUWREHFRQVLVWHQWLQWHUPLQRORJ\WKHJURXSUHFRPPHQGHGWKDWWKHJRDOVRIWUDFKRPD SURJUDPPH DFWLYLWLHV LQ SDUWLFLSDQW FRXQWULHV EH GHILQHG DV ³WKH HOLPLQDWLRQ RI YLVXDO ORVV DQG EOLQGQHVVGXHWRWUDFKRPD´DQG³WKHFRQWURORIWUDFKRPD´VHHDSSHQGL[IRUIXUWKHUGHWDLOV

$11(;

$*(1'$

'$< $*(1'$,7(0 63($.(5

0RQGD\

'HFHPEHU

:HOFRPH

(SLGHPLRORJ\RIWUDFKRPD 6$)(VWUDWHJ\

7KH*DPELDPRGHO 7KH7DQ]DQLDPRGHO

*(7,QWHUQDWLRQDO7UDFKRPD,QLWLDWLYH :RUNRI&DUWHU&HQWHU

7UDFKRPDLQ3DNLVWDQ

:RUNRI6LJKW6DYHUV,QWHUQDWLRQDO 7UDFKRPDLQ0\DQPDU

:RUNRI2UELV,QWHUQDWLRQDO

* -RKQVRQ$)RVWHU

$'1HJUHO 6 0DULRWWL + )DDO

9 7XUQHU6.DWDOD

$'1HJUHO - 0HFDVNH\

- =LQJHVHU 3URI.KDQ

& *LOEHUW 'U7KDQW ' 1DJHU

7XHVGD\

'HFHPEHU

7UDFKRPDJUDGLQJ

7UDFKRPD5DSLG$VVHVVPHQW 7UDFKRPDLQ*KDQD

2SHUDWLRQDOUHVHDUFK 7UDFKRPDLQ9LHW1DP

5HVHDUFKZRUNDW/6+70RQWUDFKRPD 3ODQQLQJDQGPDQDJHPHQW

7UDFKRPDLQ7DQ]DQLD

$]LWKURP\FLQ 7UDFKRPDLQ2PDQ

:RUNRI+HOHQ.HOOHU,QWHUQDWLRQDO 7UDFKRPDLQ(WKLRSLD

:RUNRIWKH&KULVWRIIHO%OLQGHQPLVVLRQ 7UDFKRPDLQ7KH*DPELD

6 0DULRWWL

$'1HJUHO 'U+DJDQ 5 %DLOH\

'U']XQJ 5 %DLOH\

$'1HJUHO 6 .DWDOD

* )ORXW\-0HFDVNH\

'U-XPD / 7DSHUW 'U$GDPX

$ )RVWHU 'U%DK

:HGQHVGD\

'HFHPEHU

&RPPXQLW\3DUWLFLSDWLRQ,(&

3URJUDPPH,QGLFDWRUV 7UDFKRPDLQ1HSDO

0DQDJHPHQWLQIRUPDWLRQV\VWHPV 7UDFKRPDLQ6XGDQ

3URJUDPPHFRVWLQJ

5HVHDUFKZRUNDW,&(+RQWUDFKRPD 3URJUDPPHDGYRFDF\

:RUNLQJJURXSVWRGHYHORSFRXQWU\SODQ$

9 7XUQHU - 0HFDVNH\

'U0DOOD + /LPEXUJ 'U$EEDV - 0HFDVNH\

* --RKQVRQ - =LQJHVHU'.KDQ 3DUWLFLSDQWV 7KXUVGD\

'HFHPEHU 3UHVHQWDWLRQRIFRXQWU\SODQV$

:RUNLQJJURXSWRGHYHORSFRXQWU\SODQV%

3UHVHQWDWLRQRIFRXQWU\SODQV%

3DUWLFLSDQWV

)ULGD\

'HFHPEHU )LQDOGLVFXVVLRQV

&RQFOXVLRQVDQG5HFRPPHQGDWLRQV 3DUWLFLSDQWV /6+70 /RQGRQ6FKRRORI+\JLHQHDQG7URSLFDO0HGLFLQH/RQGRQ8.

,&(+ ,QWHUQDWLRQDO&HQWUHIRU(\H+HDOWK/RQGRQ8.

