You are on page 1of 742

ELSEVIER’S

DICTIONARY OF
ACRONYMS,
INITIALISMS,
ABBREVIATIONS
AND SYMBOLS

6HFRQG5HYLVHG
DQG(QODUJHG
(GLWLRQ
This Page Intentionally Left Blank
ELSEVIER’S
DICTIONARY OF
ACRONYMS,
INITIALISMS,
ABBREVIATIONS
AND SYMBOLS
6HFRQG5HYLVHGDQG(QODUJHG(GLWLRQ

FRPSLOHGDQGHGLWHGE\

),25(77$ %(1('(7720$77,$
0LODQ,WDO\


(/6(9,(5
$PVWHUGDP²%RVWRQ²+HLGHOEHUJ²/RQGRQ²1HZ<RUN²2[IRUG
3DULV²6DQ'LHJR²6DQ)UDQFLVFR²6LQJDSRUH²6\GQH\²7RN\R
(/6(9,(56&,(1&(%9
6DUD%XUJHUKDUWVWUDDW
32%R[$($PVWHUGDP7KH1HWKHUODQGV

‹ (OVHYLHU6FLHQFH%9$OOULJKWVUHVHUYHG

7KLVGLFWLRQDU\LVSURWHFWHGXQGHUFRS\ULJKWE\(OVHYLHU6FLHQFHDQGWKHIROORZLQJWHUPVDQGFRQGLWLRQVDSSO\WRLWVXVH

3KRWRFRS\LQJ
6LQJOHSKRWRFRSLHVPD\EHPDGHIRUSHUVRQDOXVHDVDOORZHGE\QDWLRQDOFRS\ULJKWODZV3HUPLVVLRQRIWKH3XEOLVKHUDQG
SD\PHQWRIDIHHLVUHTXLUHGIRUDOORWKHUSKRWRFRS\LQJLQFOXGLQJPXOWLSOHRUV\VWHPDWLFFRS\LQJFRS\LQJIRUDGYHUWLVLQJ
RUSURPRWLRQDOSXUSRVHVUHVDOHDQGDOOIRUPVRIGRFXPHQWGHOLYHU\6SHFLDOUDWHVDUHDYDLODEOHIRUHGXFDWLRQDOLQVWLWXWLRQV
WKDWZLVKWRPDNHSKRWRFRSLHVIRUQRQSURILWHGXFDWLRQDOFODVVURRPXVH

3HUPLVVLRQVPD\EHVRXJKWGLUHFWO\IURP(OVHYLHU·V6FLHQFH 7HFKQRORJ\5LJKWV'HSDUWPHQWLQ2[IRUG8.SKRQH 


ID[  HPDLOSHUPLVVLRQV#HOVHYLHUFRP<RXPD\DOVRFRPSOHWH\RXUUHTXHVWRQOLQHYLD
WKH (OVHYLHU 6FLHQFH KRPHSDJH KWWSZZZHOVHYLHUFRP  E\ VHOHFWLQJ ¶&XVWRPHU 6XSSRUW· DQG WKHQ ¶2EWDLQLQJ
3HUPLVVLRQV·

,QWKH86$XVHUVPD\FOHDUSHUPLVVLRQVDQGPDNHSD\PHQWVWKURXJKWKH&RS\ULJKW&OHDUDQFH&HQWHU,QF5RVHZRRG
'ULYH 'DQYHUV 0$  86$ SKRQH      ID[      DQG LQ WKH 8. WKURXJK WKH
&RS\ULJKW /LFHQVLQJ$JHQF\ 5DSLG &OHDUDQFH 6HUYLFH &/$5&6   7RWWHQKDP &RXUW 5RDG /RQGRQ :3 /3 8.
SKRQH  ID[  2WKHUFRXQWULHVPD\KDYHDORFDOUHSURJUDSKLFULJKWVDJHQF\IRUSD\
PHQWV

'HULYDWLYH:RUNV
3HUPLVVLRQRIWKH3XEOLVKHULVUHTXLUHGIRUDOORWKHUGHULYDWLYHZRUNVLQFOXGLQJFRPSLODWLRQVDQGWUDQVODWLRQV

(OHFWURQLF6WRUDJHRU8VDJH
3HUPLVVLRQRIWKH3XEOLVKHULVUHTXLUHGWRVWRUHRUXVHHOHFWURQLFDOO\DQ\PDWHULDOFRQWDLQHGLQWKLVZRUN

([FHSWDVRXWOLQHGDERYHQRSDUWRIWKLVZRUNPD\EHUHSURGXFHGVWRUHGLQDUHWULHYDOV\VWHPRUWUDQVPLWWHGLQDQ\IRUP
RU E\ DQ\ PHDQV HOHFWURQLF PHFKDQLFDO SKRWRFRS\LQJ UHFRUGLQJ RU RWKHUZLVH ZLWKRXW SULRU ZULWWHQ SHUPLVVLRQ RI WKH
3XEOLVKHU
$GGUHVVSHUPLVVLRQVUHTXHVWVWR(OVHYLHU·V6FLHQFH 7HFKQRORJ\5LJKWV'HSDUWPHQWDWWKHSKRQHID[DQGHPDLODGGUHVV
HVQRWHGDERYH

1RWLFH
1RUHVSRQVLELOLW\LVDVVXPHGE\WKH3XEOLVKHUIRUDQ\LQMXU\DQGRUGDPDJHWRSHUVRQVRUSURSHUW\DVDPDWWHURISURGXFWV
OLDELOLW\QHJOLJHQFHRURWKHUZLVHRUIURPDQ\XVHRURSHUDWLRQRIDQ\PHWKRGVSURGXFWVLQVWUXFWLRQVRULGHDVFRQWDLQHGLQ
WKHPDWHULDOKHUHLQ%HFDXVHRIUDSLGDGYDQFHVLQWKHPHGLFDOVFLHQFHVLQSDUWLFXODULQGHSHQGHQWYHULILFDWLRQRIGLDJQRVHV
DQGGUXJGRVDJHVVKRXOGEHPDGH

)LUVWHGLWLRQ
6HFRQGUHYLVHGDQGHQODUJHGHGLWLRQ

/LEUDU\RI&RQJUHVV&DWDORJLQJLQ3XEOLFDWLRQ'DWD
$ FDWDORJUHFRUGIURPWKH/LEUDU\RI&RQJUHVVKDVEHHQDSSOLHGIRU

%ULWLVK/LEUDU\&DWDORJXLQJLQ3XEOLFDWLRQ'DWD
$ FDWDORJXHUHFRUGIURPWKH%ULWLVK/LEUDU\KDVEHHQDSSOLHGIRU

,6%1

' 7KHSDSHUXVHGLQWKLVSXEOLFDWLRQPHHWVWKHUHTXLUHPHQWVRI$16,1,62= 3HUPDQHQFHRI3DSHU 


3ULQWHGLQ7KH1HWKHUODQGV
,I\RXFDQQRWLQWKHORQJUXQ
WHOOHYHU\RQHZKDW\RXKDYHEHHQ
GRLQJ\RXUGRLQJKDVEHHQZRUWKOHVV

(UZLQ6FKU|GLQJHU
7$%/(2) &217(176

3UHIDFHWRWKHILUVWHGLWLRQ L[

3UHIDFHWRWKHVHFRQGHGLWLRQ [L

*XLGHWRWKHXVHRIWKHGLFWLRQDU\ [LLL

3HUPLVVLRQWRLQFOXGHJUDQWHGE\[L[

$FURQ\PV,QLWLDOLVPV$EEUHYLDWLRQV6\PEROV$ WR=
$%287 7+($87+25

7KHDXWKRUKDVDSRO\KHGULFEDFNJURXQG6KHVWXGLHG&RPPHUFLDO6FLHQFHDQG/DQJXDJHV IROORZHG
E\3KLORVRSK\ DQG3V\FKRORJ\1H[W-RXUQDOLVP/DZ (FRQRPLFVRIWKH(XURSHDQ&RPPXQLWLHV
DQG&ULPLQDO/DZ /DVWEXWQRWOHDVW,QWHUQDWLRQDO%XVLQHVV 8QLYHUVLW\RI:DVKLQJWRQ 

7KHDERYHDQGKHULQGHSWKNQRZOHGJHRIWKHVSHFLILFWHUPLQRORJLHVSHUWDLQLQJWRWKHVFLHQWLILFDQG
WHFKQLFDO GLVFLSOLQHV SOXV WKH VHYHUDO ODQJXDJHV WKDW VKH NQRZV DW PRWKHUWRQJXH OHYHO KDYH
DOORZHGKHUWRVXFFHHGLQKHUFDUHHULQ7UDQVODWLRQV7HDFKLQJDQG&RQVXOWDQF\

6KHKDVDFTXLUHGKHUH[SHUWLVHDQGNQRZKRZE\ZRUNLQJZLWK3DWHQW2IILFHVZLWKWKH3RO\WHFKQLF
RI 0LODQ ZLWK 8QLYHUVLWLHV DQG LPSRUWDQW FRQFHUQV VSHFLDOL]LQJ LQ ILHOGV VXFK DV &KHPLVWU\
&ULPLQDO/DZ0HGLFLQH1XFOHDU(QJLQHHULQJ3K\VLFV3V\FKRORJ\$OWHUQDWLYH(QHUJLHV

6KHLVD&HUWLILHG7UDQVODWRUVKHZULWHVDQGUXQV3RVW8QLYHUVLW\&RXUVHVVKHGRHV3URIHVVLRQDO
&RQVXOWDQF\ZRUNIRUWKH0LODQ&RXUWRI/DZDQGVKHLVDPHPEHURIWKH$PHULFDQ$VVRFLDWLRQ
IRUWKH$GYDQFHPHQWRI6FLHQFH:DVKLQJWRQ'&DVZHOODVWKH1HZ<RUN$FDGHP\RI6FLHQFHV
This Page Intentionally Left Blank
35()$&(727+(),567 (',7,21

7KLV'LFWLRQDU\ LVWKHRXWFRPHRIDQLGHD,KDGVHYHUDO\HDUVDJRZKHQLQP\3URIHVVLRQ,DFWX
DOO\OLYHG WKHGLIILFXOW\RIILQGLQJGHILQLWLRQVRIDFURQ\PVLQLWLDOLVPVDQGDEEUHYLDWLRQVDQGSRVVL
EO\DGGLWLRQDOLQIRUPDWLRQ,QP\GDLO\SURIHVVLRQDOOLIHVDPHDVLWPD\KDYHKDSSHQHGWR\RX,
ZDVDOVRFRQIURQWHGZLWKPDQ\DFURQ\PVDQGLQLWLDOLVPVWKDWKDGLGHQWLFDOVHWVRIOHWWHUVEXWGLI
IHUHQWGHILQLWLRQV

)RULQVWDQFH$$ LQ&RPSXWHU3URJUDPPLQJ VWDQGVIRU$EVROXWH$GGUHVVZKHUHDVLQ3V\FKRORJ\


LWVWDQGVIRU$FKLHYHPHQW$JHDQGLQ%LRFKHPLVWU\$UDFKLGRQLF$FLG
%'$ VWDQGVIRU%ULWLVK'HQWDO$VVRFLDWLRQEXWDOVRIRU%RPE'DPDJH$VVHVVPHQW
&$3 VWDQGV IRU &LYLO $LU 3DWURO EXW LQ 0ROHFXODU %LRORJ\ LW VWDQGV IRU &DWDEROLWH $FWLYDWRU
3URWHLQDQGWKLVJRHVRQDQGRQ

:KRLVWKHSHUVRQRQHDUWKWKDWFDQQDPHWKHPRUUHPHPEHUWKHPDOO"

,IRXQGWKDWWKHUHZDVDORWRIFRQIXVLRQLQWKLVLQWULFDWHZRUOGRIDFURQ\PVLQLWLDOLVPVDEEUHYLD
WLRQVZLWKWKHWKRXVDQGVRIH[LVWLQJRQHVSOXVWKHQHZRQHVFRLQHGHYHU\GD\6R,UHDOL]HG,KDG
WRGRVRPHWKLQJWRILOOWKLVJDSDVQRVXFK'LFWLRQDU\LVDYDLODEOH:HDOONQRZWKDW'LFWLRQDULHV
GRQRWPDWHULDOL]HRYHUQLJKWVRDUPHGZLWKGHWHUPLQDWLRQSHUVHYHUDQFHDQGSDWLHQFH,VWDUWHGFRO
OHFWLQJ D ZHDOWK RI LQIRUPDWLRQ , OLWHUDOO\ ZHQW WKURXJK WKRXVDQGV RI 6FLHQWLILF DQG 7HFKQLFDO
-RXUQDOVDQG3HULRGLFDOV,VFDQQHGDKXJHDPRXQWRIUHIHUHQFHPDWHULDO,JDWKHUHGERWKKLVWRULFDO
GDWDDVZHOODVUHFHQWGHYHORSPHQWVVSDQQLQJWZRGHFDGHVIURPWR,OLVWHGWKRXVDQGV
RIDFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQV,DGGHGIUHVKO\FRLQHGRQHVDQGXSGDWHGWHUPV,FRRUGLQDW
HGWKHZRUNDQGILQDOO\DVVHPEOHGWKHZKROHORWRIDFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQVV\PEROV
DQGFRGHV,UHFKHFNHGWKHZKROHPDQXVFULSWIRUDFFXUDF\DQGSUHVHQWHGWKH'LFWLRQDU\LQHDVLO\
UHDGDEOHIRUP

7KLV LV WKH UHVXOW D 'LFWLRQDU\ LQFOXGLQJ RYHU  DFURQ\PV LQLWLDOLVPV DEEUHYLDWLRQV LQ
(QJOLVKWKHODQJXDJHWKDWPDNHVPRVWXVHRIWKHP+RZHYHU,KDYHDOVRDGGHG)UHQFKDQG,WDOLDQ
RQHVWUDQVODWLQJWKHPLQWR(QJOLVKZKHQHYHUDSSOLFDEOH,QRUGHUWRPDNHLWPRUHH[KDXVWLYHDQG
DQWLFLSDWLQJ\RXUQHHGIRUIXUWKHUGHWDLOV\RXZLOOILQGWKDWPDQ\DFURQ\PVLQLWLDOLVPVDEEUHYLD
WLRQVKDYHEHVLGHVWKHGHILQLWLRQLWVHOIDOVRH[SODQDWLRQVRULQIRUPDWLRQVXFKDVZKHQRUKRZD
VXEVWDQFH RU PDWHULDO ZDV GHYHORSHG ZKHQ DQG ZKHUH D FHUWDLQ 3ODQW VWDUWHG RSHUDWLQJ ZKHQ D
3URJUDPZDVLVVXHGZKHQDQGZKHUHDQ,QVWLWXWLRQZDVHVWDEOLVKHG,KDYHDOVRPDGHDPSOHXVH
RIFURVVUHIHUHQFHVIRUWKRVHLQWHUHVWHGLQPDNLQJDPRUHLQGHSWKVWXG\

, KDYH DGGHG VHYHUDO $SSHQGLFHV IURP  WR  LQFOXGLQJ DFURQ\PV DQG LQLWLDOLVPV RI 5HVHDUFK
,QVWLWXWHV 8QLYHUVLWLHV )RXQGDWLRQV 3XEOLFDWLRQV $ZDUGV )HOORZVKLSV %DQNV $LUSRUW &RGHV
&KHPLFDOV\PEROV1$72DFURQ\PV,QWHUQDWLRQDO2UJDQL]DWLRQV7KH\DUHDOOLQDOSKDEHWLFDORUGHU
IRU\RXWRILQGDWDJODQFHWKHDFURQ\PWKDWLQWHUHVWV\RX

,Q$SSHQGL[,KDYHOLVWHGWKHQDPHVRI3XEOLVKHUVDQG$XWKRUVZKRKDYHJUDQWHGPHSHUPLVVLRQ
WR UHSULQW DFURQ\PV DQG H[FHUSWV IURP WKHLU SXEOLFDWLRQV $OO WKH RWKHU PDWHULDO KDV QRW EHHQ
REWDLQHGIURPFRS\ULJKWHGVRXUFHV,KDYHFROOHFWHGLWIURPEURDGFDVWLQJVEURFKXUHVSDPSKOHWV
[

OLWHUDWXUHFLUFXODWHGDQGLQIRUPDWLRQGLVVHPLQDWHGDWZRUNVKRSVVHPLQDUVV\PSRVLDDQGFRQIHU
HQFHVUHODWLQJWRWKHYDULRXVILHOGVDQGVXEILHOGVLQFOXGHGLQP\'LFWLRQDU\

7KLV 'LFWLRQDU\ FRYHUV RYHU  ILHOGV DQG VXEILHOGV UDQJLQJ IURP $WPRVSKHULF 3K\VLFV WR
&\WRNLQH%LRORJ\IURP2QFRORJ\ WR&ORQHPDNLQJIURP&RPSXWHU6FLHQFH WR&KDRWLF'\QDPLFV
IURP$SRSWRVLVWR3DOHRJUDSK\IURP5LYHU0RUSKRORJ\WR3HWDIORSVIURP9LUDO3DWKRJHQHVLV WR
;HQRWUDQVSODQWDWLRQDOORIZKLFKDUHOLVWHGLQ$SSHQGL[

,NQRZWKDWP\HIIRUWVDQGWKHWLPH,KDYHVSHQWLQUHVHDUFKZLOOEHPRUHWKDQFRPSHQVDWHGIRU
ZKHQ \RX  ZKHWKHU \RX DUH D %LRORJLVW D 3K\VLFLVW D 3K\VLFLDQ D 6FKRODU D &RQVXOWDQW D
7UDQVODWRU D %XVLQHVV SHUVRQ D VWXGHQW RU D OD\SHUVRQ  ZKHQ LQ GLIILFXOW\ ZLOO FRQVXOW WKLV
'LFWLRQDU\ DQGILQGWKHDQVZHUVWR\RXUDFURQ\PRUDEEUHYLDWLRQSUREOHPV

)LRUHWWD%(1('(7720$77,$

0LODQ0DUFK
35()$&(727+(6(&21'
5(9,6('$1'(1/$5*('(',7,21

7KHSXEOLFDWLRQRIP\GLFWLRQDU\LQGLIIXVHGWKURXJKRXWWKHZRUOGHOLFLWHGVRPXFKLQWHUHVW
WKDW,ZDVSURPSWHGDQGHQFRXUDJHGWRXSGDWHDQGHQODUJHWKHSUHYLRXVZRUN

$FURQ\PV,QLWLDOLVPV$EEUHYLDWLRQVDUHEHLQJFRLQHGDWDVXSHUKLJKSDFH,KDYHFROOHFWHGVHOHFW
HGH[SDQGHGDQGDVVHPEOHGIRU\RXRYHUQHZRQHVLQDGGLWLRQWRWKHSUHYLRXVIRU
DWRWDORIPRUHWKDQ

,QRUGHUWREHDEOHWRSURYLGHWKHODWHVWDFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQV,KDYHH[SORUHGKXQ
GUHGVRIILHOGVDQGVXEILHOGVFRYHULQJLQWKLVQHZHQODUJHG(GLWLRQRYHURIWKHP

, KDYH UHYLVHG WKH SUHYLRXV ZRUN WR FRUUHFW RYHUVLJKWV WKDW LQDGYHUWHQWO\ RFFXUUHG DQG WRRN WKLV
RSSRUWXQLW\ WR XSGDWH DFURQ\PV DQG LQLWLDOLVPV WKDW LQ WKH PHDQWLPH KDYH EHFRPH REVROHWH DQG
WKHUHIRUHKDYHEHHQUHSODFHG

,QWKHFROOHFWLRQDQGH[SDQVLRQRIDFURQ\PVLQLWLDOLVPVDQGDEEUHYLDWLRQVDVZHOODVLQWKHLQIRU
PDWLRQ,KDYHVXSSOLHG,KDYHPDLQWDLQHGWKHVDPHJXLGHOLQHVDVLQWKHSUHYLRXVZRUN+RZHYHU
WKLVWLPH\RXGRQRWKDYH$SSHQGLFHVDV,KDYHPHUJHGWKHDFURQ\PVDQGLQLWLDOLVPVZLWKWKHRWK
HUVRIWKH9ROXPH

7KHQHZDFURQ\PVLQLWLDOLVPVDQGDEEUHYLDWLRQVZLWKUHOHYDQWH[SDQVLRQVWKDW,KDYHDGGHG
LQFOXGH QHZ ILHOGVVXEILHOGV VXFK DV $QJLRJHQHVLV $QWLVHQVH $JHQWV $VWHURVHLVPRORJ\
%LRDQWKURSRORJ\ %LRPHGLFDO 2SWLFV &RSSHU 0HWDEROLVP 'RSDPLQHUJLF 1HXURQV ([RSODQHWV
,PDJLQJ )LVK %LRORJ\ *DOD[\ (YROXWLRQ *ODFLDO &\FOHV 0HVHQFK\PDO 7XPRUV 0RQLWRULQJ RI
9ROFDQRHV 3KDUPDFRJHQHWLFV 3KDUPDFRNLQHWLFV 6LFNOH &HOO 'LVHDVH 7HUURULVW :HDSRQV
7UDQVJHQLF 3ODQWV 9DFFLQH 9HFWRUV 9DVFXORJHQHVLV :KLUOLQJ 'LVHDVH $GYHFWLRQ +\SR[LD
6FLHQFH 6SDFH:HDWKHU0RGHOOLQJ5DUH&DQFHU&HOO6WUDLQV*HQHWLFDOO\0RGLILHG$QLPDOV HWF
ZKHUHUHVHDUFKLVXQGHUWDNHQ

2WKHUVUHIHUWRWKH&KDQJHRYHUWRWKH(852WR%DQNLQJ,QWHJUDWLRQVWR:HEVLWHVGHDOLQJZLWK
0HGLFLQH %LRORJ\ HWF WR (GXFDWLRQDO :HEVLWHV WR$VVRFLDWLRQV &HQWHUV 5HVHDUFK ,QVWLWXWHV
&RQVRUWLDDQGPDQ\PRUH

$OODFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQVDQGV\PEROVDUHOLVWHGLQDOSKDEHWLFDORUGHUDQGXQGHUQHDWK
\RXZLOOILQGLQLWDOLFVIRUHDV\UHIHUHQFHWKHILHOGVDQGVXEILHOGVWKDWRIIHU\RXDWDJODQFHZLWK
RXWZDVWLQJWLPHWKHRQHVWKDWLQWHUHVW\RX6DPHDVLQWKHSUHYLRXVZRUNLQDGGLWLRQWRWKHVWDQ
GDUGILHOGVVXEILHOGV,KDYHDGGHGRWKHUVWRJLYH\RXDFOXHDVWRWKHGLUHFWLRQZKHUHUHVHDUFKLVFDU
ULHGRXW

%HVLGHVWKHDFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQVLQ(QJOLVKDQGWKH)UHQFKDQG,WDOLDQRQHVWUDQV
ODWHGLQWR(QJOLVK,KDYHDGGHGRWKHUVLQ'XWFK*HUPDQ3RUWXJXHVHDQG6SDQLVKZLWKUHOHYDQW
WUDQVODWLRQVLQWR(QJOLVKZKHUHDSSOLFDEOH
[LL

, KDYH DOVR LQFOXGHG 1$72 DFURQ\PV LQLWLDOLVPV DQG DEEUHYLDWLRQV DFFRUGLQJ WR WKHLU XSGDWHG
$$3  ERWKLQ(QJOLVKDQG)UHQFKWKHWZRRIILFLDOODQJXDJHVRIWKH1RUWK$WODQWLF7UHDW\
2UJDQLVDWLRQ

<RX ZLOO DOVR ILQG RI LQWHUHVW WKH$FURQ\PV  ,QLWLDOLVPV RI 6FLHQFH ([SHULPHQWV  ,QLWLDWLYHV 
3URJUDPV3URMHFWVZRUOGZLGHIURPXSWR7KHVHLQFOXGHWKH(XURSHDQ&RPPXQLW\
&RPPLVVLRQ

0DQ\ DFURQ\PVLQLWLDOLVPV UHIHU WR 5HHPHUJLQJ 'LVHDVHV WR 1DVFHQW )LHOGV WR QHZ VWXGLHV LQ
0DG&RZ'LVHDVH WR$QWLSDWKRJHQ3URJUDPV WR%LRGHIHQVH WR&RXQWHUWHUURULVP7HFKQRORJLHV
WR 7HUURULVW :HDSRQV WR $QWKUD[ 'LVHDVH WR ( &ROL 3URMHFWV ZRUOGZLGH WR (PHUJLQJ
7HFKQRORJLHVWR(XURSHDQ860LVVLRQV XSWR WR$UWLILFLDO2UJDQVWR0HWDVWDVLV 1HZ
6WXGLHV WR/DVHU7KHUPRPHWHUV WRSUHYHQWVSUHDGLQJRILQIHFWLRQVVXFKDV6$56HWF DQGPRUH

:KHUHHOVHZRXOG\RXILQGWKLVZHDOWKRILQIRUPDWLRQ"

6LQFHWKHUHDUHDFURQ\PVGHOLEHUDWHO\FRLQHGIRUHIIHFW,WKRXJKW\RXZRXOGOLNHWRNQRZDERXWLW
VR,KDYHLQFOXGHGVRPHRIWKHPVXFKDV

32:(5 3HRSOH2UJDQL]HGDQG:RUNLQJIRU(FRQRPLF5HELUWK
0$&+2 0HQ$OOLHGWR&RPEDW+\SURFULV\DQG2SSUHVVLRQ
%/26620 %DVLF/LEHUDWLRQ2I6PRNHUVDQG6\PSDWKL]HUV2I0DULMXDQD

DQGVRIRUWK

$OORIWKLVKDVHQWDLOHGDORWRIZRUNLQ6FLHQWLILFDQG7HFKQRORJLFDOUHVHDUFK0XFKWLPHKDVDOVR
EHHQVSHQWLQFKHFNLQJFURVVUHIHUHQFHVDQGLQJRLQJWKURXJKLQIRUPDWLRQGLVVHPLQDWHG8QGHUWKH
KHDGLQJ´3HUPLVVLRQWRLQFOXGHJUDQWHGE\µ,KDYHOLVWHGWKHQDPHVRI$FDGHPLHV$VVRFLDWLRQV
,QVWLWXWHV&HQWHUV)HGHUDWLRQVDQG2UJDQL]DWLRQVZKRKDYHDOORZHGPHWRGRVR$OORWKHUPDWHU
LDOLVQRWIURPFRS\ULJKWHGVRXUFHVVDPHDVLQWKHSUHYLRXVZRUN,KDYHFROOHFWHGLWIURPLQIRU
PDWLRQGLVVHPLQDWHGDQGFLUFXODWHGDWVHPLQDUVZRUNVKRSVV\PSRVLDFRQIHUHQFHVEURFKXUHVDQG
EURDGFDVWLQJV

,KDYHPRUHWKDQGRXEOHGWKHVL]HRIWKHSUHYLRXV(GLWLRQPDNLQJWKLVRQHDFRPSUHKHQVLYHVRXUFH
RILQIRUPDWLRQH[SDQGLQJLWVVFRSHDQGHQKDQFLQJLWVXVHIXOQHVV

,VLQFHUHO\KRSHWKDW\RXP\5HDGHUZLOOZHOFRPHWKLV6HFRQG5HYLVHGDQG(QODUJHG(GLWLRQDQG
WKDW\RXZLOOGHFLGHWRDGGLWWRWKHUHIHUHQFHFROOHFWLRQRI\RXUOLEUDU\3OHDVHDFFHSWLWDVDQHZ
0LOOHQQLXPDFKLHYHPHQW

)LRUHWWD%(1('(7720$77,$

0LODQ-XQH
*8,'(727+(86(2) 7+(',&7,21$5<

 $EEUHYLDWLRQVQRWXVHG

D ,QYLHZRIWKHIDFWWKDWWKLVLVPHDQWWREHH[FOXVLYHO\D'LFWLRQDU\RIDFURQ\PVLQL
WLDOLVPVDEEUHYLDWLRQVV\PEROVFRGHVQRQHRIWKHILHOGVRUVXEILHOGVFRYHUHGE\WKH
'LFWLRQDU\KDVEHHQSXWLQDEEUHYLDWHGIRUP
)RUH[DPSOH FRPSURJIRU&RPSXWHU3URJUDPPLQJ
JHRGIRU*HRGHV\ PHGIRU0HGLFLQHHWF

E ,QDGGLWLRQWKHXVXDODEEUHYLDWLRQVVXFKDVHVSIRUHVSHFLDOO\RUDEIRUDERXWKDYH
QRWEHHQDEEUHYLDWHG

 :KHQWKHILHOGVDUHQRWPHQWLRQHG

,QFHUWDLQFDVHVWKHILHOGVRUVXEILHOGVWRZKLFKWKHDFURQ\PRULQLWLDOLVPUHIHUVWRKDVQRW
EHHQPHQWLRQHG7KLVLVEHFDXVHLWLVREYLRXVRUFDQEHGHULYHG

)RUH[DPSOH$*, $PHULFDQ*HRORJLFDO,QVWLWXWH
,QWKLVFDVHLWLVREYLRXVWKDWWKHILHOGLV*HRORJ\ DQGWKHUHIRUHWKHUHLVQRQHHGWRPHQWLRQ
LW

2U839*8WLOLW\3KRWR9ROWDLF*URXS
,QWKLVFDVHLWFDQHDVLO\EHGHULYHGWKDWLWUHIHUVWR3KRWRYROWDLFV

 :KHQWKHVDPHDFURQ\PLQLWLDOLVPUHODWHVWRPDQ\ILHOGV

:KHQWKHDFURQ\PLQLWLDOLVPRUDEEUHYLDWLRQLVXVHGLQVHYHUDOFRQWH[WVDOORIWKHILHOGVDQG
VXEILHOGVKDYHEHHQPHQWLRQHG

)RUH[DPSOH D DEEU DEVROXWH


&KHPLVWU\3K\VLFV7KHUPRG\QDPLFV
$& $QFKRU&HOO
&HOO%LRORJ\0ROHFXODU0HGLFLQH6LJQDO7UDQVGXFWLRQ

 :KHQWKHDFURQ\PLVSXUSRVHO\FRLQHGZLWKDPHDQLQJ

:KHQWKHDFURQ\PRULQLWLDOLVPKDVEHHQFRLQHGSXUSRVHO\ZLWKDPHDQLQJWKLVKDVEHHQ
EURXJKWWRWKHDWWHQWLRQRIWKHSHUVRQFRQVXOWLQJWKHGLFWLRQDU\

)RUH[DPSOH 3$:6 3URJUHVVLYH$QLPDO:HOIDUH6RFLHW\


SDZV DFWXDOO\PHDQLQJWKHIRRWRIDQDQLPDO
[LY

+23( +HDOWK2SSRUWXQLW\IRU3HRSOH(YHU\ZKHUH
,WLVREYLRXVZK\WKH\KDYHXVHGWKHZRUGKRSHLQWKHDFURQ\P

675(66 6WUXFWXUDO(QJLQHHULQJ6\VWHP6ROYHU
,QWKLVFDVHLWLVVLJQLILFDWLYHWKDWWKH\KDYHXVHGWKHZRUG6WUHVV

(635,7 (XURSHDQ6WUDWHJLF3URJUDPIRU5HVHDUFKDQGGHYHORSPHQW
LQ,QIRUPDWLRQ7HFKQRORJ\
HVSULW DFWXDOO\PHDQVLQ)UHQFKPLQGLQWHOOHFWWDOHQWLQWHOOLJHQFHEUDLQV

+$18/ +LJKHQHUJ\$VWURSK\VLFV1HXWULQR/DERUDWRU\ 6RXWK.RUHD


,Q.RUHDQWKHZRUG´KDQXOµPHDQVVN\

*87V *UDQG8QLILHG7KHRULHV
6XUHO\LWLVQRWDFRLQFLGHQFHWKDWWKHZRUGJXWVKDVEHHQXVHGWRFRLQ
WKHDFURQ\P

 :KHQWKHDFURQ\PDFFLGHQWDOO\PHDQVVRPHWKLQJLQDQRWKHUODQJXDJH

,WPD\KDSSHQWKDWWKHDFURQ\PRULQLWLDOLVPDFFLGHQWDOO\PHDQVVRPHWKLQJLQDQRWKHUODQ
JXDJH$OVRLQWKLVFDVHLWKDVEHHQEURXJKWWR\RXUDWWHQWLRQDVLWLVRQO\IDLUWKDW\RXVKRXOG
NQRZIRULQVWDQFHWKDW

6(0 6FDQQLQJ(OHFWURQ0LFURVFRS\
VHP DFWXDOO\PHDQVLQ$UDELFSRLVRQ

$9,6 $XGLRYLVXDO,QIRUPDWLRQ6\VWHP
DYLV DFWXDOO\PHDQVLQ)UHQFKQRWLFHRSLQLRQDGYLFHMXGJHPHQW
FRXQVHOHWF

$67, $VVRFLDWLRQIRU6FLHQFH7HFKQRORJ\DQG,QQRYDWLRQ
$VWL 7KHQDPHRIDQ,WDOLDQWRZQ

%2,$ %XUHDX2I,QGLDQ$IIDLUV
ERLD DFWXDOO\PHDQVLQ,WDOLDQH[HFXWLRQHU

 $FURQ\PVLQLWLDOLVPVZLWKH[SODQDWLRQVRUDGGLWLRQDOLQIRUPDWLRQ

:KHQGHHPHGQHFHVVDU\EHVLGHVWKHGHILQLWLRQDQH[SODQDWLRQRIWKHDFURQ\PRULQLWLDOLVP
RUGHWDLOVWKDWPD\LQWHUHVWWKHSHUVRQFRQVXOWLQJWKH'LFWLRQDU\KDYHEHHQDGGHG

)RUH[DPSOH %(67(67 %XLOGLQJ(QHUJ\6LPXODWLRQ7HVWLVDQHZGLDJQRVWLFPHWKRG


WRLPSURYHWKHDFFXUDF\RIFRPSXWHUHQHUJ\VRIWZDUHSURJUDPV

300$ 3RO\PHWK\O0HWKDFU\ODWHXVHGPDLQO\LQOLJKWLQJIL[WXUHVDQG
VXUJLFDODSSOLDQFHV
[Y

$&0 $VVRFLDWLRQIRU&RPSXWLQJ0DFKLQHU\LVORFDWHGLQ:DVKLQJWRQ'&
86$ 

863KDUP 863KDUPDFRSRHLD7KHILUVWRQHZDVSXEOLVKHGLQWKH86$
LQ

3(0)& 3RO\PHU(OHFWURO\WH0HPEUDQH)XHO&HOO
(XURSHDQ&RPPLVVVLRQWK )3
)RUIXUWKHUGHWDLOVVHHXQGHU)3

3/$10$13URMHFW $IWHUDEULHIGHVFULSWLRQWKHGDWH/DXQFKHGLQ
6HSWHPEHU

00$ $IWHUWKHH[SDQVLRQ$ 863URMHFW

036 $IWHUWKHH[SDQVLRQ7KH,WDOLDQ036ZDVIRXQGHGLQ

036 0DWHULDOV3URFHVVLQJLQ6SDFH
&RQGXFWHGE\1$6$ HYHUVLQFHWKHODWHV

 7KHLPSRUWDQFHRIPHQWLRQLQJWKHILHOGVVXEILHOGV

 ,QPDQ\FDVHV\RXZLOOILQGWKDWWKHUHDUHEHVLGHVWKHVWDQGDUGILHOGVDQGVXEILHOGV
DOVRDGGLWLRQDORQHV7KLVLVEHFDXVH,KDYHDGGHGWKHPDVUHVHDUFKSURJUHVVHVDQGRU
DFFRUGLQJWRWHFKQRORJLFDOGHYHORSPHQWVLQWKDWSDUWLFXODUILHOG

 ,QRWKHUFDVHVLWLVLPSRUWDQWWRNQRZWKHILHOGDVDSHUVRQQRWFRQYHUVDQWZLWKWKH
VXEMHFWPD\EHPLVOHG

)RULQVWDQFH 79 7LGDO9ROXPHUHODWHVWR3K\VLRORJ\ DQGKDVQRWKLQJWRGRZLWKWLGHV

30' 3RVWPRUWHP'XPSKDVQRWKLQJWRGRZLWKWKHSDUDSKHUQDOLDRID
GHFHDVHGSHUVRQEXWDV\RXZLOOVHHUHIHUVWR&RPSXWHU3URJUDPPLQJ

3+ 3XUSOHKHDUWGRHVQRWUHODWHWRPHGLFLQHRUDQDWRP\EXWLVDW\SHRIZRRG
WRPDNHIXUQLWXUHVRLWJRHVXQGHU0DWHULDOV

 :KHQWKHGHILQLWLRQRIDQDFURQ\PLVNQRZQZLWKDQRWKHUQDPH

:KHQWKHGHILQLWLRQRIDQDFURQ\PLQLWLDOLVPLVNQRZQZLWKDQRWKHUQDPHWKLVKDVEHHQ
PHQWLRQHG

)RUH[DPSOH 3&3URJUDP&RXQWHU
&RPSXWHU7HFKQRORJ\
3URJUDPFRXQWHULVDOVRNQRZQDV&RQWUROFRXQWHURUUHJLVWHU
LQVWUXFWLRQFRXQWHURUUHJLVWHUVHTXHQFHFRXQWHURUUHJLVWHU
[YL

301JUDQXORF\WH
,PPXQRORJ\
3RO\PRUSKRQXFOHDUJUDQXORF\WHLVDOVRNQRZQDV1HXWURSKLO

93 9DSRU3UHVVXUH
0HWHRURORJ\
9DSRU3UHVVXUHLVDOVRNQRZQDV9DSRU7HQVLRQ

 &URVVUHIHUHQFHV

:KHQHYHUDSSOLFDEOHFURVVUHIHUHQFHVKDYHEHHQXVHG

)RUH[DPSOH 3 3DVFDO
)RUIXUWKHUGHWDLOVVHHXQGHU3D

: :DLW7LPH
)RUIXUWKHUGHWDLOVVHHXQGHU:7 :DLWLQJ7LPH

 1$72DFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQV

1$72 DFURQ\PVLQLWLDOLVPVDEEUHYLDWLRQV DUH DFFRUGLQJ WR WKHLU $$3  


8QGHUQHDWKHDFKRQH\RXZLOOILQGWKHHTXLYDOHQWLQ)UHQFKLILWKDVEHHQFRLQHGLQ(QJOLVK
DQGLQ(QJOLVKLILWKDVEHHQFRLQHGLQ)UHQFK7KLVLVEHFDXVH(QJOLVKDQG)UHQFKDUHWKH
WZRRIILFLDOODQJXDJHVRIWKH1RUWK$WODQWLF7UHDW\2UJDQLVDWLRQ

 3XQFWXDWLRQDQG&DSLWDOL]DWLRQ

$FURQ\PVXVXDOO\GRQRWKDYHSHULRGVDIWHUHDFKOHWWHUDQGHYHQWKRXJKLQLWLDOLVPVGRKDYH
WKHPWKLVSUDFWLFHLVUDSLGO\GHFOLQLQJ7KHXVHRIFDSLWDOORZHUFDVHRUDFRPELQDWLRQRI
ERWKLVDOVRFRQWURYHUVLDO

7KHUHIRUHVLQFHWKHXVHRISXQFWXDWLRQDQGFDSLWDOL]DWLRQLQDFURQ\PVDQGLQLWLDOLVPVKDV
QHYHU EHHQ XQLYHUVDOO\ DJUHHG XSRQ , KDYH XVHG LQ WKLV 'LFWLRQDU\ WKH PRVW FRPPRQO\
DGRSWHGIRUP

:KHQERWKIRUPVZLWKSHULRGVDQGZLWKRXWSHULRGVDUHXVHGWKH\KDYHEHHQLQGLFDWHG

)RUH[DPSOH $$ RU$$ $XWKRU


V$OWHUDWLRQ
$$$ RU$$$ $PHULFDQ$VVRFLDWLRQRI$QDWRPLVWV

 :K\WKHXVHRIWKH(QJOLVKODQJXDJH

D %HFDXVHWKHSUDFWLFHRIFRLQLQJDFURQ\PVDQGLQLWLDOLVPVSUHYDLOVLQWKH(QJOLVKODQ
JXDJH
[YLL

E %HFDXVH (QJOLVK EHVLGHV EHLQJ WKH QDWLYH ODQJXDJH RI *UHDW %ULWDLQ WKH 8QLWHG
6WDWHV&DQDGDDQGRWKHUFRXQWULHVLVDOVRWKHVHFRQGODQJXDJHPRVWZLGHO\XVHGLQ
WKHZRUOG$VDPDWWHURIIDFWLWLVXVHGE\RYHUPLOOLRQSHRSOHDURXQGWKHZRUOG

F %HFDXVHLWKDVWKHUROHRILQWHUQDWLRQDOODQJXDJHLQWKH&RPSXWHU ILHOGLQ6FLHQFH
7HFKQRORJ\ DQGPDQ\PRUHILHOGV

)LRUHWWD%(1('(7720$77,$
This Page Intentionally Left Blank
3(50,66,2172,1&/8'( *5$17('%<

$$$6$PHULFDQ$VVRFLDWLRQIRUWKH$GYDQFHPHQWRI6FLHQFH 86$
$JELRZRUOG)RXQGDWLRQ,QF7XVNHJHH,QVWLWXWH $ODEDPD86$
$,',&$VVRFLD]LRQH,WDOLDQD'L,QJHJQHULD&KLPLFD ,WDO\
$,,$ $VVRFLD]LRQH,WDOLDQDGL,QJHJQHULD$JUDULD ,WDO\
$,31'$VVRFLD]LRQH,WDOLDQD3URYH1RQ'LVWUXWWLYH0RQLWRUDJJLR'LDJQRVWLFR ,WDO\
$,7 $VVRFLD]LRQH,WDOLDQDGL7HOHULOHYDPHQWR ,WDO\
$,7$ $VVRFLD]LRQH,WDOLDQDGL7HFQRORJLD$OLPHQWDUH ,WDO\
$,9 $VVRFLD]LRQH,WDOLDQDGHO9XRWR ,WDO\
$3)$ $VVRFLDWLRQSRXU3URPRXYRLUOH)UDQoDLVGHV$IIDLUHV )UDQFH
$7,*$VVRFLD]LRQH7HFQLFD,WDOLDQDGHO*DV ,WDO\
%R(%DQNRI(QJODQG *%
%3%&9 %DQFD3RSRODUHGL%HUJDPR&UHGLWR9DUHVLQR ,WDO\
&,$0&ROOHJLRGHJOL,QJHJQHULH$UFKLWHWWLGL0LODQR ,WDO\
&,%&HQWHUIRU,QWHJUDWLYH%LRVFLHQFH -DSDQ
(6'$ (DVW6ZHGHQ'HYHORSPHQW$JHQF\ 6ZHGHQ
(XURSH3XEOLFDWLRQV *%
(XURSHDQ6FKRRORI2QFRORJ\ ,WDO\
)$67 )HGHUD]LRQHGHOOH$VVRFLD]LRQL6FLHQWLILFKHH7HFQLFKH ,WDO\
*5&*OHQQ5HVHDUFK&HQWHU1$6$ 86$
*6)&*RGGDUG6SDFH)OLJKW&HQWHU1$6$ 86$
,QWHVD%&, IRUPHUO\&DULSORDQG%&,  ,WDO\
-6&/\QGRQ%-RKQVRQ6SDFH&HQWHU1$6$ 86$
/D5&/DQJOH\5HVHDUFK&HQWHU1$6$ 86$
0-5HVHDUFK 86$
0360RQWHGHL3DVFKLGL6LHQD ,WDO\
06)&0DVKDOO6SDFH)OLJKW&HQWHU1$6$ 86$
06.&&0HPRULDO6ORDQ.HWWHULQJ&DQFHU&HQWHU 86$
0680XUUD\6WDWH8QLYHUVLW\ 86$
1$6$ 1DWLRQDO$HURQDXWLFVDQG6SDFH$GPLQLVWUDWLRQ 86$
1$721RUWK$WODQWLF7UHDW\2UJDQLVDWLRQ$$3 
1%%1DWLRQDO%DQNRI%HOJLXP
1&&$01DWLRQDO&HQWHUIRU&RPSOHPHQWDU\DQG$OWHUQDWLYH0HGLFLQH 86$
1&0+'1DWLRQDO&HQWHUIRU0LQRULW\+HDOWKDQG+HDOWK'LVSDULWLHV1,+ 86$
1(,1DWLRQDO(\H,QVWLWXWH1,+ 86$
1+*5,1DWLRQDO+XPDQ*HQRPH5HVHDUFK,QVWLWXWH1,+ 86$
1,$ 1DWLRQDO,QVWLWXWHRQ$JLQJ1,+ 86$
1,$,'1DWLRQDO,QVWLWXWHRI$OOHUJ\DQG,QIHFWLRXV'LVHDVHV 86$
1,'&'1DWLRQDO,QVWLWXWHRI'HDIQHVVDQGRWKHU&RPPXQLFDWLRQ'LVRUGHUV1,+ 86$
1,'&51DWLRQDO,QVWLWXWHRI'HQWDODQG&UDQLRIDFLDO5HVHDUFK1,+ 86$
1,(+61DWLRQDO,QVWLWXWHRI(QYLURQPHQWDO+HDOWK6FLHQFHV 86$
1,0+1DWLRQDO,QVWLWXWHRI0HQWDO+HDOWK1,+ 86$
1,151DWLRQDO,QVWLWXWHRI1XUVLQJ5HVHDUFK1,+ 86$
[[

1,361DWLRQDO,QVWLWXWHRI3K\VLRORJLFDO6FLHQFHV -DSDQ
15(/ 1DWLRQDO5HQHZDEOH(QHUJ\/DERUDWRU\ 86$
1<$61HZ<RUN$FDGHP\RI6FLHQFHV 86$
6,$06RFLHWjGL,QFRUDJJLDPHQWRG
$UWLH0HVWLHUL ,WDO\
6,5,$VVRFLD]LRQH,WDOLDQDGL5RERWLFD ,WDO\
8QLFUHGLWR IRUPHUO\&UHGLWR,WDOLDQR  ,WDO\
:RUOG%DQN


WRWKHOHYHORIHGXFDWLRQDOGHYHORSPHQWRIDSHU

$ VRQPHDVXUHGE\PHDQVRIDFKLHYHPHQWWHVWV,WLV
EDVHGRQWKHFRPSDULVRQRIKLVKHUVFRUHZLWKWKH
DYHUDJHVFRUHRISHUVRQVRIWKHVDPHFKURQRORJLFDO
D DEEU DEVROXWH DJH
&KHPLVWU\ $EVROXWHLQFKHPLVWU\PHDQVSXUH $$ $FWLYH$FFRXQW$FWLYH$VVHWV$FWLYLW\
3K\VLFV ,QSK\VLFVDEVROXWHUHODWHVWRPHDVXUH $FFRXQW
PHQWE\PHDQVRIPDVVOHQJWKDQGVFDOHXQLWV %DQNLQJ%XVLQHVV&RPPHUFH(FRQRPLFV
7KHUPRG\QDPLFV ,QWKHUPRG\QDPLFVDEVROXWH $$ $GYHUWLVLQJ$VVRFLDWLRQ
UHIHUVWRWKHDEVROXWHWHPSHUDWXUHVFDOH $$ $IWHU$UULYDO
D DFFRXQW $$ $LU$WWDFKp
$OVRDF$&$FFFDFFW $$ $LUWR$LU
D DFFXPXODWRU $OVR$7$
$YLDWLRQ&RPSXWHU7HFKQRORJ\(OHFWULFLW\ 2UGQDQFH
0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ3HWUROHXP $$$$ $OFRKROLFV$QRQ\PRXV
(QJLQHHULQJ $$ $OZD\V$IORDW
D DFWLRQ $$ 7KHDLUOLQHFRGHIRU$PHULFDQ$LUOLQHV
PHDQLQJVKDUHVWRFNLQ)UHQFK $$ $QQXODU$UUD\
D DEEU DGGUHVV $$ $QWLDHUHD
$GGUHVVLVDV\PEROLQWHJHURUDVHULHVRIFKDUDF ,WDOLDQLQLWLDOLVPPHDQLQJ$QWLDLUFUDIW
WHUVLQGLFDWLQJDORFDWLRQRUWKHOLNHZKHUHLQIRU $$ $QWLDLUFUDIW
PDWLRQLVVWRUHG 2UGQDQFH$QWLDLUFUDIWLVXVHGWRGHVWUR\HQHP\
&RPSXWHU7HFKQRORJ\ DLUFUDIW
$ $JJOXWLQRJqQH $$ $Q[LHW\$WWDFN
PHDQLQJ$JJOXWLQRJHQLQ)UHQFK 3V\FKRORJ\
0HGLFLQH $$ $UDFKLGRQLF$FLGRU$UDFKLGRQDWH
$ $PHULFD$PHULFDQ %LRFKHPLVWU\&+2 $UDFKLGRQLFDFLGLV
$OVR$P IRXQGLQDQLPDOIDWVDQGLQYLHZRIWKHIDFWWKDWLW
D DEEU DQDORJDQDORJXH LVDQXQVDWXUDWHGIDWW\DFLGLWLVQHFHVVDU\LQWKH
&KHPLVWU\)RRG7HFKQRORJ\(YROXWLRQ KXPDQGLHW
0HWURORJ\ $$ $UFKLWHFWXUDO$VVRFLDWLRQ
$D DQQR $$ $ULWKPHWLF$YHUDJH
PHDQLQJ\HDULQ,WDOLDQ $$ $UPD$HURQDXWLFD
D DVVHQWHG ,WDOLDQLQLWLDOLVPPHDQLQJ$LU&RUSV
D DEEU DV\QFKURQRXV DD DEEU DUWHULHV
&RPSXWHU7HFKQRORJ\6FLHQFH $QDWRP\
D DXGLWDXGLWRU $$ $UWLFXODWHG$UP
D$ $EDPSHUH 0HFKDQLFV
$EDPSHUHLVWKHFHQWLPHWHUJUDPVHFRQGHOHFWUR $$ $VFRUELF$FLG
PDJQHWLFXQLWRIFXUUHQWHTXLYDOHQWWRDPSHUHV %LRFKHPLVWU\&+2 $VFRUELFDFLGYLWDPLQ&
(OHFWULFLW\ LVIRXQGLQPDQ\YHJHWDEOHVDQGIUXLWVDQGLVLQGLV
$$ $EVROXWH$GGUHVV0DFKLQH$GGUHVV SHQVDEOHIRUKXPDQJURZWK
$EVROXWHDGGUHVVLVWKHQXPEHUWKDWLGHQWLILHVD $$ $VVHWV$FFRXQWLQJ
ORFDWLRQLQFRPSXWHUPHPRU\ %XVLQHVV&RPPHUFH)LQDQFH
&RPSXWHU3URJUDPPLQJ $$ $VVLVWDQW$GPLQLVWUDWRU
$$ $EVROXWH$GGUHVVLQJ $$ $VVLVWHQ]D$XWRPRELOLVWLFD
&RPSXWHU3URJUDPPLQJ ,WDOLDQLQLWLDOLVPPHDQLQJ5RDG6HUYLFH
$$ $FFDGHPLD$HURQDXWLFD ,WDO\  $$ $VVRFLDWHLQ$UWV
,WDOLDQLQLWLDOLVPPHDQLQJ$LU)RUFH$FDGHP\ $$ $XGLW$JHQF\
$$ $FFHVV$UP $$$$ $XWKRU
V$OWHUDWLRQ
&RPSXWHU7HFKQRORJ\ $$ $XWRPRELOH$VVRFLDWLRQ
$$ $FKLHYHPHQW$JHRU(GXFDWLRQDO$JH $$$ $EGRPLQDO$RUWLF$QHXU\VP
$FKLHYHPHQWDJHRUHGXFDWLRQDODJHDFWXDOO\UHIHUV &DUGLRORJ\


$$$ $FFDGHPLD$UWL$SSOLFDWH,WDO\VLQFH $OVR$%:7KH$$%: LVFKDUDFWHUL]HGE\WHP


$$$ $JULFXOWXUDO$GMXVWPHQW$GPLQLVWUDWLRQ SHUDWXUHVRIDERXW$&
$$$ $PDWHXU$WKOHWLF$VVRFLDWLRQ 2FHDQRJUDSK\
$$$ $PHULFDQ$FFRXQWLQJ$VVRFLDWLRQ $$& $'3$73 &DUULHU
$$$ $PHULFDQ$UELWUDWLRQ$VVRFLDWLRQ 0LWRFKRQGULDO&DUULHUV
$$$$$$ $PHULFDQ$VVRFLDWLRQRI$QDWRPLVWV $$& $&&6$GYLVRU\&RPPLWWHH>KDVUHSODFHG
86$  $,$&DQG$3$&@
$$$ $PHULFDQ$XWRPRELOH$VVRFLDWLRQ &RPLWpFRQVXOWDWLISRXUO
$&&6>UHPSODFH$,$&
$$$ $QWLDLUFUDIW$UWLOOHU\ HW$3$&@
0LOLWDU\6FLHQFH $$& $ODVNDQ$LU&RPPDQG
$$$ $SSOLHG%HKDYLRU$QDO\VLV $$& $XWRPDWLF$SHUWXUH&RQWURO
$$$ $VVRFLD]LRQH$QDOLVWL$PELHQWDOL ,WDO\  $$& $YHUDJH$QQXDO&RVW
,WDOLDQLQLWLDOLVPPHDQLQJ(QYLURQPHQW$QDO\VWV $$&$ $PHULFDQ$VVRFLDWLRQRI&HUWLILHG
$VVRFLDWLRQ $SSUDLVHUV 86$ 
$$$$ $PHULFDQ$VVRFLDWLRQRI$GYHUWLVLQJ$JHQWV $$&& $7$)DLUVSDFHFRRUGLQDWLRQFHQWUH
86$  FHQWUHGHFRRUGLQDWLRQGHO
HVSDFHDpULHQGHOD
$$$&6 $WWLWXGH$QG$UWLFXODWLRQ&RQWURO )$7$
6XEV\VWHP $$&&/$ $VVRFLDWLRQRI$PHULFDQ&KDPEHUVRI
$OVR$$&6 &RPPHUFHLQ/DWLQ$PHULFD
$$$' $URPDWLF$PLQR$FLG'HFDUER[\ODVH 7KH$$&&/$ ZDVIRXQGHGLQ
$OVR$$'& D$FP $EDPSHUHSHUVTXDUHFHQWLPHWHU
$$$) $VVRFLDWLRQGHV$VVXUHXUV$YLDWLRQGH (OHFWULFLW\
)UDQFH $$&3 $OOLHG$FTXLVLWLRQ3UDFWLFHV3XEOLFDWLRQ
$$$/ $PHULFDQ$FDGHP\RI$UWVDQG/HWWHUV SXEOLFDWLRQLQWHUDOOLpHVXUOHVSUDWLTXHVG
DFTXLVL
$$$/ $PHULFDQ$VVRFLDWLRQIRU$SSOLHG WLRQ
/LQJXLVWLFV 86$  $$&3$$&3 $PHULFDQ$FDGHP\RI&KLOG
$$$ SDWKZD\ $PLQRDGLSLF$FLGSDWKZD\ 3V\FKLDWU\ 86$ 
7KHDPLQRDGLSLFDFLGSDWKZD\LVDFKHPLFDOSDWK $$&5 $PHULFDQ$VVRFLDWLRQRI&DQFHU
ZD\IRUWKHELRV\QWKHVLVRIWKHDPLQRDFLGO\VLQH 5HVHDUFKHUV 86$ 
0\FRORJ\ $$&6 $GYDQFHG$XWRPDWLF&RPSLODWLRQ6\VWHP
$$$6 $PHULFDQ$VVRFLDWLRQIRUWKH$GYDQFHPHQW $$&6 $WWLWXGHDQG$UWLFXODWLRQ&RQWURO6XEV\VWHP
RI6FLHQFH 86$  $OVR$$$&6
)RXQGHGLQWKH$$$6KDVZRUNHGWR $$&6% $PHULFDQ$VVHPEO\RI&ROOHJLDWH6FKRROV
DGYDQFHVFLHQFHIRUKXPDQZHOOEHLQJWKURXJK RI%XVLQHVV 86$ 
SURMHFWVSURJUDPVDQGSXEOLFDWLRQVLQWKHDUHDV $$&6/ $PHULFDQ$VVRFLDWLRQIRUWKH&RPSDUDWLYH
RIVFLHQFHSROLF\VFLHQFHHGXFDWLRQDQGLQWHUQD 6WXG\RI/DZ 86$ 
WLRQDOVFLHQWLILFFRRSHUDWLRQ7KH$$$6FRPSULVHV $$&7 $PHULFDQ$VVRFLDWLRQRI&RPPRGLW\
PLOOLRQLQGLYLGXDOPHPEHUVDQGLVWKHZRUOG
V 7UDGHUV 86$ 
ODUJHVWIHGHUDWLRQRIVFLHQWLVWV7KH$VVRFLDWLRQ $$' DGYDQFHGDPPXQLWLRQGHSRW
DOVRSXEOLVKHV6FLHQFHDQHGLWRULDOO\LQGHSHQGHQW GpS{WGHPXQLWLRQDYDQFp
PXOWLGLVFLSOLQDU\ZHHNO\SHHUUHYLHZHGMRXUQDO DUHDDLUGHIHQFH
$$$6'R6(5*URXS $$$6'LDORJXHRQ6FLHQFH GpIHQVHDpULHQQHGH]RQH
(WKLFVDQG5HOLJLRQ*URXS $$'$$' $PHULFDQ$FDGHP\RI'HUPDWRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU$$$6 86$ 
$$% DLUDVVDXOWEULJDGH $$' $SSURSULDWLRQ$FFRXQW'DWD
EULJDGHG
DVVDXWDpULHQ $$' $W$ 'LVFRXQW
$$%% $VVRFLDWLRQGHV$UFKLYLVWHVHW %XVLQHVV&RPPHUFH
%LEOLRWKpFDLUHVGH%HOJLTXH %HOJLXP  $$' $XVWUDOLDQ$QWDUFWLF'LVFRUGDQFH
%HOJLDQ$VVRFLDWLRQ *HRG\QDPLFV*HRORJ\*HRSK\VLFV
$$%')& $VVRFLDWLRQGHV$UFKLYLVWHV $$'& $OO$SSOLFDWLRQ'LJLWDO&RPSXWHU
%LEOLRWKpFDLUHVHW'RFXPHQWDOLVWHV)UDQFRSKRQHV $$'& DUHDDLUGHIHQFHFRPPDQGHU
GHOD&DUDLEH FRPPDQGDQWGHGpIHQVHDpULHQQHGH]RQH
$$%: $QWDUFWLF%RWWRP:DWHU $$'& $URPDWLF$PLQR$FLG'HFDUER[\ODVH


$OVR$$$' )RXQGHGLQ/RFDWHGLQ&KLFDJR,OOLQRLV
$$'(%8* $XWRPDWHGDQG$OJRULWKPLF 86$
'(%8*JLQJ $$,06 $Q$QDO\WLFDO,QIRUPDWLRQ0DQDJHPHQW
$$'*( $&($LU'HIHQFH*URXQG(QYLURQPHQW 6\VWHP
LQIUDVWUXFWXUHpOHFWURQLTXHGHODGpIHQVHDpULHQQH $$,3 $&($&&,6LPSOHPHQWDWLRQSODQ
GX&$( SODQGHPLVHHQ±XYUHGHO
$&&,6GX&$(
$$ GLS $UFKLWHFWXUDO$VVRFLDWLRQGLSORPD $$,6 $&($&&,6LPSOHPHQWDWLRQVWUDWHJ\
$$'6$$'6 $PHULFDQ$VVRFLDWLRQRI'HQWDO VWUDWpJLHGHPLVHHQ±XYUHGHO
$&&,6GX&$(
6FKRROV 86$  $$,6 $PHULFDQ$VVRFLDWLRQIRU,QIRUPDWLRQ
$$'6 $XWRPDWLF$SSOLFDWLRQV'HYHORSPHQW 6FLHQFH 86$ 
6\VWHP $$,V\VWHP $FLG$PSOLILHG,PDJLQJV\VWHP
$$($$( $PHULFDQ$VVRFLDWLRQRI(QJLQHHUV 3RODURLG
V 
86$  3ULQWLQJ$SSOLFDWLRQV
$$(2HPSOR\HU $IILUPDWLYH$FWLRQ(TXDO $$,: $QWDUFWLF,QWHUPHGLDWH:DWHU
2SSRUWXQLW\HPSOR\HU $$,: LVFKDUDFWHUL]HGE\DEHORZDYHUDJHVDOLQL
$$(6 $PHULFDQ$VVRFLDWLRQRI(QJLQHHULQJ W\
6RFLHWLHV 86$  2FHDQRJUDSK\
$$) $FHW\ODPLQRIOXRUHQH $$,: $XWRPRWLYH$IWHUPDUNHW,QGXVWU\:HHN
$$) DOOLHGDLUIRUFH 86$ 
IRUFHDpULHQQHDOOLpH )$$   $$/ $EVROXWH$VVHPEO\/DQJXDJH
$$) $UP\$LU)RUFH $$/ $HURDFRXVWLF/HYLWDWLRQ
$$) $VFRUELF$FLG)DFWRU (QJLQHHULQJ*HRORJ\*HRSK\VLFV0DWHULDOV
$$) $VVRFLDWLRQGHV$UFKLYLVWHV)UDQoDLV 6FLHQFH
)UHQFK$VVRFLDWLRQ $$/ DUWLOOHULHDQWLDpULHQQHOpJqUH
$$) $X[LOLDU\$LU)RUFH OLJKWDQWLDLUFUDIWDUWLOOHU\ /$$  
$$)&( $OOLHG$LU)RUFHV&HQWUDO(XURSH>REVR $$/ $VVRFLD]LRQH$UPDWRUL/LEHUL ,WDO\ 
OHWH@ $$/& $PSKLELRXV$VVDXOW/DQGLQJ&UDIW
)RUFHVDpULHQQHVDOOLpHVGX&HQWUH(XURSH $$/&& $VLDQ$IULFDQ/HJDO&RQVXOWDWLYH
)$$&( >REVROqWH@ &RPPLWWHH
$$)( $GYDQFHG$LUFUDIW)OLJKW([SHULPHQW $$/', $VVRFLDWLRQRI$JULFXOWXUDO/LEUDULHVDQG
$$)3$$)3 $PHULFDQ$FDGHP\RI)DPLO\ 'RFXPHQWDOLVWVRI,QGLD
3K\VLFLDQV 86$  ,QGLDQ/LEUDU\$VVRFLDWLRQ
$$)6 $PHULFDQ$FDGHP\RI)RUHQVLF6FLHQFHV $$// $PHULFDQ$VVRFLDWLRQRI/DZ/LEUDULHV
5RFNYLOOH0DU\ODQG86$  $$/6 $VVRFLDWLRQRI$PHULFDQ/DZ6FKRROV
$$* $VVLVWDQW$GMXWDQW*HQHUDO 86$ 
$$*5 $YHUDJH$QQXDO*URZWK5DWH $$0 $LUWR$LU0LVVLOH
$$+ $GYDQFHG$WWDFN+HOLFRSWHU $$0$$0 $PHULFDQ$FDGHP\RI0LFURELRORJ\
$$+$ $ZDLWLQJ$FWLRQRI+LJKHU$XWKRULW\ 86$ 
$$+/ $XVWUDOLDQ$QLPDO+HDOWK/DERUDWRU\ $$0 $QWLDLUFUDIW0LVVLOH
$XVWUDOLD  2UGQDQFH
$$+6/' $VVRFLDWLRQRI$FDGHPLF+HDOWK6FLHQFHV $$0 $WPRVSKHULF$QJXODU0RPHQWXP
/LEUDU\'LUHFWRUV $$0&$$0& $PHULFDQ$VVRFLDWLRQRI
$$,$$, $PHULFDQ$VVRFLDWLRQRI 0HGLFDO&ROOHJHV 86$ 
,PPXQRORJLVWV 86$  $$0& $PHULFDQ$VVRFLDWLRQRI0HGLFROHJDO
$$, $VVRFLDWHRIWKH$XFWLRQHHUV
,QVWLWXWH &RQVXOWDQWV
$$, $VVRFLD]LRQH$UWLVWLFD,QWHUQD]LRQDOH 3KLODGHOSKLD3HQQV\OYDQLD86$
,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO$UWLVWLF $$0( $PHULFDQ$VVRFLDWLRQRI0LFURSURFHVVRU
$VVRFLDWLRQ (QJLQHHUV 86$ 
$$,$ $&($&&,6LPSOHPHQWDWLRQDUFKLWHFWXUH $$0* DQWLDLUFUDIWPDFKLQHJXQ
DUFKLWHFWXUHGHPLVHHQ±XYUHGHO
$&&,6GX PLWUDLOOHXVHDQWLDpULHQQH
&$( $$0, $VVRFLDWLRQIRUWKH$GYDQFHPHQWRI0HGLFDO
$$,$ $VVRFLDWHRIWKH,QVWLWXWHRI$FWXDULHV ,QVWUXPHQWDWLRQ
$$,, $PHULFDQ$VVRFLDWLRQRI,QGLYLGXDO,QYHQWRUV


$$06 $]LHQGD$XWRQRPD0RQRSROLGL6WDWR $$3/ $VVRFLDWLRQRI$XVWUDOLDQ3DUOLDPHQWDU\


,WDO\  /LEUDULHV $XVWUDOLD 
$$066 $VVRFLDWLRQRI$VVLVWDQW0LVWUHVVHVLQ $XVWUDOLDQ/LEUDU\$VVRFLDWLRQ
6HFRQGDU\6FKRROV $$305$$305 $PHULFDQ$FDGHP\RI
$$1$$1 $PHULFDQ$FDGHP\RI1HXURORJ\ 3K\VLFDO0HGLFLQHDQG5HKDELOLWDWLRQ
86$  $$36 $PHULFDQ$VVRFLDWLRQRI3KDUPDFHXWLFDO
$$1 $VVHPEOpHGHO·$WODQWLTXH1RUG 6FLHQWLVWV 86$ 
1RUWK$WODQWLF$VVHPEO\ 1$$  $QQXDO0HHWLQJDQG([SRVLWLRQKHOGLQ1HZ
$ ' $FFRXQWLQJDQG'LVEXUVLQJ 2UOHDQV /$86$ LQ1RYHPEHU
$ ' $VVHWVDQG'HSUHFLDWLRQ 3KDUPDFHXWLFDO6FLHQFH
$ ( DUFKLWHFWXUHDQGHQJLQHHULQJ IHHV  $$362 $IUR$VLDQ3HRSOH
V6ROLGDULW\
IUDLVG
pWXGHWHFKQLTXHHWGHVXUYHLOODQFH )(76  2UJDQL]DWLRQ
$ , DXGLWDQGLQVSHFWLRQ $$37 $PHULFDQ$VVRFLDWLRQRI3K\VLFV7HDFKHUV
YpULILFDWLRQFRPSWDEOHHWLQVSHFWLRQ 86$ 
$ 0 $FTXLVLWLRQDQG0HUJHU $$5 DIWHUDFWLRQUHSRUW RUUHYLHZ 
$ 0$ DQG0 $JULFXOWXUDODQG0HFKDQLFDO FRPSWHUHQGX RXDQDO\VH DSUqVDFWLRQ
$ 0 $QFLHQWDQG0RGHUQ DLUWRDLUUHIXHOOLQJ
$ 0 $UWVHW0pWLHUV UDYLWDLOOHPHQWHQYRO
)UHQFKLQLWLDOLVPPHDQLQJ$UWVDQG&UDIWV $$5 $JDLQVW$OO5LVNV
$ 3 $QWHULRU 3RVWHULRU $$5 $OOLDQFHIRU$JLQJ$JHLQJ5HVHDUFK
0HGLFLQH 7KH$$5LVDJURXSZKLFKSURPRWHVUHVHDUFKRQ
$ 3 $XVFXOWDWLRQDQG3HUFXVVLRQ DJHUHODWHGGLVHDVHV
0HGLFLQH $$5 $PLQR$FLG5DFHPL]DWLRQ
$ 5 $FFRXQWDQG5LVN 'LDJHQHVLV*HRFKURQRORJLFDO5HVHDUFK*HRORJ\
$$2 $$2 $PHULFDQ$FDGHP\RI *HRSK\VLFV
2SKWDOPRORJ\86$ $$5$ DLUWRDLUUHIXHOOLQJDUHD
$$2$$2 $PHULFDQ$VVRFLDWLRQRI ]RQHGHUDYLWDLOOHPHQWHQYRO
2UWKRGRQWLVWV 86$  $$ UDWLQJ $YHUDJH$XGLHQFHUDWLQJ
$$2( $LUERUQH$UFWLF2]RQH([SHULPHQW $$5% $PHULFDQ$VVRFLDWLRQIRU5HVHDUFKLQ
$$26$$26 $PHULFDQ$FDGHP\RI2UWKRSHGLF %DJKGDG
6XUJHRQV 86$  3URWHFWLRQRI&XOWXUDO3URSHUW\+DJXH
$$3 $OOLHG$GPLQLVWUDWLYH3XEOLFDWLRQ &RQYHQWLRQ
SXEOLFDWLRQDGPLQLVWUDWLYHLQWHUDOOLpH &XOWXUDO+HULWDJHDW5LVN
DUHDDLUSLFWXUH $$5& DLUWRDLUUHIXHOOLQJFRQWUROOHU
VLWXDWLRQDpULHQQHGH]RQH FRQWU{OHXUGXUDYLWDLOOHPHQWHQYRO
$$3$$3 $PHULFDQ$FDGHP\RI3HGLDWULFV $$5, $UFWLFDQG$QWDUFWLF5HVHDUFK,QVWLWXWH
86$  5XVVLDQ)HGHUDWLRQ 
$$3 $$3 $PHULFDQ$VVRFLDWLRQRI3DWKRORJLVWV *ODFLRORJ\
86$  $$56 $XWRPDWHG$LUFUDIW5HSRUWLQJ6\VWHP
$$3 $QDO\VW$VVLVWDQFH3URJUDP DD56
V$PLQRDF\OW51$ 6\QWKHWDVHV
$$3 $VVRFLDWLYH$UUD\3URFHVVRU %LRFKHPLVWU\%LRSK\VLFV*HQHWLF,QIRUPDWLRQ
$$3$ $GYHUWLVLQJ$JHQF\3URGXFWLRQ$VVRFLDWLRQ 7UDQVODWLRQ3URWHLQ(QJLQHHULQJ5HVHDUFK
$$3$$$3$ $PHULFDQ$FDGHP\RI3K\VLFLDQ
V $DUW\3 $OOLHG$UWLOOHU\3XEOLFDWLRQ
$VVLVWDQWV 86$  SXEOLFDWLRQLQWHUDOOLpHVXUO
DUWLOOHULH
$$3$ $PHULFDQ$VVRFLDWLRQRI3K\VLFDO $$6 $IULFDQ$FDGHP\RI6FLHQFHV
$QWKURSRORJLVWV 86$  $$6$$6 $PHULFDQ$VWURQRPLFDO6RFLHW\
$$3&& $PHULFDQ$VVRFLDWLRQRI3RLVRQ&RQWURO $$6$$6 $PHULFDQ$VWURQDXWLFDO6RFLHW\
&HQWHUV 86$  $$6 $PHULFDQ$VWURSK\VLFDO6RFLHW\ 86$ 
$$3*$$3* $PHULFDQ$VVRFLDWLRQRI $$6 $VVRFLDWHLQ$SSOLHG6FLHQFH
3HWUROHXP*HRORJLVWV 86$  $$6 $WRPLF$EVRUSWLRQ6SHFWURVFRS\
$$3, $VVRFLD]LRQHGHOOH$]LHQGH3XEEOLFLWDULH 7KHDWRPLFDEVRUSWLRQVSHFWURVFRS\LVWKHVWXG\RI
,WDOLDQH ,WDO\  DEVRUSWLRQVSHFWUD
$$6 $]LHQGD$XWRQRPDGL6RJJLRUQR ,WDO\ 


,WDOLDQLQLWLDOLVPRIWKH7RXULVW,QIRUPDWLRQ $YLDWLRQ%LRORJ\&RPSXWHU3URJUDPPLQJ
2IILFH 0HGLFLQH2UGQDQFH
$$6( $LUERUQH$UFWLF6WUDWRVSKHULF([SHGLWLRQ DE DEEU DERUWLRQ
$$6( $XVWUDOLDQ$VVRFLDWHG6WRFN([FKDQJHV %LRORJ\0HGLFLQH
$XVWUDOLD  $%DE DEEU DERXW
$$6( , $LUERUQH$UFWLF6WUDWRVSKHULF([SHGLWLRQ, DE DEEU DEULGJ H PHQW
$$6(,O $LUERPH$UFWLF6WUDWRVSKHULF([SHGLWLRQ $OVRDEU
,, $% $EVROXWH9DOXH
$$6+72 $PHULFDQ$VVRFLDWLRQRI6WDWH+LJKZD\ &RPSXWHU3URJUDPPLQJ0DWKHPDWLFV
DQG7UDQVSRUWDWLRQ2IILFLDOV $% $EVWUDFW
$$6/ $PHULFDQ$VVRFLDWLRQRI6FKRRO/LEUDULDQV $OVRDEVWUDEV
86$  $% $FFRXQW%RXJKW
$PHULFDQ/LEUDU\$VVRFLDWLRQV %XVLQHVV)LQDQFH
$$6
V $UPHQLDQ$FDGHP\RI6FLHQFHV $% $GDSWLYH%HKDYLRXU
$$673 $OOLHG6WRUDJHDQG7UDQVSRUWDWLRQRI 3V\FKRORJ\
$PPXQLWLRQDQG([SORVLYHV3XEOLFDWLRQ $% $GGUHVV%XV
SXEOLFDWLRQLQWHUDOOLpHVXUOHVWRFNDJHHWOHWUDQV &RPSXWHU7HFKQRORJ\
SRUWGHVPXQLWLRQVHWH[SORVLIV $% $GYLVRU\%RDUG
$$7 $OSKD$QWLWU\SVLQ DSURWHLQ  $% $HURQDXWLFDO%RDUG
$$7 $QJOR$XVWUDOLDQ7HOHVFRSH 86$LU)RUFH
$$8 $VVRFLDWLRQRI$PHULFDQ8QLYHUVLWLHV $% $IULFDQ%DQN
$$8/ $WODQWLF$VVRFLDWLRQRI8QLYHUVLW\/LEUDULHV $% $LGWR%OLQG
$$83 $$83 $PHULFDQ$VVRFLDWLRQRI $% DLUEDJDLUEDJ
8QLYHUVLW\3URIHVVRUV 86$  7KHDLUEDJLVDEDJWKDWLQIODWHVDXWRPDWLFDOO\LQ
$$8:$$8: $PHULFDQ$VVRFLDWLRQRI RUGHUWRSURWHFWDXWRPRELOHSDVVHQJHUVGXULQJWKH
8QLYHUVLW\:RPHQ 86$  LPSDFWRIDFROOLVLRQ
$$9 $GHQR$VVRFLDWHG9LUXV 0HFKDQLFDO(QJLQHHULQJ
$$9 LVDOVRNQRZQDV'HSHQGRYLUXV $% $LU%DVH
9LURORJ\ $YLDWLRQ$HULDO3KRWRJUDPPHWU\
$$9 $LUERUQH$VVDXOW9HKLFOH $% $LU%HDULQJ
$$9 DPSKLELRXVDVVDXOWYHKLFOH $% $LU%ODVW
YpKLFXOHG
DVVDXWDPSKLELH (QJLQHHULQJ0LQLQJ(QJLQHHULQJ
$$9 $VVHVVHG$QQXDO9DOXH $% $LUEODVWLQJDLUEODVWLQJ
$$963 $OOLHG$YLRQLFV3XEOLFDWLRQ (QJLQHHULQJ
SXEOLFDWLRQLQWHUDOOLpHVXUO
DYLRQLTXH $% $LU%RDUG 5$)  *% 
$$Y7HFK $VVRFLDWHLQ$YLDWLRQ7HFKQRORJ\ DE DEEU $LUERUQH
$$: DLUWRDLUZDUIDUH )RUIXUWKHUGHWDLOVVHHXQGHU$%1DEQ
OXWWHDpULHQQH $% $LU%RPEHU
DQWLDLUZDUIDUH QDYDODLUGHIHQFHRQO\  $% $LU%UDNH
OXWWHDQWLDpULHQQH /$$  >GpIHQVHDpULHQQH 7KHDLUEUDNHLVDPHFKDQLVPRSHUDWHGE\PHDQV
QDYDOHXQLTXHPHQW@ RIFRPSUHVVHGDLU
$$:$&8 DQWLDLUZDUIDUHDLUFUDIWFRQWUROXQLW 0HFKDQLFDO(QJLQHHULQJ
XQLWpFRQWU{OHXUG
DpURQHIVGHOXWWHDQWLDpULHQQH $% $LU%UHDWKLQJ
$$:& DQWLDLUZDUIDUHFRPPDQGHU 5HIHUULQJWRDQDHURG\QDPLFYHKLFOHRUDQHQJLQH
FRPPDQGDQWGHODOXWWHDQWLDpULHQQH 0HFKDQLFDO(QJLQHHULQJ
DQWLDLUZDUIDUHFRRUGLQDWRU $% $LU%XUVW
FRRUGRQQDWHXUGHODOXWWHDQWLDpULHQQH 2UGQDQFH3HWUROHXP(QJLQHHULQJ
$$:&1 DQWLDLUZDUIDUHFRPPDQGQHW $% $NWLHERODJHW
UpVHDXGHFRPPDQGHPHQWGHODOXWWHDQWLDpULHQQH 6ZHGLVK/LPLWHG&R
$$:6 $HULDO$UWLOOHU\:HDSRQV6\VWHP $E DEEU $ODEDPLQH
$% DEEU $EEH\ $% $P\ORLG%RG\
DE DEEU DERUW 3DWKRORJ\
$% $QFKRU%ROW


7KHDQFKRUEROWLVXVHGWRKROGDPDFKLQHRUD DEE DEEU DEERQDWR


VWUXFWXUHLQSODFH,WLVDOVRNQRZQDVDQFKRUURG ,WDOLDQDEEUHYLDWLRQPHDQLQJVXEVFULEHU
&LYLO(QJLQHHULQJ DEE DEEU DEEXRQR
$E $QWLERG\ ,WDOLDQDEEUHYLDWLRQPHDQLQJDOORZDQFHGLVFRXQW
7KHDQWLERG\LVDSURWHLQLQEORRGVHUXPZKLFK $%% $EODWLQJ%OXQW%RG\
UHDFWVWRRYHUFRPHWKHWR[LFHIIHFWVRIDSDUWLFXODU $%% DLUERUQHEULJDGH
DQWLJHQ7KHDQWLERG\LVDOVRNQRZQDV,PPXQH EULJDGHDpURSRUWpH
%RG\ $%% $UFKLYHVHW%LEOLRWKqTXHVGH%HOJLTXH
,PPXQRORJ\ %HOJLXP 
$% $UWHULDO%ORRG 3XEOLFDWLRQ
7KHDUWHULDOEORRGLVR[\JHQDWHGEORRGEULJKWUHG $%% $UUD\RI%XLOGLQJ%ORFNV
LQFRORU $%% $UWLILFLDO%UHHGLQJ%R[
+HPDWRORJ\ $%% $XWRPDWLF%DFN%LDV
$% $V\PPHWULF%DODQFH 5DGDU
$%DE %DFKHORURI$UWV $%%% $VVRFLDWLRQRI%HWWHU%XVLQHVV%XUHDXV
$%$ $EVFLVLF$FLG DEEUDEEUHY DEEUHYLDWLRQ
&+2 $EVFLVLFDFLGIRUPHUO\NQRZQDV $%& $EHU%LR&HQWUH $EHU\VWZ\WK 
DEVFLVLQLVDSODQWKRUPRQHKDYLQJDQLPSRUWDQW $WWKH8QLYHUVLW\RI:DOHV
UROHLQJURZWKDQGGHYHORSPHQW $%& $FRQLWH%HOODGRQQDDQG&KORURIRUP
%LRFKHPLVWU\ $%&LVDOLQLPHQWFRPSRXQG
$%$ $FWLYLW\%DVHG$QRUH[LD $%& $FWLYH%LRSURVWKHWLF&RPSRVLWLRQ
$%$ $PDWHXU%R[LQJ$VVRFLDWLRQ $%& $KUDP%HYHUDJHV&RPSDQ\ &DLUR(J\SW 
$%$ $PHULFDQ%DQNHUV%DQNLQJ$VVRFLDWLRQ 3URGXFHURIVWHOODEHHU)RXQGHGLQZLWK
$%$ $PHULFDQ%DU$VVRFLDWLRQ 86$  %HOJLDQDQGORFDOIXQGV7KHLQYHQWLRQRIEHHULV
$%$ $PHULFDQ%RRNV$ZDUGV 86$  PHQWLRQHGLQDQXPEHURISDS\ULRIWKH3KDUDRQLF
$%$ $PHULFDQ%RRNVHOOHUV$VVRFLDWLRQ SHULRG
$ED _$PLQREXW\ULFDFLG $%&DEF $LUERUQH&RQWURO
$%$ $QQXDO%XGJHW$XWKRUL]DWLRQ $%& $LUZD\%UHDWKLQJDQG&LUFXODWLQJ FDUGLRSXO
$%$ $SSOLHG%HKDYLRXU$QDO\VLV PRQDU\UHVXVFLWDWLRQ 
3V\FKRORJ\ $%& $OFRKROLF%HYHUDJH&RQWURO
$%$ $UDE%DQNHUV$VVRFLDWLRQ $%& $PHULFDQ%LEOLRJUDSKLFDO&HQWHU
$%$ $VVRFLDWLRQRI%ULWLVK$UFKDHRORJLVWV *%  $%& $PHULFDQ%URDGFDVWLQJ&RPSDQ\
$%$ $VVRFLD]LRQH%DOHVWULHUL$UFLHUL ,WDO\  $%& $SSURDFK%\&RQFHSW
,WDOLDQDFURQ\PRIWKH&URVVERZ$UFKHUV $%& $TXDFXOWXUHJHQHWLFVDQG%UHHGLQJWHFKQRORJ\
$VVRFLDWLRQ &HQWHU
$%$ $VVRFLD]LRQHSHULO%DPELQR$OOHUJLFR 9LUJLQLD,QVWLWXWHRI0DULQH6FLHQFH 86$ 
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRUWKH$OOHUJLF $%& $UDE%DQNLQJ&RUSRUDWLRQ
&KLOG +HDGTXDUWHUV%DKUDLQ
$%$ $VVRFLD]LRQH6WXGLR5LFHUFDVX$QRUHVVLD $%& $UJHQWLQH%UD]LODQG&KLOH
%XOLPLD'LVRUGLQL$OLPHQWDUL ,WDO\  $%& $VVRFLDWLRQRI%LRWHFKQRORJ\&RPSDQLHV
$%$'&$0 $VVRFLDWLRQGHV%LEOLRWKpFDLUHV $%& $VVRFLD]LRQH%DPELQL&DUGLRSDWLFL
$UFKLYLVWHV'RFXPHQWDOLVWHVHW0XVpRJUDSKHVGX ,WDOLDQLQLWLDOLVPRIWKH&DUGLRSDWKLF&KLOGUHQ
&DPHUXQ $VVRFLDWLRQ ,WDO\ 
$%$, $PHULFDQ%RLOHUDQG$IILOLDWHG,QGXVWULHV $%&$%& $WRPLF%LRORJLFDODQG&KHPLFDO
86$  ZHDSRQVRUPLVVLOHZDUKHDGV 
$%$-3 $VVRFLDWLRQ%HOJHGHV$UFKLWHFWHVGH 2UGQDQFH
-DUGLQVHWGHV$UFKLWHFWHV3D\VDJLVWHV %HOJLXP  $%& $73%LQGLQJ&DVVHWWH
$%$5( $XVWUDOLDQ%XUHDXRI$JULFXOWXUHDQG &HOO%LRORJ\0HGLFLQH3K\VLRORJ\
5HVRXUFH(FRQRPLFV $XVWUDOLD  $%& $XGLW%XUHDXRI&LUFXODWLRQ
$%$5(LVD*RYHUQPHQWRZQHG$JHQF\ $%& $XVWUDOLDQ%URDGFDVWLQJ&RUSRUDWLRQ
$%% DEEU $EEH\ $XVWUDOLD 
DEE DEEU DEERQDPHQWR $%& $XWRPDWLF%DFNJURXQG&RQWURO
,WDOLDQDEEUHYLDWLRQPHDQLQJVXEVFULSWLRQ


)RUIXUWKHUGHWDLOVVHHXQGHU$%& $XWRPDWLF $%&*& $PHULFDQ%XVLQHVV&RXQFLORIWKH*XOI


%ULJKWQHVV&RQWURO  &RXQWULHV 6DXGL$UDELD 
$%& $XWRPDWLF%DQGZLGWK&RQWURO 7KH$%&*&ZDVIRUPHGLQ
$%&DEF $XWRPDWLF%DVV&RPSHQVDWLRQ $%& ODZV $OFRKROLF%HYHUDJH&RQWUROODZV
$%& $XWRPDWLF%ULJKWQHVV&RQWURO 7KH$%&ODZVGDWHEDFNWRWKH&RGHRI
7KHDXWRPDWLFEULJKWQHVVFRQWUROLVDFLUFXLWXVHG +DPPXUDEL .LQJRI%DE\ORQLD DOPRVW
LQDWHOHYLVLRQUHFHLYHUWRNHHSWKHEULJKWQHVVRI \HDUVDJR
WKHUHSURGXFHGLPDJHFRQVWDQW7KHDXWRPDWLF $%& QDWLRQV $PHULFD%ULWDLQ&DQDGD
EULJKWQHVVFRQWUROLVDOVRNQRZQDVDXWRPDWLF $PpULTXH*UDQGH%UHWDJQH&DQDGD
EDFNJURXQGFRQWURO $%& 3RZHUV $UJHQWLQD%UD]LODQG&KLOH3RZHUV
(OHFWURQLFV 5HIHUULQJWRWKHLUPHGLDWLRQEHWZHHQWKH86DQG
$%&$ $PHULFDQ%ULWLVK&DQDGLDQDQG$XVWUDOLDQ 0H[LFRLQ
$UPLHV  $%&5JHQH $73%LQGLQJ&DVVHWWHWUDQVSRUWHU
$%&$ $PHULFDQ%XVLQHVV&RPPXQLFDWLRQ 5HWLQDJHQH
$VVRFLDWLRQ 86$  0XWDWLRQVLQWKH$%&5JHQHFDXVH6WDUJDUGWGLV
$%&$ QDWLRQV $PHULFD%ULWDLQ&DQDGD HDVHZKLFKLVDIRUPRIPDFXODUGHJHQHUDWLRQ
$XVWUDOLD *HQHWLF(SLGHPLRORJ\+XPDQ*HQHWLFV0DFXODU
$PpULTXH*UDQGH%UHWDJQH&DQDGD$XVWUDOLH 'HJHQHUDWLRQ0ROHFXODU*HQHWLFV2SKWDOPRORJ\
$%&% $PHULFDQ%RDUGRI&OLQLFDO%LRIHHGEDFN $%&WUDQVSRUWHUV $GHQRVLQHWULSKRVSKDWH%LQGLQJ
86$  &DVVHWWHWUDQVSRUWHUV
$%&% VZLWFK $LU%ODVW&LUFXLW%UHDNHUVZLWFK 0ROHFXODUDQG&HOOXODU%LRORJ\
7KH$%&%VZLWFKLVDQHOHFWULFVZLWFKWKDWXSRQ $%' DLUERUQHGLYLVLRQ
RSHQLQJXVHVDKLJKSUHVVXUHJDVEODVWWREUHDN GLYLVLRQDpURSRUWpH
WKHDUF $%' $VVRFLDWLRQ%HOJHGH'RFXPHQWDWLRQ
$%&& $PHULFDQ%RDUGRI&OLQLFDO&KHPLVWU\ %HOJLXP 
$%&& $VVRFLDWLRQRI%ULWLVK&KDPEHUVRI %HOJLDQ/LEUDU\$VVRFLDWLRQ
&RPPHUFH *%  DEG$% DEEU DEGRPHQ
$%&& $WRPLF%RPE&DVXDOW\&RPPLVVLRQ 7KHDEGRPHQLVWKHSDUWRIWKHKXPDQERG\
7KH$%&&KDVEHHQUHSODFHGLQE\WKH EHWZHHQWKHWKRUD[DQGWKHSHOYLV$OVRWKHFDYLW\
5(5) 5DGLDWLRQ(IIHFWV5HVHDUFK)RXQGDWLRQ  RIWKLVSDUWRIWKHERG\FRQWDLQLQJPRVWRIWKH
$WRPLF5DGLDWLRQ GLJHVWLYHRUJDQV
)RUIXUWKHUGHWDLOVVHHXQGHU5(5) $QDWRP\
$%&&& DLUERUQHEDWWOHILHOGFRPPDQGDQGFRQ DEG DEEU DEGRPLQDO
WUROFHQWUH 0HGLFLQH
FHQWUHDpURSRUWpGHFRPPDQGHPHQWHWGHFRQ $%'5 DLUFUDIWEDWWOHGDPDJHUHSDLU
WU{OHGXFKDPSGHEDWDLOOH UpSDUDWLRQGHVGpJkWVVXELVSDUOHVDpURQHIVDX
DLUERUQHFRPPDQGFRQWURODQGFRPPXQLFDWLRQV FRPEDW
V\VWHP  $%( $FXWH%DFWHULDO(QGRFDUGLWLV
 V\VWqPH DpURSRUWpGHFRPPDQGHPHQWGHFRQ $FXWHEDFWHULDOHQGRFDUGLWLVLVDQDEUXSWSURJUHV
WU{OHHWGHFRPPXQLFDWLRQV VLYHLQIODPPDWLRQRIWKHHQGRFDUGLXPDVVRFLDWHG
$%&' $FFHOHUDWHG%XVLQHVV&ROOHFWLRQDQG ZLWKLQIHFWLRQ
'HOLYHU\ 0HGLFLQH
7KH$%&'LVD863RVWDO6HUYLFH $%( $VVRFLDWLRQ%HOJHGHO
(FODLUDJH %HOJLXP 
$%&' $JHQF\IRU%XVLQHVVDQG&DUHHU $%( 7KHDLUSRUWFRGHIRU$OOHQWRZQ 3HQQV\OYDQLD
'HYHORSPHQW 86$
$%&'( $QQXDO%DQN&RQIHUHQFHRE'HYHORSPHQW $EHFDIH %UD]LOLDQ$VVRFLDWLRQRI&RIIHH([SRUWHUV
(FRQRPLFV :RUOG%DQN·V  $%() $VVRFLDWLRQGHV%LEOLRWKqTXHV
WK 0D\KHOGLQ3DULV)UDQFH (FFOpVLDVWLTXHVGH)UDQFH )UDQFH 
,QWHUQDWLRQDOIORZVRI3HRSOH7UDGH&DSLWDO )UHQFK/LEUDU\$VVRFLDWLRQ
.QRZOHGJH $%(, $VVRFLD]LRQHGHL%LEOLRWHFDUL(FFOHVLDVWLFL
UG 0D\KHOGLQ%DQJDORUH,QGLD ,WDOLDQL ,WDO\ 
)RUHVWLQJ(QWUHSUHQHXUVKLS,QQRYDWLRQ ,WDOLDQ/LEUDU\$VVRFLDWLRQ
*URZWK $%(/ GLVRUGHUV $FLG%DVH(OHFWURO\WHGLVRUGHUV


DEHQG DEQRUPDOHQGRIWDVN $%/( $JULFXOWXUDO%LRORJLFDO/LWHUDWXUH


&RPSXWHU3URJUDPPLQJ ([SORLWDWLRQ 86$ 
$%(33$%(33 $PHULFDQ%RDUGRI([DPLQHUV 2IWKH861DWLRQDO$JULFXOWXUDO/LEUDU\
LQ3URIHVVLRQDO3V\FKRORJ\ 86$  $%/( $VVRFLDWLRQIRU%LRORJ\/DERUDWRU\
$%( SURFHVV $FHWRQH%XWDQRODQG(WKDQRO (GXFDWLRQ
SURFHVV $%/( $WPRVSKHULF%RXQGDU\/D\HU([SHULPHQW
0LFURELRORJ\ $%/( $PD]RQ%RXQGDU\/D\HU([SHULPHQW
$%(6 $HURVSDFF%XVLQHVV(QYLURQPHQW6LPXODWRU $WPRVSKHULF$HURVROV$WPRVSKHULF&KHPLVWU\
$ FRPSXWHUSURJUDPPHGEXVLQHVVJDPH $%/3 $LU%HDULQJ/LIW3DG
$%) $VVRFLDWLRQGHV%LEOLRWKpFDLUHV)UDQoDLV $%/6 %DFKHORURI$UWVLQ/LEUDU\6FLHQFH
)UHQFK/LEUDU\$VVRFLDWLRQ $%0 $FTXLVLWLRQ%XV0RQLWRU
$%) , $56%LQGLQJ)DFWRU, 'DWD 3URFHVVLQJ
%LRORJ\'1$ 5HSOLFDWLRQ0HGLFLQH $%0 $GYDQFHG%LOORI0DWHULDOV
$%)' $IIRUGDEOH%DVLF)ORSS\'LVN $%0 $QWLEDOOLVWLFPLVVLOH
$%)0$PHULFDQ%RDUGRI)RUHLJQ0LVVLRQV 0LVVLOHDQWLPLVVLOHEDOLVWLTXH
$%* $EQRUPDO%ORRG*DV $%0 $XWRPDWHG%DWFK0L[LQJ
$%* $QWLEDFNODVK*HDU $%0$ $PHULFDQ%RLOHU0DQXIDFWXUHUV$VVRFLDWLRQ
$%* $UWHULDO%ORRG*DVHV 86$ 
$%* $VVRFLDWLRQ%HUQDUG*UHJRU\ )UDQFH  $%0$ $PHULFDQ%UXVK0DQXIDFWXUHUV$VVRFLDWLRQ
7KH$%*ZDVFUHDWHGLQWKHV,WLVDQRUJDQL 86$ 
]DWLRQGHYRWHGWRILQGLQJMREVIRU\RXQJVFLHQWLVWV $%0$ $UP\%DOOLVWLF0LVVLOH$JHQF\
$%, $FFDGHPLHH%LEOLRWHFKHG
,WDOLD ,WDO\  $%0& $PHULFDQ%DWWOH0RQXPHQWV&RPPLVVLRQ
3XEOLFDWLRQ 86$ 
$%, $PHULFDQ%LRJUDSKLFDO,QVWLWXWH 86$  $%036 $XWRPDWHG%XVLQHVV0DLO3URFHVVLQJ
$%, $VVRFLDWHRIWKH%RRNNHHSHUV,QVWLWXWH 6\VWHP
$%, $VVRFLDWLRQGHV%LEOLRWKqTXHV,QWHUQDWLRQDOHV $%06 $XWRPDWHG%DWFK0DQXIDFWXULQJ6\VWHP
$%, $VVRFLDWLRQRI%ULWLVK,QVXUHUV *%  $%1DEQ DEEU DLUERUQH
$%, $VVRFLD]LRQHGHOOH%DQFKH,WDOLDQH $HURQDXWLFV 6XSSRUWHGE\DLUDVDQDLUFUDIWLQ
$%, $VVRFLD]LRQH%DQFDULD,WDOLDQD ,WDO\  IOLJKW
,WDOLDQDFURQ\PRIWKH,WDOLDQ%DQNLQJ %LRORJ\&DUULHGE\LQWKHDLUDVSROOHQDQGWKH
$VVRFLDWLRQ OLNH
$EL+ $UP\RI%RVQLD+HU]HJRYLQD 0LOLWDU\6FLHQFH 3HUVRQQHORUHTXLSPHQWFDUULHG
$UPpHGH%RVQLH+HU]pJRYLQH LQDLUSODQHV
$%,0 $VVRFLDWHRIWKH%ULWLVK,QVWLWXWHRI $%1, $YDLODEOH%XW1RW,QVWDOOHG
0DQDJHPHQW *%  %XVLQHVV&RPPHUFH
$%,26 $GYDQFHG%DVLF,QSXW2XWSXW6\VWHP $%12& $LUERUQHRSHUDWLRQVFHQWUH
$%,V $XGLWRU\%UDLQVWHP,PSODQWV FHQWUHG
RSpUDWLRQVHPEDUTXp
7KH$%,VKDYHEHHQXQGHUGHYHORSPHQWVLQFHWKH $%2 $EVHQW%HG2FFXSDQF\
V $%2 $FFHVVRU\%RULQJ2UJDQ
1HXURVFLHQFH1HXURVXUJHU\2WRODU\QJRORJ\ $%2 $PHULFDQ%RDUGRI2SKWDOPRORJ\
DEO DEEU DEODWLYH $%2 $VVRFLDWLRQRI%ULWLVK2ULHQWDOLVWV *% 
$%/ $LUERUQHODVHU $%2 $VWDEOH%ORFNLQJ2VFLOODWRU
ODVHUDpURSRUWp $%2/ $GYLVHU%XVLQHVV2ULHQWHG/DQJXDJH
$%/ $WPRVSKHULF%RXQGDU\/D\HU $%20 $XVWUDOLDQ%XUHDX2I0HWHRURORJ\
$%/ LVDOVRNQRZQDV*URXQG/D\HU6XUIDFH $%3 $EVROXWH%RLOLQJ3RLQW
/D\HU)ULFWLRQ/D\HU6XUIDFH%RXQGDU\/D\HU 3K\VLFDO&KHPLVWU\
0HWHRURORJ\ $%3 $FHW\O%HQ]R\O3HUR[LGHRU$FHWR]RQHRU
$%/$ $PHULFDQ%XVLQHVV/DZ$VVRFLDWLRQ %HQ]R]RQH
$WODQWD*HRUJLD86$ &+&2u2u&2&+ $%3 LVXVHGDVDJHUPLFLGH
$%/( $FTXLVLWLRQ%DVHGRQFRQVLGHUDWLRQRI DQGGLVLQIHFWDQW
/RJLVWLF(IIHFWV 2UJDQLF&KHPLVWU\
86$LU)RUFH $%3 $FWLQ%LQGLQJ3URWHLQ
$%/( $GXOW%DVLF/HDUQLQJ([DPLQDWLRQ $%3 $LU%HDULQJ3ODWIRUP


$%3 $LUERUQH%HDFRQ3URFHVVRU $%5,;$6LVD*HUPDQ;UD\PLVVLRQ


$%3 $OGRVWHURQH%LQGLQJ3URWHLQ $VWURQRP\$VWURSK\VLFV
(QGRFULQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU5$66 526$7 $OO
$%3 $PHULFDQ%XVLQHVV3UHVV 86$  6N\6XUYH\ 
$`3 $P\ORLG` 3URWHLQ DEV DEEU DEVHQFHDEVHQW
$%3 $QGURJHQ%LQGLQJ3URWHLQ DEVDEV DEEU DEVROXWH
(QGRFULQRORJ\ &KHPLVWU\*HRORJ\0HWHRURORJ\
$%3 $UDELQRVH%LQGLQJ3URWHLQ DEV DEEU DEVWUDFW
%LRFKHPLVWU\ $OVR$% DEVDEVWU
$ES DEEU $UFKELVKRS $%6 $FXWH%UDLQ6\QGURPH
$%3 $UWHULDO%ORRG3UHVVXUH 0HGLFLQH
$%3 $VVRFLDWHG%ULWLVK3RUWV *%  $%6 $GDSWLYH%HKDYLRXU6FDOH
3RUW2SHUDWRUV 3V\FKRORJ\
$%3$ $OOHUJLF%URQFKRSXOPRQDU\$VSHUJLOORVLV $%6 $LU%UDNH6ZLWFK
$%3$ $PHULFDQ%RRN3URGXFHUV$VVRFLDWLRQ 7KHDLUEUDNHVZLWFKLVDOVRNQRZQDVDLUVZLWFK
$%3& $EHOVRQ3ODVPDF\WRPD (OHFWULFLW\
2QFRORJ\ $%6 $ON\O%HQ]HQH6XOIRQDWH
$%3&$%3& $PHULFDQ%RRN3XEOLVKHUV $%6LVXVHGDVDQRQELRGHJUDGDEOHGHWHUJHQW
&RXQFLO 86$  2UJDQLF&KHPLVWU\
$` SHSWLGHV $P\ORLG` SHSWLGHV $%6 $OWHUQDWLYH%LOOLQJ6HUYLFHV
0HGLFLQH0ROHFXODU%LRORJ\1HXURVFLHQFH %XVLQHVV&RPPHUFH
1HUYRXV6\VWHP,QMXU\3KDUPDFRORJ\ $%6 $PHULFDQ%LEOH6RFLHW\ 86$ 
3V\FKLDWU\7R[LFRORJ\ $%6 $PHULFDQ%XUHDXRI6KLSSLQJ 86$ 
$%3) $XGLR%DQGSDVV)LOWHU DEV DEEU DQWLERGLHV
$%3* $GYDQFHG%DVH3URYLQJ*URXQG ,PPXQRORJ\
$%3, $VVRFLDWLRQRIWKH%ULWLVK3KDUPDFHXWLFDO $%6 $UFKLWHFWXUHIRULQIRUPDWLRQ%URNHUDJH
,QGXVWU\ *%  6HUYLFH
$%3/ $EHOVRQ3ODVPDF\WRLG/\PSKRVDUFRPD (XURSHDQ&RPPXQLW\3URMHFW
2QFRORJ\ $%6 $VVHW%DFNHG6HFXULW\6HFXULWLHV
$%36 $XWRPDWHG%LOO3D\PHQW6\VWHP %DQNLQJ)LQDQFH
$%4 7KHDLUSRUWFRGHIRU$OEXTXHUTXH1HZ $%6 $VVRFLDWHLQ%XVLQHVV6FLHQFH
0H[LFR $%6 $VVRFLDWLRQGHV%LEOLRWKpFDLUHV6XLVVHV
$%5 $ERUWXV%DQJ5HDFWLRQ 6ZLW]HUODQG 
0LFURELRORJ\ 6ZLVV/LEUDU\$VVRFLDWLRQ
DEU DEEU DEULGJHGDEULGJ H PHQW $%6 $XWRPDWHG%RQG6\VWHP
$OVRDE $%6 $X[%RQV6RLQVGH
DEU DEEU DEURJDWR )UHQFKDFURQ\PPHDQLQJFDUHRI FR 
,WDOLDQDEEUHYLDWLRQPHDQLQJDEURJDWHG $%6$ $OOLHG%DQN6RXWK$IULFD
$%5 $EVROXWH%HG5HVW $%6' $GYDQFH%DVH6HFWLRQ'RFN
$%5 $GKHVLYH%RQGLQJ5HSDLU $%6 UHVLQ $FU\ORQLWULOH%XWDGLHQH6W\UHQHUHVLQ
$%5 $JURELRORJLFDO5HVRXUFHV $ EOHQGRIWKH$6FRSRO\PHUDQGWKH%$ UXEEHU
$EU $OOEUDQGUHPRYHG ZLWKDYLHZWRREWDLQDSRO\PHUKDYLQJWKHSURSHU
7H[WLOH,QGXVWU\ WLHVRIWKHQLWULOHUXEEHUDQGWKHYLQ\OUHVLQ
$%5 $XGLWRU\%UDLQVWHP5HVSRQVH 2UJDQLF&KHPLVWU\
1HXURSK\VLRORJ\ $%6:* $JULFXOWXUDO%LRWHFKQRORJ\6WHZDUGVKLS
$%5$& $JULFXOWXUDO%LRWHFKQRORJ\5HVHDUFK :RUNLQJ*URXS 86$ 
$GYLVRU\&RPPLWWHH $ FRQVRUWLXPIRUPHGE\PDMRUELRWHFKQRORJ\
$%5& $GYLVRU\%RDUGIRU5HVHDUFK&RXQFLOV FRPSDQLHV
*%  DEW DEEU DERXW
$%5*7 DLUERUQHUHJLPHQW $%7 $EWHVOD
UpJLPHQWDpURSRUWp $EWHVODLVWKHXQLWRIPDJQHWLFLQGXFWLRQ
$%5,;$6 $ %URDG%DQG,PDJLQJ;UD\$OO6N\ (OHFWURPDJQHWLVP
6XUYH\ $%7 $LU%ODVW7UDQVIRUPHU


$%7 $LUERUQH7UDFNLQJ $OVRD $&$FFF


$%7 $PHULFDQ%RDUGRI7UDGH 86$  &RPPHUFH
$%7 $VVRFLDWHLQ%XVLQHVV7HFKQRORJ\ $&DF $FFXPXODWRU
$%7 $XWRPDWLF%DWWHU\7HVW $YLDWLRQ&RPSXWHU7HFKQRORJ\(OHFWULFLW\
$%7 $X[LOLDU\%DOODVW7DQN 0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ3HWUROHXP
$%7$ $VVRFLDWLRQRI%ULWLVK7UDYHO$JHQWV (QJLQHHULQJ
$%7$3/ $VVRFLDWLRQRI%ULWLVK7KHRORJLFDO$QG $& $FHWDWH
3KLORVRSKLFDO/LEUDULHV 2UJDQLF&KHPLVWU\(LWKHURIWZRFRPSRXQGV
$%7,5 $VVRFLDWLRQGHV%LEOLRWKqTXHVGH7KpRORJLH GHULYHGIURPDFHWLFDFLG
HWG
OQIRUPDWLRQ5HOLJLHXVH 7H[WLOHV$FHWDWHWKDWZDVNQRZQDVDFHWDWH
5HOLJLRXV/LEUDU\$VVRFLDWLRQ UD\RQLVDV\QWKHWLFILEHU
$%8 $OOLDQFH%LEOLTXH8QLYHUVHOOH $F $FHW\O
)UHQFKDFURQ\PRIWKH8QLYHUVDO%LEOLFDO 2UJDQLF&KHPLVWU\&+&2$FHW\OLVDQRUJDQLF
$OOLDQFH UDGLFDOZKLFKFRQWDLQVDPHWK\OJURXSDQGDFDU
$%8 $PHULFDQ%RDUGRI8URORJ\ 86$  ERQ\OJURXS
$%XV $VVRFLDWHLQ%XVLQHVV DF DEEU DFLG
DEY DEEU DERYH &KHPLVWU\
$%9 $LU%ODVW9DOYH DF DFPLWH
$%9 $LU%XEEOH9HKLFOH $FPLWHLVDOVRNQRZQDV$HJLULQH$HJLULWH
$%9 $UPHG%RDUGLQJ9HVVHO 0LQHUDORJ\
$%9& $EVROXWH9DOXH&RPSXWHU DF DFRXVWLFFRXSOHU
7KHDEVROXWHYDOXHFRPSXWHULVDFRPSXWHUWKDW $FRXVWLFDO(QJLQHHULQJ
SURFHVVHVWKHYDOXHVRIWKHYDULDEOHVLQVWHDGRI $F $FTXLVLWLRQFRVWV
WKHLULQFUHPHQWV $F $FUH
&RPSXWHU7HFKQRORJ\ 0HWURORJ\
$%9 IXQFWLRQ $EVROXWH9DOXHIXQFWLRQ $F WKHFKHPLFDOV\PEROIRU$FWLQLXP
&RPSXWHU3URJUDPPLQJ $FWLQLXPLVDUDGLRDFWLYHFKHPLFDOHOHPHQWKDY
$%: $GYLVH%\:LUH LQJWKHDWRPLFQXPEHUDQDWRPLFZHLJKWRI
%XVLQHVV&RPPHUFH DQGDPHOWLQJSRLQWRI$&
$%: $QWDUFWLF%RWWRP:DWHU &KHPLVWU\6\PEROV
$%: LVDOVRNQRZQDV$$%: $& $FWLYH&DSLWDO$FWXDO&RVW
)RUIXUWKHUGHWDLOVVHHXQGHU$$%: %XVLQHVV&RPPHUFH)LQDQFH
$%: GHVLJQ $GYDQFHG%RLOLQJ:DWHUGHVLJQ $& $GG&DUU\
3RZHU*HQHUDWLRQ(TXLSPHQW $& $GGUHVV&RPSXWDWLRQ
$%:, $PHULFDQ%XVLQHVV:RPHQ,QWHUQDWLRQDO $GGUHVVFRPSXWDWLRQLVWKHSURFHVVRIPRGLILFD
86$  WLRQE\DFRPSXWHURIWKHDGGUHVVSRUWLRQRIDQ
$%<& $PHULFDQ%RDWDQG<DFKW&RXQFLO LQVWUXFWLRQ$GGUHVV&RPSXWDWLRQLVDOVRNQRZQ
7KH$%<&LVORFDWHGDW(GJHZDWHU0DU\ODQG DVDGGUHVVPRGLILFDWLRQ
86$ &RPSXWHU3URJUDPPLQJ
$& $EGRPLQDO&LUFXPIHUHQFH $& $GGUHVV&RQVWDQW
$& $EOH&KLHI $GGUHVVFRQVWDQWDOVRNQRZQDVEDVHDGGUHVVSUH
$& $EVROXWH&HLOLQJ VXPSWLYHDGGUHVVUHIHUHQFHDGGUHVVLVWKHYDOXH
$YLDWLRQ XVHGDVWKHUHIHUHQFHDGGUHVVIURPZKLFKVXEVH
$& $FDSXOFR0H[LFR TXHQWDGGUHVVHVPXVWEHPRGLILHG
$LUSRUW&RGHV &RPSXWHU3URJUDPPLQJ
$& DEEU DFFHOHUDWRU $& $GGUHVV&RQYHUVLRQ
0HFKDQLFDO(QJLQHHULQJ0DWHULDOV6FLHQFH &RPSXWHU3URJUDPPLQJ
*UDSKLF$UWV $& $GGUHVV&RXQWHU
$& $FFHVV&RQWURO &RPSXWHU7HFKQRORJ\
7UDQVSRUWDWLRQ(QJLQHHULQJ&RPSXWHU $& $GHQ\ODWH&\FODVH
7HFKQRORJ\ (Q]\PRORJ\
$& $FFHVV&\FOH $& $GPLQLVWUDWLRQWR&RQVXPHU
DF DEEU DFFRXQW$FFRXQWFXUUHQW )RUIXUWKHUGHWDLOVVHHXQGHU$&/


$& 7KHDLUOLQHFRGHIRU$LU&DQDGD $& $QFKRU&HOO


$&$& $LU&RQGLWLRQLQJ &HOO%LRORJ\0ROHFDODU0HGLFLQH6LJQDO
$LUFRQGLWLRQLQJLVDSURFHVVV\VWHPWRFRQWURO 7UDQVGXFWLRQ
WKHWHPSHUDWXUHKXPLGLW\IORZRUSXULW\RIWKHDLU DF DQQpHFRXUDQWH
LQHQFORVHGVSDFHV$LUFRQGLWLRQLQJLVDOVRNQRZQ )UHQFKDEEUHYLDWLRQPHDQLQJWKHSUHVHQW\HDU
DV&OLPDWH&RQWURO WKLV\HDU
0HFKDQLFDO(QJLQHHULQJ $&DF DQQRFRUUHQWH
$& DLUFRRUGLQDWRU ,WDOLDQLQLWLDOLVPPHDQLQJFXUUHQW\HDUWKHSUH
FRRUGLQDWHXUDpULHQ VHQW\HDUWKLV\HDU
DLUVSDFHFRQWURO $& $QWHULRU&RPPLVVXUH
FRQWU{OHGHO
HVSDFHDpULHQ $QDWRP\
DQWLFKDU $&$& $SSHDO&RXUW
DQWLWDQN$7 /DZ
$QWLJXDDQG%DUEXGD DF DUJHQWFRPSWDQW
$QWLJXDHW%DUEXGD )UHQFKDEEUHYLDWLRQPHDQLQJFDVKUHDG\PRQH\
DUHDFRPPDQGHU FDVKRQWKHQDLO
FRPPDQGDQWGH]RQH $& $UP\&RXQFLO
DUP\FRUSV $& $UWHULDO&RPSOLDQFH
FRUSVG
DUPpH&$  $JLQJ$QWLDJLQJ*HULDWULFV*HURQWRORJ\
 1RUWK $WODQWLF&RXQFLO>SUHIL[XVHGIRULGHQWL $& $VEHVWRV&HPHQW
I\LQJGRFXPHQWVRIWKH&RXQFLO@ %XLOGLQJV
&RQVHLOGHO
$WODQWLTXH 1RUG >SUpIL[HXWLOLVp $& DVFDVW
SRXUOHVGRFXPHQWVGX&RQVHLO@ )RXQGU\
VHH$& DF DVVHJQRFLUFRODUH
YRLU$& ,WDOLDQLQLWLDOLVPPHDQLQJEDQNHU
VGUDIW
DF DEEU DLUFUDIW $& $XGLWRU\&RUWH[
$OVRDFIW $& $XWRFRGHU
$YLDWLRQ $QDXWRFRGHULVDQLQGLYLGXDORUDPDFKLQHXVLQJ
$& $OORFDWLRQ&RXQWHU RUSURGXFLQJDXWRFRGHUHSUHVHQWLQJDFHUWDLQMRERU
$& $OO\O&KORULGH DSRUWLRQWKHUHRI
&+ &+&+&O$OO\OFKORULGHLVXVHGPDLQO\LQ &RPSXWHU3URJUDPPLQJ
UHVLQVDQGSKDUPDFHXWLFDOV $& $XWRPDWLF&KHFN
2UJDQLF&KHPLVWU\ 7KHDXWRPDWLFFKHFNLVDQHUURUGHWHFWLRQGHYLFH
$& $OSKDEHWLF&KDUDFWHU RSHUDWLRQZLWKRXWKXPDQLQWHUYHQWLRQXQOHVVDQ
$ OHWWHURIWKHDOSKDEHW HUURULVIRXQG
&RPSXWHU3URJUDPPLQJ &RPSXWHU7HFKQRORJ\
$& $OSKDEHWLF&RGLQJ $& $XWRPDWLF&RPSXWHU
&RPSXWHU3URJUDPPLQJ 7KHDXWRPDWLFFRPSXWHUFDQFDUU\RXWFHUWDLQ
$& $OSLQH&OXE RSHUDWLRQVZLWKRXWKXPDQLQWHUYHQWLRQ
$& $OWD&RUWH&RVWLWX]LRQDOH &RPSXWHU7HFKQRORJ\
,WDOLDQDFURQ\PPHDQLQJ6XSUHPH&RQVWLWXWLRQDO $& $XWRPDWLF&RQWUROOHU
&RXUW 7KHDXWRPDWLFFRQWUROOHULVDOVRNQRZQDV
$OVR$&& $XWRPDWLF5HJXODWRU
$&DF $OWHUQDWLQJ&XUUHQW &RQWURO6\VWHPV
7KH$&LVDQHOHFWULFFXUUHQWWKDWUHYHUVHVGLUHF $& $XWRPDWLRQ&HQWHU
WLRQRIIORZDWUHJXODULQWHUYDOV $& $XWRPRELOH&OXE
(OHFWULFLW\ D& DYDQWL&ULVWR
$&DF $OWR&XPXOXV ,WDOLDQLQLWLDOLVPPHDQLQJEHIRUH&KULVW
0HWHRURORJ\ $& $YLD]LRQH&LYLOH
$& $QDORJ&RPSXWHU ,WDOLDQLQLWLDOLVPPHDQLQJ&LYLO$YLDWLRQ
$QDQDORJFRPSXWHUVROYHVDJLYHQSUREOHPE\ $& $]LRQH&DWWROLFD
XVLQJSK\VLFDODQDORJXHV ,WDOLDQLQLWLDOLVPPHDQLQJ&DWKROLF$FWLRQ
&RPSXWHU7HFKQRORJ\ $&$ 7KHDLUSRUWFRGHIRU$FDSXOFR0H[LFR


$&$ DJHQFHFHQWUDOHGHVDSSURYLVLRQQHPHQWV $&%$ $OOLHG&RPPDQG%DOWLF$SSURDFKHV>REVR


FHQWUDOVXSSO\DJHQF\&6$  OHWH@
DLUVSDFHFRRUGLQDWLRQDUHD &RPPDQGHPHQWDOOLpGHVDSSURFKHVGHOD%DOWLTXH
]RQHGHFRRUGLQDWLRQGHO
HVSDFHDpULHQ >REVROqWH@
DLUVSDFHFRQWURODXWKRULW\ $&%( $GYLVRU\&RPPLWWHHRQ%XVLQHVVDQGWKH
DXWRULWpGHFRQWU{OHGHO
HVSDFHDpULHQ (QYLURQPHQW
$&$ $JHQF\IRU&XOWXUDO$IIDLUV -DSDQ  $&%, $VVRFLDWLRQRI&RQVXOWDQWVWRWKH%LRVFLHQFH
2IWKH-DSDQHVH0LQLVWU\RI(GXFDWLRQ ,QGXVWULHV
$&$ $JLOH&RPEDW$LUFUDIW DFEN DFFRXQWERRN
7KH$&$ ZDVGHYHORSHGE\%ULWLVK$HURVSDFH $&%0 $VVRFLDWLRQ&DQDGLHQQHGHV%LEOLRWKqTXHV
$&$ $PHULFDQ&LWL]HQV$EURDG 0XVLFDOHV &DQDGD 
$&$ LVDQLQWHUQDWLRQDO86FLWL]HQV· RUJDQL]DWLRQ )UHQFKLQLWLDOLVPRIWKH&DQDGLDQ0XVLF/LEUDU\
,WH[LVWVWRLQIRUP$PHULFDQVOLYLQJDEURDGRIWKHLU $VVRFLDWLRQ
ULJKWVDQGREOLJDWLRQV $&%RI$ $VVRFLDWHG&UHGLW%XUHDXRI$PHULFD
$&$ $PHULFDQ&U\VWDOORJUDSKLF$VVRFLDWLRQ 86$ 
$&$ $VVRFLDWHRIWKH,QVWLWXWHRI&KDUWHUHG $&%V $VVRFLDWHG&UHGLW%XUHDXV 86$ 
$FFRXQWDQWV DFF DFFDGHPLDDFFDGHPLFR
$&$ $VVRFLDWLRQRI&DQDGLDQ$UFKLYLVWV ,WDOLDQDEEUHYLDWLRQPHDQLQJDFDGHP\DFDGHPLF
$&$$ $JULFXOWXUDO&RQVHUYDWLRQDQG$GMXVWPHQW DFF DEEU DFFHSW
$GPLQLVWUDWLRQ 7RDFFHSWPHDQVWRUHFHLYHDQLQSXWZLWKQRHUURUV
$&$, $VVRFLD]LRQH&RVWUXWWRUL$FFLDLR,WDOLDQL IRXQG
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI,WDOLDQ6WHHO &RPSXWHU7HFKQRORJ\
0DQXIDFWXUHUV DFF DEEU DFFHSWDQFH
$&$/ $VVRFLDWLRQRI&KLQHVH$JULFXOWXUDO $OVRDFSWDFFSW
/LEUDULHV DFF DEEU DFFHSWHG
$&$03 $OOLHG&DPRXIODJHDQG&RQFHDOPHQW DFF DFFLDLR
3XEOLFDWLRQ ,WDOLDQDEEUHYLDWLRQPHDQLQJVWHHO
SXEOLFDWLRQLQWHUDOOLpHVXUOHFDPRXIODJHHWODGLV DFF DEEU DFFRUGLQJWR
VLPXODWLRQ DFF DEEU DFFRXQW
$&$3 $GYDQFHG&RPSXWHUIRU$UUD\3URFHVVLQJ $OVRD$&$FFF
$&$3 $PHULFDQ&RXQFLORQ$OFRKRO3UREOHPV DFF DEEU DFFXPXODWH
$&$36 $XWRPDWHG&RVWDQG3ODQQLQJ6\VWHP DFF DEEU DFFXPXODWRU
$&$5' $GYLVRU\&RXQFLOIRU$SSOLHG5HVHDUFK $YLDWLRQ&RPSXWHU7HFKQRORJ\(OHFWULFLW\
DQG'HYHORSPHQW *%  0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ3HWUROHXP
$&$56 DLUFRQFHSWVDQGUHTXLUHPHQWVVWXG\ (QJLQHHULQJ
pWXGHVXUOHVFRQFHSWVHWEHVRLQVGHVIRUFHVDpUL DFF DFFXPXODWRUH
HQQHV ,WDOLDQDEEUHYLDWLRQPHDQLQJVWRUDJHEDWWHU\
$&$6$&$6 $GYLVRU\&RQFLOLDWLRQDQG $&& $FFXUDF\&RQWURO&KDUDFWHU
$UELWUDWLRQ6HUYLFH *%  &RPSXWHU3URJUDPPLQJ
$&$6 $LUERUQH&ROOLVLRQ$YRLGDQFH6\VWHP $&& $FHW\O&R$ &DUER[\ODVH
7KHDLUERUQHFROOLVLRQDYRLGDQFHV\VWHPLVDOVR /LSLG6\QWKHVLV
NQRZQDVDLUERUQHFROOLVLRQZDUQLQJV\VWHP $&& $GDSWLYH&RQWURO&RQVWUDLQW
1DYLJDWLRQ $&& $GPLQLVWUDWLYH&RPPLWWHHRQ&RRUGLQDWLRQ
$&$6 $PHULFDQ&RPSXWHU$SSUDLVDO6HUYLFH 81
$&$67 81 $GYLVRU\&RPPLWWHHRQWKH $&& DLUDVVHWFRRUGLQDWRU$&&
$SSOLFDWLRQRI6FLHQFHDQG7HFKQRORJ\ FRRUGRQQDWHXUGHVPR\HQVDpULHQV
$&$76 $LUERUQH&KURPDWRJUDSKIRU$WPRVSKHULF DLUFRPSRQHQWFRPPDQGHU
7UDFH6SHFLHV FRPPDQGDQWGHFRPSRVDQWHDLU
$&$8 $XWRPDWLF&DOOLQJDQG$QVZHULQJ8QLW DLUFRQWUROFHQWUH
$&% $GYHUWLVLQJ&KHFNLQJ%XUHDX FHQWUHGHFRQWU{OHDpULHQ
$&% $PSKLELRXV&RQVWUXFWLRQ%DWWDOLRQ DLU VSDFH FRRUGLQDWLRQFHQWUH
$&% $VVRFLDWHG&UHGLW%XUHDX FHQWUHGHFRRUGLQDWLRQGHO
HVSDFHDpULHQ
$&% $VVRFLD]LRQHGL&DWHJRULD%URNHUV ,WDO\  DOWHUQDWHFRQWUROFHQWUH


DFHQWUHGHFRQWU{OHGHUHPSODFHPHQW>4*@ $OVRDFFSWDFSW
EFHQWUHGHFRPPDQGHVHFRQGDLUH>WpOpFRPV@ $&&( $WODQWLF&LUFXODWLRQDQG&OLPDWH
DSSURDFKFRQWUROFHQWUH ([SHULPHQW
FHQWUHGHFRQWU{OHG
DSSURFKH&&$  $&&(66 $LUFUDIW&RPPXQLFDWLRQ(OHFWURQLF
DUHDFRQWUROFHQWUH 6LJQDOLQJ6\VWHP
FHQWUHGHFRQWU{OHUpJLRQDO $&&,6 $XWRPDWHG&RPPDQGDQG&RQWURO
DXWRPDWLFFRGHFKDQJLQJ ,QIRUPDWLRQ6\VWHP
FKDQJHPHQWGHFRGHDXWRPDWLTXH V\VWqPHDXWRPDWLVpG
LQIRUPDWLRQGHFRPPDQGH
$&& $LU&RPEDW&RPPDQG PHQWHWGHFRQWU{OH
$&& $ODVND&RDVWDO&XUUHQW $&&/ $OEHUWD&RXQFLORI&ROOHJH/LEUDULHV
2FHDQRJUDSK\ &DQDGD 
$&&$&& $OWD&RUWH&RVWLWX]LRQDOH $&&/$,0 $XWRPDWHG&LUFXLW&DUG/D\RXW$QG
,WDOLDQLQLWLDOLVPPHDQLQJ6XSUHPH&RQVWLWXWLRQDO ,0SOHPHQWDWLRQ
&RXUW $&&1 $PHULFDQ&RXUWDQG&RPPHUFLDO
$OVR$& 1HZVSDSHUV 86$ 
$&&$&& $PHULFDQ&ROOHJHRI&DUGLRORJ\ )RXQGHGLQ1HZVSDSHUVRIJHQHUDOFLUFXOD
$&& $PLQRF\FORSURSDQH&DUER[\OLF$FLG WLRQGHYRWHGWRWKH&RXUWVILQDQFLDOUHDOHVWDWH
$&& $QWDUFWLF&LUFXPSRODU&XUUHQW DQGEXVLQHVVLQWHUHVWV
$&&IORZVHDVWZDUGDURXQG$QWDUFWLFD $&&R[LGDVH DP\QRF\FORSURSDQHFDUER[\ODWH
2FHDQRJUDSK\ $&& R[LGDVH
$&& $QWHULRU&LQJXODWH&RUWH[ $&&3 $OOLHG&RPEDW&ORWKLQJ3XEOLFDWLRQ
7KH$&&LVDVPDOODUHDRIWKHEUDLQORFDWHG 3XEOLFDWLRQLQWHUDOOLpHVXUOHVYrWHPHQWVGHFRP
EHWZHHQWKHFHUHEUDOKHPLVSKHUHV,WLVDFULWLFDO EDW
FRPSRQHQWRIWKHQHXUDOFLUFXLWIRUDFWLRQPRQLWRU $&&3 $WODQWLF&OLPDWH&KDQJH3URJUDP
LQJ 2IWKH861DWLRQDO2FHDQLFDQG$WPRVSKHULF
0DJQHWLF5HVRQDQFH0HGLFLQH3V\FKLDWU\ $GPLQLVWUDWLRQ
3V\FKRORJ\ DFFSW DEEU DFFHSWDFFHSWDQFH
$&& $QWKURSRJHQLF&OLPDWH&KDQJH $OVRDFFHDFSWDFF
(FRORJ\ $&&5 $QQXDO&RVWRI&DSLWDO5HFRYHU\
$&& $VFHQGLQJ&KDLQ&RQGLWLRQ $&&5$ $PHULFDQ&KDPEHURI&RPPHUFH
0DWKHPDWLFV 5HVHDUFKHUV$VVRFLDWLRQ
$&& $VVRFLDWLRQGHV&DUWRWKqTXHV&DQDGLHQQHV $FFUG,QW DEEU $FFUXHG,QWHUHVW
&DQDGD  %DQNLQJ%XVLQHVV&RPPHUFH)LQDQFH
$&& $XWRPDWLF&KURPD&RQWURO DFFUHG DEEU DFFUHGLWHG
$&&$ $FFHOHUDWHG&DSLWDO&RVW$OORZDQFH $&&V $FHW\O&RHQ]\PH$ &DUER[\ODVHV
$&&$ $PHULFDQ&RUSRUDWH&RXQVHO$VVRFLDWLRQ $&&VDUHQHHGHGIRUWKHELRV\QWKHVLVDQGR[LGD
86$  WLRQRIORQJFKDLQIDWW\DFLGV
7KH$&&$ LVORFDWHGLQ:DVKLQJWRQ'& %LRORJLFDO6FLHQFHV
$&&$ $VVRFLDWLRQRI&HUWLILHGDQG&RUSRUDWH $&&6 $LU&RPPDQGDQG&RQWURO6\VWHP
$FFRXQWDQWV *%  6\VWqPHGHFRPPDQGHPHQWHWGHFRQWU{OHDpULHQV
DFFD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $&&6 $VVRFLDWHRIWKH&RUSRUDWLRQRI&HUWLILHG
XVLQJWKH,WDOLDQZRUGDFFDZKLFKPHDQVDLWFK 6HFUHWDULHV
WKHOHWWHUK  $&&6$ $OOLHG&RPPXQLFDWLRQVDQG&RPSXWHU
$&&$' $GYLVRU\&RPPLWWHHRQ&OLPDWH 6HFXULW\$JHQF\>REVROHWH@
$SSOLFDWLRQVDQG'DWD %XUHDXDOOLpGHVpFXULWpGHVWUDQVPLVVLRQVHWGH
$&&$3 $&(&,6FRQWLQJHQF\DVVHWVSRRO O
LQIRUPDWLTXH>REVROqWH@
SRROGHPR\HQV6,&GHFLUFRQVWDQFHGX&$( $&&V\QWKDVH $PLQRF\FORSURSDQH&DUER[\OLF
$&&% $&(FHQWUDOL]HGFRPPXQLFDWLRQVEXGJHW $FLGV\QWKDVH
EXGJHWGHVV\VWqPHVGHWpOpFRPPXQLFDWLRQVFHQ DFFW DEEU DFFRXQW
WUDOLVpVGX&$( $OVRD$&$FDFFW
$&&& $XVWUDOLDQ&RPSHWLWLRQDQG&RQVXPHU DFFW DEEU DFFRXQWDQW
&RPPLVVLRQ $XVWUDOLD  $OVRDFWQW
DFFH DEEU DFFHSWDQFH DFFW DEEU DFFRXQWLQJ


$&&7 $JHQFHGH&RRSpUDWLRQ&XOWXUHOOHHW $&() $VVRFLDWLRQRI&RPPRGLW\([FKDQJH)LUPV


7HFKQLTXH )UDQFH  86$ 
)UHQFKLQLWLDOLVPRIWKH&XOWXUDODQG7HFKQLFDO $&()2567$1 $&()RUFHV6WDQGDUGV
&RRSHUDWLRQ$JHQF\ QRUPHVGHIRUFHVGX&$(
$&' $XWRPDWLF&DOO'LVWULEXWRU'LVWULEXWLRQ $&(+,*+ $&(7URSRVFDWWHU&RPPXQLFDWLRQV
$&'$ $UPV&RQWURODQG'LVDUPDPHQW$JHQF\ 6\VWHP>REVROHWH@
$&'' $&&6FRPPRQGDWDGLFWLRQDU\ V\VWqPHGHWpOpFRPPXQLFDWLRQVWURSRVSKpULTXHV
GLFWLRQQDLUHGHVGRQQpHVFRPPXQHVGHO
$&&6 GX&$(>REVROqWH@
$&'06 $XWRPDWHG&RQWURORID'RFXPHQW $&(/,3 $&(/RQJ7HUP,QIUDVWUXFWXUH
0DQDJHPHQW6\VWHP 3URJUDPPH>REVROHWHQRZFDOOHG/7,3@
$&'V $XWRPDWLF&DOO'LVWULEXWRUV 3URJUDPPHG
LQIUDVWUXFWXUHjORQJWHUPHGX&$(
&DOO&HQWHU7HFKQRORJ\ >REVROqWHPDLQWHQDQWDSSHOp/7,3@
$&( $FDGHPLF&RPPRQ([SHULHQFH $F(P DEEU $FWLQLXP(PDQDWLRQ
$&( $GDSWLYH&RPSXWHU([SHULPHQW 1XFOHDU3K\VLFV
$&( $GHQ\ODWLRQ&RQWURO(OHPHQW $&(0(7 $&(0HWHRURORJLFDO6HUYLFHV
$&( $GYLVRU\&HQWHUIRU(GXFDWLRQ *%  VHUYLFHPpWpRURORJLTXHGX&$(
$&( $JHQFLDGH&HUWLILFDFLyQ(OHFWUyQLFD 6SDLQ  $&(1(7 $&(FRPPXQLFDWLRQVQHWZRUN
&HUWLILFDWH$XWKRULWLHV'LJLWDO6LJQDWXUHV UpVHDXGHWpOpFRPPXQLFDWLRQVGX&$(
$&( $OOLHG&RPPDQG(XURSH>REVROHWHUHSODFHG $&(5(3 $&(UHSRUWLQJV\VWHP
E\6&(XURSH@ 6\VWqPHGHFRPSWHUHQGXGX&$(
&RPPDQGHPHQWDOOLpHQ(XURSH&$(>REVROqWH $&(6 $QQXDO&\FOH(QHUJ\6\VWHP
UHPSODFpSDU6&(XURSH@ (QHUJ\&RQVHUYDWLRQ
$&( $PHULFDQ&RXQFLORQ(GXFDWLRQ 86$  $&(6 $UDE&HQWHUIRU(QHUJ\6WXGLHV
$&( $QJLRWHQVLQ&RQYHUWLQJ(Q]\PH 7KH$&(6LVORFDWHGLQ.XZDLW
(Q]\PRORJ\ $&(6 $XWRPDWHG&RGH(YDOXDWLRQ6\VWHP
$&( $QWDUFWLF&XUUHQW([SHULPHQW $&(6( $VVRFLDWLRQ&DWDODQHSRXU
$&( $VVRFLDWLRQRI&RPSXWHU(GXFDWRUV O
(QYLURQQHPHQWOD6ROLGDULWpHWO
(PSORL
$&( $VVRFLD]LRQH&RQVRU]LDOO
(VSRUWD]LRQH ,WDO\  $&(VDWHOOLWH $GYDQFHG&RPSRVLWLRQ([SORUHU
$&( $WPRVSKHULF&ROOHFWLRQ(TXLSPHQW VDWHOOLWH 86$ 
$&( $XGLW&RQWURODQG(YDOXDWLRQ $FHW DEEU $FHW\OHQH
$&( $XWRPDWHG&RPSXWLQJ(QJLQH $FHW\OHQHLVXVHGPDLQO\LQWKHV\QWKHVLVRILQGXV
$&( $XWRPDWHG&RVW(VWLPDWHV WULDOFRPSRXQGV
$&( $XWRPDWLF&DOOLQJ(TXLSPHQW 2UJDQLF &KHPLVWU\
$&( $XWRPDWLF&KHFNRXW(TXLSPHQW $&(80 $VVRFLDWLRQ&DQDGLHQQHGHV(FROHV
$&( $XWRPDWLF&LUFXLW([FKDQJH 8QLYHUVLWDLUHVGH0XVLTXH
$&( $HURVRO&KDUDFWHUL]DWLRQ([SHULPHQW &DQDGLDQ$VVRFLDWLRQ
$WPRVSKHULF$HURVROV$WPRVSKHULF&KHPLVWU\ $&) $FFHVV&RQWURO)LHOG
$&($$VVRFLDWLRQGHV&RQVWUXFWHXUV(XURSpHQV $&) $GPLQLVWUDWLRQIRU&KLOGUHQDQG)DPLOLHV
G·$XWRPRELOHV %HOJLXP  86$ 
$&($'*( $&($LU'HIHQFH*URXQG $&) $GYDQFHG&RPPXQLFDWLRQV)XQFWLRQ
(QYLURQPHQW $&) $pUR&OXEGH)UDQFH
LQIUDVWUXFWXUHpOHFWURQLTXHGHODGpIHQVHDpULHQQH )UHQFKLQLWLDOLVPRIWKH)UHQFK$HUR&OXE
GX&$( $&) $UP\&DGHW)RUFH
$&($70 DLPHGFRQWUROOHGHIIHFWDQWLWDQNPLQH $&) $XWRPDWHG&RQWURO)XQFWLRQ
PLQHDQWLFKDUSRLQWDEOHjHIIHWGLULJp 0$&3('  $&) $XWRPRELOH&OXEGH)UDQFH
$&(& $PHULFDQ&RQVXOWLQJ(QJLQHHUV&RXQFLO )UHQFKLQLWLDOLVPRIWKH)UHQFK$XWRPRELOH&OXE
86$  $&)&, $VVHPEOpHGHV&KDPEUHV)UDQoDLVHVGH
$&(' $GYDQFHGFRPPXQLFDWLRQVHTXLSPHQWGHSRW &RPPHUFHHWG·,QGXVWULH %HOJLXP 
GpS{WDYDQFpGHPDWpULHOVGHWpOpFRPPXQLFDWLRQV $&)(& $UELWUDO&HQWUHRIWKH)HGHUDO(FRQRPLF
$&('% $&(OHJDQV 'DWDEDVH &KDPEHU $XVWULD 
*HQHWLF0DS'DWD3K\VLFDO0DS'DWD $&)/ DJUHHGFHDVHILUHOLQH
$&((5$PD]RQ&HQWHUIRU(QYLURQPHQWDO OLJQHFHVVH]OHIHXDJUppH
(GXFDWLRQDQG5HVHDUFK )RXQGDWLRQ  3HUX 


DFIO $VVRFLD]LRQHFXOWXUDOHIRUPD]LRQHODYRUR $&, $GMDFHQW&KDQQHO,QWHUIHUHQFH


,WDO\  7KHWHUPDGMDFHQWFKDQQHOLQWHUIHUHQFHUHIHUVWRDQ
DFIP DFWXDOFXELFIHHWSHUPLQXWH LQWHUIHUHQFHWKDWDWUDQVPLWWHURSHUDWLQJLQDQDGMD
&KHPLFDO(QJLQHHULQJ FHQWFKDQQHOFDXVHV
DFIW DEEU DLUFUDIW 7HOHFRPPXQLFDWLRQV
$OVRDF $&, $HUR&OXEG
,WDOLD ,WDO\ 
$YLDWLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ$HUR&OXE
$F* $FFHOHUDWLRQ*OREXOLQ $&, DLUERUQHFRQWUROLQWHUFHSW
%LRFKHPLVWU\ LQWHUFHSWLRQFRQWU{OpHHQYRO
$&* $GYDQFHG&RPSXWLQJ*URXS 86$  $&, $LU&DUJR,QFRUSRUDWHG 86$ 
2IWKH86)RUHFDVW6\VWHP/DERUDWRU\ $&, $LUSRUWV&RXQFLO,QWHUQDWLRQDO *HQHYD
$&* DPSKLELRXVFRPEDWJURXS 6ZLW]HUODQG 
JURXSHGHFRPEDWDPSKLELH $&, $OOLDQFH&RRSpUDWLYH,QWHUQDWLRQDOH
$&* $XWRPDWLF&RGH*HQHUDWRU $&, $PHULFDQ&RQFUHWH,QVWLWXWH 86$ 
$&* *XDQDFDVWH&RQVHUYDWLRQ$UHD &RVWD5LFD  $&, $UP\&RXQFLO,QVWUXFWLRQ
%LRGLYHUVLW\7D[RQRP\7URSLFDO(FRORJ\ $&, $VVRFLDWLRQ&DPELVWH,QWHUQDWLRQDOH
$&*% $UWV&RXQFLORI*UHDW%ULWDLQ *%  $&, $VVRFLD]LRQH&XOWXUDOH,WDOLDQD ,WDO\ 
$&*, $VVRFLDWHRIWKH&LW\RI*XLOGVRI/RQGRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ&XOWXUDO
,QVWLWXWH *%  $VVRFLDWLRQ
$&*,+ $PHULFDQ&RQIHUHQFHRI*RYHUQPHQWDO $&,$ $VVRFLDWHRIWKH&RUSRUDWLRQRI,QVXUDQFH
,QGXVWULDO+\JLHQLVWV 86$  $JHQWV
$FK $FHW\OFKROLQH $&,$ $V\QFKURQRXV&RPPXQLFDWLRQV,QWHUIDFH
&+21$FKLVDGHULYDWLYHRIFKROLQH $GDSWHU
%LRFKHPLVWU\ &RPSXWHUV
$&+ $GUHQDO&RUWLFDO+RUPRQH $&,% $VVRFLDWHRIWKH&RUSRUDWLRQRI,QVXUDQFH
$&+LVDOVRNQRZQDVDGUHQRFRUWLFDOKRUPRQH %URNHUV *% 
%LRFKHPLVWU\0HGLFLQH $&,%0 $PHULFDQ&HQWHUIRU,PPXQR%LRORJ\DQG
$&+ $XWRPDWHG&OHDULQJKRXVH 0HWDEROLVP 86$ 
$FK( $FHW\OFKROLQHVWHUDVH $&,& $HURQDXWLFDO&KDUWLQJDQG,QIRUPDWLRQ
$FHW\OFKROLQHVWHUDVHLVDOVRNQRZQDV&KROLQH &HQWHU 86$ 
HVWHUDVH,WUXHFKROLQHVWHUDVH $&,&$)( $VVRFLD]LRQHGHO&RPPHUFLRH
(Q]\PRORJ\ GHOO
,QGXVWULDGHO&DIIq ,WDO\ 
$&+4 DGYDQFHGFRQWUROKHDGTXDUWHUV $&,' $LUFUDIW,'HQWLILFDWLRQ
TXDUWLHUJpQpUDOGHFRQWU{OHDYDQFp 4*&$  $&,' $WWHPSWHG&RUSRUDWH,QWHJUDWLRQRI
$FK5 $FHW\OFKROLQH5HFHSWRU 'LYLGHQGV
1HXURVFLHQFH (FRQRPLFV
$&+5( $GYLVRU\&RPPLWWHHRQ+XPDQ5DGLDWLRQ $&,' $XWRPDWLF&ODVVLILFDWLRQDQG,QWHUSUHWDWLRQ
([SHULPHQWV 86$  RI'DWD
$FK5V $FHW\OFKROLQH5HFHSWRUV $&,'8+ $VVRFLDWLRQGHV&DUUHIRXUV
1HXURVFLHQFH ,QWHUSURIHVVLRQQHOVGX'URLWGHO
8UEDQLVPHHWGH
$FK6 $PHULFDQ&KHPLFDO6RFLHW\ 86$  O
+DELWDW )UDQFH 
$&, $FFRUGLGL&RRSHUD]LRQH,QGXVWULDOH )UHQFK$VVRFLDWLRQ
,WDOLDQDFURQ\PPHDQLQJ,QGXVWULDO&RRSHUDWLRQ $&,) $VVRFLD]LRQH&XOWXUDOH,WDOR)UDQFHVH
$JUHHPHQWV $&,, $VVRFLDWHRIWKH&KDUWHUHG,QVXUDQFH,QVWLWXWH
$&, $FRXVWLF&RPIRUW,QGH[ $&,/ $&(LQVWDOODWLRQOLVW
7KHDFRXVWLFFRPIRUWLQGH[LVDVFDOHWRLQGLFDWH OLVWHGHVLQVWDOODWLRQVGX&$(
WKHQRLVHLQVLGHWKHSDVVHQJHUFDELQRIDQDLUFUDIW $&,/ $PVWHUGDP&ODVVLFV,Q/LQJXLVWLFV
$FRXVWLFV $&,/ $VVRFLD]LRQH&RQFHVVLRQDUL,WDOLDQL/DQFLD
$&, $FRXVWLF&RQWURO,QGH[ ,WDO\ 
$&, $FWLRQ&HQWHUHG/HDUQLQJ $&,0 $PHULFDQ&RPPLWWHHRQ,WDOLDQ0LJUDWLRQ
$&, $FWXDO&RVW,QFXUUHG $&,0$// $VVRFLD]LRQH&RVWUXWWRUL,WDOLDQL
$&, $GHQ\ODWH&\FODVH,QKLELWRU 0DFFKLQHH$FFHVVRULSHUOD/DYRUD]LRQHGHO
%LRFKHPLVWU\ /HJQR ,WDO\ 


$&,0*$ $FLPJD $VVRFLD]LRQH&RVWUXWWRUL $&/ $XWRPRELOH&OXEGX*UDQG'XFKpGH


,WDOLDQL0DFFKLQH*UDILFKH&DUWRWHFQLFKHH$IILQL /X[HPERXUJ
$FLPJDLVORFDWHGLQ0LODQ,WDO\ $&/$17 $OOLHG&RPPDQG$WODQWLF>UHSODFHGE\
$&,0,7 $VVRFLD]LRQH&RVWUXWWRUL,WDOLDQLGL 6&$WODQWLF@
0DFFKLQDULRSHUO
,QGXVWULD7HVVLOH &RPPDQGHPHQWDOOLpGHO
$WODQWLTXH>UHPSODFpSDU
7H[WLOH,QGXVWU\0DFKLQHU\ OH6&$WODQWLF@
$&,00 $FLPP $VVRFLD]LRQHFRVWUXWWRULLWDOLDQL $&/&3 $VVRFLDWHG&ROOHJH/LEUDULHVRI&HQWUDO
PDFFKLQHSHUPDUPRHGDIILQL 3HQQV\OYDQLD 86$ 
$FLPPLVORFDWHGLQ&LQLVHOOR%DOVDPR 0LODQ  $&/,6 $XVWUDOLDQ&RXQFLORI/LEUDULHVDQG
,WDO\ ,QIRUPDWLRQ6HUYLFHV $XVWUDOLD 
$&,17 DFRXVWLFLQWHOOLJHQFH $&/0 $PHULFDQ&ROOHJHRI/HJDO0HGLFLQH
UHQVHLJQHPHQWDFRXVWLTXH $&/2 $VVRFLDWLRQDO&KXUFK/LEUDU\2UJDQL]DWLRQ
$&,3 $FWLYH&HUWLILFDWH,QIRUPDWLRQ3URJUDP $&/5 $SULFRW&KORURWLF/HDI5ROO
$&,3 $GYLVRU\&RPPLWWHHRQ,PPXQL]DWLRQ $&/6 $PHULFDQ&RXQFLORI/HDUQHG6RFLHWLHV
3UDFWLFHV 86$  $&/8 $PHULFDQ&LYLO/LEHUWLHV8QLRQ
$&,6 $GYDQFHG&RPPXQLFDWLRQVDQG,QIRUPDWLRQ $&0 DFRXVWLFFRXQWHUPHDVXUHV
6\VWHPV FRQWUHPHVXUHVDFRXVWLTXHV
$&,6 $OWR&RPPLVVDULDWRSHUO
,JLHQHHOD6DQLWj DLUFRPEDWPDQRHXYUH
,WDO\  PDQ±XYUHGHFRPEDWDpULHQ
,WDOLDQDFURQ\PRIWKH2IILFHRIWKH+LJK DLUVSDFHFRQWUROPHDQV
&RPPLVVLRQHURI3XEOLF+HDOWK PR\HQVGHFRQWU{OHGHO
HVSDFHDpULHQ
$&,6 $VVRFLDWHRIWKH&KDUWHUHG,QVWLWXWHRI DLUVSDFHFRQWUROPHDVXUH
6HFUHWDULHV PHVXUHGHFRQWU{OHGHO
HVSDFHDpULHQ
$&,67 $VVRFLD]LRQH&RUVL,VWUX]LRQH $&0 $GYDQFHG&RPSRVLWH0DWHULDOV
6SHFLDOL]]D]LRQH7HFQLFD ,WDO\  $&0 $LU&KLHI0DUVKDO
$&,WHVW $GXOW&KLOG,QWHUDFWLRQWHVW $&0 $VVRFLDWLRQIRU&RPSXWLQJ0DFKLQHU\
$&,8 'DQLVK&HQWHUIRU,QWHUQDWLRQDO7UDLQLQJ 7KH$&0LVORFDWHGLQ:DVKLQJWRQ'&86$
3URJUDPV 'HQPDUN  $&0 $WRP&DYLW\0LFURVFRSH
$&-6 $FDGHP\RI&ULPLQDO-XVWLFH6FLHQFHV $&0 $XWKRUL]HG&RQWUROOHG0DWHULDO
86$  $&0$ $VVRFLD]LRQHQD]LRQDOH&LFOR0RWR
7KH$&-6LVDQLQWHUQDWLRQDORUJDQL]DWLRQHVWDE $FFHVVRUL ,WDO\ 
OLVKHGLQWRIRVWHUSURIHVVLRQDODQGVFKRODUO\ $&0& $&&6&RQILJXUDWLRQ0DQDJHPHQW
DFWLYLWLHVLQWKHILHOGRIFULPLQDOMXVWLFH &RPPLWWHH
$&-6 7RGD\ $FDGHP\RI&ULPLQDO-XVWLFH6FLHQFHV &RPLWpGHJHVWLRQGHODFRQILJXUDWLRQGHO
$&&6
3XEOLFDWLRQ  $&0& $IULFDQ&DSLWDO0DUNHW&RQIHUHQFH
3XEOLVKHGTXDUWHUO\3URYLGHVWKHFXUUHQWQHZVDQG $&0&6FKRRORI0DQDJHPHQW8QLYHUVLW\RI
DFWLYLWLHVRI$&-6LQGLYLGXDODFFRPSOLVKPHQWV 0LFKLJDQ 86$ 
DQGDUWLFOHV $&0& $VVRFLDWLRQRI&DQDGLDQ0HGLFDO&ROOHJHV
DFN DN DEEU DFNQRZOHGJHPHQW &DQDGD 
$OVRDFNW $&0( $GYLVRU\&RPPLWWHHRQWKH0DULQH
7HOHFRPPXQLFDWLRQV (QYLURQPHQW
$&/ $GPLQLVWUDWLRQHW&RQVRPPDWHXUHQ/LJQH 2IWKH,QWHUQDWLRQDO&RXQFLOIRUWKH([SORUDWLRQRI
)UHQFKLQLWLDOLVPPHDQLQJDGPLQLVWUDWLRQWRFRQ WKH6HD
VXPHU $&  $&0( $VVRFLDWLRQRI&RQVXOWLQJ0DQDJHPHQW
$&/ DOORZDEOHFDELQFDUJRORDG (QJLQHHUV
FKDUJHDXWRULVpHGHODFDELQH $&0, DLUFRPEDWPDQRHXYULQJLQVWUXPHQWDWLRQ
$&/ $OOZHDWKHU&DUULHU/DQGLQJ LQVWUXPHQWDWLRQGHVXLYLGHODPDQ±XYUHGHFRP
$&/ $VVRFLDWLRQIRU&RPSXWDWLRQDO/LQJXLVWV EDWDpULHQ
$&/ $VVRFLDWLRQRI&KULVWLDQ/LEUDULHV $&0, $VVRFLD]LRQH&UHGLW0DQDJHUV,WDOLDQL
DFO DVVXUDQFHFRQWUHO
LQFHQGLH ,WDO\ 
)UHQFKLQLWLDOLVPPHDQLQJILUHLQVXUDQFH $&0/ $VVRFLDWLRQRI&DQDGLDQ0DS/LEUDULHV
$&/ $XGLW&RPPDQG/DQJXDJH &DQDGD 
&RPSXWHUV $&03 $GYLVRU\&RPPLWWHHRQ0DULQH3ROOXWLRQ


2IWKH,QWHUQDWLRQDO&RXQFLOIRUWKH([SORUDWLRQRI SXEOLFDWLRQLQWHUDOOLpHVXUODFRGLILFDWLRQ
WKH6HD $&2* DJHQFHFLYLOH27$1GXWHPSVGHJXHUUH
$&03 $OOLHG&RQILJXUDWLRQ0DQDJHPHQW 1$72FLYLOZDUWLPHDJHQF\ 1&:$ 
3XEOLFDWLRQ $&2+ $GYLVRU\&RPPLWWHHIRU2SHUDWLRQDO
SXEOLFDWLRQLQWHUDOOLpHJHVWLRQGHODFRQILJXUD +\GURORJ\
WLRQ 2IWKH:RUOG0HWHRURORJLFDO2UJDQL]DWLRQ
$&05 DLUFRPEDWPDQRHXYULQJUDQJH $&ROO+ $VVRFLDWHRIWKH&ROOHJHRI+DQGLFUDIW
SRO\JRQHG
HQWUDvQHPHQWjODPDQ±XYUHGHFRPEDW $&RP3 $OOLHG&RPPXQLFDWLRQV3XEOLFDWLRQ
DpULHQ SXEOLFDWLRQLQWHUDOOLpHVXUOHVFRPPXQLFDWLRQV
$&055 $GYLVRU\&RPPLWWHHRI([SHUWVRQ $&205 $GYLVRU\&RPPLWWHHRQ2FHDQLF
0DULQH5HVRXUFHV5HVHDUFK 0HWHRURORJLFDO5HVHDUFK
$&06 $HURVRO&RPSRVLWLRQ0DVV6SHFWURPHWHU 2IWKH:RUOG0HWHRURORJLFDO2UJDQL]DWLRQ
$WPRVSKHULF3K\VLFV0HWHRURORJ\0LGGOH $&23 $VVRFLDomRGH&RQVHOKHLURVGH2ULHQWDomR
$WPRVSKHUH5HVHDUFK 3URILVVLRQDO 3RUWXJDO 
$&06 DXWRPDWHGFRPPXQLFDWLRQVPDQDJHPHQW 3RUWXJXHVH$VVRFLDWLRQV9RFDWLRQDO*XLGDQFH
V\VWHP $&236 $GYLVRU\&RPPLWWHH2Q3URWHFWLRQRIWKH
V\VWqPHDXWRPDWLVpGHJHVWLRQGHVWpOpFRPPXQLFD 6HD
WLRQV $&25' $GYLVRU\&RXQFLO2Q5HVHDUFKDQG
$&1 $FU\ORQLWULOHRU9LQ\OF\DQLGH 'HYHORSPHQW *% 
&+ &+&1$ FRORUOHVVOLTXLGWKDWLVVROXEOHLQ $&26 $VVLVWDQW&KLHIRI6WDII
RUJDQLFVROYHQWV,WLVXVHGPDLQO\LQDFU\OLFUXE VRXVFKHIG
pWDWPDMRU 6&(0 
EHU $&267 $GYLVRU\&RXQFLO2Q6FLHQFHDQG
2UJDQLF&KHPLVWU\ 7HFKQRORJ\ *% 
$&1 $LU&RQVLJQPHQW1RWH $&3 $F\O&DUULHU3URWHLQ
7UDQVSRUWDWLRQ 7KH$&3 LVDSURWHLQLQIDWW\DFLGV\QWKHVLV
$&1 $VLDQ&KHPLFDO1HZV %LRFKHPLVWU\
$ ZHHNO\QHZVPDJD]LQHIRUWKH$VLDQ&KHPLFDO $&3 DGYDQFHGFRPPDQGSRVW
,QGXVWU\ SRVWHGHFRPPDQGHPHQWGHO
DYDQW
$&1, $]LHQGD&RPXQDOH1DYLJD]LRQH,QWHUQD DLUERUQHFRPPDQGSRVW
,WDO\  SRVWHGHFRPPDQGHPHQWYRODQW
$&1,1 $VVRFLD]LRQH&XOWXUDOH1D]LRQDOH DLUVSDFHFRQWUROSODQ
,JLHQLVWLFKH1DWXUDOL ,WDO\  SODQGHFRQWU{OHGHO
HVSDFHDpULHQ
$&13 $PHULFDQ&ROOHJHRI $OOLHG&RPPXQLFDWLRQV3XEOLFDWLRQ
1HXURSV\FKRSKDUPDFRORJ\ 86$  SXEOLFDWLRQLQWHUDOOLpHVXUOHVFRPPXQLFDWLRQV
$F139 $XWRJUDSKDFDOLIRUQLFD 1XFOHDU $&3 $IULFDQ&DULEEHDQDQG3DFLILF *URXSRI
3RO\KHGURVLV9LUXV &RXQWULHV 
$&16 $GYDQFHG&RPPXQLFDWLRQV1HWZRUN $&3 $PHULFDQ&ROOHJHRI3K\VLFLDQV 86$ 
6HUYLFH $&3 $UFKHDQ&KXUFKLOO3URYLQFH &DQDGD 
$&185 $OWR&RPPLVVDULDWRGHOOH1D]LRQL8QLWH $&3 $VVRFLDWHRIWKH&ROOHJHRI3UHFHSWRUV
SHUL5LIXJLDWL81 $&3 $VVRFLDWLRQRI&RUUHFWRUVRIWKH3UHVV
$&2 $GDSWLEOH&RQWURO2SWLPL]DWLRQ $&3 $XWRPDWLF&ROW3LVWRO
$&2 DLUVSDFHFRQWURORUGHU $&3$ $VVRFLDWLRQRI&RPSXWHU3URJUDPPHUVDQG
RUGUHGHFRQWU{OHGHO
HVSDFHDpULHQ $QDO\VWV
DLUVSDFHFRRUGLQDWLRQRUGHU $&3D\ $FFRXQW3D\DEOH
RUGUHGHFRRUGLQDWLRQDpULHQQH $&3& $VVRFLDWLRQRI&RIIHH3URGXFLQJ&RXQWULHV
$&2 $OWHUQDWLQJ&XUUHQW2XWSXWV $&3) DSSURDFK $YHUDJHG&RXSOHG3DLU)XQFWLRQDO
$&2 $VVRFLDWLRQRI&RPPLVVLRQHG2IILFHUV DSSURDFK
$&2 $YHUDJH&DOFXODWLQJ2SHUDWLRQ $&30 $VVRFLDWLRQGHIRUPDWLRQSRXUOD
7KHDYHUDJHFDOFXODWLQJRSHUDWLRQLVXVHGWRHVWL &RRSpUDWLRQHWOD3URPRWLRQ )UDQFH 
PDWHFRPSXWHUVFDOFXODWLRQVSHHGV DFSW DEEU DFFHSWDFFHSWDQFH
&RPSXWHU3URJUDPPLQJ $OVRDFFDFFSWDFFH
$&2$ $GXOW&KLOGUHQ2I$OFRKROLFV DFT DEEU DFTXLWWHPHQW
$&RG3 $OOLHG&RGLILFDWLRQ3XEOLFDWLRQ


)UHQFKDEEUHYLDWLRQPHDQLQJ /DZ DFTXLWWDOGLV ,WDOLDQLQLWLDOLVPRIWKH$VVRFLDWLRQRI,WDOLDQ


FKDUJH &RPPHUFH VHWWOHPHQWEDODQFH 6DYLQJV%DQNV
$&40 $XWRPDWLF&LUFXLW4XDOLW\0RQLWRULQJ $&5,0,, $FWLYH&DYLW\5DGLRPHWHU,UUDGLDQFH
$&46 $VVRFLDWLRQRI&RQVXOWDQW4XDQWLW\ 0RQLWRU,,
6XUYH\RUV $&5,0,,ZDVODXQFKHGLQ,WLVFDSDEOHRI
DFTW DFTXLW UHFRUGLQJVRODUEULJKWQHVVGXULQJDQ\HDU
)UHQFKDEEUHYLDWLRQPHDQLQJSDLGIRUSDLG LQ VXQVSRWF\FOH
IXOOGLVFKDUJHRIDGHEW  &OLPDWH*OREDO&KDQJH
%XVLQHVV&RPPHUFH)LQDQFH DFULQ DFUHLQFK
DFTXLV DEEU DFTXLVLWLRQV $&5/ $VVRFLDWLRQRI&ROOHJHDQG5HVHDUFK
$&5 $FFHOHUDWHG&RVW5HFRYHU\ /LEUDULHV
$&5 $FWLYH&DYLW\5DGLRPHWHU $&51 $FU\ORQLWULOH
$&5 DLUFRQWURODQGUHSRUWLQJ )RUIXUWKHUGHWDLOVVHHXQGHU$&1
GpWHFWLRQHWFRQWU{OHDpULHQV 2UJDQLF&KHPLVWU\
DLUILHOGFRQWUROUDGDU $&52 $SSOLFD]LRQL&OLQLFKHGHOOD5LFHUFD
UDGDUGHFRQWU{OHG
DpURGURPH 2QFRORJLFD ,WDO\ 
$&5 $OWHUQDWH&XUUHQW5HFRYHU\ $&5266 $&(5HVRXUFHV2SWLPL]DWLRQ6RIWZDUH
$&5$&5 $PHULFDQ&ROOHJHRI5DGLRORJ\ 6\VWHP
$&5 $PHULFDQ&ROOHJHRI5KHXPDWRORJ\ V\VWqPHORJLFLHOG
RSWLPLVDWLRQGHVUHVVRXUFHVGX
$&5 $QRPDORXV&RVPLF5D\V &$(
$&5 $SSURDFK&RQWURO5DGDU $&56 $FFHOHUDWHG&DSLWDO5HFRYHU\6\VWHP
(OHFWURQLFV $FFHOHUDWHG&RVW5HFRYHU\6\VWHP
$&5$ $VVRFLD]LRQHGL&RRSHUD]LRQH5XUDOHLQ $&56 $GYLVRU\&RPPLWWHHRQ5HDFWRU6DIHJXDUGV
$IULFDH$PHULFD/DWLQD ,WDO\  $&5V $QFLHQWHYROXWLRQDULO\&RQVHUYHG5HJLRQV
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRU5XUDO %LRWHFKQRORJ\*HQHWLFV0HGLFLQH
&RRSHUDWLRQLQ$IULFDDQG/DWLQ$PHULFD $&56$VVXUHG&UHZ5HVFXH6\VWHP
$&5$0 $VVRFLD]LRQH&XOWXUDOHSHULO5HFXSHUR $&59 $VVXUHG&UHZ5HWXUQ9HKLFOH$VWURQDXW
GHOOH$UWL0LQRUL ,WDO\  &UHZ5HWXUQ9HKLFOH
$&5& $UNDQVDV&DQFHU5HVHDUFK&HQWHU 86$  $&6 $FFXUDF\&RQWURO6\VWHP
DFUG DEEU DFFUXHG &RPSXWHU3URJUDPPLQJ
$&5( $GYLVRU\&RPPLWWHHRQ5HOHDVHVWRWKH $&6 $GDSWLYH&RQWURO6\VWHP
(QYLURQPHQW *%  &RQWURO6\VWHPV5RERWLFV
7KH$&5(DQGWKH$GYLVRU\&RPPLWWHHRQ1RYHO $&6 $GYDQFHV&RPPXQLFDWLRQV6HUYLFH
)RRGVDQG3URFHVVHVH[DPLQHDOODSSOLFDWLRQVWR $&6 DLUFUDIWFURVVVHUYLFLQJ
SODQWH[SHULPHQWDO*0FURSVRUVHOO*0IRRGV VHUYLFHVPXWXHOVSRXUDpURQHIV
*HQHWLFDOO\0RGLILHG&URSV)RRGV DLUVSDFHFRQWUROV\VWHP
$&5( $VVRFLDWH&LWL]HQVIRU5HVSRQVLEOH V\VWqPHGHFRQWU{OHGHO
HVSDFHDpULHQ
(GXFDWLRQ $&6 $ODVND&OHDQ6HDV
$ JURXSRSSRVLQJVH[HGXFDWLRQLQ86VFKRROV $&6LVD5HVHDUFK&RRSHUDWLYHIXQGHGE\WZHOYH
$&5( $XWRPDWLF&KHFNRXWDQG5HDGLQHVV 2LODQG*DV&RPSDQLHV
(TXLSPHQW $&6 $&6 $PHULFDQ&DQFHU6RFLHW\
DFUH 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $&6 $PHULFDQ&KHPLFDO6RFLHW\$PHULFDQ
XVLQJWKH,WDOLDQZRUGDFUHZKLFKPHDQVDFULG &ROOHJHRI6XUJHRQV 86$ 
%LRORJ\  $&6 $PHULFDQ&RPPXQLW\6XUYH\
$&5HF $FFRXQWV5HFHLYDEOH 86'HPRJUDSK\
DFUIW DFUHIRRW $&6 $QWLUHWLFXODU&\WRWR[LF6HUXP
DFUIWG DFUHIRRWSHUGD\ $&6 $QWLFRLQFLGHQFH6KLHOG
0HWURORJ\ /XQDU5HVHDUFK
$&5, $PHULFDQ&RFRD5HVHDUFK,QVWLWXWH 86$  $&6 $56&RQVHQVXV6HTXHQFH
$&5, $VVRFLDWLRQRI&URZQ5HVHDUFK,QVWLWXWHV $FV $XWLVWLFVDQGFRXVLQV
1HZ=HDODQG  $&6 $XWRPDWLF&RQWURO6\VWHP
$&5, $VVRFLD]LRQHIUDOH&DVVHGL5LVSDUPLR $&6$' $UDE&HQWUHIRUWKH6WXGLHVRI$ULG=RQHV
,WDOLDQH ,WDO\  DQG'U\/DQGV 6\ULD 


$&6(& $OOLHG&RXULHU6HUYLFHV([HFXWLYH $&7* $,'6&OLQLFDO7ULDOV*URXS FDOOHG3URWRFRO


&RPPLWWHH  1,$,'
V86$
&RPLWpH[pFXWLIGHVVHUYLFHVGHFRXUULHUDOOLpV )RUIXUWKHUGHWDLOVVHHXQGHU1,$,'
$&6(6 $XWRPDWHG&RPSXWHU6FLHQFH(GXFDWLRQ $&7+ $GUHQRFRUWLFRWURSLF+RUPRQH
6\VWHP 7KH$&7+LVWKHVHFUHWLRQRIWKHFRUWLFRWURSKVRI
$&6) $VVRFLDWLRQGHV&HQWUHV6HUYHXUV)UDQoDLV WKHDQWHULRUSLWXLWDU\JODQG7KHDGUHQRFRUWLFRWURS
)UHQFKLQLWLDOLVPRIWKH$VVRFLDWLRQRI)UHQFK LFKRUPRQHLVDOVRNQRZQDV$GUHQRWURSLF
6HUYHU&HQWHUV +RUPRQH
$&6) SHUIXVLRQ $UWLILFLDO&HUHEURVSLQDO)OXLGSHU (QGRFULQRORJ\
IXVLRQ $&7, $VVRFLD]LRQH&DPSHJJLDWRULG
,WDOLD
%LRFKHPLVWU\%LRPHGLFLQH1HXURSK\VLRORJ\ ,WDOLDQ$VVRFLDWLRQ
3V\FKLDWU\ $&7,&( $JHQFHSRXUODFRRUGLQDWLRQGHVWUDQV
$&6/ $GYDQFHG&RQWLQXRXV6LPXODWLRQ/DQJXDJH SRUWVLQWpULHXUVGX&HQWUH(XURSH
$&6/ $VVRFLDWLRQRI&KXUFKDQG6\QDJRJXH $JHQF\IRUWKH&RRUGLQDWLRQRI,QODQG7UDQVSRUW
/LEUDULHV LQ&HQWUDO(XURSH
$&60 $PHULFDQ&ROOHJHRI6SRUWV0HGLFLQH $FWLP $JHQFHSRXUODFRRSpUDWLRQWHFKQLTXHLQGXV
$&60 $PHULFDQ&RQJUHVVRQ6XUYH\LQJDQG WULHOOHHWpFRQRPLTXH
0DSSLQJ 86$  )UHQFKDFURQ\PRIWKH$JHQF\IRUWHFKQLFDO
$&60 $VVHPEOLHV&RPSRQHQWV6SDUHSDUWVDQG LQGXVWULDODQGHFRQRPLFFRRSHUDWLRQ )UDQFH 
0DWHULDOV $&7,0(' $JHQFHSRXUODFRRUGLQDWLRQGHVWUDQV
$&V3D\ $FFRXQWV3D\DEOH SRUWVLQWpULHXUVHQ0pGLWHUUDQpH
$&65 $OXPLQXP&DEOH6WHHO5HLQIRUFHG $JHQF\IRUWKH&RRUGLQDWLRQRI,QODQG7UDQVSRUW
7KH$&65LVDW\SHRISRZHUWUDQVPLVVLRQOLQH LQWKH0HGLWHUUDQHDQ
FRPSULVLQJDQDOXPLQXPFRQGXFWRUKDYLQJDFRUH $&7/ $PHULFDQ&RXUVHRI7ULDO/DZ\HUV
RIVWHHO $&7/ $VVRFLD]LRQHSHUOD&XOWXUDHLO7HPSR
(OHFWULFLW\ /LEHUR
$&V5HF $FFRXQWV5HFHLYDEOH ,WDOLDQ$VVRFLDWLRQ
$&67, $GYLVRU\&RPPLWWHHIRU6FLHQWLILFDQG DFWQW DEEU DFFRXQWDQW
7HFKQLFDO,QIRUPDWLRQ $OVRDFFW
$&6<6 $UFWLF&OLPDWH6<VWHP6WXG\ $&725' DFWLYDWLRQRUGHU
2IWKH:RUOG&OLPDWH5HVHDUFK3URJUDP 2UGUHG
DFWLYDWLRQ
DFW DEEU DFWLQJ $&7 SURJUDP $PHULFDQ&ROOHJH7HVWLQJSURJUDP
DFW DEEU DFWLYH $&75(4 DFWLYDWLRQUHTXHVW
&RPSXWHU3URJUDPPLQJ(OHFWURQLFV6SDFH GHPDQGHG
DFWLYDWLRQ
7HFKQRORJ\9ROFDQRORJ\ $&76 $GYDQFHG&RPPXQLFDWLRQV7HFKQRORJLHV
DFW DEEU DFWRUDFWXDODFWXDU\ DQG6HUYLFHV
$&7 $GYDQFH&RUSRUDWLRQ7D[ (&3URJUDPV
%XVLQHVV)LQDQFH $&76 $GYDQFHG&RPPXQLFDWLRQV7HFKQRORJ\
$&7 $PHULFDQ&ROOHJH7HVW 6DWHOOLWH
$&7 $VVRFLDWLRQRI&ODVVURRP7HDFKHUV $&76 $IULFDQ&HQWHUIRU7HFKQRORJ\6WXGLHV
$&7 $VVRFLD]LRQH&XOWXUDOHSHULO7XULVPR $&76 $SSOLFDWLRQ&RQWURODQG7HOHSURFHVVLQJ
,WDOLDQ$VVRFLDWLRQ 6\VWHP
$&7 $XVWUDOLDQ&DSLWDO7HUULWRU\ $&768 $VVRFLDWLRQRI&RPSXWHU7LPH6KDULQJ
$&7$ $PHULFD
V&DUULHUV7HOHFRPPXQLFDWLRQV 8VHUV
$VVRFLDWLRQ 86$  $&7 83 $,'6&RDOLWLRQ7R8QOHDVK3RZHU
$&7$6 $OOLDQFHRI&RPSXWHUEDVHG7HOHSKRQ\ $,'69DFFLQH5HVHDUFK
$SSOLFDWLRQ6XSSOLHUV $FW9DO DEEU $FWXDO9DOXH
$&7( $VVRFLDWLRQRI&RUSRUDWH7UDYHO([HFXWLYHV %XVLQHVV&RPPHUFH)LQDQFH
86$9LUJLQLDEDVHG  $&7:$51 DFWLYDWLRQZDUQLQJ
$&7(/ $OWHUQDWLQJ&XUUHQW7KLQILOP DYHUWLVVHPHQWG
DFWLYDWLRQ
(/HFWUROXPLQHVFHQFH $F8 $FWLQRXUDQLXP
$&7)/ $PHULFDQ&RXQFLORQWKH7HDFKLQJRI $FWLQRXUDQLXPLVQRZFDOOHGXUDQLXP
)RUHLJQ/DQJXDJHV 86$  1XFOHDU3K\VLFV


$&8 DLU FUDIW FRQWUROXQLW &HOOXODU%LRORJ\0LFURELDO*HQHWLFV


DXQLWpFRQWU{OHXUGHVDpURQHIV RXFRQWU{OHXU 0LFURELRORJ\0ROHFXODU*HQHWLFV
$LU  $' $FFUXHG'LYLGHQG
EXQLWpGHFRQWU{OHDpULHQ %XVLQHVV(FRQRPLFV)LQDQFH
$&8 $ULWKPHWLF&RQWURO8QLW $' $FRXVWLF'HWHFWLRQ
$&8 $VVRFLDWLRQRI&RPSXWHU8VHUV $FRXVWLFDO(QJLQHHULQJ
$&8 $VVRFLD]LRQH&RQVXPDWRUL8WHQWL $' $FRXVWLF'LVSHUVLRQ
$&8ZDVSUHYLRXVO\NQRZQDV$JULVDOXV $FRXVWLFV
$VVRFLD]LRQH,WDOLDQD$JULFROWXUD$OLPHQWD]LRQH $' $FTXD'ROFH
6DOXWH'LIHVD&RQVXPDWRUL &UHDWHGLQ ,WDOLDQLQLWLDOLVPPHDQLQJIUHVKZDWHUIUHVKZDWHU
$&8 $XWRF\FOH8QLRQ IUHVKZDWHU
$&8 $XWRPDWLF&DOOLQJ8QLW %LRORJ\+\GURORJ\
7HOHFRPPXQLFDWLRQV $' $FWLYH'XW\
$&8* $VVRFLDWLRQRI&RPSXWHU8VHU*URXSV 0LOLWDU\
$&8/( $VVRFLDWLRQRI&UHGLW8QLRQ/HDJXH DG DEEU DGYDQWDJH
([HFXWLYHV DG DEEU DGYHUWLVHPHQWDGYHUWLVLQJ
$&80 $QQDOHV&HQWUH8QLYHUVLWDLUH $OVRDGYWDGY
0HGLWHUUDQpHQ 1LFH  $' $IWHU'DWH
3XEOLFDWLRQ %DQNLQJ)LQDQFH
$&85,/ $VVRFLDWLRQRI&DULEEHDQ8QLYHUVLW\DQG $' $JJUHJDWH'HPDQG
5HVHDUFK/LEUDULHV (FRQRPLFV
$&86 $GPLQLVWUDWLYH&RQIHUHQFHRIWKH8QLWHG $' $LU'HIHQVH
6WDWHV 86$  7KHWHUPDLUGHIHQVHUHIHUVWRPHDVXUHVWRGHVWUR\
$&8V $VLDQ&XUUHQF\8QLWV DWWDFNVE\HQHP\DLUFUDIWRUPLVVLOHV
$&87$ $VVRFLDWLRQRI&ROOHJHDQG8QLYHUVLW\ 0LOLWDU\6FLHQFH
7HOHFRPPXQLFDWLRQV$GPLQLVWUDWRUV $' $LU'ULHG
$&87( $FFRXQWDQWV&RPSXWHU8VHUV7HFKQLFDO 0DWHULDOV6FLHQFH
([FKDQJH $' $O]KHLPHU
V'LVHDVH
$&9 $FWXDO&DVK9DOXH 7KH$O]KHLPHU
VGLVHDVHLVDSURJUHVVLYHLUUH
%XVLQHVV)LQDQFH YHUVLEOHGLVHDVHWKDWGHYHORSVDIWHUDJH
$&9 $LU&XVKLRQ9HKLFOH 0HGLFLQH
$&9 LVDOVRNQRZQDV*URXQG(IIHFW0DFKLQH $' $QDORJ'LJLWDO
0HFKDQLFDO(QJLQHHULQJ $' $QWLSURWRQ'HFHOHUDWRU
$&9 XQLWj 8QLWj $QDOLVL&ULPLQH9LROHQWR $W&(51WKH(XURSHDQSDUWLFOHSK\VLFVODERUDWR
,WDOLDQLQLWLDOLVPPHDQLQJ8QLWIRU9LROHQW&ULPH U\QHDU*HQHYD6ZLW]HUODQG
$QDO\VLV $QWLPDWWHU0LUURULPDJH$WRPV3K\VLFV
$&: $OWHUQDWLQJ&RQWLQXRXV:DYHV $' $Q[LHW\'LVRUGHU
$&: DQWLFDUULHUZDUIDUH 3V\FKRORJ\
OXWWHDQWLSRUWHDYLRQV /$3$  $' $VVLVWDQW'LUHFWRU$VVRFLDWH'LUHFWRU
$&: DEEU $QWLFORFNZLVH $' $XGLR'HYLFH
$&:$ $PDOJDPDWHG&ORWKLQJ:RUNHUVRI $QDXGLRGHYLFHFDQEHDQ\RIDZLGHUDQJHRI
$PHULFD FRPSXWHUFRPSRQHQWVWKDWDFFHSWRUSURGXFH
$&:$ $VVRFLDWHRIWKH,QVWLWXWHRI&RVWVDQG VRXQG
:RUNV$FFRXQWDQWV &RPSXWHU7HFKQRORJ\
$&:) $FWXDO&RVWRI:RUN)ORZ $' $YDLODELOLW\'DWH
%XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH %XVLQHVV&RPPHUFH
$&:3 $FWXDO&RVWIRU:RUN3HUIRUPHG $' $YHUDJH'HYLDWLRQ
%XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH $YHUDJH'HYLDWLRQLVDOVRNQRZQDV0HDQ
$&:6 $LUERUQH&ROOLVLRQ:DUQLQJ6\VWHP 'HYLDWLRQ
$&<) $GPLQLVWUDWLRQIRU&KLOGUHQ<RXWKDQG 0DWKHPDWLFV
)DPLOLHV 86$  $' $YLDWLRQ'LYLVLRQ
$F\O+6/ $F\ODWHG+RPRVHULQH/DFWRQH $'$ $GHQRVLQH'HDPLQDVH
(Q]\PRORJ\


$'$ $LU'HIHQVH$UWLOOHU\ DUHDGHQLDODUWLOOHU\PXQLWLRQ


7KHWHUPDLUGHIHQVHDUWLOOHU\UHIHUVWRHTXLSPHQW PXQLWLRQG
DUWLOOHULHG
LQWHUGLFWLRQGH]RQH
ZHDSRQVIRUFRPEDWLQJDLUWDUJHWVIURPWKH $'$0 $LU'HIHQVH$QWLPLVVLOH
JURXQG $'$0 $QDORJ'DWD$FTXLVLWLRQ0RGXOH
0LOLWDU\ $'$0 $XWRPDWLF'LVWDQFHDQG$QJOH
$'$ $OXPLQLXUQ'LK\GUR[\DPLQRDFHWDWH 0HDVXUHPHQW
3KDUPDFRORJ\ $'$0+$ $OFRKRO'UXJ$EXVHDQG0HQWDO+HDOWK
$'$ $PHULFDQ'HQWDO$VVRFLDWLRQ$PHULFDQ $GPLQLVWUDWLRQ
'HUPDWRORJLFDO$VVRFLDWLRQ$PHULFDQ'LHWHWLF 3DUWRIWKH3XEOLF+HDOWK6HUYLFH86'HSDUWPHQW
$VVRFLDWLRQ 86$  RI+HDOWK$'$0+$ KDVEHHQUHSODFHGE\
$'$ $PHULFDQVIRU'HPRFUDWLF$FWLRQ 6$0+6$
$'$ $PHULFDQVZLWK'LVDELOLWLHV$FW 86$  )RUIXUWKHUGHWDLOVVHHXQGHU6$0+6$
$'$ EHFDPHODZLQWKHVXPPHURI7KLV $'$06 $JJUHJDWH'$WD0DQDJHPHQW6\VWHP
IHGHUDOODZRIWHQFDOOHGWKH%LOORI5LJKWVIRU (XURSHDQ&RPPXQLW\3URMHFW,QIRUPDWLRQ
WKH'LVDEOHGKDVDSDUWRILWVVWDWHGSXUSRVHWR 3URFHVVLQJ,QIRUPDWLRQ6\VWHPV0DWKHPDWLFV
SURYLGHDFOHDUDQGFRPSUHKHQVLYHQDWLRQDOPDQ 6WDWLVWLFV
GDWHIRUWKHHOLPLQDWLRQRIGLVFULPLQDWLRQDJDLQVW $'$06 $OOLHG'HSOR\PHQWDQG0RYHPHQW
LQGLYLGXDOVZLWKGLVDELOLWLHV 6\VWHP
86)HGHUDO/DZ V\VWqPHGHVRXWLHQLQWHUDOOLpGHVGpSORLPHQWVHW
$'$ $SSOLHG'HFLVLRQ$QDO\VLV GHVPRXYHPHQWV>DQFLHQQHPHQWDSSHOp-506@
$'$ $WRP'HYHORSPHQW$GPLQLVWUDWLRQ $'$1 $VVRFLD]LRQH'HJOL$OEHUJDWRUL1DSROHWDQL
$'$ $XWRPDWLF'RFXPHQW$QDO\VLV 1DSOHV,WDO\ 
$'$ $YHUDJH'DLO\$WWHQGDQFH $'$37 $FFHQWRQ'HYHORSLQJ$EVWUDFW3URFHVVHV
$'$% $VVLVWDQW'LUHFWRURIWKH$UP\%XGJHW DQG7KRXJKW
DGDE 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ $'$37 $FWLYH'XW\$VVLVWDQFH3URJUDP7HDP
XVLQJWKH$UDELFZRUGDGDEZKLFKPHDQVHGX $'$37 $'DSWDWLRQRI$XWRPDWLFDOO\3URJUDPPHG
FDWLRQJRRGPDQQHUVSROLWHQHVVJUDFLRXVQHVV 7RROV
$'$& $UWDQG'HVLJQ$GYLVRU\&RXQFLO 'DWD3URFHVVLQJ
$'$& $YLRQj'pFROODJHHW$WWHUULVVDJH&RXUWV $'$37 $OFRKRODQG'UXJ$EXVH3UHYHQWLRQ
)UHQFKDFURQ\PPHDQLQJ6KRUW7DNH2IIDQG 7UHDWPHQW
/DQGLQJ$LUFUDIW $'$37 $QDORJ'LJLWDO$XWRPDWLF3URJUDP7HVWHU
$GDFL $VVRFLD]LRQHGHJOLDSSURYYLJLRQDWRULHFRP 'DWD3URFHVVLQJ
SUDWRULLWDOLDQL $'$5 $GYDQFHG'HVLJQ$UUD\5DGDU
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI,WDOLDQ 0LOLWDU\
6XSSOLHUVDQG%X\HUV)RXQGHGLQ%DVHGLQ $'$5$ $PHULFDQ'HDIQHVV$QG5HKDELOLWDWLRQ
0LODQ ,WDO\  $VVRFLDWLRQ 86$ 
$'$ GHILFLHQF\ $GHQRVLQH'HDPLQDVHGHILFLHQF\ $'$5V $GHQRVLQH'HDPLQDVHV$FWLQJRQ51$
$'$ GHILFLHQF\LVDUDUHVHYHUHLPPXQHGLVRUGHU +XPDQ*HQHWLFV0ROHFXODU%LRORJ\
$ SDWHQWHGH[SHULPHQWDOJHQHWKHUDS\WRWUHDWWKLV $'$6 $JJUHJDWH'HPDQG$JJUHJDWH6XSSO\
GLVRUGHUZDVGHYHORSHGE\86PROHFXODUELROR $'$6 $LUERUQH'DWD$FTXLVLWLRQ6\VWHP
JLVWVLQ $'DW3 $OOLHG'DWD3URFHVVLQJ3XEOLFDWLRQ
*HQH7KHUDS\0ROHFXODU%LRORJ\3DWHQWV 3XEOLFDWLRQLQWHUDOOLpHVXUOHWUDLWHPHQWGHVGRQ
$'$) PRGHOV $GYHFWLRQ'RPLQDWHG$FFUHWLRQ QpHV
)ORZPRGHOV $'$76 DLUGHIHQFHDQWLWDQNV\VWHP
$GYHFWLRQ$VWURQRP\$VWURSK\VLFV0HWHRURORJ\ V\VWqPHGHGpIHQVHDQWLFKDUHWDQWLDpULHQQH
$'$0 $FDGHPLF'RFXPHQWE\$GYDQFHG $'$9 $YLRQj'HFROODJHHW$WWHULVVDJH9HUWLFDX[
0LFURSURFHVVRU )UHQFKDFURQ\PPHDQLQJ9HUWLFDO7DNH2IIDQG
$'$0 $GDSWLYH$ULWKPHWLFDO0HWKRG /DQGLQJ$LUFUDIW
$'$0 $'YDQFHG$UFKLWHFWXUHLQ0HGLFLQH $'% $GMXVWHG'HELW%DODQFH
$'$0 $GYDQFHG'$WD0DQDJHPHQW $'% $VLDWLF'HYHORSPHQW%DQN
$'$0 $LUEDVH'DPDJH$VVHVVPHQW0RGHO $'%$&, $VVRFLDWLRQSRXUOH'pYHORSSHPHQWGHOD
$'$0 DLUGHIHQFHDQGDLUVSDFHPDQDJHPHQW 'RFXPHQWDWLRQGHV%LEOLRWKqTXHVHW$UFKLYHVGH
GpIHQVHDpULHQQHHWJHVWLRQGHO
HVSDFHDpULHQ OD&{WHG
OYRLUH ,YRU\&RDVW 


$'%6 $VVRFLDWLRQGHV'RFXPHQWDOLVWHVHWGHV $'' $FRXVWLF'LVFULPLQDWLRQRI'HFD\V


%LEOLRWKpFDLUHV6SpFLDOLVpV DGG DEEU DGGHQGD
$'%7 $VVRFLDWH'LUHFWRUIRU%LRPHGLFDO $'' 7KHDLUSRUWFRGHIRU$GGLV$EDED
7HFKQRORJ\ DGG DEEU DGGUHVVHG
$'& $GYDQFHG'HYHORSPHQW&HQWHU DGG DEEU DGGLWLRQ
$'& $LGWR'HSHQGHQW&KLOGUHQ &KHPLVWU\0DWKHPDWLFV
$'& $LGH'H&DPS $'' DEEU DGGXFWLRQ
$'& $QDORJWR'LJLWDO&RQYHUVLRQ $GGXFWLRQLVWKHPRYHPHQWRIDERG\SDUWWRZDUG
$'& $QDORJWR'LJLWDO&RQYHUWHU WKHPDLQD[LVRIWKHERG\RUWRZDUGDQRWKHUSDUWRI
7KH$'&LVDGHYLFHWKDWFKDQJHVFRQWLQXRXVDQD WKHERG\
ORJVLJQDOVLQWRGLJLWDORUGLVFUHWHVLJQDOV 3K\VLRORJ\
$OVR$'FRQYHUWHU $'' DEEU DGGXFWRU
(OHFWURQLFV 7KHDGGXFWRULVDPXVFOHWKDWGUDZVDERG\SDUW
$'& $VVLVWDQW'LYLVLRQ&RPPDQGHU WRZDUGWKHPLGOLQHD[LV
$'&$9 DpURQHIjGpFROODJHFRXUWHWDWWHUULVVDJH $QDWRP\
YHUWLFDO $'' $GPLQLVWUDWLRQRQ'HYHORSPHQWDO'LVDELOLWLHV
6KRUWWDNHRIIDQGYHUWLFDOODQGLQJDLUFUDIW 86$ 
6729/  $'' $HURVSDFH'LJLWDO'HYHORSPHQW$HURVSDFH
$'&% $EX'KDEL&RPPHUFLDO%DQN 'HIHQVH'HYHORSPHQW
8QLWHG$UDE(PLUDWHV $'' DLUGHIHQFHGLVWULFW
$'&& DLUGHIHQFHFRQWUROFHQWUH GLVWULFWGHGpIHQVHDpULHQQH
FHQWUHGHFRQWU{OHGHGpIHQVHDpULHQQH $'' $PHULFDQ'LDOHFW'LFWLRQDU\
$'&& $QWLERG\'HSHQGHQW&HOOPHGLDWHG $'' $WWHQWLRQ'HILFLW'LVRUGHU
&\WRWR[LFLW\ 0HGLFLQH3V\FKRORJ\
,PPXQRORJ\ $'' $XWRPDWLF'LVWULEXWLRQRI'RFXPHQWV
$'&&3 $GYDQFHG'DWD&RPPXQLFDWLRQV&RQWURO 2IWKH86'HSDUWPHQWRI'HIHQVH
3URFHGXUH $''(326 $VVRFLD]LRQHGHL'LULWWLHGHL'RYHUL
$'&&SKHQRPHQRQ $QWLERG\GHSHQGHQW&HOO GHL326LWLYLH3RUWDWRULGHO9LUXVGHOO
$,'6
PHGLDWHG&\WRWR[LFLW\SKHQRPHQRQ ,WDO\ 
,PPXQRORJ\ $''(5 $XWRPDWLF'LJLWDO'DWD(UURU5HFRUGHU
$'&0 $VVRFLDWH'LUHFWRU&RPSDUDWLYH0HGLFLQH DGGU DEEU DGGUHVVLQJ
$'&2 $LU'HIHQFH&RRUGLQDWLRQ2UJDQL]DWLRQ &RPSXWHU3URJUDPPLQJ
2UJDQLVDWLRQGHFRRUGLQDWLRQGHODGpIHQVHDpUL $'( $VVRFLD]LRQH'LVDELOL(+DQGLFDSSDWL
HQQH ,WDOLDQ$VVRFLDWLRQ
$'&20 DGPLQLVWUDWLYHFRPPDQG $'(%,2 )UHQFK$VVRFLDWLRQIRUWKH'HYHORSPHQW
FRPPDQGHPHQWDGPLQLVWUDWLI RI%LRWHFKQRORJ\DQGWKH%LRLQGXVWU\
$'&21 $'GUHVV&21VWDQW $'(& $ODVND
V'HSDUWPHQWRI(QYLURQPHQWDO
&RPSXWHU3URJUDPPLQJ &RQVHUYDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU$& DGHH DEEU DGGUHVVHH
$'&21 DGPLQLVWUDWLYHFRQWURO $'(/ $JHQFHSRXUOH'pYHORSSHPHQWGH
FRQWU{OHDGPLQLVWUDWLI O
(FRQRPLH/RFDOH )UDQFH 
$'FRQYHUWHU $QDORJWR'LJLWDOFRQYHUWHU )UHQFKDFURQ\PRIWKH$JHQF\IRU/RFDO
)RUIXUWKHUGHWDLOVVHHXQGHU$'& (FRQRPLFV'HYHORSPHQW
(OHFWURQLFV $'(0 $VRFLDFLyQGH(PSUHVDULDV0H[LFDQDV$&
$'&3 $FRXVWLF'RSSOHU&XUUHQW3URILOHU 0H[LFR 
$'&6 $&('HSOR\DEOH&RPPDQGDQG&RQWURO 0H[LFDQ$VVRFLDWLRQ
6\VWHP $'(26 $'YDQFHG(DUWK2EVHUYLQJ6DWHOOLWH
V\VWqPHGpSOR\DEOHGHFRPPDQGHPHQWHWGHFRQ $'(3$ $VVRFLDWLRQSRXUOH'(YHORSSHPHQWGHOD
WU{OHGX&$( 3URGXFWLRQ$XWRPDWLVpH
$'&YDOXHV $SSDUHQW'HSWKRI&RPSHQVDWLRQYDO $'(37 $HURVSDFH'UDIWVPDQ
V(GXFDWLRQDQG
XHV 3URILFLHQF\7UDLQLQJ
$'' $FRXVWLF'HFHSWLRQ'HYLFH $'(37 $JULFXOWXUDODQG'LDU\(GXFDWLRQDO
$'' $FRXVWLF'HWHFWLRQ'HYLFH 3ROLWLFDO7UXVW


$'(37 $LU)RUFH'HSRW(TXLSPHQW3HUIRUPDQFH $',UHIHUVWRWKHDPRXQWRIFKHPLFDOVDVIRRG


7HVWHU DGGLWLYHVXVHGZLWKRXWKDUPLQJKXPDQEHLQJV
$'(37 $XWRPDWLF'DWD([WUDFWRUDQG3ORWWLQJ )RRG7HFKQRORJ\
7DEOH $', DLUGHIHQFHLQWHUFHSWRU
$'(37 $XWRPDWLF'\QDPLF(YDOXDWLRQE\ LQWHUFHSWHXUGHGpIHQVHDpULHQQH
3URJUDPPHG7HVWHU $', $LU'HIHQVH,QVWLWXWH$LU'LVWULEXWLRQ,QVWLWXWH
$'(37 SURJUDP $VVLVWLQJLQ'HSOR\PHQWRI $G, $OOLDQFHGHV,QGHSHQGDQWV
(QHUJ\3UDFWLFHVDQG7HFKQRORJLHVSURJUDP )UHQFKDFURQ\PRIWKH,QGHSHQGHQW3DUW\ 6ZLVV 
2IWKH86'HSDUWPHQW2I(QHUJ\ $', $OORZDEOH'DLO\,QWDNH
$'(7(0 $VVRFLDWLRQSRXUOH'(YHORSSHPHQWGHV $', $OWLWXGH'LUHFWLRQ,QGLFDWRU
7(FKQLTXHVGH0DUNHWLQJ $', $PHULFDQ'HIHQVH,QVWLWXWH 86$ 
)UHQFKDFURQ\PRIWKH$VVRFLDWLRQIRUWKH $GL $VVRFLD]LRQHGHOGLVHJQRLQGXVWULDOH
'HYHORSPHQWRI0DUNHWLQJ7HFKQLTXHV ,WDOLDQDFURQ\PRIWKH,QGXVWULDO'HVLJQ
$'(7,0 $VVRFLDWLRQSRXUOH'pYHORSSHPHQWGHV $VVRFLDWLRQ ,WDO\ 
7HFKQLTXHVGHV,QGXVWULHV0pFDQLTXHV $', $XVWUDOLDQ'HIHQFH,QGXVWULHV
)UHQFKDFURQ\PRIWKH$VVRFLDWLRQIRUWKH $', $YHUDJH'DLO\,QWDNH
'(YHORSPHQWRI0HFKDQLFDO,QGXVWULHV7HFKQLTXHV DGL 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
)UDQFH  XVLQJWKHFROORTXLDO$UDELFZRUGDGLZKLFK
$'(: DLUGHIHQFHHDUO\ZDUQLQJ PHDQVMXGJH
DDOHUWHORLQWDLQHGHGpIHQVHDpULHQQH $',$ $FDGHP\RI'LSORPDF\DQG,QWHPDWLRQDO
EGpWHFWLRQORLQWDLQHGHGpIHQVHDpULHQQH $IIDLUV
$'(; DLUGHIHQFHH[HUFLVH $',$ ZDVIRXQGHGLQ
H[HUFLVHGHGpIHQVHDpULHQQH $',$ $IULFD'LVVHUWDWLRQ,QWHUVKLS$ZDUGV
$') $GPLQLVWUDWRU
V'LVFUHWLRQDU\)XQG $',%25 $EX'KDEL,QWHUEDQN2IIHUHG5DWH
$')DGI $LUFUDIW'LUHFWLRQ)LQGHU %DQNLQJ%XVLQHVV)LQDQFH
$') $OJRULWKP'HYHORSPHQW)DFLOLW\ $GLFD$',&$ $VVRFLD]LRQH1D]LRQDOH'LVWULEXWRUL
$')DGI $XWRPDWLF'LUHFWLRQ)LQGHURU5DGLR &DUWD 0LODQ,WDO\ 
&RPSDVV ,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI
1DYLJDWLRQ 3DSHU'LVWULEXWRUV
$') EUDQFK $GYDQFHG'HYHORSPHQW)DFLOLW\ $GLFR $VVRFLD]LRQHGHLGLUHWWRULFRPPHUFLDOLH
EUDQFK 0DUNHWLQJ0DQDJHUV
2IWKH)RUHFDVW6\VWHPV/DERUDWRU\86 ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI6DOHV
1DWLRQDO2FHDQLFDQG$WPRVSKHULF$GPLQLVWUDWLRQ 0DQDJHUVDQG0DUNHWLQJ0DQDJHUV)RXQGHGLQ
$' * DLUGHIHQFH JURXQG  %DVHGLQ0LODQ,WDO\
GpIHQVHDpULHQQH VRO  $',&25 $VVRFLD]LRQH',IHVD&2QVXPDWRULH
$'* DLUGHIHQFHJXQ 5LVSDUPLDWRUL ,WDO\ 
FDQRQDQWLDpULHQ $',() $VVRFLDWLRQSRXUOH'pYHORSSHPHQWGHV
$'*% $LU'HIHQFHRI*UHDW%ULWDLQ *%  ,QLWLDWLYHV(FRQRPLTXHVSRXUOHV)HPPHV
$'*( $LU'HIHQFH*URXQG(QYLURQPHQW )UHQFKDFURQ\PRIWKH)UHQFK$VVRFLDWLRQIRUWKH
LQIUDVWUXFWXUHpOHFWURQLTXHGHGpIHQVHDpULHQQH 'HYHORSPHQWRI:RPHQ(FRQRPLF,QLWLDWLYHV
DGK DEEU DGKHVLYH $',26 $VLDQ'XVW,QSXWWRWKH2FHDQLF6\VWHP
0DWHULDOV6FLHQFH3K\VLFV6FLHQFH $',3V $FFHOHUDWHG'HYHORSPHQWDQG,QWURGXFWLRQ
$'+ $QWLGLXUHWLF+RUPRQH 3ODQV
$QWLGLXUHWLF+RUPRQHLVDOVRNQRZQDV$UJLQLQH $ IUDPHZRUNWRLQWURGXFHYDFFLQHVLQWRWKHGHYHO
9DVRSUHVVLQ RSLQJZRUOG
(QGRFULQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU*$9,
$'+' $WWHQWLRQ'HILFLW+\SHUDFWLYLW\'LVRUGHU $'LY3 $OOLHG'LYLQJ3XEOLFDWLRQ
7KH$'+'LVDGLVRUGHUZLWKJHQHWLFDVZHOODV SXEOLFDWLRQLQWHUDOOLpHSORQJpH
HQYLURQPHQWDOGHWHUPLQDQWVPDQLIHVWHGE\K\SHU $',= DLUGHIHQFHLGHQWLILFDWLRQ]RQH
DFWLYLW\LQDWWHQWLRQDQGLPSXOVLYLW\ =RQHG
LGHQWLILFDWLRQGHGpIHQVHDpULHQQH
&HOO%LRORJ\(QGRFULQRORJ\*HQHWLFV0HGLFLQH DGM DEEU DGMXVW
1HXURELRORJ\3V\FKLDWU\3HUVRQDOLW\7UDLWV DGM DEEU DGMXVWDEOH
$', $FFHSWDEOH'DLO\,QWDNH 0HFKDQLFDO'HYLFHV


DGM DEEU DGMXVWPHQW $OVRDGPU


(QJLQHHULQJ0HWURORJ\3V\FKRORJ\ $G0/ $GHQRYLUDO0DMRU/DWH3\WUDFWV
$'. $GHQ\ODWH.LQDVH &HOO%LRORJ\0ROHFXODU0HGLFLQH1XFOHLF$FLGV
%LRFKHPLVWU\ $'0/ DWRPLFGHPROLWLRQPXQLWLRQORFDWLRQ
$'/ $FWLYLWLHVRI'DLO\/LYLQJ HPSODFHPHQWGHVFKDUJHVQXFOpDLUHVVWDWLTXHV
7KHDFWLYLWLHVRIGDLO\OLYLQJDUHWKHURXWLQHDFWLYL $G0/3 $GHQRYLUXV0DMRU/DWH3URPRWHU
WLHVDQGVNLOOVWKDWDQRUPDOGDLO\H[LVWHQFHHQWDLOV DGPQ DEEU DGPLQLVWUDWLRQ
0HGLFLQH $OVRDGPDGPLQ
$'/ $GDEDVHGSURJUDPPHDQGGHVLJQODQJXDJH $'02 $VVRFLD]LRQH'RQDWRUL0LGROOR2VVHR
>REVROHWH@ ,WDOLDQLQLWLDOLVPRIWKH%RQH0DUURZ'RQRUV
ODQJDJHGHSURJUDPPDWLRQHWGHFRQFHSWLRQ $VVRFLDWLRQ
EDVpVXUO
$GD>REVROqWH@ $'03 DLUGHIHQFHPRGHUQL]DWLRQSODQ
$OOLHGGLVSRVLWLRQOLVW SURJUDPPHGHPRGHUQLVDWLRQGHODGpIHQVHDpUL
OLVWHGHVIRUFHVDOOLpHVPLVHVjGLVSRVLWLRQ HQQH
DXWRPDWLFGDWDOLQN DGPU DEEU DGPLQLVWUDWRU
OLDLVRQDXWRPDWLTXHGHWUDQVPLVVLRQGHGRQQpHV $OVRDGPLQ
$'/ $GGXFWRU/RQJXV $'1 $GYDQFHG'LJLWDO1HWZRUN
0XVFOHV $'1)/( $XWRVRPDO'RPLQDQW1RFWXUQDO)URQWDO
$'/ $SSOLFDWLRQ'HYHORSPHQW/DQJXDJH /REH(SLOHSV\
&RPSXWHU3URJUDPPLQJ +XPDQ*HQHWLFV0HGLFLQH1HXURORJ\
$'/ SURFHVV $UWKXU'/LWWOHH[WUDFWLYHFRNLQJ $'11DWLI $FLGH'pVR[\ULERQXFOpLTXH1DWLI
SURFHVV )UHQFKLQLWLDOLVPPHDQLQJ1DWLYH'1$
$GO9 $VVRFLD]LRQHGLSHQGHQWLODLFLGHO9DWLFDQR 0HGLFLQH
,WDO\  $'12& $EX'KDEL1DWLRQDO2LO&RPSDQ\
$'0 $FRXVWLF'LJLWDO0HPRU\$FWLYLW\'DWD $'120 DEEU $'PLQLVWUDWLYH120HQFODWXUH
0HWKRG 7KH$'120LVD1RUZHJLDQ3URMHFWIRU
$'0 $GDSWLYH'HOWD0RGXODWLRQ 0XOWLOLQJXDO$GPLQLVWUDWLYH1RPHQFODWXUH
$G0 $GUHQDO0HGXOOD $'2& DLUGHIHQFHRSHUDWLRQVFHQWUH
$QDWRP\ FHQWUHG
RSpUDWLRQVGHODGpIHQVHDpULHQQH
DGP DEEU DGPLQLVWUDWLRQDGPLQLVWUDWLYH &2'$ 
$OVRDGPLQDGPQ $'2& $VVRFLD]LRQHSHUOD'LIHVDHO
2ULHQWDPHQWR
$'0DGP DEEU $GPLUDO$GPLUDOW\ GHL&RQVXPDWRUL ,WDO\ 
$'0 $GYDQFHG'LSORPDLQ0LGZLIHU\ *%  $'2&ZDVFUHDWHG\HDUVDJR
$'0 $LU'HIHQVH0LVVLOH $GR&EO $GHQRV\OFREDODPLQ
$'0 $VVLVWDQW'HSXW\0LQLVWHU &DQDGD  %LRFKHPLVWU\&KHPLVWU\&RIDFWRU%LRFKHPLVWU\
$'0 $WRPLFGHPROLWLRQPXQLWLRQ 6SHFWURVFRS\
FKDUJHQXFOpDLUHVWDWLTXH $'2/7 DLUGHIHQFHRSHUDWLRQVOLDLVRQWHDP
DUPHGHGHVWUXFWLRQPDVVLYH pTXLSHGHOLDLVRQGHVRSpUDWLRQVGHGpIHQVHDpUL
ZHDSRQRIPDVVGHVWUXFWLRQ:0' HQQH
$'0 $XWRPDWHG'UDIWLQJ0DFKLQH $'21$, $VVRFLD]LRQH'RQQH2UJDQL]]DWH
$'0 $XWRPDWLF'HJUHDVLQJ0DFKLQH 1HOO
$UWH,QWHUQD]LRQDOH
$'0 $XWRPDWLF'HWHFWLRQ0DUN ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI:RPHQ
$'0 $XWRPDWLF'LVSOD\0RGH RUJDQL]HGLQ,QWHPDWLRQDO$UW
'DWD3URFHVVLQJ $GRQDL 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
$'0' $'PLQLVWUDWLRQ0DQDJHPHQW'RPDLQ XVLQJWKHZRUG$GRQDLZKLFKLVWKHQDPHRIWKH
&RPSXWHUV *RGRIWKH+HEUHZV
$'0(VWXGLHV $EVRUSWLRQ'LJHVWLRQ0HWDEROLVP $'27 $UL]RQD'HSDUWPHQW2I7UDQVSRUWDWLRQ
DQG([FUHWLRQVWXGLHV 86$ 
$'0* DLUGHIHQFHPDFKLQHJXQ $'3 $GHQRVLQH'LSKRVSKDWH
PLWUDLOOHXVHDQWLDpULHQQH &+123 $GHQRVLQHGLSKRVSKDWHLVD
DGPLQ DEEU DGPLQLVWUDWLRQDGPLQLVWUDWLYH FRHQ]\PHLQYROYHGLQHQHUJ\PHWDEROLVP
$OVRDGPDGPQ %LRFKHPLVWU\
DGPLQ DEEU DGPLQLVWUDWRU $'3 $SSOLFDWLRQV'HYHORSPHQW3URJUDP


$'3 $XWRPDWHG'DWD3URFHVVLQJ V\VWqPHGHFRPSWHUHQGXDXWRPDWLTXHGHGRQQpHV


$'3 $XWRPDWLF'DWD3URFHVVLQJ >REVROqWH@
&RPSXWHU7HFKQRORJ\&RPSXWHU3URJUDPPLQJ $G6 $FDGpPLHGHV6FLHQFHV )UDQFH 
$'3DVH $GHQRVLQHGLSKRVSKDWDVH )UHQFKLQLWLDOLVPRIWKH$FDGHP\RI6FLHQFHV
(Q]\PRORJ\ $'6 $FFHUWDPHQWR'LIIXVLRQH6WDPSD
$'3( $XWRPDWLF'DWD3URFHVVLQJ(TXLSPHQW ,WDOLDQLQLWLDOLVPPHDQLQJ$XGLW%XUHDXRI
7KH$'3(FRQVLVWVRIFRPSXWHUVDQGUHODWHG &LUFXODWLRQ
GHYLFHVXVHGLQGDWDSURFHVVLQJ $'6 $FWLRQ'\QDPLTXH6SpFLILTXHGHV$OLPHQWV
&RPSXWHU7HFKQRORJ\ )UHQFKLQLWLDOLVPPHDQLQJ6SHFLILF'\QDPLF
$'3* $UFKLWHFWH'LSORPp3DUOH*RXYHUQHPHQW $FWLRQRI)RRG
)UDQFH  $'6 $FWLYH'LUHFWRU\6HUYLFH
$'3*3 $GHQRVLQH'LSKRVSKDWH*OXFRVH $ FRPSRQHQWWKDWDOORZV,7 0DQDJHUVWRVHFXUHO\
3\URSKRVSKRU\ODVH PDQDJH,7 V\VWHPV
$'3.' $XWRVRPDO'RPLQDQW3RO\F\VWLF.LGQH\ :LQGRZV
'LVHDVH )RUIXUWKHUGHWDLOVVHHXQGHU,7
7KHDSSURSULDWHORFDWLRQRIWKH$'3.'JHQHZDV $'6DGV $GYHUWLVHPHQW
LGHQWLILHGE\865HVHDUFKHUVLQ $'6 $QWLGLXUHWLF6XEVWDQFH
*HQHWLFV $'6 $UFKDHRORJ\'DWD6HUYLFH%DVHGDWWKH
$'32 $GHQRVLQH'LSKRVSKDWH2[\JHQ 8QLYHUVLW\RI<RUN *% 
$'5 $FFLGHQWVHW'pOLWV5RXWLHUV $'6 $WPRVSKHULF'LYLQJ6XLW
)UHQFKLQLWLDOLVPPHDQLQJ5RDG$FFLGHQWVDQG DGV DXWRJUDSKGRFXPHQWVLJQHG
&ULPHV $'6$3 $FFHOHUDWHG'HJUDGDWLRQRI6RLO$SSOLHG
$'5 DHURGURPHGDPDJHUHSDLU 3HVWLFLGHV
UpSDUDWLRQGHVGpJkWVVXELVSDVXQDpURGURPH (XURSHDQ&RPPXQLW\3URMHFW
DLUGHIHQFHUDGDU $'6& $LU'HIHQFH6RIWZDUH&RPPLWWHH
UDGDUGHGpIHQVHDpULHQQH &RPLWpGXORJLFLHOGHGpIHQVHDpULHQQH
DLUGpIHQFHUHJLRQ $'6' $LU'HIHQFH6\VWHPV'LUHFWRUDWH
UpJLRQGHGpIHQVHDpULHQQH 'LUHFWLRQGHVV\VWqPHVGHGpIHQVHDpULHQQH
$'5 $HURSRUWL'L5RPD ,WDO\  $'6(7 $VVRFLDWLRQRI'DWDEDQN6HUYLFHVLQ
$'5 $VVHWV'HSUHFLDWLRQ5DQJH (GXFDWLRQDQG7UDLQLQJ *% 
$FFRXQWLQJ $'6) $GLSRF\WHVSHFLILF6HFUHWRU\)DFWRU
$'5 $XWRPDWLF'LYLGHQG5HLQYHVWPHQW $ UHFRPELQDQWPRXVHUHVLVWLQ
%DQNLQJ%XVLQHVV)LQDQFH 'LDEHWHV2EHVLW\
$'5 $YHUDJH'LVFRXQW5DWHV $'6,' $LU'HOLYHUHG6HLVPLF,QWUXVLRQ'HWHFWRU
$'UDWLR $GYDQFH'HFOLQHUDWLR $'6/ WHFKQRORJ\ $V\PPHWULF'LJLWDO6XEVFULEHU
$'5(3 DLUGHIHQFHUHSUHVHQWDWLYH /RRSWHFKQRORJ\
UHSUpVHQWDQWGHODGpIHQVHDpULHQQH 7KH$'6/ LVDV\VWHPZKLFKFDQGHOLYHUGDWDWR
$'5,$ $VVRFLD]LRQH'L5LFHUFD,QWROOHUDQ]H WKHRIILFHRUKRPHDFURVVH[LVWLQJFRSSHUZLUH
$OLPHQWDUL LQVWHDGRIUHTXLULQJILEUH
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRU)RRG %URDGEDQG7HFKQRORJLHV
$OOHUJ\5HVHDUFK $'60WHFKQLTXHV $FWLYH'LVDVVHPEO\XVLQJ6PDUW
DGUP DEEU DLUGURPH 0DWHULDOVWHFKQLTXHV
$OVRDLUSRUWDLUILHOG 6PDUW0DWHULDOV5HF\FOLQJ
$YLDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU60$V603V DQG
$'52( DLUGHIHQFHUXOHVRIHQJDJHPHQW :(((
UqJOHVG
HQJDJHPHQWGHODGpIHQVHDpULHQQH $'7 $YHUDJH'DLO\7UDIILF
$'5V $PHULFDQ'HSRVLWRU\5HFHLSWV$XWKRUL]HG 7UDQVSRUWDWLRQ(QJLQHHULQJ
'HSRVLWRU\5HFHLSWV 86$  $GXF $VVRFLD]LRQHSHULGLULWWLGHJOLXWHQWLFRQ
%DQNLQJ VXPDWRUL ,WDO\ 
$'56 $VVHW'HSUHFLDWLRQ5DQJH6\VWHP $'86 $VVRFLD]LRQH'RFHQWL8QLYHUVLWDUL6XEDOWHUQL
%XVLQHVV)LQDQFH ,WDO\ 
$'56 DXWRPDWLFGDWDUHSRUWLQJV\VWHP>REVROHWH@ DGY DEEU DGYDQFH
DGY DEEU DGYHUWLVHPHQW


$OVRDGDGYWDGYHUW ,WDOLDQLQLWLDOLVPRIWKH(XURSHDQ(QYLURQPHQWDO
DGY DEEU DGYLFHDGYLVHDGYLVRU\ $JHQF\
$'9$&$67 $'9DQFHGDOXPLQLXPSUHFLVLRQ $($ $PHULFDQ(FRQRPLF$VVRFLDWLRQ$PHULFDQ
&$67LQJIRULQWHJUDOO\VWLIIHQHGQHWVKDSHFRPSR (OHFWURQLFV$VVRFLDWLRQ 86$ 
QHQWV $($ $PHULFDQ([SRUW$LUOLQHV 86$ 
'DLPOHU%HQ]$HURVSDFHODXQFKHG$'9$&$67 LQ $($ $WRPLF(QHUJ\$XWKRULW\
LQSDUWQHUVKLSZLWKIRXQGULHV&LUDO )UDQFH  $(%6 $QWL(VWURJHQ%LQGLQJ6LWH
7K\VVHQ *HUPDQ\ 0LUWHF *UHHFH DQGWKH $(& $GGLWLRQDO([WHQGHG&RYHUDJH
8QLYHUVLWLHVRI/LVERQ0XQLFKDQG3DWUDV ,QVXUDQFH
*UHHFH  $(& $UFKLWHFWXUH(QJLQHHULQJDQG&RQVWUXFWLRQ
(XURSHDQ&RPPXQLW\3URMHFW 'HVLJQ6RIWZDUH
$'9$1&( $VVRFLDWLRQRQ'HYHORSPHQWRI $(& $UP\(GXFDWLRQDO&RUSV
9RFDWLRQV$QG1HZ&UHDWLYH(PSOR\PHQW ,WDO\  $(& $WRPLF(QHUJ\&RPPLVVLRQ
7UDQVQDWLRQDO3URMHFWV $(& $WRPLF(QHUJ\&RXQFLO
$GY&KJV DEEU $GYDQFH&KDUJHV $(&$ $VVRFLD]LRQH(PLOLDQD&HQWUL$XWRQRPLGL
%XVLQHVV&RPPHUFH IRUPD]LRQHSURIHVVLRQDOH %RORJQD,WDO\ 
$GYHFWRU $GHQRYLUDOYHFWRU 9RFDWLRQDO7UDLQLQJ
$QDWRP\*HQHWLF7KHUDSLHV0HGLFLQH $(&% $WRPLF(QHUJ\&RQWURO%RDUG &DQDGD 
1HXURELRORJ\ $H&O $HUR&OXE,WDOLDQR ,WDO\ 
DGYHUW DEEU DGYHUWLVHPHQW $(&/ $WRPLF(QHUJ\RI&DQDGD/LPLWHG
$OVRDGDGYDGYW $(&0$ $VVRFLDWLRQ(XURSpHQQHGH&RQVWUXFWLRQ
$GY)UW DEEU $GYDQFH)UHLJKW GH0DWpULHO$pURVSDWLDO
$GY3PW DEEU $GYDQFH3D\PHQW )UHQFKLQLWLDOLVPRIWKH(XURSHDQ$VVRFLDWLRQRI
DGYW DEEU DGYHUWLVH $HURVSDFH0DWHULDO&RQVWUXFWLRQ
DGYW DEEU DGYHUWLVHPHQW $(&3 $OOLHG(QYLURQPHQWDO&RQGLWLRQV
$OVRDGDGYDGYHUW 3XEOLFDWLRQ
DGYW DEEU DGYHUWLVHU SXEOLFDWLRQLQWHUDOOLpHVXUOHVFRQGLWLRQVHQYLURQ
$': DUHDGHIHQFHZHDSRQ QHPHQWDOHV
DUPHGHGpIHQVHGH]RQH $(&73 $OOLHG(QYLURQPHQWDO&RQGLWLRQV7HVWLQJ
$':+4 DLUGHIHQFHZDUKHDGTXDUWHUV 3XEOLFDWLRQ
SRVWHGHFRPPDQGHPHQWGHJXHUUHGHODGpIHQVH SXEOLFDWLRQLQWHUDOOLpHVXUOHVHVVDLVUHODWLIVDX[
DpULHQQH 3&*'$  FRQGLWLRQVHQYLURQQHPHQWDOHV
$'= DLUGHIHQFH]RQH $(' $FDGHP\IRU(GXFDWLRQDO'HYHORSPHQW
]RQHGHGpIHQVHDpULHQQH ='$ E  $(G$VVRFLDWHLQ(GXFDWLRQ
$'=& DLUGHIHQFH]RQHFRRUGLQDWRU $OVR$(
FRRUGRQQDWHXUGH]RQHGHGpIHQVHDpULHQQH $(' $WODQWLF(FRORJ\'LYLVLRQ 86$ 
$( $FFRPPRGDWLRQ(QGRUVHPHQW 2IWKH86(QYLURQPHQWDO3URWHFWLRQ$JHQF\
%XVLQHVV(FRQRPLFV)LQDQFH $QWKURSRJHQLF6WUHVVRUV
$( $FFRXQW([HFXWLYH $('$$('$ $VVRFLD]LRQH(VWLPDWRULG
$UWH
$( $FFUXHG([SHQGLWXUH $QWLFD ,WDO\ 
%XVLQHVV&RPPHUFH)LQDQFH $QWLTXH$UW
$( $GDSWLYH(Q]\PH $('$ $XWRUL('LWRUL$VVRFLDWL ,WDO\ 
$GDSWLYHHQ]\PHLVDOVRNQRZQDV,QGXFLEOH $('3 $OOLHG(QJLQHHULQJ'RFXPHQWDWLRQ
(Q]\PH 3XEOLFDWLRQ
(Q]\PRORJ\ SXEOLFDWLRQLQWHUDOOLpHGRFXPHQWDWLRQ
$( $GPLQLVWUDWLRQRIWKH(QYLURQPHQW 86$  G·LQJpQLHULH
$( $ULWKPHWLFDO(OHPHQW $('6 $WRPLF(QHUJ\'HWHFWLRQ6\VWHP
$( $VVRFLDWHLQ(GXFDWLRQ $(( $WRPLF(QHUJ\(VWDEOLVKPHQW
$OVR$(G $((1 $JHQFH(XURSpHQQHSRXUO
(QHUJLH
DHDWWKHDJHRIDJHG 1XFOpDLUH
$($ $FWRUV
(TXLW\$VVRFLDWLRQ )UHQFKLQLWLDOLVPRIWKH(XURSHDQ$JHQF\IRU
$($ $JHQ]LD(XURSHDGHOO·$PELHQWH 1XFOHDU(QHUJ\
$() $YLDWLRQ(QJLQHHU)RUFH


$(*,6 DLUERUQHHDUO\ZDUQLQJJURXQGLQWHJUDWLRQ $(3' $PLQR(WK\O3URSDQHGLRO


VHJPHQW $(3, $WPRVSKHULF(PLVVLRQV3KRWRPHWULF,PDJLQJ
VHJPHQWG·LQWHUIDFHHQWUHO·LQIUDVWUXFWXUHpOHFWURQ $(33 $OOLHG(QJLQHHULQJ3UDFWLFHV3XEOLFDWLRQ
LTXHHWOHV\VWqPHDpURSRUWpGHGpWHQWLRQORLQWDLQH SXEOLFDWLRQLQWHUDOOLpHSUDWLTXHVHQLQJpQLHULH
$(+& $PLQRHWK\OKRPRF\VWHLQH $(36 $UFWLF(QYLURQPHQWDO3URWHFWLRQ6WUDWHJ\
$(, $VVRFLDWLRQRI(OHFWULFDO,QGXVWULHV $(5 $SLFDO(FWRGHUPDO5LGJH
$(, $VVRFLD]LRQH(OHWWURWHFQLFDHGHOHWWURQLFD $(5LVHVVHQWLDOIRUOLPEPRUSKRJHQHVLV
,WDOLDQD$VVRFLD]LRQH(OLFRWWHULVWLFD,WDOLDQD %LRORJ\'HYHORSPHQW%LRORJ\*HQHWLFV
,WDOLDQ$VVRFLDWLRQV 0HGLFLQH9HUWHEUDWH/LPE'HYHORSPHQW
$(,'& $UFWLF(QYLURQPHQWDO,QIRUPDWLRQDQG'DWD $(5 $WPRVSKHULFDQG(QYLURQPHQWDO5HVHDUFK
&HQWHU 86$  $(UDWLR $EVRUSWLYLW\(PLVVLYLW\UDWLR
$(/ $XGLW(QWU\/DQJXDJH $VWURSK\VLFV
$(/ $YHUDJH(GJH/LQH $(5% $&(([HUFLVH5HYLHZ%RDUG
&RPSXWHU7HFKQRORJ\ &RPPLVVLRQG
H[DPHQGHVH[HUFLVHVGX&$(
$(/( $VVRFLDWLRQ(XURSpHQQHGH/LEUH(FKDQJH $(5& $VVRFLDWLRQRI(FRV\VWHP5HVHDUFK&HQWHUV
)UHQFKDFURQ\PRIWKH(XURSHDQ)UHH7UDGH $(5( $(5($WRPLF(QHUJ\5HVHDUFK
$VVRFLDWLRQ (VWDEOLVKPHQW
$(/6 $VVRFLD]LRQH(XURSHDGL/LEHUR6FDPELR $(5(LVEDVHGLQ+DUZHOO*%
,WDOLDQDFURQ\PRIWKH(XURSHDQ)UHH7UDGH $(52&( $WPRVSKHUH2FHDQ&KHPLVWU\
$VVRFLDWLRQ ([SHULPHQW
$(/7 DHURPHGLFDOOLDLVRQWHDP $(520('(9$& DHURPHGLFDOHYDFXDWLRQ
pTXLSHGHOLDLVRQVDQLWDLUHDpULHQQH pYDFXDWLRQVDQLWDLUHDpULHQQH
$(0 $]LHQGD(QHUJHWLFD0XQLFLSDOH ,WDO\  $(5SROOXWDQWV $WPRVSKHULF(QHUJ\5HODWHGSRO
$(0 $QDO\WLFDO(OHFWURQ0LFURVFRS\ OXWDQWV
$(0LVDOVRNQRZQDV(QHUJ\'LVSHUVLYH;5D\ $(6 $GYDQFHG(QFU\SWLRQ6WDQGDUG
$QDO\VLV &RPSXWHU6HFXULW\&U\SWRJUDSK\
2SWLFV $(6 DHURPHGLFDOHYDFXDWLRQV\VWHP
$(0,LQWHUSUHWDWLRQ $GYDQFHG(QYLURQPHQWIRU FKDvQHG·pYDFXDWLRQVDQLWDLUHVDpULHQQHV
0HGLFDO,PDJHLQWHUSUHWDWLRQ $(6 $HURVSDFH(OHFWULFDO6RFLHW\
0HGLFLQH $(6 $LUZD\V(QJLQHHULQJ6RFLHW\
$(08 $VVRFLDWLRQIRU(XURSHDQ0RQHWDU\8QLRQ $(6 $PHULFDQ(FRQRPLF6RFLHW\ 86$ 
$(1 $JHQFHGHO
(QHUJLH1XFOpDLUH $(6 $WPRVSKHULF(QYLURQPHQW6HUYLFH &DQDGD 
)UHQFKLQLWLDOLVPRIWKH1XFOHDU(QHUJ\$JHQF\ $(6 $WRPLF(PLVVLRQ6SHFWURVFRS\
$HQJU3 $OOLHG&RPEDW(QJLQHHU3XEOLFDWLRQ $(6 $XGLR(QJLQHHULQJ6RFLHW\
SXEOLFDWLRQLQWHUDOOLpHVXUOHJpQLHGHFRPEDW $(6 $8*(5(OHFWURQ6SHFWURVFRS\
$(2 $WRPLF(QHUJ\2UJDQL]DWLRQ $HV $[LDOODWHUDOHOHPHQWV2IWKHV\QDSWRQHPDO
$(2'3 $OOLHG([SORVLYH2UGQDQFH'LVSRVDO FRPSOH[
3XEOLFDWLRQ &HOO%LRORJ\*HQRPLFV0ROHFXODU%LRORJ\
SXEOLFDWLRQLQWHUDOOLpHVXUO·HQOqYHPHQWHWOD $(6% DUPDPHQWDQGHTXLSPHQWVWRUDJHEDVH
GHVWUXFWLRQGHVH[SORVLIV EDVHGHVWRFNDJHGHVDUPHPHQWVHWPDWpULHOV
$(23 $PHQG([LVWLQJ2UGHUV3HUWDLQLQJWR $(623 $LUERUQH([SHULPHQWWR6WXG\2]RQH
%XVLQHVV&RPPHUFH 3URGXFWLRQ
$(3 $FFUXHG([SHQGLWXUH3DLG $(7 $VVRFLDWHLQ(OHFWULFDO7HFKQRORJ\
%XVLQHVV&RPPHUFH $(W3 $OOLHG(OHFWURQLFV3XEOLFDWLRQ
$(3 $GYDQFHG([HFXWLYH3URJUDP SXEOLFDWLRQLQWHUDOOLpHVXUO·pOHFWURQLTXH
2IWKH1RUWKZHVWHUQ8QLYHUVLW\86$ $(: $LUERUQH(DUO\:DUQLQJ
$(3 $JHQ]LD(XURSHDSHUOD3URGXWWLYLWj $(: &6 DLUERUQHHDUO\ZDUQLQJ FRQWUROV\V
,WDOLDQLQLWLDOLVPRIWKH(XURSHDQ$JHQF\IRU WHP
3URGXFWLYLW\ V\VWqPHDpURSRUWpGHGpWHFWLRQORLQWDLQHHWGHFRQ
$(3 $JJUHJDWH([HUFLVH3ULFH WU{OH
%XVLQHVV&RPPHUFH $(:& $ODVND(VNLPR:KDOLQJ&RPPLVVLRQ
$(3 $OOLHG(QJLQHHULQJ3XEOLFDWLRQ $(:&8 $(: FRQWUROXQLW
SXEOLFDWLRQLQWHUDOOLpHVXUO·LQJpQLHULH XQLWpGHFRQWU{OH$(:


$(:6 $GYDQFHG(DUWK6DWHOOLWH:HDSRQ6\VWHP $)$ $PDWHXU)HQFLQJ$VVRFLDWLRQ$PDWHXU


$(:6 DLUERUQHHDUO\ZDUQLQJV\VWHP )RRWEDOO$VVRFLDWLRQ *% 
V\VWqPHDpURSRUWpGHGpWHFWLRQORLQWDLQH $)$ $PHULFDQ)LQDQFH$VVRFLDWLRQ$PHULFDQ
$(:7) DLUFUHZHOHFWURQLFZDUIDUHWUDLQLQJIDFLOLW\ )RUHQVLF$VVRFLDWLRQ$PHULFDQ)UDQFKLVH
LQVWDOODWLRQGHIRUPDWLRQDX[WDFWLTXHVGHJXHUUH $VVRFLDWLRQ$PHULFDQ)UHHGRP$VVRFLDWLRQ
pOHFWURQLTXHSRXUpTXLSDJHV 86$ 
$(; $PVWHUGDP([FKDQJH $)$ $UPHG)RUFHV$FW
$(;LVWKHRSHUDWRURIWKH'XWFK6HFXULWLHVPDU $)$ $VVRFLDWHLQ)LQH$UWV
NHW $)$ $VVRFLDWHRIWKH)DFXOW\RI$FWXDULHV
D) DEIDUDG $)$ $VVRFLDWLRQ)UDQoDLVHGHV$XWRPRELOLVWHV
7KHDEIDUDGLVWKHFHQWLPHWHUJUDPVHFRQGHOHFWUR )UHQFKDFURQ\PRIWKH0RWRULVWV)UHQFK
PDJQHWLFXQLWRIFDSDFLWDQFH $VVRFLDWLRQ
(OHFWULFLW\ DID 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
$)DI $EVRUSWLRQ)DFWRU XVLQJWKH,WDOLDQZRUGDIDZKLFKPHDQVVXOWUL
1XFOHRQLFV QHVV 0HWHRURORJ\ 
$) $GPLUDORIWKH)OHHW $)$$ $LU)RUFH$XGLW$JHQF\ 86$ 
$) $GYDQFH)UHLJKW $)$+ $VVRFLDWLRQSRXUOHV)R\HUVHW$WHOLHUV
$) $GYDQFLQJ)LUH +DQGLFDSpV )UDQFH 
2UGQDQFH )RUIXUWKHUGHWDLOVVHHXQGHU&32
DI DEEU DIIL[ $)$,. $V)DU$V,.QRZ
/LQJXLVWLFV $)$/ $VVRFLDWLRQ)UDQFRSKRQHG
$PLWLpHWGH
$) $IJKDQLVWDQ /LDLVRQ
$) $JULFROWXUDH)RUHVWH ,WDO\  $)$0 $QFLHQW)UHHDQG$FFHSWHG0DVRQV
$) $LU)RUFH )UHHPDQVRQU\
$) 7KHDLUOLQHFRGHIRU$LU)UDQFH $)$1 $VVRFLDWLRQIRU1DWLRQDO$UFKDHRORJLFDO
$)DI $OWD)UHTXHQ]D ([FDYDWLRQV )UDQFH 
,WDOLDQLQLWLDOLVPPHDQLQJ+LJK)UHTXHQF\ $)$3 DUWLOOHU\ILUHGDWRPLFSURMHFWLOH
$ ) $ PH]]R)HUURYLD PXQLWLRQQXFOpDLUHG·DUWLOOHULH
,WDOLDQLQLWLDOLVPPHDQLQJE\UDLO $)$3 $VVRFLDWLRQ)UDQoDLVHSRXUO
$FFURLVVHPHQW
$) $PLQRIOXRUHQH GHOD3URGXFWLYLWp )UDQFH 
$) $QJOR)UHQFK )UHQFKDFURQ\PRIWKH)UHQFK$VVRFLDWLRQIRU
/DQJXDJHV 3URGXFWLYLW\,QFUHDVH
$) $QWLIHUURPDJQHWLF $)$5 $]RUHVIL[HGDFRXVWLFUDQJH
(OHFWURPDJQHWLVP SRO\JRQHDFRXVWLTXHIL[HGHV$oRUHV
$) $UP\)RUP $)$6 $VVRFLDWHRIWKH)DFXOW\RI$UFKLWHFWVDQG
$) $VVDXOW)LUHRU$GYDQFLQJ)LUH 6XUYH\RUV
2UGQDQFH $)$7 $X[LOLDLUH)pPLQLQHGHO
$UPpHGH7HUUH
$) $VVHJQR)DPLOLDUH )UDQFH 
,WDOLDQLQLWLDOLVPPHDQLQJ)DPLO\$OORZDQFH $)$9 $VVRFLDWLRQ)UDQoDLVHGHOD9DOHXU
$) $WULDO)LEULOODWLRQ )UHQFK$VVRFLDWLRQ
7KH$)LVFKDUDFWHUL]HGE\LUUHJXODUDQGUDSLG $)% $FLG)DVW%DFLOOXV
DFWLYDWLRQRIWKHDWULXP $)% $FLG)DVW%DFWHULD
+HDUW5HVHDUFK 0LFURELRORJ\
$)DI $XGLR)UHTXHQF\ $)%$)% $LU)RUFH%DVH 86$ 
7KHWHUPDXGLRIUHTXHQF\UHIHUVWRDQ\IUHTXHQF\ $)% $PHULFDQ)HGHUDWLRQIRUWKH%OLQG
ZLWKLQWKHDXGLRIUHTXHQF\UDQJH $)% $QWLIULFWLRQ%HDULQJ
$FRXVWLFV 0HFKDQLFV
$) $XULFXODU)LEULOODWLRQ$XULFXODU)OXWWHU $)% $VVRFLDWLRQ)UDQoDLVHGHV%DQTXHV
0HGLFLQH )UHQFKDFURQ\PRIWKH)UHQFK%DQNV$VVRFLDWLRQ
$)$ $GYHUWLVLQJ)HGHUDWLRQRI$PHULFD )UDQFH 
$)$ $LU)RUFH$FDGHP\ 86$  $)% $WPRVSKHULF)OXLGL]HG%HG
$)$ $LU)RUFH$VVRFLDWLRQ 86$  $)%&05 $LU)RUFHUHYLHZ%RDUGIRU&RUUHFWLRQ
$)$ $OOHUJ\)RXQGDWLRQRI$PHULFD 86$  RI0LOLWDU\5HFRUGV 86$ 


$)%&7,8 $WPRVSKHULFSUHVVXUH)OXLGL]HGEHG $)* DPHQGHGIRUFHJRDO


&RPEXVWLRQ&RPSRQHQW7HVWDQG,QWHJUDWLRQ8QLW REMHFWLIGHIRUFHPRGLILp
%RLOHU6\VWHPV $)*& $UDELGRSVLV)XQFWLRQDO*HQRPLF
$)%' $VVRFLDWLRQRI)XWXUHV%URNHUVDQG'HDOHUV &RQVRUWLXP 86$ 
*%  7KH$)*&LVD861DWLRQDO6FLHQFH)RXQGDWLRQ
$)%) $PHULFDQ)DUP%XUHDX)HGHUDWLRQ 86$  IXQGHGFROODERUDWLRQDPRQJVHYHUDO86
$)& $LU)RUFH&URVV $FDGHPLF,QVWLWXWLRQVZRUNLQJWRJHWKHUWRGHYHORS
$)& $PHULFDQ)RRWEDOO&RQIHUHQFH 86$  WHFKQRORJLHVLQ$UDELGRSVLVJHQRPLFV
$)& $QWLERG\)RUPLQJ&HOOV D)*) DFLGLF)LEUREODVW*URZWK)DFWRU
,PPXQRORJ\ $)*, $VVRFLDWLRQ)UDQoDLVHGH*HVWLRQ,QGXVWULHOOH
$)&DIF $XWRPDWLF)UHTXHQF\&RQWURO )UHQFKDFURQ\PRIWKH)UHQFK$VVRFLDWLRQIRU
(OHFWURQLFV ,QGXVWULDO0DQDJHPHQW
$)&$5$ $LU)RUFH&LYLOLDQ$SSHOODWH5HYLHZ $)*3 $VVRFLD]LRQH)RUPD]LRQH*LRYDQQL3LDPDUWD
$JHQF\ 86$  ,WDO\ 
$)&&( $VVRFLDWLRQRI)HGHUDO&RPPXQLFDWLRQV $)*:& $LU)RUFH*OREDO:HDWKHU&HQWHU
&RQVXOWLQJ(QJLQHHUV 86$ 
$)&( $XWRPDWLF)OLJKW&RQWURO(TXLSPHQW $)+ $FFHSWDQFH)RU+RQRU
$)&(17 $OOLHG)RUFHV&HQWUDO(XURSH>REVROHWH %XVLQHVV&RPPHUFH)LQDQFH
UHSODFHGE\$)1257+@ $), $VVRFLDWHRIWKH)DFXOW\RI,QVXUDQFH
)RUFHVDOOLpHVGX&HQWUH(XURSH>REVROqWHUHP $), $VVRFLD]LRQH)LODWHOLFD,WDOLDQD
SODFpSDU$)1257+@ ,WDOLDQDFURQ\PRIWKH,WDOLDQ3KLODWHOLVWV

$)&(7 $VVRFLDWLRQ)UDQoDLVHGH&\EHUQpWLTXH $VVRFLDWLRQ


(FRQRPLTXHHW7HFKQLTXH )UDQFH  $), $VVRFLD]LRQH)LVFDOH,QWHUQD]LRQDOH
$)&,66 DIIRUGDEOH&,6VHFXULW\ ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO7D[/DZ
VpFXULWpDERUGDEOHSRXUOHV6,& $VVRFLDWLRQ
$)&5 $PHULFDQ)HGHUDWLRQIRU&OLQLFDO5HVHDUFK $),&( $LU)RUFHV,FHODQG>REVROHWH@
86$  )RUFHVDpULHQQHVGHO·,VODQGH>REVROqWH@
$)&6 $XWRPDWLF)OLJKW&RQWURO6\VWHP $),&( $VVRFLD]LRQH)DEEULFDQWL,WDOLDQL&DYL
$)' $X[LOLDU\)ORDWLQJ'RFN (OHWWULFL ,WDO\ 
$)'% $)ULFDQ'HYHORSPHQW%DQN ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI
$)'& $LGWR)DPLOLHVZLWK'HSHQGHQW&KLOGUHQ (OHFWULF&DEOHV0DQXIDFWXUHUV
86$  $) LQ%+ $UPHG)RUFHVLQ%RVQLDDQG
$)'&& $VVRFLDWLRQ)UDQoDLVHGHV'LUHFWHXUVHW +HU]HJRYLQD
&KHIVGH&UpGLW )UDQFH  )RUFHVDUPpHVHQ%RVQLH+HU]pJRYLQH
$)'' $X[LOLDU\)ORDWLQJ'U\'RFN $),3 $VVRFLD]LRQH)RWRJUDIL,WDOLDQL3URIHVVLRQLVWL
$)') $)ULFDQ'HYHORSPHQW)XQG ,WDO\ 
$)', $QQXDLUH)UDQoDLVGH'URLW,QWHUQDWLRQDO $),6 $PHULFDQ)RUFHV,QIRUPDWLRQ6HUYLFH
)UDQFH  86$ 
$)'/ $OOLDQFHRI'HPRFUDWLF)RUFHVIRUWKH $),6 $VVRFLD]LRQH)DEEULFDQWL,PSLDQWL6SRUWLYL
/LEHUDWLRQRI&RQJR &RQJR  ,WDO\ 
$)( $VVRFLDWLRQ)UDQoDLVHGHO
(FODLUDJH $),6 $XWRPDWLF)LQJHUSULQWLQJ,GHQWLILFDWLRQ
)UHQFK$VVRFLDWLRQ 6\VWHP
$)( $VVRFLD]LRQH)HUWLOL]]D]LRQH([WUDFRUSRUHD $),7$( $VVRFLDWLRQ)UDQoDLVHGHV,QJpQLHXUVHW
,WDO\  7HFKQLFLHQVGHO
$pURQDXWLTXHHWGHO
(VSDFH
$)(&(, $VVRFLDWLRQ)UDQoDLVHGHV(WDEOLVVHPHQWV )UDQFH 
GH&UpGLWHWGHV(QWUHSULVHVG
,QYHVWLVVHPHQW )UHQFK$VVRFLDWLRQ
)UDQFH  $)/&,2 $PHULFDQ)HGHUDWLRQRI/DERU&RQJUHVV
)UHQFKDFURQ\PRIWKH)UHQFK$VVRFLDWLRQRI RI,QGXVWULDO2UJDQL]DWLRQV 86$ 
&UHGLW,QVWLWXWLRQVDQG,QYHVWPHQW)LUPV $)/3 $PSOLILHG)UDJPHQW/HQJWK3RO\PRUSKLVP
DII DEEU DIILOLDWHGDIILUPDWLYH )RUHVW*HQHWLFV0ROHFXODU%LRORJ\3ODQW
$)) $XWRPDWLF)UHTXHQF\)ROORZHU %LRWHFKQRORJ\
DIILO DEEU DIILOLDWLRQ $)0$PHULFDQ)HGHUDWLRQRI0XVLFLDQV 86$ 
$)) SKDVHV $QWLIHUUR)HUURSKDVHV $)0 $WRPLF)RUFH0LFURVFRSH


$WRPLF6FDOH)ULFWLRQ&KHPLVWU\ $)3& $UPHG)RUFHV3ROLF\&RXQFLO 86$ 


$)0( $VRFLDFLzQGH)DEULFDQWHVGH0DWHULDO $)3(2 $LU)RUFH3URJUDP([HFXWLYH2IILFH
(OHFWULFR 6SDLQ  86$ 
6SDQLVK$VVRFLDWLRQ $I3ODWHPRWLRQ $IULFDQ3ODWHPRWLRQ
$)0(' $OOLHG)RUFHV0HGLWHUUDQHDQ>REVROHWH@ *HRORJLFDO6FLHQFHV7HUUHVWULDO0DJQHWLVP
)RUFHVDOOLpHVGHOD0pGLWHUUDQpH>REVROqWH@ $)336 $PHULFDQ)RUFHV3UHVVDQG3XEOLFDWLRQV
$)0/ $LU)RUFH0DWHULDOV/DERUDWRU\ 6HUYLFH 86$ 
$)06SURMHFW $GYDQFHG)OLJKW0DQDJHPHQW $)352 $LU)RUFH3ODQ5HSUHVHQWDWLYH2IILFH
6\VWHPSURMHFW 86$ 
(XURSHDQ&RPPXQLW\ $)36 $VVRFLDWLRQ)UDQoDLVHGX*pQLH3DUDVLVPLTXH
$)1 $PHULFDQ)RUFHV1HWZRUN 86$  )UDQFH 
$)121 $OOLHG)RUFHV1RUWK1RUZD\>REVROHWH@ $)36 $:,36)RUHFDVW3UHSDUDWLRQ6\VWHP
)RUFHVDOOLpHVGXQRUGGHOD1RUYqJH>REVROqWH@ )RUIXUWKHUGHWDLOVVHHXQGHU$:,36
$)125 $VVRFLDWLRQ)UDQoDLVHGH125PDOLVDWLRQ $)4 $VVRFLDWLRQ)UDQoDLVHGHV4XDOLWLFLHQV
)UDQFH  )UDQFH 
)UHQFK$VVRFLDWLRQ $)43/ $LU)RUFH4XDOLILHG3URGXFWV/LVW
$)1257+ $OOLHG)RUFHV1RUWK(XURSH>REVR $)5 $FFLGHQW)UHTXHQF\5DWH
OHWHKDVUHSODFHG$)&(17@ ,QGXVWULDO(QJLQHHULQJ
)RUFHVDOOLpHV1RUG(XURSH>REVROqWHUHPSODFH $)5 DEEU $IULFD
$)&(17@ $IU $IULFDQ
$OOLHG)RUFHV1RUWKHUQ(XURSH>REVROHWH@ /DQJXDJHV
)RUFHVDOOLpHVGX1RUG(XURSH>REVROqWH@ DIU DEEU DLUIUDPH
$)1257+:(67 $OOLHG)RUFHV1RUWKZHVWHUQ $YLDWLRQ
(XURSH>REVROHWHQRWUHSODFHG@ $)5 $LU)XHO5DWLR
)RUFHVDOOLpHVGX1RUG2XHVW(XURSH>REVROqWH &KHPLVWU\
Q·DSDVpWpUHPSODFp@ $)5 $ZD\)URP5HDFWRU
$)2' $VVRFLDWLRQ)UDQoDLVHGHV&RQVHLOVHQ $)5$ $YHUDJH)UHLJKW5DWH$VVHVVPHQW
2UJDQLVDWLRQHW'LUHFWLRQ )UDQFH  %XVLQHVV&RPPHUFH6KLSSLQJ
$)25,60 $ FRPSUHKHQVLYH)RUHFDVWLQJV\VWHP $)5& $JULFXOWXUHDQG)RRG5HVHDUFK&RXQFLO
IRUIORRG5LVN0LWLJDWLRQDQGFRQWURO *% 
(XURSHDQ&RPPXQLW\3URMHFW0HWHRURORJ\ $)5) $IULFDQ)DPLQH5HOLHI)XQG
6DIHW\ $)5,06 $UPHG)RUFHV5HVHDUFK,QVWLWXWHRI
$)26 $XWRPDWLRQRI)LHOG2SHUDWLRQVDQG6HUYLFHV 0HGLFDO6FLHQFHV 7KDLODQG 
86$  7KH$)5,06LVORFDWHGLQ%DQJNRN,WLVD
2IWKH861DWLRQDO:HDWKHU6HUYLFH \HDUROGFROODERUDWLRQEHWZHHQWKH86:DOWHU
$)265 $LU)RUFH2IILFHRI6FLHQWLILF5HVHDUFK 5HHG$UP\,QVWLWXWHRI5HVHDUFKDQGWKH5R\DO
7KH$)265LVORFDWHGLQ:DVKLQJWRQ'& 7KDL$UP\
86$ $,'65HVHDUFK$,'69DFFLQH(SLGHPLRORJ\
$)3 $JHQFH)UDQFH3UHVVH $)55, $UPHG)RUFHV5DGLRELRORJ\5HVHDUFK
$)3 $OOLHG)25$&63XEOLFDWLRQ ,QVWLWXWH 86$ 
SXEOLFDWLRQLQWHUDOOLpH)25$&6 $)576 $UPHG)RUFHV5DGLRDQG7HOHYLVLRQ6HUYLFH
$OOLHG)XHO3XEOLFDWLRQ 86$ 
SXEOLFDWLRQLQWHUDOOLpHVXUOHVFDUEXUDQWV $)6 $&(IRUFHVVWDQGDUGV
$)3 $OSKD)HWRSURWHLQ QRUPHVGHIRUFHVGX&$(
$OVR_ )3 $)6 $PHULFDQ)LHOG6HUYLFH 86$ 
%LRFKHPLVWU\ $)6 $PHULFDQ)LVKHULHV6FKRRO 86$ 
$)3 $QWHULRU)RUHEUDLQ3DWKZD\ $)6 $PHULFDQ)RXQGU\PHQ
V6RFLHW\ 86$ 
$)3$ $VVRFLDWLRQQDWLRQDOHSRXUOD)RUPDWLRQ $)6 $UP\)LUH6HUYLFH
3URIHVVLRQQHOOHGHV$GXOWHV $)6 $VLDQ)LVKHULHV6RFLHW\
)UHQFKLQLWLDOLVPRIWKH1DWLRQDO$VVRFLDWLRQIRU $)6 $XVWUDOLDQ)LVKHULHV6HUYLFH $XVWUDOLD 
9RFDWLRQDO7UDLQLQJRI$GXOWV )UDQFH  $)6 $X[LOLDU\)LUH6HUYLFH 86$ 
$)3& $GYDQFHG)LQDQFLDO3ODQQLQJ&HUWLILFDWH 7KH$)6KDVEHHQUHSODFHGE\WKH1DWLRQDO)LUH
$GYDQFHGOHYHO  6HUYLFH


$)6& $UPHG)RUFHV6WDII&ROOHJH 86$  )UHQFK$JHQF\


DIVG DEEU DIRUHVDLG $)8 $LU)RUFH8QLWV
$)62125 $OOLHG)RUFHV6RXWK1RUZD\>REVR $)8 $PHULFDQ)UDWHUQDO8QLRQ 86$ 
OHWH@ $)8 $X[LOLDU\)XQFWLRQDO8QLW
)RUFHVDOOLpHVGXVXGGHOD1RUYqJH>REVROqWH@ $)9 $UPRXUHG)LJKWLQJ9HKLFOH
$)6287+ $OOLHG)RUFHV6RXWK(XURSH>KDV $)93 $YLDWLRQ)RUHFDVW9HULILFDWLRQ3URJUDP
UHSODFHG$)6287+@ 86$ 
)RUFHVDOOLpHV6XG(XURSH>UHPSODFH $):* $)36)RUHDFVW:RUNLQJ*URXS
$)6287+@ )RUIXUWKHUGHWDLOVVHHXQGHU$)36
$OOLHG)RUFHV6RXWKHUQ(XURSH>UHSODFHGE\ $* $FURVRPDO*UDQXOH
$)6287+@ $* $GMXWDQW*HQHUDO
)RUFHVDOOLpHVGX6XG(XURSH>UHPSODFpSDU 0LOLWDU\
$)6287+@ DJ DEEU DJHQWDJUHHPHQWDJULFXOWXUH
$)66$ )UHQFK)RRG6DIHW\$JHQF\ $* $JULJHQWR,WDO\
$)67% $LU)RUFH6FLHQFHDQG7HFKQRORJ\%RDUG $* DLUWRJURXQG
86$  DLUVRO
$)671 $XJPHQWHG)LQLWH6WDWH7UDQVLWLRQ $J $QGURJHQHWLF
1HWZRUN %LRORJ\
$UWLILFLDO,QWHOOLJHQFH DJDQWLJHQ
DIW DEEU DIWHUDIWHUQRRQ ,PPXQRORJ\
$)7$PHULFDQ)HGHUDWLRQRI7HDFKHUV $* $UDELQRJDODFWDQ
$)7 $QDORJ)DFLOLW\7HUPLQDO $* DUP\JURXS
&RPSXWHUV JURXSHG·DUPpHV
$)7DIW $XGLR)UHTXHQF\7UDQVIRUPHU $* $WWRUQH\*HQHUDO
$)7DIW $XWRPDWLF)LQH7XQLQJ $J 7KHFKHPLFDOV\PEROIRU6LOYHU
(OHFWURQLFV 6LOYHULVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF
$)7 $XWRPDWLF)XQG7UDQVIHU QXPEHUDQDWRPLFZHLJKWRIDQGD
%XVLQHVV&RPPHUFH)LQDQFH PHOWLQJSRLQWRI$&,WLVXVHGPDLQO\LQMHZHO
$)7$ $FRXVWLF)DWLJXH7HVW$UWLFOH U\LQPHGLFDOHTXLSPHQWLQZDWHUGLVWLOODWLRQDQG
$)7$ $PHULFDQ)DPLO\7KHUDS\$VVRFLDWLRQ IRUSODWLQJ
$)7$ $WODQWLF)UHH7UDGH$UHD &KHPLVWU\
DIWD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $*$$*$ $PHULFDQ*DVWURHQWHURORJLFDO
XVLQJWKH,WDOLDQZRUGDIWDZKLFKPHDQVWKUXVK $VVRFLDWLRQ 86$ 
0HGLFLQH  $*$ $XWRULWj*LXULVGL]LRQDOH$PPLQLVWUDWLYD
$)7$' $QDO\VLV)RUHFDVW7UDQVSRUW$QG'LIIXVLRQ ,WDO\ 
$)7 FRQWURO $XWRPDWLF)LQH7XQLQJFRQWURO $JDI$*$) $VVRFLD]LRQH1D]LRQDOHIUDL*URVVLVWL
(OHFWURQLFV GL$SSDUHFFKL)RWRJUDILFL
$)7( $VVRFLDWLRQ)UDQoDLVHGHV7UpVRULHUV $*$)LVORFDWHGLQ0LODQ,WDO\
G
(QWUHSULVH )UDQFH  $*$/ $PHULFDQ*DV$VVRFLDWLRQ/DERUDWRULHV
)UHQFKDFURQ\PRIWKH)UHQFK$VVRFLDWLRQRI 86$ 
&RPSDQ\
V7UHDVXUHUV $*$0 $VVRFLD]LRQH*LRYDQL$YYRFDWL0LODQR
$)71DHURQDXWLFDOIL[HGWHOHFRPPXQLFDWLRQQHW ,WDO\ 
ZRUN ,QWHOOHFWXDO3URSHUW\/DZ
UpVHDXGXVHUYLFHIL[HGHWpOpFRPPXQLFDWLRQVDpUR )RUIXUWKHUGHWDLOVVHHXQGHU/<6*
QDXWLTXHV 56)7$  $*$5' $GYLVRU\*URXSIRU$HURVSDFH5HVHDUFK
$)75$$)75$ $PHULFDQ)HGHUDWLRQRI DQG'HYHORSPHQW>REVROHWHLQFRUSRUDWHGLQWR
7HOHYLVLRQDQG5DGLR$UWLVWV 57$@
$)75, $VVRFLDWLRQ)UDQoDLVHGHV7UDQVSRUWHXUV *URXSHFRQVXOWDWLISRXUODUHFKHUFKHHWOHVUpDOLVD
5RXWLHUV,QWHUQDWLRQDX[ WLRQVDpURVSDWLDOHV>REVROqWHLQWpJUpGDQVO·$57@
)UHQFKLQLWLDOLVPRIWKH)UHQFK$VVRFLDWLRQRI $*$6 $XWRPDWHG*UDQW$SSOLFDWLRQ6\VWHPV
,QWHUQDWLRQDO5RDG&DUULHUV (OHFWURQLF'RFXPHQWV
$)753 $JHQFH)RQFLqUH7HFKQLTXHGHOD5pJLRQ $JDV $YLDWLRQJDVROLQH
3DULVLHQQH )UDQFH 


$*$6/(66 $*$6/LPLWHG(OHFWURQLF ,QRUJDQLF&KHPLVWU\


6XEPLVVLRQ6\VWHP 86$  $JFRPSOH[ $QWLJHQFRPSOH[
)RUIXUWKHUGHWDLOVVHHXQGHU$*$6 $*&6, $VVRFLDWLRQRI*UDGXDWH&DUHHU6HUYLFHVLQ
(OHFWURQLF'RFXPHQWV ,UHODQG
$J$V2 6LOYHU$UVHQLWH $*&7 $UP\*HQHUDO&ODVVLILFDWLRQ7HVW
6LOYHUDUVHQLWHLVXVHGLQPHGLFLQH $ WHVWXVHGLQWKH86$UP\ :RUOG:DU,, 
,QRUJDQLF&KHPLVWU\ 3V\FKRORJ\
$*$63 $UFWLF*DVDQG$HURVRO6DPSOLQJ3URJUDP $JF\ DEEU $JHQF\
$J%L6 0DWLOGLWH DJG DEEU DJUHHG
0LQHUDORJ\ $*'*$'8 $ *ORULD'HO*UDQGH$UFKLWHWWR
$J%U 6LOYHU%URPLGH 'HOO
8QLYHUVR
6LOYHU%URPLGHLVXVHGLQSKRWRJUDSKLFILOPV )UHHPDVRQU\
,QRUJDQLF&KHPLVWU\ $*',$JGL $VVRFLD]LRQH*LRYDQL'LDEHWLFL
$J%U2 6LOYHU%URPDWH ,WDOLDQL ,WDO\ 
6LOYHU%URPDWHLVXVHGDVDUHDJHQW $*'6 $PHULFDQ*DJH'HVLJQ6WDQGDUG
,QRUJDQLF&KHPLVWU\ $*( $GPLUDOW\*XQQHU\(VWDEOLVKPHQW *% 
$*%VWDUV $V\PSWRWLF*LDQW%UDQFKVWDUV $*( $GYLVRU\*URXSRQ(QHUJ\
$VWURQRP\$VWURSK\VLFV(DUWKDQG3ODQHWDU\ $*( $HURVSDFH*URXQG(TXLSPHQW
6FLHQFHV1XFOHRV\QWKHVLVLQ6WDUV3K\VLFV6SDFH $J( $JULFXOWXUDO(QJLQHHU
6FLHQFH $*( $QJOHRI*UHDWHVW([WHQVLRQ
$*& $GYDQFHG*UDGXDWH&HUWLILFDWH $*( $VVRFLDWHLQ*HQHUDO(GXFDWLRQ
$*& $XWRPDWLF*DLQ&RQWURO $*($JH $VVRFLD]LRQHLWDOLDQD*(QLWRUL
7KHDXWRPDWLFJDLQFRQWUROFRQVLVWVRIDGHYLFH ,WDOLDQ$VVRFLDWLRQ
WKDWDXWRPDWLFDOO\FKDQJHVWKHJDLQRIDUHFHLYHU $*( $WWRUQH\*HQHUDORI(QJODQG *% 
(OHFWURQLFV $*( $XGLWRU\*URVV(UURU
$J& 6LOYHU$FHW\OLGH $*( $XWRPDWLF*URXQG(TXLSPHQW
6LOYHU$FHW\OLGHLVXVHGLQGHWRQDWRUV $*( $XWRPDWLF*XLGDQFH(OHFWURQLFV
,QRUJDQLF&KHPLVWU\ $*( $X[LOLDU\*URXQG(TXLSPHQW
$*&$ $VVRFLDWHG*HQHUDO&RQWUDFWRUVRI$PHULFD $*(' $GYLVRU\*URXSRQ(OHFWURQ'HYLFHV
86$  $*(' $HURVSDFH*URXQG(TXLSPHQW'HSDUWPHQW
$*&$ $XWRPDWLF*URXQG&RQWUROOHG$SSURDFK $*HR3 $OOLHG*HRJUDSKLF3XEOLFDWLRQ
5DGDU  SXEOLFDWLRQJpRJUDSKLTXHLQWHUDOOLpH
$*&$6 $VVRFLDWLRQRI*UDGXDWH&DUHHUV$GYLVRU\ $*(5 $*ULFXOWXUDO(FRQRPLFV5HVHDUFK
6HUYLFHV *%  3XEOLFDWLRQ
$*&, $VVRFLD]LRQH*HQHUDOH&RRSHUDWLYH,WDOLDQH $JHU $VVRFLD]LRQHSHUODULFHUFDVFLHQWLILFDHORVWX
,WDO\  GLRGHOODORQJHYLWj ,WDO\ 
,WDOLDQLQLWLDOLVPRIWKH*HQHUDO$VVRFLDWLRQRI ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRUVFLHQWLILF
,WDOLDQ&RRSHUDWLYHV UHVHDUFKDQGWKHVWXG\RIORQJHYLW\EDVHGLQ
$J&O &KORUDUJ\ULWH 0LODQ,WDO\
&KORUDUJ\ULWHLVDOVRNQRZQDV&HUDUJ\ULWH $*(5, $JULFXOWXUDO*HQHWLF(QJLQHHULQJ5HVHDUFK
0LQHUDORJ\ ,QVWLWXWH
$J&O 6LOYHU&KORULGH $ FHQWHUIRUVWDWHRIWKHDUWUHVHDUFKLQ(J\SW
6LOYHU&KORULGHLVXVHGPDLQO\LQRSWLFVVLOYHU IRFXVLQJRQGHYHORSLQJSHVWUHVLVWDQWDQGVWUHVV
SODWLQJDQGDVDQDQWLVHSWLF WROHUDQWYDULHWLHVRIFURSV
,QRUJDQLF&KHPLVWU\ $*(V $GYDQFHG*O\FRV\ODWLRQ(QGSURGXFWV
$*&0V $WPRVSKHULF*HQHUDO&LUFXODWLRQ0RGHOV %LRFKHPLVWU\%LRPROHFXODU(QJLQHHULQJ
7KH$*&0VLQFRUSRUDWHODQGVXUIDFHSDUDPHWHUL &KHPLVWU\*HURQWRORJ\0ROHFXODU%LRORJ\
]DWLRQV 3K\VLFV3K\VLRORJ\
$WPRVSKHULF6FLHQFHV%LRVSKHULF6FLHQFHV(DUWK $*(6 $LU*URXQG(QJDJHPHQW6LPXODWLRQ
DQG2FHDQ6FLHQFHV6SDFH5HVHDUFK $*(6 $PHULFDQ*DVDQG(OHFWULF6HUYLFHV
)RUIXUWKHUGHWDLOVVHHXQGHU/63V $*(6 $PHULFDQ*UHHN([FKDQJH6RFLHW\
$J&1 6LOYHU&\DQLGH $*(6 $VSHWWL*LXULGLFL(WLFLH6RFLDOL
6LOYHU&\DQLGHLVXVHGPDLQO\LQPHGLFLQHV


,WDOLDQDFURQ\PPHDQLQJ/HJDO(WKLFDODQG VXFKDVDQHPLDEOHHGLQJDQGLQIHFWLRQ$FXWH
6RFLDO$VSHFWV *UDQXORF\WLF/HXNHPLDLVDOVRNQRZQDV
$*(7$& $FFRUG*pQpUDOVXUOHV7DULIVHWOH 0\HOREODVWLF/HXNHPLD
&RPPHUFH 0HGLFLQH
)UHQFKDFURQ\PPHDQLQJ*HQHUDO$JUHHPHQWRQ $*0 $FFHOHUDWRUHD*UDGLHQWH0DJQHWLFR
7DULIIVDQG7UDGH *$77  ,WDOLDQLQLWLDOLVPPHDQLQJ0DJQHWLF*UDGLHQW
$*(; SURJUDP $ERYH*URXQG(;SHULPHQWVSUR $FFHOHUDWRU
JUDP $*0 $LUWR*URXQG0LVVLOH
$*)6 $YLDWLRQ*ULGGHG)RUHFDVW6\VWHP 0LOLWDU\
DJJ DJJLXQWR $*0 $QQXDO*HQHUDO0HHWLQJ
,WDOLDQDEEUHYLDWLRQPHDQLQJDVVLVWDQWGHSXW\ $*0$ $PHULFDQ*HDU0DQXIDFWXUHUV
$VVRFLDWLRQ
$OVRDGGHG 86$ 
DJJ DEEU DJJUHJDWH $*0$$*0$ $PHULFDQ*XLOGRI0XVLFDO
%RWDQ\*HRORJ\0DWHULDOV $UWLVWV 86$ 
$*** $GYLVRU\*URXSRQ*UHHQKRXVH*DVHV $*0. FHOOV $IULFDQ*UHHQ0RQNH\.LGQH\FHOOV
2IWKH:RUOG&OLPDWH3URJUDP 7KH$*0.FHOOVDUHXVHGIRUWKHJURZWKRIFHU
$J+J .RQJVEHUJLWH WDLQW\SHVRIYLUXVHV
.RQJVEHUJLWHLVDPHUFXULDQW\SHRIVLOYHU 9LURORJ\
0LQHUDORJ\ $*1 $FWLYH*DODFWLF1XFOHXV
$*, $GMXVWHG*URVV,QFRPH )RUIXUWKHUGHWDLOVVHHXQGHU$*1V
$*,$*, $PHULFDQ*HRORJLFDO,QVWLWXWH $J12 6LOYHU1LWUDWH
$*, $QQpH*pRGpVLTXH,QWHUQDWLRQDOH 6LOYHU1LWUDWHLVXVHGPDLQO\WRFDXWHUL]HZRXQGV
)UHQFKDFURQ\PPHDQLQJ,QWHUQDWLRQDO*HRGHWLF LQKDLUG\HVDQGLQLQNPDQXIDFWXUH
<HDU ,QRUJDQLF&KHPLVWU\
$J, ,RGDUJ\ULWH $*1V $FWLYH*DODFWLF1XFOHL
$J,LVDOVRNQRZQDV,RG\ULWH $VWURQRP\([WUHPH8OWUDYLROHW$VWURQRP\
0LQHUDORJ\ $*2 $GMXWDQW*HQHUDO
V2IILFH
$J, 6LOYHU,RGLGH DJR DEEU DJRVWR
6LOYHU,RGLGHLVXVHGPDLQO\LQPHGLFLQHDQGSKR ,WDOLDQDEEUHYLDWLRQPHDQLQJ$XJXVW
WRJUDSK\ $*2 $LU*XQQHU\2IILFHU
,QRUJDQLF&KHPLVWU\ $*2 $XGLWRU*HQHUDO
V2IILFH
$*,)$5 $VVRFLD]LRQH*,RYDQL)$5PDFLVWL DJR 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
,WDOLDQDFURQ\PRIWKH<RXQJ3KDUPDFLVWV XVLQJWKH,WDOLDQZRUGDJRZKLFKPHDQVQHHGOH
$VVRFLDWLRQ WRQJXH$OVRFU\VWDO &KHPLVWU\ 
$*,/ $LUERUQH*HQHUDO,OOXPLQDWLQJ/LJKW $J2 6LOYHU2[LGH
$*,2 $UPHG*XDUG,QVSHFWLRQ2IILFHU 6LOYHU2[LGHDOVRNQRZQDV$UJHQWRXV2[LGHLV
DJLR 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ XVHGPDLQO\WRSXULI\GULQNLQJZDWHU
XVLQJWKH,WDOLDQZRUGDJLRZKLFKPHDQVLQ ,QRUJDQLF&KHPLVWU\
,WDOLDQHDVHFRPIRUW VRPHWLPHV FKDQFH $*3 $FFRUGL*HQHUDOLGL3UHVWLWR
$J,2 6LOYHU,RGDWH ,WDOLDQLQLWLDOLVPPHDQLQJ*HQHUDO$UUDQJHPHQWV
6LOYHU,RGDWHLVXVHGLQPHGLFLQH WR%RUURZ
,QRUJDQLF&KHPLVWU\ $J32 6LOYHU3KRVSKDWH
$*,3 $]LHQGD*HQHUDOH,WDOLDQD3HWUROL ,WDO\  6LOYHU3KRVSKDWHDOVRNQRZQDV6LOYHU
$*,5( $]LHQGD*HQHUDOH,WDOLDQDSHU 2UWKRSKRVSKDWHLVXVHGPDLQO\LQSKDUPDFHXWL
O
(VSRUWD]LRQHGHO5LVR ,WDO\  FDOV
,WDOLDQDFURQ\PRIWKH1DWLRQDO,WDOLDQ5LFH ,QRUJDQLF&KHPLVWU\
([SRUW%RDUG $*5 $GYDQFHG*DVFRROHG5HDFWRU
$*,6 $VVRFLD]LRQH*HQHUDOH,WDOLDQDGHOOR 7KH$*5LVDSRZHUJHQHUDWLQJQXFOHDUUHDFWRU
6SHWWDFROR ,WDO\  FRROHGE\FDUERQGLR[LGHJDV
$*/ $ERYH*URXQG/HYHO 1XFOHDU(QJLQHHULQJ
1DYLJDWLRQ DJU DEEU DJULFXOWXUDO
$*/ $FXWH*UDQXORF\WLF/HXNHPLD DJUDJULF DEEU DJULFXOWXUH
7KH$*/ LVDGLVHDVHFKDUDFWHUL]HGE\V\PSWRPV $*5 $VVRFLDWLRQRI*UDGXDWH5HFUXLWHUV *% 


$*UDWLR $OEXPLQ*OREXOLQUDWLR 0LQHUDORJ\


7KH$*UDWLRLVWKHUDWLRRIDOEXPLQWRJOREXOLQLQ $*7 JHQH $QJLRWHQVLQRJHQJHQH
EORRGVHUXP 0HGLFLQH
0HGLFLQH $*8 $PHULFDQ*HRSK\VLFDO8QLRQ 86$ 
$*5) $XVWUDOLDQ*HQRPH5HVHDUFK)DFLOLW\ DJZ DFWXDOJURVVZHLJKW
7KH$*5)LVDFROODERUDWLRQRIWKH8QLYHUVLW\RI $*:, $WODQWLF*XOI:HVW,QGLHV
4XHHQVODQGDQGWKH:DOWHUDQG(OL]D+DOO $J\ DEEU $JHQF\
,QVWLWXWH$XVWUDOLD $*= $FWXDO*URXQG=HUR
'1$ 6HTXHQFLQJ*HQRW\SLQJ0XWDWLRQ D+ $EKHQU\
'HWHFWLRQ $EKHQU\LVWKHFHQWLPHWHUJUDPVHFRQGHOHFWUR
$*5,&2/$ $*5,&XOWXUDO2QOLQH$FFHVV PDJQHWLFXQLWRILQGXFWDQFH
86$  (OHFWULFLW\
$*5,0(' 0('LWHUUDQHDQ$*5,FXOWXUH DK DIWKDWFK
$*5,6 $*5LFXOWXUDO,QIRUPDWLRQ6HUYLFH 86$  6KLSSLQJ
$*53 $*RXWL5HODWHG3URWHLQ D+DK $PSHUH+RXU
2EHVLW\6\QGURPH 7KH$+LVWKHTXDQWLW\RIHOHFWULFLW\SDVVLQJ
$*57) $YLDQ*HQHWLF5HVRXUFHV7DVN)RUFH WKURXJKDFLUFXLWLQRQHKRXUZKHQWKHUDWHRIIORZ
$QLPDO6FLHQFHV3RXOWU\*HQHWLF5HVRXUFHV LVRQHDPSHUH
$*6 $OOLDQFHJURXQGVXUYHLOODQFH (OHFWULFLW\
FDSDFLWpDOOLpHGHVXUYHLOODQFHWHUUHVWUH $+ $Q[LHW\+LHUDUFK\
$*6$*6 $PHULFDQ*HULDWULFV6RFLHW\ 3V\FKRORJ\
DJV DEEU DQWLJHQV $+ $UWVDQG+XPDQLWLHV
,PPXQRORJ\ $+ DWWDFNKHOLFRSWHU
$*6 $VVRFLDWHLQ*HQHUDO6WXGLHV KpOLFRSWqUHG·DWWDTXH
$*6 7KHDLUSRUWFRGHIRU$XJXVWD*HRUJLD86$ $+$ $PHULFDQ+HDUW$VVRFLDWLRQ$PHULFDQ
$*6 $XWRPDWLF*DLQ6WDELOL]DWLRQ +LVWRULFDO$VVRFLDWLRQ 86$ 
$J6 6LOYHU6XOILGH $+$ DUULYHGKROGLQJDUHD
6LOYHU6XOILGHLVXVHGPDLQO\LQFHUDPLFV DUULYpHGDQVOD]RQHG·DWWHQWH
,QRUJDQLF&KHPLVWU\ $+$ $XVWUDOLDQ+RWHOV$VVRFLDWLRQ $XVWUDOLD 
$*62 $XVWUDOLDQ*HRORJLFDO6XUYH\2UJDQL]DWLRQ $+$) $PHULFDQ+HDOWK$VVLVWDQFH)RXQGDWLRQ
$XVWUDOLD  $+ 7 $LU+DUGHQHGDQG7HPSHUHG
0DULQH6FLHQFH 0HWDOOXUJ\
$*63 $OOLDQFHJURXQGVXUYHLOODQFHSURJUDPPH $+% $OOJHPHLQH+\SRWKHNHQ%DQN
SURJUDPPHGHFDSDFLWpDOOLpHGHVXUYHLOODQFHWHU *HUPDQ%DQN
UHVWUH $+& $FFHSWLQJ+RXVHV&RPPLWWHH
$*6332 $OOLHG*URXQG6XUYHLOODQFH&DSDELOLW\ $+& $&&6+DUGZDUH&RPPLWWHH
3URYLVLRQDO3URMHFW2IILFH>REVROHWHUHSODFHGE\ &RPLWpGXPDWpULHOGHO·$&&6
$*666&@ $+& $FXWH+HPRUUKDJLF&RQMXQFWLYLWLV
%XUHDXGX3URJUDPPHSURYLVRLUHGHODFDSDFLWpGH 7KH$+&LVDQDFXWHHQGHPLFFRQMXQFWLYLWLVFKDU
VXUYHLOODQFHWHUUHVWUHGHO·$OOLDQFH %32$*6 DFWHUL]HGE\VZHOOLQJRIWKHH\HOLGVWHDULQJDQG
>REVROqWHUHPSODFpSDU$*666&@ FRQMXQFWLYDOKHPRUUKDJHV
$*666& $OOLDQFH*URXQG6XUYHLOODQFH 0HGLFLQH
&DSDELOLW\ 6XSSRUW6WDII&HOO $+&35 $JHQF\IRU+HDOWK&DUH3ROLF\DQG
&HOOXOHGHVRXWLHQSRXUODFDSDFLWpDOOLpHGHVXU 5HVHDUFK 86$ 
YHLOODQFHWHUUHVWUH $+&V $FDGHPLF+HDOWK&HQWHUV
DJVW DEEU DJDLQVW $+&7/ $FHW\OKRPRF\VWHLQHWKLRODFWRQH
$JWDJW DEEU DJHQWDJUHHPHQW $+( $VVRFLDWHLQ+RPH(FRQRPLFV
$*7'& $FFRUG*pQpUDOVXUOHV7DULIV'RXDQLHUVHW $+(5) 7KH$OOHJKHQ\+HDOWK(GXFDWLRQDQG
OH&RPPHUFH 5HVHDUFK)RXQGDWLRQ 86$ 
)UHQFKLQLWLDOLVPPHDQLQJ*HQHUDO$JUHHPHQWRQ $+) $QWLKHPRSKLOLF)DFWRU
&XVWRPV7DULIIVDQG7UDGH $+&LVDOVRNQRZQDV$QWLKHPRSKLOLF*OREXOLQ
,QWHUQDWLRQDO%XVLQHVV )DFWRU9,,,DQG7KURPERSODVWLQRJHQ
$J7H +HVVLWH +HPDWRORJ\


$+* DGKRFJURXS )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO$VWURQDXWLFV


JURXSHDGKRF $FDGHP\
$+* $QWLKHPRSKLOLF*OREXOLQ $,$ $HURVSDFH,QGXVWULHV$VVRFLDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU$+) $,$ $PHULFDQ,QVWLWXWHRI$UFKLWHFWV 86$ 
$+* $QWLKXPDQ*OREXOLQ $,$ $VVRFLDWH,Q$GYHUWLVLQJ$VVRFLDWHRIWKH
$+*)& $G+RF*URXSRI)LQDQFLDO&RXQVHOORUV ,QVWLWXWHRI$FWXDULHV *% 
*URXSHDGKRFGHVFRQVHLOOHUVILQDQFLHUV $,$ $LD $VVRFLD]LRQH,QGXVWULH$HURVSD]LDOL
$+/ $PHULFDQ+RFNH\/HDJXH 86$  ,WDOLDQDFURQ\PRIWKH$HURVSDFH,QGXVWULHV
DKP DPSHUHKRXUPHWHU $VVRFLDWLRQ
(QJLQHHULQJ $,$ $VVRFLD]LRQH,WDOLDQD$UELWUL
$+0 $VVRFLDWLRQRI+HDGPDVWHUV+HDGPLVWUHVVHV ,WDOLDQDFURQ\PRIWKHOWDOLDQ5HIHUHHV

$+2 $HUREUDNLQJ+LDWXV2UELW $VVRFLDWLRQ


6SDFHFUDIW2UELWDO3KDVHV $,$ $VVRFLD]LRQH,WDOLDQDGL$HURELRORJLD
$+3 $IWHUK\SHUSRODUL]DWLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU
$+3 $OOLHG+\GURJUDSKLF3XEOLFDWLRQ $HURELRORJ\
SXEOLFDWLRQLQWHUDOOLpHVXUO·K\GURJUDSKLH )RXQGHGLQLQ%RORJQDZKHUHLWLVEDVHG
$+3 $QDO\WLF+LHUDUFK\3URFHVV 7KH$,$ KROGVDQQXDODHURELRORJ\PRQLWRULQJ
(FRQRPLFV&DOFXODWLRQ6\VWHP FRXUVHVRUJDQL]HVZRUNVKRSVDQGDELDQQXDO
$KS5 $ON\O+\GURSHUR[LGH5HGXFWDVH 1DWLRQDO&RQJUHVV3XEOLVKHVWKH$HURELRORJ\
%LRFKHPLVWU\,PPXQRORJ\0HGLFDO6FLHQFHV %XOOHWLQ
0LFURELRORJ\ $,$ $VVRFLD]LRQH,WDOLDQDSHUO
$UELWUDWR
$+4 $LU+HDGTXDUWHUV ,WDOLDQDFURQ\PRIWKHOWDOLDQ$UELWUDWLRQ
$+5 $LUZD\+\SHUUHVSRQVLYHQHVV $VVRFLDWLRQ/RFDWHGLQ5RPH,WDO\
+\SHUUHDFWLYLW\ /DZ
$OOHUJLF$VWKPD(QYLURQPHQWDO+HDOWK6FLHQFHV DLD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
,PPXQRORJ\0HGLFLQH0ROHFXODU0LFURELRORJ\ XVLQJWKH,WDOLDQZRUGDLDZKLFKPHDQVIDUP
9HQWLODWLRQ5HJXODWLRQ \DUGWKUHVKLQJIORRU
$+6 DLUERUQHKRPLQJV\VWHP $,$$ $PHULFDQ,QVWLWXWHRI$HURQDXWLFVDQG
V\VWqPHGHUDGLRUDOOLHPHQWHPEDUTXp RXGHERUG  $VWURQDXWLFV 86$ 
$+6 $XWRPDWHG+LJKZD\6\VWHP $,$$ $UFKLWHFWPHPEHURIWKH,QFRUSRUDWHG
$+6$ $PHULFDQ+RUVH6KRZ$VVRFLDWLRQ $VVRFLDWLRQRI$UFKLWHFWVDQG6XUYH\RUV
$+:* DVKRFZRUNLQJJURXS $,$% $VVRFLD]LRQH,WDOLDQD$JULFROWXUD%LRORJLFD
JURXSHGHWUDYDLODGKRF *7$+  ,WDOLDQDFURQ\PRIWKH,WDOLDQ%LRORJLFDO
$+<'6 $FWLYH+<SHUPHGLD'HOLYHU\6\VWHP $JULFXOWXUH$VVRFLDWLRQ
0XOWLPHGLD,QIRUPDWLRQ $,$& $&&6,PSOHPHQWDWLRQ$GYLVRU\&RPPLWWHH
$, $FFUXHG,QWHUHVW$FFXPXODWHG,QWHUHVW >REVROHWHKDVPHUJHGZLWK$3$&WREHFRPH
%DQNLQJ%XVLQHVV(FRQRPLFV)LQDQFH $$&@
$, $GDSWLYH,PPXQLW\ &RPLWpFRQVXOWDWLIVXUODPLVHHQ±XYUHGH
,PPXQRORJ\ O·$&&6>REVROqWHDIXVLRQQpDYHFO·$3$&SRXU
$, $LUERUQH,QWHUFHSW GHYHQLUO·$$&@
$, 7KHDLUOLQHFRGHIRU$LU,QGLD $,$& $VVRFLD]LRQH,QWHUQD]LRQDOHGHJOL$JHQWL
$, $LU,QWHUFHSWLRQ GL&DPELR ,WDO\ 
$, $OWHVVH,PSpULDOH ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO6WRFNEURNHUV

$, $QWL,FLQJ $VVRFLDWLRQ
$YLDWLRQ $,$& $VVRFLD]LRQH,WDOLDQD$JHQWLGL&DPELR
$, $SWLWXGH,QGH[ ,WDOLDQDFURQ\PRIWKH,WDOLDQ6WRFNEURNHUV

$, $UWLILFLDO,QVHPLQDWLRQ $VVRFLDWLRQ
$UWLILFLDO,QVHPLQDWLRQLVDSURFHVVE\PHDQVRI $,$( $VVRFLDWHRIWKH,QVWLWXWHRI$XWRPRELOH
ZKLFKVSHUUQDWR]RDDUHGHSRVLWHGLQWRWKHYDJLQD (QJLQHHUV
RUFHUYL[ E\DUWLILFLDOPHDQV $,$)$LDI $VVRFLD]LRQH,WDOLDQDGHJOL$QDOLVWL
0HGLFLQH )LQDQ]LDUL
$, $UWLILFLDO,QWHOOLJHQFH ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI
$,$ $FDGpPLH,QWHUQDWLRQDOHG
$VWURQDXWLTXH )LQDQFLDO$QDO\VWV


$,$3 $VVRFLD]LRQH,WDOLDQDGL$UFKLWHWWXUDGHO $,&$ $OOHDQ]D,WDOLDQDGHOOH&RRSHUDWLYH$JULFROH


3DHVDJJLR ,WDO\  ,WDO\ 
$,$UE $VVRFLDWHRIWKH,QVWLWXWHRI$UELWUDWRUV $,&$ $VVRFLDWHRIWKH,QVWLWXWHRI&RPSDQ\
$,$6 $VVRFLD]LRQH,WDOLDQD$GGHWWLDOOD6LFXUH]]D $FFRXQWDQWV
,WDO\  $,&$ $VVRFLD]LRQH,WDOLDQD&RPXQLFD]LRQL
$,$6 $VVRFLD]LRQH,WDOLDQDSHUO
$VVLVWHQ]DDJOL $OWHUQDWLYH ,WDO\ 
6SDVWLFL ,WDO\  $,&$ LVDQ$VVRFLDWLRQGHDOLQJZLWKDVVLVWDQFHWR
$,% $FDGpPLHGHV,QVFULSWLRQVHW%HOOHV/HWWUHV KDQGLFDSSHGFKLOGUHQ
$,% $FDGHP\RI,QWHUQDWLRQDO%XVLQHVV $,&$ $VVRFLD]LRQH,WDOLDQD&RQWURO
$UWULWH
)RXQGHGLQ/RFDWHGLQ&OHYHODQG2KLR ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRUWKH
86$ )LJKW$JDLQVW$UWKULWLV
$,% $FFLGHQWV,QYHVWLJDWLRQV%UDQFK 5R\DO$LU $,&$ $VVRFLD]LRQH,WDOLDQDSHUO
,QIRUPDWLFDHLO
)RUFH  *%  &DOFROR$XWRPDWLFR
$,% $OOLHG,ULVK%DQNV ,WDOLDQ$VVRFLDWLRQ
$,% $PHULFDQ,QVWLWXWHRI%DQNLQJ 86$  $,&% ,QWHUQDWLRQDO$VVRFLDWLRQ$JDLQVW1RLVH
$,% $PLQRLVREXW\ULF$FLG 6ZLW]HUODQG 
%LRFKHPLVWU\ $,&& $OOHDQ]D,WDOLDQD&RRSHUDWLYHGL&RQVXPR
$,% $VVRFLDWHRIWKH,QVWLWXWHRI%DQNHUV ,WDO\ 
$,% $VVRFLDWLRQRI,QYHVWPHQW%URNHUV $,&' $FWLYDWLRQ,QGXFHG&HOO'HDWK
$,% $VVRFLD]LRQH,WDOLDQD%LEOLRWHFKH +XPDQ*HQHWLFV0ROHFXODU%LRORJ\3DWKRORJ\
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ/LEUDULHV $,&( $PHULFDQ,QVWLWXWHRI&RQVXOWLQJ(QJLQHHUV
$VVRFLDWLRQ ,WDO\  86$ 
$,% $PSOLILHG,Q%UHDVWFDQFHU $,&( $VVRFLDWHRIWKH,QVWLWXWHRI&LYLO(QJLQHHUV
0ROHFXODU%LRORJ\0ROHFXODU(QGRFULQRORJ\ $,&($,&( $VVRFLD]LRQH,WDOLDQDSHUODORWWD
$,%$ $JULFXOWXUDO,QIRUPDWLRQ%DQNRI$VLD &RQWURO
(SLOHVVLD
$,%$ $VVRFLD]LRQH,WDOLDQDGL%URNHUGL ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRUWKH
$VVLFXUD]LRQH ,WDO\  ILJKWDJDLQVW(SLOHSV\
,WDOLDQDFURQ\PRIWKH,QVXUDQFH%URNHUV,WDOLDQ $,&(/$LFHO $VVRFLD]LRQH,WDOLDQD&RPPHUFLR
$VVRFLDWLRQ (OHWWURQLFR
$,%' $VVRFLDWHRIWKH,QVWLWXWHRI%ULWLVK ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU WKH
'HFRUDWRUV *%  GHYHORSPHQWRI (OHFWURQLF&RPPHUFH
$,%' $VVRFLDWLRQRI,QWHUQDWLRQDO%RQG'HDOHUV $,&) $&&6LQWHURSHUDELOLW\FRRUGLQDWLRQIXQFWLRQ
$,%,$L%L $VVRFLD]LRQH$PLFLGHL%DPELQL IRQFWLRQGHFRRUGLQDWLRQGHO·LQWHURSpUDELOLWpGH
,WDOLDQDFURQ\PRIWKH)ULHQGVRI&KLOGUHQ O·$&&6
$VVRFLDWLRQ $,&2 $VVRFLDWLRQRI,EHURDPHULFDQ&KDPEHUVRI
$,%/ $FDGpPLHGHV,QVFULSWLRQVHW%HOOHV/HWWUHV &RPPHUFH %RJRWD 
)UDQFH  $,&2' $VVRFLD]LRQH,WDOLDQD,PSUHVHGL
$,%/ $VVRFLDWLRQRI,QWHUQDWLRQDO%XVLQHVV &RQVXOHQ]D2UJDQL]]DWLYDH'LUH]LRQDOH
/HDGHUV ,WDOLDQ$VVRFLDWLRQ
$,%1 $]RELVLVREXW\URQLWULOH $,&3$ $PHULFDQ,QVWLWXWHRI&HUWLILHG3XEOLF
$,%1LVXVHGPDLQO\DVDEORZLQJDJHQWIRUHODV $FFRXQWDQWV 86$ 
WRPHUVDQGSODVWLFV $,&4 $VVRFLD]LRQH,WDOLD&HQWURQRUGSHUOD4XDOLWj
2UJDQLF&KHPLVWU\ ,WDO\ 
$,%6 $PHULFDQ,QVWLWXWHRI%LRORJLFDO6FLHQFHV $,&6 $VVRFLDWHRIWKH,QVWLWXWHRI&KDUWHUHG
86$  6KLSEURNHUV *% 
DLF DGGHVWUDPHQWRLQGLYLGXDOHDOFRPEDWWLPHQWR $,&6 $VVRFLDWLRQRI,QGHSHQGHQW&RPSXWHU
$,& $VVRFLDWHRIWKH,QVWLWXWHRI&KHPLVWU\ 6SHFLDOLVWV
$,& $VVRFLD]LRQH,WDOLDQD&LQHRSHUDWRUL $,&9 DUPRXUHGLQIDQWU\FRPEDWYHKLFOH
,WDOLDQ$VVRFLDWLRQ YpKLFXOHEOLQGpGHFRPEDWG·LQIDQWHULH 9%&, 
$,& $VVRFLD]LRQH,WDOLDQD&URQRPHWULVWL $,&9) $VVRFLDWLRQGHV,QJpQLHXUVGH&KDXIIDJHHW
,WDOLDQDFURQ\PRIWKH,WDOLDQ7LPHNHHSHUV
9HQWLODWLRQGH)UDQFH
$VVRFLDWLRQ )UHQFKLQLWLDOLVPRIWKH$VVRFLDWLRQRI+HDWLQJ
DQG$LUFRQGLWLRQLQJ(QJLQHHUVRI)UDQFH


$,' $EEUHYLDWHG,WHP'HVFULSWLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ&RQIHFWLRQHULHV


$,' $FFLGHQW,QFLGHQW'HILFLHQFLHV $VVRFLDWLRQ
$,' $FWLRQ,WHP'LUHFWLYH $,'$ $WWHQ]LRQH,QWHUHVVH'HVLGHULR$]LRQH
$,' $FWLYDWLRQ,QGXFHGF\WLGLQH'HDPLQDVH ,WDOLDQDFURQ\PPHDQLQJ$WWHQWLRQ,QWHUHVW
$QWLJHQ$IILQLW\$QWLERG\0XWDWLRQLQ%&HOOV 'HVLUH$FWLRQ
%LRORJ\RI'LVHDVH0HGLFLQH0HGLFDO&KHPLVWU\ 0DUNHWLQJ
0ROHFXODU%LRORJ\5DGLRLVRWRSH5HVHDUFK $,'& $VVRFLD]LRQH,WDOLDQDGL'LULWWR&RPSDUDWR
)RUIXUWKHUGHWDLOVVHHXQGHU&656+0 DQG ,WDO\ 
,/)V $,'' $VVRFLD]LRQH,WDOLDQD&RQWUROD'LIIXVLRQH
$,' $FWLYH,QWHJUDO'HIHQVH GHOOD'URJD 0LODQ,WDO\ 
$,' $FXWH,QIHFWLRXV'LVHDVH $,''$ $VVRFLD]LRQH,PSUHQGLWULFL'RQQHH
0HGLFLQH 'LULJHQWLG
$]LHQGD
$,' $GXOW,QIRUPDWLRQRQ'UXJV ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI:RPHQ
5HIHUUDO6HUYLFHLQWKH86$ (QWUHSUHQHXUVDQG0DQDJHUV
$,' $GYDQFHG,QWHJUDWHG'LDJQRVWLFV $,'( $VVRFLD]LRQH,PSLHJDWLGHOO
(GLOL]LD
$,' $HURVSDFH,QIRUPDWLRQ'LYLVLRQ ,WDOLDQ$VVRFLDWLRQ
/LEUDU\RI&RQJUHVV86$ $,'JHQH $FWLYDWLRQ,QGXFHG'HDPLQDVHJHQH
$,' $JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW ,PPXQRJOREXOLQ*HQH&RQYHUVLRQ
86*RYHUQPHQW7KH86$JHQF\IRU $,', $VVRFLD]LRQH,WDOLDQD'L,OOXPLQD]LRQH
,QWHUQDWLRQDO'HYHORSPHQWZDVHVWDEOLVKHGLQ ,WDOLDQ$VVRFLDWLRQ
 $,',& $VVRFLD]LRQH,WDOLDQD'L,QJHJQHULD&KLPLFD
$,' $PHULFDQ,QVWLWXWHRI'HFRUDWRUV$PHULFDQ 0LODQ,WDO\ 
,QVWLWXWHRI,QWHULRU'HVLJQHUV ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI
$,' $UP\,QWHOOLJHQFH'HSDUWPHQW *%  &KHPLFDO(QJLQHHULQJ
$,' $UWLILFLDO,QVHPLQDWLRQE\'RQRU $,',33$,',33 $VVRFLD]LRQH,WDOLDQD
$,' $VVRFLDWLRQ,QWHUQDWLRQDOHGH'pYHORSSHPHQW 'HFRUDWRULH,QVHJQDQWLGL3LWWXUDVX3RUFHOODQD
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ ,WDO\ 
IRU'HYHORSPHQW ,WDOLDQ$VVRFLDWLRQGHDOLQJZLWKSRUFHODLQSDLQWLQJ
$,' $7&$ LQWHURSHUDELOLW\GDWDEDVH>REVROHWH@ FHUDPLFVJODVVDQGPHWDOHQDPHOLQJ
EDVHGHGRQQpHVVXUO·LQWHURSpUDELOLWpGHO·$7&$ $,'-(; $UFWLF,FH'\QDPLFV-RLQW(;SHULPHQW
>REVROqWH@ 86$&DQDGD-DSDQ
$,' $XWRPDWLF,PSODQWDEOH'HILEULOODWRU $,'/ $UWKURSRGERUQHDQG,QIHFWLRXV'LVHDVHV
0HGLFLQH /DERUDWRU\ 86$ 
$,' $XWRPDWLF,QWHUDFWLRQ'HWHFWLRQ'HWHFWRU $,'0(' $VVLVWDQWIRU,QWHUDFWLQJZLWKPXOWL
'DWD3URFHVVLQJ PHGLD0(GLFDO'DWDEDVHV
$,'$ $PHULFDQ,QGHSHQGHQW'HVLJQHUV$VVRFLDWLRQ 0HGLFLQH
86$  $,'26 $VVRFLD]LRQH,WDOLDQD'2QQHSHUOR
$,'$ $PHULFDQ,QGLFDWRU'LJHVW$YHUDJH 6YLOXSSR ,WDO\ 
$PHULFDQ6WRFN([FKDQJH ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ:RPHQ$VVRFLDWLRQ
$,'$ $VVRFLDWLRQ,QWHUQDWLRQDOHGH'HIHQVHGHV IRU'HYHORSPHQW$,'26LVEDVHGLQ5RPH,WDO\
$UWLVWHV $LGS $VVRFLD]LRQHLWDOLDQDSHUODGLUH]LRQHGHOSHU
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ VRQDOH
IRUWKH'HIHQFHRI$UWLVWV ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$VVRFLDWLRQIRU
$,'$ $VVRFLDWLRQ,QWHUQDWLRQDOHGHOD'LVWULEXWLRQ 3HUVRQQHOPDQDJHPHQW$LGSZDVIRXQGHGLQ
GHV3URGXLWV$OLPHQWDLUHVHWGHVSURGXLWVGH %DVHGLQ0LODQ,WDO\
JUDQGHFRQVRPPDWLRQ $,'526 $VVRFLD]LRQH,WDOLDQDSHUL'LULWWLGL
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ 5LSURGX]LRQHGHOOH2SHUHD6WDPSD
IRUWKH'LVWULEXWLRQRI)RRG3URGXFWV ,WDOLDQ$VVRFLDWLRQ
$,'$ $VVRFLDWLRQ,QWHUQDWLRQDOHGH'URLWGH $,'6 $FTXLUHG,PPXQRGHILFLHQF\6\QGURPH
O
$VVXUDQFH $,'6LVDQHSLGHPLFUHWURYLUDOGLVHDVHGXHWR
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ LQIHFWLRQZLWKKXPDQLPPXQRGHILFLHQF\YLUXV
IRU,QVXUDQFH/DZ +,9 
$,'$ $VVRFLD]LRQH,QGXVWULH'ROFLDULH,WDOLDQH 0HGLFLQH


$,($,( $VVRFLD]LRQH,QWHUQD]LRQDOHGHJOL YpKLFXOHEOLQGpGHFRPEDWG·LQIDQWHULH 9%&, 


(FRQRPLVWL ,WDO\  $,* DGGUHVVLQGLFDWRUJURXS
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO(FRQRPLVWV
DDGUHVVHVLQWHQWLRQQHOOHPHQWJURXSpHV>HQ
$VVRFLDWLRQ DEUpJpXQ$,*@
$,( $VVRFLD]LRQH,WDOLDQDGHJOL(GLWRUL EJURXSHLQGLFDWHXUG·DGUHVVHV
,WDOLDQDFURQ\PRIWKH,WDOLDQ3XEOLVKHUV
$,* $VVRFLD]LRQH,WDOLDQDRVWHOOLGHOOD*LRYHQW
$VVRFLDWLRQ ,WDO\ 
$,($ $JHQFH,QWHUQDWLRQDOHSRXUO
(QHUJLH ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$VVRFLDWLRQRI
$WRPLTXH <RXWK+RVWHOV
)UHQFKLQLWLDOLVPRIWKH$WRPLF(QHUJ\ $,*$ $VVRFLDWLRQ,QWHUQDWLRQDOHGH
,QWHUQDWLRQDO$JHQF\ *pRPDJQHWLVPHHWG
$pURQRPLH
$,('$LHG $VVRFLD]LRQH,WDOLDQDSHUO
(GXFD]LRQH $,*&3 $VVRFLDWLRQ,QWHUQDWLRQDOHGHV*URXSHVGHV
'HPRJUDILFD &\FOLVWHV3URIHVVLRQQHOV
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU $,*5 $VVRFLD]LRQH,WDOLDQDGL*HQLR5XUDOH
'HPRJUDSKLF(GXFDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU$,,$
$,(( $VVRFLDWHRIWKH,QVWLWXWHRI(OHFWULFDO $,+ $UWLILFLDO,QVHPLQDWLRQE\+XVEDQG
(QJLQHHUV $,+$ $PHULFDQ,QWHUQDWLRQDO+HDOWK$OOLDQFH
$,(( $VVRFLDWLRQGHV,QVWLWXWVG
(WXGHV $,+ $VVRFLDWLRQ $PHULFDQ,QGXVWULDO+\JLHQH
(XURSpHQQHV $VVRFLDWLRQ 86$ 
/RFDWHGLQ*HQHYD6ZLW]HUODQG)RXQGHGLQ $,, DUHDRILQWHOOLJHQFHLQWHUHVW
WRFRRUGLQDWHDFWLYLWLHVRIPHPEHULQVWLWXWHVLQ ]RQHG·LQWpUrWGXUHQVHLJQHPHQW
WHDFKLQJDQGUHVHDUFKH[FKDQJHLQIRUPDWLRQSUR $,,$ $VVRFLD]LRQH,WDOLDQDGL,QJHJQHULD$JUDULD
YLGHDFHQWUHIRUGRFXPHQWDWLRQ ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$VVRFLDWLRQRI
$,(6(& $VVRFLDWLRQ,QWHUQDWLRQDOHGHV(WXGLDQWV $JULFXOWXUDO(QJLQHHULQJ
GH6FLHQFHV(FRQRPLTXHVHW&RPPHUFLDOHV $ QRQSURILWDVVRFLDWLRQIRXQGHGLQ)RUWKH
)UDQFH  SHULRGIURPWKHHQGRIWKHVXQWLOWKH
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ $VVRFLDWLRQDGRSWHGWKHLQLWLDOLVP$,*5DQGDIWHU
RI(FRQRPLFDQG&RPPHUFLDO6FLHQFH6WXGHQWV WKDWGDWHJRWEDFNWRWKHRULJLQDORQH$,,$6FRSH
$LHVHF $VVRFLD]LRQHLQWHUQD]LRQDOHGHJOLVWXGHQWLLQ DQGDLPVWRJLYHLWVRZQFRQWULEXWLRQWRWKHVFLHQ
VFLHQ]HHFRQRPLFKHHFRPPHUFLDOL WLILFDQGWHFKQLFDOGLVFLSOLQHVSHUWDLQLQJWR
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ (QJLQHHULQJDSSOLHGWRWKHGHYHORSPHQWRIDJULFXO
RI(FRQRPLFDQG&RPPHUFLDO6FLHQFHVWXGHQWV WXUDODQGIRUHVWU\V\VWHPVFRRUGLQDWLQJDQGFDUU\
)RXQGHGLQ,WDO\LQ,WSURPRWHVWUDLQLQJ LQJRXWUHVHDUFKDQGWHDFKLQJFRXUVHVSURPRWLQJ
ZLWKLQ&RPSDQLHVLQ&RXQWULHV HYHQWVDQGDFWLYLWLHVLQVFLHQWLILFFXOWXUDODQGKLV
$LHVHH(VJ $VVRFLDWLRQLQWHUpWXGLDQWVHQVFLHQFHV WRULFDOILHOGVNHHSLQJLQWRXFKZLWKVLPLODU,WDOLDQ
pFRQRPLTXHVHWFRPPHUFLDOHVHW(FROH6XSpULHXUH DQG)RUHLJQ,QVWLWXWLRQV
GH*HVWLRQ)UDQFH )RUIXUWKHUGHWDLOVVHHXQGHU$,*5
$,(67 ,QWHUQDWLRQDO$VVRFLDWLRQRI6FLHQWLILF $, ,$ $VVRFLD]LRQH,WDOLDQDSHUO
,QWHOOLJHQ]D
([SHUWVLQ7RXULVP 6ZLW]HUODQG  $UWLILFLDOH 0LODQ,WDO\ 
$,) $SRSWRVLV,QGXFLQJ)DFWRU ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU
&DVSDVHV&HOOXODU,PPXQRORJ\ $UWLILFLDO,QWHOOLJHQFH
$,)$LI $VVRFLD]LRQH,PSRUWDWRUL)HUWLOL]]DQWL $,,& $VVRFLDWLRQ,QWHUQDWLRQDOHGHV,QWHUSUqWHVGH
,WDOLDQ$VVRFLDWLRQ)HUWLOL]HUV &RQIpUHQFH
$,) $VVRFLD]LRQH,WDOLDQD)RUPDWRUL ,WDO\  )UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ
$,) $WRPLF,QGXVWULDO)RUXP RI&RQIHUHQFH,QWHUSUHWHUV
$,) DXWRPDWHGLQWHOOLJHQFHILOH $,,* $VVRFLD]LRQH,WDOLDQDGL,QJHJQHULD
GRVVLHULQIRUPDWLVpGXUHQVHLJQHPHQW *HVWLRQDOH
$,),/ $VVRFLD]LRQH,WDOLDQD)DEEULFDQWL,QVHJQHH ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$VVRFLDWLRQRI
3XEEOLFLWj/XPLQRVH ,WDO\  0DQDJHPHQW(QJLQHHULQJ
$,)6 $&(LQIRUPDWLRQIORZV\VWHP $,,0 $VVRFLD]LRQH,WDOLDQDGL,QIRUPDWLFD
V\VWqPHG·DFKHPLQHPHQWGHVLQIRUPDWLRQVGX 0HGLFD ,WDO\ 
&$( $,,3 $VVRFLD]LRQH,WDOLDQD,QWHUQHW3URYLGHUV
$,)9 DUPRXUHGLQIDQWU\ILJKWLQJYHKLFOH ,WDOLDQ$VVRFLDWLRQ


$,,3$$LLSD $VVRFLD]LRQH,WDOLDQD,QGXVWULH $,0D& $VVRFLD]LRQH,WDOLDQD0DODWLGL&DQFUR


3URGRWWL$OLPHQWDUL ,WDO\  ,WDO\ 
$,/ $GYDQFH,QIRUPDWLRQ/HWWHU $,0$1 $VVRFLD]LRQH,WDOLDQDIUDLWHFQLFLGL
860LOLWDU\ 0$1XWHQ]LRQH ,WDO\ 
$,/ $HURQDXWLFDO,QVWUXPHQWV/DERUDWRU\ $,0$7 $VVRFLD]LRQH,WDOLDQDGL,QJHJQHULDGHL
860LOLWDU\ 0DWHULDOL
$,/ $HURVSDFH,QVWUXPHQWDWLRQ/DERUDWRU\ ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU
86$LU)RUFH 0DWHULDOV(QJLQHHULQJ$,0$7 LVDQRQSURILW
$,/ $LU,QWHOOLJHQFH/LDLVRQ *%  DVVRFLDWLRQIRXQGHGLQ7KHDVVRFLDWLRQSUR
$,/ $PHULFDQ,QVWLWXWHRI/HLVXUHWLPH 86$  PRWHVDQGFRRUGLQDWHVUHVHDUFKUHODWLQJWRWKH
$,/ $UJRQ,RQ/DVHU FRPSRVLWLRQPLFURVWUXFWXUHSURSHUWLHVDQGDSSOL
)RUIXUWKHUGHWDLOVVHHXQGHU$/ FDWLRQVRIPDWHULDOV
$,/ $VVRFLDWHRIWKH,QVWLWXWHRI/LQJXLVWV $,0% $VVRFLD]LRQHGHJOL,QGXVWULDOLGL0RQ]DHGL
$,/ $VVRFLD]LRQH,WDOLDQDFRQWUROH/HXFHPLH %ULDQ]D ,WDO\ 
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQ$JDLQVW $,0%( $PHULFDQ,QVWLWXWHRI0HGLFDODQG
/HXNHPLDV %LRORJLFDO(QJLQHHULQJ 86$ 
$,/( $VVRFLDWLRQ,QWHUQDWLRQDOHGHV/RWWHULHV $,0( $PHULFDQ,QVWLWXWHRI0LQLQJPHWDOOXUJLFDO
G
(WDW DQGSHWUROHXP(QJLQHHUV
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ $,0, $VVRFLD]LRQH,WDOLDQD0LFURILOP
RI6WDWH/RWWHULHV ,WDOLDQ$VVRFLDWLRQ
$,/2 $LU,QWHOOLJHQFH/LDLVRQ2IILFHU *%  $,06 $&&6,QIRUPDWLRQ0DQDJHPHQW6\VWHP
$,/2*$LORJ $VVRFLD]LRQH,WDOLDQDGL/2*LVWLFD V\VWqPHGHJHVWLRQGHO·LQIRUPDWLRQGHO·$&&6
,WDO\  $OOLHG,QIRUPDWLRQ0DQDJHPHQW6\VWHP
$,/2*ZDVIRXQGHGLQEDVHGLQ0LODQ V\VWqPHLQWHUDOOLpGHJHVWLRQGHO·LQIRUPDWLRQ
,WDO\ $,06 $GYDQFHG,QWHJUDWHG0DJQHWLFDQRPDO\
$,/6 $GYDQFHG,QWHJUDWHG/DQGLQJ6\VWHPV GHWHFWLRQ6\VWHP
$,0 $FDGHP\IRU,QWHUVFLHQFH0HWKRGRORJ\ $,06 $GYDQFHG,QWHUFRQWLQHQWDO0LVVLOH6\VWHP
$LP $FKLHYHPHQWLQWHJUDWHGPHWKRGV $,06 $LUODXQFKHG,QWHUFHSW0LVVLOHUHFRUG
$,0 $FWLYH,QHUW0LVVLOH 6\VWHP
$,0 $GDSWLYH,QMHFWLRQ0ROGLQJ $,06 $PHULFDQ,QVWLWXWHRI0HUFKDQW6KLSSLQJ
$,0 $GYDQFHG,QIRUPDWLFVLQ0HGLFLQH 86$ 
$,0 $HURVSDFH,QGXVWULDO0RGHUQL]DWLRQ $,06SURGXFW $XWRPDWHG,QGLYLGXDO0DUNHWLQJ
$,0 $LGIRU,QWHUQDWLRQDO0HGLFLQH 6DOHVSURGXFW
$,0 $LUERUQH,QIUDUHG0DSSHU &DPSDLJQ0DQDJHPHQW6RIWZDUH
$,0 DLULQWHUFHSWPLVVLOH $,1 $GYDQFHG,QWHOOLJHQW1HWZRUN
PLVVLOHG·LQWHUFHSWLRQDpULHQQH $,1 $OWHUQDWLYH,QIRUPDWLRQ1HWZRUN
$,0 $LUPHQ
V,QIRUPDWLRQ0DQXDO $,1 $PHULFDQ,QVWLWXWHRI1XWULWLRQ 86$ 
1DYLJDWLRQ $,1 $VVHPEO\,GHQWLILFDWLRQ1XPEHU
$,0 $PHULFDQ,QVWLWXWHRI0DQDJHPHQW $,1$ $UFWLF,QVWLWXWHRI1RUWK$PHULFD
$,0 $SSOLHG,QWHUDFWLYH0DUNHWLQJ $UFWLF6FLHQFH
$,0 $VVRFLD]LRQH,WDOLDQDGL0HWDOOXUJLD $,QG $QJOR,QGLDQ
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI /DQJXDJHV
0HWDOOXUJ\ 0LODQ,WDO\  $,16 $QWL,QIODPPDWRLUH1RQ6WpURwGLHQ
$,0 $VVRFLD]LRQH,WDOLDQDSHUOD/RWWDDOOD )UHQFKDFURQ\PPHDQLQJ1RQVWHURLG$QWL
0LDVWHQLD ,WDO\  ,QIODPPDWRU\
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRUWKH $,QW3 $OOLHG,QWHOOLJHQFH3XEOLFDWLRQ
ILJKWDJDLQVW0\DVWKHQLD SXEOLFDWLRQLQWHUDOOLpHVXUOHUHQVHLJQHPHQW
$,0 $VWURPHWULF,QWHUIHURPHWU\0LVVLRQ $,2& $QJOR,UDQLDQ2LO&RPSDQ\
$,0$ $VVRFLD]LRQH,WDOLDQD0DODWWLDGL$O]KHLPHU $,26 $VVRFLD]LRQH,WDOLDQD2SHUDWRULLQ
,WDOLDQDFURQ\PRIWKH$O]KHLPHU
V'LVHDVH,WDOLDQ 6HVVXRORJLD
$VVRFLDWLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI
$,0$ $]LHQGDVWDWDOHSHUJOL,QWHUYHQWLVXL0HUFDWL 6H[XDO7KHUDS\2SHUDWRUV
$JULFROL ,WDO\ 


$,263 $VVRFLDWLRQ,QWHUQDWLRQDOHG
2ULHQWDWLRQ %UHVFLD,WDO\3XUSRVHWKHSURPRWLRQRIVFLHQWLILF
6FRODLUHHW3URIHVVLRQQHOOH DQGWHFKQLFDONQRZOHGJHLQWKHILHOGRI1RQ
$,263 ZDVIRXQGHGLQWRFRQWULEXWHWRWKH 'HVWUXFWLYH7HVWLQJ3XEOLVKHVD-RXUQDORQD
GHYHORSPHQWRIYRFDWLRQDOJXLGDQFHDQGSURPRWH TXDUWHUO\EDVLVFRQJUHVVDQGV\PSRVLXPSURFHHG
FRQWDFWEHWZHHQSHUVRQVDVVRFLDWHGZLWKLW LQJVHGXFDWLRQDOSDSHUVDQGWHFKQLFDODQGVFLHQWLI
$,27( $VVRFLD]LRQH,WDOLDQD2SHUDWRUL7LWROL(VWHUL LFWH[WERRNV
,WDO\  $,33 $VVRFLD]LRQH,WDOLDQD3XEEOLFLWDUL
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI 3URIHVVLRQLVWL
%URNHUVLQ)RUHLJQ6HFXULWLHV ,WDOLDQ$VVRFLDWLRQ
$,3 $HURQDXWLFDO,QIRUPDWLRQ3XEOLFDWLRQ $,33, $VVRFLD]LRQH,WDOLDQDGL3VLFRWHUDSLD
SXEOLFDWLRQG·LQIRUPDWLRQDpURQDXWLTXH 3VLFRDQDOLWLFD,QIDQWLOH
DLULQGHSHQGHQWSURSXOVLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI
SURSXOVLRQDQDpURELH ,QIDQWLOH3V\FKRDQDO\WLF3V\FKRWKHUDS\
$,3 $PHULFDQ,QVWLWXWHRI3K\VLFV 86$  $,36 $VWURQRPLFDO,PDJH3URFHVVLQJ6\VWHP
$,3 $VVRFLD]LRQH,WDOLDQD3HOOLFFLDL ,WDO\  $,37 $GYDQFHG,PDJH3URFHVVLQJ7HUPLQDO
,WDOLDQDFURQ\PRIWKH,WDOLDQ)XUULHUV 2IWKH'HIHQFH5HVHDUFK$JHQF\
$VVRFLDWLRQ $OJRULWKPVZULWWHQE\/RJLFD3URJUDPPHUV
$,3 $VVRFLD]LRQH,WDOLDQDWUDJOLDGGHWWLDLVLVWHPL 1HXUDO1HWZRUN6RIWZDUH
3URGXWWLYL ,WDO\  $,4) $VVRFLD]LRQH,WDOLDQDSHUOD4XDOLWjGHOOD
$,3 ZDVIRXQGHGLQ%DVHGLQ7XULQ,WDO\ )RUPD]LRQH ,WDO\ 
$,3 $VVRFLD]LRQH,WDOLDQD3DUNLQVRQLDQL $,5 $FRXVWLF,QWHUFHSW5HFHLYHU
,WDOLDQ$VVRFLDWLRQ $,5 $FXWH,QVXOLQ5HVSRQVH
$,3$ $VVRFLDWHRIWKH,QVWLWXWHRI,QFRUSRUDWHG (QGRFULQRORJ\
3UDFWLWLRQHUVLQ$GYHUWLVLQJ $,5 $IWHU,QLWLDO5HOHDVH
$,3$$,3$ $VVRFLD]LRQH,WDOLDQD3VLFRORJLD $,5 $LUERUQH,QWHUFHSW5RFNHW
$QDOLWLFD ,WDO\  $,5 $LU,QIODWDEOH5HWDUGHU UHIHUULQJWRERPEV 
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI $,5 $LU,QMHFWLRQ5HDFWRU
$QDO\WLF3V\FKRORJ\ 0HFKDQLFDO(QJLQHHULQJ
$,3$$LSD $XWRULWjSHUO
,QIRUPDWLFDQHOOD $,5 $LU,QWHUFHSW5RFNHW
3XEEOLFD$PPLQLVWUD]LRQH ,WDO\  $,5 $QQDOVRI,PSUREDEOH5HVHDUFK
$,3$, $VVRFLD]LRQH,WDOLDQD3HULWL$VVLFXUDWLYL $ KXPRUSXEOLFDWLRQ
,QFHQGLRHULVFKLGLYHUVL $,5 DQQXDOLQIUDVWUXFWXUHUHSRUW
,WDOLDQ$VVRFLDWLRQ UDSSRUWDQQXHOG·LQIUDVWUXFWXUH
$,3( $PHULFDQ,QVWLWXWHRI3ODQW(QJLQHHUV DUHDRILQWHOOLJHQFHUHVSRQVLELOLW\
$,3( $VVRFLDWHRIWKH,QVWLWXWLRQRI3URGXFWLRQ ]RQHGHUHVSRQVDELOLWpGXUHQVHLJQHPHQW =55 
(QJLQHHUV $,5 $UP\,QWHOOLJHQFH5HVHUYH
$,3(6 $VVRFLD]LRQH,WDOLDQDSHUOD3URPR]LRQH $,UDGDU $LUERUQH,QWHUFHSWUDGDU
GHOO
(QHUJLD6RODUH ,WDO\  (QJLQHHULQJ
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRUWKH $,5%$/7$3 $OOLHG$LU)RUFHV%DOWLF$SSURDFKHV
3URPRWLRQRI6RODU(QHUJ\ >REVROHWHUHSODFHGE\$,51257+@
$,3(9 $VVRFLD]LRQH,WDOLDQDSHUODGLIHVDGHL )RUFHVDpULHQQHVDOOLpHVGHVDSSURFKHVGHOD
3RUWDWRULGL(SDWLWH9LUDOH %DOWLTXH>REVROqWHUHPSODFpSDU$,51257+@
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRUWKH $,5& $VVRFLD]LRQH,WDOLDQDSHUOD5LFHUFDVXO
SURWHFWLRQRI9LUDO+HSDWLWLV&DUULHUV &DQFUR ,WDO\ 
$,3+ $LSK $VVRFLDWLRQ,QWHUQDWLRQDOHGHV ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$VVRFLDWLRQIRU
3URGXFWHXUVGHO
+RUWLFXOWXUH &DQFHU5HVHDUFK
)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ $,5&(17 $OOLHG$LU)RUFHV&HQWUDO(XURSH
RI+RUWLFXOWXUH3URGXFHUV >REVROHWHUHSODFHGE\$,51257+@
$,3Q' $VVRFLD]LRQH,WDOLDQD3URYHQRQ'LVWUXWWLYH )RUFHVDpULHQQHVDOOLpHVGX&HQWUH(XURSH
0RQLWRUDJJLR'LDJQRVWLFD >REVROqWHUHPSODFpSDU$,51257+@
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ6RFLHW\IRU1RQ $,5&(17/$17 0DULWLPH$LU&HQWUDO$WODQWLF
'HVWUXFWLYH7HVWLQJ0RQLWRULQJ'LDJQRVWLFV7KH 6XE$UHD>REVROHWH@
$,3Q'ZDVHVWDEOLVKHGLQDQGLVEDVHGLQ


)RUFHVDpURPDULWLPHVGHOD6RXV]RQHFHQWUDOHGH $,5121 $OLHG$LU)RUFHV1RUWK1RUZD\>REVR


O·$WODQWLTXH>REVROqWH@ OHWH@
$,5( $QDJUDIH,WDOLDQL5HVLGHQWLDOO
(VWHUR )RUFHVDpULHQQHVDOOLpHVGXQRUGGHOD1RUYqJH
,WDOLDQDFURQ\PPHDQLQJ5HJLVWHURI,WDOLDQV >REVROqWH@
5HVLGLQJ$EURDG $,51257+ $OOLHG$LU)RUFHV1RUWK>KDV
$,5( $VVRFLDWLRQ,QWHUQDWLRQDOHGHV5HVVRXUFHVHQ UHSODFHG$,5%$/7$3$,5&(17 DQG
(DX $,51257+:(67@
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO:DWHU )RUFHVDpULHQQHVDOOLpHV1RUG>UHPSODFH$,5
5HVRXUFHV$VVRFLDWLRQ %$/7$3$,5&(17 HW$,51257+:(67@
$,5( $VVRFLD]LRQH,WDOLDQDSHUOD5LFHUFDHODSUR $OOLHG$LU)RUFHV1RUWKHUQ(XURSH>REVROHWH@
PR]LRQHGHJOLVWXGLSHUO·(GLOL]LD )RUFHVDpULHQQHVDOOLpHV1RUG(XURSH
,WDOLDQ$VVRFLDWLRQ >REVROqWH@
$,5($,5( $VVRFLD]LRQH,WDOLDQD6RFLHWjGL $,51257+:(67 $OOLHG$LU)RUFHV
5HYLVLRQH ,WDO\  1RUWKZHVWHUQ(XURSH>REVROHWHUHSODFHGE\
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI$XGLW $,51257+@
&RPSDQLHV )RUFHVDpULHQQHVDOOLpHVGX1RUG2XHVW(XURSH
$,5( $XWRLPPXQH5HJXODWRU WUDQVFULSWLRQIDFWRU  >REVROqWHUHPSODFpSDU$,51257+@
$ GHIHFWLYHIRUPRI$,5(LQKXPDQVUHVXOWVLQ $,52)(; DLU RIIHQVLYHH[HUFLVH
0XOWLRUJDQ$XWRLPPXQH'LVHDVH H[HUFLFHDpULHQRIIHQVLI
,PPXQRORJ\,PPXQRJHQHWLFV0ROHFXODU%LRORJ\ $,53 $VVRFLDWLRQ,QWHUQDWLRQDOHGHV5HODWLRQV
$,5($67/$17 1DYDO$LU)RUFHV(DVW$WODQWLF 3XEOLTXHV
>REVROHWHKDVUHSODFHG$,5($67/$17 @ )UHQFKLQLWLDOLVPRIWKH3XEOLF5HODWLRQV
)RUFHVDpURQDYDOHV(VWGHO·$WODQWLTXH>REVROqWH ,QWHUQDWLRQDO$VVRFLDWLRQ
UHPSODFH$,5($67/$17 @ $,53$66 $LUERUQH,QWHUFHSWLRQ5DGDUDQG3LORWV
1DYDO 0DULWLPH $LU)RUFHV(DVWHUQ$WODQWLF $WWDFN6LJKW6\VWHP
$UHD>REVROHWHUHSODFHGE\$,5($67/$17 @ $,5SURMHFW $JUR,QGXVWULDO5HVHDUFKSURMHFW
)RUFHVDpURQDYDOHVGX6HFWHXURULHQWDOGH (XURSHDQ&RPPXQLW\3URMHFW
O·$WODQWLTXH>REVROqWHUHPSODFpSDU$,5($67 $,56 $FFLGHQW,QIRUPDWLRQ5HWULHYDO6\VWHP
/$17 @ $,56 $GYDQFHG,QHUWLDO5HIHUHQFH6SKHUH
$,5(; DLU H[HUFLVH $,56 $LUERUQH,QIUDUHG5DGLRPHWHU6\VWHP
H[HUFLVHDpULHQ $,56 $VVRFLD]LRQH,WDOLDQD5LFHUFDVXOOD6RUGLWj
$,5)$ $VVRFLD]LRQH,WDOLDQDSHUOD5LFHUFD ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU
VXOO
$QHPLDGL)DQFRQL ,WDO\  'HDIQHVV5HVHDUFK
OWDOLDQDFURQ\PRIWKHOWDOLDQ$VVRFLDWLRQIRU $,56 $WPRVSKHULF,QIUDUHG6RXQGHU
5HVHDUFKRQ)DQFRQL
V$QHPLD $,56 $XWRPDWLF,PDJH5HWULHYDO6\VWHP
$,5, $VVRFLD]LRQH,WDOLDQDSHUOD5LFHUFD $,562125 $OOLHG$LU)RUFHV6RXWK1RUZD\
,QGXVWULDOH ,WDO\  >REVROHWH@
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU )RUFHVDpULHQQHVDOOLpHVGXVXGGHOD1RUYqJH
,QGXVWULDO5HVHDUFK >REVROqWH@
$,5,& $VVRFLD]LRQH,WDOLDQDSHUOD5LFHUFD $,56287+ $OOLHG$LU)RUFHV6RXWK>KDV
VXOO
,QYHFFKLDPHQWR&HUHEUDOH ,WDO\  UHSODFHG$,56287+@
$,5,(/ $VVRFLD]LRQH,WDOLDQDSHUOD5LFHUFD )RUFHVDpULHQQHVDOOLpHV6XG>UHPSODFH$,5
QHOO
,PSLHJRGHJOLHODVWRPHUL 6287+@
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU $OOLHG$LU)RUFHV6RXWKHUQ(XURSH>REVROHWH
5HVHDUFKUHJDUGLQJWKHXVHRIHODVWRPHUV UHSODFHGE\$,56287+@
$,5/25'6 $,5OLQHV/RDG2SWLPL]DWLRQ )RUFHVDpULHQQHVDOOLpHVGXVXG(XURSH
5HFRUGLQJDQG'LVSOD\6\VWHP >REVROqWHUHPSODFpSDU$,56287+@
$LUPLF $VVRFLDWLRQRILQVXUDQFHDQGULVNPDQDJHUV $,575$16(; $,575$16SRUWDWLRQ(;HUFLVH
$,50R1 $WPRVSKHULF,QWHJUDWHG5HVHDUFK 0LOLWDU\
0RQLWRULQJ1HWZRUN $,58 $VVRFLD]LRQH,WDOLDQD5LVFDOGDPHQWR
$,50295(3 DLU PRYHPHQWUHSRUW 8UEDQR
FRPSWHUHQGXGHPRXYHPHQWVDpULHQV ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$VVRFLDWLRQIRU
8UEDQ+HDWLQJ


$,6 $EODWLQJ,QQHU6XUIDFH $,6/( $Q,QWHUVRFLHW\/LDLVRQ&RPPLWWHHRQ


$,6 $FDGHP\RI,QGHSHQGHQW6FKRODUV 86$  (QYLURQPHQW
$,6 $FFRXQWLQJ,QIRUPDWLRQ6\VWHP $,60 $VVRFLD]LRQH,WDOLDQDSHUJOL6WXGLGL
$,6 $GYDQFHG,QIRUPDWLRQ6\VWHPV 0DUNHWLQJ ,WDO\ 
$,6 $HURQDXWLFDO,QIRUPDWLRQ6HUYLFH ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU
$,6 $HURQDXWLFDO,QIRUPDWLRQ6SHFLDOLVW 0DUNHWLQJ6WXGLHV
$,6 $LU,QMHFWLRQ6\VWHP $,60 $VVRFLD]LRQH,WDOLDQD6FOHURVL0XOWLSOD
0HFKDQLFDO(QJLQHHULQJ ,WDOLDQDFURQ\PRIWKH,WDOLDQ0XOWLSOH6FOHURVLV
$,6 $LU,QWHOOLJHQFH6HUYLFH $VVRFLDWLRQ
$,6 $OFRKRO,QVROXEOH6ROLGV $,63 $OOLHG,PDJHU\6\VWHP3XEOLFDWLRQ
$,6 $QDORJ,QSXW6\VWHP SXEOLFDWLRQLQWHUDOOLpHVXUOHVV\VWqPHVG·LPDJHULH
$,6 $QGURJHQ,QVHQVLWLYLW\6\QGURPH $,632 $VVRFLD]LRQH,WDOLDQDSHUOD6ROLGDULHWjWUDL
(QGRFULQRORJ\ 3RSROL ,WDO\ 
$,6 $QWL,FLQJ6\VWHP ,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU
$YLDWLRQ 6ROLGDULW\DPRQJ3HRSOHV$,632LVEDVHGLQ
$,6 $QWL,QIODPPDWRLUH6WpURwGLHQ 0LODQ,WDO\
)UHQFKDFURQ\PPHDQLQJ6WHURLG$QWL $,6 SURFHVV $GYDQFHG,VRWRSH6HSDUDWLRQSURFHVV
,QIODPPDWRU\ 1XFOHDU(QHUJ\
$,6 $UP\,QWHOOLJHQFH6FKRRO $,66 $VVRFLDWLRQ,QWHUQDWLRQDOHGH6pFXULWp6RFLDOH
$,6 $VVRFLDWLRQ,QWHUQDWLRQDOHGHOD6DYRQQHULHHW )UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ
GHOD'HWHUJHQFH IRU6RFLDO6HFXULW\
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ $,67 $JHQ]LDSHUO
,QQRYD]LRQH6FLHQWLILFDH
RIWKH6RDSDQG'HWHUJHQW,QGXVWU\ 7HFQRORJLFD ,WDO\ 
$,6 $VVRFLDWLRQ,QWHUQDWLRQDOHGH6RFLRORJLH ,WDOLDQDFURQ\PRIWKH$JHQF\IRU6FLHQWLILFDQG
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO6RFLRORJ\ 7HFKQRORJLFDO,QQRYDWLRQ
$VVRFLDWLRQ $LVWRP $VVRFLD]LRQHLWDOLDQDLQFRQWLQHQWLHVWRPL]
$,6 $VVRFLDWLRQ,QWHUQDWLRQDOHGHOD6RLH ]DWL
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO6LON ,WDOLDQ$VVRFLDWLRQ
$VVRFLDWLRQ $,7 $FDGHP\IRU,PSODQWVDQG7UDQVSODQWV
$,6 $VVRFLD]LRQH,QWHUQD]LRQDOHSHUOR6YLOXSSR $,7 $GYDQFHG,QGLYLGXDO7UDLQLQJ
,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO'HYHORSPHQW 86$UP\
$VVRFLDWLRQ$,6ZDVFUHDWHGLQ6HSWHPEHU $,7 $JHQF\IRU,QVWUXFWLRQDO7HFKQRORJ\
$,6 $VVRFLD]LRQH,WDOLDQD6WUXPHQWLVWL $,7 $JJOXWLQDWLRQ,QKLELWLRQ7HVW
,WDOLDQ$VVRFLDWLRQ &OLQLFDO&KHPLVWU\
$,6 $XWRPDWHG,QIRUPDWLRQ6\VWHP $,7 $OOLDQFH,QWHUQDWLRQDOHGH7RXULVPH
$,6$ $VVRFLDWHRIWKH,QFRUSRUDWHG6HFUHWDULHV )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO7RXULVP
$VVRFLDWLRQ $OOLDQFH
$,6$ $VVRFLDWLRQ,QWHUQDWLRQDOHSRXUOD6HFXULWp $,7 $PHULFDQ,QVWLWXWHLQ7DLZDQ
$pULHQQH $,7 $QDO\WLF,QWHOOLJHQFH7HVW
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO$LU6DIHW\ 3V\FKRORJ\
$VVRFLDWLRQ $,7 $QWHULRU,QIHURWHPSRUDO&RUWH[
$,6& $VVHVVPHQWDQG,QIRUPDWLRQ6HUYLFHV&HQWHU $,7 $UP\,QWHOOLJHQFH7UDQVODWRU
2IWKH861DWLRQDO(QYLURQPHQWDO6DWHOOLWH $,7 $VLDQ,QVWLWXWHRI7HFKQRORJ\ 7KDLODQG 
'DWDDQG,QIRUPDWLRQ6HUYLFH $,7 $VVRFLDWLRQ,QWHUQDWLRQDOHGHV7UDYDLOOHXUV
$,6($,6( $VVRFLD]LRQH,QWHUQD]LRQDOHGHOOH )UDQFH 
6FLHQFH(FRQRPLFKH )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ RI:RUNHUV
RI(FRQRPLFDO6FLHQFHV $,7 $VVRFLD]LRQH,WDOLDQDGL7HOHULOHYDPHQWR
$,6, $PHULFDQ,URQDQG6WHHO,QVWLWXWH ,WDOLDQ$VVRFLDWLRQ
$,6, $VVRFLD]LRQH,WDOLDQDSHUOR6YLOXSSR $,7$ $VVRFLDWLRQ,QWHUQDWLRQDOHGHV7UDQVSRUWV
,QWHUQD]LRQDOH ,WDO\  $pULHQV
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQIRU $,7$ $VVRFLD]LRQH,WDOLDQD$IDVLFL
,QWHUQDWLRQDO'HYHORSPHQW


,WDOLDQDFURQ\PRIWKH$SKDVLFVOWDOLDQ )UHQFKDFURQ\PRIWKH$VVRFLDWLRQRIWKH-HZVLQ
$VVRFLDWLRQ WKH5HVLVWDQFH
$,7$ $VVRFLD]LRQH,WDOLDQDGL7HFQRORJLD $-&0& $&&6-RLQW&RQILJXUDWLRQ0DQDJHPHQW
$OLPHQWDUH &RPPLWWHH
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI)RRG &RPLWpGHJHVWLRQFRQMRLQWHGHODFRQILJXUDWLRQGH
7HFKQRORJ\$,7$ ZDVIRXQGHGLQ0LODQ,WDO\LQ O·$&&6
 $-) $OOLHGMRLQWIRUFH
$LWHF $VVRFLD]LRQHLWDOLDQDWHFQLFRHFRQRPLFDGHO IRUFHLQWHUDUPpHVLQWHUDOOLpHV
FHPHQWR ,WDO\  $-, DUHDRIMRLQWLQWHUHVW
$,7, $VVRFLD]LRQH,WDOLDQD7UDGXWWRULH,QWHUSUHWL ]RQHG·LQWpUrWFRPPXQ
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWLRQRI $-2' $OOLHG-RLQW2SHUDWLRQV'RFWULQH
7UDQVODWRUVDQG,QWHUSUHWHUV GRFWULQHLQWHUDOOLpHVGHVRSpUDWLRQVLQWHUDUPpHV
$,7 SURJUDP $GYDQFHG,QIRUPDWLRQ7HFKQRORJ\ $-3 $OOLHG-RLQW3XEOLFDWLRQ
SURJUDP SXEOLFDWLRQLQWHUDOOLpHLQWHUDUPpHV
(XURSHDQ8QLRQ3URJUDP DNDFN DEEU DFNQRZOHGJH
$,7,9$ $VVRFLD]LRQH,WDOLDQD7HFQLFL,QGXVWULH 7HOHFRPPXQLFDWLRQV
9HUQLFLH$IILQL ,WDO\  $. DEEU $ODVND 86$ 
$,9 $VVRFLD]LRQH,QWHUQD]LRQDOHGL9XOFDQRORJLD $.$ $OVR.QRZQ$V
,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO$VVRFLDWLRQ 0DQDJHPHQW
RI9ROFDQRORJ\ $.$3V $.LQDVH$QFKRULQJ3URWHLQV
$,9 $VVRFLD]LRQH,WDOLDQDGHO9XRWR 0HGLFLQH0ROHFXODU3KDUPDFRORJ\6LJQDO
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$VVRFLDWLRQIRU 7UDQVGXFWLRQ
9DFXXP$ QRQSURILW$VVRFLDWLRQVWDUWHGLWV $.& $PHULFDQ.HQQHO&OXE
DFWLYLW\LQ$ PHPEHURIWKH,8967$WKH $.+, $ODVND+LVWRULFDOOLEUDU\DQGPXVHXP
$,9 RUJDQL]HVDQDWLRQDOFRQJUHVVHYHU\WZR DNKL 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
\HDUV3XEOLVKHVD5HYLHZDQGWH[WERRNVRUJD XVLQJWKH$UDELFZRUGDNKLZKLFKPHDQVP\
QL]HV&RXUVHVRQYDFXXPSK\VLFVDQGVSHFLDOL]HG EURWKHU
ZRUNVKRSV $.WE $NWLHERODJHW 6ZHGHQ 
)RUIXUWKHUGHWDLOVVHHXQGHU,8967$ -RLQW6WRFN&RPSDQ\LQ6ZHGHQ
$,9 $YLDWLRQ,PSDFW9DULDEOH $/ $EQRUPDO/XQJV
$,; $VWURWHFK,QWHUQDWLRQDO&RUS 0HGLFLQH
$PHULFDQ6WRFN([FKDQJHV\PEROV $/ $EVROXWH/LPHQ
$,< 7KHDLUSRUWFRGHIRU$WODQWLF&LW\1HZ-HUVH\ 3V\FKRSK\VLFV
86$ $/ $FFHVVLRQ/LVW
$- $FKLOOHV-HUN $/ $FFLGHQWDO/RVV
7KH$FKLOOHV-HUNLVDOVRNQRZQDV$FKLOOHV 1XFOHDU(QHUJ\
7HQGRQ5HIOH[ $/ $FRXVWLF/DE\ULQWK
3K\VLRORJ\ $FRXVWLFDO(QJLQHHULQJ
$- $PHULFDQ-RXUQDO $/ $FWLRQIRU/LIH
$- $QWLMDPPLQJ $/ $FXWH/HXNHPLD
(OHFWURQLFV $FXWHOHXNHPLDLVDIRUPRIOHXNHPLDFKDUDFWHU
$- $]HUEDLMG]KDQ L]HGE\DQHPLDDQGKHPRUUKDJLFPDQLIHVWDWLRQV
DMD DEEU DGMDFHQW 0HGLFLQH
$MD $PHULFDQ-DLO$VVRFLDWLRQ 86$  $/ $HURQRP\/DERUDWRU\ 86$
$-$ $PHULFDQ-RXUQDORI$UFKDHRORJ\ 2IWKH86(QYLURQPHQWDO5HVHDUFK/DERUDWRULHV
3XEOLFDWLRQ $/ $LU/LDLVRQ
$-$ $PHULFDQ-XGJHV$VVRFLDWLRQ 86$  $/ $LU/RFN
$MD /
$MD7KHDERYHDFURQ\PVZHUHFRLQHGDFFL &LYLO(QJLQHHULQJ(QJLQHHULQJ0LQLQJ
GHQWDOO\XVLQJWKH,WDOLDQZRUG$MD /
$MD ZKLFK (QJLQHHULQJ
PHDQV7KH+DJXHLQ,WDOLDQ $/ DEEU $ODEDPD 86$ 
$-$5 $VVRFLDWLRQGHV-XLIV$QFLHQV5HVLVWDQWV $/ $OEDQLD
)UDQFH  $/ $OHVVDQGULD,WDO\
$O WKHFKHPLFDOV\PEROIRU$OXPLQXP$OXPLQLXP


$OXPLQXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF $UFKLWHFWXUH$YLDWLRQ*HRORJ\0LOLWDU\6FLHQFH
QXPEHUDQDWRPLFZHLJKWRIDQGD =RRORJ\
PHOWLQJSRLQWRI$&,WLVXVHGLQDOOR\VPDLQO\ $/$$ $PHULFDQ/DQGV$FFHVV$VVRFLDWLRQ
IRUKRXVHKROGXWHQVLOVEHYHUDJHFDQVDQGHOHFWUL $/$&( $XWRQRPRXV/$JUDQJLDQ&LUFXODWLRQ
FDOHTXLSPHQW ([SORUHU
&KHPLVWU\ $/$( $WPRVSKHULF/\PDQ$OSKD(PLVVLRQV
$/ $PHULFDQ/HDJXH$PHULFDQ/HJLRQ $/$/& $VVRFLD]LRQH/DWLQR$PHULFDQDSHULO
$/$/ $QJOR/DWLQ /LEHUR&RPPHUFLR
/DQJXDJHV ,WDOLDQDFURQ\PRIWKH/DWLQ$PHULFDQ
DO DQQpHGHOXPLqUH $VVRFLDWLRQIRU)UHH7UDGH
)UHQFKLQLWLDOLVPPHDQLQJOLJKW\HDU $/$5$ $V/RZ$V5HDVRQDEO\$FKLHYDEOH
$VWURQRP\ $/$50 $LUERUQH/$VHU5HFHLYHU0RGXOH
DO DSUqVOLYUDLVRQ $/$50 $LU/DXQFKHG$GYDQFHG5DPMHW0LVVLOH
)UHQFKLQLWLDOLVPPHDQLQJDIWHUGHOLYHU\ $/$50 DLUODXQFKHGDQWLUDGDUPLVVLOH
$/ $UF/DPS PLVVLOHDQWLUDGDUjODQFHXUDpULHQ
$UFODPSLVDOVRNQRZQDVHOHFWULFDUFODPS $/$50 $XWRPDWLF/LJKW$LUFUDIW5HDGLQHVV
(OHFWULFLW\ 0RQLWRU
$/ $UJRQ/DVHU $/$6$ODV DEEU $ODVND
$UJRQ/DVHULVDODVHUWKDWXVHVLRQL]HGDUJRQ,WLV $/$6 $VVRFLDWHLQ/HWWHUV$UWVDQG6FLHQFHV
DOVRNQRZQDV$UJRQ,RQ/DVHU $/$6 $VVRFLDWHRIWKH&KDUWHUHG/DQG$JHQWV

2SWLFV 6RFLHW\ *% 


$/$/ $UWLOOHULH/RXUGH $/$6 $XWRPDWHG/LWHUDWXUH$OHUWLQJ6\VWHP
)UHQFKLQLWLDOLVPPHDQLQJ+HDY\$UWLOOHU\ 'DWD3URFHVVLQJ
2UGQDQFH $/$6 $X[LOLDU\/RDQVWR$VVLVW6WXGHQWV
$/ $VVHPEO\/DQJXDJH $/$7 $YLRQ/pJHUGHO
$UPpHGH7HUUH )UDQFH 
7KHDVVHPEO\ODQJXDJHLVDORZOHYHOSURJUDP $/% $FDGHPLF/LEUDULHVRI%URRNO\Q 86$ 
PLQJODQJXDJH $/% $LUFUDIW/DXQFKLQJ%XOOHWLQ
&RPSXWHU3URJUDPPLQJ $/% 7KHDLUSRUWFRGHIRU$OEDQ\1HZ<RUN
$/ $XWKRUL]HG/LEUDU\ 86$
&RPSXWHU3URJUDPPLQJ DOE DEEU DOEXPLQ
DO $XWRJUDSKOHWWHU $OEXPLQLVDW\SHRISODQWDQGDQLPDOSURWHLQ
$/$ $FDGHP\IRU/LJKWLQJ$UWV ZKLFKLVVROXEOHLQZDWHUDQGFRDJXODWHVZKHQ
$/$ $IULTXH/LWWpUDLUHHW$UWLVWLTXH KHDWHG
3XEOLFDWLRQV %LRFKHPLVWU\
$/$ $LU/DQG$VVDXOW $/% $QWLFLSDWHG/HYHORI%XVLQHVV
$OD DEEU $ODEDPD 86$  $/%$ DEEU $OEHUWD &DQDGLDQSURYLQFH
$OD DEEU $ODQLQH &DQDGD 
%LRFKHPLVWU\ $/%$ $PHULFDQ/DZQ%RZOV$VVRFLDWLRQ
$/$ $PHULFDQ/DZ\HUV$VVRFLDWLRQ$PHULFDQ $PHULFDQ/HDWKHU%HOWLQJ$VVRFLDWLRQ 86$ 
/LEUDU\$VVRFLDWLRQ$PHULFDQ/RQJHYLW\ $OED 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
$VVRFLDWLRQ 86$  XVLQJWKH,WDOLDQSURSHUQDPH IHPLQLQH $OED
$/$ $UDE/LEHUDWLRQ$UP\ $OVRGDZQ $VWURQRP\ 
$/$ $VVRFLDWHLQ/LEHUDO$UWV $/%, $LU/DXQFKHG%DOOLVWLF,QWHUFHSW$LU
$/$ $VVRFLDWHRIWKH/LEUDU\$VVRFLDWLRQ /DXQFKHG%RRVW,QWHUFHSW
$/$ $VVRFLD]LRQH1D]LRQDOH,WDOLDQD/RWWD$,'6 $/%, $/DVND%XVLQHVVDQG,QGXVWU\
,WDO\  $/%68 $GXOW/LWHUDF\DQG%DVLF6NLOOV8QLW
,WDOLDQDFURQ\PRIWKH,WDOLDQ1DWLRQDO /RQGRQ*%
$VVRFLDWLRQIRUWKHILJKWDJDLQVW$,'6 $/%V\VWHP $QWL/RFN%UDNHV\VWHP
$/$ $XWKRUV/HDJXHRI$PHULFD 86$  0HFKDQLFDO(QJLQHHULQJ
$/$ $XWRPRELOH/HJDO$VVRFLDWLRQ $/& $&&6ORJLVWLFFRQFHSW
DOD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ FRQFHSWORJLVWLTXHGHO·$&&6
XVLQJWKH,WDOLDQZRUGDODZKLFKPHDQVZLQJ $&(/RJLVWLF&HQWUH
FHQWUHORJLVWLTXHGX&$(


$OHUWV&RPPLWWHH $/( $LUSRUW/LJKWLQJ(TXLSPHQW


&RPLWpGHVDOHUWHV $/( $PHULFDQ/LYHV(QGRZPHQW
DOF DEEU DOFRKRO $/( $QDO\VLVRI/H[LFDO(UURUV
2UJDQLF&KHPLVWU\ $/( $WPRVSKHULF/LIHWLPH([SHULPHQW
$/& $XWRPDWLF/HYHO&RQWURO $/( $XWRPDWLF/DVHU(QFRGHU
(OHFWURQLFV0HFKDQLFDO(QJLQHHULQJ $/(% $YHUDJH/LIH([SHFWDQF\DW%LUWK
$/&( $&(/RJLVWLF&RQWURO(OHPHQW 0HGLFLQH
pOpPHQWGHFRQWU{OHORJLVWLTXHGX&$( $/(& $PHULFDQ/HJLVODWLYH([FKDQJH&RXQFLO
DLUOLIWFRQWUROHOHPHQW $/(& $VVRFLD]LRQH/LEUDULD(XURSHD&XOWXUDOH
pOpPHQWGHFRQWU{OHGXWUDQVSRUWDpULHQ ,WDOLDQDFURQ\PRIWKH(XURSHDQ&XOWXUDO/LEUDU\
$/&( $VVRFLD]LRQH/RPEDUGD&RQVRU]L $VVRFLDWLRQ
(VSRUWD]LRQH ,WDO\  $/() $OFRU/LIH([WHQVLRQ)RXQGDWLRQ
,WDOLDQDFURQ\PRIWKH/RPEDUG\$VVRFLDWLRQRI DOHI RUDOLI 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQ
([SRUW&RQVRUWLD WDOO\XVLQJWKH$UDELFZRUGDOHIZKLFKLVWKHILUVW
DOFH 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ OHWWHURIWKH$UDELFDOSKDEHW
XVLQJWKH,WDOLDQZRUGDOFHZKLFKPHDQVHON $/(1$ $FFRUGGH/LEUH(FKDQJH1RUG$PHULFDLQ
9HUWHEUDWH=RRORJ\  )UHQFKDFURQ\PPHDQLQJ1RUWK$PHULFDQ)UHH
$O&O $OXPLQXP&KORULGH 7UDGH$JUHHPHQW
$OXPLQXP&KORULGHKDVPDQ\DSSOLFDWLRQVLQ $/( RXWSXW $GGUHVV/DWFK(QDEOHRXWSXW
SHWUROHXPPDQXIDFWXULQJDQGUHILQLQJ &RPSXWHUV
,QRUJDQLF&KHPLVWU\ $/(5 $]LHQGD/RPEDUGD(GLOL]LD5HVLGHQ]LDOH
$/&0 $LU/DXQFKHG&UXLVH0LVVLOH 0LODQR ,WDO\ 
2UGQDQFH 6LQFH$SULO)RUPHUO\,$&3
$/&2 $VVRFLD]LRQH/LULFR&RQFHUWLVWLFD )RUIXUWKHUGHWDLOVVHHXQGHU,$&3
,WDOLDQ$VVRFLDWLRQ $/(5)$ DOHUWSKDVH
$/&8 $ULWKPHWLF/RJLFDQG&RQWURO8QLW SKDVHG·DOHUWH
$/'$GUHQROHXNRG\VWURSK\ $/(57 $OFRKRO/HYHO(YDOXDWLRQ5RDG7HVWHU
$/'LVDIDWDOKHUHGLWDU\EUDLQGLVHDVH $/(57 $PHULFDQ/LEUDU\IRU(GXFDWLRQ5HVHDUFK
%LRFKHPLVWU\0HGLFLQH1HXURELRORJ\ DQG7UDLQLQJ 86$ 
1HXURORJ\3K\VLRORJ\ $/(57 SURJUDP $UFWLF/RQJWHUP(QYLURQPHQWDO
$/' $GYDQFHG/HDUQHU
V'LFWLRQDU\ 5HVHDUFK7UDQVHFWVSURJUDP
$/' DEEU $OGHK\GH 2IWKH86(QYLURQPHQWDO3URWHFWLRQ$JHQF\
$OGHK\GHLVDFODVVRIRUJDQLFFRPSRXQGV $/(6&2 $UDE/HDJXH(GXFDWLRQDOFXOWXUDODQG
2UJDQLF&KHPLVWU\ 6FLHQWLILF2UJDQL]DWLRQ
DOG DEEU DOGHUPDQ $/(WHFKQRORJ\ $XWRPDWLF/LQN(VWDEOLVKPHQW
$/'$ $OXPLQXP 'LK\GUR[\ $OODQWRLQDWH WHFKQRORJ\
2UJDQLF&KHPLVWU\ $/(; DOHUWH[HUFLVH
$/'$ $PHULFDQ/DQG'HYHORSPHQWDO$VVRFLDWLRQ H[HUFLVHG·DOHUWH
$/'$& $VVRFLD]LRQH/RPEDUGD'LULJHQWL$]LHQGH $OH[ VKRUWIRU$OH[DQGHU$OH[DQGUD
&RPPHUFLDOL ,WDO\  $/) $FXWH/LYHU)DLOXUH
$/'&( $GYDQFHG/HDUQHU
V'LFWLRQDU\RI&XUUHQW 0HGLFLQH
(QJOLVK $/) $QLPDO/LEHUDWLRQ)URQW
$/') $QLPDO/HJDO'HIHQVH)XQG $/)$ $GDSWLYHRSWLFVZLWKD/DVHU)RU$VWURQRP\
&DOLIRUQLDEDVHG 86$  $/)$ ZDVEXLOWE\WKH0D[3ODQFN,QVWLWXWH
$/'2 $FWLYLW\/HYHO'HSHQGHQW2SHUDWLRQV 2SWLFV
$OGR $OGRVWHURQH $OID $VVRFLD]LRQHORPEDUGDIDPLJOLHDXGLROHVL
&+2 $OGRVWHURQHDOVRNQRZQDV ,WDOLDQ$VVRFLDWLRQ
$OGRFRUWLQFKLHIO\IXQFWLRQVWRUHJXODWHVRGLXP $/)$ 5RPHR $QRQLPD/RPEDUGD)DEEULFD
SRWDVVLXPDQGPHWDEROLVP $XWRPRELOL5RPHR ,WDO\ 
%LRFKHPLVWU\ &DU0DNHUV
$/'3 $GYDQFHG/DXQFK'HYHORSPHQW3URJUDP $O)Q $OXPLQXP)OXRULGH
$/( $GDSWLYH/LQH(QKDQFHU $OXPLQXP)OXRULGHLVDZKLWHFU\VWDOOLQHSRZGHU
$/( $GGLWLRQDO/LYLQJ([SHQVH VOLJKWO\LQVROXEOHLQFROGZDWHU


,QRUJDQLF&KHPLVWU\ $/,9(6WXG\ $,'6/LQNWR,QWUDYHQRXV


$/)5(' $VVRFLDWLYH/HDUQLQJ)URP5HODWLYH ([SHULHQFH6WXG\
(QYLURQPHQWDO'DWD $/- 6HUYLFHGH&RRUGLQDWLRQGH O
$FWLRQ/RFDOH
$/)6 $ODVND/DQGVFDSH)OX[6WXG\ SRXU-HXQHV /X[HPEXUJ 
DOJ DEEU DOJHEUD DON DEEU DONDOLQHDONDOLQLW\
7KHZRUGDOJHEUDGHULYHVIURPWKH$UDELFWHUP &KHPLVWU\
UHGXFWLRQ $// $FFHOHUDWHG/HDUQLQJRI/RJLF
0DWKHPDWLFV $// $GGUHVV/RFDWRU/RJLF
$OJ DEEU $OJHULDQ$OJLHUV DOO DEEU DOOHJDWR
$/* $QWLO\PSKRF\WH*OREXOLQ ,WDOLDQDEEUHYLDWLRQPHDQLQJHQFORVHGHQFORVXUH
$QWLO\PSKRF\WHJOREXOLQDOVRNQRZQDVDQWLO\P $OVRDOOHJ
SKRF\WLFJOREXOLQLVDGUXJXVHGLQWUDQVSODQW $//$ $OOLDQFH/RQJ/LQHV$FWLYLW\
VXUJHU\,WZDVGHYHORSHGLQWKHV&OLQLFDO $FWLYLWpDOOLpHGHVOLJQHVjJUDQGHGLVWDQFH
VWXGLHVZHUHDSSURYHGLQ $OOLHG/RQJ/LQHV$JHQF\>REVROHWH@
7UDQVSODQW6XUJHU\ %XUHDXDOOLpGHVOLJQHVjJUDQGHGLVWDQFH
$/*2/$OJRO $OJRULWKPLF/DQJXDJH >REVROqWH@
$/*2/ ZKLFKLVQRORQJHUZLGHO\XVHGLVDFRP $// FHOOV $FXWH/\PSKREODVWLF/HXNHPLDFHOOV
SXWHUODQJXDJHIRUFRPPXQLFDWLQJDOJRULWKPV %LRORJLFDO&KHPLVWU\/LIH6FLHQFHV
&RPSXWHU3URJUDPPLQJ DOOHJ DEEU DOOHJDWR
$/, $PHULFDQ/DZ,QVWLWXWH )RUIXUWKHUGHWDLOVVHHXQGHUDOO
$/,LVORFDWHGLQ3KLODGHOSKLD3HQQV\OYDQLD DOO
LQJU DEEU DOO
LQJURVVR
86$ ,WDOLDQDEEUHYLDWLRQPHDQLQJE\ZKROHVDOH
$/, $UF/DPS,JQLWHU $//2<6833257 $//2< DQGSURFHVVGHYHORS
$/, $VVRFLD]LRQH/LEUDL,WDOLDQL ,WDO\  PHQW6833257 E\PHDQVRIGHGLFDWHGWKHUPRG\
,WDOLDQDFURQ\PRIWKH,WDOLDQ%RRNVHOOHUV QDPLFGDWDEDVH
$VVRFLDWLRQ (XURSHDQ&RPPXQLW\3URMHFW
$/, $WODQWH/LQJXLVWLFR,WDOLDQR $/0 $VVXUDQFH/RQJXH0DODGLH )UDQFH 
,WDOLDQDFURQ\PPHDQLQJ,WDOLDQ/LQJXLVWLF$WODV ,QVXUDQFH
$/,$6 LQVWUXPHQW $LUFUDIW/DVHU,QIUDUHG $/0$ $VLDQ/DQG0DPPDO$JH
$EVRUSWLRQ6SHFWURPHWHULQVWUXPHQW 3DOHRQWRORJ\
$/,$%$ 5HYLHZ $PHULFDQ/DZ $/0$ $WDFDPD/DUJH0LOOLPHWHU$UUD\
,QVWLWXWH$PHULFDQ%DU$VVRFLDWLRQ5HYLHZ $/0$EXLOWE\WKH8QLWHG6WDWHVDQG(XURSH
)RXQGHGLQ5HYLHZRIWKH$PHULFDQ/DZ ZLOOEHORFDWHGPHWHUVDERYHVHDOHYHORQWKH
,QVWLWXWH$PHULFDQ%DU$VVRFLDWLRQ&RPPLWWHHRQ &KDMQDQWRUSODLQLQWKH&KLOHDQ$QGHV&RXOGEH
&RQWLQXLQJ3URIHVVLRQDO(GXFDWLRQ 86$  IXOO\RSHUDWLRQDOLQ
3XEOLFDWLRQV DOPD7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
$OLFH $GLDEDWLFORZHQHUJ\LQMHFWLRQDQGFDSWXUH 6SDQLVKZRUGDOPDZKLFKPHDQVVRXO
H[SHULPHQW $/0,6 $VVRFLD]LRQHSHUODULFHUFDVXOOH/HVLRQL
$/,&($OLFH $/DVND,QWHJUDWHG&RPPXQLFDWLRQV GHO0LGROOR6SLQDOH
([FKDQJH ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRU6SLQDO
(OHFWURQLFV &RUG,QMXU\5HVHDUFK
$/,&( $UFKLYLR/LEUL,WDOLDQLVX&DOFRODWRUH $/09 DLUODXQFKHGPLQLDWXUHYHKLFOH
(OHWWURQLFR ,WDO\  YpKLFXOH RXHQJLQ PLQLDWXUHjODQFHXUDpULHQ
,WDOLDQDFURQ\PPHDQLQJ$UFKLYHVRI,WDOLDQ $O1 $OXPLQXP1LWULGH
%RRNVRQ&RPSXWHU $O1LVXVHGLQHOHFWURQLFV
$/,' $XWRPDWHG/LEUDU\,VVXH'RFXPHQW ,QRUJDQLF&KHPLVWU\
$/,035(3 DOHUWLPSOHPHQWDWLRQUHSRUW $/2 DLUOLDLVRQRIILFHU
FRPSWHUHQGXG·H[pFXWLRQGHVPHVXUHVG·DOHUWH RIILFLHUGHOLDLVRQDLU
$/,5 $VVRFLD]LRQHSHUOD/RWWDDOO
,QVXIILFLHQ]D $O2 $FWLYDWHG$OXPLQD
5HVSLUDWRULD $FWLYDWHG$OXPLQDLVXVHGPDLQO\IRUZDWHUSXULIL
,WDOLDQ$VVRFLDWLRQ FDWLRQ
$/,57 $GDSWLYH/RQJUDQJH,QIUDUHG7UDFNHU ,QRUJDQLF&KHPLVWU\
$/,7 $XWRPDWLF/LQH,QVXODWLRQ7HVWHU $O2 $OXPLQXP2[LGH


$OXPLQXP2[LGHDOVRNQRZQDV$OXPLQDLVXVHG $/6 $GYDQFHG/DXQFK6\VWHP


PDLQO\IRUWKHSURGXFWLRQRIDOXPLQXPDQGIRU $/6 $GYDQFHG/LJKW6RXUFH
WKHPDQXIDFWXUHRIPDQ\SURGXFWVVXFKDVDEUD 6\QFKURWURQ/LJKW
VLYHVSDSHUDQGFHUDPLFV $/6 $OWHUQDWLYH/LQH6HUYLFH
,QRUJDQLF&KHPLVWU\ &HOOXODU3KRQHV
$O2 &RUXQGXP $/6 $PHULFDQ/XQJ6RFLHW\ 86$ 
0DWHULDOV0LQHUDORJ\ $/6 $P\RWURSKLF/DWHUDO6FOHURVLV
$/2 $W/HDVW2QFH $P\RWURSKLFODWHUDOVFOHURVLVDOVRNQRZQDVODWHU
&RPSXWHUV DOVFOHURVLVLVDGHJHQHUDWLYHGLVHDVHRIWKHORZHU
$/2$ $YLDWLRQ/pJqUHG
2EVHUYDWLRQG
$UWLOOHULH PRWRUQHXURQV$/6LVDOVRNQRZQDV/RX
)UDQFH  *HKULJ
VGLVHDVH
$/2)7 $LUERUQH/LJKW2SWLFDO)LEUH7HFKQRORJ\ 0HGLFLQH1HXURGHJHQHUDWLYH'LVHDVHV
$/3$OS $GDSWDEOH/HQGLQJ3URMHFW $/6 $QWLO\PSKRF\WH6HUXP
%DQNLQJ)LQDQFH ,PPXQRORJ\
$/3 $ONDOLQH3KRVSKDWDVH DOV DXWRJUDSKOHWWHUVLJQHG
$ONDOLQHSKRVSKDWDVHLVDOVRNQRZQDVSKRVSKR $/6& DIORDWORJLVWLFVDQGVHDOLIWFDSDELOLW\
PRQRHVWHUDVH FDSDFLWpGHWUDQVSRUWHWGHVRXWLHQORJLVWLTXH
%LRFKHPLVWU\(Q]\PRORJ\ HPEDUTXpV
$/3 $OOLHG/RJLVWLF3XEOLFDWLRQ $/6( $SSOLHG/DQJXDJH6WXGLHVLQ(GXFDWLRQ
SXEOLFDWLRQLQWHUDOOLpHVXUODORJLVWLTXH /LQJXLVWLFV
$/3 $PHULFDQ/DERU3DUW\ 86$  $O6L2 $QGDOXVLWH
$/3$OS $VVRFLD]LRQH/LEHUL3URIHVVLRQLVWL 0LQHUDORJ\
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI3URIHVVLRQDO $/6/ $OWHUQDWLYH/DQGLQJ6KLS/RJLVWLF
0HQ:RPHQ ,WDO\  $/63 $WPRVSKHULFDQG/DQG6XUIDFH3URFHVVHV
$/3 $XVWUDOLDQ/DERU3DUW\ $XVWUDOLD  $/66 $GXOW/HDUQLQJ6DWHOOLWH6HUYLFH
$/3$ $LUOLQH3LORW$VVRFLDWLRQ $/66 $GYDQFHG/RFDWLRQ6WULNH6\VWHP
$/3+ $/DVNDQ3+LODWHOLVW $/66 DGYDQFHGORJLVWLFVVXSSRUWVLWH
3XEOLFDWLRQV VLWHGHVRXWLHQORJLVWLTXHDYDQFp
DOSK 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ $/7 DpURG\QHOpJHUWpOpSLORWp
XVLQJWKH$UDELFZRUGDOSKZKLFKPHDQVRQH UHPRWHO\SLORWHGYHKLFOH 539 
WKRXVDQG $/7 $ODQLQH$PLQRWUDQVIHUDVH
DDODOSK DEEU DOSKDEHW (Q]\PRORJ\
&RPSXWHU3URJUDPPLQJ/LQJXLVWLFV $/7 DEEU $OWHUDWLRQ
DDODOSK DEEU DOSKDEHWLFDODOSKDEHWLF *UDSKLF$UWV $QDOWHUDWLRQUHTXHVWHGE\WKH
$/3+$ $XWRPDWLF/LWHUDWXUH3URFHVVLQJ+DQGOLQJ DXWKRURUWKHSXEOLVKHULVDFKDQJHWREHPDGHLQ
DQG$QDO\VLV FRS\DIWHULWKDVEHHQW\SHVHW
DOSKD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 3HWURJUDSK\ ,QSHWURJUDSK\DQDOWHUDWLRQLVD
XVLQJWKHZRUGDOSKDZKLFKLVWKHILUVWOHWWHURI FKDQJHLQDURFN
VPLQHUDOFRPSRVLWLRQ
WKH*UHHNDOSKDEHW_ $/7DOW DEEU DOWHUQDWH
$OSL $VVRFLD]LRQHODERUDWRULGLSURYDLQGLSHQGHQWL DOW DEEU DOWHUQDWLYHO\
,WDO\  $/7 $OWHUQDWLYHPHFKDQLVPIRU/HQJKHQLQJRI
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRILQGHSHQGHQW 7HORPHUHV
WHVWLQJODERUDWRULHV 0HGLFDO5HVHDUFK
$O32 $OXPLQXP3KRVSKDWH $/7 DEEU $OWLPHWHU
$OXPLQXP3KRVSKDWHDOVRNQRZQDV$OXPLQXP 7KHDOWLPHWHULVDQLQVWUXPHQWIRUPHDVXULQJDOWL
7ULSKRVSKDWH$OXPLQXP2UWKRSKRVSKDWHLVXVHG WXGHLQUHODWLRQWRVHDOHYHORUVRPHRWKHUIL[HG
PDLQO\LQFHUDPLFVDQGSKDUPDFHXWLFDOV OHYHO
,QRUJDQLF&KHPLVWU\ (QJLQHHULQJ
$/36 $GYDQFHG/LQHDU3URJUDPPLQJ6\VWHP DOW DEEU DOWLWXGH
$/36 $RVWD/LJXULD3LHPRQWH6\VWHP ,WDO\  $VWURQRP\$YLDWLRQ(QJLQHHULQJ0DWKHPDWLFV
$/5 $OOLDQFHIRU/XSXV5HVHDUFK 86$  $/7 $VVRFLD]LRQHQD]LRQDOH/RWWDDOOD7URPERVL
$/5, $FXWH/RZHU5HVSLUDWRU\,QIHFWLRQ ,WDO\ 
0HGLFLQH


,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQIRU $0 $FDGHP\RI0DQDJHPHQW
WKHILJKWDJDLQVW7KURPERVLV $0 $FFHVV0DQDJHPHQW$FFHVV0HFKDQLVP
$/7$ $PHULFDQ/LWHUDU\7UDQVODWRUV$VVRFLDWLRQ $FFHVV0HWKRG
$PHULFDQ/LEUDU\7UXVWHH$VVRFLDWLRQ 86$  &RPSXWHU7HFKQRORJ\
$/7$, $QDOLVL/LYHOODPHQWRH7HPSLILFD]LRQH $0 $FFHVV0DWUL[$FFHVV0RGH
$XWRPDWLFL,QWHJUDWL &RPSXWHU3URJUDPPLQJ
,WDOLDQDFURQ\PPHDQLQJ$XWRPDWLRQ,QWHJUDWHG $0 $FFRXQWLQJ0DFKLQH
$QDO\VLV/HYHOOLQJDQG7LPLQJ 7KHDFFRXQWLQJPDFKLQHLVDNH\ERDUGRSHUDWHG
%XVLQHVV0DQDJHPHQW QRQFRPSXWHUL]HGPDFKLQHXVHGWRFDUU\RXWFDOFX
$/7%0' DFWLYHOD\HUHGWKHDWUHEDOOLVWLFPLVVLOH ODWLRQVDQGSURYLGHDFFRXQWLQJUHFRUGV
GHIHQFH &RPSXWHU7HFKQRORJ\
GpIHQVHDFWLYHFRQWUHOHVPLVVLOHVEDOLVWLTXHVGH $0 $FRXVWLF0DJQHWLF
WKpkWUH $0 $FWXDWRU0HFKDQLVP
$/7( $/7LWXGH(UURU$/WLWXGH7UDQVPLWWLQJ $0 $GGUHVVLQJ0RGH$GGUHVV0RGLILFDWLRQ
(TXLSPHQW &RPSXWHU3URJUDPPLQJ
$/7(/ &RPSDQLHV $VVRFLDWLRQRI/RQJGLVWDQFH $0 $GGUHVV0DUN
7(/HSKRQH&RPSDQLHV 0LFURSURFHVVRUV
$OWHU(XURSHSURMHFW $OWHUQDWLYH7UDIILFLQ7RZQV $0 7KHDLUOLQHFRGHIRU$HURPH[LFR
SURMHFW DP DLUPDLO
$OWHU(XURSHLVIXQGHGE\WKH8.
VHQYLURQPHQW $0 $LU0DWWUHVV
DQGWUDQVSRUWGHSDUWPHQW7KHLQLWLDWLYHZDV $0 $OYHRODU0DFURSKDJH
ODXQFKHGLQ$SULO 7KHDOYHRODUPDFURSKDJHLVDOVRFDOOHGGXVWFHOO
/RZ(PLVVLRQV9HKLFOHV EHFDXVHLWDEVRUEVIRUHLJQPDWWHU
$/7 NH\ $/7HUQDWH.H\ $QDWRP\
&RPSXWHU7HFKQRORJ\ $P DEEU $PHULFD$PHULFDQ
$/7285 $FFXHLO/RFDO7285LVWLTXH $OVR$
2IWKH12: 3URJUDP $0 $PHULFDQ$FDGHP\RI$QWL$JLQJ0HGLFLQH
(XURSHDQ&RPPXQLW\3URJUDP &KLFDJR86$ 
$/752&&(17 $OWHUQDWH5HJLRQDO2SHUDWLRQDO +ROGVDQQXDO&RQIHUHQFHVDQGWUDLQVGRFWRUVLQ
&RQWURO&HQWUH $QWLDJLQJ0HGLFLQH
FHQWUHGHFRQWU{OHRSHUDWLRQQHOUpJLRQDOGH $P 7KHFKHPLFDOV\PEROIRU$PHULFLXP
UHFKDQJH $PHULFLXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRP
$/76 $VVRFLD]LRQHSHUOD/RWWDDL7XPRULGHO6HQR LFQXPEHUDQDWRPLFZHLJKWRIDQGDKDOI
,WDO\  OLIHRI\HDUV1DPHGIRU$PHULFD EHFDXVHLW
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRUWKHILJKW ZDVGLVFRYHUHGLQWKH8QLWHG6WDWHVRI$PHULFD
DJDLQVW%UHDVW&DQFHU &KHPLVWU\6\PEROV
$/8 $UDE/DZ\HUV8QLRQ $0 $PLQRSK\OOLQH
$/8 $ULWKPHWLF/RJLF8QLW &+12
$/8LVDGLJLWDOFLUFXLWRUJURXSRIFLUFXLWVZLWKLQ 3KDUPDFRORJ\
WKH&38ZKLFKFDUULHVRXWDVHWRIDULWKPHWLFORJLF DP DEEU DPPHWHU
RSHUDWLRQV$ULWKPHWLF/RJLF8QLWLVDOVRNQRZQ $QLQVWUXPHQWWRPHDVXUHWKHIORZUDWHRIDQHOHF
DV$ULWKPHWLFDO(OHPHQW WULFFXUUHQW
&RPSXWHU7HFKQRORJ\ (QJLQHHULQJ
$/9) $UWLOOHULH/RXUGHVXU9RLH)HUUpH )UDQFH  $P DPPRQLXP
DOZ DEEU DOORZDQFH &KHPLVWU\
'HVLJQ(QJLQHHULQJ,QGXVWULDO(QJLQHHULQJ DP DEEU DPRUWLVVHPHQW
DO\ DEEU DOOR\ )UHQFKDEEUHYLDWLRQPHDQLQJUHGHPSWLRQRIVWRFN
)RXQGU\0HWDOOXUJ\ %XVLQHVV(FRQRPLFV)LQDQFH
$/<'ERXQGDU\ $/OHU¡G<RXQJHU'U\DVERXQG $P $PSHUHSHUPHWHU
DU\ 7KH6WDQGDUG,QWHUQDWLRQDOXQLWRIPDJQHWLFILHOG
'HJODFLDO5HFRUGV*HRORJ\*HRSK\VLFV VWUHQJWKRUPDJQHWL]DWLRQ
4XDWHUQDU\*HRORJ\ 0HWURORJ\
DP DERYHPHQWLRQHG DP DEEU DPSOLWXGH


$VWURQRP\(FRORJ\(OHFWULFLW\*HRORJ\ GHPDQGDVVLJQPHQWPXOWLSOHDFFHVV '$0$ 


0DWKHPDWLFV1DYLJDWLRQ3K\VLFV $0$1'$ $QWDUFWLF0XRQ$QG1HXWULQR'HWHFWRU
$0 $PSOLWXGH0RGXODWLRQ $UUD\
7KHDPSOLWXGHPRGXODWLRQLVWKHYDULDWLRQRIWKH $VWURSK\VLFV*HRJUDSK\
DPSOLWXGHRIDUDGLRZDYHRUFDUULHUIRUWKHSXU $0$1,6 $GYDQFHG0$1XIDFWXULQJ,QIRUPDWLRQ
SRVHRIWUDQVPLWWLQJDVLJQDO 6\VWHPIRUWKHGHVLJQHU
(OHFWURQLFV (XURSHDQ&RPPXQLW\
$P $P\O $0$3 $UFWLF0RQLWRULQJDQG$VVHVVPHQW3URJUDP
$P\OLVDOVRNQRZQDV3HQW\O 7KHSXUSRVHRI$0$3 ZDVWRPHDVXUHWKHOHYHOV
2UJDQLF&KHPLVWU\ RIDQWKURSRJHQLFSROOXWDQWVDQGDVVHVVWKHLUHIIHFWV
$0 $QGHUVRQ0RGHO LQSDUWVRIWKH$UFWLF(QYLURQPHQW
3K\VLFV $0$67 $OJHEUDLF0HWKRGRORJ\$QG6RIWZDUH
$0 $QRYXODU0HQVWUXDWLRQ 7HFKQRORJ\
$0 $SSDUHQW0RWLRQ $0% $,'60DOLJQDQF\%DQN
%LRSK\VLFV&RJQLWLYH6FLHQFH 7KH$0%RSHQHGLQ2FWREHU,WLVIXQGHGE\
$0 $UPHQLD WKH861DWLRQDO&DQFHU,QVWLWXWHDQGFRPSULVHV
$0 $URXVDO0HFKDQLVP UHSRVLWRULHVLQILYHVLWHVDURXQGWKH8QLWHG6WDWHV
0HGLFLQH DPE DEEU DPEDVFLDWD
$0$0 $VVLVWDQW0DQDJHU$VVRFLDWH0HPEHU ,WDOLDQDEEUHYLDWLRQPHDQLQJHPEDVV\
$0 $VVXUDQFH0DODGLH DPE DEEU DPEDVFLDWRUHDPEDVFLDWULFH
)UHQFKLQLWLDOLVPPHDQLQJ0HGLFDO,QVXUDQFH ,WDOLDQDEEUHYLDWLRQPHDQLQJDPEDVVDGRUDPEDV
$0 $VWLJPDWLVP0\RSLF VDGUHVV
$OVR$V0 $0%,0 $VVRFLDWH0HPEHURIWKH%ULWLVK,QVWLWXWH
2SKWKDOPRORJ\ RI0DQDJHPHQW *% 
$0 $XWR0DQXDO $PEURYHQHWR DEEU %DQFR$PEURVLDQR9HQHWR
$0 $X[LOLDU\0HPRU\ ,WDO\ 
$X[LOLDU\0HPRU\LVDOVRNQRZQDV$X[LOLDU\ 1RZ%DQFD,QWHVD%&,ZLWK&$5,3/2DQG%&,
6WRUDJH6HFRQGDU\6WRUDJH([WHUQDO0HPRU\ %DQNLQJ,QWHJUDWLRQ
&RPSXWHU7HFKQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU&$5,3/2 DQG%&,
$0 $YLDWLRQ0HGLFLQH $0& $GYDQFHG0DQDJHPHQW&RXUVH
$P $PSHUHSHUVTXDUHPHWHU $0& $JULFXOWXUDO0RUWJDJH&RUSRUDWLRQ
7KH6,XQLWRIFXUUHQWGHQVLW\ $0& DLUPLVVLRQFRQWURO
0HWURORJ\ FRQWU{OHGHPLVVLRQDpULHQQH
$0$ $FRXVWLFDO0DWHULDOV$VVRFLDWLRQ $0& $UP\0DWHULDO&RPPDQG 86$ 
$0$ $FWXDO0HFKDQLFDO$GYDQWDJH $0& $UW0DVWHU
V&HUWLILFDWH
0HFKDQLFDO(QJLQHHULQJ $0& $WODQWLF0DULQH&HQWHU
$0$ $JDLQVW0HGLFDO$GYLFH $0& $XWRPDWLF0HVVDJH&RXQWLQJ
$0$ $JHQFH0RQGLDOH$QWLGRSDJH $0& $XWRPDWLF0RGXODWLRQ&RQWURO
$0$ 7KHDLUSRUWFRGHIRU$PDULOOR7H[DV86$ (OHFWURQLFV
$0$ $PHULFDQ0DQDJHPHQW$VVRFLDWLRQ $0& $[LDO0DJPD&KDPEHU
$PHULFDQ0DUNHWLQJ$VVRFLDWLRQ$PHULFDQ (DUWK2EVHUYDWLRQV*HRORJLFDO6FLHQFHV
0HGLFDO$VVRFLDWLRQ$VVLVWDQW0DVWHUV· 0DJPDWLF$FWLYLW\2FHDQRJUDSK\
$VVRFLDWLRQ 86$  $0&& $OOLHG0RYHPHQW&RRUGLQDWLRQ&HQWUH
$0$ $UFKDHRORJ\DQG0XVHXP$VVRFLDWLRQ &HQWUHLQWHUDOOLpGHFRRUGLQDWLRQGHVPRXYHPHQWV
$0$ $XWRPDWLF0HVVDJH$FFRXQWLQJ $0&0 DLUERUQHPLQHFRXQWHUPHDVXUHVPLVVLRQ
$XWRPDWLFPHVVDJHDFFRXQWLQJLVDOVRNQRZQDV PLVVLRQDQWLPLQHDpURSRUWpH
$XWRPDWLF7ROO7LFNHWLQJ $0&V $VVHW0DQDJHPHQW&RUSRUDWLRQV
7HOHFRPPXQLFDWLRQV $0' $FLG0LQH'UDLQDJH
$0$ $XWRPRELOH0DQXIDFWXUHUV$VVRFLDWLRQ &KHPLVWU\*HRORJ\*HRSK\VLFV
$0$& $HURQDXWLFD0LOLWDUH$YLD]LRQH&LYLOH $0'$PG $GYDQFHG0LFUR'HYLFHV
,WDO\  $0' DHURPHGLFDO
$0$' DFFqVPXOWLSOHDYHFDVVLJQDWLRQVj RXSDU DpURPpGLFDO
ODGHPDQGH $0' $JHUHODWHG0DFXODU'HJHQHUDWLRQ


*HQHWLFV0DFXODU'\VWURSK\ $0*27 $OOLHG0LOLWDU\*RYHUQPHQW


$0' $LU0RYHPHQW'DWD $0*5$ $PHULFDQ*HQHWLF5HVRXUFHV$OOLDQFH
$0' $XWRPDWHG0XOWLSOH'HYHORSPHQW 3ODQWV*HQHWLFV
$0', $VVRFLD]LRQH0HGLFL'HQWLVWL,WDOLDQL )RUIXUWKHUGHWDLOVVHHXQGHU13*6 1DWLRQDO
,WDOLDQ$VVRFLDWLRQ 3ODQW*HUPSODVP6\VWHP 
DPGW DEEU DPHQGPHQW $0+ $QWL0OOHULDQ+RUPRQH
$0( $FFRUGR0RQHWDULR(XURSHR 'HYHORSPHQWDO%LRORJ\0DPPDOLDQ6H[
,WDOLDQDFURQ\PPHDQLQJ(XURSHDQ0RQHWDU\ 'HWHUPLQDWLRQ0ROHFXODU%LRORJ\
$JUHHPHQW $0+ $XWRPDWHG0DWHULDOV+DQGOLQJ
$0( $GYDQFHG0DVWHURI(GXFDWLRQ $0+6 DXWRPDWHGPHVVDJHKDQGOLQJV\VWHP
$0($IULFDQ0HWKRGLVW(SLVFRSDO V\VWqPHDXWRPDWLVpGHPDQLSXODWLRQGHPHVVDJHV
$0( $QJOH0HDVXULQJ(TXLSPHQW $0, $FXWH0\RFDUGLDO,QIDUFWLRQ
$0(& $UFWLF0LOLWDU\(QYLURQPHQWDO&RRSHUDWLRQ $0, $HURQDXWLFD0LOLWDUH,WDOLDQD
$0H'3 $OOLHG0HGLFDO3XEOLFDWLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ$LU)RUFH
SXEOLFDWLRQPpGLFDOHLQWHUDOOLpH $0, $LU0LOHDJH,QGLFDWRU
$0(1 $VVRFLDWLRQ0RQGLDOHSRXUO
(QHUJLH1RQ )RUIXUWKHUGHWDLOVVHHXQGHU$08 $LU0LOHDJH
SROOXWDQWH 8QLW 
)UHQFKDFURQ\PRIWKH:RUOG$VVRFLDWLRQIRU $0, $OWHUQDWH0DUN,QYHUVLRQ
&OHDQ(QHUJ\ &RPSXWHUV
$0(33 $OOLHG0DULWLPH(QYLURQPHQWDO3URWHFWLRQ $0,% DOOLHGPLOLWDU\LQWHOOLJHQFHEDWWDOLRQ
3XEOLFDWLRQ EDWDLOORQLQWHUDOOLpGXUHQVHLJQHPHQWPLOLWDLUH
SXEOLFDWLRQLQWHUDOOLpHVXUODSURWHFWLRQGHO·HQYL $0,&, $VVRFLD]LRQHSHUOH0DODWWLH
URQQHPHQWPDULWLPH ,QILDPPDWRULH&URQLFKHGHOO
,QWHVWLQR
$0(5,(=SURJUDP $QWDUFWLF0DULQH(FRV\VWHP ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRU&KURQLF
5HVHDUFKDWWKH,FH(GJH=RQHSURJUDP ,QIODPPDWRU\'LVHDVHVRIWKH,QWHVWLQH
5HVHDUFK3URJUDP $PLH $XWRPDWLVPHPpFDQLTXHLQIRUPDWLTXHHW
$PHU,QG $PHULFDQ,QGLDQ pOHFWURQLTXH
/DQJXDJHV $0,(6 $QLPDO0RQLWRULQJDQG,GHQWLILFDWLRQWKH
$PHU6S $PHULFDQ6SDQLVK (XURSHDQ6\VWHP
/DQJXDJHV (XURSHDQ&RPPXQLW\3URMHFW
$0(6 DFFqVPXOWLSOHSDUpWDOHPHQWGXVSHFWUH $0,(6 $XWRPRWLYH0XOWLFRPSDQ\,QWHJUDWHG
VSUHDGVSHFWUXPPXOWLSOHDFFHVV 660$  (QJLQHHULQJ6\VWHP
$0(6/$1 $0(ULFDQ6LJQ/$1JXDJH (XURSHDQ&RPPXQLW\3URMHFW
)RUIXUWKHUGHWDLOVVHHXQGHU$6/ $0,1 $GYHUWLVLQJDQG0DUNHWLQJ,QWHUQDWLRQDO
$0(76 DUP\PHWHRURORJLFDOV\VWHP 1HWZRUN
V\VWqPHPpWpRURORJLTXHGHO·DUPpHGHWHUUH $0,1$ $VVRFLDWH0HPEHURIWKH,QVWLWXWLRQRI
$0(; $PHULFDQ6WRFN([FKDQJH 1DYDO$UFKLWHFWV
$OVR$6( $PLQD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
$0) $FFRUGR0XOWLILEUH XVLQJWKH$UDELFZRUG$PLQDZKLFKPHDQV
$0)LVDQ,QWHUQDWLRQDO$JUHHPHQWUHJDUGLQJWH[ KRQHVWIDLWKIXOWUXHOR\DO,WLVDOVRDSURSHU
WLOHV QDPH IHPLQLQH 
$0) $&(0RELOH)RUFH $0,3 $WPRVSKHULF0RGHO,QWHUFRPSDULVRQ3URMHFW
)RUFHPRELOHGX&$( 2IWKH:RUOG&OLPDWH5HVHDUFK3URJUDP
$0) $ $&(0RELOH)RUFH $LU  $0,5$ $XVWUDOLDQ0LQHUDO,QGXVWULHV5HVHDUFK
)RUFHPRELOHGX&$( $LU  $VVRFLDWLRQ $XVWUDOLD 
$P)$5 $PHULFDQ)RXQGDWLRQIRU$,'65HVHDUFK $0,6 DXWRPDWHGPDQDJHPHQWLQIRUPDWLRQV\VWHP
86$  >REVROHWH@
$0) / $&(0RELOH)RUFH /DQG  V\VWqPHDXWRPDWLVpG·LQIRUPDWLRQGHJHVWLRQ
)RUFHPRELOHGX&$( 7HUUH  >REVROqWH@
$0IXQJL $UEXVFXODU0\FRUUKL]DOIXQJL $0,65 $GYDQFHG0ROHFXODU,QFRKHUHQW6FDWWHU
%LRORJ\(FRORJ\+\GURORJ\ 5DGDU
$0* $OOLHG0LOLWDU\*RYHUQPHQW $WPRVSKHULF6FLHQFHV
$0* $VVLVWDQFH0pGLFDOH*UDWXLWH )UDQFH  $PLWLp $VVRFLDWLRQIRUPDQDJHULDOYRFDWLRQDOWUDLQ


LQJLQVRIWZDUHDQGLQIRUPDWLRQWHFKQRORJLHVLQ $006$ $OOLDQFHIRU0LFURJUDYLW\0DWHULDOV


(XURSH 6FLHQFHDQG$SSOLFDWLRQV 86$ 
$PLWLpDWUDQVQDWLRQDOFRQVRUWLXPZDVIRXQGHG $01+ $PHULFDQ0XVHXPRI1DWXUDO+LVWRU\
LQ $02 $GPLQLVWUDWLYH0HGLFDO2IILFHU *% 
(XURSHDQ8QLRQ9RFDWLRQDO7UDLQLQJ3URJUDP $02 $LU0LQLVWU\2UGHU *% 
DP-V DPSHUHVTXDUHPHWHUSHU-RXOHVHFRQG $02 $OOLHGPHWHRURORJLFDORIILFH
0HWURORJ\ $02 $OWHUQDWH0ROHFXODU2UELWDO
$0/ $FXWH0RQRF\WLF/HXNHPLD $02 $QVZHULQJ0DFKLQH2ZQHU
$FXWHPRQRF\WLFOHXNHPLDLVDEORRGGLVRUGHU $02 $SSDUHLOGH0HVXUHGHO
2EVHUYDWLRQ
FKDUDFWHUL]HGE\WKHV\PSWRPVSUHVHQWZLWKRWKHU )UHQFKDFURQ\PPHDQLQJ2EVHUYDWLRQ0HDVXULQJ
OHXNHPLDVSOXVJXPEOHHGLQJDQGLQIODPPDWLRQ $SSDUDWXV
0HGLFLQH $02 $[LRPHVLR2FFOXVDO
$0/ $FXWH0\HORJHQRXV/HXNHPLD 'HQWLVWU\
$0/ DGGLWLRQDOPLOLWDU\OD\HU $02$ $PHULFDQ0DLORUGHU$VVRFLDWLRQ
FRXFKHPLOLWDLUHDGGLWLRQQHOOH )RXQGHGLQ/RFDWHGLQ:DVKLQJWRQ'&
DHURGURPHPDUNLQJDQGOLJKWLQJ 86$
PDUTXDJHHWEDOLVDJHG·DpURGURPH $02/('GLVSOD\V $FWLYH0DWUL[2UJDQLF/LJKW
$0/ $GMXVWDEOH0RUWJDJH/RDQ (PLWWLQJ'LRGHGLVSOD\V
%XVLQHVV)LQDQFH $SSOLHG3K\VLFV6HPLFRQGXFWRU'HYLFHV
$0/ $OJHEUDLF0DQLSXODWLRQ/DQJXDJH $02SK\VLFLVWV $WRPLF0ROHFXODUDQG2SWLFDO
&RPSXWHU3URJUDPPLQJ SK\VLFLVWV
$0/ $XWRPDWLF0RGXODWLRQ/LPLWLQJ DPRUW DEEU DPRUWLVVDEOH
7HOHFRPPXQLFDWLRQV )UHQFKDEEUHYLDWLRQPHDQLQJUHGHHPDEOH
$0/&' $FWLYH0DWUL[/LTXLG&U\VWDO'LVSOD\ %XVLQHVV(FRQRPLFV)LQDQFH
$SSOLHG3K\VLFV6HPLFRQGXFWRU'HYLFHV $026 $XWRPDWHG0HWHRURORJLFDO2EVHUYLQJ
$0/5 $XWRORJRXV0L[HG/\PSKRF\WH5HDFWLRQ 6\VWHP$XWRPDWLF0HWHRURORJLFDO2EVHUYLQJ
DPP DEEU DPPLQLVWUDWRUH 6WDWLRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJDGPLQLVWUDWRU RID $0RY3 $OOLHG0RYHPHQW3XEOLFDWLRQ
&RPSDQ\ GLUHFWRU SXEOLFDWLRQLQWHUDOOLpHVXUOHVPRXYHPHQWV
$OVRDPPUH $03 $GHQRVLQH0RQRSKRVSKDWH
DPP DEEU DPPLQLVWUD]LRQH $03 LVDOVRNQRZQDV$GHQ\OLF$FLG
,WDOLDQDEEUHYLDWLRQPHDQLQJDGPLQLVWUDWLRQPDQ %LRFKHPLVWU\
DJHPHQW $03 $GYDQFHG0LFURVWUXFWXUH3UROLIHU
$OVRDPPQH 7KH$03 FROOHFWVGDWDIRUDQDO\VLVDQGLQWHUSUHWD
DPP DEEU DPPLUDJOLR WLRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJDGPLUDO $03 $OOLHG0LQH:DUIDUH3XEOLFDWLRQ
$00DPP $QWLPLVVLOH0LVVLOH SXEOLFDWLRQLQWHUDOOLpHVXUODJXHUUHGHVPLQHV
2UGQDQFH DVVLVWHGPDLQWHQDQFHSHULRG
$00$ $VVRFLD]LRQH0HWDOOXUJLFL0HFFDQLFL SpULRGHGHPDLQWHQDQFHDVVLVWpH
$IILQL DPS DEEU DPSHUDJH
,WDOLDQ$VVRFLDWLRQ (OHFWULFLW\
$00,1(7 $XWRPDWHG0RUWJDJH0DUNHW DPS DEEU DPSHUH
,QIRUPDWLRQ1(7ZRUN 1DPHGDIWHUWKH)UHQFKPDWKHPDWLFLDQDQGSK\VL
DPPQH DEEU DPPLQLVWUD]LRQH FLVW$QGUp0DULH$PSqUH
)RUIXUWKHUGHWDLOVVHHDPP 0HWURORJ\
DPPR DEEU DPPXQLWLRQ $03$ DGYDQFHGPLVVLRQSODQQLQJDLG
DPPUH DEEU DPPLQLVWUDWRUH DLGHSHUIHFWLRQQpHjODSODQLILFDWLRQGHVPLVVLRQV
)RUIXUWKHUGHWDLOVVHHDPP $03$ $GYDQFHG0XOWLPHGLD3DUDOOHO$FFHOHUDWRU
$006 DXWRPDWLFPHVVDJHPDQDJHPHQWV\VWHP (XURSHDQ&RPPXQLW\3URMHFW
>REVROHWH@ $03$ _$PLQRK\GUR[\PHWK\OLVR[D]ROH
V\VWqPHGHJHVWLRQDXWRPDWLTXHGHPHVVDJHV 3URSLRQLF$FLG
>REVROqWH@ $03$6 $FDGHP\RI0RWLRQ3LFWXUH$UWVDQG
6FLHQFHV


DPSKU DPSHUHKRXU $05, $VVRFLDWLRQRI0LVVLOHDQG5RFNHW


)RUIXUWKHUGHWDLOVVHHXQGHU$+DK DPSHUH ,QGXVWULHV
KRXU  $052 %DQN $0VWHUGDP52WWHUGDP%DQN
$PSODWV $QJOR$PHULFDQSODWLQXP&RUSRUDWLRQ 'XWFK%DQN
DPS5JHQH DPSLFLOOLQ5HVLVWDQFHJHQH $056 $XWRPDWHG0HUFKDQW6KLSSLQJ5HSRUWLQJ
0HGLFLQH 6\VWHP
$036 $GYDQFHG0RELOH3KRQH6HUYLFH V\VWqPHDXWRPDWLVpGHFRPSWHUHQGXSRXUOD
$036DXWRPDWHGPHVVDJHSURFHVVLQJV\VWHP PDULQHPDUFKDQGH
>REVROHWH@ $057 DFFqVPXOWLSOHSDUUpSDUWLWLRQWHPSRUHOOH
V\VWqPHDXWRPDWLVpGHWUDLWHPHQWGHPHVVDJHV WLPHGLYLVLRQPXOWLSOHDFFHVV 7'0$ 
>REVROqWH@ $06 $FFHOHUDWRU0DVV6SHFWURPHWHU
$037 _0HWK\OS7\URVLQH 6SHFWURPHWU\
$037( $FWLYH0DJQHWRVSKHULF3DUWLFOH7UDFHU 7KH$FFHOHUDWRU0DVV6SHFWURPHWU\LVDFDUERQ
([SORUHU GDWLQJWHFKQLTXH
$05 $EQRUPDO0LVVLRQ5RXWLQH $UFKDHRELRORJ\$UFKDHRORJ\
$05 $FWLYLW\0HWDEROLF5DWH $PV $FFRPSDQ\LQJ0HDVXUHV
$05 $GYDQFH0DWHULDO5HTXHVW $06 $HULDO0HDVXULQJ6\VWHP 86$ 
$05 $GYDQFHG0RGXODU5DGDU 1XFOHDU'HIHQVH
$05 $HURVSDFH0HGLFDO5HVHDUFK $06 $HURVSDFH0DWHULDO6SHFLILFDWLRQV
$05 $LUERUQH0DJQHWLF5HFRUGHU $06 $JULFXOWXUDO0DUNHWLQJ6HUYLFH
$05 $OWHUQDWLQJ0RWLRQ5DWH $06 $OSKD0DJQHWLF6SHFWURPHWHU
$05 $SSOLHG0HFKDQLFV5HYLHZ 1$6$·V$06ZDVODXQFKHGLQ
$05 $XWRPDWLF0HVVDJH5HJLVWHULQJ &RVPLF5D\V3K\VLFV6SDFH7HFKQRORJ\
$05 $XWRPDWLF0HVVDJH5RXWLQJ $06$06 $PHULFDQ0DWKHPDWLFDO6RFLHW\
$05 $XWRPDWLF0HWHU5HDGLQJ $PHULFDQ0HWHRURORJLFDO6RFLHW\ 86$ 
DPU 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ DPV DPRXQWRIVXEVWDQFH
XVLQJWKH$UDELFZRUGDPUZKLFKPHDQVRUGHU $PVUHIHUVWRWKHDPRXQWRIDFHUWDLQFRPSRQHQW
LQMXFWLRQSUHVFULSWLRQ SUHVHQWLQDVROXWLRQRUPHGLFDOSUHSDUDWLRQ
$05$$0 $GYDQFHG0HGLXP5DQJH$LUWR$LU 6FLHQFH
0LVVLOH $06 7KHDLUSRUWFRGHIRU$PVWHUGDP 6FKLSKRO
2UGQDQFH 7KH1HWKHUODQGV 
$0UDGLR $PSOLWXGH0RGXODWLRQUDGLR $06 $QLVRWURS\RI0DJQHWLF6XVFHSWLELOLW\
7HOHFRPPXQLFDWLRQV (DUWK6FLHQFHV
$05& DFFqVPXOWLSOHSDUUpSDUWLWLRQHQFRGH $06 $QWLPDWWHU0DJQHWLF6SHFWURPHWHU
FRGHGLYLVLRQPXOWLSOHDFFHVV &'0$  $06 $UP\0DS6HUYLFH$UP\0HGLFDO6HUYLFH
$05FRGHV $GDSWLYH0HVK5HILQHPHQWFRGHV $06 $UP\0HGLFDO6WDII
$VWURQRP\3K\VLFV $06 $VVLVWDQW0LOLWDU\6HFUHWDU\
$05() $IULFDQ0HGLFDODQG5(VHDUFK $06 $XWRPDWLF0XVLF6HDUFK
)RXQGDWLRQ $FRXVWLFDO(QJLQHHULQJ
/RFDWHGLQ1DLUREL.HQ\D)RXQGHGLQ $06$ $GYDQFHG0DQQHG6WUDWHJLF$LUFUDIW
LQGHSHQGHQWQRQSURILWRUJDQL]DWLRQZRUNLQJWR $06$ $OOLHG0LOLWDU\6HFXULW\$JHQF\
LPSURYHWKHKHDOWKRISHRSOHLQ(DVWHUQ$IULFD $JHQFHDOOLpHGHVpFXULWpPLOLWDLUH
IXQGVIURPJRYHUQPHQWDODQGQRQJRYHUQPHQWDO $06$ $]LHQGD0XQLFLSDOH6HUYL]L$PELHQWDOL
DLGDJHQFLHVLQ$IULFD(XURSHDQG1RUWK$PHULFD ,WDO\ 
DQGSULYDWHGRQRUVRIILFLDOUHODWLRQVZLWK:+2 $06* $OOLHGPLOLWDU\VHFXULW\JXLGHOLQHV
$FWLYLWLHVSULPDU\KHDOWKFDUHWUDLQLQJWHDFKLQJ GLUHFWLYHLQWHUDOOLpHVXUODVpFXULWpPLOLWDLUH
DLGVKHDOWKEHKDYLRXUDQGHGXFDWLRQDLUERUQH $06,( $QQXDO0HHWLQJ 6FLHQFH,QQRYDWLRQ
PHGLFLQHIO\LQJGRFWRUVHUYLFHPHGLFDOUDGLR ([SRVLWLRQ
FRPPXQLFDWLRQJURXQGPRELOHPHGLFLQHUHVHDUFK $$$6·VPHHWLQJV
FRQVXOWDQFLHV )RUIXUWKHUGHWDLOVVHHXQGHU$$$6
$05) DFFqVPXOWLSOHSDUUpSDUWLWLRQHQIUpTXHQFH $06/ DERYHPHDQVHDOHYHO
IUHTXHQF\GLYLVLRQPXOWLSOHDFFHVV )'0$  DXGHVVXVGXQLYHDXPR\HQGHODPHU


$062 $UDE6WDQGDUGL]DWLRQDQG0HWURORJ\ $0XV $VVRFLDWHLQ0XVLF


2UJDQL]DWLRQ $0XV''RFWRURI0XVLFDO$UWV
7KH$062LVEDVHGLQ$PPDQ $09 $WWHUULVVDJHSDU0DXYDLVH9LVLELOLWp
$063 $OOLHG0LOLWDU\6HFXULW\3XEOLFDWLRQ )UHQFKLQLWLDOLVPPHDQLQJ3RRU9LVLELOLW\
SXEOLFDWLRQLQWHUDOOLpHVXUODVpFXULWpPLOLWDLUH /DQGLQJ
$065 $GYDQFHG0LFURZDYH6RXQGLQJ $09 $YLDQ0\HOREODVWRVLV9LUXV
5DGLRPHWHU 9LURORJ\
$06UDGLRFDUERQPHWKRG $FFHOHUDWRU0DVV $09(5 DXWRPDWHGPXWXDODVVLVWDQFHYHVVHOUHVFXH
6SHFWURPHWHUUDGLRFDUERQPHWKRG V\VWHP
$QWKURSRORJ\ V\VWqPHDXWRPDWLTXHG·HQWUDLGHSRXUOHVDXYHWDJH
$067 $GYDQFHG0HGLXP6KRUWWDNHRIIDQGODQG GHVQDYLUHV
LQJ7UDQVSRUW $091 $]RELV GLPHWK\OYDOHURQLWULOH 
$068 $GYDQFHG0LFURZDYH6RXQGLQJ8QLW $0:23 DPSKLELRXVZDUIDUHRSHUDWLRQ
$06: 0DVWHURI$UWVLQ6RFLDO:RUN RSpUDWLRQGHOXWWHDPSKLELH
$07 $GGUHVV0DSSLQJ7DEOH $0< DEEU $P\JGDOD
&RPSXWHUV 7KHDP\JGDODLVDOPRQGVKDSHGDQGLVORFDWHGLQ
DPW DLUPDLOWUDQVIHU WKHODWHUDOYHQWULFOHRIWKHEUDLQ
$07 $OWHUQDWLYH0LQLPXP7D[ $QDWRP\
DPW DEEU DPRXQW $0< DEEU $P\ODVH
$07 $SSURSULDWH0HGLFDO7HFKQRORJLHV (Q]\PRORJ\
$07 $VVRFLDWHLQ0HFKDQLFDO7HFKQRORJ\ $0< SODTXHV $P\ORLGSODTXHV
$07 $VVRFLDWHLQ0HGLFDO7HFKQRORJ\ $O]KHLPHU
V5HVHDUFK1HXURPROHFXODU%LRORJ\
$07 0DVWHURI$UWVLQ7HDFKLQJ 1HXURSDWKRORJ\1HXURSV\FKRORJ\RI$JHLQJ
DPWDQN DEEU DPSKLELRXVWDQN 1HXURVFLHQFH
$07(; $LU0DVV7UDQVSRUWDWLRQ(;SHULPHQW $0= $VVRFLDWLRQ0RQGLDOHGH=RRWHFKQLH
-DSDQ  :RUOG$VVRFLDWLRQV
$07, DLUERUQHPRYLQJWDUJHWLQGLFDWRU DQ DERYHQDPHG
pOLPLQDWHXUGHERUGG·pFKRVIL[HV DQ $FWLQRQ
$07, $OWHUQDWLYH0LQLPXP7D[DEOH,QFRPH 1RZFDOOHGUDGRQ
86$  1XFOHDU3K\VLFV
DPWUDF DEEU DPSKLELRXVWUDFWRU $1 $QFRQD,WDO\
2UGQDQFH $1 $QGRUUD
$076 $OOLHG0RYHPHQWDQG7UDQVSRUWDWLRQ $1$1 $QJOR1RUPDQ
6\VWHP $Q $QJVWURPDQJVWURP
V\VWqPHGHVRXWLHQLQWHUDOOLpGHVPRXYHPHQWVHW $QJVWURPLVDXQLWRIOHQJWKWRPHDVXUHZDYH
WUDQVSRUWV OHQJWKVRIOLJKW
$08 $LU0LOHDJH8QLW 0HWURORJ\
7KHDLUPLOHDJHXQLWFDOFXODWHVWKHDLUGLVWDQFH $1 $QRUH[LD1HUYRVD
IORZQDQGIHHGVWKHUHVXOWLQJGDWDLQWRWKHDLU $1LVFKDUDFWHUL]HGE\ORVVRIDSSHWLWHDQGFRQVH
PLOHDJHLQGLFDWRU TXHQWPDOQXWULWLRQDVVRFLDWHGZLWKSV\FKRORJLFDO
(QJLQHHULQJ HPRWLRQDODQGSK\VLRORJLFDOGLVWXUEDQFHV
$08 $VLDQ0RQHWDU\8QLW 3V\FKLDWU\
$08DPX $WRPLF0DVV8QLW $1 $UP\1DY\
7KHDWRPLFPDVVXQLWDOVRNQRZQDV'DOWRQLVD $1 $VVRFLDWHLQ1XUVLQJ
XQLWRIPDVVWRLQGLFDWHWKHPDVVHVRIDWRPVDQG $1$ $FRXVWLF1HXURPD$VVRFLDWLRQ
PROHFXOHV $1$ $GPLQLVWUDWLRQIRU1DWLYH$PHULFDQV
3K\VLFV $1$ $HURMHW1HWZRUN$QDO\]HU
$08 $X[LOLDU\0HPRU\8QLW $1$ $ODQLQH1LWURDQLOLGH
$08 $YHUDJH0RQWKO\8VDJH %LRFKHPLVWU\
$08( $VVRFLDWLRQIRUWKH0RQHWDU\8QLRQRI $1$ 7KHDLUOLQHFRGHIRU$OO1LSSRQ$LUZD\V
(XURSH $1$ LV-DSDQ
VVHFRQGODUJHVWLQWHUQDWLRQDODLUOLQH
$0X/9 $EHOVRQ0XULQH/HXNHPLD9LUXV $1$ $OSKD1DSKWK\O$FHWDWH
9LURORJ\ 2UJDQLF&KHPLVWU\


$1$$1$ $PHULFDQ1XUVHV
$VVRFLDWLRQ $1$6,1 $VVRFLD]LRQH1D]LRQDOH$]LHQGH6HUYL]L
$1$ $QWLQXFOHDU$QWLERGLHV GL,QIRUPDWLFDH7HOHPDWLFD
3DWKRORJ\ DQDW DEEU DQDWRPLFDODQDWRP\
$1$ $VVRFLDWLRQRI1DWLRQDO$GYHUWLVHUV 86$  $1% $VVRFLD]LRQH1D]LRQDOH%HUVDJOLHUL
$1$ $VVRFLD]LRQH1D]LRQDOH$OSLQL ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO%HUVDJOLHUL
,WDOLDQDFURQ\PRIWKH1DWLRQDO0RXQWDLQ7URRSV $VVRFLDWLRQ7KH%HUVDJOLHULDUHVROGLHUVRIWKH
&RUSV9HWHUDQV
$VVRFLDWLRQ OLJKWLQIDQWU\RIWKH,WDOLDQ$UP\
DQD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $1%' $VVRFLDWLRQRI1DWLRQDO%RQG'HDOHUV
XVLQJWKH$UDELFZRUGDQDZKLFKPHDQV,PH 86$ 
$1$$2 $VVRFLD]LRQH1D]LRQDOH$LXWLH$VVLVWHQWL 7KH$1%'ZDVIRXQGHGLQ
2VSHGDOLHUL $1& $FLG1HXWUDOL]LQJ&DSDFLW\
,WDOLDQ$VVRFLDWLRQ $FLG5DLQ(FRV\VWHP6WXGLHV/LPQRORJ\
$1$& $VVRFLD]LRQH1D]LRQDOH$XWRVHUYL]LLQ $1& $IULFDQ1DWLRQDO&RQJUHVV
&RQFHVVLRQH $1& 7KHDLUSRUWFRGHIRU$QFKRUDJH$ODVND
,WDOLDQ$VVRFLDWLRQ $QF DEEU DQFLHQ
$QDFW $JHQFHQDWLRQDOHSRXUO
DPpOLRUDWLRQGHV )UHQFKDEEUHYLDWLRQPHDQLQJROGIRUPHU
FRQGLWLRQVGHWUDYDLO )UDQFH  DQF DEEU DQFLHQW
)UHQFKDFURQ\PRIWKH1DWLRQDO$JHQF\IRU $1& $UP\1DY\&LYLO $HURQDXWLFV&RPPLWWHH 
,PSURYHPHQWRI:RUNLQJ&RQGLWLRQV $1& $UP\1XUVH&RUSV
$1$(($QDHH $VVRFLD]LRQH1$]LRQDOH $1&$ $OOLHG1DYDO&RPPXQLFDWLRQV$JHQF\
GHOO
(GLWRULD(OHWWURQLFD ,WDO\  >REVROHWH@
,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO$VVRFLDWLRQRI %XUHDXDOOLpGHVWUDQVPLVVLRQVQDYDOHV>REVROqWH@
(OHFWURQLF3XEOLVKLQJ $1&$ $VVRFLD]LRQH1D]LRQDOH&RRSHUDWLYH
$1$) $UP\1DY\$LU)RUFH $JULFROH ,WDO\ 
$1$* $VVRFLD]LRQH1D]LRQDOH$UPDGHO*HQLR DQFD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
,WDO\  XVLQJWKH,WDOLDQZRUGDQFDZKLFKPHDQVEXW
,WDOLDQDFURQ\PRIWKH1DWLRQDO3LRQHHU&RUSV WRFN $QDWRP\0LQLQJ(QJLQHHULQJ KLS
9HWHUDQV
$VVRFLDWLRQ $QDWRP\$UFKLWHFWXUH LOLXP $QDWRP\ 
0LOLWDU\ $1&$'$QFDG $VVRFLD]LRQH1D]LRQDOH
$1$,3 $VVRFLD]LRQH1D]LRQDOH$PPLQLVWUDWRUL &RPPHUFLDQWL$UWLFROL'HQWDUL
,PPRELOLDUL3URIHVVLRQLVWL ,WDOLDQ$VVRFLDWLRQ
,WDOLDQ$VVRFLDWLRQ $1&& $VVRFLD]LRQH1D]LRQDOHGHOOH&RRSHUDWLYHGL
$1$/DQDO DEEU $QDOJHVLF &RQVXPR
$QDQDOJHVLFLVDVXEVWDQFHRUPHGLFDWLRQWKDW ,WDOLDQ$VVRFLDWLRQ
UHOLHYHVSDLQ $1&( $JHQFH1DWLRQDOHSRXUOD&UpDWLRQ
3KDUPDFRORJ\ G
(QWUHSULVHV
DQDO DEEU DQDORJLHDQDORJLTXH )UHQFK$JHQF\
)UHQFKDEEUHYLDWLRQPHDQLQJDQDORJ\DQDORJLF $1&( $VVRFLD]LRQH1D]LRQDOH&RVWUXWWRUL(GLOL
DQDORJLFDO ,WDOLDQ$VVRFLDWLRQ
DQDO DEEU DQDORJ\ $QFH$1&( $VVRFLD]LRQH1D]LRQDOHGHO
$QWKURSRORJ\(YROXWLRQ &RPPHUFLRFRQO
(VWHUR
DQDO DEEU DQDO\VLV ,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI
$QDO\WLFDO&KHPLVWU\0DWKHPDWLFV0HWHRURORJ\ )RUHLJQ7UDGH$1&(LVORFDWHGLQ0LODQ,WDO\
DQDO DEEU DQDO\VW DQDQFKDUDFWHUV DOSKDQXPHULFFKDUDFWHUV
DQDO DEEU DQDO\WLTXH DQFKDUDFWHUVDOVRNQRZQDVDOSKDPHULFFKDUDF
)UHQFKDEEUHYLDWLRQPHDQLQJDQDO\WLF DO  WHUVDUHDOSKDEHWLFRUQXPHULFFKDUDFWHUVVXFKDV
$1$4 DXWRULWpQDWLRQDOHSRXUO·DVVXUDQFHGHOD OHWWHUVRUQXPHUDOVDVZHOODVSXQFWXDWLRQPDUNV
TXDOLWp DQGV\PEROVXVHGE\DFRPSXWHU
QDWLRQDOTXDOLW\DVVXUDQFHDXWKRULW\ 14$$  DQFK DEEU DQFKRUHG
$1$6 $]LHQGD1D]LRQDOH$XWRQRPDGHOOH6WUDGH $1&, $VVRFLD]LRQH1D]LRQDOH&RPXQL,WDOLDQL
,WDO\  ,WDOLDQ$VVRFLDWLRQ
,WDOLDQDFURQ\PRIWKH1DWLRQDO5RDG%RDUG $1&0$ $VVRFLD]LRQH1D]LRQDOH&LFOR0RWRFLFOR
H$FFHVVRUL


,WDOLDQ$VVRFLDWLRQ $1( $FRXVWLF1RLVH(QYLURQPHQW


$1&29$ $1DO\VLVRI&29$ULDQFH $1( $HURVSDFHDQG1DYLJDWLRQDO(OHFWURQLFV
6WDWLVWLFV $1( $PHULFDQVIRU1XFOHDU(QHUJ\
$1&3/ $VVRFLD]LRQH1D]LRQDOHGHOOH&RRSHUDWLYH $1($ $VVRFLD]LRQH1D]LRQDOHIUDJOL(QWLGL
GL3URGX]LRQHH/DYRUR $VVLVWHQ]D ,WDO\ 
,WDOLDQ$VVRFLDWLRQ ,WDOLDQDFURQ\PRIWKH:HOIDUH%RDUGV
1DWLRQDO
$1&5 $VVRFLDWLRQ1DWLRQDOHGHV&DELQHWVGH $VVRFLDWLRQ
5HFRXYUHPHQWGHFUpDQFHV $1(' $VVRFLD]LRQH1D]LRQDOH(PRGLDOL]]DWL
)UHQFK$VVRFLDWLRQ ,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI
$1&5 $VVRFLD]LRQH1D]LRQDOH&RPEDWWHQWLH +HPRGLDO\VLVSDWLHQWV
5HGXFL ,WDO\  $1()/( $VVRFLDWLRQ1DWLRQDOHGHV(QVHLJQDQWVGH
,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO9HWHUDQV
)UDQoDLV/DQJXH(WUDQJqUH
$VVRFLDWLRQ )UHQFKDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI
0LOLWDU\ 7HDFKHUVRI)UHQFKDVD)RUHLJQODQJXDJH
$1' $LU1DYLJDWLRQ'LUHFWLRQV $1(/6 $VVRFLD]LRQH1D]LRQDOH(QWL/LULFLH
$1' $LUSODQH1RVH'RZQ 6LQIRQLFL
$1' DEEU $QGRUUD ,WDOLDQ$VVRFLDWLRQ
$QG DEEU $QGURPHGD $1(3 $OOLHG1DYDO(QJLQHHULQJ3XEOLFDWLRQ
$QGURPHGDLVDFRQVWHOODWLRQRIWKHQRUWKHUQVN\ SXEOLFDWLRQLQWHUDOOLpHVXUO·LQJpQLHULHQDYDOH
$OVR$QGU $1(6 DEEU $QHVWKHVLRORJ\
$VWURQRP\ $QHVWKHVLRORJ\LVWKHEUDQFKRIPHGLFLQHGHDOLQJ
$QGDI $VVRFLD]LRQHQD]LRQDOHGHLGLUHWWRULDPPLQ ZLWKWKHDGPLQLVWUDWLRQRIDQHVWKHWLFV
LVWUDWLYLHILQDQ]LDUL ,WDO\  0HGLFLQH
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI $1) $LU1DYLJDWLRQ)DFLOLW\
'LUHFWRUVDQG)LQDQFLDO0DQDJHUV)RXQGHGLQ 7UDQVSRUWDWLRQ(QJLQHHULQJ
%DVHGLQ0LODQ,WDO\ $1) $QWLQXFOHDU)DFWRU
DQGDI 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ $1) $VVRFLD]LRQH1D]LRQDOHGHO)DQWH
XVLQJWKH$UDELFZRUGDQGDIZKLFKPHDQV ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO,QIDQWU\PHQ
FOHDQHUWKDQ $VVRFLDWLRQ
$1'( $FWLYH1XWDWLRQ'DPSHU(OHFWURQLFV 0LOLWDU\
$1'( $OSKDQXPHULF'LVSOD\(TXLSPHQW $1) $WULDO1DWULXUHWLF)DFWRU
$1'( $VVRFLD]LRQH1D]LRQDOH'RQQH(OHWWULFL $WULDOQDWULXUHWLFIDFWRULVDOVRNQRZQDV$WULDO
,WDO\  1DWULXUHWLF3HSWLGH
,WDOLDQDFURQ\PRIWKH:RPHQ9RWHUV
1DWLRQDO (QGRFULQRORJ\
$VVRFLDWLRQ $1), $VVRFLD]LRQH1D]LRQDOH)LQDQ]LHUL,WDOLDQL
$QGHF$1'(& $VVRFLD]LRQH1D]LRQDOH ,WDOLDQ$VVRFLDWLRQ
'LVWULEXWRUL(OHWWURQLFD&LYLOH ,WDO\  $1))$6$QIIDV$VVRFLD]LRQHQD]LRQDOHIDPLJOLH
$QGL $VVRFLD]LRQHQD]LRQDOHGHJOLLQYHQWRUL GLIDQFLXOOLHDGXOWLVXEQRUPDOL
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI ,WDOLDQ$VVRFLDWLRQ
,QYHQWRUV $1),$ $VVRFLD]LRQH1D]LRQDOHIUDOH,QGXVWULH
$1', $VVRFLD]LRQH1D]LRQDOH'HQWLVWL,WDOLDQL $XWRPRELOLVWLFKH ,WDO\ 
,WDO\  ,WDOLDQDFURQ\PRIWKH0RWRU,QGXVWULHV
1DWLRQDO
$1'3 $VVRFLDWLRQRI1HXURVFLHQFH'HSDUWPHQWV $VVRFLDWLRQ
DQG3URJUDPV 86$  $1)3 /LEUDULHV $XVWULDQ1DWLRQDO)RFDO3RLQW
$QGU DEEU $QGURPHGD /LEUDULHV
)RUIXUWKHUGHWDLOVVHHXQGHU$QG $XVWULDQ/LEUDULHV
$1'5$ $JHQFH1DWLRQDOHSRXUODJHVWLRQGHV $1* $LU1DWLRQDO*XDUG
'pFKHWV5$GLRDFWLIV $QJ DEEU $QJLRSRLHWLQ
)UHQFKDFURQ\PRIWKH1DWLRQDO$JHQF\IRU $QJLRJHQHVLV0HGLFLQH0ROHFXODU0HGLFLQH
0DQDJHPHQWRI5DGLRDFWLYH:DVWH%DVHGLQ3DULV $1* $VVRFLD]LRQH1D]LRQDOHGHL*UDQDWLHUL
)UDQFH)RXQGHGLQ ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO*UDQDGLHU&RUSV
$1'5(( $VVRFLDWLRQIRU1XFOHDU'HYHORSPHQW 9HWHUDQV
$VVRFLDWLRQ
DQG5HVHDUFKLQ(OHFWULFDO(QJLQHHULQJ 0LOLWDU\


$QJO DEEU $QJOLFDQ ,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQIRU


$1*5< $QWLQXFOHDU*URXS5HSUHVHQWLQJ<RUN WKHILJKWDJDLQVW$,'6
$QJ6D[ $QJOR6D[RQ $1/7 DEEU $1FKRU/LJKW
$1*72/ DEEU $1*XODULW\72/HUDQFH $10& $OOLDQFH1DWLRQDOHGHV0XWXDOLWp
$1*86 $LU1DYLJDWLRQDO*XDUGRIWKH8QLWHG &KUpWLHQQHV %HOJLXP 
6WDWHV $10,* $VVRFLD]LRQH1D]LRQDOH0XWLODWLH
$1*86 $ 1DYLJDEOH*HQHUDOSXUSRVH8QGHUZDWHU ,QYDOLGLGL*XHUUD ,WDO\ 
6XUYH\RU ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO$VVRFLDWLRQRI
$1, $XWRPDWLF1XPEHU,GHQWLILFDWLRQ 'LVDEOHG6HUYLFHPHQ
$1,$ $VVRFLD]LRQH1D]LRQDOHIUDOH,PSUHVH 0LOLWDU\
$VVLFXUDWULFL ,WDO\  $10,/ $VVRFLD]LRQH1D]LRQDOH0XWLODWLH
,WDOLDQDFURQ\PRIWKH,QVXUDQFH&RPSDQLHV
,QYDOLGLGHO/DYRUR ,WDO\ 
1DWLRQDO$VVRFLDWLRQ ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO$VVRFLDWLRQRI
$1,$'$QLDG $VVRFLD]LRQH1D]LRQDOH,WDOLDQD 'LVDEOHG:RUNHUV
$WOHWL'LDEHWLFL $11DQQ DEEU $QQDOV
,WDOLDQ$VVRFLDWLRQ DQQ DEEU DQQHDOHG
$1,& $VVRFLD]LRQH1D]LRQDOHGHOO
,QGXVWULD (QJLQHHULQJ
&KLPLFD ,WDO\  $11DQQ DEEU DQQRXQFH
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRIWKH DQQ DEEU DQQXDO
&KHPLFDO,QGXVWU\ $11 $VLD3DFLILF1HZV1HWZRUN
$1,& $]LHQGD1D]LRQDOH,GURJHQD]LRQH&DUEXUDQWL $11$ JHRGHWLFVDWHOOLWH $UP\1DY\1$6$$LU
,WDO\  )RUFHJHRGHWLFVDWHOOLWH
$1,&$ $VVRFLD]LRQH1D]LRQDOHIUDJOL,VWLWXWLGL $11,( $UWLILFLDO1HXUDO1HWZRUNV,Q(QJLQHHULQJ
&UHGLWR$JUDULR ,WDO\  $11V $UWLILFLDO1HXUDO1HWZRUNV
,WDOLDQDFURQ\QRIWKH1DWLRQDO$VVRFLDWLRQRI &RPSXWDWLRQDO1HXURVFLHQFH
$JUDULDQ&UHGLW%DQNV $12 $LU1DYLJDWLRQ2UGHU
$1,&$ SURMHFW $WPRVSKHULF1XWULHQW,QSXWWR $12 $OSKDQXPHULF2XWSXW
&RDVWDO$UHDVSURMHFW $12EDVLVVHWV $WRPLF1DWXUDO2UELWDOEDVLVVHWV
$1,( $VVRFLD]LRQH1D]LRQDOH,QGXVWULH $12&29$ DEEU $1DO\VLV2I&29$ULDQFH
(OHWWURWHFQLFKHHGHOHWWURQLFKH ,WDO\  6WDWLVWLFV
$1,0$ $VVRFLD]LRQH1D]LRQDOH,QGXVWULD $12'DQRG DEEU $QRGL]H
0HFFDQLFDYDULDH$IILQH ,WDO\  0HWDOOXUJ\
7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\XVLQJ DQRQ DEEU DQRQ\PRXV
WKH,WDOLDQZRUGDQLPDZKLFKPHDQVFRUH $129$ DEEU $1DO\VLV2I9$ULDQFH
)RXQGU\0HWDOOXUJ\ ZHE 5DLOZD\V WXEH RID $13 $LUFUDIW1XFOHDU3URSXOVLRQ
JXQ  0LOLWDU\  $13 DLUQDYLJDWLRQSODQ
$OVRVRXOJKRVWVSLULW SODQGHQDYLJDWLRQDpULHQQH
$1,3/$ $VVRFLD]LRQH1D]LRQDOH,WDOLDQDSHU $OOLHG1DYLJDWLRQ3XEOLFDWLRQ
O
$XWRPD]LRQH ,WDO\  SXEOLFDWLRQLQWHUDOOLpHVXUODQDYLJDWLRQ
OWDOLDQDFURQ\PRIWKH,WDOLDQ1DWLRQDO DQQXDOQDWLRQDOSURJUDPPH
$VVRFLDWLRQIRU$XWRPDWLRQ SURJUDPPHQDWLRQDODQQXHO
$1,5( $VVRFLD]LRQH1D]LRQDOH,WDOLDQDGL $13 $WULDO1DWULXUHWLF3HSWLGH
5LDELOLWD]LRQH(TXHVWUH $WULDO1DWULXUHWLF3HSWLGHLVDOVRNQRZQDV$WULDO
,WDOLDQ$VVRFLDWLRQ 1DWULXUHWLF)DFWRU
$1/ $FFDGHPLD1D]LRQDOHGHL/LQFHL ,WDO\  $13$ $JHQ]LD1D]LRQDOHSHUOD3URWH]LRQH
,WDOLDQLQLWLDOLVPRIWKH/LQFHL1DWLRQDO$FDGHP\ GHOO
$PELHQWH ,WDO\ 
$1/ $UJRQQH1DWLRQDO/DERUDWRU\ 86$  ,WDOLDQDFURQ\PRIWKH1DWLRQDO$JHQF\IRU
$1/ DUPHQRQOpWDOH (QYLURQPHQWDO3URWHFWLRQ
QRQOHWKDOZHDSRQ 1/:  $13$$13$ $PHULFDQ1HZVSDSHU3XEOLVKHUV

$1/DQO $XWRPDWLF1RLVH/LPLWHU $VVRFLDWLRQ 86$ 


(OHFWURQLFV $13$6 $VVRFLD]LRQH1D]LRQDOH3XEEOLFKH
$QODLGV$1/$,'6 $VVRFLD]LRQH1D]LRQDOHSHUOD $VVLVWHQ]H
ORWWDFRQWURO
$,'6 ,WDO\  ,WDOLDQ$VVRFLDWLRQ


$13( $JHQFH1DWLRQDOH3RXUO
(PSORL $168/) $VVRFLDWLRQ1DWLRQDOHGHV6FLHQWLILTXHV
)UHQFKDFURQ\PRIWKH1DWLRQDO(PSOR\PHQW SRXUO
8VDJHGHOD/DQJXH)UDQoDLVH
$JHQF\ )UHQFK$VVRFLDWLRQ
$13) $VVRFLDWLRQ1DWLRQDOHSRXUOH)DLWHVOHYRXV $16:(5 $XWRPDWHG1HWZRUN6FKHGXOH:LWK
PrPH )UDQFH  (YDOXDWLRQRI5HVRXUFHV
)UHQFKLQLWLDOLVPRIWKH'R,W<RXUVHOI1DWLRQDO $17 $GHQLQH1XFOHRWLGH7UDQVORFDWRU
$VVRFLDWLRQ $17$QW DEEU $QWDUFWLFDQWDUFWLF
$13, $VVRFLD]LRQH1D]LRQDOH3DUWLJLDQLG
,WDOLD *HRJUDSK\
,WDO\  $17DQW DEEU $QWHQQD
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI (OHFWURPDJQHWLVP 7KHDQWHQQDLVDGHYLFHWKDW
,WDOLDQ3DUWLVDQV UDGLDWHVRUUHFHLYHVUDGLRZDYHV
$133,$ $VVRFLD]LRQH1D]LRQDOH3HUVHJXLWDWL ,QYHUWHEUDWH=RRORJ\ 7KHDQWHQQDVDUHPRYDEOH
3ROLWLFL,WDOLDQL$QWLIDVFLVWL VHQVRU\UHFHSWRUVRQWKHKHDGVRIPDQ\LQVHFWVDQG
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI FUXVWDFHDQV
,WDOLDQ$QWLIDVFLVWSROLWLFDO9LFWLPV $17 $QWHQQD1RLVH7HPSHUDWXUH
$132 _1DSKWK\OSKHQ\OR[D]ROH $QW $QWKUDQLOLF$FLG
$133 $QQXDO1HW3ULPDU\3URGXFWLYLW\ 7KH$QWKUDQLOLFDFLGLVXVHGPDLQO\LQWKHPDQX
$15$9$ $GYDQFHG1RLVH5HGXFWLRQXVLQJ$FWLYH IDFWXUHRIG\HVDQGSKDUPDFHXWLFDOV$QWKUDQLOLF
9LEUDWLRQ$FWXDWRUV DFLGLVDOVRNQRZQDV2$PLQREHQ]RLFDFLG
(XURSHDQ&RPPXQLW\3URMHFW 2UJDQLF&KHPLVWU\
$15( $JHQF\RI1DWXUDO5HVRXUFHVDQG(QHUJ\ $QW $VVRFLD]LRQHQD]LRQDOHWXPRUL ,WDO\ 
-DSDQ  $17$$17$ $VVRFLD]LRQH1D]LRQDOH
-DSDQHVH$JHQF\ 7HUPRWHFQLFLHG$HURWHFQLFL
$156 1DWLRQDO$JHQF\IRU$,'65HVHDUFK ,WDOLDQ$VVRFLDWLRQ
)UHQFK$JHQF\ $17& $GYDQFHG1HWZRUNLQJ7HVW&HQWHU
$157 $VVRFLDWLRQ1DWLRQDOHGHOD5HFKHUFKH DQWKRO DEEU DQWKRORJ\
7HFKQLTXH )UDQFH  $QDQWKRORJ\LVDERRNRUDFROOHFWLRQRIVHOHFWHG
)UHQFKLQLWLDOLVPRIWKH1DWLRQDO$VVRFLDWLRQIRU ZULWLQJVE\RQHDXWKRURUE\YDULRXVDXWKRUV
7HFKQLFDO5HVHDUFK $17, $VVRFLD]LRQH1D]LRQDOHGHL7ULEXWDULVWL
$16 $FDGHP\RI1DWXUDO6FLHQFHV 86$  ,WDOLDQL ,WDO\ 
$16 $GYDQFHG1HXWURQ6RXUFH ,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI
1HXWURQ6FLHQFH 7D[&RQVXOWDQWV$GYLVRUV
$16$16 $PHULFDQ1XFOHDU6RFLHW\ $178 _1DSKWK\OWKLRXUHD
DQV DEEU DQVZHU $178LVXVHGDVDURGHQWLFLGH
$16 $TXDWLF1XLVDQFH6SHFLHV 2UJDQLF&KHPLVWU\
$16 $VWURQRPLFDO1HWKHUODQGV6DWHOOLWH 7KH $18 $XVWUDOLDQ1DWLRQDO8QLYHUVLW\
1HWKHUODQGV  $19$5 $JHQFH1DWLRQDOHSRXUOD9$ORULVDWLRQGH
$16 $XWRQRPLF1HUYRXV6\VWHP OD5HFKHUFKH )UDQFH 
7KHDXWRQRPLFQHUYRXVV\VWHPFRQWUROVLQYROXQ )UHQFKDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQIRU
WDU\DFWLRQV ([SORLWDWLRQRI5HVHDUFK
3K\VLRORJ\ $19* $VVRFLD]LRQH1D]LRQDOH9RORQWDULGL
$16$ $JHQ]LD1D]LRQDOH6WDPSD$VVRFLDWD *XHUUD ,WDO\ 
,WDOLDQDFURQ\PRIWKH,WDOLDQ$VVRFLDWHG3UHVV ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO:DU9ROXQWHHUV

$JHQF\ $VVRFLDWLRQ
DQVD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 0LOLWDU\
XVLQJWKH,WDOLDQZRUGDQVDZKLFKPHDQVKDQ $1:5 $UFWLF1DWLRQDO:LOGOLIH5HIXJH
GOHKRRSDVZHOODVDQVD $QDWRP\ LQ(QJOLVK $1=$&$Q]DF $XVWUDOLDQDQG1HZ=HDODQG$UP\
$16, $PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWH &RUSV
$16,LVORFDWHGLQ1HZ<RUN 86$  $2 $FFRXQW2I
866WDQGDUGV,VVXLQJ,QVWLWXWHV $2 $QJROD
$16,0 DEEU $1DORJ6,0XODWLRQ $2 $SSHOG·2IIUHV
&RPSXWHU3URJUDPPLQJ )UHQFKLQLWLDOLVPPHDQLQJ&DOO)RU%LGV
$2 $UFWLF2VFLOODWLRQ


:HDWKHU)RUHFDVWLQJ $2&6 VDWHOOLWH DWWLWXGHDQGRUELWDOFRQWUROV\VWHP


$2 $WRPLF2UELWDO V\VWqPHGHFRPPDQGHGHO·DWWLWXGHHWGHFRP
$WRPLF3K\VLFV3K\VLFDO&KHPLVWU\ PDQGHHQRUELWH GHVVDWHOOLWHV 
$2 $YLDWLRQ2UGQDQFHPDQ $2' $GYDQFHG2UGQDQFH'HSRW
$2$ $GPLQLVWUDWLRQ2Q$JHLQJ 86$  $2' $HURVRO2SWLFDO'HSWK
$2$$2$ $PHULFDQ2SWRPHWULF$VVRFLDWLRQ $2' $UJRQ2[\JHQ'HFDUEXUL]DWLRQ
86$  0HWDOOXUJ\
$2$ DPSKLELRXVREMHFWLYHDUHD $2)/$ $WODQWLF2IIVKRUH)LVKDQG/REVWHU
]RQHGHVREMHFWLIVG·XQHRSpUDWLRQDPSKLELH $VVRFLDWLRQ 86$ 
DPSKLELRXVRSHUDWLRQVDUHD $2, $SSHOG·2IIUHV,QWHUQDWLRQDO
]RQHG·RSpUDWLRQVDPSKLELHV )UHQFKLQLWLDOLVPPHDQLQJ,QWHUQDWLRQDO&DOOIRU
DUHDRULJLQDWLQJDXWKRULW\ 7HQGHUV
DXWRULWpRULJLQHGH]RQH $2,36 $WPRVSKHULFDQG2FHDQRJUDSKLF
$2$$ $PLQRR[\DFHWLF$FLG ,QIRUPDWLRQ3URFHVVLQJ6\VWHP
$2$' DUP\RUJDQLFDLUGHIHQFH $2/ $PHULFD2QOLQH
GpIHQVHDpULHQQHRUJDQLTXHGHO·DUPpHGHWHUUH $2/ LVWKHZRUOG
VODUJHVW2QOLQH6HUYLFH
$2$V $PRHERLG2OLYLQH$JJUHJDWHV 2QOLQH6HUYLFHV
(DUWK6FLHQFHV6SDFH6FLHQFHV*HRORJ\ $20 $QDHURELF2[LGDWLRQRI0HWKDQH
*HRSK\VLFV3ODQHWRORJ\ %LRJHRFKHPLVWU\0DULQH&KHPLVWU\0DULQH
$2$7 $QQXDLUH2IILFLHOGHV$ERQQpVGX 0LFURELRORJ\0LFURELDO5HHIV
7pOpSKRQH $20/ $WODQWLF2FHDQRJUDSKLFDQG0HWHRURORJLFDO
)UHQFKLQLWLDOLVPPHDQLQJ7HOHSKRQH%RRN /DERUDWRU\ 86$ 
3KRQH%RRN'LUHFWRU\ $21 $JHQFH27$1GHQRUPDOLVDWLRQ>DUHP
$2% $FFHVVRU\2OIDFWRU\%XOE SODFpOH%06HWO·216@
$2% DLURUGHURIEDWWOH 1$726WDQGDUGL]DWLRQ$JHQF\ 16$  >KDV
RUGUHGHEDWDLOOH$LU UHSODFHG0$6DQG216@
$2% $Q\2WKHU%XVLQHVV DSSHOG·RIIUHQDWLRQDO
$2& $GYLFH2I&KDUJH QDWLRQDOFRPSHWLWLYHELGGLQJ 1&% 
&HOOXODU3KRQHV $21 $QWHULRU2OIDFWRU\1XFOHXV
$2& $LUFUDIW2SHUDWLRQV&HQWHU $21 $XWRUHJXODWLRQ2I1RGXODWLRQ
$2& $LU2IILFHU&RPPDQGLQJ %LRFKHPLVWU\%RWDQ\0LFURELDO6FLHQFHV1RGXOH
$2& DLURSHUDWLRQVFHQWUH 0HULVWHPV
FHQWUHG·RSpUDWLRQVDpULHQQHV $22 $PHULFDQ2FHDQLF2UJDQL]DWLRQ 86$ 
DXWRPDWLFRYHUORDGFRQWURO $22 DUHDRIRSHUDWLRQV
UpJXODWLRQDXWRPDWLTXHGHVXUFKDUJH ]RQHG·RSpUDWLRQV
$2& $SSHOODWLRQG·2ULJLQH&RQWUROOpH )UDQFH  $22, DUHDRIRSHUDWLRQDOLQWHUHVW
6LQFH ]RQHG·LQWpUrWRSpUDWLRQQHO
$2&& DLURSHUDWLRQVFRRUGLQDWLRQFHQWUH $23 $LU2EVHUYDWLRQ3RVW
FHQWUHGHFRRUGLQDWLRQGHVRSpUDWLRQVDpULHQQHV $23 $OOLHG2UGQDQFH3XEOLFDWLRQ
$2F3 $OOLHG2FHDQRJUDSKLF3XEOLFDWLRQ SXEOLFDWLRQLQWHUDOOLpHVXUOHVPXQLWLRQV
SXEOLFDWLRQLQWHUDOOLpHVXUO·RFpDQRJUDSKLH DUHDRISUREDELOLW\
$2&6 $WPRVSKHULF2SWLFDO&DOLEUDWLRQ6\VWHP DLUHGHSUREDELOLWp
7KH$2&6VLJQLILFDQWO\DGYDQFHVWKHWHFKQRORJ\ $23, $23, $VVRFLD]LRQH2UWLFROD3URIHVVLRQDOH
RIPHDVXULQJDWPRVSKHULFRSWLFDOSURSHUWLHVE\ ,WDOLDQD
FRPELQLQJHDV\WRXVHUHDGLO\DYDLODEOHLQVWUX ,WDOLDQ$VVRFLDWLRQ
PHQWVZLWKDSHUVRQDOFRPSXWHUDQGVSHFLDOVRIW $2376 DLURSHUDWLRQVSODQQLQJ WDVNLQJV\VWHP
ZDUH&RUUHFWLRQVWRWKHDPELHQWVRODUVSHFWUXP V\VWqPHG·DWWULEXWLRQGHVWkFKHVHWGHSODQLILFD
DUHPDGHDXWRPDWLFDOO\DQGLQUHDOWLPH$ 39 WLRQVGHVRSpUDWLRQVDpULHQQHV
GHYLFHLVSODFHGRXWGRRUVZLWKWKH$2&6FORVHE\ $24 $YHUDJH2XWJRLQJ4XDOLW\
:KLOHUHVHDUFKHUVPRQLWRUWKHGHYLFHV
HOHFWULFDO $24/ $YHUDJH2XWJRLQJ4XDOLW\/LPLW
RXWSXWWKH$2&6PHDVXUHVDWPRVSKHULFSUHVVXUH DRU DEEU DRUWLFDRUWDO
DHURVRODQGZDWHUYDSRUDQGRSWLFDOSURSHUWLHV $QDWRP\
$WPRVSKHULF2SWLFDO&DOLEUDWLRQ6\VWHP $25 DUHDRIUHVSRQVLELOLW\


]RQHGHUHVSRQVDELOLWp $3 $OWD3UHVVLRQH


$25) $UFWLF2FHDQ5DGLDWLYH)OX[HV ,WDOLDQLQLWLDOLVPPHDQLQJ+LJK3UHVVXUH
$26 $JULFXOWXUDO2UJDQL]DWLRQ6RFLHW\ 3K\VLFV
$2V $WRPLF2UELWDOV $3 $PDOJDPDWHG3UHVV/WG
$WRPLF3K\VLFV3K\VLFDO&KHPLVWU\ $3 $PHULFDQ3ODQ
$26 $YHUDJH2[LGDWLRQ6WDWH $3 $PPRQLXP3HUFKORUDWH
$26% $UFWLF2FHDQ6FLHQFH%RDUG 86$  1+&$3 LVXVHGLQH[SORVLYHVDQGS\URWHFK
$26, DUHDRIVWUDWHJLFLQWHUHVW QLFV
]RQHG·LQWpUrWVWUDWpJLTXH ,QRUJDQLF&KHPLVWU\
$263 $WPRVSKHULFDQG2FHDQ6FLHQFHV3URJUDP $3 $QJLQD3HFWRULV
86$  $3 LVFKDUDFWHUL]HGE\FKHVWSDLQDFFRPSDQLHGDW
$265 7KH$PHULFDQ2YHUVHDV6FKRRORI5RPH WLPHVE\DIHHOLQJRIVXIIRFDWLRQGXHWRH[HUWLRQRU
,WDO\  VWUHVV
$2675$ $OEHUWD2LO6DQGV7HFKQRORJ\DQG 0HGLFLQH
5HVHDUFK$GPLQLVWUDWLRQ &DQDGD  DS DQQpHSURFKDLQH
$2V\VWHPV $GDSWLYH2SWLFVV\VWHPV )UHQFKLQLWLDOLVPPHDQLQJQH[W\HDU
$VWURQRP\ $3 $QWHULRU3LWXLWDU\
$27 DUHDRIWUDQVIHU>RSHUDWLRQV@ $3 $QWHURSRVWHULRU
]RQHGHWUDQVIHUW>RSpUDWLRQV@ $QWHURSRVWHULRUDFWXDOO\PHDQVIURPIURQWWR
$27$ $PHULFDQ2FFXSDWLRQDO7KHUDS\$VVRFLDWLRQ EDFN
86$  $QDWRP\
$28 $SSDUHQW2[\JHQ8WLOL]DWLRQ $3 $QWLSHUVRQQHO
2FHDQRJUDSK\ $3 UHIHUVWRZHDSRQVRUWKHOLNHLQWHQGHGWRNLOO
$3 $EVROXWH3URJUDPPLQJ SHRSOHLQVWHDGRIGDPDJLQJVWUXFWXUHV
7KHWHUPDEVROXWHSURJUDPPLQJDFWXDOO\UHIHUVWR 2UGQDQFH
SURJUDPPLQJZLWKWKHXVHRIDEVROXWHFRGH $3 $RUWLF3UHVVXUH
&RPSXWHU3URJUDPPLQJ DS DEEU DSRWKHFDULHV
$3 $FFHVV3DWK $3 $SSOLFDWLRQ3URJUDP
&RPSXWHU7HFKQRORJ\ &RPSXWHU3URJUDPPLQJ
$3 $FWLRQ3RWHQWLDO $3 $SSO\3UHVVXUH
$FWLRQSRWHQWLDOLVDOVRNQRZQDV6SLNH3RWHQWLDO $3 $ULWKPHWLF3URJUHVVLRQ
3K\VLRORJ\ $ULWKPHWLFSURJUHVVLRQLVDOVRNQRZQDV
$3 $FWLYH3URJUDP $ULWKPHWLF6HTXHQFH
7KHWHUPDFWLYHSURJUDPUHIHUVWRDSURJUDPLQ 0DWKHPDWLFV
FXUUHQWXVH $3 $UPRU3LHUFLQJ
&RPSXWHU3URJUDPPLQJ $UPRUSLHUFLQJUHIHUVWRERPEVDPPXQLWLRQDQG
$3 $GDSWLYH3HDN WKHOLNHWKDWSHQHWUDWHWKHDUPRURIWDUJHWVVXFKDV
(YROXWLRQ VKLSV
$3DS DGGLWLRQDOSUHPLXP 2UGQDQFH
$3 $GKHVLRQ3URWHRJO\FDQ $3 $UUD\3URFHVVRU
%LRFKHPLVWU\3K\VLFV &RPSXWHU7HFKQRORJ\
$3 $IWHU3HUSHQGLFXODU $3 $UWHULDO3UHVVXUH
1DYDO$UFKLWHFWXUH $3 $VVHPEO\3URJUDP
$3 DEEU DLUSODQH )RUIXUWKHUGHWDLOVVHHXQGHUDVVPDVEO DVVHP
$YLDWLRQ EOHU 
$3 $ONDOLQH3KRVSKDWDVH $3 $VVRFLDWHG3UHVV 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU$/3 $3 $VVRFLDWLYH3URFHVVRU
$3 $ONDOLQH3URWHDVH 7KHDVVRFLDWLYHSURFHVVRUKDVDQDVVRFLDWLYHRU
(Q]\PRORJ\ FRQWHQWDGGUHVVDEOHPHPRU\
$3 $OORSK\FRF\DQLQ &RPSXWHU7HFKQRORJ\
$3 LVRQHRIWKHPDMRUVSHFLHVRISK\FRELOLSUR $3 $3 $XWKRULW\WR3D\
WHLQV %XVLQHVV)LQDQFH
3ODQW%LRORJ\ $3$3 $XWKRULW\WR3XUFKDVH


DS DXWKRU
VSURRI $3$5 $EVRUEHG3KRWRV\QWKHWLFDOO\$FWLYHVRODU
$3 $XWRPDWLF3DJLQDWLRQ 5DGLDWLRQ
7KHDXWRPDWLFSDJLQDWLRQDXWRPDWLFDOO\LQGLFDWHV %LRORJLFDO6FLHQFHV0DULQHDQG&RDVWDO
VXFFHVVLYHSDJHQXPEHUVRQDGRFXPHQW 6FLHQFHV3KRWRV\QWKHVLV
&RPSXWHU3URJUDPPLQJ $3$6 $GDSWDEOH3URJUDPPDEOH$VVHPEO\6\VWHP
$3 $XWRPDWLF3LVWRO 7KH$3$6LVDURERWLFV\VWHPWRDXWRPDWLFDOO\
2UGQDQFH DVVHPEOHDQGPDQXIDFWXUHSDUWV
$3 $XWRPDWLF3URJUDPPLQJ $3$6 1HZV $VVRFLDWLRQRI3HUVRQDO$VVLVWDQW
&RPSXWHU3URJUDPPLQJ 6HFUHWDULHV1HZV
$3$ $GYDQFH3ULFLQJ$JUHHPHQWV $ SXEOLFDWLRQRIWKH$3$6 *% 
$3$ DLUSDWURODUHD 3XEOLFDWLRQV
]RQHGHSDWURXLOOHDpULHQQH $3$7& $OOLHG3XEOLFDWLRQ$LU7UDIILF&RQWURO
$3$ $OH[DQGULD3RUW$XWKRULW\ SXEOLFDWLRQLQWHUDOOLpHVXUOHFRQWU{OHGHODFLUFXOD
$3$ $ONDOLQH3KRVSKDWDVH$FWLYLW\ WLRQDpULHQQH
$3$$3$ $PHULFDQ3KDUPDFHXWLFDO$VVRFLDWLRQ $3% $FFRXQWLQJ3ULQFLSOHV%RDUG *% 
$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ$PHULFDQ $3% $OO3RLQWV%XOOHWLQ
3V\FKRORJLFDO$VVRFLDWLRQ 86$  $3% $QWLSKDVH%RXQGDU\
$3$ $PHULFDQ3URWHFWLYH$VVRFLDWLRQ$PHULFDQ $3%LVDOVRNQRZQDV$QWLSKDVH'RPDLQ
3URWHVWDQW$VVRFLDWLRQ 86$  0DWHULDOV6FLHQFH
$SD $UWLJLDQDWRSLFFROHD]LHQGH ,WDO\  $3% $UWHULDO3UHPDWXUH%HDW
$3$ $VVRFLDWHLQ3XEOLF$GPLQLVWUDWLRQ $3%$ $PHULFDQ3RZHU%RDW$VVRFLDWLRQ 86$ 
$3$ $VVRFLDWLRQRI3XEOLF$QDO\VWV *%  $3& $GHQRPDWRXV3RO\SRVLV&ROL
$3$ $VVRFLD]LRQH3URYLQFLDOH$UWLJLDQL 6LJQDO7UDQVGXFWLRQ7XPRU6XSSUHVVRUV
,WDOLDQ$VVRFLDWLRQ $3& $PPRQLXP3HUFKORUDWH
$3$$3VWDLQLQJ $ONDOLQH3KRVSKDWDVH$QWL )RUIXUWKHUGHWDLOVVHHXQGHU$3
$ONDOLQH3KRVSKDWDVHVWDLQLQJ $3& $QDSKDVH3URPRWLQJ&RPSOH[
'HUPDWRORJ\0HODQRPD6NLQ&DQFHU %LRFKHPLVWU\%LRORJ\&HOO%LRORJ\&HOO&\FOH
$3$& $&&63ROLF\DQG$GYLVRU\&RPPLWWHH>KDV 0HGLFLQH0ROHFXODUDQG+XPDQ*HQHWLFV
PHUJHGZLWK$,$&WREHFRPH$$&@ 0ROHFXODU3DWKRORJ\
&RPLWpFRQVXOWDWLIVXUODSROLWLTXHHWODSODQLILFD $3& $QWHQQD3DWWHUQ&RUUHFWLRQ
WLRQGHO·$&&6>DIXVLRQQpDYHFO·$,$&SRXU $3& $QWLJHQ3UHVHQWLQJ&HOO
GHYHQLUO·$$&@ ,PPXQRORJ\
$3$& $VVRFLDWLRQ$VVXUDQFH3HLQWXUH$QWL DSF DSURQWDFDVVD
&RUURVLRQ %HOJLXP  ,WDOLDQLQLWLDOLVPPHDQLQJFDVKGRZQUHDG\FDVK
%HOJLDQ$VVRFLDWLRQV $3& $UPRUHG3HUVRQQHO&DUULHU
$3$&+( $FFHOHUDWRUIRU3K\VLFV$QG&KHPLVWU\ 2UGQDQFH
RI+HDY\0HWDOV $3& $URPDWLF3RO\PHU&RPSRVLWHV
$3$&+( $FWLYHWKHUPDO3URWHFWLRQIRU$YLRQLFV $3& $VSLULQ3KHQDFHWLQDQG&DIIHLQH
&UHZDQG+HDWVHQVLWLYH(TXLSPHQW $3& $XWRPDWLF3KDVH&RQWURO
86$LU)RUFH (OHFWURQLFV
$3$&6 $VVRFLDWLRQIRU3D\PHQW&OHDULQJ6HUYLFHV $3& $YHUDJH3URSHQVLW\WR&RQVXPH
*%  $3&$& $VLD3DFLILF&RXQFLORI$PHULFDQ
$SDI $VVRFLD]LRQHSHUODSURPR]LRQHGHOO·DOWD &KDPEHUVRI&RPPHUFH -DSDQ 
IHGHOWj ,WDO\  $3&$&ZDVIRUPHGLQ
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRUWKHSURPR DS&$0V $SO\VLD&HOO$GKHVLRQ0ROHFXOHV
WLRQRIKLJKILGHOLW\ $3&& $3&&\FORVRPH
$SDI $SRSWRWLFSURWHDVHDFWLYDWLQJIDFWRU )RUIXUWKHUGHWDLOVVHHXQGHU$3&
$SRSWRVLV0HGLFLQH $3&&, $VVHPEOpH3HUPDQHQWHGHV&KDPEUHVGH
$3$* $WODQWLF3ROLF\$GYLVRU\*URXS &RPPHUFHHWG
,QGXVWULH
*URXSHFRQVXOWDWLIGHODSROLWLTXHDWODQWLTXH $3&( $JHQFH3RXUOD&UpDWLRQG
(QWUHSULVHV
$3$0 $QWLSHUVRQQHO$QWLPDWHULDO $3&2 $SFR $VVRFLD]LRQH3URIHVVLRQDOHGHL
$3$3 $FHW\OSDPLQRSKHQRO &RQVXOHQWLGL'LUH]LRQHHG2UJDQL]]D]LRQH
$]LHQGDOH ,WDO\ 


,WDOLDQ$VVRFLDWLRQ0DQDJHPHQW&RQVXOWDQWV $3()( $VVRFLDWLRQSRXUOD3URPRWLRQGH


$3 &RXUVHV $GYDQFHG3ODFHPHQW&RXUVHV O·(GXFDWLRQHWGHOD)RUPDWLRQjO·(WUDQJHU
&RXUVHVWKDWKLJKVFKRROVHQLRUVWDNHLQRUGHUWR %HOJLXP 
JDLQFROOHJHFUHGLWV 86$  )UHQFKDFURQ\PRIWKH$VVRFLDWLRQIRUWKH
$3&V $QWLJHQ3UHVHQWLQJ&HOOV 3URPRWLRQRI(GXFDWLRQDQG9RFDWLRQDO7UDLQLQJ
,PPXQRORJ\0HGLFLQH $EURDG
$3' $QWLSKDVH'RPDLQ %HOJLDQ$VVRFLDWLRQ
$3'LVDOVRNQRZQDV$QWLSKDVHERXQGDU\ $3(; $UFWLF3RO\Q\D(;SHULPHQW
0DWHULDOV6FLHQFH $3) DGYDQFH G SODQQLQJIXQGV
$3' $YDODQFKH3KRWRGLRGH'HWHFWRU IRQGVG·pWXGHVSUpSDUDWRLUHV
(OHFWURQLFV $3) $QLPDO3URWHLQ)DFWRU
$3'V $QWLSKDVH'RPDLQV $3) $QWDUFWLF3RODU)URQW
)RUIXUWKHUGHWDLOVVHHXQGHU$3' $3)$ $VVRFLDWLRQSRXU3URPRXYRLUOH)UDQoDLVGHV
$3'6 $UPRU3LHUFLQJ'LVFDUGLQJ6DERW $IIDLUHV )UDQFH 
2UGQDQFH )UHQFKDFURQ\PRIWKH$VVRFLDWLRQIRUWKH
$3( $GYDQFHG3URGXFWLRQ(QJLQHHULQJ 3URPRWLRQRIWKH)UHQFKODQJXDJHLQ%XVLQHVV
$3($SH $JHQ]LD3URYLQFLDOHSHUO
(QHUJLD ,WDO\  )UHQFK$VVRFLDWLRQ
$ FRQVRUWLXPIRXQGHGLQ)RXQGLQJPHP $3),0 $WRP3UREH)LHOG,RQ0LFURVFRS\
EHUV7KH5HJJLR&DODEULD3URYLQFHDQG)$67 $3)8& $VVRFLDWLRQGHV3URIHVVHXUVGH)UDQoDLV
)RUIXUWKHUGHWDLOVVHHXQGHU)$67 GDQVOHV8QLYHUVLWpVGX&DQDGD
$3( $QWHULRU3LWXLWDU\([WUDFW )UHQFKDFURQ\PRIWKH$VVRFLDWLRQRI3URIHVVRUV
(QGRFULQRORJ\ RI)UHQFKLQ&DQDGLDQ8QLYHULVLWLHV
$3( $VVHPEOHD3DUODPHQWDUH(XURSHD &DQDGLDQ$VVRFLDWLRQ
,WDOLDQDFURQ\PRIWKH(XURSHDQ3DUOLDPHQWDU\ $3* $QWHULRU3LWXLWDU\*ODQG
$VVHPEO\ $3*(51 $VLDQ3DFLILF*OREDO(QYLURQPHQWDO
$3( $VVLVWDQW3URMHFW(QJLQHHU 5HVHDUFK1HWZRUN
$3( $XURUDO3KRWRJUDSK\([SHULPHQW $3*, $VVRFLDWLRQGH3KDUPDFLH*DOpQLTXH
$3( $YDLODEOH3RWHQWLDO(QHUJ\ ,QGXVWULHOOH )UDQFH 
*HRSK\VLFV *DOHQLF3KDUPDFRORJ\
$3( $YDLODEOH3RZHU(IILFLHQF\ $3+ $QWHULRU3LWXLWDU\+RUPRQHV
DSH 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ 7KHDQWHULRUSLWXLWDU\KRUPRQHVDUHSURGXFHGDQG
XVLQJWKH,WDOLDQZRUGDSHZKLFKPHDQVEHH UHOHDVHGE\WKHDGHQRK\SRSK\VLV
,QYHUWHEUDWH=RRORJ\ DVZHOODVWKH(QJOLVKZRUG (QGRFULQRORJ\
DSH 9HUWHEUDWH=RRORJ\  $3+$ $PHULFDQ3KDUPDFHXWLFDO$VVRFLDWLRQ
$3($/ $FFUHGLWLQJ3ULRU([SHULHQFH$FKLHYHPHQW $PHULFDQ3XEOLF+HDOWK$VVRFLDWLRQ 86$ 
DQG/HDUQLQJ $3+($  6KRUWWHUPHIIHFWVRI$LU3ROOXWLRQRQ
$3(&$SHF $VVRFLDWLRQ3RXUO
(PSORLGHV&DGUHV +HDOWKD(XURSHDQ$SSURDFKWRPHWKRGRORJ\
)UDQFH  GRVHUHVSRQVH$VVHVVPHQWDQGHYDOXDWLRQRISXEOLF
)UHQFKDFURQ\PRIWKH$VVRFLDWLRQIRUWKH KHDOWKVLJQLILFDQFH
(PSOR\PHQWRI([HFXWLYH0DQDJHULDO6WDII (XURSHDQ&RPPXQLW\3URMHFW(QYLURQPHQWDO
$3(&(' $XWRLPPXQH3RO\HQGRFULQRSDWK\ 3URWHFWLRQ0HWHRURORJ\6DIHW\3ROLFLHV
&DQGLGLDVLV(FWRGHUPDO'LVWURSK\ $3+,$ $VVRFLDWLRQIRUWKH3URPRWLRQRI+XPRXU
$ GLVHDVHFKDUDFWHUL]HGE\DXWRLPPXQHGHVWUXF LQ,QWHUQDWLRQO$IIDLUV
WLRQRIHQGRFULQHRUJDQV7KHLQDELOLW\WRHOLPLQDWH $3+,6 $QLPDODQG3ODQW+HDOWK,QVSHFWLRQ6HUYLFH
&DQGLGD \HDVWLQIHFWLRQVDQGJURZWKRIHFWRGHU 86'$·V$3+,6IXQGVDQGDGPLQLVWHUVWKH)RUHLJQ
PDOG\VWURSKLFWLVVXH $QLPDO'LVHDVH'LDJQRVWLF/DERUDWRU\
&DQFHU,PPXQRORJ\0HGLFDO%LRSK\VLFV )RUIXUWKHUGHWDLOVVHHXQGHU86'$
$3(&)RUXP $VLD3DFLILF(FRQRPLF&RRSHUDWLRQ $3, $FFHSWDEOH3HULRGLF,QVSHFWLRQ
)RUXP $3, $FFRXQWDQWVIRUWKH3XEOLF,QWHUHVW
$3() $VVRFLDWLRQSRXUOD3URPRWLRQ(FRQRPLTXH $3, $FFXUDWH3RVLWLRQ,QGLFDWRU
GHOD)HPPH %XUXQGL  $3, $LU3RVLWLRQ,QGLFDWRU
)UHQFKDFURQ\PRIWKH$VVRFLDWLRQIRU(FRQRPLF 1DYLJDWLRQ
3URPRWLRQRI:RPHQ $3, $ODEDPD3RO\WHFKQLF,QVWLWXWH 86$ 