,(& ,QIRUPDWLRQ(GXFDWLRQDQG&RPPXQLFDWLRQ

$11(;

/,672)3$57,&,3$176 1DWLRQDO&RRUGLQDWRUV

'U/LNQDZ$GDPX 7HDP/HDGHU3UHYHQWLRQRI%OLQGQHVV7HDP 0LQLVWU\RI+HDOWK32%R[$GGLV$EDED(7+,23,$

)D[02+&%0 (PDLOFEPURH#WHOHFRPQHWHW

0U0RPRGRX%DK 3URJUDPPH0DQDJHU1DWLRQDO(\H&DUH3URJUDPPH 7KH4XDGUDQJOH%DQMXO7+(*$0%,$

)D[FR66, 'U1JX\HQ&KL']XQJ

1DWLRQDO,QVWLWXWHRI2SKWKDOPRORJ\%D7ULHX6WUHHW+DQRL9,(71$0 )D[7HO

(PDLOWRQWKL#NLPWKDQK#KQYQQYQ 'U0DULD+DJDQ (\H&DUH&RRUGLQDWRU

(\H&DUH6HFUHWDULDW0LQLVWU\RI+HDOWK*+$1$

)D[7HO (PDLOH\HFDUH#DIULFDRQOLQHFRPJK 'U$EGXO+XVVDLQ-XPD 6HQLRU6SHFLDOLVW

'HSDUWPHQWRI6XUYHLOODQFHDQG'LVHDVH&RQWURO'LUHFWRUDWH*HQHUDORI+HDOWK$IIDLUV 0LQLVWU\RI+HDOWK'DDUVHLW68/7$1$7(2)20$1

)D[

0U6LGQH\.DWDOD2SKWKDOPLF1XUVLQJ2IILFHU

+HOHQ.HOOHU,QWHUQDWLRQDO32%R['RGRPD7$1=$1,$

)D[7HO (PDLOKHOHQNHOOHU#DIULFDRQOLQHFRW]

3URIHVVRU0RKDPPDG'DXG.KDQ 3UHYHQWLRQRI%OLQGQHVV1DWLRQDO&RRUGLQDWRU +HDGRI3DNLVWDQ,QVWLWXWHRI&RPPXQLW\2SKWKDOPRORJ\3RVWJUDGXDWH0HGLFDO&RPSOH[

3HVKDZDU3$.,67$1 7HO)D[

(PDLOSLFR#SHVFRPVDWVQHWSN 'U2P.ULVKQD0DOOD 0HGLFDO'LUHFWRU 1HSDO(\H+RVSLWDO.DWKPDQGX1(3$/

)D[FR:+2

'U0V&KR&KR7KDQW 5HJLRQDO2IILFHUIRU3UHYHQWLRQRI%OLQGQHVV3URJUDPPH 0LQLVWU\RI+HDOWK%DJR0<$10$5

7HO)D[

5HVHDUFK,QVWLWXWHV

'U$ODLQ$X]HPHU\ 'LUHFWRU,QVWLWXWG¶2SKWDOPRORJLH7URSLFDOHGHO¶$IULTXH,27$

%3%DPDNR0$/,

7HO)D[

(PDLODX]HPHU\#LRWDRFFJHRUJ

'U5RELQ%DLOH\ 6HQLRU/HFWXUHU/RQGRQ6FKRRORI+\JLHQHDQG7URSLFDO0HGLFLQH .HSSHO6WUHHW/RQGRQ:&(+78.

7HO)D[

(PDLOUEDLOH\#OVKWPDFXN

'U+DQV/LPEXUJ5HVHDUFK)HOORZ,QWHUQDWLRQDO&HQWUHIRU(\H+HDOWK

%DWK6WUHHW/RQGRQ(&9(/8.

7HO)D[

(PDLOKOLPEXUJ#FRPSXVHUYHFRP

3URIHVVRU'DYLG0DEH\ 3URIHVVRURI&RPPXQLFDEOH'LVHDVHV +HDGRI&OLQLFDO 5HVHDUFK8QLW/RQGRQ6FKRRORI+\JLHQHDQG7URSLFDO0HGLFLQH

.HSSHO6WUHHW/RQGRQ:&(+78.

7HO)D[

(PDLOGPDEH\#OVKWPDFXN

&ROODERUDWLQJ1*'2¶V)RXQGDWLRQV

'U'LUN$&&DOFRHQ 3URJUDPPH0DQDJHU7KH,QWHUQDWLRQDO7UDFKRPD,QLWLDWLYH (DVW^WK6WUHHW6XLWH1HZ<RUN1<86$

7HO)D[

(PDLOGFDOFRHQ#DROFRP

'U-RH&RRN0HGLFDO'LUHFWRU7KH(GQD0F&RQQHOO&ODUN)RXQGDWLRQ 3DUN$YHQXH1HZ<RUN1<86$

7HO)D[

(PDLOMFRRN#HPFIRUJ

'U+DQQDK)DDO (\H&DUH3URJUDPPH&RQVXOWDQWIRU:HVW$IULFD 6LJKW6DYHUV,QWHUQDWLRQDO32%R[%DQMXO7+(*$0%,$

7HO)D[

(PDLOKIDDOVVLJ#GHOSKLFRP

'U*HRUJH)ORXW\ 0HGLFDO'LUHFWRU,QWHUQDWLRQDO7UDFKRPD,QLWLDWLYH3IL]HU,QF (DVW^QG6WUHHW1HZ<RUN1<86$

7HO)D[

(PDLOIORXWJ#SIL]HUFRP

'U&ODUH*LOEHUW 0HGLFDO$GYLVHU6LJKW6DYHUV,QWHUQDWLRQDO

FR,QWHUQDWLRQDO&HQWUHIRU(\H+HDOWK%DWK6WUHHW/RQGRQ(&9(/8.

7HO)D[

(PDLOFJLOEHUW#XFODFXN

'U-HIIUH\:0HFDVNH\3URJUDPPH'LUHFWRU,QWHUQDWLRQDO7UDFKRPD,QLWLDWLYH

&KXUFKLOO7HUUDFH1HZWRQ0$86$

7HO+RPH)D[

(PDLOOLPEX#DROFRP

0V/LVD7DSHUW 'LUHFWRU7UDFKRPD3URJUDP+HOHQ.HOOHU,QWHUQDWLRQDO :DVKLQJWRQ6WUHHW1HZ<RUN1<86$

7HO[W)D[

(PDLOOWDSHUW#+.,25*

'U9LUJLQLD07XUQHU 3XEOLF+HDOWK(SLGHPLRORJLVW FR&('+$32%R[$UXVKD7$1=$1,$

7HOPRELOH)D[

(PDLO905HJLV7#DIULFDRQOLQHFRW]

'U-DPHV$=LQJHVHU 6HQLRU(SLGHPLRORJLVW&RQWURO (UDGLFDWLRQRI'LVHDVH 7KH&DUWHU&HQWHU2QH&RSHQKLOO$WODQWD*HRUJLD86$

7HO)D[

(PDLOM]LQJHV#HPRU\HGX

6HFUHWDULDW

'U6LOYLR30DULRWWL3UHYHQWLRQRI%OLQGQHVVDQG'HDIQHVV3%':RUOG+HDOWK 2UJDQL]DWLRQ$YHQXH$SSLD&+*HQHYD6:,7=(5/$1'

7HO)D[

(PDLOPDULRWWLV#ZKRFK

'U$QGUp'RPLQLTXH1HJUHO3UHYHQWLRQRI%OLQGQHVVDQG'HDIQHVV3%':RUOG +HDOWK2UJDQL]DWLRQ$YHQXH$SSLD&+*HQHYD6:,7=(5/$1'

7HO)D[

(PDLOQHJUHOD#ZKRFK

3URIHVVRU*RUGRQ-RKQVRQ 'LUHFWRU,QWHUQDWLRQDO&HQWUHIRU(\H+HDOWK

%DWK6WUHHW/RQGRQ(&9(/8.

7HO)D[

(PDLOHFDUWZULJKW#XFODFXN

'U$OOHQ)RVWHU 0HGLFDO'LUHFWRU&KULVWRIIHO%OLQGHQPLVVLRQH9

FR,QWHUQDWLRQDO&HQWUHIRU(\H+HDOWK%DWK6WUHHW/RQGRQ(&9(/8.