$3, $OLJQPHQW3URJUHVV,QGLFDWRU $3/ $FXWH3URP\HORF\WLF/HXNHPLD


$3,$3, $PHULFDQ3HWUROHXP,QVWLWXWH &KURPRVRPDO7UDQVORFDWLRQV+XPDQ*HQHWLFV
$3, $QWHQQD3RVLWLRQ,QGLFDWRU 0HGLFLQH3DWKRORJ\
$3, $QRQLPD3HWUROL,WDOLDQD ,WDO\  $3/ $OWHUHG3HSWLGH/LJDQG
$3, $SSOLFDWLRQ3URJUDP3URJUDPPLQJ,QWHUIDFH (SLGHPLRORJ\+XPDQ*HQHWLFV,QIHFWLRXV
$3, $UPRU3LHUFLQJ,QFHQGLDU\ 'LVHDVHV0ROHFXODU,PPXQRORJ\0ROHFXODU
0LOLWDU\ 0HGLFLQH7URSLFDO0HGLFLQH
$3, $VVRFLD]LRQH3LFFROH,PSUHVH ,WDO\  $3/ $SSOLHG3K\VLFV/DERUDWRU\
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI6PDOO $3/ $ 3URJUDPPLQJ/DQJXDJH
(QWHUSULVHV &RPSXWHU3URJUDPPLQJ
$3, $VVRFLD]LRQH3ROL]LRWWL,WDOLDQL DSO DUPRUSODWH
,WDOLDQDFURQ\PRIWKH,WDOLDQ3ROLFHPHQ $OVR$503/
$VVRFLDWLRQ $3/$ $PHULFDQ3DWHQW/DZ$VVRFLDWLRQ
$3, $VWUR3V\FKRORJ\,QVWLWXWH )RXQGHGLQ/RFDWHGLQ$UOLQJWRQ9$
$3, $XWRPDWHG3URQXQFLDWRU,QVWUXFWRU 86$7KH$3/$ LVDYROXQWDU\%DU$VVRFLDWLRQ
$3, $XWRPDWLF3ULRULW\,QWHUUXSW RIODZ\HUVSUDFWLFLQJLQWKHILHOGRISDWHQWVWUDGH
'DWD3URFHVVLQJ PDUNVDQGFRS\ULJKWV
$3,& $OOLHGSUHVVLQIRUPDWLRQFHQWUH $3/$ TXDUWHUO\ $PHULFDQ3DWHQW/DZ$VVRFLDWLRQ
FHQWUHLQWHUDOOLpG·LQIRUPDWLRQGHODSUHVVH TXDUWHUO\
$3,&(FRQYHQWLRQ $QDHVWKHVLD3DLQ,QWHQVLYH 4XDUWHUO\-RXUQDORIWKH$3/$ 86$ 
&DUH(PHUJHQF\0HGLFLQHFRQYHQWLRQ 3XEOLFDWLRQV
$3,&(ZDVKHOGLQ7ULHVWHLQ1RYHPEHU $3/ KRUPRQH $QWHULRU3LWXLWDU\/LNHKRUPRQH
(PHUJHQF\0HGLFLQH $3/3 `$P\ORLG3UHFXUVRU/LNH3URWHLQV
DSLFH7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ $3/3 LVVXSSRVHGWRVWDELOL]HSODTXHVLQ
XVLQJWKH,WDOLDQZRUGDSLFHZKLFKPHDQVDSH[ $O]KHLPHU
VGLVHDVH
VXPPLW %UDLQ5HVHDUFK&HUHEHOODU3DWKRORJ\
$OVRKHLJKW 1HXURGHJHQHUDWLYH'LVHDVHV1HXURSDWKRORJ\
$3,&6 $PHULFDQ3URGXFWLRQDQG,QYHQWRU\&RQWURO 1HXURVFLHQFH
6RFLHW\ 86$  $3/6 $PHULFDQ3V\FKRORJ\/DZ6RFLHW\ 1HZWRQ
$3,' DLUSKRWRJUDSKLFLQWHUSUHWDWLRQGHWDFKPHQW 0DVVDFKXVHWWV86$ 
GpWDFKHPHQWG·LQWHUSUpWDWLRQGHSKRWRJUDSKLHV $30 $EVROXWH3ODWH0RWLRQ
DpULHQQHV 7HUUHVWULDO0DJQHWLVP
$3,06 $WPRVSKHULF3UHVVXUH,RQL]DWLRQ0DVV $30 DFRXVWLFSURWHFWLYHPHDVXUHV
6SHFWURPHWU\ PHVXUHVGHSURWHFWLRQDFRXVWLTXH
&KHPLVWU\ $30 $QWL3HUVRQQHO0LQH
$3,6 $GYDQFHG3DS\URORJLFDO,QIRUPDWLRQ6\VWHP 2UGQDQFH
86$  $30 $VVLVWDQW3URYRVW0DUVKDO
$3,6LVDFRQVRUWLXPRIVL[XQLYHUVLWLHVLQWKH $30 $WPRVSKHULF3DUWLFOH0RQLWRU
8QLWHG6WDWHV $30) $VVRFLDWLRQGHOD3UHVVH0pGLFDOH)UDQoDLVH
$UFKDHRORJ\3DS\URORJ\ )UDQFH 
$3,V $SSOLFDWLRQ3URJUDP,QWHUIDFHV $30, $PHULFDQ3RZGHU0HWDOOXUJ\,QVWLWXWH
$3, VFDOH $PHULFDQ3HWUROHXP,QVWLWXWHVFDOH $30ORFNLQJ $GGLWLYH3XOVH0RGHORFNLQJ
7KH$3,VFDOHLVXVHGWRPHDVXUHWKHVSHFLILFJUDY 4XDQWXP(OHFWURQLFV2SWLFV
LW\RIOLTXLGV $300 $VVRFLDWLRQRI3ROLF\0DUNHW0DNHUV
&KHPLFDO(QJLQHHULQJ $306 $XWRPDWHG3HUVRQQHO0DQDJHPHQW6\VWHP
$3,7 $UPRU3LHUFLQJ,QFHQGLDU\7UDFHU V\VWqPHDXWRPDWLVpGHJHVWLRQGXSHUVRQQHO
2UGQDQFH $S09 $SSOH0RVDLF9LUXV
$3,8 DUP\SKRWRLQWHUSUHWDWLRQXQLW 9LURORJ\
XQLWpG·LQWHUSUpWDWLRQGHSKRWRJUDSKLHVGHVIRUFHV $31 $VLDQ3DFLILF1HWZRUN )RU*OREDO&KDQJH
WHUUHVWUHV 5HVHDUFK
$3/ $FFHSWDEOH3URGXFWLYLW\/HYHO (QYLURQPHQWDO5HVHDUFK
$3/ $FFUHGLWDWLRQRI3ULRU/HDUQLQJ $32 $UP\3RVW2IILFH
(GXFDWLRQ $32 $VLDQ3URGXFWLYLW\2UJDQL]DWLRQ


$32 $:,363URJUDP2IILFH /RFDO$QJOH$FWLRQ8QLTXHQHVV RU8QLYHUVDOLW\ 


)RUIXUWKHUGHWDLOVVHHXQGHU$:,36 6LJQLILFDQFH(QHUJ\
$SRF DEEU DSRFDO\SVH $33/( $SSOLHG3DUDOOHO3URJUDPPLQJ/DQJXDJH
$SRF DEEU DSRFU\SKDDSRFU\SKDO ([SHULPHQW
$32&$/,36 $FWLYHDQG3DVVLYH2SWLFDO 'DWD3URFHVVLQJ
&RPSRQHQWVEDVHGRQLQVLWXIRUPHG$QLVRWURSLF $33/( $VVRFLDWLRQRI3XEOLFDQG3ULYDWH/DERU
/,TXLGFU\VWDOOLQH3RO\PHULF6\VWHPV (PSOR\HHV
(XURSHDQ&RPPXQLW\3URMHFW $33/(6 $VLDQDQG3DFLILF3URIHVVLRQDO/DQJXDJH
$32' DLUSRUWRIGHEDUNDWLRQ DQG(GXFDWLRQ6HUYLFHV
DpURSRUWGHGpEDUTXHPHQW $331 $GYDQFHG3HHUWR3HHU1HWZRUNLQJ
$32( DLUSRUWRIHPEDUNDWLRQ $33257 $VVRFLDomRGRV3VLFyORJRV3RUWXJXHVHV
DpURSRUWG·HPEDUTXHPHQW 3RUWXJDO 
$32(JHQH $SROLSRSURWHLQ(JHQH 3RUWXJXHVH$VVRFLDWLRQ
$O]KHLPHU
V'LVHDVH%LRFKHPLVWU\*HQHWLF DSSU DEEU DSSUR[LPDWHDSSUR[LPDWLRQ
)DFWRUV1HXURORJ\3K\VLRORJ\ $335 $UP\3DFNDJH3RZHU5HDFWRU
$32(3 $VVRFLDomR3RUWXJXHVDGH3URIHVVRUHV 1XFOHDU3K\VLFV
3HULWRVGH2ULHQWDomR 3RUWXJDO  DSSU
O DEEU DSSURYDO
3RUWXJXHVH$VVRFLDWLRQ $OVRDSSUR
$SR- $SROLSRSURWHLQ- DSSUR[ DEEU DSSUR[LPDWHO\
%UDLQ5HVHDUFK&HUHEHOODU3DWKRORJ\ $OVRDSU[
1HXURGHJHQHUDWLYH'LVHDVHV1HXURSDWKRORJ\ DSSW DEEU DSSDUWHPHQW
1HXURVFLHQFH )UHQFKDEEUHYLDWLRQPHDQLQJIODWDSDUWPHQW
$32SURGXFW $GYDQFHG3ODQQLQJDQG2SWLPL]DWLRQ 86 
SURGXFW DSSW DEEU DSSRLQWDSSRLQWHGDSSRLQWPHQW
7KH$32SURGXFWE\6$3 ZDVUHOHDVHGLQ DSSWG DEEU DSSRLQWHG
'HFHPEHU $OVRDSS
$33 $GHQRVLQH3KRVSKDWH DSS[ DEEU DSSHQGL[
%LRFKHPLVWU\ $OVRDSS
$33 $OOLHG3URFHGXUDO3XEOLFDWLRQ $34 DUPDPHQWVSODQQLQJTXHVWLRQQDLUH
SXEOLFDWLRQLQWHUDOOLpHVXUOHVSURFpGXUHV TXHVWLRQQDLUHVXUOHVSODQVG·DUPHPHQWV
$33 $P\ORLG3UHFXUVRU3URWHLQ $35 $FWLYH3URPLQHQFH5HJLRQ
0HGLFLQH1HXURORJ\ $FWLYHSURPLQHQFHUHJLRQUHIHUVWRDUHJLRQRIWKH
DSS DEEU DSSDUDWR VXQGLVSOD\LQJDFWLYHSURPLQHQFHV
,WDOLDQDEEUHYLDWLRQPHDQLQJDSSDUDWXV $VWURQRP\
DSS DEEU DSSDUHQWH $35 $LUERUQH3URILOH5HFRUGHU
,WDOLDQDEEUHYLDWLRQPHDQLQJDSSDUHQW $LUERUQHSURILOHUHFRUGHULVDOVRNQRZQDV7HUUDLQ
DSS DEEU DSSHQGLFH 3URILOH5HFRUGHU
,WDOLDQDEEUHYLDWLRQPHDQLQJDSSHQGL[ (QJLQHHULQJ
DSS DEEU DSSHQGL[ $35 $QQXDOL]HG3HUFHQWDJH5DWH *% 
$OVRDSS[ $35 $QQXDO3HUFHQWDJH5DWH
DSS DEEU DSSRLQWHG %XVLQHVV)LQDQFH
$OVRDSSWG $35 $QQXDO3URJUHVV5HSRUW
DSS DEEU DSSUHQWLFH DSU DEEU DSUqV
$33$ $PHULFDQ3XEOLF3RZHU$VVRFLDWLRQ )UHQFKDEEEUHYLDWLRQPHDQLQJDIWHUODWHURQ
$33& $GYDQFHG3URJUDPWR3URJUDP DSU DEEU DSULOH
&RPPXQLFDWLRQV ,WDOLDQDEEUHYLDWLRQPHDQLQJ$SULO
$33&$ $VVHPEOpH3HUPDQHQWHGHV3UpVLGHQWVGH $35( $JHQ]LDSHUOD3URPR]LRQHGHOOD5LFHUFD
&KDPEUHG
$JULFXOWXUH )UDQFH  (XURSHD ,WDO\ 
DSSG DEEU DSSURYHG ,WDOLDQDFURQ\PRIWKH$JHQF\IRUWKH3URPRWLRQ
$33( $VVRFLDWLRQRI3HWURFKHPLFDO3URGXFHUVLQ RI(XURSHDQ5HVHDUFK)RXQGHGLQ
(XURSH $35) $FXWH3KDVH5HVSRQVH)DFWRU
$33/$86( $SSHDO3ODLQIDFWV3HUVRQDOLWLHV %LRFKHPLVWU\


$35,$ $VVRFLDWLRQSRXUOD3URPRWLRQ,QGXVWULH WLXP$36FDPHUDVDUHFDPHUDVHDVLHUWRORDGWKDQ


$JULFXOWXUH FRQYHQWLRQDOPPRQHV
)UHQFK$VVRFLDWLRQ $362 $XGLR3UHFLVLRQ6\VWHP2QH
$35,/ $TXDSODQLQJ5LVN,QGLFDWRUIRU/DQGLQJV $362LVDQDFFHSWHGLQGXVWU\VWDQGDUGLQVWUXPHQW
$352 $HULDO3KHQRPHQD5HVHDUFK2UJDQL]DWLRQ WRJHQHUDWHDQGDQDO\]HWHVWVLJQDOV
$352 $UP\3HUVRQQHO5HVHDUFK2IILFH $36V\VWHPV $GYDQFHG3ODQQLQJDQG6FKHGXOLQJ
$3520$SURP $VVRFLD]LRQHSHULO352JUHVVR 6\VWHPV
GHO0H]]RJLRUQR ,WDO\  $366RIWZDUH
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRU6RXWKHUQ $367, $VVRFLD]LRQH3DUFKL6FLHQWLILFL7HFQRORJLFL
,WDO\3URJUHVV ,WDOLDQL
$357 $GHQLQH3KRVSKRULERV\OWUDQVIHUDVH ,WDOLDQLQLWLDOLVPRIWKH$VVRFLDWLRQRI,WDOLDQ
$358 $VWUD3DLQ5HVHDUFK8QLW 6FLHQWLILFDQG7HFKQRORJLFDO3DUNV
7KH$358LVEDVHGLQ0RQWUHDO&DQDGD $37 DFTXLVLWLRQSRLQWLQJDQGWUDFNLQJ
DSU[ DEEU DSSUR[LPDWHO\ DFTXLVLWLRQSRLQWDJHHWSRXUVXLWH
$OVRDSSUR[ $37 $GDSWLYH3URJUDPPLQJ7HFKQRORJ\
$36 $FRXVWLF3RODUL]HG6WHUHR $37 $GYDQFHG3DWHQW7HFKQLTXH
$SV $FWLRQ3RWHQWLDOV $37 $GYDQFHG3RLQWLQJ7UDFNLQJ
)RUIXUWKHUGHWDLOVVHHXQGHU$3 DSW DEEU DSDUWPHQW
$36 $GHQRVLQH
SKRVSKRVXOIDWH $37 DEEU DSSRLQW
$36 $GYDQFHG3KRWRQ6RXUFH DSW DEEU DSWLWXGH
$W$UJRQQH1DWLRQDO/DERUDWRU\QHDU&KLFDJR 7KHDSWLWXGHLVWKHWDOHQWRUWKHLQQDWHRUDFTXLUHG
,OOLQRLV86$ FDSDFLW\WROHDUQRUSHUIRUPVNLOOIXOO\DSUHYLRXVO\
6\QFKURWURQ5HVHDUFK XQOHDUQHGMRE
$36 $LXWR3XEEOLFRDOOD6LFXUH]]D ,WDO\  3V\FKRORJ\
$36 $OSKD3DUWLFOH6SHFWURPHWHU $37 $UPRU3LHUFLQJ7UDFHU
*DV5HOHDVHV/XQDU5HVHDUFK 2UGQDQFH
$36 $PHULFDQ3HDFH6RFLHW\ 86$  $37 $VVRFLDWLRQIRU3UHVHUYDWLRQ7HFKQRORJ\
$36$36 $PHULFDQ3K\VLFDO6RFLHW\$PHULFDQ $37 $XWRPDWLF3LFWXUH7UDQVPLVVLRQ
3K\VLRORJLFDO6RFLHW\ 86$  $37 $XWRPDWLFDOO\3URJUDPPHG7RROV
$36 $PHULFDQ3URWHVWDQW6RFLHW\ 86$  &RPSXWHU3URJUDPPLQJ
$SV DEEU $SXV $37 $XWRPDWLRQ3ODQQLQJDQG7HFKQRORJ\
$VWURQRP\9HUWHEUDWH=RRORJ\ $37 $]LHQGDGL3URPR]LRQH7XULVWLFD ,WDO\ 
$36 $UPRU3LHUFLQJ6DERW $37$SW $]LHQGD3URYLQFLDOHGHO7XULVPR ,WDO\ 
7KHDUPRUSLHUFLQJVDERWLVDQDUPRUSLHUFLQJSUR $37(6 $PLQRSURS\OWULHWKR[\VLODQH
MHFWLOHWKDWLQFOXGHVDVDERW $37,& $LU3ROOXWLRQ7HFKQLFDO,QIRUPDWLRQ&HQWHU
2UGQDQFH 86$ 
$36 $VVRFLD]LRQHSHUOD3DUWHFLSD]LRQHDOOR $37 SODQW $FFHOHUDWRU3URGXFWLRQRI7ULWLXPSODQW
6YLOXSSR 1HXWURQ6FLHQFH
,WDOLDQLQLWLDOLVPRIWKH$VVRFLDWLRQIRU $37 SURMHFWLOH $UPRU3LHUFLQJ7UDFHUSURMHFWLOH
3DUWLFLSDWLRQWR'HYHORSPHQW7KH$36LVEDVHGLQ $37 V\VWHP $XWRPDWLF3LFWXUH7UDQVPLVVLRQV\V
7XULQ,WDO\ WHP
$36 DX[LOLDU\SRZHUVXSSO\ (OHFWURQLFV
DOLPHQWDWLRQpOHFWULTXHDX[LOLDLUH $377 $FWLYDWHG3DUWLDO7KURPERSODVWLQ7LPH
$36 $YHUDJH3URSHQVLW\WR6DYH 0HGLFLQH
$36 3RUWXJXHVH,QVXUDQFH$VVRFLDWLRQ 3RUWXJDO  $38 $X[LOLDU\3RZHU8QLW
$36$ $PHULFDQ3ROLWLFDO6FLHQFH$VVRFLDWLRQ $38$ $OOLDQFHIRUWKH3UXGHQW8VHRI$QWLELRWLFV
$36$ $PPLQLVWUD]LRQHGHO3DWULPRQLRGHOOD6HGH $38' $PLQH3UHFXUVRU8SWDNHDQG
$SRVWROLFD 'HFDUER[\ODWLRQ
7KH3UHVLGHQWRI$36$ LV&DUGLQDO/RUHQ]R 0HGLFLQH2QFRORJ\
$QWRQHWWL $39 ,QWHUQDWLRQDO$VVRFLDWLRQIRU3KDUPDFHXWLFDO
$36FDPHUDV $GYDQFHG3KRWR6\VWHPFDPHUDV 7HFKQRORJ\ *HUPDQ\ 
'HYHORSHGE\DFDPHUDDQGILOPPDNHUVFRQVRU $3:$ $PHULFDQ3XEOLF:RUNV$VVRFLDWLRQ86$
$3;6 _3URWRQ;UD\6SHFWURPHWHU


,QIRUPDWLRQIURP$3;6ZDVFROOHFWHGE\0DUV DDQWLUDGDU
3DWKILQGHUZKLFKODQGHGRQWKHVXUIDFHRI0DUVRQ EDQWLUD\RQQHPHQW
WK -XO\ $UJHQWLQD
&KHPLVWU\*HRORJ\*HRSK\VLFV3ODQHWDU\ $UJHQWLQH
([SORUDWLRQ6FLHQWLILF,QVWUXPHQWV $UPRXU
$4 $FFRPSOLVKPHQW4XRWLHQW $UPHEOLQGpH
)RUIXUWKHUGHWDLOVVHHXQGHU$4 $FKLHYHPHQW $5 $OOHUJLF5KLQLWLV
4XRWLHQW  7KHDOOHUJLFUKLQLWLVDOVRNQRZQDVKD\IHYHULV
$4 $FKLHYHPHQW4XRWLHQW WKHLQIODPPDWLRQRIWKHQDVDOPHPEUDQHVFDXVHG
7KHDFKLHYHPHQWTXRWLHQWLVDFWXDOO\WKHDFKLHYH E\FHUWDLQSODQWSROOHQVE\KRXVHKROGGXVWDQGWKH
PHQWDJHGLYLGHGE\WKHFKURQRORJLFDODJH OLNH
3V\FKRORJ\ 0HGLFLQH
DT DEEU DTXHRXV $5 $OOHU5HWRXU ELOOHWG

&KHPLVWU\*HRORJ\6FLHQFH )UHQFKLQLWLDOLVPPHDQLQJUHWXUQ WLFNHW 
$4 DVVXUDQFHGHODTXDOLWp $5 $OO5DLO$OO5LVNV
TXDOLW\DVVXUDQFH 4$   $5 $OWH]]D5HDOH
$4 /
$TXLOD ,WDO\  ,WDOLDQLQLWLDOLVPPHDQLQJ5R\DO+LJKQHVV
$4$0 $LU4XDOLW\$VVHVVPHQW0RGHO $5DU $PHULFDQ5HJLVWHU
$4$3 $OOLHG4XDOLW\$VVXUDQFH3XEOLFDWLRQ DU DQDO\WLFDOUHDJHQW
SXEOLFDWLRQLQWHUDOOLpHVXUO·DVVXUDQFHGHODTXDOLWp $5 $QGURJHQ5HFHSWRU
$4& $XWRPDWLF4XHQFK&RPSHQVDWLRQ $5 $QQXDO5HSRUW$QQXDO5HWXUQ
$4,53 $XWRRLODLU4XDOLW\,PSURYHPHQW5HVHDUFK $U $UDELF
3URJUDP 86$  $OVR$5$$UDE
&KHPLFDO(QJLQHHULQJ(QYLURQPHQWDO /DQJXDJHV
(QJLQHHULQJ6FLHQFH $5 $UH]]R,WDO\
$4/ $FFHSWDEOH4XDOLW\/HYHO $U WKHFKHPLFDOV\PEROIRU$UJRQ
,QGXVWULDO(QJLQHHULQJ $UJRQLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF
$TO $TXLOD QXPEHUDQDWRPLFZHLJKWRIDQGDERLO
7KH(DJOHLVDFRQVWHOODWLRQO\LQJVRXWKRI&\JQXV LQJSRLQWRI$&7KHZRUGDUJRQGHULYHV
DQG/\UD IURPWKH*UHHNWHUPLGOH
$VWURQRP\ &KHPLVWU\
$43) $VVRFLDWLRQ4XpEHFRLVHGHV3URIHVVHXUVGH $5 $UNDQVDV 86$ 
)UDQoDLV &DQDGD  $5 $ULWKPHWLF5HJLVWHU
)UHQFKLQLWLDOLVPRIWKH4XHEHF$VVRFLDWLRQRI &RPSXWHU7HFKQRORJ\
3URIHVVRUVRI)UHQFK $5 $UP\5HJXODWLRQ
$TU $TXDULXV DU DEEU DUULYDODUULYH
$TXDULXVLVDFRQVWHOODWLRQORFDWHGEHWZHHQ3LVFHV $U DU\O
DQG&DSULFRUQXV 2UJDQLF&KHPLVWU\
$VWURQRP\ $5 $VSHFW5DWLR
$5 $FFRXQW5HFHLYDEOH DU DVUHTXLUHG
$5 $FFRXQWV5HJLVWHU $5 $XWRPDWLF5HJXODWRU
'DWD3URFHVVLQJ )RUIXUWKHUGHWDLOVVHHXQGHU$& $XWRPDWLF
$5 $FNQRZOHGJHPHQWRI5HFHLSW &RQWUROOHU 
$5 $FWLYH5HVLVWDQFH $5 $XWRPDWLF5RXWLQH
2FFXSDWLRQDO7KHUDS\ 7KHDXWRPDWLFURXWLQHDXWRPDWLFDOO\SHUIRUPVLI
$5DU $GYLFHRI5HFHLSW FHUWDLQFRQGLWLRQVRFFXULQDSURJUDPRUUHFRUG
$5$GYLVRU\5HSRUW &RPSXWHU3URJUDPPLQJ
$5 DLUUHFRQQDLVVDQFH `$5 `$GUHQHUJLF5HFHSWRU
UHFRQQDLVVDQFHDpULHQQH (QGRFULQRORJ\0ROHFXODUDQG&HOOXODU
DLUURXWH 3K\VLRORJ\0HGLFLQH7K\URLG
URXWHDpULHQQH $5$ $EEUHYLDWHG5HJLVWHU$GGUHVV
DDQWLUDGDU $5$ $FHW\OHQH5HGXFWLRQ$VVD\
EDQWLUDGLDWLRQ %RWDQ\


$5$ $HULDO5RFNHW$UWLOOHU\ $5& $LUOLQHV5HSRUWLQJ&RUSRUDWLRQ


$5$ DLUERUQHUHOD\DLUFUDIW $5&LVKHDGTXDUWHUHGLQ9LUJLQLD86$
DYLRQUHODLVHQYRO $5& $LU5HOHDVH&DSDFLW\
$5$ $QWLELRWLF5HVLVWDQFH$QDO\VLV $YLDWLRQ
$ OLEUDU\GHSHQGHQWWHFKQLTXHGHYHORSHGE\ $5& $OEHUWD5HVHDUFK&RXQFLO &DQDGD 
UHVHDUFKHUVDWWKH-DPHV0DGLVRQ8QLYHUVLW\ $5& $PHULFDQ5HG&URVV
9LUJLQLD86$ $5&$ $VVRFLDWHRIWKH5R\DO&DPEULDQ$FDGHP\
/LEUDU\GHSHQGHQW7HFKQLTXHV0LFURELDO6RXUFH $5&$ $VVRFLDWHRIWKH5R\DO&DQDGLDQ$FDGHP\
7UDFNLQJ $5&$ $VVRFLDWHRIWKH5R\DO&ROOHJHRI$UW
$5$ DEEU $UDELF $5&$ $VVRFLD]LRQHQD]LRQDOH5LFUHDWLYD&XOWXUDOH
$OVR$U$UDE $VVLVWHQ]LDOH ,WDO\ 
$5$ $UDE5HOLHI$JHQF\ ,WDOLDQDFURQ\PRIWKH5HFUHDWLRQDO&XOWXUDODQG
$UDE DEEU $UDELDQ 5HOLHI1DWLRQDO$VVRFLDWLRQ
$UDE DEEU $UDELF $5&$ $WWHQXDWHG5HSOLFDWLRQ&RPSHWHQW
$OVR$U$5$ $GHQRYLUXVHV
/DQJXDJHV $5&$ LVDWUDGHPDUNRI&DO\GRQ,QF 86$ 
$5$& $,'65HVHDUFK$GYLVRU\&RPPLWWHH ,Q9LYR&DQFHU7KHUDSLHV
$,'69DFFLQH5HVHDUFK $5&$'( $PSHUH5HPRWH&RQWURO$FFHVV'DWD
$5$& $WPRVSKHULF5HOHDVH$GYLVRU\&DSDELOLW\ (QWU\(&
1XFOHDU$FFLGHQWVDQG,QFLGHQWV1XFOHDU $5&$'(ZDVGHYHORSHGLQ
'HIHQVH 5HVHDUFK7HOHPDWLFV6\VWHPIRU'DWD5HFRUGLQJ
$5$0 $QWLJHQ5HFHSWRU$FWLYDWLRQ0RWLI $5&( $VVRFLD]LRQHSHUOH5HOD]LRQL&XOWXUDOL
,PPXQRORJ\ FRQO
(VWHUR ,WDO\ 
$UDP $UDPDLF ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRU&XOWXUDO
/DQJXDJHV 5HODWLRQVZLWK)RUHLJQ&RXQWULHV
$5$0&2 $5DELDQ$0HULFDQ2LO&2PSDQ\ DUFK DEEU DUFKDLFDUFKDLVP
$5 '6\VWHP $XWRPDWHG5HQGH]YRXVDQG $UFK DEEU $UFKGXNH
'RFNLQJ6\VWHP DUFK DEEU DUFKLWHFWDUFKLWHFWXUDO
$5$66$UDVV $VVRFLD]LRQHSHULO5HVWDXURGL DUFK DUFKLYLR
$QWLFKL6WUXPHQWL6FLHQWLILFL ,WDO\  ,WDOLDQDEEUHYLDWLRQPHDQLQJDUFKLYHVUHFRUGV
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRU5HVWRUDWLRQ RIILFH
RI6FLHQWLILF,QVWUXPHQWV)RXQGHGLQ $UFKDHRO DEEU $UFKDHRORJLFDO$UFKDHRORJ\
$UE DEEU DUELWUDJHUDUELWUDJHXU $UFKG $UFKGHDFRQ
DUE DEEU DUELWUDU\ $UFKLD $UFKLWHWWXUDLQYHVWLPHQWLDJJUHJDWL
$5%%$ $PHULFDQ5DLOZD\%ULGJHDQG%XLOGLQJ $ FRQVRUWLXPIRXQGHGLQ)RXQGLQJPHPEHU
$VVRFLDWLRQ 86$  )$67 ,WDO\ 
$5& $EQRUPDO RUDQRPDORXV 5HWLQDO )RUIXUWKHUGHWDLOVVHHXQGHU)$67
&RUUHVSRQGHQFH $UFKRS $UFKELVKRS
$5& $FFHOHUDWLQJ5DWH&DORULPHWHU $5&, $GGLFWLRQ5HVHDUFK&HQWHU,QYHQWRU\
,QVWUXPHQWDWLRQ 3V\FKRORJ\
$5& $FWLYDWRU5HFUXLWHG&RIDFWRU $5&, $PHULFDQ5DLOZD\&DU,QVWLWXWH 86$ 
&HOO%LRORJ\0HGLFLQH0ROHFXODU%LRORJ\ $5&, $VVRFLDWHRIWKH5R\DO&RORQLDO,QVWLWXWH
$5& $GXOW5HKDELOLWDWLRQ&HQWUH &DQDGD  *% 
$5& $GYDQFHG5HHQWU\&RQFHSWV$GYDQFHG $5&,$VVRFLD]LRQH5LFUHDWLYD&XOWXUDOH,WDOLDQD
5HVHDUFK&HQWHU ,WDO\ 
$HURVSDFH ,WDOLDQDFURQ\PRIWKH,WDOLDQ5HFUHDWLRQDO
$5& $HURQDXWLFDO5HVHDUFK&RXQFLO *%  &XOWXUDO$VVRFLDWLRQ
$5& $JUHHPHQWVIRU5HFUHDWLRQDQG&RQVHUYDWLRQ DUFL 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
&DQDGD  XVLQJWKH,WDOLDQZRUGDUFLZKLFKPHDQV
$5&DUF $,'65HODWHG&RPSOH[ H[WUHPHO\DEVROXWHO\
$,'6UHODWHGFRPSOH[LVDOVRNQRZQDV$,'6 $5&1 DLUUHSRUWLQJDQGFRQWUROQHW
UHODWHG&RQGLWLRQRU6\QGURPH UpVHDXGHYHLOOHHWGHFRPSWHUHQGX
3DWKRORJ\ $5&2 $LUFUDIW5HVRXUFHV&RQWURO2IILFH


$5&2 $LUVSDFH5HVHUYDWLRQ&RRUGLQDWLRQ2IILFH $5($ $UFWLF5HVHDUFKLQ(QYLURQPHQWDO$FRXVWLFV


&DQDGD  $5($ $UP\5HDFWRU([SHULUQHQWDO$UHD
$5&2 $VVRFLDWHRIWKH5R\DO&ROOHJHRI2UJDQLVWV $5(& DLUUHVRXUFHHOHPHQWFRRUGLQDWRU
*%  FRRUGRQQDWHXUGHVPR\HQVDpULHQV
$5&3 DLUUHIXHOOLQJFRQWUROSRLQW $5(/ $JHQ]LDGL5LFHUFKH(/HJLVOD]LRQH ,WDO\ 
SRLQWGHFRQWU{OHGXUDYLWDLOOHPHQWHQYRO $5(/ LVDQ$JHQF\EDVHGLQ5RPH,WDO\
$5&6 $OWLWXGH5DWH&RPPDQG6\VWHP $5(3 $WPRVSKHULF5HVHDUFKDQG(QYLURQPHQWDO
$5&6 $VVHVVPHQWDQG5HPHGLDWLRQRI 3URJUDP
&RQWDPLQDWHG6HGLPHQWV $5(6 $XWRPD]LRQH5LFHUFDH6RFFRUVR
$5&6 $VVRFLDWHRIWKH5R\DO&ROOHJHRI6XUJHRQV 6KLS5HSRUWLQJ
*%  $5) $&(5HDFWLRQ)RUFH
$5&66SURJUDP $5&WLF6\VWHP6FLHQFHSURJUDP )RUFHGHUpDFWLRQGX&$(
$5&7 DLUUHIXHOLQJFRQWUROWLPH $5) $6($15HJLRQDO)RUXP
WHPSVGHFRQWU{OHGXUDYLWDLOOHPHQWHQYRO $5)GHDOVZLWKVHFXULW\LVVXHVLQ$VLD3DFLILF
$5&:DUFZ $UF:HOG )RUIXUWKHUGHWDLOVVHHXQGHU$6($1
0HWDOOXUJ\ $5) $X[LQ5HVSRQVH)DFWRU
$5' $EVROXWH5HDFWLRQRI'HJHQHUDWLRQ %LRFKHPLVWU\
$5' $FXWH5HVSLUDWRU\'LVHDVH $5)$ $OOLHG5DGLR)UHTXHQF\$JHQF\>REVROHWH@
7KHDFXWHUHVSLUDWRU\GLVHDVHLVDQLQIHFWLRQDIIHFW %XUHDXDOOLpGHVIUpTXHQFHVUDGLR>REVROqWH@
LQJWKHUHVSLUDWRU\V\VWHP $5)25 DEEU $5HD)25HFDVW
0HGLFLQH $5)25LVDQLQWHPDWLRQDOFRGHZRUG
$5' $UPDPHQW5HVHDUFK'HSDUWPHQW *%  0HWHRURORJ\
$5' $VVRFLDWLRQRI5HVHDUFK'LUHFWRUV $5)36 $&(5HDFWLRQ)RUFHV3ODQQLQJ6WDII>REVR
DUG 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ OHWHVHH&-36@
XVLQJWKH$UDELFZRUGDUGZKLFKPHDQVODQG (WDWPDMRUGHSODQLILFDWLRQGHVIRUFHVGHUpDFWLRQ
VRLO GX&$(>REVROqWHYRLU&-36@
$5'( $LUFUDIWDQG5RFNHW'HVLJQ(QJLQHHUV $5)V $GHQRVLQHGLSKRVSKDWH5LERV\ODWLRQ)DFWRUV
$5'( $UPDPHQW5HVHDUFKDQG'HYHORSPHQW &HOO%LRORJ\0HGLFLQH0ROHFXODU%LRORJ\
(VWDEOLVKPHQW *%  0ROHFXODU0HGLFLQH3K\VLRORJ\5HFHSWRU
$5') $OWHUQDWLYHV5HVHDUFKDQG'HYHORSPHQW 0HGLDWHG(QGRF\WRVLV
)RXQGDWLRQ $5* $FFLGHQW5HVSRQVH*URXS 86$ 
$5'6 $GXOW5HVSLUDWRU\'LVWUHVV6\QGURPH 1XFOHDU'HIHQVH
)RUIXUWKHUGHWDLOVVHHXQGHU$5' $FXWH DUJ DEEU DUJXPHQW
5HVSLUDWRU\'LVHDVH  &RPSXWHU3URJUDPPLQJ0DWKHPDWLFV
$5'61(7 $FXWH5HVSLUDWRU\'LVWUHVV6\QGURPH DUJ DUUHVWHUJHDU
1HWZRUN $YLDWLRQ
$5( $FRXVWLF5DGLDWLRQ(OHPHQW $5*& $XVWUDOLDQ5HVHDUFK*UDQWV&RPPLWWHH
$5( $GYDQFHG5HDO7LPH([HFXWLYH $XVWUDOLD 
$5( $LUFUDIW5HDFWRU(TXLSPHQW 5HVHDUFK*UDQWV
$5( $LU5HDFWRU([SHULPHQW $5*27 $GDSWLYH5HSUHVHQWDWLRQ*HQHWLF
$5( $QFLHQW5HFRUGVRI(J\SW 2SWLPL]HU7HFKQLTXH
3XEOLFDWLRQ $5, $FFHOHUDWHG5HVHDUFK,QLWLDWLYH
$5( $UDE5HSXEOLFRI(J\SW $5, $FXWH5HVSLUDWRU\,QIHFWLRQ
$5( $VVRFLDWHLQ5HOLJLRXV(GXFDWLRQ 0HGLFLQH
$5( $V\PSWRWLF5HODWLYH(IILFLHQF\ $5, $LUFRQGLWLRQLQJDQG5HIULJHUDWLRQ,QVWLWXWH
6WDWLVWLFV 86$ 
$5( $WPRVSKHULF5HVHDUFK(TXLSPHQW $UL DEEU $ULHV
$5( $XWRPDWHG5HVSRQVLYH(QYLURQPHQW 7KH5DPLVDVPDOOFRQVWHOODWLRQORFDWHGEHWZHHQ
$5( $XWRPDWLF5HFRUG(YDOXDWLRQ 3LVFHVDQG7DXUXV
$5($ $PHULFDQ5DLOZD\(QJLQHHULQJ$VVRFLDWLRQ $VWURQRP\
86$  $5,$ $FFRXQWLQJ5HVHDUFKHUV,QWHUQDWLRQDO
$5($ $PHULFDQ5HFUHDWLRQDO(TXLSPHQW $VVRFLDWLRQ
$VVRFLDWLRQ 86$  $5,$ $GXOW5HDGLQJ,PSURYHPHQW$VVRFLDWLRQ


$5,$ $GYDQFHG5DQJH,QVWUXPHQWDWLRQ$LUFUDIW $UN DEEU $UNDQVDV 86$ 


$5,$ $PHULFDQ5LVNDQG,QVXUDQFH$VVRFLDWLRQ $5/ $FFHSWDEOH5HOLDELOLW\/HYHO
86$  $5/ $LU5HVRXUFHV/DERUDWRU\$UFWLF5HVHDUFK
$5,$ $ULD5XPRUH,QIRUPD]LRQH$PELHQWH /DERUDWRU\ 86$ 
,WDOLDQDFURQ\PPHDQLQJ$LU1RLVH,QIRUPDWLRQ $5/ $VVRFLDWLRQRI5HVHDUFK/LEUDULHV
(QYLURQPHQW $5/ LVDQRUJDQL]DWLRQRIOLEUDULHVLQ1RUWK
(FRORJ\ $PHULFD
DULD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $5/2 DLUUHFRQQDLVVDQFHOLDLVRQRIILFHU
XVLQJWKH,WDOLDQZRUGDULDZKLFKPHDQVDLU RIILFLHUGHOLDLVRQGHODUHFRQQDLVVDQFHDpULHQQH
$YLDWLRQ&KHPLVWU\(QJLQHHULQJ $5/7$% $UP\5HVHDUFK/DERUDWRU\7HFKQLFDO
$5,%$ $VVRFLDWHRIWKH5R\DO,QVWLWXWHRI%ULWLVK $VVHVVPHQW%RDUG 86$ 
$UFKLWHFWV *%  $50 $GMXVWDEOH5DWH0RUWJDJH
$5,(6 $GYDQFHG5DGDU,QIRUPDWLRQ(YDOXDWLRQ $50 $OO5LVN0DQDJHPHQW
6\VWHP ,QVXUDQFH
$5,(6 $LUERUQH5HFRQQDLVVDQFH,QWHJUDWHG $50 $QWLUDGLDWLRQ0LVVLOH
(OHFWURQLF6\VWHP 2UGQDQFH
$5,(6 $WPRVSKHULF5HVHDUFK,QIRUPDWLRQ $50 $SSOLFDWLRQV5HVSRQVH0HDVXUHPHQW
([FKDQJH6WXG\ +HZOHWW3DFNDUG·V 
$5,(6 $XWKHQWLF5HSURGXFWLRQRIDQ,QGHSHQGHQW $QLQLWLDWLYH  WRFRQVROLGDWHDOOWKHFRPSR
(DUWK6DWHOOLWH QHQWVRIDVLQJOHEXVLQHVVWUDQVDFWLRQLQWRDQ
$5,(6SURJUDP $XWRPDWHG5HOLDELOLW\(6WLPDWLRQ DVVHVVPHQWRIHQGWRHQGXVHUUHVSRQVHLQFOXGLQJ
SURJUDP HYHU\HOHPHQWVXFKDV3&QHWZRUNORFDOVHUYHU
'DWD3URFHVVLQJ PDLQIUDPHWUDQVDWODQWLFOLQHDQGVRIRUWK
$5,0$ $XWRUHJUHVVLYH,QWHJUDWHG0RYLQJ $50 $UHD5DGLDWLRQ0RQLWRU
$YHUDJH $50 $UWLILFLDO5XSWXUHRI0HPEUDQHV
$5,3 DLUUHIXHOOLQJLQLWLDOSRLQW 0HGLFLQH
SRLQWLQLWLDOGXUDYLWDLOOHPHQWHQYRO $50 $VVLVWDQW5HJLRQDO0DQDJHU
$5,6 $GYDQFHG5DQJH,QVWUXPHQWDWLRQ6KLS $50 $VVRFLDWLRQRI5DLOZD\0XVHXPV
$5,6 $HURQDXWLFDO,QVWLWXWHRI6ZHGHQ $50 $XWRPDWLF$XWRPDWHG5RXWH0DQDJHPHQW
6ZHGLVK,QVWLWXWHV $50 $XWRPDWLF5HHO0RXQWLQJ
$5,6 $LUERUQH5DQJH,QVWUXPHQWDWLRQ6WDWLRQ $50$ $FFXPXODWRU5HVHUYRLU0DQLIROG$VVHPEO\
$5,6 $LUFUDIW5HFRUGLQJ,QVWUXPHQWDWLRQ6\VWHP $50$ $50\$WWDFKp
*%  0LOLWDU\
$5,6 $OWLWXGHDQG5DWH,QGLFDWLQJ6\VWHP $50$ $XWRUHJUHVVLYH0RYLQJ$YHUDJH
$5,6 $XWRPDWLF5HFRUGLQJ,QIUDUHG6SHFWURPHWHU 6WDWLVWLFV
$5,6( $PHULFDQ5HQDLVVDQFH,Q6FLHQFH DUPD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
(GXFDWLRQ XVLQJWKH,WDOLDQZRUGDUPDZKLFKPHDQVILUH
86(GXFDWLRQ5HIRUPV DUPZHDSRQ 2UGQDQFH 
$5,6727(/(6 $SSOLFDWLRQVDQG5HVHDUFK $50,1(6 $VVRFLDWLRQSRXUOD5HFKHUFKHHWOH
,QYROYLQJ6SDFH7HFKQRORJLHV2EVHUYLQJ7KH GpYHORSSHPHQWGHV0pWKRGHVHWSURFHVVXV
(DUWK
VILHOGIURP/RZ(DUWKRUELWLQJ6DWHOOLWH ,QGXVWULHOV )UDQFH 
$5,6727/( $QQXDO5HYLHZDQG,QIRUPDWLRQ )UHQFKDFURQ\PRIWKH$VVRFLDWLRQIRU5HVHDUFK
6\PSRVLXPRQWKH7HFKQRORJ\2I7UDLQLQJ DQG'HYHORSPHQWRI,QGXVWULDO0HWKRGVDQG
/HDUQLQJDQG(GXFDWLRQ SURFHVVHV
2IWKH 86'HSDUWPHQWRI'HIHQVH $503 $OOLHG5HOLDELOLW\DQG0DLQWDLQDELOLW\
DULWK DEEU DULWKPHWLF 3XEOLFDWLRQ
7KHSURFHVVHVRIDGGLWLRQVXEWUDFWLRQPXOWLSOLFD SXEOLFDWLRQLQWHUDOOLpHVXUODILDELOLWpHWODPDLQWHQ
WLRQDQGGLYLVLRQ DELOLWp
0DWKHPDWLFV $503/DUPSO $UPRU3ODWH
$UL] DEEU $UL]RQD 86$  $OVRDSO
$5-3 $XWRVRPDO5HFHVVLYH-XYHQLOH $50 SURJUDP $WPRVSKHULF5DGLDWLRQ
3DUNLQVRQLVP 0HDVXUHPHQWSURJUDP
0HGLFLQH1HXURELRORJ\ $506 $GYDQFHG5HFHLYHU0RGHO6\VWHP


$506 $LUFUDIW5HVRXUFHV0DQDJHPHQW6\VWHP $53$1(7 $GYDQFHG5HVHDUFK3URMHFWV$JHQF\


$506 $PSOLILFDWLRQ5HIUDFWRU\0XWDWLRQ6\VWHP 1(7ZRUN
$506 $UHD5DGLRORJLFDO0RQLWRULQJ6\VWHP $53$1(7 EHFDPHLQWHUQDWLRQDOLQE\OLQN
$506 $VVRFLDWHRIWKH5R\DO0LQLDWXUH3DLQWHUV LQJWKH8QLYHUVLW\&ROOHJHRI/RQGRQZLWKWKH
6RFLHW\ *%  6ZHGLVK5R\DO5DGDU(VWDEOLVKPHQW
DUPW DEEU DUPDPHQW $53(6 $QJOH5HVROYHG3KRWRHOHFWURQ
0LOLWDU\6FLHQFH2UGQDQFH 6SHFWURVFRS\
$51 $FLGH5LERQXFOpLTXH $536 $GYDQFHG5HJLRQDO3UHGLFWLRQ6\VWHP
)UHQFKLQLWLDOLVPPHDQLQJ5LERQXFOHLF$FLG $55 $GYDQFHG5HOHDVH5HFRUG
%LRFKHPLVWU\ $55 $GYDQFHG5HVWULFWHG5HSRUW
$51$6 DXWRPDWLFUDGDUQDYLJDWLRQV\VWHP $55 $LUERUQH5DGLR5HFHLYHU
V\VWqPHDXWRPDWLTXHGHQDYLJDWLRQDXUDGDU $55 $ONDOLQH5XVW5HPRYHU
$51PHVVDJHU $FLGH5LERQXFOpLTXHPHVVDJHU &KHPLVWU\
)UHQFKLQLWLDOLVPPHDQLQJPHVVHQJHU5LERQXFOHLF $55 $QWHQQD5DGLDWLRQ5HVLVWDQFH
$FLG $55 $QWHQQD5RWDWLRQ5DWH
0HGLFLQH $55 $UP\5HDGLQHVV5HJLRQV 86$ 
$51ULERVRPDO $FLGH5LERQXFOpLTXHULERVRPDO DUU DEEU DUUDQJHG
)UHQFKLQLWLDOLVPPHDQLQJULERVRPDO5LERQXFOHLF DUU DEEU DUULYDODUULYHG
$FLG $OVRDUUG
0HGLFLQH $55 $XWRPDWLF5HSHDW5HTXHVW
$51W $FLGH5LERQXFOpLTXHGH7UDQVIHUW 7KH$55LVDUHTXHVWWKDWWKHUHFHLYLQJXQLWWUDQV
)UHQFKLQLWLDOLVPPHDQLQJWUDQVIHU5LERQXFOHLF PLWVZKHQDQHUURULVIRXQGLQLQIRUPDWLRQVRWKDW
$FLG WKHVHQGLQJXQLWUHWUDQVPLWV
0HGLFLQH 7HOHFRPPXQLFDWLRQV
$UQWSURWHLQ $KUHFHSWRUQXFOHDUWUDQVORFDWRUSUR $55& $&(5DSLG5HDFWLRQ&RUSV
WHLQ &RUSVGHUpDFWLRQUDSLGHGX&$(
%LRPHGLFDODQG(QYLURQPHQWDO6FLHQFHV $55&6 DLUUDLGUHSRUWLQJFRQWUROVKLS
3DWKRORJ\ EkWLPHQWFRQWU{OHXUGHVFRPSWHVUHQGXVGHUDLGV
$52 $IWHU5HFHLSWRI2UGHU DpULHQV
%XVLQHVV&RPPHUFH)LQDQFH DUUG DEEU DUULYHG
$52$UR $SSOLFDWLRQ5HVSRQVH2SWLRQ $OVRDUU
$52 $UP\5HVHDUFK2IILFH 86$  $55( $QWLJHQ5HFHSWRU5HVSRQVH(OHPHQW
$52 $XWRUHVSLUDWRUHDG2VVLJHQR $55) $&(5DSLG5HDFWLRQ)RUFH
$53 $&&6UROOLQJSODQ )RUFHGHUpDFWLRQUDSLGHGX&$(
SODQjKRUL]RQJOLVVDQWGHO·$&&6 $55/ $PHULFDQ5DGLR5HOD\/HDJXH 86$ 
$53 $FWLYLWp5pQLQHGX3ODVPD $557 $PHULFDQ5HJLVWHUHG5HVSLUDWRU\7KHUDSLVW
)UHQFKLQLWLDOLVPPHDQLQJ3ODVPD5HQLQ$FWLYLW\ $557 $PHULFDQ5HJLVWU\RI5DGLRORJLF
0HGLFLQH 7HFKQRORJLVWV 86$ 
$53 $GGUHVV5HVROXWLRQ3URWRFRO $5 UXOH $FFHSW5HMHFWUXOH
&RPSXWHUV 6WDWLVWLFV
$53 $GYDQFHG5HVHDUFK3URMHFW $56 $FLG5LQVLQJ6ROXWLRQ
$53 $LU5DLG3UHFDXWLRQV $56 $GYDQFHG5HFRQQDLVVDQFH6\VWHP 86$ 
$53$ $GYDQFHG5HVHDUFK3URMHFWV$JHQF\ $56 $GYDQFHG5HHQWU\6\VWHP
2IWKH86'HIHQVH'HSDUWPHQW $HURVSDFH
$53$ KDVUHSODFHG'$53$ 86$  $56 $HULDO5HFRQQDLVVDQFHDQG6HFXULW\
)RUIXUWKHUGHWDLOVVHHXQGHU'$53$ $56 $HURQDXWLFDO5HVHDUFK6FLHQWLVW
$53$$USD $JHQ]LH5HJLRQDOLSHUO
$PELHQWH $56 $HURVSDFH5HVHDUFK6DWHOOLWH
,WDO\  $56 $JULFXOWXUDO5HVHDUFK6HUYLFH 86$ 
,WDOLDQDFURQ\PRIWKH5HJLRQDO$JHQFLHVIRU 2IWKH86'HSDUWPHQWRI$JULFXOWXUH
(QYLURQPHQW $56 $PHULFDQ5RFNHW6RFLHW\ 86$ 
DUSD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $56 $VEHVWRV5RRI6KLQJOH
XVLQJWKH,WDOLDQZRUGDUSDZKLFKPHDQVKDUS $56 $XWRQRPRXVO\5HSOLFDWLQJ6HTXHQFH
*HQHWLFV


$56, $VVRFLD]LRQHSHUOD5LFHUFD6FLHQWLILFD $57(0,6 $XWRPDWLF5HWULHYDORI7H[WIURP


,WDOLDQD (XURSH
V0XOWLQDWLRQDO,QIRUPDWLRQ6HUYLFH
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRU,WDOLDQ $57(; DUWLOOHU\H[HUFLVH
6FLHQWLILF5HVHDUFK H[HUFLFHG·DUWLOOHULH
`$5VLJQDOOLQJ`$GUHQHUJLF5HFHSWRUVLJQDOOLQJ $57, $FXWH5HVSLUDWRU\7UDFW,OOQHVV
&DOFLXP+RPHRVWDVLV*HQH7UDQVIHU0\RFDUGLDO $57, $GYDQFHG5RWRFUDIW7HFKQRORJ\,QWHJUDWLRQ
&RQWUDFWLOLW\ DUWLF DEEU DUWLFXODWLRQ
$565 $LU5RXWH6XUYHLOODQFH5DGDU $QDWRP\%RWDQ\5RERWLFV7HOHFRPPXQLFDWLRQV
1DYLJDWLRQ $576 $GYDQFHG5RDG7UDIILF6\VWHP
$566$ $JHQ]LD5HJLRQDOHSHUL6HUYL]LGL $576 $5P\7UDLQLQJ6WXG\
6YLOXSSR$JULFROR ,WDO\  86$UP\
,WDOLDQLQLWLDOLVPRIWKH5HJLRQDO$JHQF\IRU $57V $VVLVWHG5HSURGXFWLYH7HFKQRORJLHV
$JULFXOWXUDO'HYHORSPHQW6HUYLFHV 7HFKQLTXHV
$5V\VWHPV $XJPHQWHG5HDOLW\V\VWHPV )RUIXUWKHUGHWDLOVVHHXQGHU$57
&RPSXWHU7HFKQRORJ\ $576 $XWRPDWHG5DGDU7HUPLQDO6\VWHP
$57 $EVROXWH5DWH7KHRU\ 1DYLJDWLRQ
6WDWLVWLFV $576 $XWRPDWLF5HVLVWDQFH7HVW6HW
$57 $FFUHGLW5HFRUG7HFKQLFLDQ $578 $XWRPDWLF5DQJH7UDFNLQJ8QLW
$57 $FRXVWLF5HIOH[7HVW DUW\ DEEU DUWLOOHU\
$XGLRORJ\ $OVRDUW
$57 $GYDQFHG5HDFWRU7HFKQRORJ\ 0LOLWDU\6FLHQFH2UGQDQFH
$57 $JHQFHGHUHFKHUFKHHWGHWHFKQRORJLH $58 $XGLR5HVSRQVH8QLW
>UHPSODFH$*$5'HW*5'@ 7HOHFRPPXQLFDWLRQV
5HVHDUFKDQG7HFKQRORJ\$JHQF\ 57$ >KDV $59 $UPRXUHG5HFRYHU\9HKLFOH
UHSODFHG$*$5'DQG5'$@ $59 WKHUDS\ $QWLUHWURYLUDOWKHUDS\
DLUODXQFKHGUDGLDWLRQWKHUPRPHWHU 8VHGIRUSUHYHQWLRQDQGWUHDWPHQWRI+,9 LQIHF
WKHUPRPqWUHjUD\RQQHPHQWDpURODUJXp WLRQ,WDOVRUHGXFHVPRWKHUWRFKLOGWUDQVPLVVLRQ
DUWLOOHU\DQGUHODWHGHTXLSPHQW RI+,9
DUWLOOHULHHWPDWpULHOVFRQQH[HV $5;36 $QJXODU5HVROYHG;5D\3(6
$57 $LUERUQH5DGLDWLRQ7KHUPRPHWHU &KHPLVWU\3K\VLFV
7KH$57 PHDVXUHVWKHRFHDQVXUIDFHWHPSHUDWXUH $6 DLUILHOGVHUYLFHV
2FHDQRJUDSK\ VHUYLFHVGHVDpURGURPHV
$57 $ODUP5HSRUWLQJ7HOHSKRQH DVVRFLDWHGVXSSRUW
$57 $OHUW5HDFWLRQ7LPH VRXWLHQDVVRFLp
$57 $SSOLHG5HVHDUFKDQG7HFKQRORJ\ $XVWUDOLD
$57 $UPDWURQ,QWHUQDWLRQDO $XVWUDOLH
$PHULFDQ6WRFN([FKDQJH6\PEROV $6$6 $FDGHP\RI6FLHQFHV
DUW DEEU DUWLFOH $6DV $FFRXQW6DOHV
DUW DEEU DUWLILFLDO &RPPHUFH(FRQRPLFV)LQDQFH
DUW DEEU DUWLOOHU\ $6 $FFXPXODWHG6XUSOXV
$OVRDUW\ $6 $FU\OLF6W\UHQH
DUW DEEU DUWLVW 3ODVWLF7HFKQRORJ\
$57 $VVLVWHG5HSURGXFWLYH7HFKQRORJ\ $6 $FWLYH6HFXULWLHV
7HFKQLTXH $6 $FWLYH6OHHS
'HYHORSPHQW(PEU\RORJ\(QGDQJHUHG:LOGOLIH $FWLYH6OHHSLVDOVRNQRZQDV5(06OHHS
5HSURGXFWLYH3K\VLRORJ\5HSURGXFWLYH3UREOHPV 'UHDPLQJ6OHHS)DVW:DYH6OHHS
$57 $XWRPDWLF5DQJLQJ7HOHVFRSH 'HV\QFKURQL]HG6OHHS3DUDGR[LFDO6OHHS
$57 $XWRULWpGH5pJXODWLRQGHV 1HXURORJ\
7pOpFRPPXQLFDWLRQV )UDQFH  $6 $GGLWLRQDO6RXUFHV
$57&& $LU5RXWH7UDIILF&RQWURO&HQWHU $6 $GRFLDVXOIDWH
2IWKH86)HGHUDO$YLDWLRQ$GPLQLVWUDWLRQ 0DULQH6SRQJHV0HGLFLQH3KDUPDFRORJ\
$57(0,6 $GYDQFHG5HOD\7(FKQRORJ\0,6VLRQ $6 $HURQDXWLFDO6WDQGDUG
DV DIWHUVLJKW


&RPPHUFH(FRQRPLFV)LQDQFH $6LVDPLOGYHUVLRQRIDXWLVP
$6 $JJUHJDWH6XSSO\ $6 $VVHUWHG6HFXULWLHV
(FRQRPLFV $6 $VVHVVDEOH6WRFN
$6 $LUVFRRS$LU6FRRS %XVLQHVV)LQDQFH
$6LVXVHGIRUFRPEXVWLRQRUYHQWLODWLRQ $6 $VVLVWDQW6HFUHWDU\
0HFKDQLFDO'HYLFHV $6 $VVXUDQFHV6RFLDOHV
$6 $LUVSHHG )UHQFKLQLWLDOLVPPHDQLQJ1DWLRQDO,QVXUDQFH
$YLDWLRQ $V DEEU DVWLJPDWLVP
$6 $LUWR6XUIDFH (OHFWURQLFV2SWLFV3K\VLRORJ\
0LVVLOHV $6DV $W6LJKW
$6 7KHDLUOLQHFRGHIRU$ODVND$LUOLQHV %XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH
$6 $OLPHQWDU\6\VWHP $6 $XGLRJHQLF6HL]XUH
0HGLFLQH $6LVDW\SHRIUHIOH[HSLOHSV\
DV DEEU DORQJVLGH 0HGLFLQH1HXURORJ\
$6 $OWH]]D6HUHQLVVLPD $6 $XVWUDOLDQ6WDQGDUG
,WDOLDQDFURQ\PPHDQLQJ0RVW6HUHQH+LJKQHVV 7HFKQRORJ\
$V $OWRVWUDWXVFORXG $6 $XWRPDWLF6SULQNOHU
0HWHRURORJ\ $6 $X[LOLDU\6WRUDJH
$6 $PPRQLXP6XOIDWH )RUIXUWKHUGHWDLOVVHHXQGHU$0 $X[LOLDU\
1+ 62 $6LVXVHGPDLQO\DVDIRRGDGGLWLYH 0HPRU\ 
LQIHUPHQWDWLRQSURFHVVHVDQGLQZDWHUWUHDWPHQW DV DX[VRLQVGH
,QRUJDQLF&KHPLVWU\ )UHQFKLQLWLDOLVPPHDQLQJFDUHRIFR
$6 $QJOR6D[RQ $6$ $FFHVVLEOH6XUIDFH$UHD
$6 $QWKUDQLODWH6\QWKDVH $6$ $FHW\OVDOLF\OLF$FLG
$6LVDVWURPDOHQ]\PH &+&22&+&22+7KHWUDGHQDPHRIDFHW\O
$6 $QWLVXEPDULQH VDOLF\OLFDFLGLVDVSLULQ,WKDVZLGHVSUHDGPHGLFL
$OVR$6 QDOXVHDVDQDQWLS\UHWLF
2UGQDQFH 2UJDQLF&KHPLVWU\
$6 $Q[LHW\6FRUH$Q[LHW\6WDWH $6$$6$ $FRXVWLFDO6RFLHW\RI$PHULFD
3V\FKRORJ\ $PHULFDQ6RFLHW\RI$QHVWKHVLRORJLVWV$PHULFDQ
$6 $RUWLF6WHQRVLV 6XUJLFDO$VVRFLDWLRQ 86$ 
0HGLFLQH $6$ DGPLVVLRQDXVHUYLFHDFWLI>)5@
$6DV $SSOLFDWLRQ6\VWHP LQLWLDORSHUDWLRQDOFDSDELOLW\ ,2& 
$6 $UFXDWHG6XOFXV DUWLOOHULHVRODLU
$6 $ULWKPHWLF6FDQ JURXQGWRDLUDUWLOOHU\
&RPSXWHU3URJUDPPLQJ DVVRFLDWLRQGHV\VWqPHG·DUPH
$6 $ULWKPHWLF6KLIW ZHDSRQV\VWHPSDUWQHUVKLS :63 
$ULWKPHWLFVKLIWDFWXDOO\UHIHUVWRWKHVKLIWRIWKH $6$ $PDWHXU6ZLPPLQJ$VVRFLDWLRQ *% 
GLJLWVRIDQXPEHU $6$ $PHULFDQ6RFLHW\RI$SSUDLVHUV$PHULFDQ
$V 7KHFKHPLFDOV\PEROIRU$UVHQLF 6WDQGDUGV$VVRFLDWLRQ 86$ 
$UVHQLFLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF $6$ $PHULFDQ6WDWLVWLFDO$VVRFLDWLRQ 86$ 
QXPEHUDQDWRPLFZHLJKWRIDQGD $6$ $UHD6WUDWHJLFDGL$IIDUL
ERLOLQJSRLQWRI$& ,WDOLDQDFURQ\PPHDQLQJ6WUDWHJLF%XVLQHVV$UHD
7KHZRUGDUVHQLFGHULYHVIURPWKH*UHHNWHUP $6$ $VVRFLDWLRQRI6RXWKHDVW$VLD
PDQO\VWURQJ $6$ $VWURQRPLFDO6RFLHW\RIWKH$WODQWLF 86$ 
&KHPLVWU\ $6$ $WRPLF6SKHUH$SSUR[LPDWLRQ
$6 $UWHULRVFOHURVLV $6$ $VVRFLD]LRQH6ROLGDULHWj$,'6 ,WDO\ 
$UWHULRVFOHURVLVLVDGLVHDVHRIWKHDUWHULHVFKDUDF $6$ $XVLOLDULR6RFLR$VVLVWHQ]LDOH
WHUL]HGE\WKLFNHQLQJDQGORVVRIHODVWLFLW\RIDUWHU $6$$' DGYDQFHGVKLSERUQHDUHDDLUGHIHQFH
LDOZDOOV GpIHQVHDpULHQQHGH]RQHDYDQFpHHPEDUTXpH
0HGLFLQH $6$% $VVRFLDWLRQIRUWKH6WXG\RI$QLPDO
$V DEEU $VLDQ$VLDWLF %HKDYLRU
$6 $VSHUJHU6\QGURPH $6$'+$$VDGKD $VVRFLDWLRQ6\QGLFDOH$XWRULVpH


SRXUO
$PpQDJHPHQWHWOH'pYHORSSHPHQWGHV $6& $&&66RIWZDUH&RPPLWWHH
,UULJDWLRQVGHV+DXWHV$OSHV )UDQFH  &RPLWpGXORJLFLHOGHO·$&&6
$6$( $PHULFDQ6RFLHW\RI$JULFXOWXUDO(QJLQHHUV DLUVSDFHFRQWURO
86$  FRQWU{OHGHO·HVSDFHDpULHQ
$6$* DLUVXUIDFHDFWLRQJURXS DOOVRXUFHFHOO
JURXSHG·DFWLRQ$LUGHVXUIDFH FHOOXOHWRXWHVVRXUFHV
$6$/ $QQXDLUH6RFLpWpG
+LVWRLUHHWG
$UFKHRORJLH DUHDVXSSRUWFRPPDQGHU
GHOD/RUUDLQH )UDQFH  FRPPDQGDQWGHVRXWLHQGH]RQH
3XEOLFDWLRQ DXWKRUL]HGVXERUGLQDWHFRPPDQG
DVDO 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ FRPPDQGHPHQWVXERUGRQQpDXWRULVp
XVLQJWKH$UDELFZRUGDVDOZKLFKPHDQVKRQH\ $872',1VZLWFKLQJFHQWUH
)RRG7HFKQRORJ\  FHQWUHGHFRPPXWDWLRQ$872',1
$6$/0 $GYDQFHG6WUDWHJLF$LU/DXQFKHG0LVVLOH $6& $GPLQLVWUDWLYH6XSSRUW&HQWHU 86$ 
$6$1&$ $GYDQFHG6WXG\IRU$FWLYH1RLVH $6& $OWHUHG6WDWHRI&RQVFLRXVQHVV
&RQWUROLQ$LUFUDIW $6& $PHULFDQ6RFLHW\RI&ULPLQRORJ\
1RLVH&RQWUROLQ$LUFUDIW 7KH$6&LVORFDWHGLQ&ROXPEXV2KLR86$
$6$3 $PHULFDQVIRUD6RXQG$,'6+O9 3ROLF\ $6& $QDO\WLFDO6FLHQFHV&HQWHU 86$ 
$6$3 $VVRFLD]LRQH6LQGDFDOHSHUOH$]LHQGH 7KH$6&LVDVWDWHRIWKHDUW5HVHDUFK
3HWUROFKLPLFKHHFROOHJDWHDSDUWHFLSD]LRQHVWDWDOH 2UJDQL]DWLRQVHUYLQJDQDO\WLFDOQHHGVRI
,WDOLDQ$VVRFLDWLRQ 0RQVDQWR·VQHZ/LIH6FLHQFHV&RPSDQ\
$6$3 $V6RRQ$V3RVVLEOH $QDO\WLFDO6FLHQFHV
$6$5 $GYDQFHG6\QWKHWLF$SHUWXUH5DGDU $6& $VVRFLDWLRQIRU6\VWHPDWLFV&ROOHFWLRQV
$6$7 DQWLVDWHOOLWH 7D[RQRP\
DQWLVDWHOOLWH $6& $[LDO6XPPLW&DOGHUD
$6$8 $LU6HDUFK$WWDFN8QLW 7KH$[LDO6XPPLW&DOGHUDLVDVPDOOQDUURZ
$6% $FFRXQWLQJ6WDQGDUGV%RDUG GHSUHVVLRQRIWHQLQFOXGHGLQWKHVXPPLWUHJLRQRI
$6%$6% $PHULFDQ6RFLHW\RI%DFWHULRORJLVWV WKHD[LDOKLJK
86$  (DUWK2EVHUYDWLRQV2FHDQRJUDSK\
$6% $QDO\WLFDO6XSSRUW%UDQFK $6&$ $GYDQFHG6DWHOOLWHIRU&RVPRORJ\DQG
2IWKH861DWLRQDO,QVWLWXWHIRU2FFXSDWLRQDO $VWURSK\VLFV-DSDQ86$
6DIHW\DQG+HDOWK $VWURQRP\$VWURSK\VLFV&RVPRORJ\;UD\
$QDO\WLFDO6HUYLFHV2FFXSDWLRQDO'LVHDVHV 6DWHOOLWHV
:RUNSODFH+D]DUGV $6&$3 $PHULFDQ6RFLHW\RI&RPSRVHUV$XWKRUV
$6% $UP\6FLHQFH%RDUG 86$  DQG3XEOLVKHUV 86$ 
DVE DEEU DVEHVWRV $6&% $PHULFDQ6RFLHW\IRU&HOO%LRORJ\ 86$ 
0DWHULDOV6FLHQFH0LQHUDORJ\ $6&( $PHULFDQ6RFLHW\RI&LYLO(QJLQHHUV
$6% $XGLWLQJ6WDQGDUGV%RDUG 86$ 
$6% DJULFXOWXUH SURJUDPPH $OWHUQDWLYHVWR6ODVK DVFH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
DQG%XUQDJULFXOWXUHSURJUDPPH .HQ\D  XVLQJWKH,WDOLDQZRUGDVFHZKLFKPHDQVKDWFK
2IWKH,&5$) HV (QJLQHHULQJ*UDSKLF$UWV=RRORJ\ 
)RUIXUWKHUGHWDLOVVHHXQGHU,&5$) $6&(1' $GYDQFHG6\VWHPIRU&RPPXQLFDWLRQV
DVEO DEEU DVVHPEOH DQG(GXFDWLRQLQ1DWLRQDO'HYHORSPHQW
DVEO DEEU DVVHPEOHU $6&(7 $PHULFDQ6RFLHW\RI&HUWLILHG(QJLQHHULQJ
$OVRDVVPDVPEOU 7HFKQLFLDQV 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHUDVPEOU $6&, $FFHOHUDWHG6WUDWHJLF&RPSXWLQJ,QLWLDWLYH
$6%0% $PHULFDQ6RFLHW\IRU%LRFKHPLVWU\DQG 'HIHQVH([SORVLYH7HVWLQJ6WRFNSLOH6WHZDUGVKLS
0ROHFXODU%LRORJ\ 86$  :HDSRQV'HVLJQ
$6%2 $VVRFLDWLRQRI6FKRRO%XVLQHVV2IILFLDOV $6&, $GYDQFHG6FLHQWLILF&RPSXWLQJ,QLWLDWLYH
,QWHUQDWLRQDO $6&, $GYDQFHG6SHHFK&DOO,WHP
(GXFDWLRQDO:HE6LWH 'LJLWDO0RELOHV
$6& $FDGpPLHGHV6FLHQFHV&RPPHUFLDOHV $6&, $PHULFDQ6RFLHW\IRU&OLQLFDO,QYHVWLJDWLRQ
)UHQFKLQLWLDOLVPRIWKH$FDGHP\RI&RPPHUFLDO 86$ 
6FLHQFHV )UDQFH 


$6&,, $PHULFDQ6WDQGDUG&RGHIRU,QIRUPDWLRQ $6($1 $VVRFLDWLRQRI6RXWK(DVW$VLDQ1DWLRQV


,QWHUFKDQJH -DNDUWD 
$6&0 $UFKLYLR6WRULFR&LYLFRGL0LODQR ,WDO\  $6(% $HURQDXWLFVDQG6SDFH(QJLQHHULQJ%RDUG
$6&1 $PHULFDQ6RFLHW\IRU&OLQLFDO1XWULWLRQ 86$ 
86$  $6(3 $VLDQ6RFLHW\IRU(QYLURQPHQWDO3URWHFWLRQ
$6&2 $PHULFDQ6RFLHW\RI&OLQLFDO2QFRORJ\ 7KDLODQG 
86$  $6(36 $VWURQRPLFDO6WXGLHVRI([WUDVRODU
$6&2 $UDE6DWHOOLWH&RPPXQLFDWLRQV2UJDQL]DWLRQ 3ODQHWDU\6\VWHPV
6DXGL$UDELD  $6(36ZDVRQHRI1$6$
VPXOWLVWDJHSURJUDPV
$6&27 $WPRVSKHULF6WXGLHVLQ&2PSOH[7HUUDLQ $VWURQRPLFDO6WXGLHV
86$  $6(7 $VVLVWDQW6HFUHWDU\IRU(QHUJ\7HFKQRORJ\
$6&6 $JULFXOWXUDO6WDELOL]DWLRQDQG&RQVHUYDWLRQ 86$ 
6HUYLFH $6(9 $VVLVWDQW6HFUHWDU\IRU(QYLURQPHQW
$6&6 $PHULFDQ6RFLHW\RI&RUSRUDWH6HFUHWDULHV 86$ 
86$  $6) $&(VWULNHILOH
$6' $LGHHW6RLQVj'RPLFLOH %HOJLXP  GRVVLHUGHVDWWDTXHVQXFOpDLUHVGX&$(
6RFLDO,QVWLWXWLRQ $6) $WODQWLF6DOPRQ)HGHUDWLRQ &DQDGD 
$6' $LUSRUW6XUIDFH'HWHFWLRQ $6)$ $FWLRQ6RFLDOHGHV)RUFHV$UPpHV )UDQFH 
1DYLJDWLRQ $6)$ $TXDWLF6FLHQFHVDQG)LVKHULHV$EVWUDFWV
$6' $VVRFLD]LRQH6HSDUDWLH'LYRU]LDWL ,WDO\  $6)' $]LHQGDGL6WDWRSHUOH)RUHVWH'HPDQLDOL
,WDOLDQLQLWLDOLVPRIWKH$VVRFLDWLRQRI6HSDUDWHG ,WDO\ 
DQG'LYRUFHGSHUVRQV ,WDOLDQDFURQ\PRIWKH1DWLRQDO%RDUGRI6WDWH
$6' $XWRPDWLRQ6RXUFH'DWD )RUHVWV
&RPSXWHUV $6),6 $TXDWLF6FLHQFHVDQG)LVKHULHV,QIRUPDWLRQ
$6'$5V\VWHP $LUFUDIWWR6DWHOOLWH'$WD5HOD\ 6\VWHP
V\VWHP $TXDWLF6FLHQFHVDQG)LVKHULHV
$6'( DLUVLWXDWLRQGDWDH[FKDQJH $6* $GPLQLVWUDWLYH6XSSRUW*URXS 86$ 
pFKDQJHGHGRQQpHVVXUODVLWXDWLRQDpULHQQH 2IWKH863DFLILF0DULQH(QYLURQPHQWDO
$6',& $OOLHG6XEPDULQH'HWHFWLRQ,QYHVWLJDWLRQ /DERUDWRU\
&RPPLWWHH $6* $)&(17 6XSSRUW*URXS>REVROHWH@
$6 GLVHDVH $GDPV6WRNHVGLVHDVHRUV\QGURPH *URXSHGHVRXWLHQGHO·$)&(17 >REVROqWH@
)URPWKHQDPHRIWZR,ULVKSK\VLFLDQV5REHUW $VVLVWDQW6HFUHWDU\*HQHUDO
$GDPVDQG5REHUW6WRNHV 6HFUpWDLUHJpQpUDODGMRLQW
$6'V $WULDO6HSWDO'HIHFWV DVJ DEEU DVVLJQHG
$UWHU\&ORJJLQJ3ODTXHV&DUGLRYDVFXODU $OVRDVJG
(OHFWURSK\VLRORJ\&DUGLRYDVFXODU*HQHWLFV DVJ DEEU DVVLJQPHQW
0HGLFLQH0XWDQW*HQHV $OVRDVJPW
$6( $GYDQFHG6SDFH(QJLQH $V*D $UVpQLXUHGH*DOOLXP
$6( $JHQFH6SDWLDOH(XURSpHQQH )UHQFKV\PEROIRU*DOOLXP$UVHQLGH
)UHQFKDFURQ\PRIWKH(XURSHDQ6SDFH$JHQF\ )RUIXUWKHUGHWDLOVVHHXQGHU*D$V
$6( DLUFUDIWVXUYLYDELOLW\HTXLSPHQW $6*$0$*( $LU6HD*DVH[FKDQJH0$*(
PDWpULHOGHVXUYLDELOLWpGHVDpURQHIV ([SHULPHQW
$6( $PHULFDQ6WRFN([FKDQJH (XURSHDQ&RPPXQLW\3URMHFW(QYLURQPHQW
$OVR$0(; 3URWHFWLRQ5HVRXUFHVRIWKH6HD)LVKHULHV
$6( $PSOLILHG6SRQWDQHRXV(PLVVLRQ DVJG DEEU DVVLJQHG
(OHFWULFDO(QJLQHHULQJ2SWRHOHFWURQLF0DWHULDOV $OVRDVJ
3KRWRQLFV DVJPW DEEU DVVLJQPHQW
$6( $WKHQV6WRFN([FKDQJH $OVRDVJ
6LQFH $6*3, $VVRFLDWLRQRI6HD*UDQW3URJUDP,QVWLWXWHV
$6($ $PHULFDQ6RFLHW\RI(QJLQHHUVDQG 86$ 
$UFKLWHFWV 86$  $6+ $FDGHP\RI6FLHQWLILF+\SQRWKHUDS\
$6($06 $VVRFLDWLRQRI6RXWK(DVW$VLDQ0DULQH $6+ $FWLRQRQ6PRNLQJDQG+HDOWK
6FLHQWLVWV 7KH$6+LVDQ$QWLVPRNLQJ2UJDQL]DWLRQ


$6+ $OGRVWHURQH6WLPXODWLQJ+RUPRQH $PHULFDQ6WRQH,PSRUWHUV$VVRFLDWLRQ$UP\


(QGRFULQRORJ\ 6LJQDO,QWHOOLJHQFH$JHQF\ 86$ 
$6+$6+ $PHULFDQ6RFLHW\RI+HPDWRORJ\ $VLD$VVRFLD]LRQHSHUODVROLGDULHWjLQWHU
86$  QD]LRQDOHLQ$VLD ,WDO\ 
$6+ $UPDWXUH6KXQW $6,& $SSOLFDWLRQ6SHFLILF,QWHJUDWHG&LUFXLW
(OHFWURPDJQHWLVP &RPSXWHU7HFKQRORJ\
$6+ $VVDXOW6XSSRUW+HOLFRSWHU $6,&$ $6VRFLDWLRQ,QWHUQDWLRQDOHSRXUOH&DOFXO
$6+ $VVLVWDQWH6RFLDOH+RVSLWDOLqUH $QDORJLTXH
)UHQFKLQLWLDOLVPPHDQLQJ+RVSLWDO6RFLDO:RUNHU $VLFV $SSOLFDWLRQVSHFLILFLQWHJUDWHGFLUFXLWV
)UDQFH  &RPSXWHU7HFKQRORJ\
$6+ $VVLVWDQW6HFUHWDU\IRU+HDOWK 86$  $6,(&2 $VVRFLD]LRQH,WDOLDQD,PSUHVH
$6+$ $PHULFDQ6FKRRO+HDOWK$VVRFLDWLRQ (OHWWURFRPPHUFLDOL
$PHULFDQ6RFLHW\RI+RVSLWDO$WWRUQH\V 86$  ,WDOLDQ$VVRFLDWLRQ
$6+$$6+$ $PHULFDQ6SHHFKDQG+HDULQJ $6,(3 $VVRFLD]LRQH6LQGDFDOHGHOO·,QGXVWULD
$VVRFLDWLRQ 86$  GHOO·(QHUJLDHGHO3HWUROLR ,WDO\ 
$6+(6 $[LDO6HDPRXQW+\GURWKHUPDO(PLVVLRQV $6,) $LUOLIW6HUYLFH,QGXVWULDO)XQG
6WXG\ DVLI 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
$6+* $PHULFDQ6RFLHW\RI+XPDQ*HQHWLFV XVLQJWKH$UDELFZRUGDVLI
ZKLFKPHDQV,DP
$6+2( $LUERUQH6RXWKHUQ+HPLVSKHUH2]RQH VRUU\
([SHULPHQW D6L++\GURJHQDWHG$PRUSKRXV6LOLFRQ
$6+5$( $PHULFDQ6RFLHW\RI+HDWLQJ $SSOLHG3K\VLFV6HPLFRQGXFWRU'HYLFHV
5HIULJHUDWLQJDQG$LUFRQGLWLRQLQJ(QJLQHHUV $6,/ $PHULFDQ6RFLHW\RI,QWHUQDWLRQDO/DZ
86$  1RUWKZHVW:DVKLQJWRQ'&86$
7HVWLQJZLOOUHVXOWLQDQH[WHQVLYHGDWDEDVHRIGHV $6,0$6,0 $PHULFDQ6RFLHW\RI,QWHUQDO
LFFDQWFRROLQJRSWLRQVWKDWFDQKHOSDUFKLWHFWV 0HGLFLQH 86$ 
EXLOGLQJPDQDJHUVDQGFRQVXPHUVPDNHREMHFWLYH $6,0(7 ([SHULPHQW $WPRVSKHULF6WUXFWXUH
LQIRUPHGGHFLVLRQVDERXWZKLFKWHFKQRORJ\LV ,QYHVWLJDWLRQ0(7HRURORJ\([SHULPHQW
DSSURSULDWHIRUDVSHFLILFDSSOLFDWLRQ ,QIRUPDWLRQIURP$6,0(7 ([SHULPHQWZDVFRO
$6+9( $PHULFDQ6RFLHW\RI+HDWLQJDQG OHFWHGE\0DUV3DWKILQGHUZKLFKODQGHGRQWKH
9HQWLODWLQJ(QJLQHHUV 86$  VXUIDFHRI0DUVRQWK -XO\7KH0DUV
$6, $FFXPXODWRU6KLIW,QVWUXFWLRQ 3DWKILQGHULVDSURMHFWRIWKH-3/ 86$ 
&RPSXWHU3URJUDPPLQJ &KHPLVWU\*HRORJ\*HRSK\VLFV0DUWLDQ6XUIDFH
$6, $JHQ]LD6SD]LDOH,WDOLDQD ,WDO\  0HWHRURORJ\3ODQHWDU\([SORUDWLRQ
,WDOLDQDFURQ\PRIWKH,WDOLDQ6SDFH$JHQF\ )RUIXUWKHUGHWDLOVVHHXQGHU-3/
$6, $LUVSHHG,QGLFDWRU $6. $FWLYHO\6KDUHG.QRZOHGJH
$YLDWLRQ 'DWD3URFHVVLQJ6\VWHP
$6, $VVLVWDQWH6RFLDOH,QGXVWULHOOH )UDQFH  $6. $LUFUDIW6WDWLRQ.HHSHU
)UHQFKDFURQ\PPHDQLQJ,QGXVWULDO6RFLDO $6. $PSOLWXGH6KLIW.H\ LQJ 
:RUNHU 7HOHFRPPXQLFDWLRQV
$6, $VVRFLD]LRQH6DQLWDULD,QWHUQD]LRQDOH $6. $QDORJ6HOHFW.H\ERDUG
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO+HDOWK $6.SURMHFW $FWLRQ6RXWK.LOGDUHSURMHFW *UHHFH 
$VVRFLDWLRQ $6/ $ERYH6HD/HYHO
$6, $WPRVSKHUH6WUXFWXUH,QVWUXPHQW $6/ $FFHSWDEOH6XSSOLHU/LVW
7KH$6,GLUHFWO\PHDVXUHGWKHWHPSHUDWXUHRI $6/ $FHWRQH6ROXEOH/LSLGV
-XSLWHU
VXSSHUDWPRVSKHUHLQGHFHPEHU $OOHUJ\DQG,QIHFWLRXV'LVHDVHV0LFURELRORJ\
0HWHRURORJ\6SDFH3K\VLFV6SDFH6FLHQFH $6/ $FWLYLW\6DIHW\/HYHO
$6, $XGLHQFH6XUYH\V,QFRUSRUDWHG $6/ $GYDQFHG6\VWHPV/DERUDWRU\
$6, $VVRFLD]LRQHGHJOL$QDOLVWLGL$IILGDELOLWjH $6/ $PHULFDQ6LJQ/DQJXDJH
6LFXUH]]D,WDOLD ,WDO\  7KH$PHULFDQVLJQODQJXDJHLVDZD\WRFRPPXQL
$6,$ $LUOLQHV6WDII,QWHUQDWLRQDO$VVRFLDWLRQ FDWHZLWKWKHGHDIE\PHDQVRIKDQGJHVWXUHV
$6,$ $PHULFDQ6RFLHW\RI,QGXVWULDO$XFWLRQHHUV /LQJXLVWLFV
86$  $6/ $QWLFRGRQ6WHP/RRS
$6,$ $PHULFDQ6SLQDO,QMXU\$VVRFLDWLRQ $6/ $QWLVWUHSWRO\VLQ


$QWLVWUHSWRO\VLQLVDQDQWLERG\WKDWFRXQWHUDFWVWKH $60& $6($16SHFLDOL]HG0HWHRURORJLFDO&HQWUH


VWUHSWRO\VLQDFWLYLW\ )RUIXUWKHUGHWDLOVVHHXQGHU$6($1
,PPXQRORJ\ $60' DQWLVKLSPLVVLOHGHIHQFH
$6/ $SSOLHG6FLHQFH/DERUDWRU\ GpIHQVHFRQWUH OHV PLVVLOHVDQWLQDYLUHV
$6/ $VWURVXUYHLOODQFH6FLHQFH/DERUDWRU\ $60' $WPRVSKHULF6FLHQFHV0RGHOLQJ'LYLVLRQ
$6/ $WPRVSKHULF6FLHQFHV/DERUDWRU\ $60'(; DQWLVKLSPLVVLOHGHIHQFHH[HUFLVH
$6/ $XWKRUL]HG6WRFN/HYHO H[HUFLFHGHGpIHQVHFRQWUHPLVVLOHVDQWLQDYLUHV
$6/ $]LHQGD6DQLWDULD/RFDOH ,WDO\  $60($PHULFDQ6RFLHW\RI0HFKDQLFDO(QJLQHHUV
$6/% $WRPLF6DIHW\DQG/LFHQVLQJ%RDUG 86$ 
$6/( $PHULFDQ6RFLHW\RI/XEULFDWLRQ(QJLQHHUV $60)& $WODQWLF6WDWHV0DULQH)LVKHULHV
86$  &RPPLVVLRQV
$6/2 $PHULFDQ6RFLHW\RI/LPQRORJ\DQG $603 DLUVROPR\HQQHSRUWpH
2FHDQRJUDSK\ 86$  PHGLXPUDQJHDLUWRJURXQG 05$* 
$6/2 $QWLVWUHSWRO\VLQ2 $61( $PHULFDQ6RFLHW\RI1DYDO(QJLQHHUV
0HGLFLQH 86$ 
$6/V $QWLFRGRQ6WHP/RRSV $610 $JHQ]LD6YLOXSSR1RUG0LODQR ,WDO\ 
%LRPROHFXODU5HVHDUFK0ROHFXODU%LRORJ\ $617 $PHULFDQ6RFLHW\IRU1RQGHVWUXFWLYH7HVWLQJ
0ROHFXODU&U\VWDOORJUDSK\3K\VLFDO%LRVFLHQFHV 86$ 
$6/9 $VVXUDQFH6XU/D9LH $62 $YLDWLRQ6XSSO\2IILFH
)UHQFKLQLWLDOLVPPHDQLQJ/LIH,QVXUDQFH $V2 $UVHQLF7ULR[LGH
$60$VP $FFDGHPLD6RODUH0RQGLDOH $UVHQLF7ULR[LGHDOVRNQRZQDV$UVHQRXV$FLG
,WDOLDQLQLWLDOLVPRIWKH:RUOG6RODU$FDGHP\ LVXVHGPDLQO\LQKHUELFLGHVDQGLQVHFWLFLGHVDV
)RXQGLQJPHPEHU)$67 ZHOODVLQJODVVDQGFHUDPLFV
)RUIXUWKHUGHWDLOVVHHXQGHU)$67 ,QRUJDQLF&KHPLVWU\
$60DVP $LUWR6XUIDFH0LVVLOH $V2 $UVHQROLWH
0LOLWDU\ 0LQHUDORJ\
$60 $OO6N\0RQLWRU $V2 &ODXGHWLWH
7KH$60LVDERDUGWKHRUELWLQJ5RVVL;UD\ 0LQHUDORJ\
7LPLQJ([SORUHU $62& DLUVXSSRUWRSHUDWLRQVFHQWUH
$VWURQRP\*DPPD5D\%XUVWV FHQWUHG·RSpUDWLRQVG·DSSXLDpULHQ
$60$60 $PHULFDQ6RFLHW\IRU0HWDOV DOWHUQDWHVHFWRURSHUDWLRQVFHQWUH
$PHULFDQ6RFLHW\IRU0LFURELRORJ\ 86$  FHQWUHG·RSpUDWLRQVGHVHFWHXUGHUHFKDQJH
$60 $QDO\VHVHW6WDWLVWLTXHV0RQpWDLUHV $62& $QWDUFWLFDQG6RXWKHUQ2FHDQ&RDOLWLRQ
)UHQFKLQLWLDOLVPPHDQLQJ0RQHWDU\$QDO\VHVDQG 86$ 
6WDWLVWLFV $62* DLUVXSSRUWRSHUDWLRQVJURXS
$60 $VVRFLD]LRQH6WXGLR0DOIRUPD]LRQL JURXSHG·RSpUDWLRQVG·DSSXLDpULHQ
,WDOLDQLQLWLDOLVPRIWKH$VVRFLDWLRQIRUWKH6WXG\ $626 DLUVXSSRUWRSHUDWLRQVVTXDGURQ
RI0DOIRUPDWLRQV ,WDO\  HVFDGURQG·RSpUDWLRQVG·DSSXLDpULHQ
$V0 $VWLJPDWLVP0\RSLF $626 $XWRPDWHG6HLVPRORJLFDO2EVHUYDWLRQ
$OVR$0 6\VWHP
2SKWDOPRORJ\ $626 $XWRPDWHG6XUIDFH2EVHUYLQJ6\VWHPV
$60$ $PHULFDQ6NL0DQXIDFWXUHUV
$VVRFLDWLRQ 7KH$626UHSRUWRQDQDOPRVWFRQWLQXRXVZD\
$PHULFDQ6RFLHW\RI0XVLF$UUDQJHUV 86$  DWPRVSKHULFSUHVVXUHWHPSHUDWXUHZLQGGLUHFWLRQ
DVPD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ DQGYLVLELOLW\
XVLQJWKH,WDOLDQZRUGDVPDZKLFKPHDQVDVWK $63DVS $FFHSWp6DQV3URWrW
PD 0HGLFLQH  )UHQFKLQLWLDOLVPPHDQLQJ$FFHSWHGZLWKRXW
DVPEOU DEEU DVVHPEOHU SURWHVW
$OVRDVVPDVEO $63 $FWLYH6HUYHU3DJHV
$VVHPEOHULVDOVRNQRZQDV$VVHPEOHU3URJUDP $63 LVDWHFKQRORJ\SURGXFHGE\0LFURVRIWWRFUH
6\PEROLF$VVHPEO\6\VWHP DWHG\QDPLFZHEVLWHV
&RPSXWHU3URJUDPPLQJ $63 $PHULFDQ6HOOLQJ3ULFH
$60& $PHULFDQ6RFLHW\RI0DWXUH&DWKROLFV $63 $PHULFDQ6RFLHW\RI3KRWRJUDPPHWU\
86$  86$ 


$63 DPPXQLWLRQVXSSO\SRLQW $63,5( $FKLHYH6XFFHVVIXO3HUIRUPDQFH,QWHQVLI\


SRLQWGHUDYLWDLOOHPHQWPXQLWLRQV 5HOLDELOLW\(IIRUW
$63 $QWLVXEPDULQH3DWURO $63,5( $GYDQFHG6SHFLDO3URMHFWV,Q5DGLDWLRQ
2UGQDQFH (IIHFWV
$63DVS $SSOLFDWLRQ6HUYLFH3URYLGHU $63,5( $VVRFLDWHG6WXGHQWV3URPRWLQJ,QGLYLGXDO
$63 $VVRFLD]LRQHLWDOLDQD6WXGHQWLGL3VLFRORJLD 5LJKWVIRU(YHU\RQH
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$VVRFLDWLRQRI $633, $VVRFLD]LRQH6LQGDFDOH3LFFROL3URSULHWDUL
3V\FKRORJ\6WXGHQWV ,PPRELOLDUL
$63 $VWURQRPLFDO6RFLHW\RIWKH3DFLILF ,WDOLDQ$VVRFLDWLRQ
$63 $WWDFKHG6XSSRUW3URFHVVRU $635 $UPHG6HUYLFH3URFXUHPHQW5HJXODWLRQV
&RPSXWHUV $63V $SSOLFDWLRQ6HUYLFH3URYLGHUV
$63$ $VVRFLDWLRQ6XLVVH3RXUO
$XWRPDWLVPH 2QOLQH,QIRUPDWLRQ7HFKQRORJ\$SSOLFDWLRQV
6ZLW]HUODQG  $64& $PHULFDQ6RFLHW\IRU4XDOLW\&RQWURO
6ZLVV$VVRFLDWLRQ 86$ 
$63% $PHULFDQ6RFLHW\RI3ODQW%LRORJLVWV $64'6 $PHULFDQ6RFLHW\RI4XHVWLRQHG
86$  'RFXPHQWV([DPLQHUV
$63( $VVRFLD]LRQH6LVWHPLSHUOD3URGX]LRQHGL 7KH$64'6LVORFDWHGLQ+RXVWRQ7H[DV86$
(QHUJLD $65 $LUSRUW6XUYHLOODQFH5DGDU
,WDOLDQ$VVRFLDWLRQ $65 $LU6HD5HVFXH
$63( $VVRFLD]LRQH6ROLGDULHWj3DHVL(PHUJHQWL $65 $OOLDQFHVWDQGDUGL]DWLRQUHTXLUHPHQWV
,WDO\  EHVRLQVGHO·$OOLDQFHHQPDWLqUHGHQRUPDOLVD
,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQIRU6ROLGDULW\ WLRQ
WR(PHUJLQJ&RXQWULHV DUHDVXUYHLOODQFHUDGDU
$VSH $JHQ]LDGLVWDPSDVXLSUREOHPLGHOO
HPDUJLQ UDGDUGHVXUYHLOODQFHGH]RQH
D]LRQH DXWKRUL]HGVXSSO\UDWH
$63($ $VVRFLD]LRQH6YL]]HUD3HUO
(QHUJLD WDX[G·DSSURYLVLRQQHPHQWDXWRULVp
$WRPLFD DYDLODEOHVXSSO\UDWH
,WDOLDQDFURQ\PRIWKH6ZLVV$VVRFLDWLRQIRU WDX[GHUDYLWDLOOHPHQWFRQVHQWL
$WRPLF(QHUJ\ $65$$0 DGYDQFHGVKRUWUDQJHDLUWRDLUPLVVLOH
$63(&7 $FRXVWLF6KRUW3XOVH(FKR&ODVVLILFDWLRQ PLVVLOHDLUDLUSHUIHFWLRQQpjFRXUWHSRUWpH
7HFKQLTXH $6UDWLR $GYHUWLVLQJWR6DOHVUDWLR
$63(&7 $GYDQFHG6HFXULW\IRU3(UVRQDO 0DUNHWLQJ
&RPPXQLFDWLRQV7HFKQRORJLHV $65( $PHULFDQ6RFLHW\RI5HIULJHUDWLQJ(QJLQHHUV
(XURSHDQ&RPPXQLW\3URMHFW 86$ 
$63(' $UL]RQD6WUDWHJLF3ODQQLQJIRU(FRQRPLF $65, $OOHJKHQ\6LQJHU5HVHDUFK,QVWLWXWH 86$ 
'HYHORSPHQW 86$  $65,LVSDUWRIWKH$OOHJKHQ\+HDOWK(GXFDWLRQ
$63(, $VVRFLDWLRQRI6RXWK3DFLILF(QYLURQPHQWDO DQG5HVHDUFK)RXQGDWLRQDQDFDGHPLFPHGLFDO
,QVWLWXWLRQV FHQWHUORFDWHGLQ3LWWVEXUJKDQG3KLODGHOSKLD
$63(3 $VVRFLDWLRQRI6FLHQWLVWVDQG3URIHVVLRQDO 3HQQV\OYDQLD 86$ 
(QJLQHHULQJ3HUVRQQHO 86$  $650 $PHULFDQ6RFLHW\IRU5HSURGXFWLYH
$63(7 $PHULFDQ6RFLHW\IRU3KDUPDFRORJ\DQG 0HGLFLQH 86$ 
([SHULPHQWDO7KHUDSHXWLFV )HUWLOLW\5HVHDUFK5HSURGXFWLYH0HGLFLQH
$63(7 LVDVRFLHW\RI)$6(% 86$  $650 $GYDQFHG6ROLG5RFNHW0RWRU
([SHULPHQWDO7KHUDSHXWLFV3KDUPDFRORJ\ DV51$ DQWLVHQVH51$
)RUIXUWKHUGHWDLOVVHHXQGHU)$6(% *HQHWLFV0ROHFXODU%LRORJ\
$63+, $VVRFLD]LRQHSHUOR6YLOXSSRGL3URJHWWL $652& $QWLVXEPDULQH52&NHW
LQIRUPDWLFLSHUJOL+DQGLFDSSDWL ,WDO\  0LOLWDU\
$63+,ZDVIRXQGHG\HDUVDJR $656 $XWRPDWHG6WRUDJH5HWULHYDO6\VWHP
$63, $GYDQFHG6&6,3URJUDPPLQJ,QWHUIDFH 'HVLJQ(QJLQHHULQJ
)RUIXUWKHUGHWDLOVVHHXQGHU6&6, $66 $FFHVVRU\6XSSO\6\VWHP
$63,& $XWKRU
V6\PEROLF3UHSUHVV,QWHUIDFLQJ $66 $FTXLVLWLRQ6XQ6HQVRU
&RGHV $66 $FWLRQ6DQLWDLUHHW6RFLDOH


)UHQFKLQLWLDOLVPPHDQLQJ6RFLDODQG+HDOWK XVLQJWKH,WDOLDQZRUGDVVHZKLFKPHDQVERDUG
$FWLRQ D[LVD[OH
$66 $GYDQFHG6SDFH6WDWLRQ $66(',& $VVRFLDWLRQSRXUO
(PSORLGDQV
$66 $IIHFWLYH6HQVLWLYLW\6FDOH G
,QGXVWULHHWOH&RPPHUFH
$66 $LU6DPSOLQJ6\VWHP$LU6XUYHLOODQFH )UHQFK$VVRFLDWLRQ
6\VWHP $66(66 $QDO\WLFDO6WXGLHVRI6XUIDFH(IIHFWVRI
$66 $QWHQQD6XSSRUW6WUXFWXUH 6XEPHUJHG6XEPDULQHV
DVV DEEU DVVHPEO\ $66(665(3 DVVHVVPHQWUHSRUW
&RPSXWHU3URJUDPPLQJ0HFKDQLFDO FRPSWHUHQGXG·pYDOXDWLRQ
(QJLQHHULQJ0LOLWDU\6FLHQFH $66(7 $LU6WRUDJH6\VWHPV(QHUJ\7UDQVIHU
DVVDVVLFXUDWD (QHUJ\7UDQVIHU
,WDOLDQDEEUHYLDWLRQPHDQLQJLQVXUHGPDLO $66(7 $PHULFDQ6RFLHW\RI6FLHQWLILFDQG
DVV DEEU DVVLVWDQW (QJLQHHULQJ7UDQVODWRUV 86$ 
$66 $VVL]H5ROOV *%  $66(7 $XWRPDWHG6\VWHPIRU6HTXHQWLDO
$66 $VVRFLDWHLQ6HFUHWDULDO6FLHQFH ([WUDFWLRQDQG7DEXODWLRQ
$66$66 $VVRFLDWHLQ6HFUHWDULDO6WXGLHV $66,&&$VVLFF $VVRFLD]LRQH,WDOLDQDGHO
DVV DEEU DVVRFLDWLRQ &RPPHUFLR&KLPLFR
)RUIXUWKHUGHWDLOVVHHXQGHUDVVQ $66,&&LVORFDWHGLQ0LODQ,WDO\
$66 $VVRFLD]LRQH6ROLGDULHWjSHUOR6YLOXSSR $66,&5(',72 $VVRFLD]LRQH6LQGDFDOHIUDOH
,WDOLDQLQLWLDOLVPRIWKH6ROLGDULW\IRU $]LHQGHGL&UHGLWR ,WDO\ 
'HYHORSPHQW$VVRFLDWLRQ ,WDOLDQDEEUHYLDWLRQRIWKH,WDOLDQ%DQNHUV
7UDGH
DVV DEEU DVVRUWHG 8QLRQ
$OVRDVVWG $66,'(5 $6VRFLD]LRQHLQGXVWULH6,'(5XUJLFKH
$66 DYLDWLRQVXSSRUWVKLS ,WDOLDQH ,WDO\ 
EkWLPHQWGHVRXWLHQGHO·DpURQDYDOH $VVLQIRUP DEEU $VVRFLD]LRQH&RVWUXWWRUL
$V6 $UVHQLF'LVXOILGH 0DFFKLQH$WWUH]]DWXUHSHUO
8IILFLRHSHULO
$UVHQLF'LVXOILGHLVXVHGPDLQO\LQILUHZRUNVDQG 7UDWWDPHQWRGHOOH,QIRUPD]LRQL
LQWKHOHDWKHULQGXVWU\ $VVLQIRUPLVORFDWHGLQ0LODQ,WDO\$ 1DWLRQDO
,QRUJDQLF&KHPLVWU\ $VVRFLDWLRQRIWKHPDLQHQWHUSULVHVRI,QIRUPDWLRQ
$V6$UVHQLF3HQWDVXOILGH &RPPXQLFDWLRQ7HFKQRORJ\RSHUDWLQJLQWKH
$UVHQLF3HQWDVXOILGHLVXVHGDVDSLJPHQW ,WDOLDQPDUNHW
,QRUJDQLF&KHPLVWU\ ,WDOLDQ$VVRFLDWLRQ
$V6 'LPRUSKLWH $VVLQWHO $VVRFLD]LRQH1D]LRQDOH,PSUHVH6HUYL]L
0LQHUDORJ\ ,QIRUPDWLFD7HOHPDWLFD5RERWLFD(LGRPDWLFD
$VVDO]DR DEEU $VVRFLD]LRQH1D]LRQDOHWUDL ,WDO\ 
3URGXWWRULGL$OLPHQWL=RRWHFQLFL $66,5(0( $VVRFLD]LRQHIUDJOL,VWLWXWL5HJLRQDOL
$VVDO]DRLVORFDWHGLQ5RPH,WDO\ GL0HGLR&UHGLWR ,WDO\ 
$66$66,1 $JULFXOWXUDO6\VWHPIRU6WRUDJH$QG ,WDOLDQDEEUHYLDWLRQRIWKH$VVRFLDWLRQRI
6XEVHTXHQW6HOHFWLRQRI,QIRUPDWLRQ *%  0HGLXP7HUP5HJLRQDO&UHGLW,QVWLWXWLRQV
$66& $ 6DQLWDU\6WDQGDUGV&RPPLWWHHV $66,5(9, $66RFLD]LRQH,WDOLDQD5(9,VRULFRQ
86$  WDELOL ,WDO\ 
$66&2 $66RFLD]LRQHQD]LRQDOH&2QVXOHQWL ,WDOLDQDEEUHYLDWLRQRIWKH,WDOLDQ$VVRFLDWLRQRI
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI $XGLWRUV
&RQVXOWDQWV $66,67 $UP\6\VWHPIRU6WDQGDUGL]HG,QWHOOLJHQFH
$66' $VVRFLDWLRQRI6WRFNDQG6KDUH'HDOHUV 6XSSRUW7HUPLQDOV 86$ 
$66( DLUVHUYLFLQJDQGVWDQGDUGHTXLSPHQW $66,67 $66HVVPHQWRI,QIRUPDWLRQ6\VWHPVDQG
HQWUHWLHQHWpTXLSPHQWVWDQGDUGGHVDpURQHIV 7HFKQRORJLHVLQPHGLFLQH
$66( $PHULFDQ6RFLHW\RI6DIHW\(QJLQHHUV $66,67 $XWRPDWLRQ6HUYLFHV6\VWHP
$PHULFDQ6RFLHW\RI6DQLWDU\(QJLQHHUV 86$  ,PSURYHPHQW6ROXWLRQDQG7UDFNLQJ
$66( $XWRPDWLF6\VWHPIRU6FLHQWLILF $66,67 $XWRPDWLF6\VWHPIRU6XUIDFH,QVSHFWLRQ
([SHULPHQWV DQG6RUWLQJRI7LOHV
DVVH 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ (XURSHDQ&RPPXQLW\3URMHFW
$660 DQWLVXUIDFHVKLSPLVVLOH


PLVVLOHDQWLQDYLUH ,WDOLDQDFURQ\PFRLQHGLQDQGVWLOOFXUUHQWO\
DVVP DEEU DVVHPEOHU LQXVH$WWKHWLPHWKH6RFLHWjSHU$]LRQL-RLQW
$OVRDVEODVPEOU 6WRFN&RPSDQLHVZHUHFDOOHG6RFLHWj$QRQLPH
)RUIXUWKHUGHWDLOVVHHXQGHUDVPEOU $VVRUHYL $VVRFLD]LRQHGHOOH6RFLHWjGLUHYLVLRQH
DVVPW DEEU DVVHVVPHQW ,WDO\ 
DVVQ DEEU DVVRFLDWLRQ ,WDOLDQDEEUHYLDWLRQRIWKH$VVRFLDWLRQRIDXGLWLQJ
&KHPLVWU\$VVRFLDWLRQLQFKHPLVWU\LVWKHFRUUH &RPSDQLHV
ODWLRQFRPELQDWLRQRIIXQFWLRQVVXEVWDQFHV $663 $HURVRO6FDWWHULQJ6SHFWURPHWHU3UREH
3V\FKRORJ\$VVRFLDWLRQLQSV\FKRORJ\LVDFRQ $663 $SSURYHG6SHFLHV6SHFLILF3URWRFRO
QHFWLRQEHWZHHQWZRWKRXJKWVRULPDJHVZKHUHE\ $66 UHDFWRU $XWRPDWLF6WDUWXS6\VWHPUHDFWRU
ZKHQRQHWDNHVSODFHWKHRWKHULVUHFDOOHG $667 $PHULFDQ6RFLHW\IRU6WHHO7UHDWLQJ 86$ 
$662 $PHULFDQ6RFLHW\IRUWKH6WXG\RI $VVWDVVW DEEU $VVLVWDQW
2UWKRGRQWLFV 86$  DVVWG DEEU DVVHQWHG
$662 $UFKLYLR6WRULFRSHUOD6LFLOLD2ULHQWDOH DVVWG DEEU DVVRUWHG
3XEOLFDWLRQ $OVRDVV
DVVR 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $668 DLUVXSSRUWVLJQDOXQLW
XVLQJWKH,WDOLDQZRUGDVVRZKLFKPHDQVDFH XQLWpGHWUDQVPLVVLRQVG·DSSXLDpULHQ
VWDUZL]DUG DVV\ DEEU DVVHPEO\
$662%$1&$ $662FLD]LRQH%$1&$ULD,WDOLDQD )RUIXUWKHUGHWDLOVVHHXQGHUDVV
,WDO\  $VV\U DEEU $VV\ULDQ
,WDOLDQDEEUHYLDWLRQRIWKH,WDOLDQ%DQNHU·V $67 $JHQ]LDGHOOD6WDPSD7HFQLFD ,WDO\ 
$VVRFLDWLRQ ,WDOLDQDFURQ\PRIWKH7HFKQLFDO3UHVV$JHQF\
$662%$7 $66RFLD]LRQH2SHUDWRUL%$QFDULLQ $67$ $HULDO6XUYHLOODQFHDQG7DUJHW$FTXLVLWLRQ
7LWROL ,WDO\  $67$ $PHULFDQ6DLO7UDLQLQJ$VVRFLDWLRQ
$VVRF DEEU $VVRFLDWLRQ $PHULFDQ6SLFH7UDGH$VVRFLDWLRQ$PHULFDQ
$OVRDVVDVVQ 6XUJLFDO7UDGH$VVRFLDWLRQ 86$ 
$VVRFDPS $VVRFLD]LRQHQD]LRQDOHRSHUDWRULYHLFROL $67& $VVRFLDWLRQRI6FLHQFHDQG7HFKQRORJ\
ULFUHD]LRQDOLHDUWLFROLSHUFDPSHJJLR &HQWHUV 86$ 
,WDOLDQ$VVRFLDWLRQ $67( $HURVSDFH6\VWHPV7HVW(QYLURQPHQW
$662'(/ $662FLD]LRQHQD]LRQDOH'LVWULEX]LRQH $67( $PHULFDQ6RFLHW\RI7HVW(QJLQHHUV
(/HWWURQLFD ,WDO\  $PHULFDQ6RFLHW\RI7RROV(QJLQHHUV 86$ 
,WDOLDQDEEUHYLDWLRQRIWKH1DWLRQDO$VVRFLDWLRQ DVWH 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
IRU(OHFWURQLF'LVWULEXWLRQ XVLQJWKH,WDOLDQZRUGDVWHZKLFKPHDQVURGV
$662',5(&7 $662FLD]LRQH$JHQ]LHGL',5(&7 EDUVODQFHVDXFWLRQV
0DUNHWLQJ ,WDO\  $67(& $XVWUDOLDQ6FLHQFHDQG7(FKQRORJ\
,WDOLDQDEEUHYLDWLRQRIWKH$VVRFLDWLRQRI'LUHFW &RXQFLO $XVWUDOLD 
0DUNHWLQJ$JHQFLHV $67() $VVRFLDWLRQSRXUO
RUJDQLVDWLRQGH6WDJHVGH
$662)$50$ $662FLD]LRQHIUDLQGXVWULHFKLPL 7HFKQLFLHQV(WUDQJHUVGDQVO
LQGXVWULH)UDQoDLVH
FR)$50$FHXWLFKH )UDQFH 
$662)21'$VVRIRQG DEEU $662FLD]LRQH )UHQFKDFURQ\PRIWKH$VVRFLDWLRQIRUWKHVHWWLQJ
QD]LRQDOHGHOOH)21'HULH XSRIWUDLQLQJFRXUVHVSHULRGVIRU)RUHLJQ
,WDOLDQDEEUHYLDWLRQRIWKH1DWLRQDO)RXQGULHV 7HFKQLFLDQVLQWKH)UHQFK,QGXVWU\
$VVRFLDWLRQ$VVRIRQGLVORFDWHGLQ7UH]]DQRVXO $67(5 $GYDQFHG6SDFHERUQH7KHUPDO(PLVVLRQ
1DYLJOLR 0LODQ ,WDO\ DQG5HIOHFWLRQ
$662)7 DEEU $6VRFLD]LRQH,WDOLDQDSHUOD7XWHOD $67(5 $JHQ]LDSHUOR6YLOXSSR7HFQRORJLFR
GHO62)7ZDUH ,WDO\  GHOO
(PLOLD5RPDJQD ,WDO\ 
,WDOLDQDEEUHYLDWLRQRIWKH,WDOLDQ$VVRFLDWLRQIRU $67(5IDFLOLW\ $WPRVSKHULF6XUIDFH7XUEXOHQW
6RIWZDUH3URWHFWLRQ ([FKDQJH5HVHDUFKIDFLOLW\
$662/20%$5'$ $VVRFLD]LRQH,QGXVWULDOH $LU6XUIDFH([FKDQJH3URFHVVHV$WPRVSKHULF
/RPEDUGD ,WDO\  5HVHDUFK
,WDOLDQDEEUHYLDWLRQRIWKH$VVRFLDWLRQRIWKH $67(5UDGLRPHWHU LPDJH $GYDQFHG6SDFHERUQH
,QGXVWULDOLVWVRI/RPEDUG\ 7KHUPDO(PLVVLRQDQG5HIOHFWLRQUDGLRPHWHU
$VVRQLPH $VVRFLD]LRQHWUDOHVRFLHWjDQRQLPH LPDJH


)RUIXUWKHUGHWDLOVVHHXQGHU*/,06 $6752 $QWDUFWLF6XEPLOOLPHWHU7HOHVFRSHDQG


$67(; $WODQWLF6WUDWRFXPXOXV7UDQVLWLRQ 5HPRWH2EVHUYDWRU\
(;SHULPHQW $6752 $QWLVXEPDULQH7HVW5HTXLUHPHQW2XWOLQH
$67) $UDE6FLHQFHDQG7HFKQRORJ\)RXQGDWLRQ  $6752 $UP\6WUDWHJLFDQG7DFWLFDO
\HDUROG   5HRUJDQL]DWLRQ2EMHFWLYH
+HOGLWVILUVWLQWHUQDWLRQDOFRQIHUHQFHHQGRIPDUFK DVWUR 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
LQ$EX'KDELDQG6KDUMDK8QLWHG$UDE XVLQJWKH,WDOLDQZRUGDVWURZKLFKPHDQVVWDU
(PLUDWHV $OVRSODQHW $VWURQRP\ 
$67+0$ $HURWKHUP$[LV\PPHWULF7UDQVLHQW $67521 7KH1HWKHUODQGV)RXQGDWLRQIRU
+HDWLQJDQG0DWHULDO$EODWLRQ 5HVHDUFKLQ$VWURQRP\ 'ZLQJHORR 
$67, DQWLVXEPDULQHWDUJHWLQGLFDWRU $68 DQWHQQDVZLWFKXQLW
LQGLFDWHXUG·REMHFWLIDQWLVRXVPDULQ pOpPHQWGHFRPPXWDWLRQG·DQWHQQH
$67, $SSOLHG6WDWLVWLFV7UDLQLQJ,QVWLWXWH $68 $UL]RQD6WDWH8QLYHUVLW\ 86$ 
$67, $VVRFLDWLRQGH6RXWLHQDX[7UDYDLOOHXUV $68: DQWLVXUIDFHZDUIDUH
,PPLJUpV /X[HPEXUJ  OXWWHDQWLQDYLUH /$1 
$67, $VVRFLDWLRQIRU6FLHQFH7HFKQRORJ\DQG $68:& DQWLVXUIDFHZDUIDUHFRPPDQGHU
,QQRYDWLRQ FRPPDQGDQWGHODOXWWHDQWLVXUIDFH DQWLQDYLUH 
$67, $XWRPDWHG6\VWHPIRU7UDQVSRUWDWLRQ DQWLVXUIDFHZDUIDUHFRRUGLQDWRU
,QWHOOLJHQFH FRRUGRQQDWHXUGHOXWWHDQWLVXUIDFH DQWLQDYLUH 
$VWL 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $68:(; DQWLVXUIDFHZDUIDUHH[HUFLVH
XVLQJWKHQDPHRIWKH,WDOLDQWRZQ$VWL H[HUFLFHGHOXWWHDQWLQDYLUH
$67,2 $GYDQFHG6\VWHPV7HFKQRORJ\DQG $69 $PHULFDQ6WDQGDUG9HUVLRQ
,QWHJUDWLRQ2IILFH $69$% $UPHG6HUYLFHV9RFDWLRQDO$SWLWXGH
DVWLR 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ %DWWHU\ 86$ 
XVLQJWKH,WDOLDQZRUGDVWLRZKLFKPHDQVUHVHQW 7KH$69$%RIWKH86$UPHG6HUYLFHVFRP
PHQWUDQFRXUJUXGJH SULVHVSRZHUWHVWVDVZHOODVVSHHGWHVWVDQGLV
$670$670 $PHULFDQ6RFLHW\IRU7HVWLQJ XVHGWRVHOHFWDQGVRUWUHFUXLWVLQWUDLQLQJSUR
0DWHULDOV 86$  JUDPV
$670( $PHULFDQ6RFLHW\RI7RRODQG (GXFDWLRQ
0DQXIDFWXULQJ(QJLQHHUV 86$  $69$+/ $6VRFLDWLRQSRXUOD9$ORULVDWLRQGHV
$6725 DLUERUQHVWDQGRIIUDGDU +XLOHV/RXUGHV )UDQFH 
UDGDUDpURSRUWpjGLVWDQFHGHVpFXULWp )UHQFKLQLWLDOLVPRIWKH$VVRFLDWLRQIRUWKH
$6725 $QWLVXEPDULQH725SHGR ([SORLWDWLRQRI)XHO2LOV+HDY\2LOV
2UGQDQFH $6: DQWLVXEPDULQHZDUIDUH
$675$ $SSOLFDWLRQRI6FLHQFHDQG7HFKQRORJ\WR OXWWHDQWLVRXVPDULQH /$60 
5XUDO$UHDV $6: $UWLILFLDO6HD:DWHU
$675$ $SSOLHG6SDFH7HFKQRORJ\5HJLRQDO 2FHDQRJUDSK\
$GYDQFHPHQW $6: $VVRFLDWLRQRI6FLHQWLILF:RUNHUV 86$ 
$675$ $VWURQRPLFDODQG6SDFH7HFKQLTXHVDQG $6:$&8 DQWLVXEPDULQHZDUIDUHDLUFUDIWFRQWURO
5HVHDUFKRQWKH$WPRVSKHUH 86$  XQLW
$675$ LVD861DWLRQDO6FLHQFH)RXQGDWLRQ XQLWpFRQWU{OHXUGHVDpURQHIVGHOXWWHDQWLVRXV
3URMHFW PDULQH
$675$ $XWRPDWLF6RUWLQJ7HVWLQJ5HFRUGLQJ $6:& DQWLVXEPDULQHZDUIDUHFRPPDQGHU
$QDO\VLV FRPPDQGDQWGHODOXWWHDQWLVRXVPDULQH
$675, $SSOLHG6FLHQFHDQG7HFKQRORJ\5HVHDUFK $6:(36 DQWLVXEPDULQHZDUIDUHHQYLURQPHQWDO
,QVWLWXWH +RQJ.RQJ  SUHGLFWLRQVWXGLHV
$675,' $VVRFLDWLRQ6FLHQWLILTXHHW7HFKQLTXH pWXGHVVXUODSUpYLVLRQGHVFRQGLWLRQVGXPLOLHX
SRXUOD5HFKHUFKHHQ,QIRUPDWLRQ'RFXPHQWDLUH GDQVODOXWWHDQWLVRXVPDULQH
%HOJLXP  $6:(; DQWLVXEPDULQHZDUIDUHH[HUFLVH
$VWULG 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH H[HUFLFHGHOXWWHDQWLVRXVPDULQH
SURSHUQDPH IHPLQLQH $VWULG $6:)$ DQWLVXEPDULQHZDUIDUHIUHHDUHD
$6752 $LU6SDFH7UDYHO5HVHDUFK2UJDQL]DWLRQ ]RQHG·DFWLRQDQWLVRXVPDULQHOLEUH


$6:0 $VVRFLDWLRQRI6WDWH:HWODQG0DQDJHUV ,PPXQRORJ\


86$  $7 $QFLHQW7HVWDPHQW
(FRORJ\(QYLURQPHQW0LFURELRORJ\:HWODQGV )UHQFKLQLWLDOLVPPHDQLQJ2OG7HVWDPHQW
9HJHWDWLRQ $7 $QWLFR7HVWDPHQWR
$6:2& DQWLVXEPDULQHZDUIDUHRSHUDWLRQVFHQWUH ,WDOLDQLQLWLDOLVPPHDQLQJ2OG7HVWDPHQW
FHQWUHG·RSpUDWLRQVGHOXWWHDQWLVRXVPDULQH $7 $QWLWDQN
DV\QFDV\QFK DEEU DV\QFKURQRXV $OVR$7
&RPSXWHU7HFKQRORJ\3K\VLFV 2UGQDQFH
$6= DLUVDIHW\]RQH $7 $QWLWKURPELQ
]RQHGHVpFXULWpDpULHQQH $QWLWKURPELQLVDSODVPDSURWHLQWKDWLQDFWLYDWHV
$6= $PHULFDQ6RFLHW\RI=RRORJLVWV 86$  WKURPELQ
)RXQGHG\HDUVDJR %LRFKHPLVWU\
$7 $EVROXWH7KUHVKROG $7 $QWL75$3
3K\VLRORJ\ %LRORJLFDO6FLHQFHV
$7 $EVROXWH7LWOH )RUIXUWKHUGHWDLOVVHHXQGHU75$3
$7 $FFHSWDQFH7DJ $7 $QWLWU\SVLQ
$7 $FFHSWDQFH7HVW %LRFKHPLVWU\
7KHDFFHSWDQFHWHVWLVSHUIRUPHGRQDSURGXFWLQ $7 $SSURSULDWH7HFKQRORJ\
RUGHUWRDVVHVVZKHWKHULWFRQIRUPVWRFHUWDLQ $7 $UPRXUHG7UDFWRU$UPRXUHG7UDLQ *% 
VSHFLILFDWLRQV $W $VWDWLQH
,QGXVWULDO(QJLQHHULQJ $VWDWLQHLVDQRQPHWDOOLFFKHPLFDOHOHPHQWKDYLQJ
$7 $FFHVV7LPH WKHDWRPLFQXPEHUDQGDQDWRPLFZHLJKWRI
&RPSXWHU7HFKQRORJ\7UDQVSRUWDWLRQ 7KHZRUGDVWDWLQHGHULYHVIURPWKH*UHHN
(QJLQHHULQJ WHUPXQVWDEOH
$7 $FFHVV7\SH &KHPLVWU\
&RPSXWHU3URJUDPPLQJ&RPSXWHU7HFKQRORJ\ $7 $VWL,WDO\
$7 $FFLGHQWGX7UDYDLO $7 $WD[LD7HODQJHOHFWDVLD
)UHQFKLQLWLDOLVPPHDQLQJLQGXVWULDODFFLGHQW $WD[LD7HODQJHOHFWDVLDLVDOVRNQRZQDV/RXLV%DU
LQMXULHVRFFXSDWLRQDODFFLGHQW 6\GURPH
$7 $FKLOOHV7HQGRQ 3DWKRORJ\
7KH$FKLOOHVWHQGRQLVWKHWHQGRQWKDWFRQQHFWVWKH DW DEEU DWRPLF
FDOIPXVFOHZLWKWKHFDOFDQHRXVERQHLQWKHKHHO &KHPLVWU\2UGQDQFH
$QDWRP\ $7 $WRSLF'HUPDWLWLV
$7 $FTXLVLWLRQ7RQH 0HGLFLQH
&RPSXWHU7HFKQRORJ\ $7 $XURUDO7LPH
$7 $GGUHVV7UDQVODWLRQ *HRSK\VLFV
&RPSXWHU3URJUDPPLQJ $7$ $FWXDO7LPHRI$UULYDO
$7 $GPLQLVWUDWLYH7UDLQHH *%  $7$ $GYDQFHG7DFWLFDO$LUFUDIW
$7 $JJOXWLQDWLRQ7HVW $7$ $LU7R$LU
9LURORJ\ $OVR$$
$7 $LU7HPSHUDWXUH 2UGQDQFH
0HWHRURORJ\ $7$ $LU7UDQVSRUW$X[LOLDU\
DW DEEU DLUWLJKW $7$ $PLQRWULD]ROH
(QJLQHHULQJ &+1$PLQRWULD]ROHLVDFU\VWDOOLQHVROLGKDY
$7 $LU7UDQVSRUW LQJDPHOWLQJSRLQWRI$&$PLQRWULD]ROHLV
$7 $OOHUJHQ7DFK\SK\ODVLV DOVRNQRZQDV$PLWUROH
,PPXQRORJ\ 2UJDQLF&KHPLVWU\
$7 $PSHUH7XUQ $7$ $UWH7XULVPR$PELHQWH
(OHFWURPDJQHWLVP ,WDOLDQDFURQ\PPHDQLQJ$UW7RXULVP
$7 $PPLVVLRQH7HPSRUDQHD (QYLURQPHQW
,WDOLDQLQLWLDOLVPPHDQLQJ7HPSRUDU\,PSRUW $7$ $VVRFLDWH7HFKQLFDO$LGH
%XVLQHVV&RPPHUFH $7$ $VVRFLD]LRQH7HFQLFDGHOO
$XWRPRELOH
$7 $QDSK\ODWR[LQ ,WDOLDQ$VVRFLDWLRQ


$7$$9 $VVRFLDWLRQ7KLRQYLOORLVHG
$LGH$X[ )RUIXUWKHUGHWDLOVVHHXQGHU5*2
9LFWLPHV )UDQFH  $7& $XWRPDWLF7UDLQ&RQWURO
)UHQFKLQLWLDOLVPRIWKH7KLRQYLOOH$VVRFLDWLRQIRU 7KHDXWRPDWLFWUDLQFRQWUROLVDUDLOV\VWHPZKHUH
$LGWR9LFWLPV/RFDWHGDW7KLRQYLOOH)UDQFH DOORSHUDWLRQVDUHFRQWUROOHGDXWRPDWLFDOO\
$7$& DLUWDVNLQJDXWKRULW\FRPPDQGHU 7UDQVSRUWDWLRQ(QJLQHHULQJ
FRPPDQGDQWGHO·DXWRULWpG·DWWULEXWLRQGHVPLV $7&$ $GYDQFHG7DQNHU&DUJR$LUFUDIW
VLRQVDpULHQQHV $7&$ $OOLHG7DFWLFDO&RPPXQLFDWLRQV$JHQF\
$7$& $LU7UDQVSRUW$GYLVRU\&RXQFLO *%  >REVROHWH@
$7$&06 DUP\WDFWLFDOPLVVLOHV\VWHP %XUHDXDOOLpGHVWpOpFRPPXQLFDWLRQVWDFWLTXHV
V\VWqPHGHPLVVLOHWDFWLTXHGHO·DUPpHGHWHUUH >REVROqWH@
$7$'PRGHO $WPRVSKHULF7UDQVSRUW$QG $7&DUUD\ $XVWUDOLD7HOHVFRSH&RPSDFWDUUD\
'LVSHUVLRQPRGHO 7KH$7&DUUD\LQ1DUUDEUL$XVWUDOLDLVSURYLGHG
$7$) $OOLHGWDFWLFDODLUIRUFH>REVROHWH@ ZLWKDQWHQQDV7RJHWKHUWKH\IRUPDPGLDP
IRUFHDpULHQQHWDFWLTXHDOOLpH )$7$ >REVROqWH@ HWHUDQWHQQD
$7$, $VVRFLDWLRQGH7UDQVSRUW$pULHQ,QWHUQDWLRQDO $VWURSK\VLFV*HRSK\VLFV5DGLR$VWURQRP\
$7$/ $OWHUQDWH7UDQVRFHDQLF$ERUW/DQGLQJ 6SDFH6FLHQFH
$7 7 $PHULFDQ7HOHSKRQHDQG7HOHJUDSK $7&& DLUWUDIILFFRQWUROFHQWUH
$7$22 DLUWDFWLFDODUHDRIRSHUDWLRQV FHQWUHGHFRQWU{OHGHODFLUFXODWLRQDpULHQQH
]RQHG·RSpUDWLRQVDpULHQQHWDFWLTXHV &&&$ 
$7$5 $ERYH7UDQVPLWWHG$V5HFHLYHG $7&& $PHULFDQ7\SH&XOWXUH&ROOHFWLRQ
$7$5 $FTXLVLWLRQ7UDFNLQJ$QG5HFRJQLWLRQ 7KH$7&&LVDJOREDOELRVFLHQFHRUJDQL]DWLRQIRU
$YLDWLRQ LQWHOOHFWXDODQGHFRQRPLFGHYHORSPHQW
$7$5 $GYDQFHG7DFWLFDO$YLRQLFV5DGDU %LRUHVRXUFHV0DPPDOLDQ*HQH&ROOHFWLRQ
$7$5 $LU7R$LUYLVXDO5HFRJQLWLRQ 0ROHFXODU%LRORJ\
$YLDWLRQ $7&&,6 $UP\7DFWLFDO&RPPDQGDQG&RQWURO
$7$9 $VVRFLDWLRQ7HFKQLTXHSRXUO
$PpOLRUDWLRQ ,QIRUPDWLRQ6\VWHP
GHOD9LWLFXOWXUH )UDQFH  V\VWqPHWDFWLTXHG·LQIRUPDWLRQGHFRPPDQGHPHQW
)UHQFKDFURQ\PRIWKH7HFKQLFDO$VVRFLDWLRQIRU HWGHFRQWU{OHGHO·DUPpHGHWHUUH
,PSURYHPHQWRI9LWLFXOWXUH $7&) $XWRPRELOHDQG7RXULQJ&OXERI)LQODQG
$7% $FURVV7KH%RDUG $7&3 $QWDUFWLF7UHDW\&RQVXOWDWLYH3DUWLHV
$7% $GYDQFHG7HFKQRORJ\DQG%LRWHFKQRORJ\ $7&5%6 $LU7UDIILF&RQWURO5DGDU%HDFRQ
$7% DGYDQFHGWHFKQRORJ\ERPEHU 6\VWHP
ERPEDUGLHUGHWHFKQRORJLHDYDQFpH 1DYLJDWLRQ
DLUWHFKQLFDOEDWWDOLRQ $7&58 DLUWUDIILFFRQWUROUDGDUXQLW
EDWDLOORQWHFKQLTXHGHVIRUFHVDpULHQQHV VWDWLRQUDGDUGHFRQWU{OHGHODFLUFXODWLRQDpULHQQH
$7%, $OO7D[D%LRGLYHUVLW\,QYHQWRU\ $7&6 $FWLYH7KHUPDO&RQWURO6\VWHP
7KH$7%,LVDVXUYH\RIWKHYDULRXVW\SHVRI $7&6&& $7&6\VWHPV&RPPDQG&HQWHU
RUJDQLVPVLQDOLPLWHGDUHD $7&7 $LU7UDIILF&RQWURO7RZHU
$7%0 $QWLWDFWLFDO%DOOLVWLF0LVVLOH 1DYLJDWLRQ
$7%0' DFWLYHWKHDWUHEDOOLVWLFPLVVLOHGHIHQFH $7&9 DQWLWDQNFRPEDWYHKLFOH
GpIHQVHDFWLYHFRQWUHOHVPLVVLOHVEDOLVWLTXHVGH YpKLFXOHGHFRPEDWDQWLFKDU 9&$& 
WKpkWUH $7' $FWXDO7LPHRI'HSDUWXUH
$7 EXV $GYDQFHG7HFKQRORJ\EXV $7'& $GYDQFHG7HFKQRORJ\'HYHORSPHQW&HQWHU
$7& $LU7UDIILF&RQWURO 7KH$7'&KDVEHHQHVWDEOLVKHGE\WKH5%6,
1DYLJDWLRQ -DSDQ 
$7& $OFRKROLF7UHDWPHQW&HQWHU 86$  )RUIXUWKHUGHWDLOVVHHXQGHU5%6,
$7& $OOWHUUDLQ&\FOH $7'& $IWHU7RS'HDG&HQWHU
7KH$7&LVDF\FOHIRURIIURDGXVH 0HFKDQLFDO(QJLQHHULQJ7LPLQJ0DUNV
0HFKDQLFDO'HYLFHV $7'' $WPRVSKHULF7XUEXOHQFHDQG'LIIXVLRQ
$7&$7& $PELWL7HUULWRULDOLGL&DFFLD ,WDO\  'LYLVLRQ
$7& $VVRFLDWLRQRI7UDQVODWLRQ&RPSDQLHV *%  $7'V $UULYDO7LPH'LVWULEXWLRQV
$7& $VWURQRP\7HFKQRORJ\&HQWHU *%  $7( DXWRPDWLFWHVWHTXLSPHQW
7KH$7&RSHQHGLQ2FWREHU PDWpULHOG·HVVDLDXWRPDWLTXH


$7($ $XWRPDWLF7HVW(TXLSPHQW$VVRFLDWLRQ $7, $VVRFLD]LRQH7HUPRWHFQLFD,WDOLDQD


DWHD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ ,WDOLDQ$VVRFLDWLRQ
XVLQJWKH,WDOLDQZRUGDWHDZKLFKPHDQVDWKHLVW $7, $]LHQGD7DEDFFKL,WDOLDQL ,WDO\ 
IHPLQLQH  ,WDOLDQDFURQ\PRIWKH,WDOLDQ6WDWH7REDFFR
$7(& $XWKRUL]HG7HFKQLFDO(GXFDWLRQ&HQWHU %RDUG
0LFURVRIW·V $7,& $VVRFLDWLRQ7HFKQLTXHGHO
,PSRUWDWLRQ
$7(( $VVRFLDWLRQ7HFKQLTXHSRXUOHV(FRQRPLHV &KDUERQQLqUH )UDQFH 
G
(QHUJLH )UDQFH  $7,*$WLJ $VVRFLD]LRQH7HFQLFD,WDOLDQDGHO*DV
)UHQFKLQLWLDOLVPRIWKH7HFKQLFDO$VVRFLDWLRQIRU ,WDOLDQDFURQ\PRIWKH,WDOLDQ7HFKQLFDO*DV
(QHUJ\6DYLQJV $VVRFLDWLRQ$7,*LVDQRQSURILW%RG\,WVVFRSH
)UHQFK$VVRFLDWLRQ LVWKHSURPRWLRQDQGGHYHORSPHQWRIWHFKQRORJLHV
$7(), $VVRFLD]LRQH7HFQLFDGHOOHVRFLHWj LQWKHJDVLQGXVWU\DVZHOODVWKHLQYHVWLJDWLRQDQG
),QDQ]LDULH ,WDO\  GLYXOJDWLRQRIWHFKQRORJLFDODQGRSHUDWLRQDO
$7(1 $VVRFLDWLRQ7(FKQLTXHSRXUODSURGXFWLRQHW NQRZKRZLQUHODWLRQWRJDV7KH$7,*RUJDQL]HV
O
XWLOLVDWLRQGHO
(QHUJLH1XFOpDLUH )UDQFH  VHPLQDUVFRQYHQWLRQVDQGHYHQWVVXFKDV
)UHQFKDFURQ\PRIWKH7HFKQLFDO$VVRFLDWLRQIRU ,QWHUQDWLRQDO6LWJDV IRUXP 
WKHSURGXFWLRQDQGXVHRI1XFOHDU(QHUJ\ $7,/ SURJUDP $LU7DUJHW,QWHOOLJHQFH/LDLVRQSUR
$7(1( $VVRFLDWLRQIRU7KHRORJLFDO(GXFDWLRQLQ JUDP
WKH1HDU(DVW $7,3 $VLDQ7HFKQRORJ\,QIRUPDWLRQ3URJUDP
$WHQH7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ $7,6 $OOLDQFHRI7HOHFRPPXQLFDWLRQV,QGXVWU\
XVLQJWKH,WDOLDQZRUG$WHQHZKLFKPHDQV$WKHQV 6ROXWLRQV
$7) DOOLHGWDFWLFDOIRUFH $WO DEEU $WODQWLF
IRUFHWDFWLTXHDOOLpH $7/ $XWRPDWHG7DSH/LEUDU\
DPSKLELRXVWDVNIRUFH &RPSXWHU7HFKQRORJ\
IRUFHRSpUDWLRQQHOOHDPSKLELH $7/$6 $EEUHYLDWHG7HVW/DQJXDJHIRU$OO
DYLRQGHWUDQVSRUWIXWXU 6\VWHPV
IXWXUHFDUJRDLUFUDIW 'DWD3URFHVVLQJ
$7) $FWLYDWLQJ7UDQVFULSWLRQ)DFWRU $7/$6 $GYDQFHG7DFWLFDO/LJKWZHLJKW$LU
%LRFKHPLVWU\DQG0ROHFXODU%LRORJ\0ROHFXODU 6XSHULRULW\ 5DGDU $GYDQFHG7DFWLFDO
0HGLFLQH /LJKWZHLJKW$YLRQLFV6\VWHP
$7)/,5 $GYDQFHG7DUJHWLQJ)RUZDUG/RRNLQJ $7/$6 $GYDQFHG7HFKQRORJ\/DUJH$LUFUDIW
,QIUDUHG 6\VWHP
$7* DPSKLELRXVWDVNJURXS $7/$6 $7PRVSKHULF/DERUDWRU\IRU$SSOLFDWLRQV
JURXSHPHQWRSpUDWLRQQHODPSKLELH DQG6FLHQFH1$6$·V
DQWLWDQNJXQ $7/$6 $XWRPDWHG7DSH/DEHO$VVLJQPHQW6\VWHP
FDQRQDQWLFKDU $7/$6 $XWRQRPRXV7HPSHUDWXUH/LQH$FTXLVLWLRQ
$7* $VVRFLDWLRQ7HFKQLTXHGHO
LQGXVWULHGX*D] 6\VWHP
)UDQFH  $7/% $LU7UDQVSRUW/LFHQVLQJ%RDUG
)UHQFKLQLWLDOLVPRIWKH*DV,QGXVWU\7HFKQLFDO $7/ 5&($67 $WODQWLF5HJLRQDO&RPPDQG(DVW
$VVRFLDWLRQ &RPPDQGHPHQWUpJLRQDO(VWGHO·$WODQWLTXH
7KH$7*LVEDVHGLQ3DULV $7/ 5&:(67 $WODQWLF5HJLRQDO&RPPDQG:HVW
$7*0 DQWLWDQNJXLGHGPLVVLOH &RPPDQGHPHQWUpJLRQDO2XHVWGHO·$WODQWLTXH
PLVVLOHJXLGpDQWLFKDU $7/6 DGYDQFHGWUDXPDOLIHVXSSRUW
$7*: DQWLWDQNJXLGHGZHDSRQ DPDWpULHOGHVXUYLHGHSRLQWHHQWUDXPDWRORJLH
DUPHJXLGpHDQWLFKDU EVRLQVDYDQFpVGHUpDQLPDWLRQWUDXPDWRORJLTXH
$7+ 7KHDLUSRUWFRGHIRU$WKHQV*UHHFH $7/ 6& $WODQWLF6WUDWHJLF&RPPDQG>IRUPHUO\
$7+6 DXWRPDWHGWDUJHWKDQGRIIV\VWHP FDOOHG$&/$17@
V\VWqPHGHUpSDUWLWLRQDXWRPDWLTXHGHVFLEOHV &RPPDQGHPHQWVWUDWpJLTXHGHO·$WODQWLTXH>DQFL
$7, $HUR7UDVSRUWL,WDOLDQL ,WDO\  HQQHPHQWDSSHOp$&/$17@
,WDOLDQDFURQ\PRIWKH,WDOLDQ$LU)UHLJKW/LQH $70 DJHQWGHWUDQVIHUWGHPHVVDJHV
$7, $VVRFLDWHRIWKH7H[WLOH,QVWLWXWH PHVVDJHWUDQVIHUDJHQW 07$ 
$7, $VVRFLD]LRQH7HPSRUDQHDG
,PSUHVD DLUWDVN LQJ PHVVDJH
,WDOLDQ$VVRFLDWLRQ PHVVDJHGHPLVVLRQDpULHQQH


DV\QFKURQRXVWUDQVIHUPRGH $72&SURMHFW $FRXVWLF7KHUPRPHWU\RI2FHDQ


PRGHGHWUDQVIHUDV\QFKURQH &OLPDWHSURMHFW
$70 $LU7DUJHW0DWHULDOV 2FHDQRJUDSK\3URMHFWV
$70 $LU7XUELQH0RWRU $72)06 $HURVRO7LPH2I)OLJKW0DVV
$70 $QWLWDFWLFDO0LVVLOH 6SHFWURPHWHU
2UGQDQFH &KHPLVWU\(QYLURQPHQWDO(QJLQHHULQJ
$70 $WD[LD7HODQJHOHFWDVLD0XWDWHG $720 $UL]RQD7UDGH2II0RGHO
)RUIXUWKHUGHWDLOVVHHXQGHU$7 7KH$720LVDSURMHFWRIWKH86'HSDUWPHQWRI
DWP DEEU DWPRVSKHUH &RPPHUFHDQGWKH6WDWHRI$UL]RQDWRUHVROYH
$VWURQRP\0HFKDQLFV0HWRURORJ\ FRQIOLFWVEHWZHHQHQYLURQPHQWDODQGHFRQRPLF
DWP DEEU DWPRVSKHULF JRDOV
0HWHRURORJ\ 863URMHFW
$70 $XWRPDWHG7HOOHU0DFKLQH $7206 $XWRPDWHG7HFKQLFDO2UGHU0DLQWHQDQFH
7KHDXWRPDWHGWHOOHUPDFKLQHLVDQHOHFWURQLF 6HTXHQFH
PDFKLQHXVHGE\EDQNFXVWRPHUVWRDXWRPDWLFDOO\ $73 $GHQRVLQH7ULSKRVSKDWH
FDUU\RXWWUDQVDFWLRQV 7KHDGHQRVLQHWULSKRVSKDWHLVDFRHQ]\PHFRQVLVW
%DQNLQJ(OHFWURQLFV LQJRIDGHQRVLQHGLSKRVSKDWHDQGDQRWKHUSKRV
$70 $]LHQGD7UDVSRUWL0XQLFLSDOL ,WDO\  SKDWHJURXS
$70(6 $WPRVSKHULF7UDQVSRUW0RGHO(YDOXDWLRQ %LRFKHPLVWU\
6WXG\ $73 $GYDQFHG7HFKQRORJ\3URJUDP
$7026 $WPRVSKHULF7UDFH02OHFXOH 7KH$GYDQFHG7HFKQRORJ\3URJUDPLVDSURJUDP
6SHFWURVFRS\ RIWKH86'HSDUWPHQWRI&RPPHUFH
([SHULPHQWV $73 $GYDQFHG7XUER3URS
DWP SUHVV DEEU DWPRVSKHULFSUHVVXUH $73 $OOLHG7DFWLFDO3XEOLFDWLRQ
3K\VLFV SXEOLFDWLRQLQWHUDOOLpHVXUOHVTXHVWLRQVWDFWLTXHV
$706 $GYDQFHG7UDIILF0DQDJHPHQW6\VWHP $73 $XWKRULW\7R3XUFKDVH
$706 $VVXPSWLRQEDVHG7UXWK0DLQWHQDQFH $73DVH $GHQRVLQHWULSKRVSKDWDVH
6\VWHP (Q]\PRORJ\
$UWLILFLDO,QWHOOLJHQFH $75 $FKLOOHV7HQGRQ5HIOH[
DWQ DWWHQWLRQ $FKLOOHV7HQGRQ5HIOH[LVDOVRNQRZQDV$FKLOOHV
$OVRDWWQ -HUN
$71 $XJPHQWHG7UDQVLWLRQ1HWZRUN 3K\VLRORJ\
7KHDXJPHQWHGWUDQVLWLRQQHWZRUNLVDOVRNQRZQ $75 $WWHQXDWHG7RWDO5HIOHFWDQFH
DV$XJPHQWHG)LQLWH6WDWH7UDQVLWLRQ1HWZRUN $WWHQXDWHG7RWDO5HIOHFWDQFHLVDOVRNQRZQDV
$UWLILFLDO,QWHOOLJHQFH )UXVWUDWHG,QWHUQDO5HIOHFWDQFH,QWHUQDO
$71) $XVWUDOLD7HOHVFRSH1DWLRQDO)DFLOLW\ 5HIOHFWDQFH
$XVWUDOLD  6SHFWURVFRS\
DWQR DEEU DWRPLFQXPEHU DWU $WWULEXWH
1XFOHDU3K\VLFV $OVRDWWDWWU
$72 $ERUW7R2UELW $UFKDHRORJ\&RPSXWHU3URJUDPPLQJ6WDWLVWLFV
$72 DLUWDVN LQJ RUGHU $75 DXWRPDWLFWDUJHWUHFRJQLWLRQ
DRUGUHG·DWWULEXWLRQGHPLVVLRQDpULHQQH UHFRQQDLVVDQFHDXWRPDWLTXHGHVREMHFWLIV
ERUGUHGHPLVVLRQDpULHQQH $75$ $OOWUDQV5HWLQRLF$FLG
FRUGUHRSpUDWLRQQHODLU 6NLQ&DQFHU
DUHDRIWDFWLFDORSHUDWLRQV $WUD DWUDQVUHWLQRLFR
]RQHG·RSpUDWLRQVWDFWLTXHV DUHWLQRLG 
$72 $W7KH2SHQLQJ $75(; $VWURSK\VLFV75DQVLHQW(;SORUHU
$72 $XWRPDWLF7UDLQ2SHUDWLRQ $VWURSK\VLFV
$72& DLUWDFWLFDORSHUDWLRQVFHQWUH $75, $LU7UDQVSRUWDEOH5DGLR,QVWDOODWLRQV
FHQWUHG·RSpUDWLRQVWDFWLTXHV$LU &27$  $75, $UWLVWV7HFKQLFDO5HVHDUFK,QVWLWXWH
$OOLHGWDFWLFDORSHUDWLRQVFHQWUH DWUL 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
FHQWUHLQWHUDOOLpG·RSpUDWLRQVWDFWLTXHV XVLQJWKH,WDOLDQZRUGDWULZKLFKPHDQV
DWULDDWULXPVKDOOVOREELHV


$75&& $LU7UDIILF5RXWH&RQWURO&HQWHU 86$  $76V $OWHUQDWLYH7UDGLQJ6\VWHPV


$75 WXEH $QWL7UDQVPLW5HFHLYHWXEH $767$7 DLUWUDQVSRUWVWDWXVUHSRUW
$76 $EVROXWH7HPSHUDWXUH6FDOH FRPSWHUHQGXGHVLWXDWLRQVXUOHVWUDQVSRUWV
7KHDEVROXWHWHPSHUDWXUHVFDOHRU$EVROXWH6FDOH DpULHQV
LVDVFDOHEDVHGRQDEVROXWH]HURWHPSHUDWXUH $WW DEEU $WWDFKp
7KHUPRG\QDPLFV DWW DEEU DWWDFKHG
$76 DLUWUDIILFVHUYLFH DWW DEEU DWWLYRDWWLYLWj
VHUYLFHGHODFLUFXODWLRQDpULHQQH ,WDOLDQDEEUHYLDWLRQPHDQLQJDVVHWV
$76 $FFHSWDQFH7HVW6SHFLILFDWLRQ %XVLQHVV&RPPHUFH)LQDQFH
$WV $FFHSWDQFHWULDOV $WW DEEU $WWRUQH\
6KLSEXLOGLQJ $OVR$WW\DWW\DWW
$76 $FRXVWLF7DUJHW6HQVRU DWW DEEU DWWULEXWH
$76 $FRXVWLF7HOHPHWU\6XEV\VWHP $OVRDWUDWWU
$76 $FRXVWLF7UDQVPLVVLRQ6\VWHP )RUIXUWKHUGHWDLOVVHHXQGHUDWU
$76 $GPLQLVWUDWLYH7HUPLQDO6\VWHP $77 $XWRPDWLF7ROO7LFNHWLQJ
&RPSXWHUV $XWRPDWLFWROOWLFNHWLQJLVDOVRNQRZQDV
$76 $ONDOL7LQ6LOLFDWH $XWRPDWLF0HVVDJH$FFRXQWLQJ
&KHPLVWU\(QYLURQPHQWDO3URWHFWLRQ*HRORJ\ DWWDFK DEEU DWWDFKPHQW
0DWHULDOV6FLHQFH1XFOHDU:DVWH DWWQ DEEU DWWHQWLRQ
$76 $PHULFDQ7KHUDSHXWLF6RFLHW\ 86$  $OVRDWQ
7KH$PHULFDQ6RFLHW\IRU&OLQLFDO3KDUPDFRORJ\ DWWU DEEU DWWULEXWH
DQG7KHUDSHXWLFVZDVIRUPHUO\NQRZQDV $OVRDWUDWWDWWULE
$PHULFDQ7KHUDSHXWLF6RFLHW\ )RUIXUWKHUGHWDLOVVHHXQGHUDWU
$76 $PHULFDQ7KRUDFLF6RFLHW\ 86$  $778 $WODQWLFWRWKH8UDOV
$76 $PHULFDQ7UDQVSRUW6HUYLFH 86$  GHO·$WODQWLTXHjO·2XUDO
$7V $QLVRWURS\7HOHVFRSHV $WW\ DEEU $WWRUQH\
$76 $QWLWHWDQXV6HUXP $OVR$WWDWWDWW\
0HGLFLQH $WW\*HQ $WWRUQH\*HQHUDO
$76 $Q[LHW\7HQVLRQ6WDWH $78* $XVWUDOLDQ7HOHFRPPXQLFDWLRQV8VHUV*URXS
3V\FKRORJ\ $XVWUDOLD 
$76 $SSOLFDWLRQV7HFKQRORJ\6DWHOOLWH $79 $GYDQFHG7HOHYLVLRQ
7KHDSSOLFDWLRQVWHFKQRORJ\VDWHOOLWHLVD1$6$ $79 $OO7HUUDLQ9HKLFOH
VDWHOOLWHXVHGWRHYDOXDWHQHZWHFKQRORJ\DQG $QDOOWHUUDLQYHKLFOHLVDYHKLFOHVXFKDVDMHHS
HTXLSPHQW IRURIIURDGXVH
6SDFH7HFKQRORJ\ $79 $XWRPDWLF7UDQVIHU9HKLFOH
$76 $VLDQ7HVW6\PSRVLXP $VWURQRP\3DUWLFOH3K\VLFV6SDFH6FLHQFH
$76 $XWRPDWHG7HOHPHWU\6\VWHP $7: $FFHOHUDWRU7UDQVPXWDWLRQRI:DVWH
$76 $XWRPDWHG7UDFNLQJ6\VWHP 1XFOHDU(QJLQHHULQJ5DGLRDFWLYH:DVWH
$ VFLHQFHZKLFKDOORZVFXVWRPHUVWRREWDLQSDFN 0DQDJHPHQW7HFKQRORJ\
DJHVWDWXVLQIRUPDWLRQE\VLPSO\VSHDNLQJLQWRWKH $7:& $ODVND7VXQDPL:DUQLQJ&HQWHU 86$ 
WHOHSKRQH $7:&6 $GYDQFHG7RPDKDZN:HDSRQV&RQWURO
$76 $XWRPDWLF7UDLQ6XSHUYLVLRQ 6\VWHP 861DY\ 
$76 $XWRPDWLF7UDQVIHU6HUYLFH$XWRPDWLF DWZW DWRPLFZHLJKW
7UDQVIHU6\VWHP $7 ;3/ DEEU $WRPLF([SORVLRQ
$FFRXQWV%DQNLQJ $WRPLF3K\VLFV
$76 $XWRPDWLF7XQLQJ6\VWHP $7:&6 $GYDQFHG7RPDKDZN:HDSRQV&RQWURO
7KHDXWRPDWLFWXQLQJV\VWHPLVDPHFKDQLFDORU 6\VWHP 861DY\ 
HOHFWULFDOV\VWHPZKLFKWXQHVDXWRPDWLFDOO\DUDGLR $7= $QLOLQRWKLD]ROLQRQH
UHFHLYHURUWUDQVPLWWHUWRDJLYHQIUHTXHQF\ %LRFKHPLVWU\3DWKRORJ\
&RQWURO6\VWHPV $8 $EVRUEDQFH8QLWV
$76'5 $JHQF\IRU7R[LF6XEVWDQFHVDQG'LVHDVH $8 $FFRXQWLQJ8QLW
5HJLVWU\ $8 $LUERUQH8QLW
$765 $ORQJ7UDFN6FDQQLQJ5DGLRPHWHU $8 $LU8QLYHUVLW\


$8 $OLJQPHQW8QLW )RUIXUWKHUGHWDLOVVHHXQGHU16$0 DQG6$4V


$8 $OOHJKHQ\8QLYHUVLW\ RIWKH+HDOWK6FLHQFHV $8) DXJPHQWDWLRQIRUFH
86$  IRUFHG·DSSRLQW
$OVR$8+6 DXJ DEEU DXJPHQWDWLRQ
$8 $PHULFDQ8QLYHUVLW\ $VWURQRP\1DYLJDWLRQ
DX DQJVWURPXQLW DXJ DEEU DXJPHQWDWLYHDXJPHQWHG
)RUIXUWKHUGHWDLOVVHHXQGHU$Q cQJVWURP  $XJ DEEU $XJXVW
$8DX $QWLWR[LQ8QLW $8+6 7KH$OOHJKHQ\8QLYHUVLW\RIWKH+HDOWK
,PPXQRORJ\ 6FLHQFHV 86$ 
$8 $VVRFLDWHG8QLYHUVLWLHV $OVR$8
$8 $VWURQRPLFDO8QLW $8, $VVRFLDWHG8QLYHUVLWLHV,QF 86$ 
7KHDVWURQRPLFDOXQLWLVWKHPHDQGLVWDQFHIURP $8, $WWDFKPHQW8QLW,QWHUIDFH
HDUWKWRWKHVXQDERXWNLORPHWHUV &RPSXWHUV
$VWURQRP\ DXM DEEU DXMRXUG
KXL
$8 $XVWULD )UHQFKDEEUHYLDWLRQPHDQLQJWRGD\WRGD\
$X 7KHFKHPLFDOV\PEROIRU*ROG QRZDGD\VDWSUHVHQWDWWKHSUHVHQWWLPH
&KHPLVWU\ $ PHWDOOLFHOHPHQWKDYLQJWKHDWRPLF $80 DLUWRXQGHUZDWHUPLVVLOH
QXPEHUDQDWRPLFZHLJKWRIDQGD PLVVLOHDLUVRXVVXUIDFH
PHOWLQJSRLQWRI$& $X1D26 *ROG6RGLXP7KLRVXOIDWH
0HWDOOXUJ\ SUHFLRXVPHWDOXVHGIRUMHZHOU\DQG *ROG6RGLXP7KLRVXOIDWHDOVRNQRZQDV6RGLXP
GHQWLVWU\ $XURWKLRVXOIDWHLVXVHGPDLQO\WRWUHDWOXSXVHU\
$8$ $PHULFDQ8QLWDULDQ$VVRFLDWLRQ 86$  WKHPDWRVXV
$8%(5 $VVRFLDWLRQIRU8QLYHUVLW\%XVLQHVVDQG 3KDUPDFRORJ\
(FRQRPLF5HVHDUFK $817 $XWRPDWLF81LYHUVDO7UDQVODWRU
$8%* $PHULFDQ8QLYHUVLW\LQ%XOJDULD $X2 *ROG2[LGH
$8&$8& $OOLHYL8IILFLDOLGL&RPSOHPHQWR *ROG2[LGHDOVRNQRZQDV$XULF2[LGH*ROG
,WDO\  7ULR[LGHLVXVHGLQJROGSODWLQJ
$8&, $VVRFLD]LRQH8QLYHUVLWDULDSHUOD ,QRUJDQLF&KHPLVWU\
&RRSHUD]LRQH,QWHUQD]LRQDOH $X 2+  *ROG+\GUR[LGH
,WDOLDQDFURQ\PRIWKH8QLYHUVLW\$VVRFLDWLRQIRU *ROG+\GUR[LGHDOVRNQRZQDV$XULF+\GUR[LGH
,QWHPDWLRQDO&RRSHUDWLRQ LVXVHGLQJROGSODWLQJ
$X&O *ROG&KORULGH ,QRUJDQLF&KHPLVWU\
*ROG&KORULGHDOVRNQRZQDV*ROG7ULFKORULGH $83(/) $VVRFLDWLRQGHV8QLYHUVLWpV3DUWLHOOHPHQW
$XULF&KORULGHLVXVHGPDLQO\LQPHGLFLQH RX(QWLqUHPHQWGH/DQJXH)UDQoDLVH &DQDGD 
FHUDPLFVDQGJROGSODWLQJ )RXQGHGLQDLPVGRFXPHQWDWLRQFRRUGLQD
,QRUJDQLF&KHPLVWU\ WLRQFRRSHUDWLRQH[FKDQJH
DXG DEEU DXGLEOH $XU DEEU $XULJD
$FRXVWLFV $ QRUWKHUQFRQVWHOODWLRQWKDWOLHVEHWZHHQ3HUVHXV
DXG DEEU DXGLWDXGLWRU DQG*HPLQL
$8'$&,286 $8WRPDWLF'LUHFW$&FHVVWR $VWURQRP\
,QIRUPDWLRQZLWKWKH2QOLQH8'& 8QLYHUVDO $85$ $VVRFLDWLRQRI8QLYHUVLWLHVIRU5HVHDUFKLQ
'HFLPDO&ODVVLILFDWLRQ 6\VWHP $VWURQRP\ 86$ 
$8',7 $LUFUDIW8QLWL]HG'LDJQRVWLF,QVSHFWLRQDQG 2IWKH861DWLRQDO6FLHQFH)RXQGDWLRQ$85$
7HVW RSHUDWHVWKH861DWLRQDO2SWLFDO$VWURQRPLFDO
$8',7 $UP\8QLIRUP'DWD,QTXLU\7HFKQLTXH 2EVHUYDWRULHV
86$  86$VVRFLDWLRQ
$8',7 $8'LWRU\,QSXW7DVN $85( $VVRFLDWLRQSRXUO
8WLOLVDWLRQ5DWLRQQHOOHGH
'DWD3URFHVVLQJ O
(QHUJLH )UDQFH 
$8',7 $XWRPDWLF8QDWWHQGHG'HWHFWLRQ,QVSHFWLRQ )UHQFKDFURQ\PRIWKH$VVRFLDWLRQIRU5DWLRQDO
7UDQVPLWWHU 8VHRI(QHUJ\
$XGLR&$6,WHFKQRORJ\ $XGLR&RPSXWHU$VVLVWHG )UHQFK$VVRFLDWLRQ
6HOI,QWHUYLHZLQJWHFKQRORJ\ $8525$ $8WRPDWHG5HVWRUDWLRQRI25LJLQDOILOP
&RPSXWHU'ULYHQ7HFKQRORJLHV DQGYLGHR$UFKLYHV


(XURSHDQ&RPPXQLW\3URMHFW 7KHDEYROWLVWKHFHQWLPHWHUJUDPVHFRQGHOHFWUR
$86 7KHDLUSRUWFRGHIRU$XVWLQ7H[DV86$ PDJQHWLFXQLWRIHOHFWURPRWLYHIRUFH
$86 $XVWUDOLD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQ (OHFWULFLW\
OHWWHUV $9 $FURVRPDO9HVLFOH
$XV DEEU $XVWULD$XVWULDQ $9 $FWXDO9DOXH
$XV&(57 $XVWUDOLDQ&RPSXWHU(PHUJHQF\ %XVLQHVV)LQDQFH
5HVSRQVH7HDP $XVWUDOLD  $9 $QFKRULQJ9LOOXV SODFHQWDO 
:HE6LWH $QDWRP\%LRFKHPLVWU\5HSURGXFWLYH0HGLFLQH
$860 $GDSWLYH8VHU6HOHFWLRQ0HFKDQLVP 6WRPDWRORJ\
86$  $9 $RUWLF9DOYH
2IWKH&DOLIRUQLD,QVWLWXWHRI7HFKQRORJ\ 7KHDRUWLFYDOYHUHJXODWHVEORRGIORZIURPWKHOHIW
$XVWUDO DEEU $XVWUDOLD YHQWULFOHLQWRWKHDRUWD
$XVWUDO $XVWUDOLDQ $QDWRP\
/DQJXDJHV $9 $UPRUHG9HKLFOH
$87 $VVRFLDWLRQRI8QLYHUVLW\7HDFKHUV 2UGQDQFH
$X7H &DODYHULWH $9 $UWHULRYHQRXV
&DODYHULWHLVDJROGRUHPLQHUDO $9 $WULRYHQWULFXODU
0LQHUDORJ\ $QDWRP\
DXWK DEEU DXWKHQWLF $9 $XWKRUL]HG9HUVLRQ
DXWK DEEU DXWKRUDXWKRULW\ DY DEEU DYDLODEOH
DXWK DEEU DXWKRUL]DWLRQDXWKRUL]HG $9 $YHOOLQR,WDO\
$870 $VVRFLDWLRQRI8QLYHUVLW\7HFKQRORJ\ DY DEEU DYHQXH
0DQDJHUV,QF 86$  $OVR$YH
86$VVRFLDWLRQ DY DEEU DYHUDJH
$872 DEEU $XWRPDWLF $OVRDYHDYJ
$872 DEEU $XWRPRELOH $9 7KHDLUOLQHFRGHIRU$YLDQFD
$872%86 $XWRPDWHG%XGJHW6\VWHP DYDY DYLVWD
DXWREXV 7KHDERYHDFURQ\UQZDVFRLQHGDFFLGHQWDO ,WDOLDQLQLWLDOLVPPHDQLQJRQGHPDQGDWVLJKW
O\XVLQJWKH,WDOLDQZRUGDXWREXVZKLFKPHDQV %DQNLQJ&RPPHUFH)LQDQFH
EXV DY DYRLUGXSRLV
$8720$3 $872PDWLF0$FKLQLQJ3URJUDP $OVR$9'3$92,5
DXWRPWQ DEEU DXWRPDWLRQ DYDXGYLV DEEU DXGLRYLVXDO
7KHWHUPDXWRPDWLRQUHIHUVWRWKHDXWRPDWLFRU 7KHWHUPDXGLRYLVXDOUHIHUVWRDQHGXFDWLRQDQG
UHPRWHFRQWUROOHGRSHUDWLRQRIPDFKLQHVLQRUGHU WUDLQLQJPHWKRGWKDWXVHVYLVXDOLPDJHVDQGDXGL
WRUHSODFHKXPDQODERU EOHVLJQDOV
(QJLQHHULQJ 7HOHFRPPXQLFDWLRQV
$87235207 $872PDWLF352JUDPPLQJRI $9$ $FDGHP\RI9HWHULQDU\$OOHUJ\
0DFKLQH7RROV $9$ $FWLYLW\9HFWRU$QDO\VLV
$87235236 $872PDWLF352JUDPPLQJIRU 3V\FKRORJ\
3RVLWLRQLQJ6\VWHPV $9$ $OORFDWLRQGH9LHLOOHVVH$JULFROH )UDQFH 
$87236< $87RPDWLF23HUDWLQJ6<VWHP $9$ $PHULFDQ9HFWXULVW$VVRFLDWLRQ$PHULFDQ
$8726327 $872PDWLF6\VWHPIRU32VLWLRQLQJ 9HQWLODWLRQ$VVRFLDWLRQ$PHULFDQ9LGHR
7RROV $VVRFLDWLRQ$PHULFDQ9RFDWLRQDO$VVRFLDWLRQ
$89V $XWRQRPRXV8QGHUZDWHU9HKLFOHV 86$ 
$XWRPDWHG'RFNLQJ$XWRQRPRXV2FHDQRJUDSK\ $9$ $QWKUD[9DFFLQH$EVRUEHG
$XWRQRPRXV8QGHUZDWHU9HKLFOHV2FHDQRJUDSKLF %LRGHIHQVH
([SHULPHQWV $9$ $UWHULRYHQRXV$QDVWRPRVLV
$8: $OO8S:HLJKW $QDWRP\
DX[ DEEU DX[LOLDU\ $9$ $VEHVWRV9LFWLPVRI$PHULFD
$X[5(V $X[LQ5HVSRQVH(OHPHQWV $9$ $VVRFLDWHRIWKH9DOXHUV$VVRFLDWLRQ
%LRFKHPLVWU\ $9$ $XWRPDWHG9LVLRQ$VVRFLDWLRQ
D9 DEYROW $9$* $VVRFLD]LRQH9RORQWDUL$VVLVWHQ]DPDODWL
*UDYL


,WDOLDQ$VVRFLDWLRQ )UHQFKDFURQ\PPHDQLQJ$HURDVWKHQLD
$9$0( $VRFLDFLzQGH0XMHUHV(PSUHVDULDVGH 0HGLFLQH
9DOODGROLG 6SDLQ  $9, $LUERUQH9HKLFOH,GHQWLILFDWLRQ
6SDQLVK$VVRFLDWLRQV $9, $LU9HORFLW\,QGH[
$9$17 $VVRFLDWLRQRI9ROXQWDU\$JHQFLHVRQ $9, $PHULFDQ9HWHUDQVRI,VUDHO
1DUFRWLFV7UHDWPHQW $9, $VVRFLDWLRQ8QLYHUVHOOHG
$YLFXOWXUH
DYDQW 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 6FLHQWLILTXH
XVLQJWKH)UHQFKZRUGDYDQWZKLFKPHDQV )UHQFKDFURQ\PRIWKH:RUOG
V3RXOWU\6FLHQFH
EHIRUHIURQWIRUZDUG $VVRFLDWLRQ
$9$32 $VVRFLD]LRQH9RORQWDUL$VVLVWHQ]D3D]LHQWL DYL 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
2QFRORJLFL XVLQJWKH,WDOLDQZRUGDYLZKLFKPHDQVJUDQGID
,WDOLDQ$VVRFLDWLRQ WKHUVDQFHVWRUV
$9& $XWRPDWLF9ROXPH&RQWURO $9,&$ $GYDQFHG9LGHRHQGRVFRS\,PDJH
(OHFWURQLFV &RPPXQLFDWLRQDQG$QDO\VLV
$9& $YHUDJH9DULDEOH&RVW 0HGLFLQH
D9FP DEYROWSHUFHQWLPHWHU $9,' $GYDQFHG9LVXDO,QIRUPDWLRQ'LVSOD\
$9&2 DEEU $9HUDJH&2VW $9,' $LUERUQH9HKLFOH,'HQWLILFDWLRQ
$9' $OWHUQDWH9RLFH'DWD $YLJROIH $VVRFLDWLRQGHVYLFWLPHVPLOLWDLUHVHW
$9'3 $LGHG9LVXDO'HYHORSPHQW3URJUDP FLYLOHVGHODJXHUUHGX*ROIH
$9'3 $ODVND9LOODJH'HPRQVWUDWLRQ3URMHFW $9,5,6 $LUERUQH9LVLEOHDQG,QIUDUHG,PDJLQJ
2IWKH86(QYLURQPHQWDO3URWHFWLRQ$JHQF\ 6SHFWURPHWHU
$9'3 DYRLUGXSRLV $9,6 $FWLYH9LEUDWLRQ,VRODWLRQ6\VWHP
$OVRDY$92,5 $9,6 $VVRFLD]LRQH9RORQWDUL,WDOLDQLGHO6DQJXH
$9( $HURVSDFH9HKLFOH(OHFWURQLFV ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI9ROXQWDU\
$9H $QWHULRU9HUPLV ,WDOLDQ%ORRG'RQRUV
&OLQLFDO3V\FKRORJ\0HGLFLQH1HXURVFLHQFHRI $9,6 $XGLRYLVXDO,QIRUUQDWLRQ6\VWHP
$XWLVP5DGLRORJ\ DYLV 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
$YH DEEU $YHQXH XVLQJWKH)UHQFKZRUGDYLVZKLFKPHDQVQRWLFH
$OVRDY RSLQLRQDGYLFHMXGJHPHQWFRXQVHO
DYH DEEU DYHUDJH $9/% DUPRXUHGYHKLFOHODXQFKHGEULGJH
$OVRDYDYJ YpKLFXOHEOLQGpSRVHXUGHSRQWV 9%33 
0DWKHPDWLFV $9/,6V\VWHP $WRPLF9DSRU/DVHU,VRWRSH
$9(& $XWRPDWLF9LEUDWLRQ([FLWHU&RQWURO 6HSDUDWLRQV\VWHP
$9(6 $VVRFLD]LRQH9RORQWDULDWR([WUDFRPXQLWDULR &RPPHUFLDO7HFKQRORJLHV8UDQLXP(QULFKPHQW
6DUGHJQD $90 $UWHULRYHQRXV0DOIRUPDWLRQ
,WDOLDQ$VVRFLDWLRQ $90$$90$ $PHULFDQ9HWHULQDU\0HGLFDO
$9) $]LPXWKDOO\9DU\LQJ)LHOG $VVRFLDWLRQ
$9* $PLQRHWKR[\QLY\O*O\FLQH $905/ DUPRXUHGYHKLFOHPRXQWHGURFNHWODXQFK
$9*LVDQLQKLELWRURIHWK\OHQHELRV\QWKHVLV HU
&URS%LRWHFKQRORJ\0LFURELRORJ\3ODQW YpKLFXOHVEOLQGpODQFHURTXHWWHV 9%/5 
3DWKRORJ\5KL]RELDO,QIHFWLRQV $90V $UWHULRYHQRXV0DOIRUPDWLRQV
DYJ DEEU DYHUDJH 5DGLDWLRQ2QFRORJ\7XPRU%LRORJ\
$OVRDYDYH DYQ DEEU DYLDWLRQ
0DWKHPDWLFV $OVRDY
$9*$6 DYLDWLRQJDVROLQH $91,5 $GYDQFHG9LVLEOHDQG1HDU,QIUDUHG
HVVHQFH DYLDWLRQ  5DGLRPHWHU
$9*56 $YLDQ*HQHWLF5HVRXUFHV6\VWHP $QLQVWUXPHQWDERDUG$'(26
&RRUGLQDWLRQDQG/LYLQJ6WRFNV&RQVHUYDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU$'(26
$9+55 $GYDQFHG9HU\+LJK5HVROXWLRQ $92 $ODVND9ROFDQR2EVHUYDWRU\
5DGLRPHWHU 9ROFDQRORJ\
$WPRVSKHULF5HVHDUFK$WPRVSKHULF6FLHQFHV $92 $YRLG9HUEDO2UGHUV
/DQG$WPRVSKHUH,QWHUDFWLRQV0HWHRURORJ\ $92,' $LUILHOG9HKLFOH2EVWDFOH,QGLFDWLRQ
$9, $pURDVWKpQLH GHO
$YLDWHXU  'HYLFH


$92,'6 $9LRQLF2EVHUYDWLRQRI,QWUXGHU'DQJHU DOHUWHDpULHQQH


6\VWHPV DOOZHDWKHU
$92,5 $YRLUGXSRLV WRXWWHPSV
$OVR$9'3DY DPSKLELRXVZDUIDUH
$93 $UJLQLQH9DVRSUHVVLQ OXWWHDPSKLELH
$UJLQLQH9DVRSUHVVLQLVDOVRNQRZQDV $: $FWLYH:LQGRZ
$QWLGLXUHWLF+RUPRQH &RPSXWHU7HFKQRORJ\
(QGRFULQRORJ\ DZ DFWXDOZHLJKW
$93 7KHDLUSRUWFRGHIRU:LONHUV%DUUH6FUDQWRQ $: $LUFUDIW:DUQLQJ
3HQQV\OYDQLD86$ DZ DOOZHDWKHU
$95 $FXWH9DVFXODU5HMHFWLRQ $HURQDXWLFV7UDQVSRUW
3DWKRORJ\,PPXQRJHQHWLFV6XUJHU\ $: $UWLFOHRI:DU
7UDQVSODQWDWLRQ $: $XWRPDWLF:HDSRQ
$95 $XWRPDWLF9ROWDJH5HJXODWRU 7KHDXWRPDWLFZHDSRQLVDOVRNQRZQDV
$95 $XWRPDWLF9ROXPH5HFRJQLWLRQ $XWRPDWLFILUHDUP$XWRPDWLFJXQ
DYU DEEU DYULO 2UGQDQFH
)UHQFKDEEUHYLDWLRQPHDQLQJ$SULO $: $XWRPDWLF:ULWLQJ
$95& $,'69DFFLQH5HVHDUFK&RPPLWWHH 7KHDXWRPDWLFZULWLQJLQSV\FKRORJ\UHIHUVWR
86$  ZULWLQJZKLOHLQWKHXQFRQVFLRXVVWDWH
$95&LVD1,+DGYLVRU\JURXS 3V\FKRORJ\
$,'69DFFLQH5HVHDUFK $:$ $QLPDO:HOIDUH$FW 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ $:$&6 DLUERUQHZDUQLQJDQGFRQWUROV\VWHP
$95'& $VLDQ9HJHWDEOH5HVHDUFKDQG V\VWqPHDpURSRUWpGHGpWHFWLRQHWGHFRQWU{OH
'HYHORSPHQW&HQWHU 7DLZDQ  $:$.( $VVRFLDWLRQRI:RPHQ(QWUHSUHQHXUV2I
$96 $SSOLFDWLRQ9LVXDOL]DWLRQ6\VWHP .DUQDWDND ,QGLD 
3URJUDPV $:$5 $PHULFDQ:RPHQ
V$VVRFLDWLRQRI5RPH
$96 DYLRQLFVV\VWHP ,WDO\ 
V\VWqPHG·DYLRQLTXH $:$5'6 $XWRPDWHG:HDWKHU$FTXLVLWLRQDQG
$96, $VVRFLD]LRQH9RORQWDULSHULO6HUYL]LR 5HWULHYDO'DWD6\VWHP
,QWHUQD]LRQDOH $:$5( $FDGHPLF:RPHQ$OOLHGIRU5LJKWVDQG
,WDOLDQLQLWLDOLVPRIWKH$VVRFLDWLRQRI9ROXQWHHUV (TXDOLW\
IRU,QWHUQDWLRQDO6HUYLFH $:$5( $GYDQFHG:HDSRQ$LUFUDIW5HTXLUHPHQWV
$97 $OO9RODWLOH7UHDWPHQW (YDOXDWLRQ
:HVWLQJKRXVH&RPPHUFLDO $:$5( $LUERUQH:DUQLQJDQG5HFRUGLQJ
6WHDP*HQHUDWRUV (TXLSPHQW
$97 $UJLQLQH9DVRWRFLQ $:$5( $OO:RPHQ
V$UFKDHRORJLFDO5HVHDUFK
$97 LVDKRUPRQHDVVRFLDWHGZLWKVH[XDOEHKDYLRU ([SHGLWLRQ
%HKDYLRUDO(QGRFULQRORJ\(QGRFULQRORJ\ $:% $LUZD\%LOO
$97$* DYLDWLRQIXHO JDVROLQHNHURVHQH  $:% $VLDQ:HWODQGV%XUHDX 0DOD\VLD 
FDUEXUDQWDYLDWLRQ HVVHQFHNpURVqQH  $:& $VVRFLDWLRQIRU:RPHQLQ&RPSXWLQJ
$973 $OOLHG9HKLFOH7HVWLQJ3XEOLFDWLRQ $:&,(6 $&&6ZLGHFRPPRQLQIRUPDWLRQ
SXEOLFDWLRQLQWHUDOOLpHVXUOHVHVVDLVGHYpKLFXOHV H[FKDQJHV\VWHP
$9851$9 DEEU $9LV85JHQWDX[1$9LJDWHXUV QRUPHVFRPPXQHVSRXUO·pFKDQJHG·LQIRUPDWLRQV
DYY DEEU DYYRFDWR jO·pFKHOOHGHO·$&&6
,WDOLDQDEEUHYLDWLRQPHDQLQJODZ\HUFRXQVHO $:' DZDLWLQJGHSDUWXUH
/DZ DWWRUQH\DWODZ 86$ VROLFLWRUEDUULVWHU HQDWWHQWHGHGpSDUW
%ULWDLQ  $:( $FFHSWHG:HLJKW(VWLPDWH
$: DFRXVWLFZDUIDUH 6KLSSLQJ
OXWWHDFRXVWLTXH $:( $GYLVH:KHQ(VWDEOLVKHG
DLUZDUIDUH $YLDWLRQ
DJXHUUHDpULHQQH $:( $VVRFLDWLRQIRU:RUOG(GXFDWLRQ 86$ 
EOXWWHDpULHQQH>GDQVOHGRPDLQHQDYDO@ 7KH$:(ZDVIRUPHUO\NQRZQDV$:&8
DLUZDUQLQJ $:( $YHUDJH:HHNO\(DUQLQJV


$:($ $PHULFDQ:LQG(QHUJ\$VVRFLDWLRQ $QDWRP\%XLOGLQJ(QJLQHHULQJ0HGLFLQH


86$VVRFLDWLRQ 0LQLQJ(QJLQHHULQJ1DYLJDWLRQ
$:(56 $VVRFLDWLRQRI:RPHQ(QWUHSUHQHXUVRI $; DEEU D[LOODU\
WKH5HSXEOLFRI6DNKD $QDWRP\ 7KHWHUPD[LOODU\UHIHUVWRWKHDUPSLWRU
5XVVLDQ)HGHUDWLRQ WRVRPHORFDWLRQQHDULW
$:) $IULFDQ:LOGOLIH)RXQGDWLRQ %RWDQ\ $[LOODU\LQERWDQ\PHDQVJURZLQJRQWKH
(QGDQJHUHG6SHFLHV D[LVRIDOHDIRUDEUDQFK
$:* $PHULFDQ:LUH*DXJH D[ DEEU D[LRP
7KH$PHULFDQ:LUH*DXJHLVDOVRNQRZQDV $UWLILFLDO,QWHOOLJHQFH0DWKHPDWLFV
%URZQDQG6KDUS*DJH %DQG6JDJH  $; D[LRQRUSRVWXODWH
0HWDOOXUJ\ 0DWKHPDWLFV
$:*V $UUD\HG:DYHJXLGH*UDWLQJV $; DEEU D[LV
$:+4 DOWHUQDWHZDUKHDGTXDUWHUV $QDWRP\%RWDQ\*HRORJ\0DWKHPDWLFV
TXDUWLHUJpQpUDOGHJXHUUHGHUHFKDQJH 4**5  0HFKDQLFV2UGQDQFH
$:,36 $GYDQFHG:HDWKHU,QWHUDFWLYH3URFHVVLQJ $;$) $GYDQFHG;5D\$VWURSK\VLFV)DFLOLW\
6\VWHP $ PDQ\OD\HUHGPLUURUWHOHVFRSHZKLFKIOHZRQ
$:,36 $XWRPDWHG:HDWKHU,QIRUPDWLRQ3URFHVVLQJ WKH6KXWWOHLQ
6\VWHP $VWURSK\VLFV
$:/ $EVHQW:LWK/HDYH $;%7 $LUERUQH([SHQGDEOH%DWK\WKHUPRJUDSK
$:0 $GYDQWDJH:HVW0LGODQGV *%  7KH$;%7 LVDGHYLFHXVHGWRUHFRUGWHPSHUDWXUH
$ %ULWLVKUHJLRQDOGHYHORSPHQWDJHQF\ DWGLIIHUHQWGHSWKV
5HJLRQDOIRUHVLJKW 2FHDQRJUDSK\
)RUIXUWKHUGHWDLOVVHHXQGHU&/(' DQG&8( $;&3 $LUERUQH([SHQGDEOH&XUUHQW3URILOHU
$:1,6 $OOLHG:RUOGZLGH1DYLJDWLRQDO,QIRUPDWLRQ D[IO DEEU D[LDOIORZ
6\VWHP RU6HUYLFH  )OXLG0HFKDQLFV
V\VWqPH RXVHUYLFH LQWHUDOOLpPRQGLDOG·LQIRUPD $;3 $OOLHG([HUFLVH3XEOLFDWLRQ
WLRQVQDXWLTXHV SXEOLFDWLRQLQWHUDOOLpHVXUOHVH[HUFLFHV
$:2/ $EVHQW:LWKRXW/HDYH $< $QQXDO<LHOG
$:3 $OOLHG:HDWKHU3XEOLFDWLRQ $<& $PHULFDQ<RXWK&RQJUHVV 86$ 
SXEOLFDWLRQPpWpRURORJLTXHLQWHUDOOLpH $<' $PHULFDQ<RXWKIRU'HPRFUDF\ 86$ 
$:5 $VVRFLDWLRQIRUWKHVWXG\RIWKH:RUOGSURE $<( $OFRKRO(GXFDWLRQIRU<RXWK 86$ 
OHPRI5HIXJHHV $<+ $PHULFDQ<RXWK+RVWHOV 86$ 
$:5$3 2UJDQLVDWLRQ $XVWUDOLDQ:RRO5HVHDUFK $<6$ $PHULFDQ<DUQ6SLQQHUV$VVRFLDWLRQ
DQG3URPRWLRQ2UJDQLVDWLRQ $= $FDGHP\RI=RRORJ\
$:6 $LUFUDIW:HDSRQL]DWLRQ6\VWHPV $= $FWLYH=RQH
$:6 $PHULFDQ:HOGLQJ6RFLHW\ 86$  $= 7KHDLUOLQHFRGHIRU$OLWDOLD
$:6$PSKLELRXV:DWHUFUDIW6\VWHPV $= DEEU $UL]RQD 86$ 
$:6 6ROLGDULW\(OHFWRUDO$FWLRQ 3RODQG  D] DEEU D]LPXWK
7UDGHXQLRQOHGDOOLDQFHRIULJKWZLQJSDUWLHV $VWURQRP\&DUWRJUDSK\1DYLJDWLRQ
$:60 DFRXVWLFZDUIDUHVXSSRUWPHDVXUH D] DEEU D]LRQH
PHVXUHGHVRXWLHQGHOXWWHDFRXVWLTXH ,WDOLDQDEEUHYLDWLRQPHDQLQJVKDUH
$:7 $GYDQFHG:LQG7XUELQH %XVLQHVV&RPPHUFH)LQDQFH
$GYDQFHG:LQG7XUELQH,QF
VQHZNLORZDWW D] DEEU D]LRQLVWD
PDFKLQHXVHVEODGHVGHVLJQHGZLWKDGYDQFHGDLU ,WDOLDQDEEUHYLDWLRQPHDQLQJVKDUHKROGHU
IRLOVWRLQFUHDVHHQHUJ\SURGXFWLRQDQLQQRYDWLYH %XVLQHVV&RPPHUFH)LQDQFH
WHHWHUHGURWRUWRUHGXFHVWUHVVIURPZLQGJXVWV $= $]RWH
DQGDVWURQJEXWOLJKWZHLJKWWXEHWRZHU )UHQFKV\PEROPHDQLQJ1LWURJHQ
:LQG7XUELQHV D] DEEU D]XUH
$::$ $PHULFDQ:DWHU:RUNV$VVRFLDWLRQ $=6 $XWRPDWLF=HUR6HWWLQJ
86$  $=7 $]LGRWK\PLGLQH
$:; DOOZHDWKHUILJKWHU 9LURORJ\
FKDVVHXUWRXWWHPSV $=WHVW $VFKKHLP=RQGHNWHVW
DZ\ DEEU DLUZD\ ,QWKH$VFKKHLP=RQGHNWHVWWKHXULQHRIZRPHQ


LVLQMHFWHGLQWRLPPDWXUHIHPDOHPLFHDQGWKH
UHDFWLRQLVXVHGWRDVFHUWDLQSUHJQDQF\LQZRPHQ
3DWKRORJ\


&RPSXWHU3URJUDPPLQJ6FLHQFH

% E DEEU ELW
&RPSXWHU3URJUDPPLQJ0DWKHPDWLFV
0HFKDQLFDO'HYLFHV
% %DFLOOXV % %ROLYDU
%DFWHULRORJ\ $OVR%ROERO 9HQH]XHOD 
E EDFLOOXV &XUUHQFLHV
0LFURELRORJ\ E ERQG
E EDJ $OVREG
EDJLVDOVRNQRZQDVPXOWLVHW %XLOGLQJ(QJLQHHULQJ%XVLQHVV&KHPLVWU\&LYLO
&RPSXWHU6FLHQFH (QJLQHHULQJ(OHFWULFLW\)LQDQFH0HGLFLQH
% %DKW 0HWDOOXUJ\
$OVR%KW 7KDLODQG  E ERRN
&XUUHQFLHV E ERUH
E EDOH 'HVLJQ(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ
$JULFXOWXUH,QGXVWULDO(QJLQHHULQJ 0LQLQJ(QJLQHHULQJ2FHDQRJUDSK\2UGQDQFH
E EDOO E ERUQ
*HRORJ\0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ %WKHFKHPLFDOV\PEROIRU%RURQ
2FHDQRJUDSK\2UGQDQFH 7KHZRUGERURQLVDFRPELQDWLRQRIWKHZRUGV
E EDUQ ERUD[DQGFDUERQ
EDUQLVDXQLWRIPHDVXUHIRUQXFOHDUUHDFWLRQFURVV &KHPLVWU\6\PEROV
VHFWLRQV E EULJKWQHVV
$JULFXOWXUH1XFOHDU3K\VLFV $VWURSK\VLFV2SWLFV
% %DURQ E EULFN
$OVR%5 0DWHULDOV
E DEEU EDVH % %ULWLVK
$UFKLWHFWXUH%LRORJ\%XLOGLQJ(QJLQHHULQJ E EXON
&KHPLFDO(QJLQHHULQJ&KHPLVWU\(OHFWURQLFV *UDSKLF$UWV
(QJLQHHULQJ*UDSKLF$UWV0DWKHPDWLFV0LOLWDU\ %$%$ %DFKHORURI$UWV
6FLHQFH5RERWLFV %$ %DKUDLQ
E EDVV %$ %DQFD$QWRQLDQD GL3DGRYDH7ULHVWH 
$FRXVWLFV ,WDOLDQ%DQN
E EDW %$ %DQN$FFHSWDQFH
%XLOGLQJ(QJLQHHULQJ0DWHULDOV6FLHQFH %$ %DUL,WDO\
9HUWHEUDWH=RRORJ\ %D 7KHFKHPLFDOV\PEROIRU%DULXP
E DEEU EDWFK %DULXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF
&RPSXWHU3URJUDPPLQJ(QJLQHHULQJ QXPEHUDQDWRPLFZHLJKWRIDQGD
% %DWWHU\ PHOWLQJSRLQWRIDERXW$&7KHZRUGEDULXP
$OVREW\EWU\ GHULYHVIURPWKH*UHHNWHUPKHDY\
&KHPLFDO(QJLQHHULQJ(OHFWULFLW\0HGLFLQH &KHPLVWU\6\PEROV
0LOLWDU\6FLHQFH2UGQDQFH %$ %DVH$GGUHVV
E DEEU EHO &RPSXWHU3URJUDPPLQJ
EHOLVHTXDOWRWHQGHFLEHOV %$ %HOOH$UWL
3K\VLFV ,WDOLDQDFURQ\PPHDQLQJ)LQH$UWV
% %HOJLXP %$ %pQpILFHV$JULFROHV )UDQFH 
$OVR%( %$ %LOOHG$W
% %HWWHU %XVLQHVV)LQDQFH
% %LEOH %$ %UHZVWHU$QJOH
E ELG 2SWLFV
%XVLQHVV)LQDQFH %D%$ %ULWLVK$FDGHP\
E ELOOLRQ %$ 7KHDLUOLQHFRGHIRU%ULWLVK$LUZD\V
0DWKHPDWLFV %$ %ULWLVK$VVRFLDWLRQ *% 
E DEEU ELQDU\ %$ %URGPDQQ
V$UHDV


1DPHGDIWHUWKH*HUPDQQHXURORJLVW.RUELQLDQ %$&& %ULWLVK$PHULFD


V&XS&KDOOHQJH
%URGPDQQ %$&&+86 %RRVW$OFRKRO&RQVFLRXVQHVV
%UDLQDQG&RJQLWLRQ3K\VLRORJ\6SDWLDO:RUNLQJ &RQFHUQLQJWKH+HDOWKRI8QLYHUVLW\6WXGHQWV
0HPRU\ 86$ 
%$ %URQFKLDO$VWKPD %$&&+86 %ULWLVK$LUFUDIW&RUSRUDWLRQ
0HGLFLQH &RPPHUFLDO+DELWDW8QGHUWKH6HD
%$ %URQFKRDOYHRODU %$&FUXVW %XON$UFKHDQ&RQWLQHQWDOFUXVW
$QDWRP\ (DUWK6FLHQFHV
%$ %XGJHW$XWKRULW\ 86$  %$&' %ULWLVK$VVRFLDWLRQRI&RQIHUHQFH
%$ %XQGHVDQVWDOWIU$UEHLW *HUPDQ\  'HVWLQDWLRQV
%$ %XUHDXRI$FFRXQWV %$&+ DEEU %DFKHORU
%$ %XW\O$FU\ODWH %$&, %UD]LOLDQ$PHULFDQ&XOWXUDO,QVWLWXWH
%$ %XVLQHVVWR$GPLQLVWUDWLRQ %D &1  %DULXP&\DQLGH
HFRPPHUFH %DULXP&\DQLGHLVXVHGPDLQO\LQPHWDOOXUJ\
%$$%$$ %DFKHORURI$SSOLHG$UWV 2UJDQLF&KHPLVWU\
%$$ %DULXP$UDFKLGDWH %D&2 %DULXP&DUERQDWH
%$$ %ULWLVK$LUSRUWV$XWKRULW\ *%  %DULXP&DUERQDWHLVXVHGPDLQO\LQ79 SLFWXUH
%$$%$$ %ULWLVK$VWURQRPLFDO$VVRFLDWLRQ WXEHVRSWLFDOJODVVDQGFHUDPLFV
%$$( %DFKHORURI$HURQDXWLFDODQG$VWURQDXWLFDO ,QRUJDQLF&KHPLVWU\
(QJLQHHULQJ %D&U2 %DULXP&KURPDWH
%$% %XUHDXSRXUO
$XWRPDWLRQGHV%LEOLRWKqTXHV %DULXP&KURPDWHLVXVHGPDLQO\DVDSLJPHQW
)UHQFKDFURQ\PPHDQLQJ2IILFHIRUWKH ,QRUJDQLF&KHPLVWU\
$XWRPDWLRQRI/LEUDULHV %$&V %DFWHULDO$UWLILFLDO&KURPRVRPHV
%$%DFWLYLW\ %ORRGJURXS$QWLJHQ%LQGLQJDFWLYL )RUIXUWKHUGHWDLOVVHHXQGHU%$&
W\ %$&V %DFWHULDO$UWLILFLDO&ORQHV
&DQFHU(SLGHPLRORJ\&OLQLFDO0LFURELRORJ\ *HQRPLF%LRORJ\0HGLFLQH1HXURORJ\
0ROHFXODU0LFURELRORJ\ 3V\FKLDWU\
%$%/+ %ULWLVK$VVRFLDWLRQIRU%HWWHU/DQG %$&6 %DQNHUV
$XWRPDWHG&OHDULQJ6HUYLFHV
+XVEDQGU\ .HQ\D  EDFW DEEU EDFWHULDOEDFWHULRORJLFDO
%$%6 %HDP$SSURDFK%HDFRQ6\VWHP %DFWHULRORJ\
$YLDWLRQ EDFW DEEU EDFWHULRORJ\
%$%6 %RRN$FTXLVLWLRQDQG%LEOLRJUDSKLF6HUYLFH 7KHWHUPEDFWHULRORJ\UHIHUVWRWKHVWXG\RIEDFWH
1DWLRQDO%RRN&HQWHU &DQDGD  ULD
%$& %DFFDODXUpDW )UDQFH  0LFURELRORJ\
%$& %DFWHULDO$UWLILFLDO&KURPRVRPH EDFW DEEU EDFWHULXP
7KHYHFWRU%$&ZDVGHYHORSHGDWWKH&DOLIRUQLD 7KHVLQJXODURIEDFWHULD7KHZRUGEDFWHULXP
,QVWLWXWHRI7HFKQRORJ\ZLWK86'HSDUWPHQWRI GHULYHVIURPWKH*UHHNWHUPOLWWOHURG
(QHUJ\IXQGLQJ 0LFURELRORJ\
&ORQHPDNLQJ*HQRPH5HVHDUFK %$&7 %HVW$YDLODEOH&RQWURO7HFKQRORJ\ 86$ 
%$& %DFWHULDO$QWLJHQ&RPSOH[ %$&9 %XGJHW$W&RPSOHWLRQ9DULDQFH
,PPXQRFKHPLVWU\ %$' %DVH$PPXQLWLRQ'HSRW
%$& %DQFD$JULFROD&RPPHUFLDOHGHOOD560 0LOLWDU\
,WDO\  %$' %LRORJLFDO$HURVRO'HWHFWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU560 %$'$ %DVH$LU'HSRW$UHD
%$& %DURPHWULF$OWLWXGH&RQWURO %$'$ %ULWLVK$QWLTXH'HDOHUV
$VVRFLDWLRQ
%$& %HYHUDJH$QDO\]HU&RQWUROOHU EDGD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
%$& ELODWHUDODJUHHPHQWFRQIHUHQFH XVLQJWKH,WDOLDQZRUGEDGDZKLFKPHDQVEH
FRQIpUHQFHVXUOHVDFFRUGVELODWpUDX[ FDUHIXOWDNHFDUHPLQG
%$& %ULWLVK$FFUHGLWDWLRQ&RXQFLO %$'& %ULWLVK$WPRVSKHULF'DWD&HQWUH *% 
%$& %URPRDFHW\OFKROLQH %$'*( %DVLF$LU'HIHQVH*URXQG(QYLURQPHQW
%$&$7 EDUJHDERDUGFDWDPDUDQ %$'WD[ %DQN$FFRXQW'HELWVWD[
SRUWHEDUJHFDWDPDUDQ %$(%$( %DFKHORURI$HURQDXWLFDO(QJLQHHULQJ
%$FF%$FF %DFKHORURI$FFRXQWDQF\ %$(%$( %DFKHORURI$JULFXOWXUDO(QJLQHHULQJ


%$(%$( %DFKHORURI$UFKLWHFWXUDO %$/$ %XOOHWLQ$VVRFLDWLRQ/\RQQDLVHGHUHFKHUFK


(QJLQHHULQJ HV$UFKHRORJLTXHV
%$( %DULXP(QHPD 3XEOLFDWLRQ
$OVR%( %$/$' %OHDFKDEOH$EVRUEHU/DVHU$PSOLILHUDQG
)RU;UD\H[DPLQDWLRQRIWKHLQWHVWLQHV 'HWHFWRU
5DGLRORJ\ EDODG 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
%$( EDWWOHILHOGDUHDHYDOXDWLRQ XVLQJWKH$UDELFZRUGEDODGZKLFKPHDQVFRXQ
pYDOXDWLRQGHOD]RQHGXFKDPSGHEDWDLOOH WU\
%$H %ULWLVK$HURVSDFH *%  %$/$1&( %DVLF$QG/RJLFDOO\$SSOLHG1RUPV
%$( %XUHDXRI$JULFXOWXUDO(FRQRPLFV &LYLO(QJLQHHULQJ
%$( %XUHDXRI$PHULFDQ(WKQRORJ\ 86$  EDOFH DEEU EDODQFH
%$( FHOOV %RYLQH$RUWLF(QGRWKHOLDOFHOOV )RUIXUWKHUGHWDLOVVHHXQGHUEDO
%$) %XQNHU$GMXVWPHQW)DFWRU %$// DEEU EDOODVW
%XVLQHVV(FRQRPLFV)LQDQFH &LYLO(QJLQHHULQJ(OHFWULFLW\1DYDO$UFKLWHFWXUH
%D) %DULXP)OXRULGH %$// DEEU %DOOLVWLF
%DULXP)OXRULGHLVXVHGPDLQO\LQVSHFWURVFRS\ 0HFKDQLFV
,QRUJDQLF&KHPLVWU\ %$//276 %LEOLRJUDSKLF$XWRPDWLRQRID/DUJH
%$), %$),LVDFROOHFWLRQRI6WDWLVWLFDO'DWDIRUWKH /LEUDU\2SHUDWLRQVXVLQJD7LPH6KDULQJ6\VWHP
'DWDEDVHRQ)LQDQFLDO)LUPV %$/0 %ORFN$QG/LVW0DQLSXODWRU
%$)/V %DQGV$FURVVDOO)RXU/DQHV EDOP 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
%$* %HWD$EVRUSWLRQ*DXJH (QJOLVKZRUGEDOP %RWDQ\*HRORJ\ 
%$*& %XVLQHVV$OOLDQFHRQ*RYHUQPHQW %$/2 %XOOHWLQGHV$QQRQFHV/pJDOHV2EOLJDWRLUHV
&RPSHWLWLRQ )UDQFH 
%$*6 %DFKHORURI$UWVLQ*HQHUDO6WXGLHV %$/3$ DEEU %$/DQFHRI3$\PHQWV
%$+& %LRVSKHULF$VSHFWVRIWKH+\GURORJLFDO %$/7$3 $OOLHG)RUFHV%DOWLF$SSURDFKHV>REVR
&\FOH OHWHUHSODFHGE\-&1257+@
%$, H[%DQFDG
$PHULFDHG
,WDOLD )RUFHVDOOLpHVGHVDSSURFKHVGHOD%DOWLTXH
'HXWVFKH%DQN VLQFH  >REVROqWHUHPSODFpSDU-&1257+@
%$, %DQN$GPLQLVWUDWLRQ,QVWLWXWH %$0%$0 %DFKHORURI$SSOLHG0DWKHPDWLFV
%$, EDWWOHILHOGDLULQWHUGLFWLRQ %$0%$0 %DFKHORURI$UWVLQ0XVLF
LQWHUGLFWLRQDpULHQQHGXFKDPSGHEDWDLOOH ,$&%  %$0 %DQFD$JULFROD0LODQHVH ,WDO\ 
%$, %XUHDXRI$QLPDO,QGXVWU\ ,WDOLDQ%DQN
%$,16 %DVLF$GYDQFHG,QWHJUDWHG1DYLJDWLRQ %$0 %DVLF$FFHVV0HWKRG
6\VWHP %$0 %ULWLVK$FDGHP\RI0DQDJHPHQW *% 
%D,V DEEU %DKDPD,VODQGV %$0 %URRNO\Q$FDGHP\RI0XVLF 86$ 
%$-RXU%$-RXU %DFKHORURI$UWVLQ-RXUQDOLVP %$0 %XQGHVDQVWDOWIU0DWHULDOIRUVFKXQJXQG
%$. EDFNXS 3UIXQJ *HUPDQ\ 
&RPSXWHU7HFKQRORJ\ %$0%, %$OOLVWLF0LVVLOH%RPEDUGPHQW
EDO DEEU EDODQFH ,QWHUFHSWRU
$FRXVWLFV$YLDWLRQ&KHPLVWU\&RPSXWHU %$0%,LVDOVRNQRZQDV%DOOLVWLF0LVVLOH%RRVW
3URJUDPPLQJ(OHFWULFLW\(QJLQHHULQJ+RURORJ\ ,QWHUFHSWRU
+\GURORJ\0LQLQJ(QJLQHHULQJ 0LOLWDU\
%$/ %DVLF$VVHPEOHU/DQJXDJH %D0Q2 %DULXP0DQJDQDWH
'DWD&RPPXQLFDWLRQV %DULXP0DQJDQDWHLVXVHGDVDSDLQWSLJPHQW
%$/ %LRDUWLILFLDO/LYHU ,QRUJDQLF&KHPLVWU\
$UWLILFLDO2UJDQV%LRVFLHQFHV+HSDWRORJ\/LYHU %D0R2 %DULXP0RO\EGDWH
7UDQVSODQWDWLRQ0HGLFLQH %DULXP0RO\EGDWHLVXVHGPDLQO\LQRSWLFDOHTXLS
%$/ %ORRG$OFRKRO/HYHO PHQW
0HGLFLQH ,QRUJDQLF&KHPLVWU\
%$/ %ULWLVK$QWL/HZLVLWHDQWLOHZLVLWH %$1 %DVH$FWLYDWLRQ1RWLFH
0HGLFLQH %D 1  %DULXP$]LGH
%$/ %URQFKRDOYHRODU/DYDJH %DULXP$]LGHLVXVHGLQH[SORVLYHV
0HGLFLQH ,QRUJDQLF&KHPLVWU\


%$1$ %HQ]R\ODUJLQLQHQDSKWK\ODPLGH %$3 %LRWHFKQRORJ\$FWLRQ3URJUDP


%$1&25(; 5RPDQLDQ%DQNIRU)RUHLJQ7UDGH %$30R1 %DFNJURXQG$LU3ROOXWLRQ0RQLWRULQJ
%$1' %RRN$FWLRQIRU1XFOHDU'LVDUPDPHQW 1HWZRUN81
*%  %$35 %DQFD$JULFROD3RSRODUHGL5DJXVD ,WDO\ 
% ) %HOODQG)ODQJH )RUPHUO\  HVWDEOLVKHGDV%DQFD3RSRODUH
% 3$ %XVLQHVV 3XEOLF$IIDLUV 0XUUD\6WDWH &RRSHUDWLYDGL5DJXVD
8QLYHUVLW\86$  %$U%$U %DFKHORURI$UFKLWHFWXUH
3XEOLFDWLRQ %$5 %DFLOOH$FLGR5HVLVWDQW
%$1-26('$ H[SHULPHQWV %URDGEDQG$QGHDQ )UHQFKDFURQ\PPHDQLQJ$FLG)DVW%DFLOOXV
-2LQW6HLVPLF([DPLQDWLRQRIWKH'HHS$OWLSLDQR EDU DEEU EDURPHWHU
H[SHULPHQWV (QJLQHHULQJ
*HRSK\VLFV*HRVFLHQFHV7HUUHVWULDO0DJQHWLVP %DU DEEU %DURQH
%$1.,7$/,$ %DQFDG
,WDOLD ,WDOLDQDEEUHYLDWLRQPHDQLQJ%DURQ
$OVR%, EDUEUO DEEU EDUUHO
%DQNRI,WDO\ +RURORJ\0DWKHPDWLFV0HFKDQLFDO'HYLFHV
%D 12  %DULXP1LWUDWH 0HWURORJ\
%DULXP1LWUDWHLVXVHGPDLQO\LQH[SORVLYHVDQG 1DYDO$UFKLWHFWXUH,QQDYDODUFKLWHFWXUHEDUUHOLV
ILUHZRUNV DOVRNQRZQDV%DUUHORIFDSVWDQ'UXP
,QRUJDQLF&KHPLVWU\ 2SWLFV2UGQDQFH
EDQT DEEU EDQTXH EDUEDUU DEEU EDUULVWHU
)UHQFKDEEUHYLDWLRQPHDQLQJEDQN %$5 %LEOLFDO$UFKHRORJLFDO5HYLHZ
$OVRETXH %$5EDU %LOOHWj5HFHYRLU
%$15 %RDUGRQ$JULFXOWXUHDQG1DWXUDO5HVRXUFHV )UHQFKDFURQ\PPHDQLQJ%LOO5HFHLYDEOH
86$  %XVLQHVV)LQDQFH
%$16 %DFN$UP1HFN6FDOS %$5 %URZQLQJ$XWRPDWLF5LIOH
0HGLFLQH 2UGQDQFH
%$1V %RQG$QWLFLSDWLRQ1RWHV 86$  %$5 %XGJHW$GMXVWPHQW5HTXHVW
%$1: %XVLQHVV$OHUWWR1XFOHDU:DU EDUE DEEU EDUELWXUDWH
%D2 %DULXP2[LGH %DUELWXUDWHLVDVHGDWLYHK\SQRWLFDJHQW
%D2LVXVHGPDLQO\DVDGHK\GUDWLQJDJHQW 3KDUPDFRORJ\
,QRUJDQLF&KHPLVWU\ %$5% %XOOHWLQ$FDGHPLH5R\DOHGH%HOJLTXH
%$2 %RXOGHU$WPRVSKHULF2EVHUYDWRU\ 86$  %HOJLXP 
%D2 %DULXP3HUR[LGH 3XEOLFDWLRQ
%DULXP3HUR[LGHLVXVHGPDLQO\LQEOHDFKLQJ %$5& %KDEKD$WRPLF5HVHDUFK&HQWUH 0XPEDL
,QRUJDQLF&KHPLVWU\ ,QGLD 
%D 2+  %DULXP+\GUR[LGH %$5&LV,QGLD
VPDLQQXFOHDUZHDSRQVODERUDWRU\
%DULXP+\GUR[LGHLVXVHGPDLQO\LQVXJDUUHILQLQJ %$5&$3 EDUULHUFRPEDWDLUSDWURO
DQGZDWHUVRIWHQLQJ EDUUDJHGHSDWURXLOOHVDpULHQQHVGHFRPEDW
,QRUJDQLF&KHPLVWU\ %$5'QHWZRUN %D\$UHD5HJLRQDO'HIRUPDWLRQ
%$3 `$P\ORLG3URWHLQ QHWZRUN
$O]KHLPHU
V5HVHDUFK0HGLFLQH1HXURPROHFXODU (DUWK(QJLQH*HRORJ\3ODQHWDU\6FLHQFH
%LRORJ\1HXURSDWKRORJ\1HXURSV\FKRORJ\RI %$5( %LOH$FLG5HVSRQVH(OHPHQW
$JLQJ 0HGLFLQH1XFOHDU5HFHSWRUV3KDUPDFRORJ\
%$3 %DVLF$VVHPEO\3URJUDP EDUJ DEEU EDUJDLQ
%$3 %HQ]\OS$PLQR3KHQRO %$51 %RPELQJ$QG5HFRQQDLVVDQFH1DYLJDWLRQ
%D3 %HQ]R>D@S\UHQH %$5236 EDUULHURSHUDWLRQV
%D3 LVKLJKO\FDUFLQRJHQLF,WLVIRXQGLQFLJDUHWWH RSpUDWLRQVGHEDUUDJH
VPRNHDQGLQFRDOWDU%D3 LVDOVRNQRZQDV %$55,77 GLRGH %$55LHU,QMHFWLRQ7UDQVLW7LPH
%HQ]S\UHQH GLRGH
2UJDQLF&KHPLVWU\ (OHFWURQLFV
%$3EjS %LOOHWj3D\HU %$56 %DFNXS$WWLWXGH5HIHUHQFH6\VWHP
)UHQFKDFURQ\PPHDQLQJ%LOO3D\DEOH %$56 %DOOLVWLF$QDO\VLV5HVHDUFK6\VWHP
%XVLQHVV)LQDQFH %$56 %DVHOLQH$FFRXQWLQJDQG5HSRUWLQJ6\VWHP


%$56 %HKDYLRUDOO\$QFKRUHG5DWLQJ6FDOH %DULXP6LOLFDWHLVXVHGLQFHUDPLFV


%$56 %XGJHW$QDO\VLV5HSRUWLQJ6\VWHP ,QRUJDQLF&KHPLVWU\
%$572& %XV$GYDQFHG5HDO7LPH2SHUDWLRQDO %D6L2 6DQERUQLWH
&RQWURO 0LQHUDORJ\
%$6 %DFKHORURI$JULFXOWXUDO6FLHQFH %$6,6 %DQN$XWRPDWHG6HUYLFH,QIRUPDWLRQ
%$6%$6 %DFKHORURI$SSOLHG6FLHQFH 6\VWHP
%$6%$6 %DFKHORURI$UFKLWHFWXUDO6FLHQFH %$6,6 %XGJHWDU\$QG6FKHGXOLQJ,QIRUPDWLRQ
%$6%$6 %DFKHORURI$UWVDQG6FLHQFHV 6\VWHP
%$6%$6 %DFKHORURI$UWVLQ6SHHFK %$6,; %D\$UHD6HLVPLF,PDJLQJ([SHULPHQW
%$6 %DQFD$IULFDQDGL6YLOXSSR *HRORJ\6HLVPRORJ\
,WDOLDQDFURQ\PRIWKH$IULFDQ'HYHORSPHQW %D62 %DULXP6XOILWH
%DQN %DULXP6XOILWHLVXVHGLQWKHSDSHUPDQXIDFWXULQJ
%D6 %DULXP6XOILGH LQGXVWU\
%D6LVXVHGPDLQO\DVDIODPHUHWDUGDQW ,QRUJDQLF&KHPLVWU\
,QRUJDQLF&KHPLVWU\ %D62 %DULXP6XOIDWH
%$6 %HKDYLRUDO$SSURDFK6FDOH ,QRUJDQLF&KHPLVWU\
3V\FKRORJ\ %$65 %XUHDXRI$SSOLHG6RFLDO5HVHDUFK
%$6 %ORFN$XWRPDWLRQ6\VWHP 2I&ROXPELD8QLYHUVLW\%$65LVRQHRIWKH
%$6 %ULWLVK$QWDUFWLF6XUYH\ *%  86$
VROGHVWXQLYHUVLW\DIILOLDWHGVRFLDOUHVHDUFK
7KH%$6LVDJRYHUQPHQWIXQGHGRUJDQLVDWLRQ RUJDQL]DWLRQV
UHVSRQVLEOHIRUDSURJUDPPHLQVFLHQFHLQWKH %$66 EDUULHUDPPXQLWLRQVWRUDJHVLWH
$QWDUFWLFDQGUHODWHGUHJLRQV VLWHGHVWRFNDJHGHPXQLWLRQVG·REVWDFOHV
$QWDUFWLF0DULQH)DXQD%HQWKLF0DULQH EDVHDXWRPDWHGVXSSRUWV\VWHP
,QYHUWHEUDWHV&ODGLVWLF7HFKQLTXHV0DULQH V\VWqPHDXWRPDWLVpGHVRXWLHQGHVEDVHV
%LRORJ\0DULQH0ROOXVFV %$66 %HOJLDQ$UFKLYHVIRUWKH6RFLDO6FLHQFHV
%$6 %XLOGLQJ$XWRPDWLRQ6\VWHPV %HOJLDQ,QIRUPDWLRQ6HUYLFH
%DVD DEEU %DURQHVVD %$67 %RDUGRQ$UP\6FLHQFHDQG7HFKQRORJ\
,WDOLDQDEEUHYLDWLRQPHDQLQJ%DURQHVV 86$ 
$OVREVVD %$7%$7 %DFKHORURI$UWVLQ7HDFKLQJ
%$6& %RDUGRQ$WPRVSKHULF6FLHQFHVDQG&OLPDWH %$7 %DVLF$LU7HPSHUDWXUH
86$  %$7 %HVW$YDLODEOH7HFKQRORJ\
%$6'$ %DVGD %XVLQHVVDQG$FFRXQWLQJ6RIWZDUH %$7 %URZQ$GLSRVH7LVVXH
'HYHORSHUV· $VVRFLDWLRQ EDW 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
%DVH %DVLFVHPDQWLFHOHPHQW (QJOLVKZRUGEDW %XLOGLQJ(QJLQHHULQJ
'DWD3URFHVVLQJ 0DWHULDOV6FLHQFH9HUWHEUDWH=RRORJ\ 
%$6( %URNHUDJH$FFRXQWLQJ6\VWHP(OHPHQWV %$7 LQGXVWULHV %ULWLVK$PHULFDQ7REDFFR
%$6+ %RG\$FFHOHUDWLRQ6\QFKURQRXVZLWKWKH ,QGXVWULHV
+HDUWEHDW %D7L2 %DULXP7LWDQDWH
&DUGLRORJ\ ,QRUJDQLF&KHPLVWU\
%$6+ %RRNVHOOHUV
$VVRFLDWLRQ6HUYLFH+RXVH %$76 %DOOLVWLF$HULDO7DUJHW6\VWHP
*%  %$76 %DVLF$GGLWLRQDO7HOHSURFHVVLQJ6XSSRUW
%D6L %DULXP6LOLFLGH %$76 %XVLQHVV$LU7UDQVSRUW6HUYLFH
,QRUJDQLF&KHPLVWU\ %$76( %XUVW$QG7UDQVLHQW6RXUFH([SHULPHQW
%$6,& %DQNLQJDQG6HFXULWLHV,QGXVWU\&RPPLWWHH $VWURQRP\
%$6,& %DVLF$SSUDLVDO6\VWHPIRU,QFRPLQJ EDWW DEEU EDWWDOLRQ
&RPSRQHQWV $OVREQ
%$6,& %HJLQQHU
V$OOSXUSRVH6\PEROLF 0LOLWDU\6FLHQFH
,QVWUXFWLRQ&RGH %$8 %XVLQHVV$V8VXDO
%$6,& %ULWLVK$PHULFDQ6HFXULW\,QIRUPDWLRQ %XVLQHVV)LQDQFH
&RXQFLO %$8' %DXGRW&RGH
%$6,&6 %DWWOH$UHD6XUYHLOODQFHDQG,QWHJUDWHG 7HOHFRPPXQLFDWLRQV
&RPPXQLFDWLRQ6\VWHP %$9 %DQFR$PEURVLDQR9HQHWR ,WDO\ 
%D6L2 %DULXP6LOLFDWH 1RZ%DQFD,QWHVD%&,ZLWK&$5,3/2DQG%&,


%DQNLQJ,QWHJUDWLRQV %%$ %DQTXH%HOJHG·$IULTXH


)RUIXUWKHUGHWDLOVVHHXQGHU&$5,3/2 DQG%&, %HOJLDQ%DQN
%DY DEEU %DYDULD%DYDULDQ %%$ %ULWLVK%DQNHUV
$VVRFLDWLRQ
%$9 %ORF$WULRYHQWULFXODLUHRU$XULFXOR %%% %DQNHU·V%ODQNHW%RQG
9HQWULFXODLUH %%% %HWWHU%XVLQHVV%XUHDX
)UHQFKDFURQ\PPHDQLQJ$WULR9HQWULFXODU+HDUW %%% %ORFGH%UDQFKH%LODWpUDO
%ORFN$XULFXOR9HQWULFXODU+HDUW%ORFN$9 )UHQFKLQLWLDOLVPPHDQLQJ%LODWHUDO%XQGOH
%ORFN$WULRRU$XULFXORYHQWULFXODU%ORFN %UDQFK%ORFN
0HGLFLQH 0HGLFLQH
%$: FDWHUSLOODUV %HHW$UP\:RUPFDWHUSLOODUV %%% %XQGOH%UDQFK%ORFN KHDUW 
$JULFXOWXUDO5HVHDUFK&KHPLVWU\0HGLFDO 0HGLFLQH
$JULFXOWXUDODQG9HWHULQDU\(QWRPRORJ\2UJDQLF %%%' %ORRG%UDLQ%DUULHU'LVUXSWLRQ
&KHPLVWU\ $ WHFKQLTXHWRGHOLYHUFKHPRWKHUDS\GUXJVWR
%D:2 %DULXP7XQJVWDWH EUDLQFDQFHUSDWLHQWV
%DULXP7XQJVWDWHLVXVHGPDLQO\LQ;UD\SKRWRJ %%% VFDOH %DVVR%UHVQDKDQDQG%HDWWLHVFDOH
UDSK\ 1HXURVXUJHU\0HGLFLQH
,QRUJDQLF&KHPLVWU\ %%& %ULWLVK%URDGFDVWLQJ&RUSRUDWLRQ *% 
%% %DE\%RQG %%& %URPREHQ]\OF\DPLGH
%XVLQHVV)LQDQFH 2UJDQLF&KHPLVWU\
%% %DOO%HDULQJ %%& %XVLQHVVWR%XVLQHVVWR&RQVXPHU
0HFKDQLFDO(QJLQHHULQJ $OVR%WR%WR&
%% %DQFD%ULJQRQH6S$ ,WDO\  H&RPPHUFH
(VWDEOLVKHGLQDVDSULYDWHEDQNLQFOXGLQJ %%&5 %HOOFRUH%HOO&RPPXQLFDWLRQV5HVHDUFK
VRPHH[FOXVLYHLQWHUQDWLRQDOPXOWLQDWLRQDOVLW 86$ 
UHPDLQHGSULYDWHDQGLQGHSHQGHQWEHLQJFRQWUROOHG %%' %DQN%XPL'D\D ,QGRQHVLD 
E\WKH%ULJQRQH
VDIDPLO\RIWKLUGJHQHUDWLRQ ,QGRQHVLDQ%DQN
EDQNHUVXQWLOLWVLQFRUSRUDWLRQRQWKHWK -XQH %%' %ORFGH%UDQFKH'URLW
LQWKH%3%&9 )UHQFKLQLWLDOLVPPHDQLQJ5LJKW%XQGOH%UDQFK
%DQNLQJ,QWHJUDWLRQV %ORFN
)RUIXUWKHUGHWDLOVVHHXQGHU%3%&9 0HGLFLQH
%% %DQFRGH%LOEDR 6SDLQ  %%' %XFNHW%ULJDGH'HYLFH
6SDQLVK%DQN 7KH%%'LVDVHPLFRQGXFWRUGHYLFH
%% %DUEDGRV (OHFWURQLFV
%% %DVLF%ORFN %%'& %HIRUH%RWWRP'HDG&HQWHU
&RPSXWHU6FLHQFH %%( %DFKHORURI%XVLQHVV(GXFDWLRQ
EE EHDUHUERQGV %%* %ORFGH%UDQFKH*DXFKH
%% %LJ%RDUG )UHQFKLQLWLDOLVPPHDQLQJ/HIW%XQGOH%UDQFK
EE ELOOHWGHEDQTXH %ORFN
)UHQFKDEEUHYLDWLRQPHDQLQJEDQNQRWHELOO 0HGLFLQH
86$  %%* %RDUGRI%URDGFDVWLQJ*RYHUQRUV
%% %RDUGRQ%LRORJ\ 86$  %%/ %DQTXH%UX[HOOHV/DPEHUW6$
EE EURDGEDQGEURDGEDQG %HOJLDQ%DQN
$ EURDGEDQGLVDFWXDOO\DEDQGZLWKDEURDGUDQJH EEOEEO EDUUHO
RIIUHTXHQFLHV %%/ %DVLF%XVLQHVV/DQJXDJH
7HOHFRPPXQLFDWLRQV EEOEEO EXVKHO
%% %XQGOH%UDQFK EEOVEEOV EDUUHOV
$QDWRP\ EEOVEEOV EXVKHOV
%% %XUHDXRIWKH%XGJHW 86$  %%0 %UHDN%HIRUH0DNH
%% %X\%DFN (OHFWULFLW\
%XVLQHVV)LQDQFH %%2 %LOOLRQ%DUUHOVRI2LO
%% %XVLQHVVWR%XVLQHVV %%3 %XW\O%HQ]\O3KWKDODWH
H%XVLQHVV %%3 %XVLQHVVWR%XVLQHVV3URFXUHPHQW
%%$ %DFKHORURI%XVLQHVV$GPLQLVWUDWLRQ %%5 %DQN%DVH5DWH


%%U %RURQ7ULEURPLGH EDXWRULVDWLRQGHIUDQFKLVVHPHQWGHIURQWLqUH


%%U LVXVHGWRSURGXFHGLERUDQH EURDGFDVWFRQWURODXWKRULW\
,QRUJDQLF&KHPLVWU\ DDXWRULWpGHFRQWU{OHGHODUDGLRGLIIXVLRQ
%%6 %DUGHW%LHGO6\QGURPH EDXWRULWpGHFRQWU{OHGH75$0
%%6 %XOOHWLQ%RDUG6RIWZDUH %&$$: %XUHDXIRUWKH&RRUGLQDWLRQRI
%%6%EV %XOOHWLQ%RDUG6\VWHP $UDEL]DWLRQLQWKH$UDE:RUOG
%%6 %XVLQHVV%DWFK6\VWHP %&$+ %XUHDXGHODFRRUGLQDWLRQGHVDIIDLUHV
%%6, %HDXW\DQG%DUEHU6XSSO\,QVWLWXWH 86$  KXPDQLWDLUHV>UHPSODFHO·81'+$@
%%62 %LJ%HDU6RODU2EVHUYDWRU\ 2IILFHIRUWKH&RRUGLQDWLRQRI+XPDQLWDULDQ
7KH%%62LVORFDWHGLQ&DOLIRUQLD86$ $IIDLUV 2&+$ >KDVUHSODFHG81'+$@
%%65& %LRWHFKQRORJ\DQG%LRORJLFDO6FLHQFHV %& , %DQFD3RSRODUH&RPPHUFLRH,QGXVWULD
5HVHDUFK&RXQFLO *%  ,WDOLDQ%DQN
%%7 %DVDO%RG\7HPSHUDWXUH %&$6 %HDFRQ&ROOLVLRQ$YRLGDQFH6\VWHP
0HGLFLQH %&% %HQ]RF\FOREXWHQH
%%9$ %DQFR%LOEDR\9LVFD\D$UJHQWDULD %&%$ 1HZVOHWWHU 1HZVOHWWHURIWKH%URRPH
6SDQLVK%DQN &RXQW\%DU$VVRFLDWLRQ1<86$
%%: UDWV %LR%UHHGLQJ:RUFHVWHUUDWV %&& %ORFN&KHFN&KDUDFWHU
0HGLFLQH3DWKRORJ\ 'DWD&RPPXQLFDWLRQV
%%;57 %URDG%DQG;5D\7HOHVFRSH %&&, %DQFDGL&UHGLWRH&RPPHUFLR
%& %DFKHORURI&RPPHUFH ,QWHUQD]LRQDOH /X[HPEXUJ 
%& %DG&KHFN&KHTXH %&&, %ULWLVK&KDPEHURI&RPPHUFHIRU,WDO\
%XVLQHVV&RPPHUFH)LQDQFH %&&0 %DQTXH&HQWUDOHGHV&RRSpUDWLYHVHWGHV
%&%& %DQN&OHDULQJ 0XWXHOOHV )UDQFH 
%& %DQNUXSWF\&RXUW )UHQFK%DQN
%& %HIRUH&KULVW %&' %DUUHOVSHU&DOHQGDU'D\
%& %LEOLRJUDSKLF&ODVVLILFDWLRQ %&' %LRORJLFDODQG&RQVHUYDWLRQ'DWDEDVH
%&%& %LOOVIRU&ROOHFWLRQ %&' V\VWHP %LQDU\&RGHG'HFLPDOV\VWHP
%& %LQDU\&RGH &RPSXWHU3URJUDPPLQJ
&RPSXWHU3URJUDPPLQJ %&(%&( %DFKHORURI&KHPLFDO(QJLQHHULQJ
%& %ODFN&DUERQ $OVR%FK(%&K(
(DUWK6\VWHP6FLHQFH %&(%&( %DFKHORURI&LYLO(QJLQHHULQJ
EF EOLQGFRS\ %&( %DQFD&HQWUDOH(XURSHD%DQTXH&HQWUDOH
%& %OLVV&ODVVLILFDWLRQ (XURSpHQQH
%& %OXH&KLS ,WDOLDQDQG)UHQFKLQLWLDOLVPRIWKH(XURSHDQ
%& %RDUGRI&RQWURO &HQWUDO%DQN7KH(XURSHDQ&HQWUDO%DQNEHFDPH
%& %RJXV&KHFN RSHUDWLYHLQ
%XVLQHVV&RPPHUFH)LQDQFH &KDQJHRYHUWRWKH(852
%& %RWVZDQD %&( EDWWOHILHOGFRRUGLQDWLRQHOHPHQW
%& %ULWLVK&ROXPELD &DQDGD  pOpPHQWGHFRRUGLQDWLRQGXFKDPSGHEDWDLOOH
%& DEEU EURDGFDVW %&(%&( %HIRUHWKH&RPPRQ(UD
%& %XVLQHVVWR&RQVXPHU%XVLQHVVWR&XVWRPHU %&( %RDUGRI&XVWRPVDQG([FLVH *% 
$OVR%WR& 7D[DWLRQ
H&RPPHUFH %&($2 %DQTXH&HQWUDOHGHV(WDWVGHO
$IULTXHGH
%& %RURQ&DUELGH O
2XHVW
,QRUJDQLF&KHPLVWU\ &HQWUDO%DQN
%&$ %DQN&UHGLW$QDO\VW %&( FHOOV %RYLQH&DSLOODU\(QGRWKHWLDOFHOOV
%XVLQHVV)RUHFDVW*OREDO,QYHVWPHQWV %&HU(%&HU( %DFKHORURI&HUDPLF(QJLQHHULQJ
%&$ %HQ]HQH&DUER[\OLF$FLG EFI ELOOLRQFXELFIHHW
2UJDQLF&KHPLVWU\ %&)%&) %ULWLVK&\FOLQJ)HGHUDWLRQ *% 
%&$ %LRSKDUPDFHXWLFDO&KDUDFWHUL]DWLRQDQG %&) EXGJHWFRQWUROILJXUH
$QDO\VLV PRQWDQWGHFRQWU{OHGHODGRWDWLRQEXGJpWDLUH
%&$ ERUGHUFURVVLQJDXWKRULW\ %&) %XUHDXRI&RPPHUFLDO)LVKHULHV 86$ 
DDXWRULWpSRXUOHIUDQFKLVVHPHQWGHIURQWLqUH


7KH%&)KDVEHHQUHSODFHGE\WKH8610)6 3K\VLRORJ\
1DWLRQDO0DULQH)LVKHULHV6HUYLFH  %&1 7KHDLUSRUWFRGHIRU%DUFHORQD6SDLQ
%&IOX[ %LRJHQLFRUJDQLF&DUERQIOX[ EFQ DEEU EHDFRQ
$WPRVSKHULF5HVHDUFK&KHPLVWU\&KHPLFDODQG 1DYLJDWLRQ
3K\VLFDO2FHDQRJUDSK\ %&1 %HHW&\VW1HPDWRGH
%&* %DOOLVWRFDUGLRJUDP &URS6FLHQFH0ROHFXODUDQG6WUXFWXUDO%LRORJ\
0HGLFLQH 3ODQW%UHHGLQJ5HSURGXFWLRQ5HVHDUFK
%&* %pFpJLWH %&1(7 %XVLQHVV&RRSHUDWLRQ1(7ZRUN
)UHQFKLQLWLDOLVPPHDQLQJ%&*LQIHFWLRQ (XURSHDQ&RPPXQLW\
0HGLFLQH %&2'+ %UDQFKHG&KDLQ2[RDFLG'HK\GURJHQDVH
%&* %URPRFUHVRO*UHHQ %FRP6F%&RP6F %DFKHORURI&RPPHUFLDO
%&*LVDOVRNQRZQDV%URPFUHVRO*UHHQ 6FLHQFH
2UJDQLF&KHPLVWU\ %&R9 %RYLQH&RURQDYLUXV
%&* YDFFLQH %DFLOOXV&DOPHWWH*XpULQYDFFLQH $QWL6$56'UXJV%LRFKHPLVWU\0ROHFXODU
7KH%&*YDFFLQHLVXVHGIRULPPXQL]DWLRQRI %LRORJ\0ROHFXODU%LRWHFKQROJ\
KXPDQVDJDLQVWWXEHUFXORVLV1DPHGIRU$OEHUW %&3%&3 %DFKHORURI&LW\3ODQQLQJ
&DOPHWWH DQG&DPLOOH*XpULQ %&3 %DQFR&RPHUFLDO3RUWXJXrV 3RUWXJDO 
,PPXQRORJ\ 7KH%&3 LVOLVWHGRQWKH1HZ<RUN)UDQNIXUWDQG
%FK%&K %DFKHORURI&KHPLVWU\ /RQGRQ6WRFN([FKDQJH7KH%&3 ZDVJUDQWHG
%&KODPROHFXOHV %DFWHULRFKORURSK\OODPROHFXOHV WKH(XURPRQH\$ZDUGIRU([FHOOHQFHDVWKHEHVW
3KRWRV\QWKHVLV 3RUWXJXHVHEDQN\HDUVLQDURZ
%&K(%&K( %DFKHORURI&KHPLFDO(QJLQHHULQJ 3RUWXJXHVH%DQN
$OVR%&(%&( )RUIXUWKHUGHWDLOVVHHXQGHU%3$ %DQFR
%&, %DQFD&RPPHUFLDOH,WDOLDQD ,WDO\  3RUWXJXrVGR$WOkQWLFR 
1RZ%DQFD,QWHVD%&,ZLWK&$5,3/2DQG%$9 %&3 %LUWK&RQWURO3LOO
%DQNLQJ,QWHJUDWLRQV %&3 %XGJHW&KDQJH3URSRVDO
)RUIXUWKHUGHWDLOVVHHXQGHU&$5,3/2 DQG %&SDUWLFOHV %ODFN&DUERQSDUWLFOHV
%$9 $VLDQ&OLPDWH6RRW
%&, %DQFRGH&RPHUFLR ,QGXVWULD %&3V %ORFN&RSRO\PHUV
$QJRODQ%DQN &KHPLFDO(QJLQHHULQJ3RO\PHULF0DWHULDOV
%&, %DWWHU\&RXQFLO,QWHUQDWLRQDO %&37 %UHDVW&DQFHU3UHYHQWLRQ7ULDO
7KH%&,LVEDVHGLQ&KLFDJR86$ 7KHEUHDVWFDQFHUSUHYHQWLRQWULDOJRWXQGHUZD\LQ
%&, %URDGFDVW,QWHUIHUHQFH WKH8QLWHG6WDWHVDQG&DQDGDLQ
'DWD&RPPXQLFDWLRQV %&5%DQN&DVK5DWLR%DQN&DVK5HVHUYH
%&,3 %URPRFKORURLQGR\OSKRVSKDWH %DQNLQJ)LQDQFH
%&,6 %LRGLYHUVLW\&RQVHUYDWLRQ,QIRUPDWLRQ %&5 %&HOODQWLJHQ5HFHSWRU
6\VWHP 7KH%&5LVDPXOWLSURWHLQFRPSOH[
%&,V EUDLQFRPSXWHULQWHUIDFHV %LRFKHPLVWU\&HOO%LRORJ\*HQHWLFV
6HYHUDOODERUDWRULHVLQWKH8QLWHG6WDWHVVWDUWHG ,PPXQRORJ\0HGLFLQH
GHYHORSLQJ%&,VLQWKHVDQGKDYHEHHQ %&6%&6 %DFKHORURI&KHPLFDO6FLHQFH
LPSURYLQJWKHPHYHUVLQFH7KH%&,VUHDGWKH %&V %DFNFURVVHV
HOHFWULFDOLPSXOVHVFUHDWHGE\QHXUDODFWLYLW\ *HQHWLFV
WKURXJKWKHVFDOS %&6 %DVLF&RQWURO6\VWHP
1HXURVFLHQFH %&V %HIRUH&RPSXWHUV
%&/ %DFKHORURI&LYLO/DZ %&6 %HVW&DVW6WHHO
%&O %RURQ7ULFKORULGH 0HWDOOXUJ\
%&O LVXVHGPDLQO\WRUHILQHFRSSHUPDJQHVLXP %&6 %RVWRQ&RPSXWHU6RFLHW\ 86$ 
DQGDOXPLQLXP %&6$ZDUG %ULWLVK&RPSXWHU6RFLHW\$ZDUG
,QRUJDQLF&KHPLVWU\ *% 
%&// %FHOO&KURQLF/\PSKRF\WLF/HXNHPLD 7KH%&6LQDVVRFLDWLRQZLWK7KH)LQDQFLDO7LPHV
%&/6 %DVLF&DUGLDF/LIH6XSSRUW UXQV7KH,QIRUPDWLRQ6\VWHPV0DQDJHPHQW
%&0%&0 %DFKHORURI&KXUFK0XVLF $ZDUG
%&0WKHRU\ %LHQHQVWRFN&RRSHU0XQURWKHRU\


%&6' %XVLQHVV&RXQFLOIRU6XVWDLQDEOH %' %URNHU'HDOHU


'HYHORSPHQW 6ZLW]HUODQG  %XVLQHVV&RPPHUFH
%&6GHQVLW\RIVWDWHV %DUGHHQ&RRSHU6FKULHIIHU EG EURXJKWGRZQ
GHQVLW\RIVWDWHV EG DEEU EXQGOH
3K\VLFV %RWDQ\&RPSXWHU6FLHQFH0DWKHPDWLFV2SWLFV
%&6( %RDUGRI&LYLO6HUYLFH([DPLQHUV %'$ %DFKHORURI'RPHVWLF$UWV
%&66( %RDUGRQ%HKDYLRUDO&RJQLWLYHDQG %'$ %DFKHORURI'UDPDWLF$UW
6HQVRU\6FLHQFHVDQG(GXFDWLRQ 86$  %'$ %DQTXHGHV1DWLRQV8QLHVSRXUOH
%&67 %RDUGRQ&KHPLFDO6FLHQFHVDQG7HFKQRORJ\ 'pYHORSSHPHQW$IULFDLQ
86$  8QLWHG1DWLRQV %DQN
%&6 WKHRU\ %DUGHHQ&RRSHU6FKULHIIHUWKHRU\ %'$ %RPE'DPDJH$VVHVVPHQW
6ROLG6WDWH3K\VLFV %'$ %RRVWHU'LVWULEXWLRQ$PSOLILHU
%&7 %DQN&UHGLW7UDQVIHU 'DWD&RPPXQLFDWLRQV
%&7HO %ULWLVK&ROXPELD7HOHFRP &DQDGD  %'$ %ULWLVK'HQWDO$VVRFLDWLRQ *% 
%&9 %DQTXH&DQWRQDOH9DXGRLVH %'$ 7KHDLUSRUWFRGHIRU%HUPXGD
6ZLVV%DQN %'$0 %DVLF'LUHFW$FFHVV0HWKRG
%&9 %DUJH&DUU\LQJ9HVVHO &RPSXWHU3URJUDPPLQJ
%&9 %OLVWHU&DQNHU9LUXV %'%FRQVRUWLXP %ULWLVK'LJLWDO%URDGFDVWLQJFRQ
3ODQW3DWKRORJ\ VRUWLXP *% 
%&9% %LUPLQJKDP&RQYHQWLRQ 9LVLWRU%XUHDX %G& %DQTXHGX&DLUH
*%  (J\SWLDQ%DQN
%' %DFN'HOLYHULHV%DG'HOLYHU\ %'& %RWWRP'HDG&HQWHU
%XVLQHVV&RPPHUFH %RWWRPGHDGFHQWHUUHIHUVWRWKHSRLQWDWZKLFKD
%' %DQN'LYLGHQGV SLVWRQLVDWWKHHQGRILWVGRZQVWURNH
%DQNLQJ)LQDQFH 0HFKDQLFDO(QJLQHHULQJ
%' %DQN'UDIW %'FDWV %LQRFXODUO\'HSULYHGFDWV
%DQNLQJ%XVLQHVV&RPPHUFH)LQDQFH ,QWHJUDWLYH1HXURVFLHQFH3K\VLRORJ\
%' %DUUHOVSHU'D\ %''V %LQDU\'HFLVLRQ'LDJUDPV
$OVR%3'ESG &RPSXWHU6FLHQFH/RJLFDO6WUXFWXUHV
%G DEEU %DXG %GHEGH DEEU EULJDGH
&RPSXWHU6FLHQFH %GLVWKHQXPEHURIELWV %'(V %RQG'LVVRFLDWLRQ(QHUJLHV
WUDQVPLWWHGSHUVHFRQG %') %DQTXH'H)UDQFH
7HOHFRPPXQLFDWLRQV %GLVDXQLWRIVLJQDOLQJ )RUIXUWKHUGHWDLOVVHHXQGHU%)
VSHHG %') %DVH'HWRQDWLQJ)XVH
%'EG %LOOV'LVFRXQWHG ([SORVLYHV
%DQNLQJ%XVLQHVV&RPPHUFH %')7%'IW %DQN'UDIW
%' %ORRG'HULYDWLYHV EGIWEGIW ERDUGIRRWERDUGIHHW
EG DEEU ERDUG )RUIXUWKHUGHWDLOVVHHXQGHU%) %RDUG)RRW 
%XLOGLQJ(QJLQHHULQJ %'*3 %HUNHOH\'URVRSKLOD *HQRPH3URMHFW
&RPSXWHU7HFKQRORJ\,QFRPSXWHUWHFKQRORJ\ 86$ 
ERDUGLVDOVRNQRZQDVSOXJERDUGZLUHERDUG %', %HDULQJ'HYLDWLRQ,QGLFDWRU
SDQHO 1DYLJDWLRQ
(OHFWURQLFV,QHOHFWURQLFVERDUGLVDOVRNQRZQDV %', %RWK'DWHV,QFOXGHG%RWK'D\V,QFOXGHG
FLUFXLWERDUG %', *HUPDQ\,QGXVWU\$VVRFLDWLRQ
)RUHVWU\ *UDSKLF$UWV1DYDO$UFKLWHFWXUH %',& %RXUVHVGH'RFWHXU,QJpQLHXU&ODVVLTXHV
1DYLJDWLRQ )UDQFH 
%' %RPE'LVSRVDO %',( %RXUVHGH'RFWHXU,QJpQLHXUFRILQDQFpHSDU
2UGQDQFH OHV(QWUHSULVHV )UDQFH 
EG DEEU ERQG %',5 %RXUVHVGH'RFWHXU,QJpQLHXUFRILQDQFpHV
)RUIXUWKHUGHWDLOVVHHXQGHUE SDUOHV5pJLRQV )UDQFH 
EG DEEU ERXOHYDUG %G/ %DQTXHGX/LEDQ /HEDQRQ 
$OVR%RXO %'/ %XLOGLQJ'HVLJQ/DQJXDJH
EG DEEU ERXQGERXQGDU\ &RPSXWHU3URJUDPV


EGO EXQGOH $OVR%HQJ%(QJU


$OVREGEGOH %( %DFN(QG
EGOV DEEU EXQGOHV %( %DODQFHG(UURU
%RWDQ\&RPSXWHU6FLHQFH0DWKHPDWLFV2SWLFV &RPSXWHU7HFKQRORJ\
%'0 %XWDQHGLRQH0RQR[LPH %( %DQG(OLPLQDWLRQ
%G1 %DQFRGL1DSROL 'DWD&RPPXQLFDWLRQV
,WDOLDQ%DQN %( %DULXP(QHPD
%'1) %UDLQ'HULYHG1HXURWURSKLF)DFWRU 5DGLRORJ\ $OVR%$(
0RWRU1HXURQ'LVHDVH1HXURVFLHQFH %( %DURQRI([FKHTXHU *% 
1HXURELRORJ\ %p%p %DXPp K\GURPHWHU VFDOH
%'2( %DUUHOVSHU'D\2LO(TXLYDOHQW 1DPHGIRUWKH)UHQFKFKHPLVW$QWRLQH%DXPp
%'3 %LEOLRWHFDGL'RFXPHQWD]LRQH3HGDJRJLFD 3K\VLFDO&KHPLVWU\
)ORUHQFH,WDO\  %( %HOJLXP
EGS ELODQFLDGHLSDJDPHQWL $OVR%
,WDOLDQLQLWLDOLVPPHDQLQJEDODQFHRISD\PHQWV %( %HOO(QG
%'5 %DQJODGHVK5LIOHV %( %HORZ(OERZ
5HVSRQVLEOHIRUJXDUGLQJWKHIURQWLHU 0HGLFLQH
%'5 EDWWOHGDPDJHUHSDLU %H WKHFKHPLFDOV\PEROIRU%HU\OOLXP
DUpSDUDWLRQDXFRPEDW %HU\OOLXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF
EUpSDUDWLRQGHVGpJkWVVXELVDXFRPEDW QXPEHUDQDWRPLFZHLJKWRIDQGDPHOW
%'5 %HDUHU'HSRVLWDU\5HFHLSW%ULWLVK'HSRVLWRU\ LQJSRLQWRIDERXW$&8VHGPDLQO\LQODVHUV
5HFHLSW LQ;UD\WXEHVDQGLQHOHFWURQLFGHYLFHV
%G5WV %RQG5LJKWV &KHPLVWU\6\PEROV
%XVLQHVV)LQDQFH %( %( %LOORI(QWU\
%'6%'6 %DFKHORURI'HQWDO6XUJHU\ EH%( %LOORI([FKDQJH
%'6 %DQFRGL6LFLOLD ,WDO\  %( %LQGLQJ(QHUJ\
7KH%'6ZDVRIILFLDOO\HVWDEOLVKHGLQ,Q ,QSK\VLFVDQGSK\VLFDOFKHPLVWU\ELQGLQJHQHUJ\
EHFDPHSDUWRI0HGLRFUHGLWR&HQWUDOHDQGLQ LVDOVRNQRZQDVERQGHQHUJ\
LQFRUSRUDWHGLQ%DQFDGL5RPD 1XFOHDU3K\VLFV3K\VLFV3K\VLFDO&KHPLVWU\
%DQNLQJ,QWHJUDWLRQV %( %RDUGRI(GXFDWLRQ
%'6 DEEU %DUEDGRV,QWHUQDWLRQDO9HKLFOH %( %RRVWHU(QJLQH
5HJLVWUDWLRQOHWWHUV 6SDFH7HFKQRORJ\
%'V %HVW'HOD\V %( %XVLQHVVWR(GXFDWLRQ
%LRORJ\%UDLQ%HKDYLRU1HXURSK\VLRORJ\ $OVR%WR(
EGVERDUGVEXQGOHV %($ %DFNJURXQG(TXLYDOHQW$FWLYLW\
%'6F%'6F %DFKHORURI'HQWDO6FLHQFH %($ %DQNRI(DVW$VLD
%'7 %ULWWOH'XFWLOH7UDQVLWLRQ ,WLV+RQJ.RQJ·VWKLUGODUJHVWEDQN
(DUWKDQG3ODQHWDU\6FLHQFHV*HRORJLFDO %($ %LQDU\(QFRXQWHU$SSUR[LPDWLRQ
6FLHQFHV 1XFOHDU3K\VLFV
%'8 EDWWOHGUHVVXQLIRUP %($ %UHDN(YHQ$QDO\VLV
WHQXHGHFRPEDW %($ %ULWLVK(OHFWULFLW\$XWKRULW\%ULWLVK(QJLQHHUV
%'9 %UHDNGRZQ9ROWDJH $VVRFLDWLRQ *% 
%UHDNGRZQ9ROWDJHLVDOVRNQRZQDV=HQHU %($ %URDGFDVW(GXFDWLRQ$VVRFLDWLRQ
9ROWDJH %($ %XUHDXRI(FRQRPLF$QDO\VLV 86$ 
(OHFWURQLFV %H$O2 &KU\VREHU\O
EG\ DEEU ERXQGDU\ &KU\VREHU\OLVXVHGDVDJHPVWRQH
&KDRWLF'\QDPLFV(OHFWURQLFV0DWKHPDWLFV 0LQHUDORJ\
0LOLWDU\6FLHQFH5RERWLFV %H$O6L2 2+ (XFODVH
%'= EDVHGHIHQFH]RQH 0LQHUDORJ\
]RQHGHGpIHQVHGHEDVHV %($0 %UDLQ(OHFWULFDO$FWLYLW\0DSSLQJ
%( %DFKHORURI(GXFDWLRQ %($0$ %ULWLVK(OHFWULFDODQG$OOLHG
$OVR%(%HG%(G 0DQXIDFWXUHUV
$VVRFLDWLRQ *% 
%(%( %DFKHORURI(QJLQHHULQJ


%($06 %DVH(QJLQHHULQJ$XWRPDWHG0DQDJHPHQW ,QRUJDQLF&KHPLVWU\


6\VWHP %(* %ULJDGH(QJLQHHU*URXS
%($5 %LRORJLFDO(IIHFWVRI$WRPLF5DGLDWLRQ 0DULQH&RUSV
%($67 %XVLQHVV(QJLQHHULQJ$SSURSULDWHWHFK %(, %DQFD(XURSHDSHUJOL,QYHVWLPHQWL%DQTXH
QRORJ\DQG6NLOOHG7UDGHV (XURSpHQQHG
OQYHVWLVVHPHQW
%($7 %HVW([HFXWLRQ$QDO\VLV7DEXODWLRQ ,WDOLDQDQG)UHQFKDFURQ\PRIWKH(XURSHDQ
3V\FKRORJ\ ,QYHVWPHQW%DQN
%(% %ULWLVK([SRUW%RDUG *%  %(, %UHYHWG
(QVHLJQHPHQW,QGXVWULHO )UDQFH 
%H%2 2+ +DPEHUJLWH %(, %XWDQRO([WUDFWDEOH,RGLQH
0LQHUDORJ\ &OLQLFDO&KHPLVWU\
%H& %HU\OOLXP&DUELGH %(/$ %ODFN(QWHUWDLQPHQW/DZ\HUV$VVRFLDWLRQ
,QRUJDQLF&KHPLVWU\ %HO)FV %HOJLDQ)UDQFV
%(& %RVH(LQVWHLQ&RQGHQVDWLRQ&RQGHQVDWH 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
3K\VLFV 6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\
%(& %XUHDXRI(PSOR\HHV
&RPSHQVDWLRQ 1HZ&XUUHQFLHV
%(&$ %DQFD(XURSHD&HQWUR$PHULFD %(// %XOOHWLQ6RFLpWpÄGHVpWXGHVGH/HWWUHV
%H&O %HU\OOLXP&KORULGH /DXVDQQH6ZLW]HUODQG
,QRUJDQLF&KHPLVWU\ 3XEOLFDWLRQ
%(&1 %DFNZDUG([SOLFLW&RQJHVWLRQ1RWLILFDWLRQ %H/7 %HU\OOLXUQ/\PSKRF\WHSUROLIHUDWLRQ7HVW
&RPSXWHUV 7KHEHU\OOLXPO\PSKRF\WHSUROLIHUDWLRQWHVWLV
%(&2 %RRVWHU(QJLQH&XWRII XVHGWRPDNHDVSHFLILFGLDJQRVLVRIFKURQLFEHU\O
%(&V %RVH(LQVWHLQ&RQGHQVDWHV OLXPGLVHDVH
3K\VLFV %(0%(0 %DFKHORURI(QJLQHHULQJRI0LQHV
%HG %DFKHORURI(GXFDWLRQ %(0 %RXQGDU\(OHPHQWV0HWKRGV
$OVR%(G%(%( %(0$ %XVLQHVV(TXLSPHQW0DQXIDFWXUHUV
%(' %DVLF(QJLQHHULQJ'HYHORSPHQW $VVRFLDWLRQ
%(' %R[([WHUQDO'DWD %(03(; %DURWURSLF(OHFWURPDJQHWLFDQG3UHVVXUH
%HGV DEEU %HGIRUGVKLUH *%  (;SHULPHQW
EHGV DEEU EHGURRPV %(03(;WRRNSODFHLQ
%('777) PROHFXOH >%LV (WK\OHQHGLWKLR  %(0V %LJ(PHUJLQJ0DUNHWV
7HWUDWKLDIXOYDOHQH@PROHFXOH %(1 %LDVHG(QKDQFHG1XFOHDWLRQ
&RQGHQVHG0DWWHU3K\VLFV &KHPLVWU\0DWHULDOV6FLHQFH3K\VLFV
%((%(( %DFKHORURI(OHFWULFDO(QJLQHHULQJ %(1 %LR6FL(G1HW
%(( %DQFD(XURSHDGHOOH(VSRUWD]LRQL $ $$$6PDQDJHG:HEVLWH
,WDOLDQLQLWLDOLVPRIWKH(XURSHDQ([SRUW%DQN %LRORJLFDO6FLHQFHV
%(( %HQWKLFIRUDPLQLIHUD([WLQFWLRQ(YHQW )RUIXUWKHUGHWDLOVVHHXQGHU$$$6
*HRORJ\*HRSK\VLFV3DOHRFHQH(SRFK %H1 %HU\OOLXP1LWULGH
2FHDQRJUDSK\ %HU\OOLXP1LWULGHLVXVHGPDLQO\WRPDNHURFNHW
%(() %XVLQHVVDQG(QJLQHHULQJ(QULFKHG)25 IXHOV
75$1 ,QRUJDQLF&KHPLVWU\
'DWD&RPPXQLFDWLRQV %(1(&+$1 %HQHOX[6XE$UHD&KDQQHO>REVR
%((3 %DWWDOLRQ(TXLSPHQW(YDOXDWLRQ3URJUDP OHWH@
86'HSDUWPHQWRI'HIHQVH 6RXV]RQH%HQHOX[GHOD0DQFKH>REVROqWH@
%((3 %XUHDX(XURSpHQGH,
(GXFDWLRQ3RSXODLUH %(1(/8; %(OJLXPWKH1(WKHUODQGVDQG
)UHQFKDFURQ\PRIWKH(XURSHDQ%XUHDXRI$GXOW /8;HPEXUJ
(GXFDWLRQ %HQJ%(QJU %DFKHORURI(QJLQHHULQJ
%((6 %RDUGRQ(QHUJ\DQG(QYLURQPHQWDO6\VWHPV $OVR%(%(
86$  %(QJ6 %DFKHORURI(QJLQHHULQJ6FLHQFH
EHI DEEU EHIRUH EHQ] DEEU EHQ]HQH
%() %ULWLVK([SHGLWLRQDU\)RUFH )RUIXUWKHUGHWDLOVVHHXQGHU&+
0LOLWDU\ 2UJDQLF&KHPLVWU\
%H) %HU\OOLXP)OXRULGH EHQ] DEEU EHQ]RLF
%HU\OOLXP)OXRULGHLVXVHGPDLQO\LQPHWDOOXUJ\ %H2 %HU\OOLXP2[LGH


%HU\OOLXP2[LGHLVXVHGPDLQO\LQHOHFWURQWXEHV %(66 %LRPHGLFDO([SHULPHQW6FLHQWLILF6DWHOOLWH


,QRUJDQLF&KHPLVWU\ %(66 %RWWRP(QYLURQPHQWDO6HQVLQJ6\VWHP
%(3%(3 %DFKHORURI(QJLQHHULQJ3K\VLFV %(67 %DVLF(GXFDWLRQDO6NLOOV7HVW%DVLF(VVHQWLDO
%(3 %DFN(QG3URFHVVRU 6NLOOV7HVWLQJ
&RPSXWHU7HFKQRORJ\ %(67 %DWWHU\(QHUJ\6WRUDJH7HVW
%(3 %LRPROHFXODU(QJLQHHULQJ3URJUDP %(67 %HWWHU(OHFWURQLF6HUYLFH7HFKQLFLDQV
%(SRLQW %UHDN(YHQSRLQW %(67 %RDUGRQ(QYLURQPHQWDO6WXGLHVDQG
,QGXVWULDO(QJLQHHULQJ 7R[LFRORJ\ 86$ 
%(5 %DVLF(QFRGLQJ5XOHV %(67 %RDUGRI(XURSHDQ6WXGHQWVRI7HFKQRORJ\
&RPSXWHUV %(67 %XLOGLQJ(QJLQHHULQJDQG6FLHQFH7DOHQW
%(5 7KHDLUSRUWFRGHIRU%HUOLQ*HUPDQ\ 86$ 
%(5 %LW(UURU5DWH %(67 %XOOHWLQRI(XURSHDQ6WXGLHVRI7LPH
%(5' %DQTXH(XURSpHQQHSRXUOD5HFRQVWUXFWLRQ (XURSHDQ&RPPXQLW\
HWOH'pYHORSSHPHQW %(67 LVSURGXFHGDQGSXEOLVKHGE\WKH(&
)UHQFKDFURQ\PRIWKH(XURSHDQ%DQNIRU )RXQGDWLRQ,WUHIHUVWRSDUWWLPHZRUNLQ(XURSH
5HFRQVWUXFWLRQDQG'HYHORSPHQW %(67 %XVLQHVVFODVVYHUVXV(FRQRP\6\QGURPHDV
%(5, %RJ(FRV\VWHP5HVHDUFK,QLWLDWLYH DFDXVHRI7KURPERVLV
(XURSHDQ&RPPXQLW\3URMHFW $ SURMHFWXQGHUWDNHQE\.LQJ·V&ROOHJH/RQGRQ
%HUNV DEEU %HUNVKLUH *%  DQGWKH8QLYHUVLW\RIWKH:LWZDWHUVURXQGLQ6RXWK
%HUV %DQFD(XURSHDSHUOD5LFRVWUX]LRQHHOR $IULFD
6YLOXSSR %ORRGFORW6WXG\
,WDOLDQDFURQ\PRIWKH(XURSHDQ%DQNIRU %(67 %XVLQHVV('3 6\VWHPV7HFKQLTXH
5HFRQVWUXFWLRQDQG'HYHORSPHQW %(67 %XVLQHVV(OHFWURQLF6\VWHPV7HFKQLTXHV
%(57 %LW(UURU5DWH7HVW %(67(67 %XLOGLQJ(QHUJ\6LPXODWLRQ7HVW
%(576%HUWV %DQJNRN(OHYDWHG5RDGDQG7UDLQ %(67(67 LVDGLDJQRVWLFPHWKRGWRLPSURYHWKH
6\VWHP DFFXUDF\RIFRPSXWHUHQHUJ\VRIWZDUHSURJUDPV
%(6 %DQFR(VSLULWR6DQWRH&RPHUFLDOGH/LVERD 7KH%(67(67 SURFHGXUHLVSDUWRIDQRYHUDOOYDOL
3RUWXJDO  GDWLRQPHWKRGILUVWGHYHORSHGDW15(/ LQ
%(6LV3RUWXJDO
VIRXUWKODUJHVWEDQNJURXS,WKDV WKDWFRPELQHVDQDO\WLFDOHPSLULFDODQGFRPSDUD
LWVRULJLQLQWKHODWHWK FHQWXU\DQGLWVWLWOHVLQFH WLYHWHFKQLTXHV%(67(67 ZDVGHYHORSHGDVSDUW
DPHUJHULQ,QLWZDVWDNHQRYHUE\WKH RIDQ,QWHUQDWLRQDO(QHUJ\$JHQF\SURMHFWDQGKDV
6WDWHDQGZDVUHSULYDWLVHGLQ(VSLULWR6DQWR EHHQILHOGWHVWHGLQVHYHUDO(XURSHDQFRXQWULHV
LVWKHVXUQDPHRIWKHIDPLO\IRXQGHURIWKHEDQN (QHUJ\6RIWZDUH
$OVR%(6&/ )RUIXUWKHUGHWDLOVVHHXQGHU15(/
3RUWXJXHVH%DQN %(7 %DFKHORURI(QJLQHHULQJ7HFKQRORJ\
%(6 EXGJHWHVWLPDWHVXEPLVVLRQ %(7 %L6&(YDOXDWLRQ7HDP
DGRFXPHQWEXGJpWDLUH (TXLSHG·pYDOXDWLRQGHV&RPPDQGHPHQWV
ESURMHWGHEXGJHW VWUDWpJLTXHV
%(6 %XUHDXRI(PSOR\PHQW6HFXULW\ 86$  %(7 %ULWLVK(OHFWULF7UDFWLRQ
%(6 %XVLQHVV([SDQVLRQ6FKHPH %(7$ %DWWOHILHOG([SORLWDWLRQDQG7DUJHW
%XVLQHVV)LQDQFH $FTXLVLWLRQ
%(6$ %UHYHWG
(QVHLJQHPHQWGHV6SRUWV$pULHQV %(7$ %LOOLRQFKDQQHO([WUDWHUUHVWULDO$VVD\
)UDQFH  ([WUDWHUUHVWULDO,QWHOOLJHQFH
%(6$ %ULWLVK(QJLQHHULQJ6WDQGDUGV$VVRFLDWLRQ %(7$ %XVLQHVV(TXLSPHQW7UDGH$VVRFLDWLRQ
*%  EHWD 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
%(6$& %DVLF(QHUJ\6FLHQFHV$GYLVRU\ ZRUGEHWDZKLFKLVWKHVHFRQGOHWWHURIWKH
&RPPLWWHH 86$  *UHHNDOSKDEHW`
%(6GLYLVLRQ %DVLF(QHUJ\6FLHQFHGLYLVLRQ %(7 PHWKRG %UXQDXHU(PPHWW7HOOHUPHWKRG
2I'2(86$ (QJLQHHULQJ,QWHOOLJHQW3RO\PHUV1DQRWXEHV
)RUIXUWKHUGHWDLOVVHHXQGHU'2( %(8& %XUHDX(XURSpHQ8QLRQV&RQVRPPDWHXUV
%(65 %RDUGRQ(DUWK6FLHQFHVDQG5HVRXUFHV )UHQFKDFURQ\PRIWKH(XURSHDQ%XUHDXRI
86$  &RQVXPHUV
8QLRQV
%(66 %LQDU\(OHFWURPDJQHWLF6LJQDO6LJQDWXUH %(9EHY DEEU %HYHO


%XLOGLQJ(QJLQHHULQJ'HVLJQ(QJLQHHULQJ %)$ %UHIHOGLQ$


*UDSKLF$UWV0HFKDQLFDO(QJLQHHULQJ %)$5 %XUHDXRI)LVKHULHVDQG$TXDWLF5HVRXUFHV
%(9 %ODFNVEXUJ(OHFWURQLF9LOODJH 9LUJLQLD 7KH3KLOLSSLQHV
86$  %)& %DFNXS)OLJKW&RPSXWHU
&RPPXQLW\1HWZRUNV(OHFWURQLF&RPPXQLWLHV %)& %XGJHWDQG)RUHFDVW&DOHQGDUL]DWLRQ
%H9 2QHELOOLRQHOHFWURQYROWV H9 %)&( %DQTXH)UDQoDLVHGX&RPPHUFH([WpULHXU
$OVR*H9 )UDQFH 
3K\VLFV )UHQFK%DQN
%(9V %DFXORYLUXV([SUHVVLRQ9HFWRUV %)&6 %DFNXS)OLJKW&RQWURO6\VWHP
%DFXORYLUXVH[SUHVVLRQYHFWRUVDUHXVHGDWSUHVHQW %)&8 %XUHDXRI)HGHUDO&UHGLW8QLRQV 86$ 
LQPDQ\EDVLFUHVHDUFKODERUDWRULHVDQGFRPPHU EIF\ DEEU EHQHILFLDU\
FLDOELRWHFKQRORJ\FRPSDQLHVIRUWKHSURGXFWLRQ %XVLQHVV&RPPHUFH)LQDQFH
RIYDFFLQHVWKHUDSHXWLFVDQGGLDJQRVWLFUHDJHQWV %)( %URPRWULIOXRURHWK\OHQH
%LRORJ\%DFXORYLURORJ\%LRWHFKQRORJ\0HGLFDO %)(( %HQWKLF)RUDPLQLIHUDO([WLQFWLRQ(YHQW
5HVHDUFK (DUWK6FLHQFH*HRORJLFDO6FLHQFHV0DULQH
%H:2 5XVVHOOLWH 6FLHQFH
0LQHUDORJ\ %I* )HGHUDO,QVWLWXWHIRU+\GURORJ\ *HUPDQ\ 
%(; %URDGEDQG([FKDQJH E)*) EDVLF)LEUREODVW*URZWK)DFWRU
'DWD&RPPXQLFDWLRQV %), EXONIXHOLQVWDOODWLRQ
%)%) %DFKHORURI)RUHVWU\ LQVWDOODWLRQGHFDUEXUDQWVHQYUHF
%) %DFNGRRU)LQDQFLQJ 86$  %)/ %DFN)RFDO/HQJWK
%) %DKDPDV 7KHEDFNIRFDOOHQJWKLVDFWXDOO\WKHGLVWDQFHIURP
%) %DODQFHG)OXH WKHUHDUVXUIDFHRIDOHQVWRLWVIRFDOSODQH
(QJLQHHULQJ 2SWLFV
%) %DODQFHG)XQG %)/ 7KHDLUSRUWFRGHIRU%DNHUVILHOG&DOLIRUQLD
%XVLQHVV)LQDQFH 86$
%I %DQGILOWHU %I1 )HGHUDO$JHQF\IRU1DWXUH&RQVHUYDWLRQ
%) %DQTXHGH)UDQFH *HUPDQ\ 
$OVR%') %)1& %HQLJQ)DPLOLDO1HRQDWDO&RQYXOVLRQV
(VWDEOLVKHGRQWK-DQXDU\ %1)&LVDQDXWRVRPDOGRPLQDQWHSLOHSV\RILQIDQ
%) %DVH)XVH F\
EIEI EDVVDIUHTXHQ]DEDVVHIUpTXHQFH +XPDQ*HQHWLFV1HRQDWDO+XPDQ(SLOHSV\
,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJORZIUH %)2 %HDW)UHTXHQF\2VFLOODWRU
TXHQF\ 7KHEHDWIUHTXHQF\RVFLOODWRULVDOVRNQRZQDV
3K\VLFV KHWHURG\QHRVFLOODWRU
%) %HOJLDQ)UDQFV (OHFWURQLFV
)RUIXUWKHUGHWDLOVVHHXQGHU%HO)FV %)3 %LRORJLF)DOVH3RVLWLYH
%) %ODVWRJHQLF)DFWRU%ORFNLQJ)DFWRU 0HGLFLQH
%) %RDUG)RRW %)3 %RLOHU)HHG3XPS
%RDUGIRRWLVDXQLWRIPHDVXUHHTXDOWR %RLOHUV
FXELFFHQWLPHWHUV %)3 %XQGOH)RUPLQJ3LOXV RUSLOL 
(QJLQHHULQJ 0LFURELRORJ\
%I %RLOHUIHHG %)5$ %RURQ)LEHUV5HLQIRUFHG$OXPLQXP
EIEI EROGIDFH 0HWDOOXUJ\
%ROGIDFHUHIHUVWRDW\SHKDYLQJGDUNOLQHVVRDVWR %)6%)6 %DFKHORURI)RUHLJQ6HUYLFH
DSSHDUEODFNZLWKUHVSHFWWRRWKHUW\SH %)6 %DFNXS)OLJKW6\VWHP
*UDSKLF$UWV %)6 %HDP)RLO6SHFWURVFRS\
EI EURXJKWIRUZDUG %)6LVDPHWKRGIRUWKHVWXG\RIDWRPVDQGLRQV
%RRN.HHSLQJ %)63 %ULWLVKDQG)RUHLJQ6WDWH3DSHUV
%) %RURQ7ULIOXRULGH %)7%)7 %DFKHORURI)RUHLJQ7UDGH
%) LVXVHGWRFDWDO\]HFKHPLFDOUHDFWLRQV %)8( %XUVW)RUPLQJ8QLW(U\WKURLG
,QRUJDQLF&KHPLVWU\ %)< %XGJHW)LVFDO<HDU
%)$ %)$ %DFKHORURI)LQH$UWV %XVLQHVV(FRQRPLFV)LQDQFH


EJ DEEU EDFNJURXQG 'LERUDQHKDVPDQ\DSSOLFDWLRQVLQLQGXVWU\


$FRXVWLFV&RPSXWHU7HFKQRORJ\*HRFKHPLVWU\ ,QRUJDQLF&KHPLVWU\
3K\VLFV7HOHFRPPXQLFDWLRQV %+$ %XW\ODWHG+\GUR[\DPLVROH
EJ DEEU EDJ %+$ LVXVHGDVDQDQWLR[LGDQWIRURLOVDQGIDWV
,QFRPSXWHUVFLHQFHEDJLVDOVRNQRZQDVPXOWL 2UJDQLF&KHPLVWU\
VHW %
KDP DEEU %LUPLQJKDP *% 
&RPSXWHU6FLHQFH %+%PRWLI %XOJH+HOL[%XOJHPRWLI
%* %DQJODGHVK %LRWHFKQRORJ\&HOOXODU%LRORJ\0ROHFXODU
%* %HUJDPR,WDO\ %LRORJ\
%* %LUPLQJKDP*DXJH %+& %HQ]HQH+H[DFKORULGH
)RUIXUWKHUGHWDLOVVHHXQGHU%:* %HQ]HQH+H[DFKORULGHLVDOVRNQRZQDV
%*EJ %RQGHG*RRGV +H[DFKORURF\FORKH[DQH
%* %ULJDGLHU*HQHUDO 2UJDQLF&KHPLVWU\
%* %XOJDULD
VYHKLFOHUHJLVWUDWLRQOHWWHUV %+& %RVQLD+HU]HJRYLQD&RPPDQG
%* %XVLQHVVWR*RYHUQPHQW &RPPDQGHPHQWGH%RVQLH+HU]pJRYLQH
$OVR%WR* %+&&& %RVQLD+HU]HJRYLQDFRPPXQLFDWLRQVFRQ
H&RPPHUFH WUROFHQWUH
%*& %HUNHOH\*HRFKURQRORJ\&HQWHU FHQWUHGHFRQWU{OHGHVFRPPXQLFDWLRQVGHOD
7KH%*&LVORFDWHGDW%HUNHOH\&DOLIRUQLD %RVQLH+HU]pJRYLQH
86$ EKG DEEU EXONKHDG
$QWKURSRORJ\ $YLDWLRQ%XLOGLQJ(QJLQHHULQJ0LQLQJ
%*' %LOOLRQ*DOORQVSHU'D\ (QJLQHHULQJ1DYDO$UFKLWHFWXUH
%** %RYLQH*DPPD*OREXOLQ %+( %XUHDXRI+LJKHU(GXFDWLRQ
%*+ %RDUGRQ*OREDO+HDOWK 86$  %
KHDG DEEU %LUNHQKHDG *% 
E*+ %RYLQH*URZWK+RUPRQH %+(: %RDUGRQ+LJKHU(GXFDWLRQDQG:RUNIRUFH
%*, %HLMLQJ*HQRPLFV,QVWLWXWH &KLQD  86$ 
%*, 7KHDLUSRUWFRGHIRU%DUEDGRV %+) %ULWLVK+HDUW)RXQGDWLRQ *% 
%*,·V %DUFOD\V*OREDO,QYHVWRUV *%  %+.FHOOV %DE\+DPVWHU.LGQH\FHOOV
%*. %DFNJURXQG.QRZOHGJH ,PPXQRORJ\0HGLFLQH0LFURELRORJ\7XPRU
%*/ %RPEHj*XLGDJH/DVHU %LRORJ\9LURORJ\
ODVHUJXLGHGERPE /*%  %+/ %DFKHORURI+HEUHZ/HWWHUV%DFKHORURI
%*2+ %XUHDXGHJHVWLRQ27$1+$:. +HEUHZ/LWHUDWXUH
1$72+$:.0DQDJHPHQW2IILFH 1+02  E+/+PRWLI EDVLF+HOL[/RRS+HOL[PRWLI
%*3 %DQTXHGH*HVWLRQ3ULYpH )UDQFH  3DWKRORJ\7UDQVFULSWLRQ)DFWRUV
%*3 EXUHDXGHJHVWLRQGHSURMHW E+/+3$6GRPDLQV EDVLF+HOL[/RRS+HOL[DQG
SURMHFWPDQDJHPHQWRIILFH 302  3HU$UQW6LPGRPDLQV
%*5 7KHDLUSRUWFRGHIRU%DQJRU0DLQH &HOO%LRORJ\
EJV DEEU EDJV %+1 %ULQHOO+DUGQHVV1XPEHU
%*6 %ULWLVK*HRORJLFDO6XUYH\ *%  1DPHGIRUWKH6ZHGLVKPHWDOOXUJLVW-RKDQQ
EJW DEEU ERXJKW %ULQHOO
%XVLQHVV&RPPHUFH 0DWHULDOV6FLHQFH
%+ %DQN+DQGORZ\ 3RODQG  %+3EKS %RLOHU+RUVHSRZHU%UDNH+RUVHSRZHU
3ROLVK%DQN 0HFKDQLFDO(QJLQHHULQJ
%+ %DQN+ROLGD\ %+5$ %ULWLVK+\GURPHFKDQLFV5HVHDUFK
%+ %LOORI+HDOWK $VVRFLDWLRQ *% 
0HGLFLQH %+V %ODFN+ROHV
%+ %ODFN+ROH $VWURQRP\
%+ %ULQHOO+DUGQHVV %KW% %DKW
1DPHGIRUWKH6ZHGLVKPHWDOOXUJLVW-RKDQQ $OVR% 7KDLODQG 
%ULQHOO &XUUHQFLHV
0DWHULDOV6FLHQFH %+7 %XW\ODWHG+\GUR[\WROXHQH
%+ 7HWUDK\GURELRSWHULQ %+7 LVXVHGLQSHWUROHXPSURGXFWV
%+ 'LERUDQH $QWLR[LGDQWV2UJDQLF&KHPLVWU\


%, %DQFDG
,WDOLD %,&( %RDUGRQ,QIUDFWXUHDQGWKH&RQVWUXFWHG
$OVR%$1.,7$/,$ (QYLURQPHQW 86$ 
,WDOLDQLQLWLDOLVPRIWKH%DQNRIOWDO\ %,&(0$ %ULWLVK,QWHUQDO&RPEXVWLRQ(QJLQH
%L 7KHFKHPLFDOV\PEROIRU%LVPXWK 0DQXIDFWXUHUV
$VVRFLDWLRQ *% 
%LVPXWKLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF %,&(6 %DWWOHILHOG,QIRUPDWLRQ&ROOHFWLRQDQG
QXPEHUDQGDQDWRPLFZHLJKWRI ([SORLWDWLRQ6\VWHP
&KHPLVWU\6\PEROV0LQHUDORJ\ V\VWqPHGHUHFXHLOHWG·H[SORLWDWLRQGHVLQIRUPD
%,$ %,$ %DFKHORURI,QGXVWULDO$UWV WLRQVGXFKDPSGHEDWDLOOH
%,$ %RDUGRI,PPLJUDWLRQ$SSHDOV 86$  %L&O %LVPXWK&KORULGH
%,$ %UDLOOH,QVWLWXWHRI$PHULFD 86$  %LVPXWK&KORULGHLVXVHGPDLQO\DVDFDWDO\VW
%,$ %XUHDXRI,QGLDQ$IIDLUV ,QRUJDQLF&KHPLVWU\
%,$& %XVLQHVVDQG,QGXVWU\$GYLVRU\&RPPLWWHH %,&V %XVLQHVV,QQRYDWLRQ&HQWUHV
WRWKH2(&'  )UDQFH  %,&6( %RDUGRQ,QWHUQDWLRQDO&RPSDUDWLYH6WXGLHV
%,$&721 'HYHORSPHQWRI,QGXVWULDOHTXLSPHQW LQ(GXFDWLRQ 86$ 
DOORZLQJSURGXFWLRQRIDVWDEOHDQGKHDWUHVLVWDQW %,' %,' %DFKHORURI,QGXVWULDO'HVLJQ
PL[RIEDFWHULD %,' %DFWHULDO,'HQWLILFDWLRQ
(XURSHDQ&RPPXQLW\3URMHFW %,' %DQTXH,VODPLTXHGH'pYHORSSHPHQW
%,$6 %DWWOHILHOG,OOXPLQDWLRQ$LUERUQH6\VWHP $UDE%DQN
%,$6 %XR\,QWHJUDWHG$QWHQQD6XEPDULQH %,'%LG %XVLQHVV,PSURYHPHQW'LVWULFW 86$
%L$V2 5RRVHYHOWLWH 1HZ<RUN 
5RRVHYHOWLWHLVDPLQHUDORIWKHPRQD]LWHJURXS %,'&2 %XVLQHVVDQG,QGXVWULDO'HYHORSPHQW
0LQHUDORJ\ &2USRUDWLRQ
%,$7$%,$7$ %ULWLVK,QGHSHQGHQW$LU %,'6 %DVH,QWUXVLRQ'HWHFWLRQ6\VWHP
7UDQVSRUW$VVRFLDWLRQ *%  %,'6 %ULWLVK,QVWLWXWHRI'HDOHUVLQ6HFXULWLHV
%,% %DE\,QFHQGLDU\%RPE *% 
%,% %LRJUDSKLFDO,QIRUPDWLRQ%ODQN %,'6 %URDGEDQG,QIUDVWUXFWXUHVIRU'LJLWDO79 DQG
%,% %RDUGIRU,QWHUQDWLRQDO%URDGFDVWLQJ 86$  PXOWLPHGLD6HUYLFHV
%,% %ULWLVK,QWHUDFWLYH%URDGFDVWLQJ *%  (XURSHDQ&RPPXQLW\3URMHFW
,QWHUDFWLYH7HOHYLVLRQ6HUYLFHV %,( %,( %DFKHORURI,QGXVWULDO(QJLQHHULQJ
ELE 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH %,( %XUHDX,QWHUQDWLRQDOGHV([SRVLWLRQV
(QJOLVKDEEUHYLDWLRQELE 0HGLFLQH  %,) %DQGHG,URQ)RUPDWLRQ
%,%$ %ULWLVK,QVXUDQFH%URNHUV
$VVRFLDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU%,)V
%,%% %XQGHVLQVWLWXWIU%HUXIVELOGXQJ %,) %DQN,QVXUDQFH)XQG
%,%%LVORFDWHGLQ%HUOLQ*HUPDQ\ %,) %HQHYROHQFH,QWHUQDWLRQDO)RXQGDWLRQ
*HUPDQ,QVWLWXWH &KDULWLHV
ELEOELEOLFR %,)%,) %ULWLVK,QGXVWULHV)DLU *% 
,WDOLDQDEEUHYLDWLRQPHDQLQJELEOLFDO %,)$ %ULWLVK,QWHUQDWLRQDO)UHLJKW$VVRFLDWLRQ
ELEO ELEOLRJUDILDELEOLRJUDIR *% 
,WDOLDQDEEUHYLDWLRQPHDQLQJELEOLRJUDSK\ELEOL %,)) EDWWOHILHOGLGHQWLILFDWLRQIULHQGRUIRH
RJUDSKHU LGHQWLILFDWLRQDPLHQQHPLVXUOHFKDPSGHEDWDLOOH
ELEO ELEOLRWHFD %,)V %DQGHG,URQ)RUPDWLRQV
,WDOLDQDEEUHYLDWLRQPHDQLQJOLEUDU\ 7KH%,)VDUHVHGLPHQWDU\URFNV
%,& %DQFR,QWHUQDFLRQDOGH&UpGLWR 3RUWXJDO  (DUWK6FLHQFHV(QYLURQPHQWDO6FLHQFHV,VRWRSH
3RUWXJXHVH%DQN *HRORJ\*HRFKHPLVWU\
%,& %LRLQIRUPDWLFV&RUH %,)8 %DQNLQJ,QVXUDQFHDQG)LQDQFH8QLRQ *% 
$W06.&& %,* %HVW,Q*URXS
)RUIXUWKHUGHWDLOVVHHXQGHU06.&& %,* %XVLQHVV,QYHVWPHQW*DPH
%,& %XVLQHVV,QQRYDWLRQ&HQWHU ELJQXP DEEU ELJ QXPEHU
%,&$ %LHQQDOH,QWHUQD]LRQDOHGL&RPXQLFD]LRQH &RPSXWHU6FLHQFH
$PELHQWDOH ,WDO\  %,+ %HWK,VUDHO+RVSLWDO 86$ 
%,&& %,&(6LQLWLDOFRUHFDSDELOLW\ %,+ %XUHDX,QWHUQDWLRQDOGHO
+HXUH )UDQFH 
FDSDFLWpFHQWUDOHLQLWLDOHGX%,&(6 %,, %DQN,QWHUQDWLRQDO,QGRQHVLD
,QGRQHVLDQ%DQN


%L, %LVPXWK,RGLGH %L2&O %LVPXWK2[\FKORULGH


,QRUJDQLF&KHPLVWU\ %L2&OLVXVHGPDLQO\LQFRVPHWLFV
%,/ %DQFD,QWHUQD]LRQDOH/RPEDUGD ,WDO\  ,QRUJDQLF&KHPLVWU\
,WDOLDQ%DQN %,2&20% %,2IXHOIRU&20%XVWLRQ
%,/( %DODQFHG,QGXFWRU/RJLFDO(OHPHQW 3UHSDUDWLRQRIELRIXHOIRUFXPEXVWLRQDGHPRQ
%,0 %DWDLOORQG
,QIDQWHULHGH0DULQH )UDQFH  VWUDWLRQSURMHFWIRFXVHGRQWKHGHYHORSPHQWRI
%,0 %HJLQQLQJRI,QIRUPDWLRQ0DUNHU FOHDQWHFKQRORJLHVIRUVROLGIXHOV
%,0LVDOVRNQRZQDV%HJLQQLQJRIWDSHPDUNHU (XURSHDQ&RPPLVVLRQ)LIWK)UDPHZRUN
&RPSXWHU7HFKQRORJ\ 3URJUDPPH(QHUJ\
ELP %LPHVWUDOHELPHVWUH %,2'(37+ %,2'LYHUVLW\DQG(FRORJLFDO
,WDOLDQDEEUHYLDWLRQPHDQLQJELPRQWKO\DWZR 3URFHVVHVLQ7HUUHVWULDO+HUEDFHRXVHFRV\VWHPV
PRQWKVSHULRG (XURSHDQ&RPPXQLW\3URMHFW
%,0 %ULWLVK,QVWLWXWHRI0DQDJHPHQW *%  %L 2+  %LVPXWK+\GUR[LGH
%,0 %ULWLVK,QVWLWXWHRI0HWDOV *%  ,QRUJDQLF&KHPLVWU\
%,0$ %ULWLVK,QWHUDFWLYH0HGLD$VVRFLDWLRQ *%  ELRO ELRORJLDELRORJR
%,0$ IDFLOLW\ %HUNHOH\,OOLQRLV0DU\ODQG ,WDOLDQDEEUHYLDWLRQPHDQLQJELRORJ\ELRORJLVW
$VVRFLDWLRQIDFLOLW\ %,20$66 %LRORJLFDO,QYHVWLJDWLRQV2I0DULQH
$W+DW&UHHN&DOLIRUQLD86$ $QWDUFWLF6\VWHPVDQG6WRFNV
$VWURQRP\ %,20&' %HGIRUG,QVWLWXWHRI2FHDQRJUDSK\
%,0&2 %DOWLFDQG,QWHUQDWLRQDO0DULWLPH&2XQFLO 0DULQH&KHPLVWU\'LYLVLRQ &DQDGD 
%,0'$ %LRVHUYH,QVWUXPHQWDWLRQWHFKQRORJ\DVVR %,26 %DVLF,QSXW2XSXW6\VWHP
FLDWHV0DWHULDOV'LVSHUVLRQ$QDO\VLV &RPSXWHU3URJUDPPLQJ
([SHULPHQWV %,26,6&$6 %LRVFLHQFHV,QIRUPDWLRQ
EL01& RIWKH WZR0DMRU1$72&RPPDQGV 6HUYLFH&KHPLFDO$EVWUDFWV6HUYLFH
>REVROHWHQRZUHSODFHGE\EL6&@ %,263,&( %LRLQIRUPDWLFV63,&(
GHV GHX[*UDQGV&RPPDQGHPHQWVGHO·27$1 )RUIXUWKHUGHWDLOVVHHXQGHU63,&(
RX*&2 >REVROqWHUHPSODFpSDUEL6&@ ELRV\Q DEEU ELRV\QWKHVLV
%,1 %LQ %DQFDGL,QWHUHVVH1D]LRQDOH ,WDO\  %,3 %DODQFHG,Q3ODQH
,WDOLDQDFURQ\PPHDQLQJ1DWLRQ:LGH%DQN %,3 %LSURSHOODQW
%,1 %XUHDX,QWHUQDWLRQDOGH1RUPDOLVDWLRQ 6SDFH7HFKQRORJ\
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO %,3 %XUHDXRI,QWHUQDWLRQDO3URJUDPV
6WDQGDUGL]DWLRQ%XUHDX 2IWKH86'HSDUWPHQWRI&RPPHUFH
%,1*2 %HDFRQ,1VWUXPHQWHG*XLGHG2UGQDQFH %,30 %XUHDX,QWHUQDWLRQDOGHV3RLGVHW0HVXUHV
%,12&8/$56 %LRJHRFKHPLFDO1XWULHQWV&\FOLQJ )UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO%XUHDXRI
LQ/DUJH5LYHU6\VWHPV :HLJKWVDQG0HDVXUHV7KH%,30LVORFDWHGLQ
(XURSHDQ&RPPXQLW\3URMHFW(QYLURQPHQWDO 6qYUHV)UDQFH
3URWHFWLRQ0HWHRURORJ\6DIHW\ %L32 %LVPXWK3KRVSKDWH
%,2 %HGIRUG,QVWLWXWHRI2FHDQRJUDSK\ &DQDGD  %LVPXWK3KRVSKDWHLVXVHGWRUHFRYHUSOXWRQLXP
%,2 %LRWHFKQRORJ\,QGXVWU\2UJDQL]DWLRQ ,QRUJDQLF&KHPLVWU\
%,2LVEDVHGLQ:DVKLQJWRQ'&86$ %,323 %DQFD3RSRODUHGL%UHVFLD ,WDO\ 
%LRWHFKQRORJ\ %,323 LVD&RRSHUDWLYHOLPLWHG/LDELOLW\
%L2 %LVPLWH &RPSDQ\
%LVPLWHLVDOVRNQRZQDV%LVPXWK2FKHU ,WDOLDQ%DQN
0LQHUDORJ\ %,36 %LOOLRQ,QVWUXFWLRQV3HU6HFRQG
%L2 %LVPXWK7ULR[LGH %,5 %LRORJLFDO,QVWUXPHQWDWLRQDQG5HVRXUFHV
%L2 LVXVHGPDLQO\WRFRORXUFHUDPLFV %,5LVD'LYLVLRQRIWKH861DWLRQDO6FLHQFH
,QRUJDQLF&KHPLVWU\ )RXQGDWLRQ
%,2& EDVLFLGHQWLW\REMHFWFODVV %,5 %ULWLVK,QVWLWXWHRI5DGLRORJ\ *% 
FODVVHG·REMHWV´FDWpJRULHVpOpPHQWDLUHVG·LGHQ %,5$ %ULWLVK,URQ5HVHDUFK$VVRFLDWLRQ *% 
WLWpµ )RXQGU\
ELRFKLP ELRFKLPLFDELRFKLPLFR %,5' %DQTXH,QWHUQDWLRQDOHSRXUOD5HFRQVWUXFWLRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJELRFKHPLVWU\ELR HWOH'pYHORSSHPHQW
FKHPLVW


)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO%DQNIRU %,67,LVDQLQWHUGLVFLSOLQDU\SURJUDPWRFUHDWH
5HFRQVWUXFWLRQDQG'HYHORSPHQW DFDGHPLFFHQWHUVRIH[FHOOHQFHLQELRFRPSXWLQJ
%,51 %LRPHGLFDO,QIRUPDWLFV5HVHDUFK1HWZRUN %,7 %DFKHORURI,QGXVWULDO7HFKQRORJ\
0RXVHPRGHOVRIKXPDQQHXURORJLFDOGLVHDVHV %,7 %RURQ,QMHFWLRQ7DQN
1HXURVFLHQFH 1XFOHDU(QHUJ\
)RUIXUWKHUGHWDLOVVHHXQGHU0%,51 %,7 %RUVD,QWHUQD]LRQDOHGHO7XULVPR ,WDO\ 
%,56 %DQFD,QWHUQD]LRQDOHSHUOD5LFRVWUX]LRQHHOR %,7 %XUHDX,QWHUQDWLRQDOGX7UDYDLO )UDQFH 
6YLOXSSR %,7( %XLOW,Q7HVW(TXLSPHQW
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO%DQNIRU %L7H %LVPXWK7HOOXULGH
5HFRQVWUXFWLRQDQG'HYHORSPHQW %LVPXWK7HOOXULGHLVXVHGPDLQO\IRUVHPLFRQGXF
%,6 %DFKHORURI,QWHUGLVFLSOLQDU\6WXGLHV WRUV
%,6 %DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV ,QRUJDQLF&KHPLVWU\
%,6 %DWWOHILHOG,OOXPLQDWLRQ6\VWHP %L7H 7HOOXURELVPXWKLWH
%,6 %LRJUDSKLFDO,QYHQWRU\IRU6WXGHQWV 0LQHUDORJ\
3V\FKRORJ\ ELWQ DEEU ELWXPHQ
ELV ELVHVWLOH ELWXPHQLVDIODPPDEOHVXEVWDQFHRFFXUULQJQDWX
,WDOLDQDEEUHYLDWLRQPHDQLQJELVVH[WLOH OHDS UDOO\RUREWDLQHGS\UROLWLFDOO\
\HDU  *HRORJ\0DWHULDOV
%,6 %ULWLVK,QIRUPDWLRQ6HUYLFHV%ULWLVK %,76 %LQDU\,QWHUV\VWHP7UDQVPLVVLRQ6WDQGDUGV
,QWHUSODQHWDU\6RFLHW\ *%  %,76 %XUHDX,QWHUQDWLRQDOGX7RXULVPH6RFLDO
%,6 %XUHDX,QWHUDIULFDLQGHV6ROV HWGHO
(FRQRPLH %L92 3XFKHULWH
5XUDOH  0LQHUDORJ\
%,6 %XUHDXRI,QVSHFWLRQDQG6XUYH\ EL] DEEUHYLDWLRQRIWKHZRUGEXVLQHVV
%,6 %XVLQHVV,QWHOOLJHQFH6\VWHP %- %DFKHORURI-RXUQDOLVP
%L6 %LVPXWK6XOILGH %- %DWFK-RE
%LVPXWK6XOILGHLVXVHGIRUWKHSURGXFWLRQRIELV &RPSXWHU3URJUDPPLQJ
PXWKFRPSRXQGV %- %LFHSV-HUN
,QRUJDQLF&KHPLVWU\ 0HGLFLQH
%L6 %LVPXWKLQLWH %-$ %XUHDXRI-XVWLFH$VVLVWDQFH 86$ 
0LQHUDORJ\ %-3 %KDUDWL\D-DQDWD3DUW\ ,QGLD 
EL6& RIWKHWZR 6WUDWHJLF&RPPDQGV GHVGHX[ %-6 7KHDLUSRUWFRGHIRU%HLMLQJ&KLQD
&RPPDQGHPHQWVVWUDWpJLTXHV %-6 %XUHDXRI-XVWLFH6WDWLVWLFV 86$ 
%,6&/$17 %D\RI%LVFD\6XE$UHD>REVROHWH@ EN DEEU EDQN
6RXV]RQHGXJROIHGH*DVFRJQH>REVROqWH@ %. %HORZ.QHH
%,6( %DONDQVLQWHOOLJHQFHVXSSRUWHOHPHQW 0HGLFLQH
pOpPHQWGHVRXWLHQGXUHQVHLJQHPHQWGDQVOHV %N 7KHFKHPLFDOV\PEROIRU%HUNHOLXP
%DONDQV 7KHQDPH%HUNHOLXPGHULYHVIURP%HUNHOH\
%L6H *XDQDMXDWLWH 8QLYHUVLW\RI&DOLIRPLD86$ ZKHUHLWZDV
*XDQDMXDWLWHLVIRXQGLQTXDUW] SURGXFHG
0LQHUDORJ\ &KHPLVWU\
ELVHWWELVHWWLPDQDOH EN DEEU ERRN
,WDOLDQDEEUHYLDWLRQPHDQLQJELZHHNO\ %. %RVQLD+HU]HJRYLQD
%L 6L2  (XO\WLWH EN EURRN
0LQHUDORJ\ +\GURORJ\
%L6L2 6LOOpQLWH %. %UDLQ.RUHD .RUHD 
0LQHUDORJ\ *UDGXDWH7UDLQLQJ
%,62 %RDUGRQ,QWHUFRQWLQHQWDO6FLHQWLILF ENJ DEEU EDQNLQJ
2UJDQL]DWLRQV 86$  ENJ DEEU ERRNNHHSLQJ
%,65$ %ULWLVK,URQDQG6WHHO5HVHDUFK$VVRFLDWLRQ $OVRENSJ
*%  ENJUG DEEU EDFNJURXQG
0HWDOOXUJ\ %.. 7KHDLUSRUWFRGHIRU%DQJNRN7KDLODQG
%,67, %LRPHGLFDO,QIRUPDWLRQ6FLHQFHDQG ENSJ DEEU ERRNNHHSLQJ
7HFKQRORJ\,QLWLDWLYH 86$  $OVRENJ


ENSU DEEU ERRNNHHSHU $OVR%/


ENU DEEU %URNHU %/LW%DFKHORURI/LWHUDWXUH
%XVLQHVV)LQDQFH $OVR%OW
ENV DEEU EDUUDFNV EON DEEU EODFN
ENV DEEU ERRNV &KHPLVWU\2SWLFV7HOHFRPPXQLFDWLRQV
%/%/ %DFKHORURI/DZ EON DEEU EORFN
%/ %DFKHORURI/HWWHUV &RPSXWHU3URJUDPPLQJ&RPSXWHU7HFKQRORJ\
$OVR%/LWW )RUHVWU\0DWKHPDWLFV0LQLQJ(QJLQHHULQJ
EO DEEU EDODQFH 7UDQVSRUWDWLRQ(QJLQHHULQJ
%DQNLQJ%XVLQHVV&RPPHUFH EON DEEU EXON
%/ %DQN/DUFHQ\%DQN/HQGLQJ *UDSKLF$UWV
%/ %DVH/LQHEDVHOLQH %/.)/7 %ODFN6HD)OHHW
&DUWRJUDSK\(OHFWURQLFV(QJLQHHULQJ*UDSKLF )ORWWHGHODPHU1RLUH
$UWV2UGQDQFH6FLHQFH %//%// %DFKHORURI/DZV
%/ %HOOXQR,WDO\ %// GLYLVLRQ %ULWLVK/LEUDU\/HQGLQJGLYLVLRQ
%/%/ %LOORI/DGLQJ *% 
%XVLQHVV&RPPHUFH %/0 %RXQGDU\/D\HU0RGHO
%/ %ROLYLD %/0 %XUHDXRI/DQG0DQDJHPHQW
%/ %RUVDGL/DYRUR %/ PHPEUDQH %DVDO/DWHUDOPHPEUDQH
%/%/ %UHDGWK/HQJWK %/05&3 %XUHDXRI/DERU0DQDJHPHQW5HODWLRQV
%/ %XUNLWW
V/\PSKRPD DQG&RRSHUDWLYH3URJUDPV 86$ 
%XUNLWW
VO\PSKRPDLVDPDOLJQDQWO\PSKRPD %/2% %LQDU\/DUJH2%MHFW
2QFRORJ\ 7KHELQDU\ODUJHREMHFWLVHVVHQWLDOO\DODUJHREMHFW
%/$ %RQG/HQJWK$OWHUQDWLRQ VWRUHGLQELQDU\IRUP
%/$'( %DVLF/HYHO$XWRPDWLRQRI'DWDWKURXJK &RPSXWHU3URJUDPPLQJ
(OHFWURQLFV %/26 EH\RQGOLQHRIVLJKW
EODGH 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH DXGHOjGHODSRUWpHRSWLTXH
(QJOLVKZRUGEODGH %/26620 %DVLF/LEHUDWLRQ2I6PRNHUVDQG
$UFKDHRORJ\$YLDWLRQ%RWDQ\(OHFWULFDO 6\PSDWKL]HUV2I0DULMXDQD
(QJLQHHULQJ0HFKDQLFDO'HYLFHV9HUWHEUDWH %/2:6 %ULWLVK/LEUDU\2I:LOGOLIH6RXQG *% 
=RRORJ\ %/4 7KHDLUSRUWFRGHIRU%RJRWj&RORPELD
%/DQG$UFK %DFKHORURI/DQGVFDSH$UFKLWHFWXUH EOV DEEU EDOHVEDUUHOV
%/$67 %DVLF/RFDO$OLJQPHQW6HDUFK7RRO %/6 %RDUGRQ/LIH6FLHQFHV 86$ 
%LRFKHPLVWU\%LRSK\VLFV+HXULVWLF6HDUFK %/6 %XUHDXRI/DERU6WDWLVWLFV 86$ 
$OJRULWKPV0HGLFLQH3DWKRORJ\3XEOLF'RPDLQ %/6$ %DOWLPRUH/RQJLWXGLQDO6WXG\RI$JLQJ
:HE7RROV 86$ 
%/& %RXQGDU\/D\HU&RQWURO %/63 %UD]LOLDQ/LWKRVSKHULF6HLVPLF3URJUDP
$YLDWLRQ *HRSK\VLFV*HRVFLHQFHV7HUUHVWULDO0DJQHWLVP
EOGJ DEEU EXLOGLQJ EOVW DEEU EDOODVW
%/(8 %HOJLXP/X[HPEXUJ(FRQRPLF8QLRQ )RUIXUWKHUGHWDLOVVHHXQGHU%$//EDOO
%/(8 %OLQG/DQGLQJ([SHULPHQWDO8QLW %OW %DFKHORURI/LWHUDWXUH
$YLDWLRQ $OVR%/LW
%/,%/, %DFKHORURI/LEUDU\,QWHUSUHWDWLRQ %/7 %DWWDOLRQ/DQGLQJ7HDP
%/,1. %DFNZDUG/,1.DJH 0LOLWDU\
%/,36 %HQWKLF/D\HU,QWHUDFWLYH3URILOLQJ6\VWHP %/8 jEDQGHODWpUDOHXQLTXH
%/,66 %DOORRQERUQH/DVHU,Q6LWX6HQVRU VLQJOHVLGHEDQG 66% 
6SHFWURPHWHU  %/8 %DVLF/RJLF8QLW
%/,66 %DVLF/DQJXDJHIRUWKH,PSOHPHQWDWLRQRI %/8 %RPE/LYH8QLW
6\VWHP6RIWZDUH%DVLF/LEUDU\,QTXLU\ %/8GDWD %DVLF/LQN8QLWGDWD
6XEV\VWHP %/8( %HVW/LQHDU8QELDVHG(VWLPDWRU
%/,66 %URDGEDQG/,JKWZDYH6RXUFHVDQG6\VWHPV 6WDWLVWLFV
(XURSHDQ&RPPXQLW\3URMHFW %0%0 %DFKHORURI0HGLFLQH
%/LWW%DFKHORURI/HWWHUV %0%DQFD0RQGLDOH


,WDOLDQLQLWLDOLVPRIWKH:RUOG%DQN %0' %RQH0LQHUDO'HQVLW\


%0EP %DUUHOVSHU0RQWK 2VWHRSRURVLV
$OVRESP %0'($5 %DOOLVWLF0LVVLOH'HIHQVH(PHUJHQF\
%0 %DVDO0HWDEROLVP $FWLRQ5HSRUW
%DVDOPHWDEROLVPLVDFWXDOO\WKHPLQLPDOHQHUJ\ %0'1($ &RPPLWWHH %DOOLVWLF0LVVLOH'HIHQVH
H[SHQGHGWRPDLQWDLQWKHYLWDOIXQFWLRQV 1XFOHDU(IIHFWVDQG7KUHDW&RPPLWWHH
3K\VLRORJ\ %0'2 %DOOLVWLF0LVVLOH'HIHQVH2IILFH
%0 %DVHPHQW0HPEUDQH 7KH3HQWDJRQ
V
%0LVDOVRNQRZQDV%DVLOHPPD %0'2 %DOOLVWLF0LVVLOH'HIHQVH2SHUDWLRQV
+LVWRORJ\ %DOOLVWLF0LVVLOH'HIHQVH2UJDQL]DWLRQ
%0 EDWWOHILHOGPDLQWHQDQFH %0'2$ %DOOLVWLF0LVVLOH'HIHQVH2SHUDWLRQV
PDLQWHQDQFHVXUOHFKDPSGHEDWDLOOH $FWLYLW\
%XUPD>FXUUHQWRIILFLDOQDPH0\DQPDU@ %0'6 %DOOLVWLF0LVVLOH'HIHQVH6\VWHP
%LUPDQLH>QRPRIILFLHODFWXHO0\DQPDU@ %0'6&20 %DOOLVWLF0LVVLOH'HIHQVH6\VWHPV
%0 %HDU0DUNHW &20PDQG
%XVLQHVV)LQDQFH %0(%0( %DFKHORURI0HFKDQLFDO(QJLQHHULQJ
%0 %HQFK0DUN%HQFKPDUN %0(%0( %DFKHORURI0LQLQJ(QJLQHHULQJ
(QJLQHHULQJ)LQDQFH*HRORJ\6FLHQFH $OVR%0LQ(
%0 %LOORI0DWHULDOV %0( %DVHPHQW0HPEUDQH([WUDFW
$OVR%20 %0(& %LRPHGLFDO(QJLQHHULQJ&HQWHU 86$ 
EPEP ERDUGPHDVXUH %0(G%0(G %DFKHORURI0XVLF(GXFDWLRQ
%RDUGIHHW7RPHDVXUHOXPEHU $OVR%0(
(QJLQHHULQJ %0(QHW %LRPHGLFDO(QJLQHHULQJQHW
%0 %RQG0DWXULW\ 7KH%0(QHWZDVODXQFKHGE\WKH:KLWDNHU
%XVLQHVV(FRQRPLFV)LQDQFH )RXQGDWLRQLQ7KHVLWHLVPDQDJHGE\
%0 %RZHO0RYHPHQW 3XUGXH8QLYHUVLW\ 86$ 
0HGLFLQH :HE6LWHV
%0 %ULWLVK0XVHXP *%  %0(3 %UDNH0HDQ(IIHFWLYH3UHVVXUH
%0 %XOOHWLQ0pWpRURORJLTXH )UDQFH  7KHEUDNHPHDQHIIHFWLYHSUHVVXUHLVDFWXDOO\WKH
%0 %XVLQHVV0DFKLQH K\SRWKHWLFDODYHUDJHSUHVVXUHRQDSLVWRQGXULQJ
%0 %X\HU
V0DUNHW WKHSRZHUVWURNH
%XVLQHVV&RPPHUFH 0HFKDQLFDO(QJLQHHULQJ
%0$ %DQTXHGHV0DUFKpVHWG
$UELWUDJH )UDQFH  %0HW(%0HW( %DFKHORURI0HWDOOXUJLFDO
%0$%0$ %ULWLVK0DULQH$LUFUDIW *%  (QJLQHHULQJ
%0$ %ULWLVK0HGLFDO$VVRFLDWLRQ *%  %0HW%0HW %DFKHORURI0HWDOOXUJ\
%0$(' %RDUGRQ0DQXIDFWXULQJ$QG(QJLQHHULQJ %0(:6 %DOOLVWLF0LVVLOH(DUO\:DUQLQJ6\VWHP
'HVLJQ 86$  86 
%0%) %XQGHVPLQLVWHULXPIU%LOGXQJ %0) %FHOO0DWXUDWLRQ)DFWRU
:LVVHQVFKDIW)RUVFKXQJXQG7HFKQRORJLH ,PPXQRORJ\
7KH%0%)LV*HUPDQ\
V0LQLVWU\RI(GXFDWLRQ %0JW(%0JW( %DFKHORURI0DQDJHPHQW
DQG5HVHDUFK (QJLQHHULQJ
%0&'% %LRFKHPLVWU\DQG0ROHFXODU%LRORJ\DQG %0+6&V %RQH0DUURZ+HPDWRSRLHWLF6WHP
&HOOXODUDQG'HYHORSPHQW%LRORJ\ &HOOV
%0&, EDWWOHPDQDJHPHQWFRPPDQGFRQWUROFRP 'HYHORSPHQWDO%LRORJ\3DWKRORJ\
PXQLFDWLRQVDQGLQWHOOLJHQFH %0, %DWWHOOH0HPRULDO,QVWLWXWH
FRPPDQGHPHQWFRQWU{OHFRPPXQLFDWLRQHWUHQ %0, %RG\0DVV,QGH[
VHLJQHPHQWSRXUODJHVWLRQWDFWLTXH 2EHVLW\
%0&V %RQH0DUURZ&HOOV %0LQ(%0LQ( %DFKHORURI0LQLQJ(QJLQHHULQJ
%DVLF0HGLFDO6FLHQFHV&DQFHU&KHPRWKHUDS\ $OVR%0(
&OLQLFDO7UDQVSODQWDWLRQ6WXGLHVOPPXQRORJ\ %0- %ULWLVK0HGLFDO-RXUQDO
0ROHFXODU%LRWKHUDS\'HYHORSPHQW 3XEOLFDWLRQ
%0' %DOOLVWLF0LVVLOH'HIHQVH %0/(75 %DOOLVWLF0LVVLOH/DXQFK(TXLSPHQW
2UGQDQFH 7HFKQLFLDQ5HSDLUPDQ


%0/2 %DOOLVWLF0LVVLOH/RJLVWLFV2IILFH %0YLEUDWLRQV %DVLODU0HPEUDQHYLEUDWLRQV


%00* %DOOLVWLF0LVVLOH0DQDJHPHQW*URXS 7KH%0VXSSRUWVWKHRUJDQRI&RUWL$OVRNQRZQ
%01 EULJDGHPXOWLQDWLRQDOH DV6SLUDO2UJDQ
PXOWLQDWLRQDOEULJDGH 01%  $QDWRP\$XGLRORJ\+HDULQJ6FLHQFHV
%02' %HKDYLRU02'LILFDWLRQ &RPPXQLFDWLRQ6FLHQFHV&RPPXQLFDWLRQ
%03 %DUELWXUDWH
0RQRSKRVSKDWH 'LVRUGHUV)UHTXHQF\7XQLQJ1HXURVFLHQFH
%LRFKHPLVWU\&KHPLVWU\ 3K\VLRORJ\
%03 %LRPDVV3URWHLQ %0:6 %DOOLVWLF0LVVLOHV:HDSRQ6\VWHP
%03 %RQH0RUSKRJHQHWLF3URWHLQ %1 %1 %DFKHORURI1XUVLQJ
)RUIXUWKHUGHWDLOVVHHXQGHU%03V %1EQ EDQNQRWH
%03& %RQH0DUURZ3ODVPDF\WRVLV %Q DEEU EDWWDOLRQ
2QFRORJ\ $OVREDWWEWQ
%035%LPRQWKO\3URJUHVV5HSRUW %1 %HQHYHQWROWDO\
%03V %RQH0RUSKRJHQHWLF3URWHLQV %1 %HQLQ
%03VDUHERQHIRUPLQJSURWHLQV %1 %LEOLRWKqTXH1DWLRQDOH
%RQH5HVHDUFK&HOODQG'HYHORSPHQWDO%LRORJ\ )UHQFKLQLWLDOLVPPHDQLQJ1DWLRQDO/LEUDU\
'HYHORSPHQWDO*HQHWLFV*HQHWLFV0HGLFLQH EQ DEEU ELOOLRQ
2UWKRSHGLF6XUJHU\2VWHRSRURVLV %1%RURQ1LWULGH
%05 %DOOLVWLF0DJQHWRUHVLVWDQFH %RURQ1LWULGHLVXVHGIRUPDQ\LQGXVWULDOSXUSRV
&RQGHQVHGPDWWHU3K\VLFV HV
%05 %DVDO0HWDEROLF5DWH ,QRUJDQLF&KHPLVWU\
0HGLFLQH %1 %XOLPLD1HUYRVD
%05 %URRNKDYHQ0HGLFDO5HDFWRU 3V\FKLDWU\
%05 %XUHDXRI0LQHUDO5HVRXUFHV $XVWUDOLD  %1 %XUHDXGH1RUPDOLVDWLRQ )UDQFH 
%05& %XUHDXRI0HWHRURORJ\5HVHDUFK&HQWHU )UHQFKLQLWLDOLVPPHDQLQJ6WDQGDUGL]DWLRQ2IILFH
%06%06 %DFKHORURI0DULQH6FLHQFH %1$%1$ %DFKHORURI1DYLJDWLRQ
%06%06 %DFKHORURI0HFKDQLFDO6FLHQFH %1$ %DQFD1D]LRQDOHGHOO
$JULFROWXUD
%06%06 %DFKHORURI0HGLFDO6FLHQFH ,WDOLDQ%DQN
%0V %DVHPHQW0HPEUDQHV %1$ %DQJODGHVK1HZV$JHQF\
)RUIXUWKHUGHWDLOVVHHXQGHU%0 %1$ %DVOH1RPLQD$QDWRPLFD
%06 %DVLF0DSSLQJ6XSSRUW 1RPHQFODWXUHDGRSWHGLQ
3V\FKRORJ\ %1$ %HWD1DSKWK\ODPLQH
%06 %RDUGRQ0DWKHPDWLFDO6FLHQFHV 86$  2UJDQLF&KHPLVWU\
%0 6 %RURQ0HDVXUHPHQW 6\VWHP  %1$ %ULWLVK1RUWK$PHULFD $FW 
1XFOHDU(QHUJ\ %1% %DQTXH1DWLRQDOHGH%HOJLTXH
%06 %ULWLVK0LQLVWU\RI6XSSO\%ULWLVK0XVLF %HOJLDQ%DQN
6RFLHW\ *%  %1%& %ULWLVK1DWLRQDO%RRN&HQWHU *% 
%06 EDWWOHILHOGPDQDJHPHQWV\VWHP %1& %DQFD1D]LRQDOHGHOOH&RPXQLFD]LRQL ,WDO\ 
V\VWqPHGHJHVWLRQGXFKDPSGHEDWDLOOH ,WDOLDQ%DQN
%XUHDXPLOLWDLUHGHVWDQGDUGLVDWLRQ>UHPSODFp %1& %L1DWLRQDO&RPPLVVLRQ
SDUO·$21@ %1& %XUHDXQDWLRQDOGHFRGLILFDWLRQ
0LOLWDU\$JHQF\IRU6WDQGDUGL]DWLRQ 0$6 1DWLRQDO&RGLILFDWLRQ%XUHDX 1&% 
>UHSODFHGE\16$ @ %1&'67 %ULWLVK1DWLRQDO&RPPLWWHHRQ'DWDIRU
%06VKHHWV %ULJKW0LOG6WHHOVKHHWV 6FLHQFHDQG7HFKQRORJ\
0HWDOOXUJ\ %1&) %LEOLRWHFD1D]LRQDOH&HQWUDOH)LUHQ]H
%07%07 %DFKHORURI0HGLFDO7HFKQRORJ\ ,WDO\ 
%07 %ROOHWWLQR0HWHR7HOHIRQLFR ,WDO\  %1&, %DQTXH1DWLRQDOHSRXUOH&RPPHUFHHW
%07 %RQH0DUURZ7UDQVSODQW O
,QGXVWULH )UDQFH 
%07' %DOOLVWLF0LVVLOH7HUPLQDO'HIHQVH )UHQFK%DQN
%07V %RQH0DUURZ7UDQVSODQWV %1&7 %RURQ1HXWURQ&DSWXUH7KHUDS\
,PPXQRORJ\0HGLFLQH &DQFHU7UHDWPHQW5DGLDWLRQ7KHUDSLHV
%07 VWXG\ %DVLF0RWLRQ7LPH6WXG\ EQG DEEU ERQGERQGHG
,QGXVWULDO(QJLQHHULQJ %1'' %XUHDXRI1DUFRWLFVDQG'DQJHURXV'UXJV


)RUPHUO\%XUHDXRI1DUFRWLFVDQG%XUHDXRI'UXJ EQVW EHGQXFOHXVRIWKHVWULDWHUPLQDOLV


$EXVH&RQWURO&UHDWHGLQUHSODFHGE\'($ %18 %DQFR1DWLRQDO8OWUDPDULQR 3RUWXJDO 
LQ 3RUWXJXHVH%DQN
86'HSDUWPHQWRI-XVWLFH %2 %DFN2UGHU%DG2UGHU
EQGJ DEEU ERQGLQJ %XVLQHVV&RPPHUFH
%1(&%1(& %ULWLVK1DWLRQDO([SRUW&RXQFLO %2 %HODUXV
*%  %pODUXV
%1(/ %ULWLVK1DWLRQDO(QJLQHHULQJ/DERUDWRU\ ERDUGLQJRIILFHU
*%  RIILFLHUGHYLVLWH
%1) %DFNXV1DXU)RUP EUHDNRII SRVLWLRQ >QDY\@
%1)LVDOVRNQRZQDV%DFNXV1RUPDO)RUP  SRLQWGH VpSDUDWLRQ>PDULQH@
&RPSXWHU3URJUDPPLQJ %2 %RG\2GRU
%1) EHVRLQQHWGHILQDQFHPHQW GHVDGPLQLVWUDWLRQV 0HGLFLQH
SXEOLTXHV  %2 %RORJQD,WDO\
SXEOLFVHFWRUERUURZLQJUHTXLUHPHQW 36%5  %2ER %UDQFK2IILFH
%1) %ULWLVK1XFOHDU)RUXP%ULWLVK1XFOHDU)XHOV %2 %URNHU·V2UGHU%URNHU
V2SWLRQ
*%  %XVLQHVV&RPPHUFH
%1) %XOJDULDQ1DWLRQDO)URQW %2 %XOOHWLQ2IILFLHO )UDQFH 
%1,) %ULWLVK1XFOHDU,QGXVWU\)RUXP *%  )UHQFKLQLWLDOLVPPHDQLQJ2IILFLDO*D]HWWH
1XFOHDU(QHUJ\ %2 %X\HU
V2SWLRQ%X\2UGHU
%1,67 %XUHDX1DWLRQDOGHO
,QIRUPDWLRQ %2 %RULF2[LGH
6FLHQWLILTXHHW7HFKQLTXH )UDQFH  %RULF2[LGHLVDOVRNQRZQDV%RURQ2[LGH
EQN DEEU EDQN ,QRUJDQLF&KHPLVWU\
EQNJ DEEU EDQNLQJ %2$ EDVLFRUGHULQJDJUHHPHQW
%1/ %DQFD1D]LRQDOHGHO/DYRUR ,WDO\  DFFRUGW\SHGHSDVVDWLRQGHFRPPDQGHV
,WDOLDQ%DQN EODQNHWRUGHULQJDJUHHPHQW
%1/ %URRNKDYHQ1DWLRQDO/DERUDWRU\ 86$  DFFRUGFDGUHGHSDVVDWLRQGHFRPPDQGHV
%1/ LVDPXOWLGLVFLSOLQDU\ODERUDWRU\HQJDJHGLQ %RDUGRI$XGLWRUV
EDVLFDQGDSSOLHGUHVHDUFK &ROOqJHGHVFRPPLVVDLUHVDX[FRPSWHV
%1/$8, %URRNKDYHQ1DWLRQDO/DERUDWRU\ %2$ %HQ]RLF$FLG
$VVRFLDWHG8QLYHUVLWLHV,QF 86$  %2$ LVDOVRNQRZQDV%HQ]HQHFDUER[\OLF$FLG
%1/, %DQTXH1LFROHW/DIDQHFKqUHHWGHO
,VqUH 3KHQ\OIRUPLF$FLG
)UHQFK%DQN 2UJDQLF&KHPLVWU\
%1/6 %RWVZDQD1DWLRQDO/LEUDU\6HUYLFH %2$ %LJ2SWLFDO$UUD\
%10 %HIRUH1HZ0RRQ %2$ %¡OOLQJ$OOHU¡G
)UHHPDVRQU\ ,QWKHODWHJODFLDOFOLPDWHVHTXHQFHWKHZDUP%2$
%10 %XUHDX1DWLRQDOGH0pWURORJLH )UDQFH  ZDVIROORZHGE\WKHFROG<RXQJHU'U\DV
%12 %DUUHOVRI1HZ2LO %LRGLYHUVLW\&RQVHUYDWLRQ%LRORJ\
%12 %ODGGHU1HFN2EVWUXFWLRQ%RZHOV1RW (QYLURQPHQWDO3K\VLFV/DVW'HJODFLDWLRQ
2SHQHG )RUIXUWKHUGHWDLOVVHHXQGHU<'
0HGLFLQH %2$%2$ %ULWLVK2UWKRSDHGLF$VVRFLDWLRQ
%1REMHFW %HFNOLQ1HXJHEDXHUREMHFW *% 
$VWURQRP\ %2$ %XWR[\DFHWDPLOLGH
%13 %DQTXH1DWLRQDOHGH3DULV )UDQFH  3KDUPDFRORJ\
)UHQFK%DQN ERD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
%15 DEEU EXUQHU XVLQJWKH,WDOLDQZRUGERDZKLFKPHDQVEXR\
$YLDWLRQ&KHPLFDO(QJLQHHULQJ0HFKDQLFDO 1DYLJDWLRQ 
(QJLQHHULQJ %2DSSUR[LPDWLRQ %RUQ2SSHQKHLPHUDSSUR[LPD
%16 %LEOLFDO1XPLVPDWLF6RFLHW\ WLRQ
%16 %LRORJLFDO1XFOHDU6ROYHQW $OVRNQRZQDV%RUQ2SSHQKHLPHUPHWKRG
3K\VLRORJ\ 1DPHGIRUWKH*HUPDQSK\VLFLVW0D[%RUQ DQG
%16 %RPELQJ1DYLJDWLRQ6\VWHP WKH$PHULFDQSK\VLFLVW-5REHUW2SSHQKHLPHU
%16& %ULWLVK1DWLRQDO6SDFH&HQWUH *% 


(OHFWURQLF6WDWHV&DOFXODWLRQV3K\VLFDO %2(JURXS %RDUGRI([HFXWRUVJURXS 6RXWK


&KHPLVWU\4XDQWXP0HFKDQLFV $IULFD 
%2$5 %RDUG2I$FWLRQRQ5HGHWHUPLQDWLRQ %RI$ %DQNRI$PHULFD 86$ 
861DY\ $PHULFDQ%DQN
%2$7 %HWWHU2FFXSDWLRQDO$ZDUHQHVV7UDLQLQJ %RI( %RDUGRI(GXFDWLRQ
%2% %HJLQQLQJRI%XVLQHVV %2)6 %LRJHRFKHPLFDO2FHDQ)OX[6WXG\ *% 
%2% %XUHDX2IWKH%XGJHW 86$  %2* %RDUG2I*RYHUQRUV
%2% %XVLQHVV2SSRUWXQLW\%DQN 86$  %2+6 %ULWLVK2FFXSDWLRQDO+\JLHQH6RFLHW\
,QVWLWXWHIRU1HZ(QWHUSULVH'HYHORSPHQW *% 
%2& %DQN2I&KLQD %2, %DQN2I,VUDHO ,VUDHO 
&KLQHVH%DQN ,VUDHOL%DQN
%2& EDWWDOLRQRSHUDWLRQVFHQWUH %2, %RDUG2I,QYHVWPHQWV
FHQWUHG·RSpUDWLRQVGHEDWDLOORQ &2%  7KH%2,LVWKHSULQFLSDOJRYHUQPHQW$JHQF\RI
%2& %HOO2SHUDWLQJ&RPSDQ\ 86$  7KH3KLOLSSLQHV
%2& %UHDFK2I&RQWUDFW %2, 7KHDLUSRUWFRGHIRU%RLVH
%XVLQHVV(FRQRPLFV)LQDQFH %2,$ %XOOHWLQ2IILFH,QWHUQDWLRQDOGHV,QVWLWXWV
%2&&$ %XUHDXRI&RRUGLQDWLRQIRU&LYLO$YLDWLRQ G
$UFKHRORJLHHWG
+LVWRLUHGHO
$UW
%XUHDXGHFRRUGLQDWLRQGHO·DYLDWLRQFLYLOH 3XEOLFDWLRQ
ERFFD 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH %2,$ %XUHDX2I,QGLDQ$IIDLUV
,WDOLDQZRUGERFFDZKLFKPHDQVPRXWK $OVRNQRZQDV%,$
$FRXVWLFDO(QJLQHHULQJ*HRJUDSK\0LQLQJ 'HSDUWPHQWRIWKH,QWHULRU
(QJLQHHULQJ ERLD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
%2&<) %RDUG2Q&KLOGUHQ<RXWKDQG)DPLOLHV XVLQJWKH,WDOLDQZRUGERLDZKLFKPHDQVH[HFX
86$  WLRQHU
%2' %DFWHULRORJLFDO2[\JHQ'HPDQG %2,6 %DVLV2I,VVXH6\VWHP
:DWHU3ROOXWLRQ $UP\
%2' %LG2SHQLQJ'DWH %R- %DQNRI-DSDQ
%XVLQHVV&RPPHUFH)LQDQFH %2/%2/ %DFKHORURI2ULHQWDO/DQJXDJH
%2' %LRFKHPLFDO2[\JHQ'HPDQG %2/ %DVLFVRI/DQJXDJH 0HWKRG 
%2'LVDOVRNQRZQDV%LRORJLFDO2[\JHQ %2/ %HJLQQLQJ2I/LIH
'HPDQG %2/ %H2QWKH/RRNRXW
0LFURELRORJ\ 863ROLFH7HUPLQRORJ\
%2' %RDUG2I'LUHFWRUV %2/ %LRWHFKQRORJ\2UELWDO/DERUDWRU\
%2'& %RUQ2SSHQKHLPHU'LDJRQDO&RUUHFWLRQ %2/ERO DEEU %ROLYDU
$VWURQRP\$SSOLHG3K\VLFV3K\VLFV7KHRUHWLFDO $OVR% 9HQH]XHOD 
&KHPLVWU\ &XUUHQFLHV
%2'& %ULWLVK2FHDQRJUDSKLF'DWD&HQWUH *%  %2/ %ROLYLD
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
%2'6 %ULWLVK2FHDQRJUDSKLF'DWD6HUYLFHV *%  WHUV
%2(%2( %DFKHORURI2UDO(QJOLVK %2/ %RORJQD,WDO\
%R( %DQNRI(QJODQG %2/'HIIHFW %ORRG2[\JHQ/HYHO'HSHQGHQW
7KH%R(ZDVIRXQGHGLQWRDFWDVWKH HIIHFW
*RYHUQPHQW·VEDQNHUDQGGHEWPDQDJHU6LQFH %LRFKHPLVWU\%LRSK\VLFV1HXURVFLHQFH
WKHQLWVUROHKDVGHYHORSHGDQGHYROYHGFHQWUHGRQ EROO DEEU EROODWR
WKHPDQDJHPHQWRIWKHQDWLRQ·VFXUUHQF\7KH ,WDOLDQDEEUHYLDWLRQPHDQLQJVWDPSHG
%DQNRI(QJODQG$FWPDGHFKDQJHVWRWKH EROO DEEU EROOHWWD
%DQN·VJRYHUQLQJERG\7KH&RXUWRI'LUHFWRUVLV ,WDOLDQDEEUHYLDWLRQPHDQLQJELOOQRWHUHFHLSW
QRZPDGHXSRIWKH%DQN·V*RYHUQRUDQG YRXFKHU
'HSXW\*RYHUQRUVDQG1RQ([HFXWLYH EROO DEEU EROOHWWLQR
'LUHFWRUV ,WDOLDQDEEUHYLDWLRQPHDQLQJEXOOHWLQJD]HWWH
%2( %DUUHOVRI2LO(TXLYDOHQW %2/7 %DVLF2FFXSDWLRQDO/DQJXDJH7UDLQLQJ
%2(& %HJLQQLQJ2I(TXLOLEULXP&\FOH %2/7 %DVLF2FFXSDWLRQDO/LWHUDF\7HVW
1XFOHDU(QHUJ\ %2/7 %HDP2I/LJKW7UDQVLVWRU
%2(' %DUUHOVRI2LO(TXLYDOHQWSHU'D\ %2/7 %2PE/$6(57UDFNLQJ


%2/7 V\VWHP %RPED\2Q/LQH7UDGLQJV\VWHP %251 )5(( %XLOW2SWLRQV5HQHZ1RUPV)UHH


,QGLD  5ROHVWKURXJK(GXFDWLRQDO(TXLW\ 86$ 
%R0 %DQNRI0RQWUHDO &DQDGD  %256&+7 %DWWHU\IHHG2YHUYROWDJHSURWHFWLRQ
%20 %HJLQQLQJ2IWKH0RQWK 5LQJLQJ6XSHUYLVLRQ&RGLQJ+\EULGDQG
%XVLQHVV&RPPHUFH)LQDQFH 7HVWLQJ
%20 %LOO2I0DWHULDOV %256&+7 LQFOXGHVWKHIXQFWLRQVDQGFRPSRQHQWV
$OVR%0 XVHGLQWHOHFRPPXQLFDWLRQV
%20 7KHDLUSRUWFRGHIRU%RPED\,QGLD 7HOHFRPPXQLFDWLRQV
%20 %X\LQJ2Q0DUJLQ %26 7KHDLUSRUWFRGHIRU%RVWRQ 86$ 
%XVLQHVV&RPPHUFH %26& EDVHRSHUDWLQJVXSSRUWFRVW
%20$ %XLOGLQJ2ZQHUV0DQDJHPHQW$VVRFLDWLRQ GpSHQVHOLpHDXVRXWLHQGXIRQFWLRQQHPHQWGHV
%20% DEEU %RPEDUGPHQW EDVHV
%20% %ULWLVK2YHUVHDV0HGLD%XUHDX %266 %DOOLVWLF2IIHQVLYH6XSSUHVVLRQ6\VWHP
%20%5(3 ERPELQJUHSRUW 86$ 
DFRPSWHUHQGXGHERPEDUGHPHQW 2UGQDQFH
EUDSSRUWGHPLVVLRQGHERPEDUGHPHQW %266 %DVLF2SHUDWLQJ6RIWZDUH6\VWHP
%20(; %DUEDGRV2FHDQRJUDSKLFDQG %266 %RRN2I7KH6HDVRQ6FKHPH *% 
0HWHRURORJLFDO(;SHULPHQW %266 %ULGH2I6HYHQOHVV
%21$ %HWD2[\QDSKWKRLF$FLG %LRORJ\0HGLFLQH
2UJDQLF&KHPLVWU\ %266 %URDG2FHDQ6FRULQJ6\VWHP
%21',12; ,QVHUYLFHTXDOLILFDWLRQRIDGKHVLYH 0LVVLOHV
ERQGHGVWDLQOHVVVWHHOFRPSRQHQWV %266 %XVLQHVV2SHUDWLRQDO6XSSRUW6\VWHP
(XURSHDQ&RPPXQLW\5HVHDUFK3URMHFW 6ZHGHQ 
%2186UHDFWRU %2LOLQJ18FOHDU6XSHUKHDWUHDF ,QWHUQHWHQDEOHG6$6GDWDZDUHKRXVHDSSOLFDWLRQ
WRU ERVV 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
%21< %DQN2I1HZ<RUN 86$  (QJOLVKZRUGERVV
%22 %RQG2ULHQWDWLRQDO2UGHU %LRORJ\'HVLJQ(QJLQHHULQJ*HRORJ\*UDSKLF
%22 DUUDQJHPHQWV %XLOG2ZQ2SHUDWHDUUDQJH $UWV0HGLFLQH1DYDO$UFKLWHFWXUH
PHQWV %267,' %RDUG2Q6FLHQFHDQG7HFKQRORJ\IRU
3RZHU*HQHUDWLRQ(TXLSPHQW ,QWHUQDWLRQDO'HYHORSPHQW
%22. %LEOLRJUDSKLF2Q/LQH2UJDQL]HG 7KH%267,'LVEDVHGLQ:DVKLQJWRQ'&86$
.QRZOHGJH %27%27 %DFKHORURI2FFXSDWLRQDO7KHUDS\
3V\FKRORJ\ %27 %DODQFH2I7UDGH%RDUG2I7UDGH
%22. %XLOWLQ2UGHUO\2UJDQL]HG.QRZOHGJH %27 %HJLQQLQJ2I7DSH
/HDUQLQJ'HYLFH 'DWD3URFHVVLQJ
%221( %22VWHU1HXWULQR([SHULPHQW %27 %RDUG2I7UXVWHHV
&RVPRORJ\3K\VLFV ERW DEEU ERWDQLFDOERWDQLVWERWDQ\
%23 %DODQFH2I3D\PHQWV ERW DEEU ERWWOHERWWRPERXJKW
%23 %XOOHWLQ2IILFLHOGHV3UL[ )UDQFH  %27 %XLOG2SHUDWH7UDQVIHU
%2SW %DFKHORURI2SWRPHWU\ 3URMHFW)LQDQFLQJ
%24 %DFKHORU2IILFHUV
4XDUWHUV %27 %XRQL2UGLQDULGHO7HVRUR
$UP\ ,WDOLDQDFURQ\PPHDQLQJ7UHDVXU\%LOOV7UHDVXU\
%24 %HJLQQLQJ2I4XDUWHU &HUWLILFDWHV
ERU DEEU ERURXJK )LQDQFH&RPPHUFH
%25 %XUHDX2I5HFODPDWLRQ %27$ %RDUG2Q7HVWLQJDQG$VVHVVPHQW 86$ 
%25$0 %ORFN2ULHQWHG5DQGRP$FFHVV0HPRU\ %27 DUUDQJHPHQWV %XLOG2SHUDWH7UDQVIHU
%25$; %RLOLQJ5HDFWRU([SHULPHQWV DUUDQJHPHQWV
1XFOHDU(QHUJ\ 3RZHU*HQHUDWLRQ(TXLSPHQW
%25( %HU\OOLXP2[LGH5HDFWRU([SHULPHQW %27% %ULWLVK2YHUVHDV7UDGH%RDUG
1XFOHDU(QHUJ\ %27 PDUNHU %HJLQQLQJ2I7DSHPDUNHU
%25($6 %25HDO(FRV\VWHP$WPRVSKHUH6WXG\ &RPSXWHU3URJUDPPLQJ
%25,6 %R[2IILFH5HVHUYDWLRQDQG,QIRUPDWLRQ %RXO DEEU %RXOHYDUG
6HUYLFH $OVREG


%2< %HJLQQLQJ2I<HDU %3$ %DQFR3RUWXJXrVGR$WOkQWLFR


%3 %3 %DFKHORURI3KDUPDF\ %3$ ZDVDFTXLUHGLQE\WKH%DQFR
$OVR%3KDUP &RPHUFLDO3RUWXJXrVWKXVEHFRPLQJ3RUWXJDO
V
%3 %3 %DFKHORURI3KLORVRSK\ ELJJHVWSULYDWHVHFWRUILQDQFLDOJURXS
$OVR%3K%3KLO 3RUWXJXHVH%DQN
%3 %DFN3UHVVXUH )RUIXUWKHUGHWDLOVHHXQGHU%&3 %DQFR
(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ &RPHUFLDO3RUWXJXrV 
%3 %DQFD3DVVDGRUH %3$ EDWWOHILHOGSV\FKRORJLFDODFWLYLWLHV
,WDOLDQ%DQN DFWLYLWpVSV\FKRORJLTXHVGXFKDPSGHEDWDLOOH
%3 %DQG3ULQWHU %3$ %RDUGRQ3K\VLFVDQG$VWURQRP\ 86$ 
&RPSXWHU7HFKQRORJ\ %3$ %RQQHYLOOH3RZHU$GPLQLVWUDWLRQ
ES EDVHSDLU %3$ %ULWLVK3DHGLDWULF$VVRFLDWLRQ%ULWLVK
*HQHWLFV 3DUDFKXWH$VVRFLDWLRQ *% 
%3 %DVH3ODWH %3$*%XOORXV3HPSKLJRLG$QWLJHQ
%XLOGLQJ(QJLQHHULQJ(OHFWURQLFV %3$*PHGLDWHVOLQNDJHEHWZHHQNHUDWLQILOD
ES EDVLFSDLUV PHQWVDQGWKHKHPLGHVPRVRPDO_`LQWHJULQV
%3 %DVLF3URWHLQ%LQGLQJ3URWHLQ $QDWRP\'HYHORSPHQWDO%LRORJ\3ODVWLFDQG
%3 %DWFK3URFHVVLQJ 5HFRQVWUXFWLYH6XUJHU\5HHSLWKHOLDOL]DWLRQ
%DWFKSURFHVVLQJLVDOVRNQRZQDVEDWFKLQJ %3$0 %DQFD3RSRODUH$EUX]]HVH0DUFKLJLDQD
&RPSXWHU3URJUDPPLQJ ,WDO\ 
%3 %HIRUHWKH3UHVHQW ,WDOLDQ%DQN
%3 %HWZHHQ3HUSHQGLFXODUV OHQJWK  %3$0 %DVLF3DUWLWLRQHG$FFHVV0HWKRG
6KLSEXLOGLQJ %3$6 %ULWLVK3UHJQDQF\$GYLVRU\6HUYLFH *% 
%3 %LOOV3D\DEOH %3%&9 %DQFD3RSRODUHGL%HUJDPR&UHGLWR
%3 %LRGHJUDGDEOH3RO\PHU 9DUHVLQR
)RUIXUWKHUGHWDLOVVHHXQGHU%3V )RXQGHGLQWKH%3%&9 KHDGVQRZDVLQJOH
%S DEEU %LVKRS JURXSZLWK%3&,DQG%3/9 DQGLVOLVWHGRQWKH
%3%3 %ORRG3UHVVXUH 0LODQ6WRFN([FKDQJHVLQFH
7KHWHUPEORRGSUHVVXUHUHIHUVWRWKHSUHVVXUH $VVHW0DQDJHPHQW,QVXUDQFH/HDVLQJ
H[HUWHGE\WKHEORRGRQWKHZDOOVRIWKHDUWHULHV ,QYHVWPHQW%DQNLQJHEDQNLQJHFRPPHUFH
3K\VLRORJ\ 9LUWXDO%DQNLQJ
%3 ES %OXHSULQW )RUIXUWKHUGHWDLOVVHHXQGHU%3&, DQG%3/9
*UDSKLF$UWV %3& %RQGHG3KDVH&KURPDWRJUDSK\
%3 %RLOHU3ODWHERLOHUSODWH $QDO\WLFDO&KHPLVWU\
*HRORJ\+\GURORJ\ %3& %ULWLVK3URGXFWLYLW\&RXQFLO *% 
,Q0HWDOOXUJ\ERLOHUSODWHLVDOVRNQRZQDV%RLOHU %3&' %DUUHOV3HU&DOHQGDU'D\
6WHHO %3&) %ULWLVK3UHFDVW&RQFUHWH)HGHUDWLRQ *% 
ES%3ES %RLOLQJSRLQW %XLOGLQJV
(VVHQWLDOO\WKHERLOLQJSRLQWLVWKHWHPSHUDWXUHDW %3&, %DQFD3RSRODUH&RPPHUFLRH,QGXVWULD
ZKLFKDOLTXLGERLOV )RUIXUWKHUGHWDLOVVHHXQGHU%3%
3K\VLFDO&KHPLVWU\ %3'ESG %DUUHOV3HU'D\
%3 %RvWH3RVWDOH $OVR%'
)UHQFKLQLWLDOLVPPHDQLQJ32%R[ &KHPLFDO(QJLQHHULQJ
%3 %RRN3URILW %3'* %LRFKHPLFDO3KDUPDFRORJ\'LVFXVVLRQ
%3 %UHDFKRI3URPLVH *URXS
%3 %UHYHW3URIHVVLRQQHO )UDQFH  2IWKH1HZ<RUN$FDGHP\RI6FLHQFHV
%3 %ULWLVK3KDUPDFRSRHLD %3(%3( %DFKHORURI3K\VLFDO(GXFDWLRQ
%3 %ULWLVK3RXQG *%  %3(5 %DFWHULDO3URWHLQ([WUDFWLRQ5HDJHQW
&XUUHQFLHV %3HW(%3( %DFKHORURI3HWUROHXP(QJLQHHULQJ
%3 6RORPRQ,VODQGV %3K %DFKHORURI3KLORVRSK\
%3$%3$ %DFKHORURI3URIHVVLRQDO$UWV $OVR%3%3KLO
%3$ %DQFD3RSRODUHGL$EELDWHJUDVVR ,WDO\  %3+ %3+ %DFKHORURI3XEOLF+HDOWK
,WDOLDQ%DQN %3+ %DQN3U]HP\VORZR+DQGORZ\6$


3ROLVK%DQN %35 %RWWRP3UHVVXUH5HFRUGHU


%3+ESK %DUUHOV3HU+RXU %35 EXUHDXGHSUHPLqUHUHVSRQVDELOLWp
%3+ %HQLJQ3URVWDWLF+\SHUWURSK\ RIILFHRISULPDU\UHVSRQVLELOLW\ 235 
%3KDUP %DFKHORURI3KDUPDF\ %SU %XVLQHVVSURFHVVUHHQJLQHHULQJ
$OVR%3 0DQDJHPHQW7HFKQLTXHV
%3KLO %DFKHORURI3KLORVRSK\ %35) %XOOHWSURRI
$OVR%3%3K ,Q&RPSXWHU3URJUDPPLQJ%35)LVDOVRNQRZQ
%3, %DQFD3RSRODUHGL,QWUD ,WDO\  DV%RPESURRI
,WDOLDQ%DQN 2UGQDQFH &DSDEOHRIZLWKVWDQGLQJWKHLPSDFWRI
%3, %DQFR3RUWXJXrVGH,QYHVWLPHQWR EXOOHWV
3RUWXJXHVH%DQN %36 %DQFD3RSRODUHGL6RQGULR ,WDO\ 
%3, %DQNRI7KH3KLOLSSLQH,VODQGV (VWDEOLVKHGRQWKHWK0DUFK
%3,ESL %LWVSHU,QFK ,WDOLDQ%DQN
&RPSXWHU7HFKQRORJ\ %36 %DVLF3URJUDPPLQJ6XSSRUW
%3, %XUHDXRI3XEOLF,QTXLULHV %36 %LQDU\3URJUDP6SDFH
%3, %X\LQJ3RZHU,QGH[ %3V %LRGHJUDGDEOH3RO\PHUV
%3,ESL E\WHVSHULQFK %LRFDWDO\VLVRI0DFURPROHFXOHV%LRSURFHVVLQJRI
%3,&$ %XUHDX3HUPDQHQW,QWHUQDWLRQDOGHV 0DFURPROHFXOHV
&RQVWUXFWHXUVG
$XWRPRELOHV )UDQFH  ESV ELWVSHUVHFRQG
%3,) %ULWLVK3ULQWLQJ,QGXVWULHV)HGHUDWLRQ *%  %36 %RVQLDQ3DWULRWLF3DUW\
%3, SURWHLQ %DFWHULFLGDO3HUPHDELOLW\,QFUHDVLQJ ESVD EHVWSRZHUVSDUNDGYDQFH
SURWHLQ %36$ %XVLQHVV3URGXFWV6WDQGDUGV$VVRFLDWLRQ
%3/ %DQFD3URYLQFLDOH/RPEDUGD %36. %LQDU\3KDVH6KLIW.H\LQJ
,WDOLDQ%DQN %37 7KHDLUSRUWFRGHIRU%HDXPRQW3RUW$UWKXU
%3/ EDVLFSULRULW\OLVW 7H[DV86$
OLVWHGHVSULRULWpVHVVHQWLHOOHV %37, %RYLQH3DQFUHDWLF7U\SVLQ,QKLELWRU
ESO DEEU ELUWKSODFH %LRFKHPLVWU\0ROHFXODU%LRSK\VLFV
%3/9 %DQFD3RSRODUHGL/XLQRHGL9DUHVH %39 %DQFD3RSRODUHGL9HURQD ,WDO\ 
)RUIXUWKHUGHWDLOVVHHXQGHU%3% ,WDOLDQ%DQN
%30 %DQFD3RSRODUH0ROLVH ,WDO\  %39 %RYLQH3DSLOORPD9LUXV
,WDOLDQ%DQN 9LURORJ\
ESP EDUUHOVSHUPRQWK %39' %RXUVHV3RXU&DQGLGDWVHQSURYHQDQFHGHV
$OVREP%0 3D\VHQ9RLHGH'pYHORSSHPHQW )UDQFH 
%30 %XVLQHVV3URFHVV0DQDJHPHQW RU %3; %XUQLQJ3ODVPD([SHULPHQW
2XWVRXUFLQJ  )XVLRQ5HDFWRUV
%30& RVHF%XW\OSKHQ\O10HWK\O&DUEDPDWH %4 %DVLV4XRWH
%30* %,&(63URMHFW0DQDJHPHQW*URXS %XVLQHVV)LQDQFH
JURXSHGHJHVWLRQGXSURMHW%,&(6 %T %HFTXHUHO
%31 %DQFD3RSRODUHGL1RYDUD ,WDO\  1XFOHRQLFV
,WDOLDQ%DQN %4 %ORF4XpEHFRLV &DQDGD 
%31/ %DWWHOOH3DFLILF1RUWKZHVW/DERUDWRULHV ETXH DEEU EDQTXH
%32 %HQ]R\O3HUR[LGH )UHQFKDEEUHYLDWLRQPHDQLQJEDQN
%HQ]R\O3HUR[LGHLVXVHGIRUPDQ\SXUSRVHVVXFK $OVREDQT
DVIRUEOHDFKLQJRUDVDQDFQHWUHDWPHQW E5 EDFWHULRUKRGRVSLQ
2UJDQLF&KHPLVWU\ E5LVDSURWHLQIRXQGLQFHUWDLQEDFWHULDPHP
%32 %XW\O3HUR[LGH EUDQHV
%32$*6 %XUHDXGX3URJUDPPHSURYLVRLUHGHOD %LRSK\VLFV0LFURELRORJ\
FDSDFLWpGHVXUYHLOODQFHWHUUHVWUHGHO·$OOLDQFH %5EU %DQN5DWH
>REVROqWHYRLU$*666&@ %5 %DQN5REEHU\
$OOLHG*URXQG6XUYHLOODQFH&DSDELOLW\3URYLVLRQDO %5 %DURQ
3URMHFW2IILFH $*6332 >REVROHWHVHH $OVR%
$*666&@ %5 %DVH5HJLVWHU
%34 %XGJHWDU\DQG3ODQQLQJ4XRWDWLRQV &RPSXWHUV


%5 %HG5HVW %5$,' %LGLUHFWLRQDO5HIHUHQFHG$UUD\,QWHUQDOO\


0HGLFLQH 'HULYHG
%5 %HOJLDQ5HDFWRU %5$,' %X\LQJ5HFHLYLQJDQG$FFRXQWVSD\DEOH
%5 %LOORI5LJKWV ,QWHJUDWHG'DWD
%5 EU %LOOV5HFHLYDEOH %5$,1 %DVLF5HVHDUFKLQ$LUFUDIW,QWHULRU1RLVH
%5 %LRORJLFDO5HVHDUFK (XURSHDQ&RPPXQLW\3URMHFW
%5 %RQG5DWLQJ %5$1 %5HDNLQJ$FWLRQ1LO
%5 %RUURZHG5HVHUYHV $YLDWLRQ
%DQNLQJ %5$1'6 %5LJKW$OSKDQXPHULF'LVSOD\6\VWHP
EU DEEU EUDQFK %5$66 EURDGFDVWDQGVKLSVKRUH V\VWHP 
EU DEEU EUDVV D V\VWqPHGH UDGLRGLIIXVLRQHWOLDLVRQQDYLUH
$OVREUV WHUUH
*HRORJ\0HWDOOXUJ\ E75$0HWOLDLVRQ17 >)5@
%5 %UD]LO %5$7 %LGULYH5HFUHDWLRQDO$OOWHUUDLQ7UDQVSRUWHU
%5 DEEU %UHDNGRZQ %5$76 %RWWRP5HIUDFWLRQ$FRXVWLF7HOHPHWU\
&KHPLVWU\(OHFWULFLW\0HWDOOXUJ\0DWHULDOV 6\VWHP
6FLHQFH3V\FKRORJ\ %5$92 %HVW5DQJHRI$JLQJ9HULILHG2VFLOODWRU
,Q0DWHULDOV6FLHQFH EUHDNGRZQLVDOVRNQRZQDV EUDYR 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
'LHOHFWULF%UHDNGRZQ XVLQJWKH,WDOLDQZRUGEUDYRZKLFKPHDQVJRRG
,Q3V\FKRORJ\ LWLVDOVRNQRZQDV1HUYRXV FOHYHUVNLOIXO
%UHDNGRZQ %5%EUE EHULJKWEDFN
%5 %ULJKW5RFN %5& %LRPHGLFDO5HVHDUFK&HQWUH
5RFN7\SHV %5& %ULWLVK5HWDLOLQJ&RQVRUWLXP *% 
)RUIXUWKHUGHWDLOVVHHXQGHU,03 ,PDJHUIRU %5& %XVLQHVV5HSO\&DUG
0DUV3DWKILQGHU  %5& 0HGWURQLF
V %DNNHQ5HVHDUFK&HQWUH 7KH
%5 %ULQGLVL,WDO\ 1HWKHUODQGV 
%U DEEU %ULWLVK %5&LVORFDWHGLQ0DDVWULFKW7KH1HWKHUODQGV
%5 %ULWLVK5DLOZD\V 0HGWURQLFLVWKHZRUOG
VODUJHVWPDQXIDFWXUHURI
%U 7KHFKHPLFDOV\PEROIRU%URPLQH LPSODQWDEOHELRPHGLFDOGHYLFHV
%URPLQHLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF %5&& %LRGLYHUVLW\5HVHDUFK&HQWHURIWKH
QXPEHUDQDWRPLFZHLJKWRIDQGD &DOLIRUQLDV 86$ 
PHOWLQJSRLQWRI$&,WLVXVHGPDLQO\LQZDWHU EUFK DEEU EUDQFK
SXULILFDWLRQDQGSKRWRJUDSK\7KHZRUGEURPLQH %RWDQ\&RPSXWHU3URJUDPPLQJ(OHFWULFLW\
GHULYHVIURPWKH*UHHNWHUP´IRXORGRUµ (OHFWURQLFV+\GURORJ\0DWKHPDWLFV
&KHPLVWU\6\PEROV %U&+&2&+ %URPRDFHWRQH
%U %URPRFULSWLQH %URPRDFHWRQHLVXVHGPDLQO\DVDWHDUJDV
%URPRFULSWLQHLVXVHGPDLQO\LQWKHWUHDWPHQWRI 2UJDQLF&KHPLVWU\
3DUNLQVRQ
VGLVHDVH %U&+&22+ %URPRDFHWLF$FLG
3KDUPDFRORJ\ %URPRDFHWLF$FLGLVXVHGLQRUJDQLFV\QWKHVLV
%5 %URQFKLWLV 2UJDQLF&KHPLVWU\
0HGLFLQH 7KHWHUPEURQFKLWLVUHIHUVWRDQLQIODP %U&+2+ %URPRO
PDWLRQRIWKHEURQFKL %URPROLVDOVRNQRZQDV7ULEURPRSKHQRO
%5$ %DQN5HVWUXFWXULQJ$JHQF\ ,QGRQHVLD  2UJDQLF&KHPLVWU\
%5$ `UHVRUF\OLFDFLG %U&O %URPLQH0RQRFKORULGH
2+ &+&22+`UHVRUF\OLFDFLGLVXVHGPDLQ ,QRUJDQLF&KHPLVWU\
O\LQSKDUPDFHXWLFDOVDQGLQWKHPDQXIDFWXUHRI %5&6%5&6 %ULWLVK5HG&URVV6RFLHW\ *% 
FKHPLFDOV %5' %LRORJLFDO5HVRXUFHV'LYLVLRQ
2UJDQLF&KHPLVWU\ 86*HRORJLFDO6XUYH\
V IRUPHUO\7KH1DWLRQDO
%5$ %RXJDLQYLOOH5HYROXWLRQDU\$UP\ %LRORJLFDO6XUYH\ 
%5$& %ULWDQQLFD5HDGLQJ$FKLHYHPHQW&HQWHU (FRORJLFDO6XUYH\V0DULQH(FRORJ\
%5$' %ULWLVK5DWH$QG'DWD %5'60% 5RPDQLDQ%DQNIRU'HYHORSPHQW
%5$' %XUHDXRI5HVHDUFK$QG'HYHORSPHQW %XFKDUHVW%UDQFK
%UG8 %URPR
'HR[\XULGLQH


%5( %DFKHORURI5HOLJLRXV(GXFDWLRQ $UFKLWHFWXUH%XLOGLQJ(QJLQHHULQJ2UGQDQFH


%5( %DQN5R]ZRMQ(NVSRUWX6$ 3RODQG  0HGLFLQH
3ROLVK%DQN ,QRUWKRGRQWLFVEUDFNHWLVDOVRNQRZQDVRUWKR
%5( %XUHDXGH5DSSURFKHPHQWGHV(QWHUSULVHV GRQWLFDWWDFKPHQWRUWKRGRQWLFEUDFNHW
(& EUO EDUUHO
)UHQFKLQLWLDOLVPRIWKH2IILFHIRU&RRSHUDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHUEDU
DPRQJ(QWHUSULVHV %5/ %HWKHVGD5HVHDUFK/DERUDWRULHV 86$ 
%5(& EUHF ELOOVUHFHLYDEOH %50 %LRORJLFDO5HVSRQVH0RGLILHU
%5(& %LOOV5(&RYHUDEOH 7KHELRORJLFDOUHVSRQVHPRGLILHULVDFWXDOO\DSUR
%5(' %DQTXH5pJLRQDOHG
(VFRPSWHHWGH'pS{WV WHLQWKDWPRGLILHVELRORJLFDOUHVSRQVH
)UDQFH  ,PPXQRORJ\
)UHQFK%DQN %50$ %XUHDXGH5HFKHUFKHV0LQLqUHV
%5(0$ %ULWLVK5DGLR(TXLSPHQW0DQXIDFWXUHUV
$OJpULHQQHV
$VVRFLDWLRQ *%  %50& %XVLQHVV5HVHDUFK0DQDJHPHQW&HQWHU
%5(5 %RDUGRQ5DGLDWLRQ(IIHFWV5HVHDUFK %503 %LRORJLFDO5HVSRQVH0RGLILHUV3URJUDP
86$  &DQFHU7UHDWPHQW
EUHY DEEU EUHYHWWR %51 %DKUDLQ
V,QWHUQDWLRQDO9HKLFOHUHJLVWUDWLRQOHW
,WDOLDQDEEUHYLDWLRQPHDQLQJSDWHQW WHUV
%U) %URPLQH7ULIOXRULGH %U1 %URPLQH$]LGH
&KHPLVWU\ %URPLQH$]LGHLVXVHGLQQXPHURXVH[SORVLYH
%U) %URPLQH3HQWDIOXRULGH GHYLFHV
,QRUJDQLF&KHPLVWU\ ,QRUJDQLF&KHPLVWU\
EUJ DEEU EHDULQJ EURN DEEU EURNHUEURNHUDJH
%XLOGLQJ(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ %URV DEEU %URWKHUV
%5**0 %XUHDXGH5HFKHUFKHV*pRORJLTXHV EURVV EURVVXUD
*pRSK\VLTXHVHW0LQLqUHV )UDQFH  ,WDOLDQDEEUHYLDWLRQPHDQLQJSDSHUEDFNELQGLQJ
%5*0 %XUHDXGH5HFKHUFKHV*pRORJLTXHVHW EURW DEEU EURXJKW
0LQLqUHV )UDQFH  $OVREUWEW
%5+( %DVLF5HVHDUFKDQG+LJKHU(GXFDWLRQ EURWIZG DEEU EURXJKWIRUZDUG
5XVVLDQ)HGHUDWLRQ  $OVR%UW)ZG
%5, %DQFDGHL5HJRODPHQWL,QWHUQD]LRQDOL %53 %DFWHULDO5HOHDVH3URWHLQ
,WDOLDQDFURQ\PRIWKH%DQNIRU,QWHUQDWLRQDO %53 %XUHDXGH5HFKHUFKHVGHV3pWUROHV )UDQFH 
6HWWOHPHQWV %55 %DVLF5DGLDO5DWLQJ RIDEHDULQJ 
%5, %DQTXHGHV5qJOHPHQWV,QWHUQDWLRQDX[ 0HFKDQLFDO(QJLQHHULQJ
)UHQFKDFURQ\PRIWKH%DQNIRU,QWHUQDWLRQDO %56 %LEOLRJUDSKLF5HWULHYDO6HUYLFHV
6HWWOHPHQWV %56 %LODQFLR5HWWLILFDWLYRH6XSSOHWLYR
%5, %LR5HVHDUFK,UHODQG %XVLQHVV(FRQRPLFV)LQDQFH
%5,LV(,·V3URJUDPPHLQ$GYDQFHG7HFKQRORJ\ EUV DEEU EUDVV
IRU%LRWHFKQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHUEU
)RUIXUWKHUGHWDLOVVHHXQGHU(, 0HWDOOXUJ\
%5,& %LRWHFK5HVHDUFKDQG,QQRYDWLRQ&HQWUH %56 %ULWLVK5RDG6HUYLFHV *% 
&RSHQKDJHQ  %56 %XVLQHVV5DGLR6HUYLFH
%5,& %ULWLVK,QVWLWXWHRI,QWHUQDWLRQDODQG 'DWD&RPPXQLFDWLRQV
&RPSDUDWLYH/DZ *%  %56$ %DQNLQJ5HJXODWLRQDQG6XSHUYLVLRQ
%5,&6 %ODFN5HVRXUFHV,QIRUPDWLRQ&RRUGLQDWLQJ $JHQF\
6HUYLFHV EUW DEEU EURXJKW
%ULW %ULWDLQ%ULWLVK $OVREWEURW
%5,7( %DVLF5HVHDUFKLQ,QGXVWULDO7HFKQRORJLHV %UW)ZG %URXJKW)RUZDUG
LQ(XURSH $OVREURWIZG
%ULW-RI*HQ3UDF %ULWLVK-RXUQDORI*HQHUDO %XVLQHVV&RPPHUFH
3UDFWLFH %5X( %DFKHORURI5XUDO(QJLQHHULQJ
3XEOLFDWLRQ %5:0 %RDUGRQ5DGLRDFWLYH:DVWH0DQDJHPHQW
EUNW DEEU EUDFNHW 86$ 


%U] DEEU EURQ]R %6$& %LRWHFKQRORJ\6FLHQFH$GYLVRU\&RPPLWWHH


,WDOLDQDEEUHYLDWLRQPHDQLQJEURQ]H 86$ 
0HWDOOXUJ\ %6$(%6$( %DFKHORURI6FLHQFHLQ
%5=* DEEU %UD]LQJ $HURQDXWLFDO(QJLQHHULQJ
0DWHULDOV6FLHQFH %6$(%6$( %DFKHORURI6FLHQFHLQ
%6%6 %DFKHORURI6FLHQFH $JULFXOWXUDO(QJLQHHULQJ
%6%6 %DFKHORURI6XUJHU\ %6$(%6$( %DFKHORURI6FLHQFHLQ
%6 %DFNVSDFH $UFKLWHFWXUDO(QJLQHHULQJ
&RPSXWHU7HFKQRORJ\*UDSKLF$UWV %6$) %LGV6ROLFLWHG$V)ROORZV
%6 %DFN6SUHDG %XVLQHVV)LQDQFH
%XVLQHVV)LQDQFH %6$J%6$J %DFKHORURI6FLHQFHLQ$JULFXOWXUH
%6 DEEU %DKDPDV $OVR%6$
%6 %DODQFH6KHHW %6 : %DVLF6HGLPHQWDQG:DWHU
EV DEEU EDWWOHVKLS $OVR%6:
1DYDO$UFKLWHFWXUH 3HWUROHXP(QJLQHHULQJ
%6 %HDP6SOLWWHU )RUIXUWKHUGHWDLOVVHHXQGHU%6
2SWLFV %6$UFK%6$UFK %DFKHORURI6FLHQFHLQ
%6 %HDP6WRUDJH $UFKLWHFWXUH
&RPSXWHU7HFKQRORJ\ %6%%6% %DFKHORURI6FLHQFHLQ%XVLQHVV
%6%6 EV %LOORI6DOH %6% %ULWLVK6WDQGDUG%HDP
%6 %LOORI6WRUH %6%$ %ULWLVK6WDQGDUG%XOE$QJOH
%6 %ORRG6XJDU %6%3 %ULWLVK6WDQGDUG%XOE3ODWH
7KHJOXFRVHLQWKHEORRG %VF%6F %DFKHORURI6FLHQFH
%LRFKHPLVWU\0HGLFLQH %6& %LEOLRJUDSKLFDO6RFLHW\RI&DQDGD
%6 %ORRP6\QGURPH %6& %LRORJLFDO6FLHQFHV&XUULFXOXP
%6LVFKDUDFWHUL]HGE\LPPXQRGHILFLHQF\PDOH %6& %ULWLVK6KLSSHUV
&RXQFLO%ULWLVK6WDQGDUG
LQIHUWLOLW\VPDOOVWDWXUHFKURPRVRPHEUHDNDJH &KDQQHO *% 
SUHGLVSRVLWLRQWRFDQFHUV %6&&2 %LVPXWK6WURQWLXP&DOFLXP&RSSHUDQG
%LRFKHPLVWU\0ROHFXODU*HQHWLFV0HGLFLQH 2[\JHQ
%6 %RWWRP6HWWOLQJV %6&&2LVDFHUDPLFFRPSRXQGXVHGIRUFRQYHQ
%RWWRPVHWWOLQJVDUHDOVRNQRZQDVERWWRPVRU WLRQDOKLJKWHPSHUDWXUHVXSHUFRQGXFWLYLW\ZLUHV
EDVLFVHGLPHQWDQGZDWHU 6XSHUFRQGXFWLQJ:LUHV6XSHUFRQGXFWLQJ
3HWUROHXP(QJLQHHULQJ 7HFKQRORJ\3URJUDPV
%6 %RZHO6RXQGV%UHDWK6RXQGV %6&K%6&K %DFKHORURI6FLHQFHLQ&KHPLVWU\
0HGLFLQH %6&+ %DQFR6DQWDQGHU&HQWUDO+LVSDQR
%6 %ULJKW6RLO 6SDQLVK%DQN
6RLO7\SHV %6&V %XVLQHVV6HUYLFH&HQWHUV 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU,03 %6&: %DVLF6XSSRUWIRU&RRSHUDWLYH:RUN
%6 %ULWLVK6KLSEXLOGHUV %6' %DUUHOVSHU6WUHDP'D\
%6%6 %ULWLVK6WDQGDUG &KHPLFDO(QJLQHHULQJ
%6 %XLOGLQJ6RFLHW\ %6' %HUNHOH\6RIWZDUH'LVWULEXWLRQ 86$ 
EV E\WHVSHUVHFRQG %6'EVG %HUNHOH\6\VWHP'LVWULEXWLRQ 86$ 
%6$ %DFKHORURI6FLHQFHLQ$JULFXOWXUH %6' %RDUGRQ6XVWDLQDEOH'HYHORSPHQW 86$ 
$OVR%6$J %6'& %LQDU\6\PPHWULF'HSHQGHQW&KDQQHO
%6$ %DQN6HFUHF\$FW 'DWD&RPPXQLFDWLRQV
%6$ %RG\6XUIDFH$UHD %6(%6( %DFKHORURI6FLHQFHLQ(GXFDWLRQ
%6$ %RYLQH6HUXP$OEXPLQ $OVR%6(G
%6$ EULJDGHVXSSRUWDUHD %6( %RPED\6WRFN([FKDQJH ,QGLD 
]RQHGHVRXWLHQGHEULJDGH 7KH%6(LVWKHROGHVWERXUVHLQ$VLD
%6$ %XLOGLQJ6RFLHWLHV$VVRFLDWLRQ %6( %RVWRQ6WRFN([FKDQJH 86$ 
%6$ %XVLQHVV6RIWZDUH$OOLDQFH %6( %RYLQH6SRQJLIRUP(QFHSKDORSDWK\
%6$$%6$$ %DFKHORURI6FLHQFHLQ$SSOLHG 7KHERYLQHVSRQJLIRUPHQFHSKDORSDWK\LVDOVR
$UWV NQRZQDVPDGFRZGLVHDVH


%6($ %ULWLVK6WDQGDUG(TXDO$QJOH %V/%V/ %LOOVRI/DGLQJ


%6(F%6(F %DFKHORURI6FLHQFHLQ(FRQRPLFV %XVLQHVV&RPPHUFH
$OVR%6(FRQ%6(FRQ %6/ %LW6HULDO/LQN
%6(G %DFKHORURI6FLHQFHLQ(GXFDWLRQ %6/ %LRVDIHW\/HYHO
$OVR%6( %60 %XIIHU6WRFN0RQH\
%6((%6(( %DFKHORURI6FLHQFHLQ(OHPHQWDU\ (FRQRPLFV
(GXFDWLRQ EVPLWK DEEU EODFNVPLWK
%6( LPDJHV %DFNVFDWWHUHG(OHFWURQLPDJHV EVPW DEEU EDVHPHQW
%6) %LQDWLRQDO6FLHQFH)RXQGDWLRQ -HUXVDOHP %XLOGLQJ(QJLQHHULQJ*HRORJ\
,VUDHO  %61 %DFKHORURI6FLHQFHLQ1XUVLQJ
7KH8QLWHG6WDWHV,VUDHO%6)ZDVHVWDEOLVKHGE\ %61 %UHYHW6SRUWLI1DWLRQDO )UDQFH 
WKHWZRJRYHUQPHQWVZLWKDYLHZWRSURPRWHFRRS %61 %ULJDGH6SpFLDOHGH1XLW )UDQFH 
HUDWLRQLQVFLHQWLILFUHVHDUFK %62 %LRVDIHW\2IILFHU
%6) EXGJHWVXEPLVVLRQILJXUH %62EVR %OXH6WHOODU2EMHFW
DPRQWDQWOLPLWHGXSURMHWGHEXGJHW 0/3%  %627%627 %DFKHORURI6FLHQFHLQ
EPRQWDQWGHODGRWDWLRQEXGJpWDLUH 2FFXSDWLRQDO7KHUDS\
%6) EXVXOIDQ %63 %HKDYLRXU6XSSRUW3ODQ *% 
)RUIXUWKHUGHWDLOVVHHXQGHU%86 6FKRRO,PSURYHPHQW
EVIF EUDNHVSHFLILFIXHOFRQVXPSWLRQ %63 %XVLQHVV6\VWHPV3ODQQLQJ
%6)2&, %HULQJ6HD)2&, %63$%63$ %DFKHORURI6FLHQFHLQ3XEOLF
)RUIXUWKHUGHWDLOVVHHXQGHU)2&, $GPLQLVWUDWLRQ
%6)6%6)6 %DFKHORURI6FLHQFHLQ)RUHLJQ %637 %637 %DFKHORURI6FLHQFHLQ3K\VLFDO
6HUYLFH 7KHUDS\
%6)RU%6)RU %DFKHORURI6FLHQFHLQ)RUHVWU\ $OVR%63K7K
%6)7%6)7 %DFKHORURI6FLHQFHLQ)XHO %63 WHVW %URPRVXOSKDOHLQWHVW
7HFKQRORJ\ 0HGLFLQH
%6) WKUHDG %ULWLVK6WDQGDUG)LQHWKUHDG %65HF%65HF %DFKHORURI6FLHQFHLQ
%6* %OXH6XSHUJLDQW 5HFUHDWLRQ
$VWURSK\VLFV&RPPXQLFDWLRQV5HVHDUFK %65HW%65HW %DFKHORURI6FLHQFHLQ5HWDLOLQJ
*HRSK\VLFV %651 %DVHOLQH6XUIDFH5DGLDWLRQ1HWZRUN
%6*(%6*( %DFKHORURI6FLHQFHLQ*HQHUDO 2IWKH:RUOG0HWHRURORJLFDO2UJDQL]DWLRQ81
(QJLQHHULQJ %657%657 %DFKHORURI6FLHQFHLQ
%VJVS %DQFR6*LPLQLDQRH63URVSHUR6S$ 5DGLRORJLFDO7HFKQRORJ\
,WDO\  %66 %DODQFHG6DOW6ROXWLRQ
,WDOLDQ%DQN &KHPLVWU\
%6+ )HGHUDO0DULWLPHDQG+\GURJUDSKLF$JHQF\ %66 %ORFN6WDUWLQJZLWK6\PERO
*HUPDQ\  &RPSXWHU6FLHQFH
EVK EXVKHOEXVKHOV %66 %URDGEDQG6DWHOOLWH6HUYLFHV
%6+$%6+$ %DFKHORURI6FLHQFHLQ+RVSLWDO 6DWHOOLWH6\VWHPV
$GPLQLVWUDWLRQ %66$%66$ %DFKHORURI6FLHQFHLQ6HFUHWDULDO
%6, %DQFDGHOOD6YL]]HUD,WDOLDQD $GPLQLVWUDWLRQ
%6,ZDVDFTXLUHGE\WKH6ZLVV%DQN&RUSRUDWLRQ EVVD EDURQHVVD
LQ,WLVLWV/XJDQREDVHGSULYDWHEDQNLQJ ,WDOLDQDEEUHYLDWLRQPHDQLQJEDURQHVV
VXEVLGLDU\ $OVR%DVD
%VL %LRJHQLF6LOLFD %66( %DVLV6HW6XSHUSRVLWLRQ(UURU
%6, %UDLQ6FLHQFH,QVWLWXWH %6656 %ULWLVK6RFLHW\IRU6RFLDO5HVSRQVLELOLW\LQ
5,.(1 -DSDQ  6FLHQFH *% 
%6, %ULWLVK6WDQGDUGV,QVWLWXWLRQ *%  %6656 %XUHDXRI6DIHW\DQG6XSSO\5DGLR6HUYLFH
%6N\% %ULWLVK6N\%URDGFDVWLQJ *%  'DWD&RPPXQLFDWLRQV
%6/%6/ %DFKHORURI6DFUHG/LWHUDWXUH %666%666 %DFKHORURI6FLHQFHLQ6HFUHWDULDO
%6/%6/ %DFKHORURI6FLHQFHLQ/DQJXDJHV 6WXGLHV
%6/%6/ %DFKHORURI6FLHQFHLQ/DZ %67 %DULXP6WURQWLXP7LWDQDWH
%6/%6/ %DFKHORURI6FLHQFHLQ/LQJXLVWLFV %67 LVDFHUDPLFFRPSRXQGXVHGE\UHVHDUFKHUVWR


UHSODFHVLOLFRQGLR[LGHWRGHYHORSWKHQH[WJHQHUD EW DEEU ERXJKW


WLRQRI'5$0V EW DEEU EURXJKW
)RUIXUWKHUGHWDLOVVHHXQGHU'5$0V $OVREUWEURW
%67 %HDP6ZLWFKLQJ7XEH %7 %UDLQ7XPRU
7KH%67 LVDFWXDOO\DPXOWLSRVLWLRQHOHFWURQLF 0HGLFLQH
VZLWFK %7 %XRQLGHO7HVRUR ,WDO\ 
%6W %LOORI6LJKW ,WDOLDQLQLWLDOLVPPHDQLQJ7UHDVXU\%RQGV
%67 %ORRG6HURORJLFDO7HVW 7UHDVXU\%LOOV
%67 %ULWLVK6WDQGDUG7HH%ULWLVK6XPPHU7LPH %7% %XRQLGHO7HVRUR%LHQQDOL
%67'% %ODFN6HD7UDGHDQG'HYHORSPHQW%DQN ,WDOLDQLQLWLDOLVPPHDQLQJ%LHQQLDO7UHDVXU\
*UHHFH  %RQGV
7KH%67'%LVEDVHGLQWKHVRXWKHUQ*UHHNSRUWRI %7& %DFWHULDO7HVW&KDPEHU
7KHVVDORQLNL/DXQFKHGLQDVWKHILQDQFLDO %7& %DQNHUV7UXVW&RPSDQ\
DUPRIWKH,VWDPEXOEDVHG%ODFN6HD(FRQRPLF %7& %DWFK7HUPLQDO&RQWUROOHU
&RRSHUDWLRQ2UJDQL]DWLRQ,WVJRDOVDUHWRILQDQFH %7&EWF EHIRUHWRSFHQWHU
WUDGHLQIUDVWUXFWXUHSURMHFWVDQGJURZLQJEXVL %7& %LRSURFHVVLQJ7HFKQRORJ\&HQWHU
QHVVHVIURPWKH%DONDQVWRWKH&DXFDVXV 1DWLRQDO8QLYHUVLW\RI6LQJDSRUH
%67UDQVS%67UDQVS %DFKHORURI6FLHQFHLQ %7&%7& %ULWLVK7UDQVSRUW&RPPLVVLRQ *% 
7UDQVSRUWDWLRQ %7&K%7&K %DFKHORURI7H[WLOH&KHPLVWU\
%68$ %ULWLVK6WDQGDUG8QHTXDO$QJOH %7'$ %HQ]RSKHQRQH7HWUDFDUER[\OLF'LDQK\GULGH
%69 %DUN6SOLW9LUXV %7'& %HIRUH7RS'HDG&HQWHU
3ODQW3DWKRORJ\ %7(%7( %DFKHORURI7H[WLOH(QJLQHHULQJ
%6: %RWWRP6HGLPHQWDQG:DWHU %7( %XRQLGHO7HVRURLQ(&8
$OVR%6 : ,WDOLDQLQLWLDOLVPPHDQLQJ(&87UHDVXU\%RQGV
)RUIXUWKHUGHWDLOVVHHXQGHU%6 %7( %XUHDXGHV7HPSV(OpPHQWDLUHV )UDQFH 
3HWUROHXP(QJLQHHULQJ %7) %XON7UDQVIHU)DFLOLW\
%6: WKUHDG %ULWLVK6WDQGDUG:KLWZRUWKWKUHDG %7+ DEEU EHUWK
1DPHGIRUWKH%ULWLVKPHFKDQLFDOHQJLQHHU6LU 1DYDO$UFKLWHFWXUH1DYLJDWLRQ
-RVHSK:KLWZRUWK %7, %R\FH7KRPSVRQ,QVWLWXWH 86$ 
%6; %HUPXGD6WRFN([FKDQJH %HUPXGD  $ QRWIRUSURILWRUJDQL]DWLRQORFDWHGDWWKH&RUQHOO
%7%7 %DFKHORURI7KHRORJ\ 8QLYHUVLW\&DPSXV
$OVR%7K 0ROHFXODUSODQWPLFUREHLQWHUDFWLRQV
%W %DFLOOXVWKXULQJLHQVLV %7.%WN %UXWRQ
V7\URVLQH.LQDVH
$JURELRWHFKQRORJ\%DFWHULDO7R[LQV %7/ %HOO7HOHSKRQH/DERUDWRULHV 86$ 
0LFURELRORJ\ %70 %DVLF7UDQVSRUW0HFKDQLVP
%7 %DWK\WKHUPRJUDSK %70 7KH%DQNRI7RN\R0LWVXELVKL/WG
7KH%7 LVXVHGWRUHFRUGZDWHUWHPSHUDWXUHZLWK -DSDQHVH%DQN
UHVSHFWWRRFHDQGHSWK %71 %UXVVHOV7DULII1RPHQFODWXUH
2FHDQRJUDSK\ %716 %DVLF7HUPLQDO1HWZRUN6XSSRUW
%7 %HGWLPH %72 %RPELQJ7KURXJK2YHUFDVW
0HGLFLQH %RPELQJWKURXJKRYHUFDVWLVDOVRNQRZQDVEOLQG
EW DEEU EHQWEHWZHHQ ERPELQJ
EW EHUWKWHUPV 0LOLWDU\6FLHQFH
%7 %LQGLQJ7LPH %72 %XRQLGHO7HVRUR2UGLQDUL
&RPSXWHU3URJUDPPLQJ ,WDOLDQLQLWLDOLVPPHDQLQJ2UGLQDU\7UHDVXU\
%7 %OHHGLQJ7LPH %RQGV%LOOV
%OHHGLQJWLPHLVWKHUHFRUGLQJRIWKHWLPHUHTXLUHG %WR%WR& %XVLQHVVWR%XVLQHVVWR&RQVXPHU
IRUWKHEORRGWRVWRSIORZLQJDIWHUWKHVNLQKDV $OVR%%&
EHHQSULFNHGIRUWKHSXUSRVH H&RPPHUFH
3K\VLRORJ\ %73 %DQTXHGX%kWLPHQWHWGHV7UDYDX[3XEOLFV
%7 %RDW7DLOERDWWDLO )UDQFH 
'HVLJQ(QJLQHHULQJ )UHQFK%DQN
%7 %RG\7HPSHUDWXUH %73 %DWFK7UDQVIHU3URJUDP


%73 %XRQLGHO7HVRUR3ROLHQQDOL %8' DEEU %XGJHW


,WDOLDQLQLWLDOLVPPHDQLQJ/RQJWHUP7UHDVXU\ EXG 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
%RQGV (QJOLVKZRUGEXG
%73V %RQG7RSRORJLFDO3DUDPHWHUV %RWDQ\,QYHUWHEUDWH=RRORJ\
%75 %DVLF7KUXVW5DWLQJ %8'&20 %XGJHW&RPPXQLFDWLRQV 6\VWHP
0HFKDQLFDO(QJLQHHULQJ >UHSODFHGE\1$)6@
%75 7KHDLUSRUWFRGHIRU%DWRQ5RXJH/RXLVLDQD V\VWqPH %8'&20>UHPSODFpSDUOH1$)6@
86$ %8'),1 EXGJHWDQGILQDQFH
EWU\ DEEU EDWWHU\ EXGJHWHWILQDQFHV
$OVR%EW\ %8'6 %XLOGLQJ8WLOLW\'HVLJQ6\VWHP
%76 %XUHDXRI7UDQVSRUWDWLRQ6WDWLVWLFV 86$  %8( 7KHDLUSRUWFRGHIRU%XHQRV$LUHV$UJHQWLQD
%76& %,&(67HDP6WHHULQJ&RPPLWWHH %8) 7KHDLUSRUWFRGHIRU%XIIDOR1HZ<RUN
&RPLWpGLUHFWHXUGXSURMHW%,&(6 86$
%78 %DVLF7DFWLFDO8QLW %8)5 %LQDU\8QLYHUVDO)RUPIRU5HSUHVHQWDWLRQ
0LOLWDU\6FLHQFH 0HWHRURORJLFDO'DWD
%78 %DVLF7UDQVPLVVLRQ8QLW %8* %8FFDO*DQJOLRQ
%78 %RDUGRI7UDGH8QLW 'HQWLVWU\
%78%78%WX%WX %ULWLVK7KHUPDO8QLW %8,$ %ULWLVK8QLWHG,VODQG$LUZD\V
%79 7KHDLUSRUWFRGHIRU%XUOLQJWRQ9HUPRQW %8,/' %DVHIRU8QLIRUP/DQJXDJH'HILQLWLRQ
86$ 3V\FKRORJ\
%7: %\7KH:D\ EXO DEEU EXOOHWLQ
%7:& %LRORJLFDODQG7R[LQ:HDSRQV&RQYHQWLRQ %XOEDQN %XOJDULDQ%DQN
&RQYHQWLRQVXUOHVDUPHVELRORJLTXHVHWjWR[LQHV %XOEDQNLV%XOJDULD·VELJJHVWEDQN
%7; %HQ]HQH7ROXHQH;\OHQH %XOJ DEEU %XOJDULDQ
$URPDWLF&KHPLFDOV$GPL[WXUH /DQJXDJHV
EW\ DEEU EDWWHU\ %80& %RVWRQ8QLYHUVLW\0HGLFDO&HQWHU 86$ 
$OVR%EWU\ %803 %RVWRQ8QLYHUVLW\0DULQH3URJUDP
&KHPLFDO(QJLQHHULQJ(OHFWULFLW\0HGLFLQH 86$ 
0LOLWDU\6FLHQFH2UGQDQFH EXPS 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
%8 %ROOHWWLQR8IILFLDOH (QJOLVKZRUGEXPS
,WDOLDQLQLWLDOLVPPHDQLQJ2IILFLDO*D]HWWH $YLDWLRQ*HRORJ\
%8 %RVWRQ8QLYHUVLW\ 86$  %81 %ORRG8UHD1LWURJHQ
%8 %XOJDULD %81< %RDUGRI8QGHUZULWHUVRI1HZ<RUN
%8 DEEU %XUQLVK 86$ 
(QJLQHHULQJ %83 %ULWLVK8QLWHG3UHVV
%XEX DEEU EXVKHO %833,(6 %ODFN<XSSLHV 86$ 
%X%D %XQGHVEDQN *HUPDQ\  %85 %LEOLRWHFD8QLYHUVDOH5L]]ROL ,WDO\ 
*HUPDQ%DQN %85 7KHDLUSRUWFRGHIRU%XUEDQN&DOLIRUQLD
%8%JHQH %XGGLQJ8QLQKLELWHGE\%HQ]LPLGD]ROH 86$
JHQH EXU DEEU EXUHDX
%LRFKHPLVWU\%LRPHGLFDO5HVHDUFK&HOOXODU %85 %XUPD
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
%LRORJ\'HYHORSPHQWDO%LRORJ\0ROHFXODU WHUV
%LRORJ\3K\VLRORJ\ %85/ %ROOHWWLQR8IILFLDOH5HJLRQH/RPEDUGLD
%8&. DEEU %XFNUDP IDEULF  ,WDOLDQDFURQ\PPHDQLQJ2IILFLDO*D]HWWHRIWKH
%8&.6 DEEU %XFNLQJKDPVKLUH /RPEDUG\5HJLRQ
&RXQW\RI(QJODQG %8567 %,&(6XVHUUHTXLUHPHQWVVWXGLHV WULDOV
%8&2 %XLOGLQJV&RQWURO2IILFHU pWXGHVHWHVVDLVUHODWLIVDX[EHVRLQVGHVXWLOLVDWHXUV
EXFR 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ GX%,&(6
XVLQJWKH,WDOLDQZRUGEXFRZKLFKPHDQVKROH %85< %DFNXS5DWHRI<DZ
$YLDWLRQ6ROLG6WDWH3K\VLFV %86 %DFKHORURI8UEDQ6WXGLHV
%8&23 %ULWLVK8QLRQ&DWDORJXHRI3HULRGLFDOV %86 %DFNVFDWWHU8OWUDYLROHW6SHFWURPHWHU
%8' %HQHILFLDO8VH'DWH %86 %DQNRIWKH8QLWHG6WDWHV 86$ 
%8' 7KHDLUSRUWFRGHIRU%XGDSHVW+XQJDU\ %XV %XGJHWVXUSOXV


EXV DEEU EXVKHO %YV %DODQFHG9ROWDJHV


$OVREXVK (OHFWULFLW\
EXV DEEU EXVLQHVV %96 %LRGHJUDGDEOH9RODWLOH6ROLGV
EXV 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH $QDO\WLFDO&KHPLVWU\
(QJOLVKZRUGEXV %: %DFWHULRORJLFDO:DUIDUH
&RPSXWHU7HFKQRORJ\(OHFWULFLW\7UDQVSRUWDWLRQ 0LOLWDU\6FLHQFH
(QJLQHHULQJ %: %DGHQ:UWWHPEHUJLVFKH%DQN$* *XHUQVH\ 
%86 DEEU %XVXOIDQ %:EZ %DQGZLGWK
%XVXOIDQLVXVHGDVDQDQWLQHRSODVWLFGUXJ 7HOHFRPPXQLFDWLRQV
3KDUPDFRORJ\ %: %LGV:DQWHG 86$ 
%86$ %ROOHWWLQR8IILFLDOHGHOOH6S$ %: %LRORJLFDO:DUIDUH
,WDOLDQDFURQ\PPHDQLQJ2IILFLDO%XOOHWLQRI 0LOLWDU\6FLHQFH
-RLQW6WRFN&RPSDQLHV %: %LRORJLFDO:HDSRQV
%86$5/ %ROOHWWLQR8IILFLDOHGHOOH6U 0LOLWDU\
,WDOLDQDFURQ\PPHDQLQJ2IILFLDO%XOOHWLQRI %:%: %ODFNDQG:KLWH
/LPLWHG&RPSDQLHV *UDSKLF$UWV
%86&, %ULWLVK8QLWHG6WDWHV&RQYR\,QVWUXFWLRQV %: %ODGGHU:DVKRXW
%86 JODQGV %DUWKROLQ
V8UHWKUDO6NHQH
VJODQGV 8URORJ\
EXVK DEEU EXVKHO %: %RDUGRI:RUNV
$OVREXV %: %RG\:DWHU%RG\:HLJKW
%866 %DFNXS6FUDP6\VWHP 0HGLFLQH
1XFOHDU(QHUJ\ %: %RQGHG:DUHKRXVH
%866 %DFNXS6WXG\6KHHWV %: %ULWLVK:DWHUZD\V *% 
0LOLWDU\ %:$ %DFNZDUG:DYH$PSOLILHU
%866 %DOORRQERUQH8OWUDYLROHW6WHOODU %:& %LRORJLFDO:HDSRQV&RQYHQWLRQ
6SHFWURPHWHU %:' %DVLF:RUN'DWD
%866 %LRPHGLFDO8ULQH6DPSOLQJ6\VWHP %:( %XFNHW:KHHO([FDYDWRU
%866 %XR\8QGHUZDWHU6RXQG6LJQDO 0HFKDQLFDO(QJLQHHULQJ
%87 DEEU EXWWRQ %:) %XLOGLQJ:DNH)DFWRU
(OHFWULFLW\(OHFWURQLFV0HWDOOXUJ\0\FRORJ\ 1XFOHDU(QHUJ\
%9 %ORRG9HVVHO %:) %XUURXJKV:HOOFRPH)XQG
$QDWRP\ &DUHHU$ZDUGV$ZDUG3URJUDPVLQ
%9EY %RRN9DOXH 0DODULD0ROHFXODU3DUDVLWRORJ\0ROHFXODU
%9 %UHDNGRZQ9ROWDJH 3DWKRJHQLF0\FRORJ\
%UHDNGRZQ9ROWDJHLVDOVRNQRZQDV=HQHUYROW %:* %LUPLQJKDP:LUH*DXJH
DJH 7KH%LUPLQJKDPZLUHJDXJHLVDV\VWHPRIVWDQ
(OHFWURQLFV GDUGVL]HVRIZLUHPHWDOWXELQJVWHHOSODWHVDQG
%9%9 %XUHDX9HULWDV )UDQFH  WKHOLNH
)UHQFK5HJLVWHURI6KLSSLQJ 'HVLJQ(QJLQHHULQJ
6KLSSLQJDQG0DULQH,QVXUDQFH %:+ %RVWRQ
V%ULJKDPDQG:RPHQ
V+RVSLWDO
%9$ %RDUGRI9HWHUDQV$SSHDOV 86$  86$ 
%9'8 %URPRYLQ\OGHR[\XULGLQH $FDGHPLF0HGLFDO&HQWHUV&OLQLFDO5HVHDUFK
%LRFKHPLVWU\ 3KDUPDFHXWLFDOV3KRWRPHGLFLQH5HVHDUFK
%9'9 %RYLQH9LUDO'LDUUKHD9LUXV %:, 7KHDLUSRUWFRGHIRU%DOWLPRUH:DVKLQJWRQ
9LURORJ\ ,QWHUQDWLRQDO
%9( %XW\O9LQ\O(WKHU %:,3 %DVDOW:DVWH,VRODWLRQ3URMHFW
%9/ %ROVDGH9DORUHVGH/LVERD 3RUWXJDO  2IWKH86'HSDUWPHQW2I(QHUJ\
3RUWXJXHVHLQLWLDOLVPRIWKH/LVERQ6WRFN EZN DEEU EULFNZRUN
([FKDQJH %XLOGLQJ(QJLQHHULQJ
%95 EH\RQGYLVXDOUDQJH %:/7 DEEU %RZ/LJKW
DXGHOjGHODSRUWpHRSWLTXH %:2 %DFNZDUG:DYH2VFLOODWRU
%957 %HQWRQ9LVXDO5HWHQWLRQ7LPH (OHFWURQLFV
3V\FKLDWU\ %:5 %DQGZLGWK5DWLR


%:5 %RLOLQJ:DWHU5HDFWRU %]D%=$ %RDUGRI=RQLQJ$GMXVWPHQW


1XFOHDU(QJLQHHULQJ %='%= %HQ]RGLD]HSLQH
%:5$ %ULWLVK:HOGLQJ5HVHDUFK$VVRFLDWLRQ 3KDUPDFRORJ\
*%  %=HIIHFW %ODQGIRUG=QDMHNHIIHFW
%:67 %RUDWHG:DWHU6WRUDJH7DQN $VWURSK\VLFV
1XFOHDU(QHUJ\ E=,3 GLPHUL]DWLRQ EDVLFUHJLRQOHXFLQH=,3SHU
%: V\VWHP %UHWWRQ:RRGVV\VWHP GLPHUL]DWLRQ
%:7 %DFNZDUG:DYH7XEH %LRORJ\%LRPHGLFDO5HVHDUFK
3K\VLFV %=UHDFWLRQ %HOX]RY=KDERWLQVN\UHDFWLRQ
%:7 %LUWK:HLJKW &KDRWLF'\QDPLFV
0HGLFLQH %=7 %DULXP=LUFRQDWH7LWDQDWH
%:7& %XVLQHVV:RPDQ
V7UDYHO&OXE $SSOLHG3K\VLFV*DWH,QVXODWRUV6HPLFRQGXFWRU
%:7) %DQN:LUH7UDQVIHURI)XQGV 'HYLFHV
%XVLQHVV)LQDQFH
%:75 %DEFRFNDQG:LOFR[7HVW5HDFWRU
%:8 %OXH:KDOH8QLW
%; %DVH([FKDQJH
%;LVDOVRNQRZQDV,RQ([FKDQJH&DWLRQ
([FKDQJH
*HRFKHPLVWU\
%;E[ ELRSV\
%LRSV\LVDFWXDOO\WKHUHPRYDODQGH[DPLQDWLRQRI
WKHWLVVXHRUIOXLGWDNHQIURPWKHOLYLQJERG\LQ
RUGHUWRHVWDEOLVKDFRUUHFWGLDJQRVLV
3DWKRORJ\
%[ DEEU %R[
%; %UXQHL
%;&JHQHV %LWKRUD[&RPSOH[JHQHV
0ROHFXODU%LRORJ\0ROHFXODU*HQHWLFV+XPDQ
'HYHORSPHQW
%;3 ERUGHUFURVVLQJSRLQW
SRLQWGHIUDQFKLVVHPHQWGHIURQWLqUH
E\E\ ELOOLRQ\HDUV
%< %XGJHW<HDU
%XVLQHVV)LQDQFH
%< %XUXQGL
E\S DEEU E\SDVV
(OHFWULFLW\(QJLQHHULQJ6XUJHU\7UDQVSODQWDWLRQ
(QJLQHHULQJ
E\SUR DEEU E\SURGXFW
%\] DEEU %\]DQWLQH
%] E] EHQ]HQH
&+ %HQ]HQHLVDOVRNQRZQDVEHQ]RO%HQ]HQH
LVREWDLQHGPDLQO\IURPSHWUROHXPDQGIURPFRDO
GLVWLOODWLRQ
$OVREHQ]
)RUIXUWKHUGHWDLOVVHHXQGHU&+
2UJDQLF&KHPLVWU\
%= %ULOORXLQ=RQH
&KHPLFDO7HFKQRORJ\0DWHULDOV6FLHQFH6ROLG
VWDWH3K\VLFV
%]D %HQ]LPLGD]ROH&+1
2UJDQLF&KHPLVWU\


FRQVXOWDWLRQFRPPDQGHPHQWHWFRQWU{OH

& &$ 7KHDLUOLQHFRGHIRU$LU&KLQD


&$ &DJOLDUL,WDO\
&D 7KHFKHPLFDOV\PEROIRU&DOFLXP
7KHZRUGFDOFLXPGHULYHVIURQWKH*UHHNWHUP
& &DORULH ODUJH  OLPHOLPHVWRQH
F FDORULH VPDOO  6\PEROV&KHPLVWU\
1XWULWLRQ3K\VLRORJ\7KHUPRG\QDPLFV &$ DEEU &DOLIRUQLD 86$ 
&F FDSDFLW\FDSDFLWDQFHFDSDFLWRU FD FDOODEOH ERQGV 
F FDUDW NDUDW  %XVLQHVV(FRQRPLFV)LQDQFH
0HWDOOXUJ\ &$ &DQDGD
& 7KHFKHPLFDOV\PEROIRU&DUERQ &DQDGD
&KHPLVWU\6\PEROV FRPEDWDLUFUDIW
F FHQW DYLRQGHFRPEDW
F FHQWR FRQWUDFWDXWKRULW\
PHDQLQJKXQGUHGLQ,WDOLDQ DXWRULVDWLRQGHSURJUDPPH $3  
F FHQWXU\FKDLUPDQFKDLUSHUVRQFKDLUZRPDQ FRRUGLQDWLQJDXWKRULW\
F FLUFD DXWRULWpGHFRRUGLQDWLRQ
PHDQLQJDERXWLQ,WDOLDQ FRUSVG·DUPpH
F FLW\ DUP\FRUSV $& 
F DEEU FOHDU FRXQWHUDLU RSHUDWLRQ 
&RPSXWHU3URJUDPPLQJ0HWHRURORJ\  RSpUDWLRQGH VXSpULRULWpDpULHQQH
1DYLJDWLRQ2UGQDQFH &$ &$QFHO
& &RGH 'DWD&RPPXQLFDWLRQV
&RPSXWHU3URJUDPPLQJ7HOHFRPPXQLFDWLRQV &$ &DQFHU
F FROG 6DUFRPDFDUFLQRPDDQGRWKHUPDOLJQDQWWXPRUV
(OHFWULFLW\0HGLFLQH 2QFRORJ\
F FROODWHUDO &$ &DSLWDO$FFRXQW
F FRPSWH &$ &DSLWDO$SSUHFLDWLRQ
PHDQLQJDFFRXQWLQ)UHQFK %XVLQHVV(FRQRPLFV)LQDQFH
& &RQJUHVV &$ &DSLWDO$VVHWV
&F FRQVXPHUFRQVXPSWLRQ %DQNLQJ%XVLQHVV)LQDQFH
F FRQWUROOHU &$ &DUERQLF$QK\GUDVH
F FRUUHQWH &DUERQLF$QK\GUDVHLVDOVRNQRZQDV
PHDQLQJFXUUHQWLQ,WDOLDQ &DUERDQK\GUDVH&DUERQLF$FLG$QK\GUDVH
(OHFWULFLW\+\GURORJ\0HWHRURORJ\3K\VLFV &DUERQDWH'HK\GUDWDVH
F FRVW (Q]\PRORJ\3K\VLRORJLFDO3URFHVVHV
& &RXORPE &$ &DUFLQRPD
1DPHGIRU&KDUOHV$XJXVWLQGH&RXORPEWKH &DUFLQRPDLVDPDOLJQDQWHSLWKHOLDOFHOOWXPRU
)UHQFKHQJLQHHUIRUKLVQXPHURXVGLVFRYHULHVLQ 2QFRORJ\
HOHFWULFLW\IULFWLRQDQGIRUPXODWLRQRI&RXORPE·V &$ &DUGLDF$UUHVW
ODZ $ FDUGLDFDUUHVWLVDFWXDOO\WKHKHDUWEHDWFHVVDWLRQ
(OHFWULFLW\ 0HGLFLQH
&F &RXSRQ &$ &DVK$FFRXQW
& &XED &$ &HOOXORVH$FHWDWH
F FXELFR &$ LVDXVHGPDLQO\LQODFTXHUVPDJQHWLFWDSHV
PHDQLQJFXELFLQ,WDOLDQ DQGSODVWLFILOPV
FFXULH 2UJDQLF&KHPLVWU\
$OVR&L &$ &HQWUDO$PHULFD
1XFOHRQLFV &$ &HUWLILFDWH$XWKRULW\
& FRPPDQGDQGFRQWURO 'LJLWDO,GHQWLW\&HUWLILFDWHV
FRPPDQGHPHQWHWFRQWU{OH &$ &KDUWHUHG$FFRXQWDQW&KLHI$FFRXQWDQW
& FRQVXOWDWLRQFRPPDQGDQGFRQWURO &$ &KROLF$FLG


$FLGLQWKHKXPDQELOH &$$7 &HQWHUIRU$OWHUQDWLYHVWR$QLPDO7HVWLQJ


%LRFKHPLVWU\ 86$ 
&$FD &KURQRORJLFDO$JH &$$7 FRPSXWHUDVVLVWHGDXGLWWHFKQLTXH
3V\FKRORJ\ WHFKQLTXHGHYpULILFDWLRQLQIRUPDWLVpH 79, 
&$ &RPPHUFLDO$JHQW &$% &HOOXORVH$FHWDWH%XW\UDWH
&$ &RPSOH[LW\$QDO\VLV 2UJDQLF&KHPLVWU\
&RPSXWHU3URJUDPPLQJ &$% &LYLO$HURQDXWLFV%RDUG 86$ 
&$ &RPSWDEOH$JUpH 7KH&$%KDVUHSODFHGWKH)HGHUDO$GPLQLVWUDWLYH
)UHQFKDFURQ\PPHDQLQJ&KDUWHUHG$FFRXQWDQW $JHQF\LQ
&HUWLILHG$FFRXQWDQW 7UDQVSRUWDWLRQ(QJLQHHULQJ
&$ &RPSXWHU$UFKLWHFWXUH &$% &RGLFHGL$YYLDPHQWR%DQFDULR
&RPSXWHU7HFKQRORJ\ ,WDOLDQDFURQ\PPHDQLQJ%DQN
V5RXWLQJ1XPEHU
&$ &RQVXPHUV
$VVRFLDWLRQ &$% &RURQDU\$UWHU\%\SDVV
&$ &RQWUROOHURI$FFRXQWV &RURQDU\DUWHU\E\SDVVLVDOVRNQRZQDVFRURQDU\
&$ &RUWLVRQH$FHWDWH E\SDVV
&$ &RVW$FFRXQW &DUGLRORJ\
&$ &RXSRQV$WWDFKHG &$% &UHGLWR$JUDULR%UHVFLDQR ,WDO\ 
&$ &RXUWRI$SSHDO ,WDOLDQ%DQN
&$ &UHGLW$FFRXQW &$%$ &KDUJH$FFRXQW%DQNHUV$VVRFLDWLRQ
&$ &UpGLW$JULFROH )UDQFH  &$%% &HQWUR$QDOLVL%DQFKHH%RUVD
)UHQFK%DQN ,WDOLDQLQLWLDOLVPPHDQLQJ%DQNVDQG6WRFN
&$ &UHGLWDQVWDOW 3RODQG  ([FKDQJH$QDO\VLV&HQWUH
+HDG2IILFH:DUV]DZD3RODQG6HUYLFHV3ULYDWH &$%(, &HQWUDO$PHULFDQ%DQNIRU(FRQRPLF
%DQNLQJ3URGXFWV6\QGLFDWHG3URMHFW)LQDQFLQJ ,QWHJUDWLRQ 86$ 
3ROLVK%DQN %DQNV(FRQRPLF,QWHJUDWLRQ
&$ &UHGLWR$UWLJLDQR ,WDO\  &$%* &RURQDU\$UWHU\%\SDVV*UDIW
,WDOLDQ%DQN &DUGLRORJ\
&$ &XUUHQW$FFRXQW &$%+( &RPPLWWHHRQ$JULFXOWXUDO%LRWHFKQRORJ\
&$ &XUUHQW$VVHWV +HDOWKDQGWKH(QYLURQPHQW 86$ 
%XVLQHVV(FRQRPLFV)LQDQFH 2IWKH1DWLRQDO5HVHDUFK&RXQFLO
&$$ &HUHEUDO$P\ORLG$QJLRSDWK\ &$%0 &HQWHUIRU$GYDQFHG%LRWHFKQRORJ\DQG
&OLQLFDO1HXURDQDWRP\0HGLFLQH1HXURVFLHQFH 0HGLFLQH 86$ 
&$$ &LYLO$HURQDXWLFV$GPLQLVWUDWLRQ&LYLO &$%SURWHLQ &KORURSK\OODE%LQGLQJSURWHLQ
$YLDWLRQ$GPLQLVWUDWLRQ $UDELGRSVLV3ODQWV%LRORJLFDO7LPLQJ3ODQW
&$$ &OHDQ$LU$FW 86$  0ROHFXODU%LRORJ\
&$$ &RPPLWWHHRQ$VWURQRP\DQG$VWURSK\VLFV &$%5$ QXPEHUV &RSSHU$QG%UDVV5HVHDUFK
86$  $VVRFLDWLRQQXPEHUV
&$$ &LYLO$YLDWLRQ$XWKRULW\ 1XPEHU'HVLJQDWLRQVIRUYDULRXVZURXJKWFRSSHU
'LUHFWLRQGHO·DYLDWLRQFLYLOH DQGFRSSHUDOOR\JUDGHV
FRQWU{OHXUDLU RXDpULHQ DYDQFp &$& &DUGLDF$FFHOHUDWRU&HQWHU
IRUZDUGDLUFRQWUROOHU )$&  &DUGLRORJ\
FRXQWHUDLUDWWDFN &$& &LWULF$FLG&\FOH
DWWDTXHGHVXSHULRULWpDpULHQQH &$&LVDOVRNQRZQDV.UHEV&\FOH7ULFDUER[\OLF
&$$&$$ &RUWHG
$VVLVHG
$SSHOOR $FLG&\FOH
,WDOLDQLQLWLDOLVPPHDQLQJ&ULPLQDO&RXUWRI %LRFKHPLVWU\2UJDQLF&KHPLVWU\
$SSHDO &$& &OLPDWH$QDO\VLV&HQWHU 86$ 
/HJDO &$& &RPSDJQLHGHV$JHQWVGH&KDQJH )UDQFH 
&$$$ &OHDQ$LU$FW$PHQGPHQWV &$& &RPSXWHU$GYLVRU\&RPPLWWHH&RXQW\
&$$/6 &RQVRUWLXPRQ$XWRPDWHG$QDO\WLFDO $JULFXOWXUDO&RPPLWWHH&XUUHQF\$GMXVWPHQW
/DERUDWRU\6\VWHPV 86$  &KDUJH
&$$0, &DLVVH$X[LOLDLUHG
$VVXUDQFH0DODGLH &$& &RQWUDFW$ZDUGV&RPPLWWHH
,QYDOLGLWp %HOJLXP  &RPLWpG·DGMXGLFDWLRQGHVPDUFKpV &$0 
&D&D0 &DOFLXP&DOPRGXOLQ


%LRORJLFDO&KHPLVWU\0HGLFLQH3K\VLRORJ\ &$'&26 &RQWURODQGDVVHVVPHQWRI$JULFXOWXUDO


&$&$5,, VHFRQG&DQDGLDQ$UFWLF&RQWDPLQDQWV GDWDZLWKD*36VXSSRUWHG'DWD&2OOHFWLQJ
$VVHVVPHQW5HSRUW 6\VWHP
7KHV\PSRVLXPUHJDUGLQJWKHDERYHZDVKHOGLQ (XURSHDQ&RPPXQLW\3URMHFW
2WWDZD&DQDGDLQ0DUFKDVDUHVXOWRI &$'(1&( &RPSXWHU$LGHG'(VLJQDQG
&DQDGD·V\HDU1&3 1XPHULFDO&RQWURO(IIRUW
)RUIXUWKHUGHWDLOVVHHXQGHU1&3 FDGHQFH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDO
&$&&, &RQIHGHUDWLRQRI$VLDQ3DFLILF&KDPEHUV O\XVLQJWKH)UHQFKZRUGFDGHQFHZKLFKPHDQV
RI&RPPHUFHDQG,QGXVWU\ 7DLSHL  EHDWFDGHQFH UK\WKPLF WUHDG
&$&* FRQVROLGDWHG$OOLDQFHFDSDELOLW\JRDO &$') &RPPXWDWHG$QWHQQD'LUHFWLRQ)LQGHU
REMHFWLIJpQpUDOGHFDSDFLWpGHO·$OOLDQFH 1DYLJDWLRQ
&$&*3 &RPPLWWHHRQ$WPRVSKHULF&KHPLVWU\DQG &$'+ &RPPXQLFDWLRQV$QG'DWD+DQGOLQJ
*OREDO3ROOXWLRQ 86$  &$',* &RYHQWU\$QG'LVWULFW,QIRUPDWLRQ*URXS
&$&/ &DQDGLDQ$VVRFLDWLRQRI&KLOGUHQ
V &$',06 &RRUGLQDWHG$LU'HIHQFH,Q0XWXDO
/LEUDULHV 6XSSRUW $JUHHPHQW 
&D&2 &DOFLWH $FFRUGVXUOD FRRUGLQDWLRQGHODGpIHQVHDpULHQQH
&DOFLWHLVDOVRNQRZQDV&DOFVSDU SRXUO·DSSXLPXWXHO
0LQHUDORJ\ &$'2 FRRUGLQDWHGDLUGHIHQFHRSHUDWLRQV
&D&2 &DOFLXP&DUERQDWH RSpUDWLRQVFRRUGRQQpHVGHGpIHQVHDpULHQQH
&DOFLXP&DUERQDWHKDVQXPHURXVFKHPLFDOXVHV &$'5( &ROOHFWRUV$UWLVWVDQG'HDOHUVIRU
IRUH[DPSOHLQWRRWKSRZGHUVLQFHPHQWDQGLQ 5HVSRQVLEOH(TXLW\ 86$ 
ZKLWHSDLQW FDGUH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
,QRUJDQLF&KHPLVWU\ XVLQJWKH)UHQFKZRUGFDGUHZKLFKPHDQVSLF
&$&2+,6 &RPSXWHU$LGHG&RPPXQLW\2UDO WXUHIUDPHDPELWFLUFOHIUDPHZRUN$OVRH[HFX
+HDOWK,QIRUPDWLRQ6\VWHP WLYH
0HGLFLQH &$'6 &HOOXODU$EVRUEHG'RVH6SHFWURPHWHU
&$&8/ &DQDGLDQ$VVRFLDWLRQRI&ROOHJHDQG &$'6 &HQWUDO$LU'DWD6\VWHP
8QLYHUVLW\/LEUDULHV &$'6 &RPPDQG$QG'DWD6LPXODWRU
&$'FDG DEEU FDGDXQR &$'9 &DVK$'9DQFH
,WDOLDQDEEUHYLDWLRQPHDQLQJHDFK %XVLQHVV(FRQRPLFV)LQDQFH
&$' &DUWULGJH$FWLYDWHG'HYLFH &$'9 FRPPDQGHDXWRPDWLTXHGHYRO
&$' &DVK$JDLQVW'RFXPHQWV DXWRPDWLFIOLJKWFRQWUROV\VWHP $)&6 
FjG F
HVWjGLUH &$( &RPPDQGHPHQWDOOLpHQ(XURSH>UHPSODFpSDU
)UHQFKLQLWLDOLVPPHDQLQJ7KDWLVWRVD\LHLQ 6&(XURSH@
RWKHUZRUGV $OOLHG&RPPDQG(XURSH $&( >UHSODFHGE\6&
&$' &LQQDP\O$OFRKRO'HK\GURJHQDVH (XURSH@
&$' &RPSXWHU$LGHG'HVLJQ&RPSXWHU$VVLVWHG &$(& &HQWHUIRUWKH$QDO\VLVRI(QYLURQPHQWDO
'UDIWLQJ&RPSXWHU$VVLVWHG'UDZLQJ &KDQJH 86$ 
&$'&DG &RRUGLQDPHQWR$VVRFLD]LRQL'LDEHWLFL 7KH&$(&LVIRUPHGFRRSHUDWLYHO\E\2UHJRQ
FR&HQWUR$QWLGLDEHWLFR2VSHGDOH0RUJDJQL 6WDWH8QLYHUVLW\WKH3DFLILF1RUWKZHVWHUQ
)RUOu,WDO\ ([SHULPHQWVWDWLRQRIWKH86)RUHVW6HUYLFHWKH
&$' &RURQDU\$UWHU\'LVHDVH (QYLURQPHQWDO5HVHDUFK/DERUDWRU\&RUYDOOLV
3DWKRORJ\ 86(QYLURQPHQWDO3URWHFWLRQ$JHQF\DQG
&$' &DSLWDO$GHTXDF\'LUHFWLYH %DWWHOOH3DFLILF1:/DERUDWRULHV
(XURSHDQ8QLRQ)LQDQFLDO,QVWLWXWLRQ &$( &KLQHVH$FDGHP\RI(QJLQHHULQJ &KLQD 
&$'$ FRRUGLQDWHGDLUGHIHQFHDUHD &$( 7KHDLUSRUWFRGH&ROXPELD6RXWK&DUROLQD
]RQHGHGpIHQVHDpULHQQHFRRUGRQQpH 86$
&$'$( &RPSXWHU$LGHG'HVLJQ$QG(QJLQHHULQJ &$(FDH &RPSXWHU$LGHG(QJLQHHULQJ
&$'$0 &RPSXWHUJUDSKLFV$XJPHQWHG'HVLJQ ,QGXVWULDO(QJLQHHULQJ
$QG0DQXIDFWXULQJ &$(&$( &RPXQLWj$JULFROD(XURSHD
&$'$362 &DQDGLDQ$VVRFLDWLRQRI'$WD ,WDOLDQLQLWLDOLVPRIWKH(XURSHDQ$JULFXOWXUDO
3URFHVVLQJ6HUYLFH2UJDQL]DWLRQV &RPPXQLW\(&
&DGFDP &RPSXWHUDLGHGGHVLJQDQGPDQXIDFWXULQJ &$H0 &RPPLVVLRQIRU$HURQDXWLFDO0HWHRURORJ\


&$(1(; &RPSOHWH$WPRVSKHULF(1HUJHWLFV DXWRPDWLFJDLQFRQWURO $*& 


(;SHULPHQW &$*&DJ &HQWUR$JJUHJD]LRQH*LRYDQLOH
&$(1V &KHPLFDOO\$VVHPEOHG(OHFWURQLF ,WDOLDQ&HQWHUV
1DQRFRPSXWHUV &DJ$ SURWHLQ &\WRWR[LQDVVRFLDWHGJHQH$ SURWHLQ
%LRFKHPLVWU\&KHPLVWU\1DQRFRPSXWHUV &DQFHU(SLGHPLRORJ\&OLQLFDO0LFURELRORJ\
&$(6$5 &HQWHURI$GYDQFHG(XURSHDQ6WXGLHV 0ROHFXODU0LFURELRORJ\
DQG5HVHDUFK *HUPDQ\  FDJH DEEU FRXUWDJH
&$(76 &RXQFLORI$FDGHPLHVRI(QJLQHHULQJDQG )UHQFKDEEUHYLDWLRQPHDQLQJEURNHUDJH
7HFKQRORJLFDO6FLHQFHV %XVLQHVV(FRQRPLFV)LQDQFH
/RFDWHGLQ:DVKLQJWRQ'&86$)RXQGHGLQ &$J0 &RPPLVVLRQIRU$JULFXOWXUDO0HWHRURORJ\
WRSURPRWHWKHGHYHORSPHQWRIHQJLQHHULQJ &$*6 &KLQHVH$FDGHP\RI*HRORJLFDO6FLHQFHV
DQGWHFKQRORJ\WKURXJKRXWWKHZRUOGDQGWRSUR &KLQD 
YLGHDQLQWHUQDWLRQDOIRUXPIRUWKHGLVFXVVLRQRI &$+ &RQJHQLWDOOLSRLG$GUHQDO+\SHUSODVLD
WHFKQRORJLFDODQGHQJLQHHULQJLVVXHVHQFRXUDJHV &D+32 0RQHWLWH
LQWHUQDWLRQDOHQJLQHHULQJHIIRUWVLQRUGHUWRSUR 0RQHWLWHLVIRXQGRQPDQ\&DULEEHDQLVODQGV
PRWHHFRQRPLFJURZWKDQGVRFLDOZHOIDUH 0LQHUDORJ\
&$) &'$QWLYLUDO)DFWRU &$, 7KHDLUSRUWFRGHIRU&DLUR(J\SW
$,'69DFFLQH'HYHORSPHQW$,'69DFFLQH &$, &DOFLXP$OXPLQXPULFK,QFOXVLRQ
5HVHDUFK(SLGHPLRORJ\9DFFLQHVDQG )RUIXUWKHUGHWDLOVVHHXQGHU&$,V
3UHYHQWLRQV9LURORJ\ &$, &RGRQ$GDSWDWLRQ,QGH[
&$)&$) &RPPLVVLRQHGL$SSHOOR)HGHUDOH &HOODQG0ROHFXODU%LRORJ\
,WDOLDQDFURQ\PRIWKH)HGHUDO&RPPLWWHHRI
$SSHDO &$, &RPSXWHU$LGHG,QVWUXFWLRQ
6SRUWV &$, &RPSXWHU$VVLVWHG,QVWUXFWLRQ
&$) &RVW$GMXVWPHQW)DFWRU $UWLILFLDO,QWHOOLJHQFH,QWHUDFWLYH'LDORJXHV
%XVLQHVV(FRQRPLFV)LQDQFH &$,$ &RQIHUHQFHRQ$UWLILFLDO,QWHOOLJHQFHIRU
&$) &RVW$QG)UHLJKW $SSOLFDWLRQV
&$) &RVW$VVXUDQFHDQG)UHLJKW &$,& &RPSXWHU$VVLVWHG,QGH[LQJDQG
&$) &XUUHQF\$GMXVWPHQW)DFWRU &ODVVLILFDWLRQ
&$)( &RPSXWHU$LGHG)LOP(GLWRU &$,16 &RPSXWHU$LGHG,1VWUXFWLRQDQG
&$)(VWDQGDUGV &RUSRUDWH$YHUDJH)XHO(FRQRP\ &ODVVLILFDWLRQ
VWDQGDUGV &D ,2  /DXWDULWH
%HFDPHODZLQWKH86LQ 0LQHUDORJ\
)XHO&RQVXPSWLRQ0RWRU,QGXVWU\ &$,$ &RQIHUHQFHRQ$UWLILFLDO,QWHOOLJHQFHIRU
&$)0(' &RPELQHG$PSKLELRXV)RUFH $SSOLFDWLRQV
0HGLWHUUDQHDQ &$,'$ &RRSHUDWLYH$VVRFLDWLRQIRU,QWHUQHW'DWD
)RUFHDPSKLELHPXOWLQDWLRQDOHGHOD0pGLWHUUDQpH $QDO\VLV 86$ 
&$)5$' &HQWUH$IULFDLQGH)RUPDWLRQHWGH &$,526 &RRUGLQDPHQWR$QDOLVWLSVLFRORJLSHU
5HFKHUFKH$GPLQLVWUDWLYHVSRXUOH O
,QWHUYHQWRHOD5LFHUFD2SHUDWLYDH6RFLDOH
'pYHORSSHPHQW ,WDO\ 
/RFDWHGLQ7DQJLHU0RURFFR)RXQGHGLQE\ &$,V &DOFLXP$OXPLQXPULFK,QFOXVLRQV
DJUHHPHQWEHWZHHQ0RURFFRDQG81(6&2WUDLQ &$,VDUHWKHILUVWVROLGSDUWLFOHVIRUPHGLQWKH
LQJRI$IULFDQVHQLRUFLYLOVHUYDQWVUHVHDUFKLQWR VRODUQHEXOD
DGPLQLVWUDWLYHSUREOHPVLQ$IULFDGRFXPHQWDWLRQ $VWHURLGV(DUO\6RODU6\VWHP(DUWKDQG
RIUHVXOWVDQGWKHSURYLVLRQRIDFRQVXOWDWLRQVHU 3ODQHWDU\6FLHQFHV*HRSK\VLFV0HWDPRUSKLVP
YLFHIRUJRYHUQPHQWVDQGRUJDQL]DWLRQVLQ$IULFD 0HWHRULWLFV0LQHUDORJ\
KROGVIUHTXHQWVHPLQDUV &$,6 &DQDGLDQ$VVRFLDWLRQIRU,QIRUPDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU81(6&2 6FLHQFH
&$*FDUULHUDLUJURXS &$. &'.$FWLYDWLQJ.LQDVH
JURXSHDpULHQHPEDUTXp FDO DEEU FDOHQGDU
FLUFXODWLRQDpULHQQHJpQpUDOH FDO DEEU FDOLEHU
JHQHUDODLUWUDIILF *$7  2UGQDQFH
FRPPDQGHDXWRPDWLTXHGHJDLQ &$/ DEEU &DOLIRUQLD 86$ 


$OVR&DOLI &$/0 &RPSXWHU$VVLVWHG/LEUDU\0HFKDQL]DWLRQ


FDO DEEU FDORULH &$/06 &RQWLQXRXV$XWRPDWLF/LQH0RQLWRULQJ
)RUIXUWKHUGHWDLOVVHHXQGHUF DQG& 6\VWHP
&$/ &RPSXWHU$VVLVWHG/HDUQLQJ &$OV &D$OULFKLQFOXVLRQV
&$/ &RQYHUVDWLRQDO$OJHEUDLF/DQJXDJH )RUIXUWKHUGHWDLOVVHHXQGHU&$,V
&$/ &RXSOLQJRI$WPRVSKHULF/D\HUV &$/6 &ROOHJHRI$JULFXOWXUDODQG/LIH6FLHQFHV
)RUIXUWKHUGHWDLOVVHHXQGHU63(&,$/ 86$ 
&$/ &UHVFLWD$SSUHQGLPHQWR/DYRUR ,WDO\  &$/6 FRQWLQXRXVDFTXLVLWLRQDQGOLIHF\FOHVXSSRUW
&$/$ &KLQHVH$PHULFDQ/LEUDULDQV$VVRFLDWLRQ DFTXLVLWLRQHWVRXWLHQHQFRQWLQXSHQGDQWODYLHGHV
&$/$ &RPSXWHU$LGHG/RDGV$QDO\VLV V\VWqPHV
&$/&2 &DSLWRO$UHD/LEUDU\&2QVRUWLXP &$/6$7 FDOLEUDWLRQVDWHOOLWH
86$  VDWHOOLWHG·pWDORQQDJH
&DO&2), SURJUDPV 7KH&DOLIRUQLD&RRSHUDWLYH &$/6&( &RPSXWHUDLGHG$FTXLVLWLRQDQG/RJLVWLF
2FHDQLF)LVKHULHV,QYHVWLJDWLRQVSURJUDPV 6XSSRUW&RQFXUUHQW(QJLQHHU
86$  &DOWHFK &DOLIRUQLD,QVWLWXWHRIWHFKQRORJ\ 86$ 
7KH0DULQH/LIH5HVHDUFK*URXSRIWKH6FULSSV &DOWUDQV DEEU &DOLIRUQLD'HSDUWPHQWRIWUDQV
,QVWLWXWLRQRI2FHDQRJUDSK\DWWKH8QLYHUVLW\RI SRUWDWLRQ 86$ 
&DOLIRPLD6DQ'LHJR86$FRRSHUDWHVZLWKIHG &$/85$ &RUSRUDWLRQV$QG/DERU8QLRQ5HWXUQV
HUDODQGVWDWHILVKHULHVDJHQFLHVLQWKHVWXG\RIWKH $FW 86$ 
SHODJLFHFRORJ\RIWKH&DOLIRPLD&XUUHQW6\VWHP FDOXUD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
WKH&DO&2),SURJUDP XVLQJWKH,WDOLDQZRUGFDOXUDZKLFKPHDQVJUHDW
3HODJLF(FRORJ\ KHDWVXOWULQHVV
&$/(1(5 &ROOHFWLRQG
$LGHV/RJLFLHOOHVjO
HQ &D0 &DOPRGXOLQ
VHLJQHPHQWGHO
(1(5JpWLTXH $OVR&DO0
&DO(3$ &DOLIRUQLD(QYLURQPHQWDO3URWHFWLRQ %LRFKHPLVWU\
$JHQF\ 86$  FDP DEEU FDPEHU
&$/),1 &$/LIRUQLD)LVKHULHV,QIRUPDWLRQ $YLDWLRQ'HVLJQ(QJLQHHULQJ*HRORJ\1DYDO
1HWZRUN $UFKLWHFWXUH
&$/, &KURPRSKRUH$VVLVWHG/DVHU,QDFWLYDWLRQ &DP DEEU &DPHORSDUGXV
&HOOXODU%LRORJ\0ROHFXODU%LRORJ\3K\VLRORJ\ &DPHORSDUGXVLVDODUJHFRQVWHOODWLRQO\LQJQHDU
&DOLI DEEU &DOLIRUQLD WKHQRUWKFHOHVWLDOSROH
$OVR&$/ $OVR&DPHORSDUGDOLV
&$/,1&$' &RPSXWHU$LGHG/HDUQLQJ,1 $VWURQRP\
&RPSXWHU$LGHG'HVLJQ &DP &DUEDP\OPHWK\O
&$/,3(5 &RVW$QDO\VLVRI/DVHU,QYHVWPHQW %LRFKHPLVWU\
3URGXFWLRQ(QJLQHHULQJDQG5HVHDUFK &$0 &$UJR0RGXOH
FDONJ DEEU FDONLQJFDXONLQJ &$0 &DUULHU$LUFUDIW0RGLILFDWLRQ
%XLOGLQJ(QJLQHHULQJ(QJLQHHULQJ1DYDO &$0 &HOO$GKHVLRQ0ROHFXOH
$UFKLWHFWXUH )RUIXUWKHUGHWDLOVVHHXQGHU&$0V
&$// &DQDGLDQ$VVRFLDWLRQRI/DZ/LEUDULHV &$0 &HQWUR$VVLVWHQ]D0LQRUL ,WDO\ 
&$// &RPSXWHU$XJPHQWHG/RIW/LQHV ,WDOLDQ&HQWHU
*UDSKLFV &$0 FKHPLFDODJHQWPRQLWRU
&$//,23( &RPSXWHU$VVLVWHG/DQJXDJH GpWHFWHXUG·DJHQWVFKLPLTXHV
/HDUQLQJIRU,QIRUPDWLRQ2UJDQL]DWLRQDQG FLUFXODWLRQDpULHQQHPLOLWDLUH
3URGXFWLRQLQ(XURSH PLOLWDU\DLUWUDIILF 0$7 
(XURSHDQ&RPPXQLW\ &RPLWpG·DGMXGLFDWLRQGHVPDUFKpV
&$//,23( &RPSXWHU$VVLVWHG/HJLVODWLYH &RQWUDFW$ZDUGV&RPPLWWHH &$& 
/,DLVRQ2QOLQH3ROLWLFDO(YDOXDWLRQ FRPSXWHUDLGHGPDQXIDFWXULQJ
&DO0 &DOPRGXOLQ IDEULFDWLRQDVVLVWpHSDURUGLQDWHXU )$2 
%LRFKHPLVWU\$OVR &D0 &$0 &KRULRDOODQWRLF0HPEUDQH
&$/0 &ROOHFWHG$OJRULWKPIRU/HDUQLQJ 7KH&$0LVDPHPEUDQHWKDWOLQHVWKHKDUGVKHOO
0DFKLQHV RIFKLFNHQHJJV
'DWD3URFHVVLQJ


&$0 &RPELQHG$GPLVVLRQ0RGH LQ%LRORJLFDO &HOO%LRORJ\1HXURVFLHQFH


DQG%LRPHGLFDO6FLHQFHV  &$0SODQWV &UDVVXODFHDQ$FLG0HWDEROLVPSODQWV
&$0FDP &RPSXWHU$VVLVWHG0DQXIDFWXULQJ &DUERQ)L[DWLRQ
&$0 &RQWDLQPHQW$WPRVSKHULF0RQLWRULQJ &$036 &HQWUDOL]HG$XWRPDWHG0LOLWDU\3D\
1XFOHDU(QHUJ\ 6\VWHP 86$ 
&$0 &RQWHQW$GGUHVVDEOH0HPRU\ &$036 &RRSHUDWLYH$UHD0DQSRZHU3ODQQLQJ
&RQWHQWDGGUHVVDEOHPHPRU\LVDOVRNQRZQDV 6\VWHP
$VVRFLDWLYH0HPRU\ 2IWKH86(3$
&RPSXWHU7HFKQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU(3$
&$0$ &HQWUDOL]HG$XWRPDWLF0HVVDJH &$03 WHVW &KULVWLH$WNLQV0XQFK3HWHUVHQWHVW
$FFRXQWLQJ 1DPHGIRUWKHGLVFRYHUHUVRIWKHSKHQRPHULRQ
'DWD&RPPXQLFDWLRQV 0LFURELRORJ\+HPRO\VLV
&$0$5& &RPSXWHU$LGHG0RYHPHQW$QDO\VLVLQ &$0386 &RPSUHKHQVLYH$QDO\WLFDO0HWKRGRI
D5HKDELOLWDWLRQ&RQWH[W 3ODQQLQJLQWKH8QLYHUVLW\6SKHUH 86$ 
0HGLFLQH &$06 &DELQ$WPRVSKHUH0RQLWRULQJ6\VWHP
&$0%,$ &HQWHUIRU$SSOLFDWLRQRI0ROHFXODU 1$6$·V
%LRORJ\WR,QWHUQDWLRQDO$JULFXOWXUH $XVWUDOLD  &$0V &HOO$GKHVLRQ0ROHFXOHV
&$0%,7$/ 8IILFLR,WDOLDQR&DPEL $[RQ3DWKILQGLQJ&HOO%LRORJ\0HGLFDO
,WDOLDQDEEUHYLDWLRQRIWKH,WDOLDQ%XUHDXRI %LRSK\VLFV0ROHFXODUDQG6WUXFWXUDO%LRORJ\
([FKDQJH &$06 &HQWHUIRU$FFHOHUDWRU0DVV6SHFWURVFRS\
&DPEV DEEU &DPEULGJHVKLUH *%  2IWKH86/DZUHQFH/LYHUPRUH1DWLRQDO
&$0' &RPSXWHU$LGHG0ROHFXODU'HVLJQ /DERUDWRU\
&$0(/ &RPSRQHQWDQG0DWHULDO(YDOXDWLRQ &$06 &RPPXQLFDWLRQV$UHD0DVWHU6WDWLRQ
/RRS &$06 &RQWDLQHU$XWRPDWHG0DUNLQJ6\VWHP
1XFOHDU(QHUJ\ &$07 &HQWHUIRU$GYDQFHG0DQXIDFWXULQJ
&$0(2 &RPSXWHU$LGHG0DQDJHPHQWRI 7HFKQRORJLHV
(PHUJHQF\2SHUDWLRQV 'HVLJQ0HWKRGRORJLHV0DFKLQH7RROV5RERWLFV
&$0(2 &UHDWLYH$XGLRDQG0XVLF(OHFWURQLFV $VVHPEO\
2UJDQL]DWLRQ &$07 &HQWHUIRU$GYDQFFG0HGLFDO7HFKQRORJ\
&$0(2V\VWHP &RYHUW$FWLYH0RGXODU(OHFWUR 86$ 
2SWLFDOV\VWHP &D09 &DXOLIORZHU0RVDLF9LUXV
&$0(5$ &DQDGLDQ$VVRFLDWLRQRI0RWLRQSLFWXUH 9LURORJ\
DQG(OHFWURQLF5HFRUGLQJ$UWLVWV &DQDGD  &$1 FDQ DEEU FDQFHO
&$0.,, &DOFLXP&DOPRGXOLQ'HSHQGHQW.LQDVH $OVRFDQF
,, &$1FDQ DEEU FDQLVWHUFDQQRQ
0HGLFLQH1HXURELRORJ\ 2UGQDQFH
&$0/ &DQDGLDQ$VVRFLDWLRQRI0XVLF/LEUDULHV &$1FDQ DEEU FDQRS\
&$026 &RPPLWWHHRQ$WRPLF0ROHFXODUDQG $YLDWLRQ)RUHVWU\
2SWLFDO6FLHQFHV 86$  &$1 &DUHHU$GYDQFHPHQW1HWZRUN
&$03 &DELQ$LU0DQLIROG3UHVVXUH &$1 &HQWUDO$XWRQRPLF1XFOHXV
$YLDWLRQ $QDWRP\&HOO%LRORJ\1HXURELRORJ\
&$03 &RPSLOHUIRU$XWRPDWLF0DFKLQH &$1 &HULF$PPRQLXP1LWUDWH
3URJUDPPLQJ ,QRUJDQLF&KHPLVWU\
'DWD&RPPXQLFDWLRQV &$1 &RPPLVVLRQG
$PpULTXHGX1RUGGHOD
&$03 &RPSXWHU$VVLVWHG0DQDJHPHQWRI )pGHUDWLRQ,QWHUQDWLRQDOHGHV3URIHVVHXUVGH
3RUWIROLRV )UDQoDLV
&$03 &RPSXWHU$VVLVWHG0HQX3ODQQLQJ &$1 &RPPLWWHHRQ$QLPDO1XWULWLRQ 86$ 
&$03 &RQWLQXRXV$LU0RQLWRULQJ3URJUDP &$1 &RQILJXUDWLRQ$FFRXQWLQJ1XPEHU
3URMHFW &$1 &RQVHLOGHO
$WODQWLTXH1RUG
2IWKH86(3$ 1RUWK$WODQWLF&RXQFLO 1$& 
)RUIXUWKHUGHWDLOVVHHXQGHU(3$ &$1 &RVW$FFRXQW1XPEHU
F$03 F\FOLF$GHQRVLQH

0RQRSKRVSKDWH %XVLQHVV(FRQRPLFV)LQDQFH
,QWUDFHOOXODUPHVVHQJHULQWKHQHXURQV FDQ FRVWRDVVLFXUD]LRQHQROR


,WDOLDQDFURQ\PPHDQLQJFRVWLQVXUDQFHIUHLJKW FRPSXWHUDLGHGGHVLJQ &$' 


&$1 &XUH$XWLVP1RZ FRXQWHUDLURSHUDWLRQ
&$1$5,( &$QDGLDQ1HWZRUNIRUWKH RSpUDWLRQGHVXSpULRULWpDpULHQQH
$GYDQFHPHQWRI5HVHDUFK,QGXVWU\DQG &$2 &RSSHU$PLQH2[LGDVH
(GXFDWLRQ &DQDGD  &$2& FRPELQHGDLURSHUDWLRQVFHQWUH>KDVUHSODFHG
&$1$5,(LVDQRQSURILW,QGXVWU\*RYHUQPHQW ,&$2&@
&RQVRUWLXPORFDWHGLQ2WWDZD&DQDGD FHQWUHFRPELQpG·RSpUDWLRQVDpULHQQHV>UHPSODFH
FDQF DEEU FDQFHO O·,&$2&@
$OVR&$1FDQ &$ RUGLQDWLRQ &RUHVSRQGDQFH$QDO\VLVRUGLQDWLRQ
&DQF DEEU &DQFHU +RORFHQH/LPQRORJLFDO&KDQJHV
&DQFHULVDFRQVWHOODWLRQWKDWOLHVEHWZHHQ*HPLQL &$3 &DOFLXP$VVLPLODWLRQLQ3ODQWV
DQG/HR (XURSHDQ&RPPXQLW\3URMHFW
$VWURQRP\ &D3 &DQFHURIWKH3URVWDWH
& (( &HQWUDODQG(DVWHUQ(XURSH 0HGLFLQH
(XURSHFHQWUDOHHWRULHQWDOH (&2  FDS DEEU FDSLWDOFDSLWDOL]DWLRQ
& *&SURJUDP &OLPDWHDQG*OREDO&KDQJHSUR &DS DEEU FDSLWROR
JUDP 86$  ,WDOLDQDEEUHYLDWLRQPHDQLQJFKDSWHU
& *6 &KDUWLQJDQG*HRGHWLF6HUYLFHV 86$  &DS DEEU &DSULFRUQXV
& 5 &RQVXOWLQJDQG5HVHDUFK &DSULFRUQXVLVDODUJHVRXWKHUQFRQVWHOODWLRQWKDW
&$1( &DWLRQLF$VSKDOW1HRSUHQH(PXOVLRQ OLHVEHWZHHQ6DJLWWDULXVDQG$TXDULXV
'XVW&RQWURO $VWURQRP\
FDQH 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH &$3 &DWDEROLWH$FWLYDWRU3URWHLQ
(QJOLVKZRUGFDQH %RWDQ\ ZKLOHLQ,WDOLDQ %LRFKHPLVWU\0ROHFXODU%LRORJ\5HVHDUFKLQ
FDQHPHDQVGRJ 9HUWHEUDWH=RRORJ\ KDP &DQFHUDQG$OOLHG'LVHDVHV
PHU 2UGQDQFH  &$3 &HOOXORVH$FHWDWH3URSLRQDWH
&DQ) &DQDGLDQ)UHQFK 2UJDQLF&KHPLVWU\
)UHQFKVSRNHQDVDQDWLYHODQJXDJHLQ&DQDGD &$3 &LUFXP$WODQWLF3URMHFW
SDUWLFXODUO\LQ4XHEHFSURYLQFH &$3 &LYLO$LU3DWURO
/DQJXDJHV &$3 &ODWKULQ$VVRFLDWHG3URWHLQ
&$1,) &$UERQDQG1,WURJHQF\FOLQJLQ)RUHVW &\WRORJ\
HFRV\VWHPV &$3 &RGHRI$GYHUWLVLQJ3UDFWLFHV*%
(XURSHDQ&RPPXQLW\3URMHFW &$3FDS &RGLFHGL$YYLDPHQWR3RVWDOH
&$1/$17 &DQDGLDQ$WODQWLF6XE$UHD>REVROHWH@ ,WDOLDQDFURQ\PPHDQLQJ3RVWDO&RGH=LS&RGH
6RXVVHFWHXUFDQDGLDQGHO·$WODQWLTXH>REVROqWH@ &$3 &ROOHJHRI$PHULFDQ3DWKRORJLVWV 86$ 
&$15 &KHPLFDOO\$VVLVWHG1XFOHDU5HDFWLRQ &$3 FRPEDWDLUSDWURO
&ROG)XVLRQ /DWHVW'HYHORSPHQWV  SDWURXLOOHDpULHQQHGHFRPEDW
&$16 &LYLOLDQ$LU1DYLJDWLRQ6FKRROV &$3 &RPPRQ$JULFXOWXUDO3ROLF\
&$16V\VWHP &RPSXWHU$VVLVWHG1HWZRUN %XVLQHVV WKH(QYLURQPHQW
6FKHGXOLQJV\VWHP &$3 &RPSXWHU$LGHG3ODQQLQJ
&$179 &RPSDxLD$Q{QLPD1DFLRQDO7HOpIRQRVGH &$3 &RQVRU]LRSHUO
$FTXD3RWDELOH
9HQH]XHOD ,WDOLDQ&RQVRUWLXP
&$186 &DQDGD8QLWHG6WDWHV &$3 &RVW$QDO\VLV3ODQ
&DQDGDeWDV8QLV %XVLQHVV(FRQRPLFV)LQDQFH
&D2 &DOFLXP2[LGH &$3 7KH&RPPLWWHHRQ$ZDUGVDQG3UL]HV
&DOFLXP2[LGHDOVRNQRZQDV/LPH4XLFNOLPH (8)(36$GYLVRU\3DQHO
%XUQW/LPH&DO[LVXVHGPDLQO\LQJODVVPDQX )RUIXUWKHUGHWDLOVVHHXQGHU(8)(36
IDFWXUHLQVWHHOPDQXIDFWXULQJLQIHUWLOL]HUVDQGDV FDS 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
DZDWHUVRIWHQHU (QJOLVKZRUGFDS
,QRUJDQLF&KHPLVWU\ %XLOGLQJ(QJLQHHULQJ(QJLQHHULQJ*HQHWLFV
&$2 &HQWUDO$SSOLFDWLRQV2IILFH ,UHODQG  0LQLQJ(QJLQHHULQJ0\FRORJ\3HWUROHXP
&$2 FLUFXODWLRQDpULHQQHRSpUDWLRQQHOOH (QJLQHHULQJ
RSHUDWLRQDODLUWUDIILF 2$7 D  &$3$ &HUWLILFDWG
$SWLWXGHjOD3URIHVVLRQG
$YRFDW
FRQFHSWLRQDVVLVWpHSDURUGLQDWHXU )UDQFH 


&$3& &LYLO$YLDWLRQ3ODQQLQJ&RPPLWWHH &$3V &KLOGUHQRI$JHLQJ3DUHQWV


&RPLWpG·pWXGHGHO·DYLDWLRQFLYLOH &$36 &RPSXWHU$VVLVWHG3UREOHP6ROYLQJ
&$3&2 FDSDELOLW\SDFNDJHFRRUGRQLQDWLRQRIILFHU &$36 &RPSXWHU$VVLVWHG3URVWKHVLV6HOHFWLRQ
FRRUGLQDWHXUGHVSDTXHWV RXHQVHPEOHV GHV 2UWKRSHGLF6XUJHU\
FDSDFLWpV &$36 &RQYHQWLRQDO$UPDPHQWV3ODQQLQJ6\VWHP
&$3&8 FRPEDWDLUSDWUROFRQWUROXQLW V\VWqPHGHSODQVG·RULHQWDWLRQSRXUOHVDUPHPHQWV
XQLWpGHFRQWU{OHGHSDWURXLOOHDpULHQQHGHFRPEDW FRQYHQWLRQQHOV 632$& 
&$3( &DSDFLW\$QG3URILFLHQF\(YDOXDWLRQ &$36 &RQYHUWLEOH$GMXVWDEOH3UHIHUUHG6WRFNV
&$3( &$SH.HQQHG\3UHFLSLWDWLRQ([SHULPHQW 86$ 
&$3( &HQWHUIRU$GYDQFHG3URIHVVLRQDO(GXFDWLRQ &$365 &RVW$FFRXQW3HUIRUPDQFH6WDWXV5HSRUW
&DQDGD  &$37 &RXSOLQJ$FWLYHDQG3DVVLYH7HOHPHWULFGDWD
&$3( &RPPXQLFDWLRQ$XWRPDWLF3URFHVVLQJ FROOHFWLRQIRUPRQLWRULQJFRQWURODQGPDQDJHPHQW
(TXLSPHQW RIDQLPDOSURGXFWLRQDWIDUPDQGDWVHFWRULDOOHYHO
&$3( &RPSXWHU$LGHG3ODQQLQJDQG(VWLPDWLQJ (XURSHDQ&RPPXQLW\3URMHFW
&$3( &RQVRUWLXPIRUWKH$GYDQFHPHQWRI3K\VLFV &$37$,1 &RPSXWHU$LGHG3URFHVVLQJDQG
(GXFDWLRQ 86$  7HUPLQDO$FFHVV,QIRUPDWLRQ1HWZRUN
&$3( &RQYHFWLYH$YDLODEOH3RWHQWLDO(QHUJ\ /LEUDU\&RPSXWHU1HWZRUN
&$3( &RXQFLOIRU$PHULFDQ3ULYDWH(GXFDWLRQ &$37$6 FRPELQHGDFWLYHSDVVLYHWRZHGDUUD\
86$  VRQDU
&D3(,H[SHULPHQW &RQYHFWLYHDQG3UHFLSLWDWLRQ V\VWqPHG·DQWHQQHUHPRUTXpH
(OHFWULILFDWLRQH[SHULPHQW &$5 &DLVVH$XWRQRPHGH5HILQDQFHPHQW )UDQFH 
&$3(5 &RPSXWHU$LGHG3DWWHUQ(YDOXDWLRQDQG )UHQFK%DQN
5HFRJQLWLRQ &$5 &DSLWDO$XWKRUL]DWLRQ5HTXHVW
&$3(5 &RQILJXUDWLRQ$QDO\VLVDQG3(5IRUPDQFH %XVLQHVV(FRQRPLFV)LQDQFH
&$3(5V &RVW$QG3HUIRUPDQFH(IIHFWLYHQHVV &$5FDU DEEU FDUDW
5DWLRV )RUIXUWKHUGHWDLOVVHHXQGHUN
&$3(;,/ &KHPLFDOV $OOLHG3URGXFWV([SRUW &DU DEEU &DULQD
3URPRWLRQ&RXQFLO ,QGLD  $ FRQVWHOODWLRQWKDWOLHVLQWKH0LON\:D\
&$3(;,/ LVDQ([SRUWSURPRWLRQFRXQFLOVSRQ $VWURQRP\
VRUHGE\WKH0LQLVWU\RI&RPPHUFH*RYHUQPHQW &$5 &HUWLILFDWLRQ$SSURYDO5HTXHVW
RI,QGLDDQGWKH3ULYDWH6HFWRU7UDGH ,QGXVWU\ &$5 &RPSRXQGHG$QQXDO5DWH
&$30 &DSLWDO$VVHW3ULFLQJ0RGHO &$5 &RPSXWHU$VVLVWHG5HVHDUFK
%XVLQHVV)LQDQFH &$5 &RQGLWLRQHG$YRLGDQFH5HVSRQVH
&$32 &HQWHU$SROOR3URJUDP2IILFHV1$6$·V &$5 &RQWUDFWRU
V$OO5LVNV
&$33 &$'3URFHVV3ODQQLQJ &$5 7KH&RPPLWWHHRQ$FDGHPLF5HODWLRQV
&$33 &HUDPLGH$FWLYDWHG3URWHLQ3KRVSKDWDVH (8)(36$GYLVRU\3DQHO
&$33 &RPSXWHU$LGHG3URFHVV RU3URGXFWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU(8)(36
3ODQQLQJ &$5 &R[VDFNLHDQG$GHQRYLUXV5HFHSWRU
'HVLJQ(QJLQHHULQJ &$5$ &DUJR$QG5HVFXH$LUFUDIW
&$35, &LYLO$LUFUDIW35RWHFWLRQDJDLQVW,FH &$5$ &HQWHUIRU$VWURSK\VLFVLQ$QWDUFWLFD
(XURSHDQ&RPPXQLW\3URMHFW &$5$ ZDVIRXQGHGLQ,WKDVDQ\HDUOLIH
&$35, &RPSDFW$OO3XUSRVH5DQJH,QVWUXPHQW WLPH
5DGDU $VWURQRP\$VWURSK\VLFV
FDSV FDSLWDOOHWWHUV &$5$ &RPSDJQLHG
$PpQDJHPHQW5XUDO
FDSV DEEU FDSVXOH G
$TXLWDLQH )UDQFH 
&$36 &$VVLQL3ODVPD6SHFWURPHWHU &$5$ &XUUHQW$HURVSDFH5HVHDUFK$FWLYLWLHV
&$36 &HOO$WPRVSKHUH3URFHVVLQJ6\VWHP &$5% &DOLIRUQLD$LU5HVRXUFHV%RDUG 86$ 
1XFOHDU(QHUJ\ &$5% &HQWHUIRU$GYDQFHG5HVHDUFKLQ
&$36 &HQWHUIRU$,'63UHYHQWLRQ6WXGLHV %LRWHFKQRORJ\
86$  7KH&$5%LVORFDWHGLQ5RFNYLOOH0DU\ODQG
2IWKH8QLYHUVLW\RI6DQ)UDQFLVFR 86$
&$36 &HQWHUIRU$QDO\VLVDQG3UHGLFWLRQRI6WRUPV &$5&$( &DULEEHDQ5HJLRQDO&RXQFLOIRU$GXOW
86$  (GXFDWLRQ


)RXQGHGLQWRSURPRWHDQGIDFLOLWDWHFR &$5(,56 &RQVHUYDWLRQ$QG5HQHZDEOH(QHUJ\


RSHUDWLRQDPRQJQDWLRQDODGXOWHGXFDWLRQRUJDQL ,QTXLU\DQG5HIHUUDO6HUYLFH
]DWLRQVDQGDJHQFLHVLQQRQ6SDQLVKVSHDNLQJWHU &$5(/ &HQWUH$XGLR9LVXHOGH5R\DQSRXU
ULWRULHVRIWKHUHJLRQWRDGYRFDWHDZDUHQHVVDQG O
(WXGHGHV/DQJXHV 5R\DQ)UDQFH 
UHFRJQLWLRQRIWKHLPSRUWDQFHRIDGXOWHGXFDWLRQ )UHQFKODQJXDJH&HQWHU
DQGWRVHHNIXQGLQJIURPJRYHUQPHQWVDQGRWKHU &$5(V\VWHP &OLQLFDODQG$GPLQLVWUDWLYH5(FRUG
VRXUFHVWRKROGFRQIHUHQFHVVHPLQDUVWUDLQLQJ V\VWHP 86$ 
FRXUVHVHWFWRDGYLVHJRYHUQPHQWVDQGRWKHU &$5, &RPSDUDWLYH$GPLQLVWUDWLRQ5HVHDUFK
ERGLHVRQPDWWHUVUHODWLQJWRDGXOWHGXFDWLRQ ,QVWLWXWH 86$ 
&$5' DEEU &DUGLJDQVKLUH *%  &$5, &RXQFLORI$LUFRQGLWLRQLQJDQG
$OVR&DUGV 5HIULJHUDWLRQ,QGXVWU\ 86$ 
&$5' &$VSDVH5HFUXLWPHQW'RPDLQ &$5,%$1. &$5,EEHDQ'HYHORSPHQW%DQN
&DVSDVHVDUHDIDPLO\RISURWHDVHV &$5,&20 DEEU &$5,EEHDQ&20PXQLW\
$SRSWRVLV%LRFKHPLVWU\0HGLFLQH0ROHFXODU &$5,&203 &$5LEEHDQ&2DVWDO0DULQH
0HGLFLQH3DWKRORJ\ 3URGXFWLYLW\
&$5' &KDQQHO$OORFDWLRQDQG5RXWLQJ'DWD ,PSOHPHQWHGLQ
&$5' &LYLO$YLDWLRQ5HVHDUFKDQG'HYHORSPHQW &$5,)( &DVVDGL5LVSDUPLRGL)HUUDUD
1$6$·V (VWDEOLVKHGLQ
&$5' &RDVWDODQG$UFWLF5HVHDUFK'LYLVLRQ ,WDOLDQ6DYLQJV%DQN
&$5'KDVUHSODFHG065' 0DULQH6HUYLFHV &$5,*( &$VVDGL5,VSDUPLRGL*HQRYD
5HVHDUFK'LYLVLRQ  (VWDEOLVKHGLQ
&$5' &RPSDFW$XWRPDWLF5HWULHYDO'HYLFH ,WDOLDQ%DQN
'DWD3URFHVVLQJ &$5,0 &$UGLRYDVFXODU5HVHDUFK,QVWLWXWHRI
&$5' &RPSDFW$XWRPDWLF5HWULHYDO'LVSOD\ 0DDVWULFKW 7KH1HWKHUODQGV 
'DWD3URFHVVLQJ &$5,3/2 &$VVDGL5LVSDUPLRGHOOH3URYLQFLH
&$5' &RGHG$XWRPDWLF5HDGLQJ'HYLFH /2PEDUGH ,WDO\ 
&$5' FRQYHQWLRQDODUPDPHQWVUHYLHZGRFXPHQW )RXQGHGLQ
GRFXPHQWVXUO·H[DPHQGHVDUPDPHQWVFRQYHQ )RUIXUWKHUGHWDLOVVHHXQGHU%DQFD,QWHVD%&,
WLRQQHOV &$5,32/ 0RQLWRULQJ3URJUDP &$5,EEHDQ
&$5'$1 &HQWUHG
$QDO\VHHWGH5HFKHUFKH 0DULQH32/OXWLRQ0RQLWRULQJ3URJUDP
'RFXPHQWDLUHSRXUO
$IULTXH1RLUH &$5,5$ &DVVDGL5LVSDUPLRGL5DYHQQD ,WDO\ 
&$5'6 &DUG$XWRPDWHG5HSURGXFWLRQDQG &$5,6%2 &DVVDGL5LVSDUPLRGL%RORJQD
'LVWULEXWLRQ6\VWHP 86$  7KH)RQGD]LRQH&$5,6%2LVWKHFRQWLQXDWLRQRI
2IWKH/LEUDU\RI&RQJUHVV &$5,6%2ZKLFKZDVIRXQGHGLQ%RORJQD,WDO\
&DUGV DEEU &DUGLJDQVKLUH *%  LQ
$OVR&$5' 6RFLDO (FRQRPLF'HYHORSPHQW
&$5'6 &RPEDW$LUFUDIW5HFRUGLQJDQG'DWD &$5,60$ &RPSXWHU$LGHG5HVHDUFK,QWR6WRFN
6\VWHP 0DUNHW$SSOLFDWLRQ
&$5( &HQWHUIRU$WKOHWHV
5LJKWVDQG(GXFDWLRQ FDULVPD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDO
86$  O\XVLQJWKH,WDOLDQZRUGFDULVPDZKLFKPHDQV
&$5( &RDOLWLRQRI$PHULFDQVIRU5HVHDUFK(WKLFV FKDULVPDFKDULVP
86$  &$5,6360 &DVVDGL5LVSDUPLRGHOOD5HSXEEOLFD
&$5(LVDJURXSWKDWRSSRVHVWKHXVHRIHPEU\RV GL6DQ0DULQR ,WDO\ 
LQUHVHDUFK 3ULYDWHEDQNLQJVLQFH
&$5( &RPELQHG$FFLGHQW5HGXFWLRQ(IIRUW &$5,752 &DVVDGL5LVSDUPLRGL7UHQWRH
&$5( &RPSXWHU$LGHG5HOLDELOLW\(VWLPDWLRQ 5RYHUHWR6S$ ,WDO\ 
&D5( D 5HVSRQVH(OHPHQW (VWDEOLVKHGLQVLQFHVW-XO\SDUWRIWKH
&$5($FW &RPSUHKHQVLYH$,'65HVRXUFHV 8QL&UHGLWR,WDOLDQR*URXS
(PHUJHQF\$FW 86$  ,WDOLDQ6DYLQJV%DQN
7KH5\DQ:KLWH&$5($FWZDVFUHDWHGLQLQ &$5/ &$OLEUDWLRQ5HTXLUHPHQW/LVW
WKH86$WRKHOSVWDWHVIDPLOLHVDQGFRPPXQL &$5/ &DQDGLDQ$FDGHPLF5HVHDUFK/LEUDULHV
WLHVFRSHZLWKWKH$,'6SUREOHP &DQDGD 
&$5(& &$5LEEHDQ(SLGHPLRORJ\&HQWUH


&$5/ &DQDGLDQ$VVRFLDWLRQRI5HVHDUFK/LEUDULHV $VWURQRP\


&DQDGD  &$6 &HQWUDO$GPLVVLRQV6HUYLFHV ,UHODQG 
&$5/ &RORUDGR$OOLDQFHRI5HVHDUFK/LEUDULHV &$6 &KHPLFDO$EVWUDFWV6HUYLFH
86$  &$6 &KLFDJR$FDGHP\RI6FLHQFH 86$ 
&$5/ &RPSDUDWLYH$QLPDO5HVHDUFK/DERUDWRU\ &$6 &KLQHVH$FDGHP\RI6FLHQFHV &KLQD 
86$  &$6ZDVIRXQGHGLQ
&$5/$ &RGH$FWXDWHG5DQGRP/RDG$SSDUDWXV &$6 FORVHDLUVXSSRUW
&$5/-6 &RXQFLORI$UFKLYHVDQG5HVHDUFK DSSXLDpULHQUDSSURFKp
/LEUDULHVLQ-HZLVK6WXGLHV &$6 &ROOLVLRQ$YRLGDQFH6\VWHP
&$50 &RDFWLYDWRU$VVRFLDWHG$UJLQLQH &$6LVDOVRNQRZQDVFROOLVLRQDYRLGDQFHUDGDU
0HWK\OWUDQVIHUDVH (QJLQHHULQJ
%LRFKHPLVWU\(Q]\PHV0HGLFLQH &$6 &RPPLVVLRQIRU$WPRVSKHULF6FLHQFHV81
&$52 &RPELQHG$UPV5HVHDUFK2IILFH 86$  &$6 &RPPLWWHHRQ$WPRVSKHULF6FLHQFHV 86$ 
&$53 &HQWHUIRU$GYDQFHG5HVHDUFKLQ &$6FDV &RPSXWHU$LGHG6W\OLQJ VRIWZDUH 
3KHQRPHQRORJ\ 86$  &$6$ FKDSLWUHDUWLFOHVRXVDUWLFOH
&$56 &$EOH5HOD\6WDWLRQV FKDSWHULWHPVXELWHP &,6, 
&$5V &LYLO$LU5HJXODWLRQV FRPLWpG·DVVRFLDWLRQGHV\VWqPHG·DUPH
&$56 &RKHUHQW$QWLVWRNHV5DPDQ6SHFWURVFRS\ >1$062@
&KHPLVWU\3K\VLFV ZHDSRQV\VWHPSDUWQHUVKLSFRPPLWWHH :63&
&$56 &RPPXQLW\$QWHQQD5HOD\6HUYLFH >1$062@
'DWD&RPPXQLFDWLRQV &$6$ &RPSXWHUDQG$XWRPDWHG6\VWHPV
&$56 &RPSXWHU$LGHG5HIHUHQFH6HUYLFH $VVRFLDWLRQ
&$56 &RQVRUWLXPIRU$GYDQFHG5DGLDWLRQ &$6$ &RPSXWHU$VVRFLDWHG6HOI$VVHVVPHQW
6RXUFHV *% 
7KH&$56LQFOXGHVDJURXSRIVFLHQWLVWVIURP &$6$&$6$ &RQIHGHUD]LRQH$XWRQRPD
PDQ\86LQVWLWXWLRQV,WLVEDVHGDWWKH8QLYHUVLW\ 6LQGDFDWL$UWLJLDQL ,WDO\ 
RI&KLFDJR 86$  &$6$ &XVWRP$XWRPRWLYH6RXQG$VVRFLDWLRQ
&$56 &RQWDLQPHQW$WPRVSKHUH5HFLUFXODWLRQ 86$ 
6\VWHP FDVD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
1XFOHDU(QHUJ\ XVLQJWKH,WDOLDQZRUGFDVDZKLFKPHDQVKRXVH
&$562 &HQWHUIRU$GYDQFHG5HVHDUFKLQ6SDFH KRPH DWWLPHV ILUPEXVLQHVVFRQFHUQ
2SWLFV &$6$ DSSURDFK &DUQHJLH$PHV6WDQIRUG
&$56WHFKQLTXH &RKHUHQW$QWLVWRNHV5DPDQ DSSURDFK
6FDWWHULQJWHFKQLTXH %LRORJLFDO6FLHQFHV0DULQHDQG&RDVWDO6FLHQFHV
7KH&$56WHFKQLTXHZDVILUVWXVHGIRULPDJLQJLQ &$6$& &OHDQ$LU6FLHQFH$GYLVRU\&RPPLWWHH
WKHV 86$ 
,PDJLQJ0LFURVFRS\3K\VLFV 2IWKH86(3$
&$5675,.)25 FDUULHUVWULNLQJIRUFH )RUIXUWKHUGHWDLOVVHHXQGHU(3$
DIRUFHG·DWWDTXHGHSRUWHDYLRQV &$6% &RVW$FFRXQWLQJ6WDQGDUGV%RDUG
EIRUFHG·LQWHUYHQWLRQGHSRUWHDYLRQV &$6& &HQWUDO$GPLQLVWUDWLYH6XSSRUW&HQWHU
&$57 &HQWUDOL]HG$XWRPDWLF5HFRUGHUDQG7HVWHU &$6( &RPPRQ$FFHVV6ZLWFKLQJ(TXLSPHQW
&$57(&RPSXWHU$LGHG5HDVRQLQJDQG7XWRULQJ &$6( &RPSXWHU$LGHG6\VWHP(YDOXDWLRQ
LQ(QJLQHHULQJ &$6( &RPSXWHU$LGHG6RIWZDUH(QJLQHHULQJ
&$57 QHWZRUN &ORXG$QG5DGLDWLRQ7HVWEHGQHW &RPSXWHU3URJUDPPLQJ
ZRUN 86$  &$6( &RQIHGHUDWLRQIRUWKH$GYDQFHPHQWRI6WDWH
&$6&DKLHUVG·$UFKpRORJLH6XEDTXDWLTXH (GXFDWLRQ 86$ 
&D6 &DOFLXP6XOILGH &$6( &RRUGLQDWHG$LU6HD([SHULPHQW
&D6LVXVHGPDLQO\DVDIORWDWLRQDJHQW &$6(9$& FDVXDOLW\HYDFXDWLRQ
,QRUJDQLF&KHPLVWU\ DpYDFXDWLRQGHVSHUWHV
&$6 &DOLEUDWHG$LU6SHHG$LUVSHHG EpYDFXDWLRQGHVYLFWLPHV
$YLDWLRQ &$6(; FRPELQHGDQWLVXEPDULQHZDUIDUHH[HUFLVH
&$6 &DOLIRUQLD$FDGHP\RI6FLHQFHV 86$  H[HUFLFHFRPELQpGHOXWWHDQWLVRXVPDULQH
&DV DEEU &DVVLRSHLD FDVK DEEU FDVKLHU


$OVRFDVKU &$67 &RXQFLOIRU$JULFXOWXUDO6FLHQFHDQG


&$6, &DQDGLDQ$HURQDXWLFVDQG6SDFH,QVWLWXWH 7HFKQRORJ\ 86$ 
&DQDGD  FDVW 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
&$6, &RQGLWLRQDO$PRXQWRI6DPSOH,QIRUPDWLRQ (QJOLVKZRUGFDVW
6WDWLVWLFV (QJLQHHULQJ*HRORJ\0HGLFLQH2SWLFV
&$6/,0 &RQVRUWLXPRI$FDGHPLFDQG6SHFLDO 3DOHRQWRORJ\
/LEUDULHVLQ0RQWDQD &$671HW &OHDQ$LU6WDWXVDQG7UHQGV1HWZRUNV
86/LEUDU\$VVRFLDWLRQ 2IWKH86(3$
&$6/,6 &DQDGLDQ$VVRFLDWLRQRI6SHFLDO/LEUDULHV (DUWKDQG$WPRVSKHULF6FLHQFHV)RUHVW
DQG,QIRUPDWLRQ6HUYLFHV 5HVRXUFHV5XUDO$LU4XDOLW\
&$61(7 &DXVDO$6VRFLDWLRQ1(7ZRUN )RUIXUWKHUGHWDLOVVHHXQGHU(3$
$UWLILFLDO,QWHOOLJHQFH &$676 &$QDO6DIH7UDQVLW6\VWHP
&$62 &LYLO$IIDLUV6WDII2IILFHU *%  &$7 &DELQ$LU7HPSHUDWXUH
&D62 &DOFLXP6XOIDWH $YLDWLRQ
&DOFLXP6XOIDWHLVXVHGPDLQO\DVDIRRGDGGLWLYH &$7 &DOLIRUQLD$FKLHYHPHQW7HVW
LQSROLVKHVSDLQWVDQGG\HV 3V\FKRORJ\
,QRUJDQLF&KHPLVWU\ &$7 &DPEULGJH$QWLERG\7HFKQRORJ\ *% 
&$63 &DQDGLDQ$WODQWLF6WRUP3URMHFW &DQDGD  &$7 ZDVIRXQGHGLQ
&$63 FRPSXWHUDLGHGVHDUFKSODQQLQJ &$7 &DWHFKRODPLQH
SODQLILFDWLRQGHODUHFKHUFKHDVVLVWpHSDURUGLQD &DWHFKRODPLQHLVDOVRNQRZQDV$GUHQHUJLF
WHXU $PLQH
FRRUGLQDWHGDLUVHDSURFHGXUHV %LRFKHPLVWU\
SURFpGXUHVDLUPHUFRRUGRQQpHV FDW DEEU FDWWHU
&$63 VHFRQG&ULWLFDO$VVHVVPHQWRI7HFKQLTXHV &DWWHULVDOVRNQRZQDVFDWWHUSLQ
IRU3URWHLQ6WUXFWXUH3UHGLFWLRQ 'HVLJQ(QJLQHHULQJ
&RPSXWDWLRQDO%LRORJ\&RPSXWHU6FLHQFH &$7 FHQWUDODQDO\VLVWHDP
&U\VWDOORJUDSK\1XFOHDU0DJQHWLF5HVRQDQFH pTXLSHFHQWUDOHG·DQDO\VH
3K\VLFDO&KHPLVWU\3URWHLQ(QJLQHHULQJ FRQWDLQHUDQFKRUDJHWHUPLQDO
6SHFWURVFRS\ WHUPLQDOGHPRXLOODJHSRXUSRUWHFRQWHQHXUV
&$6SURFHGXUH &\OLQGULFDO$QLVRWURS\6WDFNLQJ &$7 &KORURDPSKHQLFRO$FHW\OWUDQVIHUDVH
SURFHGXUH &$7 &KROLQH$FHW\O7UDQVIHUDVH
&$65(3 FDVXDOW\UHSRUW &$7 &OHDU$LU7XUEXOHQFH
DFRPSWHUHQGXGHVSHUWHV>SHUVRQQHO@ 0HWHRURORJ\
EFRPSWHUHQGXG·DYDULH>PDULQH@ &$7 &OHULFDO$SWLWXGH7HVW
&$66 FDWHJRULHVRIVHQVLWLYHVXEMHFWV &$7 &RJQLWLYH$ELOLW\7HVW&ROOHJH$ELOLW\7HVW
FDWpJRULHVGHTXHVWLRQVVHQVLEOHV (GXFDWLRQ
&$66 &RUWHGL&DVVD]LRQH &$7 &ROOHJHRI$GYDQFHG7HFKQRORJ\
,WDOLDQDEEUHYLDWLRQPHDQLQJ&RXUWRI&DVVDWLRQ &$7&RPDQGR$HUHR7DWWLFR
$OVR&& ,WDOLDQDFURQ\PPHDQLQJ7DFWLFDO$LU&RPPDQG
/DZ 0LOLWDU\
&$66,23( &RPSXWHU$LGHG6\VWHPIRU &$7 &RPLWDWR$PELHQWDOLVWD7D[L ,WDO\ 
6FKHGXOLQJ,QIRUPDWLRQDQG2SHUDWLRQRI3XEOLF ,WDOLDQ&RPPLWWHH
WUDQVSRUWLQ(XURSH(& &$7 &RPSXWHU$LGHG $VVLVWHG 7HVWLQJ
&$67 &HQWHUIRU$SSOLFDWLRQRI6FLHQFHVDQG &$7 &RPSXWHU$VVLVWHG7UDGLQJ
7HFKQRORJ\ 86$  &$7 &RPSXWHU$VVLVWHG7UDQVODWLRQ
&$67 &HQWUR$VVLVWHQ]D6RFLDOH7HUULWRULDOH &$7 FRPSXWHUL]HGFRPSXWHG$[LDO7RPRJUDSK\
,WDOLDQ&HQWHU $OVRNQRZQDV&$7 VFDQ
&$67 &KLQD$VVRFLDWLRQIRU6FLHQFHDQG 5DGLRORJ\
7HFKQRORJ\ &KLQD  &$7 &RVPLF$QLVRWURS\7HOHVFRSH
&$67 &RPPRQ$FFHVV6HFXULW\7HUPLQDO $VWURQRP\
&$67 &RPSXWHUL]HG$XWRPDWLF6\VWHP7HVWHU &$7 &UDFN$UUHVW7HPSHUDWXUH
&$67 &RURQDU\$UWHU\6XUJHU\7ULDO 1XFOHDU(QHUJ\
0HGLFLQH &$7 &UHGLW$XWKRUL]DWLRQ7HUPLQDO