7HO)D[

(PDLODOOHQIRVWHU#FRPSXVHUYHFRP

$SSHQGL[

6800$5<2)&28175<352),/('$7$

&28175< 3238/$7,210,//,216 (67,0$7(' 77&$6(6

(67,0$7('

&$6(67)7, &200(17 $//,$1&(

$&7,9,7,(6 (WKLRSLD 77RSHUDWLRQV\U RFWHWUDDYDLODELOLW\OLPLWHG

7UDLQLQJRI 20$V&%0 +HOS$JH 2UELV

*DPELD $FWLYHWUDFKRPDFRQWUROSURJUDPPH 66,

&%0

*KDQD 1RUWKHUQDQG8SSHU:HVWSURYLQFHV

&%0

&DUWHU&HQWHU ,7,66,

65&

0\DQPDU &RQILQHGWRFHQWUDODULG

DUHD$FWLYHSURJUDPPH &%0

1HSDO )RFXVLQ:HVW1HSDODURXQG1HSDOJDQM

&%0 +.,,7, 65&

2PDQ $FWLYHWUDFKRPDFRQWUROSURJUDPPH

3DNLVWDQ " " /LPLWHGGDWDDYDLODEOH%DOXFKLVWDQLVSRRUHVWDUHD &%0 66,

7DQ]DQLD &HQWUDODUHDPRVWDIIHFWHG

&%0 +.,,7, 66,

9LHW1DP 0DLQO\LQWKHIDU1RUWK &%0

+.,,7,

&DUWHU&HQWHU¶VSODQVIRUWUDFKRPDFRQWURO

&KULVWRIIHO%OLQGHQPLVVLRQ&%0 +HOHQ.HOOHU,QWHUQDWLRQDO+.,

,QWHUQDWLRQDO7UDFKRPD,QLWLDWLYH¶V,7,SODQVIRUWUDFKRPDFRQWURO ,QWHUQDWLRQDO(\H)RXQGDWLRQ,()

2UELV,QWHUQDWLRQDO25%,6

2UJDQLVDWLRQSRXUOD3UpYHQWLRQGHOD&pFLWp23&

6LJKWVDYHUV,QWHUQDWLRQDO66, 6ZLVV5HG&URVV65&

$SSHQGL[

$*(1&,(6$1'25*$1,=$7,216:25.,1*,1 75$&+20$(1'(0,&&28175,(6

&28175< $*(1&,(6$1'25*$1,=$7,216:25.,1*,1 75$&+20$(1'(0,&&28175,(6 (WKLRSLD &%0+HOS$JH2UELV,QWHUQDWLRQDO

*DPELD &%066,

*KDQD &DUWHU&HQWHU&%0,7,66,65&

0\DQPDU &%0

1HSDO &%0+.,65&

2PDQ

3DNLVWDQ &%066, 6XGDQ &DUWHU&HQWHU 7DQ]DQLD &%0,7,+.,66, 9LHW1DP &%0,7,+.,

$OJHULD

%XUNLQD)DVR &%0+.,23&

&KDG 23&

&KLQD &%0+.,2UELV,QWHUQDWLRQDO

*XLQHD%LVVDX &%0,()