&$7$6 FULWLFDODQJOHWRZHGDUUD\V\VWHP &$: &HQWHUIRUWKH$GYDQFHPHQWRI:RPHQ


V\VWqPHGHUpVHDXUHPRUTXpjDQJOHFULWLTXH 3RODQG 
&$7(5 &HQWHUIRU$YLDWLRQ7UDLQLQJDW(PEU\ &$: &KDQQHO$GGUHVV:RUG
5LGGOH 86$  &RPSXWHU3URJUDPPLQJ
&$7(5KDVFXVWRPL]HGSURJUDPVWRPHHWWKHVSH &D:2 &DGPLXP7XQJVWDWH
FLDOL]HGFRQWLQXLQJHGXFDWLRQWUDLQLQJQHHGVRI &DGPLXP7XQJVWDWHLVXVHGPDLQO\LQWKHPDQX
FRUSRUDWLRQVJRYHUQPHQWVDJHQFLHVDQGLQGLYLGX IDFWXUHRIIOXRUHVFHQWODPSV
DOV7KH\LQFOXGH(QJOLVKODQJXDJHWUDLQLQJIOLJKW ,QRUJDQLF&KHPLVWU\
DQGJURXQGVFKRROLQVWUXFWLRQDLUWUDIILFFRQWURO &$; &RPPXQLW\$XWRPDWLF([FKDQJH
WUDLQLQJ &$; FRPSXWHUDVVLVWHGH[HUFLVH
&$7) FRPPDQGHUDPSKLELRXVWDVNIRUFH H[HUFLFHDVVLVWpSDURUGLQDWHXU
FRPPDQGDQWGHIRUFHRSpUDWLRQQHOOHDPSKLELH &% &DOODEOH%RQG
FDWK DEEU FDWKRGH %XVLQHVV(FRQRPLFV)LQDQFH
&DWKRGHLVDOVRNQRZQDV1HJDWLYH(OHFWURGH$W &% &DPERGLD
WLPHVWKHDEEUHYLDWLRQLVND &DPERGJH
(OHFWULFLW\(OHFWURQLFV3K\VLFDO&KHPLVWU\ FRXQWHUEDWWHU\
&$7, &HQWUHG
$QDO\VHHWGH7UDLWPHQWGHO
OQIRU FRQWUHEDWWHULH
PDWLRQ &% DEEU &DPSREDVVR,WDO\
)UHQFKDFURQ\PPHDQLQJ&HQWHUIRUWKH$QDO\VLV &% &DVK%RRN
DQG3URFHVVLQJRI,QIRUPDWLRQ &% &HQWUDO%DQN
&$7,FDWL &RPSXWHU$LGHG7HOHSKRQH &% &HQWUR%DQFD ,WDO\ 
,QWHUYLHZLQJ ,WDOLDQ%DQN
FDWL 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ &E &HUHEHOOXP
XVLQJWKH)UHQFKZRUGFDWLZKLFKPHDQVLQ &% &LWL]HQV
%DQG
)UHQFKGUHVVLQJ 7KHFLWL]HQV
EDQGLVWKHIUHTXHQF\EDQGXVHGE\
7H[WLOH,QGXVWU\ WKHFLWL]HQV
UDGLRVHUYLFHIRUVLJQDOWUDQVPLVVLRQ
&$7,( &HQWUR$JURQRPLFR7URSLFDOGH 7HOHFRPPXQLFDWLRQV
,QYHVWLJDFLRQ\(QVHxDQ]D &RVWD5LFD  &E 7KHFKHPLFDOV\PEROIRU&ROXPELXP
&$7,(KDVEHHQRSHUDWLQJVLQFH,WGHDOV 1LRELXPZDVIRUPHUO\FDOOHG&ROXPELXP
ZLWKWKH'HYHORSPHQW&RQVHUYDWLRQDQGVXVWDLQ &% &RQGXFWLRQ%DQG
DEOHXVHRIQDWXUDOUHVRXUFHVLQWKH$PHULFDV 6ROLG6WDWH3K\VLFV
&$76 &HUWLILFDWHVRI$FFUXDORQ7UHDVXU\6HFXULWLHV &% &RQILGHQWLDO%XOOHWLQ
86$  &% &RUSRUDWH%RQGV
&$7V &KORURDPSKHQLFRO$FHW\OWUDQVIHUDVHV %XVLQHVV(FRQRPLFV)LQDQFH
0LFURELRORJ\,PPXQRORJ\ &% &RUSRUDWH%XGJHW
&$7V &ROODERUDWLYH$FFHVV7HDPV &% &RXSRQ%RQG
&$76 &RPPLWWHHRQ$SSOLHGDQG7KHRUHWKLFDO &% &UHGLWR%HUJDPDVFR ,WDO\ 
6WDWLVWLFV 86$  ,WDOLDQ%DQN
&$76 &RPSXWHU$LGHG7URXEOHVKRRWLQJ &E &XPXORQLPEXVFORXGV
&$76 &RPSXWHU$VVLVWHG7UDGLQJ6\VWHP 0HWHRURORJ\
&$77&$777 &RQWUROOHG$YDODQFKH7UDQVLW7LPH &% &XUUHQF\%RQG
7ULRGH &% &DQQDELQRLG5HFHSWRU
(OHFWURQLFV 1HXURPRGXODWRU\UHFHSWRULQWKHEUDLQ
&$79 &$EOH7HOHYLVLRQ %LRORJ\&HOOXODUDQG0ROHFXODU3KDUPDFRORJ\
7HOHFRPPXQLFDWLRQV 3K\VLRORJ\
&$79 &RPPXQLW\$QWHQQD7HOHYLVLRQ &%$ &HQWURGL%LRWHFQRORJLH$YDQ]DWH
&DY DEEU &DYDOLHUH ,WDOLDQLQLWLDOLVPRIWKH$GYDQFHG%LRWHFKQRORJLHV
,WDOLDQDEEUHYLDWLRQPHDQLQJNQLJKWNQLJKWRI &HQWHU
ODERXU &%$ &RVW%HQHILW$QDO\VLV
&$9 &RHIILFLHQWHGL$GHJXDPHQWR9DOXWDULR ,QWKH86$&%$ LVXVHGIRUDQ\UHJXODWLRQ
,WDOLDQDFURQ\PPHDQLQJ&XUUHQF\$GMXVWPHQW DQWLFLSDWHGWRKDYHDQLPSDFWRQWKH86HFRQRP\
)DFWRU RIPRUHWKDQP,Q%ULWDLQWKH+HDOWKDQG


6DIHW\([HFXWLYHXVHVWKLVPHWKRGURXWLQHO\DV &%' &RPPRQ%LOH'XFW


GRHVWKH'HSDUWPHQWRI7UDQVSRUW 7KHFRPPRQELOHGXFWFRQQHFWVWKHF\VWLFGXFW
&%$ &\WRPHWULF%HDG$UUD\ DQGWKHKHSDWLFGXFW
,PPXQRDVVD\V $QDWRP\
&%$, &HQWUH%UX[HOORLVG
$FWLRQ,QWHUFXOWXUHOOH &%' &RQYHQWLRQRQ%LRORJLFDO'LYHUVLW\
%HOJLXP  7KH&%'RSHQHGIRUVLJQDWXUHDWWKH(DUWK
&%$66( &RPPLVVLRQRQ%HKDYLRUDO$QG6RFLDO 6XPPLWLQ5LRGH-DQHLURLQ
6FLHQFHVDQG(GXFDWLRQ 86$  )RUIXUWKHUGHWDLOVVHHXQGHU&23
&%& &DQDGLDQ%URDGFDVWLQJ&RUSRUDWLRQ &DQDGD  &%': &DQDGD%DVLQ'HHS:DWHU
&%& &DUERQ%XUQXS&HOO &%( &HQWHUIRU%LRILOP(QJLQHHULQJ 86$ 
)OXLGL]HG%HG&RPEXVWLRQ7HFKQRORJ\ %LRILOP(QJLQHHULQJ&KHPLFDO(QJLQHHULQJ
&%& &HQWHUIRU%LRGLYHUVLW\DQG&RQVHUYDWLRQ (QYLURQPHQWDO%LRWHFKQRORJ\0LFURELRORJ\
86$  &%( &HQWHUIRU%LRORJ\(GXFDWLRQ
&%& &HUWLILFDWGH%RQQH&RQGXLWH )UDQFH  &%( &RPPDQGHURIWKH%ULWLVK(PSLUH *% 
&%& &KDLQ%ORFN&RQWUROOHU &%(' &RQYHUJHQW%HDP(OHFWURQ'LIIUDFWLRQ
&%& &KDPEUH%HOJHGHV&RPSWDEOHV %HOJLXP  &KHPLFDO(QJLQHHULQJ&KHPLVWU\0DWHULDOV
)RXQGHGLQ 6FLHQFH
&%& &KURQLF%HU\OOLXP'LVHDVH &%(5 &HQWHUIRU%LRORJLFV(YDOXDWLRQDQG
&%&LVDOVRNQRZQDV%HU\OOLRVLV 5HVHDUFK 86$ 
$QDO\WLFDO&KHPLVWU\,PPXQH5HDFWLRQV 2IWKH86)'$
/\PSKRF\WH3UROLIHUDWLRQ:RUNSODFH+HDOWK )RUIXUWKHUGHWDLOVVHHXQGHU)'$
6WXGLHV &%(56 &KLQD%UD]LO(DUWK5HVRXUFHV6DWHOOLWH
&%& &LYLO%XGJHW&RPPLWWHH &%(56ZDVODXQFKHG2FWREHU&%(56
&RPLWpGXEXGJHWFLYLO ZDVODXQFKHG$XJXVW
FURVVERUGHUFRQQHFWLRQ FLUFXLW  (DUWK5HPRWH6HQVLQJ6DWHOOLWHV
FRQQH[LRQ FLUFXLW WUDQVIURQWLqUH &%) &HUHEUDO%ORRG)ORZ
&%& &RPPXQLW\%DVHG&DUH 0HGLFLQH
3XEOLF+HDOWK &%) &SURPRWHU%LQGLQJ)DFWRU
&%& &RPSOHWH%ORRG&RXQW 0HGLFLQH0ROHFXODU9LURORJ\2QFRORJ\
3DWKRORJ\ 3KDUPDFRORJ\
&%& &RXQW\%RURXJK&RXQFLO *%  &%)5 &ROOLGLQJ%HDP)XVLRQ5HDFWRU
&%&PRYHPHQW &RPPXQLW\%DVHG&RQVHUYDWLRQ 3ODVPD3K\VLFV
PRYHPHQW &%):&3 &ROXPELD%DVLQ)LVKDQG:LOGOLIH
&RQVHUYDWLRQ%LRORJ\:LOGOLIH&RQVHUYDWLRQ &RPSHQVDWLRQ3URJUDP $WKDOPHUH%ULWLVK
&%& 7 &XVWRPHU%DQN&RPPXQLFDWLRQ &ROXPELD&DQDGD 
7HUPLQDO  +DELWDW%LRORJ\0RXQWDLQ(FRV\VWHPV:LOGOLIH
&%&75 7KH&RRSHUDWLYH%UHDVW&DQFHU7LVVXH 0DQDJHPHQW
5HVRXUFH &%+/ &RXQFLORI%RWDQLFDODQG+RUWLFXOWXUDO
2I7KH861&, /LEUDULHV
)RUIXUWKHUGHWDLOVVHHXQGHU1&, &%, &RPSXWHU%DVHG,QVWUXFWLRQ
&%' &DQQDELGLRO &%, &RQIHGHUDWLRQRI%ULWLVK,QGXVWULHV *% 
&DQQDELGLROLVDVROLGZKLFKLVLQVROXEOHLQZDWHU &%, &RQWUDODWHUDO%LDV,QGH[
VROXEOHLQDOFRKRODQGKDVDPHOWLQJSRLQWRI$& 1HXURELRORJ\3V\FKRORJ\
2UJDQLF&KHPLVWU\ &%, &RVPLF%DFNJURXQG,PDJHU
&%' &DVK%HIRUH'HOLYHU\ $ WHOHVFRSHLQWKH$WDFDPD'HVHUWRI&KLOH
%XVLQHVV)LQDQFH &RVPRORJ\
&%' &HQWUDO%XVLQHVV'LVWULFW &%,VFDOH &KURQLF%UDLQ,QMXU\VFDOH
%XVLQHVV)LQDQFH 7KH&%,UDWHVV\PSWRPVRQDVFDOHIURPWR
&%' &HUWLILFDWHRI%DQN'HSRVLW (SLGHPLRORJ\0HGLFLQH1HXURORJ\
%DQNLQJ%XVLQHVV)LQDQFH FEN DEEU FKHFNERRN
&%' &KLWLQ%LQGLQJ'RPDLQ &%/ &DVH%DVHG/HDUQLQJ
&%' &ORVHG%ODGGHU'UDLQDJH &%/ LVDW\SHRIDUWLILFLDOLQWHOOLJHQFH
0HGLFLQH &%/ &KHVDSHDNH%LRORJLFDO/DERUDWRU\ 86$ 


&%/ &RPPHUFLDO%LOORI/DGLQJ %URPRSLFULQDOVRNQRZQDV1LWUREURPRIRUPLV


%XVLQHVV&RPPHUFH XVHGIRUSRLVRQJDV
&%/ &RQYHFWLYH%RXQGDU\/D\HU 2UJDQLF&KHPLVWU\
&%/ FURVVERUGHUOLQN &%U2 &DUERQ\O%URPLGH
OLDLVRQWUDQVIURQWLqUH &DUERQ\O%URPLGHDOVRNQRZQDV
&%0&DUERK\GUDWH%LQGLQJ0ROHFXOH %URPRSKRVJHQHLVXVHGDVDSRLVRQJDV
%LRFKHPLVWU\ 2UJDQLF&KHPLVWU\
&%0 &HQWURSHULO%DPELQR0DOWUDWWDWRHODFXUD &%6 &RPELQHG%HKDYLRUDO6FRUH
GHOODFULVLIDPLOLDUH ,WDO\  &%6 &RPPLVVLRQIRU%DVLF6\VWHPV81
,WDOLDQ&HQWHU &%6 &RQVROLGDWHG%DODQFH6KHHW
&%0 &KORUREURPRPHWKDQH &%62 &LW\RI%LUPLQJKDP6\PSKRQ\2UFKHVWUD
&%0 &RJQLWLYH%HKDYLRU DO 0RGLILFDWLRQ *% 
%HKDYLRUDO&KDQJHV&RQGLWLRQLQJ7HFKQLTXHV &%V\VWHP &HQWUDO%DWWHU\V\VWHP
&%0 &RPLWpGXEXGJHWPLOLWDLUH &%7 &HQWHUIRU%URDGEDQG7HOHFRPPXQLFDWLRQV
0LOLWDU\%XGJHW&RPPLWWHH 0%&  7KH&%7 LVEDVHGDWWKH'HQPDUN7HFKQLFDO
FRQILGHQFHEXLOGLQJPHDVXUHV 8QLYHUVLW\
PHVXUHVGHFRQILDQFH 0'&  &%7 &KHPLFDODQG%LRORJLFDO7HUURULVP
&%06 &RPSXWHU%DVHG0HVVDJH6HUYLFH &%7 &KLFDJR%RDUGRI7UDGH 86$ 
&%1 &HQWUDO%DQNRI1LJHULD $OVR&%27
&%2 &HUWLILFDWHRI%HQHILFLDO2ZQHUVKLS &%7 FRPSXWHUEDVHGWUDLQLQJ
%XVLQHVV)LQDQFH IRUPDWLRQDVVLVWpHSDURGLQDWHXU
&%2 &RQJUHVVLRQDO%XGJHW2IOLFH 86$  &%7 &RXORPE%ORFNDGH7KHUPRPHWHU
&%2( &KLFDJR%RDUG2SWLRQV([FKDQJH 86$  $SSOLHG3K\VLFV3K\VLFV
7KH&%2(LVWKHELJJHVWRIWKH86RSWLRQVPDU &%WUDQVSRUW &RXORPE%ORFNDGHWUDQVSRUW
NHWV &KHPLVWU\1DQRVFDOH6FLHQFHDQG7HFKQRORJ\
&%27 &KLFDJR%RDUG2I7UDGH 86$  3K\VLFV
$OVR&%7 &%76 &HQWHUVIRU%DVLFDQG7UDQVODWLRQDO6FLHQFH
&%3 &DOPRGXOLQ%LQGLQJ3HSWLGH 86$&5,
&%3 &ODP%UHHGLQJ3URJUDP )RUIXUWKHUGHWDLOVVHHXQGHU&5,
9LUJLQLD,QVWLWXWHRI0DULQH6FLHQFH 86$  &%8 FOXVWHUERPEXQLW
&%3 &5(%%LQGLQJ3URWHLQ DUPHjGLVSHUVLRQ
&%3 LVDWUDQVFULSWLRQDOFRDFWLYDWRUSURWHLQ &%: &KHPLFDODQG%LRORJLFDO:DUIDUH
)RUIXUWKHUGHWDLOVVHHXQGHU&5(% 0LOLWDU\6FLHQFH
&%34 &RUSRUDWLRQGHV%LEOLRWKpFDLUHV && FDKLHUGHVFKDUJHV
3URIHVVLRQQHOOHVGX4XpEHF &DQDGD  VWDWHPHQWRIZRUN 62:  
&DQDGLDQ/LEUDU\$VVRFLDWLRQ FDVKFUHGLW
&%5 &HQWHUIRU%LRHQYLURQPHQWDO5HVHDUFK FUpGLWGHSDLHPHQW &3  
86$  &RPSODLQWV&RPPLWWHH
&%5 &KHPLFDO%LRORJLFDODQG5DGLRORJLFDO &RPLWpGHUpFODPDWLRQV &5(& 
&KHPLFDO%DFWHULRORJLFDODQG5DGLRORJLFDO FRPSRQHQWFRPPDQG HU 
0HGLFLQH FRPPDQGHPHQW FRPPDQGDQW GHFRPSRVDQWH
&%5 &RPPXQLW\%XUHDXRI5HIHUHQFH FRPSUHVVLRQFKDPEHU
-RLQW5HVHDUFK&HQWHU&RPPLVVLRQRIWKH FKDPEUHGHGpFRPSUHVVLRQ
(XURSHDQ&RPPXQLWLHV &&&& &DUWD&RVWLWX]LRQDOH
&%5 &RVPLF%DFNJURXQG5DGLDWLRQ ,WDOLDQLQLWLDOLVPPHDQLQJ&RQVWLWXWLRQDO&KDUWHU
$VWURQRP\$VWURSK\VLFV3K\VLFV && &DVK&RPPRGLW\
&%U) %URPRWULIOXRURPHWKDQH && &DVKLHU
V&KHFN&KHTXH
&%U) LVXVHGDVDILUHH[WLQJXLVKLQJDJHQW && &HQWUHGH&RPPXWDWLRQ
2UJDQLF&KHPLVWU\ && &HUWLILHG&KHFN
&%51 FKHPLFDOELRORJLFDOUDGLRORJLFDODQG %XVLQHVV(FRQRPLFV)LQDQFH
QXFOHDU && &KDPEHURI&RPPHUFH
FKLPLTXHELRORJLTXHUDGLRORJLTXHHWQXFOpDLUH FF DEEU FKDSWHUV
&%U12 %URPRSLFULQ && &KDUJHV&ROOHFW


&& &KLHI&RPSODLQW DSSURFKHFRQWU{OpHGHSXLVOHSRUWHDYLRQV


&& &LUFXLW&RXUW FHQWUHGHFRQWU{OHG·DSSURFKH
&F FLUURFXPXOXV DSSURDFKFRQWUROFHQWUH $&& 
0HWHRURORJ\ FRQWDPLQDWLRQFRQWURODUHD
&& &LW\&RXQFLO ]RQHGHFRQWU{OHGHODFRQWDPLQDWLRQ
&& &OXVWHU&RQWUROOHU &&$ &LUFXLW&RXUWRI$SSHDOV
&& &RGH&RQYHUWHU &&$ &RPSOHPHQWDU\&KURPDWLF$GDSWDWLRQ
7KH&RGH&RQYHUWHUDFWXDOO\FRQYHUWVLQIRUPDWLRQ 3ODQW%LRORJ\
IURPRQHFRGLQJVFKHPHWRDQRWKHU &&$ &RQWUROOHG&LUFXODWLRQ$XGLW
&RPSXWHU7HFKQRORJ\ &&$ &XUUHQW&RVW$FFRXQWLQJ
&&&& &RGLFH&LYLOH &&$)6 &DSH&DQDYHUDO$LU)RUFH6WDWLRQ 86$ 
,WDOLDQLQLWLDOLVPPHDQLQJ&LYLO&RGH &&$,5 FRPSRQHQWFRPPDQG HU $LU
&&&& &RGLFHGL&RPPHUFLR FRPPDQGHPHQW FRPPDQGDQW GHODFRPSRVDQWH
,WDOLDQLQLWLDOLVPPHDQLQJ&RPPHUFLDO&RGH DpULHQQH
&& &RPELQDWRULDO&KHPLVWU\ &&$,51257+ &RPSRQHQW&RPPDQG HU $OOLHG
&& &RPPDQG&KDLQ $LU)RUFHV1RUWK
&& &RPPDQG&KDUDFWHU &RPPDQGHPHQW FRPPDQGDQW GHFRPSRVDQWHGHV
&RPPDQGFKDUDFWHULVDOVRNQRZQDV&RQWURO )RUFHVDpULHQQHVDOOLpHV1RUG
&KDUDFWHU &&$,56287+ &RPSRQHQW&RPPDQG HU $OOLHG
&RPSXWHU3URJUDPPLQJ $LU)RUFHV6RXWK
&&&& &RPPLVVLRQH&HQWUDOH &RPPDQGHPHQW FRPPDQGDQW GHFRPSRVDQWHGHV
,WDOLDQLQLWLDOLVPPHDQLQJ&HQWUDO&RPPLVVLRQ )RUFHVDpULHQQHVDOOLpHV6XG
&& &RPPXQLFDWLRQV&RQWUROOHU &&$0OLQH &DUERQDFHRXV&KRQGULWH$QK\GURXV
&& &RPSDQLRQ&HOO 0LQHUDOVOLQH
%RWDQ\3ODQW%LRORJ\3ODQW3K\VLRORJ\ &KHPLVWU\(DUWKDQG6SDFH6FLHQFHV0LQHUDO
&& &RPSpWHQFHGH&RPPXQLFDWLRQ 6FLHQFHV
&& &RPSXWHU&HQWHU &&$0/5 &RQYHQWLRQRIWKH&RQVHUYDWLRQRI
&& &RPSXWHUL]HG&RQIHUHQFLQJ $QWDUFWLF0DULQH/LYLQJ5HVRXUFHV
&& &RQWUROOHG&LUFXODWLRQ &&$30 &XOWXUH&ROOHFWLRQRI$OJDHDQG3URWR]RD
&& &RQYHQWLRQV&ROOHFWLYHV 0DULQH *% 
)UHQFKLQLWLDOLVPPHDQLQJ&ROOHFWLYH$JUHHPHQWV &XOWXUH&ROOHFWLRQV
FF DEEU FRSLHV &&$5 FHQWUHGHFRQWU{OHG·DSSURFKHUDGDU
&&&& &RUUHQWH&RQWLQXD UDGDUDSSURDFKFRQWUROFHQWUH 5$3&21 
,WDOLDQLQLWLDOLVPPHDQLQJ'LUHFW&XUUHQW &&$V &U\VWDOOLQH&ROORLGDO$UUD\V
(OHFWULFLW\ &KHPLVWU\
&&&& &RUWH&RVWLWX]LRQDOH &&$7) FRPPDQGHUFRPELQHGDPSKLELRXVWDVN
,WDOLDQLQLWLDOLVPPHDQLQJ&RQVWLWXWLRQDO&RXUW IRUFH
&& &RUWHGHL&RQWL FRPPDQGDQWGHIRUFHRSpUDWLRQQHOOHDPSKLELH
,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO$XGLW2IILFH PXOWLQDWLRQDOH
&& &RUWHGL&DVVD]LRQH &&% &RPPDQG&RQWURO%ORFN
,WDOLDQLQLWLDOLVPPHDQLQJ&RXUWRI&DVVDWLRQ &&% &RPSDJQLH&RPPHUFLDOHGH%DQTXH
$OVR&$66 %DQNV
&& &RXQWHUFORFNZLVH &&% &RQILJXUDWLRQ&RQWURO%RDUG
&&&& &RXQW\&RXQFLO &RPPLVVLRQGHFRQWU{OHGHODFRQILJXUDWLRQ
&& &RXQW\&RXUW &&% &RQYHUWLEOH&LUFXLW%UHDNHU
&& &ULWLFDO&RQGLWLRQ &&%5 &HQWUHIRU&HOOXODUDQG%LRPROHFXODU
0HGLFLQH 5HVHDUFK
FF FXELFFHQWLPHWUH $ QHZO\IRUPHG&HQWHUDWWKH8QLYHUVLW\RI
&& &XUUHQW&RPSODLQW 7RURQWR &DQDGD 
0HGLFLQH &&EUDLQVWUXFWXUHV &HQWUDO&RPSOH[EUDLQVWUXF
&&$ &DQRQLFDO&RUUHODWLRQ$QDO\VLV WXUHV
&OLPDWH %LRPHGLFDODQG/LIH6FLHQFHV*HQHWLFV
&&$ FDUULHUFRQWUROOHGDSSURDFK 0ROHFXODU*HQHWLFV


&&%6 &RPPLWWHHRQ&DSDFLW\%XLOGLQJLQ6FLHQFH &&' &ROG&DWKRGH'LVFKDUJH


/RFDWHGLQWKH86$)RXQGHGLQDLPVWR &&' &RQIHGHUD]LRQH&ROWLYDWRUL'LUHWWL
SURPRWHWRWKHSXEOLFDQGWRGHFLVLRQPDNHUVDQ ,WDOLDQLQLWLDOLVPPHDQLQJ)DUPHUV
$VVRFLDWLRQ
XQGHUVWDQGLQJDQGDSSUHFLDWLRQRIWKHSURSHUUROH &&' &RQYHQWLRQWR&RPEDW'HVHUWLILFDWLRQ
RIVFLHQFHLQPRGHUQVRFLHW\DQGRIEXLOGLQJDVFL +HOGLQ*HQHYD6ZLW]HUODQGLQ2FWREHU
HQWLILFFDSDFLW\LQDOOSDUWVRIWKHZRUOG &&'0&ROG&ROOLVLRQOHVV'DUN0DWWHU
&&& FDSDFLW\FRRUGLQDWLRQFHOO>REVROHWH@ $VWURQRP\$VWURSK\VLFV
FHOOXOHGHFRRUGLQDWLRQGHVFDSDFLWpV>REVROqWH@ &&'3 &OLPDWH&KDQJH'HWHFWLRQ3URMHFW
&&& FDWKRGDOFORVXUHFRQWUDFWLRQ &&'6 &HQWHUIRUWKH&RPPHUFLDO'HYHORSPHQWRI
&&&&&& &HQWUDO&RQWURO&RPPLVVLRQ 6SDFH 86$ 
&&&&&& &HQWUDO&ULPLQDO&RXUW &&'V &KDUJH&RXSOHG'HYLFHV
&&& &KHPLFDO&RDO&OHDQLQJ &&'8 &RPLWDWRGHL&LWWDGLQLSHUL'LULWWWL
&&& &LYLOLDQ&RQVHUYDWLRQ&RUSV GHOO
8RPR
7KHIRUPHU86)HGHUDO$JHQF\  WKDW ,WDOLDQ&RPPLWWHH
LQVWLWXWHGDQGDGPLQLVWHUHGSURMHFWVIRUWKHFRQVHU &&( &RQWRXURI&RQVWDQW(QHUJ\
YDWLRQRIQDWXUDOUHVRXUFHV $SSOLHG3K\VLFV0DWHULDOV6FLHQFH3K\VLFV
&&& &RPPRGLW\&UHGLW&RUSRUDWLRQ *%  6XSHUFRQGXFWLYLW\
&&& &RPSHWLWLRQDQG&UHGLW&RQWURO *%  &&( &RXQWULHVRI&HQWUDO(XURSH
%DQNLQJ &&($ &DELQHW&RXQFLORQ(FRQRPLF$IIDLUV
&&& &RS\ULJKW&OHDUDQFH&HQWHU 86$  86$ 
$ QRWIRUSURILW&RUSRUDWLRQ &&(( FRXQWULHVRI&HQWUDODQG(DVWHUQ(XURSH
&&& &XVWRPV&RRSHUDWLRQ&RXQFLO 86$  SD\VG·(XURSHFHQWUDOHHWRULHQWDOH 3(&2 
&&&$ FHQWUHGHFRQWU{OHGHODFLUFXODWLRQDpULHQQH &&(, &RQIHUHQ]DSHUOD&RRSHUD]LRQH(FRQRPLFD
DLUWUDIILFFRQWUROFHQWUH $7&&  ,QWHUQD]LRQDOH
&&&$%73 &RPLWp&HQWUDOGH&RRUGLQDWLRQGH ,WDOLDQLQLWLDOLVPPHDQLQJ,QWHUQDWLRQDO(FRQRPLF
O
$SSUHQWLVVDJHGX%kWLPHQWHWGHV7UDYDX[ &RRSHUDWLRQ&RQIHUHQFH
3XEOLFV )UDQFH  &&(3 &LWUXV&DQNHU(UDGLFDWLRQ3URJUDP
&&&& &HQWHUIRU&DSWLYH&KLPSDQ]HH&DUH )ORULGD·V
)ORULGD86$  $ MRLQWHIIRUWE\WKH)'$&6DQG86'$$3+,6
$QLPDO5HVHDUFK )RUIXUWKHUGHWDLOVVHHXQGHU)'$&686'$
&&&& FURVVFKDQQHOFRRUGLQDWLRQFHQWUH $3+,6
FHQWUHGHFRRUGLQDWLRQWUDQVPDQFKH &&(77 &HQWUH&RPPXQG
(WXGHVGH7pOpGLIIXVLRQ
&&&( &DVVD&HQWUDOH&RRSHUD]LRQH(FRQRPLFD HWGH7pOpFRPPXQLFDWLRQV
,WDOLDQLQLWLDOLVPPHDQLQJ&HQWUDO)XQGIRU &&) FRQYHQWLRQDOFRXQWHUIRUFH
(FRQRPLF&RRSHUDWLRQ FRQWUHIRUFHFRQYHQWLRQQHOOH
&&&2 &RPPLWWHHRQ&OLPDWH&KDQJHVDQGWKH &&) &UpGLW&RPPHUFLDOGH)UDQFH
2FHDQV )UHQFK%DQN
&&&3 &DUERQ\OF\DQLGHPFKORURSKHQ\OK\GUD]RQH &&)$6 &RPSDFW&RORQ\)RUPLQJ$FWLYH
0ROHFXODUDQG&HOO%LRORJ\ 6XEVWDQFH
&&&6 &RQVXPHU&UHGLW&RXQVHOLQJ6HUYLFHV %LRFKHPLVWU\&DUERK\GUDWHV
&&' &DOFLWH&RPSHQVDWLRQ'HSWK &&)) &DQDGLDQ&\VWLF)LEURVLV)RXQGDWLRQ
*HRORJLFDO6FLHQFHV &&)) &RPSHQVDWRU\DQG&RQWLQJHQF\)LQDQFLQJ
&&' &DPRXIODJH&RQFHDOPHQWDQG'HFHSWLRQ )DFLOLW\
'HIHQFH ,QRUGHUWRLQFUHDVHLWVDFWLYLWLHVWKH,QWHUQDWLRQDO
&&' &HQWUR&RRSHUD]LRQH'RJDQDOH 0RQHWDU\)XQGKDVKDGWRFUHDWHQHZIRUPVRI
,WDOLDQLQLWLDOLVPPHDQLQJ&HQWUHIRU&XVWRPV&R OHQGLQJ7KHVWDQGE\IDFLOLWLHVZLWKZKLFKLWEHJDQ
RSHUDWLRQ QRZRSHUDWHDORQJVLGHWKH&&))WKH())WKH
&&' &KDUJH&RXSOHG'HYLFH 6$)WKH(6$)DQGWKH67)
(OHFWURQLFV6XSHUFRQGXFWRU'HYLFHV %XVLQHVV)LQDQFH
&&' &OHLGRFUDQLDO'\VSODVLD )RUIXUWKHULQIRUPDWLRQVHHXQGHU())(6$)
&&'LVDVNHOHWDOGLVHDVH 6$) DQG67)
%RQH5HVHDUFK&HOODQG'HYHORSPHQWDO%LRORJ\ &&* FDUWHVLDQFRRUGLQDWHJULG
'HYHORSPHQWDO*HQHWLFV*HQHWLFV2VWHRSRURVLV FDUUR\DJHHQFRRUGRQQpHVFDUWpVLHQQHV


&RRUGLQDWLQJ&RPPLWWHHRI*RYHUQPHQW%XGJHW &&,77 &RPLWp&RQVXOWDWLI,QWHUQDWLRQDO


([SHUWV>REVROHWHUHSODFHGE\&&5@ 7pOpJUDSKLTXHHW7pOpSKRQLTXH
&RPLWpGHFRRUGLQDWLRQGHVH[SHUWVEXGJpWDLUHV )UHQFKLQLWLDOLVPRIWKH&RQVXOWDWLYH&RPPLWWHH
JRXYHUQHPHQWDX[>REVROqWHUHPSODFpSDU&&5@ RQ,QWHUQDWLRQDO7HOHJUDSK\DQG7HOHSKRQ\
&&*&KLOGKRRG&DQFHU*URXS 6WDQGDUGVPDNLQJ2UJDQL]DWLRQ FRPPXQLFDWLRQV
7KH&&*LVDFRQVRUWLXPRIRYHULQVWLWXWLRQV RIWKH8QLWHG1DWLRQV
LQWKH86$ &&,: &DQDGD&HQWUHIRU,QODQG:DWHUV &DQDGD 
&&* &RQVLJOLRGL&RRSHUD]LRQHGHO*ROIR &&-7) FRPPDQGHUFRPELQHGMRLQWWDVNIRUFH
,WDOLDQLQLWLDOLVPRIWKH*XOI&RRSHUDWLRQ&RXQFLO FRPPDQGDQWGHJURXSHGHIRUFHVLQWHUDUPpHV
&&*( FHOOXOHGHFRRUGLQDWLRQGHODJXHUUHpOHFWURQ PXOWLQDWLRQDOHV
LTXH &&. &KROHF\VWRNLQLQ
HOHFWURQLFZDUIDUHFRRUGLQDWLRQFHOO (:&&  &&.LVRQHRIWKHQXPHURXVSHSWLGHVVHFUHWHG
&&*V &URVV&RUUHORJUDPV IURPWKHJXWGXULQJPHDOV
&&K &DUEDFKRO 0HGLFLQH6DWLHW\3HSWLGHV
&DUEDFKROLVDOVRNQRZQDV&DUEDP\OFKROLQH &&/ FHQWUHGHFRRUGLQDWLRQORJLVWLTXH
&KORULGH ORJLVWLFVFRRUGLQDWLRQFHQWUH /&& 
3KDUPDFRORJ\ &&/ &RQVRU]LR&RRSHUDWLYH/DYRUDWRUL ,WDO\ 
&&+ &KDQQHO&KHFN+DQGOHU ,WDOLDQLQLWLDOLVPRIWKH:RUNHUV&RRSHUDWLYHV
&&,&&, &DPHUDGL&RPPHUFLR,QWHUQD]LRQDOH &RQVRUWLXP
,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO&KDPEHURI &&/ &RQWUDWWR&ROOHWWLYRGL/DYRUR
&RPPHUFH ,WDOLDQLQLWLDOLVPPHDQLQJ&ROOHFWLYH/DERXU
&&, &KDPEUHGH&RPPHUFHHWG
,QGXVWULH )UDQFH  &RQWUDFW
&&, &KDPEUHGH&RPPHUFH,QWHUQDWLRQDOH &&/) FRPPDQGHUFRPELQHGODQGLQJIRUFH
)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO&KDPEHURI FRPPDQGDQWGHIRUFHGHGpEDUTXHPHQWPXOWLQD
&RPPHUFH WLRQDOH
&&, &KURQLF&RURQDU\,QVXIILFLHQF\ &&O) &KORURWULIOXRURPHWKDQH
0HGLFLQH 2UJDQLF&KHPLVWU\
&&, &RQWU{OHXUGHV&RQWULEXWLRQV,QGLUHFWHV &&O12 &KORURSLFULQ
)UDQFH  &KORURSLFULQLVXVHGPDLQO\LQSHVWLFLGHVDQGG\HV
&&,$$ &DPHUDGL&RPPHUFLR,QGXVWULD ,QRUJDQLF&KHPLVWU\
$JULFROWXUD$UWLJLDQDWR &&O2 &KORUDQLO
,WDOLDQLQWLDOLVPRIWKH&KDPEHURI&RPPHUFHIRU &KORUDQLOLVXVHGPDLQO\DVDQDJULFXOWXUDOIXQJL
,QGXVWU\$JULFXOWXUHDQG+DQGLFUDIW FLGH
&&,3 &KDPEUHGH&RPPHUFHHWG
,QGXVWULHGH3DULV 2UJDQLF&KHPLVWU\
)UDQFH  &&/5& 7KH&RXQFLOIRUWKH&HQWUDO/DERUDWRU\RI
)UHQFKLQLWLDOLVPRIWKH3DULV&KDPEHURI WKH5HVHDUFK&RXQFLOV *% 
&RPPHUFHDQG,QGXVWU\ &&0 &KURPDWRJUDSK&RQWURO0RGXOH
&&,5 &RPLWpFRQVXOWDWLILQWHUQDWLRQDOGHVUDGLR &&0 &RPPXQLW\&OLPDWH0RGHO
FRPPXQLFDWLRQV>REVROqWH@ &&0 FRXQWHUFRXQWHUPHDVXUH
,QWHUQDWLRQDO5DGLR&RQVXOWDWLYH&RPPLWWHH FRQWUHFRQWUHPHVXUH
,5&& >REVROHWH@ &&0$5 FHQWUHGHFRRUGLQDWLRQPDULWLPH
FRPPDQGHU·VFULWLFDOLQIRUPDWLRQUHTXHVW PDULWLPHFRRUGLQDWLRQFHQWUH 0$&& 
GHPDQGHG·LQIRUPDWLRQVFULWLTXHVVRXPLVHSDU &&0( FRQWUHFRQWUHPHVXUHVpOHFWURQLTXHV
OHFRPPDQGDQW >REVROqWH@
FRPPDQGHU·VFULWLFDOLQIRUPDWLRQUHTXLUHPHQW HOHFWURQLFFRXQWHUFRXQWHUPHDVXUHV (&&0
EHVRLQGXFRPPDQGDQWHQLQIRUPDWLRQVFUL >REVROHWH@
WLTXHV &&05, &HQWUDO&RDO0LQLQJ5HVHDUFK,QVWLWXWH
&&,50 FROOHFWLRQFRRUGLQDWLRQDQGLQWHOOLJHQFH &KLQD 
UHTXLUHPHQWVPDQDJHPHQW &KLQHVH,QVWLWXWH
JHVWLRQGHODUHFKHUFKHGHODFRRUGLQDWLRQHWGHV &&06 &RPPLWWHHRQWKH&KDOOHQJHVRI0RGHUQ
EHVRLQVHQUHQVHLJQHPHQW 6RFLHW\
&&, 6 &RPPRQ&KDQQHO,QWHURIILFH 6LJQDOLQJ  &RPLWpVXUOHVGpILVGHODVRFLpWpPRGHUQH
&'60 


&&06 &RPPRGLW\&RQILJXUDWLRQ0DQDJHPHQW ,WDOLDQLQLWLDOLVPPHDQLQJ&HQWUDO&RPPLWWHHRQ


6\VWHP 3ULFHV
%XVLQHVV&RPPHUFH &&3 FRPSWHFKqTXHSRVWDO
&&09 &RZSHD&KORURWLF0RWWOH%URPRYLUXV )UHQFKLQLWLDOLVPPHDQLQJ3RVW2IILFHDFFRXQW
$JULFXOWXUDO%LRWHFKQRORJ\7UDQVJHQLF&URS &&3 &RXUWRI&RPPRQ3OHDV
6DIHW\ &&3& &LYLO&RPPXQLFDWLRQV3ODQQLQJ&RPPLWWHH
&&1 &ORXG&RQGHQVDWLRQ1XFOHL &RPLWpG·pWXGHGHVWpOpFRPPXQLFDWLRQVFLYLOHV
$WPRVSKHULF5HVHDUFK&KHPLVWU\(DUWK &&3& 7KH%DQNLQJ,QGXVWU\
V &RRSHUDWLYH
6FLHQFHV2FHDQRJUDSK\ &UHGLW3XUFKDVLQJ&RPSDQ\ -DSDQ 
&&1$ &RQVHLOGHFRRSpUDWLRQQRUGDWODQWLTXH 7KH&&3&ZDVLQDXJXUDWHGLQ-DQXDU\
>REVROqWHUHPSODFpSDU&3($@ &&3&& &KLQHVH&RPPXQLVW3DUW\&HQWUDO
1RUWK$WODQWLF&RRSHUDWLRQ&RXQFLO 1$&& &RPPLWWHH
>REVROHWHUHSODFHGE\($3&@ &&3,7 &KLQD&RXQFLOIRUWKH3URPRWLRQRI
&&1$9 FRPSRQHQWFRPPDQG HU QDYDO ,QWHUQDWLRQDO7UDGH &KLQD 
FRPPDQGHPHQW FRPPDQGDQW GHFRPSRVDQWH &&350 &RQVHLOFRQMRLQWSHUPDQHQWDXQLYHDXGHV
QDYDOH UHSUpVHQWDQWVPLOLWDLUHV>27$15XVVLH@
&&1$9 1257+ &RPSRQHQW&RPPDQG HU $OOLHG 3HUPDQHQW-RLQW&RXQFLODW0LOLWDU\
1DYDO)RUFHV1RUWK 5HSUHVHQWDWLYHV· /HYHO 3-&05 >1$72
&RPPDQGHPHQW FRPPDQGDQW GHFRPSRVDQWHGHV 5XVVLD@
)RUFHVQDYDOHVDOOLpHV1RUG &&5 &HQWHUIRU&DQFHU5HVHDUFK 86$ 
&&1$9 6287+ &RPSRQHQW&RPPDQG HU $OOLHG &&5 FHQWUDOL]HGFRQWUROURRP
1DYDO)RUFHV6RXWK VDOOHGHFRQWU{OHFHQWUDOLVp
&RPPDQGHPHQW FRPPDQGDQW GHFRPSRVDQWHGHV &RRUGLQDWLQJ&RPPLWWHHRQ5HPXQHUDWLRQ
)RUFHVQDYDOHVDOOLpHV6XG &RPLWpGHFRRUGLQDWLRQVXUOHVUpPXQHUDWLRQV
&&1( &RPLWp&RQVXOWDWLI1DWLRQDOG·(WKLTXH &&5 &HQWUR&RPXQHGL5LFHUFD ,WDO\ 
*HQHWLFV0HGLFLQH ,WDOLDQLQLWLDOLVPPHDQLQJ&RPPRQ5HVHDUFK
&&1/ &RQWUDWWR&ROOHWWLYR1D]LRQDOHGL/DYRUR &HQWHU
,WDO\  &&5 &OLQLFDO&DQFHU5HVHDUFK
,WDOLDQLQLWLDOLVPPHDQLQJ&ROOHFWLYH1DWLRQDO 3XEOLFDWLRQ
/DERU$JUHHPHQW&ROOHFWLYH1DWLRQDO%DUJDLQLQJ &&5 &ROG&DWKRGH5HFWLILHU
$JUHHPHQW &&5LVDOVRNQRZQDV*DV)LOOHG5HFWLILHU
&&1< &LW\&ROOHJHRI1HZ<RUN 86$  (OHFWURQLFV
&&2 &\WRFKURPH&2[LGDVH &&5 &RPPLVVLRQRQ&LYLO5LJKWV 86$ 
%LRFKHPLVWU\&KHPLVWU\ &&5 &RQVRU]LR&RRSHUDWLYH5HVLGHQ]LDOL ,WDO\ 
&&2/ &RRUGLQDWLQJ&RPPLWWHHRQWKH2]RQH &&5, &OLPDWH&KDQJH5HVHDUFK,QLWLDWLYH 86$ 
/D\HU81 &&U3 &RGHRI&ULPLQDO3URFHGXUH
&FRPSRXQGV2QHFDUERQFRPSRXQGV &&56 &DQDGD&HQWUHIRU5HPRWH6HQVLQJ
%LRFKHPLVWU\&KHPLFDO(QJLQHHULQJ &&6 7KHDLUSRUWFRGHIRU&DUDFDV9HQH]XHOD
0LFURELRORJ\ &&V &DUERQDFHRXV&KRQGULWHV
&&2233 &RQVRU]LRGL&UHGLWRSHUOH2SHUH (DUWKDQG6SDFH6FLHQFHV0LQHUDO6FLHQFHV
3XEEOLFKH ,WDO\  &&6 FRPPDQGDQGFRQWUROFRPPXQLFDWLRQV\V
&&23( &RRSHUDWLYH&2QYHFWLYH3UHFLSLWDWLRQ WHP
([SHULPHQW V\VWqPHGHFRPPXQLFDWLRQGHFRPPDQGHPHQWHW
&&3 &HOOXOHGHFRRUGLQDWLRQGXSDUWHQDULDW GHFRQWU{OH
3DUWQHUVKLS&RRUGLQDWLRQ&HOO 3&&  &&6$ &RPPRQ&RQWURO6ZLWFKLQJ$UUDQJHPHQW
FRQILJXUDWLRQFKDQJHSURSRVDO &&6' &DUGLDF&RQGXFWLRQ6\VWHP'LVHDVH
SURSRVLWLRQGHPRGLILFDWLRQGHODFRQILJXUDWLRQ *HQHWLFV+HDUW5HVHDUFK
&RQVHLOFRQMRLQWSHUPDQHQW 27$15XVVLH  &&6' PHWKRG &RXSOHG&OXVWHU6LQJOHVDQG
3HUPDQHQW-RLQW&RXQFLO 1$725XVVLD 'RXEOHVPHWKRG
3-&  &&6'6 &RQVXOWDWLYH&RPPLWWHHIRU6SDFH'DWD
&&3&&3 &KLHI&RPPLVVLRQHURI3ROLFH 6\VWHPV 86$ 
&&3 &RGHRI&LYLO3URFHGXUH &&6, &DPHUDGL&RPPHUFLR6YL]]HUDLQ,WDOLD
&&3FFS &RPPLVVLRQH&HQWUDOHGHL3UH]]L


,WDOLDQLQLWLDOLVPRIWKH6ZLVV&KDPEHURI &&= &LYLOLDQ&RQWURO=RQH .RUHD 


&RPPHUFHLQ,WDO\ &G 7KHFKHPLFDOV\PEROIRU&DGPLXP
&&65 &HQWHUIRU&OLPDWH6\VWHP5HVHDUFK &DGPLXPLVXVHGPDLQO\WRPDNHDOOR\V7KHZRUG
86$  FDGPLXPGHULYHVIURPWKH*UHHNWHUP´HDUWKRI
&&662 &RXQFLORI&KLHI6WDWH6FKRRO2IILFHUV &DGPXVµ
86$  &KHPLVWU\6\PEROV
&&67 FRUSVFRPEDWVXSSRUWWURRSV &' &DQDGLDQ'ROODU
WURXSHVG·DSSXLWDFWLTXHGHFRUSV $OVR&$'
&&68 &HQWUDO&RQQHFWLFXW6WDWH8QLYHUVLW\ &XUUHQFLHV
86$  FG DEEU FDQGHOD
&&7 &HUWLILFDWLGL&UHGLWRGHO7HVRUR FDQGHODLVWKHEDVHXQLWRIOXPLQRXVLQWHQVLW\
,WDOLDQLQLWLDOLVPPHDQLQJ7UHDVXU\&UHGLW 2SWLFV
&HUWLILFDWHV FG DEEU FDUG
&RPPHUFH)LQDQFH &RPSXWHU7HFKQRORJ\(OHFWURQLFV
&&7 &KRFRODWH&RDWHG7DEOHW &' &DUULHU'HWHFWLRQ
0HGLFLQH FG FDUULHGGRZQ
&&7 FRPEDWFDSDEOHWUDLQHU &'FG &DVK'LVFRXQW
DYLRQG·HQWUDvQHPHQWDSWHDXFRPEDW &' &HUWLILFDWHRI'HSRVLW
FRPEDWFRQWUROWHDP &' &KDG
pTXLSHGHFRQWU{OHGXFRPEDW 7FKDG
&&7$ &HQWUDO&RPSXWHUDQG7HOHFRPPXQLFDWLRQV FLYLOGHIHQFH
$JHQF\ DGpIHQVHFLYLOH
&&7$ FHQWUHGHFRQWU{OHWDFWLTXH$LU ESURWHFWLRQFLYLOH
WDFWLFDODLUFRQWUROFHQWUH 7$&&  &' &LUFXODU'LFKURLVP
&&7( &RPLWDWR&RQWUROD7RVVLFRGLSHQGHQ]DH %LRFKHPLVWU\2SWLFV
O
(PDUJLQD]LRQH &' &LYLO'HIHQFH
,WDOLDQ&RPPLWWHH &' &ODVVH)DFWHXUGH'LIIpUHQWLDWLRQ
&&7 LPDJHV &RQVWDQW&XUUHQW7RSRJUDSKLFLPDJHV )UHQFKLQLWLDOLVPPHDQLQJ&OXVWHURI
&KHPLVWU\3K\VLFV 'LIIHUHQWLDWLRQ
FF7/'6 FRXQWU\FRGH7RS/HYHO'RPDLQ1DPHV 0HGLFLQH
&&79 FORVHGFLUFXLWWHOHYLVLRQ V\VWHP  &' &ORVLQJ'DWH
V\VWqPHGH WpOpYLVLRQHQFLUFXLWIHUPp %XVLQHVV&RPPHUFH
&&8 7KHDLUSRUWFRGHIRU&DOFXWWD,QGLD &' &OXVWHU'HVLJQDWLRQ
&&8 &DUGLDF&DUH8QLW ,PPXQRORJ\
&DUGLRORJ\ &' &RPLWDWR'LUHWWLYR
&&8 &HQWUDO&RQWURO8QLW ,WDOLDQLQLWLDOLVPPHDQLQJ0DQDJLQJ&RPPLWWHH
&RQWURO6\VWHPV &' &RPPXQLFDEOH'LVHDVH
&&8 &RPLWp&RQVXOWDWLIGHV8QLYHUVLWpV )UDQFH  7KHFRPPXQLFDEOHGLVHDVHLVDQLQIHFWLRXVGLVHDVH
)UHQFK&RPPLWWHH WKDWFDQEHWUDQVPLWWHGIURPRQHDIIHFWHGLQGLYLG
&&8 &RPPXQLFDWLRQV&RQWURO8QLW XDOWRDQRWKHU
&RPSXWHU7HFKQRORJ\7HOHFRPPXQLFDWLRQV 0HGLFLQH
&&8 &RURQDU\&DUH8QLW &' &RPSDFW'LVF'LVN
&DUGLRORJ\ $FFRXQWLQJ(QJLQHHULQJ&RPSXWHU7HFKQRORJ\
&&8 &ULWLFDO&DUH8QLW &' &RQVLJOLHUH'HOHJDWR
0HGLFLQH ,WDOLDQLQLWLDOLVPPHDQLQJ0DQDJLQJ'LUHFWRU
&&: &KDQQHO&RPPDQG:RUG &' &RQVWDQW'UDLQDJH
&KDQQHO&RPPDQG:RUGLVDOVRNQRZQDV 0HGLFLQH
&KDQQHO&RQWURO&RPPDQG &' &RQWDJLRXV'LVHDVH
&RPSXWHU3URJUDPPLQJ $ FRQWDJLRXVGLVHDVHLVDQ\RIWKHYDULRXVGLVHDVHV
FFZ DEEU FRXQWHUFORFNZLVH WKDWDUHWUDQVPLWWHGWKURXJKFRQWDFWRUSUR[LPLW\
$OVRFFNZ 0HGLFLQH
&&:&3 &RRUGLQDWLQJ&RPPLWWHHIRUWKH:RUOG &' &RQYXOVLYH'LVRUGHU
&OLPDWH3URJUDP 0HGLFLQH


FG FRVLGGHWWR WLRQRIWKH'LUHFWLYH-RLQW5HVHDUFK&HQWHU


,WDOLDQLQLWLDOLVPPHDQLQJVRFDOOHG &RPPLVVLRQRIWKH(XURSHDQ&RPPXQLWLHV
&' &XUDWLYH'RVH &'&1&,' &HQWHUVIRU'LVHDVH&RQWURODQGSUH
0HGLFLQH YHQWLRQ1DWLRQDO&HQWHUIRU,QIHFWLRXV'LVHDVHV
&'$ &DUHHU'HYHORSPHQW$ZDUG 86$ 
&'$&'$ &HQWUR'LVFLSOLQH$HURQDXWLFKH &G&2 &DGPLXP&DUERQDWH
,WDOLDQ&HQWHU &DGPLXP&DUERQDWHLVXVHGDVDFKHPLFDOUHDJHQW
&'$ &RPPDQGDQG'DWD$FTXLVLWLRQ ,QRUJDQLF&KHPLVWU\
&'$ &RPSRXQG'RFXPHQW$UFKLWHFWXUH &'' &RQWUDWj'XUpH'HWHUPLQpH
&G$ &RQVLJOLRGL$PPLQLVWUD]LRQH )UHQFKLQLWLDOLVPPHDQLQJ)L[HGWHUPFRQWUDFW
,WDOLDQLQLWLDOLVPPHDQLQJ%RDUGRI'LUHFWRUV (PSOR\PHQW
&G$ &RUWHG
$SSHOOR &'', &RSSHU'LVWULEXWHG'DWD,QWHUIDFH
,WDOLDQLQLWLDOLVPPHDQLQJ&RXUWRI$SSHDO &''7 &RXQWGRZQ'HPRQVWUDWLRQ7HVW
&G$ &RUWHG
$VVLVH &'( &HQWUHSRXUOH'pYHORSSHPHQW,QGXVWULHO
,WDOLDQLQLWLDOLVPPHDQLQJ&RXUWRI$VVL]HV )UDQFH 
&'% &\SUXV'HYHORSPHQW%DQN &\SUXV  )UHQFKLQLWLDOLVPRIWKH&HQWHUIRU,QGXVWULDO
&'%* &RPPXQLW\'HYHORSPHQW%ORFN*UDQWV 'HYHORSPHQW
86$  &'( &RQIHUHQFHRQ&RQILGHQFHDQG6HFXULW\
&G%U &DGPLXP%URPLGH %XLOGLQJ0HDVXUHVDQG'LVDUPDPHQWLQ(XURSH
&DGPLXP%URPLGHLVXVHGPDLQO\LQSKRWRJUDSK\ &RQIpUHQFHVXUOHVPHVXUHVGHFRQILDQFHHWGH
,QRUJDQLF&KHPLVWU\ VpFXULWpHWVXUOHGpVDUPHPHQWHQ(XURSH
&'& &DOFXODWHG'DWHRI&RQILQHPHQW FRQFHSWGHYHORSPHQWDQGH[SHULPHQWDWLRQ
0HGLFLQH pODERUDWLRQHWH[SpULPHQWDWLRQGHFRQFHSWV
&'& &DOO'LUHFWLQJ&RGH FRUHGHSOR\DEOHHOHPHQW
'DWD&RPPXQLFDWLRQV QR\DXGpSOR\DEOH
&'& &HQWHUVIRU'LVHDVH&RQWURODQGSUHYHQWLRQ &'( HQJLQH &RQFHQWUDWLRQ'LIIHUHQFH(QHUJ\
86$  HQJLQH
&'& FHQWUHGHGpWHFWLRQHWGHFRQWU{OH &'(5 &HQWHUIRU'UXJ(YDOXDWLRQDQG5HVHDUFK
FRQWURODQGUHSRUWLQJFHQWUH &5&  86$ 
FHQWUHGHGLVWULEXWLRQGHFOpV &'(V &RQVHUYHG'1$ (OHPHQWV
NH\GLVWULEXWLRQFHQWUH .'&  $QDWRP\&HOO%LRORJ\
FHUWLILFDWGHFRQIRUPLWp &') &ROOLGHU'HWHFWRUDW)HUPLODE
FHUWLILFDWHRIFRQIRUPDQFH &2&  3K\VLFV
&'& &HQWUHGHV'LULJHQWVGHOD&RQVWUXFWLRQ &') &RPPRQ'DWD)RUPDW
)UHQFK&HQWHU &') &RQVLJOLRGL)DEEULFD
&'& &HQWURGHOOD&RRSHUD]LRQH ,WDO\  ,WDOLDQLQLWLDOLVPPHDQLQJ6KRS&RPPLWWHH
,WDOLDQ&HQWHU :RUNV&RXQFLO
&'& &OLPDWH'LDJQRVWLFV&HQWHU 86$  &') &XPXODWLYH'LVWULEXWLRQ)XQFWLRQ
&'& &RQVWLWXWLRQDO'\QDPLF&KHPLVWU\ &')6 &ORXG'HSLFWLRQDQG)RUHFDVW6\VWHP
6XSUDPROHFXODU&KHPLVWU\6XSUDPROHFXODU &'* 7KHDLUSRUWFRGHIRU&KDUOHVGH*DXOOH
6FLHQFH $LUSRUW3DULV)UDQFH
&'&$ &KHQRGHR[\FKROLF$FLG &', &DOLIRUQLD'HSDUWPHQWRI,QVXUDQFH 86$ 
$OVRNQRZQDV&KHQLF$FLG&KHQRGLRO &', &HQWHUIRU'HIHQVH,QIRUPDWLRQ 86$ 
%LRFKHPLVWU\ 1XFOHDU7KUHDW5HGXFWLRQ3ROLF\$QDO\VLV
&'&& &DULEEHDQ'HYHORSPHQWDQG&RRSHUDWLRQ &', &HQWUR'LDJQRVWLFR,WDOLDQR ,WDO\ 
&RPPLWWHH ,WDOLDQ&HQWHU
2IWKH8QLWHG1DWLRQV &', &HQWUR'LVYLOXSSR,QGXVWULDOH ,WDO\ 
&'&,5 &RPPXQLW\'RFXPHQWDWLRQ&HQWHURQ &',$& &DUERQ'LR[LGH,QIRUPDWLRQ$QDO\VLV
,QGXVWULDO5LVN &HQWHU 86$ 
7KH&'&,5ZDVFUHDWHGWRFROOHFWFODVVLI\DQG &',) &RPSRQHQW'HYHORSPHQWDQG,QWHJUDWLRQ
GLVVHPLQDWHGDWDRQVDIHW\UHJXODWLRQVWHFKQLFDO )DFLOLW\
UXOHVDQGDFFLGHQWVUHOHYDQWIRUWKHLPSOHPHQWD &'.V &\FOLQ'HSHQGHQW.LQDVHV


%LRFKHPLVWU\%LRSK\VLFV0ROHFXODU%LRORJ\ )ORZ&\WRPHWU\$QDO\VLV0HGLFDO5HVHDUFK
3K\VLRORJ\ &'5, &HQWUDO'UXJ5HVHDUFK,QVWLWXWH ,QGLD
V
&G0 &DVVDGHO0H]]RJLRPR ,WDO\  *RYHUQPHQW 
,WDOLDQ%DQN &'5/ &HQWURGL'RFXPHQWD]LRQHH5LFHUFKHSHU
&'0 &RGH'LYLVLRQ0XOWLSOH[ OD/RPEDUGLD ,WDO\ 
7HOHFRPPXQLFDWLRQV ,WDOLDQ&HQWHU
&'0 &ROG'DUN0DWWHU &'5/ FRQWUDFWGDWDUHTXLUHPHQWVOLVW
$VWURQRP\$VWURSK\VLFV3K\VLFV OLVWHGHVGRQQpHVFRQWUDFWXHOOHV
&'0 &ROOHWWLYR'RQQH0LODQHVL 0LODQ,WDO\  &'520 &RPSDFW'LVNZLWK5HDG2QO\0HPRU\
FGP FDQGHODVSHUVTXDUHPHWHURIVXUIDFH 7KH&'520LVXVHGIRUVWRUDJHRIDYHU\ODUJH
&'0$ &RGH'LYLVLRQ0XOWLSOH$FFHVV YROXPHRIGDWD
1H[WJHQHUDWLRQ0RELOH3KRQH7HFKQRORJ\ &RPSXWHU7HFKQRORJ\
&'06 &ROG'DUN0DWWHU6HDUFK &'5V &RPSOHPHQWDULW\'HWHUPLQLQJ5HJLRQV
$W6WDQIRUG8QLYHUVLW\3DOR$OWR&DOLIRUQLD &'5: 5HZULWDEOH&'V
86$ &G6 &DGPLXP6XOILGH
$VWURQRP\$VWURSK\VLFV3K\VLFV &G6LVXVHGPDLQO\LQVRODUFHOOVDQGLQFHUDPLF
&'06 &U\RJHQLF'DUN0DWWHU6HDUFK JOD]HV
$VWURQRP\%RORPHWHUV3K\VLFV ,QRUJDQLF&KHPLVWU\
&G1 &RGLFHGHOOD1DYLJD]LRQH &'6&'6 &HQWUR'LDJQRVL6WHULOLWj
,WDOLDQLQLWLDOLVPPHDQLQJ1DYLJDWLRQ&RGH ,WDOLDQLQLWLDOLVPRIWKH&HQWHUIRUWKH'LDJQRVLV
F'1$ FRPSOHPHQWDU\'HR[\ULERQXFOHLF$FLG RI6WHULOLW\
*HQHWLFV ,WDOLDQ&HQWHU
&'1$ &RQIpUHQFHGHVGLUHFWHXUVQDWLRQDX[GHV &'6 &KLHIRI'HIHQFH6WDII>8.@
DUPHPHQWV D&KHIG·pWDWPDMRUGHODGpIHQVH &(0' 
&RQIHUHQFHRI1DWLRQDO$UPDPHQWV'LUHFWRUV E&KHIG·pWDWPDMRUGHVDUPpHV &(0$ >)5@
&1$'  FLYLOGLUHFWLRQRIVKLSSLQJ
&G2 &DGPLXP2[LGH GLUHFWLRQFLYLOHGHODQDYLJDWLRQFRPPHUFLDOH
&DGPLXP2[LGHLVXVHGPDLQO\LQEDWWHU\HOHF &G6 &RGLFHGHOOD6WUDGD
WURGHV ,WDOLDQLQLWLDOLVPPHDQLQJ5RDG5HJXODWLRQV
,QRUJDQLF&KHPLVWU\ &'6 &RPPDQGDQG'DWD6XEV\VWHP
&GR DEEU &RPPDQGR &'6 &RPSDWLEOH'XSOH[6\VWHP
&'2$ &HOOXOH'pSDUWHPHQWDOHG
2XYUDJHVG
$UW &'6 &RPSUHKHQVLYH'LVSOD\6\VWHP
)UDQFH  &G6 &RQVLJOLRGL6LFXUH]]D
&'20 &RORUHG'LVVROYHG2UJDQLF0DWWHU ,WDOLDQLQLWLDOLVPPHDQLQJ6HFXULW\&RXQFLO
&'26 FRPEDWGD\RIVXSSO\ &G6 &RQVLJOLRGL6WDWR
MRXUG·DSSURYLVLRQQHPHQWGHFRPEDW ,WDOLDQLQLWLDOLVPPHDQLQJ&RXQFLORI6WDWH
&'2: &RORUDGR'LYLVLRQ2I:LOGOLIH 86$  &'6 &RQVROLGDWHG'HEHQWXUH6WRFN
&RQVHUYDWLRQ%LRORJ\ &G6H &DGPLXP6HOHQLGH
&'3 &DVVD'HSRVLWLH3UHVWLWL ,WDO\  &DGPLXP6HOHQLGHLVXVHGPDLQO\LQSKRWRHOHFWULF
,WDOLDQLQLWLDOLVPPHDQLQJ%DQNIRU'HSRVLWVDQG FHOOV
/RDQV)RXQGHG\HDUVDJR ,QRUJDQLF&KHPLVWU\
,WDOLDQ%DQN &'6+ &HQWUHGH'RFXPHQWDWLRQHQ6FLHQFHV
&'3&GS &XVWRPHU'HGLFDWHG3URFHVVRU +XPDLQHV )UDQFH 
&'3V &RUG'RUVXP3RWHQWLDOV )UHQFK&HQWHU
&G5 &DVVDGL5LVSDUPLR &'6/ &RQVXPHU'LJLWDO6XEVFULEHU/LQH
,WDOLDQLQLWLDOLVPPHDQLQJ6DYLQJV%DQN %URDGEDQG7HFKQRORJLHV
&GU DEEU &RPPDQGHU &'60 &RPLWpVXUOHVGpILVGHODVRFLpWpPRGHUQH
$OVR&RPGU&PGU&RPP &RPPLWWHHRQWKH&KDOOHQJHVRI0RGHUQ6RFLHW\
&'5 &RXQFLOIRU'HYHORSPHQWDQG5HFRQVWUXFWLRQ &&06 
/HEDQRQ  &'625* &LYLO'LUHFWLRQRI6KLSSLQJ
&'5 FULWLFDOGHVLJQUHYLHZ 2UJDQL]DWLRQ
H[DPHQFULWLTXHGHODFRQFHSWLRQ 2UJDQLVDWLRQGHODGLUHFWLRQFLYLOHGHODQDYLJDWLRQ
&'5( &'5HVSRQVLYH(OHPHQW FRPPHUFLDOH


&' VRXQG &RPSDWLEOH'LVFUHWH)RXU&KDQQHO &( &KLHI([HFXWLYH


VRXQG &( &KROHVWHURO(VWHU
&'67 &HQWUHGH'RFXPHQWDWLRQ6FLHQWLILTXHHW &OLQLFDO&KHPLVWU\
7HFKQLTXH )UDQFH  &(&( &LYLO(QJLQHHU
)UHQFK&HQWHU &( &RPLWDWR(VHFXWLYR
&'7 &DPEULGJH'LVSOD\7HFKQRORJ\ *%  ,WDOLDQLQLWLDOLVPPHDQLQJ([HFXWLYH&RPPLWWHH
&'7 &HQWUDO'D\OLJKW7LPH &( &RPPLVVLRQ(XURSpHQQH
&GW DEEU FRPPDQGDQW )UHQFKLQLWLDOLVPPHDQLQJ(XURSHDQ&RPPLVVLRQ
)UHQFKDEEUHYLDWLRQPHDQLQJFRPPDQGHU &( &RPPRGLW\([FKDQJH
&G7H &DGPLXP7HOOXULGH &( &RPPRQ(UD
'HVLJQDQGSURGXFWLRQRIWKLQILOPPRGXOHVPDGH &( &RQVHLOG
(XURSH
RIFDGPLXPWHOOXULGH &G7H $UHDVRIVSHFLDO )UHQFKLQLWLDOLVPPHDQLQJ&RXQFLORI(XURSH
DWWHQWLRQLQFOXGHLQFUHDVHGPRGXOHHIILFLHQF\DQG &( &RRSHUDWLYH([WHQVLRQ
ORZHUFRVWV &( &RUSVRI(QJLQHHUV
7KLQILOPPRGXOHV &( &RVW(IIHFWLYHQHVV
&G7HEOHQG &DGPLXPDQG7HOOXULXPEOHQG %XVLQHVV&RPPHUFH
3KRWRYROWDLFV6RODU&HOOV &( &RXQFLORI(XURSH 6WUDVERXUJ 
&'8 &ODVVLILFD]LRQH'HFLPDOH8QLYHUVDOH &( &XUUHQW(IILFLHQF\
,WDOLDQLQLWLDOLVPPHDQLQJ8QLYHUVDO'HFLPDO 3K\VLFDO&KHPLVWU\
&ODVVLILFDWLRQ &( &\WRSDWKLF(IIHFW
&': &KDUJH'HQVLW\:DYH $OVR&3(
)RUIXUWKHUGHWDLOVVHHXQGHU&':V 9LURORJ\
&G:2 &DGPLXP7XQJVWDWH &($ &DUFLQRHPEU\RQLF$QWLJHQ
&DGPLXP7XQJVWDWHLVXVHGPDLQO\LQIOXRUHVFHQW 0HGLFLQH
SDLQW &($ &HQWHUIRU([WUHPHXOWUDYLROHW$VWURQRP\
,QRUJDQLF&KHPLVWU\ ([WUHPH8OWUDYLROHW$VWURQRP\
&':V &KDUJH'HQVLW\:DYHV &($ &HQWHUIRU(89 $VWURSK\VLFV
$VWURQRP\$WRPLF6FDOH0DWHULDOV3K\VLFV )RUIXUWKHUGHWDLOVVHHXQGHU(89
3K\VLFV &($ &RPPLVVDULDWjO
(QHUJLH$WRPLTXH )UDQFH 
&( &DSLOODU\(OHFWURSKRUHVLV &($ &RPPLVVLRQ(FRQRPLTXHGHV1DWLRQV8QLHV
&( &DSLWDOHG
(VHUFL]LR SRXUO
$IULTXH
,WDOLDQLQLWLDOLVPPHDQLQJ:RUNLQJ&DSLWDO &($ &RPPLVVLRQRI(QWHUSULVHVDQG
&( &DSLWDOH(FRQRPLFR $GPLQLVWUDWLRQ
,WDOLDQLQLWLDOLVPPHDQLQJ(FRQRPLF&DSLWDO &($ &RPPRGLW\([FKDQJH$XWKRULW\
&( &DUGLDF(QODUJHPHQW &($&($ &RQIHGHUD]LRQH(XURSHD
0HGLFLQH GHOO
$JULFROWXUD
&( &DVHUWD,WDO\ ,WDOLDQDFURQ\PRIWKH(XURSHDQ$JULFXOWXUDO
&( &DVK(DUQLQJV )HGHUDWLRQ
%XVLQHVV(FRQRPLFV)LQDQFH &($ &RVW(IIHFWLYHQHVV$QDO\VLV
&( &HQWUDO(OHPHQW %XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH
2IWKHV\QDSWRQHPDOFRPSOH[ &($ &RXQFLORQ(FRQRPLF$GYLVHUV
*HQRPLFV&HOO%LRORJ\0ROHFXODU%LRORJ\ &($ FULVLVHVWDEOLVKPHQWDXWKRULW\
&( &HQWUDO(XURSH DXWKRULWpUHVSRQVDEOHGXWDEOHDXG·HIIHFWLIVGX
&H WKHFKHPLFDOV\PEROIRU&HULXP WHPSVGHFULVH
&HULXPLVDUDUHHDUWKHOHPHQWKDYLQJWKHDWRPLF &($ (XURSHDQ,QVXUDQFH&RPPLWWHH )UDQFH 
QXPEHUDQGDPHOWLQJSRLQWRI$&&HULXP &($& &RPPLWWHHIRU(XURSHDQ$LUVSDFH
LVXVHGPDLQO\LQWKHPHWDOLQGXVWU\DQGLQWKH &RRUGLQDWLRQ
JODVVLQGXVWU\ &RPLWpGHFRRUGLQDWLRQGHO·HVSDFHDpULHQ
&KHPLVWU\ HXURSpHQ
&( &KHPLFDO(QHUJ\ &($/ &RPPLWWHHRQ(DVW$VLDQ/LEUDULHV
3K\VLFDO&KHPLVWU\ &($5(; &RRUGLQDWHG(DVWHUQ$5FWLF(;SHULPHQW
&( &KHPLFDO(QJLQHHU &($6 &RQGLWLRQHG(TXLYDOHQFH$JUHHPHQWV
&( &KLHI(QJLQHHU 86(&%XVLQHVV7UDQVDWODQWLF,VVXHV


&($6, &RQFHUWHG(XURSHDQ$FWLRQRQ6WUXFWXUDO &('$: &RPPLWWHHIRUWKH(OLPLQDWLRQRI


,QWHUPHWDOOLFV 'LVFULPLQDWLRQV$JDLQVW:RPHQ
(XURSHDQ&RPPXQLW\3URMHFW &('% &RPSRQHQW(YHQW'DWD%DQN
&($7 &RPDQGR(VSHFLDO$QWL7HUURULVWD (O $QDO\VLVRIRSHUDWLRQDOGDWDVWRUHGLQWKH&('%
6DOYDGRU  FROOHFWHGLQWZRRI(1(/
6SRZHUSODQWV-RLQW
&(% &HQWUDO(OHFWULFLW\%RDUG 5HVHDUFK&HQWHU&RPPLVVLRQRIWKH(XURSHDQ
&(& &HQWUDO(XURSHDQ&RPPDQG>REVROHWH@ &RPPXQLWLHV
&RPPDQGHPHQWGX&HQWUH(XURSH>REVROqWH@ &('' &HQWUHVRI([FHOOHQFHIRU'UXJ'LVFRYHU\
FRPPDQGDQWHQFKHI 2I*OD[R6PLWK.OLQH
&RPPDQGHULQ&KLHI &,1&  &(''$ &HQWHUIRU([SHULPHQWDO'HVLJQDQG'DWD
FRRSHUDWLYHHQJDJHPHQWFDSDELOLW\ $QDO\VLV
PR\HQVG·HQJDJHPHQWHQFRRSpUDWLRQ &('()23 &HQWUH(XURSpHQSRXUOH
&(& &HQWUH(OHFWURQLTXHGH&RPSWDELOLWp '(YHORSSHPHQWGHOD)RUPDWLRQ3URIHVVLRQQHOOH
&(& &LUFXODWLRQ([WUD&RUSRUHOOH )UHQFKDFURQ\PRIWKH(XURSHDQ&HQWHUIRUWKH
)UHQFKLQLWLDOLVPPHDQLQJ([WUDFRUSRUHDO 'HYHORSPHQWRI9RFDWLRQDO7UDLQLQJ
&LUFXODWLRQ (GXFDWLRQDO:HE6LWH
0HGLFLQH &( GHVLJQ &RPSHWLWLYH(TXLOLEULXPGHVLJQ
&(& &RPPLVVLRQRIWKH(XURSHDQ&RPPXQLW\ &HGH[ &RXUULHUG·HQWUHSULVHjGLVWULEXWLRQH[FHS
&(& &RPPRGLW\([FKDQJH&RPPLVVLRQ WLRQQHOOH
&(& &RXQFLOIRU([FHSWLRQDO&KLOGUHQ 86$  )UHQFKDEEUHYLDWLRQPHDQLQJVSHFLDOSRVWDOVHU
%LRPHGLFDO6FLHQFHV3V\FKRORJ\ YLFHIRUFRPSDQLHV
&(&$ &RPPXQDXWp(XURSpHQQHGX&KDUERQHWGH &(') &KLQD(QWHUSULVH'HYHORSPHQW)XQG
O
$FLHU&RPXQLWj(XURSHDGHO&DUERQHH &KLQHVH)XQG
GHOO
$FFLDLR &(', &(QWURGL'RFXPHQWD]LRQHHGL,QIRUPD]LRQH
)UHQFKDQG,WDOLDQDFURQ\PRIWKH(XURSHDQ&RDO ,WDO\ 
DQG6WHHO&RPPXQLW\ ,WDOLDQ&HQWHU
&HFDIH &RXQFLORI*UHHQ&RIIHH([SRUWHUVRI &(',(3 &(QWUHGH'RFXPHQWDWLRQHWG
,QIRUPDWLRQ
%UD]LO VXUOHV(WXGHVHWOHV3URIHVVLRQV %HOJLXP 
&HFDIHWKHFRIIHHWUDGHJURXSRI%UD]LOZDVLQDX %HOJLDQ&HQWHU
JXUDWHGRQWK $SULO &(',021 &HQWUR(XURSHRSHUOR6YLOXSSR
&(&& &LYLO(PHUJHQF\&ULVLV&HOO ,QGXVWULDOHGHOO
2OWUHPDUH
FHOOXOHGHJHVWLRQGHVFULVHVSRXUOHVVLWXDWLRQV ,WDOLDQDFURQ\PRIWKH(XURSHDQ&HQWHUIRU
G·XUJHQFHGDQVOHGRPDLQHFLYLO ,QGXVWULDO2YHUVHDV'HYHORSPHQW
&(&(, &RPLWpGHV(WDEOLVVHPHQWVGH&UpGLWHWGHV &('3 FRPPRQ(XURSHDQGHIHQFHSROLF\
(QWUHSULVHVG·,QYHVWLVVHPHQW SROLWLTXHHXURSpHQQHGHGpIHQVHFRPPXQH
)UHQFK&RPPLWWHH 3('& 
&H&O &HULXP&KORULGH &(( &HQWUHG
(WXGHVGHO
(PSORL )UDQFH 
&HULXP&KORULGHLVXVHGPDLQO\LQVSHFWURJUDSK\ )UHQFK&HQWHU
,QRUJDQLF&KHPLVWU\ &(( &RPPLWWHHRQ(QHUJ\DQGWKH(QYLURQPHQW
&(&/$17 FRPPDQGDQWHQFKHI IUDQoDLV SRXU 86$ 
O
$WODQWLTXH 2IWKH8615&
)UHQFK&RPPDQGHULQ&KLHI$WODQWLF )RUIXUWKHUGHWDLOVVHHXQGHU15&
&(&2'+$6 &RPLWp(XURSpHQGH&2RUGLQDWLRQ &(( LQWHUQDWLRQDO &RPPLVVLRQ RQ5XOHVIRUWKH
'HO
+$ELWDW6RFLDO $SSURYDORI (OHFWULFDO(TXLSPHQW
&(&6 &HQWURGH(VWXGLRV&LHQWLILFRVGH6DQWLDJR &(( &RPPXQDXWp(FRQRPLTXH(XURSpHQQH
&KLOH  )UHQFKLQLWLDOLVPRIWKH(XURSHDQ(FRQRPLF
&(' &RPPLWWHHIRU(FRQRPLF'HYHORSPHQW &RPPXQLW\
(FRQRPLFV)LQDQFH &(( &RQIHUHQFHRQ(QJOLVK(GXFDWLRQ
&(' &RPXQLWj(XURSHDGL'LIHVD &(() &RPSDJQLH(XURSpHQQHSRXUO
(TXLSHPHQW
,WDOLDQDFURQ\PRIWKH(XURSHDQ'HIHQFH GX)R\HU
&RPPXQLW\ &((/, &HQWUDODQG(DVW(XURSHDQ/DZ,QLWLDWLYH
&('$& &DXVH(IIHFW'LDJUDPZLWK$GGLWLRQDO 2IWKH$%$
&DUGV +XPDQ5LJKWV


)RUIXUWKHUGHWDLOVVHHXQGHU$%$ &(, &RXORPE([SORVLRQ,PDJLQJ


&((3 &HQWUR(FXPHQLFR(XURSHRSHUOD3DFH &(,LVDQH[SHULPHQWDOWHFKQLTXHWRGHWHUPLQH
(XURSHDQ&HQWHU PROHFXODUVWUXFWXUHV
&((6 &HQWHUIRU(DUWKDQG(QYLURQPHQWDO6FLHQFHV +\SHUFDUERQ&KHPLVWU\0ROHFXODU6SHFWURVFRS\
86$  3K\VLFV
2IWKH,838, &(, &RXQFLORI(QJLQHHULQJ,QVWLWXWLRQV *% 
)RUIXUWKHUGHWDLOVVHHXQGHU,838, &(,3 &RDVWDO(QHUJ\,PSDFW3URJUDP
&((6 &HQWHUIRU(QYLURQPHQWDODQG(VWXDULQH &(,3, &HQWUHG
(WXGHV,QWHUQDWLRQDOHVGHOD
6WXGLHV 86$  3URSULpWp,QGXVWULHOOH )UDQFH 
2IWKH8QLYHUVLW\RI0DU\ODQG )UHQFK&HQWHU
&() &HQWUHGH)RUPDOLWpVGHV(QWUHSULVHV &H,6 &HQWUR,WDOLDQRGL6ROLGDULHWj
(XURSHDQ&RPPXQLW\ &H,6LVORFDWHGLQ5RPH,WDO\
$Q(&&HQWHUWRVLPSOLI\IRUPDOLWLHVIRUQHZ ,WDOLDQ&HQWHU
HQWHUSULVHV &(/ &RPELQHG(YHQWV/LVW
&() &RPLWp(OHFWURWHFKQLTXH)UDQoDLV )UDQFH  OLVWHFRPELQpHG·pYpQHPHQWV
&H) &HULXP)OXRULGH VHH&,1&($67/$17 
&HULXP)OXRULGHLVXVHGPDLQO\WRSUHSDUHFHULXP YRLU&,1&($67/$17 
PHWDO &(/$ &DQDGLDQ(QYLURQPHQWDO/DZ$VVRFLDWLRQ
,QRUJDQLF&KHPLVWU\ &DQDGD 
&()$&HID &RPLWDWR(XURSHR)RUPD]LRQH &(/,&HOL &KLHVD(YDQJHOLFD/XWHUDQDLQ,WDOLD
$JUDULD ,WDO\ 
,WDOLDQ&RPPLWWHH &(// &RQWLQXLQJ(GXFDWLRQ/HDUQLQJ/DERUDWRU\
&()( &RPLWpG
(WXGHVVXUOH)LQDQFHPHQWGHV FHOO 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
(QWUHSULVHV (QJOLVKZRUGFHOO
)UHQFK&RPPLWWHH %LRORJ\&RPSXWHU7HFKQRORJ\(OHFWULFLW\
&(),& (XURSHDQ&RXQFLORI&KHPLFDO (QJLQHHULQJ0DWKHPDWLFV1XFOHRQLFV3K\VLFDO
0DQXIDFWXUHUV)HGHUDWLRQV %UXVVHOV%HOJLXP  &KHPLVWU\7HOHFRPPXQLFDWLDQV
&()3, &RXQFLORI(GXFDWLRQDO)DFLOLW\3ODQQHUV &(/66 &RQWUROOHG(FRORJLFDO/LIH6XSSRUW6\VWHP
,QWHUQDWLRQDO &HOW DEEU &HOWLF
(GXFDWLRQDO:HE6LWH &HOWLFLVDEUDQFKRIWKH,QGR(XURSHDQIDPLO\RI
&()V &KLFNHQ(PEU\R)LEUREODVWV ODQJXDJHV,WLQFOXGHV,ULVK6FRWV*DHOLF:HOVK
&DQFHU([SHULPHQWDO0HGLFLQH0ROHFXODU DQG%UHWRQ
0HGLFLQH6LJQDO7UDQVGXFWLRQ /DQJXDJHV
&()7$ &HQWUDO(XURSHDQ)UHH7UDGH$UHD &(/7 FU\SWRHTXLSPHQWIRUORZVSHHGWHOHJUDSK\
7KHILYHQDWLRQVRI&()7$ DUH7KH&]HFK PDWpULHOFU\SWRJUDSKLTXHSRXUWpOpJUDSKLHjIDLEOH
5HSXEOLF+XQJDU\3RODQG6ORYDNLDDQG6ORYHQLD YLWHVVHGHPRGXODWLRQ
DQGWKH%DOWLF6WDWHV &(/7$ &(QWUHGH/LQJXLVWLTXH7KpRULTXH
&(*(6 FHOOXOHGHJHVWLRQGHO
HVSDFHDpULHQ $SSOLTXpH =DLUH 
DLUVSDFHPDQDJHPHQWFHOO /LQJXLVWLFV
&(*7 &HQWUHG
([SORLWDWLRQHWGH*HVWLRQ7pOpWH[ FHP DEEU FHPHQW
)UDQFH  *HRORJ\,QYHUWHEUDWH=RRORJ\0DWHULDOV$Q
)UHQFK&HQWHU DGKHVLYHXVHGIRUELQGLQJREMHFWVVHFUHWHGE\
&(, &RPLWDWR(OHWWURWHFQLFR,WDOLDQR VRPHLQYHUWHEUDWHV
&(,LVORFDWHGLQ0LODQ,WDO\ +LVWRORJ\ ,QKLVWRORJ\FHPHQWLVDOVRNQRZQDV
,WDOLDQ&RPPLWWHH FHPHQWXP
&(, &RPPXQDXWpGHV(WDWV,QGpSHQGDQWV &(0 FKHIG
pWDWPDMRU
)UHQFKDFURQ\PPHDQLQJ&RPPRQZHDOWKRI &KLHIRI6WDII &26 
,QGHSHQGHQW6WDWHV FRPSDWLELOLWppOHFWURPDJQpWLTXH
&(, &RQIHUHQ]D(SLVFRSDOH,WDOLDQD HOHFWURPDJQHWLFFRPSDWLELOLW\ (0& 
,WDOLDQDFURQ\PPHDQLQJ,WDOLDQ(SLVFRSDO &(0 &RPSDJQLH(OHFWURPpFDQLTXH
&RQIHUHQFH &(0 &RQWLQXRXV(PLVVLRQV0RQLWRULQJ
&(, &RVW(IIHFWLYHQHVV,QGH[ &(0$ &(QWUR0DQDJHULDOH$PEURVLDQR
%XVLQHVV(FRQRPLFV&RPPHUFH ,WDOLDQ&HQWHU


&(0$ &KHIG·pWDWPDMRUGHVDUPpHV>)5@ &(17FHQW DEEU &HQWULIXJDO


D&KLHIRI'HIHQFH &+2'  0HFKDQLFV1HXURORJ\
E&KLHIRI'HIHQFH6WDII &'6 >8.@ FHQW DEEU FHQWXU\
F-RLQW&KLHIRI6WDII -&6 >86@ &(17$* &HQWUDO$UP\*URXSFHQWUDO(XURSH
&(0$ &RQYH\RU(TXLSPHQW0DQXIDFWXUHUV >REVROHWH@
$VVRFLDWLRQ *URXSHG·DUPpHVFHQWUHGX&HQWUH(XURSH
&(0$7 0HVRDPHULFDQ&HQWUHIRUWKH6WXG\RI >REVROqWH@
$SSURSULDWH7HFKQRORJ\ *XDWHPDOD  &(17/$17 &HQWUDO$WODQWLF6XE$UHD>REVROHWH@
&(0% &HQWURGL(GXFD]LRQH0XVLFDOHGL%DVH 6RXVVHFWHXUFHQWUDOGHO·$WODQWLTXH>REVROqWH@
,WDOLDQ&HQWHU &(175& &HQWUDO1HZ<RUN5HVRXUFHV&RXQFLO
&(0' FKHIG
pWDWPDMRUGHODGpIHQVH 86$ 
&KLHIRI'HIHQFH &+2'  &(2 &HQWHURI(DUWK2EVHUYDWLRQ
&(0($ &HQWULGL(VHUFLWD]LRQHQHL0HWRGL &H2 &HULF2[LGH
GHOO
(GXFD]LRQH$WWLYD ,WDO\  &HULF2[LGHLVXVHGPDLQO\LQFHUDPLFVDQGLQ
,WDOLDQ&HQWHU QXFOHDUIXHOV
&(0) &RXQWHUHOHFWURPRWLYH)RUFH ,QRUJDQLF&KHPLVWU\
(OHFWURPDJQHWLVP &(2 &KLHI([HFXWLYH2IILFHU
&(0* FKHIG
pWDWPDMRUJpQpUDO &(2 &ROOHFWLYH(OHFWURQLF2VFLOODWRU
*HQHUDO&KLHIRI6WDII *&26  &KHPLVWU\2SWLFDO6FLHQFHV
&H00 &HQWHURI0ROHFXODU0HGLFLQH &(2 FRQYR\HVFRUWRLOHU
1HZ&HQWHUWKDWZLOORSHQLQLQ9LHQQD SpWUROLHUG·HVFRUWHGHFRQYRL
$XVWULD &(2 2FWDHWK\OHQHJO\FRO0RQRKH[DGHF\OHWKHU
)RUIXUWKHUGHWDLOVVHHXQGHU*0, DQG,0%$ &(2$ &HQWUDO(XURSH2SHUDWLQJ$JHQF\>REVROHWH
&(03 &HQWUR(GXFD]LRQH0DWULPRQLDOHH UHSODFHGE\&(30$@
3UHPDWULPRQLDOH ,WDO\  $JHQFH&HQWUH(XURSHG·H[SORLWDWLRQ>REVROqWH
,WDOLDQ&HQWHU UHPSODFpHSDU&(30$@
&(1 &HQWUHG
pWXGHVGHO
(QHUJLH1XFOpDLUH &(2, &RPPXQLFDWLRQV (OHFWURQLFV2SHUDWLQJ
)UHQFKDFURQ\PPHDQLQJ&HQWHUIRU1XFOHDU ,QVWUXFWLRQV
(QHUJ\6WXGLHV &(26 &RPPLWWHHRQ(DUWK2EVHUYDWLRQ6DWHOOLWHV
&(1 &HQWUR(XURSHRGL1RUPDOL]]D]LRQH &(3 &DULEEHDQ(QYLURQPHQW3URJUDP81
(XURSHDQ&HQWHU &(3 &HQWULSHUO
(GXFD]LRQH3HUPDQHQWH
&(1 &HQWUR6WXGLGHOO
(QHUJLD1XFOHDUH 2IWKH0LODQ7RZQ&RXQFLO
,WDOLDQDFURQ\PPHDQLQJ&HQWHUIRU1XFOHDU ,WDOLDQ&HQWHU
(QHUJ\6WXGLHV &(3 FLUFXODUHUURUSUREDEOH
&(1 &RPLWDWR(XURSHRGL1RUPDOL]]D]LRQH pFDUWFLUFXODLUHSUREDEOH (&3 
(XURSHDQ&RPPXQLW\ FLYLOHPHUJHQF\SODQQLQJ
6WDQGDUGL]DWLRQ&RPPLWWHH SODQVFLYLOVG·XUJHQFH 3&8 
&(1(/(& &RPLWDWR(XURSHRGL1RUPDOL]]D]LRQH FRPPXQLFDWLRQVHTXLSPHQWSURJUDPPH
QHOFDPSR(OHWWURWHFQLFRHG(OHWWURQLFR SURJUDPPHG·HTXLSPHQWGHVWpOpFRPPXQLFD
6WDQGDUGL]DWLRQ&RPPLWWHH WLRQV
&(15 &RPPLWWHHRQWKH(QYLURQPHQWDQG1DWXUDO &(3 &RPLWDWR(XUR3URYLQFLDOH ,WDO\ 
UHVRXUFHV5HVHDUFK 86$  &(3 &RPPLWWHHRQ(QYLURQPHQWDO3URWHFWLRQ
$WWKH:KLWH+RXVH &(3$ &RPPRQZHDOWK(QYLURQPHQW3URWHFWLRQ
&KHPLVWU\DQG%LRORJ\RIWKH2FHDQV+\SR[LD $JHQF\ $XVWUDOLD 
6FLHQFH &(3$,0 &RQVRUFtRGH(QWLWDGHV3DUDOD$FFLRQ
&(16$ &RXQFLORI(XURSHDQDQG-DSDQHVH ,QWHJUDOFRQORV0LJUDQWHV 0DGULG6SDLQ 
1DWLRQDO6KLSRZQHUV
$VVRFLDWLRQV *%  6SDQLVK&RQVRUWLXP
&(16+$'&20 &HQWUDO6KLSSLQJ$GYLVRU\ &(3$/&HSDO &RPPLVVLRQH(FRQRPLFD3HU
&RPPLWWHH O
$PHULFD/DWLQDHL&DUDLEL81
&RPLWpFRQVXOWDWLIFHQWUDOGHODPDULQHPDUFKDQGH &(3$6 FU\SWRHTXLSPHQWIRUSDFNHWVZLWFKLQJ
&(16,6 &HQWUR6WXGL,QYHVWLPHQWL6RFLDOL PDWpULHOGHFKLIIUHPHQWSRXUODFRPPXWDWLRQSDU
,WDOLDQDFURQ\PPHDQLQJ6RFLDO,QYHVWPHQWV SDTXHWV
6WXG\&HQWUH &(3' &LYLO(PHUJHQF\3ODQQLQJ'LUHFWRUDWH


'LUHFWLRQGHVSODQVFLYLOVG·XUJHQFH ,WDOLDQDFURQ\PPHDQLQJ(XURSHDQ5HVHDUFK
&(3(5 &HQWURSHUOD3UHYHQ]LRQHGHL5LVFKL &HQWHU 5RPH,WDO\ 
,WDOLDQ&HQWHU &(5 FRPEDWHIIHFWLYHQHVVUHSRUW
&(3(6 &HQWUH(XURSpHQ3RXUO
(QVHLJQHPHQW UDSSRUWVXUO·HIILFDFLWpDXFRPEDW
6XSpULHXU &HU &RPLWDWRSHUO
HGLOL]LDUHVLGHQ]LDOH
/RFDWHGLQ%XFKDUHVW5RPDQLD)RXQGHGLQ ,WDOLDQ&RPPLWWHH
&(3(6&(3(6 &RPLWDWR(XURSHRSHULO &(5 &RQGLWLRQHG(PRWLRQDO5HVSRQVH
3URJUHVVR(FRQRPLFRH6RFLDOH 0HGLFLQH
,WDOLDQDFURQ\PRIWKH(XURSHDQ&RPPLWWHHIRU &(5 &RQWL(FRQRPLFL5HJLRQDOL UHSDUWR 
(FRQRPLFDQG6RFLDO'HYHORSPHQW ,WDOLDQDFURQ\PRIWKH&HQWUDO6WDWLVWLFV,QVWLWXWH
&(3(; &HQWUDO(TXDWRULDO3DFLILF([SHULPHQW GHSDUWPHQW 
$WPRVSKHULF5HVHDUFK*HRSK\VLFV0HWHRURORJ\ &(5 &RRUGLQDWHG(FRV\VWHP5HVHDUFK
&(3(; &RQWUROOHG(FRV\VWHPV3ROOXWLRQ &(5$&6 &RPSDUDWLYH(YDOXDWLRQRIWKHGLIIHUHQW
(;SHULPHQW 5$GLDWLQJ&DEOHVDQG6\VWHPVWHFKQRORJLHV
&(3+ &HQWUHG·(WXGHGX3RO\PRUSKLVPH+XPDLQ (XURSHDQ&RPPXQLW\
)UDQFH  &(5$0 &HQWUHG
(QVHLJQHPHQWHWGH5HFKHUFKH
)UHQFK&HQWHU $SSOLTXpHVDX0DQDJHPHQW
&(3, &DSLWDO([SHQGLWXUH3ULFH,QGH[ &(5& &HQWHUIRU(QYLURQPHQWDO5HVHDUFKDQG
&(3, &(QWUR3VLFRSHGDJRJLFRSHUO
,QIDQ]LD &RQVHUYDWLRQ 86$ 
,WDOLDQ&HQWHU &(5&LVLQYROYHGLQVWXGLHVWRFRPEDWORVVRIELR
&(3,6 3DQ$PHULFDQ&HQWUHIRU6DQLWDU\ GLYHUVLW\
(QJLQHHULQJDQG(QYLURQPHQWDO6FLHQFHV 3HUX  865HVHDUFK&HQWHU
&(30 &HQWUHG
([SORLWDWLRQ3RVWDOH0pWURSROLWDLQ &(5& &HQWUHG
(WXGHVGHV5HYHQXVHWGHV&R€WV
)UDQFH  )UDQFH 
)UHQFK&HQWHU )UHQFK&HQWHU
&(30$ &HQWUDO(XURSH3LSHOLQH0DQDJHPHQW &(5& &RUUHODWHG(OHFWURQ5HVHDUFK&HQWHU
$JHQF\ -DSDQ 
$JHQFHGHJHVWLRQGHVROpRGXFVHQ&HQWUH(XURSH &(5&$ &(QWUHGH5HFKHUFKHHQ&DOFXO$SSOLTXp
&(302 &HQWUDO(XURSH3LSHOLQH0DQDJHPHQW &DQDGD 
2UJDQL]DWLRQ &(5&$ LVD4XHEHF&HQWHUFUHDWHGLQ,WV
2UJDQLVDWLRQGHJHVWLRQGHVROpRGXFVHQ&HQWUH PDLQREMHFWLYHLVWRLQWHQVLI\WHFKQRORJ\WUDQVIHU
(XURSH IURPXQLYHUVLW\WRLQGXVWU\
&(32 &HQWUDO(XURSHDQ3LSHOLQH2IILFH>REVROHWH &RPSXWDWLRQDO)OXLG'\QDPLFV&KHPLVWU\
UHSODFHGE\&(302@ &(5&+$5 &HQWUHG
(WXGHVHW5HFKHUFKHVGH
%XUHDX&HQWUH(XURSHGHVSLSHOLQHV>REVROqWH &KDUERQQDJHVGH)UDQFH
UHPSODFpSDU&(302@ FHUHEHOODU /7' FHUHEHOODU/RQJ7HUP'HSUHVVLRQ
&(33 &RPPLWWHHRQ(OHPHQWDU\3DUWLFOH3K\VLFV 0HGLFLQH1HXURVFLHQFH
86$  &(5(4 &HQWUHG
(WXGHVHWGH5(FKHUFKHVVXUOHV
&(33& &HQWUDO(XURSH3LSHOLQH3ROLF\&RPPLWWHH 4XDOLILFDWLRQV )UDQFH 
&RPLWpGHJHVWLRQ&HQWUH(XURSHGHVSLSHOLQHV &(5(6 &HQWUHG
(WXGHVHWGH5HFKHUFKHV(Q
&(34 FLYLOHPHUJHQF\SODQQLQJTXHVWLRQQDLUH 6WUDWpJLH )UDQFH 
TXHVWLRQQDLUHGHVSODQVFLYLOVG·XUJHQFH 43&8  )UHQFK&HQWHU
&(36 &HQWUDO(XURSHSLSHOLQHV\VWHP &(5(6 &HQWURGL5LFHUFKHH6WXGL(FRQRPLFL
UpVHDX&HQWUH(XURSHGHVSLSHOLQHV ,WDOLDQDFURQ\PRIWKH&HQWHUIRU5HVHDUFKDQG
&(37 &RQIpUHQFH(XURSpHQQHGHV$GPLQLVWUDWLRQV (FRQRPLF6WXGLHV
GHV3RVWHVHWGHV7pOpFRPPXQLFDWLRQV &(5(6 &ORXGVDQG(DUWK
V5DGLDQW(QHUJ\6\VWHP
)UHQFKDFURQ\PPHDQLQJ(XURSHDQ&RQIHUHQFH &(5)$ &HQWUHG
(QUHJLVWUHPHQWHWGH5pYLVLRQGHV
RI3RVWDODQG7HOHFRPPXQLFDWLRQV )RUPXODLUHV$GPLQLVWUDWLIV(XURSHDQ
$GPLQLVWUDWLRQV &RPPXQLW\
&(38 &HQWUR(XURSHR3UHSDUD]LRQH8QLYHUVLWDULD &(5)$ LVDQ(&&HQWHUZKLFKKHOSVQHZHQWHU
,WDOLDQ&HQWHU SULVHVLQWKHFRPSLODWLRQRIIRUPV DVIDUDVODQ
&(4 &RXQFLORQ(QYLURQPHQWDO4XDOLW\ JXDJHUHJXODWLRQVDQGRWKHUGHWDLOVDUHFRQ
&(5 &HQWUR(XURSHR5LFHUFKH FHUQHG 


&(5*(6 &(QWUR5LFHUFKH*LXULGLFKHHG &(6 &HQWHUIRU(QYLURQPHQWDO6WXGLHV 86$ 


(FRQRPLFR6RFLDOL 0LODQ,WDO\  &(6 &HQWUDO([FLWDWRU\6WDWH
,WDOLDQ5HVHDUFK&HQWHU 0HGLFLQH
&(5, &HQWHUIRU(GXFDWLRQDO5HVHDUFKDQG &(6&HV&LUFXLW(PXODWLRQ6HUYLFH
,QQRYDWLRQ 86$  &(6 FRDVWHDUWKVWDWLRQ>,10$56$7@
&(5, &HQWHUIRU(QYLURQPHQWDO5HVHDUFK VWDWLRQWHUULHQQHF{WLqUH>,10$56$7@
,QIRUPDWLRQ &(6 &RPLWDWR(FRQRPLFRH6RFLDOH(&
&(5, &HQWUDO(OHFWURFKHPLFDO5HVHDUFK,QVWLWXWH ,WDOLDQDFURQ\PRIWKH(FRQRPLFDQG6RFLDO
86$  &RPPLWWHH6HWXSE\WKH7UHDWLHVRI5RPHLQ
&(5, &HQWUR(XURSHRGHOOH5HOD]LRQL,QGXVWULDOL 
(XURSHDQ&RPPXQLW\ &(6 &RPPLWWHHRI(XURSHDQ6KLSRZQHUV
,WDOLDQDFURQ\PRIWKH(XURSHDQ&HQWHUIRU &(6 &RPPLWWHHRQ(DUWK6WXGLHV 86$ 
,QGXVWULDO5HODWLRQV &(6 &RQIHGHUD]LRQH(XURSHDGHL6LQGDFDWL
&(5, &OHDQ(QHUJ\5HVHDUFK,QVWLWXWH 86$  ,WDOLDQDFURQ\PRIWKH7UDGH8QLRQV(XURSHDQ
&(5,(6 &HQWUHGH5HFKHUFKHVHW,QYHVWLJDWLRQV &RQIHGHUDWLRQ
(SLGHUPLTXHVHW6HQVRULHOOHV &(6 &RQVHLO(FRQRPLTXHHW6RFLDO
&(5,(6LVDQDXWRQRPRXVUHVHDUFKFHQWHU &(6$ &DQDGLDQ(QJLQHHULQJ6WDQGDUGV
EDVHGLQ3DULV )UDQFH IXQGHGE\&KDQHO $VVRFLDWLRQV &DQDGD 
$ZDUGV3K\VLRORJ\DQG%LRORJ\RI+HDOWK\6NLQ &(6$ &HQWUHG
(QVHLJQHPHQW6XSpULHXUGHV
&(5,) &RPPRQ(XURSHDQ5HVHDUFK,QIRUPDWLRQ $IIDLUHV +(&,6$ &)&  )UDQFH 
)RUPDW &(6$5 &HQWUDO(XURSHDQ6DWHOOLWH$GYDQFHG
(XURSHDQ&RPPXQLW\5HVHDUFK,QIRUPDWLRQ 5HVHDUFK
&(5/ &HQWUDO(OHFWULFLW\5HVHDUFK/DERUDWRULHV 7RVWXG\(DUWK·VPDJQHWRVSKHUH,RQRVSKHUHDQG
&(51 &RPPLVVLRQ(XURSpHQQHSRXUOD5HFKHUFKH 7KHUPRVSKHUH
1XFOpDLUH &(6&27 &HQWUR6YLOXSSR&RPPHUFLR7XULVPRH
)UHQFKDFURQ\PRIWKH(XURSHDQ&RPPLVVLRQIRU 7HU]LDULR ,WDO\ 
1XFOHDU5HVHDUFK ,WDOLDQ&HQWHU
&(51 &RQVLJOLR(XURSHRSHUOH5LFHUFKH &(6'&KROHVWHU\O(VWHU6WRUDJH'LVHDVH
1XFOHDUL 0HGLFLQH
,WDOLDQDFURQ\PRIWKH(XURSHDQ&RXQFLOIRU &(6'3 &RPPRQ(XURSHDQ6HFXULW\DQG'HIHQFH
1XFOHDU5HVHDUFK 3ROLF\
&(51HW &KLQD(GXFDWLRQDQG5HVHDUFK1HWZRUN SROLWLTXHHXURSpHQQHFRPPXQHHQPDWLqUHGH
&KLQD  VpFXULWpHWGHGpIHQVH 3(&6' 
,QWHUQHWLQ&KLQD &(6(1 &(QWUR6WXGL(1QHUJLD ,WDO\ 
&(53 &HQWUR(XURSHRGL5HOD]LRQL3XEEOLFKH ,WDOLDQDFURQ\PRIWKH&HQWHUIRU(QHUJ\6WXGLHV
,WDOLDQDFURQ\PRIWKH(XURSHDQ&HQWUHRI3XEOLF &(6* &HQWHUIRU(XNDU\RWLF6WUXFWXUDO*HQRPLFV
5HODWLRQV )XQGHGE\1,+ 86$ 
&(532' &(QWUHRIVWXGLHVDQG5HVHDUFKRQ )RUIXUWKHUGHWDLOVVHHXQGHU1,+
32SXODWLRQIRU'HYHORSPHQW &(6, &HQWUR(OHWWURQLFR6SHULPHQWDOH,WDOLDQR
6DKHO,QVWLWXWH0DOL ,WDOLDQ&HQWHU
&(57 &HQWUHG
(WXGHHWGH5HFKHUFKHGH7RXORXVH &(61() &(QWUR6WXGL1XFOHDUL(QULFR)HUPL
)UDQFH  ,WDOLDQDFURQ\PRIWKH(QULFR)HUPL1XFOHDU
)UHQFK5HVHDUFK&HQWHU 6WXGLHV&HQWHURIWKH3RO\WHFKQLFRI0LODQ,WDO\
FHUW DEEU FHUWLILFDWHFHUWLILFDWLRQ &(63( &HQWUR6WXGLGL3ROLWLFD(FRQRPLFD
&(57 &RXQFLORI(GXFDWLRQ5HFUXLWPHQWDQG ,WDOLDQDFURQ\PRIWKH(FRQRPLF3ROLF\6WXGLHV
7UDLQLQJIRU+RWHODQG&DWHULQJ,QGXVWU\ ,UHODQG  &HQWUH ,WDO\ 
,ULVK&RXQFLO &(635, &HQWUR6WXGLVXL3URFHVVLGL
&(57 H7 &HQWURGL(FRQRPLD5HJLRQDOHGHL ,QWHUQD]LRQDOL]]D]LRQH ,WDO\ 
7UDVSRUWLHGHO7XULVPR ,WDO\  &(65 &RUQHOO(OHFWURQ6WRUDJH5LQJ
&(57, &(QWURGL5LFHUFKH7ULEXWDULHGHOO
,PSUHVD &HVWDPH &HQWUHG
pWXGHVVSqFLDOLVpHVGHVWHFKQLTXHV
,WDO\  DSSOLTXpHV
2IWKH/%RFFRQL8QLYHUVLW\ 0LODQ,WDO\  &(69,7 &(QWURSHUOR69,OXSSRGHOODULFHUFD
,WDOLDQ5HVHDUFK&HQWHU 7HFQRORJLFD


,WDOLDQDFURQ\PRIWKH&HQWHUIRUWKH $XGLRORJ\+HDULQJ6FLHQFHV&RPPXQLFDWLRQ
'HYHORSPHQWRI7HFKQRORJLFDO5HVHDUFK&(69,7 6FLHQFHV&RPPXQLFDWLRQ'LVRUGHUV3K\VLRORJ\
LVEDVHGLQ)ORUHQFH,WDO\ &) &KULVWHQVHQ)XQG 3DOR$OWR&DOLIRUQLD
&(69,7(& &(QWURSHUODSURPR]LRQHHOR 86$ 
69,OXSSR7(&QRORJLFRGHOOHSLFFROHHPHGLHLPS &) &RGLFH)LVFDOH
UHVHGHO0H]]RJLRUQR ,WDOLDQLQLWLDOLVPPHDQLQJ)LVFDOFRGHWD[SD\HU
V
,WDOLDQDFURQ\PRIWKH&HQWHUIRUWKH FRGH
7HFKQRORJLFDO3URPRWLRQDQG'HYHORSPHQWRI &) &RPSOHPHQW)L[DWLRQ
VPDOODQGPHGLXPVL]HGHQWHUSULVHVRI6RXWKHUQ ,PPXQRORJ\
,WDO\&(69,7(&LVEDVHGLQ1DSOHV,WDO\ &) &RQJR
&(7 FRPEDWHQKDQFHPHQWWUDLQLQJ &RQJR
HQWUDvQHPHQWGHSHUIHFWLRQQHPHQWDXFRPEDW FRXQWHUIRUFH
&(7$ &UHZDQG(TXLSPHQW7UDQVODWLRQ$LG FRQWUHIRUFH
&(7,$7 &(QWUH7HFKQLTXHGHV,QGXVWULHV &) &RQVWDQW)UHTXHQF\
$pUROLTXHVHW7KHUPLTXHV )UDQFH  &) &RXQWLQJ)DFWRU
)UHQFK7HFKQLFDO&HQWHU 3RO\SHSWLGHV
&(7,0&HWLP &(QWUH7HFKQLTXHGHV,QGXVWULHV &) &\VWLF)LEURVLV
0pFDQLTXHV )UDQFH  &\VWLFILEURVLVLVDKHUHGLWDU\GLVHDVH,WLVDOVR
)UHQFK7HFKQLFDO&HQWHU NQRZQDVPXFRYLVFLGRVLVEHFDXVHWKHH[RFULQH
&(723 &RPLWp(XURSpHQGHV7UDQVPLVVLRQV JODQGVSURGXFHPXFXVRIKLJKYLVFRVLW\
2OpRK\GUDXOLTXHVHW3QHXPDWLTXHV )UDQFH  0HGLFLQH
(XURSHDQ&RPPLWWHH &)$ &DQDGLDQ)RUHVWU\$VVRFLDWLRQ
&(73 &KROHVWHU\O(VWHU7UDQVSRUW3URWHLQ &)$ &DUERQDWH)OXRUDSDWLWH
&(76 &RPPLVVLRQRQ(QJLQHHULQJDQG7HFKQLFDO &)$ FHDVHILUHDJUHHPHQW
6\VWHPV 86$  DFFRUGGHFHVVH]OHIHX
&(76 &RQWLQXLQJ(GXFDWLRQDQG7UDLQLQJ &)$&I$ &HQWHU)RU$VWURSK\VLFV +DUYDUG
6HUYLFH *%  6PLWKVRQLDQ
V 
&(80& &KDLUPDQRIWKH(XURSHDQ8QLRQ0LOLWDU\ 7KH&)$ LVORFDWHGLQ&DPEULGJH0DVVDFKXVHWWV
&RPPLWWHH 86$ 
SUpVLGHQWGX&RPLWpPLOLWDLUHGHO·8QLRQ &)$ &RORQL]DWLRQ)DFWRU$JDU
HXURSpHQQH 3&08(  &)$ &RPPLVVLRQRI)LQH$UWV 86$ 
&(9 &LWUXV([RFRUWLV9LURLG &)$ &RPPXQDXWp)LQDQFLqUH$IULFDLQH
&(: &RXQWHU(OHFWURQLF:DUIDUH &)$ &RPSOHWH)UHXQG
V$GMXYDQW
&I 7KHFKHPLFDOV\PEROIRU&DOLIRUQLXP &)$ &OHDYDJH)DFWRU$
1DPHGDIWHU&DOLIRUQLD EHFDXVHLWZDVGLVFRYHUHG &HOO%LRORJ\3DWKRORJ\
E\UHVHDUFKHUVDWWKH8QLYHUVLW\RI&DOLIRUQLD &) , &RVW)UHLJKWDQG,QVXUDQFH
%HUNHOH\86$ &RPPHUFH6KLSSLQJ
6\PEROV&KHPLVWU\ &)$2 &RPSDJQLH)UDQoDLVHGHO
$IULTXH
&) &DUULHG)RUZDUG 2FFLGHQWDOH
&) &DUULHU)UHTXHQF\ &)$5 &HQWHU)RU$,'65HVHDUFK
&DUULHU)UHTXHQF\LVDOVRNQRZQDV&HQWHU 7KH*UHDW/DNHV5HJLRQDO&)$5LVDFRQVRUWLXP
)UHTXHQF\ RIVFLHQWLVWVRIYDULRXV868QLYHUVLWLHV
7HOHFRPPXQLFDWLRQV &)$5 FRQVWDQWIDOVHDODUPUDWH
&) &DVK)ORZ WDX[FRQVWDQWGHIDXVVHVDOHUWHV
%XVLQHVV(FRQRPLFV)LQDQFH &)$55 &HQWHUIRU)HUWLOLW\$QG5HSURGXFWLYH
&) &HPHQW)ORRU 5HVHDUFK 86$ 
%XLOGLQJV &)$7* &HQWUHGH)RUPDWLRQ$X[7HFKQLTXHV
&)FI &HQWULIXJDO)RUFH *D]LqUHV )UDQFH 
0HFKDQLFV &)$7 ORDGLQJ &UHHS)$7LJXHORDGLQJ
&)FI &HQWULSHWDO)RUFH 2SWLPLVDWLRQRIPHWKRGRORJLHVWRSUHGLFWFUDFN
0HFKDQLFV LQLWLDWLRQDQGHDUO\JURZWKLQFRPSRQHQWVXQGHU
&) &KDUDFWHULVWLF)UHTXHQF\ FRPSOH[FUHHSIDWLJXHORDGLQJ
(XURSHDQ&RPPXQLW\3URMHFW


&)% &DOO)RU%LGV &)17 &HQWURGH)RUPDFLRQHQ1XHYDV


&)%*URXS &\WRSKDJD)OH[LEDFWHU%DFWHULRLGHV 7HFKQRORJLDV 6SDLQ 
*URXS 6SDQLVK&HQWHU
%LRORJ\0DULQH6FLHQFH &)2 &DUULHU)UHTXHQF\2VFLOODWRU
&)& &RORQ\)RUPLQJ&HOO &)2 &KLHI)LQDQFLDO2IILFHU
+HPDWRORJ\ &)21% &RPLWp)UDQoDLVG
2UJDQLVDWLRQHWGH
&)& &RPELQHG)HGHUDO&DPSDLJQ 86$  1RUPDOLVDWLRQ%DQFDLUHV )UDQFH 
&)& &RQWUROOHG)RUHLJQ&RPSDQ\ &)3 &HQWURGL)RUPD]LRQH3URIHVVLRQDOH
%XVLQHVV)LQDQFH ,WDOLDQLQLWLDOLVPPHDQLQJ9RFDWLRQDO7UDLQLQJ
&)&V &KORURIOXRURFDUERQV &HQWHU
'HVLFFDQWV\VWHPVXVHPDWHULDOVVXFKDVVLOLFDJHO &)3 &\DQ)OXRUHVFHQW3URWHLQ
WRUHPRYHPRLVWXUHIURPWKHDLUZKLOHFRROLQJLW %LRORJLFDO,PDJLQJ&HOO%LRORJ\DQG0HWDEROLVP
6ROLGGHVLFFDQWPDWHULDOVDUHRIWHQHPEHGGHGLQD +XPDQ'HYHORSPHQW
URWDWLQJZKHHOZKHUHWKH\FDQEHGULHGDQGUHJHQ &)3% &HQWUHGH)RUPDWLRQGHOD3URIHVVLRQ
HUDWHGIRUFRQWLQXHGXVHE\H[SRVLQJWKHPWRKHDW %DQFDLUH )UDQFH 
%HFDXVHGHVLFFDQWVUHPRYHZDWHUIURPWKHDLU )UHQFK&HQWHU
ZLWKRXWFRQGHQVLQJLWWKH\FRQWUROKXPLGLW\PRUH &)3& &HQWUHGH)RUPDWLRQ3URIHVVLRQQHOOH
HIIHFWLYHO\WKDQDLUFRQGLWLRQHUV7KH\DOVRRSHUDWH &RQWLQXH /X[HPEXUJ 
ZLWKRXWWKHXVHRIFKORURIOXRURFDUERQV &)&V DQG 9RFDWLRQDO7UDLQLQJ&HQWHU
FDQKDQGOHWKHODUJHUIORZUDWHVRIRXWVLGHDLU &)3*,$2PHWKRG &KDUJH)LHOG3HUWXUEDWLRQ
UHTXLUHGE\QHZLQGRRUDLUTXDOLW\VWDQGDUGV *DXJH,QFOXGLQJ$WRPLF2UELWDOPHWKRG
'HVLFFDQW&RROLQJ &KHPLVWU\
&)' &RPSXWDWLRQDO)OXLG'\QDPLFLVW &)5 &RGHRI)HGHUDO5HJXODWLRQV 86$ 
&)' &RUSRUDWH)LQDQFH'LUHFWRU FIU DEEU FRQIURQWD
&)( &DPSDLJQIRU)UHH(GXFDWLRQ *%  ,WDOLDQDEEUHYLDWLRQPHDQLQJFRPSDUH FI 
&)( &HQWHU)RU(GXFDWLRQ 86$  &)5 &RQWDFW)OLJKW5XOHV
&)( FRQYHQWLRQDODUPHGIRUFHVLQ(XURSH 1DYLJDWLRQ
IRUFHVDUPpHVFRQYHQWLRQQHOOHVHQ(XURSH )&( &)5  DLUFUDIW FUDVKILUHILJKWLQJDQGUHVFXH
  OXWWHFRQWUHOHIHXHWVDXYHWDJHHQFDVG·DFFLGHQW
&)(' &RUSRUDWLRQ)RU(QWHUSULVH'HYHORSPHQW G·DpURQHI 
$UL]RQD86$ FXVWRPHUIXQGLQJUHJLPH
&)(0 &RPSDJQLH)UDQoDLVHG
(QWUHSULVHV UpJLPHGHILQDQFHPHQWSDUOHFOLHQW
0pWDOOLTXHV )UDQFH  &)5%&6 7KH&RRSHUDWLYH)DPLO\5HJLVWU\IRU
&)) &ROXPEXV)UHH)O\HU %UHDVW&DQFHU6WXGLHV 86$ 
&)) &\VWLF)LEURVLV)RXQGDWLRQ 86$  2IWKH861DWLRQDO&DQFHU,QVWLWXWH
&))( &DQWRU)LQDQFLDO)XWXUHV([FKDQJH &)5&RPPLWWHH &RRSHUDWLYH)XHO5HVHDUFK
7KH&))(LVWKHILUVWHOHFWURQLFIXWXUHVPDUNHWWR &RPPLWWHH
VHWXSLQWKH86$   &)53 &DUERQ)LEUH5HLQIRUFHG3ODVWLF
)XWXUHV0DUNHWV 0DWHULDOV
FIK FXELFIHHWSHUKRXU &IV &DUERQIXOOHUHQHV
&)+7 &DQDGD)UDQFH+DZDLL7HOHVFRSH 0DWHULDOVDQG,QWHUIDFHV
$GDSWLYH2SWLFV$VWURQRP\3ODQHWDU\6FLHQFH &)V &KDUDFWHULVWLF)UHTXHQFLHV
&), &DQDGD)RXQGDWLRQIRU,QQRYDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU&)
7KH&),ZDVFUHDWHGLQZLWKJRYHUQPHQW &)6 &KURQLF)DWLJXH6\QGURPH
IXQGV,WLV&DQDGD
VODUJHVWIRXQGDWLRQ &)6 &RPPLWWHHRQ)XQGDPHQWDO6FLHQFH
$ZDUGV*UDQWV 86&RPPLWWHH
&)/ FHDVHILUHOLQH FIV FXELFIRRWIHHWSHUVHFRQG
OLJQHGHFHVVH]OHIHX $OVR&86(&
FRRUGLQDWHGILUHOLQH 0HWURORJ\
OLJQHGHWLUVFRRUGRQQpV &)6( &DUER[\IOXRUHVFHLQGLDFHWDWH6XFFLQLQ\O
&)/ &RXQFLORI)HGHUDO/LEUDULHV (VWHU
FIP FXELFIHHWSHUPLQXWH %LRSK\VLFV1HXURELRORJ\3K\VLRORJ\
&)0V &KORURIOXRURPHWKDQHV


&)63 &RPPRQ)RUHLJQDQG6HFXULW\3ROLF\ *HQRPLFV863URMHFWV


(XURSHDQ8QLRQ &*$7 SURJUDP &DQDGLDQ*HQRPH$QDO\VLVDQG
&)7& &RPPRGLW\)XWXUHV7UDGLQJ&RPPLVVLRQ 7HFKQRORJ\SURJUDP
86$  &DQDGLDQ3URJUDP
&)75 &\VWLF)LEURVLV7UDQVPHPEUDQHFRQGXFWDQFH &*% &HQWHUIRU*HQRPLFVDQG%LRLQIRUPDWLFV
5HJXODWRU $W.DUROLQVND,QVWLWXWH
&)75, &HQWUDO)RRG7HFKQRORJLFDO5HVHDUFK &*& &DHQRUKDEGLWLV*HQHWLFV&HQWHU 86$ 
,QVWLWXWH 7KH&*&LVVXSSRUWHGE\1,+
V1DWLRQDO&HQWHU
&)75V &\VWLF)LEURVLV7UDQVFRQGXFWDQFH IRU5HVHDUFK5HVRXUFHV
5HJXODWRUV *HQHWLF0DSSLQJ1HPDWRGHV
&HOO%LRORJ\%LRSK\VLFV0HGLFLQH3K\VLRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU1,+
3XOPRQDU\%LRORJ\ &*&0V &RXSOHGRFHDQDWPRVSKHUH*HQHUDO
&)8 &RORQ\)RUPLQJ8QLW &LUFXODWLRQ0RGHOV
+HPDWRORJ\ &OLPDWH&KDQJH0HWHRURORJ\
&)8*DVVD\ &RORQ\)RUPLQJ8QLW*UDQXORF\WH &*&3 &OLPDWHDQG*OREDO&KDQJH3URJUDP
DVVD\ 863URJUDP
*UDQXORF\WLF&RORQLHV0HGLFLQH2QFRORJ\ &*&5 &RPPLWWHHRQ*OREDO&KDQJH5HVHDUFK
7UDQVFULSWLRQ5HVHDUFK 86$ 
&)86 &RORQ\)RUPLQJ8QLW6SOHHQ &*&6 &HQWHUIRU*OREDO&KDQJH6FLHQFH
+HPDWRORJ\ 2IWKH0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\
&)9 FHDVHILUHYLRODWLRQ 86$ 
YLRODWLRQGXFHVVH]OHIHX &*' &DL[D*HUDOGH'HSyVLWRV
&)9 &RQVWDQW)ORZ9DOYH 3RUWJXHVH%DQN
&)9 &UHGLWR)RQGLDULRGHOOH9HQH]LH6S$ &*' &KURQLF*UDQXORPDWRXV'LVHDVH
,WDOLDQ%DQN ,PPXQRORJ\0HGLFLQH3DWKRORJ\
&); FRPPDQGILHOGH[HUFLVH &*GLVFKDUJH &ORXGWR*URXQGGLVFKDUJH
H[HUFLFHGHFRPPDQGHPHQWVXUOHWHUUDLQ *HRSK\VLFV
&* &DSLWDO*DLQ FJH DEEU FDUULDJH
%XVLQHVV(FRQRPLFV)LQDQFH &*( &RPSDJQLH*pQpUDOHG
(OHFWULFLWp
&* &DSLWDO*RRGV &*(5 &RPPLVVLRQRQ*HRVFLHQFHV(QYLURQPHQW
&* &DSWDLQRIWKH*XDUG DQG5HVRXUFHV 86$ 
&* FJ FHQWHURIJUDYLW\ &*) &U\VWDO*URZWK)XUQDFH
0HFKDQLFV &*+ &DSHRI*RRG+RSH 6RXWK$IULFD 
FJ DEEU FHQWLJUDPFHQWLJUDPPH &*+ &RPSXWHU*HQHUDWHG+RORJUDP
$OVRFJP &*,$5 &RQVXOWDWLYH*URXSRQ,QWHUQDWLRQDO
0HWURORJ\ $JULFXOWXUDO5HVHDUFK
&* &KRULRQLF*RQDGRWURSLQ &*,& &RPSUHVVHG*DV,QVXODWHG&DEOH
&KRULRQLF*RQDGRWURSLQLVDJO\FRSHSWLGHKRU &*,,&*,, &RQIHGHUD]LRQH*HQHUDOH,WDOLDQD
PRQH GHOO
,QGXVWULD
(QGRFULQRORJ\ ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ,QGXVWU\
&* &LOLDU\*DQJOLRQLF $VVRFLDWLRQ ,WDO\ 
FJ DEEU FRQLXJDWRD &*,/ &RQIHGHUD]LRQH*HQHUDOH,WDOLDQDGHO/DYRUR
,WDOLDQDEEUHYLDWLRQPHDQLQJPDUULHG ,WDO\ 
&* &RQVXO*HQHUDO ,WDOLDQLQLWLDOLVPRIWKH*HQHUDO)HGHUDWLRQRI
&* =DLUH ,WDOLDQ7UDGH8QLRQV
1RZ'HPRFUDWLF5HSXEOLFRI&RQJR &*,6VFDOH &OLQLFDO*OREDO,PSUHVVLRQV6HYHULW\
&*$ &RORU*UDSKLFV$GDSWHU VFDOH
&RPSXWHU3URJUDPPLQJ +XPDQ%HKDYLRU1HXURVFLHQFH3V\FKLDWU\
&*$3 &DQFHU*HQRPH$QDWRP\3URMHFW &*,7 OLQH &RPSUHVVHG*DV,QVXODWHG7UDQVPLVVLRQ
7KH&*$3 LVIXQGHGE\WKH861DWLRQDO&DQFHU OLQH
,QVWLWXWHWKH861DWLRQDO/LEUDU\RI0HGLFLQH &*/ &RQIpGpUDWLRQ*pQpUDOHGX/RJHPHQW
DQGPDQ\86GUXJDQGELRWHFKQRORJ\ )UDQFH 
&RPSDQLHV &*0 &DLUR*HRORJLFDO0XVHXP (J\SW 


&*0 &HQWHUIRU*HQRPLFVDQG%LRLQIRUPDWLFV FK FHQWUDOKHDWLQJ


/DXQFKHGLQDVDQHZDFDGHPLFGHSDUWPHQW FK DEEU FKDLQ \DUGV 
DWWKH.DUROLQVND,QVWLWXWH6WRFNKROP6ZHGHQ FK DEEU FKDSWHU
FJP FHQWLJUDP FK DEEU FKDUJH V 
$OVRFJ FK DEEU FKLHI
0HWURORJ\ &+ &KLHWL,WDO\
&*0 &KDXIIDJH*D]0RGXODEOH &+ &KLQD
F*03 F\FOLF*XDQRVLQH

0RQRSKRVSKDWH &+ &OHDULQJ+RXVH
%LRFKHPLVWU\&HOO%LRORJ\1HXURVFLHQFH &+ &RQJHQLWDO+\SRP\HOLQDWLRQ
3KDUPDFRORJ\ &+ &XUUHQW+RJJLQJ
&*0: &RPPLVVLRQIRUWKH*HRORJLFDO0DSRIWKH (OHFWURQLFV
:RUOG &+ &XVWRP V +RXVH
&*1 7KHDLUSRUWFRGHIRU&RORJQH*HUPDQ\ &+ 6ZLW]HUODQG
VLQWHPDWLRQDOYHKLFOHUHJLVWUDWLRQ
&*13V &HUHEHOODU*UDQXODU1HXURQDO3UHFXUVRUV OHWWHUV
&DQFHU5HVHDUFK*HQHWLFV0HGLFLQH0ROHFXODU &+ 0HWKDQH
%LRORJ\1HXURORJ\2QFRORJ\ &+ %XWDQH
FJR DEEU FDUJR %XWDQHLVXVHGPDLQO\DVDIXHOIRUOLJKWHUVLQ
&*3 &RPPLWWHHRQ*UDYLWDWLRQDO3K\VLFV 86$  PDQ\KRXVHKROGDSSOLDQFHVDQGIRUQXPHURXV
&*3 FR€WJOREDOGHSRVVHVVLRQ LQGXVWULDODSSOLFDWLRQV
OLIHF\FOHFRVW/&& 2UJDQLF&KHPLVWU\
&*36 &RQYHQWLRQ*pQpUDOHGH3URWHFWLRQ6RFLDOH &+ ,QGHQH
)UDQFH  2UJDQLF&KHPLVWU\
&*52 &RPSWRQ*DPPD5D\2EVHUYDWRU\ &+ &DPSKDQH
7KH&*52ZDVODXQFKHGLQ$SULO &DPSKDQHLVDOVRNQRZQDV%RUQDQH
$VWURSK\VLFV 2UJDQLF&KHPLVWU\
&*53 &DOFLWRQLQ*HQH5HODWHG3HSWLGH &+ *XDLD]XOHQH
%LRFKHPLVWU\ 3KDUPDFRORJ\
&*6&*6 &HQWLPHWUR*UDPPR6HFRQGR &+&DGLQHQH
,WDOLDQLQLWLDOLVPPHDQLQJ&HQWLPHWHU*UDP 2UJDQLF&KHPLVWU\
6HFRQG &+ &KU\VHQH
$OVRFJV &KU\VHQHLVXVHGLQRUJDQLFV\QWKHVLV
0HWURORJ\ 2UJDQLF&KHPLVWU\
&*6 &HQWURGL*HRGHVLD6SD]LDOH ,WDO\  &+ &DURWHQH
,WDOLDQ&HQWHU &DURWHQHLVDOVRNQRZQDV&DURWLQ3UH9LWDPLQH
&*6 &RPPDQGHU*HQHUDO6WDII +
FRPPDQGDQWGHO·pWDWPDMRUJpQpUDO %LRFKHPLVWU\
&*6 &RPPLWWHHRQ*HRORJLFDO6FLHQFHV &K$& &KROLQH$FHW\OWUDQVIHUDVH
2IWKH861DWLRQDO$FDGHP\RI6FLHQFHV &KDFORXGV &KDPDOHRQFORXGV
&*6& &ROL*HQHWLF6WRFN&HQWHU 86$  $VWURQRP\$VWURSK\VLFV6SDFH5HVHDUFK
7KH&*6&PDLQWDLQVJHQRW\SLFGHVFULSWLRQVDQG &+$PFKDP DEEU FKDPIHUHG
JHQHWLFPDSLQIRUPDWLRQIRUPDQ\(&ROL . (QJLQHHULQJ
VWUDLQV &+$03 &RPPXQLW\+HDOWK$LU0RQLWRULQJ
&*67&&*67& &HQWUR*LRYDQLOH6FDPEL 3URJUDP 86$ 
7XULVWLFL 2IWKH86(QYLURQPHQWDO3URWHFWLRQ$JHQF\
,WDOLDQLQLWLDOLVPRIWKH<RXWK&HQWHUIRU7RXULVP &+$03 VDWHOOLWH &KDOOHQJLQJ0LQLVDWHOOLWH3D\ORDG
DQG&XOWXUDO([FKDQJHV VDWHOOLWH
&*6WHFKQRORJ\ &RQWLQXRXV*UDLQ6LOLFRQWHFKQRO 0HDVXUHVWKHSHULRGLF0 PDJQHWLFILHOGYDULD
RJ\ WLRQV
8OWUDKLJKGHILQLWLRQ79V $SSOLHG3K\VLFV2FHDQ3K\VLFV
&*7 &DSLWDO*DLQV7D[ &+$039$ &LYLOLDQ+HDOWK$QG0HGLFDO3URJUDP
&*7 &RQIpGpUDWLRQ*pQpUDOHGX7UDYDLO RIWKH9HWHUDQV$GPLQLVWUDWLRQ 86$ 
&+ &DVH+DUGHQLQJ&DVHKDUGHUQLQJ FKDQ DEEU FKDQQHO
*HRORJ\0DWHULDOV6FLHQFH0HWDOOXUJ\ $JURQRP\%XLOGLQJ(QJLQHHULQJ&KHPLFDO


(QJLQHHULQJ&RPSXWHU7HFKQRORJ\(OHFWURQLFV &KORURGLIOXRURPHWKDQHLVXVHGDVDVROYHQWDQGD
*HRJUDSK\*HRORJ\+\GURORJ\1DYLJDWLRQ UHIULJHUDQW
1XFOHRQLFV7HOHFRPPXQLFDWLRQV7UDQVSRUWDWLRQ 2UJDQLF&KHPLVWU\
(QJLQHHULQJ &+&O 0HWK\OHQH&KORULGH
&+$26 &DPEULGJH+HDUW$QWLR[LGDQW6WXG\ )RUIXUWKHUGHWDLOVVHHXQGHU0&
&RURQDU\'LVHDVH &+&O 0HWK\O&KORULGH
&+$3 &KDOOHQJH+DQGVKDNH$XWKHQWLFDWLRQ 0HWK\O&KORULGHDOVRNQRZQDV&KORURPHWKDQHLV
3URWRFRO XVHGPDLQO\DVDUHIULJHUDQW
&RPSXWHUV &+&O2 (SLFKORURK\GULQ
&+$36 &OHDULQJ+RXVH$XWRPDWHG3D\PHQW (SLFKORURK\GULQLVXVHGPDLQO\LQWKHPDQXIDFWXUH
6\VWHP *%  RIJO\FHURODQGLQUHVLQV
&+$5$ &HQWHUIRU+LJK$QJXODU5HVROXWLRQ 2UJDQLF&KHPLVWU\
$VWURQRP\ &K&09 &KU\VDQWKHPXP&KORURWLF0RWWOH9LURLG
$WWKH*HRUJLD6WDWH8QLYHUVLW\ 86$  &+&V &XWLFXODU+\GURFDUERQV
&+$5,60$ &+LFDJR$UJRQQH5HVRQDQW (QWRPRORJ\(QYLURQPHQWDO6FLHQFHV=RRORJ\
,RQL]DWLRQ6SHFWURPHWHUIRU0LFURDQDO\VLV &+' &KLOGKRRG'LVHDVH
&KHPLVWU\*HRSK\VLFDO6FLHQFHV0DWHULDOV 0HGLFLQH
6FLHQFH &KG &KRUGLQ
&+$50 &RXSOHG+\GURVSKHUH$WPRVSKHUH 'HYHORSPHQWDO%LRORJ\
5HVHDUFK0RGHO &+' &RURQDU\+HDUW'LVHDVH
&+$506 &-7)+4DXJPHQWDWLRQUHTXLUHPHQWV &+'0 &ROG+RW'DUN0DWWHU
DQGPDQQLQJV\VWHP>REVROHWHQRZFDOOHG $VWURQRP\3DUWLFOH$VWURSK\VLFV3K\VLFV
*(06@ &K( &KROLQHVWHUDVH
V\VWqPHGHJHVWLRQGHVEHVRLQVHQHIIHFWLIV HW &KROLQHVWHUDVHLVDOVRNQRZQDV
PR\HQV G·DSSRLQWGHV4&GH*),0>REVROqWH 3VHXGRFKROLQHVWHUDVHVHUXPFKROLQHVWHUDVH
PDLQWHQDQWDSSHOp*(06@ (Q]\PRORJ\
&+$60 &RYHQWU\+HDOWK$QG6DIHW\0RYHPHQW &+(& &RPPRQZHDOWK+XPDQ(FRORJ\&RXQFLO
*%  *% 
FKDVP 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH FKHP DEEU FKHPLFDOFKHPLVWFKHPLVWU\
(QJOLVKZRUGFKDVP *HRORJ\  &KHV DEEU &KHVKLUH (QJODQG 
&K$7 &KROLQH$FHW\OWUDQVIHUDVH &+(66 &RUQHOO+LJK(QHUJ\6\QFKURWURQ6RXUFH
&+ERQGV &DUERQ+\GURJHQERQGV &+(; &RPPLWWHHRQ+XPDQ([SORUDWLRQ 86$ 
&KHPLFDO%LRG\QDPLFV&KHPLVWU\ &+H[SHULPHQWV &HQWXULRQ+DOLWHH[SHULPHQWV
&+%U %URPRIRUP 7KH&+H[SHULPHQWVZHUHXQGHUJURXQGERPE
%URPRIRUPLVXVHGWRVHSDUDWHPLQHUDOV WHVWVFDUULHGRXWLQWKHV
2UJDQLF&KHPLVWU\ )XVLRQ3K\VLFV
&+%U 0HWK\OHQH%URPLGH &+) &RQJHVWLYH+HDUW)DLOXUH
0HWK\OHQH%URPLGHLVXVHGPDLQO\DVDVROYHQW +HDUW5HVHDUFK0HGLFLQH
2UJDQLF&KHPLVWU\ &+) &ULWLFDO+HDW)OX[
&+%U 0HWK\O%URPLGH &+) )OXRURIRUP
0HWK\O%URPLGHLVXVHGPDLQO\DVDQH[WUDFWLRQ )OXRURIRUPDOVRNQRZQDV7ULIOXRURPHWKDQHLV
VROYHQWIRUYHJHWDEOHRLOV XVHGPDLQO\DVDUHIULJHUDQW
2UJDQLF&KHPLVWU\ 2UJDQLF&KHPLVWU\
&+%U %URPREHQ]HQH FKIZG FKDUJHVIRUZDUG
%URPREHQ]HQHDOVRNQRZQDV3KHQ\O%URPLGHLV FKJ DEEU FKDQJH
XVHGPDLQO\DVDVROYHQW FKJ DEEU FKDUJH
2UJDQLF&KHPLVWU\ $OVRFKJH
&+&O &KORURIRUP (OHFWULFLW\(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ
&KORURIRUPDOVRNQRZQDV7ULFKORURPHWKDQHLV 0HWDOOXUJ\0LOLWDU\6FLHQFH1XFOHRQLFV
QRZXVHGDVDVROYHQWDQGLQVHFWLFLGHIRUPHUO\LW 2UGQDQFH
ZDVXVHGDVDQDQHVWKHWLF &+, 7KHDLUSRUWFRGHIRUWKHFLW\RI&KLFDJR
2UJDQLF&KHPLVWU\ 86$
&+&O) &KORURGLIOXRURPHWKDQH &+, 0HWK\O,RGLGH


0HWK\O,RGLGHLVXVHGPDLQO\LQPLFURVFRS\ &KPDVV &KDQGUDVHNKDUPDVV


2UJDQLF&KHPLVWU\ $VWURQRP\$VWURSK\VLFV
&+, 0HWK\OHQH,RGLGH FKPQ DEEU FKDLUPDQ
0HWK\OHQH,RGLGHDOVRNQRZQDV'LLRGRPHWKDQH $OVRFKQ
LVXVHGPDLQO\WRVHSDUDWHPLQHUDOPL[WXUHV &+06 &RXQFLORI+HDGVRI0HGLFDO6FKRROV
2UJDQLF&KHPLVWU\ *% 
&+, (WK\O,RGLGH FKQ DEEU FKDLUPDQ
(WK\O,RGLGHDOVRNQRZQDV,RGRHWKDQHLVXVHG $OVRFKPQ
PDLQO\LQPHGLFLQH &+12 +H[REDUELWDO
2UJDQLF&KHPLVWU\ +H[REDUELWDOLVDEDUELWXUDWHXVHGDVDQRUDOVHGD
&+,& &RPPXQLW\+HDOWK,QIRUPDWLRQ WLYH
&ODVVLILFDWLRQDQG&RGLQJ(XURSHDQ&RPPXQLW\ 3KDUPDFRORJ\
&+,/ &XUUHQW+RJJLQJ,QMHFWLRQ/RJLF &+2 &LWULF$FLG
&+,/' &RXQFLORI+LVWRULFDO/LEUDULHVRI &LWULF$FLGLVXVHGPDLQO\DVDIODYRULQJDJHQWLQ
'HODZDUH IRRGSURGXFWV
&KL03 &KLPSDQ]HH0DQDJHPHQW3URJUDP %LRFKHPLVWU\
&KLPSDQ]HH&RORQLHV(WKRORJ\1HXURVFLHQFH &+2 +\PHFURPRQH
&+,1 &RPPXQLW\+HDOWK,QIRUPDWLRQ1HWZRUN 2UJDQLF&KHPLVWU\
&KLQ DEEU &KLQHVH &+2 )HUXOLF$FLG
&KLQHVHLVWKHVWDQGDUGODQJXDJHRI&KLQDEDVHG )HUXOLF$FLGLVXVHGDVDSUHVHUYDWLYHLQIRRGSURG
RQWKHVSHHFKRI3HLSLQJ0DQGDULQLWLVDOVRD XFWV
JURXSRIODQJXDJHVRIWKH6LQR7LEHWDQIDPLO\ 2UJDQLF&KHPLVWU\
LQFOXGLQJVWDQGDUG&KLQHVHDQGPRVWRIWKHRWKHU &+2 /DXU\O$OFRKRO
ODQJXDJHVRI&KLQD ,QRUJDQLF&KHPLVWU\
/DQJXDJHV &+2 &KU\VRSKDQLF$FLG
&+,1$ &+URQLF,QIHFWLRXV1HXURSDWKLF$JHQWV &KU\VRSKDQLF$FLGLVXVHGPDLQO\LQWKHWUHDWPHQW
0HGLFLQH RIHF]HPD
&+,3 &+DQQHOIRUPLQJ,QWHJUDO3URWHLQ 2UJDQLF&KHPLVWU\
%LRORJLFDO&KHPLVWU\0HGLFLQH &+2 +DVKLVK
&+,3&K,3 &KURPDWLQ,PPXQRSUHFLSLWDWLRQ 7KHZRUGKDVKLVKGHULYHVIURPWKH$UDELFWHUP
%LRFKHPLVWU\&HOOXODU%LRWHFKQRORJ\'1$ ´KHUEµ
5HSOLFDWLRQ([SHULPHQWDO2QFRORJ\+HPDWRORJ\ 3KDUPDFRORJ\
+LVWRORJ\0HGLFDO5HVHDUFK0ROHFXODU &+2 &KHQRGHR[\FKROLF$FLG
%LRVFLHQFH0ROHFXODU*HQHWLFV &+2 LVDOVRNQRZQDV&KHQRGLRO&KHQLF
FKLS 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH $FLG
(QJOLVKZRUGFKLS $UFKDHRORJ\(OHFWURQLFV %LRFKHPLVWU\
0DWHULDOV  &+2 FHOOV &KLQHVH+DPVWHU2YDU\FHOOV
FKLU DEEU FKLUXUJLD 8VHGWRJURZQXPHURXVYLUXVHV
,WDOLDQDEEUHYLDWLRQPHDQLQJVXUJHU\ 9LURORJ\
FKN DEEU FKHFN &+2' &KLHIRI'HIHQFH
&RPSXWHU7HFKQRORJ\ DFKHIG·pWDWPDMRUGHODGpIHQVH &(0' 
&+/ &XUUHQW+RJJLQJ/RJLF EFKHIG·pWDWPDMRUGHVDUPpHV &(0$ >)5@
&+/$ &DQDGLDQ+HDOWK/LEUDULHV$VVRFLDWLRQ FKRO DEEU FKROHVWHURO
&DQDGD  %LRFKHPLVWU\
&+/$+* &RXQFLO+LJK/HYHO$G+RF*URXSRQ &+23 FKDQJHRIRSHUDWLRQDOFRQWURO
1$72&5HVWUXFWXULQJ>REVROHWH@ FKDQJHPHQWGHFRQWU{OHRSpUDWLRQQHO
*URXSHDGKRFGHKDXWQLYHDXGX&RQVHLOVXUOH &+23 &\FORSKRVSKDPLGH+\GUR[\GDXQRP\FLQ
UpDPpQDJHPHQWGHODVWUXFWXUHGHV&GHO·27$1 GR[RUXELFLQ 2QFRYLQ YLQFULVWLQH DQG
>REVROqWH@ 3UHGQLVRQH
&+/,& &RDVWDO+HDOWK/LEUDU\,QIRUPDWLRQ &DQFHU&KHPRWKHUDS\2QFRORJ\
&RQVRUWLXP &+3 &KLOGUHQ
V+RVSLWDORI3LWWVEXUJK 86$ 
&+0 &RPSOHWH+\GDWLGLIRUP0ROH &+3 WHFKQRORJ\ &RPELQHG+HDWDQG3RZHUWHFK
,PSULQWLQJ0HFKDQLVPV0ROHFXODU0HGLFLQH QRORJ\


(QHUJ\7HFKQRORJ\ $OVR&L
&+3 3HRSOH
V5HSXEOLFDQ3DUW\ 7XUNH\  ,QYHUWHEUDWH=RRORJ\0HWHRURORJ\9HUWHEUDWH
FKSG FKDUJHVSDLG =RRORJ\
FKSSG FKDUJHVSUHSDLG &, &RPSXOVRU\,QVXUDQFH
FKT DEEU FKHTXH &, &RQILJXUDWLRQ,QWHUDFWLRQ
$OVRFN &,&, &RQVXODU,QYRLFH
&+5 &HQWUH+RVSLWDOLHU5pJLRQDO &RPPHUFH
)UHQFKLQLWLDOLVPPHDQLQJ5HJLRQDO JHQHUDO &, &RQWDLQPHQW,QWHJULW\&RQWDLQPHQW,VRODWLRQ
+RVSLWDO 1XFOHDU(QHUJ\
0HGLFLQH &, &RQWDPLQDWLRQ,QGH[
&+5 &RPPLWWHHRQ+XPDQ5LJKWV 86$  0HGLFLQH
&+5$& &+5RPDWLQ$FFHVVLELOLW\$FWLYLW\ &, &RURQDU\,QVXIILFLHQF\
%LRFKHPLVWU\*HQH([SUHVVLRQ0HGLFLQH 0HGLFLQH
0LFURFKHPLVWU\0ROHFXODU%LRORJ\ &,FL &RUUXJDWHG,URQ
&
+5' DEEU &DVHKDUGHQHG FL FRVWDQGLQVXUDQFH
*HRORJ\0DWHULDOV6FLHQFH0HWDOOXUJ\ &RPPHUFH6KLSSLQJ
&+5,67,1( &+DUDFWHULVWLFVDQG5HTXLUHPHQWVRI &, &UHGLWR,WDOLDQR ,WDO\ 
,QIRUPDWLRQ6\VWHPVEDVHGRQ7UDIILFGDWDLQDQ ,WDOLDQ%DQN%DQNLQJ,QWHJUDWLRQV
,QWHJUDWHG1HWZRUN(QYLURQPHQW(XURSHDQ )RUIXUWKHUGHWDLOVVHHXQGHU8&,
&RPPXQLW\ &, &ULPLQDO,QYHVWLJDWLRQ
&+5/$ &HQWHUIRU+XPDQ5LJKWV/HJDO$LG &ULPLQDO/DZ
+XPDQ5LJKWV &L &XULH
FKURQ DEEU FKURQLFOHFKURQRORJLFDOFKURQRORJ\ $OVRF
&+58 &HQWUH+RVSLWDOLHU5pJLRQDO8QLYHUVLWDLUH 1XFOHRQLFV
)UDQFH  &, &\WRSODVPLF,QFRPSDWLELOLW\
&+6 &DVHKDUGHQHG6WHHO &HOO%LRORJ\'HYHORSPHQWDO%LRORJ\0ROHFXODU
0HWDOOXUJ\ %LRORJ\
&+6 7KHDLUSRUWFRGHIRU&KDUOHVWRQ6RXWK &, &\WRWR[LF,QGH[
&DUROLQD86$ &\WRFKHPLVWU\
&+71 7KH&RRSHUDWLYH+XPDQ7LVVXH1HWZRUN &, ,YRU\&RDVW
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQ
2IWKH861DWLRQDO&DQFHU,QVWLWXWH OHWWHUV
&+8 &HQWLJUDGH+HDW8QLW &,$ &DOLIRUQLD,QVWLWXWHRI$UWV 86$ 
&+8 &HQWUH+RVSLWDOLHU8QLYHUVLWDLUH &,$ &DVK,Q$GYDQFH
)UHQFKDFURQ\PPHDQLQJ8QLYHUVLW\ JHQHUDO %XVLQHVV&RPPHUFH
+RVSLWDO &,$ &HQWUDO,QWHOOLJHQFH$JHQF\ 86$ 
0HGLFLQH &,$ &HUDPLFV,QWHUQDWLRQDO$VVRFLDWLRQ
&+9 &HQWUH+RVSLWDOLHU9DXGRLV 6ZLW]HUODQG  &,$ &OLQLFDO,QQRYDWRU$ZDUG
&+: &KLOOHG:DWHU 1RYHOVWXGLHVRQWKHHIIHFWVRIH[SRVXUHWRVHFRQG
FKZ FRQVWDQWKRWZDWHU KDQGWREDFFRVPRNH7KH&,$ KDVEHHQHVWDE
&, FL FDVWLURQ OLVKHGE\)$05,
0HWDOOXUJ\ $ZDUG3URJUDPV1RYHO0HGLFDODQG&OLQLFDO
&, &KDQQHO,VODQGV 6FLHQWLILF5HVHDUFK6WXGLHV
&, &KHPLFDO,QWROHUDQFH )RUIXUWKHUGHWDLOVVHHXQGHU)$05,
(QYLURQPHQWDO+HDOWK &,$ &RPPXQLFDWLRQ,QWHUDXULFXODLUH
&, &KHPRWKHUDSHXWLF,QGH[ -RXUQDOGH%LRSK\VLTXH 0pGHFLQH1XFOpDLUH
3KDUPDFRORJ\9LURORJ\ 3XEOLFDWLRQ
&,&, &KLHI,QVSHFWRU )RUIXUWKHUGHWDLOVVHHXQGHU&,9
&, &KLOH &,$ &RQIHGHUD]LRQH,WDOLDQD$JULFROWRUL ,WDO\ 
&KLOL &,$ &RQVHLO,QWHUQDWLRQDOGHV$UFKLYHV
FRXQWHULQWHOOLJHQFH /LEUDU\$VVRFLDWLRQ
FRQWUHLQJpUHQFH &,$% &RQVHLOLQWHUQDWLRQDOGHVDJHQFHVEpQpYROHV
&, 7KHDLUSRUWFRGHIRU&KLQD$LUOLQHV >RSpUDWLRQVGHVHFRXUV@
&, &LUUXV


,QWHUQDWLRQDO&RXQFLORI9ROXQWDU\$JHQFLHV FHQWUHLQWHUDOOLpGHUHQVHLJQHPHQW
,&9$ >UHOLHIRSHUDWLRQV@ &,& &RQVHLO,QWHUQDWLRQDOGHV&RPSRVLWHXUV
&,$' &OLPDWH,PSDFW$VVHVVPHQW'LYLVLRQ )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO&RXQFLORI
&,$' &RDOLWLRQ,QWHUQDWLRQDOHSRXUO
$FWLRQDX &RPSRVHUV
'HYHORSSHPHQW &,& &RQVWUXFWLRQ,QGXVWU\&RPPLVVLRQ &DQDGD 
&,$' &RXQWHULQWHOOLJHQFH$QDO\VLV'LYLVLRQ &,& &RQVXPHU,QIRUPDWLRQ&HQWHU 86$ 
86$  &,&$ FRXQWHULQWHOOLJHQFHFRRUGLQDWLQJDXWKRULW\
&, 6\ FRXQWHULQWHOOLJHQFHDQGVHFXULW\ DXWRULWpGHFRRUGLQDWLRQGHODFRQWUHLQJpUHQFH
FRQWUHLQJpUHQFHHWVpFXULWp &,&& &ROODERUDWLYH,QWHJUDWHG&RPPXQLFDWLRQVIRU
&,$2 &RQJUHVVRI,WDOLDQ$PHULFDQ2UJDQL]DWLRQV &RQVWUXFWLRQ
&,$5 &HQWHUIRU,QWHU$PHULFDQ5HODWLRQV (XURSHDQ&RPPXQLW\3URMHFW
&,$6 &RQWDLQPHQW,VRODWLRQ$FWXDWLRQ6LJQDO &,&(3 &RQVHLO,QWHUDPpULFDLQGX&RPPHUFH(WGH
1XFOHDU(QHUJ\ OD3URGXFWLRQ
&,$6( &RPSXWHU,QVWLWXWHIRU$SSOLFDWLRQVLQ )UHQFKDFURQ\PRIWKH,QWHU$PHULFDQ&RXQFLO
6FLHQFHDQG(QJLQHHULQJ 86$  IRU7UDGHDQG3URGXFWLRQ
&,$7 &HQWHUIRU,QWHUQDWLRQDO7URSLFDO$JULFXOWXUH &,&(52 &HQWUHIRU,QWHUQDWLRQDO&OLPDWHDQG
&DOL&RORPELD  (QHUJ\5HVHDUFK 1RUZD\ 
&,$8 &RRUGLQDPHQWR,WDOLDQR$LXWL8PDQLWDUL &,&) &KDPEUHGHV,QJpQLHXUV&RQVHLOVGH)UDQFH
,WDO\  )UDQFH 
&,$9 SHUVLVWDQFHGX&DQDO$WULRRX$XULFXOR &,&+ &RPLWp,QWHUQDWLRQDOGHOD&XOWXUHGX
9HQWULFXODLUH&RPPXQ +RXEORQ
)UHQFKDFURQ\PPHDQLQJ&RPPRQ ,QWHUQDWLRQDO&RPPLWWHH
$WULRYHQWULFXODU&DQDOSHUVLVWHQW &,&+( &RQVRUWLXPIRU,QWHUQDWLRQDO&RRSHUDWLRQ
0HGLFLQH LQ+LJKHU(GXFDWLRQ
&,% &HQWUHIRU,QWHJUDWLYH%LRORJ\ ,UHODQG  &,&,1 &RQIHUHQFHRQ,QWHUOLEUDU\&RPPXQLFDWLRQV
3URWHRPLFV5HVHDUFK3URJUDPPH DQG,QIRUPDWLRQ1HWZRUN
&,% &KDUWHUHG,QVWLWXWHRI%DQNHUV *%  &,&,5(3$72 &RPPLWWHHIRU,QWHUQDWLRQDO
&,% &RPLWp,QWHUQDWLRQDOGHV%LEOLRWKqTXHV &RRSHUDWLRQLQ,QIRUPDWLRQ5(WULHYDODPRQJ
&,% &RPPHUFLDO,QWHUQDWLRQDO%DQN (J\SW  ([DPLQLQJ3$7HQW2IILFHV
(J\SWLDQ%DQN &,&3 &DSLWDO,QYHVWPHQW&RPSXWHU3URJUDP
&,% &RPSDJQLH,QWHUQDWLRQDOHGH%DQTXH )UDQFH  %XVLQHVV(FRQRPLFV)LQDQFH
&,% &RQVRU]LR,QWHUXQLYHUVLWDULRSHUOH &,&3 &RPPLWWHHWR,QYHVWLJDWH&RS\ULJKW
%LRWHFQRORJLH ,WDO\  3UREOHPV
,WDOLDQ&RQVRUWLXP 86&RPPLWWHH
&,%& &DQDGLDQ,PSHULDO%DQNRI&RPPHUFH &,&3 &RPPXQLFDWLRQ,QWHUUXSW&RQWURO3URJUDP
&DQDGLDQ%DQN 'DWD3URFHVVLQJ
&,%& &HQWUHV,QWHULQVWLWXWLRQQHOVGH%LODQGHV &,&5 &RPLWDWR,QWHUPLQLVWHULDOHSHULO&UHGLWRHLO
&RPSpWHQFHV )UDQFH  5LVSDUPLR ,WDO\ 
(PSOR\PHQW9RFDWLRQDO*XLGDQFH9RFDWLRQDO ,WDOLDQLQLWLDOLVPPHDQLQJ&UHGLWDQG6DYLQJV
7UDLQLQJ ,QWHUGHSDUWPHQWDO&RPPLWWHH
&,%& &RQIpGpUDWLRQ,QWHUQDWLRQDOHGHOD%RXFKHULH &,&5 &RPLWDWR,QWHUQD]LRQDOHGHOOD&URFH5RVVD
HWGHOD&KDUFXWHULH &RPLWp,QWHUQDWLRQDOGHOD&URL[5RXJH
&L%LW &HQWURLQWHUXQLYHUVLWDULR%LEOLRWHFDLWDOLDQD ,WDOLDQDQG)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO
WHOHPDWLFD &RPPLWWHHRIWKH5HG&URVV
&L%LWLVEDVHGLQ3LVD,WDO\ &,&5$ &HQWUH,QWHUQDWLRQDOSRXUOD&RRUGLQDWLRQ
&,& &DUFLQRJHQ,GHQWLILFDWLRQ&RPPLWWHH GHV5HFKHUFKHVHQ$JULFXOWXUH
86&RPPLWWHH )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO&HQWHUIRU
&,& &DUGLDF,QKLELWLRQ&HQWHU &RRUGLQDWLRQRI5HVHDUFKLQ$JULFXOWXUH
3K\VLRORJ\ &,&5,6 &RRSHUDWLYH,QGXVWULDODQG&RPPHUFLDO
&,& &KHPLFDO,QVWLWXWHRI&DQDGD 5HIHUHQFHDQG,QIRUPDWLRQ6HUYLFHV
&,& FRPEDWLQIRUPDWLRQFHQWUH /LEUDU\$VVRFLDWLRQ
FHQWUHG·LQIRUPDWLRQGHFRPEDW &,&  &,&5SURFHVV &D,QGXFHG&D 5HOHDVHSURFHVV
FRPELQHGLQWHOOLJHQFHFHQWUH 0HGLFDO%LRWHFKQRORJ\3K\VLRORJ\


&,&6 &RRSHUDWLYH,QVWLWXWHIRU&OLPDWH6WXGLHV 'RFXPHQWDWLRQVXUO


(FRQRPLHGHV7UDQVSRUWV
86$  )UDQFH 
&,&6 &XVWRPHU,QIRUPDWLRQ&HQWUDO6\VWHP &,', &HQWURGL,QL]LDWLYD'HPRFUDWLFDGHJOL
&,&6(1( &HQWUR,WDOLDQRGL&ROODERUD]LRQHSHUOR ,QVHJQDQWL ,WDO\ 
6YLOXSSRGHOOH1D]LRQL(PHUJHQWL &,',
VWK 1DWLRQDO&RQYHQWLRQZDVKHOGDW
&,&6(1(LVEDVHGLQ7XULQ,WDO\ 0RQWHFDWLQL7HUPH,WDO\RQWKWK 0DUFK
,WDOLDQ&HQWHU &,',HQJLQH &RPSUHVVLRQ,JQLWLRQ'LUHFW,QMHFWLRQ
FLFX DEEU FLUURFXPXOXV HQJLQH
0HWHRURORJ\ &OHDQFDU7HFKQRORJ\)XWXULVWLF&DUV,QGXVWULDO
&,&8 &RURQDU\,QWHQVLYH&DUH8QLW 5HVHDUFK3ROOXWLRQ6WDQGDUGV
&,' 7KHDLUSRUWFRGHIRU&HGDU5DSLGV,RZD&LW\ )RUIXUWKHUGHWDLOVVHHXQGHU31*9
86$ &,'- &HQWUHG
,QIRUPDWLRQHWGH'RFXPHQWDWLRQ
&,' &HQWUDO,QVWLWXWHIRUWKH'HDI 86$  SRXUOD-HXQHVVH )UDQFH 
7KH&,'LVDQDIILOLDWHRI:DVKLQJWRQ8QLYHUVLW\ )UHQFK&HQWHU
0HGLFDO&HQWHU &,'2& &HQWUH,QWHUFRPPXQDXWDLUHGH
6HQVRU\1HXURVFLHQFH '2&XPHQWDWLRQSRXUODIRUPDWLRQSURIHVVLRQQHOOH
&,' &HQWURGL,QIRUPD]LRQHSHU'LVRFFXSDWL %HOJLXP 
5RPH,WDO\  9RFDWLRQDO7UDLQLQJ&HQWHUV
,WDOLDQ&HQWHU8QHPSOR\PHQW &,'5 &HQWHUIRU,QKHULWHG'LVHDVH5HVHDUFK
&,' &KDUJH,QMHFWLRQ'HYLFH 7KH&,'5RSHQHGLQHDUO\,WLVDMRLQWHIIRUW
(OHFWURQLFV E\HLJKWSDUWLFLSDWLQJLQVWLWXWHVDWWKH86
&,' &LYLO,QYHVWLJDWLRQ'HPDQG 1DWLRQDO,QVWLWXWHVRI+HDOWK
86'HSDUWPHQWRI-XVWLFH ,QKHULWHG'LVHDVHV0HGLFDO*HQHWLFV
&,' &RPELQHG,PPXQRORJLFDO'HILFLHQF\ &,'6 &RPSXWHU,QIRUPDWLRQ'HOLYHU\6HUYLFH
0HGLFLQH 86$ 
&,'&,' &ULPLQDO,QYHVWLJDWLRQ'HSDUWPHQW &,'66 &RPLWp,QWHUQDWLRQDOSRXUO
,QIRUPDWLRQHW
*%  'RFXPHQWDWLRQGHV6FLHQFHV6RFLDOHV
&L' &XELFLQFK'LVSODFHPHQW ,QWHUQDWLRQDO&RPPLWWHH
&,' &\WRPHJDOLF,QFOXVLRQ'LVHDVH &,( &DUERQ,VRWRSH(YHQW
&,'LVDYLUDOLQIHFWLRQDIIHFWLQJQHZERUQLQIDQWV *HRORJ\*HRSK\VLFV3DOHRFHQH(SRFK
0HGLFLQH 2FHDQRJUDSK\
&,'$ &DQDGLDQ,QWHUQDWLRQDO'HYHORSPHQW$JHQF\ &,( &DUERQ,VRWRSH([FXUVLRQ
&DQDGLDQ$JHQFLHV (DUWK6FLHQFHV(FRORJLFDO$QDO\VLV
&,'$ &HQWUH,QWHUQDWLRQDOGH'pYHORSSHPHQWGH 3DOHRDQWKURSRORJ\3ULPDWH5HVHDUFK9HUWHEUDWH
O
$OXPLQLXP 3DOHRQWRORJ\
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO&HQWHUIRU &,( &RPPLVVLRQ,QWHUQDWLRQDOHG
(FODLUDJH
WKH'HYHORSPHQWRI$OXPLQLXP ,QWHUQDWLRQDO&RPPLVVLRQ
&,'$ &RQIHGHUD]LRQH,WDOLDQD'LULJHQWLG
$]LHQGD &,( &RPPRQZHDOWK,QVWLWXWHRI(QWRPRORJ\
,WDO\  *% 
,WDOLDQDFURQ\PRIWKH,WDOLDQ)HGHUDWLRQRI &,( &KLQHVH,QVWLWXWHRI(QJLQHHUV &KLQD 
%XVLQHVV([HFXWLYHV &LH DEEU &RPSDJQLH
&,'$'(& &RQIpGpUDWLRQ,QWHUQDWLRQDOH'HV )UHQFKDEEUHYLDWLRQPHDQLQJ&RPSDQ\
$VVRFLDWLRQV'
([SHUWVHWGH&RQVHLOV $OVRKRXVHILUPHQWHUSULVH
&,' DQDO\VLV &ROOLVLRQ,QGXFHG'LVVRFLDWLRQDQDO\ &L( &RXQWHULPPXQRHOHFWURSKRUHVLV
VLV ,PPXQRGLIIXVLRQPHWKRG
&,'&2 &LW\ ,QGXVWULDO'HYHORSPHQW &,( &URVVHG,PPXQRHOHFWURSKRUHVLV
&2USRUDWLRQRI0DKDUDVKWD ,QGLD  &,(/ &HQWHUIRU,QWHUQDWLRQDO(QYLURQPHQWDO/DZ
&,'GLVHDVH &RPELQHG,PPXQRORJLFDO'HILFLHQF\ :DVKLQJWRQ'&86$ 
GLVHDVH &,(/ &HQWUH,QWHUQDWLRQDOG
(WXGHVGHV/DQJXHV
$ IDWDOGLVRUGHU )UDQFH 
0HGLFLQH )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO&HQWHUIRU
&,'(7 &RRSpUDWLRQ,QWHUQDWLRQDOHHQPDWLqUHGH WKH6WXG\RI/DQJXDJHV


FLHO 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH JURXSHVXUOHUHQVHLJQHPHQWGHVLWXDWLRQ


)UHQFKZRUGFLHOZKLFKPHDQVVN\YDXOW &,*5( &RQIpUHQFH,QWHUQDWLRQDOHGHV*UDQGV
&,HQJLQH &RPSUHVVLRQ,JQLWLRQHQJLQH 5pVHDX[(OHFWULTXHVjKDXWHWHQVLRQ
0HFKDQLFDO(QJLQHHULQJ /RFDWHGLQ3DULV)UDQFH)RXQGHGLQHOHFWUL
&,(3 &RXQFLORQ,QWHUQDWLRQDO(FRQRPLF3ROLF\ FDODVSHFWVRIHOHFWULFLW\JHQHUDWLRQVXEVWDWLRQV
&,(5 &HQWUH,QWHUDPpULFDLQG
(GXFDWLRQ5XUDOH DQGWUDQVIRUPHUVWDWLRQVKLJKYROWDJHHOHFWULFDO
)UHQFKDFURQ\PRIWKH,QWHUDPHULFDQ&HQWHUIRU OLQHVLQWHUFRQQHFWLRQRIV\VWHPVDQGWKHLURSHUD
5XUDO(GXFDWLRQ WLRQDQGSURWHFWLRQ
&,(5 &RQVHLO,QWHUQDWLRQDOGHV(FRQRPLHV (OHFWULFLW\*HQHUDWLRQDQG6XEVWDWLRQV
5pJLRQDOHV &,*6PL[WXUH &RSSHU,QGLXP*DOOLXPDQG
&,(56(6 &HQWUH,QWHUQDWLRQDOG
(WXGHVHWGH 6HOHQLXPPL[WXUH
5HFKHUFKHVHQ6RFLR(FRQRPLHGHOD6DQWp 3KRWRYROWDLFV7KLQILOP6RODU&HOOV
&,(6 &HQWUHIRU,QWHUGLVFLSOLQDU\(QYLURQPHQWDO &,+5 &DQDGLDQ,QVWLWXWHVRI+HDOWK5HVHDUFK
6WXGLHV ,WDO\  &DQDGD 
&,(6,1 &RQVRUWLXPIRU,QWHUQDWLRQDO(DUWK6FLHQFH 5HVHDUFK([FHOOHQFH
,QIRUPDWLRQ1HWZRUN 86$  &,, &KDUWHUHG,QVXUDQFH,QVWLWXWH *% 
&,) &HQWUDO,QIRUPDWLRQ)LOH &,, &RQIHGHUDWLRQRI,QGLDQ,QGXVWU\ ,QGLD 
&,) &RUSRUDWH,QIRUPDWLRQ)DFLOLW\ &,,) &RFRQXW,QGXVWU\,QYHVWPHQW)XQG 7KH
7D[DWLRQ6\VWHPV7D['DWDEDVHV 3KLOLSSLQHV 
&,)FLI FRVWLQVXUDQFHIUHLJKW &,,175(3 FRXQWHULQWHOOLJHQFHLQWHOOLJHQFHUHSRUW
FLIDQGF FRVWLQVXUDQFHIUHLJKWDQGFRPPLVVLRQ &RPSWHUHQGXGHUHQVHLJQHPHQW´FRQWUH
FLIDQGF DQGL FRVWLQVXUDQFHIUHLJKWDQGFRPPLV LQJpUHQFHµ
VLRQDQGLQWHUHVW &,,7 &KHPLFDO,QGXVWU\,QVWLWXWHRI7R[LFRORJ\
FLIDQGH FRVWLQVXUDQFHIUHLJKWDQGH[FKDQJH 86$ 
&,)$5 &RRSHUDWLYH,QVWLWXWH)RU$UFWLF5HVHDUFK &KHPLFDO&DUFLQRJHQHVLV(QGRFULQH5HSURGXFWLYH
86$  7R[LFRORJ\1HXURWR[LFRORJ\5HVSLUDWRU\
&,), &ROOHJLR,QJHJQHUL)HUURYLDUL,WDOLDQL ,WDO\  7R[LFRORJ\
&,)/7 &RVW,QVXUDQFH)UHLJKW/RQGRQ7HUPV &,- FORVHLQMDPPLQJ
&,)23( &HQWUH,QWHUQDWLRQDOGH)2UPDWLRQHQ EURXLOODJHUDSSURFKp
3ROLWLTXH(QHUJpWLTXH &,-/ &HQWUHIRUWKH,QGHSHQGHQFHRI-XGJHVDQG
&,)25 &HQWHUIRU,QWHUQDWLRQDO)2UHVWU\5HVHDUFK /DZ\HUV
&,)25LVORFDWHGLQ%RJRU,QGRQHVLD,WZDV &,/ &RQJUqV,QWHUQDWLRQDOGHV/LQJXLVWHV
IRXQGHGLQDQGKDVUHJLRQDORIILFHVLQ/DWLQ )UHQFKDFURQ\PPHDQLQJ,QWHUQDWLRQDO&RQJUHVV
$PHULFDDQG6RXWKHUQ$IULFD RI/LQJXLVWV
&,)6 FORVHLQILUHVXSSRUW &,/($ &RQVRU]LR,QWHUXQLYHUVLWDULR/RPEDUGRSHU
DSSXLIHXUDSSURFKp O
(ODERUD]LRQH$XWRPDWLFD
&,* &DVVD,QWHJUD]LRQH*XDGDJQL ,WDOLDQ&RQVRUWLXP
,WDOLDQDFURQ\PPHDQLQJ8QHPSOR\PHQW%HQHILWV &,/(5 &RRSHUDWLYH,QVWLWXWHIRU/LPQRORJ\DQG
)XQG (FRV\VWHPV5HVHDUFK
&,J &ROG,QVROXEOHJOREXOLQ &,/3( &RQIpUHQFH,QWHUQDWLRQDOHGH/LDLVRQHQWUH
&\WRFKHPLVWU\ 3URGXFWHXUVG
(QHUJLHpOHFWULTXH
&,* &RPLWDWR,WDOLDQR*DV &,0 &DSLWDO,QYHVWPHQW0RGHO
,WDOLDQDFURQ\PRIWKH,WDOLDQ*DV&RPPLWWHH %XVLQHVV(FRQRPLFV)LQDQFH
&,*LVORFDWHGLQ0LODQ,WDO\ &,0 &RORQLF,QWHVWLQDO0HWDSODVLD
,WDOLDQ&RPPLWWHH 2QFRORJ\
&,* &RPSXWHU,PDJH*HQHUDWLRQ &,0 &RPPRQ,QWHUIDFH0RGHO
&,* &RQIHUHQ]D,QWHUJRYHUQDWLYD &,0 &RPSXWHU,QSXWIURP0LFURILOP
,WDOLDQDFURQ\PPHDQLQJ,QWHUJRYHUQPHQWDO &,0 &RPSXWHU,QWHJUDWHG0DQXIDFWXULQJ
&RQIHUHQFH ,QGXVWULDO(QJLQHHULQJ
&,* &RUWH,QWHUQD]LRQDOHGL*LXVWL]LD &,0 &RQVHLO,QWHUQDWLRQDOGHOD0XVLTXH
,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO&RXUWRI &,0 &RUWLFDOO\,QGXFHG0RYHPHQW
-XVWLFH 0HGLFLQH
&,* &XUUHQW,QWHOOLJHQFH*URXS


&,0$ &HQWUHSRXUO
OQGpSHQGDQFHGHV0DJLVWUDWVHW &DUJR5HFHSWRUV&HOO%LRORJ\+XPDQ
GHV$YRFDWV 'HYHORSPHQW0HWDEROLVP0HGLFLQH0ROHFXODU
)UHQFKDFURQ\PPHDQLQJ&HQWHUIRUWKH *HQHWLFV3DWKRORJ\
,QGHSHQGHQFHRI0DJLVWUDWHVDQG/DZ\HUV &,06 &KHPLFDO,RQL]DWLRQ0DVV6SHFWURPHWHU
&,0$& &,YLFR0XVHRGL$UWH&RQWHPSRUDQHD &,066 &HQWHUIRU,QWHOOLJHQFH0DWHULDO6\VWHPV
,WDOLDQ0XVHXP DQG6WUXFWXUHV
&,0$& &RQVHLO,QWHUQDWLRQDOGHV0DFKLQHVj $WWKH9LUJLQLD3RO\WHFKQLF,QVWLWXWH 86$ 
&RPEXVWLRQ &,066 &RRSHUDWLYH,QVWLWXWHRI0HWHRURORJ\
&,0$3 &RPPLVVLRQ,QWHUQDWLRQDOHGHV0HWKRGHV 6DWHOOLWH6WXGLHV
G
$QDO\VHGHV3HVWLFLGHV &,08&/ &DWKROLF8QLYHUVLW\RI/RXYDLQ&HQWUH
&,0$6 &RQIpUHQFH,QWHUQDWLRQDOHGHOD0XWXDOLWp IRU0HGLFDO,QIRUPDWLFV %HOJLXP 
HWGHV$VVXUDQFHV6RFLDOHV &,09 &DXOLIORZHU0RVDLF9LUXV
&,0$6 &RRSHUDWLYH,QVWLWXWHIRU0DULQHDQG 9LURORJ\
$WPRVSKHULF6WXGLHV &,1 &KLQHVH,QVWLWXWHRI1HXURVFLHQFH &KLQD 
&,0%$33 &,0%XLOGLQJEORFNIRUWKH$XWRPDWHG &,1& &RPPDQGHULQ&KLHI
3URGXFWLRQRI3ODVWLF3DUWV FRPPDQGDQWHQFKHI &(& 
(XURSHDQ&RPPXQLW\3URMHFW &,1&($67/$17 &RPPDQGHULQ&KLHI(DVW
&,0( &RPLWp,QWHUJRXYHUQHPHQWDOSRXUOHV $WODQWLF>KDVUHSODFHG&,1&($67/$17 @
0LJUDWLRQV(XURSpHQQHV FRPPDQGDQWHQFKHI(VWGHO·$WODQWLTXH>UHP
&,0($ &HQWURGL,QIRUPD]LRQHVXOOD0RELOLWjHOH SODFH&,1&($67/$17 @
(TXLYDOHQ]H$FFDGHPLFKH 5RPH,WDO\  &RPPDQGHULQ&KLHI(DVWHUQ$WODQWLF $UHD
,WDOLDQ&HQWHU >REVROHWHUHSODFHGE\&,1&($67/$17 @
&,0, &HQWUHIRU,QWHUQDWLRQDODQG0HGLFDO FRPPDQGDQWHQFKHIGX6HFWHXURULHQWDOGH
,QIRUPDWLFV *%  O·$WODQWLTXH>REVROqWHUHPSODFpSDU&,1&($67
6HWXSE\WKH1RWWLQJKDP8QLYHUVLW\&,0,KDV /$17 @
GHYHORSHGDUHPRWHXOWUDVRXQGV\VWHPIRUREVWHW &,1&(17 &RPPDQGHULQ&KLHI$OOLHG)RUFHV
ULFV &HQWUDO(XURSH>REVROHWHUHSODFHGE\&,1&
5HPRWH8OWUDVRXQG'LDJQRVWLFV7HOHPHGLFLQH 1257+@
&,0,& FLYLOPLOLWDU\FRRSHUDWLRQ FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHVGX&HQWUH
FRRSpUDWLRQFLYLORPLOLWDLUH (XURSH>REVROqWHUHPSODFpSDU&,1&1257+@
&,0,7 &HQWHUIRU0LQLPDOO\,QYDVLYH7KHUDS\ &,1&+ &RPSXWHUL]HG,QIRUPDWLRQIURP1DWLRQDO
86$  &ULPLQRORJLFDO+ROGLQJV
&,0,7 KDVEHHQODXQFKHGE\%ULJKDP:RPHQ
V ,QIRUPDWLRQ6HUYLFH
+RVSLWDO0DVVDFKXVHWWV*HQHUDO+RVSLWDOWKH &,1&,%(5/$17 &RPPDQGHULQ&KLHI,EHULDQ
'UDSHU/DERUDWRU\DQG0DVVDFKXVHWWV,QVWLWXWHRI $WODQWLF$UHD>REVROHWHUHSODFHGE\&,1&
7HFKQRORJ\XQGHUWKHDXVSLFHVRI3DUWQHUV 6287+/$17@
+HDOWKFDUH6\VWHP,WZDVFUHDWHGWRVHHNQHZDQG FRPPDQGDQWHQFKHIGX6HFWHXULEpULTXHGH
OHVVLQYDVLYHZD\VWRSHUIRUPWUDGLWLRQDOVXUJLFDO O·$WODQWLTXH>REVROqWHUHPSODFpSDU&,1&
SURFHGXUHV 6287+/$17@
0LQLPDOO\,QYDVLYH7KHUDSLHV &,1&1257+ &RPPDQGHULQ&KLHI1RUWK>KDV
&,00 &DQDGLDQ,QVWLWXWHRI0LQLQJDQG UHSODFHG&,1&(17 DQG&,1&1257+:(67@
0HWDOOXUJ\ &DQDGD  FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHV1RUG
&,00<7 &HQWUR,QWHUQDFLRQDOGH0HMRUDPLHQWR (XURSH>UHPSODFH&,1&(17 HW&,5&1257+
GH0DL]< 7ULJR 0H[LFR  :(67@
6SDQLVKDFURQ\PRIWKH,QWHUQDWLRQDO0DL]HDQG &RPPDQGHULQ&KLHI$OOLHG)RUFHV1RUWKHUQ
:KHDW,PSURYHPHQW&HQWHU (XURSH>REVROHWHUHSODFHGE\&20-&1257+@
&,00<7 LVD0H[LFR&LW\EDVHGODERUDWRU\ FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHVGX
$JULFXOWXUDO0DQDJHPHQW7HFKQLTXHV&URS 1RUG(XURSH>REVROqWHUHPSODFpSDU&20-&
,PSURYHPHQWV 1257+@
&,035 &DWLRQ,QGHSHQGHQW0DQQRVH3KRVSKDWH &,1&1257+:(67 &RPPDQGHULQ&KLHI$OOLHG
5HFHSWRU )RUFHV1RUWKZHVWHUQ(XURSH>REVROHWHQRZSDUW
7KH&,035KDVDQLPSRUWDQWUROHLQWKHELRJHQH RI&,1&1257+@
VLVRIO\VRVRPHV FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHVGX1RUG


2XHVW(XURSH>REVROqWHIDLWPDLQWHQDQWSDUWLHGH WRPDLQWDLQFROODERUDWLRQZLWKWKH81WRSURPRWH
&,1&1257+@ LQWHUQDWLRQDODFWLYLWLHVLQWKHILHOGRIPHGLFDOVFL
&,1&6287+ &RPPDQGHULQ&KLHI6RXWK>KDV HQFHVWRVHUYHWKHVFLHQWLILFLQWHUHVWVRIWKHLQWHU
UHSODFHG&,1&6287+@ QDWLRQDOELRPHGLFDOFRPPXQLW\
FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHV6XG 0HGLFDO6FLHQFHV
(XURSH>UHPSODFH&,1&6287+@ &,25 &RQIpGHUDWLRQLQWHUDOOLpHGHVRIILFLHUVGH
&RPPDQGHULQ&KLHI$OOLHG)RUFHV6RXWKHUQ UpVHUYH
(XURSH>REVROHWHUHSODFHGE\&,1&6287+@ ,QWHUDOOLHG&RQIHGHUDWLRQRI5HVHUYH2IILFHUV
FRPPDQGDQWHQFKHIGHV)RUFHVDOOLpHVGX6XG &,2V &KLHI,QIRUPDWLRQ2IILFHUV
(XURSH>REVROqWHUHPSODFpSDU&,1&6287+@ &,26 &RPLWDWR,QWHUQD]LRQDOH2UJDQL]]D]LRQH
&,1&6287+/$17 &RPPDQGHULQ&KLHI6RXWK 6FLHQWLILFD
$WODQWLF>KDVUHSODFHG&,1&,%(5/$17@ ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO&RPPLWWHH
FRPPDQGDQWHQFKHI6XGGHO·$WODQWLTXH>UHP IRU6FLHQWLILF2UJDQL]DWLRQ
SODFH&,1&,%(5/$17@ &,26 &RQVHLO,QWHUQDWLRQDOSRXUO
2UJDQLVDWLRQ
&,1&86$5(85 &RPPDQGHULQ&KLHI86$UP\ 6FLHQWLILTXH
(XURSH &,267$ &RPPLVVLRQ,QWHUQDWLRQDOHSRXU
FRPPDQGDQWHQFKHIGHV)RUFHVWHUUHVWUHVDPpUL O
2UJDQLVDWLRQ6FLHQWLILTXHGX7UDYDLOHQ
FDLQHVHQ(XURSH $JULFXOWXUH
&,1&:(67/$17 &RPPDQGHULQ&KLHI:HVW &,3 &DOI,QWHVWLQDO3KRVSKDWDVH
$WODQWLF>KDVUHSODFHG&,1&:(67/$17 @ 0ROHFXODU%LRORJ\7K\ODNRLGV
FRPPDQGDQWHQFKHI2XHVWGHO·$WODQWLTXH &,3 &DSLWDO,QYHVWPHQW3URJUDP
>UHPSODFH&,1&:(67/$17 @ &,3 &DUULDJHDQG,QVXUDQFH3DLGWR
&RPPDQGHULQ&KLHI:HVWHUQ$WODQWLF$UHD (FRQRPLFV,QWHUQDWLRQDO7UDGH
>REVROHWHUHSODFHGE\&,1&:(67/$17@ &,3 &DVW,URQ3LSH
FRPPDQGDQWHQFKHIGX6HFWHXURFFLGHQWDOGH &,3 &DWKROLF,QWHUFRQWLQHQWDO3UHVV
O·$WODQWLTXH>REVROqWHUHPSODFpSDU&,1&:(67 &,3 &HQWHUIRU,QWHUQDWLRQDO3ROLF\
/$17@ &,3 &HQWUHG
,QIRUPDWLRQGH3UHVVH
&,17& &KLHI,QWHOOLJHQFH&RUSV %HOJLDQ&HQWHU
&,17(&&LQWHF &RXQFLOIRU,1IRUPDWLRQ &,3 &OHDQ,Q3ODFH
7(&KQRORJ\ 6UL/DQND  &,3&,3 &RPLWDWR,QWHUPLQLVWHULDOHSHUL3UH]]L
&,19 &RPLWpLQWHUQDWLRQDOGHQRUPDOLVDWLRQGHOD ,WDOLDQDFURQ\PRIWKH,QWHUGHSDUWPHQWDO
YpULILFDWLRQ &RPPLWWHHRQ3ULFHV
,QWHUQDWLRQDO$XGLWLQJ3UDFWLFHV&RPPLWWHH &,3 &RPPLWWHHRQ,QWHUQDWLRQDO3URJUDPV 86$ 
,$3&  &,3 FRPPXQLFDWLRQVLPSURYHPHQWSODQ
&,19(67$9 &HQWURGH,QYHVWLJDFLRQHV\(VWXGLRV SODQG·DPpOLRUDWLRQGHVWpOpFRPPXQLFDWLRQV
$YDQ]DGRV 0H[LFR  &,3 &RPSXWHU,QWHJUDWHG3URGXFWLRQ
*HQHWLF(QJLQHHULQJ0H[LFDQ&HQWHU $ FRPSXWHULQWHJUDWHGSURGXFWLRQUHIHUVWRDPDQ
&,2 &HQWUDO,PDJHU\2IILFH 86$  XIDFWXULQJSURFHVVZKHUHDOOWKHSKDVHVRIWKH
&,2 &KLHI,QIRUPDWLRQ2IILFHU SURFHVVDUHFRPSXWHUFRQWUROOHG
&,2 &KXUFK,QIRUPDWLRQ2IILFH *%  5RERWLFV
&,2 &RPLWDWR,QWHUQD]LRQDOH2OLPSLFR&RPLWp &,3 &RQVROLGDWHG,QVWUXPHQW3DFNDJH
,QWHUQDWLRQDO2O\PSLTXH $WPRVSKHULF5HVHDUFK
,WDOLDQDQG)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO &,3 &RQWLQXDWLRQ,Q3DUW
2O\PSLF&RPPLWWHH 3DWHQWV
&,2 &RPPXQLW\,QYHVWPHQW2IILFHU &,3 &RQWUDWG
,QVHUWLRQ3URIHVVLRQQHOOH )UDQFH 
&,2 &RQYHQWLRQDO,QWHUQDWLRQDO2ULJLQ &,3 LVD)UHQFKMREFUHDWLRQVFKHPHIRU\RXQJ
&,2$ &RPPLWWHHRQ,QWHUQDWLRQDO2FHDQ$IIDLUV SHRSOH
&,206 &RXQFLOIRU,QWHUQDWLRQDO2UJDQL]DWLRQVRI &,3 &XUUHQW,Q3ODQH
0HGLFDO6FLHQFHV $SSOLHG3K\VLFV
/RFDWHGLQ*HQHYD6ZLW]HUODQG FR:+2  &,3 ,QWHUQDWLRQDO3RWDWR&HQWUH 3HUX 
)RXQGHGLQWRIDFLOLWDWHDQGFRRUGLQDWHWKH &,3$ &DQDGLDQ,QVWLWXWHRI3XEOLF$IIDLUV
DFWLYLWLHVRILWVPHPEHUVWRDFWDVDFRRUGLQDWLQJ &,3$ &HQWUR,WDOLDQRGL3VLFRORJLD$QDOLWLFD
FHQWUHEHWZHHQWKHPDQGWKHQDWLRQDOLQVWLWXWLRQV ,WDOLDQ&HQWHU


&,3$ &RPLWp,QWHUQDWLRQDOGH3KRWRJUDPPHWULH O
$SSURYLVLRQQHPHQWHQ(DX&ROOHFWLYHGH
$UFKLWHFWXUDOH O
$VVDLQLVVHPHQW
&,3$ &RPPLVVLRQH,QWHUQD]LRQDOHSHUOD3URWH]LRQH )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO5HIHUHQFH
GHOOH$OSL &HQWHUIRU&RPPXQLW\:DWHU6XSSO\DQG
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO&RPPLVVLRQ 6DQLWDWLRQ
IRU3URWHFWLRQRIWKH$OSV &LU DEEU &LUFLQXV
&,3$ &RQYHQ]LRQH,QWHUEDQFDULDSHUL3UREOHPL $ VPDOOFRQVWHOODWLRQDGMRLQLQJ&HQWDXUXV
GHOO
$XWRPD]LRQH $VWURQRP\
,WDOLDQDFURQ\PPHDQLQJ$XWRPDWLRQ3UREOHPV FLU DEEU FLUFOH
,QWHUEDQNLQJ&RQYHQWLRQ 0DWKHPDWLFV
&,3$&( FRXQWHULQWHOOLJHQFHSROLF\$&( FLU DEEU FLUFXLW
SROLWLTXHGX&$(HQPDWLqUHGHFRQWUHLQJpUHQFH &DUWRJUDSK\&RPSXWHU3URJUDPPLQJ
&,3& &DQDGLDQ,QVWLWXWHRQ3ROOXWLRQ&RQWURO (OHFWULFLW\(OHFWURPDJQHWLVP0DWKHPDWLFV
&DQDGD  FLU DEEU FLUFXODU
&,3& &RPPXQLW\,QWHOOHFWXDO3URSHUW\&RXUW $OVRFLUF
&RPPXQLW\3DWHQWV,QIULQJHPHQW3URFHHGLQJV FLU DEEU FLUFXPIHUHQFH
,QYDOLGLW\3URFHHGLQJV 0DWKHPDWLFV
FL3&5 VXUYH\FXOWXUHLQGHSHQGHQW3&5VXUYH\ &,5 &RPPLVVLRQRQ,QGXVWULDO5HODWLRQV
%LRORJ\0LFURELRORJ\ 'HSDUWPHQWRI(PSOR\PHQW *% 
)RUIXUWKHUGHWDLOVVHHXQGHU3&5 &,5 &RPPLVVLRQRQ,QWHUJRYHUQPHQWDO5HODWLRQV
&,3( &RPLWDWR,QWHUPLQLVWHULDOHSHUOD &,5 &RQVLJOLR,WDOLDQRSHUL5LIXJLDWL
3URJUDPPD]LRQH(FRQRPLFD ,WDO\  ,WDOLDQDFURQ\PRIWKH,WDOLDQ&RXQFLOIRU
,WDOLDQDFURQ\PRIWKH(FRQRPLF3ODQQLQJ 5HIXJHHV
,QWHUGHSDUWPHQWDO&RPPLWWHH &,5 &RQVXPHU,QIRUPDWLRQ5HJXODWLRQ
&,3( &RQVHLO,QWHUQDWLRQDOGHOD3UpSDUDWLRQj 861DWLRQDO+LJKZD\7UDIILF6DIHW\
O
(QVHLJQHPHQW $GPLQLVWUDWLRQ
&,3)&,3) &RQVRU]LR,WDOLDQR3URGXWWRUL &,5 &RQWLQXLQJ,QWHOOLJHQFH5HTXLUHPHQW
)D]]ROHWWL ,WDO\  &,5 &RXUWRI,QGXVWULDO5HODWLRQV 7KH3KLOLSSLQHV 
,WDOLDQ&RQVRUWLXP &,5 7KH&RPPLWWHHRQ,QGXVWULDO5HODWLRQV
&,3,(//( &RQVRU]LR3HOOHWWLHUL/RPEDUGL (8)(36$GYLVRU\3DQHO
0LODQ,WDO\  )RUIXUWKHUGHWDLOVVHHXQGHU(8)(36
&LSP &HQWUR,WDOLDQRSHUODSURPR]LRQHGHOODPHGL &,5$ &HQWUR,WDOLDQR5LFHUFKH$HURVSD]LDOL
D]LRQH ,WDO\  ,WDOLDQDFURQ\PRIWKH,WDOLDQ&HQWHUIRU
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ&HQWHUIRU $HURVSDFH5HVHDUFK&,5$ LVORFDWHGLQ&DSXD
0HGLDWLRQ3URPRWLRQ ,WDO\  ,WDO\
&,30 &RPLWp,QWHUQDWLRQDOGHV3RLGVHW0pVXUHV &,5$ &RRSHUDWLYH,QVWLWXWHIRU5HVHDUFKLQWKH
&,3V &/2&.,QWHUDFWLQJ3URWHLQV $WPRVSKHUH
%LRORJLFDO7LPLQJ&/2&.3URWHLQV0HGLFLQH &,5$' &HQWURGH,QIRUPDomRVREUH
1HXURELRORJ\3K\VLRORJ\ 5HFRQKHFLPHQWR$FDGpPLFRGH'LSORPDV
&,36 &RPPRQZHDOWK,QWHUQDWLRQDO3KLODWHOLF 3RUWXJXHVH&HQWHU
6RFLHW\ &,5& &HQWUDO,QIRUPDWLRQ5HIHUHQFHDQG&RQWURO
&,36+ &RQVHLO,QWHUQDWLRQDOGHOD3KLORVRSKLHHW &,5& &HQWUDO,QWHOOLJHQFH5HWULHYDO&HQWHU
GHV6FLHQFHV+XPDLQHV &,5& &HQWUH,QWHUQDWLRQDOGH5HFKHUFKHVXUOH
&,3652 &RPLWp,QWHUVHFUpWDULDWSRXUOHV &DQFHU
3URJUDPPHV6FLHQWLILTXHVVH5DSSRUWDQWj )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO&HQWHUIRU
O
2FpDQRJUDSKLH 5HVHDUFKRQ&DQFHU
&,5 &DQDGLDQ,QVWLWXWHRI5HVHDUFK &DQDGD  FLUF DEEU FLUFXODU
&,5 &HQWHUIRU,QWHU$PHULFDQ5HODWLRQV $OVRFLU
&,5 &HQWHUIRU,QGLYLGXDO5LJKWV 86$  &,5&( &HQWUDO,WDO\LQQRYDWLRQ5HOD\&(QWUH
&,5 &HQWUDO,QGLDQ5LGJH &,5&(LVORFDWHGLQ5RPH,WDO\
*HRORJ\*HRSK\VLFV ,WDOLDQ&HQWHU
&,5 &HQWUH,QWHUQDWLRQDOGH5HIHUHQFHSRXU &,5&($ &ROOHJHRI,QYHVWLJDWLYH5HPHGLDODQG
&RQVXOWLQJ(QJLQHHUVRI$XVWUDOLD


&,5&/( &\OLQGULFDO,QWHUQDO5HIOHFWDQFH&HOOIRU &,6 &OLQLFDO,QIRUPDWLRQ6FLHQWLVW


/LTXLG(YDOXDWLRQ &,6&LV &RPLWDWR,QWHUPLQLVWHULDOHSHUOD6LFXUH]]D
7KH&,5&/(FHOOLVXVHGIRUUDSLGQRQGHVWUXFWLYH ,WDO\ 
DQGUHSURGXFLEOHDQDO\VLVRIOLTXLGV,WLVDGHYLFH ,WDOLDQ&RPPLWWHH
SDWHQWHGE\6SHFWUD7HFK 86$  &,6 &RPLWDWR,QWHUQD]LRQDOHSHUJOL6FDPEL
&,5(3 &HQWURGH,QIRUPDomRH5HODo}HV3~EOLFDV ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO([FKDQJH
3RUWXJDO  &RPPLWWHH
3RUWXJXHVH&HQWHU &,6 &RPPRQZHDOWKRI,QGHSHQGHQW6WDWHV
&,5(6 &RRSHUDWLYH,QVWLWXWHIRU5HVHDUFKLQ &RPPXQDXWpGHVeWDWVLQGpSHQGDQWV &(, 
(QYLURQPHQWDO6FLHQFHV 86$  FRPPXQLFDWLRQDQGLQIRUPDWLRQV\VWHPV
7KH&,5(6LVDQLQVWLWXWHHQJDJHGLQUHVHDUFKLQ V\VWqPHVG·LQIRUPDWLRQHWGHFRPPXQLFDWLRQ
YDULRXVILHOGVZLWKLQWKH*HRSK\VLFDO6FLHQFHV 6,& 
&,5) &HQWUH,QWHUQDWLRQDOG
,QIRUPDWLRQHWGH &,6 &RPPXQLW\,PSURYHPHQW6FDOH
5HFKHUFKHVXUOD)RUPDWLRQ3URIHVVLRQQHOOH 3V\FKRORJ\
&,5), &HQWUH,QWHUQDWLRQDOGH5HFKHUFKHVXUOH &,6 &RPPXQLW\,QQRYDWLRQ6XUYH\
)LQDQFHPHQWGHV,QYHVWLVVHPHQWV (XURSHDQ&RPPXQLW\
,QWHUQDWLRQDO&HQWHU &,V &RQILGHQFH,QWHUYDOV
&,5/ &RPPLWWHHRI,QGXVWULDO5HODWLRQV/LEUDULDQV &,6 &RQVRU]LR,PSLDQWL6PDOWLPHQWR ,WDO\ 
&,50 &HQWUR,QWHUQD]LRQDOH5DGLR0HGLFR ,WDOLDQ&RQVRUWLXP
&,50JLYHVHPHUJHQF\PHGLFDODGYLFHWRVKLSVDW &,6FLV FRQWDFWLPDJHVHQVRU
VHD &,6 &RQWDLQPHQW,VRODWLRQ6LJQDO
,QWHUQDWLRQDO&HQWHU 1XFOHDU(QHUJ\
&,50 &HQWUR,WDOLDQR5DGLR0RELOH ,WDO\  &,6 &RSSHU,QGLXP'LVHOHQLGH
&,50 &RPLWDWR,QWHUQD]LRQDOH5DGLR0HGLFR 39 PRGXOHV
,WDOLDQDFURQ\PPHDQLQJ,QWHUQDWLRQDO5DGLR &,6 &UHGLWR,QGXVWULDOH6DUGR ,WDO\ 
0HGLFDO&RPPLWWHH ,WDOLDQ%DQN
&,53 &HQWUHVG
,QIRUPDWLRQGHV5HODLVG
RSLQLRQHW &,6 FRPPDQGDQGFRQWUROLQIRUPDWLRQV\VWHP
GHOD3UHVVH )UDQFH  V\VWqPHG·LQIRUPDWLRQGHFRPPDQGHPHQWHWGH
&,55,6 &U\RJHQLF,QIUDUHG5DGLDQFH,QVWUXPHQW FRQWU{OH
IRU6KXWWOH &,6$ &HQWUR,WDOLDQR6WXGL$]LHQGDOL
&,553& &RPPLWWHHRQ,QWHUDJHQF\5DGLDWLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ&HQWUHIRU%XVLQHVV
5HVHDUFKDQG3ROLF\&RRUGLQDWLRQ 0DQDJHPHQW6WXGLHV
&UHDWHGLQE\IRUPHU3UHVLGHQW5RQDOG &,6$& &RPPLWWHRQ,QWHUQDWLRQDO6HFXULW\DQG
5HDJDQ $UPV&RQWURO 86$ 
&,56 &RQWDLQPHQW,RGLQH5HQHZDO6\VWHP &LVDL &RQVLJOLRLWDOLDQRSHUODVFLHQ]DDSSOLFDWDH
1XFOHDU(QHUJ\ O
LQJHJQHULD
&,5V &RURWDWLQJ,QWHUDFWLYH5HJLRQV ,WDOLDQDFURQ\PRIWKH,WDOLDQ&RXQFLOIRU$SSOLHG
$VWURQRP\$VWURSK\VLFV 6FLHQFHDQG(QJLQHHULQJ&LVDLZDVIRUPHGRQWKH
&,56) &HQWUHIRU,QWHUGLVFLSOLQDU\5HVHDUFKRQ WK )HEUXDU\WRSURPRWHVWXGLHVDQGFRRSHU
6WUXFWXUH)RUPDWLRQ %LHOHIHOG*HUPDQ\  DWLRQLQWKHILHOGVRIDSSOLHGVFLHQFHVDQGHQJL
&,56, &HQWUR,QWHUQD]LRQDOHGL5LFHUFDLQ6WUDWHJLD QHHULQJ
G
,PSUHVD 0LODQ,WDO\  &,6$3 &RQJUqV,QWHUQDWLRQDOGHV6FLHQFHVGH
,QWHUQDWLRQDO&HQWHU O
$FWLYLWp3K\VLTXH &DQDGD 
&,57 &RQIHUHQFHRQ,QGXVWULDO5RERW7HFKQRORJ\ &,6%+ &RPLWp,QWHUQDWLRQDOGH6WDQGDUGLVDWLRQHQ
&,585 &RPLWp,QWHUJRXYHUQHPHQWDOGH5HFKHUFKHV %LRORJLH+XPDLQH
8UEDLQHVHW5pJLRQDOHV &DQDGD  ,QWHUQDWLRQDO&RPPLWWHH
&,6 &DQFHU,QIRUPDWLRQ6HUYLFH &,6& &RPSOH[,QVWUXFWLRQ6HW&RPSXWHU
2IWKH861DWLRQDO&DQFHU,QVWLWXWH &RPSXWHU7HFKQRORJ\
&,6 &HQWUDO,PPXQH6\VWHP &,6&& &RPPXQLFDWLRQDQG,QIRUPDWLRQ6\VWHPV
,PPXQH6\VWHP &RRUGLQDWLQJ&RPPLWWHH
&,6 &HQWUR,QYHVWLJD]LRQL6FLHQWLILFKH &RPLWpGHFRRUGLQDWLRQGHVV\VWqPHVG·LQIRUPD
,WDOLDQDFURQ\PRIWKH6FLHQWLILF,QYHVWLJDWLRQV WLRQHWGHFRPPXQLFDWLRQ
&HQWHU ,WDO\  FLV'&( FLV'LFKORURHWHQH


&,6'2 &HQWUR,WDOLDQR6WXGLH'RFXPHQWD]LRQHLQ &,67 &HQWUR,QWHUQD]LRQDOHSHUOD6FLHQ]DHOD


2PHRSDWLD ,WDO\  7HFQRORJLD
,WDOLDQ&HQWHU ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO&HQWHUIRU
&,6( &HQWUR,QIRUPD]LRQL6WXGL(VSHULHQ]H 6FLHQFHDQG7HFKQRORJ\
6HJUDWH 0LODQ ,WDO\ &,67, &DQDGD,QVWLWXWHIRU6FLHQWLILFDQG7HFKQLFDO
,WDOLDQ&HQWHU ,QIRUPDWLRQ &DQDGD 
&,6( 'LUHFWRUDWHIRU &RPSXWHUDQG,QIRUPDWLRQ FLVWL 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
6FLHQFHDQG(QJLQHHULQJ XVLQJWKH,WDOLDQZRUGFLVWLZKLFKPHDQVF\VW
2IWKH861DWLRQDO6FLHQFH)RXQGDWLRQ %LRORJ\3DWKRORJ\
&,6(0 &HQWURSHUO
,QQRYD]LRQHHOD &,683,175(3 FRXQWHULQWHOOLJHQFHVXSSOHPHQWDU\
6SHULPHQWD]LRQH(GXFDWLYD0LODQR ,WDO\  UHSRUW
,WDOLDQ&HQWHU FRPSWHUHQGXVXSSOpPHQWDLUHGHUHQVHLJQHPHQW
&,6(6* &RPPXQLFDWLRQDQG,QIRUPDWLRQ6\VWHPV ´FRQWUHLQJpUHQFHµ
([HFXWLYH6WHHULQJ*URXS &,7 &DOLIRUQLD,QVWLWXWHRI7HFKQRORJ\ 86$ 
&RPLWpGLUHFWHXUGHVV\VWqPHVG·LQIRUPDWLRQHWGH &,7 &HQWHUIRU,QIRUPDWLRQ7HFKQRORJ\ 86$ 
FRPPXQLFDWLRQ &,7IRUPHUO\NQRZQDV'&572,507&%ZDV
&,6*(0 &HQWUR,QIRUPD]LRQLH6HUYL]L HVWDEOLVKHGLQ7KH&HQWHULQFRUSRUDWHVWKH
*(0PRORJLFL 0LODQ,WDO\  SRZHURIPRGHUQFRPSXWHUVLQWRWKHELRPHGLFDO
,WDOLDQ&HQWHU SURJUDPVRIWKH1,+E\IRFXVLQJRQWKUHHSULPDU\
&,6+(& &KHPLFDO,QGXVWULHV$VVRFLDWLRQ
V6DIHW\ DFWLYLWLHVFRQGXFWLQJFRPSXWDWLRQDOELRVFLHQFHV
DQG+HDOWK&RXQFLO *%  UHVHDUFKGHYHORSLQJFRPSXWHUV\VWHPV DQGSUR
&,6, FKDSWHULWHPVXELWHP YLGLQJFRPSXWHUIDFLOLWLHV
FKDSLWUHDUWLFOHVRXVDUWLFOH &$6$   )RUIXUWKHUGHWDLOVVHHXQGHU1,+
&,6, &LVL &RPSDJQLH,QWHUQDWLRQDOHGH6HUYLFHVHQ &,7 &HQWUH,QWHUQDWLRQDOGH7R[LFRORJLH )UDQFH 
,QIRUPDWLTXH )UDQFH  ,QWHUQDWLRQDO&HQWHU
&,6,' &RPSXWHUL]HG,QIRUPDWLRQ6\VWHPIRU &,7 &KDUWHUHG,QVWLWXWHRI7D[DWLRQ *% 
,QIHFWLRXV'LVHDVHV &,7 &RPPHUFLDOH,WDOR7HGHVFD
7KH&,6,'RIWKH:RUOG+HDOWK2UJDQL]DWLRQ &RPPHUFLDO%DQN
EHJDQLQ &,7 &RPSDFW,JQLWLRQ7RUXV
&,6/&,6/ &RQIHGHUD]LRQH,QWHUQD]LRQDOHGHL &,7 LVDSURJUDPFRQGXFWHGDW3ULQFHWRQ
6LQGDFDWL/LEHUL 8QLYHUVLW\86$SURSRVHGE\PLODQHVHSK\VLFLVW
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO)HGHUDWLRQRI %UXQR&RSSLLQ
)UHH7UDGH8QLRQV ,WDO\  &,7 &RQGLWLRQV,QWHUQDWLRQDOHVGH7UDQVLW
&,6/&,6/ &RQIHGHUD]LRQH,WDOLDQD6LQGDFDWL )UHQFKDFURQ\PPHDQLQJ&RPELWHUPV
/DYRUDWRUL &,7 &RQWUROOHG,QWHUFHSWRU7UDLQHU
,WDOLDQDFURQ\PRIWKH)HGHUDWLRQRI,WDOLDQ7UDGH $HURVSDFH
8QLRQV ,WDO\  &,7 &\SUXV,QVWLWXWHRI7HFKQRORJ\
&,60 &HQWUH,QWHUQDWLRQDOGHV6FLHQFHV &,7 ,QWHUQDWLRQDO5DLO7UDQVSRUW&RPPLWWHH
0pFDQLTXHV 6ZLW]HUODQG 
,QWHUQDWLRQDO&HQWHU &,7$ &DQDGLDQ,QVWLWXWHIRU7KHRUHWLFDO
&,60(& &HQWUR,QIRUPD]LRQLH6WXGLVXO0&( $VWURSK\VLFV &DQDGD 
,WDOLDQDFURQ\PRIWKH&HQWUHIRU,QIRUPDWLRQDQG $VWURQRP\$VWURSK\VLFV3ODQHW6HDUFK
6WXGLHVRQ(&0 &,7$ &RPLWp,QWHUQDWLRQDOGHO
,QVSHFWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU(&0 7HFKQLTXH$XWRPRELOH
&,63(/ &RQIHGHUD]LRQH,WDOLDQDGHL6HUYL]L ,QWHUQDWLRQDO&RPPLWWHH
3XEEOLFLHG(QWL/RFDOL ,WDO\  &,7$ &RPPLVVLRQ,QWHUQDWLRQDOHGH7RXULVPH
,WDOLDQDFURQ\PRIWKHOWDOLDQ)HGHUDWLRQRI3XEOLF $pULHQ
8WLOLWLHVDQG/RFDO$XWKRULWLHV ,QWHUQDWLRQDO&RPPLVVLRQ
&,64 &HUWLILFD]LRQH,WDOLDQDGHL6LVWHPLGL4XDOLWj &,7$ &RQIpGpUDWLRQ,QWHUQDWLRQDOHGHV,QJpQLHXUV
,WDO\  $JURQRPHV
&,66 &RRSHUD]LRQH,QWHUQD]LRQDOH6XG6XG &,7$ &RUSRUDWH,QFRPH7D[$FW
3DOHUPR,WDO\  &,7$ &RXUW,QWHUSUHWHUVDQG7UDQVODWRUV
$VVRFLDWLRQ


&,7( &DUHQFH,PPXQLWDLUH7 (SLGpPLTXH V\VWqPHG·DUPHGHFRPEDWUDSSURFKp


)UHQFKDFURQ\PPHDQLQJ$FTXLUHG &-&&& FRPELQHGMRLQWFRPPXQLFDWLRQVFRRUGLQD
,PPXQRGHILFLHQF\6\QGURPH $,'6  WLRQFHQWUH
0HGLFLQH FHQWUHLQWHUDUPpHVPXOWLQDWLRQDOGHFRRUGLQDWLRQ
&,7( &DUJR,QWHJUDWLRQ7HVW(TXLSPHQW GHVFRPPXQLFDWLRQV
&,7( &HQWUHIRU,QIRUPDWLRQ7HFKQRORJLHVDQG &-&07) FRPELQHGMRLQWFLYLOPLOLWDU\WDVNIRUFH
(OHFWURQLFV JURXSHLQWHUDUPpHVPXOWLQDWLRQDOSRXUODFRRSpUD
&,7(&LWH &HQWURSHUO
,QQRYD]LRQH7HFQLFR WLRQFLYLORPLOLWDLUH
(GXFDWLYD ,WDO\  &-' &UHXW]IHOGW-DNRE'LVHDVH
,WDOLDQ&HQWHU )RUIXUWKHUGHWDLOVVHHXQGHU*66GLVHDVH
&,7( &KHPLFDO,QVWUXPHQWDWLRQ7HVWDQG *HUWVPDQQ6WUDXVVOHU6KHLQNHUGLVHDVH 
(YDOXDWLRQ1$6$·V &-)&& FRPELQHGMRLQWIRUFHFRPSRQHQWFRPPDQG
&,7( &RQVRUWLXPIRUJUDSKLF,QIRUPDWLRQ FRPPDQGHPHQWGHFRPSRVDQWHGHIRUFHLQWHUDU
7HKQRORJ\WUDLQLQJLQ(XURSH PpHVPXOWLQDWLRQDOH
(XURSHDQ&RPPXQLW\&RQVRUWLXP &-+4 FRPELQHGMRLQWKHDGTXDUWHUV
&,7(5( &HQWUHG
,QIRUPDWLRQHQ7HPSV5pHOSRXU DTXDUWLHUJpQpUDOLQWHUDUPpHVPXOWLQDWLRQDO
O
(XURSH )UDQFH  ESRVWHGHFRPPDQGHPHQWLQWHUDUPpHVPXOWLQD
&,7(6 &RQYHQWLRQRQ,QWHUQDWLRQDO7UDGHLQ WLRQDO
(QGDQJHUHG6SHFLHVRI:LOG)DXQDDQG)ORUD &-,&7) FRPELQHGMRLQWLQIRUPDWLRQFDPSDLJQWDVN
\HDUROG IRUFH>UHSODFHGE\&-327)@
&,7, &RQIpGpUDWLRQ,QWHUQDWLRQDOHGHV7UDYDLOOHXUV JURXSHLQWHUDUPpHVPXOWLQDWLRQDOSRXUODFDP
,QWHOOHFWXHOV SDJQHG·LQIRUPDWLRQ>UHPSODFpSDU&-327)@
&LWLF &KLQDLQWHUQDWLRQDOWUXVWDQGLQYHVWPHQWFRU &-,( &ULPLQDO-XVWLFH,QIRUPDWLRQ([FKDQJH
SRUDWLRQ &KLQD  &-0&57) FRPELQHGMRLQWPLOLWDU\FLYLOLDQUHOD
$ VWDWHLQYHVWPHQW%RG\ WLRQVWDVNIRUFH
&,7,/ &LWLFRUS,QIRUPDWLRQ7HFKQRORJLHV/WG JURXSHLQWHUDUPpHVPXOWLQDWLRQDOSRXUOHVUHODWLRQV
&,73 &RPLWp,QWHUQDWLRQDOGHV7pOpFRPPXQLFDWLRQV PLOLWDURFLYLOHV
GH3UHVVH &-327) FRPELQHGMRLQWSV\FKRORJLFDORSHUDWLRQV
,QWHUQDWLRQDO&RPPLWWHH WDVNIRUFH
&,86&,86 &RQVLJOLR,QWHUQD]LRQDOHGHOOH JURXSHLQWHUDUPpHVPXOWLQDWLRQDOSRXUOHVRSpUD
8QLRQL6FLHQWLILFKH WLRQVSV\FKRORJLTXHV
,WDOLDQDFURQ\PRIWKH,WHUQDWLRQDO&RXQFLORI &-36 &RPELQHG-RLQW3ODQQLQJ6WDII>KDVUHSODFHG
6FLHQWLILF8QLRQV $5)36@
FLY DEEU FLYLOLDQ eWDWPDMRUGHSODQLILFDWLRQLQWHUDUPpHVPXOWLQD
&,9 &RPPXQLFDWLRQ,QWHUYHQWULFXODLUH WLRQDO>UHPSODFHO·$5)36@
-RXPDOGH%LRSK\VLTXH 0pGHFLQH1XFOpDLUH &-6 &ROOHJHRI-XGHDDQG6DPDULD $ULHO,VUDHO 
3XEOLFDWLRQ (VWDEOLVKHGE\WKH,VUDHOL*RYHUQPHQW&-6
)RUIXUWKHUGHWDLOVVHHXQGHU&,$ RSHQHGLQ
&,9$% &HQWUR,QIRUPD]LRQHH9DOXWD]LRQHGHOOH &-627) FRPELQHGMRLQWVSpFLDORSHUDWLRQVWDVN
$SSDUHFFKLDWXUH%LRPHGLFDOL ,WDO\  IRUFH
,WDOLDQ&HQWHU JURXSHLQWHUDUPpHVPXOWLQDWLRQDOSRXUOHVRSpUD
&,9(6 &RPPLVVLRQH,WDOLDQD9HLFROL(OHWWULFL WLRQVVSpFLDOHV
6WUDGDOL &-7) FRPELQHGMRLQWWDVNIRUFH
,WDOLDQ&RPPLVVLRQ(OHFWULF9HKLFOHV JURXSHGHIRUFHVLQWHUDUPpHVPXOWLQDWLRQDOHV
&,9,6&,9,6 &HQWUR,WDOLDQRSHUL9LDJJL *),0 
G
,VWUX]LRQHSHU6WXGHQWL FN DEEU FKHFNFKHTXH
,WDOLDQDFURQ\PRIWKH,WDOLDQ&HQWHUIRU6WXGHQWV
$OVRFKT
(GXFDWLRQDO7UDYHOV ,WDO\  FN DEEU FRUN
&,932/ FLYLOLDQSROLFH 0DWHULDOV
SROLFHFLYLOH FN DEEU FRXQWHUVLQN
&,:2 FLYLOZRUNV 0HFKDQLFDO'HYLFHV
WUDYDX[GHJpQLHFLYLO &. &UHDWLQH.LQDVH
&,:6 FORVHLQZHDSRQV\VWHP (Q]\PRORJ\


FNG DEEU FKHFNHG $YLDWLRQ


&.' &RPSOHWHO\.QRFNHG'RZQ &/ &UDIW/RVV
&., &KHXQJ.RQJ,QIUDVWUXFWXUH &KLQD  6KLSSLQJ
&.,, &DVHLQ.LQDVH,, &/ &UpGLW/\RQQDLV )UDQFH 
/LYHVWRFN5HVHDUFK7KHLOHULRVLV )UHQFK%DQN
&/ &DEEDJH/RRSHU &/ &ULWLFDO/LVW
(QWRPRORJ\ &/ 6UL/DQNDLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
&/ &DWKRGROXPLQHVFHQFH WHUV
(OHFWULFDODQG&RPSXWHU(QJLQHHULQJ &/$ &DOLIRUQLD/LEUDU\$VVRFLDWLRQ 86$ 
(OHFWURQLFV,QGXVWULDO6FLHQFH0DWHULDO6FLHQFH &/$ &DQDGLDQ/LEUDU\$VVRFLDWLRQ &DQDGD 
4XDQWL]HG(OHFWURQLF6WUXFWXUHV &/$ &DWKROLF/LEUDU\$VVRFLDWLRQ
&/ &DOWDQLVVHWWD,WDO\ &/$ &HQWHU/LQH$YHUDJH
&/ &HQWHU/LQH&HQWHUOLQH &/$ &HUWLILHG/DERUDWRU\$VVLVWDQW
&DUWRJUDSKJ\ &/$ &KLQHVH/LEUDU\$VVRFLDWLRQ &KLQD 
FOFO DEEU &HQWLOLWHUFHQWLOLWUH &/$ &RORUDGR/LEUDU\$VVRFLDWLRQ 86$ 
0HWURORJ\ &/$ &RPPRQ/HXFRF\WH$QWLJHQ
&O 7KHFKHPLFDOV\PEROIRU&KORULQH ,PPXQRORJ\
7KHZRUGFKORULQHPHDQVLQ*UHHNJUHHQLVK\HO &/$ &RQMXJDWHG/LQROHLF$FLG
ORZ &/$ &XUWLQ/DERU$OOLDQFH $XVWUDOLD 
6\PEROV&KHPLVWU\ &/$(6 &U\RJHQLF/LPE$UUD\(WDORQ
&/ &LUFXODU/LVW 6SHFWURPHWHU
&LUFXODU/LVWLVDOVRNQRZQDV5LQJ *HRSK\VLFV0HWHRURORJ\3K\VLFV
&RPSXWHU3URJUDPPLQJ &/ DQJLRJHQHVLV &RUSXV/XWHXPDQJLRJHQHVLV
FO DEEU FODVV &DUGLRYDVFXODU5HVHDUFK0ROHFXODU2QFRORJ\
$QWKURSRORJ\$UWLILFLDO,QWHOOLJHQFH&RPSXWHU 3DWKRORJ\
6FLHQFH0DWKHPDWLFV6\VWHPDWLFV &/$11 &ROOHJH/LEUDULHV$FWLYLW\1HWZRUNLQ
FO DEEU FODYLFOH 1HZ6RXWK:DOHV
$QDWRP\ &/$5,1(7 &RQWDPLQDWHG/DQG5HKDELOLWDWLRQ
FO DEEU FOHDUDQFH 1HWZRUNIRU(QYLURQPHQWDO7HFKQRORJLHVLQ
$YLDWLRQ0HFKDQLFDO(QJLQHHULQJ0LOLWDU\ (XURSH
6FLHQFH2UGQDQFH7UDQVSRUWDWLRQ(QJLQHHULQJ (XURSHDQ3URMHFW
&/ &OHLVWRJDPXV &/ DUP &KHVWDQG/HIWDUP
%RWDQ\ 0HGLFLQH
FO DEEU FOLQLF &/$66 &DOLIRUQLD/LEUDU\$XWKRULW\IRU6\VWHPV
0HGLFLQH DQG6HUYLFHV 86$ 
FO DEEU FORVXUH &ODWRPV &ORULQHDWRPV
$UWLILFLDO,QWHOOLJHQFH$YLDWLRQ%XLOGLQJ &KHPLVWU\
(QJLQHHULQJ&DUWRJUDSK\*HRORJ\ &/$: K\SRWKHVLV &KDUOVRQ/RYHORFN$QGUHDH
0DWKHPDWLFV3V\FKRORJ\ DQG:DUUHQK\SRWKHVLV
&/ FRPEDWORDG &KHPLVWU\
FKDUJHGHFRPEDW &/%( &RUH/HYHO%LQGLQJ(QHUJ\
FRQILGHQFHOHYHO &/& &RQILUPHG/HWWHURI&UHGLW
QLYHDXGHFRQILDQFH %DQNLQJ%XVLQHVV&RPPHUFH)LQDQFH
FRQIURQWDWLRQOLQH &/' &KURQLF/\PH'LVHDVH
OLJQHGHFRQIURQWDWLRQ &/'FDXVHVLQIODPPDWLRQDQGMRLQWSDLQ
FRRUGLQDWLRQOHYHO FOG DEEU FOHDUHG WKURXJKFXVWRPV 
pFKHORQGHFRRUGLQDWLRQ &/' FRPPXQLFDWLRQVORJLVWLFVGHSRW
&/ &RPPLVVLRQH/HJLVODWLYD GpS{WORJLVWLTXHGHVWpOpFRPPXQLFDWLRQV
,WDOLDQLQLWLDOLVPPHDQLQJ/HJLVODWLYH&RPPLWWHH FOG DEEU FRROHG
&/ &RUSRUD/XWHD &/'1$ &DWLRQLF/LSRVRPHV&RPSOH[HGZLWK
&/ &RVWRI/LYLQJ '1$
(FRQRPLFV %LRFKHPLVWU\*HQH7KHUDSLHV0ROHFXODU
&/ &RXUVH/LQH %LRORJ\


&/( 7KHDLUSRUWFRGHIRU+RSNLQV,QWHUQDWLRQDODLU (XURSHDQ&RPPXQLW\3URMHFW(QYLURQPHQWDO


SRUW&OHYHODQG2KLR86$ 3URWHFWLRQ5HVRXUFHVRIWKH6HD)LVKHULHV
&/($1 &DVHEDVHG/HDUQLQJ(QYLURQPHQWIRU &/,9$53URMHFW &/,PDWH9$5LDELOLW\DQG
SODQWSURFHVVPDQDJHPHQW 3UHGLFWDELOLW\3URMHFW
(XURSHDQ&RPPXQLW\3URMHFW $WODQWLF&OLPDWH9DULDELOLW\(DUWKDQG
)RUIXUWKHUGHWDLOVVHHXQGHU&%/ &DVH%DVHG (QYLURQPHQWDO6FLHQFHV
/HDUQLQJ  &/.&KHN/DS.RN +RQJ.RQJ 
&/(' &HQWUHIRU/RFDO(FRQRPLF'HYHORSPHQW 7KHQHZ&/.DLUSRUWVWDUWHGRSHUDWLRQVRQ
,QGXVWULDOVHFWRUVSHFLDOLVW$:0·VSDUWQHU 0RQGD\WK -XO\
)RUIXUWKHUGHWDLOVVHHXQGHU$:0 $LUSRUW&RGH
&/(),1 &RUVRGL/DXUHDLQ(FRQRPLDGHOOH FONSKHQRW\SH &ORFNSKHQRW\SH
,VWLWX]LRQLHGHLPHUFDWL)LQDQ]LDUL %LRORJ\
7KHFRXUVHZDVSUHVHQWHGRQVW $SULODWWKH &// &KURQLF/\PSKRF\WLF/HXNHPLD
%RFFRQL8QLYHUVLW\0LODQ,WDO\ 0HGLFLQH
&/(1( &RQWLQXLQJ/LEUDU\(GXFDWLRQ1HWZRUN &// &RPPLWWHHRQ/HJDO/LDELOLW\
DQG([FKDQJH &/0& &RPELQHG/R\DOLVW0LOLWDU\&RPPDQG
&/(2V &ROODWHUDOL]HG/HDVH(TXLSPHQW ,UHODQG 
2EOLJDWLRQV 86$  7KHPDLQOR\DOLVWSDUDPLOLWDU\JURXSLQJV7KH
&/(26 &RQIHUHQFHRQ/DVHUDQG(OHFWUR2SWLFDO 8OVWHU'HIHQVH$VVRFLDWLRQWKH8OVWHU9ROXQWHHU
6\VWHPV )RUFHDQGWKH5HG+DQG&RPPDQGRDUHDOOLHG
&/) &KULVWLDQ/LEUDULDQV
)HOORZVKLS XQGHUWKH&/0&
&/) FRPPDQGHUODQGLQJIRUFH &/13 &RQQHFWLRQOHVV1HWZRUN3URWRFRO
FRPPDQGDQWGHODIRUFHGHGpEDUTXHPHQW &O2 &KORULQH0RQR[LGH
&/) &UpGLW/RFDOGH)UDQFH )UDQFH  &KORULQH0RQR[LGHLVXVHGLQFKORULQDWLRQUHDF
)UHQFK%DQN WLRQV
&O) &KORULQH7ULIOXRULGH ,QRUJDQLF&KHPLVWU\
&O) LVXVHGPDLQO\DVDQR[LGL]HU &/2 &RG/LYHUFRGOLYHU2LO
,QRUJDQLF&KHPLVWU\ 0DWHULDOV0HGLFLQH
FOJ DEEU FHLOLQJ &O2 &KORULQH'LR[LGH
$YLDWLRQ0HWHRURORJ\ &O2 LVXVHGPDLQO\LQZDWHUWUHDWPHQW
&/*, &LW\ *XLOGVRI/RQGRQ,QVWLWXWH *%  ,QRUJDQLF&KHPLVWU\
%ULWLVK,QVWLWXWHV &/2' &RUDOOLQH/HWKDO2UDQJH'LVHDVH
&/, &DOOHU,GHQWLILFDWLRQ 7KHFRUDOOLQHOHWKDORUDQJHGLVHDVHLVDEDFWHULDO
&HOOXODU3KRQHV SDWKRJHQRIFRUDOOLQHDOJDHWKDWZDVLQLWLDOO\
&/,$ &OLQLFDO/DERUDWRU\,PSURYHPHQW$FW  REVHUYHGLQ
86$  %LRORJLFDO6FLHQFHV
&/,%&21 &KLURSUDFWLF/LEUDU\&RQVRUWLXP &/26 &RPPRQ/LVS2EMHFW6\VWHP
&/,& &ROOHJH/LEUDULHV&RQVRUWLXP $UWLILFLDO,QWHOOLJHQFH
&/,& &RPSDFW/LQHDU&ROOLGHU &/3 &HQWULIXJHG/LTXLG3URGXFW
3DUWLFOH3K\VLFV /DERUDWRU\&(51 &/3 &KLQD/LJKW 3RZHU &KLQD 
&/,&20 DEEU &/,PDWH&20SXWLQJ &/3& &HQWUDO/XQDU3URFHVVLQJ&RPSOH[
&/,0$3 SURMHFW &OLPDWH/RQJUDQJH,QYHVWLJDWLRQ /XQDU'HYHORSPHQW
0$SSLQJDQG3UHGLFWLRQSURMHFW &/39 &DUWDGL/RFDOL]]D]LRQH3UREDELOHGHOOH
*HRVFLHQFHV3URMHFWV 9DODQJKH
&/,3 &DULEEHDQ/DUJH,JQHRXV3URYLQFH FOU DEEU FOHDU
7KHRFHDQLFSODWHDXWKDWEHFDPHWKH&DULEEHDQ &RPSXWHU3URJUDPPLQJ0HWHRURORJ\
SODWH 1DYLJDWLRQ2UGQDQFH
*HRFKHPLVWU\*HRORJ\ &/5& &HQWUDO/DERUDWRU\RIWKH5HVHDUFK&RXQFLOV
&/,3 &/DVV,,DVVRFLDWHG,QYDULDQWFKDLQ3HSWLGH *% 
,PPXQRORJ\0HGLFLQH &/59 &KHUU\/HDI5ROO9LUXV
&/,3 &RUWLFRWURSLQ/LNH,QWHUPHGLDWHOREH3HSWLGH 3ODQW3DWKRORJ\
&/,9$03 &OLPDWLF9DULDELOLW\RI0HGLWHUUDQHDQ &/V &DWLRQLF/LSRVRPHV
3DOHR&LUFXODWLRQ


%LRFKHPLVWU\*HQH7KHUDSLHV0ROHFXODU &0 &KHPLFDOO\0RGLILHG


%LRORJ\ &0 &RPPDQG0RGXOH
&/6 &KDUDFWHULVWLF/RVV6SHFWURVFRS\ 6SDFH7HFKQRORJ\
&/6 &RPPLVVLRQRQ/LIH6FLHQFHV 86$  &0 &RPPRQ0HWHU
&/6 FRQWUDFWRUORJLVWLFVXSSRUW &0 &RQGLWLRQHG0HGLXP
VRXWLHQORJLVWLTXHIRXUQLSDUOHFRQWUDFWDQW 0HGLFLQH
&/6$ &UpGLW/\RQQDLV6HFXULWLHV$VLD &P 7KHFKHPLFDOV\PEROIRU&XULXP
&/6$ LVDVHFXULWLHVDQGLQYHVWPHQWEDQNLQJ 6\PEROV&KHPLVWU\
KRXVHLQ*UHDWHU&KLQD &0$ &DSLWDO0DUNHW$XWKRULW\ (J\SW 
&/60 &RQIRFDO/DVHU6FDQQLQJ0LFURVFRS\ &DSLWDO0DUNHW5HJXODWLRQV
&O622+ &KORURVXOIRQLF$FLG &0$ &DVK0DQDJHPHQW$FFRXQW
&KORURVXOIRQLF$FLGLVDOVRNQRZQDV6XOIXULF )LQDQFH
&KORURK\GULQ &0$ &HUWLILFDWRGL0DQDJHPHQW$OEHUJKLHUR
,QRUJDQLF&KHPLVWU\ 2IWKH,QWHUQDWLRQDO6FKRRORI7RXULVP,WDO\
&/63 FRPSRVLWHODXQFKVHTXHQFHSODQ &0$ &HUWLILHG0HGLFDO$VVLVWDQW
SODQPL[WHG·RUGUHGHVXFFHVVLRQGHVODQFHPHQWV &0$ FRQWDFWPRWLRQDQDO\VLV
&/66 &LUFXPOXQDU6SDFH6WDWLRQ DQDO\VHGHVPRXYHPHQWVGXFRQWDFW
/XQDU'HYHORSPHQW &0$ &RUWLFRPHGLDO$P\JGDOD
&/7 7KHDLUSRUWFRGHIRU&KDUORWWH1RUWK&DUROLQD &0$)V &RRSHUDWLYHV0XWXDOV$VVRFLDWLRQVDQG
86$ )RXQGDWLRQV
&/8( &KDQJLQJ/DQG8VDJH(QKDQFHPHQWRIELR &0$1 &RDVWDO0DULQH$XWRPDWHG1HWZRUN
GLYHUVLW\DQGHFRV\VWHPGHYHORSPHQW 86$ 
(XURSHDQ&RPPXQLW\3URMHFW &0 DQJOH &HQWHURI0DVVDQJOH
&/83 &RVWRGL/DYRURSHU8QLWjGL3URGRWWR &0% &HOODQG0ROHFXODU%LRORJ\
,WDOLDQDFURQ\PPHDQLQJ/DERU&RVWSHU8QLW &PE &RPSDJQLH0RQpJDVTXHGH%DQTXH
3URGXFHG 0RQHJDVTXH%DQN
&/:* &/HDU:LUH*ODVV &0% &RUH0DQWOH%RXQGDU\
&/; FRPPDQGOLYHH[HUFLVH *HRORJ\*HRSK\VLFV3ODQHWDU\3K\VLFV(DUWK
H[HUFLFHGHFRPPDQGHPHQWUpHO 6FLHQFHV
&0 &DUGLRP\RSDWK\ &0% &RVPLF0LFURZDYH%DFNJURXQG
FP DEEU FHQWLPHWUHFHQWLPHWHU &RVPRORJ\3K\VLFV
0HWURORJ\ &0%FRQILJXUDWLRQPDQDJHPHQWERDUG
F0 FHQWL0RUJDQ FRPPLVVLRQGHJHVWLRQGHODFRQILJXUDWLRQ
*HQHWLFV &0% DUUDQJHPHQW &URVVHG0ROHFXODU%HDP
&0 &KLQHVH0HGLFLQH DUUDQJHPHQW
&0 &KRULVPDWH0XWDVH &0%2' &HQWHUIRU0ROHFXODU%LRORJ\RI2UDO
&KHPLFDO(QJLQHHULQJ(Q]\PHV3URWHLQ'HVLJQ 'LVHDVHV 86$ 
&0 &LUFRODUH0LQLVWHULDOH 2IWKH8QLYHUVLW\RI,OOLQRLVDW&KLFDJR
,WDOLDQLQLWLDOLVPPHDQLQJ0LQLVWU\&LUFXODU &0%5 &RVPLF0LFURZDYH%DFNJURXQG5DGLDWLRQ
/HWWHU $VWURQRP\3DUWLFOH$VWURSK\VLFV3K\VLFV
&0 &LUFXODU0LO &0& &DQDGLDQ0HWHRURORJLFDO&HQWUH &DQDGD 
&0LVWKHDUHDRIDFLUFOHPLOLQGLDPHWHU &0& &DUERQ0RGHOLQJ&RQVRUWLXP
0HWURORJ\ 7KH&0&LVEDVHGLQ3ULQFHWRQ86$
&0 &DPHURRQ &OLPDWH&KDQJH
&DPHURXQ &0& &DUER[\PHWK\O&HOOXORVH
&RPLWpPLOLWDLUH &DUER[\PHWK\OFHOOXORVHDOVRNQRZQDVFHOOXORVH
0LOLWDU\&RPPLWWHH 0&  JXPVRGLXPFHOOXORVHJO\FRODWHDQGVRGLXPFDU
FRQILJXUDWLRQPDQDJHPHQW ER[\PHWK\OFHOOXORVHLVDQDFLGHWKHUGHULYDWLYHRI
JHVWLRQGHODFRQILJXUDWLRQ FHOOXORVH
FULVLVPDQDJHPHQW 2UJDQLF&KHPLVWU\
JHVWLRQGHVFULVHV &0& &HOO0HGLDWHG&\WRWR[LFLW\
FUXLVHPLVVLOH ,PPXQRORJ\
PLVVLOHGHFURLVLqUH &0& FHQWUHPLOLWDLUHGHFRQWU{OH


PLOLWDU\FRQWUROFHQWUH 0&&  &0(' FRQWUHPHVXUHVpOHFWURQLTXHVGHGpFHSWLRQ


&KDLUPDQRIWKH0LOLWDU\&RPPLWWHH >REVROqWH@
SUpVLGHQWGX&RPLWpPLOLWDLUH GHFHSWLYHHOHFWURQLFFRXQWHUPHDVXUHV '(&0
FRPPDQGPHWHRURORJLFDOFHQWUH >REVROHWH@
FHQWUHPpWpRURORJLTXHGXFRPPDQGHPHQW &0(V &RURQDO0DVV(MHFWLRQV
FULVLVPDQDJHPHQWFHQWUH )RUIXUWKHUGHWDLOVVHHXQGHU&0(
FHQWUHGHJHVWLRQGHVFULVHV &0H]] DEEU &DVVDGHO0H]]RJLRUQR
VHH&,0,& ,WDOLDQDEEUHYLDWLRQRIWKH)XQGIRUWKH
YRLU&,0,& ,PSURYHPHQWRI6RXWKHUQ,WDO\
&0& &ULWLFDO0LFHOOH&RQFHQWUDWLRQ &0) FRQFHSWXDOPLOLWDU\IUDPHZRUN
)RUIXUWKHUGHWDLOVVHHXQGHU&0&V FDGUHFRQFHSWXHOPLOLWDLUH
&0&& &HQWUDO0LVVLRQ&RQWURO&HQWUH &0) &RQVHLOGHV0DUFKpV)LQDQFLHUV
(XURSHDQ&RPPXQLW\ )UDQFH
VILQDQFLDOPDUNHW5HJXODWRU
&PGU &RPPDQGHU &0) F\FORVSKDPLGH0HWKRWUH[DWHDQG
$OVR&RPGU&RPP&GU )OXRURPDFLO
&0&PHWKRG &RUUHODWLRQ0HWULF&RQVWUXFWLRQ %UHDVWFDQFHU&KHPRWKHUDS\2QFRORJ\
PHWKRG &0)8 FRPELQHG0(72&IRUHFDVWXQLW
&KHPLVWU\&KHPLFDO.LQHWLFV(OHFWURSKRUHVLV XQLWpPXOWLQDWLRQDOHGHSUpYLVLRQV0(72&
3K\VLFDO&KHPLVWU\ &0*5 &RPPLWWHHRQ0LFURJUDYLW\5HVHDUFK
&0&V &ULWLFDO0LFHOOH&RQFHQWUDWLRQV 86$ 
%LRFKHPLVWU\&KHPLVWU\&KHPLFDO(QJLQHHULQJ &0*5 &RQVWDQW0RQH\*URZWK5XOH
0DULQH%LRORJ\3K\VLFDO&KHPLVWU\ 0RQHWDU\3ROLF\
&0' &RORU0DJQLWXGH'LDJUDP &0+ &RPPLVVLRQRQ0DFURHFRQRPLFVDQG+HDOWK
$VWURQRP\$VWURSK\VLFV*DOD[\(YROXWLRQ 2IWKH:RUOG+HDOWK2UJDQL]DWLRQ *HQHYD
FPG DEEU FRPPDQG 6ZLW]HUODQG 
$OVRFRPG &0+ &RPSOH[H0DMHXUG·+LVWRFRPSDWLELOLWp
&0'/ &OLPDWH0RQLWRULQJDQG'LDJQRVWLFV )UHQFKLQLWLDOLVPPHDQLQJ0DMRU
/DERUDWRU\ 86$  +LVWRFRPSDWLELOLW\&RPSOH[
$WPRVSKHULF5HVHDUFK(DUWK2FHDQDQG6SDFH 0HGLFLQH
6WXGLHV1DWXUDO5HVRXUFH(FRORJ\ &0+ 7KHDLUSRUWFRGHIRU3RUW&ROXPEXV
&PGU DEEU &RPPDQGHU ,QWHUQDWLRQDO&ROXPEXV2KLR86$
$OVR&RPGU&RPP&GU &0+(& &DUER[\PHWK\O+\GUR[\HWK\O&HOOXORVH
&PGW DEEU FRPPDQGHPHQW FP+J FHQWLPHWHURI0HUFXU\
)UHQFKDEEUHYLDWLRQPHDQLQJFRPPDQG &0+6 &HQWHUIRU0HQWDO+HDOWK6HUYLFHV 86$ 
&0( &HQWHUIRU0LFURELDO(FRORJ\ 86$  &0, &DULEEHDQ0HWHRURORJLFDO,QVWLWXWH
&0( &HQWUHGH0LFURHQFDSVXODWLRQ &0, &HOO0HGLDWHG,PPXQLW\
)UHQFK&HQWHU $QDWRP\DQG%LRORJ\'HQWDO5HVHDUFK
&0( &KLFDJR0HUFDQWLOH([FKDQJH 0HGLFLQH0ROHFXODU0LFURELRORJ\DQG
&0( &160LGOLQH(OHPHQW ,PPXQRORJ\
%LRORJLFDO7LPLQJ&HOO%LRORJ\3K\VLRORJ\ &0, &OLPDWH0RGHOLQJ,QLWLDWLYH
)RUIXUWKHUGHWDLOVVHHXQGHU&16 2IWKH0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\
&0( &RPPXQLW\0RGHOLQJ(IIRUW 86$ 
&0( &RQVHLO0RQGLDOGHO
(QHUJLH &0, &RPSXWHU0DQDJHG,QVWUXFWLRQ
)UHQFKLQLWLDOLVPPHDQLQJ(QHUJ\:RUOG&RXQFLO &RPSXWHU3URJUDPPLQJ
&0( FRPELQHG0(72&HOHPHQW &0, ,QWHUQDWLRQDO0DULWLPH&RPPLWWHH %HOJLXP 
pOpPHQWPXOWLQDWLRQDO0(72& &0,$ FDSWXUHGPLVVLQJLQDFWLRQ
FRQWUHPHVXUHVpOHFWURQLTXHV FDSWXUpGLVSDUXDXFRPEDW
HOHFWURQLFFRXQWHUPHDVXUHV (&0  &0,$* &KHPLFDO0HDVXULQJ,QVWUXPHQWV$GYLVRU\
&0( &RURQDO0DVV(MHFWLRQ *URXS
$VWURQRP\$VWURSK\VLFV*HRSK\VLFV6SDFH &0,3 &RPPRQ0DQDJHPHQW,QIRUPDWLRQ3URWRFRO
6FLHQFH6RODU3K\VLFV &0,6 &RPPRQ0DQDJHPHQW,QIRUPDWLRQ6HUYLFH
&0($ &RXQFLOIRU0XWXDO(FRQRPLF$VVLVWDQFH &0- &UDQLRPDQGLEXODU-RLQW
(YDOXDWLRQDQG'HYHORSPHQWRIWKH0DPPDOLDQ


0LGGOH(DU3K\ORJHQHWLF$QDO\VLV9HUWHEUDWH FULVLVPDQDJHPHQWRUJDQL]DWLRQ
3DOHRQWRORJ\ RUJDQLVDWLRQGHJHVWLRQGHVFULVHV
&0/ &KHPLFDO0DUNXS/DQJXDJH &02& FLYLOPLOLWDU\REMHFWFODVV
&RPSXWHU6FLHQFH FODVVHG·REMHWVFLYLOVPLOLWDLUHV
&0/ &KURQLF0\HORLG/HXNHPLD FLYLOPLOLWDU\RSHUDWLRQFHOO
&0/ LVDW\SHRIOHXNHPLDWKDWDIIHFWVWKH FHOOXOHG·RSpUDWLRQVFLYLORPLOLWDLUHV
P\HORLG &023 FRQILJXUDWLRQPDQDJHPHQWRSHUDWLQJSODQ
0HGLFLQH SODQIRQFWLRQQHOGHJHVWLRQGHODFRQILJXUDWLRQ
FPO DEEU FRPPHUFLDO &0233 &\FORSKRVSKDPLGH0HFKORUHWKDPLQH
$OVRFRPO 2QFRYLQ3URFDUED]LQHDQG3UHGQLVRQH
&0/ &RXSOHG0DS/DWWLFH &DQFHU&KHPRWKHUDS\2QFRORJ\
%LRORJLFDO1HWZRUNV &025(3 FLYLOPLOLWDU\RSHUDWLRQVUHSRUW
&0/$ &DQDGLDQ0HGLFDO/LEUDU\$VVRFLDWLRQ FRPSWHUHQGXG·RSpUDWLRQVFLYLORPLOLWDLUHV
&0/($ &DOLIRUQLD0HGLDDQG/LEUDU\(GXFDWRUV
&026 GHYLFH &RPSOHPHQWDU\026GHYLFH
$VVRFLDWLRQ 86$  (OHFWURQLFV
&00 &KLQHVH0HGLFDO0DWHULDOV )RUIXUWKHUGHWDLOVVHHXQGHU026
&00 &RPPLWWHHRQ0HPEHUVKLS0DQDJHPHQW &03 &DSLOODU\0HOWLQJ3RLQW
(8)(36$GYLVRU\3DQHO &03 &RDVWDO0DQDJHPHQW3URJUDPV
)RUIXUWKHUGHWDLOVVHHXQGHU(8)(36 &03 &RPPRQ0LGSRLQW3URILOHV
&00 &RPSXWDWLRQDO0HOWLQJ0RGHO &03 FRQILJXUDWLRQPDQDJHPHQWSODQ
&RPSXWDWLRQDO0RGHOV*HRORJLFDO6FLHQFHV SODQGHJHVWLRQGHODFRQILJXUDWLRQ
&00 &RRUGLQDWH0HDVXULQJ0DFKLQH &03 &RUUXJDWHG0HWDO3LSH
&00 &RUSRUDFLyQ0XQGLDOGHOD0XMHU0HGHOOLQ &03 &\WLGLQH0RQRSKRVSKDWH
&RORPELD  &03 LVDOVRNQRZQDV&\WLG\OLF$FLG
&00 &ULVLV0DQDJHPHQW0DQXDO %LRFKHPLVWU\
0DQXHOGHJHVWLRQGHVFULVHV &03($ &RPLWpPLOLWDLUHGHSDUWHQDULDWHXURDWODQ
&003 &RPPLWWHHRQ &RQGHQVHG0DWWHUDQG WLTXH
0DWHULDOV3K\VLFV 86$  (XUR$WODQWLF3DUWQHUVKLS0LOLWDU\&RPPLWWHH
&00V FULVLVPDQDJHPHQWPHDVXUHV ($30& 
PHVXUHVGHJHVWLRQGHVFULVHV &03($&(0 &RPLWpPLOLWDLUHGHSDUWHQDULDW
&PQ &HQWURGLPHGLFLQDQXFOHDUH HXURDWODQWLTXHHQVHVVLRQGHVFKHIVG
pWDWPDMRU
,WDOLDQLQLWLDOLVPRIWKH1XFOHDU0HGLFLQH&HQWHU (XUR$WODQWLF3DUWQHUVKLS0LOLWDU\&RPPLWWHHLQ
,WDO\  &KLHIVRI6WDII6HVVLRQ ($30&&6 
&01 &HULXP0DJQHVLXP1LWUDWH FPSVFHQWLPHWHUVSHUVHFRQG
&02 &DUGLRP\RSDWKLH2EVWUXFWLYH &03V &RPPRQ0\HORLG3URJHQLWRUV
)UHQFKLQLWLDOLVPPHDQLQJ +\SHUWURSKLF %LRORJ\&DUGLRORJ\&DUGLRYDVFXODU0HGLFLQH
2EVWUXFWLYH&DUGLRP\RSDWK\ FPSWU DEEU FRPSXWHU
0HGLFLQH $OVR&3
&02 &DULEEHDQ0HWHRURORJLFDO2UJDQL]DWLRQ FPT FHQWLPHWURTXDGUDWR
&02 &ROODWHUDOL]HG0RUWJDJH2EOLJDWLRQV ,WDOLDQDEEUHYLDWLRQPHDQLQJVTXDUHFHQWLPHWHU
86$  &05 &HQWHUIRU0HGLFLQHV5HVHDUFK
)LQDQFH &05 &RORVVDO0DJQHWRUHVLVWDQFH
&02 FLYLOPLOLWDU\RSHUDWLRQV>REVROHWH@ 0DJQHWRUHVLVWDQFH0HWDOV5HVHDUFK
RSpUDWLRQVFLYLORPLOLWDLUHV>REVROqWH@ &05 FRQWUHPHVXUHVUDGDU
FRPPXQLFDWLRQVPDQDJHPHQWRUJDQL]DWLRQ UDGDUFRXQWHUPHDVXUHV 5&0 
>REVROHWH@ &05$ &KHPLFDO0DUNHWLQJ5HVHDUFK$VVRFLDWLRQ
RUJDQLVDWLRQGHJHVWLRQGHVWpOpFRPPXQLFDWLRQV &05% &ULVLV0DQDJHPHQW5HVRXUFH%RDUG
>REVROqWH@ &RPPLVVVLRQGHVUHVVRXUFHVSRXUODJHVWLRQGHV
FRQILJXUDWLRQPDQDJHPHQWRIILFH RUJDQL]DWLRQ  FULVHV
EXUHDX RUJDQLVDWLRQ GHJHVWLRQGHODFRQILJX &06 ELRORJ\ &HOO0ROHFXODUDQG6WUXFWXUDOELROR
UDWLRQ J\
FRYHUDJHPLVVLRQRUGHU &06* &RQILJXUDWLRQ0DQDJHPHQW6WHHULQJ*URXS
RUGUHGHPLVVLRQGHFRXYHUWXUH *URXSHGLUHFWHXUGHODJHVWLRQGHODFRQILJXUDWLRQ


&07 &DGPLXP0HUFXU\7HOOXULGH &RQIpUHQFHGHVGLUHFWHXUVQDWLRQDX[GHVDUPD


&07 &KURPRPHWK\ODVH PHQWV &'1$ 
&07 &RPDQGR0LOLWDUH7HUULWRULDOH &1$) &HQWUR1D]LRQDOH$QDOLVL)RWRJUDPPL
,WDOLDQLQLWLDOLVPPHDQLQJ=RQHRIWKH,QWHULRU ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO&HQWHUIRU
+HDGTXDUWHUV 3KRWRJUDP$QDO\VLV ,WDO\ 
0LOLWDU\ &1$0 &RQVHUYDWRLUH1DWLRQDOGHV$UWVHW0pWLHUV
&07 GLVHDVH &KDUFRW0DULH7RRWKGLVHDVH )UDQFH 
&KDUFRW0DULH7RRWKGLVHDVHLVDGLVRUGHUWKDW &1$3 &HQWUHIRU1RYHO$JULFXOWXUDO3URGXFWV
FDXVHVSURJUHVVLYHGHJHQHUDWLRQRISHULSKHUDO 7KH&1$3 LVDQDFDGHPLFUHVHDUFK&HQWUHDWWKH
QHUYHV 8QLYHUVLW\RI<RUN*%
*HQHWLFV0HGLFLQH1HXURELRORJ\1HXURORJ\ )XQGDPHQWDO0ROHFXODU6FLHQFH
&07) FLYLOPLOLWDU\WDVNIRUFH &1$6 &ROOHJHRI1DWXUDODQG$JULFXOWXUDO
JURXSHFLYLORPLOLWDLUH 6FLHQFHV
&07; ;OLQNHG&KDUFRW0DULH7RRWKGLVHDVH 2IWKH8QLYHUVLW\RI&DOLIRUQLD5LYHUVLGH 86$ 
;OLQNHG&KDUFRW0DULH7RRWKGLVHDVHLVDIRUPRI &1% &RQJHQLWDO1LJKW%OLQGQHVV
KHUHGLWDU\QHXURSDWK\ZLWKGHP\HOLQDWLRQ 1HXURVFLHQFH
*HQHWLFV0HGLFLQH1HXURELRORJ\1HXURORJ\ &1% 1DWLRQDO%LRWHFKQRORJ\&HQWHU
&08 &DUQHJLH0HOORQ8QLYHUVLW\ 7KH&1%LVORFDWHGLQ0DGULG 6SDLQ 
&08 &KORURSKHQ\OGLPHWK\OXUHD &1%$ &RRUGLQDPHQWR1D]LRQDOH%LEOLRWHFKHGL
&08 &RQYHQWLRQDO0LVVLRQ8SJUDGH $UFKLWHWWXUD ,WDO\ 
&08( &RPLWpPLOLWDLUHGHO·8QLRQHXURSpHQQH ,WDOLDQ/LEUDU\$VVRFLDWLRQ
(XURSHDQ8QLRQ0LOLWDU\&RPPLWWHH (80&  &1%& &HQWHUIRUWKH1HXUDO%DVLVRI&RJQLWLRQ
&09 &XFXPEHU0RVDLF9LUXV 86$ 
9LURORJ\ 2IWKH&DUQHJLH0HOORQ8QLYHUVLW\
&09 &\WRPHJDORYLUXV &RJQLWLYH1HXURVFLHQFH
&090 &RPLVVjRGR0HUFDGRGH9DORUHV &1EGRPDLQ &\FOLF1XFOHRWLGHELQGLQJGRPDLQ
0RELOLiULRV 3RUWXJDO  0HGLFLQH0ROHFXODU%LRORJ\DQG*HQHWLFV
&090LV3RUWXJDO
VILQDQFLDOPDUNHWV5HJXODWRU 1HXURELRORJ\1HXURVFLHQFH
&0; FULVLVPDQDJHPHQWH[HUFLVH &1& &RPSXWHU1XPHULFDO&RQWURO
H[HUFLFHGHJHVWLRQGHVFULVHV &RQWURO6\VWHPV
&1 &DSLWDOH1HWWR &1&$ &DLVVH1DWLRQDOHGH&UpGLW$JULFROH
,WDOLDQLQLWLDOLVPPHDQLQJ1HW&DSLWDO )UDQFH 
&1 &RPRURV &1&$ &HQWUH1DWLRQDOGH&RRSpUDWLRQ$JULFROH
&1 &RQGHQVDWLRQ1XFOHXV )UDQFH 
0HWHRURORJ\ )UHQFK&HQWHU
&1 &RQVLJQPHQW1RWH &1&$ &RRUGLQDPHQWR1D]LRQDOH&RPXQLWjGL
FQ FRQWRQRVWUR $FFRJOLHQ]D ,WDO\ 
,WDOLDQLQLWLDOLVPPHDQLQJRXUDFFRXQW &1&) &KDPEUH1DWLRQDOHGHV&RQVHLOVHW([SHUWV
&1 &UHGLW1RWH )LQDQFLHUV )UDQFH 
&1 &XQHR,WDO\ &1' FRPSXWHUQHWZRUNGHIHQFH
&1 &\DQLGH GpIHQVHGHVUpVHDX[LQIRUPDWLTXHV
,QRUJDQLF&KHPLVWU\ &1'6FQGV DEEU FRQGHQVDWH
&1$ &DLVVH1DWLRQDOHGHV$XWRURXWHV )UDQFH  6FLHQFH
&1$ &HQWHUIRU1DYDO$QDO\VLV 86$  &1(' &HQWUH1DWLRQDOGHO
(QVHLJQHPHQWj
&1$ FRPSXWHUQHWZRUNDWWDFN 'LVWDQFH )UDQFH 
DWWDTXHFRQWUHOHVUpVHDX[LQIRUPDWLTXHV )UDQFH&HQWHU
&1$ &1$ &RQIHGHUD]LRQH1D]LRQDOH &1(/ &RQVLJOLR1D]LRQDOHGHOO
(FRQRPLDHGHO
GHOO
$UWLJLDQDWR /DYRUR
,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO)HGHUDWLRQRI ,WDOLDQDFURQ\PRIWKH1DWLRQDO&RXQFLORI
&UDIWVPHQ&UDIWVZRPHQ (FRQRPLFVDQG/DERU
&1$' &RQIHUHQFHRI1DWLRQDO$UPDPHQWV ,WDOLDQ&RXQFLO
'LUHFWRUV &1(0( &HQWUH1DWLRQDOG
(WXGHVGH0HVXUHVHW
G
([SHUWLVH )UDQFH 


)UHQFK&HQWHU ,WDOLDQ&HQWHU5HIHUHQFH0DWHULDOV
&1(1 &RPLWDWR1D]LRQDOHSHUO
(QHUJLD1XFOHDUH &11 &DEOH1HZV1HWZRUN 86$ 
,WDOLDQDFURQ\PRIWKH1DWLRQDO&RPPLWWHHIRU FQQ DEEU FRQQHFWRU
1XFOHDU(QHUJ\ 'HVLJQ(QJLQHHULQJ(OHFWULFDO(QJLQHHULQJ
&1(6 &HQWUH1DWLRQDOG
(WXGHV6SDWLDOHV ,QGXVWULDO(QJLQHHULQJ
)UHQFKDFURQ\PRIWKH1DWLRQDO&HQWHUIRU6SDFH &116 &RQQHFWLRQOHVV1HWZRUN6HUYLFHV
6WXGLHV )UDQFH  &12 &KLHIRI1DYDO2SHUDWLRQV
&1(7 &HQWUH1DWLRQDOG
(WXGHVGHV &12F\FOH &DUERQ1LWURJHQ2[\JHQF\FOH
7pOpFRPPXQLFDWLRQV )UDQFH  +LJKWHPSHUDWXUHWKHUPRQXFOHDUUHDFWLRQVLQVWDUV
&1(72 &HQWUR1D]LRQDOH(GLOL]LDH7HFQLFKH $VWURQRP\
2VSHGDOLHUH &12'& &KLQD1DWLRQDO2FHDQRJUDSKLF'DWD
,WDOLDQ&HQWHU &HQWHU
&1) &HQWUH1DWLRQDOGH)RUPDWLRQ )UDQFH  &KLQHVH&HQWHU
)UHQFK&HQWHU &12) &RQVHLO1DWLRQDOGHO
2UJDQLVDWLRQ)UDQoDLVH
&1) &RQMXQFWLYH1RUPDO)RUP )UDQFH 
$UWLILFLDO,QWHOOLJHQFH )UHQFK&RXQFLO
&1) &\DQRJHQ)OXRULGH &126 &HQWUR1D]LRQDOH2SHUH6DOHVLDQH
&1)LVXVHGPDLQO\DVDWHDUJDV ,WDOLDQ&HQWHU
,QRUJDQLF&KHPLVWU\ &126) &RPLWp1DWLRQDO2O\PSLTXHHW6SRUWLI
&1)37 &HQWUH1DWLRQDOGHOD)RQFWLRQ3XEOLTXH )UDQoDLV )UDQFH 
7HUULWRULDOH )UDQFH  &13 

F\FOLFQXFOHRWLGH
SKRVSKRK\GURODVH
)UHQFK&HQWHU &13 &DLVVH1DWLRQDOHGH3UpYR\DQFH )UDQFH 
&1* &RPSUHVVHG1DWXUDO*DV )UHQFKLQLWLDOLVPRIWKH1DWLRQDO3URYLGHQW)XQG
&1* &\FOLF1XFOHRWLGH*DWHG&KDQQHOV &13 &RPPLWWHHRQ1XFOHDU3K\VLFV 86$ 
0HGLFLQH0ROHFXODU%LRORJ\DQG*HQHWLFV &13 &RQWLQXRXV1HJDWLYH3UHVVXUH
1HXURELRORJ\2GRUDQW6LJQDOV 0HGLFLQH
&1*( &RUSR1D]LRQDOH*LRYDQL(VSORUDWRUL ,WDO\  &133 &HQWUH1DWLRQDOGH3UpYHQWLRQHWGH
&1, &KHPLFDO1HZV ,QWHOOLJHQFH 3URWHFWLRQ )UDQFH 
2QOLQHLQIRUPDWLRQUHVRXUFHVIRUWKH&KHPLFDO )UHQFKLQLWLDOLVPRIWKH1DWLRQDO&HQWHUIRU
,QGXVWU\ 3UHYHQWLRQDQG3URWHFWLRQ
&1, &RPPXQLFDWLRQV1DYLJDWLRQ,GHQWLILFDWLRQ &136 &HQWUH1DWLRQDOGHV3RQWVGH6HFRXUV
&1,( &RPPLWWHHIRUWKH1DWLRQDO,QVWLWXWHIRUWKH )UDQFH 
(QYLURQPHQW 86$  &1369(5 &HQWUH1DWLRQDOGHV3RQWVGH6HFRXUVj
&1,,& &KLQD1DWLRQDO,QWHUQHW,QIRUPDWLRQ&HQWHU 9HUQHXLOO
(WDQJ )UDQFH 
&KLQD  &15 FRPEDWQHWUDGLR
&KLQD,QWHUQHW UDGLRGHUpVHDXGHFRPEDW
&1,- &HQWUR1DFLRQDOGH,QIRUPDomRSDUDD &15 &RPPLWWHHRQ1DWXUDO5HVRXUFHV81
-XYHQWXGH 3RUWXJDO  &15&15 &RQVLJOLR1D]LRQDOHGHOOH5LFHUFKH
3RUWXJXHVH&HQWHU ,WDO\ 
&1,2 1DWLRQDO&DQFHU5HVHDUFK&HQWHU ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO5HVHDUFK
6SDQLVK&HQWHU &RXQFLO
&1/$ &KLQD1DWLRQDO/LEUDU\$VVRFLDWLRQ &15) &ROG1HXWURQ5HVHDUFK)DFLOLW\
&1/$ &RXQFLORI1DWLRQDO/LEUDU\$VVRFLDWLRQV &16 &HQWHUIRU1HXURVFLHQFH 86$ 
&10 &HUWLILHG1XUVH0LGZLIH &16 &HQWUDO1HUYRXV6\VWHP
&10&$ &HQWUR1D]LRQDOH0HWHRURORJLD 7KH&16FRPSULVHVWKHEUDLQH\HVDQGVSLQDO
&OLPDWRORJLD$HURQDXWLFD ,WDO\  FRUG
/RFDWHGLQ5RPH,WDO\7KH$HURQDXWLFVVHUYLFHLV $QDWRP\%UDLQDQG&RJQLWLYH6FLHQFHV
SDUWRIWKH200 1HXURSK\VLRORJ\1HXURORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU200 &16 VHH&201$96287+
&10( &DLVVH1DWLRQDOHGHV0DUFKpVGHO
(WDW YRLU&201$96287+
)UDQFH  &16$ 1DWLRQDO&HQWUHIRU(QYLURQPHQWDO+HDOWK
&105 &HQWUR1D]LRQDOH0DWHULDOLGL5LIHULPHQWR 6SDLQ 
,WDO\ 


&16' &RPSXWHUDQG1HWZRUN6HUYLFHV'LYLVLRQ &2 DEEU &RORUDGR 86$ 


86$  &2 &RPPDQGLQJ2IILFHU
&16'KDVUHSODFHG&6* &RPSXWHU6XSSRUW &2 &RPPXQLFDWLRQV2IILFHU
*URXS  &2 &RPR,WDO\
&16, &DOLIRUQLD1DQR6\VWHPV,QVWLWXWH 86$  &R DEEU &RPSDQ\
&16, &RPXQLWj1XRYL6WDWL,QGLSHQGHQWL $OVR&R\
&167 &RQVLJOLR1D]LRQDOHGHOOD6FLHQ]DHGHOOD &2 7KHDLUOLQHFRGHIRU&RQWLQHQWDO$LUOLQHV
7HFQLFD ,WDO\  &R DEEU &RXQW\
,WDOLDQLQLWLDOLVPRIWKH6FLHQFHDQG7HFKQLTXH &2 &RYHUHG2SWLRQ
1DWLRQDO&RXQFLO %DQNLQJ%XVLQHVV)LQDQFH
&167$7 &RPPLWWHHRQ1DWLRQDO67$7LVWLFV &2 &\WRFKURPH2[LGDVH
86$  &2LVDPLWRFKRQGULDOHQ]\PH
&17 &RQVHLO1DWLRQDOGX7UDYDLO %HOJLXP  1HXURVFLHQFH
%HOJLDQ&RXQFLO &2 &DUERQ'LR[LGH
&17) &LOLDU\1HXURWURSKLF)DFWRU &2 LVXVHGPDLQO\LQUHIULJHUDWLRQV\VWHPVFDU
2EHVLW\ ERQDWHGEHYHUDJHVDHURVROVDQGILUHH[WLQJXLVKHUV
&17)(7V &DUERQ1DQRWXEH)LHOG(IIHFW ,QRUJDQLF&KHPLVWU\
7UDQVLVWRUV &R$ &RHQ]\PH$
$SSOLHG3K\VLFV &RHQ]\PH$ LVHVVHQWLDOO\DFRHQ]\PHWKDWLV
&175 DEEU &RQWDLQHU IRXQGLQWKHFHOOVRIOLYLQJRUJDQLVPV
&176 &HQWHUIRU1XFOHDU7HFKQRORJ\DQG6RFLHW\ &2$ &RQWUDFW2I$IIUHLJKWPHQW
$W:RUFHVWHU3RO\WHFKQLF,QVWLWXWH &2$ FRXUVHRIDFWLRQ
1DQRVFLHQFH3K\VLFV DPRGHG·DFWLRQ
&18/ &RXQFLORI1DWLRQDO8QLYHUVLW\/LEUDULHV ESODQG·DFWLRQ
&19$ &DSLWDOH1RUPDOL]]DWRGL9DOXWD]LRQH &2$0&RDP DEEU FRDPLQJ
$QDOLWLFD 1DYDO$UFKLWHFWXUH
,WDOLDQLQLWLDOLVPPHDQLQJ6WDQGDUGL]HG&DSLWDORI &2$3 &HQWHUIRU2FHDQ$QDO\VLVDQG3UHGLFWLRQ
$QDO\WLFDO(YDOXDWLRQ 86$ 
&195 DEEU FRQYH\RU &2$3 &\FORSKRVSKDPLGH2QFRYLQ$UD&DQG
&2 &DOO2SWLRQ 3UHGQLVRQH
%DQNLQJ%XVLQHVV)LQDQFH 2QFRORJ\
&2 &DUERQ0RQR[LGH &2$3(& &RXSOHG2FHDQ$WPRVSKHUH3URFHVVHV
&DUERQ0RQR[LGHLVDSRLVRQRXVDQGLQIODPPDEOH DQG(XURSHDQ&OLPDWH *% 
JDV,ILQKDOHGLWFDQFDXVHDVSK\[LDWLRQ &2$3(&LVD\HDUSURJUDPPHIXQGHGE\
,QRUJDQLF&KHPLVWU\ 1(5&
&2 &DUGLDF2XWSXW $LU6HDIOX[$QDO\VLV(YROXWLRQRI2FHDQ+HDW
3K\VLRORJ\ $QRPDOLHV2FHDQDQG&OLPDWH0RGHOOLQJ
FR FDUHRIFDUULHGRYHU 7URSLFDO$WODQWLF:DUP(YHQWV
&2 &DVK2UGHU )RUIXUWKHUGHWDLOVVHHXQGHU1(5&
%XVLQHVV&RPPHUFH &2$5 FHQWUHG
RSpUDWLRQVDpULHQQHVUpJLRQDO
&2 &HQWUDO2IILFH UHJLRQDODLURSHUDWLRQVFHQWUH 5$2& 
&2 &HUWLILFDWLRQ2IILFHU *%  &2$5( &RXSOHG2FHDQ$WPRVSKHUH5HVSRQVH
&R &OHDQRXW ([SHULPHQW
&R 7KHFKHPLFDOV\PEROIRU&REDOW 7KH&2$5(LVDQLQWHUQDWLRQDO72*$ SURJUDPRI
&REDOWLVXVHGPDLQO\LQDOOR\VDQGFHUDPLFVSUR RFHDQLFDQGDWPRVSKHULFREVHUYDWLRQVLQWKHZHVW
GXFWLRQ HUQWURSLFDOSDFLILF
6\PEROV&KHPLVWU\ &2$6 &RRSHUDWLYD2OELHQVH$UWLJLDQDWR6HQHJDOHVH
&R &RHQ]\PH 2OELD,WDO\ 
(Q]\PRORJ\ &2$67 &DPEULGJH2SWLFDO$SHUWXUH6\QWKHVLV
&2 &RLQVXUDQFH 7HOHVFRSH
&2 &RORPELD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQ $VWURQRP\
OHWWHUV &2% FHQWUHG
RSpUDWLRQVGHEDWDLOORQ
&2 &RORQLDO2IILFH *%  EDWWDOLRQRSHUDWLRQVFHQWUH%2&


FRORFDWHGRSHUDWLQJEDVH &R&U2 &REDOWRXV&KURPDWH


EDVHRSpUDWLRQQHOOHFRwPSODQWpH ,QRUJDQLF&KHPLVWU\
&R% &REDOWLF%RULGH &2&7$ &RQFHSWXDODQG7HUPLQRORJLFDO$QDO\VLV
&REDOWLF%RULGHLVXVHGPDLQO\LQFHUDPLFV &2' FDUULHURQERDUGGHOLYHU\
,QRUJDQLF&KHPLVWU\ OLYUDLVRQjERUG
&2% &RPPLVVLRQGHV2SpUDWLRQVGH%RXUVH &2' &DVK2Q'HOLYHU\
)UHQFKDFURQ\PRIWKH6HFXULWLHVDQG,QYHVWPHQWV FRG DEEU FRGH[
%RDUG *% 6HFXULWLHVDQG([FKDQJH $UFKDHRORJ\
&RPPLVVLRQ 86  FRG DEEU FRGLQJ
&2%$& &2PLWDWLGL%DVHSHUO
$VVHPEOHD &RPSXWHU3URJUDPPLQJ
&RVWLWXHQWH ,WDO\  &2' &ROOHFW2Q'HOLYHU\
&2%&2( 7KH&RXQFLO2I%ULWLVK&KDPEHUV2I &2'$ &DVK2Q'HIHUUHG$UUDQJHPHQW
&RPPHUFHLQ&2QWLQHQWDO(XURSH &2'$ FHQWUHG
RSpUDWLRQVGHODGpIHQVHDpULHQQH
&2%( VDWHOOLWH &2VPLF%DFNJURXQG([SORUHU DLUGHIHQFHRSHUDWLRQVFHQWUH $'2& 
VDWHOOLWH1$6$
V FRGD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
$VWURQRP\$VWURSK\VLFV&RVPRORJ\ XVLQJWKH,WDOLDQZRUGFRGDZKLFKPHDQVLQ
&2%0$0 &\FORSKRVSKDPLGH2QFRYLQ ,WDOLDQWDLOTXHXH
%OHRP\FLQ0HWKRWUH[DWH$GULDP\FLQDQG &2'$* FRPELQHGGLHVHODQGJDV SURSXOVLRQ 
0H&&18 SURSXOVLRQ FRPELQpHGLHVHOHW WXUELQHj JD]
2QFRORJ\ &2'$5 &RDVWDO2FHDQ'\QDPLFV$SSOLFDWLRQV
&2%1(7 &RUSRUDWH2SWLFDO%DFNERQH1(7ZRUN 5DGDU
(XURSHDQ&RPPXQLW\3URMHFW &2'$5 &2UUHODWLRQ'HWHFWLRQ$QG5DQJLQJ
&2%2/ &2PPRQ%XVLQHVV2ULHQWHG/DQJXDJH &2'$5LVDVXEPDULQHGHWHFWLRQPHWKRG
&RPSXWHU3URJUDPPLQJ $FRXVWLFDO(QJLQHHULQJ
&2%5$ &RPPRQ2SHQ%URNHUDJH$UFKLWHFWXUH &2'$6</ &2QIHUHQFHRQ'$WD6\VWHPV
(XURSHDQ&RPPXQLW\3URMHFW /DQJXDJHV
&2%5$ FRXQWHUEDWWHU\UDGDU &RPSXWHU3URJUDPPLQJ
UDGDUGHFRQWUHEDWWHULH &2'$7$ &RPPLWWHH2Q'$WDIRU6FLHQFHDQG
&2%8&2V\VWHP &2UGOHVV%8VLQHVV 7HFKQRORJ\
&2PPXQLFDWLRQV\VWHP )RXQGHGLQE\,&68WRLPSURYHWKHTXDOLW\
(XURSHDQ&RPPXQLW\3URMHFW UHOLDELOLW\DQGDFFHVVLELOLW\RIVFLHQWLILFGDWD
&2& &DWKRGDO2SHQLQJ&RQWUDFWLRQ LQFOXGLQJQRWRQO\TXDQWLWDWLYHLQIRUPDWLRQRQWKH
0HGLFLQH SURSHUWLHVDQGEHKDYLRURIPDWWHUEXWDOVRRWKHU
&2& FHUWLILFDWHRIFRQIRUPDQFH H[SHULPHQWDODQGREVHUYDWLRQDOGDWD
FHUWLILFDWGHFRQIRUPLWp &'&  &2',$& &2RSHUDWLYH'LVWULEXWHG,QWHUDFWLYH
FKDQJHRIFRPPDQG $WPRVSKHULF&DWDORJ
SDVVDWLRQGHFRPPDQGHPHQW &2',6 &OLS2Q'HPDQG,QWHUDFWLYH6\VWHP
FRPEDWRSHUDWLRQVFHQWUH (XURSHDQ&RPPXQLW\3URMHFW
FHQWUHGHVRSpUDWLRQVGHFRPEDW &2'2* FRPELQHGGLHVHORUJDV SURSXOVLRQ 
&2&& &HQWHUIRU2FHDQ&OLPDWH&KHPLVWU\ SURSXOVLRQ FRPELQpHGLHVHORX WXUELQHj JD]
&DQDGD  &2( &RXQFLO2I(XURSH
&2&O &DUERQ\O&KORULGH &2( &UXGH2LO(TXLYDOHQW
&DUERQ\O&KORULGHDOVRNQRZQDV3KRVJHQHLV &2( &XUUHQW2SHUDWLRQ([SHQGLWXUH
XVHGPDLQO\DVDKHUELFLGHDQGSHVWLFLGH &2(& &RXQFLO2SHUDWLRQVDQG([HUFLVH
2UJDQLF&KHPLVWU\ &RPPLWWHH
&R&O &REDOWRXV&KORULGH &RPLWpGHVRSpUDWLRQVGX&RQVHLOHWGHVH[HUFLFHV
,QRUJDQLF&KHPLVWU\ FRHIIFRHII DEEU FRHIILFLHQW
&R&2 &REDOWRXV&DUERQDWH &2(V &HQWHUV2I([FHOOHQFH
,QRUJDQLF&KHPLVWU\ &2(6$ &RPPLWWHHRQ([WHQVLRQWRWKH6WDQGDUG
FRFRFRFROODERUDWRULFRRUGLQDWLHFRQWLQXDWLYL $WPRVSKHUH 86$ 
,WDO\  &R) &REDOWRXV+\GUR[LGH
:RUNLQJ&RQGLWLRQVLQ,WDO\ &REDOWRXV+\GUR[LGHLVDOVRNQRZQDV&REDOW
&2&202 DEEU &2QVWUXFWLYH&2VW02GHO +\GUDWH&REDOW+\GUR[LGH


,QRUJDQLF&KHPLVWU\ &RPSXWHU3URJUDPPLQJ
&2) &DUERQ\O)OXRULGH &2*2* FRPELQHGJDVRUJDV SURSXOVLRQ 
&DUERQ\O)OXRULGHDOVRNQRZQDV SURSXOVLRQ FRPELQpH WXUELQHj JD]RX WXUELQH
)OXRURVSKRVJHQHLVXVHGLQRUJDQLFV\QWKHVLV j JD]
2UJDQLF&KHPLVWU\ &2+ FHVVDWLRQRIKRVWLOLWLHV
&R) &REDOWRXV)OXRULGH FHVVDWLRQGHVKRVWLOLWpV
&REDOWRXV)OXRULGHLVDOVRNQRZQDV &2+$ FHVVDWLRQRIKRVWLOLWLHVDJUHHPHQW
&REDOW GL )OXRULGH DFFRUGGHFHVVDWLRQGHVKRVWLOLWpV
,QRUJDQLF&KHPLVWU\ &RKR &RKHUHQWRVFLOODWRU
&R) &REDOWLF)OXRULGH (OHFWURQLFV
&REDOWLF)OXRULGHLVDOVRNQRZQDV&REDOW &2+5 &HQWHUIRU2UDO+HDOWK5HVHDUFK
7ULIOXRULGH 8QLYHUVLW\RI.HQWXFN\ 86$ 
,QRUJDQLF&KHPLVWU\ &2, &HQWUDO2IILFHRI,QIRUPDWLRQ
&2)$&( &RPSDJQLH)UDQoDLVHG
$VVXUDQFHVSRXU &2, &RPPLVVLRQRFpDQRJUDSKLTXHLQWHUJRX
OH&RPPHUFH([WpULHXU YHUQHPHQWDOH
)UHQFKDFURQ\PRIWKH([SRUW&UHGLW*XDUDQWHH ,QWHUJRYHUQPHQWDO2FHDQRJUDSKLF&RPPLVVLRQ
'HSDUWPHQW ,2& 
&2)$&( &RQIHGHUDWLRQRI)DPLO\2UJDQL]DWLRQV FRPPXQLW\RILQWHUHVW
LQWKH(XURSHDQ&RPPXQLW\ FRPPXQDXWpG·LQWpUrWV
&2)& &RQWDLQHU2Q)ODWFDU &2,& &DUHHUVDQG2FFXSDWLRQDO,QIRUPDWLRQ&HQWUH
&RI(QJUV &KLHIRI(QJLQHHUV *% 
&2))FRII DEEU FRIIHUGDP %ULWLVK&HQWHU
1DYDO$UFKLWHFWXUH &2,( &HQWURGH2ULHQWDFLyQH,QIRUPDFLyQGH
&2))$ FHUWLILFDWHRIILQDOILQDQFLDODFFHSWDQFH (PSOHR 6SDLQ 
FHUWLILFDWG·DFFHSWDWLRQILQDQFLqUHILQDOH &2,1 &HQWUHIRU2UJDQLF,1IRUPDWLFV
&2), &2PPLWWHHRQ),VKHULHV (VWDEOLVKHGLQ(DVW6ZHGHQ
2IWKH81)$2 2UJDQLFDQG3RO\PHU(OHFWURQLFV
)RUIXUWKHUGHWDLOVVHHXQGHU)$2 &2,1 &2QVRU]LRFRRSHUDWLYH,1WHJUDWH
&2)2 &HUWLILFDWH2)2FFXSDQF\ ,WDOLDQ&RQVRUWLXP
&2)7,5 &2)RXULHU7UDQVIRUP,QIUDUHG &2,1 FRXQWHULQVXUJHQF\
6SHFWURVFRS\ FRQWUHLQVXUUHFWLRQ
&2* &HQWHU2I*UDYLW\ &2,123 FRXQWHULQVXUJHU\RSHUDWLRQ
0HFKDQLFV RSpUDWLRQGHFRQWUHLQVXUUHFWLRQ
&2*$ &2OODERUDWLYHVWXG\RQWKH*HQHWLFVRI &2,16 &2PSXWHUL]HG,1IRUPDWLRQ6\VWHPV
$OFRKROLVP &RO DEEU &ROXPELD 86$ 
%HKDYLRUDO*HQHWLFV &RO&ROR DEEU &RORUDGR 86$ 
&2*$* FRPELQHGJDVDQGJDV SURSXOVLRQ  FRO DEEU FROXPQ
SURSXOVLRQ FRPELQpH WXUELQHj JD]HW WXUELQH $UFKLWHFWXUH&KHPLFDO(QJLQHHULQJ&RPSXWHU
j JD] 3URJUDPPLQJ(QJLQHHULQJ0DWKHPDWLFV
&2*(0, &2QWUDFWDQWV*(QpUDX[GH0DLVRQV 1XFOHRQLFV
)UDQFH  &2/ &RVW2I/LYLQJ
&2*(1( &RPPLWWHH2Q*(1HWLF &2/ &RXQFLORQ2FHDQ/DZ
([SHULPHQWDWLRQ &2/$ &RVW2I/LYLQJ$GMXVWPHQW
/RFDWHGLQ3DULV)UDQFH)RXQGHGLQWRVHUYH &2/$ &RVW2I/LYLQJ$OORZDQFH
DVDQRQJRYHUQPHQWDOLQWHUGLVFLSOLQDU\DQGLQWHU &2ODVHU &DUERQ0RQR[LGHODVHU
QDWLRQDOFRXQFLORIVFLHQWLVWVDQGDVDVRXUFHRI 2SWLFV
DGYLFHIRUWKHEHQHILWRIJRYHUQPHQWVLQWHUJRYHUQ &2/$ 6WXGLHV &HQWHUIRU2FHDQ/DQG$WPRVSKHUH
PHQWDODJHQFLHVVFLHQWLILFJURXSVDQGLQGLYLGXDOV 6WXGLHV
FRQFHUQLQJUHFRPELQDQW'1$ DFWLYLWLHV &ROG &RPSXWHURXWSXWWRODVHUGLVN
&2JHQH&\WRFKURPH2[LGDVHJHQH &2/' &RXQFLORQ2FHDQRJUDSKLF/DERUDWRU\
%LRPHGLFDO&KHPLVWU\&DUGLDF+\SHUWURSK\ 'LUHFWRUV
0HGLFLQH &2/',5(77, &RQIHGHUD]LRQH1D]LRQDOH
&2*2 DEEU &RRUGLQDWH*HRPHWU\ &ROWLYDWRUL'LUHWWL


,WDOLDQDFURQ\PRIWKH,WDOLDQ)DUPHUV
1DWLRQDO RSpUDWLRQVDpULHQQHVFRPELQpHV
)HGHUDWLRQ &20$5$,50(' &RPPDQGHU0DULWLPH$LU
&2/($51 DEEU &2RSHUDWLYH/($51LQJ )RUFH0HGLWHUUDQHDQ
FROO DEEU FROOLVLRQ FRPPDQGDQWGHV)RUFHVDpURPDULWLPHVGHOD
&2/2& FKDQJHRIORFDWLRQRIFRPPDQG 0pGLWHUUDQpH
DEDVFXOHGH3&>)5@ &20$55& &RPPDQGHU$55&
EFKDQJHPHQWG·HPSODFHPHQWGXFRPPDQGH FRPPDQGDQWGHO·$55&
PHQW &20% &HQWHU2I0DULQH%LRWHFKQRORJ\
&2/26 &2QFHSW/HDUQLQJ2I6FLHQFH 2IWKH8QLYHUVLW\RI0DU\ODQG 86$ 
&2/352 FROOHFWLYHSURWHFWLRQ>1%&@ %LRUHPHGLDWLRQ)LVK(QGRFULQRORJ\*HQHWLFVRI
SURWHFWLRQFROOHFWLYH>1%&@ $UFKDHDO2UJDQLVPV0DULQH0LFURELDO3URGXFWV
&2/7 &LW\2I/RQGRQ7HOHFRPPXQLFDWLRQV 0ROHFXODU%LRORJ\
&RQIHUHQFHV &20% &\FORSKRVSKDPLGH2QFRYLQ0H&&18
&20 FLUFXODWLRQRSpUDWLRQQHOOHPLOLWDLUH DQG%OHRP\FLQ
RSHUDWLRQDODLUWUDIILF 2$7  2QFRORJ\
&20 &ODTXHPHQWG
2XYHUWXUHGHOD0LWUDOH FRPE 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
)UHQFKDFURQ\PPHDQLQJ0LWUDO2SHQLQJ6QDS (QJOLVKZRUGFRPE 0ROHFXODU%LRORJ\
0HGLFLQH ,QYHUWHEUDWH=RRORJ\9HUWHEUDWH=RRORJ\ 
&20 &RPSXWHU2XWSXWRQ0LFURILOPHU &20%$/7$3 &RPPDQGHU$OOLHG)RUFHV%DOWLF
&20$ &2PPLWWHHRQWKH0HGLFDO$VSHFWVRI)RRG $SSURDFKHV>REVROHWHQRZSDUWRI&,1&
DQG1XWULWLRQ3ROLF\ *%  1257+@
&20$,5%$/7$3 &RPPDQGHU$OOLHG$LU)RUFHV FRPPDQGDQWGHV)RUFHVDOOLpHVGHVDSSURFKHVGH
%DOWLF$SSURDFKHV>REVROHWHQRZSDUWRI OD%DOWLTXH>REVROqWHIDLWPDLQWHQDQWSDUWLHGX
&20$,51257+@ &,1&1257+@
FRPPDQGDQWGHV)RUFHVDpULHQQHVDOOLpHVGHV &20%(; FRPELQHGH[HUFLVH
DSSURFKHVGHOD%DOWLTXH>REVROqWHIDLWPDLQ H[HUFLFHPXOWLQDWLRQDO
WHQDQWSDUWLHGH&20$,51257+@ &20&HQWHU &RPPXQLFDWLRQ2SWLFVDQG
&20$,5&(17 &RPPDQGHU$OOLHG$LU)RUFHV 0DWHULDOV&HQWHU
&HQWUDO5HJLRQ>REVROHWH@ 2IWKH'HQPDUN7HFKQLFDO8QLYHUVLW\
FRPPDQGDQWGHV)RUFHVDpULHQQHVDOOLpHVGHOD &20&+(&. FRPPXQLFDWLRQVFKHFN
5pJLRQ&HQWUH>REVROqWH@ YpULILFDWLRQGHVWUDQVPLVVVLRQV
&20$,5&(17/$17 &RPPDQGHU0DULWLPH$LU &RPGU DEEU &RPPDQGHU
&HQWUDO$WODQWLF6XE$UHD>REVROHWH@ $OVR&RPP&PGU&GU
FRPPDQGDQWGHV)RUFHVDpURPDULWLPHGHOD6RXV FRPGW DEEU &RPPDQGDQW
]RQHFHQWUDOHGHO·$WODQWLTXH>REVROqWH@ &20(&21&RPHFRQ &RXQFLOIRU0XWXDO
&20$,5($67/$17 &RPPDQGHU1DYDO$LU (FRQRPLF$VVLVWDQFH
)RUFHV(DVW$WODQWLF>KDVUHSODFHG&20 &20('6 &RPPLWWHHRIWKH&KLHIVRI0LOLWDU\
0$5$,5($67/$17@ 0HGLFDO6HUYLFHVLQ1$72
FRPPDQGDQWGHV)RUFHVDpURQDYDOHV(VWGH &RPLWpGHVFKHIVGHVVHUYLFHVGHVDQWpPLOLWDLUHV
O·$WODQWLTXH>UHPSODFH&200$5$,5($67 DXVHLQGHO·27$1
/$17@ &20()27 &2QVRU]LR0(GLWHUUDQHRGL
&20$,51257+ &RPPDQGHU$OOLHG$LU)RUFHV )2UPD]LRQH7HFQRORJLFD
1RUWK ,WDOLDQ&RQVRUWLXP
FRPPDQGDQWGHV)RUFHVDpULHQQHVDOOLpHV1RUG &20(6$&RPHVD &RPPRQ0DUNHWIRU(DVWHUQ
&20$-) FRPPDQGHUDOOLHGMRLQWIRUFH DQG6RXWKHUQ$IULFD
FRPPDQGDQWGHIRUFHLQWHUDUPpHVLQWHUDOOLpH &20(7 &2QVRUWLXPIRU0LFURHOHFWURQLFV
&20$0) $ &RPPDQGHU$&(0RELOH)RUFH 7UDLQLQJ
$LU  &20(77 &RPPXQLW\DFWLRQSURJUDPPHIRU
FRPPDQGDQWGHOD)RUFHPRELOHGX&$( $LU  (GXFDWLRQDQG7UDLQLQJIRU7HFKQRORJ\
&20$0) / &RPPDQGHU$&(0RELOH)RUFH (XURSHDQ&RPPXQLW\3URJUDP
/DQG  &20(; FRPPHQFHH[HUFLVH
FRPPDQGDQWGHOD)RUFHPRELOHGX&$( 7HUUH  FRPPHQFHUO·H[HUFLFH
&20$2 FRPSRVLWHDLURSHUDWLRQV FRPPXQLFDWLRQVH[HUFLVH


H[HUFLFHGHWUDQVPLVVLRQV RXWpOpFRPPXQLFD FRPPDQGDQWGHV)RUFHVWHUUHVWUHVDOOLpHVGX6XG


WLRQV  (XURSH
&20(; &20PLWWHHRQ(;FKDQJHV 86$  &20/$1'6287+&(17 &RPPDQGHU$OOLHG
&20(; &20PRGLW\([FKDQJH 1HZ<RUN /DQG)RUFHV6RXWK&HQWUDO(XURSH
86$  FRPPDQGDQWGHV)RUFHVWHUUHVWUHVDOOLpHVGX
&20,17 FRPPXQLFDWLRQVLQWHOOLJHQFH &HQWUH6XG(XURSH
UHQVHLJQHPHQWWUDQVPLVVLRQV &20/2*6,75(3 FRPPXQLFDWLRQVORJLVWLFVLWXD
&20,175(3 FRPPXQLFDWLRQVLQWHOOLJHQFHUHSRUW WLRQUHSRUW
FRPSWHUHQGXGXUHQVHLJQHPHQWWUDQVPLVVLRQV FRPSWHUHQGXGHVLWXDWLRQORJLVWLTXHVXUOHVWUDQV
&20,17680 FRPPXQLFDWLRQVLQWHOOLJHQFHVXP PLVVLRQV
PDU\ &200 &KHPLVWU\2I0HWDOVLQ0HGLFLQH
V\QWKqVHGHUHQVHLJQHPHQWWUDQVPLVVLRQV (XURSHDQ&RPPXQLW\3URMHFW
&20-$0 FRPPXQLFDWLRQVMDPPLQJ FRPP DEEU FRPPDQGHU
EURXLOODJHWUDQVPLVVLRQV RXGHVWpOpFRPPXQLFD $OVR&GU&RPGU&PGU
WLRQV  FRPP DEEU FRPPHUFLR
&20-&&(17 &RPPDQGHU-RLQW&RPPDQG ,WDOLDQDEEUHYLDWLRQPHDQLQJWUDGHFRPPHUFH
&HQWUH EXVLQHVVWUDGLQJPDUNHW
FRPPDQGDQWGX&RPPDQGHPHQWLQWHUDUPpHV FRPP DEEU FRPPLVVLRQ
&HQWUH FRPP DEEU FRPPRGRUH
&20-&1257+ &RPPDQGHU-RLQW&RPPDQG $OVRFRP
1RUWK FRPP DEEU FRPPXQLFDWLRQ
FRPPDQGDQWGX&RPPDQGHPHQWLQWHUDUPpHV &200$,5125/$17 &RPPDQGHU0DULWLPH$LU
1RUG 1RUWKHUQ$WODQWLF$UHD
&20-&1257+($67 &RPPDQGHU-RLQW FRPPDQGDQWGHV)RUFHVDpURQDYDOHVGX6HFWHXU
&RPPDQG1RUWK(DVW VHSWHQWULRQDOGHO·$WODQWLTXH
FRPPDQGDQWGX&RPPDQGHPHQWLQWHUDUPpHV &200$5$,5($67/$17 &RPPDQGHU0DULWLPH
1RUG(VW $LU(DVWHUQ$WODQWLF$UHD>REVROHWHUHSODFHGE\
&20-&6287+ &RPPDQGHU-RLQW&RPPDQG &20$,5($67/$17@
6RXWK FRPPDQGDQWGHV)RUFHVDpURQDYDOHVGX6HFWHXU
FRPPDQGDQWGX&RPPDQGHPHQWLQWHUDUPpHV6XG RULHQWDOGHO·$WODQWLTXH>REVROqWHUHPSODFpSDU
&20-&6287+&(17 &RPPDQGHU-RLQW &20$,5($67/$17@
&RPPDQG6RXWK&HQWUH &200$5$,51257+ &RPPDQGHU0DULWLPH
FRPPDQGDQWGX&RPPDQGHPHQWLQWHUDUPpHV6XG $LU)RUFHV1RUWK
&HQWUH FRPPDQGDQWGHV)RUFHVDpURQDYDOHV1RUG
&20-&6287+($67 &RPPDQGHU-RLQW &RPPDQGHU0DULWLPH$OOLHG1DYDO)RUFHV
&RPPDQG6RXWK(DVW 1RUWK
FRPPDQGDQWGX&RPPDQGHPHQWLQWHUDUPpHV6XG FRPPDQGDQWGHV)RUFHVDpURQDYDOHVDOOLpHV
(VW 1RUG
&20-&6287+:(67 &RPPDQGHU-RLQW &200= FRPPXQLFDWLRQV]RQH
&RPPDQG6RXWK:HVW ]RQHGHVFRPPXQLFDWLRQV
FRPPDQGDQWGX&RPPDQGHPHQWLQWHUDUPpHV6XG &201$91257+ &RPPDQGHU$OOLHG1DYDO
2XHVW )RUFHV1RUWK
&20.)25 &RPPDQGHURIWKH.RVRYR)RUFH FRPPDQGDQWGHV)RUFHVQDYDOHVDOOLpHV1RUG
FRPPDQGDQWGHOD)RUFHSRXUOH.RVRYR &201$91257+:(67 &RPPDQGHU$OOLHG
FRPO DEEU FRPPHUFLDO 1DYDO)RUFHV1RUWKZHVWHUQ(XURSH>REVROHWH@
$OVRFPO FRPPDQGDQWGHV)RUFHVQDYDOHVDOOLpHVGX1RUG
&20/$ &20PRQZHDOWK/LEUDU\$VVRFLDWLRQ 2XHVW(XURSH>REVROqWH@
&20/1'-87 &RPPDQGHU$OOLHG/DQG)RUFHV &201$96287+ &RPPDQGHU$OOLHG1DYDO
6FKOHVZLJ+ROVWHLQDQG-XWODQG )RUFHV6RXWK>KDVUHSODFHG&201$96287+@
FRPPDQGDQWGHV)RUFHVWHUUHVWUHVDOOLpHVGX FRPPDQGDQWGHV)RUFHVQDYDOHVDOOLpHV6XG
6FKOHVZLJ+ROVWHLQHWGX-XWODQG >UHPSODFH&201$96287+@
&20/$1'6287+ &RPPDQGHU$OOLHG/DQG &RPPDQGHU$OOLHG1DYDO)RUFHV6RXWKHUQ
)RUFHV6RXWKHUQ(XURSH (XURSH>UHSODFHGE\&201$96287+@


FRPPDQGDQWGHV)RUFHVQDYDOHVDOOLpHVGX6XG &20675,.)/76287+ &RPPDQGHU1DYDO


(XURSH>UHPSODFpSDU&201$96287+@ 6WULNLQJ)OHHW6RXWKHUQ(XURSH
&20125+$* &RPPDQGHU1RUWKHUQ$UP\ FRPPDQGDQWGHOD)ORWWHG·LQWHUYHQWLRQGX6XG
*URXS>REVROHWH@ (XURSH
&RPPDQGDQWGX*URXSHG·DUPpHV1RUG &20675,.)256287+ &RPPDQGHU1DYDO
>REVROqWH@ 6WULNLQJDQG6XSSRUW)RUFHV6RXWKHUQ(XURSH
&20236 FRPPDQGHURIRSHUDWLRQV FRPPDQGDQWGHV)RUFHVQDYDOHVG·LQWHUYHQWLRQHW
FRPPDQGDQWGHVRSpUDWLRQV GHVRXWLHQGX6XG(XURSH
FRPS DEEU FRPSRXQG &2068%$&/$17 &RPPDQGHU6XEPDULQHV
$OVRFSG $WODQWLF>KDVUHSODFHG&2068%$&/$17 @
%LRORJ\&KHPLVWU\3HWUROHXP(QJLQHHULQJ FRPPDQGDQWGHV)RUFHVVRXVPDULQHVGH
&203$*&RPSDJ )HGHUD]LRQH1D]LRQDOH O·$WODQWLTXH>UHPSODFH&2068%$&/$17 @
&RPPHUFLDQWL0DFFKLQHH3URGRWWLSHU &RPPDQGHU6XEPDULQHV$WODQWLF$UHD>REVR
O
$JULFROWXUD ,WDO\  OHWHUHSODFHGE\&2068%$&/$17 @
,WDOLDQ)HGHUDWLRQ$JULFXOWXUDO3URGXFWV FRPPDQGDQWGHV)RUFHVVRXVPDULQHVGH
&RPSDQGHU DEEU &RPSUHVVRU([SDQGHU O·$WODQWLTXH>REVROqWHUHPSODFpSDU&2068%$
(OHFWURQLFV &/$17 @
&203,/( &20SDFWGLVF3XEOLVKLQJIRU &2068%($67/$17 &RPPDQGHU6XEPDULQHV
,QWHUDFWLYH/DQJXDJH/HDUQLQJ (DVW$WODQWLF>KDVUHSODFHG&2068%($67/$17
(XURSHDQ&RPPXQLW\3URMHFW @
&203/$1 FRPPXQLFDWLRQVSODQ FRPPDQGDQWGHV)RUFHVVRXVPDULQHV(VWGH
SODQGHVWUDQVPLVVLRQV O·$WODQWLTXH>UHPSODFH&2068%($67/$17 @
&203/(; &20PLWWHHRQ3ODQHWDU\DQG/XQDU &RPPDQGHU6XEPDULQHV(DVWHUQ$WODQWLF$UHD
(;SORUDWLRQ 86$  >REVROHWHUHSODFHGE\&2068%($67/$17 @
FRPSU DEEU FRPSUDWRUH FRPPDQGDQWGHV)RUFHVVRXVPDULQHVGX
,WDOLDQDEEUHYLDWLRQPHDQLQJEX\HUSXUFKDVHU 6HFWHXURULHQWDOGHO·$WODQWLTXH>REVROqWHUHP
YHQGHH SODFpSDU&2068%($67/$17 @
FRPSU DEEU FRPSUDYHQGLWD &2068%0(' &RPPDQGHU6XEPDULQHV
,WDOLDQDEEUHYLDWLRQPHDQLQJEX\LQJDQGVHOOLQJ 0HGLWHUUDQHDQ
PDUNHWLQJSXUFKDVHDQGVDOH FRPPDQGDQWGHV)RUFHVVRXVPDULQHVGHOD
&2036$& &203XWHU6RIWZDUHDQG$SSOLFDWLRQV 0pGLWHUUDQpH
&RQIHUHQFH &2068%1257+ &RPPDQGHU6XEPDULQHV1RUWK
&2037(/ DEEU &203WRQ7(/HVFRSH FRPPDQGDQWGHV)RUFHVVRXVPDULQHV1RUG
&20386(& FRPSXWHUVHFXULW\ &2068%:(67/$17 &RPPDQGHU6XEPDULQHV
DVpFXULWpGHVV\VWqPHVLQIRUPDWLTXHV :HVWHUQ$WODQWLF$UHD>REVROHWH@
EVpFXULWpLQIRUPDWLTXH FRPPDQGDQWGHV)RUFHVVRXVPDULQHVGX6HFWHXU
&206$7 DEEU &20PXQLFDWLRQV6$7HOOLWH RFFLGHQWDOGHO·$WODQWLTXH>REVROqWH@
&RUSRUDWLRQ  &207 &DWHFKRO20HWK\O7UDQVIHUDVH
&206$7 LVDFRPPRQFDUULHUFUHDWHGXQGHUWKH 0HWK\OWUDQVIHUDVH
SURYLVLRQVRIWKH86&RPPXQLFDWLRQVVDWHOOLWH %HKDYLRUDO6FLHQFHV%UHDVW&DQFHU0HGLFLQH
$FWRIWRSURYLGH&RPPXQLFDWLRQV6DWHOOLWH 0HWDEROLVP1HXURVFLHQFH3KDUPDFRJHQHWLFV
VHUYLFH 3V\FKLDWU\6FKL]RSKUHQLD
&206(& FRPPXQLFDWLRQVVHFXULW\ &207(&+ DEEU &20PXQLFDWLRQ7(&+QRORJ\
VHFXULWpGHVFRPPXQLFDWLRQV &RQ DEEU &RQVROV
&206)25 &RPPDQGHURIWKH6WDELOL]DWLRQ)RUFH &RQ DEEU &RQVXO
FRPPDQGDQWGHOD)RUFHGHVWDELOLVDWLRQ &RQ$ &RQFDQDYDOLQ$
&206,75(3 FRPPXQLFDWLRQVVLWXDWLRQUHSRUW +XPDQ*HQHWLFV0ROHFXODU%LRORJ\3DWKRORJ\
FRPSWHUHQGXGHVLWXDWLRQGHVWpOpFRPPXQLFDWLRQV &21$(6 &RPPLWWHH2Q1XFOHDUDQG$OWHUQDWLYH
&20675,.)/7/$17 &RPPDQGHU6WULNLQJ)OHHW (QHUJ\6\VWHPV
$WODQWLF DIORDW  &21$' &2QVRU]LR1$]LRQDOHFRRSHUDWLYH
FRPPDQGDQWGHOD)ORWWHG·LQWHUYHQWLRQGH 'HWWDJOLDQWL
O·$WODQWLTXH jODPHU  ,WDOLDQDFURQ\PRIWKH1DWLRQDO&RRSHUDWLYH
6RFLHW\RI5HWDLO7UDGHUV


&21$* &2QVLJOLR1$]LRQDOH*HRILVLFR &216 &RQQHFWLRQ2ULHQWHG1HWZRUN6HUYLFHV


,WDOLDQDEEUHYLDWLRQRIWKH1DWLRQDO*HRSK\VLFV &RQV DEEU &RQVHUYDWLYH
&RXQFLO ,WDO\  FRQV DEEU FRQVLJOLHUH
&21%/6 &RQVRUWLXPRI6RXWKHUQ%LRPHGLFDO ,WDOLDQDEEUHYLDWLRQPHDQLQJDGYLVHUFRXQFLOORU
/LEUDULHV GLUHFWRU
FRQF DEEU FRQFHQWUDWH /HJDO-XGJH RID&RXUWRI$SSHDOHWF 
&KHPLVWU\)RRG7HFKQRORJ\0LQLQJ &RQV DEEU &RQVWLWXWLRQ
(QJLQHHULQJ &RQV DEEU &RQVXO
FRQF DEEU FRQFHQWULFFRQFHQWULFDO FRQV DEEU FRQVXOWLQJ
6FLHQFH &216$ FRQVXODUVKLSSLQJDGYLVRU
FRQF DEEU FRQFUHWH FRQVHLOOHUFRQVXODLUHSRXUODQDYLJDWLRQFRPPHU
0DWHULDOV FLDOH
FRQG DEEU FRQGHQVHG &216$/ &21IHUHQFHRI6RXWK(DVW$VLDQ
*UDSKLF$UWV6FLHQFH /LEUDULHV
FRQG DEEU FRQGHQVHU FRQVJW DEEU FRQVLJQPHQW
0HFKDQLFDO(QJLQHHULQJ2SWLFV &2162% &2PPLVVLRQH1D]LRQDOHSHUOH62FLHWjH
(OHFWULFLW\ ,QHOHFWULFLW\FRQGHQVHULVDOVRNQRZQ OD%RUVD
DVFDSDFLWRU ,WDOLDQDEEUHYLDWLRQRIWKH1DWLRQDO&RPPLVVLRQ
FRQG DEEU FRQGLWLRQ IRU/LVWHG&RPSDQLHVDQGWKH6WRFN([FKDQJH
%HKDYLRU0DWKHPDWLFV FRQVW DEEU FRQVWDEOH
FRQG DEEU FRQGXFWLYLW\ FRQVW DEEU FRQVWDQW
(OHFWULFLW\ $UWLILFLDO,QWHOOLJHQFH0DWKHPDWLFV6FLHQFH
FRQG DEEU FRQGXFWRU FRQVW DEEU FRQVWLWXWLRQFRQVWLWXWLRQDO
(OHFWULFLW\3K\VLFV6XUJHU\ FRQVW DEEU FRQVWLWXHQF\
FRQGLV FU\VWDO FRQIRUPDWLRQDOO\GLVRUGHUHGFU\VWDO FRQW DEEU FRQWDFW
0DWHULDOV6FLHQFH $YLDWLRQ(OHFWULFLW\*HRORJ\0HGLFLQH
&RQHOUDG DEEU &RQWURORIHOHFWURPDJQHWLFUDGLD 7HOHFRPPXQLFDWLRQV
WLRQ 86$  FRQW DEEU FRQWDLQHU
&RQHOUDGZDVDIRUPHU86EURDGFDVWLQJV\VWHP 7UDQVSRUWDWLRQ(QJLQHHULQJ
LQWHQGHGWRSURYLGHFRQWUROLQFDVHRIQXFOHDU FRQW DEEU FRQWHQW
DWWDFNV /LQJXLVWLFV0DWKHPDWLFV
7HOHFRPPXQLFDWLRQV &RQW DEEU &RQWLQHQW
FRQI DEEU FRQILGHQWLDO FRQW DEEU FRQWLQXHG
&21, &21, &RPLWDWR2OLPSLFR1D]LRQDOH $OVRFRQWG
,WDOLDQR FRQW DEEU FRQWURO
,WDOLDQDFURQ\PRIWKH,WDOLDQ&RPPLWWHHIRUWKH $YLDWLRQ&DUWRJUDSK\&RPSXWHU3URJUDPPLQJ
2O\PSLF*DPHV &RPSXWHU7HFKQRORJ\&RQWURO6\VWHPV
&21,&(7 &RQVHMR1DFLRQDOGH,QYHVWLJDFLRQHV (OHFWURQLFV6FLHQFH6WDWLVWLFV
&LHQWLILFDV\7pFQLFDV $UJHQWLQD  FRQWG DEEU FRQWLQXHG
&21,&(7 LV$UJHQWLQD
V1DWLRQDO&RXQFLOIRU $OVRFRQW
6FLHQWLILFDQG7HFKQLFDO5HVHDUFK FRQWJ DEEU FRQWDLQLQJ
&R1,60D &RQVRU]LR1D]LRQDOH,QWHUXQLYHUVLWDULR &2172/ DEEU &21FHQWULFLW\72/HUDQFH
SHUOH6FLHQ]HGHO0DUH &217285 &2PHW1XFOHXV7285
,WDOLDQ&RQVRUWLXP 7KHVSDFHFUDIWRSHUDWHGDIWHUODXQFKEXWEOHZ
&210$5236 FRQFHSWRIPDULQHRSHUDWLRQV DSDUWLQ$XJXVWZKHQLWURFNHWHGRXWRIWKH
FRQFHSWG·RSpUDWLRQVPDULWLPHV (DUWKRUELW
&2123/$1 FRQWLQJHQF\RSHUDWLRQSODQ FRQWU DEEU FRQWUDFWFRQWUDFWRU
SODQG·RSpUDWLRQVGHVFLUFRQVWDQFHV &2186 &RQWLQHQWDO8QLWHG6WDWHV
&21236 FRQFHSWRIRSHUDWLRQV &219$,5 &21VHQVXVDQG9DOLGDWLRQLQ$&76
DFRQFHSWGHO·RSpUDWLRQ LGpHGHPDQ±XYUH  5HVXOWVH[SORLWDWLRQ
EFRQFHSWG·RSpUDWLRQ (XURSHDQ&RPPXQLW\3URMHFW
&213/$1 FRQWLQJHQF\SODQ &219(; FRQYR\H[HUFLVH
SODQGHFLUFRQVWDQFH H[HUFLFHGHQDYLJDWLRQHQFRQYRL


&22 &KLHI2SHUDWLQJ2IILFHU 86$  &23(9 &2PLWDWRSHUOD3UHYHQ]LRQHGHOO


(SDWLWH
&R2 &REDOWRXV2[LGH 9LUDOH
&R2DOVRNQRZQDV&REDOW2[LGHLVXVHGPDLQO\ ,WDOLDQDFURQ\PRIWKH&RPPLWWHHIRUWKH
DVDSLJPHQW 3UHYHQWLRQRI9LUDO+HSDWLWLV)RXQGHGLQLQ
,QRUJDQLF&KHPLVWU\ 0LODQ,WDO\
&22 &REDOWLF2[LGH &23,$7 &2DOLWLRQWR3UHVHUYHWKH,QWHJULW\RI
&REDOWLF2[LGHLVXVHGPDLQO\DVDSLJPHQW $PHULFDQ7UDGHPDUNV 86$ 
,QRUJDQLF&KHPLVWU\ &23,$7 LVDQDVVRFLDWLRQRI86WUDGHPDUNRZQ
&22& &RQWDFWZLWK2LORU2WKHU&DUJR LQJFRPSDQLHV
,QVXUDQFH7UDQVSRUWDWLRQ &23/,1 &RPPLWWHHRI3RO\WHFKQLF/LEUDULDQV,Q
&R 2+  &REDOWRXV+\GUR[LGH 1LJHULD
&REDOWRXV+\GUR[LGHLVDOVRNQRZQDV&REDOW &233 &\FORSKRVSKDPLGH2QFRYLQ3URFDUED]LQH
+\GUDWH&REDOW+\GUR[LGH DQG3UHGQLVRQH
,QRUJDQLF&KHPLVWU\ 2QFRORJ\
FRRS FRRSHUDWLYH &234 &RVW2I3RRU4XDOLW\
&223 FUDIWRIRSSRUWXQLW\ &235 &HQWHUIRU2YHUVHDV3HVW5HVHDUFK *% 
QDYLUHXWLOLVpGHPDQLqUHRFFDVLRQQHOOH &23520 FRPSXWHUVXSSRUWHG&2OODERUDWLYH
&226 &RPPLWWHH2Q2SSRUWXQLWLHVLQ6FLHQFH 352FHVV0DQDJHPHQW(XURSHDQ&RPPXQLW\
&23 &RDVWDO2FHDQ3URJUDP &236 &RPLWpSROLWLTXHHWGHVpFXULWp
&23 &RHIILFLHQW2I3HUIRUPDQFH 3ROLWLFDODQG6HFXULW\&RPPLWWHH 36& 
7KHUPRG\QDPLFV &236&$8/6 &RXQFLO2I3HQQV\OYDQLD6WDWH
&23 FRPPRQRSHUDWLRQDOSLFWXUH &ROOHJH$QG8QLYHUVLW\/LEUDU\'LUHFWRUV
VLWXDWLRQRSpUDWLRQQHOOHFRPPXQH 86$ 
VHH&2123/$1 &236, &RPLWpSROLWLTXHHWGHVpFXULWpLQWpULPDLUH
YRLU&2123/$1 &236, >REVROqWHPDLQWHQDQWDSSHOp&236@
&23 &RQIHUHQFH2IWKH3DUWLHV ELHQQLDO  ,QWHULP3ROLWLFDODQG6HFXULW\&RPPLWWHH ,36&
7KH&%'SDUWLHVPDNHFRPPLWPHQWVWKURXJKWKH >REVROHWHQRZFDOOHG36&@
&23 ZKLFKLVWKHSROLWLFDOGHFLVLRQPDNLQJERG\ &2363URJUDP &RDVWDO2FHDQ3UHGLFWLRQ6\VWHPV
)RUIXUWKHUGHWDLOVVHHXQGHU&%' 3URJUDP 86$ 
FRS DEEU FRSSHU &238/ &RXQFLO2I3UDLULH8QLYHUVLW\/LEUDULHV
$OVRFSU &2386 &RPPLWWHH2QWKH3XEOLF8QGHUVWDQGLQJRI
)RUIXUWKHUGHWDLOVVHHXQGHU6\PERO&X 6FLHQFH *% 
&23 &\FORSKRVSKDPLGH2QFRYLQDQG3UHGQLVRQH &R3867 &RPPLWWHHRQWKH3XEOLF8QGHUVWDQGLQJ
2QFRORJ\ RI6FLHQFHDQG7HFKQRORJ\
&23 ,, &RDW3URWHLQFRPSOH[,, &25 &DUHHU2SSRUWXQLWLHVLQ5HVHDUFK
%LRFKHPLVWU\&DUJR3URWHLQV(XNDU\RWLF&HOOV (GXFDWLRQDQGWUDLQLQJ
&23$ &RPLWDWRGHOOH2UJDQL]]D]LRQL3URIHVVLRQDOL FRU DEEU FRUQHU
$JULFROH(XURSHDQ&RPPXQLW\ &DUWRJUDSK\
&23%/$0 &\FORSKRVSKDPLGH2QFRYLQ &25$ &HQWUL2ULHQWDPHQWR5HWUDYDLOOHU$VVRFLDWL
3UHGQLVRQH%/HRP\FLQ$GULDP\FLQDQG ,WDO\ 
0DWXODQH &25$/ &RXQFLO2I5HVHDUFKDQG$FDGHPLF
2QFRORJ\ /LEUDULHV
&23' &KURQLF2EVWUXFWLYH3XOPRQDU\'LVHDVH FRUDO 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
0HGLFLQH (QJOLVKZRUGFRUDO ,QYHUWHEUDWH=RRORJ\ 
FRSG DEEU FRSSHUHG &25%$&RUED6WDQGDUG &RPPRQ2EMHFW
&23( &KURQLF2EVWUXVLYH3XOPRQDU\(PSK\VHPD 5HTXHVW%URNHU$UFKLWHFWXUH6WDQGDUG
0HGLFLQH &RUEDE\20*GHILQHVWKHIRUPDWDQGUXOHVJRY
&23( &RDVWDO2FHDQ3URELQJ([SHULPHQW HUQLQJWKHSDVVDJHRIPHVVDJHVEHWZHHHQVRIWZDUH
&23( &RPPLWWHH2Q3XEOLFDWLRQ(WKLFV *%  SURJUDPV
)RUPHGE\%ULWLVK-RXUQDO(GLWRUV   %LRLQIRUPDWLFV'DWDEDVH,QWHUDFWLRQV
&23( 3URJUDP &RDVWDO2UHJRQ3URGXFWLYLW\ ,QIRUPDWLRQ7HFKQRORJ\
(QKDQFHPHQW3URJUDP 86$  )RUIXUWKHUGHWDLOVVHHXQGHU20*
FRUEG DEEU FRUQHUEHDG


%XLOGLQJ(QJLQHHULQJ &255212,6( (OHFWURFKHPLFDO1RLVHIRUILHOG


&25&(1 FRUUHODWLRQFHQWUH>DLUGHIHQFH@ &RUURVLRQPHDVXUHPHQWV
FHQWUHGHFRUUpODWLRQ>GpIHQVHDpULHQQH@ (XURSHDQ&RPPXQLW\3URMHFW
&25' &KURQLF2EVWUXFWLYH5HVSLUDWRU\'LVHDVH &257$& FRUUHFWHGWDFWLFDO SURFHGXUHPHVVDJH 
&25',6 &2PPXQLW\5HVHDUFKDQG'HYHORSPHQW PHVVDJHGHSURFpGXUH WDFWLTXHFRUULJpH
,QIRUPDWLRQ6HUYLFH(XURSHDQ&RPPXQLW\ &26 &DPHUH2SHUDWRULH6LFXUH
&25(&2 &2PLWDWR5(JLRQDOHGL&2QWUROOR ,WDOLDQDFURQ\PPHDQLQJ6DIH2SHUDWLQJ5RRPV
,WDO\  7KHDWHUV
&25(,6 &2PXQLWj5(OLJLRVD,6ODPLFD 0HGLFLQH
,WDOLDQDFURQ\PPHDQLQJ,VODPLF5HOLJLRXV &26 &DUERQ\O6XOILGH
&RPPXQLW\ ,WDO\  &KHPLVWU\
&25(/$3 DEEU &2PSXWHUL]HG5(ODWLRQVKLS &26 &DVK2Q6KLSPHQW
/$\RXW3ODQQLQJ &RPPHUFH6KLSSLQJ
,QGXVWULDO(QJLQHHULQJ &26 &KLHI2I6WDII
&R5H0D DEEU &RQVXPHU5HODWLRQVKLS $OVR&6
0DUNHWLQJ &RV DEEU &RPSDQLHV
1RYHO6RIWZDUH6\VWHPV &26 7KHDLUSRUWFRGHIRU&RORUDGR6SULQJV
&25(3 &2QVRU]LRSHUOD5LFHUFDHO
(GXFD]LRQH &RORUDGR86$
3HUPDQHQWH &26 &RQWURO$LU6XSSRUW
&25(3 LVORFDWHGLQ7XULQ,WDO\ 0LOLWDU\6FLHQFH
,WDOLDQ&RQVRUWLXP FRV DEEU FRVLQH
&25(3/$ &2QVRU]LRQD]LRQDOHSHUOD5DFFROWDLO 0DWKHPDWLFV
5LFLFODJJLRHLO5HFXSHURGHL5LILXWLGL,PEDOODJJL FRV DEEU FRXQWULHV
LQ3/$VWLFD &26$ &RVW2I6DOHV$GMXVWPHQW
,WDOLDQ&RQVRUWLXP %XVLQHVV&RPPHUFH(FRQRPLFV
&25(V &HQWHUV2I5HVHDUFK([FHOOHQFH 86$  &26( &2OOHJHRI6FLHQFHDQG(QJLQHHULQJ
&25(9( DEEU &2QVRU]LR5(FXSHUR9(WUR 86$ 
,WDOLDQ&RQVRUWLXP*ODVV5HFRYHU\ &26( &RPPLWWHHRQ2SWLFDO6FLHQFHDQG
&25) &RPPLWWHH2Q5DGLR)UHTXHQFLHV 86$  (QJLQHHULQJ 86$ 
&25JHQHV &2OG5HJXODWHGJHQHV FRVHF DEEU FRVHFDQW
3ODQW%LRORJ\&URSDQG6RLO6FLHQFHV $OVRFVF
&R5, &RDWLQJV5HVHDUFK,QVWLWXWH %HOJLXP  0DWKHPDWLFV
&25,1( &RRUGLQDWLRQRI,QIRUPDWLRQRQWKH &26(/V &LUFXODU*UDWLQJ&RXSOHG6XUIDFH
(QYLURQPHQW (PLWWLQJ/DVHUV
(XURSHDQ&RPPXQLW\3URJUDP (OHFWULFDO6FLHQFH(QJLQHHULQJ6FLHQFH
&25,66 &2RSHUDWLYH5,XQLWH6RFLR6DQLWDULH &26(83 &RPPLWWHH2Q6FLHQFH(QJLQHHULQJDQG
,WDO\  3XEOLF3ROLF\ 86$ 
&25.2EVHUYDWRU\ &LUFXODWLRQ2EYLDWLRQ5HWURILW &26, &HQWHU2I6FLHQFH ,QGXVWU\ 86$ 
.LW2EVHUYDWRU\ &260$7 &2PPLWWHHRQWKH6XUYH\RI0$7HULDOV
7RVWXG\WKHELRJHRFKHPLFDOSURSHUWLHVDQGPLFUR 6FLHQFHDQG(QJLQHHULQJ
ELDOGLYHUVLW\LQFLUFXODWLQJIOXLGVIURPDJLQJ &261$ &RPSRVLWH2EVHUYLQJ6\VWHPIRUWKH
2FHDQFUXVW 1RUWK$WODQWLF
0LFURELRORJ\2FHDQDQG(DUWK6FLHQFH &R62 &REDOWRXV6XOIDWH
2FDQRJUDSK\ ,QRUJDQLF&KHPLVWU\
)RUIXUWKHUGHWDLOVVHHXQGHU2'3 DQG-)5 &263$5 &RPPLWWHH2Q63$FH5HVHDUFK
&RUQ DEEU &RUQZDOO *%  /RFDWHGLQ3DULV)UDQFH)RXQGHGLQWRFRQ
&RUS DEEU &RUSRUDWLRQ WLQXHDQGIRVWHUDIWHUWKHHQGRI,*<LQWHUQDWLRQDO
FRUU DEEU FRUULVSRQGHQWH FRRSHUDWLRQLQDOOVFLHQFHVWKDWPDNHXVHRIWKH
,WDOLDQDEEUHYLDWLRQPHDQLQJFRUUHVSRQGHQWFRU QHZUHVHDUFKWRROVRIURFNHWVVDWHOOLWHVDQGEDO
UHVSRQGLQJ ORRQV
FRUU DEEU FRUULVSRQGHQ]D )RUIXUWKHUGHWDLOVVHHXQGHU,*<
,WDOLDQDEEUHYLDWLRQPHDQLQJFRUUHVSRQGHQFH &RVSH&263( &RRSHUD]LRQHSHUOR6YLOXSSRGHL
FRUU DEEU FRUUXJDWHG 3DHVL(PHUJHQWL )ORUHQFH,WDO\ 


1RQJRYHUQPHQWDO2UJDQL]DWLRQ &2725(3 &2PPLVVLRQ7HFKQLTXHG


2ULHQWDWLRQ
&RVSHV&263(6 &HQWUR2ULHQWDPHQWR6FRODVWLFR HWGH5(FODVVHPHQW3URIHVVLRQQHO
3URIHVVLRQDOHH6RFLDOH ,WDO\  7HFKQLFDO&RPPLVVLRQ
&263,1 &2VPLFUD\DQG6RODU3DUWLFOH &275$2 &2PPXQDXWpGX75DYDLOGHV$OSHV
,1YHVWLJDWLRQV 2FFLGHQWDOHV
$VWURQRP\$VWURSK\VLFV6SDFH6FLHQFH &276 FRPPHUFLDORIIWKHVKHOI
&267 &2RSHUDWLRQLQWKHILHOGRI6FLHQWLILFDQG FRPPHUFLDOVXUpWDJqUH RXFRPPHUFLDOVWDQGDUG 
7HFKQLFDO5HVHDUFK &RWVGRFWULQH &RPPHUFLDORIIWKHVKHOIGRFWULQH
(XURSHDQ&RPPXQLW\ &RPSXWHU6HFXULW\,QIRUPDWLRQ7HFKQRORJ\
&267 &2RSHUD]LRQHHXURSHDQHOVHWWRUHGHOOD 'HYHORSPHQW
ULFHUFD6FLHQWLILFDH7HFQLFD &2837) ,, &KLFNHQ2YDOEXPLQ8SVWUHDP
,WDOLDQDFURQ\PPHDQLQJ(XURSHDQ&RRSHUDWLRQ 3URPRWHU7UDQVFULSWLRQ)DFWRU,,
LQWKHILHOGRI6FLHQWLILFDQG7HFQLFDO5HVHDUFK %LRORJ\&HOO%LRORJ\*HQHWLFV0HGLFLQH
&267$5 &RUUHFWLYH2SWLFV6SDFH7HOHVFRSH$[LDO FRXUW DEEU FRXUWDJH
5HSODFHPHQW )UHQFKDEEUHYLDWLRQPHDQLQJEURNHUDJH
&267(' &2PPLWWHHRQ6FLHQFHDQG7HFKQRORJ\ &29(1 &2OODERUDWLYH9LUWXDO(1YLURQPHQWV
LQ'HYHORSLQJ&RXQWULHV (XURSHDQ&RPPXQLW\3URMHFW
&267(',%1 &RPPLWWHH2Q6FLHQFHDQG &29,3 &2PPLVVLRQHGL9,JLODQ]DVXLIRQGL
7HFKQRORJ\LQ'HYHORSLQJ&RXQWULHVDQG 3HQVLRQH ,WDO\ 
,QWHUQDWLRQDO%LRVFLHQFHV1HWZRUNV ,WDOLDQ&RPPLVVLRQ3HQVLRQ)XQGV
/RFDWHGLQ,QGLD)RXQGHGLQ UHFRQVWLWXWHG &29,5$ DEEU &2PSXWHU9,VLRQ5$GLRORJ\
LQ IRUWKHHQFRXUDJHPHQWRIVFLHQFH 0HGLFLQH
DQGWHFKQRORJ\LQGHYHORSLQJFRXQWULHVWKHRUJD &2:/ SDWWHUQ &ROG2FHDQ:DUP/DQGSDWWHUQ
QL]DWLRQRIPHHWLQJVVHPLQDUVDQGV\PSRVLDUHODW &OLPDWH&KDQJH*HRSK\VLFV3RODU6FLHQFH
HGWRVFLHQFHWHDFKLQJ DQGQDWXUDOUHVRXUFHVDQG &2:55 &RPPLWWHH2Q:DWHU5HVRXUFHV
WKHLGHQWLILFDWLRQRISUREOHPVRIUHOHYDQFHWR 5HVHDUFK
GHYHORSLQJFRXQWULHV &2[ &KROHVWHURO2[LGDVH
&267(; FRPPDQGDQGVWDIIH[HUFLVH (QYLURQPHQWDO0ROHFXODU6FLHQFHV)ODYRHQ]\PHV
H[HUFLFHGHFRPPDQGHPHQWHWG·pWDWPDMRU FR[ DEEU FR[VZDLQ
FRVWUQDY DEEU FRVWUX]LRQHQDYDOH &2; &\WRFKURPHF2;\GDVH
,WDOLDQDEEUHYLDWLRQPHDQLQJVKLSEXLOGLQJ 0HGLFLQH0ROHFXODU%LRORJ\
&268 &2OODERUDWLRQZLWKWKHIRUPHU6RYLHW8QLRQ &2;HQ]\PHV &\FORR[\JHQDVHHQ]\PHV
LQ5DGLDWLRQ3URWHFWLRQ &2;DUHHQ]\PHVWKDWSURPRWHIHYHUSDLQDQG
(XURSHDQ&RPPXQLW\ LQIODPPDWLRQ
&26< &RUUHODWHG6SHFWURVFRS\ $QWLLQIODPPDWLRQ5HVHDUFK%LRFKHPLVWU\
&26<6 'HVLJQDQGLPSOHPHQWDWLRQRIDFRPSXWHU 0ROHFXODU%LRSK\VLFV3KDUPDFHXWLFV
EDVHG&2XUVHSURGXFWLRQDQGGHOLYHU\6<6WHP &2;,, &\WRFKURPH2[LGDVH6XEXQLW,,
(XURSHDQ&RPPXQLW\3URMHFW %LRFKHPLVWU\DQG%LRSK\VLFV*HQHWLFVDQG
FRW FRWDQJHQW 'HYHORSPHQW
0DWKHPDWLFV 7KHFRWDQJHQWLVDFWXDOO\WKHUHFLS &R\ &RPSDQ\
URFDORIWKHWDQJHQW $OVR&R
&RW DEEU FRWWHU &2=, &2PPXQLFDWLRQV=RQH,QGLFDWRU
&RWWHULVDOVRNQRZQDV&RWWHUSLQ 7HOHFRPPXQLFDWLRQV
'HVLJQ(QJLQHHULQJ &3 &DORULILF3RZHU
&27$ FHQWUHG·RSpUDWLRQVWDFWLTXHVDLU &3 7KHDLUOLQHFRGHIRU&DQDGLDQ$LUOLQHV
DLUWDFWLFDORSHUDWLRQVFHQWUH $72&  ,QWHUQDWLRQDO/WG
&27$7FRWDW &2UUHODWLRQ7UDFNLQJ$QG &3FS &DQGOHSRZHU
7ULDQJXODWLRQ 2SWLFV
(QJLQHHULQJ &3 FDSDELOLW\SDFNDJH
&27'6 &27KHUPDO'HVRUSWLRQPDVV SDTXHW RXHQVHPEOH GHFDSDFLWp
6SHFWURVFRS\ FRPPDQGSRVW
&27(&+ DEEU &2RSHUDWLRQ7(&+QRORJ\ SRVWHGHFRPPDQGHPHQW 3& 
(XURSHDQ&RPPXQLW\3URMHFW FRQWUROSRLQW


SRLQWGHFRQWU{OH (OHFWULFLW\2UGQDQFH
&RRSHUDWLRQ3DUWQHU>3I3@ 0HFKDQLFDO(QJLQHHULQJ,QPHFKDQLFDOHQJLQHHU
3DUWHQDLUHGHODFRRSpUDWLRQ>333@ LQJFRXQWHUSRLVHLVDOVRNQRZQDVFRXQWHUZHLJKW
FRRUGLQDWLRQSRVW FRXQWHUEDODQFH
SRVWHGHFRRUGLQDWLRQ &3 &URVV3RODUL]DWLRQ
FRXQWHUSUROLIHUDWLRQ (OHFWURPDJQHWLVP
FRQWUHSUROLIpUDWLRQ &3$ &HQWUHGH3HUIHFWLRQQHPHQWDX[$IIDLUHV
FUpGLWGHSDLHPHQW )UHQFKLQLWLDOLVPRIWKH&HQWHUIRU%XVLQHVV
FDVKFUHGLW &&  LPSURYHPHQW
VHH&2/352 &3$ &HUWLILHG3XEOLF$FFRXQWDQW
YRLU&2/352 $FFRXQWV)LQDQFH
&3&3 &DSH3URYLQFH &3$ &KLUSHG3XOVH$PSOLILFDWLRQ
&3 &DSLOODU\3UHVVXUH /DVHU&KHPLVWU\3K\VLFV
)OXLG0HFKDQLFV3K\VLRORJ\ &3$ &ODLPV3D\DEOH$EURDG
&3&3 &DUULDJH3DLG &3$ FORVHVWSRLQWRIDSSURDFK
&3FS &DVHOOD3RVWDOH SRLQWG·DSSURFKHOHSOXVUDSSURFKp
,WDOLDQLQLWLDOLVPPHDQLQJ3RVW2IILFH%R[ FSD FRORUSKDVHDOWHUQDWLRQ
&S &DXGDWHSXWDPHQ 7HOHFRPPXQLFDWLRQV
&3 &HQWHURI3UHVVXUH &3$ &RUWH3HUPDQHQWHG
$UELWUDWR
$YLDWLRQ ,WDOLDQLQLWLDOLVPPHDQLQJ3HUPDQHQW$UELWUDWLRQ
&3 &HUWLILFDWHRI3XUFKDVH &RXUW
%XVLQHVV&RPPHUFH)LQDQFH &3$ &ULWLFDO3DWK$QDO\VLV
FS &HUXORSODVPLQ F3$%3 FKORURSODVW3RO\DGHQ\ODWH%LQGLQJ3URWHLQ
&HUXORSODVPLQLVDOVRNQRZQDV)HUUR[LGDVH &HOO%LRORJ\&KHPLFDO%LRORJ\
%LRFKHPLVWU\&RSSHU0HWDEROLVP &3$3 &RQWLQXRXV3RVLWLYH$LUZD\3UHVVXUH
&3 &KDUWHUHG3DUW\ &3$32& &RPLWpSHUPDQHQWGHVDVVRFLDWLRQVGX
&3FS &KHPLFDOO\3XUH SHUVRQQHOGHVRUJDQLVDWLRQVFRRUGRQQpHV>REVROqWH
&KHPLFDOO\SXUHDFWXDOO\PHDQVZLWKRXWLPSXULWLHV UHPSODFpSDU&53 @
GHWHFWDEOHE\PHDQVRIDQDO\VLV 6WDQGLQJ&RPPLWWHHRIWKH6WDII$VVVRFLDWLRQVRI
&KHPLVWU\ WKH&RRUGLQDWHG2UJDQL]DWLRQV>REVROHWHUHSODFHG
&3&3FS &KLHIRI3ROLFH E\&53 @
&3 &LUFXODU3LWFK &3% %XUHDXRI(FRQRPLF3ROLF\ 7KH
&3&3 &LYLO3URFHGXUH 1HWKHUODQGV 
&3 &ORVLQJ3ULFH&ORVLQJ3XUFKDVH &3% &DUWDJHQD3URWRFRORQ%LRVDIHW\
%XVLQHVV)LQDQFH 7KH&3%ZLOOFRPHLQWRIRUFHLQ6HSWHPEHU
&3&3 &RGHRI3URFHGXUH DQGZLOOHVWDEOLVKPRGDOLWLHVIRUVDIHWUDQVIHUKDQ
&3&3 &RGLFH3HQDOH GOLQJDQGXVHRI/02V
,WDOLDQLQLWLDOLVPPHDQLQJ3HQDO&RGH )RUIXUWKHUGHWDLOVVHHXQGHU/02V
&3 &ROG3XQFKHG &3% &RPSHWLWLYH3URWHLQ%LQGLQJ
&3 &RPPHUFLDO3DSHU 0HGLFLQH
%DQNLQJ%XVLQHVV)LQDQFH &3% &RRSHU3DLU%R[
&3&3 &RPPXQLVW3DUW\ 1DQRVFLHQFH3K\VLFV&3%6 3DUD
&3FS DEEU FRPSDUH &KORURSKHQ\OEHQ]HQHVXOIRQDWH
&3 DEEU FRPSXWHU 2UJDQLF&KHPLVWU\
$OVRFPSWU &3%: FKDUJHGSDUWLFOHEHDPZHDSRQ
&3&3 &RQVLJOLR3URYLQFLDOH DUPHjIDLVHDXGHSDUWLFXOHVFKDUJpHV
,WDOLDQLQLWLDOLVPPHDQLQJ'LVWULFW&RXQFLO &3& &DVSLDQ3LSHOLQH&RQVRUWLXP
&3 &RQVWDQW3UHVVXUH &3& &HPHQW3ODVWHU&HLOLQJ
0HGLFLQH 0DVRQU\
&3&3 &RQWUDFW3ULFH &3& &HQWUDO3URGXFW&ODVVLILFDWLRQ
%XVLQHVV&RPPHUFH)LQDQFH (XURSHDQ&RPPXQLW\
&3 &RUWLFDO3ODWH &3& &KURQLF3DVVLYH&RQJHVWLRQ
&3FS &RXQWHUSRLVH 0HGLFLQH


&3& &LYLO3URWHFWLRQ&RPPLWWHH YRLU&3;


&RPLWpGHODSURWHFWLRQFLYLOH &3( &RPPRQ3URIHVVLRQDO([DPLQDWLRQ
&RQIOLFW3UHYHQWLRQ&HQWUH 7KH&3(UHSODFHGWKHLQWHUPHGLDWH([DPLQDWLRQLQ
FHQWUHGHSUpYHQWLRQGHVFRQIOLFWV DQGLVWDNHQRQO\E\DVSLULQJVROLFLWRUV
&3& &OHDQLQJDQG3ROLVKLQJ&RPSRXQG &3( &RPSXWHU3HUIRUPDQFH(YDOXDWLRQ
&3& &OLPDWH3UHGLFWLRQ&HQWHU 86$  (VVHQWLDOO\WKH&3(LVWKHHYDOXDWLRQRIDFRPSXW
2IWKH8612$$ HU
VSHUIRUPDQFHDVZHOODVWKHFRVWDQGZDVWH
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ LQYROYHGLQWKHGDWDSURFHVVLQJVHUYLFHV
&3& &RGLFHGL3URFHGXUD&LYLOH &RPSXWHU7HFKQRORJ\
,WDOLDQLQLWLDOLVPPHDQLQJ&RGHRI&LYLO/DZ &3( &RQWLQXLQJ3URIHVVLRQDO(GXFDWLRQ
3URFHGXUH &3( &RRSHUD]LRQH3ROLWLFD(XURSHD(&
&3& &±XU3XOPRQDLUH&KURQLTXH &3( &\WRSDWKLF(IIHFW
)UHQFKLQLWLDOLVPPHDQLQJ&KURQLF3XOPRQDU\ $OVR&(
+HDUW 9LURORJ\
0HGLFLQH &3( &\WRSODVPLF3RO\DGHQ\ODWLRQ(OHPHQW
&3& &RQGHQVDWLRQ3DUWLFOH&RXQWHU &3($ &RQVHLOGHSDUWHQDULDWHXURDWODQWLTXH>UHP
&3&* &RPPHUFLDO3URWHLQ&U\VWDO*URZWK SODFH&&1$@
([SHULPHQWV (XUR$WODQWLF3DUWQHUVKLS&RXQFLO ($3& >KDV
&3&5$ &RPPXQLW\3URJUDPVIRU&OLQLFDO UHSODFHG1$&&@
5HVHDUFKRQ$,'6 86$  &3(0 &RQIHUHQFHRQ3UHFLVLRQ(OHFWURPDJQHWLF
1,$,'VSRQVRUHGFOLQLFDOWULDOVQHWZRUN 0HDVXUHPHQWV
)RUIXUWKHUGHWDLOVVHHXQGHU1,$,' 7KH&3(0ZDVKHOGLQ:DVKLQJWRQ'&86$
&3&6($ &RPPLWWHHIRUWKH3XUSRVHRI&RQWURO LQ-XO\
DQG6XSHUYLVLRQRI([SHULPHQWVRQ$QLPDOV &3(3 &RQWHPSRUDU\3K\VLFV(GXFDWLRQ3URMHFW
,QGLD  /DZUHQFH%HUNHOH\/DERUDWRU\%HUNHOH\
$QLPDO:HOIDUH &DOLIRUQLD86$
&3&8 &RPSDJQLH3DULVLHQQHGH&KDXIIDJH8UEDLQ 863URMHFWV
)UDQFH  &SHSWLGH &RQQHFWLQJSHSWLGH
&3' &KHPLFDOV3ODQWV'LYLVLRQ %LRFKHPLVWU\
FSG DEEU FRPSRXQG &3(5 &HQWUDO3ODLQV([SHULPHQWDO5DQJH
$OVRFRPS )RRG:HEV(QYLURQPHQWDO6FLHQFHV9HWHULQDU\
%LRORJ\&KHPLVWU\3HWUROHXP(QJLQHHULQJ 0HGLFLQH
&3' &RQWLQXLQJ3URIHVVLRQDO'HYHORSPHQW &3) &ROOHFWLYH3HDFHNHHSLQJ3HDFHPDNLQJ)RUFHV
F3', FKORURSODVW3URWHLQ'LVXOIDWH,VRPHUDVH RIWKH&,6 
&HOO%LRORJ\&KHPLFDO%LRORJ\ IRUFHVFROOHFWLYHVGHPDLQWLHQGHODSDL[HWGH
&3'/ &XPXODWLYH3RSXODWLRQ'RXEOLQJ/HYHOV UpWDEOLVVHPHQWGHODSDL[ GHOD&(, 
$QWLDJLQJ&HOOXODU$JLQJ0ROHFXODUDQG &3)$ &\FORSURSDQRLG)DWW\$FLG
6WUXFWXUDO%LRORJ\0ROHFXODU*HURQWRORJ\ &3) PHWKRG &RXSOHG3DLU)XQFWLRQDOPHWKRG
FS'1$ &KORURSODVW'1$ &3)3 &DQFHU3UHYHQWLRQ)HOORZVKLS3URJUDP
&RGLQJ6HTXHQFHV*HQHWLFV*UHHQ3ODQWV 2IWKH'LYLVLRQRI&DQFHU3UHYHQWLRQDQG&RQWURO
&3'6 &RPPHUFH3URFXUHPHQW'DWD6\VWHP RIWKH861DWLRQDO&DQFHU,QVWLWXWH
&3': &LUFXPSRODU'HHS:DWHU 86)HOORZVKLS3URJUDP
*HRORJLFDO6FLHQFHV0DULQH6FLHQFH &3* &1$'3DUWQHUVKLS*URXS
&3( &HQWUDOO\3ODQQHG(FRQRP\ *URXSHGX3DUWHQDULDWGHOD&'1$
&3( &KLPLH3K\VLTXH(OHFWURQLTXHGH/\RQ &3* &RQVXPHU3DFNDJHG*RRGV
)UDQFH  &3*FLUFXLWV &HQWUDO3DWWHUQ*HQHUDWLQJFLUFXLWV
&3( FROOHFWLYHSURWHFWLRQHTXLSPHQW>1%&@ =RRORJ\
PDWpULHOGHSURWHFWLRQFROOHFWLYH>1%&@ &3*V &HQWUDO3DWWHUQ*HQHUDWRUV
FRQWDFWSRLQWHPEDVV\ 7KH&3*VDUHORFDOVSLQDOQHXURQDOQHWZRUNVWKDW
DPEDVVDGHSRLQWGHFRQWDFW JHQHUDWHORFRPRWLRQ
FRRSpUDWLRQSROLWLTXHHXURSpHQQH 0HGLFDO%LRFKHPLVWU\1HXURVFLHQFH
(XURSHDQSROLWLFDOFRRSHUDWLRQ (3&  &3+ &KDUDFWHUV3HU+RXU
VHH&3; &3+ 7KHDLUSRUWFRGHIRU&RSHQKDJHQ'HQPDUN


&3+67 &HQWHUIRU3ODQW+HDOWK6FLHQFHDQG &30& &DOLIRUQLD3DFLILF0HGLFDO&HQWHU 86$ 


7HFKQRORJ\ 7KH*HUDOGLQH%UXVK&DQFHU5HVHDUFK,QVWLWXWHLV
86'HSDUWPHQWRI$JULFXOWXUH DGLYLVLRQRI&30&
&3, &DOLIRUQLD3HUVRQDOLW\,QYHQWRU\ &30( &KDUJHG3DUWLFOH0HDVXUHPHQW([SHULPHQW
3V\FKRORJ\ $SSOLHG3K\VLFV3K\VLFV6SDFH6FLHQFH
&3, &RPPXQLVW3DUW\RI,QGLD FSQ DEEU FRXSRQ
&3, &RQVXPHU3ULFH,QGH[ &32 &HQWUHGH3UH2ULHQWDWLRQ
(FRQRPLFV &32LVPDQDJHGE\$)$+
&3,& &RDOLWLRQ3UHVV,QIRUPDWLRQ&HQWUH )RUIXUWKHUGHWDLOVVHHXQGHU$)$+
>6)25@ &32 &HQWUHGHSURJUDPPDWLRQGHO·27$1
&HQWUHGHVLQIRUPDWLRQVGHSUHVVHGHODFRDOL 1$723URJUDPPLQJ&HQWUH 13& 
WLRQ>6)25@ FLYLOLDQSHUVRQQHORIILFH RURIILFHU 
FRPELQHGSXEOLFLQIRUPDWLRQFHQWUH %XUHDX RXUHVSRQVDEOH GXSHUVRQQHOFLYLO
FHQWUHPXOWLQDWLRQDOG·LQIRUPDWLRQSXEOLTXH &32 &RPPLVVLRQH3DUL2SSRUWXQLWj
&3,0 &RPPXQLVW3DUW\RI,QGLD0DU[LVW ,WDOLDQLQLWLDOLVPRIWKH(TXDO2SSRUWXQLW\
&3,1FSLQ DEEU FUDQNSLQ &RPPLVVLRQ
0HFKDQLFDO'HYLFHV &32&SR &RQIHUHQ]D3URYLQFLDOH2UJDQL]]DWLYD
&3. &UpDWLQH3KRVSKR.LQDVH &32$&32$ &RQVRU]LR3URGXWWRUL2UDIL
)UHQFKLQLWLDOLVPPHDQLQJ&UHDWLQH $UHWLQL ,WDO\ 
3KRVSKRNLQDVH ,WDOLDQ&RQVRUWLXP
0HGLFLQH &323 &RPPLWWHHRQ323XODWLRQ 86$ 
&3/ &HPHQW3/DVWHU &326 &HQWUHGH3V\FKRORJLHHWG
2ULHQWDWLRQ
0DVRQU\ 6FRODLUHV /X[HPEXUJ 
&3/ &LUFXODU3RODUL]HG/LJKW 2IWKH0LQLVWU\RI(GXFDWLRQ
0ROHFXODU,QRUJDQLF&KHPLVWU\ &33 &RGLFHGL3URFHGXUD3HQDOH
&3/ &RPPRQ3URJUDPPLQJ/DQJXDJH ,WDOLDQLQLWLDOLVPPHDQLQJ&RGHRI&ULPLQDO/DZ
&RQYHUVDWLRQDO3URJUDPPLQJ/DQJXDJH 3URFHGXUH
&3/ &RXQFLORI3ODQQLQJ/LEUDULDQV &33 &XUUHQW3HUSHQGLFXODUWRWKHELOD\HU3ODQH
F3/$ &\WRSODVPLF3KRVSKROLSDVH$ $SSOLHG3K\VLFV
&DQFHU5HVHDUFK6LJQDO7UDQVGXFWLRQ &33 &XUUHQW3XUFKDVLQJ3RZHU
FSOJ DEEU FRXSOLQJ &33$ &DQDGLDQ3XOSDQG3DSHU$VVRFLDWLRQ
&RPSXWHU3URJUDPPLQJ(OHFWULFLW\(QJLQHHULQJ &DQDGD 
0HFKDQLFDO(QJLQHHULQJ &33$ &RQVWDQW3DUDPHWHU3UHGLFWLRQ$OJRULWKP
&3/5 &RDOLWLRQIRU3XEOLF/LEUDU\5HVHDUFK %LRHQJLQHHULQJ
&30 &DLUR3HDFH0RYHPHQW &3 SURSHOOHU &RQWUROODEOH3LWFKSURSHOOHU
7RVDYHWKH0LGGOH(DVWSHDFHSURFHVV 0HFKDQLFDO(QJLQHHULQJ
&30 &RQVHLOGHOD3ROLWLTXH0RQpWDLUH &336 3HUPDQHQW6RXWK3DFLILF&RPPLVVLRQ
)UHQFKLQLWLDOLVPRIWKH0RQHWDU\3ROLF\&RXQFLO &KLOH 
2IWKH%') &35 &DUGLRSXOPRQDU\5HVXVFLWDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU%') 0HGLFLQH
&30 &RQWURO3URJUDPIRU0LFURSURFHVVRUV &35 &LUFXODU3RODUL]DWLRQ5DWLR
&RPSXWHU3URJUDPPLQJ $VWURQRP\6SDFH5HVHDUFK6SDFH6FLHQFH
&30FSP FRVWRSHUPLOOH &35 &LYLOLDQ3HUVRQQHO5HJXODWLRQV
OWDOLDQLQLWLDOLVPPHDQLQJFRVWSHURQHWKRXVDQG 5qJOHPHQWGXSHUVRQQHOFLYLO 53& 
&30 FSP FRXQWVSHUPLQXWH FSU FRQSUHJKLHUDGLUHVWLWX]LRQH
&30 &ULWLFDO3DWK0HWKRG ,WDOLDQLQLWLDOLVPPHDQLQJSOHDVHUHWXUQ
7KHFULWLFDOSDWKPHWKRGLVDOVRNQRZQDV&ULWLFDO &35 &RQWLQXRXV3ODQNWRQ5HFRUGHU
3DWK7HFKQLTXH &35( &RXQFLOIRUWKH3URWHFWLRQRI5XUDO(QJODQG
,QGXVWULDO(QJLQHHULQJ *% 
FSP F\FOHSHUPLQXWH &35, &HQWUDO3RZHU5HVHDUFK,QVWLWXWH ,QGLD 
3K\VLFV &352'/2 '/2&HQWUHIRU3ODQW%UHHGLQJDQG
&3 PDUNHW &RPPHUFLDO3DSHUPDUNHW 5HSURGXFWLRQ5HVHDUFK 7KH1HWKHUODQGV 
&30$6 &URVV3RODUL]DWLRQ0DJLF$QJOH6SLQQLQJ FSV DEEU FHQWLSRLVH


$OVRFS &37 &RVW3HU7KRXVDQG


)OXLG0HFKDQLFV &37 &ULWLFDO3DWK7HFKQLTXH
&36 &RGH3HQDO6XLVVH &ULWLFDO3DWK7HFKQLTXHLVDOVRNQRZQDV&ULWLFDO
)UHQFKLQLWLDOLVPPHDQLQJ6ZLVV3HQDO&RGH 3DWK0HWKRG
&36 &RQWUROOHG3DWK6\VWHP ,QGXVWULDO(QJLQHHULQJ
5RERWLFV FSWH DEEU FRPSWH
&36 &RQYHUWLEOH3UHIHUUHG6WRFN )UHQFKDEEUHYLDWLRQPHDQLQJDFFRXQW
%DQNLQJ%XVLQHVV)LQDQFH &37 7KHRUHP &KDUJH3DULW\DQG7LPHUHYHUVDO
&3V &ULWLFDO3RLQWV WKHRUHP
&3V &U\SWRSDWFKHV 3K\VLFV
$OOHUJRORJ\0HGLFLQH0LFURELRORJ\ &38 &HQWUDO3URFHVVLQJ8QLW
,PPXQRORJ\ 7KHFHQWUDOSURFHVVLQJXQLWDOVRNQRZQDVIUDPH
&36 &XPXODWLYH3UHIHUUHG6WRFN RUPDLQIUDPHLVWKHFRPSXWHUSRUWLRQFRPSULVLQJ
%DQNLQJ%XVLQHVV)LQDQFH WKHFLUFXLWVQHFHVVDU\IRUWKHH[HFXWLRQRILQVWUXF
FSV F\FOHVSHUVHFRQG WLRQV
)RUIXUWKHUGHWDLOVVHHXQGHU+] &RPSXWHU7HFKQRORJ\
&36& &RQVXPHU3URGXFW6DIHW\&RPPLVVLRQ &38( &DSDFLWp3XOPRQDLUH8WLOLVDEOHjO·(IIRUW
&36( FRUSV36<23VVXSSRUWHOHPHQW )UHQFKLQLWLDOLVPPHDQLQJ7LPHG9LWDO&DSDFLW\
pOpPHQWGHVRXWLHQGHVRSpUDWLRQVSV\FKRORJLTXHV 0HGLFLQH
GHFRUSV &38( &DWFK3HU8QLW(IIRUW
&360$ &RPPLVVLRQRQ3K\VLFDO6FLHQFHV FSY DEEU FDSRYHUVR
0DWKHPDWLFVDQG$SSOLFDWLRQV 86$  OWDOLDQDEEUHYLDWLRQPHDQLQJSDUDJUDSK
&366 &HQWUHGH3UpSDUDWLRQ6XSpULHXUHDX &3; FRPPDQGSRVWH[HUFLVH
6HFUpWDULDW H[HUFLFHGHSRVWHGHFRPPDQGHPHQW
)UHQFK&HQWHU FS[FU\VWDOV FOLQRS\UR[HQHFU\VWDOV
&367 &RPPLVVLRQRQ3URIHVVLRQDOVLQ6FLHQFHDQG 0LQHUDORJ\
7HFKQRORJ\ 86$  &3< &DUER[\SHSWLGDVH<
7KH&367 LVDQDIILOLDWHGRUJDQL]DWLRQRIWKH &3= &KORUSURPD]LQH
$$$6 3KDUPDFRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU$$$6 &4 &OLRTXLQRO
&37 &DPSWRWKHFLQ &4LVDFRSSHU]LQFFKHODWLQJDQWLELRWLF
$QWLFDQFHU'UXJV%LRORJ\0HGLFLQH $O]KHLPHU·V'LVHDVH$P\ORLG3DWKRORJ\&OLQLFDO
&37 &DSDFLWp3XOPRQDLUH7RWDOH 7ULDOV
)UHQFKLQLWLDOLVPPHDQLQJ7RWDO/XQJ&DSDFLW\ &4,% &HQWUH4XpEpFRLVG·,QQRYDWLRQHQ
0HGLFLQH %LRWHFKQRORJLH &DQDGD 
&37 &DUULDJH3DLG7R &406 &LUFXLW4XDOLW\0RQLWRULQJ6\VWHP
(FRQRPLFV,QWHUQDWLRQDO7UDGH &5 &DORULF5HVWULFWLRQ
&37 FHQWUDOSODQQLQJWHDP>REVROHWHUHSODFHG $QLPDO+HDOWK%LRPHGLFDO6FLHQFHV*HULDWULF
E\&37 @ 5HVHDUFK0HGLFLQH1XWULWLRQDO6FLHQFHV
JURXSHFHQWUDOGHSODQLILFDWLRQ>REVROqWHUHP &5 &DUGLRUHVSLUDWRU\
SODFpSDU&37 @ 0HGLFLQH
FRUHSODQQLQJWHDP &5 &DUULDJH5HWXUQ
JURXSHQR\DXGHSODQLILFDWLRQ &DUULDJHUHWXUQLVDFWXDOO\WKHRSHUDWLRQWKDW
&37 &HQWUHGH3HUIHFWLRQQHPHQW7HFKQLTXH HQDEOHVSULQWLQJRIWKHQH[WFKDUDFWHUDWWKHOHIW
)UHQFKLQLWLDOLVPRIWKH&HQWHUIRU7HFKQLFDO PDUJLQ
,PSURYHPHQW )UDQFH  &RPSXWHU3URJUDPPLQJ
&37 &HQWUH3DULVLHQGH7HFKQRORJLH )UDQFH  &5 &DUULHU
V5LVN
&37 &KDUJHG3DUWLFOH7HOHVFRSH &5 &DVK5HFHLSW
%DOOLVWLF0LVVLOHV1DYDO5HVHDUFK6FLHQFH &5 &DWDO\WLF5HIRUPLQJ
$SSOLFDWLRQV 2UJDQLF&KHPLVWU\
FSW DEEU FRPSWDQW &5 &DWKRGH5D\
)UHQFKDEEUHYLDWLRQPHDQLQJFDVK (OHFWURQLFV
&37 &RQWLQXRXV3HUIRUPDQFH7HVW &5 &HQWUDO5HJLRQ>REVROHWH@


5pJLRQ&HQWUH 5& >REVROqWH@ &5$& &DUHHUV5HVHDUFKDQG$GYLVRU\&HQWUH


FRQWURODQGUHSRUWLQJ %ULWLVK&HQWHUV
FRQWU{OHHWGpWHFWLRQ &5$&FKDQQHO &DOFLXP5HOHDVH$FWLYDWHG&D
&5 &HQWUHGH5pVHUYDWLRQ )UDQFH  FKDQQHO
&5 &HUHQNRY5DGLDWLRQ $QLPDO3K\VLRORJ\=RRORJ\
(OHFWURPDJQHWLVP0DWHULDOV6FLHQFHDQG &5$'$ &RRSHUDWLYH5HVHDUFKDQG'HYHORSPHQW
(QJLQHHULQJ3K\LVFV $JUHHPHQW
&U WKHFKHPLFDOV\PEROIRU&KURPLXP 8QGHUD&5$'$ VLJQHGLQODWHHQJLQHHUV
&KURPLXPLVXVHGLQFKURPHSODWLQJDQGLQDOOR\V KDYHWHVWHGWZRQHZYHUVLRQVRIWKHPHWHU 
7KHZRUGFKURPLXPGHULYHVIURPWKH*UHHNWHUP IRRW EODGHFXUUHQWO\XVHGRQPRUHWKDQRSHU
FRORU DWLQJPDFKLQHV7KH\DUHDOVRWHVWLQJDPHWHU
&KHPLVWU\ IRRW ILEHUJODVVEODGHIRUDQDGYDQFHGSURWR
&5 &ORW5HWUDFWLRQ W\SHWXUELQH
0HGLFLQH :LQG7XUELQH%ODGHV
&5&5 &RQGLWLRQHG5HVSRQVH &5$'$V &RRSHUDWLYH5HVHDUFK$QG'HYHORSPHQW
%HKDYLRU $JUHHPHQWV
&5 &RQVHLOOHUGHOD5HLQH &UHDWHGLQWKH86$E\D7HFKQRORJ\
)UHQFKLQLWLDOLVPPHDQLQJ4XHHQ
V&RXQVHO 7UDQVIHU/DZ
&5&5 &RQWLQXRXV5HLQIRUFHPHQW 7HFKQRORJ\7UDQVIHU86*RYHUQPHQW,QGXVWU\
%HKDYLRU &ROODERUDWLRQ
&5FU &UHGLW &5$'2 &KLHI5HVHDUFK$QG'HYHORSPHQW2IILFHU
FU DEEU FUpGLW &UDH &HQWUR5LFHUFKH$WWLYLWj(FXPHQLFKH
)UHQFKDEEUHYLDWLRQPHDQLQJFUHGLW ,WDOLDQDFURQ\PPHDQLQJ(FXPHQLFDO$FWLYLW\
&5 &UHPRQD,WDO\ 5HVHDUFK&HQWHU 8GLQH,WDO\ 
FU DEEU FUHZ &5$) &RPHW5HQGH]YRXV$VWHURLG)O\E\
&5 &ROG5ROOHG 6SDFH3UREHV
0HWDOOXUJ\ &5$L &RPSWHV5HQGXVGHV6pDQFHVGHO·$FDGpPLH
&5 &RPSDQ\
V5LVN GHV,QVFULSWLRQHW%HOOHV/HWWUHV
&5 &RQGLWLRQHG5HIOH[ &5$, &RQVRU]LRSHUOD5LFHUFDHOH$SSOLFD]LRQLGL
&5LVDOVRNQRZQDV&RQGLWLRQHG5HVSRQVH ,QIRUPDWLFD
%HKDYLRU &5$,LVORFDWHGLQ&RVHQ]D,WDO\
&5 &RUUHODWLRQ5DGLRPHWHU ,WDOLDQ&RQVRUWLXP
&5 &URFH5RVVD &5$/ &LUFROR5LFUHDWLYR$VVLVWHQ]LDOHSHU
,WDOLDQLQLWLDOLVPRIWKH5HG&URVV /DYRUDWRUL ,WDO\ 
&5 &RPSOHPHQW5HFHSWRU ,WDOLDQDFURQ\PPHDQLQJ5HFUHDWLRQDODQG
%LRFKHPLVWU\0ROHFXODUDQG0HGLFDO*HQHWLFV :HOIDUH&HQWHUIRU:RUNHUV
&UFU &XUUHQW5DWHV &5$0&5$0 &RQVRU]LR5HJLRQDOH$FFHVVRUL
&5$ &RPPXQLFDWLRQV5HJXODWRU\$JHQF\ 0DFFKLQH ,WDO\ 
$JHQFHGHUpJXODWLRQGHVFRPPXQLFDWLRQV ,WDOLDQ&RQVRUWLXP
&5$ &RQVLJOLRSHUOH5LFHUFKH$VWURQRPLFKH &5$036 &RPELQHG5RWDWLRQ$QG0XOWLSOH3XOVH
,WDOLDQDFURQ\PRIWKH&RXQFLOIRU$VWURQRPLFDO 6HTXHQFH
5HVHDUFK ,WDO\  %LRPDWHULDOV0HGLFLQH2UWKRSDHGLF6XUJHU\
&5$ &RQYHQWLRQDO5DGLRFDUERQ$JHV 5DGLRORJ\6NHOHWDO'LVRUGHUV
$QWKURSRORJ\$UFKDHRORJ\ &5DUP &KHVWDQG5LJKWDUP
&U$ &RURQD$XVWUDOLV 0HGLFLQH
$ FRQVWHOODWLRQO\LQJEHWZHHQ6DJLWWDULXVDQG &5$726 &HQWHUIRU5HVHDUFKRQWKH$SSOLFDWLRQV
6FRUSLXV RI7HOHPDWLFVWR2UJDQL]DWLRQVDQG6RFLHW\
$VWURQRP\ 2IWKH&ROOHJHRI(FRQRPLFV8QLYHUVLWj&DWWROLFD
&5$$ &(&/$17 URXWLQHDFWLYLW\DUHD GHO6DFUR&XRUHDW3LDFHQ]D,WDO\DQGWKH6,06
]RQHG·DFWLYLWpGHURXWLQH GX&(&/$17  =$5  86$
&5$%6 &HOOXODU5DGLR$FFHVVIRU%URDGEDQG )RUIXUWKHUGHWDLOVVHHXQGHU6,06
6HUYLFHV &5$=(' VHTXHQFH &26< 5HYDPSHGZLWK
(XURSHDQ&RPPXQLW\3URMHFW $V\PPHWULF]JUDGLHQW(FKR'HWHFWLRQVHTXHQFH


&KHPLVWU\3KDUPDFHXWLFDOV )RXQGDWLRQWKDWVXSSRUWVUHVHDUFKLQWKHIRUPHU
&U% &RURQD%RUHDOLV 6RYLHW8QLRQ
$ VPDOOFRQVWHOODWLRQO\LQJEHWZHHQ%RRWHVDQG &ROODERUDWLYH86)683URMHFWV
+HUFXOHV &5'2 &KLHI5HVHDUFKDQG'HYHORSPHQW2IILFHU
$VWURQRP\ &5'3 &HQWUHV5pJLRQDX[GH'RFXPHQWDWLRQ
&5%5 &OLQFK5LYHU%UHHGHU5HDFWRU 3pGDJRJLTXH )UDQFH 
&5%53 &OLQFK5LYHU%UHHGHU5HDFWRU3ODQW &5' V\VWHP &RQWURO5RG'ULYHV\VWHP
&UEWUDQVPHPEUDQHSURWHLQ &UXPEVWUDQVPHP &5( F$03 5HVSRQVH(OHPHQW
EUDQHSURWHLQ 1HXURELRORJ\1HXURORJ\1HXURVFLHQFH6LJQDO
$ UHJXODWRURIHSLWKHOLDOSRODULW\LQ'URVRSKLOD 7UDQVGXFWLRQ
&HOO%LRORJ\0ROHFXODU*HQHWLFV(SLWKHOLDO&HOO &5( &HQWUR5LFHUFKH(XURSHR
3RODULW\3KRWRUHFHSWRU0RUSKRJHQHVLV ,WDOLDQDFURQ\PRIWKH(XURSHDQ5HVHDUFK&HQWHU
&5& &DQFHU5HVHDUFK&DPSDLJQ &5( &RPPLVVLRQIRU5DFLDO(TXDOLW\ *% 
&5& &DUGLDF&DOFLXP5HOHDVH&KDQQHO U\DQRGLQH &5( &RVPLF5D\([SRVXUH
UHFHSWRU  &5( &\FOLF$03 5HVSRQVH(OHPHQW
%LRFKHPLVWU\%LRSK\VLFV0HGLFLQH3K\VLRORJ\ &5( 6WDQGLQJ&RQIHUHQFHRI5HFWRUV3UHVLGHQWV
&5& &RORUHFWDO&DQFHU DQG9LFH&KDQFHOORUVRIWKH(XURSHDQ
&5& FRQWURODQGUHSRUWLQJFHQWUH 8QLYHUVLWLHV
FHQWUHGHGpWHFWLRQHWGHFRQWU{OH &'&  *HQHYD6ZLW]HUODQG)RXQGHGLQWRGHYHORS
&ULVLV5HVSRQVH&HOO>REVROHWHUHSODFHGE\ FRRSHUDWLRQEHWZHHQWKHH[HFXWLYHKHDGVRIDOO
-2&@ (XURSHDQXQLYHUVLWLHVWRUHSUHVHQWWKHXQLYHUVLWLHV

DFHOOXOHGHUpDFWLRQDX[FULVHV>REVROqWHUHP SRLQWVRIYLHZWRJRYHUQPHQWDODQGQRQJRYHUQ
SODFpSDU-2&@ PHQWDOERGLHVFRQFHUQHGZLWKKLJKHUHGXFDWLRQLQ
EFHOOXOHGHFULVH (XURSH
&ULVLV5HVSRQVH&HQWUH>REVROHWHUHSODFHGE\ &5($0 &RVPLF5DGLDWLRQ(IIHFWVDQG$FWLYDWLRQ
-2&@ 0RQLWRU
FHQWUHGHFULVH>REVROqWHUHPSODFpSDU-2&@ &5(%SURWHLQ &\FOLF$035HVSRQVH(OHPHQW
&U& &KURPLXP&DUELGH %LQGLQJSURWHLQ
,QRUJDQLF&KHPLVWU\ 0ROHFXODU%LRORJ\1HXURVFLHQFH7UDQVFULSWLRQ
&5& PHWKRG &RRUGLQDWLQJ5HVHDUFK&RXQFLO )DFWRUV
PHWKRG )RUIXUWKHUGHWDLOVVHHXQGHU&%3 DQGF$03
$ UHVHDUFKWHFKQLTXHIRUPXODWHGDSSURYHGDQG &5(& &RORUDGR5LYHU([WHQVLRQDO&RUULGRU
SXEOLVKHGE\WKH&RRUGLQDWLQJ5HVHDUFK&RXQFLO *HRORJLFDO6FLHQFHV
,QF 86$  &5(& &RPLWpGHUpFODPDWLRQV
&5&3URJUDPPH &DQDGD5HVHDUFK&KDLUV &RPSODLQWV&RPPLWWHH && 
3URJUDPPH &5('& &DSLWDO5HJLRQ(FRQRPLF'HYHORSPHQW
(VWDEOLVKHGE\WKH*RYHUQPHQWRI&DQDGD &RUSRUDWLRQ
&5&V &RRSHUDWLYH5HVHDUFK&HQWUHV $XVWUDOLD  &5('&LVORFDWHGLQ+DUULVEXUJ3HQQV\OYDQLD
7KH&5&VZHUHVHWXSLQWRXQLWHDFDGHPLF 86$
JRYHUQPHQWDQGLQGXVWU\UHVHDUFKHUV &5('(0 DEEU &5('LWR(0LOLDQR
&5' &DUERK\GUDWH5HFRJQLWLRQ'RPDLQ ,WDOLDQ%DQN
%LRFKHPLVWU\*O\FRELRORJ\0HGLFLQH0ROHFXODU &5(',23 &RQVRU]LRGL&UHGLWRSHUOH2SHUH
DQG&HOOXODU3K\VLRORJ\6WUXFWXUDO%LRORJ\ 3XEEOLFKH ,WDO\ 
&5' FRPPDQGHU·VUHTXLUHGGDWH ,WDOLDQDFURQ\PRIWKH&UHGLW&RQVRUWLXPIRU
GDWHG·pFKpDQFHIL[pHSDUOHFRPPDQGDQW 3XEOLF:RUNV
&5'& &OLPDWH5HVHDUFK'DWD&HQWHU (VWDEOLVKHGLQLQEHFDPHSDUWRIWKH
&5'& &RWWRQ5HVHDUFKDQG'HYHORSPHQW *UXSSR'H[LDVLQFH0D\WKHFRUSRUDWH
&RUSRUDWLRQ QDPHLV'H[LD&UHGLRS
&5') &DWKRGH5D\'LUHFWLRQ)LQGHU &5('2 &OXVWHURI5HVHDUFKRQ(QGRFULQH
&5') &LYLOLDQ5HVHDUFKDQG'HYHORSPHQW 'LVUXSWLRQLQ(XURSH
)RXQGDWLRQ 86$  $ QHZ  (XURSHDQ8QLRQ\HDU5HVHDUFK
7KH&5')LVD9LUJLQLDEDVHGQRQSURILW 3URJUDP
+RUPRQHPLPLFNLQJ&KHPLFDOV7R[LFRORJ\


&5()$& &HQWUHG
(WXGHHWGH)RUPDWLRQSRXU &U) LVXVHGDVDFDWDO\VW
O
$FFRPSDJQHPHQWGHV&KDQJHPHQWV ,QRUJDQLF&KHPLVWU\
&UHJLRQ &RQVWDQWUHJLRQ &5) &RUWLFRWURSLQ5HOHDVLQJ)DFWRU
,PPXQRJOREXOLQ0ROHFXOHV &5)LVDSHSWLGH
&5(+$&UHKD &HQWUHV5pJLRQDX[SRXUO
(QHUJLH %UDLQ&KHPLVWU\1HXURVFLHQFH
HWO
+$ELWDW )UDQFH  1HXURWUDQVPLWWHUV
)UHQFK&HQWHU &5))7 WHFKQLTXH &\FOLF5HGXFWLRQ)DVW)RXULHU
&5(0( FRQFOXVLRQVDQGUHFRPPHQGDWLRQVRQPDU 7UDQVIRUPWHFKQLTXH
LWLPHH[HUFLVHV>REVROHWHUHSODFHGE\1//'%@ &5)OZ ORQJZDYH&ORXG5DGLDWLYH)RUFLQJ
FRQFOXVLRQVHWUHFRPPDQGDWLRQVUHODWLYHVDX[ $WPRVSKHULF6FLHQFHV&ORXG0LFURSK\VLFV
H[HUFLVHVPDULWLPHV>REVROqWHUHPSODFpSDU *HRSK\VLFV
1//'%@ &5)3&UIS &HQWUL5HJLRQDOLGL)RUPD]LRQH
&5(6 &HQWHUIRU5HSURGXFWLRQRI(QGDQJHUHG 3URIHVVLRQDOH ,WDO\ 
6SHFLHV 86$  ,WDOLDQ&HQWHUV9RFDWLRQDO7UDLQLQJ
&ORQLQJ&RQVHUYDWLRQ%LRORJ\&RQVHUYDWLRQ FUJ DEEU FDUULDJH
3URJUDPV3URMHFWV*HQHWLFV0ROHFXODU*HQHWLFV (QJLQHHULQJ*UDSKLF$UWV2UGQDQFH
3RSXODWLRQ%LRORJ\3RSXODWLRQ*HQHWLFV &5*FRPPXQLFDWLRQUHSRUWLQJJDWH
5HSURGXFWLYH%LRORJ\=RRORJ\ VHXLOGHFRPSWHUHQGX
&5(6 &HQWURSHUOD5LFHUFD(OHWWURQLFDLQ6LFLOLD &5*5 &RDOLWLRQIRU5HVSRQVLEOH*HQHWLF5HVHDUFK
,WDOLDQDFURQ\PRIWKH&HQWHUIRU(OHFWURQLF &5+V\VWHP &RUWLFRWURSLQ5HOHDVLQJ+RUPRQHV\V
5HVHDUFKLQ6LFLO\ WHP
&5(6LVEDVHGLQ3DOHUPR,WDO\ 0DPPDOLDQ*HQHWLFV0HQWDO+HDOWK3V\FKLDWU\
&UHV DEEU FUHVFHQW &5, &HQWUDOHGHV5qJOHPHQWV,QWHUEDQFDLUHV
$VWURQRP\,QYHUWHEUDWH=RRORJ\6FLHQFH )UDQFH 
&5(VHJPHQW &DPS5RFN(PHUVRQVHJPHQW )UHQFKLQLWLDOLVPRIWKH&HQWHUIRU,QWHUEDQN
&UXVWDO6WXGLHV 6HWWOHPHQWV5HIHUULQJWRVHWWOHPHQWVE\WKH7%)
&5(60( &HQWUR5LFHUFKH(FRQRPLFKH V\VWHP
6RFLRORJLFKHHGL0HUFDWR(GLOL]LR ,WDO\  )RUIXUWKHUGHWDLOVVHHXQGHU7%)
,WDOLDQ5HVHDUFK&HQWHU &5, &KULVWHQVHQ5HVHDUFK,QVWLWXWH 0DGRQJ3DSXD
&5(63 FULVLVUHVSRQVHSURWRW\SH 1HZ*XLQHD 
SURWRW\SHGHUpSRQVHDX[FULVHV &5, &RPPLVVLRQ5RJDWRLUH,QWHUQDWLRQDOH
&5(667 SURMHFW &U\RJHQLF5DUH(YHQW6HDUFK )UHQFKDFURQ\PPHDQLQJ,QWHUQDWLRQDO5RJDWRU\
ZLWK6XSHUFRQGXFWLQJ7KHUPRPHWHUVSURMHFW &RPPLVVLRQ-XGLFLDO&RPPLVVLRQ
*HUPDQ\  &5,$&ULD &RPPXQLW\5HVHDUFK,QLWLDWLYHRQ
$VWURQRP\%RORPHWHUV3K\VLFV $LGV 86$ 
&5(67 &RUH5HVHDUFKIRU(YROXWLRQDO6FLHQFHDQG &5,$'6 &HQWUDO5HJLRQ,QWHJUDWHG$LU'HIHQFH
7HFKQRORJ\ -DSDQ  6\VWHP>REVROHWH@
5HVHDUFK3URMHFWV V\VWqPHGHGpIHQVHDpULHQQHLQWpJUpHGHOD5pJLRQ
&5) &DSDFLWp5pVLGXHOOH)RQFWLRQQHOOH &HQWUH>REVROqWH@
)UHQFKLQLWLDOLVPPHDQLQJ)XQFWLRQDO5HVLGXDO &5,$, &RQVRU]LRFDPSDQRGL5LFHUFDSHU
&DSDFLW\)XQFWLRQDO5HVLGXDO$LU O
,QIRUPDWLFDHO
$XWRPD]LRQH,QGXVWULDOH
0HGLFLQH &5,$,LVORFDWHGLQ1DSOHV,WDO\
&5) &HQWUR5LFHUFKH),$7 ,WDOLDQ&RQVRUWLXP
,WDOLDQLQLWLDOLVPRI),$7 5HVHDUFK&HQWHU 7XULQ &5,&6 &HQWUDO5HJLRQ,QWHJUDWHG&RPPXQLFDWLRQV
,WDO\  6\VWHP>REVROHWH@
&5) &ODVVLFDO5HFHSWLYH)LHOG V\VWqPHLQWpJUpGHWpOpFRPPXQLFDWLRQVGHOD
&RPSXWDWLRQDQG1HXUDO6\VWHPV1HXURVFLHQFH 5pJLRQ&HQWUH>REVROqWH@
3V\FKLDWU\3V\FKRORJ\ &5,0 &RPPHUFLDO5HIULJHUDWRU,QFXEDWRU0RGXOH
&5) &ORXG5DGLDWLRQ)HHGEDFN &5,1&$ &HQWUDO5HJLRQ,QWHOOLJHQFH
&5) FRQWLQJHQF\UHDFWLRQIRUFH &RPPXQLFDWLRQV$UFKLWHFWXUH>REVROHWH@
IRUFHGHUpDFWLRQSRXUOHVVLWXDWLRQVGHFLUFRQ DUFKLWHFWXUHGHVFRPPXQLFDWLRQVSRXUOHUHQ
VWDQFH VHLJQHPHQWGHOD5pJLRQ&HQWUH>REVROqWH@
&U) &KURPRXV)OXRULGH


&5,3* &HQWUDO5HJLRQ,QWHUIDFH3ODQQLQJ*URXS ,WDOLDQ&HQWHUV


>REVROHWH@ &52 &RPSDQLHV5HJLVWUDWLRQ2IILFH
*URXSHGHSODQLILFDWLRQVXUO·LQWHUIDFHGHOD &52 FULVLVUHVSRQVHRSHUDWLRQ
5pJLRQ&HQWUH>REVROqWH@ RSpUDWLRQGHUpSRQVHDX[FULVHV
&5,V &URZQ5HVHDUFK,QVWLWXWHV 1HZ=HDODQG  &U2 &KURPLF$FLG
&5,67$ &5\RJHQLF,QIUDUHG6SHFWURPHWHUVDQG &KURPLF$FLGDOVRNQRZQDV&KURPLXP7ULR[LGH
7HOHVFRSHVIRUWKH$WPRVSKHUH &KURPLF$QK\GULGHLVXVHGPDLQO\LQPHGLFLQH
3K\VLFV6SDFH5HVHDUFK DQGFKURPLXPSODWLQJ
&5,67$63$6([SHULPHQW &5,67$6KXWWOH3DOOHW ,QRUJDQLF&KHPLVWU\
6DWHOOLWH([SHULPHQW &U2 &KURPLF2[LGH
)RUIXUWKHUGHWDLOVVHHXQGHU&5,67$ &KURPLF2[LGHLVDOVRNQRZQDV&KURPLXP
FULWPDVV DEEU FULWLFDOPDVV 6HVTXLR[LGH&KURPLXP2[LGH,WLVXVHGPDLQO\
1XFOHRQLFV DVDSLJPHQWDQGDFDWDO\VW
&5- &DQDGDLU5HJLRQDO-HW%RPEDUGLHU
V ,QRUJDQLF&KHPLVWU\
&5/ &HQWHUIRU5HVHDUFK/LEUDULHV &U2 &KURPLXP'LR[LGH
&5/ &KDUOHV5LYHU/DERUDWRU\ 86$  &U2 LVXVHGPDLQO\LQPDJQHWLFWDSHV
&5/ &KHP%ULGJH5HVHDUFK/DERUDWRULHV 86$  ,QRUJDQLF&KHPLVWU\
&5/ &RPPXQLFDWLRQ5HVHDUFK/DERUDWRU\ &520 &RQWURODQG5HDG2QO\0HPRU\
2IWKH0LQLVWU\RI3RVWVDQG7HOHFRPPXQLFDWLRQV &52V &RQWUDFW5HVHDUFK2UJDQL]DWLRQV
-DSDQ  &5266&URVV &HQWURGL5LFHUFDVXOO
2ULHQWDPHQWR
&50 &DULPRQWH%DQFD6S$ ,WDO\  6FRODVWLFRSURIHVVLRQDOHHVXOOR6YLOXSSRGHOOH
,WDOLDQ%DQN RUJDQL]]D]LRQL ,WDO\ 
&50 &DVVDGL5LVSDUPLRGL0RGHQD OWDO\  ,WDOLDQ5HVHDUFK&HQWHU
,WDOLDQ%DQN &52: &RQGLWLRQRI52DGDQG:HDWKHUPRQLWRULQJ
&50 &DYHRODH5LFK0HPEUDQH V\VWHP
%LRPHGLFDO6FLHQFHV (XURSHDQ&RPPXQLW\
&50 &HQWUHGH5HFKHUFKHV0HWDOOXUJLTXHV &53 F$03 5HFHSWRU3URWHLQ
&50LVDPHWDOOXUJLFDOUHVHDUFKFHQWUHLQ/LqJH $QDFWLYDWRURIWUDQVFULSWLRQ
%HOJLXP )RUIXUWKHUGHWDLOVVHHXQGHUF$03
&50 &HUWLILHG5HIHUHQFH0DWHULDO &53 &DUGLRYDVFXODU5HVHDUFK3URJUDP
(XURSHDQ&RPPXQLW\ 863URJUDP
&50 &RXQWHU5DGDU0HDVXUHV &53 &HQWUHGH5ppGXFDWLRQ3URIHVVLRQQHOOH9,95(
2UGQDQFH )UDQFH 
&50 &URVV5HDFWLQJ0DWHULDO &53 &RPLWpGHVUHSUpVHQWDQWVGXSHUVRQQHO
%LRFKHPLVWU\ >UHPSODFHOH&3$32&@
&50 &XOWXUDO5HVRXUFH0DQDJHPHQW &RPPLWWHHRI6WDII5HSUHVHQWDWLYHV>KDV
$UFKDHRORJ\ UHSODFHG&3$32&@
&50&UP&XVWRPHU5HODWLRQVKLS0DQDJHPHQW FRQWURODQGUHSRUWLQJSRVW
%XVLQHVVWR&RQVXPHU6RIWZDUH'HYHORSPHQW SRVWHGHGpWHFWLRQHWGHFRQWU{OH
&50 FRPPDQGDQGFRQWUROUHVRXUFHPDQDJHPHQW &53 7KHDLUSRUWFRGHIRU&RUSXV&KULVWL
DJHVWLRQGHVUHVVRXUFHV& ,QWHUQDWLRQDO
EJHVWLRQGHVPR\HQV& &53 &5HDFWLYH3URWHLQ
F51$ PROHFXOHV FRS\51$ PROHFXOHV $ OLYHUGHULYHGLQIODPPDWRU\SURWHLQ
3ODQW%LRORJ\3ODQW3K\VLRORJ\3ODQW6FLHQFHV %LRFKHPLVWU\&OLQLFDO0HGLFLQH+HDUW'LVHDVH
&51/ &KDON5LYHU1XFOHDU/DERUDWRULHV 3DWKRORJ\
&52 &DWKRGH5D\2VFLOORJUDSK &53( &HQWUHGH5HFKHUFKHVHQ3K\VLTXHGH
&52 &DWKRGH5D\2VFLOORVFRSH O
(QYLURQQHPHQWWHUUHVWUHHWSODQpWDLUH
7KHFDWKRGHUD\RVFLOORVFRSHDOVRNQRZQDVRVFLO &U32 &KURPLF3KRVSKDWH
ORVFRSHRUVFRSHLVDFWXDOO\DQLQVWUXPHQWWKDW &KURPLF3KRVSKDWHLVDOVRNQRZQDV&KURPLXP
FRPSULVHVDFDWKRGHUD\WXEHWRGLVSOD\VLJQDO 3KRVSKDWH
ZDYHIRUPVRQDIOXRUHVFHQWVFUHHQ ,QRUJDQLF&KHPLVWU\
(OHFWURQLFV &539 &RWWRQWDLO5DEELW3DSLOORPDYLUXV
&52 &HQWULGL5LIHULPHQWR2QFRORJLFR 9LURORJ\


&55% &KDQJH5HTXHVW5HYLHZ%RDUG &57'5( &5HSHDW'URXJKW5HVSRQVLYH


&55(/ &ROG5HJLRQV5HVHDUFKDQG(QJLQHHULQJ (OHPHQW
/DERUDWRU\ &URSDQG6RLO6FLHQFHV
7KH&55(/ LVD5HVHDUFK'HYHORSPHQWDQG &576 FDVXDOW\UHFHLYLQJWULDJHVKLS
(QJLQHHULQJIDFLOLW\ EkWLPHQWGHUpFHSWLRQHWGHWULDJHGHVSHUWHV
&55(6 &RPELQHG5HOHDVH5DGLDWLRQ(IIHFWV &577 &HUWLILHG5HVSLUDWRU\7KHUDS\7HFKQLFLDQ
6DWHOOLWH 0HGLFLQH
&551 FHQWUHGHUpGXFWLRQGXULVTXHQXFOpDLUH &58(,&58(, &HQWUR,WDOLDQRSHUOH5HOD]LRQL
1XFOHDU5LVN5HGXFWLRQ&HQWUH 155&  8QLYHUVLWDULHFRQO
(VWHUR
FUV DEEU FHQWHUV ,WDOLDQDFURQ\PRIWKH,WDOLDQ&HQWHUIRU
&56 FRDVWUDGLRVWDWLRQ 8QLYHUVLW\5HODWLRQVZLWK)RUHLJQ&RXQWULHV
VWDWLRQUDGLRF{WLqUH &58, &RQIHUHQ]DGHL5HWWRULGHOOH8QLYHUVLWj
FRQWURODQGUHSRUWLQJV\VWHP ,WDOLDQH
UpVHDXGHGpWHFWLRQHWGHFRQWU{OH ,WDOLDQDFURQ\PPHDQLQJ&RQIHUHQFHRIWKH
&56 &ROG5ROOHG6WHHO 5HFWRUV RI,WDOLDQ8QLYHUVLWLHV &KDQFHOORUV
0HWDOOXUJ\ *%  3UHVLGHQWV 86$ 
&56 &RPPRQ5HJLVWUDWLRQ6\VWHP &583 &DVVDGL5LVSDUPLRGL8GLQHH3RUGHQRQH
7D[DWLRQ6\VWHPV7D['DWDEDVHV ,WDO\ 
&56 &RPPXQLW\5HODWLRQV6HUYLFH&RQJUHVVLRQDO ,WDOLDQ6DYLQJV%DQN
5HVHDUFK6HUYLFH 86$  &UY &RUYXV
&56* &RPLWpGHVUHSUpVHQWDQWVGHVVHFUpWDLUHV $VWURQRP\ &RUYXVLVDVPDOOFRQVWHOODWLRQO\LQJ
JpQpUDX[ ZHVWRI6SLFD
&RPPLWWHHRI5HSUHVHQWDWLYHVRIWKH6HFUHWDULHV &59 &UHZ5HWXUQ9HKLFOH
*HQHUDO $VWURQRP\3DUWLFOH3K\VLFV6FLHQFH3URJUDP
&HQWUDO5HJLRQ6LJQDO*URXS>REVROHWH@ 6SDFH6FLHQFH
*URXSHGHWUDQVPLVVLRQVGHOD5pJLRQ&HQWUH &5: 7KHDLUSRUWFRGHIRU&KDUOHVWRQ:HVW
>REVROqWH@ 9LUJLQLD
&563 &RIDFWRU5HTXLUHGIRU6S$FWLYDWLRQ &5:* 7KH&HQWHUIRU5HVHDUFKRQ:RPHQDQG
0HGLFLQH&HOO%LRORJ\0ROHFXODU%LRORJ\ *HQGHU
&57 &DVVDGL5LVSDUPLRGL7RULQR ,WDO\  7KH&5:*ZDVHVWDEOLVKHGLQ7KH
,WDOLDQ%DQN 8QLYHUVLW\RI,OOLQRLVDW&KLFDJR86$
&57 &DVVDGL5LVSDUPLRGL7ULHVWH ,WDO\  &5< &U\SWRFKURPH
,WDOLDQ%DQN %RWDQ\
&57 &DWKRGH5D\7XEH &U\R(0 &U\R(OHFWURQ0LFURVFRS\
(OHFWURQLFV &U\VWDOORJUDSK\,PDJLQJWHFKQRORJLHV0ROHFXODU
&57 &KRLFH5HDFWLRQ7LPH %LRORJ\3URWHLQ6\QWKHVLV5LERVRPDO6WUXFWXUHV
$JLQJ$QWLDJLQJ*HULDWULFV*HURQWRORJ\ &U\SWR DEEU FU\SWRJUDSKLF
&57 &ORW5HWUDFWLRQ7LPH /LQJXLVWLFV&RPPXQLFDWLRQV
3DWKRORJ\ &5= &RUH5LJLGLW\=RQH
&57 FRPPXQLFDWLRQVUHFHLYHUWUDQVPLWWHU (DUWK6FLHQFHV
pPHWWHXUUpFHSWHXUGHWpOpFRPPXQLFDWLRQV &6 FDOOVLJQ
&57 &RPSOH[5HDFWLRQ7LPH LQGLFDWLIG·DSSHO
0HGLFLQH &6 &DUERQ0RQRVXOILGH
&57 &RPSRVLWH5HDFWLRQ7H[WXULQJ &6 &DUERQ6WHHO
&57 LVDQRYHOIDEULFDWLRQSURFHVVIRUKLJKWHP 0HWDOOXUJ\
SHUDWXUHKLJKFXUUHQWVXSHUFRQGXFWRUZLUHVDQG FV DEEU FDVHFDVHV
VKDSHGFRPSRQHQWV FV FDVHLQ
(XURSHDQ&RPPXQLW\3URMHFW &DVHLQLVIRXQGLQPLON
&57 &RQQH[LRQDX5pVHDX7HUUHVWUH 2UJDQLF&KHPLVWU\
FUW DEEU FUDWHU &6 &DVW6WHHO
$VWURQRP\*HRORJ\0HFKDQLFDO(QJLQHHULQJ 0HWDOOXUJ\
0HWDOOXUJ\ FV FHQWLVWRNH
)OXLG0HFKDQLFV


FV FHVDUHDQVHFWLRQ &6 &RVHQ]D,WDO\


0HGLFLQH &6 &UHGLWR6YL]]HUR
&V WKHFKHPLFDOV\PEROIRU&HVLXP FV FXUUHQWVWUHQJWK
&HVLXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF 0HGLFLQH
QXPEHUDQGDPHOWLQJSRLQWRI$&7KHZRUG FV F\FOHSHUVHFRQG
FHVLXPGHULYHVIURPWKH/DWLQWHUPEOXH $OVRNQRZQDV+HUW]
&KHPLVWU\ 0HWURORJ\
&6 &KLHIRI6WDII &6 FRPPDQGDQGFRQWUROV\VWHP
$OVR&26 V\VWqPHGHFRPPDQGHPHQWHWGHFRQWU{OH
&6 &KLHI6FLHQWLVW &6 FRQVXOWDWLRQFRPPDQGDQGFRQWUROV\VWHPV
&6&6 &KLHI6HFUHWDU\ V\VWqPHVGHFRQVXOWDWLRQGHFRPPDQGHPHQWHWGH
&V &LUURVWUDWXVFORXG FRQWU{OH
7KHFLUURVWUDWXVFORXGRFFXUVDWKHLJKWVRIDERXW &6 &DUERQ'LVXOILGH
IHHW &DUERQ'LVXOILGHLVXVHGPDLQO\LQWKHSURGXFWLRQ
0HWHRURORJ\ RIUD\RQDQGVRLOGLVLQIHFWDQWV&DUERQ'LVXOILGH
&6 &LWUDWH6\QWKDVH DVDPROHFXOHFDQEHSUHVHQWLQPDQ\FRVPRFKHP
%LRFKHPLVWU\ LFDOHQYLURQPHQWV
&6 &LYLO6HUYDQW 2UJDQLF&KHPLVWU\
&6&6 &LYLO6HUYLFH &6$ &DQDGLDQ6SDFH$JHQF\ &DQDGD 
&6 &ROG6WDUW &6$ FHQWUDOVXSSO\DJHQF\
&ROG6WDUWLVDOVRNQRZQDV&ROG%RRW DJHQFHFHQWUDOHGHVDSSURYLVLRQQHPHQWV $&$
&RPSXWHU7HFKQRORJ\  
&6&6 &ROOHJLR6LQGDFDOH FLYLOLDQVWDIIDVVRFLDWLRQ
,WDOLDQLQLWLDOLVPPHDQLQJ%RDUGRI$XGLWRUV DVVRFLDWLRQGXSHUVRQQHOFLYLO $3& 
86$$XGLW&RPPLWWHH &6$ &KHPLFDO6KLIW$QLVRWURS\
&6&6 &RPDQGR6XSUHPR %LRFKHPLVWU\&HOOXODU%LRORJ\&KHPLVWU\
,WDOLDQLQLWLDOLVPPHDQLQJ6XSUHPH+HDGTXDUWHUV 0ROHFXODU%LRORJ\
0LOLWDU\ &6$ &KLHI6FLHQWLVWV
$VVHPEO\ -DSDQ 
&6 FRPEDWVXSSRUW 6LQFHWKH&6$ DFWVDVDQDGYLVRU\ERG\WR
DSSXLWDFWLTXH 5,.(1
V3UHVLGHQWDQG%RDUGRI([HFXWLYH
&RVWD5LFD 'LUHFWRUV
&RVWD5LFD )RUIXUWKHUGHWDLOVVHHXQGHU5,.(1
FV FRPHVRSUD &6$ &RPPXQLW\6HUYLFHV$GPLQLVWUDWLRQ 86$ 
,WDOLDQDEEUHYLDWLRQPHDQLQJDVDERYH &6$ &URVV6HFWLRQDO$UHD
&6 &RPPLWWHHRQ6HLVPRORJ\ &V$ &\FORVSRULQ$
&6 &RPPRQZHDOWK6HFUHWDULDW *%  &\FORVSRULQ$ LVDF\FOLFSHSWLGH,WLVXVHGDVDQ
&6 &RPPXQLW\6XUYH\ LPPXQRVXSSUHVVLYHDJHQW
+XPDQ'HYHORSPHQW6RFLRORJ\ %LRFKHPLVWU\,PPXQRELRORJ\,PPXQRORJ\
&6&6 &RQGLWLRQHG6WLPXOXV &6$3 &HQWHUIRU6XEVWDQFH$EXVH3UHYHQWLRQ
%HKDYLRU 86$ 
FV DEEU FRQVFLRXVQHVV &6$5 FRPEDWVHDUFKDQGUHVFXH
1HXURORJ\3V\FKRORJ\ UHFKHUFKHHWVDXYHWDJHGHFRPEDW 5(6&2 
&6&6 &RQVLJOLRGL6LFXUH]]D &6$7 &HQWHUIRU6XEVWDQFH$EXVH7UHDWPHQW
,WDOLDQLQLWLDOLVPPHDQLQJ6HFXULW\&RXQFLO 86$ 
&6&6 &RQVLJOLR6XSHULRUH &6$7, &HQWUR6WXGLHG$SSOLFD]LRQLVXOOH
,WDOLDQLQLWLDOLVPPHDQLQJ+LJK&RXQFLO 7HFQRORJLHGHOO
,QIRUPD]LRQH
&6&6 &RRSHUDWLYH6RFLHW\ ,WDOLDQ&HQWHU,QIRUPDWLRQ7HFKQRORJLHV
&6&6 &RUWH6XSUHPD &6% &HQWHUIRU6XUIDFH%LRWHFKQRORJ\
,WDOLDQLQLWLDOLVPPHDQLQJ6XSUHPH&RXUW $WWKH8SSVDOD%LRPHGLFDO&HQWHU 6ZHGHQ 
FV FRUWLFRVWHURLG 6XUIDFH%LRWHFKQRORJ\
&RUWLFRVWHURLGLVDOVRNQRZQDV &6%& 7KH&HQWHUIRUWKH6WXG\RI%LRORJLFDO
$GUHQRFRUWLFRVWHURLG &RPSOH[LW\
(QGRFULQRORJ\ 9LUJLQLD&RPPRQZHDOWK8QLYHUVLW\86$


&6%0 &RPPLWWHHRQ6SDFH%LRORJ\DQG0HGLFLQH 0LOLWDU\


86$  &6' &RQVROHGH6XSHUYLVLRQHWGH'LDORJXH
&6%0 FRQILGHQFHDQGVHFXULW\EXLOGLQJPHDVXUHV &6' &RWWRQ6HHG'LVWULEXWRUV
PHVXUHVGHFRQILDQFHHWGHVpFXULWp 0'&6  &6'LVDJURZHUFRQWUROOHGRUJDQL]DWLRQEDVHGLQ
&V%U &HVLXP%URPLGH :HH:DD1HZ6RXWK:DOHV$XVWUDOLD
&HVLXP%URPLGHLVXVHGPDLQO\LQPHGLFLQH &6G3, &RQVLJOLR6XSHULRUHGHOOD3XEEOLFD
,QRUJDQLF&KHPLVWU\ ,VWUX]LRQH
&6%V &RPSHWHQFH6WDQGDUGV%RGLHV ,WDOLDQLQLWLDOLVPRIWKH+LJK%RDUGRIWKH
&6& &KLQD6FKRODUVKLS&RXQFLO &KLQD  0LQLVWU\RI(GXFDWLRQ
&6& &RPSXWHU6FLHQFH&RUSRUDWLRQ &6'5 FRPELQHGVKLSGHVWLQDWLRQURRP
&6& &RRSHUDWLYDSHUOR6SHWWDFROR&XOWXUDOH FKDPEUHFRPELQpHGHGHVWLQDWLRQGHVQDYLUHV
,WDO\  &6': FRPSRXQGV &KDUJHDQG6SLQ'HQVLW\
FVF FRVHFDQW :DYHFRPSRXQGV
$OVRFRVHF 3K\VLFV
0DWKHPDWLFV &6( &HQWUHIRU6FLHQFHDQG(QYLURQPHQW ,QGLD 
&6&$3 &RXQFLOIRU6HFXULW\&RRSHUDWLRQLQ$VLD $LU3ROOXWLRQ
3DFLILF &6( &HUWLILFDWHRI6HFRQGDU\(GXFDWLRQ *% 
&6&% &HQWUHIRU6\QWKHVLVDQG&KHPLFDO%LRORJ\ &6( FRPPXQLFDWLRQVXSSRUWHOHPHQW
,UHODQG  pOpPHQWGHVRXWLHQGHVWUDQVPLVVLRQV
&DQFHU1HXURVFLHQFH9DVFXODU%LRORJ\ &6( &RQVRUWLXPIRU6XSHUFRQGXFWLQJ(OHFWURQLFV
&6&( &RQIHUHQFHRQ6HFXULW\DQG&RRSHUDWLRQLQ 7KH&6(LVDJURXSRI86FRPSDQLHVDQGLQVWLWX
(XURSH WLRQVZRUNLQJLQWKHILHOG
$VRI-DQXDU\UHQDPHG2UJDQL]DWLRQIRU %DVLF3K\VLFV+LJK7HPSHUDWXUH
6HFXULW\DQG&RRSHUDWLRQLQ(XURSH 26&(  6XSHUFRQGXFWLYLW\
&6&K( &DQDGLDQ6RFLHW\IRU&KHPLFDO(QJLQHHULQJ &6(& &HQWUHIRU6FLHQFHDW([WUHPH&RQGLWLRQV
&DQDGD  *% 
&V&O &HVLXP&KORULGH &6(06 &RPSXWHU6FLHQFH(QJLQHHULQJDQG
&HVLXP&KORULGHKDVPDQ\DSSOLFDWLRQVLWLVXVHG 0DWKHPDWLFV6FKRODUVKLSV
IRUH[DPSOHLQPLQHUDOZDWHUVLQEUHZLQJDQG 866FKRODUVKLSV
SKRWRHOHFWULFFHOOV &6(2/ &HQWHUIRUWKH6WXG\RI(YROXWLRQDQGWKH
,QRUJDQLF&KHPLVWU\ 2ULJLQRI/LIH
&6&/ &RPSXWHU6XSSRUWHG&ROODERUDWLRQ 7KH&6(2/DWWKH8QLYHUVLW\RI&DOLIRUQLD/RV
/HDUQLQJ $QJHOHV86$KDVKHOGPHHWLQJVHYHU\ZHHN
&V&O2 &HVLXP3HUFKORUDWH HYHUVLQFH
&HVLXP3HUFKORUDWHLVXVHGPDLQO\LQRSWLFV (YROXWLRQ2ULJLQRI/LIH
,QRUJDQLF&KHPLVWU\ &6(5*( &HQWUHIRU6RFLDODQG(FRQRPLF5HVHDUFK
&V&2 &HVLXP&DUERQDWH RQWKH*OREDO(QYLURQPHQW *% 
&HVLXP&DUERQDWHLVXVHGPDLQO\LQEUHZLQJDQG &6(6 &HQWHUIRU6RFLDODQG(FRQRPLF6WXGLHV
PLQHUDOZDWHUV 86$ 
,QRUJDQLF&KHPLVWU\ &6(6 &HQWHUIRUWKH6WXG\RI(DUWKIURP6SDFH
&6&3 &RPLWpGHVXUYHLOODQFHGHODFDLVVHGH &6) FHQWUDOVXSSO\IDFLOLW\
SUpYR\DQFH LQVWDOODWLRQFHQWUDOHGHVRXWLHQ
%RDUGRI6XSHUYLVRUVRIWKH3URYLGHQW)XQG &6) &HUHEURVSLQDO)OXLG
&6&3$ &DOLIRUQLD6RFLHW\RI&HUWLILHG3XEOLF &V) &HVLXP)OXRULGH
$FFRXQWDQWV 86$  &V)LVXVHGPDLQO\LQRSWLFV
&6&6 &RQVROLGDWHG6FLHQWLILF&RPSXWLQJ6\VWHP ,QRUJDQLF&KHPLVWU\
&6&: &RPSXWHU6XSSRUWHG&RRSHUDWLYH:RUN &6) &RORQ\6WLPXODWLQJ)DFWRU
&6' &DPEULGJH6WUXFWXUDO'DWDEDVH (QGRFULQRORJ\,PPXQRORJ\
&6' &KURPRVRPDO *HQHWLF 6H['HWHUPLQDWLRQ &6) &\WRVWDWLF)DFWRU
3RSXODWLRQ%LRORJ\=RRORJ\ (PEU\RORJ\0LWRVLV1XFOHDU7UDIILFNLQJ
&6' &RPPLVVLRQH6XSUHPD'LIHVD 0LFURWXEXOH3RO\PHUL]DWLRQ
,WDOLDQLQLWLDOLVPPHDQLQJ6XSUHPH'HIHQVH &6)% &UHGLW6XLVVH)LUVW%RVWRQ
%RDUG


&6)%HQWHUHGWKHZRUOGRIKLJKWHFKQRORJ\ JUDPVLQELRLQIRUPDWLFVDQGFRPSXWDWLRQDOELROR
ILQDQFLQJLQ0DUFK J\LQWKH8QLWHG6WDWHV
$GYLVRU\6HUYLFHV&RUSRUDWH)LQDQFH6ZLVV %LRLQIRUPDWLFV&RPSXWDWLRQDO%LRORJ\
%DQN &6, &RPXQLWjGHJOL6WDWL,QGLSHQGHQWL
&6)5 &RPPLWWHHRQ6FLHQWLILF)UHHGRPDQG 2IWKH)RUPHU6RYLHW8QLRQ
5HVSRQVLELOLW\ &6, &RQGLWLRQDO6\PPHWULF,QVWDELOLW\
2IWKH$$$6 &6, &5&6$0LQWHUIDFH
)RUIXUWKHUGHWDLOVVHHXQGHU$$$6 LQWHUIDFH&'&6$0
&6)6 VHH&20675,.)256287+ &6,& 6SDQLVK1DWLRQDO5HVHDUFK&RXQFLO
9RLU&20675,.)256287+ 6SDQLVK&RXQFLOV
&6* &LYLO6HDOLIW*URXS &6,&23 &RPPLWWHHIRUWKH6FLHQWLILF,QYHVWLJDWLRQ
*URXSHVXUOH6HDOLIWFLYLO RI&ODLPV2IWKH3DUDQRUPDO 86$ 
FRXUVHDQGVSHHGPDGHJRRGRYHUWKHJURXQG &6,2 &HQWUDO6FLHQWLILF,QVWUXPHQWV2UJDQL]DWLRQ
URXWHHWYLWHVVHVXUOHIRQG ,QGLD 
&6* &RPSXWHU6XSSRUW*URXS 86$  &6,5 &RXQFLORI6FLHQWLILF ,QGXVWULDO5HVHDUFK
&6*KDVEHHQUHSODFHGE\&16' &RPSXWHUDQG ,QGLD 
1HWZRUN6HUYLFHV'LYLVLRQ  &6,52 &RPPRQZHDOWK6FLHQWLILFDQG,QGXVWULDO
&6* &RQWULEXWLRQ6RFLDOH*pQpUDOLVpH 5HVHDUFK2UJDQL]DWLRQ $XVWUDOLD 
)UHQFKLQLWLDOLVPPHDQLQJ6RFLDO6HFXULW\ &6,6 &HQWHUIRU6WUDWHJLFDQG,QWHUQDWLRQDO6WXGLHV
&RQWULEXWLRQ 86$ 
&6*( &RQIRUPDWLRQ6HQVLWLYH*HO(OHFWURSKRUHVLV FVN FRXQWHUVLQN
&ROODJH5HVHDUFK'LDJQRVWLF5DGLRORJ\*HQH 0HFKDQLFDO'HYLFHV
7KHUDS\*HQHWLFV0HGLFDO%LRFKHPLVWU\ &6/ &HQWUDO6FLHQFH/DERUDWRU\
0HGLFLQH 7KH&6/ LVORFDWHGQHDU<RUN *% ,WLVDQ
&6JHQH &LWUDWH6\QWKDVHJHQH ([HFXWLYH$JHQF\RI0$))
3ODQW0ROHFXODU%LRORJ\3ODQW3K\VLRORJ\ )RRG6DIHW\6DIHJXDUGLQJRI)RRG6XSSO\
&6+ FRPEDWVXSSRUWKHOLFRSWHU 3URWHFWLRQRIWKH(QYLURQPHQW
DKpOLFRSWqUHG·DSSXLDXFRPEDW )RUIXUWKHUGHWDLOVVHHXQGHU0$))
EKpOLFRSWqUHGHVRXWLHQDXFRPEDW &6/ &RQVRU]LR6FXRODH/DYRUR ,WDO\ 
&6+$)7 DEEU &UDQNVKDIW 3URMHFWV
0HFKDQLFDO(QJLQHHULQJ &6/$ &KXUFKDQG6\QDJRJXH/LEUDU\$VVRFLDWLRQ
&6+/DERUDWRU\ &ROG6SULQJ+DUERU/DERUDWRU\ &60 &HQWUR6YLOXSSR0DWHULDOL
86$  ,WDOLDQLQLWLDOLVPRIWKH0DWHULDOV'HYHORSPHQW
$OVR&6+/ &HQWHU 5RPH,WDO\ 
&6, &HQWURSHUOR6YLOXSSR,QGXVWULDOH &60 &HUHEURVSLQDO0HQLQJLWLV
,WDOLDQLQLWLDOLVPRIWKH&HQWHUIRU,QGXVWULDO 0HGLFLQH
'HYHORSPHQW &60 &OLPDWH6\VWHP0RGHO&OLPDWH6\VWHP
&6,&6, &HQWUR6SRUWLYR,WDOLDQR 0RQLWRULQJ
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ6SRUW&HQWHU &60 &RPPDQGDQG6HUYLFH0RGXOH
&V, &HVLXP,RGLGH &60 FRQWLQHQWDOVKHOIPLQH
&V,LVXVHGPDLQO\IRULQIUDUHGVSHFWURVFRS\,WLV PLQHSRXUOHSODWHDXFRQWLQHQWDO
QRZXVHGIRUWKHVWXG\RIGLHOHFWULFWRPHWDOWUDQ &60$ &HQWUHIRU6XUIDFHDQG0DWHULDOV$QDO\VLV
VLWLRQ *% 
(QJLQHHULQJ6FLHQFH,QRUJDQLF&KHPLVWU\ %LRPHGLFDO'HYLFHV6XUIDFH$QDO\VLV
0DWHULDOV6FLHQFH0HWDOOL]DWLRQ3K\VLFDO &60$&' &DUULHU6HQVH0XOWLSOH$FFHVVZLWK
6FLHQFH &ROOLVLRQ'HWHFWLRQ
&6,&6, &RGLFH6SRUWLYR,QWHUQD]LRQDOH 7HOHFRPPXQLFDWLRQV
,WDOLDQLQLWLDOLVPPHDQLQJ,QWHUQDWLRQDO6SRUW &60% &RQVLJOLRGHJOL6WDWLGHO0DU%DOWLFR
&RGH &60(( &HQWHUIRU6FLHQFH0DWKHPDWLFVDQG
&6, &RPSXWDWLRQDO6FLHQFHVDQG,QIRUPDWLFV (QJLQHHULQJ(GXFDWLRQ 86$ 
7KH&6,LVDW*HRUJH0DVRQ8QLYHUVLW\,WZDV &61 &DURWLG6LQXV1HUYH
HVWDEOLVKHGLQ,WLVRQHRIWKHILUVW3K'SUR &61&5$ &KDPEUH6\QGLFDOH1DWLRQDOHGX


&RPPHUFHHWGHOD5pSDUDWLRQ$XWRPRELOH WKHIRFDOSRLQWDW1,+IRUWKHFRQGXFWRILQLWLDO
)UDQFH  SHHUUHYLHZWKHIRXQGDWLRQRIWKH1,+JUDQWDQG
&61(7 &RPSXWHU6FLHQFH1(7ZRUN DZDUGSURFHVV7RWKLVHQGWKH&HQWHUGHYHORSV
&61,6 6WHHULQJ&RPPLWWHHRQ &RPPXQLFDWLRQ DQGLPSOHPHQWVLQQRYDWLYHIOH[LEOHZD\VWRFRQ
6\VWHPV1HWZRUN,QWHURSHUDELOLW\>REVROHWH@ GXFWUHIHUUDODQGUHYLHZIRUDOODVSHFWVRIVFLHQFH
&RPLWpGLUHFWHXUGXSURMHFWG· LQWHURSpUDELOLWp )RUIXUWKHUGHWDLOVVHHXQGHU1,+
GHVUpVHDX[GHV\VWqPHVGHFRPPXQLFDWLRQ &65 &ODVV6ZLWFK5HFRPELQDWLRQ
>REVROqWH@ )RUIXUWKHUGHWDLOVVHHXQGHU$,'
&61/9 &KDPEUH6\QGLFDOH1DWLRQDOHGHV/RXHXUV &65 FRPEDWVWUHVVUHDFWLRQ
GH9pKLFXOHV,QGXVWULHOV )UDQFH  DUpDFWLRQGHVWUHVVGHFRPEDW
&V12 &HVLXP1LWUDWH EVWUHVVVXLWHDXFRPEDW
,QRUJDQLF&KHPLVWU\ &65 &RPPLWWHHIRU6FLHQWLILF5HVHDUFK
&62 &HQWUDO6HOOLQJ2UJDQL]DWLRQ &65 &XVWRPHU6HUYLFH5HSUHVHQWDWLYH
&62 &HQWUDO6WDWLVWLFV2IILFH ,UHODQG  &65& &KLQD6HFXULWLHV5HJXODWRU\&RPPLVVLRQ
&62 &KLHI6FLHQWLILF2IILFHU &KLQD 
&62 &RPPLWWHHRI6HQLRU2IILFLDOV &KLQHVH&RPPLVVLRQV
&V2 &HVLXP2[LGH &65((6 &RRSHUDWLYH6WDWH5HVHDUFK(GXFDWLRQ
,QRUJDQLF&KHPLVWU\ DQG([WHQVLRQ6HUYLFH
&V2 &HVLXP3HUR[LGH 2IWKH86'$
,QRUJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU86'$
&V2+ &HVLXP+\GUR[LGH &65) FRPPRQVRXUFHURXWHILOH
&V2+LVDOVRNQRZQDV&HVLXP+\GUDWH ILFKLHUFRPPXQGHVURXWDJHVG·RULJLQH
,QRUJDQLF&KHPLVWU\ &65, &RXQFLORI6FLHQWLILFDQG,QGXVWULDO5HVHDUFK
&VS&63 &DPHUD6LQGDFDOH3URYLQFLDOH ,WDO\  ,QGLDQ&RXQFLO
&63 &KLUDO6WDWLRQDU\3KDVH &656 &HQWHUIRU6FLHQFH5HVHDUFKDQG6WDWLVWLFV
&63 &LUFXPVSRUR]RLWH3URWHLQ )RUPHU6RYLHW8QLRQ
0DODULD9DFFLQH &656 &RKHUHQW6WRNHV5DPDQ6SHFWURVFRS\
&63 &RPPDQGHPHQW FRPPDQGDQW VXERUGRQQp &656 FRPPRQVHFXULW\UHTXLUHPHQWVWDWHPHQW
SULQFLSDO>REVROqWHUHPSODFpSDU65&@ pQRQFpGHVLPSpUDWLIVGHVpFXULWpFRPPXQV
3ULQFLSDO6XERUGLQDWH&RPPDQG &RPPDQGHU &656 &RRSHUDWLYH6WDWH5HVHDUFK6HUYLFH
36&>REVROHWHUHSODFHGE\65&@ &65V&XVWRPHU6HUYLFH5HSUHVHQWDWLYHV
FRPPHQFHVHDUFKSRLQW &6V &HQWUDO6WDUV
SRLQWGHFRPPHQFHPHQWGHODUHFKHUFKH 7KH&6VDUHVRFDOOHGEHFDXVHRIWKHLUORFDWLRQ
&63 &RQVXOHQ]DSHUOR6YLOXSSRGHOOD3URGXWWLYLWj QHDURULQWKHFHQWUHVRIWKH3ODQHWDU\1HEXODH
,WDO\  $VWURQRP\$VWURSK\VLFV
&63 &RQWURO6ZLWFKLQJ3RLQW &66 &KDRWLF6WUDLQ6WUXFWXUH
&63*VPROHFXOHV &KRQGURLWLQ6XOSKDWH &66LVDOVRNQRZQDV&\FOLFDO6WUDLQ6WUXFWXUH
3URWHRJO\FDQVPROHFXOHV (SLGHPLRORJ\
%UDLQ5HVHDUFK1HXURVFLHQFH1HXURVXUJHU\ &66 FRPEDWVHUYLFHVXSSRUW
6SLQDOFRUG,QMXULHV VRXWLHQORJLVWLTXHGXFRPEDW
&63, &HQWHUIRU6FLHQFHLQWKH3XEOLF,QWHUHVW &66$ &RPSXWLQJ6HUYLFHVDQG6RIWZDUH
86$  $VVRFLDWLRQ
&6SURWHLQ &LUFXPVSRUR]RLWHSURWHLQ &66$ &URS6FLHQFH6RFLHW\RI$PHULFD 86$ 
(SLGHPLRORJ\+XPDQ*HQHWLFV,QIHFWLRXV &66( &RQIHUHQFHRI6WDWH6DQLWDU\(QJLQHHUV
'LVHDVHV0ROHFXODU,PPXQRORJ\0ROHFXODU &66/ &RQWLQXRXV6\VWHP6LPXODWLRQ/DQJXDJH
0HGLFLQH7URSLFDO0HGLFLQH &V62 &HVLXP6XOIDWH
&6353 &RPPLWWHHRQ6FKRODUO\&RPPXQLFDWLRQ &HVLXP6XOIDWHLVXVHGPDLQO\LQEUHZLQJDQG
ZLWKWKH3HRSOH
V5HSXEOLFRI&KLQD PLQHUDOZDWHUV
&63V &RUSRUDWH6HUYLFH3URYLGHUV ,QRUJDQLF&KHPLVWU\
&637 FRPPDQGHUIRUVXSSRUW F6W &HQWLVWRNH
FRPPDQGDQWFKDUJpGXVRXWLHQ )OXLG0HFKDQLFV
&65 &HQWHUIRU6FLHQWLILF5HYLHZ 86$  &67 &HUYLFDO&RUWLFRVSLQDO7UDFW
7KH&65ZDVHVWDEOLVKHGLQ7KH&HQWHULV &67 &ROOHFWLYH6HFXULW\7UHDW\>&,6@


7UDLWpGHVpFXULWpFROOHFWLYH>&(,@ *HQRPLFV0LFURELRORJ\,PPXQRORJ\
&RQYHQWLRQDO6WDELOLW\7DONV &7 &LUFXODWLRQ7LPH
HQWUHWLHQV RXSRXUSDUOHUV VXUODVWDELOLWpGHV 0HGLFLQH
DUPHPHQWVFRQYHQWLRQQHOV &7 &RDWHG7DEOHW
&67 &RUWLFRVSLQDO7UDFW 0HGLFLQH
&67% &RPSXWHU6FLHQFHDQG7HOHFRPPXQLFDWLRQV &7&7 &RPPLVVDULR7HFQLFR
%RDUG 86$  ,WDOLDQLQLWLDOLVPPHDQLQJ&RDFK
&67' &HQWHUIRU6FLHQFHDQG7HFKQRORJ\ 6SRUWV
'HYHORSPHQW81 &7 &RPSXWHUL]HG7RPRJUDSK\
FVWJ DEEU FDVWLQJ &7 &RQGHQVHG7DQQLQ
0HWDOOXUJ\ )RUIXUWKHUGHWDLOVVHHXQGHU&7V
FVWPV DEEU FXVWRPV &7 &RQIHUHQFH7HUPV
&67 1HW &KLQD6FLHQFHDQG7HFKQRORJ\1HWZRUN &7 DEEU &RQQHFWLFXW 86$ 
&KLQD  &7 &RQVWLWXWLYH7UDQVFULSW
,QWHUQHWLQ&KLQD &7 &RQVXOHQWH7HFQLFR
&672 &HUWLILFDWR6XSHULRUHGL7XULVPR ,WDOLDQLQLWLDOLVPPHDQLQJ&RQVXOWLQJ(QJLQHHU
2SHUDWLYR &7 &RUSRUDWLRQ7D[
2IWKH,QWHUQDWLRQDOVFKRRORI7RXULVP,WDO\ &7 DEEU &RXQWHU
&675 &RQWLQXRXVIORZ6WLUUHG7DQN5HDFWRU &7 &ULWLFDO7KHRU\
&KHPLFDO.LQHWLFV&KHPLVWU\(OHFWURSKRUHVLV &7 (QGRFDUGLDO &XVKLRQ7LVVXH
3K\VLFDO&KHPLVWU\ &7$ &HQWHUIRU7HFKQRORJ\$VVHVVPHQW
&68 &DOLIRUQLD6WDWH8QLYHUVLW\ 86$  7KH&7$ LVD:DVKLQJWRQ'&EDVHGLQIRUPDWLRQ
&68 FDVXDOW\VWDJLQJXQLW &OHDULQJKRXVH 86$ 
XQLWpGHWUDQVLWGHVPDODGHVHWEOHVVpV &7$&WD &HQWURGL7HUDSLDGHOO
$GROHVFHQ]D
&68 &KULVWLDQ6RFLDO8QLRQ *HUPDQ\  ,WDOLDQ&HQWHU
&68 &RORUDGR6WDWH8QLYHUVLW\ 86$  &7$ &RPPRQ7UDLQLQJ$UFKLWHFWXUH
&68&68 &RQVWDQW6SHHG8QLW (XURSHDQ&RPPXQLW\3URMHFW
&69 &KU\VDQWKHPXP6WXQW9LURLG &7$ &RXQFLOIRU7HFKQRORJLFDO$GYDQFHPHQW
&6: &KDQQHO6WDWXV:RUG 86$ 
&6: FRXUVHDQGVSHHGPDGHJRRGWKURXJKWKH &7$% &HW\OWULPHWK\ODPPRQLXP%URPLGH
ZDWHU &KHPLVWU\
URXWHHWYLWHVVHVXUO·HDX &7$&2+ &HW\OWULPHWK\ODPPRQLXP
&6:5 &HQWHUIRUWKH6WXG\RI:RUOG5HOLJLRQV &KORULGH+\GUR[LGH
$W+DUYDUG'LYLQLW\6FKRRO+DUYDUG8QLYHUVLW\ &KHPLVWU\
&6:V &RPPHUFLDO6H[:RUNHUV &7$. &LSKHU7H[W$XWR.H\
7KHVRFDOOHGGLUHFWFRPPHUFLDOVH[ZRUNHUVDUH &7$36 FRQWLQJHQF\WKHDWUHDXWRPDWHGSODQQLQJ
WKHRQHVZKRZRUNLQEURWKHOVDQGWKHLQGLUHFW V\VWHP
FRPPHUFLDOVH[ZRUNHUVDUHWKHRQHVZKRZRUNLQ V\VWqPHDXWRPDWLVpGHSODQLILFDWLRQGHVRSpUDWLRQV
PDVVDJHSDUORUVDQGWKHOLNH GHFLUFRQVWDQFHjO·pFKHORQGXWKpkWUH
&6:6 FRUSVVXSSRUWZHDSRQV\VWHP &WDV &KU\VOHUWHFKQRORJLHVDLUERUQHV\VWHPV
V\VWqPHG·DUPHGHVRXWLHQGHFRUSVG·DUPpH &7% &DQFHU7UDLQLQJ%UDQFK
&6= &DVFDGLD6XEGXFWLRQ=RQH 2IWKH861DWLRQDO&DQFHU,QVWLWXWH
(DUWKDQG(QYLURQPHQWDO6FLHQFHV2FHDQLFDQG &7% &HQWUR7HDWUDOH%UHVFLDQR
$WPRVSKHULF6FLHQFHV ,WDOLDQ&HQWHU
&7 &DEOH7UDQVIHU &7% &RPSUHKHQVLYH7HVW%DQ
FW DEEU FDUDW &7%FROXPQ &\WRWURSKREODVWFROXPQ
$OVRN $QDWRP\%LRFKHPLVWU\5HSURGXFWLYH0HGLFLQH
&7 &DWDQLD,WDO\ 6WRPDWRORJ\
FW DEEU FHQW &W%3 &DUER[\OWHUPLQDO%LQGLQJ3URWHLQ
&7 &HQWHU7DS 3NDQW%LRORJ\
(OHFWULFLW\ &7%VXEXQLW &KROHUD7R[LQ%VXEPLW
&7 &HQWUDO$IULFDQ5HSXEOLF %UDLQ5HVHDUFK1HXURVFLHQFH1HXURVXUJHU\
&7 &KROHUD7R[LQ 6SLQDOFRUG,QMXULHV


&7%7 &RPSUHKHQVLYH7HVW%DQ7UHDW\   &7)(SRO\PHU &KORURWULIOXRURHWK\OHQHSRO\PHU


6LJQHGEXWQHYHUUDWLILHGE\WKH8QLWHG6WDWHV &7)(SRO\PHULVDOVRNQRZQDV)OXRURWKHQH,WLV
  XVHGPDLQO\LQSLSHVDQGHOHFWURQLFFRPSRXQGV
&7& &HQWUDOL]HG7UDIILF&RQWURO 2UJDQLF&KHPLVWU\
&7& &HQWUDO7UDLQLQJ&RXQFLO &7)6 &HQWHUIRU7URSLFDO)RUHVW6FLHQFH
&7& &KLQRRN7HFKQLFDO&RPPLWWHH FWJ DEEU FDUWULGJH
0DULQH%LRORJ\ (OHFWURQLFV(QJLQHHULQJ2UGQDQFH
&7& &KORURWHWUDF\FOLQH &7* FRPPDQGHUWDVNJURXS
0LFURELRORJ\ FRPPDQGDQWGHJURXSHRSpUDWLRQQHO
&7&$&7&$ &RPPLVVLRQIRU7HFKQLFDO&R FWJ DEEU FXWWLQJ
RSHUDWLRQLQ$IULFD FWJH DEEU FDUWDJH
&7&% &RQVRU]LRSHUOD7XWHODGHLIRUPDJJL &RPPHUFH
9DOWHOOLQD&DVHUDH%LWWR &7*) &RQQHFWLYH7LVVXH*URZWK)DFWRU
$Q,WDOLDQRUJDQL]DWLRQGHDOLQJZLWKFKHHVHSUR $QDWRP\'HYHORSPHQWDO%LRORJ\3ODVWLFDQG
PRWLRQDQGWHFKQLFDODVVLVWDQFHWRSURGXFHUV 5HFRQVWUXFWLYH6XUJHU\5HHSLWKHOLDOL]DWLRQ
&7&6 &DWHJRU\7KHRU\DQG&RPSXWHU6FLHQFH &7+. &KLQD7HOHFRP+RQJ.RQJ
&7&V &OLQLFDO7ULDOV&RRUGLQDWRUV &7, &HQWUHGH7UDLWHPHQWGHO
,QIRUPDWLRQ
&7' &DUER[\O7HUPLQDOUHSHDW'RPDLQ )UHQFKLQLWLDOLVPPHDQLQJ'DWD3URFHVVLQJ
%LRFKHPLVWU\&HOO%LRORJ\51$ 3URFHVVLQJ &HQWHU
&7' &RPELQHG7UDQVSRUW'RFXPHQW &7, &RPLWDWR7HUPRWHFQLFR,WDOLDQR
&7' &RQGXFWLYLW\7HPSHUDWXUH'HSWK ,WDOLDQ&RPPLWWHH
&7' &22+7HUPLQDOUHSHDW'RPDLQ &7, &RPSXWHU7HOHSKRQH,QWHJUDWLRQ
&DQFHU5HVHDUFK0HGLFLQH0LFURELRORJ\ &RPSXWHU6XSSRUWHG7HOHSKRQ\
6WUXFWXUDO%LRORJ\ &7, &UHGLWR7RWDOH,QWHUQR
&7'GH,
8,& &RPPLVVLRQ7HFKQLTXH ,WDOLDQLQLWLDOLVPPHDQLQJ7RWDO,QWHUQDO&UHGLW
'RFXPHQWDWLRQGHO
8QLRQ,QWHUQDWLRQDOHGHV &7, &ULWLFDO7HFKQRORJLHV,QVWLWXWH 86$ 
&KHPLQVGHIHU &7,$& &RQFUHWH7HFKQRORJ\,QIRUPDWLRQ$QDO\VLV
&7( &HUWLILFDWRGHO7HVRURLQ(&8 &HQWHU
,WDOLDQLQLWLDOLVPPHDQLQJ(&87UHDVXU\ &7,&0 &HQWUH7HFKQLTXH,QGXVWULHOGHOD
&HUWLILFDWH &RQVWUXFWLRQ0pWDOOLTXH )UDQFH 
&RPPHUFH)LQDQFH &7,) &HQWUH7HFKQLTXHGHV,QGXVWULHVGHOD
&7( &RHIILFLHQWRI7KHUPDO([SDQVLRQ )RQGHULH
(OHFWURQLFV/LJKWZDYH7HFKQRORJ\0DWHULDOV )UHQFK&HQWHU
6FLHQFH3K\VLFV &7,)/ &HQWUH7HFKQLTXH,QWHUSURIHVVLRQQHOGHV
&7( FRPPDQGHUWDVNHOHPHQW )UXLWVHW/pJXPHV )UDQFH 
FRPPDQGDQWG·pOpPHQWRSpUDWLRQQHO &7,2 &HUUR7ROROR,QWHU$PHULFDQ2EVHUYDWRU\
&7( &RPPLWWHHRQ7UDLQLQJDQG(GXFDWLRQ &7,8 &RPSRQHQW7HVWDQG,QWHJUDWLRQ8QLW
(8)(36$GYLVRU\3DQHO &7/ &RPSOHPHQWDU\7UDQVLVWRU/RJLF
)RUIXUWKHUGHWDLOVVHHXQGHU(8)(36 &7/ &RQVWUXFWLYH7RWDO/RVV
&7( &RQVWLWXWLYH7UDQVSRUW(OHPHQW ,QVXUDQFH
%LRORJ\0HGLFLQH1HXURVFLHQFHV3HSWLGH &7/ FORQHV &\WRWR[LF7 /\PSKRF\WHFORQHV
%LRORJ\ +XPDQ,PPXQRORJ\0LFURELRORJ\0ROHFXODU
&7( &RUVL7HFQLFL(VWHUQL DQG&HOOXODU%LRORJ\
&7) FRPELQHGWDVNIRUFH &7/2 &RQVWUXFWLYH7RWDO/RVV2QO\
IRUFHRSpUDWLRQQHOOHLQWHUDOOLpH RXPXOWLQD ,QVXUDQFH
WLRQDOH  &70 &HQWURLQIRUPD]LRQL7HU]R0RQGR ,WDO\ 
FRPPDQGHUWDVNIRUFH ,WDOLDQLQLWLDOLVPPHDQLQJ7KLUG:RUOG
FRPPDQGDQWGHIRUFHRSpUDWLRQQHOOH ,QIRUPDWLRQ&HQWHU
&7) &RQWUROOHG7KHUPRQXFOHDU)XVLRQ &70 &RPSXWDWLRQDO7KHUPDO0RGHO
1XFOHRQLFV &RPSXWDWLRQDO0RGHOV*HRORJLFDO6FLHQFHV
&7) &22+7HUPLQDO)UDJPHQW &70%/ &ORXG7RSSHG0DULQH%RXQGDU\/D\HU
$SRSWRVLV*HQHWLFV/LIH6FLHQFHV0HGLFLQH &707 &RPELQHG7KHUPRPHFKDQLFDO7UHDWPHQW
1HXURORJ\ FWQ DEEU FRWDQJHQW


)RUIXUWKHUGHWDLOVVHHXQGHUFRW FWV DEEU FHQWV


&716 &HQWHUIRU7KHRORJ\DQGWKH1DWXUDO &76 &HUWLILFDWRGHO7HVRURD6FRQWR
6FLHQFHV ,WDOLDQLQLWLDOLVPPHDQLQJ,VVXH'LVFRXQW7UHDVXU\
&717 &DUGLDF7URSRQLQ7 &HUWLILFDWH
0HGLFLQH3DWKRORJ\ &RPPHUFH)LQDQFH
&72 &DPSDLJQIRU7DNH2II(XURSHDQ8QLRQ &76 &OHDU7R6HQG
5HQHZDEOH(QHUJ\6RXUFHV &RPSXWHUV
&72 &HUWLILFDWRGHO7HVRURFRQ2S]LRQH &76 &RPPXQLFDWLRQV7HFKQRORJ\6DWHOOLWH
,WDOLDQLQLWLDOLVPPHDQLQJ2SWLRQ7UHDVXU\ &DQDGD 
&HUWLILFDWH &76 &RPSRQHQW7HVW6\VWHP
&WR& &HQWHUWR&HQWHU &7V &RQGHQVHG7DQQLQV
&72V &HUWLILHG7UDGDEOH2IIVHWV &RVWD5LFD  &7VDUHDOVRNQRZQDV3URDQWKRF\DQLGLQV
&72VDUHHQYLURQPHQWDOERQGVFUHDWHGE\WKH 1DWXUDO3URGXFWV5HVHDUFK3ODQW%LRORJ\
*RYHUQPHQWRI&RVWD5LFDJXDUDQWHHGXQGHUDQ &76 &RQIHGHUD]LRQH(XURSHDGHL6LQGDFDWL
LQGHSHQGHQWYHULILFDWLRQVHUYLFHIRUIRUHVWU\RII ,WDOLDQDFURQ\PRIWKH7UDGH8QLRQV(XURSHDQ
VHWV&RXQWULHVZKLFKEX\WKHERQGVXVHWKHVHFDU &RQIHGHUDWLRQ
ERQFUHGLWVDVDEDUJDLQLQJFKLSLQLQWHUQDWLRQDO FWV DEEU FUDWHV
FOLPDWHQHJRWLDWLRQV7KLVSLORWVFKHPH HQGRI &76$ &HQWHUIRU7URSLFDODQG6XEWURSLFDO
 WRWUDGHSHUPLWVIRUFDUERQGLR[LGHHPLVVLRQ $TXDFXOWXUH 86$ 
LVFUHDWHGXQGHUWKHDXVSLFHVRI81&7$' &76$ &260,&7RS6HFUHW$720$/
,QWHUQDWLRQDO&OLPDWH1HJRWLDWLRQV(QYLURQPHQWDO &260,&7UqV6HFUHW$720$/
%RQGV &76&5((1PRGHO &RPSOH[7HUUDLQ6&5((1LQJ
)RUIXUWKHUGHWDLOVVHHXQGHU81&7$' PRGHO
&73 &\WLGLQH
7ULSKRVSKDWH &765 &URVVWLHZDOOPDJQHWLF6KLIW5HJLVWHU
%LRFKHPLVWU\ &76V &DUGLRWRQLF6WHURLGV
&75 &DOFLWRQLQ5HFHSWRU &76VDUHXVHGWKHUDSHXWLFDOO\WRLQFUHDVHWKH
&75 &DUGLRWKRUDFLF5DWLR VWUHQJWKRIFRQWUDFWLRQRIWKHKHDUW
FWU DEEU FHQWHU %LRSK\VLFV0HGLFLQH0ROHFXODU%LRORJ\
&75 &HQWUR7HUULWRULDOH5LDELOLWDWLYR ,WDO\  3K\VLRORJ\
,WDOLDQ&HQWHU &76WHVW &RQWUROOHG7KHUPDO6HYHULW\WHVW
&75 &HUWLILFDWRGHO7HVRUR5HDOH &77 &DSLWDO7UDQVIHU7D[
,WDOLDQLQLWLDOLVPPHDQLQJ5HDO7UHDVXU\ %DQNLQJ)LQDQFH
&HUWLILFDWH &77 &RQVRU]LR7XWHOD7DOHJJLR ,WDO\ 
&75 &RQWUROOHG7KHUPRQXFOHDU5HDFWRU ,WDOLDQ&RQVRUWLXP
1XFOHDU(QHUJ\ &77& &RORUDGR7HFKQRORJ\7UDQVIHU&HQWHU
&75 &RXQFLOIRU7REDFFR5HVHDUFK 86$  86$ 
7KH&75ZDVIRXQGHG\HDUVDJR F77V FODVVLFDO7 7DXULVWDUV
FWU DEEU FRXQWHU $VWURQRP\$VWURSK\VLFV
&RPSXWHU7HFKQRORJ\(QJLQHHULQJ(OHFWULFDO &78 &HQWLJUDGH7KHUPDO8QLW
(QJLQHHULQJ &78 FRPPDQGHUWDVNXQLW
&75 &U\VWDO7UXQFDWHG5RG FRPPDQGDQWG·XQLWpRSpUDWLRQQHOOH
FWU DEEU FXWWHU &78 &RQVWLWXWLYH7UDQVFULSWLRQ8QLW
$FRXVWLFDO(QJLQHHULQJ(QJLQHHULQJ1DYDO &78 &RQVXOHQWH7HFQLFRG·8IILFLR ,WDO\ 
$UFKLWHFWXUH /DZ
&75$ &RDO7DU5HVHDUFK$VVRFLDWLRQ *%  &7:FWZ DEEU FRXQWHUZHLJKW
&75/ DEEU &RQWURO &7: LVDOVRNQRZQDVFRXQWHUEDODQFHFRXQWHU
&76 &DE7\UH6KHDWKHG SRLVH
&76 &HQWUHWHFKQLTXHGX6+$3(>REVROqWH 0HFKDQLFDO(QJLQHHULQJ
LQWpJUpGDQVOD1&$@ &7: FRXUVHPDGHJRRGWKURXJKWKHZDWHU
6+$3(7HFKQLFDO&HQWUH 67& >REVROHWH URXWHVXUO·HDX
LQFRUSRUDWHGLQWR1&$@ &7:* &7HUPLQRORJ\:RUNLQJ*URXS
&260,&7RS6HFUHW *URXSHGHWUDYDLOVXUODWHUPLQRORJLHGHV&
&260,&7UqV6HFUHW &7; &LJXDWR[LQ


$SSOLHG%LRRUJDQLF&KHPLVWU\%LRFKHPLVWU\ &8(63 &RRSHUDWLYD8QLYHUVLWDULD(GLWULFH6FLHQ]H


&KHPLVWU\ 3ROLWLFKH 0LODQ,WDO\ 
&W[ DEEU &RUWH[ &X(73 (OHFWURO\WLF7RXJK3LWFK&RSSHU
&7= FRQWURO]RQH 0HWDOOXUJ\
]RQHGHFRQWU{OH &8) &RPPLVVLRQH8QLFDSHULO)DUPDFR ,WDO\ 
&8 &OLQLFDO8QLW &X)H6 &KDOFRS\ULWH
0HGLFLQH 0LQHUDORJ\
&8 &ORVH8S &X)5+& )LUH5HILQHG+LJK&RQGXFWLYLW\&RSSHU
&8 &RPPHUFLDO8QLRQ 0HWDOOXUJ\
&8 &RQVXPHUV
8QLRQ &8)7 &HQWHUIRUWKH8WLOL]DWLRQRI)HGHUDO
&8 &RQWURO8QLW 7HFKQRORJ\ 86$ 
&RPSXWHU7HFKQRORJ\ &8* &ORVHG8VHU*URXS
&X 7KHFKHPLFDOV\PEROIRU&RSSHU &HOOXODU3KRQHV
&RSSHULVXVHGDVDEDVHLQPDQ\DOOR\V &8+. 7KH&KLQHVH8QLYHUVLW\RI+RQJ.RQJ
&KHPLVWU\0LQHUDORJ\6\PEROV )RXQGHGLQ
&8 &U\VWDO8QLW &X+673 +LJK6LOYHU7RXJK3LWFK&RSSHU
(OHFWURQLFV 0HWDOOXUJ\
&8 &XED &8,/ FRPPRQXVHULWHPOLVW
FX DEEU FXELF OLVWHG·DUWLFOHVFRPPXQVjSOXVLHXUVXWLOLVDWHXUV
0DWKHPDWLFV FXLQ FXELFLQFK
FX DEEU FXPXODWLYHFXPXOXV (TXDOWRFXELFFHQWLPHWHUV
&X$V6 /DXWLWH 0HWURORJ\
0LQHUDORJ\ &8,3 &KLFDJR3XEOLF6FKRROV8QLYHUVLW\RI
&X%U &XSULF%URPLGH &KLFDJR,QWHUQHW3URMHFW
&XSULF%URPLGHLVXVHGPDLQO\LQSKRWRJUDSK\ ,QWHUQHW7UDLQLQJ
DQGDVDZRRGSUHVHUYDWLYH &X/673 /RZ6LOYHU7RXJK3LWFK&RSSHU
,QRUJDQLF&KHPLVWU\ 0HWDOOXUJ\
&X%U &XSURXV%URPLGH &80&XP &OXE8QLYHUVLWDUL0DUNHWLQJ
,QRUJDQLF&KHPLVWU\ 2IWKH7XULQ,QGXVWULDO8QLRQ&80GHDOZLWKWKH
&8%6&XEV &RPPLWWHHRI8QLYHUVLW\%RRN LPSDFWRIQHZWHFKQRORJLHVRQWKHHFRQRPLFV\V
6HOOHUV WHPWKHFRPPXQLFDWLRQZRUOGDQGPDUNHWLQJ
&8& &KURQLF8OFHUDWLYH&ROLWLV FXP DEEU FXPXODWLYH
0HGLFLQH &XPDWH[ $VVRFLD]LRQH1D]LRQDOH5DSSUHVHQWDQWLH
&8& &RPSXWHU8VHUV&RPPLWWHH &RPPHUFLDQWL0DFFKLQHH$FFHVVRULSHU
&X&$7+ &DWKRGH&RSSHU O
,QGXVWULD7HVVLOH0DJOLHULHHSHU&XFLUH
0HWDOOXUJ\ &XPDWH[LVORFDWHGLQ0LODQ,WDO\
&8 &+&22  &RSSHU2OHDWH ,WDOLDQ$VVRFLDWLRQ7H[WLOH0DFKLQHU\
&RSSHU2OHDWHLVDOVRNQRZQDV&XSULF2OHDWH &80& &RUQHOO8QLYHUVLW\0HGLFDO&ROOHJH
2UJDQLF&KHPLVWU\ 86$ 
&8' &RQVRU]LRSHUO
8QLYHUVLWjD'LVWDQ]D 5RPH &X0Q2 &UHGQHULWH
,WDO\  0LQHUDORJ\
'LVWDQW/HDUQLQJ FXPSUHI FXPXODWLYHSUHIHUHQFH
&X'+3 'HR[LGL]HG+LJK3KRVSKRURXV&RSSHU 6KDUHV
0HWDOOXUJ\ &81 7KHDLUSRUWFRGHIRU&DQFXQ0H[LFR
&X'/3 'HR[LGL]HG/RZ3KRVSKRURXV&RSSHU &81 &RQVLJOLR8QLYHUVLWDULR1D]LRQDOH
0HWDOOXUJ\ ,WDOLDQDFURQ\PRIWKH1DWLRQDO8QLYHUVLW\
&8( &RYHQWU\8QLYHUVLW\(QWHUSULVHV &RXQFLO ,WDO\ 
&8(ZKLFKKDVDFRQVLGHUDEOH60(H[SHULHQFHLV &81$ &RPPLVVLRQHWHFQLFDGL81LILFD]LRQH
$:0·VSDUWQHU QHOO
$XWRYHLFROR
)RUIXUWKHUGHWDLOVVHHXQGHU$:0 DQG60( &81$ LVORFDWHGLQ7XULQ,WDO\
&8($ &RDVWDO8SZHOOLQJ(FRV\VWHPV$QDO\VLV ,WDOLDQ6WDQGDUGV,VVXLQJ2UJDQL]DWLRQ
&8(3 &HQWUDO8QLWRQ(QYLURQPHQWDO3ROOXWLRQ &XQLFR &RSSHUDOOR\ZLWKQLFNHODQGFREDOW
*%  $OOR\


&XQLIH &RSSHUDOOR\ZLWKQLFNHODQGLURQ &9 &RPEDW9HKLFOH


$OOR\ 2UGQDQFH
FXQLW FXELFXQLW &9 &RPPHUFLDO9DOXH
&X2 &XSURXV2[LGH &9&9 &RQWR9HQGLWH
&XSURXV2[LGHDOVRNQRZQDV&RSSHU2[LGH ,WDOLDQLQLWLDOLVPPHDQLQJ6DOHV$FFRXQW
5HGLVXVHGPDLQO\LQHOHFWURSODWLQJDQGLQ &Y &R[VDFNLHYLUXV
FHUDPLFV &R[VDFNLHYLUXVLVRQHRIDJURXSRIHQWHURYLUXVHV
,QRUJDQLF&KHPLVWU\ 9LURORJ\
&82$ &RQVRU]LR8QLYHUVLWDULRSHUJOLVWXGLGL &9 &U\VWDO9LROHW
2UJDQL]]D]LRQH$]LHQGDOH ,WDO\  %LRFKHPVLWU\%LRORJLFDO6FLHQFHV&\WRWR[LF
&X2) 2[\JHQ)UHH&RSSHU $JHQWV0ROHFXODU%LRORJ\
0HWDOOXUJ\ &9 &XUULFXOXP9LW 
&83 &HQWUR8QLFR3UHQRWD]LRQH &9$ &HUHEURYDVFXODU$FFLGHQW
,WDOLDQ&HQWHU 7KHFHUHEURYDVFXODUDFFLGHQWLVFKDUDFWHUL]HGE\D
&83$9 &HQWUR8QLYHUVLWiULR3DGUH$QWyQLR9LHLUD VXGGHQORVVRIFRQVFLRXVQHVVUHVXOWLQJIURP
3RUWXJDO  HPEROLVPRUWKURPERVLVRIWKHFHUHEUDOYHVVHOV,W
3RUWXJXHVH&HQWHU LVDOVRNQRZQDV$SRSOH[\6WURNH
&83/( SURMHFW &RPSUHKHQVLYH8QLILHG3K\VLFV 0HGLFLQH
/HDUQLQJ(QYLURQPHQWSURMHFW &9% &&189LQEODVWLQHDQG%OHRP\FLQ
7KH&83/(LVVSRQVRUHGE\WKH86$PHULFDQ 2QFRORJ\
$VVRFLDWLRQRI3K\VLFVWHDFKHUV &9%* DLUFUDIWFDUULHUEDWWOHJURXS
863URMHFW JURXSHDpURQDYDO *$1 
&85 &RXQFLORQ8QGHUJUDGXDWH5HVHDUFK 86$  &9& &RQVHUYHG9HFWRU&XUUHQW
FXU DEEU FXUUHQF\ 3DUWLFOH3K\VLFV
&X6E6 &KDOFRVWLELWH &9&3 &RPPLWWHHRI9LFH&KDQFHOORUVDQG
0LQHUDORJ\ 3ULQFLSDOV
&86( &RPPLWWHHRQ8QGHUJUDGXDWH6FLHQFH &9' &DUGLRYDVFXODU'LVHDVH
(GXFDWLRQ 86$  FYG FDVKDJDLQVW YHUVXV GRFXPHQW
&86(& FXELFIRRWSHUVHFRQG &9' &KHPLFDO9DSRU'HSRVLWLRQ
0HWURORJ\ $OVRFIV 7KHFKHPLFDOYDSRUGHSRVLWLRQLVHVVHQWLDOO\D
&86/ &RRSHUDWLYD8QLYHUVLWDULD6WXGLRH/DYRUR WHFKQLTXHIRUFRDWLQJWKHVXUIDFHRIDVROLGE\
0LODQ,WDO\  H[SRVLQJLWWRDYDSRUZKLOHWKHODWWHUXQGHUJRHV
&X62 &KDOFRF\DQLWH WKHUPDOGHFRPSRVLWLRQ
0LQHUDORJ\ $SSOLHG3K\VLFV&KHPLVWU\0DWHULDOV6FLHQFH
&8653* &DQDGD8QLWHG6WDWHV5HJLRQDO3ODQQLQJ &9) &REUD9HQRP)DFWRU
*URXS &9* 7KHDLUSRUWFRGHIRU*UHDWHU&LQFLQQDWL
*URXSHVWUDWpJLTXHUpJLRQDO&DQDGDeWDWV8QLV 86$
&9 DLUFUDIWFDUULHU &9*7 &RQVWDQW9ROXPH*DV7KHUPRPHWHU
SRUWHDYLRQV $SSOLHG3K\VLFV3ULPDU\(OHFWURQLF
&DSH9HUGH,VODQGV 7KHUPRPHWU\3K\VLFV
vOHVGX&DS9HUW &9, &KLOGUHQ·V9DFFLQH,QLWLDWLYH
&9 &DUGLRYDVFXODU 2IWKH86,20
7KHVWUXFWXUHVLQFOXGLQJWKHKHDUWDQGEORRGYHV ,PPXQL]DWLRQ,QWHUQDWLRQDO&DPSDLJQ
VHOV )RUIXUWKHUGHWDLOVVHHXQGHU,20
$QDWRP\ &9,3 &HQWUHIRU&RPSXWHU9LVLRQDQG,PDJH
&9 &DYDOOR9DSRUH 3URFHVVLQJ
,WDOLDQLQLWLDOLVPPHDQLQJ+RUVH3RZHU $W&UDQILHOG8QLYHUVLW\ *% 
0HFKDQLFV &RPSXWHU9LVLRQ,PDJH3URFHVVLQJ
&9 &KHFN9DOYH &90 &HQWHUIRU9HWHULQDU\0HGLFLQH
7KHFKHFNYDOYHDOVRNQRZQDVFODFNYDOYHRU 7KH&90LVSDUWRIWKH86'HSDUWPHQWRI+HDOWK
QRQUHWXUQYDOYHFRQVLVWVRIDSLSHYDOYHWKDWOLP DQG+XPDQ6HUYLFHV)RRGDQG'UXJ
LWVWKHIORZRIIOXLGWRDVLQJOHGLUHFWLRQ $GPLQLVWUDWLRQDQGLVORFDWHGLQ5RFNYLOOH
(QJLQHHULQJ 0DU\ODQG86$


&90 6HFXULWLHV([FKDQJH&RPPLVVLRQ %UD]LO  7KHFRQWLQXRXVZDYHLVDOVRNQRZQDVW\SH$


&90WHFKQRORJ\ &DUGKROGHU&HULILFDWLRQ0HWKRG ZDYH
WHFKQRORJ\ (OHFWURPDJQHWLVP
&92V &LUFXPYHQWULFXODU2UJDQV &: &UXWFK:DONLQJ
&93 &HQWUDO9HQRXV3UHVVXUH 0HGLFLQH
&93 &\FORSKRVSKDPLGH9LQFULVWLQHDQG &: FRPPDQGDQGFRQWUROZDUIDUH
3UHGQLVRQH JXHUUHGXFRPPDQGHPHQWHWGXFRQWU{OH
2QFRORJ\ &:$ FKHPLFDOZDUIDUHDJHQW
&935 &RPSXWHU9LVLRQDQG3DWWHUQ5HFRJQLWLRQ DJHQWGHJXHUUHFKLPLTXH
&95 &DUGLRYDVFXODU5HQDO&DUGLRYDVFXODU &:& &KHPLFDO:HDSRQV&RQYHQWLRQ
5HVSLUDWRU\&HUHEURYDVFXODU5HVLVWDQFH &RQYHQWLRQVXUOHVDUPHVFKLPLTXHV
0HGLFLQH FRPSRVLWHZDUIDUHFRPPDQGHU
&95& &DUGLRYDVFXODU5HVHDUFK&HQWHU FRPPDQGDQWGHVOXWWHVFRRUGRQQpHV
$WWKH8QLYHUVLW\RI0LFKLJDQ 86$  &:' &KURQLF:DVWLQJ'LVHDVH
&9 UHGR[F\FOH &\FOLF9ROWDPHWULFUHGR[F\FOH ,QZLOGGHHUDQGHONDUHDVLWLVDVRUWRIPDG
,QWHOOLJHQW3RO\PHUV5HVHDUFK GHHUGLVHDVHVLPLODUWRWKHPDGFRZGLVHDVHD
&957 FRPEDWYHKLFOHUHFRQQDLVVDQFHWUDFNHG WUDQVPLVVLEOHVSRQJLIRUPHQFHSKDORSDWK\
YpKLFXOHGHFRPEDWjFKHQLOOHVSRXUODUHFRQQDLV &:'0 &RDUVH:DYHOHQJWK'LYLVLRQ0XOWLSOH[LQJ
VDQFH &:) JURXS &RPSDVVLRQLQ:RUOG)DUPLQJJURXS
&96 &DWKRGLF9ROWDPHWU\6WULSSLQJ %LRWHFKQRORJ\
&96 &OHDQ9RLGHG6SHFLPHQ &:,3 &RQVWUXFWLRQ:RUN,Q3URJUHVV
0HGLFLQH &:/ &RXQFLORI:LVFRQVLQ/LEUDULHV 86$ 
&96 &RPXQLFD]LRQH9DOXWDULD6WDWLVWLFD &: ODVHU &RQWLQXRXV:DYHODVHU
,WDOLDQLQLWLDOLVPPHDQLQJ&XUUHQF\5HSRUWIRU 2SWLFV
6WDWLVWLFDO3XUSRVHV &:0 &RQYHUWLEOH:UDSDURXQG0RUWJDJH
&96 &RQVRU]LR9LWHUER6HUYL]L ,WDO\  %XVLQHVV&RPPHUFH)LQDQFH
,WDOLDQ&RQVRUWLXP &:2FZR &DVK:LWK2UGHU
&96 &RUULJpHVGHV9DULDWLRQV6DLVRQQLqUHV %XVLQHVV&RPPHUFH
)UHQFKLQLWLDOLVPPHDQLQJ6HDVRQDOO\$GMXVWHG &:36 &RXQFLORQ:DJHDQG3ULFH6WDELOLW\
)LJXUHV &:4& &RPSDQ\:LGH4XDOLW\&RQWURO
FYW DEEU FRQYHUWFRQYHUWLEOH &:40 &RPSDQ\:LGH4XDOLW\0DQDJHPHQW
&97* DLUFUDIWFDUULHUWDVNJURXS &:5 FRDVWDOZDUQLQJUDGDU
JURXSHRSpUDWLRQQHODpURQDYDO UDGDUG·DOHUWHF{WLHU
&98 &R€W9DULDEOH8QLWDLUH &: UDGDU &RQWLQXRXV:DYHUDGDU
)UHQFKLQLWLDOLVPPHDQLQJ9DULDEOH8QLW&RVW &: UDGDULVDOVRNQRZQDV&RQWLQXRXV:DYH
%XVLQHVV&RPPHUFH(FRQRPLFV 'RSSOHUUDGDU
FY\ DEEU FRQYR\ (QJLQHHULQJ
&: &DUULHU:DYH &:58 &DVH:HVWHUQ5HVHUYH8QLYHUVLW\ 86$ 
&: &KHPLFDO:DUIDUH &:6 &DQDGLDQ:LOGOLIH6HUYLFH
&KHPLFDOZDUIDUHLVDOVRNQRZQDV&KHPLFDO 2IWKH6LPRQ)UDVHU8QLYHUVLW\ &DQDGD 
2SHUDWLRQ &:6 &HQWUDO:HDWKHU%XUHDX 7DLZDQ 
0LOLWDU\6FLHQFH &:6 &RRSHUDWLYH:KROHVDOH6RFLHW\ *% 
&: &KHPLFDO:HDSRQ &:6( &RPPLWWHHRQ:RPHQLQ6FLHQFHDQG
&: &LUFXODU:DLW (QJLQHHULQJ 86$ 
&LUFXODU:DLWLVDOVRNQRZQDV0XWXDO'HDGORFN 861$6
&RPSXWHU3URJUDPPLQJ )RUIXUWKHUGHWDLOVVHHXQGHU1$6
&: FZ DEEU FORFNZLVH &:68 &HQWUDO:HDWKHU6HUYLFH8QLW2IWKH86
&: &ROG:DWHU )$$
&: &RPSDUDEOH:RUWK )RUIXUWKHUGHWDLOVVHHXQGHU)$$
(FRQRPLFV6WDWLVWLFV &:7 &DUULHU:DYH7HOHJUDSK\
FZ FRPSOHWHZLWK FZW KXQGUHGZHLJKW
&: &RQWLQXRXVZDYH &:76 &RQVWUXFWHG:HWODQG7UHDWPHQW6\VWHPV
&; 7KHDLUOLQHFRGHIRU&DWKD\3DFLILF$LUZD\V


&; &\FORKH[LPLGH %LRORJLFDO6FLHQFHV0DULQHDQG&RDVWDO


0ROHFXODU%LRORJ\ 6FLHQFHV0DULQH(FRORJ\3ODQW%LRORJ\
&[ &RQQH[LQ &=( &DSLOODU\=RQH(OHFWURSKRUHVLV
'HYHORSPHQWDO%LRORJ\ &KHPLFDO.LQHWLFV&KHPLVWU\(OHFWURSKRUHVLV
&;( &KDUJH([FKDQJH([FLWDWLRQV 3K\VLFDO&KHPLVWU\
$HURVSDFH(QJLQHHULQJ6SDFH3K\VLFV &=0 &RDVWDO=RQH0DQDJHPHQW
&;2 &KDQGUD;UD\2EVHUYDWRU\ 2IWKH861DWLRQDO2FHDQ6HUYLFH
3ODQHWDU\6FLHQFH &=0$ &RDVWDO=RQH0DQDJHPHQW$FW
&< &DOHQGDU<HDU &=5 FRPPXQLFDWLRQ]RQHUHDU
F\FXUUHQF\ ]RQHDUULqUHGHVFRPPXQLFDWLRQV
&< &XUUHQW<HDU
&< &XUUHQW<LHOG
%XVLQHVV&RPPHUFH)LQDQFH
F\ DEEU F\DQRJHQ
&\DQRJHQLVDOVRNQRZQDV'LF\DQ RJHQ 
,QRUJDQLF&KHPLVWU\
F\ DEEU F\FOH
(QJLQHHULQJ)OXLG0HFKDQLFV,QGXVWULDO
(QJLQHHULQJ
&< &\SUXV
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
WHUV
F\ERUJ DEEU &\EHUQHWLF2UJDQLVP
5RERWLFV
&<&/(6 &<&/RQLF([WUDWURSLFDO6WRUPV
3URJUDP
&\J &\JQXV
&\JQXVLVDFRQVWHOODWLRQRIWKH1RUWKHUQ
+HPLVSKHUHO\LQJLQWKH0LON\:D\
$VWURQRP\
F\O DEEU F\OLQGHU
&RPSXWHU7HFKQRORJ\(QJLQHHULQJ0HFKDQLFDO
(QJLQHHULQJ0DWKHPDWLFV
&\3 &\FORSKLOLQ
%LRFKHPLVWU\&HOO%LRORJ\0HGLFLQH0ROHFXODU
%LRORJ\
&\V DEEU &\VWHLQDWH
&<6% &DSH<RUN6SDFH%DVH $XVWUDOLD 
&<6) &DSH<RUN6SDFH)DFLOLW\ $XVWUDOLD 
&<63 &DSH<RUN6SDFH3RUW $XVWUDOLD 
&<7 &\WRSODVP
&HOO%LRORJ\
&<7$ &<SUXV7HOHFRPPXQLFDWLRQV$XWKRULW\
&\9$',& &\FORSKRVSKDPLGH9LQFULVWLQH
$GULDP\FLQDQG,PLGD]ROH&DUER[DPLGH
2QFRORJ\
&= &DWDQ]DUR,WDO\
&= FRPEDW]RQH
]RQHGHFRPEDW
&]HFK5HSXEOLF
5pSXEOLTXHWFKqTXH
&=&6VDWHOOLWH &RDVWDO=RQH&RORU6FDQQHUVDWHO
OLWH


7HFKQRORJ\0HFKDQLFDO'HYLFHV0HFKDQLFDO

' (QJLQHHULQJ0LQLQJ(QJLQHHULQJ
' 'XFKHVV'XNH
G GXUDWLRQ
G GDWDGDWH 2FHDQRJUDSK\6FLHQFH
'G GDXJKWHU &RPSDQ\  ' 'XWFK
G GD\GHEHQWXUH 7KH*HUPDQLFODQJXDJHRIWKH1HWKHUODQGV
G GHJUHH /DQJXDJHV
0DWKHPDWLFV0HWURORJ\ G SHQQ\SHQFH
G GHOLYHUHG '$ GDPDJHDVVHVVPHQW
'G GHQVLW\ pYDOXDWLRQGHVGRPPDJHV
&RPSXWHU7HFKQRORJ\(FRORJ\*UDSKLF$UWV GpIHQVHDpULHQQH
0HFKDQLFV2SWLFV7UDQVSRUWDWLRQ(QJLQHHULQJ DLUGHIHQFH $' 
'' GHULYDWLYH 'HQPDUN
&KHPLVWU\0DWKHPDWLFV 'DQHPDUN
' 'pWHQX GLUHFWDFWLRQ
PHDQLQJLQ)UHQFKGHWDLQHGLQFXVWRG\ DFWLRQGLUHFWH
'+ 7KHFKHPLFDOV\PEROIRU'HXWHULXP '$ 'HQPDUN
'HXWHULXPLVDOVRNQRZQDV+HDY\+\GURJHQ $OVR'HQ'N
&KHPLVWU\6\PEROV '$ 'DWD$FTXLVLWLRQ
G GHYLDWLRQ &RPSXWHU3URJUDPPLQJ7HOHFRPPXQLFDWLRQV
(QJLQHHULQJ1DYLJDWLRQ2SWLFV2UGQDQFH '$ 'DWD$YDLODEOH
3V\FKRORJ\6WDWLVWLFV GDGD\GD\V
GG GLDPHWHUGLVWDQFHGLVWDO '$ 'D\VDIWHU$FFHSWDQFH
' 'LJLW %XVLQHVV&RPPHUFH
$QDWRP\0DWKHPDWLFV '$ 'HFLPDO$GGUHVV
' 'LJLWDO 'DWD&RPPXQLFDWLRQV
&RPSXWHU7HFKQRORJ\(QJLQHHULQJ '$ 'HGXFWLEOH$YHUDJH
G GLPH '$ 'HHGRI$JUHHPHQW
' 'LRGH '$ 'HOD\HG$FWLRQ
(OHFWURQLFV 2UGQDQFH
G GLRSWHU '$ 'HOLYHU\DJDLQVW$FFHSWDQFH
2SWLFV '$ 'HQPDUN
' 'LUHWWR '$'$ 'HQWDO$VVLVWDQW
5DLOZD\V 7KURXJKWUDLQLQ,WDOLDQ '$ 'HSDUWPHQWRIWKH$UP\ 86$ 
G GLVHDVH '$ 'HSOHWLRQ$OORZDQFH
0HGLFLQH '$ 'HSRVLW$FFRXQW
GGLVFRXQW '$ 'HVLJQ$XWRPDWLRQ
' 'LVSOD\ &RPSXWHU7HFKQRORJ\
%HKDYLRU&RPSXWHU6FLHQFH(OHFWURQLFV '$'$ 'HYHORSPHQWDO$JH'HYHORSPHQW$JH
'G GLYLGHQG 3V\FKRORJ\
' 'RFWRU '$ 'LIIHUHQWLDO$QDO\]HU
' 'ROODU '$ LVDOVRNQRZQDV(OHFWURQLF'LIIHUHQWLDO
$OVRGROGOU $QDO\]HU
' 'RPHQLFD &RPSXWHU7HFKQRORJ\
6XQGD\LQ,WDOLDQ '$ 'LSORPDLQ$QDHVWKHWLFV
G DEEU GRUVDO '$ 'LULWWLG
$XWRUH FRPSHQVL 
$QDWRP\ ,WDOLDQLQLWLDOLVPPHDQLQJ5R\DOWLHV
G DEEU GRVH '$ 'LULWWRG
$XWRUH
0HGLFLQH1XFOHRQLFV ,WDOLDQDFURQ\PPHDQLQJ&RS\ULJKW
' 'UXP /DZ
$UFKLWHFWXUH&KHPLFDO(QJLQHHULQJ&RPSXWHU '$ 'LVWULFW$WWRUQH\ 86$ 
'$ 'RFWRURI$UWV


'$ 'RFXPHQWLFRQWURDFFHWWD]LRQH WHFKQLTXHVDQGWKHLU$VVHVVPHQWIRU5RDGWUDQV


,WDOLDQDFURQ\PPHDQLQJ'RFXPHQWVDJDLQVW SRUW
DFFHSWDQFH (XURSHDQ&RPPXQLW\3URMHFW
'$ 'RFXPHQWV$WWDFKHG GDFJHQH GDFKVKXQGJHQH
'$ 'RQRW$QVZHU 7KHGDFJHQHLVDIO\JHQH
'$ 'RSDPLQH %LRORJ\'HYHORSPHQWDO%LRORJ\'HYHORSPHQWDO
%LRFKHPLVWU\ 'RSDPLQHLVDOVRNQRZQDV *HQHWLFV*HQHWLF(QJLQHHULQJ
'LK\GUR[\SKHQ\OHWK\ODPLQH '$ FRQYHUWHU 'LJLWDOWR$QDORJFRQYHUWHU
'$ 'RUPDQW$FFRXQW )RUIXUWKHUGHWDLOVVHHXQGHU'$&
%XVLQHVV)LQDQFH '$&26 'HSXW\$VVLVWDQW&KLHIRI6WDII
'$ 'RXEOH$FWLRQ VRXVFKHIG
pWDWPDMRUDGMRLQW 6&(0$ 
'$$ 'DWD$FFHVV$UUDQJHPHQW '$&6 'DWD$FTXLVLWLRQDQG&RQWURO6XEV\VWHP
'$$ 'LDFHWRQH$FU\ODPLGH '$&V 'LDPRQG$QYLO&HOOV
'$$ 'LSORPDRIWKH$GYHUWLVLQJ$VVRFLDWLRQ (QJLQHHULQJ6FLHQFH0DWHULDOV6FLHQFH3K\VLFDO
'$$ 'RFXPHQWV$JDLQVW$FFHSWDQFH 6FLHQFH
%XVLQHVV&RPPHUFH '$&V 'LJLWDOWR$QDORJ&RQYHUWHUV
'$$& 'LVWULEXWHG$FWLYH$UFKLYH&HQWHU )RUIXUWKHUGHWDLOVVHHXQGHU'$&
'$$' GLD]DDQWKUDFHQHOGLRQH DFRP '$&7 DEEU 'DFWLQRP\FLQ
SRXQG  3KDUPDFRORJ\
'$% 'D\WRQD%HDFK)ORULGD86$ '$'GDG 'DWDEDVH$FWLRQ'LDJUDP
$LUSRUW&RGH '$' 'HSXW\$VVLVWDQW'LUHFWRU>,06@
'$% 'LDPLQREHQ]LGLQH GLUHFWHXUDGMRLQWGpOpJXp>(0,@
'$% 'LFWLRQDU\RI$PHULFDQ%LRJUDSK\ '$' 'HVNWRS$SSOLFDWLRQV'LUHFWRU
'$% 'LJLWDO$XGLR%URDGFDVWLQJ '$' 'RFXPHQWV$JDLQVW'LVFUHWLRQ
'LJLWDO5DGLRV '$'5 GHSOR\DEOHDLUGHIHQFHUDGDU
'$% 'LVWULEXWHXU$XWRPDWLTXHGH%LOOHWV GH UDGDUGHGpIHQVHDpULHQQHGpSOR\DEOH
EDQTXH  '$( 'LFWLRQDU\RI$PHULFDQ(QJOLVK
)UHQFKDFURQ\PPHDQLQJ$XWRPDWHG7HOOHU '$( 'LUHFWRURI$UP\(GXFDWLRQ
0DFKLQH&DVKGLVSHQVHUFDVKSRLQW '$) 'HFD\$FFHOHUDWLQJ)DFWRU
%DQNLQJ7HFKQRORJ\ +HSDWRORJ\,PPXQRORJ\3DWKRORJ\6XUJHU\
'$% 'LVWULEXWHXU$XWRPDWLTXHGH%LOOHWV GHSDUN 7UDQVSODQWDWLRQ%LRORJ\;HQRWUDQVSODQWDWLRQ
LQJ  '$) 'HOLYHUHG$W)URQWLHU
)UHQFKDFURQ\PPHDQLQJ7LFNHWPDFKLQH %XVLQHVV&RPPHUFH,QWHUQDWLRQDO7UDGH
'$%6 'LVFUHWH$GGUHVV%HDFRQ6\VWHPV '$) 'LVVROYHG$LU)ORWDWLRQ
'$& 'DWD$VVHPEO\&HQWHU &KHPLFDO(QJLQHHULQJ
'$& 'HOD\HG$FWLRQ&RPPDQG '$) 'U\$VK)UHH
2UGQDQFH '$* 'LDF\OJO\FHURO
'$& GHSOR\DEOH$&&6FRPSRQHQW (QGRFULQRORJ\
FRPSRVDQWHGpSOR\DEOHGHO
$&&6 '$* 'LUHFW$FFHVV*DWHZD\ (ULFVVRQ
V 6XQHW 
GLVDUPDPHQWDQGDUPVFRQWURO '$*ZDVUHOHDVHGLQ-XQH7KHSURMHFWLV
GpVDUPHPHQWHWPDvWULVHGHVDUPHPHQWV VXSSRUWHGE\WKH6ZHGLVK)RXQGDWLRQIRU
'$& 'LDPRQG$QYLO&HOO .QRZOHGJHDQG&RPSHWHQFH'HYHORSPHQW
)RUIXUWKHUGHWDLOVVHHXQGHU'$&V HPDLO'LUHFWRU\6HUYLFHV
'$&GDF 'LJLWDOWR$QDORJ&RQYHUWHU )RUIXUWKHUGHWDLOVVHHXQGHU6XQHW
7KHGLJLWDOWRDQDORJFRQYHUWHUDFWXDOO\FKDQJHV '$* 'LUHFWHG$F\FOLF*UDSK
GLJLWDOLQSXWVLJQDOVWRSURSRUWLRQDODQDORJVLJQDOV &RPSXWHU6FLHQFH
(OHFWURQLFV '$*& 'HOD\HG$XWRPDWLF*DLQ&RQWURO
'$&$1 0LOLWDU\&RPPLWWHH'LVWULEXWLRQDQG '$*&LVDOVRNQRZQDV'HOD\HG$XWRPDWLF
$FFRXQWLQJ$JHQF\ 9ROXPH&RQWURO
%XUHDXGHGLVWULEXWLRQHWGHFRPSWDELOLWpGX (OHFWURQLFV
&RPLWpPLOLWDLUH '$+ 'LFWLRQDU\RI$PHULFDQ+LVWRU\
'$&$5 'DWD$FTXLVLWLRQDQG&RPPXQLFDWLRQ '$+ 'LVRUGHUHG$FWLRQRIWKH+HDUW
0HGLFLQH


' - 'HFHPEHUDQG-XQH '$3 GDWHG


DFKqYHPHQWSUpYXH
6HFXULWLHV HVWLPDWHGGDWHRIFRPSOHWLRQ ('& 
'$/ 'DWD$FFHVV/LQH'DWD$GGUHVV/LQH GHSDUWXUHDQGDUULYDOSRLQW
'$/ 7KHDLUSRUWFRGHIRU/RYH)LHOG'DOODV SRLQWGHGpSDUWHWG·DUULYpH
7H[DV86$ '$3 'LDOO\O3KWKDODWH
'$0 '$9,&$FFRPSDQ\LQJ0HDVXUHV &+ &22&+&+ &+ '$3 LVXVHGDVDSODV
(XURSHDQ&RPPXQLW\3URMHFW WLFL]HUDQGIRUSRO\PHUL]DWLRQSXUSRVHV
'$0 'HVFULSWHU$WWULEXWH0DWUL[ 2UJDQLF&KHPLVWU\
'DP '1$ DGHQLQHPHWK\ODVH '$3 'LDPPRQLXP3KRVSKDWH
'1$ 5HSDLU*HQHWLFV,QIHFWLRXV'LVHDVHV '$3 LVDOVRNQRZQDV$PPRQLXP3KRVSKDWH
0LFURELRORJ\ ,QRUJDQLF&KHPLVWU\
'$0$ GHPDQGDVVLJQPHQWPXOWLSOHDFFHVV '$3 'LSDUWLPHQWRGHOO
$PPLQLVWUD]LRQH
DFFqVPXOWLSOHDYHFDVVLJQDWLRQj RXSDU OD 3HQLWHQ]LDULD ,WDO\ 
GHPDQGH $0$'  '$3 'RFXPHQWV$JDLQVW3D\PHQW
'$0$ H[SHULPHQW DEEU '$UN0$WWHUH[SHUL %XVLQHVV&RPPHUFH
PHQW '$3 WKUHH'LPHQVLRQDO$WRP3UREH
$W*UDQ6DVVR1DWLRQDO/DERUDWRU\ ,WDO\  '$3$ $7DVH 'LDPLQRSHODUJRQLF$FLG
$VWURQRP\$VWURSK\VLFV&RVPRORJ\3K\VLFV $PLQRWUDQVIHUDVH
'$0( 'LJLWDO$XWRPDWLF0HDVXULQJ(TXLSPHQW '$3, 
'LDPLQR3KHQ\OLQGROH
'$0/'DPO '$53$ $JHQW0DUNXS/DQJXDJH &KHPLVWU\
$ ODQJXDJH GHYLVHGLQ DOORZLQJQRQWUDGL '$5 'DPDJH$VVHVVPHQW5RXWLQH
WLRQDOSURJUDPVDQGEURZVLQJGHYLFHVWRXQGHU '$5 'DXJKWHUVRIWKH$PHULFDQ5HYROXWLRQ
VWDQG:HEVLWHV 86$ 
6HPDQWLF:HE '$5ZDVRUJDQL]HGLQ
)RUIXUWKHUGHWDLOVVHHXQGHU'$53$ '$5 'HIHQVH$FTXLVLWLRQ5HJXODWLRQV
'$05(3 GDPDJHUHSRUW '$5 'HIHQVH$LG5HSRUWV
DFRPSWHUHQGXG
DYDULH>PDULQH@ '$5 GLVDEOHGDLUFUDIWUHFRYHU\
EFRPSWHUHQGXGHGRPPDJHV>DUPpHGHWHUUH@ UpFXSpUDWLRQG
DpURQHIVKRUVVHUYLFH
'DQ DEEU 'DQLVK GDU 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
'DQLVKLVD*HUPDQLFODQJXDJHVSRNHQLQ XVLQJWKH$UDELFZRUGGDUZKLFKPHDQVKRXVH
'HQPDUNFORVHO\UHODWHGWR1RUZHJLDQ6ZHGLVK DERGH
DQG,FHODQGLF '$5$ 'HXWVFKH$JHQWXUIU
/DQJXDJHV 5DXPIDKUWDQJHOHJHQKHLWHQ *HUPDQ\ 
'$1 GpSHQVHVDGPLQLVWUDWLYHVQDWLRQDOHV '$5$ ZDVPHUJHGZLWK'/5
QDWLRQDODGPLQLVWUDWLYHH[SHQVHV 1$(  )RUIXUWKHUGHWDLOVVHHXQGHU'/5
'$1 'HSRVLW$FFRXQW1XPEHU '$5& 'HYLFHIRU$XWRPDWLF5HPRWHGDWD
%DQNLQJ)LQDQFH &ROOHFWLRQ
'$1 'LYHUV$OHUW1HWZRUN '$5& 'LUHFW$FFHVV5DGDU&KDQQHO
'DQG&' & 'LODWLRQDQG&XUHWWDJH '$5(6 'LUHFWLRQGHO
$QLPDWLRQGHOD5HFKHUFKH
6XUJHU\ GHV(WXGHVHWGHV6WDWLVWLTXHV )UDQFH 
'DQG' 'HFRPPLVVLRQHGDQG'HFRQWDPLQDWHG '$5+7 IDFLOLW\ 'XDO$[LV5DGLRJUDSKLF+\GURWHVW
'$ QHXURQV 'RSDPLQHUJLFQHXURQV )DFLOLW\
$QDWRP\*HQHWLF7KHUDSLHV0HGLFLQH '$53$ '2'
V$GYDQFHG5HVHDUFK3URMHFWV
1HXURELRORJ\ $JHQF\ 86$ 
'$16 DFLG GLPHWK\ODPLQRQDSKWKDOHQHVXOIRQLF '$53$ KDVEHHQUHSODFHGE\$53$
DFLG 86'HIHQVH
2UJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU'2' DQG'$0/
'$2 'DWD$VVLPLODWLRQ2IILFH1$6$
V '$56 'DWD$FTXLVLWLRQDQG5HGXFWLRQ6\VWHP
'$2 'HSDUWPHQWDO$GPLQLVWUDWLYH2UGHU '$57 'HSOR\DEOH$XWRPDWLF5HOD\7HUPLQDO
'$2 'HVVLQ$VVLVWpSDU2UGLQDWHXU '$57 FDPSDLJQ 'HSUHVVLRQ$ZDUHQHVV5HVHDUFK
)UHQFKDFURQ\PPHDQLQJ&RPSXWHU$VVLVWHG DQG7UHDWPHQWFDPSDLJQ
'HVLJQ 2IWKH861DWLRQDO,QVWLWXWHRI0HQWDO+HDOWK
'$3 'DWD$FFHVV3URWRFRO '$576 'LVWULEXWRUV$XWRPDWHG5HDO7LPH6\VWHP


'$6 'D\V$W6HD '$9'$9 'LVDEOHG$PHULFDQ9HWHUDQV


'$6 GHIHQFHDQGVSDFH '$:1 'UXJ$EXVH:DUQLQJ1HWZRUN 86$ 
GpIHQVHHWHVSDFH '$< 7KHDLUSRUWFRGHIRU'D\WRQ2KLR86$
'$6$ 'DLPOHU%HQ]$HURVSDFH '% 'DWD%DQN
'$6$ 'HIHQVH$WRPLF6XSSRUW$JHQF\ 'DWDEDQNDOVRNQRZQDV'DWDEDVHLVDQH[KDXV
2IWKH86'HSDUWPHQW2I'HIHQVH WLYHFROOHFWLRQRILQIRUPDWLRQIURPFRPSXWHU
'$6 'HSDUWPHQWRI'UXJ$GGLFWLRQ6HUYLFHV  GLVNVOLEUDULHVRURWKHUVRXUFHVDQGLQYDULRXV
86$  IRUPVIRUQXPHURXVDSSOLFDWLRQV
'$6 'LIIHUHQWLDO$EVRUSWLRQDQG6FDWWHULQJ &RPSXWHU3URJUDPPLQJ
'$6GDV 'LUHFW$FFHVV6WRUDJH '%GE 'DWDEDVH
&RPSXWHU7HFKQRORJ\ &RPSXWHU3URJUDPPLQJ
'$6 'LUHFW$WWDFKHG6WRUDJH )RUIXUWKHUGHWDLOVVHHXQGHU'% 'DWD%DQN 
'$6& GLUHFWDLUVXSSRUWFHQWUH '% 'DWD%XV
FHQWUHG
DSSXLDpULHQGLUHFW &RPSXWHU7HFKQRORJ\
'$6' 'LUHFW$FFHVV6WRUDJH'HYLFH '% GE DEEU GD\ERRN
&RPSXWHU7HFKQRORJ\ GE DEEU GHEHQWXUH
'$6* 'LUHFWHXUGHV$IIDLUHV6RFLDOHV*pQpUDOHV &RPPHUFH)LQDQFH
)UDQFH  GE DEEU GHELW
'$6+ 'LHWDU\$SSURDFKHVWR6WRS+\SHUWHQVLRQ G%GE GHFLEHOGHFLEHOV
86$  0HWURORJ\3K\VLFV
'$6+LVDVWXG\DGYRFDWLQJWKDWEORRGSUHVVXUH '% GLYLVLRQEOLQGpH
FDQEHORZHUHGE\PHDQVRIDORZIDWGLHW DUPRXUHGGLYLVLRQ
&DUGLRORJ\+\SHUWHQVLRQ0HGLFDO5HVHDUFK '% 'RFXPHQWDU\%LOO
1XWULWLRQ G%D $GMXVWHG'HFLEHOV
'$6+ GURQHDQWLVXEPDULQHKHOLFRSWHU (OHFWURQLFV
KpOLFRSWqUHDQWLVRXVPDULQWpOpFRPPDQGp '%$ 'DWD%DVH$GPLQLVWUDWRU
'$6, 'HJUHH$QJXODU6FDOH,QWHUIHURPHWHU &RPSXWHU7HFKQRORJ\
$ PLFURZDYHWHOHVFRSHORFDWHGQHDUWKH6RXWK '%$ 'RFWRURI%XVLQHVV$GPLQLVWUDWLRQ
3ROH '%$ 'RLQJ%XVLQHVV$V
'$61 'LIIHUHQ]LDOHGL$SSHWLELOLWj6WUDWHJLFD 0DQDJHPHQW
1RUPDOL]]DWD '%$66( 'LYLVLRQRI%HKDYLRUDODQG6RFLDO
,WDOLDQDFURQ\PPHDQLQJ6WDQGDUG6WUDWHJLF 6FLHQFHVDQG(GXFDWLRQ 86$ 
'HVLUDELOLW\'LIIHUHQWLDO '%%6 'LYLVLRQRI%LRORJ\DQG%LRPHGLFDO
'$67 'LUHFWLRQGHV$IIDLUHV6FLHQWLILTXHVHW 6FLHQFHV
7HFKQLTXHV )UDQFH  '%& 'DWD%URDGFDVWLQJ&RUSRUDWLRQ
'$7 'HOD\HG$FWLRQ7DEOHW 7KH'%&SURYLGHVUHDOWLPHPDUNHWGDWDWRWKH
0HGLFLQH LQYHVWRU
'$7 'LIIHUHQWLDO$SWLWXGH7HVW '%& 'HFXVVDWLRQRIWKH%UDFKLXP&RQMXQFWLYXP
'$7 'LJLWDO$XGLRWDSH '%&3 GLEURPR&KORURSURSDQH
$FRXVWLFDO(QJLQHHULQJ '%&3 LVXVHGDVDSHVWLFLGHDQGQHPDWRFLGH
'$7 'LUHFW$QWLJOREXOLQ7HVW 2UJDQLF&KHPLVWU\
&KHPRWKHUDS\,PPXQRORJ\0HGLFLQH '%' '1$ %LQGLQJ'RPDLQ
0LFURELRORJ\ &DQFHU5HVHDUFK0HGLFLQH0ROHFXODU%LRORJ\
'$7 '\QDPLF$GGUHVV7UDQVODWRU &HOO%LRORJ\
'\QDPLF$GGUHVV7UDQVODWRULVDOVRNQRZQDV '%'( 'DWDEDVH'HVLJQ(YDOXDWRU
5HORFDWLRQ+DUGZDUH '%GLIIXVLRQ 'DQJOLQJ%RQG'LIIXVLRQ
&RPSXWHU7HFKQRORJ\ &KHPLVWU\'DQJOLQJ%RQG'\QDPLFV
'$7$&200 DEEU '$7$ &200XQLFDWLRQV '%( 'DPH&RPPDQGHURIWKH2UGHURI7KH%ULWLVK
'DWD&RPPXQLFDWLRQVLVDOVRNQRZQDV'DWD (PSLUH *% 
7UDQVPLVVLRQ '%( 'DWD%XV(QDEOH
&RPSXWHU7HFKQRORJ\ '%( 'LEDVLF(VWHU
'$7$5'$7$5 'pOpJDWLRQjO
$PpQDJHPHQW &KHPLVWU\
GX7HUULWRLUHHWjO
$FWLRQ5pJLRQDOH )UDQFH  G%IGHFLEHOVDERYHIHPWRZDWW


'%) 'HWDLO'LJLWDO%HDPIRUPLQJ G%9 GHFLEHOVDERYHYROW


0RELOH&RPPXQLFDWLRQV6\VWHPV (OHFWULFLW\
'%+ 'LDPHWHUDW%UHDVW+HLJKW G%Z GHFLEHOVDERYHZDWW
'%,5 'LUHFWRU\RI%LRWHFKQRORJ\,QIRUPDWLRQ (OHFWULFLW\
5HVRXUFHV G%[ GHFLEHOVDERYHUHIHUHQFHFRXSOLQJ
'%. 'LEHQ]\O.HWRQH (OHFWULFLW\
GEN DEEU GUDZEDFN '& 'DWD&DUWULGJH
'%/ GHYHORSPHQW DOORFDWHG EDVHOLQH &RPSXWHU7HFKQRORJ\
UpIpUHQFHGHGpYHORSSHPHQW '& 'DWD&HQWHU
GEOGEO DEEU GRXEOH &RPSXWHU7HFKQRORJ\
'%0 'DWDEDVH0DFKLQH '& 'DWD&KDQQHO
&RPSXWHU7HFKQRORJ\ &RPSXWHU7HFKQRORJ\
'%0 'LEXW\O0DOHDWH '& 'DWD&RGH
&+22&&+ &+&22&+'%0LVXVHGPDLQ &RPSXWHU3URJUDPPLQJ
O\LQFRSRO\PHUVDQGSODVWLFL]HUV '&'& 'DWD&RPPXQLFDWLRQV
2UJDQLF&KHPLVWU\ '& 'DWD&RQYHUVLRQ
'%0 'RQRU%RQH0DUURZ &RPSXWHU3URJUDPPLQJ
0HGLFLQH7UDQVSODQWDWLRQ7ROHUDQFH '& 'HELW&ROOHFWLRQ
'%06GEPV 'DWDEDVH0DQDJHPHQW6\VWHP %XVLQHVV&RPPHUFH)LQDQFH
(VVHQWLDOO\'%06LVDFROOHFWLRQRISURJUDPVDQG '& 'HFLPDO&ODVVLILFDWLRQ
LQFOXGHVVWRUDJHDQGUHWULHYDOVRIWZDUH '& 'HOWD&OLSSHU
&RPSXWHU3URJUDPPLQJ '& 'HPRFUDWLF&HQWUH &URDWLD 
'%2 'HPDQGH%LRORJLTXHHQ2[\JqQH &HQWUHGpPRFUDWLTXH &URDWLH 
)UHQFKLQLWLDOLVPPHDQLQJ%LRORJLFDO2[\JHQ GLVDUPDPHQWFRPPLVVLRQ
'HPDQG FRPPLVVLRQSRXUOHGpVDUPHPHQW
0HGLFLQH '& 'HQWDO&RUSV
'%2$ 'LRSWULFLDQRIWKH%ULWLVK2SWLFDO '& 'HVLJQ&KDQJH
$VVRFLDWLRQ *%  '& 'HWDLO&RQGLWLRQ
G%S GHFLEHOVDERYHSLFRZDWW '& 'HYHORSHG&RXQWU\
'%3 'LDVWROLF%ORRG3UHVVXUH '& 'LDJQRVWLF&HQWHU
3K\VLRORJ\ '& 'LJLWDO&RPSXWHU
'%3 'LEXW\O3KWKDODWH (VVHQWLDOO\WKHGLJLWDOFRPSXWHULVDFRPSXWHU
'LEXWK\O3KWKDODWHLVXVHGPDLQO\DVDSODVWLFL]HU ZKLFKFDQDFFHSWGLJLWDOGDWDDQGSHUIRUPRQWKH
DQGLQVHFWLFLGH GDWDDULWKPHWLFDQGORJLFSURFHVVHV
2UJDQLF&KHPLVWU\ &RPSXWHU7HFKQRORJ\
'%3 'LUHFWLRQGHOD%DODQFHGHV3DLHPHQWV '& 'LUHFW&RVWV
)UDQFH  '&'&GFGF 'LUHFW&XUUHQW
'%3V 'LVLQIHFWLRQ%\SURGXFWVE\SURGXFWV '& 'LUHFW&\FOH
+HDOWK5LVNV '& 'LUHFWLRQ&\FOH
'%5 'LYLVLRQRI%DVLF5HVHDUFK 'DWD&RPPXQLFDWLRQV
'%5ODVHUV 'LVWULEXWHG%UDJJ5HIOHFWRUODVHUV '& 'LUHWWRUH&HQWUDOH
$SSOLHG3K\VLFV ,WDOLDQLQLWLDOLVPPHDQLQJ&HQWUDO0DQDJHU
'%51G%UQ 'HFLEHOVDERYH5HIHUHQFH1RLVH '& 'LUH]LRQH&HQWUDOH
(OHFWULFLW\ ,WDOLDQLQLWLDOLVPPHDQLQJ&HQWUDO0DQDJHPHQW
'%576 DEEU 'HEHQWXUH5LJKWV '& 'LVSOD\&RQVROH
'%6 'DWDEDVH6HUYHU '&'& 'LVWULFW&RXUW
&RPSXWHU3URJUDPPLQJ '& DEEU 'LVWULFWRI&ROXPELD 86$ 
'EVGEV 'LUHFW%URDGFDVWVDWHOOLWH '& 'LYLVLRQDO&RXUW
'EW DEEU GHELW '& 'RFWRURI&KLURSUDFWLFH
'%7 'U\%XOE7KHUPRPHWHU '&'& 'RXEOH&RQYH[
(QJLQHHULQJ '& '\VNHUDWRVLV&RQJHQLWD
'%7 SURWHLQ 'RXEOH7LPHSURWHLQ 3UHPDWXUH$JLQJ&DQFHU6XVFHSWLELOLW\1DLO
0DPPDOLDQ&ORFN*HQHV '\VWURSK\


'&$ 'HIHQVH&RPPXQLFDWLRQV$JHQF\ '&(* 'LYLVLRQRI&DQFHU(SLGHPLRORJ\DQG


'&$ KDVEHHQUHSODFHGE\',6$ *HQHWLFV
'&$ GHIHQVLYHFRXQWHUDLU RSHUDWLRQ  '&) GHPRFUDWLFFRQWURORIIRUFHVDQGGHIHQFH
 RSpUDWLRQ GpIHQVLYHFRQWUHOHSRWHQWLHODpULHQ VWUXFWXUHV
GXDOFDSDEOHDLUFUDIW FRQWU{OHGpPRFUDWLTXHGHVIRUFHVHWVWUXFWXUHVGH
DYLRQjGRXEOHFDSDFLWp GpIHQVH
'&$ 'HR[\FKROLF$FLG '&) 'LVFRXQWHG&DVK)ORZ
0HGLFLQH3KDUPDFRORJ\ &DVK)ORZV9DOXDWLRQ0HWKRGV
'&$ 'LFKORURDQWKUDFHQH '&) 'RVH&RPPLWPHQW)DFWRUV
'&$ 'LUHFW&RXSOHG$PSOLILHU '&)0 'LVFRXQWHG&DVK)ORZ0HWKRG
(OHFWURQLFV %XVLQHVV&RPPHUFH)LQDQFH
'&$ 1DWLRQDO$LUSRUW:DVKLQJWRQ'&86$ '&* GHFHSWLRQJURXS>QDY\@
$LUSRUW&RGH JURXSHGHGpFHSWLRQ>PDULQH@
'&$$ 'HIHQVH&RQWUDFW$XGLW$JHQF\ '&+ 'DWD&+DQQHO
'& DPSOLILHU 'LUHFW&XUUHQWDPSOLILHU &RPSXWHU7HFKQRORJ\
'&$2& GHSOR\DEOHFRPELQHGDLURSHUDWLRQVFHQ 'FK('&K( 'RFWRURI&KHPLFDO(QJLQHHULQJ
WUH '&, 'HIHQFH&DSDELOLWLHV,QLWLDWLYH
FHQWUHFRPELQpG·RSpUDWLRQVDpULHQQHVGpSOR\DEOH ,QLWLDWLYHVXUOHVFDSDFLWpGHGpIHQVH
'&DVH 'HFDUER[\ODVH '&,1& 'HSXW\&RPPDQGHULQ&KLHI
'&% 'DWD&RQWURO%ORFN FRPPDQGDQWHQFKHIDGMRLQW
'&% 'LFKORUREHQ]RQLWULOH '&,6 'XFWDO&DUFLQRPD,Q6LWX
'&% 'LYLVLRQRI&DQFHU%LRORJ\ %UHDVW&DQFHU0HGLFLQH3DWKRORJ\
2IWKH861DWLRQDO&DQFHU,QVWLWXWH '&,7 'LUH]LRQH&HQWUDOH,QIRUPDWLFDH
'&& GDPDJHFRQWUROFHQWUH 7HOHFRPXQLFD]LRQL ,WDO\ 
DFHQWUHGHFRQWU{OHGHVDYDULHV>PDULQH@ '&-'&- 'LVWULFW&RXUW-XGJH
E3&RUJDQLVDWLRQVpFXULWp>)5@ '&/ 'LVFUHWLRQDU\&UHGLW/LPLW
'&& 'HYRQ&RQVXOV&UXVWDO&RQWDPLQDQWV %XVLQHVV&RPPHUFH)LQDQFH
(DUWK6FLHQFHV '&/'&/ 'RFWRURI&LYLO/DZ
'&F'&F GRXEOHFRQFDYH '&/'&/ 'RFWRURI&RPPRQ/DZ
'&&$ 'HSDUWPHQWRI&RPPHUFHDQG&RPPXQLW\ '&/ '\QDPLF&RPELQDWLRQDO/LEUDU\
$IIDLUV ,OOLQRLV86$  )RUIXUWKHUGHWDLOVVHHXQGHU'&/V
GF FDVWLQJ GLUHFWFKLOOFDVWLQJ '&/$ 'LVWULFWRI&ROXPELD/LEUDU\$VVRFLDWLRQ
'LUHFWFKLOOFDVWLQJZKLFKLVDOVRNQRZQDVVHPL 86$ 
FRQWLQXRXVFDVWLQJLVHVVHQWLDOO\DSURFHVVZKHUHLQ 86/LEUDU\$VVRFLDWLRQ
WKHPHWDOLVSRXUHGLQWRPROGVDQGWKHQFRROHGLQ '&/V '\QDPLF&RPELQDWRULDO/LEUDULHV
DZDWHUEDWK 'HYHORSPHQWRI$UWLILFLDO5HFHSWRUV'UXJ
0HWDOOXUJ\ 'LVFRYHULHV
'&&JHQH 'HOHWHGLQ&RORQ&DUFLQRPDJHQH '&0 GHSOR\DEOH&,6PRGXOH
'&&, 'LF\FORKH[\OFDUERGLLPLGH PRGXOH6,&GpSOR\DEOH
'&&,LVXVHGLQSHSWLGHV\QWKHVLV '&0 'LFKORURPHWKDQH
2UJDQLF&KHPLVWU\ '&0DOVRNQRZQDV0HWK\OHQH&KORULGHLVXVHG
'&FRQWHQW 'HWULWDO&DUERQDWHFRQWHQW PDLQO\LQSDLQWUHPRYHUV
'&&6 '\QDPLF&HOO&XOWXUH6\VWHP 2UJDQLF&KHPLVWU\
'&' 'DWD&DUULHU'HWHFW '&0 'LODWHG&DUGLRP\RSDWK\
'&'6 'LJLWDO&RQWURO'HVLJQ6\VWHP 7KHPRVWFRPPRQFDXVHRI&+)
'& GXPS 'LUHFW&XUUHQWGXPS &DUGLRORJ\*HQHWLFV0HGLFLQH0XWDQW*HQHV
(OHFWULFLW\ +HDUW5HVHDUFK
'&( 'DWD&LUFXLWWHUPLQDWLQJ(TXLSPHQW )RUIXUWKHUGHWDLOVVHHXQGHU&+))'&0 DQG
'&(GFH 'DWD&RPPXQLFDWLRQV(TXLSPHQW ,'&0
'&( 'LVFRXQWHG&DVK(TXLYDOHQW '&0'&0 'LVWLQJXLVKHG&RQGXFW0HGDO
'&( 'RPHVWLF&UHGLW([SDQVLRQ *% 
'&() 'LVFRXQWHG&DVK(TXLYDOHQW)ORZ '&0 'LVWULFW&RXUW0DUWLDO
'&0 'RXEOH&KLUSHG0LUURU


'&0& 'HSXW\&KDLUPDQ0LOLWDU\&RPPLWWHH '&6,*1 'HQGULWLF&HOO6SHFLILF,QWUDFHOOXODU


SUpVLGHQWGpOpJXpGX&RPLWpPLOLWDLUH DGKHVLRQPROHFXOH*UDEELQJ1RQLQWHJULQ
'&0V 'RXEOH&KLUSHG0LUURUV %LRFKHPLVWU\*O\FRELRORJ\0HGLFLQH0ROHFXODU
2SWLFV4XDQWXP(OHFWURQLFV DQG&HOOXODU3K\VLRORJ\6WUXFWXUDO%LRORJ\
'&1 'LF\DQDWH '&6V 'LIIHUHQWLDO&URVV6HFWLRQV
'&1 'LUHFWLRQGHV&RQVWUXFWLRQV1DYDOHV '&7/ 'LUHFW&RXSOHG7UDQVLVWRU/RJLF
'&1 'RUVDO&ROXPQ1XFOHL 7KHGLUHFWFRXSOHGWUDQVLVWRUORJLFLVHVVHQWLDOO\D
'&1$ GLFKORURQLWURDQLOLQH ORJLFFLUFXLWPDNLQJXVHRQO\RIWUDQVLVWRUVDQG
&+&O12 '&1$ LVXVHGDVDIXQJLFLGHIRU UHVLVWRUVZLWKGLUHFWFRQGXFWLYHFRXSOLQJEHWZHHQ
YHJHWDEOHVDQGIUXLWV WKHWUDQVLVWRUV
2UJDQLF&KHPLVWU\ (OHFWURQLFV
'&2)6 VHH'&26 '&7V 'LVFRXUVH&RPSOHWLRQ7HVWV
YRLU'&26 /LQJXLVWLFV
'&20$55& 'HSXW\&RPPDQGHU$&(5DSLG '&9V 'HQVH&RUH9HVLFOHV
5HDFWLRQ&RUSV $QDWRP\&HOO%LRORJ\0HGLFLQH
FRPPDQGDQWDGMRLQWGX&RUSVGHUpDFWLRQUDSLGH GFZY GLUHFWFXUUHQWZRUNLQJYROWDJH
GX&$( '' 'DQJHURXV'HFN
'&20236 'HSXW\&RPPDQGHURI2SHUDWLRQV '' 'DWD'HILQLWLRQ
FRPPDQGDQWDGMRLQWGHVRSpUDWLRQV &RPSXWHU3URJUDPPLQJ
'&26 'HSXW\&KLHIRI6WDII '' 'DWD'LFWLRQDU\
FKHIG
pWDWPDMRUDGMRLQW 7KHGDWDGLFWLRQDU\LVDFWXDOO\DFDWDORJPDNLQJ
'&3 'DWD&RPPXQLFDWLRQV3URFHVVRU DYDLODEOHQDPHVDQGVWUXFWXUHVRIDOOGDWDW\SHV
&RPSXWHU7HFKQRORJ\ FRQWDLQHGLQDGDWDEDVH
'&3 GDWHGHFRPPHQFHPHQWSUpYXH &RPSXWHU3URJUDPPLQJ
HVWLPDWHGGDWHRIVWDUW ('6  '' 'DWD'LYLVLRQ
'&3 'RSHG&RQMXJDWHG3RO\PHU &RPSXWHU3URJUDPPLQJ
0DWHULDOV GG GDWDWR
'&3& 'LYLVLRQRI&DQFHU3UHYHQWLRQDQG&RQWURO GDWHGLQ,WDOLDQ
86$  '' 'D\VDIWHU'DWH
2IWKH861DWLRQDO&DQFHU,QVWLWXWH '' 'HIHUUHG'HOLYHU\'HOD\HG'HOLYHU\
'&5 'DWD&RQYHUVLRQ5HFHLYHU %XVLQHVV&RPPHUFH
'DWD&RPPXQLFDWLRQV GG DEEU GHOLYHUHG
'&5 'HJODFLDWLRQ&OLPDWLF5HYHUVDO $OVRGHOY·GGOG
3DOHRFOLPDWH&KDQJHV '' 'HPDQG'HSRVLW
'&5 'LJLWDO&DVVHWWH5HFRUGHU '' 'HPDQG'UDIW
'&5 'LUHFW&ULWLFDO5HVSRQVH '' 'HPRQVWUDWLRQ'LYLVLRQ
0HGLFLQH '' GHVWUR\HU
'&5 'LUHFW&\FOH5HDFWRU GHVWUR\HU
1XFOHRQLFV '' 'HYHORSPHQWDOO\'LVDEOHG
'F5 'HFR\5HFHSWRU GG GLUHWWLVVLPR
&DQFHU5HVHDUFK0HGLFLQH ([SUHVVWUDLQIDVWWUDLQLQ,WDOLDQ
)RUIXUWKHUGHWDLOVVHHXQGHU75,' 5DLOZD\V
'&5'2 'HSXW\&KLHI5HVHDUFKDQG'HYHORSPHQW '' 'LVKRQRUDEOH'LVFKDUJH
2IILFHU '' 'RFWRURI'LYLQLW\
'&6 'DWD&ROOHFWLRQ6\VWHP '' 'XH'DWH
'&6 'HIHQVH&RPPXQLFDWLRQ6\VWHP ''$ 'DQJHURXV'UXJ$FW 86$ 
'&V 'HQGULWLF&HOOV ''$ 'HPDQG'HSRVLW$FFRXQWLQJ
,PPXQRORJ\5HVHDUFK0HGLFLQH %DQNLQJ
'&6 'LIIHUHQWLDO&URVV6HFWLRQ ''$ 'LJLWDO'LIIHUHQWLDO$QDO\]HU
'&6 'LJLWDO&RPSXWHU6\VWHP ''$ 'LUHFWLRQ'pOpJXpHjO
$XWRPDWLVPH )UDQFH 
'&6 'LVWULEXWHG&RPSXWHU6\VWHPV ''% 'HQ'DQVNH%DQN
'&6 'RFWRURI&RPPHUFLDO6FLHQFH ''%LV'HQPDUN
VODUJHVWEDQN
'DQLVK%DQN


''% '1$ 'DWD%DQN ''1 'RFXPHQWHG'LVFRXQW1RWHV


''% 'RGHF\OEHQ]HQH %XVLQHVV&RPPHUFH
'RGHF\OEHQ]HQHDOVRNQRZQDVGHWHUJHQWDON\ODWH ''26'GRV 'LVWULEXWHG'HQLDO2I6HUYLFH
LVXVHGLQFHUWDLQW\SHVRIGHWHUJHQWV ''3 GHWDLOHGGHSOR\PHQWSODQ
2UJDQLF&KHPLVWU\ SODQGHGpSORLHPHQWGpWDLOOp
''%- '1$ 'DWD%DQNRI-DSDQ ''3 'LUHFW'HSRVLWRI3D\UROO
''& 'HZH\'HFLPDO&ODVVLILFDWLRQ ''3 'UXJ'LVFRYHU\3URJUDP 86$ 
''& 'LUHFW'LJLWDO&RQWURO ''3$& 'LVLQKLELWLRQ'HPHQWLD3DUNLQVRQLVP
'LUHFWGLJLWDOFRQWUROLVXVHGLQWKHSHWUROHXP $P\RWURSK\&RPSOH[
FKHPLFDODQGRWKHULQGXVWULHVIRUSURFHVVFRQWURO *HULDWULF0HGLFLQH*HURQWRORJ\0HGLFLQH
&RQWURO6\VWHPV 1HXURGHJHQHUDWLYH'LVHDVHV1HXURORJ\
''&&5) 'LUHFWLRQUpJLRQDOH'HOD&RQFXUUHQFH 3DWKRORJ\
GHOD&RQVRPPDWLRQHWGHOD5pSUHVVLRQGHV ''36 'LJLWDO'DWD3URFHVVLQJ6\VWHP
)UDXGHV )UDQFH  ''5'GU 'LDOXSRQ'HPDQG5RXWLQJ
''' 'HVLUHG'HSRVLWRI'LYLGHQGV'LUHFW'HSRVLW ''5 '1$ 'DPDJH5HVSRQVH
RI'LYLGHQGV %LRFKHPLVWU\0HGLFDO*HQHWLFV+XPDQ&DQFHU
%XVLQHVV)LQDQFH 0LFURELRORJ\0ROHFXODU%LRORJ\
''' 'LUHFW'LVWDQFH'LDOLQJ ''5 '\QDPLF'HYLFH5HFRQILJXUDWLRQ
7HOHFRPPXQLFDWLRQV 'DWD&RPPXQLFDWLRQV
'''VLPXODWLRQV 'LVFUHWH'LVORFDWLRQ'\QDPLF ''5 ( 'LUHFWRURI'HIHQVH5HVHDUFKDQG
VLPXODWLRQV (QJLQHHULQJ
0DWHULDOV6FLHQFH 'HIHQVH6FLHQFH
''* 'HSXW\'LUHFWRU*HQHUDO ''5, 'DQXEH'HOWD5HVHDUFK,QVWLWXWH 7XOFHD 
''*''* 'LSORPpHGX*RXYHUQHPHQW 5RPDQLDQ,QVWLWXWH
)UDQFH  ''573&5DQDO\VLV 'LIIHUHQWLDO'LVSOD\FRP
''*6 'LVWLOOHU
V'ULHG*UDLQVDQG6ROXEOHV ELQHGZLWK5HYHUVH7UDQVFULSWLRQ3RO\PHUDVH
6WDUFKPDNHVXSRQO\DERXWRIWKHFRUQNHU &KDLQ5HDFWLRQDQDO\VLV
QHO7KHPDWHULDOUHPDLQLQJDWWKHERWWRPRIWKH %LRORJLFDO6FLHQFHV3ODQW%LRORJ\
GLVWLOODWLRQFROXPQVXFKDVFHOOXORVHKHPLFHOOX ''6 'DWDSKRQH'LJLWDO6HUYLFH
ORVHOLJQLQSURWHLQVDQGIDWLVGULHGLQWRDQDQL ''6 'HQ\V'UDVK6\QGURPH
PDOIHHGNQRZQDVGLVWLOOHU
VGULHGJUDLQVDQGVRO ''6 'HZD\'HFLPDO6\VWHP
XEOHV ''6 'LDPLQRGLSKHQ\OVXOIRQH
''+DQG'6 'LJLWDO'DWD+DQGOLQJDQG'LVSOD\ ''6 'LJLWDO'DWD6HUYLFH'LJLWDO'DWD6\VWHP
6\VWHP ''6''6 'RFWRURI'HQWDO6FLHQFH
'','', 'XH'LOLJHQFH,QYHVWLJDWLRQ ''6''6 'RFWRURI'HQWDO6XUJHU\
%XVLQHVV,QWHOOLJHQFH/DZ ''6 'XVW'HWHFWRURQWKH*DOLOHR6SDFHFUDIW
''/ 'DWD'HILQLWLRQ/DQJXDJH $WPRVSKHULFDQG6SDFH3K\VLFV-RYLDQ
''/ 'DWD'HVFULSWLRQ/DQJXDJH 0DJQHWRVSKHUH
&RPSXWHU3URJUDPPLQJ ''VFHQDULR 'RXEOH'HJHQHUDWHVFHQDULR
''/ 'LVHJQR'L/HJJH ''7 'LFKORURGLSKHQ\OWULFKORURHWKDQH
,WDOLDQLQLWLDOLVPPHDQLQJ3DUOLDPHQWDU\%LOO%LOO ''7 LVXVHGDVDSHVWLFLGHDQGDQLQVHFWLFLGH
*RYHUQPHQW%LOO 2UJDQLF&KHPLVWU\
''0'HFD\LQJ'DUN0DWWHU ''7V 'RXEOH'ULYH7KURXJKV 86$ 
$VWURQRP\$VWURSK\VLFV ''8 'HOLYHUHG'XW\8QSDLG
''0 'LVFUHHW'HFLVLRQ0DNLQJ %XVLQHVV&RPPHUFH
&U\SWRJUDSK\3ULYDWH&RPPXQLFDWLRQ '( GDPDJHH[SHFWDQF\
''0 'LVWULEXWHG'DWD0DQDJHPHQW DGpJkWVHVFRPSWpV
''0 'RGHF\O0HUFDSWDQ ESUpYLVLRQGHGRPPDJHV
''0LVDOVRNQRZQDV/DXU\O0HUFDSWDQ GLUHFWHGHQHUJ\
7KLRGRGHF\O$OFRKRO pQHUJLHGLULJpH (' 
2UJDQLF&KHPLVWU\ '( 'DWD(QFU\SWLRQ
''06 'HSXW\'LUHFWRURI0HGLFDO6HUYLFHV &RPSXWHU3URJUDPPLQJ
''1 'HIHQVH'HSDUWPHQW1HWZRUN 86$  '( 'DWD(QWU\


&RPSXWHU3URJUDPPLQJ '(& 'LHWK\OFDUERQDWH


'( 'HFLVLRQ(OHPHQW 'LHWK\OFDUERQDWHLVXVHGPDLQO\DVDVROYHQW
(OHFWURQLFV 2UJDQLF&KHPLVWU\
'( DEEU 'HODZDUH 86$  '(& 'LJLWDO(TXLSPHQW&RUSRUDWLRQ
$OVR'HO '(& 'RPLQDQW(QHUJ\&RQGLWLRQ
'( 'LJLWDO(OHPHQW'LVSOD\(OHPHQW'LVSOD\ 3K\VLFV
(TXLSPHQW '(&0 GHFHSWLYHHOHFWURQLFFRXQWHUPHDVXUHV>REVR
'DWD&RPPXQLFDWLRQV OHWH@
'( 'LYLVLRQ(QWU\ FRQWUHPHVXUHVpOHFWURQLTXHVGHGpFHSWLRQ
'DWD&RPPXQLFDWLRQV &0(' >REVROqWH@
'('( 'RFWRURI(QJLQHHULQJ '(&2 DEEU '(QRPLQD]LRQH&2PXQDOH ,WDO\ 
'( 'RXEOH(QWU\ '(&V 'LVWULFW([SRUW&RXQFLOV
%RRNNHHSLQJ 7KHWK $QQLYHUVDU\&RQIHUHQFHRIWKH'LVWULFW
'($ 'LHWKDQRODPLQH ([SRUW&RXQFLOVDQGWKH:RUOG7UDGH6\PSRVLXP
+2&+&+ 1+'($ LVXVHGPDLQO\LQSROLVK ZDVKHOGLQ1HZ<RUNRQWKHUG RI-XQH
HVFOHDQHUVDQGDVDFKHPLFDOLQWHUPHGLDWH '(&7'HFW 'LJLWDO(QKDQFHG&RUGOHVV
2UJDQLF&KHPLVWU\ 7HOHFRPPXQLFDWLRQV
'($ 'LSDUWLPHQWR(PHUJHQ]DH$FFRJOLHQ]D &RUGOHVV7HOHFRPPXQLFDWLRQV&HOOXODU3KRQHV
3ROLFOLQLFR*HPHOOL 5RPH,WDO\  '(' 'DWD(OHPHQW'LFWLRQDU\'DWD(OHPHQW
'($ 'LSO{PHG
(WXGHV$JULFROHV )UDQFH  'LUHFWRU\
'($ 'LSO{PHG
(WXGHV$SSURIRQGLHV '(''HDWK(IIHFWRU'RPDLQ
2IWKH,+(( 6WUDVERXUJ)UDQFH  $SRSWRVLV%LRFKHPLVWU\
)RUIXUWKHUGHWDLOVVHHXQGHU,+(( '(',&$7(' '(YHORSPHQWRIDQHZ',PHQVLRQ
'($ 'UXJ(QIRUFHPHQW$GPLQLVWUDWLRQ 86$  LQ(XURSH&RPSXWHU$LGHG7HDFKLQJDQG
'($( 'LHWK\ODPLQRHWK\O ('XFDWLRQ
'($3 'HSDUWPHQWRI(PLVVLRQVDQG$LU3ROOXWLRQ (XURSHDQ&RPPXQLW\3URMHFW
2I1(5,'HQPDUN '((3 'HYHORSPHQWRIDGDWDKDQGOLQJ
)RUIXUWKHUGHWDLOVVHHXQGHU1(5, (QYLURQPHQWIRU([SORUDWLRQDQGH[SORLWDWLRQRI
'(% 'DWD([WHQW%ORFN PLQLQJ3URMHFWV
GHE DEEU GHEHQWXUH (XURSHDQ&RPPXQLW\3URMHFW
'(% 'LSO{PHG
(WXGHV%LEOLRWKpFDLUHV )UDQFH  GHI DEEU GHIDXOW
G(% GHR[\HU\WKURQROLGH% GHI DEEU GHIHQVHGHIHQFH
&KHPLFDO(QJLQHHULQJ&KHPLVWU\ GHI DEEU GHIHUUHG
'(%$ 'LUHFFLRQGHOD(QHUJLDGHODSURYLQFLDGH GHI DEEU GHILQLWH
%XHQRV$LUHV '()&21 DEEU '()HQVH&21GLWLRQ
'(%$ ZDVIRXQGHGLQWKHHDUO\V 2UGQDQFH
'(%6 'HR[\HU\WKURQROLGH%6\QWKDVH '()5$ 'HSDUWPHQWIRU(QYLURQPHQW)RRG
&KHPLFDO(QJLQHHULQJ&KHPLVWU\3KDUPDF\ 5XUDO$IIDLUV *% 
GHF DEEU 'HFHPEHU '()7 'LUHFW(SLIOXRUHVFHQW)LOWHU7HFKQLTXH
GHFGHF DEEU GHFLPHWHUGHFLPHWHUV 0LFURELRORJ\
GHF DEEU GHFODUDWLRQ GHJ DEEU GHJUHHGHJUHHV
GHF DEEU GHFRGHU 0DWKHPDWLFV0HWURORJ\
&RPSXWHU7HFKQRORJ\(OHFWURQLFV '(* WZR'LPHQVLRQDO(OHFWURQ*DV
7HOHFRPPXQLFDWLRQV 3K\VLFV
GHF DEEU GHFRUDWHG '(*V 'HJHQHULQV
GHF DEEU GHFRWWR 1HXURELRORJ\1HXURORJ\0HGLFLQH
,WDOLDQDEEUHYLDWLRQPHDQLQJGHFRFWLRQ '(, 'L]LRQDULR(QFLFORSHGLFR,WDOLDQR
0HGLFLQH '(,+'(,+ 'LSO{PHG
(WDWG
,QILUPLqUH
GHF DEEU GHFUHDVH +RVSLWDOLqUH )UDQFH 
'(& GHUQLqUHHVWLPDWLRQGHFR€W '(,6 'UDIW(QYLURQPHQWDO,PSDFW6WDWHPHQW
ODWHVWFRVWHVWLPDWH /&(  'HO DEEU 'HODZDUH 86$ 
'(& 'HWURLW(GLVRQ&RPSDQ\ 86$  $OVR'(
'(& 'LDUUKHDJHQLF(&ROL 'HO DEEU 'HOHJDWH


GHOGHO DEEU GHOHWH $OVRGHP


&RPSXWHU7HFKQRORJ\ 'HQ DEEU 'HQPDUN
GHO DEEU GHOHWLRQ $OVR'N'$
'(/ 7KHDLUSRUWFRGHIRU'HOKL,QGLD '(1 'HSDUWPHQWRI(1HUJ\ *% 
GHO DEEU GHOWD '(1 7KHDLUSRUWFRGHIRU6WDSOHWRQ,QWHUQDWLRQDO
(OHFWURQLFV*HRORJ\0DWKHPDWLFV6FLHQFH 'HQYHU&RORUDGR86$
'(/+3 'LYLVLRQRQ(GXFDWLRQ/DERUDQG+XPDQ '(1, 'HSDUWPHQWRI(GXFDWLRQIRU1RUWKHUQ
3HUIRUPDQFH 86$  ,UHODQG
'(/6 'LYLVLRQRQ(DUWKDQG/LIH6WXGLHV 86$  GHQRP DEEU GHQRPLQDWLRQ
GHOY
G DEEU GHOLYHUHG GHQW DEEU GHQWDOGHQWLVWGHQWLVWU\
$OVRGGGOG GHS DEEU GHSDUWPHQW
'(0 'DWD(QWU\0DFKLQH $OVRGHSW
GHP DEEU GHPDQG GHS DEEU GHSHQGHQW
'(0 '(0RGXODWRU GHS DEEU GHSRVLW
(OHFWURQLFV,QHOHFWURQLFVGHPRGXODWRULVDOVR GHS DEEU GHSXW\
NQRZQDV'HFRPPXWDWRU '(3 'LHWK\OSKWKDODWH
7HOHFRPPXQLFDWLRQV '(3 LVXVHGPDLQO\LQLQVHFWLFLGHVDQGSHUIXPHV
GHP DEEU GHPXUUDJH 2UJDQLF&KHPLVWU\
$OVRGHPXU '(3& 'LHWK\O3\URFDUERQDWH
'(0'(0 'pWHFWLRQ(OHFWUR0DJQpWLTXH '(3&LVXVHGPDLQO\DVDIHUPHQWDWLRQLQKLELWRU
'(0 'HXWVFKH0DUN 2UJDQLF&KHPLVWU\
$OVR'0 'HS&WI DEEU 'HSRVLW&HUWLILFDWH
1RZ(852(85 8 %HFDPH(&8 (XURSHDQ '(3 HIIHFW 'LHOHFWURSKRUHVLVHIIHFW
6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\  '(3(; GHSOR\PHQWH[HUFLVH
'(0 'LHWK\O0DOHDWH H[HUFLFHGHGpSORLHPHQW
'(0LVXVHGPDLQO\LQIODYRULQJV GHSU DEEU GHSUHFLDWLRQ
2UJDQLF&KHPLVWU\ '(36'(36 'HUQLHU(QWUp3UHPLHU6RUWL
'(0 'LJLWDO(OHYDWLRQ0DS )UHQFKDFURQ\PPHDQLQJ/DVW,Q)LUVW2XW
(DUWKDQG3ODQHWDU\6FLHQFH /,)2 
'(0 'LJLWDO(OHYDWLRQ0RGHO '(36 'LYLVLRQRQ(QJLQHHULQJDQG3K\VLFDO
)RUIXUWKHUGHWDLOVVHHXQGHU'(0V 6FLHQFHV 86$ 
'HPDUUDJH 'HYHORSPHQWRIPXOWLPHGLDDSSOLFD GHSW DEEU GHSDUWPHQW
WLRQVLQUHPRWHVHQVLQJULVNDVVHVVPHQWJHRJUD $OVRGHS
SK\DQGHQYLURQPHQW '(4 'HOLYHUHG([4XD\
'(0(7(5 'HYHORSPHQWRID(XURSHDQ0XOWL %XVLQHVV&RPPHUFH,QWHUQDWLRQDO7UDGH
PRGHO(QVHPEOH6\VWHPIRU6HDVRQDOWR '(5 '(JHQHUDWLRQ5HDFWLRQ
,QWHUDQQXDO3UHGLFWLRQV GHU DEEU GHULYDWLYH
(XURSHDQ8QLRQ3URMHFW $OVRGHULY
'(02' DEEU '(02'XODWRU &KHPLVWU\0DWKHPDWLFV
)RUIXUWKHUGHWDLOVVHHXQGHU'(0 GHU DEEU GHULYDWR
'(05 'HSDUWPHQWRI(QHUJ\0LQHVDQG ,WDOLDQDEEUHYLDWLRQPHDQLQJE\SURGXFW
5HVRXUFHV &DQDGD  &RPPHUFH
'(06 'pELW([SLUDWRLUH0D[LPXP6HFRQGH '(5 'URVRSKLOD (SLGHUPDOJURZWKIDFWRU5HFHSWRU
)UHQFKLQLWLDOLVPPHDQLQJ7LPHG9LWDO&DSDFLW\ '(5$ 'HIHQFH(YDOXDWLRQDQG5HVHDUFK$JHQF\
0HGLFLQH *% 
'(06 GHIHQVLYHO\HTXLSSHGPHUFKDQWVKLS :LWKHIIHFWIURP-XO\'(5$ KDVEHFRPH
QDYLUHGHFRPPHUFHGRWpG
XQpTXLSPHQWGpIHQVLI *%
VODUJHVWLQGHSHQGHQWVFLHQFHDQGWHFKQRORJ\
'(06 'LJLWDO(OHFWURQLF0HVVDJH6\VWHP DJHQF\
6HUYLFH  )RUIXUWKHUGHWDLOVVHHXQGHU'67
'(0V 'LJLWDO(OHYDWLRQ0RGHOV GHULY DEEU GHULYDWLYH
*HRSK\VLFVDQG3ODQHWDU\3K\VLFV $OVRGHU
2FHDQRJUDSK\ &KHPLVWU\0DWKHPDWLFV
GHPXU DEEU GHPXUUDJH '(59 'LHVHO(QJLQHG5RDG9HKLFOH


'(6 'DWD(QFU\SWLRQ6WDQGDUG'DWD(QFU\SWLRQ '(7'$ 'LHWK\O7ROXHQH'LDPLQH


6\VWHP '(75 'HSDUWPHQWRI(QYLURQPHQW7UDQVSRUWDQG
'(6 GpFKDUJHpOHFWURVWDWLTXH WKH5HJLRQV *% 
HOHFWURVWDWLFGLVFKDUJH (6'  '(75$6)$ GLVWUHVVSKDVH
'(6 'HOLYHUHG([6KLS SKDVHGHGpWUHVVH
%XVLQHVV&RPPHUFH,QWHUQDWLRQDO7UDGH GHWW DEEU GHWWDJOLDQWH
'(6 'HQVLW\RI(OHFWURQLF6WDWHV ,WDOLDQDEEUHYLDWLRQPHDQLQJUHWDLOHUUHWDLOGHDOHU
'(6 '(WHUPLQDQW6pFXODLUH GHWW DEEU GHWWDJOLR
'(6 'LHWK\OVWLOEHVWURO ,WDOLDQDEEUHYLDWLRQPHDQLQJUHWDLO$OVRGHWDLO
&+2 'LHWK\OVWLOEHVWUROZKLFKLVDOVRNQRZQ &RPPHUFH*HQHUDO
DVVWLOEHVWUROLVDFU\VWDOOLQHQRQVWHURLGHVWURJHQ '(86 'HYHORSLQJ(8URSHDQ60(V
XVHGIRUQDWXUDOHVWURJHQLFKRUPRQHVUHSODFHPHQW (XURSHDQ&RPPXQLW\3URMHFW
LQWKHUDSHXWLFWUHDWPHQWV '(8675$,1(7 'DQLVK(QWHUSULVH8QLYHUVLW\
%LRFKHPLVWU\ 6\VWHPV75$,QLQJ1(7ZRUN
'(6'(6 'LSO{PHG
(WXGHV6XSpULHXUHV GHY DEEU GHYHORSPHQW
)UDQFH  GHY DEEU GHYLDWLRQ
'(6 'LYLVLRQRI(DUWK6FLHQFHV '(9 'XFN(PEU\R UDELHV 9DFFLQH
2IWKH861DWLRQDO5HVHDUFK&RXQFLO '(9$/ '(/7$ (9$/XDWLRQ
'(6 'LYLVLRQRI(QYLURQPHQWDO6FLHQFHV (XURSHDQ&RPPXQLW\3URMHFW
2IWKH861DWLRQDO6FLHQFH)RXQGDWLRQ 'HYRQ DEEU 'HYRQVKLUH *% 
'HVDW DEEU 'HVDWXUDWLRQ '(: GHIHQVLYHHOHFWURQLFZDUIDUH>REVROHWH@
'(6*'(6* 'LSO{PHG
(WXGHV6FLHQWLILTXHV JXHUUHpOHFWURQLTXHGpIHQVLYH>REVROqWH@
*pQpUDOHV )UDQFH  GLUHFWHGHQHUJ\ZHDSRQ
'(67'(67 'LSO{PHG
(WXGHV6XSpULHXUHV DUPHjpQHUJLHGLULJpH
7HFKQLTXHV )UDQFH  '(: OLQH 'LVWDQW(DUO\:DUQLQJOLQH
'(67(0$ '(YHORSPHQWRI67(HOVIRUQRQSROOXW 0LOLWDU\6FLHQFH
LQJ0$QXIDFWXULQJ '(;$ 'XDO(QHUJ\;UD\$EVRUSWLRPHWU\
(XURSHDQ&RPPXQLW\3URMHFW,QGXVWULDO (QGRFULQRORJ\0HGLFLQH0HWDEROLVP0ROHFXODU
0DQXIDFWXUH0DWHULDOV7HFKQRORJ\ 3K\VLRORJ\9LVFHUDO2EHVLW\
'(6< 'HXWVFKHV(OHNWURQHQ6<QFKURWURQ ') 'DPDJH)UHH
*HUPDQ\  ') 'DWD)LHOG
'(7 'DWD(QWU\7HUPLQDO 'DWDILHOGUHIHUVWRWKHVSDFHLQWKHFRPSXWHUPDLQ
&RPSXWHU7HFKQRORJ\ PHPRU\ZKHUHUHFRUGVDUHFRQWDLQHG
GHW DEEU GHWDFKHG &RPSXWHU3URJUDPPLQJ
GHW DEEU GHWDFKPHQW ') 'DWDIORZGDWDIORZ
,QJHRORJ\GHWDFKPHQWLVDOVRNQRZQDVGpFROOH &RPSXWHU3URJUDPPLQJ
PHQW ') 'HDG)UHLJKW
*HRORJ\ ') GHIHQVLYHILUH
GHW DEEU GHWDFKPHQW WLUGpIHQVLI
0LOLWDU\6FLHQFH GLUHFWLRQILQGLQJ
GHW DEEU GHWDLO UDGLRJRQLRPpWULH
0LOLWDU\6FLHQFH ') 'HVWLQDWLRQ)LHOG
GHW DEEU GHWHUPLQH &RPSXWHU7HFKQRORJ\
'(7 7KHDLUSRUWFRGHIRU'HWURLW&LW\0LFKLJDQ ') 'HYLFH)ODJ
86$ &RPSXWHU7HFKQRORJ\
'(7$% DEEU '(FLVLRQ7$%OH ') 'LUHFWLRQ)LQGHU
&RPSXWHU3URJUDPPLQJ 1DYLJDWLRQ
'(7&V 'HQGULWLF(SLGHUPDO7 &HOOV ') 'RFWRURI)RUHVWU\
$FWLYDWHG'(7&VSURGXFH.*)VDQGFKHPRNLQHV ') 'RQ
W)UDJPHQW
&HOO%LRORJ\,PPXQRORJ\0ROHFXODU*HQHWLFV &RPSXWHUV
7LVVXH5HSDLU GI DEEU GUDIWGUDXJKW
)RUIXUWKHUGHWDLOVVHHXQGHU.*)V &LYLO(QJLQHHULQJ(QJLQHHULQJ)OXLG0HFKDQLFV
GHWG DEEU GHWHUPLQHG


0HFKDQLFDO'HYLFHV0HWDOOXUJ\1DYDO ')7& &OHDQ'UDIW


$UFKLWHFWXUH %XVLQHVV&RPPHUFH
')GI GULQNLQJIRXQWDLQ ')7 FDOFXODWLRQV 'HQVLW\)XQFWLRQDO7KHRU\FDOFX
')$ 'HSRVLW)XQG$FFRXQW ODWLRQV
%XVLQHVV&RPPHUFH)LQDQFH 3K\VLFV6WHDP5HIRUPLQJ3URFHVVHV
')$ 'HWHUPLQLVWLF)LQLWH$XWRPDWLRQ '): 7KHDLUSRUWFRGHIRU'DOODV)W:RUWK
&RPSXWHU6FLHQFH ,QWHUQDWLRQDO$LUSRUW7H[DV86$
')$ 'RFWRURI)LQH$UWV '):/ GLUHFWILUHZHDSRQVOLQH
')$,7 'HSDUWPHQWRI)RUHLJQ$IIDLUV OLJQHGHVDUPHVjWLUGLUHFW
,QWHUQDWLRQDO7UDGH &DQDGD  'I]SURWHLQ 'URVRSKLODIUL]]OHGSURWHLQ
')%ODVHU GLRGHV 'LVWULEXWHG)HHGEDFNODVHU 'HYHORSPHQWDO%LRORJ\
GLRGHV GJ GHFLJUDPGHFLJUDPPH
')& 'DWD)ORZ&RQWURO 0HWURORJ\
')& 'HYHORSPHQW)LQDQFH&RPSDQ\ '* 'HQWDWH*\UXV
')& 'LVWLQJXLVKHG)O\LQJ&URVV G* GHR[\JXDQRVLQH
')&* $VVRFLDWLRQ1DWLRQDOHGHV 'LUHFWHXUV '* 'LIIHUHQWLDO*HQHUDWRU
)LQDQFLHUVHWGH&RQWU{OHGH*HVWLRQ )UDQFH  (OHFWULFLW\
)UHQFK$VVRFLDWLRQ '* 'LUHFWHXU*pQpUDO
')' GDWDIXVLRQGHPRQVWUDWRU )UHQFKLQLWLDOLVPPHDQLQJ&KLHI([HFXWLYH
GpPRQVWUDWHXUGHIXVLRQGHGRQQpHV 2IILFHU0DQDJLQJ'LUHFWRU
')'(/ DEEU 'HIHUUHG'HOLYHU\ '* 'LUHFWLRQ*pQpUDOH
')( 'HSDUWPHQW)RU(GXFDWLRQ /RQGRQ*% )UHQFKLQLWLDOLVPPHDQLQJ+HDGTXDUWHUV
')(// 'XNH)UHH(OHFWURQ/DVHU/DERUDWRU\ '*'* 'LUHFWRU*HQHUDO
')* 'HXWVFKH)RUVFKXQJVJHPHLQVFKDIW *HUPDQ\  '* 'HR[\'*OXFRVH
')*LV*HUPDQ\
VPDLQUHVHDUFKIXQGLQJDJHQF\ '* 'HR[\JOXFRVRQH
')* 'LRGH)XQFWLRQ*HQHUDWRU '*$ 'LUHFWLRQ*pQpUDOHGHV$UPHPHQWV )UDQFH 
(OHFWURQLFV '*$& )UHQFK&LYLO$YLDWLRQ$XWKRULW\ )UDQFH 
')/ 'HJUHHRI)LQDQFLDO/HYHUDJH '*%DQN 'HXWVFKH*HQRVVHQVFKDIWVEDQN
%XVLQHVV)LQDQFH *HUPDQ%DQN
')/ 'HSDUWPHQWRI)RUHLJQ/DQJXDJHV '*&&5) 'LUHFWLRQ*pQpUDOHGHOD&RQVRPPDWLRQ
$WWKH86$LU)RUFH$FDGHP\ GHOD&RQFXUUHQFHHWGHOD5pSUHVVLRQGHV)UDXGHV
')0')0 'LUHFWRURI)UHLJKW0RYHPHQW 2IWKH0LQLVWqUHGHO
(FRQRPLHHWGHV)LQDQFHV
')0 'LVWLQJXLVKHG)O\LQJ0HGDO )UDQFH 
')02 'LIOXRURPHWK\ORUQLWKLQH '*&5 'L*HRUJH6\QGURPHPLQLPDO&ULWLFDO
%LRFKHPLVWU\&OLQLFDO3KDUPDFRORJ\0ROHFXODU 5HJLRQ
3KDUPDFRORJ\ &DQFHU*HQRPH5HVHDUFK*HQHWLFV
')2 'HSDUWPHQWRI)LVKHULHVDQG2FHDQV &DQDGD  '*'* 'LJDODFWRV\O'LDF\O*O\FHURO
')3 'LLVRSURS\O3KRVSKRURIOXRULGDWH '*( 'RSSOHU*UDYLW\([SHULPHQW
&+)23 'LLVRSURS\OSKRVSKRURIOXRULGDWHLV /XQDU5HVHDUFK
DOVRNQRZQDVGLLVRSURS\OIOXRURSKRVSKDWHGLLVR '*, GLJLWDOJHRJUDSKLFLQIRUPDWLRQ
SURS\OIOXRURSKRVSKRQDWHIOXRVWLJPLQHLVR LQIRUPDWLRQVJpRJUDSKLTXHVQXPpULTXHV
SURS\OIOXRSKRVSKDWH,WLVXVHGPDLQO\DVD '*, 'LUHFWLRQ*pQpUDOHGHV,PS{WV
FKROLQHUJLFGUXJLQH\HGLVHDVHV )UHQFKLQLWLDOLVPPHDQLQJ*HQHUDO7D[$XWKRULW\
3KDUPDFRORJ\ ,QODQG5HYHQXH
')5 'LK\GURIODYRQRO5HGXFWDVH '*/) 'pOpJDWLRQ*pQpUDOHjOD/DQJXH)UDQoDLVH
1DWXUDO3URGXFWV5HVHDUFK3ODQW%LRORJ\ 3DULV)UDQFH 
')6 'HFRKHUHQFH)UHH6XEVSDFH '*0 'HSXW\*HQHUDO0DQDJHU
3K\VLFV '*3 6HQLRU'HIHQFH*URXSRQ3UROLIHUDWLRQ
G)6XUYH\ GHJUHH)LHOG6XUYH\ *URXSHGHIHQVHGHKDXWQLYHDXVXUODSUROLIpUDWLRQ
3K\VLFV '*3, 'LUH]LRQH*HQHUDOH3URGX]LRQH,QGXVWULDOH
')7G)W 'LVFUHWH)RXULHU7UDQVIRUP 5RPH,WDO\ 
')7$ 'UDIW$WWDFKHG '*567 'pOpJDWLRQ*pQpUDOHjOD5HFKHUFKH
%XVLQHVV&RPPHUFH 6FLHQWLILTXHHW7HFKQLTXH )UDQFH 


'*6 'HQVLW\*UDGLHQW6HGLPHQWDWLRQ '+/$ 'LK\GUROLSRLF$FLG


'*7 'LUHFWLRQ*pQpUDOHGHV7pOpFRPPXQLFDWLRQV '+/5,'RURWK\0'DYLV+HDUWDQG/XQJ5HVHDUFK
)UDQFH  ,QVWLWXWH
'*= 'HVLUHG*URXQG=HUR $WWKH2KLR6WDWH8QLYHUVLW\ 86$ 
2UGQDQFH '+2' GHSXW\KHDGRIGHOHJDWLRQ
'*= 'HXWVFKH*LUR]HQWUDOH *HUPDQ\  FKHIDGMRLQWGHGpOpJDWLRQ
'*=LVVSHFLDOL]HGLQSXEOLFVHFWRUOHQGLQJ '+3/& 'HQDWXULQJ+LJK3UHVVXUH/LTXLG
*HUPDQ%DQN &KURPDWRJUDSK\
'+ 'EO+RPRORJ\ '+3\V 'LK\GURS\ULPLGLVHV
%LRFKHPLVWU\%LRSK\VLFV0ROHFXODU*HQHWLFV '+UDWLR 'HXWHULXP+\GURJHQUDWLR
1HXURORJ\1HXURVFLHQFH6LJQDO7UDQVGXFWLRQ '+6 'HSDUWPHQWRI+RPHODQG6HFXULW\
'+GK 'HOD\HG+\SHUVHQVLWLYLW\ &UHDWHGLQ 86$ 
'+LVDUHDFWLYLW\LQDVHQVLWL]HGSHUVRQWKDW '+6 'HVHUW+RW6SULQJV
RFFXUVVHYHUDOKRXUVDIWHUFRQWDFWZLWKWKHDOOHU '+6 'LK\GURVWUHSWRP\FLQ
JHQ &+21 'LK\GURVWUHSWRP\FLQLVHVVHQWLDOO\
,PPXQRORJ\ DGHULYDWLYHRIVWUHSWRP\FLQ
'+ GXDOKDWWHG SRVW  0LFURELRORJ\
SRVWH jGRXEOHIRQFWLRQ '+63 'LUHFWRUDWHRI+HDOWK6WDQGDUGV3URJUDPV
'+$ GHSDUWXUHKROGLQJDUHD 86$ 
GpSDUWGHOD]RQHG
DWWHQWH '+7 'LK\GURWHVWRVWHURQH
'+$ 'LK\GUR[\DFHWRQH (QGRFULQRORJ\
'LK\GUR[\DFHWRQHZKLFKLVDOVRNQRZQDVGLK\ '+7 'LK\GURWK\PLQH
GUR[\SURSDQRQHLVXVHGLQPHGLFLQHFRVPHWLFV '+8 'LK\GURXUDFLO
DQGLQIXQJLFLGHV '+\'+\ 'RFWRURI+\JLHQH
2UJDQLF&KHPLVWU\ ', 'HFUHWR,QWHUPLQLVWHULDOH
'+$ 'RXEOH+HPDJJOXWLQLQ ,WDOLDQLQLWLDOLVPPHDQLQJ,QWHUGHSDUWPHQWDO
'+$6 'HK\GURHSLDQGURVWHURQH6XOIDWH 'HFUHH
'+DVH 'HK\GURJHQDVH ', 'pWURLW,QIpULHXU
(Q]\PRORJ\ )UHQFKLQLWLDOLVPPHDQLQJ,QIHULRU6WUDLW RIWKH
'+%9 'XFN+HSDWLWLV%9LUXV SHOYLV 
9LURORJ\ 0HGLFLQH
'+&3'KFS '\QDPLF+RVW&RQILJXUDWLRQ ', 'HYLFH,QGHSHQGHQFH
3URWRFRO &LVFR  &RPSXWHU7HFKQRORJ\
'+($ 'HK\GURHSLDQGURVWHURQH ',', 'LDEHWHV,QVLSLGXV
$JHUHODWHG'LVRUGHUV$QWL$JLQJ'UXJV 'LDEHWHVLQVLSLGXVLVDFWXDOO\GXHWRDG\VIXQFWLRQ
(QGRFULQRORJ\5HSURGXFWLYH0HGLFLQH RIWKHK\SRWKDODPXV
'+($6 'HK\GURHSLDQGURVWHURQH6XOIDWH VHUXP  0HGLFLQH
$QWLDJLQJ0HGLFLQH&DORULF5HVWULFWLRQV ', 'LVSRVDEOH,QFRPH
'+) 'HQJXH+HPRUUDJLF)HYHU ', GLYLVLRQG
LQIDQWHULH
,QIHFWLRXV'LVHDVHV0HGLFLQH LQIDQWU\GLYLVLRQ ,' 
'+)5 'LK\GURIRODWH5HGXFWDVH ',', 'ULOO,QVWUXFWRU
%LRFKHPLVWU\(Q]\PRORJ\0HGLFLQH0ROHFXODU GLGLD DEEU GLDPHWHU
0LFURELRORJ\ ',$ 'HIHQVH,QWHOOLJHQFH$JHQF\ 86$ 
'+)576 'LK\GURIRODWH5HGXFWDVH7K\PLG\ODWH 'LD 'LFKLDUD]LRQHG
LQL]LRDWWLYLWj
6\QWKDVH ,WDOLDQDFURQ\PPHDQLQJEHJLQQLQJRIDFWLYLW\
%LRPHGLFDO5HVHDUFK&KHPLVWU\0DODULD GHFODUDWLRQ
3DUDVLWHV ',$ 'LUH]LRQH,QYHVWLJDWLYD$QWLPDILD ,WDO\ 
'+J'+J 'RFWRURI+\JLHQH ',$ 'LVWDQFH,QWHUDWRPLTXH
'+*3 *HUPDQ+XPDQ*HQRPH3URJUDP ',$',$ 'LYLVLRQG
,QIDQWHULH$OSLQH )UDQFH 
'+, 'DQLVK+\GUDXOLF,QVWLWXWH ',$ 'XH,Q$VVHWV
8UEDQ:DVWHZDWHU %XVLQHVV)LQDQFH
'+/ 'RFWRURI+HEUHZ/HWWHUV'RFWRURI+HEUHZ ',$%/2 'LUHFW,$3ELQGLQJ3URWHLQZLWK/RZS,
/LWHUDWXUH


&DQFHU5HVHDUFK0ROHFXODU%LRORJ\ ','3 LVDFOHDUOLTXLGERLOLQJDO$&DQG


3KDUPDFHXWLFDO5HVHDUFK6WUXFWXUDO%LRORJ\ XVHGDVDSODVWLFL]HU
)RUIXUWKHUGHWDLOVVHHXQGHU,$3V 2UJDQLF&KHPLVWU\
'LDG 'HOLYHU\LQIRUPDWLRQDFTXLVLWLRQGHYLFH ',( 'HOHJD]LRQH,WDOLDQD(VSHUWL $OEDQLD 
'HYHORSHGE\8QLWHG3DUFHO6HUYLFHWRFDSWXUH ',(% 'HSDUWPHQWRIWKH,QWHULRU(QHUJ\%RDUG
GHOLYHU\LQIRUPDWLRQHOHFWURQLFDOO\E\GULYHUVDW ',) 'DWD,QWHUFKDQJH)RUPDW
WKHSRLQWRIDUULYDO &RPSXWHU7HFKQRORJ\
+DQGKHOG&RPSXWHUV GLI DEEU GLIHWWR
GLDJ DEEU GLDJRQDOGLDJQRVLVGLDJUDP ,WDOLDQDEEUHYLDWLRQPHDQLQJGHIHFWIODZLPSHU
GLDO DEEU GLDOHFW IHFWLRQ
',$/ ',IIHUHQWLDO$EVRUSWLRQE\/LGDU GLII DEEU GLIIHUHQ]LDOH
(QYLURQPHQWDO7HFKQRORJ\0HGLFLQH6FLHQFH ,WDOLDQDEEUHYLDWLRQPHDQLQJGLIIHUHQWLDO
',$1( 'HVLJQ,PSOHPHQWDWLRQDQGRSHUDWLRQRID 0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ
GLVWULEXWHG$1QRWDWLRQ(QYLURQPHQW ',))(5(1&( ',VVHPLQDWLRQDQG)DFLOLWDWLRQIRU
(XURSHDQ&RPPXQLW\3URMHFW (XURSHDQ5HVHDUFKLQ6HOHFWHGFKDLQV
',$1( 'LUHFW,QIRUPDWLRQ$FFHVV1HWZRUNIRU (XURSHDQ&RPPXQLW\3URMHFW
(XURSH 'LII6HUY DEEU 'LIIHUHQWLDWHG6HUYLFHV
',$70 'HOHJD]LRQH,WDOLDQDGL$VVLVWHQ]D7HFQLFR 'LII6HUYLVDVWDQGDUGRI,(7)
0LOLWDUHLQ0DURFFR )RUIXUWKHUGHWDLOVVHHXQGHU,(7)
',% 'LUHFWRU\,QIRUPDWLRQ%DVH ',* 'HSXW\,QVSHFWRU*HQHUDO
',%,7 'HSDUWPHQWRI%LRORJLFDODQG7HFKQRORJLFDO GLJ DEEU GLJHVW
5HVHDUFK ',*,6$7 DGYDQFHG',*,WDO6$7HOOLWHEURDGFDVWLQJ
$W6DQ5DIIDHOH+RVSLWDO 0LODQ,WDO\  DQGLQWHUDFWLYHVHUYLFHV
',%V 'LIIXVH,6DEVRUSWLRQ%DQGV (XURSHDQ&RPPXQLW\3URMHFW
$VWURSK\VLFV6SDFH6FLHQFH ',+ GURLWLQWHUQDWLRQDOKXPDQLWDLUH
'L& 'LFDUER[\ODWH&DUULHU LQWHUQDWLRQDOKXPDQLWDULDQODZ ,+/ 
0LWRFKRQGULDO&DUULHUV ',+7 *HUPDQ&KDPEHURI,QGXVWU\DQG&RPPHUFH
',& 'LIIHUHQWLDO,QWHUIHUHQFH&RQWUDVW *HUPDQ\ 
',& 'LVVHPLQDWHG,QWUDYDVFXODU&RDJXODWLRQ GLO DEEU GLOXWH
',& 'LVVROYHG,QRUJDQLF&DUERQ ',/&6 GHGLFDWHGLQWHOOLJHQFHORRSFLUFXLWV\VWHP
',&$66 ',UHFWLRQDO&RPPDQG$FWLYDWHG V\VWqPHjFLUFXLWVHQERXFOHUpVHUYpVDXUHQVHLJQH
6RQREXR\6\VWHP PHQW
',&%5 'LYLVLRQRI,QWUDPXUDO&OLQLFDODQG ',/6 'RPHVWLF,QGH[HG/LUD6ZDS
%LRORJLFDO5HVHDUFK GLP DEEU GLPHQVLRQ
',&( 'LJLWDO,QWHUIDFH&RXQWHUPHDVXUHV ',0',0 'LYLVLRQG
,QIDQWHULH0RWRULVpH
(TXLSPHQW )UDQFH 
',&2167$)) GLUHFWLQJFRQWUROOLQJVWDII ',0$&6 ',VFUHWH0$WKHPDWLFVDQG&RPSXWHU
pWDWPDMRUGHGLUHFWLRQHWGHFRQWU{OH 6FLHQFH
',&6 'HILFLW,PPXQLWDULR&RPELQDWR6HYHUR ',0( 'XDO,QGHSHQGHQW0DS(QFRGHU
,WDOLDQLQLWLDOLVPPHDQLQJ6HYHUH&RPELQHG ',00,SURMHFW 'LJLWDO,QWHUDFWLYH0XOWLPHGLD
,PPXQRGHILFLHQF\ 0DGHLQ,WDO\SURMHFW ,WDO\ 
GLFW DEEU 'LFWLRQDU\ GLPPL 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
&RPSXWHU3URJUDPPLQJ/LQJXLVWLFV ,WDOLDQZRUGGLPPLZKLFKPHDQVWHOOPH
',' 'LUHFW,QZDUG'LDOLQJ ',1 'R,W1RZ
7HOHFRPPXQLFDWLRQV ',1)26 'HIHQVH,1)2UPDWLRQ6FKRRO 86$ 
','$ 'LLVRGHF\O$GLSDWH GLQJHQH GDPDJHLQGXFLEOHJHQH
','$ LVXVHGPDLQO\DVDSODVWLFL]HUIRUSRO\PHUV *HQHWLFV
2UJDQLF&KHPLVWU\ ',1.6 'RXEOH,QFRPH1R.LGV 86$ 
','& 'HSRVLWRU\,QVWLWXWLRQV'HUHJXODWLRQ GLQXFO DEEU GLQXFOHRWLGH
&RPPLWWHH 86$  %LRFKHPLVWU\
%XVLQHVV(FRQRPLFV)LQDQFH ',2 'HSDUWPHQWRI,QWHUGLVFLSOLQDU\2QFRORJ\
','3 'LLVRGHF\O3KWKDODWH 0LQLVWU\RI6RXWK)ORULGD 86$ 


'LR7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ ',6 'UDIW,QWHUQDWLRQDO6WDQGDUGV


XVLQJWKH,WDOLDQZRUG'LRZKLFKPHDQV*RG ',6 'ULYHU,QIRUPDWLRQ6\VWHPV
',2PLFH 'LHW,QGXFHG2EHVHPLFH (XURSHDQ&RPPXQLW\
0HWDEROLF'LVHDVHV2EHVLW\ ',6$ 'DWD,QWHUFKDQJH6WDQGDUGV$VVRFLDWLRQ
GL3 'LSKRVSKDWH ',6%(( GLJLWDOLQWHUPHGLDWHVSHHGEXONHQFU\SWLRQ
&KHPLVWU\ HTXLSPHQW
',3 'LVVROYHG,QRUJDQLF3KRVSKRUXV PDWpULHOQXPpULTXHGHFKLIIUHPHQWJOREDOj
',3 'XDO,QOLQH3DFNDJH PR\HQQHYLWHVVH
',3 LVDQHQFORVXUHFRQWDLQLQJLQWHJUDWHGFLUFXLWV ',6& 'HDWK,QGXFLQJ6LJQDO&RPSOH[
(OHFWURQLFV $SRSWRVLV&DVSDVHV+XPDQ*HQHWLFV
',3$ 'HOWD,QWHUDFWLQJ3URWHLQ$ ,PPXQRORJ\
',3$ 'LLVRSURSDQRODPLQH GLVF DEEU GLVFRXQW
',3$ LVXVHGDVDQHPXOVLI\LQJDJHQWIRULQVHFWL $OVRGLVFWGLVW
FLGHVDQGSROLVKHV ',6& 'LVUXSWHG,Q6FKL]RSKUHQLD
2UJDQLF&KHPLVWU\ 0HGLFDO5HVHDUFK3V\FKLDWU\3V\FKRORJLFDO
',3& 'LLVRSURS\O&DUERGLLPLGH 0HGLFLQH
',3- 'LVWDO,QWHUSKDODQJHDO-RLQW ',6& 'RPHVWLF,QWHUQDWLRQDO6DOHV&RUSRUDWLRQ
',33 6WXG\ ',DEHWHV3UHGLFWLRQDQG3UHYHQWLRQ ,QWHUQDWLRQDO%XVLQHVV
6WXG\ )LQODQG  ',6& 'LDJQRVWLF,QWHUYLHZ6FKHGXOHIRU
7KH',33 ZDVODXQFKHGLQ &KLOGUHQ
',3 VZLWFK 'XDO,QOLQH3DFNDJHVZLWFK 0HGLFLQH3V\FKLDWU\
&RPSXWHU7HFKQRORJ\ ',6&/,0$; DEEU ',6WXUEDQFH&OLPD[
'LUGLU DEEU 'LUHFWRUGLUHFWRU\ (FRORJ\
',5$& DEEU ',5HFW$&FHVV ',6&2856( 'HVLJQDQG,QWHUDFWLYH6SHFLILFDWLRQ
'LUHFWDFFHVVDOVRNQRZQDV5DQGRP$FFHVVLV RI&2856(ZDUH
DFWXDOO\WKHDELOLW\WRZULWHRUUHDGGDWDDQ\ZKHUH (XURSHDQ&RPPXQLW\
ZLWKLQDVWRUDJHGHYLFHUHJDUGOHVVRIWKHORFDWLRQ GLVFW DEEU GLVFRXQW
RIGDWDSUHYLRXVO\DFFHVVHG $OVRGLVFGLVW
&RPSXWHU7HFKQRORJ\ ',6( GLUHFWLQWHOOLJHQFHVXSSRUWHOHPHQW
',5$1, GLUHFWLRQGHO
DQLPDWLRQG
H[HUFLVH>)5@ pOpPHQWGHVRXWLHQGLUHFWGXUHQVHLJQHPHQW
H[HUFLVHGLUHFWLQJVWDII>)5@ ',60$ 'LVPD 'LVWULEXWRUL,WDOLDQL6WUXPHQWL
',5%( 'LIIXVH,QIUDUHG%DFNJURXQG([SHULPHQW 0XVLFDOLH$UWLJLDQDWR
$VWURQRP\$VWURSK\VLFV&RVPRORJ\ ',60$ LVORFDWHGLQ0LODQ,WDO\
',5/$87+ GLUHFWOLDLVRQDXWKRUL]HG GLVSO DEEU GLVSOD\
OLDLVRQGLUHFWHDXWRULVpH &RPSXWHU6FLHQFH(OHFWURQLFV
',53 'LYLVLRQRI,QWUDPXUDO5HVHDUFK3URJUDPV 'LV6 'LVWXUEHG6RLO
86$  6RLO7\SHV
2IWKH861,+ )RUIXUWKHUGHWDLOVVHHXQGHU,03 ,PDJHUIRU
5HVHDUFK3URJUDPV 0DUV3DWKILQGHU DQG$6,0(7 H[SHULPHQW
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ $WPRVSKHULF6WUXFWXUH,QYHVWLJDWLRQ
',53$7 'LUHFWRU3HUPDQHQW ([HUFLVH $QDO\VLV 0(7HRURORJ\H[SHULPHQW 
7HDP>REVROHWH@ ',668% GLVDEOHGGLVWUHVVHGVXEPDULQH
GLUHFWHXUGHO
pTXLSHSHUPDQHQWHG
DQDO\VH GHV VRXVDYLRQHQDYDULHHQGpWUHVVH
H[HUFLFHV >REVROqWH@ ',67 'LUHFWLRQGHO
,QIRUPDWLRQ6FLHQWLILTXHHW
',6 'HIHQVH,QYHVWLJDWLYH6HUYLFH 86$  7HFKQLTXH )UDQFH 
GLVGLV DEEU GLVFKDUJH GLVW DEEU GLVFRXQW
GLV DEEU GLVFRXQW $OVRGLVFWGLVF
',6 'LVVHPLQDWHG,QWUDYDVFXODWH&RDJXODWLRQ GLVW DEEU GLVWLQJXLVKHG
GLVGLV DEEU GLVWDQFH ',67$)) GLUHFWLQJVWDII
',6 'LVWULEXWHG,QWHUDFWLYH6LPXODWLRQ DGLUHFWLRQGHO
DQLPDWLRQG
H[HUFLFH ',5$1,
',6ZDVLQYHQWHGLQE\WKH86'HSDUWPHQW >)5@
RI'HIHQVH EpWDWPDMRUGHGLUHFWLRQG
H[HUFLFH
6LPXODWLRQ6RIWZDUH 'LVW(G1HW *OREDO'LVWDQFH(GXFDWLRQ1HW


2IWKH:RUOG%DQN '.. 'DQLVK.URQH


+XPDQ'HYHORSPHQW $OVR'NU
',7 'LHW,QGXFHG7KHUPRJHQHVLV &XUUHQFLHV
$QWLREHVLW\7KHUDSLHV%LRPHGLFLQH0HGLFLQH GNOGNO GHNDOLWHUGHNDOLWHUV
',7 'LLRGRW\URVLQH GNPGNP GHNDPHWHUGHNDPHWHUV
(QGRFULQRORJ\ '/ 'DQJHU/LVW
',7'LW 'XDO,QFRPH7D[ '/ 'DWD/LQN
',8 'DWD,QIRUPDWLRQ8QLW 'DWD/LQNDOVRNQRZQDV,QIRUPDWLRQ/LQN7LH
',9 ',VSRVLWLRQGH9DOHQFH /LQH7LH/LQN&RPPXQLFDWLRQ/LQNFRQVLVWVRI
GLY DEEU GLYLGHG WKHHTXLSPHQWIRUDXWRPDWLFDOO\WUDQVPLWWLQJDQG
GLY DEEU GLYLGHQG UHFHLYLQJLQIRUPDWLRQ
$OVRGLYG 7HOHFRPPXQLFDWLRQV
GLY DEEU GLYLVLRQ '/ 'D\/HWWHU
&RPSXWHU3URJUDPPLQJ0DWKHPDWLFV0LOLWDU\ '/ GHDGOLJKW
6FLHQFH6\VWHPDWLFV GOGO GHFLOLWHUGHFLOLWHUV
GLY DEEU GLYRUFHG '/ 7KHDLUOLQHFRGHIRU'HOWD$LU/LQHV
',9$ 'LJLWDO,QTXLU\9RLFH$QVZHUEDFN '/ GHPDUFDWLRQOLQH
&RPSXWHUV OLJQHGHGpPDUFDWLRQ
',9$ 'LJLWDO,QWUDYHQRXV$QJLRJUDSK\ '/ 'LVWXUEDQFH/LQHV
0HGLFLQH '/ 'RUVRODWHUDO
GLYG DEEU GLYLGHQG $QDWRP\5HIHUULQJWRWKHEDFNDQGWKHVLGH
$OVRGLY '/ 'R[RUXELFLQDQG/RPXVWLQH
',9,1( 'HSOR\PHQWRI,QWHUSHUVRQDO 2QFRORJ\
9LGHRFRQIHUHQFLQJV\VWHPVRQ,%&1(WZRUNV '/ 'RVH/pWKDOH
(XURSHDQ&RPPXQLW\3URMHFW )UHQFKLQLWLDOLVPPHDQLQJ/HWKDO'RVH
GLYV DEEU GLYLGHQGV 0HGLDQ/HWKDO'RVH
',< 'R,W<RXUVHOI 7R[LFRORJ\
GL] DEEU GL]LRQDULR '/$ GDWDOLQNDGGUHVV
,WDOLDQDEEUHYLDWLRQPHDQLQJGLFWLRQDU\ DGUHVVHGHOLDLVRQGHGRQQpHV
'- 'LVF-RFNH\ '/$ 'HIHQVH/RJLVWLFV$JHQF\ 86$ 
'- 'LVWULFW-XGJH '/$ 'HODZDUH/LEUDU\$VVRFLDWLRQ 86$ 
'- 'MLERXWL '/$ PRGHO 'LIIXVLRQ/LPLWHG$JJUHJDWLRQPRGHO
'-'RFWRURI-XULVSUXGHQFH (QJLQHHULQJ*URZWK$WRPLVWLF0HFKDQLVPV
'- 'RZ-RQHV 0DWHULDOV6FLHQFH3K\VLFV
%XVLQHVV)LQDQFH '/% GLYLVLRQOpJqUHEOLQGpH
'-$ 'RZ-RQHV$YHUDJHV OLJKWDUPRXUHGGLYLVLRQ
%XVLQHVV)LQDQFH '/%&/ 'LIIXVH/DUJH%&HOO/\PSKRPD
'-' 'HJHQHUDWLYH-RLQW'LVHDVH $ FRPPRQO\PSKRLGFDQFHULQDGXOWVZKLFKFDXV
0HGLFLQH HVGHDWKLQDERXWRIDIIHFWHGSHUVRQV
'-) 'HFHPEHU-DQXDU\)HEUXDU\ *HQH([SUHVVLRQ
'-, 'RZ-RQHV,QGH[ '/& 'DWD/LQN&RQWURO
%XVLQHVV)LQDQFH 'DWD&RPPXQLFDWLRQV
'-,$ 'RZ-RQHV,QGXVWULDO$YHUDJH '/& GOF 'HDGZHLJKW/RDGLQJ&DSDFLW\
GN DEEU GDUNGHFNGRFN '/& '\QHLQ/LJKW&KDLQ
'N DEEU 'HQPDUN 0HGLFDO5HVHDUFK
$OVR'HQ'$ GOG DEEU GHOLYHUHG
'.% 'DL,FKL.DQJ\R%DQN $OVRGGGHOY·G
+HDG2IILFH7RN\R-DSDQ '/( 'DWD/LQN(VFDSH FKDUDFWHU 
-DSDQHVH%DQN 'DWD&RPPXQLFDWLRQV
'.)= 7KH'HXWVFKHV.UHEVIRUVFKXQJV]HQWUXP '/( 'LVVHPLQDWHG/XSXV(U\WKHPDWRVXV
*HUPDQ\  0HGLFLQH
*HUPDQ&DQFHU5HVHDUFK&HQWHU '/* 'LVFV/DUJH
GNJGNJ GHNDJUDPGHNDJUDPV '/*LVDIO\SURWHLQ


'HYHORSPHQWDO1HXURVFLHQFH '0 'DWD0DQLSXODWLRQ


'/*PDSV 'LJLWDO/LQH*URXSPDSV 'DWDPDQLSXODWLRQDFWXDOO\UHIHUVWRWKHVRUWLQJ
'/*1 'RUVDO/DWHUDO*HQLFXODWH1XFOHXV PHUJLQJDQGHGLWLQJIXQFWLRQV
'/+ 'HOKL
V/LHXWHQDQW*RYHUQRU ,QGLD  &RPSXWHU3URJUDPPLQJ
'/+ 'LUHFW/DERXU+RXUV '0 'HELW0HPRUDQGXP
'/, 'LJLWDO/LEUDU\,QLWLDWLYH1$6$·V GPGP GHFLPHWHUGHFLPHWHUV
7KH'/,LVDSURJUDPIRUFRPSXWHUVFLHQWLVWVWKDW '0 'HFUHWR0LQLVWHULDOH
EHJDQLQ,WLVIXQGHGE\WKH861DWLRQDO ,WDOLDQLQLWLDOLVPPHDQLQJ0LQLVWHU
V'HFUHH
6FLHQFH)RXQGDWLRQ '0 GHSOR\DELOLW\DQGPRELOLW\
'LJLWDO/LEUDULHV,QIRUPDWLRQ6FLHQFHV DSWLWXGHDXGpSORLHPHQWHWPRELOLWp
'/,'/, 'LYLVLRQ/pJqUHG
,QWHUYHQWLRQ '0 'HVWUR\HU0LQHOD\HU
)UDQFH  0LOLWDU\:HDSRQV
'// 'DWD/LQN/D\HU '0 'HXWVFKPDUN'HXWVFKH0DUN
&RPSXWHU7HFKQRORJ\ $OVR'(0
'/0 GHSRWOHYHOPDLQWHQDQFH 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
PDLQWHQDQFHjO·pFKHORQGpS{W VLQJOHFXUUHQF\ ZLWKHIIHFWIURPMDQXDU\
'/0'/0 'LYLVLRQ/pJqUH0RWRULVpH )UDQFH  &XUUHQFLHV
'/02 'LP/LJKW0HODWRQLQ2QVHW '0 'LDEHWHV0HOOLWXV
([WUDRFXODU&LUFDGLDQ3KRWRWUDQVGXFWLRQ+XPDQ 'LDEHWHV0HOOLWXVLVDPHWDEROLFGLVRUGHUGXHWRD
&KURQRELRORJ\3V\FKLDWU\ GHILFLHQF\RILQVXOLQVHFUHWLRQE\WKHSDQFUHDV
'/15 'HSDUWPHQWRI/DQGDQG1DWXUDO5HVRXUFHV 0HGLFLQH
+DZDLL  '0 'LDVWROLF0XUPXU
'/2 GHWDFKPHQWOLDLVRQRIILFHU 0HGLFLQH
RIILFLHUGHOLDLVRQGXGpWDFKHPHQW '0 'LVWULFW0DQDJHU
'/2 'LVSDWFK/RDGLQJ2QO\ '0 'U\0DWWHU
'/3 'LIIXVLQJ/LJKW3KRWRJUDSK\ 0HGLFLQH
5LSSOH:DYH7XUEXOHQFH '0 0\RWRQLF'\VWURSK\
'/3)& 'RUVRODWHUDO3UHIURQWDO&RUWH[ '0LVDFRQJHQLWDOGLVHDVH
0HGLFLQH3V\FKLDWU\3V\FKRORJ\5DGLRORJ\ 0HGLFLQH3DWKRORJ\
GOU DEEU GHDOHU '0 0\RWRQLF'\VWURSK\W\SH
GOU DEEU GROODU 0ROHFXODU0HGLFLQH
$OVRGRO' '0$ 'HIHQVH0DSSLQJ$JHQF\ 86$ 
&XUUHQFLHV 2IWKH86'2'
'/5 *HUPDQ$HURVSDFH&HQWHU *HUPDQ\  )RUIXUWKHUGHWDLOVVHHXQGHU'2'
'/5GHDOVDOVRZLWK*HUPDQ\
V6SDFH3URJUDP '0$ 'LIIHUHQWLDO0RELOLW\$QDO\]HU
)RUIXUWKHUGHWDLOVVHHXQGHU'$5$ &KHPLVWU\
'/53 GDWDOLQNUHIHUHQFHSRLQW '0$ 'LPHWK\ODPLQH
SRLQWGHUpIpUHQFHGHWUDQVPLVVLRQGHGRQQpHV &+ 1+'0$ LVXVHGPDLQO\LQSKDUPDFHXWL
357'  FDOVG\HVDQGVXUIDFWDQWV
'/6 'HEW/LTXLGDWLRQ6FKHGXOH 2UJDQLF&KHPLVWU\
%XVLQHVV&RPPHUFH)LQDQFH '0$ 'LPHWK\ODUVHQLF$FLG
'/6 'RFWRURI/LEUDU\6FLHQFH '0$GPD 'LUHFW0HPRU\$FFHVV
GOV DEEU GROODUV &RPSXWHU7HFKQRORJ\
$OVRGROOV '0$ 'LVRGLXP0HWK\ODUVRQDWH
&XUUHQFLHV 'LVRGLXP0HWK\ODUVRQDWHDOVRNQRZQDV
'/6$ 'HIHQVH/HJDO6HUYLFHV$JHQF\ 86$  'LVRGLXP0HWKDQH$UVRQDWHLVXVHGPDLQO\LQ
'/7 'DWD/RRS7UDQVFHLYHU SKDUPDFHXWLFDOVDQGDVDQKHUELFLGH
'DWD&RPPXQLFDWLRQV 2UJDQLF&KHPLVWU\
'/73 GHIHQFHORQJWHUPSODQQLQJ '0$ '\QDPLF0HFKDQLFDO$QDO\VLV
SODQVGHGpIHQVHjORQJWHUPH '0$$ 'LUHFW0DLO$GYHUWLVLQJ$VVRFLDWLRQ
'OYR DEEU 'RFXPHQWROHJLVODWLYR '0$& 'LUHFW0HPRU\$FFHVV&KDQQHO
'0 'DWD0DQDJHPHQW &RPSXWHU7HFKQRORJ\
&RPSXWHU3URJUDPPLQJ


'0$+3 '\VWURSKLD0\RWRQLFD$VVRFLDWHG '0-6 'HFHPEHU0DUFK-XQH6HSWHPEHU


+RPHRGRPDLQ3URWHLQ 6HFXULWLHV
'0% GDWXPPDUNHUEXR\ '0/ 'DWD0DQLSXODWLRQ/DQJXDJH
ERQpHPDUTXHXU )RUIXUWKHUGHWDLOVVHHXQGHU'0 'DWD
'0& 'HYHORSPHQWDO0HGLFLQH&HQWHU 0DQLSXODWLRQ 
$W&KLOGUHQ·V+RVSLWDO%RVWRQ86$ '0/ 'LP\ULVWR\O/HFLWKLQ
'0& 'LFKORURSKHQ\O0HWK\O&DUELQRO '0/ 'RFWRURI'HQWDO0HGLFLQH
'0& 'LJLWDO0LFUR&LUFXLW '0/ 'RFWRURI0RGHUQ/DQJXDJHV
'0& 'LPHWK\O&DUERQDWH '00 'LJLWDO0XOWLPHWHU
'0&DOVRNQRZQDV0HWK\O&DUERQDWHLVXVHG '00& 'XEOLQ0ROHFXODU0HGLFLQH&HQWUH
PDLQO\LQRUJDQLFV\QWKHVLVDQGDVDVROYHQW ,UHODQG 
2UJDQLF&KHPLVWU\ '003 'LPHWK\O0HWK\OSKRVSKRQDWH
'0& 'LUHFW0DQXIDFWXULQJ&RVW '01 GLYLVLRQPXOWLQDWLRQDOH
%XVLQHVV&RPPHUFH PXOWLQDWLRQDOGLYLVLRQ 01' 
'0' 'DUN0DQWOLQJ'HSRVLW '013$$ 'LPHWK\OS
$VWURQRP\3ODQHWDU\*HRVFLHQFH7HUUHVWULDO 1LWURSKHQ\OD]RDQLVROH
3K\VLFV 'PR 'HYHORSLQJPDUNHWVRSHUDWLRQV
'0''0' 'RFWRURI'HQWDO0HGLFLQH '026 'LIIXVHG0HWDO2[LGH6HPLFRQGXFWRU
'0' 'XFKHQQHW\SH0XVFXODU'\VWURSK\ (OHFWURQLFV
'0'LVDQLQFXUDEOHKXPDQJHQHWLFGLVHDVHZKLFK '03$ 'LP\ULVWR\OSKRVSKDWLGLF$FLG
DIIHFWVSDUWLFXODUO\ER\V '03, GHVLUHGPHDQSRLQWRILPSDFW
0XVFXODU'\VWURSK\ SRLQWPR\HQG·LPSDFWVRXKDLWp
'0( 'HFHQWUDOL]HG0DUNHW(FRQRP\ '03. 'UXJ0HWDEROLVPDQG3KDUPDFRNLQHWLFV
'0( 'LVWDQFH0HDVXULQJ(TXLSPHQW '03. '\VWURSKLD0\RWRQLFD3URWHLQ.LQDVH
1DYLJDWLRQ *HQRPH0DSSLQJ0HGLFLQH0ROHFXODU%LRORJ\
'0( 'URSSLQJ0HUFXU\(OHFWURGH 0ROHFXODU*HQHWLFV
3K\VLFDO&KHPLVWU\ '04 LQWHUPHGLDWH 'HPHWKR[\4 LQWHUPHGLDWH
'0(0 'HSDUWPHQWRI0DULQH(FRORJ\DQG $JLQJ(FRORJ\(YROXWLRQDU\%LRORJ\
0LFURELRORJ\ '05 'LIIHUHQWLDO0LFURZDYH5DGLRPHWHU
2I1(5,'HQPDUN '05V 'LIIHUHQWLDOO\0HWK\ODWHG5HJLRQV
)RUIXUWKHUGHWDLOVVHHXQGHU1(5, ,PSULQWLQJ0HFKDQLVPV0ROHFXODU0HGLFLQH
'0(0 'XOEHFFR
V0LQLPXP(VVHQWLDO0HGLXP '06 'DWD0DQDJHPHQW6\VWHP
'0(V SRO\PRUSKLF'UXJ0HWDEROL]LQJ(Q]\PHV 'DWD&RPPXQLFDWLRQV
0HGLFLQH3KDUPDFRJHQHWLFV3KDUPDFRORJ\ '06 'LPHWK\O6XOILGH
'0(:6* 'LUHFWRU0(:6* '06 'LSROH0RPHQW6XUIDFH
GLUHFWHXUGX0(:6* $VWURQRP\&KHPLVWU\3K\VLFV
'0) 'HFD\HG0LVVLQJDQG)LOOHG UHIHUULQJWR '06 GRFXPHQWPDQDJHPHQWV\VWHP
WHHWK  V\VWqPHGHJHVWLRQGHVGRFXPHQWV
'0) 'LJLWDO0DWFKHG)LOWHUV '062 'LPHWK\O6XOIR[LGH
'0) 'LPHWK\OIRUPDPLGH &+ 62'062LVXVHGDVDORFDODQDOJHVLFDV
'0) 'LPHWK\OIXUDQ DVROYHQWDQGLQFKHPLFDOUHDFWLRQV
'0)7 '\QDPLFDO0HDQ)LHOG7KHRU\ 2UJDQLF&KHPLVWU\
$VWURQRP\0DWHULDOV7KHRU\3K\VLFV '063 'HIHQVH0HWHRURORJLFDO6DWHOOLWH3URJUDP
'0* 'HXWVFKH0RUJDQ*UHQIHOO *HUPDQ\  '063 'LPHWK\OVXOIRQLRSURSLRQDWH
'0,WHFKQRORJ\'HVNWRS0DQDJHPHQW,QWHUIDFH '067 'LYLVLRQRI0LOLWDU\6FLHQFHDQG
WHFKQRORJ\ 7HFKQRORJ\ 86$ 
'0,LVDWHFKQRORJ\WKDWGHILQHVDVWDQGDUGPHFK '07 'LPHWK\O7HUHSKWKDODWH
DQLVPIRUDFFHVVLQJDQGFRQILJXULQJGDWDLQDQ\ 'LPHWK\O7HUHSKWKDODWHLVXVHGPDLQO\WRPDNH
SLHFHRIKDUGZDUHRUVRIWZDUH SRO\HVWHUILEHUV
1HWZRUN0DQDJHPHQW6RIWZDUH 2UJDQLF&KHPLVWU\
'0,'0, 'LYLVLRQ0RWRULVpHG
,QIDQWHULH '07 'LPHWK\OWU\SWDPLQH
)UDQFH  +DOOXFLQRJHQ
'0,QGXVWU\ 'RFXPHQW0DQDJHPHQW,QGXVWU\ '07 'LUHFWRURI0LOLWDU\7UDLQLQJ


'076 WHFKQLTXH 'HOD\HG0DWFKLQJ7R6DPSOH QHJOHFWHGGLVHDVHVWKDWDIIOLFWSHRSOHLQSRRUFRXQ


WHFKQLTXH RUSURFHGXUH  WULHV
%HKDYLRU 'QPW·V '1$ PHWK\OWUDQVIHUDVHV
'08 'LPHWK\OROXUHD &HOOXODU%LRWHFKQRORJ\([SHULPHQWDO2QFRORJ\
'LPHWK\OROXUHDLVXVHGPDLQO\LQSO\ZRRGPDQX +HPDWRORJ\+LVWRORJ\0HGLFDO(PEU\RORJ\
IDFWXUH '13 'HR[\ULERQXFOHRSURWHLQ
2UJDQLF&KHPLVWU\ %LRFKHPLVWU\
'0; 'RFXPHQW0DQDJHUIRU0LFURVRIW([FKDQJH '13 'LQLWURSKHQRO
'0= 'HPLOLWDUL]HG=RQH 2UJDQLF&KHPLVWU\
0LOLWDU\6FLHQFH '13 '\QDPLF1XFOHDU3RODUL]DWLRQ
'0=H[SODQWV 'RUVDO0DUJLQDO=RQHH[SODQWV $SSOLHG3K\VLFV&KHPLVWU\3K\VLFV
0HGLFDO6FLHQFH '13)LFROO 'LQLWURSKHQ\OFRQMXJDWHG)LFROO
'1 'HELW1RWH ,PPXQRORJ\0HGLFDO%LRSK\VLFV0HGLFLQH
%XVLQHVV&RPPHUFH)LQDQFH 2QFRORJLF3DWKRORJ\2QFRORJ\
'1 'LUHFWRUDWHIRU1DWXUH0DQDJHPHQW 1RUZD\  '13./+ 'LQLWURSKHQ\OFRQMXJDWHG.H\KROH
'1$ 'HIHQVH1XFOHDU$JHQF\ 86$  /LPSHW+HPRF\DQLQ
'1$ 'HR[\ULERQXFOHLF$FLG ,PPXQRORJ\0HGLFDO%LRSK\VLFV0HGLFLQH
'1$ LVWKHFDUULHURIJHQHWLFLQIRUPDWLRQ 2QFRORJLF3DWKRORJ\2QFRORJ\
%LRFKHPLVWU\ '15 'HSDUWPHQWRI1DWXUDO5HVRXUFHV 86$ 
'1$ 'LJLWDO1HWZRUN$UFKLWHFWXUH '15 'R1RW5HGXFH
'1$ 'LUHWWRUH'LUH]LRQH1D]LRQDOHGHJOL 6WRFN([FKDQJH%RXUVH
$UPDPHQWL ,WDO\  '15'15 'R1RW5HVXVFLWDWH
'1$ 'LUH]LRQH1D]LRQDOH$QWLPDILD ,WDO\  '15& 'LYLVLRQRI1XWULWLRQ5HVHDUFK
6LQFH2FWREHU &RRUGLQDWLRQ
'1$ 'RHV1RW$SSO\ 2IWKH861,''.
'1$&, '1$ &RS\ULJKW,QVWLWXWH 86$  )RUIXUWKHUGHWDLOVVHHXQGHU1,''.
'1$ &RS\ULJKW '16 'HPRFUDWLF3HRSOH·V$OOLDQFH 56 
'1$3. '1$DFWLYDWHG3URWHLQ.LQDVH $OOLDQFHGpPRFUDWLTXHGXSHXSOH 56 
'1$7 'LYLVLRQ1DWLRQDOH$QWLWHUURULVWH )UDQFH  '16 'RPDLQ1DPH6HUYLFH
'1% 'HQ1RUVNH%DQN 1RUZD\  '16 'RPDLQ1DPH6\VWHP 0LFURVRIW 
'1%LV1RUZD\
VODUJHVWEDQN '1 VWDJH 'RXEOH1HJDWLYHVWDJH
'1% 'HSDUWXUHIURP1XFOHDWH%RLOLQJ '17 'LQLWURWROXHQH
(QHUJ\ 'LQLWURWROXHQHLVXVHGPDLQO\LQG\HVDQGH[SOR
'1% 'LFWLRQDU\RI1DWLRQDO%LRJUDSK\ VLYHV
'1%'1% 'LSORPDWHRIWKH1DWLRQDO%RDUG RI 2UJDQLF&KHPLVWU\
0HGLFDO([DPLQHUV  '1WK\PRF\WHV 'RXEOH1HJDWLYHWK\PRF\WHV
'1%$ 'LSO{PH1DWLRQDOGHV%HDX[$UWV )UDQFH  *HQHWLFV,PPXQRORJ\0HGLFLQH0LFURELRORJ\
'1%, GLVHDVHDQGQRQEDWWOHLQMXU\ UDWH  3HGLDWULFV
WDX[GH PDODGLHVHWEOHVVXUHVUHoXHVKRUVFRP G173V GHR[\QXFOHRVLGH7ULSKRVSKDWHV
EDW '1YDOXHV 'DWD1XPEHUYDOXHV
'1& 'HPRFUDWLF1DWLRQDO&RPPLWWHH 86$  '197 GLJLWDOQRQVHFXUHYRLFHWHUPLQDO
'1& 'LUHFW1XPHULFDO&RQWURO WHUPLQDOQXPpULTXHHQSKRQLHQRQSURWpJp
&RPSXWHU7HFKQRORJ\ '1= 'HPRFUDWLF3HRSOH·V8QLRQ )EL+ 
'1& 'LVWULEXWHG1XPHULFDO&RQWURO 8QLRQGpPRFUDWLTXHGXSHXSOH )EL+ 
&RQWURO6\VWHPV '2 'HOLYHU\2UGHU
'1&6 GDWDQHWFRQWUROVWDWLRQ '2 'HQVLWp2SWLTXH
VWDWLRQGHFRQWU{OHGXUpVHDXGHOLDLVRQGHGRQ )UHQFKDFURQ\PPHDQLQJ2SWLFDO'HQVLW\
QpHV 2SWLFV
'1', 'UXJVIRU1HJOHFWHG'LVHDVHV,QLWLDWLYH '2 'HXWHULXP2[LGH KHDY\ZDWHU 
7KH'1',ZDVODXQFKHGLQ1HZ<RUNLQ0DUFK ,QRUJDQLF&KHPLVWU\
,WVDLPLVWRFUHDWHDQRWIRUSURILWSKDUPD '2 'LVVROYHG2[\JHQ
FHXWLFDOLQGXVWU\WRGHYHORSDQGSURGXFHGUXJVIRU '2'2 'RFWRURI2SWRPHWU\
'2'2 'RFWRURI2VWHRSDWK\


'2 'RPLQLFD '2HYHQWV 'DQVJDDUG2HVFKJHUHYHQWV


'2$'2$ 'HDG2Q$UULYDO &OLPDWRORJ\(QYLURQPHQWDO6FLHQFH*HRORJLFDO
'2$ 'HSDUWPHQW2I$JULFXOWXUH 86$  6FLHQFHV*HRFU\RORJ\*ODFLRORJ\
'2$ 'HSDUWPHQW2I$YLDWLRQ $XVWUDOLD  3DOHRFHDQRJUDSK\
'2$ 'HVLUHG2UGHURI$UULYDO '2) 'HJUHHV2I)UHHGRP
'2$ 'LRFW\O$GLSDWH 'RIWKH&URZQ 'HPHVQHRIWKH&URZQ *% 
'2$/26 'LYLVLRQIRU2FHDQ$IIDLUVDQGWKH/DZ '2* 'D\V2I*UDFH
2IWKH6HD81 %XVLQHVV&RPPHUFH
'2$/26KDVUHSODFHG2$/26 2IILFHIRU '2* 'LIIHUHQFH2I*DXVVLDQV
2FHDQ$IIDLUVDQGWKH/DZ2IWKH6HD  $SSOLHG3K\VLFV1HXUDO&RPSXWDWLRQ
'2$6DQDO\VLV 'LIIHUHQWLDO2SWLFDO$EVRUSWLRQ '2, 'HSDUWPHQW2IWKH,QWHULRU 86$ 
6SHFWURVFRS\DQDO\VLV '2, 'LJLWDO2EMHFW,GHQWLILHU $*8·V 
$QDO\VLV7HFKQLTXHV(QYLURQPHQWDO7HFKQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU$*8
'2%'2% 'DWH2I%LUWK '2,)RXQGDWLRQ ,QWHUQDWLRQDO 'LJLWDO2EMHFW
'2% 'HFDGH2IWKH%UDLQ ,GHQWLILHU)RXQGDWLRQ
7KH86&RQJUHVVGHVLJQDWHGWKHVWKH'2% 1HDU2[IRUG*%(VWDEOLVKHGLQZLWKWKH
7KHSURFODPDWLRQZDVVLJQHGE\3UHVLGHQW*HRUJH KHOSRIPDMRUSXEOLVKHUV
%XVKLQ-XO\ 'R,7 'LYLVLRQRI,QIRUPDWLRQ7HFKQRORJ\
%UDLQ5HVHDUFK1HXURVFLHQFH '2- 'HSDUWPHQW2I-XVWLFH 86$ 
'2% GHSOR\PHQWRSHUDWLQJEDVH '2/ 'HSDUWPHQW2I/DERU 86$ 
EDVHRSpUDWLRQQHOOHGHGpSORLHPHQW '2/ GLVSHQVHGRSHUDWLRQVORFDWLRQ
GHSWKRIEXUVW HPSODFHPHQWG·RSpUDWLRQVGLVSHUVp
SURIRQGHXUG·H[SORVLRQ GRO DEEU GROODU
GLVSHUVDORSHUDWLQJEDVH $OVRGOU'
EDVHRSpUDWLRQQHOOHGHGLVSHUVLRQ &XUUHQFLHV
'2& 'HQRPLQD]LRQHGL2ULJLQH&RQWUROODWD '2/&( GLJLWDORQOLQHFU\SWRHTXLSPHQW
,WDOLDQDFURQ\PPHDQLQJ$XWKHQWLFDWHG7UDGH PDWpULHOQXPpULTXHGHFKLIIUHPHQWHQOLJQH
0DUN&RQWUROOHG'HQRPLQDWLRQRI2ULJLQ GROFH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
'2& 'HSDUWPHQW2I&RPPHUFH 86$  XVLQJWKH,WDOLDQZRUGGROFHZKLFKPHDQVVZHHW
'2& 'HSDUWPHQW2I&RPPXQLFDWLRQV &DQDGD  JHQWOHPLOGGXOFHWVRIW PDWHULDO EDOP\ DLU 
'2& 'HWHUJHQW'HR[\FKRODWH GROOV DEEU GROODUV
'2&'LVVROYHG2UJDQLF&DUERQ $OVRGOV
(DUWK6\VWHP6FLHQFH '2/0(1 VHUYLFHPDFKLQH'HYHORSPHQWIRUDQ
'2& 'LVVROYHG2[\JHQ&RQFHQWUDWLRQ 2SHQ/RQJWHUP0RELOHDQGIL[HGQHWZRUN
%LRWHFKQRORJ\ (QYLURQPHQW
GRF DEEU GRFWRU (XURSHDQ&RPPXQLW\3URMHFW
$OVR'U '20 'pSDUWHPHQWV IUDQoDLV G
2XWUH0HU
GRF DEEU GRFXPHQW )UHQFKDFURQ\PPHDQLQJ)UHQFK2YHUVHDV
'2&(532 '2SHG&(5DPLF32ZGHUV 'HSDUWPHQWV
'HYHORSPHQWRI'RSHG&HUDPLF3RZGHUVDQG '20 'LVVROYHG2UJDQLF0DWWHU
3URFHVVLQJIRUWKH3URGXFWLRQRI+LJK3RZHU GRP DEEU GRPHVWLFGRPLQDQWGRPLQLRQ
+LJK(QHUJ\1RQ2KPLF5HVLVWRUV '20(6 'HHS2FHDQ0LQLQJDQG(QYLURQPHQWDO
(XURSHDQ&RPPXQLW\3URMHFW 6WXG\ 86$ 
'2&6,6 'DWD2YHU&DEOH6HUYLFH,QWHUIDFH '20,1$( '2QQH0LJOLRUDPHQWR
6SHFLILFDWLRQ ,1IRUPD]LRQH$WWUDYHUVR(XURSD
%URDGEDQG$FFHVVE\&DEOH (XURSHDQ3URMHFW
'2&83 '2&XPHQWL8QLFLGL3URJUDPPD]LRQH '20,SURJUDP 'LVHDVHV2IWKH0RVW
(XURSHDQ&RPPXQLW\ ,PSRYHULVKHGSURJUDP
'2' 'HSDUWPHQW2I'HIHQVH 86$  8QGHUWDNHQE\,9,
'R( 'HSDUWPHQWRI(GXFDWLRQ 86$  )RUIXUWKHUGHWDLOVVHHXQGHU,9,
'2( 'HSDUWPHQW2I(QHUJ\ 86$  '203 'pSDUWHPHQWGHVRSpUDWLRQVGHPDLQWLHQGH
'2( '\VSQHD2Q([WHQWLRQ ODSDL[
0HGLFLQH 'HSDUWPHQWRI3HDFHNHHSLQJ2SHUDWLRQV '3.2 


'206 'LSORPDLQ2SKWKDOPLF0HGLFLQHDQG '27 'HVLJQDWHG2UGHU7XUQDURXQG


6XUJHU\ '27 'LFWLRQDU\RI2FFXSDWLRQDO7LWOHV
'206$7 DEEU '20HVWLF6$7HOOLWH +XPDQ5HVRXUFHV
'20720 'pSDUWHPHQWVG
2XWUH0HU7HUULWRLUHV '27 'LVVROYHG2[\JHQ7HQVLRQ
G
2XWUH0HU '27$3 'LROHR\O7ULPHWK\ODPPRQLXP3URSDQH
)UHQFKDFURQ\PPHDQLQJ)UHQFK2YHUVHDV '27( 'HSDUWPHQW2I7HUUHVWULDO(FRORJ\
'HSDUWPHQWV)UHQFK2YHUVHDV7HUULWRULHV 2I1(5,'HQPDUN
'21'R1 'HSDUWPHQW2IWKH1DY\ 86$  )RUIXUWKHUGHWDLOVVHHXQGHU1(5,
'21 'LVVROYHG2UJDQLF1LWURJHQ '27+ GpVLJQDWLRQG
REMHFWLI V WUDQVKRUL]RQ
'22 'HSDUWPHQWDO2UJDQL]DWLRQ2UGHU RYHUWKHKRUL]RQWDUJHWLQJ27+7
'23 'HJUHH2I3\ULWL]DWLRQ '275(; 'HHS2FHDQ75DFHU(;SHULPHQW
'23 'HQRPLQD]LRQHGL2ULJLQH3URWHWWD ,WDO\  '276 'LUHFWO\2EVHUYHG7UHDWPHQW 7KHUDS\ 
'23 'LRFW\O3KWKDODWH 6KRUWFRXUVH
'LRFW\O3KWKDODWHDOVRNQRZQDVGL  '276KDVEHHQDPRQWKVFRXUVHRIGUXJVVR
HWK\OKH[\O SKWKDODWHLVXVHGPDLQO\DVDSODVWLFL] FDOOHGEHFDXVHKHDOWKZRUNHUVVWDQGRYHUSDWLHQWV
HU ZKHQWKH\WDNHWKHSLOOV5HVXUJHQFHRI7%LQ
2UJDQLF&KHPLVWU\ 5XVVLD
'23$& 'LK\GUR[\SKHQ\ODFHWLF$FLG 'UXJUHVLVWDQW6WUDLQV(SLGHPLRORJ\
'23( 'HSDUWPHQW2I)UHVKZDWHU(FRORJ\ 0LFURELRORJ\5HHPHUJLQJ'LVHDVHV7XEHUFXORVLV
2I1(5,'HQPDUN )RUIXUWKHUGHWDLOVVHHXQGHU3+5, DQG
)RUIXUWKHUGHWDLOVVHHXQGHU1(5, 0(5/,1
'23(OLSRVRPHV 'RXEOH% 'RXEOH%DQNHG'RXEOH%RQGHG
'LROHR\OSKRVSKDWLG\OHWKDQRODPLQHOLSRVRPHV '29$3 '2SSOHU9HORFLW\$QG3RVLWLRQ
&HOO%LRORJ\3DWKRORJ\ (OHFWURQLFV
'232 'URS2XW3ODFHPHQW2EMHFWLYHV '2: 'RSSOHU2Q:KHHOV
7UDQVQDWLRQDO3URMHFWV $QDO\VLVDQG3UHGLFWLRQRI6WRUPV0HVRVFDOH
'25 'LIIHUHQFHG2QHZD\5DQJH 0HWHRURORJLFDO6WXGLHV0HWHRURORJ\:HDWKHU
'25,6V\VWHP 'RSSOHU2UELWRJUDSK\DQG 5DGDU
5DGLRSRVLWLRQLQJ,QWHJUDWHG6DWHOOLWHV\VWHP '2:( 'HSDUWPHQW2I:LOGOLIH(FRORJ\
6SDFH%DVHG*HRGHWLF7HFKQLTXHV 2I1(5,'HQPDUN
'252 DEEU '2FXPHQW52XWLQJ )RUIXUWKHUGHWDLOVVHHXQGHU1(5,
'26 'DWH2I6KLSPHQW'D\2I6DOH '2: SURGXFWLRQ '2PHVWLFKRW:DWHUSURGXFWLRQ
%XVLQHVV&RPPHUFH (XURSHDQ8QLRQ
'26 GD\RIVXSSO\ 7KHDQQXDOLQVWDOODWLRQUDWH  RIPLOOLRQP
MRXUG·DSSURYLVLRQQHPHQW VRODUFROOHFWRUVZLOOEHEURXJKWWRDWRWDOLQVWDOOHG
GLUHFWRURIVWDII FDSDFLW\RIPLOOLRQP E\
GLUHFWHXUGHO·pWDWPDMRU 6RODU7KHUPDO+HDWLQJ7HFKQRORJ\
'26 'HQVLW\2I6WDWHV '2;3 SDWKZD\ 'HR[\';\OXORVH3KRVSKDWH
6ROLG6WDWH3K\VLFV SDWKZD\
'26 'HSDUWPHQW2I6WDWH 86$  '2;3 SDWKZD\LVDOVRFDOOHGWKHPHWK\OHU\WKULWRO
'26 'LUHFWRURI2UGQDQFH6HUYLFHV SKRVSKDWHSDWKZD\
'26 'LUHFWRU2I6WXGLHV %LRPHGLFLQH7URSLFDO'LVHDVHV
'26 'LVN'LVF2SHUDWLQJ6\VWHP GR] DEEU GR]HQ
&RPSXWHU7HFKQRORJ\ '3GS 'DWD3URFHVVLQJRUGDWDSURFHVVLQJ
'262 GLUHFWRURIVWDIIRSHUDWLRQV 'DWDSURFHVVLQJDOVRNQRZQDVLQIRUPDWLRQSUR
GLUHFWHXUGHVDFWLYLWpVGHO·pWDWPDMRU FHVVLQJUHIHUVWRDQRSHUDWLRQFDUULHGRXWRQGDWD
'267 'HSDUWPHQW2I6FLHQFHDQG7HFKQRORJ\ E\DFRPSXWHUV\VWHP
7KH3KLOLSSLQHV  &RPSXWHU7HFKQRORJ\
'27 'DWH2I7UDGH '3 'DWD3URFHVVRU
%XVLQHVV&RPPHUFH $ GDWDSURFHVVRULVDSHUVRQFDUU\LQJRXWRSHUD
'27 'HSDUWPHQW2I7HOHFRPPXQLFDWLRQV ,QGLD  WLRQVRQGDWDRUDGHYLFHXVHGWRFDUU\RXWWKHVH
'27 'HSDUWPHQW2I7UDQVSRUWDWLRQ'HSDUWPHQW2I RSHUDWLRQV
7UHDVXU\ 86$  &RPSXWHU7HFKQRORJ\


'3 'HFUHWR3HQDOH &RPLWpGHVSODQVGHGpIHQVH


,WDOLDQLQLWLDOLVPPHDQLQJ3HQDO:ULW '3& 'LIIHUHQWLDO3KRWRFDORULPHWU\
/DZ '3& 'RPHVWLF3ROLF\&RXQFLO 86$ 
'3 'HFUHWR3UHVLGHQ]LDOH '3& 'XNH3ULPDWH&HQWHU
OWDOLDQLQLWLDOLVPPHDQLQJ3UHVLGHQWLDO'HFUHH '3 FHOOV 'RXEOH3RVLWLYHFHOOV
'3 'HIHUUHG3D\PHQW *HQHWLFV,PPXQRORJ\0HGLFLQH0LFURELRORJ\
%XVLQHVV&RPPHUFH 3HGLDWULFV
'3GS 'HJUHHRI3RO\PHUL]DWLRQ G3&FHOOV GLIIHUHQWLDWHG3&FHOOV
2UJDQLF&KHPLVWU\ $O]KHLPHU%LRORJ\&HOOXODU1HXURELRORJ\
'3 'pWHQWLRQ3URYLVRLUH )UDQFH  &OLQLFDO6FLHQFHV*HURQWRORJ\1HXURORJ\
&ULPLQDO/DZ '3&0 'LIIHUHQWLDO3XOVH&RGH0RGXODWLRQ
'3GS 'HZ3RLQW '3&0LVXVHGIRUWHOHYLVLRQWUDQVPLVVLRQ
&KHPLVWU\'HZSRLQWLVWKHWHPSHUDWXUHDWZKLFK (OHFWURQLFV
DLURUDJDVEHJLQVWRFRQGHQVHWRDOLTXLG '3' GpS{WSHUPDQHQWGpVLJQp
0HWHRURORJ\ 'HZSRLQWLQPHWHRURORJ\LVDOVR GHVLJQDWHGSHUPDQHQWVWRUDJHVLWH'366
NQRZQDVGHZSRLQWWHPSHUDWXUH '3' '1$ 3DWHQW'DWDEDVH
'3 GLUHFWHXUGHSURMHW '3'$ GDWHSUpYXHGHODGHPDQGHG
DXWKRULVDWLRQ
SURMHFWPDQDJHU 30  HVWLPDWHGGDWHRIDXWKRUL]DWLRQUHTXHVW('$5
GLVWULEXWLRQSRLQW GSGW VZLWFK GRXEOHSROHGRXEOHWKURZVZLWFK
SRLQWGHGLVWULEXWLRQ (OHFWULFLW\
VHH,'3 '3( 'DWD3URFHVVLQJ(TXLSPHQW
YRLU,3' '3( 'RZQVWUHDP3URPRWHU(OHPHQW
'3 'LUHFW3ULFH %LRORJ\&HOO%LRORJ\0ROHFXODU*HQHWLFV
'3'3 'LVSODFHG3HUVRQ 7UDQVFULSWLRQ
'3'3 'RFWRURI3KDUPDF\ '3(V 'RZQVWUHDP3URPRWHU(OHPHQWV
'3'3 'RFWRURI3RGLDWU\ '3) 'HIHUUHG3D\)XQG
'3 'RFXPHQWLFRQWUR3DJDPHQWR '3* 'LIIHUHQWLDO3UHVVXUH*DXJH
,WDOLDQLQLWLDOLVPPHDQLQJ'RFXPHQWVDJDLQVW 7KH'3*LVXVHGWRUHFRUGSUHVVXUHYDULDWLRQV
3D\PHQW '3* 'LSKRVSKRJO\FHUDWH
'3 'RXEOH3OD\ %LRFKHPLVWU\
'3 'XH3URFHVV '3* 'LSKHQ\OJXDQLGLQH
'3 'UDIW3URSRVDO 'LSKHQ\OJXDQLGLQHDOVRNQRZQDV0HODQLOLQHLV
'3'3 'XW\3DLG XVHGDVDUXEEHUDFFHOHUDWRU
'3 '\QDPLF3URJUDPUQLQJ 2UJDQLF&KHPLVWU\
,QGXVWULDO(QJLQHHULQJ0DWKHPDWLFV '3+ 'LSKHQ\OKH[DWULHQH
'3$ 'D\WRQ3HDFH$JUHHPHQW '3+'3+ 'HSDUWPHQWRI3XEOLF+HDOWK 86$ 
$FFRUGGHSDL[GH'D\WRQ '3+ 'LSORPDLQ3XEOLF+HDOWK
'3$ 'LSKHQ\ODPLQH '3+ 'RFWRURI3KLORVRSK\
&+ 1+'LSKHQ\ODPLQHLVDOVRNQRZQDV '3+'3+ 'RFWRURI3XEOLF+HDOWK
SKHQ\ODQLOLQHOWLVXVHGPDLQO\LQSURSHOODQWV '3, 'LDJQRVWLF3UpLPSODQWDWRLUH
SKDUPDFHXWLFDOVSHVWLFLGHVDQGG\HV )UHQFKLQLWLDOLVPPHDQLQJ3UHLPSODQWDWLRQ
2UJDQLF&KHPLVWU\ 'LDJQRVWLF
'3$ 'LSKHQ\ODQWKUDFHQH +XPDQ(PEU\RV0HGLFLQH
&KHPLOXPLQHVFHQFH&KHPLVWU\ '3, 'LJLWDO3KRWRQ,QWHJUDWLRQ
'3$ 'LSORPDLQ3XEOLF$GPLQLVWUDWLRQ '3, 'U\3RZGHU,QKDOHU
'3$ 'LUHFWRU\DQGGDWDEDVH3XEOLVKHUV$VVRFLDWLRQ '3,&0 GXDOSXUSRVHLPSURYHGFRQYHQWLRQDOPXQL
'3$ 'LVSODFHG3HUVRQV$FW 86$  WLRQ
(QDFWHGLQWKH86$LQ PXQLWLRQFODVVLTXHELYDOHQWHDPpOLRUpH
'3$6 'LUHFWLRQGX3HUVRQQHOHWGHV$IIDLUHV '3,3 'LFKORURSKHQROLQGRSKHQRO
6RFLDOHV )UDQFH  '3- 'HPRFUDWLF3DUW\RI-DSDQ -DSDQ 
'3% 'HSRVLW3DVV%RRN '3- 'LYLVLRQGH3ROLFH-XGLFLDLUH )UDQFH 
'3& 'DWD3URFHVVLQJ&HQWHU '3.2 'HSDUWPHQWRI3HDFHNHHSLQJ2SHUDWLRQV
'3& 'HIHQFH3ODQQLQJ&RPPLWWHH


'pSDUWHPHQWGHVRSpUDWLRQVGHPDLQWLHQGHODSDL[ '36SURYLVLRQ 'LVWLQFW3RSXODWLRQ6HJPHQWSURYL


'203  VLRQ 86$ 
'3/*'3/* 'LSO{PpH3DU/H*RXYHUQHPHQW :LOGOLIH%LRORJ\
)UDQFH  '366 'DWD3URFHVVLQJ6HUYLFHV6XEV\VWHP
'30'30 'LSORPDLQ3V\FKRORJLFDO0HGLFLQH '366 GHVLJQDWHGSHUPDQHQWVWRUDJHVLWH
'30'30 'RFWRURI3RGLDWULF0HGLFLQH GpS{WSHUPDQHQWGpVLJQp '3' 
'30 'URS3K\VLFV0RGXOH '3 VWDJH 'RXEOH3RVLWLYHVWDJH
'30 '\QDPLFDOO\3UHIRUPHG0RUSKD GSVW VZLWFK GRXEOHSROHVLQJOHWKURZVZLWFK
(SLWKHOLDO&HOOV (OHFWULFLW\
'30&+ 'HSDUWPHQWRI3UHYHQWLYH0HGLFLQHDQG GSW DEEU GHSDUWPHQW
&RPPXQLW\+HDOWK $OVRGHS
9LUJLQLD&RPPRQZHDOWK8QLYHUVLW\ 86$  '37 'LSURS\OWU\SWDPLQH
'31 'LS3HQ1DQROLWKRJUDSK\ 6\QWKHWLF+DOOXFLQRJHQ
&KHPLVWU\0LFURIDEULFDWLRQ0ROHFXODU '37 'LUH]LRQH3URPR]LRQHFRRUGLQDPHQWR7HFQLFR
(OHFWURQLFV1DQRVFDOH'HYLFHV1DQRWHFKQRORJ\ ,WDO\ 
'32 'LUHFWLRQ3DU2EMHFWLIV '376  11'LPHWK\ODPLQR 3\ULGLQLXP
)UHQFKLQLWLDOLVPPHDQLQJ0DQDJHPHQW%\ 7ROXHQHVXOIRQLFDFLG
2EMHFWLYHV '37 YDFFLQH 'LSKWKHULD3HUWXVVLV7HWDQXVYDFFLQH
'33 'HFHSHQWDSOHJLF '39 'LIIHUHQWLDO3XOVH9ROWDPHWU\
0ROHFXODU%LRORJ\ &KHPLVWU\&KHPLFDO(QJLQHHULQJ1DQRDQG
'33 'HPRFUDWLF3URJUHVVLYH3DUW\ 7DLZDQ  0ROHFXODU6FLHQFHDQG7HFKQRORJ\
'33 'LDEHWHV3UHYHQWLRQ3URJUDP '39 'LVFRXQWHG3UHVHQW9DOXH
863URJUDPV %XVLQHVV&RPPHUFH
'33 'LUHFWLRQRI3XEOLF3URVHFXWLRQV 'T 'HTXDOLQLXP
'S3 'LUH]LRQHSHU3ROLWLFKH %LRFKHPLVWU\%LRORJLFDO6FLHQFHV&\WRWR[LF
,WDOLDQLQLWLDOLVPPHDQLQJ0DQDJHPHQWE\ $JHQWV0ROHFXODU%LRORJ\
3ROLFLHV '4'% 'LVWULEXWHG4XHXH'XDO%XV
'33 &RPPLVVLRQ 'LVDVWHU3UHYHQWLRQDQG %URDGEDQG7HFKQRORJLHV
3UHSDUHGQHVV&RPPLVVLRQ (WKLRSLD  '4)&26< 'RXEOH4XDQWXP)LOWHU&2UUHODWHG
'33 ,9 'LSHSWLG\O3HSWLGDVH,9 6SHFWURVFRS\
'33& 'LSDOPLWR\OSKRVSKDWLG\OFKROLQH '40& 'LIIXVLRQ4XDQWXP0RQWH&DUOR
'33 SURWHLQ 'HFDSHQWDSOHJLFSURWHLQ '46, 'LUHFWLRQGHOD4XDOLWpHWGHOD6pFXULWp
'34 GHIHQFHSODQQLQJTXHVWLRQQDLUH ,QGXVWULHOOHV )UDQFH 
TXHVWLRQQDLUHSRXUOHVSODQVGHGpIHQVH 2IWKH)UHQFK0LQLVWU\RI,QGXVWU\
'35 'HFUHWRGHO3UHVLGHQWHGHOOD5HSXEEOLFD '5 'DLO\5HSRUW
,WDOLDQLQLWLDOLVPPHDQLQJ3UHVLGHQWLDO'HFUHH '5 'DUN5RFN
'35 'HPRQVWUDWLRQ3RZHU5HDFWRU 5RFN7\SHV
'35 'RPHVWLF3ROLF\5HYLHZ 86$  )RUIXUWKHUGHWDLOVVHHXQGHU,03 ,PDJHUIRU
6RODU(QHUJ\ 0DUV3DWKILQGHU 
'35( GLVSODFHGSHUVRQVDQGUHIXJHHV '5'DWD5HSRUW
SHUVRQQHVGpSODFpHVHWUpIXJpHV '5 'HDG5HFNRQLQJ
'35. 'HPRFUDWLF3HRSOH·V5HSXEOLFRI.RUHD 1DYLJDWLRQ
'36 GHIHQFHSROLF\DQGVWUDWHJ\ GU DEEU GHEWRU
SROLWLTXHHWVWUDWpJLHGHGpIHQVH '5'5 'HJHQHUDWLRQ5HDFWLRQ
'HPRFUDWLF3DWULRWLF3DUW\ 56  '5 'HOLYHU\5RRP
3DUWLGpPRFUDWLTXHSDWULRWLTXH 56  0HGLFLQH
G36 GHXWHULR3RO\VW\UHQH '5 'LHWDU\5HVWULFWLRQ
'36 'LVWULEXWHG3URFHVVLQJ6\VWHP %LRORJLFDO$JLQJ*HQHWLF7R[LFRORJ\
'36LVDOVRNQRZQDV'LVWULEXWHG'DWD '5 'LQLQJ5RRP
3URFHVVLQJ6\VWHP '5 'LVFRXQW5DWH
&RPSXWHU7HFKQRORJ\ %DQNLQJ)LQDQFH
'36 'LYLVLRQIRU3ODQHWDU\6FLHQFHV '5 'LVVRFLDWLYH5HFRPELQDWLRQ


0ROHFXODU,RQV3DUWLFOH3K\VLFV3ODVPDDQG '5(1 'HIHQVH5HVHDUFKDQG(QJLQHHULQJ1HWZRUN


5DGLDWLRQ3K\VLFV 86$ 
GU DEEU GLYLVRU 2IWKH86'HSDUWPHQWRI'HIHQVH'5(1ZDV
0DWKHPDWLFV LPSOHPHQWHGLQ
'U DEEU GRFWRU '5) 'HSXW\WR6$&(85IRU5XVVLDQIRUFHVLQ
$OVRGRF 6)25DQG.)25
'5 'RPLQLFDQ5HSXEOLF $GMRLQWGX6$&(85SRXUOHVIRUFHVUXVVHVGHOD
'5 'RUVDO5DSKH 6)25HWGHOD.)25
'5GU 'RVH5DWH '5) 'LUHFW5DGLDWLYH)RUFLQJ
GU DEEU GUDPGUDPV $WPRVSKHULF6FLHQFHV
'5'U 'UDZHU '5)0 'LJLWDO5DGLR)UHTXHQF\0HPRU\
GU DEEU GUHVVLQJ '5* 'HIHQFH5HVHDUFK*URXS>REVROHWHLQFRUSR
0HGLFLQH UDWHGLQWR57$@
GU DEEU GULYH *URXSHVXUODUHFKHUFKHSRXUODGpIHQVH *5'
%HKDYLRU&RPSXWHU7HFKQRORJ\(OHFWURQLFV >REVROqWHLQWpJUpGDQVO·$57@
(QJLQHHULQJ '5*'5* 'LDJQRVLV5HODWHG*URXS
GU DEEU GUXP '5* 'LYLVLRQRI5HVHDUFK*UDQWV 86$ 
$UFKLWHFWXUH&KHPLFDO(QJLQHHULQJ&RPSXWHU 2IWKH861DWLRQDO,QVWLWXWHVRI+HDOWK
7HFKQRORJ\0HFKDQLFDO'HYLFHV0LQLQJ '5* 'RUVDO5RRW*DQJOLRQ
(QJLQHHULQJ &HOO%LRORJ\1HXURORJ\
'5 'RXEOH5LQJV '5*V 'HOD\HG5HVSRQVH*HQHV
&KHPLVWU\0DWHULDOV 1HXURVFLHQFH6LJQDO7UDQVGXFWLRQ
'5$ 'DQLVK5HVHDUFK$JHQF\ '5*V'5*V 'LDJQRVLV5HODWHG*URXSV
'5$ 'HIHQVH5HVHDUFK$JHQF\ *%  '5, 'HIHQVH5HLQYHVWPHQW,QLWLDWLYH 86$ 
'5$ LVDVHPLDXWRQRPRXVERG\ZKLFKLVSDUWRI '5, 'HVHUW5HVHDUFK,QVWLWXWH 86$ 
*%·V0LQLVWU\RI'HIHQVH '5,LVDODUJHPXOWLGLVLSOLQDU\(QYLURQPHQWDO
'5$&2 '5LYLQJ$FFLGHQW&RRUGLQDWLQJ2EVHUYHU 5HVHDUFK2UJDQL]DWLRQ
(XURSHDQ&RPPXQLW\ 5HVHDUFK3URMHFWV
'5$) GUDIWUHVRXUFHDOORFDWLRQILJXUH '5,$'ULD 'LQDPRPHWULDSHUOD5LFHUFDGL
DPRQWDQWGHODGRWDWLRQSURSRVpH ,QWROOHUDQ]H$OLPHQWDUL ,WDO\ 
EPRQWDQWSURSRVpGHVUHVVRXUFHVjDIIHFWHU '5,'( 'LUHFWLRQGHV5HODWLRQV,QWHUQDWLRQDOHV
'5$0 '\QDPLF5DQGRP$FFHVV0HPRU\ 'LUHFWLRQGHO
(QVHLJQHPHQW
&RPSXWHU7HFKQRORJ\ &KDPEUHGH&RPPHUFHHWGHO
,QGXVWULHGH3DULV
'5$0FKLSV '\QDPLF5DQGRP$FFHVV0HPRU\ )UDQFH 
FKLSV '5,5( GLUHFWLRQUpJLRQDOHGHO
LQGXVWULHGHOD
'5$0FKLSVDUHWKHPRVWZLGHO\XVHGW\SHRI UHFKHUFKHHWGHO
HQYLURQQHPHQWGHV3D\VGHOD
GDWDVWRUDJH /RLUH )UDQFH 
'5$6(5 'RSSOHU5DGDU$QG6WRUP(OHFWULFLW\ '5. *HUPDQ5HG&URVV
5HVHDUFK 'U.: 'UHVGQHU.OHLQZRUW:DVVHUVWHLQ *HUPDQ\ 
2IWKH86(QYLURQPHQWDO5HVHDUFK/DERUDWRU\ ,QYHVWPHQW%DQN
'5$: 'LUHFW5HDG$IWHU:ULWH '5/0 'HSRODUL]HG5HIOHFWHG/LJKW0LFURVFRS\
'5& 'HPRFUDWLF5HSXEOLFRI&RQJR '50 'HWHUJHQW5HVLVWDQWPHPEUDQH
)RUPHUO\=DLUH %LRPHGLFDO6FLHQFHV
'5& 'HYLFH5HVHDUFK&RQIHUHQFH '50( 'LUHFWLRQGHV5HFKHUFKHVHW0R\HQV
7KH'5&ZDVKHOGLQ6DQWD%DUEDUD&DOLIRUQLD G
(VVDLV )UDQFH 
86$LQ-XQH '50V 'HWHUJHQW5HVLVWDQW0HPEUDQHV
'5FDOFXODWLRQV 'LVVRFLDWLYH5HFRPELQDWLRQFDOFX %LRFKHPLVWU\&HOO%LRORJ\
ODWLRQV '5236 GHPRXQWDEOHUDFNRIIORDGLQJDQGSLFNXS
$VWURQRP\3K\VLFV V\VWHP
'5'2 'HIHQFH5HVHDUFKDQG'HYHORSPHQW V\VWqPHGHFKDUJHPHQWHWGHGpFKDUJHPHQWjFUp
2UJDQLVDWLRQ ,QGLD  PDLOOqUHGpPRQWDEOH
'5( 'LUHFWLRQ5pJLRQDOHGHO
(TXLSHPHQW )UDQFH  G53 GHR[\ULERVH·SKRVSKDWH
'5( '1$ 5HVSRQVH(OHPHQWV


'53 'LVWULEXWLRQ5HLQYHVWPHQW3URJUDP'LYLGHQG )UHQFKLQLWLDOLVPPHDQLQJ6XSHULRU6WUDLW RIWKH


5HLQYHVWPHQW3ODQ SHOYLV 
%DQNLQJ%XVLQHVV)LQDQFH 0HGLFLQH
'53 '\VWURSKLQ5HODWHG3URWHLQ '6 'pYLDWLRQ6WDQGDUG
0LFURELRORJ\3K\VLRORJ\'HP\HOLQDWLRQ )UHQFKLQLWLDOLVPPHDQLQJ6WDQGDUG'HYLDWLRQ
'55 GHIHQFHUHTXLUHPHQWVUHYLHZ 6WDWLVWLFV
H[DPHQGHVEHVRLQVGHGpIHQVH '6 'LUHFWLRQDO6ROLGLILFDWLRQ
'55 'LVFRXQWHG5DWHRI5HWXUQ 0HWDOOXUJ\
'5UDWV 'LDEHWHV5HVLVWDQWUDWV '6 'LUHFWRU\6HUYLFHV
'56 'DWD5HFHLYLQJ6\VWHP '6 'LUHFW6HTXHQFH
'56 'HEWRU5HSRUWLQJ6\VWHP:%·V '6 'RFXPHQW6LJQHG
)RUIXUWKHUGHWDLOVVHHXQGHU:% GV GRXEOHVWUDQGHG
'566 'DWD5HOD\6DWHOOLWH6\VWHP(XURSHDQ '6 'RZQ6\QGURPH
&RPPXQLW\ &HOO%LRORJ\*HQHWLFV1HXURVFLHQFHV
'57 'HSDUWPHQWRI5HVHDUFK7HFKQRORJLHV '6 'URSVLGLQJGURSVLGLQJ
'57& 'LDEHWHVDQG5HVHDUFK7UDLQLQJ&HQWHU 'URSVLGLQJLVDOVRNQRZQDV1RYHOW\6LGLQJ
$W9DQGHUELOW8QLYHUVLW\ 86$  %XLOGLQJ(QJLQHHULQJ
'5: 'DLO\5RXWLQH:RUN '6$ 'HIHQFH6KLSSLQJ$XWKRULW\
'6 'DUN6RLO D$XWRULWpGHVWUDQVSRUWVPDULWLPHV
6RLO7\SHV E'LUHFWLRQGHODQDYLJDWLRQFRPPHUFLDOHSRXUOD
)RUIXUWKHUGHWDLOVVHHXQGHU,03 ,PDJHUIRU GpIHQVH
0DUV3DWKILQGHU  GHWDLOHGVXSSRUWDUUDQJHPHQWV
'6 'DWD6HW DUUDQJHPHQWVGpWDLOOpVHQPDWLqUHGHVRXWLHQ
'6LVDFROOHFWLRQRIUHODWHGGDWDUHFRUGVLQFRP '6$ 'HVWLQDWLRQ6RIWZDUH$GGUHVV
SXWHUUHDGDEOHIRUP '6$ 'LJLWDO6XEVWUDFWLRQ$QJLRJUDSK\
&RPSXWHU3URJUDPPLQJ 0HGLFLQH
'6 'DWD6WDWLRQ '6$'6$ 'LSO{PH6XSpULHXU$JULFROH )UDQFH 
&RPSXWHU7HFKQRORJ\ '6$ 'LUHFWRU\6\VWHP$OHUW
'6 'DWD6WUXFWXUH '6$ 'LUHFW6DOHV$VVRFLDWLRQ
&RPSXWHU3URJUDPPLQJ '6$$ 'HIHQVH6HFXULW\$VVLVWDQFH$JHQF\
'6 'D\VDIWHU6LJKW 86$ 
'6 'HEHQWXUH6WRFN '6$&(85 'HSXW\6$&(85
%XVLQHVV&RPPHUFH 6$&(85DGMRLQW
'6 GHFLVLRQVKHHW '6$5& 'HIHQVH6\VWHPV$FTXLVLWLRQ5HYLHZ
FRPSWHUHQGXGHGpFLVLRQV &RXQFLO
GHFODUHGVLWH '6% '1$ GRXEOHVWUDQG%UHDN
VLWHGpFODUp )RUIXUWKHUGHWDLOVVHHXQGHU'6%V
'HPRFUDWLF3DUW\ 56  '6%V '1$ GRXEOHVWUDQG%UHDNV
3DUWLGpPRFUDWLTXH 56  %LRFKHPLVWU\&HOO%LRORJ\'1$ 'DPDJH
GLUHFWVXSSRUW 'HYHORSPHQWDO%LRORJ\*HQHWLFV0ROHFXODU
DDSSXLGLUHFW %LRORJ\2[LGDWLYH0HWDEROLVP
EVRXWLHQGLUHFW 6'  )RUIXUWKHUGHWDLOVVHHXQGHU1(51+(-,5
'6 'HPRFUDWLFLGL6LQLVWUD '6& 'HIHQFH6KLSSLQJ&RXQFLO
,WDOLDQLQLWLDOLVPPHDQLQJ'HPRFUDWVRIWKH/HIW &RQVHLOGHODQDYLJDWLRQFRPPHUFLDOHSRXUOD
,WDO\  GpIHQVH
'6'6 'HSDUWPHQWRI6WDWH 86$  '6& 'HWURLW6WRFN([FKDQJH 86$ 
'6'6 'HSXW\6HFUHWDU\ '6& 'LIIHUHQWLDO6FDQQLQJ&DORULPHWU\
GV DEEU GHVWUR 0DWHULDOV6FLHQFH
,WDOLDQDEEUHYLDWLRQPHDQLQJULJKW '6& 'LJLWDOWR6\QFKUR&RQYHUWHU
0HGLFLQH $OVR'6&RQYHUWHU
'6 'HWDFKHG6HUYLFH '6& 'LVWLQJXLVKHG6HUYLFH&URVV
'6 'pWURLW6XSpULHXU 'VF'6F 'RFWRURI6FLHQFH
'6&'6& 'RFWRURI6XUJLFDO&KLURSRG\


'6&% 'DWD6HW&RQWURO%ORFN '6,5 'HSDUWPHQWRI6FLHQWLILFDQG,QGXVWULDO


'DWD&RPPXQLFDWLRQV 5HVHDUFK
'6&) 'RSSOHU6KLIWHG&RQVWDQW)UHTXHQF\ '6. 'URVRSKLOD 6.LQDVH
'6&6 'HIHQVH6DWHOOLWH&RPPXQLFDWLRQV6\VWHP $ VLJQDOLQJPROHFXOH
'6' 'LUHFWRURI6WDII'XWLHV %LRFKHPLVWU\&DQFHU5HVHDUFK0ROHFXODU
'6' 'U\6WHULOH'UHVVLQJ %LRORJ\
GV'1$ GRXEOHVWUDQGHG'1$ '6/ 'DWD6HW/DEHO
)RUIXUWKHUGHWDLOVVHHXQGHU'1$ 'DWD&RPPXQLFDWLRQV
%LRFKHPLVWU\ '6/ 'HHS6FDWWHULQJ/D\HU
'6'3 'HHS6HD'ULOOLQJ3URMHFW 6LWH  2FHDQRJUDSK\
/RFDWHGRQWKH:HVWIODQNRIWKH0LG$WODQWLF '6/ 'LJLWDO6XEVFULEHU/LQH
5LGJH '6/ 'XWFK6WDWH7UHDVXU\
$SSOLHG6\VWHPV$QDO\VLV*ODFLDO&\FOHV '60 7KHDLUSRUWFRGHIRU'HV0DLQHV,RZD
3DOHRFHDQRJUDSK\3K\VLFV 86$
'6( 'DWD6HW([WHQVLRQ '60 'HWHUJHQW6ROXEOH0HPEUDQH
'6( 'DWD6ZLWFKLQJ(TXLSPHQW'DWD6ZLWFKLQJ %LRPHGLFDO6FLHQFHV
([FKDQJH '60 'LDJQRVWLFDQG6WDWLVWLFDO0DQXDO RI0HQWDO
'6( 'HSRODUL]DWLRQLQGXFHG6XSSUHVVLRQRI 'LVRUGHUV 
([FLWDWLRQ '60LVWKH6WDQGDUG&ODVVLILFDWLRQWH[WRIWKH
%LRORJ\&HOOXODUDQG0ROHFXODU3KDUPDFRORJ\ $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ
3K\VLRORJ\3RVWV\QDSWLF'HSRODUL]DWLRQ '60 'LVWLQJXLVKHG6HUYLFH0HGDO
'6( 'LSDUWLPHQWR6FXROD(GXFD]LRQH ,WDO\  '60% 'DWDDQG6DIHW\0RQLWRULQJ%RDUG
'6( 'LSO{PHGH6FLHQFHV(FRQRPLTXHV )UDQFH  '60LVVLRQ 'HHS6SDFH0LVVLRQ
'6( 'LVSRVLWLIVGH6pFXULWpSDU(TXLOLEUDJH 1$6$-3/ LRQSURSXOVLRQVSDFHFUDIWODXQFKHGLQ
'6( 'LVWULEXWHG6\VWHPV(QYLURQPHQW 2FWREHU
'6(% 'HIHQFH6KLSSLQJ([HFXWLYH%RDUG 1$6$
V1HZ0LOOHQQLXP3URJUDP
%XUHDXp[HFXWLIGHVWUDQVSRUWVPDULWLPHV )RUIXUWKHUGHWDLOVVHHXQGHU1$6$ DQG-3/
'6(6 'LYLVLRQRQ6RFLDODQG(FRQRPLF6WXGLHV '60 SURJUDPV 'HPDQG6LGH0DQDJHPHQWSUR
86$  JUDPV
'6) GHSOR\HG6+('IDFLOLW\ 7UDGLWLRQDOO\WKHVHSURJUDPVKDYHHQFRXUDJHG
LQVWDOODWLRQGH6+('GpSOR\p FRQVXPHUVWRXVHOHVVHQHUJ\E\DGGLQJLQVXODWLRQ
'6* 'HSXW\6HFUHWDU\*HQHUDO>+41$72@ WRWKHLUKRPHVLPSURYLQJWKHHIILFLHQF\RILQGXV
6HFUpWDLUHJpQpUDOGpOpJXp>VLqJHGHO·27$1@ WULDOSURFHVVHVRULQVWDOOLQJHQHUJ\ZLVHOLJKWLQJ
GLYLVLRQDOVXSSRUWJURXS V\VWHPV
JURXSHGHVRXWLHQGLYLVLRQQDLUH '61 'HHS6SDFH1HWZRUN
'6+($ 'LHWDU\6XSSOHPHQWV+HDOWKDQG(GXFDWLRQ $VWURQRP\(DUWKDQG3ODQHWDU\6FLHQFHV(DUWK
$FW 86$  DQG6SDFH6FLHQFHV7HUUHVWULDO3K\VLFV
3DVVHGE\WKH86&RQJUHVVLQ '61 'LJLWDO6ZLWFKHG1HWZRUN
'6+9 'HPRFUDWLF8QLRQRI&URDWVLQ9RMYRGLQD '62 'HWDLOHG6XSSOHPHQWDU\2EMHFWLYH
>)5<@ '63 'HIHQVH6XSSRUW3URJUDP
8QLRQGpPRFUDWLTXHGHV&URDWHVGH9RwYRGLQH '63 'LEDVLF6RGLXP3KRVSKDWH
>5)<@ $OVRNQRZQDV'LVRGLXP3KRVSKDWH6HFRQGDU\
'6, GHFODUHGVLWHLQVSHFWLRQ 6RGLXP3KRVSKDWH
LQVSHFWLRQGHVLWHGpFODUp ,QRUJDQLF&KHPLVWU\
'6, 'HSRODUL]DWLRQLQGXFHG6XSSUHVVLRQRI '63 'LJLWDO6LJQDO3URFHVVLQJ
,QKLELWLRQ '63 'LULWWL6SHFLDOLGL3UHOLHYR
%LRORJ\&HOOXODUDQG0ROHFXODU3KDUPDFRORJ\ ,WDOLDQLQLWLDOLVPPHDQLQJ6SHFLDO'UDZLQJ
3RVWV\QDSWLF'HSRODUL]DWLRQ3K\VLRORJ\ 5LJKWV
5HWURJUDGH6LJQDOLQJLQWKH%UDLQ '63 'HPRFUDWLF6RFLDOLVW3DUW\ 56 
'6,23 'LUHFoiRGH6HUYLoRVGH,QIRUPDomRH 3DUWLVRFLDOLVWHGpPRFUDWLTXH 56 
2ULHQWDomR3URILVVLRQDO 3RUWXJDO  GULIWVWDUWSRVLWLRQ
'6,3 'LJLWDO6LJQDODQG,PDJH3URFHVVLQJ SRVLWLRQLQLWLDOHGHGpULYH
'63& 'LVWHDUR\OSKRVSKDWLG\OFKROLQH


'63V 'LJLWDO6LJQDO3URFHVVRUV3URFHVVLQJ '7 'D\OLJKW7LPH


'65 'DWD6HW5HDG\ '7 'HOLULXP7UHPHQV
'65( 'LUH]LRQH6YLOXSSRH5HOD]LRQL(VWHUQH 'HOLULXP7UHPHQVLVNQRZQDVWKH'7V
,WDO\  0HGLFLQH
GV51$ GRXEOHVWUDQGHG51$ )RUIXUWKHUGHWDLOVVHHXQGHU'7V
)RUIXUWKHUGHWDLOVVHHXQGHU51$ '7 'HVWLQDWLRQ7LPH
'659 GHHSVXEPHUJHQFHUHVFXHYHKLFOH &RPSXWHU7HFKQRORJ\
VRXVPDULQGHUHFKHUFKHHWGHVDXYHWDJHjJUDQGH '7 'HXWVFKH7HOHNRP
SURIRQGHXU '7 'LDO7RQH
'66 'HFLVLRQ6XSSRUW6\VWHPV 7HOHFRPPXQLFDWLRQV
'DWD:DUHKRXVHV1H[W*HQHUDWLRQ3URJUDPV '7 'LSKWKHULDDQG7HWDQXV YDFFLQH 
'66 'HHS6SDFH6WDWLRQ '7 'LSKWKHULD7R[LQ
'66 'HMHULQH6RWWDV6\QGURPH 'LSKWHULDWR[LQLVDOVRNQRZQDVGLSKWKHURWR[LQ
1HXURELRORJ\1HXURVFLHQFH 7R[LFRORJ\
'66 'HPRFUDWLF3DUW\RI6HUELD '7 'LVWDQFH7HVW
'6V 'HSRODUL]DWLRQ6KLIWV 0HGLFLQH
'66 'LVFUHWH6WUDLQ6WUXFWXUH '7 'RFWRURI7KHRORJ\
(SLGHPLRORJ\ $OVR'7+
'66 'LVXFFLQLPLG\O6XEHUDWH '7 'RXEOH7LPH
'66 '\QDPLF6XSSRUW6\VWHP '7 'XUDWLRQRI7HWDQ\
'DWD&RPPXQLFDWLRQV 0HGLFLQH
'66& 'HHS6SDFH6WDWLRQ&RPSOH[ '7$ 'LIIHUHQWLDO7KHUPDO$QDO\VLV
'66UHYHUVDO 'RVDJH6HQVLWLYH6H[UHYHUVDO 7KHUPRG\QDPLFV
%LRORJLFDO&KHPLVWU\0DPPDOLDQ6H[ '7$$ 'LUHFWLRQGHV7HFKQLTXHVHW$XWRPDWLVPHV
'HWHUPLQDWLRQ0HGLFLQH0ROHFXODU $YDQFpV )UDQFH 
3KDUPDFRORJ\6XUJHU\ '7$6 GHSUHVVHGWRZHGDUUD\V\VWHP
'667,' 'DQLVK6RFLHW\IRU6FLHQWLILFDQG V\VWqPHG·DQWHQQHUHPRUTXpHSDUGpSUHVVHXU
7HFKQRORJLFDO,QIRUPDWLRQDQG'RFXPHQWDWLRQ '7DVH 'HK\GUDWDVH
'67 'D\OLJKW6DYLQJ7LPH $OVR+\GURO\DVH
'67 'HIHQFHDQG6SDFH7DONV (Q]\PRORJ\
SRXUSDUOHUVVXUODGpIHQVHHWO·HVSDFH '7% 'HXWVFKH7HUPLQE|UVH *HUPDQ\ 
GLUHFWVXSSRUWWHDP '7%LVWKH)UDQNIXUWEDVHG'HULYDWLYHV([FKDQJH
pTXLSHGHVRXWLHQGLUHFW '7% 'UXJDQG7KHUDSHXWLFV%XOOHWLQ *% 
'67 'LUHFWLRQGHOD6pFXULWpGX7HUULWRLUH )UDQFH  3XEOLFDWLRQ
'67 'LUHFWRURI6XSSOLHVDQG7UDQVSRUW '7& 'HSDUWPHQWRI7UDGHDQG&RPPHUFH *% 
'67 'RFWRURI6DFUHG7KHRORJ\ '7& 'HSRVLWDU\7UXVW&RPSDQ\ 86$ 
'6WHOHVFRSH 'HHS6XUYH\WHOHVFRSH '7& 'HSRVLW7DNLQJ&RPSDQ\
$VWURQRP\$VWURSK\VLFV '7& 'HVNWRS&RPSXWHU
'67/ 'HIHQFH6FLHQFHDQG7HFKQRORJ\/DERUDWRU\ 7KH'7&LVDVPDOOFRPSXWHUWREHXVHGRQDQ
*%  RIILFHGHVN
3DUWRI'(5$ &RPSXWHU7HFKQRORJ\
$UPDPHQWV&KHPLFDODQG%LRORJLFDO5HVHDUFK '7& 'HYHORSPHQW7KURXJK&RQVHUYDWLRQ
1DYDO5HVHDUFK '7&LVDSURJUDPLQ.DEDOH8JDQGDWKDWLVUXQ
)RUIXUWKHUGHWDLOVVHHXQGHU'(5$ E\WKHLQWHUQDWLRQDODLGRUJDQL]DWLRQ&$5(
GVWU DEEU GLVWULEXWLRQGLVWULEXWRU &RQVHUYDWLRQ%LRORJ\
'68 GLUHFWVXSSRUWXQLW )RUIXUWKHUGHWDLOVVHHXQGHU&$5(
XQLWpHQDSSXLGLUHFW GWG DEEU GDWHG
GLUHFWVXSSRUWXQLW>ORJLVWLFV@ '7' 'DWD7UDQVIHU'HYLFH
XQLWpGHVRXWLHQGLUHFW>ORJLVWLTXH@ '7' GWG 'RFXPHQW7\SH'HILQLWLRQ
'VXUJ'6XUJ 'HQWDO6XUJHRQ 7KH'7'LVDQRSWLFDOSRUWLRQRIDQ;0/ GRFX
GV[ GRXEOHVH[ PHQW
'7 'DWD7HUPLQDO '7(GWH 'DWD7HUPLQDO7HUPLQDWLQJ(TXLSPHQW
&RPSXWHUV '7) 'DLO\7UDQVDFWLRQ)LOH


'7) 'HILQH7KH)LOH &DXVHGE\H[FHVVLYHFRPVXPSWLRQRIDOFRKRO


'DWD&RPPXQLFDWLRQV 0HGLFLQH
'7) 'LDJQRVWLF7XUEXOHQW)OX[ '76GWV 'LJLWDO7HUPLQDWLRQ6HUYLFH
'7) 'LJLWDO7DSH)RUPDW '76 'LVSRVLWLYR7HOHIRQLFRSHU6RUGRPXWL
'7* 'DWH7LPH*URXS $ GHYLFHIRUGHDIPXWHSHUVRQVSURYLGHGE\WKH
7HOHFRPPXQLFDWLRQV ,WDOLDQ7HOHSKRQH&RPSDQ\
'7+ 'HOD\HG7\SH+\SHUVHQVLWLYLW\ '76 'URLWVGH7LUDJH6SpFLDX[
&HOO%LRORJ\ )UHQFKLQLWLDOLVPPHDQLQJ6SHFLDO'UDZLQJ
'7+ 'LSORPDLQ7URSLFDO+\JLHQH 5LJKWV
'7+ 'LUHFW7R+RPH '76$ 'HIHQVH7HFKQRORJ\6HFXULW\$GPLQLVWUDWLRQ
'7+'WK 'RFWRURI7KHRORJ\ 86$ 
$OVR'7 '76, 'HIHQVH7UDGH6HFXULW\,QLWLDWLYH>86@
'7, 'HSDUWPHQWRI7UDGHDQG,QGXVWU\ *%  ,QLWLDWLYHVXUODVpFXULWpGXFRPPHUFHGHGpIHQFH
'7, 'LIIXVLRQ7HQVRU,PDJLQJ >86@
$ W\SHRIPDJQHWLFUHVRQDQFHLPDJLQJ '77 7KHDLUOLQHFRGHIRUWKHFLW\RI'HWURLW
1HXURORJ\ 0LFKLJDQ86$
'7, GLVSRVLWLIGHWHVWLQWpJUp RXpTXLSHPHQWGHWHVW '77 'LJLWDO7HUUHVWULDO7HOHYLVLRQ
LQWpJUp  7KH'77 ODXFKHGLQ%ULWDLQLQRIIHUVQHZ
EXLOWLQWHVWHTXLSPHQW %,7(  VHUYLFHVIRUH[DPSOHQHDUYLGHRRQGHPDQGDQG
'7/ 'LRGH7UDQVLVWRU/RJLF SD\SHUYLHZ
(OHFWURQLFV '77 'LWKLRWKUHLWRO
'70 'HSDUWPHQWRI7HUUHVWULDO0DJQHWLVP &+26 '77 LVXVHGPDLQO\LQELRFKHPLFDO
2IWKH&DUQHJLH,QVWLWXWLRQRI:DVKLQJWRQ UHVHDUFKDQGDVDUHGXFLQJDJHQW
86$  2UJDQLF&KHPLVWU\
'70 'LJLWDO7HUUDLQ0RGHO '78 'HQPDUN7HFKQLFDO8QLYHUVLW\ /\QJK\
G703 GHR[\WK\PLGLQH0RQRSKRVSKDWH 'HQPDUN 
'71 'LSKWKHULD7R[LQ1RUPDO '7: 7KHDLUSRUWFRGHIRU'HWURLW:D\QH&RXQW\
0HGLFLQH 0LFKLJDQ86$ 
'71 'LUHFWLRQ7HFKQLTXH1DWLRQDOH )UDQFH  '8 'LDJQRVLV8QGHWHUPLQHG
'73 'HVN7RS3XEOLVKLQJ 0HGLFLQH
'73'WS 'HYHORSPHQWDO7KHUDSHXWLFV3URJUDP '8 'REVRQ8QLW
2IWKH861&, 8VHGWRPHDVXUHR]RQHFRQFHQWUDWLRQ
'UXJ'LVFRYHU\3URJUDPV,QIRUPDWLRQ6FLHQFHV '8 'HSOHWHG8UDQLXP
0ROHFXODU&HOO%LRORJ\ 1XFOHRQLFV
)RUIXUWKHUGHWDLOVVHHXQGHU1&, 'X DEEU 'XWFK
'73 'LVWDO7LQJOLQJRQ3HUFXVVLRQ '8$ 'LUHFWRU\8VHU$JHQW
0HGLFLQH '8% 'HSOHWHG8UDQLXP%ORFN
'73$ 'LHWK\OHQHWULDPLQHSHQWDDFHWLF $FLG  (QHUJ\
'75 'DWDORRS75DQVFHLYHU 'XE DEEU 'XEOLQ
'DWD&RPPXQLFDWLRQV '8& 'DQLVK8QGHUJURXQG&RQVRUWLXP
'75 'DWD7HUPLQDO5HDGHU 'X'DW 'XH'DWH
'75 'DWD7UDQVPLW5HDG\ %XVLQHVV&RPPHUFH
'75GWU 'HHS7HQGRQ5HIOH[ '8( 'HYHORSPHQWRI8QGHUJUDGXDWH(GXFDWLRQ
'75 'LVWULEXWLRQ7DSH5HHO ,QGRQHVLD 
'DWD&RPPXQLFDWLRQV '8(LVIXQGHGE\WKH:RUOG%DQN
'75 'LXUQDO7HPSHUDWXUH5DQJH :RUOG%DQN3URJUDP
%LRORJLFDO6FLHQFHV&OLPDWLF5HVHDUFK '8(/ 'LSO{PH8QLYHUVLWDLUHG·(QVHLJQHPHQW
+\GURPHWHRURORJ\ /LWWpUDLUH )UDQFH 
'75$ 'HIHQFH7KUHDW5HGXFWLRQ$JHQF\ 86$  '8(6 'LSO{PH8QLYHUVLWDLUHG·(QVHLJQHPHQW
&KHPLFDODQG%LRORJLFDO$JHQWV 6FLHQWLILTXH )UDQFH 
&RXQWHUWHUURULVP '8) 'UXJ8VH)RUHFDVWLQJ 86$ 
'7V 'HOLULXP7UHPHQV '8,RIGUXJV 'ULYLQJ8QGHUWKH,QIOXHQFHRIGUXJV
$OVR'7 '80 'RUVDO8QSDLUHG0HGLDQ


'803 'LVSRVDORI8QXVHG0HGLFLQHDQG3LOOV '93&%(5 'LYLVLRQRI9LUDO3URGXFWV&HQWHUIRU


'83 'LVN8WLOLW\3URJUDP %LRORJLFV(YDOXDWLRQDQG5HVHDUFK
'DWD&RPPXQLFDWLRQV 7KH'93&%(5LVWKHEUDQFKRIWKH86)RRG
'83 'LVWULFWj8UEDQLVHUHQ3ULRULWp )UDQFH  DQG'UXJ$GPLQLVWUDWLRQWKDWUHYLHZV9LUDO
GXS DEEU GXSOH[GXSOLFDWH 9DFFLQHV
GXS DEEU GXSOLFDWLRQ '93 V\VWHP 'HOLYHU\9HUVXV3D\PHQWV\VWHP
0ROHFXODU%LRORJ\ $OO'93 V\VWHPVIRUZKROHVDOHDQGUHWDLOVHFXUL
'XU DEEU 'XUKDP *%  WLHVWUDQVDFWLRQVVWDUWHGRSHUDWLQJLQ8 ZLWKHIIHFW
'86 'LSORPD8QLYHUVLWDULRGL6WDWLVWLFD ,WDO\  IURP
'86 7KHDLUSRUWFRGHIRU'VVHOGRUI*HUPDQ\ %XVLQHVV&RPPHUFH
'87'87 'LSO{PH8QLYHUVLWDLUHGH7HFKQRORJLH '95 'LVFUHWH9DULDEOH5HSUHVHQWDWLRQ
)UDQFH  $VWURQRP\&KHPLVWU\3K\VLFV
G873 GHR[\XULGLQH
7ULSKRVSKDWH '96GYV 'RFWRURI9HWHULQDU\6FLHQFH
'89 'DPDJLQJ8OWUDYLROHW '967GYVW 'LUHFW9LHZ6WRUDJH7XEH
'89 'DWD8QGHU9RLFH (OHFWURQLFV
7HOHFRPPXQLFDWLRQV '98 *HUPDQ3HRSOH
V8QLRQ
'9 'LOXWH9ROXPH ': 'DLV\:KHHO
0HGLFLQH 7KH':DOVRNQRZQDV3ULQW:KHHOLVDGLVNKDY
'9 GLVWLQJXLVKHGYLVLWRU LQJSULQWLQJFKDUDFWHUVRQLWVFLUFXPIHUHQFH
YLVLWHXUGHPDUTXH &RPSXWHU7HFKQRORJ\
'9 'RUVRYHQWUDOGRUVRYHQWUDO ': 'HDG:HLJKW
'9'9 'RXEOH9LEUDWLRQV 'HDGZHLJKWLQPHFKDQLFVLVNQRZQDV6WDWLF
$OVRGYGY /RDG
'9% 'LJLWDO9LGHR%URDGFDVW 0HFKDQLFV
'LJLWDO%URDGFDVWLQJ ':GZ 'HDG:HLJKW
'9% 'LYLQ\OEHQ]HQH 7UDQVSRUWDWLRQ(QJLQHHULQJ
&+ &+ &+  'LYLQ\OEHQ]HQHDOVRNQRZQDV ': 'HOD\HG:HDWKHU
YLQ\OVW\UHQHLVXVHGPDLQO\WRPDNHUXEEHUVDQG ':GZ 'LVWLOOHG:DWHU
SRO\PHUV &KHPLVWU\
2UJDQLF&KHPLVWU\ ': 'LYLGHQG:DUUDQW\
'9%,5' 'LJLWDO9LGHR%URDGFDVWLQJ,QWHJUDWHG %XVLQHVV(FRQRPLFV)LQDQFH
5HFHLYHU'HFRGHU GZ':': GRFNZDUUDQW
(XURSHDQ&RPXQLW\3URMHFW ': 'RXEOH:RUG
'9' 'LJLWDO9LGHR'LVF'LVN 'DWD&RPPXQLFDWLRQV
'9'SOD\HUVUHOD\ILOPVDWDKLJKHUTXDOLW\WKDQ ': 'XVW:UDSSHU
YLGHRFDVVHWWHV ':$ 'DPDJLQJ:LQGV$OJRULWKP
&RQVXPHU(OHFWURQLF,QGXVWU\ ':$ 'HSDUWPHQWRI:DWHU$IIDLUV %RWVZDQD 
'9'V 'LJLWDO9LGHR'LVNV 0LQLVWU\RI0LQHUDO5HVRXUFHV
)RUIXUWKHUGHWDLOVVHHXQGHU'9' ':% 'ULYLQJ:KLOH%ODFN%URZQ 86$ 
'9'WHFKQRORJ\ 'LJLWDO9HUVDWLOH'LVNWHFKQRORJ\ ':%$ 'LVWRUWHG:DYH%RUQ$SSUR[LPDWLRQ
7KH'9'FDQEHIRUPDWWHGLQPDQ\GLIIHUHQWZD\V 1XFOHDU5HDFWLRQV3K\VLFV
LQRUGHUWRKDQGOHDYDULHW\RIFRQWHQWV ':%& 'HHS:HVWHUQ%RXQGDU\&XUUHQW
'LJLWDO0RYLH3OD\HUV'LJLWDO9HUVDWLOH'LVNV ':'0 'HQVH:DYHOHQJWK'LYLVLRQ0XOWLSOH[LQJ
'9/ PXVFOH 'HHS9DVWXV/DWHUDOLVPXVFOH 7KH':'0XVHVLQGLYLGXDOFRORUVRIOLJKWWR
'90GYP 'LJLWDO9ROWPHWHU FDUU\LQIRUPDWLRQ
(OHFWURQLFV ':( 'HJODFLDO:DUP(YHQW
'90 'RFWRURI9HWHULQDU\0HGLFLQH *HRORJ\*HRSK\VLFV
'90 'RUVDO9HQWUDO0XVFOH ':* GLVWULEXWHGZDUJDPH
'900 'pELW9HQWLODWRLUH0D[LPXP0LQXWH MHXGHJXHUUHUpSDUWL
)UHQFKLQLWLDOLVPPHDQLQJ0D[LPXPEUHDWKLQJ ':, 'ULYLQJ:KLOH,QWR[LFDWHG
YHQWLODWRU\&DSDFLW\ ':, 'XWFK:HVW,QGLHV
'93 'LVWULEXWHG9LGHR3URGXFWLRQ ':0 GHHSZDWHUPLQH
(XURSHDQ&RPPXQLW\3URMHFW 0LQHGHKDXWIRQG


':0 'HVWLQDWLRQ:DUQLQJ0DUNHU
'DWD&RPPXQLFDWLRQV
':6 'LIIXVLQJ:DYH6SHFWURVFRS\
':6LVDPXOWLSOHOLJKWVFDWWHULQJWHFKQLTXH
$VWURQRP\'LIIXVLQJ:DYH6SHFWURVFRS\
0LFURVFRSLF'\QDPLFVRI*UDLQV3K\VLFV
':6 GLVWULEXWHGZDUJDPLQJV\VWHP
V\VWqPHGHMHXGHJXHUUHUpSDUWL
':61(7 GLVWULEXWHGZDUJDPLQJV\VWHPQHWZRUN
UpVHDXGHMHXGHJXHUUHUpSDUWL
':7GZW 'HDGZHLJKW7RQGHDGZHLJKWWRQQDJH
'; 7KHDLUOLQHFRGHIRU'DQDLU
'; 'LDJQRVLV
$UWLILFLDO,QWHOOLJHQFH&RPSXWHU7HFKQRORJ\
0HGLFLQH6\VWHPDWLFV
'; 'LUHFW([SDQVLRQ
0HFKDQLFDO(QJLQHHULQJ
';$ 'XDOHQHUJ\;UD\$EVRUSWLRPHWU\
2EHVLW\2VWHRSRURVLV3K\VLRORJ\
';& 'DWD([FKDQJH&RQWURO
';0 'H[DPHWKDVRQH
,PPXQRORJ\0ROHFXODUDQG&HOOXODU%LRORJ\
0ROHFXODU6LJQDO7UDQVGXFWLRQ
G\ DEEU GHOLYHU\
G\ DEEU GHSXW\
'< 'RFN\DUG
G\ DEEU GXW\
'\ 7KHFKHPLFDOV\PEROIRU'\VSURVLXP
'\VSURVLXPZDVGLVFRYHUHGE\WKH)UHQFKFKHPLVW
3DXO(PLOH/HFRTGH%RLVEDXGUDQ
&KHPLVWU\6\PEROV
'<$1$ '<QDPLF$OJRULWKPIRU105
$SSOLFDWLRQV
G\Q DEEU G\QDPLFV
$OVRG\QDP
G\Q G\QHG\QHV
'<67$/ '\QDPLF6WRUDJH$OORFDWLRQ
'\QDPLFVWRUDJHDOORFDWLRQLVDOVRNQRZQDV
'\QDPLF$OORFDWLRQ'\QDPLF0HPRU\
$OORFDWLRQ
&RPSXWHU3URJUDPPLQJ
'= $OJHULD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
WHUV
'= 'L]\JRXV
'= 'RFWRURI=RRORJ\
G] DEEU GR]HQ
'= GURS]RQH
]RQHGHODUJDJH
'=$$6 'URS=RQH$VVHPEO\$LU6\VWHP
$YLRQLFV
'=WZLQV 'L]\JRWLFWZLQV
$OVRNQRZQDV)UDWHUQDO7ZLQV
*HQHWLFV


0HWHRURORJ\ ,QPHWHRURORJ\WKHH\HLVWKHH\H

( VKDSHGDUHDDWWKHFHQWHURIDWURSLFDOF\FORQH
( 6SDLQ,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU
( HOHFWURPDJQHWLFHQYLURQPHQWDOHIIHFWV>QDYDO
( (DUO(DUWK(DVW RSHUDWLRQV@
H HDUQLQJV HIIHWVGHO
HQYLURQQHPHQWpOHFWURPDJQpWLTXH
%XVLQHVV)LQDQFH >RSpUDWLRQVQDYDOHV@
H HFFHQWULFLW\ ( 1$72($ &RPSRQHQW>&RPSRQHQWRIWKH
$VWURQRP\0DWKHPDWLFV 1$(: &)RUFHEDVHGDW*HLOHQNLUFKHQ@
(( (GG\GLIIXVLYLW\ eOHPHQW($ GHO
27$1>pOpPHQWGHOD)RUFH
)OXLG0HFKDQLFV 1$(: &EDVpj*HLOHQNLUFKHQ@
( pODVWDQFH HD DEEU HDFK
PHDQLQJHODVWDQFHLQ)UHQFK ($ (GXFDWLRQDO$JH
(OHFWULFLW\0HGLFLQH ($ (GXFD]LRQH$PELHQWDOH
H HODVWLFLW\ ,WDOLDQLQLWLDOLVPPHDQLQJ(QYLURQPHQWDO
0DWHULDOV6FLHQFH0DWKHPDWLFV (GXFDWLRQ
H HOHFWURQ ($ (IIHFWLYH$GGUHVV
(OHFWULFLW\3K\VLFV &RPSXWHU3URJUDPPLQJ
H HPLVVLYLW\ ($ HOHFWURQLFDWWDFN
7KHUPRG\QDPLFV DWWDTXHpOHFWURQLTXH
H DEEU HQDEOH HPHUJHQF\DFWLRQ
$OVRHQEO PHVXUHG
XUJHQFH
&RPSXWHU3URJUDPPLQJ&RPSXWHU7HFKQRORJ\ HYROXWLRQDU\DFTXLVLWLRQ
H HQHUJ\ DFTXLVLWLRQpYROXWLYH
(QJLQHHULQJ3K\VLFV ($ (OOLSVRLG$OJRULWKP
( (QJOLVK ($ (QHP\$LUFUDIW
7KH*HUPDQLFODQJXDJHRIWKH%ULWLVK,VOHVVWDQ ($ (QHUJLD$WRPLFD
GDUGDOVRLQWKH8QLWHG6WDWHV ,WDOLDQLQLWLDOLVPPHDQLQJ$WRPLF(QHUJ\
/DQJXDJHV ($ (QHUJ\$QDO\VLV
( (Q]\PH ($ (QWH$XWRQRPR
7KHZRUGHQ]\PHPHDQVLQ*UHHNLQ\HDVW ,WDOLDQLQLWLDOLVPPHDQLQJ,QGHSHQGHQW%RG\
(Q]\PRORJ\ $XWRQRPRXV$JHQF\
( HSLQHSKULQH ($ (QWKDOSLPHWULF$QDO\VLV
(QGRFULQRORJ\3KDUPDFRORJ\ $QDO\WLFDO&KHPLVWU\
H DEEU HUURU ($ (QYLURQPHQWDO$QDO\VLV
&RPSXWHU3URJUDPPLQJ0HGLFLQH6FLHQFH ($ (U\WKURF\WH$QWLERG\
H HVWLPDWH ($ (U\WKURF\WH$QWLFRUSV
( (WKDQH )UHQFKLQLWLDOLVPPHDQLQJ(U\WKURF\WH
(WKDQHLVDIODPPDEOHFRORUOHVVJDVLQVROXEOHLQ $QWLERGLHV
ZDWHUDQGVROXEOHLQDOFRKRO 0HGLFLQH
2UJDQLF&KHPLVWU\ ($ 7KHDLUOLQHFRGHIRU(DVWHUQ$LU/LQHV
( ([FHOOHQF\([FHOOHQW ($$ (DVW$IULFDQ$LUZD\V
H DEEU H[HFXWHH[HFXWLRQ ($$ (QJLQHHULQ$HURQDXWLFVDQG$VWURQDXWLFV
&RPSXWHU3URJUDPPLQJ ($$ (QYLURQPHQWDO$VVHVVPHQW$VVRFLDWLRQ
(H ([SHFWDWLRQV 86$ 
( H[SHULPHQWHU ($$ (WK\O$FU\OLF$FLG
H DEEU H[SUHVVLRQ ($$ (XURSHDQ$OXPLQLXP$VVRFLDWLRQ
7KHH[SUHVVLRQLQFKHPLFDOHQJLQHHULQJLVDOVR ($$$ (XURSHDQ$VVRFLDWLRQRI$GYHUWLVLQJ
NQRZQDVPHFKDQLFDOH[SUHVVLRQ $JHQFLHV
&KHPLFDO(QJLQHHULQJ %HOJLDQ$VVRFLDWLRQ
( H\H ($& (DVW$IULFDQ&RPPXQLW\
$QDWRP\ 7KHH\HFRQWDLQVWKHIROORZLQJOD\HUV 7DQ]DQLD8JDQGDDQG.HQ\DUHHVWDEOLVKHGWKHLU
VFOHUDDQGFRUQHDFKRURLGDQGUHWLQD ($&LQ1RYHPEHU,WZDVUDWLILHGZLWKLQ


PRQWKVDQGHQDFWHPHQWDQGLPSOHPHQWDWLRQZHUH )RUFHVDUPpHVGHV(QWLWpV
FRPSOHWHGE\1RYHPEHU ($) (3(&$GKHUHQFH)DFWRU
($& (U\WKURF\WH$QWLFRUSV&RPSOpPHQW )RUIXUWKHUGHWDLOVVHHXQGHU(3(&
)UHQFKLQLWLDOLVPPHDQLQJ(U\WKURF\WH$QWLERG\ ($)% (GZDUGV$LU)RUFH%DVH 86$ 
&RPSOHPHQW ($* VLQJOHFHOO (OHFWURDQWHQQRJUDSK\
0HGLFLQH (OHFWURSK\VLRORJLFDO7HFKQLTXHV
($& (XURSHDQ$FFLGHQW&RGH ($**) (XURSHDQ$JULFXOWXUDO*XLGDQFHDQG
($& ([HFXWLYH$GYLVRU\&RPPLWWHH *XDUDQWHH)XQG
($& ([HUFLVHDQG$FWLYLWLHV&RQIHUHQFH>3I3@ (XURSHDQ8QLRQ
>REVROHWHQRZFDOOHG3$&@ ($+ 6HJXQGD(VFXDGULOOD$HURQDYDOGH
&RQIpUHQFHVXUOHVH[HUFLFHVHWDFWLYLWpV>333@ +HOLFzSWHURV $UJHQWLQD 
>REVROqWHPDLQWHQDQWDSSHOp3$&@ ($+& (DVW$IULFDQ+LJK&RPPLVVLRQ
($&(0 (XURSHDQ$VVRFLDWLRQRI&RQVXPHU 7KH($+&ZDVHVWDEOLVKHGLQ,WKDVEHHQ
(OHFWURQLFV0DQXIDFWXUHUV UHSODFHGE\WKH($&62LQ
($&1 (XURSHDQ$LU&KHPLVWU\1HWZRUN )RUIXUWKHUGHWDLOVVHHXQGHU($&62
($&26&223 ([HFXWLYH$VVLVWDQWWRWKH&KLHIRI ($+& (DVW$VLD+\GURJUDSKLF&RPPLVVLRQ
6WDIIIRU&RRSHUDWLRQ 0RQDFR 
RIILFLHUJpQpUDOGpOpJXpGX&(0SRXUODFRRSpUD ($+,/ (XURSHDQ$VVRFLDWLRQIRU+HDOWK
WLRQ ,QIRUPDWLRQDQG/LEUDULHV
($&5 (XURSHDQ$VVRFLDWLRQIRU&DQFHU5HVHDUFK ($+6: (XURSHDQ$JHQF\IRU+HDOWKDQG6DIHW\DW
($&62 (DVW$IULFDQ&RPPRQ6HUYLFHV :RUN
2UJDQL]DWLRQ (XURSHDQ&RPPXQLW\3URJUDP
7KH($&62KDVUHSODFHG($+& ($, (QJLQHHUVDQG$UFKLWHFWV,QVWLWXWH
)RUIXUWKHUGHWDLOVVHHXQGHU($+& ($. (WK\O$P\O.HWRQH
($' (ODERUD]LRQH$XWRPDWLFDGHL'DWL (WK\ODP\ONHWRQHDOVRNQRZQDVRFWDQRQHLV
,WDOLDQLQLWLDOLVPPHDQLQJ$XWRPDWLF'DWD XVHGPDLQO\LQSHUIXPHU\
3URFHVVLQJ 2UJDQLF&KHPLVWU\
($' (OHFWURDQWHQQRJUDSKLF*&'HWHFWLRQ ($. .HQ\D,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
(OHFWURSK\VLRORJLFDO7HFKQLTXHV WHUV
($' H[WHQGHGDLUGHIHQFH ($/* (XURSHDQ$TXDWLF/LEUDULHV*URXS
GpIHQVHDpULHQQHpODUJLH ($0 (OHFWULF$FFRXQWLQJ0DFKLQH
($'% (DVW$IULFDQ'HYHORSPHQW%DQN ($0 (PEHGGHG$WRP0HWKRG
7UHDW\IRU(DVW$IULFDQ&RRSHUDWLRQ 3K\VLFV
($'& (WK\ODOXPLQXP'LFKORULGH ($0 HPHUJHQF\DFWLRQPHVVDJH
($'5&& (XUR$WODQWLF'LVDVWHU5HVSRQVH PHVVDJHGHPHVXUHG
XUJHQFH
&RRUGLQDWLRQ&HQWUH ($0 (QWH$XWRWUDVSRUWL0HUFL
&HQWUHHXURDWODQWLTXHGHFRRUGLQDWLRQGHVLQWHU ,WDOLDQLQLWLDOLVPPHDQLQJ)UHLJKW7UDQVSRUW
YHQWLRQVHQFDVGHFDWDVWURSKH %RDUG
($'58 (XUR$WODQWLF'LVDVWHU5HVSRQVH8QLW ($067 (XURSHDQ$VVRFLDWLRQIRU0DULQH6FLHQFHV
8QLWpHXURDWODQWLTXHG
LQWHUYHQWLRQHQFDVGHFDWD DQG7HFKQLTXHV
VWURSKH ($1 (XURSHDQ$HURDOOHUJHQ1HWZRUN
($'6*URXS (XURSHDQ$HURQDXWLFV'HIHQVHDQG ($1 (XURSHDQ$UWLFOH1XPEHULQJ
6SDFH*URXS ($1 ([SHQGLWXUH$FFRXQW1XPEHU
($( ([SHULPHQWDO$OOHUJLF(QFHSKDORP\HOLWLV %XVLQHVV&RPPHUFH
,PPXQRELRORJ\,PPXQRORJ\0HGLFLQH ($1 ([SHULPHQWDO$OOHUJLF1HXULWLV
1HXURWUDQVSODQWV 0HGLFLQH1HXURORJ\
($( ([SHULPHQWDO$XWRLPPXQH(QFHSKDORP\HOLWLV ( & (QJLQHHULQJDQG&RQVWUXFWLRQ
%LRFKHPLVWU\&HOO%LRORJ\0HGLFLQH1HXURORJLF H H HDFKDQGHYHU\
'LVHDVHV1HXURSDWKRORJ\5KHXPDWRORJ\ $FFRXQWLQJ&RPPHUFH
($(& (DVW$VLD(FRQRPLF&DXFXV (DQG3 ([WUDRUGLQDU\DQG3OHQLSRWHQWLDU\
($(& (XURSHDQ$WRPLF(QHUJ\&RPPXQLW\ ( 2( (UURUVDQG2PLVVLRQV([FHSWHG
($(* (DVW$VLDQ(FRQRPLF*URXSLQJ $FFRXQWLQJ&RPPHUFH
($) (QWLW\$UPHG)RUFHV


($1+6 (DVW$IULFD1DWXUDO+LVWRU\6RFLHW\ ($6& (DVWHUQ$GPLQLVWUDWLYH6XSSRUW&HQWHU


.HQ\D  ($6& (WK\ODOXPLQXP6HVTXLFKORULGH
HDRQ H[FHSWDVRWKHUZLVHQRWHG ($6' (XURSHDQ$VVRFLDWLRQRI6HFXULWLHV'HDOHUV
($266 (QWH$XWRQRPR2UFKHVWUD6LQIRQLFD (XURSHDQ&RPPXQLW\
6LFLOLDQD 6LFLO\,WDO\  ($6'$4 (XURSHDQ$VVRFLDWLRQRI6HFXULWLHV
($3 (FROH(XURSpHQQHGHV$IIDLUHVGH3DULV 'HDOHUV$XWRPDWHG4XRWDWLRQ
)UHQFKLQLWLDOLVPRIWKH3DULV(XURSHDQ%XVLQHVV ($6, (VWLPDWHRI$GYHUVDU\6HTXHQFH,QWHUUXSWLRQ
6FKRRO )UDQFH  *UDSKLFV
($3 HPHUJHQF\DFWLRQSODQ ($61 (XURSHDQ$HURQDXWLFDO6XSHUFRPSXWLQJ
SODQG
DFWLRQG
XUJHQFH 1HWZRUN
($3 (PSOR\HH$VVLVWDQFH3URJUDP (DVRH (XURSHDQDUFWLFVWUDWRVSKHULFR]RQHH[SHUL
($3 (YRNHG$FWLRQ3RWHQWLDO PHQW
($3& (XUR$WODQWLF3DUWQHUVKLS&RXQFLO>IRUPHUO\ ($67 (GXFDWLRQDO$FFHVVDQG6XSSRUW7RROV
FDOOHG1$&&@ (XURSHDQ&RPPXQLW\
&RQVHLOGHSDUWHQDULDWHXURDWODQWLTXH &3($ ($67/$17 (DVW$WODQWLF>KDVUHSODFHG($67
>DQFLHQQHPHQWDSSHOp&&1$@ /$17 @
($3&&2(& (XUR$WODQWLF3DUWQHUVKLS&RXQFLOLQ (VWGHO
$WODQWLTXH>UHPSODFH($67/$17 @
&RXQFLO2SHUDWLRQVDQG([HUFLVH&RPPLWWHH (DVWHUQ$WODQWLF$UHD>REVROHWHUHSODFHGE\
&RQVHLOGHSDUWHQDULDWHXURDWODQWLTXHHQVHVVLRQ ($67/$17 @
GX&RPLWpGHVRSpUDWLRQVGX&RQVHLOHWGHVH[HUFL 6HFWHXURULHQWDOGHO
$WODQWLTXH>REVROqWHUHP
FHV SODFpSDU($67/$17 @
($30& (XUR$WODQWLF3DUWQHUVKLS0LOLWDU\ ($6< ([FHSWLRQ$QDO\VLV6<VWHP
&RPPLWWHH ($7 (DWLQJ$WWLWXGHV7HVW
&RPLWpPLOLWDLUHGHSDUWHQDULDWHXURDWODQWLTXH 3V\FKRORJ\
&03($  ($7 7DQ]DQLD,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQ
($30&&6 (XUR$WODQWLF3DUWQHUVKLS0LOLWDU\ OHWWHUV
&RPPLWWHHLQ&KLHIVRI6WDII6HVVLRQ ($7&+,3 (XURSHDQ$LU7UDIILF&RQWURO
&RPLWpPLOLWDLUHGHSDUWHQDULDWHXURDWODQWLTXHHQ +DUPRQL]DWLRQDQG,QWHJUDWLRQ3URJUDPPH
VHVVLRQGHVFKHIVG
pWDWPDMRU &03($ &(0  3URJUDPPHHXURSpHQG
KDUPRQLVDWLRQHWG
LQWpJUD
($5$ (QYLURQPHQW$XGLWRUV5HJLVWUDWLRQ WLRQGXFRQWU{OHGHODFLUFXODWLRQDpULHQQH
$VVRFLDWLRQ *%  ($706 (XURSHDQ$LU7UDIILF0DQDJHPHQW6\VWHP
($5/ (DV\$FFHVV5HSRUW/DQJXDJH ($8 HPHUJHQF\DFWLRQXQLW
($51 (XURSHDQ$FDGHPLF 5HVHDUFK1HWZRUN XQLWpG
LQWHUYHQWLRQG
XUJHQFH
($51ZDVODXQFKHGLQ ($8 ([WHQGHG$ULWKPHWLF8QLW
)RUIXUWKHUGHWDLOVVHHXQGHU7(5(1$ ($: 7KH(OHFWULF$VVRFLDWLRQIRU:RPHQ 86$ 
($520 (OHFWULFDOO\$OWHUDEOH5HDG2QO\0HPRU\ 7KH($: ZDVRUJDQL]HGLQ
&RPSXWHU7HFKQRORJ\ 7KH($520LVXVHGRQ ($: (OHFWURQLFDQG$FRXVWLF:DUIDUH
,%0FRPSXWHUV 0LOLWDU\6FLHQFH
($551 (XURSHDQ$UWLILFLDO5HHI5HVHDUFK ($:$* 6ZLVV)HGHUDO,QVWLWXWHRI(QYLURQPHQWDO
1HWZRUN 6FLHQFHDQG7HFKQRORJ\ 6ZLW]HUODQG 
$UWLILFLDO5HHI5HVHDUFK(XURSHDQ&RPPXQLW\ ($; (OHFWURQLF$XWRPDWLF([FKDQJH
3URMHFW (% (DUO\%XUVW
($56() (XURSHDQ$LUERUQH5HPRWH6(QVLQJ (% (OHPHQWDU\%RG\
)DFLOLW\ 9LURORJ\
($6 (OHFWURQLF$XWRPDWLF6ZLWFK (% (QF\FORSDHGLD%ULWDQQLFD
($6 (TXLYDOHQW$LUVSHHG (% (SLGHUPRO\VLV%XOORVD
$YLDWLRQ (SLGHUPRO\VLV%XOORVDLVDFRQJHQLWDOGLVHDVHRI
($6 (XURSHDQ$VWURQRPLFDO6RFLHW\ WKHVNLQDQGLVFKDUDFWHUL]HGE\WKHGHYHORSPHQW
)RUPHGLQWKH(XURSHDQ$VWURQRPLFDO RIEOLVWHUVDWWLPHVIROORZLQJWUDXPD
6RFLHW\VSRQVRUVPHHWLQJVDQGHQFRXUDJHVFRQWDFW 0HGLFLQH
DPRQJVFLHQWLVWV (% (WK\OEHQ]HQH
($6 ([WHQGHG$UHD6HUYLFH (%LVXVHGPDLQO\WRSURGXFHVW\UHQHDQGDVDVRO
7HOHFRPPXQLFDWLRQV YHQW


2UJDQLF&KHPLVWU\ (%V (OHPHQWDU\%RGLHV


(% (XUREDQN (%6 (PHUJHQF\%URDGFDVW6\VWHP
(%(% ([FHVV%DJJDJH 7KH(%6LQIRUPVOLVWHQHUVLQFDVHRIDQDWXUDOGLV
(%$0 (OHFWURQ%HDP$GGUHVVDEOH0HPRU\ DVWHURUZDU
(%& (XURSHDQ%R[LQJ&OXE 7HOHFRPPXQLFDWLRQV
(%&',& ([WHQGHG%LQDU\&RGHG'HFLPDO (%6 (QJLQHHUHG%DUULHU6\VWHP
,QWHUFKDQJH&RGH (%6 (SLGHUPRO\VLV%XOORVD6LPSOH[
7KH(%&',&LVDELQDU\FRGHLQZKLFKHDFKFKDU 'HUPDWRORJ\0HGLFLQH
DFWHULVUHSUHVHQWHGE\HLJKWELWV (%6 (XURSHDQ%XVLQHVV6FKRRO
&RPSXWHU3URJUDPPLQJ (%VHUYLFHV (OHFWURQLF%DQNLQJVHUYLFHV
(%&( (OHFWURQ%HDP&RQWURO(OHFWURQLFV (%6/* (XURSHDQ%XVLQHVV6FKRRO/LEUDULDQV
(%'FHOOV (PEU\RLG%RG\'HULYHGFHOOV *URXS
6WHP&HOO7KHUDSLHV (%6:& (%6:HEHU&RFND\QH
(EHQ (XURSHDQEXVLQHVVHWKLFVQHWZRUN (%8 (XURSHDQ%OLQG8QLRQ
,QWHUQDWLRQDO$VVRFLDWLRQ (%8GHDOVZLWKVSHFLDODVVLVWDQFHRIYLVXDOO\
(%, (OHFWURQ%HDP,UUDGLDWLRQ LPSDLUHG
(%, (XURSHDQ%LRLQIRUPDWLFV,QVWLWXWH (XURSHDQ&RPPXQLW\
(%,LVWKHSULPDU\SURYLGHURISXEOLFJHQRPH (%9 (SVWHLQ%DUU9LUXV
VHTXHQFHGDWDLQ(XURSH,WLVORFDWHGQHDU 1DPHGIRUWKH%ULWLVKSK\VLFLDQ0LFKDHO$QWKRQ\
&DPEULGJH *%  (SVWHLQ DQGWKH%ULWLVKYLURORJLVW<0%DUU
(%,2& H[WHQGHGEDVLVHQWLW\REMHFWFODVV 9LURORJ\0HGLFLQH
FODVVpODUJLHG
REMHFWVFDWpJRULHVpOpPHQWDLUHVG
L (%: (OHFWURQ%HDP:HOGLQJ
GHQWLWp (%:5 ([SHULPHQWDO%RLOLQJ:DWHU5HDFWRU
(%,6 (OHFWURQ%HDP,RQ6RXUFH 1XFOHDU(QJLQHHULQJ
(OHFWURQLFV (& (DVW&DULEEHDQ(DVW&RDVW
(%,7 (DUQLQJV%HIRUH,QWHUHVWDQG7D[HV HF DEEU HFRQRPLFV
%XVLQHVV)LQDQFH (& (FXDGRU
(%,7'$ (DUQLQJV%HIRUH,QWHUHVW7D[HV (& (GXFDWLRQ&RPPLWWHH
'HSUHFLDWLRQDQG$PRUWL]DWLRQ (& (OHFWULFDO&RQGXFWLYLW\
%XVLQHVV'HSUHFLDWLRQ3ROLFLHV)LQDQFH (& (OHFWULF&XUUHQW
9DOXDWLRQ0HWKRGV (OHFWULFLW\
(%/ ([SODQDWLRQ%DVHG/HDUQLQJ (& (OHFWURQ&DSWXUH
$UWLILFLDO,QWHOOLJHQFH (OHFWURQFDSWXUHLVDOVRNQRZQDVHOHFWURQDWWDFK
(%0 (OHFWURQ%HDP0DFKLQLQJ PHQW
0HWDOOXUJ\ $WRPLF3K\VLFV
(%1 (XURSHDQ%,&1HWZRUN (& (QGRWKHOLDO&HOO
)RUIXUWKHUGHWDLOVVHHXQGHU%,& (VVHQWLDOO\WKHHQGRWKHOLDOFHOOLVDVTXDPRXV
(%1$ (SVWHLQ%DUUYLUXV1XFOHDU$QWLJHQ HSLWKHOLDOFHOOIRUPLQJWKHHQGRWKHOLXP
0HGLFLQH0ROHFXODU9LURORJ\2QFRORJ\ +LVWRORJ\
HERRN HOHFWURQLFERRN (& (Q]\PH&ODVVLILFDWLRQ
(%3 (32%LQGLQJ3URWHLQ 7KHQDPLQJDQGFODVVLILFDWLRQRIHQ]\PHVRIWKH
)RUIXUWKHUGHWDLOVVHHXQGHU(32 1RPHQFODWXUH&RPPLWWHHRIWKH,QWHUQDWLRQDO
(%35 (QKDQFHG%RWWRP3UHVVXUH5HFRUGHU 8QLRQRI%LRFKHPLVWU\
(%5 (OHFWURQ%HDP5HFRUGHU5HFRUGLQJ (Q]\PRORJ\
(OHFWURQLFV (& (UURU&RUUHFWLRQ
(%5$ (XURSHDQ%LRPHGLFDO5HVHDUFK$VVRFLDWLRQ &RPSXWHU3URJUDPPLQJ
(%5$ ZDVODXQFKHGLQ6WUDVERXUJLQ1RYHPEHU (& (WK\OFHOOXORVH
 (&LVXVHGPDLQO\LQKRWPHOWDGKHVLYHVDQGFRDW
%LRPHGLFDO5HVHDUFK(XURSHDQ$VVRFLDWLRQV LQJVDQGSULQWLQJLQNVDVZHOODVLQIRRGDQGIHHG
,QIRUPDWLRQ1HWZRUNV1RQDQLPDO$OWHUQDWLYHV DGGLWLYHV
5HVHDUFK$QLPDOV 2UJDQLF&KHPLVWU\
(%5' (XURSHDQ%DQNIRU5HFRQVWUXFWLRQDQG (& (WK\OHQH&DUERQDWH
'HYHORSPHQW


(&DOVRNQRZQDV'LR[RORQHLVXVHGPDLQO\DV $ 8.EDVHG &DPEULGJH UHVHDUFKSURMHFW 


DSODVWLFL]HUDQGDVROYHQW  
2UJDQLF&KHPLVWU\ *UDVVODQG3URGXFWLYLW\3DVWXUH'HJUDGDWLRQ
(& (XURSHDQ&RPPLVVLRQ 6RFLDO$QWKURSRORJ\
(& (XURSHDQ&RPPXQLW\ (&&,3 (FROH&RPPHUFLDOHGHOD&KDPEUHGH
(& ([&RXSRQ &RPPHUFHHWG
,QGXVWULHGH3DULV )UDQFH 
(& ([KDXVW&ORVHV (&&0 HOHFWURQLFFRXQWHUFRXQWHUPHDVXUHV>REVR
(& ([SHUW&RQVXOWDQW OHWH@
(& ([WHQGHG&RYHUDJH FRQWUHFRQWUHPHVXUHVpOHFWURQLTXHV &&0(
(&$ (FRQRPLF&RPPLVVLRQIRU$IULFD >REVROqWH@
(&$ (FRQRPLF&RRSHUDWLRQ$GPLQLVWUDWLRQ (&&13 (XURSHDQ&RQIHUHQFHRQ&RPSXWHU
(&$ (PSOR\PHQW&RQGLWLRQV$EURDG *%  1HWZRUN3URWRFROV
(&$ (QWH&RPXQDOHGL$VVLVWHQ]D (&&2 ([WUHPHO\KHDY\&RVPLFUD\2EVHUYDWRU\
,WDOLDQDFURQ\PPHDQLQJ0XQLFLSDO5HOLHI%RDUG (&&2ZLOOUHDFKWKH,66LQ
(&$ (XURSHDQ&RFRD$VVRFLDWLRQ &RVPLF5D\V3K\VLFV6SDFH7HFKQRORJ\
(&$ (XURSHDQG&HQWUDO$VLD (& FRXSOLQJ ([FLWDWLRQ&RQWUDFWLRQFRXSOLQJ
(&$& (XURSHDQ&LYLO$YLDWLRQ&RQIHUHQFH 3DULV 0HGLFLQH3K\VLRORJ\
)UDQFH  (&&6 (PHUJHQF\&RUH&RROLQJ6\VWHP
(&$&& (XURSHDQ&RXQFLORI$PHULFDQ&KDPEHUV 1XFOHRQLFV
RI&RPPHUFH (&' (&ROL 'DWDEDVH
7KH(&$&&ZDVIRXQGHGLQ (&' (OHFWURQ&DSWXUH'HWHFWRU
(&$, (XURSHDQ&RQIHUHQFHRQ$UWLILFLDO 7KHHOHFWURQFDSWXUHGHWHFWRULVDFWXDOO\DVHQVLWLYH
,QWHOOLJHQFH GHWHFWRUXVHGLQJDVFKURPDWRJUDSK\
(&$2&,1 (QYLURQPHQWDO&ULWHULDDQG$VVHVVPHQW $QDO\WLFDO&KHPLVWU\
2IILFHLQ&,1FLQQDWL 86$  (&' (VWLPDWHG&RPSOHWLRQ'DWH
(&$5'$ (XURSHDQ&RKHUHQW$SSURDFKWR (&' ([WUDFHOOXODU'RPDLQ
5HVHDUFKDQG'HYHORSPHQWLQ$7& (&',1 (QYLURQPHQWDO&KHPLFDO'DWD,QIRUPDWLRQ
(&$53 (XURSHDQ&RPSXWDWLRQDO$HURG\QDPLFV 1HWZRUN
5HVHDUFK3URMHFW (&',6 (OHFWURQLF&KDUW'LVSOD\,QIRUPDWLRQ
(XURSHDQ&RPPXQLW\3URMHFW 6\VWHP
(&DU  (DVW&DULEEHDQ'ROODU (&( (FRQRPLF&RPPLVVLRQIRU(XURSH *HQHYD
&XUUHQFLHV 6ZLW]HUODQG 
(&% (QYLURQPHQWDO&KHPLVWU\DQG%LRORJ\ (&(V ([WUDFKURPRVRPDO(OHPHQWV
(&% (XURSHDQ&HQWUDO%DQN (YROXWLRQ*HQRPH6FLHQFH0LFURELDO*HQRPH
(&% H[SHQGDEOHFRPPXQLFDWLRQVEXR\ ,QLWLDWLYH2ULJLQVRI/LIH
ERXpHGHWpOpFRPPXQLFDWLRQVFRQVRPPDEOH (&(72& (XURSHDQ&KHPLFDO,QGXVWU\(FRORJ\
(&& (DUWK&RQWLQXLW\&RQGXFWRU DQG72[LFRORJ\&HQWUH %HOJLXP 
(FF DEEU (FFHOOHQ]D (&) HVVHQWLDOFRPPDQGIXQFWLRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJ([FHOOHQF\ IRQFWLRQHVVHQWLHOOHGHFRPPDQGHPHQW
/RUGVKLS (&) ([WHQGHG&DUH)DFLOLW\
HFF DEEU HFFHWHUD (&) ([WUDFHOOXODU)OXLG
,WDOLDQDEEUHYLDWLRQPHDQLQJHWFHWHUDDQGVRRQ 7KHH[WUDFHOOXODUIOXLGHVVHQWLDOO\FRQVLVWVRIXOWUD
(&& (PHUJHQF\&RUH&RRODQW ILOWUDWHVRIEORRGSODVPDDQGWUDQVFHOOXODUIOXLG
(&& (UURU&KHFNLQJDQG&RUUHFWLRQ $QDWRP\
(&& (UURU&RUUHFWLQJ&RGH (&)$ (XURSHDQ&RPPLWWHHIRU)XWXUH
7KHHUURUFRUUHFWLQJFRGHDOVRNQRZQDVVHOI $FFHOHUDWRUV
FRUUHFWLQJFRGHLVDGDWDUHSUHVHQWDWLRQWKDW (&)0* &HUWLILFDWLRQ (GXFDWLRQDO&RPPLVVLRQIRU
HQDEOHVGHWHFWLRQDQGFRUUHFWLRQRIVSHFLILFHUURUV )RUHLJQ0HGLFDO*UDGXDWHV&HUWLILFDWLRQ 86$ 
&RPSXWHU3URJUDPPLQJ (&)3 (QKDQFHG&\DQ)OXRUHVFHQW3URWHLQ
(&&& (XURSHDQ&RPPXQLWLHV&KHPLVWU\ %LRFKHPLVWU\&KHPLVWU\
&RPPLWWHH (&* (OHFWURFDUGLRJUDP(OHFWURFDUGLRJUDSK
(&&,$ (QYLURQPHQWDODQG&XOWXUDO&RQVHUYDWLRQ $OVR(.*
LQ,QQHU$VLD (&*& (OHFWURQ&DSWXUH*DV&KURPDWRJUDSK\


(&*' ([SRUW&UHGLWV*XDUDQWHH'HSDUWUQHQW (&0 ([WUDFHOOXODU0DWUL[


*%
VRIILFLDO,QVXUHU $QDWRP\%LRORJLFDO&KHPLVWU\'HYHORSPHQW
(&*) (QGRWKHOLDO&HOO*URZWK)DFWRU 0HGLFLQH2UWKRSHGLF6XUJHU\
)RUIXUWKHUGHWDLOVVHHXQGHU73 DQG3'(&*) (&0$ (XURSHDQ&RPSXWHU0DQXIDFWXUHU
V
(&+2 (XURSHDQ&RPPLVVLRQ+RVW2UJDQL]DWLRQ $VVRFLDWLRQ
(XURSHDQ&RPPXQLW\ (&00 (XURSHDQ&RPPXQLW\0RQLWRULQJ0LVVLRQ
+HDG2IILFH/X[HPERXUJ 0LVVLRQGHYpULILFDWLRQGHOD&RPPXQDXWp
(&+2 (XURSHDQ&RPPXQLW\+XPDQLWDULDQ2IILFH HXURSpHQQH
(XURSHDQ&RPPXQLW\ (&00 (XURSHDQ&RPPXQLW\0XOWLQDWLRQDO
(&+2 HYROXWLRQDU\FDSDELOLW\IRU+4RSHUDWLRQV 0RQLWRUV
FDSDFLWppYROXWLYHSRXUOHVRSpUDWLRQVGH4* (&06$ (XURSHDQ&KHPLFDO0DUNHWLQJ$QG
(&+2YLUXV (QWHULF&\WRSDWKRJHQLF+XPDQ 6WUDWHJ\$VVRFLDWLRQ
2USKDQYLUXV (&07 (XURSHDQ&RQIHUHQFHRI0LQLVWHUVRI
7KH(&+2YLUXVLVDOVRNQRZQDV(QWHURYLUXV 7UDQVSRUWV 3DULV)UDQFH 
9LURORJ\ (&0:) (XURSHDQ&HQWHUIRU0HGLXPUDQJH
(&, (QYLURQPHQWDO&KDQJH,QVWLWXWH ,UHODQG  :HDWKHU)RUHFDVWLQJ
$W18, 7KH(&0:)LVORFDWHGLQ5HDGLQJ *% 
%LRGLYHUVLW\&OLPDWH&KDQJH0DULQH $WPRVSKHULF5HVHDUFK0HWHRURORJ\
(QYLURQPHQW0RGHOOLQJ6\VWHPV6RFLDODQG (&1 (QHUJLH&HQWUXP1HGHUODQG
(FRQRPLF,PSDFW 7KH(&1LVWKH'XWFK1DWLRQDO(QHUJ\5HVHDUFK
)RUIXUWKHUGHWDLOVVHHXQGHU18, FHQWHU
(&, (XURSHDQ&RRSHUDWLRQLQ,QIRUPDWLFV 'XWFK&HQWHU
(&,) (OHFWURQLF&RPSRQHQWV,QGXVWU\)HGHUDWLRQ (&1 (XURSHDQ&KHPLFDO1HZV *% 
(&,1 DEEU (&RQRPLF,1GLFDWRUV 3XEOLFDWLRQ
(FRQRPLFV (&1V (OHFWURQLF&RPPXQLFDWLRQV1HWZRUNV
(&,3 (XURSHDQ&RPPXQLW\,QYHVWPHQW3DUWQHUV (&2 (OHFWURQ&RXSOHG2VFLOODWRU
(XURSHDQ&RPPXQLW\3URJUDP 7KH(OHFWURQ&RXSOHG2VFLOODWRULVDOVRNQRZQDV
(&/ (OHFWURJHQHUDWHG&KHPLOXPLQHVFHQFHRU 'RZ2VFLOODWRU
(OHFWURFKHPLOXPLQHVFHQFH (OHFWURQLFV
3K\VLFDO&KHPLVWU\ (&2 (QJLQHHULQJ&KDQJH2UGHU
(&/ (PLWWHU&RXSOHG/RJLF (&2 (XURSHDQ&RDO2UJDQL]DWLRQ
(OHFWURQLFV (&2 (XURSHFHQWUDOHHWRULHQWDOH
(&/ (QKDQFHG&KHPLOXPLQHVFHQFH &HQWUDODQG(DVWHUQ(XURSH & (( 
(&/ ([HFXWLYH&RQWURO/DQJXDJH (&2$ (TXDO&UHGLW2SSRUWXQLW\$FW 86$ 
7KHWHUPH[HFXWLYHFRQWUROODQJXDJHUHIHUVWRDVHW (&2),1 DEEU (&2QRPLDH),1DQ]D
RILQVWUXFWLRQVHQDEOLQJDSURJUDPPHUWRUXQD ,WDOLDQDEEUHYLDWLRQPHDQLQJ(FRQRPLFVDQG
SURJUDPVDWLVIDFWRULO\ )LQDQFH
&RPSXWHU3URJUDPPLQJ (&2/( (XURSHDQ&2OODERUDWLYH/HDUQLQJ
(&/$ (QJOLVK&DWKHGUDO/LEUDULHV$VVRFLDWLRQ (QYLURQPHQW
(&/$ (YDQJHOLFDO&KXUFK/LEUDU\$VVRFLDWLRQ (XURSHDQ&RPPXQLW\
(&/$& (FRQRPLF&RPPLVVLRQIRU/DWLQ$PHULFD (&20$ (XURSHDQ&2PSXWHU0HDVXUHPHQW
DQGWKH&DULEEHDQ 6DQWLDJR  $VVRFLDWLRQ
(&/$,53URJUDPPH (XURSHDQ&ROODERUDWLYH (&20$* (&2ORJLFDO0DQDJHPHQW$GYLVRU\
/LQNDJHRI$JULFXOWXUHDQG,QGXVWU\WKURXJK *URXS
5HVHDUFKSURJUDPPH HFRQ DEEU HFRQRPLFVHFRQRPLVWHFRQRP\
(XURSHDQ&RPPXQLW\3URJUDP (&223 (XURSHDQ&RQIHUHQFHRQ2EMHFW2ULHQWHG
(&0 (OHFWURFKHPLFDO0DFKLQLQJ 3URJUDPPLQJ
(&0 (OHFWURQLF&RXQWHUPHDVXUHV 2EMHFW2ULHQWHG3URJUDPPLQJ
FRQWUHPHVXUHVpOHFWURQLTXHV &0(  (&25 (QJLQHHULQJ&RPPLWWHHRQ2FHDQLF
(&0 (QWHUSULVH&XVWRPHU0DQDJHPHQW 5HVRXUFHV
6RIWZDUH'HYHORSPHQW (&25' (XURSHDQ&RQVRUWLXPIRU2FHDQ5HVHDUFK
(&0 (UURU&RUUHFWLRQ0RGH 'ULOOLQJ
(&0 (XURSHDQ&RPPRQ0DUNHW )RUIXUWKHUGHWDLOVVHHXQGHU2&3 DQG,2'3


(&262& 81(&2QRPLFDQG62FLDO&RXQFLO (&6(&LVDQ,%0


V(XURSHDQFHQWHUZLWK+HDG
1HZ<RUN86$  2IILFHLQ5RPH,WDO\
(&263URJUDP (QYLURQPHQWDO&RDVWDODQG2FHDQ (&66 (XURSHDQ&RPSXWLQJ6\VWHP6LPXODWRU
6FLHQFHV3URJUDP (&6: ([WHQGHG&KDQQHO6WDWXV:RUG
0XOWLGLVFLSOLQDU\3URJUDP (&6= (DVWHUQ&DOLIRUQLD6KHDU=RQH
(&266 (XURSHDQ&RQIHUHQFH2Q6XUIDFH6FLHQFH (&7 (DUOLHVW&RPSOHWLRQ7LPH
(&272; DEEU (&2ORJLFDO72;LFLW\ (&7 (OHFWURFRQYXOVLYH(OHFWUR&RQYXOVLYH
'DWDEDVHRIWKH86(QYLURQPHQWDO3URWHFWLRQ 7KHUDS\
$JHQF\ 3V\FKLDWU\3V\FKRORJ\3V\FKRSKDUPDFRORJ\
'DWDEDVH3ROOXWDQWV7R[LF6XEVWDQFHV (&7 (QHUJ\&KDUWHU7UHDW\
(&3 pFDUWFLUFXODLUHSUREDEOH 7KH(&7ZKLFKSURPRWHVORQJWHUPFRRSHUDWLRQ
FLUFXODUHUUURUSUREDEOH &(3   LQWKHHQHUJ\ILHOGZDVRSHQHGIRUVLJQDWXUHRQ
(&30 (XURSHDQ&HQWHUIRU3KDUPDFHXWLFDO WKHWK 'HFHPEHU
0HGLFLQH (&7 (QYLURQPHQWDO&RQWURO7DEOH
(F5 (FG\VWHURLG5HFHSWRU 'DWD&RPPXQLFDWLRQV
/DUYDO'HYHORSPHQW (&7 (VWLPDWHG&RPSOHWLRQ7LPH
(&5 (IILFLHQW&RQVXPHU5HVSRQVH (&7$ (UURU&RUUHFWLQJ7UHH$XWRPDWLRQ
(&5 (OHFWURQLF&DVK5HJLVWHU (&7$ HVWLPDWLRQGHFR€WGHW\SH$
7KHHOHFWURQLFFDVKUHJLVWHUDFWXDOO\FRQVLVWVRID W\SH$FRVWHVWLPDWH>7$&(@
GHYLFHWRVFDQSDFNDJHVDQGUHDGV\PEROVRQ (&7% (QJLQHHULQJDQG&RQWURO7HFKQRORJ\%UDQFK
ODEHOVDQGDFRPSXWHUWRFRQYHUWWKLVLQIRUPDWLRQ 86$ 
LQRUGHUWRLQGLFDWHSULFHVRILWHPVDQGDWWLPHV 2IWKH862FFXSDWLRQDO6DIHW\DQG+HDOWKZLWKLQ
NHHSDUHFRUGRIVDOHVDQGLQYHQWRULHV WKH&HQWHUVIRU'LVHDVH&RQWURODQG3UHYHQWLRQ
(QJLQHHULQJ (&7% HVWLPDWLRQGHFR€WGHW\SH%
(&5 HQHP\FRQWDFWUHSRUW W\SH%FRVWHVWLPDWH>7%&(@
FRPSWHUHQGXGHFRQWDFWDYHFO
HQQHPL (&7& HVWLPDWLRQGHFR€WGHW\SH&
(&5% (XURSHDQ&DQFHU5HVRXUFHV%DQN W\SH&FRVWHVWLPDWH>7&&(@
(XURSHDQ&RPPXQLW\ (&7)( (WK\OHQH&KORURWULIOXRURHWK\OHQH
&HQWUDOLVHVDQXPEHURIUDUHFDQFHUFHOOVWUDLQV (&7/ (PLWWHU&RXSOHG7UDQVLVWRU/RJLF
(&&DQFHU%DQNV H&7/V &\WRWR[LF7 /\PSKRF\WHHIIHFWRUV
(&5& (QJLQHHULQJ&ROOHJH5HVHDUFK&RXQFLO ,PPXQRORJ\
(&5(($ (XURSHDQ&RQIHUHQFHRI5DGLRDQG (&71 (SLVFRSDO&DWKHGUDO7HOHFRQIHUHQFLQJ
(OHFWURQLF(TXLSPHQW$VVRFLDWLRQ 1HWZRUN
(XURSHDQ$VVRFLDWLRQ (&8 (DVW&DUROLQD8QLYHUVLW\ 86$ 
(&5VRXUFH (OHFWURQ&\FORWURQ5HVRQDQFHVRXUFH (&8 (QJOLVK&KXUFK8QLRQ
(OHFWURQLFV (&8 (XURSHDQ&XUUHQF\8QLW
(&V (QGRWKHOLDO&HOOV 7KH(852(85 8 6LQJOHFXUUHQF\ZLWKHIIHFW
(&6 (QYLURQPHQWDO&RQWURO6\VWHP IURPMDQXDU\
7KH(&6LVLQWHQGHGIRUHQYLURQPHQWPRGLILFDWLRQ )LQDQFH,QWHUQDWLRQDO%XVLQHVV
RIDFORVHGVSDFH (FXD DEEU (FXDGRU
(QJLQHHULQJ (&9$0 (XURSHDQ&HQWHUIRUWKH9DOLGDWLRQRI
(&6 (XURSHDQ&ROODERUDWLYH6WXG\ $OWHUQDWLYH0HWKRGV
$,'65HVHDUFK 7KH(&9$0LVORFDWHGDW,VSUD ,WDO\ 
(&6& (XURSHDQ&RDODQG6WHHO&RPPXQLW\ (&:$ (FRQRPLF&RPPLVVLRQIRU:HVWHUQ$VLD
(&6&67((/'(0 3LORWDQG'HPRQVWUDWLRQ %DJGDG 
3URMHFWVLQWKH,URQDQG6WHHO,QGXVWU\ (&= 1(WK\OFDUED]ROH
(XURSHDQ&RPPXQLW\3URMHFW (' (DVWHUQ'HSDUWPHQW
(&6&:25.6$)( 6DIHW\LQWKH(XURSHDQ&RDO HG DEEU HGLWHGHGLWLRQ
DQG6WHHO&RPPXQLW\,QGXVWULHV HG DEEU HGLWRU
(XURSHDQ&RPPXQLW\3URJUDP $OVRHGLWHGW
(&6(& (XURSHDQ&HQWHUIRU6FLHQWLILFDQG 7KHHGLWRULVDSHUVRQZKRHGLWVDPDQXVFULSWRUD
(QJLQHHULQJ&RPSXWLQJ SXEOLFDWLRQ
(' (IIHFWLYH'RVH


0HGLFLQH ('& (XURSHDQ'HIHQVH&RPPXQLW\


(' (ODVWLFLW\RI'HPDQG ('& ([SHFWHG'DWHRI&RQILQHPHQW
%XVLQHVV(FRQRPLFV)LQDQFH 7KH('&UHIHUVWRWKHH[SHFWHGGDWHRIGHOLYHU\
(' (OHFWURQ'LVWULFW IRUSUHJQDQWZRPHQ
(' HOHFWURQLFGHFHSWLRQ 0HGLFLQH
GpFHSWLRQpOHFWURQLTXH ('&73 (8 '&V&OLQLFDO7ULDOVSDUWQHUVKLS
pQHUJLHGLULJpH (G' 'RFWRURI(GXFDWLRQ
GLUHFWHGHQHUJ\ '(  ('' (DUOLHVW'XH'DWH
H[SRVXUHGUDIW ,QGXVWULDO(QJLQHHULQJ
H[SRVpVRQGDJH ('' (FRQRPLF'HYHORSPHQW'HSDUWPHQW 'XEDL 
(' (OHFWURQLF'XPP\ ('' (QG'HOLYHU\'DWH
$FRXVWLFDO(QJLQHHULQJ %XVLQHVV&RPPHUFH
(' (QFU\SWLRQ'HYLFH (GG (QGRGHUPLQ
(' (QG'HOLPLWHU &HOOXODU%LRORJ\(QGRGHUP'HYHORSPHQW
(' (U\WKHPD'RVH 0HGLFLQH0ROHFXODU%LRORJ\
0HGLFLQH ('' (QJLQHHULQJ'HYHORSPHQW'LYLVLRQ
(' (['LYLGHQG 2IWKH863DFLILF0DULQH(QYLURQPHQWDO
(' ([WUD'LYLGHQG /DERUDWRU\
$OVR('' ('' (QYHORSH'HOD\'LVWRUWLRQ
(' ([WUD'XW\ ('' (VWLPDWHG'HOLYHU\'DWH([SHFWHG'DWHRI
(' 1$72('&RPSRQHQW>&RPSRQHQWRIWKH 'HOLYHU\
1$(: &IRUFHEDVHGDW5$):DGGLQJWRQ@ %XVLQHVV&RPPHUFH
eOpPHQW('GHO
27$1>pOpPHQWGHOD)RUFH ('' ([WUD'LYLGHQG
1$(: &EDVpjOD5$):DGGLQJWRQ@ $OVR('
('$ (FRQRPLF'HYHORSPHQW$GPLQLVWUDWLRQ %XVLQHVV&RPPHUFH)LQDQFH
86$  (''$ (WK\OHQHGLDPLQH'LDFHWLF$FLG
('$& (WK\OHQH'LDPLQH&DUERGLLPLGH ('(/:(,66 ([SHULHQFHSRXU'(WHFWHU/HV
('$ 3URJUDP ([FHVV'HIHQFH$UWLFOHV3URJUDP :LPSV(6LWH6RXWHUUDLQ )UDQFH 
('$5 HVWLPDWHGGDWHRIDXWKRUL]DWLRQUHTXHVW 7KH)UHQFK('(/:(,66FROODERUDWLRQEXLOGLQJD
GDWHSUpYXH RXSUREDEOH GHODGHPDQGHG
DXWRUL JHUPDQLXPERORPHWHULQWKH)UpMXVXQGHUJURXG
VDWLRQ '3'$  ODERUDWRU\
('$6 (OHFWURSKRUHVLV'RFXPHQWDWLRQDQG $VWURQRP\%RORPHWHUV
$QDO\VLV6\VWHP (') (QYLURQPHQWDO'HIHQVH)XQG(XURSHDQ
.RGDN'LJLWDO6FLHQFH 'HYHORSPHQW)XQG
('$6, (XURSHDQ'HYHORSPHQW$QG6RFLDO (')$ (UELXP'RSHG)LEHU$PSOLILHU
,QWHJUDWLRQ &KDRWLF/DVHUV&KDRWLF2SWLFDO:DYHIRUPV
(G% %DFKHORURI(GXFDWLRQ (')$V (UELXP'RSHG)LEUH$PSOLILHUV
('% (FRQRPLF'HYHORSPHQW%RDUG 6LQJDSRUH  (')5/ (UELXP'RSHG)LEHU5LQJ/DVHU
('% (WK\OHQH'LEURPLGH &KDRWLF/DVHUV&KDRWLF2SWLFDO:DYHIRUPV
%U&+&+%U(WK\OHQHGLEURPLGHLVXVHGPDLQO\ ('*$5(GJDU (OHFWURQLF'DWD*DWKHULQJ$QG
DVDVROYHQWLQRUJDQLFV\QWKHVLV 5HWULHYDO
2UJDQLF&KHPLVWU\ (', (FRQRPLF'HYHORSPHQW,QVWLWXWH
('%7 (XURSHDQ'RFWRULQ%LRWHFKQRORJ\ :RUOG%DQN,QVWLWXWH
('& (FRQRPLF'HYHORSPHQW&RPPLWWHH (',(GL (OHFWURQLF'DWD,QWHUFKDQJH
('& (FRQRPLF'HYHORSPHQW&RPSDQ\ (QWHUSULVH&RPSXWLQJ
2I/DQFDVWHU&RXQW\ 86$ ('&LVDSULYDWH (', (QJLQHHULQJ'HSDUWPHQW,QVWUXFWLRQ
QRQSURILWRUJDQL]DWLRQ (',06 (QYLURQPHQWDO'DWDDQG,QIRUPDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU,%(& 0DQDJHPHQW6\VWHPV
('& (OHFWURQLF'LJLWDO&RPSXWHU (GLQ DEEU (GLQEXUJK
('& (QHUJ\'LVWULEXWLRQ&XUYH (',1 (QWHQD]LRQDOHSHUOD'LIIXVLRQHH
0DWHULDOV6XSHUFRQGXFWLYLW\3K\VLFV O
,QFUHPHQWRGHOOD1DXWLFD
('& (QYLURQPHQWDO'DWD&HQWUH )LQODQG  (',1LVORFDWHGLQ5RPH,WDO\
('& (VWLPDWHG'DWHRI&RPSOHWLRQ (',3 (XURSHDQ'HIHQFH,PSURYHPHQW3URJUDPPH


SURJUDPPHG
DPpOLRUDWLRQGHODGpIHQVH (DUWKDQG3ODQHWDU\6FLHQFHV*HRORJ\,RQ
HXURSpHQQH 0LFURSUREH$QDO\VLV3HWURJUDSKLF6WXGLHV
(',6 (QYLURQPHQWDO'DWDDQG,QIRUPDWLRQ6HUYLFH ('6 (OHFWURQLF'DWD6\VWHPV 86$ 
86$  ('6 (QHUJ\'LVSHUVLYH6\VWHP
(', 6HUYLFH (OHFWURQLF'DWD,QWHUFKDQJH6HUYLFH ('6 (QJLQHHULQJ'HVLJQ6SHFLILFDWLRQ
('L68 (QWHUHJLRQDOHSHULO'LULWWRDOOR6WXGLR ('6 (QYLURQPHQWDO'DWD6HUYLFH 86$ 
8QLYHUVLWDULR ,WDO\  2IWKH8612$$
HGLW DEEU HGLWHGHGLWLRQHGLWRU )RUIXUWKHUGHWDLOVVHHXQGHU12$$
$OVRHG ('6 HVWLPDWHGGDWHRIVWDUW
HGLW HGLWRUH DGDWHGHFRPPHQFHPHQWSUpYXH '&3 
,WDOLDQDEEUHYLDWLRQPHDQLQJSXEOLVKHU EGDWHGHGpEXWSUREDEOH
('/ (QWU\'HVFHQWDQG/DQGLQJ ('6 ([FKDQJHDEOH'LVN6WRUDJH
)RUIXUWKHUGHWDLOVVHHXQGHU$6,0(7 &RPSXWHU7HFKQRORJ\
('/ (VVHQWLDO'UXJV/LVW ('6(6 (XURSHDQ'DWD6\VWHPIRU(QHUJ\6DYLQJ
('/ PXVFOHV ([WHQVRU'LJLWRUXP/RQJXVPXVFOHV ('63 (QGRFULQH'LVUXSWRU6FUHHQLQJ3URJUDP
0HGLFLQH0XVFOH$JLQJ.LQHVLRORJ\3K\VLRORJ\ 86$ 
('0 (OHFWURQ'LVFKDUJH0DFKLQLQJ ('7 (DVWHUQ'D\OLJKW7LPH
(OHFWURQGLVFKDUJHPDFKLQLQJLVDOVRNQRZQDV HGW DEEU HGLWRU
HOHFWULFDOGLVFKDUJHPDFKLQLQJHOHFWURHURVLYH )RUIXUWKHUGHWDLOVVHHXQGHUHG
PDFKLQLQJHOHFWURVSDUNPDFKLQLQJHOHFWULFVSDUN ('7 (QJLQHHULQJ'HVLJQ7H[W
PDFKLQLQJ ('7$ (WK\OHQHGLDPLQHWHWUDDFHWLF$FLG
0HWDOOXUJ\ ('7$ LVXVHGPDLQO\DVDFKHODWLQJDJHQWDQGD
('0 (OHFWURQLF'LVWDQFH0HWHU IRRGSUHVHUYDWLYH
(UXSWLYH$FWLYLWLHV)LHOGPHDVXUHPHQWVRI 2UJDQLF&KHPLVWU\
'HIRUPDWLRQV*HRSK\VLFV6HLVPLF5HVHDUFK ('7$1 (WK\OHQHGLDPLQHWHWUDDFHWRQLWULOH
9ROFDQLF+D]DUGV9ROFDQRORJ\ HGXF DEEU HGXFDWHGHGXFDWLRQHGXFDWLRQDO
('0 (YHQW'ULYHQ0RQLWRU ('9$& (OHFWURQ'LVFUHWH9DULDEOH$XWRPDWLF
7KHHYHQWGULYHQPRQLWRUDFWXDOO\FDUULHVRXW &RPSLOHU
DFWLRQVZKHQFHUWDLQHYHQWVWDNHSODFH ('9$&EHFDPHRSHUDWLRQDOLQ
&RPSXWHU7HFKQRORJ\ &RPSXWHU7HFKQRORJ\
('0(' (XURSHDQ'LUHFWRU\RI0DULQH (': HIIHFWLYHGRZQZLQG
(QYLURQPHQWDO'DWD YHQWHIIHFWLIGHUHWRPEpH 9(5 
('2 ([WHQGHG'XUDWLRQ2UELWHU (':$ (UELXP'RSHG:DYHJXLGH$PSOLILHU
('203 ('20HGLFDO3URMHFW )RUPHWURDUHDQHWZRUNV
(G3 (OHFWULFLGDGHGH3RUWXJDO (';DQDO\VLV (OHFWURQLQGXFHG;UD\IOXRUHVFHQFH
(G3 LVWKHQDWLRQDOSRZHUXWLOLW\ DQDO\VLV
('3 (OHFWURQ'HJHQHUDF\3UHVVXUH &KHPLVWU\&KHPLFDO%LRORJ\
$VWURQRP\0DWKHPDWLFV3K\VLFV ('; VSHFWUD (QHUJ\'LVSHUVLYH;UD\VSHFWUD
('30 (OHFWURQLF'DWD3URFHVVLQJ0DFKLQH (( (DVW HUQ (XURSHDQ
('36 (OHFWURQLF'DWD3URFHVVLQJ6\VWHP (( (OHFWULFDO(QJLQHHU
7KHHOHFWURQLFGDWDSURFHVVLQJV\VWHPLVXVHGIRU (( HPHUJHQF\HVWDEOLVKPHQW
KLJKVSHHGGDWDSURFHVVLQJ WDEOHDXG
HIIHFWLIVG
XUJHQFH 7(8 
&RPSXWHU7HFKQRORJ\ (( (PSOR\PHQW([FKDQJH
('3V (PSOR\HH'HYHORSPHQW3URJUDPV (( (QGWR(QG
('5 (XURSHDQ'HSRVLWDU\5HFHLSW (( (QYLURQPHQWDO(GXFDWLRQ
('5$ (QYLURQPHQWDO'HVLJQ5HVHDUFK (( (TXLW\(DUQLQJV
$VVRFLDWLRQ %XVLQHVV)LQDQFH
(GXFDWLRQDO:HE6LWHV (( (UURUV([FHSWHG
('5) (QGRWKHOLXP'HULYHG5HOD[LQJ)DFWRU &RPPHUFH)LQDQFH
$OVR(QGRWKHOLDO'HSHQGHQW5HOD[LQJ)DFWRU ((D DWLSLFDO(DUO\(QGRVRPH
('56 (XURSHDQ'DWD5HOD\6DWHOOLWH (($ (J\SWLDQ(OHFWULFLW\$XWKRULW\ (J\SW 
('6 (QHUJ\'LVSHUVLYH6SHFWURVFRS\ [UD\ (($ (OHFWURQLF(QJLQHHULQJ$VVRFLDWLRQ
6SHFWURPHWHU  (($ (WK\OHQH(WK\O$FU\ODWH


(($ (XURSHDQ(FRQRPLF$UHD ,WDOLDQLQLWLDOLVPPHDQLQJ'LVWULFW2IILFHVIRUWKH


(($ (XURSHDQ(QYLURQPHQW$JHQF\ 3URPRWLRQRI7RXULVP
(($ FRXQWULHV (XURSHDQ(FRQRPLF$UHDFRXQWULHV ((3520 (OHFWULFDOO\(UDVDEOH3URJUDPPDEOH
(XURSHDQ&RPPXQLW\ 5HDG2QO\0HPRU\
((E EDVRODWHUDO(DUO\(QGRVRPH 7KH((3520FDQEHHOHFWULFDOO\HUDVHGDQG
((%((% (XURSHDQ(QYLURQPHQWDO%XUHDX UHSURJUDPPHG
((& (XURSHDQ(FRQRPLF&RPPXQLW\ ((5 H[SORVLYHHFKRUDQJLQJ
((&$ (XURSHDQ(OHFWURQLF&RPSRQHQW ORFDOLVDWLRQG
pFKRVSDUFKDUJHH[SORVLYH
0DQXIDFWXUHUV
$VVRFLDWLRQ ((5, (DUWKTXDNH(QJLQHHULQJ5HVHDUFK,QVWLWXWH
7KH((&$ UHSUHVHQWV(XURSHDQ8QLRQ 6HLVPRORJ\
6HPLFRQGXFWRU0DQXIDFWXUHUV ((52 (XURSHDQ(QYLURQPHWDO5HVHDUFK
(XURSHDQ$VVRFLDWLRQ 2UJDQL]DWLRQ 7KH1HWKHUODQGV 
((' HOHFWURQH[SORVLYHGHYLFH ((520 (OHFWULFDOO\(UDVDEOH5HDG2QO\0HPRU\
GLVSRVLWLIpOHFWURH[SORVLI 7KH((520FRQWHQWVFDQEHHUDVHGDQGUHSUR
((( (QFpSKDOLWHpTXLQHGHW\SH(VW JUDPPHGDVPDQ\WLPHVDVGHVLUHGZLWKRXWGDP
)UHQFKLQLWLDOLVPPHDQLQJ(DVWHUQ(TXLQH DJLQJWKHGHYLFH
(QFHSKDORP\HOLWLVRU(QFHSKDOLWLV ((7& (OHFWURQLF(TXLSPHQW7HFKQLFDO&RPPLWWHH
0HGLFLQH (OHFWURQLFV
(((0GHSDUWPHQW (QYLURQPHQWDO(FRQRPLFVDQG ((7,6 (OHFWULFDO(OHFWURQLF7HOHFRPPXQLFDWLRQV
(QYLURQPHQWDO0DQDJHPHQWGHSDUWPHQW ,QIRUPDWLRQWHFKQRORJ\6HFWRUV
8QLYHUVLW\RI<RUN *%  86(&%XVLQHVV
((), HVVHQWLDOHOHPHQWVRIIULHQGO\LQIRUPDWLRQ ((; (XURSHDQ(PHUJHQF\([FKDQJH
pOpPHQWVHVVHQWLHOVG
LQIRUPDWLRQVDPLHV 7KH)UDQNIXUWEDVHG(OHFWULFLW\7UDGLQJ0DUNHW
((* (OHFWURHQFHSKDORJUDP ((= ([FOXVLYH(FRQRPLF=RQH
(OHFWURHQFHSKDORJUDSK () (GHPD)DFWRU
0HGLFLQH $QWKUD[7R[LQ%LRFKHPLVWU\&HOO%LRORJ\'HQWDO
((*DFWLYDWLRQDURXVDO(OHFWURHQFHSKDORJUDSKLF 5HVHDUFK0HGLFLQH
DFWLYDWLRQDURXVDO () (PLWWHU)ROORZHU
%LRPHGLFLQH3V\FKLDWU\ 7KHHPLWWHUIROORZHULQLWVRSHUDWLRQVLVVLPLODUWR
((, (GLVRQ(OHFWULF,QVWLWXWH WKHFDWKRGHIROORZHU
((, ([R(DUWK,PDJHU (OHFWURQLFV
$VWURQRP\ ()() (QJLQHHULQJ)RXQGDWLRQ
((, (VVHQWLDO(OHPHQWVRI,QIRUPDWLRQ () (XURSH)XQG
((,%((,% (QYLURQPHQWDO(QJLQHHULQJ () ([HFXWLRQ)XQFWLRQ
,QWHUVRFLHW\%RDUG,QF () HQHP\IRUFHV
((,* (XURSHDQ(FRQRPLF,QWHUHVW*URXS IRUFHVHQQHPLHV
(XURSHDQ&RPPXQLW\ H[HUFLFHILQDQFLHU
((/6 (OHFWURQ(QHUJ\/RVV6SHFWUD6SHFWURVFRS\ ILQDQFLDO\HDU RUILVFDO\HDU 
((/6LVDOVRNQRZQDV(OHFWURQ,PSDFW H[WHUQDOIRUFHV
6SHFWURVFRS\ IRUFHVH[WpULHXUHV
((17 (\H(DU1RVH7KURDW () ([WHQGHG)DFLOLW\
((2 (TXDO(PSOR\PHQW2SSRUWXQLW\ ()$ (XURSHDQ)HUWLOLW\$VVRFLDWLRQ
((2& (TXDO(PSOR\PHQW2SSRUWXQLW\ ()$ (XURSHDQ)LJKWHU$LUFUDIW
&RPPLVVLRQ 86$  DYLRQGHFRPEDWHXURSpHQ
((2+XQLW (QYLURQPHQWDO(SLGHPLRORJ\DQG ()$V (VVHQWLDO)DWW\$FLGV
2FFXSDWLRQDO+HDOWKXQLW 7KH()$VDUHSRO\XQVDWXUDWHGIDWW\DFLGVWKDWKDYH
((3 (QWH(XURSHRSHUOD3URGXWWLYLWj WREHLQFOXGHGLQPDPPDOVGLHWV
,WDOLDQLQLWLDOLVPPHDQLQJ(XURSHDQ%RDUGIRU ()& (VWLPDWHG)LQDO&RVW
3URGXFWLYLW\ %XVLQHVV&RPPHUFH
((3 ([SRUW(QKDQFHPHQW3URJUDP 86$  () FRLOV (TXLOLEULXP)LHOGFRLOV
((33 (QWL3XEEOLFL ()'$ (XURSHDQ)HGHUDWLRQRI'DWD3URFHVVLQJ
,WDOLDQLQLWLDOLVPPHDQLQJ3XEOLF%RGLHV ()( (LQVWHLQ)LHOG(TXDWLRQV
((3377 (QWL3URYLQFLDOLSHULO7XULVPR 3K\VLFV


()('$ (FKLYLDO)LHOG([SHULPHQWLQ 7KH()0LVXVHGGXULQJODERUWRPRQLWRUIHWDO


'HVHUWLILFDWLRQWKUHDWHQHG$UHDV KHDUWEHDWDQGXWHULQHFRQWUDFWLRQV
(XURSHDQ&RPPXQLW\3URJUDP(QYLURQPHQWDO 0HGLFLQH
3URWHFWLRQ0HWHRURORJ\ ()0' (XURSHDQ)RXQGDWLRQIRU0DQDJHPHQW
()(62 (QWHGL)RUPD]LRQHSHUO
(FRQRPLD 'HYHORSPHQW
62FLDOH /RFDWHGLQ%UXVVHOV%HOJLXP)RXQGHGLQ
()(62LVORFDWHGLQ%RORJQD,WDO\ DQLQWHUQDWLRQDOQHWZRUNZLWKDPL[HGPHPEHUVKLS
HII DEEU HIIHWWLYR RIFRUSRUDWLRQVSXEOLFDQGSULYDWHRUJDQL]DWLRQV
,WDOLDQDEEUHYLDWLRQPHDQLQJDFWXDOHIIHFWLYH DQGHGXFDWLRQDOLQVWLWXWLRQVDLPLQJWREHDIRFDO
HII DEEU HIIHWWR SRLQWIRULQIRUPDWLRQUHVHDUFKDQGGLVFXVVLRQRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJELOOSURPLVVRU\ EHVWSUDFWLFHFUHDWLYLW\DQGLQQRYDWLRQLQKXPDQ
QRWH UHVRXUFHGHYHORSPHQWLQ(XURSH
HII DEEU HIILFLHQF\ 0DQDJHPHQW'HYHORSPHQW
()) (PSLULFDO)RUFH)LHOG ()2$(IRD8QLYHUVLW\ (XURSHDQ)HGHUDWLRQRI
&KHPLFDO3K\VLFV&KHPLVWU\0DFURPROHFXODU 2ULHQWDO$UWV8QLYHUVLW\
6FLHQFH3RO\PHU5HVHDUFK ()2$ LVDUHJLVWHUHGWUDGHPDUN
()) ([FKDQJH)RU)XWXUHV ()3 ([FKDQJH)RU3K\VLFDOV
%XVLQHVV(FRQRPLFV)LQDQFH HISK HTXLYDOHQWIXOOSRZHUKRXU
()) ([SHULPHQWDO)RUHFDVW)DFLOLW\ 86$  ()40()40 (XURSHDQ)RXQGDWLRQIRU4XDOLW\
()) ([WHQGHG)XQG)DFLOLW\ 0DQDJHPHQW
)RUIXUWKHUGHWDLOVVHHXQGHU&&))(6$)DQG 7KH()40VHWD(XURSHDQ0RGHO LQ IRU
6$) 7RWDO4XDOLW\0DQDJHPHQWXVHGDVDYDOXDWLRQ
HIIHFW DEEU HIIHFWLYH PRGHO
())267 (XURSHDQ)HGHUDWLRQRI)2RG6FLHQFH ()6 (FRORJLFDO)DUPLQJ6\VWHPV
DQG7HFKQRORJ\ (XURSHDQ&RPPXQLW\3URMHFW
(IJ (QKDQFHGILODPHQWRXVJURZWK ()6$ (XURSHDQ)RRG6DIHW\$XWKRULW\
&HOO%LRORJ\*HQHWLFV0LFURELRORJ\ ()6$ LVDQLQGHSHQGHQW%RG\HVWDEOLVKHGLQ
7UDQVFULSWLRQ -DQXDU\
()+ (FKR)UHH+ROH ()65 (PHUJHQF\)RRG6HFXULW\5HVHUYH
(), (OHFWURQLF)XHO,QMHFWLRQ (WKLRSLD 
0RWRU9HKLFOHV ()7 (OHFWURQLF)LQDQFLDO7UDQVDFWLRQ
(), (QWH)LQDQ]LDPHQWL,QGXVWULDOL ()7(IW (OHFWURQLF)XQGV7UDQVIHU
,WDOLDQDFURQ\PPHDQLQJ,QGXVWULDO)LQDQFLQJ 7KHHOHFWURQLFIXQGVWUDQVIHULVDFWXDOO\DPHWKRG
%RDUG RIWUDQVIHUULQJEDQNIXQGVE\HOHFWURQLFPHDQV
(),SUREHV (OHFWULF)LHOG,QVWUXPHQWSUREHV %DQNLQJ
*HRSK\VLFV6SDFH6FLHQFH ()7$ (XURSHDQ)UHH7UDGH$VVRFLDWLRQ *HQHYD 
(),' (XURSHDQQHWZRUNRI)RRG,QWROHUDQFH ()7326 (OHFWURQLF)XQGV7UDQVIHUDW3RLQW2I
'DWDEDQNV 6DOH
(XURSHDQ&RPPXQLW\3URMHFW)RRG$OOHUJ\DQG ()76 (OHFWURQLF)XQGV7UDQVIHU6\VWHP
,QWROHUDQFH )RUIXUWKHUGHWDLOVVHHXQGHU()7
(),13 (QWHGL)RUPD]LRQH,PSUHVD1R3URILW ()< (QGRI)LVFDO<HDU
,WDO\  %XVLQHVV)LQDQFH
(),6+JHQHUDWLRQH[SHULPHQWV (OHFWULF)LHOG (J DEEU (J\SW(J\SWLDQ
,QGXFHG6HFRQG+DUPRQLF*HQHUDWLRQH[SHUL (* ([KDXVW*DV
PHQWV 7KHWHUPH[KDXVWJDVUHIHUVWRVSHQWJDVIURPD
2SWLFDO6FLHQFHV JDVWXUELQHRUDQLQWHUQDOFRPEXVWLRQHQJLQH
()/ (UURU)UHTXHQF\/LPLW 0HFKDQLFDO(QJLQHHULQJ
&RPSXWHU7HFKQRORJ\ HJ IRUH[DPSOH
()/ HVWDEOLVKHGILQDQFLDOOLPLW (*$ (QKDQFHG*UDSKLFV$GDSWHU
OLPLWHILQDQFLqUHpWDEOLH /)(  7KH(*$ LVDVHFRQGJHQHUDWLRQFRORUYLGHRGLV
()/ ([WHUQDO)LQDQFH/LPLW SOD\
()/$ (GXFDWLRQDO)LOP/LEUDU\$VVRFLDWLRQ &RPSXWHU7HFKQRORJ\
()0 (OHFWURQLF)HWDO0RQLWRU (*$ (YROYHG*DV$QDO\VLV


(*$/ (XURSHDQ*URXSRI$VWURQRP\/LEUDULDQV %LRORJ\(FG\VLV&RQWURO=RRORJ\


/LEUDU\$VVRFLDWLRQ (+ (SLGHUPRO\WLF+\SHUNHUDWRVLV
(*$7 (OHFWULFLW\*HQHUDWLQJ$XWKRULW\RI7KDLODQG &DQFHU5HVHDUFK.HUDWLQ0XWDWLRQV0HGLFLQH
(*FHOOV (PEU\RQLF*HUPFHOOV 0ROHFXODU*HQHWLFV6NLQ'LVRUGHUV
(*' (OHFWURJDV'\QDPLFV (+GRPDLQV (SVKRPRORJ\GRPDLQV
(*' (YROYHG*DV'HWHFWLRQ %LRFKHPLVWU\%LRSK\VLFV&HOO%LRORJ\
(*'1 (WK\OHQH*O\FRO'LQLWUDWH 0ROHFXODU%LRORJ\
(*) (SLGHUPDO*URZWK)DFWRU (+( (QWHUSULVHLQ+LJKHU(GXFDWLRQ
(QGRFULQRORJ\ (+(& (WK\O+\GUR[\HWK\O&HOOXORVH
(**V (YDSRUDWLQJ*DVHRXV*OREXOHV (+(66 (FROHGHV+DXWHV(WXGHVHQ6FLHQFHV
(**663 (LIHOLDQ*LYHWLDQ*663 6RFLDOHV )UDQFH 
*HRORJ\*HRSK\VLFV (+)HKI ([WUHPHO\+LJK)UHTXHQF\
)RUIXUWKHUGHWDLOVVHHXQGHU*663 7KHH[WUHPHO\KLJKIUHTXHQF\LVLQWKHUDQJHIURP
(*/ ([WHUQDO*HUPLQDO/D\HU WR0+]
(*0 (QKDQFHG*UDSKLFV0RGXOH 7HOHFRPPXQLFDWLRQV
(*0 ([WUDRUGLQDU\*HQHUDO0HHWLQJ (+,3 (XURSHDQ+$:.,PSURYHPHQW3URJUDPPH
(JPF (DVW*HUPDQLF 3URJUDPPHG
DPpOLRUDWLRQGX+$:.HXURSpHQ
/DQJXDJHV 1RORQJHUH[WDQW (+/$66 &RPPXQLW\6\VWHPRILQIRUPDWLRQRQ
(*2 (FFHQWULFRUELWLQJ*HRSK\VLFDO2EVHUYDWRU\ +RPHDQG/HLVXUH$FFLGHQWV
(*3 ([WUDPXUDO*UDQW3URJUDP (XURSHDQ&RPPXQLW\3URMHFW
86*UDQW3URJUDPV (+0$ (XURSHDQ+RWHO0DQDJHUV
$VVRFLDWLRQ
(*3 ([WUDVRODU*LDQW3ODQHW (+3HKS (IIHFWLYH+RUVHSRZHU
(*3V ([WUDVRODU*LDQW3ODQHWV (IIHFWLYHKRUVHSRZHULVDOVRNQRZQDV7RZURSH
$VWURQRP\$VWURSK\VLFV3ODQHWDU\6FLHQFH +RUVHSRZHU
(*5 (WDQJGHOD*5XqUH 7HOHFRPPXQLFDWLRQV
,QWKH-XUDPRXQWDLQV6ZLW]HUODQG (+3HKS (OHFWULF+RUVHSRZHU
(*5 ([KDXVW*DV5HFLUFXODWLRQ (+5SURJUDPV (GXFDWLRQDQG+XPDQ5HVRXUFH
(*5(7 (QHUJHWLF*DPPD5D\([SHULPHQW SURJUDPV 86$ 
7HOHVFRSH 2IWKH$$$6
$VWURQRP\6SDFH3K\VLFV )RUIXUWKHUGHWDLOVVHHXQGHU$$$6
(*6 (XURSHDQ*HRSK\VLFDO6RFLHW\ (+9HKY ([WUD+LJK9ROWDJHRUH[WUDKLJKWHQVLRQ
(*6 ([WHUQDO*XLGH6HTXHQFH (+9 LVDYROWDJHDERYHNLORYROWV
7KH(*6LVDVKRUWSLHFHRI'1$ (OHFWULFLW\
%DFWHULDO5HVLVWDQFH0LFURELRORJ\0ROHFXODU (, 7KHDLUOLQHFRGHIRU$HU/LQJXV
%LRORJ\ (, (DUQHG,QFRPH
(*6$ (GXFDWLRQDO*XLGDQFH6HUYLFHVIRU$GXOWV %XVLQHVV)LQDQFH
*%  HL (DVW,QGLDQ
(*7 (WK\OHQH*O\FROELV 7ULFKORURDFHWDWH  (, (DVW,QGLHV
(*7 LVXVHGDVDQKHUELFLGH (, (FKR,QWHQVLW\
2UJDQLF&KHPLVWU\ 7KH(,LVWKHEULJKWQHVVGHJUHHRIDUDGDUHFKR
(*7 (XURSHDQ*DV7XUELQHV *%  VLJQDO
*DV7XUELQH0DQXIDFWXUH (OHFWURQLFV
(*7 JHQH (FG\VWHURLG8'3*OXFRV\O7UDQVIHUDVH (, (OHFWURQ,RQL]DWLRQ
JHQH (, (QFLFORSHGLD,WDOLDQD
%LRORJ\%LRWHFKQRORJ\(QYLURQPHQWDO6FLHQFH ,WDOLDQLQLWLDOLVPPHDQLQJ,WDOLDQ(QF\FORSDHGLD
3ROLF\DQG0DQDJHPHQW%DFXORYLURORJ\0HGLFDO (, (QHUJ\,QWHQVLW\
5HVHDUFK (, (QWHUSULVH,QWHJUDWLRQ
(J\SW DEEU (J\SWLDQ (, (QWHUSULVH,UHODQG
(J\SWLDQLVWKH$IUR$VLDWLFODQJXDJHRIWKH $QHQWHUSULVHGHYHORSPHQW$JHQF\
DQFLHQW(J\SWLDQV $GYDQFHG7HFKQRORJ\IRU%LRWHFKQRORJ\
/DQJXDJHV )RUIXUWKHUGHWDLOVVHHXQGHU%5,
(+ (DUO\+RORFHQH (, (VHUFLWR,WDOLDQR
(+ (FORVLRQ+RUPRQH ,WDOLDQLQLWLDOLVPPHDQLQJ,WDOLDQ$UP\


(, ([DFW,QWHUHVW([,QWHUHVW (,)$1 (XURSHDQ,QGHSHQGHQW)LQDQFLDO$GYLVHUV


%XVLQHVV)LQDQFH 1HWZRUN
(, ([SRVXUH,QGH[ (,0 (QWH,WDOLDQRGHOOD0RGD
*UDSKLF$UWV ,WDOLDQDFURQ\PPHDQLQJ,WDOLDQ)DVKLRQ%RDUG
(, ,UHODQG (,0, (XOHU,QWHUQDWLRQDO0DWKHPDWLFDO,QVWLWXWH
(,$ (OHFWURQLF,QGXVWULHV$VVRFLDWLRQ (,0,ORFDWHGLQ6W3HWHUVEXUJ5XVVLDZDVIRXQG
(,$ (QHUJ\,QIRUPDWLRQ$GPLQLVWUDWLRQ 86$  HGLQ1DPHGIRUWKH6ZLVVPDWKHPDWLFLDQ
(,$ (QHUJ\,QIRUPDWLRQ$JHQF\ 86$  /HRQKDUG(XOHU
(,$ (QYLURQPHQWDO,PSDFW$VVHVVPHQW ,QWHUQDWLRQDO,QVWLWXWH0DWKHPDWLFV
,VVXHGLQWKH86$\HDUVDJRWKH1DWLRQDO (,06 (XURSHDQ,QQRYDWLRQ0RQLWRULQJ6\VWHP
(QYLURQPHQWDO3ROLF\$FWLQWURGXFHGIRUWKHILUVW (XURSHDQ&RPPXQLW\
WLPHWKHFRQFHSWRI(QYLURQPHQWDO,PSDFW (,1 (XURSHDQ,QIRUPDWLFV1HWZRUN
$VVHVVPHQW (,1(&6 (XURSHDQ,1YHQWRU\RI([LVWLQJ&KHPLFDO
(,$ (Q]\PH,PPXQRDVVD\ 6XEVWDQFHV
(,$(LD&HQWHU (XURSHDQ,PSDFW$VVHVVPHQW (,2', ([WHUQDO,QGHSHQGHQW2UJDQL]DWLRQRIWKH
&HQWHU 'HIHQVH,QGXVWU\
(,$'6 H[WHQGHGLQWHJUDWHGDLUGHIHQFHV\VWHP (,20 (QWH,WDOLDQR2UJDQL]]D]LRQH0RVWUH ,WDO\ 
V\VWqPHGHGpIHQVHDpULHQQHLQWpJUpHpODUJLH (,3(LS (QWHUSULVH,QIRUPDWLRQ3RUWDO
(,$- (OHFWURQLF,QGXVWULHV$VVRFLDWLRQRI-DSDQ (,5(1( (XURSHDQ,QIRUPDWLRQ5(VHDUFKHUV
(,% (XURSHDQ,QYHVWPHQW%DQN 1(WZRUN
(,% ([SHULPHQWDO,PPXQRORJ\%UDQFK (,50$ (XURSHDQ,QGXVWULDO5HVHDUFK0DQDJHPHQW
2IWKH861&, $VVRFLDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU1&, (,53 HTXLYDOHQWLVRWURSLFDOO\UDGLDWHGSRZHU
(,% ([SRUW,PSRUW%DQN86$DQG-DSDQ SXLVVDQFHLVRWURSHUD\RQQpHpTXLYDOHQWH 3,5( 
%DQNV (,6 (QWHUSULVH,QIRUPDWLRQ6\VWHPV
(,%$ (WK\OHQH,VREXW\O$FU\ODWH 'DWD:DUHKRXVHV1H[W*HQHUDWLRQ3URJUDPV
(,%: ([SRUW,PSRUW%DQNRI:DVKLQJWRQ 86$  (,6 (QYLURQPHQWDO,PSDFW6WDWHPHQW
$OVR(;,0%$1.(;,0%. (,VRXUFH (OHFWURQ,RQL]DWLRQVRXUFH
(,& (QJLQHHULQJ,QVWLWXWHRI&DQDGD (,6V ([HFXWLYH,QIRUPDWLRQ6\VWHPV
(,& (TXLSPHQW,GHQWLILFDWLRQ&RGH &RPSUHKHQVLYH(,6VFDQVXSSO\H[HFXWLYHVZLWKD
(,&0$ (DVW,QGLD&RWWRQ0LOOV$VVRFLDWLRQ YDVWDUUD\RIERWKH[WHUQDOGDWDDQGLQWHUQDOGDWD
,QGLDQ$VVRFLDWLRQ $ SURSHUO\GHVLJQHGV\VWHPHQDEOHVPDQDJHPHQW
(,&V (XUR,QIR&HQWHUV(& WRPRQLWRUFXUUHQWRSHUDWLRQVUHODWLYHWRZRUOG
7KH(,&VDUHSDUWRID(&QHWZRUNIRUVPDOODQG ZLGHFRPSHWLWLRQWRUHVROYHVKRUWWHUPLVVXHVRI
PHGLXPVL]HHQWHUSULVHV WKHILUPDQGWRSODQIRUWKHIXWXUH
(XURSHDQ&RPPXQLW\1HWZRUN ([HFXWLYH7RROV
(,' (PHUJLQJ,QIHFWLRXV'LVHDVH (,7 (OHFWURPDJQHWLFDOO\,QGXFHG7UDQVSDUHQF\
(,'V (PHUJLQJ,QIHFWLRXV'LVHDVHV 2SWLFV
(,( (QWH,QWHUQD]LRQDOHGHOOH(VSRVL]LRQL (,7 (PSODFHPHQW,QVWDOODWLRQDQG7HVWLQJ
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO7UDGH)DLU (,7 ([WUHPHXOWUDYLROHW,PDJLQJ7HOHVFRSH
%RDUG (,7% (QJLQHHULQJ,QGXVWU\7UDLQLQJ%RDUG *% 
(,(0$ (OHFWULFDO,QVWDOODWLRQ(TXLSPHQW (,7&
 (XURSHDQ,QIRUPDWLRQ7HFKQRORJ\
0DQXIDFWXUHUV$VVRFLDWLRQ &RQIHUHQFH
(,(6 (OHFWURQLF,QIRUPDWLRQ([FKDQJH6\VWHP 7KH(,7&
ZDVKHOGLQ9LHQQDRQWK
(,(6 (XURSHDQ,QIRUPDWLRQ([FKDQJH6HUYLFH 1RYHPEHUQG 'HFHPEHU
(XURSHDQ&RPPXQLW\3URMHFW (,72 (XURSHDQ,QIRUPDWLRQ7HFKQRORJ\
(,) HQWU\LQWRIRUFH GD\  2EVHUYDWRU\
MRXUG
HQWUpHHQYLJXHXU (XURSHDQ2EVHUYDWRULHV
(,) (XNDU\RWLF,QLWLDWLRQ)DFWRU (,76 ([SUHVV,QWHUQDWLRQDO7HOH[6HUYLFH
0HGLFLQH0ROHFXODU3KDUPDFRORJ\2QFRORJ\ (,8 WKH (FRQRPLVW,QWHOOLJHQFH8QLW
(,) (XURSHDQ,QYHVWPHQW)XQG(XURSHDQ (- (OHFWURQLF-DPPLQJ
&RPPXQLW\ (-$6$ (OHFWURQLF-RXUQDORIWKH$6$
)RUIXUWKHUGHWDLOVVHHXQGHU$6$


(-%(ME (QWHUSULVH-DYD%HDQV (/&V (XURSH


V/DUJHVW&RPSDQLHV
$SSOLFDWLRQ6HUYHUV (/'2 (XURSHDQ/DXQFKHU'HYHORSPHQW
(-& (QJLQHHUV-RLQW&RXQFLO 2UJDQL]DWLRQ
(-& (XURSHDQ-RXUQDORI&DQFHU (/'25 (OHFWURQHOHFWURQ'2XEOH5HVRQDQFH
3XEOLFDWLRQ HOHWWU HOHWWULFLWjHOHWWULFR
(-71(MWQ (XURSHDQ-HZHOOHU\7HFKQRORJ\ ,WDOLDQDEEUHYLDWLRQPHDQLQJHOHFWULFLW\HOHFWULFDO
1HWZRUN HOHWWU HOHWWURQLFDHOHWWURQLFR
3URMHFWVWDUWHGLQ6HSWHPEHU ,WDOLDQDEEUHYLDWLRQPHDQLQJHOHFWURQLFVHOHFWURQ
(XURSHDQ3URMHFW LFDO
(-9 (TXLW\-RLQW9HQWXUH HOHWWURFKLP HOHWWURFKLPLFDHOHWWURFKLPLFR
%XVLQHVV(FRQRPLFV)LQDQFH OWDOLDQDEEUHYLDWLRQPHDQLQJHOHFWURFKHPLVWU\
(. (TXDWRULDO*XLQHD HOHFWURFKHPLVWHOHFWURFKHPLFDO
(.% (GJHZRUWK.XLSHU%HOW HOHWWURPHFF HOHWWURPHFFDQLFDHOHWWURPHFFDQLFR
3ODQHWDU\6FLHQFH ,WDOLDQDEEUHYLDWLRQPHDQLQJHOHFWURPHFKDQLFV
(.' (OHFWURQLF.H\'LVWULEXWLRQ HOHFWURPHFKDQLFDO
(.* (OHFWURFDUGLRJUDP(OHFWURFDUGLRJUDSK HOHY DEEU HOHYDWLRQ
$OVR(&* &DUWRJUDSK\(QJLQHHULQJ2UGQDQFH
(.2V (GJHZRUWK.XLSHUEHOW2EMHFWV (/) (OHFWURQLF/RFDWLRQ)LQGHU
(DUWKDQG3ODQHWDU\6FLHQFHV (/) (VVHQFHVHW/XEULILDQWVGH)UDQFH
(.3(NS (QWHUSULVH.QRZOHGJH3RUWDO (/) ([WHQVLEOH/DQJXDJH)DFLOLW\
(/ (ODVWLF/LPLW (/) ([WUD/RZ)UHTXHQF\
7KHHODVWLFOLPLWLVDOVRNQRZQDV<LHOG3RLQW (/) ([WUHPHO\/RZ)UHTXHQF\
/RDG (/)LVDUDGLRIUHTXHQF\LQWKHUDQJHIURPWR
0HFKDQLFV +]
(/ (OHFWUROXPLQHVFHQFH 7HOHFRPPXQLFDWLRQV
(/ (PSOR\HUV
/LDELOLW\ (/)$3(OIDS (QWH/RPEDUGR)RUPD]LRQHH
(/HO (QDPHO/LQHG $JJLRUQDPHQWR3URIHVVLRQDOH ,WDO\ 
(/ (QGRIWKH/LQH 9RFDWLRQDO7UDLQLQJ
(/ (YHQ/RWV (/* (OHFWURO\WLF*ULQGLQJ
(/ ([WHUQDO/DEHO 7KHWHUPHOHFWURO\WLFJULQGLQJUHIHUVWRDFRPELQHG
&RPSXWHU3URJUDPPLQJ JULQGLQJDQGPDFKLQLQJRSHUDWLRQ
(/$ (GXFDWLRQ/LEUDU\$VVRFLDWLRQ 0HFKDQLFDO(QJLQHHULQJ
(/$ (TXLSPHQW/HDVLQJ$VVRFLDWLRQ (/+ (DUO\/LIH+LVWRU\
(/$ (WKLRSLDQ/LEUDU\$VVRFLDWLRQ (/, ([SUHVVLRQ/LEUDU\,PPXQL]DWLRQ
(/$0 (QGRWKHOLDO/HXNRF\WH$GKHVLRQ %LRFKHPLVWU\*HQH9DFFLQH,PPXQRORJ\
0ROHFXOH (/,17HOLQW HOHFWURQLFLQWHOOLJHQFH
(/$1 (UURU/RJJLQJDQG$QDO\VLV (/,6$ (Q]\PH/LQNHGOPPXQRVRUEHQW$VVD\
pODQ 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ (/,6$ LVDOVRNQRZQDV,PPXQRVRUEHQWDVVD\
XVLQJWKH)UHQFKZRUGpODQZKLFKPHDQVUXVK ,PPXQRORJ\
LPSHWXVLPSXOVHRXWEXUVW (/,6327 DVVD\ (Q]\PH/LQNHG,PPXQRVSRW
(/$V (TXLOLEULXP/LQH$OWLWXGHV DVVD\
*HRVFLHQFHV HOL[ DEEU HOL[LU
(/$77 (DVW/RQGRQ$GYDQFHG7HFKQRORJ\ &KHPLVWU\3KDUPDFRORJ\
7UDLQLQJ *%  (OL] (OL]DEHWKDQ
(/$9 V\VWHP (PEU\RQLF/HWKDO$EQRUPDO9LVXDO HOO DEEU HOOLVVH
6\VWHP OWDOLDQDEEUHYLDWLRQPHDQLQJHOOLSVH
%LRFKHPLVWU\0HGLFLQH3K\VLRORJ\ 0DWKHPDWLFV
(/&$ (DVWHUQ$WODQWLF&RRUGLQDWLRQ$JUHHPHQW (/0 (OHFWURFKHPLFDO0DFKLQLQJ
>REVROHWH@ 0HWDOOXUJ\
$FFRUGGHFRRUGLQDWLRQGDQVOH6HFWHXURULHQWDOGH (/0V (GJH/RFDOLVHG0RGHV
O
$WODQWLTXH>REVROqWH@ )XVLRQ
(/&$ (XURSHDQ/DQGVFDSH&RQWUDFWRUV (/1 1DWLRQDO/LEHUDWLRQ$UP\
$VVRFLDWLRQ (/1LV&RORPELD
VVHFRQGODUJHVWJXHUULOODJURXS


(/2*VXEVWUDWH (SLWD[LDOO\/DWHUDOO\2YHUJURZQ %LRFKHPLVWU\3K\VLFDO&KHPLVWU\


VXEVWUDWH (P DEEU HPDQDWLRQ
$SSOLHG3K\VLFV (0 (QJLQHHURI0LQHV
(/2,6 (XURSHDQ/DQG2FHDQ,QWHUDFWLRQ6WXGLHV (0 (QOLVWHG0DQ(QOLVWHG0HQ
(/3 (OHFWURQLF/LQH3ULQWHU (0 (QYLURQPHQWDOUHVWRUDWLRQDQGZDVWH
(/3 7KHDLUSRUWFRGHIRU(O3DVR7H[DV86$ 0DQDJHPHQW
(/ UDLOURDG DEEU (/HYDWHGUDLOURDG (0 (TXLQH0RUELOOLYLUXV
(/5VFDOH (TXDO/LVWHQHU5HVSRQVHVFDOH (PHUJLQJ9LUXVHV
$FRXVWLFV (0 ([FHUSWD0HGLFD
(/6 (PLWWHU/RFDWLRQ6\VWHP (0$ (QWHUSULVH0DQDJHPHQW$UFKLWHFWXUH
(/6 (QF\FORSDHGLDRI/LIH6FLHQFHV (0$ (XURSHDQ0RQHWDU\$JUHHPHQW
3XEOLFDWLRQ (0$' (QJLQH0DLQWHQDQFH$VVHPEO\DQG
(/6 (VHUFLWRGHO/LEDQRGHO6XG 'LVDVVHPEO\
,WDOLDQDFURQ\PPHDQLQJ6RXWKHUQ/HEDQRQ (0DLOHPDLO (OHFWURQLF0DLO
$UP\ $OVR(0
(/6' (YDSRUDWLRQ/LJKW6FDWWHULQJ'HWHFWRU (0 6 (TXLSPHQW0DLQWHQDQFHDQG6XSSRUW
$QLRQVDQG&DWLRQV$QDO\VLV (0$3 (QYLURQPHQWDO0RQLWRULQJDQG$VVHVVPHQW
(/6(& HOHFWURQLFVHFXULW\ 3URJUDP
VpFXULWppOHFWURQLTXH (0$6 (&20DQDJHPHQWDQG$XGLW6FKHPH
(/6, (WKLFDO/HJDODQG6RFLDO,PSOLFDWLRQV (XURSHDQ&RPPXQLW\
5HVHDUFK3URJUDP (FRORJLFDO0DQDJHPHQW
(/6 PRGHO (FRQRPLF/RW6L]HPRGHO (PE DEEU (PEDQNPHQW
3URGXFWLRQ (PE DEEU (PEDVV\
(/66 HPHUJHQF\OLIHVXSSRUWV\VWHP (0% ([SORVLYH0RWRU%HKDYLRU
V\VWqPHGHUpDQLPDWLRQHQFDVG
XUJHQFH (0%DJDU (RVLQ0HWK\OHQH%OXHDJDU
(/66 ([WUDYHKLFXODU/LIH6XSSRUW6\VWHP 0LFURELRORJ\
(/66(&27$5V\VWHP (/HFWURQLF6N\6FUHHQ (0%& (XURSHDQ0ROHFXODU%LRORJ\&RQIHUHQFH
(TXLSPHQW&RUUHODWHG2ULHQWDWLRQ7UDFNLQJDQG (0%/ (XURSHDQ0ROHFXODU%LRORJ\/DERUDWRU\
5DQJHV\VWHP (0%2 (XURSHDQ0ROHFXODU%LRORJ\2UJDQL]DWLRQ
(OHFWURQLFV $QLQWHUQDWLRQDO5HVHDUFK2UJDQLVDWLRQ
HOW DEEU HOHPHQW +HDGTXDUWHUHGLQ+HLGHOEHUJ*HUPDQ\
&KHPLVWU\&RPSXWHU3URJUDPPLQJ&RPSXWHU (Q%: (QHUJLH%DGHQ:UWWHQEHUJ
7HFKQRORJ\(OHFWURPDJQHWLVP6WDWLVWLFV *HUPDQ\
VWKLUGELJJHVWHOHFWULFLW\VXSSOLHU
(/7 (PHUJHQF\/RFDWRU7UDQVPLWWHU (0& (OHFWURPDJQHWLF&RPSDWLELOLW\
1DYLJDWLRQ (OHFWURQLFV
(/7 (QJOLVK/DQJXDJH7UDLQLQJ (0& (QFHSKDORP\RFDUGLWLV
(/7 (TXLSPHQW/LPLWpSDUOH7UDLWp (QFHSKDORP\RFDUGLWLVLVDKXPDQLQIHFWLRQWKDW
(/9 ([SHQGDEOH/DXQFK9HKLFOH PD\UDQJHIURPDPLOGIHEULOHLOOQHVVWRDVHYHUH
6SDFH7HFKQRORJ\ HQFHSKDORP\HOLWLV
(0 (DUO0DUVKDO 0HGLFLQH
(0 (OHFWURPDJQHWLF (0& (TXLYDOHQW0pFDQLTXHGHOD&KDOHXU
3K\VLFV )UHQFKLQLWLDOLVPPHDQLQJ0HFKDQLFDO(TXLYDOHQW
(0 (OHFWURPRWLYH RI+HDW
3K\VLFDO&KHPLVWU\ 7KHUPRG\QDPLFV
(0 (OHFWURQ0LFURVFRSH (0FKDUDFWHU (QGRI0HGLXPFKDUDFWHU
7KHHOHFWURQPLFURVFRSHLVDFWXDOO\DQLQVWUXPHQW (0&21 HPLVVLRQFRQWURO
ZKLFKXVHVHOHFWURQVIRFXVHGE\HOHFWURQOHQVHVWR FRQWU{OHG
pPLVVLRQ
PDJQLI\VPDOOREMHFWV (0&9 (QFHSKDORP\RFDUGLWLV9LUXV
(OHFWURQLFV 9LURORJ\
(0 (OHFWURQLF0DLO (0'1$32&25 (QYLURQPHQWDO0DQDJHPHHQW
$OVRHPDLO 'HSDUWPHQW1$WLRQDO32ZHU&25SRUDWLRQ 7KH
7HOHFRPPXQLFDWLRQV 3KLOLSSLQHV 
(0 (OHFWURSKRUHWLF0RELOLW\


(0($ (XURSHDQ0HGLFLQHV(YDOXDWLRQ$JHQF\ (0 PHWKRG ([SHFWDWLRQ0D[LPL]DWLRQPHWKRG


(XURSHDQ&RPPXQLW\ (00) (XURSHDQ0XOWLQDWLRQDO0DULWLPH)RUFH
$OVR(XURSHDQ0HGLFLQDO3URGXFWV(YDOXDWLRQ )RUFHPDULWLPHPXOWLQDWLRQDOHHXURSpHQQH
$JHQF\7KH(0($ GHDOVZLWKWKHUHJLVWUDWLRQRI (PPR (PLQHQWLVVLPR
QHZGUXJV ,WDOLDQDEEUHYLDWLRQPHDQLQJ0RVW(PLQHQW
0HGLFLQHV(YDOXDWLRQ (006 (OHFWURQLF0DLODQG0HVVDJH6\VWHP
(0) (OHFWURPDJQHWLF)UHTXHQF\ (023 (QKDQFHGDQG0RUH2SHUDWLRQDO
(0)HPI (OHFWURPRWLYH)RUFH 3DUWQHUVKLS
(OHFWURPRWLYHIRUFHLVDOVRNQRZQDVHOHFWUR 3DUWHQDULDWUHQIRUFpHWSOXVRSpUDWLRQQHO
PRWDQFH (025%V (OHPHQWHQULFKHG0LG2FHDQ5LGJH
3K\VLFDO&KHPLVWU\ %DVDOWV
(0) ([HFXWLYH0RUWJDJH)DFLOLWLHV (DUWK6FLHQFHV*HRORJLFDO6FLHQFHV6SDFH
(0)V (OHFWURPDJQHWLF)LHOGV 6FLHQFH
(OHFWURPDJQHWLVP (03 (OHFWUR0DJQHWLF(OHFWURPDJQHWLF3XOVH
(0* (OHFWURP\RJUDSK (OHFWURPDJQHWLVP
7KHHOHFWURP\RJUDSKLVDQLQVWUXPHQWWRPDNH (03 (QGRI0RQWK3D\PHQW
HOHFWURP\RJUDPV (03 (QYLURQPHQWDO0RQLWRULQJDQG3UHGLFWLRQ
0HGLFLQH (03 (320LPHWLF3HSWLGH
)RUIXUWKHUGHWDLOVVHHXQGHU(0* (03$ (OHFWURQ0LFURSUREH$QDO\VLV
(OHFWURP\RJUDP  (03$ (XURSHDQ0LOLWDU\3UHVV$VVRFLDWLRQ
(0* (OHFWURP\RJUDP (03$6 (QYLURQPHQWDO0DQDJHPHQWDQG3URWHFWHG
7KHHOHFWURP\RJUDPLVDJUDSKLFUHFRUGRIWKH $UHDV6HUYLFHV 7KH3KLOLSSLQHV 
HOHFWULFLPSXOVHVRUH\HPRYHPHQWVGXULQJUHDG HPSO DEEU HPSOR\HHHPSOR\HUHPSOR\PHQW
LQJ (033 HOHFWURPDJQHWLFSXOVHSURWHFWLRQ
0HGLFLQH SURWHFWLRQFRQWUHO
LPSXOVLRQpOHFWURPDJQpWLTXH
(0* pWDWPDMRUJpQpUDO (036(PSV (OHFWURQLF0RELOH3D\PHQW6\VWHP
JHQHUDOVWDII *6  (04 (FRQRPLF0DQXIDFWXULQJ4XDQWLW\
(0*UHFRUGLQJ (OHFWURP\RJUDSKLFUHFRUGLQJ (05/% (DVW0LGODQG5HJLRQDO/LEUDU\%XUHDX
(0, (GL]LRQL0XVLFDOL,WDOLDQH (06 HOHFWURPDJQHWLFVSHFWUXP
,WDOLDQDFURQ\PPHDQLQJ,WDOLDQ0XVLFDO VSHFWUHpOHFWURPDJQpWLTXH
3XEOLFDWLRQV (06 (OHFWURQLF0DLO6\VWHP
(0,HPL (OHFWURPDJQHWLF,QWHUIHUHQFH (06 (OHFWURQLF0HVVDJH6HUYLFH
(OHFWULFLW\ (06 (QJLQHHULQJ0DWHULDO6SHFLILFDWLRQ
(0, (XURSHDQ0RQHWDU\,QVWLWXWH (06 (QYLURQPHQWDO0DQDJHPHQW6\VWHPV
7KH(0,LVWKHIRUHUXQQHURIWKH(XURSHDQ&HQWUDO (06 (WK\O0HWKDQHVXOIRQDWH
%DQN8QGHUWKH7UHDW\WKH(XURSHDQ0RQHWDU\ (06 (XURSHDQ0RQHWDU\6\VWHP
,QVWLWXWHKDVWKHUROHRISUHSDULQJDQRSHUDWLRQDO (06 (XURWUD0RUSKRORJLFDO6WUXFWXUH
(6&%IRUVWDJHWKUHH (06$ (OHFWURSKRUHWLF0RELOLW\6KLIW$QDO\VLV
)RUIXUWKHUGHWDLOVVHHXQGHU(6&%V (06$V (OHFWURSKRUHWLF0RELOLW\6KLIWJHO$VVD\V
(0,1' (XURSHDQ0RGXODU,QWHUDFWLYH1HWZRUN (06(& HPLVVLRQVHFXULW\
'HVLJQHU VpFXULWpGHVpPLVVLRQV
(0,7(0,7 (QWH0RUDOH*LDFRPR)HOWULQHOOL (06,:$51 HPLWWHUVLPXODWLRQZDUQLQJPHVVDJH
SHUO
LQFUHPHQWRGHOO
,VWUX]LRQH7HFQLFD ,WDO\  PHVVDJHGHSUpDYLVGHVLPXODWLRQG
pPHWWHXUV
7HFKQLFDO(GXFDWLRQ (06/ (QYLURQPHQWDO0ROHFXODU6FLHQFHV
(0/ (VWLPDWHG0RQWKRI/RVV /DERUDWRU\ 86$ 
%XVLQHVV(FRQRPLFV (06/ (XURSHDQ0LFURZDYH6LJQDWXUH/DERUDWRU\
(0/ (XURSHDQ0HGLFDO/H[LFRQ 0LFURZDYH7HFKQRORJ\
(00$(PPD (UPHV0DQXIDFWXUHUV
0DUNHWLQJ (06//9 (QYLURQPHQWDO0RQLWRULQJ6\VWHPV
$VVRFLDWLRQ /DERUDWRU\/DV9HJDV 1HYDGD86$ 
(00$ (XURSHDQ0RXVH0XWDQW$UFKLYH (066 (OHFWURQLF0HVVDJH6HUYLFH6\VWHP
$ IDFLOLW\QHDU5RPH,WDO\ZDVVHWXSXVLQJVHHG (07 (PHUJHQF\0HGLFDO7HFKQLFLDQ
PRQH\SURYLGHGE\)UDPHZRUN 0HGLFLQH
(XURSHDQ8QLRQ (07 (QGRI0DJQHWLF7DSH


(076 (OHFWURQLF0RQH\7UDQVIHU6\VWHP (1$6$5&2 (QWH1D]LRQDOHGL$VVLVWHQ]DDJOL


(076 (WK\OPHUFXU\S7ROXHQH6XOIRQDPLGH $JHQWLH5DSSUHVHQWDQWLGL&2PPHUFLR ,WDO\ 
(076$FLG (WK\OPHUFXULWKLRVDOLF\FOLF$FLG ,WDOLDQDFURQ\PRIWKH1DWLRQDO%RDUGIRUWKH
(08HPX (OHFWURPDJQHWLF8QLW $VVLVWDQFHWR&RPPHUFLDO$JHQWVDQG
(08LVDXQLWEDVHGSULPDULO\RQWKHPDJQHWLF 5HSUHVHQWDWLYHV
HIIHFWRIDQHOHFWULFFXUUHQW (1$7 (QWH1D]LRQDOH$VVLVWHQ]LDOHDJOLDGGHWWL
(OHFWURPDJQHWLVP DL7UDVSRUWL ,WDO\ 
(08 (XURSHDQ0RQHWDU\8QLRQ(XURSHDQ ,WDOLDQDFURQ\PRIWKH1DWLRQDO7HDPVWHU
V
&RPPXQLW\ :HOIDUH%RDUG
(08 ([WUDYHKLFXODU0RELOLW\8QLW HQEO DEEU HQDEOH
(08$ (XURSHDQ0RQHWDU\8QLWRI$FFRXQW $OVRH
(XURSHDQ&RPPXQLW\ (1%36 (QWH1D]LRQDOHSHUOH%LEOLRWHFKH
(0;VHUYLFH (OHFWURQLF0HVVDJH([FKDQJHVHU 3RSRODULH6FRODVWLFKH ,WDO\ 
YLFH ,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO2UJDQL]DWLRQRI
(1 (GXFD]LRQH1D]LRQDOH 3RSXODUDQG6FKRRO/LEUDULHV
,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO(GXFDWLRQ (1&$56 (QWH1D]LRQDOH&$VHD5LVFDWWR6WDWDOL
(1 HOHFWURQLFQHXWUDOL]DWLRQ ,WDO\ 
QHXWUDOLVDWLRQpOHFWURQLTXH (1&,3 (1WH&DVH,PSLHJDWLH3URIHVVLRQLVWL ,WDO\ 
(VWRQLD HQFO DEEU HQFORVHGHQFORVXUH
(VWRQLH (1&2'( (QF\FORSHGLD2I'1$ (OHPHQWV
HQ SUHIL[KDYLQJGLIIHUHQWPHDQLQJV (1&2'(D1+*5,·VQHZJHQRPHSURMHWKDV
0D\EHXVHGIRUH[DPSOHLQHQDUWKURVLVHQFDSVX EHHQODXQFKHGLQ)HEUXDU\
ODWHHQWKURQHHQVODYHHWF )XQFWLRQDO*HQRPLFV
3UHIL[HV )RUIXUWKHUGHWDLOVVHHXQGHU1+*5,
(1$ (FROH1DWLRQDOHG
$GPLQLVWUDWLRQ 3DULV HQF\ DEEU HQF\FORSDHGLDHQF\FORSDHGLF
)UDQFH  HQG DEEU HQGRUVHPHQW
)RXQGHGLQ0DQDJHGE\WKH6WDWH (1'(; HQG RIH[HUFLVH
(1$ (XURSHDQ1HXURVFLHQFH$VVRFLDWLRQ ILQG
H[HUFLFH ),1(; 
(1$& (QHUJHWLF1HXWUDO$WRP&DPHUD (1'25 (OHFWURQ1XFOHDU'2XEOH5HVRQDQFH
(1D& (SLWKHOLDO6RGLXP&KDQQHO 6SHFWURVFRS\
0HFKDQRVHQVRU\7UDQVGXFWLRQ0HGLFLQH (1( (DVW1RUWKHDVW
(1D&V (SLWKHOLDO6RGLXP&KDQQHOV (1($ (QWH1D]LRQDOHSHUO
(QHUJLD$WRPLFDH
0HGLFLQH1HXURELRORJ\1HXURORJ\ DOWHUQDWLYD ,WDO\ 
(1$'(/ (QWH1D]LRQDOH$VVLVWHQ]D'LSHQGHQWL $WRPLF(QHUJ\
(QWL/RFDOL ,WDO\  (1($ (QWHSHUOH1XRYHWHFQRORJLHO
(QHUJLDH
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQIRU O
$PELHQWH ,WDO\ 
WKH$VVLVWDQFHRI/RFDO$XWKRULWLHV:RUNHUV 1HZ7HFKQRORJLHV
(1$,3 (QWH1D]LRQDOH$FOL,VWUX]LRQH (1(/(QWH1D]LRQDOHSHUO
(QHUJLD(OHWWULFD
3URIHVVLRQDOH ,WDO\  ,WDO\ 
(1$/ (QWH1D]LRQDOH$VVLVWHQ]D/DYRUDWRUL ,WDOLDQDFURQ\PRIWKH1DWLRQDO%RDUGIRU(OHFWULF
,WDO\  3RZHU
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQIRU (1* (OHFWUR1\VWDJPRJUDSKLH
$VVLVWDQFHWR:RUNHUV )UHQFKLQLWLDOLVPPHDQLQJ
(1$0 (QWH1D]LRQDOHGL$VVLVWHQ]D0DJLVWUDOH (OHFWURQ\VWDJPRJUDSK\(1*LVDPHWKRGWR
,WDO\  DVVHVVDQGUHFRUGWKHH\HPRYHPHQWV
,WDOLDQ%RDUG 0HGLFLQH
(1$3 (QHUJHWLF1HXWUDO$WRP3UHFLSLWDWLRQ HQJ DEEU HQJLQHHQJLQHHUHQJLQHHULQJ
6SDFHSODVPDSK\VLFVH[SHULPHQW (QJ DEEU (QJODQG(QJOLVK
(1$3, (QWH1D]LRQDOHSHUO
$UWLJLDQDWRHOH HQJ DEEU HQJUDYHGHQJUDYLQJ
3LFFROH,QGXVWULH ,WDO\  HQJ DEEU HQJUDYHU
,WDOLDQDFURQ\PRIWKH1DWLRQDO2UJDQL]DWLRQRI 7KHWHUPHQJUDYHUUHIHUVWRWKHWRROXVHGDVZHOO
&UDIWVPHQDQG2ZQHUVRI6PDOO,QGXVWULHV DVWRWKHSHUVRQZRUNLQJLQHQJUDYLQJ
(1$6 (QWH1D]LRQDOHGL$VVLVWHQ]D6RFLDOH ,WDO\  *UDSKLF$UWV


(1+$ HQURXWHKROGLQJDUHD (QJLQHHULQJ([SHUWLVH


]RQHG
DWWHQWH HQGpSODFHPHQW  (13, (QWH1D]LRQDOH3UHYHQ]LRQH,QIRUWXQL
(1, (QWH1D]LRQDOH,GURFDUEXUL ,WDO\  ,WDOLDQDFURQ\PRIWKH1DWLRQDO,QVWLWXWLRQIRUWKH
,WDOLDQDFURQ\PRIWKH1DWLRQDO+\GURFDUERQ 3UHYHQWLRQRI$FFLGHQWV ,WDO\ 
%RDUG HQT DEEU HQTXLU\
(1,$& (OHFWURQLF1XPHULFDO,QWHJUDWRU$QG (15 (1R\O5HGXFWDVH
&DOFXODWRU (15LVDQHQ]\PHLQYROYHGLQIDWW\DFLGELRV\Q
7KH(1,$&ZDVGHYHORSHGLQ WKHVLV
&RPSXWHU7HFKQRORJ\ %LRORJLFDO6FLHQFHV%LRPROHFXODU5HVHDUFK
(1,& (QWH1D]LRQDOH,QGXVWULH&LQHPDWRJUDILFKH *HQHWLFV0ROHFXODU%LRORJ\3ODQW6FLHQFHV
,WDO\  (15, (QYLURQPHQWDQG1DWXUDO5HVRXUFHV,QVWLWXWH
,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI 2IWKH8QLYHUVLW\RI$ODVND$QFKRUDJH6FKRRORI
)LOP3URGXFHUV 3XEOLF$IIDLUV
(1,& (QWH1D]LRQDOHGHOOD&LQRILOLD,WDOLDQD (15,&+ (XURSHDQ1HWZRUNIRU5HVHDUFK,QJOREDO
,WDOLDQDFURQ\PRIWKH1DWLRQDO,WDOLDQ'RJ &+DQJH
%UHHGHUVDQG/RYHUV
$VVRFLDWLRQV (QYLURQPHQWDO5HVHDUFK
(1,/ (XURSHDQ1HWZRUNRQ,QGHSHQGHQW/LYLQJ (16 (FROHV1RUPDOHV6XSpULHXUHV )UDQFH 
+DQGLFDSSHG3HUVRQV (16 DEEU HQVLJQ
(1,0 (QWH1D]LRQDOHGHOO
,VWUX]LRQH0HGLD (16 (XURSHDQ1HWZRUNIRU6FLHQFH
,WDOLDQDFURQ\PRIWKH1DWLRQDO%RDUGIRU (XURSHDQ&RPPXQLW\
6HFRQGDU\6FKRROV ,WDO\  (16 (XURSHDQ1HWZRUNIRU6HUYLFHV(&
(1,26 (QWH1D]LRQDOH,WDOLDQRSHU (XURSHDQ&RPPXQLW\
O
2UJDQL]]D]LRQH6FLHQWLILFDGHO/DYRUR (16$ (FROH1DWLRQDOH6XSpULHXUHGH
,WDOLDQDFURQ\PRIWKH,WDOLDQ%RDUGIRUWKH O
$pURQDXWLTXH )UDQFH 
6FLHQWLILF2UJDQL]DWLRQRI:RUN (16$( (FROH1DWLRQDOH6XSpULHXUHGH
(1,3* (QWH1D]LRQDOH,VWUX]LRQH3URIHVVLRQDQH O
$pURQDXWLTXHHWGHO
(VSDFH )UDQFH 
*UDILFD ,WDO\  (16((,+7 (FROH1DWLRQDOH6XSpULHXUH
(1,7 (QWH1D]LRQDOHSHUOH,QGXVWULH7XULVWLFKH G
(OHFWURWHFKQLTXHG
(OHFWURQLTXHG
,QIRUPDWLTXH
,WDO\  HWG
+\GUDXOLTXHGH7RXORXVH )UDQFH 
,WDOLDQDFURQ\PRIWKH,WDOLDQ6WDWH7RXULVW2IILFH (162HYHQWV (O1LxR6RXWKHUQ2VFLOODWLRQHYHQWV
(1,7$ (XURSHDQ1HWZRUNIRU,QIRUPDWLRQ ,QWKH*DODSDJRV,VODQGV
7HFKQRORJ\LQ$JULFXOWXUH (167$ (FROH1DWLRQDOH6XSpULHXUHGHV7HFKQLTXHV
(XURSHDQ&RPPXQLW\,QLWLDWLYH $YDQFpHV )UDQFH 
(102& (O1LxR02QLWRULQJ&HQWHU (17(17 HDUQRVHDQGWKURDW
(12 (QJOLVK1DWLRQDO2SHUD *%  HQWG DEEU HQWHUHG
H126 HQGRWKHOLDO1LWULF2[LGH6\QWKDVH (17(/ &KLOH (PSUHVD1DFLRQDOGH
&HOO%LRORJ\/LSLG%LRORJ\ 7(/HFRPPXQLFDFLRQHV6$ &KLOH 
(13$ (QWH1D]LRQDOHSHUOD3URWH]LRQHGHJOL (173( (FROH1DWLRQDOHGHV7UDYDX[3XEOLFVGH
$QLPDOL ,WDO\  O
(WDW )UDQFH 
,WDOLDQDFURQ\PRIWKH1DWLRQDO6RFLHW\IRUWKH (18 1HWK\O11LWURVRXUHD
3UHYHQWLRQRI&UXHOW\WR$QLPDOV HQY HQYLURQ
(13$/6 (QWH1D]LRQDOH3UHYLGHQ]DHG$VVLVWHQ]D )UHQFKDEEUHYLDWLRQPHDQLQJDERXWDURXQG
/DYRUDWRUL6SHWWDFROR ,WDO\  DSSUR[LPDWHO\
(13$6 (QWH1D]LRQDOHGL3UHYLGHQ]DH (19'& (19LURQPHQWDOPHDVXUHVLQ'HYHORSLQJ
$VVLVWHQ]DSHULGLSHQGHQWL6WDWDOL &RXQWULHV(XURSHDQ&RPPXQLW\
,WDOLDQDFURQ\PRIWKH1DWLRQDO%RDUGRI6RFLDO (191*2 &RPPXQLW\DFWLRQSURJUDPSURPRWLQJ
,QVXUDQFHDQG:HOIDUHIRU&LYLO6HUYDQWV 1RQ*RYHUQPHQWDO2UJDQL]DWLRQVSULPDULO\DFWLYH
(13& (FROH1DWLRQDOHGHV3RQWVHW&KDXVVpHV LQWKHILHOGRI(19LURQPHQWDOSURWHFWLRQ
3DULV)UDQFH  (XURSHDQ&RPPXQLW\3URJUDP
(13&ZDVIRXQGHGLQ,WLVWKHROGHVW (2 (OHFWURRSWLFVHOHFWURRSWLFDO
JUDQGHpFROHRI(QJLQHHULQJ([SHUWLVHLQLQWHU (2(2 ([HFXWLYH2UGHU
QDWLRQDOPDUNHWLQJPDQDJHPHQWWHFKQRORJ\EXVL (2 ([HPSW2UJDQL]DWLRQ
QHVVVWUDWHJLHVILQDQFH 6RFLDO6HUYLFHV


(2$ (PLVVLRQL2WRDFXVWLFKH (2*H[SHULPHQWV (OHFWUR2OIDFWRJUDPH[SHUL


+HDULQJ7HVWV PHQWV
(2$ (QG2I$GGUHVV $TXDFXOWXUH6FLHQFH%LRFKHPLVWU\0ROHFXODU
(2% HOHFWURQLFRUGHURIEDWWOH %LRORJ\
RUGUHGHEDWDLOOHpOHFWURQLTXH 2'%(  (2+5 (J\SWLDQ2UJDQL]DWLRQIRU+XPDQ5LJKWV
(2% (QG2I%ORFN (J\SW 
(2% ([SHQVH2SHUDWLQJ%XGJHW (2, (QG2I,QTXLU\
%XVLQHVV(FRQRPLFV)LQDQFH (2,6 (OHFWUR2SWLFDO,PDJLQJ6HQVRU
(2% FKDUDFWHU (QG2I%ORFN&KDUDFWHU 5RERWLFV
&RPSXWHU3URJUDPPLQJ (2/ (QG2I/LQH
(2& (FRQRPLF2SSRUWXQLW\&RPPLVVLRQ (2/0 (OHFWUR2SWLFDO/LJKW0RGXODWRU
(2& WKH (TXDO2SSRUWXQLWLHV&RPPLVVLRQ 7KHHOHFWURRSWLFDOOLJKWPRGXODWRUFRPSULVHVDQ
(2& HVVHQWLDORSHUDWLRQDOFDSDELOLW\ HOHFWURRSWLFDOGHYLFHZKLFKPRGXODWHVWKHDPSOL
FDSDFLWpRSpUDWLRQQHOOHHVVHQWLHOOH WXGHSKDVHRUGLUHFWLRQRIDOLJKWEHDP
(2&&0 HOHFWURRSWLFDOFRXQWHUFRXQWHUPHDVXUHV 2SWLFV7HOHFRPPXQLFDWLRQV
FRQWUHFRQWUHPHVXUHVRSWRpOHFWURQLTXHV (2/66 (QF\FORSDHGLD2I/LIH6XSSRUW6\VWHPV
(2&0 HOHFWURRSWLFDOFRXQWHUPHDVXUHV (20 (DUWK2EVHUYDWLRQ0LVVLRQ
FRQWUHPHVXUHVRSWRpHOHFWURQLTXHV (20 (QG2I0HVVDJH
(2&< (QG2I&DOHQGDU<HDU 7HOHFRPPXQLFDWLRQV
(2' (QG2I'DWD (20 (QG2I0RQWK
'DWD&RPPXQLFDWLRQV )LQDQFH
(2' (QG2I'D\ (20 (XURSHDQ2SWLRQV0DUNHW
(2' ([SORVLYH2UGQDQFH'LVSRVDO (20 (YHU\2WKHU0RQWK
2UGQDQFH (2PDWHULDOV (OHFWURRSWLFPDWHULDOV
(2'& (DUWK2EVHUYDWLRQ'DWD&HQWUH *%  %LRFKHPLVWU\&KHPLVWU\2SWRHOHFWURQLF
(2'7 H[SORVLYHRUGQDQFHGLVSRVDOWHDP QDY\  &RPSXWLQJ6\VWHPV
pTXLSHG
LQWHUYHQWLRQVXUOHPDWpULHOH[SORVLI (21 (QG2I1XPEHU
>PDULQH@ (215 (XURSHDQ2UJDQL]DWLRQIRU1XFOHDU
(2( (TXDO2SSRUWXQLW\(PSOR\HU 5HVHDUFK
(2( (XURSHDQ2SWLRQV([FKDQJH (23HRS (IILFLHQF\2I3ODWLQJ
(2) (OHFWUR2VPRWLF)ORZ 9LURORJ\
7KH(2)LVWKHIORZRIHOHFWURO\WHWKURXJKWKH (23 HPHUJHQF\RIIWDNHSRLQW
FDSLOODU\ SRLQWG
H[WUDFWLRQG
XUJHQFH
%LRDQDO\WLFDO&KHPLVWU\%LRFKHPLFDO (23 (QG2I3DJH
(QJLQHHULQJ0HGLFLQH3KDUPDFHXWLFDO6FLHQFHV (24 (FRQRPLF2UGHU4XDQWLW\
(2) (QG2I)LOH (24LVDOVRNQRZQDV(FRQRPLF3XUFKDVH
&RPSXWHU3URJUDPPLQJ 4XDQWLW\
(2) HVVHQWLDORSHUDWLQJIDFLOLW\ ,QGXVWULDO(QJLQHHULQJ
LQVWDOODWLRQHVVHQWLHOOHG
H[SORLWDWLRQ (24 (QG2I4XDUWHU
(2) DQDO\VLV (PSLULFDO2UWKRJRQDO)XQFWLRQ (24 (QG2I4XHU\
DQDO\VLV (24(24 (XURSHDQ2UJDQL]DWLRQIRU4XDOLW\
&OLPDWH2FHDQ9DULDELOLW\*HRVFLHQFH 7KH(24LVDIHGHUDWLRQRIRYHU(XURSHDQ
2FHDQRJUDSK\ 4XDOLW\$VVRFLDWLRQV
(2) JDS (QG2I)LOHJDS (25 (DUWK2UELWDO5HQGH]YRXV
(VVHQWLDOO\WKHHQGRIILOHJDSLVDIL[HGGLPHQVLRQ (25 (QG2I5HFRUG
JDSWKDWLQGLFDWHVWKHILOHHQGRQDWDSH (25 (QKDQFHG2LO5HFRYHU\
&RPSXWHU3URJUDPPLQJ 3HWUROHXP(QJLQHHULQJ
(2)< (QG2I)LVFDO<HDU (25 H[SORVLYHRUGQDQFHUHFRQQDLVVDQFH
%XVLQHVV(FRQRPLFV)LQDQFH DUHFRQQDLVVDQFHG
H[SORVLIVHWGHPXQLWLRQV
(2* (OHFWURRFXORJUDP EUHFRQQDLVVDQFHGHPXQLWLRQH[SORVLYH
7KHHOHFWURRFXORJUDPLVXVHGIRUUHWLQDOG\VIXQF (25& (DUWK2EVHUYDWLRQ5HVHDUFK&HQWHU
WLRQGHWHFWLRQ (25 JDS (QG2I5HFRUGJDS
0HGLFLQH


7KHHQGRIUHFRUGJDSLVDFWXDOO\DJDSRISUHFLVH (3 (IIHFWLYH3DU
OHQJWKLQGLFDWLQJWKHHQGRIDUHFRUGRQDWDSH %DQNLQJ%XVLQHVV)LQDQFH
&RPSXWHU3URJUDPPLQJ (3 (OHFWURVWDWLF3RWHQWLDO
(25$ ([SORVLYH2UGQDQFH5HFRQQDLVVDQFH$JHQW (OHFWULFLW\
0LOLWDU\ (3 (PXODWRU3URJUDP
(256$7 (/,17 RFHDQUHFRQQDLVVDQFHVDWHOOLWH HS HQGVSHULQFK
VDWHOOLWH(/,17 GHUHFRQQDLVVDQFHRFpDQLTXH 7H[WLOHV
(257& (XURSHDQ2UJDQL]DWLRQIRU5HVHDUFKDQG (3 (QWHUSULVH3RUWDO
7UHDWPHQWRI&DQFHU(XURSHDQ&RPPXQLW\ (3 (QWU\3RLQW
7KH(257&ZDVVHWXS\HDUVDJR (QWU\SRLQWLVDOVRNQRZQDVHQWUDQFHDQGUHIHUV
&OLQLFDO7ULDO6WDUWHJLHV1HZ'UXJV WRWKHSRLQWRIH[HFXWLRQ
'HYHORSPHQW2QFRORJ\ &RPSXWHU3URJUDPPLQJ
(26 (DUWK2EVHUYDWLRQ6DWHOOLWH1$6$ (3 (QWU\3RUWLRQ
(26 (DUWK2EVHUYLQJ6\VWHP &RPSXWHU3URJUDPPLQJ
(26 (OHFWURQLF2IILFH6\VWHP (S (SLVWOH
(26 HQGRIVHW (3 (VWLPDWHG3RVLWLRQ
ILQGHEORF 1DYLJDWLRQ
(26 (TXDWLRQ2I6WDWH (3 (WK\OHQH3URS\OHQH
3K\VLFDO&KHPLVWU\ (3 (XURSHDQ3KDUPDFRSRHLD
(26',6 (DUWK2EVHUYLQJ6\VWHP'DWD,QIRUPDWLRQ (3 (XURSHDQ3ODQ
6\VWHP (3 (YRNHG3RWHQWLDO
(26',6DQHWZRUNRIGDWDVWRUDJHFHQWHUVZDV 7KHHYRNHGSRWHQWLDOLVHVVHQWLDOO\DQHXURQ
VHOHF
EXLOWE\1$6$ VFLHQWLVWVLQ WULFDOUHVSRQVHWRVWLPXOL
(260 HOHFWURRSWLFDOVXSSRUWPHDVXUHV 3K\VLRORJ\
PHVXUHVGHVRXWLHQRSWRpOHFWURQLTXHV (3 ([WHQGHG3OD\
(263 (DUWK2EVHUYLQJ6FDQQLQJ3RODULPHWHU $FRXVWLFDO(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ
(266 (XURSHDQ6HD/HYHO2EVHUYLQJ6\VWHP (3 ([WUD3OD\
(XURSHDQ&RPPXQLW\3URMHFW0HDQ6HD/HYHO 0HFKDQLFDO(QJLQHHULQJ
'HWHUPLQDWLRQ6HD6XUIDFH7RSRJUDSK\ (3$ (FRQRPLF3ODQQLQJ$JHQF\ -DSDQ 
(27 (QGRI7DSH(QG2I7H[W (3$ (QWH3URWH]LRQH$PELHQWDOH
(27 HQGRIWRXU ,WDOLDQDFURQ\PRIWKH(QYLURQPHQWDO3URWHFWLRQ
ILQG
DIIHFWDWLRQ $JHQF\ ,WDO\ 
(27 PDUN (QG2I7DSHPDUN (3$ (QYLURQPHQWDO3URWHFWLRQ$JHQF\
&RPSXWHU3URJUDPPLQJ 7KH(3$FUHDWHGLQLVD86)HGHUDO
(27 UHFRJQLWLRQ (QG2I7UDQVPLVVLRQUHFRJQLWLRQ $JHQF\ZKLFKHVWDEOLVKHVUXOHVDQGVWDQGDUGVIRU
7KHWHUPHQGRIWUDQVPLVVLRQUHFRJQLWLRQUHIHUVWR SROOXWLRQFRQWURODQGHQYLURQPHQWDOSURWHFWLRQ
WKHDELOLW\RIDFRPSXWHUWRUHFRJQL]HWKHHQGRID )RUIUXWKHUGHWDLOVVHHXQGHU67$5IHOORZVKLS
GDWDWUDQVPLVVLRQHYHQLIWKHEXIIHULVQRWILOOHG SURJUDP
&RPSXWHU3URJUDPPLQJ (3$ (WKLRSLDQ3ULYDWL]DWLRQ$JHQF\
(286$ ([HFXWLYH2IILFHIRU8QLWHG6WDWHV (WKLRSLDQ$JHQF\
$WWRUQH\V 86$  (3$& LQVWUXPHQW (QHUJHWLF3$UWLFOH&RPSRVLWLRQ
(29 (QG2I9ROXPH LQVWUXPHQW
(2: (QG2I:RUG $VWURQRP\$VWURSK\VLFV*HRSK\VLFV6SDFH
(2< (QG2I<HDU 6FLHQFH
(3 (DUQLQJ3RZHU (3 $FW (QHUJ\3ROLF\$FW 86$ 
%XVLQHVV(FRQRPLFV)LQDQFH (3$0 (VHUFL]L3XEEOLFL$VVRFLDWL0LODQHVL 0LODQ
(3 (DUQLQJV3ULFH ,WDO\ 
(3 (DVWHUQ3DFLILF (3$6$ (QWH3HUO
$VVLVWHQ]D6RFLDOHDJOL$UWLJLDQL
(3 (GLWRU3URJUDP HFRPPHUFLDQWL ,WDO\ 
7KHHGLWRUSURJUDPHQDEOHVDFRPSXWHUXVHUWR (3% (DVW3DFLILF%DUULHU
SHUIRUPGHOHWLRQVPRGLILFDWLRQVRUFRUUHFWLRQVLQ 2FHDQRJUDSK\
DQH[LVWLQJILOHRUSURJUDP (3%DSSURDFK ([WDQW3K\ORJHQHWLF%UDFNHW
&RPSXWHU3URJUDPPLQJ DSSURDFK


%LRPHGLFDO6FLHQFHV([WDQW2UJDQLVPV (3,$ (XURSHDQ3KRWRYROWDLFV,QGXVWULHV


,FKWK\RORJ\+HUSHWRORJ\0HGLFLQH $VVRFLDWLRQ
(3%1 (XURSHDQ3ODQW%LRWHFKQRORJ\1HWZRUN (3,$,0 $ NQRZOHGJHEDVHGV\VWHPIRU
(3& (FRQRPLF3ROLF\&RXQFLO (3,GHPLRORJ\LQ$,0
(3& (GLWRULDO3URFHVVLQJ&HQWHU (XURSHDQ&RPPXQLW\3URMHFW
(3& LPSXOVH(YRNHG3RVWV\QDSWLF&XUUHQW (3,&(SLF (OHFWURQLF3ULYDF\,QIRUPDWLRQ&HQWHU
(3& (XURSHDQ3DWHQW&RQYHQWLRQ (3,& (TXDWRULDO3DFLILF,QIRUPDWLRQ&ROOHFWLRQ
(3& (XURSHDQ3ROLWLFDO&RRSHUDWLRQ (3,&$ (OHFWULFDOO\3RZHUHG,QWHJUDWHG&RQWURO
(3& ([WUD3DLU&RSXODWLRQ $FWXDWRUV
$YLDQ%HKDYLRUDO(FRORJ\$YLDQ0RQRJDP\ (XURSHDQ&RPPXQLW\3URMHFW$HURVSDFH
%LRORJ\ 7HFKQRORJ\
(3&5 (QGRWKHOLDOFHOO3&5HFHSWRU (3,&6 (QJLQHHULQJ3URMHFWV,Q&RPPXQLW\
&DQFHU%LRORJ\,PPXQRORJ\0ROHFXODU 6HUYLFH
0HGLFLQH3K\VLRORJ\ $ 863URJUDPWKDWEHJXQLQ
(3' (QHUJHWLF3DUWLFOHV'HWHFWRU (3,(7 (XURSHDQ3URJUDPPHLQ,QWHUYHQWLRQ
(3'0UXEEHUV (WK\OHQH3URS\OHQH'LHQH (SLGHPLRORJ\7UDLQLQJ
0RQRPHUUXEEHUV &RPPXQLFDEOH'LVHDVH6XUYHLOODQFH
7KH(3'0UXEEHUVDUHXVHGDVFRPSRQHQWVPDLQ (SLGHPLRORJ\
O\LQURRILQJWLUHVDQGZHDWKHUVWULSSLQJLQYLHZ (3,/2*3URJUDP (QYLURQPHQWDO3URFHVVHVRIWKH
RIWKHIDFWWKDWWKH\DUHKLJKO\ZHDWKHUUHVLVWDQW ,FHDJH/DQG2FHDQV*DOFLHUVSURJUDP
DQGSUHVHQWJRRGHOHFWULFDOLQVXODWLQJSURSHUWLHV 2ULJLQDWHGLQXQGHUWKHDHJLVRIWKH
(3(& (QWHURSDWKRJHQLF(VFKHULFKLD&ROL ,0$*(6SURJUDPRI,*%33$*(6/*0
(3(&FDXVHVGLDUUKHDLQFKLOGUHQLQGHYHORSLQJ )RUIXUWKHUGHWDLOVVHHXGQHU,0$*(6
FRXQWULHV ,*%33$*(6/*0
0LFURELRORJ\ (3,5% HOHFWURQLFSRVLWLRQLQGLFDWLQJUDGLREHDFRQ
(3)/ (FROH3RO\WHFKQLTXH)pGpUDOHGH/DXVDQQH UDGLREDOLVHGHORFDOLVDWLRQGHVVLQLVWUHV
6ZLW]HUODQG  (3,5% (PHUJHQF\3RVLWLRQ,QGLFDWLQJ5DGLR
)UHQFKLQLWLDOLVPRIWKH6ZLVV)HGHUDO,QVWLWXWHRI %HDFRQ
7HFKQRORJ\ /DXVDQQH6ZLW]HUODQG  1DYLJDWLRQ
(3)V ([WUD3DLU)HUWLOL]DWLRQV (SLV DEEU (SLVFRSDO(SLVFRSDOLDQ(SLVWOH
$YLDQ%HKDYLRUDO(FRORJ\$YLDQ0RQRJDP\ (SLVF DEEU (SLVFRSDO(SLVFRSDOLDQ
%LRORJ\ $OVR(SLV
(3*(SJ (OHFWURQLF3URJUDP*XLGH HSLW DEEU HSLWDSKHSLWRPH
(3* (PLQHQW3HUVRQV*URXS (3, WHFKQLTXH (FKR3ODQDU,PDJLQJWHFKQLTXH
(3* HPSOR\PHQWSODQQLQJJXLGH>1$(:@ (3/ ([WHUQDO3OH[LIRUP/D\HU
JXLGHSRXUODSODQLILFDWLRQG
XWLOLVDWLRQ (3/$16 (QJLQHHULQJ3ODQQLQJDQG$QDO\VLV
>1$(:@ 6\VWHPV
H[HUFLVHSODQQLQJJXLGH (3 OXEULFDQW ([WUHPH3UHVVXUHOXEULFDQW
JXLGHGHSODQLILFDWLRQGHVH[HUFLFHV (30 HOHFWURQLFSURWHFWLYHPHDVXUHV
(3*HOHFWURGH (GJH3ODQH*UDSKLWHHOHFWURGH PHVXUHVGHSURWHFWLRQpOHFWURQLTXHV 03( 
(SK DEEU (SKHVLDQV (30(SP (QWHUSULVH3HUIRUPDQFH0DQDJHPHQW
(3, (FKR3ODQDU,PDJLQJ (30$ (OHFWURQ3UREH0LFURDQDO\VLV
%LRGLDJQRVWLFV&KHPLVWU\0DJQHWLF5HVRQDQFH (31/ (IIHFWLYH3HUFHLYHG1RLVH/HYHO
5HVHDUFK (32 (U\WKURSRLHWLQ
(3, (OHFWURQLF3RVLWLRQ,QGLFDWRU 0ROHFXODU0LPLFU\3URWHLQ(QJLQHHULQJ
1DYLJDWLRQ (32& (DVWHUQ3DFLILF2FHDQLF&RQIHUHQFH
(3, ([SDQGHG3URJUDPRQ,PPXQL]DWLRQ (325 (U\WKURSRLHWLQ5HFHSWRU
7KH(3,ZDVODXQFKHGE\:+2DQG81,&()LQ (326 (DUWKTXDNH3KHQRPHQD2EVHUYDWLRQ6\VWHP
 -DSDQ 
0LFURELRORJ\0HGLFLQH,PPXQRORJ\ (326(SRV (OHFWURQLF3RLQW2I6DOH
)RUIXUWKHUGHWDLOVVHHXQGHU:+2 DQG (32; DEEU (SR[LGH
81,&() 2UJDQLF&KHPLVWU\
(33 (VWLPDWHG3ULFH3ROLF\


(33 H[HUFLVHSODQQLQJSURFHVV HUQPHQWDODQGQRQJRYHUQPHQWDORUJDQL]DWLRQVWR


SURFHVVXVGHSODQLILFDWLRQG
H[HUFLFH DGYDQFHDFRPPRQUHVHDUFKDJHQGD
(33'\/ (OHFWULF3URSXOVLRQDQG3ODVPD'\QDPLFV )RUIXUWKHUGHWDLOVVHHXQGHU),&DQG 1,+
/DERUDWRU\ (36 H[HUFLVHSODQQLQJVWDII
$W3ULQFHWRQ8QLYHUVLW\86$ pWDWPDMRUGHSODQLILFDWLRQG
H[HUFLFH
(33. (SLGHUPRO\WLF3DOPRSODQWDU3HUDWRGHUPD (36 ([WUDFHOOXODU3RO\PHULF6XEVWDQFHV
&DQFHU5HVHDUFK.HUDWLQ0XWDWLRQV0HGLFLQH $TXDWLF&KHPLVWU\%LRPLQHUDOL]DWLRQ&HOO
0ROHFXODU*HQHWLFV6NLQ'LVRUGHUV %LRORJ\*HRORJ\3DODHRQWRORJ\
(34 (FRQRPLF3XUFKDVH4XDQWLW\ (36& ([FLWDWRU\3RVWV\QDSWLF&XUUHQW
,QGXVWULDO(QJLQHHULQJ 1HXURELRORJ\1HXURSK\VLRORJ\3V\FKLDWU\
(35 (DUQLQJV3ULFH5DWLR 3K\VLRORJ\
(35 (DVW3DFLILF5LVH (36&R5 ([SHULPHQWDO3URJUDPWR6WLPXODWH
(35 (OHFWURQ3DUDPDJQHWLF5HVRQDQFH &RPSHWLWLYH5HVHDUFK 86$ 
(OHFWURQSDUDPDJQHWLFUHVRQDQFHLVDOVRNQRZQDV (36&R5LVD861DWLRQDO6FLHQFH)RXQGDWLRQ
(OHFWURQ6SLQ5HVRQDQFH3DUDPDJQHWLF \HDUROGSURJUDPLQWHQGHGWRKHOSVWDWHVODFN
5HVRQDQFH LQJDVWURQJUHVHDUFKEDVH
(35 (VWLPDWHG3ULFH5HTXHVW 863URJUDP
%XVLQHVV&RPPHUFH)LQDQFH (36&V ([FLWDWRU\3RVWV\QRSWLF&XUUHQWV
(35 (WK\OHQH3URS\OHQH5XEEHU )RUIXUWKHUGHWDLOVVHHXQGHU(36&
(35 ([SHULPHQWDO3RZHU5HDFWRU (36'7 (DUO\3HULRGLF6FUHHQLQJ'LDJQRVWLFDQG
1XFOHDU(QHUJ\ 7UHDWPHQW
(35 ([[RQ3URGXFWLRQ5HVHDUFK 'LVDELOLWLHV&RQWURO7UDQVPLVVLEOH,OOQHVV
*HRORJLFDO6FLHQFHV (36, (DUQLQJV3HU6KDUH,VVXHG
(35IOXLGFRPSRVLWLRQV (DVW3DFLILF5LVHIOXLG %XVLQHVV(FRQRPLFV)LQDQFH
FRPSRVLWLRQV (36PDWUL[ ([WUDFHOOXODU3RO\VDFFKDULGHPDWUL[
$TXDULXP5HVHDUFK%LRJHRORJ\(DUWK6FLHQFHV %LRILOP(QJLQHHULQJ0LFURELRORJ\
(35IUHTXHQF\ (OHFWURQ3DUDPDJQHWLF5HVRQDQFH (363V ([FLWDWRU\3RVWV\QDSWLF3RWHQWLDOV
IUHTXHQF\ %LRORJ\
&KHPLVWU\3K\VLFV (37 (QWH3URYLQFLDOHSHULO7XULVPR ,WDO\ 
(35, (OHFWULF3RZHU5HVHDUFK,QVWLWXWH 86$  ,WDOLDQLQLWLDOLVPRIWKH'LVWULFW2IILFHIRUWKH
(35,:$7&+ (XURSHDQ3DUOLDPHQW5HVHDUFK 3URPRWLRQRI7RXULVP
,QLWLDWLYH:$7&+ (37 ([FHVV3URILWV7D[
(XURSHDQ&RPPXQLW\3URMHFW %XVLQHVV)LQDQFH
(3520 (UDVDEOH3URJUDPPDEOH5HDG2QO\ (37 ([HFXWLRQ3URFHVVLQJ8QLW
0HPRU\ (37 ([WHUQDO3LSH7KUHDG
&RPSXWHU7HFKQRORJ\ (37& (WK\O'LSURS\OWKLRFDUEDPDWH
(35SDLUV (LQVWHLQ3RGROVN\5RVHQSDLUV (38 (XURSHDQ3D\PHQW8QLRQ
3K\VLFV4XDQWXP&U\SWRJUDSK\4XDQWXP (3: HDUWKSHQHWUDWRUZHDSRQZDUKHDG
0HFKDQLFV DUPHWrWHH[SORVLYHjIRUWHSpQpWUDWLRQGDQVOH
(36 (DUQLQJV3HU6KDUH VRO
%XVLQHVV(FRQRPLFV)LQDQFH (3: (OHFWURQ3ODVPD:DYH
(36 (FROH3URIHVVLRQQHOOHGH6RXGXUH 8OWUDIDVW2SWLFDO6FLHQFH
)UHQFKLQLWLDOLVPRIWKH6ROGHULQJ:HOGLQJ (4 (GXFDWLRQDO4XRWLHQW
3URIHVVLRQDO6FKRRO )UDQFH  HTHTOHTX DEEU HTXDO
(36 (FROH3URIHVVLRQQHOOH6XSpULHXUH )UDQFH  0DWKHPDWLFV
(36 (SLGHPLRORJ\DQG3RSXODWLRQ6WXGLHV HT DEEU HTXDOHTXDWLRQ
7KH'LYLVLRQRI,QWHUQDWLRQDO(SLGHPLRORJ\DQG (T DEEU HTXDWRU
3RSXODWLRQ6WXGLHVRIWKH),&SODQVGHVLJQVDQG $QDWRP\$VWURQRP\&DUWRJUDSK\
FRQGXFWVVWXGLHVWRH[DPLQHIDFWRUVDIIHFWLQJWKH HT HTXD]LRQH
DSSOLFDWLRQRIKHDOWKVFLHQFHDGYDQFHV IRUWKHEHQ ,WDOLDQDEEUHYLDWLRQPHDQLQJHTXDWLRQ
HILWRISRSXODWLRQVSDUWLFXODUO\LQGHYHORSLQJ HT DEEU HTXLYDOHQW
FRXQWULHV(36GHYHORSVVWUDWHJLFSDUWQHUVKLSVZLWK (4 DEEU (TXLWLHV
WKHFDWHJRULFDOLQVWLWXWHVRIWKH1,+DQGRWKHUJRY (4$ (XURSHDQ4XDOLW\$ZDUG


(4% (XURSHDQ4XDOLW\%HHI (5$ (QJLQHHULQJ5HVHDUFK$VVRFLDWLRQ *% 


(XURSHDQ8QLRQ/DEHOV (5$ (QWH5LIRUPD$JUDULD ,WDO\ 
(4(V ([WHUQDO4XDQWXP(IILFLHQFLHV ,WDOLDQDFURQ\PRIWKH2UJDQL]DWLRQIRU$JUDULDQ
HTO DEEU HTXDO 5HIRUP
$OVRHTHTX (5$ HQWLW\UHODWLRQVKLSDQDO\VLV
(T3DFSURMHFW(TXDWRULDO3DFLILFSURMHFW DQDO\VHGHVUDSSRUWVHQWUHHQWLWpV
HTSW DEEU HTXLSPHQW H[SORVLYHUHDFWLYHDUPRXU
(48,6(TXLV (XURSHDQ48DOLW\,PSURYHPHQW EOLQGDJHUpDFWLISDUH[SORVLRQ
6\VWHP (5$ (XURSHDQ5HVHDUFK$UHD
0DQDJHPHQW6FKRROV &RQFHLYHGLQE\WKH(XURSHDQ&RPPLVVLRQ
HTXLY DEEU HTXLYDOHQW (5$ ([SHQVH5HGXFWLRQ$QDO\VWV
&KHPLVWU\*HRORJ\0DWKHPDWLFV0HGLFLQH 0LODQ,WDO\
(5 (DUQLQJV5HFRUG(DUQLQJV5HSRUW (5$' (5$VVRFLDWHG'HJUDGDWLRQ
%XVLQHVV)LQDQFH &HOO%LRORJ\
(5 (DVW5LGLQJ <RUNVKLUH  *%  )RUIXUWKHUGHWDLOVVHHXQGHU(5
(5 (DVW5LYHU 1HZ<RUN&LW\  86$  (5$72 ([SORUDWRU\5HVHDUFKIRU$GYDQFHG
(5 (FKHOOH5pDXPXU 7HFKQRORJ\ -DSDQ 
)UHQFKLQLWLDOLVPPHDQLQJ5pDXPXUWHPSHUDWXUH (5%( (DUWK5DGLDWLRQ%XGJHW([SHULPHQW
VFDOH $WPRVSKHULF6FLHQFHV&OLPDWH&ORXG
7KHUPRG\QDPLFV 0LFURSK\VLFV*HRSK\VLFV
(5 (OHFWURUHIOHFWDQFH (5%3V (YHQW5HODWHG%UDLQ3RWHQWLDOV
6SHFWURVFRS\ 1HXURVFLHQFH
(5 4XHHQ(OL]DEHWK (OL]DEHWK5HJLQD  (5%6 (DUWK5DGLDWLRQ%XGJHW6DWHOOLWH
(5 (PHUJHQF\5RRP (5%66 (DUWK5DGLDWLRQ%XGJHW6DWHOOLWH6\VWHP
0HGLFLQH (5&& GHVLJQDWLRQV ([FLVLRQ5HSDLU&URVV
(5 (QGRSODVPLF5HWLFXOXP &RPSOHPHQWLQJGHVLJQDWLRQV
&HOO%LRORJ\ %LRFKHPLVWU\%LRSK\VLFV
(5 (QHUJ\5HVHDUFK (5&,0 (XURSHDQ5HVHDUFK&RQVRUWLXPIRU
(5 (QYLURQPHQWDO5HSRUWV ,QIRUPDWLFVDQG0DWKHPDWLFV
(5 (TXDWRULDO5LQJ (5&6 (&0UHVLVWDQWFRPPXQLFDWLRQVV\VWHP
(U 7KHFKHPLFDOV\PEROIRU(UELXP >REVROHWH@
(UELXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF V\VWqPHGHFRPPXQLFDWLRQLQVHQVLEOHDX[&0(
QXPEHUDQDWRPLFZHLJKWRIDQGD >REVROqWH@
PHOWLQJSRLQWLQWKHUDQJHRI$&,WLV (5&V (QJLQHHULQJ5HVHDUFK&HQWHUV
XVHGPDLQO\LQQXFOHDUUHDFWRUVDQGODVHUV 7KH(5&VDUHFHQWHUVIRULQVWUXFWLQJHQJLQHHULQJ
&KHPLVWU\6\PEROV VWXGHQWV$ SURJUDPVSRQVRUHGLQE\WKH86
HU DEEU HUURU 16)
(5 (VWURJHQ5HFHSWRU )RUIXUWKHUGHWDLOVVHHXQGHU16)
$GXOW2QFRORJ\0HGLFLQH (5&V ([WUDFKURPRVRPDO5LERVRPDO'1$ &LUFOHV
(5 ([FHVV5HVHUYHV &HOO%LRORJ\*HQHWLFV*HURQWRORJ\0ROHFXODU
(5 ([SHQVH5HSRUW %LRWHFKQRORJ\2[LGDWLYH'DPDJH
(5 ([5LJKWV (5'$ (QHUJ\5HVHDUFK'HYHORSPHQW
%XVLQHVV)LQDQFH $GPLQLVWUDWLRQ
(5 H[WHQGHGUDQJH 6XFFHVVRUWR$(&
SRUWpHSURORQJpH )RUIXUWKHUGHWDLOVVHHXQGHU$(&
(5$ (FRQRPLF5HJXODWRU\$GPLQLVWUDWLRQ (5') (XURSHDQ5HJLRQDO'HYHORSPHQW)XQG
86$  (XURSHDQ&RPPXQLW\
(5$ (OHFWULFDO5HVHDUFK$VVRFLDWLRQ *%  (5'&(QJLQHHU5HVHDUFKDQG'HYHORSPHQW&HQWHU
(5$ (OHFWURQ5LQJ$FFHOHUDWRU 86$UP\
1XFOHDU(QJLQHHULQJ (5( (VWURJHQ5HVSRQVH(OHPHQW
(5$ (OHFWURQLF5HSUHVHQWDWLYHV$VVRFLDWLRQ %LRORJLFDO5HJXODWLRQDQG'HYHORSPHQW
(5$ (QHUJ\5HVHDUFK$EVWUDFWV (QGRFULQH5HVHDUFK(QGRFULQRORJ\6WHURLG
2IWKH86'HSDUWPHQWRI(QHUJ\ %LRFKHPLVWU\


(5(& (QHUJ\HIILFLHQF\DQG5HQHZDEOH(QHUJ\ (50 (QWHULF5HGPRXWK


&OHDULQJKRXVH (50 ([FKDQJH5DWH0HFKDQLVP
7KH(5(&ZDVHVWDEOLVKHGE\WKH86 (XURSHDQ0RQHWDU\8QLRQ
'HSDUWPHQWRI(QHUJ\ZKLFKFRQVROLGDWHGWZR (50(6(UPHV (XURSHDQ5DGLR0HVVDJLQJ
SUHYLRXVVHUYLFHV&$5(,56 DQG1$7$6 6\VWHP
(5(' (FRQRPLFV5HVHDUFKDQG(YDOXDWLRQ ,QIRUPDWLRQ([FKDQJH E\UDGLR 
'LYLVLRQ (51 (UURU5HODWHG1HJDWLYLW\
2I(PSOR\PHQW'HSDUWPHQWV $QWHULRU&LQJXODWH&RUWH[0DJQHWLF5HVRQDQFH
(5(3 (DUWK5HVRXUFHV([SHULPHQW3DFNDJH 0HGLFLQH1HXURVFLHQFH3V\FKLDWU\3V\FKRORJ\
(5) (QWH5LIRUPD)RQGLDULD ,WDO\  (51$&7 (XURSHDQ5HJLRQV1HWZRUNIRUWKH
,WDOLDQLQLWLDOLVPRIWKH2UJDQL]DWLRQIRUWKH $SSOLFDWLRQRI&RPPXQLFDWLRQ7HFKQRORJ\
5HIRUPRI/DQG3URSHUW\ (XURSHDQ&RPPXQLW\
(5) (XURSHDQ5HVHDUFK)RUXP(XURSHDQ (51,( (OHFWURQLF5DQGRP1XPEHU,QGLFDWRU
&RPPXQLW\ (TXLSPHQW
(5)$3 (QWH5HJLRQDOHSHUOD)RUPD]LRQHH (52 ([HFXWLYH5HFRUGV2IILFH 86$ 
O
$JJLRUQDPHQWR3URIHVVLRQDOH ,WDO\  (U2 (UELXP2[LGH
9RFDWLRQDO7UDLQLQJ (UELXP2[LGHDOVRNQRZQDV(UELDLVXVHGPDLQ
(5IOXLGV (OHFWURUKHRORJLFDOIOXLGV O\DVDSKRVSKRUDFWLYDWRU
(5*2 (XURSHDQ5HVHDUFK*DWHZD\V2QOLQH ,QRUJDQLF&KHPLVWU\
(XURSHDQ&RPPXQLW\3URMHFW (520 (UDVDEOH5HDG2QO\0HPRU\
(5*6 (OHFWURQLF5RXWH*XLGDQFH6\VWHP (526 (DUWK5HVRXUFHV2EVHUYDWLRQV6\VWHP
(5*V (OHFWURUHWLQRJUDPV 2EVHUYLQJ6DWHOOLWH
0HGLFLQH1HXURELRORJ\1HXURORJ\ (526 ([SpULHQFHGH5HFKHUFKHVG
2EMHWV6RPEUHV
(5, (OHYDWR5LVFKLR,QGXVWULDOH $VWURQRP\$VWURSK\VLFV&RVPRORJ\'DUN
,WDOLDQDFURQ\PPHDQLQJ+LJK,QGXVWULDO5LVN 0DWWHU3K\VLFV3ODQHWDU\6\VWHPV
(UL (ULGDQXV (53 (IIHFWLYH5DGLDWHG3RZHU
$OVR(ULG (OHFWURPDJQHWLVP
(ULGDQXVLVDOVRNQRZQDV5LYHU3R,WLVDVRXWK (53 (PHUJHQF\5HFRUGHU3ORW
HUQFRQVWHOODWLRQWKDWZLQGVVRXWKZHVWIURP2ULRQ 1DYLJDWLRQ
$VWURQRP\ (53(US (QWHUSULVH5HVRXUFH3ODQQLQJ
(5,& (GXFDWLRQDO5HVRXUFHV,QIRUPDWLRQ&HQWHU (53 (UURU5HFRYHU\3URFHGXUHV
(5,&$ ([SHULPHQWRQ5DSLGO\,QWHQVLI\LQJ (53(53 (XURSHDQ5HFRYHU\3URJUDP
&\FORQHVRYHUWKH$WODQWLF 86$  7KH(XURSHDQ5HFRYHU\3URJUDPZDVDSODQSUR
(ULG (ULGDQXV SRVHGE\WKH86$LQWRDLG(XURSHDQ
)RUIXUWKHUGHWDLOVVHHXQGHU(UL QDWLRQVLQHFRQRPLFUHFRYHU\ DIWHU:RUOG:DU,, 
(5,0 (QYLURQPHQWDO5HVHDUFK,QVWLWXWHRI (53 (YHQW5HODWHGEUDLQ3RWHQWLDO KXPDQ 
0LFKLJDQ 86$  $QWHULRU&LQJXODWH&RUWH[&RJQLWLYH
(5,0 ([5HSXEEOLFD,XJRVODYDGL0DFHGRQLD 1HXURLPDJLQJ0DJQHWLF5HVRQDQFH0HGLFLQH
(5,1 (QYLURQPHQWDO5HVRXUFHV,QIRUPDWLRQ 3V\FKLDWU\3V\FKRORJ\
1HWZRUN 86$  (53 ([SRUWHG5HSHWLWLYH3URWHLQ
(5,6$ (PSOR\HH5HWLUHPHQW,QFRPH6HFXULW\$FW %LRORJLFDO6FLHQFHV&HOO%LRORJ\0HGLFLQH
+XPDQ5HVRXUFHV 0ROHFXODU%DFWHULRORJ\
(5. ([WUDFHOOXODUVLJQDO5HJXODWHG.LQDVHV (53 ) (IIHFWLYH5HQDO3ODVPD )ORZ 
%DVLF6FLHQFH%LRPHGLFDO6FLHQFHV,PPXQRORJ\ 0HGLFLQH
3KDUPDFRORJ\5HVSLUDWRU\0HGLFLQH (53V (YHQW5HODWHGEUDLQ3RWHQWLDOV KXPDQ 
(5.SDWKZD\ ([WUDFHOOXODUVLJQDO5HJXODWHG )RUIXUWKHUGHWDLOVVHHXQGHU(53
.LQDVHSDWKZD\ (53 VRIWZDUH (QWHUSULVH5HVRXUFH3ODQQLQJVRIW
6LJQDO7UDQVGXFWLRQ ZDUH
(5/ (QYLURQPHQWDO5HVHDUFK/DERUDWRULHV (53 VRIWZDUHLVXVHGE\FRPSDQLHVWRSODQDQG
2IWKH8612$$ PDQDJHEXVLQHVVIXQFWLRQV
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ ,QWHUQDWLRQDO%XVLQHVV
(5/& (QYLURQPHQWDO5HVHDUFK/DERUDWRU\DW (55 HQJLQHHULQJUHOHDVHUHFRUG
&RUYDOOLV2UHJRQ 86$  GRVVLHUGHGLIIXVLRQWHFKQLTXH


(55 (QWH5DGLR5XUDOL (6 (O6DOYDGRU,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQ


,WDOLDQLQLWLDOLVPPHDQLQJ2UJDQL]DWLRQIRUWKH OHWWHUV
VSUHDGLQJRI:LUHOHVV5DGLRVLQ5XUDO$UHDV (6 (QG6\VWHP
HUU DEEU HUUDWDHUURU (6 (QJLQH6SHHG
(55$& (XURSHDQ5DLO5HVHDUFK$GYLVRU\&RXQFLO HV HVHPSLR
/DXQFKHGE\WKH(XURSHDQ8QLRQLQ ,WDOLDQDEEUHYLDWLRQPHDQLQJH[DPSOH
5DLO5HVHDUFK HV DEEU HVWLPDWHG
(56 (DUWK5HVRXUFHV6DWHOOLWH1$6$
V (6 ([HFXWLYH6HFUHWDULDW
(56(FRQRPLF5HVHDUFK6HUYLFH (6 ([HPSW6HFXULWLHV
(56 (FRQRPLF5HWHQWLRQ6WRFN %DQNLQJ%XVLQHVV)LQDQFH
(56 HPHUJHQF\UHORFDWLRQVLWH (6 ([SHUW6\VWHP
HPSODFHPHQWGHUHSOLHQFDVG
XUJHQFH $UWLILFLDO,QWHOOLJHQFH
(5V (QJLQHHULQJ5HSRUWV (6 ([WHQVLRQ6HUYLFH
(56 (QYLURQPHQWDO5HVHDUFK6DWHOOLWH (6 WHORPHULF([SUHVVLRQ6LWH
(56 (XURSHDQ5HPRWH6HQVLQJ6DWHOOLWH(6$ 0ROHFXODU3DUDVLWRORJ\
7KH(56ZDVODXQFKHGLQ (6 ([WHUQDO6WRUH
)RUIXUWKHUGHWDLOVVHHXQGHU(6$ $YLDWLRQ
(56(3 (OHFWURQLF5HWULHYDO6\VWHPRQ (6$ (FRORJLFDO6RFLHW\RI$PHULFD 86$ 
(PSOR\PHQW3ROLFLHV (QYLURQPHQW)HOORZVKLS3URJUDPV
(57 (VWURJHQ5HSODFHPHQW7KHUDS\ (6$ (PSOR\PHQW6WDQGDUGV$GPLQLVWUDWLRQ
(57 (XURSHDQ5RXQG7DEOH 86$ 
(57 LVDKLJKOHYHOOREE\RILQGXVWULDOLVWVRI (6$ (QGDQJHUHG6SHFLHV$FW 86$ 
WKHPIURPDOORYHU(XURSHZKRPHHWDWOHDVW %LRORJ\(FRORJ\(QYLURQPHQW+DELWDW
WZLFHD\HDU &RQVHUYDWLRQ=RRORJ\
(57 H[HFXWLRQUHIHUHQFHWLPH (6$ (XURSHDQ6SDFH$JHQF\
WHPSVGHUpIpUHQFHSRXUO
p[pFXWLRQ 7KH(6$ LVWKHLQWHUJRYHUQPHQWDORUJDQL]DWLRQ
(57$ (FRQRPLF5HFRYHU\7D[$FW 86$  UHVSRQVLEOHIRU(XURSH
VFROODERUDWLYHFLYLOLDQ
(57& (QYLURQPHQWDO5HVHDUFKDQG7UDLQLQJ&HQWUH VSDFHRSHUDWLRQV
'HSDUWPHQWRI(QYLURQPHQWDO4XDOLW\ (6$( (XURSHDQ6RFLHW\IRU$WRPLF(QHUJ\
7KDLODQG  (6$) (QKDQFHG6WUXFWXUDO$GMXVWPHQW)DFLOLWLHV
(57,&2 (XURSHDQ5RDG7UDQVSRUW7HOHPDWLF %XVLQHVV)LQDQFH
,PSOHPHQWDWLRQ&RRUGLQDWLRQ2UJDQL]DWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU&&))())DQG
HUWRU HIIHFWLYHUDGLDWLRQDOWHPSHUDWXUHRIWKHR]RQH 6$)
UHJLRQ (6 ( 3URJUDP (QYLURQPHQWDO6FLHQFHDQG
0HWHRURORJ\ (QJLQHHULQJ3URJUDP
(576 (DUWK5HVRXUFHV7HFKQRORJ\6DWHOOLWH $WWKH+DUYDUG6FKRRORI3XEOLF+HDOWK %RVWRQ
(59 (QJOLVK5HYLVHG9HUVLRQ 0DVVDFKXVHWWV86$ 
(59 ([SLUDWRU\5HVHUYH9ROXPH (6$ SURMHFW (QGRJHQRXV6NLOO$QWLFLSDWLQJSURMHFW
(59 LVDOVRNQRZQDV5HVHUYH$LU6XSSOHPHQWDO 3URPRWHU3DYLD8QLYHUVLW\ ,WDO\ 
$LU (QGRJHQRXV'HYHORSPHQW
0HGLFLQH (6$5'$ (XURSHDQ6$IHJXDUGV5HVHDUFKDQG
(59V (QGRJHQRXV5HWURYLUXVHV 'HYHORSPHQW$VVRFLDWLRQ
0HGLFLQH;HQRWUDQVSODQWDWLRQ;HQRYLURORJ\ (6$75, DEEU (6$]LRQH75,EXWL
(5: HQKDQFHGUDGLDWLRQZHDSRQ>QHXWURQ ,WDOLDQDEEUHYLDWLRQPHDQLQJH[DFWLRQFROOHFWLRQ
ZHDSRQ@ RIWD[HV
DUPHjHIIHWVGHUDGLDWLRQUHQIRUFpV>DUPHjQHX (6% (QFHIDORSDWLD6SRQJLIRUPH%RYLQD PDODWWLD
WURQV@ GHOODPXFFDSD]]D 
(6 (DUQHG6XUSOXV ,WDOLDQLQLWLDOLVPPHDQLQJ%RYLQH6SRQJLIRUP
%XVLQHVV)LQDQFH (QFHSKDORSDWK\ PDGFRZGLVHDVH 
(V 7KHFKHPLFDOV\PEROIRU(LQVWHLQLXP 0HGLFLQH
1DPHGDIWHUWKH*HUPDQSK\VLFLVW$OEHUW(LQVWHLQ (6& (PEU\RQLF6WHP&HOO
6\PEROV&KHPLVWU\ HVF DEEU HVFDSH
(6 (OHFWULFDO6WLPXODWLRQ &RPSXWHU3URJUDPPLQJ6SDFH7HFKQRORJ\


(6& (XURSHDQ6KLSSHUV
&RXQFLOV (6(0 (QWH6FXROD(GLOH0LODQHVH 0LODQ,WDO\ 
(6&$3 (FRQRPLFDQG6RFLDO&RPPLVVLRQIRU$VLD ,WDOLDQ6FKRRO
DQGWKH3DFLILF (6(V ([RQLF6SOLFLQJ(QKDQFHV
)RUPHUO\FDOOHGWKH(FRQRPLF&RPPLVVLRQIRU %LRORJ\&DQFHU5HVHDUFK&KHPLFDO3URFHVVHV
$VLDDQGWKH)DU(DVW(6&$3 ZDVIRXQGHGLQ ([RQV2OLJRQXFOHRWLGH0RWLIV
6KDQJDLLQ7KHWK6HVVLRQRIWKH(6&$3 (6) (U\WKURSRLHWLF6WLPXODWLQJ)DFWRU
RSHQHGLQ%HLMLQJRQWKHWK$SULOZLWKD (6) (XURSHDQ6FLHQFH)RXQGDWLRQ
VSHHFKIURP&KLQHVH3UHPLHU/L3HQJ 7KH(XURSHDQ6FLHQFH)RXQGDWLRQLVDQDVVRFLD
(6&%V (XURSHDQ6\VWHPRI&HQWUDO%DQNV WLRQRIQDWLRQDOUHVHDUFKFRXQFLOVDQGDFDGHPLHV
7KH(6&%VSULPDU\REMHFWLYHLVWRPDLQWDLQSULFH IURP(XURSHDQFRXQWULHVIRXQGHGLQ
VWDELOLW\DQGWRIRUPXODWHDPRQHWDU\SROLF\VWUDWH (6) (XURSHDQ6HFXULW\)RUXP
J\IRUWKLVSXUSRVH )RUXPHXURSpHQGHVpFXULWp
(6&(3 (FROH6XSpULHXUHGH7RXULVPHGH HVJ HVHJXHQWH
&RPPHUFHHWGH3XEOLFLWp )UDQFH  ,WDOLDQDEEUHYLDWLRQPHDQLQJDQGWKHIROORZLQJ
(6&,0 (XURSHDQ6KRUW&RXUVH,Q0HFKDWURQLFV RQH
(XURSHDQ&RPPXQLW\ (6+$ (XURSHDQ6PDOO+\GURSRZHU$VVRFLDWLRQ
(6&0,' 7KH(XURSHDQ6RFLHW\RI&OLQLFDO (6, (OHFWURVSUD\,RQL]DWLRQ
0LFURELRORJ\DQG,QIHFWLRXV'LVHDVHV %LRFKHPLVWU\&KHPLVWU\&KHPLFDO%LRORJ\
6ZLW]HUODQG  (6, (XURSHDQ6RIWZDUH,QVWLWXWH
(6&3 (FROH6XSpULHXUHGH&RPPHUFHGH3DULV (6,(( (FROH6XSpULHXUHG
,QJpQLHXUVHQ
)UDQFH  (OHFWURWHFKQLTXHHW(OHFWURQLTXH )UDQFH 
HVFO HVFOXVLYR (6,06 (OHFWURVSUD\,RQL]DWLRQ0DVV
,WDOLDQDEEUHYLDWLRQPHDQLQJH[FOXVLYH 6SHFWURPHWU\
(6&V (PEU\RQLF6WHP&HOOV (6,6 (6$ 6SDFH,QIRUPDWLRQ6\VWHPV
&HOO%LRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU(6$
(6' (GL]LRQL6WXGLR'RPHQLFDQR ,WDO\  (6- (: VWDQGRIIMDPPHU
3XEOLFDWLRQV EURXLOOHXUGH*(jGLVWDQFHGHVpFXULWp GHO
REMHF
(6' (OHFWURQ6WLPXODWHG'HVRUSWLRQ WLI 
(6' (OHFWURVWDWLF'LVFKDUJH (6/ (XURSHDQ6\VWHPV/DQJXDJH
(VG DEEU (VGUDV (60 (OHFWURQLF6XSSRUW0HDVXUH
(6' (VWLPDWHG6KLSSLQJ'DWH (60 HOHFWURQLFZDUIDUHVXSSRUWPHDVXUHV
%XVLQHVV&RPPHUFH6KLSSLQJ PHVXUHVGHVRXWLHQGHJXHUUHpOHFWURQLTXH 06(
(6' ([SHULPHQWDO6WHULOL]LQJ'RVH  
(6' ([6WRFN'LYLGHQG (60 (OHFWURQ6WLPXODWHG0LJUDWLRQ
%XVLQHVV)LQDQFH (OHFWURQLFV6XUIDFH&KHPLVWU\3K\VLFV
(6' ([WHUQDO6\PERO'LFWLRQDU\ (60 (UUHXU6WDQGDUGVXUOD0R\HQQH
(6'$ (DVW6ZHGHQ'HYHORSPHQW$JHQF\ )UHQFKLQLWLDOLVPPHDQLQJ6WDQGDUG(UURURIWKH
6FLHQFH 7HFKQRORJ\3DUNV 0HDQ
(6', (XURSHDQ6HFXULW\DQG'HIHQFH,GHQWLW\ (60 (XURSHDQ6LQJOH0DUNHW
,GHQWLWpHXURSpHQQHGHVpFXULWpHWGHGpIHQVH ,QWHUQDWLRQDO%XVLQHVV
,(6'  (605 (OHFWULFDOO\6FDQQLQJ0LFURZDYH
(6',$' (OHFWURQ6WLPXODWHG'HVRUSWLRQ,RQ 5DGLRPHWHU
$QJXODU'LVWULEXWLRQ (61 (QJOLVK6SHDNLQJ1DWLRQ
(6'3 (XURSHDQ6HFXULW\DQG'HIHQFH3ROLF\ (61HVQ (UDVPXV6WXGHQW1HWZRUN
SROLWLTXHHXURSpHQQHHQPDWLqUHGHVpFXULWpHWGH (6QHW (QHUJ\6FLHQFHVQHWZRUN 86$ 
GpIHQVH 3(6'  (616 7KH%URRNKDYHQ (QHUJ\6\VWHP1HWZRUN
(6( (FROH6XSpULHXUHG
(OHFWULFLWp )UDQFH  6LPXODWRU
(6( (XURSHDQ6FKRRORI(FRQRPLFV (62 (XURSHDQ6FKRRORI2QFRORJ\
(FRQRPLFV)LQDQFH0DQDJHPHQW +HDGTXDUWHUHGLQ0LODQ,WDO\ZLWK2IILFHVZRUOG
(6((0 (OHFWURQ6SLQ(FKR(QYHORSH0RGXODWLRQ ZLGHLWZDVIRXQGHGLQE\3URI8PEHUWR
HVHJJ HVHJXHQWL 9HURQHVL,WLVDQRQSURILWSULYDWHRUJDQL]DWLRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJDQGWKHIROORZLQJ &DQFHU3UHYHQWLRQ'LDJQRVLVDQG&XUH
RQHV (62 (XURSHDQ6RXWKHUQ2EVHUYDWRU\


(62& (XURSHDQ6SDFH2SHUDWLRQ&HQWHU (65 (OHFWURVHQVLWLYH5HFRUGLQJ


(620$5 (XURSHDQ6RFLHW\IRU2SLQLRQ (OHFWURQLFV
6XUYH\VDQG0DUNHW5HVHDUFK (65 (U\WKURF\WH6HGLPHQWDWLRQ5DWH
7KH(620$5LVORFDWHGLQ%HOJLXP (65& (FRQRPLFDQG6RFLDO5HVHDUFK&RXQFLO
(623 (PSOR\HH6KDUH2ZQHUVKLS3ODQ(PSOR\HH *% 
6KDUH2ZQHUVKLS3URJUDPPH (65) (XURSHDQ6\QFKURWURQ5DGLDWLRQ)DFLOLW\
(623 ([WHUQDO6HQVRU\2UJDQ3UHFXUVRU 7KH(XURSHDQ6\QFKURWURQ5DGLDWLRQIDFLOLW\
(623V (PSOR\HH6WRFN2ZQHUVKLS3ODQV 86$  EHJDQRSHUDWLRQLQ*UHQREOH)UDQFHLQ
,QLWZDVHVWLPDWHGWKDWWKHUHZHUHDSSUR[L (65,1 (XURSHDQ6SDFH5HVHDUFK,1VWLWXWH
PDWHO\(623VLQWKH8QLWHG6WDWHV%\ (65,1LVORFDWHGLQ)UDVFDWL,WDO\
PRUHWKDQPLOOLRQHPSOR\HHVDQGFRPSD (XURSHDQ,QVWLWXWH
QLHVSDUWLFLSDWHGLQ(623V(623VFDQVHUYHDVD (652 (XURSHDQ6SDFH5HVHDUFK2UJDQL]DWLRQ
VRXUFHRIFRUSRUDWHILQDQFLQJIURPDVVHWDFTXLVL $OVR(6352
WLRQWROHYHUDJHGEX\RXWV (65 SURFHVV (OHFWURVODJ5HILQHGSURFHVV
(625 HPHUJHQF\VWDQGRIIUDQJH (66 HFRORJLFDOO\VRXQGV\VWHP
GLVWDQFHGHVpFXULWpG
XUJHQFH V\VWqPHQRQSROOXDQW
(63 (OHFWURVHQVLWLYH3DSHU (66 HOHFWURQLFVZLWFKLQJV\VWHP
(63 (OHFWURVWDWLF3UHFLSLWDWRU 7HOHFRPPXQLFDWLRQV
7KHHOHFWURVWDWLFSUHFLSLWDWRULVDGHYLFHIRU HVV DEEU HVVHQFH
UHPRYLQJILQHSDUWLFOHVIURPDJDVE\HOHFWULFDOO\ (VV DEEU (VVH[
FKDUJLQJWKHSDUWLFOHVDQGWKHQFROOHFWLQJWKHPRQ (66 (XURSHDQ6SDOODWLRQ6RXUFH
KLJKO\FKDUJHGSODWHV 7KH(XURSHDQ6SDOODWLRQ6RXUFHQRWXVLQJUHDF
(QJLQHHULQJ WRUVWRSURGXFHQHXWURQVEXWUHO\LQJRQDQHZHU
(63(VS (QWHUSULVH6HUYHU3URFHGXUHV SDUWLFOHDFFHOHUDWRUWHFKQRORJ\ZLOOEHJLQWR
HVS DEEU HVSHFLDOO\ RSHUDWHLQ
(63 (XURSHDQ6FLHQFH)RXQGDWLRQ (66 (YROXWLRQDU\6WDEOH6WUDWHJ\
(63 (YRNHG6\QDSWLF3RWHQWLDO (66$ (FROH6XSpULHXUHGH6RXGXUH$XWRJqQH
(63 ([WUDVHQVRU\3HUFHSWLRQ )UHQFKDFURQ\PRIWKH+LJK6FKRROIRU$XWRJHQ
3V\FKRORJ\ :HOGLQJ )UDQFH 
(63 6SDQLVKSHVHWD 0HWDOOXUJ\
1RZ(852(85 8 %HFDPH(&8 (XURSHDQ (66$ (QYLURQPHQWDO6XUYH\6$WHOOLWH
6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\ (66(& (FROH6XSpULHXUHGHV6FLHQFHV
(63& (XURSHDQ6SDFH3RZHU&RQIHUHQFH (FRQRPLTXHVHW&RPPHUFLDOHV )UDQFH 
(63( HQGVWDWHSHDFHWLPHHVWDEOLVKPHQW (66(1&( 3URJUDP(TXDWLRQRI6WDWH6XS(U1RYDH
WDEOHDXILQDOG
HIIHFWLIVGXWHPSVGHSDL[ WUDFH&RVPLF([SDQVLRQ3URJUDP
(636 6HFRQG(XURSHDQ6WURNH3UHYHQWLRQ6WXG\ 8QGHUZD\DWWKH&HUUR7ROROR,QWHU$PHULFDQ
&OLQLFDO7ULDOV(XURSHDQ6WXGLHV1HXURORJLFDO 2EVHUYDWRU\WKHSURJUDPZLOOEHFRPSOHWHGE\
5HVHDUFK6WURNH5HVHDUFK 
(635,7 (XURSHDQ6WUDWHJLF3URJUDPIRU5HVHDUFK (66, (XURSHDQ6\VWHPDQG6RIWZDUH,QLWLDWLYH
DQG'HYHORSPHQWLQ,QIRUPDWLRQ7HFKQRORJ\ (XURSHDQ&RPPXQLW\,QLWLDWLYH
HVSULW 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ (660 (YROYHG6HD6SDUURZ0LVVLOH
XVLQJWKH)UHQFKZRUGHVSULWZKLFKPHDQV (663 (OHSKDQW6SHFLHV6XUYLYDO3DQ 86$ 
PLQGLQWHOOHFWWDOHQWLQWHOOLJHQFHEUDLQV 7KH(663 ZDVVHWXSE\WKH$PHULFDQ=RRDQG
(6352 (XURSHDQ63DFH5HVHDUFK2UJDQL]DWLRQ $TXDULXP$VVRFLDWLRQLQ
$OVR(652 (OHSKDQW6XUYLYDO(OHSKDQW&UDFN1HFURVFRS\
(64&FDOFXODWLRQV (ODVWLF6FDWWHULQJ4XDQWXP (67 (DVWHUQ6WDQGDUG7LPH
&KHPLVWU\FDOFXODWLRQV (67 (OHFWURVKRFN7KHUDS\
$VWURQRP\3K\VLFV 7KH(67 LVDOVRNQRZQDV(OHFWURFRQYXOVLYH
(65 (DUO\6WRUDJH5HVHUYH 7KHUDS\
(65 (OHFWURQLF6HQG5HFHLYH 3V\FKRORJ\
(65 (OHFWURQ6SLQ5HVRQDQFH HVW DEEU HVWDEOLVKHGHVWDWHHVWLPDWHGHVWXDU\
(OHFWURQVSLQUHVRQDQFHLVDOVRNQRZQDV(OHFWURQ (67$ (XURSHDQ6FLHQFHDQG7HFKQRORJ\$VVHPEO\
3DUDPDJQHWLF5HVRQDQFH (67$ LVDQDGYLVRU\ERG\WRWKH(XURSHDQ


&RPPLVVLRQ(67$ KHOGLWVILUVWPHHWLQJLQ &HOOXODU3KRQHV


6HSWHPEHU (7$' (FRORJLFDODQG7R[LFRORJLFDO$VVRFLDWLRQRI
5HVHDUFKDQG'HYHORSPHQW '\HVDQG2UJDQLF3LJPHQWV0DQXIDFWXUHUV
HVWDE DEEU HVWDEOLVKHG 6ZLW]HUODQG 
(67(& (XURSHDQ6SDFHUHVHDUFKDQG7(FKQRORJ\ (7$1 (XURSHDQ7HFKQRORJ\$VVHVVPHQW1HWZRUN
&HQWHU (XURSHDQ&RPPXQLW\1HWZRUN
(67(&LVORFDWHGLQ1RRUGZLMN7KH1HWKHUODQGV (7% (QGRI7UDQVPLVVLRQ%ORFN
(67+(5 ([SORLWDWLRQRI6ROLWRQ7UDQVPLVVLRQ (7& (OHFWURQ7UDQVSRUW&KDLQ
+LJKZD\VIRUWKH(XURSHDQ5LQJ 0LWRFKRQGULDO$JLQJ0ROHFXODUDQG&HOO%LRORJ\
(XURSHDQ&RPPXQLW\3URMHFW (7& (VWLPDWHG7LPHRI&RPSOHWLRQ
(67, (XURSHDQ6RODU7HVW,QVWDOODWLRQ HWF HWFHWHUD
(67,0 (QJLQHHULQJ6WUHVV7ROHUDQFH,Q0DL]H (7& (XURSHDQ7UDYHO&RPPLVVLRQ
(XURSHDQ&RPPXQLW\3URMHFW (7& ([SRUW7UDGLQJ&RPSDQ\
(67V ([SUHVVHG6HTXHQFH7DJV %XVLQHVV&RPPHUFH
7KHWHUPH[SUHVVHGVHTXHQFHWDJVUHIHUVWRJHQH (7 FKHPLVWU\ (OHFWURQ7UDQVIHUFKHPLVWU\
IUDJPHQWVWKDWPD\KDYHPDQ\XVHVVXFKDVWKH (7' (VWLPDWHG7LPHRI'HSDUWXUH
WUDFNLQJGRZQRIJHQHVSUHVHQWLQJSRWHQWLDOSKDU 1DYLJDWLRQ
PDFHXWLFDOLPSRUWDQFH (7' (XURSHDQ7HOHZRUN'HYHORSPHQW
(68HVX (OHFWURVWDWLF8QLW (XURSHDQ&RPPXQLW\3URMHFW
(OHFWULFLW\ (7(& (QWHURWR[LJHQLF (&ROL
(68 (YROXWLRQDULO\6LJQLILFDQW8QLW (7(&LVWKHPDLQFDXVHRIGLDUUKHDLQGHYHORSLQJ
:LOGOLIH%LRORJ\ FRXQWULHV
(69 (DUWK6DWHOOLWH9HKLFOH (7(3URJUDP (YROXWLRQRI7HUUHVWULDO(FRV\VWHPV
(69 (UURU6WDWLVWLFVE\9ROXPH 3URJUDP 86$ 
'DWD&RPPXQLFDWLRQV (7(WHVW (QGWR(QGWHVW
(7HW (DVWHUQ7LPH (7) (QJLQHHULQJ7HVW)DFLOLW\
HW HOHFWULFDOWUDQVFULSWLRQ (7)( (WK\OHQH7HWUDIOXRURHWK\OHQH
(7 (OHFWURQ7UDQVIHU (7), (XURSHDQ7HFKQRORJ\)XQG ,QYHVWPHQW
3K\VLFV (7),LVEDVHGLQ0DQQR ,WDOLDQVSHDNLQJUHJLRQ
(7 (PHUJLQJ7HFKQRORJLHV7HFKQRORJ\ RI6ZLW]HUODQG 
(7 (QGRI7H[W 7HFKQRORJ\7HOHFRPPXQLFDWLRQV
(7 (SKHPHULV7LPH (7)51 (XURSHDQ7URSLFDO)RUHVW5HVHDUFK
+RURORJ\ 1HWZRUN
(7 (VWDWH7D[ ,QWHUQDWLRQDO&RRSHUDWLRQ
(7 (WKLRSLD (7+(/ (XURSHDQ7ULWLXP+DQGOLQJ([SHULPHQWDO
(W (WK\O /DERUDWRU\
7KHK\GURFDUERQUDGLFDO&+ &+XVXDOO\ZULWWHQ (7+= (OGJHQ|VVLVFKH7HFKQLVFKH+RFKVFKXOH
&+ =ULFK 6ZLW]HUODQG 
2UJDQLF&KHPLVWU\ *HUPDQLQLWLDOLVPRIWKH)HGHUDO,QVWLWXWHRI
(7 (J\SW,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHUV 7HFKQRORJ\=XULFK
(7 ([HFXWLYH7HDP (7, (QWH7DEDFFKL,WDOLDQR ,WDO\ 
(7 ([WHUQDO7DQN (7, (QWH7HDWUDOH,WDOLDQR ,WDO\ 
(7 6\PEROIRU7RWDO7KRUDFLF(ODVWDQFH ,WDOLDQDFURQ\PRIWKH%RDUGIRUWKH3URPRWLRQRI
(7$ (PSOR\PHQWDQG7UDLQLQJ$GPLQLVWUDWLRQ 7KHDWULFDOSHUIRUPDQFHV
86$  (7,DFWLYLWLHV (FRQRPLFDQG7HFKQRORJLFDO
(7$ (QHUJ\7D[$FW 86$  ,QWHOOLJHQFHDFWLYLWLHV
(7$ (VWLPDWHG7LPHRI$UULYDO (7,DFWLYLWLHVDLPDWIDFLOLWDWLQJWKHSDUWLFLSDWLRQ
1DYLJDWLRQ RI60(VDQG60(JURXSLQJVLQ)3WKHFUHDWLRQ
HWD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ RIJURXSLQJVRUFOXVWHUVWKHSURPRWLRQRIWUDQVUH
XVLQJWKHVHYHQWKOHWWHURIWKH*UHHNDOSKDEHW JLRQDOFRRSHUDWLRQDQGWKHVWLPXODWLRQRIQHW
HWDd ZRUNV RILQGXVWULDOLQFXEDWRUV
(7$&6 ([WHQGHG7RWDO$FFHVV&RPPXQLFDWLRQV )RUIXUWKHUGHWDLOVVHHXQGHU)3 DQG60(V
6\VWHP


(7,&$ (XURSHDQ7UDGHRI,QIRUPDWLRQ (7; (WKRVX[LPLGH


&RPPXQLFDWLRQDQG$GYHUWLVLQJ ,WDO\  HW\PHW\PRO DEEU HW\PRORJLFDOHW\PRORJ\
(7,0( ([HFXWLRQ7LPH (7= (OHFWURQ7UDQVSDUHQW=RQH
&RPSXWHU3URJUDPPLQJ (8 (DUO\8SWDNH
(7/ (OHFWURWHFKQLFDO/DERUDWRU\ (8 (QULFKHG8UDQLXP
7KH(7/ LVORFDWHGLQ7VXNXED-DSDQ (QULFKHGXUDQLXPFRQWDLQVPRUHWKDQE\
0LFURHOHFWURQLFV7UDQVLVWRU$UFKLWHFWXUH ZHLJKWRIXUDQLXP
(7/ (QYLURQPHQWDO7HFKQRORJ\/DERUDWRU\ 1XFOHDU(QJLQHHULQJ
86$  (8 (WDWV8QLV
(7/ (TXLOLEULR7HUPRGLQDPLFR/RFDOH 8QLWHG6WDWHVLQ)UHQFK
,WDOLDQLQLWLDOLVPPHDQLQJ/RFDO7KHUPRG\QDPLF (8 (XURSHDQ8QLRQ
(TXLOLEULXP (X 7KHFKHPLFDOV\PEROIRU(XURSLXP
3K\VLFV (XURSLXPLVDUDUHHDUWKHOHPHQWDWRPLFQXPEHU
(7/7 (TXDO7RRU/HVV7KDQ DWRPLFZHLJKW1DPHGIRUWKHFRQWL
(70 (QKDQFHG7KHPDWLF0DSSHU QHQW(XURSH
(70$ SURMHFW (IILFLHQW7XUEXOHQFH0RGHOVIRU &KHPLVWU\6\PEROV
$HURQDXWLFVSURMHFW (8$& (TXLYDOHQW8QLIRUP$QQXDO&RVW
(XURSHDQ&RPPXQLW\3URMHFW %XVLQHVV&RPPHUFH)LQDQFH
(712$VVRFLDWLRQ (XURSHDQSXEOLF (8& (TXDWRULDO8QGHUFXUUHQW
7HOHFRPPXQLFDWLRQV1HWZRUN2SHUDWRUV
7KH(8&LVDOVRNQRZQDV&URPZHOO
$VVRFLDWLRQ 8QGHUFXUUHQW
(73 (DVWHUQ7URSLFDO3DFLILF $WPRVSKHULF6FLHQFH&OLPDWRORJ\0HWHRURORJ\
(7 SRO\PHUV (OHFWURQ7UDQVSRUWSRO\PHUV 2FHDQRJUDSK\
(75 (DVWHUQ7HVW5DQJH (8&/,'(6 $ (8URSHDQVWDQGDUGIRU&OLQLFDO
(75 HVWLPDWHGWLPHRIUHVWRUDWLRQ /DERUDWRU\'DWD([FKDQJHEHWZHHQ,QGHSHQGHQW
KHXUHSUpYXH RXSUREDEOH SRXUOHUpWDEOLVVH ,QIRUPDWLRQ6\VWHPV
PHQWGHODFRPPXQLFDWLRQ (XURSHDQ&RPPXQLW\3URMHFW
HVWLPDWHGWLPHRIUHWXUQ (8'$& (XURSHDQ'LVWULEXWLRQDQG$FFRXQWLQJ
KHXUHSUpYXH RXSUREDEOH GHUHWRXU +35  $JHQF\
(75 ([SHFWHG7LPHRI5HVSRQVH %XUHDXHXURSpHQGHGLVWULEXWLRQHWGHFRPSWDELO
(75, (QKDQFHG7KUHDW5HGXFWLRQ,QLWLDWLYH LWp
,QLWLDWLYHpODUJLHSRXUODUpGXFWLRQGHODPHQDFH (8'* (XURSHDQ'DWDPDQDJHU8VHU*URXS
(752 (VWLPDWHG7LPHRI5HWXUQWR2SHUDWLRQ HXI HXIHPLVPR
(76 (GXFDWLRQDO7HVWLQJ6HUYLFH 86$  ,WDOLDQDEEUHYLDWLRQPHDQLQJHXSKHPLVP
$VVHVVPHQWRI(GXFDWLRQ3URJUHVV (8)(36 (8URSHDQ)(GHUDWLRQIRU3KDUPDFHXWLFDO
(76 (QYLURQPHQWDO7REDFFR6PRNH 6FLHQFHV 6WRFNKROP6ZHGHQ 
(76, (XURSHDQ7HOHFRPPXQLFDWLRQV6WDQGDUGV )RXQGHGVW 6HSWHPEHU,QDXJXUDOPHHWLQJ
,QVWLWXWH KHOGLQ6WUDVERXUJ&RQJUHVV&HQWUH,WVPLVVLRQLV
(XURSHDQ,QVWLWXWH WRVHUYHDQGDGYDQFHH[FHOOHQFHLQWKHSKDUPDFHX
(768 (DVW7HQQHVVHH6WDWH8QLYHUVLW\ 86$  WLFDOVFLHQFHVDQGLQQRYDWLYHGUXJUHVHDUFKLQ
(768 (QHUJ\7HFKQRORJ\6XSSRUW8QLW (XURSH
(WW (XURSHDQWUDQVDFWLRQVRQWHOHFRPPXQLFDWLRQV (8)25(6(XURIRUHV (8URSHDQ)2UXPIRU
DQGUHODWHGWHFKQRORJLHV 5HQHZDEOH(QHUJ\6RXUFHV /X[HPEXUJ 
3XEOLFDWLRQ (852)25(6SURPRWHVUHQHZDEOHHQHUJLHVLQDOO
(77 ([SHFWHG7HVW7LPH WKH(XURSHDQFRXQWULHV
(771$ (XURSHDQ7UDLQLQJIRU7UDLQHUV1HWZRUN 5HQHZDEOH(QHUJLHV(XURSHDQ3URMHFW
$FWLRQ (8, (XURSHDQ8QLYHUVLW\,QVWLWXWH
(XURSHDQ&RPPXQLW\3URMHFW (80& (XURSHDQ8QLRQ0LOLWDU\&RPPLWWHH
(778 HDVWRI WKH 8UDOV &RPLWpPLOLWDLUHGHO
8QLRQHXURSpHQQH &08( 
jO
HVWGHO
2XUDO (80(7 6$7 DEEU (8URSHDQ0(7HURORJLFDO
(78 (WK\OHQH7KLRXUHD 6$7HOOLWH
(78& (XURSHDQ7UDGH8QLRQ&RQIHGHUDWLRQ (X2 (XURSLXP2[LGH
(79 (GXFDWLRQDO7HOHYLVLRQ (XURSLXP2[LGHLVDOVRNQRZQDV(XURSLD


,QRUJDQLF&KHPLVWU\ (8521(7 (XURSHDQ,QIRUPDWLRQ1HWZRUN


(83 (DUO\8SSHU3DOHROLWKLF (8521(7 ',$1( 'LUHFW,QIRUPDWLRQ$FFHVV
$QWKURSRORJ\1HDQGHUWDO$UPV3ULPDWH%LUWK 1HWZRUNIRU(XURSH
(83 (VWLPDWHG8QLW3ULFH (8521(77 (YDOXDWLQJ8VHU5HVSRQVHV2Q1HZ
%XVLQHVV&RPPHUFH (XURSHDQ7UDQVSRUW7HFKQRORJLHV(XURSHDQ
(83 ([SHULPHQWDO8VH3HUPLW &RPPXQLW\
)LHOG7ULDOV (85232(0GDWDEDVH(852SHDQ3UHGLFWLYH
(85 HXUR (XURSHDQ6LQJOH&XUUHQF\8 2SHUDWRU([SRVXUH0RGHOGDWDEDVH
 (XURSHDQ&RPPXQLW\3URMHFW
:LWKHIIHFWIURP-DQXDU\ (XURSRO DEEU 8IILFLR(XURSHRGL3ROL]LD
(XU DEEU (XURSH(XURSHDQ $EEUHYLDWLRQRIWKH(XURSHDQ3ROLFH%XUHDX
(85$&6 (XURSHDQ5DGDU&URVV6HFWLRQGDWDEDVH (8525,0 (852SHDQ5HVHDUFKDQGFRQVHQVXV
(85$'$ (85RSHDQ$VVRFLDWLRQRI'HYHORSPHQW ,QWHUDFWLYH0XOWLPHGLD
$JHQFLHV (XURSHDQ&RPPXQLW\3URMHFW
(XU$/0) (XURSHDQ$GYDQFHG/LJKW0LFURVFRS\ (85267$7 (XURSHDQ6WDWLVWLFDO2IILFH
)DFLOLW\ (8527233 (XURSHDQ7UDQVSRUW3ODQQLQJ3URFHVV
6KRUWWHUP)HOORZVKLSV (XURSHDQ&RPPXQLW\
(85$1'5() (85RSHDQ$1'DOXVLWHSXULILHGE\ (85275$& (XURSHDQ([SHULPHQWRQ7UDQVSRUW
RULJLQDOSURFHVVHVDQGLQGXVWULDOWHVWLQJDVKLJK DQG7UDQVIRUPDWLRQRI(QYLURQPHQWDOO\UHOHYDQW
TXDOLW\5()UDFWRU\ WUDFHFRQVWLWXHQWVLQWKHWURSRVSKHUH
(XURSHDQ&RPPXQLW\3URMHFW (85(.$ SURMHFW
(85$720 (XURSHDQ$WRPLF(QHUJ\&RPPXQLW\ (85275,3 (XURSHDQ7ULSSODQQLQJV\VWHP
(85(&$ DEEU (8URSHDQ5(WULHYDEOH&$UULHU (XURSHDQ&RPPXQLW\
(85(.$ (XURSHDQ&RRSHUDWLRQ$GYDQFHG (86(& (XURSHDQ&RPPXQLFDWLRQV6HFXULW\DQG
7HFKQRORJ\ (YDOXDWLRQ$JHQF\
(85(33 (85RSHDQ(GXFDWLRQ3URGXFWLRQ %XUHDXHXURSpHQGHVpFXULWpHWG
pYDOXDWLRQGHV
3URJUDPPH WUDQVPLVVLRQV
(XURSHDQ&RPPXQLW\3URJUDP (86,',& (XURSHDQ$VVRFLDWLRQRI6FLHQWLILF
(85(6 (85RSHDQ(PSOR\PHQW6HUYLFHV ,QIRUPDWLRQ'LVVHPLQDWLRQ&HQWHUV
(XURSHDQ&RPPXQLW\ (87(/6$7 DEEU (8URSHDQ
(85(6&2 (8URSHDQ5(6HDUFK&2QIHUHQFH 7(/HFRPPXQLFDWLRQV6$7HOOLWH
)UDQFH  (89 ([WUHPH8OWUDYLROHW
:LWK(XURSHDQ&RPPXQLW\VXSSRUWIURPWKH+LJK (89(VDWHOOLWH ([WUHPH8OWUDYLROHW([SORUHUVDWHO
/HYHO6FLHQWLILF&RQIHUHQFHV$FWLYLW\ OLWH
(XUR&$6( (XURSHDQ&RXQFLORI$SSOLHG6FLHQFHV 3ODQHWDU\6FLHQFH
DQG(QJLQHHULQJ 3DULV)UDQFH  (9 (FFHOOHQ]D9RVWUD
7KH(XUR&$6(LVD(XURSHDQQRQSURILWRUJDQL ,WDOLDQLQLWLDOLVPPHDQLQJ<RXU([FHOOHQF\
]DWLRQ,WFRQVLVWVRI$FDGHPLHVRI$SSOLHG (9 (FRQRPLF9DOXH
6FLHQFHVDQG(QJLQHHULQJIURP(XURSHDQFRXQ H9 HOHFWURQ9ROWRUHOHFWURQYROW
WULHV)RXQGHGLQ'HFHPEHULWUHSUHVHQWV 3K\VLFV
QDWLRQVDQGGHDOVZLWKWKHSUREOHPVUHODWHGWR (9 (SLGHUPRG\VSODVLD9HUUXFLIRUPLV
HQJLQHHULQJDQGLWVLPSOLFDWLRQVRQSROLWLFVVRFL (SLGHUPRG\VSODVLD9HUUXFLIRUPLVLVDOVRNQRZQ
HW\DQGHFRQRP\ DV/HZDQGRZVN\/XW]'LVHDVH
(852&2$67 (852SHDQ&2DVWDO=RQH 0HGLFLQH
$VVRFLDWLRQIRU6FLHQFHDQG7HFKQRORJ\ )UDQFH  (9 (UD9ROJDUH
(852(19,521 (85(.$ (QYLURQPHQWDO ,WDOLDQLQLWLDOLVPPHDQLQJLQWKH\HDURIWKH/RUG
8PEUHOOD3URMHFW $QQR'RPLQL
(852)5(7 (852SHDQV\VWHPIRU,QWHUQDWLRQDO (9 ([SHFWHG9DOXH
5RDG)UHLJKW7UDQVSRUWDWLRQRSHUDWLRQV(XURSHDQ 0DWKHPDWLFV
&RPPXQLW\ (9 ([SRVXUH9DOXH
5RDG)ULHJKW7UDQVSRUWDWLRQ (9$ (FRQRPLF9DOXH$GGHG
(8520,&52 (XURSHDQ$VVRFLDWLRQIRU ,QYLHZRIWKHIDFWWKDWVKDUHKROGHUYDOXHFDQRQO\
0LFURSURFHVVLQJDQG0LFURSURJUDPPLQJ EHPHDVXUHGDWWKHFRQVROLGDWHGOHYHORIDFRPSD


Q\(9$ LVDPHDVXUHRILQWHUQDORSHUDWLQJSHUIRU (:*5% (XURSHDQ:RUNLQJ*URXSRQ5HVHDUFK


PDQFHWKDWLVKLJKO\FRUUHODWHGZLWK09$ DQG%LRGLYHUVLW\
)RUIXUWKHUGHWDLOVVHHXQGHU09$ 0DUNHW9DOXH (XURSHDQ&RPPXQLW\(QYLURQPHQWDQG&OLPDWH
$GGHG  3URJUDP
%XVLQHVV(FRQRPLFV)LQDQFH (:+&,&RQIHUHQFH (DVW:HVW+XPDQ&RPSXWHU
(9$ (UURU9ROXPH$QDO\VLV ,QWHUDFWLRQ&RQIHUHQFH
(9$ (WK\OHQH9LQ\O$FHWDWH (:06 HOHFWURQLFZDUIDUHPXWXDOVXSSRUW
(9$ ([WUDYHKLFXODU$FWLYLW\ DSSXLUpFLSURTXHGHJXHUUHpOHFWURQLTXH
(9$6$1 HYDFXDWLRQVDQLWDLUH (:26 HOHFWURQLFZDUIDUHRSHUDWLRQDOVXSSRUW
PHGLFDOHYDFXDWLRQ 0('(9$&  VRXWLHQRSpUDWLRQQHOGHJXHUUHpOHFWURQLTXH
(9&$ (XURSHDQ3ULYDWH(TXLW\DQG9HQWXUH&DSLWDO (:26 (XURSHDQ:RUNVKRSIRU2SHQ6\VWHPV
$VVRFLDWLRQ (:5 HDUO\ZDUQLQJUDGDU
(XURSHDQ7HFKQRORJ\ UDGDUGHGpWHFWLRQORLQWDLQH
(9( (WK\O9LQ\O(WKHU HOHFWURQLFZDUIDUHUDQJH
HYLG DEEU HYLGHQFH SRO\JRQHGHJXHUUHpOHFWURQLTXH
(906 (DVWHUQ9LUJLQLD0HGLFDO6FKRRO 86$  (:5 7KHDLUSRUWFRGHIRU1HZDUN,QWHUQDWLRQDO
HYRGHYRELRORJ\ HYROXWLRQDU\GHYHORSPHQWDOELRO $LUSRUW1HZDUN1HZ-HUVH\86$
RJ\ (:56 HDUO\ZDUQLQJUHSRUWLQJV\VWHP
(923 DEEU (9ROXWLRQDU\23HUDWLRQ V\VWqPHGHFRPSWHVUHQGXVGHGpWHFWLRQORLQWDLQH
,QGXVWULDO(QJLQHHULQJ (:570 HOHFWURQLFZDUIDUHUHTXHVWWDVNLQJPHV
(95 (OHFWURQLF9LGHR5HFRUGLQJ VDJH
(OHFWURQLFV PHVVDJHGHGHPDQGHHWG
DWWULEXWLRQGHPLVVLRQGH
(9V (OHFWULF9HKLFOHV JXHUUHpOHFWURQTLXH
(97 (TXLYLVFRXV7HPSHUDWXUH (:6V (DUWKTXDNHVHDUO\:DUQLQJ6\VWHPV
&KHPLFDO(QJLQHHULQJ *HRORJ\*HRSK\VLFV2QFRPLQJ*URXQG0RWLRQ
(: HDUO\ZDUQLQJ :DUQLQJV
DDOHUWHORLQWDLQH (:; VHH(:(;
EGpWHFWLRQORLQWDLQH YRLU(:(;
HOHFWURQLFZDUIDUH H[ DEEU H[DPLQHGH[DPSOH
JXHUUHpOHFWURQTLXH *(  H[ DEEU H[FHSWH[FHSWLRQ
(: ([:DUUDQWV H[ DEEU H[FKDQJHH[FKHTXHUH[FOXGLQJH[FXU
%XVLQHVV)LQDQFH VLRQ
(: 6\PEROIRU7KRUDFLF:DOO(ODVWDQFH H[ DEEU H[HFXWHH[HFXWHGH[HFXWLYHH[HFXWRU
(:$0 HOHFWURQLFZDUIDUHDSSURYHGPHVVDJH (; ([HFXWLYH$LUOLQHV
PHVVDJHDSSURXYpGHJXHUUHpOHFWURQLTXH H[ DEEU H[HPSW
(:& HOHFWURQLFZDUIDUHFRPPDQGHU FRRUGLQDWRU  H[ DEEU H[HUFLVH
FRPPDQGDQW FRRUGRQQDWHXU GHODJXHUUHpOHF (; DEEU ([HWHU
WURQLTXH *HRJUDSK\
(:&& HOHFWURQLFZDUIDUHFRRUGLQDWLRQFHOO ([ DEEU ([RGXV
FHOOXOHGHFRRUGLQDWLRQGHODJXHUUHpOHFWURQLTXH ([ DEEU ([SHQVH
&&*(  H[ DEEU H[SRUW
(:'/6PHDVXUHPHQWV (YDQHVFHQW:DYH H[ DEEU H[WHUQDO
'\QDPLF/LJKW6FDWWHULQJPHDVXUHPHQWV H[ ZLWKRXW
0DFURPROHFXOHV3K\VLFV3RO\PHUV H[ SUHIL[KDYLQJGLIIHUHQWPHDQLQJV
(:'7 HDUO\ZDUQLQJGDWDWUDQVPLVVLRQ 0D\EHXVHGIRUH[DPSOHLQH[GRFNH[KDOHH[
WUDQVPLVVLRQGHGRQQpHVGHGpWHFWLRQORLQWDLQH PHPEHUH[SUHVLGHQWHWF
(:(; HOHFWULFZDUIDUHH[HUFLVH 3UHIL[HV
H[HUFLFHGHJXHUUHpOHFWURQLTXH ([$FFW ([SHQVH$FFRXQW
(:* (QYLURQPHQWDO:RUNLQJ*URXS (;$)6 ([WHQGHG;UD\$EVRUSWLRQ)LQH6WUXFWXUH
:DVKLQJWRQ'&86$ (;$6<6'( QHZPHWKRGRORJLHVIRU(;KDXVW
(:* H[HFXWLYHZRUNLQJJURXS 6<6WHP'(VLJQ
JURXSHGHWUDYDLOH[pFXWLI (XURSHDQ&RPPXQLW\3URMHFW
([%/ ([FKDQJH%LOORI/DGLQJ


%XVLQHVV&RPPHUFH ([R, ([RQXFOHDVH,


(;%5,() H[HUFLVHEULHI &DQFHU5HVHDUFK
H[SRVqG
H[HUFLFH (;2'86 (;SHULPHQWV2QWKH'HYHORSPHQWRI
([F DEEU ([FHOOHQF\ 8076
H[F DEEU H[FHOOHQW (XURSHDQ&RPPXQLW\3URMHFW
H[F DEEU H[FHSWH[FHSWHGH[FHSWLRQ (;23/$1 H[HUFLVHRSHUDWLRQDOSODQ
H[F DEEU H[FKDQJH SODQG
RSpUDWLRQG
H[HUFLFH
$OVRH[FK (;2325' H[HUFLVHRSHUDWLRQRUGHU>REVROHWH
H[F DEEU H[FXGLW UHSODFHGE\(;23/$1@
H[F DEEU H[FXUVLRQ RUGUHG
RSpUDWLRQG
H[HUFLVH>REVROqWHUHPSODFp
$OVRH[ SDU(;23/$1@
H[FK DEEU H[FKHTXHU (;25 (;FOXVLYH25
(;&21 H[HUFLVHFRQWURO &RPSXWHU3URJUDPPLQJ
FRQWU{OHGHO
H[HUFLFH (;25'(5 H[HUFLVHRUGHU >REVROHWH@
([&S ([&RXSRQ RUGUHG
H[HUFLFH>REVROqWH@
(;&3 ([HFXWH&KDQQHO3URJUDP (;25 JDWH (;FOXVLYH25JDWHRU;25JDWH
H[FWU DEEU H[HFXWRU 7KH(;FOXVLYH25JDWHLVHVVHQWLDOO\DQHOHFWURQLF
$OVRH[H[U JDWHWKDWFDUULHVRXWH[FOXVLYH25RSHUDWLRQV
([' (['LYLGHQG &RPSXWHU7HFKQRORJ\
$OVR(['LY H[S H[SpGLWHXUH[SpGLWULFH
(;' ([WHUQDO'HYLFH )UHQFKDEEUHYLDWLRQPHDQLQJFRQVLJQRUVHQGHU
&RPSXWHU7HFKQRORJ\(QJLQHHULQJ GLVSDWFKHU
(;'& ([WHUQDO'HYLFH&RQWURO H[S DEEU H[SHQVH
7KHWHUPH[WHUQDOGHYLFHFRQWUROUHIHUVWRWKH H[S DEEU H[SRUWH[SRUWHU
FDSDELOLW\RIDQH[WHUQDOGHYLFHWREULQJDERXWDQ H[S DEEU H[SUHVVH[SUHVVLRQ
LQWHUUXSWLQWKHFRXUVHRIMREH[HFXWLRQ )RUIXUWKHUGHWDLOVVHHXQGHUH
&RPSXWHU7HFKQRORJ\ H[SHQG DEEU H[SHQGLWXUH
(['LY (['LYLGHQG $OVRH[SQG
$OVR([' (;3(5 WHFKQLTXH (;WHQGHG3URJUDP(YDOXDWLRQ
([ 'RF ([HFXWLYH'RFXPHQW DQG5HYLHZWHFKQLTXH
(;'5 ([WHUQDO'HYLFH5HVSRQVH (;3, H[HUFLVHSODQQLQJLQVWUXFWLRQ>KDVUHSODFHG
(;'5LVDUHVSRQVHVLJQDOIURPDQH[WHUQDO (;3/$1',5@
GHYLFH GLUHFWLYHGHSODQLILFDWLRQG
H[HUFLFH>UHPSODFH
&RPSXWHU7HFKQRORJ\ (;3/$1',5@
H[HF DEEU H[HFXWHH[HFXWLYH ([3ODQ DEEU ([HUFLVH3ODQ
$OVRH[ (;3/$1',5 H[HUFLVHSODQQLQJGLUHFWLYH>REVROHWH
([HF3URJUDP ([HFXWLYH3URJUDP UHSODFHGE\(;3,@
&RPSXWHU3URJUDPPLQJ GLUHFWLYHGHSODQLILFDWLRQG
H[HUFLFH>REVROqWH
H[HFV DEEU H[HFXWLYHV UHPSODFpSDU(;3,@
H[HV DEEU H[SHQVHV (;3/$15(& H[HUFLVHSODQQHUVUHFRPPDQGDWLRQ
$OVRH[VH[SV >REVROHWH@
(;,0%. (;SRUW,0SRUW%DQN UHFRPPHQGDWLRQSRXUOHVSODQLILFDWHXUVG
H[HUFLFH
8QLWHG6WDWHVRU-DSDQ >REVROqWH@
$OVR(;,0%$1.(,% (;3/$16833 H[HUFLVHSODQQLQJVXSSOHPHQW
(;,167 H[HUFLVHLQVWUXFWLRQ VXSSOpPHQWGHSODQLILFDWLRQG
H[HUFLFH
LQVWUXFWLRQG
H[HUFLFH H[SQG DEEU H[SHQGLWXUH
H[LQW ZLWKRXWLQWHUHVW H[SR DEEU H[SRVLWLRQ
(;125 JDWH ([FOXVLYH125JDWHRU;125JDWH (;3257 3URMHFW ([FHOOHQFH,Q3DUWQHUVKLSVIRU
&RPSXWHU7HFKQRORJ\ &RPPXQLW\2XWUHDFK5HVHDUFKRQ+HDOWK
([136 ([SORUDWLRQRI1HLJKERULQJ3ODQHWDU\ 'LVSDULWLHVDQG7UDLQLQJ3URMHFW
6\VWHPV )RUIXUWKHUGHWDLOVVHHXQGHU1&0+'
$VWURQRP\ H[SU DEEU H[SUHVVLRQ
([2 ([HFXWLYH2IILFHU([HFXWLYH2UGHU )RUIXUWKHUGHWDLOVVHHXQGHUH


(;352* H[HUFLVHSURJUDPPH
SURJUDPPHG
H[HUFLFH RXGHPDQ±XYUH 
(;35(66 (;3HULPHQWDO5(HQWU\6SDFH9HKLFOH
H[SV DEEU H[SHQVHV
$OVRH[VH[HV
H[U DEEU H[HFXWRU
$OVRH[H[FWU
([5 ([5LJKWV
(;5$3 H[HUFLVHUHPHGLDODFWLRQSURJUDPPH
SURJUDPPHGHPHVXUHVFRUUHFWLYHVGHO
H[HUFLFH
([5LJKWV :LWKRXWWKH5LJKWV
H[V DEEU H[SHQVHV
$OVRH[SVH[HV
(;63(& H[HUFLVHVSHFLILFDWLRQ
VSpFLILFDWLRQG
H[HUFLFH
(;6833 H[HUFLVHVXSSOHPHQW>REVROHWH@
VXSSOpPHQWG
H[HUFLFH>REVROqWH@
H[W DEEU H[WHQVLRQ
)UHQFKDEEUHYLDWLRQPHDQLQJSURORQJDWLRQH[WHQ
VLRQ
H[W DEEU H[WHUQDO
$QDWRP\3KDUPDFRORJ\
H[W DEEU H[WLQFW
H[W DEEU H[WUDH[WUDFW
(;7$& H[SHULPHQWDOWDFWLFV
WDFWLTXHH[SpULPHQWDOH
H[WG DEEU H[WUXGHG
H[WYH DEEU H[HFXWLYH
$OVRH[
([: ([:DUUDQWV
(;: (;:RUNV
(FRQRPLFV,QWHUQDWLRQDO7UDGH
([:DUUDQWV :LWKRXW:DUUDQWV
$OVR([:
(<)3 (QKDQFHG<HOORZ)OXRUHVFHQW3URWHLQ
0HGLFLQH1HXURELRORJ\3KDUPDFRORJ\
7R[LFRORJ\
H\JHQH H\HOHVVJHQH
%LRORJ\'HYHORSPHQWDO%LRORJ\'HYHORSPHQWDO
*HQHWLFV*HQHWLF(QJLQHHULQJ
(<3 (QJOLVK<HOORZ3DJHV
(= HQJDJHPHQW]RQH
]RQHG
HQJDJHPHQW
H[FOXVLRQ]RQH
]RQHG
H[FOXVLRQ
H[WUDFWLRQ]RQH
]RQHG
H[WUDFWLRQ
(](]U (]UD
H]LQH HOHFWURQLFPDJD]LQH


)$ )LHOG$UWLOOHU\

) )$ )LHOGLQJ$YHUDJH
)$ )L[HG$VVHWV
%XVLQHVV)LQDQFH
I IDUWKLQJ )$ )ORDWLQJ$VVHWV
FRLQV *%  GHPRQHWL]HGLQ  %XVLQHVV)LQDQFH
)I )HOORZ )$ )RU]H$UPDWH
I IHWFK ,WDOLDQDFURQ\PPHDQLQJ$UPHG)RUFHV
,Q2FHDQRJUDSK\IHWFKLVDOVRNQRZQDVIHWFK 0LOLWDU\
OHQJWK )$ )UHH$ORQJVLGH
&RPSXWHU3URJUDPPLQJ2FHDQRJUDSK\ %XVLQHVV&RPPHUFH
) 7KHFKHPLFDOV\PEROIRU)OXRULQH )$ )UHXQG
V$GMXYDQW
8VHGPDLQO\LQIOXRULGHSURGXFWLRQ7KHZRUGIOX ,PPXQRORJ\
RULQHGHULYHVIURPD/DWLQWHUPPHDQLQJ´IORZ )$$ )HGHUDO$YLDWLRQ$GPLQLVWUDWLRQ 86$ 
LQJµ )$$ IRUFHDpULHQQHDOOLpH
6\PEROV6\PEROV DOOLHGDLUIRUFH $$) 
I IRUFH IRUZDUGDVVHPEO\DUHD
&RPSXWHU3URJUDPPLQJ0HFKDQLFV0LOLWDU\ ]RQHGHUHVVHPEOHPHQWDYDQFpH
6FLHQFH )$$&( )RUFHVDpULHQQHVDOOLpHVGX&HQWUH(XURSH
IIUDFWLRQ >REVROqWH@
&KHPLVWU\0DWKHPDWLFV3HWUROHXP(QJLQHHULQJ $OOLHG$LU)RUFHV&HQWUDO(XURSH $$)&(
6FLHQFH >REVROHWH@
0HWDOOXUJ\ ,QPHWDOOXUJ\IUDFWLRQLVDOVRNQRZQ )$$+ )DWW\$FLG$PLGH+\GUREDVH
DVFXW %LRORJ\%UDLQ$QDQGDPLGH3K\VLRORJ\
I IUDFWLRQDO 1HXURVFLHQFH6LJQDO/LSLGV
0DWKHPDWLFV )$$:& IRUFHDQWLDLUZDUIDUHFRPPDQGHU
) )UHQFK FRPPDQGDQWGHOXWWHDQWLDpULHQQHGHODIRUFH
$ 5RPDQFHODQJXDJHVSRNHQLQ)UDQFHSDUWVRI )$% )RUHVWU\$VVRFLDWLRQRI%RWVZDQD
%HOJLXPDQG6ZLW]HUODQG)UHQFKLVXVHGDVDQ )$%,)DEL )HGHUD]LRQH$XWRQRPD%DQFDUL,WDOLDQL
LQWHUQDWLRQDOODQJXDJHIRUVFKRODUVKLSVFLHQFH ,WDO\ 
DQGGLSORPDF\ ,WDOLDQDFURQ\PRIWKH)UHH$VVRFLDWLRQRI,WDOLDQ
/DQJXDJHV %DQN(PSOR\HHV
I IUHTXHQF\ )$%06 )DVW$WRP%RPEDUGPHQW0DVV
$OVR IUHT 6SHFWURPHWU\
$FRXVWLFV0DWKHPDWLFV3K\VLFV6WDWLVWLFV )$%3 )DWW\$FLG%LQGLQJ3URWHLQ
I IXQFWLRQ IDF DEEU IDFVLPLOH
&KHPLVWU\&RPSXWHU3URJUDPPLQJ IDF DEEU IDFWRU\
0DWKHPDWLFV3K\VLRORJ\3V\FKRORJ\ IDF IDVWDVFDQ
)$ )DFH$PRXQW )$& )LHOG$OLJQHG&XUUHQW
%XVLQHVV)LQDQFH )RUIXUWKHUGHWDLOVVHHXQGHU)$&V
)$ )DFWRU\$FWV )$&IRUFHDpULHQQHGHFRPEDW
)$ )DQFRQL·V$QHPLD FRPEDWDLUIRUFH
1DPHGIRUWKH6ZLVVSHGLDWULFLDQ*XLGR)DQFRQL IRUZDUGDLUFRQWUROOHU
)$ LVDUDUHDXWRVRPDOUHFHVVLYHFDQFHUVXVFHSWL FRQWU{OHXUDpULHQ RX$LU DYDQFp &$$  
ELOLW\V\QGURPH )$&$ )HGHUDO$GYLVRU\&RPPLWWHH$FW
*HQHWLFV0HGLFLQH2QFRORJ\3DWKRORJ\ )$&$ LVD86ODZ
)$ )DWW\$FLG )$&$ IRUFHDLUFRRUGLQDWLRQDUHD
)DWW\DFLGVDUHXVHGPDLQO\LQFRRNLQJDQGIRRG ]RQHGHFRRUGLQDWLRQDpULHQQHGHODIRUFH
HQJLQHHULQJ7KH\DUHDOVRXVHGWRSURGXFHFRV IRUFHDLUFUDIWFRQWURODUHD
PHWLFVDQGVRDSV ]RQHGHFRQWU{OHGHVDpURQHIVGHODIRUFH
2UJDQLF&KHPLVWU\ IDFDF IDVWDVFDQDVFXVWRPDU\
I$ IHPWRDPSHUH )$&(WHFKQRORJ\ )OXRURSKRUH$VVLVWHG
(OHFWULFLW\ &DUERK\GUDWH(OHFWURSKRUHVLVWHFKQRORJ\


)$&3 IRUZDUGDLUFRQWUROSRVW I$+3 IDVWFRPSRQHQW$IWHUK\SHUSRODUL]DWLRQ


SRVWHDYDQFpGHGLUHFWLRQWDFWLTXH$LU 3$'7$  )DKU DEEU )DKUHQKHLW
)$&V )LHOG$OLJQHG&XUUHQWV 7KHUPRG\QDPLFV
$VWURQRP\*HRSK\VLFV3ODQHWDU\3K\VLFV )$+6/$ )LQW$UHD+HDOWK6FLHQFHV/LEUDULHV
3K\VLFV6SDFH6FLHQFH $VVRFLDWLRQ
)$&6 )OXRUHVFHQFH$FWLYDWHG&HOO6RUWLQJ )DL)$, )HGHUD]LRQH$VVRFLD]LRQL,QGXVWULDOL
%LRWHFKQRORJ\,PPXQRELRORJ\0HGLFLQH )$,LVORFDWHGLQ0LODQ,WDO\
3KDUPDFHXWLFDOV )$, )HGHUD]LRQH$XWRWUDVSRUWDWRUL,WDOLDQL
IDFW DEEU IDFWRU\ ,WDOLDQ)HGHUDWLRQ
$OVRIDFW\IDFIFW\ )$, )HOORZRIWKH$XFWLRQHHUV
,QVWLWXWH
)$&7 )LQDQFLDO$GYLVHUV&RUH7HVW )$, ILQDODFFHSWDQFHLQVSHFWLRQ
)$&7( )LQQLVK$&DGHPLHVRI7(FKQRORJ\ LQVSHFWLRQGHUpFHSWLRQGpILQLWLYH
)LQODQG  )$,3 )DUP$QLPDO,QGXVWULDO3ODWIRUP
)$&7 SURMHFW )HDVLELOLW\$VFHQVLRQ&DSH7RZQ (XURSHDQ&RPPXQLW\%LRWHFKQRORJ\3URJUDPV
SURMHFW )$,5 )RUHFDVWDQG$VVHVVPHQWRIVRFLRHFRQRPLF
)DF7V )DFVLPLOH7UDQVPLVVLRQ ,PSDFWRIDGYDQFHGFRPPXQLFDWLRQVDQG
)$&76 )ORULGD$WODQWLF&RDVW7UDQVSRUW6WXG\ 5HFRPPHQGDWLRQV
86$  (XURSHDQ&RPPXQLW\3URMHFW
IDFW\ DEEU IDFWRU\ )$,6%, )HGHUD]LRQHGHOOH$VVRFLD]LRQLGHOOD6SLQD
$OVRIDFIDFWIFW\ %LILGDHGHOO
,GURFHIDOR ,WDO\ 
)$' )DPLOLDO$O]KHLPHU
V'LVHDVH ,WDOLDQDFURQ\PRIWKH)HGHUDWLRQRIWKH%LILG
0HGLFLQH%LRORJ\ 6SLQHDQG+\GURFHSKDOXV$VVRFLDWLRQ
)$' )LVK$JJUHJDWLQJ'HYLFH )$. )RFDO$GKHVLRQ.LQDVH
)$' )ODYLQ$GHQLQH'LQXFOHRWLGH &HOO0DWUL[$GKHVLRQV
&+123 )ODYLQDGHQLQHGLQXFOHRWLGHLVD )$/ )LOH$FFHVV/LVWHQHU
FRHQ]\PH )$/)$/ )RJOLR$QQXQFL/HJDOL
%LRFKHPLVWU\ /DZ ,WDOLDQDFURQ\PPHDQLQJ/DZ
)$' )RQGR$IULFDQRGL6YLOXSSR $QQRXQFHPHQWV%XOOHWLQ
,WDOLDQDFURQ\PRIWKH$IULFDQ'HYHORSPHQW )$/6 )DPLOLDOIRUPRI$/6
)XQG )RUIXUWKHUGHWDLOVVHHXQGHU$/6
)$'%(1 )pGpUDWLRQGHV$PLFDOHVGH )$0' )RQGDWLRQSRXUO
$VVLVWDQFH0RUDOHDX[
'RFXPHQWDOLVWHVHW%LEOLRWKpFDLUHVGHO
(GXFDWLRQ 'pWHQXV %HOJLXP 
1DWLRQDOH %HOJLDQ)RXQGDWLRQ
)$'' SURWHLQ )DV$VVRFLDWHG'HDWK'RPDLQSUR )$0( )DWW\$FLG0HWK\O(VWHU
WHLQ 0LFURELRORJ\
$SRSWRVLV5HVHDUFK,PPXQRORJ\ )$0( )XOOVN\$VWURPHWULF0DSSLQJ([SORUHU
)D'2/ )RUPDWRULD'LVWDQ]D2Q/LQH )$0(ZKLFKZDVGXHWRODXQFKLQWRPDS
)$'V )LUVW$SSHDUDQFH'DWXPV WKHSRVLWLRQRIPLOOLRQVWDUVKDVEHHQ WHPSR
)RVVLO0DPPDOV3DOHRQWRORJ\ UDUO\ FDQFHOOHGGXHWR1$6$·VZLWKGUDZDORIVXS
)$( )HWDO$OFRKRO(IIHFWV SRUWDQGGLIILFXOW\LQREWDLQLQJ&&'GHWHFWRUV
)$(LVDQHXURWR[LFV\QGURPH $VWURPHWU\0LVVLRQV
0HGLFLQH3HGLDWULF1HXURELRORJ\3V\FKLDWU\ )RUIXUWKHUGHWDLOVVHHXQGHU&&'
)$( )XHO$LU([SORVLYH )$0286 )UHQFK$PHULFDQ0LG2FHDQ8QGHUVHD
2UGQDQFH 6WXG\
)$) )LQDQFLDO$QDO\VWV)HGHUDWLRQ )$05, )OLJKW$WWHQGDQW0HGLFDO5HVHDUFK
)$* )RUFH$OORWPHQW*URXS>1$(:@ ,QVWLWXWH
*URXSHG·DIIHFWDWLRQGHOD)RUFH>1$(:@ 6SRQVRURIVFLHQWLILFDQGPHGLFDOUHVHDUFK
)$*( )OXRUHVFHQFH$VVD\ZLWK*DV([SDQVLRQ &OLQLFDO5HVHDUFK$ZDUGV
)$*(ZDVSLRQHHUHGLQWKHV )$06 IRUFHDVVHVVPHQWDQGPDQDJHPHQWV\VWHPV
(QYLURQPHQWDO7HFKQRORJ\0HGLFLQH6FLHQFH V\VWqPHG·pYDOXDWLRQHWGHJHVWLRQGHVIRUFHV
)$*6 )HGHUDWLRQRI$VWURQRPLFDODQG*HRSK\VLFDO )$08 )ORULGD$ 08QLYHUVLW\ 86$ 
6HUYLFHV )$1 )DFWHXU$QWLQXFOpDLUH
7KH)$*6ZDVIRXQGHGLQ )UHQFKDFURQ\PPHDQLQJ$QWLQXFOHDU)DFWRU


0HGLFLQH %XVLQHVV)LQDQFH
)$1')DQG )HGHUD]LRQH$VVRFLD]LRQL1D]LRQDOL )$5 )LQLWH$XWRPDWLRQ5HFRJQL]DEOH
'LDEHWLFL ,WDO\  &RPSXWHU6FLHQFH
) $ )HEUXDU\DQG$XJXVW )$5 )LVKHULHVDQG$TXDFXOWXUH5HVHDUFK
6HFXULWLWHV )$5 )RQGDWLRQ$QGUp5HQDUG %HOJLXP 
) $ )LQDQFHDQG$FFRXQWLQJ %HOJLDQ)RXQGDWLRQ
) ' )UHLJKWDQG'HPXUUDJH )$5 )RUFHV$UPpHV5ZDQGDLVHV
%XVLQHVV&RPPHUFH6KLSSLQJ )$5$ SURJUDP )UHQFK$PHULFDQ5LGJH$WODQWLF
I I IL[WXUHVDQGILWWLQJV SURJUDP
) :6 )LVKDQG:LOGOLIH6HUYLFH 86$  )$5% )HGHUDO$VVLVWDQFH5HYLHZ%RDUG
7KH) :6LVD86)HGHUDO$JHQF\GHDOLQJZLWK 86'HSDUWPHQWRI&RPPHUFH
WKHSURWHFWLRQRIWKUHDWHQHGDQGHQGDQJHUHG )$5&)DUF 5HYROXWLRQDU\$UPHG)RUFHVRI
VSHFLHV &RORPELD
7KUHDWHQHGDQG(QGDQJHUHG6SHFLHV )$5( )RQWL$OWHUQDWLYHH5LVSDUPLR(QHUJHWLFR
)$16 )DUPDFL$QWLLQILDPPDWRUL1RQ6WHURLGHL ,WDOLDQDFURQ\PPHDQLQJ$OWHUQDWLYH6RXUFHVDQG
,WDOLDQDFURQ\PPHDQLQJ1RQ6WHURLGDO$QWL (QHUJ\6DYLQJV
,QIODPPDWRU\'UXJV IDUP DEEU IDUPDFLDIDUPDFLVWD
$O]KHLPHU'LVHDVH5HVHDUFK'UXJV7HVWLQJ ,WDOLDQDEEUHYLDWLRQPHDQLQJSKDUPDF\SKDUPD
(SLGHPLRORJLFDO6WXGLHV FLVW
)$2 IDEULFDWLRQDVVLVWpHSDURUGLQDWHXU )$50(56 0XOWLPHGLDGLVWDQFHOHDUQLQJIRU
FRPSXWHUDLGHGPDQXIDFWXULQJ &$0  )$50(56DQGUXUDOGHYHORSPHQW(&
)$2 )ODWODQG$WPRVSKHULF2EVHUYDWRU\ )$5 )LVKHULHVDQG$TXDFXOWXUH5HVHDUFK
)$2 )RRGDQG$JULFXOWXUH2UJDQL]DWLRQ81 (XURSHDQ&RPPXQLW\3URJUDP
IDR IRUWKHDWWHQWLRQRI )$56 )LQDQFLDO$FFRXQWLQJDQG5HSRUWLQJ6\VWHP
)$3 )DPLOLDO$GHQRPDWRXV3RO\SRVLV )$6 )DFXOW\RI$UWVDQG6FLHQFHV
0ROHFXODU*HQHWLFV2QFRJHQHVLV )$6LVWKHODUJHVWRI+DUYDUG8QLYHUVLW\
VQLQH
)$3 )DPLOLDO$P\ORLGRWLF3RO\QHXURSDWK\ IDFXOWLHV
)$3 )LEUREODVW$FWLYDWLRQ3URWHLQ )$6)$6 )HGHUDWLRQRI$PHULFDQ6FLHQWLVWV
)$3 )LUVW$LG3RVW 86$ 
)$3 )UHHGRP$WWDFKHG3D\ORDGV )$6 )HOORZRIWKH$QWLTXDULDQ6RFLHW\
)$3$9 )HGHUD]LRQH$QWL3LUDWHULD$XGLRYLVLYD )$6 )HWDO$OFRKRO6\QGURPH
,WDO\  0HGLFLQH
,WDOLDQ)HGHUDWLRQ )$6 )LQDQFLDO$FFRXQWLQJ6WDQGDUGV
)$3& )RRGDQG$JULFXOWXUH3ODQQLQJ&RPPLWWHH )$6 )LQDQFLDO$QDO\VLV6\VWHP
&RPLWpG·pWXGHSRXUOHUDYLWDLOOHPHQWHWO·DJULFXO %XVLQHVV)LQDQFH
WXUH )$6 )LUVWV$QG6HFRQGV
)$36 )LQDQFLDO$SSOLFDWLRQ3UHSURFHVVRU6\VWHP )$6 )RQGR$IULFDQR6YLOXSSR
)$4 )DLU$YHUDJH4XDOLW\ ,WDOLDQDFURQ\PRIWKH$IULFDQ'HYHORSPHQW
)$4 )RLUH$X[4XHVWLRQV )XQG
)UHQFKLQLWLDOLVPPHDQLQJ)UHTXHQWO\$VNHG )$6 )RUHLJQ$JULFXOWXUDO6HUYLFH 86$ 
4XHVWLRQV )$6 )UHH$ORQJVLGH6KLS
7KH)UHQFKHTXLYDOHQWPHQWLRQHGDERYHKDVEHHQ )$6 IXQFWLRQDODUHDVHUYLFHV>$&&,6@
FRLQHGDQGSXEOLVKHGE\WKH)UHQFK*HQHUDO VHUYLFHVGHGRPDLQHIRQFWLRQQHO>$&&,6@
&RPPLVVLRQRQWHUPLQRORJLHVDQGQHRORJLVPVLQ )$6% )LQDQFLDO$FFRXQWLQJ6WDQGDUGV%RDUG
WKH)UHQFK2IILFLDO*D]HWWHRIWKHWK 0DUFK 7KH)$6%LVVXHG7KH6WDWHPHQWRI)LQDQFLDO
 $FFRXQWLQJ6WDQGDUGVQ$ WLWOHG)LQDQFLDO
)$4 )UHH$ORQJVLGH4XD\)UHH$W4XD\ 6WDWHPHQWVRI1RWIRU3URILW 2UJDQL]DWLRQV7KLV
%XVLQHVV&RPPHUFH6KLSSLQJ SURQRXFHPHQWLPPHGLDWHO\IROORZVWKHLVVXDQFHRI
)$4)DT )UHTXHQWO\$VNHG4XHVWLRQV 6)$61$ $FFRXQWLQJIRU&RQWULEXWLRQV
)$5 )HGHUDO$FTXLVLWLRQ5HJXODWLRQ 86$  5HFHLYHGDQG&RQWULEXWLRQV0DGH%RWKRIWKHVH
)$5 )HGHUDO$YLDWLRQ5HJXODWLRQV 86$  SURQRXQFHPHQWVKDYHDPDMRULPSDFWRQWKHILQDQ
)$5 )LOH$GGUHVV5HJLVWHU FLDOVWDWHPHQWVRIQRWIRUSURILWFROOHJHVDQGXQL
)$5 )LQDQFLDO$FFRXQWV5HFHLYDEOH YHUVLWLHV


)RUIXUWKHUGHWDLOVVHHXQGHU6)$6 )$8 )DXMDVLWH


)$6& IRUZDUGDLUVXSSRUWFHQWUH &KHPLVWU\0DWHULDOV
FHQWUHG·DSSXLDpULHQDYDQFp )$8/ )LIH$VVRFLDWHG8QLYHUVLW\/LEUDULHV
)$6( )HOORZRIWKH$QWLTXDULDQ6RFLHW\(GLQEXUJK )$:(8 IRUFHVDQVZHUDEOHWRWKH:(8>REVROHWH@
IDVH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ IRUFHVUHOHYDQWGHO·8(2 )58(2 >REVROqWH@
XVLQJWKH,WDOLDQZRUGIDVHZKLFKPHDQVSKDVH ID[ IDFVLPLOH
$UFKDHRORJ\$VWURQRP\&DUWRJUDSK\ )% )LGHOLW\%RQG
&KHPLVWU\0DWKHPDWLFV0DWHULDOV6FLHQFH %XVLQHVV)LQDQFH
0HWDOOXUJ\3K\VLFV )% )LUH%ULJDGH
)$6(% )HGHUDWLRQRI$PHULFDQ6RFLHWLHVIRU )% )L[HG%ORFN
([SHULPHQWDO%LRORJ\ 86$  &RPSXWHU7HFKQRORJ\
)$6(0 )DEULFDWLRQDQG$UFKLWHFWXUHRI6LQJOH )% )O\LQJ%RDW
(OHFWURQ0HPRULHV $YLDWLRQ
)$6(0ZLOOFUHDWHDZRUNLQJFKLSLQZKLFKHDFK )% )RUHJURXQG%DFNJURXQG
ELWRIGDWDLVVWRUHGZLWKDVLQJOHHOHFWURQ )% )RUHLJQ%RQG
(XURSHDQ8QLRQ6FLHQFH3URJUDP %XVLQHVV)LQDQFH
0LFURHOHFWURQLFV )% )UDQF%HOJH
)$6,)DVL )RQGRGL$VVLVWHQ]D6DQLWDULD )UHQFKLQLWLDOLVPPHDQLQJ%HOJLDQ)UDQF REVR
,QWHJUDWLYD ,WDO\  OHWH 
)$6,1(; )URQWDO$LU6HD,1WHUDFWLRQ(;SHULPHQW 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
)DV/IDV/ IDV/LJDQG 6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\
)RUIXUWKHULQIRUPDWLRQVHHXQGHU+7 &XUUHQFLHV
+DVKLPRWR
V7K\URLGLWLV  )% )UHH%LOO
)$66 IXQFWLRQDODUHDVXEV\VWHP>REVROHWHVHH )% )UHLJKW%LOO
)$6@ %XVLQHVV&RPPHUFH
VRXVV\VWqPHGHGRPDLQHIRQFWLRQQHO>REVROqWH )% VHH%()
YRLU)$6@ YRLU%()
)$67 )HGHUD]LRQHGHOOH$VVRFLD]LRQL6FLHQWLILFKHH )%$ )HGHUDO%DU$VVRFLDWLRQ 86$ 
7HFQLFKH 0LODQ,WDO\  )%$ )HOORZRIWKH%ULWLVK$FDGHP\ *% 
,WDOLDQDFURQ\PRIWKH)HGHUDWLRQRIWKH6FLHQWLILF )%$ ILJKWHUERPEHUDWWDFN
DQG7HFKQLFDO$VVRFLDWLRQV)RXQGHGLQ FKDVVHXUERPEDUGLHUWDFWLTXH
)$67 )OXRURDOXPLQDWH$PSOLILHUVIRU6HFRQG )%$ )L[HG%ORFN$UFKLWHFWXUH
7HOHFRPZLQGRZ &RPSXWHU7HFKQRORJ\
(XURSHDQ&RPPXQLW\3URMHFW )%$ )OH[LEOH%HQHILW$FFRXQW
)$67 )RUH$IW6FDQQLQJ7HFKQLTXH %DQNLQJ%XVLQHVV)LQDQFH
)$67 )RUHFDVWLQJDQG$VVHVVPHQWLQ6FLHQFHDQG )%$ )UDQFR%ULWLVK$YLDWLRQ
7HFKQRORJ\ )%% )OXLGL]HG%HG%RLOHU
IDVW 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH )%%) )DVW%UHHGHU%ODQNHW)DFLOLW\
(QJOLVKZRUGIDVW *UDSKLF$UWV0DWHULDOV )%& )OXLGL]HG%HG&RPEXVWLRQ
6FLHQFH  )%' )XOO%XVLQHVV'D\
)$67(; )URQWVDQG$WODQWLF6WRUP7UDFN )%'& )RUW%RQLIDFLR'HYHORSPHQW&RUSRUDWLRQ
([SHULPHQW 7KH)%'&LVDFRQVRUWLXPZKLFKLVUHGHYHORSLQJ
(XURSHDQ&RPPXQLW\3URMHFW(QYLURQPHQWDO WKHIRUPHU86DLUEDVH
3URWHFWLRQ0HWHRURORJ\6DIHW\3ROLFLHV )%( )UHH%XIIHU(QTXLU\
)$6:& IRUFHDQWLVXEPDULQHZDUIDUHFRPPDQGHU )%* )LEUH%UDJJ*UDWLQJ
FRPPDQGDQWGHOXWWHDQWLVRXVPDULQHGHODIRUFH WRGDPSHQGLVSHUVLRQ
)$7 )L[HG$VVHW7UDQVIHU )%, )HGHUDO%XUHDXRI,QYHVWLJDWLRQ 86$ 
%XVLQHVV)LQDQFH 7KH)%,LVWKH86)HGHUDO$JHQF\WKDWVDIH
)$7$ IRUFHDpULHQQHWDFWLTXHDOOLpH>REVROqWH@ JXDUGVQDWLRQDOVHFXULW\DQGLVFKDUJHGZLWKLQYHV
$OOLHGWDFWLFDODLUIRUFH $7$) >REVROHWH@ WLJDWLRQV
)$70$ 3UHYHQ]LRQHH&RQWUROORGHL )$7WRULGL )%, )HGHUDWLRQRI%ULWLVK,QGXVWULHV *% 
0$ODWWLD )EL+ )HGHUDWLRQRI%RVQLDDQG+HU]HJRYLQD
,WDOLDQ3URMHFW )pGpUDWLRQGH%RVQLH+HU]pJRYLQH


)%-PXULQHVDUFRPDYLUXV )LQNHO%LVNLV-LQNLQV &RPSXWHU7HFKQRORJ\


PXULQHVDUFRPDYLUXV )& )XRUL&RUVR VWXGHQWH 
9LURORJ\ ,WDOLDQLQLWLDOLVPPHDQLQJDQXQGHUJUDGXDWHZKR
)%0 IOHHWEDOOLVWLFPLVVLOH KDVIDLOHGWRJHWDGHJUHHLQWKHWLPHSUHVFULEHG
PLVVLOHEDOLVWLTXHGHODIORWWH )& )XWXUHV&RQWUDFW
)%00 )XQGDFLyQ%DQFR0XQGLDOGHOD0XMHU %DQNLQJ%XVLQHVV)LQDQFH
$UJHQWLQD  )&$ )DUP&UHGLW$GPLQLVWUDWLRQ
)%3V )UXFWRVHELSKRVSKDWH$OGRODVHV )&$ )HOORZRIWKH&KDUWHUHG$FFRXQWDQWV
&KHPLVWU\&KHPLFDO%LRORJ\0ROHFXODU%LRORJ\ )&$ )UHH&$UULHU
)%5 )DVW%UHHGHU5HDFWRU (FRQRPLFV,QWHUQDWLRQDO7UDGH
7KHIDVWEUHHGHUUHDFWRUXVHVKLJKO\HQULFKHGIXHO )&$ IXQFWLRQDOFRQILJXUDWLRQDXGLW
LQWKHFRUHDQGIHUWLOHPDWHULDOLQWKHEODQNHW DXGLWGHODFRQILJXUDWLRQIRQFWLRQQHOOH
1XFOHDU(QJLQHHULQJ )&% )UHH&XWWLQJ%UDVV
)%5 )DVW%XUVW5HDFWRU 0HWDOOXUJ\
IEU DEEU ILEHU )&% )UHTXHQF\&RQWURO%RDUG
)%6 )HWDO%RYLQH6HUXP )&%$ )DLU&UHGLW%LOOLQJ$FW 86$ 
)%6 ILJKWHUERPEHUVWULNH )&& )DPLOLDO&RORQ&DQFHU
FKDVVHXUERPEDUGLHUG·DWWDTXH QXFOpDLUH  )&&)&& )HGHUDO&RPPXQLFDWLRQV&RPPLVVLRQ
)%9 )XHO%OHHG9DOYH 86$ 
)& )DFLOLWLHV&RPPLWWHH )&& )OXLG&DWDO\WLF&UDFNLQJ
)&ILJKWHUFRQWUROOHU )&&$2 )HGHUDWLRQRI:HVW$IULFDQ&KDPEHUVRI
FRQWU{OHXUG·LQWHUFHSWLRQ &RPPHUFH /DJRV 
ILQDQFLDOFRQWUROOHU )&&& )R[&KDVH&DQFHU&HQWHU 86$ 
FRQWU{OHXUGHVILQDQFHV RXILQDQFLHU  )&&& )UDPHZRUN&RQYHQWLRQRQ&OLPDWH&KDQJH
ILUHFRQWURO 81·V
FRQGXLWHGHWLU $WPRVSKHULF6FLHQFHV(QYLURQPHQWDO6FLHQFHV
IRUFHFRPPDQGHU *HRVFLHQFHV2FHDQRJUDSK\6SDFH6WXGLHV
FRPPDQGDQWGHODIRUFH )RUIXUWKHUGHWDLOVVHHXQGHU81
)& )LQDQFH&KDUJH IFFSKDVH IDFHFHQWHUHGFXELFSKDVH
%XVLQHVV)LQDQFH *HRSK\VLFV
)& )LUH&RQWUROPDQ )&&6(7 )HGHUDO&RRUGLQDWLQJ&RXQFLOIRU
)& )L[HG&DSLWDO 6FLHQFH(QJLQHHULQJDQG7HFKQRORJ\ 86$ 
%XVLQHVV)LQDQFH )&& V\VWHP )OXLG&DWDO\WLF&UDFNLQJV\VWHP
)& )L[HG&KDUJHV )& FXUYH )LHOG&RROHGFXUYH
)& )ODPH&XWWLQJ &KHPLVWU\+LJK0DJQHWLF)LHOG3K\VLFV
0HWDOOXUJ\ )&'8 )RUHLJQ&XUUHQF\'HSRVLW8QLWV
)& )ORDWLQJ&DSLWDO )&( )HPPHV&KHIVG
(QWUHSULVHV
%XVLQHVV)LQDQFH )UHQFKLQLWLDOLVPPHDQLQJ:RPHQ&RPSDQ\
)& )ROORZ&RS\ +HDGV
)& )RRG&RQWURO )&( IRUFHVDUPpHVFRQYHQWLRQQHOOHVHQ(XURSH
)& )RRWEDOO&OXE FRQYHQWLRQDODUPHGIRUFHVLQ(XURSH &)( 
)&IF )RRWFDQGOH IRUZDUGFRPPDQGHOHPHQW
$OVRIWF pOpPHQWGHFRPPDQGHPHQWDYDQFp
2SWLFV )&( )RUHLJQ&XUUHQF\([FKDQJH
)& )RUHLJQ&XUUHQF\ %XVLQHVV)LQDQFH
%DQNLQJ&RPPHUFH )&( )LUVW&RPPRGLWLHV([FKDQJH ,QGLD 
)F )UDJPHQWFULVWDOOLVDEOH )&(0 )HPPHV&KHIVG
(QWUHSULVHV0RQGLDOHV
)UHQFKLQLWLDOLVPPHDQLQJ&U\VWDOOL]DEOH )UHQFKLQLWLDOLVPPHDQLQJ:RPHQ&RPSDQ\
)UDJPHQW)FIUDJPHQW +HDGV:RUOGZLGH
)& )UHH&KXUFK RI6FRWODQG  )&) )UHH&DVK)ORZ
)& )XOO&KDUJH )&)6 )LUVW&RPH)LUVW6HUYHG
)& )XQFWLRQ&RGH &RPSXWHU3URJUDPPLQJ
7KHIXQFWLRQFRGHFRQWUROVGHYLFHIXQFWLRQV IFJ DEEU IDFLQJ


%XLOGLQJ(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ $JULFXOWXUDO5HVHDUFK(QWRPRORJ\
0HWDOOXUJ\ )&6 )OXRUHVFHQFH&RUUHODWLRQ6SHFWURVFRS\
)&* )HGHUDO&RRUGLQDWRUIRU*HRORJ\ 86$  %LRORJLFDO,PDJLQJ&HOO%LRORJ\+XPDQ
)&+1+ SIOXRURDQLOLQH 'HYHORSPHQW0HWDEROLVP
SIOXRURDQLOLQHLVXVHGPDLQO\LQKHUELFLGHV )&6 )UDPH&KHFN6HTXHQFH
2UJDQLF&KHPLVWU\ IFV DEEU IUDQFV REVROHWH 
)&, )DFXOW\RI&RPSXWLQJ,QIRUPDWLRQ 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
$W&RUQHOO8QLYHUVLW\1<86$ 6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\
&RPSXWHU6FLHQFH6FLHQWLILF&RPPXQLFDWLRQ &XUUHQFLHV
)&, )HGHUDO&ULPH,QVXUDQFH )&6& )RUHLJQ&ODLPV6HWWOHPHQW&RPPLVVLRQ
)&, )HOORZRI&RPPHUFH,QVWLWXWH 86$ 
)&,$ )RUHLJQ&UHGLW,QVXUDQFH$VVRFLDWLRQ )&6FDEOH )RUFH&RROHG6XSHUFRQGXFWLQJFDEOH
)&,& )HGHUDO&URS,QVXUDQFH&RUSRUDWLRQ 86$  )&67 )HGHUDO&RXQFLOIRU6FLHQFHDQG7HFKQRORJ\
)&,3 )LEUH&KDQQHORYHU,QWHUQHW3URWRFRO 86$ 
I&-' IDPLOLDO&UHXW]IHOGW-DNRE'LVHDVH )&7 )XQGDPHQWDOVRI&RPSXWDWLRQ7KHRU\
%LRFKHPLVWU\%LRSK\VLFV1HXURORJ\ &RPSXWDWLRQ7KHRU\
1HXURSDWKRORJ\3DWKRORJ\3ULRQ'LVHDVHV )&7) )RUFHG&RQYHFWLRQ7HVW)DFLOLW\
)&0$5(3 )HGHUDO&RRUGLQDWRUIRU0$5LQH IFW\ DEEU IDFWRU\
(QYLURQPHQWDO3UHGLFWLRQ 86$  $OVRIDFW\IDFWIDF
)&0V )XHO&RQWDLQLQJ0DVVHV )&8 )HGHUDO&UHGLW8QLRQ
1XFOHDU$FFLGHQWV1XFOHDU3K\VLFV )&8 IXHOFRQVXPSWLRQXQLW
)&0665 )HGHUDO&RRUGLQDWRUIRU0HWHRURORJLFDO XQLWpGHFRQVRPPDWLRQGHFDUEXUDQW
6HUYLFHVDQG6XSSRUWLQJ5HVHDUFK 86$  )&86 )HGHUDO&UHGLW8QLRQ6\VWHP 86$ 
)&1 )UHH&RUH1XWDWLRQ )&= )LVKHU\&RQVHUYDWLRQ=RQH
*HRPDJQHWLVP3DOHRPDJQHWLVP3K\VLFV )&= IRUZDUGFRPEDW]RQH
)&15GHSRVLW )RUHLJQ&XUUHQF\1RQ5HVLGHQW ]RQHDYDQWGHVFRPEDWV
GHSRVLW ,QGLD  )' )DFLOLW\'LYLVLRQ)DFWRU\'HSDUWPHQW
,QYHVWPHQW6FKHPHV )'IG )HGHUDO'HEW
)&2 )LXPLFLQR$LUSRUW /HRQDUGRGD9LQFL 5RPH )' )HGHUDO'HSDUWPHQW
,WDO\ )' )LORGLIIXVLRQH
)&203 )HGHUDO&RRUGLQDWRUIRU2FHDQ0DSSLQJ ,WDOLDQLQLWLDOLVPPHDQLQJFDEOHUDGLR
DQG3UHGLFWLRQ 86$  )' )LUH'HSDUWPHQW
)&3 )RQGV&RPPXQGH3ODFHPHQW )' )ORSS\'LVN
)UHQFKLQLWLDOLVPPHDQLQJ8QLW7UXVW0XWXDO )'LVDOVRNQRZQDV'LVNHWWH)OH[LEOH'LVN
)XQG 86  &RPSXWHU7HFKQRORJ\
IFS DEEU IRROVFDS )' )O\LQJ'XWFKPDQ
)&3$ )RUHLJQ&RUUXSW3UDFWLFHV$FW )' )RFDO'LVWDQFH
7KH)&3$ EDQV86&RPSDQLHVIURPSD\LQJ )RFDOGLVWDQFHLVDOVRNQRZQDV)RFDO/HQJWK
EULEHV 2SWLFV
)&5 ILUHFRQWUROUDGDU )' )RUFHG'UDIW
UDGDUGHFRQGXLWHGHWLU 0HFKDQLFDO(QJLQHHULQJ
)&5 )RUZDUGLQJDJHQW
V&HUWLILFDWHRI5HFHLSW )' IUDPHZRUNGRFXPHQW
%XVLQHVV&RPPHUFH6KLSSLQJ GRFXPHQWFDGUH
)&5$ )DLU&UHGLW5HSRUWLQJ$FW 86$  )' )UHH'HOLYHU\)UHH'RFN
)&5'& )UHGHULFN&DQFHU5HVHDUFKDQG IG DEEU IXQG
'HYHORSPHQW&HQWHU %XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH
7KH)&5'&LVORFDWHGLQ)UHGHULFN0'86$ IG DEEU IXQGLQJ
)&6 )HGHUDO&RXQWHULQWHOOLJHQFH6HUYLFH 86$  $OVRIGJ
)&6 )HWDO&DOI6HUXP )'$)'$ )RRGDQG'UXJ$GPLQLVWUDWLRQ
%LRWHFKQRORJ\ 86$ 
)&6 ILUHFRQWUROV\VWHP )'$&6 )ORULGD·V'HSDUWPHQWRI$JULFXOWXUHDQG
V\VWqPHGHFRQGXLWHGHWLU &RQVXPHU6HUYLFHV 86$ 
)&6 )ODJHOODWH&DXGDO6HWD )RUIXUWKHUGHWDLOVVHHXQGHU&&(3


)'$0$ )RRGDQG'UXJ$GPLQLVWUDWLRQ )'5$.( )LUVW'\QDPLF5HVSRQVH$QG.LQHPDWLFV


0RGHUQL]DWLRQ$FW   86$  ([SHULPHQW
)'& ILUHGLUHFWLRQFHQWUH IGU\ DEEU IRXQGU\
SRVWHFHQWUDOGHWLU (QJLQHHULQJ
)'& )ORSS\'LVN&RQWUROOHU )'6 )ORSS\'LVN6\VWHP
)'& )ORZ'XUDWLRQ&XUYH )'VWDWLVWLFV )HUPL'LUDFVWDWLVWLFV
)'&0 )DPLOLDO'LODWHG&DUGLRP\RSDWK\ 4XDQWXP0HFKDQLFV
*HQHWLFV+HDUW5HVHDUFK )': DEEU )HHGZDWHU
)'&3$ )DLU'HEW&ROOHFWLRQ3UDFWLFHV$FW 0HFKDQLFDO(QJLQHHULQJ
86$  )'; )XOO'XSOH[7UDQVPLVVLRQ
)'&V )ROOLFXODU'HQGULWLF&HOOV )( )DU(DVW
)'' )LUVW)ORZHULQJ'DWH )( )HGHUDO(VWLPDWHV
%LRORJ\%LRPHWHRURORJ\(FRORJ\ )( )HGHUDO([FKDQJH
)'', )LEUH'LVWULEXWHG'DWD,QWHUIDFH )( )HUUDUD,WDO\
7KH)'',LVD7RNHQ5LQJ6WUXFWXUH )( )LHOG(GLWRU)LHOG(QJLQHHULQJ
)'($167 )OXRUR11'LHWK\ODPLQR` )( )LUH([WLQJXLVKHU
1LWURVW\UHQH (QJLQHHULQJ
)'(H[SHULPHQWV )UHTXHQF\'HSHQGHQW )( )RUHLJQ([FKDQJH)XWXUHV([FKDQJH
(OOLSVRPHWU\H[SHULPHQWV )H 7KHFKHPLFDOV\PEROIRU,URQ
2SWLFDO6FLHQFHV &KHPLVWU\6\PEROV0HWDOOXUJ\0HFKDQLFDO
)'*)GJ )HGHUD]LRQHQD]LRQDOH'LDEHWH (QJLQHHULQJ
*LRYDQLOH ,WDO\  )($ )HGHUDO(QHUJ\$GPLQLVWUDWLRQ
,WDOLDQ)HGHUDWLRQ 7KH)($ LVORFDWHGLQ:DVKLQJWRQ'&86$
IGJ DEEU IXQGLQJ )($&2 (XURSHDQ)HGHUDWLRQRI0DQDJHPHQW
$OVRIG &RQVXOWDQF\$VVRFLDWLRQV
)', )RUHLJQ'LUHFW,QYHVWPHQW )H$O2 +HUF\QLWH
)',& )HGHUDO'HSRVLW,QVXUDQFH&RUSRUDWLRQ +HUF\QLWHLVDOVRNQRZQDV)HUURVSLQHO,URQ
86$  6SLQHO
)'/ )RUPV'HVFULSWLRQ/DQJXDJH 0LQHUDORJ\
)'0 )LQLWH'LIIHUHQFHV0HWKRG )($176$ (XURSHDQ)HGHUDWLRQRI1DWLRQDO
)'0IGP )UHTXHQF\'LYLVLRQ0XOWLSOH[LQJ 2UJDQL]DWLRQV:RUNLQJZLWKWKH+RPHOHVV
)'0DOVRNQRZQDV)UHTXHQF\0XOWLSOH[LQJ )($2* )RQGR(XURSHR$JULFRORGL2ULHQWDPHQWR
XVHVDGLIIHUHQWIUHTXHQF\EDQGIRUHDFKVLJQDO HGL*DUDQ]LD ,WDO\ 
WUDQVPLWWHGRYHUDFRPPRQSDWK (XURSHDQ)XQG
7HOHFRPPXQLFDWLRQV )H$V6 $UVHQRS\ULWH
)'0)X]]\'DUN0DWWHU 0LQHUDORJ\
$VWURQRP\$VWURSK\VLFV )(% )DU(DVWHUQ%UDQFK
)'0$ )UHTXHQF\'LYLVLRQ0XOWLSOH$FFHVV 2IWKH5XVVLDQ$FDGHP\RI6FLHQFHV
)'0$ )UHTXHQF\'RPDLQ0XOWLSOH$FFHVV )HEIHE DEEU )HEUXDU\
7HOHFRPPXQLFDWLRQV )(% IRUZDUGHPSOR\PHQWEDVH
IGQ DEEU IRXQGDWLRQ EDVHG·HPSORLDYDQFpH
%XLOGLQJ(QJLQHHULQJ&LYLO(QJLQHHULQJ )(% )XQFWLRQDO(OHFWURQLF%ORFN
)'2 ILUHGLUHFWLRQRIILFHU )(%$ IRUZDUGHGJHRIWKHEDWWOHDUHD
RIILFLHUUHVSRQVDEOHGHODGLUHFWLRQGHVWLUV OLPLWHDYDQWGHOD]RQHGHEDWDLOOH
)'3 )HUWLOL]LQJ3URPRWLQJ)DFWRU )H%U )HUULF%URPLGH
)'3 )UHH'HPRFUDWLF3DUW\ *HUPDQ\  )HUULF%URPLGHDOVRNQRZQDV)HUULF7ULEURPLGH
)'3 )UXFWRVH'LSKRVSKDWHDOGRODVH LVXVHGPDLQO\LQFKHPLVWU\DQGPHGLFLQH
3URWHLQ$OGRODVHV ,QRUJDQLF&KHPLVWU\
)'3$ )RXQGDWLRQIRUWKH'HYHORSPHQWRI3ROLVK )(%V )HGHUDO([HFXWLYH%RDUGV 86$ 
$JULFXOWXUH 3RODQG  )(%6 )HGHUDWLRQRI(XURSHDQ%LRFKHPLFDO
)'5 DEEU IHHGHU 6RFLHWLHV
$JULFXOWXUH(OHFWULFLW\*HRORJ\0HFKDQLFDO )(%7 )DU(DVW%DQN 7UXVW 7KH3KLOLSSLQHV 
(QJLQHHULQJ0HWDOOXUJ\2UGQDQFH )(& )HGHUDO(OHFWLRQ&RPPLVVLRQ 86$ 


)(& )RUZDUG(UURU&RUUHFWLRQ ,QGXVWULH7HUPDOLHGHOOH$FTXH0LQHUDOL&XUDWLYH


&RPSXWHU3URJUDPPLQJ ,WDO\ 
)(& ,QVWLWXW )UDQoDLVGHO
(PEDOODJHHGX ,WDOLDQ)HGHUDWLRQ
&RQGLWLRQQHPHQW )UDQFH  )HGHUWHVVDEE )HGHUD]LRQH1D]LRQDOH2SHUDWRUL
)UHQFK,QVWLWXWH &RPPHUFLDOL,QJURVVRH7UDVIRUPDWRUL7HVVLOL
)H&O )HUULF&KORULGH $EELJOLDPHQWR0HUFHULHH$IILQL
)HUULF&KORULGHLVDOVRNQRZQDV)HUULF /RFDWHGLQ0LODQ,WDO\
7ULFKORULGH ,WDOLDQ)HGHUDWLRQ7H[WLOHV
,QRUJDQLF&KHPLVWU\ )HG)XQGV DEEU )HGHUDO)XQGV 86$ 
)(&1 )RUZDUG([SOLFLW&RQJHVWLRQ1RWLILFDWLRQ )('/,1. )HGHUDO/LEUDU\FRPPLWWHH)HGHUDO
&RPSXWHUV /LEUDU\DQG,QIRUPDWLRQ1HWZRUN
)(&2 )ULQJHVRI(TXDO&KURPDWLF2UGHU )('8&, )RQGDWLRQSRXUO
(WXGHGX'URLWHWGHV
)H&2 )HUURXV&DUERQDWH 8VDJHVGX&RPPHUFH,QWHUQDWLRQDO
)HUURXV&DUERQDWHLVXVHGLQLURQGHILFLHQF\DQH )UHQFK)RXQGDWLRQ
PLD )(( )pGpUDWLRQGHV([SHUWVFRPSWDEOHV(XURSpHQV
,QRUJDQLF&KHPLVWU\ (&
)H &2  ,URQ7HWUDFDUERQ\O (XURSHDQ)HGHUDWLRQ
,QRUJDQLF&KHPLVWU\ )H) )HUURXV)OXRULGH
)H &2  ,URQ3HQWDFDUERQ\O )HUURXV)OXRULGHLVXVHGPDLQO\LQFHUDPLFV
,URQ3HQWDFDUERQ\OLVXVHGPDLQO\DVDFDWDO\VW ,QRUJDQLF&KHPLVWU\
,QRUJDQLF&KHPLVWU\ )H) )HUULF)OXRULGH
)H &2  ,URQ1RQDFDUERQ\O )HUULF)OXRULGHLVXVHGPDLQO\LQFHUDPLFV
,URQ1RQDFDUERQ\OLVDOVRNQRZQDV,URQ ,QRUJDQLF&KHPLVWU\
(QQHDFDUERQ\O )()&)HIF )DU(DVWHUQ)UHLJKW&RQIHUHQFH
,QRUJDQLF&KHPLVWU\ )(** )RHWDO(OHFWURFDUGLRJUDP
)(&20 )RQGR(XURSHRGL&2RSHUD]LRQH $ IRHWDOKHDUWPRQLWRULQJV\VWHPGHYHORSSHGE\
0RQHWDULD 1RHYHQWD0HGLFDORI6ZHGHQZKLFKPRQLWRUVDQG
,WDOLDQDFURQ\PRIWKH(XURSHDQ)XQGIRU LQWHUSUHWVDSDUWLFXODUVHFWLRQRIWKHIRHWDOHOHFWUR
0RQHWDU\&RRSHUDWLRQ(& FDUGLRIUDP
)(&6 )HGHUDWLRQRI(XURSHDQ&KHPLFDO6RFLHWLHV (XURSHDQ&RPPXQLW\3URMHFW)RHWDOKHDUWPRQL
(& WRULQJ7HFKQRORJ\+HDOWK3URIHVVLRQDOV7UDLQLQJ
)HG DEEU )HGHUDO)HGHUDOLVW)HGHUDWLRQ 2EVWHWULFV'HYLFHV
)('$3 )('HUD]LRQH$VVRFLD]LRQL3URIHVVLRQDOL )(*6(0 )LHOG(PLVVLRQ*XQ6FDQQLQJ(OHFWURQ
$PELHQWHH3DHVDJJLR ,WDO\  0LFURVFRSH
,WDOLDQ)HGHUDWLRQV &HUDPLFV0DWHULDOV(DUWK6FLHQFHV*HRORJ\
)('$5(1()HGDUHQH (XURSHDQ)HGHUDWLRQRI 0HFKDQLFDO(QJLQHHULQJ
5HJLRQDO(QHUJ\DQG(QYLURQPHQW$JHQFLHV )(, )HGHUDO([HFXWLYH,QVWLWXWH
%UXVVHOV%HOJLXP  )(, )LQDQFLDO([HFXWLYHV,QVWLWXWH
(QHUJ\0DQDJHPHQW(QYLURQPHQW3URWHFWLRQ )(, )RQGR(XURSHRSHUJOL,QYHVWLPHQWL
:DVWH0DQDJHPHQW ,WDOLDQDFURQ\PRIWKH(XURSHDQ,QYHVWPHQW)XQG
)('(5 )RQGV(XURSpHQGH'pYHORSSHPHQW (XURSHDQ&RPPXQLW\
5pJLRQDO )(,$ )RUHLJQ(DUQHG,QFRPH$FW 86$ 
)UHQFKDFURQ\PRIWKH(XURSHDQ5HJLRQDO )(,3 )URQWHQGIRU(FKRJUDSKLF,PDJH3URFHVVLQJ
'HYHORSPHQW)XQG 0HGLFLQH
)HGHUFRPDWHG )HGHUD]LRQH1D]LRQDOH )(/$%$1 )(GHUDWLRQRI/DWLQ$PHULFDQ%$1NV
&RPPHUFLDQWL/DWHUL]L&HPHQWLHPDWHULDOL(GLOL %RJRWD 
,WDO\  )(/ /DERUDWRU\ )UHH(OHFWURQ/DVHU/DERUDWRU\
,WDOLDQ)HGHUDWLRQ%XLOGLQJ0DWHULDOV $W'XNH8QLYHUVLW\ 86$ 
)HGHUROLR )HGHUD]LRQH1D]LRQDOHGHO&RPPHUFLR )(/V )UHH(OHFWURQ/DVHUV
2OHDULR ,WDO\  &RPSXWHU(QJLQHHULQJ(OHFWULFDO(QJLQHHULQJ
,WDOLDQ)HGHUDWLRQ(GLEOH2LOV 3K\VLFV3ODVPD5HVHDUFK
)('(57(50( )HGHUD]LRQH,WDOLDQDGHOOH )(/6, )pGpUDWLRQGHO
(QVHLJQHPHQW/LEUH
6XEYHQWLRQQp,QGpSHQGDQW %HOJLXP 


%HOJLDQ)HGHUDWLRQ )(3 )OXRULQDWHG(WK\OHQH3URS\OHQH


IHP DEEU IHPDOH )(3 )URQW(QG3URFHVVRU
%LRORJ\%RWDQ\(QJLQHHULQJ )URQW(QG3URFHVVRULVDOVRNQRZQDV)URQW(QG
IHP DEEU IHPLQLQH &RPSXWHU
IHP DEEU IHPXU &RPSXWHU7HFKQRORJ\
$QDWRP\ )HPXULVDOVRNQRZQDV7KLJK%RQH )(3$)HSD )HGHUD]LRQH(XURSHDSHUOD3URWH]LRQH
,QYHUWHEUDWH=RRORJ\ ,QLQYHUWHEUDWH]RRORJ\ GHOOH$FTXH
IHPXULVDOVRNQRZQDV0HURSRGLWH (XURSHDQ)HGHUDWLRQ:DWHUV3URWHFWLRQ
)(0 )LHOG(PLVVLRQ0LFURVFRSH )(3& )DLU(PSOR\PHQW3UDFWLFHV&RPPLVVLRQ
(OHFWURQLFV 86$ 
)(0 )LQLWH(OHPHQW0RGHOLQJ)LQLWH(OHPHQWV )H32 +HWHURVLWH
0HWKRG 0LQHUDORJ\
)(0 )OLJKW(QJLQHHULQJ0RGHO I(363V ILHOG([FLWDWRU\3RVWV\QDSWLF3RWHQWLDOV
IHP IRU]DHOHWWURPRWULFH )(5 ILQDOH[HUFLVHUHSRUW
OWDOLDQDEEUHYLDWLRQPHDQLQJHOHFWURPRWLYHIRUFH FRPSWHUHQGXILQDOG·H[HUFLFH
(OHFWULFLW\ IRUFHHIIHFWLYHQHVVUHSRUW
)(0$ )HGHUDO(PHUJHQF\0DQDJHPHQW$JHQF\ UDSSRUWVXUO·HIILFDFLWpGHVIRUFHV
)(0$ )ODYRUDQG([WUDFW0DQXIDFWXUHUV
)(5$ )HGHUDO(PHUJHQF\5HOLHI$GPLQLVWUDWLRQ
$VVRFLDWLRQ 86$ 
)(0,5&V )(OORZ0HPEHUVWRWKH,5&1HWZRUN )H5$0 )HUURHOHFWULF5DQGRP$FFHVV0HPRU\
)(1$&$)HQDFD )HGHUD]LRQH1D]LRQDOHGLVWULEX (PHUJLQJ(OHFWURQLF7HFKQRORJ\
WRULDOO
LQJURVVRGL$UWLFROLGL&DQFHOOHULD )(5& )HGHUDO(QHUJ\5HJXODWRU\&RPPLVVLRQ
)(1$&$ LVORFDWHGLQ0LODQ,WDO\ 86$ 
,WDOLDQ)HGHUDWLRQ )(6 )DPLO\([SHQGLWXUH6XUYH\
)H1L .DPDFLWH )(6 )HOORZRIWKH(QWRPRORJLFDO6RFLHW\
.DPDFLWHLVIRXQGLQPHWHRULWHV )(6 )HOORZRIWKH(WKQRORJLFDO6RFLHW\
0LQHUDORJ\ )(6 )RQGR(XURSHRSHUOR6YLOXSSR
)H1L&R  &RKHQLWH ,WDOLDQDFURQ\PRIWKH(XURSHDQ'HYHORSPHQW
&RKHQLWHLVDOVRNQRZQDVFHPHQWLWH )XQG
0LQHUDORJ\ )H6 ,URQ6XOILGH
)H1L6DOOR\ ,URQ1LFNHO6XOILGHDOOR\ ,URQ6XOILGHDOVRNQRZQDV)HUURXV6XOILGHLVXVHG
$OOR\V PDLQO\LQFHUDPLFV
)H11) 7HWUDIOXRURK\GUD]LQH ,QRUJDQLF&KHPLVWU\
7HWUDIOXRURK\GUD]LQHLVXVHGPDLQO\DVDURFNHW )H6 3\ULWH
IXHO 3\ULWHLVDOVRNQRZQDV0XQGLV,URQ3\ULWH
,QRUJDQLF&KHPLVWU\ 0LQHUDORJ\
)(2 )HGHUDO(QHUJ\2IILFH )(6$& )XVLRQ(QHUJ\6FLHQFHV$GYLVRU\
)H2 )HUURXV2[LGH &RPPLWWHH86'2(·V
)HUURXVR[LGHLVDOVRNQRZQDV,URQ0RQR[LGH )RUIXUWKHUGHWDLOVVHHXQGHU'2(
%ODFN,URQ2[LGH )H6E6 *XGPXQGLWH
,QRUJDQLF&KHPLVWU\ *XGPXQGLWHLVIRXQGLQVXOILGHGHSRVLWV
)H2 )HUULF2[LGH 0LQHUDORJ\
)HUULF2[LGHLVDOVRNQRZQDV)HUULF7ULR[LGH )(6(0 )LHOG(PLVVLRQ6FDQQLQJ(OHFWURQ
,QRUJDQLF&KHPLVWU\ 0LFURVFRSH
)(2) )RUHLJQ([FKDQJH2SHUDWLRQV)XQG 86$  )(6(0 )RUFLEOH(QWU\6DIHJXDUGV(IIHFWLYHQHVV
)H 2+  )HUULF+\GUR[LGH 0RGHO
)HUULF+\GUR[LGHDOVRNQRZQDV)HUULF+\GUDWHLV (QHUJ\
XVHGPDLQO\LQZDWHUSXULILFDWLRQ )(65 )RQGR(XURSHRGL6YLOXSSR5HJLRQDOH
,QRUJDQLF&KHPLVWU\ ,WDOLDQLQLWLDOLVPRIWKH(XURSHDQ)XQGIRU
)H3 )HUURXV3KRVSKLGH 5HJLRQDO'HYHORSPHQW(&
)HUURXV3KRVSKLGHLVXVHGLQWKHPDQXIDFWXUHRI )(66 )O\ZKHHO(QHUJ\6WRUDJH6\VWHP
VWHHODQGLURQ )(7 )HGHUDO([FLVH7D[
,QRUJDQLF&KHPLVWU\ )(7 )LHOG(IIHFW7UDQVLVWRU