0DOL &DUWHU&HQWHU+.,,7,66,23&

0RURFFR +.,,7,

1LJHU &DUWHU&HQWHU&%0+.,23&

1LJHULD &DUWHU&HQWHU&%066,

<HPHQ &DUWHU&HQWHU

,QWHUQDWLRQDO7UDFKRPD,QLWLDWLYH,7,SODQVIRUWUDFKRPDFRQWURO &DUWHU&HQWUH&&SODQVIRUWUDFKRPDFRQWURO

&KULVWRIIHO%OLQGHQPLVVLRQ&%0 +HOHQ.HOOHU,QWHUQDWLRQDO+., ,QWHUQDWLRQDO(\H)RXQGDWLRQ,() 2UELV,QWHUQDWLRQDO25%,6

2UJDQLVDWLRQSRXUOD3UpYHQWLRQGHOD&pFLWp23&

6LJKW6DYHUV,QWHUQDWLRQDO66, 6ZLVV5HG&URVV65&

$SSHQGL[

5(3257,1*2)3238/$7,21%$6(''$7$86,1*

7+(:+26,03/,),('*5$',1*6&+(0(

Õ (66(17,$/,1',&$7256Ô

×

œ RI7)DQGRU7,LQDOOFKLOGUHQPDOHV DQGIHPDOHVDJHG\HDUV

œ RI77LQIHPDOHVDJHG\HDUVDQG DERYH

Õ 86()8/,1',&$7256Ô

×

œ RI77LQIHPDOHVDJHG\HDUV

œ RI77LQPDOHVDJHG\HDUV

œ RI77LQPDOHVDJHG\HDUVDQGDERYH

œ RI&2LQDOODGXOWVDJHG\HDUVDQG RYHU&2DVGHILQHGE\WKHVLPSOLILHGJUDGLQJ

VFKHPHLHOHVVWKDQRUYLVLRQ

œ RI76LQIHPDOHVDJHG\HDUVDQG DERYH

œ RI76LQPDOHVDJHG\HDUVDQGDERYH

$SSHQGL[

$118$/1$7,21$/'$7$)255(3257,1*75(1'6 ,175$&+20$&21752/$&7,9,7,(6

$&7,9,7< <($5 <($5 <($5

7ULFKLDVLVVXUJHU\6

1XPEHURISHRSOHLQQHHGRI77VXUJHU\LINQRZQ 1XPEHURIWULFKLDVLVVXUJHU\SHUIRUPHG

$QWLELRWLFWUHDWPHQW)DFLDOFOHDQOLQHVV (QYLURQPHQWDOFKDQJHV$)(

(VWLPDWHGQXPEHURIFRPPXQLWLHVZLWKHQGHPLFWUDFKRPDLQQHHG RI$)(DFWLYLWLHVLINQRZQ

1XPEHURIHQGHPLFWUDFKRPDFRPPXQLWLHVZLWKDQWLELRWLF GLVWULEXWLRQ

DQXPEHURISHRSOHWUHDWHGZLWKWHWUDF\FOLQHH\HRLQWPHQW EQXPEHURISHRSOHWUHDWHGZLWKD]LWKURP\FLQ

1XPEHURIHQGHPLFWUDFKRPDFRPPXQLWLHVJLYHQKHDOWK HGXFDWLRQDERXWIDFLDOFOHDQOLQHVV

1XPEHURIHQGHPLFWUDFKRPDFRPPXQLWLHVZLWKVDIHZDWHUVXSSO\

$SSHQGL[

$/7(51$7,9(675$7(*,(6)25$=,7+520<&,1',675,%87,21 3238/$7,21*5283

)2575($70(17 $*(5$1*( 75($70(17 &200(17

&RPPXQLW\6FUHHQLQJ&DVH'HWHFWLRQ

(QWLUHFRPPXQLW\ (YHU\RQH!\HDU 978 ([FOXGHZRPHQ

NQRZQWREH SUHJQDQW (QWLUHKRXVHKROGLIWKHUHLVDQ\

FDVHRI7)7,SOD\FRQWDFWV (YHU\RQH!\HDU )78378 ([FOXGHZRPHQ NQRZQWREH SUHJQDQW (QWLUHKRXVHKROGLIWKHUHLVDQ\FDVHRI

7)7, (YHU\RQH!\HDU )78 ([FOXGHZRPHQ

NQRZQWREH SUHJQDQW

$OOFDVHVRI7)DQG7, (YHU\RQH!\HDU ,78 ([FOXGHZRPHQ NQRZQWREH SUHJQDQW

$OOFDVHVRI7)DQG7,LQFKLOGUHQRQO\ $JHRU

RU\UV ,78

6FKRRO6FUHHQLQJ&DVH'HWHFWLRQ

6FKRROFKLOGUHQ 6HOHFWHGDJH

JURXSVFODVVHV 6&78 6FKRROFKLOGUHQ &DVHVRI7)7,

)DPLO\PHPEHUV )78 6FKRROFKLOGUHQ &DVHVRI7)7, ,78

7UHDWPHQW8QLW7KHWUHDWPHQWXQLWPD\EH

œWKHYLOODJH978

œWKHIDPLO\)78

œWKHSOD\XQLWRIFKLOGUHQ378

œWKHZKROHVFKRRO678

œVHOHFWHGFODVVHVDWVFKRRO6&78

œWKHLQGLYLGXDO,78

7KHWUHDWPHQWXQLWZLOOYDU\GHSHQGLQJRQWKHVHYHULW\RIWKHGLVHDVHDQGWKHDYDLODEOHUHVRXUFHV 7LPLQJRI7UHDWPHQW

7KHWLPLQJRIWUHDWPHQWPD\EHFULWLFDOLQWHUPVRIPD[LPL]LQJLPSDFWRQWUDQVPLVVLRQ 7KLVQHHGVWREHGHWHUPLQHGIRUHDFKVLWXDWLRQDQGWUHDWPHQWVWUDWHJ\

)UHTXHQF\RI7UHDWPHQW

,WLVVWLOOWREHGHWHUPLQHGLIDQQXDOPRQWKO\RUPRUHIUHTXHQWWUHDWPHQWLVWKHPRVWFRVWHIIHFWLYHORQJWHUP VWUDWHJ\

$SSHQGL[

67$1'$5'7(50,12/2*<)2575$&+20$352*5$00(6

'XULQJJURXSGLVFXVVLRQVLWDSSHDUHGWKDWVRPHSDUWLFLSDQWVZHUHPL[LQJXSWKHFRQFHSWVRI HOLPLQDWLRQDQGHUDGLFDWLRQ7KHDGRSWLRQRIDVWDQGDUGWHUPLQRORJ\WRGHVFULEHWKHJRDOVDQG REMHFWLYHVRIWUDFKRPDFRQWUROSURJUDPPHVZDVWKHUHIRUHUHFRPPHQGHGWRSDUWLFLSDWLQJFRXQWULHV DVIROORZV

(/,0,1$7,212)%/,1'1(66$1' 9,68$//266'8(7275$&+20$

DQG

75$&+20$&21752/

$SSHQGL[

6800$5<2)5(&200(1'$7,216$1'$&7,215(48,5('

$&7,21 :+2 :+(1 &200(17

2SHUDWLRQDO5HVHDUFK 5HSRUWYDOLGDWLRQVWXG\IURP

7DQ]DQLD .RQJZD7DQ]DQLD 0DU

9DOLGDWH75$LQ*DPELD (&3*DPELD,&(+

:+2/6+70 (DUO\ /6+70:+2WRGHVLJQ (&3,&(+WRGRILHOGZRUN 9DOLGDWH75$LQ*KDQD (&3*KDQD,&(+

:+2/6+70 (DUO\ /6+70:+2WRGHVLJQ (&3,&(+WRGRILHOGZRUN

$VVHVVRXWFRPHRI77

PDQDJHPHQW (&3*DPELD,&(+

RWKHUSURJUDPPHV &RKRUWRISDWLHQWVEHLQJIROORZHG LQ7KH*DPELD

,QYHVWLJDWHD]LWKURP\FLQ

GLVWULEXWLRQVWUDWHJLHV ,7,ZLWKFRXQWU\

SURJUDPPHV /RJLVWLFVVWXG\EHLQJSODQQHGIRU 'DER\D*KDQD

5HSRUWLQJ

&RQVLGHUVWDQGDUGL]HG

DJHJHQGHUUHSRUWLQJ :+27UDFKRPD$OOLDQFH

&RQVLGHUPLQLPXP$QQXDO

1DWLRQDO'DWD :+27UDFKRPD$OOLDQFH 7UDLQLQJ 'HYHORSWUDLQLQJSURJUDPPH

IRU77WUDLQHUVLQ$IULFD ,&(+DQG1*'2V

77WUDLQHUV¶PDQXDO +.,DQG(&3*DPELD 8QGHUUHYLHZQRZ 6FKRROH\HKHDOWK

&KLOG&KLOGPDQXDO (&3*DPELD :LOOEHUHYLHZHGE\(&3 7DQ]DQLDDQG:+2

$QWLELRWLFDYDLODELOLW\

,QYHVWLJDWHWHWUDF\FOLQHH\H

RLQWPHQWSURGXFWLRQ (WKLRSLD133%

DQG&%0

1DWLRQDOZRUNVKRSV

&RQVLGHUWKHHVWDEOLVKPHQW

RID7UDFKRPD7DVN)RUFH ,QGLYLGXDOFRXQWULHV 6HYHUDOFRXQWULHVKDYHDOUHDG\

GRQHWKLV

7DQ]DQLD 02+7DQ]DQLD,7, -DQ

2PDQ 02+2PDQ 0DU

3DNLVWDQ 02+3DNLVWDQ $SU

*KDQD 02+*KDQD,7, -XQ

9LHW1DP 02+9LHW1DP 2FW

(&3 (\H&DUH3URJUDPPH :+2 :RUOG+HDOWK2UJDQL]DWLRQ

/6+70 /RQGRQ6FKRRORI+\JLHQHDQG7URSLFDO0HGLFLQH ,&(+ ,QWHUQDWLRQDO&HQWUHIRU(\H+HDOWK

133% 1DWLRQDO3URJUDPPHIRU3UHYHQWLRQRI%OLQGQHVV 02+ 0LQLVWU\RI+HDOWK

,7, ,QWHUQDWLRQDO&HQWUHIRU(\H+HDOWK

v v v v v