(OHFWURQLFV3K\VLFV 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ


)(7 )LVKHU
V([DFW7HVW 6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\
0HGLFLQH &XUUHQFLHV
)(7 )OXRUHVFHQFH(QHUJ\7UDQVIHU II WKHIROORZLQJ
&KHPLVWU\ ))$ IUHHILUHDUHD
)H7L2 /LPHQLWH ]RQHGHWLUOLEUH =7/ 
/LPHQLWHLVDOVRNQRZQDV0RKVLWH7LWDQLF,URQ ))$ )RFL)RUPLQJ$FWLYLW\
2UH %LRORJ\&HOO%LRORJ\
0LQHUDORJ\ ))$$ )RU]H$UPDWH
)(76 IUDLVG·pWXGHWHFKQLTXHHWGHVXUYHLOODQFH ,WDOLDQLQLWLDOLVPPHDQLQJ$UPHG)RUFHV
DUFKLWHFWXUHDQGHQJLQHHULQJ IHHV  $ (  0LOLWDU\
)(9 )RUFHG([SLUDWRU\9ROXPH IRUWKHILUVWVHF )) & )XOO)DLWKDQG&UHGLW
RQG  $OVR))&
0HGLFLQH %XVLQHVV)LQDQFH
)H 92  )HUULF9DQDGDWH )) 3 )DOVLILFDWLRQ)DEULFDWLRQDQG3ODJLDULVP
)HUULF9DQDGDWHLVXVHGPDLQO\LQPHWDOOXUJ\ ))$V )UHLJKW)RUZDUG$JUHHPHQWV
,QRUJDQLF&KHPLVWU\ ))$VDUHSULQFLSDOWRSULQFLSDOFRQWUDFWVEDVHGRQ
)H:2 )HUEHULWH VSHFLILFURXWHVUDWKHUWKDQDQLQGH[
0LQHUDORJ\ )UHLJKW%URNHUV
)(; DEEU )RUHLJQ(;FKDQJH ))% )HGHUDO)LQDQFLQJ%DQN
)(= ILJKWHUHQJDJHPHQW]RQH ))& )HGHUDO)DFLOLWLHV&RXQFLO 86$ 
D]RQHG·HQJDJHPHQWG·DUPH ))& )RQGVGH)RUPDWLRQSURIHVVLRQQHOOHGHOD
E]RQHG·HQJDJHPHQWG·DYLRQVGHFRPEDW &RQVWUXFWLRQ %HOJLXP 
F]RQHG·HQJDJHPHQWGHVLQWHUFHSWHXUV %HOJLDQ)XQGV&RQVWUXWLRQ
)(= )URQWRQDVDO(FWRGHUPDO=RQH ))& )RUHLJQ)XQGV&RQWURO
'HYHORSPHQW(PEU\RJHQHVLV4XDLODQG&KLFN ))& )XOO)DLWKDQG&UHGLW
(PEU\RV $OVR)) &
IH] 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ %XVLQHVV)LQDQFH
XVLQJWKHZRUG´IH]µZKLFKLVDFRQHVKDSHGKDW ))& )UHH)URP&KORULQH
RIUHGIHOWXVXDOO\ZLWKDEODFNWDVVHOZRUQE\PHQ ))&% )HGHUDO)DUP&UHGLW%XUHDX 86$ 
LQHDVWHUQPHGLWHUUDQHDQFRXQWULHV ))&& )UHH)O\HU&RQWURO&HQWUH
II II IDFHQWHIXQ]LRQH ))' )DLOHG)XHO'HWHFWRU
OWDOLDQLQLWLDOLVPPHDQLQJDFWLQJDVGHSXW\VHUY ))'&$ )HGHUDO)RRG'UXJDQG&RVPHWLF$FW
LQJDVORFXPWHQHQVSUR 86$ 
)) )DVW)RUZDUG ))( ILUHIRUHIIHFW
)) )DW)UHH WLUG·HIILFDFLWp
0HGLFLQH ))) )pGpUDWLRQ)UDQoDLVHGH)RRWEDOO
)) )LOWUDWLRQ)UDFWLRQ )UHQFK)HGHUDWLRQ
)) )L[HG)RFXV )))5& )LHOG)ORZ)UDFWLRQDWLRQ5HVHDUFK&HQWHU
2SWLFV 2IWKH8QLYHUVLW\RI8WDK86$
)) )OLS)ORS ))* )XQFWLRQDO)HHGLQJ*URXSV
)OLS)ORSLVDOVRNQRZQDV%LVWDEOH0XOWLYLEUDWRU %LRORJ\'HWULWXV(FRORJ\(QWRPRORJ\
(OHFWURQLFV (FRV\VWHPV6WHDP(FRORJ\
)) )RUFHG)OXH )), )DWDO)DPLOLDO,QVRPQLD
(QJLQHHULQJ )), )LQDQFH)RU,QGXVWU\ *% 
)) )RUG)RXQGDWLRQ )), )UHH)URP,QIHFWLRQ
)) )RUP)HHG )),%OLWKRJUDSK\ )LQHO\)RFXVHG,RQ%HDPOLWKRJ
&RPSXWHU3URJUDPPLQJ UDSK\
)) )RVVLO)XHO %LRSK\VLFDO'\QDPLFV&KHPLVWU\
*HRORJ\ 1DQRIDEULFDWLRQ
)) )UDQF)UDQoDLV ))0 )DW)UHH0DVV
)UHQFKLQLWLDOLVPPHDQLQJ)UHQFK)UDQF REVR +\SRFDORULF'LHWLQJ2EHVLW\
OHWH  ))3, )OLS)ORS3RVLWLRQ,QGLFDWRU


))5 IUHHIOLJKWURFNHW :RUNVKRSKHOGDW$QDKHLP&DOLIRUQLD86$RQ


URTXHWWHjYROOLEUH UG -DQXDU\
))5)5/ 3URMHFW )HGHUDOLVPDQG5HJLRQDO)LVFDO 1HZ*HQHWLF7HFKQRORJLHV
5HIRUP/RDQ3URMHFW 5XVVLDQ)HGHUDWLRQ  IJQ DEEU IRUHLJQIRUHLJQHU
:RUOG%DQN3URMHFW )*6 )HOORZRIWKH*HRORJLFDO6RFLHW\
))6 )RUPDWWHG)LOH6\VWHP )+ )DPLOLDO+\SHUFKROHVWHUROHPLD
))6 )URQWGHV)RUFHV6RFLDOLVWHV $OJHULD  )+LVDJHQHWLFGHIHFW
)UHQFKLQLWLDOLVPPHDQLQJ6RFLDOLVW)RUFHV)URQW *HQHWLFV
))6 IXQGHGIHDVLELOLW\VWXG\ )+ )LUH+RVHRUILUHKRVH
pWXGHGHIDLVDELOLWpjILQDQFHPHQWDVVXUp (QJLQHHULQJ
))66 )HUURYLHGHOOR6WDWR )+ )LUH+\GUDQW
OWDOLDQLQLWLDOLVPPHDQLQJ ,WDOLDQ 6WDWH5DLOZD\V )LUH+\GUDQWLVDOVRNQRZQDV)LUH3OXJ
$OVR)6 &LYLO(QJLQHHULQJ
))7 )DVW)RXULHU7UDQVIRUP )+ )UHTXHQF\+RSSLQJ
$FRXVWLFV0DWKHPDWLFV 7HOHFRPPXQLFDWLRQV
,Q&RPSXWHU6FLHQFH)DVW)RXULHU7UDQVIRUPLV )+$ )HGHUDO+RXVLQJ$GPLQLVWUDWLRQ 86$ 
DOVRNQRZQDV'LVFUHWH)RXULHU7UDQVIRUP )+$ GRPDLQV )RUNKHDG$VVRFLDWHGGRPDLQV
))7) )DVW)OX[7HVW)DFLOLW\ 86$  &HOO&\FOH0HGLFLQH3DWKRORJ\3KDUPDFRORJ\
7KH))7)ZDVVKXWGRZQLQ,WZDVXVHGIRU )+$) )RQGV+DLWLHQG
$LGHjOD)HPPH +DLWL 
RYHU\HDUVDVDUHVHDUFKDQGPDWHULDOVWHVWLQJ )+% )HGHUDO+RPH%DQN
UHDFWRU )HGHUDO%DQN
1XFOHDU6FLHQFH )+&5& )UHG+XWFKLQVRQ&DQFHU5HVHDUFK&HQWHU
)* )LHOG*XQ 86$ 
)LHOG*XQDOVRNQRZQDV)LHOG3LHFHLVXVHGIRU )+' )L[HG+HDG'LVN
ILHOGRSHUDWLRQV )+'LVDGLVNXQLWZKHUHLQWKHUHDGZULWHKHDGV
2UGQDQFH DUHSHUPDQHQWO\IL[HG
)* )LUH*XDUGV &RPSXWHU7HFKQRORJ\
)* )OXH*DV )+)% )HGHUDO+RXVLQJ)LQDQFH%RDUG 86$ 
(QJLQHHULQJ )K*,8&7 )UDXQKRIHU,QVWLWXWHIRU(QYLURQPHQWDO
)* )OXRURJROG &KHPLVWU\DQG(FRWR[LFRORJ\ *HUPDQ\ 
)* )RJJLDOWDO\ (QYLURQPHQWDO&KHPLVWU\(FRWR[LFRORJ\
)* IRUFHJRDOV )+,7 SURWHLQ )UDJLOH+,VWLGLQH7ULDGSURWHLQ
REMHFWLIVGHIRUFHV %LRFKHPLVWU\*HQRPLFV0ROHFXODU%LRSK\VLFV
)*$ ILJKWHUJURXQGDWWDFN )+/% )HGHUDO+RPH/RDQ%DQN 86$ 
DFKDVVHXUG·DSSXLWDFWLTXH )+3IKSPRWRU )UDFWLRQDO+RUVHSRZHUPRWRU
EFKDVVHXUG·DWWDTXHDXVRO (OHFWULFLW\
)*&= )XQFWLRQDO*HQRPLFV&HQWHU=XULFK )+3 )ULFWLRQ+RUVHSRZHU
6ZLW]HUODQG  0HFKDQLFDO(QJLQHHULQJ
)*' )OXH*DV'HVXOIXUL]DWLRQ )+6 )HOORZRIWKH+LVWRULFDO6RFLHW\
(QHUJ\ )+V\VWHPV )UHTXHQF\+RSSLQJV\VWHPV
)*) )LEUREODVW*URZWK)DFWRU :LUHOHVV&RPPXQLFDWLRQV
)*)5 )LEUREODVW*URZWK)DFWRU5HFHSWRU )+9 )ORFN+RXVH9LUXV
%LRORJLFDO&KHPLVWU\/LIH6FLHQFHV 3ODQW&HOO%LRORJ\3ODQW3DWKRORJ\51$
)*)V )LEUREODVW*URZWK)DFWRUV 6LOHQFLQJ
'HYHORSPHQW0HGLFDOUHVHDUFK )+:$ )HGHUDO+LJKZD\$GPLQLVWUDWLRQ 86$ 
)**( )LUVW*$53 *OREDO([SHULPHQW )K\EULGSODQWV )LUVWJHQHUDWLRQK\EULGSODQWV
)RUIXUWKHUGHWDLOVVHHXQGHU*$53 $JURQRP\&URS6FLHQFH&URS<LHOG+HWHURVLV
)*,6 )HGHUDO*UDLQ,QVSHFWLRQ6HUYLFH 86$  ), )LQODQG
)*/ IRUFHJHQHUDWLRQOHYHO )LQODQGH
QLYHDXGHFRQVWLWXWLRQG·XQHIRUFH ILULQJ RUILUH LQFLGHQW
)*0 )RXQGDWLRQIRU*HQHWLF0HGLFLQH,QF LQFLGHQWGHWLU
86$  ), )LUHQ]H,WDO\
), )RUHLJQ,QYHVWPHQW


%XVLQHVV)LQDQFH ,WDOLDQDFURQ\PRIWKH,WDOLDQ%RDWLQJ
), )RU]D,WDOLD ,WDO\  $VVRFLDWLRQ
,WDOLDQ3ROLWLFDO3DUW\ ),& )HGHUD]LRQH,WDOLDQD&URQRPHWULVWL ,WDO\ 
), )XHO,QMHFWLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ7LPH.HHSHUV
),LVDV\VWHPXVHGLQJDVROLQHHQJLQHVDQGGLHVHO $VVRFLDWLRQ
HQJLQHV ),& )HOORZRIWKH,QVWLWXWHRI&KHPLVWV
0HFKDQLFDO(QJLQHHULQJ ),& )OLJKW,QIRUPDWLRQ&HQWHU
), 7KHDLUOLQHFRGHIRU,FHODQGDLU ),& )UHLJKW,QVXUDQFH&DUULDJH
),$ )DPLOLHV,Q$FWLRQ %XVLQHVV&RPPHUFH6KLSSLQJ
),$ ZDVIRXQGHGLQ*HRUJLD86$LQ ),& -RKQ()RJDUW\,QWHUQDWLRQDO&HQWHU
DJDLQVWGUXJDEXVH  2I1,+86$7KH),&ZDVHVWDEOLVKHGLQ
),$ )HGHUDO,QVXUDQFH$GPLQLVWUDWLRQ 86$  7KH&HQWHUSURPRWHVDQGVXSSRUWVVFLHQWLILF
),$ )pGpUDWLRQ,QWHUQDWLRQDOHGHO
$XWRPRELOH UHVHDUFKDQGWUDLQLQJLQWHUQDWLRQDOO\WRUHGXFHGLV
,QWHUQDWLRQDO)HGHUDWLRQ SDULWLHVLQJOREDOKHDOWK
),$ )pGpUDWLRQ,QWHUQDWLRQDOHGHV$FWHXUV )RUIXUWKHUGHWDLOVVHHXQGHU(36 DQG1,+
,QWHUQDWLRQDO)HGHUDWLRQ ),&$)HGHUDO,QVXUDQFH&RQWULEXWLRQV$FW
),$ )HOORZRIWKH,QVWLWXWHRI$FWXDULHV ),&% )HGHUDO,QWHUPHGLDWH&UHGLW%DQN
),$ )OXRURLPPXQRDVVD\ ),&( )HGHUD]LRQH,QWHUQD]LRQDOH&RPXQLWj
),$%&,)LDEFL )HGHUD]LRQH,QWHUQD]LRQDOHGHOOH (GXFDWLYH
3URIHVVLRQL,PPRELOLDUL )RXQGHGLQXQGHUWKHDXVSLFHVRI81(6&2
),$%&,LVORFDWHGLQ0LODQ,WDO\ )RUIXUWKHUGHWDLOVVHHXQGHU81(6&2
,QWHUQDWLRQDO)HGHUDWLRQ ),&0 )DWDO,QIDQWLOH&DUGLRP\RSDWK\
),$%48$/ DEEU ),$%LOLWpHW48$/LWp 0HGLFLQH
)UHQFKDEEUHYLDWLRQPHDQLQJ5HOLDELOLW\DQG ),&1 )UHH,QQHU&RUH1XWDWLRQ
4XDOLW\ *HRPDJQHWLVP3DOHRPDJQHWLVP3K\VLFV
),$( )HGHUD]LRQH,WDOLDQD$UWLJLDQL(GLOL ,WDO\  ),&2 )LQDQFLDO ,QWHUPHGLDULHV&ODLPV2IILFH
),$) )pGpUDWLRQ,QWHUQDWLRQDOHGHV$UFKLYHVGX *% 
)LOP ),&2 DEEU ),QDQFLQJ&2USRUDWLRQ
),$0 )HGHUD]LRQH,WDOLDQD$HUR0RGHOOLVPR ),&V )HGHUDO,QIRUPDWLRQ&HQWHUV 86$ 
,WDOLDQ)HGHUDWLRQ ),&6 )LQDQFLDO,QIRUPDWLRQDQG&RQWURO6\VWHP
),$06 )OLQGHUV,QVWLWXWHIRU$WPRVSKHULFDQG %XVLQHVV)LQDQFH
0DULQH6FLHQFHV $XVWUDOLD  ),&7 )HGHUD]LRQH,WDOLDQDGHOOH&RPXQLWj
),$7 )DEEULFD,WDOLDQD$XWRPRELOL7RULQR ,WDO\  7HUDSHXWLFKH ,WDO\ 
),$7 )RQGVG
OQWHUYHQWLRQSRXUO
$PpQDJHPHQWGX ,WDOLDQ)HGHUDWLRQ
7HUULWRLUH )UDQFH  ),&9 IXWXUHLQIDQWU\FRPEDWYHKLFOH
),$ WHFKQLTXH )ORZ,QMHFWLRQ$QDO\VLVWHFKQLTXH IXWXUYpKLFXOHGHFRPEDWG·LQIDQWHULH )9&, 
)RUIXUWKHUGHWDLOVVHHXQGHU6,$ ),&<7 )XQGDFLyQSDUDHOIRPHQWRHQ$VWXULDVGHOD
),$8 )LDOXULGLQH ,QYHVWLJDFLyQ&LHQWLILFDDSOLFDGD\OD7HFQRORJLD
+HSDWLF7R[LFLW\ (&
),% )HOORZRIWKH,QVWLWXWHRI%DQNHUV ),' )pGpUDWLRQ,QWHUQDWLRQDOHGH'RFXPHQWDWLRQ
),%6 )LHOGE\,QIRUPDWLRQ%OHQGLQJDQG ,QWHUQDWLRQDO)HGHUDWLRQ
6PRRWKLQJ ),' )HGHUDWLRQRI,QWHUQDWLRQDO'RFXPHQWDWLRQ
),%9 )pGpUDWLRQ,QWHUQDWLRQDOHGHV%RXUVHVGH ),' )HGHUD]LRQH,QWHUQD]LRQDOHGL'RFXPHQWD]LRQH
9DOHXUV ,QWHUQDWLRQDO)HGHUDWLRQ
)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO)HGHUDWLRQ ),')LG )HGHUD]LRQH,WDOLDQD'LDEHWH ,WDO\ 
RI6WRFN([FKDQJHV ,WDOLDQ)HGHUDWLRQ
6WRFN([FKDQJHV ),' )HOORZRIWKH,QVWLWXWHRI'LUHFWRUV
),& )HGHUDO,QVXUDQFH&RQWULEXWLRQ 86$  ILG DEEU ILGHOLW\ILGXFLDU\
),& )pGpUDWLRQGHV,QVWLWXWHXUV&KUpWLHQV ),'$/ )HGHUD]LRQH,WDOLDQDGL$WOHWLFD/HJJHUD
%HOJLDQ)HGHUDWLRQ ,WDO\ 
),& )HGHUDWLRQRI,QVXUDQFH&RXQVHO 86$  ,WDOLDQ)HGHUDWLRQ
),& )HGHUD]LRQH,WDOLDQD&DQRWWDJJLR ,WDO\  ),'$3$ )HGHUD]LRQH,WDOLDQD'RQQH$UWL
3URIHVVLRQL$IIDUL ,WDO\ 


,WDOLDQ)HGHUDWLRQ ),*2),*2 ,QWHUQDWLRQDO)HGHUDWLRQRI


),'( )pGpUDWLRQ,QWHUQDWLRQDOHSRXUOH'URLW *\QHFRORJ\DQG2EVWHWULFV
(XURSpHQ ),*6 )O*XUHV6KLIW
/RFDWHGLQ5RPH,WDO\)RXQGHGLQWR )LJV)L*V )LQDQFLDOLQGXVWULDOJURXSV
DGYDQFHVWXGLHVRQ(XURSHDQODZDPRQJPHPEHUV 5XVVLDQ)HGHUDWLRQ
RIWKH(XURSHDQ&RPPXQLW\E\FRRUGLQDWLQJ ),+ )HGHUD]LRQH,QWHUQD]LRQDOHGL+RFNH\
DFWLYLWLHVRIPHPEHUVRFLHWLHVDQGE\RUJDQL]LQJ ,QWHUQDWLRQDO)HGHUDWLRQ
UHJXODUFROORTXLHVRQWRSLFDOSUREOHPVRI ),+ )HOORZRIWKH,QVWLWXWHRI+\JLHQH
(XURSHDQODZ ),- )HOORZRIWKH,QVWLWXWHRI-RXUQDOLVWV *% 
(XURSHDQ/DZ ILO ILOLDOH
),'(/) )pGpUDWLRQ,QWHUQDWLRQDOH'HV(FULYDLQVGH ,WDOLDQDEEUHYLDWLRQPHDQLQJEUDQFKRIILFH
/DQJXH)UDQoDLVH &DQDGD  ILO DEEU ILOWHU
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO)HGHUDWLRQRI $FRXVWLFDO(QJLQHHULQJ&RPSXWHU3URJUDPPLQJ
)UHQFK/DQJXDJH:ULWHUV &RQWURO6\VWHPV(OHFWURQLFV(QJLQHHULQJ
),'(6 )RUHFDVWHU
V,QWHOOLJHQW'LVFXVVLRQ *UDSKLF$UWV0DWKHPDWLFV
([SHULPHQW6\VWHP ),/$ )HOORZRIWKH,QVWLWXWHRI/DQGVFDSH
),', )LVKHU\,QIRUPDWLRQ'DWDDQG6WDWLVWLFV $UFKLWHFWV
6HUYLFH ILOD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
2IWKH81)RRGDQG$JULFXOWXUH2UJDQL]DWLRQ XVLQJWKH,WDOLDQZRUGILODZKLFKPHDQVTXHXH
),',& )pGpUDWLRQ,QWHUQDWLRQDOHGHV,QJpQLHXUV OLQHUDQN
&RQVHLOV 6ZLW]HUODQG  ),/2 )LUVW,Q/DVW2XW
)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO)HGHUDWLRQRI &RPSXWHU3URJUDPPLQJ
&RQVXOWLQJ(QJLQHHUV ILOR 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
),'2 )RJ,QWHQVH'LVSHUVDO2I XVLQJWKH,WDOLDQZRUGILORZKLFKPHDQVWKUHDG
),'2LVDPHWKRGRIGLVSHUVLQJIRJRYHUDLUILHOG ZLUHFDEOHHGJH
:RUOG:DU,O  ILORO ILORORJLDILORORJR
),'2ILGR )RJ,QYHVWLJDWLRQ'LVSHUVLRQ ,WDOLDQDEEUHYLDWLRQPHDQLQJSKLORORJ\SKLOROR
2SHUDWLRQV JLVW
0HWHRURORJ\ ),0 )HGHUD]LRQH,QWHUQD]LRQDOH0HWDOPHFFDQLFL
ILGR 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO)HGHUDWLRQRI
XVLQJWKH,WDOLDQZRUGILGRZKLFKPHDQVFUHGLW 0HWDOOXUJLVWVDQG0HFKDQLFV
(FRQRPLFV%DQNLQJ DQGDVDQDGMOR\DOIDLWK ),0 )HGHUD]LRQH,WDOLDQD0RWRQDXWLFD ,WDO\ 
IXOGHYRWHG ,WDOLDQDFURQ\PRIWKH,WDOLDQ0RWRU%RDWLQJ
),'6 IRUFHLGHQWLILFDWLRQV\VWHP $VVRFLDWLRQ
V\VWqPHG·LGHQWLILFDWLRQGHIRUFHV ),0$ V\VWHP DEEU ),QDQFLDO0$QDJHPHQWV\V
),'V )RUHLJQ,QFRPH'LYLGHQGV WHP
),(( )pGpUDWLRQGHV,QGXVWULHV(OHFWULTXHVHW ),0%5$ )LQDQFLDO,QWHUPHGLDULHV0DQDJHUVDQG
(OHFWURQLTXHV %URNHUV5HJXODWRU\$VVRFLDWLRQ *% 
),(2 )HGHUDWLRQRI,QGLDQ([SRUW2UJDQL]DWLRQV ),0, )HGHUD]LRQH,QGXVWULD0XVLFDOH,WDOLDQD
7KH),(2LVORFDWHGLQ1HZ'HOKL,QGLDDQG ),0,LVORFDWHGLQ0LODQ,WDO\
ZRUNVDVDSDUWQHURIWKH*RYHUQPHQWRI,QGLDWR ,WDOLDQ)HGHUDWLRQ
SURPRWH,QGLD
VIRUHLJQWUDGH ),0,6 ),VKHU\0DQDJHPHQW,QIRUPDWLRQ6\VWHP
),(3 )RUHVW,QGXVWU\(QHUJ\3URJUDP 2IWKH)RRGDQG$JULFXOWXUH2UJDQL]DWLRQ81
),)2 )LUVW,Q)LUVW2XW ),03 )HGHUD]LRQH,WDOLDQD0HGLFL3HGLDWUL
&RPSXWHU3URJUDPPLQJ,QGXVWULDO(QJLQHHULQJ ,WDOLDQ)HGHUDWLRQ
),)5$ )HGHUDO,QVHFWLFLGH)XQJLFLGHDQG ),08 H )HVWLYDO,QWHUQDWLRQDOGH0XVLTXH
5RGHQWLFLGH$FW 86$  8QLYHUVLWDLUH %HOIRUW)UDQFH 
),* )LVKLQJ,QGXVWU\*UDQWV +HOGRQUG 0D\
*UDQWV ILQ DEEU ILQDQFLDO
),* )RVVH,OLDTXH*DXFKH )LQ DEEU )LQODQG
)UHQFKDFURQ\PPHDQLQJ/HIW,OLDF)RVVD ),1&21 VHH)&
0HGLFLQH YRLU)&
),1(3 )LQDQFLDGRUDGH(VWXGRVH3URMHWRV %UD]LO 


),1(; ILQ G·H[HUFLFH ),5& )HGHUD]LRQH,WDOLDQDSHUOD5LFHUFDVXO


HQGRIH[HUFLVH (1'(;  &DQFUR ,WDO\ 
),10$1 DEEU ),1DQFLDO0$1DJHPHQW ,WDOLDQDFURQ\PRIWKH,WDOLDQ)HGHUDWLRQIRU
)LQQ DEEU )LQQLVK &DQFHU5HVHDUFK
)LQQLVKLVWKHPDLQODQJXDJHRI)LQODQGLWLVD ),5&$ 7KH)RJDUW\,QWHUQDWLRQDO5HVHDUFK
8UDOLFODQJXDJHFORVHO\UHODWHGWR(VWRQLDQ &ROODERUDWLYH$ZDUG 86$ 
/DQJXDJHV ),5( )XVLRQ,JQLWLRQ5HVHDUFK([SHULPHQW
),2 )OHHW,QWHOOLJHQFH2IILFHU 86$ 
),2 )ORULGD,QVWLWXWHRI2FHDQRJUDSK\ 86$  ),53 )HGHUD]LRQH,WDOLDQD5LIOHVVRORJLDGHO3LHGH
),2 )RUHLJQ,QWHOOLJHQFH2IILFH ,WDO\ 
),2 )RU,QIRUPDWLRQ2QO\ ,WDOLDQ)HGHUDWLRQ
),2 )UHH,QDQG2XW ),56 )HGHUDO,QIRUPDWLRQ5HOD\6HUYLFH 86$ 
%XVLQHVV&RPPHUFH6KLSSLQJ ),567 )DU,QIUDUHGDQG6XEPLOOLPHWHU6SDFH
),2&(6 )pGpUDWLRQ,QWHUQDWLRQDOHGHV 7HOHVFRSH
2UJDQLVDWLRQVGH&RUUHVSRQGDQFHHWG
(FKDQJHV 7KH),567 DQG3ODQFNZLOOEHRQDVLQJOHVSDFH
6FRODLUHV FUDIW7KHODXQFKRIWKH),5673ODQFNFRPELQHG
/RFDWHGLQ7XULQ ,YUHD ,WDO\)RXQGHGLQ PLVVLRQZLOOWDNHSODFHLQ
DLPVWRFRQWULEXWHWRWKHNQRZOHGJHRIIRUHLJQ $VWURQRP\6SDFH6FLHQFH0LVVLRQ
ODQJXDJHVDQGFLYLOL]DWLRQV DQGWREULQJWRJHWKHU ),567 )OH[LEOH,QWHJUDWHG5DGLR6\VWHPV
\RXQJSHRSOHRIDOOQDWLRQVE\IXUWKHULQJLQWHUQD 7HFKQRORJ\
WLRQDOVFKRODVWLF FRUUHVSRQGHQFH (XURSHDQ&RPPXQLW\3URMHFW
),3 )pGpUDWLRQ,QWHUQDWLRQDOH3KDUPDFHXWLTXH ),567 $ZDUG )LUVW,QGHSHQGHQW5HVHDUFK6XSSRUW
,QWHUQDWLRQDO)HGHUDWLRQ DQG7UDQVLWLRQ$ZDUG 86$ 
),3 )pGpUDWLRQ,QWHUQDWLRQDOHGH3KLODWpOLH 86$ZDUGV
,QWHUQDWLRQDO)HGHUDWLRQ ILV IDPLO\LQFRPHVXSSOHPHQW
),3 )HOORZRIWKH,QVWLWXWHRI3K\VLFV ),6 IOLJKWLQIRUPDWLRQVHUYLFH
ILS ILQLWHLQWHUVHFWLRQSURSHUW\ VHUYLFHG·LQIRUPDWLRQGHYRO
0DWKHPDWLFV ),6 )URQW,VODPLTXHGX6DOXW $OJHULD 
),3$ )HOORZRIWKH,QVWLWXWHRI3UDFWLWLRQHUVLQ ILVDWRP ILVLFDDWRPLFD
$GYHUWLVLQJ OWDOLDQDEEUHYLDWLRQPHDQLQJDWRPLFSK\VLFV
),3$57 DEEU  /DEDQTXHGH ),QDQFHPHQWGH ),6( )HOORZRIWKH,QVWLWXWLRQRI6WUXFWXUDO
3$57LFLSDWLRQV )UDQFH  (QJLQHHUV
)UHQFK%DQN ),6+ )OXRUHVFHQWLQ6LWX+\EULGL]DWLRQ
),3) )pGpUDWLRQ,QWHUQDWLRQDOHGHV3URIHVVHXUVGH %LRORJLFDO6FLHQFHV0HGLFLQH0ROHFXODU
)UDQoDLV %LRORJ\5DGLDWLRQ2QFRORJ\
)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO)HGHUDWLRQ ),67 )HDVLEOH,GHDO6\VWHP7DUJHW
RI3URIHVVRUVRI)UHQFK ),7 )HGHUDO,QFRPH7D[ 86$ 
),33$)LSSD )HGHUD]LRQH,WDOLDQD3DQLILFDWRUL ),7 )RQGRSHUO
,QQRYD]LRQH7HFQRORJLFD
3DVWLFFHULH$IILQL ,WDO\  ,WDOLDQDFURQ\PRIWKH)XQGIRU7HFKQRORJLFDO
,WDOLDQ)HGHUDWLRQ ,QQRYDWLRQ ,WDO\ 
),36 )HOORZRIWKH,QFRUSRUDWHG3KRQRJUDSKLF ),7 )UHH,Q7UXFN
6RFLHW\ &RPPHUFH
),36 )HOORZRIWKH,QFRUSRUDWHG3KRWRJUDSKLF ),7 )UHHRI,QFRPH7D[
6RFLHW\ ),72 )HGHUDWLRQRI,QWHUQDWLRQDO7UDGH
),36 )RUHLJQ,QWHUHVW3D\PHQW6HFXULW\ 2UJDQL]DWLRQV 86$ 
),5 )HGHUD]LRQH,WDOLDQD5XJE\ ,WDO\  ),76 )OH[LEOH,PDJH7UDQVSRUW6\VWHP
,WDOLDQDFURQ\PRIWKH,WDOLDQ5XJE\$VVRFLDWLRQ ),8 )RRG,UUDGLDWLRQ8SGDWH
),5 )LOH,QGLUHFW5HJLVWHU $ SHULRGLFVRXUFHRILQIRUPDWLRQRQDOODVSHFWVRI
),5 ILUVWLPSUHVVLRQUHSRUW IRRGLUUDGLDWLRQ'DWHVWDUWHG-XO\$XJXVW
FRPSWHUHQGXGHSUHPLqUHLPSUHVVLRQ ),8& )pGpUDWLRQ,QWHUQDWLRQDOHGHV8QLYHUVLWpV
IOLJKWLQIRUPDWLRQUHJLRQ &DWKROLTXHV
UpJLRQG·LQIRUPDWLRQGHYRO /RFDWHGLQ3DULV)UDQFH)RXQGHGLQWR
HQVXUHDVWURQJERQGRIPXWXDODVVLVWDQFHDPRQJ


DOO&DWKROLFXQLYHUVLWLHVLQWKHVHDUFKIRUWUXWKWR UDGDUGHERUGjYLVLRQIURQWDOH
KHOSVROYHSUREOHPVRIJURZWK DQGGHYHORSPHQW )/%)HGHUDO/DQG%DQN 86$ 
DQGWRFRRSHUDWHZLWKRWKHULQWHUQDWLRQDORUJDQL )/% )HGHUDO/RDQ%DQN 86$ 
]DWLRQV )/% )UDQFROH/RQJGX%DWHDX
),9 )HOLQHOPPXQRGHILFLHQF\9LUXV )UHQFKLQLWLDOLVPPHDQLQJ)UHH$ORQJVLGH6KLS
9LURORJ\ )$6 7KHDERYHH[SDQVLRQKDVUHSODFHG)/%
),9 )HUWLOLVDWLRQ,Q9LWUR )UDQFR/RQJGX%RUG
)UHQFKDFURQ\PPHDQLQJ,Q9LWUR)HUWLOL]DWLRQ (FRQRPLFV,QWHUQDWLRQDO7UDGH
0HGLFLQH )/& )HGHUDO/LEUDU\&RPPLWWHH
),9 9HQH]XHODQ,QYHVWPHQW)XQG 9HQH]XHOD  )/& IRUFHORJLVWLFFRRUGLQDWRU
)- )LML FRRUGRQQDWHXUGHVRXWLHQORJLVWLTXHGHODIRUFH
). 7KH)LIWK)XQGDPHQWDO.DWDORJ )/&V )HUURHOHFWULF/LTXLG&U\VWDOV
$VWURQRP\ IOG DEEU ILHOGIOXLG
).%3 ).%LQGLQJ3URWHLQV IOGU IOXLGGUDPIOXLGGUDP
,QWUDFHOOXODU5HFHSWRU 0HWURORJ\
$QLPDO%LRORJ\%LRFKHPLVWU\%LRORJLFDO )/((7 )UHLJKWDQG/RJLVWLFV(IIRUWVIRU(XURSHDQ
6FLHQFHV%LRPHGLFDO6FLHQFHV%LRSK\VLFV 7UDIILF(XURSHDQ&RPPXQLW\
0ROHFXODU3K\VLRORJ\9HWHULQDU\0HGLFLQH )OHP )OHPLVK
)/ )OLJKW/HYHO )OHPLVKLVRQHRIWKHRIILFLDOODQJXDJHVRI
$YLDWLRQ %HOJLXPLWLVD*HUPDQLFGLDOHFWPXWXDOO\LQWHOOL
IO DEEU IORRU JLEOHZLWK'XWFK
$UFKLWHFWXUH0LQLQJ(QJLQHHULQJ1DYDO /DQJXDJHV
$UFKLWHFWXUH )/(7 IRUZDUGOLQHRIHQHP\WURRSV
*HRORJ\ ,QJHRORJ\IORRULVDOVRNQRZQDVERW OLJQHDYDQWGHVIRUFHVHQQHPLHV
WRP )/(7& )HGHUDO/DZ(QIRUFHPHQW7UDLQLQJ&HQWHU
)/ DEEU )ORULGD 86$  86$ 
), )ORULQ )/(; IOHHWH[HUFLVH
)UHQFKDEEUHYLDWLRQPHDQLQJJXLOGHU REVROHWH  H[HUFLFHGHVIRUFHVQDYDOHV
1RZ(852(85 8 %HFDPH(&8 (XURSHDQ )/) )HGHUD]LRQH/XFLR)RQWDQD ,WDO\ 
6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\ ,WDOLDQ)HGHUDWLRQ
&XUUHQFLHV )/,& )LOP/LEUDU\,QIRUPDWLRQ&RXQFLO
IO DEEU IOXLG IOLF 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
3K\VLFV6FLHQFH XVLQJWKHZRUGIOLFZKLFKPHDQVLQ)UHQFK
)/ )RFDO/HQJWK SROLFHPDQFRS 86$ 
)RFDOOHQJWKLVDOVRNQRZQDV)RFDO'LVWDQFH )/,(5V )DVW/RZ,RQL]DWLRQ(PLVVLRQ5HJLRQV
2SWLFV $VWURQRP\$VWURSK\VLFV
)/$ )LML/LEUDU\$VVRFLDWLRQ )/,+ )LUVW/HYHO,QWHUUXSW+DQGOHU
)/$ )ORULGD/LEUDU\$VVRFLDWLRQ &RPSXWHU7HFKQRORJ\
)/$ )XWXUH/DUJH$LUFUDIW )/,3 IOLJKWLQIRUPDWLRQSXEOLFDWLRQ
IXWXUDYLRQJURVSRUWHXU SXEOLFDWLRQG·LQIRUPDWLRQGHYRO
)/$-$ /DWLQ$PHULFDQ)HGHUDWLRQRI<RXQJ )/,3 )OXRUHVFHQFH/RVV,Q3KRWREOHDFKLQJ
(QYLURQPHQWDOLVWV &RORPELD  %LRORJLFDO,PDJLQJ&HOO%LRORJ\+XPDQ
)/$0(SURMHFW )XWXUH/DVHU$WPRVSKHULF 'HYHORSPHQW0HWDEROLVP
0HDVXUHPHQW(TXLSPHQWSURMHFW )/,3V )$''/LNH,&(,QKLELWRU\3URWHLQV
(XURSHDQ&RPPXQLW\3URMHFW/DVHU$WPRVSKHULF )RUIXUWKHUGHWDLOVVHHXQGHU)$''
0HDVXUHPHQW(TXLSPHQW )/,5LPDJHU )RUZDUG/RRNLQJ,QIUDUHGLPDJHU
)/$3 PHWKRG )OXRUHVFHQFH/RFDOL]DWLRQ$IWHU (QJLQHHULQJ
3KRWREOHDFKLQJPHWKRG )/,5 6 IRUZDUGORRNLQJLQIUDUHG V\VWHP 
%LRFKHPLVWU\%LRSK\VLFV&DQFHU5HVHDUFK V\VWqPH LQIUDURXJHjYLVLRQIURQWDOH
)/$3: )XOO3RWHQWLDO/LQHDU$XJPHQWHG3ODQH )/. )ULGD/HDNH\.DURQJR
:DYH $QWKURSRORJ\
0DWHULDOV6FLHQFHDQG(QJLQHHULQJ )// )OX[/LQH/DWWLFH
)/$5 IRUZDUGORRNLQJDLUERUQHUDGDU 6XSHUFRQGXFWLYLW\


)// 7KHDLUSRUWFRGHIRU)W/DXGHUGDOH WKHDWRPLFQXPEHU1DPHGIRUWKH$PHULFDQ


,QWHUQDWLRQDO )ORULGD86$  SK\VLFLVW ,WDOLDQERUQ (QULFR)HUPL
)/1 )URQWGH/LEpUDWLRQ1DWLRQDOH $OJHULD  &KHPLVWU\6\PEROV
)UHQFKLQLWLDOLVPPHDQLQJ1DWLRQDO/LEHUDWLRQ )0 )LHOG0DQXDO
)URQW )0 )LHOG0DUVKDO
)/1& 7KH1DWLRQDO)URQWIRUWKH/LEHUDWLRQRI 2UGQDQFH
&RUVLFD )0 )LQDQFLDO0DQDJHPHQW
)/2 IDFWLRQOLDLVRQRIILFHU )0 )OXVVR0RQHWDULR
RIILFLHUGHOLDLVRQIDFWLRQ OWDOLDQLQLWLDOLVPPHDQLQJ&DVK)ORZ
)UHQFKOLDLVRQRIILFHU )0 )RUHLJQ0LVVLRQ
RIILFLHUGHOLDLVRQIUDQoDLV 2/)  IP DEEU IRUP
)/236 )ORDWLQJ3RLQW2SHUDWLRQV3HU6HFRQG )0IP )RU]D0RWULFH
)/236LVDPHDVXUHRIDFRPSXWHU
VVSHHGRI OWDOLDQLQLWLDOLVPPHDQLQJ'ULYLQJ3RZHU
RSHUDWLRQ )0 )UHTXHQF\0RGXODWRQ)UHTXHQF\0RGXODWHG
&RPSXWHU3URJUDPPLQJ 7HOHFRPPXQLFDWLRQV
)/25$/ )LQDQFHPHQW/RFDOHW5pJLRQDO )UDQFH  IP DEEU IURP
)/27 IRUZDUGOLQHRIRZQWURRSV )0% )HGHUDO0DULWLPH%RDUG 86$ 
OLJQHDYDQWGHVIRUFHVDPLHV )0% IRUZDUGPRXQWLQJEDVH
)/27 )URQW/LQH2I7URRSV EDVHGHSUpSDUDWLIVGHO·DYDQW
2UGQDQFH )0%7 IXWXUHPDLQEDWWOHWDQN
IOR]IOR] IOXLGRXQFH IXWXUFKDUGHEDWDLOOH
0HWURORJ\ )0& )HGHUDO0DULWLPH&RPPLVVLRQ 86$ 
)/3 DEEU IODPHSURRI )0& )LQDQFLDO0DQDJHPHQW&HQWHU
)/5 )L[HG/RDQ5DWH )0& IUDPHZRUNPXOWLQDWLRQDOFRUSV
%XVLQHVV)LQDQFH FRUSVFDGUHPXOWLQDWLRQDO
)/5 IRUFHRIORZHUUHDGLQHVV>SURSRVHGQHZIRUFH )0&*&RPSDQLHV )DVW0RYLQJ&RQVXPHU*RRGV
VWUXFWXUH@ &RPSDQLHV
IRUFHjQLYHDXGHSUpSDUDWLRQPRLQVpOHYp>SURSR )0&6 )HGHUDO0HGLDWLRQDQG&RQFLOLDWLRQ6HUYLFH
VLWLRQGHQRXYHOOHVWUXFWXUHGHIRUFHV@ 86$ 
)/5$ )HGHUDO/DERU5HODWLRQV$XWKRULW\ 86$  )0' IRUFHPL[GDWD
)/57 )HGHUDO/LEUDULDQV5RXQG7DEOH GRQQpHVVXUOHVIRUFHVHQSUpVHQFH
)/6 IRUZDUGORJLVWLFVLWH )0'YLUXV )RRWDQG0RXWK'LVHDVHYLUXV
VLWHORJLVWLTXHGHO·DYDQW $OVRNQRZQDV+RRIDQG0RXWK'LVHDVH
)/6$ )HGHUDO/DERU6WDQGDUGV$FW 86$  9HWHULQDU\0HGLFLQH%LRORJLFDO:HDSRQV$JHQW
)/62 IXWXUHOHVVPDQQHGDHURVSDFHRSHUDWLRQV 6RFLRHFRQRPLF:HDSRQ
RSpUDWLRQVDpURVSDWLDOHVPHQpHVGDQVXQHQYLURQ )0'= IRUZDUGPLVVLOHGHSOR\PHQW]RQH
QHPHQWSOXVURERWLVp ]RQHDYDQWGHGpSORLHPHQWGHVPLVVLOHV
IOW DEEU IOLJKW )0($ )DLOXUH0RGHDQG(IIHFW$QDO\VLV
IOX VKRUWIRULQIOXHQ]D )0) )LqYUH0pGLWHUUDQpHQQH)DPLOLDOH
0HGLFLQH )UHQFKLQLWLDOLVPPHDQLQJ)DPLOLDO0HGLWHUUDQHDQ
)/9 )ULHQG/HXNHPLD9LUXV )HYHU
)/9 LVDOVRNQRZQDV)ULHQG9LUXV )0)LVDOVRNQRZQDV3HULRGLFDO'LVHDVH
9LURORJ\ )0, )RQGR0RQHWDULR,QWHUQD]LRQDOH)RQGV
)/< )RUPDWLRQV/<RQQDLVHV )UDQFH  0RQpWDLUH,QWHUQDWLRQDO
IP IDWKRP OWDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ
$OVRIWK ,QWHUQDWLRQDO0RQHWDU\)XQG
0DULQHXQLWRIPHDVXUHHTXDOWRPHWHUV )0,6 )LQDQFLDO0DQDJHPHQW,QIRUPDWLRQ6\VWHP
2FHDQRJUDSK\ )0.)0N )LQQLVK0DUN REVROHWH 
IP DEEU IDUP 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
)0 )DW0DVV 6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQDXU\
2EHVLW\ &XUUHQFLHV
)P 7KHFKHPLFDOV\PEROIRU)HUPLXP )0.IPN )OXRURPHWK\O.HWRQH
)HUPLXPLVDV\QWKHWLFUDGLRDFWLYHHOHPHQWKDYLQJ )0/$ )ORULGD0HGLFDO/LEUDU\$VVRFLDWLRQ


)00 IRUFHPL[PDWUL[ $VVRFLD]LRQH$JHQWLH5DSSUHVHQWDQWLGL


WDEOHGHVIRUFHVHQSUpVHQFH &RPPHUFLR ,WDO\ 
)UHQFKPLOLWDU\PLVVLRQ ,WDOLDQ)HGHUDWLRQ
PLVVLRQPLOLWDLUHIUDQoDLVH 00)  )1% )RRGDQG1XWULWLRQ%RDUG 86$ 
)00 )XQGDFLyQ0XQGLDOGHOD0XMHU )1&6 IXOOQDYDOFRQWURORIVKLSSLQJ>REVROHWH@
%XFDUDPDQJD&RORPELD  FRQWU{OHQDYDOJOREDOGHODQDYLJDWLRQFRPPHU
)00 )XQGDFLyQ0XQGR0XMHU 3RSD\iQ FLDOH>REVROqWH@
&RORPELD  )1(*( )RQGDWLRQ1DWLRQDOHSRXUO
(QVHLJQHPHQW
)006 )XQFWLRQDOL]HG0RQROD\HURQ0HVRSRURXV GHOD*HVWLRQGHV(QWUHSULVHV
6XSSRUWV )UHQFK)RXQGDWLRQ
&KHPLVWU\6ROLG6WDWH0DWHULDOV )1, IRUFHVQXFOpDLUHVGHSRUWpHLQWHUPpGLDLUH
)01 )ODYLQ0RQRQXFOpRWLGH LQWHUPHGLDWHUDQJHQXFOHDUIRUFHV ,1) 
)UHQFKLQLWLDOLVPPHDQLQJ)ODYLQ )1,+ )RXQGDWLRQIRUWKH1DWLRQDO,QVWLWXWHVRI
0RQRQXFOHRWLGH +HDOWK 86$ 
%LRFKHPLVWU\ )ODYLQPRQRQXFORWLGHLVDSKRV )RUIXUWKHUGHWDLOVVHHXQGHU1,+
SKRULFHVWHURIULERIODYLQ )1,,,UHSHDWV )LEURQHFWLQW\SH,,,UHSHDWV
)02 )ODWODQG0HWHRURORJLFDO2EVHUYDWRU\ &HOO%LRORJ\0HGLFLQH3URWHLQ%LRSK\VLFV
)03 )LVKHULHV0DQDJHPHQW3ODQ )10$ )HGHUDO1DWLRQDO0RUWJDJH$VVRFLDWLRQ
)03(& ILQDQFLDOPDQDJHPHQWSURFHGXUHVXQGHU 86$ 
HPHUJHQF\FRQGLWLRQV )13 )URQWRQDVDO3URFHVV
SURFpGXUHVGHJHVWLRQILQDQFLqUHHQVLWXDWLRQG·XU 'HYHORSPHQW(PEU\RJHQHVLV4XDLODQG&KLFN
JHQFH (PEU\RV
)05 IRUFHPL[UDWLR IQS DEEU IXVLRQ SRLQW
UDSSRUWGHVIRUFHVHQSUpVHQFH 7KHWHUPIXVLRQSRLQWDFWXDOO\UHIHUVWRWKHWHP
IRUZDUGPDLQWHQDQFHDQGUHSDLU SHUDWXUHDERYHZKLFKQXFOHDUIXVLRQHQHUJ\JHQHU
PDLQWHQDQFHHWUpSDUDWLRQGHO·DYDQW DWLRQH[FHHGVHQHUJ\GHSOHWLRQ
)05% )LQDQFLDO0DQDJHPHQWDQG5HVRXUFH%RDUG 1XFOHDU(QJLQHHULQJ
%XUHDXGHODJHVWLRQILQDQFLqUHHWGHVUHVVRXUFHV )13) )pGpUDWLRQ1DWLRQDOHGHV3URGXFWHXUVGH
I05, IXQFWLRQDO0DJQHWLF5HVRQDQFH,PDJLQJ )UXLWV
&RJQLWLYH1HXURORJ\&RJQLWLYH1HXURVFLHQFH )UHQFK)HGHUDWLRQ
)06 )LOH0DQDJHPHQW6\VWHP )16 )RRGDQG1XWULWLRQ6HUYLFH
&RPSXWHU3URJUDPPLQJ )16 IXOO1$(*,6VLWH
)06 )LQDQFLDO0DQDJHPHQW6HUYLFH)LQDQFLDO VWDWLRQ1$(*,6LQWpJUDOH
0DQDJHPHQW6\VWHP )16$ )UHQFK1DWLRQDO6DIHW\$UHD
)06 )OH[LEOH0DQXIDFWXULQJ6\VWHP =RQHGHVpFXULWpQDWLRQDOHIUDQoDLVH =61) 
)06 IRUHLJQPLOLWDU\VDOHV>86@ )16($ )pGpUDWLRQ1DWLRQDOHGHV6\QGLFDWV
YHQWHVPLOLWDLUHVjO·pWUDQJHU>86@ G·([SORLWDQWV$JULFROHV
)07 IUHTXHQF\PDQDJHGWUDLQLQJ QHW  )UHQFK)HGHUDWLRQ
UpVHDX G·LQVWUXFWLRQjJHVWLRQGHIUpTXHQFHV )17 7KHDLUSRUWFRGHIRU)OLQW0LFKLJDQ86$
)07& )DPLOLDO0HGXOODU\7K\URLG&DUFLQRPD )2 )HOORZVKLS2IILFH 86$ 
(QGRFULQRORJ\2QFRORJ\ )2 )LHOG2IILFHU
)09)PY )XOO0RWLRQ9LGHR IR DEEU ILUPDWR
)0< 7KHDLUSRUWFRGHIRU3DJH)LHOG)RUW0\HUV OWDOLDQDEEUHYLDWLRQPHDQLQJVLJQHG
)ORULGD86$ IR ILUPRIIHU
)Q )LEURQHFWLQ &RPPHUFH
$QLPDO6FLHQFH&HOO%LRORJ\*HQHWLFV+HULWDEOH )2 )LUP2UGHU
'LVRUGHUV0DPPDOLDQ*HQHWLFV9HWHULQDU\DQG %XVLQHVV&RPPHUFH
7XPRU3DWKRORJ\ )2 )O\LQJ2IILFHU
)RUIXUWKHUGHWDLOVVHHXQGHU8* 8WHURJORELQ  IR IROLR
IQ DEEU IRRWQRWH )2 )RQGG
2HLO
)1$ ILQDOQHWZRUNDFFHSWDQFH )UHQFKDFURQ\PPHDQLQJH\HJURXQGIXQGXVRI
UpFHSWLRQGpILQLWLYHGXUpVHDX WKHH\HIXQGXVRFXOL
)1$$5& )QDDUF )HGHUD]LRQH1D]LRQDOH )2 )RQGG
2HLO H[DPHQGX 


)UHQFKDFURQ\PPHDQLQJIXQGXVFRS\IXQGXVFRS )2/ )LUVW2UGHU/RJLF


LFH[DPLQDWLRQRSKWDOPRVFRS\ )2/IRO DEEU IROORZLQJ
)2 )RUOu&HVHQD,WDO\ )2/ IRUZDUGRSHUDWLQJORFDWLRQ
IR DEEU IRUPDWR HPSODFHPHQWG·RSpUDWLRQVDYDQFp
OWDOLDQDEEUHYLDWLRQPHDQLQJVL]H )2/ )ULHQGV2I/LEUDULHV
)2 IRUZDUGREVHUYHU )2/' )HGHUDOO\2ZQHG/$1'6$7 'DWD
REVHUYDWHXUGHO·DYDQW IROO DEEU IROORZLQJ
)2$ )OXRUR2URWLF$FLG )20 ILJXUHRIPHULW
0ROHFXODU%LRORJ\ IDFWHXUGHPpULWH
)2$5 FHOOV )2$UHVLVWDQWFHOOV IUHHGRPRIPRYHPHQW
0ROHFXODU%LRORJ\ DOLEHUWpGHFLUFXODWLRQ>FLYLOV@
)RUIXUWKHUGHWDLOVVHHXQGHU)2$ EOLEHUWpGHPRXYHPHQWV>PLOLWDLUHV@
)2% )LEHU2SWLFV%RDUG )20& )HGHUDO2SHQ0DUNHW&RPPLWWHH 86$ 
)2% IRUZDUGRSHUDWLQJEDVH )2163$ &UHGLWR)21GLDULRH,QGXVWULDOH6S$
EDVHG·RSpUDWLRQVDYDQFpH ,WDOLDQ%DQN
)2%IRE IUHHRQERDUG )22 IRUZDUGREVHUYDWLRQRIILFHU
)2% )UHLJKW2Q%RDUG RIILFLHUREVHUYDWHXUDYDQFp
%XVLQHVV&RPPHUFH6KLSSLQJ )22'352 DEEU )22'352FHVVLQJ
)2% )XHO2Q%RDUG 7KH)RRG3URFHVVLQJ,QWHUQDWLRQDO([KLELWLRQ
$YLDWLRQ &RQIHUHQFHZDVKHOGRQWKWK'HFHPEHU
)2%6 )UDFWLRQDO2UELWDO%RPEDUGPHQW6\VWHP LQ&KHQQDL ,QGLD 
2UGQDQFH )2276,( )LQDQFLDO7LPHVDQG/RQGRQ6WRFN
)2%7( IRUZDUGRSHUDWLQJEDVHWHVWHTXLSPHQW ([FKDQJH,QGH[ *% 
pTXLSHPHQWG·HVVDLVSRXUODEDVHG·RSpUDWLRQV )23 )LEURG\VSODVLD2VVLILFDQV3URJUHVVLYD
DYDQFp ,Q)LEURG\VSODVLD2VVLILFDQV3URJUHVVLYDVHYHUH
)2& IXOORSHUDWLRQDOFDSDELOLW\ LQIODPPDWLRQFDQUHVXOWIURPLQMXULHVWRWHQGRQV
FDSDFLWpRSpUDWLRQQHOOHWRWDOH OLJDPHQWVRUPXVFOHV
)2&$/ SURJUDP )UHQFK2FHDQ&OLPDW 'HYHORSPHQWDO*HQHWLFV*HQHWLF'LVHDVHV
$WODQWLTXHHTXDWRULDOSURJUDP 0HGLFLQH2UWKRSHGLF6XUJHU\
)2&&5 )RU]D2SHUDWLYD&DQFUR&RORQ5HWWR )23 )UHH2Q3ODQH
)2&, )LVKHULHV2FHDQRJUDSK\&RRSHUDWLYH )23$)RSD )2UPD]LRQH3URIHVVLRQDOH$UWLJLDQL
,QYHVWLJDWLRQV 86$  ,WDO\ 
)2&LPDJHV )DLQW2EMHFW&DPHUDLPDJHV ,WDOLDQDFURQ\PPHDQLQJ$UWLVDQV9RFDWLRQDO
$WPRVSKHULFDQG3ODQHWDU\3K\VLFV6SDFH 7UDLQLQJ
$VWURSK\VLFV6SDFH7HOHVFRSH6FLHQFH )23& )LUVW2UGHU3UHGLFDWH&DOFXOXV
)2&6 )RXQGDWLRQV2I&RPSXWHU6FLHQFH $UWLILFLDO,QWHOOLJHQFH
)2&86 )LVKHULHV2FHDQRJUDSK\&RRSHUDWLYH8VHUV )24 )UHH2Q4XD\
6\VWHP %XVLQHVV&RPPHUFH6KLSSLQJ
)2' IRUHLJQREMHFWGDPDJH IRU DEEU IRUHLJQIRUHVWU\
GpJkWVFDXVpVSDUXQFRUSVpWUDQJHU )25 IUHHGRPRIUHWXUQ
IRG IUHHRIGDPDJH OLEHUWpGHUHWRXU
)2( )ULHQGV2IWKH(DUWK IRU IUHHRQUDLO
)2) )ORZ2I)XQGV )25$&6 VHH1$72)25$&6
)2)$ IROORZRQIRUFHVDWWDFN YRLU)25$&627$1
DWWDTXHGHVIRUFHVG·H[SORLWDWLRQHWGHUHPSODFH )25$&627$1 VLWHGHFRQWU{OHGHSUpFLVLRQGHV
PHQW DUPHVHWGHVGpWHFWHXUVGHVIRUFHVQDYDOHVGH
)2)V )XWXUHVDQG2SWLRQ)XQGV O·27$1
)2,$ )UHHGRP2I,QIRUPDWLRQ$FW 86$  1$72QDYDOIRUFHVVHQVRUVDQGZHDSRQVDFFXUDF\
7KH)2,$ LVD\HDUROGODZWKDWUHTXLUHVWKH FKHFNVLWH 1$72)25$&6 
86)HGHUDO*RYHUQPHQWWRGLVFORVHDFHUWDLQ )25&(35(3 IRUFH SUHSDUDWLRQ
QXPEHURIGRFXPHQWV SUpSDUDWLRQGHVIRUFHV
)2/ )pGpUDWLRQGHV2HXYUHV/DwTXHV )25'(35(18 IRUFHGHGHSORLPHQWSUpYHQWLIGHV
)UHQFK)HGHUDWLRQ 1DWLRQV8QLHV


8QLWHG1DWLRQV3UHYHQWLYH'HSOR\PHQW)RUFH 2SWLFV
8135('(3  )2: )UHH2Q:DJRQ
)25(&$3 IRUFHFRPEDWDLUSDWURO %XVLQHVV&RPPHUFH
SDWURXLOOHDpULHQQHGHFRPEDWGHODIRUFH )2; )LVKHU\2FHDQRJUDSK\([SHULPHQW
)25(0 )XQGDFLRQ)RUPDFLRQ\(PSOHR 86([SHULPHQW
6SDQLVK)RXQGDWLRQ )2; )XWXUHVDQG2SWLRQV([FKDQJH
)25(; DEEU )25HLJQ(;FKDQJH &RPPHUFLDO
)250$3(/(& )RUPDWLRQ3URIHVVLRQQHOOHFRQWLQ )3 )DFLVW3DUW\
XHGDQVO
(TXLSHPHQW(OHFWULTXH )UDQFH  )3 )LUH3OXJ
&RQWLQXRXV9RFDWLRQDO7UDLQLQJ )3 )LVVLRQ3URGXFW
)250(76 PHVVDJHWH[WIRUPDWWLQJV\VWHP (QHUJ\
V\VWqPHGHIRUPDWDJHGHWH[WHVGHPHVVDJHV )3 )L[HG3ULFH
)2535218 )RUFHGHSURWHFWLRQGHV1DWLRQV )3)3 )ORDWLQJ3RLQW)ORDWLQJ3ROLF\
8QLHV>REVROqWHUHPSODFpHSDUO·,)25@ )3 IRUFHSURSRVDO
8QLWHG1DWLRQV3URWHFWLRQ)RUFH 81352)25 SURSRVLWLRQGHIRUFHV
>REVROHWHUHSODFHGE\,)25@ IRUFHSURWHFWLRQ
)2575$1 DEEU )25PXOD75$1VODWLRQ SURWHFWLRQGHVIRUFHV
&RPSXWHU3URJUDPPLQJ )3 )RUHLJQ3ROLF\
)26 )DLQW2EMHFW6SHFWURJUDSK )3ISIS )UHH]LQJSRLQW
$VWURQRP\3K\VLFV6SDFH7HOHVFRSH6FLHQFH 7KHIUHH]LQJSRLQWLVWKHWHPSHUDWXUHDWZKLFKD
IRV IUHHRYHUVLGHVKLS VXEVWDQFHLQDOLTXLGSKDVHIUHH]HV
%XVLQHVV&RPPHUFH6KLSSLQJ 3K\VLFDO&KHPLVWU\
)26',&,, )LOP2SWLFDO6HQVLQJ'HYLFHIRU,QSXW )3IS IRRWSRXQG
WR&RPSXWHUV 0HWURORJ\
&RPSXWHU7HFKQRORJ\ IS IXOO\SDLG
)26)$ )HGHUDWLRQRI2LO6HHGDQG)DWV )3 )LIWK)UDPHZRUN3URJUDPPH
$VVRFLDWLRQ 7RVXSSRUWFURVVERUGHU5 '&ROODERUDWLRQV
)266 )HGHUDO,QWHOOLJHQFH6HUYLFH>)%L+@ (XURSHDQ8QLRQ3URJUDP
6HUYLFHGHUHQVHLJQHPHQWIpGpUDO>)%L+@ )3 6L[WK)UDPHZRUN3URJUDPPH
)266 )LEHU2SWLF6RODU6LPXODWRU (XURSHDQ5HVHDUFK
)266LVDLQYHQWLRQ %KXVKDQ6RSRUL
V WR )RUIXUWKHUGHWDLOVVHHXQGHU(7,
PHDVXUHWKHSHUIRUPDQFHRIDSKRWRYROWDLFFHOO )3$ )RUHLJQ3UHVV$VVRFLDWLRQ
7KHFRQYHQWLRQDOPHWKRGUHOLHVRQDVLQJOH[HQRQ )3$ )UHHRI3DUWLFXODU$YHUDJH
DUFODPSZKRVHRXWSXWKDVVWURQJHPLVVLRQOLQHV )3$ PRGHO )L[HG3ULQFLSDO$[LVPRGHO
DORQJWKHVSHFWUXPDQGGRHVQRWTXLWHPDWFKWKH 3K\VLFV
VWDQGDUGVSHFWUXP&RQVHTXHQWO\FRUUHFWLRQVKDYH )3$5 )UDFWLRQRIWKHLQFLGHQW3KRWRV\QWKHWLFDOO\
WREHPDGHDQGPXVWEHFDOFXODWHG7KLVSURFHVV $FWLYH5HDFWLRQ
FDQWDNHXSWRWZRGD\VIRUPXOWLMXQFWLRQGHYLFHV $WPRVSKHULF5HVHDUFK$WPRVSKHULF6FLHQFHV
7KH)266FDQDFFRPSOLVKWKHVDPHWDVNLQRQO\ (QYLURQPHQWDO6FLHQFHDQG0DQDJHPHQW/DQG
ILYHPLQXWHVZLWKFRPSDUDEOHDFFXUDF\,WDFKLHYHV $WPRVSKHUH,QWHUDFWLRQV0HWHRURORJ\3ODQW
WKLVE\XVLQJWZROLJKWVRXUFHV2QHLVDQLQIUDUHG %LRORJ\
VRXUFHZLWKQRHPLVVLRQOLQHV7KHRWKHULVVSOLW )3% IDVWSDWUROERDW
LQWRDQXOWUDYLROHWEHDPDQGDYLVLEOHEHDPERWK YHGHWWHUDSLGH
RIZKLFKDUHSDVVHGWKURXJKILOWHUVWREORFN )3% )ORDWLQJ3RLQW%RDUG
XQZDQWHGHPLVVLRQOLQHV )3&)3& )HGHUDO3RZHU&RPPLVVLRQ
3KRWRYROWDLF0HDVXUHPHQWV 7KH)HGHUDO3RZHU&RPPLVVLRQLVDERDUGHVWDE
)27 IRUFHRSpUDWLRQQHOOHWHUUHVWUH OLVKHGLQWKH86$PDLQO\WRUHJXODWHHOHFWULF
ODQGWDVNIRUFH SRZHUDQGQDWXUDOJDVLQGXVWULHVLQYROYHGLQLQWHU
)27IRW )UHH2Q7UXFN VWDWHFRPPHUFH
%XVLQHVV&RPPHUFH6KLSSLQJ )3& ILQDOSODQQLQJFRQIHUHQFH
)27& IRUFHRYHUWKHKRUL]RQWUDFNFRRUGLQDWRU FRQIpUHQFHGHSODQLILFDWLRQILQDOH
FRRUGRQQDWHXUGHVSLVWHVWUDQVKRUL]RQGHODIRUFH IRUFHSODQQLQJF\FOH
)29 )LHOG2I9LHZ F\FOHGHSODQLILFDWLRQGHVIRUFHV


)3& )LQDQFLDO3ODQQLQJ&HUWLILFDWH )36 )OXLG3RZHU6RFLHW\


)3& )LVK3URWHLQ&RQFHQWUDWH )36ISV IRRWSRXQGVHFRQG
)3& )L[HG3ULFH&RQWUDFW 0HWURORJ\
%XVLQHVV&RPPHUFH)LQDQFH )SV ISVISV IUDPHVSHUVHFRQG
)3&$ )XQFWLRQDO3URJUDPPLQJODQJXDJHVDQG )36/$ )UHH3LVWRQ6WLUOLQJ/LQHDU$OWHUQDWRU
&RPSXWHU$UFKLWHFWXUH (QHUJ\&RQYHUVLRQ6\VWHP
)3' )OLJKW3URMHFWV'LUHFWRUDWH 86$  )362 )ORDWLQJ3URGXFWLRQ6WRUDJHDQG2IIORDGLQJ
)3', )ODW3DQHO'LVSOD\,QWHUIDFH 7KH)362DOORZVH[SORLWDWLRQRIRLOILHOGVORFDWHG
0RQLWRUV3RUWDEOHV LQGHHSZDWHUDUHDV
)3'V )ODW3DQHO'LVSOD\V (XURSHDQ&RPPLVVLRQ3URMHFW
&KHPLFDO(QJLQHHULQJ/LTXLG&U\VWDOV0DWHULDOV )37 IRUFHSURWHFWLRQWHDP
6FLHQFH pTXLSHGHSURWHFWLRQG·XQHIRUFH
)3) ILQDOSURWHFWLYHILUH )4+HIIHFW )UDFWLRQDO4XDQWXP+DOOHIIHFW
WLUG·DUUrW )45 ILQDOTXDOLILFDWLRQUHYLHZ
)3* IXQFWLRQDOSODQQLQJJXLGH pWXGHILQDOHGHVTXDOLILFDWLRQV
JXLGHGHSODQLILFDWLRQIRQFWLRQQHOOH )5 )HGHUDO5HJLVWHU)HGHUDO5HVHUYH 86$ 
)3*$V )LHOG3URJUDPPDEOH*DWH$UUD\V )5 )LOH5HJLVWHU
7KH)3*$VDUHIXOO\UHFRQILJXUDEOHFKLSV )5 )LQDO5HSRUW
)3, IRUFHGHSURWHFWLRQLQWHUQDWLRQDOH )5 )ORFFXODWLRQ5HDFWLRQ
LQWHUQDWLRQDOSURWHFWLRQIRUFH ,3)  )5 )RJJLQJ5HVLVWDQFH
)3, ,VODPLF'HIHQGHUV)URQW -DNDUWD  IUIU DEEU IUDJPHQW
)3,/ )XOO3UHPLXP,I/RVW IU DEEU IUDQF REVROHWH 
)3/ )RUHVW3URGXFWV/DERUDWRU\ 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
&KHPLVWU\0DWHULDOV6FLHQFH3DSHU,QGXVWU\ 6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\
)3/$ )LHOG3URJUDPPDEOH/RJLF$UUD\ &XUUHQFLHV
(OHFWURQLFV )5 DEEU )UDQFH
)3/& )DVW3URWHLQ/LTXLG&KURPDWRJUDSK\ )U 7KHFKHPLFDOV\PEROIRU)UDQFLXP
)3/ WHQGRQ )OH[RU3ROOLFLV/RQJXVWHQGRQ )UDQFLXPLVDUDGLRDFWLYHDONDOLPHWDOHOHPHQW
$QDWRP\3DOHRDQWKURSRORJ\3K\VLFDO KDYLQJWKHDWRPLFQXPEHUDQGDQDWRPLF
$QWKURSRORJ\ ZHLJKWRI7KHZRUGIUDQFLXPGHULYHVIURP
)30 )HGHUDO3HUVRQQHO0DQXDO 86$  )UDQFH ZKHUHLWZDVGLVFRYHUHG
)30)30 )HGHUD]LRQHFRQWUROD3LUDWHULD &KHPLVWU\6\PEROV
0XVLFDOH )U IUDQFR
)30LVORFDWHGLQ0LODQ,WDO\ IU DEEU IUDQNOLQ VWDWDFRXORPE 
ISPISP IHHWSHUPLQXWH )5IU )UHLJKW5HOHDVH
)30 )LEHU3XOOLQJLQ0LFURJUDYLW\ )U DEEU )UHQFK
0DWHULDOV0LFURJUDYLW\ )U DEEU )ULGD\
)318 IRUFHVGHSDL[GHV1DWLRQV8QLHV )5 )URVLQRQH,WDO\
8QLWHG1DWLRQVSHDFHIRUFHV 813)  )5$ )RQGR5LFHUFD$SSOLFDWD ,WDO\ 
)32 7KHDLUSRUWFRGHIRU)UHHSRUW%DKDPDV ,WDOLDQ)XQG
)33 )DUQHV\O'LSKRVSKDWH )5$ 7KHDLUSRUWFRGHIRU)UDQNIXUW *HUPDQ\ 
%LRFKHPLVWU\&KHPLVWU\ )5$ )XWXUH5DWH$JUHHPHQW
)33 )ORDWLQJ3RLQW3URFHVVRU )5$H6 )HOORZRIWKH5R\DO$HURQDXWLFDO6RFLHW\
&RPSXWHU7HFKQRORJ\ *% 
)33 IRUFHSODQQLQJSURFHVV )5$*2 IUDJPHQWDU\RUGHU
SURFHVVXVGHSODQLILFDWLRQGHVIRUFHV RUGUHVLPSOLILp
)35 )HGHUDO3URFXUHPHQW5HJXODWLRQV 86$  )5$/ )HGHUD]LRQH5HJLRQDOH$UWLJLDQDWR
)35 )L[HG3ULFH5HGHWHUPLQDEOH /RPEDUGR ,WDO\ 
%XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH ,WDOLDQ)HGHUDWLRQ
)356 )RUHVW3URGXFWV5HVHDUFK6RFLHW\ )5$0 )LQH5HVROXWLRQ$QWDUFWLF0RGHO *% 
ISV ISV IHHWSHUVHFRQG )5$0 )OHHW5HKDELOLWDWLRQ$QG0RGHUQL]DWLRQ
)36 )LQDQFLDO3ODQQLQJ6\VWHP )5$0 )OHHW5HSODFHPHQW$QG0RGHUQL]DWLRQ
%XVLQHVV)LQDQFH


)5$0( )XQGIRUWKH5HSODFHPHQWRI$QLPDOVLQ )5(6&LVDXQLWRIWKH%LRORJLFDO5HVRXUFHV


0HGLFDO([SHULPHQWV 'LVFLSOLQHRIWKH86*HRORJLFDO6XUYH\
IUDPH 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH )5(7 )OXRUHVFHQFH5HVRQDQW(QHUJ\7UDQVIHU
(QJOLVKZRUGIUDPH %LRFKHPLVWU\&HOO6LJQDOLQJ&KHPLVWU\
$UWLILFLDO,QWHOOLJHQFH%XLOGLQJ(QJLQHHULQJ 0HGLFLQH3KDUPDFRORJ\
&RPSXWHU3URJUDPPLQJ(OHFWURQLFV*UDSKLF )5) )OLJKW5HDGLQHVV)LULQJ
$UWV0DWKHPDWLFV )5) )UHHGRPWR5HDG)RXQGDWLRQ
)5$0(6 )XWXUH5$GLRZLGHEDQG0XOWLSOHDFFHVV )U) )UHQFK)UDQF
6\VWHPV )RUIXUWKHUGHWDLOVVHHXQGHU ))
(XURSHDQ&RPPXQLW\3URMHFW )5* )HGHUDO5HSXEOLFRI*HUPDQ\
)5$16 )LEUH5DGLR$701HWZRUNDQG6HUYLFHV IUJW DEEU IUHLJKW
(XURSHDQ&RPPXQLW\3URMHFW $OVRIUW
)5$3 ).%35DSDP\FLQ$VVRFLDWHG3URWHLQ %XVLQHVV&RPPHUFH6KLSSLQJ
&KHPLVWU\&KHPLFDO%LRORJ\ )5, IXQGDPHQWDOUHYLHZRILQIUDVWUXFWXUH SUR
)5$3 )OXRUHVFHQFH5HFRYHU\$IWHU JUDPPH 
3KRWREOHDFKLQJ UpH[DPHQIRQGDPHQWDO GXSURJUDPPH GHO·LQIUD
%LRORJLFDO,PDJLQJ&HOO%LRORJ\+XPDQ VWUXFWXUH
'HYHORSPHQW0HWDEROLVP )5,& )RUHVW5HVRXUFH,QYHQWRU\RI&KLQD
)5% )HGHUDO5HVHUYH%DQN 86$  )5,&7 )OH[LELOLW\5LVN,QFRPH&RQWURODQG7LPH
$OVR)5%. )5,'$ )5DPHZRUNIRU,QWHJUDWHG'\QDPLF
)5%)5% )HGHUDO5HVHUYH%RDUG 86$  $QDO\VLVRIWUDYHODQGWUDIILF(XURSHDQ
)5%. )HGHUDO5HVHUYH%DQN 86$  &RPPXQLW\
$OVR)5% )ULV )ULVLDQ
)5& )HGHUDO5DGLR&RPPLVVLRQ 86$  )ULVLDQLVD*HUPDQLFODQJXDJHFORVHO\UHODWHGWR
)5& )HGHUDO5HFRUGV&HQWHU 86$  (QJOLVK,WLVVSRNHQLQ)ULHVODQG
)5& )LHOG5HYHUVHG&RQILJXUDWLRQ /DQJXDJHV
)XVLRQ5HDFWLRQ )50$& )HGHUDO5DGLRORJLFDO0RQLWRULQJDQG
)5& )LQDQFLDO5HSRUWLQJ&RXQFLO $VVHVVPHQW&HQWHU 86$ 
)5& )XQFWLRQDO5HVLGXDO&DSDFLW\ 7KH)HGHUDO5DGLRORJLFDO0RQLWRULQJDQG
)XQFWLRQDO5HVLGXDO&DSDFLW\LVDOVRNQRZQDV $VVHVVPHQW&HQWHUZDVFUHDWHGDIWHUWKH7KUHH
)XQFWLRQDO5HVLGXDO9ROXPH 0LOH,VODQGLQFLGHQW
3K\VLRORJ\ 1XFOHDU'HIHQVH5DGLRORJLFDO0RQLWRULQJDQG
)5&' )ORDWLQJ5DWH&HUWLILFDWHVRI'HSRVLW $VVHVVPHQW
)5&6 )HGHUDO5HVHUYH&RPPXQLFDWLRQV6\VWHP )50% IXQGDPHQWDOUHYLHZRIPLOLWDU\EXGJHW
86$  UpH[DPHQIRQGDPHQWDOGXEXGJHWPLOLWDLUH
)5' )LHOG5HVHDUFK'LYLVLRQ 86$  )505 DEEU IUDPHUHMHFW
)5' )RUHFDVW5HVHDUFK'LYLVLRQ 86$  &RPSXWHUV
)5'$ )ULHGUHLFK
V$WD[LD )51 )ORDWLQJ5DWH1RWH
)ULHGUHLFK
VDWD[LDLVDQDXWRVRPDOUHFHVVLYH %XVLQHVV(FRQRPLFV)LQDQFH
GHJHQHUDWLYHGLVHDVHLQYROYLQJWKHKHDUWDQGWKH )52*)URJ )UHH5RFNHW2YHU*URXQG
FHQWUDODQGSHULSKHUDOQHUYRXVV\VWHPV1DPHG 2UGQDQFH
DIWHUWKH*HUPDQ3K\VLFLDQ1LNRODXV)ULHGUHLFK )52* )UHTXHQF\5HVROYHG2SWLFDO*DWLQJ
*HQHWLFV0HGLFLQH0ROHFXODUDQG&HOOXODU 2SWLFV4XDQWXP(OHFWURQLFV
%LRORJ\1HXURORJ\ IURJ 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
)5( IXWXUHUHJLRQDOHQJDJHPHQW (QJOLVKZRUGIURJ
HQJDJHPHQWUpJLRQDOGXIXWXU $JULFXOWXUH'HVLJQ(QJLQHHULQJ7UDQVSRUWDWLRQ
)5(FRQ6RF )HOORZRIWKH5R\DO(FRQRPLF (QJLQHHULQJ9HUWHEUDWH=RRORJ\
6RFLHW\ *%  )53 ILQDQFLDOUXOHVDQGSURFHGXUHV
IUHT DEEU IUHTXHQF\ UqJOHVHWSURFpGXUHVILQDQFLqUHV
$OVRI )55 )OLJKW5HDGLQHVV5HYLHZ
$FRXVWLFV0DWKHPDWLFV3K\VLFV6WDWLVWLFV )55) )DVW5HSHWLWLRQ5DWH)OXRURPHWU\
)5(6& )RUHVWDQG5DQJHODQG(FRV\VWHP6FLHQFH %RWDQ\&RDVWDO6FLHQFHV(QYLURQPHQWDO
&HQWHU %LRSK\VLFV3KRWRV\QWKHVLV5HVHDUFK


)56 )HGHUDO5HVHUYH6\VWHP 86$  ]RQHDYDQFpHGHVRXWLHQ


)56 )HOORZRIWKH5R\DO6RFLHW\ *%  )6$ )LQDQFLDO6XSHUYLVRU\$JHQF\ -DSDQ 
)56 )LQDQFLDO5HSRUWLQJ6\VWHP 7KH)6$ LV-DSDQ·VPDLQ%DQNLQJ5HJXODWRU
%XVLQHVV)LQDQFH )6$ )RRG6WDQGDUGV$JHQF\ *% 
IUV DEEU IUDQFV REVROHWH  )RRG6DIHW\DQG6WDQGDUGV
1RZ(852(85 8 %HFDPH(&8 (XURSHDQ )6$3 )LQDQFLDO6HUYLFHV$FWLRQ3ODQ
6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\ 6LQJOHPDUNHWLQILQDQFLDOSURGXFWV
&XUUHQFLHV ,PSOHPHQWDWLRQE\
)56, )OH[LEOH5HXVDEOH6XUIDFH,QVXODWLRQ )6$5 )LQDO6DIHW\$QDO\VLV5HSRUW
,QVXODWLQJ0DWHULDOV )6$6 IRUFHVHOHFWLRQDQGDFWLYDWLRQV\VWHP
IUW DEEU IUHLJKW V\VWqPHGHVpOHFWLRQHWG·DFWLYDWLRQGHVIRUFHV
$OVRIUJW )6% 5XVVLDQ )HGHUDO6HFXULW\6HUYLFH
)UW3SG DEEU )UHLJKW3UHSDLG 6HUYLFHIpGpUDO UXVVH GHVpFXULWp
%XVLQHVV&RPPHUFH6KLSSLQJ )6% )HGHUDO6SHFLILFDWLRQV%RDUG
)58(2 IRUFHVUHOHYDQWGHO·8(2>REVROqWH@ )6& )HGHUDO6HFXULWLHV&RPPLVVLRQ 5XVVLDQ
IRUFHVDQVZHUDEOHWRWKH:(8)$:(8>REVROHWH@ )HGHUDWLRQ 
)59 )XQFWLRQDO5HVLGXDO9ROXPH )6& )LQDQFLDO6XSHUYLVLRQ&RPPLVVLRQ
3K\VLRORJ\ )6& ILUHVXSSRUWFRRUGLQDWLRQ FRRUGLQDWRU 
)5: FRVPRORJ\ )ULHGPDQQ5REHUWVRQ:DONHUFRV DFRRUGLQDWLRQ FRRUGRQQDWHXU GHO·DSSXLIHX
PRORJ\ EFRRUGLQDWLRQ FRRUGRQQDWHXU GHVWLUV G·DS
)5< )HGHUDO5HSXEOLFRI<XJRVODYLD 6HUELDDQG SXL 
0RQWHQHJUR  )RUXPIRU6HFXULW\&RRSHUDWLRQ>26&(@
)6 )HUURYLHGHOOR6WDWR )RUXPSRXUODFRRSpUDWLRQHQPDWLqUHGHVpFX
,WDOLDQLQLWLDOLVPPHDQLQJ ,WDOLDQ 6WDWH5DLOZD\V ULWp>26&(@
$OVR))66 )6& )RUHLJQ6DOHV&RUSRUDWLRQ
)6 )LHOG6HUYLFH &XVWRPV
)6 )LOH6HSDUDWRU )6& )RUHVW6WHZDUGVKLS&RXQFLO
)6IV ILOPVWULS )6F IRUZDUGVFDWWHULQJ
)6IV )LQDO6WDWHPHQW SURGLIIXVLRQ
)6 )LQDQFLDO6WDWHPHQW )VFDOH )DVFLVWVFDOH
%XVLQHVV&RPPHUFH)LQDQFH 3V\FKRORJ\
)6 ILUHVXSSRUW )6&& ILUHVXSSRUWFRRUGLQDWLRQFHQWUH
DSSXLIHX FHQWUHGHFRRUGLQDWLRQGHVIHX[G·DSSXL RXGHV
IOLJKWVDIHW\ DUPHVG·DSSXL 
DVpFXULWpDpULHQQH )6&/ ILUHVXSSRUWFRRUGLQDWLRQOLQH
EVpFXULWpGHVYROV OLJQHGHFRRUGLQDWLRQGHVIHX[G·DSSXL /&)$ 
IRUFHVWDQGDUGV )6&0 ILUHVXSSRUWFRRUGLQDWLRQPHDVXUH
QRUPHVGHIRUFHV PHVXUHGHFRRUGLQDWLRQGHVIHX[G·DSSXL
IXQFWLRQDOVHUYLFH )6&5HSODFHPHQW$FW )RUHLJQ6DOHV&RUSRUDWLRQ
VHUYLFHIRQFWLRQQHO UHSODFHPHQW$FW
)6 )UDPH6WDWXV ([SRUW6XEVLG\6\VWHP 86 
)6 )UDQF6XLVVH )6&:* )XWXUH&RPPDQG6WUXFWXUH:RUNLQJ
)UHQFKLQLWLDOLVPPHDQLQJ6ZLVV)UDQF *URXS>REVROHWH@
&XUUHQFLHV *URXSHGHWUDYDLOVXUODIXWXUHVWUXFWXUHGHFRP
)6IV )UHHRI6WDWLRQ PDQGHPHQW>REVROqWH@
)6 )UHH6XUIDFH )6( ILUHVXSSRUWHOHPHQW
0DWHULDOV6FLHQFHDQG(QJLQHHULQJ pOpPHQWG·DSSXLIHX
)6 )XWXUHV6SUHDG )6()6( )RQGR6RFLDOH(XURSHR
%DQNLQJ%XVLQHVV)LQDQFH ,WDOLDQLQLWLDOLVPRIWKH(XURSHDQ6RFLDO)XQG
)6$ ILQDOVLWHDFFHSWDQFH 7KH)6(KDVIXQGHGVSHFLILFSURMHFWVLQIDYRXURI
DUpFHSWLRQGpILQLWLYHGHODVWDWLRQ>UDGDU@ ZRPHQHYHUVLQFH
EUpFHSWLRQGpILQLWLYHGXVLWH )6) ILUHVXSSRUWIDFLOLW\
IRUZDUGVXSSRUWDUHD LQVWDOODWLRQGHVRXWLHQGHO·DYDQW


)6* IRUZDUGVXSSRUWJURXS )7$)WD )UHH7R$LU


JURXSHGHVRXWLHQGHO·DYDQW )7$ )UHLJKW7UDQVSRUW$VVRFLDWLRQ *% 
)6+ )ROOLFOH6WLPXODWLQJ+RUPRQH )7$$ )UHH7UDGH$UHDRIWKH$PHULFDV
(QGRFULQRORJ\ )7$DEVWHVW )OXRUHVFHQW7UHSRQHPDO$QWLERG\
)6, )HGHUD]LRQH6FDFFKLVWLFD,WDOLDQD ,WDO\  DEVRUSWLRQWHVW
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ&KHVV)HGHUDWLRQ 0HGLFLQH
)6, )HGHUD]LRQH6FDFFKLVWL,WDOLDQL ,WDO\  )7 DQG$ SURMHFW )LHOG7HVWVDQG$SSOLFDWLRQVSUR
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ&KHVV3OD\HUV MHFW
)6, )HOORZRIWKH&KDUWHUHG6XUYH\RUV
,QVWLWXWLRQ )WDVH )DUQHV\OWUDQVIHUDVH
)6, )HOORZRIWKH6DQLWDU\,QVWLWXWH )7& )DLU7UDGH&RPPLVVLRQ 6RXWK.RUHD 
)6,6 )LQQLVK6RFLHW\IRU,QIRUPDWLRQ6HUYLFHV )7& )HGHUDO7UDGH&RPPLVVLRQ 86$ 
)6,6 )RRG6DIHW\DQG,QVSHFWLRQ6HUYLFH 86$  IWF IRRWFDQGOH
)6. )UHTXHQF\6KLIW.H\LQJ $OVR)&IF
7HOHFRPPXQLFDWLRQV 2SWLFV
)6/ )RUHFDVW6\VWHPV/DERUDWRU\ 86$  )7& IRUFHWUDFNFRRUGLQDWRU
)6/ )RUPDO6HPDQWLF/DQJXDJH FRRUGRQQDWHXUGHVSLVWHVGHODIRUFH
)6/$ )HGHUDO6DYLQJVDQG/RDQ$VVRFLDWLRQ )7& )RUHLJQ7UDGLQJ&RPSDQ\
86$  )7&$ IRUFHWUDFNFRRUGLQDWRUDLU
)61 )UHQFK6SHDNLQJ1DWLRQ FRRUGRQQDWHXUGHVSLVWHV$LUGHODIRUFH
)63 IRUZDUGVXSSRUWSRLQW )7&6 IRUFHWUDFNFRRUGLQDWRUVXUIDFH
SRLQWGHGLVWULEXWLRQDYDQFp FRRUGRQQDWHXUGHVSLVWHV6XUIDFHGHODIRUFH
)65 )LHOG6HUYLFH5HJXODWLRQV )7&66 IRUFHWUDFNFRRUGLQDWRUVXEVXUIDFH
)65 IRUFHVWUXFWXUHUHYLHZ FRRUGRQQDWHXUGHVSLVWHVVRXVPDULQHVGHODIRUFH
H[DPHQGHODVWUXFWXUHGHVIRUFHV )7'3 )URQWRWHPSRUDO'HPHQWLDDQG
)65 )XOO6FDOH5DQJH 3DUNLQVRQLVPOLQNHGWRFKURPRVRPH
)65' &RPPLWWHHRQ )HGHUDO6XSSRUWRI5HVHDUFK *HULDWULF0HGLFLQH*HURQWRORJ\0HGLFLQH
DQG'HYHORSPHQW 86$  1HXURGHJHQHUDWLYH'LVHDVHV1HXURORJ\
)66 )HGHUDO6XSSO\6HUYLFH 86$  3DWKRORJ\3KDUPDFRORJ\
)66 )RUHQVLF6FLHQWLILF6HUYLFH *%  )7( )XOO7LPH(TXLYDOHQW
)66 IRUZDUGVFDWWHUV\VWHP RUVLWH  (PSOR\PHQW
V\VWqPH RXVWDWLRQ GHSURGLIIXVLRQ IWK IDWKRP
IRUZDUGVXSSRUWVLWH $OVRIP
VLWHGHVRXWLHQDYDQFp 0DULQHXQLWRIPHDVXUH
)6VKHHWV )HUPL6XUIDFHVKHHWV 2FHDQRJUDSK\
0DWHULDOV6FLHQFH3K\VLFV6XSHUFRQGXFWLYLW\ )7, )LQDQFLDO7LPHV,QGH[ *% 
5HVHDUFK )7, )ODQGHUV7HFKQRORJ\,QWHUQDWLRQDO
)66/ ILUHVXSSRUWVDIHW\OLQH 7HFKQRORJ\)DLU KHOGLQ*KHQW %HOJLXP 
OLJQHGHVpFXULWpGHVIHX[G·DSSXL )7, )RUXPSHUOD7HFQRORJLDGHOO·,QIRUPD]LRQH
)663 )RUZDUG6FDWWHULQJ6SHFWURPHWHU3UREH ,WDOLDQLQLWLDOLVPPHDQLQJ,QIRUPDWLRQ7HFKQRORJ\
)665 )RUHVW6HFWRUDQG6WUDWHJ\5HYLHZ )RUXP
:RUOG%DQN3XEOLFDWLRQ )7,5 )RXULHU7UDQVIRUP,QIUDUHG5HJLRQ
)67, )XQGIRU,QWHUQDWLRQDO7KHUDSHXWLF6ROLGDULW\ IW/ IRRW/DPEHUW
)UDQFH  2SWLFV
)676 )HGHUDO6HFXUH7HOHSKRQH6HUYLFH 86$  IWOEIWOEIRRWSRXQG
)68 )ORULGD6WDWH8QLYHUVLW\ 86$  )70 )ODW7HQVLRQ0DVN SLFWXUHWXEH 
)RXQGHGLQ IWR DEEU ILUPDWR
)68 )RUPHU6RYLHW8QLRQ ,WDOLDQDEEUHYLDWLRQPHDQLQJVLJQHG
)69 3ODQW )RUW6W9UDLQ3ODQW )72 )UHHGRP7R2SHUDWH
IWIHHWIRRW )73 )HGHUDO7HVW3URFHGXUH 86$ 
)7 )LQDQFLDO7LPHV &DU&HUWLILFDWLRQ
'DLO\)LQDQFLDO1HZVSDSHU )73)WS )LOH7UDQVIHU3URWRFRO
)7 )UDVFDWL7RNDPDN )73 ILQDOWHFKQLFDOSURSRVDO
3K\VLFV RIIUHWHFKQLTXHILQDOH


IWSGO IRRWSRXQGDO )86( )DU8OWUDYLROHW6SHFWURVFRS\([SORUHU


0HWURORJ\ 86$ 
)75 )RUHLJQ7UDGH5HSRUWV 86$  )86(ZDVODXQFKHGLQRQD\HDUPLVVLRQ
)75 )XQGV75DQVIHU H[WHQGHGIRUPRUH\HDUV,WLQFOXGHV&DQDGLDQ
%XVLQHVV&RPPHUFH)LQDQFH DQG)UHQFKSDUWLFLSDWLRQ
)76 )HGHUDO7HOHFRPPXQLFDWLRQV6\VWHPV 86$  $VWURQRP\$VWURSK\VLFV*DOD[\·V*DV&LUFXLW
)76(LQGH[ )LQDQFLDO7LPHV6WRFN([FKDQJHLQGH[ 3K\VLFV4XDVDUV
*%  )89 UDGLDWLRQ )DU8OWUDYLROHWUDGLDWLRQ
)765 )RUHLJQ7UDGH6WDWLVWLFV5HJXODWLRQV ,QWKHXOWUDYLROHWUDQJHRIWR[ PHWHUV
86)HGHUDO5HJLVWHU (OHFWURPDJQHWLVP
)77 )LQDQFLDO7UDQVDFWLRQ7HUPLQDO )9 )DFH9DOXH
%XVLQHVV&RPPHUFH)LQDQFH %DQNLQJ)LQDQFH
)77+QHWZRUN )LEUH7R7KH+RXVHQHWZRUN I9 IHPWRYROW
%URDGEDQG,QWHUQHW$FFHVV I9 LVDXQLWRIYROWDJHWKDWHTXDOV 9
)7; ILHOGWUDLQLQJH[HUFLVH (OHFWULFLW\
H[HUFLFHG·HQWUDvQHPHQWVXUOHWHUUDLQ )9 )LEULOODWLRQ9HQWULFXODLUH
)7= )RUHLJQ7UDGH=RQH )UHQFKLQLWLDOLVPPHDQLQJ9HQWULFXODU)LEULOODWLRQ
)8 )LQVHQ8QLW &DUGLRORJ\
$ XQLWRIXOWUDYLROHWUDGLDWLRQLQWHQVLW\ )9 ILVKLQJYHVVHO
(OHFWURPDJQHWLVP QDYLUHGHSrFKH
)8 )OXRUR8UDFLOH )9 )ORDWLQJ9LOOXV
PHDQLQJLQ)UHQFK)OXRURXUDFLO8VHGIRUWKH $QDWRP\%LRFKHPLVWU\5HSURGXFWLYH0HGLFLQH
WUHDWPHQWRIVNLQFDQFHUVDQGLQFKHPRWKHUDS\ 6WRPDWRORJ\
ZLWKRWKHUGUXJV  )9&, IXWXUYpKLFXOHGHFRPEDWG·LQIDWHULH
2QFRORJ\ IXWXUHLQIDQWU\FRPEDWYHKLFOH ),&9 
IX IOX[XQLW )9,) )XWXUH9DOXH,QWHUHVW)DFWRU
)8$$0 )XQGDFLyQ8UXJXD\DGH$\XGD\ )90 )LQLWH9ROXPH0HWKRG
$VLVWHQFLDDOD0XMHU )92*SURJUDP )LVKLQJ9HVVHO2EOLJDWLRQ
8UXJXD\DQ)RXQGDWLRQ *XDUDQWHHSURJUDP
)8&, )HGHUD]LRQH8QLYHUVLWDULD&DWWROLFD,WDOLDQD ): IL[HGZLQJ
,WDOLDQ)HGHUDWLRQ jYRLOXUHIL[H
)XFS )XFRS\UDQRV\O ):$ )HGHUDO:RUNV$JHQF\ 86$ 
)8'5 IOR[XULGLQH ):$ WHFKQRORJ\ )L[HG:LUHOHVV$FFHVVWHFKQROR
$QWLQHRSODVWLFGUXJ&+)12 J\
3KDUPDFRORJ\ ):& IOHHWZHDWKHUFHQWUH
)8. 7KHDLUSRUWFRGHIRU)XNXRND-DSDQ FHQWUHPpWpRURORJLTXHGHODIORWWH
)80 IROORZXSPHHWLQJ IZGU DEEU IRUZDUGHU
FRQIpUHQFHELODQ ):) $XVWULDQ6FLHQFH)XQG
)81%2'(0 )XQGDFLyQ%ROLYLDQDSDUDHO ):+0 )XOO:LGWKDW+DOI0D[LPXP
'HVDUUROORGHOD0XMHU 3K\VLFV
%ROLYLDQ)RXQGDWLRQ ):,: )RU:KDW,W·V:RUWK
)81GDWLQJ RU)81GDWLQJ )OXRULQH8UDQLXP ):3&$ )HGHUDO:DWHU3ROOXWLRQ&RQWURO$FW
DQG1LWURJHQGDWLQJWHFKQLTXHV $ 86$FW
$UFKDHRORJ\ ):6 )LVKDQG:LOGOLIH6HUYLFH
)81+'(08 )XQGDFLyQ+RQGXUHQDSDUDHO )::% )ULHQGVRI:RPHQ
V:RUOG%DQNLQJ ,QGLD 
'HVDUUROORGHOD0XMHU +RQGXUDV  ); )RUHLJQ([FKDQJH
)82 )HYHURI8QGHWHUPLQHG2ULJLQ );5 )DUQHVRLG;5HFHSWRU
)83 IRUPLQJXSSRLQW %LRFKHPLVWU\&DQFHU5HVHDUFK0HGLFDO
SRLQW RX]RQH GHGpPDUUDJH 1XWULWLRQ0HGLFLQH0HWDEROLVP1XFOHDU
)85$' )RUXPRIWKH8QLYHUVLWLHV5HVHDUFK 5HFHSWRUV3KDUPDFRORJ\
$XWKRULWLHV ,VUDHO  )< )LVFDO<HDU)LQDQFLDO<HDU
)86 )RQGR8QLFRSHUOR6SHWWDFROR )< )RUPHU<XJRVODY5HSXEOLFRI0DFHGRQLD
,WDOLDQ)XQG $OVR)<520


)<, )RU<RXU,QIRUPDWLRQ
)<,* )RU<RXU,QIRUPDWLRQDQG*XLGDQFH
)<2 )LVFDO<HDU2SWLRQ
%XVLQHVV)LQDQFH
)<5 )RUPHU<XJRVODY5HSXEOLF
)<74 )LVFDO<HDU7UDQVLWLRQ4XDUWHU
%XVLQHVV)LQDQFH
)=6 )HOORZRIWKH=RRORJLFDO6RFLHW\
)=6/ )HOORZRIWKH=RRORJLFDO6RFLHW\/RQGRQ
)]V )UDFWXUH=RQHV
%DWK\PHWU\2FHDQRJUDSK\6HLVPRORJ\


JHQHUDODJUHHPHQW

* DFFRUGJpQpUDO
JHQHUDODOHUW
DOHUWHJpQpUDOH
J DEEU JDLQ JURXQGDWWDFN
&RQWURO6\VWHPV'HVLJQ(QJLQHHULQJ DWWDTXHDXVRO
(OHFWURPDJQHWLVP(OHFWURQLFV *$ *HQHUDO$VVHPEO\81
J JDOH %HDXIRUWOHWWHU  *$ *HQHUDO$YHUDJH
0HWHRURORJ\ &RPPHUFH
J JDXJHJDJH *$ *HQHUDORIWKH$UP\
%XLOGLQJ(QJLQHHULQJ&LYLO(QJLQHHULQJ *$ *HQLR$HURQDXWLFR
(QJLQHHULQJ(OHFWURPDJQHWLVP0HFKDQLFDO ,WDOLDQLQLWLDOLVPPHDQLQJ$HURQDXWLFDO(QJLQHHUV
'HYLFHV2UGQDQFH *$ *HRJUDSKLFDO$VVRFLDWLRQ
* *HUPDQ\ *$ DEEU *HRUJLD 86$ 
$OVR*(*HU *$ *LEEHUHOOLF$FLG
J JLJD &+2*$ LVDFU\VWDOOLQHDFLGZKLFKRFFXUVLQ
* *ROG SODQWVDQGLVVLPLODUWRWKHJLEEHUHOOLQV
J JUDPJUDPPH %LRFKHPLVWU\
0HWURORJ\ *$ *LXQWD$PPLQLVWUDWLYD
J JUDYLW\ ,WDOLDQDFURQ\PPHDQLQJ$GPLQLVWUDWLYH&RXQFLO
0HFKDQLFV *$ *OLGH$QJOH
* *ULQG *$ *ROILQJ$VVRFLDWLRQ
*J *XDUGLDQ *$ *ROJL$SSDUDWXV
J $FFHOHUDWLRQRIJUDYLW\ 1DPHGDIWHUWKH,WDOLDQSK\VLFLDQ&DPLOOR*ROJL
3K\VLFV  
* &RQVWDQWRIJUDYLWDWLRQ &HOO%LRORJ\
3K\VLFV *$ *URVV$VVHW
* *DXVV %XVLQHVV)LQDQFH
(OHFWURPDJQHWLVP *$ *URXQGWR$LU UHIHUULQJWRDPLVVLOH 
J JHQGHU 0LOLWDU\
%LRORJ\(OHFWULFLW\ *$ *XP$UDELF
J JLQJLYDO $ EUDQFKHGDUDELQRJDODFWDQSRO\VDFFKDULGHXVHG
$QDWRP\5HIHUULQJWRWKHJXPV PDLQO\LQWKHPDQXIDFWXUHRISKDUPDFHXWLFDOVDQG
J JOXFRVH LQNV
%LRFKHPLVWU\ JD V JHQHUDODYHUDJHDQGVDOYDJH
* *XDQLQH 6HD7UDQVSRUW
%LRFKHPLVWU\ *$$3 *HQHUDOO\$FFHSWHG$FFRXQWLQJ3ULQFLSOHV
* VSHFLILFJUDYLW\ *D$V *DOOLXP$UVHQLGH
0HFKDQLFV :LWKPLQRUPRGLILFDWLRQVWKH6'06FRXOGEH
J WKH*UHHNOHWWHUJDPPDa XVHGWRDQDO\]HPDWHULDOVRWKHUWKDQVLOLFRQ2I
* :KROH*DOH %HDXIRUWOHWWHU  SDUWLFXODULPSRUWDQFHLVJDOOLXPDUVHQLGH *D$V 
0HWHRURORJ\ DVHPLFRQGXFWRUPDWHULDOIRUKLJKHIILFLHQF\VRODU
* 7KLUG*HQHUDWLRQ FHOOVDQGKLJKVSHHGPLFURHOHFWURQLFV7KH6'06
* *URXSRI)LYH FRXOGEHXVHGWRLPSURYHWKHSURVSHFWVIRU*D$V
* *URXSRI6HYHQ WHFKQRORJLHV
*D WKHFKHPLFDOV\PEROIDU*DOOLXP 6HPLFRQGXFWRU0DWHULDOV6RODU&HOOV
,WVFRPSRXQGVDUHXVHGDVVHPLFRQGXFWRUV )RUIXUWKHUGHWDLOVVHHXQGHU6'06
&KHPLVWU\6\PEROV *D$V *DOOLXP$UVHQLGH
*$ *DVWULF$QDO\VLV *DOOLXPDUVHQLGHLVDFU\VWDOOLQHPDWHULDOKDYLQJD
JD JDXJH PHOWLQJSRLQWRI$&
*$ *HQHUDO$FFRXQW*HQHUDO$JHQW ,QRUJDQLF&KHPLVWU\
*$ *DPELD *$$6 *HQHUDOO\$FFHSWHG$XGLWLQJ6WDQGDUGV
*DPELH *$% *HQHUDO$JUHHPHQWWR%RUURZ


*$% *XLFKHW$XWRPDWLTXHGH%DQTXH %LRFKHPLVWU\3KDUPDFHXWLFDO&KHPLVWU\


)UHQFKDFURQ\PPHDQLQJ$XWRPDWHG7HOOHU 3KDUPDF\
0DFKLQH *$/( *HQHVLVRI$WODQWLF/RZV([SHULPHQW
%DQNLQJ7HFKQRORJ\ *DOS `'*DODFWRS\UDQRV\O
)RUIXUWKHUGHWDLOVVHHXQGHU'$% 'LVWULEXWHXU JDOV DEEU JDOORQV
$XWRPDWLTXHGH%LOOHWV GHEDQTXH  )RUIXUWKHUGHWDLOVVHHXQGHUJDO
*$%$ a$PLQREXW\ULF$FLG *$/7 *XW$VVRFLDWHG/\PSKRLG7LVVXH
*$& *HQHUDO$FFHSWDQFH&RUSRUDWLRQ 0HGLFLQH3ULPDWH5HVHDUFK
*$& *OREDO$UHD&RYHUDJH *$/9JDOY DEEU JDOYDQL]HG
JDFRQ JHQHUDODYHUDJHFRQWULEXWLRQ 0HWDOOXUJ\
6HD7UDQVSRUW *$0 *XLGHG$LUFUDIW0LVVLOH
*$' *HRFHQWULF$[LDO'LSROH *$0(6 *HQHUDO$UFKLWHFWXUHIRU0HGLFDO([SHUW
*HRORJ\*HRSK\VLFV 6\VWHPV
*$' *OXWDPLF$FLG'HFDUER[\ODVH 0HGLFLQH
*$' *O\FHUDOGHK\GH'HK\GURJHQDVH *D1 *DOOLXP1LWULGH
*DHO DEEU *DHOLF *$1 JURXSDpURQDYDO
*$) *HVHOOVFKDIWIU$QJHZDGWH)HUQHUNXQGXQJ DLUFUDIWFDUULHUEDWWOHJURXS &9%* 
*HUPDQ\  *$1 *URXSHGHV$VVXUDQFHV1DWLRQDOHV )UDQFH 
*$) *XDQ\O\OF\FODVH$FWLYDWLQJ)DFWRU *$1,/ /DUJH1DWLRQDO$FFHOHUDWRUIRU+HDY\,URQV
*$)7$ *UDLQ$QG)HHG7UDGH$VVRFLDWLRQ &DHQ)UDQFH 
*$* *DPEH$GGRPLQDOLH*OXWHL *$2 *HQHUDO$FFRXQWLQJ2IILFH 86$ 
*$* *O\FRVDPLQRJO\FDQ *$2 *URXSH$pULHQG
2EVHUYDWLRQ )UDQFH 
0ROHFXODU%LRORJ\ *D3 *DOOLXP3KRVSKLGH
*$*( *OREDO$WPRVSKHULF*DVHV([SHULPHQW *D3 LVXVHGLQVHPLFRQGXFWRUGHYLFHV
*$,*DL *LXVWL]LDH$IIDUL,QWHUQL ,WDO\  ,QRUJDQLF&KHPLVWU\
*$, *XDUDQWHHG$QQXDO,QFRPH *$3 JURXSHDX[LOLDLUHGHSXLVVDQFH
*$,& *HQHWLFV$QG,QVXUDQFH&RPPLWWHH *%  DX[LOLDU\SRZHUXQLW $38 
*D,Q3 *DOOLXP,QGLXP3KRVSKLGH *$3$JDSD *URXQGWR$LU3LORWOHVV$LUFUDIW
*$,16 *URZWK$QG,1FRPH6HFXULWLHV 86$  0LOLWDU\
*D. *DODFWRNLQDVH *$3'+SUREH *O\FHURO$OGHK\GH3KRVSKDWH
*DODFWRNLQDVHLVDQHQ]\PHZKLFKFDWDO\]HVWKH 'HK\GURJHQDVHSUREH
SKRVSKRU\ODWLRQRIJDODFWRVH %LRWHFKQRORJ\0ROHFXODU%LRORJ\
(Q]\PRORJ\ *$3V *73DVH$FWLYDWLQJ3URWHLQV
JDO DEEU JDODFWRVH 0ROHFXODU3K\VLRORJ\
%LRFKHPLVWU\ &+2 *$4 *RRG$YHUDJH4XDOLW\
JDO DEEU JDOORQ %XVLQHVV&RPPHUFH
$OVR 6WDQGDUG*DOORQ 86$  ,PSHULDO *$5 JHQHUDODVVHVVPHQWUHSRUW
*DOORQ *%  UDSSRUWG·pYDOXDWLRQJpQpUDOH
0HWURORJ\ *$5 *XLGHG$LUFUDIW5RFNHW 86$ 
*$/ JOREDODGGUHVVOLVW 0LOLWDU\:HDSRQV
OLVWHJOREDOHG·DGUHVVHV *$53 *OREDO$WPRVSKHULF5HVHDUFK3URJUDP
*$/ *OREXOLQH$QWLO\PSKRF\WH )RUIXUWKHUGHWDLOVVHHXQGHU)**(
)UHQFKDFURQ\PPHDQLQJ$QWLO\PSKRF\WH *$56 *HRORJLFDO$SSOLFDWLRQVRI5HPRWH6HQVLQJ
*OREXOLQ *$6 *HQHUDO$GDSWDWLRQ6\QGURPH
0HGLFLQH %HKDYLRU
*$/JDO *UXSSLGL$]LRQH/RFDOH ,WDO\  *$63 *3&5$VVRFLDWHG6RUWLQJ3URWHLQ
,WDOLDQDFURQ\PPHDQLQJ/RFDO$FWLRQ*URXSV )RUIXUWKHUGHWDLOVVHHXQGHU*3&5
3DUWLDOO\IXQGHGE\WKH(XURSHDQ&RPPXQLW\WR *$63(& *DV)LOWHU&RUUHODWLRQ6SHFWURPHWHU
VDIHJXDUGORFDOSURGXFWVVXFKDVFXOWXUHKXPDQ *$67(0 *$67XUELQH+HDOWK0RQLWRULQJGHPRQ
UHVRXUFHVKDQGLFUDIWVWRXULVP VWUDWRU
JDOG JDOORQVSHUGD\ (XURSHDQ&RPPXQLW\3URMHFW*DV7XUELQHV
*DO' *DODFWRQDWH'HK\GUDWDVH *$7 JHQHUDODLUWUDIILF
FLUFXODWLRQDpULHQQHJpQpUDOH &$* 


*$7 *UHHQZLFK$SSDUHQW7LPH &RPSXWHU7HFKQRORJ\


*$7 *UXSSR$QWLFULPLQH7HFQRORJLFR ,WDO\  *E DEEU JLOEHUW
*$7% *HQHUDO$SWLWXGH7HVW%DWWHU\ 1DPHGDIWHUWKH(QJOLVKVFLHQWLVW:LOOLDP*LOEHUW
*$7&JDWF *XDQLQH$GHQLQH7K\PLQHDQG (OHFWURPDJQHWLVP
&\WRVLQH *% *ODVV%RWWOH
*$7&DUHQLWURJHQRXVEDVHVFRQVWLWXWLQJWKH *% *OLGH%RPE
JHQHWLFFRGHLQWKH'1$ PROHFXOH 2UGQDQFH
*HQHWLFV *% *ROG%RQG*RYHUQPHQW%RQG
*$7( *$53 $WODQWLF7URSLFDO([SHULPHQW %XVLQHVV)LQDQFH
)RUIXUWKHUGHWDLOVVHHXQGHU*$53 *% *RXOG
V%HOW
JDWH 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH $VWURQRP\$VWURSK\VLFV
(QJOLVKZRUGJDWH *% *UDLQ%RXQGDU\
&RPSXWHU7HFKQRORJ\(OHFWURQLFV(QJLQHHULQJ 0DWHULDOV6FLHQFHDQG(QJLQHHULQJ
1XFOHDU(QJLQHHULQJ2UGQDQFH *% *UHDW%ULWDLQ
*$76 *HQHUDO$FFHSWDQFH7HVW6RIWZDUH *% *ULG%DWWHU\
*$77 *HQHUDO$JUHHPHQWRQ7DULIIVDQG7UDGH 5DGLR
*$77 ZDVIRUPHGLQ,WKDVEHHQUHSODFHG *% *XDUDQWHHG%RQG
E\WKH:RUOG7UDGH2UJDQL]DWLRQLQ *%D, *UHDW%ULWDLQDQG,UHODQG
*$8*( *HQHUDO$XWRPDWLRQ8VHUV*URXS *%$' JURXQGEDVHGDLUGHIHQFH
([FKDQJH GpIHQVHDpULHQQHEDVpHDXVRO
JDXJH 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH *% (5HVHDUFK *UDYLWDWLRQDO%LRORJ\DQG
(QJOLVKZRUGJDXJH (FRORJ\5HVHDUFK
%XLOGLQJ(QJLQHHULQJ&LYLO(QJLQHHULQJ *%% *URQLQJHQ%LRPROHFXODU6FLHQFHVDQG
(OHFWURPDJQHWLVP(QJLQHHULQJ0HFKDQLFDO %LRWHFKQRORJ\,QVWLWXWH 7KH1HWKHUODQGV 
'HYLFHV2UGQDQFH *%&5, *HUDOGLQH%UXVK&DQFHU5HVHDUFK,QVWLWXWH
*$9, *OREDO$OOLDQFHIRU9DFFLQHVDQG 7KH*%&5,LVDGLYLVLRQRI&DOLIRUQLD3DFLILF
,PPXQL]DWLRQ 0HGLFDO&HQWHU 86$ 
(VWDEOLVKHGLQ-DQXDU\*$9,LVDSXEOLFSUL *%) *UDQXODU%HG)LOWHU
YDWHSDUWQHUVKLSIRFXVHGRQLQFUHDVLQJDFFHVVWR *%,) 7KH*OREDO%LRGLYHUVLW\,QIRUPDWLRQ)DFLOLW\
YDFFLQHVDPRQJFKLOGUHQLQSRRUFRXQWULHV$ 7KH*%,)ZDVHVWDEOLVKHGRQVW 0DUFK,WLV
IUDPHZRUNIRU$',3VIRUHDFKYDFFLQHKDVEHHQ DERG\EDVHGRQDPXOWLODWHUDODJUHHPHQWEHWZHHQ
GHYHORSHG FRXQWULHVHFRQRPLFVDQGUHOHYDQWLQWHUQDWLRQDO
)RUIXUWKHUGHWDLOVVHHXQGHU$',3V RUJDQL]DWLRQV,WVSXUSRVHLVWRPDNHFRPSXWHUL]HG
*$: *XDUDQWHHG$QQXDO:DJH 6FLHQWLILF%LRGLYHUVLW\'DWD IUHHO\DYDLODEOHYLDWKH
*$: SURJUDP *OREDO$WPRVSKHULF:DWFKSUR ,QWHUQHW
JUDP *%,7 *LJD%,7
2IWKH:02 )RUIXUWKHUGHWDLOVVHHXQGHUJE
)RUIXUWKHUGHWDLOVVHHXQGHU:02 *%/ *URXSH%UX[HOOHV/DPEHUW
*D] DEEU *D]HWHHUJD]HWWH %HOJLDQ*URXS
*D]]8II DEEU *D]]HWWD8IILFLDOH *%/ *URZWK%LRORJ\/DERUDWRU\
,WDOLDQDEEUHYLDWLRQPHDQLQJ2IILFDO*D]HWWH 2IWKH86'HSDUWPHQWRI$JULFXOWXUH
V
*% *DERQ $JULFXOWXUDO5HVHDUFK6HUYLFH
*% *DOOEODGGHU*DOO%ODGGHU *%0 *OLREODVWRPD0XOWLIRUPH
*DOOEODGGHULVDOVRNQRZQDV&KROHF\VW $ KXPDQPDOLJQDQWIRUPRIEUDLQWXPRU
$QDWRP\ %LRPHGLFLQH
*% *HQHUDO%URDGFDVW *%0 *ORPHUXODU%DVHPHQW0HPEUDQH
7HOHFRPPXQLFDWLRQV 7KH*%0LVDVRUWRIILOWHULQWKHNLGQH\VWKDW
J% JLJD%,7 DOORZVH[FHVVZDWHUORVVZLWKRXWYDOXDEOHSURWHLQ
2QHELOOLRQELWV ORVV
&RPSXWHU7HFKQRORJ\ *%0, *XLOW\%XW0HQWDOO\,OO
JE JLJDE\WH &ULPLQRORJ\
*LJDE\WHLVDXQLWRIVWRUDJHFDSDFLW\HTXDOWR *%1 *ROGHQ%ULGJH1HW &KLQD 
DERXWRQHELOOLRQE\WHV ,QWHUQHWLQ&KLQD


JERJER JRRGVLQEDGRUGHU 7KH*&&:DVKLQJWRQ'&EDVHGLVDJURXSVXS


&RPPHUFLDO7UDQVSRUWDWLRQ SRUWHGE\RLODQGFRDOSURGXFHUVDQGXWLOLWLHV
*%3 '*DODFWRVH%LQGLQJ3URWHLQ *OREDO:DUPLQJ
*%3 *DLQ%DQGZLGWK3URGXFW *&& *RUH&KHUQRP\UGLQ&RPPLVVLRQ
*%3 SRXQGVWHUOLQJ 865XVVLD-RLQW(IIRUWVLQDUHDVVXFKDV'LVHDVH
&XUUHQFLHV 6XUYHLOODQFH,QWHUQDWLRQDO6SDFH6WDWLRQV
*ESV *LJDELWVSHUVHFRQG 1XFOHDU'LVDUPDPHQW
&RPSXWHU7HFKQRORJ\ *&& JURXSHFRQVXOWDWLIFRPPXQ
*%5 *UHDW%DUULHU5HHI $XVWUDOLD  MRLQWFRQVXOWDWLYHJURXS -&* 
*%5, *HQHYD%LRPHGLFDO5HVHDUFK,QVWLWXWH *&& *XOI&RRSHUDWLRQ&RXQFLO
6ZLW]HUODQG  )RUIXUWKHUGHWDLOVVHHXQGHU*,% *XOI
0ROHFXODU%LRORJ\ ,QWHUQDWLRQDO%DQN 
*%6 *HQHUDO%XVLQHVV6\VWHP *&FRQWHQW *XDQRVLQH&\WRVLQHFRQWHQW
%XVLQHVV)LQDQFH %LRFKHPLVWU\%LRSK\VLFV
*%6 *XLOODLQ%DUUH6\QGURPH *&&6 JOREDOFRPPDQGDQGFRQWUROV\VWHP
JE\WH JLJDE\WHV V\VWqPHPRQGLDOGHFRPPDQGHPHQWHWGHFRQ
)RUIXUWKHUGHWDLOVVHHXQGHUJE WU{OH
*& *DUEDJH&ROOHFWLRQ *&' *UHDWHVW&RPPRQ'LYLVRU
*DUEDJH&ROOHFWLRQLVDOVRNQRZQDV5HFODLPHU 0DWKHPDWLFV
&RPSXWHU3URJUDPPLQJ *&'&$ *O\FLQH&'&$
*& *DV&KURPDWRJUDSK\ )RUIXUWKHUGHWDLOVVHHXQGHU&'&$
$QDO\WLFDO&KHPLVWU\ *&',6 *OREDO&KDQJH'DWDDQG,QIRUPDWLRQ
*& *HQH&RQYHUVLRQ 6\VWHP
0HGLFDO&KHPLVWU\0HGLFLQH *&( *HQHUDO&HUWLILFDWHRI(GXFDWLRQ *% 
*& *HQHUDO&RXQVHO *&(&1&,06 *DV&KURPDWRJUDSK\(OHFWURQ
*& *HUPLQDO&HQWHU &DSWXUH1HJDWLYH&KHPLFDO,RQL]DWLRQ0DVV
)RUIXUWKHUGHWDLOVVHHXQGHU*&V 6SHFWURPHWU\
*& *LJD&\FOH *&)*&) *UHDWHVW&RPPRQ)DFWRU
J& *O\FRSURWHLQ& *&), *XOIDQG&DULEEHDQ)LVKHULHV,QVWLWXWH
0HGLFLQH *&)5 *DV&RROHG)DVW5HDFWRU
*& *ROI&OXE *&* *HQHWLFV&RPSXWHU*URXS 86$ 
*& *RQRFRFFXV *&KRUPRQHV *OXFRFRUWLFRLGKRUPRQHV
*RQRFRFFXVDOVRNQRZQDV1HLVVHULD %LRORJLFDO6FLHQFHV(QGRFULQRORJ\
JRQRUUKRHDHFDXVHVJRQRUUKHD *&, *HQHUDO&RJQLWLYH,QGH[
%DFWHULRORJ\ *&, *OREDO&RPPHUFH,QLWLDWLYH
*& *URXS&DSWDLQ 7KH*&,ZDVVHWXSLQ2FWREHUDVDIRUXP
0LOLWDU\ IRUWHFKQRORJLFDOFRRSHUDWLRQEHWZHHQOHDGLQJ
*& *XDQ\ODWH&\FODVH VXSSOLHUVDQGUHWDLOHUV
)RUIXUWKHUGHWDLOVVHHXQGHU*&$3 7HFKQRORJLFDO&RRSHUDWLRQ
*& *XDUGHG&RPPDQG *&,UDGDU *URXQG&RQWUROOHG,QWHUFHSWUDGDU
&RPSXWHU3URJUDPPLQJ 0LOLWDU\6FLHQFH
*& *XQ&RQWURO *&/ *DQJOLRQ&HOO/D\HU
:HDSRQV %LRORJLFDO7LPLQJ0HGLFLQH1HXURELRORJ\
*&$ *URXQG&RQWUROOHG$SSURDFK 3K\VLRORJ\
$YLDWLRQ *&/ *URXQG&RQWUROOHG/DQGLQJ
JFDOJFDO JUDPFDORULH *&0 *HQHUDO&LUFXODWLRQ0RGHO
*&DQDO\VLV *DV&KURPDWRJUDSKLFDQDO\VLV *&0LVDOVRNQRZQDV*OREDO&LUFXODWLRQ0RGHO
*&$3 *&$FWLYDWLQJ3URWHLQ )RUIXUWKHUGHWDLOVVHHXQGHU*&0V
6LJQDOLQJ0ROHFXOHV JFP JUDPFHQWLPHWHU
)RUIXUWKHUGHWDLOVVHHXQGHU*& *&0 7KHDLUSRUWFRGHIRU*UDQG&D\PDQ(DVW
*&$: *DV&DUERQ$UF:HOGLQJ ,QGLHV
*&& *OREDO&OLPDWLF&KDQJH *&0JFP *UHDWHVW&RPPRQ0HDVXUH
*&& *OREDO&OLPDWH&RDOLWLRQ *&0' *OREDO&KDQJH0DVWHU'LUHFWRU\1$6$·V


(DUWK6FLHQFH *&7(SURMHFW *OREDO&KDQJHDQG7HUUHVWULDO


*&06 *DV&KURPDWRJUDSK\0DVV6SHFWURPHWU\ (FRV\VWHPSURMHFW
$QDO\WLFDO&KHPLVWU\ (FRORJ\
*&0V *HQHUDO&LUFXODWLRQ0RGHOV *&70 *OREDO&KHPLFDO7UDQVSRUW0RGHO
$WPRVSKHULF3K\VLFV&OLPDWRORJ\0HWHRURORJ\ 2IWKH86(QYLURQPHQWDO5HVHDUFK/DERUDWRULHV
)RUIXUWKHUGHWDLOVVHHXQGHU*&0 86$ 
*&2 *UDQG&RPPDQGHPHQW FRPPDQGDQW GH *&8 JXLGDQFHDQGFRQWUROXQLW
O·27$1>REVROqWHUHPSODFpSDU6&@ VHFWLRQGHJXLGDJHHWGHFRPPDQGH 6*& 
0DMRU1$72&RPPDQG FRPPDQGHU  01& *&9 *UHHQ&ULQNOH9LUXV
>REVROHWHUHSODFHGE\6&@ 3ODQW3DWKRORJ\
*&RIWKHVSOHHQ *HUPLQDO&HQWHURIWKHVSOHHQ *G WKHFKHPLFDOV\PEROIRU*DGROLQLXP
%&HOO6XUYLYDO0HGLFDO5HVHDUFK3DWKRORJ\ 1DPHGDIWHUWKH)LQQLVKFKHPLVW-RKDQ*DGROLQ
*&26 *HQHUDO&KLHIRI6WDII &KHPLVWU\6\PEROV
FKHIG·pWDWPDMRUJpQpUDO &(0*  *' *OREDO'DWD
*&26 *OREDO&OLPDWH2EVHUYLQJ6\VWHP *' *RRG'HOLYHU\
*&36 *OREDO&OLPDWH3HUVSHFWLYHV6\VWHP %XVLQHVV&RPPHUFH
*&5 *DODFWLF&RVPLF5D\V *'*UDQG'XFKHVV*UDQG'XFK\*UDQG'XNH
*HRVFLHQFHV3K\VLFV6SDFH6FLHQFHV JG DEEU JXDUG
*&5 *UHDW&HQWUDO5DLOZD\ *'$ *OREDO'DWD$GPLQLVWUDWRU
*&5 *URXQG&RQWUROOHG5DGDU *'% *HQRPH'DWD%DVH
*&5 *URXS&RGHG5HFRUG %LRLQIRUPDWLFV*HQRPH0DSSLQJ3RVLWLRQDO
&RPSXWHU7HFKQRORJ\ &ORQLQJ
*&5& *HQHUDO&OLQLFDO5HVHDUFK&HQWHU 86$  *'& *HQHUDWLRQ'DWD*URXS
*&UHDFWLRQ *HUPLQDO&HQWHUUHDFWLRQ &RPSXWHU3URJUDPPLQJ
&HOO%LRORJ\*HQHWLFV,PPXQRORJ\0HGLFLQH *'&K 6RFLHW\RI*HUPDQ&KHPLVWV *HUPDQ\ 
0LFURELRORJ\0ROHFXODU%LRORJ\2QFRORJ\ *'( *URXSIRU'HYHORSPHQWDQG(QYLURQPHQW
*&501 *OREDO&RUDO5HHI0RQLWRULQJ1HWZRUN 8QLYHUVLW\RI%HUQ6ZLW]HUODQG 
7KH*&501LVSDUWRIWKH,QWHUQDWLRQDO&RUDO *G) *XDUGLDGL)LQDQ]D
5HHI,QLWLDWLYHDPXOWLODWHUDODJUHHPHQWVLJQHGLQ ,WDOLDQLQLWLDOLVPPHDQLQJ5HYHQXH*XDUG&RUSV
 *') GDWDEDVH *OREDO'HYHORSPHQW)LQDQFHGDWD
&RDVWDO=RQH0DQDJHPHQW&RUDO5HHI6FLHQFH EDVH
0RQLWRULQJ3URJUDPV 2IWKH:RUOG%DQN
*&53 *OREDO&KDQJH5HVHDUFK3ODQ *'+ JURXSHGDWHKHXUH
*&53 LVDOVRNQRZQDV*OREDO&KDQJH5HVHDUFK GDWHWLPHJURXS '7* 
3URJUDP *',*D]H'LUHFWLRQ,QGH[
7KH*&53 EHJDQLQ %UDLQDQG&RJQLWLYH6FLHQFHV1HXURVFLHQFH
*&6 *DWH&RQWUROOHG6ZLWFK *'/ *UDSKLF'LVSOD\/LEUDU\
*&6 *DV&RQWUROOHG6ZLWFK *'/ 7KHDLUSRUWFRGHIRU*XDGDODMDUD0H[LFR
(OHFWURQLFV *'0 *URXSRQ'HIHQFH0DWWHUV
*&V *HUPLQDO&HQWHUV JURXSHVXUOHVTXHVWLRQVGHGpIHQVH
$XWRLPPXQLW\%LRORJ\%LRSK\VLFV&HOO%LRORJ\ *'0( *O\FRO'LPHWK\O(WKHU
0HGLFLQH0LFURELRORJ\3DWKRORJ\ *'06 *ORZ'LVFKDUJH0DVV6SHFWURPHWU\
*&V *OREXODU&OXVWHUV J'1$ PXWDQWJHQRPLF'1$
$VWURQRP\$VWURSK\VLFV*DOD[\(YROXWLRQ &HOOXODU%LRORJ\0ROHFXODU%LRORJ\
*&6 *OREXODU&OXVWHU6\VWHP *'1) *OLDO'HULYHG1HXURWURSKLF)DFWRU
$VWURQRP\$VWURSK\VLFV*DOD[\(YROXWLRQ 7KH*'1)LVDSURWHLQWKDWZDVLVRODWHGE\86
*&6) *UDQXORF\WH&RORQ\6WLPXODWLQJ)DFWRU UHVHDUFKHUVDW6\QHUJHQ,QFLQ&RORUDGR86$
&KHPRWKHUDS\ LQ
*&7 *DODFWLF&HQWHU7UDQVLHQW %LRWHFKQRORJ\'RSDPLQHUJLF1HXURQV
*&7 *LUR&UHGLW7UDQVIHU 3DUNLQVRQ
V'LVHDVH
%DQNLQJ)LQDQFH *GQ+&O *XDQLGLQLXP+\GURFKORULGH
*&7*&7 *UHHQZLFK&LYLO7LPH *'2 *ULG'LS2VFLOODWRU
*G2 *DGROLQLXP2[LGH


*DGROLQLXP2[LGHLVXVHGPDLQO\LQODVHUV *()ZDVHVWDEOLVKHGLQWRFRRUGLQDWHWKH
,QRUJDQLF&KHPLVWU\ HQYLURQPHQWDODFWLYLWLHVRI81(3WKH:%DQGWKH
*'3 *RYHUQPHQW'HYHORSPHQW3ODWIRUP 81'HYHORSPHQW3URJUDP7KH*()LVFKDUJHG
*'3 *URVV'RPHVWLF3URGXFW ZLWKGHPRQVWUDWLQJWKHYDOXHRISURPLVLQJWHFK
*'3 *XDQRVLQH'LSKRVSKDWH QRORJLHV2QHRILWVDLPVLVWRUHGXFHWKHHPLVVLRQ
*'35 *URXSRI'HSXW\3HUPDQHQW5HSUHVHQWDWLYHV RIJUHHQKRXVHJDVHVWKURXJK5HQHZDEOH(QHUJ\
RQWKH3XEOLF'LVFORVXUHRI1$72'RFXPHQWV 3URMHFWV
*URXSHGHVUHSUpVHQWDQWVSHUPDQHQWVVXSSOpDQWV )RUIXUWKHUGHWDLOVVHHXQGHU81(3 DQG:%
VXUODPLVHHQOHFWXUHSXEOLTXHGHGRFXPHQWV *()5.$ *HQHWLFDOO\(QJLQHHUHG)RRG5LJKWWR
27$1 .QRZ$FW 86$ 
*'36 *OREDO'DWD3URFHVVLQJ6\VWHP %LRHQJLQHHUHG)RRGV
*'5 *HUPDQ'HPRFUDWLF5HSXEOLF *()V *XDQLQHQXFOHRWLGH([FKDQJH)DFWRUV
*'5 *HRSK\VLFDO'DWD5HFRUG *()6$ *HQHWLFDOO\(QJLQHHUHG)RRG6DIHW\$FW
*'5V *OREDO'HSRVLWDU\5HFHLSWV 86$ 
%DQNLQJ)LQDQFH %LRHQJLQHHUHG)RRGV
*'6 &LYLO'HPRFUDWLF3DUW\RI%L+ )%L+  *(* 7KHDLUSRUWFRGHIRU6SRNDQH:DVKLQJWRQ
SDUWLGpPRFUDWLTXHFLYLOGH%RVQLH+HU]pJRYLQH 86$
*'6 *HQHUDO'DWD6WUHDP *(*/266 *URXSRI([SHUWVRQWKH*OREDO6HD
&RPSXWHUV OHYHO2EVHUYLQJ6\VWHP
*'6 *UDSKLF'DWD6\VWHP 2IWKH,QWHUJRYHUQPHQWDO2FHDQRJUDSKLF
*'6 *UDSKLF'HVLJQ6\VWHP &RPPLVVLRQ
*'6,'% *OREDO'LJLWDO6HD,FH'DWD%DQN *H+ *HUPDQLXP7HWUDK\GULGH
*'6V *XDQRVLQH'LSKRVSKDWHGLVVRFLDWLRQ ,QRUJDQLF&KHPLVWU\
6WLPXODWRUV *(,( *UXSSR(XURSHRGL,QWHUHVVH(FRQRPLFR
)RUIXUWKHUGHWDLOVVHFXQGHU*5)V *XDQLQH ,WDOLDQDFURQ\PRIWKH(XURSHDQ*URXSRI
1XFOHRWLGH5HOHDVLQJ)DFWRUV  (FRQRPLF,QWHUHVW(&
*( *DVWURHQWHURORJ\ *(,3 *URXSHpXURSpHQLQGpSHQGDQWGHSURJUDPPH
0HGLFLQH ,QGHSHQGHQW(XURSHDQ3URJUDPPH*URXS ,(3* 
*( *HQHUDO([SHQVHV *(. *HRPDJQHWLF(OHFWURNLQHWRJUDSK
*( *HQHWLF(QJLQHHULQJ*HQHWLFDOO\(QJLQHHUHG *(.LVDQLQVWUXPHQWXVHGWRFDOFXODWHWKHVSHHG
*( *HQRYD,WDO\ DQGGLUHFWLRQRIRFHDQFXUUHQWV
*H 7KHFKHPLFDOV\PEROIRU*HUPDQLXP (QJLQHHULQJ
1DPHGIRU*HUPDQ\ ZKHUHLWZDVGLVFRYHUHG *(/ *HQHUDO(PXODWLRQ/DQJXDJH
&KHPLVWU\6\PEROV *(0 *UDGHGWHVWIRU(QJOLVK0DMRUV
*( *HUPDQ\ /LQJXLVWLFV
$OVR**HU *(0 *UDGXDWHG(TXLW\0RUWJDJH
*( *URVV(DUQLQJV %XVLQHVV&RPPHUFH(FRQRPLFV
%XVLQHVV)LQDQFH *(0 *URXQG(IIHFW0DFKLQH
*( *XLGH(GJH 0HFKDQLFDO(QJLQHHULQJ
7KHWHUPJXLGHHGJHUHIHUVWRWKHHGJHRIDSDSHU *(0DOOLDQFH *OREDO(TXLW\0DUNHWDOOLDQFH
WDSHDSXQFKFDUGRURWKHUPHDQVIRUDOLJQPHQW )RUPHGLQ
XVH (TXLW\([FKDQJHV
&RPSXWHU7HFKQRORJ\ *(0GHWHFWRU *DPPDV(OHFWURQVDQG0XRQV
*($'*( *HUPDQ$LU'HIHQFH*URXQG GHWHFWRU
(QYLURQPHQW *(0,0 *URXSRI([SHUWVRQ0DULQH,QIRUPDWLRQ
LQIUDVWUXFWXUHpOHFWURQLTXHGHODGpIHQVHDpULHQQH 0DQDJHPHQW
GHO·$OOHPDJQH *(06 $PHULFDQ *DV([FKDQJH0HDVXUHPHQW
*(%$ *OREDO(QHUJ\%DODQFH$UFKLYH 6\VWHP
(DUWKDQG3ODQHWDU\6FLHQFHV (QYLURQPHQW0RQLWRULQJ
*(& *OREDO(QYLURQPHQWDO&KDQJH *(06 JHQHULFHVWDEOLVKPHQWPDQDJHPHQWV\VWHP
*(( *HQHUDOL]HG(VWLPDWLQJ(TXDWLRQ >IRUPHUO\FDOOHG&+$506@
*((3 *URXSRI([SHUWVRQ(IIHFWVRI3ROOXWDQWV V\VWqPHJpQpULTXHGHJHVWLRQGHVHIIHFWLIV>DQFLHQ
*() *OREDO(QYLURQPHQWDO)DFLOLW\ QHPHQWDSSHOp&+$506@


*(06 *ODVVZLWK(PEHGGHG0HWDODQG6XOILGHV ,WDOLDQDEEUHYLDWLRQPHDQLQJJHRSK\VLFVJHR


*(06DUHQPGLDPHWHU)H1LPHWDODQGVXOILGH SK\VLFLVW
JUDLQVHPEHGGHGLQVLOLFDWHJODVV JHRJ DEEU JHRJUDSKLFJHRJUDSKLFDOJHRJUDSK\
$VWURQRP\,QWHUSODQHWDU\'XVW3DUWLFOHV JHRO DEEU JHRORJLFJHRORJLFDOJHRORJ\
*(0 6 *OREDO(QYLURQPHQWDO0RQLWRULQJ JHRP DEEU JHRPHWUD
6\VWHP  ,WDOLDQDEEUHYLDWLRQPHDQLQJODQGVXUYH\RU
2IWKH81(QYLURQPHQWSURJUDPDQGWKH:+2 JHRPHWHUJHRPHWULFLDQ
)RUIXUWKHUGHWDLOVVHHXQGHU:+2 =RRORJ\ VSRQZRUP 86$ 
(QYLURQPHQWDO4XDOLW\ *(23& *URXSRI([SHUWVRQ2FHDQ3URFHVVHVDQG
*(0V *URZLQJ(TXLW\0RUWJDJHV 86$  &OLPDWH
*(060$5& *OREDO(QYLURQPHQW0RQLWRULQJ *(25() ZRUOGJHRJUDSKLFUHIHUHQFHV\VWHP
6\VWHP0RQLWRULQJDQG$VVHVVPHQW5HVHDUFK V\VWqPHPRQGLDOJpRJUDSKLTXHGHUpIpUHQFH
&HQWUH *%  *(26 *HRG\QDPLFV([SHULPHQWDO2FHDQ6DWHOOLWH
JHQ DEEU JHQGHU *(26$7 DEEU *(2GHWLF6$7HOOLWH 86$ 
%LRORJ\(OHFWULFLW\ *(26(&6 *(2FKHPLFDO2FHDQ6(&WLRQV6WXG\
JHQ DEEU JHQHUDO *(26,75(3 JHRJUDSKLFVLWXDWLRQUHSRUW
$OVRJQ FRPSWHUHQGXGHVLWXDWLRQJpRJUDSKLTXH
*(1 *HQHUDWH *(3 JHQHULFSODQ
&KHPLVWU\&RPSXWHU3URJUDPPLQJ SODQJpQpULTXH
JHQ DEEU JHQHUDWHGJHQHWLFV *(SODQWV *HQHWLFDOO\(QJLQHHUHGSODQWV
JHQ DEEU JHQHUDWLRQ %LRVDIHW\)RUHVW6FLHQFH*HQHWLF7HFKQRORJLHV
$UWLILFLDO,QWHOOLJHQFH%LRORJ\&RPSXWHU *HQH)XQFWLRQ3ODQW'HYHORSPHQW
7HFKQRORJ\ *HU DEEU *HUPDQ
JHQ DEEU JHQHUDWRU *HU *HUPDQ\
&RPSXWHU6FLHQFH(OHFWULFDO(QJLQHHULQJ $OVR**(
(OHFWURQLFV0DWKHPDWLFV *(5&'6 *URXSRI([SHUWVRQ5HVSRQVLEOH
JHQ DEEU JHQXV SOXUDOJHQHUD  1DWLRQDO2FHDQRJUDSKLF'DWD&HQWHUVDQG&OLPDWH
7KHWHUPJHQXVPHDQVWKHPDLQIDPLO\VXEGLYL 'DWD6HUYLFHV
VLRQ 2IWKH,QWHUJRYHUQPHQWDO2FHDQRJUDSKLF
6\VWHPDWLFV &RPPLVVLRQ
*(1' *HQHUDO(OHFWULF1HXWURQ'HYLFHV *(5' *URVV([SHQGLWXUHRQ5HVHDUFK
*HQ/HG DEEU *HQHUDO/HGJHU 'HYHORSPHQW
*HQ0WJH DEEU *HQHUDO0RUWJDJH *(5/ *ROJL(QGRSODVPLF5HWLFXOXP/\VRVRPHV
*HQQ DEEU *HQQDLR 1DPHGIRUWKH,WDOLDQSK\VLFLDQ&DPLOOR*ROJL
,WDOLDQDEEUHYLDWLRQPHDQLQJ-DQXDU\ *(6 *LOW(GJHG6HFXULWLHV
JHQW DEEU JHQWOHPDQJHQWOHPHQ %XVLQHVV)LQDQFH
*(2 *HQH([SUHVVLRQ2PQLEXV *(6 *ROG([FKDQJH6WDQGDUG
$WWKH1DWLRQDO&HQWHUIRU%LRWHFKQRORJ\ *(62 *UDGXDWH(PSOR\HHVDQG6WXGHQWV
,QIRUPDWLRQ%HWKHVGD0DU\ODQG86$ 2UJDQL]DWLRQ 86$ 
(PEU\RQLF'DWDEDVHV *(67 &HQWHU *RGGDUG(DUWK6FLHQFHVDQG
*(2 *HRV\QFKURQRXV(DUWK2UELW 7HFKQRORJ\&HQWHU
*H2 *HUPDQLXP2[LGH $W1$6$·V*6)&LQ*UHHQEHOW0DU\ODQG86$
*HUPDQLXP2[LGHLVDOVRNQRZQDV*HUPDQLXP )RUIXUWKHUGHWDLOVVHHXQGHU*6)&
'LR[LGH *(67(&V *(QRPH6FLHQFHDQG7(FKQRORJ\
,QRUJDQLF&KHPLVWU\ &HQWHUV
JHRG DEEU JHRGHV\JHRGHWLF *(7 *UHHQZLFK(OHFWURQLF7LPH *% 
*(2'$6 DEEU *(2SK\VLFDO'$WD6\VWHP +DVUHSODFHG*07 ZLWKHIIHFWIURP
*(2'66 *URXQGEDVH(OHFWUR2SWLFDO'HHS6SDFH )RUIXUWKHUGHWDLOVVHHXQGHU*07
6XUYHLOODQFH *(7$*HWD *OREDO(OHFWURQLF7UDGH$VVRFLDWLRQ
*(2'66LVDV\VWHPXVHGIRUWUDFNLQJREMHFWVLQ *(7$3 *DELQHWHGH(GXFDomR7HFQROyJLFD
VSDFH $UWLVWLFDH3URILVVLRQDO 3RUWXJDO 
2UGQDQFH *(72/ *URXQG(IIHFWIRU7DNH2IIDQG/DQGLQJ
JHRILV DEEU JHRILVLFDJHRILVLFR *(8 *URVVHVVH([WUD8WpULQH


)UHQFKDFURQ\PPHDQLQJ([WUDXWHULQH *) PRGHO *URZWK)DFWRUPRGHO


([WUDXWHULQH3UHJQDQF\ 7UDQVSRUWDWLRQ(QJLQHHULQJ
*H9*HY *LJD(OHFWURQ9ROWJLJDHOHFWURQYROW *)2 *(26$7 )ROORZ2Q
*(9 *XDUGLD(FRORJLFD9RORQWDULD ,WDO\  )RUIXUWKHUGHWDLOVVHHXQGHU*(26$7
(FRORJ\(QYLURQPHQW *)2)V *HDUHG)XWXUHVDQG2SWLRQ)XQGV
*(:(; *OREDO(QHUJ\DQG:DWHUF\FOH %XVLQHVV(FRQRPLFV)LQDQFH
(;SHULPHQW *)3 *RYHUQPHQW)XUQLVKHG3URSHUW\
*) *HUP)UHH 0LOLWDU\
,PPXQRORJ\,PPXQRELRORJ\ *)3 *UHHQ)OXRUHVFHQW3URWHLQ
JI JUDPIRUFH 7KH*)3 ZDVILUVWFORQHGE\UHDVHDUFKHUVDW
*) *URZWK)DFWRU :+2,LQ0DVVDFKXVHWWV86$LQ
%LRFKHPLVWU\2QFRORJ\ 0ROHFXODUDQG&HOO%LRORJ\0ROHFXODU*HQHWLFV
*)$ JXQILUHDUHD ;5D\&U\VWDOORJUDSK\
]RQHGHWLUVG·DUWLOOHULH )RUIXUWKHUGHWDLOVVHHXQGHU:+2,
VHH*)$3 *)5 JDVILOOHUUDGDU
YRLU*)$3 UDGDUGHFRXYHUWXUH
*)$ *XVW)URQWGHWHFWLRQ$OJRULWKP *)5 *ORPHUXODU)LOWUDWLRQ5DWH
$OVR*)'$ %LRFKHPLVWU\
*)$$6 *UDSKLWH)XUQDFH$WRPLF$EVRUSWLRQ *)6 *HQHUDO)LQDQFLDO6\VWHP
6SHFWURPHWU\ *)V *URZWK)DFWRUV
*)$3 *HQHUDO)UDPHZRUN$JUHHPHQWIRU3HDFHLQ %LRFKHPLVWU\2QFRORJ\
%RVQLD+HU]HJRYLQD FRPPRQO\FDOOHG'D\WRQ *)6& *XHUQVH\)LQDQFLDO6HUYLFHV&RPPLVVLRQ
$JUHHPHQW  *XHUQVH\ 
$FFRUGFDGUHJpQpUDOSRXUODSDL[HQ%RVQLH *)= *HR)RUVFKXQJV=HQWUXP *HUPDQ\ 
+HU]pJRYLQH FRPPXQpPHQWDSSpOp$FFRUGGH **** *DPPD*OREXOLQ
'D\WRQ  ,PPXQRORJ\
*)$3 *OLDO)LEULOODU\$FLGLF3URWHLQ ** *HRUJLD
$ PDUNHUIRUDVWURF\WHV JJ DEEU JLRUQL
%UDLQ5HVHDUFK&HUHEHOODU3DWKRORJ\ ,WDOLDQDEEUHYLDWLRQPHDQLQJGD\V
1HXURGHJHQHUDWLYH'LVHDVHV1HXURSDWKRORJ\ ** *URXQGWR*URXQG UHIHUULQJWRDPLVVLOH 
1HXURVFLHQFH $OVR**
*)&) *URVV)L[HG&DSLWDO)RUPDWLRQ 0LOLWDU\
*)' *HRSK\VLFDO)OXLG'\QDPLFV **$V *ROJLORFDOL]HG\HDUFRQWDLQLQJ$5)ELQG
*)'$ *XVW)URQW'HWHFWLRQ$OJRULWKP LQJSURWHLQV
$OVR*)$ &HOO%LRORJ\+XPDQ'HYHORSPHQW0HWDEROLVP
*)'/ *HRSK\VLFDO)OXLG'\QDPLFV/DERUDWRU\ 0ROHFXODU*HQHWLFV
7KH*)'/ LVORFDWHGLQ3ULQFHWRQ1HZ-HUVH\ **$ WKHRU\ *HQHUDOL]HG*UDGLHQW$SSUR[LPDWLRQ
86$ WKHRU\
$WPRVSKHULF6FLHQFHV&OLPDWH&KDQJH *HRSK\VLFV+LJK3UHVVXUH5HVHDUFK
*HRSK\VLFV0HWHRURORJ\6SDFH3K\VLFV 0DWKHPDWLFV3ODQHWDU\3K\VLFV
*)( *RYHUQPHQW)XUQLVKHG(TXLSPHQW **)) *XDUGLH)RUHVWDOL
0LOLWDU\ ,WDOLDQLQLWLDOLVPPHDQLQJ5DQJHU&RUSV
*))$70 *OREDO)XQGVWR)LJKW$,'6 **33 *HUDQ\OJHUDQ\O'LSKRVSKDWH
7XEHUFXORVLVDQG0DODULD %LRFKHPLVWU\&KHPLVWU\
7KH*))$70ZDVHVWDEOLVKHGLQ-DQXDU\ **33V *LDQW*DVHRXV3URWRSODQHWV
)XQGV 7HUUHVWULDO0DJQHWLVP
*),0 JURXSHGHIRUFHVLQWHUDUPpHVPXOWLQD JJU JUHDWJURVV GR]HQV 
WLRQDOHV **7 *HQRPLFV*XLGHG7UDQVJHQHV
FRPELQHGMRLQWWDVNIRUFH &-7)  $ELRWLF6WUHVV7ROHUDQFH RIFURSV %LRVDIHW\
*)/9 *UDSHYLQH)DQ/HDI9LUXV 0HFKDQLVPV)RUHVW6FLHQFH*HQHWLF
9LURORJ\ 7HFKQRORJLHV
*)0 *UXSR)HUURYLDULR0H[LFDQR **7DVH, *HUDQ\OJHUDQ\OWUDQVIHUDVH,
*)0LVD860H[LFDQFRQVRUWLXP


*+ *KDQD,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW *,$ *URXSHV,VODPLTXHV$UPpV


WHUV *,$ *UXSSR,VODPLFR$UPDWR
*+ *URZWK+RUPRQH *,DEVRUSWLRQVSHFWUXP *UD]LQJ,QFLGHQFH
7KHJURZWKKRUPRQHDOVRNQRZQDVVRPDWRWURSLQ DEVRUSWLRQVSHFWUXP
LVDSURWHLQKRUPRQHWKDWSURPRWHVJURZWKLQERG\ 3RO\PHU&KHPLVWU\
VL]H *,$3 *OD[R,QVWLWXWHRI$SSOLHG3KDUPDFRORJ\
(QGRFULQRORJ\ *,$3 LVIXOO\LQWHJUDWHGZLWKWKH'HSDUWPHQWRI
*+$ *UHHQZLFK+RXU$QJOH 3KDUPDFRORJ\LQ&DPEULGJH8QLYHUVLW\7KHPDLQ
*+&1 *OREDO+LVWRULFDO&OLPDWH1HWZRUN DUHDVRIUHVHDUFKZLWKLQ*,$3 DUHLQQRYHODVSHFWV
*+) *ROG+LOO)DXOW RIFKDUDFWHUL]DWLRQDQGFODVVLILFDWLRQRI5HFHSWRUV
(DUWK6FLHQFHV*HRSM\VLFV*HRORJLFDO6FLHQFHV IRU6RPDWRVWDWLQ DQG$73
*+* *UHHQKRXVH*DV *,$ SURFHVV *ODFLDO,VRVWDWLF$GMXVWPHQWSURFHVV
*+*LVDJDVWKDWWUDSVVRODUHOHFWURPDJQHWLFUDGL 3K\VLFV
DWLRQ *LE DEEU *LEUDOWDU
'HFDUERQL]DWLRQ(FRORJ\(QHUJ\(QYLURQPHQW *,% *XOI,QWHUQDWLRQDO%DQN
*+*V *UHHQKRXVH*DVHV +HDG2IILFH0DQDPD%DKUDLQ*,%LVDZKROH
*+4*+4 *HQHUDO+HDGTXDUWHV VDOHFRPPHUFLDOEDQNEDVHGLQ%DKUDLQ,WLVZKRO
0LOLWDU\ O\RZQHGE\*,&WKHLQWHUQDWLRQDOLQYHVWPHQW
*+0$ *OREDO+XPDQLWDULDQ0LQH$FWLRQ EDQNLQJ&RUSRUDWLRQRZQHGHTXDOO\E\WKHJRY
DFWLRQKXPDQLWDLUHPRQGLDOHGHOXWWHFRQWUHOHV HUQPHQWVRIWKHVL[PHPEHUVWDWHVRIWKH*&&
PLQHV %DKUDLQ.XZDLW2PDQ4DWDU6DXGL$UDELD DQG
*+5+ *URZWK+RUPRQH5HOHDVLQJ+RUPRQH WKH8QLWHG$UDE(PLUDWHV
*+5+LVDOVRNQRZQDV6RPDWROLEHULQ )RUIXUWKHUGHWDLOVVHHXQGHU*,& DQG*&&
6RPDWRWURSULQ5HOHDVLQJ)DFWRU *,& *XOI,QYHVWPHQW&RUSRUDWLRQ
(QGRFULQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU*,% DQG*&&
*+5,+ *URZWK+RUPRQH5HOHDVH,QKLELWLQJ *,&FRQGLWLRQV *OREDO,QVWUXPHQWRI&HUWLILFDWHV
+RUPRQH FRQGLWLRQV
*+53 *URZWK+RUPRQH5HOHDVH3HSWLGH *,&&6 *HRUJHWRZQ,QVWLWXWHLQ&RJQLWLYHDQG
+HDOWK6FLHQFHV0HGLFLQH3KDUPDFRORJ\ &RPSXWDWLRQDO6FLHQFHV
3K\VLRORJ\3ULPDWH5HVHDUFK %UDLQ,PDJLQJ&RPSXWDWLRQDO1HXURVFLHQFH
*+56 *RGGDUG+LJK5HVROXWLRQ6SHFWURJUDSK &RJQLWLYH6FLHQFH
7KH*RGGDUG+LJK5HVROXWLRQ6SHFWURJUDSKLVDQ *,&V *UDSKLWH,QWHUFDODWLRQ&RPSRXQGV
LQVWUXPHQWWKDWZDVUHSODFHGLQ,WKDV *,&V *XDUDQWHHG,QFRPH&RQWUDFWV*XDUDQWHHG
UHFRUGHGXOWUDYLROHWOLJKWVSHFWUDIURPVWDUVDQG ,QYHVWPHQW&RQWUDFWV
SODQHWV *,) *HQHUDO,PDJH)RUPDW
$VWURQRP\ *,) *UDSKLFV,QWHUIDFH)RUPDW
*+6/$ *HRUJLD+HDOWK6FLHQFH/LEUDULHV &RPSXWHU6FLHQFH
$VVRFLDWLRQ *,)$ *RYHUQLQJ,QWHUQDWLRQDO)LVKHULHV$JUHHPHQW
*K] JLJDKHUW] *,)&2 *UXSSR,WDOLDQR)DEEULFDQWL&DUWRQH
2QHELOOLRQKHUW] 2QGXODWR ,WDO\ 
*,*, *DOYDQL]HG,URQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ*URXSRI
0HWDOOXUJ\ &RUUXJDWHG%RDUG0DQXIDFWXUHUV
*,*, *DVWURLQWHVWLQDO 3DSHU0DQXIDFWXULQJ
$QDWRP\0HGLFLQH *,), *UXSSR,PSUHVH)RWRYROWDLFKH,WDOLDQH
*,*, *HQHUDO,VVXH*RYHUQPHQW,VVXH ,WDOLDQ*URXS3KRWRYROWDLFV
*, *HQHWLFV,QVWLWXWH *,)7 *DPHWH,QWUD)DOORSLDQ7UDQVIHU
*, JHVWLRQGHO·LQIRUPDWLRQ *HQHWLFV
LQIRUPDWLRQPDQDJHPHQW ,0  *LJ(LQWHUIDFHV *LJDELW(WKHUQHWLQWHUIDFHV
*, *LXGLFH,VWUXWWRUH (WKHUQHW
,WDOLDQLQLWLDOLVPPHDQLQJ,QTXLULQJ0DJLVWUDWH *,*2 *DUEDJH,Q*DUEDJH2XW
*, *URVV,QYHQWRU\ 7KHWHUPJDUEDJHLQJDUEDJHRXWPHDQVWKDWFRU
*, *URVV,QYHVWPHQW UHFWQHVVRIDFRPSXWHU
VRXWSXWGHSHQGVRQWKH
*, SHUFHQW*URZWK,QKLELWRU\FRQFHQWUDWLRQ LQSXWFRUUHFWQHVV


&RPSXWHU3URJUDPPLQJ *,66, *UXSSR,WDOLDQRSHUOR6WXGLRGHOOD


*,, *OREDO,QIRUPDWLRQ,QIUDVWUXFWXUH 86$  6RSUDYYLYHQ]DQHOO
LQIDUWR ,WDO\ 
*,/$ *RYHUQPHQWRI,QGLD/LEUDULDQV
$VVRFLDWLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ*URXSIRUWKH6WXG\
*,036 *UHDW,QWHUQHW0HUVHQQH3ULPH6HDUFK IRU2XWOLYLQJ,QIDUFW
&RPSXWLQJ3URMHFW *,67 *DVWURLQWHVWLQDO6WURPDO7XPRU
*,1 *UHHQODQG,FHODQG1RUZD\ *,67 LVDUDUHVWRPDFKFDQFHU
*,12 *UDSKLFDO,1SXWDQG2XWSXW 0HGLFLQH0HVHQFK\PDO7XPRUV2QFRORJ\
JLRUQ DEEU JLRUQDOLHUR 3DWKRORJ\
,WDOLDQDEEUHYLDWLRQPHDQLQJGDLO\ *,67 *UD]LQJ,QFLGHQFH6RODU7HOHVFRSH
JLRY DEEU JLRYHGu $VWURQRP\
,WDOLDQDEEUHYLDWLRQPHDQLQJ7KXUVGD\ *,702 *UXSSR,WDOLDQR7UDSLDQWL0LGROOR2VVHR
*,3 *DVWULF,QKLELWRU\3HSWLGH ,WDO\ 
(QGRFULQRORJ\ %RQH0DUURZ7UDQVSODQWDWLRQ
*,3 *DVWULF,QKLELWRU\3RO\SHSWLGH *LX DEEU *LXJQR
*,3 JHQHULFLQWHOOLJHQFHSODQ ,WDOLDQDEEUHYLDWLRQPHDQLQJ-XQH
SODQJpQpULTXHGHUHQVHLJQHPHQW *,8. *UHHQODQG,FHODQG8QLWHG.LQJGRP
*URXSHLQWHUQDWLRQDOGHSROLFH *DS 
,QWHUQDWLRQDO3ROLFH7DVN)RUFH ,37)  SDVVDJH *URHQODQG,VODQGH5R\DXPH8QL
*,3 *LXGLFHSHUOH,QGDJLQL3UHOLPLQDUL *,;' *UD]LQJ,QFLGHQFH;UD\'LIIUDFWLRQ
/DZ ,WDO\ ,WDOLDQDFURQ\PPHDQLQJ-XGJHIRU 0DWHULDOV6ROLG6WDWH3K\VLFV
3UHOLPLQDU\,QYHVWLJDWLRQV *- *UHQDGD
JLS JOD]HGLPLWDWLRQSDUFKPHQW *-3 *UDSKLF-RE3URFHVVRU
*,3/V *O\FRLQRVLWROSKRVSKROLSLGV *. *OXFRNLQDVH
*,30( *OREDO,QYHVWLJDWLRQRI3ROOXWLRQLQWKH (Q]\PRORJ\
0DULQH(QYLURQPHQW *. DEEU *UHHN
*,36< *HQHUDO,QIRUPDWLRQ3URFHVVLQJ6\VWHP */ )RXUWK*HQHUDWLRQ FRPSWHU /DQJXDJH
*LU DEEU *LURQGH 'HSDUWPHQW  )UDQFH  */ *HQHUDO/HGJHU*HQHUDO/HQJWK
*,5 *URXSHVG·,QWHUYHQWLRQ5pJLRQDX[ )UDQFH  JO DEEU JLOO
*,5,2 *RYHUQPHQW,QGXVWULDO5HVHDUFK,QVWLWXWH 0HWURORJ\ *LOOLVDOVRNQRZQDV,PSHULDOJLOO
-DSDQ  0\FRORJ\ ,QP\FRORJ\JLOOLVDOVRNQRZQDV
*,5/ *HQHUDOL]HG,QIRUPDWLRQ5HWULHYDO/DQJXDJH ODPHOOD
*,5/6 *UDSKLFDOGDWD,QWHUSUHWDWLRQDQG JO DEEU JLOO
5HFRQVWUXFWLRQLQ/RFDO6DWHOOLWH 9HUWHEUDWH=RRORJ\
*,56 *OREDO,QWHJUDWHG5DWLQJ6\VWHP JO DEEU JODVV
*,6 *HQHUDOL]HG,QIRUPDWLRQ6\VWHP 0DWHULDOV
'DWD&RPPXQLFDWLRQV JO DEEU JORVV
*,6 *HRJUDSKLF,QIRUPDWLRQ6\VWHP 2SWLFV
$Q2UDFOHGDWDEDVHPDQDJHPHQWV\VWHPVXSSRUWV *O *OXFLQLXP
GDWDDQDO\VLVDVZHOODV*,6IXQFWLRQV$QDO\VWV *OXFLQLXPLVWKHIRUPHUQDPHIRUEHU\OOLXP
FDQDOVRDFFHVVDSRZHUIXOPDLQIUDPHFRPSXWHUWR &KHPLVWU\
SURGXFHFRQWRXUPDSVRIWKHVRODUUHVRXUFHRU */ *URVFK
V/DZ
WRSRJUDSKLFDOIHDWXUHVVXFKDVKLOO\WHUUDLQRU *URVFK
V/DZLVDODZRIWKHVVWDWLQJWKDWD
JURXQGZDWHUFRQWDPLQDWLRQ FRPSXWHUSURFHVVLQJSRZHULVSURSRUWLRQDOWRWKH
)RUIXUWKHUGHWDLOVVHHXQGHU06: 0XQLFLSDO VTXDUHRIWKHFRVW
6ROLG:DVWH  &RPSXWHU7HFKQRORJ\
*,6/$ 8QLYHUVLW\RI8WUHFKW'HSDUWPHQWRI */ *URXQG/HYHO
3K\VLFDO*HRJUDSK\ 7KH1HWKHUODQGV  *URXQGOHYHOLVDOVRNQRZQDV*URXQG6WDWH
*,63 *UHHQODQG,FH6KHHW3URMHFWWZR 4XDQWXP0HFKDQLFV
&OLPDWH&KDQJH&ROG5HJLRQV5HVHDUFK(DUWK */$ *HQHUDO/HGJHU$FFRXQW
2FHDQVDQG6SDFH6FLHQFH*HRSK\VLFV */$ *HRUJLD/LEUDU\$VVRFLDWLRQ
4XDWHUQDU\,VRWRSHV */$ *KDQD/LEUDU\$VVRFLDWLRQ
*,66 1$6$
V*RGGDUG,QVWLWXWHRI6SDFH6WXGLHV */$%& *RYHUQPHQW/LEUDULHV$VVRFLDWLRQRI
86$  %ULWLVK&ROXPELD


*/$'WHFKQLTXH */DQFLQJ$QJOH'HSRVLWLRQWHFK */)& *UHDW/DNHV)LVKHULHV&RPPLVVLRQ 86$ 


QLTXH */)6 *UHDW/DNHV)RUHFDVWLQJ6\VWHP
$SSOLHG3K\VLFV3KRWRQLF&U\VWDOV */*0 *RGGDUG/XQDU*UDYLW\0RGHO
*/$0 *UH\/HLVXUHG$IIOXHQW0DUULHG 86$  */,0 *HRJUDSKLFDODQG/DQG,QIRUPDWLRQ
*/$0,6 *UDQWVDQG/RDQV$FFRXQWLQJDQG 0DQDJHPHQW
0DQDJHPHQW,QIRUPDWLRQ6\VWHP */,06SURMHFW *OREDO/DQG,FH0HDVXUHPHQW
*/$6 *RGGDUG/DERUDWRU\RI$WPRVSKHULF IURP6SDFHSURMHFW
6FLHQFHV 7KH*/,06SURYLGHGWKH$67(5LPDJHWDNHQRQ
*/$66 *UDSKLFDO/DQJXDJHIRU$VVHPEO\RI WKHVW 6HSWHPEHU
6HFRQGDU\6WUXFWXUH )RUIXUWKHUGHWDLOVVHHXQGHU$67(5
*/$66HQDEOHVUHDGLQJRIGDWDIURPGLIIHUHQW */,1 *HRUJLD/LEUDU\,QIRUPDWLRQ1HWZRUN
VRXUFHVJHQHUDWLQJD'LPDJH */,1 *UHDW/DNHV,QIRUPDWLRQ1HWZRUN
*/$67 *DPPDUD\/DUJH$UHD6SDFH7HOHVFRSH *OL5( *OL5HVSRQVH(OHPHQW
3ODQQHGIRUODXQFKE\ %LRORJ\&HOO%LRORJ\*HQHWLFV0HGLFLQH
$VWURQRP\&RVPRORJ\*DPPDUD\%XUVWV 0ROHFXODU%LRORJ\
3K\VLFV6XSHUQRYD5HPQDQWV */0 *HQHUDO/LQHDU0RGHO
JOE DEEU JODVVEORFN */2 JURXQGOLDLVRQRIILFHU
%XLOGLQJV RIILFLHUGHOLDLVRQWHUUH
*/& *DV/LTXLG&KURPDWRJUDSK\ */2%( */2EDO%DFNVFDWWHU([SHULPHQW
*DV/LTXLGFKURPDWRJUDSK\DOVRNQRZQDV*DV */2%( *OREDO/HDUQLQJDQG2EVHUYDWLRQVWR
/LTXLG3DUWLWLRQ&KURPDWRJUDSK\LVDJDVFKUR %HQHILWWKH(QYLURQPHQW
PDWRJUDSK\ZKHUHLQWKHIL[HGSKDVHLVDOLTXLG */2%( *OREDO/HJLVODWRUV2UJDQL]DWLRQIRUD
VROYHQWRQDQLQHUWVROLGVXSSRUWDQGWKHPRYLQJ %DODQFHG(QYLURQPHQW %HOJLXP 
SKDVHLVDJDV */2%( */REDO2SSRUWXQLWLHVIRU%XVLQHVVDQGWKH
$QDO\WLFDO&KHPLVWU\ (QYLURQPHQW &DQDGD 
*OF DEEU *OXFRVH ,QWHUQDWLRQDO7UDGH)DLUV
)UHQFKDEEUHYLDWLRQPHDQLQJ*OXFRVH*OXFRVHLV */21$66 JOREDOQDYLJDWLRQVDWHOOLWHV\VWHP
DOVRNQRZQDV'H[WURVH&HUHORVH' V\VWqPHPRQGLDOGHQDYLJDWLRQSDUVDWHOOLWH
*OXFRS\UDQRVH */266 *OREDOVHD/HYHO2EVHUYLQJ6\VWHP
%LRFKHPLVWU\ */3 *DV/LTXLGRGL3HWUROLR
*/& *UHDWHU/RQGRQ&RXQFLO *%  ,WDOLDQLQLWLDOLVPPHDQLQJ/LTXLG3HWUROHXP*DV
*/& *UHHQ/LJKW&RPPLWWHH */3 *OXFDJRQ5HODWHG3HSWLGH
7KH*/&LVDPXOWLLQVWLWXWLRQDOERG\FRPSULVLQJ */3& *DV/LTXLG3DUWLWLRQ&KURPDWRJUDSK\
WKHIROORZLQJLQVWLWXWLRQV5R\DO1HWKHUODQGV7% )RUIXUWKHUGHWDLOVVHHXQGHU*/& *DV/LTXLG
$VVRFLDWLRQ+DUYDUG0HGLFDO6FKRRO1DWLRQDO &KURPDWRJUDSK\ 
7%3URJUDP 3HUX 86&HQWHUVIRU'LVHDVH */3 UHJXODWLRQV *RRG/DERUDWRU\3UDFWLFHVUHJXOD
&RQWURODQG3UHYHQWLRQ0pGHFLQVVDQV)URQWLqUHV WLRQV)'$
V 86$ 
DQG:+2 )RUIXUWKHUGHWDLOVVHHXQGHU)'$
)RUIXUWKHUGHWDLOVVHHXQGHU:+2 */70 *RGGDUG/XQDU7RSRJUDSK\0RGHO
*/& JURXSORJLVWLFFRRUGLQDWRU JOX DEEU JOXWDPDWHJOXWDPLQH
FRRUGRQQDWHXUGHODORJLVWLTXHGHJURXSH %LRFKHPLVWU\
*OF&HU *OXFRV\OFHUDPLGH *OX56 *OXWDP\OW51$ 6\QWKHWDVH
*/&)6 *UHDW/DNHV&RDVWDO)RUHFDVWLQJ6\VWHP *OX75 *OXWDP\OW51$ 5HGXFWDVH
*/&0 *URXQG/DXQFKHG&UXLVH0LVVLOH %LRFKHPLVWU\
2UGQDQFH JO\ DEEU JO\FLQH
*OF1DF 1DFHW\OJOXFRVDPLQH 2UJDQLF&KHPLVWU\ *O\FLQHLVXVHGPDLQO\DVD
*OG *XLOGHU>2EVROHWH@ QXWULHQW
1RZ(852(85 8 %HFDPH(&8 (XURSHDQ ,Q%LRFKHPLVWU\JO\FLQHLVDOVRNQRZQDV
VLQJOHFXUUHQF\ ZLWKHIIHFWIURP-DQXDU\ $PLQRDFHWLF$FLG
&XUUHQFLHV *O\5 *O\FLQH5HFHSWRU
*/(0('6 *UHDW/DNHV(PEU\R0RUWDOLW\(GHPD *O\5LVDQDEXQGDQWLQKLELWRU\QHXURWUDQVPLWWHU
DQG'HIRUPLWLHV6\QGURPH UHFHSWRULQWKHVSLQDOFRUG
%LRORJ\(QYLURQPHQWDO+HDOWK7R[LFRORJ\ %UDLQ5HVHDUFK1HXURFKHPLVWU\


*0 *HQHUDOL]HG0\VWRQLD *0'66 JOREDOPDULWLPHGLVWUHVVDQGVDIHW\V\VWHP


*0LVDQDXWRVRPDOUHFHVVLYHGLVHDVH V\VWqPHPRQGLDOGHGpWUHVVHHWGHVpFXULWpHQPHU
0HGLFLQH *0(6 *OREDO0RQLWRULQJIRU(QYLURQPHQWDQG
*0 *HQHUDO0DQDJHU 6HFXULW\6\VWHP
*0 *HQHUDO0RUWJDJH )LQDQFHGE\WKH(XURSHDQ&RPPLVVLRQDQGWKH
%XVLQHVV&RPPHUFH (6$$FFHVVWRWKLVV\VWHPIURP
*0 *HRORJLFDO0XVHXP *OREDO6HFXULW\0RQLWRULQJ
*P JLJDPHWHU )RUIXUWKHUGHWDLOVVHHXQGHU(6$
JP JUDPJUDPV *0(7 DEEU *XQ0HWDOJXQPHWDO
$OVRJUDPPHV $OVR*0
0HWURORJ\ 0HWDOOXUJ\
*0 *UHHQZLFK0HULGLDQ *0H[ *XHUQVH\0DQXIDFWXULQJDQG([SRUW
&DUWRJUDSK\ 6HUYLFHV
*0 *URVV0DUJLQ *0) *DODFWLF0DJQHWLF)LHOG
*0 *XDUGLD0HGLFD $VWURSK\VLFV
,WDOLDQLQLWLDOLVPPHDQLQJ)LUVW$LG6WDWLRQ *0) JURXQGPRELOHIRUFH
*0 *XLGHG0LVVLOH IRUFHWHUUHVWUHPRELOH
6SDFH7HFKQRORJ\ *0IRRGV *HQHWLFDOO\0RGLILHGIRRGV
*0 *XQ0HWDO*XQPHWDO $OWHUHG)RRGV%LRFKHPLVWU\1RYHO)RRGV
$OVR*0(7 *0* *LRUQDWD0RQGLDOHGHOOD*LRYHQW
0HWDOOXUJ\ ,WDOLDQLQLWLDOLVPPHDQLQJ:RUOG<RXWK'D\+HOG
*0$* *HQHWLF0DQLSXODWLRQ$GYLVRU\*URXS LQ7RURQWR&DQDGDRQWKHWK -XO\
*%  *0+& *D\0HQ
V+HDOWK&ULVLV 86$ 
*0$1 *OREDO0LFUROHQVLQJ$OHUW1HWZRUN $FWLYLVW*URXSV
86$  *0+7 FURSV *HQHWLFDOO\0RGLILHG+HUELFLGH
$VWURQRP\ 7ROHUDQWFURSV
*0DQLPDOV *HQHWLFDOO\0RGLILHGDQLPDOV 3ODQW*HQHWLFV
7UDQVJHQLFDQLPDOVKDYHQRWEHHQDSSURYHG\HW *0, *UHJRU0HQGHO,QVWLWXWHIRU3ODQW0ROHFXODU
 IRUKXPDQFRQVXPSWLRQ %LRORJ\
7UDQVJHQLF$QLPDOV 7KH*0,ZLOORSHQLQ9LHQQD$XVWULDLQ
*0$7 *UDGXDWH0DQDJHPHQW$GPLVVLRQ7HVW 1DPHGIRUWKH$XVWULDQPRQNDQGERWDQLVW-RKDQQ
*0$7*0$7 *UHHQZLFK0HDQ$VWURQRPLFDO *UHJRU0HQGHO
7LPH 3ODQW0ROHFXODU%LRORJ\
*0% *HQHUDO0HUFKDQGLVH%UDQG*RRG *0,6 *UDQWV0DQDJHPHQW,QIRUPDWLRQ6\VWHP
0HUFKDQGLVH%UDQG *0/ *HQHUDOL]HG0DUNXS/DQJXDJH
%XVLQHVV&RPPHUFH *00 *OXFRVH0RQRP\FRODWH
*0& *HRORJLFDO0XVHXPRI&KLQD ,PPXQRORJ\/\PSKRF\WH%LRORJ\0LFURELRORJ\
*0&& *HRSK\VLFDO0RQLWRULQJIRU&OLPDWLF 5KHXPDWRORJ\
&KDQJH *PR *HQHUDOPDUNHWVRSHUDWLRQV
*0 FRXQWHU *HLJHU0OOHUFRXQWHU *02V *HQHWLFDOO\0RGLILHG2UJDQLVPV
$OVR*HLJHU0OOHUWXEH *03 *XDQRVLQH0RQRSKRVSKDWH
1XFOHRQLFV $OVRF\FOLF*03
*0FURSV *HQHWLFDOO\0RGLILHGFURSV %LRFKHPLVWU\
$OWHUHG)RRGV%LRFKHPLVWU\*HQHWLFDOO\ *03 *RRG0DQXIDFWXULQJ3UDFWLFHV
0RGLILHG)RRGV *03F *XDQRVLQH0RQRSKRVSKDWH&\FOLTXH
*0&V *DQJOLRQ0RWKHU&HOOV )UHQFKLQLWLDOLVPPHDQLQJ&\FOLF*03
&HOODQG6WUXFWXUDO%LRORJ\ %LRFKHPLVWU\
*0&V *LDQW0ROHFXODU&ORXGV *03&6 *OREDO0RELOH3HUVRQDO&RPPXQLFDWLRQ
$VWURSK\VLFV 6HUYLFHV
*0&6) *UDQXORF\WH0DFURSKDJH&RORQ\ 6DWHOOLWH6\VWHPV
6WLPXODWLQJ)DFWRU JPT JRRGPHUFKDQWDEOHTXDOLW\
,PPXQH6\VWHP0HVVHQJHUV0DFURSKDJH *05 *LDQW0DJQHWRUHVLVWDQFH
5HSURGXFWLRQ 0DJQHWRUHVLVWDQFH0HWDOV5HVHDUFK


*052, *URVV0DUJLQ5HWXUQ2Q,QYHVWPHQW *Q5+LVDOVRNQRZQDV/XWHLQL]LQJ+RUPRQH


%XVLQHVV)LQDQFH 5HOHDVLQJ+RUUQRQH
*057 *LDQW0HWHUZDYH5DGLR7HOHVFRSH (QGRFULQRORJ\
7KH*057 LVORFDWHGQHDU3XQH,QGLD,WLVSUR *16 *OREDO1HWZRUN6HUYLFH
YLGHGZLWKDQWHQQDHDQGLVGHVLJQHGWRH[SORUH *2 *HQHUDO2IILFH*HQHUDO2UGHU
WKHHDUO\XQLYHUVH *2 *HQHUDO2UJDQL]DWLRQ
$VWURQRP\ *2 *O\R[DO
*06 *HRVWDWLRQDU\0HWHRURORJLFDO6DWHOOLWH *2LVXVHGPDLQO\IRUOHDWKHUWDQQLQJ
-DSDQ  2UJDQLF&KHPLVWU\
*06 *UHDWHU0HNRQJ6XEUHJLRQ *2 *RYHUQPHQW2EOLJDWLRQV
*07 *HQHULF0DSSLQJ7RROV *RDO*2$/ *UXSSR2ULHQWDPHQWR$GROHVFHQWL
*07*07 *UHHQZLFK0HDQ7LPH /DYRUR ,WDO\ 
$OVR8QLYHUVDO7LPH *2$/6SURJUDP *OREDO2FHDQ$WPRVSKHUH/DQG
+DVEHHQUHSODFHGE\*(7 6\VWHPSURJUDP
+RURORJ\ *RDVH*DODFWRVH2[LGDVH
*08 *DGMDK0DGD8QLYHUVLW\ &KHPLVWU\
*08 *HRUJH0DVRQ8QLYHUVLW\ 86$  *2% JURXQGRUGHURIEDWWOH
*09 *XDUDQWHG0LQLPXP9DOXH RUGUHGHEDWDLOOH7HUUH
*0: *UDP0ROHFXODU:HLJKW *2&2FRPSOH[ *RYHUQPHQW2ZQHG&RQWUDFWRU
&KHPLVWU\ 2SHUDWHGFRPSOH[
*0:/ *OREDO0HWHRULF:DWHU/LQH *2' *OXFRVH2[LGDVH
JQ DEEU JHQHUDO *2'LVXVHGIRUWKHHVWLPDWLRQRIJOXFRVHFRQFHQ
$OVRJHQ WUDWLRQLQVDPSOHVRIXULQHRUEORRG
*1 *HQLR1DYDOH (Q]\PRORJ\
,WDOLDQLQLWLDOLVPPHDQLQJ1DY\(QJLQHHUV *2( *DXVVLDQ2UWKRJRQDO(QVHPEOH
*1 *ORPpUXORQpSKULWH 3K\VLFV
)UHQFKLQLWLDOLVPPHDQLQJ*ORPHUXORQHSKULWLV *2(61H[W 1H[W*HQHUDWLRQ*2(6
$OVRNQRZQDV*ORPHUXODU1HSKULWLVLVDFKURQLF )RUIXUWKHUGHWDLOVVHHXQGHU*2(6
RUDFXWHNLGQH\GLVHDVH *2(6 *HRVWDWLRQDU\2SHUDWLRQDO(QYLURQPHQWDO
0HGLFLQH 6DWHOOLWH
*1 *XDUGLD1D]LRQDOH *2(6ZDVODXQFKHGLQ
,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO*XDUG $WPRVSKHULF6FLHQFH(DUWK6FLHQFH3ODQHWDU\
JQ DEEU JXLQHD 3K\VLFV6SDFH3K\VLFV
*1$,': *ODFLDO1RUWK$WODQWLF,QWHUPHGLDWH *2(:'6 *URXSRI([SHUWVRQ:DUQLQJDQG
'HHS:DWHU 'HWHFWLRQ6\VWHPV
(DUWK6\VWHP6FLHQFH*HRORJ\*HRSK\VLFV *URXSHG·H[SHUWVVXUOHVV\VWqPHVG·DOHUWHHWGH
*1%3V *XDQLQH1XFOHRWLGH%LQGLQJ3URWHLQV GpWHFWLRQ
0ROHFXODU3K\VLRORJ\ *2(=6 *OREDO2FHDQ(XSKRWLF=RQH6WXG\
JQG DEEU JURXQG *OREDO&KDQJH
$YLDWLRQ(OHFWULFLW\*HRORJ\0DWHULDOV6FLHQFH *2) *RRGQHVV2I)LW
0LOLWDU\6FLHQFH1DYLJDWLRQ *2) JURXSRIIRUFHV
*1() *XDQLQH1XFOHRWLGH([FKDQJH)DFWRU JURXSHGHIRUFHV
*1) *HQRPLFV,QVWLWXWHRIWKH1RYDUWLV5HVHDUFK *2)6 *OREDO2FHDQ)OX[6WXG\
)RXQGDWLRQ 86$  *2* 7KH*\QHFRORJLF2QFRORJ\*URXS 86$ 
*1, *URVV1DWLRQDO,QFRPH 7LVVXH%DQNV
*10$ *RYHUQPHQW1DWLRQDO0RUWJDJH$VVRFLDWLRQ *2,1 *OREDO2EVHUYDWLRQ,QIRUPDWLRQ1HWZRUN
86$  *R. *RYHUQPHQWRI.DUQDWDND ,QGLD 
*13 *UDQG1DWLRQDO3DUW\ .RUHD  *2/ *RDO2ULHQWHG/DQJXDJH
*13 *URVV1DWLRQDO3URGXFW *2/' *O\R[DO/\VLQH'LPHU
*15 JHQHUDOQXFOHDUUHVSRQVH *20JURXSHPHQWRSpUDWLRQQHOGHPDQ±XYUH
ULSRVWHQXFOpDLUHJpQpUDOLVpH RSHUDWLRQDOPDQRHXYUHJURXS 20* 
*Q5+ *RQDGRWURSLQ5HOHDVLQJ+RUPRQH *20( *OREDO2]RQH0RQLWRULQJ([SHULPHQW


*2026 *OREDO2]RQH0RQLWRULQJE\2FFXOWDWLRQ &RPSXWHU6FLHQFH


RI6WDUV *3 *OREDO3URFHVVLQJ
*206 *HRVWDWLRQDU\2SHUDWLRQDO0HWHRURORJLFDO *3 *O\FRJHQ3KRVSKRU\ODVH
6DWHOOLWH %LRFKHPLVWU\%LRSK\VLFV
*21* *OREDO2VFLOODWLRQ1HWZRUN*URXS *3 *RLQJ3XEOLF
*21*LVDQHWZRUNRIWHOHVFRSHV %XVLQHVV)LQDQFH
$VWURQRP\ *3 *ROG3RLQWV
*22'63URJUDP *UHDW2EVHUYDWRULHV2ULJLQV *3 *UDFH3HULRG
'HHS6XUYH\3URJUDP %XVLQHVV&RPPHUFH)LQDQFH
$VWURQRP\$VWURSK\VLFV *3 *UDQG3UL[
*226 *OREDO2FHDQ2EVHUYLQJ6\VWHP *3 *UDWXLWR3DWURFLQLR
2EVHUYDWLRQDO&DPSDLJQV7URSLFDO$WODQWLF ,WDOLDQLQLWLDOLVPPHDQLQJ/HJDO$LGLQIRUPD
9DULDELOLW\ SDXSHULV
)RUIXUWKHUGHWDLOVVHHXQGHU $WODQWLF 02& DQG /HJDO
&/,9$5 *3 *URVV3URILWV
*226 *OREDO2]RQH2EVHUYLQJ6\VWHP %XVLQHVV&RPPHUFH)LQDQFH
$OVRNQRZQDV*226 JS DEEU JURXS
*23 JXLGHOLQHVIRURSHUDWLRQDOSODQQLQJ *3$ *HVWLRQH3DWULPRQL$VVLFXUDWLYL
GLUHFWLYHGHSODQLILFDWLRQRSpUDWLRQQHOOH %DQNLQJ)LQDQFH,QVXUDQFH
*233 *RDO2ULHQWHG3URMHFW3ODQQLQJ *3$ *LXQWD3URYLQFLDOH$PPLQLVWUDWLYD
*233 LVDWHFKQLTXHWRKHOS(XURSH
VUHJLRQV ,WDOLDQLQLWLDOLVPPHDQLQJ'LVWULFW$GPLQLVWUDWLYH
FRRUGLQDWHWKHLULQQRYDWLRQDQGWHFKQRORJ\WUDQV &RXQFLO
IHUGHYHORSPHQW *3$ *OREDO3URJUDPPHRQ$,'6
*25 *DV2LO5DWLR *3$RIWKH:+2ZDVFUHDWHGLQ,WKDV
3HWUROHXP(QJLQHHULQJ EHHQUHSODFHGE\81$,'6DSURJUDPVSRQVRUHG
*26 *OREDO2EVHUYLQJ6\VWHP E\VL[81DJHQFLHVLQFOXGLQJWKH:+2
*26 JUDGHRIVHUYLFH )RUIXUWKHUGHWDLOVVHHXQGHU:+2
TXDOLWpG·pFRXOHPHQWGXWUDILF *3$ FRXQWULHV *RYHUQPHQW3URFXUHPHQW
*26 *UXSSL2SHUDWLYL6SHFLDOL ,WDO\  $JUHHPHQW&RXQWULHV(XURSHDQ&RPPXQLW\
*263 *DV2LO6HSDUDWLRQ3ODQW *3$/6 JOREDOSURWHFWLRQDJDLQVWOLPLWHGVWULNHV
*265 *UXSSR2QFRORJLFRSHUOR6WXGLRGHL SURWHFWLRQjO·pFKHOOHPRQGLDOHFRQWUHGHVDWWDTXHV
5HWLQRLGL ,WDO\  OLPLWpHV
,WDOLDQDFURQ\PRIWKH2QFRORJLFDO*URXSIRUWKH *3% *UDYLW\3UREH%
6WXG\RI5HWLQRLGV 1$6$·V*3%PLVVLRQWRWHVW(LQVWHLQ·VJHQHUDO
*267$ GDWDEDVH *OREDO2FHDQ6XUIDFH WKHRU\RIUHODWLYLW\ZLOOEHODXQFKHGDWWKHHQGRI
7HPSHUDWXUH$WODVGDWDEDVH 
*27 *OXWDPLF2[DORDFHWLF7UDQVPLQDVH 6SDFH3K\VLFV
*276 JRYHUQPHQWRIIWKHVKHOI *3& *HO3HUPHDWLRQ&KURPDWRJUDSK\
JRXYHUQHPHQWDOVXUpWDJqUH RXJRXYHUQHPHQWDO ,QJHOSHUPHDWLRQFKURPDWRJUDSK\ZKLFKLVDOVR
VWDQGDUG  NQRZQDV*HO([FOXVLRQ&KURPDWRJUDSK\6L]H
*2:21 *XOI2IIVKRUH:HDWKHU2EVHUYLQJ ([FOXVLRQ&KURPDWRJUDSK\WKHPRYLQJSKDVHLVD
1HWZRUN OLTXLGDQGWKHVWDWLRQDU\SKDVHFRPSULVHVSRURXV
*3 *DOOXS3ROO SRO\PHULFEHDGV
JS JHQHSURGXFW $QDO\WLFDO&KHPLVWU\
*3*3 *HQHUDO3UDFWLFH*HQHUDO3UDFWLWLRQHU *3&& *OREDO3UHFLSLWDWLRQ&OLPDWRORJ\&HQWHU
*3*3 *HRPHWULF3URJUHVVLRQ *HUPDQ\ 
*HRPHWULFSURJUHVVLRQLVDOVRNQRZQDV *3&3 *OREDO3UHFLSLWDWLRQ&OLPDWRORJ\3URMHFW
*HRPHWULF6HTXHQFH *3&5 *3URWHLQ&RXSOHG5HFHSWRU
0DWKHPDWLFV )RUIXUWKHUGHWDLOVVHHXQGHU*3&5V DQG*$63
*3 *HQHUDO3XUSRVH *3&5V *3URWHLQ&RXSOHG5HFHSWRUV
7KHWHUPJHQHUDOSXUSRVHLQFRPSXWHUVUHIHUVWRD %LRORJ\&HOO%LRORJ\'UXJ'HYHORSPHQW
SURJUDPRUV\VWHPZKLFKPD\EHXVHGIRUPDQ\ 3URJUDPV0HGLFLQH0ROHFXODU0HGLFLQH
IXQFWLRQVRUDSSOLFDWLRQV


1HXURVFLHQFH2SKWKDOPRORJ\5HWLQDO *33 *URVV3ULPDU\3URGXFWLRQ


'HJHQHUDWLRQ9LVXDO3KRWRWUDQVGXFWLRQ &OLPDWH
*3'JSG JDOORQVSHUGD\ *35$ *RYHUQPHQW3HUIRUPDQFHDQG5HVXOWV$FW
JSG JUDPVSHUGHQLHU 86$ 
7H[WLOHV *35$ ZDVSDVVHGLQ
*3' *OXFRVH3KRVSKDWH'HK\GURJHQDVH *3&5V *3URWHLQ&RXSOHG5HFHSWRUV
*3'& *HQHUDO3XUSRVH'LJLWDO&RPSXWHU %LRFKHPLVWU\&HOO%LRORJ\0HGLFLQHROHFXODU
*3'+ 'JO\FHUDOGHK\GHSKRVSKDWH %LRORJ\2SKWDOPRORJ\3K\VLRORJ\5HWLQDO
'HK\GURJHQDVH 'HJHQHUDWLRQ9LVXDO3KRWRWUDQVGXFWLRQ
*3(3 *UDGXDWH3URIHVVLRQDO(GXFDWLRQ3URJUDP *35'*URXS *HQHUDO3UDFWLFH5HVHDUFK'DWDEDVH
86$  *URXS *% 
3URIHVVLRQDO(GXFDWLRQ3URJUDPV *356 *HQHUDO3DFNHW5DGLR6HUYLFHV
*3) JDVSURRI $ VWDQGDUGIRUWKHWUDQVPLVVLRQRIODUJHTXDQWLWLHV
*3) JHQHUDOSXUSRVHIRUFH RIGDWDYLDWKHPRELOHWHOHFRPPXQLFDWLRQQHWZRUN
)RUFHSRO\YDOHQWH 7KLVWHFKQRORJ\PDUNHWHGFRPPHUFLDOO\LQ
*S) *HVWLRQHSDWULPRQLLQ)RQGL LVXVHGWRLQFUHDVHWKHVSHHGRIWKH*60QHW
%DQNLQJ ZRUN
*3* JHQHUDOSROLWLFDOJXLGHOLQHV 0RELOH7HOHFRPPXQLFDWLRQV
GLUHFWLYHVSROLWLTXHVJpQpUDOHV )RUIXUWKHUGHWDLOVVHHXQGHU*60
*3*0 JHQHUDOSXUSRVHJURXQGPLQH JSV JDOORQVSHUVHFRQG
PLQHGHIRQGXQLYHUVHOOH *3V *HQHUDO3UDFWLWLRQHUV
JSK JDOORQVSHUKRXU *36 *HQHUDO3XUSRVH3UREOHP6ROYHU
*3, *OREDO3RZHU,QYHVWPHQWV *36LVWKHRXWFRPHRIUHVHDUFKFDUULHGRXWGXULQJ
$Q2SHQHQG,QYHVWPHQW)XQGIRU3ULYDWH3RZHU WKHVLQWKH86$
3URMHFWV $UWLILFLDO,QWHOOLJHQFH
*3, *OXFRVH3KRVSKDWH,VRPHUDVH *36 *OREDO3RVLWLRQLQJ6\VWHP
$ JO\FRO\WLFHQ]\PH *HRSK\VLFVDQG3ODQHWDU\3K\VLFV
%LRPHGLFLQH(Q]\PRORJ\ 2FHDQRJUDSK\
*3, *URXQG3RLQWRI,QWHUFHSW *366 *HQHUDO3XUSRVH6\VWHPV6LPXODWRU
*3, *URXQG3RVLWLRQ,QGLFDWRU &RPSXWHU3URJUDPPLQJ,QGXVWULDO(QJLQHHULQJ
*3,PRLHW\ *O\FRV\OSKRVSKDWLG\OLQRVLWROPRLHW\ *37 *DV3KDVH7LWUDWLRQ
&HOO6LJQDOLQJ0HGLFLQH0ROHFXODU&DQFHU *37 *OXWDPLF3\UXYLF7UDQVDPLQDVH
%LRORJ\DQG%LRFKHPLVWU\ 0HGLFLQH
*3. *3&5.LQDVH *376 *HRPDJQHWLF3RODULW\7LPH6FDOH
)RUIXUWKHUGHWDLOVVHHXQGHU*3&5V *3URWHLQ JSX JHRSRWHQWLDOXQLW
&RXSOHG5HFHSWRUV  *3; *OXWDWKLRQH3HUR[LGDVH
*3/ *HQHUDO3ULFH/HYHO (Q]\PDWLF$QWLR[LGDQWV
$FFRXQWLQJ%XVLQHVV&RPPHUFH *3]RQHV *XLQLHU3UHVWRQ]RQHV
*3/ *HQHUDO3XUSRVH/DQJXDJH 0HWDOOXUJ\
*3/$ *HQHUDO3ULFH/HYHO$GMXVWHG *4$ JRYHUQPHQWTXDOLW\DVVXUDQFH
$FFRXQWLQJ%XVLQHVV&RPPHUFH DVVXUDQFHRIILFLHOOHGHODTXDOLWp
JSP JDOORQVSHUPLQXWH *5 *HQHUDO5HFRUGV*HQHUDO5HJLVWHU
*30 *HVWLRQHGHO3RUWDIRJOLR,PPRELOLDUH *5 *HQHUDO5HVHUYH
,WDOLDQLQLWLDOLVPPHDQLQJ0DQDJHPHQWRIFXV *5 *OREXOH5RXJH
WRPHUV
VHFXULWLHVSRUWIROLR )UHQFKLQLWLDOLVPPHDQLQJ5HG%ORRG&HOO
%DQNLQJ 0HGLFLQH
*30 *UDGXDWHG3D\PHQW0RUWJDJH *5 *OXFRFRUWLFRLG5HFHSWRU
%XVLQHVV&RPPHUFH &DQFHU%LRORJ\*HQH([SUHVVLRQ0HGLFLQH
*31 *URXSHGHVSODQVQXFOpDLUHV 3KDUPDFRORJ\5HFHSWRU%LRORJ\
1XFOHDU3ODQQLQJ*URXS 13*  *5 *OXWDWKLRQH5HGXFWDVH
*32 *HQHUDO3RVW2IILFH *5 *ROG5HVHUYH
*32 *RYHUQPHQW3ULQWLQJ2IILFH JU DEEU JUDLQ
7KH*32LVFRQWUROOHGE\WKH86&RQJUHVV JU DEEU JUDPJUDPPH


$OVRJP *5%V *DPPD5D\%XUVWV


0HWURORJ\ 7KHJDPPDUD\EXUVWVZHUHGHWHFWHGE\WKH%XUVW
JU DEEU JUDYLW\ DQG7UDQVLHQW6RXUFH([SHULPHQW
0HFKDQLFV $VWURQRP\$VWURSK\VLFV3K\VLFV
JU DEEU JUHDW *5& *HQGDUPHULH5R\DOHGX&DQDGD
*5 *U DEEU *UHHFH*UHHN *5& *HURQWRORJ\5HVHDUFK&HQWHU 86$ 
*5 *URVV5HFHLSWV*URVV5HYHQXH *5& *RUGRQ5HVHDUFK&RQIHUHQFHV
*U DEEU *XQQHU *5& *RYHUQPHQW5HVHDUFK&RUSRUDWLRQ
*5$ *DPPD5D\$VWURQRP\ *5'*UG 'UDFKPD REVROHWH 
*5$ LVWKHEUDQFKRIDVWURQRP\VWXG\LQJJDPPD 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
UD\V VLQJOHFXUUHQF\ ZLWKHIIHFWIURP-DQXDU\
$VWURQRP\ &XUUHQFLHV
*5$ *HRUJLD5HVHDUFK$OOLDQFH 86$  *5'& *HRORJLFDO5HVHDUFKDQG'HYHORSPHQW
(PLQHQW6FKRODU3URJUDP &HQWHU 86$ 
*5$ *RYHUQPHQW5HSRUWV$QQRXQFHPHQWV *5'& *OREDO5XQRII'DWD&HQWUH *HUPDQ\ 
86$  *5( *UDGXDWH5HFRUG([DPLQDWLRQ 86$ 
*5$ *UDGXDWH5HVHDUFK$VVLVWDQWVKLS 86$  *5(&& *HULDWULF5HVHDUFK(GXFDWLRQDQG
*5$&( *5DSKLF$UWV&RPSRVLQJ(TXLSPHQW &OLQLFDO&HQWHU 86$ 
*5$&( *UDYLW\5HFRYHU\$QG&OLPDWH *5(V *OXFRFRUWLFRLG5HVSRQVH(OHPHQWV
([SHULPHQW %LRFKHPLVWU\
*5$&(ZDVODXQFKHGRQWK 0DUFKIURP *5) JUDGXDWHGUHDGLQHVVIRUFH
5XVVLD·V3OHVHWVNURFNHWIDFLOLW\,WLVD\HDUPLV IRUFHjQLYHDXGHSUpSDUDWLRQJUDGXp
VLRQWRSURGXFHDQDFFXUDWHPDSRI(DUWK·VJUDYLW\ *5)V *XDQLQH1XFOHRWLGH5HOHDVLQJ)DFWRUV
DQGLWVFKDQJHVRYHUWLPH *5)VDUHDOVRNQRZQDV*XDQLQH'LSKRVSKDWH
&OLPDWH&KDQJH(DUWK6FLHQFH0LVVLRQ 'LVVRFLDWLRQ6WLPXODWRUV
*HRSK\VLFV3RODU6FLHQFH *5*)3 *OXFRFRUWLFRLG5HFHSWRU*UHHQ
JUDG DEEU JUDGLHQWJUDGXDWH )OXRUHVFHQW3URWHLQ
*5$,1 *UDSKLFVRULHQWHG5HODWLRQDO$OJHEUDLF &HOO6LJQDOLQJ0HGLFLQH3DWKRORJ\
,QWHUSUHWHU *5, *DV5HVHDUFK,QVWLWXWH 86$ 
JUDLQ 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH 7KH*5,LVWKHVFLHQWLILFDUPRIWKH86JDV
(QJOLVKZRUGJUDLQ LQGXVWU\
%RWDQ\)RUHVWU\0DWHULDOV6FLHQFH0HWURORJ\ *5, *OD[RLQF5HVHDUFK,QVWLWXWH
*5$1$'$ *5$PPDWLFDO1RQDOJRULWKPLF'DWD *5,% *5,GGHG%LQDU\
'HVFULSWLRQ *5,' *OREDO5HVRXUFH,QIRUPDWLRQ'DWDEDVH
*UDQDGD 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH *5,3 *UDSKLFV,QWHUDFWLYH3URJUDPPLQJ
QDPHRIWKHFLW\*UDQDGD 6SDLQ  *5,3 *5HHQODQG,FHFRUH3URMHFW
*5$2 *DPPD5D\$VWURQRP\2EVHUYDWRU\ $OVR*UHHQODQG,FHVKHHW3URMHFW
*5$3(6 *URXQGZDWHUDQGULYHUUHVRXUFHV$FWLRQ *5,3 *5HHQODQG,FHVKHHW3URJUDP(XURSH
3URJUDPPHRQD(XURSHDQ6FDOH *5,3 LVDOVRNQRZQDV*UHHQODQG,FHFRUH3URMHFW
(XURSHDQ&RPPLVVLRQ3URMHFW(QYLURQPHQWDO JULS 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
3URWHFWLRQ0HWHRURORJ\6DIHW\3ROLFLHV (QJOLVKZRUGJULS
*5$6 *HQHUDOO\5HFRJQL]HG$V6DIH 0HGLFLQH2UGQDQFH3K\VLRORJ\
%LRWHFKQRORJ\ *5,67 *UD]LQJ,QFLGHQFH6RODU7HOHVFRSH
*5$63 *UHDW$SHV6XUYLYDO3URMHFW *5.V *3&5.LQDVHV
$ 816FLHQFHEDVHG3URMHFW )RUIXUWKHUGHWDLOVVHHXQGHU*3&5V
$SH&RQVHUYDWLRQ3ULPDWH6SHFLHV([WLQFWLRQ *5/ *HRSK\VLFDO5HVHDUFK/HWWHUV
*5$66 *HRJUDSKLF5HVRXUFHV$QDO\VLV6XSSRUW 3XEOLFDWLRQ
6\VWHP *50 *HRSK\VLFDO5HVHDUFK0LVVLRQ 86$ 
*5% 7KHDLUSRUWFRGHIRU*UHHQ%D\:LVFRQVLQ *50 *UDQGH5DJQDWHOD0RQGLDOH
86$ 1HZ,WDOLDQLQLWLDOLVPPHDQLQJ:RUOG:LGH:HE
*UE *URZWKIDFWRUUHFHSWRUERXQGSURWHLQ *509 *UHHQ5LQJ0RWWOH9LUXV
&DQFHU5HVHDUFK3KDUPDFHXWLFDOV6LJQDO 3ODQW3DWKRORJ\
7UDQVGXFWLRQ J51$V JXLGH51$V


%LRORJLFDO&KHPLVWU\0HGLFLQH *6 *URVV6DOHV
*51(7 *UHHN5HVHDUFKDQG7HFKQRORJ\1HWZRUN %XVLQHVV&RPPHUFH
*51(7 LVDOHDGLQJFRQVRUWLXPWRH[WHQG*e$17 *6 *URVV6SUHDG
FRQQHFWLYLW\LQWRWKH%DONDQV %XVLQHVV)LQDQFH
(XURSHDQ&RPPLVVLRQ *6 *URXQG6SHHG
*511 *HQHUDO5HJUHVVLRQ1HXUDO1HWZRUN $OVR6SHHGRYHUWKHJURXQG
*52 *DPPD5D\2EVHUYDWRU\ $YLDWLRQ
JUR JURVV GR]HQV  *6 *URXS6HSDUDWRU
*52%$7 VHH*525%$7 *6 *URZWK6WRFN
YRLU*525%$7 %XVLQHVV)LQDQFH
*525%$7 JURXQGRUGHURIEDWWOH JV JXLQHDV
RUGUHGHEDWDLOOH7HUUH *6 *XOI6KHOI
*53 *ODVV5HLQIRUFHG3ODVWLF3RO\HVWHU *6$ *HQHUDO6HUYLFHV$GPLQLVWUDWLRQ 86$ 
*53V *HQHUDO5HFHSWRUVIRU3KRVSKRLQRVLWLGHV *6$ *HRORJLFDO6RFLHW\RI$PHULFD
%LRFKHPLVWU\0ROHFXODU%LRORJ\0ROHFXODU *6$ *UHDW6DOLQLW\$QRPDO\
0HGLFLQH *6$& 7KH*HQRPH6HTXHQFLQJDQG$QDO\VLV
*55 *HQRW\SLF5HODWLYH5LVNV &RQIHUHQFH 86$ 
(SLGHPLRORJ\*HQHWLFV0HGLFLQH3V\FKLDWU\ *HQRPLFV
*55 7KHDLUSRUWFRGHIRU*UDQG5DSLGV0LFKLJDQ *6$0 *OXWDPDWHVHPLDOGHK\GH$PLQRPXWDVH
86$ %LRFKHPLVWU\
*56 *DPPD5D\6SHFWURPHWHU *6$7 *OREDO6DWHOOLWHGDWD$FTXLVLWLRQ7HDP
7KH*56LVDFROOHFWLRQRIWKUHHLQVWUXPHQWV 86$ 
ZKLFKDUHXVHGWRGHWHUPLQHWKHFRPSRVLWLRQRI *6& *DV6ROLG&KURPDWRJUDSK\
WKHPDUWLDQVXUIDFH *DVVROLGFKURPDWRJUDSK\LVDFKURPDWRJUDSK\
/XQDU5HVHDUFK6SDFH5HVHDUFK ZKHUHLQWKHVWDWLRQDU\SKDVHLVDVXUIDFHDFWLYH
)RUIXUWKHUGHWDLOVVHHXQGHU+(1' VRUEHQWDQGWKHPRELOHSKDVHLVDJDV
*56 *RYHUQPHQW5XEEHUDQG6W\UHQH $QDO\WLFDO&KHPLVWU\
&KHPLFDO,QGXVWU\ *6& *HQHUDO6WDII&RUSV
*56 *UHDW5HG6SRW *6& *HRORJLFDO6XUYH\RI&DQDGD
7KH*56LVDUHJLRQLQ-XSLWHU
V6RXWK(TXDWRULDO *6& *OREDO6XSSO\&KDLQ
%HOW 7KH*6&LVDQ,QIRUPDWLRQ7HFKQRORJ\SURMHFW
$VWURQRP\ WKDW*OD[R:HOOFRPHKDVLQLWLDWHGLQ
*57 *5HDWHU7KDQ *6&, *ROGPDQ6DFKV&RPPRGLW\,QGH[
$OVR*7 *LYHVDUHSUHVHQWDWLRQRIWKHHFRQRPLFLPSRUWDQFH
JUW*57JURW JURVVUHJLVWHUWRQQDJH RIFRPPRGLWLHVLQWKHZRUOGHFRQRP\
*57 *URXS5DSLG7UDQVLW *6&V *HUPOLQH6WHP&HOOV
7UDQVSRUWDWLRQ(QJLQHHULQJ &HOO%LRORJ\'HYHORSPHQW(PEU\RORJ\
*58 JULGUHIHUHQFHXQLW *6' *URXSH6DQLWDLUH'LYLVLRQQDLUH )UDQFH 
XQLWpGHUpIpUHQFHGHJULOOH 85()  *6( *URXQG6XSSRUW(TXLSPHQW
*5803,(6 *URZQ8S0DWXUH3HUVRQV 86$  *6(LVDOVRNQRZQDV*URXQG+DQGOLQJ
JUZW JURVVZHLJKW (TXLSPHQW
*V *DXVV $YLDWLRQ
1DPHGIRUWKH*HUPDQPDWKHPDWLFLDQ.DUO *6(ORQJLWXGH *HRFHQWULF6RODU(FOLSWLFORQJLWXGH
)ULHGULFK*DXVV /XQDU5HVHDUFK
(OHFWURPDJQHWLVP *6(6 *RYHUQPHQW6SRQVRUHG(QWHUSULVHV
*6 *HQHUDO6HFUHWDU\*HQHUDO6WDII %XVLQHVV&RPPHUFH
*6 *ODPRXU6WRFN *6)& *RGGDUG6SDFH)OLJKW&HQWHU1$6$·V
%XVLQHVV)LQDQFH ([WUDWHUUHVWULDO3K\VLFV6SDFH5HVHDUFK
*6 *OXWDPLQH6\QWKHWDVH*O\FRJHQ6\QWKHWDVH 1DQRVDWHOOLWH7HFKQRORJ\
(Q]\PRORJ\ )RUIXUWKHUGHUDLOVVHHXQGHU*(67
*6 *ROG6WDQGDUG *6, ,QVWLWXWHIRU+HDY\,RQ5HVHDUFK 'DUPVWDGW
*6 *RRGVDQG6HUYLFHV *HUPDQ\ 
*6 *RYHUQPHQW6HFXULWLHV*RYHUQPHQW6WRFN +HDY\,RQ3K\VLFV


*6. *O\FRJHQ6\QWKDVH.LQDVH *66GLVHDVH *HUWVPDQQ6WUlXVVOHU6KHLQNHUGLV


'HYHORSPHQWDO%LRORJ\0HGLFLQH6LJQDO HDVH
7UDQVGXFWLRQ7XPRU6XSSUHVVLRQ *66LVDUDUHIRUPRI&UHXW]IHOGW-DNREGLVHDVH
JVNW DEEU JDVNNHW %UDLQ5HVHDUFK&HUHEHOODU3DWKRORJ\
$ JDVNHWZKLFKLVDOVRNQRZQDVVWDWLFVHDOLVD 1HXURGHJHQHUDWLYH'LVHDVHV1HXURSDWKRORJ\
SUHVVXUHWLJKWULQJRUVKHHWPDGHRIGHIRUPDEOH 1HXURVFLHQFH
PDWHULDOZKLFKLVXVHGWRPDNHDMRLQW *663 *OREDOERXQGDU\6WUDWRW\SH
(QJLQHHULQJ *HRORJ\*HRSK\VLFV
*VLO DEEU *HUPDQVLOYHU DOOR\  )RUIXUWKHUGHWDLOVVHHXQGHU(*
$OVR1LFNHO6LOYHU *6636 *UDYLWDWLRQDOO\6WDELOL]HG6RODU3RZHU
$QDOOR\QRWFRQWDLQLQJVLOYHU 6\VWHP
0DWHULDOV *66V\QGURPH *HUVWPDQQ6WUlXVVOHU6FKHLQNHU
*6/ *HQHUDOL]HG6LPXODWLRQ/DQJXDJH V\QGURPH
*6/ *XDUDQWHHG6WXGHQW/RDQV 86$  7KH*66V\QGURPHLVDQLQKHULWHGIRUPRIVSRQJL
*6/$ *KDQD6FKRRO/LEUDULHV$VVRFLDWLRQ IRUPHQFHSKDORSDWK\
*6/ O\VRVRPDOVWRUDJHGLVHDVHV *O\FRVSKLQJROLSLG 0HGLFLQH
O\VRVRPDOVWRUDJHGLVHDVHV *67 *OXWDWKLRQH6XOIXU7UDQVIHUDVH
%LRFKHPLVWU\'LDEHWHVDQG'LJHVWLYHDQG.LGQH\ *67 *UHHQZLFK6LGHUDO7LPH
'LVHDVHV*O\FRELRORJ\ *69 *XLGHG6SDFH9HKLFOH
*60FRPPXQLFDWLRQV*OREDO6\VWHPIRU0RELOH 6SDFH7HFKQRORJ\
FRPPXQLFDWLRQV *6956 *HQHUDO6WDIIRIWKH$UP\RIWKH
*60LVDGLJLWDOFHOOXODUWHFKQRORJ\ZKLFKKDV 5HSXEOLND6USVND
EHFRPHWKHVWDQGDUGIRUQHZ(XURSHDQGLJLWDO eWDWPDMRUJpQpUDOGHO·DUPpHGH5HSXEOLND
PRELOHWHOHSKRQHVHUYLFHV 6USVND
*60 *OREDO6\VWHPIRU0RELOHV2QH *6= JURXQGVDIHW\]RQH
(J\SWLDQ0RELOH7HOHSKRQH6HUYLFHV ]RQHGHVpFXULWpWHUUHVWUH =67 
*61 *OREDO6HLVPLF1HWZRUN *7 *DVWLJKW
*HRSK\VLFV2FHDQRJUDSK\3ODQHWDU\3K\VLFV *7 *LIW7D[
6HLVPRORJ\ *W *LJDWRQV
*612 61LWURVRJOXWDWKLRQH JW DEEU JLOW
*62 *HQHUDO6WDII2IILFHU *7 *LXGLFH7XWHODUH
*62 JHRVWDWLRQDU\RUELW ,WDOLDQLQLWLDOLVPPHDQLQJ7XWHODU\-XGJH
RUELWHJpRVWDWLRQQDLUH JW JRRGVWUDLQ
*62 *HRV\QFKURQRXV2UELW *7 *UDQG7RXULQJ
$VWURQRP\ JW DEEU JUHDW
*6265+ *HQHUDO6WDIIRIWKH$UPHG)RUFHVRIWKH *7 *UHDWHU7KDQ
5HSXEOLFRI&URDWLD $OVR*57
eWDWPDMRUJpQpUDOGHV)RUFHVDUPpHVGHOD *7 *URVV7RQ
5pSXEOLTXHGH&URDWLH $OVR/RQJ7RQ
*63 JHQHUDOVWULNHSODQ 0HWURORJ\
SODQJpQpUDOG·DWWDTXHQXFOpDLUH *7 *URVV7RQQDJH
*63' *HQHWLF6XVFHSWLELOLW\LQ3DUNLQVRQ
V 1RWDPHDVXUHRIZHLJKW
'LVHDVH 1DYDO$UFKLWHFWXUH
*65 *DOYDQLF6NLQ5HVSRQVH *7 JURXSHGHWUDYDLO
*65LVDOVRNQRZQDV(OHFWURGHUPDO5HVSRQVH ZRUNLQJJURXS :* 
3K\VLRORJ\ JURXSHWDFWLTXH
*65 JHQHUDOVXSSRUWUHLQIRUFLQJ WDVNJURXS 7* 
UHQIRUFHPHQWGHO·DSSXLJpQpUDO *XDWHPDOD
*65 *OREDO6KDUHG5HVRXUFHV *XDWpPDOD
*66 &LYLO$OOLDQFHRI6HUELD )5<  JXQWDUJHW OLQH 
$OOLDQFHFLYLTXHGH6HUELH 5)<   OLJQH SLqFHEXW
*66 *HQHUDO6RFLDO6XUYH\ *7$& *HQH7KHUDS\$GYLVRU\&RPPLWWHH *% 
*7$+ JURXSHGHWUDYDLODGKRF


DGKRFZRUNLQJJURXS $+:*  JXDU DEEU JXDUDQWHHJXDUDQWHHGJXDUDQWRU


*7& JDLQWLPHFRQWURO *8&( *D]]HWWD8IILFLDOHGHOOD&RPPLVVLRQH
DDWWpQXDWHXUVpOHFWLI (XURSHD
EUpJXODWLRQGXJDLQHQIRQFWLRQGXWHPSV ,WDOLDQDFURQ\PPHDQLQJ2IILFLDO*D]HWWHRIWKH
*W&*LJDWRQVRI&DUERQ (XURSHDQ&RPPLVVLRQ
(DUWKDQG(QYLURQPHQWDO(QJLQHHULQJ *X&O *XDQLGLQH+\GURFKORULGH
*7&JWF *RRG7LOO&DQFHOOHG 3URWHLQ6FLHQFH
*7&JWF *RRG7LOO&RXQWHUPDQGHG *8, *UDSKLFDO8VHU,QWHUIDFH
JWG DEEU JXDUDQWHHG *8,55 *RYHUQPHQW8QLYHUVLW\,QGXVWU\5HVHDUFK
JWHH DEEU JXDUDQWHH 5RXQGWDEOH 86$ 
*7 HQJLQH *DV7XUELQHHQJLQH *X. *XDQ\ODWH.LQDVH
*7) *HQHUDOL]HG7UDGH)DFLOLW\ *80& *HRUJHWRZQ8QLYHUVLW\0HGLFDO&HQWHU
*7)V *HQHUDO7UDQVFULSWLRQ)DFWRUV 86$ 
%LRFKHPLVWU\&HOO%LRORJ\0HGLFLQH *81FRQYHUWHU *ROGHU81LWVFRQYHUWHU *ROGHU
7UDQVFULSWLRQ $VVRFLDWHV86$ 
*7,WHFKQRORJ\ *UDSKLF7DUJHW,PDJLQJWHFKQROR *81LVDVFLHQWLILFFDOFXODWRUVRIWZDUHSURJUDP
J\ WKDWDXWRPDWLFDOO\FRQYHUWVHQJLQHHULQJDQGVFLHQ
3DWHQWHGE\*DUUHWW(OHFWURQLFV 86$  WLILFXQLWVIRUPXOWLSOHXVHV
*7/ *HRUJLD7HFK/RUUDLQH $XWRPDWLF8QLWV&RQYHUWHUV
*7/ LVORFDWHGLQ0HW])UDQFH,WLVDEUDQFKRI *83 *LXGLFHGHOO
8GLHQ]D3UHOLPLQDUH
*HRUJLD,QVWLWXWHRI7HFKQRORJ\$WODQWD*HRUJLD /DZ ,WDO\ ,WDOLDQDFURQ\PPHDQLQJ-XGJHRI
86$ WKH3UHOLPLQDU\+HDULQJ
*7/ SURMHFWV *DV7R/LTXLGVSURMHFWV *857V *HQH8VH5HVWULFWLRQ7HFKQRORJLHV
*70$ *DXJHDQG7RRO0DNHUV
$VVRFLDWLRQ %LRWHFKQRORJLHV3ODQW6FLHQFHV
*70+5 *DV7XUELQH0RGXODU+HOLXP5HDFWRU *8672 *OREXV8ELTXLWRXV6XSHUFRPSXWLQJ7HVW
*70RUGHU *RRG7KLV0RQWKRUGHU %HG
%XVLQHVV&RPPHUFH *8672LVDJULGOLQNLQJPRUHWKDQSURFHV
*71 *OREDO7UHQGV1HWZRUN VRUVDWVLWHVLQWKH8QLWHG6WDWHVDQG(XURSH
*726 *OREDO7HUUHVWULDO2EVHUYLQJ6\VWHP 6XSHUFRPSXWHUV*ULGV
*73 *OREDO7UDQVIHU3ULFLQJ *87V *UDQG8QLILHG7KHRULHV
*73 *XDQRVLQH7ULSKRVSKDWH 3K\VLFV&RVPRORJ\
1HHGHGGXULQJWUDQVODWLRQ JXWV 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
%LRFKHPLVWU\ (QJOLVKZRUGJXWV
*73DVH *XDQRVLQH7ULSKRVSKDWDVH *9 *HUPLQDO9HVLFOH
(QGRFULQRORJ\1HXURVFLHQFH &HOO%LRORJ\
*75 *RYHUQPHQW7UDQVSRUWDWLRQ5HTXHVW 86$  *9 *UDQXORVLV9LUXV
*75WHFKQLTXHV *HRLG7RSRJUDSK\5DWLRWHFK *UDQXORVLVYLUXVLVDGLVHDVHRIWKHOHSLGRSWHUDQ
QLTXHV ODUYDH
/XQDU5HVHDUFK *9 *XLQHD
*76 *HQHUDO7KHRORJLFDO6HPLQDU\ *9$ 7KHDLUSRUWFRGHIRU*HQHYD6ZLW]HUODQG
*76 JOREDOWHOHFRPPXQLFDWLRQVV\VWHP *9$ *ODWW9DOOH\$TXLIHU 6ZLW]HUODQG 
UpVHDXPRQGLDOGHWpOpFRPPXQLFDWLRQV *9%' *HUPLQDO9HVLFOH QXFOHDUHQYHORSH
*79 *DWH9DOYH %UHDNGRZQ
$ JDWHYDOYHLVDYDOYHSUHVHQWLQJDFORVLQJHOH %LRFKHPLVWU\&HOO%LRORJ\0HGLFLQH
PHQWWKDWFRQWUROVIOXLGIORZ *9' *URXS9HORFLW\'LVSHUVLRQ
0HFKDQLFDO'HYLFHV *9* *DPPD9LQ\O*$%$
*7: *RRG7KURXJK:HHN (SLOHSV\'UXJV1HXURELRORJ\
%XVLQHVV&RPPHUFH)LQDQFH *9+' *UDIW9HUVXV+RVW'LVHDVH
*7: *URVV7UDLOHU:HLJKW &OLQLFDO0HGLFLQH&OLQLFDO,PPXQRORJ\
9HKLFOH7UDQVSRUWDWLRQ ([SHULPHQWDO0HGLFLQH+HPDWRORJ\2QFRORJ\
*8 *HQLWRXULQDU\ *9+ UHDFWLRQ *UDIW9HUVXV+RVWUHDFWLRQ
*HQLWRXULQDU\LVDOVRNQRZQDVXURJHQLWDO *UDIW9HUVXV+RVWUHDFWLRQLVDOVRNQRZQDV
$QDWRP\ *UDIW9HUVXV+RVWGLVHDVH


,PPXQRORJ\
JYO DEEU JUDYHO
%XLOGLQJV
*9/ HIIHFW *UDIW9HUVXV/HXNHPLDHIIHFW
&OLQLFDO0HGLFLQH&OLQLFDO,PPXQRORJ\
([SHULPHQWDO0HGLFLQH+HPDWRORJ\2QFRORJ\
*92 *URVV9DOXHRI2XWSXW
*97 jJDLQYDULDEOHGDQVOHWHPSV
VHQVLWLYLW\WLPHFRQWURO 67& 
*9: *URVV9HKLFOH:HLJKW
*: JDWHZD\
SDVVHUHOOH
JXLGHGZHDSRQ
HQJLQJXLGp
*: JLJDZDWW
*: JURXQGZDWHUJURXQGZDWHU
$OVR8QGHUJURXQG:DWHU3KUHDWLF:DWHU
+\GURORJ\
*:$7 *ULQGLQJ:KHHO$EUDVLRQ7HVW
*:( *OREDO:HDWKHU([SHULPHQW
*:(1 *URXQG:DYH(PHUJHQF\1HWZRUN
7HOHFRPPXQLFDWLRQV
*:)$ 7KH*DPELD:RPHQ
V)LQDQFH$VVRFLDWLRQ
*:, *UHHQKRXVH:DUPLQJ,QGH[
*:,1 *OD[R:HOOFRPH,QWHUQDWLRQDO1HWZRUN
*:3 *LIW:LWK3XUFKDVH
0DUNHWLQJ
*:3 *OREDO:DUPLQJ3RWHQWLDO
*:3 *URVV:RUOG3URGXFW
*:3$6 *HQHUDO:RUNIRUFH3HUIRUPDQFH
$SSUDLVDO6\VWHP
*:80& *HRUJH:DVKLQJWRQ8QLYHUVLW\0HGLFDO
&HQWHU 86$ 
*\J\ DEEU JUD\JUH\
+LVWRORJ\2SWLFV5DGLRORJ\
*< *X\DQD
*\D *LJD\HDUVDJR
*<( *UHDWHU<HOORZVWRQH(FRV\VWHP
J\P DEEU J\PQDVLXPJ\PQDVWLFV
*<1J\Q *\QHFRORJ\
*\QHFRORJ\LVWKHEUDQFKRIWKHPHGLFDOVFLHQFH
GHDOLQJZLWKWKHGLVHDVHVWKDWDIIHFWWKHVH[XDO
RUJDQVRIZRPHQ
0HGLFLQH
*\U *LJD\HDU
J\UR DEEU J\URFRPSDVVJ\URVFRSH
1DYLJDWLRQ
J\UR DEEU J\URSODQH
$YLDWLRQ
*= JURXQG]HUR
DSRLQW]pUR 3= 
EVXUIDFH]pUR
*=7 *UHHQZLFK=RQH7LPH


+$ +DLWL

+ +DwWL
KROGLQGDUHD
]RQHG·DWWHQWH
+ +DOI$GGHU +$ +DOI$GGHU
$OVR+$ $OVR+
&RPSXWHU7HFKQRORJ\ &RPSXWHU7HFKQRORJ\
+K KDUERXUKDUGQHVV +$ +DOI$GMXVW
K DEEU KDUGZDUH &RPSXWHU3URJUDPPLQJ
0HFKDQLFDO(QJLQHHULQJ ,QPHFKDQLFDOHQJLQHHU +$ +DXWHV$OSHV )UDQFH 
LQJWKHWHUPKDUGZDUHFRPSULVHVWRROVIDVWHQHUV +$ +HDY\$UWLOOHU\
KLQJHVDQGRWKHUPHWDOSDUWV KDKD KHFWDUHKHFWDUHV
&RPSXWHU7HFKQRORJ\ ,QFRPSXWHUWHFKQRORJ\ 0HWURORJ\
WKHWHUPKDUGZDUHUHIHUVWRWKHSK\VLFDOFRPSR +$ +RPH$GGUHVV
QHQWVRIZKLFKDFRPSXWHULVPDGHXS &RPSXWHU7HFKQRORJ\
2UGQDQFH ,QRUGQDQFHWKHWHUPKDUGZDUHUHIHUV +$+$ +RXU$QJOH
PDLQO\WRPHWDOSDUWVXVHGLQFRPEDW +$ +RXVH$FFRXQW
K KHDW +$ +\DOXURQLF$FLG
(QJLQHHULQJ0HWHRURORJ\3K\VLRORJ\ +$ DOVRNQRZQDV+\DOXURQDQEHORQJVWRWKHJO\
7KHUPRG\QDPLFV FRVDPLQRJO\FDQIDPLO\,WLVDQHVVHQWLDOSRO\VDF
KK KHLJKW FKDULGH
$OVRKWKW %LRFKHPLVWU\DQG0ROHFXODU%LRORJ\+HDOWK
+K +HLU 6FLHQFHV3ODQW3DWKRORJ\
+ +HQU\ +$$ KHDY\DQWLDLUFUDIWDUWLOOHU\
+ +HURLQ DUWLOOHU\DQWLDpULHQQHORXUGH
+HURLQLVDOVRNQRZQDV'LDFHW\OPRUSKLQH +$$ +HLJKW$ERYH$LUSRUW
3KDUPDFRORJ\ +$$53 +LJKIUHTXHQF\$FWLYH$XURUDO5HVHDUFK
K DEEU +LHUDUFK\ 3URJUDP 86$ 
%HKDYLRU 7KH+$$53 SURMHFWZDVODXQFKHGLQ
K KLJK $WPRVSKHULF3K\VLFV)XQGDPHQWDO3K\VLFVDQG
+LJKLQPHWHRURORJ\LVDOVRNQRZQDVKLJKSUHV &KHPLFDO3URFHVVHV3ODVPD3K\VLFV8SSHU
VXUHV\VWHPDQWLF\FORQH $WPRVSKHUH6WXGLHV
0HWHRURORJ\ +$$57 +LJKO\$FWLYH$QWLUHWURYLUDO7UHDWPHQW
K KRPH 7KHUDS\
%HKDYLRU&RPSXWHU7HFKQRORJ\(OHFWULFLW\ +$$57 LVDFRPELQDWLRQRIDQWLUHWURYLUDOGUXJVWR
(OHFWURQLFV1DYLJDWLRQ WUHDW+,9LQIHFWHGSDWLHQWV
KK KRUL]RQWDO $,'67KHUDSLHV$QWLUHWURYLUDO'UXJV+,9
K KRVW 9DFFLQHV,PPXQRORJ\,QIHFWLRXV'LVHDVHV
%LRORJ\9LURORJ\ 7UHDWPHQWRI,QIHFWLRQV9LURORJ\
+K +RW +$% +LJK$QJOHJUDLQ%RXQGDU\
++KK KRXURUKRXUV +$%&,7 +LJK$OWLWXGH%DOORRQ&LUFXPVWHOODU
$OVRKUKUV ,PDJLQJ7HOHVFRSH
KK KXPLGLW\ %LRDVWURQRP\([RSODQHWV,PDJLQJ
KK KXQGUHG +$&& +DUULVEXUJ$UHD&RPPXQLW\&ROOHJH
+ +XQJDU\,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU +$&&LVORFDWHGLQ+DUULVEXUJ3HQQV\OYDQLD
+ +\GUDQW 86$,WSURYLGHVFXVWRPL]HGWUDLQLQJLQ(QJOLVK
&LYLO(QJLQHHULQJ DVDVHFRQGODQJXDJH+D]DUGRXV0DWHULDOV3ROLFH
+ +\GUDXOLFV DQG)LUHILJKWLQJ+HDWLQJ$& 5HIULJHUDWLRQ
)OXLG0HFKDQLFV HWF
+ 7KHFKHPLFDOV\PEROIRU+\GURJHQ +$&&3 DQDO\VLV +D]DUG$QDO\VLV&ULWLFDO&RQWURO
&KHPLVWU\6\PEROV 3RLQWDQDO\VLV
K FRHIILFLHQWRIYLVFRVLW\ +$&03 +LJK$YDLODELOLW\&OXVWHU0XOWL
K HOHFWURO\WLFSRODUL]DWLRQ 3URFHVVLQJ,%0V\VWHP


+$ FU\VWDOV +\GUR[\DSDWLWHFU\VWDOV H[SORVLRQQXFOpDLUHjKDXWHDOWLWXGH


&KHPLVWU\(QJLQHHULQJ0DWHULDOV6FLHQFH +$133 +XPDQ$SSURSULDWLRQRI1HW3ULPDU\
0HGLFLQH 3URGXFWLRQ
+$&V +XPDQ$UWLILFLDO&KURPRVRPHV $JURQRP\%LRVFLHQFH6RFLDO(FRORJ\
%LRFKHPLVWU\0ROHFXODU%LRORJ\ +$1SURMHFWV +LJKO\$GYDQFHG1DWLRQDOSURMHFWV
+$&7/ +RQJ.RQJ$LU&DUJR7HUPLQDOV/LPLWHG 863URMHFW
+RQJ.RQJ  +$18/ +LJKHQHUJ\$VWURSK\VLFV1HXWULQR
+$&9 KHDY\DUPDPHQWFRPEDWYHKLFOH /DERUDWRU\ 6RXWK.RUHD 
YpKLFXOHGHFRPEDWjDUPHPHQWORXUG 9&$/  $VWURQRP\$VWURSK\VLFV3DUWLFOH3K\VLFV
+$' +HDOWK$VVHVVPHQW'RFXPHQW 3K\VLFV
+$' +HUHLQ$IWHU'HVFULEHG KDQXO 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
+$' +,9$VVRFLDWHG'HPHQWLD .RUHDQZRUG´KDQXOµZKLFKPHDQVVN\
$JLQJ5HVHDUFK1HXURVFLHQFH +$3 +D]DUGRXV$LU3ROOXWDQW
+$(5 +LVWRULF$PHULFDQ(QJLQHHULQJ5HFRUG )RUIXUWKHUGHWDLOVVHHXQGHU+$3V
+$(5LVD'LYLVLRQRIWKH86,QWHULRU
V2IILFHRI +$3(; +\GURORJLFDO$WPRVSKHULF3LORW
$UFKDHRORJ\DQG+LVWRULF3UHVHUYDWLRQ 86$  ([SHULPHQW
+$) EODFN +LJK$EUDVLRQ)XUQDFHEODFN KDSS KHLUDSSDUHQW
+$* KHOLFRSWHUDFWLRQJURXS /DZ
DJURXSHG·DFWLRQG·KpOLFRSWqUHV +$3V +D]DUGRXV$LU3ROOXWDQWV
EJURXSHGHFRPEDWG·KpOLFRSWqUHV +$3VLQFOXGHDZLGHUDQJHRILQGXVWULDODQGDJUL
+$*&KHOLFRSWHUDFWLRQJURXSFRPPDQGHU FXOWXUDOFKHPLFDOVDVZHOODVPL[WXUHVRISRO\
DFRPPDQGDQWGHJURXSHG·DFWLRQG·KpOLFRS F\FOLFRUJDQLFPDWWHU
WqUHV &KHPLVWU\
EFRPPDQGDQWGHJURXSHGHFRPEDWG·KpOLFRS +$5 +DUERU$GYLVRU\5DGDU
WqUHV +$5 KHOLFRSWHUDVVDXOWUHJLPHQW
+$, +HOLFRSWHU$VVRFLDWLRQ,QWHUQDWLRQDO UpJLPHQWG·KpOLFRSWqUHVG·DVVDXW
+$, WHVW +HPDJJOXWLQDWLRQ,QKLELWLRQWHVW +$5 7KHDLUSRUWFRGHIRU+DUULVEXUJ
+$,WHVWLVDOVRNQRZQDV+,WHVW 3HQQV\OYDQLD86$
,PPXQRORJ\ +$5 +\SHUDFXWH5HMHFWRU
+DO +DUGZDUHDEVWUDFWLRQOD\HU 0HGLFLQH;HQRWUDQVSODQWDWLRQ;HQRYLURORJ\
+$/&$ +LJKO\$GYDQFHG/DERUDWRU\IRU +$50 +D]DUGRXV$WPRVSKHULF5HOHDVH0RGHO
&RPPXQLFDWLRQVDQG$VWURQRP\ +$50 +LJKYHORFLW\$QWL5DGLDWLRQ0LVVLOH
7KH+$/&$ LVDUDGLRWHOHVFRSHSXWLQWRRUELWE\ +$50LVD86DLUWRVXUIDFHDQWLUDGLDWLRQPLV
WKH-DSDQHVH6SDFH$JHQF\LQ VLOH
$VWURSK\VLFV5DGLR7HOHVFRSHV 2UGQDQFH
)RUIXUWKHUGHWDLOVVHHXQGHU086(6% +$53 +HWHURDURPDWLF3RO\F\FOHV
+$/2( +$/RJHQ2FFXOWDWLRQ([SHULPHQW 0ROHFXODU%LRORJ\$QWLEDFWHULDO5HVHDUFK
86$  +$6 KDUGHQHGDLUFUDIWVKHOWHU
+$/2(PHDVXUHVVRODUREVHUYDWLRQE\WKHXSSHU DEULGXUFLSRXUDYLRQ V 
DWPRVSKHUH +$6 +HOLFRSWHU$UPDPHQW6XEV\VWHP
$WPRVSKHULF&KHPLVWU\0HWHRURORJ\3K\VLFV +$6 +HOLXP$WRPEHDP6FDWWHULQJ
+$0$ +$0LOWRQ$Q[LHW\ $SSOLHG3K\VLFV/DVHUV
+XPDQ%HKDYLRU1HXURVFLHQFH3V\FKLDWU\ +$6 +\GUR[\ODPLQH$FLG6XOIDWH
+$0% +,9 DQG$,'60DOLJQDQF\%UDQFK +$63 +RXVWRQ$XWRPDWLF6SRROLQJ3URJUDP
2IWKH861&, 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU1&, &RPSXWHU3URJUDPPLQJ
+$0' +$0LOWRQ'HSUHVVLRQ +$6V +$ 6\QWKDVHV
+XPDQ%HKDYLRU1HXURVFLHQFH3V\FKLDWU\ +$6VDUHLQWHJUDOPHPEUDQHSURWHLQVWKDWSRO\
+DPLQRDFLGV +\GURSKRELFDPLQRDFLGV PHUL]HWKH+$ PROHFXOH
KDQG DEEU KDQGOLQJ )RUIXUWKHUGHWDLOVVHHXQGHU+$ +\DOXURQLF
+ ( +HPDWR[\OLQDQG(RVLQ $FLG 
+ 6( +HDOWKDQG6DIHW\([HFXWLYH *%  +$7 +DOH\$GYDQFHG7HFKQRORJ\ &DQDGD 
+$1( KLJKDOWLWXGHQXFOHDUH[SORVLRQ +$7 +HLJKW$ERYH7RXFKGRZQ


1DYLJDWLRQ %RULF$FLGLVXVHGPDLQO\DVDQH\HZDVK
+DW$ JHQH +LVWRQH$FHW\OWUDQVIHUDVH7\SH$ JHQH ,QRUJDQLF&KHPLVWU\
&HOO%LRORJ\'HYHORSPHQWDO*HQHWLFV0HGLFLQH +%2 6DVVROLWH
0ROHFXODU%LRORJ\ 6DVVROLWHLVDOVRNQRZQDV6DVVROLQ6DVVROLQH
+$75,&6 +$PSVKLUH7HFKQLFDO5HVHDUFK 0LQHUDORJ\
,QGXVWULDODQG&RPPHUFLDO6HUYLFH +%2&V +HPRJORELQ%DVHG2[\JHQ&DUULHUV
+$7V +LVWRQH$FHW\OWUDQVIHUDVHV $UWLILFLDO%ORRG %ORRG6XEVWLWXWHV&HOOIUHH
7KH+$7VDUHKLVWRQHPRGLI\LQJHQ]\PHV +HPRJORELQ&OLQLFDO7ULDOV7UDQVIXVLRQ
0ROHFXODU0HGLFLQH 0HGLFLQH
+$8V +HPDJJOXWLQDWLQJ8QLWV +%2, +DUERU%UDQFK2FHDQRJUDSKLF,QVWLWXWLRQ
+$863 +HUSHVYLUXV$VVRFLDWHG8ELTXLWLQ6SHFLILF +ERPE +\GURJHQ%RPE
3URWHDVH 2UGQDQFH
%LRFKHPLVWU\%LRORJ\&DQFHU*HQHWLFV +%SRSXODWLRQPRGHOV +RUL]RQWDO%UDQFKSRSXOD
'HXELTXLWLQDWLRQ0HGLFLQH3DWKRORJ\ WLRQPRGHOV
+$9 7KHDLUSRUWFRGHIRU+DYDQD&XED &OXVWHUV6SDFH$VWURSK\VLFV
+$9 +HSDWLWLV$ 9LUXV +%5 KLJKELWUDWH
+HSDWLWLV$ 9LUXVLVDOVRNQRZQDV,QIHFWLRXV GpELWELQDLUHpOHYp
+HSDWLWLV9LUXV(SLGHPLF-DXQGLFH9LUXV +%6 +DUYDUG%XVLQHVV6FKRRO 86$ 
9LURORJ\ +E6 6LFNOH+HPRJORELQ
+$ YLUXV +HPDGVRUSWLRQYLUXV 6LFNOH&HOO'LVHDVH
+$=&21 KD]DUGRXVFRQGLWLRQV +EVV +DQN
VEDODQFHGVDOWVROXWLRQ
FRQGLWLRQVGDQJHUHXVHV +E66 +RPR]\JRXV6LFNOH&HOO
+$=0$7 DEEU +$=DUGRXV0$7HULDOV %LRFKHPLVWU\'HQWLVWU\0HGLFLQH0ROHFXODU
+% +DOI%ORFN *HQHWLFV6LFNOH&HOO'LVHDVH
&RPSXWHU3URJUDPPLQJ +%7V +HWHURMXQFWLRQ%LSRODU7UDQVLVWRUV
+E +HPRJORELQ &LUFXLW'HVLJQLQJ'HYLFH(QJLQHHULQJ'HYLFH
$OVRKJE 3K\VLFV
+HPDWRORJ\ +%9 +HSDWLWLV%9LUXV
+% +HSDWLWLV% +HSDWLWLV%9LUXVDOVRNQRZQDV6HUXP+HSDWLWLV
+HSDWLWLV%LVDOVRNQRZQDV6HUXP+HSDWLWLV 9LUXVLVDSDUDUHWURYLUXV
0HGLFLQH 9LURORJ\
+%$ +RQHVW%DOORW$VVRFLDWLRQ 86$  +& +DELWXDOFULPLQDO
+E&2 &DUER[\KHPRJORELQ &ULPLQDO/DZ
+%&V+LJK%XUGHQ&RXQWULHV7XEHUFXORVLV +& +DLU&HOO
7XEHUFXORVLV&RQWURO +& +DOI&DUU\
+%' +RUPRQH%LQGLQJ'RPDLQ &RPSXWHU3URJUDPPLQJ
0HGLFLQH2QFRORJ\ +& +DUGZDUH&RPSDWLELOLW\
+%() +XEEDUG%URRN([SHULPHQWDO)RUHVW 1HZ &RPSXWHU7HFKQRORJ\
+DPSVKLUH86$  +& +HDW&RLO
+%(6 +XPDQ%HKDYLRUDQG(YROXWLRQ6RFLHW\ (OHFWULFLW\
+%) )OXRURERULF$FLG +& +LJK&KXUFK
)OXRURERULF$FLGLVXVHGIRUPDQ\SXUSRVHVIRU +& +LJK&RPPLVVLRQHU
LQVWDQFHIRUWKHSURGXFWLRQRIIOXRURERUDWHV +& +LJK&RXUW
,QRUJDQLF&KHPLVWU\ +& +LSSRFDPSXV
+%0 +HU%ULWDQQLF0DMHVW\ *%  $QDWRP\9HUWHEUDWH=RRORJ\
+%0,V +\EULG%UDLQ0DFKLQH,QWHUIDFHV +& +ROGLQJ&RPSDQ\
%LRPHGLFDO(QJLQHHULQJ%LRQLF7HFKQRORJLHV +& +RPH&RPSXWHU
6SLQDOFRUG,QMXULHV +&LVD3&WREHXVHGDWKRPHQRWIRUSURIHVVLRQDO
K%03 KXPDQ%RQH0RUSKRJHQLF3URWHLQ MREV
*HQHWLFV &RPSXWHU7HFKQRORJ\
+E2 2[\KHPRJORELQ KF KRQRULVFDXVD
%LRFKHPLVWU\ +&+& +RVSLWDO&RUSV
+%2 %RULF$FLG +& +RVW&RPSXWHU


+&LVDOVRNQRZQDV+RVW3URFHVVRU 2UJDQLF&KHPLVWU\)RUPLF$FLGLVXVHGPDLQO\
&RPSXWHU7HFKQRORJ\ LQWUHDWLQJOHDWKHUVDQGIRUWKHSURGXFWLRQRI
+& +RXVHRI&RPPRQV LQVHFWLFLGHV
+& +\EULG&RPSXWHU %LRORJ\ )RUPLF$FLGLVDOVRNQRZQDV
&RPSXWHU7HFKQRORJ\ 0HWKDQRLF$FLG
+& +\GURFDUERQ +&R9 +XPDQ&RURQDYLUXV
2UJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU+&R9V
+&$ +HDGRI&RQWUDFWLQJ$FWLYLW\ +&R9V +XPDQ&RURQDYLUXVHV
+&% +H[DFKORUREHQ]HQH 8SSHU5HVSLUDWRU\7UDFW,OOQHVVHV
2UJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU6$56&R9
+&%3 +H[DFKORURELSKHQ\O +&3 +DELWDW&RQVHUYDWLRQ3ODQ
+&& +HSDWRFHOOXODU&DUFLQRPD )RUIXUWKHUGHWDLOVVHHXQGHU+&3V
+&&+ +H[DFKORURF\FORKH[DQH +&3 +XPDQ&LUFDGLDQ3DFHPDNHU
2UJDQLF&KHPLVWU\ &+&O 0HGLFLQH6OHHS0HGLFLQH
+&&/V +XPDQ&RORQ&DQFHU&HOO/LQHV KFS KRORFHQWULFSURWHLQ
+&'$ +\SRWKHWLFDO&RUH'LVUXSWLYH$FFLGHQW 0ROHFXODU%LRORJ\
+&)+&)KFIKFI +LJKHVW&RPPRQ)DFWRU +&3 DUUDQJHPHQWV +H[DJRQDO&ORVH3DFNLQJ
+&)$ +HDOWK&DUH)LQDQFLQJ$GPLQLVWUDWLRQ DUUDQJHPHQW
86$  +&3, +DUPRQL]HG&RQVXPHU3ULFH,QGH[
+&)&V +\GURFKORURIOXRURFDUERQV +&3,WKHHFRQRPLFVWDWLVWLFIRUWKHHXUR]RQHLV
&KHPLVWU\&KORURIOXRURFDUERQV6XEVWLWXWHV SXEOLVKHGPRQWKO\E\(XURVWDW
&OLPDWH&KDQJH +&3V +DELWDW&RQVHUYDWLRQ3ODQV 86$ 
+&* +XPDQ&KRULRQLF*RQDGRWURSLQ 7KH+&3VZHUHFUHDWHGE\DDPHQGPHQWWR
+&*DOVRNQRZQDV&KRULRQLF*RQDGRWURSLQLV WKH86(QGDQJHUHG6SHFLHV$FW
SURGXFHGE\WKHFKRULRQLFYHVLFOH $QLPDO3K\VLRORJ\%LRORJ\&RQVHUYDWLRQ
%LRFKHPLVWU\ %LRORJ\(FRORJ\(QYLURQPHQW:LOGOLIH%LRORJ\
+FKDLQ +HDY\FKDLQ KFS VWUXFWXUH KH[DJRQDOFORVHSDFNHGVWUXFWXUH
,PPXQRORJ\ &U\VWDOORJUDSK\
+&+V +H[DFKORURF\FORKH[DQHV +&U2 'LFKURPLF$FLG
+&+:$' +HUHGLWDU\&HUHEUDO+HPRUUKDJHZLWK ,QRUJDQLF&KHPLVWU\
$P\ORLGRVLV'XWFKW\SH +&V +DLU&HOOV
+&+:$'LVDIRUPRI`DP\ORLGUHODWHGGLVHDVH +&6 +DXW&RPPDQGHPHQW FRPPDQGDQW VXERU
+&, KXPDQFRPSXWHULQWHUIDFH GRQQp>REVROqWHUHPSODFpSDU5&@
LQWHUIDFHKRPPHPDFKLQH 0DMRU6XERUGLQDWH&RPPDQG FRPPDQGHU  06&
+&/ +LJK&RVWRI/LYLQJ  >REVROHWHUHSODFHGE\5&@
+&O2 &KORURXV$FLG +&6 'LYLVLRQRI +HDOWK&DUH6HUYLFHV 86$ 
,QRUJDQLF&KHPLVWU\ +&6 +LJK&RQWHQW6FUHHQLQJ
+&0 +\EULG&RXSOHG0RGHO +&6 +XPDQ&KRULRQLF6RPDWRPDPPRWURSLQ
+&0 +\SHUWURSKLF&DUGLRP\RSDWK\ (QGRFULQRORJ\
+&0LVFKDUDFWHUL]HGE\K\SHUWURSK\RIWKHKHDUW +&V +\GURFDUERQV
&DUGLRORJ\0HGLFLQH0XWDQW*HQHV3DWKRORJ\ 2UJDQLF&KHPLVWU\
+&0 5HVHDUFKDQGWHFKQRORJLFDOGHYHORSPHQWSUR +&7+7 +HPDWRFULW
JUDPLQWKHILHOGRI+XPDQ&DSLWDODQG0RELOLW\ 3DWKRORJ\
(XURSHDQ&RPPXQLW\3URJUDP +&8 KHOLFRSWHUFRQWUROXQLW
)RUIXUWKHUGHWDLOVVHHXQGHU+0&3URJUDPPH XQLWpFRQWU{OHXUG·KpOLFRSWqUHV
+&1 +\GURF\DQLF$FLG +&9 +HSDWLWLV&9LUXV
+&1DOVRNQRZQDV3UXVVLF$FLG+\GURJHQ /LYHU'LVHDVH,PPXQRORJ\
&\DQLGHLVXVHGPDLQO\LQLQVHFWSRLVRQV +' +DOI'XSOH[
,QRUJDQLF&KHPLVWU\ KG DEEU KDQG
+&2 +HDGRI&RQWUDFWLQJ2IILFH +' +DQVHQ
V'LVHDVH
+&2 &DUERQLF$FLG +DQVHQ
VGLVHDVHLVDOVRNQRZQDV/HSURV\
,QRUJDQLF&KHPLVWU\ 0HGLFLQH
+&2+ )RUPLF$FLG +' DEEU +DUGHQHG


+' +DUGZDUH'LDJQRVWLF+DUGZDUH'LYLVLRQ +'16: +LJK'HQVLW\1XFOHDU6KRFN:DYH


&RPSXWHU7HFKQRORJ\ +'3&'9 +H[DGHF\OR[\SURS\O&LGRIRYLU
KG DEEU KHDG $QWLYLUDO5HVHDUFK
+' +HDULQJ'LVWDQFH +'3(KG3( +LJK'HQVLW\3RO\HWK\OHQH
+' +HDY\'XW\ +'3(LVDOVRNQRZQDV/RZ3UHVVXUH
7KHWHUPKHDY\GXW\DOVRNQRZQDVKHDY\VHU 3RO\HWK\OHQH/LQHDU3RO\HWK\OHQH
YLFHUHIHUVWRWKHORQJZHDULQJUHVLVWDQFHRI 0DWHULDOV
REMHFWVDVZHOODVWKHLUDELOLW\WRZLWKVWDQGH[FHV KGTKGT DEEU KHDGTXDUWHUV
VLYHVWUDLQ $OVR+4+4
(QJLQHHULQJ +'6 +LWDFKL'DWD6\VWHPV
+' +LJK'HQVLW\ +'6 +XPDQ'HYHORSPHQW6HUYLFHV
+'+XQWLQJWRQ·V'LVHDVH +'6/ +GVO +LJKELWUDWH'LJLWDO6XEVFULEHU/LQH
+'LVDQHXURGHJHQHUDWLYHGLVRUGHUFKDUDFWHUL]HG +'7 +\SHUVHQVLWLYLW\RIWKH'HOD\HG7\SH
E\SURJUHVVLYHQHXURGHJHQHUDWLRQRIVWULDOQHXURQV +'79 +LJK'HILQLWLRQ7HOHYLVLRQ
LQWKHEUDLQWKDWOHDGVWRGHDWK1DPHGDIWHUWKH 7HOHFRPPXQLFDWLRQV
$PHULFDQSK\VLFLDQ*HRUJH+XQWLQJWRQ +'9 +HSDWLWLV'HOWD9LUXV
1HXURGHJHQHUDWLRQ %LRFKHPLVWU\0HGLFLQH9LURORJ\
+'$ +DLO'HWHFWLRQ$OJRULWKP +'Y9 H[FKDQJH +HLVHQEHUJ'LUDFYDQ9OHFN
+'$ +HSDWLWLV'HOWD$JHQW H[FKDQJH
+'$& +LVWRQH'HDFHW\ODVH %LRFKHPLVWU\&KHPLFDO%LRORJ\&KHPLVWU\
)RUIXUWKHUGHWDLOVVHHXQGHU+'$&V (Q]\PH5HVHDUFK
+'$&V +LVWRQH'HDFHW\ODVHV KGZKGZH DEEU KDUGZDUH
%LRFKHPLVWU\(SLJHQHWLFV+LVWRQH'HDFHW\ODWLRQ )RUIXUWKHUGHWDLOVVHHXQGHUK
0ROHFXODU%LRORJ\ KGZG DEEU KDUGZRRG
+'$J +HSDWLWLV'HOWD$QWLJHQ 7KHWHUPKDUGZRRGUHIHUVWRWKHZRRGRIPDQ\
+$'LFH +LJK'HQVLW\$PRUSKRXVLFH EURDGOHDYHGRUGHFLGXRXVWUHHV
)RUIXUWKHUGHWDLOVVHHXQGHU/'$ LFH 0DWHULDOV
KGEN DEEU KDQGERRN +'; +DOI'XSOH[
+'& KHOLFRSWHUGLUHFWLRQFHQWUH 7HOHFRPPXQLFDWLRQV
FHQWUHGHGLUHFWLRQGHVKpOLFRSWqUH +'= &URDWLDQ'HPRFUDWLF8QLRQ &URDWLD 
+') +LHUDUFKLFDO'DWD)RUPDW 8QLRQGpPRFUDWLTXHFURDWH
+') +XEEOH'HHS)LHOG +H WKHFKHPLFDOV\PEROIRU+HOLXP
$ VSDFHWHOHVFRSHH[SRVXUH GD\V 1$6$·V +HOLXPLVDJDVHRXVHOHPHQWDWRPLFQXPEHU
$VWURQRP\ DWRPLFZHLJKWERLOLQJSRLQW$&LW
+'JHQH +LVWRQH'HDFHW\ODVHJHQH LVWKHILUVWHOHPHQWLQWKHQREOHJDVJURXS
0HGLFLQH0LFURELRORJ\ &KHPLVWU\6\PEROV
+', +XPDQ'HYHORSPHQW,QGH[ +(+( +LJK([SORVLYH
3XEOLF+HDOWK 0DWHULDOV2UGQDQFH
+GLVHDVH +DUWQXSGLVHDVH +($ +LJKHU(GXFDWLRQ$XWKRULW\ ,UHODQG 
0HGLFLQH +($ +\GUR[\HWK\O$FU\ODWH
KGNI DEEU KDQGNHUFKLHI +($'76 KHOLFRSWHUDQGDLUFUDIWGHWHFWLRQWUDLQLQJ
+'/ +DUGZDUH'HVFULSWLRQ/DQJXDJH V\VWHP
&RPSXWHU7HFKQRORJ\ V\VWqPHGHIRUPDWLRQjODGpWHFWLRQG·KpOLFRSWqUHV
+'/ +LJK'HQVLW\/LSRSURWHLQ HWG·DYLRQV
%LRFKHPLVWU\ +($2 +LJK(QHUJ\$VWURQRPLFDO2EVHUYDWRU\
+'/& +LJK/HYHO'DWD/LQN&RQWURO +($2 7KLUG+LJK(QHUJ\$VWURSK\VLFV
+'0/+GPO +DQGKHOG'HYLFH0DUNXS 2EVHUYDWRU\
/DQJXDJH +($6' +XPDQ([SRVXUHDQG$WPRVSKHULF
+'1 +HPRO\WLF'LVHDVHRIWKH1HZERUQ 6FLHQFHV'LYLVLRQ
+'1 +H[DGHFLPDO1RWDWLRQ $W1(5/ 86$ 
&RPSXWHU3URJUDPPLQJ +XPDQ([SRVXUH5HVHDUFK
K'1$ +\EULG'1$ )RUIXUWKHUGHWDLOVVHHXQGHU1(5/
0ROHFXODU%LRORJ\ +($7 +LJK([SORVLYH$QWL7DQN


2UGQDQFH &DQFHU5HVHDUFK&HOO%LRORJ\,PPXQRORJ\
+HE +HEUHZ 0HGLFLQH0LFURELRORJ\
+HEUHZLVDVHPLWLFODQJXDJHRIWKH$IUR$VLDWLF +(/ +LJK(QHUJ\/DVHU
IDPLO\WKHODQJXDJHRIWKHDQFLHQW+HEUHZVQRZ +(/ FHOO +XPDQ(U\WKUROHXNHPLDFHOO
WKHQDWLRQDOODQJXDJHRI,VUDHO +(/' +HDOWK(IIHFWV/DERUDWRU\'LYLVLRQ
/DQJXDJHV +(/,26 +RVSLWDO(QYLURQPHQW/DQJXDJHZLWKLQDQ
+(%0V +RW(OHFWURQ%RORPHWHU0L[HUV ,QIRUPDWLRQ2EMHFW6\VWHP
$SSOLHG6ROLG6WDWH3K\VLFV+HWHURG\QH 0HGLFLQH
5HFHLYHUV,QVWUXPHQWDWLRQ +H//,6 +HDOWK/LWHUDWXUH/LEUDU\DQG,QIRUPDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU+76+(%0 6HUYLFHV
+HEU DEEU +HEUHZV +(/3 +RPRSKLOH(IIRUWIRU/HJDO3URWHFWLRQ
+HEU DEEU +HEULGHV 86$ 
+(& (FROHGHV+DXWHV(WXGHV&RPPHUFLDOHV +(0 +RVWLOH(QYLURQPHQW0DFKLQH
)UDQFH  0HFKDQLFDO(QJLQHHULQJ5RERWLFV
+(& KHOLFRSWHUHOHPHQWFRRUGLQDWRU +(0$ +\GUR[\HWK\OPHWKDFU\ODWH
DFRRUGRQQDWHXUGHVPR\HQVKpOLFRSWqUHV +(07 +LJK(OHFWURQ0RELOLW\7UDQVLVWRU
EFRRUGRQQDWHXUGHO·pOpPHQWKpOLFRSWqUH $SSOLHG3K\VLFV0LFURHOHYWURQLFV1DQRVFLHQFH
+('PHWHRULWHV +RZDUGLWH(XFULWHDQG'LRJHQLWH 3K\VLFV
PHWHRULWHV +(1' +LJK(QHUJ\1HXWURQ'HWHFWRU
*HRFKHPLVWU\*HRSK\VLFV0HWHRULWLFV3ODQHWDU\ +(1'ZKLFKEHJDQPDSSLQJLQ)HEUXDU\LV
6FLHQFH SDUWRIWKH*56RQWKH0DUV2G\VVH\0LVVLRQ
+('7$ $FLG 1XFOHDU5HVHDUFK6SDFH5HVHDUFK
+\GUR[\HWK\OHWK\OHQHGLDPLQHWULDFHWLF$FLG )RUIXUWKHUGHWDLOVVHHXQGHU*56
+(GX%7 +LJKHU(GXFDWLRQLQ%LRWHFKQRORJ\ +(3 +LJK(JJ3DVVDJH
+((' +LJK(QHUJ\(OHFWURQ'LIIUDFWLRQ 9LURORJ\
+(('LVWKHGLIIUDFWLRQRIHOHFWURQVZLWKKLJK +(3 KLJKH[SORVLYHSODVWLF
HQHUJLHVLQWKHUDQJHIURPWRHOHF H[SORVLIEULVDQWSODVWLF
WURQYROWV +(3$ LQOHWILOWHU +LJK(IILFLHQF\3DUWLFXODWH$LU
3K\VLFV LQOHWILOWHU
+()$ +LJKHU(GXFDWLRQ)DFLOLWLHV$FW +(3$3 +LJK(QHUJ\3K\VLFV$GYLVRU\3DQHO
+() DQWHQQDV +LJK(IILFLHQF\DQWHQQDV +(3$7 FKDUJH +LJK([SORVLYH3ODVWLF$QWLWDQN
+()&( +LJKHU(GXFDWLRQ)XQGLQJ&RXQFLOIRU FKDUJH
(QJODQG *%  2UGQDQFH
+()&(LVWKH*RYHUQPHQWERG\WKDWGLVWULEXWHV +(3(6 DFLG  +\GUR[\HWK\O 
LQIUDVWUXFWXUHDQGWHDFKLQJIXQGLQJWR(QJOLVK 3LSHUD]LQHHWKDQHVXOIRQLFDFLG
8QLYHUVLWLHV &+126FU\VWDOVWKDWDUHVROXEOHLQDOFRKRO
+(*5$ SURMHFW +LJK(QHUJ\*DPPD5D\ DQGZDWHUKDYLQJDPHOWLQJSRLQWRI$&
$VWURQRP\SURMHFW 2UJDQLF&KHPLVWU\
+(*5$D*HUPDQ6SDQLVK$UPHQLDQIDFLOLW\ +(3QHW +LJK(QHUJ\3K\VLFVQHWZRUN
SURMHFWZDVFRPSOHWHGLQ +(33 +LJK([SORVLYH3ODVWLF3URMHFWLOH
*DPPDUD\V6WXGLHV 2UGQDQFH
+(, +DOO(IIHFW,PDJLQJ )RUIXUWKHUGHWDLOVVHHXQGHU+(6+
&DUGLDF,PDJLQJ,PDJLQJ7HFKQRORJ\0DJQHWLF K(5 KXPDQ(VWURJHQ5HFHSWRU
5HVRQDQFHLQ0HGLFLQH0HGLFDO,PDJLQJ +(5 +XPDQ(SLGHUPDOJURZWKIDFWRU5HFHSWRU
+(, +HDOWK(IIHFWV,QVWLWXWH 0HGLFLQH7XPRU%LRORJ\
7KH+(,RI&DPEULGJH0$86$LVDQRQ +(5$ +DGURQ(OHFWURQ5LQJ$FFHOHUDWRU
SURILWRUJDQL]DWLRQWKDWVHUYHVDVDQLQGHSHQGHQW 3DUWLFOH3K\VLFV
VRXUFHRILQIRUPDWLRQRQWKHKHDOWKHIIHFWVRI +HUHI V DEEU +HUHIRUGVKLUH *% 
PRWRUYHKLFOHHPLVVLRQVDQGWKHOLNH +(5/ +HDOWK(IIHFWV5HVHDUFK/DERUDWRU\
+(. +XPDQ(PEU\RQLF.LGQH\ +(57,6 +HUWIRUGVKLUH&RXQW\7HFKQLFDO
%LRFKHPLVWU\%LRORJ\0HGLFDO6FLHQFHV ,QIRUPDWLRQ6HUYLFH
+(/ 7KHDLUSRUWFRGHIRU+HOVLQNL)LQODQG +HUWV DEEU +HUWIRUGVKLUH *% 
+(/ +HQ(JJ/\VR]\PH +(6&V +XPDQ(PEU\RQLF6WHP&HOOV


+XPDQ(PEU\RORJ\5HJHQHUDWLYH0HGLFLQH +)LVXVHGPDLQO\DVDQDGGLWLYHLQOLTXLGURFNHW
+(6&$ +(DOWK6FLHQFHV&RPPXQLFDWLRQV SURSHOODQWV
$VVRFLDWLRQ ,QRUJDQLF&KHPLVWU\
+(6+ +LJK([SORVLYH6TXDVK+HDG +) 7HWUDK\GURIRODWH
+(6+LVDOVRNQRZQDV+LJK([SORVLYH3ODVWLF +)$ +HOVLQNL)LQDO$FW
3URMHFWLOH $FWHILQDOG·+HOVLQNL
2UGQDQFH +)%5 +LJK)OX[%HDP5HDFWRU 86$ 
+(7 KHDY\HTXLSPHQWWUDQVSRUW 7KH+)%5LVDQHXWURQVFDWWHULQJIDFLOLW\DWWKH
pTXLSHPHQW PDWpULHO ORXUG 86%URRNKDYHQ1DWLRQDO/DERUDWRU\,WLVRQ
+(7 +LJK(QHUJ\7HOHVFRSH LQGHILQLWHVWDQE\VLQFH-DQXDU\
8QLYHUVLW\RI&KLFDJR 86$  (QHUJ\1XFOHDU3K\VLFV5DGLRDFWLYH,VRWRSHV
+(7 +RW(QJLQHHULQJ7HVWV +)%5 +ROORZ)LEHU%LRUHDFWRUV
+HW&RU H[SHULPHQWV +HWHURQXFOHDU&RUUHODWLRQ +)& +\GURIOXRURFDUERQ
H[SHULPHQWV +)&V +\GURIOXRURFDUERQV
%LRPDWHULDOV0HGLFLQH2UWKRSDHGLF6XUJHU\ +)') +LJK)UHTXHQF\'LUHFWLRQ)LQGLQJ
5DGLRORJ\6NHOHWDO'LVRUGHUV 2UGQDQFH
+(7( +LJK(QHUJ\7UDQVLHQW([SHULPHQW +)($ +XPDQ)HUWLOL]DWLRQDQG(PEU\RORJ\
$ VDWHOOLWHGHGLFDWHGWRWKHVWXG\RI*5%V $XWKRULW\
$VWURQRP\$VWURSK\VLFV3K\VLFV 7KH+)($ LVDQ$JHQF\WKDWUHJXODWHVWKHXVHRI
)RUIXUWKHUGHWDLOVVHHXQGHU*5%V KXPDQUHSURGXFWLYHWHFKQRORJ\LQ*%
+(7( $FLG+\GUR[\HLFRVDWHWUDHQRLF$FLG %LRHWKLFV
+(73 +HLJKW(TXLYDOHQWRI7KHRUHWLFDO3ODWH )RUIXUWKHUGHWDLOVVHHXQGHU+*$&
&KHPLFDO(QJLQHHULQJ +),5 +LJK)OX[,VRWRSH5HDFWRU
+(73 +H[DHWK\OWHWUDSKRVSKDWH 7KHKLJKIOX[LVRWRSHUHDFWRULVORFDWHGDWWKH2DN
+(733 +\GUR[\HWK\OLGHQH7KLDPLQH 5LGJH1DWLRQDO/DERUDWRU\7HQQHVVHH86$
3\URSKRVSKDWH 1XFOHRQLFV
%LRFKHPLVWU\ K),; KXPDQ)DFWRU,;
+(8 +LJKO\(QULFKHG8UDQLXP 0HGLFLQH+XPDQ*HQHWLFV
1XFOHRQLFV +)0 +ROG)RU0RQH\
+(9 SRUFLQH+HPDJJOXWLQDWLQJ(QFHSKDORP\HOLWLV %XVLQHVV&RPPHUFH
9LUXV +)0GLVHDVH +DQG)RRWDQG0RXWKGLVHDVH
+(9V +LJK(QGRWKHOLDO9HQXOHV 7KH+)0GLVHDVHLVFDXVHGE\&R[VDFNLH$DQG
%ORRG5HVHDUFK1HZERUQ0HGLFLQH3DWKRORJ\ RWKHUHQWHURYLUXVHV
3HGLDWULFV K)Q KXPDQ)LEURQHFWLQ
+(: 'HSDUWPHQWRI +HDOWK(GXFDWLRQDQG )RUIXUWKHUGHWDLOVVHHXQGHU)Q )LEURQHFWLQ 
:HOIDUH 86$  +)2 +\GURXV)HUULF2[LGH
+(; +HOVLQNL6WRFN([FKDQJHDQG)LQQLVKGHULYD +)3 +DUGZDUH)ORDWLQJ3RLQW
WLYHV([FKDQJH &RPSXWHU7HFKQRORJ\
$ -XO\PHUJHGRSHUDWLRQ +)3( +H[DIOXRURSURS\OHQH(SR[LGH
+I 7KHFKHPLFDOV\PEROIRU+DIQLXP +IUKIU +LJK)UHTXHQF\5HFRPELQDWLRQ
+DIQLXPLVXVHGPDLQO\LQOLJKWEXOEILODPHQWVDQG 0LFURELRORJ\
QXFOHDUUHDFWRUV +)5 +LJK)OX[5HDFWRU 3HWWHQ 
&KHPLVWU\6\PEROV 7KH\HDUROG+)5RZQHGE\WKH(XURSHDQ
+) +DJHPDQ)DFWRU 8QLRQ·V-RLQW5HVHDUFK&HQWUHLVXVHGIRUHQHUJ\
+) KIKI DEEU KDOI UHODWHGUHVHDUFK
+) +HLJKW)LQGHU 0HGLFDO,VRWRSHV
(QJLQHHULQJ +)5 +ROG)RU5HOHDVH
+) +HOG)RU %XVLQHVV&RPPHUFH
+) +LJKIUHTXHQF\ +)63 +XPDQ)URQWLHU6FLHQFH3URJUDP
7KHUDQJHRIIUHTXHQFLHVIURPWRPHJDKHUW] 7KH+)63 ZDVIRXQGHGLQ$ -DSDQHVH3ULPH
7HOHFRPPXQLFDWLRQV 0LQLVWHUSURSRVHGLWVFUHDWLRQLQDWWKH*
+) +\GURJHQ)OXRULGH HFRQRPLFVXPPLW7KH+)63 KDVDZDUGHGJUDQWV
DQGIHOORZVKLSVWRWKRXVDQGVRIVFLHQWLVWVDURXQG


WKHZRUOG7KHDLPRIWKH86+)63 LVWRSURPRWH ,QRUJDQLF&KHPLVWU\


EDVLFUHVHDUFK UHJDUGLQJWKHFRPSOH[PHFKDQLVPV +*'3 +XPDQ*HQRPH'LYHUVLW\3URMHFW
RIOLYLQJRUJDQLVPV 3RSXODWLRQ*HQHWLFV
+)7 +LJK)OX[7HOHVFRSH +*'6 +HPRSKLOLD*URZWKDQG'HYHORSPHQW
+HU]EHUJ,QVWRI$VWURSK\VLFV &DQDGD  6WXG\
+)7 +LJK)UHTXHQF\7UDQVIRUPHU +J) 0HUFXULF)OXRULGH
(OHFWURQLFV +J) LVXVHGLQRUJDQLFV\QWKHVLV
+)7 IDXOW +LPDOD\DQ)URQWDO7KUXVWIDXOW ,QRUJDQLF&KHPLVWU\
6HLVPLF+D]DUGV +*) UHFHSWRU +HSDWRF\WH*URZWK)DFWRUUHFHSWRU
+* +DXWH*DURQQH 'HSDUWPHQW  )UDQFH  %LRFKHPLVWU\%LRORJ\*HQHWLFV0ROHFXODU
KJKJ DEEU KHFWRJUDPKHFWRJUDPV 2QFRORJ\3URWHLQ(QJLQHHULQJ
+J +HOLRJUDP )RUIXUWKHUGHWDLOVVHHXQGHU/6(&V DQG9(*)
7HOHFRPPXQLFDWLRQV +*)6) +HSDWRF\WH*URZWK)DFWRU6FDWWHU)DFWRU
+J +HOLRJUDSK 'HUPDWRORJ\,PPXQRORJ\0HGLFLQH
(QJLQHHULQJ0HWHRURORJ\ 3KRWRELRORJ\
KJKJ +HPRJORELQ +** +XPDQ*DPPD*OREXOLQ
+* +HU*UDFH +*+ +XPDQ*URZWK+RUPRQH
+* +LJK*HUPDQ +J, 0HUFXURXV,RGLGH
+LJK*HUPDQLVWKHJURXSRI:HVW*HUPDQLFODQ 0HUFXURXV,RGLGHLVDOVRNQRZQDV<HOORZ
JXDJHVLQFOXGLQJ*HUPDQ<LGGLVK%DYDULDQ 0HUFXURXV,RGLGH
$OHPDQQLFDQGWKHGLDOHFWVRIFHQWUDO*HUPDQ\ ,QRUJDQLF&KHPLVWU\
/DQJXDJHV +*06 +LJK*UDGLHQW0DJQHWLF6HSDUDWLRQ
+* +RO\*KRVW +J2 5HG0HUFXULF2[LGH
+*+* +RUVH*XDUGV *%  5HG0HUFXULF2[LGHLVXVHGPDLQO\LQFRVPHWLFV
+J 7KHFKHPLFDO6\PEROIRU0HUFXU\ SKDUDPFHXWLFDOVDQGSHUIXPHV
0HUFXU\LVXVHGPDLQO\LQWKHUPRPHWHUVDQGLQ ,QRUJDQLF&KHPLVWU\
PHUFXU\YDSRUODPSV,QYLHZRIWKHIDFWWKDWLW +J2 <HOORZ0HUFXULF2[LGH
IORZVHDVLO\DQGTXLFNO\LWZDVQDPHGDIWHUWKH <HOORZ0HUFXULF2[LGHLVXVHGPDLQO\WRPDNH
*UHHNJRG0HUFXU\ PHUFXU\FRPSRXQGV
6\PEROV&KHPLVWU\ ,QRUJDQLF&KHPLVWU\
+*$& +XPDQ*HQHWLFV$GYLVRU\&RPPLVVLRQ +J2 0HUFXURXV2[LGH
7KH+*$&LVD&RPPLVVLRQWKDWUHJXODWHVWKHXVH ,QRUJDQLF&KHPLVWU\
RIKXPDQUHSURGXFWLYHWHFKQRORJ\LQ*% +*3 +DEHU*ROG3URFHVV
%LRHWKLFV 7KH+*3 ZDVLQYHQWHGE\1RUPDQ+DEHU RI
)RUIXUWKHUGHWDLOVVHHXQGHU+)($ +DEHU,QF 86$ 
+J$FGHULYDWLYH 0HUFXU\$FHWDWHGHULYDWLYH *ROG0LQLQJ3URFHVVHV
KJE DEEU KHPRJORELQ +*3 +XPDQ*HQRPH3URMHFW
$OVR+E 7KH+*3 EHJDQLQ
+HPDWRORJ\ *HQHWLF0DSV3K\VLFDO0DSV
+J%U 0HUFXURXV%URPLGH +*357 +\SR[DQWKLQH*XDQLQH3KRVSKRULERV\O
,QRUJDQLF&KHPLVWU\ 7UDQVIHUDVH
+J&O &DORPHO (Q]\PRORJ\
&DORPHOLVXVHGPDLQO\DVDIXQJLFLGH +*36 +XWFKLQVRQ*LOIRUG3URJHULD6\QGURPH
0LQHUDORJ\ &HOO%LRORJ\0ROHFXODU%LRORJ\
+J&O 0HUFXULF&KORULGH K*5 KXPDQ*OXFRFRUWLFRLG5HFHSWRU
,QRUJDQLF&KHPLVWU\ +J6 &LQQDEDU
+J&O 0HUFXURXV&KORULGH 0LQHUDORJ\
,QRUJDQLF&KHPLVWU\ +*6 +XPDQ*HQRPH6FLHQFHV
+J &1  0HUFXULF&\DQLGH +J6E6 /LYLQJVWRQLWH
0HUFXULF&\DQLGHLVXVHGPDLQO\DVDQDQWLVHSWLF 0LQHUDORJ\
,QRUJDQLF&KHPLVWU\ +J 6&1  0HUFXULF7KLRF\DQDWH
+*&5 +HWHURJHQHRXV*DV&RUH5HDFWRU 0HUFXULF7KLRF\DQDWHDOVRNQRZQDV0HUFXULF
+J&U2 0HUFXURXV&KURPDWH


6XOIRF\DQDWH0HUFXULF6XOIRF\DQLGHLVXVHG $WPRVSKHULF5HVHDUFK([SHULPHQWDO$LUFUDIW-HW
PDLQO\LQILUHZRUNV 'HVLJQV
,QRUJDQLF&KHPLVWU\ +LE +HPRSKLOXVLQIOXHQ]DH W\SHE
+J62 0HUFXULF6XOIDWH &OLQLFDO0HGLFLQH3HGLDWULFV
+J62 LVXVHGLQPDQ\FKHPLFDOSURFHVVHV +,%8 +\GURORJLFDO,QVWLWXWHDQG%HOJUDGH
,QRUJDQLF&KHPLVWU\ 8QLYHUVLW\
+J62 0HUFXURXV6XOIDWH +,&$3 KLJKFRPEDWDLUSDWURO
0HUFXURXV6XOIDWHLVXVHGLQEDWWHULHV SDWURXLOOHDpULHQQHGHFRPEDWjKDXWHDOWLWXGH
,QRUJDQLF&KHPLVWU\ KLGKHDGLQYROXWLRQGHIHFWLYH
KJWKJW DEEU KHLJKW KLGLVDQDSRSWRWLFDFWLYDWRU
+J7H &RORUDGRLWH %LRORJ\%UDLQDQG&RJQLWLYH6FLHQFHV*HQHWLFV
&RORUDGRLWHLVIRXQGLQWHOOXULGHRUHV 0HGLFLQH
0LQHUDORJ\ +,'$&= KLJKGHQVLW\DLUVSDFHFRQWURO]RQH
+*9 +HDY\*RRGV9HKLFOH ]RQHGHFRQWU{OHGHO·HVSDFHDpULHQjIRUWHGHQVLWp
KJZ\KJZ\ DEEU KLJKZD\ +,'2 +LJKZD\,QGXVWU\'HYHORSPHQW
++ +HU+LJKQHVV 2UJDQL]DWLRQ -DSDQ 
++& +DQG+HOG&RPSXWHU 7KH+,'2ZDVIRXQGHGLQ
+KGKKGKKG DEEU KRJVKHDGKRJVKHDGV -DSDQHVH2UJDQL]DWLRQ
(TXDOWRDERXWOLWUHV +,) +HDOWK,QIRUPDWLRQ)RXQGDWLRQ 86$ 
++'1 +H[DFKORURKH[DK\GURGLPHWKDQRQDSKWDOHQH +,) +\SR[LD,QGXFLEOHIDFWRU
++)$ +RXVLQJDQG+RPH)LQDQFH$JHQF\ 7KH+,)LVDWUDQVFULSWLRQIDFWRU
++* +LJKRUGHU+DUPRQLF*HQHUDWLRQ $JLQJ5HVHDUFK&HUHEURYDVFXODU5HVHDUFK
3K\VLFV7KHRUHWLFDO3K\VLFV 1HXURVFLHQFH
++0, +RZDUG+XJKHV0HGLFDO,QVWLWXWH +,)2 +LJKHVW,Q)LUVW2XW
+HDGTXDUWHUHGDW&KHY\&KDVH0DU\ODQG86$ +,)5 KHOLFRSWHULQIOLJKWUHIXHOOLQJ
++ REMHFW +HUELJ+DURREMHFW UDYLWDLOOHPHQWHQYROG·KpOLFRSWqUHV
$VWURQRP\$VWURSK\VLFV +,* +DZDLL,QVWLWXWHRI*HRSK\VLFV
++6 7KH86'HSDUWPHQWRI +HDOWKDQG+XPDQ +,, +HDOWK,QVXUDQFH,QVWLWXWH 86$ 
6HUYLFHV 86$  +,/(; KLJKOHYHOH[HUFLVH
++9 +LJKHU+HDWLQJ9DOXH+LJK+HDWLQJ9DOXH H[HUFLFHGHKDXWQLYHDX
7KHUPRG\QDPLFV +,0 +HU,PSHULDO0DMHVW\
++9 +XPDQ+HUSHV9LUXV +,0$& +HDY\,RQ0HGLFDO$FFHOHUDWRULQ&KLED
+, DEEU +DZDLL 86$  -DSDQ 
+, +DZDLLDQ,VODQGV +,0$&EHJDQRSHUDWLQJLQDW1,56,WLVWKH
+, +LJK,QWHQVLW\ ZRUOG
VRQO\KHDY\LRQDFFHOHUDWRUGHGLFDWHGWR
+, +RUL]RQWDO,QVWUXFWLRQ PHGLFDOXVH
&RPSXWHU3URJUDPPLQJ &DQFHU7KHUDSLHV5DGLDWLRQ2QFRORJ\
+, +RW,VVXH )RUIXUWKHUGHWDLOVVHHXQGHU1,56
%XVLQHVV)LQDQFH +,0(= KLJKPLVVLOHHQJDJHPHQW]RQH
+,+, +XPLGLW\,QGH[ ]RQHG·HQJDJHPHQWGHVPLVVLOHVjKDXWHDOWLWXGH
0HWHRURORJ\ +,1$ &URDWLDQ,QIRUPDWLRQ1HZV$JHQF\
+, +\EULG,QWHUIDFH $JHQFHGHSUHVVHFURDWH
&RPSXWHU7HFKQRORJ\ +LQG DEEU +LQGXVWDQL
+, +\GURJHQ,RGLGH +LQGXVWDQLLVWKHVWDQGDUGODQJXDJHRIQRUWKHUQ
+,LVXVHGPDLQO\WRPDNH+\GULRGLF$FLG ,QGLD,WLVEDVHGRQDGLDOHFWRI:HVWHUQ+LQGL
,QRUJDQLF&KHPLVWU\ VSRNHQLQ'HOKL
+,$ +RURORJLFDO,QVWLWXWHRI$PHULFD 86$  /DQJXDJHV
+,$$ +HDOWK,QVXUDQFH$VVRFLDWLRQRI$PHULFD +LQ'& +ROGHULQ'XH&RXUVH
86$  %XVLQHVV)LQDQFH
+,$3(5 +LJKSHUIRUPDQFH,QVWUXPHQWHG$LUERUQH +,16 KHOLFRSWHULQWHJUDWHGQDYLJDWLRQV\VWHP
3ODWIRUPIRU(QYLURQPHQWDO5HVHDUFK 86$  V\VWqPHGHQDYLJDWLRQLQWpJUpSRXUKpOLFRSWqUH
+,$3(5ZLOOH[SORUHWKHWURSRSDXVH WKHDUHD +,2 ,RGLF$FLG
EHWZHHQWKHXSSHUDQGORZHUDWPRVSKHUHV  +,2 LVXVHGPDLQO\LQPHGLFLQH


,QRUJDQLF&KHPLVWU\ 7KH+HDOWK,QVWLWXWHRIWKH8UDQLXP,QGXVWU\
+,3 +HDOWK,QVXUDQFH3ODQ ZKLFKLV6WDWHUXQZDVHVWDEOLVKHGLQLQWKH
+,3 +RW,VRVWDWLF3UHVVLQJ PLQLQJWRZQRI3ILEUDP
+,3$&6 +RVSLWDO,QWHJUDWHG3LFWXUH$UFKLYLQJDQG +,9 +XPDQ,PPXQRGHILFLHQF\9LUXV
&RPPXQLFDWLRQ6\VWHP 7KH+,9 EHORQJVWRWKHVXEIDPLO\/HQWLYLULQDH
0HGLFLQH DQGLVWKHFDXVDWLYHDJHQWRI$,'6GLVHDVH
+,3$5 KLJKSRZHUDFTXLVLWLRQUDGDU 9LURORJ\
UDGDUG·DFTXLVLWLRQGHJUDQGHSXLVVDQFH +,9&$7 UHSRUWHU +XPDQ,PPXQRGHILFLHQF\
+,3&V +LJKO\,QGHEWHG3RRU&RXQWULHV 9LUXV&KORUDPSKHQLFRO$FHW\OWUDQVIHUDVHUHSRUWHU
+,3HG +RW,VRVWDWLFDOO\3UHVVHG %LRORJLFDO&KHPLVWU\0HGLFLQH
1XFOHDU6FLHQFH +,91(7 +,9 9DFFLQH(IILFDF\7ULDOV1HWZRUN
+,3LQJ +RW,VRVWDWLFDOO\3UHVVLQJ 7KH+,91(7 LVD*URXSSURSRVHGWRRYHUVHHDQG
1XFOHDU6FLHQFH UHVKDSHYDULRXVDVSHFWVRI$,'65HVHDUFK
+,3,5 KLJKSRZHULOOXPLQDWLRQUDGDU +. +HIQHU&DQGOH
UDGDUG·LOOXPLQDWLRQGHJUDQGHSXLVVDQFH +.DOVRNQRZQDV+HIQHUNHU]HLVDXQLWRIOXPL
+,5 K\GURVWDWLFLPSDFWURFNHW QRXVLQWHQVLW\XVHGLQWKHHDUO\VLQ*HUPDQ\
URTXHWWHSHUFXWDQWHjDUPHPHQWK\GURVWDWLTXH 2SWLFV
+,5,6 +,JK5HVROXWLRQ,PDJLQJ6SHFWURPHWHU +. +LJKPROHFXODUZHLJKW.LQLQRJHQ
+,56 +LJK5HVROXWLRQ,QIUDUHG5DGLDWLRQ6RXQGHU 3URWHLQ6FLHQFH
+,6 +LJKUHVROXWLRQ,QWHUIHURPHWHU6SHFWURPHWHU +. +H[RNLQDVH
+LV +LVWLGLQH (Q]\PRORJ\
&+21+LVWLGLQHLVDQHVVHQWLDODPLQRDFLG +. +RQJ.RQJ &KLQD 
ZKLFKFRQWDLQVWKHLPLGD]ROHULQJV\VWHP +.%8 +RQJ.RQJ%DSWLVW8QLYHUVLW\ +RQJ
%LRFKHPLVWU\ .RQJ 
+,6 +RVSLWDO,QIRUPDWLRQ6\VWHPV +.' +\SHUNLQHWLN'LVRUGHU
0HGLFLQH &HOO%LRORJ\(QGRFULQRORJ\0HGLFLQH
+,6&URDWLDQ,QIRUPDWLRQVHUYLFH 3V\FKLDWU\
6HUYLFHG·LQIRUPDWLRQFURDWH )RUIXUWKHUGHWDLOVVHHXQGHU$'+'
KRVWLOHLQWHOOLJHQFHVHUYLFH +.( +RQJ.RQJ(QJOLVK
VHUYLFHGHUHQVHLJQHPHQWHQQHPL +.* 7KHDLUSRUWFRGHIRU+RQJ.RQJ&KLQD
+,6 +RXVH,QIRUPDWLRQ6HUYLFH 86$  +.,% +RQJ.RQJ,QVWLWXWHRI%LRWHFKQRORJ\
+,6$0 KLJKDOWLWXGHVXUIDFHWRDLUPLVVLOH +.,%LVDQRQSURILW5HVHDUFKDQG'HYHORSPHQW
PLVVLOHVXUIDFHDLUKDXWHDOWLWXGH &HQWHU
+,6&$/( +HOLRVSKHUH,QVWUXPHQWIRU6SHFWUXP +.,%25 +RQJ.RQJ,QWHU%DQN2IIHUHG5DWH
&RPSRVLWLRQDQG$QLVRWURS\ %DQNLQJ)LQDQFH
+LV3O[ 6L[+LVWLGLQHIXVLRQSURWHLQ +./0 +HDW.LOOHG/LVWHULD0RQRF\WRJHQHV
+,66 +RVSLWDO,QIRUPDWLRQ6XSSRUW6\VWHP ,PPXQRELRORJ\,PPXQRORJ\3URJUDPV
KLVV 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH 0HGLFLQH
(QJOLVKZRUGKLVV +.0$ +RQJ.RQJ0RQHWDU\$XWKRULW\
7HOHFRPPXQLFDWLRQV +.5 +\GURO\WLF.LQHWLF5HVROXWLRQ
+LWHFK +LJKWHFKQRORJ\ &KHPLFDO%LRORJ\&KHPLVWU\
%LRWHFKQRORJ\,QWHUQHW6RIWZDUH'HYHORSPHQW +.7 +RQJ.RQJ7HOHFRP
0HGLFDO7HFKQRORJ\7HOHFRPPXQLFDWLRQV +.7'& +RQJ.RQJ7UDGH'HYHORSPHQW&RXQFLO
+O WHVW +HPDJJOXWLQDWLRQ,QKLELWLRQWHVW +RQJ.RQJ 
+,WHVWLVDOVRNQRZQDV+$,WHVW +.8 +RQJ.RQJ8QLYHUVLW\
,PPXQRORJ\ +.867 +RQJ.RQJ8QLYHUVLW\RI6FLHQFHDQG
+,7 SURWHLQ +,VWLGLQH7ULDGSURWHLQ 7HFKQRORJ\
%LRFKHPLVWU\*HQRPLFV0ROHFXODU%LRSK\VLFV KOKO DEEU KHFWROLWHUKHFWROLWHUV
+,75$1 +LJKUHVROXWLRQ75$1VPLVVLRQ +/ +RPH/DQJXDJH
+,76+LWV +\SHUWH[W,QGXFHG7RSLF6HDUFK +/ +RQRXUV/LVW
,%0 +/ +RXVHRI/RUGV
&OHYHU7HFKQRORJLHV +/$ +DZDLL/LEUDU\$VVRFLDWLRQ
+,8, +HDOWK,QVWLWXWHRIWKH8UDQLXP,QGXVWU\ +/$ +XPDQ/HXNRF\WH$QWLJHQ


+/$ LVDQLPPXQHV\VWHPSURWHLQ KPKP DEEU KHFWRPHWHUKHFWRPHWHUV


,PPXQRORJ\ +0 +HU0DMHVW\+LV0DMHVW\
+/$V +XPDQ/HXNRF\WH$QWLJHQV +P 0DQLIHVW+\SRWKHUPLD
+/&& +DZDLLDQ/HH&RXQWHU&XUUHQW +0%& +HWHURQXFOHDU0XOWLSOH%RQG&RUUHODWLRQ
(DUWK6FLHQFHV2FHDQRJUDSK\ +0& +DUYH\0XGG&ROOHJH
+/'$ +ROG$FNQRZOHGJH 7KH+0&&ODUHPRQW&DOLIRUQLD86$LVD
%XVLQHVV&RPPHUFH VPDOOSULYDWHFROOHJHRIVFLHQFHDQGHQJLQHHULQJ
+/'/& +LJK/HYHO'DWD/LQN&RQWURO PHPEHURIWKH&ODUHPRQW&ROOHJHV
&RPSXWHU7HFKQRORJ\ +0& +HU0DMHVW\
V&XVWRPV *% 
+/) +HDUWDQG/XQJ)RXQGDWLRQ 86$  +0& +HURLQ0RUSKLQHDQG&RFDLQH
+/* KLJKOHYHOJURXS +0&SURJUDPPH +XPDQ&DSLWDODQG0RELOLW\
JURXSHGHKDXWQLYHDX SURJUDPPH
+/+ +HDY\/LIW+HOLFRSWHU 7KH(8+0&SURJUDPPHKDVEHHQUHSODFHGE\
+/, +LJK/HYHO,QGH[ WKH705SURJUDPPH
&RPSXWHU3URJUDPPLQJ )RUIXUWKHUGHWDLOVVHHXQGHU705SURJUDPPH
+//9 +HDY\/LIW/DXQFK9HKLFOH +0' +H[DPHWK\OHQHGLDPLQH
+/0 +pPDWLHV/HXFRF\WHV0LQXWHRX&RPSWH +H[DPHWK\OHQHGLDPLQHLVXVHGWRSURGXFHQ\ORQ
G
$GGLV 2UJDQLF&KHPLVWU\
)UHQFKLQLWLDOLVPPHDQLQJ$GGLVFRXQW 1DPHG +0' +\DOLQH0HPEUDQH'LVHDVH
DIWHUWKH$PHULFDQSK\VLFLDQ7KRPDV$GGLV 7KHK\DOLQHPHPEUDQHGLVHDVHLVDGLVRUGHURI
3DWKRORJ\ QHZERPEDELHV
+/0 +LJK/HYHO0RGXODWLRQ 0HGLFLQH
7HOHFRPPXQLFDWLRQV +0'( +DQJLQJ0HUFXU\'URS(OHFWURGH
+/06 +LJK/DWLWXGH0RQLWRULQJ6WDWLRQ +0'VWHFKQRORJ\ +HOPHW0RXQWHG'LVSOD\VWHFK
+/6 +RORJUDSK/HWWHU6LJQHG QRORJ\
+/6 +XQWLQJGRQ/LIH6FLHQFHV $GYDQFHG2SWLFV&RPSXWLQJ(OHFWURQLFV
'UXJWHVWLQJ*URXS +0) +HU0DMHVW\
V)RUFHV *% 
+/6* KLJKOHYHOVWHHULQJJURXS +0)* +HDY\0HWDO)OXRULGH*ODVVHV
JURXSHGLUHFWHXUGHKDXWQLYHDX +0* KHDY\PDFKLQHJXQ
+/67 KLJKOHYHOVWXG\WHDP PLWUDLOOHXVHORXUGH
pTXLSHG·pWXGHGHKDXWQLYHDX +0* +HU0DMHVW\
V*RYHUQPHQW *% 
+/7 +LJK/HYHUDJHG7DNHRYHU +0* +XPDQ0HQRSDXVDO*RQDGRWURSLQ
+/7 +LJKO\/HYHUDJHG7UDQVDFWLRQ 0HGLFLQH
%XVLQHVV)LQDQFH +0*GRPDLQSURWHLQV +LJK0RELOLW\*URXS
+/7) KLJKOHYHOWDVNIRUFH GRPDLQSURWHLQV
JURXSHGHWUDYDLOGHKDXWQLYHDX %LRFKHPLVWU\%LRSK\VLFV
+LJK/HYHO7DVN)RUFHRQ&RQYHQWLRQDO$UPV +0*&R$ UHGXFWDVH +\GUR[\0HWK\OJOXWDU\O
&RQWURO &R$ UHGXFWDVH
*URXSHGHWUDYDLOGHKDXWQLYHDXVXUODPDvWULVH &KHPLVWU\&KROHVWHURO%LRV\QWKHVLV
GHVDUPHPHQWVFRQYHQWLRQQHOV (QGRFULQRORJ\3KDUPDF\
+/7)5 UHLQIRUFHGKLJKOHYHOWDVNIRUFH +0*SURWHLQ +LJK0RELOLW\*URXSSURWHLQ
JURXSHGHWUDYDLOpODUJLGHKDXWQLYHDX %LRFKHPLVWU\
+/7)67 KLJKOHYHOWDVNIRUFHVXSSRUWWHDP +0, +HU0DMHVW\
V,QVSHFWRUDWH *% 
pTXLSHGHVRXWLHQGXJURXSHGHWUDYDLOGHKDXW +0, KXPDQPDFKLQHLQWHUIDFH
QLYHDX LQWHUIDFHKRPPHPDFKLQH
+/:* KLJKOHYHOZRUNLQJJURXS +0,3 +HU0DMHVW\*RYHUQPHQW
V,QVSHFWRUDWHRI
JURXSHGHWUDYDLOGHKDXWQLYHDX 3ROOXWLRQ *% 
+O\$ +HPRO\VLQ +0. +HDUW0XVFOH.LQDVH
%LRFKHPLVWU\3DWKRORJ\ +0/ +\EULG0DQLSXODWLRQ/DQJXDJH
+/= KHOLFRSWHUODQGLQJ]RQH &RPSXWHU3URJUDPPLQJ
]RQH DLUH GHSRVHUG·KpOLFRSWqUH +00 +HDY\0HURP\RVLQ
+P KDQGPDGH %LRFKHPLVWU\
+0 +DXWH0DUQH )UDQFH  +00 +H[DPHWK\OPHODPLQH


+00)& +RXVH0HUFKDQW0DULQHDQG)LVKHULHV +0:. +LJK0ROHFXODU:HLJKW.LQLQRJHQ


&RPPLWWHH +1 +RSILHOG1HWZRUN
+00V +LGGHQ0DUNRY0RGHOV %LRORJLFDO1HWZRUNV
+00VDUHDOJRULWKPVGHULYLQJIURPWKHVWDWLVWLFV +1 KRVWQDWLRQ
ZRUNRIWKH5XVVLDQPDWKHPDWLFLDQ$QGUHL SD\VK{WH
$QGUH\HYLFK0DUNRY  +00VZHUH +1 +RVWWR1HWZRUN
ILUVWXVHGLQVSHHFKUHFRJQLWLRQSURJUDPVLQWKH +1$% +H[DQLWURD]REHQ]HQH
VDQGFDQQRZEHXVHGE\FRPSXWDWLRQDOELRO +QEOH DEEU +RQRXUDEOH
RJLVWV +1 & 2 ,VRF\DQLF$FLG
&RPSXWDWLRQDO%LRORJ\6SHHFK5HFRJQLWLRQ 8VHGPDLQO\LQWKHSURGXFWLRQRIXUHWKDQHV DVDQ
3URJUDPV LQWHUPHGLDWH 
+00:9 KLJKPRELOLW\PXOWLSXUSRVHZKHHOHG 2UJDQLF&KHPLVWU\
YHKLFOH +1' 7KHDLUSRUWFRGHIRU+DQHGD7RN\R-DSDQ
YpKLFXOHVXUURXHVSRO\YDOHQWjJUDQGHPRELOLWp +1' 'HSDUWPHQW +XPDQ1XWULWLRQDQG'LHWHWLFV
+0Q2 3HUPDQJDQLF$FLG 'HSDUWPHQW
&KHPLVWU\ +1( +\GUR[\QRQHQDO
+02 +HDOWK0DLQWHQDQFH2UJDQL]DWLRQ +1) +HSDWRF\WH1XFOHDU)DFWRU
+02 +HDUW0LQXWH2XWSXW %LRWHFKQRORJ\0ROHFXODU%LRORJ\
0HGLFLQH +1,/ +LJK1RLVH,PPXQLW\/RJLF
+PRGHRSHUDWLRQ +LJKHQHUJ\FRQILQHPHQWPRGH +1,3 KRVWQDWLRQLQSODFH IRUFHV 
RSHUDWLRQ IRUFHV HQSODFHGXSD\VK{WH
)XVLRQ +1/ 7KHDLUSRUWFRGHIRU+RQROXOX+DZDLL
+02V +HDOWK0DLQWHQDQFH2UJDQL]DWLRQV +1/& +LJK1LWUDWH/RZ&KORURSK\OO
+02 WKHRU\ +FNHO0ROHFXODU2UELWDOWKHRU\ %LRFKHPLVWU\&KHPLVWU\&KHPLFDO(QJLQHHULQJ
+PS +HWHURJHQHRXVPXOWLSURFHVVLQJ 0DULQH%LRORJ\
+03$ +H[DPHWK\OSKRVSKRUDPLGH +1/&UHJLRQV +LJK1XWULHQW/RZ&KORURSK\OO
+037 7HWUDK\GURPHWKDQRSWHULQ UHJLRQV
+04& +HWHURQXFOHDU0XOWLSOH4XDQWXP &KHPLVWU\DQG%LRORJ\RIWKH2FHDQV*HRORJ\
&RKHUHQFH 0DULQHDQG&RDVWDO6FLHQFHV
+04&72&6< VSHFWUXP +HWHURQXFOHDU0XOWLSOH +10 +H[DQLWURPDQQLWH
4XDQWXP&RKHUHQFH7RWDO&RUUHODWLRQ +11+ +\GUD]LQH
6SHFWURVFRS\VSHFWUXP +\GUD]LQHLVXVHGPDLQO\DVDURFNHWIXHODQGFRU
+05 +RHFKVW0DULRQ5RXVVHO *HUPDQ\  URVLRQLQKLELWRU
+05LVWKHGUXJGLYLVLRQRI*HUPDQ\
VFKHPLFDO ,QRUJDQLF&KHPLVWU\
&RPSDQ\+RHFKVW +13&& +HUHGLWDU\1RQSRO\SRVLV&RORUHFWDO
+06 +DUYDUG0HGLFDO6FKRRO 86$  &DQFHU
+06 +HU0DMHVW\
V6HUYLFH *%  +15 +XPDQ1XWULWLRQ5HVHDUFK
+06& +DWILHOG0DULQH6FLHQFH&HQWHU KQ51$ +HWHURJHQHRXVQXFOHDU5LERQXFOHLF$FLG
+063&, +LJKWKURXJKSXW0DVV6SHFWURPHWULF 0ROHFXODU%LRORJ\
3URWHLQ&RPSOH[,GHQWLILFDWLRQ KQ513 KHWHURJHQHRXVQXFOHDU5LERQXFOHRSURWHLQ
%LRFKHPLVWU\&DQFHU0HGLFDO*HQHWLFV 0HGLFLQH
0LFURELRORJ\0ROHFXODU%LRORJ\ +16 +H[DQLWURVWLOEHQH
+06WHFKQRORJ\ +HOPHW0RXQWHG6LJKWVWHFKQROR +16 &URDWLDQ3HRSOH·V3DUW\
J\ 3DUWLGXSHXSOHFURDWH
$GYDQFHG2SWLFV&RPSXWLQJ(OHFWURQLFV KRVWQDWLRQVXSSRUW
+07 +D]DUGRXV0DWHULDOV7HFKQRORJ\ VRXWLHQIRXUQLSDUOHSD\VK{WH
+07$ +H[DPHWK\OHQHWHWUDPLQH +16$ KRVWQDWLRQVXSSRUWDJUHHPHQW DUUDQJH
+07 DFWLYLW\ +LVWRQH0HWK\OWUDQVIHUDVHDFWLYLW\ PHQW 
%LRFKHPLVWU\%LRSK\VLFV&HOOXODU%LRORJ\ DFFRUG DUUDQJHPHQW GHVRXWLHQIRXUQLSDUOHSD\V
0HGLFLQH0ROHFXODU%LRORJ\0ROHFXODU K{WH
*HQHWLFV +17 +RPRJHQHRXV1XFOHDWLRQ7HPSHUDWXUH
+09 KLJKPRELOLW\YHKLFOH 7KHUPRG\QDPLFV
YpKLFXOHjJUDQGHPRELOLWp +1= &URDWLDQ3HRSOH·V8QLRQ


8QLRQGXSHXSOHFURDWH +23 +LJK2[\JHQ3UHVVXUH


+2 +HDG2IILFH +23 +\GUR[\GDXQRP\FLQ2QFRYLQDQG
+R 7KHFKHPLFDOV\PEROIRU+ROPLXP 3UHGQLVRQH
+ROPLXPLVDUDUHHDUWKPHWDOOLFHOHPHQWXVHGLQ 2QFRORJ\
VSHFWURVFRS\DQGHOHFWURFKHPLVWU\ +23( +HDOWK2SSRUWXQLW\IRU3HRSOH(YHU\ZKHUH
&KHPLVWU\6\PEROV +23* +LJKO\2ULHQWHG3\URO\WLF*UDSKLWH
+2 +RPH2IILFH %LRFKHPLVWU\&KHPLVWU\2SWRHOHFWURQLF
+2 +RQGXUDV &RPSXWLQJ6\VWHPV3K\VLFV
+R DEEU KRXVH +25 +ROGHU2I5HFRUG
+2 7KHFKHPLFDOIRUPXODIRUZDWHU KRUWKRUW DEEU KRUWLFXOWXUHKRUWLFXOWXUDO
&KHPLVWU\ +26RUJDQFXOWXUH +LJK2[\JHQ6XEPHUVLRQ
+2 +\GURJHQ3HUR[LGH RUJDQFXOWXUH
8VHGPDLQO\LQG\HVDQWLVHSWLFVDQGEOHDFKHV 0HGLFLQH
,QRUJDQLF&KHPLVWU\ KRVSKRVS DEEU KRVSLWDO
+2% KHLJKWRIEXUVW +272 +HDOWK2I7KH2FHDQV
DKDXWHXUG·pFODWHPHQW +27 6HULHV +DZDLLDQ2FHDQ7LPH6HULHV
EKDXWHXUG·H[SORVLRQ 6WDWLRQ$/2+$
+2%26 +2PLQJ%2PE6\VWHP 0DULQH6FLHQFHV2FHDQ6FLHQFHV
2UGQDQFH +28 7KHDLUSRUWFRGHIRU+REE\$LUSRUW+RXVWRQ
+2& +\GURSKRELF2UJDQLF&RPSRXQG 86$
+2&+&+2&+ %XWR[\HWKDQRO +287KHDLUSRUWFRGHIRU+RXVWRQ7H[DV86$
%XWR[\HWKDQROLVXVHGPDLQO\LQGU\FOHDQLQJ +29 1RUZHJLDQ0DULQH0RQLWRULQJDQG
2UJDQLF&KHPLVWU\ )RUHFDVWLQJ&HQWUH 1RUZD\ 
+2&O +\SRFKORURXV$FLG +R[JHQHV +RPHRER[JHQHV
+2&OLVXVHGPDLQO\DVDEOHDFKDQGGLVLQIHFWDQW 'HYHORSPHQWDO%LRORJ\
,QRUJDQLF&KHPLVWU\ +S +DSWRJORELQ
+2' KHDGRIGHOHJDWLRQ +HPDWRORJ\
FKHIGHGpOpJDWLRQ +3 +DXWHV3\UpQpHV )UDQFH 
+2+$+$ VSHFWURVFRS\ +2PRQXFOHDU+$UWPDQ +3 +HDWDEOH3ODVWLF
+$KQVSHFWURVFRS\ +3 +HPDWRSRUSK\ULQ
+2, +RXVH2I,VVXH +HPDWRSRUSK\ULQLVDOVRNQRZQDV
+2,6 VHH+,6 +HPRSRUSK\ULQ
YRLU+,6 %LRFKHPLVWU\
+2- KRPHRQMDPPLQJ +3+3 +LJK3RZHU
UDOOLHPHQWVXUEURXLOODJH +3+3 +LJK3UHVVXUH
+2/ +LJKHU2UGHU/RJLF +3+3 +RUVHSRZHU
&RPSXWHU6FLHQFH $OVRKSKS
+2/ +LJK2UGHU/DQJXDJH +RUVHSRZHULVWKHXQLWRISRZHUHTXDOWRIRRW
+20 KHDGRIPLVVLRQ SRXQGVRUDSSUR[LPDWHO\ZDWWV
FKHIGHPLVVLRQ 0HWURORJ\
+20( +LJKO\2SWLPL]HG0LFURVFRSH +3+3 +RXVH3K\VLFLDQ
(QYLURQPHQW 0HGLFLQH
0HGLFLQH +3 +HWHURFKURPDWLQ3URWHLQ
+202/802 JDS +LJKHVW2FFXSLHG0ROHFXODU %LRFKHPLVWU\%LRSK\VLFV&HOOXODU%LRORJ\
2UELWDO/RZHVW8QRFFXSLHG0ROHFXODU2UELWDO 0HGLFLQH0ROHFXODU%LRORJ\0ROHFXODU
JDS *HQHWLFV
KRQ DEEU KRQRUDU\KRQRXUDEOH +3$ +LJK3RZHU$PSOLILHU
KRQ
G DEEU KRQRUHG +3$ +\EULG3UREOHP$QDO\VLV
%XVLQHVV&RPPHUFH)LQDQFH &RPSXWHU3URJUDPPLQJ
+22& &+ &22+ 6XEHULF$FLG +3$ D[LV +\SRWKDODPLF3LWXLWDU\$GUHQDOD[LV
6XEHULFDFLGDOVRNQRZQDV2FWDQHGLRLFDFLGLV +3$(& DQDO\VLV +LJKS+$QLRQ([FKDQJH
XVHGLQRUJDQLFV\QWKHVLV &KURPDWRJUDSKLFDQDO\VLV
2UJDQLF&KHPLVWU\ +3$3 +XPDQ3ODFHQWDO$ONDOLQH3KRVSKDWDVH


+3$V +HWHURSRO\DQLRQV +SUH +HLUSUHVXPSWLYH


7KH+3$VDUHODUJHFOXVWHUDQLRQV /DZ
&DWDO\VLV(QYLURQPHQWDO&OHDQXS +357 +\SR[DQWKLQH3KRVSKRULERV\O7UDQVIHUDVH
+3%:V +DOI3RZHU%HDP:LGWKV +36 +\EULG3URFHVVLQJ6\VWHP
+3& +LSSRFDPSDO3\UDPLGDO&HOO &RPSXWHU7HFKQRORJ\
+3&& 3URJUDP )HGHUDO +LJK3HUIRUPDQFH +37 KLJKSD\RIIWDUJHW
&RPSXWLQJDQG&RPPXQLFDWLRQV3URJUDP REMHFWLIjKDXWUHQGHPHQW
7KH+3&&3URJUDPLVD863URJUDPKDYLQJWKH +3W&O +H[DFKORURSODWLQLF$FLG
DLPRISURPRWLQJWKHSURJUHVVRIIXWXUHJHQHUD +39 +XPDQ3DSLOORPD9LUXV
WLRQVRIKLJKSHUIRUPDQFHFRPSXWHUV 7UDQVPLVVLRQRI+39 FDQWDNHSODFHWKURXJKVH[X
&RPSXWDWLRQDO%LRVFLHQFHDQG(QJLQHHULQJ DOFRQWDFW
&RPSXWHU5HVHDUFKDQG7HFKQRORJ\ &HOO%LRORJ\(SLGHPLRORJ\2QFRORJ\9LURORJ\
+S' +HPDWRSRUSK\ULQ'HULYDWLYH K3;5 KXPDQQXFOHDU3UHJQDPH;5HFHSWRU
+3' KHXUHSUpYXH RXSUREDEOH GHGpSDUW %LRFKHPLVWU\%LRSK\VLFV&DQFHU&KHPLVWU\
HVWLPDWHGWLPHRIGHSDUWXUH (7'  (QGRFULQRORJ\*HQHV'HYHORSPHQW
+3' +RXUO\3UHFLSLWDWLRQ'DWD +4+4 +HDGTXDUWHUV
+3'3 'LYLVLRQRI +HDOWK3URPRWLRQDQG'LVHDVH $OVRKGTKGT
3UHYHQWLRQ 86$  +4 +LJK4XDOLW\
+3( +RORSURVHQFHSKDO\ +4$,51257+ +HDGTXDUWHUV$OOLHG$LU)RUFHV
&\FORSLD'HIHFWLYH*HQHV'HYHORSPHQWDO 1RUWK
%LRORJ\+XPDQ*HQHWLFV0HGLFLQH0ROHFXODU 4XDUWLHUJpQpUDOGHV)RUFHVDpULHQQHVDOOLpHV1RUG
%LRORJ\ +4$,56287+ +HDGTXDUWHUV$OOLHG$LU)RUFHV
+3(V +HDW3URGXFLQJ(OHPHQWV 6RXWK
(DUWK$WPRVSKHULFDQG3ODQHWDU\6FLHQFHV 4XDUWLHUJpQpUDOGHV)RUFHVDpULHQQHVDOOLpHV6XG
+3)+3) +LJKHVW3RVVLEOH)UHTXHQF\ +4*: +\SHUTXHQFKHG*ODVV\:DWHU
+3)+3) +LJK3RZHU)LHOG %LRFKHPLVWU\&KHPLVWU\+\SHUTXHQFKLQJ
$OVRKSI RUKSI +41$(: &)& +HDGTXDUWHUV1$72$LUERUQH
+3)& +LJK3HUIRUPDQFH)XQFWLRQDO&RPSXWLQJ (DUO\:DUQLQJDQG&RQWURO)RUFH&RPPDQG
+3 ILOWHU +LJK3DVVILOWHU >ZKHQUHIHUULQJWRWKH+HDGTXDUWHUVVLWXDWHGDW
(OHFWURQLFV 6+$3(LQ%HOJLXP@
+3*& +HDGLQJ3HU*\URFRPSDVV 4XDUWLHUJpQpUDOGX&RPPDQGHPHQWGHOD)RUFH
+3*/ +HZOHWW3DFNDUG*UDSKLFV/DQJXDJH DpURSRUWpHGHGpWHFWLRQORLQWDLQHHWGHFRQWU{OHGH
+3, +LJK3RVLWLYH,QGLFDWRU O·27$1>GpVLJQHOHTXDUWLHUJpQpUDOLPSODQWpDX
&RPSXWHU7HFKQRORJ\ 6+$3(HQ%HOJLTXH@
K3/ KXPDQ3ODFHQWDO/DFWRJHQ +41$91257+ +HDGTXDUWHUV$OOLHG1DYDO
+3/& +LJK3HUIRUPDQFH/LTXLG&KURPDWRJUDSK\ )RUFHV1RUWK
$QDO\WLFDO&KHPLVWU\ 4XDUWLHUJpQpUDOGHV)RUFHVQDYDOHVDOOLpHV1RUG
+3/& )7,5 +LJK3HUIRUPDQFH/LTXLG +41$96287+ +HDGTXDUWHUV$OOLHG1DYDO
&KURPDWRJUDSK\)RXULHU7UDQVIRUPDWLRQ,QIUDUHG )RUFHV6RXWK
6SHFWURVFRS\ 4XDUWLHUJpQpUDOGHV)RUFHVQDYDOHVDOOLpHV6XG
+306 +LJK3UHVVXUH0DVV6SHFWURPHWHU +41257+ +HDGTXDUWHUV$OOLHG)RUFHV1RUWKHUQ
+32) )OXRURSKRVSKRULF$FLG (XURSH>REVROHWH@
)OXRURSKRVSKRULF$FLGLVXVHGPDLQO\LQPHWDO 4XDUWLHUJpQpUDOGHV)RUFHVDOOLpHV1RUG(XURSH
FOHDQHUV 4*1RUG >REVROqWH@
,QRUJDQLF&KHPLVWU\ +46$&/$17 +HDGTXDUWHUV6XSUHPH$OOLHG
+33) 2IILFHRI +HDOWK3ROLF\3URJUDPVDQG &RPPDQGHU$WODQWLF
)HOORZVKLSV 86$  4XDUWLHUJpQpUDOGXFRPPDQGDQWVXSUrPHDOOLpGH
+336 KLJKSUHVVXUHSXPSVWDWLRQ O·$WODQWLTXH
VWDWLRQGHSRPSDJHKDXWHSUHVVLRQ +4675,.)/7/$17 +HDGTXDUWHUV6WULNLQJ)OHHW
+35 KHXUHSUpYXH RXSUREDEOH GHUHWRXU $WODQWLF
HVWLPDWHGWLPHRIUHWXUQ (75  4XDUWLHUJpQpUDOGHOD)ORWWHG·LQWHUYHQWLRQGH
+3U +LVWLGLQHFRQWDQLQJ3URWHLQ O·$WODQWLTXH
0HGLFLQH


+468%$&/$17 +HDGTXDUWHUV6XEPDULQHV +5) KLJKUHDGLQHVVIRUFH


$WODQWLF IRUFHjKDXWQLYHDXGHSUpSDUDWLRQ
4XDUWLHUJpQpUDOGHV)RUFHVVRXVPDULQHVGH +5) +LVWDPLQH5HOHDVLQJ)DFWRU
O·$WODQWLTXH +5) +XPDQ5HVHDUFK)DFLOLW\ 86$ 
+5 &URDWLD +5* +HUELFLGH5HVLVWDQFH*HQH
+5 +HDUW5DWH %LRWHFKQRORJ\
3K\VLRORJ\ +5* +RFKVFKXOUDKPHQJHVHW] *HUPDQ\ 
+5 +HOOHQLF5HJLVWHU +5*LVWKHIHGHUDOIUDPHZRUNODZRQXQLYHUVLWLHV
6KLSSLQJ 8QLYHUVLW\5HIRUPV
)RUIXUWKHUGHWDLOVVHHXQGHU+56 +5+ +HU+LV5R\DO+LJKQHVV
KU DEEU KHUH +5, +HLJKW5DQJH,QGLFDWRU
+5 +LJKODQG5DLOZD\ (OHFWURQLFV
+5 +LJK5HSUHVHQWDWLYH +5,KXPDQUHDGDEOHLQWHUSUHWDWLRQ
+5 +RPH5HFRUG WUDGXFWLRQHQFODLU 7& 
&RPSXWHU3URJUDPPLQJ +5,5 +LJK5HVROXWLRQ,QIUDUHG5DGLRPHWHU
+5 +RPH5XOH ,UHODQG  +5,6 +XPDQ5HVRXUFHV,QIRUPDWLRQ6\VWHPV
KUKU DEEU KRXU +5. &URDWLDQNXQD
$ XQLWRIWLPHHTXDOWRPLQXWHVRUVHF NXQDFURDWH
RQGV +5/ 7KHDLUSRUWFRGHIRU+DUOLQJHQ7H[DV86$
$OVR++KK +50 &URDWLDQ1DY\
+5 +RXVHRI5HSUHVHQWDWLYHV 0DULQHFURDWH
+5 +XPDQ5HODWLRQV +52 +LJK5HSUHVHQWDWLYH·V2IILFH>81@
+5 +\SHUVHQVLWLYH5HVSRQVH %XUHDXGX+DXW5HSUpVHQWDQW>218@
%LRORJLFDO6FLHQFHV%LRORJ\'LVHDVH5HVLVWDQFH +53 KHOLFRSWHUUHIHUHQFHSRLQW
0ROHFXODU3KDUPDFRORJ\ SRLQWGHUpIpUHQFHGHO·KpOLFRSWqUH 35+ 
+5$ +HDOWK5HVRXUFHV$GPLQLVWUDWLRQ KXPDQUHPDLQVSRXFK
+5$) +XPDQ5HODWLRQV$UHD)LOHV KRXVVHjUHVWHVKXPDLQV
+5$)LVDFURVVFXOWXUDOUHIHUHQFHV\VWHPJLYLQJ +53 +LJK5HVROXWLRQ3URILOHU
GDWDRQDJUHDWQXPEHURIZRUOGFXOWXUHV 2FHDQRJUDSK\
$QWKURSRORJ\ +53 +RUVHUDGLVK3HUR[LGDVH
+5% +HDOWK5HVHDUFK%RDUG 'XEOLQ,UHODQG  (Q]\PRORJ\
7KH+5%LVWKHOHDGLQJDJHQF\VXSSRUWLQJKHDOWK +537 +LJK5HVROXWLRQ3LFWXUH7UDQVPLVVLRQ
UHVHDUFKLQ,UHODQG +56 +HDOWKDQG5HKDELOLWDWLYH6HUYLFHV
+HDOWK5HVHDUFK5HVHDUFK3URMHFWV +56 +HOOHQLF5HJLVWHURI6KLSSLQJ
+5% +LJKZD\5HVHDUFK%RDUG 86$  7KH+56GHDOVZLWKFHUWLILFDWLRQRILQGXVWULDO
+5&& +XPDQ5LJKWV&RRUGLQDWLRQ&HQWUH LQVWDOODWLRQVDQGSURGXFWVDQGFHUWLILFDWLRQRITXDO
K5&& KXPDQ5&& LW\V\VWHPVDVZHOODVVXUYH\VDQGFODVVLILFDWLRQRI
%LRFKHPLVWU\&HOO%LRORJ\0HGLFLQH0ROHXODU VKLSV
%LRORJ\ +56 WHFKQLTXH +LJK5HVROXWLRQ6HSDUDWLRQWHFK
+5' +XUULFDQH5HVHDUFK'LYLVLRQ QLTXH
2IWKH86$WODQWLF2FHDQRJUDSKLFDQG +56 +LJK5HVROXWLRQ6SHFWURPHWHU
0HWHRURORJLFDO/DERUDWRU\ +56 +LJK5LVH6LWH
+5GLDJUDP +HUW]VSUXQJ5XVVHOO'LDJUDP +56 +LVWRULFDO5HFRUGV6XUYH\
$VWURSK\VLFV KUVKUV DEEU KRXUV
KUGZUH DEEU KDUGZDUH $OVR++KK
)RUIXUWKHUGHWDLOVVHHXQGHUK +57 &URDWLDQ5DGLRDQG79
+5(( +HDY\5DUH(DUWK(OHPHQW 5DGLRWpOpYLVLRQFURDWH
*HRORJ\*HRVFLHQFHV +57 +RUPRQH5HSODFHPHQW7KHUDS\
+5((/6 +LJK5HVROXWLRQ(OHFWURQ(QHUJ\/RVV )RUIXUWKHUGHWDLOVVHHXQGHU:,6'20 DQG
6SHFWURVFRS\ :+,
+5(0 +LJK5HVROXWLRQ(OHFWURQ0LFURVFRSH +57(0 +LJK5HVROXWLRQ7UDQVPLVVLRQ(OHFWURQ
+5HSW +RXVH5HSRUW 0LFURVFRS\
+5HV +RXVH5HVROXWLRQ (QJLQHHULQJ0DWHULDOV6FLHQFH


KU]KU] DEEU KHUW] &KHPRWKHUDS\&OLQLFDO7UDQVSODQWDWLRQ6WXGLHV


KU]KU] DEEU KRUL]RQKRUL]RQWDO 'HYHORSPHQWDO%LRORJ\,PPXQRORJ\0ROHFXODU
+5=,3=2 &URDWLDQ$LU)RUFHDQG$QWL$LUFUDIW %LRWKHUDS\
'HIHQFH +6&6'WHFKQRORJ\ +LJK6SHHG&LUFXLW6ZLWFKHG
$UPpHGHO·DLUHWGpIHQVHDQWLDpULHQQHFURDWHV 'DWDWHFKQRORJ\
KU]Q DEEU KRUL]RQ &HOOXODU1HWZRUNV
$OVRKU]KU] +6&7 +LJK6SHHG&LYLO7UDQVSRUW
$UFKDHRORJ\$VWURQRP\&DUWRJUDSK\ +6'$ +LJK6SHHG'DWD$FTXLVLWLRQ
'HYHORSPHQWDO%LRORJ\*HRORJ\1DYLJDWLRQ 'DWD&RPPXQLFDWLRQV
+6+6 +DUERXU6HUYLFH +6( +HDOWKDQG6DIHW\([HFXWLYH
+6 +HSDULQRU+HSDUDQ6XOIDWH +6( +HDW6KRFN(OHPHQW
%LRFKHPLVWU\0ROHFXODU%LRORJ\0ROHFXODU +6( +LJKO\6LGHURSKLOH(OHPHQWV
%LRSK\VLFV3KDUPDFRORJ\ (DUWK6FLHQFHV*HRSK\VLFV,VRWRSH
+6+6 +LJK6FKRRO *HRFKHPLVWU\
+6 +LJK6HQVLWLYLW\ +6H2 6HOHQLF$FLG
+6 +LJK6LGH &KHPLVWU\
&RPSXWHU7HFKQRORJ\ +6H2 6HOHQLRXV$FLG
+6 +LJK6SHHG 6HOHQLRXV$FLGDOVRNQRZQDV6HOHQRXV$FLGLV
&RPSXWHU7HFKQRORJ\ XVHGPDLQO\DVDQDQDO\WLFUHDJHQW
+6 +RPH6HFUHWDU\ &KHPLVWU\
+6 +RQRUDU\6HFUHWDU\ +6*3& +LJK6SHHG*HO3HUPHDWLRQ
+6 +RVSLWDO6KLS &KURPDWRJUDSK\
1DXWLFDO +6*7 +LJK6SHHG*URXQG7UDQVSRUWDWLRQ
+6+6 +RXVH6XUJHRQ +6, +RUL]RQWDO6LWXDWLRQ,QGLFDWRU
+6 +XPDQ6RFLHW\ 86$  1DYLJDWLRQ
+6 +\GURJHQ6ZHOOLQJ +6L) )OXRURVLOLFLF$FLG
+6 +\GURJHQ6XOILGH )OXRURVLOLFLF$FLGLVXVHGPDLQO\LQFHUDPLFVDQG
+6DOVRNQRZQDV6XOIXUHWWHG+\GURJHQLVXVHG LQHOHFWURSODWLQJ
PDLQO\DVDUHDJHQW ,QRUJDQLF&KHPLVWU\
,QRUJDQLF&KHPLVWU\ +6. +HUSHV6WURPDO.HUDWLWLV
+6$ +HDW6WDEOH$QWLJHQ +6.LVDQDXWRLPPXQHGLVHDVHRIWKHH\HFDXVHG
+6$ +XPDQ6HUXP$OEXPLQ E\+HUSHV6LPSOH[9LUXV
0HGLFLQH 2FXODU,PPXQRORJ\2SKWKDOPRORJ\9LUDO
+6$$ +HDOWK6FLHQFHV$GYDQFHG$ZDUG ,PPXQRORJ\
+6$0 KLJKUDQJHVXUIDFHWRDLUPLVVLOH +6/ +HDOWKDQG6DIHW\/DERUDWRU\ *% 
PLVVLOHVXUIDFHDLUjJUDQGHSRUWpH +6/ +LJK6SHHG/DXQFK
+6%& +RQJNRQJ 6KDQJKDL%DQNLQJ +6/$ VWHHO +LJK6WUHQJWK/RZ$OOR\VWHHO
&RUSRUDWLRQ +6/$ LVDORZDOOR\VWHHOWKDWKDVD\LHOGVWUHQJWK
+6%. +DO\N6DYLQJV%DQNRI.D]DNKVWDQ KLJKHUWKDQWKDWRIFDUERQVWHHO
+6 EXIIHU +LJK6DOWEXIIHU 0HWDOOXUJ\
+6& +HDOWK6FLHQFHV&HQWHU.XZDLW8QLYHUVLW\ +6/& +HDOWK6FLHQFHV/LEUDULHV&RQVRUWLXP
+6& +HPDWRSRLHWLF6WHPFHOO +6/& +LJK6SHHG/LTXLG&KURPDWRJUDSK\
)RUIXUWKHUGHWDLOVVHHXQGHU6&V +6/,& +HDOWK6FLHQFHV/LEUDU\DQG,QIRUPDWLRQ
+6& +LJK6SHHG&DUU\ &RRSHUDWLYH
&RPSXWHU7HFKQRORJ\ +6/6 &URDWLDQ/LEHUDO3DUW\
+6& +RVSLWDOIRU6LFN&KLOGUHQ 3DUWLOLEpUDOFURDWH
/RFDWHGLQ7RURQWR2QWDULR&DQDGD +60 +LJK6SHHG0HPRU\
+6& +HDW6KRFN&RJQDWHSURWHLQRIN' +60+$ +HDOWK6HUYLFHVDQG0HQWDO+HDOWK
KV&'G VROXEOHQRQJO\FRV\ODWHGKXPDQ&' $GPLQLVWUDWLRQ
GRPDLQ +62 KHXUHVXUO·REMHFWLI
+6&V +HPDWRSRLHWLF6WHP&HOOV WLPHRQWDUJHW 727  
9LUDOHOHPHQWVLQERQHPDUURZWUDQVSODQWDWLRQ +62 6XOIXURXV$FLG
%DVLF0HGLFDO6FLHQFHV&DQFHU%LRORJ\&DQFHU


+62 LVXVHGPDLQO\DVDQDQWLVHSWLFDSUHVHUYD +67) +HDW6KRFN7UDQVFULSWLRQ)DFWRU


WLYHDQGLQWKHSURGXFWLRQRIZLQHV +6767,6 +XEEH6SDFH7HOHVFRSH6SDFH
,QRUJDQLF&KHPLVWU\ 7HOHVFRSH,PDJLQJ6SHFWURJUDSK
+62 6XOIXULF$FLG $VWURQRP\$WPRVSKHULFDQG(QYLURQPHQWDO
6XOIXULFDFLGDOVRNQRZQDV'LSSLQJ$FLGLVXVHG 5HVHDUFK(DUWKDQG3ODQHWDU\6FLHQFH3K\VLFV
PDLQO\LQWKHFKHPLFDOVDQGH[SORVLYHVPDQXIDF 6RODU3K\VLFV
WXULQJLQGXVWULHV )RUIXUWKHUGHWDLOVVHHXQGHU67,6
+62 7ULVXOIXULF$FLG +686 +XPDQH6RFLHW\RIWKH8QLWHG6WDWHV
,QRUJDQLF&KHPLVWU\ 86$ 
+62 'LWKLRQLF$FLG +69 +HUSHV6LPSOH[9LUXV
,QRUJDQLF&KHPLVWU\ +HUSHVVLPSOH[9LUXVLVDYLUXVRIWKH
+62V +HDOWK6HUYLFH2UJDQL]DWLRQV +HUSHVYLULGDHIDPLO\
+63 &URDWLDQ3DUW\RI5LJKWV 9LURORJ\
3DUWLGHVGURLWVFURDWH +69 7KHDLUSRUWFRGHIRU+XQWVYLOOH'HFDWXU
+63 'LYLVLRQRI +HDOWK6FLHQFHV3ROLF\ $ODEDPD86$
+63V +HDW6KRFN3URWHLQV +69 +HUSHV6LPSOH[9LUXVW\SH
(YROXWLRQ&KHPLFDO(FRORJ\ +697.JHQH +HUSHV6LPSOH[9LUXV7K\PLGLQH
+63*V &HOOVXUIDFH +HSDUDQ6XOIDWH .LQDVHJHQH
3URWHRJO\FDQV &HOO%LRORJ\
0HGLFLQH +7 +DOI7LPHKDOIWLPH
+631 +HOOHQLF6RFLHW\IRUWKH3URWHFWLRQRI1DWXUH 3K\VLFDO&KHPLVWU\
*UHHFH  +7 +DOIWRQHKDOIWRQH
+64& +HWHURQXFOHDU6LQJOH4XDQWXP&RUUHODWLRQ ,QDFRXVWLFVKDOIWRQHLVDOVRNQRZQDV6HPLWRQH
+65 +HWHURFKURPDWLFDOO\6WDLQLQJ5HJLRQ $FRXVWLFV
+65 +RPRJHQHRXV6WDLQLQJ5HJLRQ +7 +DOIWRQHKDOIWRQH
0ROHFXODU%LRORJ\ *UDSKLF$UWV
+65 ' +HDOWK6HUYLFHV5HVHDUFKDQG +7 +DUGWRS
'HYHORSPHQW +7 +DVKLPRWR
V7K\URLGLWLV
+653 +LJK6SHHG5HVHDUFK3URJUDP +7 LVDQDXWRLPPXQHGLVHDVHFKDUDFWHUL]HGE\WKH
1$6$ 3URJUDPV JUDGXDOGHVWUXFWLRQRIWK\URLGWLVVXH
+657,*(7 +RVSLWDO6DQ5DIIDHOH7HOHWKRQ $SRSWRVLV$XWRLPPXQH'LVHDVHV&OLQLFDO
,QVWLWXWHIRU*(QH7KHUDS\ 0LODQ,WDO\  ,PPXQRORJ\(QGRFULQRORJ\([SHULPHQWDO
%LRFKHPLVWU\%RQH0DUURZ7UDQVSODQWDWLRQ 0HGLFLQH,PPXQRORJ\
*HQH7KHUDS\3HGLDWULFV +7 +DZDLLDQ7LPH
+66,+VVLWHFKQRORJ\ +LJK6SHHG6HULDO,QWHUIDFH KWKW DEEU KHLJKW
WHFKQRORJ\ $OVRKK
+6VWDWH +LJK6SLQVWDWH 0DWKHPDWLFV0HWURORJ\
0ROHFXODU&KHPLVWU\ +7+&7 +HPDWRFULW
+667' +LVWRULFDO6HD6XUIDFH7HPSHUDWXUH 3DWKRORJ\
'DWDVHW +7+7 +LJK7HQVLRQ
+667V +LJK6SHHG6WUHDPV +7+7 +LJK7LGH
$VWURQRP\$VWURSK\VLFV$WPRVSKHULF2FHDQLF )RUIXUWKHUGHWDLOVVHHXQGHU+: +LJK:DWHU 
DQG6SDFH6FLHQFHV*HRSK\VLFV3K\VLFV +7+7 +LJK7UHDVRQ
+669 KLJKVSHHGVXUIDFHYHVVHO +7 +RO\7ULQLW\
EkWLPHQWGHVXUIDFHjJUDQGHYLWHVVH +7 +RUL]RQWDO7DEXODWLRQ FKDUDFWHU 
+67 +DZDLLDQ6WDQGDUG7LPH 'DWD&RPPXQLFDWLRQV
+67 'LYLVLRQRI +HDOWK6FLHQFHVDQG7HFKQRORJ\ +7 +RUV7D[H
86$  )UHQFKLQLWLDOLVPPHDQLQJGXW\IUHHH[FOXVLYHRI
0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\ WD[
+67 +XEEOH6SDFH7HOHVFRSH +W +\GURWKHUDS\
$VWURSK\VLFV$WPRVSKHULFDQG3ODQHWDU\3K\VLFV 7KHWHUPK\GURWKHUDS\UHIHUVWRDWKHUDSHXWLF
6SDFH7HOHVFRSH6FLHQFH WUHDWPHQWIRUGLVHDVHE\DSSOLFDWLRQRIZDWHUXVX
+67 +\SHUVRQLF7UDQVSRUW DOO\H[WHUQDOO\


0HGLFLQH K757 VXEXQLW KXPDQ7HORPHUDVH5HYHUVH


+W WRWDO+\SRWKHUPLD 7UDQVFULSWDVHVXEXQLW
+7 +\GUR[\WU\SWDPLQH &HOO%LRORJ\1HXURVFLHQFH
0HGLFLQH0ROHFXODU1HXURVFLHQFH +76 +HDW7UDQVIHU6\VWHP
3KDUPDFRORJ\ +76 +LJK7HPSHUDWXUH6XSHUFRQGXFWLYLW\
+7$ +\SHUWHQVLRQ$UWpULHOOH 6XSHUFRQGXFWRU
)UHQFKLQLWLDOLVPPHDQLQJ+LJK%ORRG3UHVVXUH $OVR+76&
+\SHUWHQVLRQ 6ROLG6WDWH3K\VLFV
0HGLFLQH +76 +LJK7KURXJKSXW6FUHHQLQJ
+7$3 +\SHUWHQVLRQ$UWpULHOOH3XOPRQDLUH +76& +LJK7HPSHUDWXUH6XSHUFRQGXFWLYLW\
)UHQFKLQLWLDOLVPPHDQLQJ3XOPRQDU\ $OVR+76
+\SHUWHQVLRQ +76&V +LJK7HPSHUDWXUH6XSHUFRQGXFWRUV
0HGLFLQH 6XSHUFRQGXFWLYLW\
+7& +XQJDULDQ7HOHFRPPXQLFDWLRQV&R/WG +76(& +LJK7HPSHUDWXUH6L]H([FOXVLRQ
+7&) +ROG7LOO&DOOHG)RU &KURPDWRJUDSK\
+7H2 7HOOXURXV$FLG +76+(%0 +LJK7HPSHUDWXUH6XSHUFRQGXFWRU
,QRUJDQLF&KHPLVWU\ +RW(OHFWURQ%RORPHWHU0L[HU
+7H2 7HOOXULF$FLG )RUIXUWKHUGHWDLOVVHHXQGHU+(%0V
7HOOXULF$FLGLVDOVRNQRZQDV+\GURJHQ +767 +LJK7HPSHUDWXUH6KRUW7LPH
7HOOXUDWH +77 KLJKO\WUDQVSRUWDEOHWHUPLQDO
,QRUJDQLF&KHPLVWU\ WHUPLQDOWUqVIDFLOHPHQWWUDQVSRUWDEOH
+7) +HDGOLQH7DVN)RUFH>(8@ +WW +XQWLQJWRQ DEQRUPDOSURWHLQ 
*URXSHVSpFLDOVXUO·REMHFWLIJOREDO>8(@ %LRORJ\&HOO%LRORJ\&HOOXODU0HGLFLQH+XPDQ
+7))5 +LJK7HPSHUDWXUH)DVW)ORZ5HDFWRU %HKDYLRU+XQWLQJWRQ·V'LVHDVH0ROHFXODU
+7)0, +HDW7UDQVIHUDQG)OXLG0HFKDQLFV 0HGLFLQH1HXURORJ\
,QVWLWXWH +7707 +LJK7HPSHUDWXUH7KHUPRPHFKDQLFDO
+7*5 +LJK7HPSHUDWXUH*DVFRROHG5HDFWRU 7UHDWPHQW
(QHUJ\1XFOHDU(QJLQHHULQJ +773 +\SHUWH[W7UDQVIHU3URWRFRO
+7*WHFKQLTXH +RORJUDSKLF7LPH*DWLQJWHFK ,QWHUQHW
QLTXH +79$ +RUV79$
%DOOLVWLF/LJKW2SWLFDO6FLHQFHV )UHQFKLQLWLDOLVPPHDQLQJH[FOXVLYHRI9$7
+7/ +LJK7KUHVKROG/RJLF +7:6 +DZDLL7VXQDPL:DUQLQJ6\VWHP 86$ 
K7/5 KXPDQ7ROO/LNH5HFHSWRU +8 +HEUHZ8QLYHUVLW\ -HUXVDOHP 
0HGLFLQH0LFURELDO3DWKRJHQHVLV0LFURELRORJ\ +8 +XQJDU\
0ROHFXODU%LRORJ\ $OVR+XQ
+7/9,,, +XPDQ7/\PSKRWURSLF9LUXV7\SH,,, +8 +\GUR[\XUHD
+7/9,,,LVWKHWHUPIRUPHUO\XVHGIRUKXPDQ +8LVXVHGPDLQO\WRWUHDWFHUWDLQW\SHVRI
LPPXQRGHILFLHQF\YLUXV OHXNHPLD
9LURORJ\ %LRORJ\0HGLFLQH3DWKRORJ\3KDUPDFRORJ\
+70/ +\SHUWH[W0DUNXS/DQJXDJH +8' +HDG8S'LVSOD\
7KHVWDQGDUGIRUIRUPDWWLQJGRFXPHQWVRQWKH 2SWLFV
:RUOG:LGH:HE +8' +RXVLQJ8UEDQ'HYHORSPHQW
+72 +HOOHQLF7RXULVP2UJDQL]DWLRQ *UHHFH  +8),6 +8PDQ)DFWRUVLQ,QIRUPDWLRQ6HUYLFHV
+73 +LJK7HPSHUDWXUH3KRWRO\VLV (XURSHDQ&RPPXQLW\3URMHFW
+73% +\GUR[\O7HUPLQDWHG3RO\EXWDGLHQH K8* KXPDQ8WHURJORELQ
+73) +LJK7KURXJKSXW)DFWRU\ )RUIXUWKHUGHWDLOVVHHXQGHU8*
$W5,.(1+DULPD,QVWLWXWH -DSDQ  +8*2 +8PDQ*HQRPH2UJDQL]DWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU5,.(1 KXPDQ,8*7(V KXPDQ,Q8WHUR*HQH7UDQVIHU
+75 +LJK7HPSHUDWXUH5HDFWRU ([SHULPHQWV
+75 +LJK7HPSHUDWXUH5HVHUYRLU )RUIXUWKHUGHWDLOVVHHXQGHU,8*7(V
7KHUPRG\QDPLFV +80) +8PDQ0DPPDU\)LEUREODVWV
K75` KXPDQ7K\URLGKRUPRQH5HFHSWRU` +80,17 KXPDQLQWHOOLJHQFH
DUHQVHLJQHPHQWKXPDLQ


EUHQVHLJQHPHQWG·RULJLQHKXPDLQH 52+80 LOOXVWUDWHGE\DUHFHQWVWXG\RIDVTXDUH


>)5@ IRRWRIILFHEXLOGLQJLQ+RXVWRQ7H[DV86$
+80SURMHFW +HOLFRSWHU+HDOWKDQG8VDJH *DV)LUHG'HVLFFDQWFRROLQJ 1HZVWDQGDUGVIRU
0RQLWRULQJSURMHFW LQGRRUDLUTXDOLW\
(XURSHDQ&RPPXQLW\3URMHFW +9$3 +\SHUYHORFLW\$UPRU3LHUFLQJ
+XQ DEEU +XQJDU\ 2UGQDQFH
$OVR+8 +9$5 +LJK9HORFLW\$LUFUDIW5RFNHW
KXQG DEEU KXQGUHG +9$V +LJK9HORFLW\$QRPDOLHV
+XQJ DEEU +XQJDULDQ 6HLVPRORJ\
+XQJDULDQDOVRFDOOHG0DJ\DULVWKHODQJXDJHRI +9$7 +\SHUYHORFLW\$QWLWDQN
+XQJDU\RIWKH8UDOLFIDPLO\RIODQJXDJHV +9% +\SRYHUHLQV%DQN
/DQJXDJHV +9%LV*HUPDQ\·VVHFRQGELJJHVWEDQN
+816$7 DEEU +81JDULDQ6$7HOOLWH +9& +LJK9RFDO&HQWHU
&RPPXQLFDWLRQV$VVRFLDWLRQ +XQJDU\  7KH+9&LVDEUDLQDUHDLQFDQDULHVWKDWKHOSVSUR
+817(; PLQHKXQWLQJH[HUFLVH GXFHWKHLUVRQJ
H[HUFLFHGHFKDVVHDX[PLQHV +9&V +LJK9RFDO&HQWHUV
+XQWV DEEU +XQWLQJGRQVKLUH )RUIXUWKHUGHWDLOVVHHXQGHU+9&
+832 +8PDQ3URWHRPH2UJDQL]DWLRQ +9' +\SHUWKURSKLH9HQWULFXODLUH'URLWH
7KHSURWHRPHWKHSDWWHUQRISURWHLQVSURGXFHGE\ )UHQFKLQLWLDOLVPPHDQLQJ5LJKW9HQWULFXODU
DFHOOXQGHUFHUWDLQFRQGLWLRQV+832DQLQWHUQD +\SHUWURSK\
WLRQDODOOLDQFHRILQGXVWU\DFDGHPLFDQGJRYHUQ 0HGLFLQH
PHQWPHPEHUVZDVFUHDWHGDWWKHHQGRI +9'& +LJK9ROWDJH'LUHFW&XUUHQW
+XPDQ3URWHRPH +9'&LVDORQJGLVWDQFHGLUHFWFXUUHQWSRZHU
+85/ +DZDLL8QGHUZDWHU5HVHDUFK/DERUDWRU\ WUDQVPLVVLRQV\VWHP
+86/( KHOLFRSWHUXQGHUVOXQJORDGHTXLSPHQW +9'&7 +LJK9ROWDJH'LUHFW&XUUHQW
WUDQVSRUWG·pTXLSHPHQWjO·pOLQJXHSDUKpOLFRSWqUH 7UDQVPLVVLRQ
RXpTXLSHPHQWG·HOLQJDJH  K9'5 KXPDQ9LWDPLQ'5HFHSWRU
+87 +HOVLQNL8QLYHUVLW\RI7HFKQRORJ\ )LQODQG  +YH% +HUSHVYLUXVHQWU\PHGLDWRU%
+89(&V +XPDQ8PELOLFDO9HLQ(QGRWKHOLDO&HOOV 'HQWDO0HGLFLQH0LFURELRORJ\,PPXQRORJ\
$QJLRJHQHVLV$QWLDQJLRJHQHVLV7XPRU 2UDO+HDOWK
$QJLRJHQHVLV7XPRU9DVFXODWXUH +9(0 +LJK9ROWDJH(OHFWURQ0LFURVFRSH
KY DEEU KDYH +9* +\SHUWURSKLH9HQWULFXODLUH*DXFKH
+9+9 +LJK9HORFLW\ )UHQFKLQLWLDOLVPPHDQLQJ/HIW9HQWULFXODU
2UGQDQFH +\SHUWURSK\
+9+9 +LJK9ROWDJH +Y*UHDFWLRQ +RVWYHUVXV*UDIWUHDFWLRQ
(OHFWULFLW\ ,PPXQRORJ\
+9$ +LJK9ROWDJH$FWLYDWHG +9/ +DOI9DOXH/D\HU
+9$ +RPRYDQLOOLF$FLG 5DGLRORJ\
%LRFKHPLVWU\ &+2 +92 +DZDLLDQ9ROFDQR2EVHUYDWRU\
+9$& +HDWLQJ9HQWLODWLQJDQG$LU&RQGLWLRQLQJ (UXSWLRQ3UHGLFWLRQV6HLVPLF3DWWHUV
(QHUJ\LVH[WUHPHO\HDV\WRXVH7KHGHVLJQHU *HRSK\VLFV
LQSXWVIORRUDUHDWKHEXLOGLQJ
VXVHWKHQXPEHURI +95, +\SHUYDULDEOH5HJLRQ,
VWRULHVDQGWKHW\SHRIKHDWLQJYHQWLODWLQJDQG %LRORJLFDO6FLHQFHV(DUWK6FLHQFHV0ROHFXODU
DLUFRQGLWLRQLQJ +9$& V\VWHP(QHUJ\DOVR %LRVFLHQFHV
SHUIRUPVKRXUE\KRXUFDOFXODWLRQVRIWKHUPDO +9V +\EULG9HKLFOHV
+9$&DQGOLJKWLQJEHKDYLRUWKURXJKDFRPSOHWH +9VRIWKHIXWXUHZLOOGHSHQGRQDWOHDVWWZRGLI
\HDURIRSHUDWLRQ(QHUJ\ZDVUHOHDVHGLQODWH IHUHQWNLQGVRISURSXOVLRQV\VWHPVWRRSHUDWH$Q
 LQWHUQDOFRPEXVWLRQHQJLQHPLJKWEHMXVWRQHRI
1HZ&RPSXWHUWRRO(QHUJ\ WZRRUPRUHSURSXOVLRQV\VWHPVPRGLILHGWRZRUN
+9$& V\VWHP +HDWLQJ9HQWLODWLRQDQG$LU LQDK\EULGGHVLJQ7KH0LGZHVW5HVHDUFK,QVWLWXWH
&RQGLWLRQLQJV\VWHP 05, RI.DQVDV&LW\0286$ZLOOPDQDJH
7KHSRWHQWLDOIRUJDVILUHGGHVLFFDQWFRROLQJLV WKH86*RYHUQPHQW
V+\EULG9HKLFOH3URJUDP
+\EULG9HKLFOHV 3URSXOVLRQ6\VWHPV


+97 KLJKYDOXHWDUJHW +HUW]DOVRNQRZQDVF\FOHSHUVHFRQGLVWKHVWDQ


REMHFWLISUpFLHX[ GDUGXQLWRIPHDVXUHPHQWIRUIUHTXHQF\
+98 KLJKYDOXHXQLW 0HWURORJ\
XQLWpSUpFLHXVH
KY\ DEEU KHDY\
+: +DOI:RUG
&RPSXWHU7HFKQRORJ\
+: +DUGZDUH
)RUIXUWKHUGHWDLOVVHHXQGHUK
+: KD]DUGRXVZDVWH
GpFKHWVGDQJHUHX[
+:+: +LJK:DWHU
+LJK:DWHUDOVRNQRZQDV+LJK7LGHUHIHUVWR
WKHKLJKHVWSRLQWUHDFKHGE\DULVLQJWLGH
2FHDQRJUDSK\
+: +LJKZD\
+: LVDSXEOLFURDGRQZKLFKYHKLFOHVDUH
DOORZHGWRWUDYHODWDVSHHGKLJKHUWKDQRQORFDO
VWUHHWV
&LYLO(QJLQHHULQJ
+: +RW:DWHU
KZ DEEU KRZ
+:& +XUULFDQH:DUQLQJ&HQWHU
+:( SULQFLSOH +DUG\:HLQEHUJ([SHFWDWLRQSULQ
FLSOH
+:. +HQULHWWD:LOIULGD.DURQJR
$QWKURSRORJ\
+:0 +LJK:DWHU0DUN
&RPSXWHU3URJUDPPLQJ2FHDQRJUDSK\
+:2 +XUULFDQH:DUQLQJ2IILFH 86$ 
2IWKH861:6
)RUIXUWKHUGHWDLOVVHHXQGHU1:6
+:2 7XQJVWLF$FLG
7XQJVWLF$FLGDOVRNQRZQDV2UWKRWXQJVWLF$FLG
:ROIUDPLF$FLGLVXVHGPDLQO\LQSODVWLFVDQG
WH[WLOHV
,QRUJDQLF&KHPLVWU\
+::%$ +XQJDULDQ:RPHQ
V:RUOG%DQNLQJ
$VVRFLDWLRQ +XQJDU\ 
+;' +DUG;UD\'HWHFWRU
+;5%V +DUG;5D\%XUVWV
$VWURQRP\3K\VLFV
K\K\ KHQU\KHQULHV
(OHFWURPDJQHWLVP
+<'2 +LJK<LHOG'LVFRXQW2EOLJDWLRQ
+<'52/$17 +\GURJUDSKLF2IILFHDQG$WODQWLF
2FHDQ
1DYLJDWLRQ
+<'523$& +\GURJUDSKLF2IILFHDQG3DFLILF
2FHDQ
1DYLJDWLRQ
+]+]K] DEEU +HUW]


&RPSXWHU3URJUDPPLQJ

, ,$ ,QSXW$UHD
,QSXWDUHDLVDOVRNQRZQDV,QSXW6WRUDJH,QSXW
%ORFN,QSXW6HFWLRQ
, HOHFWULFFXUUHQW &RPSXWHU3URJUDPPLQJ
, DEEU ,QGHSHQGHQW ,$ ,QVWUXFWLRQ$GGUHVV
L DEEU LQGLFDWHG &RPSXWHU3URJUDPPLQJ
, ,QIRUPDWLRQ ,$ ,QVXIILVDQFH$RUWLTXH5pJXUJLWDWLRQ$RUWLTXH
6FLHQFH ,QVFLHQFHLQIRUPDWLRQLVWKHGDWDFODVVL )UHQFKLQLWLDOLVPPHDQLQJ$RUWLF
ILHGUHFRUGHGRULQWHUSUHWHGVRWKDWWKHUHVXOWLV ,QVXIILFLHQF\5HJXUJLWDWLRQ
PHDQLQJIXO 0HGLFLQH
7HOHFRPPXQLFDWLRQV ,QWHOHFRPPXQLFDWLRQVLWLV ,$ ,QWDQJLEOH$VVHW
WKHLQIRUPDWLRQWUDQVPLWWHGE\VLJQDOVWKURXJK %DQNLQJ%XVLQHVV)LQDQFH
WHOHFRPPXQLFDWLRQFKDQQHOV ,$ ,QWHOOLJHQ]D$UWLILFLDOH
, ,QSXW ,WDOLDQLQLWLDOLVPPHDQLQJ$UWLILFLDO,QWHOOLJHQFH
&RPSXWHU3URJUDPPLQJ(OHFWURQLFV ,$ ,QWHULP$XGLW
, DEEU ,QVSHFWRU ,$ ,QWHUQDWLRQDO$QJVWURP
, DEEU ,QVWLWXWH 1DPHGIRUWKH6ZHGLVKSK\VLFLVWDQGDVWURQRPHU
,,QVWUXFWLRQ $QGHUV-RQDVcQJVWU|P
&RPSXWHU3URJUDPPLQJ6FLHQFH 3K\VLFV
, ,QWHOOLJHQFH ,$ DEEU ,RZD 86$ 
, ,QWHQVLW\ ,$$ ,QGROHDFHWLF$FLG
, ,QWHUUXSW ,QGROHDFHWLFDFLGLVXVHGDVDKRUPRQHWRVWLPXODWH
7KHWHUPLQWHUUXSWLQFRPSXWHUVLVDVWRSSDJHLQD SODQWJURZWK
ZRUNLQJSURJUDPWKDWFDQUHVXPHRSHUDWLRQDWD %LRFKHPLVWU\
ODWHUVWDJH ,$$ ,QWHUQDWLRQDO$FDGHP\RI$VWURQDXWLFV
&RPSXWHU3URJUDPPLQJ )RUIXUWKHUGHWDLOVVHHXQGHU,$)
,L LQYHVWPHQW ,$$ ,QWHUQDWLRQDO$GYHUWLVLQJ$VVRFLDWLRQ
,7KHFKHPLFDOV\PEROIRU,RGLQH ,QWHUQDWLRQDO$HURVSDFH$EVWUDFWV 86$ 
7KHZRUGLRGLQHGHULYHVIURPWKH*UHHN´LRGpVµ ,$$ ,QWHUQDWLRQDO$VVRFLDWLRQIRU$HURELRORJ\
ZKLFKPHDQVYLROHW ,$$ ,QYHVWPHQW$GYLVHUV$FW 86$ 
6\PEROV&KHPLVWU\3KDUPDFRORJ\ ,$$ ,VUDHO$UFKLYHV$VVRFLDWLRQ
, ,UHODQG,ULVK ,$$,$$ ,WDOLDQ$VVRFLDWLRQRI$FFRXQWDQWV
, ,WDO\
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU ,$$/' ,QWHUQDWLRQDO$VVRFLDWLRQRI$JULFXOWXUDO
,$ ,PPHGLDWH$GGUHVV /LEUDULDQVDQG'RFXPHQWDOLVWV
,PPHGLDWHDGGUHVVLVDOVRNQRZQDV=HUR/HYHO ,$$3$ ,QWHUQDWLRQDO$VVRFLDWLRQRI$PXVHPHQW
$GGUHVV 3DUNVDQG$WWUDFWLRQV 86$ 
&RPSXWHU3URJUDPPLQJ ,$% ,QVWLWXW9DQGH$FFRXQWDQWVHQGH
,$ ,PPHGLDWHO\$YDLODEOH %HODVWLQJFRQVXOHQWHQ
,$ ,PPXQH$GKHUHQFH %HOJLDQ,QVWLWXWH
,PPXQRORJ\ ,$% ,QWHU$PHULFDQ%DQN
,$ ,QDFWLYH$FFRXQW ,$% ,QWHUQHW$FWLYLWLHV%RDUG
%DQNLQJ%XVLQHVV)LQDQFH )RXQGHGLQ1RZ,QWHUQHW$UFKLWHFWXUH
,$ ,QFRPH$YHUDJLQJ %RDUG
,$ ,QFRUSRUDWHG$FFRXQWDQW ,$% ,QWHUQHW$UFKLWHFWXUH%RDUG
,$ ,QGH[HG$GGUHVV +DVUHSODFHG,$%
7KHWHUPLQGH[HGDGGUHVVUHIHUVWRDQDGGUHVV ,$%% ,QGLDQ$VVRFLDWLRQRI%ORRG%DQNV ,QGLD 
PRGLILHGE\DQLQGH[UHJLVWHUEHIRUHRUGXULQJWKH ,$%% ,QWHU$PHULFDQ%DQN%RQGV
FRXUVHRIDQLQVWUXFWLRQ %DQNLQJ%XVLQHVV)LQDQFH
&RPSXWHU3URJUDPPLQJ ,$%* ,QWHUQDWLRQDO$VVRFLDWLRQRI%LRPHGLFDO
,$ ,QGLUHFW$GGUHVV *HURQWRORJ\
,QGLUHFWDGGUHVVLVDOVRNQRZQDV0XOWLOHYHO 7KHWK &RQJUHVVRIWKH,$%*ZDVKHOGRQ
$GGUHVV6HFRQG/HYHO$GGUHVV WKWK $XJXVW


,$%,1 ,QWHU$PHULFDQ%LRGLYHUVLW\,QIRUPDWLRQ ,$&8&V ,QVWLWXWLRQDO$QLPDO&DUHDQG8VH


1HWZRUN &RPPLWWHHV
,$%2 ,QWHUQDWLRQDO$VVRFLDWLRQRI%LRORJLFDO $QLPDO5HVHDUFK3URWRFROV6XUJHU\
2FHDQRJUDSK\ ;HQRWUDQVSODQWDWLRQ
,$& ,QWHU$FDGHP\&RXQFLO 6ZLW]HUODQG  ,$' 7KHDLUSRUWFRGHIRU'XOOHV,QWHUQDWLRQDO
$ %RG\SURSRVHGLQDVDQLQWHUQDWLRQDOYHU $LUSRUW:DVKLQJWRQ'&86$
VLRQRIWKH861DWLRQDO5HVHDUFK&RXQFLO ,$' ,QVWLWXWHIRU$GGLFWLYH'LVRUGHUV 86$ 
,$& ,QWHUQDWLRQDO$QDO\VLV&RGH ,$' ,QWHU$PHULFDQ'LDORJXH
7KH,QWHUQDWLRQDO$QDO\VLV&RGHLVXVHGZRUOG ,$' LQWHUIDFHDGDSWRUGHYLFH
ZLGHWRFRPPXQLFDWHLQIRUPDWLRQ DGDSWDWHXUG·LQWHUIDFH
0HWHRURORJ\ ,$' ,QWHUQDWLRQDO$VWURSK\VLFDO'HFDGH
,$&$ ,QWHUQDWLRQDO$LU&KDUWHU$VVRFLDWLRQ ,$' ,VWLWXWR$FFHUWDPHQWR'LIIXVLRQH ,WDO\ 
,$&$ ,QYHVWLJDWLRQRIWKH$HURG\QDPLFVDQG ,WDOLDQLQLWLDOLVPPHDQLQJ$XGLW%RDUGRI
&RGLQJRI$GYDQFHGHQJLQHWXUELQHFRPSRQHQWV &LUFXODWLRQ
(XURSHDQ&RPPXQLW\3URMHFW ,$'% ,QWHU$PHULFDQ'HIHQVH%RDUG 86$ 
,$&% LQWHUGLFWLRQDpULHQQHGXFKDPSGHEDWDLOOH ,$'% ,QWHU$PHULFDQ'HYHORSPHQW%DQN 86$ 
EDWWOHILHOGDLULQWHUGLFWLRQ %$,  ,$'/ ,QWHUQDWLRQDO$VVRFLDWLRQRI'HPRFUDWLF
,$&& ,QWHUQDWLRQDO$PHULFD·V&XS&ODVV /DZ\HUV %HOJLXP 
,$&&0' ,WDO\$PHULFD&KDPEHURI&RPPHUFH )RXQGHGLQDLPVWRIDFLOLWDWHFRQWDFWVDQG
0DU\ODQG 1DSOHV,WDO\  H[FKDQJHVRIYLHZEHWZHHQODZ\HUVDQGODZ\HUV

,$&0( ,QWHUQDWLRQDO$VVRFLDWLRQRI&UDIWVDQG DVVRFLDWLRQVDQGWRIRVWHUXQGHUVWDQGLQJDQGJRRG


VPDOODQG0HGLXPVL]HG(QWHUSULVHV ZLOOWRZRUNWRJHWKHUWRDFKLHYHWKHDLPVRIWKH
/RFDWHGLQ%HUQH6ZLW]HUODQG)RXQGHGLQ &KDUWHURIWKH8QLWHG1DWLRQV
,$&0(
6JRDOLVWRPDLQWDLQDQGGHYHORSLQDOO ,$'/&,DGOF ,QWHJUDWHG$FFHVV'LJLWDO/RRS
FRXQWULHVKLJKTXDOLW\LQGLYLGXDOZRUNDQGVHU &DUULHU
YLFHVDVZHOODVWRLQVXUHIUHHGRPIRULQGLYLGXDO ,$'2 ,QVWLWXWR$UJHQWLQHGH2FHDQRJUDILD
LQLWLDWLYH $UJHQWLQD 
,$&206 ,QWHUQDWLRQDO$GYLVRU\&2PPLWWHHRQ ,$'5 DEEU ,QVWUXFWLRQ$GGUHVV
0DULQH6FLHQFHV ,$'6 LQWHJUDWHGDLUGHIHQFHV\VWHP
,$&206KDVEHHQUHSODFHGE\6&25 V\VWqPHGHGpIHQVHDpULHQQHLQWpJUpH
)RUIXUWKHUGHWDLOVVHHXQGHU6&25 ,$($,$($ ,QWHUQDWLRQDO$WRPLF(QHUJ\
,$&3 ,QWHUQDWLRQDO$VVRFLDWLRQRI&RPSXWHU $JHQF\9LHQQD$XVWULD
3URJUDPPHUV ,$(+ ,QWHUQDWLRQDO$VVRFLDWLRQIRU(QYLURQPHQWDO
,$&3 ,QWUD$OOHU¡G&ROG3HULRG +\GURORJ\ 86$ 
%LRGLYHUVLW\&RQVHUYDWLRQ%LRORJ\ ,$(67( ,QWHUQDWLRQDO$VVRFLDWLRQIRUWKH([FKDQJH
(QYLURQPHQWDO3K\VLFV/DVW'HJODFLDWLRQ RI6WXGHQWVIRU7HFKQLFDO([SHULHQFH )UDQFH 
,$&3 ,VWLWXWR$XWRQRPR&DVH3RSRODUL ,WDO\  )RXQGHGLQWRRUJDQL]HH[FKDQJHRIVWXGHQWV
,WDOLDQDFURQ\PPHDQLQJ$XWRQRPRXV%RDUGIRU IRURQWKHMREWUDLQLQJ
7HQHPHQW)ODWV$SDUWPHQWV+DVEHHQUHSODFHGE\ ,$) ,QWHU$PHULFDQ)RXQGDWLRQ
$/(5 3DUWQHUVKLS3RYHUW\5HGXFWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU$/(5 ,$),$) ,QWHUQDWLRQDO$VWURQDXWLFDO)HGHUDWLRQ
,$&5 ,QVWLWXWHRI$UDEOH&URSV5HVHDUFK *%  3DULV)UDQFH)RXQGHGLQ&RQVWLWXWLRQ
7KH,$&5FRQGXFWVIXQGDPHQWDODQGDSSOLHG DGRSWHGDWWKH;,,&RQJUHVVLQ:DVKLQJWRQ
VWUDWHJLFUHVHDUFKWRRSWLPLVHH[LVWLQJDQGQRYHO WRIRVWHUWKHGHYHORSPHQWRIDVWURQDXWLFVIRU
FURSSURGXFWLRQV\VWHPVDQGWKHLULQWHUDFWLRQV SHDFHIXOSXUSRVHVDWQDWLRQDODQGLQWHUQDWLRQDOOHY
ZLWKWKHHQYLURQPHQW HOVWKH,$)FUHDWHGWKH,$$WKH,,6/DQGFRP
,$&5 ,QWHJUDWHG$SSURDFKWR&URS5HVHDUFK/RQJ PLWWHHVRQDFWLYLWLHVDQGPHPEHUVKLS
$VKWRQ*% $VWURQDXWLFV6SDFH/DZ
,QWURJUHVVLYH+\EULGL]DWLRQ+\EULG3RSXODWLRQV )RUIXUWKHUGHWDLOVVHHXQGHU,$$ DQG,,6/
0LFURVDWHOOLWH0DUNHU$VVD\V3RO\SORLG*HQRPHV ,$)( ,QWHUQDWLRQDO$VVRFLDWLRQRI)DLUVDQG
,$&6 ,QWHUQDWLRQDO$QQHDOHG&RSSHU6WDQGDUG ([SRVLWLRQV
0HWDOOXUJ\ /RFDWHGLQ6SULQJILHOG0LVVRXUL86$
,$* ,QVXUDQFH$XVWUDOLD*URXS


,$* ,QWHUQDWLRQDO$VVRFLDWLRQRI*HRGHV\ ,$0 ,QVWLWXWHIRU$GYDQFHG0DWHULDOV3HWWHQ7KH


,$* ,QWHUQDWLRQDO$VVRFLDWLRQRI*HURQWRORJ\ 1HWKHUODQGV
0H[LFR  'XWFK,QVWLWXWH
)RXQGHGLQWRSURPRWHFRQWDFWVEHWZHHQ ,$0 ,QVWLWXWR$QGDOX]GHOD0XMHU
SHRSOHDQGRUJDQL]DWLRQVLQWHUHVWHGLQWKHVWXG\RI 6SDQLVK,QVWLWXWH
JHURQWRORJ\ DQGWRRUJDQL]HPHHWLQJVDQGFRQ ,$0 ,QWHUQDWLRQDO$JHQFLHV0HHWLQJ
JUHVVHVHYHU\\HDUV UpXQLRQGHVDJHQFHVLQWHUQDWLRQDOHV
,$* LQWHUQDWLRQDODXGLWLQJJXLGHOLQH ,$0 ,QWHUQDWLRQDO$VVRFLDWLRQRI0DFKLQLVWV
QRUPHGHYpULILFDWLRQLQWHUQDWLRQDOH 19,  ,$0$0 ,QWHUQDWLRQDO$VVRFLDWLRQRI0XVHXPVRI
,$*$ ,QWHUQDWLRQDO$VVRFLDWLRQRI*HRPDJQHWLVP $UPVDQG0LOLWDU\+LVWRU\
DQG$HURQRP\ /RFDWHGLQ+HOVLQNL)LQODQG)RXQGHGLQ
)RXQGHGLQDLPVWKHVWXG\RIPDJQHWLVP RUJDQL]DWLRQWRHVWDEOLVKFRQWDFWEHWZHHQPXVHXPV
DQGDHURQRP\ RIWKHHDUWKDQGRWKHUERGLHVRIWKH DQGRWKHUVFLHQWLILFLQVWLWXWLRQVZLWKFROOHFWLRQVRI
VRODUV\VWHPDQGRIWKHLQWHUSODQHWDU\PHGLXPDQG DUPV DQGDUPRXUPLOLWDU\ HTXLSPHQWXQLIRUPV
LWVLQWHUDFWLRQZLWKWKHVHERGLHV HWFZKLFKPD\EHYLVLWHGE\WKHSXEOLFWRSUR
,$*/5 ,QWHUQDWLRQDO$VVRFLDWLRQIRU*UHDW/DNHV PRWHWKHVWXG\RIUHOHYDQWJURXSVRIREMHFWVWULHQ
5HVHDUFK QLDOFRQIHUHQFHV
,$+ ,QVWLWXWHIRU$QLPDO+HDOWK *%  ,$0$3 ,QWHUQDWLRQDO$VVRFLDWLRQRI0HWHRURORJ\
7KH,$+LVDQLQWHUQDWLRQDOFHQWHUIRUUHVHDUFKRQ DQG$WPRVSKHULF3K\VLFV
WKHGLVHDVHVRIIDUPDQLPDOV ,$0$6 ,QWHUQDWLRQDO$VVRFLDWLRQRI0HWHRURORJ\
)DUP$QLPDOV,PPXQRORJ\(SLGHPLRORJ\ DQG$WPRVSKHULF6FLHQFHV
0ROHFXODU%LRORJ\ )RXQGHGLQWRRUJDQL]HUHVHDUFKV\PSRVLD
,$+$ ,PPXQH$GKHUHQFH+HPPDJOXWLQDWLRQ DQGFRRUGLQDWHUHVHDUFKLQDWPRVSKHULFVFLHQFH
$VVD\ ILHOGVDQ$VVRFLDWLRQRIWKH,QWHUQDWLRQDO8QLRQRI
,PPXQRORJ\ *HRGHV\DQG*HRSK\VLFV
,$+6 ,QWHUQDWLRQDO$VVRFLDWLRQRI+\GURORJLFDO ,$0/ ,QWHUQDWLRQDO$VVRFLDWLRQRI0XVLF/LEUDULHV
6FLHQFHV $UFKLYHVDQG'RFXPHQWDWLRQ&HQWUHV
,$+7 7KHDLUSRUWFRGHIRU,QWHUFRQWLQHQWDO$LUSRUW /RFDWHGLQ6WRFNKROP6ZHGHQ)RXQGHGLQ
+RXVWRQ7H[DV86$ WRIDFLOLWDWHFRRSHUDWLRQEHWZHHQPXVLFOLEUDULHV
,$, ,QWHU$PHULFDQ,QVWLWXWH IRU*OREDO&KDQJH DQGLQIRUPDWLRQFHQWUHVFRPSLOHPXVLFELEOLRJUD
5HVHDUFK  86$  SKLHVDQGWRSURPRWHWKHSURIHVVLRQDOWUDLQLQJRI
(QYLURQPHQWDO5HVHDUFK PXVLFOLEUDULDQVDQGGRFXPHQWDOLVWVQDWLRQDO
,$, ,QWHUQDWLRQDO$IULFDQ,QVWLWXWH *%  EUDQFKHVLQFRXQWULHV
)RXQGHGLQWRIDFLOLWDWHWKHVWXG\RI$IULFDQ ,$06,$06 ,QWHUQDWLRQDO$VVRFLDWLRQRI
VRFLHWLHVDQGFXOWXUHV DQGWKHGLVVHPLQDWLRQRIWKH 0LFURELRORJLFDO6RFLHWLHV
UHVXOWVRIWKDWUHVHDUFK ,$06/,& ,QWHUQDWLRQDO$VVRFLDWLRQRI0DULQH
,$,$ ,QWHUQDWLRQDO$VVRFLDWLRQIRU,PSDFW 6FLHQFH/LEUDULHVDQG,QIRUPDWLRQ&HQWUHV
$VVHVVPHQW 86$  ,$1 ,QGROHDFHWRQLWULOH
,$,06 ,QWHJUDWHG$GYDQFHG,QIRUPDWLRQ %LRFKHPLVWU\
0DQDJHPHQW6\VWHPV 86$  ,$1 ,VWLWXWRSHUO
$XWRPD]LRQH1DYDOH
,$/ ,QWHUQDWLRQDO$OJHEUDLF/DQJXDJH ,WDOLDQ,QVWLWXWH
,$/& ,QVWUXPHQW$SSURDFKDQG/DQGLQJ&KDUW ,$1$,DQD ,QWHUQHW$VVLJQHG1XPEHUV$XWKRULW\
,$/&( LQWHUQDWLRQDODLUOLIWFRQWUROHOHPHQW , ' ,QFLVLRQDQG'UDLQDJH
pOpPHQWLQWHUQDWLRQDOGHFRQWU{OHGXWUDQVSRUW , ( ,QFRPHDQG([SHQVH
DpULHQ , , ,PDJLQJDQG,QIRUPDWLRQ )XMLILOP 
,$// ,QWHUQDWLRQDO$VVRFLDWLRQRI/DZ/LEUDULHV ,PDJLQJ6\VWHPV
/RFDWHGLQ&KLFDJR,OOLQRLV86$)RXQGHGLQ , , LQWHURSHUDELOLW\DQG LQWHJUDWLRQ
WRRIIHUZRUOGZLGHFRRSHUDWLRQLQWKHGHYHO LQWHURSpUDELOLWpHWLQWpJUDWLRQ
RSPHQWRIODZOLEUDULHVDQGWKHFROOHFWLRQRIOHJDO , 2 ,QWDNHDQG2XWSXW
GRFXPHQWDWLRQ , : LQGLFDWLRQVDQGZDUQLQJ
,$/6 ,QWHUQDWLRQDO$VVRFLDWLRQRI/HJDO6FLHQFH LQGLFHVHWFULWqUHVG·DOHUWH
,$/7$ ,QWHUQDWLRQDO$VVRFLDWLRQRI/DQJXDJH LQGLFDWRUVDQGZDUQLQJV
7UDYHO$GYLVHUV LQGLFHVHWLQGLFDWHXUVG·DOHUWH


,$2 ,QWHUQDWLRQDO$QWDUFWLF2EVHUYDWRU\ *OREDO&KDQJH*OREDO&OLPDWH6HD,FH


$VWURQRP\$VWURSK\VLFV 9HJHWDWLRQ
,$2/ ,QWHUQDWLRQDO$VVRFLDWLRQRI2ULHQWDOLVW ,$5&& ,QWHUDJHQF\$UFWLF5HVHDUFK&RRUGLQDWLRQ
/LEUDULDQV &RPPLWWHH
,$3 ,QKLELWRURI$SRSWRVLV3URWHLQ ,$5' ,QFHQGL$FFLGHQWL5LVFKL'LYHUVL
)RUIXUWKHUGHWDLOVVHHXQGHU,$3V ,WDOLDQDFURQ\PPHDQLQJ)LUH$FFLGHQWV6XQGU\
,$3 LQVWUXPHQWDSSURDFKSURFHGXUH 5LVNV
SURFpGXUHG·DSSURFKHDX[LQVWUXPHQWV ,QVXUDQFH
,$3 ,QWHU$FDGHP\3DQHORQ,QWHUQDWLRQDO,VVXHV ,$5, ,QGLDQ$JULFXOWXUDO5HVHDUFK,QVWLWXWH1HZ
7KH,$3 LVDQ$VVRFLDWLRQRIDERXWQDWLRQDOVFL 'HOKL,QGLD
HQFHDFDGHPLHVWKDWKROGVFRQIHUHQFHVDQGSUR ,$53& ,QWHUDJHQF\$UFWLF5HVHDUFK3ROLF\
YLGHVVWDWHPHQWVRQLVVXHVRIFRPPRQLQWHUHVW &RPPLWWHH 86$ 
,$3 ,QWHUQDWLRQDO$LUSRUW ,$58 ,QWHUQDWLRQDO$PDWHXU5DGLR8QLRQ 86$ 
,$3$ ,QWHUQDWLRQDO$LUOLQH3DVVHQJHUV$VVRFLDWLRQ ,$6 ,QGLDQ$GPLQLVWUDWLYH6HUYLFH ,QGLD 
,$3$& ,QWHUQDWLRQDO$VVRFLDWLRQRI3K\VLFLDQVLQ )RUPHUO\WKH,QGLDQ&LYLO6HUYLFH ,&6 ,$6
$,'6&DUH 86$  PHPEHUVDUHUHFUXLWHGWKURXJKDQDQQXDOHQWUDQFH
$,'65HVHDUFK$,'69DFFLQH WHVW
,$3& ,QWHUQDWLRQDO$XGLWLQJ3UDFWLFHV&RPPLWWHH ,$6 ,QGLFDWHG$LUVSHHG
&RPLWpLQWHUQDWLRQDOGHQRUPDOLVDWLRQGHODYpULIL $YLDWLRQ
FDWLRQ &,19  ,$6 ,QVWLWXWHIRU$GYDQFHG6WXGLHV
,$3* ,QWHUDJHQF\$UFWLF3ROLF\*URXS ,$6 ,QVWLWXWHRI$HURVSDFH6FLHQFHV
,$3+ ,QWHUQDWLRQDO$VVRFLDWLRQRI3RUWVDQG ,$6 ,QVWLWXWHRI$HURQDXWLFDO6FLHQFHV
+DUERXUV -DSDQ  ,$6 ,QWHUQDO$XGLW6\VWHP
,$3,3 ,QWHUQDWLRQDO$VVRFLDWLRQIRUWKH3URWHFWLRQ $FFRXQWV
RI,QGXVWULDO3URSHUW\ 6ZLW]HUODQG  ,$6$ ,QWHUQDWLRQDO$VVRFLDWLRQRI6RXQG$UFKLYHV
3DWHQWV7UDGHPDUNV ,$6$3 ,QWHUQDWLRQDO$UFWLF6HDV$VVHVVPHQW
,$32 ,QWHUQDWLRQDO$VVRFLDWLRQIRU3K\VLFDO 3URMHFW
2FHDQRJUDSK\ ,$6& ,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV
,$32KDVEHHQUHSODFHGE\,$362 &RPPLWWHH
)RUIXUWKHUGHWDLOVVHHXQGHU,$362 ,$6& ,QWHUQDWLRQDO$UFWLF6HUYLFH&RPPLWWHH
,$3V ,QKLELWRURI$SRSWRVLV3URWHLQV 1RUZD\ 
,$3VDUHSURWHLQVGLVFRYHUHGE\UHVHDUFKHUVRIWKH ,$6, ,QWHUQDWLRQDO$VVRFLDWLRQIRU6SRUWV
8QLYHUVLW\RI*HRUJLD$WKHQV86$LQ ,QIRUPDWLRQ
$SRSWRVLV%LRFKHPLVWU\0HGLFLQH ,$6, ,VWLWXWRGL$QDOLVLHG,QIRUPDWLFD
)RUIXUWKHUGHWDLOVVHHXQGHU',$%/2 ,WDOLDQ,QVWLWXWH
,$36 ,QWHUQDWLRQDO$VVRFLDWLRQIRU3HRSOHHQYLURQ ,$6/ ,QWHUQDWLRQDO$VVRFLDWLRQRI6FKRRO
PHQW6WXGLHV /LEUDULDQVKLS
(GXFDWLRQDO:HE6LWHV ,$6/,& ,QGLDQ$VVRFLDWLRQRI6SHFLDO/LEUDULHVDQG
,$362 ,QWHUQDWLRQDO$VVRFLDWLRQIRUWKH3K\VLFDO ,QIRUPDWLRQ&HQWUHV
6FLHQFHVRIWKH2FHDQ ,$60$/ ,QWHUQDWLRQDO$FDGHP\RI6RFLDODQG
&DOLIRUQLD86$)RXQGHGLQWRSURPRWHWKH 0RUDO6FLHQFHV$UWVDQG/HWWHUV
VWXG\RIVFLHQWLILFSUREOHPVUHODWLQJWRWKH2FHDQV ,$63 ,QWHUQDWLRQDO$VVRFLDWLRQRI6FLHQFH3DUNV
FKLHIO\LQVRIDUDVVXFKVWXG\PD\EHFDUULHGRXW ,$63(, ,QWHUQDWLRQDO$VVRFLDWLRQRI6HLVPRORJ\
E\WKHDLGRIPDWKHPDWLFVSK\VLFVDQGFKHPLVWU\ DQG3K\VLFVRIWKH(DUWK
V,QWHULRU
WRLQLWLDWHIDFLOLWDWHDQGFRRUGLQDWHUHVHDUFKWR ,$66,67 ,QWHUQDWLRQDO$VVRFLDWLRQIRU6RFLDO
SURYLGHIRUGLVFXVVLRQFRPSDULVRQDQGSXEOLFD 6FLHQFHV,QIRUPDWLRQ6HUYLFHVDQG7HFKQRORJ\
WLRQ ,$66: ,QWHUQDWLRQDO$VVRFLDWLRQRI6FKRROVRI
,$5LQWHOOLJHQFHDUHDRIUHVSRQVLELOLW\ 6RFLDO:RUN
]RQHGHUHVSRQVDELOLWpGXUHQVHLJQHPHQW =55  FR8QLYHUVLW\RI7RURQWR&DQDGD)RXQGHGLQ
,$5& ,QWHUQDWLRQDO$JHQF\IRU5HVHDUFKRQ&DQFHU WRSURYLGHLQWHUQDWLRQDOOHDGHUVKLSDQG
&DQFHU5LVNV HQFRXUDJHKLJKVWDQGDUGVLQVRFLDOZRUN
,$5& ,QWHUQDWLRQDO$UFWLF5HVHDUFK&HQWHU HGXFDWLRQ
$  -DSDQ8QLWHG6WDWHVIDFLOLW\ ,$7 ,QGLUHFW$QWLJOREXOLQ7HVW


&KHPRWKHUDS\0HGLFLQH0LFURELRORJ\ ,%$ ,QGXVWULDO%LRWHFKQRORJ\$VVRFLDWLRQ


,PPXQRORJ\ ,%$ ,QWHUQDWLRQDO%DQNLQJ$FW
,$7$ ,QWHUQDWLRQDO$LU7UDQVSRUW$VVRFLDWLRQ ,%$ ,QWHUQDWLRQDO%DU$VVRFLDWLRQ *% 
&DQDGD  ,%$ ,QWHUQDWLRQDO%RDUGRI$XGLWRUVIRU1$72
,$72 LQWHULPDSSURYDOWRRSHUDWH &ROOqJHLQWHUQDWLRQDOGHVFRPPLVVDLUHVDX[
DSSUREDWLRQSURYLVRLUHG·H[SORLWDWLRQ FRPSWHVGHO·27$1
,$76 ,PSOLFLW$VVRFLDWLRQ7HVWV ,%$ ,QYHVWPHQW%DQNHUV$VVRFLDWLRQ 86$ 
6RFLDO3V\FKRORJ\ ,%$$ ,QGHSHQGHQW%DQNHUV$VVRFLDWLRQRI$PHULFD
,$76( ,QWHUQDWLRQDO$OOLDQFHRI7KHDWULFDO6WDJH 86$ 
(PSOR\HHV ,%$%3 ,QWHVWLQDO%LOH$FLG%LQGLQJ3URWHLQ
,$77& ,QWHU$PHULFDQ7URSLFDO7XQD&RPPLVVLRQ &HOO%LRORJ\0HGLFLQDO&KHPLVWU\0ROHFXODU
86$  %LRFKHPLVWU\0ROHFXODU(QGRFULQRORJ\2USKDQ
,$78/ ,QWHUQDWLRQDO$VVRFLDWLRQRI7HFKQRORJLFDO 1XFOHDU5HFHSWRUV3K\VLRORJ\
8QLYHUVLW\/LEUDULHV ,%$' ,RQ%HDP$VVLVWHG'HSRVLWLRQ
/RFDWHGLQ7KH1HWKHUODQGV)RXQGHGLQWR 0DWHULDOV6FLHQFH
SURPRWHFRRSHUDWLRQEHWZHHQPHPEHUOLEUDULHV ,%$0 ,QVWLWXWHRI%XVLQHVV$GPLQLVWUDWLRQDQG
DQGFRQGXFWUHVHDUFKRQOLEUDU\SUREOHPV 0DQDJHPHQW
,$8 LQIUDVWUXFWXUHDFFRXQWLQJXQLW>REVROHWH -DSDQHVH,QVWLWXWH
UHSODFHGE\1$8@ ,%$0$ %UD]LOLDQ(QYLURQPHQW3URWHFWLRQ$JHQF\
XQLWpGHFRPSWHG·LQIUDVWUXFWXUH 8&, >REVROqWH %UD]LO 
UHPSODFpSDU1$8@ ,%$1 VHH,%$
,$8 ,QWHUQDWLRQDO$VVRFLDWLRQRI8QLYHUVLWLHV YRLU,%$
,$8 ,QWHUQDWLRQDO$VWURQRPLFDO8QLRQ ,%% ,QWHUQDWLRQDO%DQN%RQGV
,$9&(, ,QWHUQDWLRQDO$VVRFLDWLRQRI9ROFDQRORJ\ %DQNLQJ%XVLQHVV)LQDQFH
DQG&KHPLVWU\RIWKH(DUWK
V,QWHULRU ,%%<3 ,QWHUQDWLRQDO%RDUGRQ%RRNVIRU<RXQJ
&DQEHUUD$XVWUDOLD)RXQGHGLQWRSURPRWH 3HRSOH
VFLHQWLILFLQYHVWLJDWLRQDQGGLVFXVVLRQRQYROFDQRO /RFDWHGLQ%DVHO6ZLW]HUODQG)RXQGHGLQWR
RJ\ DQGLQWKRVHDVSHFWVRISHWURORJ\ DQGJHR VXSSRUWDQGXQLI\WKRVHIRUFHVLQDOOFRXQWULHVFRQ
FKHPLVWU\ UHODWLQJWRWKHFRPSRVLWLRQRIWKHLQWHUL QHFWHGZLWKFKLOGUHQ
VERRNZRUNWRHQFRXUDJHWKH
RURIWKH(DUWK SURGXFWLRQDQGGLVWULEXWLRQRIJRRGFKLOGUHQ
V
,$9, ,QWHUQDWLRQDO$,'69DFFLQH,QLWLDWLYH ERRNVHVSHFLDOO\LQWKHGHYHORSLQJFRXQWULHVWR
86$  SURPRWHVFLHQWLILFLQYHVWLJDWLRQLQWRSUREOHPVRI
1HZ<RUNEDVHG MXYHQLOHERRNV
$,'65HVHDUFK$,'69DFFLQH,PPXQRORJ\ ,%& ,OOLQRLV%HQHGLFWLQH&ROOHJH 86$ 
,$: ,Q$FFRUGDQFH:LWK ,%& ,QVWLWXWHIRU%LRPHGLFDO&RPSXWLQJ 86$ 
,$:4 ,QWHUFRQWLQHQWDO$VVRFLDWLRQRQ:DWHU ,Q-XQHWKH,%&KRVWHGWKHWK ,QWHUQDWLRQDO
4XDOLW\ *%  &RQIHUHQFHRQ,6%0
,% 7KHDLUOLQHFRGHIRU,EHULD &RPSXWDWLRQDO%LRORJ\
,% ,Q%RQG ,%& ,QWHJUDWHG%ORFN&KDQQHO
,% ,QFOXVLRQ%RG\ ,%& ,QWHUQDWLRQDO%DWK\PHWULF&KDUW
9LURORJ\ ,%& ,QWHUQDWLRQDO%5&$ &RQVRUWLXP
,% ,QFRPH%RQG %UHDVW&DQFHU
%XVLQHVV)LQDQFH ,%& ,QWHUQDWLRQDO%XVLQHVV&RPPXQLFDWLRQV
,%,% ,QODQG%LOO WK $QQXDO:RUOG&RQJUHVV$XJXVW%RVWRQ
,% ,QSXW%ORFN 0$86$
)RUIXUWKHUGHWDLOVVHHXQGHU,$ ,QSXW$UHD  'UXJ'LVFRYHU\7HFKQRORJ\
&RPSXWHU3URJUDPPLQJ ,%& DFW ,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FW
,% ,QVXUDQFH%URNHU 7KH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FWZDV
,% ,QWHUEDQFD ,WDO\  LQWURGXFHGLQ7KH%DKDPDVLQ
,% ,QYHVWPHQW%DQNHU,QYHVWPHQW%DQNLQJ ,%&($ ,QWHUQDWLRQDO%DWK\PHWULF&KDUWRIWKH
,% ,% ,QYRLFH%RRN &HQWUDO(DVWHUQ$WODQWLF
,%$ ,QGHSHQGHQW%DQNHUV$VVRFLDWLRQRI$PHULFD ,%&2%1 ,QWHJUDWHHG%URDGEDQG&RPPXQLFDWLRQV
86$  2Q%URDGFDVW1HWZRUNV


(XURSHDQ&RPPXQLW\3URMHFW ,%, ,QWHUJRYHUQPHQWDO%XUHDXIRU,QIRUPDWLFV


,%&:,2 ,QWHUQDWLRQDO%DWK\PHWULF&KDUWRIWKH ,%, ,VWLWXWR%DQFDULR,WDOLDQR ,WDO\ 
:HVWHUQ,QGLDQ2FHDQ ,%,$ 7KH,ULVK%LR,QGXVWULHV$VVRFLDWLRQ ,UHODQG 
,%&:3 ,QWHUQDWLRQDO%DWK\PHWULF&KDUWRIWKH 7KH,%,$ ZDVHVWDEOLVKHGE\WKH,%(&LQ
:HVWHUQ3DFLILF 1RYHPEHUIRUWKHQHHGVRI%LRWHFKQRORJ\
,%' ,QIHFWLRXV%XUVDO'LVHDVH9LUXV ,QGXVWULHV
9HWHULQDU\0HGLFLQH )RUIXUWKHUGHWDLOVVHHXQGHU,%(&
,%( ,QWHUQDWLRQDO%XUHDXRI(GXFDWLRQ ,%,% ,VREXW\O,VREXW\UDWH
/RFDWHGLQ*HQHYD6ZLW]HUODQG)RXQGHGLQ ,%,%LVXVHGPDLQO\LQLQVHFWUHSHOODQWVDQGIOD
WKH,%(EHFDPHDQLQWHUJRYHUQPHQWDORUJDQL]DWLRQ YRULQJV
LQ-XO\DQGZDVLQFRUSRUDWHGLQWR81(6&2 2UJDQLF&KHPLVWU\
LQ-DQXDU\DVDQLQWHUQDWLRQDOFHQWUHRIFRP ,%,58 ,QVWLWXWLRQDO%XLOGLQJDQG,QWHUDFWLYH
SDUDWLYH HGXFDWLRQ 5HVHDUFK8QLW
)RUIXUWKHUGHWDLOVVHHXQGHU81(6&2 )RUIXUWKHUGHWDLOVVHHXQGHU,&,3(
,%( ,QWHUYDO%HWZHHQ(UXSWLRQV ,%,6 ,PSURYHGPRQLWRULQJIRU%UDLQG\VIXQFWLRQLQ
7HUUHVWULDO0DJQHWLVP ,QWHQVLYHFDUHDQG6XUJHU\
,%($ ,QVWLWXWHIRU%LRORJLFDO(QHUJ\$OWHUQDWLYHV (XURSHDQ&RPPXQLW\3URMHFW
86$  ,%,6 ,QWHJUDWHG%DOOLVWLF,GHQWLILFDWLRQ6\VWHP
&OHDQ(QHUJ\3URGXFWV0LFURELDO*HQRPLFV ,%- ,QGXVWULDO%DQNRI-DSDQ -DSDQ 
,%(& ,QWHUQDWLRQDO%DQNIRU(FRQRPLF ,%/ VHH,%(5/$17
&RRSHUDWLRQ YRLU,%(5/$17
,%(& ,QWHUQDWLRQDO%XVLQHVV(GXFDWLRQ&RQVRUWLXP ,%0 ,QGLYLGXDO%DVHG0RGHO
,%(0LVORFDWHGLQ/DQFDVWHU3HQQV\OYDQLD ,%0,QVWLWXWRGH%LRORJLD0DULQD
86$,WLVDFRDOLWLRQRIKLJKHUHGXFDWLRQLQVWLWX 6SDQLVKLQLWLDOLVPPHDQLQJ,QVWLWXWHIRU0DULQH
WLRQVWUDGHVHUYLFHSURYLGHUVDQGSULYDWHEXVLQHVV %LRORJ\
HVLQWKH0LG$WODQWLFUHJLRQ,%(&LVDGPLQLV ,%0 ,QWHUQDWLRQDO%XVLQHVV0DFKLQHV 86$ 
WHUHGE\WKH('& ,%0LVWKHZRUOG
VODUJHVWFRPSXWHUFRPSDQ\
)RUIXUWKHUGHWDLOVVHHXQGHU('& ,%0; ,VREXW\O0HWK\O[DQWKLQH
,%(& ,ULVK%XVLQHVVDQG(PSOR\HUV&RQIHGHUDWLRQ ,%1 ,QVWLWXW%HOJHGH1RUPDOLVDWLRQ
,UHODQG  )UHQFKLQLWLDOLVPRIWKH%HOJLDQ,QVWLWXWHIRU
)RUIXUWKHUGHWDLOVVHHXQGHU,%,$ 6WDQGDUGL]DWLRQ %HOJLXP 
,%(/V ,QWHUHVW%HDULQJ(OLJLEOH/LDELOLWLHV *%  ,%1 ,QWHJUDWLYH%LRORJ\DQG1HXURVFLHQFH
%DQNLQJ 8616)·VGLYLVLRQ
,%(5/$17 ,EHULDQ$WODQWLF$UHD>REVROHWHVHH )RUIXUWKHUGHWDLOVVHHXQGHU16)
6287+/$17@ ,%2 ,QWHUQDWLRQDO%DFFDODXUHDWH2UJDQL]DWLRQ
6HFWHXULEpULTXHGHO·$WODQWLTXH>REVROqWHYRLU *HQHYD6ZLW]HUODQG)RXQGHGDV,QWHUQDWLRQDO
6287+/$17@ 6FKRROV([DPLQDWLRQ6\QGLFDWHLQDV,%2LQ
,%(: ,QWHUQDWLRQDO%URWKHUKRRGRI(OHFWULFDO $LPVWKHSODQQLQJRIFXUULFXODDQGDQLQWHU
:RUNHUV QDWLRQDOXQLYHUVLW\HQWUDQFHH[DPLQDWLRQWKH
,%(;V ,QWHUQDWLRQDO%X\HUV
(;KLELWLRQV ,QWHUQDWLRQDO %DFFDODXUHDWHDFFHSWDEOHWRXQLYHU
,%(;LVDQ(&,QLWLDWLYHIRU(QWHUSULVH&RRSHUD VLWLHVWKURXJKRXWWKHZRUOG
WLRQ ,%2$ VHH,%$
,%) ,PPXQRJOREXOLQ%LQGLQJ)DFWRU YRLU,%$
,%) ,QSXW%XIIHU)XOO ,%25 ,QWHUEDQN2IIHUHG5DWH
,%) ,QWHUQDWLRQDO%DQNLQJ)DFLOLW\ 86$  (FRQRPLFV)LQDQFH
,%)V ,QWHUQDWLRQDO%DQNLQJ)DFLOLWLHV 86$  ,%3 ,QGR%ULWLVK3DUWQHUVKLS,QGLD*%
,%* ,QWHJUDWHG%XVLQHVV3URJUDPPH %LODWHUDO%XVLQHVV&RRSHUDWLRQ6FLHQWLILF
$W*XLQQHVVWKHEUHZLQJGLYLVLRQRIWKH'LDJHR (GXFDWLRQDQG7HFKQRORJ\3URJUHVV
IRRGDQGGULQNVJURXS ,%3 ,QWHUQDWLRQDO%LRORJLFDO3URJUDP
1HZ(OHFWURQLF6\VWHPV ,%U ,RGLQH0RQREURPLGH
,%* ,QWHU%ORFN*DS ,%ULVXVHGLQRUJDQLFV\QWKHVLV
,%*( %UD]LOLDQ,QVWLWXWHRI1DWLRQDO6WDWLVWLFVDQG ,QRUJDQLF&KHPLVWU\
*HRJUDSK\ %UD]LO  ,%5$ ,QGRQHVLD·V%DQN5HVWUXFWXULQJ$JHQF\


,%5' ,QWHUQDWLRQDO%DQNIRU5HFRQVWUXFWLRQDQG ,& ,QVWUXFWLRQ&RXQWHU


'HYHORSPHQW ,QVWUXFWLRQ&RXQWHULVDOVRNQRZQDV,QVWUXFWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU:% 5HJLVWHU3URJUDP&RXQWHU
,%52 ,QWHUQDWLRQDO%UDLQ5HVHDUFK2UJDQL]DWLRQ &RPSXWHU7HFKQRORJ\
/RFDWHGLQ3DULV)UDQFH)RXQGHGLQWRDVVLVW ,& ,QVWUXFWLRQ&\FOH
DOOEUDQFKHVRIQHXURVFLHQFH &RPSXWHU3URJUDPPLQJ
,%6 LQGXVWULDOEHQHILWVVKDULQJ ,& ,QWHJUDWHG&LUFXLW
DSDUWDJHGHVDYDQWDJHVLQGXVWULHOV 7KHLQWHJUDWHGFLUFXLWLVDOVRNQRZQDVLQWHJUDWHG
EUpSDUWLWLRQVGHVUHWRPEpHVLQGXVWULHOOHV VHPLFRQGXFWRU
,%6 ,QVWLWXWHRI%LRSKDUPDFHXWLFDO6FLHQFHV (OHFWURQLFV
,UHODQG  ,& ,QWHJUDWHG&RQVROH
,%6 ,QWHUQDWLRQDO%DQNIRU6HWWOHPHQWV 7HOHFRPPXQLFDWLRQV
,%6 ,QWHUQDWLRQDO%HDXW\6KRZ ,& ,QWHUIDFH&DUG
+HOGLQ1HZ<RUNWKWK 0DUFKDWWKH-DFRE &RPSXWHU7HFKQRORJ\
-DYLWV&RQYHQWLRQ&HQWHU ,& ,QWHUQDO&RPEXVWLRQ,QWHUQDO&RQQHFWLRQ
,%6 ,QWHUQDWLRQDO%LRPHWULF6RFLHW\ ,& ,QWHUQDWLRQDO&RRSHUDWLRQ
*|G|OO|+XQJDU\)RXQGHGLQDQLQWHUQD ,& ,QYHVWPHQW&RXQVHORU
WLRQDOVRFLHW\IRUWKHDGYDQFHPHQWRITXDQWLWDWLYH %XVLQHVV)LQDQFH
ELRORJLFDOVFLHQFH WKURXJKWKHGHYHORSPHQWRI ,& ,RQ&KURPDWRJUDSK\
TXDQWLWDWLYHWKHRULHVDQGWKHDSSOLFDWLRQGHYHORS ,RQ&KURPDWRJUDSK\LVXVHGPDLQO\WRVHSDUDWH
PHQWDQGGLVVHPLQDWLRQRIHIIHFWLYHPDWKHPDWLFDO DQGSUHFLVHO\LGHQWLI\FDUERQFOXVWHULRQVWUXFWXUHV
DQGVWDWLVWLFDOWHFKQLTXHV DVDIXQFWLRQRIFOXVWHUVL]H
,%6)& ,QWHUQDWLRQDO%DOWLF6HD)LVKHULHV ,& ,UULWDEOH&RORQ
&RPPLVVLRQ ,UULWDEOHFRORQLVDOVRNQRZQDV$GDSWLYH&ROLWLV
,%66 ,QIUDUHG%DFNJURXQG6LJQDWXUH6XUYH\ 0XFRXV&ROLWLV8QVWDEOH&RORQ6SDVWLF&RORQ
,%66 ,QVWLWXWHRI%LRORJ\RIWKH6RXWKHUQ6HDV 0HGLFLQH
6HYDVWRSRO8NUDLQH  ,&$ ,QVWLWXWHIRU&RPSXWDWLRQDO$VWURSK\VLFV
,%7 ,VDWLQ`WKLRVHPLFDUED]RQH &DQDGD 
%LRFKHPLVWU\ /DXQFKHGLQZLWKLQWKH'HSDUWPHQWRI
,%7&+: ,QWHUQDWLRQDO%URWKHUKRRGRI $VWURQRP\DQG3K\VLFV
7HDPVWHUV&KDXIIHXUV+HOSHUVDQG ,&$,FD ,QVWLWXWHRI&RQWHPSRUDU\$UW *% 
:DUHKRXVHPHQRI$PHULFD 86$  ,&$ ,QWHUQDWLRQDO&RPPHUFLDO$UELWUDWLRQ
,%79 ,QWHUDFWLYH%XVLQHVV7HOHYLVLRQ ,&$ ,QWHUQDWLRQDO&RPPXQLFDWLRQ$JHQF\
,%9 ,QIHFWLRXV%URQFKLWLV9LUXV ,&$ ,QWHUQDWLRQDO&RRSHUDWLRQ$GPLQLVWUDWLRQ
,%< ,QWHUQDWLRQDO%LRGLYHUVLW\<HDU 7KH,QWHUQDWLRQDO&RRSHUDWLRQ$GPLQLVWUDWLRQKDV
2FHDQVDQG6HFXULW\ EHHQVXSHUVHGHGE\WKH$,'
,%< ,QWHUQDWLRQDO%LRORJLFDO<HDU 86*RYHUQPHQW
,%=0 ,RGREHQ]DPLGH )RUIXUWKHUGHWDLOVVHHXQGHU$,'
,& ,FHODQG ,&$ ,QWHUQDWLRQDO&RRSHUDWLYH$OOLDQFH
,VODQGH 6ZLW]HUODQG 
LQIRUPDWLRQFDPSDLJQ ,&$ ,QWHUVWDWH&RPPHUFH$FW 86$ 
FDPSDJQHG·LQIRUPDWLRQ ,&$ ,QYHVWPHQW&RPSDQ\$FW 86$ 
,QIUDVWUXFWXUH&RPPLWWHH ,&$ ,VOHW&HOO$QWLERGLHV
&RPLWpG·LQIUDVWUXFWXUH ,PPXQRSDWKRORJ\0HGLFLQH
LQYLWHGFRXQWU\ ,&$ ,VOHW&HOO$QWLJHQ
SD\VLQYLWp ,&$&*3 ,QWHUQDWLRQDO&RPPLVVLRQRQ
LF LQFKDUJH $WPRVSKHULF&KHPLVWU\DQG*OREDO3ROOXWLRQ
,& ,QFRPH&DSLWDO ,&$(& ,QWHUQDWLRQDO&RQIHGHUDWLRQRI$VVRFLDWLRQV
,& ,QGLUHFW&RQWURO RI([SHUWVDQG&RQVXOWDQWV %HOJLXP 
&RPSXWHU7HFKQRORJ\ 7KH,&$(&ZDVIRXQGHGLQ,WVPHPEHUVDUH
,& ,QIHULRU&ROOLFXOXV $SSUDLVHUV&RQVXOWDQWVDQG([SHUWVLQQXPHURXV
,& ,QVSLUDWRU\&DSDFLW\ FRXQWULHV,WVJRDOLVWREULQJLQWRDFFRUGWKH
3K\VLRORJ\ 3URIHVVLRQVRI([SHUWV DQG7HFKQLFDO&RQVXOWDQWV


,&$(: ,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVLQ ,&& LQWHJUDWHGFRPPDQGDQGFRQWURO


(QJODQGDQG:DOHV FRPPDQGHPHQWHWFRQWU{OHLQWpJUpV
,&$) ,QGXVWULDO&ROOHJHRIWKH$UPHG)RUFHV ,&& ,QWHUQDWLRQDO&HQWUHRQ&HQVRUVKLS
86$  ,&& ,QWHUQDWLRQDO&KDPEHURI&RPPHUFH )UDQFH 
,&$, ,QWHOOLJHQW&RPSXWHU$VVLVWHG,QVWUXFWLRQ ,&& ,QWHUQDWLRQDO&RORU&RQVRUWLXP
$UWLILFLDO,QWHOOLJHQFH 7KH,&&ZDVIRXQGHGE\$ERGH$JID*HYDHUW
,&$/3( ,QWHUQDWLRQDO&HQWUHIRU$/3LQH $SSOH.RGDN)RJUD0LFURVRIW6LOLFRQ*UDSKLFV
(QYLURQPHQW )UDQFH  DQG6XQ
,&$0 ,QWHUFHOOXODU$GKHVLRQ0ROHFXOH *UDSKLF)LOHV
&HOO%LRORJ\0HGLFLQH0ROHFXODU%LRSK\VLFVDQG ,&& ,QWHUQDWLRQDO&RQYHQWLRQ&HQWUH
%LRFKHPLVWU\ %LUPLQJKDP*%
,&$05 ,QWHUGHSDUWPHQWDO&RPPLWWHHIRU$SSOLHG ,&& ,QWHUQDWLRQDO&RRUGLQDWLQJ&RPPLWWHHIRUWKH
0HWHRURORJLFDO5HVHDUFK 3UHVHQWDWLRQRI6FLHQFHDQGWKH'HYHORSPHQWRI
,&$11 ,QWHUQHW&RUSRUDWLRQIRU$VVLJQHG1DPHV 2XWRI6FKRRO6FLHQWLILF$FWLYLWLHV
DQG1XPEHUV %UXVVHOV%HOJLXP)RXQGHGLQWRFRRUGLQDWH
)RXQGHGLQ DQGSURPRWHRQDQLQWHUQDWLRQDOOHYHORXWRI
,&$2 ,QWHUQDWLRQDO&LYLO$YLDWLRQ2UJDQL]DWLRQ VFKRROVFLHQWLILFDFWLYLWLHV LQFRRSHUDWLRQZLWK
&DQDGD  RWKHULQWHUQDWLRQDORUJDQL]DWLRQVQRQJRYHUQPHQ
,&$2& LQWHULPFRPELQHGDLURSHUDWLRQVFHQWUH WDO81(6&2FRQVXOWDWLYHVWDWXV
>REVROHWHUHSODFHGE\&$2&@ )RUIXUWKHUGHWDLOVVHHXQGHU81(6&2
FHQWUHFRPELQpSURYLVRLUHG·RSpUDWLRQVDpULHQQHV ,&& ,QWHUVWDWH&RPPHUFH&RPPLVVLRQ
>REVROqWHUHPSODFpSDU&$2&@ ,&&$ ,QWHUQDWLRQDO&RQVXPHU&UHGLW$VVRFLDWLRQ
,&$36 LQWHJUDWHGFRPPDQGDQWLVXEPDULQHZDUIDUH ,&&$ ,QWHUQDWLRQDO&RXQFLOIRU&RPPHUFLDO
SUHGLFWLRQV\VWHP $UELWUDWLRQ
V\VWqPHGHSUpYLVLRQVGXFRPPDQGHPHQWLQWpJUp ,&&$7 ,QWHUQDWLRQDO&RPPLVVLRQIRUWKH
GHOXWWHDQWLVRXVPDULQH &RQVHUYDWLRQRI$WODQWLF7XQDV
,&$5,QGLDQ&RXQFLOIRU $JULFXOWXUDO5HVHDUFK 7KH,&&$7 ZDVIRUPHGLQ,WLVDFRDOLWLRQ
,QGLD  RIRYHUQDWLRQVLQFOXGLQJWKH8QLWHG6WDWHV
,&$5'$ ,QWHUQDWLRQDO&HQWHUIRU$JULFXOWXUDO )LVKHULHV0DQDJHPHQW
5HVHDUFKLQWKH'U\$UHDV ,&&' ,QWHQVLILHG&KDUJH&RXSOHG'HYLFH
/RFDWHGLQ$OHSSR6\ULD)RXQGHGLQGHVLJ &KHPLVWU\(QHUJ\
QDWHGDZRUOGLQWHUQDWLRQDOFHQWHUIRUEDUOH\ ,&&) 6HYHQWK,QWHUQDWLRQDO&RQIHUHQFHRQ&ROG
OHQWLOVDQGIDEDEHDQV6HUYHVDVDUHJLRQDOFHQWHU )XVLRQ
IRUWKHLPSURYHPHQWRIZKHDWDQGFKLFNSHDVVSRQ 7KH,&&)ZDVKHOGLQ9DQFRXYHU&DQDGDRQ
VRUHGE\FRXQWULHVDQGLQWHUQDWLRQDORUJDQL]D $SULO
WLRQV &ROG)XVLRQ/DWHVW'HYHORSPHQWV,QWHUQDWLRQDO
,&$6 ,QWHUGHSDUWPHQWDO&RPPLWWHHIRU &RQIHUHQFHV
$WPRVSKHULF6FLHQFHV ,&&+ ,QWHUQDWLRQDO&RPPRGLWLHV&OHDULQJ+RXVH
,&$7 ,PSDFWVRIHOHYDWHG&2 OHYHOV&OLPDWH ,& &, 7HWUDLRGRHWK\OHQH
FKDQJHDQG$LUSROOXWDQWVRQ7UHHSK\VLRORJ\ 7HWUDLRGRHWK\OHQHLVXVHGPDLQO\DVDIXQJLFLGH
(XURSHDQ&RPPXQLW\3URMHFW 2UJDQLF&KHPLVWU\
,&%,QQHU&RUH%RXQGDU\ ,&&21 7KH,QWHUQDWLRQDO&RPPHUFLDO
*HRSK\VLFV2FHDQRJUDSK\3ODQHWDU\3K\VLFV &21VWUXFWLRQ([SRVLWLRQ
,&% ,QWHUQDWLRQDO&RPPHUFLDO%DQN 'HEXWWKWK -DQXDU\KHOGDWWKH'DOODV
,&% LQWHUQDWLRQDOFRPSHWLWLYHELGGLQJ &RQYHQWLRQ&HQWHU7H[DV86$
DSSHOG·RIIUHVLQWHUQDWLRQDO $2,  ,&&5($ ,VWLWXWRGL&UHGLWRGHOOH&DVVH5XUDOL(G
,&% ,VWLWXWRSHUOD&LEHUQHWLFDHOD%LRILVLFD $UWLJLDQH
,WDOLDQLQLWLDOLVPRIWKH,QVWLWXWHIRU&\EHUQHWLFV ,WDOLDQ%DQN
DQG%LRSK\VLFV ,WDO\  ,&&5, ,VWLWXWRGL&UHGLWRGHOOH&DVVHGL5LVSDUPLR
,&%0 LQWHUFRQWLQHQWDOEDOOLVWLFPLVVLOH ,WDOLDQH ,WDO\ 
PLVVLOHEDOLVWLTXHLQWHUFRQWLQHQWDO ,WDOLDQDFURQ\PRIWKH&UHGLW,QVWLWXWHRI,WDOLDQ
,&& ,QFRPH&RQVXPSWLRQ&XUYH 6DYLQJV%DQNV
,&& ,QVWLWXWH&DUJR&ODXVHV ,&&520 ,QWHUQDWLRQDO&HQWUHIRUWKH6WXG\RIWKH


3UHVHUYDWLRQDQG5HVWRUDWLRQRI&XOWXUDO3URSHUW\ ,&(, ,VWLWXWR&RRSHUD]LRQH(FRQRPLFD


/RFDWHGLQ5RPH,WDO\ ,QWHUQD]LRQDOH
)RXQGHGLQLQWHUJRYHUQPHQWDOLQVWLWXWLRQ ,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU,QWHUQDWLRQDO
DVVHPEOHVGRFXPHQWDWLRQDQGGLVVHPLQDWHVNQRZO (FRQRPLF&RRSHUDWLRQ
HGJHE\ZD\RISXEOLFDWLRQVDQGPHHWLQJVFR ,FHO DEEU ,FHODQGLF
RUGLQDWHVUHVHDUFKRUJDQL]HVWUDLQLQJRIVSHFLDOLVWV ,FHODQGLFLVWKHODQJXDJHRI,FHODQGD1RUWK
DQGVKRUWFRXUVHVRIIHUVWHFKQLFDODGYLFH *HUPDQLFODQJXDJH
&XOWXUDO3URSHUW\ /DQJXDJHV
,&&V ,QWHUVWLWLDO&HOOVRI&DMDO ,&(3 ,QYHVWLPHQWRV&RPpUFLR(7XULVPRGH
0HGLFLQH2QFRORJ\3DWKRORJ\ 3RUWXJDO
,&&9 ,QWHUQDWLRQDO&RQIHUHQFHRQ&RPSXWHU ,&(36 ,VWLWXWRSHUOD&RRSHUD]LRQH(FRQRPLFD
9LVLRQ ,QWHUQD]LRQDOHHL3UREOHPLGHOOR6YLOXSSR ,WDO\ 
,&&9$0 ,QWHUDJHQF\&RRUGLQDWLQJ&RPPLWWHHIRU ,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU,QWHUQDWLRQDO
WKH9DOLGDWLRQRI$OWHUQDWLYH0HWKRGV 86$  (FRQRPLF&RRSHUDWLRQDQG'HYHORSPHQW
%LRORJLFDO&KHPLVWU\%LRSK\VLFV0HGLFLQH 3UREOHPV
0ROHFXODU3KDUPDFRORJ\7HVWWXEH$OWHUQDWLYHV ,&(6 ,QWHJUDWHG&RPPXQLW\(QHUJ\6\VWHPV
7R[LFRORJLFDO7HVW0HWKRGV9HWHULQDU\ ,&(6 ,QWHUQDWLRQDO&RXQFLOIRUWKH([SORUDWLRQRI
,&' ,QGXVWU\&RXQFLOIRU'HYHORSPHQW 86$  WKH6HD
,&' LQLWLDOFRPPXQLFDWLRQVGHFHSWLRQ &RSHQKDJHQ'HQPDUN)RXQGHGLQWRSUR
GpFHSWLRQGHVFRPPXQLFDWLRQVLQLWLDOHV PRWHDQGHQFRXUDJHUHVHDUFKDQGLQYHVWLJDWLRQV
,&' ,QWHUIDFH&RQWURO'RFXPHQW IRUWKHVWXG\RIWKHVHDSDUWLFXODUO\WKRVHUHODWHG
,&' ,QWHUQDWLRQDO&ODVVLILFDWLRQRI'LVHDVHV WRWKHOLYLQJUHVRXUFHVWKHUHRIDUHDRILQWHUHVWWKH
,&' ,QWUDFHOOXODU'RPDLQ $WODQWLF2FHDQDQGLWVDGMDFHQWVHDVDQGSULPDULO\
&HOOXODU6LJQDOLQJ WKH1RUWK$WODQWLF
,&''5% ,QWHUQDWLRQDO&HQWUHIRU'LDUUKRHDO 6HD([SORUDWLRQ
'LVHDVH5HVHDUFK%DQJODGHVK ,&(6DW ,FH&ORXGDQG/DQG(OHYDWLRQ6DWHOOLWH
7KH,&''5%LVDQRQSURILWLQWHUQDWLRQDOPHG 1$6$·V,&(6DWZLOOLQFUHDVHPHDVXUHPHQWDFFX
LFDOUHVHDUFKLQVWLWXWLRQORFDWHGLQ'KDND UDF\DQGH[WHQGVXUYH\VWRWKHLQWHULRUUHJLRQVDQG
%DQJODGHVK,WLVHVWDEOLVKHGXQGHUD&KDUWHURIWKH WRWKHLFHVKHHWPDUJLQV8VHVDWHFKQRORJ\FDOOHG
*RYHUQPHQWRI%DQJODGHVKDQGFRQGXFWVUHVHDUFK ´OLGDUµWRPDSWKH(DUWKVDPHDVWKHRQHXVHGWR
DQGWUDLQLQJLQGLDUUKRHDO GLVHDVH DQGUHODWHG PDS0DUV
DUHDVRISXEOLFKHDOWKQXWULWLRQDQGUHSURGXFWLYH &OLPDWH&KDQJH*HRSK\VLFV3RODU,FH6KHHWV
KHDOWK 6SDFH6WXGLHV
,&'3 ,QWHUQDWLRQDO&DUHHU'HYHORSPHQW3URJUDP ,&) ,QHUWLDO&RQILQHPHQW)XVLRQ
,&'3V ,QWHJUDWHG&RQVHUYDWLRQDQG'HYHORSPHQW )DVW,JQLWLRQ)XVLRQ5HDFWLRQV3K\VLFV
3URMHFWV ,QGRQHVLD  ,&) ,QWHUQDWLRQDO&RQJUHVVRQ)UDFWXUH
,FH DEEU ,FHODQG -DSDQ)RXQGHGLQDLPVWRIRVWHUUHVHDUFKLQ
,&( ,QVWLWXWLRQRI&LYLO(QJLQHHUV WKHPHFKDQLFVDQGSKHQRPHQDRIIUDFWXUHIDWLJXH
,&( ,QWHUOHXNLQ` &RQFHUWLQJ(Q]\PH DQGVWUHQJWKRIPDWHULDOVWRSURPRWHFRRSHUDWLRQ
$SRSWRVLV5HVHDUFK,PPXQRORJ\ DPRQJVFLHQWLILVWVLQWKHILHOGV+ROGV,QWHUQDWLRQDO
,&( ,QWHUQDO&RPEXVWLRQ(QJLQH &RQIHUHQFHHYHU\IRXU\HDUV
,QWKHLQWHUQDOFRPEXVWLRQHQJLQHWKHFRPEXVWLRQ 0DWHULDOV)UDFWXUH )DWLJXH
SURFHVVRFFXUVLQWKHF\OLQGHUVDQGWKHFRPEXV ,&) ,QWHUQDWLRQDO&RQVXOWDQWV)RXQGDWLRQ
WLRQSURGXFWVVHUYHDVWKHWKHUPRG\QDPLFIOXLG 7KH,&)ZDVIRXQGHGLQ,WVPHPEHUVDUH
0HFKDQLFDO(QJLQHHULQJ QDWLRQDODQGPXOWLQDWLRQDO3URIHVVLRQDODQG
,&( ,QWHUQDWLRQDO&RPPHUFH([FKDQJH 86$  ([SHULHQFHG&RQVXOWDQWV$XWKRUV5HVHDUFKHUV
%XVLQHVV)LQDQFH DQG(GXFDWRUV
,&( ,VWLWXWRSHUL&LUFXLWL(OHWWURQLFL /RFDWHGLQ%HWKHVGD0DU\ODQG 86$ 
,WDOLDQ,QVWLWXWH ,&) ,VWLWXWR,WDOLDQRGL&UHGLWR)RQGLDULR
,&( ,VWLWXWRSHULO&RPPHUFLR(VWHUR ,WDO\  ,WDOLDQLQLWLDOLVPRIWKH/DQG&UHGLW)DUP/RDQ
,WDOLDQDFURQ\PRIWKH)RUHLJQ7UDGH,QVWLWXWH ,WDOLDQ,QVWLWXWH ,WDO\ 
,&(&&6 ,QWHUQDWLRQDO&RQIHUHQFHRQ(QJLQHHHULQJ ,&)$& ,QHUWLDO&RQILQHPHQW)XVLRQ$GYLVRU\
RI&RPSOH[&RPSXWHU 6\VWHPV &RPPLWWHH


,&)$0 ,VWLWXWRGL&KLPLFD)LVLFD$SSOLFDWDDL ,&,( ,VWLWXWR&RRSHUDWLYRSHUO


,QQRYD]LRQH
0DWHULDOL ,WDO\  ,WDOLDQ,QVWLWXWH
,WDOLDQLQLWLDOLVPRIWKH,QVWLWXWHRI3K\VLFDO ,&,0,FLP ,VWLWXWRGL&HUWLILFD]LRQH,QGXVWULDOHSHU
&KHPLVWU\DSSOLHGWRPDWHULDOV OD0HFFDQLFD
,&)& ,QGXVWULDODQG&RPPHUFLDO)LQDQFH ,WDOLDQ,QVWLWXWH
&RUSRUDWLRQ ,&,3( ,QWHUQDWLRQDO&HQWUHRI,QVHFW3K\VLRORJ\
,&), ,QWHUQDWLRQDO&RPSDQ\IRU)LQDQFHDQG DQG(FRORJ\ .HQ\D 
,QYHVWPHQWV 7KH,&,3(LVDQLQWHUQDWLRQDO,QVWLWXWLRQKHDGTXDU
-RLQW6WRFN&RPPHUFLDO%DQN(VWDEOLVKHGLQ WHUHGLQ1DLUREL.HQ\D,WFDUULHVRXWDGYDQFHG
0RVFRZ 5XVVLDQ)HGHUDWLRQ  UHVHDUFKLQLQVHFWVFLHQFH DQGSHVWPDQDJHPHQW,W
,&) SURJUDP ,QHUWLDO&RQILQHPHQW)XVLRQSUR RIIHUVKLJKOHYHOWUDLQLQJWRLQVHFWVFLHQWLVWVDQG
JUDP WHFKQRORJLVWVIURP$IULFDDQGRWKHUGHYHORSLQJ
7KH&LYLOLDQ,&)SURJUDPDWWKH86'HSDUWPHQW FRXQWULHV
RI(QHUJ\ ,&,7$ ,QWHUQDWLRQDO&RRSHUDWLYH,QYHVWLJDWLRQIRU
,&)< ,QWHUQDWLRQDO&RQIHUHQFHRQ)RUPHU WKH7URSLFDO$WODQWLF
<XJRVODYLD ,&- ,QWHUQDWLRQDO&RPPLVVLRQRI-XULVWV
&RQIpUHQFHLQWHUQDWLRQDOHVXUO·H[<RXJRVODYLH 6ZLW]HUODQG 
,&* ,QGRF\DQLQH*UHHQ )RXQGHGLQWRSURPRWHDQGVWUHQJWKHQWKH
,&* >QHZPHPEHUQDWLRQV@,QWHJUDWLRQDQG 5XOHRI/DZLQDOOLWVSUDFWLFDOPDQLIHVWDWLRQV
&RRUGLQDWLRQ*URXS LQVWLWXWLRQVOHJLVODWLRQVSURFHGXUHVHWFDQGWR
*URXSH,QWpJUDWLRQHWFRRUGLQDWLRQ>GHQRXYHDX[ GHIHQGLWWKURXJKWKHPRELOL]DWLRQRIZRUOGOHJDO
SD\VPHPEUHV@ RSLQLRQLQFDVHVRIJHQHUDODQGV\VWHPDWLFYLROD
,&* ,QWHUQDWLRQDO&RPPLVVLRQRQ*ODVV WLRQRIRUVHULRXVWKUHDWWRVXFKSULQFLSOHVRIMXV
9HQH]LD0XUDQR,WDO\)RXQGHGLQLQ9HQLFH WLFH
WRSURPRWHWKHGLVVHPLQDWLRQRILQIRUPDWLRQRQWKH ,&- ,QWHUQDWLRQDO&RXUWRI-XVWLFH
DUWKLVWRU\VFLHQFHDQG WHFKQRORJ\RIJODVV ,&/ ,QVWUXPHQW&RQWURO/DQJXDJH
,&* ,QWHUQDWLRQDO&RRUGLQDWLRQ*URXS ,&O ,RGLQH0RQRFKORULGH
,&*(% ,QWHUQDWLRQDO&HQWHUIRU*HQHWLF ,&OLVXVHGPDLQO\LQDQDO\WLFDOFKHPLVWU\
(QJLQHHULQJDQG%LRWHFKQRORJ\ ,QGLD  ,QRUJDQLF&KHPLVWU\
7KH,&*(%LVORFDWHGLQ1HZ'HOKL ,&/ ,VHQWURSLF&RQGHQVDWLRQ/HYHO
LFK DEEU LFKWK\RSKWKLULDVLV 7KHLVHQWURSLFFRQGHQVDWLRQOHYHOLVDOVRNQRZQ
,FKWK\RSKWKLULDVLVLVDILVKLQIHFWLRQGXHWRWKH DVOLIWLQJFRQGHQVDWLRQOHYHO
SURWR]RDQSDUDVLWH,FKWK\RSKWKLULXV0XOWLILOLV 0HWHRURORJ\
9HWHULQDU\0HGLFLQH ,&/ ,VRFLWUDWH/\DVH
,&+&$ ,QWHUQDWLRQDO&DUJR+DQGOLQJ&RRUGLQDWLRQ ,&/ )RXUWK,QWUDFHOOXODU/RRSRI&)75
$VVRFLDWLRQ *%  0HGLFLQH
)RXQGHGLQWRIRVWHUHFRQRP\DQGHIILFLHQF\ )RUIXUWKHUGHWDLOVVHHXQGHU&)75
LQWKHPRYHPHQWRIJRRGVIURPRULJLQWRGHVWLQD ,&/$50,&/$50,QWHUQDWLRQDO&HQWUHIRU
WLRQ /LYLQJ$TXDWLF5HVRXUFHV0DQDJHPHQW
,&, ,PSRVWDSDWULPRQLDOH&RPXQDOHVXJOL,PPRELOL ,&/$6 ,QWHUQDWLRQDO&RXQFLOIRU/DERUDWRU\$QLPDO
,WDOLDQDFURQ\PPHDQLQJ/RFDO3URSHUW\7D[ 6FLHQFH
,&, ,QWHUDVVRFLD]LRQHGHOOD&RPXQLFD]LRQH ,&/(, ,QWHUQDWLRQDO&RXQFLOIRU/RFDO
G
,PSUHVD ,WDO\  (QYLURQPHQWDO,QLWLDWLYHV
,&, ,QWHUQDWLRQDO&RPHWDU\([SORUHU ,&/3 ,QWHUQDWLRQDO&RQIHUHQFHRQ/RJLF
)RUIXUWKHUGHWDLOVVHHXQGHU,6(( 3URJUDPPLQJ
,&, ,QYHVWPHQW&RPSDQ\,QVWLWXWH ,&/4 ,QWHUQDWLRQDODQG&RPSDUDWLYH/DZ
,&, ,VWLWXWR&XOWXUDOH,WDOLDQR 4XDUWHUO\
,WDOLDQDFURQ\PRIWKH,WDOLDQ&XOWXUDO,QVWLWXWH ,&0 ,PDJH&RORU0DWFKLQJ
,&,% ,QWHUQDWLRQDO&DUJR,QVSHFWLRQ%XUHDX ,&0LVDWHFKQRORJ\EDVHGRQ(DVWPDQ.RGDN
,&,&, ,QGXVWULDO&UHGLWDQG,QYHVWPHQW&RUSRUDWLRQ OLFHQFH
,QGLD  ,&0 ,PSRUWL&RPSHQVDWLYL0RQHWDUL
,&,&,LV,QGLD
VVHFRQGELJJHVWILQDQFLDOLQVWLWX ,WDOLDQLQLWLDOLVPPHDQLQJ0RQHWDU\(TXDOL]DWLRQ
WLRQ $PRXQWV


,&0 LPSURYHGFRQYHQWLRQDOPXQLWLRQV *HRFKURQRORJ\&RVPRFKURQRORJ\ DQG,VRWRSH


PXQLWLRQVFODVVLTXHV RXFRQYHQWLRQQHOOHV *HRORJ\
DPpOLRUpHV ,&2*5$'$ ,QWHUQDWLRQDO&RXQFLO2I*5$SKLF
,&0 ,QQHU&HOO0DVV 'HVLJQ$VVRFLDWLRQV *% 
7KHLQQHUFHOOPDVVLVDOVRNQRZQDV(PEU\RQLF )RXQGHGLQWRUDLVHWKHVWDQGDUGVRIJUDSKLF
0DVV GHVLJQDQGSURIHVVLRQDOSUDFWLFHDQGWKHSURIHV
'HYHORSPHQWDO%LRORJ\ 3ODFHQWDO'HYHORSPHQW VLRQDOVWDWXVRIJUDSKLFGHVLJQHUVWRFROOHFWDQG
PDPPDOLDQ 3ODFHQWDO,QVXIILFLHQFLHV PDP H[FKDQJHLQIRUPDWLRQUHODWLQJWRJUDSKLFGHVLJQ
PDOLDQ 7URSKHFWRGHUP9HWHULQDU\0HGLFDO WRRUJDQL]HH[KLELWLRQVDQGFRQJUHVVHVDQGWRLVVXH
6FLHQFH UHSRUWVDQGVXUYH\V
,&0 ,QVWLWXWHRI&KLQHVH0HGLFLQH +RQJ.RQJ  ,&2/& ,QWHUQDWLRQDO&RDOLWLRQ2I/LEUDU\
(VWDEOLVKHGLQ-DQXDU\ &RQVRUWLD
,&0 ,QVWLWXWHRI&UHGLW0DQDJHPHQW 7KH,&2/&ZDVFUHDWHGLQ,WFRQVLVWVRI
,&0 ,QVWLWXWRGH&LHQFLDVGHO0DU JURXSVZKLFKUHSUHVHQWRYHUDFDGHPLF
6SDQLVK,QVWLWXWH OLEUDULHV
,&0 ,QVWUXFWLRQ&RQWURO0HPRU\ ,&2026 ,QWHUQDWLRQDO&RXQFLO2Q02QXPHQWV
,&0 ,QWHJUDWHG&RYHUDJH0HDVXUHPHQW 86$  DQG6LWHV )UDQFH 
&HQVXVHV'HPRJUDSK\ )RXQGHGLQWRSURPRWHWKHVWXG\DQGSUHVHU
,&0 ,QWUDFOXVWHU0HGLXP YDWLRQRIPRQXPHQWVDQGVLWHVWRDURXVHDQGFXOWL
$VWURQRP\3K\VLFV YDWHWKHLQWHUHVWRIWKHDXWKRULWLHVDQGSHRSOHRI
,&0$5(3 ,QWHUDJHQF\&RPPLWWHHRQ0$5LQH HYHU\FRXQWU\LQWKHLUPRQXPHQWVDQGVLWHV DQGLQ
(QYLURQPHQWDO3UHGLFWLRQ WKHLUFXOWXUDOKHULWDJHWRLQYROYHWKRVHSXEOLF
,&0) ,QGLDQ&RWWRQ0LOOV)HGHUDWLRQ ,QGLD  DXWKRULWLHVGHSDUWPHQWVLQVWLWXWLRQVDQGLQGLYLGX
,&0, ,QWHUQDWLRQDO&RPPLVVLRQRQ0DWKHPDWLFDO DOVLQWHUHVWHGLQWKHSUHVHUYDWLRQDQGVWXG\RI
,QVWUXFWLRQ PRQXPHQWVDQGVLWHV
$QDIILOLDWHRI,08 ,&2 ,QWHUQDWLRQDO&RPPLVVLRQRQ2SWLFV
)RUIXUWKHUGHWDLOVVHHXQGHU,08 $QDIILOLDWHRI,83$3
,&00 ,VWLWXWRSHUOD&RUURVLRQH0DULQDGHL0HWDOOL )RUIXUWKHUGHWDLOVVHHXQGHU,83$3
,WDO\  L&21 LQWHUQDWLRQDO&RPPXQLW\1HWZRUN
,WDOLDQLQLWLDOLVPRIWKH,QVWLWXWHIRU0DULQH $ 86EDVHGPDUNHWLQJ2UJDQL]DWLRQ
&RUURVLRQRI0HWDOV (FR9LOODJH'HYHORSPHQW2UJDQLF)DUPLQJ6ROLG
,&03 ,QWHUQHW&RQWURO0HVVDJH3URWRFRO :DVWH&RQYHUVLRQ:DWHU,QFRPEHQW
,&04 ,VWLWXWR&HUWLILFD]LRQH0DUFKLR4XDOLWj ,&21,FRQ ,WDOLDQ&XOWXUH2QWKH1HW ,WDO\ 
,WDOLDQ,QVWLWXWH 7KUHH\HDU8QLYHUVLW\FRXUVHVRQWKH1HWWKDW
,&05 ,QGLDQ&RXQFLORI0HGLFDO5HVHDUFK VWDUWHGLQ
,&06 ,QWHUGHSDUWPHQWDO&RPPLWWHHIRU ,&26PROHFXOH ,QGXFLEOH&26WLPXODWRU\PROHFXOH
0HWHRURORJLFDO6HUYLFHV 7UDQVSODQW7HFKQRORJ\
,&06( ,QWHUDJHQF\&RPPLWWHHRQ0DULQH6FLHQFH ,&3 LQIUDVWUXFWXUHFDSDELOLW\SDFNDJH>REVROHWH
DQG(QJLQHHULQJ VHH&3@
,&06WHFKQLTXHV ,QWUDFRUWLFDO0LFURVWLPXODWLRQ SDTXHW RXHQVHPEOH GHFDSDFLWpVG·LQIUDVWUXF
WHFKQLTXHV WXUH>REVROqWHYRLU&3@
$QDWRP\1HXURELRORJ\1HXURSK\VLRORJ\ LQYHQWRU\FRQWUROSRLQW
5HVWRUDWLYH1HXURORJ\3V\FKLDWU\ SRLQWGHFRQWU{OHGHVVWRFNV 3&6 
,&1 ,QVWLWXWHIRUWKH&RQVHUYDWLRQRI1DWXUH ,&3 ,VWLWXWL&OLQLFLGL3HUIH]LRQDPHQWR
3RUWXJDO  ,WDOLDQ,QVWLWXWHV
,&1 ,QWHJUDWHG&RPSXWHU1HWZRUN ,&3 DWRPLFHPLVVLRQ ,QGXFWLYHO\&RXSOHG3ODVPD
,&1,&1 ,QWHUQDWLRQDO&RXQFLORI1XUVHV DWRPLFHPLVVLRQ
,&1$) ,QWHUQDWLRQDO&RQYHQWLRQRIWKH1RUWKZHVW $SSOLHG3K\VLFV$WRP7HFKQRORJ\
$WODQWLF)LVKHULHV ,&3$(6 ,QGXFWLYHO\&RXSOHG3ODVPD$WRPLF
,&2 ,QWHUQDWLRQDO&RIIHH2UJDQL]DWLRQ (PLVVLRQ6SHFWURVFRS\6SHFWURPHWU\
,&2' ,QWHUQDWLRQDO&HQWHUIRU2FHDQ'HYHORSPHQW ,&3+6 ,QWHUQDWLRQDO&RXQFLOIRU3KLORVRSK\DQG
&DQDGD  +XPDQLVWLF6WXGLHV
,&2* (LJKWK,QWHUQDWLRQDO&RQIHUHQFHRQ


,&306 ,QGXFWLYHO\&RXSOHG3ODVPD0DVV $W/LVERQ8QLYHUVLW\


6SHFWURPHWU\ ,&6 ,QWHJUDO&URVV6HFWLRQ
,&33 ,QWHUQDWLRQDO&RQIHUHQFHRQ3DUDOOHO ,&6 ,QWHJUDWHG&RPPXQLFDWLRQV6\VWHP
3URFHVVLQJ ,&6 ,QWHUQDWLRQDO&KDPEHURI6KLSSLQJ
,&35 ,QWHUQDWLRQDO&RQIHUHQFHRQ3DWWHUQ ,&6 ,QWHUQDWLRQDO&RJHQHUDWLRQ6RFLHW\
5HFRJQLWLRQ 7KH,&6ZDVIRXQGHGLQ,WVHUYHVDVDIRFDO
,&SURFHVV ,QYHUVH&RPSWRQSURFHVV SRLQWRILQGXVWULDOXWLOLW\SXEOLFDQGJRYHUQPHQW
$VWURQRP\$VWURSK\VLFV DFWLYLWLHVGHDOLQJZLWKFRJHQHUDWLRQ DQGGHFHQWUDO
,&5 ,RQ&\FORWURQ5HVRQDQFH L]HG SRZHU ZLWKDYLHZWRREWDLQDPRUHHIILFLHQW
,&5$ ,QWHUQDWLRQDO&RQIHUHQFHRQ5RERWLFVDQG XVHRIIXHOE\HPSOR\LQJKHDWRWKHUZLVHZDVWHGLQ
$XWRPDWLRQ HOHFWULFDOJHQHUDWLRQIRULQGXVWULDOVWHDPDQGKRPH
,&5$) ,QWHUQDWLRQDO&HQWUHIRU5HVHDUFKLQ KHDWLQJ
$JURIRUHVWU\ .HQ\D  ,WLVORFDWHGLQ:DVKLQJWRQ'&86$
)RXQGHGLQWRPLWLJDWHWURSLFDOGHIRUHVWDWLRQ ,&6 ,QWHUQDWLRQDO&ROOHJHRI6XUJHRQV
ODQGGHSOHWLRQDQGUXUDOSRYHUW\WKURXJKLPSURYHG ,&6 ,QWHUQDWLRQDO&RUUHVSRQGHQFH6FKRRO
DJURIRUHVWU\ V\VWHPV ,&6 ,VVXHG&DSLWDO6WRFN
,&5& ,QWHUQDWLRQDO&RPPLWWHHRIWKH5HG&URVV %DQNLQJ%XVLQHVV)LQDQFH
&RPLWpLQWHUQDWLRQDOGHOD&URL[5RXJH &,&5  ,&6 ,VWLWXWR&HQWUDOHGL6WDWLVWLFD ,WDO\ 
,&5) ,PSHULDO&DQFHU5HVHDUFK)XQG *%  ,WDOLDQLQLWLDOLVPRIWKH&HQWUDO6WDWLVWLFV,QVWLWXWH
)RUIXUWKHUGHWDLOVVHHXQGHU,&57 ,&6 ,VWLWXWRSHULO&UHGLWR6SRUWLYR ,WDO\ 
,&5, ,QWHUQDWLRQDO&RUDO5HHI,QLWLDWLYH ,&6 ,VVXHG&DSLWDO6WRFN
(QYLURQPHQW0DULQH(FRORJ\0HWHRURORJ\ %DQNLQJ%XVLQHVV)LQDQFH
2FHDQRJUDSK\ ,&6$,FVD ,QWHUQDWLRQDO&RPSXWHU6HFXULW\
,&5,6$7 ,QWHUQDWLRQDO&URSV5HVHDUFK,QVWLWXWHIRU $VVRFLDWLRQ
WKH6HPL$ULG7URSLFV ,QGLD  ,&6% ,QWHUQDWLRQDO&RXQFLOIRU6PDOO%XVLQHVV
)RXQGHGLQDVZRUOGFHQWHUIRUJHQHWLF 7KH,&6%LVORFDWHGLQ6W/RXLV0LVVRXUL86$
LPSURYHPHQWRIVRUJKXPPLOOHWVSLJHRQSHD ,&6( ,QWHUQDWLRQDO&RQIHUHQFHRQ6RIWZDUH
FKLFNSHDDQGJURXQGQXWDQGIRUUHVHDUFKRQWKH (QJLQHHULQJ
PDQDJHPHQWRIUHVRXUFHVLQWKHZRUOG
VVHPLDULG ,&6($) ,QWHUQDWLRQDO&RPPLVVLRQIRUWKH6RXWK
WURSLFVUHVHDUFKFRYHUVDOOSK\VLFDODQGVRFLRHFR (DVW$WODQWLF)LVKHULHV
QRPLFDVSHFWVRILPSURYLQJWKHHQWLUHV\VWHPRI ,&6(&$ 3URJUDP ,QWHUFRQWLQHQWDO&RQWULEXWLRQV
DJULFXOWXUHRQQRQLUULJDWHGODQG IRU6FLHQWLILF(GXFDWLRQDODQG&XOWXUDO$FWLYLWLHV
&URS5HVHDUFK 3URJUDP
,&53 ,QWHUQDWLRQDO&RPPLVVLRQRQ5DGLRORJLFDO 86)HGHUDO3URJUDP IRU2UJDQL]DWLRQVHQJDJLQJ
3URWHFWLRQ LQ81(6&2UHODWHG3URJUDPV
(QYLURQPHQWDO&RQWURO(QYLURQPHQWDO )RUIXUWKHUGHWDLOVVHHXQGHU81(6&2
5DGLRDFWLYLW\5DGLRHFRORJ\ ,&6(0 ,QWHUQDWLRQDO&RPPLVVLRQIRUWKH6FLHQWLILF
,&55 ,QVWLWXWHIRU&RVPLF5D\5HVHDUFK ([SORUDWLRQRIWKH0HGLWHUUDQHDQ6HD
8QLYHUVLW\RI7RN\R-DSDQ ,&6+ ,QWHUVWLWLDO&HOO6WLPXODWLQJ+RUPRQH
,&56'7 ,QWHUQDWLRQDO&RPPLWWHHRQ5HPRWH ,&6, ,QWHUQDWLRQDO&RPPLVVLRQRQ6QRZDQG,FH
6HQVLQJDQG'DWD7UDQVPLVVLRQ ,&6, ,QWUDF\WRSODVPLF6SHUP,QMHFWLRQ
,&57 ,PSHULDO&DQFHU5HVHDUFK7HFKQRORJ\ $VVLVWHG5HSURGXFWLYH7HFKQRORJ\%LRORJ\
7KH,&57 LVWKHFRPPHUFLDODUPRIWKH,&5)RQH (PEU\RORJ\*\QHFRORJ\2EVWHWULFV
RI(XURSH·VODUJHVWFDQFHUFKDULWLHV *%  5HSURGXFWLYH3K\VLRORJ\9HWHULQDU\
&RPPHUFLDO'HYHORSPHQWRI'LVFRYHULHV ,&6,& ,QWHJUDWHG&RPPXQLFDWLRQ6\VWHPIRU
)RUIXUWKHUGHWDLOVVHHXQGHU,&5) ,QWHQVLYH&DUH
,&6 LQFRXQWU\VXSSRUW 0HGLFLQH
VRXWLHQjO·LQWpULHXUGXSD\V ,&6,' ,QWHUQDWLRQDO&HQWHUIRUWKH6HWWOHPHQWRI
,&6 ,QGLDQ&LYLO6HUYLFH ,QYHVWPHQW'LVSXWHV
)RUIXUWKHUGHWDLOVVHHXQGHU,$6 ,&60 ,PSHULDO&ROOHJHRI6FLHQFH7HFKQRORJ\
,&6 ,QGLFHGL&RLQYROJLPHQWR6HPLQDUL 0HGLFLQH *% 
,&6 ,QVWLWXWHRI&KDUWHUHG6KLSEURNHUV %ULWLVK&ROOHJHV
,&6 ,QVWLWXWHRI6RFLDO6FLHQFHV 3RUWXJDO 


,&68,&68 ,QWHUQDWLRQDO&RXQFLORI6FLHQWLILF ,&: ,QWHUUXSWHG&RQWLQXRXV:DYH


8QLRQV 7HOHFRPPXQLFDWLRQV
,&68ZDVIRXQGHGLQVXFFHHGLQJWKH ,&:) ,QWHUDFWLYH&RPSXWHU:RUGHG)RUHFDVW
,QWHUQDWLRQDO5HVHDUFK&RXQFLOIRXQGHGLQ ,&:* ,QWHUQDWLRQDO&RRUGLQDWLRQ:RUNLQJ*URXS
WRFRRUGLQDWHLQWHUQDWLRQDOHIIRUWVLQWKHGLIIHUHQW ,&::3 ,QWHUDJHQF\&RPPLWWHHIRUWKH:RUOG
EUDQFKHVRIVFLHQFHDQGLWVDSSOLFDWLRQVWRLQLWLDWH :HDWKHU3URJUDP
WKHIRUPDWLRQRILQWHUQDWLRQDODVVRFLDWLRQVRU ,&; ,F[QHXURQ ,QIHULRU&ROOLFXOXVQHXURQ
XQLRQVGHHPHGWREHXVHIXOWRWKHSURJUHVVRIVFL 1HXURELRORJ\0HGLFLQH
HQFHWRHQWHULQWRUHODWLRQVZLWKWKHJRYHUQPHQWV ,&=0 ,QWHJUDWHG&RDVWDO=RQH0DQDJHPHQW
RIWKHFRXQWULHVDGKHULQJWRWKH&RXQFLOLQRUGHUWR ,&=1 ,QWHUQDWLRQDO&RPPLVVLRQRQ=RRORJLFDO
SURPRWHLQYHVWLJDWLRQVIDOOLQJZLWKLQWKHFRPSH 1RPHQFODWXUH
WHQFHRIWKH&RXQFLO ,' DEEU ,GDKR 86$ 
,&68LVWKHPDLQLQWHUQDWLRQDOIHGHUDWLRQRIVFLHQ $OVR,GD
WLILFVRFLHWLHV ,'LG DEEU LGHQWLILFDWLRQ
,&7 ,QIRUPDWLRQDQG&RPPXQLFDWLRQ7HFKQRORJ\ ,' ,GHQWLILFDWLRQ'LYLVLRQ
,&7 ,QVWLWXWHRI&KHPLFDO7R[LFRORJ\ &RPSXWHU3URJUDPPLQJ
:D\QH6WDWH8QLYHUVLW\'HWURLW0LFKLJDQ86$ ,' ,PDJH'LVVHFWLRQ
,&7 LQWHUQDWLRQDOFDOOIRUWHQGHUV &RPSXWHU7HFKQRORJ\
DSSHOG·RIIUHVLQWHUQDWLRQDO $2,  ,' ,PPHGLDWH'DWD
,&7 ,QWHUQDWLRQDO&ULWLFDO7DEOHV &RPSXWHU3URJUDPPLQJ
,&7 ,QWUDPROHFXODU&KDUJH7UDQVIHU ,' ,PPHGLDWH'HOLYHU\,PSRUW'XW\
&KHPLVWU\0ROHFXODU(OHFWURQLFVDQG3KRWRQLFV %XVLQHVV&RPPHUFH
2SWLFVDQG/DVHUV5HVHDUFK ,' ,QFRPH'HEHQWXUH
,&7 7KHDLUSRUWFRGHIRU:LFKLWD.DQVDV86$ ,' ,QFUHPHQWDO'XPS
,&7$& ,QWHUQDWLRQDO&RQIHGHUDWLRQIRU7KHUPDO &RPSXWHU3URJUDPPLQJ
$QDO\VLVDQG&DORULPHWU\ ,' ,QGLFHGL'LIIXVLRQH
-HUXVDOHP,VUDHO)RXQGHGLQ ,' ,QGRQHVLD
,&7, ,QWHUQDWLRQDO&RUSRUDWLRQIRU7UDGHDQG ,',' ,QIDQWU\'LYLVLRQ
,QGXVWU\ ,' ,QLWLDO'RVH
,&73 ,QWHUQDWLRQDO&HQWHUIRU7KHRUHWLFDO3K\VLFV ,' ,QQHU'LDPHWHU
7KH,&73 LVDOVRNQRZQDV7ULHVWH&HQWHU ,' ,QSXW'HYLFH
,&76 ,QWHUPHGLDWH&DSDFLW\7UDQVLW6\VWHP &RPSXWHU7HFKQRORJ\
,&7< ,QWHUQDWLRQDO&ULPLQDO7ULEXQDOIRUWKH ,' ,QVLGH'LDPHWHU,QVLGH'LPHQVLRQV,QWHUQDO
)RUPHU<XJRVODYLD 'LDPHWHU
7ULEXQDOSpQDOLQWHUQDWLRQDOSRXUO·H[<RXJRVODYLH ,' ,QWHOOLJHQFH'HSDUWPHQW
73,  ,' ,QWHOOLJHQW'HVLJQ
,&8 ,QVWUXFWLRQ&RQWURO8QLW ,' ,QWHULP'LYLGHQG
&RQWURO6\VWHPV ,' ,QWUDGHUPDO
,&8 ,QWHQVLYH&DUH8QLW ,GD DEEU ,GDKR 86$ 
0HGLFLQH $OVR,'
,&8 ,QWHUFXOWXUDO8QGHUVWDQGLQJ ,'$ ,QGLFH'L$EEDQGRQR
/LQJXLVWLFV ,'$ ,QGXVWULDO'HYHORSPHQW$JHQF\
,&8 ,QWHUQDWLRQDO&UHGLW8QLRQ ,ULVK$JHQF\
,&9 LQIDQWU\FRPEDWYHKLFOH VHHDOVR,)9  ,'$ ,QLWLDO'HQLDO$XWKRULW\
YpKLFXOHGHFRPEDWG·LQIDQWHULH 9&,  ,'$ ,QVWLWXWHIRU'HIHQVH$QDO\VHV 86$ 
,&9$ ,QWHUQDWLRQDO&RXQFLORI9ROXQWDU\$JHQFLHV ,'$ ,QWHJUDWHG'LJLWDO$FFHVV
>UHOLHIRSHUDWLRQV@ ,'$ ,QWHUFKDQJHRI'DWDEHWZHHQ$GPLQLVWUDWLRQV
&RQVHLOLQWHUQDWLRQDOGHVDJHQFHVEpQpYROHV ,'$ LVDPXOWLDQQXDO  SURJUDPWRVXS
&,$% >RSpUDWLRQVGHVHFRXUV@ SRUWWKHLPSOHPHQWDWLRQRIWUDQV(XURSHDQQHW
,&9*$1 ,QWHUQDWLRQDO&RPPLWWHHRQ9HWHULQDU\ ZRUNVIRUWKH,QWHUFKDQJHRI'DWDEHWZHHQ
*URVV$QDWRPLFDO1RPHQFODWXUH $GPLQLVWUDWLRQV
'HSDUWPHQWRI9HWHULQDU\$QDWRP\8QLYHUVLW\RI (XURSHDQ&RPPXQLW\3URJUDP
=ULFK6ZLW]HUODQG)RXQGHGLQ ,'$ ,QWHUQDWLRQDO'HYHORSPHQW$VVRFLDWLRQ


,'$ ,URQ'HILFLHQF\$QHPLD 6FLHQFH(GXFDWLRQ


)RRG6FLHQFHV+XPDQ1XWULWLRQ0HGLFLQH ,'(& ,QGXVWULDO'HYHORSPHQWDQG(GXFDWLRQ&HQWHU
,'$& ,PSRUW'XWLHV$GYLVRU\&RPPLWWHH *UHHFH 
,'$& LQWHULPGHSOR\DEOH$&&6FRPSRQHQW LGHQW DEEU LGHQWLILFDWLRQ
FRPSRVDQWHGpSOR\DEOHSURYLVRLUHGHO·$&&6 &RQWURO6\VWHPV0LOLWDU\6FLHQFH3V\FKRORJ\
,'$0 ,QWHJUDWHG'LUHFW$FFHVV0HWKRG ,') LQWHUFHSWRUGD\ILJKWHU
,'$7( ,QVWLWXW'HO
$XGLRYLVXHOHWGHV FKDVVHXULQWHUFHSWHXUGHMRXU
7pOpFRPPXQLFDWLRQVHQ(XURSH ,'* ,QWHUGLDORJ*DS
,'% ,OOLFLW'LDPRQG%X\LQJ ,'+UHDFWLRQ ,VRFLWUDWH'HK\GURJHQDVHUHDFWLRQ
,'% ,QGXVWULDO'HYHORSPHQW%RQG $GYDQFHG0DWHULDOV%DVLF6FLHQFHV&DQFHU
,'% ,QWHU$PHULFDQ'HYHORSPHQW%DQN 5HVHDUFK0ROHFXODUDQG&HOO%LRORJ\6WUXFWXUDO
,'%, ,QGXVWULDO'HYHORSPHQW%DQNRI,QGLD %LRORJ\
,'%5 ,QSXW'DWD%XIIHU5HJLVWHU ,', ,VWLWXWR'HUPRSDWLFR,PPDFRODWD 5RPH,WDO\ 
,'& ,GLRSDWKLF'LODWHG&DUGLRP\RSDWK\ ,WDOLDQ,QVWLWXWH
,'&LVDKHULWDEOHIRUPRIKHDUWIDLOXUH ,','$6 ,QWHUDFWLYH'LJLWDO,PDJH'LVSOD\DQG
&DUGLRORJ\'LODWHG&DUGLRP\RSDWK\0HGLFLQH $QDO\VLV6\VWHP
3DWKRORJ\ LGO DEEU LGOH
,'& ,QWHUQDO'DWD&KDQQHO 0HFKDQLFDO(QJLQHHULQJ ,QPHFKDQLFDOHQJLQHHU
,'& ,QWHUQDWLRQDO'DWD&HQWHU 86$  LQJWKHWHUPLGOHUHIHUVWRDQHQJLQHRUDPDFKLQH
6HLVPRORJ\ ZRUNLQJZLWKRXWDORDG
,'&$ ,QWHUQDWLRQDO'HYHORSPHQW&RRSHUDWLRQ 6FLHQFH ,QVFLHQFHWKHWHUPLGOHPHDQVLQDFWLYH
$JHQF\ 86$  ,'/ ,QWHUDFWLYH'DWD/DQJXDJH
,'&0 ,GLRSDWKLF'&0 ,'/ ,QWHUPHGLDWH'HQVLW\/LSRSURWHLQ
7KH,'&0LVFKDUDFWHUL]HGE\LQFUHDVHGYHQWULFX ,G/ ,VSHWWRUDWRGHO/DYRUR
ODUFKDPEHUVL]HDQGUHGXFHGSXPSLQJRIWKH ,WDOLDQLQLWLDOLVPPHDQLQJ,QVSHFWRUDWHRI/DERU
KHDUW ,'/, ,QWHUQDWLRQDO'HYHORSPHQW/DZ,QVWLWXWH
+HDUW5HVHDUFK 5RPH,WDO\ 
)RUIXUWKHUGHWDLOVVHHXQGHU'&0 ,'06 ,QWHUQDWLRQDO'LUHFWRU\RI0DULQH6FLHQWLVWV
,'&3 LGHQWLILFDWLRQGDWDFRPELQLQJSURFHVV ,'06 ,VRWRSH'LOXWLRQ0DVV6SHFWURPHWU\
SURFHVVXVGHFRPELQDLVRQGHVGRQQpHVG·LGHQWLIL ,'1 ,QWHUQDWLRQDO'LUHFWRU\1HWZRUN
FDWLRQ L'1$V LQIRUPDWLRQ'1$V
,'' ,QVXOLQ'HSHQGHQW'LDEHWHV /RQJWHUPVWRUDJHRILQIRUPDWLRQ
,'' ,QWHJUDWHG'UXJ'HYHORSPHQW ,'2 ,QGROHDPLQH'LR[\JHQDVH
*OREDO3KDUPDFHXWLFDO$ZDUGV ,'2( ,QWHUQDWLRQDO'HFDGHRI2FHDQ([SORUDWLRQ
,'' ,QWHUQDWLRQDO'DWDDQG'HYHORSPHQW,QF )URPWR
86$ ,'2/$ ,PSUHVH'2QQH/$YRUR
,'' ,QWHUQDWLRQDO'LUHFW'LDOOLQJ 3URMHFWV
,''0 ,QVXOLQ'HSHQGHQW'LDEHWHV0HOOLWXV ,GRQHD ,PSUHVDGRQQHH DUWLJLDQDWR
,'( ,PSUHQGLWRUL'LULJHQWL(XURSHL 3URMHFWV
OWDOLDQDFURQ\PPHDQLQJ(XURSHDQ([HFXWLYH LGRQHD7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
(QWUHSUHQHXUV ,WDOLDQZRUGLGRQHD IHPLQLQH ZKLFKPHDQV
,'( ,QVXOLQ'HJUDGLQJ(Q]\PH VXLWDEOHTXDOLILHGSURSHUZHOOILWWHGIRUHOLJLEOH
'LDEHWHV 7\SH,, +\SHULQVXOLQHPLD,QVXO\VLQ $WWLPHVDOVRFDSDEOHH[SHUWH[SHULHQFHG
1HXURVFLHQFH VNLOOHG
,'($ ,VWLWXWRSHUOD5LFHUFDHOD3UHYHQ]LRQHGHOOD ,'3 ,QVWLWXWHRI'DWD3URFHVVLQJ *% 
'HSUHVVLRQHHGHOO·$QVLD ,'3 ,QWHJUDWHG'DWD3URFHVVLQJ
,WDOLDQ,QVWLWXWH &RPSXWHU3URJUDPPLQJ
,'($/ ,QWHUQDWLRQDO'HFDGHIRUWKH(DVW$IULFDQ ,'3 LQWHUQDOO\GLVSODFHGSHUVRQ
/DNHV SHUVRQQHGpSODFpHjO·LQWpULHXUGXWHUULWRLUH
%LRGLYHUVLW\&OLPDWRORJ\*HRJUDSK\ O'3V ,QWHUSODQHWDU\'XVW3DUWLFOHV
/LPQRORJ\3DOHRFOLPDWRORJ\6HGLPHQWDWLRQ &RVPRFKHPLVWU\0LFURVFRS\6RODU6\VWHP
,'($6 ,QLWLDWLYHWR'HYHORS(GXFDWLRQWKURXJK L'4&V LQWHUPROHFXODU'RXEOH4XDQWXP
$VWURQRP\DQG6SDFH6FLHQFH1$6$·V &RKHUHQFHV


%LRGLDJQRVWLFV&KHPLVWU\0DJQHWLF5HVRQDQFH ,($ ,QVWLWXWHIRU(FRQRPLF$IIDLUV


5HVHDUFK5DGLRORJ\ ,($ ,($ ,QWHUQDWLRQDO(QHUJ\$JHQF\
LGU LGUDXOLFD ,($. ,QWHUQHW([SORUHU$GPLQLVWUDWLRQ.LW
OWDOLDQDEEUHYLDWLRQPHDQLQJK\GUDXOLFV 0LFURVRIW 
LGU LGUDXOLFR ,(%/ LQWHUHQWLW\ERXQGDU\OLQH
OWDOLDQDEEUHYLDWLRQPHDQLQJ D K\GUDXOLF P OLJQHGHGHPDUFDWLRQHQWUHHQWLWpV
SOXPEHU ,(& ,QKLELWHXUG
(Q]\PHGH&RQYHUVLRQGHO
DQ
,'5 ,QVWLWXWHIRU'LDJQRVWLF5HVHDUFK,QF JLRWHQVLQH
7KH,'5LVORFDWHGLQ%UDQIRUG&RQQHFWLFXW )UHQFKLQLWLDOLVPPHDQLQJ$QJLRWHQVLQ
86$  &RQYHUWLQJ(Q]\PH,QKLELWRU
,'5 ,QVWLWXWHIRU'UXJ5HVHDUFK +XQJDU\  0HGLFLQH
,'5ORFDWHGLQ%XGDSHVWZDVFUHDWHGE\WKH ,(& ,QVWLWXWGHV([SHUWV&RPSWDEOHVHWGHV
+XQJDULDQ*RYHUQPHQWLQ &RQVHLOV)LVFDX[ %HOJLXP 
,'52 LQWHUQDWLRQDOGLVDVWHUUHOLHIRSHUDWLRQ ,(& ,QWHUQDWLRQDO(OHFWURWHFKQLFDO&RPPLVVLRQ
RSpUDWLRQLQWHUQDWLRQDOHGHVHFRXUVHQFDVGHFDWD ,(& ,QWHUQDWLRQDO([HFXWLYH&RXQFLO 6ZHGHQ 
VWURSKH ,(&$ ,QWHUQDWLRQDO(&ROL $OOLDQFH
,GV ,QGHSHQGHQWGLVWULEXWRUV /DXQFKHGLQ$XJXVW
,'6 ,QGLFHGL6XFFHVVR &HOO%LRORJ\(&ROL3URMHFWV
,'6 ,QWHUQHW'HPRJUDSKLF6WXG\ ,(&& ,QWHUQDWLRQDO([SUHVV&RXULHUV&RQIHUHQFH
5DFHDQG(WKQLFLW\'DWD ,(&35(,VWLWXWR(XURSHRGL&KLUXUJLD3ODVWLFDH
,'6 LQWUXVLRQGHWHFWLRQV\VWHP 5LFRVWUXWWLYD(VWHWLFD ,WDO\ 
V\VWqPHGHGpWHFWLRQGHVLQWUXVLRQV ,WDOLDQ,QVWLWXWH3ODVWLF6XUJHU\
,'6/,GVO ,QWHUQHW'LJLWDO6XEVFULEHU/LQH ,(&V ,QWHUQDWLRQDO(GXFDWLRQ&HQWHUV 86$ 
,'71 ,QWHUGLFWLRQ'X7HUULWRLUH1DWLRQDO ,(' LPSURYLVHGH[SORVLYHGHYLFH
)UHQFKLQLWLDOLVPPHDQLQJ,QWHUGLFWLRQIURPWKH GLVSRVLWLIH[SORVLIGHFLUFRQVWDQFH
1DWLRQDO7HUULWRU\ ,(((,((( ,QVWLWXWHRI(OHFWULFDO (OHFWURQLFV
&ULPLQDO/DZ (QJLQHHUV 86$ 
,'8 ,GR[XULGLQH ,() LQLWLDOHQWU\IRUFH
&+,12 ,'8LVDVXEVWDQFHXVHGDVDQ IRUFHG·HQWUpHLQLWLDOH
DQWLYLUDODJHQWIRUH\HWUHDWPHQW LQWUDQVLWHYDFXDWLRQIDFLOLW\
3KDUPDFRORJ\ FHQWUHGHWUDQVLWSRXUpYDFXDWLRQVDQLWDLUH
,'8 ,QMHFWLQJ'UXJ8VHU ,() ,VRHOHFWULF)RFXVLQJ
$,'65HVHDUFK$,'69DFFLQH(SLGHPLRORJ\ ,VRHOHFWULFIRFXVLQJLVDOVRNQRZQDVHOHFWURIRFXV
LGX 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ LQJ
XVLQJWKH$UDELFZRUGLGXZKLFKPHDQVLQ 3K\VLFDO&KHPLVWU\
$UDELFKLVKDQG ,()( ,VWLWXWRGL(FRQRPLDGHOOH)RQWLGL(QHUJLD
,'85 ,GR[XULGLQH ,WDO\ 
)RUIXUWKHUGHWDLOVVHHXQGHU,'8 OGR[XULGLQH  8QLYHUVLWj&RPPHUFLDOH/XLJL%RFFRQL0LODQR
,'8V ,QMHFWLRQ'UXJ8VHUV ,WDO\
)RUIXUWKHUGHWDLOVVHHXQGHU,'8 ,()3 ,QVWLWXWRGR(PSUHJRH)RUPDomR3URILVVLRQDO
,'9 VRXUFHV ,QWUD'D\9DULDEOHVRXUFHV 3RUWXJDO 
$VWURQRP\$VWURSK\VLFV 3RUWXJXHVH,QVWLWXWH9RFDWLRQDO7UDLQLQJ
,'; 
,RGR
'HR[\GR[RUXELFLQ ,(* LQIRUPDWLRQH[FKDQJHJURXS>REVROHWH
,( ,QGR(XURSHDQ UHSODFHGE\1*@
,QGR(XURSHDQLVDIDPLO\RIODQJXDJHVWKDW JURXSHG·pFKDQJHG·LQIRUPDWLRQV>REVROqWHUHP
LQFOXGHVVHYHUDOODQJXDJHVSDUWLFXODUO\WKRVHRI SODFpSDU1*@
WKH*HUPDQLFOWDOLF+HOOHQLF6ODYLFDQG,QGR ,(*V ,PPHGLDWH(DUO\*HQHV
OUDQLDQEUDQFKHV 1HXURVFLHQFH1HXURELRORJ\6LJQDO7UDQVGXFWLRQ
/DQJXDJHV ,(+(, ,QVWLWXW(XURSpHQGHV+DXWHV(WXGHV
,( ,QGXVWULDO(QJLQHHU ,QWHUQDWLRQDOHV )UDQFH 
,( ,QWHUQDWLRQDOHGHO
(GXFDWLRQ ,(/V ,QWHVWLQDO,QWUDHSLWKHOLDO/\PSKRF\WHV
)RUIXUWKHUGHWDLOVVHHXQGHU(, (GXFDWLRQ 0HGLFLQH0ROHFXODU%LRORJ\3ULPDWH5HVHDUFK
,QWHUQDWLRQDO  ,PPXQRORJ\


,(0 LPSXOVLRQHOHFWURPDJQpWLTXH &KHPLVWU\


HOHFWURPDJQHWLFSXOVH (03  ,) ,QVWUXFWLRQ)RUPDW
,(1 ,VWLWXWR(OHWWURWHFQLFR1D]LRQDOH*)HUUDULV &RPSXWHU3URJUDPPLQJ
,WDO\  ,) ,QVXIILFLHQW)XQGV
,WDOLDQ,QVWLWXWH ,) ,QWHJUD]LRQHQHOOD)DEEULFD]LRQH
,(2 ,VWLWXWR(XURSHRGL2QFRORJLD ,WDO\  ,) ,QWHQGHQ]DGL)LQDQ]D
)RXQGHGLQ0LODQLQ,WLVD&RPSUHKHQVLYH ,WDOLDQLQLWLDOLVPPHDQLQJ,QWHUQDO5HYHQXH
&DQFHU&HQWHUZLWK5HVHDUFK/DERUDWRULHVIXOO\ 2IILFH
RSHUDWLRQDOVLQFH ,I ,QWHUIDFH
,(3 ,PPXQRHOHFWURSKRUHVLV &RPSXWHU3URJUDPPLQJ&RPSXWHU7HFKQRORJ\
,PPXQRORJ\ 0HWHRURORJ\3K\VLFDO&KHPLVWU\
,(3 ,QWHUQDWLRQDO([SHULHQFH3URJUDP ,) ,URQ)RUPDWLRQ
,(3 ,QVWLWXWHRI([SHULPHQWDO3K\VLFV ,)$ ,QWHQVLYH)OX[$UUD\
:DUVDZ8QLYHUVLW\ ,)$ ,QWHUQDWLRQDO)LVFDO$VVRFLDWLRQ
,(3* ,QGHSHQGHQW(XURSHDQ3URJUDPPH*URXS ,)$ ,QWHUQDWLRQDO)UDQFKLVH$VVRFLDWLRQ
*URXSHHXURSpHQLQGpSHQGDQWGHSURJUDPPH :DVKLQJWRQ'&86$ 
*(,3  ,)$ ,ULVK)DUPHUV
$VVRFLDWLRQ
,(35 LQLWLDOH[HUFLVHSUHVVUHOHDVH ,)$%3 ,QWHVWLQDO)DWW\$FLG%LQGLQJ3URWHLQ
FRPPXQLTXpGHSUHVVHSUpDODEOHjO·H[HUFLFH &HOOXODU%LRORJ\0HGLFLQH0ROHFXODU%LRORJ\
,(5 LQIRUPDWLRQH[FKDQJHUHTXLUHPHQWV 6PDOO,QWHVWLQH0DUNHUV
EHVRLQV RXH[LJHQFHV HQPDWLqUHG·pFKDQJHG·LQ ,)$& ,QWHUQDWLRQDO)HGHUDWLRQRI$FFRXQWDQWV
IRUPDWLRQV ,)$' ,QWHUQDWLRQDO)XQGIRU$JULFXOWXUDO
,(6,(6 ,OOXPLQDWLQJ(QJLQHHULQJ6RFLHW\ 'HYHORSPHQW
,(6 ,QFRPHDQG([SHQVH6WDWHPHQW ,)% ,QVWLWXW)UDQoDLVGH%ULFRODJH )UDQFH 
,(6 ,QVWLWXWHIRU(QYLURQPHQWDO6WXGLHV )UHQFK'RLW\RXUVHOI,QVWLWXWH
&RQVHUYDWLRQ%LRORJ\(QYLURQPHQW+HDOWK ,)% ,QYLWDWLRQ)RU%LGV
6HUYLFHV ,)%(5' ,QGXVWU\)LQDQFHG%XVLQHVV(QWHUSULVH
,(6 ,QVWLWXWHRI(FRV\VWHP6WXGLHV 5HVHDUFK 'HYHORSPHQW
,(6 ,QWHUQDWLRQDO(GXFDWLRQRI6WXGHQWV ,)%3: ,QWHUQDWLRQDO)HGHUDWLRQRI%XVLQHVVDQG
,(6ZDVIRXQGHGLQDQGVHUYHV 3URIHVVLRQDO:RPHQ *% 
,QWHUQDWLRQDO$FDGHPLF&HQWHUVLQ(XURSH$VLD ,)%3: ZDVIRXQGHGLQ,WLVD)HGHUDWLRQRI
$XVWUDOLDDQG6RXWK$PHULFD RUJDQL]DWLRQVRIEXVLQHVVDQGSURIHVVLRQDOZRPHQ
,(6' ,GHQWLWpHXURSpHQQHGHVpFXULWpHWGHGpIHQVH LQQXPHURXVFRXQWULHV
(XURSHDQ6HFXULW\DQG'HIHQFH,GHQWLW\ (6',  ,)& ,QGXVWULDO)LQDQFH&RUSRUDWLRQ ,QGLD 
,(61 ,QVWLWXWG·(QVHLJQHPHQW6XSpULHXUGH1DPXU 7KH,)&LVRQHRI,QGLD
VORQJWHUPOHQGHUV
%HOJLXP  ,)& ,QWHUQDWLRQDO)LQDQFH&RUSRUDWLRQ 86$ 
,(7 ,QWHUHVW(TXDOL]DWLRQ7D[ 7KH,)&LVWKH:%
VSULYDWHLQYHVWPHQWDUP
,(7),HWI ,QWHUQHW(QJLQHHULQJ7DVN)RUFH )RUIXUWKHUGHWDLOVVHHXQGHU:%
)RXQGHGLQLQWKH86$,WLVQRZDQLQWHU LIFDG LQVWLWXWGHIRUPDWLRQGHFDGUHVSRXUOHGpYHO
QDWLRQDOIRUXP RSPHQW %UXVVHOV%HOJLXP 
,(7)  7KH,QGLDQ(QJLQHHULQJ7UDGH)DLU %HOJLDQ,QVWLWXWH
,QGLD  ,)&&,IFF ,QWHUQDWLRQDO)HGHUDWLRQRI&OLQLFDO
7KHWK,(7)ZDVKHOGLQ1HZ'HOKL,QGLDRQ &KHPLVWU\
WKWK)HEUXDU\ L)&3 LQWHUQHW)LEUH&KDQQHO3URWRFRO
,QWHUQDWLRQDO)DLUV ,)&6LPSURYHGILUHFRQWUROV\VWHP
,(76 ,QHODVWLF(OHFWURQ7XQQHOLQJ6SHFWURVFRS\ V\VWqPHGHFRQGXLWHGHWLUDPpOLRUp
,(9 7KHDLUSRUWFRGHIRU.LHY8NUDLQH ,)&6 ,QWHOOLJHQW)OLJKW&RQWURO3URJUDP
,(96 ,QFRPH(OLJLELOLW\9HULILFDWLRQ6\VWHPV 2I1$6$ $PHV 86$ 
86$  $HURVSDFH(QJLQHHULQJ
,(9V ,QWUDFHOOXODU(QYHORSHG9LUXV3DUWLFOHV ,)( ,QVWLWXWHRI)LQDQFLDO(GXFDWLRQ
9DFFLQLD9LULRQV ,)( ,QVWLWXW)UDQoDLVGHO
(QHUJLH )UDQFH 
,(; ,QVWLWXWHRI(;SRUW )UHQFKDFURQ\PRIWKH)UHQFK(QHUJ\,QVWLWXWH
,) ,QRUJDQLF)XOOHUHQH ,)( ,QWHUQDWLRQDO)DFXOW\IRU([HFXWLYHV


,)($ ,QWHJUDWHG)XUQDFH([SHULPHQW$VVHPEO\ ,)06$ ,QWHUQDWLRQDO)HGHUDWLRQRI0HGLFDO


,)(%6 ,QWHJUDWHG)RUHLJQ([FKDQJHDQG%DQNLQJ 6WXGHQWV
$VVRFLDWLRQV
6\VWHP $PVWHUGDP7KH1HWKHUODQGV)RXQGHGLQWR
,)(1 ,QVWLWXW)UDQoDLVGHO
(1YLURQQHPHQW VHUYHPHGLFDOVWXGHQWVZRUOGZLGHDQGWRSURPRWH
)UHQFKDFURQ\PRIWKH)UHQFK(QYLURQPHQW LQWHUQDWLRQDOFRRSHUDWLRQRUJDQL]HVSURIHVVLRQDO
,QVWLWXWH )UDQFH  H[FKDQJHVLQSUHFOLQLFDO DQGFOLQLFDOILHOGV RIPHG
,)(5 ,QWHUQDWLRQDO)RXQGDWLRQIRU(WKLFDO LFLQHDQGSULPDU\KHDOWKFDUHSURMHFWV
5HVHDUFK ,)1 ,QWHUQDWLRQDO)ULHQGVRI1DWXUH $XVWULD 
,)) ,GHQWLILFDWLRQ)ULHQGRU)RH ,)1V ,QWHUIHURQV
(QJLQHHULQJ0LOLWDU\6FLHQFH ,)1VDUHF\WRNLQHVWKDWDPRQJRWKHUWKLQJVEORFN
,))78 ,QWHUQDWLRQDO)HGHUDWLRQRI)UHH7HDFKHUV
FHOOVYLUDOLQIHFWLRQ7KH\DUHQHFHVVDU\IRUKRVW
8QLRQV GHIHQVH
,)* ,QVWLWXW)UDQoDLVGH*HVWLRQ )UDQFH  0HGLFLQH0ROHFXODU0LFURELRORJ\0ROHFXODU
)UHQFKLQLWLDOLVPRIWKH)UHQFK0DQDJHPHQW ,PPXQRORJ\3DWKRORJ\
,QVWLWXWH ,)2 ,GHQWLILHG)O\LQJ2EMHFW
,)* 7KH,QWHUIDFH)LQDQFLDO*URXS 86$  :KLOHWKH,)2LVLGHQWLILHGWKH8)2LVXQLGHQ
/RFDWHGLQ)ORULGD86$WKH\HDUROGRUJDQL WLILHG
]DWLRQWKDWSURYLGHVZRUNLQJFDSLWDOIRUVPDOO 6\VWHPDWLFV
EXVLQHVVHVWRHQKDQFHWKHLUJURZWK ,)2$ ,VWLWXWR)RUPD]LRQH2SHUDWRUL$]LHQGDOL
,)* ,QWHUIUDPH*DS ,)2$ LVORFDWHGDW5HJJLR(PLOLD,WDO\
,)*2,)*2 ,QWHUQDWLRQDO)HGHUDWLRQRI ,WDOLDQ,QVWLWXWH9RFDWLRQDO7UDLQLQJ
*\QHFRORJ\DQG2EVWHWULFV ,)2/' ,VWLWXWR)2UPD]LRQH/DYRUR'RQQH
,), ,QWHUQDWLRQDO)LQDQFLDO,QVWLWXWLRQ ,)2/'LVORFDWHGLQ6DUGLQLD,WDO\
,),$6 ,QWHUQDWLRQDO)HGHUDWLRQRI,QVWLWXWHVIRU ,WDOLDQ,QVWLWXWH9RFDWLRQDO7UDLQLQJIRU:RPHQ
$GYDQFHG6WXG\ ,)220,IRRP ,QWHUQDWLRQDO)HGHUDWLRQ2I
,),% LQYLWDWLRQIRULQWHUQDWLRQDOELGGLQJ 2UJDQLF0RYHPHQWV
DSSHOG·RIIUHVLQWHUQDWLRQDO $2,  ,)23 ,QVWLWXW)UDQoDLVGHO
2SLQLRQ3XEOLTXH
,),3 ,QWHUQDWLRQDO)HGHUDWLRQIRU,QIRUPDWLRQ )UHQFKDFURQ\PRIWKH)UHQFK,QVWLWXWHRI3XEOLF
3URFHVVLQJ 2SLQLRQ )UDQFH 
,)/ ,QGDJLQH&RPXQLWDULDVXOOD)RU]DGL/DYRUR ,)25 ,VWLWXWRSHUOD)25PD]LRQH,PSUHQGLWRULDOH
(XURSHDQ&RPPXQLW\ ,WDO\ 
,)/ ,QIUDORZ)UHTXHQF\ ,)256 ,QWHUQDWLRQDO)HGHUDWLRQRI2SHUDWLRQDO
7HOHFRPPXQLFDWLRQV 5HVHDUFK6RFLHWLHV
,)/ LQWHUQDWLRQDOIUHTXHQF\OLVW /\QJE\'HQPDUN)RXQGHGLQDLPVWKH
OLVWHGHVIUpTXHQFHVLQWHUQDWLRQDOHV GHYHORSPHQWRIRSHUDWLRQDOUHVHDUFK DVDXQLILHG
,)/$ ,QWHUQDWLRQDO)HGHUDWLRQRI/LEUDU\ VFLHQFHDQGLWVDGYDQFHPHQWLQDOOQDWLRQVRIWKH
$VVRFLDWLRQVDQG,QVWLWXWLRQV ZRUOG
/RFDWHGLQ7KH1HWKHUODQGV)RXQGHGLQWR ,)3 ,QNDWKD)UHHGRP3DUW\ 6RXWK$IULFD 
SURPRWHLQWHUQDWLRQDOOLEUDU\FRRSHUDWLRQLQDOO ,)3 ,QWHUVWLWLDO)OXLG3UHVVXUH
ILHOGVRIOLEUDU\DFWLYLW\DQGWRSURYLGHDUHSUHVHQ 0ROHFXODU0HGLFLQH3DWKRORJ\5DGLDWLRQ
WDWLYHERG\LQPDWWHUVRILQWHUQDWLRQDOLQWHUHVW 2QFRORJ\
,)0LQVWDQWDQHRXVIUHTXHQF\PHDVXUHPHQW ,)3, ,QWHUQDWLRQDO)HGHUDWLRQRIWKH3KRQRJUDSKLF
PHVXUHGHIUpTXHQFHLQVWDQWDQpH ,QGXVWU\
,)0$ ,QWHUQDWLRQDO)DFLOLW\0DQDJHPHQW 7KH,)3,LVWKH/RQGRQEDVHGERG\ZKLFKUHSUH
$VVRFLDWLRQ VHQWVWKHZRUOG
VUHFRUG&RPSDQLHV
,)0$ LVDQRQSURILWDVVRFLDWLRQIRXQGHGLQWKH )RUIXUWKHUGHWDLOVVHHXQGHU,6&
86$LQ ,)30 ,QVWLWXWGH)RUPDWLRQ3RVWVFRODLUHGH
,)0& ,QGLDQ)RUZDUG0DUNHWV&RPPLVVLRQ O
,QGXVWULHGX0pWDO %HOJLXP 
,QGLDQ&RPPLVVLRQ %HOJLDQ,QVWLWXWH0HWDO,QGXVWU\
,)02 ,QVWLWXWGH)RUPDWLRQjOD0DLWULVHG
2XYUDJH ,)30$ ,QWHUQDWLRQDO)HGHUDWLRQRI3KDUPDFHXWLFDO
)UDQFH  0DQXIDFWXUHUV$VVRFLDWLRQV *HQHYD
)UHQFK,QVWLWXWH 6ZLW]HUODQG 


,)30( ,QVWLWXWGH)RUPDWLRQ3HUPDQHQWHSRXUOHV ,*%0& ,QVWLWXWGH*pQpWLTXHHW%LRORJLH


FODVVHV0R\HQQHVHWOHV30( %HOJLXP  0ROpFXODLUHHW&HOOXODLUH
%HOJLDQ,QVWLWXWH )UHQFKLQLWLDOLVPRIWKH,QVWLWXWHRI*HQHWLFVDQG
,)300 ,QWHUQDWLRQDO)HGHUDWLRQRI3XUFKDVLQJDQG 0ROHFXODUDQG&HOOXODU%LRORJ\,*%0&LVDSXE
0DWHULDOV0DQDJHPHQW OLFUHVHDUFKLQVWLWXWHQHDU6WUDVERXUJ )UDQFH 
,)35, ,QWHUQDWLRQDO)RRG3ROLF\5HVHDUFK,QVWLWXWH ,*%3 ,QWHUQDWLRQDO*HRVSKHUH%LRVSKHUH3URJUDP
7KH,)35,LVORFDWHGLQ:DVKLQJWRQ'&86$ 8QLYHUVLW\&RUSRUDWLRQIRU$WPRVSKHULF5HVHDUFK
,)5 ,QVWUXPHQW)OLJKW5XOHV %RXOGHU&RORUDGR86$7KH,*%3 LVDOVR
$YLDWLRQ NQRZQDV*OREDO&KDQJH3URJUDP
,)5% ,QWHUQDWLRQDO)UHTXHQF\5HJLVWUDWLRQ%RDUG 863URJUDP
,)5(0(5 ,QVWLWXW)UDQoDLVGH5HFKHUFKHSRXU ,*%33$*(6 ,QWHUQDWLRQDO*HRVSKHUH%LRVSKHUH
O
([SORLWDWLRQGHOD0(5 )UDQFH  3URJUDPPH3$VW*OREDO&KDQJHV
)UHQFKDFURQ\PRIWKH)UHQFK5HVHDUFK,QVWLWXWH )RUIXUWKHUGHWDLOVVHHXQGHU(3,/2*,0$*(6
IRU([SORLWDWLRQRIWKH6HD DQG/*0
,)5, ,QVWLWXW)UDQoDLVGHV5HODWLRQV,QWHUQDWLRQDOHV ,*& ,QWHUQDWLRQDO*HQRPLFV&RQVRUWLXP
)UHQFKDFURQ\PRIWKH)UHQFK,QVWLWXWHIRU 7KH,*&LVQRZORFDWHGLQ6FRWWVGDOH$UL]RQD
,QWHUQDWLRQDO5HODWLRQV 86$
,)6 ,QVWLWXWLRQV)LQDQFLqUHV6SpFLDOLVpHV )UDQFH  %LRPHGLFDO5HVHDUFK*HQRPH5HVHDUFK*HQH
,)V ,QWHUPHGLDWH)LODPHQWV ([SUHVVLRQ,QIRUPDWLRQ
&DQFHU5HVHDUFK&HOO%LRORJ\0HGLFLQH ,*& ,QWHUQDWLRQDO*HRORJLFDO&RQJUHVV
0ROHFXODU*HQHWLFV1HXURVFLHQFH ,*&& ,QWHJUDWHG*DVLILFDWLRQ&RPELQHG&\FOH
,)6 ,QWHUQDWLRQDO)RXQGDWLRQIRU6FLHQFH (QHUJ\
,)6 ,ULVK)UHH6WDWH ,*&3 ,QWHUQDWLRQDO*RULOOD&RQVHUYDWLRQ3URJUDP
,)6333/ ,QVWLWXWHIRU)XVLRQ6WXGLHV3ULQFHWRQ &RQVHUYDWLRQ%LRORJ\
3ODVPD3K\VLFV/DERUDWRU\ 86$  ,*&V ,QWHUFKURPDWLQ*UDQXODU&OXVWHUV
,)7 ,QVWLWXWHRI)RRG7HFKQRORJ\ &HOO%LRORJ\&\WRORJ\'HYHORSPHQWDO%LRORJ\
,)7) ,QVWLWXWH)RU7KH)XWXUH 86$  0ROHFXODU%LRORJ\51$ 3URFHVVLQJ
,)7)LVD&DOLIRUQLDEDVHG5HVHDUFK,QVWLWXWH ,*&V ,QWHU*RYHUQPHQWDO&RQIHUHQFHV
,)7,0 ,QVWLWXWGH)RUPDWLRQDX[7HFKQLTXHV ,*' ,QVWLWXWHRI*URFHU\'LVWULEXWLRQ *% 
G
,PSODQWDWLRQHWGH0DQXWHQWLRQ )UDQFH  ,*'2' ,QVSHFWRU*HQHUDO'HSDUWPHQW2I
,)78 ,QWHUQDWLRQDO)HGHUDWLRQRI7UDGH8QLRQV 'HIHQVH 86$ 
,)8 )UDXQKRIHU,QVWLWXWHIRU$WPRVSKHULF ,*( ,PSRVWD*HQHUDOHVXOO
(QWUDWD
(QYLURQPHQWDO5HVHDUFK *HUPDQ\  ,WDOLDQDFURQ\PPHDQLQJSXUFKDVHWD[VDOHVWD[
,)9 LQIDQWU\ILJKWLQJYHKLFOH WXUQRYHUWD[
YpKLFXOHGHFRPEDWG·LQIDQWHULH 9&,  ,*(57 ,QWHJUDWLQJ*UDGXDWH(GXFDWLRQDQG
,): ,QVWLWXWHIRU3URGXFWLRQ(QJLQHHULQJDQG 5HVHDUFK7UDLQLQJ
0DFKLQH7RROV *HUPDQ\  ,*(57 LVD861DWLRQDO6FLHQFH)RXQGDWLRQSUR
,)<*/ ,QWHUQDWLRQDO)LHOG<HDUIRUWKH*UHDW JUDP
/DNHV 863URJUDPV
,J ,PPXQRJOREXOLQ ,*) ,PS{WVXUOHV*URVVHV)RUWXQHV
,PPXQRORJ\ )UHQFKLQLWLDOLVPPHDQLQJ:HDOWK7D[
LJ LQJROG ,*) ,QWHUQDWLRQDO*HQHWLFV)HGHUDWLRQ
,* ,QVSHFWRU*HQHUDO (XJHQLFV3RSXODWLRQ*HQHWLFV
,*$&3URJUDP ,QWHUQDWLRQDO*OREDO$WPRVSKHULF ,*) ,QVXOLQOLNH*URZWK)DFWRU
&KHPLVWU\3URJUDP 7KH,*)DFWLYDWHVWKHSURWHLQNLQDVH$NW
,*$' ,QWHU*RYHUQPHQWDO$XWKRULW\RQ %LRFKHPLVWU\%LRORJ\6LJQDO7UDQVGXFWLRQ
'HYHORSPHQW ,*)JHQH ,QVXOLQOLNH*URZWK)DFWRU,,JHQH
,*$'' ,QWHU*RYHUQPHQWDO$XWKRULW\RQ'URXJKW )RUIXUWKHUGHWDLOVVHHXQGHU/2,
DQG'HYHORSPHQW ,J*D ,PPXQRJOREXOLQ*D
,*$0( ,QVSHFWHXU*pQpUDOGHO
$GPLQLVWUDWLRQHQ ,PPXQRORJ\
0LVVLRQ([WUDRUGLQDLUH )UDQFH  ,*)%3 ,QVXOLQOLNH*URZWK)DFWRU%LQGLQJ3URWHLQ
,*$6 ,QWHUDFWLYH*HQHUDO$FFRXQWLQJ6\VWHP 0HGLFLQH
,*)(7V ,QVXODWHG*DWH)LHOG(IIHFW7UDQVLVWRUV


$SSOLHG3K\VLFV2UJDQLF'HYLFHV RUGLQDWHUHVHDUFKUHTXLULQJLQWHUQDWLRQDOFRRSHUD
,**6) ,PPXQRJOREXOLQ*HQH6XSHU)DPLO\ WLRQDQGWRRUJDQL]HLQWHUQDWLRQDOFRQJUHVVHV DQG
,*+ ,F\*UDLQ+DOR FRPPLVVLRQV
$VWURQRP\2SWLFDO$VWURQRP\6SDFH$VWURQRP\ ,*< ,QWHUQDWLRQDO*HRSK\VLFDO<HDU
6SDFH3K\VLFV5HVHDUFK 7KH,*< LVWKHSHULRGIURP-XO\WR
,*,(5 ,QQRFHQ]R*DVSDULQL,QVWLWXWHIRU(FRQRPLF 'HFHPEHU
5HVHDUFK ,+ ,QIHFWLRXV+HSDWLWLV
8QLYHUVLWj&RPPHUFLDOH/XLJL%RFFRQL0LODQR ,QIHFWLRXVKHSDWLWLVLVDOVRNQRZQDVKHSDWLWLV$
,WDO\ 0HGLFLQH
,*/ ,QWHUJHQLFXODWH/HDIOHW ,+ ,QVWLWXWHRI+\GURORJ\ *% 
,*0 ,QWHUJDODFWLF0HGLXP ,+$V ,QGLDQ+RXVLQJ$XWKRULWLHV ,QGLD 
$VWURQRP\$VWURSK\VLFV3K\VLFV6SDFH6FLHQFHV ,+$:. ,PSURYHG+$:.
,*0 ,QWHUSODQHWDU\*OREDO0RGHO +$:.DPpOLRUp
,*0 ,VWLWXWR*HRJUDILFR0LOLWDUH ,WDO\  ,+% ,QWHUQDWLRQDO+\GURJUDSKLF%XUHDX
,WDOLDQLQLWLDOLVPRIWKH0LOLWDU\6XUYH\2IILFH 7KH,+%KDVEHHQUHSODFHGE\WKH,+2
,J0 PHPRU\%FHOOV ,PPXQRJOREXOLQ0SRVLWLYH )RUIXUWKHUGHWDLOVVHHXQGHU,+2
PHPRU\%FHOOV ,+&3LKFS ,QVWLWXWHIRU+HDOWKDQG&RQVXPHU
,PPXQRORJ\0HGLFLQH5KHXPDWRORJ\ 3URWHFWLRQ(XURSHDQ&RPPLVVLRQ
,*1,JQ ,%0*OREDO1HWZRUN ,+&SURFHGXUHV ,PPXQRKLVWRFKHPLVWU\SURFH
,*1 ,QVWLWXW*pRJUDSKLTXH1DWLRQDO )UDQFH  GXUHV
,*20 ,QWHJUDWHG*OREDO2FHDQ0RQLWRULQJ %UDLQ&KHPLVWU\0HGLFDO'HYLFHV7XPRU
,*266 ,QWHJUDWHG*OREDO2FHDQ6HUYLFHV6\VWHP *URZWK
,*3 ,JQHRXVDQG*HRWKHUPDO3URFHVVHV ,+' ,QWHUQDWLRQDO+\GURORJLFDO'HFDGH
,*3,*3 ,QGLFD]LRQH*HRJUDILFD3URWHWWD 7KH,+'LVWKHSHULRGIURPZKHQ
,*3 ,QWHJUDWHG*UDGXDWH3URJUDP 86$  K\GURORJ\UHVHDUFKZDVFDUULHGRXWE\WKHSDUWLFL
,*33 ,QVWLWXWHRI*HRSK\VLFVDQG3ODQHWDU\3K\VLFV SDWLQJQDWLRQV
86$  ,+' ,VFKHPLF+HDUW'LVHDVH
,*5& ,QWHUQDWLRQDO*HRG\QDPLFV5HVHDUFK&HQWHU &DUGLRORJ\
7KH,*5&LVEDVHGDWD5XVVLDQILHOGVWDWLRQRXW ,+'3 ,QWHUQDWLRQDO+XPDQ'LPHQVLRQVRI*OREDO
VLGH%LVKNHN.U\J\]VWDQ &KDQJH3URJUDP
,*53 ,QWHULRU*DWHZD\5RXWLQJ3URWRFRO 3URJUDPV
,*53 LVDURXWLQJSURWRFRORIWKHGLVWDQFHYHFWRU ,+( ,QWHJUDWHG+HDOWK(QYLURQPHQW
W\SHGHYHORSHGE\&,6&26\VWHP 0HGLFLQH
,*6 ,%0*OREDO6HUYLFHV ,+(( ,+(( ,QVWLWXWGHV+DXWHV(WXGHV
,*6KDVFUHDWHGRQHRIWKHODUJHVW6DQVLQWKH (XURSpHQQHVGH6WUDVERXUJ )UDQFH 
ZRUOG )RXQGHGLQ,+((RUJDQL]HVSRVWXQLYHUVL
)RUIXUWKHUGHWDLOVVHHXQGHU6DQV W\FRXUVHV2QHRIWKHPOHDGVWRWKH&HUWLILFDW
,*6 ,QQHU*XOI6KHOI G
pWXGHVHXURSpHQQHV2WKHUVWRWKH'LSO{PHG
p
,*6 ,QVWLWXWHRI*HRORJLFDO6FLHQFHV *%  WXGHVDSSURIRQGLHV
,*6 ,QWHUQDO*XLGH6HTXHQFH ,+(3 ,QVWLWXWHRI+LJK(QHUJ\3K\VLFV2IWKH
,J6) GRPDLQV ,PPXQRJOREXOLQ6XSHUIDPLO\ &KLQHVH$FDGHP\RI6FLHQFHV
GRPDLQV ,+) ,QWHJUDWLRQ+RVW)DFWRU
&HOOXODU,PPXQRORJ\&OLQLFDO0HGLFLQH ,KK ,QGLDQKHGJHKRJ
0ROHFXODU6FLHQFHV 7KH,KKLVDVLJQDOLQJPROHFXOH
,*63 ,QWHUQDWLRQDO*UHHQODQG6HD3URMHFW (QGRFULQRORJ\*HQHWLFV0HGLFLQH0ROHFXODU
,*66 LQWHULPJHRJUDSKLFVXSSRUWV\VWHP %LRORJ\
V\VWqPHSURYLVRLUHGHVRXWLHQJpRJUDSKLTXH ,+/ ,QWHUQDWLRQDO+XPDQLWDULDQ/DZ
,*7 ,PSDLUHG*OXFRVH7ROHUDQFH ,+0 ,QVWLWXWHRI+\GURPHWHRURORJ\ $OEDQLD 
,*7,*7 ,QVWLWXWHRI*DV7HFKQRORJ\ ,+02,+02 ,QWHUQDWLRQDO+RPHRSDWKLF
,*8 ,QWHUQDWLRQDO*DV8QLRQ 0HGLFDO2UJDQL]DWLRQ
,*8 ,QWHUQDWLRQDO*HRJUDSKLFDO8QLRQ ,+2 ,QVWLWXWHRI+XPDQ2ULJLQV
)RXQGHGLQWRHQFRXUDJHWKHVWXG\RISURE 3DOHRDQWKURSRORJ\
OHPVUHODWLQJWRJHRJUDSK\WRSURPRWHDQGFR


,+2 ,QWHUQDWLRQDO+\GURJUDSKLF2UJDQL]DWLRQ ,,2 ,QWHUDOOLHG,QVXUDQFH2UJDQL]DWLRQ


0RQWH&DUOR0RQDFR  2UJDQLVDWLRQLQWHUDOOLpHG·DVVXUDQFH
,+2KDVUHSODFHG,+% ,,3 LQWHOOLJHQWLQWHUIDFHSURFHVVRU
,+3 ,QGLFDWHG+RUVHSRZHU SURFHVVHXUG·LQWHUIDFHLQWHOOLJHQW
0HFKDQLFDO(QJLQHHULQJ ,,3 ,QWHUQDWLRQDO,QVWLWXWHRI3KLORVRSK\ )UDQFH 
,+6 ,QGLDQ+HDOWK6HUYLFH ,QGLD  )RXQGHGLQDLPVWRFODULI\IXQGDPHQWDO
,+6 ,QVWLWXWG
+\JLqQH6RFLDOH 6HQHJDO  LVVXHVRIFRQWHPSRUDU\ SKLORVRSK\ LQDQQXDOPHHW
6H[XDOO\7UDQVPLWWHG'LVHDVHV LQJVDQGE\VHYHUDOVHULHVRISXEOLFDWLRQVWRSUR
,+9 ,QVWLWXWHRI+XPDQ9LURORJ\ PRWHPXWXDOXQGHUVWDQGLQJDPRQJWKLQNHUVRIGLI
,, ,QGLFHGL,QQRYD]LRQH IHUHQWWUDGLWLRQVDQGFXOWXUDOEDFNJURXQGV
,, ,QVWLWXWLRQDO,QYHVWRU ,,3 ,QYHVWRUV,Q3HRSOH
%XVLQHVV)LQDQFH ,,3) ,QWHUQDWLRQDO,QVWLWXWHRI3XEOLF)LQDQFH
,,$ ,QGLDQ,QVWLWXWHRI$VWURSK\VLFV ,QGLD  ,,3/5 ,QVXUDQFH,QVWLWXWHRI3URSHUW\/RVV
,,$ ,QVWLWXWHRI,QWHUQDO$XGLWRUV 86$  5HGXFWLRQ 86$ 
,,$ ,QVXUDQFH,QVWLWXWHRI$PHULFD 86$  ,,33 ,VODPLF,UDQLDQ3DUWLFLSDWLRQ3DUW\
,,$ ,VWLWXWR,QWHUQD]LRQDOHGHOO
$JULFXOWXUD ,,5 ,VWLWXWR,QWHUQD]LRQDOHGHO5LVSDUPLR
,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO$JULFXOWXUH ,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO6DYLQJV
,QVWLWXWH ,WDO\  ,QVWLWXWH ,WDO\ 
,,$6$ ,QWHUQDWLRQDO,QVWLWXWHIRU$SSOLHG6\VWHPV ,,5 ,VWLWXWR,WDOLDQRGHO5DPH
$QDO\VLV 7KH,,5LVDQ,WDOLDQ$VVRFLDWLRQIRUWKHWHFKQRORJ
)RXQGHGLQRQWKHLQLWLDWLYHRIWKH86$ LFDOGHYHORSPHQWDQGDSSOLFDWLRQVRIFRSSHU
DQGWKHWKHQ8665QRQJRYHUQPHQWDOUHVHDUFK ,,6 ,QWHUQDWLRQDO,QIRUPDWLFV6ROXWLRQVSOF *% 
RUJDQL]DWLRQFRQGXFWVDQGVXSSRUWVFROODERUDWLYH $SSOLFDWLRQV0DQDJHPHQW3URMHFW6RIWZDUH
DQGLQGLYLGXDOUHVHDUFKLQUHODWLRQWRSUREOHPVRI 6HUYLFHV6RIWZDUH'HYHORSPHQW
PRGHUQVRFLHWLHVDULVLQJIURPVFLHQWLILFDQGWHFK ,,6,LV ,QWHUQHW,QIRPDWLRQ6HUYHU0LFURVRIW
QRORJLFDOGHYHORSPHQWDQGXQGHUWDNHVLWVRZQ ,,6,,6 ,VWLWXWR,QWHUQD]LRQDOHGL6WDWLVWLFD
VWXGLHVLQWRERWKPHWKRGRORJLFDODQGDSSOLHG ,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO6WDWLVWLFV
UHVHDUFKLQWKHILHOGVRIHQYLURQPHQW DFLGUDLQ ,QVWLWXWH ,WDO\ 
HWF HFRQRP\SRSXODWLRQ DJHLQJKHWHURJHQHLW\ ,,6 ,QYHVWPHQW,QFRPH6XUFKDUJH
G\QDPLFV V\VWHPVDQGGHFLVLRQVFLHQFHV ,,6, ,QWHUQDWLRQDO,URQDQG6WHHO,QVWLWXWH %HOJLXP 
,,% ,QVWLWXW,QWHUQDWLRQDOGHV%UHYHWV )UDQFH  )RXQGHGLQWRSURPRWHWKHZHOIDUHDQGLQWHU
)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO,QVWLWXWHRI HVWVRIWKHZRUOG
VVWHHOLQGXVWULHVWRXQGHUWDNH
3DWHQWV UHVHDUFKLQDOODVSHFWVRIVWHHOLQGXVWULHVWRVHUYH
,,( ,QVWLWXWHIRU,QWHUQDWLRQDO(FRQRPLFV DVDIRUXPIRUH[FKDQJHRINQRZOHGJHDQGGLVFXV
7KH,,(LVEDVHGLQ:DVKLQJWRQ'& 86$  VLRQRISUREOHPVUHODWLQJWRVWHHOLQGXVWULHVWRFRO
,,( ,QVWLWXWHRI,QWHUQDWLRQDO(GXFDWLRQ 1HZ<RUN OHFWGLVVHPLQDWHDQGPDLQWDLQVWDWLVWLFVDQGLQIRU
86$  PDWLRQWRVHUYHDVDOLDLVRQERG\EHWZHHQLQWHUQD
6WXG\$EURDG3URJUDPV WLRQDODQGQDWLRQDOVWHHORUJDQL]DWLRQV
,,(' ,QWHUQDWLRQDO,QVWLWXWHIRU(QYLURQPHQWDQG ,,6/ ,QWHUQDWLRQDO,QVWLWXWHRI6SDFH/DZ
'HYHORSPHQW *%  )RUIXUWKHUGHWDLOVVHHXQGHU,$)
,,) ,QVWLWXWHRI,QWHUQDWLRQDO)LQDQFH ,,66,0$ ,QL]LDWLYH6ROLGDOLGL,QVHULPHQWRFRQ
7KH,,)LVDSULYDWHVHFWRUWKLQNWDQNRZQHGE\ 0RGDOLWjGL$XWRLPSUHQGLWRULDOLWj ,WDO\ 
,QWHUQDWLRQDO%DQNVDQGRWKHUILQDQFLDOLQVWLWX 3URMHFWV
WLRQV ,,68 ,VWLWXWR,WDOLDQRSHUOH6FLHQ]H8PDQH
,,* ,VWLWXWRSHUO
,PSUHQGLWRULD*LRYDQLOH ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ,QVWLWXWHIRU+XPDQ
,WDOLDQ,QVWLWXWH 6FLHQFHV 1DSOHV,WDO\ 
,,, ,QWHU$PHULFDQ,QGLDQ,QVWLWXWH 0H[LFR  ,,7 ,QGLDQ,QVWLWXWHRI7HFKQRORJ\ ,QGLD 
,,/ ,QWHJUDWHG,QMHFWLRQ/RJLF ,,7$ ,QIRUPDWLRQ,QIUDVWUXFWXUH7HFKQRORJ\
,QWHJUDWHGLQMHFWLRQORJLFLVDOVRNQRZQDV $SSOLFDWLRQV
0HUJHG7UDQVLVWRU/RJLF ,,7$ ,QWHUQDWLRQDO,QVWLWXWHRI7URSLFDO$JULFXOWXUH
(OHFWURQLFV +HDGTXDUWHUHGLQ,EDGDQ1LJHULDLWLVDFRQVRU
,,1 ,PPXQH,GLRW\SLF1HWZRUN WLXPRIFHQWHUVFRVSRQVRUHGE\WKH:%)$2
%LRORJLFDO1HWZRUNV 81'3 DQG81(3


)RUIXUWKHUGHWDLOVVHHXQGHU:%)$281'3 ,/$ FRRSHUDWLRQ ,QWHUQDWLRQDO/DERUDWRU\


DQG81(3 $FFUHGLWDWLRQFRRSHUDWLRQ
,,7& ,QVXUDQFH,QGXVWU\7UDLQLQJ&RXQFLO ,/$5 ,QVWLWXWHIRU/DERUDWRU\$QLPDO5HVHDUFK
,,7) ,QIRUPDWLRQ,QIUDVWUXFWXUH7DVN)RUFH 86$ 
,,76 ,PSURYHGTXDOLW\RIVHUYLFHLQ,RQRVSKHULF ,/$6 ,PSURYHG/LPE$WPRVSKHULF6SHFWURPHWHU
7HOHFRPPXQLFDWLRQ6\VWHPVSODQQLQJDQGRSHUD (DUWK6FLHQFH
WLRQ ,/& ,QWHUQDWLRQDO/DZ&RPPLVVLRQ
(XURSHDQ&RPPXQLW\3URMHFW ,/& ,QWHUQDWLRQDO/HJDO&HQWHU
,,7V ,QGLDQ,QVWLWXWHVRI7HFKQRORJ\ ,QGLD  7KH,/&ZDVHVWDEOLVKHGLQ
,-$/ ,QWHUQDWLRQDO-RXUQDORI$PHULFDQ/LQJXLVWLFV ,/& ,UUHYRFDEOH/HWWHURI&UHGLW
86$  %XVLQHVV&RPPHUFH)LQDQFH
,-& ,QWHUQDWLRQDO-RLQW&RPPLVVLRQ ,/&$ ,QWHUQDWLRQDO/LYHVWRFN&HQWUHIRU$IULFD
7KH,-&ZDVHVWDEOLVKHGE\WKH86DQG&DQDGLDQ (WKLRSLD 
*RYHUQPHQWVIRUZDWHUVPDQDJHPHQWLQWKH*UHDW )RXQGHGLQDVDQLQWHUGLVFLSOLQDU\UHVHDUFK
/DNHV5HJLRQ DQGLQIRUPDWLRQFHQWUHWRSURPRWHDQGLPSURYH
,-&$, ,QWHUQDWLRQDO-RLQW&RQIHUHQFHRQ$UWLILFLDO OLYHVWRFNSURGXFWLRQ LQVXE6DKDUDQ$IULFD
,QWHOOLJHQFH )RUIXUWKHUGHWDLOVVHHXQGHU,/5,
,-&11 ,QWHUQDWLRQDO-RLQW&RQIHUHQFHRQ1HXUDO ,/&(3 ,QIUDVWUXFWXUH/RJLVWLFVDQG&LYLO
1HWZRUNV (PHUJHQF\3ODQQLQJ>REVROHWHQRZFDOOHG6,/
,-.VXEGXFWLRQ ,]X-DSDQ.XULOHVXEGXFWLRQ &(3@
*HRORJLFDO6FLHQFHV7HFWRQLFV LQIUDVWUXFWXUHORJLVWLTXHHWSODQVFLYLOVG·XUJHQFH
,-06 LQWHULP-7,'6PHVVDJHVWDQGDUG >REVROqWHPDLQWHQDQWDSSHOp6,/&(3@
QRUPHGHPHVVDJHSURYLVRLUH-7,'6 ,/' ,QVSHFWLRQ/DVHU'LRGH
,-1 ,PSHULDO-DSDQHVH1DY\ -DSDQ  ,/' ,QWHUDXUDO/HYHO'LIIHUHQFH
,., ,QVWLWXWHIRU6SDFH5HVHDUFK 5XVVLD  1HXURELRORJ\
,.3. )RUHVWVDQG3DVWXUHV5HVHDUFK,QVWLWXWH ,/'3 LQWHUORRNGRUPDQWSHULRG
$OEDQLD  SpULRGHG·LQVHQVLELOLVDWLRQHQWUHLPSXOVLRQV
,/ DEEU ,OOLQRLV 86$  ,OH56 ,VROHXF\OW51$ 6\QWKHWDVH
$OVR,OO %LRFKHPLVWU\%LRORJ\0LFURELRORJ\7UDQVODWLRQ
,/ ,QVWUXFWLRQ/HQJWK )RUIXUWKHUGHWDLOVVHHXQGHUW51$
7KHWHUPLQVWUXFWLRQOHQJWKUHIHUVWRWKHQXPEHURI ,/(:* ,QWHUQDWLRQDO/XQDU([SORUDWLRQ:RUNLQJ
ELWVRUE\WHVZKLFKGHILQHDQLQVWUXFWLRQ *URXS
&RPSXWHU3URJUDPPLQJ 7KHQG ,/(:*PHHWLQJZDVKHOGLQ.\RWR-DSDQ
,/ ,QVWUXPHQWDWLRQ/DERUDWRU\ ,WDO\  LQ2FWREHU
'LDJQRVWLFV 5HVHDUFK ,/)V ,VROHG/\PSKRLG)ROOLFOHV
,/ ,QWHUDFWLYH/DQJXDJH,QWHUDFWLYH/HDUQLQJ +\SHUSODVLDRI,/)VGHYHORSVZKHQ$,'LVGHIL
&RPSXWHU3URJUDPPLQJ FLHQW
,/ ,QWHUPHGLDWH/DQJXDJH )RUIXUWKHUGHWDLOVVHHXQGHU$,'
,QWHUPHGLDWHODQJXDJHLVDOVRNQRZQDV ,/, ,QVWLWXWHRI/LIH,QVXUDQFH 86$ 
,QWHUPHGLDWH&RGH ,/,$6 ,PSODQWHG/,YHU$VVLVW6\VWHP
&RPSXWHU3URJUDPPLQJ (XURSHDQ&RPPXQLW\3URMHWF
,/ ,QWHUOHXNLQ ,/,7( ,RZD/LEUDU\,QIRUPDWLRQ7HOHW\SH
,/ ,QWHUOHXNLQ ([FKDQJH 86$ 
,/$ ,GDKR/LEUDU\$VVRFLDWLRQ 86$  ,OO DEEU ,OOLQRLV 86$ 
,/$ ,OOLQRLV/LEUDU\$VVRFLDWLRQ 86$  $OVR,/
,/$ ,QGLDQ/LEUDU\$VVRFLDWLRQ ,// ,QVWLWXW/DXH/DQJHYLQ
,/$ ,QGLDQD/LEUDU\$VVRFLDWLRQ 86$  7KH,// ORFDWHGLQ*UHQREOH)UDQFHLVDSRZHUIXO
,/$ ,QWHUQDWLRQDO/DZ$VVRFLDWLRQ VRXUFHRIQHXWURQVIRUUHVHDUFK
,/$ ,QWHUQDWLRQDO/HSURV\$VVRFLDWLRQ 1XFOHDU5HDFWRUV
,/$ ,QWHUQDWLRQDO/RQJVKRUHPHQ
V$VVRFLDWLRQ ,//,1(7 ,OOLQRLV/LEUDU\DQG,QIRUPDWLRQ
86$  1HWZRUN
,/$ ,RZD/LEUDU\$VVRFLDWLRQ 86$  ,/0+ ,QVWLWXW/LEUH0DULH+DSV %HOJLXP 
/DQJXDJH,QVWLWXWH


,/0, ,VWLWXWR/RPEDUGRSHUOD0HGLFLQD,SHUEDULFD ,/8 ,QVWLWXWHRI/RQGRQ8QGHUZULWHUV *% 


,WDO\  ,0 ,PPXQRDVVD\
,WDOLDQDFURQ\PRIWKH/RPEDUG,QVWLWXWHIRU ,PPXQRORJ\
+\SHUEDULF0HGLFLQH ,0 ,PSHULD,WDO\
3KDUPDFRORJ\ ,0 ,PSHULDO0HDVXUH
,/2 ,QWHUQDWLRQDO/DERXU2UJDQL]DWLRQ ,0 ,QIRUPDWLRQ0DQDJHPHQW
6ZLW]HUODQG  7HOHFRPPXQLFDWLRQV
)RXQGHGLQEHFDPHVSHFLDOL]HG$JHQF\RI ,0 ,QJpQLHXU0pFDQLFLHQ
81LQDLPVWREXLOGDFRGHRILQWHUQDWLRQDO )UHQFKLQLWLDOLVPPHDQLQJ0HFKDQLFDO(QJLQHHU
ODERXUODZ DQGSUDFWLFHLVFRQFHUQHGZLWKWKH ,0 ,QVROXEOH0DWUL[
VDIHW\KHDOWKDQGVRFLDOVHFXULW\RIZRUNHUVDQG ,0 ,QVWUXFWLRQ0RGLILFDWLRQ
SURYLGHVWHFKQLFDOH[SHUWVZKHUHQHHGHGE\PHP 7KHLQVWUXFWLRQPRGLILFDWLRQDFWXDOO\FRQVLVWVRI
EHUFRXQWULHVVHWVRXWWRLPSURYHODERXUFRQGL DQLQVWUXFWLRQFKDQJHVRWKDWWKHFRPSXWHUZLOO
WLRQVUDLVHOLYLQJVWDQGDUGVDQGSURPRWHSURGXF FDUU\RXWDGLIIHUHQWRSHUDWLRQZKHQWKHLQVWUXFWLRQ
WLYHHPSOR\PHQWLQDOOFRXQWULHV LVUHSHDWHG
,/25 ,PSRVWD/2FDOHVXL5HGGLWL &RPSXWHU3URJUDPPLQJ
,WDOLDQDEEUHYLDWLRQPHDQLQJ/RFDO,QFRPH7D[ ,0 ,QVXIILVDQFH0LWUDOHRU5pJXUJLWDWLRQ0LWUDOH
,/36 ,QWHUQDWLRQDO/RJLF3URJUDPPLQJ )UHQFKLQLWLDOLVPPHDQLQJ0LWUDO,QVXIILFLHQF\
6\PSRVLXP 0LWUDO5HJXUJLWDWLRQ
,/4 ,QWHUQDWLRQDO/DZ4XDUWHUO\ 0HGLFLQH
3XEOLFDWLRQ ,0 ,QWHUPHGLDWH0RGXOXV
,/5 ,QWHUOHXNLQ5HFHSWRU ,0 ,QWHUPRGXODWLRQ
+XPDQ*HQRPH6FLHQFHV3DWKRORJ\ ,0 ,QWHUUXSW0DVN
,/5 ,QWHUQDWLRQDO/DZ5HSRUWV ,0LVDOVRNQRZQDV0DVN5HJLVWHU
,/5$' ,QWHUQDWLRQDO/DERUDWRU\IRU5HVHDUFKRQ &RPSXWHU7HFKQRORJ\
$QLPDO'LVHDVHV .HQ\D  ,0 ,QWUDPXVFXODUO\
)RXQGHGLQ5HVHDUFKSURJUDPPHVRQFRQ ,0 ,VOHRI0DQ
WURORIWU\SDQRVRPLDVLV DQGWKHLOHULRVLV ,0 ,QVWLWXWHIRU0XOWLIXQFWLRQDO0DFURPROHFXODU
)RUIXUWKHUGHWDLOVVHHXQGHU,/5, 0DWHULDOV
,/5, ,QWHUQDWLRQDO/LYHVWRFN5HVHDUFK,QVWLWXWH $W6WHYHQV,QVWLWXWHRI7HFKQRORJ\1HZ-HUVH\
,/5,LQFRUSRUDWHVWKHUHVRXUFHVRIWKH,/5$'DQG 86$
,/&$ ,0$ LPSOHPHQWDWLRQPDQDJHPHQWDXWKRULW\
)RUIXUWKHUGHWDLOVVHHXQGHU,/5$' DQG,/&$ >$&&,6@
,/6 ,QVWUXPHQW/DQGLQJ6\VWHP DXWRULWpFKDUJpHGHODJHVWLRQGHODPLVHHQ±XYUH
$YLDWLRQ >$&&,6@
,/V ,QWHUODQJXDJHV ,0$ ,QGLDQ0LOLWDU\$FDGHP\ ,QGLD 
/LQJXLVWLFV ,0$ ,QVWLWXWHRI0ROHFXODU$JURELRORJ\
,/6$,OVD ,UDQ/LE\D6DQFWLRQV$FW 6LQJDSRUH 
,/6, ,QWHUQDWLRQDO/LIH6FLHQFHV,QVWLWXWH $JULFXOWXUDO%LRLRJ\0ROHFXODU$JURELRORJ\
,/63 LQWHJUDWHGORJLVWLFVVXSSRUWSODQ>1$&02@ 0ROHFXODU%LRORJ\
SODQGHVRXWLHQORJLVWLTXHLQWpJUp>1$&02@ ,0$ ,VWLWXWRSHUOD0DWHPDWLFD$SSOLFDWD
,/66 ,QWHUODPLQDU6KHDU6WUHQJWK ,WDOLDQ,QVWLWXWH
0DWHULDOV6FLHQFH ,0$* ,VWLWXWRGL6WXGLFKLPLFRILVLFLGL
,/7 ,QVWLWXWHIRU/RZ7HPSHUDWXUH3K\VLFVDQG 0DFURPROHFROH6LQWHWLFKHH1DWXUDOL
(QJLQHHULQJ ,WDOLDQ,QVWLWXWH
7KH,/7 LVORFDWHGLQ.KDUNRY8NUDLQH ,0$*(,0$*(&RQVRUWLXP ,QWHJUDWHG
,/7$% ,QWHUQDWLRQDO/DERUDWRU\IRU7URSLFDO 0ROHFXODU$QDO\VLVRI*HQRPHVDQGWKHLU
$JULFXOWXUHDQG%LRWHFKQRORJ\ 86$  ([SUHVVLRQ&RQVRUWLXP 86$ 
,/7$%ZDVRULJLQDOO\EDVHGLQ/D-ROOD F'1$ &ORQH6HWV0LFURDUUD\6WXGLHV
&DOLIRUQLD0RYHGWRWKH'RQDOG'DQIRUWK3ODQW ,0$*(6 ,QWHJUDWHG0RGXODU$YLRQLFV*HQHUDO
6FLHQFH&HQWHULQ6W/RXLV 86$  ([HFXWLYH6RIWZDUH(XURSHDQ&RPPXQLW\
,/7 PRGHO ,QWHUOD\HU7XQQHOLQJPRGHO ,0$*(6SURJUDP ,QWHUQDWLRQDO0$ULQH*OREDO
&RQGHQVHG0DWWHU3K\VLFV &KDQJH6WXG\SURJUDP


2I,*%33$*(6 &OLPDWH)RUHFDVWLQJ
)RUIXUWKHUGHWDLOVVHHXQGHU(3,/2* ,0'* ,QWHUQDWLRQDO0DULWLPH'DQJHURXV*RRGV
,*%33$*(6 DQG/*0 &RGH 
,0 7 ,QIRUPDWLRQ0DQDJHPHQWDQG7HFKQRORJ\ &RGH LQWHUQDWLRQDOGXWUDQVSRUWPDULWLPHGH
,0$2 ,QKLELWHXUGHOD0RQR$PLQH2[\GDVH PDUFKDQGLVHVGDQJHUHXVHV
)UHQFKDFURQ\PPHDQLQJ0RQRDPLQH2[LGDVH ,0( ,QVWLWXWHRI0DNHUVRI([SORVLYHV 86$ 
,QKLELWRU %RPE'HWHFWLRQ&KHPLVWU\([SORVLYHV
0HGLFLQH3KDUPDFRORJ\ )RUHQVLFV7DJJLQJ6FKHPHV
,0$53( ,QVWLWXWRGHO0$5GHO3HU 3HUX  ,0(,0( ,QVWLWXWLRQRI0HFKDQLFDO(QJLQHHUV
,0$7 LQGHSHQGHQWPDULWLPHDQDO\VLVWHDP $OVR,0HFK(
pTXLSHLQGpSHQGDQWHG·DQDO\VHVPDULWLPHV ,0( ,VWLWXWR0RQHWDULR(XURSHR(&
,0$=21 ,QVWLWXWRGR+RPHQH0HLR$PELHQWHGD ,WDOLDQDFURQ\PRIWKH(XURSHDQ0RQHWDU\
$PD]{QLD %UD]LO  ,QVWLWXWH
,0% ,QVWLWXWHRI0ROHFXODU%LRWHFKQRORJ\ L0(' LVWLWXWRSHULO0('LWHUUDQHR ,WDO\ 
7KH,QVWLWXWHRI0ROHFXODU%LRWHFKQRORJ\ZDVFUH ,0(.2 ,QWHUQDWLRQDO0HDVXUHPHQW&RQIHGHUDWLRQ
DWHGLQ,WVJRDOLVWRSURPRWHWKHGHYHORS +XQJDU\ 
PHQWRIQHZPHDQVWRLPSURYHELRWHFKQRORJ\LQ )RXQGHGLQSURPRWHVWKHLQWHUQDWLRQDO
WKHVW FHQWXU\ H[FKDQJHRIVFLHQWLILFDQGWHFKQLFDOLQIRUPDWLRQ
%LRORJ\(FRQRPLF'HYHORSPHQW7HFKQRORJ\ UHODWLQJWRGHYHORSPHQWVLQPHDVXULQJWHFKQLTXHV
,0%% ,QVWLWXWHRI0ROHFXODU%LRORJ\DQG LQVWUXPHQWGHVLJQ DQGPDQXIDFWXUHDQGLQWKH
%LRFKHPLVWU\ &DQDGD  DSSOLFDWLRQRILQVWUXPHQWDWLRQLQVFLHQWLILF
,0%% ,QVWLWXWHRI0ROHFXODU%LRORJ\DQG UHVHDUFKDQGLQGXVWU\SURPRWHVFRRSHUDWLRQ
%LRWHFKQRORJ\ *UHHFH  DPRQJVFLHQWLVWVDQGHQJLQHHUVLQWKHILHOGDQG
,0% GHWHFWRU ,UYLQH0LFKLJDQ%URRNKDYHQGHWHF ZLWKRWKHULQWHUQDWLRQDORUJDQL]DWLRQVRUJDQL]HV
WRU FRQJUHVVHVV\PSRVLDHWF
,0%+V ,QWHUPHGLDWH0DVV%ODFN+ROHV ,0(2,0(2 ,VWLWXWR,WDOLDQRSHULO0HGLRHG
$VWURSK\VLFV (VWUHPR2ULHQWH ,WDO\ 
,0%1 ,QWHUQDWLRQDO0ROHFXODU%LRORJ\1HWZRUNIRU ,WDOLDQDFURQ\PRIWKH,WDOLDQ,QVWLWXWHIRUWKH
$VLDDQGWKH3DFLILF5LP 0LGGOHDQG)DU(DVW
7KH,0%1ZDVODXQFKHGDWWKHEHJLQQLQJRI ,0(5 ,QVWLWXWHIRU0DULQH(QYLURQPHQWDO5HVHDUFK
DWDPHHWLQJLQ7RN\R-DSDQ *% 
,0%52 ,QYHVWPHQW0DQDJHPHQW5HJXODWRU\ ,PHU ,VWLWXWRGLPHGLRFUHGLWRUHJLRQDOH
2UJDQL]DWLRQ *%  ,WDOLDQ%DQN
,0& LQVWUXPHQWPHWHRURORJLFDOFRQGLWLRQV ,0) ,QLWLDO0DVV)XQFWLRQ
FRQGLWLRQVPpWpRURORJLTXHVGHYRODX[LQVWUX $VWURQRP\$VWURSK\VLFV*DOD[\(YROXWLRQ
PHQWV ,0) ,QWHUQDWLRQDO0RQHWDU\)XQG
,0& ,QWHUQDWLRQDO0DULQH&HQWUH 2ULVWDQR,WDO\  ,QWHUQDWLRQDO%XVLQHVV
,0& ,QWHUQDWLRQDO0XVLF&RXQFLO )UDQFH  ,0* ,QVWLWXWHRI0ROHFXODU*HQHWLFV
)RXQGHGLQXQGHUWKHDXVSLFHVRI81(6&2 2IWKH&]HFK$FDGHP\RI6FLHQFHV
WRIRVWHUWKHH[FKDQJHRIPXVLFLDQVPXVLF ZULWWHQ ,0* ,QWHUIHURPHWULF0RQLWRUIRU*UHHQKRXVH
DQGUHFRUGHG DQGLQIRUPDWLRQWRVXSSRUWFRQ *DVHV
WHPSRUDU\FRPSRVHUVWUDGLWLRQDOPXVLFDQG $Q,QVWUXPHQWDERDUG$'(26
\RXQJSURIHVVLRQDOPXVLFLDQVWRIRVWHUDSSUHFLD )RUIXUWKHUGHWDLOVVHHXQGHU$'(26
WLRQRIPXVLFE\WKHSXEOLF ,0* ,QWHUQDWLRQDO0DQDJHPHQW*URXS>IRUUHFRQ
)RUIXUWKHUGHWDLOVVHHXQGHU81(6&2 VWUXFWLRQLQ%RVQLD@
,0&( ,QWHUFRQWLQHQWDO6SDFH6WDWLRQ0DQDJHPHQW *URXSHLQWHUQDWLRQDOGHJHVWLRQ>SRXUODUHFRQ
DQG&RVW(YDOXDWLRQ VWUXFWLRQHQ%RVQLH@
,0&/ FRQWHQW ,QWUDP\RFHOOXODU/LSLGFRQWHQW ,0** ,QVWLWXWHRI0DULQH*HRORJ\DQG*HRSK\VLFV
&HOOXODUDQG0ROHFXODU3K\VLRORJ\'LDJQRVWLF )RUPHU6RYLHW8QLRQ 
5DGLRORJ\(SLGHPLRORJ\ ,0, ,QWHUQDWLRQDO0HWHRURORJLFDO,QVWLWXWH
,0&2 ,QWHUJRYHUQPHQWDO0DULWLPH&RQVXOWDWLYH ,0, ,VWLWXWR0RELOLDUH,WDOLDQR ,WDO\ 
2UJDQL]DWLRQ81 ,WDOLDQDFURQ\PRIWKH,WDOLDQ)LQDQFLQJ,QVWLWXWH
,0' ,QGLD0HWHRURORJLFDO'HSDUWPHQW ,0,17 LPDJHU\LQWHOOLJHQFH


UHQVHLJQHPHQW SDU LPDJHULH ,03* ,QWHUQDWLRQDO3UHVV0DUNHWLQJ*URXS


,0,6 ,QWHJUDWHG0DQDJHPHQW,QIRUPDWLRQ6\VWHP LPSRVV DEEU LPSRVVLEOH
,0/ ,QWHUQDWLRQDO0LFURJUDYLW\/DERUDWRU\ ,035(3 LPSOHPHQWDWLRQUHSRUW
6SDFH5HVHDUFK FRPSWHUHQGXGHPLVHHQ±XYUH
LPP DEEU LPPHGLDWH ,035(6$ ,WLQHUDUL0XOWLFXOWXUDOLSHUOD
,00 ,QVWLWXWHRI0DWKHPDWLFDO0RGHOOLQJ 3URJHWWD]LRQH5HDOL]]D]LRQH(6YLOXSSRGL
2IWKH7HFKQLFDO8QLYHUVLW\RI'HQPDUN $WWLYLWjLPSUHQGLWRULDOL
,00 LQWHJUDWHGPDWHULDOPDQDJHPHQW 3URMHFWV
JHVWLRQLQWpJUpHGHVPDWpULHOV ,0 SURJUDPV ,QVSHFWLRQDQG0DLQWHQDQFH
,00 ,QWHOOLJHQW0HPRU\0DQDJHU 3URJUDPV
,00,QWHUQDWLRQDO0RQHWDU\0DUNHW ,03529( ,QWHUDJHQF\0RQLWRULQJRI352WHFWHG
,00 ,QWHUQDWLRQDO0RQH\0DQDJHPHQW 9LVXDO(QYLURQPHQWV
,00( ,QWHUQDWLRQDO0LQLQJ0DFKLQHU\ ,04 ,VWLWXWRGHO0DUFKLRGL4XDOLWj ,WDO\ 
([KLELWLRQ ,QGLD  ,WDOLDQLQLWLDOLVPRIWKH4XDOLW\0DUN,QVWLWXWH
7KH,00(ZDVKHOGLQ,QGLD 1HZ'HOKL RQ L04&V LQWHUPROHFXODU0XOWLSOH4XDQWXP
2FWREHU &RKHUHQFHV
,000 ,QWHUQDWLRQDO &RQIHUHQFHRQ %LRGLDJQRVWLFV&KHPLVWU\0DJQHWLF5HVRQDQFH
0LFURFRPSXWHU0LQLFRPSXWHUV0LFURSURFHVVRUV 5HVHDUFK5DGLRORJ\
,003 ,QWHJUDWHG0XOWLPHGLD3URMHFW ,05 ,QVWLWXWHRI0DULQH5HVHDUFK 1RUZD\ 
(XURSHDQ&RPPXQLW\3URMHFW ,05$ ,QVWLWXWHRI0LQRUX5HVHDUFK$GYDQFHPHQW
,006 ,QWHUQDWLRQDO0DWHULDO0DQDJHPHQW6RFLHW\ -DSDQ 
LPPXQ DEEU LPPXQLW\ 7KH,05$ LVRZQHGE\DQDIILOLDWHRI7R\RWD
,PPXQRORJ\0HWDOOXUJ\ ,05( ,QVWLWXWHRI0DWHULDOV5HVHDUFKDQG
LPPXQ DEEU LPPXQL]DWLRQ (QJLQHHULQJ 6LQJDSRUH 
,PPXQRORJ\ ,05* ,QWHUDFWLYH0HGLDLQ5HWDLO*URXS
,0QHW ,QWHUPLQLVWU\1HWZRUN $ IRUXPRIHOHFWURQLFFRPPHUFH,05*UHSUHVHQWV
&RPSXWHU1HWZRUNV RYHUUHWDLOHUVLQFRXQWULHV
,02 ,Q0\2SLQLRQ ,052 ,QYHVWPHQW0DQDJHPHQW5HJXODWRU\
,02 ,QWHUQDWLRQDO0DULWLPH2UJDQL]DWLRQ 2UJDQL]DWLRQ *% 
7KH,02LVD81EDFNHGERG\ZKLFKUHJXODWHV ,057 ,QWHQVLW\0RGXODWHG5DGLRWKHUDS\
WKH:RUOG
VVKLSSLQJ 5DGLRWKHUDS\7UHDWPHQWV
,02 ,QWHUQDWLRQDO0HWHRURORJLFDO2UJDQL]DWLRQ ,06 ,QIRUPDWLRQ0DQDJHPHQW6\VWHP
,02 ,QWHUQDWLRQDO0RQH\2UGHU ,06 ,RQ0RELOLW\6SHFWURPHWU\
,02 ,VWLWXWRGL0HGLFLQD2PHRSDWLFD ,WDO\  $ GHWHFWLRQWHFKQLTXHIRUWKHFKHPLFDOLGHQWLILFD
,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU+RPHRSDWKLF WLRQRIH[SORVLYHPDWHULDOV
0HGLFLQH ,06 ,QVWLWXWHRI0XVHXP6HUYLFHV 86$ 
,03 ,PDJHUIRU0DUV3DWKILQGHU ,06 ,QWHUPHPEUDQH6SDFH
$HURQRP\$SSOLHG3K\VLFV&KHPLVWU\*HRORJ\ ,06 ,QWHUQDWLRQDO0DJQHWRVSKHUH6WXG\
*HRSK\VLFV3ODQHWDU\([SORUDWLRQ6FLHQWLILF ,06 ,QWHUQDWLRQDO0HWDOORJUDSKLF6RFLHW\
,QVWUXPHQWV ,06 ,QWHUQDWLRQDO0LOLWDU\6WDII
)RUIXUWKHUGHWDLOVVHHXQGHU$3;6 DQG eWDWPDMRUPLOLWDLUHLQWHUQDWLRQDO (0, 
$6,0(7 ,06 ,QWHUQDWLRQDO0RQLWRULQJ6\VWHP
LPS DEEU LPSRUWLPSRUWHU 7KH,06ZKLFKLVDVWDWLRQQHWZRUNRIGHWHF
,03 ,QGXVWU\0DUNHW3RWHQWLDO WRUVZDVODXQFKHGLQDQGZLOOEHIXOO\ZRUN
,03 LQLWLDOPLOLWDU\SURJUDPPH LQJE\
SURJUDPPHPLOLWDLUHLQLWLDO 0RQLWRULQJ6WDWLRQV6HLVPRORJ\
,03 ,QRVLQH0RQRSKRVSKDWH ,06 ,RQ0RELOLW\6SHFWURPHWHU
,03 ,QVWLWXWHRI0ROHFXODU3DWKRORJ\ 9LHQQD 7KHLRQPRELOLW\VSHFWURPHWHULVDQDQDO\WLFDO
$XVWULD  GHYLFHZKLFKRSHUDWHVDWDWPRVSKHULFSUHVVXUHDQG
,03$&7 ,QWHUDFWLRQVEHWZHHQ0LFURELDOLQRFXODQWV PD\EHXVHGIRUPDQ\HQYLURQPHQWDODQGRWKHU
DQGUHVLGHQW3RSXODWLRQVLQWKHUKL]RVSKHUHRI SUREOHPV
$JURQRPLFDOO\LPSRUWDQW&URSVLQ7\SLFDOVRLOV ,06$7 LPDJHU\VDWHOOLWH
(XURSHDQ&RPPXQLW\ VDWHOOLWHSKRWRJUDSKLTXH


,06/ ,QWHUQDWLRQDO0DWKHPDWLFVDQG6WDWLVWLFV ,1$,/ ,VWLWXWR1D]LRQDOHSHUO


$VVLFXUD]LRQHFRQWUR
/LEUDU\ JOL,QIRUWXQLVXO/DYRUR
,067, ,QVWLWXWHRI0DULQH6FLHQWLILFDQG ,WDOLDQDEEUHYLDWLRQRIWKH1DWLRQDO,QVXUDQFH
7HFKQRORJLFDO,QIRUPDWLRQ &KLQD  ,QVWLWXWHIRU,QGXVWULDO$FFLGHQWV
,07 ,QGXVWULDODQG0DWHULDOV7HFKQRORJLHV ,1$0, ,QVWLWXW1DWLRQDOG
$VVXUDQFH0DODGLH
,07& ,QWHUQDWLRQDO0XOWLPHGLD7HOHFRQIHUHQFLQJ ,QYDOLGLWp
&RQVRUWLXP %HOJLDQ,QVWLWXWH
7KH,07&LVWKHLQGXVWU\FRRUGLQDWLQJERG\ ,1$2 ,QVWLWXW1DWLRQDOGHV$SSHOODWLRQVG
2ULJLQH
,07V ,QQRYDWLRQ0DQDJHPHQW7HFKQLTXHV )UDQFH 
(XURSHDQ&RPPXQLW\ ,1$3( ,QVWLWXWR1$FLRQDOGH3HVFD 8UXJXD\ 
,07V ,QQRYDWLRQ0DQDJHPHQW7RROV ,Q$V ,QGLXP$UVHQLGH
,08 ,QHUWLDO0HDVXUHPHQW8QLW 0HWDOOLFFU\VWDOVKDYLQJDPHOWLQJSRLQWRI$&
,08 ,QWHUQDWLRQDO0DWKHPDWLFDO8QLRQ ,QRUJDQLF&KHPLVWU\
,09 ,QWHUPLWWHQW0DQGDWRU\9HQWLODWLRQ ,1$6LQHUWLDOQDYLJDWLRQDQGDWWDFNV\VWHP
,09,&WHVWV ,QGROH0HWK\OUHG9RJHV3URVNDXHU V\VWqPHGHQDYLJDWLRQSDULQHUWLHHWG·DWWDTXH
DQG&LWUDWHWHVWV ,1$6 ,QWHUEDQN1DWLRQDO$QWKRUL]DWLRQ6\VWHP
,09,&WHVWVDUHELRFKHPLFDOWHVWV 86$ 
0LFURELRORJ\ ,1%(/ ,1VWLWXW%(/JHG
,QIRUPDWLRQHWGH
,096 ,QVWLWXWHRI0HGLFDO 9HWHULQDU\6FLHQFH 'RFXPHQWDWLRQ
$XVWUDOLD  %HOJLDQ,QVWLWXWH
LQLQ LQFK ,1%LR 1DWLRQDO,QVWLWXWHIRU%LRGLYHUVLW\ &RVWD
0HWURORJ\ 5LFD 
LQ DEEU LQFRPH %LRGLYHUVLW\7D[RQRP\7URSLFDO(FRORJ\
,1 DEEU ,QGLDQD 86$  LQF DEEU LQFOXGLQJLQFOXVLYH RI LQFRPHLQFRU
$OVR,QG SRUDWHLQFUHDVH
,Q 7KHFKHPLFDOV\PEROIRU,QGLXP ,QF DEEU ,QFRUSRUDWHG
,QGLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF ,1& ,QWHUQDWLRQDO1HJRWLDWLQJ&RPPLWWHH
QXPEHUDQGDPHOWLQJSRLQWRI$& ,1& ,QWHUVWLWLDO1XFOHXVRI&DMDO
&KHPLVWU\ 0LGEUDLQ&RQWURO1HXURELRORJ\3K\VLRORJ\
,QGLXPLVXVHGPDLQO\LQSUHFLRXVPHWDODOOR\VIRU 7RUWLFROOLV
GHQWLVWU\DQGMHZHOU\ ,1&$3,1&$3 ,QVWLWXWHRI1XWULWLRQIRU
0HWDOOXUJ\ &HQWUDO$PHULFDDQG3DQDPD
,1 ,QGLD ,1&% ,QWHUQDWLRQDO1DUFRWLFV&RQWURO%RDUG
,QGH 9LHQQDEDVHGWKH,1&%PRQLWRUVFRPSOLDQFHZLWK
LQHUWLDOQDYLJDWLRQ 81GUXJFRQWUROWUHDWLHV
DQDYLJDWLRQLQHUWLHOOH ,1&( ,1L]LDWLYD&HQWUR(XURSHD
EQDYLJDWLRQSDULQHUWLH ,1&( ,VWLWXWR1D]LRQDOHGL&UHGLWR(GLOL]LR ,WDO\ 
,1 ,QVWDOPHQW1RWH ,1&( 8QLYHUVLW\,QVWLWXWHIRU([DFW6FLHQFHV
%XVLQHVV&RPPHUFH)LQDQFH 'RPLQLFDQ5HSXEOLF 
,1$ ,QVWLWXWLRQRI1DYDO$UFKLWHFWV 86$  ,1&,1& ,QWHUQDWLRQDO&RS\ULJKW,QIRUPDWLRQ
,1$ ,QVWLWXW1DWLRQDO$JURQRPLTXH )UDQFH  &HQWUH
,1$ ,QVWLWXW1DWLRQDOGHO
$XGLRYLVXHO 7KH,1&,1&ORFDWHGLQ:DVKLQJWRQ'&86$
)UHQFK,QVWLWXWH ZDVIRXQGHGLQ
,1$ ,QWHUQDWLRQDO1HXURORJLFDO$VVRFLDWLRQ LQFO DEEU LQFOXGLQJLQFOXVLYH
,1$ ,VWLWXWR1D]LRQDOH$VVLFXUD]LRQL ,WDO\  ,Q&O ,QGLXP&KORULGH
,1$) ,VWLWXWR1D]LRQDOHGL$VWURILVLFD ,WDO\  ,QRUJDQLF&KHPLVWU\
,WDOLDQDFURQ\PRIWKH1DWLRQDO,QVWLWXWHRI ,1&2 ,1WHJUDWHG&RPPXQLFDWLRQV2IILFHU
$VWURSK\VLFV ,1&2 ,1WHUQDWLRQDO&RFRD2UJDQL]DWLRQ
+HDGTXDUWHUHGLQ5RPH$SSURYHGE\WKH ,1&5$ %UD]LO·V/DQG5HIRUP$JHQF\
*RYHUQPHQWLQ-XO\)XOO\RSHUDWLRQDOVXP ,QG DEEU ,QGHSHQGHQW
PHU,WHPEUDFHVDOORI,WDO\
VREVHUYDWR LQG DEEU LQGH[
ULHV ,QG ,QGLD
$OVR,1


,QG ,QGLDQ ,QIRUPDO  LQIR DEEU LQIRUPLQIRUPDWLRQ


,QGLDQLQFOXGHVWKHLQGLJHQRXVODQJXDJHVRIWKH ,1)223 LQIRUPDWLRQRSHUDWLRQ
$PHULFDQ,QGLDQV RSpUDWLRQG·LQIRUPDWLRQ
/DQJXDJHV ,1)26(& HOHFWURQLF LQIRUPDWLRQVHFXULW\
,QG DEEU ,QGLDQD 86$  VpFXULWpGHVLQIRUPDWLRQV pOHFWURQLTXHV 
$OVR,1 ,1)2:,1 PXOWLPHGLD,1)2UPDWLRQ:,1GRZIRU
,1' 7KHDLUSRUWFRGHIRU,QGLDQDSROLV,QGLDQD QDWLRQDOKRVWV
86$ (XURSHDQ&RPPXQLW\3URMHFW
,1' ,QGLD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW ,1)5(3 ,QVWLWXW1DWLRQDOGH)RUPDWLRQHWGH
WHUV 5HFKHUFKHVXUO
(GXFDWLRQ3HUPDQHQWH
LQG DEEU LQGLFDWRU )UHQFK,QVWLWXWH
$QDO\WLFDO&KHPLVWU\$YLDWLRQ&RPSXWHU ,1)8% ,1GXVWULDO)8UQDFHVDQG%RLOHUV
7HFKQRORJ\(OHFWURQLFV LQJ LQJHJQHUHLQJHJQHULD
LQG DEEU LQGXVWULDO ,WDOLDQDEEUHYLDWLRQPHDQLQJHQJLQHHUHQJLQHHU
$OVRLQGXV LQJ
,QG DEEU ,QGXVWU\ ,Q*D$V FHOOV ,QGLXP*DOOLXP$UVHQLGHFHOOV
,1'$ ,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQV ,Q*D$VFHOOVZHUHRULJLQDOO\GHYHORSHGDVWKHERW
'73 3URJUDPRIWKH1&,86$ WRPVXEFHOORIDUHFRUGVHWWLQJWDQGHPFHOO,QWKLV
7KHUDSHXWLFV3URJUDP GHVLJQDWRSFHOOFDSWXUHVWKHHQHUJ\RIVKRUWHU
)RUIXUWKHUGHWDLOVVHHXQGHU'73 DQG1&, ZDYHOHQJWKUDGLDWLRQ/RQJHUZDYHOHQJWKVSDVV
LQGLY DEEU LQGLYLGXDO WKURXJKWKHWRSFHOOWREHFDSWXUHGE\DERWWRP
LQGQ DEEU LQGLFDWLRQ FHOOZLWKDORZHUEDQGJDS
,1( ,QGXVWULD1D]LRQDOH(OHWWURGL ,WDO\  ,QGLXP*DOOLXP$UVHQLGHFHOOV
(OHFWURGHV LQJFKLP LQJHJQHUHFKLPLFRLQJHJQHULDFKLPLFD
,1( 1DWLRQDO,QVWLWXWHRI(FRORJ\ 0H[LFR  ,WDOLDQDEEUHYLDWLRQPHDQLQJFKHPLFDOHQJLQHHU
,1(LVWKHUHVHDUFKDUPRIWKH0H[LFDQ0LQLVWU\ FKHPLFDOHQJLQHHULQJ
RIWKH(QYLURQPHQW DQG1DWXUDO5HVRXUFHV LQJFLY LQJHJQHUHFLYLOHLQJHJQHULDFLYLOH
,1((/ ,GDKR1DWLRQDO(QJLQHHULQJDQG ,WDOLDQDEEUHYLDWLRQPHDQLQJFLYLOHQJLQHHUFLYLO
(QYLURQPHQWDO/DERUDWRU\ 86$  HQJLQHHULQJ
,1(5,6 1DWLRQDO,QVWLWXWHIRU,QGXVWULDO ,1*(%, ,QVWLWXWHRI5HVHDUFKLQ*HQHWLF
(QYLURQPHQWDQG5LVNV )UDQFH  (QJLQHHULQJDQG0ROHFXODU%LRORJ\ %UD]LO 
,1(7 ,QVWLWXWHRI1XFOHDU(QHUJ\7HFKQRORJ\ LQJLQG LQJHJQHUHLQGXVWULDOHLQJHJQHULDLQGXVWUL
%HLMQJ  DOH
,1(7, ,QVWLWXWR1DFLRQDOGH(QJHQKDULDH ,WDOLDQDEEUHYLDWLRQPHDQLQJLQGXVWULDOHQJLQHHU
7HFQRORJLD,QGXVWLDO /LVERQ3RUWXJDO  LQGXVWULDOHQJLQHHULQJ
,1(723 ,QVWLWXW1DWLRQDOG
(WXGHVGX7UDYDLOHW ,QJO LQJOHVH
G
2ULHQWDWLRQ3URIHVVLRQQHOOH )UDQFH  OWDOLDQDEEUHYLDWLRQPHDQLQJ(QJOLVK
)UHQFK,QVWLWXWH9RFDWLRQDO*XLGDQFH ,1+ ,VRQLFRWLQLFDFLG+\GUD]LGH
LQI DEEU LQIDQWU\LQILUPDU\LQIRUPDWLRQLQIX ,VRQLD]LG>,VRQLFRWLQLFDFLG+\GUD]LGH@LVDZLGHO\
VLRQ XVHGDQWLWXEHUFXODUGUXJDGPLQLVWHUHGRUDOO\RU
,1) LQWHUPHGLDWHUDQJHQXFOHDUIRUFHV LQWHUPXVFXODUO\
IRUFHVQXFOpDLUHGHSRUWpHLQWHUPpGLDLUH )1,  3KDUPDFRORJ\
LQ)LUH &RQVRUWLXPRIILUHSURWHFWLRQILUHVFLHQFH LQKHU DEEU LQKHULWDQFH
OLEUDULHVDQGLQIRUUQDWLRQ&HQWUHV ,1+6 ,OOLQRLV1DWXUDO+LVWRU\6XUYH\ 86$ 
,1),6 ,QGRQHVLDQ$TXDWLF6FLHQFHVDQG)LVKHULHV ,1, ,VWLWXWR1D]LRQDOHGHOO·,QIRUPD]LRQH
,QIRUPDWLRQ6\VWHP ,WDOLDQDFURQ\PRIWKH1DWLRQDO,QIRUPDWLRQ
,1)0 ,VWLWXWR1D]LRQDOHSHUOD)LVLFDGHOOD0DWHULD ,QVWLWXWH
,WDOLDQ,QVWLWXWH ,1,'1 ,QGRQHVLDQ1DWLRQDO,QIRUPDWLRQDQG
,1)1 ,VWLWXWR1D]LRQDOHGL)LVLFD1XFOHDUH 'RFXPHQWDWLRQ1HWZRUN
,WDOLDQLQLWLDOLVPRIWKH1DWLRQDO,QVWLWXWHRI ,1,6 ,QWHUQDWLRQDO1XFOHDU,QIRUPDWLRQ6\VWHP
1XFOHDU3K\VLFV LQLW DEEU LQLWLDO
+LJKHQHUJ\3K\VLFV5HVHDUFK LQLW DEEU LQLWLDOL]H
&RPSXWHU3URJUDPPLQJ


,1-(3 ,QVWLWXW1DWLRQDOGHOD-HXQHVVHHWGH ,13'$, ,VWLWXWR1D]LRQDOHGL3UHYLGHQ]DGHL


O
(GXFDWLRQ3RSXODLUH 'LULJHQWLGL$]LHQGH,QGXVWULDOL ,WDO\ 
)UHQFK,QVWLWXWH ,WDOLDQLQLWLDOLVPRIWKH6RFLDO6HFXULW\,QVWLWXWH
,1/ ,QQHU1XFOHDU/D\HU IRU,QGXVWULDO([HFXWLYHV
%LRORJLFDO7LPLQJ0HGLFLQH1HXURELRORJ\ ,13)& ,QWHUQDWLRQDO1RUWK3DFLILF)LVKHULHV
3K\VLRORJ\ &RPPLVVLRQ
,10 ,QQHU1XFOHDU0HPEUDQH ,13*, ,VWLWXWR1D]LRQDOHGL3UHYLGHQ]DGHL
,10$56$7 ,QWHUQDWLRQDO0RELOH6DWHOOLWH *LRUQDOLVWL,WDOLDQL ,WDO\ 
2UJDQL]DWLRQ>IRUPHUO\FDOOHG,QWHUQDWLRQDO ,WDOLDQLQLWLDOLVPRIWKH6RFLDO6HFXULW\,QVWLWXWH
0DULWLPH6DWHOOLWH2UJDQL]DWLRQ@ IRU,WDOLDQ3URIHVVLRQDO-RXUQDOLVWV
2UJDQLVDWLRQLQWHUQDWLRQDOHGHWpOpFRPPXQLFDWLRQV ,13, ,QVWLWXW1DWLRQDOGHOD3URSULpWp,QGXVWULHOOH
PRELOHVSDUVDWHOOLWH>DQFLHQQHPHQWDSSHOpH )UHQFK,QVWLWXWH
2UJDQLVDWLRQLQWHUQDWLRQDOHGHVVDWHOOLWHVPDU ,13, ,VWLWXWR1D]LRQDOHSHUOD3UHYHQ]LRQHGHJOL
LWLPHV@ ,QIRUWXQL ,WDO\ 
,10* 1DWLRQDO,QVWLWXWHRI0HWHRURORJ\DQG ,WDOLDQDFURQ\PPHDQLQJ1DWLRQDO,QVWLWXWHIRUWKH
*HRSK\VLFV 3RUWXJDO  3UHYHQWLRQRI$FFLGHQWV
,11,11 ,VWLWXWR1D]LRQDOHGHOOD1XWUL]LRQH ,136 ,VWLWXWR1D]LRQDOHGHOOD3UHYLGHQ]D6RFLDOH
7KH,11LVORFDWHGLQ5RPH,WDO\ ,WDO\ 
,WDOLDQ,QVWLWXWH ,148$ ,QWHUQDWLRQDO8QLRQIRU4XDWHUQDU\
,11$ ,VWLWXWR1D]LRQDOHGHO1DVWUR$]]XUUR 5HVHDUFK
OWDOLDQDFURQ\PRIWKH1DWLRQDO%OXH5LEERQ )RXQGHGLQILHOGRIDFWLYLWLHV
,QVWLWXWH ,WDO\  *HRORJ\*HRJUDSK\3UHKLVWRU\3DOHRQWRORJ\
0LOLWDU\ 3DO\QRORJ\3HGRORJ\
,12 ,QVWLWXWHIRU1DYDO2FHDQRJUDSK\ ,15 ,QVWLWXWHRI1XFOHDU5HVHDUFK 0RVFRZ 
7KH,QVWLWXWHIRU1DYDO2FHDQRJUDSK\LVORFDWHGDW ,15 ,1VXOLQ5HFHSWRU
WKH6WHQQLV6SDFH&HQWHUQHDU%D\6W/RXLV %LRFKHPLVWU\&DQFHU5HVHDUFK0ROHFXODU
0LVVLVVLSSL86$DQGLVVSRQVRUHGE\WKH86 %LRORJ\
1DY\ ,15$ ,QVWLWXW1DWLRQDOGHOD5HFKHUFKH
L126 LQGXFLEOH1LWULF2[LGH6\QWKDVH $JURQRPLTXH
%LRFKHPLVWU\0LWRFKRQGULD6WUXFWXUDO%LRORJ\ )UHQFK,QVWLWXWH$JURQRP\
,12;6$)( (VWDEOLVKPHQWRIDQWLFUDVKDQWL ,15$1 ,VWLWXWR1D]LRQDOHGL5LFHUFDSHUJOL
LQWUXVLRQVROXWLRQVEDVHGRQKLJKVWUHQJWKVWDLQOHVV $OLPHQWLHOD1XWUL]LRQH ,WDO\ 
VWHHOVWRLQFUHDVHWKHSDVVLYHVDIHW\RIYHKLFOHV )RRG 1XWULWLRQ5HVHDUFK
(XURSHDQ&RPPXQLW\ ,15&$,QUFD ,VWLWXWR1D]LRQDOHGL5LFHUFDVXJOL
,Q3 ,QGLXP3KRVSKLGH $Q]LDQL
,QGLXPSKRVSKLGHLVDEULWWOHPHWDOOLFPDVVKDY ,WDOLDQ,QVWLWXWH
LQJDPHOWLQJSRLQWRI$&,WLVXVHGPDLQO\LQ ,15,$,QULD ,QVWLWXW1DWLRQDOGH5HFKHUFKHHQ
VHPLFRQGXFWRUVDQGVRODUFHOOV ,QIRUPDWLTXHHWHQ$XWRPDWLTXH )UDQFH 
,QRUJDQLF&KHPLVWU\ ,16 ,PPLJUDWLRQDQG1DWXUDOL]DWLRQ6HUYLFH
,Q3 ,QGLXP3KRVSKLGH 86$ 
,QGLXP3KRVSKLGHUHVLVWVWKHGHJUDGLQJHIIHFWVRI ,16 LPSURYHG1$'*(VWDWLRQ
WKHLQWHQVHUDGLDWLRQIRXQGLQVSDFH:KHQSDLUHG VWDWLRQ1$'*(DPpOLRUpH
ZLWKJDOOLXPLQGLXPDUVHQLGHLQDWDQGHPFHOOWKLV LQHUWLDOQDYLJDWLRQV\VWHP
PDWHULDOLVDOVRDQH[FHOOHQWFKRLFHIRUWHUUHVWULDO DV\VWqPHGHQDYLJDWLRQjLQHUWLH
FRQFHQWUDWRUV\VWHPV,QGLXPSKRVSKLGHLV EV\VWqPHGHQDYLJDWLRQSDULQHUWLH
PRUHUHVLVWDQWWRUDGLDWLRQGDPDJHWKDQVLOLFRQDQG ,16 ,QHODVWLF1HXWURQ6FDWWHULQJ
DERXWPRUHUHVLVWDQWWKDQJDOOLXPDUVHQLGH &KHPLFDO(QJLQHHULQJ0DWHULDOV6FLHQFH
7DQGHPFHOOV7HUUHVWULDO&RQFHQWUDWRU6\VWHPV ,16 ,QVWLWXW1DWLRQDOGHV6WDWLVWLTXHV
,13$ ,QVWLWXWR1DFLRQDOGH3HVTXLVDVGH$PD]{QLD %HOJLDQ,QVWLWXWH6WDWLVWLFV
%UD]LO  LQV DEEU LQVXUDQFHLQVXUHG
7URSLFDO6LOYLFXOWXUH ,16 ,QWHUQDWLRQDO1HZV6HUYLFH
,13$3,13$3 ,VWLWXWR1D]LRQDOH3UHYLGHQ]D ,16$ ,QVWLWXW1DWLRQDOGHV6FLHQFHV$SSOLTXpHV
$PPLQLVWUD]LRQL3XEEOLFKH 5RPH,WDO\  )UHQFK,QVWLWXWH


,Q6$5 6\QWKHWLF$SHUWXUH5DGDU,QWHUIHURPHWU\ ,1685(' ,1WHJUDWHG6DWHOOLWH80765HDO


*HRSK\VLFVDQG3ODQHWDU\3K\VLFV (QYLURQPHQW'HPRQVWUDWRU
2FHDQRJUDSK\ (XURSHDQ&RPPXQLW\3URMHFW
,16$7 DEEU ,1GLDQJHRVWDWLRQDU\6$7HOOLWH LQW DEEU LQWHOOLJHQFHLQWHUFHSWLQWHUHVWLQWHULP
,Q6E ,QGLXP$QWLPRQLGH LQWHULRULQWHUPHGLDWHLQWHUQDOLQWHUQDWLRQDOLQWHU
,Q6ELVXVHGPDLQO\LQFRPSXWHUDSSOLFDWLRQV SUHWHULQWHUVHFWLRQLQWHUYDO
,QRUJDQLF&KHPLVWU\ ,17 ,VWLWXWR1D]LRQDOH7UDVSRUWL
LQVFH DEEU LQVXUDQFH ,WDOLDQDFURQ\PRIWKH1DWLRQDO7UDQVSRUW,QVWLWXWH
$OVRLQV ,WDO\ 
,16' ,QWHUQDWLRQDO1XFOHRWLGH6HTXHQFH'DWDEDVHV ,17$ ,1WHUQDWLRQDO7UDGHPDUN$VVRFLDWLRQ
$ \HDUVLQWHUQDWLRQDOFROODERUDWLRQEHWZHHQ ,17$) LQWHUQDWLRQDODIIDLUV
''%-(0%/ DQG*HQ%DQN DIIDLUHVLQWHUQDWLRQDOHV
)RUIXUWKHUGHWDLOVVHHXQGHU''%-DQG(0%/ ,17$0(/ ,17HUQDWLRQDO$VVRFLDWLRQRI
,16'& ,QGRQHVLDQ1DWLRQDO6FLHQWLILF 0(WURSROLWDQ&LW\/LEUDULHV 6ZLW]HUODQG 
'RFXPHQWDWLRQ&HQWUH )RXQGHGLQWRHQFRXUDJHLQWHUQDWLRQDOFR
,16'2& ,QGLDQ1DWLRQDO6FLHQWLILF'2FXPHQWDWLRQ RSHUDWLRQEHWZHHQODUJHFLW\OLEUDULHVDQGLQSDU
&HQWUH ,QGLD  WLFXODUWKHH[FKDQJHRIERRNVH[KLELWLRQVVWDII
,QVG9DO DEEU ,QVXUHG9DOXH DQGLQIRUPDWLRQDQGSDUWLFLSDWLRQLQWKHZRUNRI
,16($ ,QWHUQDWLRQDO6RFLHW\IRU(GXFDWLRQWKURXJK WKH,QWHUQDWLRQDO)HGHUDWLRQRI/LEUDU\
$UW 6ZHGHQ  $VVRFLDWLRQV
)RXQGHGLQWRXQLWHDUWWHDFKHUVWKURXJKRXW ,17$3 ,QWHURSHUDELOLW\7HFKQRORJ\$VVRFLDWLRQIRU
WKHZRUOGWRH[FKDQJHLQIRUPDWLRQDQGFRRUGL LQIRUPDWLRQ3URFHVVLQJ
QDWHUHVHDUFKLQWRDUWHGXFDWLRQ ,17$6 DEEU ,17HUQDWLRQDO$6VRFLDWLRQ
,16(( ,QVWLWXW1DWLRQDOGHOD6WDWLVWLTXHHWGHV )RUWKHSURPRWLRQRIFRRSHUDWLRQZLWKVFLHQWLVWV
(WXGHV(FRQRPLTXHV IURPWKHLQGHSHQGHQWVWDWHVRIWKH)RUPHU6RYLHW
)UHQFK,QVWLWXWH 8QLRQ
,16(50 ,QVWLWXW1DWLRQDOGHOD6DQWpHWGHOD (XURSHDQ&RPPXQLW\
5HFKHUFKH0pGLFDOH )UDQFH  ,Q7H ,QGLXP7HOOXULGH
)UHQFKDFURQ\PRIWKH1DWLRQDO,QVWLWXWHRI ,QGLXP7HOOXULGHLVXVHGLQVHPLFRQGXFWRUV
+HDOWKDQG0HGLFDO5HVHDUFK ,QRUJDQLF&KHPLVWU\
,16,* ,QVWLWXWGH)RUPDWLRQ,QWHUEDQFDLUH ,17(*(5 ,QWHUQDWLRQDO1HXUDO7XEH(PEU\RORJ\
)UHQFK,QVWLWXWH *HQHWLFVDQG(SLGHPLRORJ\5HVHDUFK
,QVS DEEU ,QVSHFWRU ,17(/&$0 ,QWHUQDWLRQDO7(/HFRPPXQLFDWLRQV
,152 ,QWHUQDWLRQDO1DWXUDO5XEEHU2UJDQL]DWLRQ 2UJDQL]DWLRQRI&$0HURQ &DPHURQ 
,1653 ,QWHUDJHQF\1XFOHDU6DIHW\5HYLHZ3DQHO ,17(/6$7 &RQVRUWLXP ,1WHUQDWLRQDO
,16V ,VRODWHG1HXWURQ6WDUV 7(/HFRPPXQLFDWLRQV6$7HOOLWH&RQVRUWLXP
,16VLQRXUJDOD[\DUHEHOLHYHGWREHDFWLYHIRUD LQWHU DEEU LQWHUPHGLDWH
VPDOOIUDFWLRQRIWKHLUOLIHWLPHRIa \HDUV LQWHU DEEU LQWHUURJDWLYH
$VWURSK\VLFV$VWURQRP\ ,17(5$60$ ,QWHUQDWLRQDO$VVRFLDWLRQRI
LQVW DEEU LQVWDOPHQWLQVWDOOPHQW $VWKPRORJ\ )UDQFH 
$OVRLQVWO )RXQGHGLQWRDGYDQFHPHGLFDONQRZOHGJH
%DQNLQJ%XVLQHVV)LQDQFH RIEURQFKLDODVWKPDDQGDOOLHGGLVRUGHUV
LQVW DEEU LQVWDQW ,17(50$& ,QWHUQDWLRQDO$VVRFLDWLRQRI0HUJHU
LQVWO DEEU LQVWDOPHQWLQVWDOOPHQW DQG$FTXLVLWLRQ&RQVXOWDQWV
$OVRLQVW 7KH,17(50$&LVORFDWHGLQ'DOODV7H[DV
,1670,QVWP &RQVRU]LR ,QWHUXQLYHUVLWDULR 86$
1D]LRQDOHSHUOD6FLHQ]DHOD7HFQRORJLDGHL LQWHUPHG DEEU LQWHUPHGLDWH
0DWHULDOL &KHPLVWU\
LQVWU DEEU LQVWUXFWLRQLQVWUXFWRU ,QWHUQHW DEEU ,QWHUQDWLRQDOQHWZRUN
LQVWU DEEU LQVWUXPHQW ,17(532/ DEEU ,17(5QDWLRQDO32/LFH
$FRXVWLFDO(QJLQHHULQJ$YLDWLRQ(QJLQHHULQJ ,17(56,1' 6LQGDFDWRGHOOH$]LHQGHD
0HFKDQLFDO'HYLFHV 3DUWHFLSD]LRQH6WDWDOH ,WDO\ 


,WDOLDQDEEUHYLDWLRQRIWKH8QLRQRI6WDWH ,2'( ,QWHUQDWLRQDO2FHDQRJUDSKLF'DWDDQGLQIRU


&RQWUROOHG,QGXVWULHV PDWLRQ([FKDQJH
,QWH[ ,QWHUQDWLRQDOEX\HUV
H[KLELWLRQ ,2'3 ,QWHJUDWHG2'3
,175(3 LQWHOOLJHQFHUHSRUW 7KH,2'3 ZLOOWDNHRYHUIURPWKH\HDUROG
FRPSWHUHQGXGHUHQVHLJQHPHQW 2'3RQVW 2FWREHU
,175(4 LQWHOOLJHQFHUHTXHVW )RUIXUWKHUGHWDLOVVHHXQGHU2'3 DQG(&25'
GHPDQGHGHUHQVHLJQHPHQW ,2( ,QWHUQDWLRQDO2UJDQL]DWLRQRI(PSOR\HUV
LQWO DEEU LQWHUQDWLRQDO *HQHYD6ZLW]HUODQG 
$OVRLQW ,2) ,QWHUQDWLRQDO2FHDQRJUDSKLF)RXQGDWLRQ
,QW/5 ,QWHUQDWLRQDO/DZ5HSRUWV ,2)&V ,QWHUQDWLRQDO2IIVKRUH)LQDQFLDO&HQWUHV
LQWU DEEU LQWURGXFWLRQ ,2, ,QGLFDWLRQ2I,QWHUHVW
LQ WUDQV LQWUDQVLW %XVLQHVV&RPPHUFH)LQDQFH
LQWUD G DEEU LQWURGXFHGLQWURGXFWLRQLQWURGXFWR ,2/5 ,VUDHO2FHDQRJUDSKLFDQG/LPQRORJLFDO
U\ 5HVHDUFK ,VUDHO 
,17680 LQWHOOLJHQFHVXPPDU\ ,20 ,QVWLWXWHRI0HGLFLQH 86$ 
V\QWKqVHGHUHQVHLJQHPHQW ,20 ,QWHUQDWLRQDO2UJDQL]DWLRQIRU0LJUDWLRQ
LQWVY DEEU LQWHQVLYH ,R0 ,VOHRI0DQ
LQY DEEU LQYHQWHGLQYHQWRU ,2 ,2 PRUWJDJH ,QWHUHVW2QO\PRUWJDJH
LQY LQYHQWRU\ ,21,RQ ,QWHJUDWHG2QGHPDQG1HWZRUN
&RPPHUFH ,21 ,QWHUQDWLRQDO2SWLFDO1HWZRUN 86$ 
LQY LQYRLFH 861HWZRUNV
&RPPHUFH ,216 ,QVWLWXWHRI2FHDQRJUDSK\ 1RYD6FRWLD
,19,0 ,PSRVWDORFDOHVXOO
,QFUHPHQWRGL9DORUH &DQDGD 
GHJOL,0PRELOL ,226 ,QWHJUDWHG2FHDQ2EVHUYLQJ6\VWHP 86$ 
,WDOLDQDEEUHYLDWLRQPHDQLQJ/RFDO7D[RQWKH 2FHDQRJUDSK\2FHDQ5HVHDUFK
,QFUHDVHG9DOXHRI,PPRYDEOH3URSHUW\ ,23 ,QWHQVLYH2EVHUYDWLRQ3HULRG
,19,7(; LQYLWDWLRQWRD QDWLRQDO H[HUFLVH ,23 ,QWUDRFXODU3UHVVXUH
LQYLWDWLRQjXQH[HUFLFH QDWLRQDO  3K\VLRORJ\
,2 ,PPHGLDWH2UGHU ,26 ,QVWLWXWHRI2FHDQRJUDSKLF6FLHQFHV *% 
%XVLQHVV&RPPHUFH)LQDQFH ,26 ,QVWLWXWHRI2FHDQ6FLHQFHV &DQDGD 
,2 ,QVWLWXW2FpDQRJUDSKLTXH )UDQFH  ,26 ,QWHU2UJDQL]DWLRQV6HFWLRQ
)UHQFKLQLWLDOLVPRIWKH2FHDQRJUDSKLF,QVWLWXWH 6HFWLRQLQWHURUJDQLVDWLRQV 6,2 
,2 LQWHUQDWLRQDORUJDQL]DWLRQ ,26&2 ,QWHUQDWLRQDO2UJDQL]DWLRQRI6HFXULWLHV
RUJDQLVDWLRQLQWHUQDWLRQDOH 2,  &2PPLVVLRQV
LQWHURSHUDELOLW\REMHFWLYH ,26'/ ,QWLWXWHRI2FHDQRJUDSKLF6FLHQFHV
REMHFWLIG·LQWHURSpUDELOLWp 'HDFRQ/DERUDWRU\ *% 
,2%& ,QWHUQDWLRQDO2UJDQL]DWLRQIRU%LRORJLFDO ,266 ,QWHU2UJDQL]DWLRQV6WXG\6HFWLRQRQ6DODULHV
&RQWURORI1R[LRXV$QLPDOVDQG3ODQWV 3ULFHV
6ZLW]HUODQG  6HFWLRQLQWHURUJDQLVDWLRQVG·pWXGHGHVVDODLUHVHW
)RXQGHGLQWRSURPRWHDQGFRRUGLQDWH GHVSUL[
UHVHDUFKRQELRORJLFDODQGLQWHJUDWHGFRQWURORI ,27) ,QWHUQDWLRQDO2EHVLW\7DVN)RUFH
SHVWV DQGZHHGV ,2 7LPH ,QSXW2XWSXW7LPH
,2%0 ,Q2FHDQ%\0LVWDNH &RPSXWHU6FLHQFH
,2& ,PPHGLDWH2U&DQFHO ,R:,2: ,VOHRI:LJKW
,2& ,QGLUHFW2SHUDWLQJ&RVWV ,3 ,PPXQRSUHFLSLWDWLRQ
,2& ,Q2UELWFKHFNRXWDQG&DOLEUDWLRQ ,3 ,QFHQWLYH3D\
,2& ,QWHUJRYHUQPHQWDO2FHDQRJUDSKLF ,3 ,QLWLDO3RLQW
&RPPLVVLRQ &DUWRJUDSK\2UGQDQFH
,2& ,QWHUQDWLRQDO2O\PSLF&RPPLWWHH ,3,3 ,QVWLWXWHRI3HWUROHXP
,2&6 ,QSXW2XWSXW&RQWURO6\VWHP ,3 ,QVWLWXW3DVWHXU
,2&8 ,QWHUQDWLRQDO2UJDQL]DWLRQRI&RQVXPHU ,3 ,QWHJUDWHG3URMHFW
8QLRQV *%  ,3 ,QWHUPHGLDWH3UHVVXUH
,2',R' ,QVWLWXWH2I'LUHFWRUV *%  ,3 ,QWHUQHW3URWRFRO


,3 ,RQL]DWLRQ3RWHQWLDO ,PPXQRORJ\9LUDO5HSOLFDWLRQ
,3 LVDOVRNQRZQDV,RQ3RWHQWLDO ,3' ,QFXEDWLRQ3HULRG'LVWULEXWLRQ
$WRPLF3K\VLFV %LRORJLFDO6FLHQFHV(FRORJ\(SLGHPLRORJ\
,3 ,URQ3LSH ,3' ,QVWLWXWHRI3HUVRQQHODQG'HYHORSPHQW *% 
,3 ,VVXHG3ULFH ,3( LQGLYLGXDOSURWHFWLYHHTXLSPHQW>1%&@
%XVLQHVV)LQDQFH pTXLSHPHQWLQGLYLGXHOGHSURWHFWLRQ>1%&@
,3 ,QRVLWROWULSKRVSKDWH ,3( ,QWHUQDWLRQDO3HWUROHXP([FKDQJH /RQGRQ
,3$ ,QVWLWXWHRI3UDFWLWLRQHUVLQ$GYHUWLVLQJ *% 
,3$ ,QVWUXFWLRQDQG3UDFWLFDO$GYLFH ,3(UHJXODWLRQV ,QWHUQDWLRQDO3HWUROHXP([FKDQJH
,3$ ,QVXUDQFHDQG3HQVLRQV$XWKRULW\ *%  UHJXODWLRQV
,3$ ,QWHUJRYHUQPHQWDO3HUVRQQHO$FW 86$  2LO7UDGLQJ
,3$ ,QWHUQDWLRQDO3KRQHWLF$OSKDEHW ,3) LQSODFHIRUFH
,3$ ,QWHUQDWLRQDO3KRQHWLF$VVRFLDWLRQ *%  IRUFHHQSODFH
)RXQGHGLQWRSURPRWHWKHVFLHQWLILFVWXG\RI LQWHUQDWLRQDOSURWHFWLRQIRUFH
SKRQHWLFV DQGLWVDSSOLFDWLRQV IRUFHGHSURWHFWLRQLQWHUQDWLRQDOH
,3$$,3$$ ,QWHUQDWLRQDO3V\FKRDQDO\WLFDO ,3)& ,QGR3DFLILF)LVKHULHV&RPPLVVLRQ
$VVRFLDWLRQ 2IWKH81)RRGDQG$JULFXOWXUH2UJDQL]DWLRQ
,3$% ,QIRUPDWLRQ7HFKQRORJ\$VVRFLDWLRQRI ,3* LQLWLDOSDUWQHUVKLSJRDO
$PHULFD 86$  REMHFWLILQLWLDOGX3DUWHQDULDW
,3$% ,QWHUQDWLRQDO3URJUDPIRU$QWDUFWLF%XR\V LQWHUQDWLRQDOSODQQLQJJURXS
,3$&( LQWHOOLJHQFHSROLF\$&( JURXSHGHSODQLILFDWLRQLQWHUQDWLRQDO
SROLWLTXHGX&$(HQPDWLqUHGHUHQVHLJQHPHQW ,3*5, ,QWHUQDWLRQDO3ODQW*HQHWLF5HVRXUFHV
,3$ IHDWXUHV ,QVWUXPHQW3HUIRUPDQFH$VVHVVPHQW ,QVWLWXWH
IHDWXUHV 2IWKH&*,$5
,3$, ,QWHUQDWLRQDO3ULPDU\$OXPLQLXP,QVWLWXWH ,3*5,·VPLVVLRQLVWRHQFRXUDJHVXSSRUWDQG
,3$/ ,RZD3ULYDWH$FDGHPLF/LEUDU\ 86$  HQJDJHLQDFWLYLWLHVWRVWUHQJWKHQWKHFRQVHUYDWLRQ
,3$QHW ,QYHVWPHQW3URPRWLRQ1HWZRUN DQGXVHRISODQWJHQHWLFUHVRXUFHVZRUGZLGH
:RUOG%DQN*URXS 3ODQW*HQHWLF5HVRXUFHV
,3$5 LPSURYHGSXOVHDFTXLVLWLRQUDGDU )RUIXUWKHUGHWDLOVVHHXQGHU&*,$5
UDGDUG·DFTXLVLWLRQjLPSXOVLRQVDPpOLRUp ,3+& ,QWHUQDWLRQDO3DFLILF+DOLEXW&RPPLVVLRQ
,3$66 ,QWHUDJHQF\3DQHORQ$GYDQFHG6FLHQFH ,3+7 ,QVWLWXWHRI3K\VLFDO+LJK7HFKQRORJ\
6HFXULW\ 86$  ,3, ,PSOLFLW3ULFH,QGH[
,3% LQWHOOLJHQFHSUHSDUDWLRQRIWKHEDWWOHILHOG %XVLQHVV&RPPHUFH
SUpSDUDWLRQGXFKDPSGHEDWDLOOHSRXUOHUHQ ,3, ,QWHUQDWLRQDO3UHVV,QVWLWXWH
VHLJQHPHQW ,3, ,VWLWXWRSHUOD3URPR]LRQH,QGXVWULDOH
,3%, ,QWHUQDWLRQDO3DSHU%RDUG,QGXVWU\ *%  ,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU,QGXVWULDO
,3& ,QGXVWULDO3ODQQLQJ&RPPLWWHH 3URPRWLRQ
&RPLWpGHSODQLILFDWLRQLQGXVWULHOOH ,3,(&$ ,QWHUQDWLRQDO3HWUROHXP,QGXVWU\
LQLWLDOSODQQLQJFRQIHUHQFH (QYLURQPHQWDO&RQVHUYDWLRQ$VVRFLDWLRQ *% 
FRQIpUHQFHGHSODQLILFDWLRQLQLWLDOH ,3,5 LQLWLDOSURJUDPPHGLQWHUSUHWDWLRQUHSRUW
,3&& ,QWHUJRYHUQPHQWDO3DQHORQ&OLPDWH&KDQJH FRPSWHUHQGXLQLWLDOG·LQWHUSUpWDWLRQ
6SRQVRUHGE\WKH81 ,3. ,QVWLWXWHRI3ODQW*HQHWLFVDQG&URS3ODQW
$QWKURSRJHQLF*OREDO:DUPLQJ&OLPDWRORJ\ 5HVHDUFK *HUPDQ\ 
*UHHQKRXVH6FLHQFH 0ROHFXODU3ODQW3DWKRORJ\3ODQW)XQFWLRQDO
)RUIXUWKHUGHWDLOVVHHXQGHU81 *HQRPLFV
,3&& ,QWHUQDWLRQDO3HWUROHXP&OHDULQJ ,3/ ,QLWLDO3URJUDP/RDG
&RUSRUDWLRQ &RPSXWHU3URJUDPPLQJ
L3&5 LQYHUVH3&5 ,3/ ,QWUDSHULRG/LQH
%LRGLYHUVLW\ 0HGLFLQH
)RUIXUWKHUGHWDLOVVHHXQGHU3&5 ,3/ ,VSHWWRUDWR3URYLQFLDOHGHO/DYRUR
,3&V ,QVXOLQ3URGXFLQJ&HOOV ,WDOLDQLQLWLDOLVPRIWKH'LVWULFW/DERU
%LRORJ\0HGLFLQH2QFRORJ\ ,QVSHFWRUDWH
,3&V ,QWHUIHURQ3URGXFLQJ&HOOV LSP LSP LQFKHVSHUPLQXWH


,30 ,QWHJUDWHG3HVW0DQDJHPHQW ,33$, ,VWLWXWR3URYLQFLDOHGL3URWH]LRQHH


%LRORJLFDO&RQWURO(FRORJ\(QYLURQPHQWDO $VVLVWHQ]DDOO·,QIDQ]LD ,WDO\ 
6FLHQFH+RVW3ODQW5HVLVWDQFH ,33% ,QWHUPLWWHQW3RVLWLYH3UHVVXUH%UHDWKLQJ
,30 ,QWHOOLJHQW3URFHVVLQJ0DWHULDOV ,33& ,QIUDVWUXFWXUH3D\PHQWVDQG3URJUHVV
,30 ,QWHUQDWLRQDO3DUWQHUVKLSIRU0LFURELFLGHV &RPPLWWHH
(VWDEOLVKHGLQ-DQXDU\ 86$  &RPLWpGHVSDLHPHQWVHWGHO·DYDQFHPHQWGHV
+,9 ,QIHFWLRQ%DUULHUV0LFURELFLGHV3DWKRJHQ WUDYDX[G·LQIUDVWUXFWXUH
VWRSSLQJFUHDPVJHOV ,336 ,QWHUQDWLRQDO3DUDOOHO3URFHVVLQJ6\PSRVLXP
,30 ,QWHUSODQHWDU\0HGLXP ,35 ,QGXVWULDO3URSHUW\5LJKWV,QWHOOHFWXDO3URSHUW\
,30 LQYHQWRU\RISUHYHQWLYHPHDVXUHV 5LJKWV
LQYHQWDLUHGHVPHVXUHVSUpYHQWLYHV ,35 ,QRVLWRO7ULSKRVSKDWH5HFHSWRU
,30$ ,QWHUQDWLRQDO3ULPDU\0DUNHWV$VVRFLDWLRQ ,3U$ ,QWHUQDWLRQDO3UDJPDWLFV$VVRFLDWLRQ
,303 ,QYHVWLJDWLRQVLQWR3RO\PHU0HPEUDQH %HOJLXP8QLYHUVLW\RI$QWZHUS 
3URFHVVLQJ )RXQGHGLQDLPVWRVHDUFKIRUDIUDPHZRUN
,306 ,QVWLWXWHIRU3UREOHPVRI0DWHULDOV6FLHQFHV IRUWKHGLVFXVVLRQDQGFRPSDULVRQRIUHVXOWVRI
8NUDLQH  UHVHDUFKLQDOODVSHFWVRIODQJXDJHXVH RUIXQFWLRQ
,306 ,QVWLWXWLRQRI3URIHVVLRQDOV0DQDJHUVDQG RIODQJXDJHWRVWLPXODWHWKHYDULRXVILHOGVRI
6SHFLDOLVWV 86$  DSSOLFDWLRQDQGWRGLVVHPLQDWHNQRZOHGJHDERXW
,316 ,QWHQVH3XOVHG1HXWURQ6RXUFH 86$  SUDJPDWLFDVSHFWVRIODQJXDJH
7KH,316DW$UJRQQH1DWLRQDO/DERUDWRU\ZDV ,35$ ,QWHUQDWLRQDO3XEOLF5HODWLRQV$VVRFLDWLRQ
EXLOWLQ *% 
,319 ,QIHFWLRXV3DQFUHDWLF1HFURVLV9LUXV ,35% ,QIUDVWUXFWXUH 3ULRULW\ 3URMHFW5HYLHZ
9LURORJ\ %RDUG
,32 ,QLWLDO3XEOLF2IIHU2IIHULQJ &RPPLVVLRQG·H[DPHQGHVSURMHWVG·LQIUDVWUXFWXUH
)LQDQFH SULRULWDLUHV 
,32' ,QWHUQDWLRQDO3URJUDPRI2FHDQ'ULOOLQJ ,35, ,QWHOOLJHQW3RO\PHU5HVHDUFK,QVWLWXWH
)UDQFH)68*%*HUPDQ\-DSDQ 86$  $XVWUDOLD 
,32V ,QLWLDO3XEOLF2IIHULQJV ,SV ,PPXQRSUHFLSLWDWHV
%XVLQHVV)LQDQFH 0ROHFXODU%LRORJ\
,33 ,QFDSDFLWp3HUPDQHQWH3DUWLHOOHGHWUDYDLO LSV LSV LQFKHVSHUVHFRQG
)UHQFKLQLWLDOLVPPHDQLQJ3HUPDQHQW3DUWLDO ,36 ,QGLFHGL3UHVHQ]D6HPLQDUL
'LVDELOLW\ ,3V ,QRVLWRO3KRVSKDWHV
0HGLFLQH ,3V ,QWHJUDWHG3URMHFWV(XURSHDQ&RPPLVVLRQ
,33 ,QGHSHQGHQW3RZHU3URGXFHU ,36 ,QWHUPROHFXODU3RWHQWLDOHQHUJ\6XUIDFH
7KH3XEOLF8WLOLWLHV5HJXODWRU\3ROLF\$FW ,36 ,QWHUQDWLRQDO3XEOLVKHUV6HUYLFH
86$ LQSDUWUHTXLUHVXWLOLWLHVWREX\SRZHU ,36 ,QWHUSODQHWDU\6FLQWLOODWLRQ
IURPTXDOLILHG,33VLIWKHHQHUJ\LVJHQHUDWHGIURP ,36,36 ,VWLWXWR3ROLJUDILFRGHOOR6WDWR
UHQHZDEOHVRXUFHV ,WDOLDQLQLWLDOLVPRIWKH6WDWH3ULQWLQJDQG
,33 ,QGLYLGXDO3DUWQHUVKLS3URJUDPPH 6WDWLRQHU\2IILFH ,WDO\ 
3URJUDPPHGHSDUWHQDULDWLQGLYLGXHO ,36$ ,QWHUQDWLRQDO3ROLWLFDO6FLHQFH$VVRFLDWLRQ
,33 ,QGXVWULDO3DUWQHULQJ3URJUDP 86$  ,36& ,QWHULP3ROLWLFDODQG6HFXULW\&RPPLWWHH
7KH86,QGXVWULDO3DUWQHULQJ3URJUDPZDVVWDUW >REVROHWHQRZFDOOHG36&@
HGE\WKH86'HSDUWPHQWRI(QHUJ\DQGWKH6WDWH &RPLWpSROLWLTXHHWGHVpFXULWpLQWpULPDLUH
'HSDUWPHQW,WVDLPLVWRHPSOR\IRUPHU6RYLHW &236, >REVROqWHPDLQWHQDQWDSSHOp&236@
ZHDSRQVVFLHQWLVWVRQWHFKQRORJLHVVXLWDEOHIRU ,36HF ,QWHUQHW3URWRFRO6HFXULW\
FRPPHUFLDOL]DWLRQDQGMRLQWYHQWXUHV ,36)& ,QWHUQDWLRQDO3DFLILF6DOPRQ)LVKHULHV
-RLQW9HQWXUHV1XFOHDU0DWHULDOV:HDSRQV &RPPLVVLRQ
,33 ,QLWLDWLYHIRU3UROLIHUDWLRQ3UHYHQWLRQ ,36, ,VWLWXWRSHUOD3URPR]LRQHHOR6YLOXSSR
'DWHVWDUWHG ,QGXVWULDOH 0LODQ,WDO\ 
)RUIXUWKHUGHWDLOVVHHXQGHU1&, ,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU,QGXVWULDO
L33 LVRWDFWLF3RO\SURS\OHQH 3URPRWLRQDQG'HYHORSPHQW
&KHPLVWU\ ,36/1 ,QGR3DFLILF6HD/HYHO1HWZRUN
,363V ,QKLELWRU\3RVWV\QDSWLF3RWHQWLDOV


,367 ,QVWLWXWHRI3DSHU6FLHQFHDQG7HFKQRORJ\ ,5 ,UDQ


V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHUV
86$  ,U DEEU ,UHODQG
,367$ ,QGLDQ3HSSHUDQG6SLFH7UDGH$VVRFLDWLRQ ,U 7KHFKHPLFDOV\PEROIRU,ULGLXP
,QGLD  ,ULGLXPLVXVHGPDLQO\DVDFDWDO\VW
,37 ,QFDSDFLWp3HUPDQHQWH7RWDOHGHWUDYDLO &KHPLVWU\
)UHQFKLQLWLDOLVPPHDQLQJ3HUPDQHQW7RWDO 8VHGIRUWKHPDQXIDFWXUHRIVXSHUFRQGXFWRUFU\V
'LVDELOLW\ WDOV
0HGLFLQH 0HWDOOXUJ\
,37 LQWHJUDWHGSURMHFWWHDP>VXEPDULQH6$5@ ,U DEEU ,ULVK
pTXLSHGHSURMHFWLQWpJUp>6$5GHVRXVPDULQV@ ,ULVKLVWKH&HOWLFODQJXDJHRI,UHODQG
,37) ,QWHUQDWLRQDO3ROLFH7DVN)RUFH /DQJXDJHV
*URXSHLQWHUQDWLRQDOGHSROLFH *,3   ,5$ ,QGLDQ5LJKWV$VVRFLDWLRQ
,37* ,VRSURS\O`'7KLRJDODFWRS\UDQRVLGH ,5$ ,QGLYLGXDO5HWLUHPHQW$FFRXQW
$ FRPSRXQGWKDWLQDFWLYDWHV/DFUHSUHVVRU ,5$ ,QIODPPDWRU\5HVHDUFK$VVRFLDWLRQ 86$ 
*HQHWLFV0ROHFXODU%LRORJ\3K\VLFV $QWL,QIODPPDWRU\'UXJV,QIODPPDWRU\'LVHDVHV
,372 ,QIRUPDWLRQ3URFHVVLQJ7HFKQLTXHV2IILFH 2VWHRDUWKULWLV5KHXPDWRLG$UWKULWLV
86$  ,5$ ,QWHUQDWLRQDO5HFUHDWLRQ$VVRFLDWLRQ
,3753 ,PSURYLQJ3V\FKLDWULF7UHDWPHQWLQ ,5$ ,ULVK5HSXEOLFDQ$UP\ ,UHODQG 
5HVLGHQWLDO3URJUDPPHVIRUQHZO\GHSHQGHQW ,5$& ,5$& ,QIRUPDWLRQ5HVRXUFHDQG$QDO\VLV
JURXSVWKURXJKUHODSVH3UHYHQWLRQ &HQWHU 86$ 
(XURSHDQ&RPPXQLW\3URJUDP ,5$& ,QWHUGHSDUWPHQW5DGLR$GYLVRU\&RPPLWWHH
,376 ,QWHUQDWLRQDO3UDFWLFDO7HPSHUDWXUH6FDOH ,5$. ,QWHUOHXNLQ5HFHSWRU$VVRFLDWHG.LQDVH
7KHUPRG\QDPLFV +XPDQ*HQRPH6FLHQFHV3DWKRORJ\
,39 ,QDFWLYDWHG3ROLRYLUXV9DFFLQH ,5$0 ,QVWLWXWGH5DGLR$VWURQRPLH0LOOLPpWULTXH
,PPXQRORJ\ 3ODWHDXGH%XUH)UDQFH 
,3< ,QWHUQDWLRQDO3RODU<HDU ,5$0LVUXQMRLQWO\E\ *HUPDQ\·V 0D[3ODQFN
,3; ,QWHUQHWZRUN3DFNHW([FKDQJH 6RFLHW\DQG&156 WKH)UHQFKEDVLF5HVHDUFK
,3= ,QVXOLQH3URWDPLQH=LQF $JHQF\ DVZHOODVWKH1DWLRQDO*HRJUDSKLFDO
)UHQFKLQLWLDOLVPPHDQLQJ3URWDPLQH=LQF,QVXOLQ ,QVWLWXWH 6SDLQ 
,4 ,PSRUW4XRWD 0LOOLPHWULF5DGLRDVWURQRP\
,4 ,QWHOOLJHQFH4XRWLHQW ,5 '* ,QGXVWULDO5HVHDUFK 'HYHORSPHQW*URXS
3V\FKRORJ\ ,UHODQG 
,4+( ,QWHJUDO4XDQWXP+DOO(IIHFW ,5$3 ,PSRVWD5HJLRQDOHVXOOH$WWLYLWj3URGXWWLYH
,456 ,QWHUQDWLRQDO4XDOLW\5DWLQJ6\VWHP ,WDO\ 
,5 ,QIDQWU\5HVHUYH ,WDOLDQDFURQ\PPHDQLQJ1HZ  5HJLRQDO
,5 ,QIRUPDWLRQ5HWULHYDO 7D[RQ3URGXFWLYH$FWLYLWLHV
&RPSXWHU3URJUDPPLQJ ,5$6 ,QIUDUHG$EVRUSWLRQ6SHFWURVFRS\
,5 LQIUDUHG ,5$6 ,QIUD5HG$VWURQRP\6DWHOOLWH
LQIUDURXJH ,5% ,QIUDVWUXFWXUH5HYLHZ%RDUG
LQWHOOLJHQFHUHTXHVW &RPLWpG·H[DPHQGHO·LQIUDVWUXFWXUH
GHPDQGHGHUHQVHLJQHPHQW ,5% ,QVWLWXWLRQDO5HYLHZ%RDUG
,5 ,QODQG5HYHQXH )RUIXUWKHUGHWDLOVVHHXQGHU,5%V
,5,5 ,QWHOOLJHQFH5DWLR ,5% ,VWLWXWR5LFHUFKH%UHGD ,WDO\ 
,5 ,QWHUPHGLDWH5HVHUYH ,WDOLDQ5HVHDUFK,QVWLWXWH
,5 ,QWHUQDO5HYHQXH ,5%0 ,QWHUPHGLDWH5DQJH%DOOLVWLF0LVVLOH
,5 ,QWHUQHWZRUN5RXWHU 2UGQDQFH
,5 ,QWUDFHOOXODU5HFHSWRU ,5%V ,QVWLWXWLRQDO5HYLHZ%RDUGV 86$ 
,5 ,QYHVWRU5HODWLRQV 7KH,5%VDUHVDIHW\SDQHOVWKDWPXVWDSSURYHDOO
,5 ,RQL]LQJ5DGLDWLRQ UHVHDUFKLQYROYLQJKXPDQVXEMHFWV
&DQFHU5HVHDUFK'1$ 'RXEOH6WUDQG%UHDNV ,5%V ,QWHUHVW5HGXFWLRQ%RQGV
'HYHORSPHQWDO%LRORJ\2[LGDWLYH0HWDEROLVP %DQNLQJ)LQDQFH
)RUIXUWKHUGHWDLOVVHHXQGHU1(51+(- DQG ,5%7V ,QIUDUHG%ULJKWQHVV7HPSHUDWXUHV
'6%V $WPRVSKHULF6FLHQFHV2FHDQRJUDSK\


,5& ,QGXVWULDO5HRUJDQL]DWLRQ&RUSRUDWLRQ ,5' ,QWHUQDWLRQDO5DGLDWLRQ'HWHFWRUV


,5& ,QIUDUHG&RORXU ,5' ,QWHUQDWLRQDO5HVHDUFK 'HYHORSPHQW
,5& ,QWHUQDWLRQDO5HVHDUFK&RXQFLO ,5'$ ,QIUDUHG'DWD$VVRFLDWLRQ
,5& ,QWHUQHW5HOD\&KDW ,5'$ ,QVXUDQFH5HJXODWRU\DQG'HYHORSPHQW
$ SURJUDPGHYHORSHGLQ $XWKRULW\ ,QGLD 
,5&& ,QWHUQDWLRQDO5DGLR&RQVXOWDWLYH&RPPLWWHH ,5'$& ,QGXVWULDO5HVHDUFKDQG'HYHORSPHQW
&RPLWpFRQVXOWDWLILQWHUQDWLRQDOGHVUDGLRFRPPX $GYLVRU\&RPPLWWHH(XURSHDQ&RPPXQLW\
QLFDWLRQV &&,5  ,5'6 LQIUDUHGGHWHFWLRQV\VWHP
,5&& ,VWLWXWRGL5LFHUFDSHUOD&XUDGHO&DQFUR V\VWqPHGHGpWHFWLRQLQIUDURXJH
,WDOLDQLQLWLDOLVPRIWKH,QVWLWXWHIRU&DQFHU ,5'8 ,QIUDUHG'HWHFWLRQ8QLW
5HVHDUFKDQG7UHDWPHQW8QLYHUVLW\RI7RULQR ,5( ,VWLWX]LRQLGL5LFRYHURHGL(GXFD]LRQH
0HGLFDO6FKRRO,WDO\ ,WDOLDQ,QVWLWXWHV
,5&&6 ,VWLWXWRGL5LFHUFDH&XUDD&DUDWWHUH ,5(& ,QVWLWXWSRXUOD5HFKHUFKHHWO
(QVHLJQHPHQW
6FLHQWLILFR ,WDO\  GDQVOD&RQIHFWLRQ
7KH,5&&6,QVWLWXWHRI0HGLFDO6FLHQFHVRIWKH %HOJLDQ,QVWLWXWH
2VSHGDOH3ROLFOLQLFRLVORFDWHGLQ0LODQ,WDO\ ,5(&223 ,VWLWXWR5HJLRQDOHSHUO
(GXFD]LRQHH
,5&(,5&( ,VWLWXWRSHUOH5HOD]LRQL&XOWXUDOL VWXGL&223HUDWLYL
FRQO
(VWHUR ,WDO\  ,5(&223 LVORFDWHGLQ6DUGLQLD,WDO\
,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU&XOWXUDO ,5(( ,QLWLDWLYHVHQ5pVHDXSRXU(QWUHSUHQGUHDX
5HODWLRQVZLWK)RUHLJQ&RXQWULHV IpPLQLQHQ(XURSH
,5&-6 ,QWHUQDWLRQDO5HVHDUFK&HQWHUIRU-DSDQHVH 3URMHFWV:RPHQ(QWUHSUHQHXUVKLS
6WXGLHV .\RWR-DSDQ  ,5(( ,QWHUQDWLRQDO5DLOZD\(TXLSPHQW
,5&0 LQIUDUHGFRXQWHUPHDVXUH V  ([KLELWLRQ
FRQWUHPHVXUH V LQIUDURXJH V  6HSWHPEHU ,QGLD 
,5&0 ,QVWLWXWGH5HFKHUFKHV&OLQLTXHVGH0RQWUpDO ,QWHUQDWLRQDO([KLELWLRQV
&DQDGD  ,5(/$ ,UHOD ,VWLWXWRGL5HOD]LRQL(XURSHR
%LRPHGLFDO5HVHDUFK&HOOXODU,PDJLQJ /DWLQRDPHULFDQH
&\WRIOXRURPHWU\+LVWRORJ\0ROHFXODU%LRORJ\ ,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU(XURSHDQ
7UDQVJHQHVLV /DWLQ$PHULFDQ5HODWLRQV
,5&3 ,QWHUQDWLRQDO5HVHDUFK&RRSHUDWLRQ3URMHFW ,5(1,QWHUVHUYLFH5HQHZDEOH(QHUJLHV
7KH,5&3 LVD\HDUSURMHFWZKLFKEHJDQLQ 1HZVOHWWHU(XURSHDQ&RPPXQLW\
VSULQJ ,5(1( ,WDOLDQ5HOD\&HQWUHIRU1RUWK(DVWHUQ
$$$63URJUDPV 5HJLRQV ,WDO\ 
)RUIXUWKHUGHWDLOVVHHXQGHU$$$6 ,5(QHWZRUN ,QQRYDWLQJ5HJLRQVLQ(XURSHQHW
,5&36 ,QWHUQDWLRQDO5HJXODWLRQVIRU3UHYHQWLRQRI ZRUN
&ROOLVLRQVDW6HD $VSDUWRIWKH5HVHDUFKDQG,QQRYDWLRQDFWLYLWLHV
UqJOHPHQWLQWHUQDWLRQDOSRXUSUpYHQLUOHVDERU ZLWKLQWKH6L[WK)UDPHZRUN3URJUDPPHRIWKH
GDJHVHQPHU (XURSHDQ&RPPXQLW\WKHQHWZRUNRI,5(DLPVWR
,5&V ,QQRYDWLRQ5HOD\&HQWHUV(XURSHDQ IDFLOLWDWHWKHH[FKDQJHRIH[SHULHQFHVEHWZHHQ
&RPPXQLW\ UHJLRQVGHYHORSLQJUHJLRQDOLQQRYDWLRQSROLFLHV
,5&6 LQWHUQDWLRQDOUDGLRFDOOVLJQ VWUDWHJLHVDQGVFKHPHVDQGWRLPSURYHWKHLU
LQGLFDWLIG·DSSHOUDGLRLQWHUQDWLRQDO DFFHVVWRJRRGSUDFWLFH
,UFV ,VWLWXWRGLULFHUFKHHFRPXQLFD]LRQL ,5(5 ,VWLWXWR5(JLRQDOHGL5LFHUFD
,WDOLDQLQLWLDOLVPRIWKH,QVWLWXWHRI5HVHDUFKDQG ,WDOLDQ5HVHDUFK,QVWLWXWH
&RPPXQLFDWLRQV ,5(V ,URQ5HVSRQVLYH(OHPHQWV
,5' ,FH5DIWHU'HEULV %LRFKHPLVWU\&KHPLVWU\DQG&KHPLFDO%LRORJ\
$SSOLHG0DULQH5HVHDUFK*HRORJ\*HRSK\VLFV (Q]\PH5HVHDUFK
*ODFLDO0DULQH6HGLPHQWDWLRQ0DULQH ,5(6 HOHPHQWV ,QWHUQDO5LERVRPH(QWU\6LWHHOH
0LFURSDOHRQWRORJ\2FHDQRJUDSK\3OHLVWRFHQH PHQWV
'HJODFLDWLRQV %LRFKHPLVWU\%LRSK\VLFV*HQHWLFV+HDOWK
,5' LQIUDUHGGHFR\ 6FLHQFHV0ROHFXODU%LRORJ\
OHXUUHLQIUDURXJH ,5) LPPHGLDWHUHDFWLRQIRUFH
,5' ,QODQG5HYHQXH'HSDUWPHQW IRUFHGHUpDFWLRQLPPpGLDWH,


5) ,QWHUQDWLRQDO5RDG)HGHUDWLRQ *HQHYD ,5/ ,UHODQG


VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
6ZLW]HUODQG  WHUV
,5)$ ,QVWLWXWGH5HFKHUFKHVVXUOHV)UXLWVHW ,5/$ ,QGHSHQGHQW5HVHDUFK/LEUDULHV$VVRFLDWLRQ
$JUXPHV ,5/& ,OOLQRLV5HJLRQDO/LEUDU\&RXQFLO 86$ 
)UHQFK5HVHDUFK,QVWLWXWH ,5/6 LQIUDUHGOLQHVFDQV\VWHP
,5)$ ,QVWLWXW5pJLRQDOGH)RUPDWLRQSRXU$GXOWHV DQDO\VHXULQIUDURXJHjEDOD\DJHOLQpDLUH
)UDQFH  ,50 ,PDJHULHSDU5pVRQDQFH0DJQpWLTXH
,5)(,5)( ,VSHWWRUDWRJHQHUDOHSHUL5DSSRUWL QXFOpDLUH
)LQDQ]LDULFRQO
(VWHUR ,WDO\  )UHQFKLQLWLDOLVPPHDQLQJ1XFOHDU0DJQHWLF
,WDOLDQDFURQ\PRIWKH*HQHUDO,QVSHFWRUDWHIRU 5HVRQDQFH,PDJLQJ
)LQDQFLDO5HODWLRQVZLWK)RUHLJQ&RXQWULHV 3K\VLFV5DGLRORJ\
,U*DHO ,ULVK*DHOLF ,50 ,QIRUPDWLRQ5HVRXUFHV0DQDJHPHQW
,ULVK*DHOLFLV*DHOLFXVHGLQ,UHODQG ,50LUP ,QQDWH5HOHDVLQJ0HFKDQLVP
/DQJXDJHV %HKDYLRU
,5*& ,VODPLF5HYROXWLRQDU\*XDUG&RUSV ,UDQ  ,50 ,QVSHFWLRQ5HSDLUDQG0DLQWHQDQFHRIRII
,5JHQH ,PPXQH5HVSRQVHJHQH VKRUHVWUXFWXUHVFDUULHGRXWE\UHPRWHO\RSHUDWHG
*HQHWLFV YHKLFOHV
,5*V ,QLWLDO5HYLHZ*URXSV 86$  (XURSHDQ&RPPLVVLRQ)LIWK)UDPHZRUN
*O\FRELRORJ\ 3URJUDPPH
,5*63 ,QWHUQDWLRQDO5LFH*HQRPH6HTXHQFLQJ (QHUJ\
3URMHFW ,50 LQWHJUDWHGUHVRXUFHPDQDJHPHQW
7KH,5*63 LVDQLQWHUQDWLRQDOFRQVRUWLXPRISXE JHVWLRQLQWpJUpHGHVUHVVRXUFHV
OLFO\IXQGHGODERUDWRULHVOHGE\-DSDQHVH ,50 ,VRWKHUPDO5HPDQHQW0DJQHWL]DWLRQ
5HVHDUFKHUV ,50$ ,PPXQR5DGLRPHWULF$VVD\
3URMHFWV ,PPXQRORJ\
,5, ,QGXVWULDO5HVHDUFK,QVWLWXWH ,50% ,QVWLWXWHIRU5HVHDUFKLQ0ROHFXODU%LRORJ\
,5, ,QWHJULW\5HVHDUFK,QVWLWXWH 86$  ,50& ,QIRUPDWLRQ5HVRXUFHV0DQDJHPHQW&ROOHJH
,5,LVEDVHGLQ:DVKLQJWRQ'& 86$ 
&RQIHUHQFHV)UHH(QHUJ\ ,500 ,QVWLWXWHIRU5HIHUHQFH0DWHULDOVDQG
,5, ,QWHUQDWLRQDO5HVHDUFK,QVWLWXWH 1<86$  0HDVXUHPHQWV
&OLPDWH3UHGLFWLRQ 7KH,500LVORFDWHGLQ*HHO%HOJLXP
,5, ,VWLWXWRSHUOD5LFRVWUX]LRQH,QGXVWULDOH ,506 ,QIRUPDWLRQ5HVRXUFHV0DQDJHPHQW6HUYLFH
,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU,QGXVWULDO 86$ 
5HFRQVWUXFWLRQ ,WDO\  ,51$ ,5DQLDQ1HZV$JHQF\
,5,$ ,QVWLWXWGH5HFKHUFKHVG
,QIRUPDWLTXHHW ,52 ,QODQG5HYHQXH2IILFH
G
$XWRPDWLTXH )UDQFH  ,52 ,QWHUQDO5HYHQXH2IILFH 86$ 
,5,% ,VODPLF5HSXEOLFRI,UDQ%URDGFDVWLQJ ,UDQ  ,526 ,QWHOOLJHQW52ERWVDQG6\VWHPV
,5,&3 ,QWHUQDWLRQDO5HVHDUFK,QVWLWXWHIRU&OLPDWH ,53 LQWHUIHUHQFHUHSRUWLQJSRLQW
3UHGLFWLRQ SRVWHGHFRPSWHUHQGXGHVLQWHUIpUHQFHV
LULG DEEU LULGHVFHQW ,53() ,PSRVWDVXO5HGGLWRGHOOH3(UVRQH)LVLFKH
2SWLFV ,WDO\ 
,5,'( ,QWHUIDFFLD5LFHUFD,QGXVWULDD'LIIXVLRQH ,WDOLDQDEEUHYLDWLRQPHDQLQJ3HUVRQDO,QFRPH
(XURSHD ,WDO\  7D[
,5,6 ,QFRUSRUDWHG5HVHDUFK,QVWLWXWLRQVIRU ,53(* ,PSRVWDVXO5HGGLWRGHOOH3(UVRQH
6HLVPRORJ\ *LXULGLFKH ,WDO\ 
,5,6LVDFRQVRUWLXPRI6HLVPRORJLFDO5HVHDUFK ,WDOLDQDEEUHYLDWLRQPHDQLQJ&RUSRUDWH,QFRPH
,QVWLWXWLRQVEDVHGLQ:DVKLQJWRQ'&86$ 7D[
6HLVPRORJLFDO5HVHDUFK ,536 ,QVWLWXWHRI5HFRQVWUXFWLYH3ODVWLF6XUJHU\
,5,6 ,QWHJUDWHG5LVN,QIRUPDWLRQ6\VWHP 86$ 
86(3$·V ,537& ,QWHUQDWLRQDO5HJLVWHURI3RWHQWLDOO\7R[LF
&DUFLQRJHQV+D]DUGRXV&KHPLFDOV7R[LQV &KHPLFDOV
)RUIXUWKHUGHWDLOVVHHXQGHU(3$ ,5376 ,5,QGXFHG3RSXODWLRQ7UDQVIHU
6SHFWURORJ\


&KHPLVWU\ ,57 LPPHGLDWHUHVSRQVHWHDP


)RUIXUWKHUGHWDLOVVHHXQGHU,5 pTXLSHGHUpSRQVHLPPpGLDWH
,54 ,UDT
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHUV ,57$ ,QWUDPXUDO5HVHDUFK7UDLQLQJ$ZDUG
,55 ,QWHUQDO5DWHRI5HWXUQ 86$ 
)LQDQFH $ZDUGV
,5UDGLDWLRQ ,QIUDUHGUDGLDWLRQ ,57$ ,VWLWXWRGL5LOLHYL7HUUHVWULHG$HUHL
(OHFWURPDJQHWLVP ,WDOLDQDFURQ\PRIWKH*URXQGDQG$HULDO6XUYH\
,55% ,QIUDVWUXFWXUH5HTXLUHPHQWV5HYLHZ%RDUG ,QVWLWXWH ,WDO\ 
&RPLWpG·H[DPHQGHVEHVRLQVG·LQIUDVWUXFWXUH ,57) ,QIUDUHG7HOHVFRSH)DFLOLW\1$6$·V
,55& ,QYHVWRU5HVSRQVLELOLW\5HVHDUFK&HQWHU $VWURQRP\
:DVKLQJWRQEDVHG 86$  ,57) / ,PPHGLDWH5HDFWLRQ7DVN)RUFH /DQG 
LUUHG DEEU LUUHGHHPDEOH IRUFHRSpUDWLRQQHOOHWHUUHVWUHGHUpDFWLRQLPPpGL
&RPPHUFH)LQDQFH DWH
LUUHJ DEEU LUUHJXODU ,570REVHUYDWLRQV ,QIUDUHG7KHUPDO0DSSHU
,55,,55, ,QWHUQDWLRQDO5LFH5HVHDUFK,QVWLWXWH REVHUYDWLRQV
,550$ ,QVWLWXW5RPDQGGH5HFKHUFKHQXPpULTXH &KHPLVWU\*HRORJ\*HRSK\VLFV3ODQHWDU\
HQSK\VLTXHGHV0$WpULDX[ 6ZLW]HUODQG  ([SORUDWLRQ
,559 ,QVWLWXWHRI5HYHQXHV5DWLQJ 9DOXDWLRQ ,576 ,QVWLWXW5pJLRQDOGH7UDYDLO6RFLDO
*%  )UHQFKLQLWLDOLVPRIWKH5HJLRQDO,QVWLWXWHIRU
,56 ,QIRUPDWLRQ5HWULHYDO6HUYLFH (6$
V  6RFLDO:RUN
)RUIXUWKHUGHWDLOVVHHXQGHU(6$ ,58 ,QWHUQDWLRQDO5RDGWUDQVSRUW8QLRQ *HQHYD
,56 ,QWHUQDO5HYHQXH6HUYLFH 86$  6ZLW]HUODQG 
,56 ,VWLWXWRSHUOD5LFHUFD6RFLDOH ,589 ,QIUDUHG8OWUD9LROHW
,WDOLDQLQLWLDOLVPRIWKH,QVWLWXWHIRU6RFLDO ,59 ,QVSLUDWRU\5HVHUYH9ROXPH
5HVHDUFK 0LODQ,WDO\  ,59 LVDOVRNQRZQDV&RPSOHPHQWDO$LU
,56 ,QVXOLQ5HFHSWRU6XEVWUDWH &RPSOHPHQWDU\
%LRFKHPLVWU\&DQFHU5HVHDUFK0HGLFLQH 0HGLFLQH3K\VLRORJ\
0ROHFXODU%LRORJ\6LJQDO7UDQVGXFWLRQ7XPRU ,5:RUNVKRS ,QWHUPHGLDWH5HSUHVHQWDWLRQV
6XSSUHVVRU :RUNVKRS
,56$ ,ULVK5HVHDUFK6FLHQWLVWV$VVRFLDWLRQ ,6 ,FHODQG
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHUV
,UHODQG  ,6 ,QFRPH6WDWHPHQW
,56$ ,VWLWXWRSHUOD5LFHUFDHOR6YLOXSSRGHOOH ,6 ,QFRPH6WRFNV
$VVLFXUD]LRQL ,WDO\  ,6 ,QGRVXH]%DQN
,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU,QVXUDQFH ,6 ,QIRUPDWLRQ6HSDUDWRU
5HVHDUFKDQG'HYHORSPHQW &RPSXWHU3URJUDPPLQJ
,56, ,QIUDUHG6SDFH,QWHUIHURPHWHU(6$ ,6 ,QIRUPDWLRQ6\VWHP
7KH,56,ZLOOEHODXQFKHGLQ &RPSXWHU7HFKQRORJ\7HOHFRPPXQLFDWLRQV
([WUDVRODU3ODQHWDU\6\VWHPV ,6 ,QRUJDQLF6HPLFRQGXFWRU
)RUIXUWKHUGHWDLOVVHHXQGHU(6$ ,6 ,QWHJUDWHG6RIWZDUH
,560 ,PSDFWVXUOD5HQWDELOLWpGHOD6WUDWpJLH &RPSXWHU3URJUDPPLQJ
0HUFDWLTXH ,6 ,QWHUPHGLDWH6\VWHP
)UHQFKLQLWLDOLVPPHDQLQJ3URILW,PSDFWRI ,6 ,VHUQLD,WDO\
0DUNHWLQJ6WUDWHJ\ ,6 ,VUDHO
%XVLQHVV0DUNHWLQJ ,6$ ,QIRUPDWLRQ6\VWHP$UFKLWHFWXUH
,56 VDWHOOLWHV ,QGLD5HPRWH6HQVLQJVDWHOOLWHV &RPSXWHU7HFKQRORJ\
,567 LQIUDUHGVHDUFKDQGWUDFN V\VWHP  ,6$ ,QVWLWXW6XSpULHXUGHV$IIDLUHV
V\VWqPHGH UHFKHUFKHHWSRXUVXLWHLQIUDURXJH )UHQFK,QVWLWXWH
,567 ,VWLWXWRSHUOD5LFHUFD6FLHQWLILFDH ,6$,6$ ,QVWUXPHQW6RFLHW\RI$PHULFD 86$ 
7HFQRORJLFD 7UHQWR,WDO\  ,6$ LQWHJUDWHGVXSSRUWDUHD
,WDOLDQLQLWLDOLVPRIWKH,QVWLWXWHIRU6FLHQWLILFDQG ]RQHGHVRXWLHQLQWpJUp
7HFKQRORJLFDO5HVHDUFK ,6$$$ ,QWHUQDWLRQDO6HUYLFHIRUWKH$FTXLVLWLRQRI
7KH,567 GHDOVZLWKPLFURHOHFWURQLFVDQGDUWLIL $JUL%LRWHFK$SSOLFDWLRQV
FLDOLQWHOOLJHQFH 7KH,6$$$ LVDQRWIRUSURILWLQWHUQDWLRQDORUJDQL


]DWLRQFRVSRQVRUHGE\WKHSXEOLFDQGSULYDWHVHF (DUWKDQG3ODQHWDU\6FLHQFHV*HRORJ\
WRULQVWLWXWLRQV,WVDLPLVWRIDFLOLWDWHWKHDFTXLVL *HRSK\VLFV6HLVPRORJ\
WLRQDQGWUDQVIHURISURSULHWDU\DJULFXOWXUDO ,6&,6& ,QWHUQDWLRQDO6RFLHW\RI&KHPRWKHUDS\
ELRWHFKQRORJ\ DSSOLFDWLRQVIURPWKHLQGXVWULDO ,6& ,QWHUQDWLRQDO6WHHULQJ&RPPLWWHH RIVHQLRU
FRXQWULHVIRUWKHEHQHILWRIWKHGHYHORSLQJZRUOG H[HFXWLYHV 
,6$%3 ,QWHUQDWLRQDO6RXWK$WODQWLF%XR\3URJUDP 7KH,6&ZDVIRUPHGE\WKH,)3,WRRYHUVHHGHYHO
2IWKH86'DWD%XR\&RRSHUDWLRQ&RXQFLO RSPHQWRI'9'$XGLR7HFKQRORJ\
,6$&) ,QVWLWXW6XSpULHXUG·$UFKLWHFWXUHGHOD )RUIXUWKHUGHWDLOVVHHXQGHU'9' DQG,)3,
&RPPXQDXWp)UDQoDLVH %HOJLXP  ,6& ,QWHURSHUDELOLW\6XE&RPPLWWHH
$UFKLWHFWXUH,QVWLWXWH 6RXVFRPLWpGHO·LQWHURSpUDELOLWp
,6$' ,VWLWXWR6XSHULRUHGL$UFKLWHWWXUD 'HVLJQ ,6& ,QWHU6\VWHP&URVVLQJ
,WDO\  ,6&$ ,QGLDQ6FLHQFH&RQJUHVV$VVRFLDWLRQ
$UFKLWHFWXUH 'HVLJQ ,6&$5 ,QIRUPDWLRQ6WRUDJH&XUDWLRQ$QDO\VLVDQG
,6$( ,VWLWXWRGL6WXGLRH$QDOLVL(FRQRPLFD 5HWULHYDO
,WDOLDQ(FRQRPLFV,QVWLWXWH %LRLQIRUPDWLFV
,6$) ,QWHUQDWLRQDO6HFXULW\$VVLVWDQFH)RUFH )RUIXUWKHUGHWDLOVVHHXQGHU%,67, DQG
>$IJKDQLVWDQ@ %,263,&(
)RUFHLQWHUQDWLRQDOHG·DVVLVWDQFHjODVpFXULWp ,6&& ,QIRUPDWLRQ6\VWHPV&RRUGLQDWLRQ
>$IJKDQLVWDQ@ &RPPLWWHH
,6$0,VDP ,QWHJUD]LRQH6WDWLVWLFD$UHD0LODQHVH &RPLWpGHFRRUGLQDWLRQGHVV\VWqPHVG·LQIRUPD
,WDO\  WLRQ
6WDWLVWLFV ,QIRUPDWLRQ6\VWHPV6XE&RPPLWWHH
,6$ PHWKRG ,QGH[HG6HTXHQWLDO$FFHVVPHWKRG 6RXVFRPLWpGHVV\VWqPHVG·LQIRUPDWLRQ
&RPSXWHU3URJUDPPLQJ ,6&&3 ,QWHUQDWLRQDO6DWHOOLWH&ORXG&OLPDWRORJ\
,6$06 ,PSURYHG6WUDWRVSKHULF$QG0HVRVSKHULF 3URMHFW
6RXQGHU $WPRVSKHULF3URILOH'DWD(DUWKDQG3ODQHWDU\
,6$06LVDQLQVWUXPHQWDERDUG8$56 6FLHQFHV2]RQH3URMHFWV
)RUIXUWKHUGHWDLOVVHHXQGHU8$56 ,6&&7 ,QWHUQDWLRQDO6FLHQWLILF&RRSHUDWLRQ
,6$6 ,QVWLWXWHIRU6SDFHDQG$HURQDXWLFDO6FLHQFH &RQWUDFW
-DSDQ  ,6&(+ ,QWHUQDWLRQDO6FLHQWLILF&RPPLWWHHRQ
,6$6LVD1DWLRQDO,QWHU8QLYHUVLW\5HVHDUFK (QYLURQPHQWDO+HDOWK
,QVWLWXWHXQGHUWKHMXULVGLFWLRQRIWKH0LQLVWU\RI ,6&2 ,QQHUPRVW6WDEOH&LUFXODU2UELW
(GXFDWLRQ6FLHQFHDQG&XOWXUH,6$6PHUJHG $VWURSK\VLFV
ZLWK1$6'$ DQG1$/ LQ ,6&2 ,VWLWXWR1D]LRQDOHSHUOR6WXGLRGHOOD
)RUIXUWKHUGHWDLOVVHHXQGHU1$6'$ DQG1$/ &2QJLXQWXUD ,WDO\ 
,6$667 ,QWHUQDWLRQDO6FKRRORQWKH6FLHQFH ,WDOLDQDFURQ\PRIWKH1DWLRQDO,QVWLWXWHIRUWKH
7HFKQLTXHV 6WXG\RI(FRQRPLF7UHQGV
,6$:,3 ,QWHJUDWH6RLO$QG:DWHU,PSURYHPHQW ,6&20*5((1/$1' ,VODQG&RPPDQRI
3URJUDP *UHHQODQG>REVROHWH@
,6% LQWHUPHGLDWHVWDJLQJEDVH &RPPDQGHPHQWGX*URHQODQG>REVROqWH@
EDVHG·pWDSHLQWHUPpGLDLUH ,6&20,&(/$1' ,VODQG&RPPDQG,FHODQG>REVR
,6%$ ,QFRUSRUDWHG6RFLHW\RI%ULWLVK$GYHUWLVHUV OHWHQRZVXEVXPHGDVDQHOHPHQWRI5&($67@
*%  &RPPDQGHPHQWGHO·,VODQGH>REVROqWHPDLQ
,6%& ,QWHUQDWLRQDO6PDOO%XVLQHVV&RQVRUWLXP WHQDQWLQFRUSRUpFRPPHpOpPHQWDXVHLQGX5&
86$  ($67@
,6%/ ,QIRUPDWLRQ6\VWHP%DVH/DQJXDJH ,6&200$'(,5$ ,VODQG&RPPDQGRI0DGHLUD
,6%1 ,QWHUQDWLRQDO6WDQGDUG%RRN1XPEHU >REVROHWHQRZVXEVXPHGDVDGHWDFKPHQWRI5&
,6& ,QVWLWXW6XSpULHXUGH&RPPHUFH6DLQW/RXLV ($67@
%HOJLXP  &RPPDQGHPHQWGHO·DUFKLSHOGH0DGqUH>REVROqWH
%HOJLDQ,QVWLWXWH PDLQWHQDQWLQFRUSRUpFRPPHGpWDFKHPHQWDX
,6& ,QWHUQDWLRQDO6FLHQWLILF&RRSHUDWLRQ VHLQGX5&($67@
,6& ,QWHUQDWLRQDO6HLVPRORJLFDO&HQWUH ,6&3,6&3 ,QWHUQDWLRQDO6RFLHW\RI&RPSDUDWLYH
3DWKRORJ\


,6&3% ,VUDHO6RFLHW\RI&OLQLFDO3KDUPDF\DQG ,6(2 ,VWLWXWRSHUJOL6WXGL(FRQRPLFLH


%LRSKDUPDFHXWLFV ,VUDHO  2UJDQL]]DWLYL ,WDO\ 
,6&V ,UUHYHUVLEOH6LFNOHG&HOOV ,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU(FRQRPLFVDQG
6LFNOH&HOO'LVHDVH6XEFHOOXODU6WUXFWXUHV %XVLQHVV0DQDJHPHQW6WXGLHV
L6&6, LQWHUQHW6PDOO&RPSXWHU6\VWHPV,QWHUIDFH ,6(3 ,QVWLWXW6XSpULHXUG
(OHFWURQLTXHGH3DULV
,6&X ,QGLFHGL6RGGLVID]LRQH&OLHQWLXWHQWL ,WDO\  )UHQFK,QVWLWXWHV
,6FXUYH ,QYHVWPHQW6DYLQJFXUYH ,6(5'&RQWDFW&HQWUH ,6UDHO(85HVHDUFKDQG
,6' LQVHUYLFHGDWH 'HYHORSPHQW&RQWDFW&HQWUH
GDWHGHPLVHHQVHUYLFH ,6(3 ,VRODWHG6WDELOL]HG([HUFLVH3ODWIRUP
,6' ,QYHVWPHQW6HUYLFHV'LUHFWLYH ,6(6$2 ,VWLWXWRGL6WXGL(FRQRPLFR6RFLDOLSHU
)LQDQFH O
$VLD2ULHQWDOH
,6'$ ,QWHUQDWLRQDO6ZDS'HDOHUV$VVRFLDWLRQ 8QLYHUVLWj&RPPHUFLDOH/XLJL%RFFRQL0LODQR
86$  ,WDO\
,6'$ ,QWHUQDWLRQDO6ZDSVDQG'HULYDWLYHV ,6(6&2 ,6ODPLF(GXFDWLRQDO6FLHQWLILFDQG
$VVRFLDWLRQ &XOWXUDO2UJDQL]DWLRQ 0RURFFR 
,6'1,VGQ ,QWHJUDWHG6HUYLFHV'LJLWDO1HWZRUN )RXQGHGLQXQGHUWKHDHJLVRIWKH,VODPLF
,6'1LVDQLQWHUQDWLRQDOVWDQGDUGWRFRQYH\YRLFH &RQIHUHQFH2UJDQL]DWLRQWRVWUHQJWKHQFRRSHUD
YLGHRDQGGDWDLQGLJLWDOIRUPRQWKHWHOHSKRQH WLRQEHWZHHQPHPEHUVWDWHVLQWKHILHOGVRIHGXFD
OLQH WLRQFXOWXUH DQGVFLHQFH
,QWHUQHW6HUYLFHV7HOHFRPPXQLFDWLRQV ,6(7 ,QWHUQDWLRQDO6RODU(OHFWULF7HFKQRORJ\
,6'5 LQWHUQDWLRQDOVKLS SLQJ GHVWLQDWLRQURRP 86$ 
FKDPEUHLQWHUQDWLRQDOHGHGHVWLQDWLRQGHVQDYLUHV )RUIXUWKHUGHWDLOVVHHXQGHU&,6
,6GXVW ,QWHUVWHOODUGXVW ,6) ,PS{WGH6ROLGDULWpVXUOD)RUWXQH
$VWURSK\VLFV0ROHFXODU$VWURSK\VLFV0ROHFXODU )UHQFKLQLWLDOLVPPHDQLQJ&DSLWDO/HY\:HDOWK
3K\VLFV6SDFH6FLHQFH 7D[
,6( ,QVWLWXWHIRU6RODU(QHUJ\V\VWHPV ,6) ,QWHUQDWLRQDO6FLHQFH)RXQGDWLRQ
*HUPDQ,QVWLWXWH 7KH,6)ZDVIRXQGHGLQE\*HRUJH6RURV
,6( ,QWHUQDWLRQDO6HFXULWLHV([FKDQJH WKH+XQJDULDQ$PHULFDQILQDQFLHU
,6(& ,QWHJUDWHG6FLHQFHIRU(FRV\VWHP&KDOOHQJHV ,6)25 ,VWLWXWRSHUOR6YLOXSSR)RUPD]LRQH
+DELWDW'HVWUXFWLRQ,QYDVLYH6SHFLHV 2UJDQL]]D]LRQHH5LFHUFD
,6(& ,QWHUQDWLRQDO6RFLHW\IRU(QGDQJHUHG&DWV ,WDOLDQDEEUHYLDWLRQRIWKH,QVWLWXWHIRU
86$  'HYHORSPHQW9RFDWLRQDO7UDLQLQJ2UJDQL]DWLRQ
,6(' ,QIRUPDWLRQ6\VWHPIRU(GXFDWLRQ DQG5HVHDUFK
)RUIXUWKHUGHWDLOVVHHXQGHU(8',6(' ,6*(,6*( ,QWHUQDWLRQDO6RFLHW\RI*DVWUR
,6(( ,QWHUQDWLRQDO6XQ(DUWK([SORUHU (QWHURORJ\
,6((ZDVODXQFKHGLQ ,6*V ,)16WLPXODWHG*HQHV
,6() ,QWHUQDWLRQDO6FLHQFHDQG(QJLQHHULQJ)DLU )RUIXUWKHUGHWDLOVVHHXQGHU,)1V
86$  ,6+ ,Q6LWX+\EULGL]DWLRQ
,6(),6() ,VWLWXWR6XSHULRUHGL(GXFD]LRQH 0ROHFXODU%LRORJ\
)LVLFD ,WDO\  ,6+,6+ ,QWHUQDWLRQDO6RFLHW\RI+HPDWRORJ\
,WDOLDQDFURQ\PRIWKH,WDOLDQ+LJKHU6FKRRORI ,6+$*( ,QWHUQDWLRQDO6RFLHW\IRU+HPDWRORJ\$QG
3K\VLFDO7UDLQLQJ *UDIW(QJLQHHULQJ 0HPSKLV7HQQHVVHH86$ 
,6(, ,QVWLWXWHIRU6\VWHPV(QJLQHHULQJDQG ,6+$0 ,QWHUQDWLRQDO6RFLHW\IRU+XPDQDQG
,QIRUPDWLFV ,VSUD,WDO\  $QLPDO0\FRORJ\
,6(, ,QVWLWXW6XSpULHXUG·(QVHLJQHPHQW,QILUPLHU )RXQGHGLQWRHQFRXUDJHWKHSUDFWLFHDQG
%HOJLXP  VWXG\RIDOODVSHFWVRIPHGLFDODQGYHWHULQDU\
,6(/ ,VWLWXWRSHUOR6YLOXSSRGHOO
(GXFD]LRQH P\FRORJ\
/LQJXLVWLFD ,WDO\  ,6+7$5 ,QQHU6+HOI7UDQVIHU$QG5HF\FOLQJ
,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRUWKH ,6+7((& ,QWHUQDWLRQDO6\PSRVLXPRQ+HDW
'HYHORSPHQWRI/LQJXLVWLF(GXFDWLRQ 7UDQVIHU(QKDQFHPHQWDQG(QHUJ\&RQVHUYDWLRQ
,VHPDU ,QVWLWXW6XSpULHXUG·(FRQRPLH0DULWLPH ,6, ,PSRVWDSDWULPRQLDOH6WUDRUGLQDULDVXJOL
)UDQFH  ,PPRELOL ,WDO\ 


,WDOLDQDFURQ\PPHDQLQJ([WUDRUGLQDU\ORFDO 7KH,60LVWKHVSDFHEHWZHHQWKHVWDUV
3URSHUW\7D[ $VWURQRP\$VWURSK\VLFV3K\VLFV6SDFH6FLHQFH
,6, ,QVWLWXWHIRU6FLHQWLILF,QIRUPDWLRQ ,60$ ,QWHUQDWLRQDO6HFXULWLHV0DUNHW$VVRFLDWLRQ
3KLODGHOSKLD86$ ,60% ,QWHOOLJHQW6\VWHPVLQ0ROHFXODU%LRORJ\
3XEOLVKHURI6FLHQFH:DWFK &RPSXWDWLRQDO0ROHFXODU%LRORJ\
,6,,6, ,QWHUQDWLRQDO6WDQGDUGV,QVWLWXWH ,60(5,(XURSD ,QWHUGLVFLSOLQDU\5HVHDUFK
,6, ,QWHU6HUYLFHV,QWHOOLJHQFH ,QVWLWXWH(XURSHDQ1HWZRUN
,6, ,QWHUVWLPXOXV,QWHUYDO ,60(6 ,VWLWXWR6SHULPHQWDOH0RGHOOL(6WUXWWXUH
,6,& ,QWHUQDWLRQDO6WXGHQW,GHQWLW\&DUG +HDG2IILFH%HUJDPR,WDO\
,6,'$ ,VWLWXWR6XSHULRUHSHU,PSUHQGLWRULH ,60(7 ,6WLWXWR0(GLWHUUDQHR7UDSLDQWL 3DOHUPR
'LULJHQWLG
$]LHQGD ,WDO\  ,WDO\ 
(QWUHSUHQHXUV 0DQDJHUV :LWKWKH8QLYHUVLW\RI3LWWVEXUJ3HQQV\OYDQLD
,6,6 ,QGHSHQGHQW6FKRROV,QIRUPDWLRQ6HUYLFH 5HVHDUFK7UDQVSODQWV
*%  ,60,%0 WK ,QWHUQDWLRQDO6\PSRVLXPRQ0HWDO
,6,6 ,QWHJUDWHG6XUIDFH,UUDGLDQFH6WXG\ ,RQVLQ%LRORJ\DQG0HGLFLQH
,6,6 ,QWHUQDWLRQDO6HFXULW\,QIRUPDWLRQ6HUYLFH +HOGRQWK 2FWREHULQ6DQ-XDQ3XHUWR
,6,6& ,VWLWXWR6XSHULRUH,QWHUQD]LRQDOHGL6FLHQ]H 5LFR86$
&ULPLQDOL 0HWDO,RQV
,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO,QVWLWXWHRI ,606 ,QWHUQDWLRQDO6HLVPLF0RQLWRULQJ6\VWHP
+LJKHU6WXGLHVLQ&ULPLQDO6FLHQFHV ,61 ,QLWLDO6HTXHQFH1XPEHU
,6. ,FHODQG.URQD ,61 ,QWHUVHJPHQWDO1HUYH
$OVR,.U ,61$ ,VWLWXWRGL6WXGL1XFOHDULSHUO
$JULFROWXUD
&XUUHQFLHV ,WDO\ 
,6.2 ,QWHUQDWLRQDO6RFLHW\IRU.QRZOHGJH ,WDOLDQDFURQ\PRIWKH,QVWLWXWHRI1XFOHDU6WXGLHV
2UJDQL]DWLRQ *HUPDQ\  IRU$JULFXOWXUH
)RXQGHGLQWRSURPRWHUHVHDUFKGHYHORS ,6136 ,QVWLWXWHIRU6SDFHDQG1XFOHDU3RZHU
PHQWDQGDSSOLFDWLRQRIDOOPHWKRGVIRUWKHRUJD 6WXGLHV 86$ 
QL]DWLRQRINQRZOHGJHJLYHVDGYLFHRQWKHFRQ ,62 ,PDJLQJ6SHFWURPHWULF2EVHUYDWRU\
VWUXFWLRQSHUIHFWLRQDQGDSSOLFDWLRQRIFODVVLILFD ,62 ,QFHQWLYH6WRFN2SWLRQ 86$ 
WLRQV\VWHPVWKHVDXULWHUPLQRORJLHVHWFRUJD ,62 ,QGXVWU\6ROXWLRQV2SHUDWLRQV
QL]HVLQWHUQDWLRQDOFRQIHUHQFHHYHU\WZR\HDUV ,62 ,QIUDUHG6SDFH2EVHUYDWRU\
,6/$ ,OOLQRLV6SHFLDO/LEUDU\$VVRFLDWLRQ 86$  ,62ZDVODXQFKHGE\(6$ LQ
,6/$ ,VODPLF/LEUDU\$VVRFLDWLRQ ,QIUDUHG$VWURQRP\
,6/$ ,VWLWXWRGL6WXGL/DWLQR$PHULFDQL )RUIXUWKHUGHWDLOVVHHXQGHU(6$
8QLYHUVLWj&RPPHUFLDOH/XLJL%RFFRQL0LODQR ,62 ,QWHUQDWLRQDO6WDQGDUGV2UJDQL]DWLRQ
,WDO\ ,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ
/DWLQ$PHULFDQ6WXGLHV )RXQGHGLQ+HDG2IILFH*HQHYD
,6/( ,QVWLWXWHRI6RFLRORJ\RI/DZIRU(XURSH 6ZLW]HUODQG
%HOJLDQ,QVWLWXWH ,VR ,Q*UHHNLVDSUHIL[PHDQLQJHTXDO
,6/,& ,VUDHO6RFLHW\RI/LEUDULHVDQG,QIRUPDWLRQ ,62 ,QWUDVHDVRQDO$WPRVSKHULF2VFLOODWLRQ
&HQWUHV ,62 ,VWLWXWR6XSHULRUHGL2VWHRSDWLD
,6/0 PRGHO ,QYHVWPHQW6DYLQJ/LTXLGLW\ ,WDO\ 6HWXSLQ0LODQLQ
0RQH\PRGHO ,62 ,VWLWXWR6XSHULRUH2OLVWLFR ,WDO\ 
,6/6&3 ,QWHUQDWLRQDO6DWHOOLWH/DQG6XUIDFH ,62&,VRF ,QWHUQHW62&LHW\
&OLPDWRORJ\3URMHFW )RXQGHGLQ-DQXDU\
,6/8 ,VUDHO6SHFLDO/LEUDULHV8QLRQ ,62'( ,62'HYHORSPHQW(QYLURQPHQW
LVP LQGXVWULDOLVFLHQWLILFLHPHGLFL XVL  ,62/$,62/$ ,VWLWXWR6DUGR2UJDQL]]D]LRQH
,WDOLDQLQLWLDOLVPPHDQLQJLQGXVWULDOVFLHQWLILFDQG /DYRUR$UWLJLDQR ,WDO\ 
PHGLFDO XVHV  ,WDOLDQ,QVWLWXWH
,60,VP ,QWHJUDWHG6HUYLFHV0RGXOH ,62/( ,VODQG6DWHOOLWH2EVHUYDWLRQIRU/RFDO
,60,60 ,QWHUQDWLRQDO6RFLHW\RI ([SORLWDWLRQ
0LFURELRORJLVWV (FRV\VWHPV3URMHFWV
,60 ,QWHUVWHOODU0HGLXP


,62/ IDFLOLW\ ,RQ6HSDUDWRU2Q/LQHIDFLOLW\ UDSSRUWVXUO·DYDQFHPHQWGHVWUDYDX[>&3@


86$  ,65 ,QVWLWXWHIRU6RFLDO5HVHDUFK
1XFOHDU3K\VLFV 6RFLDO6FLHQFH
LVROQ DEEU LVRODWLRQ ,65 ,QWHUQDWLRQDO6RFLHW\RI5DGLRORJ\
,6226,,VR2VL ,QWHUQDWLRQDO6WDQGDUGV 3K\VLFV
2UJDQL]DWLRQ2SHQ6\VWHP,QWHUFRQQHFWLRQ ,65LVU ,QWHUUXSW6HUYLFH5RXWLQH
,626 ,QWHUQDWLRQDO6RXWKHUQ2FHDQ6WXGLHV ,65LVU ,QWHUVHFWLQJ6WRUDJH5LQJV
,626VROXWLRQV ,QWHJUDWHG6RIWZDUH2Q6LOLFRQ 1XFOHDU(QJLQHHULQJ
VROXWLRQV ,65(& 6ZLVV,QVWLWXWHIRU([SHULPHQWDO&DQFHU
+LJK6SHHG&RQQHFWLRQ7HFKQRORJLHV6\VWHP 5HVHDUFK
,QWHJUDWLRQ /DXVDQQH6ZLW]HUODQG
,627&2 ,WDOLDQ6DXGL2UJDQL]DWLRQIRU7UDGLQJ ,65(V ,QWHUIHURQ6WLPXODWHG5HVSRQVH(OHPHQWV
DQG&RQWUDFWLQJ 0LODQ,WDO\  &\WRNLQH%LRORJ\
,63  LGHQWLILFDWLRQVDIHW\SRLQW ,652 ,QGLDQ6SDFH5HVHDUFK2UJDQL]DWLRQ ,QGLD 
SRLQWGHVpFXULWpG·LGHQWLILFDWLRQ ,656 ,PSXOVLYH6WLPXODWHG5DPDQ6FDWWHULQJ
LQGLYLGXDOVHFXULW\SURJUDPPH ,657 ,QWHUQDWLRQDO6SLQDO5HVHDUFK7UXVW *% 
SURJUDPPHGHVpFXULWpLQGLYLGXHOOH 7KH,657 LVDJUDQWJLYLQJFKDULW\ZLWKWKHSXU
,63 ,QWHUQHW6HUYLFH3URYLGHU SRVHRIIXQGLQJUHVHDUFKDLPHGDWUHVROYLQJWKH
,63 ,URQ6XOIXU3URWHLQ QRQRUSDUWLDOIXQFWLRQLQJRIWKHLQMXUHGVSLQDO
,63$ ,VWLWXWR6SHULPHQWDOH3VLFRGLQDPLFD FRUG
$SSOLFDWD 6SLQDO&RUG5HVHDUFK
,WDOLDQ,QVWLWXWH ,66 ,PPXQRVWLPXODWRU\'1$ 6HTXHQFHV
,63$,,6WLWXWR3DQDIULFDQRG·,WDOLD ,WDO\  0HGLFLQH
,63( LQLWLDOVWDWHSHDFHWLPHHVWDEOLVKPHQW ,66 ,QWHJUDWHG6RXQGLQJ6\VWHP
WDEOHDXLQLWLDOG·HIIHFWLIVGXWHPSVGHSDL[ ,66 ,QWHUQDWLRQDO6SDFH6WDWLRQ
,63( ,VWLWXWR6WXGL3ROLWLFLHG(FRQRPLFL 6SDFH7HFKQRORJ\
,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU3ROLWLFDODQG ,66,VV ,QWHUQHW6HFXULW\6\VWHPV
(FRQRPLF6WXGLHV ,WDO\  ,66 ,VWLWXWR6SHULPHQWDOHGHOOD6WUDGD ,WDO\ 
,63(6/ ,VWLWXWR6XSHULRUHSHUOD3UHYHQ]LRQH(OD ,WDOLDQLQLWLDOLVPRIWKH,QVWLWXWHIRU5RDG
6LFXUH]]DGHO/DYRUR &RQVWUXFWLRQ5HVHDUFK
,WDOLDQ,QVWLWXWH ,66 ,VWLWXWR6XSHULRUHGHOOD6DQLWj ,WDO\ 
,63, ,VWLWXWRSHUJOL6WXGLGL3ROLWLFD,QWHUQD]LRQDOH ,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO+HDOWK
,WDO\  ,QVWLWXWH
,63,ZDVIRXQGHGLQWKH\HDUVE\6FKRODUV ,66& ,QWHJUDWHG6\VWHP6XSSRUW&HQWUH
RIWKH8QLYHUVLWLHVRI0LODQDQG3DYLDXVLQJDVD &HQWUHGHVRXWLHQGHVV\VWqPHVLQWpJUpV
PRGHOWKH5R\DO,QVWLWXWHRI,QWHUQDWLRQDO$IIDLUV ,66& ,QWHUQDWLRQDO6RFLDO6FLHQFH&RXQFLO
RI/RQGRQ )RXQGHGLQIRUWKHDGYDQFHPHQWRIWKHVRFLDO
,630 ,QWHUQDWLRQDO6RODU3RODU0LVVLRQ VFLHQFHV WKURXJKRXWWKHZRUOGDQGWKHLUDSSOLFD
,630KDVEHHQUHSODFHGE\8O\VVHV WLRQWRWKHPDMRUSUREOHPVRIWKHZRUOGDQGWR
,630 ,QWHUSODQHWDU\6KRFN3URSDJDWLRQ0RGHO VSUHDGFRRSHUDWLRQDWDQLQWHUQDWLRQDOOHYHO
,632 ,QIRUPDWLRQ6RFLHW\3URMHFW2IILFH EHWZHHQVSHFLDOLVWVLQWKHVRFLDOVFLHQFHV
(XURSHDQ&RPPXQLW\ &RXQFLOV
,632 ,VWLWXWRSHUJOL6WXGLVXOOD3XEEOLFD2SLQLRQH ,660% ,QIRUPDWLRQ6\VWHPV6WDQGDUGV
,WDO\  0DQDJHPHQW%RDUG 86$ 
,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU6WXGLHVRQ ,661 ,QWHUQDWLRQDO6WDQGDUG6HULDO1XPEHU
3XEOLF2SLQLRQ ,662/ ,QWHUQDWLRQDO6RFLHW\IRUWKH6WXG\RIWKH
,6356 ,QWHUQDWLRQDO6RFLHW\IRU3KRWRJUDPPHWU\ 2ULJLQRI/LIH
DQG5HPRWH6HQVLQJ -DSDQ  ,67 LQIRUPDWLRQV\VWHPVWHFKQRORJ\
,63V ,QWHUQHW6HUYLFH3URYLGHUV WHFKQRORJLHGHVV\VWqPHVG·LQIRUPDWLRQ
,65 ,FH6RXQGLQJ5DGDU LQWHUVZLWFKWUXQN
,65 LGHQWLILFDWLRQVDIHW\UDQJH OLDLVRQGHMRQFWLRQHQWUHFRPPXWDWHXUV
GLVWDQFHGHVpFXULWpG·LGHQWLILFDWLRQ ,67 ,QJHJQHULDH6HUYL]L7HFQLFL
LPSOHPHQWDWLRQVWDWXVUHSRUW>&3@


,WDOLDQLQLWLDOLVPPHDQLQJ(QJLQHHULQJDQG 6WXGLHV,678'LVORFDWGDW6WUHVD 9HUEDQLD 


7HFKQLFDO6HUYLFHV ,WDO\
,67 ,QVWLWXWHIRU6DIHW\7HFKQRORJ\ ,VSUD,WDO\  ,6785 ,6WLWXWR78ULVPRH5LFHUFD
,67 ,QVXOLQ6KRFN7KHUDS\ ,WDOLDQDFURQ\PRIWKH,QVWLWXWHRI7RXULVPDQG
7KHLQVXOLQVKRFNWKHUDS\LVDSV\FKRVLVWUHDWPHQW 5HVHDUFK ,WDO\ 
XVHGLQFHUWDLQFDVHVLQSV\FKLDWULFWKHUDS\ ,68 ,OOLQRLV6WDWH8QLYHUVLW\ 86$ 
0HGLFLQH ,68,68 ,QWHUQDWLRQDO6RFLHW\RI8URORJ\
,67 7KHDLUSRUWFRGHIRU,VWDQEXO7XUNH\ ,68 ,QWHUQDWLRQDO6SDFH8QLYHUVLW\
LVW LVWLWXWR ,68,VX ,VWLWXWRSHULOGLULWWRDOOR6WXGLR
,WDOLDQDEEUHYLDWLRQPHDQLQJLQVWLWXWH 8QLYHUVLWDULR
,67$5 LQWHOOLJHQFHVXUYHLOODQFHWDUJHWDFTXLVLWLRQ ,WDOLDQ,QVWLWXWH
DQGUHFRQQDLVVDQFH ,69,VY ,QGHSHQGHQW6RIWZDUH9HQGRU,QWHUQHW
UHQVHLJQHPHQWVXUYHLOODQFHDFTXLVLWLRQG·REMHF 6RIWZDUH9HQGRU
WLIVHWUHFRQQDLVVDQFH ,69 ,QWHUQDWLRQDO6FLHQWLILF9RFDEXODU\
,67$7 ,VWLWXWR&HQWUDOHGL6WDWLVWLFD ,WDO\  ,69$3 ,VWLWXWRSHUOD9LJLODQ]DVXOOH$VVLFXUD]LRQL
,WDOLDQDEEUHYLDWLRQRIWKH&HQWUDO6WDWLVWLFV 3ULYDWH ,WDO\ 
,QVWLWXWH 3ULYDWH,QVXUDQFH
,67& ,QWHUQDWLRQDO6FLHQFHDQG7HFKQRORJ\&HQWHU ,69% ,GHDO6RFLHW\RI9DVFXODU%LRPHFKDQLFV
7KH,67&EHJDQRSHUDWLQJLQ,WLVFRRUGLQDW 1DSOHV,WDO\ 
HGE\WKH866WDWH'HSDUWPHQW ,69(,0(5 ,VWLWXWRSHUOR6YLOXSSR(FRQRPLFR
86)68SURMHFWV GHOO
,WDOLD0HULGLRQDOH
,67& ,QWHUQDWLRQDO6WXGHQW7UDYHO&RQIHGHUDWLRQ ,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRUWKH(FRQRPLF
,67& ,URQDQG6WHHO7UDGHV&RQIHGHUDWLRQ 'HYHORSPHQWRI6RXWKHUQ,WDO\+HDG2IILFH
%ULWLVK&RQIHGHUDWLRQV 1DSOHV,WDO\
,67&5$' ,QWHUQDWLRQDO6RFLHW\IRU7URSLFDO&URS ,VYHW ,VWLWXWRSHUJOLVWXGLVXOORVYLOXSSRHFRQRPLFR
5HVHDUFK$QG'HYHORSPHQW ,QGLD  HLOSURJUHVVRWHFQLFR
)RXQGHGLQSURYLGHVDIRUXPIRULQWHUDFWLRQ ,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRUVWXGLHVRQHFR
DPRQJVFLHQWLVWVSURJUHVVLYHIDUPHUVDQGHQWUH QRPLFGHYHORSPHQWDQGWHFKQLFDOSURJUHVV
SUHQHXUV ,6< ,QWHUQDWLRQDO6SDFH<HDU  
,67( ,QWHUQDWLRQDO6RFLHW\IRU7URSLFDO(FRORJ\ ,7 ,QFOXVLYH7RXUV
,QGLD  7RXULVP
,67(& ,QWHUQDWLRQDO6XSHUFRQGXFWLYLW\7HFKQRORJ\ ,7 ,QFRPH7D[
&HQWHU -DSDQ  ,7 ,QIRUPDWLRQ7HFKQRORJ\
,67(&UXQVWKH6XSHUFRQGXFWLQJ5HVHDUFK ,7 ,QSXW7UDQVIRUPHU
/DERUDWRU\ (OHFWULFLW\
,670,670 ,QWHUQDWLRQDO6RFLHW\IRU7HVWLQJ ,7 ,QVXIILVDQFH7ULFXVSLGLHQQHRU5pJXUJLWDWLRQ
0DWHULDOV 7ULFXVSLGLHQQH
,673 ,QVWLWXW6XSpULHXUGHV7HFKQLTXHVGH )UHQFKLQLWLDOLVPPHDQLQJ7ULFXVSLG
3URGXFWLRQ 5HJXUJLWDWLRQ
,6732:3 ,QWHUQDWLRQDO6RFLHW\IRUWKH3UHYHQWLRQ 0HGLFLQH
2I:DWHU3ROOXWLRQ *%  ,7 ,QWHOOLJHQW7HUPLQDO
,675 ,QWHUQDWLRQDO6RFLHW\IRU7KLUGVHFWRU ,7 ,QWHUDFWLYH7HUPLQDO
5HVHDUFK 86$  &RPSXWHU7HFKQRORJ\
)RXQGHGLQHQFRXUDJHVUHVHDUFKUHOHYDQWWR ,7 ,QWHUQDWLRQDO7UDGH
QRQSURILWRUJDQL]DWLRQVYROXQWDULVPDQGSKLODQ %XVLQHVV)LQDQFH
WKURS\ LW LQWUDQVLW
,675& ,QWHUQDWLRQDO6RFLHW\IRU7URSLFDO5RRW ,W ,WDOLDQ
&URSV 7KH1HWKHUODQGV  ,WDOLDQLVD5RPDQFHODQJXDJHWKHODQJXDJHRI
)RXQGHGLQ ,WDO\2IILFLDODOVRLQ6ZLW]HUODQG
,676 ,QVWLWXWHIRU6SDFHDQG7HUUHVWULDO6FLHQFH /DQJXDJHV
&DQDGD  LW LWDOLDQR
,678',VWXG ,VWLWXWR678GL'LUH]LRQDOL ,WDOLDQDEEUHYLDWLRQPHDQLQJ,WDOLDQ
,WDOLDQDFURQ\PRIWKH,QVWLWXWHIRU0DQDJHPHQW ,7 ,W DEEU ,WDO\


,7$ ,QGHSHQGHQW7HOHYLVLRQ$XWKRULW\ *%  &OLPDWRORJ\*HRORJ\0HWHRURORJ\


,7$ ,QIRUPDWLRQ7HFKQRORJ\$JUHHPHQW ,7' ,QWHUDXUDO7LPH'LIIHUHQFH
,7$ ,QVWLWXW,QWHUQDWLRQDOGX7UDQVSRUW$pULHQ )RUIXUWKHUGHWDLOVVHHXQGHU,7'V
,7$ ,QWHUIDFH7HVW$GDSWHU ,7' ,VWLWXWRSHUOH7HFQRORJLH'LGDWWLFKH
,7$ ,QWHULP7\SH$SSURYDO IRU7HOHSKRQH ,WDOLDQ,QVWLWXWH
(TXLSPHQW0DQXIDFWXUHUV  ,7'V ,QWHUDXUDO7LPH'LIIHUHQFHV
,7$ ,QWHUQDWLRQDO7UDGH$GPLQLVWUDWLRQ $XGLWRU\6SDFH3URFHVVLQJ0HGLFLQH
,7$ ,QWHUQDWLRQDO7UDGHPDUN$VVRFLDWLRQ 1HXURELRORJ\
,7$,7$ ,QWHUQDWLRQDO7XEHUFXORVLV$VVRFLDWLRQ ,7( ,QVWLWXWHRI7HUUHVWULDO(FRORJ\ *% 
,7$$ ,QIRUPDWLRQ7HFKQRORJ\$VVRFLDWLRQRI 0HUOHZRRG5HVHDUFK6WDWLRQ
$PHULFD 86$  ,7( ,QWHUQDWLRQDO7UDGHDQG([KLELWLRQV
,7$/&$66( ,VWLWXWRGL&UHGLWRGHOOH&DVVHGL ,7(& LPSURYHGWKHDWUHQXFOHDUIRUFHVHPHUJHQF\
5LVSDUPLR,WDOLDQH ,WDO\  FRPPXQLFDWLRQV
,WDOLDQDEEUHYLDWLRQRIWKH&UHGLW,QVWLWXWHRI FRPPXQLFDWLRQVGHVHFRXUVDPpOLRUpHVGHVIRUFHV
,WDOLDQ6DYLQJV%DQNV QXFOpDLUHGHWKpkWUH
,7$0V ,PPXQHUHFHSWRU7\URVLQHEDVHG$FWLYDWLRQ ,7(& ,QQRYDWLRQDQG7HFKQRORJ\(TXLW\&DSLWDO
0RWLIV (XURSHDQ3URMHFW
,7$5 ,QWHUQDWLRQDO7UDIILFLQ$UPV5HJXODWLRQV ,7(3 ,QVWLWXWHRI7KHRUHWLFDODQG([SHULPHQWDO
86$  3K\VLFV 0RVFRZ 
,7 7 ,QIRUPDWLRQ7HFKQRORJ\DQG ,7(3 ZDVIRXQGHGLQ7KH,QVWLWXWHIRUPHUO\
7HOHFRPPXQLFDWLRQV GHDOWZLWKQXFOHDUUHDFWRUWHFKQRORJLHV DQGODWHU
,7% ,QVWLWXWHRI7HFKQRORJ\DW%DQGXQJ SDUWLFOHSK\VLFV
,QGRQHVLD  ,7(5 ,QWHUQDWLRQDO7KHUPRQXFOHDU([SHULPHQWDO
,7% ,QYLVLEOH7UDGH%DODQFH 5HDFWRU
%XVLQHVV&RPPHUFH)LQDQFH ,7(5LVDSURMHFWVSRQVRUHGE\WKH8QLWHG6WDWHV
,7%$ ,VWLWXWRGL7HFQRORJLH%LRPHGLFKH$YDQ]DWH 5XVVLD(XURSHDQG-DSDQ&RQVWUXFWLRQRI,7(5
,WDO\  ZLOOEHJLQLQ,WZLOOEHFRPSOHWHGDQGRSHU
2IWKH,WDOLDQ1DWLRQDO5HVHDUFK&RXQFLO DWLQJE\
,7%73 ,QVWLWXW7HFKQLTXHGX%kWLPHQWHWGHV )XVLRQ5HDFWRUV)XVLRQ5HVHDUFK3K\VLFV
7UDYDX[3XEOLFV )UDQFH  3ODVPD3K\VLFV6FLHQFH 7HFKQRORJ\3URMHFWV
)UHQFK7HFKQLFDO,QVWLWXWH ,7* ,WJ ,VWLWXWR7HFQLFR*HRPHWUL ,WDO\ 
,7& ,QFRPH7D[&RGH,QFRPH7D[&UHGLW ,WDOLDQ,QVWLWXWHRI6XUYH\RUV
,7& ,QWHUQDWLRQDO7LQ$JUHHPHQW ,7*ZDYHV ,RQ7HPSHUDWXUH*UDGLHQWZDYHV
,7& ,QWHUQDWLRQDO7UDGH&HQWHU *HQHYD )XVLRQ5HVHDUFK3K\VLFV3ODVPD3K\VLFV
6ZLW]HUODQG  ,7,,7, ,VWLWXWR7HUDSHXWLFR,WDOLDQR
,7& ,QWHUQDWLRQDO7UDGH&RPPLVVLRQ ,WDOLDQDFURQ\PRIWKH,WDOLDQ7KHUDSHXWLF
,7& ,QYHVWPHQW7D[&UHGLW ,QVWLWXWH
,7& &RPSDJQLD ,WDOLDQDGHL&DYL7HOHJUDILFL ,7,&V ,QWHUQDWLRQDO7UXVWDQG,QYHVWPHQW
6RWWRPDULQL ,WDO\  &RUSRUDWLRQV &KLQD 
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ8QGHUZDWHU &KLQDKDVVL[UHJLRQDO,7,&V
7HOHJUDSK&DEOH&RPSDQ\ ,7,0 ,PPXQHUHFHSWRU7\URVLQHEDVHG,QKLELWRU
,7&$ ,QGHSHQGHQW7HOHYLVLRQ&RPSDQLHV 0RWLI
$VVRFLDWLRQ ,7 LQVWLOODWLRQ ,QWUDWUDFKHDOLQVWLOODWLRQ
,7&% ,QVWLWXWGX7H[WLOHHWGHOD&RQIHFWLRQ%HOJH ,7,6,WLV ,VWLWXWR7HFQLFR,QGXVWULDOL6WDWDOL ,WDO\ 
%HOJLDQ,QVWLWXWH7H[WLOHV ,7/ ,WDOLDQ/LUD
,7&10 ,QWHUQDWLRQDO7UDGH&RXQFLORI1HZ $OVR/O
0H[LFR 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
,7 FRUWH[ ,QIHULRU7HPSRUDOFRUWH[ VLQJOHFXUUHQF\ ZLWKHIIHFWIURP-DQXDU\
1HXURSV\FKRORJ\ &XUUHQFLHV
,7&= ,QWHUWURSLFDO&RQYHUJHQFH=RQH ,70$ ,QFHQWLYH7UDYHO 0HHWLQJV$VVRFLDWLRQ
7KH,7&=LVDOVRNQRZQDV(TXDWRULDO *% 
&RQYHUJHQFH=RQH,WLVZKHUHWURSLFDOHDVWHUO\ ,72 ,OOLQRLV7UDGH2IILFH 86$ 
ZLQGVFRQYHUJHRYHUWKHRFHDQV ,72 ,QFRPH7D[2IILFH


,72 ,QGLXP7LQ2[LGH ,772 ,QWHUQDWLRQDO7URSLFDO7LPEHU2UJDQL]DWLRQ


2UJDQLF0DWHULDOV -DSDQ 
,72 ,QWHUQDWLRQDO7UDGH2UJDQL]DWLRQ %LRGLYHUVLW\6LOYLFXOWXUH7URSLFDO)RUHVW(FRORJ\
,726 ,PSURYHG7HOHYLVLRQDQGLQIUDUHG2EVHUYDWLRQ ,78 ,QWHUQDWLRQDO7HOHFRPPXQLFDWLRQV8QLRQ
6DWHOOLWH 6ZLW]HUODQG 
,73 ,GLRSDWKLF7KURPERF\WRSHQLF3XUSXUD 7KH,78EHFDPHSDUWLFXODUO\LPSRUWDQWDIWHUWKH
0HGLFLQH LQYHQWLRQRIWKHWHOHSKRQHLQ7KHDFURQ\P
,73 ,QFDSDFLWp7HPSRUDLUH3DUWLHOOHGHWUDYDLO QRZVWLOOXVHGZDVFRLQHGLQ6LQFHLW
)UHQFKLQLWLDOLVPPHDQLQJ7HPSRUDU\3DUWLDO LVDQDJHQF\RIWKH8QLWHG1DWLRQV2UJDQL]DWLRQ
'LVDELOLW\ ,78 ,VWDQEXO7HFKQLFDO8QLYHUVLW\ 7XUNH\ 
0HGLFLQH ,79 ,QGHSHQGHQW7HOHYLVLRQ&RPSDQLHV
,73 ,QFRPH7D[3ODQ ,79 ,QVWLWXW7HFKQLTXHGX9LQ )UDQFH 
,73 ,QVWLWXWHIRU7KHRUHWLFDO3K\VLFV 86$  )UHQFK:LQH,QVWLWXWH
3URJUDPV:RUNVKRSV L79 LQWHUDFWLYH7HOHYLVLRQ
,73 ,QWHUQDWLRQDO7UDLQLQJ3URJUDP ,7:6 ,QWHJUDWHG7HUPLQDO:HDWKHU6\VWHP
,73$,WSD ,VWLWXWR7HFQLFR3HULWL$]LHQGDOL ,7; ,EHULRWR[LQ
,WDOLDQ7HFKQLFDO,QVWLWXWH ,8,8 ,PPXQL]LQJ8QLW
,73+&3V ,QFLGHQWDO7DNH3HUPLW+DELWDW ,8 ,QGLDQD8QLYHUVLW\ 86$ 
&RQVHUYDWLRQ3ODQV ,8 ,QIRUPDWLRQ8QLW
+DELWDW&RQVHUYDWLRQ,QWHJUDWLYHDQG 7HOHFRPPXQLFDWLRQV
&RPSDUDWLYH%LRORJ\0ROHFXODUDQG&HOOXODU ,8 ,QWHUQDWLRQDO8QLW
%LRORJ\7KUHDWHQHGDQG(QGDQJHUHG6SHFLHV 0HWURORJ\
,732 ,QGLD7UDGH3URPRWLRQ2UJDQLVDWLRQ ,8$ ,QWHUOLEUDU\8VHUV$VVRFLDWLRQ
,732GHDOVZLWKWKH WUDQVDFWLRQRISURGXFWVWHFK ,8$(6 ,QWHUQDWLRQDO8QLRQRI$QWKURSRORJLFDODQG
QRORJLHVDQGVHUYLFHV (WKQRORJLFDO6FLHQFHV
,735 ,QIUDUHG7HPSHUDWXUH3URILOH5DGLRPHWHU ,8$9 ,VWLWXWR8QLYHUVLWDULRGL$UFKLWHWWXUDGL
,74 ,QGLYLGXDO7UDQVIHUDEOH4XRWD 9HQH]LD ,WDO\ 
,75 ,JQLWLRQ7HVW5HDFWRU ,WDOLDQ$UFKLWHFWXUH,QVWLWXWH
,76 ,QGXVWULDO7UDLQLQJ6HUYLFH *%  ,8% ,QWHUQDWLRQDO8QLYHUVLWLHV%XUHDX
,76 ,QIRUPDWLRQ7HFKQRORJ\6HUYLFH 7KH,8%ZDVFUHDWHGLQ
,76 ,QVWLWXWHIRU7HOHFRPPXQLFDWLRQ6FLHQFH ,8%0% ,QWHUQDWLRQDO8QLRQRI%LRFKHPLVWU\DQG
,76 ,QWHOOLJHQW7UDQVSRUWDWLRQ6\VWHPV 0ROHFXODU%LRORJ\
3RVLWLRQLQJ6\VWHPV6\VWHP(QJLQHHULQJ ,8%6 ,QWHUQDWLRQDO8QLRQRI%LRORJLFDO6FLHQFHV
7UDQVSRUWDWLRQ3ODQQLQJ ,8& ,QIRUPDWLFD8QLYHUVLWDULD&DPSDQD 1DSOHV
,76 ,QWHUPDUNHW7UDGLQJ6\VWHP ,WDO\ 
,76(& LQIRUPDWLRQWHFKQRORJ\VHFXUWLW\HYDOXDWLRQ ,8&' ,QWUDXWHULQH&RQWUDFHSWLYH'HYLFH
FULWHULD 7KH,8&'LVDPHWDORUSODVWLFGHYLFHLQVHUWHG
FULWqUHVG·pYDOXDWLRQGHODVpFXULWpGHVWHFKQROR ZLWKLQWKHXWHUXVWRSUHYHQWSUHJQDQFLHV
JLHVGHO·LQIRUPDWLRQ 0HGLFLQH
,76() ,QIRUPDWLRQ7HFKQRORJ\6HFXULW\(YDOXDWLRQ ,8&1 ,QWHUQDWLRQDO8QLRQIRU&RQVHUYDWLRQRI
)DFLOLW\ 1DWXUHDQGQDWXUDOUHVRXUFHV
,76(0 ,QIRUPDWLRQ7HFKQRORJ\6HFXULW\ 7KH,8&1LVDOVRNQRZQDV:RUOG&RQVHUYDWLRQ
(YDOXDWLRQ0DQXDO 8QLRQ
,766 ,QIRUPDWLRQ7HFKQRORJ\DQG6FLHQWLILF ,8&5 ,QGXVWU\8QLYHUVLW\&RRSHUDWLYH5HVHDUFK
6HUYLFHV 5D\WKHRQ·V  7KH,8&5FRQVLVWVRISURMHFWVWREHGHYHORSHGE\
,77 ,QFDSDFLWp7HPSRUDLUH7RWDOHGHWUDYDLO DFDGHPLFUHVHDUFKHUVDQGEXVLQHVVHV
)UHQFKLQLWLDOLVPPHDQLQJ7HPSRUDU\7RWDO ,8&U ,QWHUQDWLRQDO8QLRQRI&U\VWDOORJUDSK\
'LVDELOLW\ ,8' ,QWUDXWHULQH'HYLFH
0HGLFLQH )RUIXUWKHUGHWDLOVVHHXQGHU,8&'
,77 ,QQRYDWLRQDQG7HFKQRORJ\7UDQVIHU ,8'5 ,GR[XULGLQH
,77 ,QYLWDWLRQ7R7UDQVPLW )RUIXUKWHUGHWDLOVVHHXQGHU,'8
,77& ,QWHUQDWLRQDO7RZLQJ7DQN&RQIHUHQFH ,8(VDWHOOLWH ,QWHUQDWLRQDO8OWUDYLROHW([SORUHU
1DYDO+\GURG\QDPLFV VDWHOOLWH


$WPRVSKHULFDQG3ODQHWDU\3K\VLFV6SDFH SURPRWHVLQWHUQDWLRQDOFRRUGLQDWLRQRI
$VWURSK\VLFV6SDFH7HOHVFRSH6FLHQFH UHVHDUFKGLVFXVVLRQV\PSRVLDDQGSXEOLFDWLRQLQ
,8) ,QVWLWXW8QLYHUVLWDLUHGH)UDQFH WKHILHOGRISKDUPDFRORJ\FRRSHUDWHVZLWK:+2
)UHQFK,QVWLWXWH LQPDWWHUVFRQFHUQLQJGUXJVDQGGUXJUHVHDUFK
,8)R67 ,QWHUQDWLRQDO8QLRQRI)RRG6FLHQFHDQG DQGZLWKUHODWHGLQWHUQDWLRQDOXQLRQVIRXU\HDUO\
7HFKQRORJ\ LQWHUQDWLRQDOFRQJUHVVHV
,8)52 ,QWHUQDWLRQDO8QLRQRI)RUHVWU\5HVHDUFK )RUIXUWKHUGHWDLOVVHHXQGHU:+2
2UJDQL]DWLRQV $XVWULD  ,836 ,QWHUQDWLRQDO8QLRQRI3K\VLRORJLFDO
,8** ,QWHUQDWLRQDO8QLRQRI*HRGHV\DQG 6FLHQFHV
*HRSK\VLFV )UDQFH  ,83V\6 ,QWHUQDWLRQDO8QLRQRI3V\FKRORJLFDO
,8*6 ,QWHUQDWLRQDO8QLRQRI*HRORJLFDO6FLHQFHV 6FLHQFH
,8*7(V KXPDQ ,Q8WHUR*HQH7UDQVIHU ,838, ,QGLDQD8QLYHUVLW\3XUGXH8QLYHUVLW\DW
([SHULPHQWV ,QGLDQDSROLV86$
+XPDQ*HQH7KHUDSLHV0HGLFDO([SHULPHQWV )RUIXUWKHUGHWDLOVVHHXQGHU&((6
3UHQDWDO*HQH7UDVIHU5HVHDUFK ,85 ,QWHUQDWLRQDO8QLRQRI5DGLRHFRORJ\
,8+36 ,QWHUQDWLRQDO8QLRQRIWKH+LVWRU\DQG ,85 ,QWHUQDWLRQDO8QLRQRI5DLOZD\V
3K\VLRORJ\RI6FLHQFH ,86 ,QHUWLDO8SSHU6WDJH
,8,6 ,QWHUQDWLRQDO8QLRQRI,PPXQRORJ\6RFLHWLHV ,866 ,QWHJUDWHG8QGHUVHD6XUYHLOODQFH6\VWHP
,8.$'*( ,PSURYHG8.$LU'HIHQFH*URXQG 0DULQH%LRORJ\
(QYLURQPHQW ,866 ,QWHUQDWLRQDO8QLRQRI6RLO6FLHQFH
LQIUDVWUXFWXUHpOHFWURQLTXHDPpOLRUpHGHODGpIHQVH ,87$0,QWHUQDWLRQDO8QLRQRI7KHRUHWLFDODQG
DpULHQQHDX5R\DXPH8QL $SSOLHG0HFKDQLFV
,8/0 ,VWLWXWR8QLYHUVLWDULRGL/LQJXH0RGHUQH ,872; ,QWHUQDWLRQDO8QLRQRI72;LFRORJ\
,WDO\  ,89'7 ,QWHUQDWLRQDO8QLRQDJDLQVW9HQHUHDO
,WDOLDQ/DQJXDJH,QVWLWXWH 'LVHDVHVDQG7UHSRQHPDWRVHV *% 
,80 ,QGHSHQGHQW8QLYHUVLW\RI0RVFRZ )RXQGHGLQDGPLQLVWUDWLYHDQGHGXFDWLRQDO
,80, ,QWHUQDWLRQDO8QLRQRI0DULQH,QVXUDQFH DFWLYLWLHVSXEOLFKHDOWKDQGWHFKQLFDODVSHFWVRI
6ZLW]HUODQG  VH[XDOO\WUDQVPLWWHGGLVHDVHV DQG$,'6
,806 ,QWHUQDWLRQDO8QLRQRI0LFURELRORJLFDO ,8967$ ,QWHUQDWLRQDO8QLRQIRU9DFXXP6FLHQFH
6RFLHWLHV 7HFKQLTXHDQG$SSOLFDWLRQV
/RFDWHGLQ6WUDVERXUJ)UDQFH)RXQGHGLQ )RUIXUWKHUGHWDLOVVHHXQGHU$,9
0LFURELRORJ\ LY LQFUHDVHGYDOXH
,816 ,QWHUQDWLRQDO8QLRQRI1XWULWLRQDO6FLHQFHV LY LQLWLDOYHORFLW\
)RXQGHGLQ ,9 ,QWUDYHQRXVLQWUDYHQRXVO\
,83$% ,QWHUQDWLRQDO8QLRQRI3XUHDQG$SSOLHG ,9 LY LQYRLFHYDOXH
%LRSK\VLFV ,9 ,YRU\&RDVW
,83$&,83$& ,QWHUQDWLRQDO8QLRQRI3XUHDQG ,9$ ,PSRVWDVXO9DORUH$JJLXQWR ,WDO\ 
$SSOLHG&KHPLVWU\ ,WDOLDQDFURQ\PPHDQLQJ9DOXH$GGHG7D[
)RXQGHGLQWRSURPRWHFRQWLQXLQJFRRSHUD ,9$ ,QYHQWRU\9DOXDWLRQ$GMXVWPHQW
WLRQDPRQJFKHPLVWVRIWKHPHPEHUFRXQWULHVWR %XVLQHVV)LQDQFH
VWXG\WRSLFVRILQWHUQDWLRQDOLPSRUWDQFHZKLFK ,9& LPPHGLDWHO\YLWDOFDUJR
UHTXLUHUHJXODWLRQVWDQGDUGL]DWLRQRUFRGLILFDWLRQ FDUJDLVRQLPPpGLDWHPHQWYLWDOH
WRFRRSHUDWHZLWKRWKHULQWHUQDWLRQDORUJDQL]DWLRQV ,9& ,QWHOHFW9LVXDO&RPPXQLFDWLRQV
ZKLFKGHDOZLWKWRSLFVRIDFKHPLFDOQDWXUHWR 9LGHRFRQIHUHQFLQJ6\VWHPV
FRQWULEXWHWRWKHDGYDQFHPHQWRISXUHDQGDSSOLHG ,9& ,QWUDYHQRXV&KRODQJLRJUDP
FKHPLVWU\ LQDOOLWVDVSHFWV 5DGLRORJ\
,83$3 ,QWHUQDWLRQDO8QLRQRI3XUHDQG$SSOLHG ,9&& ,QVWLWXWWHFKQLTXHGHV9LQVGH&RQVRPPDWLRQ
3K\VLFV &RXUDQWH )UDQFH 
,83(60 ,QWHUQDWLRQDO8QLRQIRU3K\VLFDODQG )UHQFK:LQH,QVWLWXWH
(QJLQHHULQJ6FLHQFHVDQG0HGLFLQH ,9&3 LOOHJDOYHKLFOHFKHFNSRLQW
,83+$5 ,QWHUQDWLRQDO8QLRQRI3KDUPDFRORJ\ SRVWHGHFRQWU{OHLOOpJDOGHVYpKLFXOHV
)RXQGHGLQDVDVHFWLRQRI7KH,QWHUQDWLRQDO ,9&60 :KROHVDOH7D[ 9HQH]XHOD 
8QLRQRI3K\VLRORJLFDO6FLHQFHVLQGHSHQGHQW ,9$ 9DOXH$GGHG7D[ ZLOOUHSODFH,9&60


,9' ,QVXIILVDQFH9HQWULFXODLUH'URLWH ,97$1 ,QVWLWXWHRI+LJK7HPSHUDWXUHV 0RVFRZ


)UHQFKLQLWLDOLVPPHDQLQJ5LJKW9HQWULFXODU )RUPHU6RYLHW8QLRQ 
,QVXIILFLHQF\ ,98 ,QWHUQDWLRQDO9HJHWDULDQ8QLRQ *% 
0HGLFLQH ,: ,GHQWLILHU:RUG
,9(7 ,Q9LYR([SUHVVLRQ7HFKQRORJ\ &RPSXWHU3URJUDPPLQJ
0LFURELRORJ\0ROHFXODU*HQHWLFV ,: LQGLYLGXDOZHDSRQ
,9) ,Q9LWUR)HUWLOL]DWLRQ DUPHLQGLYLGXHOOH
*\QDHFRORJ\0HGLFLQH2EVWHWULFV ,:,Z ,QVLGH:LGWK
,9* ,QVXIILVDQFH9HQWULFXODLUH*DXFKH ,: ,QVWUXFWLRQ:RUG
)UHQFKLQLWLDOLVPPHDQLQJ/HIW9HQWULFXODU &RPSXWHU3URJUDPPLQJ
,QVXIILFLHQF\ ,: ,QWHUQDO:ULWHU
0HGLFLQH &RPSXWHU7HFKQRORJ\
,9+6 ,QWHOOLJHQW9HKLFOH+LJKZD\6\VWHP ,:LZ ,VRWRSLF:HLJKW
,9, ,QWHUQDWLRQDO9DFFLQH,QVWLWXWH 6HRXO  ,:% ,QWHUDFWLYH:KLWH%RDUG
,9,DQDXWRQRPRXVQRWIRUSURILW,QVWLWXWHVSRQ ,:& ,QWHUQDWLRQDO:KDOLQJ&RPPLVVLRQ
VRUHGDV\PSRVLXPRQYDFFLQHVIRUWKHVW %LRORJLFDO6FLHQFHV:KDOH6SHFLHV3URWHFWLRQ
&HQWXU\KHOGLQ1RYHPEHU7KH,9,KDV =RRORJ\
XQGHUWDNHQLQDSURJUDPFDOOHG'20, ,:* ,QYHVWLJDWRUV:RUNLQJ*URXS
9DFFLQH'HYHORSPHQW ,:, ,QYHQWRUV:RUNVKRS,QWHUQDWLRQDO
)RUIXUWKHUGHWDLOVVHHXQGHU'20, 7KH,:,ZDVIRXQGHGLQ
,9,* SRROHGKXPDQ ,QWUDYHQRXV ,QYHQWLRQV3XEOLFDWLRQV
,PPXQRJOREXOLQV ,:0, ,QWHUQDWLRQDO:DWHU0DQDJHPHQW,QVWLWXWH
,9,*LVXVHGWRWUHDW7(1SDWLHQWV :DWHU3ROLF\5HIRUPV
%LRFKHPLVWU\'HUPDWRORJ\/\HOO
V6\QGURPH ,:00 ,QWHUQDWLRQDO:RUNVKRSRQ0HPRU\
)RUIXUWKHUGHWDLOVVHHXQGHU7(1 0DQDJHPHQW
,9/6 ,OOLQRLV9DOOH\/LEUDU\6\VWHP 86$  ,:3&/'2 ,QWHUQDWLRQDO:RUNLQJ3DUW\RI
,93 ,QWUDYHQRXV3\HORJUDP &RRSHUDWLYH/LEUDULDQV'RFXPHQWDWLRQ2IILFHUV
5DGLRORJ\ ,:5$ ,QWHUQDWLRQDO:DWHU5HVRXUFHV$VVRFLDWLRQ
,931 LQWHUQDWLRQDOYLUWXDOSULYDWHQHWZRUN ,:5% ,QWHUQDWLRQDO:DWHUIRZODQG:HWODQGV
UpVHDXSULYpYLUWXHOLQWHUQDWLRQDO 5HVHDUFK%XUHDX *% 
,933 ,QVWLWXWHRI9HUWHEUDWH3DOHRQWRORJ\DQG ,:6 ,QWHUQDWLRQDO:RRO6HFUHWDULDW *% 
3DOHRDQWKURSRORJ\ %HLMLQJ&KLQD  ,:7 LQODQGZDWHUZD\VWUDQVSRUW
,95 ,QWUDPROHFXODU9LEUDWLRQDOHQHUJ\ WUDQVSRUWSDUYRLHVQDYLJDEOHVLQWpULHXUHV
5HGLVWULEXWLRQ ,:8 ,QWHUPHGLDWH:RUNLQJ8QLW
&KHPLFDO5HDFWLRQV&KHPLVWU\0ROHFXODU ,;0 ,QGH[0DQDJHU
6WUXFWXUH5HDFWLYH6\VWHPV ,;3 ,QWHUQDWLRQDO([HFXWLYH3URJUDP
,95V\VWHP ,QWHUDFWLYH9RLFH5HVSRQVHV\VWHP 3URJUDPV
&DOO&HQWHU7HFKQRORJ\ ,;6 ,QHODVWLF;UD\6FDWWHULQJ
,957 ,VWLWXWLGL9LJLODQ]D5LXQLWLG
,WDOLD &RQGHQVHG0DWWHU3K\VLFV
,WDOLDQ,QVWLWXWH ,<+) ,QWHUQDWLRQDO<RXWK+RVWHO)HGHUDWLRQ
,9V ,QVWUXPHQWDO9DULDEOHV 'HQPDUN 
6WDWLVWLFV ,<.:,0 ,I<RX.QRZ:KDW,0HDQ
,96VLYV ,QWHUYHQLQJ6HTXHQFHV ,= ,QWHUPHGLDWH=RQH
*HQHWLFVDQG&HOO%LRORJ\0ROHFXODU%LRSK\VLFV ,= ,UDT
DQG%LRFKHPLVWU\ L=4&V LQWHUPROHFXODU=HUR4XDQWXP&RKHUHQFHV
,96 DVVLFXUD]LRQH ,QYDOLGLWj9HFFKLDLDH %LRGLDJQRVWLFV&KHPLVWU\0DJQHWLF5HVRQDQFH
6XSHUVWLWL 5HVHDUFK5DGLRORJ\
,WDOLDQLQLWLDOLVPPHDQLQJ2OG$JH6XUYLYRUVDQG
'LVDELOLW\LQVXUDQFH
,961 LQLWLDOYRLFHVZLWFKHGQHWZRUN
UpVHDXWpOpSKRQLTXHFRPPXWpLQLWLDO
,97 ,QWHUIDFH9HULILFDWLRQ7HVW


)RUIXUWKHUGHWDLOVVHHXQGHU-6&

- -$(5, -DSDQ$WRPLF(QHUJ\5HVHDUFK,QVWLWXWH
-DSDQ 
$WRPLF(QHUJ\(OHFWULFDO(QJLQHHULQJ-DSDQHVH
- -DSDQ ,QVWLWXWHV/DVHU$FFHOHUDWLRQ3ODVPD3K\VLFV
$OVR-$ 6KRUWSXOVH/DVHU3K\VLFV
- M MHW -$)&,6 MRLQWDUPHGIRUFHVRIWKH&,6
)OXLG0HFKDQLFV0HFKDQLFDO(QJLQHHULQJ DIRUFHVDUPpHVFRQMRLQWHVGHOD&RPPXQDXWp
- -HZ-HZLVK GHVeWDWVLQGpSHQGDQWV
M DEEU MRE EIRUFHVLQWHUDUPpHVGHOD&RPPXQDXWpGHV
&RPSXWHU3URJUDPPLQJ,QGXVWULDO(QJLQHHULQJ eWDWVLQGpSHQGDQWV
- MRLQWVWDII -$)= -HEHO$OL)UHH=RQH
pWDWPDMRULQWHUDUPpHV -$* -XGJH$GYRFDWH*HQHUDO
- M MRXUQDO -$,'6 -RXUQDORI$FTXLUHG,PPXQH'HILFLHQF\
- M -XGJH-XGJHPHQW 6\QGURPH
/DZ -$-2 -DQXDU\$SULO-XO\2FWREHU
-M 7KHV\PEROIRUMRXOH -$-2DUHWKHH[SLU\PRQWKVRIPDQ\SUHPLXP
-RXOHLVDOVRNQRZQDV1HZWRQPHWHURIHQHUJ\ FRQWUDFWV
0HWURORJ\ )LQDQFH
-$ -DSDQ -DN67$7 SDWKZD\ -DQXV.LQDVH67$7 SDWKZD\
$OVR- &HOO%LRORJ\0HGLFLQH0ROHFXODU%LRORJ\
-$ -HXQHV$JULFXOWHXUV -$/ -RXUQDOG
$QQRQFHV/pJDOHV )UDQFH 
)UHQFKLQLWLDOLVPPHDQLQJ<RXQJ$JULFXOWXUHUV 3XEOLFDWLRQ
-$ -RE$QDO\VLV -$/ 7KHDLUOLQHFRGHIRU-DSDQ$LU/LQHV
-REDQDO\VLVLVDOVRNQRZQDV-RE6WXG\ -$//& -RLQW$QDO\VLVDQG/HVVRQV/HDUQHG&HQWUH
,QGXVWULDO(QJLQHHULQJ >KDVUHSODFHG3$7@
-$-$ -RLQW$FFRXQW &HQWUHLQWHUDUPpHVG·DQDO\VHHWG·HQVHLJQHPHQWV
-$ -XGJH$GYRFDWH WLUpV >DUHPSODFpOD3$7@
-$ -XVWLFHRI$SSHDO *%  -DP DEEU -DPDLFD
-$$ MRLQWDFWLRQDUHD -$0 -DSDQHVH$VVRFLDWLRQIRU0LFURELRORJ\
]RQHG·DFWLRQFRQMRLQWH -$0 -RXUQDORI$SSOLHG0HFKDQLFV
-$$ -RLQW$YLDWLRQ$XWKRULW\ -$0 -XJHGHV$IIDLUHV0DWULPRQLDOHV
-$$/' -DSDQ$VVRFLDWLRQRI$JULFXOWXUDO )UHQFKDFURQ\PPHDQLQJ-XGJHIRU0DWULPRQLDO
/LEUDULDQVDQG'RFXPHQWDOLVWV $IIDLUV )UDQFH 
-DSDQHVH$VVRFLDWLRQ /DZ
-$$7 MRLQWDLUDVVDXOW RUDLUDWWDFN WHDP -$0 -XQFWLRQDO$GKHVLRQ0ROHFXOH
JURXSHG·DVVDXWDpULHQ RXG·DWWDTXHDpULHQQH &HOO%LRORJ\
LQWHUDUPpHV MDP 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
-$$:6& MRLQW$$: VXSSRUWDQGFRRUGLQDWLRQ (QJOLVKZRUGMDP )RRG7HFKQRORJ\0LOLWDU\
QHW  6FLHQFH2UGQDQFH 
UpVHDXGH FRRUGLQDWLRQHWVRXWLHQGHOD/$$ -$0$ -RXUQDORIWKH$PHULFDQ0HGLFDO
FRPELQpH $VVRFLDWLRQ 86$ 
-$%(; 7KH-DSDQ$VVRFLDWLRQRI%LRLQGXVWULHV -$05, -DSDQ0DULWLPH5HVHDUFK,QVWLWXWH -DSDQ 
(;HFXWLYHV -DSDQ  -$067(& -DSDQ
V0DULQH6FLHQFHDQG
-$& -RLQW$VWURQRP\&RXQWHU +DZDLL  7(FKQRORJ\&HQWHU -DSDQ 
-$& -XQLRU$VVRFLDWLRQRI&RPPHUFH 86$  -$067(&ZDVIRUPHGLQ,Q-$0
-$&& -RLQW$XWRPDWLF&RQWURO&RQIHUHQFH 67(&ODXQFKHG.DLNRWKHZRUOG
VGHHSHVWGLYLQJ
-$&0 -RXUQDORIWKH$VVRFLDWLRQIRU&RPSXWLQJ VXEPHUVLEOH
0DFKLQHU\ 0DULQH6FLHQFHDQG7HFKQRORJ\2FHDQRJUDSK\
3HULRGLFDO -DQ DEEU -DQXDU\
-$&6 -RXUQDORIWKH$PHULFDQ&KHPLFDO6RFLHW\ -$1 7KHDLUSRUWFRGHIRU-DFNVRQYLOOH,QWHUQDWLRQDO
3HULRGLFDO $LUSRUW
-$(/ -6&$YLRQLFV(QJLQHHULQJ/DERUDWRU\ - ' -XQHDQG'HFHPEHU


6HFXULWLHV -%6 -DSDQHVH%URDGFDVW6DWHOOLWH


-$3$&6 -$SDQHVH3$FLILF&OLPDWH6WXG\ -%6 -RKQ%LUFK6RFLHW\
2IWKH-DSDQHVH0DULWLPH6DIHW\$JHQF\ -%7& MRLQWEORRGWUDQVKLSPHQWFHQWUH
-$5 -DSDQHVH$VVRFLDWLRQRI5HIULJHUDWLRQ -DSDQ  FHQWUHLQWHUDUPpHVGHWUDQVERUGHPHQWGHVDQJ
-$5 -RLQW$LUZRUWKLQHVV5HTXLUHPHQWV -& -HVXV&KULVW
-$5 -XPS$GGUHVV5HJLVWHU -& -RE&ODVV
MDU 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH -RE&ODVVLVDOVRNQRZQDV-RE)DPLO\-RE
(QJOLVKZRUGMDU &KHPLVWU\(OHFWURQLFV *UDGH/DERU*UDGH
3HWUROHXP(QJLQHHULQJ  &RPSXWHU3URJUDPPLQJ
-$5& MRLQWDLUUHFRQQDLVVDQFHFHQWUH -& -XULVFRQVXOW
FHQWUHLQWHUDUPpHVGHUHFRQQDLVVVDQFHDpULHQQH -& -XVWLFH&OHUN
-$53$ -$SDQHVH:KDOH5HVHDUFK3URJUDPXQGHU -& -XYHQLOH&RXUW
6SHFLDO3HUPLWLQWKH$QWDUFWLF -&$ MDPPLQJFRQWURODXWKRULW\
-$531 -$SDQHVH:KDOH5HVHDUFK3URJUDPLQWKH DXWRULWpGHFRQWU{OHGXEURXLOODJH
1RUWK3DFLILF -&$+ -RLQW&RPPLVVLRQRI$FFUHGLWDWLRQRI
-DSDQ
V6FLHQWLILF:KDOLQJ3URJUDP +RVSLWDOV
-DV DEEU -DPHV -&% -HQD&HQWUHIRU%LRLQIRUPDWLFV *HUPDQ\ 
-$6,1 ([SHULPHQW -RLQW$LU6HD,QWHUDFWLRQ 0ROHFXODU&RPPXQLFDWLRQ3URFHVVHV
([SHULPHQW 86$  -&% -RE&RQWURO%ORFN
7KH-$6,1ZDVDVXUIDFHREVHUYDWLRQH[SHULPHQW -&% -RLQW&RQVXOWDWLYH%RDUG
FRQGXFWHGLQ-XO\$XJXVWLQWKH(DVWHUQ &RPLWpPL[WHGHFRQVXOWDWLRQ
$WODQWLF QHDU6FRWODQG  -&% -XQLRU&ROOHJHRI%XVLQHVV
([SHULPHQWV -&% 7KH-RXUQDORI&HOO%LRORJ\
-$6,6 -RXUQDORIWKH$PHULFDQ6RFLHW\IRU 3HULRGLFDO
,QIRUPDWLRQ6FLHQFH 86$  -&& MRLQWFLYLOFRPPLVVLRQ
-$66: -RLQW$LUWR6XUIDFH6WDQGRII:HDSRQ FRPPLVVLRQFLYLOHPL[WH
-$7 -XVWH$7HPSV -&& -XQLRU&KDPEHURI&RPPHUFH
)UHQFKDFURQ\PPHDQLQJ-XVW,Q7LPH -&&(17 -RLQW&RPPDQG&HQWUH>KDVUHSODFHG
-$72 -HW$VVLVWHG7DNH2II /$1'&(17@
7KHMHWDVVLVWHGWDNHRIIXVHVRQHRUVHYHUDOMHW &RPPDQGHPHQWLQWHUDUPpHV&HQWUH>UHPSODFH
SURGXFLQJXQLWVIRUH[WUDWKUXVW /$1'&(17@
$YLDWLRQ -&&(:6 -RLQW&RPPDQG&RQWURODQG(OHFWURQLF
-DY DEEU -DYDQHVH :DUIDUH6FKRRO 86$ 
-$:) -RLQW$JULFXOWXUH:HDWKHU)DFLOLW\ -&&)(3 -RLQW&RPPLVVLRQRQ&RRSHUDWLRQLQWKH
-$; 7KHDLUSRUWFRGHIRU7KRPSVRQ)LHOG-DFNVRQ )LHOGRI(QYLURQPHQWDO3URWHFWLRQ86$
0LVVLVVLSSL86$ )68
-% -XQLRU%RQG -&&6:2 -RLQW&RPPLWWHHRQ&RRSHUDWLRQLQ
%XVLQHVV)LQDQFH 6WXGLHVRIWKH:RUOG2FHDQ86$)68
-%&R% -XOLXV%DHU%DQN 6ZLW]HUODQG  -&(:6 -RLQW&RPPDQG&RQWURODQG(OHFWURQLF
6ZLVV%DQNV :DUIDUH6FKRRO 86$ 
-%,5& -DSDQ%LRORJLFDO,QIRUPDWLRQ5HVHDUFK -&)& -DSDQ&KLQDMRLQW)LVKHULHV&RPPLVVLRQ
&HQWHU -DSDQ  -&* MRLQWFRQVXOWDWLYHJURXS
%LRLQIRUPDWLFV'DWDEDVHV%LRLQIRUPDWLFV *URXSHFRQVXOWDWLIFRPPXQ *&& 
$QDO\VLV0ROHFXODU%LRORJ\3RSXODWLRQ*HQHWLFV -&,( -DSDQ&HQWHUIRU,QWHUQDWLRQDO([FKDQJH
-%/ -RXUQDORI%XVLQHVV/DZ -DSDQ 
7KH-%/ ZDVIRXQGHGLQ -&/ -RE&RQWURO/DQJXDJH
3XEOLFDWLRQ -REFRQWUROODQJXDJHLVDOVRNQRZQDV&RPPDQG
-EROW 7KH-EROWLVVRFDOOHGEHFDXVHLWLVVKDSHG /DQJXDJH
OLNHWKHOHWWHU-,WSUHVHQWVWKUHDGVRQWKHORQJHU &RPSXWHU3URJUDPPLQJ
OHJRIWKH- -&00* -RLQW&LYLO0LOLWDU\0HGLFDO*URXS
0HFKDQLFDO'HYLFHV *URXSHPpGLFDOPL[WHFLYLORPLOLWDLUH
-ER[ -XQFWLRQER[ -&07 -DPHV&OHUN0D[ZHOO7HOHVFRSH
(OHFWULFLW\ -&1 -RXUQDORI&RJQLWLYH1HXURVFLHQFH


3HULRGLFDO %XVLQHVV)LQDQFH
-&1257+ -RLQW&RPPDQG1RUWK -', -RXUQDOGX'URLW,QWHUQDWLRQDO )UDQFH 
&RPPDQGHPHQWLQWHUDUPpHV1RUG 3XEOLFDWLRQ
-&1257+($67 -RLQW&RPPDQG1RUWK(DVW -'50$ -DSDQ'LJLWDO5RDG0DS$VVRFLDWLRQ
&RPPDQGHPHQWLQWHUDUPpHV1RUG(VW 7KH-DSDQ'LJLWDO5RDG0DSDVVRFLDWLRQZDVRUJD
-&3 -RE&RQWURO3URFHVVRU QL]HGLQ-DSDQE\WKH0LQLVWU\RI&RQVWUXFWLRQV
-&3 -RLQW&RPPLWWHHRQ3UROLIHUDWLRQ ,WVDLPLVWRFUHDWHDQGPDLQWDLQDGLJLWDOFDUWR
&RPLWpPL[WHVXUODSUROLIpUDWLRQ JUDSKLFDOGDWDEDVHRIDOO-DSDQURDGV
-&3 -RXUQDOGH&KLPLH3K\VLTXH )UDQFH  -( -RE(YDOXDWLRQ
3HULRGLFDO ,QGXVWULDO(QJLQHHULQJ
-&6 -RE&RQWURO6WDWHPHQW -( -RVHSKVRQ(IIHFW
&RPSXWHU3URJUDPPLQJ 7KH-RVHSKVRQHIIHFWLVDOVRNQRZQDV-RVHSKVRQ
-&6 -RLQW&KLHIRI6WDII 86  7XQQHOLQJ
-&626 -RLQWDQG&RPELQHG6WDII2IILFHU6FKRRO 0DWHULDOV6FLHQFH
86$  -($ -HUVH\(XURSHDQ$LUZD\V
-&6287+ -RLQW&RPPDQG6RXWK 8.5HJLRQDO&DUULHU
&RPPDQGHPHQWLQWHUDUPpHV6XG -(% -XQFWLRQDO(SLGHUPRO\VLV%XOORVD
-&6287+&(17 -RLQW&RPPDQG6RXWK&HQWUH %LRFKHPLVWU\+XPDQ*HQHWLFV0HGLFLQH
>KDVUHSODFHG/$1'6287+&(17@ 0ROHFXODU*HQHWLFV3HGLDWULFV
&RPPDQGHPHQWLQWHUDUPpHV6XG&HQWUH>UHP -(&)$ -RLQW )$2:+2 ([SHUW&RPPLWWHHRQ
SODFH/$1'6287+&(17@ )RRG$GGLWLYHV
-&6287+($67 -RLQW&RPPDQG6RXWK(DVW $SSOLHG1XWULWLRQ)RRG6DIHW\
&RPPDQGHPHQWLQWHUDUPpHV6XG(VW +HSDWRFDUFLQRJHQV
-&6287+:(67 -RLQW&RPPDQG6RXWK:HVW )RUIXUWKHUGHWDLOVVHHXQGHU)$2 DQG:+2
&RPPDQGHPHQWLQWHUDUPpHV6XG2XHVW -(&6 -RE(QWU\&HQWUDO6HUYLFHV
-&7 -RLQW&RPPLWWHHRQ7HFKQRORJ\ IRU6SDFH -(&66 -DSDQDQG(DVW&KLQD6HDV6WXG\
6FLHQFHDQG$SSOLFDWLRQV  86$  -(' -RLQW(SLFHQWUDO'HWHUPLQDWLRQ
MFW DEEU MXQFWLRQ 6HLVPRORJ\
$OVRMFWQ -('$ &HQWHU -RLQW(QYLURQPHQWDO'DWD$QDO\VLV
-&8 -RKQ&DERW8QLYHUVLW\ 5RPH,WDO\  &HQWHU 86$ 
868QLYHUVLW\ -('(& -RLQW(OHFWURQLF'HYLFH(QJLQHHULQJ
-' -RE'HVFULSWLRQ &RXQFLO
7KHMREGHVFULSWLRQGHVFULEHVWKHEDVLFDFWLYLWLHV -(,'$ -DSDQ(OHFWURQLF,QGXVWU\'HYHORSPHQW
QHHGHGWRFDUU\RXWDMRE $VVRFLDWLRQ
-G DEEU MRLQHG -(/ -HXQHVVH(XURSpHQQH/LEpUDOH
-' -RUGDQ'LQDU )UHQFKDFURQ\PPHDQLQJ(XURSHDQ/LEHUDO
&XUUHQFLHV <RXWK
-' -XOLDQ'DWH -(0 -DSDQHVH([SHULPHQW0RGXOH
-XOLDQGDWHLVDOVRNRQZQDV-XOLDQGD\DQGUHIHUV -(0'(6 -RLQW(XURSHDQ0(72&'DWD([FKDQJH
WRWKHQXPEHURIGD\VHODSVHGVLQFH-DQXDU\ 6\VWHP
%& V\VWqPHLQWHUDUPpHVG·pFKDQJHGHGRQQpHV
$VWURQRP\ 0(72&HQ(XURSH
-' -XQHDQG'HFHPEHU -(1(; -DSDQHVH(O1LxR([SHULPHQW
6HFXULWLHV -(3 -RLQW(GXFDWLRQDO3URMHFW
-' -XQLRU'HDQ (XURSHDQ&RPPXQLW\3URMHFW
-' -XVWLFH'HSDUWPHQW -(36 MRQWH[HUFLVHSODQQLQJVWDII
-' -XYHQLOH'HOLQTXHQF\-XYHQLOH'HOLQTXHQW pWDWPDMRULQWHUDUPpHV PL[WH GHSODQLILFDWLRQ
&ULPLQDO/DZ G·H[HUFLFH
-'&-GF -XYHQLOH'LDEHWHV&HQWHU ,WDO\  -(56 -DSDQ(DUWK5HVRXUFHV6DWHOOLWH
,VOHW&HOO7UDQVSODQWV-XYHQLOH'LDEHWHV5HVHDUFK -(6 -RE(QWU\6XEV\VWHP
-') -XYHQLOH'LDEHWHV)RXQGDWLRQ &RPSXWHU3URJUDPPLQJ
-G)5 -XDQGH)XFD5LGJH -(66, -RLQW(XURSHDQ6XEPLFURQ6LOLFRQ,QLWLDWLYH
-', -RLQW'HFODUDWLRQRI,QWHQW (XURSHDQ&RPPXQLW\,QLWLDWLYH


-(7 -RLQW(XURSHDQ7RNDPDN FRPPDQGDQWGHODIRUFHLQWHUDUPpHV


-(7 -RLQW(XURSHDQ7RUXV -)&V -XSLWHU)DPLO\&RPHWV
7KH-RLQW(XURSHDQ7RUXVFRQVLVWVRIIXVLRQH[SHU 7KH-)&VDUHWKHFRPHWVGLVFRYHUHGWKDWDUH
LPHQWV&RPPHUFLDOIXVLRQUHDFWRUVDUHVXSSRVHG G\QDPLFDOO\FRQWUROOHGE\-XSLWHU
WRRSHUDWHDIWHU\HDU $VWURQRP\$VWURSK\VLFV3K\VLFV6SDFH6FLHQFH
)XVLRQ5HDFWRUV3ODVPD3K\VLFV -)(7 -XQFWLRQ)LHOG(IIHFW7UDQVLVWRU
-(7 -RXUQDO(QWULHV7UDQVIHU 7KHMXQFWLRQVILHOGHIIHFWWUDQVLVWRULVDOVRNQRZQ
-(7 -RXUQDOLVPH(OHFWURQLTXH DV'HSOHWLRQPRGH)LHOG(IIHFW7UDQVLVWRU
)UHQFKDFURQ\PPHDQLQJ(OHFWURQLF*DWKHULQJ (OHFWURQLFV
1HZV -)* -RLQW)UHTXHQF\*URXS
MHW 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH *URXSHPL[WHVXUOHVIUpTXHQFHV
(QJOLVKZRUGMHW -). 7KHDLUSRUWFRGHIRU-RKQ).HQQHG\
$YLDWLRQ)XLG0HFKDQLFV*HRORJ\0HFKDQLFDO ,QWHUQDWLRQDO$LUSRUW1HZ<RUN86$
(QJLQHHULQJ -)3$$ -DSDQ)HGHUDWLRQRI3UDFWLFLQJ$WWRUQH\V

-(7$, -RXUQDORI([SHULPHQWDO 7KHRUHWLFDO $VVRFLDWLRQV -DSDQ 


$UWLILFLDO,QWHOOLJHQFH -)3) -RLQW)HGHUDO3ROLFH)RUFH>6)25@
-(73 -RXUQDORI([SHULPHQWDODQG7KHRUHWLFDO )RUFHGHSROLFHPL[WHIpGpUDOH>6)25@
3K\VLFV -)5 -XDQGH)XFD5LGJH
7KH-(73 LVEHLQJSXEOLVKHGE\WKH$PHULFDQ )RUIXUWKHUGHWDLOVVHHXQGHU2'3 DQG&25.
,QVWLWXWHRI3K\VLFV -)63 -RLQW)RUHFDVW6\VWHP3URMHFW
3K\VLFV3XEOLVKLQJ -)7& -DSDQ)RUHLJQ7UDGH&RXQFLO
-(77 -RXUQDORI(GXFDWLRQDO7HFKQLTXHVDQG MJ MXQLRUJUDGH
7HFKQRORJLHV *HRUJLD86$  -*% -DSDQHVH*RYHUQPHQW%RQG
-(9 -DSDQHVH(QFHSKDOLWLV9LUXV %DQNLQJ)LQDQFH
7KHPRVTXLWRERUQH-(9 LVDIODYLYLUXVDOOLHGWR -*, -RLQW*HQRPH,QVWLWXWH 86$ 
WKH:HVW1LOHYLUXV 86'2(·V-*,ZDVIRUPHGLQ
(SLGHPLF(QFHSKDOLWLV &RPSXWDWLRQDO*HQRPLFV)XQFWLRQDO*HQRPLFV
-(9 -RLQW(XURSHDQ9HQWXUH(& *HQRPH'LYHUVLW\6WXGLHV*HQRPH,QVWLWXWHV
)RU6PDOODQG0HGLXPVL]H(QWHUSULVHV )RUIXUWKHUGHWDLOVVHHXQGHU'2(
-(:& -RLQW(OHFWURQLF:DUIDUH&RRUGLQDWLRQ &HOO -*2)6 -RLQW*OREDO2FHDQ)OX[6WXG\
&RPPLWWHH  -+ -XYHQLOH+RUPRQH
&HOOXOH&RPLWp LQWHUDUPpHVGHFRRUGLQDWLRQGHOD (QWRPRORJ\
JXHUUHpOHFWURQLTXH -+$ -XYHQLOH+RUPRQH$QDORJV
-)$ -DSDQ)LVKHULHV$JHQF\ -DSDQ  -+( -RXUQDORI+XPDQ(YROXWLRQ
-)$ -RXUQpHGX)UDQoDLVGHV$IIDLUHV )UDQFH  3HULRGLFDO
)UHQFKLQLWLDOLVPPHDQLQJWKH'D\GHYRWHGWR -+163 MRLQWKRVWQDWLRQVXSSRUWSODQ
%XVLQHVV)UHQFK7KHILUVW-)$ ZDVKHOGRQ SODQLQWHUDUPpHVGHVRXWLHQIRXUQLSDUOHSD\V
:HGQHVGD\WK 2FWREHU K{WH
-)$&& MRLQWIRUFHVDLUFRPSRQHQWFRPPDQG HU  -+4&(17 -RLQW+HDGTXHUWHUV&HQWUH
FRPPDQGHPHQW FRPPDQGDQW GHFRPSRVDQWH 4XDUWLHUJpQpUDOLQWHUDUPpHV&HQWUH
DpULHQQHGHIRUFHLQWHUDUPpHV -+41257+ -RLQW+HDGTXDUWHUV1RUWK
-)$, MRLQWILQDODFFHSWDQPFHLQVSHFWLRQ>REVROHWH 4XDUWLHUJpQpUDOLQWHUDUPpHV1RUG
UHSODFHGE\-)$,@ -+41257+($67 -RLQW+HDGTXDUWHUV1RUWK
LQVSHFWLRQPL[WHGHUpFHSWLRQGpILQLWLYH (DVW
MRLQWIRUPDODFFHSWDQFHLQVSHFWLRQ 4XDUWLHUJpQpUDOLQWHUDUPpHV1RUG(VW
LQVSHFWLRQPL[WHGHUpFHSWLRQRIILFLHOOH -+46287+ -RLQW+HDGTXDUWHUV6RXWK
-)$3 -RLQW)DFXOW\$SSRLQWPHQW3URJUDP 86$  4XDUWLHUJpQpUDOLQWHUDUPpHV6XG
2IWKH8616) -+46287+&(17 -RLQW+HDGTXDUWHUV6RXWK
)RUIXUWKHUGHWDLOVVHHXQGHU16) &HQWUH
-)& -RE)ORZ&RQWURO 4XDUWLHUJpQpUDOLQWHUDUPpHV6XG&HQWUH
&RPSXWHU3URJUDPPLQJ -+46287+($67 -RLQW+HDGTXDUWHUV6RXWK(DVW
-)&% -RE)LOH&RQWURO%ORFN 4XDUWLHUJpQpUDOLQWHUDPpHV6XG(VW
-)& MRLQWIRUFHFRPPDQGHU


-+46287+:(67 -RLQW+HDGTXDUWHUV6RXWK 1XFOHDU3K\VLFV


:HVW -,16 -DSDQ,QVWLWXWHRI1XFOHDU6DIHW\ -DSDQ 
4XDUWLHUJpQpUDOLQWHUDUPpHV6XG2XHVW -,3 MRLQWLPSOHPHQWDWLRQSODQ
-+6 -DFNVRQ+HDUW6WXG\ SODQLQWHUDUPpHV RXPL[WH GHPLVHHQ±XYUH
&KLHI6SRQVRURIWKH-+6LVWKH250+ -,3,' -DSDQ,QWHUQDWLRQDO3URWHLQ,QIRUPDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU250+ 'DWDEDVH
-+6%& 7KH-RKQV+RSNLQV6LQJDSRUH%LRPHGLFDO -,5$-,5$ -DSDQ,QGXVWULDO5RERW$VVRFLDWLRQ
&HQWUH -,5&$6 -DSDQ,QWHUQDWLRQDO5HVHDUFK&HQWHUIRU
$QDFDGHPLFDIILOLDWHRI-+8620 $JULFXOWXUDO6FLHQFHV -DSDQ 
)RUIXUWKHUGHWDLOVVHHXQGHU-+8620 -,6 -DSDQHVH,QGXVWULDO6WDQGDUG
-+8 -RKQ+RSNLQV8QLYHUVLW\ 86$  -,6 -DSDQHVH,QVWLWXWHIRU6WDQGDUGV
-+8620 7KH-RKQV+RSNLQV8QLYHUVLW\6FKRRO2I -,6$2 -RLQW,QVWLWXWHIRUWKH6WXG\RIWKH
0HGLFLQH %DOWLPRUH0DU\ODQG86$  $WPRVSKHUHDQG2FHDQ
)RUIXUWKHUGHWDLOVVHHXQGHU-+6%& 8QLYHUVLW\RI:DVKLQJWRQ 86$ 
-,$0&$77 7KH-RLQW,QWHU$JHQF\0HHWLQJRQ -,6& -DSDQHVH,QGXVWULDO6WDQGDUGV&RPPLWWHH
&RPSXWHU$VVLVWHG7UDQVODWLRQDQG7HUPLQRORJ\ -,67(& -DSDQ,QWHUQDWLRQDO6FLHQFHDQG
-,$0&$77 ZDVFUHDWHGLQDWWKH81 7HFKQRORJ\([FKDQJH&HQWHU -DSDQ 
2IILFHLQ*HQHYD6ZLW]HUODQG -,7-LW -XVW,Q7LPH
-,% -RUGDQV,QWHUQDWLRQDO%XOOHWLQ *%  /RJLVWLF6\VWHPV
-,& -RKQ,QQHV&HQWUH *%  -LWLF -LDQJVXLQWHUQDWLRQDOWUXVWDQGLQYHVWPHQWFRU
7KH-,&LVDJRYHUQPHQWIXQGHGSODQWDQGPLFUR SRUDWLRQ
ELDOVFLHQFHODERUDWRU\LQ1RUZLFK 6WDWH,QYHVWPHQW%RGLHV
%LRLQIRUPDWLFV%LRORJLFDO&RPSXWLQJ/LIH -- -DQXDU\DQG-XO\
6FLHQFHV0LFURELDO6FLHQFH2LOVHHGV5HVHDUFK 6HFXULWLHV
-,& -RLQW,FH&HQWHU 86$  -- -RVHSKVRQ-XQFWLRQ
2IWKH861DY\861DWLRQDO2FHDQLFDQG -- -XVWLFHV
$WPRVSKHULF$GPLQLVWUDWLRQ --$ -XQH-XO\$XJXVW
-,& -RLQW,PSOHPHQWDWLRQ&RPPLVVLRQ -.)& -DSDQ.RUHDMRLQW)LVKHULHV&RPPLVVLRQ
&RPPLVVLRQPL[WHG·DSSOLFDWLRQ -.7 7KHDLUSRUWFRGHIRU-DNDUWD,QGRQHVLD
-RLQW,PSOHPHQWDWLRQ&RPPLWWHH -/ -RE/LEUDU\
&RPLWpLQWHUDUPpHV RXPL[WH GHPLVHHQ &RPSXWHU3URJUDPPLQJ
±XYUH -/ -RE/RW
MRLQWLQWHOOLJHQFHFHQWUH ,QGXVWULDO(QJLQHHULQJ
FHQWUHGHUHQVHLJQHPHQWLQWHUDUPpHV -/ 7KHDLUOLQHFRGHIRU-DSDQ$LUOLQHV
-,& -RLQW,QIRUPDWLRQ&HQWHU -/$ -DPDLFD/LEUDU\$VVRFLDWLRQ
-,&& -RLQW,QIRUPDWLRQ&RRUGLQDWLRQ&RPPLWWHH -/$ -DSDQ/LEUDU\$VVRFLDWLRQ
&RPLWpLQWHUDUPpHVGHFRRUGLQDWLRQGHO·LQIRUPD -/$ -RUGDQ/LEUDU\$VVRFLDWLRQ
WLRQ -/& -DSDQ/LQHDU&ROOLGHU
-,&6 -DSDQ,QWHUQDWLRQDO&RRSHUDWLRQ6\VWHPV 3DUWLFOH3K\VLFV
7RN\R-DSDQ  -/* -DSDQ/LEUDU\*URXS
-,&67 -DSDQ,QIRUPDWLRQ&HQWHUIRU6FLHQFHDQG -/2& MRLQWORJLVWLFRSHUDWLRQVFHQWUH
7HFKQRORJ\ -DSDQ  FHQWUHLQWHUDUPpHVG·RSpUDWLRQVORJLVWLTXHV
-,/$ -RLQW,QVWLWXWHIRU/DERUDWRU\$VWURSK\VLFV -/3 MRLQWORJLVWLFSODQ
$VWURQRP\([SHULPHQWDO3URJUDPV/DERUDWRU\ SODQORJLVWLTXHLQWHUDUPpHV RXPL[WH 
$VWURSK\VLFV/DVHU3K\VLFV/DVHU)UHTXHQF\ -/3* -RLQW/RJLVWLF3ODQQLQJ*URXS
6WDELOL]DWLRQ4XDQWXPDQG$WRP2SWLFV *URXSHLQWHUDUPpHV RXPL[WH GHSODQLILFDWLRQ
-,0 -XGJH,QVWLWXWHRI0DQDJHPHQW ORJLVWLTXH
8QLYHUVLW\RI&DPEULGJH*% -/63 MRLQWORJLVWLFVXSSRUWSODQ
-,0$5 -RLQW,QVWLWXWHRI0DULQHDQG$WPRVSKHULF SODQGHVRXWLHQORJLVWLTXHLQWHUDUPpHV
5HVHDUFK -0 -DPDLFD
-,15 -RLQW,QVWLWXWHIRU1XFOHDU5HVHDUFK -0 -RE0HPRU\
7KH-,15LVORFDWHGLQ5XVVLD 'XEQD ZKHUHD -0 -RE0L[
MRLQW865XVVLDQWHDPZRUNV &RPSXWHU3URJUDPPLQJ


-0$ -DSDQ0HWHRURORJLFDO$JHQF\ )RUIXUWKHUGHWDLOVVHHXQGHU1,,'


(DUWKTXDNH3UHGLFWLRQ,QIRUPDWLRQ6HLVPRORJ\ -1.V D-XQ1+ WHUPLQDONLQDVHV
-0$36 MRLQWPHVVDJHSURFHVVLQJV\VWHP 3KDUPDFRORJ\+HDOWK6FLQFHV6LJQDO
V\VWqPHLQWHUDUPpHVGHWUDLWHPHQWGHPHVVDJHV 7UDQVGXFWLRQ
-0& -RLQW0HGLFDO&RPPLWWHH -1/:3 -RLQW1RQ/HWKDO:HDSRQV3URJUDP86
D&RPLWpLQWHUDUPpHVGHVVHUYLFHVPpGLFDX[ '2'·V
E&RPLWpPL[WHPpGLFDO +RVWDJHV5HVFXH5LRWHUV'LVSHUVLRQ
MRLQWPLOLWDU\FRPPLVVLRQ )RUIXUWKHUGHWDLOVVHHXQGHU'2'
FRPPLVVLRQPLOLWDLUHPL[WH -12& -DSDQ1DWLRQDO2LO&RUSRUDWLRQ -DSDQ 
-0&& MRLQWPRYHPHQWFRRUGLQDWLRQFHQWUH (QHUJ\5HVHDUFK
FHQWUHLQWHUDUPpHVGHFRRUGLQDWLRQGHVPRXYH -QU DEEU -XQLRU
PHQWV $OVR-XQ-U
-0&,6 MRLQWPDULWLPHFRPPDQGLQIRUPDWLRQV\V -17 67. DEEU -RLQW6WRFN
WHP -2 -RLQW2ZQHUVKLS
V\VWqPHFRPPXQG·LQIRUPDWLRQSRXUOHFRPPDQ %XVLQHVV)LQDQFH
GHPHQWPDULWLPH -2 -RUGDQ
-0(7/ MRLQWPLVVLRQHVVHQWLDOWDVNOLVW>3&&@ -2 -RXUQDO2IILFLHO )UDQFH 
OLVWHFRPPXQHGHVWkFKHVHVVHQWLHOOHVjODPLVVLRQ -2$ -RLQW2FHDQRJUDSKLF$VVHPEO\
>3&&@ -2$ MRLQWRSHUDWLRQVDUHD
-0(; MRLQWPRYHPHQWH[HUFLVH ]RQHG·RSpUDWLRQVLQWHUDUPpHV
H[HUFLFHGHPRXYHPHQWVLQWHUDUPpHV -2$* -XYHQLOH2SHQ$QJOH*ODXFRPD
-0/$ -DSDQ0HGLFDO/LEUDU\$VVRFLDWLRQ *ODXFRPD0HGLFLQH2SKWDOPRORJ\3HGLDWULFV
-00' -RXUQDORI0XOWLOLQJXDO 0XOWLFXOWXUDO -2& -HXQHVVH2XYULqUH&KUpWLHQQH
'HYHORSPHQW )UHQFKDFURQ\PPHDQLQJ&KULVWLDQ:RUNHU<RXWK
-03 -RE0DQDJHPHQW3URJUDP -2& MRLQWRSHUDWLRQVFHQWUH>KDVUHSODFHG&5&
&RPSXWHU3URJUDPPLQJ @
-30 MRLQWPRYHPHQWSODQ FHQWUHG·RSpUDWLRQVLQWHUDUPpHV>UHPSODFH&5&
SODQGHPRXYHPHQWVLQWHUDUPpHV @
MPS DEEU MXPS -2& -RLQW2UJDQL]LQJ&RPPLWWHH
-XPSLVDOVRNQRZQDV%UDQFKRU7UDQVIHU -2&( -RXUQDO2IILFLHOGHV&RPPXQDXWpV
&RPSXWHU3URJUDPPLQJ (XURSpHQQHV
-06$ -DSDQ0DULQH6DIHW\$JHQF\ )UHQFKDFURQ\PPHDQLQJ2IILFLDO-RXUQDORIWKH
-06') -DSDQHVH0DULWLPH6HOI'HIHQVH)RUFH (XURSHDQ&RPPXQLWLHV
-08 -DPHV0DGLVRQ8QLYHUVLW\ 86$  -2'& -DSDQ2FHDQRJUDSKLF'DWD&HQWHU -DSDQ 
MQ DEEU MXQFWLRQ 2FHDQRJUDSK\
$OVR-XQFMQF -2, -RLQW2FHDQRJUDSKLF,QVWLWXWLRQV,QF 86$ 
-1$) -DSDQHVH1DYDO$LU)RUFH -DSDQ  -2,'(6 -RLQW2FHDQRJUDSKLF,QVWLWXWLRQVIRU'HHS
-1% 7KHDLUSRUWFRGHIRU-RKDQQHVEXUJ6RXWK (DUWK6DPSOLQJ
$IULFD -2,'(6LVDJURXSRIFRPPLWWHHVDQGSDQHOVZLWK
MQF DEEU MXQFWLRQ UHSUHVHQWDWLYHVIURPWKHSDUWLFLSDWLQJFRXQWULHV
$OVRMXQFMQ 2FHDQRJUDSK\
-1&, -RXUQDORIWKH1DWLRQDO&DQFHU,QVWLWXWH -2,1 -DSDQ2UJDQL]DWLRQ,QWHU1HWZRUN -DSDQ 
86$  -2,17(; MRLQW H[HUFLVH
-1&/ -RLQW1DWLRQDO&RPPLWWHHIRU/DQJXDJHV H[HUFLFHLQWHUDUPpHV
86$  -2-$ -XO\2FWREHU-DQXDU\$SULO
-1' -XVW1RWLFHDEOH'LIIHUHQFH 6HFXULWLHV
-XVWQRWLFHDEOHGLIIHUHQFHLVDOVRNQRZQDV -2/,6 -2LQW/,EUDULHV
'LIIHUHQFH7KUHVKROG'LIIHUHQFH/LPHQ :RUOG%DQN
3V\FKRORJ\ -216'$3 -2LQW1RUWK6HD'DWD$FTXLVLWLRQ
-1,&7 -XQWD1DFLRQDO,QYHVWLJDoDR&LHQWtILFDH 3URMHFW
7HFQROyJLFD 3RUWXJDO  -216,6 -2LQW1RUWK6HD,QIRUPDWLRQ6\VWHP
-1,+ -DSDQ1DWLRQDO,QVWLWXWHRI+HDOWK -216:$3 -2LQW1RUWK6HD:DYH$WPRVSKHUH
7KH-1,+KDVEHHQUHSODFHGE\1,,' 3URMHFW


-23 -RLQW2SWRHOHFWURQLFV3URMHFW -36 -HZLVK3XEOLFDWLRQ6RFLHW\


-23 -2LQWYHQWXUH3URJUDPPH -36V -XYHQLOH3RO\SRVLV6\QGURPHV
-23 -XSLWHU2UELWHU3UREH 0ROHFXODU*HQHWLFV2QFRJHQHVLV
-233 -2LQWYHQWXUH3+$5(3URJUDPPH -3:+4 MRLQWSULPDU\ZDUKHDGTXDUWHUV
-25 -RUGDQ
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW TXDUWLHUJpQpUDOGHJXHUUHSULQFLSDOLQWHUDUPpHV
WHUV 4**3, 
-266 -RKQQLDF2SHQ6KRS6\VWHP -43 -RVHSKVRQ4XDVL3DUWLFOH
&RPSXWHU3URJUDPPLQJ 1DQRVFLHQFH3K\VLFV
-27 -RE2ULHQWHG7HUPLQDO -UMU DEEU -RXUQDO
&RPSXWHU7HFKQRORJ\ -U DEEU -XQLRU
MRXU DEEU MRXUQDO $OVR-QU-XQ
-29,$/ -XOHV
2ZQ9HUVLRQRI,QWHUQDWLRQDO -U DEEU -XURU
$OJRULWKPLF/DQJXDJH /DZ
&RPSXWHU3URJUDPPLQJ -5& MRLQWUHFRQQDLVVDQFHFHQWUH
-3 MHWSURSHOODQW FHQWUHLQWHUDUPpHVGHUHFRQQDLVVDQFH
FDUEXUpDFWHXU MRLQWUHVFXHFHQWUH
-3-3 -HW3URSXOVLRQ FHQWUHLQWHUDUPpHVGHVRSpUDWLRQVGHVDXYHWDJH
$YLDWLRQ6SDFH7HFKQRORJ\ -5& -XQLRU5HG&URVV
-3 -RE3UHVV -5&& MRLQWUHVFXHFRRUGLQDWLRQFHQWUH
*UDSKLF$UWV FHQWUHLQWHUDUPpHVGHFRRUGLQDWLRQGHVRSpUDWLRQV
-3-3 -XVWLFHRIWKH3HDFH GHVDXYHWDJH
/DZ -5&&(& -RLQW5HVHDUFK&HQWUH&RPPLVVLRQRI
-3$ -RE3DFN$UHD WKH(XURSHDQ&RPPXQLWLHV ,WDO\ 
-3& -DSDQ3URGXFWLYLW\&HQWHU -5&&(2 -RLQW5HVHDUFK&HQWUH&HQWUHIRU(DUWK
-3& -RE3URFHVVLQJ&RQWURO 2EVHUYDWLRQ(XURSHDQ&RPPXQLW\
&RPSXWHU3URJUDPPLQJ -5&(1':(/ -RLQW5HVHDUFK&HQWUHPDQDJHPHQW
-3& MRLQWSODQQLQJFRPPLVVLRQ RI(1HUJ\LQ':(/OLQJV
FRPPLVVLRQPL[WHGHSODQLILFDWLRQ (XUDWRP(&3URJUDP
MRLQWSODQQLQJFRPPLWWHH -5&+&0 -RLQW5HVHDUFK&HQWUH+XPDQ&DSLWDO
FRPLWpPL[WHGHSODQLILFDWLRQ DQG0RELOLW\
-3(*DOJRULWKP -RLQW3KRWRJUDSKLF([SHUWV*URXS (&5HVHDUFK3URJUDP
DOJRULWKP -5&+)5 -RLQW5HVHDUFK&HQWUH+LJK)OX[
7KH-3(*DOJRULWKPLVXVHGWRHQFRGHLPDJHVIRU 5HDFWRU
WUDQVPLVVLRQDFURVVWKH,QWHUQHW (XUDWRPUHVHDUFKSURJUDPRQWKHRSHUDWLRQRIWKH
-3) MRLQWSROLFHIRUFH>6)25@ +)5WREHLPSOHPHQWHGE\WKH-5&
IRUFHGHSROLFHPL[WH>6)25@ (XUDWRP5HVHDUFK3URJUDP
-3* MRLQWSODQQLQJJURXS -5&+70 -RLQW5HVHDUFK&HQWUH+LJK
JURXSHPL[WHGHSODQLILFDWLRQ 7HPSHUDWXUH0DWHULDOV
-3,& MRLQWSUHFLVLRQLQWHUGLFWLRQFRQFHSW (XUDWRP((&5HVHDUFK3URJUDP
FRQFHSWG·LQWHUGLFWLRQGHSUpFLVLRQLQWHUDUPpHV -5&+<'352' -RLQW5HVHDUFK&HQWUH
-3/ -HW3URSXOVLRQ/DERUDWRU\ +<'URJHQ352'XFWLRQHQHUJ\VWRUDJHDQGWUDQV
&DOLIRUQLD,QVWLWXWHRI7HFKQRORJ\3DVDGHQD SRUW
&DOLIRUQLD86$7KH-3/ LV1$6$
VFHQWHUIRU (XUDWRP((&5HVHDUFK3URJUDP
3ODQHWDU\([SORUDWLRQ -5&,1'+$= -RLQW5HVHDUFK&HQWUH,1'XVWULDO
-3/ -RXUQDORISODQQLQJDQG3URSHUW\/DZ +$=DUGV
7KH-3/ ZDVIRXQGHGLQ (&5HVHDUFK3URJUDP
3XEOLFDWLRQ -5&,7 -RLQW5HVHDUFK&HQWUH,QIRUPDWLRQ
-3/$ -DSDQ3KDUPDFHXWLFDO/LEUDU\$VVRFLDWLRQ 7HFKQRORJLHV  
-31,& -DSDQ1HWZRUN,QIRUPDWLRQ&HQWHU (XURSHDQ&RPPXQLW\3URJUDP
-32 MRLQWSHWUROHXPRIILFH -5&0($67(67 -RLQW5HVHDUFK&HQWUH
EXUHDXLQWHUDUPpHVGHVFDUEXUDQWV 0($6XUHPHQWVDQG7(67LQJ  
-3276 -RLQW3DQHORQ2FHDQRJUDSKLF7DEOHVDQG (XURSHDQ&RPPXQLW\3URJUDP
6WDQGDUGV


-5&11( -RLQW5HVHDUFK&HQWUH1RQ1XFOHDU $QDO\WLFDO&KHPLVWU\%LRPLQHUDORJ\(OHFWURQ


(QHUJ\   0LFURVFRS\([RELRORJ\*HRFKHPLVWU\*HRORJ\
(XURSHDQ&RPPXQLW\3URJUDP ,QWHUSODQHWDU\'XVW3DUWLFOH6FLHQFH0HWHRULWLFV
-5&180($6 -RLQW5HVHDUFK&HQWUH18FOHDU -6& -RLQW6FLHQWLILF&RPPLWWHH
0($6XUHPHQWVDQGUHIHUHQFHPDWHULDOV  -6& MRLQWVSHFWUXPFHQWUH
  FHQWUHLQWHUDUPpHV GHJHVWLRQ GXVSHFWUH
(XUDWRP((&5HVHDUFK3URJUDP MRLQWVWHHULQJFRPPLWWHH
-5&5$',2021 -RLQW5HVHDUFK&HQWUH FRPLWpGLUHFWHXUPL[WH
(YDOXDWLRQDQG021LWRULQJRI5$',2DFWLYLW\ MRLQWVXEFRPPLWWHH
(XUDWRP5HVHDUFK3URJUDP VRXVFRPLWpPL[WH
-5&5(06(16 -RLQW5HVHDUFK&HQWUH -6& -RLQW6WRFN&RPSDQ\
$SSOLFDWLRQRI5(0RWH6(16LQJWHFKQLTXHV -6&12(7 -RLQW6WDQGLQJ&RPPLWWHHRQ1XFOHDU
(XUDWRP((&5HVHDUFK3URJUDP DQG2WKHU(QHUJ\7HFKQRORJLHV86$.RUHD
-5&6$)()0 -RLQW5HVHDUFK&HQWUH -6'0 -XQH6HSWHPEHU'HFHPEHU0DUFK
6$)(JXDUGLQJDQGPDQDJHPHQWRI)LVVLOH 6HFXULWLHV
0DWHULDOV   -6( -RKDQQHVEXUJ6WRFN([FKDQJH
(XUDWRP5HVHDUFK3URJUDP -6($ -DSDQ6KLS([SRUWHUV
$VVRFLDWLRQ
-5&62/$57(67 -RLQW5HVHDUFK&HQWUHWHFK -6) -RLQW6WULNH)LJKWHU
QLTXHIRU62/$5HQHUJ\7(67V 7KH-6)DPDQQHGFRPEDWDLUFUDIWLVVFKHGXOHGWR
(XUDWRP((&5HVHDUFK3URJUDP HQWHURSHUDWLRQDOVHUYLFHLQ,WZLOOUHSODFH
-5&76(5 -RLQW5HVHDUFK&HQWUH7DUJHWHG6RFLR PDQ\DLUFUDIWLQVHUYLFHDWWKH86$LU)RUFHWKH
(FRQRPLF5HVHDUFK   860DULQHVDQGWKH5R\DO1DY\
(XURSHDQ&RPPXQLW\3URJUDP 0DQQHG&RPEDW$LUFUDIW
-5, -5RWKVFKLOG,QWHUQDWLRQDO -6) 3URJUDP -RLQW6WULNH)LJKWHU3URJUDP
%DQNV )XOO\RSHUDWLRQDOE\
-506 -RLQW5HFHSWLRQDQG0RYHPHQWV6\VWHP -6,$ -DSDQ6RIWZDUH,QGXVWU\$VVRFLDWLRQ
>REVROHWHQRZFDOOHG$'$06@ -6. -LGRVKD6RNRGHQVLJLMXWVX.\RNDL
V\VWqPHG·DFFXHLOHWGHPRXYHPHQWVLQWHUDUPpHV -6.LVD-DSDQHVH$VVRFLDWLRQIRUHOHFWURQLFWHFK
>REVROqWHPDLQWHQDQWDSSHOp$'$06@ QRORJ\,WZDVIRXQGHGLQXQGHUWKHVXSHUYL
-52 -LFDPDUFD5DGDU2EVHUYDWRU\ VLRQRIWKH0LQLVWU\RI)RUHLJQ7UDGH
7KH-LFDPDUFD5DGDU2EVHUYDWRU\LVORFDWHGRXW -6/$ -DSDQ6SHFLDO/LEUDULHV$VVRFLDWLRQ
VLGH/LPD,WZDVEXLOWE\WKH86*RYHUQPHQWLQ -60( -DSDQ6RFLHW\RI0HFKDQLFDO(QJLQHHUV
DQGODWHUGRQDWHGWR3HUX,WLVXVHGWRVWXG\ -60( -RLQW6RLO0RLVWXUH([SHULPHQW
WKHXSSHUDWPRVSKHUH -60) -DPHV60F'RQQHOO)RXQGDWLRQ 86$ 
-6 -RE6WDFNLQJ 7KHVW &HQWXU\6FLHQFH,QLWLDWLYH
&RPSXWHU3URJUDPPLQJ %UDLQ&DQFHU5HVHDUFK%UDLQ0LQGDQG
-6 -RE6WHS %HKDYLRU%ULGJLQJ&RPSOH[6\VWHPV
&RPSXWHU3URJUDPPLQJ -606 MRLQWVSHFWUXPPDQDJHPHQWV\VWHP
-6 -RE6WUHDP V\VWqPHLQWHUDUPpHVGHJHVWLRQGXVSHFWUH
&RPSXWHU3URJUDPPLQJ -627) MRLQWVSHFLDORSHUDWLRQVWDVNIRUFH
-6$ -DSDQHVH6WDQGDUG$VVRFLDWLRQ JURXSHRSpUDWLRQQHOLQWHUDUPpHVSRXUOHVRSpUD
-6% -RLQW6HUYLFH%RDUG>16$@ WLRQVVSpFLDOHV
%XUHDXLQWHUDUPpHV>$21@ -63 MRLQWVXSSRUWSODQ
-6% -RLQW6WRFN%DQN SODQLQWHUDUPpHV RXPL[WH GHVRXWLHQ
-6%* -RLQW6WUXFWXUDO%LRORJ\*URXS -636 -DSDQ6RFLHW\IRUWKH3URPRWLRQRI6FLHQFH
-6& -RKQVRQ6SDFH&HQWHU -DSDQ 
7KH-6&RULJLQDOO\QDPHGWKH0DQQHG6SDFHFUDIW 7KH-636ZDVIRXQGHGLQ,WKDVDQLPSRU
&HQWHUZKHQLWRSHQHGLQ6HSWHPEHUZDV WDQWUROHLQWKHDGPLQLVWUDWLRQRIPDQ\VFLHQWLILF
UHQDPHGWKH/\QGRQ%-RKQVRQ6SDFH&HQWHULQ DQGDFDGHPLFSURJUDPV7KH5HVHDUFKIRUWKH
KRQRURIWKHODWH3UHVLGHQW-RKQVRQLQ7KH )XWXUH3URJUDPLVIXQGHGE\WKH-636
-6&LVDILHOGFHQWHURIWKH1DWLRQDO$HURQDXWLFV -65& -RLQW6XE5HJLRQDO&RPPDQG
DQG6SDFH$GPLQLVWUDWLRQDIHGHUDODJHQF\RIWKH &RPPDQGHPHQWLQWHUDUPpHVVRXVUpJLRQDO
8QLWHG6WDWHV*RYHUQPHQW


-65&&(175( -RLQW6XE5HJLRQDO&RPPDQG -7/6 MRLQWWKHDWUHOHYHOVLPXODWLRQ


&HQWUH VLPXODWLRQLQWHUDUPpHVjO·pFKHOOHGXWKpkWUH
&RPPDQGHPHQWLQWHUDUPpHVVRXVUpJLRQDO&HQWUH -706 MRLQWWKHDWUHPRYHPHQWVWDII
-65&1257+ -RLQW6XE5HJLRQDO&RPPDQG pWDWPDMRULQWHUDUPpHVGHVPRXYHPHQWVVXUOH
1RUWK WKpkWUH
&RPPDQGHPHQWLQWHUDUPpHVVRXVUpJLRQDO1RUG -707$ -DSDQ7UDIILF0DQDJHPHQW7HFKQRORJ\
-65&1257+($67 -RLQW6XE5HJLRQDO $VVRFLDWLRQ
&RPPDQG1RUWK(DVW 7KH-707$ LVD-DSDQHVH$VVRFLDWLRQRUJDQL]HG
&RPPDQGHPHQWLQWHUDUPpHVVRXVUpJLRQDO1RUG E\WKH-DSDQHVH1DWLRQDO3ROLF\$JHQF\,WRSHU
(VW DWHVLQFRQWDFWZLWKWKH-DSDQHVH1DWLRQDO,QVWLWXWH
-65&6287+ -RLQW6XE5HJLRQDO&RPPDQG RI3ROLF\6FLHQFH
6RXWK -X DEEU -XQH
&RPPDQGHPHQWLQWHUDUPpHVVRXVUpJLRQDO6XG $OVR-XQ
-65&6287+&(175( -RLQW6XE5HJLRQDO -8* -RLQW8VHUV*URXS
&RPPDQG6RXWK&HQWUH -XO DEEU -XO\
&RPPDQGHPHQWLQWHUDUPpHVVRXVUpJLRQDO6XG $OVR-\
&HQWUH -XQ DEEU -XQH
-65&6287+($67 -RLQW6XE5HJLRQDO $OVR-Q
&RPPDQG6RXWK(DVW -XQ DEEU -XQLRU
&RPPDQGHPHQWLQWHUDUPpHVVRXVUpJLRQDO6XG $OVR-QU-U
(VW -XQF DEEU MXQFWLRQ
-65&6287+:(67 -RLQW6XE5HJLRQDO $OVRMQMQF
&RPPDQG6RXWK:HVW MXULVS DEEU MXULVSUXGHQFH
&RPPDQGHPHQWLQWHUDUPpHVVRXVUpJLRQDO6XG MXV DEEU MXVWLFH
2XHVW -86( -DSDQHVH8QLRQRI6FLHQWLVWVDQG(QJLQHHUV
-67 -DSDQ6WDQGDUG7LPH -DSDQ 
-67$56 -RLQW6XUYHLOODQFHDQG7DUJHW$WWDFN5DGDU -9 -RLQW9HQWXUH
6\VWHP %XVLQHVV)LQDQFH
V\VWqPHUDGDULQWHUDUPpHVGHVXUYHLOODQFHHWG·DW -9 -XQLRU9DUVLW\
WDTXHG·REMHFWLIV -90V -DYD9LUWXDO0DFKLQHV
-6736 MRLQWVWUDWHJLFWDUJHWSODQQLQJVWDII -DYDLVDSURJUDPPLQJODQJXDJHSLRQHHUHGE\6XQ
pWDWPDMRULQWHUDUPpHVGHSODQLILFDWLRQGHVREMHF 0LFURV\VWHPV
WLIVVWUDWpJLTXHV -:% -HZLVK:HOIDUH%RDUG
-67 &RUSRUDWLRQ -DSDQ6FLHQFHDQG7HFKQRORJ\ -:,' -RLQW:DUULRULQWHURSHUDELOLW\GHPRQVWUDWLRQ
&RUSRUDWLRQ .\RWR-DSDQ  GpPRQVWUDWLRQG·LQWHURSpUDELOLWp´-RLQW:DUULRUµ
-6 WKHRU\ -DFREVRQ6WRFNPD\HUWKHRU\ -\ DEEU -XO\
-7 -DSDQ7REDFFR $OVR-XO
MW DEEU MRLQW -<, -RXUQDORI<RXQJ,QYHVWLJDWRUV
-7 -RLQW7HQDQF\ 7KH-<,EHJDQLQ
-7$$ VHH-$$
YRLU-$$
-W$F -RLQW$FFRXQW
-7% MRLQWWUDQVSRUWDWLRQERDUG
FRPLWpPL[WHGHVWUDQVSRUWV
-7&$ -DSDQ7UDQVSRUW&RQVXOWDQWV$VVRFLDWLRQ
-7&$ -RLQW7DFWLFDO&RPPDQG&RQWURODQG
&RPPXQLFDWLRQV$JHQF\
-7&& MRLQWWUDQVSRUWDWLRQFRRUGLQDWLRQFHQWUH
FHQWUHGHFRRUGLQDWLRQLQWHUDUPpHVGHVWUDQVSRUWV
-7)3 MRLQWWDFWLFDOIXVLRQSURJUDPPH
SURJUDPPHLQWHUDUPpHVGHIXVLRQQHPHQWWDFWLTXH
-7,'6 -RLQW7DFWLFDO,QIRUPDWLRQ'LVWULEXWLRQ
6\VWHP


.$/ .QRZOHGJH$ERXW/DQJXDJH

. .DO6L2 .DOLRSKLOLWH
.DOLRSKLOLWHDOVRNQRZQDV)DFHOOLWH3KDFHOOLWHLV
IRXQGLQEDVHPHQWURFNVDW0W6RPPD,WDO\
NN NDUDW 0LQHUDORJ\
0HWDOOXUJ\ .DO6L2 /HXFLWH
)RUIXUWKHUGHWDLOVVHHXQGHU.W /HXFLWHLVDOVRNQRZQDV*UHQDWLWH:KLWH*DUQHW
. .HOYLQNHOYLQ .DO6L2 0LFURFOLQH
7KHUPRG\QDPLFV 0LQHUDORJ\
. .HQW .DP/$1' .DPLRND/LTXLGVFLQWLOODWRU$QWL
N DEEU NH\ 1HXWULQR'HWHFWRU
%XLOGLQJ(QJLQHHULQJ&RPSXWHU3URJUDPPLQJ .DP/$1'LVDFROODERUDWLRQRI-DSDQHVHDQG
(OHFWULFLW\(OHFWURQLFV*UDSKLF$UWV0HFKDQLFDO 86,QVWLWXWLRQV7KHH[SHULPHQWPD\EHUXQQLQJ
'HYLFHV6\VWHPDWLFV7HOHFRPPXQLFDWLRQV WLOO
N DEEU NH\ERDUG $QWLQHXWULQRV$QWLQHXWULQRV'HWHFWLRQ1HXWULQR
7KHNH\ERDUGLVDVHWRIOHYHUVRUNH\VZKLFKDUH 5HVHDUFK1XFOHDU5HDFWRUV3DUWLFOH3K\VLFV
XVHGWRRSHUDWHDW\SHZULWHUDPDFKLQHDFRPSXW 6RODU1HXWULQRV
HURUDSLDQR .$0 WRUL .ROPRJRURY$UQROG0RVHUWRUL
0HFKDQLFDO(QJLQHHULQJ %LRFKHPLFDO(QJLQHHULQJ&KHPLFDO(QJLQHHULQJ
N NLOR .DQ DEEU .DQVDV 86$ 
. .LQJ $OVR.DQV.6
$OVR.J .$3/ .QROO$WRPLF3RZHU/DERUDWRU\ 86$ 
. .QLJKW .$50(1H[SHULPHQW .$UOVUXKH5XWKHUIRUG
$OVR.QW 0HGLXP(QHUJ\1HXWULQRH[SHULPHQW
. 7KHFKHPLFDOV\PEROIRU3RWDVVLXP &RVPRORJ\3K\VLFV
3RWDVVLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF .$6/,% .DQDJDZD$VVRFLDWLRQRI6SHFLDO
QXPEHUDQDWRPLFZHLJKWRIDQGD /LEUDULHVDQG,QIRUPDWLRQ%XUHDXV
PHOWLQJSRLQWRI$&3RWDVVLXPLVDOVRNQRZQ NDW NDWDO
DV.DOLXP,WLVXVHGLQLQGXVWU\IRUPDQ\SXUSRV (Q]\PRORJ\
HV .$8 .H\VWDWLRQ$GDSWHU8QLW
&KHPLVWU\6\PEROV .$8 DNLORDFFRXQWLQJXQLW
ND DEEU FDWKRGH EWKRXVDQGDFFRXQWLQJXQLWV
(OHFWULFLW\(OHFWURQLFV3K\VLFDO&KHPLVWU\ DNLORXQLWpGHFRPSWH
.$ .H\$FFHVV EPLOOLRQG·XQLWpVGHFRPSWH
&RPSXWHU3URJUDPPLQJ .$9$6 .QRZOHGJH$FTXLVLWLRQ9LVXDOL]DWLRQDQG
N$ NLORDPSHUH $VVHVVPHQW6WXG\
NLORDPSHUHLVDPHWULFXQLWRIHOHFWULFDOFXUUHQW NE DEEU NH\ERDUG
HTXLYDOHQWWRDPSHUHV $OVRNH\EGNEG
0HWURORJ\ )RUIXUWKHUGHWDLOVVHHXQGHUN
.$ .LQDVH$FWLYLW\ .% .H\%RXQFH
.$% .HHS$PHULFD%HDXWLIXO &RPSXWHU7HFKQRORJ\
.$J &1  3RWDVVLXP$UJHQWRF\DQLGH NE NLOREDU
3RWDVVLXP$UJHQWRF\DQLGHDOVRNQRZQDV NLOREDULVDXQLWRISUHVVXUHHTXDOWRRQHWKRXVDQG
&\DQRDUJHQDWH6LOYHU3RWDVVLXP&\DQLGHLVXVHG EDUV
PDLQO\LQVLOYHUSODWLQJ 0HWURORJ\
,QRUJDQLF&KHPLVWU\ .ENE .LOREDVH
.$J &1  6LOYHU3RWDVVLXP&\DQLGH 7KHNLOREDVHLVHTXDOWRRQHWKRXVDQGEDVHV
6LOYHU3RWDVVLXP&\DQLGHLVXVHGPDLQO\DVDQ *HQHWLFV
DQWLVHSWLFDQGLQVLOYHUSODWLQJ .E .LORELW
2UJDQLF&KHPLVWU\ &RPSXWHU7HFKQRORJ\
.$,67 .RUHD$GYDQFHG,QVWLWXWHRI6FLHQFHDQG .% .LORE\WH
7HFKQRORJ\ 7DHMRQ.RUHD  $OVR.E\WHNE\WH
.$. .H\$XWR.H\ NEG DEEU NH\ERDUG


$OVRNENH\EG .& .LQJ


V&RXQVHO
)RUIXUWKHUGHWDLOVVHHXQGHUN .& .LWLQJ&KHHN
.%( .H\ERDUG(QWU\ .& .QLJKWVRI&ROXPEXV
7KHNH\ERDUGHQWU\LVWKHLQIRUPDWLRQPDQXDOO\ 7KH.QLJKWVRI&KULVWRSKHU&ROXPEXVDUHPHP
IHGLQWRDFRPSXWHUPHPRU\IURPDW\SHZULWHU EHUVRIDIUDWHUQDOVRFLHW\RI5RPDQ&DWKROLFPHQ
NH\ERDUGRURWKHUNH\ERDUG .& .QRZOHGJH&RGLQJ
&RPSXWHU3URJUDPPLQJ $UWLILFLDO,QWHOOLJHQFH
.%( .QLJKW&RPPDQGHURIWKH2UGHURIWKH%ULWLVK NFDO NLORFDORULH
(PSLUH *%  )RUIXUWKHUGHWDLOVVHHXQGHUNJFDO NLORJUDP
.%, .H\ERDUG,QTXLU\ FDORULH 
7KHNH\ERDUGLQTXLU\LVDQLQTXLU\UHJDUGLQJSDU .&% .QLJKW&RPPDQGHURIWKH2UGHURIWKH%DWK
WLFXODUDVSHFWVRIWKHFRPSXWHUV\VWHPPDGHE\ .&& .LVDQ&RRUGLQDWLRQ&RPPLWWHH ,QGLD 
PHDQVRIDNH\ERDUG .FHOO .LOOHUFHOO
&RPSXWHU3URJUDPPLQJ ,PPXQRORJ\
.%,60+: .LWFKHQ%DWK,QGXVWU\6KRZ .&) .D\DFN&OXEGH)UDQFH )UDQFH 
0XOWLKRXVLQJ:RUOG .&+2 3RWDVVLXP$FHWDWH
+HOGDW2UODQGR)/2UDQJH&RXQW\&RQYHQWLRQ 3RWDVVLXP$FHWDWHLVXVHGPDLQO\LQPHGLFLQH
&HQWHURQWKWK $SULO 2UJDQLF&KHPLVWU\
86$QQXDO6KRZV N&L .LORFXULH
.ELW .LORELW 7KHNLORFXULHLVHTXLYDOHQWWRRQHWKRXVDQGFXULHV
&RPSXWHU7HFKQRORJ\ 0HWURORJ\
.%2V .XLSHU%HOW2EMHFWV .&O 3RWDVVLXP&KORULGH
.%2VKDYHDVL]HOHVVWKDQDIHZKXQGUHGNLORPH 3RWDVVLXP&KORULGHLVXVHGPDLQO\LQSKDUPDFHXWL
WHUVLQGLDPHWHU1DPHGDIWHUWKH'XWFK$PHULFDQ FDOV
DVWURQRPHWHU*HUDUG.XLSHU   ,QRUJDQLF&KHPLVWU\
$VWURQRP\$VWURSK\VLFV/XQDUDQG3ODQHWDU\ .&O 6\OYLWH
6FLHQFHV 6\OYLWHDOVRNQRZQDV6\OYLQHLVXVHGIRUIHUWLO
)RUIXUWKHUGHWDLOVVHHXQGHU-)&V DQG712V L]HUV
NES NLOREDVHSDLU 0LQHUDORJ\
NESV NLORELWSHUVHFRQG .&0 .LUFKKRII&RGD0LJUDWLRQ
ELWVVHFRQG (DUWK6FLHQFHV
.%U 3RWDVVLXP%URPLGH .&0* .QLJKW&RPPDQGHURIWKH2UGHURI6W
3RWDVVLXP%URPLGHLVXVHGPDLQO\LQVSHFWURVFRS\ 0LFKDHODQG6W*HRUJH
DQGLQSKRWRJUDSK\ .&0,$ NLOOHGFDSWXUHGPLVVLQJLQDFWLRQ
,QRUJDQLF&KHPLVWU\ WXpFDSWXUpGLVSDUXDXFRPEDW
.%6 .D\%HKUHQVPH\HU6LWH (DVW$IULFD  .&06' .DQVDV&LW\0HWURSROLWDQ6FKRRO'LVWULFW
$QWKURSRORJ\ 86$ 
.%6 .QRZOHGJH%DVHG6\VWHPV .&1 3RWDVVLXP&\DQLGH
.QRZOHGJHEDVHGV\VWHPVDUHDOVRNQRZQDV .&1LVXVHGPDLQO\LQHOHFWURSODWLQJDQGLQLQVHF
([SHUW6\VWHPV WLFLGHV
.%6, .RUHD%DVLF6FLHQFH,QVWLWXWH ,QRUJDQLF&KHPLVWU\
.%9 3K\VLFLDQV
$VVRFLDWLRQ *HUPDQ\  .&2 3RWDVVLXP&DUERQDWH
.%\WHNE\WH .LORE\WH 3RWDVVLXP&DUERQDWHDOVRNQRZQDV6DOWRI
$OVR.% 7DUWDU3HDUO$VK3RWDVKLVXVHGLQFRORXU79
.& .DQVDV&LW\86$ WXEHV
.& .H\&KDQJH ,QRUJDQLF&KHPLVWU\
&RPSXWHU3URJUDPPLQJ .&20 .LQNVYLOOH&ROOHJHRI2VWHRSDWKLF0HGLFLQH
.& .H\&RPSUHVVLRQ 86$ 
.H\FRPSUHVVLRQLVDWHFKQLTXHIRUWKHUHGXFWLRQ .&5 .LPEHUOLWH&ODQ5RFN
RIELWVLQDNH\ )RUIXUWKHUGHWDLOVVHHXQGHU.&5V
&RPSXWHU3URJUDPPLQJ .&5& .RZORRQ&DQWRQ5DLOZD\&RPSDQ\ +RQJ
NF NLORFXULH .RQJ 
)RUIXUWKHUGHWDLOVVHHXQGHUN&L .&U2 7DUDSDFjLWH


7DUDSDFjLWHLVIRXQGLQQLWUDWHGHSRVLWVLQ&KLOH .(. +LJK(QHUJ\$FFHOHUDWRU5HVHDUFK


0LQHUDORJ\ 2UJDQL]DWLRQ 7VXNXED-DSDQ 
.&5V .LPEHUOLWH&ODQ5RFNV 7KH,QVWLWXWHIRU1XFOHDU6WXGLHVRIWKH8QLYHUVLW\
(DUWK6FLHQFH*HRVFLHQFHV0DWHULDOV6FLHQFH RI7RN\RZDVPHUJHGLQWR.(.LQ
3ODQHWDU\6FLHQFH .(. NH\HQFU\SWLRQNH\
.&V .HQ\RQ&HOOV FOpGHFKLIIUHPHQWGHFOpV
%LRORJ\,QVHFW2OIDFWRU\6\VWHP1HXURVFLHQFH .(05, .(Q\D0HGLFDO5HVHDUFK,QVWLWXWH
3K\VLRORJ\1HXURSK\VLRORJ\ 0HGLFDO5HVHDUFK
NFV NLORF\FOHVSHUVHFRQG .HQ DEEU .HQWXFN\ 86$ 
.&6& .LQHWLF&LW\6XSHU&UHZ 86$  .(236 .(\VWR2SWLFDO3DFNHW6ZLWFKLQJ
.&6&LVDSURGXFWLRQRIWKH$$$6 (XURSHDQ&RPPXQLW\3URMHFW
)RUIXUWKHUGHWDLOVVHHXQGHU$$$6 .(3 .H\(QWU\3URFHVVLQJ
.&6, .QLJKW&RPPDQGHURIWKH2UGHURIWKH .(3&2 .RUHD(OHFWULF3RZHU&2USRUDWLRQ
6WDURI,QGLD .HU DEEU .HUU\
.&92 .QLJKW&RPPDQGHURIWKH 5R\DO &RXQW\.HUU\,UHODQG
9LFWRULDQ2UGHU .(7 .LHO(OHFWURQ7HOHVFRSH
.' .LOQ'ULHG 8QLYHUVLW\RI.LHODQG&HQWUHG
(WXGH1XFOpDLUH
N' NLORGDOWRQ GH6DFOD\
.' .XZDLW'LQDU .(85 WKRXVDQGHXURV (XURSHDQVLQJOHFXUUHQF\ 
&XUUHQFLHV $OVR.8
.'& NH\GLVWULEXWLRQFHQWUH NHY NLORHOHFWURQ9ROW
FHQWUHGHGLVWULEXWLRQGHFOpV &'&  NLORHOHFWURQYROWLVDXQLWRIHQHUJ\HTXDOWRRQH
.'& .H\'ULYHQ&DOFXODWRU WKRXVDQGHOHFWURQYROWV
$ IRUPHUHOHFWURPHFKDQLFDOGHVNFDOFXODWRU 0HWURORJ\
&RPSXWHU7HFKQRORJ\ .(: NLQHWLFHQHUJ\ZHDSRQ
.'&' .XZDLW'LQDU&HUWLILFDWHRI'HSRVLW DUPHjpQHUJLHFLQpWLTXH
%DQNLQJ%XVLQHVV)LQDQFH NH\EG DEEU NH\ERDUG
.'+ _.HWRJOXWDUDWH'HK\GURJHQDVH $OVRNEGNE
.',LQLWLDWLYH .QRZOHGJHDQG'LVWULEXWHG )RUIXUWKHUGHWDLOVVHHXQGHUN
,QWHOOLJHQFHLQLWLDWLYH .) .H\)LHOG
86,QLWLDWLYHV &RPSXWHU3URJUDPPLQJ
.'0 .H\'LVN0DFKLQH .)N) .LOR)UDQF
&RPSXWHU7HFKQRORJ\ 2QHWKRXVDQGIUDQFV
.'20 .RVRYR'LSORPDWLF2EVHUYDWLRQ0LVVLRQ .)$6 .H\HG)LOH$FFHVV6\VWHP
0LVVLRQG·REVHUYDWLRQGLSORPDWLTXHDX.RVRYR .)$6 .XZDLW)RXQGDWLRQIRUWKH$GYDQFHPHQWRI
.'3* '.HWR'HR[\3KRVSKRJOXFRQDWH 6FLHQFHV .XZDLW 
DOGRODVH .)% .RUHD)LUVW%DQN .RUHD 
.' SULFH .QRFNHG'RZQSULFH .I.3() 1XFOHDU5HVHDUFK&HQWUH .DUOVUXKH
%XVLQHVV)LQDQFH *HUPDQ\ 
.'6 .H\ERDUG'LVSOD\6WDWLRQ .)25 .RVRYR)RUFH
.'6 .H\WR'LVN6\VWHP )RUFHSRXUOH.RVRYR
&RPSXWHU7HFKQRORJ\ .I: .UHGLWDQVWDOWIU:LHGHUDXIEDX
.'7 .H\'DWD7HUPLQDO *HUPDQ([SRUW%DQN
.G9 HTXDWLRQ .RUWHYHJDQGGH9ULHVHTXDWLRQ .J .LORJUDP.LORJUDPPH
0DWHULDOV6FLHQFH0DWKHPDWLFDO3K\VLFV2SWLFDO 0HWURORJ\
3K\VLFV6ROLWDU\:DYHV 6ROLWRQV  .J .LQJ
.( .HQ\D $OVR.
.( .LQHWLF(QHUJ\ .*.* .QLJKWRIWKH2UGHURIWKH*DUWHU
0HFKDQLFV .* .\UJ\]5HSXEOLF>IRUPHUO\NQRZQDV
.(% .RUHD([FKDQJH%DQN .RUHD  .\UJ\]VWDQ@
.(** .\RWR(QF\FORSHGLDRI*HQHVDQG 5pSXEOLTXHNLUJKL]H>DQFLHQQHPHQWDSSHOpH
*HQRPHV .LUJKL]LVWDQ@
&RPSXWHU1HWZRUNV*HQHWLFV NJFDO NLORFDORULH


NLORJUDPFDORULHLVDXQLWRIHQHUJ\HTXDOWRRQH .,36 .QRZOHGJH,QIRUPDWLRQ3URFHVVLQJ6\VWHP


WKRXVDQGVPDOOFDORULHV $UWLILFLDO,QWHOOLJHQFH
0HWURORJ\ .,5 .\RFHUD,PDJH5HILQHPHQW
.*)V .HUDWLQRF\WH*URZWK)DFWRUV .,5V .LOOHUFHOO,QKLELWRU\5HFHSWRUV
&HOO%LRORJ\0ROHFXODU*HQHWLFV,PPXQRORJ\ ,PPXQRORJ\
7LVVXH5HSDLU .,6 .H\ERDUG,QSXW6LPXODWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU'(7&V .LV .LOOLQJVXSSUHVVRU
.*, .HFN*UDGXDWH,QVWLWXWH 86$  $SRSWRVLV&HOO%LRORJ\(XNDU\RWLF&HOOV
$SSOLHG/LIH6FLHQFHV )RUIXUWKHUGHWDLOVVHHXQGHU.LG
.*6 .DQVDV*HRORJLFDO6XUYH\ .,66 .HHS,W6LPSOH6WXSLG
*HRVFLHQFHV 0DQDJHPHQW
.*\ .LORJUD\ .,66 .H\HG,QGH[HG6HTXHQWLDO6HDUFK
.*= VHH.* .,66 .QRZOHGJHEDVHG,QWHUDFWLYH6LJQDOPRQLWRU
YRLU.* LQJ6\VWHP
.+&2 .DOLFLQLWH .,67 .RUHD,QVWLWXWHRI6FLHQFHDQG7HFKQRORJ\
.DOLFLQLWHLVDOVRNQRZQDV.DOLFLQH.DOLFLWH .,7$ .LFN,Q7KH$VV
0LQHUDORJ\ 0DQDJHPHQW
.+) 3RWDVVLXP%LIOXRULGH N- .LORMRXOH
3RWDVVLXP%LIOXRULGHDOVRNQRZQDV)UHP\
V6DOW N-LVDXQLWRIHQHUJ\HTXDOWRRQHWKRXVDQGMRXOHV
LVXVHGPDLQO\LQVROGHUIOX[DQGLQHWFKLQJJODVV 0HWURORJ\
,QRUJDQLF&KHPLVWU\ .- .QHH-HUN
N+] NLORKHUW] .-9 .LQJ-DPHV9HUVLRQ
NLORKHUW]LVDXQLWRIIUHTXHQF\HTXDOWRRQHWKRX $XWKRUL]HG9HUVLRQ $ UHYLVLRQRIWKH(QJOLVK
VDQGKHUW]N+]LVDOVRNQRZQDVNF NLORF\FOH  %LVKRSV
%LEOHFDUULHGRXWXQGHU-DPHV, -DPHV,
3K\VLFV0HWURORJ\ RI(QJODQG 
., .DUROLQVND,QVWLWXWHW 6WRFNKROP6ZHGHQ  ..,// FRPSOHWHNLOO
., .LQJSLQ,QFOLQDWLRQ GHVWUXFWLRQWRWDOH
., 3RWDVVLXP,RGLGH ... .X.OX[.ODQ
.,LVXVHGPDLQO\DVDUHDJHQWDQGLQVSHF ,QWKH86$WKH...LVDVHFUHWIUDWHUQDOVRFLHW\
WURVFRS\ DGYRFDWLQJZKLWHVXSUHPDF\
,QRUJDQLF&KHPLVWU\ .NW .LQJ
V.QLJKW
.,$ NLOOHGLQDFWLRQ &KHVV
WXpDXFRPEDW ..W3 .LQJ
V.QLJKW
V3DZQ
.,$6 .QRW,QGLFDWHG$LUVSHHG &KHVV
.LG .LOOLQJGHWHUPLQDQW NO NLOROLWHUNLOROLWUH
$SRSWRVLV&HOO%LRORJ\(XNDU\RWLF&HOOV NOLVDXQLWRIFDSDFLW\HTXDOWRRQHWKRXVDQGOLWUHV
)RUIXUWKHUGHWDLOVVHHXQGHU.LV 0HWURORJ\
.,' .LQDVH,QGXFLEOH'RPDLQ RI&5(%  ./ .XDOD/XPSXU
%LRORJLFDO&KHPLVWU\3HSWLGH%LRORJ\ ./ 7KHDLUOLQHFRGHIRU./05R\DO'XWFK$LUOLQHV
5HJXODWRU\%LRORJ\ ./$ .DQVDV/LEUDU\$VVRFLDWLRQ 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU&5(% ./$ .HQWXFN\/LEUDU\$VVRFLDWLRQ 86$ 
.,( .LQHWLF,VRWRSH(IIHFW ./$ .HQ\D/LEUDU\$VVRFLDWLRQ .HQ\D 
.,06$& .LRVNEDVHG,QWHJUDWHG0XOWLPHGLD ./$ .RUHDQ/LEUDU\$VVRFLDWLRQ .RUHD 
6HUYLFH$FFHVVIRU&LWL]HQV ./$ .RVRYR/LEHUDWLRQ$UP\
(XURSHDQ&RPPXQLW\3URMHFW ./&( .XDOD/XPSXU&RPPRGLW\([FKDQJH
.,1 7KHDLUSRUWFRGHIRU.LQJVWRQ-DPDLFD ./) .UXSSHO/LNH)DFWRU
.LQF DEEU .LQFDUGLQHVKLUH $ ]LQFILQJHUWUDQVFULSWLRQIDFWRU
.,2 .XZDLW,QYHVWPHQW2IILFH *%  %LRFKHPLVWU\&DQFHU+XPDQ*HQHWLFV
.,36 .LORZDWW,VRWRSH3RZHU6\VWHP 0HGLFLQH0ROHFXODU%LRORJ\7XPRU6XSSUHVVRU
7KH.,36ZDVIRXQGHGE\WKH86(QHUJ\ *HQHV
5HVHDUFKDQG'HYHORSPHQW$GPLQLVWUDWLRQ ./+ .H\KROH/LPSHW+HPRF\DQLQ
:DVKLQJWRQ'&86$  ./+LVDFDUULHUSURWHLQ
7XUELQH3RZHU6\VWHPV &KHPLFDO%LRORJ\&KHPLVWU\


./+ .QLJKWRIWKH/HJLRQRI+RQRXU )UDQFH  )RUIXUWKHUGHWDLOVVHHXQGHU.&


./0 .HUU/HQV0RGHORFNLQJ .RI3 .QLJKWVRI3\WKLDV
2SWLFV4XDQWXP(OHFWURQLFV 7KH.QLJKWVRI3\WKLDVDUHPHPEHUVRIDVHFUHW
./ QHEXOD .OHLQPDQQ/RZ1HEXOD IUDWHUQDORUGHU
$VWURQRP\ .2+ 3RWDVVLXP+\GUR[LGH
NORRM NOXGJH .2+DOVRNQRZQDV3RWDVVLXP+\GUDWHLVXVHG
7KHWHUPNOXGJHLQFRPSXWHUVUHIHUVWRDSRRUSHU PDLQO\DVDIRRGDGGLWLYHDQGLQVRDSPDQXIDF
IRUPDQFHGHYLFHFRPSXWHURUV\VWHPPDGHRI WXUH
PLVPDWFKHGFRPSRQHQWV ,QRUJDQLF&KHPLVWU\
&RPSXWHU7HFKQRORJ\ NRKP NLORKP
./71 3RWDVVLXP/LWKLXP7DQWDODWH1LREDWH NLORKPLVWKHPHWULFXQLWRIHOHFWULFDOUHVLVWDQFH
NPNP .LORPHWHU ZKLFKLVHTXDOWRRQHWKRXVDQGRKPV
NPLVWKHEDVLFXQLWRIOHQJWKHTXDOWR 0HWURORJ\
PHWHUV .2/ .QRZOHGJHDQG2SLQLRQDERXW/DZ
0HWURORJ\ 6RFLRORJ\RI/DZ
.0 .QRZOHGJH0DQDJHPHQW .205/ .HQWXFN\2KLR0LFKLJDQ5HJLRQDO
.0$ .RUHD0HGLFDO$VVRFLDWLRQ .RUHD  0HGLFDO/LEUDU\ 86$ 
.0& NH\PLVVLRQFRPSRQHQW .206$7 6\VWHP.RUHD 0XOWLSXUSRVH6$7HOOLWH
FRPSRVDQWHFOpGHODPLVVLRQ 6\VWHP
N0F .LORPHJDF\FOH .25', .RUHD2FHDQ5HVHDUFKDQG'HYHORSPHQW
.0& VLPXODWLRQV .LQHWLF0RQWH&DUORVLPXODWLRQV ,QVWLWXWH
NPROH NLORPROH .2567,& .RUHD6FLHQFHDQG7HFKQRORJLFDO
.08V .OHLQHXQG0LWWOHUH8QWHUQHKPHQ ,QIRUPDWLRQ&HQWHU
*HUPDQLQLWLDOLVPPHDQLQJ6PDOODQG0HGLXP .26() .2UHD6FLHQFHDQG(QJLQHHULQJ
VL]HG(QWHUSULVHV )RXQGDWLRQ
NQ NQRWV .3 .H\ERDUG3ULQWHU
)RUIXUWKHUGHWDLOVVHHXQGHUNW &RPSXWHU7HFKQRORJ\
.1 .RUHD 1RUWK  NS NH\SXQFK
.1$: 7KH5R\DO1HWKHUODQGV$FDGHP\RI$UWV 7KHNH\SXQFKLVDNH\ERDUGRSHUDWHGGHYLFH
DQG6FLHQFHV $PVWHUGDP7KH1HWKHUODQGV  ZKLFKSXQFKHVKROHVLQFDUGV
'XWFK$FDGHP\ &RPSXWHU7HFKQRORJ\
.1&6 3RWDVVLXP7KLRF\DQDWH .3 .LQJ
V3DZQ
.1&6LVXVHGPDLQO\LQWH[WLOHVDQGLQPHGLFLQH &KHVV
,QRUJDQLF&KHPLVWU\ .3.3 .LWFKHQ3ROLFH
.1(7 .\UJ\]EURDGEDQG6HLVPLF1(7ZRUN .3 .QLJKWRIWKH2UGHURI6W3DWULFN
.U\J\]VWDQ  .3% 3RWDVVLXP3KRVSKDWH%XIIHU
*HRORJ\*HRSK\VLFV6HLVPRORJ\ .3%56 .RUHDQ3HDFH%LRUHVHUYHV6\VWHP
.10(5 .HQ\D1DWLRQDO0XVHXP(DVW5XGROI 7KH.3%56SUHVHUYHVWKHELRGLYHUVLW\RIWKH
$QWKURSRORJ\ .RUHDQ'HPLOLWDUL]HG=RQH
.10, 5R\DO1HWKHUODQGV0HWHRURORJLFDO,QVWLWXWH %LRGLYHUVLW\5HVHDUFK(QYLURQPHQWDO5HVRXUFHV
7KH1HWKHUODQGV  5HVHDUFK
'XWFK,QVWLWXWH NSFNSDUVHF NLORSDUVHF
.13 .LQJ
V.QLJKW
V3DZQ $ GLVWDQFHRIOLJKW\HDUV
&KHVV $VWURQRP\
.QW DEEU .QLJKW NSK NLORPHWHUVSHUKRXU
$OVR. .3+ IDW .LGQH\3HOYLFDQG+HDUWIDW
.R NLORRFWHW .366 .RVRYR3ROLFH6HUYLFH6FKRRO
.LORE\WHLQ)UHQFK eFROHGHSROLFHGX.RVRYR
NR NQRFNRXW NU NLORUDG
0HFKDQLFDO(QJLQHHULQJ .5 .LQJ
V5RRN
.2'& .RUHD2FHDQRJUDSKLF'DWD&HQWHU &KHVV
.RUHDQ&HQWHU .5 .LULEDWL
.RI& .QLJKWVRI&ROXPEXV .5 .QRZOHGJH5HILQLQJ


$UWLILFLDO,QWHOOLJHQFH .6) .RUHD6FLHQFH)RXQGDWLRQ


.5 .QRZOHGJH5HSUHVHQWDWLRQ .6+9 .DSRVL
V6DUFRPDDVVRFLDWFG+HUSHVYLUXV
$UWLILFLDO,QWHOOLJHQFH .6+9 LVDQRQLQWHJUDWHGHSLVRPDO'1$ YLUXV
NU NURQDSONURQRU .6L) +LHUDWLWH
7KHFXUUHQF\XQLWRI6ZHGHQ 6. DQG,FHODQG 0LQHUDORJ\
,.  .62 $UFDQLWH
&XUUHQFLHV $UFDQLWHKDVSURSHUWLHVUHVHPEOLQJWKRVHRI
NU NURQHSONURQHU PDVFDJQLWH
7KHFXUUHQF\XQLWRI'HQPDUN '.U  0LQHUDORJ\
&XUUHQFLHV .62 3RWDVVLXP6XOIDWH
.U 7KHFKHPLFDOV\PEROIRU.U\SWRQ 3RWDVVLXP6XOIDWHLVXVHGPDLQO\LQPHGLFLQHDQG
.U\SWRQLVDJDVHRXVHOHPHQWKDYLQJWKHDWRPLF LQJODVVPDQXIDFWXUH
QXPEHUDQDWRPLFZHLJKWRIDQGDPHOW ,QRUJDQLF&KHPLVWU\
LQJSRLQWRI$&7KHZRUG.U\SWRQGHULYHV .65 .H\ERDUG6HQG5HFHLYH
IURPD*UHHNWHUPPHDQLQJVHFUHW 7KHNH\ERDUGVHQGUHFHLYHLVDOVRNQRZQDV
&KHPLVWU\6\PEROV .H\ERDUG7HOHSULQWHU
.5,66 .RUHDQ5HVHDUFK,QVWLWXWHRI6WDQGDUGVDQG (OHFWURQLFV
6FLHQFH .RUHD  .66 .HDUQV6D\UH6\QGURPH
.53 .LQJ
V5RRN
V3DZQ .67 .QRZQ6HJPHQW7DEOH
&KHVV .67$5IDFLOLW\ .RUHD6XSHUFRQGXFWLQJ7RNDPDN
NUV NXUXV $GYDQFHG5HVHDUFKIDFLOLW\
.XUXVLVWKHWKSDUWRID7XUNLVKOLUD &RPSOHWHGLQ
&XUUHQFLHV )XVLRQ5HVHDUFK3K\VLFV6XSHUKHDWHG3ODVPDV
.59 .LOKDP
V5DW9LUXV .68 .DQVDV6WDWH8QLYHUVLW\ 86$ 
9LURORJ\ NWNW NDUDW
.6 `.HWRDF\O6\QWKDVH NDUDWLVWKHXQLWIRUPHDVXULQJWKHILQHQHVVRIJROG
&KHPLVWU\3KDUPDFHXWLFDO6FLHQFHV LQDQDOOR\
.6 DEEU .DQVDV 86$  0HWDOOXUJ\
$OVR.DQ.DQV .7 .H\7DSH
.6 .DSRVL
V6DUFRPD .7 .H\7UDQVIRUPDWLRQ
.DSRVL
V6DUFRPDLVDWXPRUFKDUDFWHUL]HGE\SXU &RPSXWHU3URJUDPPLQJ
SOHEORWFKHVRQWKHVNLQ,WDIIHFWVPDLQO\HOGHUO\ NW NLORWRQ
JD\PHQ NLORWRQLVHTXDOWRWKHH[SORVLYHSRZHURIRQH
(SLGHPLRORJ\3DWKRORJ\ WKRXVDQGPHWULFWRQVRI717
.6 .QRZOHGJH6RXUFH 0HWURORJ\
$UWLILFLDO,QWHOOLJHQFH )RUIXUWKHUGHWDLOVVHHXQGHU717
.6 .RUHD 6RXWK  .W .QLJKW
.6 3RWDVVLXP6XOILGH &KHVV
.6LVXVHGPDLQO\LQPHGLFLQH NW DEEU NQRW
,QRUJDQLF&KHPLVWU\ $OVRNQ
.6$ .LQJVIRUG6PLWK$LUSRUW6LGQH\$XVWUDOLD $QDWRP\&KHPLVWU\(QJLQHHULQJ)RUHVWU\
.6$ LVRSHUDWHGE\6$&/ 0DWKHPDWLFV0HWURORJ\
)RUIXUWKHUGHTDLOVVHHXQGHU6$&/ .7 .RUHD7HOHFRP
.6$ .QRZOHGJH6NLOOVDQG$ELOLW\ .7 LV6WDWHUXQ
.6$0 .H\HG6HTXHQWLDO$FFHVV0HWKRG .7 ERXQGDU\ &UHWDFHRXV7HUWLDU\ERXQGDU\
&RPSXWHU3URJUDPPLQJ 3DOHRQWRORJ\
.6$V .QRZOHGJH6NLOOVDQG$ELOLWLHV .7'6 .H\7R'LVN6RIWZDUH
(PSOR\PHQW4XDOLILFDWLRQ5HTXLUHPHQWVIRU .7+ .XQJO7HNQLVND+|JVNRODQ 6ZHGHQ 
3RVLWLRQV 5R\DO,QVWLWXWHRI7HFKQRORJ\
.6E2 3RWDVVLXP$QWLPRQDWH 7HFKQLFDO8QLYHUVLWLHV
3RUWDVVLXP$QWLPRQDWHLVDOVRNQRZQDV .73 3RWDVVLXP7LWDQ\O3KRVSKDWH
3RWDVVLXP6WLEQDWH .76 .H\WR7DSH6\VWHP
,QRUJDQLF&KHPLVWU\ &RPSXWHU7HFKQRORJ\


.76WUDQVLWLRQ .RVWHUOLW]7KRXOHVVWUDQVLWLRQ %XVLQHVV&RPPHUFH


3K\VLFV6XSHUIOXLG7UDQVLWLRQ .:)7 .HQ\D:RPHQ)LQDQFH7UXVW .HQ\D 
.8 .DQVDV8QLYHUVLW\ 86$  .= .D]DNKVWDQ
.8 .XZDLW
.8% .LGQH\8UHWHUDQG%ODGGHU
.8%UXVVHO .DWKROLHNH8QLYHUVLWHLW%UXVVHO
%HOJLDQ8QLYHUVLW\
.8/ .DWKROLHNH8QLYHUVLWHLW/HXYHQ
%HOJLDQ8QLYHUVLW\
.8/23 .HQW8QLRQ/LVW2I3HULRGLFDOV
.9 .H\9DOXH
&RPSXWHU3URJUDPPLQJ
.9 .H\9HULI\
&RPSXWHU3URJUDPPLQJ
N9N9NY NLORYROW
N9 LVDXQLWRISRWHQWLDOGLIIHUHQFHHTXDOWRRQH
WKRXVDQGYROWV
0HWURORJ\
N9$NYD NLORYROWDPSHUH
N9$ LVDPHWULFXQLWRIDSSDUHQWSRZHULQDOWHUQDW
LQJFXUUHQWHTXDOWRRQHWKRXVDQGYROWDPSHUHV
0HWURORJ\
.9/ 7KH5R\DO9HWHULQDU\DQG$JULFXOWXUDO
8QLYHUVLW\
'DQLVK8QLYHUVLW\
.90 .RVRYRYHULILFDWLRQPLVVLRQ
0LVVLRQGHYpULILFDWLRQDX.RVRYR
N9S NLORYROWVSHDN
.: .H\ZRUGRU.H\:RUG
&RPSXWHU3URJUDPPLQJ
N:N:NZ NLORZDWW
N: LVHTXDOWRRQHWKRXVDQGZDWWV
0HWURORJ\
.:' .LGQH\:RUP'LVHDVH
.:'LVDOVRNQRZQDV6ZLQH.LGQH\:RUP
,QIHFWLRQ
9HWHULQDU\0HGLFLQH
.:K.:KU NLORZDWWKRXU
.ZKLVHTXDOWRZDWWKRXUV
0HWURORJ\
.:,& LQGH[ .H\:RUG,Q&RQWH[WLQGH[
&RPSXWHU3URJUDPPLQJ
.:2& LQGH[ .H\:RUG2XWRI&RQWH[WLQGH[
&RPSXWHU3URJUDPPLQJ
.:3 .H\ZRUG3DUDPHWHU
&RPSXWHU3URJUDPPLQJ
.:6 .HQ\D:LOGOLIH6HUYLFH
:LOGOLIH&RQVHUYDWLRQ
.:6 .H\ZRUG6HDUFK
&RPSXWHU3URJUDPPLQJ
.\.< DEEU .HQWXFN\ 86$ 
N\%3 WKRXVDQG\HDUV%HIRUHWKH3UHVHQW
.<& .QRZ<RXU&XVWRPHU


/ /X[HPEXUJ·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW

/ WHU
/ WKH5RPDQQXPHUDOIRU
/D 7KHFKHPLFDOV\PEROIRU/DQWKDQXP
/ O ODERXU /DQWKDQXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRP
0HGLFLQH LFQXPEHUDQDWRPLFZHLJKWRIDQGD
/ /DPEHUW PHOWLQJSRLQWRI$&
/DPEHUWLVDXQLWRIEULJKWQHVV &KHPLVWU\6\PEROV
2SWLFV /$ /DRV
/ /DQJUDQJLDQ /$ /DZ$JHQW
0HFKDQLFV /$ /DZ$VVRFLDWLRQ
OODQJXDJH /$ /HJD$UDED
&RPSXWHU3URJUDPPLQJ/LQJXLVWLFV ,WDOLDQDFURQ\PPHDQLQJ$UDE/HDJXH
/ /DWLQ /$ /HJDO$VVHWV
/DQJXDJHV %XVLQHVV)LQDQFH
/ O OHDJXH /$ /HJLVODWLYH$VVHPEO\
0HWURORJ\ /$ /HWWHURI$XWKRULW\
/ OOHDUQHU %XVLQHVV)LQDQFH
/ /HJJH /$ /LEUDU\$VVRFLDWLRQ
/DZLQ,WDOLDQ /$ /LJKW$OOR\
OOHQJWK /$ /LTXLG$VVHWV
0HWURORJ\ %XVLQHVV)LQDQFH
O OHYRURWDWRU\ /$ /RFDO$FFXUDF\
6FLHQFH 5RERWLFV
O OLJKW /$ /RFDO$XWKRULW\
$UFKLWHFWXUH2SWLFV /$/D /RXLVLDQD 86$ 
/ /LQHU /$ /RV$QJHOHV 86$ 
O OLQN /$$ /LEUDU\$VVRFLDWLRQRI$OEHUWD &DQDGD 
$OVRON /$$ OLJKWDQWLDLUFUDIWDUWLOOHU\
&DUWRJUDSK\&LYLO(QJLQHHULQJ'HVLJQ DUWLOOHULHDQWLDpULHQQHOpJqUH $$/ 
(QJLQHHULQJ7HOHFRPPXQLFDWLRQV7UDQVSRUWDWLRQ OXWWHDQWLDpULHQQH>GpIHQVHDpULHQQHQDYDOH
(QJLQHHULQJ XQLTXHPHQW@
O OLTXLG DQWLDLUZDUIDUH $$:  >QDYDODLUGHIHQFH
3K\VLFV RQO\@
/ O OLUD /$ 5 ORJLVWLFVDUPDPHQWVDQGUHVRXUFHV
$OVR,7/ ORJLVWLTXHDUPHPHQWVHWUHVVRXUFHV
1RZ(852(85 8 %HFDPH(&8 (XURSHDQ /$$3'V /DUJH$UHD$YDODQFKH3KRWRGLRGHV
VLQJOHFXUUHQF\ ZLWKHIIHFWIURP-DQXDU\ &RORU6FDQQLQJ(PLVVLRQ6SHFWURVFRS\0HGLFDO
&XUUHQFLHV ,QVWUXPHQWDWLRQ6FLQWLOODWLRQ'HWHFWLRQ
/ /LVWHG /$$6 /DERUDWRLUHG·$XWRPDWLTXHHWG·$QDO\VHGHV
6HFXULWLHV 6\VWqPHV )UDQFH 
O OLWHUOLWUH 2IWKH&15 7RXORXVH)UDQFH 
0HWURORJ\ /$$:& ORFDODQWLDLUZDUIDUHFRRUGLQDWRU
O ORFDO FRRUGRQQDWHXUORFDOGHODOXWWHDQWLDpULHQQH
0DWKHPDWLFV0HGLFLQH6FLHQFH7UDQVSRUWDWLRQ /DEODE DEEU ODERUDWRULR
(QJLQHHULQJ ,WDOLDQDEEUHYLDWLRQPHDQLQJODERUDWRU\
/ /RQGRQ /$% /DERUDWRULR$QDOLVL%LRPHGLFKH ,WDO\ 
/ /RUG ODE DEEU ODERXU
OOXPEHU 0HGLFLQH
0DWHULDOV /DE DEEU /DEUDGRU &DQDGD 
/ O /XQHGu /$% /LEUDU\$VVRFLDWLRQRI%DUEDGRV
0RQGD\LQ,WDOLDQ /$% ORZDOWLWXGHERPELQJ
ERPEDUGHPHQWjEDVVHDOWLWXGLQH


/$% /RZ$QJOH%RXQGDU\ /DQG$WPRVSKHUH,QWHUDFWLRQV0HWHRURORJ\


/$%7,&2 /$%RUDWRULR7HFQRORJLH&2JQLWLYH 3ODQW%LRORJ\
,WDO\  /$, /LEUDU\$VVRFLDWLRQRI,UHODQG
,WDOLDQ/DERUDWRU\ /$, 7KHDLUOLQHFRGHIRU/LQHH$HUHH,WDOLDQH
/$& /DQJXDJH$FTXLVLWLRQ&HQWHU /$,&306 /DVHU$EODWLRQ,QGXFWLYHO\&RXSOHG
8QLYHUVLW\RI7H[DVDW$UOLQJWRQ 86$  3ODVPD0DVV6SHFWURVFRS\
/$& /DUJH$UHDSURSRUWLRQDO&RXQWHU (DUWK6FLHQFHV,VRWRSH*HRFKHPLVWU\
/$& /HJDSHUO·$EROL]LRQHGHOOD&DFFLD ,WDO\  3HWURJUDSK\
/$& /LEUDU\$VVRFLDWLRQRI&KLQD 7DLZDQ  /$/& ORFDODLUORJLVWLFFRRUGLQDWRU
/$& VHH/2$& FRRUGRQQDWHXUORFDOGHODORJLVWLTXHDpULHQQH
YRLU/2$& /$/) /LPXOXV$QWL/36)DFWRU
/$& /RFDO$UHD&RYHUDJH %LRFKHPLVWU\0ROHFXODU0HGLFLQH6WUXFWXUDO
/$& /RQGRQ$WKOHWLF&OXE %LRORJ\
/$&() /DERUDWRULRSHUOD&RPXQLFD]LRQH )RUIXUWKHUGHWDLOVVHHXQGHU/36
(FRQRPLFDH)LQDQ]LDULD ,WDO\  /$//6 GHWHFWRU /RZ$QJOH/DVHU/LJKW6FDWWHULQJ
,WDOLDQDFURQ\PRIWKH/DERUDWRU\IRU(FRQRPLF GHWHFWRU
DQG)LQDQFLDO&RPPXQLFDWLRQ8QLYHUVLWj /$0 /DERUDWRULR$QDOLVL0HGLFKH ,WDO\ 
&RPPHUFLDOH/XLJL%RFFRQL0LODQR,WDO\ ,WDOLDQ/DERUDWRU\
/D&O‡+2 /DQWKDQXP&KORULGH /$0 /$ERUDWRULRGLULFHUFDVXO0XWDPHQWR
/DQWKDQXP&KORULGHLVXVHGWRSUHSDUHODQWKDQXP VRFLDOH
,QRUJDQLF&KHPLVWU\ ,WDOLDQDFURQ\PPHDQLQJ5HVHDUFK/DERUDWRU\RQ
/DFPD /RV$QJHOHV&RXQW\0XVHXPRI$UW 6RFLDO&KDQJH
86$  /$0 /LEUDU\$VVRFLDWLRQRI0DOD\VLD
/$&20 /$ERUDWRULR&2QWUROOR0LFURELRORJLFR /$0 /LPLWHG$UHD0RGHO
,WDO\  /$0 /LSRDUDELQRPDQQDQ
0LFURELRORJLFDO&RQWURO ,PPXQRORJ\/\PSKRF\WH%LRORJ\0LFURELRORJ\
/$&7 /HDVH$XWRPDWLF&XVWRG\7UDQVIHU 5KHXPDWRORJ\
3HWUROHXP(QJLQHHULQJ /$0 /RQJLWXGLQDO$FRXVWLF0RGH
/$' /DQJXDJH$FTXLVLWLRQ'HYLFH ODP 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
/$' /DUJH$UHD'HWHFWRU XVLQJWKH$UDELFZRUG´ODPµZKLFKLVWKHWZHQW\
/$'% /DERUDWRU\$QLPDO'DWD%DQN WKLUGOHWWHURIWKH$UDELFDOSKDEHW
/$'V /DVW$SSHDUDQFH'DWXPV /$0$ /DUJH$SHUWXUH0LUURU$UUD\
)RVVLO0DPPDOV3DOHRQWRORJ\ LGHQWLFDOWHOHVFRSHVLQDPHWHUZLGHFLUFXODU
/$'6 OLPLWHGDLUGHIHQFHV\VWHP DUUD\
V\VWqPHGHGpIHQVHDpULHQQHOLPLWpH $VWURQRP\
/$'6,5/$& /LYHUSRRO$QG'LVWULFW6FLHQWLILF /$0&,&306LVRWRSLFDQDO\VHV /DVHU$EODWLRQ
,QGXVWULDODQG5HVHDUFK/LEUDU\$GYLVRU\&RXQFLO 0XOWLSOH&ROOHFWRU,QGXFWLYHO\&RXSOHG3ODVPD
/$) /DQFH$UPVWURQJ)RXQGDWLRQ 0DVV6SHFWURPHWU\LVRWRSLFDQDO\VHV
7KH/$)LVORFDWHGLQ7H[DV86$ *HRORJLFDO6FLHQFHV/HDG,VRWRSH6WUDWLJUDSK\
$ZDUGV)HOORZVKLSV8URORJLF&DQFHU 3DOHRFHDQRJUDSK\
/D) /RXLVLDQD)UHQFK /$0() /RV$ODPRV0HGLXP(QHUJ\)DFLOLW\
)UHQFKDVVSRNHQLQ/RXLVLDQD /$0267 /DUJH$UHD0XOWL2EMHFWILEHU
/DQJXDJHV 6SHFWURVFRSLF7HOHVFRSH &KLQD 
/$) /\PSKRF\WH$FWLYDWLQJ)DFWRU /$0267 LVDSRZHUIXOLQVWUXPHQWD+PHWHU
0HGLFLQH ILHOGWHOHVFRSHIRUFROOHFWLQJVSHFWUDIURPQXPHU
/$)7$ /DWLQ$PHULFDQ)UHH7UDGH$VVRFLDWLRQ RXVJDOD[LHVFRQVWUXFWHGDW;LQJORQJ6WDWLRQ
/$*(26 /$VHU*HRGHWLF(DUWK2UELWLQJ6DWHOOLWH &KLQD 
/$+ OLWKLXPDOXPLQXPK\GULGH $VWURQRP\*DOD[LHV
,QRUJDQLF&KHPLVWU\ /$03 /HJDO$XWKRULW\DQG0HQWDO3DWLHQW
/$, /HDI$UHD,QGH[ 86$ 
7KHOHDIDUHDLQGH[LVDFWXDOO\WKHRQHVLGHGDUHD /$03 /\VRVRPH$VVRFLDWHG0HPEUDQH3URWHLQ
RIDOHDISHUXQLWRIJURXQGDUHD 
$WPRVSKHULF5HVHDUFK$WPRVSKHULF6FLHQFHV /$03 IDFLOLW\ /RV$ODPRV0HVRQ3K\VLFVIDFLOLW\


$OVR/$03) /$1V/DQV /RFDO$UHD1HWZRUNV


3URWRQ$FFHOHUDWRUV /$16&( /RV$ODPRV1HXWURQ6FDWWHULQJ&HQWHU
/$03&$/ /$0LQDWHG3ODWH&$/FXODWLRQV 86$ 
/$036 OLJKWDLUERUQHPXOWLSXUSRVHV\VWHP 'HIHQVH([SORVLYH7HVWLQJ6WRFNSLOH6WHZDUGVKLS
V\VWqPHOpJHUSRO\YDOHQWDpURSRUWp :HDSRQV'HVLJQ
/$06 ORFDODUHDPLVVLOHV\VWHP /$17,51 /RZ$OWLWXGH1DYLJDWLRQDQG7DUJHWLQJ
V\VWqPHGHPLVVLOHGHGpIHQVHGH]RQHUDSSURFKpH ,QIUDUHGIRU1LJKW
/$1/DQ /RFDO$UHD1HWZRUN $YLDWLRQ
&RPSXWHU6FLHQFH /$2 /DR·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHUV
/$1 7KHDLUSRUWFRGHIRU/DQVLQJ0LFKLJDQ /$2 /HIW$QWHULRU2EOLTXH
86$ /$2 /HIW$VVRFLDWLYH2SHUDWRU
/$1$ /DWHQF\$VVRFLDWHG1XFOHDU$QWLJHQV &RPSXWHU6FLHQFH
$,'65HVHDUFK0HGLFLQH /D2 /DQWKDQXP2[LGH
/DQF DEEU /DQFDVWHU/DQFDVKLUH *%  /DQWKDQXP2[LGHLVXVHGPDLQO\LQRSWLFDOJODVV
/DQFV DEEU /DQFDVKLUH *%  /$3 /HXNRF\WH$ONDOLQH3KRVSKDWDVH
$OVR/DQF /$3 /RFDO$QDO\VLVDQG3UHGLFWLRQ
/$1'&(17 $OOLHG/DQG)RUFHV&HQWUDO(XURSH /$3$ OXWWHDQWLSRUWHDYLRQV
>REVROHWH@ DQWLFDUULHUZDUIDUH $&: 
)RUFHVWHUUHVWUHVDOOLpHVGX&HQWUH(XURSH /$3% /LQN$FFHVV3URWRFRO%DODQFHG
>REVROqWH@ /$3' /LQN$FFHVV3URWRFRO'LJLWDO
/ ' /RDQVDQG'LVFRXQWV /$3,6 /LEHUD$VVRFLD]LRQHSHULO3URJUHVVR
%XVLQHVV&RPPHUFH GHOO·,6WUX]LRQH ,WDO\ 
/$1'-87 $OOLHG/DQG)RUFHV6FKOHVZLJ+ROVWHLQ ,WDOLDQDFURQ\PRIWKH)UHH$VVRFLDWLRQIRUWKH
DQG-XWODQG>REVROHWH@ 3URJUHVVRI(GXFDWLRQ
)RUFHVWHUUHVWUHVDOOLpHVGX6FKOHVZLJ+ROVWHLQHW ODSLV 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
GX-XWODQG>REVROqWH@ ,WDOLDQZRUG´ODSLVµZKLFKPHDQVSHQFLO$OVR
/$1'6$7 DEEU /$1'6$7HOOLWH PDWLWD
/$1'6287+ $OOLHG/DQG)RUFHV6RXWKHUQ /$32 /RV$QJHOHV3KLOKDUPRQLF2UFKHVWUD
(XURSH>REVROHWH UHSODFHGE\-65&6287+@ 86$ 
)RUFHVWHUUHVWUHVDOOLpHVGX6XG(XURSH>REVROqWH /$36 /LJKW$GGUHVVDEOH3RWHQWLRPHWULF6HQVRU
UHPSODFpSDU-65&6287+@ /$36 /RFDO$QDO\VLVDQG3UHGLFWLRQ6\VWHP
/$1'6287+&(17 $OOLHG/DQG)RUFHV6RXWK /$3 WLVVXH O\RSKLOL]HGDQWHULRUSLWXLWDU\WLVVXH
&HQWUDO(XURSH>REVROHWHUHSODFHGE\-+4 /$3: FDOFXODWLRQV /LQHDUL]HG$XJPHQWHG3ODQH
6287+&(17@ :DYHFDOFXODWLRQV
)RUFHVWHUUHVWUHVDOOLpHVGX&HQWUH6XG(XURSH *HRSK\VLFV+LJK3UHVVXUH5HVHDUFK
>REVROqWHUHPSODFpSDU-+46287+&(17@ /$3: HOHFWURQLFVWUXFWXUHPHWKRGV /LQHDUL]HG
/$1'6287+($67 $OOLHG/DQG)RUFHV6RXWK $XJPHQWHG3ODQH:DYHHOHFWURQLFVWUXFWXUHPHWK
(DVWHUQ(XURSH>REVROHWHUHSODFHGE\-65& RGV
6287+($67@ &KHPLFDO(QJLQHHULQJ*HRORJ\*HRSK\VLFV
)RUFHVWHUUHVWUHVDOOLpHVGX6XG(VW(XURSH +LJK3UHVVXUH5HVHDUFK 0DWHULDOV0DWKHPDWLFV
>REVROqWHUHPSODFpSDU-65&6287+($67@ 3ODQHWDU\ 3K\VLFV6XSHUFRPSXWHUV
/DQ( /DQ(PXODWLRQ /$3]` /DPLQ$VVRFLDWHG3RO\SHSWLGH`
3URWRFROV &\WRPHJDORYLUXV(OHFWURQ0LFURVFRS\
)RUIXUWKHUGHWDLOVVHHXQGHU/DQ /$4 /DERUDWRULGLULFHUFD$OWD4XDOLWj ,WDO\ 
ODQJ DEEU ODQJXDJH ,WDOLDQ5HVHDUFK/DERUDWRULHV
/$1*7$* /$1*XDJHSODQ7$VN*URXS 6RXWK /$5/HXFRDQWKRF\DQLGLQ5HGXFWDVH
$IULFD  %LRFKHPLVWU\&HOO%LRORJ\
/$1/ /RV$ODPRV1DWLRQDO/DERUDWRU\ /$5 ORFDODFTXLVLWLRQUDGDU
%LRVFLHQFH'LYLVLRQ 86$  UDGDUG·DFTXLVLWLRQORFDO
&RPSXWDWLRQDO%LRORJ\(QYLURQPHQWDO%LRORJ\ /$5$/ /LEHUD$VVRFLD]LRQH5LFHUFD$SSOLFDWD
*HQRPLFV0HDVXUHPHQW6FLHQFH 'LDJQRVWLFV /HWWXUDH/HWWHUDWXUD ,WDO\ 
0HGLFDO$SSOLFDWLRQV0ROHFXODU6\QWKHVLV ,WDOLDQ5HVHDUFK$VVRFLDWLRQ
6WUXFWXUDO%LRORJ\ /$5& /DQJOH\5HVHDUFK&HQWHU 86$ 


1$6$·V/$5&KDVEHHQGHDOLQJZLWKQHZWHFK /$6&6 /LJKW$FWLYDWHG6LOLFRQ&RQWUROOHG6ZLWFK


QRORJLHVHYHUVLQFH0DQ\/$5&LQQRYD (OHFWURQLFV
WLRQVVKRZSURPLVHDVFRPPHUFLDOSURGXFWVIRU /$6(5 /LJKW$PSOLILFDWLRQE\6WLPXODWHG
HYHU\GD\XVH7KH&HQWHUZRUNVWRLPSURYHWKH (PLVVLRQRI5DGLDWLRQ
HFRQRP\VHFXULW\DQGTXDOLW\RIOLIH/$5&SUR /$6(5 /RQGRQ$QG6RXWK(DVW5HJLRQDO6\VWHP
JUDPVLQFOXGH6WUXFWXUHVDQG0DWHULDOV5HVHDUFK /$6) OXWWH DXGHVVXV GH OD VXUIDFH
$YLDWLRQ6DIHW\DQG(IILFLHQF\6SDFH$FFHVV VXUIDFHZDUIDUH 6:  
7HFKQRORJ\7UDQVIHU /$6+ OLJKWHUDERDUGVKLS
/$5& /LJKWHU$PSKLELRXV5HVXSSO\&UDIW 1DYLUHSRUWHEDUJHV
/$5,&( /RPEDUG\$5HD,QQRYDWLRQ&HQWUH /$6,( /LEUDU\$XWRPDWHG6\VWHPV,QIRUPDWLRQ
0LODQ,WDO\ ([FKDQJH
/$51 /LYHOOLGL$VVXQ]LRQH5DFFRPDQGDWLGLHQHU /$6 MRXUQDO /DERUDWRU\$QLPDO6FLHQFHMRXUQDO
JLDH1XWULHQWL 2IWKH$PHULFDQ$VVRFLDWLRQIRU/DERUDWRU\
)RRG,QWDNH $QLPDO6FLHQFH
ODUU OLQHDUDFFHOHUDWRUUHJHQHUDWRUUHDFWRU /$6/ /RV$ODPRV6FLHQWLILF/DERUDWRU\ 86$ 
1XFOHRQLFV /$60 OXWWHDQWLVRXVPDULQH
/$56 ODVHUDLGHGURFNHWV\VWHP DQWLVXEPDULQHZDUIDUH $6: 
V\VWqPHGHURTXHWWHVDVVLVWpSDUODVHU /$66 /DELOH$JJUHJDWLQJ6WLPXODWLQJ6XEVWDQFH
OLJKWDUWLOOHU\URFNHWV\VWHP /$6625 /RV$ODPRV6ROLG6WDWH2SWLFDO
V\VWqPHGHURTXHWWHVG·DUWLOOHULHOpJqUH 5HIULJHUDWRU
ORZDOWLWXGHUDGDUV\VWHP )LUVW*HQHUDWLRQ/DVHU&U\RFRROHUV
V\VWqPHGHUDGDUjEDVVHDOWLWXGH /$6:& ORFDODQWLVXEPDULQHZDUIDUHFRPPDQGHU
/$6 /DERUDWRU\$QLPDO6FLHQFH RUFRRUGLQDWRU 
/$6 /LEUDU\$VVRFLDWLRQRI6LQJDSRUH FRPPDQGDQW RXFRRUGRQQDWHXU GHOXWWHDQWL
/$6 /LEUHWWL$6VHJQL VRXVPDULQH
,WDOLDQDFURQ\PPHDQLQJFKHFNERRNVFKHTXH /DW DEEU /DWLQ
ERRNV ODW DEEU ODWLWXGH
/$6 /LQHDU$ON\O6XOIRQDWH /DW DEEU /DWYLD
/$6 /LQIR$GHQRSDWLD6LVWHPLFD /$7 /LQNHUIRU$FWLYDWLRQRI7 &HOOV
0HGLFLQH &DQFHU5HVHDUFK&HOOXODU%LRORJ\0ROHFXODU
/$6 /RZ$QJOH;UD\6FDWWHULQJ %LRORJ\+XPDQ'HYHORSPHQW
/$6 7KHDLUSRUWFRGHIRU/DV9HJDV1HYDGD /$7 /RFDO$SSDUHQW7LPH
86$ /$7(; /RXLVLDQD7H[DV([SHULPHQW
/$6$ /DUJH$SHUWXUH6HLVPLF$UUD\ 86([SHULPHQWV
/$6&2 /$ERUDWRU\IRU6XUYHLOODQFHDQG /$7,1 DEEU /$7HUDO,1LWLDWLRQ 0ROHFXODU
&2QWDLQPHQW &RQWURORI (XURSHDQ&RPPXQLW\
&RQVWUXFWLRQVWDUWHGHQG7KHILUVWH[SHUL /$7V /DWHQF\$VVRFLDWHG7UDQVFULSWV
PHQWDOVHWXSLQDVLPXODWHGVWRUDJHDUHDZDV /$76 /RQJ$FWLQJ7K\URLG6WLPXODWRU
GHVLJQHGXVLQJURERWVDQGVXUYHLOODQFHGHYLFHVIRU (QGRFULQRORJ\
LQYHQWRU\YHULILFDWLRQV-RLQW5HVHDUFK&HQWHU /$77 /LEUDU\$VVRFLDWLRQRI7ULQLGDGDQG7REDJR
&RPPLVVLRQRIWKH(XURSHDQ&RPPXQLWLHV /$8' /LQJXLVWLF$JHQF\8QLYHUVLW\RI'XLVEXUJ
/$6&2LQVWUXPHQW /DUJH$QJOH6SHFWURPHWULF *HUPDQ\ 
&RURQDJUDSKLQVWUXPHQW62+2·V /$8. /LEUDU\$VVRFLDWLRQ *% 
3ODQHWDU\6FLHQFH /$85$ /RRN$VN8VH5HYLHZ$VVRFLDWH
)RUIXUWKHUGHWDLOVVHHXQGHU62+2 $ 0DQDJHPHQWPHWKRG  RI7LPH
ODVFR 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ 0DQDJHPHQW,QWHUQDWLRQDO
XVLQJWKH,WDOLDQZRUG´ODVFRµZKLFKPHDQVLQ /$8752 /LIH$VVXUDQFHDQG8QLW7UXVW
,WDOLDQVODFNORRVH 5HJXODWRU\2UJDQLVDWLRQ *% 
/$6&5 /LJKW$FWLYDWHG6LOLFRQ&RQWUROOHG /$9 /HXNHPLDO\PSKRWURSLF9LUXV
5HFWLILHU 9LURORJ\
7KH/$6&5LVDOVRNQRZQDV3KRWRWK\ULVWRU /$9 OLJKWDUPRXUHGYHKLFOH
3KRWR6&5 YpKLFOHEOLQGpOpJHU 9%/ 
(OHFWURQLFV /$9 /\PSKDGHQRSDWK\$VVRFLDWHG9LUXV


7KH$,'6YLUXVLVDOVRNQRZQDV/$9 )LQDQFH
9LURORJ\ /%2 /LWKLXP7ULERUDWH
/$: OLJKWDQWLWDQNZHDSRQ /%3 /LSRSRO\VDFFKDULGH%LQGLQJ3URWHLQ
DUPHDQWLFKDUOpJqUH )RUIXUWKHUGHWDLOVVHHXQGHU/%3V
/$:6 /DVHU$WPRVSKHULF:LQG6RXQGHU /%3 /36%LQGLQJ3URWHLQ
/$; 7KHDLUSRUWFRGHIRU/RV$QJHOHV,QWHUQDWLRQDO %LRFKHPLVWU\0ROHFXODU0HGLFLQH6WUXFWXUDO
$LUSRUW/RV$QJHOHV&DOLIRUQLD86$ %LRORJ\
/% /DYDWRU\%DVLQ )RUIXUWKHUGHWDLOVVHHXQGHU/36
%XLOGLQJV /%3V /LSRSRO\VDFFKDULGH%LQGLQJ3URWHLQV
/% /HJDO%RQG %LRFKHPLVWU\0ROHFXODU0HGLFLQH6WUXFWXUDO
%XVLQHVV)LQDQFH %LRORJ\
/% /RFDO%DWWHU\ /%6 /DQG%DVHG6RXUFHV RIPDULQHSROOXWLRQ 
7KHWHUPORFDOEDWWHU\UHIHUVWRWKHEDWWHU\XVHGIRU /%6 /RQGRQ%XVLQHVV6FKRRO *% 
WHOHJUDSKLFVWDWLRQUHFRUGLQJPHDQV /%7 /DERUDWRULR%LRSROLPHUL7HFQRORJLFL
(OHFWULFLW\ ,WDOLDQLQLWLDOLVPRIWKH7HFKQRORJLFDOELRSRO\
/% /RJLF%RPE PHUV/DERUDWRU\
OE SRXQG /%7 /DUJH%LQRFXODU7HOHVFRSH
/%DQN /DQGHVNUHGLHWEDQN%DGHQ:UWWHQEHUJ $ MRLQWSURMHFWZLWKWKH$UFHWUL2EVHUYDWRU\LQ
*HUPDQ\  ,WDO\WKH5HVHDUFK&RUSRUDWLRQRI7XFVRQ
/%% 7KHDLUSRUWFRGHIRU/XEERFN7H[DV86$ $UL]RQDDQG2KLR6WDWH8QLYHUVLW\ 86$ 
/%& /HEDQHVH%URDGFDVWLQJ&RPSDQ\ /HEDQRQ  $VWURQRP\(FRORJ\(QGDQJHUHG6SHFLHV
/%' /LJDQG%LQGLQJ'RPDLQ (QYLURQPHQW
0HGLFLQH0HQRSDXVH3KDUPDFRORJ\ /%70 /DUJH%DVLQ7XUQRII0RGHO
/%( /RQJ%LOORI([FKDQJH /%: /RZ%LUWK:HLJKW
OEI SRXQGIRUFH 0HGLFLQH
0HWURORJ\ /& /DQJXDJH&RQYHUWHU
/%ILOP /DQJPXLU%ORGJHWWILOP (VVHQWLDOO\/DQJXDJH&RQYHUWHULVDGHYLFHZKLFK
7KH/%ILOPPD\EHXVHGDVDELRVHQVRUDQGLQ WUDQVODWHVDFHUWDLQIRUPRIGDWDLQWRDQRWKHU
ILHOGVVXFKDVQRQOLQHDURSWLFVPROHFXODUHOHFWURQ &RPSXWHU7HFKQRORJ\
LFVDQGRWKHUV /& /DWH&KDUJH
%LRFKHPLVWU\&KHPLVWU\1XFOHDU(QJLQHHULQJ %XVLQHVV&RPPHUFH
3K\VLFDO&KHPLVWU\ /& /HFFR,WDO\
/%* 7KHDLUSRUWFRGHIRU/H%RXUJHW3DULV /& /HJDO&DSLWDO
)UDQFH %XVLQHVV)LQDQFH
/%+% /RZ%DUULHU+\GURJHQ%RQG /& /HJJHVXOOD&DPELDOH
/%, /HJJHVXL%UHYHWWL,QGXVWULDOL ,WDOLDQ/DZV
,WDOLDQLQLWLDOLVPPHDQLQJ/DZFRQFHUQLQJ /& /HWWHU&RGH
,QGXVWULDO3DWHQWV 7KHOHWWHUFRGHLVD%DXGRWFRGHIXQFWLRQZKLFKLV
/%, /OR\GV%DQN,QWHUQDWLRQDO XVHGWRFDQFHOHUURUVVRWKDWWKHUHFHLYLQJWHUPLQDO
/%,& /LJKW%HDP,QGXFHG&XUUHQW SULQWVQRWKLQJ
OEO ODEHO &RPSXWHU7HFKQRORJ\
$UFKLWHFWXUH&RPSXWHU3URJUDPPLQJ /& /& OF OF /HWWHURI&UHGLW
/%/ /DZUHQFH%HUNHOH\/DERUDWRU\ 86$  %DQNLQJ&RPPHUFH
7KH/%/ LVD86QDWLRQDOODERUDWRU\DIILOLDWHG OF OHXUFRPSWH
ZLWKWKH8QLYHUVLW\RI&DOLIRUQLDDQGIXQGHGE\ )UHQFKLQLWLDOLVPPHDQLQJWKHLUDFFRXQW
WKH86'2( /& /HYHO&RQYHUWHU
)RUIXUWKHUGHWDLOVVHHXQGHU'2( (OHFWURQLFV
/%0 /DVHU%HDP3ULQWHU OF OHYHOFURVVLQJ
*UDSKLF$UWV /& /HYHUDJH&RQWUDFW
/%0 /HJJHVXLEUHYHWWLD0DUFKL G·LPSUHVD  %XVLQHVV)LQDQFH
,WDOLDQLQLWLDOLVPPHDQLQJ/DZFRQFHUQLQJ3DWHQWV /& /LEHUDWLRQ&RPPLWWHH
DQG7UDGHPDUNV /& /LEUDU\RI&RQJUHVV 86$ 
/%2 /HYHUDJHG%X\2XW 86$  /& /LIH&\FOH


%LRORJ\ /&& /LEUDU\RI&RQJUHVV&ODVVLILFDWLRQ 86$ 


/& /LQHDU&RQWURO /&& /LIH&\FOH&RVW
7HOHFRPPXQLFDWLRQV /&& /RQGRQ&KDPEHURI&RPPHUFH *% 
/& /LQHRI&UHGLW /&&/&& /RQGRQ&RXQW\&RXQFLO *% 
%XVLQHVV)LQDQFH /&' /HDVW&RPPRQ'HQRPLQDWRU
/& /LTXLG&URPDWRJUDSK\ 0DWKHPDWLFV
$QDO\WLFDO&KHPLVWU\ /&' /LTXLG&U\VWDO'LVSOD\
/& /LTXLG&U\VWDO $SSOLHG3K\VLFV(PEU\RQLF6FLHQFH
)RUIXUWKHUGHWDLOVVHHXQGHU/&V 0DFURPROHFXOHV
/& /LVWHG&RPSDQ\ /&' /RZ&RVW'ULIWHU
%XVLQHVV)LQDQFH /&(ODWHVWFRVWHVWLPDWH
/& /RDQ&DSLWDO DGHUQLqUHHVWLPDWLRQGHFR€W '(& 
%XVLQHVV)LQDQFH EHVWLPDWLRQGHFR€WODSOXVUHFHQWH
/& /RFDO&DEOH /&( /RQGRQ&RPPRGLW\([FKDQJH *% 
7HOHFRPPXQLFDWLRQV /&)$ OLJQHGHFRRUGLQDWLRQGHVIHX[G·DSSXL
/& /RFDO&RQWURO ILUHVXSSRUWFRRUGLQDWLRQOLQH )6&/ 
7HOHFRPPXQLFDWLRQV /&)$ /RQJ&KDLQ)DWW\$FLG
/& /RFDWLRQ&RXQWHU /&) OLIH /RZ&\FOH)DWLJXHOLIH
&RPSXWHU3URJUDPPLQJ /&*8 /RFDO&HUHEUDO*OXFRVH8WLOL]DWLRQ
/& /RJLFDO&RQVWUXFWLRQ $XGLWRU\3URFHVVLQJ1HXURVFLHQFH3V\FKRORJ\
&RPSXWHU3URJUDPPLQJ /&+ /RQGRQ&OHDULQJ+RXVH *% 
/&/& /RQGRQ&ODXVH /&+ /LIH&\FOH+\SRWKHVLV
6KLSSLQJ /&+4 ORFDOFRPPDQGKHDGTXDUWHUV
/&/& /RUG&KDQFHOORU *%  TXDUWLHUJpQpUDOGHFRPPDQGHPHQWORFDO
/&OF ORZHUFDVH /&,& /HYHUKXOPH&HQWUHIRU,QQRYDWLYH&DWDO\VLV
/&$ /DVW&RPPRQ$QFHVWRU *% 
3K\ORJHQHWLF7UHH &DWDO\VW&KDUDFWHUL]DWLRQ*HQLWRXULQDU\
/&$ ODXQFKFRQWURODUHD 0HGLFLQH,QQRYDWLYH&DWDO\VLV0HGLFDO
]RQHGHFRQWU{OHGHODQFHPHQW 0LFURELRORJ\0ROHFXODU,PPXQRJHQHWLFV
/&$ /LWKRFKROLF$FLG 1DQRVWUXFWXUH3UHSDUDWLRQ
7KH/&$ LVWKHVHFRQGDU\ELOHDFLGZKLFKLVKHSD /&/ OHVVWKDQFDUORDG
WR[LFDQGDQHQWHULFFDUFLQRJHQ /&/ /LIWLQJ&RQGHQVDWLRQ/HYHO
%LRFKHPLVWU\*HQH([SUHVVLRQ0HGLFLQH /LIWLQJ&RQGHQVDWLRQ/HYHOLVDOVRNQRZQDV
0ROHFXODU%LRSK\VLFV3KDUPDFRORJ\ ,VHQWURSLF&RQGHQVDWLRQ/HYHO
/&$ /RQGRQ&RXUWRI$UELWUDWLRQ *%  0HWHRURORJ\
/&$& ODQGLQJFUDIWDLUFXVKLRQ /&/ /\PSKREODVWRLG&HOO/LQHV
HQJLQGHGpEDUTXHPHQWVXUFRXVVLQG·DLU /&/$ /XWKHUDQ&KXUFK/LEUDU\$VVRFLDWLRQ
/&$2 /LQHDU&RPELQDWLRQRI$WRPLF2UELWDOV /&/( SKDVHV /LTXLG&RQGHQVHG/LTXLG([SDQGHG
/&$5 ORZFRYHUDJHDFTXLVLWLRQUDGDU SKDVHV
UDGDUG·DFTXLVLWLRQEDVVHFRXYHUWXUH 2UJDQLF&KHPLVWU\
/&$7 /HFLWKLQ&KROHVWHURO$F\OWUDQVIHUDVH /&/6 /LQDF&RKHUHQW/LJKW6RXUFH
HQ]\PH  $Q;UD\)(/ VFKHGXOHGIRU
/&% /LQH&RQWURO%ORFN )RUIXUWKHUGHWDLOVVHHXQGHU)(/ DQGOLQDF
/&& ODQGFRPSRQHQWFRPPDQG HU  /&/V /\PSKREODVWRLG&HOO/LQHV
FRPPDQGHPHQW FRPPDQGDQW GHFRPSRVDQWH /&0 /DVHU&DSWXUH0LFURGLVVHFWLRQ
WHUUHVWUH 0DOLJQDQW3DQFUHDWLF&DQFHU&HOOV
OLIHF\FOHFRVW /&0 /HDVW&RPPRQ0XOWLSOH
FR€WJOREDOGHSRVVHVVLRQ &*3  0DWKHPDWLFV
ORFDOFRQWUROFHQWUH /&0 /LQN&RQWURO0HVVDJH
FHQWUHGHGLUHFWLRQORFDOH 7HOHFRPPXQLFDWLRQV
ORJLVWLFVFRRUGLQDWLRQFHQWUH /&0 /RJLF&RQWUROOHG0HFKDQLVP
FHQWUHGHFRRUGLQDWLRQORJLVWLTXH &&/  /&0 /RZHVW&RPPRQ0XOWLSOH
/&& /DQJXDJHDQG&RQYHUVDWLRQDO&RPSXWLQJ /&0 /\PSKRF\WLF&KRULRPHQLQJLWLV


/& PDWHULDOV /LTXLG&U\VWDOOLQHPDWHULDOV IRUHPDWHULDOVWKDW\LHOGJRRGUHVXOWVZKHQXVHG


/&09 /\PSKRF\WLF&KRULRPHQLQJLWLV9LUXV IRURSWLFDOVZLWFKLQJDQGLPDJHVWRUDJH
0HGLFLQH0LFURELRORJ\9LURORJ\ $SSOLHG3K\VLFV%LRFKHPLVWU\&KHPLVWU\
/&1 /D&RVD1RVWUD ,WDO\  &U\VWDOORJUDSK\0DFURPROHFXOHV0DWHULDOV
,WDOLDQLQLWLDOLVPPHDQLQJ7KHPDILD 6FLHQFH
/&1 /LQNHG&OXVWHU1HWZRUN /&66$3 /RZ&RVW6LOLFRQ6RODU$UUD\3URMHFW
&KHPLFDO(QJLQHHULQJ(OHFWULFDODQG&RPSXWHU /&7576 /DQJXDJHV&RPSLOHUVDQG7RROVIRU
(QJLQHHULQJ 5HDO7LPH6\VWHPV
/&1 ORDGFODVVLILFDWLRQQXPEHU /&7V /DUJH&XWWLQJ7RROV
DLQGLFHGHIRUFHSRUWDQWH %RVH/LWKLF7HFKQRORJ\*HRORJ\*HRSK\VLFV
EQXPpURGHFODVVLILFDWLRQGHFKDUJH 3K\VLFDO$QWKURSRORJ\3DOHRDQWKURSRORJ\
/&QHXURQV /RFXV&RHUXOHXVQHXURQV 9HUWHEUDWH3DOHRQWRORJ\
1HXURVFLHQFH /&8 /DNH&RXQW\8SOLIW
/&175 DEEU /RFDWLRQ&RXQWHU /&8 /DQGLQJ&UDIW8WLOLW\
/&2 VXSHUFRQGXFWLQJ /DQWKDQXP&RSSHU2[LGH /&9 /DQGLQJ&UDIW9HKLFOH
6XSHUFRQGXFWLYLW\ /&9 /\PSKRFU\SWRYLUXV
/&3 OHDVHGFLUFXLWSURJUDPPH ,PPXQRORJ\0HGLFLQH9LURORJ\
SURJUDPPHGHORFDWLRQGHFLUFXLWV /&9' /DVHUDVVLVWHG&KHPLFDO9DSRU'HSRVLWLRQ
/&30 /DERUDWRLUHGH&KLPLH3K\VLTXH /&9V /DUJH&RPSRXQG9HVLFOHV
0ROpFXODLUH /DXVDQQH6ZLW]HUODQG  &KHPLVWU\
6ZLVV/DERUDWRU\ /' 'RFWRURI/HWWHUV
/&5 /HWWHURI&5HGLW /' /DQJXHGH'pSDUW
/&5 /HWWUHGH&KDUJH5HOHYpH )UHQFKLQLWLDOLVPPHDQLQJVRXUFHODQJXDJH
%XVLQHVV&RPPHUFH 7UDQVODWLRQ
/&5 /LJDVH&KDLQ5HDFWLRQ /' /DWLVVLPXV'RUVL
/&5 /LTXLGH&pSKDORUDFKLGLHQ 7KH/'LVWKHZLGHVWPXVFOHRIWKHERG\
)UHQFKLQLWLDOLVPPHDQLQJ&HUHEURVSLQDO)OXLG $QDWRP\
3K\VLRORJ\ /' /HDUQLQJ'LVDELOLWLHV
/&5 /RFXV&RQWURO5HJLRQ %LRPHGLFDO6FLHQFHV3V\FKRORJ\
7UDQVFULSWLRQ /' /HWKDO'RVH
/&5 /RQGRQDQG&RQWLQHQWDO5DLOZD\V /'LVDOVRNQRZQDV)DWDO'RVH
/&5LVWKHVSRQVRURIWKHOLQNIURP/RQGRQWRWKH 7R[LFRORJ\
FKDQQHO /' /HWWHURI'HSRVLW
/&5& /DNH&KDPSODLQ5HVHDUFK&RQVRUWLXP /G DEEU /LPLWHG
/&V /DQJHUKDQV&HOOV $OVR/WG OWG
1DPHGIRUWKH*HUPDQDQDWRPLVW3DXO /'/LQH'ULYHU
/DQJHUKDQV /LQHGULYHULVDOVRNQRZQDV/LPLWHG'LVWDQFH
+LVWRORJ\1HZ9DFFLQHV 0RGHP
/&6 /DQJXDJHDQG&RPPXQLFDWLRQ7UDLQLQJ &RPSXWHU 7HFKQRORJ\
%HOJLXP  /' /LQNDJH'LVHTXLOLEULXP
/&6 /DUJHFDSDFLW\&RUH6WRUDJH (SLGHPLRORJ\*HQRPH5HVHDUFK*HQHWLFV
/&6 /HWWR&RQIHUPDWRH6RWWRVFULWWR 0HGLFLQH0ROHFXODU%LRORJ\
,WDOLDQLQLWLDOLVPPHDQLQJUHDGFRQILUPHGDQG /G OG OLTXLGLWjGLIIHULWH
XQGHUVLJQHG8VXDOO\SXWDWWKHERWWRPRIOHJDO ,WDOLDQLQLWLDOLVPPHDQLQJGHIHUUHGDVVHWV
GHHGVEHIRUHWKHVLJQDWXUHIRULQVWDQFHFURVV %XVLQHVV(FRQRPLFV)LQDQFH
H[DPLQDWLRQTXHVWLRQLQJPLQXWHVDQGWKHOLNH /'/RJLF'HVLJQ/RJLF'LDJUDP
/&V /LQHDU&RPELQDWLRQV &RPSXWHU 7HFKQRORJ\
3K\VLFV /'/RJLFDO'HYLFH
/&6 /LQHDU&RQWURO6\VWHP /RJLFDOGHYLFHLVDOVRNQRZQDV/RJLFDO8QLW
/&V /LTXLG&U\VWDOV &RPSXWHU3URJUDPPLQJ
/LTXLGFU\VWDOVSUHVHQWLPSRUWDQWSURSHUWLHVVXFK /'/RQGRQ'RFNV *% 
DVKLJKUHVROXWLRQDQGVHQVLWLYLW\7KH\DUHWKHUH /' /RQJ'D\
/G DEEU /RUG


/' /\ELDQ'LQDU OGJ GHOU\ ODQGLQJ DQGGHOLYHU\


&XUUHQFLHV 6HD7UDQVSRUW
/'$ /LQHDU'LVFULPLQDQW$QDO\VLV /'*2 /DPRQW'RKHUW\*HRORJLFDO2EVHUYDWRU\
/'$ LVDOLQHDUVWDWLVWLFDOWHFKQLTXH /'+ /DFWDWH'HK\GURJHQDVH
/'$ /RFDO'HQVLW\$SSUR[LPDWLRQ /DFWDWH'HK\GURJHQDVHLVDOVRNQRZQDV/DFWLF
*HRSK\VLFV+LJK3UHVVXUH5HVHDUFK 'HK\GURJHQDVH,WZDVGLVFRYHUHGLQWKHVE\
0DWKHPDWLFV3ODQHWDU\3K\VLFV DELRFKHPLVWRIWKH1RUWKZHVWHUQ8QLYHUVLW\
/'$ /RFDOL]HUW\SH'LUHFWLRQDO$LG ,OOLQRLV86$
1DYLJDWLRQ (Q]\PRORJ\
/'$ /RQGRQ'HYHORSPHQW$JHQF\ /'. 'HPRFUDWLF/HDJXHRI.RVRYR
7KH/'$ LVFRQGXFWLQJUHVHDUFKWRLGHQWLI\ZKHUH /'.6 /RYDVWDWLQ'LNHWLGH6\QWKDVH
JDSVH[LVWLQWKHGHVLJQDQGFUHDWLYHLQGXVWULHV %DFWHULRORJ\&KHPLVWU\/RYDVWDWLQ%LRV\QWKHVLV
HGXFDWLRQILQDQFHPHGLDPHGLFLQHELRWHFKQROR 3KDUPDF\3RO\NHWLGH6\QWKDVH
J\DQGPDQXIDFWXULQJ,WVLQQRYDWLRQVWUDWHJ\LV OGO ORVVGXULQJORDGLQJ
IRFXVHGRQFUHDWLQJDFXOWXUHRILQQRYDWLRQ ,QVXUDQFH6HD7UDQVSRUW
DPRQJVWVPDOODQGPHGLXPVL]HGHQWHUSULVHVDQG /'/ /RZ'HQVLW\/LSRSURWHLQ
XQLYHUVLWLHV %LRFKHPLVWU\6WUXFWXUDO%LRORJ\
/'$ LFH /RZ'HQVLW\$PRUSKRXVLFH /'/,6& /LJDQG'ULYHQ/LJKW,QGXFHG6SLQ
7KHUPRG\QDPLFV &KDQJHV
)RUIXUWKHUGHWDLOVVHHXQGHU+'$ LFH $SSOLHG3K\VLFV&U\VWDOORJUDSK\,QRUJDQLF
/'$3/GDS /RFDO'LUHFWRU\$FFHVV3URWRFRO &KHPLVWU\0DJQHWLVP2SWLFV
/'%DQTXH /'/RXLV'UH\IXV%DQTXH /'/5 /'/ UHFHSWRU
/'&/HDVW'HYHORSHG&RXQWU\/HVV'HYHORSHG 7KH/'/5DPRQJRWKHUWKLQJVUHJXODWHVFKROHV
&RXQWU\ WHUROKRPHRVWDVLVLQPDPPDOLDQFHOOV
/'& 7KH,QWHUQDWLRQDO /RQGRQ'XPSLQJ )RUIXUWKHUGHWDLOVVHHXQGHU/'/
&RQYHQWLRQ /'0 /XPLQHVFHQW'LVK0RQLWRU
1XFOHDU:DVWH %LRORJ\%LRORJ\,QIRUPDWLFV%LROXPLQHVFHQFH
/'FRQGLWLRQV /LJKW'DUNFRQGLWLRQV /'PHWKRG /LQHDU'LFKURLVPPHWKRG
%LRORJLFDO7LPLQJ /'06 /DVHU'HVRUSWLRQ0DVV6SHFWURPHWU\
/'&V /HDVW'HYHORSHG&RXQWULHV/HVV'HYHORSHG /'23$ /GLK\GUR[\SKHQXODODQLQH
&RXQWULHV /'23$ LVXVHGWRWUHDW3DUNLQVRQ·VGLVHDVH
/'F\FOHV /LJKW'DUNF\FOHV ZKLFKRFFXUVIURPGHJHQHUDWLRQRIGRSDPLQHUJLF
/'' DHULDO /RQJ'LVWDQFH'LVSHUVDO QHXURQV
$JULFXOWXUDO6FLHQFHV(SLGHPLRORJ\3ODQW /'26 /RFDO'HQVLW\2I6WDWHV
3URWHFWLRQ6WUHVV%LRORJ\ $SSOLHG3K\VLFV0LFURVFRS\3K\VLFV
OGG ORVVGXULQJGLVFKDUJH /'3 /LEHUDO'HPRFUDWLF3DUW\ -DSDQ 
,QVXUDQFH6HD7UDQVSRUW /'5OGU /LQHDUDFFHOHUDWRU'ULYHQ5HDFWRU
/''1 /DERUDWRU\IRU'UXJ'LVFRYHU\LQ 1XFOHRQLFV
1HXURGHJHQHUDWLRQ 86$  /'UDWLR /HQJWKWR'LDPHWHUUDWLR
7KH/''1LVDQRWIRUSURILWELRWHFKQRORJ\ODER (QJLQHHULQJ
UDWRU\RSHUDWLQJXQGHUWKH+DUZDUG0HGLFDO /'5&V/HDUQLQJ'LVDELOLW\5HVHDUFK&HQWHUV
6FKRROXPEUHOOD 7KHQHWZRUNRI/'5&VZDVFUHDWHGLQWKH86$
$O]KHLPHU·V'LVHDVH$P\RWURSKLF/DWHUDO LQZLWKDYLHZWRLPSURYHNQRZOHGJHRIWKH
6FOHURVLV0XOWLSOH6FOHURVLV3DUNLQVRQ·V'LVHDVH GLDJQRVLVDQGWUHDWPHQWRIOHDUQLQJGLVDELOLW\
/') /HJDO'HIHQVH)XQG1<86$ %LRPHGLFDO6FLHQFHV3V\FKRORJ\
/') /\PH'LVHDVH)RXQGDWLRQ /'5' /DERUDWRU\'LUHFWHG5HVHDUFKDQG
7KH/\PH'LVHDVH)RXQGDWLRQLVORFDWHGDW 'HYHORSPHQW
+DUWIRUG&RQQHFWLFXW 86$  /'5'IXQG /DERUDWRU\'LUHFWHG5HVHDUFKDQG
$OOHUJ\,QIHFWLRXV'LVHDVHV /\PH'LVHDVH 'HYHORSPHQWIXQG
0LFURELRORJ\ $QDFFRXQWFUHDWHGE\WKH86&RQJUHVVLQ
OGJ DEEU ODQGLQJ /'55 /DERUDWRU\RI'LDJQRVWLF5DGLRORJ\
6HD7UDQVSRUW 5HVHDUFK
OGJ DEEU ORDGLQJ 2IWKH861,+


'LDJQRVWLF5DGLRORJ\5HVHDUFK %LRPHGLFDO5HVHDUFK %UHDVW&DQFHU


)RUIXUWKHUGHWDLOVVHHXQGHU1,+ /($' /XSXV(U\WKpPDWHX[$LJX'LVVpPLQp
/'6 ODXQFKGHWHFWLRQVDWHOOLWH )RUIXUWKHUGHWDLOVVHHXQGHU/('
VDWHOOLWHGHGpWHFWLRQGHODQFHPHQW /($'(; DEEU /($'(;SHULPHQW
/'6 /LFHQWLDWHLQ'HQWDO6XUJHU\ /($*/RQGRQ (DVW$QJOLDQ([DPLQLQJ%RDUG
/'6 /RFDO'LVWULEXWLRQ6\VWHP /($5 /RZ(QHUJ\$QWLSURWRQ5LQJ
/'66(VRXUFH /DVHU'HVRUSWLRQDQG6XSHUVRQLF $QWLPDWWHU3K\VLFV
([SDQVLRQVRXUFH /(%0 /DERUDWRULR(XURSHRGL%LRORJLD0ROHFRODUH
/'7 /DEHO'DWD7\SH (&
&RPSXWHU3URJUDPPLQJ ,WDOLDQLQLWLDOLVPRIWKH(XURSHDQ/DERUDWRU\IRU
/'7 /LFHQVHG'HSRVLW7DNHU 0ROHFXODU%LRORJ\
%DQNLQJ)LQDQFH (XURSHDQ/DERUDWRULHV
/'7) /DUJH'\QDPLF7HVW)DFLOLW\ ,VSUD,WDO\  /(& /DQ(PXODWLRQ&OLHQW
OGY ODJJHGGHSHQGHQWYDULDEOHV /(& ORFDOO\HPSOR\HGFLYLOLDQ>DOVRFDOOHG/(3 
6WDWLVWLFV VSHFLILFWR6)25.)25@
/'; /HYLWDWHG'LSROH([SHULPHQW FLYLOHPSOR\pORFDOHPHQW>DXVVLDSSHOp/(3 SUR
7KH/';DFROODERUDWLRQEHWZHHQ0,7 DQG SUHjOD6)25.)25@
&ROXPELD8QLYHUVLW\EHJDQRSHUDWLRQLQPLG /(&$0 /HFWLQ&HOOXODU$GKHVLRQ0ROHFXOH
 /(&3 LQVWUXPHQW /RZ(QHUJ\&KDUJHG3DUWLFOH
)XVLRQ3ODVPD6FLHQFH LQVWUXPHQW
/( /HDGLQJ(GJH ,QVWUXPHQWDERDUG9R\DJHU
'HVLJQ(QJLQHHULQJ3K\VLFV /(&V /RFDO(QWHUSULVH&RXQFLOV *% 
/( /HEDQRQ %ULWLVK&RXQFLOV
/( /HFFH,WDO\ OHFW DEEU OHFWXUHOHFWXUHU
/H OHRQH OHG DEEU OHGJHU
7KHFXUUHQF\XQLWRI6LHUUD/HRQH /(' /LJKW(PLWWLQJ'LRGH
&XUUHQFLHV /('VLJQVXVHRQO\DERXWZDWWVDQGODVW
/(/LQH(GLWRU \HDUV7KHOLIHF\FOHFRVWRI/('VLJQVLVDERXW
&RPSXWHU 7HFKQRORJ\ OHVVWKDQDFRPSDFWIOXRUHVFHQWODPSDQG
/(/LQNDJH(GLWRU DERXWOHVVWKDQDQLQFDQGHVFHQWODPS
/LQNDJH(GLWRULVDOVRNQRZQDV/LQN(GLWRU /('6LJQV
&RPSXWHU3URJUDPPLQJ /(' /REE\(XURSHDGHOOH'RQQH
/(/LQNDJH(TXLOLEULXP ,WDOLDQDFURQ\PPHDQLQJ:RPHQ(XURSHDQ
/(/RJLF(OHPHQW /REE\/('ZDVIRXQGHGLQDQGIXQGHGE\
&RPSXWHU 7HFKQRORJ\ WKH(XURSHDQ&RPPXQLW\
/(/RJLF(UURU /(' /XSXV(U\WKpPDWHX[DLJX'LVVpPLQp
&RPSXWHU3URJUDPPLQJ )UHQFKDFURQ\PPHDQLQJ6\VWHPLF/XSXV
/(/( /RZ([SORVLYH (U\WKHPDWRVXV
0DWHULDOV6FLHQFH 0HGLFLQH
/( /\DSXQRY([SRQHQWV /('$ /XQDU(XURSHDQ'HPRQVWUDWLRQ$SSURDFK
1RQOLQHDU'\QDPLFV3RSXODWLRQ'\QDPLFV /XQDU3URJUDPV
/( /\FRSHUVLFRQ(VFXOHQWXP /('V /LJKW(PLWWLQJ'HYLFHV
/($ /DZ(QIRUFHPHQW$VVRFLDWHV 86$  /(('/HHG /RFDO(FRQRPLFDQG(PSOR\PHQW
8QGHU9HKLFOH,QVSHFWLRQ6\VWHP 'HYHORSPHQW
OHD DEEU OHDJXH /(('LVDQLQLWLDWLYHRI2(&'
0HWURORJ\ /RFDO'HYHORSPHQW
OHD DEEU OHDYH )RUIXUWKHUGHWDLOVVHHXQGHU2(&'
/($ /RFDO(GXFDWLRQ$XWKRULW\ *%  /((' /RZ(QHUJ\(OHFWURQ'LIIUDFWLRQ
/($ /RZ([FHVV$LU 6ROLG6WDWH3K\VLFV
/($$ /DZ(QIRUFHPHQW$VVLVWDQFH$GPLQLVWUDWLRQ /((LQLWLDWLYH /LIHDQG(DUWK(QYLURQPHQWVLQLWLD
86$  WLYH 86$ 
/($'/HDGHUVKLS(GXFDWLRQDQG$GYRFDF\ (QYLURQPHQWDO5HVHDUFK
'HYHORSPHQW 86$  /((0 /RZ(QHUJ\(OHFWURQ0LFURVFRS\


/((6 /HXFRHPHUDOGLQH(PHUDOGLQH6DOW /(62/DERUDWRLUHG·(QHUJLH62ODLUH


/() /LIH([WHQVLRQ)RXQGDWLRQ )UHQFKDFURQ\PRIWKH6RODU(QHUJ\/DERUDWRU\
/()LVEDVHGLQ)RUW/DXGHUGDOH)ORULGD86$ /(62LVORFDWHGLQ/DXVDQQH 6ZLW]HUODQG 
/(IDFWRU /XSXV(U\WKHPDWRVXVIDFWRU /(66 /HDVWFRVW(6WLPDWLQJDQG6FKHGXOLQJ
0HGLFLQH %XVLQHVV(FRQRPLFV)LQDQFH
/()0 /LQHDU(ODVWLF)UDFWXUH0HFKDQLFV /(67 /DUJH(DUWKEDVHG6RODU7HOHVFRSH
0DWHULDOV6FLHQFH /(67 /DZ(QIRUFHPHQW6XSSRUW7HDP>'D\WRQ
OHJ DEEU OHJDO $JUHHPHQW@
OHJOHJDOH eTXLSHG·DSSXLjO·SSOLFDWLRQGHVORLV>$FFRUGGH
,WDOLDQDEEUHYLDWLRQPHDQLQJOHJDO 'D\WRQ@
OHJ DEEU OHJDWHOHJDWLRQ OHW DEEU OHWWHU
OHJQOHJQR 7KHOHWWHULVDFKDUDFWHURIDQDOSKDEHWXVXDOO\UHS
,WDOLDQDEEUHYLDWLRQPHDQLQJZRRG UHVHQWLQJRQHRUVHYHUDOVRXQGVRIDVSRNHQODQ
OHJQOHJQDPH JXDJH
,WDOLDQDEEUHYLDWLRQPHDQLQJOXPEHUWLPEHU /LQJXLVWLFV
/(, /LTXLG(XURERQG,QGH[,QWHUQDWLRQDO /(7 /LQHDU(QHUJ\7UDQVIHU
%RQG,QGH[ /(7 /RZ(QHUJ\7HOHVFRSH
/(, /RFDO(PSOR\PHQW,QLWLDWLYHV /(70 /DNH(YDSRUDWLRQDQG7KHUPRG\QDPLFV
/HLFV DEEU /HLFHVWHUVKLUH *%  0RGHO
/(,( /RLVXUO·([DPHQGHO·,QYHVWLVVHPHQW /(76JO\FRSURWHLQ/DUJH([WHUQDO
(WUDQJHU 7UDQVIRUPDWLRQ6HQVLWLYHJO\FRSURWHLQ
&DQDGLDQ/DZV OHWWOHWWHUD
/(,)6 /DNH(ULH,QIRUPDWLRQ)RUHFDVWLQJ6\VWHP ,WDOLDQDEEUHYLDWLRQPHDQLQJOHWWHU
/(/ /RZHU(DUQLQJV/LPLW OHWWOHWWHUDOH
/(0 /XQDU([FXUVLRQ0RGXOH ,WDOLDQDEEUHYLDWLRQPHDQLQJOLWHUDO
/(06,3 /DERUDWRU\IRU([SHULPHQWDO0HGLFLQH OHWWOHWWHUDULR
DQG6XUJHU\,Q3ULPDWHV ,WDOLDQDEEUHYLDWLRQPHDQLQJOLWHUDU\
/(2/RZ(DUWK2UELW OHWWOHWWHUDWXUD
/(26 /RZ(DUWK2UELWLQJ6DWHOOLWH ,WDOLDQDEEUHYLDWLRQPHDQLQJOLWHUDWXUH
/(3 /DUJH(OHFWURQ3RVLWURQ OHX DEEU OHXFLQH
/(3 ORFDOO\HPSOR\HGSHUVRQQHO>DOVRFDOOHG/(& &+21/HXFLQHLVREWDLQHGIURPWKHK\GURO\
VSHFLILFWR6)25.)25@ VLVRISURWHLQFRQWDLQLQJVXEVWDQFHV,WLVHVVHQWLDO
SHUVRQQHOHPSOR\pORFDOHPHQW>DXVVLDSSHOp/(& IRULQIDQWVDVZHOODVIRUDGXOWV
SURSUHjOD6)25.)25@ %LRFKHPLVWU\
/(3 /RZ(JJ3DVVDJH /(8/RZ(QULFKHG8UDQLXP
9LURORJ\ /(9 ODVHUHQKDQFHGYLHZHU
/(325 /RQJWHUPDQG([SDQGHG3URJUDPRI WRPRVFRSH
2FHDQLFH[SORUDWLRQDQG5HVHDUFK OHY DEEU OHYHO
5HVHDUFK3URJUDPV $FRXVWLFDO(QJLQHHULQJ$FRXVWLFV&LYLO
/(5% $&/$17 ([HUFLVH5HYLHZ%RDUG (QJLQHHULQJ&RPSXWHU3URJUDPPLQJ(OHFWULFLW\
&RPPLVVLRQG·H[DPHQGHVH[HUFLFHVGH (QJLQHHULQJ0HFKDQLFDO'HYLFHV0HWURORJ\
O·$&/$17 0LQLQJ(QJLQHHULQJ
/(6 /DUJH(GG\6LPXODWLRQV /(9 UHTXLUHPHQWV /RZ(PLVVLRQ9HKLFOHUHTXLUH
/(6 /LFHQVLQJ([HFXWLYHV6RFLHW\ *%  PHQWV
,QWHOOHFWXDO3URSHUW\3URWHFWLRQ/LFHQVLQJ /(; 7KHDLUSRUWFRGHIRU/H[LQJWRQ.HQWXFN\
'LIIXVLRQ 86$
/(6 /LQFROQ([SHULPHQWDO6DWHOOLWH /([(QLQLWLDWLYH /LIHLQ([WUHPH(QYLURQPHQWV
/(6 /XSXV(ULWHPDWRVR6LVWHPLFR LQLWLDWLYH 86$ 
,WDOLDQDFURQ\PPHDQLQJ6\VWHPLF/XSXV 2IWKH861DWLRQDO6FLHQFH)RXQGDWLRQ7KHDLP
(U\WKHPDWRVXV RIWKH/([(QLQLWLDWLYHLVWRVWXG\RUJDQLVPVDVIDU
0HGLFLQH DVS+OHYHOVVDOLQLW\WHPSHUDWXUHDQGSUHVVXUHDUH
/(6,$& /(6,QWHUQDWLRQDO$IIDLUV&RPPLWWHH FRQFHUQHG
)RUIXUWKHUGHWDLOVVHHXQGHU/(6


/([6:* /XQDU([SORUDWLRQ6FLHQFH:RUNLQJ 0HGLFLQH


*URXS1$6$·V / )U7KH/X[HPEXUJIUDQF
/XQDU5HVHDUFK $OVR/8)
/) /DFWRIHUULQ 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
/)LVDQLURQWUDQVSRUWSURWHLQ VLQJOHFXUUHQF\ ZLWKHIIHFWIURP-DQXDU\
%LRFKHPLVWU\ &XUUHQFLHV
/) ODQGLQJIRUFH /)5$ /HDWKHUKHDG)RRG5HVHDUFK$VVRFLDWLRQ
IRUFHGHGpEDUTXHPHQW 6XUUH\*%
/) /DQJXDJH)DPLO\ 7KH/)5$ LVDQLQGHSHQGHQWUHVHDUFKIDFLOLW\SUR
/LQJXLVWLFV YLGLQJ5HVHDUFK&RQVXOWDQF\,QIRUPDWLRQ DQG
/) /HGJHU)ROLR 7UDLQLQJ
/) /HWKDO)DFWRU /)5,/ ODQGIRUFHVUHSRUWDEOHLWHPOLVW
/)LVDWR[LFSURWHLQSURGXFHGE\WKHDQWKUD[ OLVWHGHVDUWLFOHVjVXLYUHGHVIRUFHVWHUUHVWUHV
EDFLOOXV /)6 7KH /DERXU)RUFH6XUYH\
$QWKUD['LVHDVH0DFURSKDJHV'HVWUXFWLRQ /)6 /L)UDXPHQL6\QGURPH
0HGLFLQH0LFURELRORJ\ 7KH/)6LVDUDUHIDPLOLDOPXOWLFDQFHUV\QGURPH
/) /LQH)HHG +HUHGLWDU\&DQFHU6XVFHSWLELOLWLHV
&RPSXWHU 7HFKQRORJ\ /)6 /RZ)UHTXHQF\6WLPXODWLRQ
/) /LQN)LHOG %LRORJLFDO6FLHQFHV%LRUHJXODWLRQ0HGLFLQH
&RPSXWHU3URJUDPPLQJ 1HXURSK\VLRORJ\
/) /RL)pGqUDOH /)7 /HDSIURJ7HVW
)UHQFKLQLWLDOLVPPHDQLQJ)HGHUDO/DZ &RPSXWHU3URJUDPPLQJ
/) /RZ)UHTXHQF\ /)7 SRVLWLRQ /HIW)URQWRWUDQVYHUVHSRVLWLRQ
/RZIUHTXHQF\LVDEDQGRIIUHTXHQFLHVUDQJLQJ 0HGLFLQH
IURPN+]WRN+] /I8 %DYDULDQ6WDWH2IILFHIRU(QYLURQPHQWDO
7HOHFRPPXQLFDWLRQV 3URWHFWLRQ *HUPDQ\ 
/)$/HXNRF\WH)XQFWLRQDVVRFLDWHG$QWLJHQ /* /DQGLQJ*URXQG
/)$%3 /LYHU)DWW\$FLG%LQGLQJ3URWHLQ /* /DWHUDO*DVWURHQHPLXV
&HOOXODU%LRORJ\/LYHU0DUNHUV0HGLFLQH 7KH/*LVDVHQVRU\QHUYHLQWKHFDOIPXVFOH
0ROHFXODU%LRORJ\ $QDWRP\/RFRPRWRU6\VWHP1HXURSK\VLRORJ\
/)$ SRVLWLRQ /HIW)URQWR$QWHULRUSRVLWLRQ /* /DWYLD
0HGLFLQH /* /HWWUHGH*DUDQWLH
/)$6 ORZIUHTXHQF\DFWLYHVRQDU %DQNLQJ%XVLQHVV&RPPHUFH
VRQDUDFWLIjEDVVHIUpTXHQFH /* /LIH*XDUGV *% 
/)& /HYHORI)UHH&RQYHFWLRQ /* /LQNDJH*URXS
0HWHRURORJ\ /*/RZ*HUPDQ
/)( OLPLWHVILQDQFLqUHVpWDEOLHV /RZ*HUPDQFRPSULVHVWKH:HVW*HUPDQLFODQ
HVWDEOLVKHGILQDQFLDOOLPLWV()/ JXDJHVQRWLQFOXGHGLQWKH+LJK*HUPDQJURXSDV
/) ORUDQ /RZ)UHTXHQF\ORUDQ (QJOLVK'XWFK)OHPLVK3ODWWGHXWVFK
/)ORUDQLVDOVRNQRZQDV&\FOH0DWFKLQJORUDQ /DQJXDJHV
/)/2: /LQHDUL]HGKLJKUHVROXWLXRQZLQGILHOG /J$ /RQJ$FFHVV
)ORZPRGHO 'UXJ$GGLFWLRQ'UXJ,QWDNH
/)0 /DWHUDO)RUFH0LFURVFRS\ 1HXURSKDUPDFRORJ\3V\FKRSKDUPDFRORJ\
/)0 /LPLWHGDUHD)LQHPHVK0RGHO /*$ 7KHDLUSRUWFRGHIRU/D*XDUGLD1HZ<RUN
O)QJ OXQDWLF)ULQJH 1HZ<RUN86$
O)QJLVDYHUWHEUDWHVLJQDOLQJPROHFXOH /*% ODVHUJXLGHGERPE
$QDWRP\0HGLFLQH1HXURELRORJ\ ERPEHjJXLGDJHODVHU%*/
/)3 /LJXHGH)RRWEDOO3URIHVVLRQQHO )UDQFH  /*&$V /DQG*UDQW&ROOHJHVRI$JULFXOWXUH
/)3 /RZ)UHTXHQF\3UHGLFWLRQ 86$ 
/)3 RVFLOODWLRQV /RFDO)LHOG3RWHQWLDORVFLOODWLRQV /*) /DUJH*UDQXOH)UDFWLRQ
%LRORJ\,QVHFW2OIDFWRU\6\VWHP /*) /LYHU*URZWK)DFWRU
1HXURSK\VLRORJ\3K\VLRORJ\ 0HGLFLQH
/)3 SRVLWLRQ /HIW)URQWR3RVWHULRUSRVLWLRQ


/*)67) /LTXHILHG*DVHRXV)XHOV6SLOO7HVW /+&,, /LJKW+DUYHVWLQJ&RPSOH[,,


)DFLOLW\ 7KH/&+,,LVIRXQGLQWKHFKORURSODVWVRISODQWV
/**(ODERUDWRU\ *ODFLRORJ\DQG*HRSK\VLFVRI DQGJUHHQDOJDH
WKH(QYLURQPHQWODERUDWRU\ %LRFKHPLVWU\%RWDQ\
7KH/**(ODERUDWRU\LOORFDWHGLQ*UHQREOH /+&3 /LJKW+DUYHVWLQJ&KORURSK\OOELQGLQJ
)UDQFH 3URWHLQ
/*N/DWH*UHHN 0ROHFXODU%LRORJ\3ODQW%LRORJ\
/DWH*UHHNLVWKH*UHHNRIWKHHDUO\%\]DQWLQH /+&V /LJKW+DUYHVWLQJ&HQWHUV
(PSLUHIURPDERXW$'WR )RUIXUWKHUGHWDLOVVHHXQGHU/+&V /LJKW
/DQJXDJHV +DUYHVWLQJ&RPSOH[HV 
/*0' /LPE*LUGOH0XVFXODU'\VWURSK\ /+&V /LJKW+DUYHVWLQJ&RPSOH[HV
/*0H[SHULPHQWV/DVW*ODFLDO0D[LPXPH[SHUL 3ODQW%LRFKHPLVWU\3ODQW%LRORJ\
PHQWV 3KRWRV\QWKHVLV6WUXFWXUDO%LRORJ\
(DUWK$WPRVSKHULFDQG3ODQHWDU\6FLHQFHV /+' ODQGLQJVKLSGRFN
/*1/DWHUDO*HQLFXODWH1HXURQV QDYLUHG·DVVDXWDPSKLELH
/*1/DWHUDO*HQLFXODWH1XFOHXV /+' /DUJH+HOLFDO'HYLFH
/*5 /RRS*DS5HVRQDWRU 7KHKHOLFDOFRLOVRIWKH/+'FUHDWHDVWURQJPDJ
/*6 /DWH*ODFLDO6WDJH QHWLFILHOGWRFRQILQHEXUQLQJSODVPDWKXVDOORZLQJ
*HRORJLFDO6FLHQFHV3DOHRFOLPDWH&KDQJHV DFRQWLQXRXVIXVLRQUHDFWLRQ
/*6 /LWKRJHQLF*UDLQ6L]H $OWHUQDWLYH(QHUJ\6RXUFHV)XVLRQ6FLHQFH
'HHS6HD6HGLPHQWV*HRORJLFDO6FLHQFHV +HOLFDO'HYLFHV3ODVPD3K\VLFV
/*7 /DWHUDO*HQH7UDQVIHU /+' /HIW+DQG'ULYH
/*83URMHFW 8UEDQ:DWHUDQG6DQLWDWLRQ3URMHFW /+21 /HEHU·V+HUHGLWDU\2SWLF1HXURSDWK\
7KH3KLOLSSLQHV  0ROHFXODU*HQHWLFV0ROHFXODU0HGLFLQH
:RUOG%DQN3URMHFWV /+5 7KHDLUSRUWFRGHIRU+HDWKURZ/RQGRQ*%
/*8V /DQG*UDQW8QLYHUVLWLWHV 86$  /+5+ /XWHLQL]LQJ+RUPRQH5HOHDVLQJ+RUPRQH
/*9 /\PSKRJUDQXORPD9HQHUHXP /+5+LVDOVRNQRZQDV*RQDGRWURSLQ5HOHDVLQJ
/*9 LVDOVRNQRZQDV9HQHUHDO%XER +RUPRQH
/\PSKRSDWKLD9HQHUHXP/\PSKRJUDQXORPD (QGRFULQRORJ\
,QJXLQDOH /+6OKV /HIW+DQG6LGH
0HGLFLQH /+V\QWKHVLV /XWHQL]LQJ+RUPRQHV\QWKHVLV
/*: 7KHDLUSRUWFRGHIRU*DWZLFN/RQGRQ*% /+: /HDGLQJ+RWHOVRIWKH:RUOG
/+/DWHUDO+\SRWKDODPXV %XVLQHVV7UDYHO
2EHVLW\5HVHDUFK /+; /LJKW+HOLFRSWHU([SHULPHQWDO
/+ /HIW+DQG /, /HDG,VRWRSH
/+ /HJLRQRI+RQRXU $UFKDHRORJLFDO0DWHULDOV*HRORJ\0DWHULDOV
/+ /LJKW+RUVH 6FLHQFHDQG(QJLQHHULQJ
2UGQDQFH /, /HWWHURI,QWHQW
/+ /LJKWKRXVH %XVLQHVV)LQDQFH
1DYLJDWLRQ OL DEEU OLDELOLW\OLDELOLWLHV
/+ /LWKXDQLD /, /LEHULD
/+$ DPSKLELRXVDVVDXOWVKLS /,/LQH,WHP
EkWLPHQWG·DVVDXWDPSKLELH &RPSXWHU3URJUDPPLQJ,QGXVWULDO(QJLQHHULQJ
ODQGLQJKHOLFRSWHUDVVDXOW /, /LTXLGLWj,PPHGLDWD
KpOLFRSWqUHG·DVVDXW ,WDOLDQDFURQ\PPHDQLQJ4XLFN$VVHWV
/+%3 /DERUDWRU\RI+XPDQ%DFWHULDO3DWKRJHQHVLV /L 7KHFKHPLFDOV\PEROIRU/LWKLXP
86$  &KHPLVWU\3KDUPDFRORJ\6\PEROV
*HQRPH$QDO\VLV+LJK7KURXJKSXW'1$ /, /LYRUQR,WDO\
6HTXHQFLQJ,PDJLQJ7HFKQLTXHV /,/RDG,QWHOOLJHQFH
/+&/DUJH+DGURQ&ROOLGHU &RPSXWHU 7HFKQRORJ\
/+&LVD(XURSHDQPHJDDFFHOHUDWRUXQGHUFRQ /,/RJLFDO,QVWUXFWLRQ
VWUXFWLRQDW&(51ZKLFKZLOOEHJLQWRRSHUDWHLQ &RPSXWHU3URJUDPPLQJ
 /, /RPEDUGLD,QIRUPDWLFD


/, /RQJ,VODQG 86$  7KURXJKSXW'1$ 6HTXHQFLQJ,PDJLQJ


/,$ /LFHQVLQJ,QGXVWU\$VVRFLDWLRQ 7HFKQLTXHV
$QDVVRFLDWLRQORFDWHGLQ1HZ<RUN86$ /,&6 /RJLF,Q&RPSXWHU6FLHQFH
/,$ /LIH,QVXUDQFH$VVRFLDWLRQ *%  /,&7$ /HJD,WDOLDQD&RQWUROOL7UDVSRUWR$HUHR
/,$ /LWWOH,FH$JH ,WDOLDQ/HDJXH
&OLPDWH&KDQJH(DUWK2FHDQVDQG6SDFH /LG DEEU /LGRFDLQH
3DOHRFOLPDWLF5HFRUGV /LGRFDLQHLVDOVRNQRZQDV/LJQRFDLQH
/L$O+ /LWKLXP$OXPLQXP+\GULGH 2UJDQLF&KHPLVWU\
,QRUJDQLF&KHPLVWU\ /,'$5V\VWHP /DVHU,GHQWLILFDWLRQ'HWHFWLRQ$QG
/LE DEEU OLEHUDO 5DQJLQJV\VWHP
/LE DEEU OLEUDULDQ/LEUDU\ /,'8/HJD,QWHUQD]LRQDOHGHL'LULWWLGHOO·8RPR
/,%( /,%UDU\(GLWRU ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO/HDJXHIRU
/,%(5/,JXHGHV%LEOLRWKqTXHV(XURSpHQQHVGH 0DQ·V5LJKWV
5HFKHUFKH *HUPDQ\  /,(667 /LJKW,QGXFHG([FLWHG6SLQ6WDWH
/RFDWHGLQ%UHPHQ*HUPDQ\)RXQGHGLQWR 7UDSSLQJ
HVWDEOLVKFORVHFROODERUDWLRQEHWZHHQWKHJHQHUDO $SSOLHG 3K\VLFV&U\VWDOORJUDSK\ ,QRUJDQLF
UHVHDUFKOLEUDULHVRI(XURSHDQGQDWLRQDOXQLYHUVL &KHPLVWU\ 2SWLFV 0DJQHWLVP
W\OLEUDULHVLQSDUWLFXODUDQGWRKHOSLQILQGLQJ /,) /DVHU,QGXFHG)OXRUHVFHQFH
SUDFWLFDOZD\VRI LPSURYLQJWKHTXDOLW\RIWKHVHU $QDWRP\&HOO%LRORJ\&KHPLVWU\0HGLFLQH
YLFHV WKHVHOLEUDULHVSURYLGH 6HFUHWRU\9HVLFOHV
/L%+ /LWKLXP%RURK\GULGH /,) /HIW,OLDF)RVVD
,QRUJDQLF&KHPLVWU\ $QDWRP\0HGLFLQH
/,%,' /RQGRQ,QWHUEDQN%LG5DWH *%  /,) /HXNHPLD,QKLELWRU\)DFWRU
OLEODE OLEHUDOODERXU /L) /LWKLXP)OXRULGH
/,%25/RQGRQ,QWHUEDQN2IIHUHG5DWH *% /LWKLXP)OXRULGHLVXVHGPDLQO\LQFHUDPLFV
QRZ(85,%25  ,QRUJDQLF&KHPLVWU\
OLEUOLEUDLROLEUHULD /,))(/LIIH/RQGRQ,QWHUQDWLRQDO)LQDQFLDO
,WDOLDQDEEUHYLDWLRQVPHDQLQJERRNVHOOHUERRN )XWXUHVDQG2SWLRQV([FKDQJH *% 
VKRS /,)2/DVW,Q)LUVW2XW
/L%U /LWKLXP%URPLGH &RPSXWHU3URJUDPPLQJ ,QGXVWULDO(QJLQHHULQJ
/L%ULVXVHGPDLQO\LQSKDUPDFHXWLFDOV /,)5/HXNHPLD,QKLELWRU\)DFWRU5HFHSWRU
,QRUJDQLF&KHPLVWU\ ,PPXQRORJ\0HGLFLQH
/,%5,6 /,%5DU\/,%5DULHV,QIRUPDWLRQ6\VWHP /,* /RQGRQ,QWHUQDWLRQDO*URXS *% 
/,& /HDJXH,QWHUQDWLRQDOIRU&UHGLWRUV /,*$6) /,TXHIDFWLRQDQG*$VLILFDWLRQRI6ROLG
/,& /HVV,QGXVWULDOL]HG&RXQWU\ )XHOV
/,& /LJKW,QGXFHG&XUUHQW )LQDQFLDOVXSSRUWIRUSLORWLQGXVWULDOSURMHFWVDQG
/,& /RLVXUO·,QYHVWLVVHPHQWDX&DQDGD GHPRQVWUDWLRQSURMHFWVUHODWLQJWR/,*$6)
&DQDGLDQ/DZV (XURSHDQ&RPPXQLW\3URMHFW
/,& ORZLQWHQVLW\FRQIOLFW OLJJ DEEU OLJDPHQWVOLJDPHQWD
FRQIOLFWGHIDLEOHLQWHQVLWp +LVWRORJ\
/L&O /LWKLXP&KORULGH /,*2/DVHU,QWHUIHURPHWU\*UDYLWDWLRQDOZDYH
/L&OLVXVHGPDLQO\LQWKHSURGXFWLRQRIPLQHUDO 2EVHUYDWRU\
ZDWHUVDQGVRIWGULQNV $VWURSK\VLFV&RVPRORJ\*UDYLWDWLRQDOZDYH
,QRUJDQLF&KHPLVWU\ 'HWHFWRUV
/L&O2 /LWKLXP3HUFKORUDWH /L+ /LWKLXP+\GULGH
,QRUJDQLF&KHPLVWU\ /L+LVXVHGPDLQO\LQRUJDQLFV\QWKHVLV
/L&2 /LWKLXP&DUERQDWH ,QRUJDQLF&KHPLVWU\
/LWKLXP&DUERQDWHLVXVHGPDLQO\LQWKHSDLQW /L,‡+2 /LWKLXP,RGLGH
LQGXVWU\ /LWKLXP,RGLGHDOVRNQRZQDV/LWKLXP,RGLGH
,QRUJDQLF&KHPLVWU\ 7ULK\GUDWHLVXVHGPDLQO\LQDLUFRQGLWLRQLQJ
/,&3 /DERUDWRU\RI,QWUDFHOOXODU3DUDVLWHV ,QRUJDQLF&KHPLVWU\
86/DERUDWRULHV*HQRPH$QDO\VLV+LJK /,/ /DERUDWRU\,QWHUIDFH/DQJXDJH
/LO /HDUQLQJDQGLQQRYDWLRQORDQ


%DQNLQJ)LQDQFH /,1(V /RQJ,QWHUVSHUVHG1XFOHRWLGH(OHPHQWV


/,/$ /HJD,WDOLDQD/RWWDFRQWULRO
$,'6 *HQRPLF%LRORJ\%LRORJ\0HGLFLQH0ROHFXODU
,WDOLDQDFURQ\PRIWKH,WDOLDQ/HDJXHIRUWKHILJKW %LRWHFKQRORJ\1HXURORJ\3V\FKLDWU\
DJDLQVW$,'6 /L1+ /LWKLXP$PLGH
/,/&2/RQJ,VODQG/LJKWLQJ&RPSDQ\ 86$  /LWKLXP$PLGHLVXVHGPDLQO\LQSKDUPDFHXWLFDOV
/,/(V /DUJH,RQ/LWKRSKLOH(OHPHQWV VXFKDVDQWLKLVWDPLQHV
*HRORJ\0LQHUDO6FLHQFHV6XEGXFWLRQ]RQH ,QRUJDQLF&KHPLVWU\
PHWDPRUSKLVP /L12 /LWKLXP1LWUDWH
/,/ 3URMHFW (QWHUSULVH,QFXEDWRU3URMHFW /LWKLXP1LWUDWHLVXVHGPDLQO\LQFHUDPLFVDQGLQ
$UPHQLD  S\URWHFKQLFV
:RUOG%DQN3URMHFWV ,QRUJDQLF&KHPLVWU\
/,/5& /RQJ,VODQG/LEUDU\5HVRXUFHV&RXQFLO /,126&2/LEUDULHV,Q1RUWK6WDIIRUGVKLUHLQ&R
86$  RSHUDWLRQ
/LP /DERUDWRULRGLLQIRUPDWLFDPXVLFDOH /,16 /RQJ,1WHUVSHUVHG6HTXHQFH
,WDOLDQ/DERUDWRU\ /,186 /RFDO,QGHSHQGHQWO\1XFOHDWHG8QLWVRI
/,0/LQHDU,QGXFWLRQ0RWRU 6WUXFWXUH
7KH/,0FDSVXOHSXPSKDVEHHQLQYHQWHGDWWKH 3K\VLFDO&KHPLVU\3URWHLQ(QJLQHHULQJ
8QLYHUVLW\RI0LVVRXUL&ROXPELD 86$  &RPSXWHU6FLHQFH&RPSXWDWLRQDO%LRORJ\
/,0 /LQH,QWHUIDFH0RGXOH &U\VWDOORJUDSK\1XFOHDU0DJQHWLF5HVRQDQFH
/,0 /LTXLG,QMHFWLRQ0ROGLQJ 6SHFWURVFRS\
/,0 7KHDLUSRUWFRGHIRU/LPD3HUX /L2 /LWKLXP2[LGH
/,0% /LPHVWRQH,QMHFWLRQ0XOWLVWDJH%XUQHU /LWKLXP2[LGHDOVRNQRZQDV/LWKLDLVXVHG
/,0%/LVWLQJRI0ROHFXODU%LRORJ\'DWDEDVHV PDLQO\LQFHUDPLFV
OLPE 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH ,QRUJDQLF&KHPLVWU\
(QJOLVKZRUG´OLPEµ /,2&6 /RJLFDO,QSXW2XWSXW&RQWURO6\VWHP
$QDWRP\$VWURQRP\%RWDQ\'HVLJQ &RPSXWHU3URJUDPPLQJ
(QJLQHHULQJ*HRORJ\ /L2+ /LWKLXP+\GUR[LGH
/,0%6 /LJDQG$VVRFLDWHG0HWDO%LQGLQJ6LWH /L2+LVXVHGPDLQO\LQVWRUDJHEDWWHULHV
%LRPHGLFDO5HVHDUFK%LRVFLHQFHV/HXNRF\WH ,QRUJDQLF&KHPLVWU\
%LRORJ\2QFRORJ\ /,3 /DWHUDO,QWUDSDULHWDO$UHD
/,0&2 /DNH,FH0LFURELDO&2PPXQLW\ 7KH/,3 LVDVXEUHJLRQRIWKHSDULHWDOOREHV
$XWRWURSKLF2UJDQLVPV/LPQRORJ\0LFURELDO 1HXURELRORJ\3V\FKRORJ\
&RPPXQLWLHV+HWHURWURSKLF2UJDQLVPV /,3 /,3/LIH,QVXUDQFH3ROLF\
/,0($1 /RQGRQ,QWHUEDQN0HDQ5DWH *%  /,3, ,QGRQHVLDQ$FDGHP\RI6FLHQFHV
/L0Q32 /LWKLRSKLOLWH /,3/ /LQHDU,QIRUPDWLRQ3URFHVVLQJ/DQJXDJH
/LWKLRSKLOLWHLVIRXQGLQJUDQLWHSHJPDWLWHV 'DWD&RPPXQLFDWLRQV
0LQHUDORJ\ /,3V /DUJH,JQHRXV3URYLQFHV
/L0R2 /LWKLXP0RO\EGDWH *HRVFLHQFH
,QRUJDQLF&KHPLVWU\ /,36 /RJLFDO,QWHUIHUHQFHV3HU6HFRQG
/,06/DERUDWRU\,QIRUPDWLRQ0DQDJHPHQW $UWLILFLDO,QWHOOLJHQFH
6\VWHP /,38 /HJD,WDOLDQD3URWH]LRQH8FFHOOL
/,079 /LQHDU,QGXFWLRQ0RWRU7HVW9HKLFOH ,WDOLDQDFURQ\PRIWKH,WDOLDQ/HDJXHIRU
OLQ DEEU OLQHDUOLQHDO 3URWHFWLRQRI%LUGV
/LQDF DEEU OLQHDUDFFHOHUDWRU OLT DEEU OLTXLGOLTXRU
)RUIXUWKHUGHWDLOVVHHXQGHU6/$& DQG/&/6 OLTSW DEEU OLTXLGSRLQW
/L1E2 /LWKLXP1LREDWH OLTXLG DEEU OLTXLGDWLRQ
/,1&/DQJXDJH,QWKH1DWLRQDO&XUULFXOXP /,5& /RZ,QWHUHVW5DWH&XUUHQF\
/LQFV DEEU /LQFROQVKLUH *%  /LUPD /RQGRQLQWHUQDWLRQDOLQVXUDQFHDQGUHLQVXU
/,1($5SURMHFW /LQFROQ1HDU(DUWK$VWHURLG DQFHPDUNHWDVVRFLDWLRQ *% 
5HVHDUFKSURMHFW /,576 /DUJH,QIUDUHG7HOHVFRSH
/,1($5LGHQWLILHVDQGFDWDORJV1($V /,6 /DUVHQ,FH6KHOI
$VWHURLG3RSXODWLRQ *HRSK\VLFV*ODFLRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU1($V /,6 /DVHU,VRWRSH6HSDUDWLRQ


/,6 /LEUDU\ ,QIRUPDWLRQ6HUYLFH ONJ DEEU OHDNDJH


/,6$ /DVHU,QWHUIHURPHWHU6SDFHDQWHQQD $OVRONJH
-RLQW(XURSHDQ860LVVLRQ/DXQFKSODQQHGLQ (QJLQHHULQJ3K\VLFDO&KHPLVWU\
 ONJ DEEU ORFNLQJ
$VWURSK\VLFV (OHFWURQLFV
/,6$ /LEUDULDQVDQG,QIRUPDWLRQ6SHFLDOLVWVLQ ONJ %NJ /HDNDJHDQG%UHDNDJH
$GGLFWLRQV ,QVXUDQFH7UDQVSRUW
/,6$ /LEUDU\DQG,QIRUPDWLRQ6FLHQFH$EVWUDFWV ONJH DEEU OHDNDJH
/,6$ /LIH,QVXUDQFH6DYLQJV$FFRXQW 86$  $OVRONJ
/,6$ /LQNHG,QGH[6HTXHQWLDO$FFHVV /..5WHFKLTXH/D\HU.RUULQJD.RKQ5RVWRNHU
/,6$ /RQJWHUP,VRODWLRQ6DIHW\$VVHVVPHQW WHFKQLTXH
/,6' /LEUDU\DQG,QIRUPDWLRQ6HUYLFHV'LYLVLRQ 7KH/..5WHFKQLTXHLVXVHGIRUWUHDWLQJLVRODWHG
2IWKH8612$$ LQWHUIDFHVRUVXUIDFHV
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ &RPSXWDWLRQDO0HWDOOXUJ\
/,6(/LEUDULHVRI,QVWLWXWHVDQG6FKRROVRI // /DWH/DWLQ
(GXFDWLRQ /DWH/DWLQLVWKH/DWLQRIWKHODWH:HVWHUQ5RPDQ
/,63 /DVHU,VRWRSH6HSDUDWLRQ3URJUDP (PSLUHIURPDERXW$'WR
/,63 /,EHUR6LQGDFDWRGL3ROL]LD ,WDO\  /DQJXDJHV
3ROLFH8QLRQ // /HQGLQJ/LEUDU\
/,63 ODQJXDJH /,6W3URFHVVLQJODQJXDJH // OHVVRQVOHDUQHG
/,67 /LEUDU\DQG,QIRUPDWLRQ6HUYLFHV7HHVVLGH HQVHLJQHPHQWV WLUpV 
/,7 /LIH,QVXUDQFH7UXVW ORZHUOD\HU GHIHQFH 
/LW/LUH,WDOLDQH  GpIHQVHGHOD FRXFKHLQIpULHXUH
,WDOLDQ/LUH REVROHWH  ORZOHYHO
1RZ(852(85 8 %HFDPH(&8 (XURSHDQ EDVVHDOWLWXGH
VLQJOHFXUUHQF\ ZLWKHIIHFWIURP-DQXDU\ // /LPLWHG/LDELOLW\
OLW DEEU OLWHUDO // /LQFROQ/DERUDWRU\
/,7 /LYHU,QIXVLRQ7U\SWRVH // /LQH/HYHO
/,7 /RFDO,QFRPH7D[ 7HOHFRPPXQLFDWLRQV
/,7 7KHDLUSRUWFRGHIRU/LWWOH5RFN$UNDQVDV // /LQH/LQN
86$ /LQH/LQNLVDOVRNQRZQDV/LQH/LQN)UDPH
/LWK DEEU /LWKXDQLDQ 7HOHFRPPXQLFDWLRQV
/LWKXDQLDQLVD%DOWLFODQJXDJHWKHRIILFLDOODQ // /LQN/LVW
JXDJHRI/LWKXDQLD &RPSXWHU3URJUDPPLQJ
/DQJXDJHV // /LYH/RDG
/L7L2 /LWKLXP7LWDQDWH /LYHORDGLVDOVRNQRZQDV0RYLQJ/RDG
/LWKLXP7LWDQDWHLVXVHGLQJOD]HVDQGHQDPHOV 0HFKDQLFV
,QRUJDQLF&KHPLVWU\ // /OR\G·VRI/RQGRQ *% 
/,8 /LQH,QWHUIDFH8QLW ,QVXUDQFH6KLSSLQJ
/,9(; OLYHH[HUFLVH // /RXGQHVV/HYHO
H[HUFLFHUpHO $FRXVWLFV
/- /LIH-DFNHW //$ /RXLVLDQD/LEUDU\$VVRFLDWLRQ 86$ 
/- /RUG-XVWLFH *%  //$$/RUR$OWH]]H
/-) OHDVWMDPPHGIUHTXHQF\ ,WDOLDQLQLWLDOLVPPHDQLQJ7KHLU+LJKQHVVHV
IUpTXHQFHODPRLQVEURXLOOpH //$' ORZOHYHODLUGHIHQFH
/-9 VHJPHQW /DQGHUV-RKQVRQ9DOOH\VHJPHQW GpIHQVHDQWLDpULHQQHjEDVVHDOWLWXGH
&UXVWDO6WXGLHV //$: /DZ/LEUDULDQV· $VVRFLDWLRQRI:LVFRQVLQ
ON DEEU OLQN 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHUO //% %DFKHORURI/DZV
ONG DEEU ORFNHG //& /LPLWHG/LDELOLW\&RPSDQ\
/.)0EDVDOW/RZ.)UD0DXUREDVDOW //& /LTXLG/LTXLG&KURPDWRJUDSK\
$SSOLHG &RKHUHQW 7HFKQRORJ\*HRSK\VLFV //& /RFDO/LQN&RQWURO
3ODQHWRORJ\ //&2) /DQG/LQHV&2PPXQLFDWLRQ)DFLOLWLHV


//&V/\RWURSLF/LTXLG&U\VWDOV //68$ OLPLWLQJOLQHRIVXEPHUJHGDSSURDFK


&KHPLFDO(QJLQHHULQJ &KHPLVWU\0DWHULDOV OLJQHOLPLWHG·DSSURFKHHQSORQJpH
5HVHDUFK //75 ORZOHYHOWUDQVLWURXWH
//' /HJXP'RFWRU'RFWRURI/DZV URXWHGHWUDQVLWjEDVVHDOWLWXGH
//'/RQJ/DVWLQJ'HSRODUL]DWLRQ //79 /RZ/LJKW7HOHYLVLRQ
//'IDFWRU /DFWREDFLOOXV/DFWLV'RUQHU·VIDFWRU //:$6 /RZ/HYHO:LQGVKHDU$OHUW6\VWHP
0HGLFLQH /0 /DQJPXLU0RQROD\HU
OOG3( OLQHDUORZGHQVLW\3RO\HWK\OHQH 1DPHGIRUWKH$PHULFDQFKHPLVW,UYLQJ
/OGV/OR\G·V /DQJPXLU
,QVXUDQFH $SSOLHG6FLHQFHV3K\VLFV
//((/RUR(FFHOOHQ]H /0 /HDUQLQJ0DFKLQH
,WDOLDQLQLWLDOLVPPHDQLQJ7KHLU([FHOOHQFLHV 7KHOHDUQLQJPDFKLQHLVDFRPSXWHUWKDWFDQ
//((P/RUR(PLQHQ]H LPSURYHLWVSHUIRUPDQFHE\OHDUQLQJIURPLWVSDVW
,WDOLDQLQLWLDOLVPPHDQLQJ7KHLU(PLQHQFLHV HUURUV
// IUDPH /RFDO/HYHOIUDPH &RPSXWHU 7HFKQRORJ\
//*HTXDWLRQ /DQGDX/LIVKLW]*LOKHUWHTXDWLRQ /0 /LJKW0LFURVFRS\
0DJQHWLVP 0DWHULDOV6FLHQFHDQG(QJLQHHULQJ
//- /RZ/HYHO-HW /0/LQHDU0RGXODWLRQ
/// /DZUHQFH/LYHUPRUH/DERUDWRU\ 86$  7HOHFRPPXQLFDWLRQV
/// /HIW/RZHU/REH /0/LQJXLVWLF0RGHO
$OVR/// &RPSXWHU3URJUDPPLQJ
/// FLUFXLW /RZ/HYHO/RJLFFLUFXLW OPOLYHOORGHOPDUH
(OHFWURQLFV ,WDOLDQLQLWLDOLVPPHDQLQJVHDOHYHO
///79 /RZ/HYHO/LJKW7HOHYLVLRQ /0 /RZHU0DQWOH (DUWK·V 
//0& ORZOHYHOPLOLWDU\FRPPLVVLRQ OP DEEU OXPHQ
FRPPLVVLRQPLOLWDLUHGHEDVQLYHDX $QDWRP\2SWLFV
//00/RUR0DHVWj /0 /XQDU0RGXOH
,WDOLDQLQLWLDOLVPPHDQLQJ7KHLU0DMHVWLHV /XQDUPRGXOHLVDOVRNQRZQDV/XQDU([FXUVLRQ
//1(/DZ/LEUDULDQVRI1HZ(QJODQG 0RGXOH
//1/ /DZUHQFH/LYHUPRUH1DWLRQDO/DERUDWRU\ 6SDFH7HFKQRORJ\
86$  /0$ SRVLWLRQ /HIW0HQWR$QWHULRUSRVLWLRQ
//3 OHDVHGORQJOLQHVSURJUDPPH 0HGLFLQH
SURJUDPPHGHORFDWLRQGHOLJQHVjJUDQGHGLV /0%/DERUDWRU\RI0ROHFXODU%LRORJ\
WDQFH &DPEULGJH 
//3 /LPLWHG/LDELOLW\3DUWQHU /0% /HSWRP\FLQ%
// SKDVH /LTXLG/LTXLGSKDVH /0& /DUJH0DJHOODQLF&ORXG
&KHPLFDO3K\VLFV $VWURQRP\$VWURSK\VLFV*DOD[LHV*OREXODU
//33/DYRUL3XEEOLFL &OXVWHUV
,WDOLDQLQLWLDOLVPPHDQLQJ3XEOLF:RUNV /0&% 05& /DERUDWRU\IRU0ROHFXODU&HOO
//3V /LPLWHG/LDELOLW\3DUWQHUVKLSV %LRORJ\
//5 ORZOHYHOUDGLDWLRQ %DVHGDWWKH8QLYHUVLW\&ROOHJH/RQGRQ
UDGLDWLRQjEDVQLYHDX /0&& /2&(PRELOHFRPPXQLFDWLRQVFHQWUH
//5 /XQDU/DVHU5DQJLQJ FHQWUHGHFRPPXQLFDWLRQVPRELOHGX/2&(
*HRSK\VLFV/XQDU5HVHDUFK /0&V /RZ0DVV&RPSRXQGV
//5&HQWHU /DQJXDJH/HDUQLQJ5HVRXUFH&HQWHU /0&7 /LJDQG0HWDO&KDUJH7UDQVIHU
:DVKLQJWRQ6WDWH8QLYHUVLW\ 86$  /0( /DUJH0DULQH(FRV\VWHP
//56 ORZOHYHOUDGDUV\VWHP /0( /LYHOOL0DVVLPLGL(VSRVL]LRQH
V\VWqPHGHUDGDUjEDVVHDOWLWXGH /0( /RQGRQ0HWDO([FKDQJH *% 
//59 /XQDU/DQGLQJ5HVHDUFK9HKLFOH /0(&/LTXLG0HWDO(QJLQHHULQJ&HQWHU
//6 ORZOHYHOVXSSRUW /RFDWHGDW&DQRJD3DUN&DOLIRUQLD86$
DSSXLjEDVVHDOWLWXGH /0(5QHWZRUN /DQG0DUJLQ(FRV\VWHP5HVHDUFK
//6((/LQJXLVWLFVDQG/LWHUDU\6WXGLHVLQ(DVWHUQ QHWZRUN
(XURSH 2IWKH8616)


&KHPLVWU\DQG%LRORJ\RIWKH2FHDQV&RDVWDO 0HGLFLQH
6WXGLHV /09 /RQJ0DUNHW9DOXH
)RUIXUWKHUGHWDLOVVHHXQGHU16) /0: /RZ0ROHFXODU:HLJKW
/0(V /DUJH0DULQH(FRV\VWHPV OPZ OXPHQSHUZDWW
/0(; /RQGRQ0HWDO([FKDQJH,QGH[ *%  2SWLFV
/0) /LQHDU0DJQHWLF)XVLRQ /0:+& /RZ0ROHFXODU:HLJKW+\GURFDUERQ
(QHUJ\ /0;%V /RZ0DVV;UD\%LQDULHV
/0)%5/LTXLG0HWDO)DVW%UHHGHU5HDFWRU /1 OHDGQDWLRQ
(QHUJ\ DSD\VFKHIGHILOH>6)25@
/0)5 /LTXLG0HWDO)XHO5HDFWRU ESD\VSLORWH
/0* /DERUDWRU\RI0ROHFXODU*HQHWLFV /1/HJD1D]LRQDOH
$WWKH861DWLRQDO,QVWLWXWHRI$JLQJ ,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO/HDJXH
86/DERUDWRULHV /1/LQH1XPEHU
/0* OLJKWPDFKLQHJXQ &RPSXWHU3URJUDPPLQJ
PLWUDLOOHXVHOpJqUH /Q /RJDULWPRQDWXUDOH
/0*3 /DERUDWRLUHGHV0DWpULDX[HWGX*pQLH ,WDOLDQLQLWLDOLVPPHDQLQJQDWXUDOORJDULWKP
3K\VLTXH )UDQFH  $OVRNQRZQDV1DSLHULDQ/RJDULWKP
7KH/0*3 LVD&156DIILOLDWHG/DERUDWRU\LQ 0DWKHPDWLFV
0DWHULDOV6FLHQFH /1 /\PSK1RGH
OPKU OXPHQKRXU /1LVDOVRNQRZQDV/\PSK*ODQG
2SWLFV $QDWRP\
/0, /LQN0DQDJHPHQW,QWHUIDFH /Q /DPLQLQ
/0,&V /RZDQG0LGGOH,QFRPH&RXQWULHV &DQFHU5HVHDUFK&HOO%LRORJ\3DWKRORJ\
/0/ /HDQ0LVILUH/LPLW /1$ /HJD1DYDOH,WDOLDQD ,WDO\ 
/01/LEUDU\0DQDJHPHQW1HWZRUN /1$/QD /RWWDDOOD1RQ$XWRVXIILFLHQ]D
/01$ /RQJ5DQJH0XOWLSXUSRVH1DYDO$LUFUDIW $Q,WDOLDQQRWIRUSURILW)RXQGDWLRQ
/02V /LYLQJ0RGLILHG2UJDQLVPV /1$': /RZHU1RUWK$WODQWLF'HHS:DWHU
)RUIXUWKHUGHWDLOVVHHXQGHU&3% /1& /\PSK1RGH&HOO
/03 /DWHQW0HPEUDQH3URWHLQ /1(/DERUDWRLUH1DWLRQDOG·(VVDL )UDQFH 
/03&5 /LJDWLRQ0HGLDWHG3RO\PHUDVH&KDLQ /1* /LTXHILHG1DWXUDO*DV
5HDFWLRQ /LTXHILHGQDWXUDOJDVLVDOVRNQRZQDV/1JDV
,PPXQRORJ\*HQHWLFV0ROHFXODU,PPXQRORJ\ 3HWUROHXP(QJLQHHULQJ
/03 SRVLWLRQ /HIW0HQWR3RVWHULRUSRVLWLRQ /1*6 /DERUDWRUL1D]LRQDOLGHO*UDQ6DVVR
0HGLFLQH ,WDOLDQ/DERUDWRU\
/05 /DUJH0DULQH5HVRXUFH /1,/HJD1DYDOH,WDOLDQD
/05 /LTXLG0HWDO5HDFWRU ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ1DYDO/HDJXH
/0V /DQJPXLU0RQROD\HUV /1.6 /RYDVWDWLQ1RQDNHWLGH6\QWKDVH
)RUIXUWKHUGHWDLOVVHHXQGHU/0 %DFWHULRORJ\&KHPLVWU\/RYDVWDWLQ%LRV\QWKHVLV
OPVHF OXPHQVHFRQG 3KDUPDF\3RO\NHWLGH6\QWKDVH
2SWLFV /1.6 /RZ1DWXUDO.LOOHU6\QGURPH
/07 /DUJH0LOOLPHWHU7HOHVFRSH /1.6LVDVXEFDWHJRU\RIFKURQLFIDWLJXH
&RPSOHWHGLQ /12 OLPLWHGQXFOHDURSWLRQ
0LOOLPHWHU:DYH$VWURQRP\ RSWLRQQXFOpDLUHOLPLWpH
/07/07 /HQJWK0DVV7LPH /13) /\PSK1RGH3HUPDELOLW\)DFWRU
3K\VLFV /17 PRGHO /LQHDU1R7KUHVKROGPRGHO
/07 /RFDO0HDQ7LPH ,RQL]LQJ5DGLDWLRQ3RSXODWLRQ6WXGLHV5DGLRQ
1DYLJDWLRQ (IIHFWV5HVHDUFK5DGLDWLRQ5LVNV
/072 /LQHDU0XIILQ7LQ2UELWDO /17&V SULPDU\ /\PSK1RGH7 &HOOV
(OHFWURQLF6WUXFWXUH0HWKRGV *HRSK\VLFV+LJK /176/HDJXHRI1DWLRQV7UHDW\6HULHV
3UHVVXUH5HVHDUFK0DWKHPDWLFV3ODQHWDU\ /2/2 /HWWHURI2IIHU
3K\VLFV %XVLQHVV&RPPHUFH
/07 SUHVHQWDWLRQ /HIW0HQWXP7UDQVYHUVHSUH /2/2 /LDLVRQ2IILFHU
VHQWDWLRQ /2 /LPLWHG2UGHU


%XVLQHVV)LQDQFH /2&$ /RVV2I&RRODQW$FFLGHQW


/2 /RFDO2VFLOODWRU 1XFOHDU(QJLQHHULQJ
/2/2 /RFN2XW /2&( OLPLWHGRSHUDWLRQDOFDSDELOLW\(XURSH
/2 /RGL,WDO\ FDSDFLWpRSpUDWLRQQHOOHOLPLWpHHQ(XURSH
/2/2 /RQGRQ2IILFH OLQNHGRSHUDWLRQDOLQWHOOLJHQFHFHQWUHV(XURSH
/2 /RQJXHXUG·2QGH UpVHDXGHVFHQWUHVGHUHQVHLJQHPHQWRSpUD
)UHQFKDFURQ\PPHDQLQJZDYHOHQJWK WLRQQHOHQ(XURSH
3K\VLFV /2&32' ORZFRVWSRZHUHGGLVSHQVHU
OR DEEU ORZ GLVWULEXWHXUSURSXOVpjIDLEOHFR€W
/2 /RZHVW2IIHU /2&32/ ORFDOSROLFH>6)25%RVQLDQSROLFH
%XVLQHVV)LQDQFH IRUFH@
/2 /XEULFDWLQJ2LO SROLFHORFDOH>6)25SROLFHERVQLDTXH@
0DWHULDOV6FLHQFH /2&6 /DQG2FHDQ&OLPDWH6DWHOOLWH
/2 /\V\O2[LGDVH /2' /RJDULWKPRIWKH2'GV
/2LVDOVRNQRZQDV3URWHLQ/\VLQH2[LGDVH /2'<& /DERUDWRLUHG·2FpDQRJUDSKLH'<QDPLTXH
%LRFKHPLVWU\&KHPLVWU\0HGLFLQH0ROHFXODU HWGH&OLPDWRORJLH )UDQFH 
DQG&HOO%LRORJ\3KDUPDFHXWLFDO&KHPLVWU\ )UHQFK/DERUDWRU\
/2 6ORYDNLD /2(;/LEUDU\2ULHQWDWLRQ,QVWUXFWLRQ([FKDQJH
/2$ /HQJWK2YHUDOO /2) /LQH2I)LUH
/2$ OHWWHURIDJUHHPHQW /2)$ /RVV2I)ORZ$FFLGHQW
OHWWUHG·DFFRUG /2)/ /RJ2I)OXRUHVFHQFH
OHWWHURIDVVLVWDQFH>362@ ORJ DEEU ORJDULWPR
OHWWUHG·DWWULEXWLRQ>362@ ,WDOLDQDEEUHYLDWLRQPHDQLQJORJDULWKP
/2$ /RFDWLRQDYHF2SWLRQG·$FKDW /RFDWLRQDYHF /RJ DEEU ORJLVWLFV
SURPHVVHGHYHQWHSDUWLFXOLHUV  ORJLVWLTXH
)UHQFKDFURQ\PPHDQLQJ/HDVLQJ /2*$65(4 ORJLVWLFDVVLVWDQFHUHTXHVW
/2$& ODZRIDUPHGFRQIOLFW GHPDQGHG·DLGHORJLVWLTXH
GURLWGHVFRQIOLFWVDUPpV /2*$66(665(3 ORJLVWLFDVVHVVPHQWUHSRUW
/2$&5(3 ODZRIDUPHGFRQIOLFWUHSRUW FRPSWHUHQGXG·pYDOXDWLRQORJLVWLTXH
FRPSWHUHQGXVXUOHGURLWGHVFRQIOLFWVDUPpV /2*'() ORJLVWLFGHILFLHQF\
/2$' /DVHU2SWRDFRXVWLF'HWHFWLRQ LQVXIILVDQFHORJLVWLTXH
ORDG 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH /2*'(),&,(1&< VHH/2*'()
(QJOLVKZRUG´ORDGµ YRLU/2*'()
&RPSXWHU3URJUDPPLQJ(OHFWULFDO(QJLQHHULQJ /2*'(3/$1' ORJLVWLFGHSRWUHSRUWODQG IRUFHV
(OHFWULFLW\(QJLQHHULQJ,QGXVWULDO(QJLQHHULQJ FRPSWHUHQGXGHVGpS{WVORJLVWLTXHVGHVIRUFHVWHU
0HFKDQLFV2UGQDQFH7HOHFRPPXQLFDWLRQV UHVWUHV
/2$ SRVLWLRQ /HIW2FFLSLWR$QWHULRUSRVLWLRQ /2*(; ORJLVWLFH[HUFLVH
0HGLFLQH H[HUFLFHORJLVWLTXH
/2% /LQH2I%DODQFH /2*)$6 ORJLVWLFIXQFWLRQDODUHDVHUYLFHV
/2& /HWWHU2I&UHGLW VHUYLFHVGXGRPDLQHIRQFWLRQQHOORJLVWLTXH
%DQNLQJ&RPPHUFH /2*)$66 ORJLVWLFVIXQFWLRQDODUHDVXEV\VWHP
/2& OHYHORIRSHUDWLRQDOFDSDELOLW\ >REVROHWHVHH/2*)$6@
QLYHDXGHFDSDFLWpRSpUDWLRQQHOOH VRXVV\VWqPHGHGRPDLQHIRQFWLRQQHO´ORJLVWLTXHµ
OLPLWHGRSHUDWLRQDOFDSDELOLW\ >REVROqWHYRLU/2*)$6@
FDSDFLWpRSpUDWLRQQHOOHOLPLWpH /2*5(4 ORJLVWLFUHTXHVW
OLQHVRIFRPPXQLFDWLRQV GHPDQGHGHVRXWLHQORJLVWLTXH
OLJQHVGHFRPPXQLFDWLRQ ORJLVWLFUHTXLUHPHQW
/2&/LQHRI&RGH EHVRLQORJLVWLTXH
&RPSXWHU3URJUDPPLQJ /2*6,7/$1' ORJLVWLFVLWXDWLRQUHSRUWODQG
/R& /LQH2I&RQWURO IRUFHV
6HSDUDWLQJWKH,QGLDQDQG3DNLVWDQLSDUWVRI FRPSWHUHQGXGHVLWXDWLRQORJLVWLTXHGHVIRUFHVWHU
.DVKPLU UHVWUHV
ORF DEEU ORFDOORFDWLRQ /2*6,75(3 ORJLVWLFVLWXDWLRQUHSRUW


FRPSWHUHQGXGHVLWXDWLRQORJLVWLTXH EjYXHGLUHFWH
/2*67$5 ORJLVWLFVWDWXVUHSRUW FHQYLVLELOLWpGLUHFWH
FRPSWHUHQGXGHVLWXDWLRQORJLVWLTXH /26$0 ORZDOWLWXGHVXUIDFHWRDLUPLVVLOH
/2*6805(3 ORJLVWLFVXPPDU\UHSRUW PLVVLOHVXUIDFHDLUjEDVVHDOWLWXGH
FRPSWHUHQGXORJLVWLTXHVRPPDLUH /26& /DZ2IWKH6HD&RQIHUHQFH
/2*6853/86 ORJLVWLFVXUSOXV /26+$'5(3 ORFDOVKLSSLQJDGYLVRU\UHSUHVHQWD
VXUSOXVORJLVWLTXH WLYH
/2+ OLJKWREVHUYDWLRQKHOLFRSWHU UHSUpVHQWDQWORFDOGHODQDYLJDWLRQFRPPHUFLDOH
KpOLFRSWqUHOpJHUG·REVHUYDWLRQ /266/LEUDULHVRIWKH6RFLDO6FLHQFHV
/2+/RVV2I+HWHUR]\JRVLW\ /27 /DWHUDO2OIDFWRU\7UDFW
ORK 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ /27 /LQHDU2SWLFDO7UDMHFWRU\
XVLQJWKH$UDELFZRUG´ORKµZKLFKPHDQVEORFN /272HIIHFW /RQJLWXGLQDO2SWLF7UDQVYHUVH2SWLF
ERDUGVODESDQHOSODWIRUP HIIHFW
/2, /HWWHU2I,QVWUXFWLRQ/HWWHU2I,QWHQW &RQGHQVHG0DWWHU3K\VLFV
/2, /RVV2I,PSULQWLQJ RIWKH,*)  /27 SRVLWLRQ /HIW2FFLSLWRWUDQVYHUVHSRVLWLRQ
&DQFHU(PEU\RQLF'HYHORSPHQW(SLJHQHWLF 0HGLFLQH
$OWHUDWLRQV /276 ORJLVWLFVRYHUWKHVKRUH
)RUIXUWKHUGHWDLOVVHHXQGHU,*) RSpUDWLRQVORJLVWLTXHVVXUSODJH
/2,&= /DQG2FHDQ,QWHUDFWLRQVLQWKH&RDVWDO /29$ /RVV2I9DFXXP$FFLGHQW
=RQH /29$/ /DUYDO2FFOXGHG9LUXV$ONDOL/LEHUDWHG
/2,)2 /RZHVW,Q)LUVW2XW 9LURORJ\
/2-, ORVVRIMRELQGHPQLW\ /2:&$3 ORZ DOWLWXGHFRPEDWDLUSDWURO
LQGHPQLWpGHSHUWHG·HPSORL SDWURXLOOHDpULHQQHGHFRPEDWjEDVVHDOWLWXGH
/2/,7$ V\VWHP /DQJXDJHRIWKH2QOLQH /2[ /LTXLG2[\JHQ
,QYHVWLJDWLRQDQG7UDQVIRUPDWLRQ$EVWUDFWRUVV\V /2;/2; /LTXLG2[\JHQ([SORVLYH
WHP OR] OLTXLGR]RQH
/20(= ORZPLVVLOHHQJDJHPHQW]RQH OR] 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
]RQHG·HQJDJHPHQWGHVPLVVLOHVjEDVVHDOWLWXGH XVLQJWKH$UDELFZRUG´OR]µZKLFKPHDQVDOPRQG
/20, /HWWHU2I0RUDO,QWHQW %RWDQ\ 
%XVLQHVV)LQDQFH /3 /DERXU3DUW\
/RQ DEEU /RQGRQ*% /3 ODQGLQJSRLQW
$OVR/RQG SRLQWGHGpEDUTXHPHQW
/21 7KHDLUSRUWFRGHIRUWKHFLW\RI/RQGRQ OLJKWSDWURO
(QJODQG SDWURXLOOHOpJqUH
/RQG DEEU /RQGRQ*% /3 ODS
$OVR/RQ (QJLQHHULQJ0DWHULDOV6FLHQFH0HWDOOXUJ\
ORQJ DEEU ORQJLWXGH 0LOLWDU\6FLHQFH
/23 /LQH2I3RVLWLRQ /3/3 /LEHUDO3DUW\
/23$5 ORZSRZHUDFTXLVLWLRQUDGDU /3 /LFLWD]LRQH3ULYDWD
UDGDUG·DFTXLVLWLRQGHIDLEOHSXLVVDQFH ,WDOLDQLQLWLDOLVPPHDQLQJ3ULYDWH7HQGHU
/23, /RVV2I3LSLQJ,QWHJULW\ /3 /LIH3ROLF\
/23 SRVLWLRQ /HIW2FFLSLWR3RVWHULRUSRVLWLRQ ,QVXUDQFH
0HGLFLQH /3 /LPLWHG3DUWQHU
/25$' ORQJUDQJHDFWLYHGHWHFWLRQ V\VWHP  %XVLQHVV)LQDQFH
V\VWqPHGH GpWHFWLRQDFWLYHjORQJXHGLVWDQFH /3 /LQHDU3URJUDPPLQJ
/25$1 ORQJUDQJHQDYLJDWLRQ 0DWKHPDWLFV
UDGLRQDYLJDWLRQjORQJXHGLVWDQFH /3 /LVW3URFHVVLQJ
/RUV/OR\G·VRXWZDUGUHLQVXUDQFHVFKHPH &RPSXWHU3URJUDPPLQJ
2XWZDUGUHLVXUDQFHGHELWDQGFUHGLWQRWHV /3/3 /RQGRQ3RUW
SURFHVVHGHOHFWURQLFDOO\VLQFH'HFHPEHU /3 /RQGRQ3RVW
,QVXUDQFH /3 /RQJ3RVLWLRQ
/26 OLQHRIVLJKW /3 /RUG3URYRVW
DjSRUWpHRSWLTXH /3 /RZ3UHVVXUH


/3 /XQD3LHQD 0HGLFLQH3ULPDWH5HVHDUFK
,WDOLDQLQLWLDOLVPPHDQLQJIXOOPRRQ /30 /DWHUDO3RVWHULRU0HVRGHUP
$VWURQRP\ $QDWRP\'HYHORSPHQWDO%LRORJ\0HGLFLQH
/3$ /LQN3DFN$UHD /30OSPOLQHVSHUPLQXWH
/3$ /\VRSKRVSKDWLGLF$FLG /30 /LVW3URJUDPPLQJ/DQJXDJH
/3$ LVDELRDFWLYHOLSLG /3 PLVVLRQ /XQDU3URVSHFWRUPLVVLRQ
%LRFKHPLVWU\0HGLFLQH0ROHFXODU%LRORJ\ 7KH/3 PLVVLRQZDVODXQFKHGRQWK -DQXDU\
3K\VLRORJ\ ,WLVWKHWKLUGPLVVLRQLQ1$6$·V'LVFRYHU\
/3$5 ODUJHSKDVHGDUUD\UDGDU 3URJUDP
DJUDQGUDGDUjEDOD\DJHpOHFWULTXH /XQDU5HVHDUFK
EJUDQGUDGDUjpOpPHQWVHQSKDVH /SQ/HQGHUSDUWLFLSDWLRQQRWHV
/3& /LQHDU3UHGLFWLYH&RGLQJ )LQDQFH
/3' ODQGLQJWUDQVSRUWGRFN /31/LFHQVHG3UDFWLFDO1XUVH
WUDQVSRUWDPSKLELHGHFKDODQGVGHGpEDUTXHPHQW /32/DWWLFH3UHIHUUHG2ULHQWDWLRQ
HWGHSHUVRQQHO *HRORJ\*HRSK\VLFV
/3' /LJKW3HWUROHXP'LVWLOODWH /32PRGHO /DWH3OHLVWRFHQH2ULJLQVPRGHO
/3( /LTXLG3KDVH(SLWD[\ /SS /HQJWKEHWZHHQSHUSHQGLFXODUV
6ROLG6WDWH3K\VLFV 1DYDO$UFKLWHFWXUH
/3 HOHFWURQV SOLNH/RQH3DLUHOHFWURQV RIFKDOFR /33V /RQJ3HULRG3XOVHV
JHQDWRPV  (DUWKTXDNH5HVHDUFK*HRORJ\0HWHRURORJ\
$WRP7HFKQRORJ\ 9ROFDQRORJ\
/SHUX /\FRSHUVLFRQSHUXYLDQXP /336 ORZSUHVVXUHSXPSVWDWLRQ
/3) SURFHVV /HDFKLQJ3UHFLSLWDWLRQDQG)ORWDWLRQ VWDWLRQGHSRPSDJHEDVVHSUHVVLRQ
SURFHVV /35 /DWH3KDVH5HDFWLRQ
0LQLQJ(QJLQHHULQJ $VWKPDDQG$OOHUJ\&OLQLFDO,PPXQRORJ\
/3* /DERUDWRU\RI3RSXODWLRQ*HQHWLFV 0HGLFLQH
/3* /LSRSKRVSKRJO\FDQ /35OSU OHSOXVUpGXLW
%LRFKHPLVWU\%LRORJLFDO&KHPLVWU\+RVW %XVLQHVV&RPPHUFH
5HVLVWDQFH0ROHFXODU3KDUPDFRORJ\0HGLFLQH /35$ /LEUDU\3XEOLFDWLRQ5HODWLRQV$VVRFLDWLRQ
/3* /LTXHILHG3HWUROHXP*DV /3 UHFRUG /RQJ3OD\LQJUHFRUG
/3*LVDOVRNQRZQDV&RPSUHVVHG3HWUROHXP /36/LSRSRO\VDFFKDULGH
*DV/LTXHILHG+\GURFDUERQ*DV /36LVD7/5OLJDQG
3HWUROHXP(QJLQHHULQJ %LRFKHPLVWU\,PPXQRORJ\0HGLFLQH
/3 JDV /LTXHILHG3HWUROHXPJDV )RUIXUWKHUGHWDLOVVHXQGHU7/5
)RUIXUWKHUGHUDLOVVHHXQGHU/3* /36& /XQDUDQG3ODQHWDU\6FLHQFH&RQIHUHQFH
/3+ DPSKLELRXVDVVDXOWVKLSKHOLFRSWHU 86$ 
SRUWHKpOLFRSWqUHVG·DVVDXWDPSKLELH 7KH/36&RQ0DUWLDQ0HWHRULWH$/+
/3+ /LSRWURSLQ+RUPRQH ZDVKHOGLQ+RXVWRQ 86$ 
/3+LVDOVRNQRZQDV/LSRWURSLF+RUPRQH /37%/37% /RQGRQ3DVVHQJHU7UDQVSRUW%RDUG
%LRFKHPLVWU\(QGRFULQRORJ\ *% 
/3, /LYLQJ3ODQHW,QGH[ /370 /DWHVW3DOHRFHQH7KHUPDO0D[LPXP
/3, ORZSUREDELOLW\RILQWHUFHSW (DUWK6FLHQFHV*HRORJLFDO6FLHQFHV0DULQH
IDLEOHSUREDELOLWpG·LQWHUFHSWLRQ 6FLHQFH
/3, /XQDUDQG3ODQHWDU\,QVWLWXWH 86$  /375/LYHUPRUH3RRO7\SH5HDFWRU
3ODQHWDU\6FLHQFH (QHUJ\
/3-'*90 /3-'\QDPLF*OREDO9HJHWDWLRQ /37V /RQJ3HULRG7UHPRUV
0RGHO (DUWKTXDNH5HVHDUFK*HRORJ\0HWHRURORJ\
%LRJHRFKHPLVWU\HFRV\VWHPV$QDO\VLV 9ROFDQRORJ\
*HRJUDSK\ /38/DQJXDJH3URFHVVRU8QLW
/3/ /LSRSURWHLQ/LSDVH /38 /DYRULGL3XEEOLFD8WLOLWj ,WDO\ 
+HDUW'LVHDVH*HQHV3RSXODWLRQ*HQHWLFV /397 /DUJH3ULQW9LGHR7HUPLQDO
/3/ 7KHDLUSRUWFRGHIRU/LYHUSRRO*% OS:OS:OXPHQSHU:DWWOXPHQVSHU:DWW
/3/V /DPLQD3URSULD/\PSKRF\WHV 2SWLFV


/4/HWWHU4XDOLW\ %HOJLDQ/HDJXH
&RPSXWHU 7HFKQRORJ\ /5%*( /DERUDWRU\RI5HFHSWRU%LRORJ\DQG*HQH
/4$ /LYHOORGL4XDOLWj$FFHWWDELOH ([SUHVVLRQ
,WDOLDQLQLWLDOLVPPHDQLQJ$FFHSWDEOH4XDOLW\ /5%*(LVD'LYLVLRQRIWKH%DVLF6FLHQFHV86
/HYHO 1DWLRQDO&DQFHU,QVWLWXWH
/4*SUREOHP /LQHDU4XDGUDWLF*DXVVLDQSUREOHP /5%0/RQJ5DQJH%DOOLVWLF0LVVLOH
/40$ /LPLWHGL4XDOLWj0HGLD$FFHWWDELOH /5& /HDUQLQJ5HVRXUFH&HQWHU
,WDOLDQLQLWLDOLVPPHDQLQJ$YHUDJH$FFHSWDEOH 7HFKQLFDO&ROOHJH 86$ 
4XDOLW\/LPLW /5& ORJLVWLFUHDGLQHVVFHQWUH
/43 /HWWHU4XDOLW\3ULQWHU FHQWUHGHSUpSDUDWLRQORJLVWLTXH
&RPSXWHU7HFKQRORJ\ /5& /RQGRQ5RZLQJ&OXE *% 
/45/DZ4XDUWHUO\5HYLHZ /5& /RQJLWXGLQDO5HGXQGDQF\&KHFN
/476 /RQJ47 6\QGURPH &RPSXWHU3URJUDPPLQJ
$UWHU\&ORJJLQJ3ODTXHV&DUGLRORJ\ /5&&/DERUDWRLUHGH5HFKHUFKHVHWGH&RQWU{OHGX
&DUGLRYDVFXODU(OHFWURSK\VLRORJ\*HQHWLFV &DRXWFKRXF )UDQFH 
0HGLFLQH )UHQFKLQLWLDOLVPRIWKH5XEEHU5HVHDUFKDQG
/5/DEHO5HFRUG &RQWURO/DERUDWRU\
&RPSXWHU 7HFKQRORJ\ /5&0 ORQJUDQJHFUXLVHPLVVLOH
/U 7KHFKHPLFDOV\PEROIRU/DZUHQFLXP PLVVLOHGHFURLVLqUHjORQJXHSRUWpH
1DPHGIRUWKH/DZUHQFH UDGLDWLRQODERUDWRU\ /5( /LQJXLVWLF5HVHDUFKDQG(QJLQHHULQJ
&DOLIRUQLD86$ IRXQGHGE\(UQHVW2 5HVHDUFKDQGWHFKQRORJLFDOGHYHORSPHQWLQWKH
/DZUHQFH ILHOGRIWHOHPDWLFV\VWHPVLQDUHDVRIJHQHUDOLQWHU
&KHPLVWU\6\PEROV HVW/5(  
/5 /HJDO5HVHUYH (&7HOHPDWLFV3URJUDP
/5 /HJJH5HJLRQDOH /5((V /LJKW5DUH(DUWK(OHPHQWV
,WDOLDQLQLWLDOLVPPHDQLQJ5HJLRQDO/DZ OUHJ OHJJHUHJLRQDOH
/5 /HQGLQJ5DWH ,WDOLDQDEEUHYLDWLRQPHDQLQJUHJLRQDOODZ
%DQNLQJ%XVLQHVV&RPPHUFH)LQDQFH /5(53 /RQJ5DQJH(IIHFWV5HVHDUFK3URJUDP
/5/LNHOLKRRG5DWLR /5) ODVHUUDQJHILQGHU
/5 /LVWLQJ5HTXLUHPHQWV WpOpPqWUHjODVHU
)LQDQFH /5) /XPEHU5HFRYHU\)DFWRU
/5 /OR\G·V5HJLVWHU *%  /5) /XWHLQL]LQJKRUPRQH5HOHDVLQJ)DFWRU
,QVXUDQFH6KLSSLQJ /5)0' /RFDO5HDFWLRQ)LHOG0ROHFXODU
/5 /RDQ5DWH '\QDPLFV
%XVLQHVV)LQDQFH &KHPLVWU\
/5/RJLFDO5HFRUG /5,/DWHUDO5HWLFXODUQXFOHXV,QWHUQDOGLYLVLRQ
&RPSXWHU3URJUDPPLQJ 'HSDUWPHQWRI$QDWRP\*HRUJHWRZQ8QLYHUVLW\
/5 ORQJUDQJH 6FKRRORI0HGLFLQHDQG'HQWLVWU\ 86$ 
DjJUDQGHGLVWDQFH>WpOpFRPV@ /5, /HIW5LJKW,QGLFDWRU
EDORQJUD\RQG·DFWLRQ>DpURQHI@ /5, OLPLWHGUDQJHRILQWHUFHSW
FjORQJWHUPH>SUpYLVLRQPpWpRILQDQFLqUHV@ IDLEOHSRUWpHG·LQWHUFHSWLRQ
GjORQJXHSRUWpH>HQJLQPLVVLOH@ /5, /XSXV5HVHDUFK,QVWLWXWH 86$ 
/5$ /DJJHG5HVHUYH$FFRXQWLQJ /5,1) ORQJUDQJHLQWHUPHGLDWHQXFOHDUIRUFHV
/5$ ORQJUDQJHDWWDFN IRUFHVQXFOpDLUHVLQWHUPpGLDLUHVjSOXVORQJXH
DWWDTXHjJUDQGHGLVWDQFH SRUWpH
ORQJUDQJHDYLDWLRQ /50 ODQFHURTXHWWHVPXOWLSOH
DYLDWLRQjORQJUD\RQG·DFWLRQ DPXOWLSOHODXQFKURFNHWV\VWHP 0/56 
/5$&&&/HDUQLQJ5HVRXUFHV$VVRFLDWLRQRI EPXOWLSOHURFNHWODXQFKHU 05/  
&DOLIRUQLD&RPPXQLW\&ROOHJHV 86$  /50 /LTXLG5HDFWLRQ0ROGLQJ
/5$0/RQJ5DQJH$WWDFN0LVVLOH /503 ORQJUDQJHPDULWLPHSDWURO DLUFUDIW 
/5DV\PPHWU\ /HIW5LJKWDV\PPHWU\ 3$70$5jORQJUD\RQG·DFWLRQ
$QDWRP\0HGLFLQH /506 ORQJUDQJHPLVVLOHV\VWHP
/5%$ /LJXH5R\DOH%HOJHG
$WKOpWLVPH V\VWqPHGHPLVVLOHjORQJXHSRUWpH


/51 OD\UHIHUHQFHQXPEHU %XVLQHVV)LQDQFH


QXPpURGHUpIpUHQFHGHPRXLOODJH /6/HYHO6HW
/52' ([SHULPHQW /RQJ5DQJH2YHUZDWHU &RPSXWHU3URJUDPPLQJ
'LIIXVLRQ([SHULPHQW /6 /LFHL6FLHQWLILFL ,WDO\ 
/53 /RQJ5DQJH3ODQQLQJ /6/LFHQWLDWHLQ6XUJHU\
/53 ORZGHQVLW\OLSRSURWHLQUHFHSWRUUHODWHGSUR /6 /LPLW6ZLWFK
WHLQ /6/LQH6NHZ
$WKHURVFOHURVLV3URWHFWLRQ&HOO%LRORJ\ &RPSXWHU 7HFKQRORJ\
0ROHFXODU*HQHWLFV /6 /LQJXLVWLF6WRFN
/53'6 /RQJ5DQJH3RVLWLRQ'HWHUPLQLQJ6\VWHP /6 /LVWHG6HFXULWLHV
/53V/XFLIHUDVH5HSRUWHU3KDJHV %XVLQHVV)LQDQFH
/54$ /OR\GV5HJLVWHU4XDOLW\$VVXUDQFH/WG /6 /LVW6WUXFWXUH
*%  &RPSXWHU3URJUDPPLQJ
4XDOLW\ (QYLURQPHQW&HUWLILFDWLRQ6HUYLFHV /6 /LWWOH6WRFN
/55 /RQJ5DQJH5DGDU /6/RJLFDO6HFXULW\
/55/RQJ5HJXODWRU\5HJLRQ YLUDO  &RPSXWHU 7HFKQRORJ\
/55GRPDLQ /HXFLQH5LFK5HSHDWGRPDLQ /6 /6 /RQGRQ6RFLHW\ *% 
&KHPLFDODQG6FUHHQLQJ6FLHQFH /6OV ORQJVLJKW
/553 ORQJUDQJHUHFRQQDLVVDQFHSDWURO /6OV ORXGVSHDNHU
SDWURXLOOHGHUHFRQQDLVVDQFHGDQVODSURIRQGHXU $FRXVWLFDO(QJLQHHULQJ
/553 /RZHVW5HTXLUHG5DGLDWLRQ5DGLDWLQJ3RZHU /6 /RZ6SHHG
7HOHFRPPXQLFDWLRQV /6/XPERVDFUDO
/555 /DVHU5DQJLQJ5HWURUHIOHFWRU /6$ /DUJH6FLHQFH$SHUWXUH
/5620 ORQJUDQJHVWDQGRIIPLVVLOH /6$ /DWHU6WRQH$JH
PLVVLOHjORQJXHSRUWpHWLUpjGLVWDQFHGHVpFXULWp /6$/HIW6DFURDQWHULRU
/563 ORQJUDQJHVHFXULW\SURJUDPPH /6$ ORJLVWLFVXSSRUWDQDO\VLV
SURJUDPPHGHVpFXULWpjORQJWHUPH DQDO\VHGHVRXWLHQORJLVWLTXH
/57 /LJKW5DLO7UDQVLW /6$& /DZ6FKRRO$GPLVVLRQ&RXQFLO
7UDQVSRUWDWLRQ(QJLQHHULQJ /6$ GLRGH /LPLWHG6SDFHFKDUJH$FFXPXODWLRQ
/571) ORQJUDQJHWKHDWUHQXFOHDUIRUFHV GLRGH
IRUFHVQXFOpDLUHVGHWKpkWUHjORQJXHSRUWpH (OHFWURQLFV
/58 /HDVW5HFHQWO\8VHG /6 'FKDUJHV /DQGLQJ6WRUDJHDQG'HOLYHU\
/58 /LQH5HSODFHDEOH8QLW FKDUJHV
/59 /XQDU5RYLQJ9HKLFOH /6%/HDVW6LJQLILFDQW%LW
/59 LVDOVRNQRZQDV/XQDU5RYHU &RPSXWHU3URJUDPPLQJ
6SDFH7HFKQRORJ\ /6% ORJLVWLFVXSSRUWEDVH
/5;/DWHUDO5HWLFXODUQXFOHXV([WHUQDOGLYLVLRQ EDVHGHVRXWLHQORJLVWLTXH
'HSDUWPHQWRI$QDWRP\*HRUJHWRZQ8QLYHUVLW\ /6%JDOD[LHV /RZ6XUIDFH%ULJKWQHVVJDOD[LHV
6FKRRORI0HGLFLQHDQG'HQWLVWU\ 86$  $VWURQRP\
/6 ODQGLQJVLWH /6EXIIHU /RZ6DOWEXIIHU
VLWHGHGpEDUTXHPHQW /6& /HDIDUHD6SHFLILFK\GUDXOLF&RQGXFWDQFH
ODXQFKLQJVWDWLRQ %RWDQ\(FRORJ\7UHH+\GUDXOLF$UFKLWHFWXUH
DODQFHXU /6& /HJJHVXOOR6WDWR&LYLOH
EVLWHGHODQFHPHQW ,WDOLDQ/DZV
OHDYHUVHFWLRQ /6&/RRS6WDWLRQ&RQQHFWRU
VHFWLRQjGpWDFKHUG·XQFRQYRL /6F$/HIW6FDSXORDQWHULRU
/LHFKWHQVWHLQ /6&FRRUGLQDWHV\VWHP /DQGLQJ6LWH&DUWRJUDSKLF
/LHFKWHQVWHLQ FRRUGLQDWHV\VWHP
/6OV /DZ6RFLHW\ /6&( /DERUDWRLUHGHV6FLHQFHVGX&OLPDWHWGH
/6/HIW6HSWXP O·(QYLURQQHPHQW
/6/HWWHUV6KLIW )UHQFKLQLWLDOLVPRIWKH&OLPDWHDQG
7HOHFRPPXQLFDWLRQV (QYLURQPHQWDO6FLHQFHV/DERUDWRU\ )UDQFH 
/6 /HWWHU6WRFN /6&0 /DVHU6FDQQLQJ&RQIRFDO0LFURVFRS\


*HRPHFKDQLFV(DUWKDQG6SDFH6FLHQFHV /6,5)LVDWUDQVFULSWLRQIDFWRU,WLVQRZFDOOHG
/6&2VXSHFRQGXFWRU /DQWKDQXP6WURQWLXP ,5)
&RSSHU2[LGHVXSHUFRQGXFWRU ,PPXQRORJ\0HGLFDO%LRSK\VLFV0HGLFLQH
6XSHUFRQGXFWLYLW\ 2QFRORJLF3DWKRORJ\2QFRORJ\
/6&3 /LYLQJ6WRFN&ROOHFWLRQ3URJUDP /6/ ODQGLQJVKLSORJLVWLFV
1,+·V 86$  EkWLPHQWGHVRXWLHQORJLVWLTXHGHGpEDUTXHPHQW
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ /6/ /LQN6XSSRUW/D\HU
/6'/DQJXDJHIRU6\VWHPV'HYHORSPHQW /60/DQGLQJ6KLS0HGLXP
/6' /HDJXHIRU6SLULWXDO'LVFRYHU\ 7KH/60LVDODQGLQJVKLSKDYLQJDOHQJWKRI
/6'/HDVW6LJQLILFDQW'LJLW DERXWIHHW
&RPSXWHU3URJUDPPLQJ 860LOLWDU\DQG1DY\
/6' /LQH6KDULQJ'HYLFH /606 /LYLQJ6WDQGDUGV0HDVXUHPHQWV6WXG\
/6' /LQH6LJQDO'HWHFWRU 7KH/606LVDKRXVHKROGVXUYH\FRQGXFWHGE\WKH
/6' ORJLVWLFVXSSRUWGHWDFKPHQW :RUOG%DQNVLQFH
GpWDFKHPHQWGHVRXWLHQORJLVWLTXH :RUOG%DQN6XUYH\V
ODQGLQJVKLSGRFN /61'/LTXLG6FLQWLOODWRU1HXWULQR'HWHFWRU
EkWLPHQWWUDQVSRUWGHFKDODQGVGHGpEDUTXH &RVPRORJ\3K\VLFV
PHQW /62 /RQGRQ6\PSKRQ\2UFKHVWUD *% 
/6' /\VHUJLF$FLG'LHWK\ODPLGH /63 /DQJXDJHIRU6SHFLDO3XUSRVHV
/6'ZKLFKLVDOVRNQRZQDV/\VHUJLGHLVDKDO /LQJXLVWLFV
OXFLQRJHQ /63 /DVHU6FDWWHULQJ3DWWHUQDWRUIRUOLTXLGIORZ
2UJDQLF&KHPLVWU\ PHDVXUHPHQWRILQGXVWULDOVSUD\V
/6' 3RXQGV6KLOOLQJVDQG3HQFH *%  (XURSHDQ&RPPXQLW\3URMHFW
/6'0 /DJUDQJLDQ6WRFKDVWLF'LVSHUVLRQ0RGHO /63/HIW6DFURSRVWHULRU
1DPHGIRUWKH)UHQFKPDWKHPDWLFLDQ-RVHSK /63 ORJLVWLFVXSSRUWSODQ
/DJUDQJH SODQGHVRXWLHQORJLVWLTXH
/6'V /LJQRVWLEEHQH'LR[\JHQDVHV /63V /DQG6XUIDFH3DUDPHWHUL]DWLRQV
/6( ORJLVWLFVXSSRUWHOHPHQW $WPRVSKHULF5HVHDUFK$WPRVSKHULF6FLHQFH
pOpPHQWGHVRXWLHQORJLVWLTXH %LRORJLFDO6FLHQFHV(QYLURQPHQWDO6FLHQFHDQG
/6(/6(/RQGRQ6FKRRORI(FRQRPLFV *%  0DQDJHPHQW/DQG$WPRVSKHUH,QWHUDFWLRQV
/6(&V /LYHU6LQXVRLGDO(QGRWKHOLDO&HOOV 0HWHRURORJ\3ODQW%LRORJ\
+HSDWRF\WH*URZWK0ROHFXODU2QFRORJ\ /64$ /RFDO6\VWHP4XHXH$UHD
3DWKRORJ\3URWHLQ(QJLQHHULQJ /65 /RFDO6WDQGDUGRI5HVW
)RUIXUWKHUGHWDLOVVHHXQGHU+*) DQG9(*) $VWURQRP\$VWURSK\VLFV
/6((/RL6XUO· (PSORLG·(WUDQJHUV /652 /LIH6FLHQFHV5HVHDUFK2IILFH
)UHQFKLQLWLDOLVPPHDQLQJ/DZUHODWLQJWRWKH /66 /DS6KHDU6WUHQJWK
(PSOR\PHQWRI)RUHLJQHUV 0DWHULDOV6FLHQFH
/DZ /66 /DUJH6FDOH6WUXFWXUH
/6(3 /HJDO6HUYLFHVIRUWKH(OGHUO\3RRU 1< 3K\VLFV
86$  /66/LIHVDYLQJ6HUYLFH
/6) SODQ/LPLWHG6DODU\)OH[LELOLW\SODQ /66 ORJLVWLFVXSSRUWVLWH
/6* /DUJH6FDOH*HRVWURSKLF VLWHGHVRXWLHQORJLVWLTXH
*HRSK\VLFV /6VWDWH /RZ6SLQVWDWH
/6 *D]HWWH/DZ6RFLHW\*D]HWWH 0ROHFXODU&KHPLVWU\
6LQFH /67 /DQGLQJ6KLS7DQN
OVKOG OHDVHKROG 7KH/67 LVDPLOLWDU\YHVVHOXVHGIRUODQGLQJ
/6, /DUJH6FDOH,QWHJUDWLRQ WURRSVDQGHTXLSPHQWRQEHDFKHV
(OHFWURQLFV /67 /DS6KHDU7HVW
/6,FLUFXLW /DUJH6FDOH,QWHJUDWHGFLUFXLW 0DWHULDOV6FLHQFH
/6,5 /LPE6FDQQLQJ,QIUDUHG5DGLRPHWHU /67 /DWHVW6WDUWLQJ7LPH
/6,5) /\PSKRF\WH6SHFLILF,QWHUIHURQ5HJXODWRU\ /67/HIW6DFURWUDQVYHUVH
)DFWRU /VW/LUDVWHUOLQD
,WDOLDQDEEUHYLDWLRQPHDQLQJSRXQGVWHUOLQJ


/67 /RFDO6LGHUDO7LPH ,PPXQRORJ\


$VWURQRP\ /7 7KHDLUOLQHFRGHIRU/78,QWHUQDWLRQDO$LUZD\V
/67 /RFDO6RODU7LPH /7$ /DZQ7HQQLV$VVRFLDWLRQ
/6WQHXURQV /XPEDU6SLQRWKDODPLFQHXURQV /7$ /HWWHUDGL7UDVSRUWR$HUHR
1HXURQVWKDWDUHSDUWRIWKHVSLQRWKDODPLFWUDFW ,WDOLDQLQLWLDOLVPPHDQLQJ$LU:D\ELOO
DQGVHQGVHQVRU\LQIRUPDWLRQIURPWKHERG\WRWKH /7$ ORFDOWDUJHWDUHD
EUDLQ ]RQHORFDOHG·REMHFWLIV
0HGLFLQH1HXURSV\FKLDWU\ /7$ /RQGRQ7HDFKHUV· $VVRFLDWLRQ *% 
/68 /DUJH6XEXQLW /7% /RQGRQ7UDQVSRUW%RDUG *% 
%LRFKHPLVWU\ /7%) ORQJWHUPEXLOGXSIRUFH
/68 /DYRUL6RFLDOPHQWH8WLOL ,WDO\  IRUFHjORQJGpODLGHPRQWpHHQSXLVVDQFH
/68 /LEUDU\6WRUDJH8QLW /7%0' OD\HUHGWKHDWUHEDOOLVWLFPLVVLOHGHIHQFH
/68/RXLVLDQD6WDWH8QLYHUVLW\ 86$  GpIHQVHPXOWLFRXFKHFRQWUHOHVPLVVLOHVEDOLVWLTXHV
/680&/RXLVLDQD6WDWH8QLYHUVLW\0HGLFDO&HQWHU GHWKpkWUH
86$  /7%3 /RQGRQ7DQNHU%URNHUV3DQHO *% 
/7 /DQG7D[ 7DQNHU)UHLJKW
/7 /DVHU7KHUPRPHWHU /7%7 /LPLWHG7HVW%DQ7UHDW\
$ QHZO\SURGXFHG $SULO WKHUPRPHWHUWR 7UDLWpG·LQWHUGLFWLRQSDUWLHOOHGHVHVVDLV
SUHYHQWFRQWDJLRQDQGVSUHDGLQJRIDQLQIHFWLRQ QXFOpDLUHV 
IRULQVWDQFHOLNH6$56,QYLHZRIWKHIDFWWKDWLW /7& /HVV7KDQ&DUORDG
LVQRWLQGLUHFWFRQWDFWLWLVVDIHZLWKUHVSHFWWR /7&/LHXWHQDQW&RPPDQGHU
WUDGLWLRQDOWKHUPRPHWHUV /7& /RQJ7HUP&RQWUDFW/RQJ7HUP&UHGLW
/7 /DWLQD,WDO\ %XVLQHVV&RPPHUFH)LQDQFH
/7 /DZQ7HQQLV /7& ORQJWHUPFRVWLQJ
OWOHIWWDFNOH HVWLPDWLRQGHFR€WVjORQJWHUPH
)RRWEDOO /7&% /RQJ7HUP&UHGLW%DQNRI-DSDQ
/7 /HJDO7HQGHU /7&* /RQJ7HUP&DSLWDO*DLQ
%XVLQHVV)LQDQFH %DQNLQJ%XVLQHVV)LQDQFH
/7 /HJDO7LWOH /7&,&V /RQJ7HUP&XOWXUH,QLWLDWLQJ&HOOV
%XVLQHVV)LQDQFH /7&0 /RQJ7HUP&DSLWDO0DQDJHPHQW
/7 /HVRWKR /W&RO/LHXWHQDQW&RORQHO
/7 /HVV7KDQ /W&RP/W&PGU /LHXWHQDQW&RPPDQGHU
/7 /HWWHURI7UDQVPLWWDO /7&V /RFDO7UDLQLQJ&HQWHUV
/7 /HWWHURI7UXVW /7&V /7\SHYROWDJHDFWLYDWHG&KDQQHOV
%XVLQHVV)LQDQFH 1HXURVFLHQFH1HXURELRORJ\0HGLFLQH
/7 /HWWHU7HOHJUDP 7UDQVFULSWLRQ)DFWRUV
/W DEEU /LHXWHQDQW /WGOWG DEEU /LPLWHG
OW DEEU OLJKW $OVR/G
$UFKLWHFWXUH2SWLFV /7'/LQH7UDQVIHU'HYLFH
/7 /RFDO7LPH /7' /RQJ7HUP'HSRWHQWLDWLRQ
/7 /RQGRQ7UDQVSRUW *%  3K\VLRORJ\
/7 /RQJ7HUP /7'/RQJ7HUP'HSUHVVLRQ
OW ORQJWRQ 0ROHFXODU %LRORJ\1HXURVFLHQFHV
0HWURORJ\ /7'( /HDUQLQJ7HFKQRORJ\DQG'LVWDQFH
/7 /RQJ7RQ (GXFDWLRQ
2UGQDQFH /7'3 ORQJWHUPGHIHQFHSURJUDPPH
/7/WRU OW/RZ7HQVLRQ SURJUDPPHGHGpIHQVHjORQJWHUPH
/7 /X[XU\7D[ /7( /RFDO7KHUPRG\QDPLF(TXLOLEULXP
/7 /\PSKRLG7LVVXH $VWURSK\VLFV
/\PSKRLG7LVVXHLVDOVRNQRZQDV/\PSKRWLF /7(5QHWZRUN /RQJ7HUP(FRORJLFDO5HVHDUFK
7LVVXH QHWZRUN
+LVWRORJ\ 7KH/7(5ZDVFUHDWHGE\WKH861DWLRQDO
/7 /\PSKRWR[LQ 6FLHQFH)RXQGDWLRQLQ


&KHPLVWU\DQG%LRORJ\RIWKH2FHDQV(FRORJLFDO 0ROHFXODU %LRORJ\


3URFHVVHV /75 ORQJWHUPUHTXLUHPHQW
/7) /\PSKRF\WH7UDQVIRUPLQJ)DFWRU EHVRLQjORQJWHUPH
/7)) ORQJWHUPILQDQFLDOIRUHFDVW /756 /HWWHUV6KLIW
SUpYLVLRQVILQDQFLqUHVjORQJWHUPH 7HOHFRPPXQLFDWLRQV
/7)3 ORQJWHUPIRUFHSODQQLQJ /75V /RQJ7HUPLQDO5HSHDWV
SODQVGHIRUFHVjORQJWHUPH /76/DXQFK7HOHPHWU\6WDWLRQ
ORQJWHUPIRUFHSURSRVDOV /76/DXQFK7UDFNLQJ6\VWHP
SURSRVLWLRQVGHIRUFHVjORQJWHUPH /76 ORQJWHUPVWXG\
/7* ORFDOWDFWLFDOJULG pWXGHjORQJWHUPH
FDUUR\DJHWDFWLTXHORFDO /76(0 /RZ7HPSHUDWXUH6FDQQLQJ(OHFWURQ
OWJH DEEU OLJKWHUDJH 0LFURVFRS\
,QGXVWULDO(QJLQHHULQJ /77 OLPLWHGWHFKQRORJ\WUDQVIHU
/W*HQ/7*/LHXWHQDQW*HQHUDO WUDQVIHUWGHWHFKQRORJLHOLPLWp
/W*RY/LHXWHQDQW*RYHUQRU /77 /LWKLXP7KDOOLXP7DUWUDWH
/7K/LFHQWLDWHLQ7KHRORJ\ /77 /RQJ7HUP7UHQG
/7+/W+/XWHRWURSLF+RUPRQH /77 /\PSKRF\WH7UDQVIRUPDWLRQ7HVW
/W,QI/LJKW,QIDQWU\ &KHPRWKHUDS\0HGLFLQH0LFURELRORJ\
0LOLWDU\ ,PPXQRORJ\
/7,3 ORQJWHUPLQIUDVWUXFWXUHSURJUDPPH>IRUPHUO\ /77( /LEHUDWLRQ7LJHUVRI7DPLO(HODP 6UL
FDOOHG$&(/,3@ /DQND 
SURJUDPPHG·LQIUDVWUXFWXUHjORQJWHUPH>DQFLHQ /770WUHDWPHQW /RZ7HPSHUDWXUH
QHPHQWDSSHOp$&(/,3@ 7KHUPRPHFKDQLFDOWUHDWPHQW
/7/ /HVVWKDQ7UXFN/RDG /79 UDWLR /RDQ7R9DOXHUDWLR
)UHLJKW OW\UOLJKW\HDUOLJKW\HDUV
/7/ /LFHQWLDWHLQ7KHRORJ\ /7= ORFDOWDUJHW]RQH
/70 /LFHQWLDWHLQ7URSLFDO0HGLFLQH ]RQHORFDOHG·REMHFWLIV
/70 /RQJ7HUP0HPRU\ OXODLGXS
/RQJ7HUP0HPRU\LVDOVRNQRZQDV/RQJ7HUP /8 /LJKW8QLW
6WRUH6HFRQGDU\0HPRU\ 6SDFH*UHHQKRXVHV
%HKDYLRU /8 /LQHDU8SWDNH
/70&' /RZ7HPSHUDWXUH0DJQHWLF&LUFXODU /8 /RQGRQ8QLYHUVLW\ *% 
'LFKURLVP /8 /XFFD,WDO\
/70)0 /RZ7HPSHUDWXUH0DJQHWLF)RUFH OXOXJOXJOLR
0LFURVFRSH ,WDOLDQDEEUHYLDWLRQPHDQLQJ-XO\
3K\VLFV /X7KHFKHPLFDOV\PEROIRU/XWHWLXP
/71 7KHDLUSRUWFRGHIRU/XWRQ/RQGRQ*% /XWHWLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF
OWQJDUU OLJKWQLQJ DUUHVWHU QXPEHUDQDWRPLFZHLJKWRIDPHOW
(OHFWULFLW\ LQJSRLQWRI$&/XWHWLXPZDVGLVFRYHUHGLQ
/713V/RQJ7HUP1RQSURJUHVVRUV 3DULVLQ
$,'6 5HVHDUFK0ROHFXODU %LRORJ\ &KHPLVWU\6\PEROV
/73 /RQJ7HUP3RWHQWLDWLRQ /8 /X[HPEXUJ/X[HPERXUJ
/73 /RQJ7HUP3URJUDP $OVR/X[
/73$ ORQJWHUPSODQQLQJDUHD OXE OHDVWXSSHUERXQG
GRPDLQHGHSODQLILFDWLRQjORQJWHUPH 0DWKHPDWLFV
/73' /RW7ROHUDQFH3HUFHQW'HIHFWLYH /8%/ /RPEDUG 8OVWHU%DQNLQJ ,UHODQG 
,QGXVWULDO(QJLQHHULQJ 7KH'XEOLQEDVHG/8%/ LVWKHOHDVLQJDUPRI
/73* ORQJWHUPSODQQLQJJXLGHOLQH 8OVWHU%DQN
GLUHFWLYHGHSODQLILFDWLRQjORQJWHUPH /8& /LPEXUJV8QLYHUVLWDLU&HQWUXP %HOJLXP 
/74 /\VLQH7\URV\OTXLQRQH /8&, /LYHUSRRO8QLYHUVLW\&DUGLRYDVFXODU,QVWLWXWH
OWU DEEU OHWWHU *% 
)RUIXUWKHUGHWDLOVVHHXQGHUOHW /8'(6/XGHV /LEHUD8QLYHUVLWj'HJOL6WXGLGL
/75/RQJ7HUPLQDO5HSHDW 6FLHQ]H8PDQHH7HFQRORJLFKH


,WDOLDQ8QLYHUVLW\ $OVR/8
/8) /RZHVW8VDEOH)UHTXHQF\ /9 /HIW9DOXH
/8) /X[HPEXUJIUDQF>REVROHWH@ &RPSXWHU3URJUDPPLQJ
1RZ(852(85 8 %HFDPH(&8 (XURSHDQ /9 /HWWHUDGL9HWWXUD
6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\ ,WDOLDQLQLWLDOLVPPHDQLQJ&RQVLJQPHQW1RWH
/8+) /RZHVW8VHIXO+LJK)UHTXHQF\ :D\ELOO
7HOHFRPPXQLFDWLRQV %XVLQHVV&RPPHUFH
/8, /DQJXDJH8VHU,QWHUIDFH /9 /RZ9ROWDJH
/8,02 /LEHUD8QLYHUVLWj,QWHUQD]LRQDOHGL (OHFWULFLW\
0HGLFLQD2PHRSDWLFD6DPXHO+DKQHPDQQ /9$ /DUJH9HUWLFDO$SHUWXUH
1DSOHV,WDO\  /9$ /RZ9ROWDJH$FWLYDWHG
+RPHRSDWK\LVDWKHUDS\DGYDQFHGE\'U6DPXHO /9$V/RZ9HORFLW\$QRPDOLHV
+DKQHPDQQ LQWKHODWHWK FHQWXU\ 6HLVPRORJ\
+RPHRSDWK\ /9' /DERUDWRU\RI9LUDO'LVHDVHV
/8,1$ /LEHUD8QLYHUVLWj,WDOLDQDGL1$WXURSDWLD 7KH/9'LVORFDWHGRQWKH861,+PDLQFDPSXV
,WDO\  )RUIXUWKHUGHWDLOVVHXQGHU1,+
,WDOLDQ8QLYHUVLW\ /9' /DUJH9ROXPH'HWHFWRU
/8,66 /LEHUD8QLYHUVLWj,QWHUQD]LRQDOHGL6WXGL /9'7 /LQHDU9DULDEOH'LIIHUHQWLDO7UDQVIRUPHU
6RFLDOL (OHFWULFLW\
,WDOLDQ8QLYHUVLWLHV /9() /HIW9HQWULFXODU(MHFWLRQ)UDFWLRQ
/8//8//HIW8SSHU/REH /9) /HIW9LVXDO)LHOG
/8/8/RFDOO\8QZDQWHG/DQG8VH &RJQLWLYH1HXURVFLHQFH1HXURVFLHQFH
/8/8&) /DQG8VH/DQG8VH&KDQJHDQG /9) /R\DOLVW9ROXQWHHU)RUFH ,UHODQG 
)RUHVWU\ 7KH/9)LVDJURXSRXWVLGH&/0&
$IIRUHVWDWLRQ5HIRUHVWDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU&/0&
/80 /8QDUH[FXUVLRQ0RGXOH /9+ /9+/HIW9HQWULFXODU+\SHUWURSK\
/XQDUH[FXUVLRQPRGXOHLVDOVRNQRZQDV/XQDU 0HGLFLQH
0RGXOH /9,/HWWUHGH9RLWXUH,QWHUQDWLRQDOH
6SDFH7HFKQRORJ\ )UHQFKLQLWLDOLVPPHDQLQJ,QWHUQDWLRQDO
/80&21 /RXLVLDQD8QLYHUVLWLHV0DULQH &RQVLJQPHQW RU'HOLYHU\ 1RWH
&21VRUWLXP 86$  /90+/RXLV9XLWWRQ0RsW+HQQHVV\
/80(1 /LEHUD8QLYHUVLWjGL0HGLFLQD1DWXUDOH <HDUO\6FLHQFHIRU$UW3UL]HVDZDUGHGWRVFLHQWLVWV
,WDO\  $UW3UL]HV6FLHQFH
,WDOLDQ8QLYHUVLW\ /91 /LFHQVHG9RFDWLRQDO1XUVH
/802 /RZHVW8QRFFXSLHG0ROHFXODU2UELWDO /93 /\VLQH9DVRSUHVVLQ
%LRLQRUJDQLF&KHPLVWU\ 0HGLFLQH
OXQOXQHGu /9V/DWHUDO9HQWULFOHV
,WDOLDQDEEUHYLDWLRQPHDQLQJ0RQGD\ $QDWRP\
/82V/DERUDWRU\8QLW2SHUDWLRQV /96& /RQGRQ9ROXQWDU\6HUYLFH&RXQFLO *% 
/83 /DWH8SSHU3DOHROLWKLF /97 /DQGLQJ9HKLFOH7UDFNHG
$QWKURSRORJ\,VODQG*HQHWLFV 1HDQGHUWDO$UPV /9= /RZ9HORFLW\=RQH
3ULPDWH%LUWK *HRORJ\2FHDQRJUDSK\
/84/84/HIW8SSHU4XDGUDQW /9=/RZ9LVFRVLW\=RQH
OXUE DEEU OHJJHXUEDQLVWLFD 7KHDVWKHQRVSKHUH
,WDOLDQ/DZV /: /DQGLQJ:HLJKW
/867 /LEHUD8QLYHUVLWjGL6WXGL7ULEXWDUL /: ODVHUZHDSRQ
,WDOLDQ8QLYHUVLWLHV DUPHODVHU
/87 /RFDO8VHU7HUPLQDO /: /RQJ:DYH
/89 &RQIHUHQFH /LVS8VHUVDQG9HQGRUV +\GURORJ\ /RQJ:DYHLVDOVRNQRZQDV
&RQIHUHQFH 6KDOORZZDWHU:DYH
/89V /DUJH8QLODPHOODU9HVLFOHV 0HWHRURORJ\/RQJ:DYHLVDOVRNQRZQDV
$QDO\WLFDO&KHPLVWU\3K\VLFDO&KHPLVWU\ 3ODQHWDU\:DYH0DMRU:DYH
/X[ DEEU /X[HPERXUJ/X[HPEXUJ 7HOHFRPPXQLFDWLRQV7KHWHUPORQJZDYHLQ


WHOHFRPPXQLFDWLRQVUHIHUVWRDZDYHKDYLQJD 0LFURELRORJ\
OHQJWKRIRYHURQHWKRXVDQGPHWHUV /= ODQGLQJ]RQH
/: /RZ:DWHU D]RQHG·DWWHUULVVDJH
2FHDQRJUDSK\ E]RQHGHGpEDUTXHPHQW
/:$7 /\Q[DQG:ROYHULQH$GYLVRU\7HDP /=/HXFLQH=LSSHU
86$  /=7 /DUJH=HQLWK7HOHVFRSH
&RQVHUYDWLRQ%LRORJ\ :RUNRQWKH/=7 VWDUWHGLQ2SHUDWLYHLQ
/:% /RZHU%RXQG $SULO
0DWKHPDWLFV $VWURQRP\
/:& /DQJXDJHRI:LGHU&RPPXQLFDWLRQ /=7 /HDG=LUFRQDWH7LWDQDWH
/:' /RZ:DWHU'DWD /=7 LVXVHGPDLQO\LQFRPSXWHUVPHPRU\XQLWV
/:, /DVLQJ:LWKRXW,QYHUVLRQ 0DWHULDOV
4XDQWXP&RKHUHQFH3K\VLFV
/:/ /HQJWK DW :DWHU/LQH
/:/ /RDG:DWHU/LQH
1DYDO$UFKLWHFWXUH
/:0OZP /RZ:DWHU0DUN
/:267/RZ:DWHU2UGLQDU\6SULQJ7LGHV
OZSOHDYHZLWKSD\
/:3 /RDG:DWHU3ODQH
1DYDO$UFKLWHFWXUH
/:5 ODVHUZDUQLQJUHFHLYHU
UpFHSWHXUG·DOHUWHODVHU
ORFDOZDJHUDWH SHUVRQQHO 
 SHUVRQQHOj VWDWXWORFDO
/:5 /LJKW:DWHU5HDFWRU
1XFOHRQLFV
/:6 /RQJ:DYHOHQJWK6SHFWURPHWHU
OZVW DEEU ORZHVW
/:8$ /RFDO:DWHU8WLOLWLHV$GPLQLVWUDWLRQ 7KH
3KLOLSSLQHV 
O[ OX[
2SWLFV
/;5_ /LYHU;5HFHSWRU_
%LRFKHPLVWU\/LSLG5HVHDUFK0HGLFDO1XWULWLRQ
1XFOHDU5HFHSWRUV2[\VWHURO3KDUPDFRORJ\
/< /DVW<HDU<HDU·V
/< 7KHDLUOLQHFRGHIRU(O$O,VUDHO$LUOLQHV
/< /XFLIHU<HOORZ
/< /LE\D
/\_ /\PDQ_
$VWURSK\VLFV6SDFH3K\VLFV
/<5,& /DQJXDJHIRU<RXU5HPRWH,QVWUXFWLRQE\
&RPSXWHU
O\V DEEU O\VLQH
/\VLQHLVDQDPLQRDFLG
%LRFKHPLVWU\
/<6* /RQGRQ<RXQJ6ROLFLWRUV*URXS
7KH$VVRFLD]LRQH*LRYDQL$YYRFDWL0LODQR
$*$0 DQGWKH/RQGRQ<RXQJ6ROLFLWRUV*URXS
/<6* UHSUHVHQWUHVSHFWLYHO\WKH\RXQJODZ\HUV
DQGVROLFLWRUVRI0LODQDQG/RQGRQ
/\V56 O\V\OW51$ 6\QWKHWDVH


PPLOOLRQ

0 0DWKHPDWLFV
0 0LQHVZHHSHUPLQHVZHHSHU
)RUIXUWKHUGHWDLOVVHHXQGHU06
00DFK PPLVW
$OVR0DFKPDFK 0HWHRURORJ\ %HDXIRUWOHWWHU
1DPHGIRUWKH$XVWULDQSK\VLFLVW(UQVW0DFK P DEEU PRGH
)OXLG0HFKDQLFV $UFKDHRORJ\ &RPSXWHU3URJUDPPLQJ &RPSXWHU
P DEEU PDFKLQH 7HFKQRORJ\ (OHFWURPDJQHWLVP 3HWURORJ\
&RPSXWHU7HFKQRORJ\0HFKDQLFDO(QJLQHHULQJ 3K\VLFV 6WDWLVWLFV 7HOHFRPPXQLFDWLRQV
0HFKDQLFV P PRLV
0P 0DJLVWUDWH PHDQLQJPRQWKLQ)UHQFK
P DEEU PDJQHWL]DWLRQ PPRODU
PDJQHWL]DWLRQLVWKHSURFHVVE\PHDQVRIZKLFK &KHPLVWU\
PDWHULDOVDUHPDJQHWL]HG 0P0RODULW\
(OHFWURPDJQHWLVP 3K\VLFDO&KHPLVWU\
0 0DMHVW\ 0P 0RQGD\
PPDOH 0P PRQH\
%LRORJ\%RWDQ\(QJLQHHULQJ P DEEU PRQLWRU
P PDQXDO &RPSXWHU3URJUDPPLQJ &RPSXWHU7HFKQRORJ\
PDQXDOPHDQVFDUULHGRXWE\KDQG (OHFWURQLFV(QJLQHHULQJ6XUJHU\
(QJLQHHULQJ6FLHQFH 0 0RQVLHXU
P PDUN 0ULQ)UHQFK
&RPSXWHU3URJUDPPLQJ*HRORJ\0LOLWDU\ P 0RRQPRRQ
6FLHQFH2UGQDQFH7HOHFRPPXQLFDWLRQV $VWURQRP\
0 0DUTXHVV 0P PRWRUZD\
PPDVFXOLQH 0P PRXQWDLQ
PPDVV *HRJUDSK\
0HFKDQLFV0HWURORJ\0LOLWDU\6FLHQFH 0WRPRYH DVRIZRUN 
P PDWXUHG 7LPH6WXG\
$OVRPDW PPXFRLG
6WRFNV %LRFKHPLVWU\
0 0HGLFDO P DEEU PXOWLSOLHU
0PHJDE\WH (OHFWULFLW\ (OHFWURQLFV 0DWKHPDWLFV
&RPSXWHU7HFKQRORJ\ PPXVFOH
0P PHPEHU $QDWRP\
$OVRPEU 0$ 0DGDJDVFDU
$QDWRP\(QJLQHHULQJ*HRORJ\0DWKHPDWLFV 0DGDJDVFDU
7D[RQRP\ PLOLWDU\DVVLVWDQW
P DEEU PHPRU\ DVVLVWDQWPLOLWDLUH
&RPSXWHU7HFKQRORJ\ ,PPXQRORJ\ 3V\FKRORJ\ 0$ 0DLVRQG·$UUrW
P PHULGLDQ )UHQFKDFURQ\PPHDQLQJSULVRQMDLOJDRO
$VWURQRP\&DUWRJUDSK\ 0$ 0DQGHOLF$FLG
PPHWHUPHWUH 0DQGHOLF$FLGDOVRNQRZQDVDP\JGDOLFDFLGLV
PHWUHGHULYHVIURPWKH*UHHNYHUE´WRPHDVXUHµ XVHGPDLQO\DVDXULQDU\DQWLVHSWLF
(QJLQHHULQJ0HWURORJ\ 2UJDQLF&KHPLVWU\
P PLOH 0$ 0DQSRZHU$GPLQLVWUDWLRQ
0HWURORJ\ 0$ 0DUJLQ$FFRXQW
00LOO 0$ 0DULWLPH$GPLQLVWUDWLRQ
,QGXVWULDO(QJLQHHULQJ0HFKDQLFDO'HYLFHV 0$ 0DUNHW$YHUDJH
0LQLQJ(QJLQHHULQJ %XVLQHVV)LQDQFH
PPLOOL 0$ DEEU 0DVVDFKXVHWWV 86$ 
0DWKHPDWLFV 0$ 0DVVLPR$YYDORUDELOH


,WDOLDQDFURQ\PPHDQLQJ0D[LPXP9DOXHRI 0$& PDMRUDUHDFRPPDQGHU


,VVXH JUDQGFRPPDQGDQWGH]RQH
0$ 0DVWHURI$UWV PDULWLPHDUHDFRPPDQGHU
0$ 0HFKDQLFDO$GYDQWDJH FRPPDQGDQWPDULWLPHGH]RQH
0HFKDQLFDO(QJLQHHULQJ PLQHDFWLRQFHQWUH
0$ 0HQWDO$JH FHQWUHG·DFWLRQDQWLPLQHV
3V\FKRORJ\ 0$&0$& 0D[LPXP$OORZDEOH&RQFHQWUDWLRQ
0$ 0HWK\O$FHWDWH 0$&LVDOVRNQRZQDV0D[LPXP$GPLVVLEOH
0HWK\ODFHWDWHLVXVHGPDLQO\DVDVROYHQWIRUODF &RQFHQWUDWLRQ
TXHUV 0$& 0HGLD$FFHVV&RQWURO
2UJDQLF&KHPLVWU\ 0$&0HVVDJH$XWKHQWLFDWLRQ&RGH
0$ 0LOLWDU\$FFDGHP\ 0$& 0HWK\O$OO\O&KORULGH
0$ 0LOLWDU\$WWDFKp 0HWK\ODOO\OFKORULGHLVXVHGPDLQO\WRSURGXFH
0$ 0LOLWDU\$YLDWLRQ SKDUPDFHXWLFDOVDQGLQVHFWLFLGHV
0$PD0LOOLDPSHUH 2UJDQLF&KHPLVWU\
0$ LVRQHWKRXVDQGWKRIDQDPSHUH 0$& 0HPEUDQH$WWDFN&RPSOH[
(OHFWULFLW\ 0$& 0LOLWDU\$LUOLIW&RPPDQG
0D 0LOOLRQ\HDUVDJR 0$& 0LQLPXP$OYHRODU&RQFHQWUDWLRQ
0$ 0LQLVWU\RI$JULFXOWXUH 0$&0XOWLDFFHVV&RPSXWHU
0$0RGXOD]LRQHGL$PSLH]]D 0XOWLDFFHVVFRPSXWHULVDOVRNQRZQDV0XOWLSOH
,WDOLDQDFURQ\PPHDQLQJ$PSOLWXGH0RGXODWLRQ $FFHVV&RPSXWHU
0$ 0RYLQJ$YHUDJH &RPSXWHU7HFKQRORJ\
0$ 0\$FFRXQW 0$&$ PDULWLPHDLUFRQWURODXWKRULW\
0$$ 0DWKHPDWLFDO$VVRFLDWLRQRI$PHULFD DDXWRULWpFRQWU{OHXUGHO·DpURQDYDOH
86$  EDXWRULWpFRQWU{OHXUGHV3$70$5
0$$ 0D[LPXP$XWKRUL]HG$OWLWXGH 0$&& PDULWLPHFRRUGLQDWLRQFHQWUH
0$$ 0HWKDQHDUVRQLF$FLG FHQWUHGHFRRUGLQDWLRQPDULWLPH &&0$5 
0$$ LVXVHGDVDQKHUELFLGH 0$&& 0LGZHVW$WKOHWHVDJDLQVW&KLOGKRRG
2UJDQLF&KHPLVWU\ &DQFHU
0$$((0LQLVWHURGHJOL$IIDUL(VWHUL 0HGLFDO&ROOHJHRI:LVFRQVLQ86$
,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI)RUHLJQ &DQFHU*HQHWLFV0ROHFXODU2QFRJHQHVLV
$IIDLUV 3HGLDWULF2QFRORJ\
0$$3 PHVVDJHGHUpVXOWDWG·DSSHOSUpOLPLQDLUH 0$&( 0DJQHWLFUHVRQDQFH$QJLRJUDSK\&RQWUDVW
&RPPXQLFDWLRQV (QKDQFHPHQW
0$$V 0\FRVSRULQHOLNH$PLQR$FLGV 0$&( PXOWLQDWLRQDODLUOLIWFRRUGLQDWLRQHOHPHQW
0$% PDULQHDPSKLELRXVEULJDGH pOpPHQWPXOWLQDWLRQDOGHFRRUGLQDWLRQGXWUDQVSRUW
EULJDGHDPSKLELHGXFRUSVGHVPDULQHV DpULHQ
0$% 0HGLDWRU·V$GYLVRU\%RDUG 0DFKPDFK $OVR0
0$% 0HGLDWRU·V$XGLWLQJ%RDUG )OXLG0HFKDQLFV
P$E PRQRFORQDO$QWLERG\ PDFK DEEU PDFKLQH
%LRWHFKQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHUP
0$%SURJUDP 0DQ$QGWKH%LRVSKHUHSURJUDP PDFK DEEU PDFKLQHU\
0$%LVD81\HDUROGSURJUDP $OVR0&<
0$ EUDQFK 0HWHRURORJLFDO$SSOLFDWLRQVEUDQFK 0HFKDQLFDO(QJLQHHULQJ
P$EV PRQRFORQDODQWLERGLHV PDFK DEEU PDFKLQLVW
PDF DEEU PDFDGDP 0$&+$ 0LGZHVW$XWRPDWHG&OHDULQJ+RXVH
PDFDGDPLVDPDWHULDOIRUPDNLQJURDGVXUIDFHV $VVRFLDWLRQ
&LYLO(QJLQHHULQJ 0DFK'JH DEEU PDFKLQHU\GDPDJH
PDF DEEU PDFHUDWLRQ 0$&+1& 0HWD$QDO\VLVRI&KHPRWKHUDS\LQ
0HGLFLQH +HDGDQG1HFN&DQFHU
PDF DEEU PDFUR (XURSHDQ&RPPXQLW\3URMHFW
$OVRNQRZQDVPDFURLQVWUXFWLRQ 0$&+20$VVLYH+DOR2EMHFW
&RPSXWHU3URJUDPPLQJ


$VWURQRP\$VWURSK\VLFV&RVPRORJ\ 'DUN 0$'9(& PDJQHWLFDQRPDO\GHWHFWRUYHULILFDWLRQ


0DWWHU3K\VLFV3ODQHWDU\6\VWHPV UXQ 
0$&+2 0HQ$OOLHGWR&RPEDW+\SRFULV\DQG SDVVHGH YpULILFDWLRQSDUGpWHFWHXUG·DQRPDOLH
2SSUHVVLRQ PDJQpWLTXH
P$&K5 PXVFDULQLF$FHW\OFKROLQH5HFHSWRU 0$( 0DJQHWLF$QLVRWURS\(QHUJ\
0$&+WHFKQRORJ\ 0XOWLOD\HU$FWXDWRU+HDGWHFK 3K\VLFV
QRORJ\ (SVRQ·V  0$(0HPRU\$FFHVV([WHQVLRQ
PDFOLE DEEU PDFUROLEUDU\ 0$( 0LQLVWqUHGHV$IIDLUHV(WUDQJqUHV
&RPSXWHU3URJUDPPLQJ )UHQFKDFURQ\PRIWKH0LQLVWU\RI)RUHLJQ
PDFS DEEU PDFURSURFHVVRUPDFURSURFHVVRU $IIDLUV)RUHLJQ2IILFH *% 'HSDUWPHQWRI
PDFURSURFHVVRULVDOVRNQRZQDVPDFURJHQHUDWRU 6WDWH 86$ 
&RPSXWHU3URJUDPPLQJ 0$(6 0LFKLJDQ$JULFXOWXUDO([SHULPHQW6WDWLRQ
0$&3(' PLQHDQWLFKDUSRLQWDEOHjHIIHWGLULJp $W0LFKLJDQ6WDWH8QLYHUVLW\ 86$ 
DLPHGFRQWUROOHGHIIHFWDQWLWDQNPLQH $&($70  3URMHFWV3URJUDPV
PDFUR DEEU PDFURDVVHPEOHU 0$(6$ 0HDVXUHPHQWVIRU$VVHVVLQJWKH(IIHFWVRI
&RPSXWHU3URJUDPPLQJ 6WUDWRVSKHULF$LUFUDIW
PDFUR DEEU PDFURSURFHVVRU 0$) 0DFURSKDJH$FWLYDWLQJ)DFWRU
)RUIXUWKHUGHWDLOVVHHXQGHUPDFS ,PPXQRORJ\
0$&6 0$JQHWLF&HOO6RUWLQJ 0$)0LQLVWHURGHOO·$JULFROWXUDHGHOOH)RUHVWH
0DJQHWLF&HOO,VRODWLRQ ,WDO\ 
0$&6 0XOWLFHQWHU$,'6&RKRUW6WXG\ ,WDOLDQDFURQ\PRIWKH0LQLVWU\RI$JULFXOWXUHDQG
)XQGHGPDLQO\E\1,$,'86$ )RUHVWU\
)RUIXUWKHUGHWDLOVVHHXQGHU1,$,' 0$)$& 0$ULQH)LVKHULHV$GYLVRU\&RPPLWWHH
0$&7,6 0DULQH$QG&RDVWDO7HFKQRORJ\ 86$ 
,QIRUPDWLRQ6HUYLFH81 0$)) 0LQLVWU\RI$JULFXOWXUH)RRGDQG)LVKHULHV
0$' PDJQHWLFDQRPDO\GHWHFWRU *% 
GpWHFWHXUG·DQRPDOLHPDJQpWLTXH 0$),$ 0XOWLDFFHVVH[HFXWLYHZLWK)DVW,QWHUUXSW
PXWXDODVVXUHGGHVWUXFWLRQ $FFHSWDQFH
GHVWUXFWLRQPXWXHOOHDVVXUpH 0$),6 0DOD\VLDQ$TXDWLFVFLHQFHVDQG)LVKHULHV
0$' 0LFKLJDQ$OJRULWKP'HFRGHU ,QIRUPDWLRQ6\VWHP
0$' 0LWRVLV$UUHVW'HILFLHQW PDJ DEEU PDJD]LQH
%LRFKHPLVWU\%LRPHGLFDO5HVHDUFK3K\VLRORJ\ &RPSXWHU7HFKQRORJ\2UGQDQFH
0$' 0XOWLZDYHOHQJWK$QRPDORXV'LVSHUVLRQ PDJ DEEU PDJQHWLFPDJQHWR
0DFURPROHFXODU&U\VWDOORJUDSK\0ROHFXODU (OHFWURPDJQHWLVP
%LRORJ\3K\VLFDO%LRVFLHQFHV PDJ DEEU PDJQHWLVP
0$' 0XWXDO$FFHSWDQFHRI'DWD 3K\VLFV
86(&%XVLQHVV7UDQVDWODQWLF,VVXHV PDJ DEEU PDJQLWXGH
0$' 7KHDLUSRUWFRGHIRU0DGULG6SDLQ ,QPDWKHPDWLFVPDJQLWXGHLVDOVRNQRZQDV
0$'& PDULWLPHDLUGHIHQFHFHOO DEVROXWHYDOXH
FHOOXOHGHGpIHQVHDpULHQQHGHVRSpUDWLRQVPDU $VWURQRP\*HRSK\VLFV0DWKHPDWLFV
LWLPHV 0$*0D[LPXP$YDLODEOH*DLQ
0$'(5 0DQDJHPHQWRI$WPRVSKHULF'DWDIRU (OHFWURQLFV
(YDOXDWLRQDQG5HVHDUFK 0$* 01&$OORWPHQW*URXS
0$'JHQH 0LWRWLF$UUHVW'HIHFWLYHJHQH *URXSHG·DWWULEXWLRQGHV*&2
0ROHFXODU&HOOXODUDQG'HYHORSPHQWDO%LRORJ\ 0RYHPHQWV7UDQVSRUWDWLRQ0RELOLW\
3K\VLRORJ\ 0DQDJHPHQW$GYLVRU\*URXS
0$'PHWKRGV 0XOWLZDYHOHQJWK$QRPDORXV *URXSHFRQVXOWDWLIVXUODJHVWLRQGHVPRXYH
'LVSHUVLRQPHWKRGV PHQWVGHVWUDQVSRUWVHWGHODPRELOLWp
%LRFKHPLVWU\%LRSK\VLFDO&KHPLVWU\0HGLFLQH 0$* 0ROHFXODU$SSOLFDWLRQV*URXS 86$ 
6WUXFWXUDO%LRORJ\ 0$*ZDVIRXQGHGLQE\D6WDQIRUG
0$'V 0DVV$FFHVV'HYLFHV 8QLYHUVLW\3URIHVVRU
0$'7 0LFURDOOR\'LIIXVHG7UDQVLVWRU 0$* 0XWXDGL$XWRJHVWLRQH ,WDO\ 
(OHFWURQLFV


,WDOLDQDFURQ\PPHDQLQJ6HOI0DQDJHG&RRSHUD PDO7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
WLYH)XQG XVLQJWKH)UHQFKZRUG´PDOµZKLFKPHDQVSDLQ
0$* 0\HOLQ$VVRFLDWHG*O\FRSURWHLQ HYLODFKHWURXEOH
%LRFKHPLVWU\%LRORJ\%LRSK\VLFV0HGLFLQH 0$/$ 0DODZL/LEUDU\$VVRFLDWLRQ
1HXURQDO5HJHQHUDWLRQ1HXUDO3ODVWLFLW\ PDOD7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
3DWKRORJ\ XVLQJWKH,WDOLDQZRUG´PDODµ VKRUWIRU´PDODYL
0$*( 0DULQH$HURVRODQG*DV([FKDQJH WDµ ZKLFKPHDQV´WKHXQGHUZRUOGµ
0$*(5H[SHULPHQW 0$*QHWRPHWHUDQG(OHFWURQ 0$/&0LGZHVW$FDGHPLF/LEUDULHV&RQIHUHQFH
5HIOHFWRPHWHUH[SHULPHQW 0$/',06 0DWUL[$VVLVWHG/DVHU'HVRUSWLRQ
/XQDU5HVHDUFK3K\VLFV6SDFH6FLHQFHV ,RQL]DWLRQ0DVV6SHFWURPHWU\
0$*,( 01&$GYLVRU\*URXSRQ,QWHURSHUDELOLW\ 0$/',WHFKQLTXH0DWUL[$VVLVWHG/DVHU
DQG(OHFWURQLFV 'HVRUSWLRQ,RQL]DWLRQWHFKQLTXH
*URXSHFRQVXOWDWLIGHV*&2VXUO·LQWHURSpUDELOLWp 0$/',LVDWHFKQLTXHWKDWJLYHVFRPSOHWHSRO\
HWO·pOHFWURQLTXH PHUFKDUDFWHUL]DWLRQLQDPDWWHURIPLQXWHV
0$*2,0 01&$GYLVRU\*URXSRQ,GHQWLILFDWLRQ 3RO\PHUV
0DWWHUV 0$/',72)06 0DWUL[$VVLVWHG/DVHU'HVRUSWLRQ
*URXSHFRQVXOWDWLIGHV*&2VXUOHVTXHVWLRQV ,RQL]DWLRQ7LPH2I)OLJKW0DVV6SHFWURPHWU\
G·LQGHQWLILFDWLRQ %DFWHULRORJ\%LRFKHPLVWU\%LRSK\VLFV
0$*3,(0DFKLQH$XWRPDWLFDOO\*HQHUDWLQJ 0LFURELRORJ\
3URGXFWLRQ,QYHQWRU\(YDOXDWLRQ 0$/*0LQQHVRWD$QWLO\PSKRF\WH*OREXOLQ
0$*7) PDULQHDLUJURXQGWDVNIRUFH 0$// 0LFKLJDQ$VVRFLDWLRQRI/DZ/LEUDULHV
IRUFHRSpUDWLRQQHOOHDLUVROGHVPDULQHV 86$ 
0$+56, 0LGGOH$WPRVSKHUH+LJK5HVROXWLRQ 0D/5IDPLO\ 0DPPDOLDQDSSDUHQW/75UHWURWUDQV
6SHFWURJUDSK,QYHVWLJDWLRQ SRVRQIDPLO\
0$+56,LVDQLQVWUXPHQWRIWKH861DYDO 'HYHORSPHQWDODQG0HWDEROLF1HXURORJ\*HQHWLF
5HVHDUFK/DERUDWRU\ 'LVHDVH5HVHDUFK+XPDQ*HQRPH5HVHDUFK
$WPRVSKHULF&KHPLVWU\0HWHRURORJ\3K\VLFV 1HXURELRORJ\1HXURORJLFDO'LVRUGHUV
0$+V 0RWRU$FWLYLW\+LVWRJUDPV 0$/7 0DVWHURI$UWVLQ/DQJXDJH7HDFKLQJ
$QDWRP\&HUHEUDO0HFKDQLVPV1HXURELRORJ\ 0$/7 0XFRVD$VVRFLDWHG/\PSKRLG7LVVXH
2UJDQLVPDO%LRORJ\6HQVRU\3KLVLRORJ\ *HRJUDSKLF0HGLFLQH,PPXQRORJ\,QIHFWLRXV
0$, 0DQXIDFWXUHUV· $VVRFLDWLRQRI,VUDHO 'LVHDVHV0HGLFLQH0LFURELRORJ\
0$,0HPEHURIWKH$QWKURSRORJLFDO,QVWLWXWH 0$00HPRU\$OORFDWLRQ0DQDJHU
0$, 0XOWLODWHUDO$JUHHPHQWRQ,QYHVWPHQW 0$0%2 0HGLWHUUDQHDQ$VVRFLDWLRQRI0DULQH
86(&%XVLQHVV7UDQVDWODQWLF,VVXHV %LRORJLFDO2FHDQRJUDSK\
PDL7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ PDQ DEEU PDQXDO
XVLQJWKH,WDOLDQZRUG´PDLµZKLFKPHDQVQHYHU PDQ DEEU PDQXIDFWXUH
0$,'6 0XULQH$FTXLUHG,PPXQRGHILFLHQF\ $OVRPDQIPDQXIPIU
6\QGURPH 0$1 7KHDLUSRUWFRGHIRU0DQFKHVWHU*%
0$,'6LVDPRXVHGLVHDVHVLPLODUWRKXPDQ 0$1 PHWURSROLWDQDUHDQHWZRUN
$,'6 UpVHDXPpWURSROLWDLQ
,PPXQRELRORJ\0HGLFLQH3DWKRORJ\ 0 $ 0HUJHUVDQG$FTXLVLWLRQV 86$ 
0$,0 PDULWLPHDQWLLQYDVLRQPLQH )LQDQFH
PLQHPDULQHDQWLLQYDVLRQ 0 $ PRQLWRULQJDQGDVVHVVPHQW
0$,70DLW 0DQXIDFWXUHUV· $VVRFLDWLRQIRU VXUYHLOODQFHHWpYDOXDWLRQ
,QIRUPDWLRQ7HFKQRORJ\ ,QGLD  0$1'$7(0XOWLOLQH$XWRPDWLF1HWZRUN
0DM 0DMRU 'LDJQRVWLFDQG7UDQVPLVVLRQ(TXLSPHQW
PDM DEEU PDMRULW\ 0DQG0 0HFKDQL]DWLRQDQG0RGHUQL]DWLRQ
0DM*HQ 0DMRU*HQHUDO 0 1 0D\DQG1RYHPEHU
0$/ PLQHDFWXDWLRQOHYHO 6HFXULWLHV
QLYHDXGHGpFOHQFKHPHQWG·XQHPLQH 0 50DLQWHQDQFHDQG5HSDLU
0$/ 0D[LPDO$FFHSWDEOH/RDG 0 60DLQWHQDQFHDQG6XSSO\
0$/ 0XVHRFLYLFR$PHGHR/LD ,WDO\  0 6 0DUFKDQG6HSWHPEHU
0XVHXPV 6HFXULWLHV


0 6 0RGHOLQJDQG6LPXODWLRQ 0$3 0XOWLDQQXDO3URJUDP(&


0 7 PRYHPHQWVDQGWUDQVSRUWV 0$30LFURWXEXOH$VVRFLDWHG3URWHLQ
PRXYHPHQWVHWWUDQVSRUWV 0$3( 0XOWLQDWLRQDO$GYLVRU\3ROLFH(OHPHQW
0 7 &RQIHUHQFH 0DQDJHPHQW 7HFKQRORJ\ eOHPHQWPXOWLQDWLRQDOGHFRQVHLOHQPDWLqUHGH
&RQIHUHQFH 86$  SROLFH
PDQI DEEU PDQXIDFWXUH 0$3($ 0RYLPHQWR$QLPD]LRQH3HUVRQH(Wj
$OVRPDQPDQXIUPIU $GXOWD ,WDO\ 
PDQI DEEU PDQXIDFWXUHU 0$3(; PDS H[HUFLVH
PDQI DEEU PDQXIDFWXULQJ H[HUFLFHVXUFDUWHV
$OVRPDQXI 0$3(; 0LG$PHULFD3D\PHQW(;FKDQJH
0DQJ%0DQJDQHVH%URQ]H 0DSKLOLQGR&RQIHGHUDWLRQ 0DOD\VLDWKH
0HWDOOXUJ\ 3KLOLSSLQHVDQG,QGRQHVLD&RQIHGHUDWLRQ
0DQ*OF DEEU 0DQQRVH*OXFRVH 0$3. 0LWRJHQ$FWLYDWHG3URWHLQ.LQDVH
0$1,$&0DWKHPDWLFDO$QDO\]HU1XPHULFDO &DQFHU0ROHFXODU%LRORJ\*HQHV'HYHORSPHQW
,QWHJUDWRU$QG&RPSXWHU 0$3..0LWRJHQ$FWLYDWHG3URWHLQ.LQDVH.LQDVH
PDQLDF7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH 0$ SUHVV 0XOWLDQYLOSUHVV
(QJOLVKZRUG´PDQLDFµ 3V\FKRORJ\  0$36 0DLO$EXVH3URWHFWLRQ6\VWHP 86$ 
0$129$ 0XOWLYDULDWH$1DO\VLV2I9$ULDQFH 0$36 0HDVXULQJ$LU3ROOXWLRQIURP6SDFH
0$13$'6 PDQSRUWDEOHDLUGHIHQFHV\VWHP 0$36 0HVRVFDOH$QDO\VLVDQG3UHGLFWLRQ6\VWHP
V\VWqPHDQWLDpULHQSRUWDEOH 0$36 0RGHUQ$FFRXQWV3D\DEOH6\VWHP
PDQXI DEEU PDQXIDFWXUH $FFRXQWLQJ%XVLQHVV)LQDQFH
$OVRPDQPDQI 0$36 0RQHWDU\$QG3D\PHQWV6\VWHP
0$2 0HWK\O$OXPR[DQH %XVLQHVV)LQDQFH
&KHPLVWU\ 0$366 0DSSHG$WPRVSKHUH3ODQW6RLO6\VWHP
0$2$ 0RQRDPLQH2[LGDVH $WPRVSKHULF6FLHQFH&OLPDWH&KDQJH(FRORJ\
$QHQ]\PHZKLFKPHWDEROL]HVVHYHUDONLQGVRI PDU DEEU PDULQH
QHXURWUDQVPLWWHUVLQWKHEUDLQ 0LOLWDU\6FLHQFH2FHDQRJUDSK\
3V\FKRORJ\ PDU DEEU PDULWLPH
0$2$ 3DQHO 0HWHRURORJLFDO$VSHFWVRI2FHDQ PDU DEEU PDUULHG
$IIDLUV3DQHO 0$5 0DVV$FFXPXODWLRQ5DWH
2IWKH81:02 %LRGLYHUVLW\/LPQRORJ\6HGLPHQWDWLRQ
)RUIXUWKHUGHWDLOVVHXQGHU:02 0$50HPRU\$GGUHVV5HJLVWHU
0$2, 0RQRDPLQH2[LGDVH,QKLELWRU 0HPRU\DGGUHVVUHJLVWHULVDOVRNQRZQDV
0HGLFLQH3KDUPDFRORJ\ $GGUHVV5HJLVWHU
0$27 PD[LPXPDOORZDEOHRSHUDWLRQWLPH &RPSXWHU7HFKQRORJ\
WHPSVGHIRQFWLRQQHPHQWPD[LPDODGPLVVLEOH 0$5 0LFURDQDO\WLFDO5HDJHQW
0$3 0DFURDVVHPEO\3URJUDP 0$50LG$WODQWLF5LGJH
&RPSXWHU3URJUDPPLQJ *HRORJ\
0$3 0DQXIDFWXULQJ$XWRPDWLRQ3URWRFRO 0$50LQLPXP$QJOHRI5HVROXWLRQ
0$3 0HDQ$UWHULDO3UHVVXUH 0$5$,50(' 0DULWLPH$LU)RUFHV
0$3 0HPEHUVKLS$FWLRQ3ODQ 0HGLWHUUDQHDQ>REVROHWHQRZFDOOHG0$5$,5
3ODQG·DFWLRQSRXUO·DGKpVLRQ 6287+@
0$3 0HPRU\$OORFDWLRQDQG3URWHFWLRQ )RUFHVDpURQDYDOHVGHOD0pGLWHUUDQpH>REVROqWH
0$3 0LFURZDYH$QLVRWURS\3UREH PDLQWHQDQWDSSHOp0$5$,56287+@
0$3 LVDVDWHOOLWHODXQFKHGDERDUG'HOWD,,URFNHW 0$5$,51257+ 0DULWLPH$LU)RUFHV1RUWK>KDV
LQ-XQH UHSODFHG0$,5$,51257+:(67@
$VWURQRP\$VWURSK\VLFV6SDFH6FLHQFH )RUFHVDpURQDYDOHV1RUG>UHPSODFH
0$3 0LQLVWHURSHUOH$WWLYLWj3URGXWWLYH 0$5$,51257+:(67@
,WDOLDQDFURQ\PRIWKH0LQLVWU\IRUSURGXFWLYH 0$5$,51257+:(67 0DULWLPH$LU)RUFHV
DFWLYLWLHV 1RUWK:HVWHUQ(XURSH>REVROHWHQRZFDOOHG
0$3 0LQLVWU\RI$LUFUDIW3URGXFWLRQ 0$5$,51257+@
0$3 0LWRJHQ$FWLYDWHG3URWHLQ )RUFHVDpURQDYDOHVGX1RUG2XHVW(XURSH
%LRORJLFDO &KHPLVWU\ /LIH 6FLHQFHV >REVROqWHPDLQWHQDQWDSSHOp0$5$,51257+@


0$5$,56287+ 0DULWLPH$LU)RUFHV6RXWK 0$57 0HODQRPD$QWLJHQ5HFRJQL]HGE\7FHOOV


)RUFHVDpURQDYDOHV6XG 
0$5& 0DUF0DFKLQH5HDGDEOH&DWDORJLQJ 7XPRUVSHFLILF$QWLJHQ
0$5& 0HDW$QLPDO5HVHDUFK&HQWHU 0$59 PDQRHXYUDEOHUHHQWU\YHKLFOH
0$5&LVDUHVHDUFKIDFLOLW\ORFDWHGLQVRXWKFHQ FRUSV YHFWHXU GHUHQWUpHPDQ±XYUDEOH
WUDO1HEUDVND 86$  PDV DEEU PDFURDVVHPEOHU
%DVLF0ROHFXODU*HQHWLFV%LRORJLFDO &RPSXWHU3URJUDPPLQJ
(QJLQHHULQJ0DWKHPDWLFDO0RGHOLQJ3RSXODWLRQ 0$V0DFURQXWULHQW$GGLWLYHV
%LRORJ\ %LRFKHPLVWU\
0$5&0RQLWRULQJDQG$VVHVVPHQW5HVHDUFK 0$60DJLF$QJOH6SLQQLQJ
&HQWHU *%  &KHPLVWU\6WDQGDUGVDQG7HFKQRORJ\0DWHULDOV
0$UFK 0DVWHURI$UFKLWHFWXUH 86$  5HVHDUFK0HFKDQLFDO(QJLQHHULQJ
0$5&0 0RVDLF$QDO\VLVZLWKD5HSUHVVLEOH&HOO 0$6 0LOLWDU\$JHQF\IRU6WDQGDUGL]DWLRQ>UHSODFHG
0DUNHU E\16$ @
%LRFKHPLVWU\0HGLFLQH3K\VLRORJ\ %XUHDXPLOLWDLUHGHVWDQGDUGLVDWLRQ %06 >UHP
0$5&21)25 PDULWLPHFRQWLQJHQF\IRUFH SODFpSDUO·$21@
IRUFHPDULWLPHGHFLUFRQVWDQFH P$V PLOOLDPSHUHVHFRQG
0$5&21)25$03+ PDULWLPHFRQWLQJHQF\ 1XFOHRQLFV
IRUFHDPSKLELRXV 0$6 0RELOH$WPRVSKHULF6SHFWURPHWHU
IRUFHPDULWLPHDPSKLELHGHFLUFRQVWDQFH 0$6 0RGLV$LUERUQH6LPXODWRU
0$5&21)25/$17 PDULWLPHFRQWLQJHQF\IRUFH $WPRVSKHULF6FLHQFHV2FHDQRJUDSK\
$WODQWLF 0$6 0RQHWDU\$XWKRULW\RI6LQJDSRUH
IRUFHPDULWLPHGHFLUFRQVWDQFHGHO·$WODQWLTXH 0$6PRWRVFDIRDQWLVRPPHUJLELOH
0$5&21)253/$1 PDULWLPHFRQWLQJHQF\IRUFH ,WDOLDQDFURQ\PPHDQLQJ0RWRU7RUSHGR%RDW
SODQ 0$6& 0RXQWDLQ$GPLQLVWUDWLYH6XSSRUW&HQWHU
SODQGHIRUFHGHFLUFRQVWDQFHPDULWLPH 0$6&$ 0XVHXP$SSOLHG6FLHQFH&HQWHUIRU
0$5&V 0LFURVRIW$XWKRUL]HG5HVRXUFH&HQWHUV $UFKDHRORJ\
,7 5HFUXLWPHQW$JHQFLHV $WWKH8QLYHUVLW\RI3HQQV\OYDQLD0XVHXPRI
0$5' 0DULQH$VVHVVPHQW5HVHDUFK'LYLVLRQ $UFKDHRORJ\DQG$QWKURSRORJ\ 86$ 
0$5'KDVEHHQUHSODFHGE\2(5' 0$6&27 0RGXODU$SSURDFKWR6RIWZDUH
)RUIXUWKHUGHWDLOVVHHXQGHU2(5' &RQVWUXFWLRQ2SHUDWLRQDQG7HVW
0$5(36 0HWKRGRORJ\IRUWKH$QDO\VLVRI 0$6(SURJUDP 0XOWLSOH$OLJQPHQW6HTXHQFH
5DWLRQDOLW\DQG(IIHFWLYHQHVVRI3UHYHQWLRQDQG (GLWRUSURJUDP
KHDOWKSURPRWLRQ6WUDWHJLHV 0$6(5 0LFURZDYH$PSOLILFDWLRQE\6WLPXODWHG
(XURSHDQ&RPPXQLW\3URMHFW (PLVVLRQRI5DGLDWLRQ
0$5(; PDULWLPHH[HUFLVH 0$6*& 0LVVLVVLSSL$ODEDPD6HD*UDQW
H[HUFLFHPDULWLPH &RQVRUWLXP
PDUJ DEEU PDUJLQPDUJLQDO 7KH0$6*&LVKHDGTXDUWHUHGLQ2FHDQ6SULQJV
0$5,& 0$ULQH5HVRXUFHV,QIRUPDWLRQ&HQWHU 0LVVLVVLSSL86$
86$  0DULQHDQG&RDVWDO5HVHDUFK
PDUN DEEU PDUNHWPDUNHWLQJ 0$6+ 0RELOH$UP\6XUJLFDO+RVSLWDO
PDUPHUF DEEU PDULQDPHUFDQWLOH 0$6,17 PHDVXUHPHQWDQGVLJQDWXUHLQWHOOLJHQFH
,WDOLDQDEEUHYLDWLRQPHDQLQJPHUFKDQWPDULQH UHQVHLJQHPHQWGHWpOpPpWULHHWVLJQDWXUH
PDUPLO DEEU PDULQDPLOLWDUH 0$6.0XOWLSOH$PSOLWXGH6KLIW.H\LQJ
,WDOLDQDEEUHYLDWLRQPHDQLQJQDY\ 0$6105 0DJLF$QJOH6SLQQLQJ1XFOHDU
0$55(3 PDULWLPHUHSRUWLQJ 0DJQHWLF5HVRQDQFH
FRPSWHVUHQGXVPDULWLPHV 0DWHULDOV5HVHDUFK0HVRSRURXV0DWHULDOV
0$5V 0DWUL[$WWDFKPHQW5HJLRQV 3K\VLFV7HPSODWH0HFKDQLVPV
0$56$ 0LFURILOP$VVRFLDWLRQRIWKH5HSXEOLFRI 0$62 0RUSKROLQR$QWLVHQVH2OLJRQXFOHRWLGH
6RXWK$IULFD %LRORJ\6\VWHPV%LRORJ\
0$567$1 %L6F PDULWLPHIRUFHVVWDQGDUG 0$63 FXOWXUH 0LFURDHURSKLOXV6WDWLRQDU\3KDVH
QRUPHGHIRUFHVPDULWLPHV GHV6&  FXOWXUH
9HWHULQDU\3DWKRELRORJ\


0$648(6 0HGLFDO$SSOLFDWLRQ6RIWZDUH48DOLW\ 2UJDQLVDWLRQGHVWpOpFRPPXQLFDWLRQVGHO·DYLDWLRQ


(QKDQFHPHQWE\6WDQGDUGV PDULWLPH
0$66 PDULWLPHDLUVXUIDFHVXUYHLOODQFH 0$7(V\VWHP0RGXODU$XWRPDWLF7HVW(TXLSPHQW
VXUYHLOODQFHGHVXUIDFHSDU DYLRQ 3$70$5 V\VWHP
PDULWLPHDLUVXUYHLOODQFHVXSSRUW 0$7(;0DFURWH[W (GLWRU 
VRXWLHQVXUYHLOODQFHSDU DYLRQ 3$70$5 0$7, 0DVV$QDO\]HG7KUHVKROG,RQL]DWLRQ
0$660XOWLSOH$FFHVV6ZLWFKLQJ6\VWHP 0$7,LVDWHFKQLTXHIRUJHQHUDWLQJVWDWHVHOHFWHG
PDVV7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH PROHFXODULRQV
(QJOLVKZRUG´PDVVµ 0HFKDQLFV 0HWURORJ\ 0$7,) 0DUFKpj7HUPHG
,QVWUXPHQWV)LQDQFLHUV
0LOLWDU\ 6FLHQFH  )UHQFKDFURQ\PPHDQLQJ)LQDQFLDO)XWXUHV
0$66& 0XOWL$SSOLFDWLRQ6HFXUH6PDUWFDUG 0DUNHW
7KHDLPRI0$66&LVWRGHYHORSDGYDQFHGPLFUR %XVLQHVV(FRQRPLFV)LQDQFH
HOHFWURQLFVIRUPXOWLIXQFWLRQDOFDUGV 0$7/ DEEU 0DWHULDO
3DQ(XURSHDQ5HVHDUFK3URMHFWV0XOWLIXQFWLRQDO 0$7 SURMHFW 0HDVXUHPHQWV$QG7HVWLQJSURMHFW
&DUGV (XURSHDQ&RPPXQLW\
0$667,& PDULWLPH$&&6VKLSVKRUHWDFWLFDO *DVILUHG%RLOHUV
LQWHUIDFHFRPSRQHQW 0$76 0LOLWDU\$LU7UDQVSRUW6HUYLFH
FRPSRVDQWHPDULWLPHGHO·LQWHUIDFHWDFWLTXHPHU 0$79 0DVWHU$QWHQQD7HOHYLVLRQ6\VWHP
WHUUHGHO·$&&6 7HOHFRPPXQLFDWLRQV
0$67 0DQQHG$VWURQDXWLFDO6SDFH7HOHVFRSH 0$8 0HGLXP$WWDFKPHQW8QLW
0$67 0HJD$PS6SKHULFDO7RNDPDN 0$8 PLOOLRQDFFRXQWLQJXQLWV
/RFDWLRQ&XOKDQ QHDU2[IRUG  PLOOLRQG·XQLWpVGHFRPSWH 08& 
)XVLRQ3RZHU 0$9 PHUFDWLFLHQDSUqVYHQWH
0$67(5 0RGLILHG$WPRVSKHUH6\VWHPVLQYDU\ )UHQFKDFURQ\PPHDQLQJTXDOLW\UHSRUWHU
LQJ7(PSHUDWXUH5HJLPHV %XVLQHVV0DUNHWLQJ
(XURSHDQ&RPPXQLW\3URMHFW 0$9 0HGLDQWH$YYLVR SDJDPHQWR 
0$67(50XOWLSOH$FFHVV6KDUHG7LPH([HFXWLYH ,WDOLDQDFURQ\PPHDQLQJSD\PHQWDJDLQVWQRWLFH
5RXWLQHV 0$92& PLOLWDU\DLUFUDIWYRLFHZHDWKHUFRGH
0$67 SURMHFW 0$ULQH6FLHQFHDQG7HFKQRORJ\ FRGHPpWpRURORJLTXHSKRQLHSRXUDpURQHIPLOL
SURMHFW(& WDLUH
0$7 0DVWHURI$UWVLQ7HDFKLQJ 0$: PLVVLOHDSSURDFKZDUQHU
PDW DEEU PDWXUHG DYHUWLVVHXUG·DSSURFKHGHPLVVLOH
$OVRP PD[ DEEU PD[LPXP
6WRFNV 0DWKHPDWLFV
PDW DEEU PDWXULW\ 0$;0LOOLPHWHUZDYH$QLVRWURS\([SHULPHQW
0$7 0HDQ$QQXDO7HPSHUDWXUH %DOORRQ([SHULPHQW )ORZQIURP3DOHVWLQH
0$7 0HGLDO$[LV7UDQVIRUPDWLRQ 7H[DV DQG)W6XPPHU 1HZ0H[LFR 
0$7 0HWKLRQLQH$GHQRV\OWUDQVIHUDVH 0$;$7 0$;LPXP$SHUWXUH7HOHVFRSH
(Q]\PRORJ\ 7KH0$;$7 ZRUNVKRSZDVKHOGRQWKWK
0$7 PLOLWDU\DLUWUDIILF $XJXVW,WZDVRUJDQL]HGE\WKH$85$
FLUFXODWLRQDpULHQQHPLOLWDLUH &$0  0DGLVRQ:LVFRQVLQ86$
PDW7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ $VWURQRP\+LJK5HVROXWLRQ6SHFWUD
XVLQJWKH$UDELFZRUG´PDWµZKLFKPHDQVKH )RUIXUWKHUGHWDLOVVHHXQGHU$85$
GLHG PD[FDS DEEU PD[LPXPFDSDFLW\
0$7&+ PHGLXPUDQJHDQWLVXEPDULQHWRUSHGRFDU 0$;,0 0LFUR$UFVHFRQG;UD\,PDJLQJ0LVVLRQ
U\LQJKHOLFRSWHU $VWURQRP\&RVPRORJ\&RVPLF*HQHVLV3K\VLFV
KpOLFRSWqUHjPR\HQUD\RQG·DFWLRQDUPpGHWRU 0% 0DULQH%RDUG 86$ 
SLOOHVDQWLVRXVPDULQHV 0% 0HGLFDO%RDUG
0$7&212)) PDWHULDOFRQWURORIILFHU 0E 0HJDEDVH
RIILFLHUGHFRQWU{OHGHPDWpULHO PEPHJD%,7
0$7(/2 0DULWLPH$LU7HOHFRPPXQLFDWLRQV )RUIXUWKHUGHWDLOVVHHXQGHUPELW
2UJDQL]DWLRQ 0% 0HJDE\WH
&RPSXWHU7HFKQRORJ\


0%0HPRU\%DQN /RXLVQRWIRUSURILW&HQWHUGHYRWHGWREDVLFSODQW
&RPSXWHU7HFKQRORJ\ VFLHQFH ZKLFKRSHQHGLQ
0% 0HUFKDQW%DQN 0%*& PDLQERG\JURXSFRPPDQGHU
0% 0pWDEROLVPH%DVDO FRPPDQGDQWGXJURXSHGXJURV
)UHQFKLQLWLDOLVPPHDQLQJ%DVDO0HWDEROLVP 0%+& 0XOWL%DQN+ROGLQJ&RPSDQ\
3K\VLRORJ\ 0E, 0DQDJHPHQWE\,QWLPLGDWLRQ
0% PLOLWDU\EXGJHW 0%, 0DULQH%LRWHFKQRORJ\,QVWLWXWH -DSDQ 
EXGJHWPLOLWDLUH 0%, 0DWKHPDWLFVDQG%LRVFLHQFHVLQ,QWHUDFWLRQ
0%0LQLVWHURGHO%LODQFLR 0%, 0HGLFLQHDQG%LRLQIRUPDWLFV
,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI%XGJHW 0%, 0LFKLJDQ%LRWHFKQRORJ\,QVWLWXWH 86$ 
0% 0RQHWDU\%DVH %LRFDWDO\VLV%LRSURFHVV(QJLQHHULQJ&KHPLVWU\
0%0RWRU%RDWPRWRUERDW )HUPHQWDWLRQ
1DYDO$UFKLWHFWXUH 0%,$ 0XQLFLSDO%RQG,QVXUDQFH$VVRFLDWLRQ
0% 0XQLFLSDO%RQG 0%,SURMHFW 0DQFKHVWHU%LRVFLHQFHV,QFXEDWRU
0% 0XQLFLSDO%RURXJK SURMHFW *% 
0%$ 0DQWOH%RXJXHUJUDYLW\$QRPDO\ %LRORJLFDO6FLHQFHV%LRWHFKQRORJ\%XVLQHVVHV
(DUWK6FLHQFHV*HRORJLFDO6FLHQFHV 0%,51 0RXVH%UDLQ,PDJLQJ5HVHDUFK1HWZRUN
0%$ 0DUJH%UXWHG·$XWRILQDQFHPHQW )RUIXUWKHUGHWDLOVVHHXQGHU%,51
)UHQFKLQLWLDOLVPPHDQLQJ&DVK)ORZ PELW DEEU PHJD%,7
0%$ 0DVWHURI%XVLQHVV$GPLQLVWUDWLRQ $ PHJDELWFRQVLVWVRIDERXWPLOOLRQELQDU\ELWV
0%$ 0RUWJDJH%DQNHUV$VVRFLDWLRQ 86$  &RPSXWHU7HFKQRORJ\
0%$5, 0RQWHUH\%D\$TXDULXP5HVHDUFK 0%/ 0DULQH%LRORJLFDO/DERUDWRU\ 86$ 
,QVWLWXWH 0%/ 0DULQH%RXQGDU\/D\HU
7KH0%$5,RI&DOLIRUQLD86$ZDVIRXQGHGLQ 0%/ 0HGLFDO %LRORJLFDO/DERUDWRULHV -DSDQ 
LWLVDQLQGHSHQGHQWODERUDWRU\GHDOLQJZLWK 0%0PDQXIDFWXUH 0HDWDQG%RQH0HDOPDQXIDF
VFLHQWLILFGLVFRYHULHV WXUH
2FHDQRJUDSK\ 0%0, 0LQG%RG\0HGLFDO,QVWLWXWH
0%& 0D[LPXP%UHDWKLQJ&DSDFLW\ 7KH0%0,ZDVIRXQGHGLQ%RVWRQ86$LQ
0%&LVDOVRNQRZQDV0D[LPXP9HQWLODWRU\ ,WLVDQRQSURILWUHVHDUFKDQGHGXFDWLRQFHQ
&DSDFLW\ WHU
0%& 0LGGOH(DVW%URDGFDVWLQJ %LRPHGLFDO5HVHDUFK&DUGLRYDVFXODU5HVHDUFK
0%& 0LOLWDU\%XGJHW&RPPLWWHH ([SHULPHQWDO3V\FKRORJ\3V\FKLDWU\
&RPLWpGXEXGJHWPLOLWDLUH &%0  0%2 0DQDJHPHQW%\2EMHFWLYHV
0%& 0RQHWDU\%DVH&RQWURO ,QGXVWULDO(QJLQHHULQJ
0E&2 &DUERQ0RQR[LGH&RPSOH[RI0\RJORELQ 0%3 0DOWRVH%LQGLQJ3URWHLQ
%LRFKHPLVWU\%LRSK\VLFDO&KHPLVWU\0ROHFXODU 0E3 0DQDJHPHQWE\3HUIRUPDQFH
%LRORJ\ 0ES 0HJDEDVHSDLU
0%' 0LOOLRQ%DUUHOVSHU'D\ 0%3 0\HOLQ%DVLF3URWHLQ
0%'$ 0LQRULW\%XVLQHVV'HYHORSPHQW$JHQF\ $SSOLHG1HXURELRORJ\0HGLFLQH0ROHFXODU
0%'2( 0LOOLRQ%DUUHOVSHU'D\2LO(TXLYDOHQW %LRORJ\
0%'6 0LQLPXP%DVLF'DWD6HW 0%35% 0LOLWDU\%XGJHW3ULRULW\5HYLHZ%RDUG
0E( 0DQDJHPHQWE\([FHSWLRQ &RPPLVVLRQG·H[DPHQGHVSULRULWpVGXEXGJHW
0%(0ROHFXODU%HDP(SLWD[\ PLOLWDLUH
6ROLG6WDWH3K\VLFV 0ESV 0HJDELWVSHUVHFRQG
0%) 0DULQH%LRORJ\DQG)LVKHULHV PEU DEEU PHPEHU
0%) PHGLXPERPEHUIRUFH )RUIXUWKHUGHWDLOVVHHXQGHU0P
IRUFHGHERPEDUGLHUVPR\HQV 0%5 0HPRU\%XIIHU5HJLVWHU
0%)5 PXWXDODQGEDODQFHGIRUFHUHGXFWLRQV &RPSXWHU7HFKQRORJ\
UpGXFWLRQVPXWXHOOHVHWpTXLOLEUpHVGHVIRUFHV 0%56SURJUDP 0LQRULW\%LRPHGLFDO5HVHDUFK
0%* PDLQERG\JURXS>QDY\@ 6XSSRUWSURJUDP 86$ 
JURXSHGXJURV>PDULQH@ 0%6 0RUWJDJH%DFNHG6HFXULW\
0%* 0LVVRXUL%RWDQLFDO*DUGHQ 86$  )LQDQFH
7KH0%*LVRQHRIWKHIRXQGHUVRIWKHQHZ6W 0%6 0\RVLQ%LQGLQJ6XEXQLW


%LRORJ\ 0& 0LOLWDU\&ROOHJH


0%6/ 0XOWLSOH%XEEOH6RQROXPLQHVFHQFH 0& 0LOLWDU\&RPPLWWHH
$SSOLHG3K\VLFV &RPLWp0LOLWDLUH &0 
0%VWUXFWXUH 0XVKURRP%RG\VWUXFWXUH 0&0LOLWDU\&URVV
%LRPHGLFDODQG/LIH6FLHQFHV*HQHWLFV P& PLOOLFRXORPE
0ROHFXODU*HQHWLFV PF PLRFRQWR
0%7 0DKLQGUD%ULWLVK7HOHFRP/WG*%DQG ,WDOLDQLQLWLDOLVPPHDQLQJWRP\DFFRXQWP\
,QGLD DFFRXQW
0%7 PDLQEDWWOHWDQN 0& 0RQDFRLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
FKDUGHEDWDLOOH WHUV
0%7 0HUFDSWREHQ]RWKLD]ROH 0& 0RQHWDGL&RQWR
2UJDQLF&KHPLVWU\ 0& 0RUWJDJH&RPSDQ\
0%7 0LGEODVWXOD7UDQVLWLRQ 0& 0RWRFDQQRQLHUD
&HOO%LRORJ\0HGLFLQH0ROHFXODU%LRORJ\ PF PRWRUF\FOHPRWRUF\FOH
PEWPLQLPXPEHVWWRUTXH VSDUNDGYDQFH  0HFKDQLFDO(QJLQHHULQJ
0%7$ 0DVVDFKXVHWWV%D\7UDQVSRUWDWLRQ$XWKRULW\ 0&0XOWLFKDQQHO&RPPXQLFDWLRQ
0%7, 0ROHFXODU%LRVFLHQFHDQG7HFKQRORJ\ 7KHWHUPPXOWLFKDQQHOFRPPXQLFDWLRQUHIHUVWR
,QVWLWXWH 86$  FRPPXQLFDWLRQRFFXUULQJDORQJWZRRUVHYHUDO
0%:$ 0DQDJHPHQW%\:DONLQJ$URXQG FKDQQHOVRYHUWKHVDPHSDWK
0& 0DFHUDWD,WDO\ 7HOHFRPPXQLFDWLRQV
PF DEEU PDFKLQH 0& 0XOWLSOH&KRLFH
)RUIXUWKHUGHWDLOVVHHXQGHUP /LQJXLVWLFV
0&0DJQHWLF&DUG 0& 0XQLFLSDO&RGH
&RPSXWHU7HFKQRORJ\ 0& 0\RWRQLD&RQJHQLWD
0&0DQFKHVWHU *%  &OLQLFDO1HXURORJ\+XPDQ*HQHWLFV0HGLFLQH
0& 0DUFKp&RPPXQ 0ROHFXODU1HXURELRORJ\
)UHQFKLQLWLDOLVPPHDQLQJ&RPPRQ0DUNHW 0&$ 0DJQHWRFU\VWDOOLQH$QLVRWURS\
0& 0DUJLQDO&RVW 0&$ 0DQDJHPHQW&RQVXOWDQFLHV$VVRFLDWLRQ
0&0& 0DUJLQDO&UHGLW 0&$ 0HGLFLQHV&RQWURO$JHQF\ *% 
0& 0DUJLQ&DOO 6DIHW\RI'UXJV
0& 0DUJLQHGL&RQWULEXWR 0&$ 0HWDO&RQVWUXFWLRQ$VVRFLDWLRQ 86$ 
,WDOLDQLQLWLDOLVPPHDQLQJ&RQWULEXWLRQ0DUJLQ 7KH0&$ VSRQVRUV0HWDOFRQ,QWHUQDWLRQDO
0& 0DULWLPH&RPPLVVLRQ )RUIXUWKHUGHWDLOVVHHXQGHU0HWDOFRQ
PFPDUNHGFDSDFLW\ ,QWHUQDWLRQDO
5DLOZD\V 0&$ 0LGGOH&HUHEUDO$UWHU\
0& 0DUULDJH&HUWLILFDWH &DUGLRYDVFXODU5HVHDUFK1HXURORJ\6WURNH
0&0DVWHU&RQWURO 5HVHDUFK
&RPSXWHU3URJUDPPLQJ 7HOHFRPPXQLFDWLRQV 0&$ 0RQHWDU\&RPSHQVDWRU\$PRXQWV
0&0DVWHURI&HUHPRQLHV (XURSHDQ/DZ
0& 0HGLFDO&RUSV 0&$ 0RQRFKORURDFHWLF$FLG
0& 0HGLRFUHGLWR&HQWUDOH 5RPH,WDO\  0&$ PRWFRGHG
DWWULEXWLRQ>PDULQH)5@
0F PHJDF\FOH VXEMHFWLQGLFDWRUFRGH 6,& 
0& 0HODQRFRUWLQ 0&$ 0XOWLFKDQQHO$QDO\]HU
0&0& 0HPEHURI&RQJUHVV 86$  0&$&( 0HDVXUHPHQW&KDUDFWHUL]DWLRQDQGFRQ
0&0& 0HPEHURI&RXQFLO WURORI$PEXODWRU\&DUHLQ(XURSH(&
0&0HPRU\&DUG 0&$2& PRELOHFRPELQHGDLURSHUDWLRQVFHQWUH
&RPSXWHU7HFKQRORJ\ FHQWUHFRPELQpPRELOHG·RSpUDWLRQVDpULHQQHV
0& 0HPRU\&RQWUROOHU 0&$7 0DULWLPH&HQWUDO$QDO\VLV7HDP>REVROHWH@
0& 0HWK\OHQH&KORULGH eTXLSHFHQWUDOHG·DQDO\VHGHVH[HUFLFHVPDULWLPHV
0HWK\OHQH&KORULGHDOVRNQRZQDV >REVROqWH@
'LFKORURPHWKDQHLVXVHGPDLQO\LQSDLQWUHPRYHUV 0&$7 0HGLFDO&ROOHJH$GPLVVLRQ7HVW
2UJDQLF&KHPLVWU\ 0&%GHSDUWPHQW 0ROHFXODUDQG&HOO%LRORJ\
0&PF PHWULFFDUDW GHSDUWPHQW 86$ 


0&%MXQFWLRQ 0HFKDQLFDOO\&RQWUROODEOH%UHDN &DQFHU5HVHDUFK0HGLFLQH3DWKRORJ\


MXQFWLRQ 0&'$ PLOLWDU\DQGFLYLOGHIHQFHDVVHWV
(OHFWULFDO(QJLQHHULQJ UHVVRXUFHVPLOLWDLUHVHWGHODSURWHFWLRQFLYLOH
0&%V 0HPEUDQRXV&\WRSODVPLF%RGLHV 0&'%GHSDUWPHQW 0ROHFXODU&HOOXODUDQG
0&& PDLQFRQWUROFHQWUH>6$7&20@ 'HYHORSPHQWDO%LRORJ\GHSDUWPHQW
FHQWUHGHFRPPDQGHSULQFLSDO>6$7&20@ 2IWKH8QLYHUVLW\RI&DOLIRUQLD6DQWD%DUEDUD
PDULWLPHFRPSRQHQWFRPPDQG HU  86$ 
FRPPDQGHPHQW FRPPDQGDQW GHFRPSRVDQWH 0&( 0DJQHWRFDORULF(IIHFW
PDULWLPH 0DJQHWLF5HIULJHUDWLRQ7HFKQLTXHV
PLOLWDU\FRQWUROFHQWUH 0&( 0DVWHURI&LYLO(QJLQHHULQJ
FHQWUHPLOLWDLUHGHFRQWU{OH &0&  0&( 0HUFDWR&RPXQH(XURSHR
PRYHPHQWFRQWUROFHQWUH ,WDOLDQLQLWLDOLVPPHDQLQJ(XURSHDQ&RPPRQ
RUJDQLVDWLRQGHVPRXYHPHQWVHWWUDQVSRUWV 0DUNHW
PRYHPHQWFRRUGLQDWLRQFHQWUH 0&( 0RYLPHQWRGL&RRSHUD]LRQH(GXFDWLYD
FHQWUHGHFRRUGLQDWLRQGHVPRXYHPHQWV ,WDOLDQ0RYHPHQW
0&& 0HGLFLQHV&RQWURO&RXQFLO 6RXWK$IULFD  0FHOOV 0LJUDWLQJFHOOV
7KH0&&LVWKHVWDWXWRU\OLFHQVLQJ$XWKRULW\IRU &HOO%LRORJ\,PPXQRORJ\0HGLFLQH
PHGLFLQHVDQGGUXJV 0&) 0DFURSKDJH&KHPRWDFWLF)DFWRU
/LFHQVLQJ$XWKRULWLHV 0&) 0HDQ&DUULHU)UHTXHQF\
0&& 0LFUR&RPSDFW&DU (OHFWURQLFV
0&& 0LGZHVW&OLPDWH&HQWHU 86$  0F) PFIRQHWKRXVDQGFXELFIHHW
0&& 0RWK&\WRFKURPH PFIG WKRXVDQGVRIFXELFIHHWSHUGD\
0&&$ 0RELOH&RPPXQLFDWLRQV&RUSRUDWLRQRI P&)3 PXWDQWVRI&\DQ)OXRUHVFHQW3URWHLQ
$PHULFD 86$  0&*0DJQHWRFDUGLRJUDSK
0&&$3 PDULWLPH&,6FRQWLQJHQF\DVVHWVSRRO 0HGLFLQH
SRROGHPR\HQV6,&PDULWLPHVGHFLUFRQVWDQFH 0&* 0HGLFDO&ROOHJHRI*HRUJLD 86$ 
0&&,6 0DULWLPH&RPPDQGDQG&RQWURO *HRUJLD·V+HDOWK6FLHQFHV5HVHDUFK8QLYHUVLW\
,QIRUPDWLRQ6\VWHP>HOHPHQWRIWKH1$&&,6@ 6LQFH 7KH0&*LQFOXGHVVFKRROVRIPHGL
V\VWqPHPDULWLPHG·LQIRUPDWLRQGHFRPPDQGH FLQHGHQWLVWU\QXUVLQJDOOLHGKHDOWKVFLHQFHHWF
PHQWHWGHFRQWU{OH>pOpPHQWGX1$&&,6@ 0&* 0HGLWHUUDQHDQ&RRSHUDWLRQ*URXS
0&&/3+(,0DVVDFKXVHWWV&RQIHUHQFH&KLHI *URXSHGHFRRSpUDWLRQPpGLWHUUDQpHQQH
/LEUDULDQVRI3XEOLF+LJKHU(GXFDWLRQ,QVWLWXWLRQV PFJ PLFURJUDP
86$  0&*3 0RXVH&DQFHU*HQHWLFV3URJUDP 86$ 
0&&6 0LOLWDU\&RPPLWWHHLQ&KLHIVRI6WDII 0&+0DFKLQH&KHFN+DQGOHU
6HVVLRQ 'DWD&RPPXQLFDWLRQV
&RPLWpPLOLWDLUHHQVHVVLRQGHVFKHIVG·pWDWPDMRU 0&+0HDQ&RUSXVFXODU+HPRJORELQ
0&&6 PLQHFRXQWHUPHDVXUHVFRPPDQGDQGVXS 0HGLFLQH
SRUWVKLS 0&+ 0HODQRF\WH&RQFHQWUDWLQJ+RUPRQH
EkWLPHQWGHFRPPDQGHPHQWHWGHVRXWLHQGHOD 0HWDEROLF'LVHDVHV2EHVLW\
OXWWHFRQWUHOHVPLQHV 0&+ 0HWK\OF\FORKH[DQRO
0FG DEEU 0DFKLQHG 0&+LVXVHGDVDVROYHQWIRUFHOOXORVHHVWHUV
0&'0DJQHWLF&LUFXODU'LFKURLVP 2UJDQLF&KHPLVWU\
0&' PDQLSXODWLYHFRPPXQLFDWLRQVGHFHSWLRQ 0&+ 0LDPL&KLOGUHQ
V+RVSLWDO 86$ 
GpFHSWLRQSDUPDQLSXODWLRQGHVWpOpFRPPXQLFD 0&+&0HDQ&RUSXVFXODU+HPRJORELQ
WLRQV &RQFHQWUDWLRQ
0&' 0DVVLPR&RPXQH'LYLVRUH 0HGLFLQH
,WDOLDQLQLWLDOLVPPHDQLQJ*UHDWHVW&RPPRQ 0FK'JH DEEU 0DFKLQHU\'DPDJH
'LYLVRU 0&K( 0DVWHURI&KHPLFDO(QJLQHHULQJ
0DWKHPDWLFV 0&+) FDOFXODWLRQ0XOWL&RQILJXUDWLRQ+DUWUHH
PFG PLOOLFXULHGHVWUR\HG )RFNFDOFXODWLRQ
1XFOHRQLFV 0&,0DFKLQH&KHFN,QWHUUXSWLRQ
0&' 0XOWLFHQWULF&DVWOHPDQ·V'LVHDVH 'DWD&RPPXQLFDWLRQV
0&'LVDSRO\FORQDOO\PSKRSUROLIHUDWLRQ 0&, 0DOOHDEOH&DVW,URQ


0HWDOOXUJ\ GLUHFWLYHGHVRSpUDWLRQV0&0
0&,0DVWHU&RQWURO,QWHUUXSW 0&05 PLQHFRXQWHUPHDVXUHVUHSRUW
&RPSXWHU7HFKQRORJ\ FRPSWHUHQGXGHOXWWHFRQWUHOHVPLQHV
0&L 0HJDFXULH 0&09 PLQHFRXQWHUPHDVXUHVYHVVHO
P&L PLOOLFXULH EkWLPHQWGHOXWWHFRQWUHOHVPLQHV
0HWURORJ\ 0&2 0DUV&OLPDWH2UELWHU
0&,0RWHXUj&RPEXVWLRQ,QWHUQH 0&3 0DMRU&DSVLG3URWHLQ
)UHQFKLQLWLDOLVPPHDQLQJ,QWHUQDO&RPEXVWLRQ 0&3 0DUJLQDO&RVW3ULFLQJ
(QJLQH %XVLQHVV(FRQRPLFV&RPPHUFH
0&, 7KHDLUSRUWFRGHIRU.DQVDV&LW\,QWHUQDWLRQDO 0&3 0DVWHU&RQWURO3URJUDP
$LUSRUW.DQVDV&LW\0LVVRXUL86$ +&3 0LFURFRQWDFW3ULQWLQJ
0&,&306 0XOWLSOH&ROOHFWRU,QGXFWLYHO\ &KHPLVWU\
&RXSOHG3ODVPD0DVV6SHFWURPHWHU 0&3 PLOLWDU\FRRSHUDWLRQSURJUDPPH
*HRORJLFDO6FLHQFHV,QRUJDQLF&KHPLVWU\,VRWRSH SURJUDPPHGHFRRSpUDWLRQPLOLWDLUH
*HRORJ\ PRELOHFRPPDQGSRVW
0&/ 0D[LPXP&RQFHQWUDWLRQ/HYHO SRVWHGHFRPPDQGHPHQWPRELOH
0&/.0DVWHU&ORFN 0&3 0RELOH&DUULHU3HDN
0&/.LVDOVRNQRZQDV0DVWHU7LPHU $VWURQRP\0DWHULDOV6FLHQFH3K\VLFV
&RPSXWHU7HFKQRORJ\ 0&3 0RQRF\WH&KHPRDWWUDFWDQW3URWHLQ
0&0 0HFKDQLFDO&XUUHQW0HWHU %LRFKHPLVWU\0ROHFXODU%LRORJ\0HGLFDO
0&0 0LOLWDU\&RPPLWWHHPHPRUDQGXP 6FLHQFHV3HULRGRQWDO3K\VLRORJ\
PpPRUDQGXPGX&RPLWp0LOLWDLUH 0&3 DPSOLILHUV 0LFURFKDQQHO3ODWHDPSOLILHUV
PLQHFRXQWHUPHDVXUHV 0&3 SURJUDP 0LFURVRIW&HUWLILHG3URIHVVLRQDO
DFRQWUHPHVXUHVPLQHV SURJUDP
EOXWWHFRQWUHOHVPLQHV 4XDOLILFDWLRQ3URJUDPV
PFP PLQLPRFRPXQHPXOWLSOR 0&36PFSV PFVPHJDF\FOHVSHUVHFRQG
,WDOLDQLQLWLDOLVPPHDQLQJORZHVWFRPPRQPXOWL 0&3V 0HWK\ODFFHSWLQJ&KHPRWD[LV3URWHLQV
SOH &HOOXODUDQG0ROHFXODU%LRORJ\*HQRPLFV
0DWKHPDWLFV ,PPXQRORJ\0LFURELRORJ\
0&0 0RQWH&DUOR0HWKRG 0&36 0LOLWDU\&RPPLWWHHLQ3HUPDQHQW6HVVLRQ
0&0(; PLQHFRXQWHUPHDVXUHVH[HUFLVH &RPLWpPLOLWDLUHHQVHVVLRQSHUPDQHQWH
H[HUFLFHGHOXWWHFRQWUHOHVPLQHV 0&5 0HWDEROLF&OHDUDQFH5DWH
0&0)1 VHH0&0)251257+ 0HGLFLQH
YRLU0&0)251257+ 0&5 PLOLWDU\FLYLOUHODWLRQV
0&0)250(' 0LQH&RXQWHUPHDVXUHV)RUFH UHODWLRQVPLOLWDURFLYLOHV
0HGLWHUUDQHDQ>REVROHWHUHSODFHGE\0&0)25 PLOLWDU\FRPPXQLFDWLRQVUHTXLUHPHQW
6287+@ EHVRLQHQWpOpFRPPXQLFDWLRQVPLOLWDLUHV
)RUFHGHOXWWHFRQWUHOHVPLQHVGHOD0pGLWHUUDQpH 0&5 0HODQRFRUWLQ5HFHSWRU
>REVROqWHUHPSODFpHSDU0&0)256287+@ 0HWDEROLF'LVHDVHV2EHVLW\
0&0)251257+ 0LQH&RXQWHUPHDVXUHV)RUFH 0&50/3 0LGFRQWLQHQWDO5HJLRQ0HGLFDO/LEUDU\
1RUWK>KDVUHSODFHG67$1$9)25&+$1@ 3URJUDP
)RUFHGHOXWWHFRQWUHOHVPLQHVGX1RUG>UHPSODFH 0&57) PLOLWDU\FLYLOUHODWLRQVWDVNIRUFH
67$1$9)25&+$1@ JURXSHSRXUOHVUHODWLRQVPLOLWDURFLYLOHV
0&0)256287+ 0LQH&RXQWHUPHDVXUHV)RUFH 0&60DGUDV&LYLO6HUYLFH
6RXWK>KDVUHSODFHG0&0)250('@ 0&60DOD\DQ&LYLO6HUYLFH
)RUFHGHOXWWHFRQWUHOHVPLQHVGX6XG>UHPSODFH 0&6 0DQDJHPHQW&RQVXOWLQJ6HUYLFH
0&0)250('@ 0&V 0DQWOH&HOOV
0&0* 0LOLWDU\&RPPLWWHH0HWHRURORJLFDO*URXS 0&60DVWHU&RQWURO6\VWHP
*URXSHPpWpRURORJLTXHGX&RPLWp0LOLWDLUH 0&60DVWHURI&RPPHUFLDO6FLHQFHV
0&PLVVLRQ 0DJQHWRVSKHULF&RQVWHOODWLRQPLVVLRQ 0&6 0HVRVFDOH&RQYHFWLYH6\VWHP
1$6$·V 0&60HVVDJH&RQWURO6\VWHP
7KH0&PLVVLRQLVSODQQHGIRU 0&60RQWH&DUOR6LPXODWLRQ
0&023',5 0&0 RSHUDWLRQVGLUHFWLYH 0&6 0XOWLSOH&RQVROH6XSSRUW


0&6& PLQHFRXQWHUPHDVXUHVFRPPDQGDQGFRQWURO PG PDQRGHVWUD


VKLS ,WDOLDQLQLWLDOLVPPHDQLQJULJKWKDQG
EkWLPHQWGHFRPPDQGHPHQWHWGHFRQWU{OHSRXUOD PG DEEU PDUFKDQG
OXWWHFRQWUHOHVPLQHV 0' 0DUN'RZQ
0&6) PXOWLQDWLRQDOFU\SWRORJLFVXSSRUWIDFLOLW\ 0'0DUNHW'D\
LQVWDOODWLRQPXOWLQDWLRQDOHGHVRXWLHQFU\S 0' DEEU 0DU\ODQG 86$ 
WRORJLTXH 0'0DVWHU'DWD
0&7 0DLQ&HQWUDO7KUXVW &RPSXWHU3URJUDPPLQJ
0&7 0DLQVWUHDP&RUSRUDWLRQ7D[ 0' 0DWXULW\'DWH
%XVLQHVV)LQDQFH %XVLQHVV)LQDQFH
0&7 PRELOHFRPPDQGWHDP 0' PHFKDQL]HGGLYLVLRQ
pTXLSHPRELOHGHFRPPDQGHPHQW GLYLVLRQPpFDQLVpH
PRYHPHQWFRQWUROWHDP PLOLWDU\GLVWULFW
pTXLSHGHVPRXYHPHQWVHWWUDQVSRUWV DGLVWULFWPLOLWDLUH
0&7 0RGH&RXSOLQJ7KHRU\ EUpJLRQPLOLWDLUH
$XWRPDWLRQ&KHPLFDO5HVHDUFK(OHFWURPHWU\ 0ROGRYD IRUPHUO\FDOOHG0ROGDYLD 
6ROLG6WDWH3K\VLFV 0ROGRYD DQFLHQQHPHQWDSSHOpH0ROGDYLH 
0&7' 0L[HG&RQQHFWLYH7LVVXH'LVHDVH 0'0HGLFDO'HSDUWPHQW
0&7'LVDOVRNQRZQDV6KDUS·VV\QGURPH 0'0' 0HGLFDO'RFWRU
0HGLFLQH 0' 0HPRUDQGXPRI'HSRVLW
0&7,0HWDO&XWWLQJ7RRO,QVWLWXWH 0G 7KHFKHPLFDOV\PEROIRU0HQGHOHYLXP
0&80DVWHU&RQWURO8QLW0HPRU\&RQWURO8QLW 1DPHGIRUWKH5XVVLDQFKHPLVW'PLWUL,YDQRYLFK
0&80LFURSURJUDPPHG&RQWURO8QLW 0HQGHOHHY
&RPSXWHU7HFKQRORJ\ &KHPLVWU\6\PEROV
0&9 PDQGDWFDUWHGHYHUVHPHQW 0'0HQWDO'HIHFWLYH
%XVLQHVV)LQDQFH 0' 0LGQLJKW'XPSLQJ
0&9 0DUJH&R€WV9DULDEOHV 0'0LQLVWHURGHOOD'LIHVD
(FRQRPLFV)LQDQFH ,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI'HIHQVH
0&9 0HDQ&RUSXVFXODU9ROXPH 0'0ROHFXODU'\QDPLFV
0&9 LVDOVRNQRZQDV0HDQ&HOO9ROXPH 3K\VLFDO&KHPLVWU\
0HGLFLQH 0G PRQH\GHPDQG
0&9 0HGLFDO&ROOHJHRI9LUJLQLD 86$  0' 0'PG 0RQWKV$IWHU'DWH
0&9 0HVRVFDOH&RQYHFWLYHO\JHQHUDWHG9RUWLFHV 0' 0XOWLSOH'LVVHPLQDWLRQ
0&9 0ROOXVFXP&RQWDJLRVXP9LUXV 0'0XVFXODU'\VWURSK\
0&9 LVDYLUDOLQIHFWLRQRIWKHVNLQWUDQVPLWWHGE\ 0'LVDOVRNQRZQDV0\RG\VWURSK\
GLUHFWRULQGLUHFWFRQWDFW 3DWKRORJ\
9LURORJ\ 0'$ PDLQGHIHQFHDUHD
0&9'SURFHVV 0RGLILHG&KHPLFDO9DSRU ]RQHGHGpIHQVHSULQFLSDOH
'HSRVLWLRQSURFHVV PLQHGDQJHUDUHD
3K\VLFV ]RQHGHGDQJHUPLQHV
0&99&8 0HGLFDO&ROOHJHRI9LUJLQLD9LUJLQLD PXOWLSOHGRFNLQJDGDSWHU
&RPPRQZHDOWK8QLYHUVLW\ 86$  DGDSWDWHXUG·DPDUUDJHPXOWLSOH
0&:* 0LOLWDU\&RRSHUDWLRQ:RUNLQJ*URXS 0'$ 0DORQGLDOGHK\GH
*URXSHGHWUDYDLOVXUODFRRSpUDWLRQPLOLWDLUH 0DORQGLDOGHK\GHLVDFDUERQ\OFRPSRXQG,WLV
0&;' 0DJQHWLF&LUFXODU;UD\'LFKURLVP FDUFLQRJHQLFDQGPXWDJHQLFDQGLVSURGXFHGE\
0&< PDFKLQHU\ OLTXLGSHUR[LGDWLRQ
$OVRPDFK %LRFKHPLVWU\&DQFHU5HVHDUFK&OLQLFDO
0HFKDQLFDO(QJLQHHULQJ 3K\VLRORJ\3KDUPDFRORJ\
0&= 0XVHXPRI&RPSDUDWLYH=RRORJ\ 86$  0'$ 0HGLFDO'HYLFHV$JHQF\
0' 'RFWRURI0HGLFLQH %ULWLVK$JHQFLHV
0' 0DOLFLRXV'DPDJH 0'$ 0HVRF\FORQH'HWHFWLRQ$OJRULWKP
0' 0DQDJHPHQW'HYHORSPHQW 0'$ 0HWK\OHQH'LR[\DPSKHWDPLQH
0'0DQDJLQJ'LUHFWRU 0'$ 0RQRFKURPH'LVSOD\$GDSWHU


0'$0'$ 0RWRU'LVFULPLQDWLYH$FXLW\ FRQILGHQFHDQGVHFXULW\EXLOGLQJPHDVXUHV


0'$ 0XOWLSOH'RFNLQJ$GDSWHU &6%0 
0'$ 0XVFXODU'\VWURSK\$VVRFLDWLRQ 0''0DJQHWLF'LVN'ULYH
0'$+* 0LVVLOH'HIHQFH$G+RF:RUNLQJ*URXS 0'' 0DUTXH'H'LVWULEXWHXU
*URXSHDGKRFVXUODGpIHQVHDQWLPLVVLOH )UHQFKLQLWLDOLVPPHDQLQJSULYDWHODEHO
0GDPDJH 0RELOL]DWLRQGDPDJH 0'' 0HWHRURORJLFDO'DWD'LVWULEXWLRQ
0LOLWDU\6FLHQFH 0') PDLQGHIHQFHIRUFHG
0' 0:HVW 0HGLFDO'HVLJQDQG0DQXIDFWXULQJ IRUFH V GHGpIHQVHSULQFLSDOH
:HVW PDLQGLVWULEXWLRQIUDPH
&RQIHUHQFH ([SR+HOGRQWKWK -DQXDU\ UpSDUWLWHXUSULQFLSDO RXG·HQWUpH 
DW$QDKHLP&$&RQYHQWLRQ&HQWHU PRGXODWLRQSDUGpSODFHPHQWGHIUpTXHQFH
86&RQIHUHQFHV IUHTXHQF\VKLIWNH\LQJ )6. 
0'$3 0XWXDO'HIHQVH$VVLVWDQFH3URJUDP 0')0GI 0DUNHW'HYHORSPHQW)XQG
86$  0') 0HGLDQ'HPDJQHWL]DWLRQ)LHOG
0'$60 PHGLXPGHSWKDQWLVXEPDULQHPLQH *HRORJ\*HRSK\VLFV
PLQHDQWLVRXVPDULQHjSURIRQGHXUPR\HQQH 0GI 0HGLXPGHQVLW\ILUHERDUG
0GD\ 0RELOL]DWLRQGD\ 0G) 0LOOLRQVGH)UDQFV
0LOLWDU\6FLHQFH EHIRUHWKHDGYHQWRIWKH(852 
0'% 0XOWLODWHUDO'HYHORSPHQW%DQN 0') 0LQLPDO'LVFKDUJH)LHOG
0'% 0XOWLWHUDSLD'L%HOOD 0HGLFLQH1HXURELRORJ\3K\VLRORJ\
,WDOLDQLQLWLDOLVPFRLQHGRQQG -DQXDU\DWD 0') V\VWHP 0LFUR'RVH)RFXVLQJV\VWHP
VXPPLWRIVFLHQWLVWVGLVFXVVLQJWKHDOWHUQDWLYHFDQ =HLVV·V
FHUWKHUDS\RI3URIHVVRU/XLJL'L%HOODWREHXVHG 0'*0DFKLQLQJLQWHQVLYH'XUDEOH*RRGV
RQDQH[SHULPHQWDOEDVLVRQSDWLHQWV 0'*V 0LOOHQQLXP'HYHORSPHQW*RDOV
$OWHUQDWLYH&DQFHU7KDUDSLHV 2IWKH:RUOG%DQN
0'%V 0XOWLODWHUDO'HYHORSPHQW%DQNV 0'+ 0DODWH'HK\GURJHQDVH
7KHZRUOG·VILYH0XOWLODWHUDO'HYHORSPHQW%DQNV 0', 0LFKHOVRQ'RSSOHU,PDJHU
KDYHKDGDQLPSRUWDQWUROHVLQFHWKHLUFUHDWLRQLQ 6RODU3K\VLFV
KHOSLQJSRRUFRXQWULHVIRVWHUVXVWDLQDEOHHFRQRPLF 0', 0LFKHOVRQ'RSSOHU,QWHUIHURPHWHU
JURZWKDQGKLJKHUVWDQGDUGVRIOLYLQJ 7KH0',LVDQLQVWUXPHQWDERDUGWKH62+2VDWHO
0'& 0DFURSKDJH'HULYHG&KHPRNLQH OLWHZKLFKGHWHFWVRVFLOODWLRQVRQWKHVXQ·VVXUIDFH
0G&0DUJLQHGL&RQWULEX]LRQH DVZHOODVLQPDJQHWLFILHOGV
,WDOLDQLQLWLDOLVPPHDQLQJ&RQWULEXWLRQ0DUJLQ 6RODU3K\VLFV
(FRQRPLFV)LQDQFH )RUIXUWKHUGHWDLOVVHHXQGHU62+2
0'& 0D['HOEUFN&HQWHUIRU0ROHFXODU 0', 0XOWLSOH'RFXPHQW,QWHUIDFH
0HGLFLQH *HUPDQ\  0',%/ 0RXQW'HVHUW,VODQG%LRORJLFDO/DERUDWRU\
7KH0'&ZDVWKHILUVWRIWKUHHQDWLRQDOUHVHDUFK 86$ 
FHQWHUVWREHHVWDEOLVKHGLQWKHIRUPHU(DVW 0'/ PLQLPXPGHFRGHOHYHO
*HUPDQ\1DPHGIRUWKH$PHULFDQELRORJLVW0D[ QLYHDXPLQLPDOGHGpFRGDJH
'HOEUFN   0'0 PRGXODWLRQSDUGpSODFHPHQWPLQLPDO
0ROHFXODU0HGLFLQH PLQLPXPVKLIWNH\LQJ 06. 
0'& PHVXUHVGHFRQILDQFH 0'0$ 0HWK\OHQHGLR[\PHWKDPSKHWDPLQH
FRQILGHQFHEXLOGLQJPHDVXUHV &%0  0'02EVHUYDWRU\ 0LFKLJDQ'DUWPRXWK
0'& 0RPHQWXP'LVWULEXWLRQ&XUYH 0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\2EVHUYDWRU\
0DWHULDOV6FLHQFH6XSHUFRQGXFWLYLW\3K\VLFV 86$ 
0'& 0RYHPHQWIRU'HPRFUDWLF&KDQJH (DUWK$WPRVSKHULFDQG3ODQHWDU\6FLHQFHV
=LPEDEZH  0'03 0HGLWHUUDQHDQ'LDORJXH0LOLWDU\
0'&.HSLWKHOLDOFHOOV0DGLQH'DUE\&DQLQH 3URJUDPPH
.LGQH\HSLWKHOLDOFHOOV 3URJUDPPHPLOLWDLUHGX'LDORJXHPpGLWHUUDQpHQ
+RQJ.RQJ,QIOXHQ]D$ 9LUXV +1 0HGLFDO PGQ DEEU PHGLDQ
6FLHQFHV0ROHFXODUDQG&HOOXODU3K\VLRORJ\ 0'1 DPLQLVWqUHGHOD'pIHQVH>)5@
3DWKRORJLFDO6FLHQFHV EPLQLVWqUHGHOD'pIHQFHQDWLRQDOH
0'&6 PHVXUHVGHFRQILDQFHHWGHVpFXULWp 0LQLVWU\RI'HIHQFH 02' 


0'15 0LFKLJDQ'HSDUWPHQWRI1DWXUDO5HVRXUFHV 0HWK\OLVWKHDN\OJURXS&+SUHVHQWLQPDQ\


0LFKLJDQ6WDWH8QLYHUVLW\ 86$  RUJDQLFFRPSRXQGV
0'2 0RQWKO\'HELW2UGLQDU\ 2UJDQLF&KHPLVWU\
0'3 PHWHRURORJLFDOGDWXPSODQH 0(0LGGOH(DVW
SODQGHUpIpUHQFHPpWpRURORJLTXH 0(0LGGOH(QJOLVK
0'3 0XOWLGRPDLQ3RO\PHU 0LGGOH(QJOLVKLVWKH(QJOLVKODQJXDJHRIWKHSHUL
0DWHULDOV6FLHQFHDQG(QJLQHHULQJ3RO\PHU RGFF
6FLHQFH /DQJXDJHV
0'35 PHVVDJHGHGHPDQGHGHSULVHGHUHVVRXUFH 0( 0LQLQJ(QJLQHHU
&RPPXQLFDWLRQV 0( 0LQLVWqUHGHO·HGXFDWLRQ )UDQFH 
0'5 0LQLPXP'DLO\5HTXLUHPHQWV 0( 0RQWUpDO([FKDQJH &DQDGD 
1XWULWLRQ 0( 0RVW([FHOOHQW
0'50XOWLGUXJ5HVLVWDQFH0XOWLSOH'UXJ 0( 0R\HQQH(QWUHSULVH
5HVLVWDQFH )UHQFKDFURQ\PPHDQLQJ0HGLXPVL]HG
0'57% 0XOWLGUXJ5HVLVWDQW7XEHUFXORVLV &RPSDQ\(QWHUSULVH
&RPPXQLFDEOH'LVHDVHV'LVHDVH&RQWURODQG 0($ 0LQLPXP(QURXWH$OWLWXGH
3UHYHQWLRQ 1DYLJDWLRQ
0'58 0HGLFDWLRQV'HYHORSPHQW5HVHDUFK8QLW 0($ 0RQRHWKDQRDODPLQH
0'60DVWHURI'HQWDO6XUJHU\ 2UJDQLF&KHPLVWU\
0'6 0LQLPXP'LVFHUQLEOH6LJQDO 0($ 7KHDLUOLQHFRGHIRU0LGGOH(DVW$LUOLQHV
(OHFWURQLFV 0($ 0XOWLODWHUDO(QYLURQPHQWDO$JUHHPHQW
PGVH DEEU PHUFKDQGLVH 0($'6 PHGLXPH[WHQGHGDLUGHIHQFHV\VWHP
0'VLPXODWLRQV 0ROHFXODU'\QDPLFVVLPXODWLRQV V\VWqPHGHGpIHQVHDpULHQQHpODUJLHjPR\HQQH
0DWHULDOV6WUXFWXUHV3K\VLFV SRUWpH
0'6PHWKRG 0XOWLGLPHQVLRQDO6FDOLQJPHWKRG 0($6 PLVVLRQHVVHQWLDODYLRQLFVVSDUHV
&KHPLVWU\&KHPLFDO.LQHWLFV(OHFWURSKRUHVLV UHFKDQJHVG·DYLRQLTXHLQGLVSHQVDEOHVjODPLVVLRQ
3K\VLFDO&KHPLVWU\ 0(% PDULQHH[SHGLWLRQDU\EULJDGH>86@
0'6V\VWHP0XOWLSOH'DWD6HWV\VWHP EULJDGHGXFRUSVH[SpGLWLRQQDLUHGHVPDULQHV
0'7 0LOL]LD'LIHVD7HUULWRULDOH >86@
0'7&$ 0LQLVWU\RI'RPHVWLF7UDGHDQG 0(% 0LGODQGV(OHFWULFLW\%RDUG *% 
&RQVXPHU$IIDLUV 0DOD\VLD  0(%,2&( 8OWUDKLJKVHQVLWLYLW\LQWHJUDWHGGHWHF
0'9, 0RYLPHQWR'L9RORQWDULDWR ,WDO\  WLRQWHFKQRORJ\IRUFHOOXODUDQGEDFWHULRORJLFDO
,WDOLDQ9ROXQWHHUV0RYHPHQWV TXDOLILFDWLRQDQGFRQWUROZLWKELRVHOHFWLYHSRO\
0': 7KHDLUSRUWFRGHIRU0LGZD\$LUSRUW PHUV
&KLFDJR,OOLQRLV86$ (&3URMHFWV0HGLFDO'LDJQRVWLFV
0( 0H DEEU 0DLQH 86$  0(%6 0DVWHULQ(FRQRPLDH%DQFD6LHQD
0( 0DVWHURI(QJLQHHULQJ $WWKH)DFXOW\RI(FRQRPLFV´50*RRGZLQµRI
0(0(0HFKDQLFDO(QJLQHHU0HFKDQLFDO WKH8QLYHUVLW\RI6LHQD,WDO\$ FROODERUDWLRQ
(QJLQHHULQJ EHWZHHQWKH8QLYHUVLW\RI6LHQDDQGWKH036
0( 0HGLDQ(PLQHQFH 6S$
3RVWHULRU3LWXLWDU\+RUPRQHV )RUIXUWKHUGHWDLOVVHHXQGHU036
0(0(0HGLFDO([DPLQHU 0(& 0DUJLQDO(IILFLHQF\RI&DSLWDO
0( 0HGLR(YR 0(& 0HPEHURIWKH([HFXWLYH&RXQFLO
,WDOLDQDFURQ\PPHDQLQJ7KH0LGGOH$JHV 0(& 0HUFDWR(XURSHR&RPXQH
0( 0HPEUR(IIHWWLYR ,WDOLDQDFURQ\PPHDQLQJ(XURSHDQ&RPPRQ
,WDOLDQDFURQ\PPHDQLQJ$FWLYH0HPEHU 0DUNHW
0(0HPRU\(OHPHQW 0(& 0L[HG(FRQRPLF&RPPLVVLRQ
&RPSXWHU7HFKQRORJ\ PHFFUD] DEEU PHFFDQLFDUD]LRQDOH
0( 0HUFDQWLOH([FKDQJH ,WDOLDQDEEUHYLDWLRQPHDQLQJWKHRUHWLFDOPHFKDQ
0( 0HVVLQD,WDO\ LFVDQDO\WLFPHFKDQLFV
0( 0HWDEROL]DEOH(QHUJ\ PHFK DEEU PHFKDQLFDOPHFKDQLVPPHFKDQLFV
1XWULWLRQ 0(&20DLQ(QJLQH&XW2II
0H0HWK\O PHFR7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\


XVLQJWKH,WDOLDQZRUG´PHFRµZKLFKPHDQVZLWK 0() PDULQHH[SHGLWLRQDU\IRUFH>86@


PH IRUFHGXFRUSVH[SpGLWLRQQDLUHGHVPDULQHV
0(&V 7K\PLF 0HGXOODU\(SLWKHOLDO&HOOV >86@
,PPXQRORJ\,PPXQRJHQHWLFV0ROHFXODU%LRORJ\ PLQLPXPHVVHQWLDOIDFLOLW\
)RUIXUWKHUGHWDLOVVHHXQGHU$,5( LQVWDOODWLRQHVVHQWLHOOHPLQLPDOH
0HGPHG DEEU PHGLFDOPHGLFLQH PLVVLRQHVVHQWLDOIRUFH
0('0(' 0LQLPDO(IIHFWLYH'RVH0LQLPDO IRUFHHVVHQWLHOOHjODPLVVLRQ
(U\WKHPD'RVH 0()  0\RF\WH(QKDQFHU)DFWRU
0('$66(665(3 PHGLFDODVVHVVPHQWUHSRUW &DUGLDF0RUSKRJHQHVLVDQG0\RJHQHVLV
FRPSWHUHQGXG·pYDOXDWLRQPpGLFDOH &DUGLRORJ\&HOO%LRORJ\,QWHUQDO0HGLFLQH
0('&(17 &HQWUDO0HGLWHUUDQHDQ$UHD 0ROHFXODU%LRORJ\2QFRORJ\
6HFWHXU&HQWUDOGHOD0pGLWHUUDQpH 0()V 0RXVH(PEU\R)LEUREODVWV
0('($67 (DVWHUQ0HGLWHUUDQHDQ$UHD $SRSWRVLV&HOO%LRORJ\0HGLFDO6FLHQFHV
6HFWHXURULHQWDOHGHOD0pGLWHUUDQpH 0ROHFXODU%LRORJ\+XPDQ*HQHWLFV3DWKRORJ\
0('(9$& PHGLFDOHYDFXDWLRQ 0(*0DJQHWRHQFHSKDORJUDSK\
pYDFXDWLRQVDQLWDLUH (9$6$1  0HGLFLQH
0(',$ 0('LWHUUDQHDQ,QQRYDWLRQ$UUD\ PHJ DEEU PHJDRKP
0(',$&8/7 ,QWHUQDWLRQDO5HVHDUFK,QVWLWXWHIRU (OHFWULFLW\
0HGLD&RPPXQLFDWLRQDQG&XOWXUDO'HYHORSPHQW 0(* 0HWDOV(FRQRPLFV*URXS &DQDGD 
$XVWULD  0(*$ 0ROHFXODU(YROXWLRQDU\*HQHWLFV$QDO\VLV
)RXQGHGLQ &HOOXODU3DWKRORJ\0ROHFXODU3DWKRORJ\
0(',&$ 0XOWLPHGLDO0HGLFDO'LDJQRVWLF 0(*6 0DUNHW(QWU\*XDUDQWHH6FKHPH
$VVLVWDQW 0(+ 0RGXOHG·([WUDFWLRQG·+RUORJH
0('/$56 0('LFDO/LWHUDWXUH$QDO\VLVDQG 0H+J 0HWK\OPHUFXU\
5HWULHYDO6\VWHP 0HWK\OPHUFXU\LQWR[LFGRVHVFDXVHVGHYHORS
0('/,0HGLFDODQG6FLHQWLILF/LEUDU\RI/RQJ PHQWDODQGQHXURORJLFDOGLVRUGHUV
,VODQG 86$  0(,* 0DULWLPH([HUFLVH,QIRUPDWLRQ*URXS
0('/,1( DEEU 7KHRQOLQHUHVHDUFKGDWDEDVHRI *URXSHG·LQIRUPDWLRQVXUOHVH[HUFLFHVPDULWLPHV
WKH1DWLRQDO/LEUDU\RI0HGLFLQH 86$  0(.$ WKHUPDOSODVPDFRGH 0HZH.DDVWUDWKHU
0('125($67 1RUWK(DVWHUQ0HGLWHUUDQHDQ PDOSODVPDFRGH
$UHD $VWURQRP\$VWURSK\VLFV
6HFWHXU1RUG(VWGHOD0pGLWHUUDQpH 0(.. 0(.NLQDVH
0('2& :HVWHUQ0HGLWHUUDQHDQ$UHD 0(/ PDLQHYHQWVOLVW>H[HUFLVHV@
6HFWHXURFFLGHQWDOGHOD0pGLWHUUDQpH OLVWHGHVSULQFLSDX[pYqQHPHQWV>H[HUFLFHV@
0('5 PHGLFDOUHWXUQHH 0pO 0HVVDJH0HVVDJHULHpOHFWURQLTXH
UHSDWULpSRXUUDLVRQVPpGLFDOHV )UHQFKDFURQ\PPHDQLQJHPDLO
0('6 0DULQH(FRORJLFDO'DWDEDVH6\VWHP 7HOHFRPPXQLFDWLRQV
0('6 0DULQH(QYLURQPHQWDO'DWD6HUYLFH 0(/ 7KHDLUSRUWFRGHIRU0HOERXUQH$XVWUDOLD
&DQDGD  0(/$6 0LWRFKRQGULDO(QFHSKDORP\RSDWK\ZLWK
0('6 0HWHRURORJLFDODQG(QYLURQPHQWDO'DWD /DFWLF$FLGRVLVDQG6HL]XUH
6HUYLFHV 86$  'HJHQHUDWLYH'LVHDVHV0HGLFLQH
0('6,75(3 PHGLFDOVLWXDWLRQUHSRUW 0(/7 H[SHULPHQW 0DQWOH(/HFWURPDJQHWLFDQG
FRPSWHUHQGXGHVLWXDWLRQPpGLFDOH 7RPRJUDSK\H[SHULPHQW
0('6287+($67 6RXWKHDVWHUQ0HGLWHUUDQHDQ *HRORJ\2FHDQRJUDSK\6HLVPRORJ\7HUUHVWULDO
$UHD 0DJQHWLVP
6HFWHXU6XG(VWGHOD0pGLWHUUDQpH )RUIXUWKHUGHWDLOVVHHXQGHU5,'*(
0('683/$1 PHGLFDOVXSSO\SODQ 0(/8 0ROHFXODU(SLGHPLRORJ\/DERUDWRU\8QLW
SODQGHUDYLWDLOOHPHQWPpGLFRVDQLWDLUH 86$ 
0('7(& 0HGLFDO(TXLSPHQW'HVLJQ 0(0 0DFURSKDJH(OHFWURSKRUHWLF0RELOLW\
7HFKQRORJ\([KLELWLRQ &RQIHUHQFH 7KH 0(0 0D[LPXP(QWURS\0HWKRG
1HWKHUODQGV  %LRORJLFDO&KHPLVWU\(QYLURQPHQWDO6FLHQFHV
0((5& 0XOWLVFDOH([SHULPHQWDO(FRV\VWHP 3K\VLFDO6FLHQFH6\QWKHWLF&KHPLVWU\
5HVHDUFK&HQWHU 86$  PHP DEEU PHPRUDQGXP


0(0 7KHDLUSRUWFRGHIRU0HPSKLV7HQQHVVHH SRUWpHHIILFDFHPD[LPDOH


86$ 0(50D[LPXP(IILFLHQW5DWH
0(0 0LQLPXP0LQLPDO(VVHQWLDO0HGLXP PHU DEEU PHULGLDQ
0(0& 0HWKR[\HWK\OPHUFXU\&KORULGH $VWURQRP\&DUWRJUDSK\
0(02 0XOWLPHGLD(QYLURQPHQWIRU02ELOHV 0(5 0HWKDQRO([WUDFWLRQUHVLGXH
(XURSHDQ&RPPXQLW\3URMHFW 0(5% 0DULWLPH([HUFLVH5HYLHZ%RDUG
0(06 0LFURHOHFWURPHFKDQLFDO0LFUR(OHFWUR &RPPLVVLRQG·pWXGHGHVH[HUFLFHVPDULWLPHV
0HFKDQLFDO6\VWHPV 0(5& &KLFDJR0HUFDQWLOH([FKDQJH
$SSOLHG3K\VLFV&KHPLFDO(QJLQHHULQJ PHUF DEEU PHUFDQWLOH
0LQLDWXUH'HYLFHV 0(5&$65(3 PHUFKDQWVKLSFDVXDOW\UHSRUW
0(0: 0(0RU\:ULWH FRPSWHUHQGXG·DYDULHGHQDYLUHGHFRPPHUFH
0(1 0XOWLSOH(QGRFULQH1HRSODVLDW\SH 0(5&$67 PHUFKDQWVKLSEURDGFDVW
%LRWHFKQRORJ\,QIRUPDWLRQ&KHPLVWU\DQG pPLVVLRQGHQDYLUHGHFRPPHUFH
%LRFKHPLVWU\*HQH7UDQVIHU+XPDQ*HQRPH 0(5&2 PHUFKDQWVKLSUHSRUWLQJDQGFRQWURO PHV
5HVHDUFK0HWDEROLF'LVHDVHV3DWKRORJ\ VDJHV\VWHP 
0(1$ 0LGGOH(DVW1RUWK$IULFD V\VWqPHGHPHVVDJHVGX FRQWU{OHQDYDOGHOD
0R\HQ2ULHQW$IULTXHGXQRUG QDYLJDWLRQFRPPHUFLDOH
PHQVPHQVLOH 0(5&SURJUDP 0LGGOH(DVW5HJLRQDO
,WDOLDQDEEUHYLDWLRQPHDQLQJPRQWKO\PRQWK·V &RRSHUDWLRQSURJUDP
SD\ZDJHVVDODU\ 7KH0(5&SURJUDPLVDMRLQWUHVHDUFKSURJUDP
0(25 0LFURELDO(QKDQFHG2LO5HFRYHU\ LQYROYLQJ(J\SWLDQV,VUDHOLDQG$PHULFDQV,WLV
0LFURELDO%LRFKHPLFDO3URFHVVHV 1HZ IXQGHGE\WKH86$JHQF\IRU,QWHUQDWLRQDO
$SSOLFDWLRQV  'HYHORSPHQW
PHSPHDQHIIHFWLYHSUHVVXUH 0(5&2006 PHUFKDQWVKLS SLQJ FRPPXQLFD
0HFKDQLFDO(QJLQHHULQJ WLRQVV\VWHP
0(3 0HPEHURIWKH(XURSHDQ3DUOLDPHQW V\VWqPHGHWpOpFRPPXQLFDWLRQVSRXUQDYLUHVGH
0(3 PHWK\OHWK\OS\ULGLQH FRPPHUFH RXQDYLUHVPDUFKDQGV 
0(3 0LQLVWU\RI(QYLURQPHQWDO3URWHFWLRQ 0HUFRVXU 0HUFDGR&RP~QGHO6XU
0(3 PXOWLHWKQLFSROLFH $EEUHYLDWLRQPHDQLQJ/DWLQ$PHULFDQ&RPPRQ
SROLFHSOXULHWKQLTXH 0DUNHW
0(3& 0DULQH(QYLURQPHQW3URWHFWLRQ&RPPLWWHH 0(5&6 PHUFKDQWVKLSFU\SWRV\VWHP
2IWKH,QWHUQDWLRQDO0DULWLPH2UJDQL]DWLRQ V\VWqPHFU\SWRJUDSKLTXHGHQDYLUHGHFRPPHUFH
0(3&V 0LQLDWXUH([FLWDWRU\3RVWV\QDSWLF RXQDYLUHPDUFKDQG 
&XUUHQWV 0(5(3 PHUFKDQWVKLSUHSRUW
0(3V 0HPEHUVRIWKH(XURSHDQ3DUOLHPHQW FRPSWHUHQGXGXQDYLUHGHFRPPHUFH RXQDYLUH
P(363V PLQLDWXUH([FLWDWRU\3RVWV\QDSWLF PDUFKDQG 
3RWHQWLDOV 0(5,7 $ZDUGV 0HWKRGWR([WHQG5HVHDUFK,Q
0HGLFLQH1HXURELRORJ\DQG%HKDYLRU 7LPH$ZDUGV
3V\FKLDWU\6XUJHU\ 86$ZDUGV
0(3 VWDWH 0D[LPXP(QWURS\3URGXFWLRQVWDWH 0(5/,1 0HGLFDO(PHUJHQF\5HOLHI,QWHUQDWLRQDO
&OLPDWH&RPSXWDWLRQDO0DWKHPDWLFV *%
0HWHRURORJ\3K\VLFV (SLGHPLRORJ\0LFURELRORJ\5HHPHUJLQJ
0(37 0HUFXU\(XURSHDQ3ULYDWLVDWLRQ7UXVW 'LVHDVHV7XEHUFXORVLV
P(T DEEU PLOOLpTXLYDOHQW 0(50/60LG(DVWHUQ5HJLRQDO0HGLFDO/LEUDU\
)UHQFKDEEUHYLDWLRQPHDQLQJPLOOLHTXLYDOHQW 6HUYLFH
&KHPLVWU\ 0(55) GLVHDVH 0\RFORQLF(SLOHSV\DQG5DJJHG
0(4& 0DULQH(QYLURQPHQWDO4XDOLW\&RPPLWWHH 5HG)LEHUGLVHDVH
2IWKH,QWHUQDWLRQDO&RXQFLOIRU7KH([SORUDWLRQ 0(56+,3 PHUFKDQWVKLS
RIWKH6HD DQDYLUHGHFRPPHUFH
0(5 0DQDJHPHQWSDU(FRXWHHW5HQFRQWUH EQDYLUHPDUFKDQG
)UHQFKDFURQ\PPHDQLQJ0DQDJHPHQWE\ 0(56+,3:$51 PHUFKDQWVKLSSLQJZDUQLQJ
:DQGHULQJ$URXQG 0%:$  DYLVjODQDYLJDWLRQFRPPHUFLDOH
0(5 PD[LPXPHIIHFWLYHUDQJH 0(5=21( PHUFKDQWVKLSFRQWURO]RQH


D]RQHGHFRQWU{OHQDYDO OLVWHGHVWkFKHVHVVHQWLHOOHVjODPLVVLRQ>&&3@
E]RQHGHFRQWU{OHQDYDOGHODQDYLJDWLRQFRP 0(72& PHWHRURORJLFDODQGRFHDQRJUDSKLFFHQWUH
PHUFLDOH FHQWUHPpWpRURORJLTXHHWRFpDQRJUDSKLTXH
0(6 PRGXODWLRQSDUpWDOHPHQWGXVSHFWUH 0(721 0(7URSROLWDQ2SWLFDO1HWZRUN
VSUHDGVSHFWUXPPRGXODWLRQ 660  (XURSHDQ&RPPXQLW\3URMHFW
0(6 0XOWLSOH(DUQLQJ6WDWHPHQW 0(752 0(VVHQJHU75DQVSRUW2UJDQL]HU
0(6$ 0LGGOH(DVW6WXGLHV$VVRFLDWLRQRI1RUWK &DQFHU'HYHORSPHQWDO%LRORJ\0ROHFXODU
$PHULFD *HQHWLFV
0(6$% 0HGLFDO(GXFDWLRQIRU6RXWK$IULFDQ 0HW56 0HWKLRQ\OW51$ 6\QWKHWDVH
%ODFNV %LRORJ\
)RUWKHILJKWDJDLQVW$,'60DODULD7XEHUFXORVLV 0(76$7 QHWZRUN 0(7HRURORJLFDO6$7HOOLWHQHW
0(6$ SURJUDP 0DWKHPDWLFV(QJLQHHULQJDQG ZRUN
6FLHQFH$FKLHYHPHQWSURJUDP 0HW62 0HWKLRQLQH6XOIR[LGH
863URJUDP 0(8 PDULQHH[SHGLWLRQDU\XQLW
0(6$5 PXOWLIXQFWLRQDOHOHFWULFDOO\VFDQQHGDGDS XQLWpGXFRUSVH[SpGLWLRQQDLUHGHVPDULQHV
WLYHUDGDU 0(85 PLOOLRQHXURV>VLQJOH(XURSHDQFXUUHQF\
UDGDUDGDSWLIPXOWLIRQFWLRQjEDOD\DJHpOHFWURQ 08@
LTXH PLOOLRQG·HXURV>PRQQDLHXQLTXHHXURSpHQQH
0(6&V 0RXVH(PEU\RQLF6WHP&HOOV 08@
0(6* 0HGLWHUUDQHDQ6KLSSLQJ*URXS 0HXUR 0LOLRQLGLHXUR
*URXSHPpGLWHUUDQpHQGHODQDYLJDWLRQFRPPHU ,WDOLDQDEEUHYLDWLRQPHDQLQJ0LOOLRQ(XURV$OVR
FLDOH 087KHVLQJOH(XURSHDQFXUUHQF\
0H6+ 0HGLFDO6XEMHFW+HDGLQJV 0H9 0pJDpOHFWURQ9ROW
&HOO%LRORJ\*HQH([SUHVVLRQ*HQH5HJXODWLRQ )UHQFKV\PEROPHDQLQJ0HJDHOHFWURQ9ROW$OVR
*HQHWLFV0HGLFLQH PHY(QHUJ\XQLWHTXDOWR HOHFWURQYROWV
0(623 0DQDJHPHQW(QULFKPHQW6WRFN2ZQHUVKLS 3K\VLFV
3ODQ 0(: 0LFURZDYH(DUO\:DUQLQJ
PHW DEEU PHWDOOXUJLFDO (QJLQHHULQJ 5DGDU
PHW DEEU PHWDSKRUPHWDSKRULFDO 0(:6* 1$720XOWLVHUYLFH(OHFWURQLF:DUIDUH
PHW DEEU PHWHRURORJLFDOPHWHRURORJ\ 6XSSRUW*URXS
0HW 0HWKLRQLQH *URXSH27$1LQWHUDUPpHVGHVRXWLHQGHODJXHUUH
%LRFKHPLVWU\ pOHFWURQLTXH
0HW DEEU 7KH0HWURSROLWDQ 0(; 0(:6*75$&69$1H[HUFLVH
PHW DEEU PHWURSROLWDQ H[HUFLFHGH75$&69$1GX0(:6*
0(7 0LG(XURSHDQ7LPH 0H[ DEEU 0H[LFDQ
0H7 0RELOHHOHFWURQLF7UDQVDFWLRQV 0(; 7KHDLUSRUWFRGHIRU0H[LFR&LW\
0(7$&$1 0(7D$QDO\VHVIRUWKHLPSURYHG 0(;+ 0XOWL(QHUJ\;UD\+RORJUDSK\
WUHDWPHQWRI&$1FHU 6ROLG6WDWH3K\VLFV
(XURSHDQ&RPPXQLW\3URMHFW 0H[6S0H[LFDQ6SDQLVK
0HWDOFRQ,QWHUQDWLRQDO ,QWHUQDWLRQDO([KLELWLRQ /DQJXDJHV
DQGFRQIHUHQFHIRUPHWDOFRQVWUXFWLRQSURGXFWV 0(= PLVVLOHHQJDJHPHQW]RQH
DQGVHUYLFHV 86$  ]RQHG·HQJDJHPHQWGHVPLVVLOHV
+HOGDQQXDOO\LWLVVSRQVRUHGE\WKH0&$ 0) 0DVWHU)LOH
)RUIXUWKHUGHWDLOVVHHXQGHU0&$ &RPSXWHU3URJUDPPLQJ
PpWDSK DEEU PpWDSKRUH 0) 0DVWHURI)RUHVWU\
)UHQFKDEEUHYLDWLRQPHDQLQJPHWDSKRU 0) 0HGLXP)RFXV
0(7&21 FRQWURORIPHWHRURORJLFDOLQIRUPDWLRQ 0)PI0HGLXP)UHTXHQF\
FRQWU{OHGHVUHQVHLJQHPHQWVPpWpRURORJLTXHV 0)LVWKHEDQGRIIUHTXHQFLHVUDQJLQJIURPWR
0(7&21 DEEU 0(7URSROLWDQ&21VRUWLXP NLORKHUW]
0HW+E 0HWKDHPRJORELQ0HWDKDHPRJORELQ 7HOHFRPPXQLFDWLRQV
0(7,0 0(UFDWR7HOHPDWLFRGHOOH,PSUHVH0HGLH 0) PLFURILFKH
,WDO\  7KHPLFURILFKHLVXVHGPDLQO\LQOLEUDULHV
0(7/ PLVVLRQHVVHQWLDOWDVNOLVW>3&&@ *UDSKLF$UWV


0) 0LGGOH)UHQFK 0)56 PDULWLPHIRUFHUHTXLUHPHQWVWXG\


0LGGOH)UHQFKLVWKH)UHQFKODQJXDJHRIWKHWK pWXGHGHVEHVRLQVGHIRUFHVPDULWLPHV
WKDQGWK FHQWXULHV 0)6 0DUIDQ·V6\QGURPH
/DQJXDJHV 0DUIDQ·V6\QGURPHLVDOVRNQRZQDV
0) PLOLWDU\IXQFWLRQ $UDFKQRGDFW\O\1DPHGIRUWKH)UHQFKSHGLDWUL
IRQFWLRQPLOLWDLUH FLDQ%HUQDUG-HDQ$QWRQLQ0DUIDQ
PRGXODWLRQGHIUpTXHQFH *HQHWLFV
IUHTXHQF\PRGXODWLRQ 0)60DLQ)LHOG6LWH
0) 0LOOLIDUDG $TXDULXP5HVHDUFK%LRJHRORJ\(DUWK 6FLHQFHV
P)LVHTXDOWRRQHWKRXVDQGWKRIDIDUDG PIVW DEEU PDQLIHVW
(OHFWULFLW\ 0)7 0RVW)DYRUDEOH7HUPV
0) 0LQHZRUNHUV· )HGHUDWLRQ %XVLQHVV&RPPHUFH)LQDQFH
0)0LQLVWHURGHOOH)LQDQ]H 0) WHFKQLTXH 0HPEUDQH)LOWUDWLRQWHFKQLTXH
,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI)LQDQFH 0LFURELRORJ\
0) 0LQLVWHU0LQLVWU\RI)RRG 0)8$ 0HGLFDO)ROORZ8S$JHQF\ 86$ 
0) 0RGXOD]LRQHGL)UHTXHQ]D 7KH0)8$ LVIXQGHGE\WKH861,+WKH86
,WDOLDQLQLWLDOLVPPHDQLQJ)UHTXHQF\0RGXODWLRQ 9$DQGWKH86'2'
7HOHFRPPXQLFDWLRQV 0HGLFDO6WXGLHV
0) 0RUH)UDJPHQWV )RUIXUWKHUGHWDLOVVHHXQGHU1,+9$ DQG'2'
&RPSXWHUV 0* 0DFKLQH*XQ
0) 0XWXDO)XQG $OVRPJ
%XVLQHVV)LQDQFH 2UGQDQFH
0)% 0XOWLFHOO)OXLGL]HGEHG%RLOHU 0* 0DGLJDQ*XOI /DNH(\UH 
PIG DEEU PDQXIDFWXUHG 0J 7KHFKHPLFDOV\PEROIRU0DJQHVLXP
$OVRPIU 8VHGPDLQO\LQEDWWHULHVDOOR\VDQGS\URWHFKQLFV
0)( 0DJQHWLFDOO\FRQILQHG)XVLRQ(QHUJ\ &KHPLVWU\6\PEROV
$OVR0DJQHWLF)XVLRQ(QHUJ\ 0*0DQFKHVWHU*XDUGLDQ
%RPE3K\VLFV/DVHU)XVLRQ5HVHDUFK1XFOHDU 0* 0HGLDO*DVWURFQHPLXV
)XVLRQ5HVHDUFK3K\VLFV7RNDPDNV 0*LVDVHQVRU\QHUYHLQWKHFDOIPXVFOH
0)(/ 0HGLFDO)UHH(OHFWURQ/DVHU $QDWRP\/RFRPRWRU6\VWHP1HXURSK\VLRORJ\
0) IDPLO\ 0DMRU)DFLOLWDWRUIDPLO\ 0J0J 0HJDJUDP0HJDJUDPPH
0ROHFXODUDQG&HOO%LRORJ\ 0HWURORJ\
PIJ DEEU PDQXIDFWXULQJ 0*PJ DEEU PLFURJOREXOLQ
0), 0HDQ)OXRUHVFHQFH,QWHQVLW\ ,PPXQRORJ\
0)/ 0D[LPXP)RUHVHHDEOH/RVV PJ DEEU PLOOLJUDPPLOOLJUDPPH
0)0 0DJQHWLF)RUFH0LFURVFRS\ 0HWURORJ\
3K\VLFV 0* 0LQLPXP*DUDQWL
0)1 0RVW)DYRXUHG1DWLRQ 0* 0RQJROLD
)RUIXUWKHUGHWDLOVVHHXQGHU175 0* 0\DVWKHQLD*UDYLV
0)2 0XOWLQDWLRQDO)RUFHDQG2EVHUYHUV 0HGLFLQH
0)3 0RELOH)OX[3ODWIRUP 0*$ 0DJQHWLF*UDGLHQW$FFHOHUDWRU
0)3 0XOWLIRUP3ULQWHU 0*$ 0RQRFKURPH*UDSKLFV$GDSWHU +HUFXOH·V 
0)36 0DWKHPDWLFDO)RXQGDWLRQVRI3URJUDPPLQJ 0*$ 0XOWLSOH*DV$QDO\]HU
6HPDQWLFV PJDO PLOOLJDO
0)U 0DOLIUDQF 0HWURORJ\
&XUUHQFLHV 0J$73 0DJQHVLXPVDOWRI$GHQRVLQH
PIU DEEU PDQXIDFWXUH 7ULSKRVSKDWH
$OVRPDQPDQXIU 0*% 0HGLDO*HQLFXODWH%RG\
PIU DEEU PDQXIDFWXUHG 0*&0DQXDO*DLQ&RQWURO
$OVRPIG 5DGLR
PIU DEEU PDQXIDFWXUHU 0J&DUDWLR 0DJQHVLXPWRFDOFLXPUDWLR
$OVRPDQI 0J&O 0DJQHVLXP&KORULGH
0)5 0HWKDQRIXUDQ ,QRUJDQLF&KHPLVWU\


0J&2 0DJQHVLWH 0DJQHVLXP$PLGHLVXVHGIRUSRO\PHUL]DWLRQSXU


0LQHUDORJ\ SRVHV
0J&2 0DJQHVLXP&DUERQDWH ,QRUJDQLF&KHPLVWU\
0DJQHVLXP&DUERQDWHLVXVHGPDLQO\LQWKHPDQX 0J2 0DJQHVLXP2[LGH
IDFWXUHRISKDUPDFHXWLFDOVFRVPHWLFVDQGIRRG 0J2LVXVHGPDLQO\LQIRRGDGGLWLYHVLQOD[D
SURGXFWV WLYHVDQGIHUWLOL]HUV
,QRUJDQLF&KHPLVWU\ ,QRUJDQLF&KHPLVWU\
0J&U2 0DJQHVLRFKURPLWH 0*2 0HWK\OJO\R[DO
0LQHUDORJ\ 0J2 3HULFODVH
0*&V 0XOWLQXFOHDWHG*LDQW&HOOV $ PLQRUFRPSRQHQWRI(DUWK·VORZHUPDQWOH
+,9 (QFHSKDOLWLV3DWKRORJ\ 0DQWOH&RQYHQWLRQ0LQHUDO3K\VLFV
0*'PJG 0LOOLRQ*DOORQVSHU'D\ 0J2 0DJQHVLXP3HUR[LGH
0*' 0RO\EGRSWHULQ*XDQLQH'LQXFOHRWLGH 0J2 DOVRNQRZQDV0DJQHVLXP'LR[LGHLVXVHG
%LRFKHPLVWU\%LRORJLFDO6FLHQFHV%LRPHGLFDO PDLQO\LQPHGLFLQH
6FLHQFHV ,QRUJDQLF&KHPLVWU\
P*'1) PXWDQWIRUPRI*OLDOFHOOOLQH'HULYHG 0J 2+  0DJQHVLXP+\GUR[LGH
1HXURWURSKLF)DFWRU 0DJQHVLXP+\GUR[LGHDOVRNQRZQDV0DJQHVLXP
$QDWRP\*HQHWLF7KHUDSLHV0HGLFLQH +\GUDWHLVXVHGPDLQO\LQIRRGSURFHVVLQJDQGLQ
1HXURELRORJ\ PHGLFLQH
0*('6RFLHW\ 0LFURDUUD\*HQH([SUHVVLRQ'DWD ,QRUJDQLF&KHPLVWU\
6RFLHW\ 0J3URWR 0DJQHVLXP3URWRSRUSK\ULQ,;
&HOO%LRORJ\*HQHWLFV*HQH5HJXODWLRQ*HQH $QLQWHUPHGLDWHLQFKORURSK\OOELRV\QWKHVLV
([SUHVVLRQ 0HGLFLQH3ODQW%LRORJ\
0*(SURJUDP 0LQRULW\*UDGXDWH(GXFDWLRQSUR 0JUPJU DEEU PDQDJHU
JUDP 86$  0*55 0HUU\*R5RXQG5HDFWRU ZDWHUFRROHG 
0J) 0DJQHVLXP)OXRULGH 0*56 PLOLWDU\JULGUHIHUHQFHV\VWHP
0J) DOVRNQRZQDV0DJQHVLXP)OX[LVXVHG V\VWqPHGHUpIpUHQFHGHFDUUR\DJHPLOLWDLUH
PDLQO\LQFHUDPLFVDQGRSWLFV 0*6 0DUV*OREDO6XUYH\RU
,QRUJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU02/$
0**0LQLVWHURGL*UD]LDH*LXVWL]LD 0*6$ 0HODQRPD*URZWK6WLPXODWRU\$FWLYLW\
,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI-XVWLFH/RUG 0*VHW0*VHW0RWRU*HQHUDWRUVHW
&KDQFHOORU·V'HSDUWPHQW *% 'HSDUWPHQWRI (OHFWULFLW\
-XVWLFH 86$  0J6L2 )RUVWHULWH
0*+0DVVDFKXVHWWV*HQHUDO+RVSLWDO 86$  0LQHUDORJ\
PJK PLOOLJUDPKRXU PJW DEEU PDQDJHPHQW
0*, 0DULQH*HRORJLFDO,QVWLWXWH ,QGRQHVLD  0J7L2 *HLNLHOLWH
0*,' PLOLWDU\JHRJUDSKLFLQIRUPDWLRQDQGGRFX 0LQHUDORJ\
PHQWDWLRQ 0*86 0RQRFORQDO*DPPRSDWK\RI8QGHWHUPLQHG
UHQVHLJQHPHQWVHWGRFXPHQWDWLRQJpRJUDSKLTXHV 6LJQLILFDQFH
PLOLWDLUHV 5'*0  +HPDWRORJ\0HGLFLQH0\HORPD3UHFXUVRUV
0*N 0HGLHYDO*UHHN 2QFRORJ\9LURORJ\
/DQJXDJHV 0J:2 0DJQHVLXP7XQJVWDWH
0*OX5 0HWDERWURSLF*OXWDPDWH5HFHSWRU $OVRNQRZQDV0DJQHVLXP:ROIUDPDWHLVXVHG
%LRORJLFDO6FLHQFHV%LRUHJXODWLRQ0HGLFLQH PDLQO\LQOXPLQHVFHQWSDLQW
1HXURSK\VLRORJ\ ,QRUJDQLF&KHPLVWU\
0*0 0RGLILHG*DXVVLDQ0RGHO 0+ 0DODGLH+pUpGLWDLUH
*HRORJLFDO6FLHQFHV*HRSK\VLFV )UHQFKLQLWLDOLVPPHDQLQJ+HUHGLWDU\'LVHDVH
0*05 0LQLVWU\RI*HRORJ\DQG0LQHUDO 0HGLFLQH
5HVRXUFHV &KLQD  0+ 0DOHLF+\GUD]LGH
PJPW DEEU PDQDJHPHQW 0DOHLFK\GUD]LGHLVXVHGDVDQKHUELFLGH
0*10HGLDO*HQLFXODWH1XFOHL 2UJDQLF&KHPLVWU\
%LRPHGLFDO 6FLHQFHV1HXURORJ\3V\FKRORJ\ 0+ 0DOLJQDQW+\SHUWHQVLRQ
0J 1+  0DJQHVLXP$PLGH 3DWKRORJ\


0+PDQKROH 0+5 0HPEHURIWKH+RXVHRI5HSUHVHQWDWLYHV


0DQKROHLVDOVRNQRZQDVPDQKHDG 0+6 0HVVDJH+DQGOLQJ6HUYLFH6\VWHP
(QJLQHHULQJ 0+ 6 0XOWLIUHTXHQF\+\SHUWHUPLD 6\VWHP 
0+ PDWHULDOVKDQGOLQJ 0+6/$ 0LFKLJDQ+HDOWK6FLHQFHV/LEUDU\
PDQXWHQWLRQGHVPDWpULHOV $VVRFLDWLRQ 86$ 
PLQHKXQWHU 0+6/10LGZHVW+HDOWK6FLHQFHV/LEUDU\
FKDVVHXUGHPLQHV 1HWZRUN
0+ 0HGDORI+RQRU 0+66 0LOLWDU\+HDOWK6HUYLFHV6\VWHP 86$ 
7KH0+LVD860LOLWDU\GHFRUDWLRQ 0+9 0RXVH+HSDWLWLV9LUXV
PK PLOOLKHQU\ 0+9 0XULQH+HSDWLWLV9LUXV
(OHFWURPDJQHWLVP 0+:PKZ 0HDQ+LJK:DWHU
0+$ 0HUFDSWRKH[DGHFDQRLF$FLG 2FHDQRJUDSK\
0DWHULDOV6FLHQFH1DQRWHFKQRORJ\3K\VLFV 0+: 0LQLVWU\RI+HDOWKDQG:HOIDUH -DSDQ 
0+$ 0LFURKHPDJJOXWLQDWLRQ$VVD\ 0+:6 0HDQ+LJK:DWHU6SULQJV WLGHV 
0+& 0DMRU+LVWRFRPSDWLELOLW\&RPSOH[ 0+: 7KHUPRHOHFWULF*HQHUDWRU 0XOWLKXQGUHG
,PPXQRORJ\0HGLFLQH :DWW7KHUPRHOHFWULF*HQHUDWRU
0+& PLOLWDU\KLJKFRPPDQG 7KHUPRHOHFWULF7HFKQRORJ\
KDXWFRPPDQGHPHQWPLOLWDLUH 0+] 0HJDKHUW]
PLQHKXQWHUFRDVWDO 0+]LVDXQLWRIIUHTXHQF\HTXDOWR KHUW]
FKDVVHXUGHPLQHVF{WLHU 3K\VLFV
0+&V 0DMRU+LVWRFRPSDWLELOLW\&RPSOH[HV 0, 0DJLVWUDWXUD,QGLSHQGHQWH ,WDO\ 
,PPXQRORJ\0HGLFLQH 0, 0DODZL
0+&60XOWLFHQWHU+HPRSKLOLD&RKRUW6WXG\ 0DODZL
7KH0XOWLFHQWHU+HPRSKLOLD&RKRUW6WXG\ZDV PLOLWDU\LQWHOOLJHQFH
VSRQVRUHGE\WKH861&, UHQVHLJQHPHQWPLOLWDLUH
)RUIXUWKHUGHWDLOVVHHXQGHU1&, 0,0DOOHDEOH,URQ
0+'0DJQHWRK\GURG\QDPLFV 0HWDOOXUJ\
0DJQHWRK\GURG\QDPLFVLVDOVRNQRZQDV 0, 0HULW,QFUHDVH
+\GURPDJQHWLFV0DJQHWRIOXLG'\QDPLFV 0, DEEU 0LFKLJDQ 86$ 
0DJQHWRJDV'\QDPLFV PLPLFURLQVWUXFWLRQ
3K\VLFV &RPSXWHU3URJUDPPLQJ
0+'0+' 0LQLPXP+HPRO\WLF'RVH 0,0LODQR,WDO\
0+' /7 0DVWKHDG/LJKW PLPLOH
1DYLJDWLRQ DXQLWRIOHQJWK
0+( PDWHULDOKDQGOLQJHTXLSPHQW 0HWURORJ\
pTXLSHPHQWGHPDQXWHQWLRQGHVPDWpULHOV 0,0LQHUDO,QVXODWHG
0+($ 0HFKDQLFDO+DQGOLQJ(QJLQHHU·V 0, 0LQRULW\,QWHUHVW
$VVRFLDWLRQ %XVLQHVV(FRQRPLFV)LQDQFH
0+) ([SHULPHQWV0DVVLYH+\GUDXOLF)UDFWXUH 0, 0LVFHOODQHRXV,QFRPH
([SHULPHQWV 0, 0LWRWLF,QGH[
0+* 0LGGOH+LJK*HUPDQ &HOO%LRORJ\
/DQJXDJHV 0,0LWUDO,QFRPSHWHQFH0LWUDO,QVXIILFLHQF\
0+, 0DULQH+\GURSK\VLFDO,QVWLWXWH 6HYDVWRSRO 0HGLFLQH
8NUDLQH  0, 0RGXODWLRQ,QVWDELOLW\
0+/$ 0DQLWRED+HDOWK/LEUDULHV$VVRFLDWLRQ (OHFWULFDO(QJLQHHULQJ3K\VLFV
&DQDGD  0,0RXQWHG,QIDQWU\
0+06 0RGXODU+\GURORJLF0RGHOLQJ6\VWHP 0,0\RFDUGLDO,QIDUFWLRQ
0+1 PRYLQJKDYHQ 0HGLFLQH
]RQHGHVpFXULWpPRELOH 0,$ PHVVDJHLQLWLDOG·DGUHVVH
0+4 PDULWLPHKHDGTXDUWHUV &RPPXQLFDWLRQV
D3&PDULWLPH 0,$ PLVVLQJLQDFWLRQ
ETXDUWLHUJpQpUDOPDULWLPH GLVSDUXDXFRPEDW
0+5 0DMRU+RPRORJ\5HJLRQ 0,$ 0XOWLSOH[,QWHUIDFH$GDSWHU


0,$ 7KHDLUSRUWFRGHIRU0LDPL,QWHUQDWLRQDO 0,&$6 PLOLWDU\LQWHOOLJHQFHFRPEDWDHULDOVXUYHLO


86$ ODQFH
0,$&$ 0LVVLRQ,QWHUPLQLVWpULHOOHG·$PpQDJHPHQW VXUYHLOODQFHDpULHQQHGXFRPEDWSRXUOHUHQVHLJQH
GHOD&{WH$TXLWDLQH )UDQFH  PHQWPLOLWDLUH
0,$*( 0DvWULVHVG·,QIRUPDWLTXH$SSOLTXpHVjOD 0,&& 0RELOH,QWHJUDWHG&RPPXQLFDWLRQLQ
*(VWLRQ )UDQFH  &RQVWUXFWLRQ
0,$0 0F*LOO,QVWLWXWHIRU$GYDQFHG0DWHULDOV (XURSHDQ&RPPXQLW\3URMHFW
0,$0FRRUGLQDWHVLQWHUDFWLRQVDQGSDUWQHUVKLSV 0,&( 0HPEHURIWKH,QVWLWXWHRI&LYLO(QJLQHHUV
DFURVVIDFXOWLHVDQGGHSDUWPHQWVDWWKH0F*LOO 0,&(; 0RVFRZ,QWHUQDWLRQDO&XUUHQF\([FKDQJH
8QLYHUVLW\4XHEHF&DQDGD 0,&50DJQHWLF,QN&KDUDFWHU5HFRJQLWLRQ
0,$0( 0LQLPDO,QIRUPDWLRQDERXW$ 0LFURDUUD\ &RPSXWHUV
([SHULPHQW 0,&521(7 0LFURHOHFWURQLFGHYLFHV&LUFXLWVDQG
&HOO%LRORJ\*HQHWLFV*HQH5HJXODWLRQ*HQH 6\VWHPVIRUXOWUDODUJH6FDOHLQWHJUDWLRQ
([SUHVVLRQ (OHFWULFDO(QJLQHHULQJ
0,$0,1 0,$PL,QWHUQDWLRQDO0,1LQJ6KRZ )RUIXUWKHUGHWDLOVVHHXQGHU1&(
+HOGDWWKH0LDPL%HDFK&RQYHQWLRQ&HQWHU 0,&6 0DQXIDFWXULQJ,QIRUPDWLRQDQG&RQWURO
WKWK 2FWREHU 6\VWHPV
0,$6 0DULQH,QIRUPDWLRQDQG$GYLVRU\6HUYLFH 0,&9 PHFKDQL]HGLQIDQWU\FRPEDWYHKLFOH
*%  YpKLFXOHGHFRPEDWG·LQIDQWHULHPpFDQLVpH
0,$6 0LQLPDOO\,QYDVLYH$UWLFXODU6XUJHU\ 9&,0 
0,$70 0LVVLRQH,WDOLDQDGL$VVLVWHQ]D7HFQLFR 0,'0DVWHURI,QGXVWULDO'HVLJQ
0LOLWDUHD0DOWD PLG DEEU PLGGOH
0,$8 PLOOLRQLQIUDVWUXFWXUHDFFRXQWLQJXQLWV 0LG DEEU 0LGVKLSPDQ
PLOOLRQG·XQLWpVGHFRPSWHG·LQIUDVWUXFWXUH 0,'$ SRVLWLRQ0HQWR,OLDTXH'URLWH$QWpULHXUH
08&,  )UHQFKDFURQ\PPHDQLQJ5LJKW0HQWRDQWHULRU
0,% ,QGLFH%RUVD0LODQR SRVLWLRQ
,WDOLDQDFURQ\PPHDQLQJ0LODQ6WRFN([FKDQJH 0,'$6 PHWDO,RQ'HSHQGHQW$GKHVLRQ6LWH
,QGH[ %LRVFLHQFHV%LRPHGLFDO5HVHDUFK,PPXQRORJ\
0,% 0DUNHWLQJRI,QYHVWPHQWV%RDUG /HXNRF\WH%LRORJ\7DUJHW5HVHDUFK2QFRORJ\
0,% 0DWHUQDO,PSULQWLQJ%R[ 0,'$60,VVLOH'HIHQVH$ODUP6\VWHP
0ROHFXODU3DWKRORJ\ 0LOLWDU\
0,%0LFURLQVWUXFWLRQ%XV 0,'$6QHW 0XOWLPHGLD,QIRUPDWLRQ'HPRQVWUDWLRQ
0,%* 0HWDLRGREHQ]\OJXDQLGLQH $QG6XSSRUWQHWZRUN(&
0,%25 0DGULG,QWHUEDQN2IIHUHG5DWH 0,'& 0DKDUDVKWUD,QGXVWULDO'HYHORSPHQW
0,& 0DQDJHPHQW,QYHVWPHQW&RPSDQ\ &RUSRUDWLRQ ,QGLD 
0,& 0HWHRURORJLVW,Q&KDUJH 0,'&LVDQRUJDQL]DWLRQFRPPLWWHGWRZDUGVWKH
0,& 0HWK\O,VRWKLRF\DQDWH FRPSOHWHLQGXVWULDOL]DWLRQRIWKH6WDWH
0HWK\O,VRWKLRF\DQDWHDOVRNQRZQDV0HWK\O 0,', 0XVLFDO,QVWUXPHQW'LJLWDO,QWHUIDFH
0XVWDUG2LOLVXVHGPDLQO\DVDQLQVHFWLFLGH &RPSXWHU3URJUDPPLQJ
2UJDQLF&KHPLVWU\ 0,',67 0LVVLRQ,QWHUPLQLVWpULHOOH'H
0,& 0LFURZDYH,QWHJUDWHG&LUFXLW O·,QIRUPDWLRQ6FLHQWLILTXHHW7HFKQLTXH )UDQFH 
0,& 0LNURHOHNWURQLN&HQWUHW 0,'30LGS 0RWRU,QGXVWU\'HYHORSPHQW
0,&LVEDVHGDWWKH'HQPDUN7HFKQLFDO 3URJUDPPH
8QLYHUVLW\ 'HYHORSHGE\WKH6RXWK$IULFDQ*RYHUQPHQWLQ
0,&0LQLPXP,QKLELWRU\&RQFHQWUDWLRQ 
0,& 0LQLVWHURGHOO·,QGXVWULDH&RPPHUFLR ,WDO\  6RXWK$IULFDQ3URJUDPV
0,& PRGXODWLRQSDULPSXOVLRQVHWFRGDJH 0,'3 SRVLWLRQ0HQWR,OLDTXH'URLWH3RVWpULHXUH
0,& 0RUWJDJH,QVXUDQFH&RPSDQ\0RUWJDJH )UHQFKLQLWLDOLVPPHDQLQJ5LJKW0HQWRSRVWHULRU
,QYHVWPHQW&RPSDQ\ SRVLWLRQ
0,& 0XVHR,QWHUQD]LRQDOHGHOOH&HUDPLFKH 0HGLFLQH
0,&LVORFDWHGLQ)DHQ]D ,WDO\  0,'6 PXOWLIXQFWLRQDOLQIRUPDWLRQGLVWULEXWLRQV\V
0,&$ 0LQLVWHURGHOO·,QGXVWULDGHO&RPPHUFLR WHP
GHOO·$UWLJLDQDWR ,WDO\ 


V\VWqPHPXOWLIRQFWLRQGHGLIIXVLRQGHO·LQIRUPD 0,/&2 PLQHOLNHFRQWDFW


WLRQ FRQWDFWGHW\SHPLQH
0,'8 0RYLPHQWR,WDOLDQRSHUL'LULWWL8PDQL 0,/&20 0LOLWDU\&RPPLWWHHFRPPXQLFDWLRQ
,WDOLDQDFURQ\PRIWKH,WDOLDQ0RYHPHQWIRU PHVVDJHGX&RPLWpPLOLWDLUH
+XPDQ5LJKWV ,WDO\  0,/(& PLQHOLNHHFKR
0,(0 0DVWHURI,QWHUQDWLRQDO(FRQRPLFVDQG pFKRGHW\SHPLQH
0DQDJHPHQW 0,/) 0RUR,VODPLF/LEHUDWLRQ)URQW 7KH
0,(65WHFKQLTXHV 0DWUL[,VRODWLRQDQG(OHFWURQ 3KLOLSSLQHV 
6SLQ5HVRQDQFHWHFKQLTXHV 7KH0,/)LVRQHRIWZRPDLQJURXSVILJKWLQJIRU
0,) PDULWLPHLQWHUGLFWLRQIRUFH DQLQGHSHQGHQWPXVOLPVWDWHLQWKHVRXWKRI7KH
IRUFHPDULWLPHG·LQWHUGLFWLRQ 3KLOLSSLQHV
PRGXODWLRQG·LPSXOVLRQVHQIUpTXHQFH V  0,/1(7 DEEU 0,/LWDU\1(7ZRUN
SXOVHIUHTXHQF\PRGXODWLRQ 3)0  0,/1(7 VHSDUDWHGIURP$53$1(7 LQ
0,) 0DVWHU,QGH[)LOH )RUIXUWKHUGHWDLOVVHHXQGHU$53$1(7
0,) 0HODQRF\WH,QKLELWLQJ)DFWRU 0,/2& DEEU 0LOLWDU\2FHDQRJUDSK\
0HGLFLQH *HRSK\VLFV
0,) 0HUFDWR,WDOLDQRGHL)XWXUHV 0,/23V PLOLWDU\RSHUDWLRQV
,WDOLDQDFURQ\PPHDQLQJ,WDOLDQ)XWXUHV0DUNHW RSpUDWLRQVPLOLWDLUHV
0,) 0LJUDWLRQ,QKLELWLRQ)DFWRU 0,/5(3 PLOLWDU\UHSUHVHQWDWLYH
0LJUDWLRQ,QKLELWLRQ)DFWRULVDOVRNQRZQDV UHSUpVHQWDQWPLOLWDLUH
0LJUDWLRQ,QKLELWRU\)DFWRU 0,/63(& PLOLWDU\VSHFLILFDWLRQ
,PPXQRORJ\ VSpFLILFDWLRQPLOLWDLUH
0,) 0RUWJDJH,QVXUDQFH)XQG 0,/67$1' PLOLWDU\VWDQGDUG
0,) ILOHV 0DQDJHPHQW,QIRUPDWLRQ)RUPDWILOHV QRUPHPLOLWDLUH
0,* 0RRG\·V,QYHVWPHQW*UDGH 0,/67' VHH0,/67$1'
0,*$ 0XOWLODWHUDO,QYHVWPHQW*XDUDQWHH$JHQF\ YRLU0,/67$1'
0,*$ LVDPHPEHURIWKH:RUOG%DQN*URXS 0,/675,3 PLOLWDU\VWDQGDUGUHTXLVLWLRQLQJDQG
0,*$ SRVLWLRQ0HQWR,OLDTXH*DXFKH$QWpULHXUH LVVXHSURFHGXUH
)UHQFKDFURQ\PPHDQLQJ/HIW0HQWR$QWHULRU SURFpGXUHPLOLWDLUHVWDQGDUGGHUHTXLVLWLRQHWGH
SRVLWLRQ GLVWULEXWLRQ
0HGLFLQH 0,00RGHP,QWHUIDFH0RGXOH
0,*3 SRVLWLRQ0HQWR,OLDTXH*DXFKH3RVWpULHXUH 0,0 0XOWLODWHUDO,QLWLDWLYHRQ0DODULD
)UHQFKLQLWLDOLVPPHDQLQJ/HIW0HQWR3RVWHULRU 0DODULD5HVHDUFK
SRVLWLRQ 0,0 0XVpHGHV,QVWUXPHQWVGH0XVLTXH %UXVVHOV
0HGLFLQH %HOJLXP 
0,*7 SRVLWLRQ0HQWR,OLDTXH*DXFKH7UDQVYHUVH PLP 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
)UHQFKLQLWLDOLVPPHDQLQJ/HIW0HQWXP XVLQJWKH$UDELFZRUG´PLPµZKLFKLVWKHWZHQW\
7UDQVYHUVH3UHVHQWDWLRQ IRXUWKOHWWHURIWKH$UDELFDOSKDEHW
0HGLFLQH 0,0' 0XOWLSOH,QVWUXFWLRQ0XOWLSOH'DWD
0,*ZHOGLQJ 0HWDO,QHUW*DVZHOGLQJ 0,0'LVDVRUWRISDUDOOHOFRPSXWHUDUFKLWHFWXUH
0HWDOOXUJ\ 0,0,&60LFURZDYH0RQROLWKLF,QWHJUDWHG
0,+&. 0,+HDY\&KDLQ.LQDVH &LUFXLWV
%LRORJ\&HOO%LRORJ\3DWKRORJ\6LJQDO 0,0,&6DUHXVHGLQFHOOXODUWHOHSKRQHV
7UDQVGXFWLRQ 0,0,&WHFKQLTXH 0LFURPROGLQJ,Q&DSLOODULHV
0,, 0LQLVWU\RI,QIRUPDWLRQ,QGXVWU\ &KLQD  WHFKQLTXH
0,,&6 0+&&ODVV,,&RPSDUWPHQWV 0DWHULDOV6FLHQFH
)RUIXUWKHUGHWDLOVVHHXQGHU0+& 0,06 PHGLFDOLQIRUPDWLRQPDQDJHPHQWV\VWHP
0,-, PHDFRQLQJLQWUXVLRQMDPPLQJDQGLQWHUIHU V\VWqPHGHJHVWLRQGHO·LQIRUPDWLRQPpGLFDOH
HQFH PLQ DEEU PLQLPR
WUDQVSOH[LRQLQWUXVLRQEURXLOODJHHWLQWHUIpUHQFH ,WDOLDQDEEUHYLDWLRQPHDQLQJPLQLPXP
0,/ PDLQLQFLGHQWVOLVW>H[HUFLVHV@ PLQ DEEU PLQLPXPPLQRULW\
OLVWHGHVSULQFLSDX[LQFLGHQWV>H[HUFLFHV@ PLQ DEEU PLQXWR
0,/ 0DULQH,QVWUXPHQWDWLRQ/DERUDWRU\ ,WDOLDQDEEUHYLDWLRQPHDQLQJPLQXWH


0,1$ 0HPEHURIWKH,QVWLWXWLRQRI1DYDO 0,3$ 0HWRGRORJLHH,QQRYD]LRQLQHOOH3XEEOLFKH


$UFKLWHFWV $PPLQLVWUD]LRQL ,WDO\ 
PLQD7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 0,36 0DUWLQVULHG,QVWLWXWHIRU3URWHLQ6HTXHQFHV
XVLQJWKH,WDOLDQZRUG´PLQDµZKLFKPHDQVLQ 86$ 
,WDOLDQPLQH ([SORVLYHV  0,36 0LOOLRQ,QVWUXFWLRQV3HU6HFRQG
0,1$7200LQDWRP0LQLVWU\RI$WRPLF(QHUJ\ &RPSXWHU7HFKQRORJ\
5XVVLD  0,5 0D[LPXP,QFUHPHQWDO5HDFWLYLW\
)RUIXUWKHUGHWDLOVVHHXQGHU1&, 0,5 PLOLWDU\LQIUDVWUXFWXUHUHTXLUHPHQW
0,1&20(6 DEEU 0,1LVWHURSHULO&20PHUFLR EHVRLQPLOLWDLUHHQPDWLqUHG·LQIUDVWUXFWXUH
(6WHUR ,WDO\  01&LQWHURSHUDELOLW\UHTXLUHPHQW
,WDOLDQDEEUHYLDWLRQPHDQLQJ0LQLVWU\RI)RUHLJQ EHVRLQGHV*&2HQPDWLqUHG·LQWHURSpUDELOLWp
7UDGH 0,5$6 0RUWJDJH,QWHUHVW5HOLHI$W6RXUFH
0,1'0RGXODU,QWHUDFWLYH1HWZRUN'HVLJQHU 0,5&(16 0LFURELDO5HVRXUFHV&HQWUHV
0,1'' 0,1LPXP'XH'DWH 81(6&2QHWZRUN
%XVLQHVV&RPPHUFH)LQDQFH 0,5PDS0XOWLSOH,VRPRUSKRXV5HSODFHPHQWPDS
0,1( 0LFURELDO,QIRUPDWLRQ1HWZRUNLQ(XURSH %LRSK\VLFV %LRFKHPLVWU\ 3URWHLQ (QJLQHHULQJ
(XURSHDQ&RPPXQLW\1HWZRUN 5HVHDUFK
0,1(; PLQHOD\LQJH[HUFLVH 0L51$VJHQHV PLFUR51$VJHQHV
H[HUFLFHGHPRXLOODJHGHPLQHV %LRORJ\%LRPHGLFDO5HVHDUFK%LRWHFKQRORJ\
0,1(;5(3 PLQHH[SORVLRQUHSRUW %RWDQ\*HQHV'HYHORSPHQW3ODQW3DWKRORJ\
FRPSWHUHQGXG·H[SORVLRQGHPLQH 0,59 PXOWLSOHLQGHSHQGHQWO\WDUJHWDEOHUHHQWU\
0,1,6,' 0,1LDWXUH6HLVPLF,QWUXVLRQ'HWHFWLRQ YHKLFOH
0,1,7(;0LQQHVRWD,QWHUOLEUDU\ FRUSVGHUHQWUpHjWrWHVPXOWLSOHVLQGpSHQGDPPHQW
7HOHFRPPXQLFDWLRQV([FKDQJH 86$  JXLGpHV
0LQQ DEEU 0LQQHVRWD 86$  0,60DQDJHPHQW,QIRUPDWLRQ6\VWHP
$OVR01 ,QGXVWU\
0LQ3OHQ DEEU 0LQLVWHU3OHQLSRWHQWLDU\ 0,60DQ,Q6SDFH
0,17 0DQDJLQJ,QWHJUDWLRQRQ1HZ7HFKQRORJ\ 863URJUDP
0,176 0XWXDO,QVWLWXWLRQV1DWLRQDO7UDQVIHU 0,6 0DVWHULQ,QWHUQDWLRQDO6WXGLHV
6\VWHPV 86$  0,6 0DWUL[,VRODWLRQ6SHFWURVFRS\
0,18*8$ 8QLWHG1DWLRQV9HULILFDWLRQ0LVVLRQLQ $VWURFKHPLVWU\$VWURQRP\$VWURSK\VLFV
*XDWHPDOD 0ROHFXODU$VWURSK\VLFV6SDFH6FLHQFH
0,18562 0,VVLRQGHV1DWLRQV8QLHVSRXUOH 0,6 0HWDO,QVXODWRU6HPLFRQGXFWRU
5HIHUHQGXPGDQVOH6DKDUD 6ROLG6WDWH3K\VLFV
0,2 PDULWLPHLQWHUGLFWLRQRSHUDWLRQ 0,6 0LQLPDOO\,QYDVLYH6XUJHU\
RSpUDWLRQPDULWLPHG·LQWHUGLFWLRQ &RPSDUHGZLWKFRQYHQWLRQDOVXUJHU\0,6FDQ
0,26 PDULWLPHLQWHOOLJHQFHRUJDQL]DWLRQVWXG\ UHGXFHVLGHHIIHFWVDQGSRVWVXUJLFDOFRPSOLFD
pWXGHVXUO·RUJDQLVDWLRQGXUHQVHLJQHPHQWPDU WLRQV
LWLPH 0,6 0RGHUQ,QYHVWPHQW6\VWHPV
0,3 `0DFURSKDJH,QIODPPDWRU\3URWHLQ 0,6 0OOHULDQ,QKLELWLQJ6XEVWDQFH
0,3 0DQDJHUV· ,QWHUQDWLRQDO3URJUDP +XPDQ2YDULDQ&DQFHU
0,3 0DULQH,QVXUDQFH3ROLF\ 0,6,, 0DULQH,VRWRSH6WDJH,,
0,3 0DVWHUGL3RWHQ]LDPHQWR,PSUHQGLWRULDOH *HRORJ\*HRSK\VLFV&OLPDWRORJ\
2IWKH6FKRRORI0DQDJHPHQW3RO\WHFKQLFRI 0,6'VWUHDP 0XOWLSOH,QVWUXFWLRQ6LQJOH'DWD
0LODQ,WDO\ VWUHDP
0,3 0DVWHULQ,QJHJQHULDGHOOD3URGX]LRQH ,WDO\  &RPSXWHU7HFKQRORJ\
0,3 0HDQ,QGLFDWHG3UHVVXUH 0,6)(7 0HWDO,QVXODWRU6HPLFRQGXFWRU)LHOG
3K\VLFV (IIHFW7UDQVLVWRU
0,3 0LVVRXUL,QVWLWXWHRI3V\FKLDWU\ 86$  0,6/,&0LG6WDIIRUGVKLUH/LEUDULHVLQ&RRSHUD
0,3 0RQWKO\,QYHVWPHQW3ODQ WLRQ
%XVLQHVV(FRQRPLFV)LQDQFH 0,63(& PHULWRILQGLYLGXDOV\VWHPSHUIRUPDQFH
0,3 0RUWJDJH,QVXUDQFH3UHPLXP FKDUDFWHULVWLFV


YDOHXUGHVFDUDFWpULVWLTXHVIRQFWLRQQHOOHVGHVV\V 0-'0DQDJHPHQW-RE'HVFULSWLRQ
WqPHVSULVLQGLYLGXHOOHPHQW 0-/& PXOWLQDWLRQDOMRLQWORJLVWLFFHQWUH
0,65 0XOWLDQJOH,PDJLQJ6SHFWURPHWHU FHQWUHORJLVWLTXHLQWHUDUPpHVPXOWLQDWLRQDO
0,65(3 PLVVLRQUHSRUW PXOWLQDWLRQDOMRLQWORJLVWLFFRPPDQGHU
FRPSWHUHQGX RXUDSSRUW GHPLVVLRQ  FRPPDQGDQWORJLVWLTXHLQWHUDUPpHVPXOWLQDWLRQ
0LVV DEEU 0LVVLVVLSSL 86$  DO
$OVR06 0-2 0DGGHQ-XOLDQ2VFLOODWLRQ
0,6680 PLVVLRQVXPPDU\ $ GD\ZDYHLQWKHDWPRVSKHUHRULJLQDWLQJ
V\QWKqVHGHPLVVLRQ RYHUWKH,QGLDQ2FHDQ
0,67, 0XOWLSXUSRVH,QWHUQDWLRQDO6HFXULWLHV 1DPHGDIWHUWKHUHVHDUFKHUVZKRGLVFRYHUHGLW
7UDGLQJ,QIRUPDWLRQ DERXW\HDUVDJR
0,685& 0RVDLFR,QIRUPDWL]]DWRGHJOL6WUXPHQWL $WPRVSKHULF6FLHQFH&OLPDWRORJ\*HRSK\VLFV
8UEDQLVWLFL&RPXQDOL ,WDO\  0HWHRURORJ\2FHDQRJUDSK\
0,7 0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\ 0-5 0-5HVHDUFK0$86$
86$  3HOWLHUHIIHFW7KHUPDO&\FOHUV
0,7 0DVWHU,QVWUXFWLRQ7DSH 0-6' 0DUFK-XQH6HSWHPEHU'HFHPEHU
0DVWHU,QVWUXFWLRQ7DSHLVDOVRNQRZQDV0DVWHU 6HFXULWLHV
3URJUDP)LOH PN 0DUN
&RPSXWHU3URJUDPPLQJ 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
0,7 0RGHUQ,QYHVWPHQW7KHRU\ VLQJOHFXUUHQF\ ZLWKHIIHFWIURP-DQXDU\
%XVLQHVV(FRQRPLFV)LQDQFH &XUUHQFLHV
0,7 0RQRLRGRW\URVLQH 0.%6 0HGLFDO.QRZOHGJH%DVHG6\VWHPV
(QGRFULQRORJ\ 0HGLFLQH
0,7 0XQLFLSDO,QYHVWPHQW7UXVW 0.& 7KHDLUSRUWFRGHIRU'RZQWRZQ.DQVDV&LW\
0,7%$6( 0,7RFKRQGULDOGDWD%$6((& $LUSRUW.DQVDV&LW\0LVVRXUL86$
0,7(50LWHU 0DWHULDOL,QQRYDWLYLH7(FQRORJLH PNU DEEU PDNHU
5HODWLYH ,WDO\  0.60.6 PHWHUNLORJUDPVHFRQG
,VWLWXWR1D]LRQDOHGL&RRUGLQDPHQWR0DWHULDOL $OVRPNVPNV
&15 0.6$ PNVDV\VWHPPHWHUNLORJUDPVHFRQG
,WDOLDQDFURQ\PPHDQLQJ,QQRYDWLYH0DWHULDOV DPSHUHV\VWHP
DQG5HOHYDQW7HFKQRORJLHV 0HWURORJ\
2IWKH,WDOLDQ1DWLRQDO5HVHDUFK&RXQFLO PNW DEEU PDUNHW
0,7(V 0LQLDWXUH,QYHUWHGUHSHDW7UDQVSRVDEOH 0/ 0DOL
(OHPHQWV 0DOL
5LFH1XFOHDU*HQRPH 0XOWL/D\HU GHIHQFH 
0,7(6 0LQRULW\,QWURGXFWLRQWR(QJLQHHULQJ  GpIHQVH PXOWLFRXFKH
(QWUHSUHQHXUVKLSDQG6FLHQFH 86$  0/ PD[LPXPOLNHOLKRRG
0,7, 0LQLVWU\RI,QWHUQDWLRQDO7UDGHDQG,QGXVWU\ %D\HVLDQPHWKRGWRDQDO\]H'1$ VHTXHQFHV
-DSDQ  0/ 0HGLHYDO/DWLQ
0,7,ZDVHVWDEOLVKHGLQ /DQJXDJHV
0,WUDQVLWLRQ 0HWDO,QVXODWRUWUDQVLWLRQ P/ PLOOLODPEHUW
$VWURSK\VLFV&KHPLVWU\3K\VLFV PO PLOOLOLWUHPLOOLOLWHU
0,76 0HFKDWURQLF,QYDVLYH7RROVIRU6XUJHU\ 0/ 0RQROD\HU
PLWW DEEU PLWWHQWH 0RQROD\HULVDOVRNQRZQDV0RQRILOP0ROHFXODU
,WDOLDQDEEUHYLDWLRQPHDQLQJDGGUHVVHUIRU )LOP0RQRPROHFXODU)LOP
ZDUGHUVHQGHU 3K\VLFDO&KHPLVWU\
0,86 0RGXODU,QWHJUDWHG8WLOLW\6\VWHP PO PRUHRUOHVV
0,88 0HWHRURORJLFDO,QVWLWXWHRIWKH8QLYHUVLW\RI 0/ 0RWRU/DXQFK
8SSVDOD 6ZHGHQ  0/$ 0DQLWRED/LEUDU\$VVRFLDWLRQ &DQDGD 
0,:& VHH0:& 0/$ 0DU\ODQG/LEUDU\$VVRFLDWLRQ 86$ 
YRLU0:& 0/$0OD 0DVWHU/LFHQFH$JUHHPHQW
0,= 0DUJLQDO,FH=RQH 1HWZDUH
0,=(; 0DUJLQDO,FH=RQH(;SHULPHQW 0/$ PHDQOLQHRIDGYDQFH


DD[HPR\HQGHSURJUHVVLRQ 0/(V 0DULQHU/LNH(OHPHQWV


EURXWHPR\HQQH 7KHPDULQHU HOHPHQWVLQDQLPDOVDUHFROOHFWLYHO\
0/$ 0HGLFDO/LEUDU\$VVRFLDWLRQ NQRZQDV0DULQHU/LNH(OHPHQWV
0/$ 0LFKLJDQ/LEUDU\$VVRFLDWLRQ 86$  0LFURELRORJ\2UJDQLVPLFDQG(YROXWLRQDU\
0/$ 0LQQHVRWD/LEUDU\$VVRFLDWLRQ 86$  %LRORJ\
0/$ 0LVVRXUL/LEUDU\$VVRFLDWLRQ 86$  0/) PXOWLODWHUDOIRUFH
0/$ 0RGHUQ/DQJXDJH$VVRFLDWLRQ IRUFHPXOWLODWpUDOH
0/$ 0RQWDQD/LEUDU\$VVRFLDWLRQ 86$  0/*+0HGLFDO/LEUDU\*URXSRI+DZDLL
0/$ 0XVLF/LEUDU\$VVRFLDWLRQ 0/*6&$ 0HGLFDO/LEUDU\*URXSRI6RXWKHUQ
0/$-0XVLF/LEUDU\$VVRFLDWLRQRI-DSDQ &DOLIRUQLDDQG$UL]RQD 86$ 
0/$3 0XOWLOLQJXDO$FWLRQ3ODQ(& 0/,6SURJUDPPH 0XOWLOLQJXDO,QIRUPDWLRQ
0/$7 0XWXDO/HJDO$VVLVWDQW7UHDW\ 6RFLHW\SURJUDPPH
0/%0XOWLOD\HU%RDUG (XURSHDQ&RPPXQLW\3URJUDP
0/% PXOWLQDWLRQDOORJLVWLFVEDVH 0/.V 0L[HG/LQHDJH.LQDVHV
EDVHORJLVWLTXHPXOWLQDWLRQDOH %LRORJLFDO&KHPLVWU\6LJQDO7UDQVGXFWLRQ
0/% 7KHDLUSRUWFRGHIRU0HOERXUQH)ORULGD 0OOH 0DGHPRLVHOOH
86$ PHDQLQJ0LVVLQ)UHQFK
0/%7 PRELOHODQGEDWWOHWDUJHW 0//33 0LQLVWHURGHL/DYRUL3XEEOLFL ,WDO\ 
REMHFWLIWHUUHVWUHPRELOH ,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI3XEOLF:RUNV
0/&0HPEHURI/HJLVODWLYH&RXQFLO 0/0 0LOLWDU\/LDLVRQ2IILFH 0RVFRZ 
0/&0LFKLJDQ/LEUDU\&RQVRUWLXP 86$  0LVVLRQGHOLDLVRQPLOLWDLUH j0RVFRX 
0/& PLOLWDU\ORDGFODVVLILFDWLRQ 0/10HVHQWHULF/\PSK1RGHV
DFODVVHPHQWPLOLWDLUH 0HGLFLQH
EFODVVLILFDWLRQGHVSRQWVHWYpKLFXOHV 0/1&0LVVRXUL/LEUDU\1HWZRUN&RUSRUDWLRQ
0/&0L[HG/HXNRF\WH&XOWXUH0L[HG 0/16&0DQXHO/XMDQ-U1HXWURQ6FDWWHULQJ
/\PSKRF\WH&XOWXUH &HQWHU 86$ 
0HGLFLQH 7KH0DQXHO/XMDQ-U1HXWURQ6FDWWHULQJ&HQWHULV
0/& 0\RVLQ/LJKW&KDLQ DW/RV$ODPRV1DWLRQDO/DERUDWRU\·V1HXWURQ
,QWHUQDO0HGLFLQH6FLHQFHDQG7HFKQRORJ\ 6FLHQFH&HQWHUDFFHOHUDWRUIDFLOLW\
6LJQDO7UDQVGXFWLRQ 1HXWURQ6FLHQFH
0/&$ H[SUHVVLRQ 0\RVLQ/LJKW&KDLQ$ 0/2 0DXQD/2D+DZDLL
H[SUHVVLRQ 0/2 PLOLWDU\OLDLVRQRIILFHU
&DUGLDF0RUSKRJHQHVLVDQG0\RJHQHVLV RIILFLHUGHOLDLVRQPLOLWDLUH
&DUGLRORJ\&HOO%LRORJ\,QWHUQDO0HGLFLQH 0/3 0DMRU/DWH3URPRWHU
0ROHFXODU%LRORJ\2QFRORJ\ %LRPHGLFDO5HVHDUFK%LRORJ\
0/&1< 0HGLFDO/LEUDU\&HQWHURI1HZ<RUN 0/3 0DVWHU/LPLWHG3DUWQHUVKLS 86$ 
86$  )LQDQFH
0/&7 0HWDOWR/LJDQG&KDUJH7UDQVIHU 0/3 0XUHLQ/LSRSURWHLQ
0/'0/' 0HGLDQ/HWKDO'RVH 0/3% PRQWDQWOLPLWHGXSURMHWGHEXGJHW
3KDUPDFRORJ\9LURORJ\ EXGJHWVXEPLVVLRQILJXUH %6) 
0LOLWDU\6FLHQFH 5HJDUGLQJH[SRVXUHRISHUVRQ 0/36 0LQLVWHURGHO/DYRURHGHOOD3UHYLGHQ]D
QHOWRQXFOHDUUDGLDWLRQRUFKHPLFDODJHQWV 6RFLDOH ,WDO\ 
7R[LFRORJ\0/'LVDOVRNQRZQDV7R[LQ8QLW ,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI/DERXUDQG
7R[LF8QLW 6RFLDO6HFXULW\
0/' 0L[HG/D\HU'HSWK 0/5 0DLQ/LQHRI5HVLVWDQFH
*HRORJ\2FHDQRJUDSK\ 0LOLWDU\6FLHQFH
0/ GRPH 0DOODUG/DNHGRPH 0/5 0LQLPXP/HQGLQJ5DWH
0/( 0D[LPXP/LNHOLKRRG(VWLPDWLRP %DQNLQJ
0/(0XFRQDWH/DFWRQL]LQJ(Q]\PH 0/5 0LQLVWU\RI/DQGDQG5HVRXUFHV &KLQD 
0/(LVDQHQ]\PHLQYROYHGLQEHQ]RDWHFDWDER 0/5 0L[HG/\PSKRF\WH5HDFWLRQ
OLVP 0/5LVDOVRNQRZQDV0L[HG/HXNRF\WH
%DVLF0HGLFDO6FLHQFH%LRFKHPLVWU\0ROHFXODU 5HDFWLRQ
*HQHWLFV3KDUPDFHXWLFDO&KHPLVWU\3KDUPDF\ ,PPXQRORJ\


0/5 0XOWLSOH/LQHDU5HJUHVVLRQ 00 PLOLWDU\PLVVLRQ


$QWDUFWLF5HVHDUFK0DULQH5HVHDUFK PLVVLRQPLOLWDLUH
$WPRVSKHULFDQG2FHDQLF6FLHQFHV PPPP PLOOLPHWHUPLOOLPHWUH
0/56 PXOWLSOHODXQFKURFNHWV\VWHP 0HWURORJ\
ODQFHURTXHWWHVPXOWLSOH /50  P0 PLOOLPRODU
0/59 0\URERODQ/DWHQW5LQJ6SRW9LUXV 00 0RQH\0DUNHW
)UXLW3DWKRORJ\)UXLWV5HVHDUFK 00 0XFRXV0HPEUDQH
0/6 0DVWHU/DE6WDWLRQ +LVWRORJ\
0/6 0LFURZDYH/DQGLQJ6\VWHP 00 0XOWLSOH0\HORPD
1DYLJDWLRQ 00LVDFDQFHURXVJURZWKRISODVPDFHOOVLQERQH
0/6 PXOWLOHYHOVHFXULW\ PDUURZDQGERQHWLVVXHZKLFKFDQVSUHDGWRRWKHU
VpFXULWpPXOWLQLYHDX WLVVXHV
0/6% PXOWLQDWLRQDOORJLVWLFVXSSRUWEDVH &DQFHU0HGLFLQH
EDVHGHVRXWLHQORJLVWLTXHPXOWLQDWLRQDOH 00 7KHPDULQHU·VPLUURU
0/63 0D[LPXP/LIH6SDQ3RWHQWLDO 00$ 0HWK\OPDORQLF$FLGHPLD
)RUIXUWKHUGHWDLOVVHHXQGHU0/63V 00$ LVDUHFHVVLYHJHQHWLFGLVRUGHURIDPLQRDFLG
0/63V 0D[LPXP/LIH6SDQ3RWHQWLDOV PHWDEROLVP
%LRORJ\3K\VLRORJ\ 00$ 0HWK\O0HWKDFU\ODWH
0/67 0XOWLORFXV6HTXHQFH7\SLQJ 2UJDQLF&KHPLVWU\
%LRORJLFDO6FLHQFHV&OLPLFDO/DERUDWRU\ 00$ 0LOOLPHWHU$UUD\ 86$ 
6FLHQFHV&OLQLFDO0HGLFLQH(SLGHPLRORJ\RI 00$ LVD86SURMHFW  
,QIHFWLRQV'LVHDVHV7URSLFDO0HGLFLQH 0LOOLPHWHU:DYH$VWURQRP\
6WDSK\ORFRFFXVDXUHQV'LVHDVH 0PD0RQH\PDUNHWDFFRXQW
0/7 PHDQOLIHWLPH 00$ 0RQRPHWK\O$QLOLQH
GXUpHGHYLHPR\HQQH 00$ 0RQRPHWK\ODUVRQLF$FLG
0/7 0HGLFDO/DERUDWRU\7HFKQLFLDQ 00$& 0XWDWHGLQ0XOWLSOH$GYDQFHG&DQFHUV
0/7$ 0DQLWRED/LEUDU\7UXVWHHV$VVRFLDWLRQ &DQFHU5HVHDUFK&HOO%LRORJ\*OLRPDV
&DQDGD  0ROHFXODU%LRORJ\7XPRU6XSSUHVVRUV
0/ WUHH 0D[LPXP/LNHOLKRRGWUHH 00$- 0HWDO0LQLQJ$JHQF\RI-DSDQ
0/8 PLGOLIHXSGDWH RUXSJUDGH  00%5 0LFURELRORJ\DQG0ROHFXODU%LRORJ\
PRGHUQLVDWLRQjPLYLH 5HYLHZV 86$ 
0/9 0RWWOH/HDI9LUXV 2IWKH$PHULFDQ6RFLHW\IRU0LFURELRORJ\
)UXLW3DWKRORJ\)UXLWV5HVHDUFK 00& 0DULQH0DPPDO&RPPLVVLRQ
0/: 0HDQ/RZ:DWHU 00& 0(5&2006PDQDJHPHQWFHQWUH
2FHDQRJUDSK\ FHQWUHGHJHVWLRQGX0(5&2006
PP PDGHPHUFKDQWDEOH 00& 0LWRP\FLQ&
00 0DJD]]LQL &OLQLFDO*HQHWLFV)DQFRQL$QHPLD0HGLFDO
,WDOLDQLQLWLDOLVPPHDQLQJVWRUHVZDUHKRXVHV *HQHWLFV0HGLFLQH2QFRORJ\3DWKRORJ\
00 0DUNHWLQJ0L[ 3HGLDWULFV
00 0DVWHU0DVRQ 00& 0RQH\0DUNHW&HUWLILFDWH
00 0DVWHU0HFKDQLF %XVLQHVV)LQDQFH
000HPRU\0DQDJHPHQW 00& 0RQRSROLHVDQG0HUJHUV&RPPLVVLRQ
&RPSXWHU7HFKQRORJ\ 86$ 
000HPRU\0RGHO 00&7 0HWDO0HWDO&KDUJH7UDQVIHU
$UWLILFLDO,QWHOOLJHQFH 00&7 WHFKQLTXH 0LFURFHOO0HGLDWHG
00 0HUFDQWLOH0DULQH &KURPRVRPH7UDQVIHUWHFKQLTXH
00 0HVRVFDOH0RGHO 0PH0DGDPH
00 0HVVLHXUV PHDQLQJ0UV0DGDPLQ)UHQFK
PHDQLQJ0HVVUV*HQWOHPHQLQ)UHQFK 00( 0DVWHURI0HFKDQLFDO(QJLQHHULQJ
00 0HWURSROLWDQD0LODQHVH ,WDO\  00( 0DVWHURI0HGLFDO(GXFDWLRQ
,WDOLDQLQLWLDOLVPRIWKH0LODQ6XEZD\ 00( 0RXVH0ROHFXODU(PEU\RORJ\
00 0LGGOH0DQDJHPHQW 00( 0XOWL0RGH(OHFWURGH
000LOLWDU\0HGDO PPIPDJQHWRPRWLYHIRUFH


(OHFWURPDJQHWLVP 005 0HWK\OGLUHFWHG0LVPDWFKHG5HSDLU


PPIPLFURPLFURIDUDG 0ROHFXODU%LRORJ\0XWDWRU3KHQRW\SHV
00) PLVVLRQPLOLWDLUHIUDQoDLVH 005 PLQLPXPPLOLWDU\UHTXLUHPHQW
)UHQFKPLOLWDU\PLVVLRQ)00 EHVRLQPLOLWDLUHPLQLPXP
00) 0RQH\0DUNHW)XQG 005YDFFLQDWLRQ 0HDVOHV0XPSV5XEHOODYDFFL
%XVLQHVV )LQDQFH QDWLRQ
00** 0DJD]]LQL*HQHUDOL ,WDO\  7KH005YDFFLQDWLRQLVXVHGIRUWKHLPPXQL]D
,WDOLDQLQLWLDOLVPPHDQLQJ%RQGHG:DUHKRXVH WLRQRIFKLOGUHQ
&XVWRPV ,PPXQRORJ\
00+6 PLOLWDU\ PHVVDJHKDQGOLQJV\VWHP 006 0HWK\O0HWKDQH6XOIRQDWH
V\VWqPHPLOLWDLUHGHPDQLSXODWLRQGHVPHVVDJHV 006 0LQHUDOV0DQDJHPHQW6HUYLFH 86$ 
00, PDQPDFKLQHLQWHUIDFH 006 PLQLPXPPDQQLQJVWUHQJWK
LQWHUIDFHKRPPHPDFKLQH HIIHFWLIVPLQLPXPV
00/957 0RORQH\0XULQH/HXNHPLD9LUXV 006 0XOWLPHGLD0HVVDJLQJ6HUYLFH
5HYHUVH7UDQVFULSWDVH 006F 0DVWHURI0HGLFDO6FLHQFH
000 0HVRVFDOHDQG0LFURVFDOH0HWHRURORJ\ 006'V 0XOWLSOH0LQRU6\PSWRPV'D\V
000000 0LQLVWHURGHOOD0DULQD 0063 0RGHOOLQJLQ0DWHULDOV6FLHQFHDQG
0HUFDQWLOH0LQLVWqUHGHOD0DULQH0DUFKDQGH 3URFHVVLQJ
,WDOLDQDQG)UHQFKLQLWLDOLVPRIWKH0LQLVWU\RI 007 0XOWLSOH0LUURU7HOHVFRSH
0HUFKDQW1DY\6KLSSLQJ 0079 0XULQH0DPPDU\7XPRU9LUXV
000& 0LQLPXP0RQWKO\0DLQWHQDQFH&KDUJH 0HGLFLQH3DWKRORJ\9LURORJ\
001 0LVPDWFK1HJDWLYLW\ 0079/75 0RXVH0DPPDU\7XPRU9LUXV
1HXURSK\VLRORJ\2WRODU\QJRORJ\ 0XULQH0DPPDU\7XPRU9LUXV/RQJ7HUPLQDO
002 0HWKDQH0RQRR[\JHQDVH 5HSHDW
%LRFKHPLVWU\(Q]\PRORJ\0ROHFXODU%LRORJ\ 0HGLFLQH2QFRORJ\9LURORJ\
00206 0XOWL0RGDOLW\2UJDQ0RGHOOLQJ 0079Y+DUDV 0RXVH0DPPDU\7XPRU9LUXV
6\VWHP +DUYH\YLUDOUDV
0028 PXOWLODWHUDOPHPRUDQGXPRIXQGHUVWDQG *HQH([SUHVVLRQ5HFHSWRU%LRORJ\
LQJ 0080DVV0HPRU\8QLW
PpPRUDQGXPG·HQWHQWHPXOWLODWpUDO &RPSXWHU7HFKQRORJ\
003 0DJQHWRWDFWLF0DQ\FHOOHG3URNDU\RWH 008 PRELOHPHWHRURORJLFDOXQLW
003 LVDPRUSKRORJLFDOW\SHRIPDJQHWRWDFWLF XQLWpPpWpRURORJLTXHPRELOH
EDFWHULD 009 SURMHFW 0HGLFLQHVIRU0DODULD9HQWXUHSUR
%LRFKHPLVWU\&KHPLVWU\*HRORJ\,PPXQRORJ\ MHFW
0DJQHWRWDFWLF%DFWHULD0HGLFLQH0LFURELRORJ\ 7KH009 SURMHFWLVGHYHORSHGE\:+2
3K\VLFV3UHYHQWLYH0HGLFLQH 0DODULD5HVHDUFK9HQWXUH&DSLWDO)XQGV
003$ 0DULQH0DPPDO3URWHFWLRQ$FW 86$  )RUIXUWKHUGHWDLOVVHHXQGHU:+2
003 FDQFHUV 0LFURVDWHOOLWH0XWDWRU3KHQRW\SH 00:0PZ 0DNH0XOWLODQJXDJH:HE
FDQFHUV 2QOLQH6HUYLFHV
&DQFHU5HVHDUFK 00:5 0RUELGLW\DQG0RUWDOLW\:HHNO\5HSRUW
003 IDPLO\ 0DWUL[0HWDOORSURWHLQDVHIDPLO\ 86$ 
$QDWRP\0HGLFLQH $ SXEOLFDWLRQRIWKH86&HQWHUVIRU'LVHDVH
003, 0LQQHVRWD0XOWLSKDVLF3HUVRQDOLW\ &RQWURODQG3UHYHQWLRQ$WODQWD86$
,QYHQWRU\ 01 0DJQHWLF1RUWK
7KH003,LVDWHVWXVHGIRUSHUVRQDOLW\DVVHVV *HRSK\VLFV
PHQW 0Q 7KHFKHPLFDOV\PEROIRU0DQJDQHVH
3V\FKRORJ\ &KHPLVWU\
0033 0LWRFKRQGULDO0DWUL[3URFHVVLQJ3HSWLGDVH 0HWDOOXUJ\ XVHGDVDQDOOR\LQJHOHPHQW
%LRFKHPVLWU\0HGLFLQH0ROHFXODU%LRORJ\ 01 0DQWRYD,WDO\
003V 0DWUL[0HWDOORSURWHLQDVHV 01 0DVWHURI1XUVLQJ
7KH003VDUHLQYROYHGLQUHPRGHOLQJH[WUDFHOOX 0HGLFLQH
ODUPDWUL[ 01 0HUFKDQW1DY\
$JLQJ1HXURGHJHQHUDWLYH'LVHDVHV 01 DEEU PpWDQpSKULQH


)UHQFKLQLWLDOLVPPHDQLQJPHWDQHSKULQH SXUSRVHV&RQVLVWHQWZLWKWKHSURYLVLRQVRI6)$6
%LRFKHPLVWU\ 1$ FRPSDQLHVVKRXOGUHYLVHWKHLUGHILQLWLRQRI
01 DEEU 0LQQHVRWD 86$  FDVKIORZWRDFFRXQWIRUH[FKDQJHUDWHPRYHPHQWV
$OVR0LQQ DQGSHULRGLFDOO\DGMXVWFDVKIORZVIURPLQYHVWPHQW
01 0RQDFR EDVHE\WKHFXUUHQWWUDQVODWLRQDGMXVWPHQWUHVLGLQJ
010Q0Q 0RWRQDYH LQHTXLW\
,WDOLDQLQLWLDOLVPPHDQLQJPRWRUVKLSERDW &DVK)ORZ
VWHDPVKLS 01' PLVVLRQQHHGGRFXPHQW
01 0RWRU1HXURQ0RWRQHXURQ DGRFXPHQWpQRQoDQWOHVEHVRLQVGHODPLVVLRQ
3K\VLRORJ\ EH[SUHVVLRQ RXpQRQFp GHVEHVRLQVGHODPLV
010Q PXOWLQDWLRQDO VLRQ
01$ UHJLRQ 0LGGOHHDVWDQG1RUWK$IULFDUHJLRQ PXOWLQDWLRQDOGLYLVLRQ
01$7) PXOWLQDWLRQDODPSKLELRXVWDVNIRUFH GLYLVLRQPXOWLQDWLRQDOH'01
IRUFHRSpUDWLRQQHOOHDPSKLELHPXOWLQDWLRQDOH 01' 0RWRU1HXURQ'LVHDVH
01$8 PLOOLRQ1$72DFFRXQWLQJXQLWV $ FRPPRQQHXURGHJHQHUDWLYHGLVHDVH
PLOOLRQG·XQLWpGHFRPSWHGHO·27$1 &DQFHU5HVHDUFK1HXURORJ\1HXURSDWKRORJ\
01% 0RVFRZ1DURGQ\%DQN 01''3 PXOWLQDWLRQDOGHWDLOHGGHSOR\PHQWSODQ
,QFRUSRUDWHGLQWKH&LW\RI/RQGRQVLQFH SODQGHGpSORLHPHQWGpWDLOOpPXOWLQDWLRQDO
&RUSRUDWH)LQDQFH3URMHFW)LQDQFH5XVVLDQ 01'20RGLILHG1HJOHFWRI'LIIHUHQWLDO2YHUODS
%DQN %LRFKHPLVWU\&KHPLVWU\2SWRHOHFWURQLF
01% PXOWLQDWLRQDOEULJDGH &RPSXWLQJ6\VWHPV3K\VLFV
EULJDGHPXOWLQDWLRQDOH%01 01(V 0XOWLQDWLRQDO(QWHUSULVHV
0Q%2 0DQJDQHVH%RUDWH 01) 0pWDX[1RQ)HUUHX[
8VHGPDLQO\DVDYDUQLVK )UHQFKLQLWLDOLVPPHDQLQJQRQIHUURXVPHWDOV
,QRUJDQLF&KHPLVWU\ 01) PXOWLQDWLRQDOIRUFH
01%7 PRELOHQDYDOEDWWOHWDUJHW IRUFHPXOWLQDWLRQDOH
REMHFWLIQDYDOPRELOH 0Q) 0DQJDQLF)XRULGH
01& 0DMRU1$72&RPPDQG &RPPDQGHU >REVR 0Q) LVDOVRNQRZQDV0DQJDQHVH)OXRULGH
OHWHUHSODFHGE\6&@ 0DQJDQHVH7ULIOXRULGH
*UDQG&RPPDQGHPHQW FRPPDQGDQW GHO·27$1 ,QRUJDQLF&KHPLVWU\
*&2>REVROqWHUHPSODFpSDU6&@ 01IUHTXHQF\ 0LFURQXFOHXVIUHTXHQF\
0Q&O 6FDFFKLWH +XPDQ1XWULWLRQ
0LQHUDORJ\ PQIUV DEEU PDQXIDFWXUHUV
01&1 0XVHR1DFLRQDOGH&LHQFLDV1DWXUDOHV PQJ DEEU PDQDJLQJ
6SDQLVKLQLWLDOLVPRIWKH6SDQLVK1DWXUDO+LVWRU\ 01*,( 0LWRFKRQGULDO1HXURJDVWURLQWHVWLQDO
0XVHXP (QFHSKDORP\RSDWK\
7KH01&1ZDVIRXQGHGLQE\.LQJ&KDUOHV 7KH01*,(LVDQDXWRVRPDOUHFHVVLYHKXPDQGLV
,,,,WLVORFDWHGLQGRZQWRZQ0DGULGDQGKDVWKH HDVH
PRVWLPSRUWDQWQDWXUDOKLVWRU\FROOHFWLRQVLQ *DVWURLQWHVWLQDO'\VPRWLOLW\
6SDLQ /HXNRHQFHSKDORSDWK\0\RSDWK\
0Q&2 0DQJDQHVH&DUERQDWH 2SKWKDOPRSOHJLD3HULSKHUDO1HXURSDWK\
0Q&2 LVXVHGPDLQO\DVDIRRGDGGLWLYH 01, 0RQRQXFOpRVH,QIHFWLHXVH
,QRUJDQLF&KHPLVWU\ )UHQFKLQLWLDOLVPPHDQLQJ,QIHFWLRXV
0Q&2 5KRGRFKURVLWH 0RQXFOHRVLV
01&V 0HGLWHUUDQHDQ1RQPHPEHU&RXQWULHV 0HGLFLQH
01&V 0RQRQXFOHDU&HOOV 01/ 7KHDLUSRUWFRGHIRU0DQLOD3KLOLSSLQHV
%LRORJ\%LRSK\VLFV&HOO%LRORJ\0HGLFLQH 01/& PDULWLPH1$72ORJLVWLFFRQFHSW
0LFURELRORJ\3DWKRORJ\ FRQFHSWPDULWLPHGHODORJLVWLTXHGHO·27$1
01&V 0XOWLQDWLRQDO&RUSRUDWLRQV PXOWLQDWLRQDOORJLVWLFFRPPDQG FRPPDQGHU 
01&VXVHGLYLGHQGUHPLWWDQFHVDQGSD\PHQWVRI FRPPDQGHPHQW FRPPDQGDQW ORJLVWLTXHPXOWL
UR\DOW\DQGHQJLQHHULQJFKDUJHVWRPHDVXUHWKHLU QDWLRQDO
VXEVLGLDULHV· FDVKIORZVEXWPHDVXUHRSHUDWLRQDO 01/& $ PXOWLQDWLRQDOORJLVWLFFHQWUH DLU 
FDVKIORZVGLIIHUHQWO\IRUPDQDJHPHQWHYDOXDWLRQ FHQWUHORJLVWLTXHPXOWLQDWLRQDO DLU 


01/& / PXOWLQDWLRQDOORJLVWLFFHQWUH ODQG  0R 7KHFKHPLFDOV\PEROIRU0RO\EGHQXP


FHQWUHORJLVWLTXHPXOWLQDWLRQDO WHUUH  0RO\EGHQXPLVXVHGPDLQO\LQUHVLVWRUVDQGDXGLR
01/& 0 PXOWLQDWLRQDOORJLVWLFFHQWUH PDULWLPH  PDJQHWV
FHQWUHORJLVWLTXHPXOWLQDWLRQDO PHU  &KHPLVWU\6\PEROV
010) PXOWLQDWLRQDOPDULWLPHIRUFH 02 0RQH\2UGHU
IRUFHPDULWLPHPXOWLQDWLRQDOH PR DEEU PRQWK
0Q2 0DQJDQHVH'LR[LGH 02 0RUDO2EOLJDWLRQ
$OVRNQRZQDV0DQJDQHVH%ODFN0DQJDQHVH %XVLQHVV&RPPHUFH)LQDQFH
3HUR[LGHLVXVHGPDLQO\LQEDWWHULHVDQGPDWFKHV 02 0RURFFR
0Q2 0DQJDQLF2[LGH 02$ 0HPRUDQGXP2I$JUHHPHQW
,QRUJDQLF&KHPLVWU\ 02% 0DLQ2OIDFWRU\%XOE
0Q2 0DQJDQHVH+HSWR[LGH %UDLQ6FLHQFH&KHPRVHQVRU\5HFHSWRUV
,QRUJDQLF&KHPLVWU\ 0HGLFLQH1HXURELRORJ\RI6\QDSVH1HXURQDO
0126 0HWDO1LWULGH2[LGH6HPLFRQGXFWRU 5HFRJQLWLRQ0ROHFXOHV2GRUDQW5HFHSWRUV
6ROLG6WDWH3K\VLFV 2OIDFWLRQ3K\VLRORJ\
013 0LFURFRP1HWZRUN3URWRFRO 02% PDLQRSHUDWLQJEDVH
0RGHPV EDVHG·RSpUDWLRQVSULQFLSDOH
015$6 0RQWK\1RWLFHVRIWKH5R\DO PDULWLPHRUGHURIEDWWOH
$VWURQRPLFDO6RFLHW\ RUGUHGHEDWDLOOH0HU
015) 0H[LFDQ1DWLRQDO5HVHDUFK)RXQGDWLRQ VHH025%$7
(VWDEOLVKHGLQ0DUFK,WLVEDVHGLQ0H[LFR YRLU025%$7
&LW\ 02% 0HWKDQH2[LGL]LQJ%DFWHULD
0Q6 $ODEDQGLWH 0LFURELRORJ\0LFURELDO(FRORJ\
0LQHUDORJ\ 02%(; PRELOLW\H[HUFLVH
0Q6 0DQJDQRXV6XOILGH H[HUFLFHGHPRELOLWp
0Q6LVXVHGLQWKHVWHHOPDQXIDFWXULQJLQGXVWU\ 02%6 PXOWLSOHRUELWDOERPEDUGPHQWV\VWHP
,QRUJDQLF&KHPLVWU\ V\VWqPHGHERPEDUGHPHQWPXOWLSOHRUELWDO
0Q6 +DXHULWH 02& 0LQHUDORPHWULD2VVHD&RPSXWHUL]]DWD
0LQHUDORJ\ 02&0LQLVWU\2I&RQVWUXFWLRQ
016( PXOWLQDWLRQDOVXSSRUWHOHPHQW 02&1 0DFKLQH2XWLOj&RPPDQGH1XPpULTXH
pOpPHQWGHVRXWLHQPXOWLQDWLRQDO 02&1(660XOWLSOH2SHQLQJ&ORVLQJ1HWDQG
0Q62' 0DQJDQHVH6XSHUR[LGH'LVPXWDVH (QYLURQPHQWDO6HQVLQJ6\VWHP
01= 0HULQR1HZ=HDODQG 02&VWUHQJWK $WODQWLF 0HULGLRQDO2YHUWXUQLQJ
5HVHDUFK'HYHORSPHQW 0DUNHWLQJ &LUFXODWLRQVWUHQJWK
2UJDQL]DWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU:2&(
02 0DJQHWRRSWLF0DJQHRRSWLFDO 02&9' 0HWDO2UJDQLF&KHPLFDO9DSRU
2SWLFV 'HSRVLWLRQ
02 0DJQHWRUHVWULFWLYH2VFLOODWRU 02&9'LVDVHPLFRQGXFWRUIDEULFDWLRQWHFKQLTXH
(OHFWURQLFV 02' 0LQLVWU\2I'HIHQFH
02 0DLO2UGHU PRG DEEU PRGHO
02 0DUV2EVHUYHU 02'(0HUFKDQW2ULHQWHG'DWD(QWU\
02 0DVVLPD2FFXSD]LRQH 02'(0LG2FHDQ'\QDPLFV([SHULPHQW
02 0DVWHU2VFLOODWRU PRGH7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
(OHFWURQLFV (QJOLVKZRUG´PRGHµ
02 0HGLFDO2IILFHU $UFKDHRORJ\&RPSXWHU3URJUDPPLQJ&RPSXWHU
02 0HGLR2ULHQWH 7HFKQRORJ\(OHFWURPDJQHWLVP3HWURORJ\
,WDOLDQDFURQ\PPHDQLQJ0LGGOH(DVW 3K\VLFV6WDWLVWLFV7HOHFRPPXQLFDWLRQV
0R 0HJDRFWHW 02'(0 DEEU 02GXODWRU'(0RGXODWRU
(OHFWURQLFV0HJDE\WHLQ)UHQFK (OHFWURQLFV
PR PLRRUGLQH 0RG*N0RGHUQ*UHHN
,WDOLDQLQLWLDOLVPPHDQLQJP\RUGHU 0RGHUQ*UHHNDOVRFDOOHG1HZ*UHHNLVWKH
02 0R DEEU 0LVVRXUL 86$  *UHHNODQJXDJHVLQFHF
02 0RGHQD,WDO\ /DQJXDJHV


0RG+HE0RGHUQ+HEUHZ *HRORJ\*HRSK\VLFV6SDFH5HVHDUFK7HUUHVWULDO
0RGHUQ+HEUHZLVWKHOLYLQJODQJXDJHRI,VUDHO,W 0DJQHWLVP
LVDUHYLVHGYHUVLRQRIDQFLHQW+HEUHZ 02/$ PDS 0DUV2UELWHU/DVHU$OWLPHWHUPDS
/DQJXDJHV 0DUWLDQ7RSRJUDSK\
02',2 FRQIHUHQFHRILQIRUPDWLRQRIILFLDOVLQ )RUIXUWKHUGHWDLOVVHHXQGHU02/$
0LQLVWULHVRI'HIHQFH PROF PRODUFRQFHQWUDWLRQ
FRQIpUHQFHGHVUHVSRQVDEOHVGHO·LQIRUPDWLRQGHV 02/' 0HWK\OJO\R[DO/\VLQH'LPHU
PLQLVWqUHVGHOD'pIHQVH 020 0LFURVRIW2IILFH0DQDJHU
02'< 0DWXULW\2QVHW'LDEHWHVRI<RXWK 020 0RGXODU2FHDQ0RGHO
(SLGHPLRORJ\*HQHWLFV0HGLFLQH 020(176 02ELOH0HGLDDQG(17HUWDLQPHQW
02( 0DLQG·2HXYUH(WUDQJqUH 6HUYLFHV
02(0HDVXUH2I(IIHFWLYHQHVV (XURSHDQ&RPPXQLW\3URMHFW
02( 0LODQIDLU2YHUVHDV([KLELWLRQ 020,0RPL 0XVHXPRI0RYLQJ,PDJH *% 
02( 0XOWLSOH2I(DUQLQJV 5HRSHQHGLQ
(FRQRPLFV)LQDQFH 0R0/9 0RORQH\0XULQH/HXNHPLD9LUXV
02) 0LQLVWU\2I)LQDQFH -DSDQ  0HGLFLQH(QGRFULQRORJ\
02) 0XOWL2SWLRQ)DFLOLW\ 0206 0DQJDQHVH2[LGH0HVDSRURXV6WUXFWXUHV
0R)H 0ROLEGHQXP,URQ &KHPLFDO(QJLQHHULQJ&KHPLVWU\0DWHULDOV
0RI) 0LQLVWU\RI)RRG 6FLHQFH
02)V 0HWDORUJDQLF)UDPHZRUNV 02086<6 DEEU 02ELOH08OWLPHGLD6<6WHPV
&KHPLFDO(QJLQHHULQJ0DWHULDOV6FLHQFH (XURSHDQ&RPPXQLW\3URMHFW
02)7(&0RIWHF 0LQLVWU\2I)RUHLJQ7UDGHDQG 0RQ DEEU 0RQGD\
(FRQRPLF&RRSHUDWLRQ &KLQD  PRQ DEEU PRQHWDU\
02* 0\HOLQ2OLJRGHQGURF\WH*O\FRSURWHLQ PRQ DEEU PRQLWRU
$XWRLPPXQH'LVHDVHV,PPXQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHUP
1HXURLPPXQRORJ\1HXURORJ\3DWKRORJ\ 021(; DEEU 021VRRQ(;SHULPHQW
02+0HGLFDO2IILFHURI+HDOWK 021,&$ PXOWLQDWLRQDO021LWRULQJRIWUHQGVDQG
02+0LQLVWU\2I+HDOWK GHWHUPLQDQWV,Q&$UGLRYDVFXODUGLVHDVH
02+$9( 6WXG\ 0HDVXUHPHQW2I+D]H$QG (XURSHDQ&RPPXQLW\
9LVXDO(IIHFWV6WXG\ 0212&(37 0RQRFU\VWDOOLQH6LOLFRQ6RODU&HOO
02,0HPRUDQGXP2I,QWHQW &RVW(IIHFWLYH3URGXFWLRQ7HFKQRORJ\
02,0LQLVWU\2I,QIRUPDWLRQ0LQLVWU\2IWKH 0RQW DEEU 0RQWDQD 86$ 
,QWHULRU 0RQWU DEEU 0RQWUHDO &DQDGD 
02,0XOWLSOLFLW\RI,QIHFWLRQ 0R2 0RO\EGHQXP'LR[LGH
9LURORJ\ 0R2 LVXVHGWRPDNHSLJPHQWV
02,& PLOLWDU\RFHDQRJUDSKLFLQWHOOLJHQFHFHQWUH ,QRUJDQLF&KHPLVWU\
FHQWUHGHUHQVHLJQHPHQWRFpDQRJUDSKLTXHPLOL 0R2 0RO\EGHQXP7ULR[LGH
WDLUH 0R2DOVRNQRZQDV0RO\EGHQXP$QK\GULGHLV
02,&02YLPHQWR,WDOLDQR&DVDOLQJKH ,WDO\  DWR[LFSRZGHU
,WDOLDQDFURQ\PPHDQLQJ,WDOLDQ+RXVHZLYHV ,QRUJDQLF&KHPLVWU\
0RYHPHQW 0R2 0RO\EGLWH
$OVR0RLFD 0RO\EGLWHLVDOVRNQRZQDV0RO\EGLF2FKHU
02/ 0DQQHG2UELWLQJ/DERUDWRU\ 0RO\EGLQH
02/ 0DUJLQH2SHUDWLYR/RUGR 0LQHUDORJ\
,WDOLDQDFURQ\PPHDQLQJ*URVV2SHUDWLRQDO 0221 0DQDJHPHQW2I2SWLFDO1HWZRUNV
0DUJLQ (XURSHDQ&RPPXQLW\3URMHFW
02/ 0XVFOH2I/DZUHQFH RIPDOHIOLHV  0227: PLOLWDU\RSHUDWLRQVRWKHUWKDQZDU
'HYHORSPHQWDO*HQHWLFV*HQHWLFV RSpUDWLRQVPLOLWDLUHVDXWUHVTXHFHOOHVGHJXHUUH
02/$ 0DUV2UELWHU/DVHU$OWLPHWHU 023 0DLQWHQDQFH2SHUDWLRQ3URWRFRO
$QLQVWUXPHQWDERDUGWKH0DUV*OREDO6XUYH\RU 023 0DUJLQ2I3URILW
VSDFHFUDIW02/$ DUULYHGDW0DUVRQWK %XVLQHVV )LQDQFH
6HSWHPEHU PRS DEEU PRO\EGRSWHULQ
(DUWK$WPRVSKHULFDQG3ODQHWDU\6FLHQFHV 023$ 0DVWHU2VFLOODWRU3RZHU$PSOLILHU


023$ 0HWKR[\SKHQ\O$FHWLF$FLG $SSOLHG3K\VLFV(OHFWULFDODQG&RPSXWHU


023,77 0HDVXUHPHQWV2I3ROOXWLRQ,Q7KH (QJLQHHULQJ
7URSRVSKHUH 026)(7 0HWDO2[LGH6HPLFRQGXFWRU)ORDWLQJ
(QYLURQPHQWDO7HFKQRORJ\0HGLFLQH6FLHQFH (OHFWURGH7UDQVLVWRU
023/ 02YLPHQWR3ULPR/DYRUR ,WDO\  (OHFWURQLFV1DQRHQJLQHHULQJ
0233 0HFKDQL]DWLRQ2I3ODQQLQJ3URFHVVHV 026)(7V 0HWDO2[LGH6HPLFRQGXFWRU)LHOG
0235% 0DQSRZHUDQG2UJDQL]DWLRQ3ROLF\ (IIHFW7UDQVLVWRUV
5HYLHZ%RDUG )RUIXUWKHUGHWDLOVVHHXQGHU026)(7
&RPPLVVLRQG·H[DPHQGHODSROLWLTXHHQPDWLqUH P2VP PLOOLRVPROH
GHSHUVRQQHOHWG·RUJDQLVDWLRQ 02660DUNHW2YHUVLJKW6XUYHLOODQFH6\VWHP
025 PLOLWDU\RSHUDWLRQDOUHTXLUHPHQW 0267 0DQDJHPHQW2SHUDWLRQ6\VWHP7HFKQLTXH
EHVRLQPLOLWDLUHRSpUDWLRQQHO 0267 0HWDO2[LGH6HPLFRQGXFWRU7UDQVLVWRU
025% 0LG2FHDQ5LGJH%DVDOW 0267 0LQLVWU\2I6FLHQFHDQG7HFKQRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU025%V .RUHD 
025%$7 PLVVLOHRUGHURIEDWWOH 0267( 0LQLVWU\2I6FLHQFH7HFKQRORJ\DQGWKH
RUGUHGHEDWDLOOHGHVPLVVLOHV (QYLURQPHQW 0DOD\VLD 
025%V0LG2FHDQ5LGJH%DVDOWV 027 0HUFDWRGHOOH2EEOLJD]LRQLHGHL7LWROLGL
$VWURQRP\(DUWK6FLHQFHV*HRFKHPLVWU\ 6WDWR ,WDO\ 
*HRSK\VLFV3ODQHWDU\6FLHQFHV %DQNLQJ)LQDQFH
025) 025WDOLW\)DFWRUIURPFKURPRVRPH 027 0LGGOH2I7DUJHW
&HOO%LRORJ\ 0LOLWDU\
025, 0DUNHW 2SLQLRQ5HVHDUFK,QWHUQDWLRQDO PRWPRWRUH
025/ 0DQQHG2UELWLQJ5HVHDUFK/DERUDWRU\ ,WDOLDQDEEUHYLDWLRQPHDQLQJPRWRUHQJLQH
0252 0RRQ25ELWLQJ2EVHUYDWRU\ 86$  027 DSSDUDWXV 0DJQHWR2SWLF7UDSDSSDUDWXV
$ SURSRVHGPLVVLRQWKDWORVWWKHFRPSHWLWLRQ 3K\VLFV
  02WKHRU\ 0ROHFXODU2UELWDOWKHRU\
0253V 0LG2FHDQ5LGJH3HULGRWLWHV 0276 PLOLWDU\RIIWKHVKHOI
$VWURQRP\(DUWK6FLHQFHV*HRFKHPLVWU\ PLOLWDLUHVXUpWDJqUH RXPLOLWDLUHVWDQGDUG 
*HRSK\VLFV3ODQHWDU\6FLHQFHV 028 PHPRUDQGXPRIXQGHUVWDQGLQJ
025V 0LG2FHDQ5LGJHV PpPRUDQGXPG·HQWHQWH
2FHDQRJUDSK\ 0286(0LQLPXP2UELWDO8QPDQQHG6DWHOOLWHRI
02575(3 PRUWDULQJ RUPRUWDUILULQJ UHSRUW (DUWK
FRPSWHUHQGXGHWLUGHPRUWLHU PRXVH 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
0260DQDJHPHQW2SHUDWLQJ6\VWHP (QJOLVKZRUG´PRXVHµ
026 0DUJLQ2I6DIHW\ &RPSXWHU7HFKQRORJ\9HUWHEUDWH=RRORJ\
%XVLQHVV)LQDQFH 0287+0RGXODU2XWSXW8QLWIRU7DONLQJWR
0260DULQH2EVHUYDWLRQ6DWHOOLWH +XPDQV
0260HWDO2[LGH6HPLFRQGXFWRU PRXWK7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
6ROLG6WDWH3K\VLFV (QJOLVKZRUG´PRXWKµ
026 PLQLPXPRSHUDWLQJVWULS $QDWRP\$FRXVWLFDO(QJLQHHULQJ*HRJUDSK\
SLVWHRSpUDWLRQQHOOHPLQLPDOH 0LQLQJ(QJLQHHULQJ=RRORJ\
PRV DEEU PRQWKV 029(5(3 PRYHPHQWUHSRUW
0R6 0RO\EGHQLWH FRPSWHUHQGXGHPRXYHPHQWV
0LQHUDORJ\ 029(; PRYHPHQWH[HUFLVH
0R6 0RO\EGHQXP'LVXOILGH H[HUFLFHGHPRXYHPHQWV
0R6DOVRNQRZQDV0RO\EGLF6XOILGH 0295(3 VHH029(5(3
0RO\EGHQXP6XOILGHLVXVHGPDLQO\DVDFDWDO\VW YRLU029(5(3
DQGOXEULFDQW 029V 0HWDO2[LGH9DULVWRUV
,QRUJDQLF&KHPLVWU\ 0296,75(3 PRYHPHQWVLWXDWLRQUHSRUW
026)(7 0HWDO2[LGH6HPLFRQGXFWRU)LHO(IIHFW FRPSWHUHQGXGHVLWXDWLRQGHVPRXYHPHQWV
7UDQVLVWRU 0296805(3 PRYHPHQWVXPPDU\UHSRUW
7KH026)(7 FRQVLVWVRIVRXUFHDQGGUDLQHOHF FRPSWHUHQGXGHV\QWKqVHGHVPRXYHPHQWV
WURGHVDQGDJDWHHOHFWURGH 02;IXHOV 0L[HG2;LGHIXHOV


02=$,&SURJUDP 0HDVXUHPHQW2=RQHE\ 03& 0DWKHPDWLFVRI3URJUDP&RQVWUXFWLRQ


$LUEXV,Q6HUYLFH$LUFUDIWSURJUDP 03& 0D[LPXP3HUPLVVLEOH&RQFHQWUDWLRQ
$WPRVSKHULF&KHPLVWU\ 03&LVDOVRNQRZQDV0D[LPXP$OORZDEOH
03 0DLO3D\PHQW &RQFHQWUDWLRQ
&RPPHUFH 0HGLFLQH5DGLDWLRQ
03 0DPPLOODU\3URWUXVLRQV 03& 0HGLDO3UHPRWRU&RUWH[
03 0DUJLQDO3URGXFW 7KH03&LVDUHJLRQRIWKHEUDLQPDLQO\LQYROYHG
03 0DUNHW3ULFH LQSUHSDULQJERG\PRYHPHQWVEXWDFFRUGLQJWR
&RPPHUFH UHVHDUFKEHLQJFDUULHGRXWLWFRXOGEHLQYROYHGLQ
03 0DWHULD3ODVWLFD0DWHULDOH3ODVWLFR VHQVRU\SURFHVVLQJ
,WDOLDQLQLWLDOLVPPHDQLQJSODVWLFPDWHULDO 1HXURVFLHQFH
03 0DWKHPDWLFDO3URJUDPPLQJ 03& $ V\VWHPV0RGHUQ0DWHULDOV3URWHFWLRQ
03 PD[LPXPSDUVLPRQ\ &RQWURODQG$FFRXQWLQJV\VWHPV
%D\HVLDQPHWKRGWRDQDO\]H'1$ VHTXHQFHV 03FFRPSOH[HV 0HWDOOR3KWKDORF\DQLQHFRPSOH[
03 0HGLRFUHGLWR3LHPRQWHVH ,WDO\  HV
%DQNV $SSOLHG3K\VLFV0ROHFXODU3KRWRFKHPLVWU\
PSPHOWLQJSRLQW 1DQRSKRWRQLF0DWHULDOV3K\VLFDODQG&KHPLFDO
7KHUPRG\QDPLFV 5HVHDUFK4XDQWXP(OHFWURQLFV
03030HPEHURI3DUOLDPHQW *%  03&V 0RQROD\HU3URWHFWHGPHWDO&OXVWHUV
03 0HPRU\3URWHFWLRQ &KHPLVWU\1DQRSDUWLFOHV3K\VLFV
&RPSXWHU3URJUDPPLQJ&RPSXWHU7HFKQRORJ\ 03&V 0XOWLPHGLD3&V
03030HWURSROLWDQ3ROLFH 03&6 PXOWLSOHSD\ORDGFRPPXQLFDWLRQVVDWHOOLWH
PSPLFURSURFHVVRUPXOWLSURFHVVLQJ VDWHOOLWHGHWpOpFRPPXQLFDWLRQVjFKDUJHXWLOHPXO
&RPSXWHU7HFKQRORJ\ WLSOH
PSPLFURSURJUDP 03&9' 0LFURZDYH3ODVPDDVVLVWHG&KHPLFDO
&RPSXWHU3URJUDPPLQJ 9DSRU'HSRVLWLRQ
03 0LOLWDU\3ROLFH 8VHGWRJURZ7*&V
03 0RQWKVDIWHU3D\PHQW )RUIXUWKHUGHWDLOVVHHXQGHU7*&V
PSPXOWLSURFHVVRU 03' 0D[LPXP3HUPLVVLEOH'RVH
0XOWLSURFHVVRULVDOVRNQRZQDVPXOWLSURFHVVLQJ 0HGLFLQH5HIHUULQJWRWKHPD[LPXPUDGLDWLRQ
V\VWHP H[SRVXUHRIDSHUVRQ
&RPSXWHU7HFKQRORJ\ 0LOLWDU\6FLHQFH5HIHUULQJWRWKHKLJKHVWDPRXQW
03 0HWK\OSHQWDQH RIUDGLDWLRQWKDWPLOLWDU\SHUVRQQHOFDQZLWKVWDQG
0HWK\OSHQWDQHLVXVHGPDLQO\DVDVROYHQW 03(0D[LPXP3RVVLEOH([SRVXUH UHIHUULQJWR
2UJDQLF&KHPLVWU\ UDGLDWLRQIRUPDQVDIHW\ 
03$ PDULWLPHSDWURODLUFUDIW 03( PHVXUHVGHSURWHFWLRQpOHFWURQLTXH
DYLRQGHSDWURXLOOHPDULWLPH3$70$5 HOHFWURQLFSURWHFWLYHPHDVXUHV(30
03$ 1$720DULQH3DWURO$LUFUDIW 03( 0LVVLRQWR3ODQHW(DUWK
03$ 0DULQH3URWHFWHG$UHD 03(LVDOVRNQRZQDV073( 0LVVLRQ7R3ODQHW
03$V 0DULQH3URWHFWHG$UHDV (DUWK 
03 & 0DQDJHPHQW3ODQQLQJDQG&RQWURO 03(*0SHJ 0RYLQJ3LFWXUH([SHUW*URXS
03 DSSOLFDWLRQV 0XOWLSURFHVVLQJDSSOLFDWLRQV 'LJLWDO79
03$V 0DULQH3URWHFWHG$UHDV 03HUV 0LGGOH3HUVLDQ
03% 0RELOL]DWLRQRI6WHP&HOOVWR%ORRG /DQJXDJHV
'HYHORSPHQW%LRORJ\3DWKRORJ\6WHP&HOO 03) 0DQGDWRU\3URYLGHQW)XQG +RQJ.RQJ 
5HVHDUFK 3HQVLRQ6FKHPHV
03& PDLQSODQQLQJFRQIHUHQFH 03) 0DWXUDWLRQ3URPRWLQJ)DFWRU
FRQIpUHQFHGHSODQLILFDWLRQSULQFLSDOH 7KH03)VWLPXODWHVFHOOGLYLVLRQLQIURJHJJV
PHVVDJHSURFHVVLQJFHQWUH %DVLF5HVHDUFK&HOO'LYLVLRQ0HFKDQLVPV
FHQWUHGHWUDLWHPHQWGHVPHVVDJHV =RRORJ\
03& 0DQ3URFHVV&KDUW 03) 03KDVH3URPRWLQJ)DFWRU
03& 0DUJLQDO3URSHQVLW\WR&RQVXPH %LRORJ\
%XVLQHVV)LQDQFH 03) PXOWLQDWLRQDOSURWHFWLRQIRUFH


IRUFHGHSURWHFWLRQPXOWLQDWLRQDOH 0\HORSHUR[LGDVHLVDOVRNQRZQDV
03)6(( 0XOWLQDWLRQDO3HDFH)RUFH6RXWK(DVWHUQ 9HUGRSHUR[LGDVH
(XURSH %LRFKHPLVWU\0LFURELDO,QIHFWLRQV
)RUFHPXOWLQDWLRQDOHGHSDL[SRXUO·(XURSHGX 032V 0HWURSROLWDQ3ODQQLQJ2UJDQL]DWLRQV
6XG(VW 033 0LWRFKRQGULDO3URFHVVLQJ3HSWLGDVH
03)7 )UHQFK&KDGLDQ3DOHRDQWKURSRORJLFDO %LRFKHPLVWU\/LIH6FLHQFH0ROHFXODU
0LVVLRQ %LRHQHUJHWLFV0ROHFXODU%LRORJ\
03* PR\HQSRO\YDOHQWGXJpQLH 033 DUFKLWHFWXUH 0DVVLYHO\3DUDOOHO3URFHVVRU
PXOWLSXUSRVHHQJLQHHUYHKLFOH DUFKLWHFWXUH
03+ 0DVWHURI3XEOLF+HDOWK 033 DUFKLWHFWXUHOLQNVWRJHWKHULQGHSHQGHQW
$OVR03+ SURFHVVRUVHDFKRIZKLFKKDVLWVRZQPHPRU\
0SKLO 0DVWHURI3KLORVRSK\ GLVNVDQGRSHUDWLQJV\VWHPV
PSKSV PLOHVSHUKRXUSHUVHFRQG &RPSXWHU6FLHQFH
03, 0DQQRVH3KRVSKDWH,VRPHUDVH 033& 0XOWLSRWHQW+HPDWRSRLHWLF3URJHQLWRU&HOO
03, 0DUJLQDO3URVSHULW\WR,QYHVW 03SHUWXUEDWLRQWKHRU\ VHFRQGRUGHU0¡OOHU
%XVLQHVV)LQDQFH 3OHVVHWSHUWXUEDWLRQWKHRU\
03, 0DULQH3ROOXWLRQ,QFLGHQW &KHPLVWU\
03, 0D[LPXP3RWHQWLDO,QWHQVLW\ 033V 0XOWLSRWHQW3URJHQLWRUV
+XUULFDQHV 'HYHORSPHQWDO%LRORJ\3DWKRORJ\6WHP&HOO
03, 0HDQ3RLQWRI,PSDFW UHVHDUFK
03,LVDOVRNQRZQDV&HQWHURI%XUVW 034 0F*LOO3DLQ4XHVWLRQQDLUH
2UGQDQFH 0HGLFLQH1HXURJHQHWLFV3V\FKLDWU\
03,0LQLVWHURGHOOD3XEEOLFD,VWUX]LRQH 035 0RQWKO\3URJUDP5HYLHZ
,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI(GXFDWLRQ 036 0DLQWHQDQFH3DLQWLQJ6HUYLFH
,WDO\  036 0DUJLQDO3URSHQVLW\WR6DYH
03,$ 0D[3ODQFN,QVWLWXWIU$VWURQRPLH (FRQRPLFV
+HLGHOEHUJ *HUPDQ\  036 0DVVLYH3DUDOOHO6\VWHPV
7KH03,$ UXQVWKH&DODU$OWR2EVHUYDWRU\LQ 036 0DWHULDOV3URFHVVLQJLQ6SDFH
6RXWKHUQ6SDLQ ([SHULPHQWVRIPDWHULDOVSURFHVVLQJLQVSDFHZHUH
03,) 0HVVDJH3DVVLQJ,QWHUIDFH)RUXP FRQGXFWHGE\1$6$HYHUVLQFHWKHODWHV
03,0 0D[3ODQFN,QVWLWXWIU0HWHRURORJLH 036 0DWKHPDWLFDO3URJUDPPLQJ6RFLHW\
*HUPDQ\  036 0DWKHPDWLFVDQG3K\VLFDO6FLHQFHV
03/ 0DUV3RODU/DQGHU 036 0HGLDQ3HULRGRI6XUYLYDO
3ODQHWDU\6FLHQFH 036 PLVVLRQSODQQLQJV\VWHP
03/ 0D[LPXP3HUPLVVLEOH/HYHO V\VWqPHGHSODQLILFDWLRQGHPLVVLRQ
0HGLFLQH5DGLDWLRQ 036 0RQWHGHL3DVFKLGL6LHQD ,WDO\ 
03/ PSOPRWLYDWHGSURGXFWLYLW\OHYHO )RXQGHGLQ
03/ 0RYLPHQWR3ROLWLFR/DYRUDWRUL %DQNV
,WDOLDQ0RYHPHQWV 036 0XOWLSXUSRVH6KLS
03/ 0XOWLVFKHGXOH3ULYDWH/LQH 861DY\
030PSP PHWHUVSHUPLQXWH 0360 0DVWHULQ3XEOLF6HFWRU0DQDJHPHQW
$OVRPSP 0369 0\HORSUROLIHUDWLYH6DUFRPD9LUXV
030 0LG3DFLILF0RXQWDLQV 037 0LQLVWU\RI3RVWDQG7HOHFRPPXQLFDWLRQV
030*WHFKQLTXH 0HOW3RZGHU0HOW*URZWKWHFK &KLQD 
QLTXH 037 0RGHUQ3RUWIROLR7KHRU\
0306 PLVVLRQSODQQLQJDQGPRQLWRULQJV\VWHP %XVLQHVV)LQDQFH
V\VWqPHGHSODQLILFDWLRQHWGHVXLYLGHPLVVLRQ 0373 0HWK\O3KHQ\O
031$V 0RGLILHG3HSWLGH1XFOHLF$FLGV 7HWUDK\GURS\ULGLQH
*HQHWLFV 'HYHORSPHQW 038 0LFURSURFHVVLQJ8QLW
031WHVW 0RVW3UREDEOH1XPEHUWHVW (OHFWURQLFV
0LFURELRORJ\ 03; DEEU PXOWLSOH[
0320HWURSROLWDQ3ODQQLQJ2UJDQL]DWLRQ 04 0HPRU\4XRWLHQW
032 0\HORSHUR[LGDVH )RUIXUWKHUGHWDLOVVHHXQGHU04V


PT PHWURTXDGUDWR 0XOWLSOH5HJUHVVLRQLVDOVRNQRZQDV/LQHDU


,WDOLDQLQLWLDOLVPPHDQLQJVTXDUHPHWUHPHWHU 5HJUHVVLRQ
0T0LJOLRTXDGUDWR 6WDWLVWLFV
,WDOLDQDEEUHYLDWLRQPHDQLQJVTXDUHPLOH 05 $ PLOLWDU\UHTXLUHPHQW DUPDPHQW 
04$ 0RGLILHG4XLQDFULGRQH EHVRLQPLOLWDLUHHQPDWLqUHG·DUPHPHQW
&KHPLVWU\0DWHULDOV6FLHQFH0ROHFXODU 05$ 0XWXDO5HFRJQLWLRQ$JUHHPHQW
0DWHULDOV3K\VLFV7KLQILOP7UDQVLVWRUV 86(&%XVLQHVV7UDQVDWODQWLF,VVXHV
04&$ 0DJQHWLF4&$ 05$$0 PHGLXPUDQJHDLUWRDLUPLVVLOH
(QJLQHHULQJ1DQRVFDOH6FLHQFH PLVVLOHDLUDLUjPR\HQQHSRUWpH
)RUIXUWKHUGHWDLOVVHHXQGHU4&$ 05$'V 0LQRU5HVWULFWHG$FWLYLW\'D\V
04' 0HWDOOXUJLFDO4XHQFKLQJ'LODWRPHWU\ 05$* PHGLXPUDQJHDLUWRJURXQG
0DWHULDOV6FLHQFHDQG(QJLQHHULQJ DLUVROPR\HQQHSRUWpH$603
04UHJLVWHU 0XOWLSOLHU4XRWLHQWUHJLVWHU 05$+ PHPRUDQGXPUHFHLSWDFFRXQWKROGHU
&RPSXWHU7HFKQRORJ\ DJHQWFRPSWDEOHGHVELHQV
04V 0HPRU\4XRWLHQWV 05$0 0DJQHWLF5DQGRP$FFHVV0HPRU\
$JLQJ$QWLDJLQJ&RJQLWLYH1HXURVFLHQFH $SSOLHG3K\VLFV,QWHJUDWHG&LUFXLWV1RQYRODWLOH
*HULDWULFV*HURQWRORJ\+LSSRFDPSDO3DWKRORJ\ 6WRUDJH8QOLPLWHG5HDG:ULWH&\FOHV
0HGLFLQH0HQWDO+HDOWK 05$V 0XWXDO5HFRJQLWLRQ$JUHHPHQWV
046$ 0DPPRJUDSK\4XDOLW\6WDQGDUGV$FW )RUIXUWKHUGHWDLOVVHHXQGHU05$
7KH046$ ZDVSDVVHGE\WKH86&RQJUHVVLQ 05%0 PHGLXPUDQJHEDOOLVWLFPLVVLOH
 PLVVLOHEDOLVWLTXH j PR\HQQHSRUWpH
5DGLRORJLFDO+HDOWK 05& PDMRUUHJLRQDOFRQIOLFW
047 0DFURVFRSLF4XDQWXP7XQQHOLQJ FRQIOLWUpJLRQDOPDMHXU
3K\VLFV PRYHPHQWUHSRUWFHQWUH
05 0DLQWHQDQFH5HSRUW FHQWUHGHFRPSWHUHQGXGHVPRXYHPHQWV
050DQGHODWH5DFHPDVH 05& 0DULQH5HVHDUFK&RUSRUDWLRQ
%DVLF0HGLFDO6FLHQFHV%LRFKHPLVWU\ 05& 0DULQH5HVRXUFHV&HQWHU 86$ 
0LFURELRORJ\0ROHFXODU*HQHWLFV 05&0HGLFDO5HVHDUFK&RXQFLO
3KDUPDFHXWLFDO&KHPLVWU\3KDUPDF\ %ULWLVK&RXQFLOV
05 0DQXIDFWXUHU·V5HSUHVHQWDWLYH 05& 0ROHFXODU5HVHDUFK&HQWHU,QF 86$ 
%XVLQHVV&RPPHUFH 05&$ PXOWLUROHFRPEDWDLUFUDIW
05 0DS5HIHUHQFH DYLRQGHFRPEDWSRO\YDOHQW
05 0DUJLQDO5HYHQXH 05&& PDULWLPHUHVFXHFRRUGLQDWLRQFHQWUH
%XVLQHVV)LQDQFH FHQWUHGHFRRUGLQDWLRQGXVDXYHWDJHHQPHU
05 PDULWLPHUHFRQQDLVVDQFH 05&,DSSURDFK 0XOWLUHIHUHQFH&RQILJXUDWLRQ
UHFRQQDLVVDQFHPDULWLPH ,QWHUDFWLRQDSSURDFK
0DXULWDQLD 05'26 0DSSHG5HDOWLPH'LVN2SHUDWLQJ
0DXULWDQLH 6\VWHP
PHGLXPUDQJH 05(0LFURELRORJLFDO5HVHDUFK(VWDEOLVKPHQW
DjPR\HQUD\RQG·DFWLRQ>DYLRQ@ *% 
EPR\HQQHSRUWpH>PLVVLOH@ 05( 0LQLVWqUHGHV5HODWLRQV([WpULHXUHV )UDQFH 
05 0DUNHW5DWLR 05(DFFRXQW 0DMRU5HVHDUFK(TXLSPHQWDFFRXQW
%XVLQHVV)LQDQFH 86$ 
05 0DVWHURIWKH5ROOV *%  7KH05(DFFRXQWZDVVHWXSE\WKH861DWLRQDO
05 0DWH·V5HFHLSW 6FLHQFH)RXQGDWLRQLQWRIXQGELJVFLHQFH
050HPRUDQGXP5HSRUW 05) 0LGEUDLQ5HWLFXODU)RUPDWLRQ
05 0HPRU\5HFODLPHU 05) PXOWLSOH[DJHSDUUpSDUWLWLRQHQIUpTXHQFH
05 0HQWDO5HWDUGDWLRQ IUHTXHQF\GLYLVLRQPXOWLSOH[LQJ)'0
&KURPRVRPH$EQRUPDOLWLHV%UDLQ'HYHORSPHQW 05),7 0XOWLSOH5LVN)DFWRU,QWHUYHQWLRQ7ULDOV
$EQRUPDOLWLHV 7KH05),7 ZDVDVWXG\IXQGHGE\WKH86
0U 0LVWHU 1DWLRQDO,QVWLWXWHVRI+HDOWKWKDWHQGHGLQWKH
05 0RPHQW5HOHDVH HDUO\V
050XOWLSOH5HJUHVVLRQ +HDUW'LVHDVHV/RZ)DW'LHWV


05)/ PDVWHUUDGLRIUHTXHQF\OLVW 0HGLFLQH1HXURELRORJ\RI6\QDSVH1HXURQDO


OLVWHSULQFLSDOHGHVIUpTXHQFHVUDGLR 5HFRJQLWLRQ0ROHFXOHV2GRUDQW5HFSWRUV
05) PRGHO 0HGLXP5DQJH)RUHFDVWPRGHO 2OIDFWLRQ3K\VLRORJ\
05)66 0DULQH5HFUHDWLRQDO)LVKLQJ6WDWLVWLFV 055' 0DULQH5HVRXUFHV5HVHDUFK'LYLVLRQ
6XUYH\ 86$ 
05* PRGHVUpVHUYpVSRXUOHWHPSVGHJXHUUH 055'KDVEHHQUHSODFHGE\2(5')RUIXUWKHU
ZDUUHVHUYHPRGHV:50 GHWDLOVVHHXQGHU2(5'
05, 0DJQHWLF5HVRQDQFH,PDJLQJ 055) 0XOWLQDWLRQDO5DSLG5HDFWLRQ)RUFH
(OHFWURPDJQHWLVP IRUFHPXOWLQDWLRQDOHGHUpDFWLRQUDSLGH
05,0HPRU\5HIHUHQFH,QVWUXFWLRQ 056 0DWHULDOV5HVHDUFK6RFLHW\
&RPSXWHU3URJUDPPLQJ &KHPLVWU\3K\VLFV1HZ0DWHULDOV
05, 0HWHRURORJLFDO5HVHDUFK,QVWLWXWH -DSDQ  056 PHGLXPUDQJHVRQDU
05, 0LGZHVW5HVHDUFK,QVWLWXWH VRQDU j PR\HQQHSRUWpH
)RUIXUWKHUGHWDLOVVHHXQGHU+9V +\EULG 056$ 0HWKLFLOOLQ5HVLVWDQW6WDSK\ORFRFFXV
9HVLFOHV  $XUHXV
05,6& 0DJQHWLF5HVRQDQFH,PDJLQJDQG $QWLPLFURELDO$JHQWV&KHPRWKHUDS\&OLQLFDO
6SHFWURVFRS\&HQWHU ,PPXQRORJ\(SLGHPLRORJ\,QIHFWLRXV'LVHDVHV
05,63 0LQRULW\5HVHDUFK,QIUDVWUXFWXUH6XSSRUW 0HGLFLQH0LFURELRORJ\
3URJUDP 86$  056$0 PHGLXPUDQJHVXUIDFHWRDLUPLVVLOH
0UN 0DUNDULDQ PLVVLOHVXUIDFHDLU j PR\HQQHSRUWpH
*DOD[LHV 056SURJUDP 0RQLWRUHG5HWULHYDEOH6WRUDJHSUR
05/ PDULWLPHUHDUOLQN JUDP
OLDLVRQPDULWLPHGHO·DUULqUH 1XFOHDU:DVWH
PXOWLSOHURFNHWODXQFKHU 057 PDQSRZHUUHVWUXFWXULQJWHDP
ODQFHURTXHWWHVPXOWLSOH/50 pTXLSHGHUHVWUXFWXUDWLRQGHVHIIHFWLIV
05/6 PXOWLURFNHWODXQFKHUV\VWHP PHGLFDOUHJXODWLQJWHDP
V\VWqPHGHODQFHURTXHWWHVPXOWLWXEH pTXLSHGHUpJXODWLRQPpGLFDOH
0506 PHGLXPUDQJHPLVVLOHV\VWHP 057 0LQLVWqUHGHOD5HFKHUFKHHWGHOD
V\VWqPHGHPLVVLOHjPR\HQQHSRUWpH 7HFKQRORJLH
051 PLQHUHIHUHQFHQXPEHU )UHQFKLQLWLDOLVPRIWKH0LQLVWU\RI5HVHDUFKDQG
QXPpURGHUpIpUHQFHGHPLQH 7HFKQRORJ\
P51$ PHVVHQJHU51$ 057 PXOWLSOH[SDUUpSDUWLWLRQGDQVOHWHPSV
0ROHFXODU%LRORJ\ 058 0XOWLFDPSXV5HVHDUFK8QLW 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU51$ 2IWKH8QLYHUVLW\RI&DOLIRUQLD
052 PHGLFDOUHJXODWLQJRIILFHU 059 PXOWLSOHUHHQWU\YHKLFOH
UHVSRQVLEOHGHODUpJXODWLRQPpGLFDOH FRUSVGHUHQWUpHjWrWHVPXOWLSOHV
PLOLWDU\UHVSRQVHRSWLRQ 05; 0DJQHWLF5HFRQQHFWLRQ([SHULPHQW
UpDFWLRQPLOLWDLUHSRVVLEOH 3ODVPD3K\VLFV
052V 0DLQWHQDQFH5HSDLUDQG2SHUDWLRQV 06 0DJQHWRVWULFWLRQ
053 0DQXIDFWXUHUV· 5HFRPPHQGHG3ULFH (OHFWURPDJQHWLVP
053 0DQXIDFWXULQJ5HVRXUFHV3ODQQLQJ 06 0DLO6WHDPHU
053 0DWHULDO5HTXLUHPHQWV3ODQQLQJ 060DLQ6WRUDJH
,QGXVWULDO(QJLQHHULQJ 0DLQVWRUDJHLVDOVRNQRZQDV,QWHUQDO0HPRU\
0535 PHVVDJHGHUpVXOWDWGHSULVHGHUHVVRXUFH ,QWHUQDO6WRUDJH3ULPDU\0HPRU\0DLQ0HPRU\
&RPPXQLFDWLRQV &RPSXWHU3URJUDPPLQJ
053V0XOWLGUXJ5HVLVWDQFH3URWHLQV 06 0DMRULW\6WRFNKROGHUV0DMRU6WRFNKROGHU
%LRFKHPLVWU\&HOO3K\VLRORJ\0HGLFLQH %XVLQHVV(FRQRPLFV)LQDQFH
0ROHFXODU%LRORJ\ PV PDQRVLQLVWUD
055 PDULWLPHUDGDUUHFRQQDLVVDQFH ,WDOLDQLQLWLDOLVPPHDQLQJOHIWKDQG
UHFRQQDLVVDQFHPDULWLPHDXUDGDU 060DQXVFULSW
0550HGLFDO5HVHDUFK5HDFWRU 06 0DUFKDQG6HSWHPEHU
055 0ROHFXODU5HFHSWLYH5DQJH 6HFXULWLHV
%UDLQ6FLHQFH&KHPRVHQVRU\5HFHSWRUV 06PV PDUJLQRIVDIHW\


%XVLQHVV)LQDQFH )ORZQIURPWKH861DWLRQDO6FLHQWLILF
0V 0DVVD&DUUDUD,WDO\ %DOORRQLQJ)DFLOLW\LQ3DOHVWLQH7H[DV
06 0DVV6SHFWURPHWHU0DVV6SHFWURVFRSH 06$7 0LQQHVRWD6FKRODVWLF$SWLWXGH7HVW 86$ 
6SHFWURVFRS\ 06$8 0XOWL6WDWLRQ$FFHVV8QLW
060DVV6SHFWURPHWU\ 06% 0LOOHQQLXP6HHG%DQN *% 
$QDO\WLFDO&KHPLVWU\ &U\RELRORJ\3ODQW6SHFLHV6HHG3UHVHUYDWLRQ
060DVV6WRUDJH 7HFKQRORJ\6HHG*HUPLQDWLRQ7HFKQRORJ\
0DVVVWRUDJHLVDOVRNQRZQDV$X[LOLDU\6WRUDJH 06% PLQHVZHHSHUERDW
&RPSXWHU7HFKQRORJ\ HPEDUFDWLRQGHGUDJDJH
060DVWHURI6FLHQFH PVE PRVWVLJQLILFDQWELW
$OVR06&0VF 06% 0XWXDO6DYLQJV%DQN
060DVWHURI6XUJHU\ 06& 0DMRU6XERUGLQDWH&RPPDQG
06 0HFKDQRVHQVLWLYH &RPPDQGHU >REVROHWHUHSODFHGE\5&@
06 0HWULF6\VWHP +DXW&RPPDQGHPHQW FRPPDQGDQW VXERUGRQ
0HWURORJ\ Qp+&6>REVROqWHUHPSODFpSDU5&@
06 0LFURZDYH6FDQQHU 0DULWLPH6XERUGLQDWH&RPPDQG &RPPDQGHU
06 0LOG6WHHO >REVROHWHUHSODFHGE\&&1$9@
0HWDOOXUJ\ &RPPDQGHPHQW FRPPDQGDQW PDULWLPHVXERU
06 0LOLWDU\6WDQGDUG GRQQp>REVROqWHUHPSODFpSDU&&1$9@
PV DEEU PLOOLVHFRQG PLQHVZHHSHUFRDVWDO
&RPSXWHU7HFKQRORJ\ GUDJXHXUGHPLQHVF{WLHU
06 0LQHVZHHSHUPLQHVZHHSHU 06& 0DQDJHPHQW6HUYLFH&HQWHU
1DYDO$UFKLWHFWXUH2UGQDQFH 06&0DVV6WRUDJH&RQWURO
060LQLVWHURGHOOD6DQLWj ,WDO\  06& 06F0DVWHURI6FLHQFH
,WDOLDQLQLWLDOLVPRIWKH+HDOWK0LQLVWU\ $OVR06
06 0LQLVWU\RI6KLSSLQJ 06&0HGLFDO6WDII&RUSV
06 0LQLVWU\RI6XSSO\ 06&0HVVDJH6ZLWFKLQJ&RQFHQWUDWLRQ
06 0LQRULW\6WRFNKROGHUV 'DWD&RPPXQLFDWLRQV
%XVLQHVV(FRQRPLFV)LQDQFH 06&0RVW6LJQLILFDQW&KDUDFWHU
06 DEEU 0LVVLVVLSSL 86$  06&LVDOVRQRZQDV0RVW6LJQLILFDQW'LJLW
$OVR0LVV 0RVW6LJQLILFDQW%LW
06 0RQH\6XSSO\ &RPSXWHU3URJUDPPLQJ
%XVLQHVV)LQDQFH 06&&\VWLFD 0HQLQJLWLV6HURVD&\VWLFD
06 0RQWKVDIWHU6LJKW 06&&\VWLFDLVDOVRNQRZQDV0HQLQJLWLV
06 0RWRU6KLS 6HURVD&LUFXPVFULSWD
1DYDO$UFKLWHFWXUH 0VF/ 0HFKDQRVHQVLWLYHLRQFKDQQHOV /DUJH 
06 0XOWLSOH6FOHURVLV &KHPLFDO(QJLQHHULQJ&KHPLVWU\0HGLFLQH
&KURQLF,OOQHVVHV0HGLFLQH 3K\VLRORJ\
06 0XWXR6RFFRUVR 06&3PVFS0HDQ6SKHULFDO&DQGOH3RZHU
,WDOLDQLQLWLDOLVPPHDQLQJ0XWXDO$LG 06&SURMHFW 0XOWLPHGLD6XSHU&RUULGRUSURMHFW
06$ 0DULWLPH6DIHW\$JHQF\ -DSDQ  0DOD\VLD 
06$ 0HPEHURIWKH6RFLHW\RI$SRWKHFDULHV 06&V 0DUURZ6WURPDO&HOOV
06$ 0HPEHURIWKH6RFLHW\RI$UFKLWHFWV *HQH7KHUDS\+HDOWK6FLHQFHV0HGLFLQH
06$ 0HWKDQHVXOIRQLF$FLG 0VF6 0HFKDQRVHQVLWLYHLRQFKDQQHOV 6PDOO 
06$ LVXVHGDVDFDWDO\VWLQFKHPLFDOUHDFWLRQV )RUIXUWKHUGHWDLOVVHHXQGHU0VF/
2UJDQLF&KHPLVWU\ 06&V 0HVHQFK\PDO6WHP&HOOV
06$ 0XOWLODWHUDO6WHHO$JUHHPHQW 6WHP&HOO5HVHDUFK
06$ 0XOWLSOLFDWLRQ6WLPXODWLQJ$FWLYLW\ 06&60VFV 0LFURVRIW&OXVWHU6HUYLFHV
06$* 0HGLD6XSSRUW$GYLVRU\*URXS 06&7V 0LQLDWXUH6\QDSWLF&DOFLXP7UDQVLHQWV
*URXSHFRQVXOWDWLISRXUOHVRXWLHQGHVPpGLDV 06' 0HDQ6TXDUH'LVSODFHPHQW
06$00HGLXP6FDOH$QLVRWURS\0HDVXUHPHQW 06' PLQHVDIHW\GLVWDQFH
%DOORRQ([SHULPHQW  GLVWDQFHGHVpFXULWp´PLQHVµ
06' 0RVW6LJQLILFDQW'LJLW


06'LVDOVRNQRZQDV0RVW6LJQLILFDQW 06+$ 0LQH6DIHW\DQG+HDOWK$GPLQLVWUDWLRQ


&KDUDFWHU0RVW6LJQLILFDQW%LW 86$ 
&RPSXWHU3URJUDPPLQJ 06+,) 0HODQRF\WH6WLPXODWLQJ+RUPRQH
06'10VGQ 0LFURVRIW'HYHORSHU1HWZRUN ,QKLELWLQJ)DFWRU
PV'1$ PXOWLFRS\VLQJOHVWUDQGHG'1$ 06+5) 0HODQRF\WH6WLPXODWLQJ+RUPRQH
%LRFKHPLVWU\%LRORJ\ 5HOHDVLQJ)DFWRU
06'26 0LFURVRIW'LVN2SHUDWLQJ6\VWHP (QGRFULQRORJ\
06'26LVDV\VWHPGHYHORSHGE\7KH0LFURVRIW 06, 0DJQHWLF6RXUFH,PDJLQJ
&RUSRUDWLRQ 1HXURVFLHQFH%UDLQ,PDJLQJ7HFKQLTXHV
&RPSXWHU7HFKQRORJ\ 06,0HGLXP6FDOH,QWHJUDWLRQ
06'5 0DVWHU6HQVRU'DWD5HFRUG (OHFWURQLFV
06( PDLQVWDIIHOHPHQW 06,0HPEHURIWKHFKDUWHUHG6XUYH\RU,QVWLWXWLRQ
pOpPHQWSULQFLSDOG·pWDWPDMRU 06,0HPEHURIWKH6DQLWDU\,QVWLWXWH
PHVXUHVGHVRXWLHQGHJXHUUHpOHFWURQLTXH 06, PLQHVZHHSHULQVKRUH
HOHFWURQLFZDUIDUHVXSSRUWPHDVXUHV(60 GUDJXHXUGHPLQHVGHSHWLWVIRQGV
06( 0H[LFDQ6WRFN([FKDQJH 06, 0XOWL6SHFWUDO,PDJHU
06( 0LGGOHJHQH6SRUXODWLRQ(OHPHQW 06-%6 0DVWHURI6FLHQFHLQ-DSDQHVH%XVLQHVV
%LRFKHPLVWU\%LRSK\VLFV*HQHWLFV0HGLFLQH 6WXGLHV
06( 0LGZHVW6WRFN([FKDQJH 06. PLQLPXPVKLIWNH\LQJ
06(% 0DKDUDVKWUD6WDWH(OHFWULF%RDUG ,QGLD  PRGXODWLRQSDUGpSODFHPHQWPLQLPDO0'0
06(%0DWKHPDWLFV6FLHQFH(GXFDWLRQ%RDUG 06.&& 0HPRULDO6ORDQ.HWWHULQJ&DQFHU&HQWHU
86$  86$ 
PVHF PHWULDOVHFRQGR 06/ 0DULQH6FLHQFHV/LEUDULHV
,WDOLDQDEEUHYLDWLRQPHDQLQJPHWUHVPHWHUVSHU 06/PVO0HDQ6HD/HYHOPHDQVHDOHYHO
VHFRQG *HRJUDSK\
06(+3$ 0RGHO6WDWH(PHUJHQF\+HDOWK3RZHUV 06/PVOPLGVWHUQDOOLQH
$FW 06/ SURWHLQV 0DOH6SHFLILF/HWKDOSURWHLQV
7KH8606(+3$ KDVEHHQZULWWHQXSRQUHTXHVW (SLJHQHWLFV
RI7KH&HQWHUVIRU'LVHDVH&RQWURODQG 060 0HQZKRKDYH6H[ZLWK0HQ
3UHYHQWLRQ 060 0RUHKRXVH6FKRRORI0HGLFLQH 86$ 
06)0VI 0HGLFL6HQ]D)URQWLHUH &DUGLRYDVFXODU5HVHDUFK
06) PLOLWDU\VXEIXQFWLRQ 060¶,QWHUQDWLRQDO&RQIHUHQFH ,QWHUQDWLRQDO
VRXVIRQFWLRQPLOLWDLUH &RQIHUHQFHRQ0RGHOLQJDQG6LPXODWLRQRI
06)%& 0XOWLVROLG)OXLGL]HG%HG&RPEXVWLRQ 0LFURV\VWHPV 86$ 
3URFHVV 060$ 0RQRVRGLXP$FLG0HWKDQHDUVRQDWH
)OXLGL]HGEHG&RPEXVWLRQ7HFKQRORJ\ 060$ LVDFU\VWDOOLQHVROLGKDYLQJDPHOWLQJ
06)= PLVVLOHVHHNHUIUHH]RQH SRLQWRI$&,WLVXVHGPDLQO\DVDQKHUEL
]RQHGHOLEHUWpG·DXWRGLUHFWHXUGHPLVVLOH FLGHDQGDVSUHSODQWWUHDWPHQW
06* DEEU 0HVVDJH 2UJDQLF &KHPLVWU\
&RPSXWHU3URJUDPPLQJ7HOHFRPPXQLFDWLRQV 0610DVWHURI6FLHQFHLQ1XUVLQJ
06* PDQSRZHUVFDOLQJJXLGH 0VQPVQ DEEU 0LVVLRQPLVVLRQ
QRUPHVG·XWLOLVDWLRQGHVHIIHFWLIV 061 7KHDLUSRUWFRGHIRU0DGLVRQ:LVFRQVLQ
06* 0RQRVRGLXP*OXWDPDWH 86$
0RQRVRGLXP*OXWDPDWHDOVRNQRZQDV6RGLXP 062 PLQHVZHHSHURFHDQ
*OXWDPDWHLVXVHGDVDIODYRXUHQKDQFHU GUDJXHXUGHPLQHVRFpDQLTXH
2UJDQLF&KHPLVWU\ 0620XOWLVWDJH2SHUDWLRQV
06*2 01&6WHHULQJ*URXSRQ2SHUDWLRQV 062: PRGXODUVWDQGRIIZHDSRQ
*URXSHGLUHFWHXUGHV*&2VXUOHVRSpUDWLRQV DUPHPRGXODLUHWLUpHjGLVWDQFHGHVpFXULWp
06+0HODQRF\WH6WLPXODWLQJ+RUPRQH 063 0RQREDVLF6RGLXP3KRVSKDWH
(QGRFULQRORJ\ 1D+32 0RQREDVLF6RGLXP3KRVSKDWHLVXVHG
06+$ 0DQQRQH6HQVLWLYH+HPDJJOXWLQDWLRQ PDLQO\LQG\HLQJDQGIRUEDNLQJSRZGHUV
([WUDFHOOXODU2UJDQHOOHV*HQRPLFV,PPXQRORJ\ ,QRUJDQLF &KHPLVWU\
0LFURELRORJ\


063 DSSURDFK 0XOWLSOH6KLHOGLQJ3RODUL]DELOLW\ 067& PLVVLOHDQGVSDFHWHVWFHQWUH


DSSURDFK FHQWUHG·HVVDLVVSDWLDX[HWGHPLVVLOHV
&KHPLVWU\ 06WKHRU\ 0D[LPXP6WUHVVWKHRU\
063% 0HULW6\VWHPV3URWHFWLRQ%RDUG 86$  0DWHULDOV6FLHQFH
065 PDLQVXSSO\URXWH 0672VWDUV 0DLQ6HTXHQFH7XUQRIIVWDUV
URXWHSULQFLSDOHGHUDYLWDLOOHPHQW $VWURSK\VLFV&XVWHUV0DLQVHTXHQFHVWDUV
PLOLWDU\VWDQGDUGL]DWLRQUHTXLUHPHQW 7KHUPRQXFOHDUIXVLRQ
EHVRLQPLOLWDLUHGHQRUPDOLVDWLRQ 06760LOLWDU\6HD7UDQVSRUWDWLRQ6HUYLFH
065 0HUFKDQW6KLS5HDFWRU 067= PLVVLOHVHHNHUWLJKW]RQH
065 0LVVLOH6LWH5DGDU ]RQHG·LQWHUGLFWLRQG·DXWRGLUHFWHXUGHPLVVLOH
(QJLQHHULQJ 068 0LFKLJDQ6WDWH8QLYHUVLW\ 86$ 
065 0ROWHQ6DOW5HDFWRU 068 0LFURZDYH6RXQGLQJ8QLW
1XFOHRQLFV )RUIXUWKHUGHWDLOVVHHXQGHU068V
065% 0XQLFLSDO6HFXULWLHV5XOHPDNLQJ%RDUG 068 0RQWDQD6WDWH8QLYHUVLW\ 86$ 
86$  068 PXOWLQDWLRQDOVSHFLDOL]HGXQLW
065& 0DULQH6FLHQFHV5HVHDUFK&HQWHU XQLWpPXOWLQDWLRQDOHVSpFLDOLVpH
8QLYHUVLW\DW6WRQ\%URRN6WDWH8QLYHUVLW\RI 068V 0LFURZDYH6RXQGLQJ8QLWV
1HZ<RUN 7KH068VDUHLQVWUXPHQWVFDUULHGE\VDWHOOLWHV
&RDVWDO2FHDQRJUDSK\0DULQH&RQVHUYDWLRQ WKDWFRPSLOHJOREDOWHPSHUDWXUHUHFRUGV
0DULQH6FLHQFH0DULQH6KHOOILVK%LRORJ\ $WPRVSKHULF5HVHDUFK&OLPDWH(DUWK2FHDQV
3RSXODWLRQ'\QDPLFV6KHOOILVK(FRORJ\ DQG6SDFH6WXGLHV*OREDO&KDQJH1DWXUDO
065' 0DULQH6HUYLFHV5HVHDUFK'LYLVLRQ 5HVRXUFH(FRORJ\
86$  069 PLQHVZHHSHUYHVVHO
065'KDVEHHQUHSODFHGE\&$5' EkWLPHQWGUDJXHXUGHPLQHV
066 0DQDJHPHQW6XSSRUW6\VWHP 069 0XULQH6DUFRPD9LUXV
066 0DQXIDFWXUHUV6WDQGDUGL]DWLRQ6RFLHW\ 9LURORJ\
066PVV0DQXVFULSWV 06: 0DJQHWLF6XUIDFH:DYH
0660DVV6WRUDJH6\VWHP 86$  06: 0DVWHURI6RFLDO:HOIDUH0DVWHURI6RFLDO
7KH066FRQWDLQVPRUHWKDQWHUDE\WHVRI :RUN
DWPRVSKHULFDQGRFHDQRJUDSKLFGDWD 06: 0XQLFLSDO6ROLG:DVWH
$WPRVSKHULF5HVHDUFK2FHDQRJUDSK\ 15(/·V*,6SURGXFHVFRORUFRGHGPDSVWKDWFODUL
0660HPEHURIWKH6WDWLVWLFDO6RFLHW\ I\FRPSOH[UHODWLRQVKLSV,QWKLVVWXG\DQDO\VWV
066 PLVVLOHVXUIDFHVXUIDFH ZDQWHGWRGHWHUPLQHZKLFKDUHDVRIWKH8QLWHG
VXUIDFHWRVXUIDFHPLVVLOH660 6WDWHVFRXOGVXSSRUWSRZHUSODQWVIXHOHGE\06:
066 0XOWLVSHFWUDO6FDQQHU *HRJUDSKLF,QIRUPDWLRQ6\VWHPPDSV
066' 0RGHO6HFRQGDU\6FKRROIRUWKH'HDI )RUIXUWKHUGHWDLOVVHHXQGHU*,6 DQG15(/
86$  06:'0HDQ6TXDUH:HLJKWHG'HYLDWLRQ
066) 0HFKDQLFDO6RFLDO6\VWHPV)RXQGDWLRQ 06< 0D[LPXP6XVWDLQDEOH<LHOG
-DSDQ  (FRORJ\
066RFLHW\ 0XOWLSOH6FOHURVLV6RFLHW\ 06< 7KHDLUSRUWFRGHIRU1HZ2UOHDQV
0664 0HWK\OVLOVHVTXLR[DQH ,QWHUQDWLRQDO1HZ2UOHDQV/RXLVLDQD86$
066WDUV 0DLQ6HTXHQFH6WDUV 06= PXWXDOVHFXULW\]RQH
$VWURQRP\0DWKHPDWLFV3K\VLFV ]RQHGHVpFXULWpFRPPXQH
)RUIXUWKHUGHWDLOVVHHXQGHU776 07 0DFKLQH7UDQVODWLRQ
06 6\VWHP 0DVWHU6ODYHV\VWHP 0DFKLQHWUDQVODWLRQLVDOVRNQRZQDV0HFKDQLFDO
&RPSXWHU7HFKQRORJ\ 7UDQVODWLRQ
067 0DODGLH6H[XHOOHPHQW7UDQVPLVVLEOH &RPSXWHU7HFKQRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU076 07 0DJQHWLF7DSH
067 0HVRVSKHUH6WUDWRVSKHUH7URSRVSKHUH (OHFWURQLFV
067 0HWKRGVIRU6\VWHPV7KLQNLQJ 07 0DJQHWRWHOOXULF
067 0RXQWDLQ6WDQGDUG7LPH *HRORJ\*HRSK\VLFV
067 DUHD 0HGLDO6XSHULRU7HPSRUDODUHD 07PW PW PDLOWUDQVIHU
&RJQLWLYH6FLHQFH1HXURSK\VLRORJ\ 07 0DOWD


07 0DVWHU7HUPLQDO WHPSVPR\HQHQWUHUpSDUDWLRQV
&RPSXWHU7HFKQRORJ\ 07& 0DQKDWWDQ7KHDWHU&OXE 86$ 
07 0DWHUD,WDO\ 07&0DVVDFKXVHWWV7HFKQRORJ\&ROODERUDWLYH
07 0HDQ7LPHPHDQWLPH 867HFKQRORJ\3URJUDPV
07 0HDVXUHG7LPH 07& 0LFURELRORJ\DQG7XPRUELRORJ\&HQWHU
07PWPW PHFKDQLFDOWUDQVSRUW 7KH07&LVDGHSDUWPHQWRIWKH.DUROLQVND
070HGLFDO7HFKQRORJLVW ,QVWLWXWH 6WRFNKROP6ZHGHQ 
07 PHJDWRQPHJDWRQV 07& 0LQLPXP7D[&UHGLW 86$ 
070HPEUDQD7\PSDQL 07& 0RGXOH7HUPLQDOGH&RPPXWDWLRQ
07 0HWDOORWKLRQHLQ 07& 07XEHUFXORVLV&RPSOH[
%LRFKHPLVWU\ %LRORJLFDO6FLHQFHV&HOO%LRORJ\0HGLFLQH
07PHWULFWRQ 0ROHFXODU%DFWHULRORJ\
07LVDOVRNQRZQDV0HJDJUDPDQG7RQQH,WLV 0WFU 0LVVLOHWHFKQRORJ\FRQWUROUHJLPH
HTXDOWRNJV 07&7 0RWKHU7R&KLOG7UDQVPLVVLRQ RI+,9 
0HWURORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU$59 WKHUDS\DQG
07 0LFURWXEXOH +,9
%LRORJLFDO,PDJLQJ&HOO%LRORJ\DQG0HWDEROLVP 07' 0D[LPXP7ROHUDWHG'RVH
+XPDQ'HYHORSPHQW PW'1$ PLWRFKRQGULDO'1$
07 0LOLWDU\7UDLQLQJ *HQHWLFV
070LQLVWHURGHO7HVRUR ,WDO\  )RUIXUWKHUGHWDLOVVHHXQGHU'1$
,WDOLDQLQLWLDOLVPRIWKH0LQLVWU\RI7UHDVXU\ PW'1$V PXWDQW'1$V
07 0LQLVWU\RI7UDQVSRUW 07'3 0ROHFXODU7DUJHWV'LVFRYHU\3URJUDP
07 DEEU 0RQWDQD 86$  2IWKH861&,
07PWPW PRWRUWDQNHU )RUIXUWKHUGHWDLOVVHXQGHU1&,
07PW PW PRWRUWUDQVSRUW 07(3 0LOLRQLGL7RQQHOODWHGL(TXLYDOHQWH
07PW PW DEEU PRXQW 3HWUROLIHUR
(QJLQHHULQJ0LOLWDU\6FLHQFH2UGQDQFH ,WDOLDQLQLWLDOLVPPHDQLQJ0LOOLRQVRI7RQVRI2LO
PW DEEU PRXQWDLQ (TXLYDOHQW
*HRJUDSK\ 07) PHGLFDOWUHDWPHQWIDFLOLW\
07$ PHVVDJHWUDQVIHUDJHQW LQVWDOODWLRQGHWUDLWHPHQWPpGLFDO
DJHQWGHWUDQVIHUWGHPHVVDJHV$70 PHVVDJHWH[WIRUPDW
07$ 0RWLRQ7LPH$QDO\VLV IRUPDWGHWH[WHGHPHVVDJH
7LPH6WXG\ 07) 0RGXODWLRQ7UDQVIHU)XQFWLRQ
P7 DLU PDULWLPH7URSLFDODLU 07)3 PHGLXPWHUPILQDQFLDOSODQ
07 DUHD 0LGGOH7HPSRUDODUHD RIWKHEUDLQ  SODQILQDQFLHUjPR\HQWHUPH3)07
)RUWKHGHWHFWLRQDQGSHUFHSWLRQRIPRWLRQ PLVVLRQWDLORUHGIRUFHSDFNDJH
07$V 0DWHULDOV7UDQVIHU$JUHHPHQWV HQVHPEOHGHIRUFHVDGDSWpjODPLVVLRQ
7HFKQRORJ\7UDQVIHU([FKDQJHRI0DWHULDOV 07)6 0HGLXP7HUP)LQDQFLDO6WUDWHJ\ *% 
+7$6 0LFUR7RWDO$QDO\VLV6\VWHPV PWJ DEEU PHHWLQJ
0LFURIOXLGLF6\VWHPV 0WJ DEEU PRUWJDJH
0WDVH 0HWK\OWUDQVIHUDVH0HWK\OWUDQVIHUDVH $OVRPWJH
(Q]\PRORJ\ PWJG DEEU PRUWJDJHG
07$Y 0RWKHU7RQJXH$YRLGDQFH PWJH DEEU PRUWJDJH
/LQJXLVWLFV $OVR0WJ
07% 0DWHULDOV7UDQVSRUWDWLRQ%XUHDX 86$  PWJHH DEEU PRUWJDJHH
07%0RWRU7RUSHGR%RDW PWJRU DEEU PRUWJDJRU
07%LVDOVRNQRZQDV0RVTXLWR%RDW3HWURO 07+ PHGLXPWUDQVSRUWKHOLFRSWHU
7RUSHGR%RDW KpOLFRSWqUHPR\HQGHWUDQVSRUW
1DYDO$UFKLWHFWXUH 0WK DEEU PRQWK
07%( 0HWK\O7HUWLDU\%XW\O(WKHU 07+)5 0HWK\OHQH7HWUDK\GURIRODWH
07%) 0HDQ7LPH%HWZHHQ)DLOXUHV 5HGXFWDVH
&RPSXWHU7HFKQRORJ\ PWKO\ DEEU PRQWKO\
07%5 PHDQWLPHEHWZHHQUHSDLUV 07,0RYLQJ7DUJHW,QGLFDWRU


(OHFWURQLFV UDGDUGHSRXUVXLWHGHPLVVLOHV
07,3 PHGLXPWHUPLPSOHPHQWDWLRQSODQ 075 DEEU 0RWRU
SODQGHPLVHHQ±XYUHjPR\HQWHUPH 0753 PHGLXPWHUPUHVRXUFHSODQ
PHGLXPWHUPLQIUDVWUXFWXUHSODQ SODQGHUHVVRXUFHVjPR\HQWHUPH3507
SODQG·LQIUDVWUXFWXUHjPR\HQWHUPH 076 0DODGLHj7UDQVPLVVLRQ6H[XHOOH0DODWWLDD
07,:* 0LOLWDU\7UDQVLWLRQDO,VVXHV:RUNLQJ 7UDVPLVVLRQH6HVVXDOH
*URXS )UHQFKDQG,WDOLDQLQLWLDOLVPPHDQLQJ6H[XDOO\
*URXSHGHWUDYDLOPLOLWDLUHVXUOHVTXHVWLRQVUHOD 7UDQVPLWWHG'LVHDVH
WLYHVjO·$OOLDQFHHQSpULRGHGHWUDQVLWLRQ 076 0DULQH7HFKQRORJ\6RFLHW\
07- 0HQGRFLQR7ULSOH-XQFWLRQ 076 0HUFDWRDOO·LQJURVVRGHL7LWROLGL6WDWR
07/ PLQLPXPWULJJHUOHYHO %DQNLQJ)LQDQFH
QLYHDXPLQLPDOGHGpFOHQFKHPHQW 076 0HVVDJH7ROO6HUYLFH
07/ UHJLRQV 0HGLDO7HPSRUDO/REHUHJLRQV 076 0HVVDJH7UDQVIHU6\VWHP
&RJQLWLYH1HXURVFLHQFH3V\FKRORJ\ 07V 0LFURWXEXOHV
PWOU51$ PLWRFKRQGULDOODUJHULERVRPDO51$ %LRORJLFDO,PDJLQJ&HOO%LRORJ\DQG0HWDEROLVP
%LRORJLFDO6FLHQFHV +XPDQ'HYHORSPHQW
)RUIXUWKHUGHWDLOVVHHXQGHU 51$ 0760XOWLWUDFN6WHUHR
PWOV DEEU PDWHULDOV $FRXVWLFDO (QJLQHHULQJ
0700HWKRG7LPH0HDVXUHPHQW 0762 0RELOH7HOHFRPPXQLFDWLRQV6ZLWFKLQJ
7LPH6WXG\ 2IILFH
0706 PDULWLPHWDFWLFDOPHVVDJHV\VWHP 0768 0LGGOH7HQQHVVHH6WDWH8QLYHUVLW\ 86$ 
V\VWqPHGHPHVVDJHVWDFWLTXHVPDULWLPHV 077 PRELOHWUDLQLQJWHDP
071%ORWV 0XOWLSOH7LVVXH1RUWKHUQ%ORWV pTXLSHPRELOHG·HQWUDvQHPHQW
&ORQWHFK/DERUDWRULHV 86$  077 0\REODVW7UDQVIHU7KHUDS\
3RO\$ 51$ 1RUWKHUQ%ORWV &HOO7KHUDS\&HOO7UDQVSODQWDWLRQ
071 0HGLXP7HUP1RWHV 86$  077) 0HDQ7LPH7R)DLOXUH
071/ 0DKDQDJDU7HOHSKRQH1LJDP ,QGLD  (QJLQHHULQJ
071/ LVVWDWHRZQHG 07750HDQ7LPH7R5HSDLU
072 0HGLFDO7HFKQLFDO2IILFHU (QJLQHHULQJ
072&0LFURWXEXOH2UJDQL]LQJ&HQWHU 0775 PHDQWLPHWRUHSDLUUHSODFH
&HOO%LRORJ\ DPR\HQQHGHVWHPSVGHVWUDYHDX[GHUpSDUD
072( 0WRH 0LOOLRQWRQQHVRIRLOHTXLYDOHQW WLRQUHPSODFHPHQW
P725 PDPPDOLDQ7DUJHW2I5DSDP\FLQ EWHPSVPR\HQGHUpSDUDWLRQUHPSODFHPHQW
0HGLFLQH0ROHFXODU3KDUPDFRORJ\2QFRORJ\ 07750HDQ7LPH7R5HVWRUH
6LJQDO7UDQVGXFWLRQ5DSDP\FLQVHQVLWLYH.LQDVH 7UDQVSRUWDWLRQ (QJLQHHULQJ
073 0DULWLPH7DFWLFDO3XEOLFDWLRQ 0780HWK\OWKLRXUDFLO
SXEOLFDWLRQWDFWLTXHPDULWLPH 0HWK\OWKLRXUDFLOLVXVHGLQWKHWUHDWPHQWRIK\SHU
073 0LFURVRPDOWULJO\FHULGH7UDQVIHU3URWHLQ WK\URLGLVP
'HIHFWVLQ073 FDXVHDEHWDOLSRSURWHLQHPLDGLV 3KDUPDFRORJ\
HDVH 07; 0HWKRWUH[DWH
'LVFRYHU\&KHPLVWU\0HGLFLQH3KDUPDFHXWLFDO $ GUXJDOVRNQRZQDV$PHWKRSWKLQXVHGWRWUHDW
5HVHDUFK3KDUPDFRNLQHWLFV OHXNHPLDDQGVHYHUDORWKHUFDQFHUV
073( 0LVVLRQ7R3ODQHW(DUWK1$6$·V 86$  3KDUPDFRORJ\
0W3. 0\RWRQLQ3URWHLQ.LQDVH 07< 7KHDLUSRUWFRGHIRU0RQWHUUH\0H[LFR
0735 0LQLDWXUH7HPSHUDWXUH3UHVVXUH5HFRUGHU 08 2PDQ
0750DWHULDO7HVWLQJ5HDFWRU 0X0DFKHXQLW
1XFOHRQLFV 08 0DNLQJ8S
075 0LQLDWXUH7HPSHUDWXUH5HFRUGHU P8PLOOLXQLW
7HPSHUDWXUH5HFRUGHUV 08 0RQHWDU\8QLW
07U 0LQLVWHURGHL7UDVSRUWL ,WDO\  08$ 0XOWL8QLW$FWLYLW\
,WDOLDQDEEUHYLDWLRQRIWKH0LQLVWU\RI3XEOLF 08$7 PRELOHXQGHUZDWHUDFRXVWLFXQLW
7UDQVSRUW GLVSRVLWLIDFRXVWLTXHVRXVPDULQPRELOH
075 PLVVLOHWUDFNLQJUDGDU 08& PLOOLRQG·XQLWpVGHFRPSWH


PLOOLRQDFFRXQWLQJXQLWV 086& 0HGLFDO8QLYHUVLW\RI6RXWK&DUROLQD


08& 7KHDLUSRUWFRGHIRU0XQLFK*HUPDQ\ 86$ 
08&, PLOOLRQG·XQLWpVGHFRPSWHG·LQIUDVWUXFWXUH 086(6% 6HFRQG0X6SDFH(QJLQHHULQJ6DWHOOLWH
DPLOOLRQLQIUDVWUXFWXUHDFFRXQWLQJXQLWV 7KH086(6%ZDVODXQFKHGRQWK )HEUXDU\
0,$8 DQGDIWHULWVODXQFKLWZDVUHQDPHG+$/&$
EPLOOLRQLQWHUQDWLRQDODFRXQWLQJXQLWV )RUIXUWKHUGHWDLOVVHHXQGHU+$/&$
08) 0DWHULDO8QDFFRXQWHG)RU 086,67 0XOWLPHGLD8VHU,QWHUIDFHVIRU,QWHUDFWLYH
(YDOXDWLRQ 6HUYLFHVDQG79
08)PXI 0D[LPXP8VDEOH)UHTXHQF\ (XURSHDQ&RPPXQLW\3URMHFW
7HOHFRPPXQLFDWLRQV 0867 0DOD\VLDQ8QLYHUVLW\RI6FLHQFHDQG
08* PXOWLXVHUJURXS 7HFKQRORJ\ 0DOD\VLD 
DJURXSHG·XWLOLVDWHXUVPXOWLSOHV 7KH0867 FDPSXVZLOOEHEXLOWRYHUWKHQH[W
EJURXSHPXOWLXWLOLVDWHXU \HDUVLQDQDUHDNP1RUWKRI.XDOD/XPSXU
08, ,QGRQHVLDQ8OHPDV&RXQFLO $GYDQFHG0DQXIDFWXULQJ%LRFKHPLVWU\
08,LVWKHKLJKHVW,QGRQHVLDQ0XVOLPERG\ 0DWHULDOV0LFURHOHFWURQLFV:DWHU5HVRXUFHV
DXWKRUL]HGWRUHOHDVHUHOLJLRXVUXOLQJVRUODEHOVRI 0DQDJHPHQW
KDODO DOORZHG RQSURFHVVHGIRRGSURGXFWVGLV 0867 0DQQHG8QGHUVHD6FLHQFHDQG7HFKQRORJ\
WULEXWHGLQWKHFRXQWU\ 0867 0XOWLSXUSRVH8VHURULHQWHG6RIWZDUH
PXO DEEU PXOWLSOH[HU 7HFKQRORJ\
(OHFWURQLFV 086<& 08OWLIXQFWLRQDOPLQLURERW6<VWHPIRU
PXOW DEEU PXOWLSOH HQGRVFRS\(XURSHDQ&RPPXQLW\
(OHFWULFLW\0DWKHPDWLFV 6FLHQFH 08; DEEU 0XOWLSOH[
PXOW DEEU PXOWLSOLHU &DUWRJUDSK\7HOHFRPPXQLFDWLRQV
(OHFWULFLW\(OHFWURQLFV0DWKHPDWLFV 08; PX[ DEEU 0XOWLSOH[HU
08/7,&6 08/7LSOH[HG,QIRUPDWLRQDQG (OHFWURQLFV
&RPSXWLQJ6\VWHP 08=0 0DNHUHUH8QLYHUVLW\=RRORJ\0XVHXP
PXOWO DEEU PXOWLSOH $QDWRPLFDO6FLHQFHV$QWKURSRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHUPXOW *HRFKURQRORJ\
PXQ DEEU PXQLFLSDO 09 0DOGLYH,VODQGV
$OVRPXQLF vOHV0DOGLYHV
081,6 081LFLSDO6HFXULWLHV 86$  PLOLWDU\YLJLODQFH
08320D[LPXP8QGLVWRUWHG3RZHU2XWSXW YLJLODQFHPLOLWDLUH
(OHFWURQLFV PY PDUNHWYDOXH
0833,(6 0LGGOH$JHG8UEDQ3URIHVVLRQDOV %XVLQHVV(FRQRPLFV)LQDQFH
86$  09 PY0HDQ9DULDWLRQ
085$ 0LGZHVWHUQ8QLYHUVLWLHV5HVHDUFK 09 0HDVOHV9LUXV
$VVRFLDWLRQ 86$  09 LVDOVRNQRZQDV5XEHROD9LUXV
085,0 08OWLGLPHQVLRQDO5HFRQVWUXFWLRQDQG 9LURORJ\
,PDJLQJLQ0HGLFLQH 09 0HJDYROW
0HGLFLQH 7KH09 LVHTXDOWRPLOOLRQYROWV
0855 0LVVRXUL8QLYHUVLW\5HVHDUFK5HDFWRU (OHFWULFLW\
0855RSHUDWHVD0: OLJKWZDWHUPRGHUDWHG 0Y7KHFKHPLFDOV\PEROIRU0HQGHOHYLXP
UHDFWRUWKDWLVRSHUDWLRQDOPRUHWKDQRIUHDO )RUIXUWKHUGHWDLOVVHHXQGHU0G
WLPH 09 0HUFKDQW9HVVHO
5HVHDUFK5HDFWRUV +9 PLFURYROW
08567 0LQLVWHURGHOO·8QLYHUVLWjHGHOOD5LFHUFD +9 LVHTXDOWRRQHPLOOLRQWKRIDYROW
6FLHQWLILFDH7HFQRORJLFD ,WDO\  P9PY PLOOLYROW
086 0HGLFDO8QLYHUVLW\RI6LOHVLD 3RODQG  (OHFWULFLW\ 2QHWKRXVDQGWKRIDYROW
08V 0RQH\8QLWV 09 0LQLPXP9LWDO
PXV DEEU PXVHXPPXVLFPXVLFDO 09 0RWRU9HVVHO
086$ 0XOWLSOH8QLW6WHHUDEOH$QWHQQD 09 0RWRYHOLHUR
(OHFWURPDJQHWLVP ,WDOLDQLQLWLDOLVPPHDQLQJ$X[LOLDU\6DLOLQJ6KLS
09$ 0DQXDO9DFXXP$VSLUDWLRQ


%LRSV\DQG8WHULQH(YDFXDWLRQ0HGLFDO PDULWLPHZDUKHDGTXDUWHUV
,QVWUXPHQWV TXDUWLHUJpQpUDOGHJXHUUHPDULWLPH 4**0 
09$ 0DUNHW9DOXH$GGHG PRELOHZDUKHDGTXDUWHUV
(VVHQWLDOO\09$ LVWKHPHDVXUHRIVKDUHKROGHU TXDUWLHUJpQpUDOGHJXHUUHPRELOH 4**0 
ZHDOWKEHFDXVHLWFRPSDUHVUHVRXUFHVLQYHVWHGE\ 0:,$ 0HGLFDO:RPHQ·V,QWHUQDWLRQDO$VVRFLDWLRQ
OHQGHUVDQGVKDUHKROGHUVZLWKWKHLUFXUUHQWYDOXH *HUPDQ\ 
LQWKHPDUNHWSODFH 7KH0:,$ ZDVIRXQGHGLQWRIDFLOLWDWHFRQ
(FRQRPLFV)LQDQFH WDFWVEHWZHHQPHGLFDOZRPHQ
)RUIXUWKHUGHWDLOVVHHXQGHU(9$ 0:/ 0HWHRULF:DWHUOLQH
09$0YD0HJDYROW$PSHUH *URXQGZDWHU5HVHDUFK,VRWRSLF6LJQDWXUHV
09$ 0RGLILHG9DFFLQLD$QNDUD 0LQHUDO([FKDQJH
0HGLFLQH9DFFLQH9HFWRUV 0:0 0RWLI:LQGRZ0DQDJHU
09% 0XOWLYHVLFXODU%RGLHV 0:17V 0XOWLZDOOHG1DQRWXEHV
09%50XOWLYLEUDWRU 0XOWLZDOOHG3K\VLFV
(OHFWURQLFV 0: 23 PLQHZDUIDUHRSHUDWLRQ
PYFPDQXDOYROXPHFRQWURO RSpUDWLRQGHJXHUUHGHVPLQHV
09& 0D[LPDO9ROXQWDU\&RQWUDFWLRQ 0:3 0LQH:DUIDUH3XEOLFDWLRQ
0RWRU8QLWV0XVFOH0DVV3K\VLRORJ\ 3XEOLFDWLRQOXWWH JXHUUH GHVPLQHV
09(0HWK\O9LQ\O(WKHU 0:5 PRUDOHZHOIDUHDQGUHFUHDWLRQ DFWLYLWLHV 
09(0XUUD\9DOOH\(QFHSKDOLWLV DFWLYLWpV VRFLRUpFUpDWLYHV
7KH0XUUD\9DOOH\(QFHSKDOLWLVLVDEUDLQLQIODP 0:6 0LFURZDYH6SHFWURPHWHU
PDWLRQWKDWFDXVHGDQHSLGHPLFLQWKHHDUO\V 0:6 PLVVLOHZDUQLQJV\VWHP
LQWKH0XUUD\9DOOH\ $XVWUDOLD  V\VWqPHG·DOHUWH DX[ PLVVLOHV
0HGLFLQH 0:60XOWLZRUN6WDWLRQ
090 0DULQHU9HQXV0HUFXU\ 0:65 0LFURZDYH:DWHU6XEVWDQFH5DGLRPHWHU
093&%0RWRU9HKLFOH3ROOXWLRQ&RQWURO%RDUG 0: 7K 0HJDZDWW7KHUPDO
095 0LQLVDWHOOLWH9DULDQW5HSHDW 1XFOHRQLFV
'1$ 9DULDWLRQ$QDO\VLV*HQHWLF,GHQWLILFDWLRQ 0:75 PLQHZDUIDUHWHVWLQJUDQJH
7HVWV SRO\JRQHG·HVVDLGHJXHUUHGHVPLQHV
096 0XOWLSOH9LUWXDO6WRUDJH 0:9 0D[LPXP:RUNLQJ9ROWDJH
09660RWRU9HKLFOH6DIHW\6WDQGDUG (OHFWULFLW\
097 0RWGH9HUURXLOODJHGH7UDPH 0:9 PLQHZDUIDUHYHVVHO
099 0D[LPXP9ROXQWDU\9HQWLODWLRQ EkWLPHQWGHJXHUUHGHVPLQHV
0Z0HJDZDWW 0:9 IORZ0RGXODWHG:DY\9RUWH[IORZ
P:PZPLOOLZDWW 0:<U 0HJDZDWW<HDU
0HWURORJ\ 0[0D[ZHOOPD[ZHOO
0: PLQHZDUIDUH (OHFWURPDJQHWLVP
JXHUUHGHVPLQHV 0; 0H[LFR
0: 0RXQW:DVKEXUQ $OVR0(;
0:$ PHPRUDQGXPRIZRUNLQJDJUHHPHQW 0[ DEEU 0LGGOHVH[ *% 
PpPRUDQGXPGHPLVHHQ±XYUH 0< 0DOD\VLD
PRUDOHDQGZHOIDUHDFWLYLWLHV P\ DEEU 0D\HU
DFWLYLWpVVRFLRUpFUpDWLYHV 7KHUPRG\QDPLFV
0:% 0HWURSROLWDQ:DWHU%RDUG 0\ 0LOOLRQ\HDUV
0:& 0D[LPDO:RUN&DSDFLW\ 0\ DEEU 0\RSLD
0:& PLQHZDUIDUHFRRUGLQDWRU 0\RSLDLVDOVRNQRZQDV1HDUVLJKWHGQHVV
FRRUGRQQDWHXUGHODJXHUUHGHVPLQHV 0HGLFLQH
0:&) 0RQWDQD:RPHQ·V&DSLWDO)XQG 86$  P\F DEEU P\FRORJ\
0:'V 0ROHFXODU:HLJKW'LVWULEXWLRQV %RWDQ\ 0\FRORJ\LVWKHVWXG\RIIXQJL
0: ( 0:(0ZH0HJDZDWW(OHFWULF 0\+& 0\RVLQ+HDY\&KDLQ
1XFOHRQLFV 0<,3 <HOORZ)OXRUHVFHQW3URWHLQPROHFXOHV
0:+4 PDLQZDUKHDGTXDUWHUV 0<5 PLG\HDUUHYLHZ
TXDUWLHUJpQpUDOGHJXHUUHSULQFLSDO 4**3  H[DPHQGHPLH[HUFLFH


0=0RQR]\JRWLFPRQR]\JRXV
0= 0RWR]DWWHUD
,WDOLDQLQLWLDOLVPPHDQLQJPRWRUUDIWODQGLQJ
FUDIW
0= 0R]DPELTXH
0=RQH 0DQXIDFWXULQJ=RQH


1$$ 1HXWURQ$FWLYDWLRQ$QDO\VLV

1 1HXWURQDFWLYDWLRQDQDO\VLVLVDOVRNQRZQDV
$FWLYDWLRQ$QDO\VLV
1XFOHDU(QJLQHHULQJ
11DVDO 1$$ 1DWLRQDO$HURQDXWLF$VVRFLDWLRQ
$QDWRP\ 1$$ 1RUWK$WODQWLF$VVHPEO\
11HXWURQQXPEHU $VVHPEOpHGHO·$WODQWLTXH1RUG $$1 
1XFOHDU3K\VLFV QDD QRWDOZD\VDIORDW
11HZWRQ 1$$$ _1DSKWKDOHQHDFHWLF$FLG
0HWURORJ\ 1$$$ LVXVHGPDLQO\WRSURPRWHJURZWKRIURRWV
17KHFKHPLFDOV\PEROIRU1LWURJHQ LQSODQWFXWWLQJV
1LWURJHQLVXVHGPDLQO\DVDQLQHUWJDVDQGUHIULJ 1$$%6$ 1RW$OZD\V$IORDW%XW6DIH$JURXQG
HUDQW 1$$&3 1DWLRQDO$VVRFLDWLRQIRUWKH$GYDQFHPHQW
&KHPLVWU\6\PEROV RI&RORXUHG3HRSOH 86$ 
1QRUPDO 1$$(( 1RUWK$PHULFDQ$VVRFLDWLRQRI
&KHPLVWU\0DWKHPDWLFV0HGLFLQH0HWHRURORJ\ (QYLURQPHQWDO(GXFDWRUV 86$ 
2UJDQLF&KHPLVWU\ 1$$* 1$72$UP\$UPDPHQWV*URXS
1QRUWK *URXSH27$1VXUO·DUPHPHQWGHVIRUFHVWHU
1 1RUZD\·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU UHVWUHV
1 1XFOHXV 1$$/ 1HWZRUNRI$ODEDPD$FDGHPLF/LEUDULHV
$VWURQRP\&HOO%LRORJ\&RPSXWHU 86$ 
3URJUDPPLQJ+\GURORJ\1XFOHDU3K\VLFV 1$$/'1LJHULDQ$VVRFLDWLRQRI$JULFXOWXUDO
6FLHQFH /LEUDULDQVDQG'RFXPHQWDOLVWV
1$ 1DPLQJ$XWKRULW\ 1$$461DWLRQDO$PELHQW$LU4XDOLW\6WDQGDUGV
1$ 1DSROL,WDO\ (QYLURQPHQWDO+HDOWK6FLHQFHV
1$ 1DUFRWLFV$QRQ\PRXV 1$% 1DWLRQDO$XVWUDOLD%DQN
)RXQGHGLQWKH86$LQ VHOIKHOS  1$%LVWKHODUJHVWDQGVWURQJHVWEDQNLQ$XVWUDOLD
1$ 1HW$VVHWV 1$% 1$72$SSHDOV%RDUG
%XVLQHVV(FRQRPLFV)LQDQFH &RPPLVVLRQGHVUHFRXUVGHO·27$1
1$ 1HWKHUODQGV$QWLOOHV 1$% 1HXURELRORJ\DQG$QHVWKHVLRORJ\%UDQFK
1$1$1HXWUDO$[LV 1$% 1HXWUDOL]LQJ$QWLERG\
0HFKDQLFV 0HGLFLQH
1$ 1HZ$FFRXQW 1$%$ 1XRYD$FFDGHPLDGL%HOOH$UWL
1D QRDGYLFHQRQDFFHSWDQFH ,WDOLDQ$FDGHP\
1$ 1RPLQD$QDWRPLFD 1$%( 1DWLRQDO$VVRFLDWLRQIRU%LOLQJXDO
1RPLQD$QDWRPLFDZDVDGRSWHGLQ (GXFDWLRQ
0HGLFLQH 1$%( 1DWLRQDO$VVRFLDWLRQRI%DU([HFXWLYHV
1$ 1RUDGUHQDOLQH &KLFDJR,OOLQRLV86$
1$1RUWK$PHULFD 1$%( 1DWLRQDO$VVRFLDWLRQRI%XVLQHVV
1$ 1RW$SSOLFDEOH (FRQRPLVWV 86$ 
1$ 1RW$SSURSULDWHG 1D%) )HUUXFLWH
1$ 1RW$XWKRUL]HG )HUUXFLWHLVIRXQGRQ0RXQW9HVXYLXV ,WDO\ 
1$ 1RW$YDLODEOH 0LQHUDORJ\
1$1$1XPHULFDO$SHUWXUH 1D%L2 6RGLXP%LVPXWKDWH
2SWLFV 1D%L2DOVRNQRZQDV6RGLXP0HWDELVPXWKDWH
1$ 1XUVH·V$LGH LVXVHGPDLQO\LQSKDUPDFHXWLFDOV
0HGLFLQH ,QRUJDQLF&KHPLVWU\
1D7KHFKHPLFDOV\PEROIRU6RGLXP 1$%2 1RUWK$WODQWLF%LRFXOWXUDO2UJDQL]DWLRQ
6RGLXPLVXVHGPDLQO\DVDSRO\PHUL]DWLRQFDWD 1$%2LVKHDGTXDUWHUHGDWWKH&LW\8QLYHUVLW\RI
O\VWDQGLQFDEOHV DVDFRQGXFWRU  1HZ<RUN 86$ 
1$$ 1DWLRQDO$FDGHP\RI$UELWUDWRUV :DVKLQJWRQ 1D%2 6RGLXP0HWDERUDWH
'&86$  6RGLXP0HWDERUDWHLVXVHGDVDQKHUELFLGH
1$$ 1DWLRQDO$VVRFLDWLRQRI$FFRXQWDQWV 86$  ,QRUJDQLF&KHPLVWU\


1$%V 1HXWUDOL]LQJ$QWLERGLHV &RPLWpGHVV\VWqPHVGHFRPPXQLFDWLRQHWG·LQIRU


$OVR1DV PDWLRQGHO·27$1>REVROqWHYRLU1&%@
0HGLFLQH 1$&,62 1$72&RPPXQLFDWLRQVDQG,QIRUPDWLRQ
1$%6 1$72DLUEDVH6$7&20 V\VWHP  6\VWHPV2UJDQL]DWLRQ>REVROHWHVHH1&@
V\VWqPH 6$7&20GHVEDVHVDpULHQQHVGH 2UJDQLVDWLRQGHVV\VWqPHVGHFRPPXQLFDWLRQHW
O·27$1 G·LQIRUPDWLRQGHO·27$1>REVROqWHYRLU1&@
1$%7 1DWLRQDO$VVRFLDWLRQRI%LRORJ\7HDFKHUV 1D&O +DOLWH
7KH1$%7 ZDVHVWDEOLVKHGLQWKH86$LQ +DOLWHLVDOVRNQRZQDV5RFN6DOW&RPPRQ6DOW
1$& 1DUURZ$QJOH&DPHUD 0LQHUDORJ\
1$&1DWLRQDO$FFHOHUDWRU&HQWHU 1D&O 6RGLXP&KORULGH
7KH1DWLRQDO$FFHOHUDWRU&HQWHULVORFDWHGQHDU 6RGLXP&KORULGHFRPPRQWDEOHVDOWEHVLGHVVHD
&DSH7RZQ 6RXWK$IULFD  VRQLQJLVXVHGSDUWLFXODUO\LQPHGLFLQHDQGIRUWKH
1XFOHDU3K\VLFV SURGXFWLRQRIFKHPLFDOV
1$& 1HZO\$VVRFLDWHG&RXQWULHV ,QRUJDQLF&KHPLVWU\
(XURSHDQ&RPPXQLW\ 1$&0$ 1$72$LU&RPPDQGDQG&RQWURO6\VWHP
1$& 1RQ$OLJQHG&RXQWULHV 0DQDJHPHQW$JHQF\
1$&1RUWK$WODQWLF&RXQFLO $JHQFH27$1GHJHVWLRQGXV\VWqPHGHFRPPDQ
&RQVHLOGHO·$WODQWLTXH1RUG &$1  GHPHQWHWGHFRQWU{OHDpULHQV
QDF 1XFOHXV$FFXPEHQVQXFOHXVDFFXPEHQV 1$&0( 1DWLRQDO$FWLRQ&RXQFLOIRU0LQRULWLHVLQ
1$&$ 1DWLRQDO$GYLVRU\&RPPLWWHHIRU (QJLQHHULQJ 86$ 
$HURQDXWLFV 86$  1$&02 1$72$LU&RPPDQGDQG&RQWURO6\VWHP
7KH1$&$ LVWKHSUHGHFHVVRURI1$6$ 0DQDJHPHQW2UJDQL]DWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU1$6$ 2UJDQLVDWLRQ27$1GHJHVWLRQGXV\VWqPHGH
1$&$ 1DWLRQDO$VVRFLDWLRQIRU&RXUW FRPPDQGHPHQWHWGHFRQWU{OHDpULHQV
$GPLQLVWUDWLRQ 9LUJLQLD86$  1$&02%2' 1$72$&&60DQDJHPHQW
1D&D 62  *ODXEHULWH 2UJDQL]DWLRQ%RDUGRI'LUHFWRUV
*ODXEHULWHLVIRXQGLQQLWUDWHDQGVDOWGHSRVLWV &RPLWpGHGLUHFWLRQGHO·2UJDQLVDWLRQ27$1GH
0LQHUDORJ\ JHVWLRQGHO·$&&6
1$&& 1RUWK$WODQWLF&RRSHUDWLRQ&RXQFLO>REVR 1D&1 6RGLXP&\DQLGH
OHWHUHSODFHGE\($3&@ 1D&1LVXVHGLQHOHFWURSODWLQJDQGIRUPDQ\
&RQVHLOGHFRRSpUDWLRQQRUGDWODQWLTXH &&1$ LQGXVWULDOXVHV
>REVROqWHUHPSODFpSDU&3($@ ,QRUJDQLF&KHPLVWU\
1$&&,6 1$72DXWRPDWHGFRPPDQGDQGFRQWURO 1$&2 1DWLRQDO$,'6&RQWURO2UJDQL]DWLRQ
LQIRUPDWLRQV\VWHP>LQFOXGHV0&&,6@ ,QGLDQ2UJDQL]DWLRQ
V\VWqPHG·LQIRUPDWLRQGHO·27$1SRXUOHFRP 1$&2$ 1DWLRQDO$GYLVRU\&RPPLWWHHRQ2FHDQV
PDQGHPHQWHWOHFRQWU{OH>FRPSUHQGOH0&&,6@ DQG$WPRVSKHUH 86$ 
1$&'/ 1DWLRQDO$VVRFLDWLRQRI&ULPLQDO'HIHQVH 1$&2/$'61DWLRQDO&RXQFLO2Q/LEUDULHV
/DZ\HUV +RXVWRQ7H[DV86$  $UFKLYHVDQG'RFXPHQWDWLRQ6HUYLFHV
1$&( 1DWLRQDO$VVRFLDWLRQRI&RUURVLRQ(QJLQHHUV 1$&26 1$72FRXULHUVHUYLFH
86$  VHUYLFHFRXUULHUGHO·27$1
Q$&K5QHXURQDO$FHW\OFKROLQH5HFHSWRU 1$&26$ 1$72&,62SHUDWLQJDQG6XSSRUW
1HXURELRORJ\ 1HXURORJ\ 1HXURVFLHQFH 6LJQDO $JHQF\
7UDQVGXFWLRQ $JHQFH27$1G·H[SORLWDWLRQHWGHVRXWLHQGHV
Q$&K5 1LFRWLF$FHW\OFKROLQH5HFHSWRU 6,&
&KHPLVWU\&KHPLFDO(QJLQHHULQJ 1$&SHSWLGH 1RQDP\ORLG&RPSRQHQHWSHSWLGH
1$&,6$ 1$72&RPPXQLFDWLRQVDQG,QIRUPDWLRQ 0HGLFLQH1HXURVFLHQFH3DWKRORJ\3V\FKLDWU\
6\VWHPV$JHQF\>REVROHWHLQFRUSRUDWHGLQWR 1$&5( 1RUWK$PHULFDQ&RDOLWLRQRQ5HOLJLRQDQG
1&$@ (FRORJ\ 86$ 
$JHQFHGHVV\VWqPHVGHFRPPXQLFDWLRQHWG·LQ QDFUH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
IRUPDWLRQGHO·27$1>REVROqWHLQWpJUpHGDQVOD XVLQJWKHZRUGQDFUHDOVRNQRZQDVPRWKHURI
1&$@ SHDUO
1$&,6& 1$72&RPPXQLFDWLRQVDQG,QIRUPDWLRQ ,QYHUWHEUDWH=RRORJ\
6\VWHPV&RPPLWWHH>REVROHWHVHH1&%@


1$&6, 1$72$GYLVRU\&RPPLWWHHRQ6SHFLDO GpSHQVHVDGPLQLVWUDWLYHVQDWLRQDOHV '$1 


,QWHOOLJHQFH 1$( 1XFOHDU$VWURSK\VLFV([SORUHU
&RPLWpFRQVXOWDWLI27$1VXUOHUHQVHLJQHPHQW 1$(*,6 1$72$LUERUQH(DUO\:DUQLQJ*URXQG
VSpFLDO (QYLURQPHQW,QWHJUDWLRQ6HJPHQW
1$&6,6 1$WLRQDO&HQWHUIRU6FLHQFH,QIRUPDWLRQ VHJPHQWG·LQWpJUDWLRQHQWUHO·LQIUDVWUXFWXUHpOHF
6\VWHP WURQLTXHHWOHV\VWqPHDpURSRUWpGHGpWHFWLRQORLQ
-DSDQHVH&HQWHUV WDLQHGHO·27$1
1$&8$ 1DWLRQDO$VVRFLDWLRQRI&ROOHJHDQG 1$(0% 1DWLRQDO$FDGHP\RI(QJLQHHULQJ0DULQH
8QLYHUVLW\$WWRUQH\V 86$  %RDUG
1$' QDWLRQDODUPDPHQWVGLUHFWRU 1$(3 1DWLRQDO$JHQF\IRU(QYLURQPHQWDO
GLUHFWHXUQDWLRQDOGHVDUPHPHQWV 3URWHFWLRQ 'HQPDUN 
1$'1LFRWLQDPLGH$GHQLQH'LQXFOHRWLGH 1$(3 1DWLRQDO$VVHVVPHQWRI(GXFDWLRQDO
1$'LVDFRHQ]\PHWKDWLVLQYROYHGLQPDQ\ 3URJUHVV
HQ]\PDWLFUHDFWLRQV 86(GXFDWLRQ
(Q]\PRORJ\ 1$(: VHH1$(: &6
1$'1LWULF$FLG'LK\GUDWH YRLU1$(: &6
1$' 1R$SSUHFLDEOH'LVHDVH 1$(: &)& 1$72$LUERUQH(DUO\:DUQLQJDQG
1$'$ 1DWLRQDO$XWRPRELOH'HDOHUV$VVRFLDWLRQ &RQWURO)RUFH&RPPDQG>ZKHQUHIHUULQJWRWKH
86$  KHDGTXDUWHUVWKH($ &RPSRQHQWDQGWKH('
1$' % 1DWLRQDO$LU'DWD %UDQFK  &RPSRQHQW@
1$'%DQN 1RUWK$PHULFDQ'HYHORSPHQW%DQN &RPPDQGHPHQWGHOD)RUFHDpURSRUWpHGHGpWHF
1$'& 1$72$LU'HIHQFH&RPPLWWHH WLRQORLQWDLQHHWGHFRQWU{OHGHO·27$1>HQJOREH
&RPLWp27$1GHGpIHQVHDpULHQQH OHTXDUWLHUJpQpUDOO·eOpPHQW($ HWO·eOpPHQW(
1$''2 1$72GHVLJQDQGGHYHORSPHQWREMHFWLYH '@
REMHFWLI27$1G·pWXGHHWGHGpYHORSSHPHQW 1$(: &)RUFH 1$72$LUERUQH(DUO\:DUQLQJ
1$'((6 1$72DLUGHIHQFHHOHFWURQLFHQYLURQPHQW DQG&RQWURO)RUFH
V\VWHP )RUFHDpURSRUWpHGHGpWHFWLRQORLQWDLQHHWGHFRQ
V\VWqPHG·LQIUDVWUXFWXUHpOHFWURQLTXHGHODGpIHQVH WU{OHGHO·27$1
DpULHQQHGHO·27$1 1$(: &6 1$72$LUERUQH(DUO\:DUQLQJDQG
1$'()&2/ 1$72'HIHQFH&ROOHJH &RQWURO6\VWHP
&ROOqJHGHGpIHQVHGHO·27$1 V\VWqPHDpURSRUWpGHGpWHFWLRQORLQWDLQHHWGHFRQ
1$'*( 1$72$LU'HIHQFH*URXQG(QYLURQPHQW WU{OHGHO·27$1
LQIUDVWUXFWXUHpOHFWURQLTXHGHODGpIHQVHDpULHQQH 1$(:) LQFRUUHFWXVH1$(: &)RUFH
GHO·27$1 LQFRUUHFWXWLOLVHU1$(: &)RUFH
1$',5 1,/8
V$WPRVSKHULF'DWDEDVHIRU 1$(:)& LQFRUUHFWXVH1$(: &)&
,QWHUDFWLYH5HWULHYDO LQFRUUHFWXWLOLVHU1$(: &)&
)RUIXUWKHUGHWDLOVVHHXQGHU1,/8 1$) 1RQ$SSURSULDWHG)XQGV
1$'3+1LFRWLQDPLGH$GHQLQH'LQXFOHRWLGH %XVLQHVV(FRQRPLFV)LQDQFH
3KRVSKDWH 1D) 6RGLXP)OXRULGH
$OVR1$'3 1D)LVXVHGPDLQO\LQWRRWKSDVWHVDQGDVDQLQVHF
(Q]\PRORJ\0ROHFXODU%LRORJ\ WLFLGHDQGIXQJLFLGH
1$'5 1DYDO$LU'HYHORSPHQW&HQWHU ,QRUJDQLF&KHPLVWU\
1$'5(36 QDWLRQDODUPDPHQWVGLUHFWRUV· UHSUHVHQ 1$)$* 1$72$LU)RUFH$UPDPHQWV*URXS
WDWLYHV *URXSH27$1VXUO·DUPHPHQWGHVIRUFHVDpUL
UHSUpVHQWDQWVGHVGLUHFWHXUVQDWLRQDX[GHVDUPD HQQHV
PHQWV 1$)21RUWK:HVW$WODQWLF)LVKHULHV2UJDQL]DWLRQ
1$'5(; 0DMRU1$72&RPPDQGHUV· ([HUFLVH 1$)6 1$72$XWRPDWHG)LQDQFLDO6\VWHP
'LUHFWLYH>REVROHWHUHSODFHGE\(3*@ V\VWqPHILQDQFLHUDXWRPDWLVpGHO·27$1
'LUHFWLYHG·H[HUFLFHGHV*UDQGV&RPPDQGHPHQWV 1$)7$ 1RUWK$PHULFDQ)UHH7UDGH$JUHHPHQW
GHO·27$1>REVROqWHUHPSODFpSDUO·(3*@ 1$* QDWLRQDODUPDPHQWJRDOV
1$': 1RUWK$WODQWLF'HHS:DWHU REMHFWLIVQDWLRQDX[G·DUPHPHQW
1$( 1DWLRQDO$FDGHP\RI(QJLQHHULQJ 86$  1$* 1HW$QQXDO*DLQ
1$( QDWLRQDODGPLQLVWUDWLYHH[SHQVHV %XVLQHVV(FRQRPLFV)LQDQFH


1$* 1XPHULFDO$QDO\VLV*URXS 2[IRUG*%  1$/*2$VVRFLDWLRQ 1DWLRQDO$QG/RFDO


1$*$5$ 1DWLRQDO$VVRFLDWLRQRI*RYHUQPHQW *RYHUQPHQW2IILFHUV$VVRFLDWLRQ
$UFKLYLVWVDQG5HFRUGV$GPLQLVWUDWRUV 1$// 1LJHULDQ$VVRFLDWLRQRI/DZ/LEUDULHV
1$ JHQH 1HXUDPLQLGDVHJHQH 1$//$ 1DWLRQDO/RQJ/LQHV$JHQF\
1$*3 1DWLRQDO$QLPDO*HUPSODVP3URJUDP %XUHDXQDWLRQDOGHVOLJQHVjJUDQGHGLVWDQFH
86'$·V 1$/6 QDWLRQDOOLDLVRQVWDII
*HUPSODVPSUHVHUYDWLRQRIDJULFXOWXUDODQLPDO SHUVRQQHOGHOLDLVRQQDWLRQDO
VSHFLHV 1$/66 QDYDODGYDQFHGORJLVWLFVXSSRUWVLWH
)RUIXUWKHUGHWDLOVVHHXQGHU86'$ VLWHDYDQFpGHVRXWLHQORJLVWLTXHQDYDO
1$*35$ 1DWLYH$PHULFDQ*UDYHV3URWHFWLRQDQG 1$0 1DWLRQDO$VVRFLDWLRQRI0DQXIDFWXUHUV
5HSDWULDWLRQ$FW   86$  86$ 
1$+% 1DWLRQDO$VVRFLDWLRQRI+RPH%XLOGHUV 1$0 1RQ$OLJQHG0RYHPHQW ,QGLD 
86$  3ROLWLFDO3DUWLHV
1D+&2 1DKFROLWH 1$0$7 QDYDODQGPDULQHWDFWLFDOFRGH
0LQHUDORJ\ FRGHWDFWLTXHQDYDOHWPDULWLPH
1$+(0$ 1$72+HOLFRSWHUIRUWKHV'HVLJQ 1$0& 1DWLRQDO$VVRFLDWLRQRI&UHGLW0DQDJHPHQW
DQG'HYHORSPHQW3URGXFWLRQDQG/RJLVWLFV 86$ 
0DQDJHPHQW$JHQF\ 1$0($'60$ 1$720HGLXP([WHQGHG$LU
$JHQFHGHJHVWLRQ27$1SRXUODFRQFHSWLRQOH 'HIHQFH6\VWHP'HVLJQDQG'HYHORSPHQW
GpYHORSSHPHQWODSURGXFWLRQHWODORJLVWLTXHGH 3URGXFWLRQDQG/RJLVWLFV0DQDJHPHQW$JHQF\
O·KpOLFRSWqUH27$1GHVDQQpHV $JHQFHGHJHVWLRQSRXUODFRQFHSWLRQOH
1$+6/ 1RUWK$WODQWLF+HDOWK6FLHQFHV/LEUDULHV GpYHORSSHPHQWODSURGXFWLRQHWODORJLVWLTXHGX
1$, QDPHGDUHDRILQWHUHVW V\VWqPHGHGpIHQVHDpULHQQHpODUJLHjPR\HQQH
]RQHG·LQWpUrWGpVLJQpH SRUWpHGHO·27$1
QDYDODPPXQLWLRQLQWHUFKDQJHDELOLW\ 1$0($'602 1$720HGLXP([WHQGHG$LU
LQWHUFKDQJHDELOLWLWpGHVPXQLWLRQVQDYDOHV 'HIHQFH6\VWHP'HVLJQDQG'HYHORSPHQW
1$, 1$6$ $VWURELRORJ\,QVWLWXWH 86$  3URGXFWLRQDQG/RJLVWLFV0DQDJHPHQW
)RUIXUWKHUGHWDLOVVHHXQGHU1$6$ 2UJDQL]DWLRQ
1$, 1HZ$WODQWLF,QLWLDWLYH 2UJDQLVDWLRQGHJHVWLRQSRXUODFRQFHSWLRQOH
:DVKLQJWRQEDVHG GpYHORSSHPHQWODSURGXFWLRQHWODORJLVWLTXHGX
86,QLWLDWLYH V\VWqPHGHGpIHQVHDpULHQQHpODUJLHjPR\HQQH
1$,$ 1DWLRQDO$VVRFLDWLRQRI,QWHUFROOHJLDWH SRUWpHGHO·27$1
$WKOHWHV 86$  1$0), 1$72PLVVLOHILULQJLQVWDOODWLRQ
1$,& 1DWLRQDO$VVRFLDWLRQRI,QYHVWPHQW&OXEV SRO\JRQHGHWLUGHPLVVLOHVGHO·27$1
86$  1$0+1$0+1DWLRQDO$VVRFLDWLRQIRU0HQWDO
1$,&&1DWLRQDO$VVRFLDWLRQRI,QGHSHQGHQW +HDOWK 86$ 
&RPSXWHU&RPSDQLHV 1$0, 1DWLRQDO$OOLDQFHIRUWKH0HQWDOO\,OO
1$,0$ 1RUWK$PHULFDQ,QVXODWLRQ0DQXIDFWXUHUV :DVKLQJWRQ'&EDVHG
$VVRFLDWLRQ 86$  86$OOLDQFHV
1D,2 6RGLXP,RGDWH 1$0,& 1DWLRQDO$UVHQLF0LWLJDWLRQ,QIRUPDWLRQ
6RGLXP,RGDWHLVXVHGPDLQO\LQGLVLQIHFWDQWVDQG &HQWHU
LQDQWLFHSWLFV 1$0,&RSHQHGLQ'KDNDRQVW 2FWREHU
,QRUJDQLF&KHPLVWU\ ZLWKKHOSIURPWKH6ZLVV*RYHUQPHQWDQGWKH
1$,58 1RQ$FFHOHUDWLQJ,QIODWLRQ5DWHRI :RUOG%DQN$UVHQLFSROOXWLRQZDVILUVWGHWHFWHG
8QHPSOR\PHQW LQ%DQJODGHVKLQ
1$.1DN 1HJDWLYH$FNQRZOHGJHPHQW $6&,,  $UVHQLF3ROOXWLRQ+\GURJHRORJ\3XULILFDWLRQ
&RPSXWHU3URJUDPPLQJ 0HWKRGV
1$/ 1DWLRQDO$HURVSDFH/DERUDWRU\ -DSDQ  1$0,/&20 1RUWK$WODQWLF0LOLWDU\&RPPLWWHH
)RUIXUWKHUGHWDLOVVHHXQGHU,6$6 &RPLWpPLOLWDLUHGHO·$WODQWLTXH1RUG
1$/ QRUPDODFWXDWLRQOHYHO 1$00$ 1$720XOWL5ROH&RPEDW$LUFUDIW
QLYHDXQRUPDOGHGpFOHQFKHPHQW 'HYHORSPHQWDQG3URGXFWLRQ0DQDJHPHQW$JHQF\
1$/1DO 1RYHOO$SSOLFDWLRQ/DXQFKHU >REVROHWHUHSODFHGE\1(70$@
%XUHDXGHJHVWLRQ27$1SRXUODPLVHDXSRLQWHW


ODSURGXFWLRQG·XQDYLRQGHFRPEDWSRO\YDOHQW 1$3 1XFOHL$UPDWL3UROHWDUL ,WDO\ 


>REVROqWHUHPSODFpSDU1(70$@ QDS 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
1$002 1$720XOWL5ROH&RPEDW$LUFUDIW (QJOLVKZRUGQDS
'HYHORSPHQWDQG3URGXFWLRQ0DQDJHPHQW %RWDQ\7H[WLOHV
2UJDQL]DWLRQ>REVROHWHUHSODFHGE\1(702@ 1$3$3 1DWLRQDO$FLG3UHFLSLWDWLRQ$VVHVVPHQW
2UJDQLVDWLRQGHJHVWLRQ27$1SRXUODPLVHDX 3URMHFW
SRLQWHWODSURGXFWLRQG·XQDYLRQGHFRPEDWSRO\ 1$3$3 VWDUWHGLQWKHODWHV
YDOHQW>REVROqWHUHPSODFpSDU1(702@ $FLG5DLQ
1$03 1$72DQQXDOPDQSRZHUSODQ 1$3%& 1DWLRQDO$FWLRQ3ODQRQ%UHDVW&DQFHU
SODQDQQXHOGHVHIIHFWLIVGHO·27$1 86$ 
1$06$ 1$720DLQWHQDQFHDQG6XSSO\$JHQF\ 1$3& 1RUWK$PHULFDQ3DOHRQWRORJLFDO&RQYHQWLRQ
$JHQFH27$1G·HQWUHWLHQHWG·DSSURYLVLRQ 86$ 
QHPHQW +HOGLQ:DVKLQJWRQ'&LQ-XQH
1$06% 1DWLRQDO$VVRFLDWLRQRI0XWXDO6DYLQJV (YROXWLRQ*HRORJ\0DPPDO3DOHRQWRORJ\
%DQNV 86$  1$3) 1DWLRQDO$VVRFLDWLRQRI3HQVLRQ)XQGV
1$062 1$720DLQWHQDQFHDQG6XSSO\ 86$ 
2UJDQL]DWLRQ 1$30 1DWLRQDO$VVRFLDWLRQRI3XUFKDVLQJ
2UJDQLVDWLRQ27$1G·HQWUHWLHQG·DSSURYLVLRQ 0DQDJHPHQW 86$ 
QHPHQW 1$30$ 1$72$LUERUQH(DUO\:DUQLQJDQG
1D1 6RGLXP$]LGH &RQWURO $(: & 3URJUDPPH0DQDJHPHQW
1D1 LVXVHGPDLQO\IRUDLUEDJLQIODWLRQ $JHQF\
,QRUJDQLF&KHPLVWU\ $JHQFHGHJHVWLRQGXSURJUDPPHGXV\VWqPH
1D1E2 /XHVKLWH DpURSRUWpGHGpWHFWLRQORLQWDLQHHWGHFRQWU{OHGH
0LQHUDORJ\ O·27$1
1$1'127 $1' 1$302 1$72$LUERUQH(DUO\:DUQLQJDQG
&RPSXWHU7HFKQRORJ\ &RQWURO3URJUDPPH0DQDJHPHQW2UJDQL]DWLRQ
1 0 1RYHPEHUDQG0D\ 2UJDQLVDWLRQGHJHVWLRQGXSURJUDPPHGXV\VWqPH
6HFXULWLHV DpURSRUWpGHGpWHFWLRQORLQWDLQHHWGHFRQWU{OHGH
1$17,61RWWLQJKDP$QG1RWWLQJKDPVKLUH O·27$1
7HFKQLFDO,QIRUPDWLRQ6HUYLFH 1$35 1$72DUPDPHQWVSODQQLQJUHYLHZ
%ULWLVK/LEUDU\$VVRFLDWLRQ H[DPHQGHODSODQLILFDWLRQGHVDUPHPHQWVGH
1$21DWLRQDO$XGLW2IILFH *%  O·27$1
1$2 1RUWK$WODQWLF2VFLOODWLRQ 1$3V 1HWZRUN$FFHVV3RLQWV
1$2LVDPDMRUVRXUFHRILQWHUDQQXDOYDULDELOLW\LQ 1$51R$FWLRQ5HTXLUHG
DWPRVSKHULFFLUFXODWLRQ QDU 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
$WPRVSKHULF5HVHDUFK&OLPDWH*HRSK\VLFV XVLQJWKH$UDELFZRUGQDUZKLFKPHDQVILUH
+\GURORJ\0HWHRURORJ\ &KHPLVWU\(QJLQHHULQJ2UGQDQFH
1D2$F 6RGLXP$FHWDWH 1$5$ 1DUFRWLF$GGLFW5HKDELOLWDWLRQ$FW
8VHGPDLQO\LQPHGLFLQHSKDUPDFHXWLFDOVDQGDV (QDFWHGLQ
DIRRGDGGLWLYH 86$FWV
2UJDQLF&KHPLVWU\ 1$5$ 1DWLRQDO$TXDWLF5HVRXUFHV$JHQF\
1$2& 1DWLRQDO$VWURQRPLFDO2EVHUYDWRU\&HQWHU 65,/DQND$JHQF\
&KLQD  1$5( 1RUWK$WODQWLF5HJLRQDO([SHULPHQW
7KH1$2&ZDVFUHDWHGE\WKH&KLQHVH$FDGHP\ 1$5(//2 1DWLRQDO$VVRFLDWLRQRI5HDO(VWDWH
RI6FLHQFHVLQ$SULO /LFHQVH/DZ2IILFLDOV 86$ 
1$2&& 1$72DLURSHUDWLRQFRRUGLQDWLRQFHQWUH 1$5/ 1DYDO$UFWLF5HVHDUFK/DERUDWRU\
FHQWUHGHFRRUGLQDWLRQGHVRSpUDWLRQVDpULHQQHVGH $UFWLF 6FLHQFH
O·27$1 1$501DWXUDOO\RFFXUULQJDQG$FFHOHUDWRUSUR
1$2- 1DWLRQDO$VWURQRPLFDO2EVHUYDWRU\RI-DSDQ GXFHG5DGLRDFWLYH0DWHULDOV
1$3 1DWLRQDO$FDGHP\3UHVV 86$  1$56 1DWLRQDO$JULFXOWXUDO5HVHDUFK6\VWHPV
1$3 1HW$ERYHJURXQG3URGXFWLRQ 3ODQW%UHHGLQJ3URJUDPV
(FRORJ\ 1$57&1DOLGL[LF$FLG5HVLVWDQW7KHUPRSKLOLF
1$3 1HXWURSKLO$FWLYDWLQJ3URWHLQ VWUDLQVRI&DPS\OREDFWHU EDFWHULD


%DFWHULRORJ\ 1$6,3 1$(: V\VWHPLPSURYHPHQWSODQ


1$58& 1DWLRQDO$VVRFLDWLRQRI5HJXODWRU\8WLOLW\ SODQG·DPpOLRUDWLRQGXV\VWqPH1$(:
&RPPLVVLRQHUV 86$  1$6,6 1$72VXEMHFWLQGLFDWRUV\VWHP
1$61$61DWLRQDO$FDGHP\RI6FLHQFHV V\VWqPH27$1G·LQGLFDWHXU V G·REMHFW
86$  1$6 1 1DWLRQDO$LU6XUYHLOODQFH 1HWZRUN 
1$61DV 1DWLRQDO$GYDQFHG6\VWHPV 1D62 7KHQDUGLWH
1$6 1DWLRQDO$LUFUDIW6WDQGDUGV 0LQHUDORJ\
1$6 1DWLRQDO$VVRFLDWLRQRI6FKRODUV 86$  1$63 1DWLRQDO$HURVSDFH3ODQH
1$61DWLRQDO$VVRFLDWLRQRI6FKRROPDVWHUV 1$63 1$72DPPXQLWLRQVXSSO\SRLQW
1$6 QDYDODLUVWDWLRQ SRLQW27$1GHUDYLWDLOOHPHQWHQPXQLWLRQV
EDVHDpURQDYDOH 1$66&201DVVFRP 1DWLRQDO$VVRFLDWLRQRI
1$61HWZRUN$SSOLFDWLRQ6XSSRUW 6RIWZDUHDQG6HUYLFHV&RPSDQLHV ,QGLD 
1$6 1HWZRUN$WWDFKHG6WRUDJH 3URFRP 1$66&20LVD'HOKLEDVHG$VVRFLDWLRQ
7HFKQRORJ\  1$68&$ 1DWLRQDO$VVRFLDWLRQRI6WDWH8WLOLW\
1$V 1HXWUDOL]LQJ$QWLERGLHV &RQVXPHU$GYRFDWHV 86$ 
$OVR1$%V 1$68/*& 1DWLRQDO$VVRFLDWLRQRI6WDWH
1$6 1RQLQGLJHQRXV$TXDWLF6SHFLHV 8QLYHUVLWLHVDQG/DQG*UDQW&ROOHJHV
1$6 1RQVHQVHDVVRFLDWHG$OWHUHG6SOLFLQJ ,Q:DVKLQJWRQ'&86$
7FHOO'HYHORSPHQW 1$6: 1DWLRQDO$VVRFLDWLRQRI6FLHQFH:ULWHUV
1$61XFOHR$QWL6RILVWLFD]LRQL ,WDO\  86$ 
,WDOLDQDFURQ\PPHDQLQJ2IILFHIRUWKH QDW DEEU QDWLRQDOQDWLYHQDWXUDO
3UHYHQWLRQRIWKH$GXOWHUDWLRQRI%HYHUDJHVDQG 1$7 1DWLRQDO$,'67UXVW
)RRGVWXIIV %ULWLVK7UXVW
1$61XUVLQJ$X[LOLDU\6HUYLFH QDW DEEU QDWXUDOLVW
QDV7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ 1$7 QDW1LWULF$FLG7ULK\GUDWH
XVLQJWKH$UDELFZRUGQDVZKLFKPHDQVSHRSOH 1$7 1R$FWLRQ7DNHQ
SHUVRQV 1$7$6 1DWLRQDO$SSURSULDWH7HFKQRORJ\
1$6$1$6$1DWLRQDO$HURQDXWLFVDQG6SDFH $VVLVWDQFH6HUYLFH
$GPLQLVWUDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU(5(&
:DVKLQJWRQ'& 86$  1$7( 1DWLRQDO$VVRFLDWLRQIRUWKH7HDFKLQJRI
1$6$ 1DWLRQDO$VVRFLDWLRQRI6HFXULWLHV (QJOLVK
$GPLQLVWUDWRUV 86$  1$7,1$' 1$72,QWHJUDWHG$LU'HIHQVH>REVROHWH
1$6$'$' 1DWLRQDO$VVRFLDWLRQRI6WDWH$OFRKRO UHSODFHGE\1$7,1($'@
DQG'UXJ$EXVH'LUHFWRUV GpIHQVHDpULHQQHLQWpJUpHGHO·27$1>REVROqWH
)RXQGHGLQWKH86$LQ UHPSODFpHSDU1$7,1($'@
1$6& 1RUWK$WODQWLF6DOPRQ&RQYHQWLRQ 1$7,1$'6 1$72,QWHJUDWHG$LU'HIHQFH6\VWHP
1$6&2 1DWLRQDO$FDGHP\RI6FLHQFHV&RPPLWWHH >REVROHWHUHSODFHGE\1$7,1($'6@
RQ2FHDQRJUDSK\ V\VWqPHGHGpIHQVHDpULHQQHLQWpJUpHGHO·27$1
1$6&2KDVEHHQUHSODFHGE\2$% >REVROqWHUHPSODFpSDU1$7,1($'6@
)RUIXUWKHUGHWDLOVVHHXQGHU2$% 1$7,1($' 1$72,QWHJUDWHG([WHQGHG$LU
1$6&2 1RUWK$WODQWLF6DOPRQ&RQVHUYDWLRQ 'HIHQFH>KDVUHSODFHG1$7,1$'@
2UJDQL]DWLRQ *%  GpIHQVHDpULHQQHLQWpJUpHpODUJLHGHO·27$1>UHP
1$6' 1DWLRQDO$VVRFLDWLRQRI6HFXULWLHV'HDOHUV SODFH1$7,1$'@
86$  1$7,1($'6 1$72,QWHJUDWHG([WHQGHG$LU
1$6'$ 1$WLRQDO6SDFH'HYHORSPHQW$JHQF\ 'HIHQFH6\VWHP>KDVUHSODFHG1$7,1$'6@
-DSDQ  V\VWqPHGHGpIHQVHDpULHQQHLQWpJUpHpODUJLHGH
)RUIXUWKHUGHWDLOVVHHXQGHU,6$6 O·27$1>UHPSODFH1$7,1$'6@
1$6'$4 1DWLRQDO$VVRFLDWLRQRI6HFXULWLHV 1$7,3 1$72,QIRUPDWLRQDQG3UHVVV2IILFH
'HDOHUV$XWRPDWHG4XRWDWLRQV %XUHDX27$1G·LQIRUPDWLRQHWGHSUHVVH
1$6',0 1DWLRQDO$VVRFLDWLRQRI6HFXULW\'HDOHUV 1$7,61$7LRQDO,QIRUPDWLRQ6\VWHP 86$ 
DQG,QYHVWPHQW0DQDJHUV 86$  1$7,6 1RUWK$WODQWLF7UHDW\,QIRUPDWLRQ6HUYLFH
1$6(2 1DWLRQDO$VVRFLDWLRQRI6WDWH(QHUJ\ 6HUYLFHG·LQIRUPDWLRQGHO·2UJDQLVDWLRQGX7UDLWp
2IILFLDOV 86$  GHO·$WODQWLTXH1RUG


1$72 1RUWK$WODQWLF7UHDW\2UJDQL]DWLRQ 1$92&)250(' 1DYDO2Q&DOO)RUFH


2UJDQLVDWLRQGX7UDLWpGHO·$WODQWLTXH1RUG 0HGLWHUUDQHDQ>REVROHWHUHSODFHGE\67$1$9
27$1  )250('@
1$72&/,3 1$72FRPPDQGHU·VORQJWHUPLQIUD )RUFHQDYDOHDOOLpHGLVSRQLEOHVXUDSSHOHQ
VWUXFWXUHSODQ 0pGLWHUUDQpH>REVROqWHUHPSODFpSDU67$1$9
SODQG·LQIUDVWUXFWXUHjORQJWHUPHGHVFRPPDQGH )250('@
PHQWVGHO·27$1 1$922IILFH 1$9DO2FHDQRJUDSKLF2IILFH
1$72)25$&6 1$72QDYDOIRUFHVVHQVRUVDQG 86$ 
ZHDSRQVDFFXUDF\FKHFNVLWH 1$96$7 DEEU 1$9LJDWLRQ6$7HOOLWH
VLWHGHFRQWU{OHGHSUpFLVLRQGHVDUPHVHWGHV 1$962125 $OOLHG1DYDO)RUFHV6RXWK1RUZD\
GpWHFWHXUVGHVIRUFHVQDYDOHVGHO·27$1 >REVROHWH@
)25$&627$1  )RUFHVQDYDOHVDOOLpHVGXVXGGHOD1RUYqJH
1$7 UDGLRVRXUFHV 1DUURZ$QJOH7DLOHGUDGLR >REVROqWH@
VRXUFHV 1$96287+ $OOLHG1DYDO)RUFHV6RXWK
$VWURQRP\3K\VLFV )RUFHVQDYDOHVDOOLpHV6XG
1$70 1HZ$XVWUDOLDQ7XQQHOOLQJ0HWKRG 1$963$685 DEEU 1$9DO63$FH685YHLOODQFH
&RQFUHWH 6\VWHP
1$76 1DWLRQDO$LU7UDIILF6HUYLFH *%  1DYLJDWLRQ
1DWZHVW DEEU 1DWLRQDO:HVWPLQVWHU%DQN *%  1$:$& 1DWLRQDO$YLDWLRQ:HDWKHU$GYLVRU\
1$8 1$72DFFRXQWLQJXQLW>KDVUHSODFHG,$8@ &RPPLWWHH 86$ 
XQLWpGHFRPSWHGHO·27$1>UHPSODFH8&,@ 1$:$6 1$WLRQDO:$UQLQJ6\VWHP
1$8 1RUWKHUQ$UL]RQD8QLYHUVLW\ 86$  1$:$8 1DWLRQDO$YLDWLRQ:HDWKHU$GYLVRU\8QLW
1$9 1HW$VVHW9DOXH 2IWKH86)$$
%XVLQHVV(FRQRPLFV)LQDQFH )RUIXUWKHUGHWDLOVVHHXQGHU)$$
1$9$,' DEEU 1$9LJDWLRQDO$,' QD] DEEU QD]LRQDOH
1$9$5($6 DEEU 1$9LJDWLRQ$UHDV ,WDOLDQDEEUHYLDWLRQPHDQLQJQDWLRQDO
1$9%$/7$3 $OOLHG1DYDO)RUFHV%DOWLF 1% 1DUURZEDQGQDUURZEDQG
$SSURDFKHV>REVROHWH@ $FRXVWLFDO(QJLQHHULQJ7HOHFRPPXQLFDWLRQV
)RUFHVQDYDOHVDOOLpHVGHVDSSURFKHVGHOD%DOWLTXH QEQDYHGDEDWWDJOLD
>REVROqWH@ ,WDOLDQDEEUHYLDWLRQPHDQLQJEDWWOHVKLS
1$9&$06($673$& 1DYDO&RPPXQLFDWLRQV 1DY\
$UHD 0DVWHU 6WDWLRQ(DVWHUQ3DFLILF 1% 1HZERUQ
VWDWLRQ PqUH GH]RQHSRXUOHVWUDQVPLVVLRQV 0HGLFLQH
QDYDOHVGDQVOH3DFLILTXHHVW 1% 1HZ%UXQVZLFN &DQDGD 
1$9&$06/$17 1DYDO&RPPXQLFDWLRQV$UHD 1E7KHFKHPLFDOV\PEROIRU1LRELXP
0DVWHU 6WDWLRQ$WODQWLF 1LRELXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF
VWDWLRQ PqUH GH]RQHSRXUOHVWUDQVPLVVLRQV QXPEHUDQDWRPLFZHLJKWRIDQGD
QDYDOHVGDQVO·$WODQWLTXH PHOWLQJSRLQWRI$&,WLVXVHGPDQLO\LQVWHHO
1$9(; QDYDOH[HUFLVH DOOR\V1LRELXPLVDOVRNQRZQDV&ROXPELXP
H[HUFLFHQDYDO &KHPLVWU\ 6\PEROV
1$9121 $OOLHG1DYDO)RUFHV1RUWK1RUZD\ 1% 1R%LDV
>REVROHWH@ (OHFWULFLW\
)RUFHVQDYDOHVDOOLpHVGX1RUGGHOD1RUYqJH 1%1RWD%HQH
>REVROqWH@ 1% 1XFOHXV%DVDOLV
1$91257+ $OOLHG1DYDO)RUFHV1RUWK>KDV 1%LVDQXFOHXVLQWKHEDVDOIRUHEUDLQRIDUDW
UHSODFHG1$91257+:(67@ $QDWRP\&HOO%LRORJ\
)RUFHVQDYDOHVDOOLpHV1RUG>UHPSODFH 1%$ 1DWLRQDO%DQNHUV%DQNLQJ$VVRFLDWLRQ
1$91257+:(67@ 86$ 
1$91257+:(67 $OOLHG1DYDO)RUFHV1RUWK 1%$ 1DWLRQDO%DQNUXSWF\$FW
:HVWHUQ(XURSH>REVROHWHUHSODFHGE\ 86$FWV
1$91257+@ 1%$$ 1DWLRQDO%XVLQHVV$LUFUDIW$VVRFLDWLRQ
)RUFHVQDYDOHVDOOLpHVGX1RUG2XHVW(XURSH 1%$&1DWLRQDO%LRHWKLFV$GYLVRU\&RPPLWWHH
>REVROqWHUHPSODFpSDU1$91257+@ 7KH861DWLRQDO%LRHWKLFV$GYLVRU\&RPPLWWHH


KDVUHSODFHGLQWKH3UHVLGHQW
V&RPPLVVLRQ 1%3 1DPH%LQGLQJ3URWRFRO
IRUWKH6WXG\RI(WKLFDO3UREOHPV LQ0HGLFLQH DQG 1%3 1DWLRQDO%DQNRI3RODQG
%LRPHGLFDODQG%HKDYLRUDO5HVHDUFK 3ROLVK%DQN
1%%% 1DWLRQDO%HWWHU%XVLQHVV%XUHDX 86$  1%3 1HW%LRPH3URGXFWLRQ
1%& 1DWLRQDO%URDGFDVWLQJ&RUSRUDWLRQ 86$  &OLPDWH
1%& 1DWLRQDO%XLOGLQJ&RGH 86$  1%36 1RQ%DQN3ULYDWH6HFWRU *% 
1%&1%&1XFOHDU%LRORJLFDODQG&KHPLFDO 1%4; 1LWUR6XOSKDQR\O%HQ]R )
ZHDSRQVRUPLVVLOHZDUKHDGV  4XLQR[DOLQHGLRQ
2UGQDQFH 1%5 1RQERUURZHG1RQERUURZHG5HVHUYHV
1%&$&& QXFOHDUELRORJLFDODQGFKHPLFDODUHD 1%5) 1DWLRQDO%LRPHGLFDO5HVHDUFK)RXQGDWLRQ
FRQWUROFHQWUH 1%57 1DWLRQDO%RDUGRI5HVSLUDWRU\7KHUDS\
FHQWUHGHFRQWU{OHGHVHFWHXUQXFOpDLUHELRORJLTXH 86$ 
HWFKLPLTXH 1%61DWLRQDO%LRORJLFDO6HUYLFH
1%&& 1DWLRQDO%UHDVW&DQFHU&RDOLWLRQ 86$  )RUPHUO\1DWLRQDO%LRORJLFDO6XUYH\
1%&&& QXFOHDUELRORJLFDODQGFKHPLFDOFROOHF 1%6 1DWLRQDO%LRORJLFDO6XUYH\
WLRQFHQWUH 5HQDPHG1DWLRQDO%LRORJLFDO6HUYLFH
FHQWUHGHFROOHFWHQXFOpDLUHELRORJLTXHHWFKLP 1%61%61DWLRQDO%XUHDXRI6WDQGDUGV
LTXH 1%66 1DWLRQDO%DQN6XUYHLOODQFH6\VWHP 86$ 
QXFOHDUELRORJLFDOFKHPLFDOFRQWUROFHQWUH 1%66 1DWLRQDO&DQDGLDQ%UHDVW6FUHHQLQJ6XUYH\
FHQWUHGHFRRUGLQDWLRQQXFOpDLUHELRORJLTXHHW &DQDGD 
FKLPLTXH 1%69 QDUURZEDQGVHFXUHYRLFH
1%&' QXFOHDUELRORJLFDODQGFKHPLFDOGHIHQFH FU\SWRSKRQLHjEDQGHpWURLWH
GpIHQVHQXFOpDLUHELRORJLTXHHWFKLPLTXH 1%69( QDUURZEDQGVHFXUHYRLFHHTXLSPHQW
1%&6&& QXFOHDUELRORJLFDODQGFKHPLFDOVXEFRO PDWpULHOGHFU\SWRSKRQLHjEDQGHpWURLWH
OHFWLRQFHQWUH 1%7& 1DWLRQDO%ORRG7UDQVIXVLRQ&RXQFLO ,QGLD 
FHQWUHVHFRQGDLUHGHFROOHFWHQXFOpDLUHELRORJLTXH 7KH1%7&ZDVFUHDWHGWRUHJXODWHEORRGEDQNLQJ
HWFKLPLTXH 1%7, 6 1LWUREHQ]\O 7KLRLQRVLQH
1%&=&& QXFOHDUELRORJLFDODQGFKHPLFDO]RQH 1%9 1HW%RRN9DOXH
FRQWUROFHQWUH 1& 1DUURZ&RYHUDJH
FHQWUHGHFRQWU{OHGH]RQHQXFOpDLUHELRORJLTXHHW %XVLQHVV(FRQRPLFV)LQDQFH
FKLPLTXH 1& 1DWLRQDO&RQJUHVV
1%' 1DWLRQDO%DQNRI'HWURLW 1& 1$72&LYLOLDQ
86%DQN FLYLOjVWDWXW27$1
1%'1DWLRQDO%DQNRI'XEDL 1$72&RQILGHQWLDO
'DWHRIRSHQLQJ-DQXDU\ D1$72&RQILGHQWLHO
1%'1- 1%XW\OGHR[\QRMLULP\FLQ E27$1&RQILGHQWLHO
1%(5 1DWLRQDO%XUHDXRI(FRQRPLF5HVHDUFK F&RQILGHQWLHO27$1>)5@
*%  1& 1HR1HZ&ODVVLFDO
1%) 1XFOHRWLGH%LQGLQJ)ROG (FRQRPLFV
&HOO%LRORJ\0HGLFLQH0HWDEROLVPDQG 1& 1HW&DSLWDO
(QGRFULQRORJ\ %XVLQHVV(FRQRPLFV)LQDQFH
1%* 1DWLRQDO%DQNRI*UHHFH 1& 1HW&RVW1R&KDUJH
*UHHN%DQN %XVLQHVV&RPPHUFH
1%+ 1HXURVFLHQFHDQG%HKDYLRUDO+HDOWK 1& 1HWZRUN&RPSXWHU
1%,QXFOHDUEXUVWLQGLFDWRU 1& 1HZ&KDUWHU
LQGLFDWHXUG·H[SORVLRQQXFOpDLUH 1& 1LWURFHOOXORVH
1%,) 1DWLRQDO%LRWHFKQRORJ\,QIRUPDWLRQ)DFLOLW\ 1& QRFKDUJH
1%,, 1DWLRQDO%LRORJLFDO,QIRUPDWLRQ,QIUDVWUXFWXUH QF QRQFDOODEOH
86$  %XVLQHVV(FRQRPLFV)LQDQFH
7KH1%,,LVD86*HRORJLFDO6XUYH\3URMHFW 1& 1RUPDO&RQWURO
1%,26 1HWZRUN%DVLF,QSXW2XWSXW6\VWHP 1& DEEU 1RUWK&DUROLQD 86$ 
(OHFWURQLFV 1&$ 1HXURFLUFRODWRU\$VWKHQLD
1%2V1RQEULGJLQJ2[\JHQV 1&$ LVDOVRNQRZQDV'D&RVWD·V6\QGURPH


0HGLFLQH DSSHOG·RIIUHVQDWLRQDO $21 


1&$ 7KH1HWKHUODQGV&HQWHUIRU$OWHUQDWLYHVWR 1&% 1HGHUODQGV&HQWUXP9RRU%XLWHQODQGHUV 7KH
$QLPDO8VH 1HWKHUODQGV 
7KH1&$ LVDJRYHUQPHQWIXQGHGUHVHDUFKDQG 1&% 1LSSRQ&UHGLW%DQN -DSDQ 
DGYRFDF\FHQWHULQ8WUHFKW7KH1HWKHUODQGV 1&%LVWKHVPDOOHVWRI-DSDQ
VWKUHHORQJWHUP
%LRPHGLFDO5HVHDUFK*HQHWLFV0HGLFDO%LRORJ\ FUHGLWEDQNV
$OWHUQDWLYHVWR$QLPDO8VH 1&% 1$72&RQVXOWDWLRQ&RPPDQGDQG&RQWURO
1&$ 1$72&RQVXOWDWLRQ&RPPDQGDQG&RQWURO %RDUG
$JHQF\ %XUHDXGHFRQVXOWDWLRQGHFRPPDQGHPHQWHWGH
$JHQFHGHFRQVXOWDWLRQGHFRPPDQGHPHQWHWGH FRQWU{OHGHO·27$1
FRQWU{OHGHO·27$1 1&%,1DWLRQDO&HQWHUIRU%LRWHFKQRORJ\
1&$$ 1$72&LYLO$YLDWLRQ$JHQF\ ,QIRUPDWLRQ 86$ 
$JHQFH27$1GHO·DYLDWLRQFLYLOH %LRWHFKQRORJ\'DWDEDVHV
1&$% 1DWLRQDO&DQFHU$GYLVRU\%RDUG 86$  1&%V 1DWLRQDO&HQWUDO%DQNV
1&$% 1$72&LYLO$YLDWLRQ%RDUG 1&&1DWLRQDO&HQWUDO&DWDORJXH
%XUHDX27$1GHO·DYLDWLRQFLYLOH 1&& 1DWLRQDO&RQVXPHU&RXQFLO
1&$*6 QDYDOFRRSHUDWLRQDQGJXLGDQFHIRUVKLS 1&& 1DWLRQDO&RXQFLORI&KXUFKHV
SLQJ>KDVUHSODFHG1&6@ 1&& 1DWLRQDO&RPSXWLQJ&HQWUH *% 
FRRSpUDWLRQHWRULHQWDWLRQQDYDOHVSRXUODQDYLJD 0RELOH&RPSXWLQJ
WLRQFRPPHUFLDOH>UHPSODFH1&6@ 1&&$0 1DWLRQDO&HQWHUIRU&RPSOHPHQWDU\DQG
1&$*6(; QDYDOFRRUGLQDWLRQDQGJXLGDQFHIRU $OWHUQDWLYH0HGLFLQH 1,+86$ 
VKLSSLQJH[HUFLVH>KDVUHSODFHG1&6(;@ (VWDEOLVKHGLQ1&&$0·VPLVVLRQLVWR
H[HUFLFHGHFRRUGLQDWLRQHWG·RULHQWDWLRQSRXUOD H[SORUHFRPSOHPHQWDU\DQGDOWHUQDWLYHKHDOLQJ
QDYLJDWLRQFRPPHUFLDOH>UHPSODFH1&6(;@ SUDFWLFHVLQWKHFRQWH[WRIULJRURXVVFLHQFHHGX
1&$*6/2 QDYDOFRRSHUDWLRQDQGJXLGDQFHIRU FDWHDQGWUDLQFRPSOHPHQWDU\DQGDOWHUQDWLYHPHG
VKLSSLQJOLDLVRQRIILFHU>KDVUHSODFHG1&6/2@ LFLQHUHVHDUFKHUVDQGGLVVHPLQDWHDXWKRULWDWLYH
RIILFLHUGHOLDLVRQGHODFRRSpUDWLRQHWGHO·RULHQWD LQIRUPDWLRQWRWKHSXEOLFDQGSURIHVVLRQDOV
WLRQQDYDOHVSRXUODQDYLJDWLRQFRPPHUFLDOH>UHP )RUIXUWKHUGHWDLOVVHHXQGHU1,+ DQG2$0
SODFH1&6/2@ 1&&$3 1$72&,6FRQWLQJHQF\DVVHWVSRRO
1&$*625* 1DYDO&RRSHUDWLRQDQG*XLGDQFHIRU SRROGHPR\HQV6,&GHFLUFRQVWDQFHGHO·27$1
6KLSSLQJ2UJDQL]DWLRQ>KDVUHSODFHG1&625*@ 1&&% 1DWLRQDO&RQVXPHU&RRSHUDWLYH%DQN
2UJDQLVDWLRQGHODFRRSpUDWLRQHWGHO·RULHQWDWLRQ 86$ 
QDYDOHVSRXUODQDYLJDWLRQFRPPHUFLDOH>UHPSODFH 1&&' 1DWLRQDO&RXQFLORQ&ULPHDQG'HOLQTXHQF\
1&625*@ 86$ 
1&$0 1HXURQDO&HOO$GKHVLRQ0ROHFXOH 1&&,6 REVROHWHVHH1$&&,6
&HOO%LRORJ\0HGLFLQH0ROHFXODU1HXURELRORJ\ REVROqWHYRLU1$&&,6
1&$0V 1HXUDO&HOO$GKHVLRQ0ROHFXOHV 1&&0 1DWXUDO&RPPXQLW\&RQVHUYDWLRQ0RGHO
1&$41DWLRQDO&RPPLVVLRQRQ$LU4XDOLW\ &DOLIRUQLD 86$ 
86$  %LRORJ\(FRORJ\(FRV\VWHP(QGDQJHUHG
1&$5 1DWLRQDO&HQWHUIRU$WPRVSKHULF5HVHDUFK 6SHFLHV(QYLURQPHQW+DELWDW&RQVHUYDWLRQ
86$  =RRORJ\
1&$5& 1$72&RQYHQWLRQDO$UPDPHQWV5HYLHZ 1&FRGH 1XPHULFDO&RQWUROFRGH
&RPPLWWHH 1&&3 QXFOHDUFRPPDQGDQGFRQWUROSURFHGXUH
&RPLWpG·H[DPHQGHVDUPHPHQWVFRQYHQWLRQQHOV SURFpGXUHGHFRPPDQGHPHQWHWGHFRQWU{OH
GHO·27$1 QXFOpDLUHV
1&$85 1DWLRQDO&HQWHUIRU$JULFXOWXUDO 1&&6 1$72&RPPDQGDQG&RQWURO6\VWHP
8WLOL]DWLRQ5HVHDUFK 86$  V\VWqPHGHFRPPDQGHPHQWHWGHFRQWU{OHGH
1&$9& 1DWLRQDO&HQWHUIRUWKH$QDO\VLVRI9LROHQW O·27$1
&ULPH 86$  1&&8 1RUWK&DUROLQD&HQWUDO8QLYHUVLW\ 86$ 
1&% 1DWLRQDO&RDO%RDUG 1&' 1R&ODLPV'LVFRXQW
1&% QDWLRQDOFRGLILFDWLRQEXUHDX 1&' 1RQ&XPXODWLYH'LYLGHQG
EXUHDXQDWLRQDOGHFRGLILFDWLRQ %1&  %XVLQHVV(FRQRPLFV)LQDQFH
QDWLRQDOFRPSHWLWLYHELGGLQJ


1&'$, 1DWLRQDO&OHDULQJKRXVHIRU'UXJ$EXVH *HQRPH6FLHQFHDQG7HFKQRORJ\+XPDQ*HQRPH


,QIRUPDWLRQ 3URMHFW
7KH1&'$,ZDVHVWDEOLVKHGLQWKH86$LQ )RUIXUWKHUGHWDLOVVHHXQGHU1,+
 1&+6 1DWLRQDO&HQWHUIRU+HDOWK6WDWLVWLFV
1&'&1DWLRQDO&OLPDWH'DWD&HQWHU 86$  86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU165'% 1&,1&,1DWLRQDO&DQFHU,QVWLWXWH 86$ 
1&($ 1DWLRQDO&RXQFLOIRU(GXFDWLRQ$ZDUGV (VWDEOLVKHGLQWKH1&,OHDGVDQDWLRQDO
,ULVK&RXQFLOV HIIRUWWRUHGXFHWKHEXUGHQRIFDQFHUPRUELGLW\
1&($&,1 1DWLRQDO&HQWHUIRU(QYLURQPHQWDO DQGPRUWDOLW\,WVJRDOLVWRVWLPXODWHDQGVXSSRUW
$VVHVVPHQW&LQFLQQDWL86$ VFLHQWLILFGLVFRYHU\DQGLWVDSSOLFDWLRQWRDFKLHYHD
1&($6 1DWLRQDO&HQWHUIRU(FRORJLFDO$QDO\VLV IXWXUHZKHQDOOFDQFHUVDUHXQFRPPRQDQGHDVLO\
DQG6\QWKHVLV WUHDWHG7KURXJKEDVLFDQGFOLQLFDOELRPHGLFDO
7KH1&($6ORFDWHGLQ6DQWD%DUEDUD&DOLIRUQLD UHVHDUFKDQGWUDLQLQJWKH1&,FRQGXFWVDQGVXS
86$RSHQHGLQPLG SRUWVSURJUDPVWRXQGHUVWDQGWKHFDXVHVRIFDQFHU
(FRORJ\ (QYLURQPHQW SUHYHQWGHWHFWGLDJQRVHWUHDWDQGFRQWUROFDQFHU
1&(' 1DWLRQDO&HQWHUIRU(DUWK6XUIDFH'\QDPLF DQGGLVVHPLQDWHLQIRUPDWLRQWRWKHSUDFWLWLRQHU
$WWKH8QLYHUVLW\RI0LQQHVRWD 86$  SDWLHQWDQGSXEOLF
1&() 1DWLRQDO&OHDULQJKRXVHIRU(GXFDWLRQDO 1&, 1XFOHDU&LWLHV,QLWLDWLYH
)DFLOLWLHV 86$  7KH1&,LVDSURJUDPODXQFKHGE\0LQDWRPDQG
1&() WUDQVIHU 1DWLRQDO&RPPLVVLRQRQ(OHFWURQLF 86'2(LQ-XO\ GDWHVWDUWHG WRFRP
)XQGVWUDQVIHU 86$  SOHPHQW,33
1&(+ 1DWLRQDO&HQWHUIRU(QYLURQPHQWDO+HDOWK 1XFOHDU6WRFNSLOH865XVVLDQ,QLWLDWLYHV
86$  )RUIXUWKHUGHWDLOVVHHXQGHU0LQDWRP'2( DQG
1&(3 1DWLRQDO&HQWHUVIRU(QYLURQPHQWDO ,33
3UHGLFWLRQ 86$  1&,& 1$72& LQWHJUDWLRQFHQWUH
1&(3 1$72FLYLOHPHUJHQF\SODQQLQJ FHQWUHG·LQWpJUDWLRQGHV&GHO·27$1
SODQVFLYLOVG·XUJHQFHGHO·27$1 1&,)&5'& 1DWLRQDO&DQFHU,QVWLWXWH
V)UHGHULFN
1&(SURJUDP 1HWZRUNVRI&HQWHUVRI([FHOOHQFH &DQFHU5HVHDUFK 'HYHORSPHQW&HQWHU 86$ 
SURJUDP &DQDGD  7KH1&,)&5'&LVD*2&2FRPSOH[
7KH1&(DUHXQLYHUVLW\EDVHGUHVHDUFKFHQWHUV )RUIXUWKHUGHWDLOVVHHXQGHU*2&2
7KHLUSXUSRVHLVWRVWUHQJWKHQLQGXVWULDOUHVHDUFK 1&,,$ 1DWLRQDO&ROOHJLDWH,QYHQWRUVDQG
DQGGHYHORSPHQWWKURXJKMRLQWSURMHFWVZLWKSUL ,QQRYDWRUV$OOLDQFH
YDWHFRPSDQLHV 7KH1&,,$ LVDQLQWHUGLVFLSOLQDU\HGXFDWLRQDO
8OWUDODUJH6FDOH,QWHJUDWLRQ&DQDGLDQ5HVHDUFK DOOLDQFHIRXQGHGLQDW+DPSVKLUH&ROOHJH
&HQWHUV 86$ ,WVPLVVLRQLVWRQXUWXUHDQHZJHQHUDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU0,&521(7 RILQQRYDWRUVE\IRVWHULQJDQGSURPRWLQJWKH
1&(8 1XRYR&DWDVWR(GLOL]LR8UEDQR ,WDO\  WHDFKLQJRILQYHQWLRQLQQRYDWLRQDQGHQWUHSUH
,WDOLDQLQLWLDOLVPRIWKH1HZ&LW\3URSHUW\ QHXUVKLSDWFROOHJHVDQGXQLYHUVLWLHVQDWLRQZLGH
5HJLVWU\2IILFH 7KH1&,,$ JUDQWVSURJUDPIXQGVFXUULFXOXPDQG
1&) 1DWLRQDO&RPPXQLFDWLRQV)RUXP SURJUDPGHYHORSPHQWDQGLQGHSHQGHQWVWXGHQW
1&) 1$72FRPSRVLWHIRUFH>1$(:@ SURMHFWVIRFXVLQJRQFRPPHUFLDOO\GLUHFWHGLQQR
IRUFHPL[WHGHO·27$1>1$(:@ YDWLRQ*UDQWV:RUNVKRSKHOGDW$QDKHLP
1&) 1HW&DVK)ORZ &DOLIRUQLD86$RQUG -DQXDU\
%XVLQHVV(FRQRPLFV)LQDQFH 1&,6 1DWLRQDO&ULPLQDO,QWHOOLJHQFH6HUYLFH
1&* 1DQRFKDQQHO*ODVV *% 
1&*5 1DWLRQDO&HQWHUIRU*HQRPH5HVRXUFHV 1&,6 1$72FRPPRQLQWHURSHUDELOLW\VWDQGDUGV
7KH1&*5LVEDVHGLQ6DQWD)H1HZ0H[LFR QRUPHVFRPPXQHVG·LQWHURSpUDELOLWpGHO·27$1
%LRLQIRUPDWLFV 1&,6( 1DWLRQDO&HQWHUIRU,PSURYLQJ6FLHQFH
1&+* 1RUPDO&KDUJH (GXFDWLRQ 86$ 
%XVLQHVV&RPPHUFH 1&,66 1$72&RPPXQLFDWLRQVDQG,QIRUPDWLRQ
1&+*51DWLRQDO&HQWHUIRU+XPDQ*HQRPH 6\VWHPV6FKRRO
5HVHDUFK eFROHGHVV\VWqPHVG·LQIRUPDWLRQHWGHFRPPXQL
2IWKH861,+ FDWLRQGHO·27$1


1&,7' 1DWLRQDO&RPPLWWHHRQ,QWHUQDWLRQDO7UDGH 1&3 1HWZRUN&RQWURO3URJUDP


'RFXPHQWDWLRQ 86$  1&3 1RUWKHUQ&RQWDPLQDQWV3URJUDP
1&/ 1DWLRQDO&RQVXPHUV/HDJXH 86$  )RUIXUWKHUGHWDLOVVHHXQGHU&$&$5,,
1&/$ 1RUWK&DUROLQD/LEUDU\$VVRFLDWLRQ $UFWLF(FRORJ\
1&/&1RUWK&RXQWU\/LEUDU\&RRSHUDWLYH 1&3% 1DWLRQDO&DQFHU3ROLF\%RDUG
1&/( 1DWLRQDO&RQJUHVVRQ/DQJXDJHLQ 7KH1&3%LVEDVHGDWWKH8615&
(GXFDWLRQ 86$  )RUIXUWKHUGHWDLOVVHHXQGHU15&
1&/6 1DWLRQDO&RQIHUHQFHRI/DZ\HUVDQG 1&3& 1DWLRQDO&DSLWDO3ODQQLQJ&RPPLVVLRQ
6FLHQWLVWV 86$  86$ 
1&0 &DXGRPHGLDO1HRVWULDWXP 1&3+ 1RUWK&DUROLQD3RZHU+ROGLQJV 86$ 
7KH10&LVDQDXGLWRU\DUHDLQVRQJELUGVEUDLQV 1&35 1$72&LYLOLDQ3HUVRQQHO5HJXODWLRQV
,QWHJUDWLYH1HXURVFLHQFH3K\VLRORJ\3V\FKLDWU\ 5qJOHPHQWGXSHUVRQQHOFLYLOGHO·27$1 53&2 
1&0 1DWLRQDO&RDVWDO0RQLWRULQJ 86$  1&SURWHLQ 1XFOHRFDSVLGSURWHLQ
1&0+' 1DWLRQDO&HQWHURQ0LQRULW\+HDOWK %LRFKHPLVWU\&KHPLVWU\0HGLFLQH
+HDOWK'LVSDULWLHV 86$  1&3V 1DWLRQDO&RQWDFW3RLQWV
7KH1&0+'ZDVIRXQGHGRQ1RYHPEHU 7KH\RIIHUDVSHFLDOSRUWRIFDOOIRU60(VDQGSUR
$LPVWRSURPRWHOHDGFRRUGLQDWHVXSSRUW YLGHDZLGHUDQJHRIVXSSRUWVHUYLFHV6HWXS
DQGDVVHVVWKH1,+HIIRUWWRUHGXFHDQGXOWLPDWHO\ XQGHU)3DQGZLOOFRQWLQXHWRRSHUDWHXQGHU)3
HOLPLQDWHKHDOWKGLVSDULWLHV,QWKLVHIIRUW1&0+' )RUIXUWKHUGHWDLOVVHHXQGHU)3 DQG60(V
ZLOOFRQGXFWDQGVXSSRUWEDVLFFOLQLFDOVRFLDODQG 1&5 1DWLRQDO&DVK5HJLVWHU
EHKDYLRXUDOUHVHDUFKSURPRWHUHVHDUFKLQIUDVWUXF 1&5 1$72&RPPDQGHU
VUHSUHVHQWDWLYH
WXUHDQGWUDLQLQJIRVWHUPHUJLQJSURJUDPVGLV UHSUpVHQWDQWGXFRPPDQGDQW27$1
VHPLQDWHLQIRUPDWLRQDQGUHDFKRXWWRPLQRULW\ 1&5) QRQFODVVLFDO5HFHSWLYH)LHOG
DQGRWKHUKHDOWKGLVSDULW\FRPPXQLWLHV3URMHFWV 0ROHFXODU%LRORJ\1HXURVFLHQFH3V\FKRORJ\
LQFOXGH/RDQ5HSD\PHQW3URJUDP(QGRZPHQW 1F51$V QRQFRGLQJ51$V
3URJUDPDQG3URMHFW(;3257 51$ 6LOHQFLQJ
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ DQG(;3257 )RUIXUWKHUGHWDLOVVHHXQGHU51$
1&02 1RUWK&HQWUDO0LVVRXUL 86$  1&53 1&531DWLRQDO&RXQFLORQ5DGLDWLRQ
1&10/*1RUWKHUQ&DOLIRUQLDDQG1HYDGD 3URWHFWLRQ
0HGLFDO/LEUDU\*URXS 86$  1&55 1DWLRQDO&HQWHUIRU5HVHDUFK5HVRXUFHV
1&1 1$72FLUFXLWQXPEHU 1,+86$ 
QXPpURGHFLUFXLW27$1 (VWDEOLVKHGLQWKH1&55DGYDQFHVELRPHG
VHH1&1175 LFDOUHVHDUFKDQGLPSURYHVKXPDQKHDOWKWKURXJK
YRLU1&1175 UHVHDUFKSURMHFWVDQGVKDUHGUHVRXUFHVWKDWFUHDWH
1&1175 1$72FRPPXQLFDWLRQVQHWZRUNQHDU GHYHORSDQGSURYLGHDFRPSUHKHQVLYHUDQJHRI
WHUPUHYLHZ KXPDQDQLPDOWHKFQRORJLFDODQGRWKHUUHVRXUFHV
UpVHDXGHWpOpFRPPXQLFDWLRQVGHO·27$1H[DP 7KH1&55·VVXSSRUWLVFRQFHQWUDWHGLQIRXUDUHDV
HQjFRXUWWHUPH ELRPHGLFDOWHFKQRORJ\FOLQLFDOUHVHDUFKFRPSDU
1&13 1DWLRQDO&HQWHURI1HXURORJ\DQG DWLYHPHGLFLQHDQG UHVHDUFKLQIUDVWUXFWXUH
3V\FKLDWU\ -DSDQ  )RUIXUWKHUGHWDLOVVHHXQGHU1,+
1&15 1DWLRQDO&HQWHUIRU1XUVLQJ5HVHDUFK 1&6 1$72FRGLILFDWLRQV\VWHP
86$  V\VWqPHGHFRGLILFDWLRQGHO·27$1
)RUIXUWKHUGHWDLOVVHHXQGHU1,15 1$72&RPPDQG6WUXFWXUH
1&2 1XRYD&DPRUUD2UJDQL]]DWD ,WDO\  VWUXFWXUHGHFRPPQDGHPHQWGHO·27$1
1&2 1$72&RQVXOWDWLRQ&RPPDQGDQG&RQWURO 1$72&RPPLWWHHIRU6WDQGDUGL]DWLRQ
2UJDQL]DWLRQ &RPLWp27$1GHQRUPDOLVDWLRQ
2UJDQLVDWLRQGHFRQVXOWDWLRQGHFRPPDQGHPHQW QDYDOFRQWURORIVKLSSLQJ>REVROHWHUHSODFHGE\
HWGHFRQWU{OHGHO·27$1 1&$*6@
1&2,& QRQFRPPLVVLRQHGRIILFHULQFKDUJH FRQWU{OHQDYDOGHODQDYLJDWLRQFRPPHUFLDOH
VRXVRIILFLHUUHVSRQVDEOH >REVROqWHUHPSODFpSDU1&$*6@
1&3 1DWLRQDO&RQWDFW3RLQW QHWFRQWUROVWDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU1&3V VWDWLRQGHFRQWU{OHGHUpVHDX
1&3 1DWLRQDO3HRSOH
V&RQJUHVV &KLQD  1&V 1HLJKERUKRRG&OXVWHUV


+XPDQ'HYHORSPHQW6RFLRORJ\ ,WDOLDQLQLWLDOLVPPHDQLQJ1HZ/DQG5HJLVWU\
1&V 1HWZRUN&RPSXWHUV 2IILFH
1&6 1HXURQDO&DOFLXP6HQVRUV 1&7( 1DWLRQDO&RXQFLORI7HDFKHUVRI(QJOLVK
1&6 1RQ&DOODEOH6HFXULWLHV 1&70 1DWLRQDO&RXQFLORI7HDFKHUVRI
%XVLQHVV(FRQRPLFV)LQDQFH 0DWKHPDWLFV 86$ 
1&6 1RQFU\VWDOORJUDSKLF6\PPHWU\ 1&75 1DWLRQDO&HQWHUIRU7R[LFRORJLFDO5HVHDUFK
&U\VWDOORJUDSK\ 86$ 
1&6$ 1DWLRQDO&HQWHUIRU6XSHUFRPSXWLQJ 1&75 QRQFRRSHUDWLYHWDUJHWUHFRJQLWLRQ
$SSOLFDWLRQV UHFRQQDLVVDQFHGHVREMHFWLIVQRQFRRSpUDWLIV
1&6$ 1DWLRQDO&RPSXWDWLRQDO6FLHQFH$OOLDQFH 1&8$ 1DWLRQDO&RDO8WLOLVDWLRQ$VVHVVPHQW
86$  86$ 
3K\VLFDODQG&RPSXWDWLRQDO6FLHQFHV 1&9 1HW&DORULILF9DOXH
)RUIXUWKHUGHWDLOVVHHXQGHU13$&, DQG3$&, (QHUJ\
1&6$ 1DWLRQDO&RPSXWHU6HFXULW\$VVRFLDWLRQ 1&9 1R&RPPHUFLDO9DOXH
1&6$ LVD866HFXULW\6RIWZDUH LQGXVWU\JURXS %XVLQHVV&RPPHUFH
1&6%&6 1DWLRQDO&RQIHUHQFHRI6WDWHVRQ 1&9$ 1DWLRQDO&RXQFLOIRU9RFDWLRQDO$ZDUGV
%XLOGLQJ&RGHVDQG6WDQGDUGV +HUQGRQ9LUJLQLD ,ULVK&RXQFLOV
86$  1&94 1DWLRQDO&RXQFLOIRU9RFDWLRQDO
866WDQGDUGV,VVXLQJ2UJDQL]DWLRQV 4XDOLILFDWLRQ 86$ 
1&6& 1DWLRQDO&RXQFLORI6HQLRU&LWL]HQV 1&:$ 1$72FLYLOZDUWLPHDJHQF\
1&6& 1RUWK&DUROLQD6XSHUFRPSXWLQJ&HQWHU DJHQFHFLYLOH27$1GXWHPSVGHJXHUUH $&2* 
86$  1&:0 1DWLRQDO&RQIHUHQFHRQ:HLJKWVDQG
1&6(; QDYDOFRQWURORIVKLSSLQJH[HUFLVH>REVROHWH 0HDVXUHV 86$ 
UHSODFHGE\1&$*6(;@ 1' 1DWLRQDO'HEW
H[HUFLFHGHFRQWU{OHQDYDOGHODQDYLJDWLRQFRP 1'1' 1DY\'HSDUWPHQW 86$ 
PHUFLDOH>REVROqWHUHPSODFpSDU1&$*6(;@ 1G7KHFKHPLFDOV\PEROIRU1HRG\PLXP
1&6/ 1DWLRQDO&RQIHUHQFHRI6WDQGDUGV 1HRG\PLXPLVDPHWDOOLFHOHPHQWKDYLQJWKH
/DERUDWRULHV DWRPLFQXPEHUDQDWRPLFZHLJKWRIDQG
%RXOGHU&RORUDGR86$ DPHOWLQJSRLQWRI$&1HRG\PLXPLVXVHG
1&6/2QDYDOFRQWURORIVKLSSLQJOLDLVRQRIILFHU PDLQO\LQDOOR\VDQGHOHFWURQLFV
>REVROHWHUHSODFHGE\1&$*6/2@ &KHPLVWU\6\PEROV
RIILFLHUGHODLVRQGXFRQWU{OHQDYDOGHODQDYLJD 1' 1HW'HEW1HZ'HDO
WLRQFRPPHUFLDOH>REVROqWHUHPSODFpSDU 1' 1RELOGRQQD
1&$*6/2@ ,WDOLDQLQLWLDOLVPPHDQLQJ1REOHZRPDQ
1&61 1RUWKHUQ&DOLIRUQLD6HLVPLF1HWZRUN 1' QG QRGDWHQRWGDWHG
(DUWK 3ODQHWDU\6FLHQFH*HRORJ\6HLVPRORJ\ 1' DEEU 1RUWK'DNRWD 86$ 
1&62 QDYDOFRQWURORIVKLSSLQJRIILFHU>REVROHWH@ $OVR1'DN
RIILFLHUGXFRQWU{OHQDYDOGHODQDYLJDWLRQFRP 1'$ 1DSKWKDOHQH'LFDUER[DOGHK\GH
PHUFLDOH>REVROqWH@ 1'$1'$1DWLRQDO'HQWDO$VVRFLDWLRQ 86$ 
1&625* 1DYDO&RQWURORI6KLSSLQJ2UJDQL]DWLRQ 1'$ 1HZ'UXJ$SSOLFDWLRQ
>REVROHWHUHSODFHGE\1&$*625*@ 1'$ 1RQGHVWUXFWLYH$VVD\
2UJDQLVDWLRQGXFRQWU{OHQDYDOGHODQDYLJDWLRQ 7KH1'$ LVDPHWKRGXVHGWRGHWHUPLQHEXUQXS
FRPPHUFLDOH>REVROqWHUHPSODFpSDU DQGILVVLOHFRQWHQWRILUUDGLDWHGQXFOHDUIXHOV
1&$*625*@ 1G$ 1RWDGHOO·$XWRUH1RWHGHO
$XWHXU
1&65& QDYDOFRQWURORIVKLSSLQJUHJLRQDOFRP ,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ$XWKRU·V
PDQGHU>REVROHWH@ 1RWH
FRPPDQGDQWUpJLRQDOGXFRQWU{OHQDYDOGHODQDYL 1'$& 1XFOHDU'HIHQFH$IIDLUV&RPPLWWHH
JDWLRQFRPPHUFLDOH>REVROqWH@ &RPLWpGHVTXHVWLRQVGHGpIHQVHQXFOpDLUH
1&68 1RUWK&DUROLQD6WDWH8QLYHUVLW\ 86$  1'$* 1$72'DWD$GPLQLVWUDWLRQ*URXS
1&7 1DWLRQDO&HQWHUIRU7R[LFRJHQRPLFV 86$  *URXSHSRXUO·DGPLQLVWUDWLRQGHVGRQQpHVGH
1&7 1RQ&RPSHWLWLYH7HQGHUV O·27$1
%XVLQHVV&RPPHUFH 1'DN 1RUWK'DNRWD 86$ 
1&7 1XRYR&DWDVWR7HUULWRULDOH ,WDO\  $OVR1'


1'% 1DWLRQDO'HYHORSPHQW3ODQ 1'3 1RQ'RYHUVL3URFHGHUH QRQOXRJRDSUR


)XQGHGE\WKH,ULVK*RYHUQPHQW FHGHUH 
1'% 1DWLRQDO'LVFRXQW%URNHUV *HUPDQ\  ,WDOLDQLQLWLDOLVPPHDQLQJQRVXLW
1'%ZDVDFTXLUHGE\WKH'HXWVFKH%DQNLQ /DZ
1'% QXFOHDUGHSWKERPE 1'35 1$72GHIHQFHSODQQLQJUHYLHZ
JUHQDGHDQWLVRXVPDULQHQXFOpDLUH H[DPHQGHVSODQVGHGpIHQVHGHO·27$1
1'%& 1DWLRQDO'DWD%XR\&HQWHU 86$  1'5 1DWXUDO'LVDVWHUV5RXQGWDEOH 86$ 
1'%2 1DWLRQDO'DWD%XR\2IILFH 86$  1G51RWDGHOOD5HGD]LRQH1RWHGHOD5pGDFWLRQ
1'& 1DWLRQDO'HPRFUDWLF&RQJUHVV *KDQD  ,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ(GLWRU·V
1'& VHH1$'()&2/ 1RWH
YRLU1$'()&2/ 1'5, 1DWLRQDO'LVHDVH5HVHDUFK,QWHUFKDQJH
1G&O 1HRG\PLXP&KORULGH )XQGHGE\WKH861,+WKH1'5,VXSSOLHVVFLHQ
,QRUJDQLF&KHPLVWU\ WLVWVZRUOGZLGHZLWKKXPDQWLVVXHVDQGRUJDQV
1'( 1RQ'HVWUXFWLYH(YDOXDWLRQ GRQDWHGIRUUHVHDUFK
(QHUJ\ )RUIXUWKHUGHWDLOVVHHXQGHU1,+
1G(1RWDGHOO·(GLWRUH1RWHGHO·(GLWHXU 1'52 1RQGHVWUXFWLYH5HDGRXW
,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ3XEOLVKHU·V 1'6 QRQGHYHORSPHQWVRIWZDUH
1RWH ORJLFLHOQRQGHVWLQpDXGpYHORSSHPHQW
1'($ 1QLWURVRGLHWK\ODPLQH 1'61GV 1RYHOO'LUHFWRU\6HUYLFHV
1') 1XFOHRVRPH'LVUXSWLRQ)DFWRU 1'6 1XFOHDU'LDJQRVWLF6\VWHP
%LRFKHPLVWU\*HQH([SUHVVLRQ0ROHFXODU 1'6& 1HWZRUNIRUWKH'HWHFWLRQRI6WUDWRVSKHULF
%LRORJ\ &KDQJH 1HZ=HDODQG 
1'*$ 1RUGLK\GURJXDLDUHWLF$FLG 1'6(*)HOORZVKLSV 1DWLRQDO'HIHQVH6FLHQFHDQG
2UJDQLF &KHPLVWU\ (QJLQHHULQJ*UDGXDWH)HOORZVKLSV 86$ 
1', QRQGHYHORSPHQWLWHP 1'66 1$72GHSRWVXSSRUWV\VWHP
DUWLFOHQRQGHVWLQpDXGpYHORSSHPHQW V\VWqPHGHVRXWLHQGHVGpS{WVGHO·27$1
1',& 1$72GHIHQFHLQIRUPDWLRQFRPSOH[ 1'68 1RUWK'DNRWD6WDWH8QLYHUVLW\ 86$ 
HQVHPEOHGHVV\VWqPHVG·LQIRUPDWLRQSRXUOD 1'7 1HW'DWD7KURXJKSXW
GpIHQVHGHO·27$1 1'7 1HXURGHYHORSPHQWDO7UHDWPHQW
1'. 1XFOHRVLGH'LSKRVSKRNLQDVH 1'7 QRQGHVWUXFWLYHWHVWLQJ
(Q]\PRORJ\ HVVDLQRQGHVWUXFWLI
1'/ 1RQ'HSRVLW/LDELOLWLHV *%  1G7 1RWDGHO7UDGXWWRUH
%DQNLQJ ,WDOLDQLQLWLDOLVPPHDQLQJ7UDQVODWRU·V1RWH
1'/$ 1RUWK'DNRWD/LEUDU\$VVRFLDWLRQ 86$  1'7( 1RUWK'DNRWD7UDFHU([SHULPHQW
1'0$ 1$72GDWDPDQDJHPHQWDXWKRULW\ 1'7 PHWKRG 1RQ'HVWUXFWLYH7HVWLQJPHWKRG
DXWRULWpGHJHVWLRQGHVGRQQpHVGHO·27$1 1GX7 1RWHGX7UDGXFWHXU
1'0$$ 1$72'HIHQFH0DQSRZHU$XGLW )UHQFKLQLWLDOLVPPHDQLQJ7UDQVODWRU·V1RWH
$XWKRULW\>KDVUHSODFHG1'006&@ 1'9, 1RUPDOL]HG'LIIHUHQFH9HJHWDWLRQ,QGH[
$XWRULWpFKDUJpGHO·pYDOXDWLRQGHVEHVRLQVHQ $WPRVSKHULF5HVHDUFK(DUWK2FHDQVDQG6SDFH
HIIHFWLIVGHGpIHQVHGHO·27$1>UHPSODFHOD 6WXGLHV1DWXUDO5HVRXUFH(FRORJ\3ODQW%LRORJ\
1'006&@ (YROXWLRQ
1'0& 1$72'HIHQFH0DQSRZHU&RPPLWWHH 1( 1DWLRQDO([KLELWLRQ
&RPLWpGHVHIIHFWLIVGHGpIHQVHGHO·27$1 1( 1DYDO(QJLQHHU
1'006& 1$72'HIHQFH0DQSRZHU0DQDJHPHQW 1( DEEU 1HEUDVND 86$ 
6XUYH\&DSDELOLW\>REVROHWHUHSODFHGE\ $OVR1HE
1'0$$@ 1H7KHFKHPLFDOV\PEROIRU1HRQ
eTXLSHG·pWXGHGHJHVWLRQGHVHIIHFWLIVGHGpIHQVH 1HRQLVDJDVHRXVHOHPHQWKDYLQJWKHDWRPLFQXP
GHO·27$1>REVROqWHUHPSODFpSDUOD1'0$$@ EHUDQDWRPLFZHLJKWRIDQGDPHOWLQJ
1'2 1DSKWKDOHQH'LR[\JHQDVH SRLQWRI$&1HRQLVXVHGPDLQO\LQIOXRUHV
%LRFKHPLVWU\0LFURELRORJ\0ROHFXODU%LRORJ\ FHQWOLJKWLQJDQGODVHUV
1'2 1DWLRQDO'HEW2IILFH 6ZHGHQ  &KHPLVWU\6\PEROV
1'3 1DWLRQDO'HYHORSPHQW3ODQ 1( 1HW(DUQLQJV
)XQGHGE\WKH,ULVK*RYHUQPHQW %XVLQHVV(FRQRPLFV)LQDQFH


1( 1HXWURSKLO(ODVWDVH $OVR1(
1( 1( 1HZ(GLWLRQ 1(% 1HZ(QJODQG%LRODEV 86$ 
1( 1HZ(QJODQG 1(% 1RLVH(TXLYDOHQW%DQGZLGWK
1( 1R(IIHFWV &RPPXQLFDWLRQV
1(1RUG(VW 1(% 1RUWK(TXDWRULDO%HOW
PHDQLQJ1RUWK(DVWLQ,WDOLDQ 1(% 1XFOHDU(QYHORSH%UHDNGRZQ
1( 1RUHSLQHSKULQH $OVR1(%'
1RUHSLQHSKULQHLVDOVRNQRZQDV1RUDGUHQDOLQH (PEU\RORJ\0LFURWXEXOH3RO\PHUL]DWLRQ1XFOHDU
(QGRFULQRORJ\ 7UDIILFNLQJ
1( QRWHQWHUHG 1(%V 1HXURHSLWKHOLDO%RGLHV
1( QRWHTXDO 1(%WHFKQLTXH 1XGJHG(ODVWLF%DQGWHFKQLTXH
QH QRWH[FHHGLQJ &KHPLVWU\*HRFKHPLVWU\3K\VLFV
1( 1XFOHDU(QYHORSH 1(& 1DWLRQDO(FRQRPLF&RXQFLO *% 
&\WRPHJDORYLUXV(OHFWURQ0LFURVFRS\ 1(& 1DWLRQDO(OHFWULFDO&RGH
1($ 1DSROL(XURSD$IULFD 1DSOHV,WDO\  1(& 1DWLRQDO(QWHUSULVHV&RUSRUDWLRQ *% 
,WDOLDQ2UJDQL]DWLRQ 1(& 1RUWK(TXDWRULDO&XUUHQW
1($ 1DWLRQDO(QGRZPHQWIRUWKH$UWV 86$  1(& 1RUWKHUQ(XURSHDQ&RPPDQG>REVROHWH@
1($ 1HDU(DUWK$VWHURLG &RPPDQGHPHQWGX1RUG(XURSH>REVROqWH@
$VWURQRP\3ODQHWDU\6FLHQFH3K\VLFV 1(& 1XFOHDU(QHUJ\&HQWHU
1($)& 1RUWK(DVW$WODQWLF)LVKHULHV&RPPLVVLRQ 1(& 1XFOHDU(QHUJ\&RPPLVVLRQ
1($ PDWHULDO1HJDWLYH(OHFWURQ$IILQLW\PDWHULDO 1(& 1XFOHL(FRORJLFL&DUDELQLHUL ,WDO\ 
(OHFWURQLFV 1(& 1XOO(QHUJ\&RQGLWLRQ
1($&3 1DWLRQDO(PHUJHQF\$LUERUQH&RPPDQG 3K\VLFV
3RVW 86$  1(&% 1$72([HUFLVH&RRUGLQDWLRQ%RDUG
2UGQDQFH &RPPLVVLRQGHFRRUGLQDWLRQGHVH[HUFLFHVGH
1($3$&&3URMHFW 1RUWK(DVW$WODQWLF O·27$1
3DOHRFHDQRJUDSK\DQG&OLPDWH&KDQJH3URMHFW 1(&& 1RUWK(TXDWRULDO&RXQWHUFXUUHQW
(DUWK6FLHQFHV*HRFKHPLVWU\*HRSK\VLFV 2FHDQRJUDSK\
*OREDO%LRJHRFKHPLVWU\ 1(&+,1RUWKHDVWHUQ&RQVRUWLXPRI+HDOWK
1($3 SUREH 1HDU(DUWK$VWHURLG3URVSHFWRUSUREH ,QIRUPDWLRQ
1($3 ZDVEXLOWLQDQGODXQFKHGLQPLG 1(&23 SURJUDP 1XWULHQW(QKDQFHG&RDVWDO
 2FHDQ3URGXFWLYLW\SURJUDP
$VWHURLGV&KHPLVWU\*HRORJ\3ODQHWDU\6FLHQFH 1(&V 1HXURHSLWKHOLDO&HOOV
1($5VSDFHFUDIW 1HDU(DUWK$VWHURLG5HQGH]YRXV 1(' 1$72HIIHFWLYHGDWD
VSDFHFUDIW1$6$·V GDWHG·HQWUpHHQYLJXHXU27$1
1($5UHWXUQHGWR(DUWKLQWZR\HDUVDIWHU 1('1R(YLGHQFHRI'LVHDVH
LWVODXQFK2QWKHUG -DQXDU\1($5ZDV 1('% 1$72(PLWWHU'DWDEDVH
SXWLQWRDWUDMHFWRU\WKDWIORDWLWEDFNWRDVWHURLG EDVHGHGRQQpHV27$1VXUOHVpPHWWHXUV
(URVRQWK )HEUXDU\ 1('& 1DWLRQDO(FRQRPLF'HYHORSPHQW&RXQFLO
3ODQHWDU\6FLHQFH *% 
1($V 1HDU(DUWK$VWHURLGV 1('+1HZ(QJODQG'HDFRQHVV+RVSLWDO
$VWURQRP\(DUWK$WPRVSKHULFDQG3ODQHWDU\ 1('2 1HZ(QHUJ\DQGLQGXVWULDOWHFKQRORJ\
6FLHQFHV3K\VLFV 'HYHORSPHQW2UJDQL]DWLRQ 7RN\R-DSDQ 
)RUIXUWKHUGHWDLOVVHHXQGHU/,1($5SURMHFW 1('3 %,6& 1$72([HUFLVH'LUHFWLYHDQG
1($7 1DWLRQDO(OHFWURQLF$XWRFRGLQJ7HFKQLTXH 3URJUDPPH
1($7 1RQH[HUFLVH$FWLYLW\7KHUPRJHQHVLV 'LUHFWLYHSURJUDPPHGHVH[HUFLFHVGHO·27$1
%LRFKHPLVWU\(QGRFULQRORJ\+XPDQ3K\VLRORJ\ GHV6& 
0HGLFLQH0ROHFXODU%LRORJ\ 1(( 1HW(FRV\VWHP([FKDQJH
1($7 V\VWHP 1HDU(DUWK$VWHURLG7UDFNLQJV\VWHP 1((7 1XFOHDU([FLWDWLRQE\(OHFWURQ7UDQVLWLRQ
1$6$·V 3K\VLFV
3ODQHWDU\6FLHQFH6RODU6DWHOOLWHV 1() 1DWLRQDO(QHUJ\)RXQGDWLRQ *% 
1(% 1DWLRQDO(QWHUSULVH%RDUG 1() 1HZ(FRQRPLFV)RXQGDWLRQ *% 
1HE DEEU 1HEUDVND 86$  1()$ 1RQHVWHULILHG)DWW\$FLGV


0HGLFLQH 1(/61DWLRQDO(GXFDWLRQDO/RQJLWXGLQDO6WXG\
1()0$ 1$72(XURSHDQ)LJKWHU$LUFUDIW 86$ 
'HYHORSPHQW3URGXFWLRQDQG/RJLVWLF 1(01(WK\OPDOHLPLGH
0DQDJHPHQW$JHQF\>REVROHWHUHSODFHGE\ 1(0$ 1DWLRQDO(OHFWULFDO0DQXIDFWXUHUV
1(70$@ $VVRFLDWLRQ 86$ 
$JHQFHGHJHVWLRQ27$1SRXUOHGpYHORSSHPHQW 1(0' 1RQHTXLOLEULXP0ROHFXODU'\QDPLFV
ODSURGXFWLRQHWODORJLVWLTXHGHO·DYLRQGHFRPEDW 3K\VLFV6KRFN:DYHV
HXURSpHQ>REVROqWHUHPSODFpHSDUOD1(70$@ 1H02 1HZ0LOOHQLXP2EVHUYDWRU\
1()02 1$72(XURSHDQ)LJKWHU$LUFUDIW 0DULQH6FLHQFH2FHDQRJUDSK\
'HYHORSPHQW3URGXFWLRQDQG/RJLVWLF 1(QJ1RUWKHUQ(QJODQG
0DQDJHPHQW2UJDQL]DWLRQ 1(2 1HDU(DUWK2UELW
2UJDQLVDWLRQGHJHVWLRQ27$1SRXUOHGpYHORSSH 1(2 QRQFRPEDWDQWHYDFXDWLRQRSHUDWLRQ
PHQWODSURGXFWLRQHWODORJLVWLTXHGHO·DYLRQGH RSpUDWLRQG·pYDOXDWLRQGHQRQFRPEDWWDQWV
FRPEDWHXURSpHQ QpROQpRORJLVPH
1(* 1XPHULFDO([SHULPHQWDWLRQ*URXS )UHQFKDEEUHYLDWLRQPHDQLQJQHRORJLVP
QHJE DEEU QHJRWLDEOH /LQJXLVWLFV
1HJ,QVW DEEU 1HJRWLDEOH,QVWUXPHQW 1(21 1DWLRQDO(FRORJLFDO2EVHUYDWRU\1HWZRUN
%XVLQHVV(FRQRPLFV)LQDQFH 86$ 
1(, 1DWLRQDO(\H,QVWLWXWH 86$  1(21VWDWLRQVDUHHTXLSSHGZLWKVHQVRUDUUD\V
(VWDEOLVKHGLQWKH1(,SDUWRIWKH1,+LV JHQHVHTXHQFHUVDQGFRPSXWLQJSRZHUIRUSHWDV
WKH86*RYHUQPHQW·VSULQFLSDODJHQF\IRUFRQ FDOHGDWDEDVHV
GXFWLQJDQGVXSSRUWLQJYLVLRQUHVHDUFK7KH1(, (QYLURQPHQWDO6FLHQFH
FRQGXFWVUHVHDUFKLQWKHRZQODERUDWRU\DQGFOLQL 1(28&20 1RUWKHDVWHUQ2KLR8QLYHUVLWLHV
FDOIDFLOLWLHVORFDWHGRQWKH1,+FDPSXVLQ &ROOHJH2I0HGLFLQH 86$ 
%HWKHVGD0DU\ODQGDQGVXSSRUWVH[WUDPXUDO 1(3 1DWLRQDO(QHUJ\3URJUDPPH &DQDGD 
UHVHDUFKDWXQLYHUVLWLHVPHGLFDOVFKRROVKRVSLWDOV 1(3 1HW(FRV\VWHP3URGXFWLRQ
DQGRWKHULQVWLWXWLRQVWKURXJKRXWWKH8QLWHG6WDWHV (FRORJ\
DQGDEURDG0DMRU1(,SURJUDPDUHDVLQFOXGHWKH 1(3 QRLVHHTXLYDOHQWSRZHU
UHWLQDWKHFRUQHDFDWDUDFWJODXFRPDDQGVWUD 1(3$ 1DWLRQDO(QYLURQPHQWDO3ROLF\$FW
ELVPXVDPEO\RSLDDQGYLVXDOSURFHVVLQJDQG $GYHQW
YLVXDOLPSDLUPHQWDQGLWVUHKDELOLWDWLRQ 86$FWV
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ 1(3$ 1XFOHDU(QHUJ\3URSXOVLRQ$LUFUDIW
1(, 1HGHUODQGV(FRQRPLVFK,QVWLWXXW 7KH 1(3+*( 1RQHTXLOLEULXPS+*UDGLHQW
1HWKHUODQGV  (OHFWURSKRUHVLV
'XWFK,QVWLWXWHV &HOO%LRORJ\DQG$QDWRP\0HGLFLQH
QHL 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ 1(3% 1$72([HUFLVH3ROLF\%RDUG
XVLQJWKH,WDOLDQZRUGQHLZKLFKPHDQVEHDXW\ &RPPLVVLRQVXUOHVRULHQWDWLRQVGHVH[HUFLFHVGH
VSRWVELUWKPDUNV O·27$1
1(,& 1DWLRQDO(DUWKTXDNH,QIRUPDWLRQ&HQWHU 1(36 1RUWK(XURSHDQ3LSHOLQH6\VWHP
86$  UpVHDXGHSLSHOLQHVGX1RUG(XURSH
1(,6 1DWLRQDO(DUWKTXDNH,QIRUPDWLRQ6HUYLFH 1(4 QHWH[SORVLYHTXDQWLW\
86$  SRLGV RXTXDQWLWp QHW WH G·H[SORVLIV
1(-01HZ(QJODQG-RXUQDORI0HGLFLQH 86$  1(5& 1DWLRQDO(FRORJ\5HVHDUFK&HQWHU 86$ 
1(/ 1DWLRQDO(QJLQHHULQJ/DERUDWRU\ *%  1(5& 1DWLRQDO(QYLURQPHQWDO5HVHDUFK&RXQFLO
1(/ 1R(IIHFW/HYHO *% 
1(/$ 1DWLRQDO(OHFWULF/LJKW$VVRFLDWLRQ 86$  6ZLQGRQEDVHG1(5&LVRQHRIILYHUHVHDUFK
1(/$ 1HZ(QJODQG/LEUDU\$VVRFLDWLRQ 86$  FRXQFLOVIXQGHGE\WKH'HSDUWPHQWRI(GXFDWLRQ
1(/,$&1DY\(OHFWURQLFV/DERUDWRU\,QWHUQDWLRQDO DQG6FLHQFH
$OJRO&RPSLOHU )RUIXUWKHUGHWDLOVVHHXQGHU&(+ DQG&2$3(&
&RPSXWHU3URJUDPPLQJ 1(5& 1RUWKHUQ$PHULFDQ(OHFWULF5HOLDELOLW\
1(/,1(7 1HZ(QJODQG/,EUDU\1(7ZRUN &RXQFLO
1(//&21HZ(QJODQG/DZ/LEUDU\&2QVRUWLXP 1(5, 1DWLRQDO(QYLURQPHQWDO5HVHDUFK,QVWLWXWHV
'HQPDUN 


1(5, 1XFOHDU(QHUJ\5HVHDUFK,QLWLDWLYH QHVV7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH


&UHDWHGE\WKH86'HSDUWPHQW2I(QHUJ\ (QJOLVKZRUGQHVV
&ROG)XVLRQ6WXGLHV1HZ7HFKQRORJLHVIRU *HRORJ\
1XFOHDU:DVWH6WRUDJH1HZ5HDFWRU'HVLJQV 1(67 1XFOHDU(PHUJHQF\6HDUFK7HDP 86$ 
3K\VLFV3UROLIHUDWLRQ5HVLVWDQW5HDFWRUV 1XFOHDU'HIHQVH
1(5/ 1DWLRQDO([SRVXUH5HVHDUFK/DERUDWRU\ QHVW 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
86$  (QJOLVKZRUGQHVW
$WWKH86(3$1(5/ FRQGXFWVUHVHDUFKDQG &RPSXWHU3URJUDPPLQJ*HRORJ\9HUWHEUDWH
GHYHORSPHQWUHODWHGWRH[SRVXUHRISHRSOHDQG =RRORJ\
HFRV\VWHPVWRDLUZDWHUDQGVRLOSROOXWDQWV 1(67251(XWULQRVIURP6XSHUQRYDHDQG7H9
)RUIXUWKHUGHWDLOVVHHXQGHU(3$ VRXUFHV2FHDQ5DQJH
1(50/61HZ(QJODQG5HJLRQDO0HGLFDO/LEUDU\ 1(7 1H[W(XURSHDQ7RUXV
6HUYLFH 1(7 QRUPHHXURSpHQQHGHWpOpFRPPXQLFDWLRQ
1(53 1DWLRQDO(QYLURQPHQWDO5HVHDUFK3DUN (XURSHDQWHOHFRPPXQLFDWLRQVWDQGDUG (76 
7KHILUVW1(53 DWWKH6DYDQQDK5LYHU6RXWK 1(7 1RW(DUOLHU7KDQ
&DUROLQD ZDVGHVLJQDWHGE\WKH$WRPLF(QHUJ\ 1HWHF 1HWZRUNHFRQRP\
&RPPLVVLRQ QRZ'2(86$ LQ $OVR1HWHFRQRP\
(FRORJ\:LOGOLIH 1(7) 1$72H[SDQGHGWDVNIRUFH
)RUIXUWKHUGHWDLOVVHHXQGHU'2( IRUFHRSpUDWLRQQHOOH27$1pODUJLH
1(535& 1HZ(QJODQG5HJLRQDO3ULPDWH 1(70$ 1$72()DQG7RUQDGR
5HVHDUFK&HQWHU 86$  'HYHORSPHQW3URGXFWLRQ /RJLVWLFV
1(5SURWHLQV 1XFOHRWLGH([FLVLRQ5HSDLUSURWHLQV 0DQDJHPHQW$JHQF\>KDVUHSODFHG1$00$ DQG
%LRFKHPLVWU\&DQFHU5HVHDUFK'HYHORSPHQWDO 1()0$@
%LRORJ\'1$ GDPDJH'1$ WUDQVFULSWLRQDQG $JHQFHGHJHVWLRQ27$1SRXUOHGpYHORSSHPHQW
5HSOLFDWLRQ ODSURGXFWLRQHWODORJLVWLTXHGHO·$&(HWGX
1(59$ 1XFOHDU(QJLQHIRU5RFNHW9HKLFOH 7RUQDGR>UHPSODFHOD1$00$ HWOD1()0$@
$SSOLFDWLRQ 1(702 1$72()DQG7RUQDGR
1XFOHDU(QJLQHHULQJ 'HYHORSPHQW3URGXFWLRQ /RJLVWLFV
1(6 1DWLRQDO(QHUJ\6WUDWHJ\ 86$  0DQDJHPHQW2UJDQL]DWLRQ>KDVUHSODFHG1$002
1(6 1$72HOHFWURQLFZDUIDUHVXSSRUWPHDVXUHV DQG1()02@
V\VWHP 2UJDQLVDWLRQGHJHVWLRQ27$1SRXUOHGpYHORSSH
V\VWqPH27$1GHPHVXUHVGHVRXWLHQGHJXHUUH PHQWODSURGXFWLRQHWODORJLVWLTXHGHO·$&(
pOHFWURQLTXH HWGX7RUQDGR>UHPSODFH1$002HW1()02@
1(6 1RQ(QJOLVK6SHDNHUV 1(772; DEEU 1(7ZRUNRQ72;LFDQWV
1(6& 1DWLRQDO(OHFWULF6DIHW\&RGH (XURSHDQ&RPPXQLW\3URMHFW
1(6&$80 7KH1RUWKHDVW6WDWHVIRU&RRUGLQDWHG 1(8 QHXWUDOPHUFKDQWVKLS
$LU8VH0DQDJHPHQW 86$  QDYLUHGHFRPPHUFHQHXWUH
$Q$VVRFLDWLRQRIVWDWHUHJXODWRU\DJHQFLHVLQ 1HX$F 1$FHW\OQHXUDPLQLF$FLG
1HZ<RUN1HZ(QJODQGDQG1HZ-HUVH\7KH ,PPXQRORJ\9LURORJ\
DLPRIWKH$VVRFLDWLRQLVWRSURWHFWWKHHQYLURQ 1(:$&1$72(OHFWURQLF:DUIDUH$GYLVRU\
PHQWDQGWKHSXEOLFIURPH[SRVXUHWRKLJKOHYHOV &RPPLWWHH
RIDLUSROOXWDQWV &RPLWpFRQVXOWDWLI27$1VXUODJXHUUHpOHFWURQ
1(6',6 1DWLRQDO(QYLURQPHQWDO6DWHOOLWH'DWD LTXH
DQG,QIRUPDWLRQ6HUYLFH 1HZIOG DEEU 1HZIRXQGODQG
2IWKH8612$$ $OVR1)
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ 1(:7(67 KLJKSHUIRUPDQFH1HXUDO1HWZRUNVLJ
1(6+$3 1DWLRQDO(PLVVLRQV6WDQGDUGVIRU QDOSURFHVVLQJIRU:LUHOHVV7(UUHVWULDODQG
+D]DUGRXV$LU3ROOXWDQWV 86$  6DWHOOLWH7UDQVPLVVLRQV
1(661DWLRQDO(QYLURQPHQWDO6DWHOOLWH6HUYLFH (XURSHDQ&RPPXQLW\3URMHFW
1(66 1$72HOHFWURQLFZDUIDUHVXSSRUWPHDVXUHV 1(:9$1 1$72HOHFWURQLFZDUIDUHYDQ
DQGVWULNHV\VWHP PRGXOHGHJXHUUHpOHFWURQLTXHGHO·27$1
V\VWqPH27$1GHPHVXUHVGHVRXWLHQGHJXHUUH 1(=$ 1HZ6WRFN([FKDQJH0DUNHW *UHHFH 
pOHFWURQLTXHHWG·LQWHUYHQWLRQ


1(;$)6 1HDU(GJH;UD\$EVRUSWLRQ)LQH 'HSDUWPHQWRI1DY\6 7 3URJUDPDQG-RLQW


6WUXFWXUH 1DY\DQG0DULQH&RUSV&RPPDQGVZRUOGZLGH
1(;5$' 1(;WJHQHUDWLRQ5$'DU 1)+ 1$72IULJDWHKHOLFRSWHU
1([7 1HZ([SHULHQFHVLQ7HDFKLQJ 86$  KpOLFRSWqUHSRXUODIUpJDWH27$1
0DWKHPDWLFV7HDFKLQJ3HGDJRJLF5HIRUPV 1), 1DWLRQDO),VKHULHV&HQWHU 86$ 
1)QI QDQRIDUDG 1), 1HXURILEURPDWRVLV
1) 1HSKULWLF)DFWRU 1),LVODVRNQRZQDVYRQ5HFNOLQJKDXVHQ·VGLV
0HGLFLQH HDVH
1) 1HUYH)LEHU 1)/ 1DWLRQDO)HGHUDWLRQRI/D\PHQ
&HOO%LRORJ\ 1)/ 1DWLRQDO)RRWEDOO/HDJXH
1) 1HZIRXQGODQG 1)/ 1DWLRQDO)RUHQVLF/HDJXH
$OVR1HZIOG 1)/ QRILUHOLQH
1) QRQIRFDOL]]DWD OLJQHGHVpFXULWp
1) 1RQ)XQGDEOH 1)/6 QDYDOIRUZDUGORJLVWLFVLWH
%XVLQHVV(FRQRPLFV)LQDQFH VLWHORJLVWLTXHQDYDOGHO·DYDQW
1) 1RUPDQ)UHQFK 1I05,'& 1DWLRQDOIXQFWLRQDO05,'DWD&HQWHU
1) 1RUPH)UDQoDLVH /DXQFKHGLQIDOO
1) 1RXYHDX [ )UDQF V  86'DWD&HQWHUV
1RZ(852(85 8 %HFDPH(&8 (XURSHDQ )RUIXUWKHUGHWDLOVVHHXQGHU05,
VLQJOHFXUUHQF\ ZLWKHIIHFWIURP-DQXDU\ 1)2 1$72)25$&62IILFH
&XUUHQFLHV %XUHDX27$1GHV)25$&6
1) 1HXURILEURPDWRVLVW\SH 1)2PLFURVFRS\ 1HDU)LHOG2SWLFDOPLFURVFRS\
$QLQKHULWHGGLVRUGHUFKDUDFWHUL]HGE\WKHGHYHO 1)29 LQIUDUHGUDGLRPHWHU 1DUURZ)LHOG2I9LHZ
RSPHQWRIPXOWLSOHEHQLJQWXPRUVLQWKHQHUYRXV LQIUDUHGUDGLRPHWHU
V\VWHPWKDWDWWLPHVEHFRPHPDOLJQDQW 1)3 1RW)RU3URILW FROOHJHVDQGXQLYHUVLWLHV 
1HUYH'LVRUGHUV )RUIXUWKHUGHWDLOVVHHXQGHU)$6% DQG6)$6
1) 1LWURJHQ7ULIOXRULGH 1)3$ 1DWLRQDO)LUH3URWHFWLRQ$VVRFLDWLRQ
1)DOVRNQRZQDV1LWURJHQ)OXRULGHLVXVHG 6DIHW\
PDLQO\LQFKHPLFDOV\QWKHVLV 1)3$ 1DWLRQDO)OXLG3RZHU$VVRFLDWLRQ
,QRUJDQLF&KHPLVWU\ 1)5 1$72)LQDQFLDO5HJXODWLRQV
1)$ 1DWLRQDO)XWXUHV$VVRFLDWLRQ 86$  5qJOHPHQWILQDQFLHUGHO·27$1 5)2 
1)$ 1HZ)LQDQFLQJ$JUHHPHQW 1)5 1DWXUYHWHQVNDSOLJD)RUVNQLQJVUnGHW
%RVQLD+HUFHJRYLQD $JUHHPHQW  6WRFNKROP6ZHGHQ 
1)$ QRILUHDUHD 7KH1)5LVWKH6ZHGLVK1DWXUDO6FLHQFH5HVHDUFK
]RQHGHVpFXULWp &RXQFLO
1)$7 FHOOV 1XFOHDU)DFWRURI$FWLYDWHG7 FHOOV 1)527 1DWLRQDO)UDPHZRUNIRUWKH5HFRJQLWLRQ
%ORRG5HVHDUFK&DQFHU%LRORJ\&HOO%LRORJ\ 2I7UDLQLQJ
0HGLFLQH0ROHFXODU%LRORJ\3DWKRORJ\6LJQDO 1)6 1$72IRUFHVWUXFWXUH
7UDQVGXFWLRQ VWUXFWXUHGHIRUFHVGHO·27$1
1)& 1DWLRQDO)LQDQFH&HQWHU 86$  1)V 1HVWHG)XOOHUHQHV
1)& 1DWLRQDO)UHLJKW&RUSRUDWLRQ 86$  0DWHULDOVDQG,QWHUIDFHV0DWHULDOV6FLHQFHDQG
1)& QDWLRQDOIXVLRQFHQWUH (QJLQHHULQJ
FHQWUHQDWLRQDOGHIXVLRQQHPHQWGHGRQQpHV 1)6 1HWZRUN)LOH6\VWHP
1)' 1HJDWLYH)LOH'DWDEDVH 1)V 1HXURILODPHQWV
7KH1)'ZDVEXLOWE\/LJKWEULGJHRIWKH86$ &HOO%LRORJ\
)UDXG'HWHFWLRQ6\VWHPV 1)6 1RW)RU6DOH
1)) 1R)DXOW)RXQG %XVLQHVV&RPPHUFH
1))( 1DWLRQDO)RXQGDWLRQIRU)DLUQHVVLQ 1)6 1XFOHDU)LVVLRQ6DIHW\
(GXFDWLRQ 5HVHDUFKDQGHGXFDWLRQSURJUDP  
1))7,32 1DYDO)OHHW)RUFH3URJUDP2IILFH (XUDWRP3URJUDPV
86$  1)6 1XFOHDU)RUZDUG6FDWWHULQJ
7KH1))7,32HQVXUHVDOLQNEHWZHHQWKH 3K\VLFV
1)6 1XPHUDWLRQ)RUPXOH6DQJXLQH


)UHQFKLQLWLDOLVPPHDQLQJ%ORRG&RXQWDQG 1*2 1RQ*RYHUQPHQWDO2EVHUYHU


'LIIHUHQWLDO:KLWH&RXQW 1*2 1RQ*RYHUQPHQWDO2UJDQL]DWLRQ
0HGLFLQH 1*2V 1RQ*RYHUQPHQWDO2UJDQL]DWLRQV
1)6$7 1DWLRQDO)RXQGDWLRQRI6FLHQFHDQG 1*3 1RPHQFODWXUH*pQpUDOHGHV3URGXLWV )UDQFH 
$GYDQFHG7HFKQRORJLHV$UPHQLD 1*3 1RUWKHUQ*UHDW3ODLQV
$GYDQFHG7HFKQRORJLHV$UPHQLDQ863URMHFWV 1*5, 1RW*XLOW\E\5HDVRQRI,QVDQLW\
%LRVHQVRUV&RFDLQH$QWDJRQLVWV &ULPLQDO/DZ&ULPLQRORJ\
1) 6WDQGDUGV1DWLRQDO)RUPXODU\6WDQGDUGV 1*56 1DWLRQDO*HRGHWLF5HIHUHQFH6\VWHP
1)7 1HWZRUNV)LOH7UDQVIHU 1*6 1DWLRQDO*HRGHWLF6XUYH\ 86$ 
1)7V 1DUURZ)LHOG;UD\7HOHVFRSHV 1*6 1DWLRQDO*HRJUDSKLF6RFLHW\ 86$ 
7KH1)7VDUHFRQWDLQHGLQWKH%HSSR6$;WKH 1*6 QDYDOJXQILUHVXSSRUW
,WDOLDQ'XWFKVDWHOOLWHODXQFKHGLQ DSSXLIHXQDYDO
$VWURSK\VLFV,WDOLDQ'XWFK6DWHOOLWHV 1*67 1H[W*HQHUDWLRQ6SDFH7HOHVFRSH
1)8 1DWLRQDO)DUPHUV
8QLRQ *%  7KH1*67 LVD8QLWHG6WDWHV(XURSHFROODERUDWLRQ
1)= QRIO\]RQH WREXLOGWKHVXFFHVVRUWRWKH+XEEOH6SDFH
]RQHG·H[FOXVLRQ RXG·LQWHUGLFWLRQ DpULHQQH 7HOHVFRSH7KHPSULPDU\PLUURUWHOHVFRSHZLOO
1* 1DWLRQDO*DOOHU\1DWLRQDO*RYHUQPHQW EHODXQFKHGLQ
1DWLRQDO*XDUG $VWURQRP\$VWURSK\VLFV*DOD[\(YROXWLRQ
1* 1DYDOJURXS>KDVUHSODFHG,(*@ 1*7V 1REOH*DV7HPSHUDWXUHV
JURXSHQDYDO>UHPSODFHO·,(*@ 1*8 1RQJRQRFRFFDO8UHWKULWLV
1LJHU 1*8LVDKXPDQXUHWKUDOLQIODPPDWLRQ
1LJHU 0HGLFLQH
1* 1HZ*XLQHD 1*9/ 1DWLRQDO*HQH9HFWRU/DERUDWRULHV 86$ 
1* 1LWURJO\FHULQH +XPDQ*HQH7KHUDS\7ULDOV9HFWRU3URGXFWLRQ
1LWURJO\FHULQHLVXVHGPDLQO\DVDKLJKH[SORVLYH 1+ 1DWLRQDO+RVWV
2UJDQLF&KHPLVWU\ (XURSHDQ&RPPXQLW\,QLWLDWLYH
1*$ 1DWLRQDO*RYHUQRU·V$VVRFLDWLRQ 86$  1+ DEEU 1HZ+DPSVKLUH 86$ 
1*$ 1DWLRQDO*UDSKLFDO$VVRFLDWLRQ 1+ 1HZ+LJK
1J% 1HXURJORELQ 1+ 1RUWKHUQ+HPLVSKHUH
1J%LVDUHFHQWO\GLVFRYHUHG2ELQGLQJSURWHLQ 1+ 1RUWK+ROODQG
%LRPHGLFLQH 3XEOLVKHUV
1*&&SODQWV 1DWXUDO*DV&RPELQHG&\FOHSODQWV 1+ 1RW+HOG
(QHUJ\ %XVLQHVV&RPPHUFH
1*&6 1$72*HQHUDO3XUSRVH6HJPHQW 1+$ 1DWLRQDO+\GURJHQ$VVRFLDWLRQ 86$ 
&RPPXQLFDWLRQ6\VWHP 1+$1(6 1DWLRQDO+HDOWK$QG1XWULWLRQ
V\VWqPHGHFRPPXQLFDWLRQGXVHJPHQWjXVDJH ([DPLQDWLRQ6XUYH\ 86$ 
JpQpUDOGHO·27$1 +XPDQ1XWULWLRQ3UHYHQWLYHDQG%HKDYLRUDO
1*'& 1DWLRQDO*HRSK\VLFDO'DWD&HQWHU 0HGLFLQH2EHVLW\
2IWKH8612$$ 1+& 1RQ+ROGLQJ&RPSDQ\
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ 1+&O $PPRQLXP&KORULGH
1*) 1HUYH*URZWK)DFWRU 1+&ODOVRNQRZQDV6DO$PPRQLDFLVXVHG
(QGRFULQRORJ\ PDLQO\LQPHGLFLQHDQGLQGU\FHOOV
1*),$ 1HUYH*URZWK)DFWRU,QGXFHG$ ,QRUJDQLF&KHPLVWU\
1HXURVFLHQFH 1+'3 1LFRWLQDPLGH+\SR[DQWKLQH'LQXFOHRWLGH
1*+76 1H[W*HQHUDWLRQ+LJKZD\7UDIILF6\VWHP 1+( 1RUPDO+\GURJHQ(OHFWURGH
1*, 1H[W*HQHUDWLRQ,QWHUQHW 86$  1+(ODERUDWRU\ 1HZ+\GURJHQ(QHUJ\ODERUDWRU\
7KH1*,ZDVDQQRXQFHGLQRFWREHUE\ -DSDQ 
3UHVLGHQW&OLQWRQ$ WHVWEHGIRUWHFKQRORJ\DQG 1+(ZDVVKXWGRZQGXHWRODFNRIVXSSRUWLQ
DSSOLFDWLRQV FRPPHUFLDOGHYHORSPHQW
1*,LQLWLDWLYH 1H[W*HQHUDWLRQ,QWHUQHWLQLWLDWLYH &ROG)XVLRQ
86$  1+(- 1RQKRPRORJRXV(QG-RLQLQJ
(OHFWURQLF6XSHUKLJKZD\V-RLQW5HVHDUFK %LRFKHPLVWU\&DQFHU5HVHDUFK'1$ GDPDJH
1*1V 1H[W*HQHUDWLRQ1HWZRUNV &RPSDT  'HYHORSPHQWDO%LRORJ\2[LGDWLYH0HWDEROLVP


)RUIXUWKHUGHWDLOVVHHXQGHU1(5 DQG,5 1+3/2 1$72+$:.3URGXFWLRQDQG/RJLVWLFV


1+(-SURFHVV 1RQKRPRORJRXV(QG-RLQLQJ 2UJDQL]DWLRQ
SURFHVV 2UJDQLVDWLRQGHSURGXFWLRQHWGHORJLVWLTXH27$1
%LRSK\VLFV%LRWHFKQRORJ\&HOOXODU%LRFKHPLVWU\ +$:. 23/2+ 
(XNDU\RWHV'6%VUHSDLU 1+33 1DWLRQDO+RUPRQHDQG3LWXLWDU\3URJUDP
)RUIXUWKHUGHWDLOVVHHXQGHU'6%V 86$ 
1+* 1RUWKHUQ+HPLVSKHUH*ODFLDWLRQ 7KURXJKWKH1+33UHDJHQWVDUHVXSSOLHGIUHHIRU
2FHDQRJUDSK\3DOHRFHDQRJUDSK\ UHVHDUFKSXUSRVHV
1+*5, 1DWLRQDO+XPDQ*HQRPH5HVHDUFK 1+4&6 1$72+HDGTXDUWHUV&6WDII
,QVWLWXWH 86$  6HFUpWDULDWGHV&GXVLqJHGHO·27$1
(VWDEOLVKHGLQWKH1+*5,VXSSRUWVWKH1,+ 1+5( 1DWLRQDO+DLO5HVHDUFK([SHULPHQW
FRPSRQHQWRIWKH+XPDQ*HQRPH3URMHFWD 2IWKH861&$5
ZRUOGZLGHUHVHDUFKHIIRUWGHVLJQDWHGWRDQDO\]H )RUIXUWKHUGHWDLOVVHHXQGHU1&$5
WKHVWUXFWXUHRIKXPDQ'1$ DQGGHWHUPLQHWKH 1+6 1DWLRQDO+HDOWK6HUYLFH
ORFDWLRQRIWKHHVWLPDWHGWRKXPDQ 1+60$/ 1+60DOHLPLGH
JHQHV7KH1+*5,,QWUDPXUDO5HVHDUFK3URJUDP 1+696 1+69LQ\OVXOIRQH
GHYHORSVDQGLPSOHPHQWVWHFKQRORJ\IRUXQGHU 1+76$ 1DWLRQDO+LJKZD\7UDIILF7UDQVSRUWDWLRQ
VWDQGLQJGLDJQRVLQJDQGWUHDWLQJJHQHWLF 6DIHW\$GPLQLVWUDWLRQ 86$ 
GLVHDVHV 1, 1DWLRQDO,QFRPH
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ 1, 1DWLRQDO,QVXUDQFH
1+, 1DWLRQDO+HDUW,QVWLWXWH 86$  1, 1HJRWLDEOH,QVWUXPHQW
1+, 1DWLRQDO+HDOWK,QVXUDQFH %XVLQHVV(FRQRPLFV)LQDQFH
1+/ 1DWLRQDO+RPH/RDQV *%  1, QHWLQFRPH
1+/ QRQ+RGJNLQ·V/\PSKRPD 1L 1HWLQWHUHVW
1+/%, 1DWLRQDO+HDUW/XQJDQG%ORRG,QVWLWXWH %XVLQHVV)LQDQFH
86$  1L 7KHFKHPLFDOV\PEROIRU1LFNHO
(VWDEOLVKHGLQWKH1+/%,SURYLGHVOHDGHU 6\PEROV&KHPLVWU\
VKLSIRUDQDWLRQDOSURJUDPLQGLVHDVHVRIWKH 1, 1LJHULD
KHDUWEORRGYHVVHOVOXQJDQGEORRGEORRG 1,1RUPDO,QIRUPDWLRQ
UHVRXUFHVDQGVOHHSGLVRUGHUV6LQFH2FWREHU 1, 1RUWKHUQ,UHODQG
WKH1+/%,KDVDOVRKDGDGPLQLVWUDWLYH 1,$ 1DWLRQDO,QGRRU$UHQD%LUPLQJKDP*%
UHVSRQVLELOLW\IRUWKH1,+:RPDQ·V+HDOWK 1,$ 1DWLRQDO,QVWLWXWHRQ$JLQJ 86$ 
,QLWLDWLYH7KH,QVWLWXWHSODQVFRQGXFWVIRVWHUV (VWDEOLVKHGLQWKH1,$ OHDGVDQDWLRQDOSUR
DQGVXSSRUWVDQLQWHJUDWHGDQGFRRUGLQDWHGSUR JUDPRIUHVHDUFKRQWKHELRPHGLFDOVRFLDODQG
JUDPRIEDVLFUHVHDUFKFOLQLFDOLQYHVWLJDWLRQVDQG EHKDYLRXUDODVSHFWVRIWKHDJLQJSURFHVVWKHSUH
WULDOVREVHUYDWLRQDOVWXGLHVDQGGHPRQVWUDWLRQ YHQWLRQRIDJHUHODWHGGLVHDVHVDQGGLVDELOLWLHV
DQGHGXFDWLRQSURMHFWV DQGWKHSURPRWLRQRIDEHWWHUTXDOLW\RIOLIH IRUDOO
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ ROGHU$PHULFDQV
1+0 1DWXUDO+LVWRU\0XVHXP *%  1,$ 1XFOHDU,QVWDOODWLRQ$FW  
1+0)/ 1DWLRQDO+LJK0DJQHWLF)LHOG/DERUDWRU\ 1,$$$ 1DWLRQDO,QVWLWXWHRQ$OFRKRO$EXVHDQG
7KH1+0)/ ZDVHVWDEOLVKHGLQE\)ORULGD $OFRKROLVP 86$ 
6WDWH8QLYHUVLW\ 86$  (VWDEOLVKHGLQWKH1,$$$ FRQGXFWVUHVHDUFK
&RQGHQVHG0DWWHU3K\VLFV0DJQHW6FLHQFH IRFXVHGRQLPSURYLQJWKHWUHDWPHQWDQGSUHYHQ
0DJQHW7HFKQRORJ\ WLRQRIDOFRKROLVPDQGDOFRKROUHODWHGSUREOHPV WR
1+02 1$72+$:.0DQDJHPHQW2IILFH UHGXFHWKHHQRUPRXVKHDOWKVRFLDODQGHFRQRPLF
%XUHDXGHJHVWLRQ27$1+$:. %*2+  FRQVHTXHQFHVRIWKLVGLVHDVH
1+05& 1DWLRQDO+HDOWKDQG0HGLFDO5HVHDUFK 1,$&( 1DWLRQDO,QVWLWXWHRI$GXOW&RQWLQXLQJ
&RXQFLO $XVWUDOLD  (GXFDWLRQ *% 
1+2+ +\GUR[\ODPLQH %ULWLVK,QVWLWXWHV
+\GUR[\ODPLQHDOVRNQRZQDV2[DPPRQLXPLV 1,$) 1DWLRQDO,WDOLDQ$PHULFDQ)RXQGDWLRQ
XVHGPDLQO\LQRUJDQLFV\QWKHVLV 1,$* 1$72,QGXVWULDO$GYLVRU\*URXS
,QRUJDQLF&KHPLVWU\ *URXSHFRQVXOWDWLILQGXVWULHO27$1
1+3 1RPLQDO+RUVHSRZHU


1,$,' 1DWLRQDO,QVWLWXWHRI$OOHUJ\DQG,QIHFWLRXV 1,%25 1HZ<RUN,QWHUEDQN2IIHUHG5DWH


'LVHDVHV 86$  1,%6& 1DWLRQDO,QVWLWXWHIRU%LRORJLFDO6WDQGDUGV
1,$,'KDVLWVURRWVLQWKH+\JLHQLF/DERUDWRU\ DQG&RQWURO *% 
HVWDEOLVKHGLQWKHSUHGHFHVVRURIWKHPRGHUQ %LRORJLFDO0HGLFLQHV
1,+7KH5RFN\0RXQWDLQ/DERUDWRU\DQGWKH 1,& 1DWLRQDO,QFRPH&RPPLVVLRQ
%LRORJLFV&RQWURO/DERUDWRU\IRUPHGLQ 1,& QDWLRQDOLQWHOOLJHQFHFHOO RUFHQWUH 
PHUJHGZLWK1,+·V'LYLVLRQRI,QIHFWLRXV'LVHDVHV FHOOXOH RXFHQWUH QDWLRQDO H GHUHQVHLJQHPHQW
DQGWKH'LYLVLRQRI7URSLFDO'LVHDVHVLQWR 1$72,QWHUQDWLRQDO&LYLOLDQ
IRUPWKH1DWLRQDO0LFURELRORJLFDO,QVWLWXWH,Q SHUVRQQHO RXDJHQW FLYLO27$1jVWDWXWLQWHU
&RQJUHVVJDYHWKH,QVWLWXWHLWVSUHVHQWQDPH QDWLRQDO
WRUHIOHFWWKHLQFOXVLRQRIDOOHUJ\DQGLPPXQRORJ\ 1,&1HWZRUN,QIRUPDWLRQ&HQWHU
UHVHDUFK3URMHFWV3URJUDPV$LPV1,$,'FRQ 1,& 1HZO\,QGXVWULDOL]HG&RXQWU\
GXFWVDQGVXSSRUWVUHVHDUFKWKDWVWULYHVWRXQGHU 1,& DEEU 1LFDUDJXD
VWDQGWUHDWDQGXOWLPDWHO\SUHYHQWWKHP\ULDG 1,&& 1RUWKHUQ,UHODQG&XUULFXOXP&RXQFLO
LQIHFWLRXVLPPXQRORJLFDQGDOOHUJLFGLVHDVHVWKDW ,UHODQG 
WKUHDWHQKXQGUHGVRIPLOOLRQVRISHRSOHZRUOZLGH 1,&( 1DWLRQDO,QVWLWXWHRI&OLQLFDO([FHOOHQFH
0DMRUDUHDVRILQYHVWLJDWLRQ$FTXLUHG *% 
,PPXQRGHILFLHQF\6\QGURPH$VWKPDDQG $OOHUJLF 7KH1,&(DGYLVHVRQULVNVEHQHILWVFRVWHIIHF
'LVHDVHV%LRGHIHQVH(PHUJLQJ'LVHDVHV(QWHULF WLYHQHVVDQGXVHRIQHZGUXJV
'LVHDVHV*HQHWLFVDQG 7UDQVSODQWDWLRQ 1,&(& 1DWLRQDO,QVWLWXWHIRU&DUHHUV(GXFDWLRQ
,PPXQRORJLF'LVHDVHV9DFFLQH'HYHORSPHQW DQG&RXQVHOOLQJ
2WKHUDUHDVRIUHVHDUFKLQFOXGHIXQJDOGLVHDVHV %ULWLVK,QVWLWXWHV
KRVSLWDODVVRFLDWHGLQIHFWLRQVUHVSLUDWRU\GLV 1,&+'1DWLRQDO,QVWLWXWHRI&KLOG+HDOWKDQG
HDVHVDQGDQWLYLUDODQGDQWLPLFURELDOGUXJGHYHO +XPDQ'HYHORSPHQW 86$ 
RSPHQW (VWDEOLVKHGLQWKH1,&+'·VUHVHDUFKRQ IHU
1,$06 1DWLRQDO,QVWLWXWHRI$UWKULWLVDQG WLOLW\SUHJQDQF\JURZWKGHYHORSPHQWDQGPHG
0XVFXORVNHOHWDODQG6NLQ'LVHDVHV 86$  LFDOUHKDELOLWDWLRQ VWULYHVWRHQVXUHWKDWHYHU\FKLOG
(VWDEOLVKHGLQWKH1,$06VXSSRUWVUHVHDUFK LVERUQKHDOWK\DQGZDQWHGDQGJURZVXSIUHHIURP
LQWRWKHFDXVHVWUHDWPHQWDQGSUHYHQWLRQRIDUWKUL GLVHDVHVDQGGLVDELOLW\
WLVDQGPXVFXORVNHOHWDODQGVNLQGLVHDVHVWKH 1,&/ 1DWLRQDO,FH&RUH/DERUDWRU\
WUDLQLQJRIEDVLFDQGFOLQLFDOVFLHQWLVWVWRFDUU\RXW /DNHZRRG&RORUDGR86$
WKLVUHVHDUFKDQGWKHGLVVHPLQDWLRQRILQIRUPDWLRQ 1L&O 1LFNHO&KORULGH
RQUHVHDUFKSURJUHVVLQWKHVHGLVHDVHV 1L&O LVXVHGPDLQO\LQFKHPLFDOUHDJHQWVDQG
1,$6 1DWLRQDO,QVWLWXWHIRU$GYDQFHG6WXGLHV HOHFWURSODWLQJ
,QGLD  ,QRUJDQLF&KHPLVWU\
1,$61LDV 1RYHOO,QWHUQHW$FFHVV6HUYHU 1,&026 1HDU,QIUDUHG&DPHUDDQG0XOWL2EMHFW
1,% 1DWLRQDO,QYHVWPHQW%DQN 7KH1HWKHUODQGV  6SHFWURJUDSK
1,% 1$72,QWHOOLJHQFH%RDUG 7KH1,&026LVDQLQVWUXPHQWDERDUGWKH+67
%XUHDX27$1GXUHQVHLJQHPHQW XVHGWRFROOHFWDQGDQDO\]HZDYHOHQJWKVRIOLJKW
QDYDOLQIDQWU\EULJDGH WKDWKDYHQHYHUEHHQVHHQIURPVSDFHEHIRUH
EULJDGHG·LQIDQWHULHGHPDULQH $VWURQRP\(QJLQHHULQJ3ODQHWDU\6FLHQFH
1,%,% 1DWLRQDO,QVWLWXWHRI%LRPHGLFDO,PDJLQJ 6SDFH6FLHQFH
DQG%LRHQJLQHHULQJ 86$  )RUIXUWKHUGHWDLOVVHHXQGHU+67
(VWDEOLVKHGLQWKH1,%,%LPSURYHVKHDOWK 1,&23 1RUWKZHVW,QWHUOLEUDU\&RRSHUDWLYHRI
E\SURPRWLQJIXQGDPHQWDOGLVFRYHULHVGHVLJQDQG 3HQQV\OYDQLD 86$ 
GHYHORSPHQWDQGWUDQVODWLRQDQGDVVHVVPHQWRI 1,&V 1DWLRQDO,QVXUDQFH&RQWULEXWLRQV
WHFKQRORJLFDOFDSDELOLWLHVLQELRPHGLFDOLPDJLQJ 1,&6 1$72LQWHJUDWHGFRPPXQLFDWLRQVV\VWHP
DQGELRHQJLQHHULQJHQDEOHGE\UHOHYDQWDUHDVRI V\VWqPHGHWpOpFRPPXQLFDWLRQVLQWpJUpGH
LQIRUPDWLRQVFLHQFHSK\VLFVFKHPLVWU\PDWKHPDW O·27$1
LFVPDWHULDOVVFLHQFHDQGFRPSXWHUVFLHQFHV 1,&V 1HZO\,QGXVWULDOL]HG&RXQWULHV
1,%1 1DWLRQDO,QVWLWXWHIRU%LRWHFKQRORJ\LQWKH 1,&6&2$ 1,&6&HQWUDO2SHUDWLQJ$XWKRULW\
1HJHY >REVROHWHVHH1$&26$@
$W%HQ*XULRQ8QLYHUVLW\RIWKH1HJHY ,VUDHO 


$XWRULWpFHQWUDOHG·H[SORLWDWLRQGX1,&6>REVROqWH DOOVHULRXVO\DIIHFWWKHTXDOLW\RIOLIHRIWKRVHZKR
YRLU1$&26$@ KDYHWKHP
1,&62&2 1,&62SHUDWLQJDQG&RQWURO 1,''0 1RQ,QVXOLQ'HSHQGHQW'LDEHWHV0HOOLWXV
2UJDQL]DWLRQ>REVROHWHVHH2&2@ 1LGLO 1XRYHLGHQWLWjGL ODYRUR ,WDO\ 
2UJDQLVDWLRQGHFRQWU{OHGHO·H[SORLWDWLRQGX1,&6 ,WDOLDQDFURQ\PPHDQLQJ1HZ:RUNLGHQWLWLHV
>REVROqWHYRLU2&2@ 1,'5 1DWLRQDO,QVWLWXWHRI'HQWDO5HVHDUFK
1,&62, 1,&6RSHUDWLQJLQVWUXFWLRQ 86$ 
LQVWUXFWLRQVG·H[SORLWDWLRQGX1,&6 )RUIXUWKHUGHWDLOVVHHXQGHU1,'&5
1,' QDYDOLQIDQWU\GLYLVLRQ 1,'6 1$72LQWHJUDWHGGDWDVHUYLFH
GLYLVLRQG·LQIDQWHULHGHPDULQH VHUYLFHLQWpJUpGHGRQQpHVGHO·27$1
1,' 1H[W,'HQWLILHU 1,'76 1$72LQLWLDOGDWD FRPPRQXVHU WUDQVIHU
1,' 15,QWHUDFWLQJ'RPDLQ V\VWHP
)RUIXUWKHUGHWDLOVVHHXQGHU15 V\VWqPHLQLWLDOGHWUDQVIHUWGHGRQQpHV jXVDJH
1,'$ 1DWLRQDO,QVWLWXWHRQ'UXJ$EXVH 86$  FRPPXQ GHO·27$1
(VWDEOLVKHGLQWKH1,'$ OHDGVWKHQDWLRQLQ 1,( 1DWLRQDO,QVWLWXWHIRUWKH(QYLURQPHQW
EULQJLQJWKHSRZHURIVFLHQFHWREHDURQGUXJ 1,(7KH1HWKHUODQGV,QVWLWXWHRI(FRORJ\
DEXVHDQGDGGLFWLRQWKURXJKVXSSRUWDQGFRQGXFW 1,(ZDVIRXQGHGLQE\WKH5R\DO
RIUHVHDUFKDFURVVDEURDGUDQJHRIGLVFLSOLQHVDQG 1HWKHUODQGV$FDGHP\RI$UWVDQG6FLHQFHV1,(
UDSLGDQGHIIHFWLYHGLVVHPLQDWLRQRIUHVXOWVRIWKDW XQLWHVWKUHH$FDGHP\,QVWLWXWHV
UHVHDUFKWRLPSURYHGUXJDEXVHDQGDGGLFWLRQSUH 1,(+6 1DWLRQDO,QVWLWXWHRI(QYLURQPHQWDO+HDOWK
YHQWLRQWUHDWPHQWDQGSROLF\ 6FLHQFHV 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ (VWDEOLVKHGLQWKH1,(+6UHGXFHVWKHEXU
1,'&' 1DWLRQDO,QVWLWXWHRI'HDIQHVVDQG2WKHU GHQRIKXPDQLOOQHVVDQGG\VIXQFWLRQIURPHQYL
&RPPXQLFDWLRQ'LVRUGHUV 86$  URQPHQWDOFDXVHVE\GHILQLQJKRZHQYLURQPHQWDO
(VWDEOLVKHGLQWKH1,'&'FRQGXFWVDQG H[SRVXUHVJHQHWLFVXVFHSWLELOLW\DQGDJHLQWHUDFW
VXSSRUWVELRPHGLFDOUHVHDUFK DQGUHVHDUFKWUDLQLQJ WRDIIHFWDQLQGLYLGXDO·VKHDOWK1,(+6FRQGXFWV
RQQRUPDOPHFKDQLVPVDVZHOODVGLVHDVHVDQG DQGDGPLQLVWHUVUHVHDUFKSURJUDPV
GLVRUGHUVRIKHDULQJEDODQFHVPHOOWDVWHYRLFH 1,(65 1DWLRQDO,QVWLWXWHRI(FRQRPLFDQG6RFLDO
VSHHFK DQGODQJXDJH WKDWDIIHFWPLOOLRQ 5HVHDUFK *% 
$PHULFDQV 1,) 1DWLRQDO,JQLWLRQ)DFLOLW\ 86$ 
1,'&5 1DWLRQDO,QVWLWXWHRI'HQWDODQG 1,) 1DWLRQDO,VODPLF)URQW6XGDQ
&UDQLRIDFLDO5HVHDUFK 86$  1,) 1$72LQWHURSHUDELOLW\IUDPHZRUN
7KH1,'&5IRUPHUO\1,'5ZDVHVWDEOLVKHGLQ FDGUHG·LQWHURSpUDELOLWp27$1
WRSURPRWHWKHJHQHUDOKHDOWKRIWKH 1,) 1RLVH,PSURYHPHQW)DFWRU
$PHULFDQSHRSOHE\LPSURYLQJWKHLURUDOGHQWDO 1,)LVDOVRNQRZQDV,PSURYHPHQW)DFWRU
DQGFUDQLRIDFLDOKHDOWK7KURXJKWKHFRQGXFWDQG 6LJQDOWR1RLVH,PSURYHPHQW)DFWRU
VXSSRUWRIUHVHDUFKDQGWKHWUDLQLQJRIUHVHDUFKHUV 7HOHFRPPXQFDWLRQV
WKH1,'&5DLPVWRSURPRWHKHDOWKSUHYHQWGLV 1,) 1RWH,VVXDQFH)DFLOLW\
HDVHVDQGFRQGLWLRQVDQGGHYHORSQHZGLDJQRVWLFV %DQNLQJ%XVLQHVV(FRQRPLFV)LQDQFH
DQGWKHUDSHXWLFV1,'&5GLVWULEXWHVSURIHVVLRQDO 1,)2 1H[W,Q)LUVW2XW
DQGFRQVXPHUHGXFDWLRQPDWHULDOVIUHHRIFKDUJH 1,)6 1$72,QWHJUDWHG)LQDQFLDO6\VWHP>REVROHWH
ZKLFKFRYHUDYDULHW\RIVXEMHFWVDERXWRUDOKHDOWK UHSODFHGE\1$)6@
1,'' 1RQ,QVXOLQ'HSHQGHQW'LDEHWHV V\VWqPHILQDQFLHULQWpJUpGHO·27$1>REVROqWH
1,''. 1DWLRQDO,QVWLWXWHRI'LDEHWHVDQG UHPSODFpSDUOH1$)6@
'LJHVWLYHDQG.LGQH\'LVHDVHV 1,)V1RW,Q)LOHV
%HWKHVGD0'86$ 1LIV\VWHP 1LWURJHQIL[LQJV\VWHP
(VWDEOLVKHGLQWKH1,''.FRQGXFWVDQG %LRFKHPLVWU\
VXSSRUWVEDVLFDQGDSSOLHGUHVHDUFKDQGSURYLGHV 1,)7, 1$72LQWHURSHUDELOLW\IUDPHZRUNWHFKQLFDO
OHDGHUVKLSIRUDQDWLRQDOSURJUDPLQGLDEHWHV LQIUDVWUXFWXUH
HQGRFULQRORJ\DQGPHWDEROLFGLVHDVHVGLJHVWLYH LQIUDVWUXFWXUHWHFKQLTXHGXFDGUHG·LQWHURSpUDELOLWp
GLVHDVHV DQGQXWULWLRQDQGNLGQH\XURORJLF DQG 27$1
KHPDWRORJLFGLVHDVHV6HYHUDORIWKHVHGLVHDVHVDUH 1,* 1&1,961JDWHZD\
DPRQJWKHOHDGLQJFDXVHVRIGLVDELOLW\DQGGHDWK SDVVHUHOOH1&1,961


1,* 3 1DQMLQJ,QVWLWXWHRI*HRORJ\DQG $XWRULWpGHJHVWLRQGHO·LQIRUPDWLRQGHO·27$1


3DOHRQWRORJ\ &KLQD  1,0$ 1HYHU,Q0LWRVLV$
*HRSK\VLFV3DOHRJHRORJ\3DOHRQWRORJ\ &DQFHU%LRORJ\3KDUPDFRORJ\
6WUDWLJUDSK\ 1,0%< 1RW,Q0\%DFN\DUG 86$ 
1,*(& 1DWLRQDO,QVWLWXWHIRU*OREDO(QYLURQPHQWDO DJDLQVWQXFOHDULQVWDOODWLRQVLQFLQHUDWRUVHWF 
&KDQJH 86$  1,0&3 1$72LQIRUPDWLRQPDQDJHPHQWFRQWURO
1,*(&ZDVHVWDEOLVKHGLQ SRLQW
*OREDO(QYLURQPHQWDO&KDQJH0XOWLGLVFLSOLQDU\ SRLQWGHFRQWU{OHGHODJHVWLRQGHO·LQIRUPDWLRQGH
5HVHDUFK O·27$1
1,*06 1DWLRQDO,QVWLWXWHRI*HQHUDO0HGLFDO 1,0+ 1DWLRQDO,QVWLWXWHVRI0HQWDO+HDOWK
6FLHQFHV 86$  86$ 
(VWDEOLVKHGLQWKH1,*06VXSSRUWVELRPHG (VWDEOLVKHGLQWKH1,0+SURYLGHVQDWLRQDO
LFDOUHVHDUFKWKDWLVQRWWDUJHWHGWRVSHFLILFGLV OHDGHUVKLSGHGLFDWHGWRXQGHUVWDQGLQJWUHDWLQJ
HDVHV1,*06IXQGVVWXGLHVRQJHQHVSURWHLQV DQGSUHYHQWLQJPHQWDOLOOQHVVHV WKURXJKEDVLF
DQGFHOOVDVZHOODVIXQGDPHQWDOSURFHVVHVOLNH UHVHDUFK RQWKHEUDLQDQGEHKDYLRUDQGWKURXJK
FRPPXQLFDWLRQZLWKLQDQGEHWZHHQFHOOVKRZRXU FOLQLFDOHSLGHPLRORJLFDODQGVHUYLFHVUHVHDUFK
ERGLHVXVHHQHUJ\DQGKRZZHUHVSRQGWRPHGL 1,0,& 1$72,QVHQVLWLYH0XQLWLRQV,QIRUPDWLRQ
FLQHV7KHUHVXOWVRIWKLVUHVHDUFKLQFUHDVHRXU &HQWUH
XQGHUVWDQGLQJRIOLIHDQGOD\WKHIRXQGDWLRQIRU &HQWUHG·LQIRUPDWLRQ27$1VXUOHVPXQLWLRQVj
DGYDQFHVLQGLVHDVHGLDJQRVLVWUHDWPHQWDQGSUH ULVTXHVDWWpQXpV
YHQWLRQ7KH1,*06DOVRVXSSRUWVUHVHDUFKWUDLQ 1,03 1$72LQWHURSHUDELOLW\PDQDJHPHQWSODQ
LQJSURJUDPV WKDWSURGXFHWKHQH[WJHQHUDWLRQRI SODQ27$1GHJHVWLRQGHO·LQWHURSpUDELOLWp
ELRPHGLFDOVFLHQWLVWVDQGLWKDVVSHFLDOSURJUDPV 1,05 1DWLRQDO,QVWLWXWHIRU0HGLFDO5HVHDUFK
WRHQFRXUDJHXQGHUUHSUHVHQWHGPLQRULWLHVWRSXU *% 
VXHELRPHGLFDOUHVHDUFKFDUHHUV 1,05 1HWKHUODQGV,QVWLWXWHIRU0HWDOV5HVHDUFK
1,+ 1DWLRQDO,QVWLWXWHVRI+HDOWK 86$  'HOIW7KH1HWKHUODQGV
1,+ 1RW,QYHQWHG+HUH 1,061HDU,QIUDUHG0DSSLQJ6SHFWURPHWHU
1,+$'$0+$ 1DWLRQDO,QVWLWXWHVRI+HDOWKDQG $VWURQRP\/XQDUDQG3ODQHWDU\6FLHQFHV6SDFH
$OFRKRO'UXJ$EXVHDQG0HQWDO+HDOWK 6FLHQFH
$GPLQLVWUDWLRQ 86$  1,1 1DWLRQDO,QVWLWXWHRI1HXURVFLHQFH -DSDQ 
1,, 1DWLRQDO,QIRUPDWLRQ,QIUDVWUXFWXUH 86$  1,1'6 1DWLRQDO,QVWLWXWHRI1HXURORJLFDO'LVRUGHUV
1,, 1XFOHDU,QVWDOODWLRQV,QVSHFWRUDWH 86$  DQG6WURNH 86$ 
1XFOHDU3ODQWV (VWDEOLVKHGLQ1,1'6·VPLVVLRQLVWRUHGXFH
1L, 1LFNHO,RGLGH WKHEXUGHQRIQHXURORJLFDOGLVHDVHVDEXUGHQERUQH
,QRUJDQLF&KHPLVWU\ E\HYHU\DJHJURXSHYHU\VHJPHQWRIVRFLHW\DQG
1,,' 1DWLRQDO,QVWLWXWHRI,QIHFWLRXV'LVHDVHV SHRSOHDOORYHUWKHZRUOG7RDFFRPSOLVKWKLVJRDO
-DSDQ  WKH1,1'6VXSSRUWVDQGFRQGXFWVUHVHDUFKERWK
7KH1,,'LVWKHQDWLRQDOJRYHUQPHQW
VPDLQIDFLOL EDVLFDQGFOLQLFDORQWKHQRUPDODQGGLVHDVHGQHU
W\IRUUHVHDUFKRQDQGVXUYHLOODQFHRILQIHFWLRXV YRXVV\VWHPIRVWHUVWKHWUDLQLQJRILQYHVWLJDWRUVLQ
GLVHDVHV,WKDVUHSODFHG-1,+ EDVLFDQG FOLQLFDOQHXURVFLHQFHVDQGVHHNVEHWWHU
)RUIXUWKHUGHWDLOVVHHXQGHU-1,+ XQGHUVWDQGLQJGLDJQRVLVWUHDWPHQWDQGSUHYHQ
1,,* 1$72LWHPLGHQWLILFDWLRQJXLGH WLRQRIQHXURORJLFDOGLVRUGHUV
JXLGH27$1G·LQGHQWLILFDWLRQG·DUWLFOH 1,1(61RUIRON,QIRUPDWLRQ([FKDQJH6FKHPH
1,,1 1$72LWHPLGHQWLILFDWLRQQXPEHU 1L1L6 3RO\G\PLWH
QXPpUR27$1G·LQGHWLILFDWLRQG·DUWLFOH 0LQHUDORJ\
1,- 1DWLRQDO,QVWLWXWHRI-XVWLFH 86$  1,15 1DWLRQDO,QVWLWXWHRI1XUVLQJ5HVHDUFK
1,.+() 1DWLRQDO,QVWLWXWHIRU1XFOHDUDQG+LJK 86$ 
(QHUJ\SK\VLFV $PVWHUGDP7KH1HWKHUODQGV  1,15ZDVHVWDEOLVKHGDVWKH1DWLRQDO&HQWHUIRU
1,/ 1HDUO\,VRJHQLF/LQH 1XUVLQJ5HVHDUFK 1&15 LQDQGUHGHVLJ
$JURQRP\3ODQW%UHHGLQJ3ODQW*HQHWLFV QDWHGDV1,15LQ1,15SURYLGHVILQDQFLDO
1,/8 1RUZHJLDQ,QVWLWXWHIRU$LU5HVHDUFK VXSSRUWIRUDERXWUHVHDUFKSURMHFWVDFURVVWKH
1RUZD\  86$DQGDIHZLQRWKHUFRXQWULHV1,15DOVR
1,0$ 1$72,QIRUPDWLRQ0DQDJHPHQW$XWKRULW\ SURYLGHVUHVHDUFKWUDLQLQJDWWKHSUHGRFWRUDODQG


SRVWGRFWRUDOOHYHOWKLVUHVHDUFKWUDLQLQJLVUHVWULFW 1$72,QWHUQDWLRQDO6WDII
HGWRQXUVHVDQGWRFLWL]HQVRIWKH86DQGFHUWDLQ 6HFUpWDULDWLQWHUQDWLRQDOGHO·27$1
86 WHUULWRULHV$GGLWLRQDOO\1,15SURYLGHV 1,6 1HZO\,QGHSHQGHQW6WDWHV
FDUHHUGHYHORSPHQWDZDUGVWRSURYLGHGRFWRUDOO\ 1,6$7 1DYLJDWLRQ,QIRUPDWLRQ6\VWHPLQ
SUHSDUHGQXUVHVZLWKDGGLWLRQDOVNLOOVWKH\QHHGDV $GYDQFHG7HFKQRORJ\
DUHVHDUFKHU1,15VXSSRUWVDERXWFHQWHUV 1,6&2 1$72,GHQWLILFDWLRQ6\VWHP&RRUGLQDWLRQ
DFURVVWKH86$ZKLFKIRFXVRQUHGXFLQJKHDOWK 2IILFH
GLVSDULWLHVRQYXOQHUDEOHSRSXODWLRQVWKHVHFHQ %XUHDXGHFRRUGLQDWLRQGXV\VWqPHG·LGHQWLILFD
WHUVVHUYHWRVWLPXODWHUHVHDUFKFDSDELOLW\ LQWKHLU WLRQGHO·27$1
KRVWVFKRROVRIQXUVLQJ 1,6*57 1$72,QWHU6WDII*URXSRQ
1,15 1RUZHJLDQ,QVWLWXWHIRU1DWXUH5HVHDUFK 5HLQIRUFHPHQWDQG7UDQVSRUWDWLRQ
1L17$ 1,1LWULOORDFHWLF$FLG *URXSHPL[WH27$1VXUOHUHQIRUFHPHQWHWOHV
1,2) 1DWLRQDO,QVWLWXWHRI2FHDQRJUDSK\DQG WUDQVSRUWV
)LVKHULHV (J\SW  1,6. 1RUZHJLDQ)RUHVW5HVHDUFK,QVWLWXWH
1,205 1LJHULDQ,QVWLWXWHIRU2FHDQRJUDSK\DQG 1RUZD\ 
0DULQH5HVHDUFK 1,67 1DWLRQDO,QVWLWXWHIRU6WDQGDUGVDQG
1,26+ 1DWLRQDO,QVWLWXWHIRU2FFXSDWLRQDO6DIHW\ 7HFKQRORJ\
DQG+HDOWK 86$  1,67 ZDVIRUPHUO\NQRZQDVWKH1DWLRQDO%XUHDX
7KH861,26+FRQGXFWVUHVHDUFKRQKHDOWK RI6WDQGDUGV
HIIHFWVDVVRFLDWHGZLWKWKHFRDOFRQYHUVLRQWHFK 86VWDQGDUGV,VVXLQJ2UJDQL]DWLRQV
QRORJ\ 1,67(3 1DWLRQDO,QVWLWXWHRI6FLHQFHDQG
1,2= 1HWKHUODQGV,QVWLWXWHIRU6HD5HVHDUFK 7(FKQRORJ\3ROLF\ 86$ 
1,3 1$'*(LPSURYHPHQWSODQ 1,7 1HJDWLYH,QFRPH7D[
SODQG·DPpOLRUDWLRQGX1$'*( 1,7 1HZ,QYHVWPHQW7HFKQRORJ\
1,31)$7 ,QWHUDFWLQJ3URWHLQ %XVLQHVV(FRQRPLFV)LQDQFH
)RUIXUWKHUGHWDLOVVHHXQGHU1)$7 1,7' 7KH1RYDUWLV,QVWLWXWHIRU7URSLFDO'LVHDVHV
1,3' 1$72LQWHURSHUDELOLW\SODQQLQJGRFXPHQW 3ULYDWHQRQSURILWLQVWLWXWHVHWXSE\6ZLVV
GRFXPHQW27$1GHSODQLILFDWLRQGHO·LQWHURSpUD 1RYDUWLVZLWKVXSSRUWIURPWKH6LQJDSRUH
ELOLWp *RYHUQPHQW,WZLOOEHLQWHPSRUDU\TXDUWHUVXQWLO
1,35 1HZ,GHDVLQ3ROOXWLRQ5HJXODWLRQ2IWKH $SULODQGWKHQZLOOPRYHWRDQHZEXLOGLQJ
:RUOG%DQN LQ%LRSROLV
1,36 1DWLRQDO,QVWLWXWHIRU3K\VLRORJLFDO6FLHQFHV 'HQJXH0XOWLGUXJUHVLVWDQWWXEHUFXORVLV/LIH
-DSDQ  6FLHQFHV
1,5 1XFOHDU,QVWDOODWLRQV5HJXODWLRQV   1L7H 0HORQLWH
1,5( 1DWLRQDO,QVWLWXWHIRU5HVRXUFHVDQG 0LQHUDORJ\
(QYLURQPHQW -DSDQ  1,7(& 1DWLRQDO,QIRUPDWLRQ7HFKQRORJ\LQ
1,5,7 1HWZRUN,QIRUPDWLRQ5HWULHYDO ,WDO\  (GXFDWLRQ&HQWUH
0HHWLQJKHOGLQ0LODQRQWKVW 0DUFK ,ULVK&HQWHUV
1,5/$% 1RQ,RQL]LQJ5DGLDWLRQ/$%RUDWRU\ 1,7(/ DEEU 1,JHULDQ7(/HFRPPXQLFDWLRQV
1,516 1,516 1DWLRQDO,QVWLWXWHIRU5HVHDUFK /LPLWHG
LQ1XFOHDU6FLHQFH *%  1,9$ 1RUZHJLDQ,QVWLWXWHIRU:DWHU5HVHDUFK
1,5UDGLDWLRQ 1HDU,QIUDUHGUDGLDWLRQ 1,:$ 1DPLELDQ,QIRUPDWLRQ:RUNHUV$VVRFLDWLRQ
(OHFWURPDJQHWLVP 1,:$ 1DWLRQDO,QVWLWXWHRI:DWHUDQG$WPRVSKHULF
1,56 1DWLRQDO,QVWLWXWHRI5DGLRORJLFDO6FLHQFHV 5HVHDUFK 1HZ=HDODQG 
-DSDQ  1,:,3 1$72LQWHJUDWHGZDUQLQJLPSURYHPHQW
-DSDQ
V+,0$&EHJDQRSHUDWLQJDW1,56LQ SURJUDPPH
&DQFHU7KHUDSLHV5DGLDWLRQ2QFRORJ\ SURJUDPPH27$1LQWpJUpSRXUO·DPpOLRUDWLRQGH
)RUIXUWKHUGHWDLOVVHHXQGHU+,0$& O·DOHUWH
1,6 1DYDO,QYHVWLJDWLYH6HUYLFH 86$  1,:6 1$72LQWHOOLJHQFHZDUQLQJV\VWHP
1,6LVRQHRIWKH86'HSDUWPHQWRI'HIHQVH
V V\VWqPHG·DOHUWHGXUHQVHLJQHPHQWGHO·27$1
LQYHVWLJDWLYHRIILFHV 1- DEEU 1HZ-HUVH\ 86$ 
1,6 1$72LGHQWLILFDWLRQV\VWHP 1-&(& 1$72-RLQW&RPPXQLFDWLRQVDQG
V\VWqPHG·LGHQWLILFDWLRQGHO·27$1 (OHFWURQLFV&RPPLWWHH


&RPLWpPL[WHGHVWpOpFRPPXQLFDWLRQVHWGHO·pOHF *HQHWLFV,GHQWLW\7HVWLQJ
WURQLTXHGHO·27$1 1//'% 1$72OHVVRQVOHDUQHGGDWDEDVH>KDV
1-)$ 1$72-RLQW)UHTXHQF\$JUHHPHQW UHSODFHG&5(0(@
$FFRUGPL[WH27$1VXUOHVIUpTXHQFHV EDVHGHGRQQpHV27$1VXUOHVHQVHLJQHPHQWV
1-,1HWZRUN-RE,QWHUIDFH WLUpV >UHPSODFH&5(0(@
1-,7 1HZ-HUVH\,QVWLWXWHRI7HFKQRORJ\ 1/01DWLRQDO/LEUDU\RI0HGLFLQH 86$ 
7KH861-,7 ZDVIRXQGHGLQ,WLVDSXEOLF (VWDEOLVKHGLQWKH1/0FROOHFWVRUJDQL]HV
UHVHDUFKXQLYHUVLW\ DQGPDNHVDYDLODEOHELRPHGLFDOVFLHQFHLQIRUPD
$UFKLWHFWXUH&RPSXWLQJ(QJLQHHULQJ/LEHUDO WLRQ WRLQYHVWLJDWRUVHGXFDWRUVDQGSUDFWLWLRQHUV
$UWV0DQDJHPHQW0DWKHPDWLFV6FLHQFH DQGFDUULHVRXWSURJUDPVGHVLJQHGWRVWUHQJWKHQ
7HFKQRORJ\ PHGLFDOOLEUDU\VHUYLFHVLQWKH8QLWHG6WDWHV,WV
1-/$ 1HZ-HUVH\/LEUDU\$VVRFLDWLRQ 86$  HOHFWURQLFGDWDEDVHVLQFOXGLQJ0('/,1(DQG
1-/11HZ-HUVH\/LEUDU\1HWZRUN 86$  0('/,1(SOXVDUHXVHGH[WHQVLYHO\WKURXJKRXW
1-3$& 1HZ-HUVH\3HUIRUPLQJ$UWV&HQWHU WKHZRUOGE\ERWKKHDOWKSURIHVVLRQDOVDQGWKH
86$  SXEOLF
1. 1HZ.H\QHVLDQ 1/2 QDWLRQDOOLDLVRQRIILFHU
(FRQRPLFV RIILFLHUGHOLDLVRQQDWLRQDO
1. 1HXUR.LQLQ QDYDOOLDLVRQRIILFHU
1.$71.$VVRFLDWHG7UDQVFULSW RIILFLHUGHOLDLVRQGHODPDULQH
,PPXQRORJ\ 1/2 1R/LPLW2UGHU
1.FHOOV1DWXUDO.LOOHUFHOOV %XVLQHVV&RPPHUFH
,PPXQRORJ\ 1/21RQOLQHDU2SWLFDO0DWHULDOV
1/ 7KH1HWKHUODQGV 0DWHULDOV 6FLHQFH
1/ 1HW/LTXLGLW\ 1/3 1DWXUDO/DQJXDJH3URFHVVLQJ
%DQNLQJ(FRQRPLFV)LQDQFH 1/3 XVHVFRPSXWDWLRQDOPHWKRGVWRGLVFHUQPHDQ
1/ 1HZ/LQH FKDUDFWHU  LQJIURPDWH[W
1/ 1LJKW/HWWHU $UWLILFLDO,QWHOOLJHQFH,QIRUPDWLRQ0DQDJHPHQW
1/ 1R/RDG ,QIRUPDWLRQ5HWULHYDODQG'LVVHPLQDWLRQ
)XQGV 1/3$'VXPPDULHV 1DWXUDO/DQJXDJHSURFHVVLQJ
1/ 1RXYHOOH/XQH RI3$WLHQW'LVFKDUJHVXPPDULHV
)UHQFKLQLWLDOLVPPHDQLQJ1HZ0RRQ 1/4 1HDU/HWWHU4XDOLW\
$VWURQRP\ &RPSXWHU7HFKQRORJ\
1/$ 1DWLRQDO/LEUDULDQV$VVRFLDWLRQ 1/5 QDWLRQDOOLDLVRQUHSUHVHQWDWLYH
1/$ 1DY\/LEUDU\1HWZRUN UHSUpVHQWDQWGHOLDLVRQQDWLRQDO
1/$ 1HEUDVND/LEUDU\$VVRFLDWLRQ 86$  1/5% 1DWLRQDO/DERU5HODWLRQV%RDUG 86$ 
1/$ 1HYDGD/LEUDU\$VVRFLDWLRQ 86$  1/61DWLRQDO/LEUDU\RI6FRWODQG
1/$ 1LJHULDQ/LEUDU\$VVRFLDWLRQ 1/61DWLRQDO/RQJLWXGLQDO6WXG\ 86$ 
1/& 1H[W/LQHDU&ROOLGHU (GXFDWLRQ
3DUWLFOH3K\VLFV 1/6 1XFOHDU/RFDOL]DWLRQ6HTXHQFH
1/&1RUWKHUQ/LEUDU\&ROORTXH 0ROHFXODU%LRORJ\
1/&& QDWLRQDOORJLVWLFVFRRUGLQDWLRQFHOO 1/6 1XFOHDU/RFDOL]DWLRQ6LJQDO
FHOOXOHQDWLRQDOHGHFRRUGLQDWLRQORJLVWLTXH %LRORJ\%LRSK\VLFV0HGLFLQH1XFOHDU
1/&V1HPDWLF/LTXLG&U\VWDOV 7UDQVSRUW3K\VLRORJ\%LRFKHPLVWU\3ODQW
$SSOLHG3K\VLFV (PEU\RQLF 6FLHQFH %LRORJ\
0DFURPROHFXOHV 1/6& 1DWLRQDO/RJLVWLFV6XSSO\&HQWHU
1/' 1DWLRQDO/HDJXHIRU'HPRFUDF\ %XUPD  2IWKH8612$$
1/* 1HWKHUODQGV'XWFK*XLOGHU )RUIXUWKHUGHWDLOVVHHXQGHU12$$
1RZ(852(85 8 %HFDPH(&8 (XURSHDQ 1/6& QDWLRQDOORJLVWLFVVXSSRUWFRPPDQG
VLQJOHFXUUHQF\ ZLWKHIIHFWIURP-DQXDU\ FRPPDQGHPHQWQDWLRQDOGXVRXWLHQORJLVWLTXH
&XUUHQFLHV 1/6V 1XFOHDU/RFDOL]DWLRQ6LJQDOV
1/*, 1DWLRQDO/XEULILFDWLRQ*UHDVH,QVWLWXWH )RUIXUWKHUGHWDLOVVHHXQGHU1/6
86$  1/667 1RQOLQHDU6HD6XUIDFH7HPSHUDWXUH
1// 1DWLRQDO/HJDO/DERUDWRULHV,QF 86$  1/7 1$72OLDLVRQWHDP


pTXLSHGHOLDLVRQGHO·27$1 0&&,6GHO·27$1
1/7 1DWXUDO/DQJXDJH7HFKQRORJ\ 10FHOOV 1RQPLJUDWLQJFHOOV
1/7 1RW/DWHU7KDQ &HOO%LRORJ\,PPXQRORJ\0HGLFLQH
1/7 1RW/HVV7KDQ 10'$ 10HWK\O'$VSDUWDWH
%XVLQHVV&RPPHUFH)LQDQFH 10'$5V 10HWK\O'$VSDUWDWH5HFHSWRUV
1/: QRQOHWKDOZHDSRQ 0HGLFLQH0ROHFXODU*HQHWLFV&HOOXODUDQG
DUPHQRQOpWDOH $1/  0ROHFXODU3KDUPDFRORJ\
10 1DUURZ0DUNHW 10',6 1DWLRQDO0DULQH'DWDDQG,QIRUPDWLRQ
10QP 1DXWLFDO0LOH 6HUYLFH &KLQD 
7KH,QWHUQDWLRQDOQDXWLFDOPLOHLVHTXDOWR 10'SURFHVV 1RQVHQVH0HGLDWHG'HFD\SURFHVV
IHHWHTXLYDOHQWWRPHWHUV )RUIXUWKHUGHWDLOVVHHXQGHU37&V
0HWURORJ\ 10'V\VWHP 1DWLRQDO0LVVLOH'HIHQFH6\VWHP
1P QDYHDPRWRUH 86$ 
10 DEEU 1HZ0H[LFR 86$  10'= 1$72PDULWLPHGHIHQFH]RQH
$OVR10H[ ]RQHGHGpIHQVHPDULWLPHGHO·27$1
101HZ0RRQQHZPRRQ 10()& 1DWLRQDO0DULQH(QYLURQPHQWDO
$VWURQRP\ )RUHFDVWLQJ&HQWHU &KLQD 
101P 1HZWRQPHWHU 10H[ 1HZ0H[LFR
1DPHGIRUWKH(QJOLVKDVWURQRPHUPDWKHPDWLFLDQ $OVR10
DQGSK\VLFLVW6LU,VDDF1HZWRQ 10) 1RQ0HPEHU)LUP
10 1LFWLWDWLQJ0HPEUDQH %XVLQHVV&RPPHUFH)LQDQFH
9HUWHEUDWH=RRORJ\ 10)6 1DWLRQDO0DULQH)LVKHULHV6HUYLFH
10QP 1R0DUN 7KH10)6ZDVIRUPHUO\NQRZQDV%&)
5HIHUULQJWRELOOVRIODGLQJ 2FHDQRJUDSK\
10 1XRYR0HUFDWR ,WDO\  )RUIXUWKHUGHWDLOVVHHXQGHU%&)
,WDOLDQLQLWLDOLVPPHDQLQJ1HZ0DUNHW7KH 10+& 1RQPHWKDQH+\GURFDUERQ
,WDOLDQ1HZ0DUNHWZDVODXQFKHGLQ0D\ 1PL 1XRYRPHUFDWRLWDOLDQR ,WDO\ 
DQGEHFDPHRSHUDWLYHLQ-XQH 10,&& 1$72PDULWLPHLQWHOOLJHQFHFRRUGLQDWLRQ
%DQNLQJ)LQDQFH,QYHVWPHQWV FHQWUH
10$ QDWLRQDOPLOLWDU\DXWKRULW\ FHQWUHGHFRRUGLQDWLRQGXUHQVHLJQHPHQWPDULWLPH
DXWRULWpPLOLWDLUHQDWLRQDOH GHO·27$1
1$72PLOLWDU\DXWKRULW\ 10- 1HXURPXVFXODU-XQFWLRQ
DXWRULWpPLOLWDLUHGHO·27$1 10-V 1HXURPXVFXODU-XQFWLRQV
10$ 1DWLRQDO0LQLQJ$VVRFLDWLRQ 86$  10/7 QDWLRQDOPHGLFDOOLDLVRQWHDP
10$% 1DWLRQDO0DWHULDOV$GYLVRU\%RDUG pTXLSHGHOLDLVRQPpGLFDOHQDWLRQDOH
86$  100$36 1DWLRQDO0RUELGLW\0RUWDOLW\DQG$LU
10$&V1HDU0LGDLU&ROOLVLRQV 3ROOXWLRQ6WXG\ 86$ 
10$) 1$72PXOWLQDWLRQDODUHDIRUFH (QYLURQPHQW$QDO\VLV3XEOLF+HDOWK
IRUFHPXOWLQDWLRQDOHGH]RQHGHO·27$1 10PHWDO 1RQ0DJQHWLFPHWDO
10% 1$72PLOLWDU\ERG\ &RUH5HVHDUFK1DQR(OHFWURQLFV5HVHDUFK
RUJDQLVPHPLOLWDLUHGHO·27$1 3K\VLFV
10& 1DWLRQDO0DULQH&HQWHU 100) 1$72PXOWLQDWLRQDOPDULWLPHIRUFH
10& 1DWLRQDO0HWHRURORJLFDO&HQWHU 86$  IRUFHPDULWLPHPXOWLQDWLRQDOHGHO·27$1
10& 1$720DQXDORQ&RGLILFDWLRQ 1026 1$72PDULWLPHRSHUDWLRQVLQWHOOLJHQFHV\V
0DQXHO27$1GHFRGLILFDWLRQ WHP
1$720LOLWDU\&RPPLWWHH V\VWqPHGHUHQVHLJQHPHQWRSpUDWLRQQHOPDULWLPH
&RPLWpPLOLWDLUHGHO·27$1 GHO·27$1
10& 1HWZRUN0DQDJHPHQW&HQWHU 103 1RUWK0DJQHWLF3ROH
10& 1HWZRUN0HDVXUHPHQW&HQWHU 103$ 1$72PDULWLPHSDWURODLUFUDIW
&RPPXQLFDWLRQV DYLRQGHSDWURXLOOHPDULWLPHGHO·27$1
10&& QDWLRQDOPRYHPHQWFRRUGLQDWLRQFHQWUH 103,6 1DWLRQDO0DULQH3ROOXWLRQ,QIRUPDWLRQ
FHQWUHQDWLRQDOGHFRRUGLQDWLRQGHVPRXYHPHQWV 6\VWHPV 86$ 
10&&,6 1$720&&,6


10332 1DWLRQDO0DULQH3ROOXWLRQ3URJUDP2IILFH SDVVHUHOOH27$1SD\V


86$  11,1HW1HW,QFRPH
105 QDWLRQDOPLOLWDU\UHSUHVHQWDWLYH %XVLQHVV(FRQRPLFV)LQDQFH
UHSUpVHQWDQWPLOLWDLUHQDWLRQDO 501  11,661DWLRQDO1RVRFRPLDO,QIHFWLRQV
1$72PLOLWDU\UHTXLUHPHQW 6XUYHLOODQFH6\VWHP 86$ 
EHVRLQPLOLWDLUHGHO·27$1 110& 1DWLRQDO1DYDO0HGLFDO&HQWHU 86$ 
105 1XFOHDU0DJQHWLF5HVRQDQFH 1106 QHZ1$72PLOLWDU\VWUXFWXUH
3K\VLFV5DGLRORJ\ 1121RUG1RUG2YHVW
105,1DY\0HGLFDO5HVHDUFK,QVWLWXWH 1RUWK1RUWK:HVWLQ,WDOLDQ
1055 1RUPDO0RGH5HMHFWLRQ5DWLR 112 QXPpURGHQRPHQFODWXUH27$1
106 1DWLRQDO0DUNHW6\VWHP 86$  1$72VWRFNQXPEHU 161 
%XVLQHVV&RPPHUFH)LQDQFH6WRFN([FKDQJH 112& QXPpURGHQRPHQFODWXUH27$1FRPPXQ
106 1RUPDO0DUNHW6L]H 1$72VWDQGDUGVWRFNQXPEHU 1661 
6WRFN([FKDQJH 113 1HW1DWLRQDO3URGXFW1HZ1DWLRQDO3URGXFW
106& 1RQPHODQRPD6NLQ&DQFHU 1136 1$72QXFOHDUSODQQLQJV\VWHP
&DQFHU5HVHDUFK'HUPDWRORJ\,PPXQRORJ\ V\VWqPHGHSODQLILFDWLRQQXFOpDLUHGHO·27$1
0HGLFLQH3KRWRELRORJ\3KRWRFKHPLVWU\ 115/,61DWLRQDO1DWXUDO5HVRXUFHV/LEUDU\DQG
1068 1HZ0H[LFR6WDWH8QLYHUVLW\ ,QIRUPDWLRQ6\VWHP
106= 1HZ0DGULG6HLVPLF=RQH 116 1RQ1DWLYH6SHDNHUV
*HRVFLHQFHV /LQJXLVWLFV
108 1DWLRQDO0DULWLPH8QLRQ 117 1HDUHVW1HLJKERU7RRO
11 1LHQWHGL1XRYR 0DWKHPDWLFDO0HWKRGV
,WDOLDQLQLWLDOLVPPHDQLQJQRQHZVQRWKLQJQHZ 117&1 QRQ1$72WURRSFRQWULEXWLQJQDWLRQ
$OVRQQ SD\VQRQ27$1IRXUQLVVDQWGHVWURXSHV
QQ QRQQXPHUDWDH 1173 1HWZRUN1HZV7UDQVIHU3URWRFRO
,WDOLDQLQLWLDOLVPPHDQLQJQRWQXPEHUHG UHIHUULQJ 1181 1DWLRQDO1DQRIUDEULFDWLRQ8VHUV1HWZRUN
WRSDJHV  86$ 
11 1R1RWLQJ 1181LVDFROODERUDWLRQRIILYHXQLYHUVLW\
%DQNLQJ(FRQRPLFV)LQDQFH QDQRIDEULFDWLRQIDFLOLWLHV
11 1XPHUL 12 1DPH2I
,WDOLDQLQLWLDOLVPPHDQLQJ1XPEHUV 12 1DYLJDWLRQ2IILFHU
$OVRQQ 12 1HIURSDWLD2VWUXWWLYD
11$& QHXWUDODQGQRQDOLJQHGFRXQWULHV ,WDOLDQDFURQ\PPHDQLQJREVWUXFWLYHQHSKURSDWK\
SD\VQHXWUHVHWQRQDOLJQpV 0HGLFLQH
11$* 1$721DYDO$UPDPHQWV*URXS 121LWULF2[LGH
*URXSH27$1VXUOHVDUPHPHQWVGHVIRUFHV ,QRUJDQLF&KHPLVWU\
QDYDOHV 12 1LWURJHQ'LR[LGH
11&& 1$&26$ QHWZRUNFRQWUROFHQWUH 1LWURJHQ'LR[LGHLVDEURZQJDVWKDWKDVDPHOWLQJ
FHQWUHGHFRPPDQGHGHVUpVHDX[GHOD1$&26$ SRLQWRI$&,WLVXVHGPDLQO\LQWKHSURGXFWLRQ
11&&56 1$72QXFOHDUFRPPDQGFRQWURODQG RIQLWULFDFLG
UHSRUWLQJV\VWHP>KDVUHSODFHG6&$56@ ,QRUJDQLF&KHPLVWU\
V\VWqPH27$1GHFRPPDQGHPHQWGHFRQWU{OHHW 12 1LWURXV2[LGH
GHFRPSWHUHQGXGHVIRUFHVQXFOpDLUHV>UHPSODFHOH 12DOVRNQRZQDV1LWURJHQ0RQR[LGHLVXVHG
6&$56@ PDLQO\DVDQDQHVWKHWLF
11&6 1,&6QHWZRUNFRQWUROV\VWHP ,QRUJDQLF&KHPLVWU\
V\VWqPHGHFRPPDQGHGXUpVHDX1,&6 1R 7KHFKHPLFDOV\PEROIRU1REHOLXP
11(1RUG1RUG(VW 1DPHGIRUWKH1REHO ,QVWLWXWHIRU3K\VLFVLQ
1RUWK1RUWK(DVWLQ,WDOLDQ 6WRFNKROP6ZHGHQ
11) 1DWLRQDO1DQRIDEULFDWLRQ)DFLOLW\ &KHPLVWU\6\PEROV
7KH11)VWDUWHGDERXWWZHQW\\HDUVDJRDW&RUQHOO 121R2UGHUV
8QLYHUVLW\ 86$  %XVLQHVV&RPPHUFH
0LFURHQJLQHHULQJ 121RUG2XHVW
11* 1$72QDWLRQDOJDWHZD\ 1RUWK:HVWLQ)UHQFK


12 1RUZD\ %DQNLQJ
$OVR1 12)81 QR ILUVWXVHRIQXFOHDUZHDSRQV
12 1RYDUD,WDO\ QRQUHFRXUVHQSUHPLHUjO·DUPHQXFOpDLUH
12 1LWURJHQ3HQWR[LGH 12*2 1HJDWLYH2EVHUYDWLRQVLQ*HQHWLF
12DOVRNQRZQDV1LWULF$QK\GULGHLVXVHGLQ 2QFRORJ\
FKORURIRUPVROXWLRQ -RXUQDOV
,QRUJDQLF&KHPLVWU\ 12+' QRPLQDORFXODUKD]DUGGLVWDQFH
12 1R2UGHUV GLVWDQFHRFXODLUHFULWLTXHQRPLQDOH
%XVLQHVV&RPPHUFH 12, QRWLFHRILQWHQWLRQ
12 1RUPDOO\2SHQ FRQWDFW  DYLVG·LQWHQWLRQ
(OHFWULFLW\ 12,$ 1DWLRQDO2FHDQ,QGXVWULHV$VVRFLDWLRQ
1R DEEU 1XPEHU 12,$ KDVUHSODFHG12$
12$ 1DWLRQDO2FHDQRJUDSK\$VVRFLDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU12$
12$ KDVEHHQUHSODFHGE\12,$ QRLD7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
)RUIXUWKHUGHWDLOVVHHXQGHU12,$ XVLQJWKH,WDOLDQZRUGQRLDZKLFKPHDQVDQQR\
12$ QRWLFHRIDYDLODELOLW\ DQFHERUHGRPERWKHUWHGLRXVQHVV
DYLVGHGLVSRQLELOLWp 12,& 1DWLRQDO2FHDQRJUDSKLF,QVWUXPHQWDO&HQWHU
12$ 1XFOHR2SHUDWLYR$OFRORJLD ,WDO\  12,6 1$72RSHUDWLRQDOLQWHURSHUDELOLW\VWDQGDUG
$OFRKROLVP QRUPH27$1G·LQWHURSpUDELOLWpRSpUDWLRQQHOOH
12$$ 1DWLRQDO2FHDQLFDQG$WPRVSKHULF 12. 1H[W2I.LQ
$GPLQLVWUDWLRQ 86$  12. 1RUZHJLDQ.URQH
1R$GY DEEU 1R$GYLFH $OVR1.U
12$2 1DWLRQDO2SWLFDO$VWURQRP\2EVHUYDWRU\ 12/ 1HW2SHUDWLQJ/RVV
$VWURQRP\2SWLFDO(QJLQHHULQJ 12/01RQOLQHDU2SWLFDO/RRS0LUURU
)RUIXUWKHUGHWDLOVVHHXQGHU$85$ 0DWHULDOV 6FLHQFH
12$5/ 1DYDO2FHDQDQG$WPRVSKHUH5HVHDUFK 120$1 1776RSHUDWLRQDQGPDQDJHPHQW V\V
/DERUDWRU\ 86$  WHP 
12% QDYDORUGHURIEDWWOH V\VWqPHG· H[SORLWDWLRQHWGHJHVWLRQGX1776
RUGUHGHEDWDLOOHQDYDO 120%2 QRQPLQHOLNHERWWRPREMHFW
12&1RF 1XFOHL2SHUDWLYLGL&RQWUROOR ,WDO\  REMHWDXIRQGDW\SLTXHGHPLQH
12& 1HWZRUNDQG2SWLFDO&RPPXQLFDWLRQV 120( QRQPLQHOLNHHFKR
WK (XURSHDQ&RQIHUHQFHKHOG-XQHLQ pFKRDW\SLTXHGHPLQH
,SVZLFK*% 120(6 12XYHDX0RXYHPHQW(XURSpHQ6XLVVH
:'02SWLFDO6ZLWFKLQJ3KRWRQLF1HWZRUNV 6ZLW]HUODQG 
12&/$ 1HJURV2&FLGHQWDO/LEUDU\$VVRFLDWLRQ )UHQFKDFURQ\PRIWKH1HZ(XURSHDQ6ZLVV
12&1 1DWLRQDO2FHDQ&RPPXQLFDWLRQV1HWZRUN 0RYHPHQW
86$  120/$& 1HZVOHWWHU2Q0LOLWDU\/DZ$QG
1R&V 1HWZRUNRULHQWHG&RPSXWHUV &RXQVHOLQJ 86$ 
12'&1DWLRQDO2FHDQRJUDSKLF'DWD&HQWHU 121 1RUWKHUQ1RUZD\
12'PLFH 1RQREHVH'LDEHWLFPLFH DQRUGGHOD1RUYqJH
12( QDSRIWKHHDUWK E1RUYqJHVHSWHQWULRQDOH
DXUDVGXVRO 12123 QRQRSHUDWLRQDO
12( 1HW2SHUDWLQJ(DUQLQJV QRQRSpUDWLRQQHO
%XVLQHVV(FRQRPLFV)LQDQFH 122 1DWLRQDO2UJDQL]DWLRQ2UGHU
12( 1XFOHDU2YHUKDXVHU(IIHFW 123 1RPLQDO2SWLRQ3ROO
12( 1XFOHR(FRORJLFR ,WDO\  QRS QRWRWKHUZLVHSURYLGHGIRU
2IWKH&DUDELQLHUL 123 QXFOHDURSHUDWLRQVSODQ
1Rq 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ SODQG·RSpUDWLRQQXFOpDLUH
XVLQJWKH,WDOLDQZRUG1RqZKLFKPHDQV1RDK QXFOHDURSHUDWLRQVSURFHGXUHV
12(6< 12(6SHFWURVFRS\ SURFpGXUHVG·RSpUDWLRQVQXFOpDLUHV
)RUIXUWKHUGHWDLOVVHHXQGHU12( 125 1$72RSHUDWLRQDOUHTXLUHPHQW
12) 1DWLRQDO2FHDQRJUDSKLF)DFLOLW\ EHVRLQRSpUDWLRQQHOGHO·27$1
12)$ 1RWLFH2I)XQGV$YDLODEOH 86$  QRWLFHRIUHYLVLRQ


DYLVGHUpYLVLRQ UHSUpVHQWDQWQDWLRQDORXWUHPHUGHODQDYLJDWLRQ
125 1RW2WKHUZLVH5DWHG FRPPHUFLDOH
6WRFN([FKDQJH 1266 1DWLRQDO2FHDQLF6DWHOOLWH6\VWHP
1RU DEEU 1RUZD\1RUZHJLDQ 127 1RUGLF2SWLFDO7HOHVFRSH
125& 1DWLRQDO2SWLRQ5HVHDUFK&HQWHU $VWURSK\VLFV6SDFH5HVHDUFK
2IWKH8QLYHUVLW\RI&KLFDJR86$125&ZDV 127 1XFOHL2SHUDWLYL7RVVLFRGLSHQGHQ]H ,WDO\ 
HVWDEOLVKHGLQ'XULQJWKHZDULWFDUULHGRXW 127$/ QRW WRDOO
KXQGUHGVRIVXUYH\VIRUJRYHUQPHQWDJHQFLHV DSDVjWRXV
6LQFHWKHZDULWKDVEHFRPHDPDMRUXQLYHUVLW\ EGLIIXVLRQSDUWLHOOH
DIILOLDWHGVRFLDOUHVHDUFKRUJDQL]DWLRQ 127$0 QRWLFHWRDLUPHQ
125' 1DWLRQDO2UJDQL]DWLRQIRU5DUH'LVRUGHUV DYLVDX[QDYLJDQWV
86$  127$5 QR WDLOURWRU
125'$ 1DYDO2FHDQRJUDSKLF5HVHDUFKDQG VDQVURWRUGHTXHXH
'HYHORSPHQW$GPLQLVWUDWLRQ 86$  1276 1$72RIIWKHVKHOI
1RUI DEEU 1RUIRON 27$1VXUpWDJqUH RX27$1VWDQGDUG 
125)/7 1RUWKHUQ)OHHW 1RWWV DEEU 1RWWLQJKDPVKLUH *% 
IORWWHGX1RUG RXGHO·$UFWLTXH  QRY DEEU QRYHPEUH
125/$17 1RUWKHUQ6XE$UHD$WODQWLF>REVROHWH@ ,WDOLDQDEEUHYLDWLRQPHDQLQJ1RYHPEHU
6RXVVHFWHXUVHSWHQWULRQDOGHO·$WODQWLTXH 12: 1DWLRQDO2UJDQL]DWLRQIRU:RPHQ
>REVROqWH@ 12: 1HJRWLDEOH2UGHURI:LWKGUDZDO 86$ 
1252 1DWLRQDO2SWLFDO$VWURQRPLFDO %DQNLQJ%XVLQHVV)LQDQFH
2EVHUYDWRULHV 86$  12: 1HZ2SSRUWXQLWLHVIRU:RPHQ(&
)RUIXUWKHUGHWDLOVVHHXQGHU$85$ 1R[ 2[LGHVRI1LWURJHQ
125V 1XFOHRODU2UJDQL]HU5HJLRQV &KHPLVWU\
1256$5 125ZHJLDQ6HLVPLF$5UD\ 1RUZD\  12=( 1DWLRQDO2=RQH([SHULPHQW
1RUWKDQWV DEEU 1RUWKDPSWRQVKLUH *%  13 1DQRSDUWLFOH
1RUWKXPE DEEU 1RUWKXPEHUODQG *%  )RUIXUWKHUGHWDLOVVHHXQGHU13V
1RUZ DEEU 1RUZHJLDQ QS DEEU QHDS WLGHV 
/DQJXDJHV 2FHDQRJUDSK\
125:(/' 1RUWKZHVW/LEUDU\'LVWULFWV 13 1HSDO
126 1DWLRQDO2FHDQ6HUYLFH 86$  QS QHSHU
2IWKH8612$$ 1DPHGIRUWKH6FRWWLVKSK\VLFLVW-RKQ1HSHU
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ 3K\VLFV
126 1$722IILFHRI6HFXULW\ 1S 7KHFKHPLFDOV\PEROIRU1HSWXQLXP
%XUHDXGHVpFXULWpGHO·27$1 1DPHGIRUWKHSODQHW1HSWXQHLWLVXVHGPDLQO\
1$72RSHQV\VWHPV LQQHXWURQGHWHFWLRQLQVWUXPHQWV
V\VWqPHVRXYHUWVGHO·27$1 &KHPLVWU\6\PEROV
126 1HWZRUN2SHUDWLQJ6\VWHP 13 1HZ3DJH
1261LWULF2[LGH6\QWKDVH 13 1HW3RVLWLRQ1HW3ULFH
126 QRSDOLQHV\QWKDVH %XVLQHVV&RPPHUFH
126 1RWLFH2I6DOH 13 1HW3URFHHGV1HW3URILW
%XVLQHVV&RPPHUFH %XVLQHVV(FRQRPLFV)LQDQFH
126 1RW2WKHUZLVH6SHFLILHG 13 1HXURSV\FKLDWULF1HXURSV\FKLDWU\
1RVQRV DEEU 1XPEHUV QS QHZSDUDJUDSK
126& 1DYDO2FHDQ6\VWHPV&HQWHU 13 1REHO3UL]H
126&$ SURMHFW 1HZ2SWLFDO6HQVRU&RQFHSWIRU QS QRQSDUWLFLSDWLQJ
$HURQDXWLFVSURMHFW 13 1RQ3HUWLQHQWH
(XURSHDQ&RPPXQLW\3URMHFW ,WDOLDQLQLWLDOLVPPHDQLQJLPSHUWLQHQWLUUHOHYDQW
126,3 1$72RSHQV\VWHPVLQWHUFRQQHFWLRQSUR 131S 1R3UREOHP
ILOH 13 1RUPDO3URILW
SURILOG·LQWHUFRQQH[LRQGHVV\VWqPHVRXYHUWVGH %XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH
O·27$1 13 1RWDU\3XEOLF
1265(3 QDWLRQDORYHUVHDVVKLSSLQJUHSUHVHQWDWLYH $OVR13


13 1RWHV3D\DEOH 13*4& 1DWLRQDO3ODQW*HUPSODVP4XDUDQWLQH


%XVLQHVV&RPPHUFH &HQWHU 86$ 
13$ 1DWLRQDO3HUVRQQHO$JHQF\ -DSDQ  13*6 1DWLRQDO3ODQW*HUPSODVP6\VWHP 86$ 
13$ 1DWLRQDO3ROLF\$JHQF\ *HUPSODVP%DQNV3ODQW*HQHWLFV
1S$ 1DWLRQDOSRUW$XWKRULW\ 13*V 1HZ3URMHFWV*URXSV
13$ 1HPDWRGH3RO\SURWHLQ$OOHUJHQ 13+6 1DWLRQDO3UHJQDQF\DQG+HDOWK6WXG\
'LVHDVH5HDFWLRQV 86$ 
13$ 1HZ3DUWQHUVKLS$SSURDFK 0HGLFLQH
13$&, 1DWLRQDO3DUWQHUVKLSIRU$GYDQFHG 13,6 1$72SURFHGXUDOLQWHURSHUDELOLW\VWDQGDUG
&RPSXWDWLRQDO,QIUDVWUXFWXUH 86$  QRUPH27$1G·LQWHURSpUDELOLWpGHVSURFHGXUHV
'LJLWDO/LEUDULHV6DQ'LHJR&HQWHU 13,: 1RUWK3DFLILF,QWHUPHGLDWH:DWHU
)RUIXUWKHUGHWDLOVVHHXQGHU3$&, 13/ 1DWLRQDO3ULRULWLHV/LVW 86$ 
13$ UHEHOV 1HZ3HRSOH
V$UP\UHEHOV 7KH 13/ QRUPDOSHDFHWLPHORFDWLRQ
3KLOLSSLQHV  HPSODQPHQWQRUPDOGXWHPSVGHSDL[
13& 1DWLRQDO3HWUROHXP&RXQFLO 13/2 1$72SURGXFWLRQDQGORJLVWLFVRUJDQL]DWLRQ
13& 1$723LSHOLQH&RPPLWWHH RUJDQLVDWLRQGHSURGXFWLRQHWGHORJLVWLTXHGH
&RPLWp27$1GHVSLSHOLQHV O·27$1 23/2 
1$723URJUDPPLQJ&HQWUH 13/V 1RQ3HUIRUPLQJ/RDQV
&HQWUHGHSURJUDPPDWLRQGHO·27$1 &32  130 1XFOHDU3ODQQLQJ0DQXDO
13& 1LWURSKHQ\O&DUERQDWH 0DQXHOGHVSODQVQXFOpDLUHV
13& 1RQFXPXODWLYH3UHIHUUHG6WRFN 131 1RQSURWHLQ1LWURJHQ
%XVLQHVV(FRQRPLFV)LQDQFH %LRFKHPLVWU\
13& 1RQ3URILW&RUSRUDWLRQ 131 QSURS\OQLWUDWH
13& 1RXYHDX3ODQ&RPSWDEOH QSQG QRSODFHQRGDWH
13& 1XFOHDU3ROH&RPSOH[ 132(66 1DWLRQDO3RODU2UELWLQJ(QYLURQPHQWDO
&\WRPHJDORYLUXV(OHFWURQ0LFURVFRS\ 6DWHOOLWH6\VWHP 86$ 
13& 6HFRQG13&JHQRW\SH 132, 1DY\3URWRW\SH2SWLFDO,QWHUIHURPHWHU
)RUIXUWKHUGHWDLOVVHHXQGHU13&GLVHDVH 7KH132,FRQVLVWVRIVL[WHOHVFRSHV,WLVORFDWHG
13&GLVHDVH 1LHPDQQ3LFNW\SH&GLVHDVH QHDU)ODJVWDII$UL]RQD86$
7KH13&GLVHDVHLVDQDXWRVRPDOUHFHVVLYHFKR $VWURQRP\2SWLFDO,PDJHV
OHVWHUROVWRUDJHGLVRUGHU 133 1HW3ULPDU\3URGXFWLRQ
&HOO%LRORJ\+XPDQ*HQRPH5HVHDUFK,QKHULWHG %LRORJLFDO6FLHQFHV&OLPDWH0DULQHDQG&RDVWDO
'LVHDVHV0HGLFLQH1HXURORJLFDO'LVRUGHUVDQG 6FLHQFHV
6WURNH1HXURVFLHQFH 134 1RQSKRWRFKHPLFDO4XHQFKLQJ
13&0: 1RUWK3DFLILF&HQWUDO0RGH:DWHU 3ODQW(FRORJ\3ODQW3K\VLRORJ\
13&V1XFOHDU3RUH&RPSOH[HV 135 1DWLRQDO3HUIRUPDQFH5HYLHZ
%LRPROHFXODU &KHPLVWU\ 0HGLFLQH 135 1RLVH3RZHU5DWLR
13('3 %L6& 1$72SOXV([HUFLVH'LUHFWLYHDQG (OHFWULFDO(QJLQHHULQJ
3URJUDPPH>LQFOXGHV3I3@ 1351XFOHDU3RVWXUH5HYLHZ
'LUHFWLYHSURJUDPPHGHVH[HUFLFHV27$1 GHV 135&1RQSUROLIHUDWLRQ3URJUDP5HYLHZ
6& >LQFOXWOH333@ &RPPLWWHH
13) 1D]LRQH3L)DYRULWD ,QWHUQDWLRQDO6HFXULW\DQG$UPV&RQWURO1XFOHDU
,WDOLDQLQLWLDOLVPPHDQLQJ0RVW)DYRUHG1DWLRQ 1RQSUROLIHUDWLRQ6WUDWHJLF$UPV5HGXFWLRQ
,QWHUQDWLRQDO%XVLQHVV 13V 1DQRSDUWLFOHV
)RUIXUWKHUGHWDLOVVHHXQGHU175 3ULPDU\DQG0HWDVWDWLF7XPRUV
1SIQSI QRWSURYLGHGIRU 1361DWLRQDO3DUN6HUYLFH
13) 1XRYD3URIHVVLRQH)RUHQVH (QHUJ\8VH
13* 1DWXUH3XEOLVKLQJ*URXS 136 1$72SLSHOLQHV\VWHP
13* 1XFOHDU3ODQQLQJ*URXS UpVHDX RXV\VWqPH GHSLSHOLQHVGHO·27$1
*URXSHGHVSODQVQXFOpDLUHV *31  1$72SUHFDXWLRQDU\V\VWHP
13* +/* 13*+LJK/HYHO*URXS V\VWqPHGHPHVXUHVGHSUpFDXWLRQGHO·27$1
*URXSHGHVKDXWQLYHDXGX13* 1$72SURYLGHGVRIWZDUH
ORJLFLHOIRXUQLSDUO·27$1


QXFOHDUSODQQLQJV\VWHP 7KH145GHWHFWVFRQFHLOHGH[SORVLYHV VXFKDVLQ


V\VWqPHGHSODQLILFDWLRQQXFOpDLUH OXJJDJHEXONPDLOHWF 
136 1R3DU6WRFN &RXQWHUWHUURULVP
%XVLQHVV(FRQRPLFV)LQDQFH 15 1$725HVWULFWHG
136$& 1$723UHFDXWLRQDU\6\VWHP$OHUW D1$72'LIIXVLRQ5HVWUHLQWH
&RPPLWWHH E27$1'LIIXVLRQ5HVWUHLQWH
&RPLWpG·DOHUWHVXUOHV\VWqPHGHPHVXUHVGHSUp F'LIIXVLRQ5HVWUHLQWH27$1>)5@
FDXWLRQGHO·27$1 1DXUX
136& 1$723UHFDXWLRQDU\6\VWHP&RQIHUHQFH 1DXUX
&RQIpUHQFHVXUOHV\VWqPHGHPHVXUHVGHSUpFDX 1RUWKHUQ5HJLRQ>REVROHWH@
WLRQGHO·27$1 5pJLRQ1RUG 51 >REVROqWH@
136+ 1HW3RVLWLYH6XFWLRQ+HDG 15 1LWUDWH5HGXFWDVH
0HFKDQLFDO(QJLQHHULQJ 15LVDOVRNQRZQDV1LWUDWDVH
1360 1$723UHFDXWLRQDU\6\VWHP0DQXDO (Q]\PRORJ\
0DQXHOGXV\VWqPHGHPHVXUHVGHSUpFDXWLRQGH 15 QRLVHUDWLR
O·27$1 15 1RQ5HVLGHQW
137 QDWLRQDOVKLSSLQJDGPLQLVWUDWLRQSODQQLQJ 15 QRUHILO
WHDP 0HGLFLQH
pTXLSHGHSODQLILFDWLRQGHODGLUHFWLRQQDWLRQDOH 15 1R5LVN
GHODQDYLJDWLRQFRPPHUFLDOH $OVR15
1RQ3UROLIHUDWLRQ7UHDW\ 15 QRWHUHFHLYDEOH
7UDLWpVXUODQRQSUROLIpUDWLRQ GHVDUPHV %XVLQHVV&RPPHUFH
QXFOpDLUHV  713  15 1RW5DWHG
137 1HRP\FLQ3KRVSKRWUDQVIHUDVH 6WRFN([FKDQJH
0HGLFLQH 15 1XFOHDU5HFHSWRU
137 1RUPDO3UHVVXUHDQG7HPSHUDWXUH %LRFKHPLVWU\0ROHFXODU1HXURELRORJ\
0HGLFLQH 3DWKRELRFKHPLVWU\
137 1XFOHDUQRQSUROLIHUDWLRQ7UHDW\ 15$ 1$725HIXJHHV$JHQF\
137 1XWUL]LRQH3DUHQWHUDOH7RWDOH $JHQFH27$1SRXUOHVUpIXJLpHV
0HGLFLQH 15$2 1DWLRQDO5DGLR$VWURQRP\2EVHUYDWRU\
13 WLPH 1RQGHWHUPLQLVWLF3RO\QRPLDOWLPH 15$2LVRSHUDWHGE\$VVRFLDWHG8QLYHUVLWLHV
&RPSXWHU6FLHQFH-DUJRQ0DWKHPDWLFV 15% 1DWLRQDO5HKDELOLWDWLRQ%RDUG ,UHODQG 
137= 1RUWK3DFLILF7UDQVLWLRQ=RQH 15& 1DWLRQDO5HFRQGLWLRQLQJ2UGHU 86$ 
139 1HW3UHVHQW9DOXH 2IWKH861:6
$FFRXQWV )RUIXUWKHUGHWDLOVVHHXQGHU1:6
139 1R3DU9DOXH 15&1DWLRQDO5HVHDUFK&RXQFLO 86$ 
%XVLQHVV(FRQRPLFV)LQDQFH6WRFN([FKDQJH 15& 1HW5HSODFHPHQW&RVW
139 1XFOHDU3RO\KHGURVLV9LUXV 15&1XFOHDU5HJXODWRU\&RPPLVVLRQ 86$ 
9LURORJ\ 15&& 1DWLRQDO5HVHDUFK&RXQFLORI&DQDGD
1396 1R3DU9DOXH6WRFN &DQDGLDQ&RXQFLO
13< 1HXURSHSWLGH< 15&& 1DWLRQDO5HVRXUFH&HQWHUIRU&HSKDORSRGV
%LRFKHPLVWU\0HGLFLQH3HSWLGH 86$ 
1HXURWUDQVPLWWHUV 15&'1DWLRQDO5HSURJUDSKLF&HQWUHIRU
14 QRQTXRWD SRVW  'RFXPHQWDWLRQ
SRVWH KRUVTXRWD 15'&1DWXUDO5HVRXUFHV'HIHQVH&RXQFLO
14$ QLYHDXGHTXDOLWpDFFHSWDEOH 86$ 
DFFHSWDEOHTXDOLW\OHYHO $4/  15&'(6 1DWLRQDO5HVHDUFK&RXQFLO'LYLVLRQRI
14$$ QDWLRQDOTXDOLW\DVVXUDQFHDXWKRULW\ (DUWK6FLHQFHV
DXWRULWpQDWLRQDOHSRXUO·DVVXUDQFHGHODTXDOLWp 15(1HJDWLYH5HJXODWRU\(OHPHQW
$1$4  *\QHFRORJ\ 0HGLFLQH 1HZERUQ 0HGLFLQH
145GHWHFWRU 1XFOHDU4XDGUXSOH5HVRQDQFHGHWHF 2EVWHWULFV 3HGLDWULFV 5DGLRORJ\ 9HWHULQDU\
WRU 0HGLFLQH 9HWHULQDU\ 3DWKRORJ\ 9LUDO
3DWKRJHQHVLV


15(&$ 1DWLRQDO5XUDO(OHFWULF&RRSHUDWLYH 15266 1DY\5HPRWH2FHDQ6HQVLQJ6\VWHP


$VVRFLDWLRQ 86$  86$ 
15(/ 1DWLRQDO5HQHZDEOH(QHUJ\/DERUDWRU\ 153% 1DWLRQDO5DGLRORJLFDO3URWHFWLRQ%RDUG
15(/ ZDVHVWDEOLVKHGE\WKH6RODU(QHUJ\ +HDGTXDUWHUHGDW&KLOWRQ2[IRUGVKLUH*%
5HVHDUFK'HYHORSPHQWDQG'HPRQVWUDWLRQ$FWRI %ULWLVK%RDUGV5DGLDWLRQ6WDQGDUGV5DGLRORJLFDO
2ULJLQDOO\FDOOHG6RODU(QHUJ\5HVHDUFK 3URWHFWLRQ
,QVWLWXWH15(/ EHJDQRSHUDWLQJ-XO\DQG 1536V 1RQULERVRPDO3HSWLGH6\QWKHWDVHV
ZDVGHVLJQDWHGDQDWLRQDOODERUDWRU\RIWKH86 %DFWHULRORJ\&KHPLVWU\3KDUPDF\3RO\NHWLGH
'2(LQ6HSWHPEHU 6\QWKDVH
1HZ(QHUJ\7HFKQRORJLHV 155 QHWUHSURGXFWLRQUDWH
)RUIXUWKHUGHWDLOVVHHXQGHU'2( 155& 1XFOHDU5LVN5HGXFWLRQ&HQWUH
15(1 1DWLRQDO5HVHDUFKDQG(GXFDWLRQ1HWZRUN &HQWUHGHUpGXFWLRQGXULVTXHQXFOpDLUH &551 
86$  156 1$72UDQJHVDIHW\
(YHUVLQFHWKHJRDORI15(1KDVEHHQWR VpFXULWpGHVFKDPSVGHWLUGHO·27$1
FRQQHFWUHVHDUFKFHQWHUVXQLYHUVLWLHVDQGLQGXV 156 1RUPDO5DEELW6HUXP
WU\ODERUDWRULHV LQHYHU\VWDWHWROLQHVFDSDEOHRI 156 1XFOHDU5HDFWLRQ6SHFWURPHWU\
WUDQVPLWWLQJJLJDELW ELOOLRQELWV RIGDWDSHU 156$ 1DWLRQDO5HPRWH6HQVLQJ$JHQF\
VHFRQGE\ 156$ 1DWLRQDO5HVHDUFK6HUYLFH$ZDUG1,+·V
15(1V 1DWLRQDO5HVHDUFKDQG(GXFDWLRQ 86$ZDUGV
1HWZRUNV )RUIXUWKHUGHWDLOVVHHXQGHU1,+
)RUIXUWKHUGHWDLOVVHHXQGHU15(1 1563 1DWLRQDO5HPRWH6HQVLQJ3URJUDP 86$ 
15(5'& 1HZDQG5HQHZDEOH5HVHDUFKDQG 1569 1HFURWLF5LQJ6SRW9LUXV
'HYHORSPHQW&HQWHU .DEXO$IJKDQLVWDQ  3ODQW3DWKRORJ\
15(5XSHH$FFRXQW 1RQ5HVLGHQW([WHUQDO5XSHH 157QUWQHWUHJLVWHUWRQQDJH
$FFRXQW ,QGLD  157 7KHDLUSRUWFRGHIRU1DULWD7RN\R-DSDQ
,QYHVWPHQW6FKHPHV 157& 1DWLRQDO5XUDO7HOHFRPPXQLFDWLRQV
15) 1$725HVSRQVH)RUFH &RRSHUDWLYH
)RUFHGHUpDFWLRQGHO·27$1 158 1DWXUDO5DWHRI8QHPSOR\PHQW
15, 1HXURVFLHQFH5HVHDUFK,QVWLWXWH 159 1HW5HDOL]DEOH9DOXH
$VWRQ8QLYHUVLW\%LUPLQJKDP*% 15= 1RQ5HWXUQWR=HUR
0DJQHWRHQFHSKDORJUDSK\9LVXDO3V\FKRSK\VLFV 16 1DWLYH6SHDNHU
15,0 1DWLRQDO5HVHDUFK,QVWLWXWHIRU0HWDOV /LQJXLVWLFV
-DSDQHVH,QVWLWXWH 16 1$726HFUHW
15,V 1RQ5HVLGHQW,QGLDQV D1$726HFUHW
15,VLVDWHUPFRLQHGWRGHVFULEHSHUVRQVRI E27$16HFUHW
,QGLDQRULJLQOLYLQJRYHUVHDV F6HFUHW27$1>)5@
15. 1RUPDO5DW.LGQH\ 1$72VKLSSLQJ
15/ 1DYDO5HVHDUFK/DERUDWRU\ QDYLJDWLRQFRPPHUFLDOHGHO·27$1
7KH15/ LVORFDWHGLQ:DVKLQJWRQ'& 86$  6XULQDP
15/ 1RQ5HVLGHQW/DQGORUG *%  6XULQDP
15/%1RUWKHUQ5HJLRQDO/LEUDU\%XUHDX 16 1HGHUODQGVH6SRRUZHJHQ 7KH1HWKHUODQGV 
15/0 1DWLRQDO5HVHDUFK/DERUDWRU\RI0HWURORJ\ 16 1HW6DOHV
-DSDQ  %XVLQHVV&RPPHUFH
150 1DWXUDO5HPDQHQW0DJQHWL]DWLRQ 16 1HXWURQ6SHFWURPHWHU
*HRSK\VLFV $ FXELFDOEORFNRIERURQORDGHGSODVWLFVFLQWLOODWRU
150 1RUPDO5HVSRQVH0RGH GLYLGHGLQWRIRXULQGLYLGXDOVHQVRUV
150 1XFOHXV5DSKH0DJQXV /XQDU5HVHDUFK
15155XSHH'HSRVLW 1RQ5HVLGHQW1RQ 16 1HZ6HULHV
5HSDWULDEOH5XSHH'HSRVLW 16 1HZ6W\OH
,QYHVWPHQW6FKHPHV 1V 1LPERVWUDWXV
152IXQGV 1RQ5HVLGHQW2ZQHGIXQGV 0HWHRURORJ\
%DQNLQJ 161RQ6LJQLILFDWLI
QV DEEU QRVWUR


,WDOLDQDEEUHYLDWLRQPHDQLQJRXURXUV 16& 1$726HFXULW\&RPPLWWHH


16 QV QRWVSHFLILHG &RPLWpGHVpFXULWpGHO·27$1
16 1RW6XIILFLHQW 1$72VWHHULQJFRPPLWWHH
%XVLQHVV&RPPHUFH &RPLWpGLUHFWHXU27$1
16 1RYD6FRWLD &DQDGD  1$726WDQGDUGL]DWLRQ&RPPLWWHH
16 1XFOHDU6KLS &RPLWp27$1GHQRUPDOLVDWLRQ
1DYDO$UFKLWHFWXUH 16& 1HXUDO6WHP&HOO
16 1XPEHURI6HTXHQFHV )RUIXUWKHUGHWDLOVVHHXQGHU16&V
16$ 1DWLRQDO6HFXULW\$JHQF\ 86$  16& 1XRYR6WUXPHQWR&RPXQLWDULR(&
16$ QDWLRQDOVKLSSLQJDXWKRULW\ 16&$7 1$6$
V6&$7WHURPHWHU
DDXWRULWpQDWLRQDOHFKDUJpHGHODPDULQH $QLQVWUXPHQWDERDUG$'(26
PDUFKDQGH )RUIXUWKHUGHWDLOVVHHXQGHU$'(26
E'LUHFWLRQQDWLRQDOHGHODQDYLJDWLRQFRPPHU 16&& 1$72VXSSO\FODVVLILFDWLRQFRGH
FLDOH FRGHGHFODVVLILFDWLRQGHVDSSURYLVLRQQHPHQWV
1$726WDQGDUGL]DWLRQ$JHQF\>KDVUHSODFHG 27$1
0$6DQG216@ 1$72VXUYHLOODQFHFRRUGLQDWLRQFHQWUH
$JHQFH27$1GHQRUPDOLVDWLRQ $21 >UHP FHQWUH27$1GHFRRUGLQDWLRQGHODVXUYHLOODQFH
SODFHOH%06HWO·216@ 16&/ 1DWLRQDO6XSHUFRQGXFWLQJ&\FORWURQ
16$%3 1DWLRQDO6XUJLFDO$GMXYDQW%UHDVWDQG /DERUDWRU\
%RZHO3URMHFW 86$  $W0LFKLJDQ6WDWH8QLYHUVLW\ 86$ 
86%LRPHGLFDO3ROLF\ 16&257 1$6$ 6SHFLDOL]HG&HQWHU2I5HVHDUFK
16$& 1XFOHDU6FLHQFH$GYLVRU\&RPPLWWHH DQG7UDLQLQJ 86$ 
86$  &U\VWDOORJUDSK\*HRORJ\2FHDQRJUDSK\
)RUIXUWKHUGHWDLOVVHHXQGHU186/ DQG5,$ 16&V 1HXUDO6WHP&HOOV
16$* 1$726KLSSLQJ$GYLVRU\*URXS $GXOW16&VLQWKH69= LQPDPPDOV JLYHULVHWR
*URXSHFRQVXOWDWLI27$1GHODQDYLJDWLRQFRP WKHROIDFWRU\LQWHUQHXURQV
PHUFLDOH 'RQRU&HOOV5RGHQWV7UDQVSODQWDWLRQ*HQHV
QV$, QRQVWHURLG$QWL,QIODPPDWRU\ )RUIXUWKHUGHWDLOVVHHXQGHU69=
)RUIXUWKHUGHWDLOVVHHXQGHU$,16 16'' 1DWLRQDO6HFXULW\'HFLVLRQ'LUHFWLYH
16$,'V1RQVWHURLGDO$QWL,QIODPPDWRU\'UXJV 86$ 
$O]KHLPHU'LVHDVH5HVHDUFK&HOO%LRORJ\'UXJV 16'/ 1DWLRQDO6FLHQFH'LJLWDO/LEUDU\
7HVWLQJ(SLGHPLRORJLFDO6WXGLHV,PPXQRORJ\ 2IWKH8616)
0HGLFLQH0ROHFXODU%LRSK\VLFVDQG%LRFKHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU16)
16$0 1DWLRQDO6XUYH\RI$GROHVFHQW0DOHV 16( 1$&26$ 6XSSRUW(OHPHQW>KDVUHSODFHG
86$  52&@
7KH16$0EHJXQLQDQGZDVFRQGXFWHG pOpPHQWGHVRXWLHQGHOD1$&26$ >UHPSODFHOH
XVLQJWKH$XGLR&$6,7HFKQRORJ\ 52&@
)RUIXUWKHUGHWDLOVVHHXQGHU$XVLR&$6, QDWLRQDOVXSSRUWHOHPHQW
7HFKQRORJ\ pOpPHQWGHVRXWLHQQDWLRQDO
16% 1DWLRQDO6DYLQJV%DQN *%  16( 1DJR\D6WRFN([FKDQJH -DSDQ 
16% 1DWLRQDO6FLHQFH%RDUG 16( 1DWLRQDO6WRFN([FKDQJH ,QGLD 
7KH16%LVWKH8616)
VRYHUVLJKWERG\ 7KH16(ZDVVHWXSLQODWH,QGLD
V1DWLRQDO
)RUIXUWKHUGHWDLOVVHHXQGHU1)6 6WRFN([FKDQJHVWDUWHGHTXLW\WUDGLQJLQ
16% 1DYDO6WXGLHV%RDUG 86$  1RYHPEHUXVLQJDVFUHHQEDVHGV\VWHP
16%$ 1HEUDVND6WDWH%DU$VVRFLDWLRQ 86$  QVHFQV QDQRVHFRQG
16%5, 1DWLRQDO6SDFH%LRPHGLFDO5HVHDUFK $ XQLWRIWLPHHTXDOWRRQHELOOLRQWKRIDVHFRQG
,QVWLWXWH1$6$·V 0HWURORJ\
6SDFH%LRPHGLFDO5HVHDUFK 16(/ 1DWLRQDO6WRFN([FKDQJHRI/LWKXDQLD
16& 1DWLRQDO6FLHQFH&RXQFLO 86$  16(3 1DWLRQDO6HFXULW\(GXFDWLRQ3URJUDP
16&1DWLRQDO6HFXULW\&RXQFLO 86$  2IWKH86$FDGHP\IRU(GXFDWLRQDO
,QWHUQDWLRQDO6HFXULW\DQG$UPV&RQWURO1XFOHDU 'HYHORSPHQW
1RQSUROLIHUDWLRQ6WUDWHJLF$UPV5HGXFWLRQ 16(3 )HOORZVKLSV
16& 1DWLRQDO6SDFH&RXQFLO 86$ 


16(5& 1DWXUDO6FLHQFHVDQG(QJLQHHULQJ5HVHDUFK *URXSHGHOLDLVRQ27$1GHODQDYLJDWLRQFRP


&RXQFLO &DQDGD  PHUFLDOH
16(6 1DWLRQDO6FLHQFH(GXFDWLRQ6WDQGDUGV 16/61DWLRQDO6\QFKURWURQ/LJKW6RXUFH
86$  7KH16/6LVORFDWHGDWWKH86%URRNKDYHQ
16) 1DWLRQDO6FLHQFH)RXQGDWLRQ 86$  1DWLRQDO/DERUDWRU\
16) 1(WK\OPDOHLPLGH6HQVLWLYH)DFWRU 161 1$72VWRFNQXPEHU
%UDLQ5HVHDUFK0HGLFLQH1HXURELRORJ\ QXPpURGHQRPHQFODWXUH27$1 112 
1HXURFKHPLVWU\ 162 1$726WDQGDUGL]DWLRQ2UJDQL]DWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU61$3 2UJDQLVDWLRQ27$1GHQRUPDOLVDWLRQ
16)$ 1DWLRQDO6FLHQFH)RXQGDWLRQ$FW 1620 1HDUILHOG6FDQQLQJ2SWLFDO0LFURVFRSH
16* QDWLRQDOVXSSRUWJURXS 2SWLFV
JURXSHGHVRXWLHQQDWLRQDO 163 1$72VWDQGDUGL]DWLRQSURJUDPPH
16, QXFOHDUVDIHW\VHFXULW\LQVSHFWLRQ SURJUDPPHGHQRUPDOLVDWLRQGHO·27$1
LQVSHFWLRQGHVpFXULWpQXFOpDLUH 1$72VWULNHSODQ
16, 1XRYL6WDWL,QGLSHQGHQWL DSODQG·DWWDTXH QXFOpDLUH GHO·27$1
,WDOLDQLQLWLDOLVPPHDQLQJ1HZO\,QGHSHQGHQW ESODQGHIUDSSHGHO·27$1
6WDWHV QXFOHDUVWULNHSODQ
16,$ 1DWLRQDO6HFXULW\,QGXVWULDO$VVRFLDWLRQ SODQG·DWWDTXHQXFOpDLUH
86$  163 1HW6HFRQGDU\3URGXFWLRQ
16,'& 1DWLRQDO6QRZDQG,FH'DWD&HQWHU 1VS 1HWZRUNVHUYLFHSURYLGHU
86$  163 1HXURORJLFDO6KHOOILVK3RLVRQLQJ
16,) 1$72VSHFLDOLQWHOOLJHQFHIDFLOLW\ 163 1RUWKHUQ6WDWHV3RZHU&R 86$ 
LQVWDOODWLRQ27$1GHUHQVHLJQHPHQWVSpFLDO 163) 1RW6SHFLILFDOO\3URYLGHG)RU
16,+,9 VWUDLQV 1RQ6\QF\WLXP,QGXFLQJ+,9 16361HZ6RXUFH3HUIRUPDQFH6WDQGDUGV 86$ 
VWUDLQV 165 1$72VWDIIUHTXLUHPHQW
$SSOLHG3KDUPDFRORJ\&DQFHU5HVHDUFK VSpFLILFDWLRQRSpUDWLRQQHOOH27$1
(SLGHPLRORJ\0HGLFLQH3DWKRORJ\ 165& 1DWLRQDO6FLHQFH5HVRXUFHV&HQWHU 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU+,9 165& 1DWLRQDO6XSHUFRPSXWLQJ5HVHDUFK&HQWUH
16,/$ 1RQ6XSSUHVVLEOH,QVXOLQ/LNH$FWLYLW\ 2IWKH1DWLRQDO8QLYHUVLW\RI6LQJDSRUH
16,/$ LVDOVRNQRZQDV,QVXOLQHOLNHJURZWKIDF 165'% 1DWLRQDO6RODU5DGLDWLRQ'DWD%DVH
WRUV 165'%FUHDWHGLQFRQWDLQVGDWDIRUWKH
%LRFKHPLVWU\ 8QLWHG6WDWHVIURPWRDQGLVDYDLODEOH
16,3 1$726HFXULW\,QYHVWPHQW3URJUDPPH IURPWKH1&'&
3URJUDPPH27$1G·LQYHVWLVVHPHQWDXVHUYLFHGH )RUIXUWKHUGHWDLOVVHHXQGHU1&'&
ODVpFXULWp 1656 1DWLRQDO6SDWLDO5HIHUHQFH6\VWHP 86$ 
16,SKHQRW\SH1RQ6\QF\WLXP,QGXFLQJSKHQR 166 1$'*(V\VWHPVWRFN DJH 
W\SH VWRFNGXV\VWqPH1$'*(
+HPDWRORJ\,QIHFWLRXV'LVHDVHV3DWKRORJ\ QHJRWLDWLRQVXSSRUWV\VWHP
9LURORJ\ V\VWqPHLQWHUDFWLIG·DLGHjODQpJRFLDWLRQ
16,5% 1$726HFXULW\,QYHVWPHQW5HYLHZ%RDUG 16 6 1$726FKRRO 6+$3( 
&RPPLVVLRQG·H[DPHQGHVLQYHVWLVVHPHQWVGH eFROH27$1GX6+$3(
O·27$1DXVHUYLFHGHODVpFXULWp 166 1HXWURQ6FDWWHULQJ6RFLHW\
16,YLUXVHV 1RQ6\QF\WLXP,QGXFLQJYLUXVHV 1661RQ6H[6SHFLILF
16/ 1LFDUDJXD6LJQ/DQJXDJH &HOO %LRORJ\ 0ROHFXODU 0HGLFLQH 1XFOHLF$FLGV
&RJQLWLYH6FLHQFH/LQJXLVWLFV 166 1R6WUDLQ6WUXFWXUH
16/ QRQVWRFNHGLWHPOLVW (SLGHPLRORJ\
OLVWHGHVDUWLFOHVQRQGpWHQXVHQVWRFN 166'& 1DWLRQDO6SDFH6FLHQFH'DWD&HQWHU
16/$ 1RYD6FRWLD/LEUDU\$VVRFLDWLRQ 86$ 
&DQDGLDQ$VVRFLDWLRQ 166* 1$726WDQGDUGL]DWLRQ6WDII*URXS
16/% 1$726WDQGDUGL]DWLRQ/LDLVRQ%RDUG *URXSHFRQVXOWDWLIGHQRUPDOLVDWLRQ27$1
%XUHDXGHOLDLVRQ27$1SRXUODQRUPDOLVDWLRQ 166/ 1$'*(V\VWHPVWRFNOLVW
16/* 1$726KLSSLQJ/LDLVRQ*URXS FDWDORJXHGHVWRFNGXV\VWqPH1$'*(
166/ 1DWLRQDO6HHG6WRUDJH/DERUDWRU\ 86$ 


166/ 1DWLRQDO6HYHUH6WRUPV/DERUDWRU\ 17 1XFOHDU7UDQVIHU


2IWKH8612$$ $OVRNQRZQDV1XFOHDU7UDQVSODQWDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ %LRWHFKQRORJ\
166/$ 1RYD6FRWLD6FKRRO/LEUDULHV$VVRFLDWLRQ QWQW QXFOHRWLGH
1661 1$72VWDQGDUGVWRFNQXPEHU %LRFKHPLVWU\
QXPpURGHQRPHQFODWXUH27$1FRPPXQ 17 1XLVDQFH7D[
112&  17171XRYR7HVWDPHQWR
1666 QXFOHDUVWHDPVXSSO\V\VWHP ,WDOLDQLQLWLDOLVPPHDQLQJ1HZ7HVWDPHQW
FKDXIIHULHQXFOpDLUH 17 1HXURWURSKLQ
167 1$72VWDIIWDUJHW %LRORJ\1HXURELRORJ\
REMHFWLI27$1G·pWDWPDMRU 17$ 1HZ7UDQVDWODQWLF$JHQGD
QXFOHDUDQGVSDFHWDONV 7UDQVDWODQWLF,VVXHV86(&%XVLQHVV
DHQWUHWLHQVVXUOHVTXHVWLRQV RXDUPHV 17$ 1LWULORDFHWLF$FLG
QXFOpDLUHVHWVSDWLDOHV 17% 1DWLRQDO7UDLQLQJ%RDUG
ESRXUSDUOHUVVXUOHVDUPHVQXFOpDLUHVHWVSD 17% 1$72WDFWLFDOEURDGFDVW
WLDOHV V\VWqPHGHUDGLRGLIIXVLRQWDFWLTXHGHO·27$1
167 1XFOHXVRIWKH6ROLWDU\7UDFW QXFOHDUWHVWEDQ
167$ 1DWLRQDO6FLHQFH7HDFKHUV$VVRFLDWLRQ LQWHUGLFWLRQGHVHVVDLVQXFOpDLUHV
167& 1DWLRQDO6FLHQFHDQG7HFKQRORJ\&RXQFLO 17%* 1DWLRQDO7URSLFDO%RWDQLFDO*DUGHQV
86$  86$ 
167'$ 1DWLRQDO6FLHQFHDQG7HFKQRORJ\ 17', 1$72WDUJHWGDWDLQYHQWRU\
'HYHORSPHQW$JHQF\ 7KDLODQG  OLVWH27$1GHVGRQQpHVG·REMHFWLIV
1675 QRWKLQJVLJQLILFDQWWRUHSRUW 17'6 QDYDOWDFWLFDOGDWDSURFHVVLQJV\VWHP
ULHQG·LPSRUWDQWjVLJQDOHU V\VWqPHG·H[SORLWDWLRQQDYDOGHVLQIRUPDWLRQVWDF
167; 1DWLRQDO6SKHULFDO7RUXV([SHULPHQW WLTXHV 6(1,7 
3ULQFHWRQ86$ 17'V 1HXUDO7XEH'HIHFWV
)XVLRQ3RZHU 17(1RW7R([FHHG
168 1RQVSHFLILF8UHWKULWLV 17) 1DWLRQDO7LGDO)DFLOLW\ $XVWUDOLD 
168LVDOVRNQRZQDV1RQJRQRFRFFDO8UHWKULWLV 17) 1$72WDVNIRUFH
0HGLFLQH IRUFHRSpUDWLRQQHOOH27$1
1691 1$72VHFXUHYRLFHQHWZRUN 17) 1+7HUPLQDO)UDJPHQW
UpVHDXGHFU\SWRSKRQLHGHO·27$1 $SRSWRVLV*HQHWLFV/LIH6FLHQFHV0HGLFLQH
1693 1$72VHFXUHYRLFHSURJUDPPH 1HXURORJ\
SURJUDPPHGHFU\SWRSKRQLHGHO·27$1 17) 1R7URXEOH)RXQG
16: 1HZ6RXWK:DOHV $XVWUDOLD  17)3V 1RQWLPEHU)RUHVW3URGXFWV
16:& 1DYDO6XUIDFH:DUIDUH&HQWHU 86$  17* 1$72WDVNJURXS
16:0$ 1DWLRQDO6ROLG:DVWHV0DQDJHPHQW JURXSHRSpUDWLRQQHO27$1
$VVRFLDWLRQ 86$  1$727UDLQLQJ*URXS
16:0$ LVRQHRIWKHVSRQVRUVRI:DVWH([SR *URXSHG·HQWUDvQHPHQW27$1
16; 1DPLELD6WRFN([FKDQJH 17*SDWLHQWV 1RQWR[LF*RLWHUSDWLHQWV
17 1DQRWXEH )RUIXUWKHUGHWDLOVVHHXQGHU+7 +DVKLPRWR
V
3K\VLFV 7K\URLGLWLV 
17 1DWLRQDO7UXVW 17, 1±XGGH7UDQVLW,QWHUQDWLRQDO )UDQFH 
17 QDYLUHWHUUH 17,$ 1DWLRQDO7HOHFRPPXQLFDWLRQVDQG
VKLSVKRUH ,QIRUPDWLRQ$GPLQLVWUDWLRQ
QW QHWWHUPV 7KH17,$ LVDVHFWLRQRIWKH86'HSDUWPHQWRI
%XVLQHVV&RPPHUFH &RPPHUFH
1717 1HW7RQQDJH 17,&6 1DWLRQDO7UDLQLQJ,QIRUPDWLRQ&HQWUDO
17 1HWZRUN7HUPLQDWLRQV 6XSSRUW *% 
7HOHFRPPXQFDWLRQV 17,06 1HJDWLYH7KHUPDO,RQL]DWLRQ0DVV
17 1RQ7UDVIHULELOH 6SHFWURPHWU\
17 1RUWKHUQ7HUULWRU\ $XVWUDOLD  &KHPLVWU\(DUWKDQG(QYLURQPHQWDO6FLHQFHV
1W QRWHWLSRJUDILFKH


*HRORJLFDODQG3ODQHWDU\6FLHQFHV,VRWRSH 1LFDUDJXD
*HRORJ\ 1LFDUDJXD
17,61DWLRQDO7HFKQLFDO,QIRUPDWLRQ6HUYLFH 181DWLRQV8QLHV1D]LRQL8QLWH
86$  )UHQFKDQG,WDOLDQDFURQ\PPHDQLQJ8QLWHG
17,6 1$72WHFKQLFDOLQWHURSHUDELOLW\VWDQGDUG 1DWLRQV
QRUPH27$1G·LQWHURSpUDELOLWpWHFKQLTXH 181DWXUDO8UDQLXP
170 QRWLFHWRPRYH 181HWWH]]D8UEDQD ,WDO\ 
DYLVGHPRXYHPHQW ,WDOLDQDFURQ\PPHDQLQJ&LW\6DQLWDWLRQ
170V 1RUPDO7UDQVPLWWLQJ0DOHV 'HSDUWPHQW
171 1DWLRQDO7UHQGV1HWZRUN 86$  181RWKLQJ8QVDWLVIDFWRU\
173 1DWLRQDO7R[LFRORJ\3URJUDP 86$  18 1XRUR,WDO\
1,(+63URJUDPV5LVNVWR+XPDQ5HSURGXFWLRQ 18%1DWXUDO8UDQLXP%ORFN
)RUIXUWKHUGHWDLOVVHHXQGHU1,(+6 18%( 1DWLRQDO8QLRQRI%DQN(PSOR\HHV
173 1RUPDO7HPSHUDWXUHDQG3UHVVXUH QXEH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
0HGLFLQH XVLQJWKHZRUGQXEHZKLFKPHDQVLQ,WDOLDQ
173 FRQFHQWUDWLRQ 1XFOHRVLGH7ULSKRVSKDWHFRQ FORXG DOVRQXYROD 
FHQWUDWLRQ 18%/ 1RUWKZHVWHUQ8QLYHUVLW\%LRWHFKQRORJ\
%DFWHULRORJ\0LFURELRORJ\ /DERUDWRU\ 86$ 
173 ) 1XPEHURI7HUPLQDOV3HU)DLOXUH 18%/81HZ%DVLF/RJLF8QLW
173V 1+7HUPLQDO3HSWLGHV 18& 1$728NUDLQH&RPPLVVLRQ
175 1RUPDO7UDGH5HODWLRQV FRPPLVVLRQ27$18NUDLQH
175KDVUHSODFHG0)1 0RVW)DYRXUHG1DWLRQ 18&2/ 18PHULFDO&2QWURO/DQJXDJH
ZKLFKKDVEHHQDEROLVKHGE\WKH866HQDWHLQ 18&67$7 QXFOHDURSHUDWLRQDOVWDWXVUHSRUW
PLGMXO\7KHWHUP0)1ZLOOFRQWLQXHWREH FRPSWHUHQGXRSpUDWLRQQHOGHVLWXDWLRQQXFOpDLUH
HPSOR\HGE\WKHUHVWRIWKHZRUOG 18( 1LWURJHQ8VH(IILFLHQF\
867UDGLQJ'HVLJQDWLRQV %RWDQ\
176 1$06$ WUDQVSRUWDWLRQV\VWHP 18,5 18FOHR,QWHUYHQWR5DSLGR ,WDO\ 
V\VWqPHGHWUDQVSRUWGHOD1$06$ 180 1DWLRQDO8QLRQRI0LQHZRUNHUV 6RXWK
1761HYDGD7HVW6LWH $IULFD 
176 1RQ7UDQVFULEHG6WUDQG 180$1XPDV\VWHPV 1RQ8QLIRUP0HPRU\
*HQHWLFV/LIH6FLHQFHV0HGLFLQH0LFURELRORJ\ $FFHVVV\VWHPV
5DGLDWLRQ2QFRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU603 V\VWHPV
176 1XFOHXV7UDFWXV6ROLWDULXV 180& 1$728NUDLQH0LOLWDU\&RPPLWWHH
$QDWRP\ &RPLWpPLOLWDLUH27$18NUDLQH
176&1DWLRQDO7HOHYLVLRQ6WDQGDUG&RGH 1X0,1HXWULQRVDWWKH0DLQ,QMHFWRU
176' 1HWZRUN7HVW6\VWHP'LYLVLRQ+HZOHWW $QH[SHULPHQWRIWKH86'HSDUWPHQWRI(QHUJ\
3DFNDUG·V IRUQHXWULQRVLJKWLQJV
177 1HZ7HFKQRORJ\7HOHVFRSH +LJK(QHUJ\3K\VLFV
7KH177 ZDVFRPSOHWHGLQ 183( 1DWLRQ8QLRQRI3XEOLF(PSOR\HHV
177 1LSSRQ7HOHJUDSKDQG7HOHSKRQH&RUSRUDWLRQ 1X3(&& 1XFOHDU3K\VLFV(XURSHDQ&ROODERUDWLRQ
-DSDQ  &RPPLWWHH
1776 1$72WHUUHVWULDOWUDQVPLVVLRQV\VWHP 1X3(&&SURGXFHV\HDUSODQVIRUQXFOHDU
V\VWqPHGHWUDQVPLVVLRQVWHUUHVWUHVGHO·27$1 SK\VLFVDQGPHHWVXQGHUWKHDXVSLFHVRIWKH
178$ 1DWLRQDO7HFKQLFDO8QLYHUVLW\RI$WKHQV (XURSHDQ6FLHQFH)RXQGDWLRQ
*UHHFH  1XFOHDU3K\VLFV
7XUERPDFKLQHU\*UHHN8QLYHUVLWLHV 185 1DWLRQDO8QLRQRI5DLOZD\PHQ
17; 1R[LRXV7R[LQ 185 1DWXUDO8UDQLXP5HDFWRU
18 QDWLRQDOLW\XQGHWHUPLQHG SRVW  185LVDOVRNQRZQDV1DWXUDO)XHO5HDFWRU
 SRVWH VDQVDWWULEXWLRQGHQDWLRQDOLWp 1XFOHDU(QJLQHHULQJ
1$728QFODVVLILHG QXU 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
D1$726DQV&ODVVLILFDWLRQ XVLQJWKH$UDELFZRUGQXUZKLFKPHDQVOLJKW
E27$16DQV&ODVVLILFDWLRQ EULJKWQHVV 
F6DQV&ODVVLILFDWLRQ27$1>)5@ 185) 1XFOHRVRPH5HPRGHOLQJ)DFWRU


%LRFKHPLVWU\*HQH([SUHVVLRQ0HGLFLQH 1976 1HWZRUN9LUWXDO7HUPLQDO6HUYLFH


0LFURFKHPLVWU\0ROHFXODU%LRORJ\ 1: 1HW:RUWK
7UDQVFULSWLRQ %XVLQHVV)LQDQFH
1853 1DWLRQDO8QGHUVHD5HVHDUFK3URJUDP 1: 1RUWK:HVW
86$  1: 7KHDLUOLQHFRGHIRU1RUWKZHVW$LUOLQHV
,QPRUHWKDQUHVHDUFKHUVZRQ1853 1: QXFOHDUZDUIDUH
JUDQWVIRUSURMHFWVUDQJLQJIURPVWXGLHVRIFRUDO JXHUUHQXFOpDLUH
UHHIHFRV\VWHPVWRH[SORUDWLRQRIVXEPDULQHYROFD 1:$336 1RUWK:HVW$SSURDFKHV
QRHV DSSURFKHV PDULWLPHV GX1RUG2XHVW
8QGHUVHD5HVHDUFK*UDQWV 1:& 1HW:RUNLQJ&DSLWDO
1853 6 QXPEHUHGUHIHUHQFHSRVLWLRQ V\VWHP  1:&5 1DWLRQDO:HLJKW&RQWURO5HJLVWU\ 86$ 
V\VWqPHGH SRVLWLRQVGHUpIpUHQFHQXPpURWpHV 2EHVLW\
186 1DWLRQDO8QLRQRI6WXGHQWV *%  1:'& 1DWLRQDO:LOGOLIH'HIHQFH&RXQFLO
186 1DWLRQDO8QLYHUVLW\RI6LQJDSRUH 86$ 
)RXQGHGLQ 1:) 1DWLRQDO:LOGOLIH)HGHUDWLRQ 86$ 
186186 1DWLRQDO8WLOLW\6HUYLFH 86$  1:,/ 1RUWK:HVWHUQ,OOLQRLV 86$ 
186/ 1DWLRQDO8QGHUJURXQG6FLHQFH/DERUDWRU\ 1:2 1HWKHUODQGV2UJDQL]DWLRQIRU6FLHQWLILF
186/ LVDIDFLOLW\HQGRUVHGE\WKH86 5HVHDUFK 7KH1HWKHUODQGV 
*RYHUQPHQW
V16$&WRVWXG\QHXWULQRV7KHODER 1:22 1$72ZDUWLPHRLORUJDQL]DWLRQ
UDWRU\LVEXULHGDWNLORPHWHUVEHORZJURXQG RUJDQLVDWLRQSpWUROLqUH27$1GXWHPSVGHJXHUUH
)RUIXUWKHUGHWDLOVVHHXQGHU16$& 1:3 PRGHOV 1XPHULFDO:HDWKHU3UHGLFWLRQPRG
18:&1DYDO8QGHUVHD:DUIDUH&HQWHU HOV
19 DEEU 1HYDGD 86$  $WPRVSKHULF5HVHDUFK$WPRVSKHULF6FLHQFHV
19 1RQYHJHWDULDQV (QYLURQPHQWDO6FLHQFHDQG0DQDJHPHQW/DQG
+XPDQ1XWULWLRQ $WPRVSKHUH,QWHUDFWLRQV0HWHRURORJ\
19$ 1DWLRQDO9DFFLQH$XWKRULW\ 86$  1:5$ 1$72ZDUWLPHUHIXJHHVDJHQF\
,PPXQL]DWLRQ DJHQFH27$1SRXUOHVUpIXJLpVHQWHPSVGH
QY&-' QHZYDULDWLRQ&UHXW]IHOGW-DNRE'LVHDVH JXHUUH
3ULRQ'LVHDVHV 1:5& 1DWLRQDO:HWODQGV5HVHDUFK&HQWHU
19$ QLJKWYLVLRQDLG 86$ 
PR\HQDX[LOLDLUHGHYLVLRQQRFWXUQH RXGHQXLW  1:5& 1DWLRQDO:LOGOLIH5HVHDUFK&HQWHU 6DXGL
19' 1LJKW9LHZLQJ'HYLFH $UDELD 
8VHGIRUVHHLQJDQGSKRWRJUDSKLQJLQWKHGDUN 7KH1:5&LVDGLYLVLRQRIWKH1DWLRQDO
DOVRIRUWKHVWXG\RIVOHHSSDWWHUQVRIKXPDQDV &RPPVVLRQIRU:LOGOLIH&RQVHUYDWLRQDQG
ZHOODVQRFWXUQDOKDELWVRIUHSWLOHVLQVHFWVDQG 'HYHORSPHQWLQ6DXGL$UDELD
PDPPDOV 1:53 QXFOHDUZHDSRQUHOHDVHSURFHGXUHV
19' QLJKWYLVLRQGHYLFH SURFpGXUHVG·DXWRULVDWLRQG·HPSORLG·DUPHV
GLVSRVLWLIGHYLVLRQQRFWXUQH RXGHQXLW  QXFOpDLUHV
19( 1HWZRUN9LVLEOH(QWU\ 1:6 1DWLRQDO:HDWKHU6HUYLFH 86$ 
19* QLJKWYLVLRQJRJJOHV &OLPDWH
OXQHWWHVGHYLVLRQQRFWXUQH RXGHQXLW  1:6 1XFOHDU:HDSRQ6WDWH
19, QRUPHGHYpULILFDWLRQLQWHUQDWLRQDOH 1:6%$ 1:6XEXUEDQ%DU$VVRFLDWLRQ ,OOLQRLV
LQWHUQDWLRQDODXGLWLQJJXLGHOLQH ,$*  86$ 
192&& 1RQ9HVVHO2ZQHU&RPPRQ&DUULHU 1:6*& 1RUWK:HVW6WUXFWXUDO*HQRPLFV&HQWUH
193 1HYLUDSLQH *% 
$ UHJLPHQEDVHGRQ193 UHGXFHV07&7 RI+,9 (VWDEOLVKHGLQ
)RUIXUWKHUGHWDLOVVHHXQGHU07&7 1ZW 1HW:HLJKW
194V 1DWLRQDO9RFDWLRQDO4XDOLILFDWLRQV 1:7 1HZ:RUOG7HOHSKRQH +RQJ.RQJ 
7KHLQWURGXFWLRQRIWKH*HQHUDO6\VWHPRI194V 1:7 1RUWK:HVW7HUULWRULHV &DQDGD 
VWDUWHGLQ 107& 1DWLRQDO:LQG7HFKQRORJ\&HQWHU 86$ 
196 1RQYRWLQJ6WRFN 1::, 1RUWK:HVWHUQ:,VFRQVLQ 86$ 
1961 1$72YRLFHVZLWFKLQJQHWZRUN 1< 1HW<LHOG
UpVHDXWpOpSKRQLTXHFRPPXWpGHO·27$1 1< 1HZ<HDU


1< DEEU 1HZ<RUN 86$ 


1<$6 1HZ<RUN$FDGHP\RI6FLHQFHV
7KH1<$6ZDVIRXQGHGLQDQGKDVKDGDV
PHPEHUVSHRSOHOLNH7KRPDV-HIIHUVRQ'DUZLQ
DQG(LQVWHLQ,WVSHFLDOL]HVLQVSRQVRULQJPXOWLGLV
FLSOLQDU\DQGFXWWLQJHGJHPHHWLQJV DQGFRQIHU
HQFHV,WDOVRSXEOLVKHV7KH$QQDOVRIWKH1HZ
<RUN$FDGHP\RI6FLHQFHVZKLFKGDWHVEDFNWR
DQGFXUUHQWO\UHSUHVHQWVERRNVSXEOLVKHG
HDFK\HDUWKDWFRPSLOHWKHEHVWWDONVLQIURQWLHU
ILHOGVRIVFLHQWLILFGLVFRXUVHJLYHQDWRXWVWDQGLQJ
FRQIHUHQFHV
1<%* 1HZ<RUN%RWDQLFDO*DUGHQ 86$ 
1<%27 1HZ<RUN%RDUG2I7UDGH 86$ 
1<& 7KHDLUOLQHFRGHIRU1HZ<RUN&LW\
1<&(3 1HZ<RUN&RQVRUWLXPLQ(YROXWLRQDU\
3ULPDWRORJ\
1<' 1HZ<RUN'RFN 86$ 
1<' 1RW<HW'LDJQRVHG
1<)( 1HZ<RUN)XWXUHV([FKDQJH 86$ 
1<,) 1HZ<RUN,QVWLWXWHRI)LQDQFH 86$ 
1</$ 1HZ<RUN/LEUDU\$VVRFLDWLRQ 86$ 
1<0( 1HZ<RUN0HUFDQWLOH([FKDQJH 86$ 
1<3' 1HZ<RUN3ROLFH'HSDUWPHQW 86$ 
1<3,5* 1HZ<RUN3XEOLF,QWHUHVW5HVHDUFK*URXS
86$ 
1<6( 1HZ<RUN6WRFN([FKDQJH 86$ 
1<6(5'$ 1HZ<RUN6WDWH(QHUJ\5HVHDUFKDQG
'HYHORSPHQW$XWKRULW\ 86$ 
1<6,// 1HZ<RUN6WDWH,QWHUOLEUDU\/RDQ
1HWZRUNV 86$ 
1<8 1HZ<RUN8QLYHUVLW\ 86$ 
1<80& 1HZ<RUN8QLYHUVLW\0HGLFDO&HQWHU
86$ 
1= 1HZ=HDODQG
1=1RW=HUR
1=/$ 1HZ=HDODQG/LEUDU\$VVRFLDWLRQ
1=06 1HZ=HDODQG0HWHRURORJLFDO6HUYLFH
1=2, 1HZ=HDODQG2FHDQRJUDSKLF,QVWLWXWH
1= 1HZ=HDODQG'ROODU


KRUVFRPEDW

2 2$ 2IILFH$XWRPDWLRQ
&RPSXWHU7HFKQRORJ\
2$ 2IILFHRI$GPLQLVWUDWLRQ
2 2KLR 86$  2$ 2NDGDLF$FLG
$OVR2+ RD RQDFFRXQWRI
RR RKP 2$ 2QRU$ERXW
1DPHGIRUWKH*HUPDQSK\VLFLVW*HRUJ62KP 2$ 2SHQ$FFRXQW
(OHFWULFLW\ %XVLQHVV)LQDQFH
RRSHQ 2$ 2SHUDWLRQDO$QDO\VLV2SHUDWLRQDO$XGLWLQJ
&RPSXWHU3URJUDPPLQJ(OHFWULFLW\*UDSKLF %XVLQHVV)LQDQFH
$UWV/LQJXLVWLFV0HGLFLQH3K\VLRORJ\ 2$ 2VWHRDUWKULWLV
9HWHULQDU\0HGLFLQH 0HGLFLQH
RRSHUDQG RD DEEU RYHUDOO
&RPSXWHU3URJUDPPLQJ0DWKHPDWLFV 2$ 7KHDLUOLQHFRGHIRU2O\PSLF$LUZD\V
RRSHUDWLRQ 2$$ 2[DORDFHWLF$FLG
$OVRRS 2$% 2FHDQ$IIDLUV%RDUG 86$ 
&RPSXWHU3URJUDPPLQJ,QGXVWULDO(QJLQHHULQJ 7KH2$%KDVUHSODFHG1$6&2
0LOLWDU\6FLHQFH6XUJHU\ )RUIXUWKHUGHWDLOVVHHXQGHU1$6&2
RRSHUDWLRQDO 2$& 2FHDQRJUDSKLF$GYLVRU\&RPPLWWHH 86$ 
(QJLQHHULQJ 0LOLWDU\6FLHQFH 2$& 2IILFHRI$UPV&RQWURO 86$ 
RRSHUDWRU 2$& 2Q$SSURYHG&UHGLW
$OVRRSU %XVLQHVV)LQDQFH
&RPSXWHU3URJUDPPLQJ ,QFRPSXWHUSURJUDP 2$&(6 2FHDQ$WPRVSKHUH&DUERQ([FKDQJH
PLQJWKHRSHUDWRULVWKHSHUVRQGHDOLQJZLWKWKH 6WXG\
RSHUDWLRQRIFRPSXWHUV 2$&+$ 2UHJRQ$XWRPDWHG&OHDULQJ+RXVH
(QJLQHHULQJ 7KHRSHUDWRULVWKHSHUVRQZKR $VVRFLDWLRQ 86$ 
GHDOVZLWKWKHRSHUDWLRQDQGRUPDLQWHQDQFHRI 2$&, 2UJDQLVDWLRQGHO
DYLDWLRQFLYLOHLQWHUQD
GHYLFHVPDFKLQHVDQGWKHOLNH WLRQDOH
7HOHFRPPXQLFDWLRQV ,QWKLVFDVHWKHRSHUDWRULV ,QWHUQDWLRQDO&LYLO$YLDWLRQ2UJDQL]DWLRQ ,&$2 
WKHSHUVRQGHDOLQJZLWKWKHRSHUDWLRQRIDWHOH 2$(& 2UJDQL]DWLRQRI$VLDQ(FRQRPLF&RRSHUD
SKRQHFRPSDQ\VZLWFKERDUG WLRQ
RR RUGHU 2$(V 2WRDFRXVWLF(PLVVLRQV
)RUIXUWKHUGHWDLOVVHHXQGHURUG 2$) 2VWHRFODVW$FWLYDWLQJ)DFWRUV
RRXWSXW (QGRFULQRORJ\
&RPSXWHU7HFKQRORJ\ (OHFWURQLFV 0HFKDQLFDO 2$. 7KHDLUSRUWFRGHIRU2DNODQG&DOLIRUQLD
(QJLQHHULQJ 86$
R RYHUFDVW 2$/$ 2KLR$FDGHPLF/LEUDULHV$VVRFLDWLRQ
0HWHRURORJ\0LQLQJ(QJLQHHULQJ 86$ 
2 2ZQHU 2$/26 2IILFHIRU2FHDQ$IIDLUVDQGWKH/DZ2I
27KHFKHPLFDOV\PEROIRU2[\JHQ WKH6HD81
2[\JHQLVDJDVHRXVFKHPLFDOHOHPHQWKDYLQJWKH 2$/26KDVEHHQUHSODFHGE\'2$/26
DWRPLFQXPEHUDQDWRPLFZHLJKWRI 2$0 2IILFHRI$OWHUQDWLYH0HGLFLQH
DQGDPHOWLQJSRLQWRI$&2[\JHQPDNHV 2$0 2UELWDO$QJXODU0RPHQWXP
XSDERXWRIWKHDLUE\YROXPH 4XDQWXP&RPSXWDWLRQ4XDQWXP,QIRUPDWLRQ
2 2]RQH 4XDQWXP2SWLFV
2]RQHLVXVHGPDLQO\WRSXULI\GULQNLQJZDWHU 2 * 2LODQG*DV7HFKQRORJ\
&KHPLVWU\ 2 0 RSHUDWLRQDQGPDLQWHQDQFH
2$ REMHFWLYHDUHD H[SORLWDWLRQHWPDLQWHQDQFH
]RQHGHO·REMHFWLI 2 0 2UJDQL]DWLRQDQG0HWKRGV
RIIHQVLYHDFWLRQ $OVR2020
DFWLRQRIIHQVLYH 2 0 2UJDQL]]D]LRQHH0HWRGL
RXWRIDFWLRQ


,WDOLDQLQLWLDOLVPPHDQLQJ2UJDQL]DWLRQDQG 5HQDPHG8QD[LV  7UDQVIRUPHGIURPDUPD


0HWKRGV PHQWVLQGXVWU\WRKLJKWHFKQRORJ\JURXS
2 6 RSHUDWLRQ V DQGVXSSRUW 2% 2OIDFWRU\%XOE
H[SORLWDWLRQHWVRXWLHQ %UDLQ6FLHQFH&KHPRVHQVRU\5HFHSWRUV
2$2 2UELWLQJ$VWURQRPLFDO2EVHUYDWRU\ 0HGLFLQH2OIDFWLRQ1HXURELRORJ\RI6\QDSVH
2$3 2EVHUYDWLRQ$FWLYH3HUPDPHQWH 5HFRJQLWLRQ0ROHFXOHV
)UHQFKLQLWLDOLVPPHDQLQJ%XVLQHVV,QWHOOLJHQFH 2% 2OLJRQXFOHRWLGH%LQGLQJ
6\VWHP %LRSK\VLFV%LRWHFKQRORJ\&HOOXODU%LRFKHPLVWU\
2$3 2FFXSDWLRQDO$ELOLW\3DWWHUQ 0ROHFXODU0HGLFLQH3KDUPDFRORJ\
2$3 °GqPH$LJXGX3RXPRQ RE RQRUEHIRUH
)UHQFKLQLWLDOLVPPHDQLQJ$FXWH3XOPRQDU\ 2% 2SHQLQJRI%RRNV
2HGHPD 2% 2SHUDWLQJ%XGJHW
0HGLFLQH 2% VHH25%$7
2$3RDS 2OG$JH3HQVLRQHU YRLU25%$7
2$3 2QFRYLQ$UD&DQG3UHGQLVRQH 2% 2U%HWWHU
2QFRORJ\ 2% 2UGHUHG%DFN
2$5 2IILFHRI$,'65HVHDUFK 86$  %XVLQHVV&RPPHUFH
2$5 2IILFHRI2FHDQLFDQG$WPRVSKHULF5HVHDUFK 2% 2UGHURIWKH%DWK
86$  2% 2UGLQDU\%XVLQHVV
2$5 2SHQ$UFKLWHFWXUHIRU5HDVRQLQJ 2%2VWHREODVWV
2$5 2UGHULQJ$V5HTXLUHG &HOO7UDQVSODQWDWLRQ
%XVLQHVV&RPPHUFH 2%2XWSXW%XIIHU
2$5'& 2KLR$JULFXOWXUDO5HVHDUFKDQG &RPSXWHU7HFKQRORJ\
'HYHORSPHQW&HQWHU 86$  2% 2XWVWDQGLQJ%LOO
2$6 RIIHQVLYHDLUVXSSRUW 2% 2YHUVHDV%RUURZLQJ
DSSXLDpULHQRIIHQVLI 2%$ R[\JHQEUHDWKLQJDSSDUDWXV
2$6 2Q$FWLYH6HUYLFH DSSDUHLOGHUHVSLUDWLRQjR[\JqQH
2$62UJDQL]DWLRQRI$PHULFDQ6WDWHV 2%'2XWSXW%XV'ULYHU
2DV2UJDQL]]D]LRQHGHOO·DUPDWDVHJUHWD (OHFWURQLFV
,WDOLDQDFURQ\PRIWKH2UJDQL]DWLRQRIWKH6HFUHW 2%(; DEEU 2%MHFW(;FKDQJH
$UP\ REJ\Q DEEU REVWHWULFLDQJ\QHFRORJLVWREVWHWULFV
2$6', 2OG$JH6XUYLYRUV 'LVDELOLW\,QVXUDQFH DQGJ\QHFRORJ\
2$6, 2OG$JHDQG6XUYLYRUV
,QVXUDQFH 86$  2%,6 2FHDQ%LRJHRJUDSKLF,QIRUPDWLRQ6\VWHP
2$6,6 2FHDQLFDQG$WPRVSKHULF6FLHQWLILF 86$ 
,QIRUPDWLRQ6\VWHP $ GDWDEDVHSURMHFWZKLFKLVSDUWRIWKH
2$7 RSHUDWLRQDODLUWUDIILF ,QWHUQDWLRQDO&HQVXVRI0DULQH/LIH
DFLUFXODWLRQDpULHQQHRSpUDWLRQQHOOH &$2  2%,VWDQGDUG 2SHQ%X\LQJRQWKH,QWHUQHWVWDQ
EFLUFXODWLRQRSpUDWLRQQHOOHPLOLWDLUH &20  GDUG
2$8 2UJDQL]DWLRQRI$IULFDQ8QLW\ 2%,KDVEHHQGHYHORSHGE\D&RQVRUWLXPRI
2$: 2[\DFHW\OHQH:HOGLQJ ODUJH86&RPSDQLHV
0HWDOOXUJ\ (OHFWURQLF%XVLQHVVWR%XVLQHVV7HFKQRORJLHV
2E DEEU REOLJDWLRQ 2EMREM DEEU REMHFWLYH
$OVR2%/REOJ 2%/ DEEU 2EOLJDWLRQ
2% 2EOLJDWLRQ%RQG $OVR2EREOJ
%XVLQHVV)LQDQFH REO DEEU REOLTXH
2%RE DEEU REVWHWULFLDQ %RWDQ\0DWKHPDWLFV6FLHQFH
7KHREVWHWULFLDQLVDVSHFLDOLVWLQREVWHWULFV REO DEEU REORQJ
0HGLFLQH 2%/ 2FHDQ%LOORI/DGLQJ
2%RE DEEU 2EVWHWULF2EVWHWULFDO2EVWHWULFV $OVR2F%/
0HGLFLQH %XVLQHVV&RPPHUFH
2% 2FWDYH%DQG 2%/ 2UGHU%LOORI/DGLQJ2XWZDUG%LOORI/DGLQJ
(OHFWURQLFV REOJ DEEU REOLJDWHREOLJDWLRQ
2% 2HUOLNRQ%KUOH 6ZLW]HUODQG  2%0 RUELWDOEDOOLVWLFPLVVLOH


PLVVLOHEDOLVWLTXHRUELWDO ]RQHRFpDQLTXH>]RQHGHO·HVSDFHDpULHQ@
2%0 2UGQDQFH%HQFK0DUN RIIHQVLYHFRXQWHUDLU RSHUDWLRQ 
2%3 2GRUDQW%LQGLQJ3URWHLQ  RSpUDWLRQ HIIHQVLYHFRQWUHOHSRWHQWLHODpULHQ
6WUXFWXUDO%LRORJ\ RSHUDWLRQDOFRQWURODXWKRULW\>1&6@
2%52SWLFDO%DUFRGH5HDGHU DXWRULWpGHFRQWU{OHRSpUDWLRQQHO>1&6@
7KHRSWLFDOEDUFRGHUHDGHUDOVRNQRZQDV2SWLFDO 2&$'&$ RIIHQVLYHFRXQWHUDLUGHIHQVLYHFRXQWHU
%DUFRGH6FDQQHULVDGHYLFHWKDWUHDGVFRGHG DLU
GHWDLOVIURPODEHOVRUWKHOLNHDQGLVXVHGPDLQO\ RSpUDWLRQ RIIHQVLYHGpIHQVLYHFRQWUHOHSRWHQWLHO
LQUHWDLOVWRUHV DpULHQ
&RPSXWHU7HFKQRORJ\ 2&$/ 2QOLQH&U\SWDQDO\WLF$LG/DQJXDJH
2%5 2YHUVHDV%XVLQHVV5HSRUW 86$  2&$6 2UJDQL]DWLRQRI&HQWUDO$PHULFDQ6WDWHV
2%5 2XWERDUG5HFRUGHU 2&%& 2YHUVHDV&KLQHVH%DQNLQJ&RUSRUDWLRQ
'DWD&RPPXQLFDWLRQV 2F%/ 2FHDQ%LOORI/DGLQJ
REV DEEU 2EVHUYDWRU\ $OVR2%/
$VWURQRP\ 2&%62UDODQG&UDQLRIDFLDO%LRORJLFDO6FLHQFHV
REV DEEU REVHUYHU 2&& 2IILFHRIWKH&RPSWUROOHURIWKH&XUUHQF\
REV DEEU REVROHWH 7KH2&&UHJXODWHVQDWLRQDOO\FKDUWHUHGEDQNVLQ
%LRORJ\6FLHQFH WKH86$
2%6 2EVWHWULFLDQ2EVWHWULFV 2&& 2IILFLDO&XVWRGLDQ&KDULWLHV
0HGLFLQH 2&&$0 2VVHUYDWRULRSHUOD&RPXQLFD]LRQH
2%6 2FHDQ%RWWRP6HLVPRPHWHUV &XOWXUDOHH$XGLRYLVLYDGHO0HGLWHUUDQHR
(DUWKTXDNHV5HVHDUFK(DUWK6FLHQFHV(DUWK &UHDWHGLQ0LODQ,WDO\E\81(6&2
7LGHV*HRORJ\*HRSK\VLFV2FHDQRJUDSK\ )RUIXUWKHUGHWDLOVVHHXQGHU81(6&2
3ODQHWDU\6FLHQFHV6HLVPLF7RPRJUDSK\ 2&&5 2IILFH&HQWUDOGH&KDXIIH5DWLRQQHOOH
2%6V 2FHDQ%RWWRP6HLVPRPHWHUV )UDQFH 
)RUIXUWKHUGHWDLOVVHHXQGHU2%6 2&' 2EVHVVLYH&RPSXOVLYH'LVRUGHU
2%8 2IIVKRUH%DQNLQJ8QLW 7KH2&'DOVRNQRZQDV2EVHVVLYH&RPSXOVLYH
REY DEEU REYHUVH 1HXURVLVDIIHFWV\RXQJLQGLYLGXDOVDJHGWR
2&RF DEEU 2FHDQ 3V\FKLDWULF'UXJV3V\FKRORJ\
2&2II&HQWHU 2&' 2FHDQ&KHPLVWU\'LYLVLRQ
2& 2IILFHU&RPPDQGLQJ 2IWKH$20/ 86$ 
2& 2IILFHU&RPPLVVLRQHU )RUIXUWKHUGHWDLOVVHHXQGHU$20/
2&2IILFHU&DQGLGDWH 2&'( 2UJDQLVDWLRQGH&RRSpUDWLRQHWGH
2&2Q&HQWHU 'pYHORSSHPHQW(FRQRPLTXHV )UDQFH 
2&2Q&RXUVH )UHQFKLQLWLDOLVPRIWKH2UJDQL]DWLRQIRU
2& 2QGHV&RXUWHV (FRQRPLF&RRSHUDWLRQDQG'HYHORSPHQW
)UHQFKLQLWLDOLVPPHDQLQJ6KRUWZDYHV6KRUW 2(&' 
ZDYHV 2&'0 RIILFHRIFLYLODQGGHIHQFHPRELOL]DWLRQ
(OHFWULFLW\3K\VLFV7HOHFRPPXQLFDWLRQV EXUHDXGHODPRELOLVDWLRQFLYLOHHWPLOLWDLUH
2&RF 2SHQ&KDUWHU 2&'0PRGHOV 2SHQXQLYHUVH&ROG'DUN0DWWHU
2&2SHQ&LUFXLW PRGHOV
(OHFWULFLW\ $VWURQRP\$VWURSK\VLFV3K\VLFV
2& 2SHUDWLQJ&RPSDQ\ 2&( RIILFHUFRQGXFWLQJWKHH[HUFLVH
%XVLQHVV)LQDQFH RIILFLHUGLUHFWHXUGHO·H[HUFLFH
2& 2SHUDWLQJ&RVW 2&($1/$17 2FHDQ6XE$UHD$WODQWLF>REVR
%XVLQHVV&RPPHUFH OHWH@
2& 2SSRUWXQLW\&RVW 6RXV]RQHRFpDQLTXHGHO·$WODQWLTXH>REVROqWH@
2& 2UJDQL]DWLRQDO&KDUW 2&(( 2FHDQLF&RQYHUJHQFH]RQH(DVWHUQ(GJH
2&2VWHRF\WH $WPRVSKHULF6FLHQFH&OLPDWRORJ\*HRSK\VLFV
+LVWRORJ\7KHRVWHRF\WHLVDERQHFHOO =RQDO'LVSODFHPHQWV
2& RF RYHUFKDUJH 2&*2UDO&KRODQJLRJUDP
2& 2YHUWKH&RXQWHU 2&*$ 2IILFHRI&RQJUHVVLRQDODQG*RYHUQPHQW
2&$ RFHDQLFDUHD>DLUVSDFHDUHD@ $IIDLUV 86$ 


2&+$ 2IILFHIRUWKH&RRUGLQDWLRQRI+XPDQLWDULDQ 2IWKH3DFLILF0DULQH(QYLURQPHQWDO/DERUDWRU\


$IIDLUV>KDVUHSODFHG81'+$@ 86$ 
%XUHDXGHODFRRUGLQDWLRQGHVDIIDLUHVKXPDQL 2&5*') 2IILFH&HQWUDOGH5pSUHVVLRQGHOD
WDLUHV %&$+ >UHPSODFHO·81'+$@ *UDQGH'pOLQTXDQFH)LQDQFLqUH )UDQFH 
2&, 2QWDULR&DQFHU,QVWLWXWH &DQDGD  &ULPLQDO/DZ
2&,$ 2UJDQLF&URS,PSURYHPHQW$VVRFLDWLRQ 2&50 2IILFHRI&RDVWDO5HVRXUFH0DQDJHPHQW
7KH2&,$ LVORFDWHGLQ%HOODIRQWDLQH2KLR 86$ 
86$ 2&57,62IILFH&HQWUDOSRXUOD5HSUHVVLRQGX
2&LPDJH 2SSRVLWH&LUFXODULPDJH 7UDIILF,OOLFLWHGH6WXSpILDQWV
$VWURQRP\6SDFH5HVHDUFK6SDFH6FLHQFH )UHQFKLQLWLDOLVPRIWKH&HQWUDO2IILFHIRU,OOHJDO
2&/& 2KLR&ROOHJH/LEUDU\&HQWHU 86$  'UXJ7UDIILF5HSUHVVLRQ
2&/& 2QOLQH&RPSXWHU/LEUDU\&HQWHU 2&62IILFHU&DQGLGDWH6FKRRO
2&/,36 2SHUDWLRQDO&/,PDWH3UHGLFWLRQDQG 2&6 RIILFHUFRQGXFWLQJWKHVHULDO
6HUYLFHV RIILFLHUUHVSRQVDEOHG·XQHSKDVHGHO·H[HUFLFH
2&/6 2IILFHRI&RQVROLGDWHG/DERUDWRU\6HUYLFHV 2&6 2IILFHRIWKH&KLHI6FLHQWLVW
86$  2&V 2UDO&RQWUDFHSWLYHV
2&0 2FW\O0HWKR[\FLQQDPDWH %LUWK&RQWURO
2&02FP 2QOLQH&XVWRPHU0DQDJHPHQW 2&V 2UGLQDU\&KRQGULWHV
2&0 2SWLFDO&KDQQHO0RQLWRU (DUWKDQG6SDFH6FLHQFH0LQHUDO6FLHQFHV
&KDQQHOV0HDVXUHPHQW 2&6 2UJDQH&HQWUDOGH6LJQDOLVDWLRQ
2&0 RSWLFDOFRXQWHUPHDVXUHV 2&6 2XWHU&RQWLQHQWDO6KHOI
FRQWUHPHVXUHVRSWLTXHV 2&6$% 2XWHU&RQWLQHQWDO6KHOI$GYLVRU\%RDUG
2&02UJDQL]]D]LRQH&RPXQHGHL0HUFDWL 86$ 
2&PHWHRULWHV 2UGLQDU\&KRQGULWHPHWHRULWHV 2&6( 2UJDQL]]D]LRQHSHUOD&RRSHUD]LRQHHOR
(DUWK$WPRVSKHULFDQG3ODQHWDU\6FLHQFHV 6YLOXSSR(FRQRPLFR
2&10$3 DEEU 2FHDQ 0DS ,WDOLDQDFURQ\PRIWKH2UJDQL]DWLRQIRU(FRQRPLF
2&1PHWKRG2SWLPDO&OLPDWH1RUPDOVPHWKRG &RRSHUDWLRQDQG'HYHORSPHQW
2&16 2NODKRPD&HQWHUIRU1HXURVFLHQFH 86$  2&6($3 2XWHU&RQWLQHQWDO6KHOI(QYLURQPHQW
2&1V 2SHQ&ROOHJH1HWZRUNV $VVHVVPHQW3URJUDP
2&2 RQHFDQFHOVWKHRWKHU UHIHUULQJWRRUGHUV  RFW DEEU RFWDO
2&2 2SHUDWLQJDQG&RQWURO2UJDQL]DWLRQ &RPSXWHU3URJUDPPLQJ
>1$&26$@ 2FW DEEU 2FWREHU
2UJDQLVDWLRQG·H[SORLWDWLRQHWGHFRQWU{OH 2&7 2SWLFDO&RKHUHQFH7RPRJUDSK\7RPRORJ\
>1$&26$@ %LRPHGLFDO2SWLFV1HRQDWDODQG'HYHORSPHQWDO
2&3 2QFKRFHUFLDVLV&RQWURO3URJUDP 0HGLFLQH3DWKRORJ\7RPRJUDSKLF,PDJHV7LVVXH
7KH2&3 VWDUWHGLQDQGZLOOFRQWLQXHWLOO 2SWLFV
LQ:HVW$IULFD 2&7 2SWLPDO&XWWLQJ7HPSHUDWXUH
2QFKRFHUFLDVLVLVDOVRNQRZQDV2QFKRFHUFRVLV 2&75) 2QWDULR&DQFHU7UHDWPHQWDQG5HVHDUFK
0HGLFLQH )RXQGDWLRQ &DQDGD 
2&3$ 2YHUVHDV&KLQHVH3K\VLFV$VVRFLDWLRQ &DQFHU(GXFDWLRQ&DQFHU3UHVHUYDWLRQ&DQFHU
2&SRODUL]DWLRQV 2SSRVLWHVHQVH&LUFXODUSRODUL]D 5HVHDUFK&DQFHU7UHDWPHQW
WLRQV 2&76 2FHDQ&RORUDQG7HPSHUDWXUH6FDQQHU
2&52IILFHRI&LYLO5LJKWV %LRORJ\%RWDQ\(DUWK6FLHQFH(QYLURQPHQWDO
2&5 2IILFHRI&RDO5HVHDUFK DQG(VWXDULQH6WXGLHV0DULQH6FLHQFHV
2&52SWLFDO&KDUDFWHU5HDGHU 2&79 2SHQ&LUFXLW7HOHYLVLRQ
&RPSXWHU7HFKQRORJ\ 2&8 2YHUWKHFRXQWHU&RQWURO8QLW
2&52SWLFDO&KDUDFWHU5HFRJQLWLRQ 2&9 2SHQ&LUFXLW9ROWDJH
7KHRSWLFDOFKDUDFWHUUHFRJQLWLRQLVDOVRNQRZQDV 2'2''RFWRURI2SWRPHWU\
(OHFWURRSWLFDO&KDUDFWHU5HFRJQLWLRQDQGGHDOV 2'2FFKLR'HVWUR
ZLWKWKHLGHQWLILFDWLRQRIKDQGZULWWHQRUSULQWHG ,WDOLDQLQLWLDOLVPPHDQLQJ5LJKW(\H
QXPHUDOVDQGOHWWHUV 2'RG 2Q'HFN
&RPSXWHU7HFKQRORJ\ 2'2' RG 2Q'HPDQG
2&5' 2FHDQ&OLPDWH5HVHDUFK'LYLVLRQ 2'2'2SWLFDO'HQVLW\


2SWLFV 2'3 2FHDQ'ULOOLQJ3URJUDP


2'2'2UGQDQFH'HSDUWPHQW )RUIXUWKHUGHWDLOVVHHXQGHU&25.
2' 2UJDQL]DWLRQDO'HYHORSPHQW 2'3 2UELW'HWHUPLQDWLRQ3URJUDP 86$ 
2' 2WKHU'DWD 2IWKH-3/
2'2'2XWVLGH'LDPHWHU )RUIXUWKHUGHWDLOVVHHXQGHU-3/
'HVLJQ (QJLQHHULQJ 2'3 RYHUDOOGRFXPHQWDWLRQSODQ
2'2'2XWVLGH'LPHQVLRQ SODQG·HQVHPEOHGHODGRFXPHQWDWLRQ
2' 2' RG DEEU RYHUGUDIW 2'3V 2]RQH'HSOHWLRQ3RWHQWLDOV
2'2'2YHUGRVH 2'62GV 2UGLQHGL6HUYL]LR ,WDO\ 
$QRYHUGRVHLVDQH[FHVVLYHGRVHRIDGUXJRUD 2'6 2URIDFLRGLJLWDO6\QGURPH
PHGLFDOVXEVWDQFH 0HGLFLQH
0HGLFLQH 2'66 2FHDQ'XPSLQJ6XUYHLOODQFH6\VWHP
RG DEEU RYHUGUDZRYHUGXH 2'7 2FWDGHFDQHWKLRO
2'$ 2IILFH'RFXPHQW$UFKLWHFWXUH &KHPLVWU\
2'$ 2YHUVHDV'HYHORSPHQW$GPLQLVWUDWLRQ 2'7 2SWLFDO'DWD7UDQVPLVVLRQ
2IWKH%ULWLVK*RYHUQPHQW 2'7 2SWLFDO'RSSOHU7RPRJUDSK\
2'$) 2UJDQL]]D]LRQHSHULO'LULWWRGHJOL$IIDULLQ %LRPHGLFDO2SWLFV1HRQDWDODQG'HYHORSPHQWDO
$IULFD ,WDO\  0HGLFLQH3DWKRORJ\7RPRJUDSKLF,PDJHV7LVVXH
,WDOLDQ2UJDQL]DWLRQV 2SWLFV
2'$ 3URJUDP 2IILFLDO'HYHORSPHQW$VVLVWDQFH 2'9 REMHFWGHYpULILFDWLRQ
3URJUDP REMHFWRIYHULILFDWLRQ 229 
2'$ SURMHFW 2SWLPXP'HVLJQLQ$HURG\QDPLFV 2'9 2FFDVLRQGH9RLU
SURMHFW )UHQFKDFURQ\PPHDQLQJ2SSRUWXQLW\WRVHH
(XURSHDQ&RPPXQLW\3URMHFW 2': 2PHJD'URSZLQGVRQGH
2'% YRLU25%$7 2H2HUVWHGRHUVWHG
VHH25%$7 (OHFWURPDJQHWLVP
2'%& 2SHQ'DWDEDVH&RQQHFWLYLW\ 2(2OG(QJOLVK
2'%( RUGUHGHEDWDLOOHpOHFWURQLTXH 2OG(QJOLVKLVWKH(QJOLVKRIDQ\SHULRGEHIRUH
HOHFWURQLFRUGHURIEDWWOH (2%  0RGHUQ(QJOLVK
2'& 2UQLWKLQH'HFDUER[\ODVH /DQJXDJHV
2'' 2FXORGHQWRGLJLWDO'\VSODVLD 2( 2OIDFWRU\(SLWKHOLXP
2''LVDOVRNQRZQDV2FXOR'HQWR'LJLWDOV\Q %UDLQ6FLHQFH1HXURELRORJ\RI6\QDSVH
GURPH2FXORGHQWRRVVHRXV'\VSODVLD &KHPRVHQVRU\5HFHSWRUV2OIDFWLRQ5HFRJQLWLRQ
2'( 2FFDVLRQG·(QWHQGUH 0ROHFXOHV
2SSRUWXQLW\WRKHDU 2( 2SHUDWLQJ([SHQVH
2'(2UGLQDU\'LIIHUHQWLDO(TXDWLRQ 2( RUJDQL]DWLRQDOHOHPHQW
0DWKHPDWLFV pOpPHQWRUJDQLTXH
2'IFFSKDVH 2ULHQWDWLRQDOO\'LVRUGHUHGIDFHFHQ 2(2ULJLQDO(TXLSPHQW
WHUHGFXELFSKDVH &RPSXWHU7HFKQRORJ\
2G*2G*RGJ 2UGLQHGHO*LRUQR 2(& 2[\JHQ(YROYLQJ&RPSOH[
,WDOLDQLQLWLDOLVPPHDQLQJ$JHQGD/LVWRIEXVL 2(&'2UJDQL]DWLRQIRU(FRQRPLF&RRSHUDWLRQ
QHVV2UGHURIWKHGD\ DQG'HYHORSPHQW
RGL RSHUDGHOO·LQJHJQR 2(&( 2UJDQL]]D]LRQH(XURSHDSHUOD
2', 2YHUVHDV'HYHORSPHQW,QVWLWXWH &RRSHUD]LRQH(FRQRPLFD2UJDQLVDWLRQ
2'/ 2SHQDQG'LVWDQFH/HDUQLQJ (XURSpHQQHGH&RRSpUDWLRQ(FRQRPLTXH
2'/ RUJDQLVDWLRQGHGpIHQVHOLWWRUDOH ,WDOLDQDQG)UHQFKDFURQ\PRIWKH2UJDQL]DWLRQ
VHDZDUGGHIHQFHRUJDQL]DWLRQ IRU(XURSHDQ(FRQRPLF&RRSHUDWLRQ
2'05VSHFWUXP 2SWLFDOO\'HWHFWHG0DJQHWLF 2(&42UJDQLVDWLRQ(XURSpHQQHSRXUOH&RQWU{OH
5HVRQDQFHVSHFWUXP GHOD4XDOLWp
2'1V 2OLJRGHR[\QXFOHRWLGHV )UHQFKLQLWLDOLVPRIWKH(XURSHDQ2UJDQL]DWLRQ
$QWLVHQVH$JHQWV%LRORJ\&HOOXODU%LRORJ\*HQH IRU4XDOLW\&RQWURO
([SUHVVLRQ0ROHFXODU%LRORJ\ 2(&V 2OIDFWRU\(QVKHDWKLQJ&HOOV
2'2 2VSHGDOL'RPLFLOLDUL2QFRORJLFL ,WDO\  2(' 2[IRUG(QJOLVK'LFWLRQDU\


2('6) 2QERDUG([SHULPHQWDO'DWD6XSSRUW ,WDOLDQDEEUHYLDWLRQPHDQLQJZRUNVKRSVKRS


)DFLOLW\ RIIPHFF DEEU RIILFLQDPHFFDQLFD
2('7 2VVHUYDWRULR(XURSHRGHOOD'URJDHGHOOH ,WDOLDQDEEUHYLDWLRQPHDQLQJPHFKDQLFDOZRUN
7RVVLFRPDQLH VKRS
2((& 2UJDQL]DWLRQIRU(XURSHDQ(FRQRPLF&R 2))V 2SWLFDO)RXULHU7UDQVIRUPV
RSHUDWLRQ 2FHDQ:DYH'HWHFWLRQ
2(++$ 2IILFHRI(QYLURQPHQWDO+HDOWK+D]DUG 2)+&2[\JHQ)UHH+LJK&RQGXFWLYLW\
$VVHVVPHQW 2), 2IILFHRIWKH)HGHUDO,QVSHFWRU 86$ 
%UHDVW&DQFHU&DQFHU5HVHDUFK&DUFLQRJHQ 2),, 2UJDQL]DWLRQIRU,QWHUQDWLRQDO,QYHVWPHQW
,GHQWLILFDWLRQ(QGRPHWULDO&DQFHU 86$ 
2(0 RIILFLHUG·pWDWPDMRU 2),,UHSUHVHQWVVXEVLGLDULHVRIIRUHLJQEDVHG
VWDIIRIILFHU 62  PXOWLQDWLRQDOV
2(0 2QGHV(OHFWUR0DJQpWLTXHV ,QWHUQDWLRQDO,QYHVWPHQWV2UJDQL]DWLRQ
)UHQFKLQLWLDOLVPPHDQLQJ(OHFWURPDJQHWLF 2)02UGHURI)ULDUV0LQRU
:DYHV 2)1 RWKHUIRUFHVIRU1$72
(OHFWURPDJQHWLVP DXWUHVIRUFHVSRXUO·27$1
2(02ULJLQDO(TXLSPHQW0DQXIDFWXUHU 2)3/ 8IILFLR&HQWUDOHSHU O
2ULHQWDPHQWRHOD
2(03 2IILFHRI(QYLURQPHQWDO0RQLWRULQJDQG )RUPD]LRQH3URIHVVLRQDOHGHL/DYRUDWRUL ,WDO\ 
3UHGLFWLRQ 86$  9RFDWLRQDO7UDLQLQJ
2IWKH8612$$ 2)62UDQJH)UHH6WDWH
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ 2)7 2IILFHRI)DLU7UDGLQJ *% 
2(22IILFHRI(FRQRPLF2SSRUWXQLW\ 7KH2)7 LVWKH%RG\ZKLFKPRQLWRUVSURIHVVLRQDO
2(3 2IILFHRI(PHUJHQF\3UHSDUHGQHVV 86$  SUDFWLFHV
2(3 2IILFHRI(QYLURQPHQWDO3ROLF\ :KLWH+RXVH 2)7 2UELWDO)OLJKW7HVW
86$  2)7V 2SWLFDO)RXULHU7UDQVIRUPV
2(52IILFHRI(QHUJ\5HVHDUFK 86$  2FHDQ:DYH'HWHFWLRQ
86'HSDUWPHQW2I(QHUJ\ 2IWHO DEEU 2IILFHRIWHOHFRPPXQLFDWLRQV
2(5' 2FHDQ(QYLURQPHQW5HVHDUFK'LYLVLRQ 2):6 2SHQ)LHOG:DONLQJ6FRUH
86$  2* 2IILFLDO*D]HWWH
7KH2(5'KDVUHSODFHG0$5'DQG055' 2* 2UGLQDPHQWR*LXGL]LDULR ,WDO\ 
)RUIXUWKHUGHWDLOVVHHXQGHU0$5' DQG055' 2*&0 2FHDQ*HQHUDO&LUFXODWLRQ0RGHO
2(5, 2VVHUYDWRULR(XURSHRGHOOH5HOD]LRQL 2FHDQRJUDSK\
,QGXVWULDOL 2*&1 2O\PSLTXH*\PQDVWH&OXEGH1LFH
,QGXVWULDO5HODWLRQV RJJ DEEU RJJHWWR
2(6 2IILFHRI(DUWK6FLHQFH 86$  ,WDOLDQDEEUHYLDWLRQPHDQLQJREMHFW LQFRUUH
2(62IILFHRI(QGDJHUHG6SHFLHV VSRQGHQFH VXEMHFWUH 86$ 
2(6EXUHDX 2FHDQVDQGLQWHUQDWLRQDO 2*- 2LO *DV-RXUQDO
(QYLURQPHQWDODQG6FLHQWLILF$IIDLUVEXUHDX 2*/ 2SHQ*HQHUDO/LFHQFH
2) 2IIVKRUH)XQGV 2*/(2SWLFDO*UDYLWDWLRQDO/HQVLQJ([SHULPHQW
%XVLQHVV)LQDQFH $VWURQRP\$VWURSK\VLFV&RVPRORJ\'DUN
2) 2OG)UHQFK 0DWWHU3K\VLFV3ODQHWDU\6\VWHPV
2OG)UHQFKLVWKH)UHQFKODQJXDJHIURPWKHWKWR 2*0 2UGLQDU\*HQHUDO0HHWLQJ
WKHWKFHQWXU\ 2*0 2UJDQLVPL*HQHWLFDPHQWH0RGLILFDWL
/DQJXDJHV ,WDOLDQLQLWLDOLVPPHDQLQJ*HQHWLFDOO\0RGLILHG
2)& 2SWLFDO)LEHU&RPPXQLFDWLRQ 2UJDQLVPV
&RQIHUHQFH 86$  2*2 2UELWLQJ*HRSK\VLFDO2EVHUYDWRU\
2)&&3 2IILFHRI)HGHUDO&RQWUDFW&RPSOLDQFH 2*3 2IILFHRI*OREDO3URJUDPV 86$ 
3URJUDPV 86$  2IWKH8612$$
2IWKH8QLWHG6WDWHV'HSDUWPHQWRI/DERU )RUIXUWKHUGHWDLOVVHHXQGHU12$$
2)'$ 2IILFHRI)RUHLJQ'LVDVWHU$VVLVWDQFH 2*6 2[IRUG*O\FR6FLHQFHV *% 
$WWKH86$JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW 3URWHLQ$QDO\VLV3URWHLQ3URILOHV3URWHRPLFV
2IIRII DEEU 2IILFHU 5HVHDUFK
RII DEEU RIILFLQD 2+ DEEU 2KLR 86$ 


$OVR2 2L& RIILFHULQFKDUJH


2+ 2KPLF+HDWLQJ RIILFLHUUHVSRQVDEOH
2+ 2LO+DUGHQLQJ 2,&5 2UJDQLVPLGL,QYHVWLPHQWR&ROOHWWLYRGHO
0HWDOOXUJ\ 5LVSDUPLR ,WDO\ 
2+%0 2UJDQL]DWLRQIRU+XPDQ%UDLQ0DSSLQJ %DQNLQJ
0DSSLQJ,PDJLQJ 2,'$ SRVLWLRQ2FFLSLWR,OLDTXH'URLWH$QWpULHXUH
2+& 2YHUKHDG&DPVKDIWRYHUKHDGFDP )UHQFKDFURQ\PPHDQLQJ5LJKW2FFLSLWR$QWHULRU
0HFKDQLFDO(QJLQHHULQJ SRVLWLRQ
2+'$ +\GUR[\GRSDPLQH 0HGLFLQH
2+(5 2IILFHRI+HDOWKDQG(QYLURQPHQWDO 2,'3 SRVLWLRQ2FFLSLWR,OLDTXH'URLWH3RVWpULHXUH
5HVHDUFK 86$  )UHQFKLQLWLDOLVPPHDQLQJ5LJKW2FFLSLWR
2+*2OG+LJK*HUPDQ 3RVWHULRUSRVLWLRQ
/DQJXDJHV 0HGLFLQH
2+,0 2IILFHIRU+DUPRQL]DWLRQLQWKH,QWHUQDO 2,'7 SRVLWLRQ2FFLSLWR,OLDTXH'URLWH7UDQVYHUVH
0DUNHW 6SDLQ  )UHQFKLQLWLDOLVPPHDQLQJ5LJKW
2+,21(7 2KLR/LEUDU\1HWZRUN 86$  2FFLSLWRWUDQVYHUVHSRVLWLRQ
2+/& 2SHQ+LJK/RZDQG&ORVH UHDOWLPHOLQH  0HGLFLQH
:DOO6WUHHW 2,(6 2IILFHIRUWKH,QWHUGLVFLSOLQDU\(DUWK6WXGLHV
2+06 2Q+HU0DMHVW\
V6HUYLFH *%  2,) 2RF\WH,PSULQWLQJ)DFWRU
2+3 2EVHUYDWRLUHGH+DXWH3URYHQFH )UDQFH  *HQHWLF,PSULQWLQJ0ROHFXODU3DWKRORJ\
$VWURQRP\$VWURSK\VLFV 2,* 2IILFHRIWKH,QVSHFWRU*HQHUDO
2+3 2YHUKHDG3URMHFWRU 2,* 2UJDQL]]D]LRQH,QWHUJRYHUQDWLYD
2+5 2IILFHRI+XPDQ5HVRXUFHV 86$  2,*$ SRVLWLRQ2FFLSLWR,OLDTXH*DXFKH$QWpULHXUH
2+5 2IILFHRIWKH+LJK5HSUHVHQWDWLYH>81@ )UHQFKDFURQ\PPHDQLQJ/HIW2FFLSLWR$QWHULRU
%XUHDXGX+DXW5HSUpVHQWDQW>jO·218RQpFULW SRVLWLRQ
+DXW5HSUHVHQWDQW@ 0HGLFLQH
2+53 2IILFHRI+XPDQ5HVHDUFK3RWHFWLRQ 2,*3 SRVLWLRQ2FFLSLWR,OLDTXH*DXFKH3RVWpULHXUH
$WWKH'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV )UHQFKLQLWLDOLVPPHDQLQJ/HIW2FFLSLWR3RVWHULRU
86$  SRVLWLRQ
2+68 2UHJRQ+HDOWK6FLHQFHV8QLYHUVLW\ 86$  0HGLFLQH
2+7(; 2FHDQ+HDW7UDQVSRUW([SHULPHQW 2,*7 SRVLWLRQ2FFLSLWR,OLDTXH*DXFKH7UDQVYHUVH
-DSDQHVH([SHULPHQWV )UHQFKLQLWLDOLVPPHDQLQJ/HIW2FFLSLWRWUDQVYHUVH
2+9 HQJLQH 2YHUKHDG9DOYHHQJLQH SRVLWLRQ
0HFKDQLFDO(QJLQHHULQJ 0HGLFLQH
2, 2SHUDWLQJ,QFRPH 2,/ 2UJDQL]]D]LRQH,QWHUQD]LRQDOHGHO/DYRUR
2, RSHUDWLRQDOLQVWUXFWLRQ ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO/DERU
GLUHFWLYHRSpUDWLRQQHOOH 2UJDQL]DWLRQ
RUJDQLVDWLRQLQWHUQDWLRQDOH 2,/ 2UJDQL]]D]LRQH,WDOLDQD/XEULILFDQWL ,WDO\ 
LQWHUQDWLRQDOHRUJDQL]DWLRQ ,2  ,WDOLDQ2UJDQL]DWLRQ/XEULFDQWV
2, 2SWLFDO,VRPHULVP2SWLFDO,VRPHUV 2,0 2UJDQLVDWLRQLQWHUQDWLRQDOHSRXUOHVPLJUD
3K\VLFDO&KHPLVWU\ WLRQV
2, 2SWLPXP,QWHUSRODWLRQ ,QWHUQDWLRQDO2UJDQL]DWLRQIRU0LJUDWLRQ ,20 
2, 2UGLQDU\,QWHUHVW 2,3$ 2UJDQL]]D]LRQH,QWHUQD]LRQDOH3URWH]LRQH
2, 2UGLQDWHXU,QGLYLGXHO $QLPDOL
)UHQFKLQLWLDOLVPPHDQLQJ3HUVRQDO&RPSXWHU ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO2UJDQL]DWLRQ
2,2XWSXW,PSHGDQFH IRU$QLPDOV3URWHFWLRQ ,WDO\ 
(OHFWURQLFV 2,377 2IILFHRI,QWHOOHFWXDO3URSHUW\DQG
2,$ 2IILFHRI,QWHUQDWLRQDO$IIDLUV 86$  7HFKQRORJ\7UDQVIHU 86$ 
2,%2FHDQ,VODQG%DVDOW ,QWHOOHFWXDO3URSHUW\7HFKQRORJ\7UDQVIHU
)RUIXUWKHUGHWDLOVVHHXQGHU2,%V 2,5$ 2IILFHRI,QIRUPDWLRQDQG5HJXODWRU\$IIDLUV
2,%V 2FHDQ,VODQG%DVDOWV 86$ 
$VWURQRP\(DUWK6FHLQFHV*HRFKHPLVWU\ 2,50 2UJDQL]DWLRQRI,VODPLF5HYROXWLRQ
*HRSK\VLFV3ODQHWDU\6FLHQFHV 0RMDKHGLQ


2,V 2OLYLQHULFK,QFOXVLRQV &RPSXWHU3URJUDPPLQJ


(DUWKDQG3ODQHWDU\6FLHQFHV*HRFKHPLVWU\ 2/( 2EMHFW/LQNLQJDQG(PEHGGLQJ 0LFURVRIW
V 
*HRSK\VLFV 6RIWZDUH
2LV 2SSRUWXQLVWLFLQIHFWLRQV 2/(' 2UJDQLF/LJKW(PLWWLQJ'HYLFH
0ROHFXODU+LVWRORJ\2UDO,QIHFWLRQV3DWKRORJ\ 2/(' 2UJDQLF/LJKW(PLWWLQJ'LRGH
2,7 2IILFHRI,QWHUQDWLRQDO7UDGH 2/('V 2UJDQLF/LJKW(PLWWLQJ'HYLFHV
2,7 2UHJRQ,QVWLWXWHRI7HFKQRORJ\ 86$  &KHPLVWU\(OHFWULFDO(QJLQHHULQJ3KRWRQLFVDQG
2,7 2UJDQLVDWLRQ,QWHUQDWLRQDOHGX7UDYDLO 2SWRHOHFWURQLF0DWHULDOV
2-&&7 2QOLQH-RXUQDORI&XUUHQW&OLQLFDO7ULDOV 2/('V 2UJDQLF/LJKW(PLWWLQJ'LRGHV
2-3 2QWRQJ-DYD3ODWHDX 2/) RIILFLHUGHOLDLVRQIUDQoDLV
*HRORJ\*HRSK\VLFV2FHDQRJUDSK\ )UHQFKOLDLVRQRIILFHU )/2 
2-5 2QOLQH-RXUQDOLVP5HYLHZ 2/,6 2UHJRQ/HJLVODWLYH,QIRUPDWLRQ6\VWHP
2-7 2QWKH-RE7UDLQLQJ 86$ 
2. DEEU 2NODKRPD 86$  2/22Q/LQH2SHUDWLRQ
$OVR2NOD 2QOLQHRSHUDWLRQLVDOVRNQRZQDV2QOLQH
2.2XWHU.HHO &U\SWRJUDSKLF2SHUDWLRQ
2.& 7KHDLUSRUWFRGHIRU:LOO5RJHUV:RUOG &RPSXWHU7HFKQRORJ\
$LUSRUW2NODKRPD&LW\2NODKRPD86$ 2/3 2Q/LQH3URJUDPPLQJ
2.( 2SWLFDO.HUU(IIHFW 5RERWLFV
&KHPLVWU\1RQOLQHDU6SHFWURVFRS\ 2/5 2XWJRLQJ/RQJZDYH5DGLDWLRQ
2.,2& 2IIVKRUH.D]DNKVWDQ,QWHUQDWLRQDO 2/5762Q/LQH5HDO7LPH6\VWHP
2SHUDWLQJ&RPSDQ\ .D]DNKVWDQ  &RPSXWHU7HFKQRORJ\
2.,2&LVWKHFRQVRUWLXPIRUPHGWRH[SORUHWKH 2/6 2UGLQDU\/HDVW6TXDUHV
.DVKDJDQIRUPDWLRQLQWKH1RUWKHUQ&DVSLDQ6HD 6WDWLVWLFV
(QHUJ\5HVRXUFHV 2/7(3 2QOLQH7HVW([HFXWLYH3URJUDP
2NOD DEEU 2NODKRPD 86$  20 2QFRVWDWLQ0
$OVR2. 20 2QGD0HGLD
RO DEEU ROLYLQH ,WDOLDQLQLWLDOLVPPHDQLQJ$YHUDJH:DYH0HGLXP
2OLYLQHLVDOVRNQRZQDV&KU\VROLWH :DYH
0LQHUDORJ\ 20 2Q0DUJLQ2SHQ0DUNHW
2/$ 2KLR/LEUDU\$VVRFLDWLRQ 86$  %XVLQHVV)LQDQFH
2/$ 2QWDULR/LEUDU\$VVRFLDWLRQ &DQDGD  20 2SWLFDO0LFURVFRS\
2/$ 2UHJRQ/LEUDU\$VVRFLDWLRQ 86$  2SWLFV
2/$ 2VWHRSDWKLF/LEUDULHV$VVRFLDWLRQ 202SWLFDO0RGXODWRU
2/$)$6 RQOLQHDXWRPDWHGIUHTXHQF\DVVLJQPHQW 7KHRSWLFDOPRGXODWRULVDGHYLFHWRLPSUHVVGDWD
V\VWHP RQDOLJKWEHDP
V\VWqPHHQOLJQHDXWRPDWLVpG·DVVLJQDWLRQGH 7HOHFRPPXQLFDWLRQV
IUpTXHQFHV 20 2UGHURI0HULW
2/$3 2Q/LQH$QDO\WLFDO3URFHVVLQJ 20 2UJDQLF0DWWHU
'DWD0RGHOLQJDQG'HVLJQ0XOWL'LPHQVLRQDO 2020 2UJDQL]DWLRQDQG0HWKRGV
$QDO\VLV7HFKQLTXHV $OVR2 0
2/&2QOLQH/LEUDU\&HQWHU 20 2VSHGDOH0LOLWDUH
2KLREDVHG 86$  ,WDOLDQLQLWLDOLVPPHDQLQJ0LOLWDU\+RVSLWDO
(OHFWURQLF3XEOLVKLQJ 20 2XWHU0HPEUDQH
2/&166 2[IRUG/DQH&HUWLILHG1HWZRUN6HFXULW\ &HOO%LRORJ\
6SHFLDOLVW 'HQYHU&RORUDGR86$  20$ 2FHDQRJUDSK\DQG0DULQH$VVHVVPHQW
&HUWLILHG,QIRUPDWLRQ7HFKQRORJ\7UDLQLQJ 20$ 2SWLFDO0XOWLFKDQQHO$QDO\]HU
2/& V\VWHP2Q/LQH&RPSXWHUV\VWHP 20$ 7KHDLUSRUWFRGHIRU(SSOH\$LUILHOG2PDKD
&RPSXWHU7HFKQRORJ\ 1HEUDVND86$
2/&22Q/LQH&U\SWRJUDSKLF2SHUDWLRQ 20$( 2IIVKRUH0HFKDQLFVDQG$UFWLF
$OVR2/2 (QJLQHHULQJ
7HOHFRPPXQLFDWLRQV 20$0 2UJDQL]]D]LRQH0RQGLDOH$VVLVWHQ]D
2/'%2Q/LQH'DWDEDVH 0DVVRQLFD


)UHHPDVRQU\ 201,6 2EVHUYDWRU\IRU0XOWLIODYRU1HXWULQRV


20$52SWLFDO0$UN5HDGLQJ IURP6XSHUQRYDH 86$DQG*%
$OVR205 $VWURSK\VLFV3K\VLFV
&RPSXWHU7HFKQRORJ\ 202 2IILFHRI0DULQH2SHUDWLRQV 86$ 
20% 2IILFHRI0DQDJHPHQWDQG%XGJHW 86$  202IXQGV 2SHQ0DUNHW2SWLRQIXQGV
20% 2QWDULR0XQLFLSDO%RDUG &DQDGD  203 2URWLGLQH
0RQRSKRVSKDWH
20& 2UJDQLVDWLRQ0RQGLDOHGX&RPPHUFH %LRFKHPLVWU\&KHPLVWU\
2UJDQL]]D]LRQH0RQGLDOHSHULO&RPPHUFLR 203$ 2IILFHRI0DULQH3ROOXWLRQ$VVHVVPHQW
)UHQFKDQG,WDOLDQLQLWLDOLVPRIWKH:RUOG7UDGH 2PS$ 2XWHUPHPEUDQHSURWHLQ$
2UJDQL]DWLRQ &HOO%LRORJ\0HGLFLQH3K\VLRORJ\
20'6 2UDO0HGLFLQHDQG'LDJQRVWLF6FLHQFHV 203, 2UJDQLVDWLRQ0RQGLDOHGHOD3URSULpWp
'HSDUWPHQW  ,QGXVWULHOOH
8QLYHUVLW\RI,OOLQRLVDW&KLFDJR 86$  203V 203URWHLQV
20( 2SHQ0LFURVFRS\(QYLURQPHQW *%  0ROHFXODU0LFURELRORJ\
'DWD 0HWDGDWD6WRUDJH(PDJLQJ7HFKQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU20
6RIWZDUH3URMHFWV 203V 2XWHU0HPEUDQH3URWHLQV
20* 2EMHFW0DQDJHPHQW*URXS *%  2052SWLFDO0DUN5HDGLQJ
7KH20*ZDVVHWXSLQWRVROYHWKHSUREOHP $OVR20$5
RILQFRPSDWLEOHGDWDEDVHVDQGSURPRWHREMHFWRUL 205) 2NODKRPD0HGLFDO5HVHDUFK)RXQGDWLRQ
HQWHGGHVLJQVWDQGDUGVIRUGLVWULEXWHGFRPSXWLQJ 86$ 
,WV&RUED6WDQGDUGLVWKHEDVLVRIPRVWFRPPHUFLDO %LRFKHPLVWU\)HOORZVKLSV,PPXQRORJ\
PLGGOHZDUHWHFKQRORJLHV 0ROHFXODU&HOOXODU%LRORJ\7UDLQLQJ3URJUDPV
%LRORJLFDO'DWDEDVHV*HQRPLFV2EMHFWRULHQWHG )RUIXUWKHUGHWDLOVVHHXQGHU-+6
GHVLJQ6WDQGDUGV 206 2UELWDO0DQHXYHULQJ6\VWHP
)RUIXUWKHUGHWDLOVVHHXQGHU&RUED6WDQGDUG 206 2UJDQLVDWLRQ0RQGLDOHGHOD6DQWp
20* RSHUDWLRQDOPDQRHXYUHJURXS 2UJDQL]]D]LRQH0RQGLDOHGHOOD6DQLWj
JURXSHPHQWRSpUDWLRQQHOGHPDQ±XYUH *20  )UHQFKDQG,WDOLDQLQLWLDOLVPRIWKH:RUOG+HDOWK
20*( 2UJDQLVDWLRQ0RQGLDOHGH*DVWUR 2UJDQL]DWLRQ
(QWpURORJLH *HUPDQ\  206 2UJDQLVDWLRQ0RQGLDOHGX&RPPHUFH
)RXQGHGLQWRFRQGXFWUHVHDUFKDQGFRQ )UHQFKLQLWLDOLVPRIWKH:RUOG7UDGH
WULEXWHWRWKHSURJUHVVJHQHUDOO\RIWKHVWXG\RI 2UJDQL]DWLRQ
JDVWURHQWHURORJ\ 2062YRQLF0HPRU\6ZLWFK
2PJS 2OLJRGHQGURF\WHP\HOLQJO\FRSURWHLQ (OHFWURQLFV
1HXURQDO3ODVWLFLW\1HXURQDO5HJHQHUDWLRQ 206PDWHULDOV 2FWDKHGUDO0ROHFXODU6LHYHPDWHUL
20, 2SHUDWLRQVDQG0DLQWHQDQFH,QVWUXFWLRQV DOV
20, 2UJDQLVDWLRQPDULWLPHLQWHUQDWLRQDOH &KHPLFDO(QJLQHHULQJ&KHPLVWU\0DWHULDOV
,QWHUQDWLRQDO0DULWLPH2UJDQL]DWLRQ ,02  6FLHQFH
20, 2UJDQL]]D]LRQH0DULWWLPD,QWHUQD]LRQDOH 20= 2[\JHQ0LQLPXP=RQH
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO0DULWLPH &OLPDWH'LDJQRVWLFV(DUWK6FLHQFHV*HRORJLFDO
2UJDQL]DWLRQ 6FLHQFH3DOHRFHDQRJUDSK\
20,&520 2VVHUYDWRULR0,ODQHVHVXOOD 21& 2SHQ1HWZRUN&RPSXWLQJ
&5LPLQDOLWj2UJDQL]]DWDD0LODQR ,WDO\  21& RSHUDWLRQDOQDYLJDWLRQDOFKDUW
2UJDQL]HG&ULPH FDUWHGHQDYLJDWLRQRSpUDWLRQQHOOH
20,0 2QOLQH0HQGHOLDQ,QKHULWDQFHLQ0DQ 21& 2UGLQDU\1DWLRQDO&HUWLILFDWH
200 2UJDQL]]D]LRQH0RQGLDOHGHOOD 21(0 2IILFH1DWLRQDOGHO
(0SORL %HOJLXP 
0HWHRURORJLD2UJDQLVDWLRQ0pWpRURORJLTXH 21(5$ 2IILFH1DWLRQDOG·(WXGHVHWGH5HFKHUFKHV
0RQGLDOH $pURVSDWLDOHV )UDQFH 
,WDOLDQDQG)UHQFKLQLWLDOLVPRIWKH:RUOG 21* 2UJDQL]]D]LRQL1RQ*RYHUQDWLYH
0HWHRURORJLFDO2UJDQL]DWLRQ 2UJDQLVDWLRQV1RQ*RXYHUQHPHQWDOHV
)RUIXUWKHUGHWDLOVVHHXQGHU:02 ,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ1RQ
20064$ 2IILFHRI0RGHOLQJ0RQLWRULQJ *RYHUQPHQWDO2UJDQL]DWLRQV
6\VWHPVDQG4XDOLW\$VVXUDQFH 86$  21,$ 2IILFH1DWLRQDO,QGXVWULHOGHO·$]RWH
)UDQFH 


21,6(3 2IILFH1DWLRQDOG
,QIRUPDWLRQ6XUOHV 22& 2SHUDWLRQDO2FHDQRJUDSK\&HQWHU 86$ 
(QVHLJQHPHQWVHWOHV3URIHVVLRQV )UDQFH  22'%06 2EMHFW2ULHQWHG'DWDEDVH0DQDJHPHQW
21/ 2XWHU1XFOHDU SKRWRUHFHSWRU /D\HU 6\VWHP
%LRORJLFDO7LPLQJ0HGLFLQH1HXURELRORJ\ 22( 2IILFHRI2FHDQ([SORUDWLRQ$WWKH86
3K\VLRORJ\ 12$$
21/86 2UJDQL]]D]LRQL1RQ/XFUDWLYHGL8WLOLWj 2FHDQ([SORUDWLRQ
6RFLDOH ,WDO\  )RUIXUWKHUGHWDLOVVHHXQGHU12$$
RQR RUQHDURIIHU 222 2XW2I2UGHU
%XVLQHVV(FRQRPLFV)LQDQFH 223 2EMHFW2ULHQWHGSURJUDPPLQJ
213 2IILFH1DWLRQDOGHV3HQVLRQV %HOJLXP  6RIWZDUH
213 2SHQ1HWZRUN3URYLVLRQ 2233 2SHUH3XEEOLFKH
213*2UWKR1LWURSKHQ\O`*DODFWRVLGH ,WDOLDQLQLWLDOLVPPHDQLQJ3XEOLF:RUNV
213, 2IILFHRI1HZVDQG3XEOLF,QIRUPDWLRQ 226 2FHDQ2EVHUYLQJ6\VWHP
86$  226 2IILFHRI2SSRUWXQLWLHVLQ6FLHQFH 86$ 
215 2IILFHRI1DYDO5HVHDUFK 86$  226'3 2FHDQ2EVHUYLQJ6\VWHP'HYHORSPHQW
216 2IILFHIRU1DWLRQDO6WDWLVWLFV *%  3DQHO
216 2IILFHRI1$726WDQGDUGL]DWLRQ>UHSODFHGE\ 227: RSHUDWLRQVRWKHUWKDQZDU
16$ @ RSpUDWLRQVDXWUHVTXHFHOOHVGHJXHUUH
6HFUpWDULDW27$1SRXUODQRUPDOLVDWLRQ>UHPSODFp 229 REMHFWRIYHULILFDWLRQ
SDUO·$21@ REMHWGHYpULILFDWLRQ 2'9 
2166 2IILFH1DWLRQDOGH6pFXULWp6RFLDOH 23232EVHUYDWLRQ3RVW
%HOJLXP  0LOLWDU\6FLHQFH
2167 RXWOLQH1$72VWDIIWDUJHW RS DEEU RSHQ
pEDXFKHG·REMHFWLIG·pWDWPDMRUGHO·27$1 )RUIXUWKHUGHWDLOVVHHXQGHUR
2QW DEEU 2QWDULR &DQDGD  23 2SHQ0DUNHW
217 7KHDLUSRUWFRGHIRU2QWDULR&DOLIRUQLD %XVLQHVV&RPPHUFH)LQDQFH
86$ 23 2SHQ3ROLF\
217 RXWRIQDWLRQDOWHUULWRU\ IRUFHV  23 2SHQLQJ3ULFH2SHQLQJ3XUFKDVH
IRUFHV KRUVGXWHUULWRLUHQDWLRQDO %XVLQHVV)LQDQFH
218 2UJDQLVDWLRQGHV1DWLRQV8QLHV RS DEEU RSHUDQG
2UJDQL]]D]LRQHGHOOH1D]LRQL8QLWH &RPSXWHU3URJUDPPLQJ0DWKHPDWLFV
)UHQFKDQG,WDOLDQDFURQ\PRIWKH8QLWHG1DWLRQV 23 2SHUDWLQJ3URILW
2UJDQL]DWLRQ %XVLQHVV)LQDQFH
2185& RSpUDWLRQGHV1DWLRQV8QLHVSRXUOHUpWDE RS DEEU RSHUDWLRQ
OLVVHPHQWGHODFRQILDQFHHQ&URDWLH )RUIXUWKHUGHWDLOVVHHXQGHUR
8QLWHG1DWLRQV&RQILGHQFH5HVWRUDWLRQ2SHUDWLRQ 23232SHUDWLRQ3DUW
LQ&URDWLD 81&52  2SHUDWLRQSDUWLVDOVRNQRZQDV2SHUDWLRQ)LHOG
2186$/ 81RSHUDWLRQLQ(O6DOYDGRU &RPSXWHU3URJUDPPLQJ
2186, 2UJDQL]]D]LRQHGHOOH1D]LRQL8QLWHSHUOR RS DEEU RSHUDWRU
6YLOXSSR,QGXVWULDOH )RUIXUWKHUGHWDLOVVHHXQGHUR
,WDOLDQDFURQ\PRIWKH8QLWHG1DWLRQV RS DEEU RXWSXW
2UJDQL]DWLRQIRU,QGXVWULDO'HYHORSPHQW &RPSXWHU7HFKQRORJ\(OHFWURQLFV0HFKDQLFDO
22 2EVHUYDWLRQ2IILFHU (QJLQHHULQJ
RR RQRUGHU RS DEEU RSSRVHGRSSRVLWH
22 2SHQ2UGHU RS DEEU RSXV
%XVLQHVV&RPPHUFH)LQDQFH 23$ 2IIUH3XEOLTXHG
$FKDW
22 2SHUDWLRQ2UGHU )UHQFKDFURQ\PPHDQLQJ7DNHRYHU%LG
0LOLWDU\ %XVLQHVV)LQDQFH
RR RUGHURI 23$ 2LO3ROOXWLRQ$FW
22$ RXWRIDUHD 23$ DPLFDOH 2IIUH3XEOLTXHG
$FKDWDPLFDOH
KRUV]RQH )UHQFKDFURQ\PPHDQLQJ)ULHQGO\7DNHRYHU%LG
22% VHH25%$7 %XVLQHVV)LQDQFH
YRLU25%$7


23$`0(2SKWKDOGLDOGHK\GH` LQ-DQXDU\23(7 DLPVWRSURPRWHWKHZLGHU


0HUFDSWRHWKDQRO XVHRIQHZDQGLQQRYDWLYH (QHUJ\7HFKQRORJLHV
23$ LQDPLFDOH 2IIUH3XEOLTXHG
$FKDWLQDPLFDOH 23) 2IILFLDO3HUVRQQHO)ROGHU
)UHQFKDFURQ\PPHDQLQJ&RQWHVWHG7DNHRYHU 23)25 RSSRVLQJIRUFHV
%LG+RVWLOH7DNHRYHU%LG IRUFHVG·RSSRVLWLRQ
%XVLQHVV)LQDQFH 23* 2SWLFDO3DUDPHWULF*HQHUDWRU
23$5,62' 23HQ$5FKLWHFWXUHIRU,QWHUDFWLYH $SSOLHG3K\VLFV4XDQWXP(OHFWURQLFV
6HUYLFHV2Q'HPDQG 23*V 2SWLFDO3DUDPHWULF*HQHUDWRUV
(XURSHDQ&RPPXQLW\3URMHFW )RUIXUWKHUGHWDLOVVHHXQGHU23*
23$6 2IIHUWD3XEEOLFDGL$FTXLVWRH6FDPELR 2SKFORXGV 2SKLXFKXVFORXGV
,WDOLDQDFURQ\PPHDQLQJ3XEOLF2IIHURI3XUFKDVH $VWURQRP\$VWURSK\VLFV6SDFH5HVHDUFK
DQG([FKDQJH 23, ,QIRUPDWLRQ3URFHVVLQJ&HQWUH 3RODQG 
%DQNLQJ%XVLQHVV)LQDQFH 23, RIILFHRISULPDU\LQWHUHVW
23$V 2SWLFDO3DUDPHWULF$PSOLILHUV VHUYLFHSULQFLSDOHPHQWLQWpUHVVp
2SWLFV4XDQWXP(OHFWURQLFV 23,& 2YHUVHDV3ULYDWH,QYHVWPHQW&RUSRUDWLRQ
23% 2FFXSDWLRQDO3HQVLRQV%RDUG 86$  3URMHFW)LQDQFLQJ
23& 2FHDQ3URGXFWV&HQWHU 86$  23,17(/ RSHUDWLRQDOLQWHOOLJHQFH
2IWKH8612$$ UHQVHLJQHPHQWRSpUDWLRQQHO
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ 23,V 2OLYLQH3\UR[HQH,QFOXVLRQV
23& 2XWERDUG3OHDVXUH&UDIW (DUWKDQG3ODQHWDU\6FLHQFHV*HRFKHPLVWU\
23&20 RSHUDWLRQDOFRPPDQG *HRSK\VLFV
FRPPDQGHPHQWRSpUDWLRQQHO RSO DEEU RSHUDWLRQDO
23&21 RSHUDWLRQDOFRQWURO )RUIXUWKHUGHWDLOVVHHXQGHUR
FRQWU{OHRSpUDWLRQQHO 23/$1 RSHUDWLRQSODQ
23&3$ 2SWLFDO3DUDPHWULF&3$ SODQG·RSpUDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU&3$ 23/$: RSHUDWLRQDOODZ
23&90 2UJDQLVPHVGH3ODFHPHQWV&ROOHFWLIVHQ GURLWVGHVFRQIOLFWVDUPpVDSSOLTXpDX[RSpUDWLRQV
9DOHXUV0RELOLqUHV 23/2 RUJDQLVDWLRQGHSURGXFWLRQHWGHORJLVWLTXH
23' 2XWSDWLHQW'HSDUWPHQW GHO·27$1
23'$52SWLFDO'LUHFWLRQ$QGUDQJLQJ5DGDU 1$72SURGXFWLRQDQGORJLVWLFVRUJDQL]DWLRQ
23'$5LVDOVRNQRZQDV2SWLFDO5DGDU 13/2 
(QJLQHHULQJ 23/2+ 2UJDQLVDWLRQGHSURGXFWLRQHWGHORJLV
23'& 2FHDQ3ROOXWLRQ'DWD&HQWHU 86$  WLTXH27$1+$:.
23'(& RSHUDWLRQDOGHFHSWLRQ 1$72+$:.3URGXFWLRQDQG/RJLVWLFV
GpFHSWLRQRSpUDWLRQQHOOH 2UJDQL]DWLRQ 1+3/2 
23 '() HTXLSPHQW RSHUDWLRQDOGHIHFW 230 2IILFHRI3HUVRQQHO0DQDJHPHQW
GpIDXWGHIRQFWLRQQHPHQW GXPDWpULHO  230 2SpUDWHXUV3ULQFLSDX[GX0DUFKp
23'6 2UWKRS\ULG\O'LVXOILGH )UHQFKLQLWLDOLVPPHDQLQJ0DLQ0DUNHW
23(& 2UJDQL]DWLRQRI3HWUROHXP([SRUWLQJ 2SHUDWRUV
&RXQWULHV 230 2SWLRQV3ULFLQJ0RGHO
23(1 2SWLFDO3DQ(XURSHDQ1HWZRUN 6WRFN([FKDQJH
(XURSHDQ&RPPXQLW\3URMHFW 230 2WKHU3HRSOH
V0RQH\
23(3 2UJDQLVDWLRQGHV3D\V([SRUWDWHXUVGH 6WRFN([FKDQJH
3pWUROH 231 2OLYDU\3UHWHFWDO1XFOHXV
)UHQFKDFURQ\PRIWKH2UJDQL]DWLRQRI3HWUROHXP %LRORJ\&LUFDGLDQ5K\WKPV
([SRUWLQJ&RXQWULHV 2322SWLFDO3DUDPHWULF2VFLOODWRU
23(6 2UELWHU3ROH(VFDSH6\VWHP $VWURQRP\2SWLFV3K\VLFV
23(7 2UJDQL]DWLRQVIRUWKH3URPRWLRQRI(QHUJ\ 2325' RSHUDWLRQRUGHU
7HFKQRORJLHV(& RUGUHG·RSpUDWLRQ
7KHQHWZRUNRIWKHDERYHRUJDQL]DWLRQVZKLFK 2325'(5 VHH2325'
FRQVLVWVRIERGLHVWKURXJKRXWDOORIWKH0HPEHU YRLU2325'
6WDWHVRIWKH(XURSHDQ8QLRQFDPHLQWRRSHUDWLRQ 232V 2SWLFDO3DUDPHWULF2VFLOODWRUV
)RUIXUWKHUGHWDLOVVHHXQGHU232


233 RSHUDWLRQDOSODQQLQJSURFHVV (QJLQHHULQJ


SURFHVVXVGHSODQLILFDWLRQRSpUDWLRQQHOOH RSW DEEU RSWLFV
RSS DEEU RSSRVHG 3K\VLFV
233 2UGHU3HQHWUDWLRQ3RLQW 2372SW 2VVHUYDWRULRQD]LRQDOHGHL3UH]]LHGHOOH
0DUNHWLQJ 7HFQRORJLHELRPHGLFKH
233%73 2UJDQLVPH3URIHVVLRQQHOGH3UpYHQWLRQ 3URMHFWV
GX%kWLPHQWHWGHV7UDYDX[3XEOLFV )UDQFH  238 2YHUVHDV3ODFLQJ8QLW *% 
RSSQ DEEU RSSRVLWLRQ 2386 2IILFHRQ3XEOLF8QGHUVWDQGLQJRI6FLHQFH
235 RIILFHRISULPDU\UHVSRQVLELOLW\ 86$ 
EXUHDXGHSUHPLqUHUHVSRQVDELOLWp %35  239 2IIUH3XEOLTXHGH9HQWH2IIHUWD3XEEOLFDGL
RSU DEEU RSHUDQG 9HQGLWD
)RUIXUWKHUGHWDLOVVHHXQGHURS )UHQFKDQG,WDOLDQLQLWLDOLVPPHDQLQJ2IIHUIRU
RSU DEEU RSHUDWRU 6DOH
)RUIXUWKHUGHWDLOVVHHXQGHUR 239 2IIVKRUH3DWURO9HVVHO
235 2UWKRWR3DUD 5DWLR 239 2UDO3ROLR9DFFLQH
$VWURSK\VLFV(YROXWLRQRI&RPHWV 23: 2UWKRJRQDOL]HG3ODQH:DYH
23552IILFHIRU3URWHFWLRQIURP5HVHDUFK5LVNV 3K\VLFV
86$  RS[ RUWKRS\UR[HQH
2IWKH86'HSDUWPHQWRI+HDOWKDQG+XPDQ 2UWKRS\UR[HQHLVDOVRNQRZQDV2UWKRUKRPELF
6HUYLFHV 3\UR[HQH
235% $&(2SHUDWLRQDO3ODQQLQJDQG5HYLHZ 0LQHUDORJ\
%RDUG 24 2LO4XHQFKLQJ
&RPPLVVLRQGHSODQLILFDWLRQHWG·H[DPHQGHV +HDW7UHDWPHQW
RSpUDWLRQVGX&$( 25 2GRUDQW5HFHSWRU
235(3 RSHUDWLRQUHSRUW )RUIXUWKHUGHWDLOVVHHXQGHU25V
FRPSWHUHQGXG·RSpUDWLRQ 25 2IILFLDO5HFHLYHU
235(3 VHH235(3 2525 2SHUDWLRQDO5HVHDUFK2SHUDWLRQV
YRLU235(3 5HVHDUFK
236 2SHQ3URILOLQJ6WDQGDUG 0DWKHPDWLFV6FLHQFH
23V 2UJDQRSKRVSKDWHV 25252SHUDWLQJ5RRP
:KLOHKLJKFRQFHQWUDWLRQVRI23VDUHYHU\WR[LF 25 2U DEEU 2UHJRQ 86$ 
86UHVHDUFKHUVKDYHIRXQGWKDWORZOHYHOVRI23V $OVR2UH2UHJ
SURGXFHORQJWHUPSUREOHPVLQFRJQLWLYHDUHDVRI 2U DEEU 2ULHQW2ULHQWDO
WKHEUDLQ 25252ULHQWLQJ5HVSRQVH
1HXURSKDUPDFRORJ\1HXURVFLHQFH 2ULHQWLQJUHVSRQVHLVDOVRNQRZQDV2ULHQWLQJ
2362XWSDWLHQW6HUYLFH 5HIOH[
236 2[\JHQ3ODVPD6RXUFH %HKDYLRU
236(& RSHUDWLRQVVHFXULW\ 25 2ULVWDQR,WDO\
VHFXULWpGHVRSpUDWLRQV 25 RWKHUUDQNV
236/ 2SWLFDOO\3XPSHGYHUWLFDOFDYLW\ VRXVRIILFLHUVPLOLWDLUHVGXUDQJ
6XUIDFHHPLWWLQJ/DVHU WKDWRSHUDWHVDWQP  25 2ZQHU
V5LVN
23675 RSHUDWLRQDOVWUHQJWK 25$ 2XWSXW5HJLVWHU$GGUHVV
HIIHFWLIRSpUDWLRQQHO RUD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
236<6 DEEU 23HUDWLQJ6<6WHP XVLQJWKH,WDOLDQZRUGRUDZKLFKPHDQVKRXU
&RPSXWHU7HFKQRORJ\ WLPHQRZDWSUHVHQW
237 2IILFHGH3URPRWLRQGX7RXULVPH 25$&DVVD\ 2[\JHQ5DGLFDO$EVRUEDQFH&DSDFLW\
)UHQFKLQLWLDOLVPRIWKH2IILFHIRUWKH3URPRWLRQ DVVD\
RI7RXULVP %HOJLXP  $JLQJ$QWLR[LGDQWV+XPDQ1XWULWLRQ
237 RSHUDWLRQDOSODQQLQJWHDP 25$// 2KLR5HJLRQDO$VVRFLDWLRQRI/DZ
pTXLSHGHSODQLILFDWLRQRSpUDWLRQQHOOH /LEUDULHV 86$ 
RSW DEEU RSWLFDORSWLF 25 ) 2SHUDWLRQV5HVHDUFKDQG)DFLOLWLHV
2SWLFV 25$8 2DN5LGJH$VVRFLDWHG8QLYHUVLWLHV
RSW DEEU RSWLFLDQ 25$8LVDQRWIRUSURILWFRUSRUDWLRQDPXOWLXQL


YHUVLW\FRQVRUWLXPDQGD86'HSDUWPHQWRI RUJRUJ DEEU RUJDQLF


(QHUJ\PDQDJHPHQWDQGRSHUDWLQJFRQWUDFWRU $JURQRP\%LRORJ\&KHPLVWU\0HGLFLQH
ORFDWHGLQ2DN5LGJH7HQQHVVHH25$8VHUYHV RUJ DEEU RUJDQLVP
JRYHUQPHQWDFDGHPLDDQGWKHSULYDWHVHFWRULQ %LRORJ\
VFLHQFHDQGWHFKQRORJ\25$8PDQDJHV25,6( RUJ DEEU RUJDQL]DWLRQRUJDQL]HG
IRUWKH86'HSDUWPHQWRI(QHUJ\ 25* 2UJDQL]DWLRQ5HVRXUFHV&RXQVHORUV
6FLHQFH 7HFKQRORJ\ 25*$/,0(2UJDQLVPHGH/LDLVRQGHV,QGXVWULHV
)RUIXUWKHUGHWDLOVVHHXQGHU25,6( 0pWDOOLTXHV(XURSpHQQHV
25%2PQLGLUHFWLRQDO2PQLGLUHFWLRQDO5DGLR )UHQFKDFURQ\PPHDQLQJ/LDLVRQ%RG\IRUWKH
%HDFRQ (XURSHDQ0HWDO,QGXVWULHV
25% 2ZQHU
V5LVNRI%UHDNDJH 25*'3 2DN5LGJH*DVHRXV'LIIXVLRQ3ODQW
,QVXUDQFH 86$ 
25%$7 RUGHURIEDWWOH 25, 2FHDQ5HVHDUFK,QVWLWXWH -DSDQ 
RUGUHGHEDWDLOOH 25, 2IILFHRI5HVHDUFK,QWHJULW\
25%$7 72$ 25%$7 WUDQVIHURIDXWKRULW\ 2IWKH863+6
WUDQVIHUWG·DXWRULWpHQIRQFWLRQGHO·25%$7 )RUIXUWKHUGHWDLOVVHHXQGHU3+6
25%/ RSHUDWLRQDOUHTXLUHPHQWVEDVHOLQH 25, RSHUDWLRQDOUHDGLQHVVLQVSHFWLRQ
UpIpUHQFHGHVEHVRLQVRSpUDWLRQQHOV LQVSHFWLRQGHO·pWDWGHSUpSDUDWLRQRSpUDWLRQQHOOH
25& 2SWRHOHFWURQLFV5HVHDUFK&HQWUH *%  25,$ 2UJDQL]]D]LRQH5DSSRUWL,QWHUQD]LRQDOL
8QLYHUVLW\RI6RXWKDPSWRQ7KH2&5KRXVHVDUH $UWLVWLFL ,WDO\ 
RQHRIWKHZRUOG·VODUJHVW8QLYHUVLW\5HVHDUFK ,QWHUQDWLRQDO5HODWLRQV
*URXSVLQSKRWRQLFV RULJ DEEU RULJLQDO
$WRP2SWLFV)LEUH/DVHUV2SWLFDO 25,6( 2DN5LGJH,QVWLWXWHIRU6FLHQFHDQG
7HOHFRPPXQLFDWLRQV2SWLFDO6HQVRUV2SWLFDO (GXFDWLRQ
6ZLWFKLQJ 5RXWLQJ3KRWRQLFV 25,6(XQGHUWDNHVQDWLRQDODQGLQWHUQDWLRQDOSUR
25&2ULJLQ5HFRJQLWLRQ&RPSOH[ JUDPVLQHGXFDWLRQWUDLQLQJHQYLURQPHQWDODQG
%LRORJ\&HOO%LRORJ\ KHDOWKVFLHQFHVDQGWHFKQLFDODQDO\VHVDQGDVVHVV
25' 2IILFHRI5HVHDUFKDQG'HYHORSPHQW PHQWV
86$  )RUIXUWKHUGHWDLOVVHHXQGHU25$8
25' RSHUDWLRQDOUHTXLUHPHQWVGRFXPHQW 25/ 2WR5KLQR/DU\QJRORJLH
H[SUHVVLRQ RXpQRQFp GHVEHVRLQVRSpUDWLRQQHOV )UHQFKLQLWLDOLVPPHDQLQJ(DU1RVH7KURDW
25' 2SWLFDO5RWDU\'LVSHUVLRQ 2WRUKLQRODU\QJRORJ\
2SWLFV 0HGLFLQH
RUG DEEU RUGHU 250$. 2DN5LGJH7RNDPDN
$OVRRR 250+ 2IILFHRI5HVHDUFKRQ0LQRULW\+HDOWK
$UFKLWHFWXUH&KHPLVWU\0DWKHPDWLFV3K\VLFV &UHDWHGE\861,+LQDVDQDGPLQLVWUDWLYH
6\VWHPDWLFV KRPHIRUPLQRULW\KHDOWKDFWLYLWLHV
RUG DEEU RUGLQDU\ )RUIXUWKHUGHWDLOVVHHXQGHU1,+
25' 7KHDLUSRUWFRGHIRU2
+DUH,QWHUQDWLRQDO 2506VRIWZDUH 2SHUDWLQJ5HVRXUFH0DQDJHPHQW
&KLFDJR,OOLQRLV86$ 6\VWHP6RIWZDUH
25'(52Q/LQH2UGHU(QWU\6\VWHP %\$ULED7HFKQRORJLHV&DOLIRUQLDEDVHG86$
25( RSHUDWLRQDOUHDGLQHVVHYDOXDWLRQ )RXQGHG
pYDOXDWLRQGXGHJUpG·DSWLWXGHRSpUDWLRQQHOOH HFRPPHUFHVRIWZDUHDQGVHUYLFHV
2UH DEEU 2UHJRQ 86$  251/ 2DN5LGJH1DWLRQDO/DERUDWRU\ 86$ 
$OVR252U2UHJ 251V 2OIDFWRU\5HFHSWRU1HXURQV
25(2XWSXW5HJLVWHU(PSW\ %UDLQ6FLHQFH&KHPRVHQVRU\5HFHSWRUV
2UHJ DEEU 2UHJRQ 86$  0HGLFLQH2OIDFWLRQ5HFRJQLWLRQ0ROHFXOHV
$OVR252U2UH 2522SHUDWLRQV5HVHDUFK2IILFH
2UHJRQ/$ 2UHJRQ/LEUDU\$VVRFLDWLRQ 86$  RUR7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
25) 2SHQ5HDGLQJ)UDPH XVLQJWKH,WDOLDQZRUGRURZKLFKPHDQVJROG
0ROHFXODU%LRORJ\ &KHPLVWU\0HWDOOXUJ\
RUJ DEEU RUJDQ 253 2IILFHRI5DGLDWLRQ3URJUDPV
$QDWRP\%RWDQ\ 5DGLDWLRQOHYHOVPHDVXUHPHQWV


253 RSHUDWLRQDOUHDGLQHVVSODWIRUP &RPSXWHU7HFKQRORJ\


DLUHG·DOHUWH 262SWLFDO6FDQQLQJ
2535& 2UHJRQ5HJLRQDO3ULPDWH5HVHDUFK&HQWHU 2SWLFV
86$  26 2SWLRQ6SUHDGLQJ
255 2QVDJHU5HFLSURFDO5HODWLRQV 26 2UGQDQFH6HUYLFH
7KHUPRG\QDPLFV 26 2UGQDQFH6XUYH\
2550,6 2DN5LGJH5HJLRQDO0RGHOLQJ 2V7KHFKHPLFDOV\PEROIRU2VPLXP
,QIRUPDWLRQ6\VWHP 2VPLXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF
25V 2GRUDQW5HFHSWRUV QXPEHUDQDWRPLFZHLJKWRIDQGDPHOW
&KHPRVHQVRU\5HFHSWRUV2OIDFWLRQ LQJSRLQWRI$&2VPLXPLVXVHGPDLQO\DV
)RUIXUWKHUGHWDLOVVHHXQGHU70SURWHLQV KDUGHQHULQDOOR\V7KHZRUG2VPLXPGHULYHV
RUV DEEU RWKHUV IURPWKH*UHHNZRUGVPHOO
256$ 2SHUDWLRQV5HVHDUFK6RFLHW\RI$PHULFD &KHPLVWU\ 6\PEROV
RUVD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 26 2XWRI6WRFN
XVLQJWKH,WDOLDQZRUGRUVDZKLFKPHDQVVKH 26 2XWVL]H
EHDUDQG $VWURQRP\ 2UVDPDJJLRUH 7KH*UHDW RV DEEU RXWVWDQGLQJ
%HDU  26$ 2IILFHIRU6SHFLDO$IIDLUV
256720 2IILFHGHOD5HFKHUFKH6FLHQWLILTXHHW 6FLHQWRORJ\6HFUHW3ROLFH 
7HFKQLTXHG
2XWUH0HU )UDQFH  26$ 2IILFLDO6HFUHW$FW *% 
257 2UJDQL]DWLRQIRU5HKDELOLWDWLRQWKURXJK 26$ 2SHQ6\VWHP$UFKLWHFWXUH
7UDLQLQJ 26$ RSHUDWLRQDOVXSSRUWDLUFUDIW
257$ 2IILFHRI5HVHDUFKDQG7HFKQRORJ\ DYLRQGHVRXWLHQRSpUDWLRQQHO
$SSOLFDWLRQV 86$  RSHUDWLRQDOVXSSRUWDLUOLIW
257*( 2IILFHRI5HVHDUFK7HFKQRORJ\DQG WUDQVSRUWDpULHQRSpUDWLRQQHOGHVRXWLHQ
*UDGXDWH(GXFDWLRQ 86$  RSHUDWLRQDOVXSSRUWDXWKRULW\>$&($&&,6@
RUWK DEEU RUWKRGRQWLFV DXWRULWpGHVRXWLHQRSpUDWLRQQHO>$&($&&,6@
2UWKRGRQWLFVLVWKHGHQWLVWU\EUDQFKGHDOLQJZLWK 26$ 2SWLFDO6RFLHW\RI$PHULFD 86$ 
PDORFFOXVLRQRIWKHWHHWK 26$ 2SWLPL]DWLRQE\6LPXODWHG$QQHDOLQJ
0HGLFLQH 26$ 2UGHURI6W$XJXVWLQH
RUWK DEEU RUWKRSHGLFV 26$ 2UJDQL]]D]LRQHGHJOL6WDWL$PHULFDQL
2UWKRSHGLFVLVWKHEUDQFKRIVXUJHU\GHDOLQJZLWK ,WDOLDQDFURQ\PRIWKH2UJDQL]DWLRQRI$PHULFDQ
WKHWUHDWPHQWRIGHIRUPLWLHVRIWKHVNHOHWDOV\VWHP 6WDWHV
0HGLFLQH 26$$ 2SHUDWLRQDO6DWHOOLWH$FWLYH$UFKLYH
2573 RSHUDWLRQDOUHDGLQHVVWHVWSURJUDPPH 86$ 
SURJUDPPHG·pYDOXDWLRQGHO·pWDWGHSUpSDUDWLRQ 26$& 2YHUVHDV6HFXULW\$GYLVRU\&RXQFLO86
RSpUDWLRQQHOOH 'HSDUWPHQWRI6WDWH
25:+ 2IILFHRI5HVHDUFKRQ:RPHQ
V+HDOWK 26% 2FHDQ6WXGLHV%RDUG 86$ 
86$  26%2UGHURI6W%HQHGLFW
2IWKH861,+ 26% 2UJDQ6\VWHPV%UDQFK
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ 26&2IILFHRI6SHFLDO&RXQVHO
25< 7KHDLUSRUWFRGHIRU2UO\3DULV)UDQFH )RU,PPLJUDWLRQ5HODWHG8QIDLU(PSOR\PHQW
262FFKLR6LQLVWUR 3UDFWLFHV:DVKLQJWRQ'& 86$ 
,WDOLDQLQLWLDOLVPPHDQLQJOHIWH\H 26& RQVFHQHFRPPDQGHU
26 2IIVHW FRPPDQGDQWVXUSODFH
%RWDQ\&DUWRJUDSK\&RPSXWHU3URJUDPPLQJ 26& 2UELWDO6FLHQFHV&RUSRUDWLRQ
*HRORJ\*UDSKLF$UWV0LQLQJ(QJLQHHULQJ 26&LVORFDWHGLQ)DLUID[9LUJLQLD86$
2UGQDQFH 6SDFH6FLHQFH
26 2OG6HULHV 26&2UJDQLF6XOIXU&RPSRXQGV
26RV 2Q6DPSOH 26& 2YHUODSSLQJ6SUHDGLQJ&HQWHU
26 2SHQLQJ6QDS (DUWK6FLHQFH*HRORJ\*HRSK\VLFV
26LVDOVRNQRZQDV0LWUDO2SHQLQJ6QDS 26&$52SWLFDOO\6FDQQHG&KDUDFWHU$XWRPDWLF
0HGLFLQH 5HDGHU
262SHUDWLQJ6\VWHP


26&$5 2UELWLQJ6DWHOOLWHV&DUU\LQJ$PDWHXU 26/ 2SWLFDOO\6WLPXODWHG/XPLQHVFHQFH


5DGLR *HRELRORJ\*HRJUDSK\3K\VLFV
26&$52VFDU 2VVHUYDWRULR6XO&RPPHUFLRGHOOH 26/ 7KHDLUSRUWFRGHIRU2VOR1RUZD\
$5PL ,WDO\  26/V 2UJDQLF6HPLFRQGXFWRU/DVHUV
26&& 2SHQ6NLHV&RQVXOWDWLYH&RPPLVVLRQ (OHFWULFDO(QJLQHHULQJ2SWRHOHFWURQLF0DWHULDOV
&RPPLVVLRQFRQVXOWDWLYH´FLHORXYHUWµ 3KRWRQLFV
26&( 2UJDQL]DWLRQIRU6HFXULW\DQG&RRSHUDWLRQLQ 260 2QFRVWDWLQ0
(XURSH26&(>IRUPHUO\FDOOHG&6&(@ 260 2SHQ6HUYLFH0RGHO
2UJDQLVDWLRQSRXUODVpFXULWpHWODFRRSpUDWLRQHQ 260(*2VPHJ 26VHUYDWRULR0(WURSROLWDQR
(XURSH 26&( >DQFLHQQHPHQWDSSHOp&6&(@ *LRYDQL ,WDO\ 
26&( 2UJDQL]]D]LRQHSHUOD6LFXUH]]DHOD 26052QFRVWDWLQ05HFHSWRU
&RRSHUD]LRQHLQ(XURSD ,PPXQRORJ\ 0HGLFLQH
,WDOLDQDFURQ\PRIWKH2UJDQL]DWLRQIRU6HFXULW\ 261 2FHDQ6FLHQFH1HZV
DQG&RRSHUDWLRQLQ(XURSH 261V 2OIDFWRU\6HQVRU\1HXURQV
26&5 2FHDQ6XUIDFH&XUUHQW5DGDU &KHPRVHQVRU\5HFHSWRUV2GRUDQW5HFHSWRUV
26' 2IILFHRIWKH6HFUHWDU\RI'HIHQVH 86$  2OIDFWLRQ
26'3 2SHUDWLRQV6\VWHP'HYHORSPHQW3URJUDP )RUIXUWKHUGHWDLOVVHHXQGHU70SURWHLQV
26( RIILFHUVFKHGXOLQJWKHH[HUFLVH 262 2IILFHRI6\VWHPV2SHUDWLRQV
RIILFLHUFKDUJpGHODPLVHVXUSLHGGHO·H[HUFLFH 262 2UELWLQJ6RODU2EVHUYDWRU\
RSHQV\VWHPVHQYLURQPHQW 262&& RQVLWHRSHUDWLRQVFRRUGLQDWLRQFHQWUH
HQYLURQQHPHQWGHV\VWqPHVRXYHUWV FHQWUHGHFRRUGLQDWLRQGHVRSpUDWLRQVVXUOHWHU
26( 2VDND6WRFN([FKDQJH -DSDQ  UDLQ
26(&2IILFHRI6RODU(QHUJ\&RQYHUVLRQ 2625 RSHUDWLRQDOVWDQGRIIUDQJH
2IWKH86'HSDUWPHQWRI(QHUJ\ GLVWDQFHGHVpFXULWpRSpUDWLRQQHOOH
26(3 2IILFHRI6FLHQWLILFDQG(QJLQHHULQJ 263 2IILFHRI6SHFLDO3URMHFWV 86$ 
3HUVRQQHO 86$  263$5&20 DEEU 26OR3$5LV&20PLVLRQ
26)26) 2IILFHRI6SDFH)OLJKW ,QWHUQDWLRQDO0DULQH0RQLWRULQJ3URJUDPV
26) 2UGHURI6W)UDQFLV 263) 2SHQ6KRUWHVW3DWK)LUVW
26*L 2SHQ6HUYLFHV*DWHZD\LQLWLDWLYH &RPSXWHUV
$QLQGXVWULDO*URXSWKDWGHILQHVDQRSHQVWDQGDUG 265 2SWLFDO6RODU5HIOHFWRU
IRUFRQQHFWLQJKRPHVDQGVPDOOFRPSDQLHVWR 266 2EVHUYLQJ6LPXODWLRQ6\VWHP
,QWHUQHW6HUYLFHV 266 2IILFHRI6SDFH6FLHQFH1$6$·V
26+$ 2FFXSDWLRQDO6DIHW\DQG+HDOWK$FW 266 RSHUDWLRQDOVXSSRUWV\VWHP
86$  V\VWqPHGHVRXWLHQRSpUDWLRQQHO
26+$26+$2FFXSDWLRQDO6DIHW\DQG+HDOWK 266 2UELWDO6SDFH6WDWLRQ
$GPLQLVWUDWLRQ 86$  266& RQVFHQHVXUYHLOODQFHFRRUGLQDWRU
26, 2IILFHRI6FLHQWLILF,QWHJULW\ 86$  FRRUGRQQDWHXUORFDOGHODVXUYHLOODQFH
26, LQWHUFRQQH[LRQGHV\VWqPHVRXYHUWV 266( 2ULHQWHG6FLQWLOODWLRQ6SHFWURPHWHU
RSHQV\VWHPVLQWHUFRQQH[LRQ ([SHULPHQW
RQVLWHLQVSHFWLRQ $VWURQRP\6SDFH3K\VLFV
DLQVSHFWLRQVXUSODFH 267 2FHDQ6XUIDFH7HPSHUDWXUH
ELQVSHFWLRQVXUVLWH 267 2IILFHRI6FLHQFHDQG7HFKQRORJ\ *% 
RWKHUVHFXULW\LQWHUHVWV 267 2SHQ6NLHV7UHDW\
DXWUHVLQWpUrWVGDQVOHGRPDLQHGHODVpFXULWp 7UDLWp´FLHORXYHUWµ
26,2SHQ6\VWHP,QWHUFRQQHFWLRQ 2673 2IILFHRI6FLHQFHDQG7HFKQRORJ\3ROLF\
26, 2ULHQWDWLRQ6HOHFWLYLW\,QGH[ 86$ 
%UDLQDQG&RJQLWLRQ6FLHQFHV1HXURVFLHQFH 268 RFHDQRJUDSKLFVXSSRUWXQLW
26,17 RSHQVRXUFHLQWHOOLJHQFH XQLWpGHVRXWLHQRFpDQRJUDSKLTXH
UHQVHLJQHPHQWGHVRXUFHRXYHUWH 268 2KLR6WDWH8QLYHUVLW\ 86$ 
26,52IILFHRI6FLHQWLILF,QWHJULW\5HYLHZ 2682UHJRQ6WDWH8QLYHUVLW\ 86$ 
26,5,'( 2SHQ6\VWHPV,QWHUFRQQHFWLRQVX5HWH 26: 2IILFHRI6DOLQH:DWHU 86$ 
,WDOLDQD'DWL(WHURJHQHD 26:6 2SHUDWLQJ6\VWHP:RUN6WDWLRQ
2IWKH,WDOLDQ1DWLRQDO5HVHDUFK&RXQFLO 27 2FFXSDWLRQDO7KHUDS\


7KHWHUPRFFXSDWLRQDOWKHUDS\UHIHUVWRFHUWDLQ 27) 2XWGRRU7HVW)DFLOLW\


RFFXSDWLRQVWKDWDUHWDXJKWDVDWKHUDSHXWLFRU 15(/
V27)IRUWHVWLQJDQGHYDOXDWLRQRISURWR
UHKDELOLWDWLRQPHDQV W\SHFHOOVPRGXOHVDQGV\VWHPV
0HGLFLQH )RUIXUWKHUGHWDLOVVHHXQGHU15(/
27 2IILFHRI7HOHFRPPXQLFDWLRQV 27+ RYHUWKHKRUL]RQ
27 2OG7HVWDPHQW WUDQVKRUL]RQ
27 2OIDFWRU\7XEHUFOH 27+5 RYHUWKHKRUL]RQUDGDU
2727 2Q7UXFN UDGDUWUDQVKRUL]RQ
27 2SHUDWLQJ7LPH 27+7 RYHUWKHKRUL]RQWDUJHWLQJ
(OHFWURQLFV GpVLJQDWLRQG·REMHFWLIVWUDQVKRUL]RQ '27+ 
27 2SWLF7HFWXP 27,' 2IILFHRI7DOHQW,GHQWLILFDWLRQDQG
27 LVDEUDLQDUHDZKLFKLVWKHVRXUFHRIYLVXDO 'HYHORSPHQW
VLJQDOV 273 2IILFHRI7HOHFRPPXQLFDWLRQV3ROLF\
1HXURELRORJ\ 2733 2FHDQ7KHUPDO3RZHU3ODQW
27 2UDVFRP7HOHFRP 275 5HJLVWHUHG 2FFXSDWLRQDO7KHUDSLVW
27 LVWKHPDLQVKDUHKROGHULQ(J\SW
VODUJHVW 276 2IILFHRI7HFKQLFDO6HUYLFH
PRELOHWHOHSKRQHRSHUDWRU 86'HSDUWPHQWRI&RPPHUFH
0RELOH7HOHSKRQHV 276 RIIWKHVKHOI
27 2UJDQLJUDPPH7HFKQLTXH DVXUpWDJqUHVWDQGDUG
)UHQFKLQLWLDOLVPPHDQLQJ:RUN%UHDNGRZQ EGLVSRQLEOH
6WUXFWXUH FVHVpULH
27 2YHUVHDV7UDGH 2762UJDQLVPR7HFQLFR6FLHQWLILFR
RW DEEU RYHUWLPH ,WDOLDQDFURQ\PPHDQLQJ7HFKQLFDO6FLHQWLILF
27 2[\WRFLQ %RG\
27 LVDSHSWLGHKRUPRQH 276 2UJDQL]DWLRQIRU7URSLFDO6WXGLHV 86$ 
(QGRFULQRORJ\ 276 2YHUVHDV7UDGH6HUYLFHV
27$ 2IILFHRI7HFKQRORJ\$VVHVVPHQW 7KLVERG\UHVSRQVLEOHIRUWUDGHSURPRWLRQGUDZV
86&RQJUHVV27$ ZDVFUHDWHGLQDQG LWVVWDIIIURPWKH8.'HSDUWPHQWRI7UDGHDQG
FHDVHGWRRSHUDWHLQ1RYHPEHU ,QGXVWU\DQGWKH)RUHLJQ2IILFH
27$' RYHUWKHDLU NH\ GLVWULEXWLRQ 276 2YRQLF7KUHVKROG6ZLWFK
GLVWULEXWLRQ GHFOpV SDUUDGLRFRPPXQLFDWLRQ (OHFWURQLFV
27$1 2UJDQLVDWLRQGX7UDLWpGHO·$ODQWLTXH1RUG 276*V 2QFH7KURXJK6WHDP*HQHUDWRUV
1RUWK$WODQWLF7UHDW\2UJDQL]DWLRQ 1$72  2765 RSWLPXPWUDFNVKLSURXWLQJ
27 ( 2SHUDWLRQDO7HVWLQJDQG(YDOXDWLRQ URXWHRSWLPDOHGHQDYLUH
27$5 RYHUWKHDLUUHNH\LQJ 27722SWLFDO7R2SWLFDO,QWHUIDFHGHYLFH
PLVHjFOpSDUUDGLRFRPPXQLFDWLRQ 2SWLFV
27% 2II7KH%RDUG RWWR 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
%XVLQHVV)LQDQFH XVLQJWKH,WDOLDQZRUGRWWRZKLFKPHDQVHLJKW
27& RIILFHULQWDFWLFDOFRPPDQG 2782SHUDWLRQDO7D[RQRPLF8QLW
RIILFLHUDVVXUDQW H[HUoDQW OHFRPPDQGHPHQWWDF 6\VWHPDWLFV
WLTXH 279 2UELWDO7UDQVIHU9HKLFOH
27& 2UJDQL]DWLRQIRU7UDGH&RRSHUDWLRQ 28 2NODKRPD8QLYHUVLW\ 86$ 
27&2YHU7KH&RXQWHU 282SHUDWLRQDO8QLW
6WRFN([FKDQJH 7KHRSHUDWLRQDOXQLWLVDOVRNQRZQDV
27'2UJDQ7ROHUDQFH'RVH 3DUDVWUDWLJUDSKLF8QLW
27'5 2SWLFDO7LPH'RPDLQ5HIOHFWRPHWHU *HRORJ\
27( +HOOHQLF7HOHFRPPXQLFDWLRQV2UJDQL]DWLRQ 28$ 2UJDQL]]D]LRQHGHOO
8QLWj$IULFDQD
*UHHN2UJDQL]DWLRQ 28% 2YHUVHDV8QLRQ%DQN 6LQJDSRUH 
27( 2EVHUYDWRU\RQ7HOH(GXFDWLRQ 28* RSHUDWLRQDOXVHUJURXS
\HDUSURMHFW JURXSHG·XWLOLVDWHXUVRSpUDWLRQQHOV
(&3URJUDP6RFUDWHV 28/&6 2QWDULR8QLYHUVLW\/LEUDULHV&RRSHUDWLYH
27(& 2FHDQ7KHUPDO(QHUJ\&RQVHUYDWLRQ 6\VWHP &DQDGD 
&RQYHUVLRQ 283 2[IRUG8QLYHUVLW\3UHVV


RXSW DEEU RXWSXW 2;3+26 DEEU 2;LGDWLYH3+26SKRU\ODWLRQ


)RUIXUWKHUGHWDLOVVHHXQGHUR %LRFKHPLVWU\*HQHWLFV0ROHFXODU0HGLFLQH
285 2[\JHQ8SWDNH5DWH 2< 2SWLPXP<LHOG
%LRWHFKQRORJ\ (FRORJ\
2865 2SHUDWLQJ8QLWV6WDWXV5HSRUW R]RXQFH
287/,0IDFLOLW\ 2XWSXW/LPLWLQJIDFLOLW\ 0HWURORJ\
29 2VVHUYDWRULR9HVXYLDQR ,WDO\  R]DSR]DSRXQFHDSRWKHFDU\
*HRSK\VLFV9ROFDQRORJ\ $OVRR]DSRWK
RY DEEU RYHUIORZ 0HWURORJ\
$OVRRYIRYIO ]VR]VRXQFHV
&LYLO(QJLQHHULQJ&RPSXWHU3URJUDPPLQJ R]WR]WRXQFHWUR\
+\GURORJ\6FLHQFH
29$ DEEU 2YDOEXPLQ
%LRFKHPLVWU\
RYEG DEEU RYHUERDUG
29& WHVW 2EVHUYDWLRQGHOD9LVLRQSDU&DPpUD
)UHQFKLQLWLDOLVPPHDQLQJ(\H&DPHUD
29& 2QWDULR9HWHULQDU\&ROOHJH
$WWKH8QLYHUVLW\RI*XHOSK&DQDGD
29&6(/ 2UJDQLF9HUWLFDO&DYLW\6XUIDFH(PLWWLQJ
/DVHU
(OHFWULFDO(QJLQHHULQJ2SWRHOHFWURQLF0DWHULDOV
3KRWRQLFV
RYI DEEU RYHUIORZ
$OVRRYIO
&LYLOHQJLQHHULQJ&RPSXWHU3URJUDPPLQJ
+\GURORJ\6FLHQFH
RYKG DEEU RYHUKHDG
&KHPLFDO(QJLQHHULQJ&RPSXWHU7HFKQRORJ\
,QGXVWULDO(QJLQHHULQJ
RYOG DEEU RYHUORDG
&RPSXWHU3URJUDPPLQJ(OHFWURQLFV*HRORJ\
3V\FKRORJ\
RYQR RUYHU\QHDURIIHU
RYU DEEU RYHUIORZ
$OVRRYRYIO
)RUIXUWKHUGHWDLOVVHHXQGHURYI
2952 2ZHQV9DOOH\5DGLR2EVHUYDWRU\
&DOLIRUQLD86$ 
299V 2SWLFDOO\9LROHQW9DULDEOHV
2:+ 2UGLQDU\:RUNLQJ+RXUV
2:/ 2YHUZKHOPLQJO\/DUJH
1HZ7HOHVFRSHV
2:/$ 2UJDQL]DWLRQRI:RPHQIRU/HJDO
$ZDUHQHVV
2:/ FROOHFWRU 3URMHFW 2UELWLQJ:LGHDQJOH/LJKW
FROOHFWRU3URMHFW
7KH2:/ FROOHFWRU3URMHFWFRQVLVWVRIWZLQVDWHO
OLWHV,WZLOOEHODXQFKHGLQ
$VWURSK\VLFV6SDFH3K\VLFV
2:02OG:RUOG0RQNH\V
2[ DEEU 2[IRUG
2;&V 2SWLFDO&URVV&RQQHFW6ZLWFKHV


$OVR3U

3 0HGLFLQH
3 3UHVLGHQW
33 SUHVVXUH
3 SDJH 0HFKDQLFV3K\VLFV
$OVRSJ S SURFXUDWLRQ
*UDSKLF$UWV&RPSXWHU3URJUDPPLQJ SS SURWRQ
S SDULW\ 3K\VLFV
%XVLQHVV(FRQRPLFV)LQDQFH 33 SXOVH
S SDUWQHUVKLS (OHFWULFLW\3K\VLFV3K\VLRORJ\
%XVLQHVV)LQDQFH 7HOHFRPPXQLFDWLRQV
3 3DVFDO S SXUFKDVHU
)RUIXUWKHUGHWDLOVVHHXQGHU3D %XVLQHVV&RPPHUFH
S DEEU SDWHQW 3 SUHVHUYDWLRQSDFNDJLQJDQGSDFNLQJ
%RWDQ\0HGLFLQH6FLHQFH WUDLWHPHQWSURWHFWHXUFRQGLWLRQQHPHQWHWHPEDO
S SD\HH ODJH
%XVLQHVV&RPPHUFH 3$ 3DOHUPR,WDO\
S SHQQ\SHQFH 3$ 3DQDPD
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
&XUUHQFLHV WHUV
S S SHU SUHIL[  3$ 3DSHU$GYDQFH
3 7KHFKHPLFDOV\PEROIRU3KRVSKRUXV 'DWD&RPPXQLFDWLRQV
3KRVSKRUXVLVDQRQPHWDOOLFHOHPHQWKDYLQJWKH 3$ 3DUDJXD\
DWRPLFQXPEHUDQDWRPLFZHLJKWRIDQG 3$ 3DUDOOHO$FFHVV3DUDOOHO$GGLWLRQ3DUDOOHO
DPHOWLQJSRLQWRI$&3KRVSKRUXVLVXVHG $OJRULWKP
PDLQO\LQPDWFKHVDQGIHUWLOL]HUV,WLVDQLPSRU &RPSXWHU3URJUDPPLQJ
WDQWHOHPHQWLQWKHKXPDQGLHW7KHZRUGSKRV 3D3D 3DVFDO
SKRUXVGHULYHVIURPWKHZRUGOLJKWLQ*UHHN 3DVFDOLVWKHEDVLFXQLWRISUHVVXUHLQWKHPRWRU
&KHPLVWU\6\PEROV NLORJUDPVHFRQGV\VWHP1DPHGIRUWKH)UHQFK
S SLQW SKLORVRSKHUSK\VLFLVWDQGPDWKHPDWLFLDQ%ODLVH
0HWURORJ\ 3DVFDO
SS SLWFK 0HWURORJ\
%RWDQ\0DWHULDOV 3$ 3DWWR$WODQWLFR
3 SRUWSRVW3ULQFH3URWHVWDQW3XEOLF 1RUWK$WODQWLF7UHDW\
3 3RUWXJDO
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU S$ SD\LQJ$JHQW
S SRVW 3$3D DEEU 3HQQV\OYDQLD 86$ 
&LYLO(QJLQHHULQJ&RPSXWHU3URJUDPPLQJ 3$SD SHUDQQXP
0LQLQJ(QJLQHHULQJ 3$ 3HUQLFLRXV$QHPLD
3 3RVWHJJLR 3$3$ 3HUVRQDO$VVLVWDQW
PHDQLQJLQ(QJOLVK3DUNLQJ 3D SHVRDWRPLFR
33 SRLVH ,WDOLDQDFURQ\PPHDQLQJDWRPLFZHLJKW
3RLVHLVWKHXQLWRIG\QDPLFYLVFRVLW\LQWKHFHQ 3$ 3KRVSKDWLGLF$FLG
WLPHWHUJUDPVHFRQGV\VWHPRIXQLWV %LRFKHPLVWU\
)OXLG0HFKDQLFV 3$3$ 3K\VLFLDQ
V$VVLVWDQW
33 SRVLWLRQ 3$ 3RO\DPLGH
&DUWRJUDSK\,QGXVWULDO(QJLQHHULQJ 2UJDQLF&KHPLVWU\
33 SRVLWLYH 3$ 3RUWL$XWRQRPL ,WDO\ 
&KHPLVWU\(OHFWULFLW\*UDSKLF$UWV 3$ 3RVWD$HUHD
0DWKHPDWLFV0HGLFLQH0HFKDQLFV3K\VLFV ,WDOLDQDFURQ\PPHDQLQJ$LU0DLODLUPDLO
33 3RZHU 3$ SRVWHURDQWHULRU
(QJLQHHULQJ3K\VLFV0DWKHPDWLFV2SWLFV $QDWRP\
33 3UHVE\RSLD 3$3$ 3RZHU$PSOLILHU
3UHVE\RSLDLVWKHGHFUHDVHGFDSDFLW\WRIRFXVWKH (OHFWURQLFV
H\HRQQHDULWHPVDVDUHVXOWRIDJLQJ 3$ 3RZHURI$WWRUQH\


3$SD 3UHVV$JHQW ,WDOLDQDFURQ\PPHDQLQJ&DSLWDO$FFXPXODWLRQ


3$ 3UHVV$VVRFLDWLRQ 3ODQ
3$ 3ULYDWH$FFRXQW %DQNLQJ)LQDQFH
3D 7KHFKHPLFDOV\PEROIRU3URWDFWLQLXP 3$& 3ROLWLFD$JULFROD&RPXQH3ROLWLTXH$JULFROH
3URWDFWLQLXPLVDFKHPLFDOHOHPHQWKDYLQJWKH &RPPXQH
DWRPLFQXPEHUDQDWRPLFZHLJKWRI ,WDOLDQDQG)UHQFKDFURQ\PPHDQLQJ&RPPRQ
DQGDPHOWLQJSRLQWRIDERXW$& $JULFXOWXUDO3ROLF\
&KHPLVWU\ 6\PEROV 3$& 3ROLWLFDO$FWLRQ&RPPLWWHH 86$ 
3$ 3URWHFWLYH$QWLJHQ 3$& 3RO\DOXPLQLXP&KORULGH
$ SURWHLQVHFUHWHGE\%DFLOOXVDQWKUDFLV 3$& 3URGXWWRUL$UWLJLDQL&DQWXULQL ,WDO\ 
$QWKUD[7R[LQ%LRFKHPLVWU\&HOO%LRORJ\ 3$& 3URJUDPPH$FWLYLW\&HQWUH .HQ\D 
0HGLFLQH 8QLWHG1DWLRQV(QYLURQPHQW3URJUDPPH*OREDO
)RUIXUWKHUGHWDLOVVHHXQGHU() DQG/) (QYLURQPHQW0RQLWRULQJ6\VWHP
3$3$ 3V\FKLDWULF$LGH 3$& 3XEOLF$FFRXQWV&RPPLWWHH
3$ 3XEEOLFD$FFXVD 3$&$3 3LWXLWDU\$GHQ\ODWH&\FODVH$FWLYDWLQJ
,WDOLDQDFURQ\PPHDQLQJ3XEOLF3URVHFXWRU 3RO\SHSWLGH
3$ 3XEEOLFD$PPLQLVWUD]LRQH %LRORJLFDO6FLHQFHV
,WDOLDQDFURQ\PPHDQLQJ3XEOLF$GPLQLVWUDWLRQ 3$&RSWLRQ 3XW$QG&DOORSWLRQ
3$ 3$ 3XEOLF$FFRXQWDQW 3$&( 3DOHVWLQLDQ$VVRFLDWLRQIRU&XOWXUDO
3$ 3XEOLF$IIDLUV ([FKDQJH
3$ 3XEOLVKHUV$VVRFLDWLRQ ,QWKH:HVW%DQNWRZQRI5DPDOODK,VUDHOL
3$$ 3RO\DFU\ODPLGH 3DOHVWLQLDQSURMHFWVIXQGHGE\WKH86
3$$DOVRNQRZQDV3RO\DFU\ODPLGH*HOLVXVHG 'HSDUWPHQWRI6WDWH
PDLQO\DVDIRRGDGGLWLYHDQGDGKHVLYHDGGLWLYH $UFKDHRORJ\
2UJDQLF&KHPLVWU\ 3$&( 3ODQHWDU\$VVRFLDWLRQIRU&OHDQ(QHUJ\
3$$ 3RO\DFU\OLF$FLG 3$&( SRFNHWVL]HGDXWRPDWLFFU\SWRHTXLSPHQW
3$$ LVXVHGPDLQO\LQSDLQWVDQGDGKHVLYHV PDWpULHOFU\SWRJUDSKLTXHDXWRPDWLTXHGHSRFKH
2UJDQLF&KHPLVWU\ 3$&( 3UHFLVLRQ$QDORJ&RPSXWLQJ(TXLSPHQW
3$$(7 3XEOLF$XWKRULW\IRU$SSOLHG(GXFDWLRQDQG SDFH 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
7UDLQLQJ XVLQJWKH,WDOLDQZRUGSDFHZKLFKPHDQVSHDFH
3$$06 3ULQFLSDO$QWL$LU0LVVLOH6\VWHP 3$&+$ 3UHVLGHQW
V$GYLVRU\&RPPLWWHHRQ+,9 
3$$5/ 3KLOLSSLQH$VVRFLDWLRQRI$FDGHPLFDQG $,'6 86$ 
5HVHDUFK/LEUDULHV 3$&, 3DUWQHUVKLSVIRU$GYDQFHG&RPSXWDWLRQDO
3$% 3RVW$SSO\%DNH ,QIUDVWUXFWXUH
&KHPLVWU\&KHPLFDO(QJLQHHULQJ 3$&,LVWKHVXFFHVVRUWRDQHWZRUNRIILYH16)
0DFURPROHFXOHV1HXWURQ5HVHDUFK3O\PHUV 6XSHUFRPSXWLQJFHQWHUVFUHDWHGLQWRSURYLGH
6HPLFRQGXFWRUV DFFHVVWRVXSHUFRPSXWHUVIRUUHVHDUFKHUVDURXQG
3$%$ SDPLQREHQ]RLFDFLG WKH8QLWHG6WDWHV
%LRFKHPLVWU\ 6XSHUFRPSXWLQJ&HQWHUV863URJUDPV
3$ EDQG 3KRWRLQGXFHG$EVRUSWLRQEDQG )RUIXUWKHUGHWDLOVVHHXQGHU13$&, QDG16)
2SWLFDO6FLHQFH 3$&,2/, 3DQHOLQ$&FRXQWLQJIRU,QQRYDWLRQ
3$%; 3ULYDWH$XWRPDWLF%UDQFK([FKDQJH 2IIHULQJD/HDGXSWRWKHXVHRI,QIRUPDWLRQPRG
3DF DEEU 3DFLILF HOLQJ
3$& 3DGLJOLRQH$UWH&RQWHPSRUDQHD ,WDO\  (XURSHDQ&RPPXQLW\3URMHFW
,WDOLDQDFURQ\PPHDQLQJ&RQWHPSRUDU\$UW 3$&/ 3UDLULH$VVRFLDWLRQRI&KULVWLDQ/LEUDULDQV
3DYLOORQ 3$&6 3DQ$PHULFDQ&OLPDWH6WXGLHV
3$& 3DUWQHUVKLS$QQXDO&RQIHUHQFH>3I3 IRUPHUO\ 3$&V 3$UWLILFLDO&KURPRVRPHV
FDOOHG($&@ 3$&6 3LFWXUH$UFKLYHVDQG&RPPXQLFDWLRQ
FRQIpUHQFHDQQXHOOHGX3DUWHQDULDW>333 DQFLHQ 6\VWHP3LFWXUH$UFKLYLQJDQG&RPPXQLFDWLRQV
QHPHQWDSSHOp($&@ 6\VWHPV
3$& 3DWULRW$GYDQFHG&DSDELOLW\ 3$&6UHTXLUHYLHZLQJVWDWLRQVRSWLFDOMXNHER[HV
3$& 3LDQRGL$FFXPXOD]LRQHGHO&DSLWDOH WRVWRUHWKHLPDJHVDQGEURDGEDQGQHWZRUNVWR
WUDQVPLWWKHP


7HOHPHGLFLQH $OVR3$+$
3$&7 3URJUDPPHRI$VVLVWDQFHDQG7HFKQLFDO %LRFKHPLVWU\
&RRSHUDWLRQLQIDYRXURI'HYHORSLQJ&RXQWULHV 3$+2 3DQ$PHULFDQ+HDOWK2UJDQL]DWLRQ
-5&(XURSHDQ&RPPXQLWLHV 3$+2ZDVIRUPHUO\NQRZQDVWKH3DQ$PHULFDQ
3$&9'3ODVPD$VVLVWHG&KHPLFDO9DSRXU 6DQLWDU\2UJDQL]DWLRQ
'HSRVLWLRQ 3$+5 3RVWDFFLGHQW+HDW5HPRYDO
3$&9'LVDGHYHORSPHQWRI&KHPLFDO9DSRXU 3$+V 3RO\F\FOLF$URPDWLF+\GURFDUERQV
'HSRVLWLRQLQZKLFKSODVPDLVXVHGWR\LHOGUHVXOWV &KHPLVWU\(DUWKDQG3ODQHWDU\6FLHQFHV
VLPLODUWRWKRVHRILRQLPSODQWDWLRQ ([RELRORJ\*HRSK\VLFV6SDFH6FLHQFH
0HWDO,PSODQWV 3$, 3DWKRJHQLFLW\,VODQG
3$' 3DFNHW$VVHPEOHU'LVDVVHPEOHU &DQFHU(SLGHPLRORJ\&OLQLFDO0LFURELRORJ\
3$' SURYLVLRQDODFFHSWDQFHGDWH 0ROHFXODU0LFURELRORJ\
GDWHGHUpFHSWLRQSURYLVRLUH 3$,5 3UHFLVLRQ$SSURDFK,QWHUIHURPHWHU5DGDU
SDG 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH 3$,6 3DOD]]RGHOOH$OWHUQDWLYHH,QL]LDWLYH6RFLDOL
ZRUGSDG ,WDO\ 
$QDWRP\(OHFWURQLFV(QJLQHHULQJ0HWDOOXUJ\ 3$,6 3XEOLF$IIDLUV,QIRUPDWLRQ6HUYLFH
=RRORJ\ 3$. 3DNLVWDQ
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
3$'2 3DQ$WODQWLF'HFDGDO2VFLOODWLRQ WHUV
&OLPDWH6FLHQFH'HFDGDO9DULDWLRQV*HRSK\VLFV 3$. 3$FWLYDWHG.LQDVH
0DULQH*HRFKHPLVWU\0HWHRURORJ\ 3$.LVDQHQ]\PH
3$'3 3DQHORQ$LU'HIHQFH3KLORVRSK\ $SRSWRVLV0HGLFLQH
&RPPLVVLRQVXUODSKLORVRSKLHGHODGpIHQVHDpUL SDO DEEU SDOHRJUDSK\
HQQH 7KHWHUPSDOHRJUDSK\UHIHUVWRWKHVWXG\RI
3$'5( 3RUWDEOH$XWRPDWLF'DWD5HFRUGLQJ DQFLHQWZULWLQJV
(TXLSPHQW $QWKURSRORJ\
SDGUH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 3DO DEEU SDOHRQWRORJ\
XVLQJWKH,WDOLDQZRUGSDGUHZKLFKPHDQV 7KHWHUPSDOHRQWRORJ\UHIHUVWRWKHVWXG\RI
IDWKHU DQFLHQWOLIH
3$'7$ SRVWHDYDQFpGHGLUHFWLRQWDFWLTXHDLU %LRORJ\
IRUZDUGDLUFRQWUROSRVW )$&3  3$/ SHUPLVVLYHDFWLRQOLQN
3$': 3DOHR$UFWLF'HHS:DWHU IULJLG  DGLVSRVLWLIGHVpFXULWpHWG·DUPHPHQW
2FHDQ7KHUPRKDOLQH&LUFXODWLRQ EV\VWqPHGHYHUURXLOODJHpOHFWURQLTXH
3DOHRJHRJUDSK\ 3$/ 3KLOLSSLQHV$LUOLQHV
3$': 3DQHORQ$LU'HIHQFH:HDSRQV 3$/ 3UHDSSURYHG/RDQ
&RPPLVVLRQVXUOHVDUPHVGHGpIHQVHDpULHQQH %XVLQHVV&RPPHUFH)LQDQFH
3$) 3HWUROHXP$GYLVRU\)RUXP 3$/ 3URPR]LRQH$YYLDPHQWRDO/DYRUR ,WDO\ 
3$) 3ODWHOHW$FWLYDWLQJ)DFWRU 7UDQVQDWLRQDO3URMHFWV
(QGRFULQRORJ\ 3$/$&(V 3URILOLQJ$XWRQRPRXV/$JUDQJLDQ
3$)(; 3URFHVV$QDO\VLV)LHOG(;SHULPHQW &LUFXODWLRQ([SORUHUV
3$) V\VWHPV 3RZHU$FWXDWHG)DVWHQLQJV\VWHPV 3$/$&(VZHUHILUVWGHSOR\HGLQE\DQ
3$)7$'&RQIHUHQFH 3$FLILF7UDGH$QG 2FHDQRJUDSKHURIWKH6FULSSV,QVWLWXWLRQRI
'HYHORSPHQW&RQIHUHQFH 2FHDQRJUDSK\ 86$ 
3D* 3HQQV\OYDQLD*HUPDQ &KHPLVWU\DQG%LRORJ\RIWKH2FHDQV
/DQJXDJHV 3$/'SURMHFW 3ROLF\$OWHUQDWLYHVIRU/LYHUVWRFN
3$*( 3RO\DFU\ODPLGH*HO(OHFWURSKRUHVLV 'HYHORSPHQWLQ0RQJROLDSURMHFW
3$*(26 3$VVLYH*(2GHWLF6DWHOOLWH 3$/,1(7 3HQQV\OYDQLD$UHD/LEUDU\1HWZRUN
SDJJ DEEU SDJLQH 86$ 
,WDOLDQDEEUHYLDWLRQPHDQLQJSDJHV 3$//$6 3DXO/DVHU&RROLQJ$FFHOHUDWLRQ6\VWHP
3$*PROHFXOHV 3KRWRDFLG*HQHUDWRUPROHFXOHV &U\VWDOOLQH,RQ%HDPV
&KHPLVWU\&KHPLFDO(QJLQHHULQJ 3$/ V\VWHP 3KDVH$OWHUQDWLRQ/LQHV\VWHP
0DFURPROHFXOHV1HXWURQ5HVHDUFK3RO\PHUV 7HOHFRPPXQLFDWLRQV
6HPLFRQGXFWRUV 3$0 3URJUDPPD$OLPHQWDUH0RQGLDOH
3$+ SDPLQRKLSSXULF DFLG  ,WDOLDQDFURQ\PPHDQLQJ:RUOG)RRG3URJUDP


8QLWHG1DWLRQV3URJUDP %LRPHGLFLQH1HXURGHJHQHUDWLRQ'LVRUGHUV
3$0 3UHVVLRQ$WPRVSKpULTXH0R\HQQH 3$2 3UHVVLRQ$UWpULHOOH2SKWDOPLTXH
3$0 3URJUDPPDEOH$OJRULWKP0DFKLQH )UHQFKDFURQ\PPHDQLQJ2SKWDOPLF$UWHU\
3$0 3XOVH$PSOLWXGH0RGXODWLRQ 3UHVVXUH
3$03V 3DWKRJHQ$VVRFLDWHG0ROHFXODU3DWWHUQV 0HGLFLQH
0HGLFLQH,PPXQRORJ\ 3$2 3URJHWWRGL$GHJXDPHQWR2UJDQL]]DWLYR
3$0V 3XOPRQDU\$OYHRODU0DFURSKDJHV ,WDO\ 
3$1 &RQVHUYDWLYH1DWLRQDO$FWLRQ3DUW\ 0H[LFR  3$2 SURSHUW\DFFRXQWLQJRIILFHU
3$1 3pULDUWpULWH1RXHXVH DRIILFLHUFRPSWDEOHGHVELHQV
)UHQFKDFURQ\PPHDQLQJ3HULDUWHULWLV1RGRVD EDJHQWFRPSWDEOHGHVELHQV
DOVRNQRZQDV3RO\DUWHULWLV$FXWD1RGRVD 3$2 3XEOLFDWLRQ$VVLVWpHSDU2UGLQDWHXU
0HGLFLQH )UHQFKDFURQ\PPHDQLQJ'HVNWRS3XEOLVKLQJ
3$1 3HUR[\DFHW\O1LWUDWH3HUR[\$FHW\O1LWUDWH 3$2 $OYHRODU3DUWLDO3UHVVXUHLQ2[\JHQ
&KHPLVWU\ 0HGLFLQH
3$1 3HVWLFLGH$FWLRQ1HWZRUN 3D2 $UWHULDO3DUWLDO3UHVVXUHLQ2[\JHQ
861HWZRUNV 0HGLFLQH
3$1 3UHVVLRQ$UWpULHOOH1RUPDOH 3DS3DS WHVW 3DSDQLFRODRXWHVW
3$1$)7(/ 1HWZRUN 3DQ $IULFDQ 7KH3DSWHVWDOVRNQRZQDVSDSVWUDLQRUSDS
7HOHFRPPXQLFDWLRQ1HWZRUN VPHDULVXVHGWRGLDJQRVHXWHULQHFDQFHUV7KH
3$1$6 3RVLWLYH$QG1HJDWLYH$IIHFWLYLW\6FDOH 3DSDQLFRODRXWHVWZDVQDPHGIRUWKH *UHHNERUQ
0HGLFLQH1HXURJHQHWLFV3V\FKLDWU\ $PHULFDQSK\VLRORJLVW*HRUJH3DSDQLFRODRX
3 $ SHUVRQQHODQGDGPLQLVWUDWLRQ 3DWKRORJ\
SHUVRQQHOHWDGPLQLVWUDWLRQ 3$3 3DVVZRUG$XWKHQWLFDWLRQ3URWRFRO
3 $ 3URPRWLRQDQG$VVLVWDQFH &RPSXWHUV
3 & SXUFKDVLQJDQGFRQWUDFWLQJ 3$3 3RO\ $ 3RO\PHUDVH
DFKDWVHWPDUFKpV 3$3 3RUWHW$VVXUDQFH3D\pV
3 &0 3URMHFWDQG&RQVWUXFWLRQ0DQDJHPHQW )UHQFKDFURQ\PPHDQLQJ&DUULDJHDQG,QVXUDQFH
3 ' 3LFNXSDQG'HOLYHU\ 3DLGWR
%XVLQHVV&RPPHUFH (FRQRPLFV,QWHUQDWLRQDO7UDGH
3 * 3URFWHU *DPEOH 3$3 3UHDUUDQJHG3D\PHQWV
5HVHDUFK'HYHORSPHQW0DQXIDFWXUHDQG %XVLQHVV&RPPHUFH)LQDQFH
0DUNHWLQJ 3$3 3UHVVLRQ$UWpULHOOH3XOPRQDLUH
&RQVXPHU3URGXFWV )UHQFKDFURQ\PPHDQLQJ3XOPRQDU\$UWHU\
3 + 3RVWDJHDQG+DQGOLQJ 3UHVVXUH
3 , 3URWHFWLRQDQG,QGHPQLW\ &OXEVRU 0HGLFLQH
$VVRFLDWLRQV  3$3 3UrWG
$FFHVVLRQjOD3URSULpWp
3 / 3URILWDQG/RVV )UHQFKDFURQ\PPHDQLQJ+RPH/RDQ
$FFRXQWV 3$3 3UrWVDLGpVSRXUO·$FFHQVLRQjOD3URSULpWp
3 3 &RPPLWWHH 3D\PHQWVDQG3URJUHVV )UDQFH 
&RPPLWWHH 3$3 3ULQWHU$FFHVV3URWRFRO
&RPLWpGHVSDLHPHQWHWGHO·DYDQFHPHQWGHV 3$36 SKDVHGDUPDPHQWVSURJUDPPLQJV\VWHP
WUDYDX[G·LQIUDVWUXFWXUH V\VWqPHGHSURJUDPPDWLRQpFKHORQQpHGHVDUPH
3 6VWDWHPHQW 3XUFKDVHDQG6DOHVWDWHPHQW PHQWV
3 6V\SKLOLV 3ULPDU\DQG6HFRQGDU\V\SKLOLV 3$36 3HULRGLF$UUD\VRI3LQQLQJ6LWHV
(SLGHPLRORJ\0HGLFLQH6H[XDOO\7UDQVPLWWHG 3K\VLFV
'LVHDVHV 3$4V 3DUWLDOO\$OORFDWHG4XRWDV
3 8 3KDUPDFLDDQG8SMRKQ SDUSDU DEEU SDUDJUDSK
3KDUPDFLD 6ZHGHQ DQG8SMRKQ 86$EDVHG $OVRSDUD
PHUJHGLQ SDUSDU DEEU SDUDOOHO
'UXJV &DUWRJUDSK\&RPSXWHU3URJUDPPLQJ
3$1(/ 3URWHFWLRQ$FURVV1(WZRUN/D\HUV (OHFWULFLW\*HRGHV\0DWKHPDWLFV3K\VLFV
(XURSHDQ&RPPXQLW\3URMHFW 3$5 3KRWRV\QWKHWLFDOO\$FWLYH5DGLDWLRQ
3$1. 3DQWHWKHPDWH.LQDVH &OLPDWH&KDQJH(QYLURQPHQW5HVHDUFK


3$5 3ODQG·$PpQDJHPHQW5XUDO )UDQFH  SDVV DEEU SDVVHQJHU


3$5 3UHFLVLRQ$SSURDFK5DGDU SDVV DEEU SDVVLYH
1DYLJDWLRQ $YLDWLRQ0HGLFLQH0LOLWDU\6FLHQFH6FLHQFH
3$5 3UHVVLRQ$UWpULHOOH5pWLQLHQQH SDVV SRUWRDVVHJQDWR
)UHQFKDFURQ\PPHDQLQJ2SKWDOPLF$UWHU\ ,WDOLDQDEEUHYLDWLRQPHDQLQJFDUULDJHIRUZDUG
3UHVVXUH 3$66 3XEEOLFKH$PPLQLVWUD]LRQLSHUOR6YLOXSSR
0HGLFLQH GHO6XG
3$5 3VHXGRDXWRVRPDO5HJLRQ ,WDOLDQDFURQ\PPHDQLQJ3XEOLF$GPLQLVWUDWLRQV
%LRORJ\0ROHFXODUDQG&HOOXODU%LRORJ\ IRUWKH'HYHORSPHQWRIWKH6RXWK
3$5 7KHDLUOLQHFRGHIRUWKHFLW\RI3DULV)UDQFH 3$66(; H[HUFLVHDUUDQJHGZLWKIRUFHVRQSDVVDJH
3$5 3URWHDVH$FWLYDWHG5HFHSWRU H[HUFLFHRUJDQLVpDYHFGHVIRUFHVGHSDVVDJH
%LRFKHPLVWU\&HOO%LRORJ\0HGLFLQH 3DVW DEEU 3DVWHXUHOOD
SDUD DEEU SDUDJUDSK %DFWHULRORJ\
$OVRSDUSDU SDVW DEEU SDVWHXUL]H
3$5& 3DOR$OWR5HVHDUFK&HQWHU 86$ 7RSDVWHXUL]HPHDQVWRVXEMHFWIOXLGVVXFKDV
;HUR[
V  PLONWRDSDVWHXUL]DWLRQSURFHVVLQRUGHUWR
3$5& 3XOPRQDU\DQG$FWLYDWLRQ5HJXODWHG LPSURYHWKHLUNHHSLQJSURSHUWLHV
&\WRNLQH )RRG7HFKQRORJ\
3$5' 3HULRGLF$QG5DQGRP'HYLDWLRQ 3$ V\VWHP 3XEOLF$GGUHVVV\VWHP
3$53 3I3 SODQQLQJDQGUHYLHZSURFHVV $FRXVWLFDO(QJLQHHULQJ
SURFHVVXVGHSODQLILFDWLRQHWG·H[DPHQGX333 3$7 3DUR[\VPDO$WULDO7DFK\FDUGLD
3$53 3RO\ $GHQRVLQHGLSKRVSKDWH5LERVH &DUGLRORJ\
3RO\PHUDVH SDW DEEU SDWHQW
3$53 3URF\FOLF$FLGLF5HSHWLWLYH3URWHLQ SDW DEEU SDWLHQW
&HOO%LRORJ\0ROHFXODU%LRORJ\0ROHFXODU 3$7 3HUPDQHQW H[HUFLVH $QDO\VLV7HDP>ZLOOEH
3DUDVLWRORJ\3DWKRJHQLFLW\7U\SDQRVRPH UHSODQHGE\-$//&@
%LRFKHPLVWU\ eTXLSHSHUPDQHQWHG·DQDO\VH GHVH[HUFLFHV >VHUD
3$55 3RVWDFFLGHQW5DGLRDFWLYLW\5HPRYDO UHPSODFpSDU-$//&@
3$56 3RO\ $'35LERVH 6\QWKHWDVH 3$7 3LR$OEHUJR7ULYXO]LR 0LODQ,WDO\ 
3$5V 3URWHDVH$FWLYDWHG5HFHSWRUV 7KH3$7 LVDFKDULWDEOHLQVWLWXWLRQIRUHOGHUO\SHU
SDUW DEEU SDUWLFLSDWLQJSDUWLFLSDWLRQ VRQVLQ0LODQ
SDUW DEEU SDUWLFXODU /DZ ,WVPDQDJHU0DULR&KLHVDZDVDUUHVWHGLQ
3DUWLFLSH[ 6RFLpWpGHSDUWLFLSDWLRQVDXGHYHORSSH JLYLQJULVHWRWKHILUVWFDVHRIFRUUXSWLRQWKDW
PHQWGHVHQWUHSULVHVUpJLRQDOHV )UDQFH  OHGWRWKRXVDQGVRIRWKHUVZLWKLQWKHFRQWH[WRIWKH
3$572/ DEEU 3$5DOOHOLVP72/HUDQFH VRFDOOHG&OHDQ+DQGV2SHUDWLRQSHUIRUPHGE\
3$5ZDYH 3KRWRV\QWKHWLFDOO\$FWLYH5DGLDWLRQ ,WDOLDQ-XGJHV
ZDYH 3$7 3RO\DPLQRWULD]ROH
$WPRVSKHULF6FLHQFHV$WPRVSKHULF5HVHDUFK 3$7 3UHDUUDQJHG7UDQVIHUV
%LRORJLFDO6FLHQFHV/DQG$WPRVSKHUH %XVLQHVV&RPPHUFH)LQDQFH
,QWHUDFWLRQV0HWHRURORJ\3ODQW%LRORJ\ 3$7$'&RQIHUHQFH 3$FLILF7UDGH$QG
3$6 3DWLHQW·V$LG6RFLHW\ 86$  'HYHORSPHQW&RQIHUHQFH
3$6 3KRWRDFRXVWLF6SHFWURVFRS\ 3$7% SROLFHDQWLWHUURULVPEULJDGH
3$6 SURWHFWHGDLUFUDIWVKHOWHU EULJDGHGHSROLFHDQWLWHUURULVPH
DEULSURWpJpSRXUDpURQHIV 3$7&2 3URIHVVLRQDO$LU7UDIILF&RQWUROOHUV
SXEOLFDGGUHVVV\VWHP 2UJDQL]DWLRQ 86$ 
V\VWqPHGHVRQRULVDWLRQ SDWG DEEU SDWHQWHG
3$6$ 3DUDDPLQRVDOLF\OLF$FLG 3$7+ 3URJUDPIRU$SSURSULDWH7HFKQRORJ\LQ
2UJDQLF&KHPLVWU\3KDUPDFRORJ\ +HDOWK 86$ 
3$6),6 3KLOLSSLQHV$TXDWLF6FLHQFHVDQG)LVKHULHV 3$7+LVDSURJUDPRID6HDWWOHEDVHGLQWHUQDWLRQDO
,QIRUPDWLRQ6\VWHP QRQSURILWKHDOWKUHVHDUFKRUJDQL]DWLRQDLPHGDW
3$6* 3QHXPDWLF$QWLVKRFN*DUPHQW GLVVHPLQDWLQJYDFFLQHVDJDLQVW5RWDYLUXV
3$6 UHDFWLRQ 3HULRGLF$FLG6FKLIIUHDFWLRQ +HSDWLWLV%6WUHSWRFRFFXV3QHXPRQLDH
%LRFKHPLVWU\ +DHPRSKLOXV,QIOXHQ]DH W\SHE


&KLOGUHQ
V9DFFLQH3URJUDPV+HDOWK5HVHDUFK 3% SXOSREXFFRD[LDO
SDWKRO DEEU SDWKRORJLFDOSDWKRORJ\ 3% 3XVK%XWWRQ
0HGLFLQH3V\FKRORJ\ 0HFKDQLFDO(QJLQHHULQJ
3$7+6 3$FLILF7UDQVSRUWRI+HDWDQG6DOW 3% 3\ULGRVWLJPLQH%URPLGH
&DQDGD-DSDQ 86$  3%LVDGUXJXVHGWRWUHDWP\DVWHQLDJUDYLV
3$70$5 SDWURXLOOHPDULWLPH 3KDUPDFRORJ\
PDULWLPHSDWURO 03  3%$$ 3RO\EXWDGLHQHDFU\O$FLG
DYLRQGHSDWURXLOOHPDULWLPH 3% &V VHH3%&V
PDULWLPHSDWURODLUFUDIW 03$  YRLU3%&V
3DW2II 3DWHQW2IILFH 3E$V6 *UDWRQLWH
3$8 3RZHU$PSOLILHU8QLW 0LQHUDORJ\
3$83 3K\ORJHQHWLF$QDO\VLV8VLQJ3DUVLPRQ\ 3%% 3RO\EURPLQDWHG%LSKHQ\O
&HOOXODU3DWKRORJ\0ROHFXODU3DWKRORJ\ 3%% 3URFHVVXVGH%RXQWHQ%RXW
3$9$& 3XEEOLFDWLRQVDQG$XGLRYLVXDO$GYLVRU\ )UHQFKLQLWLDOLVPPHDQLQJ6WUDLJKW7KURXJK
&RXQFLO 86$  3URFHVVLQJ
3$: 3ODVPD$UF:HOGLQJ 3E%U /HDG%URPLGH
3$:6 3URJUHVVLYH$QLPDO:HOIDUH6RFLHW\ ,QRUJDQLF&KHPLVWU\
$QLPDO5LJKWV 3%& 3ODQLILFDWLRQGHV%HVRLQVHQ&DSDFLWpV
3$:6SURMHFW 3URWHFWHG$UHDDQG:LOGOLIH6\VWHP )UHQFKLQLWLDOLVPPHDQLQJ0DQXIDFWXULQJ
SURMHFW .HQ\D  5HVRXUFHV3ODQQLQJ
3$:6LVDSURMHFWILQDQFHGE\WKH:RUOG%DQN 3%& 3RZHU%XLOGXS&DYLW\ )DEU\3HURW
V 
DQGRWKHUGRQRUV 3K\VLFV
SDZV 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH 3%& 3UH%RHW]LQJHU&RPSOH[ RIWKHEUDLQVWHP 
(QJOLVKZRUGSDZV $QDWRP\$QHVWKHVLRORJ\6HQVRU\3K\VLRORJ\
3$; 3ULYDWH$XWRPDWLF([FKDQJH 3E&O /HDG&KORULGH
3$;,6 3LORW$FWLRQRI([FHOOHQFHRQ,QQRYDWLYH /HDG&KORULGHLVXVHGPDLQO\LQWKHSURGXFWLRQRI
6WDUWXSV OHDGVDOWV
(XURSHDQ&RPPXQLW\ ,QRUJDQLF&KHPLVWU\
3$<( 3D\$V<RX(DUQ *%  3E &1  /HDG&\DQLGH
3$<( 3D\$V<RX(QWHU /HDG&\DQLGHLVXVHGLQPHWDOOXUJ\
SD\H 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ ,QRUJDQLF&KHPLVWU\
XVLQJWKH)UHQFKZRUGSD\HZKLFKPHDQVSD\ 3E&U2 &URFRLWH
ZDJHVDODU\ &URFRLWHLVDOVRNQRZQDV&URFRLVLWH
3$<623 3$<UROOEDVHG6WRFN2ZQHUVKLS3ODQ 0LQHUDORJ\
SD\W DEEU SD\PHQW 3%&V SODQQLQJERDUGVDQGFRPPLWWHHV>&(3@
3E %DQTXH3DULVEDV EXUHDX[HWFRPLWpVG·pWXGH>3&8@
)UHQFK%DQN 3E&X6E6 %RXUQRQLWH
3E 7KHFKHPLFDOV\PEROIRU/HDG 0LQHUDORJ\
&KHPLVWU\(QJLQHHULQJ*UDSKLF$UWV 3%' 3DLG%ORRG'RQRU
0HWDOOXUJ\ 3%' 3ROR%R['RPDLQ
3% 3DULV%RXUVH %LQGLQJ'RPDLQV&HOO'LYLVLRQ3URWHRPLF
)UHQFK6WRFN([FKDQJH 6FUHHQV
3% SDUWLFOHEHDP 3%' SKHQ\OELSKHQ\OR[DGLD[ROH
IDLVFHDXGHSDUWLFXOHV 3%(& 3DFLILF%DVLQ(FRQRPLF&RXQFLO
3% 3DVV%RRN 3%(,67 3ODQQLQJ%RDUGIRU(XURSHDQ,QODQG
3E SDVVLYLWjDEUHYH 6XUIDFH7UDQVSRUW
,WDOLDQLQLWLDOLVPPHDQLQJ6KRUWWHUPOLDELOLWLHV %XUHDXG·pWXGHGHVWUDQVSRUWVLQWpULHXUVGHVXUIDFH
3% 3HUPDQHQW%XQNHUV HQ(XURSH
3%3HUPLW%RQG3UHIHUHQFH%RQG 3%) 3RZHU%XUVW)DFLOLW\
3% 3KDUPDFRSRHLD%ULWDQQLFD 3E) /HDG)OXRULGH
3% 3UHPLXP%RQGV /HDG)OXRULGHLVXVHGPDLQO\LQRSWLFV
3% 3ULYUHGQD%DQND=DJUHEGG ,QRUJDQLF&KHPLVWU\
%DQNV 3E)H6E6 -DPHVRQLWH


-DPHVRQLWHLVDOVRNQRZQDV*UD\$QWLPRQ\ 3OXPELF$FLGLVXVHGPDLQO\DVDQR[LGL]LQJ
)HDWKHU2UH DJHQW
0LQHUDORJ\ ,QRUJDQLF&KHPLVWU\
3%*PDWHULDOV 3KRWRQLF%DQG*DSPDWHULDOV 3E2 /HDG7HWUR[LGH
3%*PDWHULDOVDUHDOVRNQRZQDV3KRWRQLFFU\V /HDG7HWUR[LGHDOVRNQRZQDV5HG/HDG2[LGHLV
WDOV XVHGPDLQO\LQJOD]HVSDLQWVDQGVWRUDJHEDWWHU
3K\VLFV7HFKQRORJ\ LHV
3%, 3RO\EHQ]LPLGD]ROH ,QRUJDQLF&KHPLVWU\
0DWHULDOV 3%2&6W SWDVWEXWR[\FDUER[\VW\UHQH
3%, 3URWHLQ%RXQG,RGLQH &KHPLVWU\&KHPLFDO(QJLQHHULQJ
%LRFKHPLVWU\ 0DFURPROHFXOHV1HXWURQ5HVHDUFK3RO\PHUV
3%, 7KHDLUSRUWFRGHIRU:HVW3DOP%HDFK)ORULGD 6HPLFRQGXFWRUV
86$ 3E 2+  /HDG+\GUR[LGH
3E, /HDG,RGLGH /HDG+\GUR[LGHLVDOVRNQRZQDV/HDG+\GUDWH
/HDG,RGLGHLVXVHGPDLQO\LQSKRWRJUDSK\EURQ] ,QRUJDQLF&KHPLVWU\
LQJDQGSULQWLQJ 3%26 3ODQQLQJ%RDUGIRU2FHDQ6KLSSLQJ
,QRUJDQLF&KHPLVWU\ %XUHDXG·pWXGHGHVWUDQVSRUWVRFpDQLTXHV
3E,3EMXQFWLRQ /HDG,/HDGMXQFWLRQ 3%3 3HQLFLOOLQ%LQGLQJ3URWHLQ
3%. 3RZV]HFKQ\%DQN.UHG\WRZ\6$ )RUIXUWKHUGHWDLOVVHHXQGHU3%3V
3ROLVK%DQN 3%3% 3\ULGLQLXP%URPLGH3HUEURPLGH
3%/ 3ODQHWDU\%RXQGDU\/D\HU 3%3V 3HQLFLOOLQ%LQGLQJ3URWHLQV
0HWHRURORJ\ $QWLPLFURELDO$JHQWV&KHPRWKHUDS\0HGLFLQH
3%/ SURGXFWEDVHOLQH 0LFURELRORJ\&OLQLFDO,PPXQRORJ\
UpIpUHQFHGHSURGXFWLRQ 3%5 3D\PHQW%\5HVXOWV
3%/* 3RO\a%HQ]\O/*OXWDPDWH 3%5& 3HQQLQJWRQ%LRPHGLFDO5HVHDUFK&HQWHU
3RO\PHU&KHPLVWU\ 86$ 
3%/V 3HULSKHUDO%ORRG/\PSKRF\WHV ([HUFLVH%LRFKHPLVWU\'LHWLQGXFHG2EHVLW\
0HGLFLQH0LFURELRORJ\ 3K\VLRORJ\0DFURQXWULHQW,QWDNH5HJXODWLRQ
3%0&V 3HULSKHUDO%ORRG0RQRQXFOHDU&HOOV 1XWULHQWJHQH,QWHUDFWLRQV3KHQRW\SH0HWDEROLF
3E0R2 /HDG0RO\EGDWH 'LVHDVHV
,QRUJDQLF&KHPLVWU\ 3%57& 3ODQW%LRFKHPLVWU\5HVHDUFKDQG7UDLQLQJ
3%05 SURYLVLRQDOEDVLFPLOLWDU\UHTXLUHPHQW &HQWHU
EHVRLQPLOLWDLUHSURYLVRLUHGHEDVH 3E6 *DOHQD
3%1 _3KHQ\OW%XW\O1LWURQH 0LQHUDORJ\
3E 1  /HDG$]LGH 3E6 /HDG6XOILGH
/HDG$]LGHLVXVHGLQH[SORVLYHV /HDG6XOILGHDOVRNQRZQDV3OXPERXV6XOILGHLV
,QRUJDQLF&KHPLVWU\ XVHGPDLQO\LQVHPLFRQGXFWRUVDQGLQFHUDPLFV
3E2 /HDG0RQR[LGH ,QRUJDQLF&KHPLVWU\
,QRUJDQLF&KHPLVWU\ 3%6 3KRVSKDWH%XIIHUHG6DOLQH
)RUIXUWKHUGHWDLOVVHHXQGHU3E2 /LWKDUJH  3%6 3K\FRELOLVRPHV
3E2/LWKDUJH 3ODQW%LRORJ\
/LWKDUJHDOVRNQRZQDV<HOORZ/HDG2[LGHDQG 3%6 3XEOLF%URDGFDVWLQJ6\VWHP
XVHGPDLQO\LQFHUDPLFVSDLQWVDQGYDUQLVKHVKDV 3E6E6 +HWHURPRUSKLWH
WKHVDPHIRUPXODDV/HDG0RQR[LGHEXWGLIIHUHQW +HWHURPRUSKLWHLVIRXQGLQDQWLPRQ\PLQHV
SK\VLFDOSURSHUWLHV 0LQHUDORJ\
,QRUJDQLF&KHPLVWU\ 3E6L2 /HDG6LOLFDWH
3%2 3HQLFLOOLQLQ%HHVZD[ /HDG6LOLFDWHDOVRNQRZQDV/HDG0HWDVLOLFDWHLV
3%2 3ODWH%RXQGDU\2EVHUYDWRU\ XVHGPDLQO\LQFHUDPLFV
*RWXQGHUZD\LQ ,QRUJDQLF&KHPLVWU\
3%2 3UHERUHDO2VFLOODWLRQ 3E6L6 *DOHQRELVPXWLWH
3E2 /HDG'LR[LGH 0LQHUDORJ\
/HDG'LR[LGHDOVRNQRZQDV/HDG3HUR[LGH 3E6Q6 7HDOOLWH
7HDOOLWHLVIRXQGLQWLQYHLQV


0LQHUDORJ\ %LRFKHPLVWU\
3E62 /HDG6XOIDWH 3& 3K\FRF\DQLQ
/HDG6XOIDWHLVXVHGLQVWRUDJHEDWWHULHV 3&LVRQHRIWKHPDMRUVSHFLHVRISK\FRELOLSUR
,QRUJDQLF&KHPLVWU\ WHLQV
3E7H $OWDLWH 3ODQW%LRORJ\
0LQHUDORJ\ 3& 3LDFHQ]D,WDO\
3E7H /HDG7HOOXULGH SF DEEU SLHFH
,QRUJDQLF&KHPLVWU\ 3& 3LWFK&LUFOH
3E7L2 /HDG7LWDQDWH 'HVLJQ(QJLQHHULQJ
/HDG7LWDQDWHLVXVHGDVDSDLQWSLJPHQW 3& 3ROLFH&RQVWDEOH
,QRUJDQLF&KHPLVWU\ 3& 3ROLWLFDO&RPPLWWHH>1$&@
3E7O $V6 +XWFKLQVRQLWH &RPLWpSROLWLTXH>&$1@
+XWFKLQVRQLWHLVIRXQGLQFU\VWDOOLQHGRORPLWH SRVWHGHFRPPDQGHPHQW
0LQHUDORJ\ DFRPPDQGSRVW &3  
3E YLUXV 3HQLFLOOLXPEUHYLFRPSDFWXP YLUXV EKHDGTXDUWHUV +4 
9LURORJ\ 3& 3RO\FDUERQDWH
3%: SDUWLFOHEHDPZHDSRQ 3RO\FDUERQDWHLVXVHGPDLQO\LQKRXVHKROGDSSOL
DUPHjIDLVFHDXGHSDUWLFXOHV DQFHV
3E:2 /HDG7XQJVWDWH 2UJDQLF&KHPLVWU\
/HDG7XQJVWDWHDOVRNQRZQDV/HDG:ROIUDPDWH 3& 3RO\FRPE
LVXVHGDVDSLJPHQW )RUIXUWKHUGHWDLOVVHHXQGHU3F*SURWHLQV
,QRUJDQLF&KHPLVWU\ 3& 3RUWODQG&HPHQWSRUWODQGFHPHQW
3E:2 5DVSLWH 0DWHULDOV
0LQHUDORJ\ 3& 3UH]]R&RQYHQXWR
3%:6( 3KLODGHOSKLD%DOWLPRUH:DVKLQJWRQ6WRFN ,WDOLDQLQLWLDOLVPPHDQLQJSULFHDJUHHGSULFH
([FKDQJH 86$  IL[HG
3%; 3ODVWLF%RQGHG([SORVLYH SF DEEU SULFH
3%;DFFHVVOLQH 3ULYDWH%UDQFK([FKDQJHDFFHVV 3& 3ULPH&RVW
OLQH 3& 3ULQWHG&LUFXLW
3& /_3KRVSKDWLG\OFKROLQH (OHFWURQLFV
3& 3DQDPD&DQDO 3& 3URIHVVLRQDO&RUSRUDWLRQ
3& 3DUDOOHO&RPSXWHU 3& 3URILW&HQWHU
7KHSDUDOOHOFRPSXWHULVDOVRNQRZQDV3DUDOOHO 3& 3URJUDP&RXQWHU
'LJLWDO&RPSXWHU3DUDOOHO3URFHVVRU 7KHSURJUDPFRXQWHULVDOVRNQRZQDV&RQWURO
&RPSXWHU7HFKQRORJ\ &RXQWHURUUHJLVWHU,QVWUXFWLRQFRXQWHURUUHJLVWHU
3& 3DUWH&LYLOH 6HTXHQFH&RXQWHURUUHJLVWHU
/DZ ,WDOLDQLQLWLDOLVPPHDQLQJ3ODLQWLII &RPSXWHU7HFKQRORJ\
3& 3DWURO&UDIW 3& 3URJUDPPDEOH&RQWUROOHU
SF SD\FKHFNSD\FKHTXH &RQWURO6\VWHPV
3& SFSHUFHQWSHUFHQWDJH 3& 3XULILHG&RQFHQWUDWH
$OVRSF 0HGLFLQH
SF SHUFRQRVFHQ]D 3& 3\URPHWULF&RQH
,WDOLDQLQLWLDOLVPPHDQLQJFRS\WR SDUWLFXODUO\LQ 7KHS\URPHWULFFRQHLVDOVRNQRZQDV6HJHUFRQH
DOHWWHUID[HWF  0DWHULDOV6FLHQFH
3& 3HUVRQDO&RPSXWHU 3&$ 3DVVLYH&XWDQHRXV$QDSK\OD[LV
7KHWHUPSHUVRQDOFRPSXWHUUHIHUVWRDFRPSDFW 3DVVLYHFXWDQHRXVDQDSK\OD[LVLVDOVRNQRZQDV
FRPSXWHUWREHXVHGLQRIILFHVDQGKRPHV7KH 3DVVLYH$QDSK\OD[LV
SHUVRQDOFRPSXWHUZDVLQYHQWHGLQWKHVDW ,PPXQRORJ\
WKH6WDQIRUG5HVHDUFK,QVWLWXWH 3&$ 3HUFKORULF$FLG
&RPSXWHU7HFKQRORJ\ +&O2 8VHGPDLQO\DVDFDWDO\VWDQGDVD
3& 3HWW\&DVK UHDJHQW
%XVLQHVV(FRQRPLFV)LQDQFH ,QRUJDQLF&KHPLVWU\
3& 3KRVSKRFUHDWLQH 3&$ 3K\VLFLDQ&RUSRUDWLRQRI$PHULFD


3&$ SURYLGHVKHDOWKFDUHVHUYLFHVLQ)ORULGD7H[DV $ -RXUQDOMRLQWO\RZQHGE\HLJKW(XURSHDQ


DQG3XHUWR5LFRWKURXJKKHDOWKFDUHRUJDQL]D &KHPLFDO6RFLHWLHV
WLRQV 3HULRGLFDOV
+HDOWKFDUH6HUYLFHV 3&' 3LWFK&LUFOH'LDPHWHU
3&$ 3RODU&DS$EVRUSWLRQ 3&' 3URJUDPPHG&HOO'HDWK
3K\VLFV $SRSWRVLV&HOO%LRORJ\1HXURELRORJ\
3&$ H[SHULPHQW 3URSRUWLRQDO&RXQWHU$UUD\H[SHU 3&( 3HUFKORURHWK\OHQH
LPHQW 3&(LVDFRPPRQJURXQGZDWHUSROOXWDQW
$VWURQRP\3K\VLFV &LYLODQG(QYLURQPHQWDO(QJLQHHULQJ
3&$V 3DUWQHUVKLSDQG&RRSHUDWLRQ$JUHHPHQWV 0LFURELRORJ\
3&$67 3UHVLGHQW
V&RPPLWWHHRI$GYLVHUVRQ SFH DEEU SLHFH
6FLHQFHDQG7HFKQRORJ\ 3&( 3RO\DUWKULWH&KURQLTXH(YROXWLYH
86'HIHQVH )UHQFKLQLWLDOLVPPHDQLQJ5KHXPDWRLG$UWKULWLV
3&% 3DJH&RQWURO%ORFN 3&( 3\URPHWULF&RQH(TXLYDOHQW
'DWD&RPPXQLFDWLRQV 3&) 3DWURO&UDIW)DVW
3&% 3HUVRQDO&RPPXQLFDWLRQ%RDUG SFI SRXQGVSHUFXELFIRRW
3&% 3HWW\&DVK%RRN 3&)*PLVVLOH 3DWURO&UDIW)DVW*XLGHGPLVVLOH
3&% 3K\VLTXH&KLPLH%LRORJLH 3&* 3KRWRFDUGLRJUDP
)UHQFKLQLWLDOLVPPHDQLQJ3K\VLFV&KHPLVWU\ 3&* 3ROLF\&RRUGLQDWLRQ*URXS
%LRORJ\ *URXSHGHFRRUGLQDWLRQGHVRULHQWDWLRQV
3&% 3RLQWGH&RXYHUWXUH%UXWH 3&* 3ULPDU\&RQJHQLWDO*ODXFRPD
)UHQFKLQLWLDOLVPPHDQLQJJURVVUDWLQJSRLQW 3&*LVDGHYDVWDWLQJIRUPRIJODXFRPDWKDWFDXVHV
3&% 3RO\FKORULQDWHG%LSKHQ\O EOLQGQHVVLQ\RXQJFKLOGUHQ,WLVFKDUDFWHUL]HGE\
0DWHULDOV6FLHQFH 3RO\FKORULQDWHGELSKHQ\OLV FRUQHDOHGHPDLQWUDRFXODUSUHVVXUHRFXODU
XVHGPDLQO\LQDGKHVLYHVSDLQWVDQGLQNV,WLVD HQODUJHPHQWDQGSKRWRSKRELD
WR[LFFRPSRXQGWKDWPD\FDXVHFDQFHU 0HGLFLQH0HWDEROLVP2SKWDOPRORJ\
1HZUHVHDUFKILHOGV(QGRFULQRORJ\6H[XDO 3F*SURWHLQV 3RO\FRPE*URXSSURWHLQV
'HYHORSPHQW7R[LFRORJ\=RRORJ\ %LRFKHPLVWU\&KHPLVWU\*HQHWLFV+RPHRWLF
3&% 3ULQWHG&LUFXLW%RDUG *HQH7UDQVFULSWLRQ0ROHFXODU&HOO%LRORJ\
'HVLJQ(QJLQHHULQJ 0ROHFXODU0HGLFLQH6WUXFWXUDO%LRORJ\
3&& 3DUWQHUVKLS&RRUGLQDWLRQ&HOO 3&** 3KLOLSSLQH&RPPLVVLRQRQ*RRG
&HOOXOHGHFRRUGLQDWLRQGX3DUWHQDULDW &&3   *RYHUQPHQW 0DQLOD 
SODQQLQJFRRUGLQDWLRQFRQIHUHQFH $ ERG\VHWXSDIWHUWKHUHYROXWLRQ
FRQIpUHQFHGHFRRUGLQDWLRQGHVSODQV 3&, 3DUWLWR&RPXQLVWD,WDOLDQR ,WDO\ 
3UDJXH&DSDELOLWLHV&RPPLWPHQW 3&, 3HUPLVGH&RQGXLUH,QWHUQDWLRQDO
(QJDJHPHQWFDSDFLWDLUHGH3UDJXH )UHQFKLQLWLDOLVPPHDQLQJ,QWHUQDWLRQDOGULYLQJ
SFF SHUFRSLDFRQIRUPH OLFHQFH
,WDOLDQLQLWLDOLVPPHDQLQJFHUWLILHGFRS\WUXH S&L SLFRFXULH
FRS\ S&LLVDXQLWRIUDGLRDFWLYLW\HTXDOWRRQHWULOOLRQWK
3&& 3K\VLFDO&RDO&OHDQLQJ RIDFXULH
3&& 3ROLF\&RRUGLQDWLRQ&RXQFLO 86$  1XFOHRQLFV
3&& 3RXU&RSLH&RQIRUPH 3&, 3URGXFWLRQ&RPSOH[LW\,QGH[
)UHQFKLQLWLDOLVPPHDQLQJFHUWLILHGFRS\WUXH 3&, 3URJUDP&KHFN,QWHUUXSWLRQ
FRS\ 3&, 3URJUDP&RQWUROOHG,QWHUUXSW
3&& 3URGXFWLRQ&UHGLW&RUSRUDWLRQ (OHFWURQLFV
3&& 3URWHLQ&RQGXFLQJ&KDQQHO 3FO DEEU SDUFHO
%LRFKHPLVWU\ 3&0 3HUFHQWDJHRI&RPSOHWLRQ0HWKRG 86$ 
3&&0% 3XOPRQDU\&ULWLFDO&DUH0HGLFLQH %RRNNHHSLQJ
%UDQFK 3&0 3HULFHQWULRODU0DWHULDO
2IWKH861+/%, %LRFKHPLVWU\&HOO%LRORJ\0HGLFLQH0ROHFXODU
)RUIXUWKHUGHWDLOVVHHXQGHU1+/%, %LRORJ\
3&&3 3K\VLFDO&KHPLVWU\&KHPLFDO3K\VLFV 3&0 3UHVLGHQ]DGHO&RQVLJOLRGHL0LQLVWUL
,WDOLDQLQLWLDOLVPPHDQLQJ3ULPH0LQLVWHU
V2IILFH


3&0 3XOVH&RGH0RGXODWLRQ 3&3 3ULPDU\&RQWURO3URJUDP


3&0 3XQFKHG&DUG0DFKLQH 3&3%6 3DUDFKORURSKHQ\OEHQ]HQHVXOIRQDWH
3&0&,$ 3HUVRQDO&RPSXWHU0HPRU\&DUG 2UJDQLF&KHPLVWU\
,QWHUQDWLRQDO$VVRFLDWLRQ 3&3V 3ROOHQ&RDW3URWHLQV
3&0 FRQGLWLRQV 3RZHU&RROLQJ0LVPDWFKFRQGL 3ODQW%LRORJ\3ODQW6FLHQFHV
WLRQV SFSW DEEU SHUFHSWLRQ
3&0', 3URJUDPIRU&OLPDWH0RGHO'LDJQRVLVDQG $UWLILFLDO,QWHOOLJHQFH%HKDYLRU3K\VLRORJ\
,QWHUFRPSDULVRQ 3&4 UDWLQJ 3URGXFWLYLW\&ULWHULD4XRWLHQWUDWLQJ
2IWKH/DZUHQFH/LYHUPRUH1DWLRQDO/DERUDWRU\ 3&5 3LWFK&LUFOH5DGLXV
8&86$ 3&5 3RO\PHUDVH&KDLQ5HDFWLRQ
3&0, 3UHVLGHQW
V&RXQFLORQ0DQDJHPHQW 3&5LVDYHU\XVHIXOSURFHVVLQELRWHFKQRORJ\DQG
,PSURYHPHQW 86$  LQUHVHDUFK
3&06 SFKORURPHUFXUSKHQLVXOIRQLFDFLG %LRWHFKQRORJ\
3&08( SUpVLGHQWGX&RPLWpPLOLWDLUHGHO·8QLRQ 3&50 3K\VLFLDQV&RPPLWWHHIRU5HVSRQVLEOH
HXURSpHQQH 0HGLFLQH 86$ 
&KDLUPDQRIWKH(XURSHDQ8QLRQ0LOLWDU\ $ :DVKLQJWRQEDVHG*URXSWKDWRSSRVHVDQLPDO
&RPPLWWHH &(80&  H[SHULPHQWVDQGDGYRFDWHVSUHYHQWLYHKHDOWKFDUH
3&1 3HUVRQDO&RPPXQLFDWLRQV1HWZRUN +,9 &DW6WXG\
7HOHFRPPXQLFDWLRQV 3&56 SULPDU\FDVXDOW\UHFHLYLQJVKLS
3&1$ 3UROLIHUDWLQJ&HOO1XFOHDU$QWLJHQ SULQFLSDOEkWLPHQWUpFHSWHXUGHSHUWHV
%LRFKHPLVWU\%LRSK\VLFV&DQFHU5HVHDUFK 3&6 3HUPDQHQW&KDQJHRI6WDWLRQ
'HYHORSPHQWDO%LRORJ\ 3&6 3HUVRQDO&RPPXQLFDWLRQV6HUYLFH +RQJ
3&1% 3HQWDFKORURQLWUREHQ]HQH .RQJ 
3HQWDFKORURQLWUREHQ]HQHLVXVHGPDLQO\DVDIXQJL 7KH3&6ZDVODXQFKHGLQ-XO\
FLGH 3&V 3KRWRQLF&U\VWDOV
2UJDQLF&KHPLVWU\ (OHFWURQLF6FLHQFH(QJLQHHULQJ6FLHQFH
3&2 3RODU&DS2EVHUYDWRU\ SFV DEEU SLHFHV
7KH3&2ZDVEXLOWLQQHDUWKHPDJQHWLF 3&6 SRLQWGHFRQWU{OHGHVVWRFNV
1RUWK3ROHLQ&DQDGD'DWHFRPSOHWHG LQYHQWRU\FRQWUROSRLQW ,&3  
$WPRVSKHULF6FLHQFH*HRSK\VLFV6SDFH3K\VLFV 3&6 3RVLWLRQ&RQWURO6\VWHP
3&2 3XWDQG&DOO2SWLRQ 3&V 3RVW&RPSXWHUV
3&20 3KLODGHOSKLD&ROOHJHRI2VWHRSDWKLF 3FV 3UHFRQVFLRXV
0HGLFLQH 86$  3V\FKRORJ\
3&3 3HQWDFKORURSKHQRO 3&6 3UHIHUUHG&DSLWDO6WRFN
&&O2+3HQWDFKORURSKHQROLVVROXEOHLQZDWHU %XVLQHVV)LQDQFH
DQGDOFRKRODQGKDVDPHOWLQJSRLQWRI$&,WLV SFV DEEU SULFHV
XVHGPDLQO\DVDIXQJLFLGHDQGEDFWHULFLGH 3&6EDQGV 3HUVRQDO&RPPXQLFDWLRQ6\VWHPEDQGV
2UJDQLF&KHPLVWU\ 3&6& 3HUVRQDO&RPSXWHU6PDUWFDUG
3&3 3HULGLQLQ&KORURSK\OO3URWHLQ 3&6& 3URJUDPPH&KDQJH6XE&RPPLWWHH
3&3 LVVRFDOOHGEHFDXVHWKHSURWHLQLVDVVRFLDWHG 6RXVFRPLWpGHVPRGLILFDWLRQVGXORJLFLHO
ZLWKWKHSLJPHQWVFKORURSK\OODQGSHULGLQLQ 3&6' 3UHVLGHQW·V&RXQFLORQ6XVWDLQDEOH
3KRWRV\QWKHVLV3ODQW%LRFKHPLVWU\3ODQW 'HYHORSPHQW 86$ 
%LRORJ\6WUXFWXUDO%LRORJ\ 3&6( 3DFLILF&RDVW6WRFN([FKDQJH 86$ 
3&3 3KHQF\FOLGLQH+\GURFKORULGH 3&6WHFKQRORJ\ 3HUVRQDO&RPPXQLFDWLRQV6HUYLFHV
&++1‡+&O3KHQF\FOLGLQH+\GURFKORULGHLV WHFKQRORJ\
XVHGLQYHWHULQDU\PHGLFLQH 3&6LVFOHDUHUIDVWHUDQGFKHDSHUWKDQGLJLWDOWHFK
3KDUPDFRORJ\ QRORJ\,WDOORZVGDWDDQGYRLFHWUDQVPLVVLRQRYHU
3&3 3QHXPDWLF&DSVXOH3LSHOLQH WKHDLUZDYHVDQGGLVSHQVHVZLWKSKRQHOLQHV
&RDO7UDQVSRUWDWLRQ 3&7 3DWHQW&RRSHUDWLRQ7UHDW\
3&3 3QHXPRF\VWLV&DULQLL3QHXPRQLD 3&7 3HDN&ODG7HPSHUDWXUH
3QHXPRF\VWLVFDULQLLSQHXPRQLDDOVRNQRZQDV SFWSFW DEEU SHUFHQWDJHSHUFHQW
3QHXPRF\VWLF3QHXPRQLDLVDOXQJLQIHFWLRQ 3&7$ 3HUFXWDQHRXV7UDQVOXPHQDO&RURQDU\
0HGLFLQH $QJLRSODVW\


3&7)( 3RO\FKORURWULIOXRURHWK\OHQH SGSG SULVPGLRSWHU


3&8 SODQVFLYLOVG
XUJHQFH 2SWLFV
FLYLOHPHUJHQF\SODQQLQJ &(3   3' 3UREOHP'HWHUPLQDWLRQ
3&8 3URJUDPPH&RRUGLQDWLRQ8QLW %HOJLXP  3' 3XOSRGLVWDO
(QYLURQPHQWDO3URJUDPPHIRUWKH'DQXEH5LYHU 3'$ 3HUVRQDO'LJLWDO$VVLVWDQW
%DVLQ 0RELOH'HYLFHV
3&9 3DFNHG&HOO9ROXPH 3'$ 3RVW'HIOHFWLRQ$FFHOHUDWLRQ
3F[ 3HULVFRSLF&RQYH[ 3RVWDFFHOHUDWLRQ
3' ,QWHUSXSLOODU\'LVWDQFH (OHFWURQLFV
3' 3DGRYD,WDO\ 3'$ 3UHGLFWHG'ULIW$QJOH
3'SG DEEU SDLG 3'$ 3XEOLF'LVSOD\RI$IIHFWLRQ
3G WKHFKHPLFDOV\PEROIRU3DOODGLXP 3'$V 3HUVRQDO'LJLWDO$VVLVWDQWV
3DOODGLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF 0RELOH'HYLFHV
QXPEHUDQGDPHOWLQJSRLQWRI$&,WLV 3'$6 3KRWRGLRGH$UUD\6SHFWURSKRWRPHWHU
XVHGPDLQO\LQHOHFWULFDOFRPSRQHQWVDQGFDWD 3'% SGLFKORUREHQ]HQH
O\VWV1DPHGIRUWKHDVWHURLG3DOODV 3'% 3HH'HH%HOHPQLWH
&KHPLVWU\6\PEROV ,VRWRSH6FLHQFHV
3GSG SDSLOODGLDPHWHU 3'% 3ROLVK'HYHORSPHQW%DQN
3' 3DUNLQVRQ
V'LVHDVH 3'%ZDVHVWDEOLVKHGLQ6LQFHWK-XQH
3'LVDQHXURGHJHQHUDWLYHGLVRUGHUFDXVLQJPXV 3'%KDVEHHQOLVWHGRQWKH:DUVDZ6WRFN
FXODUULJLGLW\SRVWXUDODEQRUPDOLWLHVGHPHQWLD ([FKDQJH
1DPHGDIWHUWKH(QJOLVKVXUJHRQ-DPHV3DUNLQVRQ 3'% 3URWHLQ'DWD%DQN
ZKRGHVFULEHGLW :HE6LWHV
&OLQLFDO1HXURJHQHWLFV*HQHWLF'LVHDVHV 3GF 'LUHFWFXUUHQWSRZHU
*HQRPH5HVHDUFK0HGLFLQH1HXURORJLFDO 3'& SRVLWLRQGHSWKFKDUJH
'LVRUGHUV FKDUJH$60GHORFDOLVDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU/'23$ SUDFWLFHGHSWKFKDUJH
3'SG DEEU SDVVHG JUHQDGH$60G·H[HUFLFH
3' 3DVVLYH'HYLFH 3'&$ 3ODQ'R&KHFN$FW
&RPSXWHU7HFKQRORJ\ 3''$ SRZHUGULYHQGHFRQWDPLQDWLRQDSSDUDWXV
3' 3DVW'XH DDSSDUHLOGHGpFRQWDPLQDWLRQPRWRULVp
%XVLQHVV&RPPHUFH EDSSDUHLOGHGpFRQWDPLQDWLRQjHQWUDvQHPHQW
3' 3D\UROO'HGXFWLRQ PpFDQLTXH
3' SHULVFRSHGHSWK 3'( 3DUWLDO'LIIHUHQWLDO(TXDWLRQ
 j LPPHUVLRQSpULVFRSLTXH 0DWKHPDWLFV
SRLQWGHWRQDWLQJ 3'( 3KRVSKRGLHVWHUDVH
GpWRQDWLRQ 3'(LVDQHQ]\PHWKDWORZHUVWKHOHYHORIF\FOLF
3' 3HUVRQQHO'HSDUWPHQW $03
3' 3LHUFH·V'LVHDVH %LRFKHPLVWU\1HXURVFLHQFH1HXURELRORJ\
3ODQW3DWKRORJ\ 4XDQWLWDWLYH%LRORJ\
SG SLWFKGLDPHWHU 3'( 3UHOLPLQDU\'HWHUPLQDWLRQRI(SLFHQWHUV
3' 3ROLFH'HSDUWPHQW (DUWK6FLHQFHV(DUWKTXDNHV3ODQHWDU\6FLHQFHV
3' 3ROLF\'LYLVLRQ 2FHDQRJUDSK\6HLVPLF7RPRJUDSK\
3' 3RSXODWLRQ'RXEOLQJ 3'(&*) 3ODWHOHW'HULYHG(QGRWKHOLDO&HOO
3' HQ 3RUW'€ *URZWK)DFWRU
)UHQFKLQLWLDOLVPPHDQLQJ&DUULDJHIRUZDUG 7K\PLGLQH3KVRSKRU\ODVHLVDOVRFDOOHG3'
IUHLJKWIRUZDUG (&*)RU(&*)
&RPPHUFH %LRFKHPLVWU\%LRSK\VLFV*HQHWLFV1HXURORJ\
3'SG 3RUW'XWLHV 1HXURSDWKRORJ\
3'SG 3RVLWLRQ'HVFULSWLRQ 3'(6VFKHPH 3DUDOOHO'LVFUHWH(YHQW6LPXODWLRQ
3'SG 3RVWDO'LVWULFW VFKHPH
3'3' 3RWHQWLDO'LIIHUHQFH $VWURQRP\$SSOLHG3K\VLFV3K\VLFV
(OHFWULFLW\ 3') 3LJPHQW'LVSHUVLQJ)DFWRU


$FWLYLW\5K\WKPV&LUFDGLDQ5K\WKPV&ORFN SGQ DEEU SURGXFWLRQ


5HVHDUFK1HXURSHSWLGH([SUHVVLRQ $OVRSURG
3') 3RUWDEOH'DWD)RUPDW3RUWDEOH'RFXPHQW 3'1 3XEOLF'DWD1HWZRUN
)RUPDW S'1$ SODVPLG'1$
SGI SUREDELOLW\GHQVLW\IXQFWLRQ 0HGLFLQH
3') 3URGXLWVGH'pJUDGDWLRQGHOD)LEULQH 3'2 3DFLILF'HFDGDO2VFLOODWLRQ
)UHQFKLQLWLDOLVPPHDQLQJ)LEULQ'HJUDGDWLRQ &OLPDWH6FLHQFH'HFDGDO9DULDWLRQV*HRSK\VLFV
3URGXFWVDOVRNQRZQDV)LEULQ6SOLW3URGXFWV 0DULQH*HRFKHPLVWU\0HWHRURORJ\
0HGLFLQH 3'2 3DOODGLXP2[LGH
3')' 3UHGHPRQVWUDWLRQ)XVLRQ'HYLFH 3'3 3DUDOOHO'LVWULEXWHG3URFHVVLQJ
3G* 3DOD]]RGL*LXVWL]LD $UWLILFLDO,QWHOOLJHQFH
,WDOLDQLQLWLDOLVPPHDQLQJ7KH+DOORI-XVWLFH7KH 3'3 3D\UROO'HGXFWLRQ3ODQ
/DZ&RXUWV 3'3 3URILW'LUHFWGX3URGXLW
3'* 3UpVLGHQW'LUHFWHXU*pQpUDO )UHQFKLQLWLDOLVPPHDQLQJ'LUHFW3URILW3URGXFW
)UHQFKLQLWLDOLVPPHDQLQJ&KDLUPDQDQG 3'3 3URJUDP'HYHORSPHQW3ODQ
0DQDJLQJ'LUHFWRU 3'3 3URJUDPPHG'DWD3URFHVVRU
3'JDPH 3ULVRQHU
V'LOHPPDJDPH 3'4 3URGX]LRQH'LYHUVLILFDWDGL4XDOLWj ,WDO\ 
(YROXWLRQDU\%HKDYLRU 3'5 3DWKRJHQ'HULYHG5HVLVWDQFH
3'*) 3ODWHOHW'HULYHG*URZWK)DFWRU %LRORJLFDO6FLHQFHV3ODQW3DWKRORJ\
(QGRFULQRORJ\+HPDWRORJ\ 3'5 3HULVFRSH'HSWK5DQJH
3'*)5$ 3ODWHOHW'HULYHG*URZWK)DFWRU5HFHWRU 3'5 3K\VLFLDQ
V'HVN5HIHUHQFH
_ 3'5 3UHFLVLRQ'HSWK5HFRUGHU
0HGLFLQH0HGLFDO2QFRORJ\3DWKRORJ\ 7KHSUHFLVLRQGHSWKUHFRUGHULVDOVRNQRZQDV
3'. 3XEOLVKLQJ'HYHORSPHQW.LW 0LFURVRIW
V  3UHFLVLRQ*UDSKLFUHFRUGHU
3'. 3KRVSKRLQRVLWLGH'HSHQGHQW3URWHLQ (QJLQHHULQJ
.LQDVH 3'5 3URFHVVLQJ'DWD5DWH
6LJQDO7UDQVGXFWLRQ 3'5V 3KRWRGLVVRFLDWLRQ5HJLRQV
3'/ SURJUDPGHVLJQODQJXDJH $VWURFKHPLVWU\$VWURQRP\$VWURSK\VLFV
ODQJDJHGHFRQFHSWLRQGHSURJUDPPHV 0ROHFXODU$VWURSK\VLFV6SDFH6FLHQFH
3'/ 3URWHLQ'HVLJQ/DEV 86$  3'6 3DUWLWLRQHG'DWD6HW
3'/ LVDGHYHORSHURIKXPDQL]HGPRQRFKORQDO 3'6 3DUW\RIWKH'HPRFUDWLF/HIW ,WDO\ 
DQWLERGLHV 3'6 3KRWRGLVFKDUJH6SHFWURVFRS\
3'/&V 3RO\PHU'LVSHUVHG/LTXLG&U\VWDOV 3'6 SRVWGHVLJQVHUYLFHV
3'OHYHO 3RSXODWLRQ'RXEOLQJOHYHO VXLYLGHVPDWpULHOVHQVHUYLFH
3'0 3URGXFW'DWD0DQDJHPHQW 3'6& 3UHVVXUH'LIIHUHQWLDO6FDQQLQJ&DORULPHWU\
2I6'5& 86$  3'7 'HPRFUDWLF/DERU3DUW\ %UD]LO 
3'0LVHVVHQWLDOO\DGDWDEDVHWKDWKHOSVPDQXIDF 3'73'7 3DFLILF'D\OLJKW7LPH
WXUHUVPDQDJHDOOW\SHVRISURGXFWUHODWHGGDWD SGW DEEU SHQGDQW
ILOHVDQGDVVRFLDWHGSURFHVVHVUHTXLUHGWRGHVLJQ )UHQFKDEEUHYLDWLRQPHDQLQJGXULQJRYHU
PDQXIDFWXUHDQGPDLQWDLQSURGXFWVWKURXJKRXW 3'7 3KRWRG\QDPLF7KHUDS\
WKHLUHQWLUHOLIHF\FOHV 7KHSKRWRG\QDPLFWKHUDS\DOVRNQRZQDV
3'0 3XOVH'XUDWLRQ0RGXODWLRQ 3KRWRUDGLDWLRQLVXVHGIRUQHRYDVFXODUDJHUHODWHG
7HOHFRPPXQLFDWLRQV PDFXODUGHJHQHUDWLRQ$0'
3'03 'WKUHR3KHQ\O'HFDQR\ODPLQR 3'7 SURJUDPPHGHWUDYDLO
0RUSKROLQR3URSDQRO SURJUDPPHRIZRUN 32:  
3'06 SRLQWGHIHQFHPLVVLOHV\VWHP 3'7& 3\UUROLGLQH'LWKLRFDUERQDWH
V\VWqPHGHPLVVLOHGHGpIHQVHSRQFWXHOOH $JLQJ5HVHDUFK$SRSWRVLV&HUHEURYDVFXODU
3'06 3RO\GLPHWK\OVLOR[DQH 5HVHDUFK
0DWHULDOV6FLHQFH 3'8 &DUERQL]DWLRQ 3URFHVV'HYHORSPHQW8QLW
3'0WHFKQLTXHV 3KDVH'LIIHUHQFH0RGXODWLRQ 3'83URWRFRO'DWD8QLW
WHFKQLTXHV 3'8)$ 3UHVFULSWLRQ'UXJ8VHU)HH$FW 
'LJLWDO&RPPXQLFDWLRQ6\VWHPV6\VWHPV 86$ 
(QJLQHHULQJ 3':6 SRLQWGHIHQFHZHDSRQV\VWHP


V\VWqPHG·DUPHGHGpIHQVHSRQFWXHOOH 3($ 3ODQG


(SDUJQHHQ$FWLRQV
3'; 7KHDLUSRUWFRGHIRU3RUWODQG2UHJRQ86$ )UHQFKDFURQ\PPHDQLQJ3HUVRQDO(TXLW\3ODQ
3'= 3XHQWH'HO=DFDWH %XVLQHVV)LQDQFH
&KHPLVWU\*HRSK\VLFDO6FLHQFHV0HWHRULWH 3($0 3LDQR(QHUJHWLFRGHOO
$UHD0HWURSROLWDQD
6WXGLHV GHOOD3URYLQFLDGL0LODQR ,WDO\ 
3( 3DUODPHQWR(XURSHR ,WDOLDQ(QHUJ\3ODQV
,WDOLDQLQLWLDOLVPPHDQLQJ(XURSHDQ3DUOLDPHQW 3($5/ 3URFHVVDQG([SHULPHQW$XWRPDWLRQ5HDO
3( SHDFHHQIRUFHPHQW WLPH/DQJXDJH
LPSRVLWLRQGHODSDL[ 3($5ODERUDWRU\ 3ULQFHWRQ(QJLQHHULQJ
SHDFHHVWDEOLVKPHQW $QRPDOLHV5HVHDUFKODERUDWRU\ 86$ 
WDEOHDXG·HIIHFWLIVGXWHPSVGHSDL[ 7(3  3DUDSV\FKRORJ\3K\VLFV
3HUX 3(% 3RVW([SRVXUH%DNH
3pURX &KHPLVWU\&KHPLFDO(QJLQHHULQJ
SUREDEOHHUURU 0DFURPROHFXOHV1HXWURQ5HVHDUFK3RO\PHUV
HUUHXUSUREDEOH 6HPLFRQGXFWRUV
3( 3HOWLHU(IIHFW 3(%%/(V 3UREHV(QFDSVXODWHG%\%LR/LVWLF
1DPHGIRULWVGLVFRYHUHUWKH)UHQFKSK\VLFLVW-HDQ (PEHGGLQJ
3HOWLHU $QDO\WLFDO&KHPLVWU\$SSOLHG6SHFWURVFRS\
%LPHWDO-XQFWLRQV3K\VLFV7KHUPRHOHFWULFLW\ %LRVHQVRUV&KHPLVWU\
3( 3HQWDHU\WKULWRO 3(& 3DHVLGHOO
(XURSD&HQWUDOH
3HQWDHU\WKULWROLVXVHGPDLQO\LQH[SORVLYHVSKDU ,WDOLDQDFURQ\PPHDQLQJ&HQWUDO(XURSH
PDFHXWLFDOVDQGIHUWLOL]HUV &RXQWULHV
2UJDQLF&KHPLVWU\ 3(&SHF 3KRWRHOHFWULF&HOO
SH SHUHVHPSLR 7KHSKRWRHOHFWULFFHOOLVDOVRNQRZQDV3KRWRFHOO
,WDOLDQLQLWLDOLVPPHDQLQJIRUH[DPSOHHJ (OHFWULF(\H
3( 3HULSODVPLFDOO\([SRVHG (OHFWURQLFV
%LRORJLFDO6FLHQFHV&KHPLVWU\'HYHORSPHQWDO 3(&& 3DFLILF(FRQRPLF&RRSHUDWLRQ&RXQFLO
1HXURJHQHWLFV0HGLFLQH 3(&2 3DHVLGHOO
(XURSD&HQWUDOHH2ULHQWDOH
3( 3HUPDQHQW(UURU 3(&2 SD\VG
(XURSHFHQWUDOHHWRULHQWDOH
3HUPDQHQWHUURULVDOVRNQRZQDV+DUG(UURU FRXQWULHVRI&HQWUDODQG(DVWHUQ(XURSH &&(( 
&RPSXWHU3URJUDPPLQJ 3(&3 3ODVPRGHVPDO(QULFKHG&HOO:DOO3URWHLQ
3( 3HUX
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHUV %LRORJLFDO6FLHQFHV3ODQW%LRORJ\
3( 3HVFDUD,WDO\ 3(&6' SROLWLTXHHXURSpHQQHFRPPXQHHQPDWLqUH
3( 3KDVH(QFRGLQJ GHVpFXULWpHWGHGpIHQVH
'DWD&RPPXQLFDWLRQV &RPPRQ(XURSHDQ6HFXULW\DQG'HIHQFH3ROLF\
3( 3K\FRHU\WKULQ &(6'3 
3(LVIRXQGLQUHGDOJDH,WLVRQHRIWKHPDMRU 3(' 3D\V(Q'pYHORSSHPHQW
VSHFLHVRISK\FRELOLSURWHLQV )UHQFKDFURQ\PPHDQLQJ'HYHORSLQJ1DWLRQ
%LRFKHPLVWU\3ODQW%LRORJ\ 'HYHORSLQJ&RXQWU\
3( 3K\VLFDO(GXFDWLRQ3K\VLFDO([DPLQDWLRQ 3HG SHGLDWULFVSHGLDWULFLDQ
3( 3LGJLQ(QJOLVK 3('& SROLWLTXHHXURSpHQQHGHGpIHQVHFRPPXQH
3( 3RO\HWK\OHQH 3('& 
3RO\HWK\OHQHLQILOPIRUPLVXVHGWRZUDSIRRG &RPPXQ(XURSHDQGHIHQFHSROLF\ &('3 
SURGXFWVDQGKDVQXPHURXVLQGXVWULDOXVHV 3(') 3LJPHQW(SLWKHOLXP'HULYHG)DFWRU
0DWHULDOV $QJLRJHQHVLV
3( 3UHSDLG([SHQVH 3('9 3RUFLQH(SLGHPLF'LDUUKHD9LUXV
3( SH 3( SH3ULQWHU
V(UURU 3((0 3KRWRHOHFWURQ(PLVVLRQ0LFURVFRS\
*UDSKLF$UWV 3((0V 3KRWRHOHFWURQ(PLVVLRQ0LFURVFRSHV
3( 3URFHVVLQJ(OHPHQWV 3K\VLFDO&KHPLVWU\
3( 3URIHVVLRQDO(QJLQHHU 3((3 3RVLWLYH(QG([SLUDWRU\3UHVVXUH
3($ SHDFHHVWDEOLVKPHQWDXWKRULW\ 0HGLFLQH
DXWRULWpUHVSRQVLEOHGXWDEOHDXG·HIIHFWLIVGXWHPSV 3((5 3HHU(YDOXDWLRQRI([WUDPXUDO5HVHDUFK
GHSDL[


3()&2 3ULYDWH([SRUW)XQGLQJ&2USRUDWLRQ 3(3&. 3KRVSKRHQROS\UXYDWH&DUER[\NLQDVH DQ


86$  HQ]\PH 
3(* 3LDQR(VHFXWLYRGL*HVWLRQH ,WDO\  %LRPHGLFLQH'LDEHWHV*OXFRQHRJHQHVLV
3(* 3QHXPRHQFHSKDORJUDP 0ROHFXODU*HQHWLFV
0HGLFLQH 3(3&2 3RWRPDF(OHFWULF3RZHU&R 86$ 
3(* 3RO\HWK\OHQH*O\FRO &RJHQHUDWLRQXQLWV
3RO\HWK\OHQHJO\FROLVXVHGPDLQO\LQPDNLQJ 3(3( 3DUDOOHO(OHPHQW3URFHVVLQJ(QVHPEOH
SKDUPDFHXWLFDOVSODVWLFL]HUVDQGFRVPHWLFV &RPSXWHUV
2UJDQLF&KHPLVWU\ SHSH 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
3(, 3HUFXWDQHRXV(WKDQRO,QMHFWLRQ XVLQJWKH,WDOLDQZRUGSHSHZKLFKPHDQVSHS
$EODWLRQ7HFKQLTXHV&DUFLQRPDV SHU
3HL 3URJHWWRHGXFDWLYRGLLVWLWXWR ,WDO\  %RWDQ\
3(/ 3ODQG·(SDUJQH/RJHPHQW )UDQFH  3(3 H[RJHQRXV 3URO\O(QGRSHSWLGDVH
3(/V 3HUPLVVLEOH([SRVXUH/LPLWV %LRFKHPLVWU\&KHPLVWU\,PPXQRJHQLF(SLWRSHV
3(0 3RO\PHU(OHFWURO\WLF0HPEUDQH 0HGLFLQH
3(0' 3URJUDPIRU([SRUW0DUNHW'HYHORSPHQW 3(36 3HUPDQHQW(WKQRJUDSKLF3UREDELOLW\6DPSOH
&DQDGD  $QWKURSRORJ\
3(0)& 3RO\PHU(OHFWURO\WH0HPEUDQH)XHO&HOO 3(3V 3HUVRQDO(TXLW\3ODQV
(XURSHDQ&RPPLVVLRQWK )3 3(36 3UHPLHU(QWUp3UHPLHU6RUWL
(OHFWULFLW\*HQHUDWLRQ:DVWH*DVHV )UHQFKDFURQ\PPHDQLQJ)LUVW,Q)LUVW2XW
)RUIXUWKHUGHWDLOVVHHXQGHU)3 %XVLQHVV(FRQRPLFV)LQDQFH
3(1 3DFLILF([FKDQJH1HWZRUN 3(482'3URMHFW 3DFLILF(48DWRULDO2FHDQ
3(1 3LDQR(QHUJHWLFR1D]LRQDOH '\QDPLFV3URMHFW 86$ 
,WDOLDQDFURQ\PPHDQLQJ1DWLRQDO(QHUJ\3ODQ SHU DEEU SHULRGR
3(17$ 3DHGLDWULF(XURSHDQ1HWZRUNIRUWKH ,WDOLDQDEEUHYLDWLRQPHDQLQJSHULRG
7UHDWPHQWRI$,'6 SHU DEEU SHULWR
(XURSHDQ&RPPXQLW\3URMHFW ,WDOLDQDEEUHYLDWLRQPHDQLQJH[SHUW
3(17$)/8;([SHULPHQW )LIWK)OX[([SHULPHQW 3( 5 3ULFH(DUQLQJ5DWLR
3(2 SHDFHHQIRUFHPHQWRSHUDWLRQ 0DQDJHPHQW
RSpUDWLRQG·LPSRVLWLRQGHODSDL[ 3(5 3URJUDP(YHQW5HFRUGLQJ
3(2 3RO\HWK\OHQH2[LGH 'DWD&RPPXQLFDWLRQV
%LRHQJLQHHULQJ&HOO%LRORJ\&KHPLFDO 3(5 3URWHLQ(IILFLHQF\5DWLR
(QJLQHHULQJ'HQWLVWU\ 1XWULWLRQ
3(3 3DFNHW([FKDQJH3URWRFRO 3(5$ 3URGXFWLRQ(QJLQHHULQJ5HVHDUFK
3(3 3DHVLD(FRQRPLD3LDQLILFDWD $VVRFLDWLRQ 86$ 
3(3 3HDN(QYHORSH3RZHU SHUD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
(OHFWURQLFV XVLQJWKH,WDOLDQZRUGSHUDZKLFKPHDQVSHDU
3(3 3HUVRQDO(TXLW\3ODQ %RWDQ\0DWHULDOV
%XVLQHVV)LQDQFH SHUDJULP DEEU SHULWRDJULPHQVRUH
3(3 3KRVSKRHQROS\UXYDWH ,WDOLDQDEEUHYLDWLRQPHDQLQJVXUYH\RU
3(3 3ODQG
(SDUJQH3RSXODLUH 3(UDWLR 3UHFLSLWDWLRQ(YDSRUDWLRQUDWLR
)UHQFKDFURQ\PPHDQLQJ7D[([HPSW6SHFLDO 7KHSUHFLSLWDWLRQHYDSRUDWLRQUDWLRLVDOVRNQRZQ
6DYLQJV$FFRXQW DV3UHFLSLWDWLRQ(IIHFWLYHQHVV5DWLR
(FRQRPLFV)LQDQFH 0HWHRURORJ\
3(3 3ODQW(QKDQFHPHQW3URJUDPPH 3(5% 3XEOLF(PSOR\PHQW5HODWLRQV%RDUG
3(3 3QHXPRWKRUD[([WUD3OHXUDO 86$ 
3(3 3ROLWLFDODQG(FRQRPLF3ODQQLQJ SHUFDOO DEEU SHULWRFDOOLJUDIR
3(3 3UHYHQWLRQRI(QYLURQPHQWDO3ROOXWLRQ ,WDOLDQDEEUHYLDWLRQPHDQLQJKDQGZULWLQJH[SHUW
:+2
V SHUFRPP DEEU SHULWRFRPPHUFLDOH
)RUIXUWKHUGHWDLOVVHHXQGHU:+2 ,WDOLDQDEEUHYLDWLRQPHDQLQJFRPPHUFLDOH[SHUW
3(3& 3KRVSKRHQROS\UXYDWH&DUER[\ODWH DQ DVVHVVRU
HQ]\PH  SHUHVW DEEU SHUHVWHQVLRQH
$JURELRORJ\0LFURELRORJ\ ,WDOLDQDEEUHYLDWLRQPHDQLQJE\H[WHQVLRQ


SHUI DEEU SHUIHFW 3(7( 3DUWQHUVKLSIRU(QYLURQPHQWDO7HFKQRORJ\


%RWDQ\6FLHQFH (GXFDWLRQ 86$ 
SHUI DEEU SHUIRUDWHG 3(7(PRGHO 3URWHFWLYH(TXLSPHQW7HVW(IILJ\
3(5)$66 SHUVRQQHOIXQFWLRQDODUHDVXEV\VWHP PRGHO
VRXVV\VWqPHGHGRPDLQHIRQFWLRQQHOSHUVRQQHO 6SHFLILHGLQ(1 (XURSHDQ6WDQGDUGIRU(\H
3HUN 3HUTXLVLWH 3URWHFWRUV 
3HUTXLVLWHLVDOVRNQRZQDV)ULQJH%HQHILW 3(71 3HQWDHU\WKULWRO7HWUDQLWUDWH
(PSOR\PHQW 3HQWDHU\WKULWROWHWUDQLWUDWHLVLQVROXEOHLQZDWHU
3(5/ 3UDFWLFDO([WUDFWLRQ5HSRUW/DQJXDJH VROXEOHLQDFHWRQHDQGKDVDPHOWLQJSRLQWRI
6FULSWLQJ/DQJXDJHV $&,WLVXVHGLQH[SORVLYHV
3(50 3DUWQHUVKLSIRU(FRV\VWHP5HVHDUFKDQG 2UJDQLF&KHPLVWU\
0DQDJHPHQW 86$  3(77 3RVLWLRQ(PLVVLRQ7UDQVD[LDO7RPRJUDSK\
3(505(3 SHUPDQHQWUHSUHVHQWDWLYH 3(77 3URIHVVHXUGHO·(QVHLJQHPHQW7HFKQLTXH
UHSUpVHQWDQWSHUPDQHQW 7KpRULTXH )UDQFH 
SHUQDY DEEU SHULWRQDYDOH 3(9 3RVLWLRQ(IIHFW9DULHJDWLRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJVKLSVXUYH\RU &HOO%LRORJ\'HYHORSPHQWDO%LRORJ\*HQH
3HUV DEEU 3HUVLDQ 6LOHQFLQJ0HGLFDO5HVHDUFK0ROHFXODU%LRORJ\
/DQJXDJHV 3(9 3URSRVLWLRQ([FOXVLYH9HQGHXVH
3(57 3URJUDP(YDOXDWLRQDQG5HYLHZ7HFKQLTXH )UHQFKLQLWLDOLVP8QLTXH6HOOLQJ3URSRVLWLRQ
3(57 ZDVGHYHORSHGE\WKH861DY\LQ 3) 3DWWHUQ)RUPDWLRQ
,QGXVWULDO(QJLQHHULQJ &KDRWLF'\QDPLFV'HYHORSPHQWDO%LRORJ\
SHUW DEEU SHUWDLQLQJ 3) 3HQVLRQ)XQG
3(59 3RUFLQH(QGRJHQRXV5HWURYLUXV SISHUIDYRUH
/LYHU*URZWK/LYHU5HSDLU+HSDWKRORJ\3RUFLQH ,WDOLDQLQLWLDOLVPPHDQLQJSOHDVH
(QGRJHQRXV5HWURYLUXV9LURORJ\ 3)3) 3KDVH)DFWRU
;HQRWUDQVSODQWDWLRQ S) SLFRIDUDG
3(59V 3LJV(QGRJHQRXV5HWURYLUXVHV 3LFRIDUDGLVDXQLWRIFDSDFLWDQFHHTXDOWR
)RUIXUWKHUGHWDLOVVHHXQGHU3(59 IDUDG
3(6 SRLQWG·HQWUpHGHVRUWLH (OHFWULFLW\
SRLQWRIHQWU\H[LW 32(  3)3) 3RZHU)DFWRU
SUHSRVLWLRQHGHTXLSPHQWVWRUDJH (OHFWULFLW\
GpS{WGHPDWpULHOSUpSRVLWLRQQp SI DEEU SUHIHUUHG
3(6 3RO\HWKHUVXOIRQH $OVR3UHISIG
0DWHULDOV 3) 3URMHFW)LQDQFLQJ
3(6 3RWHQWLDO(QHUJ\6XUIDFH %XVLQHVV)LQDQFH
&KHPLVWU\&KHPLFDO3K\VLFV6XSHUFRPSXWHUV 3) SURWHFWLRQIDFWRU>1%&@
3(V 3URFHVVLQJ(OHPHQWV IDFWHXUGHSURWHFWLRQ>1%&@
3(6& 3ROLWLFD(VWHUDHGL6LFXUH]]D&RPXQH 3) 3RO\DGHQ\ODWLRQ)DFWRU
,WDOLDQDFURQ\PPHDQLQJ&RPPRQ6HFXULW\DQG &HOO%LRORJ\3DWKRORJ\
)RUHLJQ3ROLF\ 3)$ 3XOYHUL]HG)XHO$VK
3(6' SROLWLTXHHXURSpHQQHHQPDWLqUHGHVHFXULWp 3)% 3HQWDIOXRUREHQ]\O
HWGHGpIHQVH 3KDUPDFRORJ\
(XURSHDQ6HFXULW\DQG'HIHQFH3ROLF\ (6'3  3)% 3UHVVXUL]HG)OXLGL]HG%HG
SHW DEEU SHWUROHXP 3)%&&7,8 3UHVVXUL]HG)OXLGL]HG%HG
*HRORJ\ &RPEXVWLRQ&RPSRQHQW7HVWDQG,QWHJUDWLRQ8QLW
3(7 3RO\ (WK\OHQH7HUHSKWKDODWH  &RPEXVWLRQ7HFKQRORJ\
3RO\PHU6FLHQFH 3)& 3HUIOXRURFDUERQ
3(7 3RVLWURQ(PLVVLRQ7RPRJUDSK\ 3)& 3UHIURQWDO&RUWH[
5DGLRORJ\ %UDLQ6FLHQFH1HXUDO0HFKQLVPV
3(7$ 3HRSOHIRUWKH(WKLFDO7UHDWPHQWRI$QLPDOV 3)& 3ULYDWHO\)LQDQFHG&RQVXPSWLRQ
3(7$ ZDVIRXQGHGLQ %XVLQHVV&RPPHUFH
%LRPHGLFDO6FLHQFHV/LIH6FLHQFHV6XUJHU\ 3)& 3XOVH)ORZ&RXORPHWU\
9HWHULQDU\0HGLFLQH


3)&3 3ULPDU\)DPLOLDODQG&RQJHQLWDO 0HGLFLQH3DWKRORJ\


3RO\F\WKHPLD 3)= 3RODU)URQW=RQH
3I&63 3IDOFLSDUXP &LUFXPVSRUR]RLWH3URWHLQ SJ DEEU SDJH
0DODULD'1$ 9DFFLQH0HGLFDO5HVHDUFK $OVR3
0LFURELRORJ\1HZ9DFFLQH7HFKQRORJLHV 3* 3DUHQWDO*XLGDQFH
SIG DEEU SUHIHUUHG 3* 3D\LQJ*XHVW
6WRFNV 3* 3HUXJLD,WDO\
3)' 3UHIROGLQ SJ DEEU SLFRJUDUQSLFRJUDPPH
3UHIROGLQLVDJHQHLQYROYHGLQPLFURWXEXOHELR 0HWURORJ\
JHQHVLV,WLVDOVRNQRZQDVWKH*LPFRPSOH[ 3* 3LFWXUH*UDPPDU
&HOOXODU%LRFKHPLVWU\0LFURWXEXOH%LRJHQHVLV &RPSXWHU3URJUDPPLQJ
3)( 3KRWRIHUURHOHFWULF(IIHFW 3* 3ROL]LD*LXGL]LDULD
6ROLG6WDWH3K\VLFV ,WDOLDQLQLWLDOLVPPHDQLQJ&ULPLQDO3ROLFH
3)( SXUFKDVHUIXUQLVKHGHTXLSPHQW 3* DEEU 3RUWXJDO
pTXLSHPHQW PDWpULHO IRXUQLSDUO·DFKHWHXU 3J DEEU 3RUWXJXHVH
3I(03 3ODVPRGLXPIDOFLSDUXP (U\WKURF\WH /DQJXDJHV
0HPEUDQH3URWHLQ 3* 3RVWJUDGXDWH
0HGLFLQH7DUJHW$QWLJHQV 3* SULVRQQLHUGHJXHUUH
3)(3 3URJUDPPDEOH)URQW(QG3URFHVVRU SULVRQHURIZDU 32: 
3)*( 3XOVHG)LHOG*HO(OHFWURSKRUHVLV SURMHFWJURXS
3), 3LSH)DEULFDWLRQ,QVWLWXWH 86$  JURXSHGHSURMHW
3), 3ULYDWH)LQDQFH,QLWLDWLYH *%  SURYLQJJURXQG
3). 3KRVSKRIUXFWRNLQDVH SRO\JRQHG·HVVDL
&DUGLRORJ\0HGLFLQH 3* 3URFXUDWRUH*HQHUDOH3URFXUD*HQHUDOH
3)0 3XOVH)UHTXHQF\0RGXODWLRQ ,WDOLDQLQLWLDOLVPPHDQLQJ$WWRUQH\*HQHUDO
7HOHFRPPXQLFDWLRQV $WWRUQH\*HQHUDO·V2IILFH
3I0VWD,, 3URJHWWRILQDOL]]DWR0DWHULDOLVSHFLDOL /DZ
SHUWHFQRORJLHDYDQ]DWH 3* 3URS\OHQH*O\FRO
2IWKH,WDOLDQ1DWLRQDO5HVHDUFK&RXQFLO 3*LVXVHGPDLQO\DVDOXEULFDQWDQGEDFWHULFLGH
3URMHFWV6SHFLDO0DWHULDOVIRU$GYDQFHG DVZHOODVLQSKDUPDFHXWLFDOVDQGVXQWDQORWLRQV
7HFKQRORJLHV 2UJDQLF&KHPLVWU\
3)07 SODQILQDQFLHUjPR\HQWHUPH 3* 3URVWDJODQGLQ
PHGLXPWHUPILQDQFLDOSODQ 07)3  (QGRFULQRORJ\
3)16 SRVLWLRQIL[LQJQDYLJDWLRQV\VWHP 3* 3URYLQFLDO*RYHUQPHQW
V\VWqPHGHQDYLJDWLRQSDUSRVLWLRQQHPHQW 3* 3DUHQWDO*XLGDQFH 86$ 
3)26 3HUIOXRURRFWDQHVXOIRQDWH 7RGHFLGHZKHWKHUDPRWLRQSLFWXUHLVDSSURSULDWH
3)3 13HQWDIOXRURSURSLRQ\O IRUFKLOGUHQXQGHU\HDUVRIDJH
3I3 3DUWQHUVKLSIRU3HDFH 3*$ 3ROLF\DQG*OREDO$IIDLUV 'LYLVLRQ  86$ 
3DUWHQDULDWSRXUODSDL[ 333   3*$ 3WHUR\OJOXWDPLF$FLG IROLFDFLG 
3)3 3HRSOH
V)LUVW3DUW\ 7DLZDQ  3*$ 3URIHVVLRQDO*ROIHUV
$VVRFLDWLRQ RI$PHULFD
3)3 3LQ)HHG3ULQWHU 86$ 
7KHSLQIHHGSULQWHUPDNHVXVHRISLQVIRUIHHGLQJ 6LQFH
SHUIRUDWHGHGJHSDSHU 3*&V 3ULPRUGLDO*HUP&HOOV
&RPSXWHU7HFKQRORJ\ $QLPDO%LRORJ\5HSURGXFWLYH%LRORJ\9HWHULQDU\
3)3( 3HUIOXRURSRO\HWKHU 0HGLFLQH
3I36& 3ROLWLFDO0LOLWDU\6WHHULQJ&RPPLWWHHRQ )RUIXUWKHUGHWDLOVVHHXQGHU+6&V DQG66&V
3DUWQHUVKLSIRU3HDFH 3*' 3KRVSKRJOXFRQDWH'HK\GURJHQDVH
&RPLWpGLUHFWHXUSROLWLFRPLOLWDLUHGX3DUWHQDULDW 3*' SODQJpQpUDOGHGpIHQVH
SRXUODSDL[ JHQHUDOGHIHQFHSODQ *'3 
3)5 3URWRW\SH)DVW5HDFWRU 3*'RI'1$ 3UHLPSODQWDWLRQ*HQHWLF'LDJQRVLVRI
3)6 SUHIHDVLELOLW\VWXG\ '1$
pWXGHGHVSUpIDLVDELOLWp )RUIXUWKHUGHWDLOVVHHXQGHU'1$
3)8 3ODTXH)RUPLQJ8QLW 3*( 3URVWDJODQGLQ(


3*(V 3ODWLQXP*URXS(OHPHQWV S+ SRWHQWLDOK\GURJHQ


3*+0 3HORWRQ*HQGDUPHULHGH+DXWH0RQWDJQH 3+ 3XEOLF+HDOWK
)UDQFH  3+ SXUSOHKHDUW
3*+ V\QWKDVH 3URVWDJODQGLQ+V\QWKDVH 3XUSOHKHDUWLVDW\SHRIZRRGXVHGWRPDNHIXUQL
%LRFKHPLVWU\&HOO%LRORJ\,PPXQRORJ\ WXUH
0HGLFLQH0ROHFXODU%LRSK\VLFV 0DWHULDOV
3*, 3KRVSKRJOXFRVH,VRPHUDVH 3+ 3KRVSKLQH
3JL 3URJLFLHOGH*HVWLRQ,QWpJUp 3KRVSKLQHDOVRNQRZQDVK\GURJHQSKRVSKLGHLV
)UHQFKLQLWLDOLVPPHDQLQJ(QWHUSULVH5HVRXUFH XVHGPDLQO\LQRUJDQLFSUHSDUDWLRQV
3ODQQLQJ$SSOLFDWLRQ ,QRUJDQLF&KHPLVWU\
3*, SURJUDPPHJHQHUDWHGLQFRPH 3+$ %DFKHORURI3KLORVRSK\
UHFHWWHVSURSUHVGX RXDX SURJUDPPH 3+$ 3K\WRKHPDJJOXWLQLQ
3*,3 3RO\JDODFWXURQDVH,QKLELWLQJ3URWHLQ 3+$ 3XEOLF+RXVLQJ$GPLQLVWUDWLRQ
3ODQW3DWKRORJ\ 3+$ 3XEOLF+RXVLQJ$XWKRULW\
3*. 3KRVSKRJO\FHUDWH.LQDVH 3+$ ,, 3VHXGR+\SRDOGRVWHURQLVP7\SH,,
3*0 SUHFLVLRQJXLGHGPXQLWLRQ +\SHUWHQVLRQ
PXQLWLRQjJXLGDJHGHSUpFLVLRQ 3+$%6,0 3K\VLFDO+$%LWDW6OPXODWLRQ0RGHO
3*0($ 3URS\OHQH*O\FRO0HWK\O(WKHU$FHWDWH 3+$%6,0ZDVGHYHORSHGE\WKH86)LVKDQG
3*0V 3ODWLQXP*URXS0HWDOV :LOGOLIH6HUYLFHLQWKHV
3*2ZDYHV 3RQWRJHQLFXORRFFLSLWDOZDYHV %LRORJ\)LVKHULHV%LRORJ\5LYHU(FRORJ\5LYHU
3*3SJS 3UHWW\*RRG3ULYDF\ 0RUSKRORJ\
6RIWZDUH 3+$3V 3XWDWLYH+/$'5$VVRFLDWHG3URWHLQV
3*5 3RVWJODFLDO5HERXQG 5HJXODWRUVRIFDVSDVHDFWLYDWLRQ
*HRSK\VLFV6SDFH*HRGHV\ $SRSWRVLV7XPRU6XSSUHVVRUV
3*5 3V\FKRJDOYDQLF5HDFWLRQ 3KDUSKDU 3KDUPDFHXWLFDO3KDUPDFLVW3KDUPDF\
3*5 3V\FKRJDOYDQLF5HIOH[ $OVR3KDUPSKDUP
3K\VLRORJ\ 3KDUSKDU 3KDUPDFRORJ\
3*5 3V\FKRJDOYDQLF5HVSRQVH $OVR3KDUPSKDUP
3*UHSHDWV 3RO\JOXWDPLQHUHSHDWV 3KDU 3KDUPDFRSRHLD
%LRPHGLFLQH 7KHWHUPSKDUPDFRSRHLDUHIHUVWRDOLVWRIGUXJV
3*53 3HSWLGRJO\FDQ5HFRJQLWLRQ3URWHLQ DQGGUXJXVHV7KHILUVW86SKDUPDFRSRHLDZDV
,DQWLEDFWHULDO,PPXQH5HVSRQVHV SXEOLVKHGLQWKH86$LQ
3*57 3HWUROHXPDQG*DV5HYHQXH7D[ &DQDGD  3KDUPDFRORJ\
3*6 3HWUROHXP*HR6HUYLFHV 3+$50$ 3+$UPDFHXWLFDO5HVHDUFKDQG
6HLVPLF6HUYLFHV 0DQXIDFWXUHUVRI$PHULFD 86$ 
3*6 3RZHU*HQHUDWLRQ6DWHOOLWH 3+$V 3RO\K\GUR[\ODONDQRDWHV
3*6 3URFHVVHXUGH*HVWLRQGHOD6LJQDOLVDWLRQ %LRGHJUDGDEOH3ODVWLFV%LRFDWDO\VLVRI
3*6 3URWHLQ*6HSKDURVH 0DFURPROHFXOHV%LRSURFHVVLQJRI
3*6) 3XEOLF*RRG6FLHQFH)XQG 0DFURPROHFXOHV
:HHOLQJWRQ1HZ=HDODQG 3+$V 3RWHQWLDOO\+D]DUGRXV$VWHURLGV
3*6PLVVLOH 3DWURO+\GURILO*XLGHGPLVVLOH 7KHUHDUH3+$VFXUUHQWO\NQRZQ  
3*7 3URFHVVHXUGH*HVWLRQGH7UDPH 3+$6,& 3KRWRQLF+\EULG$FWLYH6LOLFD,QWHJUDWHG
SK SDJHKHDGLQJ &LUFXLW
'DWD&RPPXQLFDWLRQV 0XOWLVWDJH3URFHVVHV3DWHQWHG)DEULFDWLRQ
SK 3KDUPDFRSRHLD 7HFKQLTXHV
3KDUPDFRORJ\ 3+%9 3RO\`+\GUR[\EXW\UDWH`K\GUR[\YDOHUDWH
)RUIXUWKHUGHWDLOVVHHXQGHU3KDU SKE] SKRVSKRUEURQ]H
SK DEEU SKDVH $OVR3KRV%
$UFKDHRORJ\$VWURQRP\&DUWRJUDSK\ 0HWDOOXUJ\
&KHPLVWU\0DWHULDLV6FLHQFH0HWDOOXUJ\ 3+& 3HUVRQDO+ROGLQJ&RPSDQ\ 86$ 
3K\VLFV 3+& 3KDUPDFHXWLFDO&KHPLVW
SK SKRVSKRU 3K'3K' 'RFWRURI3KLORVRSK\
3K\VLFV


3+'&1 3URMHFWRQ+XPDQ'HYHORSPHQWLQ TXDUWLHUJpQpUDOGXWHPSVGHSDL[ 4*3 


&KLFDJR1HLJKERUKRRGV 86$  3+5$ 3HQQV\OYDQLD+XPDQ5HODWLRQV$FW
3+'ILQJHUV 3ODQW+RPHRGRPDLQILQJHUV 3+5, 3XEOLF+HDOWK5HVHDUFK,QVWLWXWH 1<
%LRORJ\'HYHORSPHQW*HQHWLFV 86$ 
3+GRPDLQ 3OHFNVWULQ+RPRORJ\GRPDLQ 'UXJUHVLVWDQW6WUDLQV(SLGHPLRORJ\
%LRFKHPLVWU\%LRSK\VLFV0LFURELRORJ\ 0LFURELRORJ\5HHPHUJLQJ'LVHDVHV7XEHUFXORVLV
0ROHFXODU*HQHWLFV1HXURORJ\1HXURVFLHQFH )RUIXUWKHUGHWDLOVVHHXQGHU'276 DQG0(5
3V\FKLDWU\6LJQDO7UDQVGXFWLRQ /,1
3+( 3ODWH+HDW([FKDQJHU 3K50$ 3KDUPDFHXWLFDO5HVHDUFKDQG
3+( 32/ KDQGOLQJHTXLSPHQW 0DQXIDFWXUHUVRI$PHULFD
PDWpULHO RXpTXLSHPHQW GHPDQXWHQWLRQGHVSUR 3K50$ LVD86$VVRFLDWLRQUHSUHVHQWLQJODUJH
GXLWVSpWUROLHUV GUXJFRPSDQLHV
3+(0 3ULPLWLYH+(OLXP0DQWOH 3+6 3HUVRQDO+DQGLSKRQH6\VWHP
(DUWKDQG3ODQHWDU\6FLHQFHV,VRWRSH&KHPLVWU\ 3+6 3XEOLF+HDOWK6HUYLFH 86$ 
3+)V 3DLUHG+HOLFDO)LODPHQWV 3+7 3DWURO+\GURILO7RUSHGR
1HXURSDWKRORJ\ SK\V SK\VLFDOSK\VLFVSK\VLFLDQ
3+*PLVVLOH 3DWURO+\GURIRLO*XLGHGPLVVLOH SK\V SK\VLRORJLFDOSK\VLRORJ\
3+,% DPSKLELRXV 3+<$ 3+<WRFKURPH$
DPSKLELH %RWDQ\
3+,%(; DPSKLELRXVH[HUFLVH 3L ,QRUJDQLF3KRVSKDWH
H[HUFLFHDPSKLELH 3, 3HUIRUPDQFH,QGH[
3+,& 3RO\ +H[\O,VRF\DQDWH  3, 3HUSHWXDO,QYHQWRU\
3+,',$6 ODVHU3+RWRSROLPHUL]DWLRQPRGHOVEDVHG 3, 3HUVRQDO,QFRPH
RQPHGLFDO,PDJLQJD'HYHORSPHQW,PSURYLQJ 3, 3KRVSKRLQRVLWLGH
WKH$FFXUDF\RI6XUJHU\ 3, 3KLOLSSLQH,VODQGV
(XURSHDQ&RPPXQLW\3URMHFW 3, 3LVD,WDO\
3+,/ 3URJUDPPDEOHDOJRULWKPPDFKLQH+LJKOHYHO 3, 3ODQHW,PDJHU
/DQJXDJH 1$6$·V3,ZLOOEHODXQFKHGLQ
3+,50$ 3+RWRUHDOLVWLF,PDJH5HQGHULQJIRU 3, 3RO\LVRSUHQH
0$QXIDFWXUHGREMHFWV 2UJDQLF&KHPLVWU\
(XURSHDQ&RPPXQLW\3URMHFW 3, 3ULQFLSDO,QYHVWLJDWRU
3+/6 3XEOLF+HDOWK/DERUDWRU\6HUYLFH 3, 3URGXFWLYLW\,QGH[
$ &HQWUHRI([FHOOHQFHIRUH[SHUWLVHUHIHUHQFH 3L 3URJHWWRGLLVWLWXWR,WDO\)RUPHUO\3HL
DQGUHVHDUFKRQSDWKRJHQVWKDWDIIHFWKXPDQ )RUIXUWKHUGHWDLOVVHHXQGHU3HL
KHDOWK *%  3, 3URSLGLXP,RGLGH
3+1 3RVW+HUSHWLF1HXUDOJLD 3, 3XEEOLFD,VWUX]LRQH
0HGLFLQH ,WDOLDQDFURQ\PPHDQLQJ3XEOLF(GXFDWLRQ
SKRQ DEEU SKRQHWLFV 3, 3XEEOLFR,PSLHJR
/LQJXLVWLFV ,WDOLDQDFURQ\PPHDQLQJ&LYLO6HUYLFH
3+2V 3RWHQWLDOO\+D]DUGRXV2EMHFWV 3, SXEOLFLQIRUPDWLRQ
$VWHURLGV&RPHWV DLQIRUPDWLRQSXEOLTXH
3+26W SRO\ K\GUR[\VW\UHQH  ESUHVVHHWLQIRUPDWLRQ RXSUHVVHLQIRUPDWLRQ 
&KHPLVWU\&KHPLFDO(QJLQHHULQJ 3, 3XEOLF,QWHUHVW
0DFURPROHFXOHV1HXWURQ5HVHDUFK3RO\PHUV 3,$ 3HUVRQDO,QYHVWPHQW$XWKRULW\
6HPLFRQGXFWRUV 3,$ EHFDPHIXOO\RSHUDWLRQDOIURPVW -XO\
SKRWRJ DEEU SKRWRJUDSKHUSKRWRJUDSK\ 3,$ SRLQWG·LGHQWLILFDWLRQHWG·DFFXHLO
3+2721 3DQHXURSHDQ3+2WRQLF7UDQVSRUW LGHQWLILFDWLRQUHFHSWLRQSRLQW
2YHUOD\1HWZRUN SXEOLFLQIRUPDWLRQDGYLVHU
(XURSHDQ&RPPXQLW\3URMHFW FRQVHLOOHUHQLQIRUPDWLRQSXEOLTXH
3+2726 3+2WRVHQVLWLYH7HFKQRORJ\IRU2SWLFDO 3,$ 3URJLFLHO,QGXVWULHOG·$FTXLVLWLRQ
6\VWHPV 3,$ 7KHDLUOLQHFRGHIRU3DNLVWDQ,QWHUQDWLRQDO
(XURSHDQ&RPPXQLW\3URMHFW $LUOLQHV
3+4 SHDFHKHDGTXDUWHUV 3,$'& 3OXP,VODQG$QLPDO'LVHDVH&HQWHU


3,$'&LVWKHSULQFLSDO86'HSDUWPHQWRI 3,' 3DQHO,QWHJUDWHG'LVSOD\


$JULFXOWXUHODERUDWRU\IRUUHVHDUFKDQGGLDJQRVLV 3,' 3HOYLF,QIODPPDWRU\'LVHDVH
RIDQLPDOGLVHDVHVZKLFKDUHIRUHLJQWRWKH8QLWHG 0HGLFLQH
6WDWHV 3,'6 3XEOLF,QYHVWPHQW'DWD6\VWHP
3,$0 WK $QQXDO 3URJUDPRQ,QYHVWPHQW 3,) SHDFHLPSOHPHQWDWLRQIRUFH
$SSUDLVDODQG0DQDJHPHQW 86$  IRUFHGHPLVHHQ±XYUHGHODSDL[
+DUYDUG8QLYHUVLW\UG 0D\UG -XQH SULFHLQFUHDVHIDFWRU
,QFHSWLRQLQ FRHIILFLHQWGHKDXVVHGHSUL[
3URMHFW$SSUDLVDO6HPLQDUV 3,) 3URODFWLQ,QKLELWRU\)DFWRU
3,$7 3URMHFWRU,QIDQWU\$QWL7DQN 3,)LVDOVRNQRZQDV3URODFWLQ5HOHDVH,QKLELWLQJ
2UGQDQFH )DFWRU
3,% 3URGXLW,QWHULHXU%UXW (QGRFULQRORJ\
)UHQFKDFURQ\PPHDQLQJ*URVV'RPHVWLF 3,):& SHUVRQLQGLFWHGIRUZDUFULPHV
3URGXFW SHUVRQQHLQFXOSpHGHFULPHVGHJXHUUH
3,%$/SLEDO 2EVHUYDWLRQ 3LORW%DOORRQ 3,*0$3 3,J*HQH0$3SLQJ(&
2EVHUYDWLRQ 3,+ 3UHJQDQF\,QGXFHG+\SHUWHQVLRQ
0HWHRURORJ\ 3K\VLRORJ\
3,%25 3DULV,QWHUEDQN2IIHUHG5DWH)UDQFH 3,, 3URJLFLHO,QGXVWULHOG·,GHQWLILFDWLRQ
3,E3(2EORFNFRSRO\PHUV 3RO\ ,VRSUHQHEHWK 3,,UHJXODWLRQV 3URIHVVLRQDO,QGHPQLW\,QVXUDQFH
\OHQHR[LGH EORFNFRSRO\PHUV UHJXODWLRQV
&KHPLVWU\0DWHULDOV6FLHQFH3RO\PHUV 3,. 3DQHO,QWHJUDWHG.H\ERDUG
3,%6 3HUPDQHQW,QWHUHVW%HDULQJ6KDUHV 3,.V 3KRVSKDWLG\OLQRVLWRO.LQDVHV
)LQDQFH,QYHVWPHQWV %LRFKHPLVWU\&DQFHU5HVHDUFK0ROHFXODU
3,& 3DLG,Q&DSLWDO %LRORJ\
%XVLQHVV)LQDQFH 3,/ 3URGRWWR,QWHUQR/RUGR
3,& 3HDFH,PSOHPHQWDWLRQ&RXQFLO ,WDOLDQDFURQ\PPHDQLQJ*URVV'RPHVWLF
&RQVHLOGHPLVHHQ±XYUHGHODSDL[ 3URGXFW
SUHVVLQIRUPDWLRQFHQWUH 3,/27 3D\PHQW,Q/LHX2I7D[HV 86$ 
FHQWUHG·LQIRUPDWLRQGHODSUHVVH 3,/27 3URJUDPPHG,QTXLU\/HDUQLQJ2U
3,& 3HUVRQDO,GHQWLILFDWLRQ&RGH 7HDFKLQJ
7KHSHUVRQDOLGHQWLILFDWLRQFRGHFRQVLVWVRIDVL[ &RPSXWHU3URJUDPPLQJ
FKDUDFWHUQXPEHURQDPDJQHWLFVWULSRQDSODVWLF SLORW 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
FDUGXVHGIRULGHQWLILFDWLRQSXUSRVHVE\XVHUV (QJOLVKZRUGSLORW
DFFHVVLQJVSHFLDOSXUSRVHFRPSXWHUV $YLDWLRQ&RPSXWHU3URJUDPPLQJ0HFKDQLFDO
&RPSXWHU3URJUDPPLQJ (QJLQHHULQJ7HOHFRPPXQLFDWLRQV
3L& 3KRVSKDWH&DUULHU 3,0 3LDQR,QGLFDWLYR0RQGLDOH
0LWRFKRQGULDO&DUULHUV 3,0 3LDQR,QWHUFRPXQDOH0LODQHVH ,WDO\ 
3,& 3UHLQLWLDWLRQ&RPSOH[ 3,0 3ODQW,QIRUPDWLRQ0DQDJHPHQW
0ROHFXODU0HGLFLQH 3,0 SRVLWLRQDQGLQWHQGHGPRYHPHQW
3,& 3UHLQWHJUDWLRQ&RPSOH[ SRVLWLRQHWPRXYHPHQWSUpYXH
*HQHWLFV/HQWLYLUXVHV0LFURELRORJ\ 3,0 3XOVH,QWHUYDO0RGXODWLRQ
3,&$ 3URMHFWRI,QWHJUDWHG&DWDORJXH$XWRPDWLRQ 3,0$FW 6\PDQWHF
V 3HUVRQDO,QIRUPDWLRQ
3,&$662 3UDFWLFDODQG,QWHOOLJHQW&$'IRU 0DQDJHU$FW
$66HPEO\2EMHFWV 3RUWDEOH5HFRUGHUV
(XURSHDQ&RPPXQLW\3URMHFW$VVHPEO\'HVLJQ 3,06 3I3 LQIRUPDWLRQPDQDJHPHQWV\VWHP
3,&% 3URJLFLHO,QGXVWULHO&RQYHUVDWLRQQHOGH%DVH V\VWqPHGHJHVWLRQGHO·LQIRUPDWLRQGX333
3,&& SRLQWRILQJUHVVFRQWUROFHQWUH 3,0V 3KRVSKDWLG\OLQRVLWROPDQQRVLGHV
FHQWUHGHFRQWU{OHGXSRLQWG·HQWUpH 3,0VDUHSKRVSKRJO\FROLSLGV
3,&VLPXODWLRQV 3DUWLFOH,Q&HOOVLPXODWLRQV ,PPXQRORJ\/\PSKRF\WH%LRORJ\5KHXPDWRORJ\
3K\VLFV 3,06 3URILW,PSDFWRI0DUNHW6WUDWHJLHV
3,&72 3URJUDPPDSHUODJHVWLRQH,QWHJUDWDGHO %XVLQHVV(FRQRPLFV)LQDQFH
&DPELDPHQWR7HFQLFR2UJDQL]]DWLYR 2OLYHWWL 3,06 3URJUDP,Q0HGLFDO6FLHQFHV 86$ 
,WDO\ 


$WWKH)ORULGD6WDWH8QLYHUVLW\7DOODKDVVHH 3,5*V 3XEOLF,QWHUHVW5HVHDUFK*URXSV


)ORULGD 7KH3,5*VDLPWRPRELOL]HFROOHJHVWXGHQWVWR
3,0 WHFKQRORJ\ 3URFHVVRU,Q0HPRU\WHFKQRORJ\ ILJKWSROOXWLRQFRQVXPHUIUDXGDQGRWKHULVVXHV
&RPSXWHU6FLHQFH3HWDIORSV0DFKLQHV3K\VLFV 86$ 
3,1 3DFLILF,VODQG1HWZRUN 3,50(' 3URJUDPPH,QWHUGLVFLSOLQDLUHGH
3,1 3DOHRQWRORJ\,1VWLWXWH 5HFKHUFKHVXUOHVEDVHVVFLHQWLILTXHVGX
2IWKH5XVVLDQ$FDGHP\RI6FLHQFHV 0pGLFDPHQW )UDQFH 
3,1 3HUVRQDO,GHQWLILFDWLRQ1XPEHU 3,5SURSHUWLHV 3RVW,QKLELWRU\5HERXQGSURSHUWLHV
3,1 3URGRWWR,QWHUQR1HWWR 1HXUDO6FLHQFH
,WDOLDQDFURQ\PPHDQLQJ1HW'RPHVWLF3URGXFW 3,6 3HULSKHUDO,PPXQH6\VWHP
3,1& 3URSHUW\,1YHVWPHQW&HUWLILFDWH *%  3,6& 3URJUDPPHIRUWKH,QVSHFWLRQRI6WHHO
3,1 FRQVWUXFWLRQ 3RVLWLYH,QWULQVLF1HJDWLYHFRQ &RPSRQHQWV
VWUXFWLRQ (XURSHDQ&RPPXQLW\
(OHFWURQLFV 3,6,75(3 SXEOLFLQIRUPDWLRQVLWXDWLRQUHSRUW
3,2&6 3K\VLFDO,QSXW2XWSXW&RQWURO6\VWHP FRPSWHUHQGXGHVLWXDWLRQHQPDWLqUHG·LQIRUPD
&RPSXWHUV WLRQSXEOLTXH
3,3 SDFNDJHLPSOHPHQWDWLRQSODQ 3,67$ 3ROR,QWHJUDWRGL6YLOXSSR7RULQR$HURSRUWR
SODQGHPLVHHQ±XYUHGHVSDTXHWV RXHQVHP ,WDO\ 
EOHV GHFDSDFLWpV 3,7 3ODVPD,URQ7XUQRYHU
SURMHFWLPSOHPHQWDWLRQSODQ 3,7 7KHDLUSRUWFRGHIRU*UHDWHU3LWWVEXUJK
SODQGHPLVHHQ±XYUHGXSURMHW 3HQQV\OYDQLD86$
3,3 3HUIRUPDQFH,QGH[HG3DSHU 86$  3,7$& 3UHVLGHQW
V,QIRUPDWLRQ7HFKQRORJ\
%XVLQHVV(FRQRPLFV)LQDQFH $GYLVRU\&RPPLWWHH 86$ 
3,3 3HWUROHXP,QFHQWLYH3URJUDPPH &DQDGD  7KH3,7$&LVDPHPEHUSDQHO  RILQGXV
3,3 3LFWXUH,Q3LFWXUH WU\H[HFXWLYHVDQGFRPSXWHUVFLHQWLVWV
'LJLWDO6SHFLDO(IIHFWV ,QIRUPDWLRQ7HFKQRORJ\5HVHDUFK
3,3 3KRVSKDWLG\OLQRVLWROELSKRVSKDWH 3,73 3KRVSKDWLG\OLQRVLWROWUDQVIHUSURWHLQ
0HGLFLQH3K\VLRORJ\3URWHLQ%LRFKHPLVWU\ 0HGLFLQH3K\VLRORJ\3URWHLQ%LRFKHPLVWU\
3,3,&2$IIDLUV 3DQHOIRU,QWHUQDWLRQDO3URJUDPV 3,8 3DWK,QIRUPDWLRQ8QLW
DQG,QWHUQDWLRQDO&RRSHUDWLRQLQ2FHDQ$IIDLUV 3,9 3HDN,QYHUVH9ROWDJH
2IWKH866WDWH'HSDUWPHQW (OHFWURQLFV
3,33LS7HFKQRORJ\ 3DUWQHU,QWHUFKDQJH3URFHVV 3,;( 3URWRQ,QGXFHG;UD\(PLVVLRQ
WHFKQRORJ\ &RP  6SHFWURVFRS\
$ 5RVHWWD1HWWHFKQRORJ\EDVHGRQ;PO 3- 3DODLVGH-XVWLFH
%XVLQHVVWR%XVLQHVV7UDQVDFWLRQV )UHQFKLQLWLDOLVPPHDQLQJWKH+DOORI-XVWLFHWKH
3,35$ 3XEOLFVHFWRU,QWHOOHFWXDO3URSHUW\5HVRXUFH /DZ&RXUWV
IRU$JULFXOWXUH 86$  3-SM 3LqFHV-RLQWHV
3DWHQWHG$JULFXOWXUDO7HFKQRORJLHV )UHQFKLQLWLDOLVPPHDQLQJHQFORVXUHV
3,5 SHULRGLFLQWHOOLJHQFHUHYLHZ 3- 3ROLFH-XGLFLDUH
H[DPHQSpULRGLTXHGXUHQVHLJQHPHQW )UHQFKLQLWLDOLVPPHDQLQJ&ULPLQDO3ROLFH
SUHVVXUHLJQLWLRQURFNHW 3-& 3HUPDQHQW-RLQW&RXQFLO>1$725XVVLD@
URTXHWWHSHUFXWDQWHDYHFDUPHPHQWjGpSUHVVLRQ &RQVHLOFRQMRLQWSHUPDQHQW &&3  >27$1
SULRULW\LQWHOOLJHQFHUHTXLUHPHQW 5XVVLH@
EHVRLQSULRULWDLUHHQUHQVHLJQHPHQW 3-&&6 3HUPDQHQW-RLQW&RXQFLOLQ&KLHIVRI6WDII
3,5 3URJLFLHO,QGXVWULHOGH5pJXODWLRQ )UDQFH  6HVVLRQ>1$725XVVLD@
3,5 3URWHLQ,QIRUPDWLRQ5HVRXUFH &RQVHLOFRQMRLQWSHUPDQHQWHQVHVVLRQGHVFKHIV
3,5$6PHWKRG 3RODUL]HG,QIUDUHG$EVRUSWLRQ G·pWDWPDMRU>27$15XVVLH@
6SHFWURVFRS\PHWKRG 3-&05 3HUPDQHQW-RLQW&RXQFLODW0LOLWDU\
&KHPLVWU\1DQRPDWHULDOV 5HSUHVHQWDWLYHV· /HYHO>1$725XVVLD@
3,UDWH 3ULPH,QWHUHVWUDWHH &RQVHLOFRQMRLQWSHUPDQHQWDXQLYHDXGHV
3,5(SXLVVDQFHLVRWURSHUD\RQQpHpTXLYDOHQWH UHSUpVHQWDQWVPLOLWDLUHV>27$15XVVLH@
HTXLYDOHQWLVRWURSLFDOO\UDGLDWHGSRZHU (,53  3. 3DNLVWDQ
3,5(36 DEEU 3LLORW5HSRUWV 3DNLVWDQ


SHDFHNHHSLQJ 3/ DEEU SODFH


PDLQWLHQGHODSDL[ 3ODFHLVDOVRNQRZQDV&ROXPQ SRVLWLRQDOQRWD
SN DEEU SDUN WLRQV\VWHP 
SN DEEU SHDN 0DWKHPDWLFV
*HRORJ\0HWURORJ\6FLHQFH 3/ DEEU SODQ
3. 3\UXYDWH.LQDVH $UFKLWHFWXUH
3.$ 3ULPDU\.QRFNRQ$WRP 3/ DEEU SODQH
3.$ 3URWHLQ.LQDVH$ $UFKLWHFWXUH$YLDWLRQ0DWKHPDWLFV0HFKDQLFDO
3.$ LVDQHQ]\PHWKDWPRGXODWHVWKHIXQFWLRQRI 'HYLFHV0HGLFLQH3K\VLRORJ\
RWKHUSURWHLQV 3/ 3OHLQH/XQH
&HOOXODU5HJXODWLRQ1HXURVFLHQFHV )UHQFKLQLWLDOLVPPHDQLQJ)XOO0RRQ
3KDUPDFRORJ\3K\VLRORJ\7R[LFRORJ\ $VWURQRP\
3.% 3URWHLQ.LQDVH% 3/ 3RLGV/RXUG
6LJQDO7UDQVGXFWLRQ )UHQFKLQLWLDOLVPPHDQLQJKHDY\ORUU\
3.&,SURWHLQ 3URWHLQ.LQDVH&,QWHUDFWLQJSURWHLQ 3/ DEEU SROH
%LRFKHPLVWU\*HQRPLFV0ROHFXODU%LRSK\VLFV $VWURQRP\%LRORJ\&HOO%LRORJ\
SNJ DEEU SDFNDJH &U\VWDOORJUDSK\(OHFWULFLW\0DWKHPDWLFV
$OVRSNJH 0HFKDQLFV2SWLFV3K\VLFV
&RPSXWHU3URJUDPPLQJ 3/ DEEU SODWH
SNJ DEEU SDFNLQJ $QDWRP\%XLOGLQJ(QJLQHHULQJ*UDSKLF$UWV
$FRXVWLFDO(QJLQHHULQJ&U\VWDOORJUDSK\ (OHFWULFLW\*HRORJ\0HGLFLQH
(QJLQHHULQJ*HRORJ\6XUJHU\ 3/ DEEU SOXUDO
SNJSNJ SHUNLORJUDP 3/ 3ULFH/HYHO3ULFH/LVW
3., SXEOLFNH\LQIUDVWUXFWXUH 3/ 3ULYDWH/DEHO 86$ 
LQIUDVWUXFWXUHjFOpVSXEOLTXHV 0DUNHWLQJ
3./ DEEU 3LFNOH 3/ 3ULYDWH/RDQ
3ODQW%LRORJ\ %XVLQHVV&RPPHUFH)LQDQFH
SNOPXWDWLRQ SLFNOHPXWDWLRQ 3/ 3URILWDQG/RVV
$UDELGRSVLV3ODQWV0XWDJHQL]HG3RSXODWLRQ 3/ 3XEOLF/DZ
3ODQWV3ODQW%LRORJ\ 3/ SXOSROLQJXDO
3.1 3URWHLQ.LQDVH1 SOD SDVVHQJHUV
OXJJDJHLQDGYDQFH
3.2 SHDFHNHHSLQJRSHUDWLRQ>81@ 3/$ 3HQQV\OYDQLD/LEUDU\$VVRFLDWLRQ 86$ 
RSpUDWLRQGHPDLQWLHQGHODSDL[>218@ 3/$ 3KLOLSSLQH/LEUDU\$VVRFLDWLRQ
3.2SV VHH3.2 3/$ SODLQODQJXDJHDGGUHVV
3.3 SUHGLFWHGNLOOSRLQW DGUHVVHG·XQPHVVDJH RXDGUHVVHHQFODLU 
SRLQWG·LPSDFWSUpYX SODLQODQJXDJHDGGUHVVHH
3.6V 3RO\NHWLGH6\QWKDVHV GHVWLQDWDLUHHQODQJDJHFODLU
%DFWHULRORJ\%LRV\QWKHWLF&KHPLVWU\&KHPLFDO 3/$ 3RO\ODFWLF$FLG
(QJLQHHULQJ/RYDVWDWLQ%LRV\QWKHVLV 3/$ 3RUWRI/RQGRQ$XWKRULW\
3KDUPDFHXWLFDO6FLHQFHV 3/$ 3UrWV/RFDWLIV$LGpV )UDQFH 
3.6V 3RO\NHWLGH6\QWKDVHV 3/$ 3URJUDPPDEOH/RJLF$UUD\
3.8 3KHQ\ONHWRQXULD (OHFWURQLFV
3.8LVDGLVHDVHLQZKLFKSKHQ\ODODQLQHFRQFHQ 3/$ 3XEOLF/LEUDU\$VVRFLDWLRQ
WUDWLRQVDUHKLJK 3/$ 3XOSRODELDO
0HGLFLQH 3/$ 3XOSROLQJXRD[LDO
3/ 3DSHU/RVV3DUWLDO/RVV 3/$& 3ODQW$UWLILFLDO&KURPRVRPH
3/ 3/ 3DUWV/LVW 3ODQW%LRWHFKQRORJ\
3/ SKDVHOLQH 3/$//\V 3RO\ /DFWLFDFLGFR/\VLQHJUDIW
OLJQHG·REMHFWLIVLQWHUPpGLDLUHV /\VLQH 
3RODQG $QLPDO6FLHQFH%LRPHGLFDO(QJLQHHULQJ
3RORJQH &KHPLFDO(QJLQHHULQJ
3/ 3K\VLFDO/D\HU 3/ 3' 3XEOLF/LDELOLW\DQG3URSHUW\'DPDJH
&RPSXWHU7HFKQRORJ\ ,QVXUDQFH


3/$1(7 3KRWRQLF/RFDO$FFHVV1(7ZRUNV EXUHDXGHOLDLVRQGX3DUWHQDULDW


(XURSHDQ&RPPXQLW\3URMHFW 3/2 3URJUDPPDEOH/RFDO2VFLOODWRU
3/$10$1 2SHUDWRUGULYHQWHFKQRORJLFDOLQIRUPD ([WUDWHUUHVWULDO3K\VLFV5DGDU$VWURQRP\6SDFH
WLRQV\VWHPIRUWKHFRQWLQXRXVLPSURYHPHQWRI 3K\VLFV
SURFHVVSODQQLQJ 3/26 3XEOLF/LEUDU\2I6FLHQFH 86$ 
7KH3/$10$1SURMHFWZDVVXJJHVWHGE\WKH 3/3 3DFNHW/HYHO3URWRFRO
,QVWLWXWHIRU3URGXFWLRQ(QJLQHHULQJDQG0DFKLQH 3/3 3URJUHVVLYH/DERXU3DUW\ %HUPXGD 
7RROVDWWKH8QLYHUVLW\RI+DQRYHU,WZDV 3/3 3URWHROLSLG3URWHLQ
ODXQFKHGDWWKH6HSWHQEHU&,06KRZ *%  ,PPXQRORJ\
(XURSHDQ&RPPXQLW\3URMHFW 3/1V 3HULSKHUDO/\PSK1RGHV
3/$7/6 3KLOLSSLQH$VVRFLDWLRQRI7HDFKHUVRI 3/5 3RZHU/LQH5DGLDWLRQ
/LEUDU\6FLHQFH 3/56 3RVLWLRQ/RFDWLRQDQG5HSRUWLQJ6\VWHP
3/$72V\VWHPV 3KRWRQLF/LQNVLQ$70DQG 3/6 SRVLWLRQORFDWRUV\VWHP
2SWLFDOV\VWHPV V\VWqPHGHORFDOLVDWLRQGHSRVLWLRQ
(XURSHDQ&RPPXQLW\3URMHFW 3/6& 3ODVPD6FLHQFH&RPPLWWHH 86$ 
3/% SHUVRQDOORFDWRUEHDFRQ 3/6( 3LSH/LQH6XG(XURSpHQ
EDOLVHGHORFDOLVDWLRQLQGLYLGXHOOH 3/66 3RUWDEOH/LIH6XSSRUW6\VWHP
3/%5 3URWRW\SH/DUJH%UHHGHU5HDFWRU 3/66 3UHFLVLRQ/RFDWLRQ6WULNH6\VWHP
3/& 3XEOLF/LPLWHG&RPSDQ\ *%  3/7 3DUWQHUVKLSOLDLVRQWHDP
3/&` 3KRVSKROLSDVH&` pTXLSHGHOLDLVRQGX3DUWHQDULDW
SOF\ DEEU SROLF\ SODQQLQJDQGOLDLVRQWHDP
3/' 3XOVHG/DVHU'HSRVLWLRQ pTXLSHGHSODQLILFDWLRQHWGHOLDLVRQ
3/'LVXVHGIRUWKLQILOPDQGPXOWLOD\HUUHVHDUFK 3/7 3KRWROXPLQHVFHQW7KHUPRPHWHU
$SSOLHG3K\VLFV0DWHULDOV5HVHDUFK3K\VLFV 3/7 3RZHU/LQH7UDQVPLVVLRQ
6SHFWURVFRS\ 3/7 3ULQFHWRQ/DUJH7RUXV
3/'7 3KLOLSSLQH/RQJ'LVWDQFH7HOHSKRQH 1HXWUDO%HDP+HDWLQJ
3/'7 LVWKHFRXQWU\
VGRPLQDQWIL[HGOLQHWHOH SOWI DEEU SODLQWLII
FRPVRSHUDWRU $OVRSOISOII
7HOHFRPPXQLFDWLRQV&DUULHUV 3/8 3ULPDU\/RJLFDO8QLW
3/( SUXGHQWOLPLWRIHQGXUDQFH 3/80 3ULRULW\/RZ8VH0LQLPDO
OLPLWHGHVpFXULWpGXWHPSVGHYRO SOXP 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
SOISOII DEEU SODLQWLII (QJOLVKZRUGSOXP %RWDQ\*HRORJ\ 
$OVRSOWI 3/9 3XEOLFLWp/LHXGH9HQWH
3/*$ 3RO\ /DFWLFDFLGFR*O\FROLF$FLG  )UHQFKLQLWLDOLVPPHDQLQJ3RLQWRIVDOHPDWHULDO
$QLPDO6FLHQFH%LRPHGLFDO(QJLQHHULQJ 3/=7 /HDG/DQWKDQXP=LUFRQDWH7LWDQDWH
&KHPLFDO(QJLQHHULQJ 3/=7 LVDOVRNQRZQDVODQWKDQXPGRSHGOHDG]LU
3O*) 3ODFHQWD*URZWK)DFWRU FRQDWHOHDGWLWDQDWH
0HGLFLQH3DWKRORJ\ 30 3DQDPD
SOL SRXQGVSHUOLQHDULQFK 303DUWLFXODWH0DWWHU
3OODZ DEEU 3RLVHXLOOH·VODZ 3K\VLFV
1DPHGIRULWVGLVFRYHUHUWKH)UHQFKSK\VLRORJLVW 30 3HUPDQHQW0DJQHW
DQGSK\VLFLDQ-HDQ/RXLV0DULH3RLVHXLOOH (OHFWURPDJQHWLVP
3/03OP 3URGXFW/LIHF\FOH0DQDJHPHQW 6$3·V  30 3HVR0ROHFRODUH
6XSSO\&KDLQV ,WDOLDQLQLWLDOLVPPHDQLQJPROHFXODUZHLJKW
3/1 3HUXVDKDQ/LVWULN1HJDUD ,QGRQHVLD  &KHPLVWU\
3/1LVWKHVWDWHRZQHG,QGRQHVLDQHOHFWULFLW\ 30 3KDVH0RGXODWLRQ
PRQRSRO\ 7HOHFRPPXQLFDWLRQV
3/1 3KRVSKRORPEDQ 30 3ODVPD0HPEUDQH
$ PXWDWLRQLQSKRVSKRODPEDQFDQFDXVHGLODWHG 30 SP 3ROLFH0DJLVWUDWH
FDUGLRP\RSDWK\DQGKHDUWIDLOXUH 30 3ROL]LD0LOLWDUH3ROLFH0LOLWDLUH
&HOO%LRSK\VLFV*HQHWLFV0HGLFLQH ,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ0LOLWDU\
3/2 3DOHVWLQH/LEHUDWLRQ2UJDQL]DWLRQ 3ROLFH
3/2 3DUWQHUVKLSOLDLVRQRIILFH 30 SP 3RVW0DVWHU3RVWPDVWHU


30 3RZGHU0HWDOOXUJ\ 30GGRUVDO3UHPRWRU&RUWH[


0HWDOOXUJ\ 0HGLFLQH1HXURELRORJ\3K\VLRORJ\:RUNLQJ
30 SP 3UHPLXP 0HPRU\
30 3UHPLXP0RQH\ 30'$ 3\URPHOOLWLF'LDQK\GULGH
30 3UHYHQWLYH0DLQWHQDQFH &+ &2  3\URPHOOLWLF'LDQK\GULGHLVDZKLWH
,QGXVWULDO(QJLQHHULQJ SRZGHUKDYLQJDPHOWLQJSRLQWRI$&
30 3UHYHQWLYH0HGLFLQH 2UJDQLF&KHPLVWU\
0HGLFLQH 30') 3URMHFW0DVWHU'DWD)LOH
30 3ULPDU\0DUNHW 30( 3HUVRQQHO0DQDJHPHQW(YDOXDWLRQ
30 3ULPLWLYH0DQWOH 30( 3HWLWHVHW0R\HQQHV(QWUHSULVHV
(DUWK6FLHQFHV )UHQFKLQLWLDOLVPPHDQLQJ6PDOODQG0HGLXP
30 3URFHVV0DQDJHU3URMHFW0DQDJHU 6L]HG)LUPV(QWHUSULVHV
0DQDJHPHQW 30( SULQFLSDOPLVVLRQHOHPHQW
3P 7KHFKHPLFDOV\PEROIRU3URPHWKLXP pOpPHQWSULQFLSDOGHODPLVVLRQ
3URPHWKLXPLVDFKHPLFDOHOHPHQWKDYLQJWKH 30(/ 12$$·V 3DFLILF0DULQH(QYLURQPHQWDO
DWRPLFQXPEHUDQGDQDWRPLFZHLJKWRI,W /DERUDWRU\ 6HDWWOH86$ 
LVSURGXFHGE\QXFOHDUILVVLRQDQGLVQDPHGIRUWKH )RUIXUWKHUGHWDLOVVHHXQGHU12$$
DQFLHQW*UHHNJRG3URPHWKHXV 30) 3UREDEOH0D[LPXP)ORRG
&KHPLVWU\6\PEROV 30) 3URGX]LRQHGL0DVVD)OHVVLELOH
303XEEOLFR0LQLVWHUR ,WDOLDQLQLWLDOLVPPHDQLQJ)OH[LEOH0DVV
,WDOLDQLQLWLDOLVPPHDQLQJ3XEOLF3URVHFXWRU,Q 3URGXFWLRQ
(QJODQG'LUHFWRURI3XEOLF3URVHFXWLRQV 30* 3RVWUQDVWHU*HQHUDO
/DZ 30* SURJUDPPHPDQDJHPHQWJURXS
30 3XOSRPHVLDO JURXSHGHJHVWLRQGXSURJUDPPH
30 3XOVH0RGXODWLRQ 30+ 3DVW0HGLFDO+LVWRU\
7HOHFRPPXQLFDWLRQV SPK SHUPDQKRXU
30 3XUFKDVH0RQH\ 30+ 3UHYLRXV0HGLFDO+LVWRU\
30 3XVK0RQH\ S0+&DQWLJHQ VHOISHSWLGH0DMRU
30 3DUWLFOHVVPDOOHUWKDQPLFURPHWHUV +LVWRFRPSDWLELOLW\&RPSOH[DQWLJHQ
30$ 3KDUPDFHXWLFDO0DQXIDFWXUHUV$VVRFLDWLRQ &KHPLFDO%LRORJ\,PPXQRORJ\0ROHFXODU
30$ 3KRUEROP\ULVWDWHDFHWDWH %LRORJ\3KDUPDFHXWLFDO5HVHDUFK
30$ 3UL[0D[LPXP$XWRULVp 30+3 S0HWKDQH+\GURSHUR[LGH
30$ SURMHFWPLOLWDU\DGYLVHU 30+6 3RO\ 0HWK\O+\GUR[\6W\UHQH 
FRQVHLOOHUPLOLWDLUHSRXUOHSURMHFW 30, 3LFFROHH0HGLH,QGXVWULH
30$ 3\URPHOOLWLF$FLG ,WDOLDQLQLWLDOLVPPHDQLQJ6PDOODQG0HGLXP
30$ LVXVHGPDLQO\LQWKHSURGXFWLRQRIOXEUL 6L]HG,QGXVWULHV
FDQWVDQGZD[HV 30, 3RLQWRI0D[LPDO,PSXOVH
2UJDQLF&KHPLVWU\ &DUGLRORJ\
30$$ 3RO\ 0HWKDFU\OLF$FLG  30,3 3DOHRFOLPDWH0RGHOLQJ,QWHUFRPSDULVRQ
30%; 3ULYDWH0DQXDO%UDQFK([FKDQJH 3URMHFW
30& 3DFLILF0DULQH&HQWHU 30/ 3O\PRXWK0DULQH/DERUDWRU\ *% 
30&V 3ULPDU\0XVFOH&HOOV RIWKHDVFLGLDQODU 30/ 3UREDEOH0D[LPXP/RVV
YDH  30/ SURWHLQ 3URP\HORF\WLF/HXNHPLDSURWHLQ
$VFLGLDQ/DUYDH%LRORJ\&HOOXODU%LRORJ\ &DQFHU5HVHDUFK
'HYHORSPHQWDO%LRORJ\ 30/V 3RO\PRUSKRQXFOHDU/HXNRF\WHV
)RUIXUWKHUGHWDLOVVHHXQGHU60&V 30/60PHWKRG 3RODUL]DWLRQ0RGXODWLRQ/DVHU
30' 3HOL]DHXV0HU]EDFKHU'LVHDVH 6FDQQLQJ0LFURVFRS\PHWKRG
$SSOLHG1HXURELRORJ\0HGLFLQH0ROHFXODU &KHPLFDO(QJLQHHULQJ&KHPLVWU\
%LRORJ\ 300 3HQWDPHWK\OPHODPLQH
30' 3RODUL]DWLRQ0RGH'LVSHUVLRQ 2QFRORJ\
30' 3RVWPRUWHP'XPS 300 3XUFKDVH0RQH\0RUWJDJH
&RPSXWHU3URJUDPPLQJ 300$ 3DUDOOHO0RQH\0DUNHW$VVHWV
30' 3URJUDPPHG0XOWLSOH'HYHORSPHQW (FRQRPLFV


300$ 3RO\PHWK\O0HWKDFU\ODWH &RPLWpGLUHFWHXUSROLWRPLOLWDLUH>GXSDUWHQDULDW


3RO\PHWK\OPHWKDFU\ODWHLVDWKHUPRSODVWLFSRO\ SRXUODSDL[@ PDLQWHQDQWDSSHOp3I36& 
PHUXVHGPDLQO\LQOLJKWLQJIL[WXUHVDQGVXUJLFDO 306) 3KHQ\OPHWK\OVXOIRQ\OIOXRULGH
DSSOLDQFHV 306* 3UHJQDQW0DUH
V6HUXP*RQDGRWURSLQ
2UJDQLF&KHPLVWU\ 306 QRWDWLRQ 3URFHVVRU0HPRU\6ZLWFKQRWDWLRQ
300% 3URJUDPLQ0DWKHPDWLFVDQG0ROHFXODU &RPSXWHU7HFKQRORJ\
%LRORJ\ 86$  307 3KRWRPXOWLSOLHU7XEH
301 FHOOV 3RO\PRUSKRQXFOHDUFHOOV 307V 3KRWRPXOWLSOLHU7XEHV
3RO\PRUSKRQXFOHDUFHOOVDUHDOVRNQRZQDVSRO\ $VWURSK\VLFV*HRJUDSK\3K\VLFV
PRUSKRQXFOHDUOHXNRF\WHV 309 3ULYDWH0DUNHW9DOXH
,PPXQRORJ\ 30Y YHQWUDO3UHPRWRU&RUWH[
301 JUDQXORF\WH 3RO\PRUSKRQXFOHDUJUDQXORF\WH %UDLQ5HVHDUFK3ULPDWHV3V\FKRORJ\
7KHSRO\PRUSKRQXFOHDUJUDQXORF\WHLVDOVRNQRZQ 3095 3ULPH0RYHU
DV1HXWURSKLO 0HFKDQLFDO(QJLQHHULQJ
,PPXQRORJ\ 30: 3URMHFW0DQDJHU:RUNEHQFK
302 3LqFHVHW0DLQG
2HXYUH 31 3DFNHW1HWZRUN
)UHQFKLQLWLDOLVPPHDQLQJ/DERXUDQG6SDUH &RPSXWHU6FLHQFH
SDUWV 3131 3DUW1XPEHU
302 3RVWDO0RQH\2UGHU 31 3OHDVH1RWH
302 SURMHFWPDQDJHPHQWRIILFH 3Q 3RQWLQHQXFOHXV
EXUHDXGHJHVWLRQGHSURMHW %*3  31 3RUGHQRQH,WDO\
3026 SFKDQQHO0HWDO2[LGH6HPLFRQGXFWRU 3131 3UDFWLFDO1XUVH
302;$ 3RO\ 0HWK\OR[D]ROLQH  3131 3URPLVVRU\1RWH
303 3K\VLFDOO\SRVVLEOH0D[LPXP3UHFLSLWDWLRQ 31$ 3DFLILF1RUWK$WODQWLF
)RUIXUWKHUGHWDLOVVHHXQGHU303V 31$ 3DOHVWLQLDQ1DWLRQDO$XWKRULW\
303V 3K\VLFDOO\SRVVLEOH0D[LPXP3UHFLSLWDWLRQV 7KH31$ ZDVFUHDWHGLQ
'LVDVWHU0DQDJHPHQW)ORRGULVNHVWLPDWHV $UFKDHRORJ\
SPU SRLQWRIPLQLPXPUDGLXVUHIHUULQJWRDFXUYH 31$ 3HSWLGH1XFOHLF$FLG
0DWKHPDWLFV 31$G 3HULSKHUDO1RGH$GGUHVVLQ
305 3UHVVXUH0RGXODWRU5DGLRPHWHU 31$ K\GURFDUERQ 3RO\QXFOHDU$URPDWLF
305 SULQFLSDOPLOLWDU\UHTXLUHPHQW +\GURFDUERQ
EHVRLQPLOLWDLUHSULQFLSDO &RDO&RQYHUVLRQ3URFHVVHV
305 3URMHFWLRQ0LFURUDGLRJUDSK\ 31$&/ 3DFLILF1RUWKZHVW$VVRFLDWLRQRI&KXUFK
3K\VLFV /LEUDULHV
305 3URSRUWLRQDWH0RUWDOLW\5DWLR 31$3 SQLWURDFHWRSKHQRQH
305 3URWRQ0DJQHWLF5HVRQDQFH 31$6 3URFHHGLQJVRIWKH1DWLRQDO$FDGHP\RI
305& 3URFWRU0DSOH5HVHDUFK&HQWHU 6FLHQFHV 86$ 
305IHDWXUHV 3ULYDWH0RELOH5DGLRIHDWXUHV 31$ 6HFWRU 3DFLILF1RUWK$PHULFDQ6HFWRU
'LJLWDO0RELOHV 31% 3KLOLSSLQH1DWLRQDO%DQN
305, 3HUFHQWDJHRIWKH0D[LPXPFRQWUDFWLRQ5DWH 7KH3KLOLSSLQHVILIWKODUJHVWEDQN
,QFUHDVH 31% 3ROR1D]LRQDOH%LRHOHWWURQLFD 0DUFLDQD
3056 3HUIRUPDQFH0DQDJHPHQWDQG5HFRJQLWLRQ ,WDO\ 
6\VWHP %LRHOHFWURQLFV
30573 3URJUDPIRU0LQRULW\5HVHDUFK7UDLQLQJLQ 31% 3RO\QRUEHQH
3V\FKLDWU\ $SSOLHG3K\VLFV
306 3UHPHQVWUXDO6\QGURPH 31% 3URGXLW1DWLRQDO%UXW
0HGLFLQH )UHQFKLQLWLDOLVPPHDQLQJ*URVV1DWLRQDO
306 3XEOLF0HVVDJH6HUYLFH 3URGXFW
306 3XQWR0RUWR6XSHULRUH 31% 3XQMDE1DWLRQDO%DQN
,WDOLDQLQLWLDOLVPPHDQLQJ7RS'HDG&HQWHU ,QGLDQ%DQN
306& 3ROLWLFDO0LOLWDU\6WHHULQJ&RPPLWWHH>RI 31%& 3DFLILF1RUWKZHVW%LEOLRJUDSK\&HQWHU
WKH3DUWQHUVKLSIRU3HDFH@ QRZFDOOHG3I36&  31& 3HULQXFOHRODU&RPSDUWPHQW
%LRFKHPLVWU\&HOODQG0ROFXODU%LRORJ\


31& 3KRVSKRQLWULOLF&KORULGH ,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO5HVHDUFK


31&HIIHFW 3DULW\1RQFRQVHUYDWLRQHIIHFW 3URJUDPV
3K\VLFV 316 3DUDQHRSODVWLF1HXURGHJHQHUDWLYH6\QGURPH
31' 3HUFHQWXDOH1RUPDOL]]DWDVXL'HSRVLWL 316LVDQDXWRLPPXQHQHXURORJLFDOGLVHDVH
,WDOLDQLQLWLDOLVPPHDQLQJ6WDQGDUGL]HG'HSRVLW 0HGLFLQH1HXURELRORJ\1HXURORJ\
3HUFHQWDJH 1HXURSDWKRORJ\
31G% 3HUFHLYHG1RLVHGHFLEHO 316 3HULSKHUDO1HUYRXV6\VWHP
$FRXVWLFV $QDWRP\
31( SHDFHIXOQXFOHDUH[SORVLRQ 316 7KHDLUSRUWFRGHIRU3HQVDFROD)ORULGD86$
H[SORVLRQQXFOpDLUHjGHVILQVSDFLILTXHV 3175 3HUPDQHQW1RUPDO7UDGH5HODWLRQ
31H 3ODQHWDU\1HEXODH 318$ 3URJUDPPDGHOOH1D]LRQL8QLWHSHU
7KHGLVFRYHU\RIWKH31HGDWHVEDFNWR&KDUOHV O
$PELHQWH
0HVVLHUWKH)UHQFKDVWURQRPHUZKRLQFRP ,WDOLDQLQLWLDOLVPPHDQLQJ8QLWHG1DWLRQV
SLOHGDQGSXEOLVKHGDFDWDORJXHRIQHEXODH (QYLURQPHQW3URJUDP
$VWURQRP\$VWURSK\VLFV3K\VLFV 318&,' 3URJUDPPDGHOOH1D]LRQL8QLWHSHULO
31(7 3HDFHIXO1XFOHDU([SORVLRQ7UHDW\ &RQWUROOR,QWHUQD]LRQDOHGHOOD'URJD
7UDLWpVXUOHVH[SORVLRQVQXFOpDLUHVjGHVILQVSDFL 813URJUDPV
ILTXHV 318' 3URJUDPPHGHV1DWLRQV8QLHVSRXUOH
31) 3DUWLWR1D]LRQDOH)DVFLVWD 'pYHORSSHPHQW
,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO)DVFLVW3DUW\ )UHQFKLQLWLDOLVPPHDQLQJ8QLWHG1DWLRQV
31* 3DSXD1HZ*XLQHD 'HYHORSPHQW3URJUDP
31*/$ 3DSXD1HZ*XLQHD/LEUDU\$VVRFLDWLRQ 3186 3URJUDPPDGHOOH1D]LRQL8QLWHSHUOR
31*9 SURJUDP 3DUWQHUVKLSIRUD1HZ*HQHUDWLRQ 6YLOXSSR
RI9HKLFOHVSURJUDP 86$  ,WDOLDQLQLWLDOLVPPHDQLQJ8QLWHG1DWLRQV
7KH31*9 SURJUDPEHJDQLQ6HSWHPEHU 'HYHORSPHQW3URJUDP
&OHDQFDU7HFKQRORJ\)XWXULVWLF&DUV,QGXVWULDO 31;S[ 3QHXPRWKRUD[
5HVHDUFK 0HGLFLQH
31, 3DUWLFLSDWHEXWGR1RW,QLWLDWH 31<$ 3RUWRI1HZ<RUN$XWKRULW\ 86$ 
31,3 3UHVLGLR1D]LRQDOH,JLHQHH3UHYHQ]LRQH 32 3DWHQW2IILFH
31,3$$0 3RO\PHUVEDVHGRQ 3RO\ 1 3R 3RORQLXP
,VRSURS\ODFU\ODPLGH  ,WVQDPHGHULYHVIURPWKH0HGLHYDOODWLQQDPHIRU
0DWHULDOV6FLHQFH 3RODQG
31/ 3DFLILF1RUWKZHVW/DERUDWRU\5XQE\ &KHPLVWU\6\PEROV
%DWWHOOH 32 3RUWXJDO
31/ 3URGRWWR1D]LRQDOH/RUGR 32 3RVWD2UGLQDULD
,WDOLDQLQLWLDOLVPPHDQLQJ*URVV1DWLRQDO3URGXFW ,WDOLDQDFURQ\PPHDQLQJ5HJXODU0DLO)LUVW
31/ 3URJUDPPD]LRQH1HXUROLQJXLVWLFD &ODVV0DLO
3URJUDPPDWLRQ1HXUR/LQJXLVWLTXH 32 SR 3RVWDO2UGHU
,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ 32 3RVW2IILFH
1HXUROLQJXLVWLF3URJUDPPLQJ 32 3UDWROWDO\
31/$ 3DFLILF1RUWKZHVW/LEUDU\$VVRFLDWLRQ 32 3UHDXWKRUL]DWLRQ2UGHU
310 3XEOLF6HUYLFHFRPSDQ\RI1HZ0H[LFR %XVLQHVV&RPPHUFH
3107 3KHQ\OHWKDQRODPLQH10HWK\OWUDQVIHUDVH 32 3XEOLF2IIHULQJ3XUFKDVH2UGHU
1HXURELRORJ\6WUHVV+RUPRQHV %XVLQHVV)LQDQFH
311 3URGRWWR1D]LRQDOH1HWWR 32$ 3RQWLILFLD2SHUDGL$VVLVWHQ]D
,WDOLDQLQLWLDOLVPPHDQLQJ1HW1DWLRQDO3URGXFW ,WDOLDQDFURQ\PPHDQLQJ3DSDO:HOIDUH
311/ 3DFLILF1RUWKZHVW1DWLRQDO/DERUDWRU\ 2UJDQL]DWLRQ
7KH%DWWHOOH0HPRULDO,QVWLWXWHRSHUDWHV311/ IRU 32$ 3RZHU2I$WWRUQH\
WKH86'HSDUWPHQWRI(QHUJ\ 32$%) 3UHRSWLF$UHDDQGDGMDFHQW%DVDO
315 3LDQL1D]LRQDOLGL5LFHUFD ,WDO\  )RUHEUDLQ
,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO5HVHDUFK 1HXURORJ\1HXURVFLHQFH1HXURELRORJ\
3ODQV 3V\FKLDWU\
315 3URJUDPPL1D]LRQDOLGL5LFHUFD ,WDO\  32$'6 3RUWXJXHVHDLUGHIHQFHVHFWRU>REVROHWH@


6HFWHXUGHGpIHQVHDpULHQQHGX3RUWXJDO 7HFKQRORJLFDO,QQRYDWLRQ6FLHQWLILFDQG&XOWXUDO
>REVROqWH@ 'HYHORSPHQW
32$* 3ULPDU\2SHQ$QJOH*ODXFRPD 32,6 3RLQW2I,QIRUPDWLRQDQG6HUYLFH
*ODXFRPD0HGLFLQH2SKWDOPRORJ\3HGLDWULFV 32/ SHWUROHXPRLO V DQGOXEULFDQWV
32% SHUVRQQHORQERDUG SURGXLWVSpWUROLHUV
SHUVRQQHOjERUG 3RO DEEU 3ROLVK
32% 3RLQW2I%XVLQHVV /DQJXDJHV
32% 3RVW2IILFH%R[ SRO DEEU SROLWLFDSROLWLFR
32% 3XEOLF2YHUVLJKW%RDUG ,WDOLDQDEEUHYLDWLRQPHDQLQJSROLWLFVSROLWLFDO
32& RFHDQLF 3DUWLFXODWH2UJDQLF&DUERQ 3RO DEEU 3ROL]LD
(DUWK6\VWHP6FLHQFH ,WDOLDQDEEUHYLDWLRQPHDQLQJ3ROLFH
32& SRLQWRIFRQWDFW 32/ 3URXGPDQ2FHDQRJUDSKLF/DERUDWRU\ *% 
DSRLQWGHFRQWDFW 32/$' SROLWLFDODGYLVRU
EUHVSRQVDEOHjFRQWDFWHU FRQVHLOOHUSROLWLTXH
FLQWHUORFXWHXU 32/$5$ VRIWZDUH 3URJUDPPLQJ$UFKLWHFWXUHIRU
32& 3RUWDIRJOLR2EEOLJD]LRQL&RQVLJOLDWH ,WDO\  /DERUDWRU\$XWRPDWLRQVRIWZDUH
%DQNLQJ %LRWHFKQRORJ\/DERUDWRU\$XWRPDWLRQ6RIWZDUH
SRFSRF SRUWRIFDOO 3KDUPDFHXWLFDOV)RRGDQG&KHPLFDO,QGXVWULHV
32& 3UHVHUYDWLRQ2I&DSLWDO 32/'(5 32/DUL]DWLRQDQG'LUHFWLRQDOLW\RIWKH
%XVLQHVV(FRQRPLFV)LQDQFH (DUWK
V5HIOHFWDQFHV
32' 3D\3D\PHQW2Q'HOLYHU\ 32/(; DEEU 32/DU(;SHULPHQW
32' SRLQWRIGLVHPEDUNDWLRQ 32/)(5 DEEU 32/L]LD)(5URYLDULD
SRLQWGHGpEDUTXHPHQW ,WDOLDQDEEUHYLDWLRQPHDQLQJ5DLOZD\3ROLFH
SUREDELOLW\RIGHWHFWLRQ 32/+( VHH3+(
SUREDELOLWpGHGpWHFWLRQ YRLU3+(
32' 3RUW2I'HEDUNDWLRQ 32/675$'$ DEEU 32/L]LD675$'$OH
32' 3RUW2I'HSDUWXUH ,WDOLDQDEEUHYLDWLRQPHDQLQJ+LJKZD\3ROLFH
32' 3RVWRSHUDWLYH'D\ SRO\ DEEU SRO\JRQ
32' 3UREDELOLW\2I'HWHFWLRQ 0DWKHPDWLFV
32' 3URWRQ2PQLGLUHFWLRQDO'HWHFWRU SRO\ DEEU SRO\WHFKQLFSRO\WHFKQLFDO
32( SRLQWRIHPEDUNDWLRQ 6FLHQFH
SRLQWG·HPEDUTXHPHQW 320 3DUWLFXODWH2UJDQLF0DWWHU
SRLQWRIHQWU\H[LW SRP DEEU SRPHULGLDQR
SRLQWG·HQWUpHGHVRUWLH 3(6  ,WDOLDQDEEUHYLDWLRQPHDQLQJSPDIWHUQRRQ
32( 3RUW2I(PEDUNDWLRQ 320$& 3DUHWR2SWLPDO0RGHO$VVHVVPHQW&\FOH
32( 3RUW2I(QWU\ (FRORJ\6WDWLVWLFV
32(0&HQWHU 3KRWRQLFVDQG2SWRHOHFWURQLF 320&VLJQDOLQJ 3URRSLRPHODQRFRUWLQVLJQDOLQJ
0DWHULDOV&HQWHU %LRPHGLFDO5HVHDUFK(QGRFULQRORJ\*HQHWLFV
$W3ULQFHWRQ8QLYHUVLW\1< 86$  0ROHFXODU%LRORJ\2EHVLW\
32(06 3RO\R[\HWK\OHQHPRQRVWHDUDWH 320&86 SUHSRVLWLRQHGRUJDQL]DWLRQDOPDWHULDO
32(23 3RO\R[\HWK\OHQHR[\SURS\OHQH FRQILJXUHGLQXQLWVHWV
32(6 3RODURUELWLQJ2SHUDWLRQDO(QYLURQPHQWDO SUpSRVLWLRQQHPHQWGHPDWpULHOGHGRWDWLRQ
6DWHOOLWH RUJDQLTXHHQORWVXQLWDLUHV
3RI 3LDQRGHOO·RIIHUWDIRUPDWLYD ,WDO\  3206 3RODU2SHUDWLRQDO0HWHRURORJLFDO6DWHOOLWH
32) 3ODVWLF2SWLFDO)LEUHV 320V 3RO\R[RPHWDODWHV
WK ,QWHUQDWLRQDO&RQIHUHQFH6HSWHPEHU &KHPLVWU\0DWHULDOV6FLHQFH3DSHU,QGXVWU\
$PVWHUGDP 7KH1HWKHUODQGV  32066 SUHSRVLWLRQHGRUJDQL]DWLRQDOPDWHULDOVWRU
&DEOH7HFKQRORJLHV)LEUH7HFKQRORJLHV DJHVLWH
0DWHULDOV7HFKQRORJLHV GpS{WGHSUpSRVLWLRQQHPHQWGHPDWpULHOGHGRWD
32*2 3RODU2UELWLQJ*HRSK\VLFDO2EVHUYDWRULHV WLRQRUJDQLTXH
32*2 3URJUDPPHU2ULHQWHG*UDSKLFV2SHUDWLRQ 321 3DUWLFXODWH2UJDQLF1LWURJHQ
32,17 32ORSHUO·,1QRYD]LRQH7HFQRORJLFD 321 3URJUDP2SSRUWXQLW\1RWLFH
%HUJDPR,WDO\ 


321LVDSURJUDPRIWKH86'HSDUWPHQWRI &RPSXWHU7HFKQRORJ\
(QHUJ\,VVXHGLQ SRW DEEU SRWHQWLDO
(QHUJ\2FHDQRJUDSK\ 0DWKHPDWLFV3K\VLFV6FLHQFH
321$ DQDO\VLV 3DUDIILQV2OHILQV1DSKWKHQHV 327 3URJUDPIRU2SHUDWLRQDO7UDMHFWRULHV
$URPDWLFVDQDO\VLV 327$' 3URJUDPIRU2SHUDWLRQDO7UDQVSRUW$QG
$QDO\WLFDO&KHPLVWU\ 'LVSHUVLRQ
322 3RVW2IILFH2UGHU 3276 3HGLDWULF2&'7UHDWPHQW6WXG\
323 SHUIRUPDQFHRULHQWHGSDFNDJLQJ )RUIXUWKHUGHWDLOVVHHXQGHU2&'
HPEDOODJHSHUIRUPDQW 3276 3ODLQ2OG7HOHSKRQH6HUYLFH
323 3RLQW2I3UHVHQFH 329 SULYDWHO\RZQHGYHKLFOH
$OVR3RSV YpKLFXOHSULYp
323 3RLQW2I3XUFKDVH 32: SULVRQHURIZDU
%XVLQHVV&RPPHUFH SULVRQQLHUGHJXHUUH 3* 
SRS DEEU SRSXODWLRQ SURJUDPPHRIZRUN
$UFKDHRORJ\(FRORJ\6WDWLVWLFV SURJUDPPHGHWUDYDLO 3'7 
323 3URGX]LRQHGL2ULJLQH3URWHWWD ,WDO\  32:(5 3HRSOH2UJDQL]HGDQG:RUNLQJIRU
323'$ 3RO\R[\SURS\OHQHGLDPLQH (FRQRPLF5HELUWK
323( 3DOPLWR\O2OHR\O3KRVSKDWLG\OHWKDQRODPLQH 32:(5 352)62SHUDWLRQDO:HDWKHU(GXFDWLRQ
323* 3DOPLWR\O2OHR\O3KRVSKDWLG\OJO\FHURO DQG5HVHDUFK
323,77 3RLQW2I3UHVHQFH,Q7KH7HUULWRU\ )RUIXUWKHUGHWDLOVVHHXQGHU352)6
323V 3HUVLVWHQW2UJDQLF3ROOXWDQWV 32:) 3K\VLFDO2QHZD\)XQFWLRQ
7R[LF&KHPLFDOV &U\SWRJUDSK\
325 3D\DEOH2Q5HFHLSW3D\2Q5HWXUQ 32:35* 3URJUDPPHRI:RUN5HYLHZ*URXS
%XVLQHVV&RPPHUFH *URXSHG·H[DPHQGXSURJUDPPHGHWUDYDLO
SRU SRUWRIUHIXJH SS SDFFRSRVWDOH
32576 3K\VLFDO2FHDQRJUDSKLF5HDO7LPH ,WDOLDQLQLWLDOLVPPHDQLQJSDUFHOSRVW
6\VWHP SSSS SDJHV
32576 3RUW2EMHFWLYHIRU5HDO7LPH6\VWHPV 33 SDSHUSOD\
326 3DWHQW2IILFH6RFLHW\ 86$  MHX RXH[HUFLFH ILFWLI
326 3ODQG
2FFXSDWLRQGHV6ROV 3DSXD1HZ*XLQHD
)UHQFKDFURQ\PPHDQLQJ=RQLQJ5HJXODWLRQV 3DSRXDVLH1RXYHOOH*XLQpH
326 3RLQW2I6DOH SULPDU\SDUWLFLSDQW
326 3RODU2UELWLQJ6DWHOOLWH SDUWLFLSDQWSULQFLSDO
SRV DEEU SRVLWLRQ 33 3DSHU3URILW
326 7KHDLUSRUWFRGHIRU3RUW2I6SDLQ7ULQLGDG 33 3DUDOOHO3URFHVVRU
326$ SD\PHQWVRXWVWDQGLQJVXVSHQVHDFFRXQW &RPSXWHU6FLHQFH
FRPSWHG·LPSXWDWLRQSURYLVRLUH RXSDLHPHQWHQ 33SS 3DUFHO3RVW
LQVWDQFHGHUpJXODULVDWLRQ  33 3DULW\3ULFH
326% 3RVW2IILFH6DYLQJV%DQN *%  %XVLQHVV&RPPHUFH
326'&25% 3ODQQLQJ2UJDQL]LQJ6WDIILQJ SS SDUWLDOSD\PHQW
'LUHFWLQJ&2RUGLQDWLQJ5HSRUWLQJDQG 33 3HQVLRQ3ODQ
%XGJHWLQJ 33 3HULRGLFDOO\3ROHG
326+ 3UREDELOLW\2I6HYHUH+DLO 1RQOLQHDUPDWHULDOV3K\VLFV
0HWHRURORJ\ 33 3HULSKHUDO3URFHVVRU
3266 SDVVLYHRSWLFDOVDWHOOLWHVXUYHLOODQFH V\VWHP  &RPSXWHU7HFKQRORJ\
V\VWqPH SDVVLIGHVXUYHLOODQFHRSWLTXHGHVVDWHO 33SSSS 3HU3URFXUD
OLWHV ,WDOLDQLQLWLDOLVPPHDQLQJ%\SUR[\
SRVV DEEU SRVVLEOH /DZ
3267(&+ 3RKRQJ8QLYHUVLW\2I6FLHQFHDQG 33 3H\HU
V3DWFKHV
7(&+QRORJ\ .RUHD  3H\HU
VSDWFKHVDUHQRGXOHVRIO\PSKRLGWLVVXH
3RVWHO 3RVWDHOHWWURQLFD XVXDOO\ORFDWHGLQWKHLOHXP
,WDOLDQDEEUHYLDWLRQPHDQLQJHOHFWURQLFPDLO &DQFHU+LVWRORJ\ 0HGLFLQH
3R6 WHUPLQDO 3ODFHRI6DOHWHUPLQDO 33 3LQJ3RQJ


&RPSXWHU3URJUDPPLQJ 33& 3RLQWGH3pQpWUDWLRQGHV&RPPDQGHV


33 3RO\SURS\OHQH )UHQFKLQLWLDOLVPPHDQLQJ2UGHU3HQHWUDWLRQ
3RO\SURS\OHQHLVXVHGLQLQGXVWU\PDLQO\WRPDNH 3RLQW
ILOPVILEHUVDQGWR\V 33& 3RLQWWR3RLQW&RPPXQLFDWLRQ
2UJDQLF&KHPLVWU\ 7HOHFRPPXQLFDWLRQV
33 3RUWR3DJDWR3RUW3D\p 33&* 3URYLVLRQDO3ROLF\&RRUGLQDWLRQ*URXS
,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJFDUULDJH SSG DEEU SRVWSDLG
SDLG SSG DEEU SUHSDLG
(FRQRPLFV,QWHUQDWLRQDO7UDGH 33' 3XUFKDVLQJ3RZHURIWKH'ROODU
33 SRVDSLDQR %XVLQHVV)LQDQFH
,WDOLDQLQLWLDOLVPPHDQLQJKDQGOHZLWKFDUH RQ 33' 3XULILHG3URWHLQ'HULYDWLYH
SDUFHOV  %DFWHULRORJ\&DQFHU%LRORJ\(SLGHPLRORJ\
SS SRVWDJHSDLG 3XEOLF+HDOWK6RFLDO+\JLHQH9LURORJ\
SS DEEU SUHSDLGSUHSD\ 33) 3XEOLFLWpGH3HWLW)RUPDW
33 3ULPDU\3URGXFWLRQ )UHQFKLQLWLDOLVPPHDQLQJ&DVH6KRSSLQJ
33 3ULQFLSHGX3UpQRP 33) GLHW 3ODQW3RO\SKHQRO)UHHGLHW
)UHQFKLQLWLDOLVPPHDQLQJILUVWQDPHV\VWHP +XPDQ1XWULWLRQ
33 3ULYDWH3URSHUW\ SSJ SLFRSLFRJUDP
33 3XEOLF3RZHU&RUSRUDWLRQ 33* 3URJUDPIRU3RSXODWLRQ*HQHWLFV 86$
SS SXUFKDVHSULFH &KLQD 
33 3HUVRQWR3HUVRQ 7KH33*ZDVODXQFKHGLQ0D\
33 3ULYDF\3UHIHUHQFHV3URMHFW 0HGLFLQH(SLGHPLRORJ\*HQHWLFV3RSXODWLRQ
33 3URWRSRUSK\ULQ %LRORJ\
33$ 3DUDKLSSRFDPSDO3ODFH$UHD 33+ 3KRVSKRS\UXYDWHK\GUDWDVH
&RJQLWLYH6FLHQFH3V\FKRORJ\ 33, 3RSXOLVW3DUW\ ,WDO\ 
33$ SDULWpGHSRXYRLUG·DFKDW $ JURXSRIH[&KULVWLDQ'HPRFUDWVLQWKHUXOLQJ
SXUFKDVLQJSRZHUSDULW\ 333   &HQWHUOHIWFRDOLWLRQ  
SSD SHUSRZHURIDWWRUQH\ 33, 3URGXFHU3ULFH,QGH[
33$ 3UREDOLVWLF3HUIRUPDQFH$VVHVVPHQW 33,DVHV 3HSWLG\O3URS\OFLVWUDQV,VRPHUDVHV
*HRORJLF'LVSRVDO*HRORJLF5HSRVLWRU\1XFOHDU &DQFHU%LRORJ\&HOO%LRORJ\(XNDU\RWLF*HQH
(QJLQHHULQJ5DGLRDFWLYH:DVWH5DGLRORJLFDO ([SUHVVLRQ+LVWRQH'HDFHW\ODVHV0HGLFLQH
6FLHQFHV 2QFRORJ\6LJQDO7UDQVGXFWLRQ
33$ 3KRVSKRSURWHLQ3KRVSKDWDVH$ 33,UHSHDWHU 3ODQ3RVLWLRQ,QGLFDWRUUHSHDWHU
6LJQDO7UDQVGXFWLRQ 33/ 3DUWLFXOLHUj3DUWLFXOLHUHQ/LJQH
33$5& 3DUWLFOH3K\VLFVDQG$VWURQRP\5HVHDUFK )UHQFKLQLWLDOLVPPHDQLQJ3HUVRQWR3HUVRQ
&RXQFLO 33// PHDVXULQJGHYLFH 3XOVH3KDVH/RFNHG/RRS
33$5VDUHUHJXODWRUVRIOLSLGVWRDUJHDQGPHWDER PHDVXULQJGHYLFH
OLVP %LRORJ\&U\VWDOORJUDSK\'HYHORSPHQWDO
$VWURQRP\3DUWLFOH3K\VLFV6FLHQFH3URJUDP 1HXURELRORJ\'HYHORSPHQWDO1HXURVXUJHU\
6LJQDO7UDQVGXFWLRQ6SDFH6FLHQFH 3K\VLRORJ\3V\FKRELRORJ\
33$5V 3HUR[LVRPDO3UROLIHUDWRU$FWLYDWHG 33/2 3OHXURSQHXPRQLDOLNHRUJDQLVP
5HFHSWRUV 0HGLFLQH0LFURELRORJ\
%LRFKHPLVWU\0HGLFDO1XWULWLRQ1XFOHDU SSP SXOVHSHUPLOOLRQ
5HFHSWRUV SSP SXOVHSHUPLQXWH
33% SSE SSE SDUWVSHUELOOLRQ 330 3XOVH3KDVH0RGXODWLRQ
33% 3ODQQLQJ3URJUDPPLQJ%XGJHWLQJ 330 3XOVH3RVLWLRQ0RGXODWLRQ
%XVLQHVV(FRQRPLFV)LQDQFH SSPY SDUWVSHUPLOOLRQE\YROXPH
33% 3URJHWWR3UHOLPLQDUHGL%LODQFLR ,WDO\  331'VXEMHFWV 3DOOLGR3RQWR1LJUDO'HJHQHUDWLRQ
,WDOLDQLQLWLDOLVPPHDQLQJ3UHOLPLQDU\'UDIW VXEMHFWV
%DODQFH *HULDWULF0HGLFLQH*HURQWRORJ\0HGLFLQH
33%6 3ODQQLQJ3URJUDPPLQJ%XGJHWLQJ6\VWHP 1HXURGHJHQHUDWLYH'LVHDVHV1HXURORJ\
33& 3HWUROHXP3ODQQLQJ&RPPLWWHH 3DWKRORJ\
&RPLWpG·pWXGHGHVSURGXLWVSpWUROLHUV 33 QHWZRUNLQJ 3HHUWR3HHUQHWZRUNLQJ


(OHFWURQLF%XVLQHVV %LRFKHPLVWU\&KHPLVWU\
332 3ULQFLSHGHOD3RUWH2XYHUWH 33607 3UHQ\O3URWHLQ6SHFLILF0HWK\OWUDQVIHUDVH
)UHQFKLQLWLDOLVPPHDQLQJ2SHQ'RRU6\VWHP %LRFKHPLVWU\&KHPLVWU\
332200 3RQWLILFLH2SHUH0LVVLRQDULH 33637 3UHQ\O3URWHLQ6SHFLILF
,WDOLDQLQLWLDOLVPPHDQLQJ3DSDO0LVVLRQ:HOIDUH 3DOPLWR\OWUDQVIHUDVH
2UJDQL]DWLRQ %LRFKHPLVWU\&KHPLVWU\
332V 3UHIHUUHG3URYLGHU2UJDQL]DWLRQV 3366 3DUWHFLSD]LRQL6WDWDOL
333 ,QGRQHVLD
VPLQRULW\0RVOHPRULHQWHG8QLWHG ,WDOLDQLQLWLDOLVPPHDQLQJ6WDWH6KDUHKROGLQJV
GHYHORSPHQWSDUW\ SSW SDUWVSHUWKRXVDQG
333 3DUWHQDULDWSRXUODSDL[ 0HGLFLQH
3DUWQHUVKLSIRU3HDFH 3I3  SSW SDUWVSHUWULOOLRQ
SXUFKDVLQJSRZHUSDULW\ 0HGLFLQH
SDULWpGXSRXYRLUG·DFKDW 33$  337 3LHORJUDILD3HUFXWDQHD7UDQVORPEDUH
333SSS 3RLQWWR3RLQW3URWRFRO 0HGLFLQH
&RPSXWHUV 3SWSSW DEEU SUHFLSLWDWH
333 3ULRU3DUWLFLSDWLQJ3UHIHUUHG &KHPLVWU\0HWHRURORJ\
6WRFNV 337 3URFHVVLQJ3URJUDP7DEOH
333 3XEOLF3ULYDWH3DUWQHUVKLS (OHFWURQLFV
333 &OLHQWV 3ODQQHG3URGXFWLRQ3URIRUPD&OLHQWV 337DVHV 3URWHLQ3KRVSKDWDVHV
333, SUHFLVLRQSODQSRVLWLRQLQGLFDWRU SSWQ DEEU SUHFLSLWDWLRQ
LQGLFDWHXUGHJLVHPHQWGHSUpFLVLRQ &KHPLVWU\,PPXQRORJ\0HWHRURORJ\
333/ 3ULQFHWRQ3ODVPD3K\VLFV/DERUDWRU\ SSWY SDUWVSHUWULOOLRQE\YROXPH
86$  339 3RO\ S3KHQ\OHQH9LQ\OHQH 
)XVLRQ5HVHDUFK 339 3XEEOLFLWjVXO3XQWRGL9HQGLWD
333 WKHRU\ 3XUFKDVLQJ3RZHU3DULW\WKHRU\ ,WDOLDQLQLWLDOLVPPHDQLQJ3RLQWRI6DOH
334 3RO\SKHQ\OTXLQR[DOLQH $GYHUWLVLQJ
334E36 3RO\ 3KHQ\OTXLQROLQH EORFNSRO\ 339 WHFKQRORJ\ 3DQRUDPLF3DVVLYH9LHZWHFKQROR
VW\UHQH J\
&KHPLFDO(QJLQHHULQJ&KHPLVWU\ $YLDWLRQ
335 3DFNDJH3RZHU5HDFWRU 3S\ 3RO\S\UUROH
1XFOHDU3K\VLFV $ FRQGXFWLYHILOPPDWHULDO
335 3HVWHGHV3HWLWV5XPLQDQWV 33\9 3RO\S3ULG\OHQH9LQ\OHQH
7KHSHVWHGHVSHWLWVUXPLQDQWVDOVRNQRZQDV 33\9 LVD\HOORZOLJKWHPLWWLQJSRO\PHU
3VHXGRULQGHUSHVWLVDYLUDOGLVHDVHRIVKHHSDQG 34 3DUDPHWULF4XDQWXP
JRDWV 3K\VLFV
9HWHULQDU\0HGLFLQH 34 3HUPHDELOLW\4XRWLHQW
335 3KRWRSRODULPHWHU5DGLRPHWHU 34 3URJUDPPD4XDGUR
$VWURQRP\6SDFH6FLHQFH (XURSHDQ&RPPXQLW\
335% 3URMHFWDQG3ULRULW\5HYLHZ%RDUG>0%&@ 34PROHFXOHV 3ODVWRTXLQRQHPROHFXOHV
&RPPLVVLRQG·H[DPHQGHVSURMHWVHWSULRULWpV 3URWRQDQG(OHFWURQ7UDQVSRUW
>&%0@ 344 3\UURORTXLQROLQHTXLQRQH
SSUR SHUSURFXUDWLRQ 35 3DFNHW5DGLR
336 3DUOLDPHQWDU\ RU3ULQFLSDO 3ULYDWH6HFUHWDU\ &RPSXWHU6FLHQFH
336 3DUWLFLSDWLQJ3UHIHUUHG6WRFN SU DEEU SDLU
336 3ODQW3URWHFWLRQ6\VWHP (OHFWULFLW\
336 3RLQWWR3RLQW6\VWHP SU SDLU
336 3RO\JRQV3HU6HFRQG $OVR.LQHPDWLFSDLU
*UDSKLFV3URFHVVRUV 0HFKDQLFDO(QJLQHHULQJ
336 SUHFLVHSRVLWLRQLQJV\VWHP 35 3DUDOOHO5HSUHVHQWDWLRQ
V\VWqPHGHSRVLWLRQQHPHQWGHKDXWHSUpFLVLRQ &RPSXWHU3URJUDPPLQJ
336 3ULRU3UHIHUUHG6WRFN 35 3DULW\5DWLR
SSV SXOVHVSHUVHFRQG 35 3DUPD,WDO\
336(3 3UHQ\O3URWHLQ6SHFLILF(QGRSURWHDVH 35 3DUWLWR5DGLFDOH


,WDOLDQLQLWLDOLVPPHDQLQJ5DGLFDO3DUW\ 35$/ 3DWUXOODGH5HFRQRFLPLHQWRGH$OFDQFH


35 3DWWHUQ5HFRJQLWLRQ /DUJR (O6DOYDGRU 
$FRXVWLFDO(QJLQHHULQJ&RPSXWHU3URJUDPPLQJ 35$ PHWKRG 3DUWLFLSDWRU\5XUDO$SSUDLVDOPHWKRG
3V\FKRORJ\5RERWLFV %LRGLYHUVLW\
SU DEEU SD\UROO 35$V 3UREDELOLVWLF5LVN$VVHVVPHQWV
35 3HUVRQDO5HSUHVHQWDWLYH 35% 3RODU5HVHDUFK%RDUG 86$ 
35 3LDQR5HJRODWRUH 35% )LQDQFLDO 3ROLF\5HYLHZ%RDUG
,WDOLDQLQLWLDOLVPPHDQLQJ7RZQ3ODQQLQJ &RPPLVVLRQG·H[DPHQGHODSROLWLTXH ILQDQFLqUH 
5HJXODWLRQV 35% 3RXQGUHULHV5pXQLHVGH%HOJLTXHV %HOJLXP 
35 3LQN5RFN S5% 5HWLQREODVWRPDSURWHLQ
5RFN7\SHV %DVLF6FLHQFHV%LRORJ\%LRPHGLFDO5HVHDUFK
)RUIXUWKHUGHWDLOVVHHXQGHU,03 &DQFHU5HVHDUFK*HQHWLFV
35 3K\VLFDO5HFRUG 35%·V 3RSXODWLRQ5HIHUHQFH%XUHDX·V
&RPSXWHU7HFKQRORJ\ 35& 7KH3HRSOH
V5HSXEOLFRI&KLQD
35 3RVWH5HVWDQWH 35& 3KDVH5HVSRQVH&XUYH
3U 3UDVHRG\PLXP 35& 3ULFH5HJXODWLRQ&RPPLWWHH
3UDVHRG\PLXPLVXVHGPDLQO\LQJOD]HVODVHUV 35& 3RO\FRPE5HSUHQVLYH&RPSOH[
DQGWKHUPRHOHFWULFPDWHULDOV )RUIXUWKHUGHWDLOVVHHXQGHU3F*SURWHLQV
&KHPLVWU\6\PEROV 35' 3DUW\RIWKH'HPRFUDWLF5HYROXWLRQ 0H[LFR 
35 3UHOLPLQDU\5HSRUW 35' 3UHVLGHQWLDO5HYLHZ'LUHFWLYH
3U 3UHVE\RSLD 35'WHFKQLTXH 3ODQDU5HDFWLYH'HSRVLWLRQWHFK
0HGLFLQH QLTXH
)RUIXUWKHUGHWDLOVVHHXQGHU3 SUH DEEU SUHIL[
SU DEEU SULFH SUHF DEEU SUHFHGHGSUHFHGHQWSUHFHGLQJ
35 3ULFH5DWH 35(&,6 3UHVHUYHG&RQWH[W,QGH[6\VWHP
35 3ULPDU\5DGDU 8VHGE\WKH%ULWLVK1DWLRQDO%LEOLRJUDSK\HYHU
3ULPDU\UDGDULVDOVRNQRZQDV3ULPDU\ VLQFH
6XUYHLOODQFH5DGDU 35(&,6( 35RVSHFWVIRU([WUDPXUDODQG&OLQLFDO
(QJLQHHULQJ ,QIRUPDWLRQ6\VWHPV(QYLURQPHQWV
SU DEEU SULQFLSDO 0HGLFLQH
SU DEEU SULRULW\ 35((; SUHH[HUFLVH FRQIHUHQFH 
$OVRSUL FRQIpUHQFH GHSUpH[HUFLFH
35 3UL[GH5HYLHQW SUHI DEEU SUHID]LRQH
)UHQFKLQLWLDOLVPPHDQLQJFRVWSULFH ,WDOLDQDEEUHYLDWLRQPHDQLQJLQWURGXFWLRQIRUH
35 3URJUHVV5HSRUW3URMHFW5HSRUW ZRUGSUHIDFHSURHPSURORJXH
3U 3URS\O 3UHI DEEU SUHIHUHQFHSUHIHUUHG
2UJDQLF&KHPLVWU\ 35HIIHFW 3KRWRUHIUDFWLYHHIIHFW
35 3UR5DWD 2SWLFDO6FLHQFHV
3U DEEU 3URYHQoDO 3UH,3& SUHLQLWLDOSODQQLQJFRQIHUHQFH
/DQJXDJHV FRQIpUHQFHGHSODQLILFDWLRQSUpLQLWLDOH
3535 3XEEOLFKH5HOD]LRQL 35(0 3UHOLPLQDU\5HIHUHQFH(DUWK0RGHO
,WDOLDQLQLWLDOLVPPHDQLQJSXEOLFUHODWLRQV SUHP DEEU SUHPLXP
35$ 3DLQW5HVHDUFK$VVRFLDWLRQ *%  SUHP51$V SUHFXUVRUVRIPHVVHQJHUV51$V
35$ 3ODQHWDU\5DGLR$VWURQRP\ %LRPHGLFDO5HVHDUFK3DWKRELRORJ\
35$ 3UREDELOLVWLF5LVN$VVHVVPHQW 35(3 3RVWGRFWRUDO5HVHDUFKDQG(GXFDWLRQ
5LVN$QDO\VLV 6DWHOOLWHV  3URJUDP
35$ 3XEEOLFR5HJLVWUR$XWRPRELOLVWLFR 35(3 LVIXQGHGE\WKH861,+
,WDOLDQDFURQ\PPHDQLQJ2IILFHZKHUH0RWRU 863URJUDP
9HKLFOHVDUH5HJLVWHUHG )RUIXUWKHUGHWDLOVVHHXQGHU1,+
35$& 3KRVSKRULERV\OIRUPLPLQRLPLGD]ROH 35(3V 3URJUDPPHG(OHFWURQLFV3DWWHUQV
&DUER[DPLGH 35(5($'(; SUHUHDGLQHVVH[HUFLVH
35$' 3KRVSKRULERV\ODPLQRLPLGD]ROH H[HUFLFHGHSUpSDUDWLRQDXFRPEDW
3UHV DEEU 3UHVLGHQW


SUHV DEEU SUHVXPHG SULPDYHUD7KHDERYHDFURQ\PZDVFRLQHGXVLQJ


SUHW51$ WUDQVIHU51$ SUHFXUVRU WKH,WDOLDQZRUGSULPDYHUDZKLFKPHDQV
%LRWHFKQRORJ\&HOOXODU%LRORJ\(QGRQXFOHDVHV %RWDQ\ SULPURVHFRZVOLS$OVRVSULQJ
0ROHFXODU%LRORJ\ 35,0( 3UDFWLFDO5HXVH,PSURYHPHQW0(WULFV
SUHY DEEU SUHYLRXV (XURSHDQ&RPPXQLW\3URMHFW
35(9(17 3DFLILFQRUWKZHVW5(JLRQDO9LVLELOLW\ 35,0( 3UHGLFWLRQDQG5HWURVSHFWLYH,RQRVSKHULF
([SHULPHQWXVLQJ1DWXUDO7UDFHUV 0RGHOOLQJRYHU(XURSH
35) 3RLVVRQ5DQGRP)LHOG (XURSHDQ&RPPXQLW\3URMHFW
1DPHGDIWHUWKH)UHQFKPDWKHPDWLFLDQDQGSK\VL SULQ DEEU SULQFLSDO
FLVW6LPpRQ'HQLV3RLVVRQ 35,17,7 3XEOLVKHUV5HXVDEOH,QWHJUDWHG1HWZRUN
%LRPHWULFV(YROXWLRQDU\%LRORJ\*HQHWLFV 7RRONLWVIRU,QIRUPDWLRQ7HFKQRORJLHV
0DWKHPDWLFV2UJDQLVPLF%LRORJ\ (XURSHDQ&RPPXQLW\3URMHFW
35) 3URODFWLQ5HOHDVLQJ)DFWRU 35/ 3K\VLFDO5HYLHZ/HWWHUV
(QGRFULQRORJ\ 35/ 3ODQW5HVHDUFK/DERUDWRU\
SUI DEEU SURRI 35/ 3URODFWLQ
(QJLQHHULQJ)RRG7HFKQRORJ\*UDSKLF$UWV 3URODFWLQLVDOVRNQRZQDV/DFWRJHQLF+RUPRQH
0DWKHPDWLFV 35/ LVSUHVHQWLQWKHQHXUDOWLVVXHVRIYHUWHEUDWHV
35) 3XOVH5HSHWLWLRQ)UHTXHQF\ DQGLQYHUWHEUDWHV
$OVR3XOVH5HSHWLWLRQ5DWH (QGRFULQRORJ\
(OHFWULFLW\ 35/$ 3XHUWR5LFR/LEUDU\$VVRFLDWLRQ
35* 3LDQR5HJRODWRUH*HQHUDOH ,WDO\  35/5 3URODFWLQ5HFHSWRU
%XLOGLQJ$UHDV )RUIXUWKHUGHWDLOVVHHXQGHU35/
35JHQHV 3DWKRJHQHVLV5HODWHGJHQHV 350 3DWWHUQ5HFRJQLWLRQ0ROHFXOHV
%LRFKHPLVWU\&HOO%LRORJ\,PPXQRORJ\ 3507 SODQGHVUHVVRXUFHVjPR\HQWHUPH
0HGLFLQH0ROHFXODU%LRSK\VLFV PHGLXPWHUPUHVRXUFHSODQ 0753 
35+ SRLQWGHUpIpUHQFHGHO·KpOLFRSWqUH 351V 3DFNDJH5HFRYHU\1RWHV
KHOLFRSWHUUHIHUHQFHSRLQW +53   (XURSH
VILUVWH[FKDQJHIRUWUDGLQJUHF\FODEOH
35+ 3URODFWLQ5HOHDVLQJ+RUPRQH FRPPRGLWLHVZDVODXQFKHGLQ/RQGRQLQ
35, ,QVWLWXWLRQDO5HYROXWLRQDU\3DUW\ 0H[LFR  1RYHPEHU(XURSHDQ8QLRQ5HJXODWLRQV
35, 3DUWLWR5DGLFDOH,WDOLDQR UHTXLUHPHPEHU6WDWHVWRUHFRYHURIZDVWH
,WDOLDQDFURQ\PRIWKH,WDOLDQ5DGLFDO3DUW\ SDFNDJLQJPDWHULDOV  DQGUHF\FOHDWOHDVW
35, 3DUWLWR5HSXEEOLFDQR,WDOLDQR KDOIWKDWDPRXQW
,WDOLDQDFURQ\PRIWKH,WDOLDQ5HSXEOLFDQ3DUW\ 5HF\FOLQJ
35, 3KDUPDFHXWLFDO5HVHDUFK,QVWLWXWH 86$  3U2 3UHVV2IILFHU
35, 3UHVLGHQWRIWKH5R\DO,QVWLWXWH RISDLQWHUVLQ SUR DEEU SURFXUHPHQW
ZDWHUFRORXUV  352 3XEOLF5HFRUGV2IILFH
SUL SULPDU\ZLQGLQJ 352 3XEOLF5HODWLRQV2IILFHU
3ULPDU\ZLQGLQJLVDOVRNQRZQDVSULPDU\FRLO 352%( 3LORW5DGLDWLRQ2%VHUYDWLRQ([SHULPHQW
(OHFWULFLW\ SURF DEEU SURFXUDWLRQ
SUL DEEU SULRULW\ SURG DEEU SURGXFWSURGXFWLRQ
$OVRSU SURI DEEU SURIHVVLRQDOSURIHVVRU
35, 3URMHFWIRUD5HWLQDO,PSODQW SURII DEEU SURIHVVRUL
$ MRLQWSURMHFWRIWKH0DVVDFKXVHWWV(\HDQG(DU ,WDOLDQDEEUHYLDWLRQPHDQLQJSURIHVVRUV
,QILUPDU\ 0,7 DQGWKH+DUYDUG0HGLFDO6FKRRO 352)6 3URJUDPIRU5HJLRQDO2EVHUYLQJDQG
2SKWDOPRORJ\ )RUHFDVWLQJ6HUYLFHV 86$ 
35,'( 3DUHQWV· 5HVRXUFHV,QVWLWXWHIRU'UXJ SURIVVD DEEU SURIHVVRUHVVD
(GXFDWLRQ 86$  ,WDOLDQDEEUHYLDWLRQPHDQLQJODG\WHDFKHUODG\
35,+ 3URODFWLQ5HOHDVH,QKLELWLQJ+RUPRQH SURIHVVRU
35,0$9(5$ 3DUNV5HVRXUFHV,QIRUPDWLRQ 352, 3URMHFW5HWXUQ2Q,QYHVWPHQW
0$QDJHPHQW9LD(QYLURQPHQWDO5HPRWHO\VHQVHG %XVLQHVV)LQDQFH
GDWD$QDO\VLV SURM DEEU SURMHFW
/DXQFKHGLQ5RPHRQWK 2FWREHU 3520 3UHPDWXUH5XSWXUH2IWKHDPQLRWLF
(XURSHDQ&RPPXQLW\3URMHFW 0HPEUDQH


3HULQDWDO5HVHDUFK 3XOVH5HSHWLWLRQ5DWHLVDOVRNQRZQDV3XOVH
3520 3URJUDPPDEOH5HDG2QO\0HPRU\ 5HFXUUHQFH5DWH3XOVH5HSHWLWLRQ)UHTXHQF\
&RPSXWHU7HFKQRORJ\ (OHFWULFLW\
3520(&3URMHFW 3RZHUDQG&RPPXQLFDWLRQV 3UU 3ROLRYLUXVUHFHSWRUUHODWHGSURWHLQ
6HFWRUV0RGHUQL]DWLRQDQG5XUDO6HUYLFHV3URMHFW 0HGLFLQH
(FXDGRU  355V 3DWWHUQ5HFRJQLWLRQ5HFHSWRUV
2IWKH:RUOG%DQN,'$ 356 3RZHU5HOD\6DWHOOLWH
3520(7+(86 3URJUDPIRU(XURSHDQ7UDIILF 356 3UHVLGHQWRIWKH5R\DO6RFLHW\
ZLWK+LJKHVW(IILFLHQF\DQG8QSUHFHGHQW6DIHW\ 356 3URJUDPPD5HJLRQDOHGL6YLOXSSR
3URJUDPV ,WDOLDQLQLWLDOLVPPHDQLQJ5HJLRQDO'HYHORSPHQW
3520,6 352JUDPPDEOH0XOWLGLPHQVLRQDO 3URJUDP
,QMHFWLRQ6\VWHP 357 3DUWLFRODUH5LOHYDQ]D7HFQRORJLFD
3520,6 3520RWRULGL,QL]LDWLYH6RFLDOL ,WDO\  ,WDOLDQLQLWLDOLVPPHDQLQJ3DUWLFXODU
3520,6( 3UHGLFWDELOLW\DQGYDULDELOLW\RIPRQ 7HFKQRORJLFDO,PSRUWDQFH
VRRQVDQGWKHLUDJULFXOWXUDODQGK\GURORJLFDO 357DVH 3KRVSKRULERV\OWUDQVIHUDVH
LPSDFWVRIFOLPDWHFKDQJH 357' SRLQWGHUpIpUHQFHGHWUDQVPLVVLRQGHGRQ
3520,6(LVDPDMRU\HDUUHVHDUFKSURJUDPPH QpHV
IXQGHGE\WKH(XURSHDQ&RPPLVVLRQXQGHU)3 GDWDOLQNUHIHUHQFHSRLQW '/53 
)RUIXUWKHUGHWDLOVVHHXQGHU)3 357/, 3URJUDPPHIRU5HVHDUFKLQ7KLUG/HYHO
SURS DEEU SURSHUW\ ,QVWLWXWLRQV
3UR3ODQ7 3URGXFWLRQ3ODQQLQJ7HFKQRORJ\ 7KH357/,LVDGPLQLVWHUHGE\WKH+LJKHU
3525$ 352FHGXUD5LVFKL$QRPDOL (GXFDWLRQ$XWKRULW\RI,UHODQGDQGVWDUWHGLQ
,WDOLDQDFURQ\PPHDQLQJ$QRPDORXV5LVNV 3570 3ULQWLQJ5HVSRQVH7LPH0RQLWRU
3URFHGXUH 3UXVV DEEU 3UXVVLDQ
%DQNLQJ /DQJXDJHV
35268% SUREDEOHVXEPDULQH 359 3RUFLQH3VHXGRUDELHV9LUXV
VRXVPDULQSUREDEOH 0HGLFLQH0LFURELRORJ\,PPXQRORJ\2UDO
352680(5 DEEU 3URGXFHU&RQVXPHU 86$  +HDOWK
SURW DEEU SURWHLQ 35:25$ 3HUVRQDO5HVSRQVLELOLW\DQG:RUN
3UR7 3URWK\PRVLQ_ 2SSRUWXQLW\UHFRQFLOLDWLRQ$FW
$SRSWRVLV2QFRSURWHLQV $ 86$FW
3527$& SURSRVHGWDFWLFDO DPHQGPHQWPHVVDJH  86:HOIDUH6\VWHP
PHVVDJHGH SURSRVLWLRQGHPRGLILFDWLRQWDFWLTXH 36 3DFNHW6ZLWFKLQJ
3527(2 352JHWWR7HFQLFKH(FRORJLFKHH &RPSXWHU6FLHQFH
2FFXSD]LRQH ,WDO\  36 3DUDOOHO6WRUDJH
7UDQVQDWLRQDO3URMHFWV &RPSXWHU7HFKQRORJ\
SURY DEEU SURYLQFLD 36 3DUWLWD6HPSOLFH
,WDOLDQDEEUHYLDWLRQPHDQLQJGLVWULFWSURYLQFH ,WDOLDQLQLWLDOLVPPHDQLQJ6LQJOHHQWU\
SURYY DEEU SURYYHGLWRUH 36363DVVHQJHU6WHDPHU
,WDOLDQDEEUHYLDWLRQPHDQLQJ 36 3HHO6WUHQJWK
&RPPHUFH 3XUYH\RU (QJLQHHULQJ
0LOLWDU\ 4XDUWHUPDVWHUJHQHUDO 36 3HVDURH8UELQR,WDO\
6FKRROV 6XSHULQWHQGHQW 36 3KRQHWLF6HDUFK
SURYY DEEU SURYYLVRULR &RPSXWHU3URJUDPPLQJ
,WDOLDQDEEUHYLDWLRQPHDQLQJSURYLVLRQDOSURYLVR 36 3KRVSKDWLG\OVHULQH
U\WHPSRUDU\LQWHULP 36 3KRWRV\VWHP
352:/ V\VWHP 352FHGXUH:RUN/RJV\VWHP %LRFKHPLVWU\
SUR[ DEEU SUR[LPDWH SV SLFRVHFRQG
3U3F QRUPDOFHOOXODU3ULRQ3URWHLQ 0HWURORJ\
%LRFKHPLVWU\%LRSK\VLFV&UHXW]IHOGW-DNRE SV DEEU SLHFHV
'LVHDVH3ULRQ'LVHDVHV SV DEEU SRLVH
355 3DWWHUQ5HFRJQLWLRQ5HFHSWRU )OXLG0HFKDQLFV
355 3XOVH5HSHWLWLRQ5DWH )RUIXUWKHUGHWDLOVVHHXQGHU3


36 3RO\VW\UHQH 36&0LVDOVRNQRZQDV&DSDFLWRU6WDUW5XQ
3RO\VW\UHQHLVDQRQSRODUSRO\PHUJODVV\DWURRP 0RWRU
WHPSHUDWXUH,WLVXVHGPDLQO\LQSDFNDJLQJDQG (OHFWULFLW\
LQVXODWLRQ 36FSURWHLQ 3RVWHULRU6H[&RPEVSURWHLQV
2UJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU3F*SURWHLQV
36 3RVW6FULSWXP 36&V 3RODU6WUDWRVSKHULF&ORXGV
36 3RZHU6WHHULQJ $WPRVSKHULF3K\VLFV&OLPDWH*HRSK\VLFV
0HFKDQLFDO(QJLQHHULQJ 0HWHRURORJ\0LGGOH$WPRVSKHUH5HVHDUFK6SDFH
36 3RZHU6XSSO\ 5HVHDUFK
(OHFWULFLW\(OHFWURQLFV 36' 32/ VWRUDJHGHSRW
36 3UHIHUUHG6WRFN GpS{WGHVWRFNDJHGHSURGXLWVSpWUROLHUV
36 3UHVHQLOLQ 36' 3RSXODWLRQDQG6XVWDLQDEOH'HYHORSPHQW
$SRSWRVLV*HQHWLFV/LIH6FLHQFHV0HGLFLQH %LRGLYHUVLW\
1HXURORJ\ 36' 3UHYHQWLRQRI6LJQLILFDQW'HWHULRUDWLRQ
36 3ULFH6SUHDGLQJ 36' 3RVWV\QDSWLF'HQVLW\3URWHLQ
36 3URILW6KDULQJ 6LJQDO7UDQVGXFWLRQ
%XVLQHVV)LQDQFH 36( 3DFLILFFRDVW6WRFN([FKDQJH
36 3XEEOLFD6LFXUH]]D 36( 3DFNHW6ZLWFKLQJ([FKDQJH
,WDOLDQLQLWLDOLVPPHDQLQJ3ROLFH3XEOLF6DIHW\ 36( 3I3 VWDIIHOHPHQW
36 36 3XEOLF6DOH pOpPHQWG·pWDWPDMRUGX333
36$ 3DFLILF6FLHQFH$VVRFLDWLRQ 86$  SVHF 3LFRVHFRQG
36$ 3UHFLSLWDWLRQ6HULHV$OJRULWKP 0HWURORJ\
36$ 3URVWDWH6SHFLILF$QWLJHQ 36) 3DWWHUQ6HQVLWLYH)DXOW
36$ SURYLVLRQDOVLWHDFFHSWDQFH &RPSXWHU3URJUDPPLQJ
UpFHSWLRQSURYLVRLUHGHODVWDWLRQ RXGXVLWH 36) SHDFHVXSSRUWIRUFH
536  IRUFHGHVRXWLHQGHODSDL[
SURYLVLRQDOV\VWHPDFFHSWDQFH SVI SRXQGVSHUVTXDUHIRRW
UpFHSWLRQSURYLVRLUHGXV\VWqPH 0HWURORJ\
36$ 3XEOLF6HUYLFH$GYHUWLVLQJ 36) 3URJUDP6XSSRUW)DFLOLW\
36$V 3URGXFWLRQ6KDULQJ$JUHHPHQWV 36, 3DFLILF6WUDWXV,QYHVWLJDWLRQ
36$ WHVW 3URVWDWH6SHFLILF$QWLJHQWHVW 36, 3DFLILF6XOIXU,QYHVWLJDWLRQ
3URVWDWH&DQFHU 36, 3DXO6FKHUUHU,QVWLWXWH &DQWRQRI$DUJDX
3VE09 3HDVHHGERUQH0RVDLF9LUXV 6ZLW]HUODQG 
9LURORJ\ 7KH36,LVDPXOWLGLVFLSOLQDU\)HGHUDO5HVHDUFK
36%13VEQ 3HRSOHVRIW%XVLQHVV1HWZRUN ,QVWLWXWH
3HRSOHVRIWZDVIRXQGHGLQ $VWURSK\VLFV%LRORJ\(QHUJ\ (QYLURQPHQWDO
36E3$$ 3RO\VW\UHQHE3RO\ $FU\OLF$FLG  5HVHDUFK0DWHULDOV6FLHQFH0HGLFLQH3DUWLFOH
&KHPLVWU\ 3K\VLFV6ROLGVWDWH3K\VLFV
36%5 3XEOLF6HFWRU%RUURZLQJ5HTXLUHPHQW 36, 3ODVPD6RXUFH,QVWUXPHQW
36& 3K\ORJHQHWLF6SHFLHV&RQFHSW *HRSK\VLFV6SDFH6FLHQFH
3K\ORJHQRPLFV SVL SRXQGVSHUVTXDUHLQFK
36& 3LWWVEXUJK6XSHUFRPSXWLQJ&HQWHU 86$  0HWURORJ\
36& 3RODU6FLHQFH&HQWHU 86$  SVLDSVLD SRXQGVSHUVTXDUHLQFKDEVROXWH
36&3RODU6WUDWRVSKHULF&ORXG 36,& 3DVVLYH6RODU,QGXVWULHV&RXQFLO
)RUIXUWKHUGHWDLOVVHHXQGHU36&V 7KHUHVLGHQWLDOEXLOGHU
VJXLGHOLQHVGHYHORSHGE\
36& 3ROLWLFDODQG6HFXULW\&RPPLWWHH %DOFRPEDQGWKH36,&DUHEHLQJXVHGE\DUFKL
&RPLWpSROLWLTXHHWGHVpFXULWp &236  WHFWVDQGHQJLQHHUVWRFUHDWHFRPIRUWDEOHDIIRUG
3ULQFLSDO6XERUGLQDWH&RPPDQG &RPPDQGHU DEOH(QHUJ\&RQVHUYLQJ%XLOGLQJV
>REVROHWHUHSODFHGE\65&@ SVLG SRXQGVSHUVTXDUHLQFKGLIIHUHQWLDO
&RPPDQGHPHQW FRPPDQGDQW VXERUGRQQp (QJLQHHULQJ
SULQFLSDO &63 >REVROqWHUHPSODFpSDU65&@ SVLJ SRXQGVSHUVTXDUHLQFKJDXJH
36&0 3HUPDQHQW6SOLW&DSDFLWRU0RWRU 0HFKDQLFV


36,, SKRWRV\QWKHVLV 3KRWRV\VWHP,,SKRWRV\QWKH 367 SRUWpHVRQDUWDFWLTXH


VLV WDFWLFDOVRQDUUDQJH 765 
%LRFKHPLVWU\0ROHFXODU%LRORJ\ 367 3URILW6KDULQJ7UXVW
36. 3KDVH6KLIW.H\LQJ 367&KLVWRJUDPV 3HUL6WLPXOXV7LPH&XPXODWLYH
7HOHFRPPXQLFDWLRQV KLVWRJUDPV
36/ 3ROLVK3HDVDQWV
3DUW\ 3RODQG  367' 3URJUDPPD6YLOXSSRGHOOH7HFQRORJLH
36/$ 3HQQV\OYDQLD6FKRRO/LEUDU\$VVRFLDWLRQ 'LGDWWLFKH ,WDO\ 
86$  367+ 3HUL6WLPXOXV3HULVWLPXOXV7LPH+LVWRJUDP
360 3UHVRPLWLF0HVRGHUP 1HXURORJ\1HXURVFLHQFH3V\FKLDWU\
'HYHORSPHQWDO%LRORJ\ 367+V 3HUL6WLPXOXV3HULVWLPXOXV7LPH
360* 3ULPDU\FRRODQW6\VWHP0RWRU*HQHUDWRU +LVWRJUDPV
3606/ 3HUPDQHQW6HUYLFHIRU0HDQ6HD/HYHO 1HXURORJ\1HXURVFLHQFH3V\FKLDWU\
86$  3671 3XEOLF6ZLWFKHG7HOHSKRQH1HWZRUN
36PXVFOH 3OHXURVWHUQDOPXVFOH &LUFXLW6ZLWFKHG1HWZRUNV
361 3LDQR6DQLWDULR1D]LRQDOH ,WDO\  3679 3RWDWR6SLQGOH7XEHU9LURLG
,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO+HDOWK3ODQ 368 3HQQV\OYDQLD6WDWH8QLYHUVLW\ 86$ 
361 3LDQR6SD]LDOH1D]LRQDOH ,WDO\  368 3ULPDU\6DPSOLQJ8QLW
,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO6SDFH3ODQ 369 3DOHRVHFXODU9DULDWLRQ
362 SHDFHVXSSRUWRSHUDWLRQ 3693 SLORWVHFXUHYRLFHSURMHFW
RSpUDWLRQGHVRXWLHQGHODSDL[ SURMHWSLORWHGHFU\SWRSKRQLH
SULPDU\VWULNHREMHFWLYH 36: 3URFHVVRU6WDWXV:RUG
SUHPLHUREMHFWLIGHIUDSSH 3URFHVVRUVWDWXVZRUGLVDOVRNQRZQDV6WDWXV
363 3DUDO\WLF6KHOOILVK3RLVRQLQJ 0RGH
36S 3QHXPRWKRUD[6SRQWDQp &RPSXWHU7HFKQRORJ\
0HGLFLQH 36<23 DEEU 36<FKRORJLFDO23HUDWLRQV
363 SRUWpHVRQDUSUpGLWH 36<23 LVDOVRNQRZQDV3V\FKRORJLFDO:DUIDUH
SUHGLFWHGVRQDUUDQJH 365  0LOLWDU\6FLHQFH
363 3VHXGRVWDWLF6SRQWDQHRXV3RWHQWLDO 36= 3DUWLDOO\6WDELOL]HG=LUFRQLD
3HWUROHXP(QJLQHHULQJ 0DWHULDOV
363 7KHDLUSRUWFRGHIRU3DOP6SULQJV&DOLIRUQLD 36=1 3XEEOLFD]LRQLGHOOD6WD]LRQH=RRORJLFDGL
86$ 1DSROL ,WDO\ 
363$ SHDFHVXSSRUWSV\FKRORJLFDODFWLYLWLHV 37 /HDG7LWDQDWH
>36<23 V @ )RUIXUWKHUGHWDLOVVHHXQGHU3E7L2
$FWLYLWpVSV\FKRORJLTXHVGHVRXWLHQGHODSDL[ 3737 3DFLILF7LPH
>36<23 V @ 37 3DSHU7DSH
363%FRSRO\PHUV 3RO\VW\UHQH3RO\EXWDGLHQH &RPSXWHU3URJUDPPLQJ
FRSRO\PHUV 37 3DUDOOHO7UDQVIHU3DUDOOHO7UDQVPLVVLRQ
&KHPLFDO(QJLQHHULQJ0DWHULDOV3K\VLFV &RPSXWHU7HFKQRORJ\
363& 3RVLWLRQDO6HQVLWLYH3URSRUWLRQDO&RXQWHU SW DEEU SDUW
$VWURQRP\$VWURSK\VLFV SW SDUWWLPH
365 SUHGLFDWHGVRQDUUDQJH SW DEEU SDUWLFXODU
SRUWpHVRQDUSUpGLFWH 363  SW DEEU SDWLHQW
365$ SURJUDPPHVSpFLDOGHUHYrWHPHQWG·DpUR 0HGLFLQH
GURPH SW DEEU SD\PHQW
VSHFLDODHURGURPHSDYHPHQWSURJUDPPH 6$33  3737 3K\VLFDO7KHUDS\
3650/6 3DFLILF6RXWKZHVW5HJLRQDO0HGLFDO 0HGLFLQH
/LEUDU\6HUYLFH 3737 3K\VLFDO7UDLQLQJ
3652 3URIHVVLRQDO6WDQGDUGV5HYLHZ2UJDQL]DWLRQ SW DEEU SLQW
366 3DUDOOHO6HDUFK6WRUDJH 0HWURORJ\
&RPSXWHU7HFKQRORJ\ 37 SLSHOLQHWLPH
366 3UHVVXUH6XSSUHVVLRQ6\VWHP WHPSVG·DFKHPLQHPHQW
366 3XEOLF6HUYLFHV6DWHOOLWH 37 3LVWRLD,WDO\
367 3DFLILF6WDQGDUG7LPH 37 3ODQXP7HPSRUDOH


$QDWRP\0HGLFLQH1HXURELRORJ\ 37%7 3DUWLDO7HVW%DQ7UHDW\


2WRODU\QJRORJ\ 7UDLWpVXUO·LQWHUGLFWLRQSDUWLHOOHGHVHVVDLV
3W 7KHFKHPLFDOV\PEROIRU3ODWLQXP G·DUPHVQXFOpDLUHV 
7KHZRUGSODWLQXPGHULYHVIURPWKH6SDQLVKZRUG 37& 3KHQ\OWKLRFDUEDPLGH
´VLOYHUµ 37& 3ODVPD7KURPERSODVWLQ
&KHPLVWU\0HWDOOXUJ\6\PEROV 0HGLFLQH
SW DEEU SRLQW 37&/ 3DNLVWDQ7HOHFRPPXQLFDWLRQV&RUSRUDWLRQ
*HRJUDSK\*UDSKLF$UWV1DYLJDWLRQ RZQHGE\WKH6WDWH
0DWKHPDWLFV0LOLWDU\6FLHQFH2UGQDQFH 37&V 3UHPDWXUH7HUPLQDWLRQ QRQVHQVH &RGRXV
5RERWLFV7UDQVSRUWDWLRQ(QJLQHHULQJ 7KH37&VLQP'1$ UHVXOWLQLWVDFFHOHUDWHGGHJUD
37 3RO\WKLRSKHQH GDWLRQZKLFKLVNQRZQDV10'SURFHVV
SW DEEU SRUW ,PPXQRORJ\0HGLFLQH0LFURELRORJ\
37 3RUWXJDO7HOHFRP )RUIXUWKHUGHWDLOVVHHXQGHUP'1$ DQG10'
37 3UHIHUHQWLDO7DULIIV SURFHVV
37 3UHVVXUH7HPSHUDWXUH SWG DEEU SDLQWHGSRLQWHGSULQWHG
3W 3ULYDWHWUXVW3URILWWDNLQJ 37' 3RVW7XQLQJ'ULIW
%XVLQHVV)LQDQFH (OHFWURQLFV
SW SURQWLFRQWURWHUPLQH 37' 3URWHLQ7UDQVGXFWLRQ'RPDLQ
,WDOLDQLQLWLDOLVPPHDQLQJ6SRWDJDLQVWIRUZDUG &HOO%LRORJ\
UHSXUFKDVHDJUHHPHQWVZDS 37( 3RUWXJXHVH(VFXGR
%DQNLQJ 1RZ(852(85 8 %HFDPH(&8 (XURSHDQ
37 3URWKURPELQ7LPH 6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\
37 3XUFKDVH7D[ &XUUHQFLHV
37$ 3HUFXWDQHRXV7UDQVOXPLQDO$QJLRSODVW\ 37( 3UHWD[(DUQLQJV
3HUFXWDQHRXVWUDQVOXPLQDODQJLRSODVW\LVDOVR 3WH DEEU 3ULYDWH /LPLWHG&RPSDQ\ 
NQRZQDV%DOORRQ$QJLRSODVW\ 37(1 3KRVSKDWDVHDQG7(1VLQ+RPRORJ'HOHWHG
6XUJHU\ RQ&KURPRVRPH
SWD DEEU SHVHWD 6SDLQ  &DQFHU5HVHDUFK&HOO%LRORJ\*OLRPDV
1RZ(852(858 %HFDPH(&8 (XURSHDQ 0ROHFXODU%LRORJ\7XPRU6XSSUHVVRUV
6LQJOH&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\ 37)% 3ODVPD7KURPERSODVWLQ)DFWRU%
&XUUHQFLHV 0HGLFLQH
37$ 3KRVSKRWXQJVWLF$FLG 37)( 3RO\WHWUDIOXRURHWK\OHQH
3KRVSKRWXQJVWLF$FLGLVDOVRNQRZQDV 3RO\WHWUDIOXRURHWK\OHQHLVUHVLVWDQWWRKHDWDQG
3KRVSKRZROIUDPLF$FLG7XQJVWRSKRVSKRULF$FLG FKHPLFDOV,WLVXVHGPDLQO\IRUHOHFWULFDOLQVXOD
,QRUJDQLF&KHPLVWU\ WLRQ
37$ 3ODVPD7KURPERSODVWLQ$QWHFHGHQW 0DWHULDOV
37$ 3UHSDLG7LFNHW$GYLFH 37* SpULRGHGHWHQVLRQRXWHPSVGHJXHUUH
37$ SULPDU\WUDLQLQJDFWLYLWLHV WLPHRIWHQVLRQRUZDU 77:  
DFWLYLWpVG·HQWUDvQHPHQWGHEDVH SWJ DEEU SULQWLQJ
37$ 3XULILHG7HUHSKWKDOLF$FLG 37*6 3RVWWUDQVFULSWLRQDO*HQH6LOHQFLQJ
37$WHVW 3HUR[LGDVH7UHSRQHPDO$QWLERG\WHVW %LRORJLFDO6FLHQFHV*HQH([SUHVVLRQ*HQHWLFV
0HGLFLQH 0ROHFXODU%LRORJ\0ROHFXODU*HQHWLFV
37% 13KHQDF\OWKLD]ROLXP%URPLGH 37+ 3DUDWK\URLG+RUPRQH
&KHPLVWU\ 3DUDWK\URLG+RUPRQHLVDOVRNQRZQDV
37% 3URWHLQ7\URVLQH%LQGLQJ 3DUDWKRUPRQH3DUDWK\ULQ
&DQFHU5HVHDUFK&HOO%LRORJ\6LJQDO (QGRFULQRORJ\
7UDQVGXFWLRQ 37+U3 3DUDWK\URLG+RUPRQHUHODWHG3URWHLQ
3W%$ 3RO\ WHUW%XW\O$FU\ODWH  7KH37+U3 LVSURGXFHGPDLQO\LQWKHSHULFKRQGUL
37%GRPDLQV 37\U%LQGLQJGRPDLQV XP
3W%0$ 3RO\ WHUW%XW\O0HWKDFU\ODWH  'HYHORSPHQWDO%LRORJ\(QGRFULQRORJ\*HQHWLFV
37% SURWHLQ 3RO\S\ULPLGLQH7UDFW%LQGLQJSURWHLQ 0HGLFLQH
37%LVDOVRNQRZQDVKQ513, 37, 3DORPDU7HVWEHG,QWHUIHURPHWHU
&HOO%LRORJ\0ROHFXODU0HGLFLQH1XFOHLF$FLGV $VWURQRP\$VWURSK\VLFV3ODQHW6HDUFK


37.V 3URWHLQ7\URVLQH.LQDVHV 38 3HSWLF8OFHU


%LRORJLFDO&KHPLVWU\/LIH6FLHQFHV 0HGLFLQH
37/$ 3KLOLSSLQH7KHRORJLFDO/LEUDU\$VVRFLDWLRQ 3X 7KHFKHPLFDOV\PEROIRU3OXWRQLXP
37/2 3DWHQW 7HFKQRORJ\/LFHQVLQJ2IILFH 3OXWRQLXPLVDUHDFWLYHPHWDOOLFHOHPHQWKDYLQJ
370 3XOVH7LPH0RGXODWLRQ WKHDWRPLFQXPEHUDQGDPHOWLQJSRLQWRI
370(* 3RO\WHWUDPHWK\OHQH(WKHU*O\FRO $&3OXWRQLXPLVXVHGLQQXFOHDUZHDSRQV
3706 SWROXLGLQHPVXOIRQLFDFLG 1DPHGIRUWKHSODQHW3OXWR
372 3DWHQWDQG7UDGHPDUN2IILFH 86$  &KHPLVWU\6\PEROV
372372 3OHDVH7XUQ2YHU 38 3URSHOODQW8WLOL]DWLRQ
372 SXEOLFWHOHFRPPXQLFDWLRQVRSHUDWRU 3XE DEEU SXEOLF
RSpUDWHXUGHUpVHDXSXEOLFGHWpOpFRPPXQLFDWLRQV 3XE DEEU 3XEOLVKHG3XEOLVKHU
372 3XEOLF7UXVWHH2IILFH 38& 3XEOLF8WLOLW\&RPPLVVLRQ 86$ 
3720 3DHVLH7HUULWRULG
2OWUHPDUH 38(2 3URELQJWKH8QLYHUVHZLWK(QKDQFHG2SWLFV
,WDOLDQLQLWLDOLVPPHDQLQJ2YHUVHDV&RXQWULHVDQG &XUYDWXUH6\VWHPV2SWLFV
7HUULWRULHV SXHR 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
373 3RVWR7HOHIRQLFR3XEEOLFR +DZDLLDQZRUGSXHRZKLFKLVWKHQDPHRID
,WDOLDQLQLWLDOLVPPHDQLQJ3XEOLF7HOHSKRQH +DZDLLDQRZO
373 3RVWWHWDQLF3RWHQWLDWLRQ 38)$ 3RO\XQVDWXUDWHG)DWW\$FLG
373 LVDFRPPRQIRUPRIVKRUWWHUPV\QDSWLF 38)$V 3RO\XQVDWXUDWHG)DWW\$FLGV
SODVWLFLW\WKDWLVFRQVLGHUHGWREHSUHV\QDSWLF 38IRDP 3RO\XUHWKDQHIRDP
0HGLFLQH1HXURORJ\DQG%HKDYLRXU3V\FKLDWU\ 38IRDPLVXVHGPDLQO\IRUSDGGLQJRULQVXODWLRQ
6XUJHU\ 0DWHULDOV
373V 3URWHLQ7\URVLQH3KRVSKDWDVHV 38. 3DWULRWLF8QLRQRI.XUGLVWDQ
&DQFHU5HVHDUFK3KDUPDFHXWLFDOV6LJQDO 38. 3HUVRQDO8QEORFNLQJ&RGH
7UDQVGXFWLRQ &HOOXODU3KRQHV
3753 3RVW7UHDWPHQW5HVRXUFH3URJUDP 3XW 3LDQRXUEDQRGHOWUDIILFR
7KH0HPRULDO6ORDQ.HWWHULQJ·V&RQIHUHQFHZLOO ,WDOLDQDFURQ\PPHDQLQJ7UDIILF8UEDQ3ODQ
EHKHOGRQWK2FWREHU SXW DEEU SXWDWLYH
&DQFHU6XUYLYRUVKLS 39 3DU9DOXH
376$ SWROXHQH6XOIRQDPLGH 39 3DYLD,WDO\
376' 3RVWWUDXPDWLF6WUHVV'LVRUGHU 39 3RWHQWLDO9RUWLFLW\
%LRORJLFDO6FLHQFHV3V\FKLDWULF1RVRORJ\ )OXLG0HFKDQLFV
376H[SHULPHQW 3UHVVXUL]HG7KHUPDO6KRFNH[SHU 39 3UHVVLRQ9HLQHXVH
LPHQW )UHQFKLQLWLDOLVPPHDQLQJ9HQRXV3UHVVXUH
377 3DUWLDO7KURPERSODVWLQ7LPH ,QWUDYHQRXV7HQVLRQ
377 3XOVH7UDQVLW7LPH 0HGLFLQH
$JLQJ$QWLDJLQJ$UWHULRVFOHURVLV*HULDWULFV 39 3URFHVVR9HUEDOH3URFqV9HUEDO
*HURQWRORJ\ ,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJPLQXWHV
377* 3LWXLWDU\7XPRU7UDQVIRUPLQJ*HQH RIILFLDOUHFRUGV OHJDO VXPPDU\RIWKHSURFHHG
%LRFKHPLVWU\&HOO&\FOH LQJV
378 3URS\O7KLRXUDFLO SY SURVVLPRYHQWXUR
378LVDFRPSRXQGWKDWPD\LQGXFHJRLWHU ,WDOLDQLQLWLDOLVPPHDQLQJQH[WPRQWK
7R[LFRORJ\ 39$ 3RO\YLQ\O$OFRKRO
37; 3HUWXVVLV7R[LQ 3RO\YLQ\ODOFRKROLVXVHGPDLQO\LQDGKHVLYHVDQG
37;LVDWR[LQSURGXFHGE\WKHEDFWHULXPWKDW DVDWKLFNHQHU
FDXVHVZKRRSLQJFRXJK 3YDF 3RO\YLQ\ODFHWDWH
,PPXQRORJ\0LFURELRORJ\7R[LFRORJ\ 3YDFLVXVHGPDLQO\LQLQNVODWH[SDLQWVDQGDGKH
37< 7KHDLUSRUWFRGHIRU3DQDPD&LW\3DQDPD VLYHV
37<SW\ DEEU 3URSULHWDU\ 2UJDQLF&KHPLVWU\
38 *XLQHD%LVVDX 39$0& 3RUWODQG9HWHUDQV$IIDLUV0HGLFDO&HQWHU
*XLQpH%LVVDX 86$ 
SDUWLFLSDWLQJXQLW 39% 3RO\YLQ\O%XW\UDO
XQLWpSDUWLFLSDQWH 83   3RO\YLQ\OEXW\UDOLVDOVRNQRZQDV%XWYDU


0DWHULDOV 392 3ULQFLSDO9HWHULQDU\2IILFHU


39%& 3RO\YLQ\O%HQ]\O&KORULGH 392 SULYDWHYROXQWHHURUJDQL]DWLRQ
39& 3RO\YLQ\O&KORULGH RUJDQLVDWLRQEpQpYROH
2UJDQLF&KHPLVWU\ 393 3RO\YLQ\OS\UUROLGLQH
39& 3UHVVLRQ9HLQHXVH&HQWUDOH 395 3HULSKHUDO9DVFXODU5HVLVWDQFH
)UHQFKLQLWLDOLVPPHDQLQJ&HQWUDO9HQRXV $JLQJ$QWLDJLQJ*HULDWULFV*HURQWRORJ\
3UHVVXUH 3YU 3ROLRYLUXVUHFHSWRU
0HGLFLQH 395 7KHDLUSRUWFRGHIRU3XHUWR9DOODUWD0H[LFR
39' 3D\VHQ9RLHGH'pYHORSSHPHQW 396 3DHVLLQ9LDGL6YLOXSSR
)UHQFKLQLWLDOLVPPHDQLQJ'HYHORSLQJ1DWLRQ ,WDOLDQLQLWLDOLVPPHDQLQJ'HYHORSLQJ&RXQWULHV
'HYHORSLQJ&RXQWU\ /HVV'HYHORSHG&RXQWULHV
39' 3HULSKHUDO9DVFXODU'LVHDVH 396 3KRWRYROWDLF6\VWHP
0HGLFLQH 396 3UHVVXUH9HVVHO6XUYHLOODQFH
39' 7KHDLUSRUWFRGHIRU3URYLGHQFH5KRGH 3967 SRUWYLVLW
,VODQG HVFDOH
39') 3RO\YLQ\OLGHQH)OXRULGH 397 SDUYRLHWpOpJUDSKLTXH
3RO\YLQ\OLGHQHIOXRULGHLVXVHGPDLQO\IRUSURWHF 397 3UHVVXUH9ROXPH7HPSHUDWXUH
WLYHFRDWLQJVDQGIRUJDVNHWV SYW DEEU SULYDWH
2UJDQLF&KHPLVWU\ 39; 3RWH[YLUXV3RWDWR9LUXV;*URXS
39')7U)(FRSRO\PHU 3RO\9LQ\OLGHQH)OXRULGH %LRORJLFDO6FLHQFHV&URS5HVHDUFK*HQH
7ULIOXRURHWK\OHQHFRSRO\PHU 6LOHQFLQJ3ODQW5HFRPELQDWLRQ9LURORJ\
(OHFWULFDO(QJLQHHULQJ0DWHULDOV5HVHDUFK SZ SHUZHHN
)HUURHOHFWULF3RO\PHUV $OVRSZ
39' KDUGFRDWLQJV 3K\VLFDO9DSRU'HSRVLWLRQKDUG S: SLFRZDWW
FRDWLQJV 0HWURORJ\
%DVLF(QHUJ\6FLHQFH0DWHULDOV6FLHQFH3K\VLFV 3:$ 3URIHVVLRQDO:RPHQ·V$VVRFLDWLRQ 5RPH
RI7KLQ)LOPV6XSHUODWWLFH7HFKQRORJ\9DFXXP ,WDO\ 
&RDWHUV 3:$ 3URYLQFLDO:DWHUZRUNV$XWKRULW\ 7KDLODQG 
39( 3RO\YLQ\O HWK\O (WKHU 3:& 3DFLILF:DYH&RPPXQLFDWLRQV 86$ 
2UJDQLF&KHPLVWU\ /RV$QJHOHVEDVHG
39(0 *UHHQ(FRORJLVW3DUW\RI0H[LFR 3RO\PHU%URDGEDQG0RGXODWLRQ
39(VWDWHV 3UHVVXUH9ROXPHLQWHUQDO(QHUJ\ 3:& SULQFLSDOZDUIDUHFRPPDQGHU
VWDWHV FRPPDQGDQWSULQFLSDOGHOXWWH
6KRFN3K\VLFV 3:) 3UHVHQW:RUWK)DFWRU
39. 3RO\ 19LQ\OFDUED]ROH  %XVLQHVV)LQDQFH
390 3RO\YLQ\O0HWK\O(WKHU 3:* SHUPDQHQWZRUNLQJJURXS
390LVXVHGPDLQO\LQSUHVVXUHVHQVLWLYHDGKH JURXSHGHWUDYDLOSHUPDQHQW
VLYHVDQGLQLQNV 3:+4 SULPDU\ZDUKHDGTXDUWHUV
2UJDQLF&KHPLVWU\ TXDUWLHUJpQpUDOGHJXHUUHSULQFLSDO 4**3 
390D7 3KRWRYROWDLF0DQXIDFWXULQJ7HFKQRORJ\ 3:0 3RNH:HHG0LWRJHQ
390D7DGPLQLVWHUHGIRU'2(E\15(/LVD 3:0 7KHDLUSRUWFRGHIRU3RUWODQG0DLQH86$
86*RYHUQPHQWLQGXVWU\SDUWQHUVKLSDLPHGDW 3:3 3DUWQHUVKLSZRUNSURJUDPPH SODQ 
LGHQWLI\LQJDQGVROYLQJPDQXIDFWXULQJSUREOHPV SURJUDPPH SODQ GHWUDYDLOGX3DUWHQDULDW
WKDWDIIHFWPRGXOHFRVWDQGSURGXFWLRQ7KHSUR SZUSZU SRZHU
JUDPLVFRRUGLQDWHGWKURXJKWKHMRLQWHIIRUWVRI (QJLQHHULQJ0DWKHPDWLFV3K\VLFV2SWLFV
'2(15(/6DQGLD1DWLRQDO/DERUDWRULHVDQG 3:5 3UHVVXUL]HG:DWHU5HDFWRU
WKH6RODU(QHUJ\,QGXVWULHV$VVRFLDWLRQ 1XFOHRQLFV
3KRWRYROWDLF0RGXOHV 3:56 SUHSRVLWLRQHGZDUUHVHUYHVWRFNV
)RUIXUWKHUGHWDLOVVHHXQGHU'2( DQG15(/ VWRFNVGHUpVHUYHVGHJXHUUHSUpSRVLWLRQQpV
3907, 3KRWRYROWDLF0DUNHW7UDQVIRUPDWLRQ 3:6% 3DUURWILVK:KLWH6SRW%LWLQJ
,QLWLDWLYH &RUDO'LVHDVH
391 3DUDYHQWULFXODU1XFOHXV 3:62,/ GDWDEDVH 3ULQFH:LOOLDP6RXQG2,/
3K\VLRORJ\ GDWDEDVH


7KH3:62/ GDWDEDVHFRQWDLQVDQDO\VHVRIK\GUR EVXUIDFH]HUR 6= 


FDUERQVSUHVHQWLQDQLPDOVDQGSODQWV 3= 3RWHQ]D,WDO\
SZW3HQQ\ZHLJKW 3= 3URJUHVV=RQH
0HWURORJ\ %LRORJ\*HQHWLFV0HGLFLQH9HUWHEUDWH/LPE
3[ S[ SDWLHQWSDWLHQWV 'HYHORSPHQW
3; 3K\VLFDO([DPLQDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU$(5
0HGLFLQH 3=& 3RLQWRI=HUR&KDUJH
S[ SQHXPRWKRUD[ %XVLQHVV)LQDQFH
0HGLFLQH 3=137 /HDG=LQF1LREDWH/HDG7LWDQDWH
S[ SUL[ 3=7 /HDG=LUFRQDWH7LWDQDWH
)UHQFKDEEUHYLDWLRQPHDQLQJSULFHFRVWFKDUJH
3; 3ULYDWH([FKDQJH
3[ 3URJQRVLV
0HGLFLQH
3;' SRVWH[HUFLVHGLVFXVVLRQ
GpEDWSRVWpULHXUjO·H[HUFLFH
3;( SRVWH[HUFLVHHYDOXDWLRQ
pYDOXDWLRQSRVWpULHXUHjO·H[HUFLFH
3;( 3VHXGR;DQWKRPD(ODVWLFXP
3;(LVDQLQKHULWHGGLVHDVHWKDWFDXVHVFDOFLILFD
WLRQRIFRQQHFWLYHWLVVXH
*HQHWLFV
3;5 SRVWH[HUFLVHUHSRUW
FRPSWHUHQGXSRVWpULHXUjO·H[HUFLFH
3< 3DUDJXD\,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
WHUV
3< 3ULRU<HDU
3\FQR DEEU 3\FQRG\VRVWRVLV
3\FQRLVDO\VRVRPDOGLVHDVHUHVXOWLQJIURPJHQH
GHIHFWV
+XPDQ*HQHWLFV0HGLFLQH
S\*&06 S\URO\VLV*DV&KURPDWRJUDSK\0DVV
6SHFWURPHWU\
S\*&06SURYLGHVDSRZHUIXOPHDQVIRUWKH
FKHPLFDOFKDUDFWHUL]DWLRQRILQYHUWHEUDWHFXWLFOHV
%LRJHRFKHPLVWU\&KHPLVWU\)RVVLO$QWKURSRGV
*HRORJ\2UJDQLF*HRFKHPLVWU\
S\PW DEEU SD\PHQW
3<3 3KRWRDFWLYH<HOORZ3URWHLQ
%LRFKHPLVWU\%LRORJ\&KHPLVWU\0HGLFLQH
0ROHFXODU%LRORJ\3DWKRORJ\3KRWRELRORJ\
3KRWRFKHPLVWU\
3\WUDFW 3RO\S\ULPLGLQHWUDFW
&HOO%LRORJ\0ROHFXODU0HGLFLQH1XFOHLF$FLGV
3= DEEU SDQFUpR]\PLQH
)UHQFKLQLWLDOLVPPHDQLQJSDQFUHR]\PLQ
3DQFUHR]\PLQLVDOVRNQRZQDVFKROHF\VWRNLQLQ
(QGRFULQRORJ\
3= SLFNXS]RQH
D]RQHG·HQOqYHPHQW>ORJLVWLTXH@
E]RQHGHUDPDVVDJH>SHUVRQQHO@
SRLQW]pUR
DJURXQG]HUR *= 


4 $ 4XHVWLRQVDQG$QVZHUV

4 4$5$1& 4XHHQ$OH[DQGUD
V5R\DO$UP\1XUVLQJ
&RUSV
4$5116 4XHHQ$OH[DQGUD
V5R\DO1DYDO1XUVLQJ
T TXDGUDWR 6HUYLFH
PHDQLQJVTXDUHLQ,WDOLDQ 4$V 4XDGUDWXUHSKDVH$PSOLWXGHV
T TXDOFXQR 3K\VLFV
PHDQLQJVRPHERG\VRPHRQHLQ,WDOLDQ 4$6 4XHVWLRQ$QVZHULQJ6\VWHP
T TXDUW &RPSXWHU3URJUDPPLQJ
4XDUWLVDXQLWRIYROXPH 4$7 TXDOLILFDWLRQDSSURYDOWHVW
0HFKDQLFV HVVDLG·KRPRORJDWLRQ
T TXDUWHU 4% 4XDOLILHG%LGGHUV
4XDUWHULVDXQLWRIPDVV TE TXDQWREDVWD
0HFKDQLFV ,WDOLDQLQLWLDOLVPPHDQLQJDVPXFKDVLVVXIILFLHQW
T DEEU TXDUWHUO\ 4% 4XHHQ
V%HQFK
$OVRTWO\ 4%' 4XHHQ
V%HQFK'LYLVLRQ
4XDUWHUO\PHDQVRFFXUULQJIRXUWLPHVD\HDU 4%2 4XDVL%LHQQLDO2VFLOODWLRQ
$FFRXQWLQJ 3HULRGLFDOV 7KHWHUPTXDVLELHQQLDORVFLOODWLRQUHIHUVWRD
T TXDUWLOH PRQWKF\FOHZKHUHLQVWUDWRVSKHULFZLQGVFKDQJH
6WDWLVWLFV GLUHFWLRQIURPHDVWWRZHVWDQGYLFHYHUVD
4 4XHEHF &DQDGD  *HRGHV\*HRSK\VLFV0HWHRURORJ\
$OVR4XH 4%6 4XDQWL]HG%RWWOHQHFN6WDWHV
4 4XHHQ $WRPLFDQG0ROHFXODU6FLHQFHV&KHPLFDO
$OVR4X 3K\VLFV0ROHFXODU5HDFWLRQ'\QDPLFV
4 4XHHQVODQG $XVWUDOLD  4%6) PHGLD 4XDOLW\%LRORJLFDO6HUXP)UHHPHGLD
$OVR4OG4XH &HOO*URZWK0RQRFORQDO$QWLERG\3URGXFWLRQ
T DEEU TXHU\ TF TXDOFRVDTXDOFKHFRVD
$OVRT\ ,WDOLDQLQLWLDOLVPPHDQLQJVRPHWKLQJ
&RPSXWHU3URJUDPPLQJ 4& 4XDOLWj&RQWUROODWD ,WDO\ 
T TXHVWLRQ 4& 4XDOLW\&LUFOH
4 TXHXH 4& 4XDOLW\&RQWURO
T TXLQWDO ,QGXVWULDO(QJLQHHULQJ
TXLQWDOLVHTXDOWR.LORJUDPV 4& 4XDQWXP&DVFDGH
0HWURORJ\ 0LFURVWUXFWXUDO6FLHQFHV
T TXLUH 4& 4XDQWXP&KHPLVWU\
0DWHULDOV 3K\VLFDO&KHPLVWU\
T TXRWD 4& 4XDQWXP&RPSXWHU
PHDQLQJDOLTXRWSURSRUWLRQTXRWDVKDUHLQ 4& 4XDVL&RQWUDFW4XDVL&RUSRUDWLRQ
,WDOLDQ %XVLQHVV&RPPHUFH)LQDQFH
4 4XRWLHQW 4& 4XHHQ
V&ROOHJH4XHHQ
V&RXQVHO
0DWKHPDWLFV 4& 4XLQDU\&RGH
4$ 4DWDU &RPSXWHU7HFKQRORJ\
4$ 4XDOLW\$VVXUDQFH 4&$ 4XDQWXPGRW&HOOXODU$XWRPDWD
4$ 4XLFN$VVHWV (OHFWULFDO(QJLQHHULQJ1DQRVFDOH6FLHQFH
%XVLQHVV)LQDQFH 3K\VLFV7HFKQRORJ\
4$/$6 4XDOLILHG$VVRFLDWH/DQG$JHQW
V6RFLHW\ 4&% 4XHXH&RQWURO%ORFN
4$/< 4XDOLW\$GMXVWHG/LIH<HDUV 4&' 4XDQWXP&KURPRG\QDPLFV
4XDOLW\RI/LIH+HDOWK&DUH 3DUWLFOH3K\VLFV
4$0 4XDGUDWXUH$PSOLWXGH0RGXODWLRQ 4&'6 4XDOLW\&RVW'HOLYHU\6DIHW\
4$0 4XHXHG$FFHVV0HWKRG 4&ODVHUV 4XDQWXP&DVFDGHODVHUV
&RPSXWHU3URJUDPPLQJ $SSOLHG3K\VLFV&KDRWLF5HVRQDWRUV
4$06 4XDOLW\$VVXUDQFHRI0HGLFDO6WDQGDUGV 0LFURODVHUV
0HGLFLQH 4&0 4XHVWLRQQDLUH4XHVWLRQVj&KRL[0XOWLSOH


4&0PHDVXUHPHQWV PLFURJUDYLPHWULF 4XDUW] 4**) TXDUWLHUJpQpUDOGHJXHUUHIL[H


&U\VWDO0LFUREDODQFHPHDVXUHPHQWV VWDWLFZDUKHDGTXDUWHUV 6:+4 
&KHPLVWU\ 4**)5 TXDUWLHUJpQpUDOGHJXHUUHIL[HGH
4&3( 4XDQWXP&KHPLVWU\3URJUDP([FKDQJH UHFKDQJH
86$  VWDWLFDOWHUQDWHZDUKHDGTXDUWHUV 6$:+4 
4&35&DVVD\ 4XDQWLWDWLYH&RPSHWLWLYH 4**0 TXDUWLHUJpQpUDOGHJXHUUHPDULWLPH
3RO\PHUDVH&KDLQ5HDFWLRQDVVD\ PDULWLPHZDUKHDGTXDUWHUV 0:+4 
4&36. 4XDWHUQDU\&RKHUHQW3KDVH6KLIW.H\HG TXDUWLHUJpQpUDOGHJXHUUHPRELOH
4&6 4XDGUL&RPXQLWDULGL6RVWHJQR(& PRELOHZDUKHDGTXDUWHUV 0:+4 
4&6( 4XDQWXP&RQILQHG6WDUN(IIHFW 4**3 TXDUWLHUJpQpUDOGHJXHUUHSULQFLSDO
2SWLFDO0RGXODWLRQ$SSOLFDWLRQV DPDLQZDUKHDGTXDUWHUV 0:+4 
4&7 4XDVL&ODVVLFDO7UDMHFWRU\ ESULPDU\ZDUKHDGTXDUWHUV 3:+4 
4' 4XDG'HQVLW\ 4**3, TXDUWLHUJpQpUDOGHJXHUUHSULQFLSDOLQWHUDU
&RPSXWHU7HFKQRORJ\ PpHV
4'$ 4XDQWLW\'LVFRXQW$JUHHPHQW MRLQWSULPDU\ZDUKHDGTXDUWHUV -3:+4 
4'6 4XDOLW\'HQWDO6HUYLFHV 86$  4**5 TXDUWLHUJpQpUDOGHJXHUUHGHUHFKDQJH
'HQWDO%HDULQJV'HQWDO*DVNHWV DOWHUQDWHZDUKHDGTXDUWHUV $:+4 
4'V 4XDQWXP'RWV 4*125' 4XDUWLHUJpQpUDOGHV)RUFHVDOOLpHVGX
4'VDUHVPDOOHOHFWULFDOO\FRQGXFWLQJUHJLRQVFRQ 1RUG(XURSH>REVROqWH@
WDLQLQJIURPDVPDOOQXPEHUWRDIHZWKRXVDQG +HDGTXDUWHUV$OOLHG)RUFHV1RUWK(XURSH +4
HOHFWURQV 1257+ >REVROHWH@
$SSOLHG3K\VLFV(OHFWULFDO(QJLQHHULQJ 4*3 TXDUWLHUJpQpUDOGXWHPSVGHSDL[
6XEPLFURQ5HVHDUFK SHDFHKHDGTXDUWHUV 3+4 
4'6 4XHXH'ULYHQ6\VWHP 4+$ 4XDVL+DUPRQLF$SSUR[LPDWLRQ
&RPSXWHU3URJUDPPLQJ &KHPLFDO(QJLQHHULQJ0DWHULDOV6FLHQFH
4'6/ VWUXFWXUHV 4XDQWXP'RW6XSHUODWWLFHVWUXF 4+&O 4XLQLQH+\GURFKORULGH
WXUHV 4+( 4XDQWXP+$// (IIHFW
$SSOLHG3K\VLFV7KHUPRHOHFWULF0DWHULDOV 3K\VLFV
4'VWUXFWXUHV 4XDVLRQHGLPHQVLRQDOVWUXFWXUHV 4+(RSHUDWLRQ 4XDQWXP+HDW(QJLQHRSHUDWLRQ
4( 4XR]LHQWH(PR]LRQDOH 4XDQWXP&RKHUHQFH3K\VLFV
,WDOLDQLQLWLDOLVPPHDQLQJ(PRWLRQDO4XRWLHQW 4+0 4XDUW]+RUL]RQWDO0DJQHWRPHWHU
3V\FKRORJ\ (QJLQHHULQJ
4(' 4XDQWXP(OHFWURG\QDPLFV 4, 4XDUWHUO\,QGH[
6WULQJ7KHRU\ 4, 4XRWLHQW,QWHOOHFWXHO4XR]LHQWHGL,QWHOOLJHQ]D
4('V 4XDQWXP(PLVVLRQ'RPDLQV ,QWHOOHWWLYR
4(' WHVW 4XDQWLWDWLYH(Q]\PDWLF'LDJQRVWLFWHVW )UHQFKDQG,WDOLDQLQLWLDOLVPPHDQLQJ,QWHOOLJHQFH
4HV 4XDQWXPHIILFLHQFLHV 4XRWLHQW
6RODU(QHUJ\ 3V\FKRORJ\
4) 4XDOLW\)DFWRU 4,/ 4XDG,Q/LQH
1XFOHRQLFV 4,05 4XHHQVODQG,QVWLWXWHIRU0HGLFDO5HVHDUFK
4) 4XLFN)LULQJ $XVWUDOLD 
4) 7KHDLUOLQHFRGHIRU4DQWDV$LUZD\V/WG 4, RI,4 4XDQWXP,QWHUSUHWDWLRQRI,QWHOOLJHQFH
4IHYHU 4XHHQVODQGIHYHU 4XRWLHQW
0HGLFLQH 4,3 TXDGULODWHUDOLQWHURSHUDELOLW\SURJUDPPH
4* 4XDOLWp*OREDOH SURJUDPPHTXDGULODWpUDOG·LQWHURSpUDELOLWp
4* 4XDUWLHU*HQHUDOH4XDUWLHU*pQpUDO 4,6$0 4XHXHG,QGH[HG6HTXHQWLDO$FFHVV
,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ 0HWKRG
+HDGTXDUWHUV &RPSXWHU6FLHQFH
0LOLWDU\ 4.' 4XDQWXP.H\'LVWULEXWLRQ
4*&$ TXDUWLHUJpQpUDOGHFRQWU{OHDYDQFp 4XDQWXP&U\SWRJUDSK\
DGYDQFHGFRQWUROKHDGTXDUWHUV $&+4  4/ 4XHU\/DQJXDJH
4** TXDUWLHUJpQpUDOGHJXHUUH &RPSXWHU3URJUDPPLQJ
ZDUKHDGTXDUWHUV :+4  TO DEEU TXLQWDOH


,WDOLDQDEEUHYLDWLRQPHDQLQJTXLQWDO 3K\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHUT 43&8 TXHVWLRQQDLUHGHVSODQVFLYLOVG·XUJHQFH
4/$ 4XHEHF/LEUDU\$VVRFLDWLRQ &DQDGD  FLYLOHPHUJHQF\SODQQLQJTXHVWLRQQDLUH &(34 
4OG DEEU 4XHHQVODQG $XVWUDOLD  43(JURXQGVWDWH 4XDQWXP3DUDHOHFWULFJURXQG
$OVR44XH VWDWH
4// 4XDVL/LTXLG/D\HU 43(; 4XDVL3DUDOOHO(;HFXWLRQ
$WPRVSKHULF3K\VLFV0HWHRURORJ\0LFURSK\VLFV &RPSXWHU7HFKQRORJ\
RI&ORXGV3K\VLFV 430 4XDOLW\3URWHLQ0DL]H
4/0 4XDVL/DJUDQJLDQ0RGHO 1XWULWLRQ3URWHLQ0DL]H
TOW\ DEEU TXDOLW\ 430VFKHPHV 4XDVL3KDVH0DWFKLQJVFKHPHV
TO\ DEEU TXDUWHUO\ 6ROLG6WDWH0LFURVWUXFWXUHV
)RUIXUWKHUGHWDLOVVHHXQGHUT 4326 4XDVL3HULRGLF2SWLFDO6XSHUODWWLFH
40 4XDQWXP0HFKDQLFV 6ROLG6WDWH0LFURVWUXFWXUHV
4XDQWXPPHFKDQLFVLVDOVRNQRZQDV4XDQWXP 432V 4XDVL3HULRGLF2VFLOODWLRQV
7KHRU\ $VWURQRP\$VWURSK\VLFV%ODFN+ROHV
3K\VLFV 435,0( 4XDOLW\RULHQWHGVRIWZDUH35RFHVVPDQ
40 4XHHQ0RWKHU DJHPHQW,Q0HGLXP(QWHUSULVHV
40& 4XDUWHUPDVWHU&RUSV (XURSHDQ&RPPXQLW\3URMHFW
40' 4XDQWXP0ROHFXODU'\QDPLFV 435. 4XDGUDWXUH3DUWLDO5HVSRQVH.H\LQJ
40) 4XHU\0DQDJHPHQW)DFLOLW\ 7HOHFRPPXQLFDWLRQV
40* 4XDUWHUPDVWHU*HQHUDO 43V 4XDVL3DUWLFOHV
40PRXVH 4XDVL0RQRFORQDOPRXVH $ TXDVLSDUWLFOHKDVWKHIHDWXUHVRIDSDUWLFOHEXW
,PPXQRORJ\0LFURELRORJ\6RPDWLF LVQRWDWUXHIUHHSDUWLFOH
+\SHUPXWDWLRQ 3K\VLFV
405 4XDOLWj0HGLD5LVXOWDQWH 436.4SVN 4XDWHUQDU\4XDGUDWXUH3KDVH6KLIW
,WDOLDQLQLWLDOLVPPHDQLQJ$YHUDJH2XWJRLQJ .H\LQJ
4XDOLW\ (OHFWURQLFV
405 TXDOLWDWLYHPLOLWDU\UHTXLUHPHQW TT DEEU TXHVWLRQV
EHVRLQPLOLWDLUHTXDOLWDWLI TTFK TXHOTXHFKRVH
40 VFDWWHULQJ FDOFXODWLRQV 4XDQWXP0HFKDQLFDO )UHQFKDEEUHYLDWLRQPHDQLQJVRPHWKLQJ
VFDWWHULQJFDOFXODWLRQV TTI TXHOTXHIRLV
406PHDVXUHPHQWV 4XDGUXSOH0DVV6SHFWURPHWHU )UHQFKDEEUHYLDWLRQPHDQLQJVRPHWLPHV
PHDVXUHPHQWV TTQ TXHOTX
XQ
$VWURQRP\3K\VLFV )UHQFKDEEUHYLDWLRQPHDQLQJVRPHERG\VRPH
4Q TXLQROLQLXP RQH
TQ DEEU TXRWDWLRQ 45 4DWDU5L\DO
TQW\ DEEU TXDQWLW\ &XUUHQFLHV
42/ 4XDOLW\2I/LIH TU DEEU TXDUWHU
423 4XDOLW\2ULHQWDWLRQ3URILOH )RUIXUWKHUGHWDLOVVHHXQGHUT
4264R6 4XDOLW\2I6HUYLFH 45 4XRWDWLRQ5HTXHVW
43 4XDVL3HULRGLFLW\ 45$ 4XDQWLWDWLYH5LVN$VVHVVPHQW
&KDRWLF'\QDPLFV 45$ TXLFNUHDFWLRQDOHUW DLUFUDIW 
43 4XHU\3URJUDP DYLRQHQ DOHUWHGHUpDFWLRQUDSLGH
7KHTXHU\SURJUDPHQDEOHVDXVHUWRSXWTXHVWLRQV 45) TXLFNUHDFWLRQIRUFH
WRDGDWDEDVHDQGWRVWRUHWKHGDWDREWDLQHG DIRUFHGHUpDFWLRQUDSLGH
&RPSXWHU3URJUDPPLQJ EIRUFHG·LQWHUYHQWLRQUDSLGH>)5@
43 4XRWHG3ULFH 450 4XLFN5HVSRQVH0HFKDQLVP
%XVLQHVV&RPPHUFH)LQDQFH 452 TXLFNUHVSRQVHRSWLRQ
43& 4XDQWXP3RLQW&RQWDFW RSWLRQGHUpSRQVHUDSLGH
&RQGHQVHG0DWWHU3K\VLFV6XEPLFURQ5HVHDUFK TXLFNUHDWLRQRSWLRQ
43& 4XDVL3XEOLF&RPSDQ\ RSWLRQGHUpDFWLRQUDSLGH
%XVLQHVV&RPPHUFH)LQDQFH 456 TXLFNUHIHUHQFHV\VWHP
43&V 4XDQWXP3RLQW&RQWDFWV V\VWqPHGHUpIpUHQFHUDSLGH


TUWU 4XDUWHU TW] DEEU TXDUW]


)RUIXUWKHUGHWDLOVVHHXQGHUT 0LQHUDORJ\
4580V 4XDVL5LJLG8QLW0RGHV TX DEEU TXDOLW\
3K\VLFV $OVRTXDO
46 4XDOLWDWLYH6LPXODWLRQ 6FLHQFH7KHUPRG\QDPLFV
$UWLILFLDO,QWHOOLJHQFH 4X DEEU 4XHHQ
46 4XDOLW\6WRFN $OVR4
%XVLQHVV&RPPHUFH TX DEEU TXHU\TXHVWLRQ
464V 4XDQWLWp6XIILVDQWH 4X 4XLQROLQH
)UHQFKLQLWLDOLVPPHDQLQJVXIILFLHQWTXDQWLW\ 4XLQROLQHLVXVHGPDLQO\LQPHGLFLQHDQGDVDIOD
46 4XDUWHU6HVVLRQV YRULQJDJHQW
/DZ 2UJDQLF&KHPLVWU\
46 4XLHW6OHHS 4X$ $QWHULRU4XDGUDQJXODUOREXOH
4XLHW6OHHSLVDOVRNQRZQDV1RQ5DSLG(\H &OLQLFDO3V\FKRORJ\0HGLFLQH1HXURVFLHQFHRI
0RYHPHQW6OHHS $XWLVP5DGLRORJ\
1HXURORJ\ TXDG DEEU TXDGHUQR
46 4XLQDFULQH6WHULOL]DWLRQ ,WDOLDQDEEUHYLDWLRQPHDQLQJFRS\ERRNQRWH
%LUWK&RQWURO&RQWUDFHSWLRQ/DSDURVFRS\ ERRNERRN
46$0 4XHXHG6HTXHQWLDO$FFHVV0HWKRG TXDG DEEU TXDGUDQJOH
&RPSXWHU6FLHQFH $UFKLWHFWXUH&DUWRJUDSK\0DWKHPDWLFV
46* 4XDVL6WHOODU*DOD[\ TXDG DEEU TXDGUDQW
462 4XDVL6WHOODU2EMHFW $QDWRP\(OHFWURPDJQHWLVP(QJLQHHULQJ
)RUIXUWKHUGHWDLOVVHHXQGHU462V 0DWKHPDWLFV1DYDO$UFKLWHFWXUH1DYLJDWLRQ
462V 4XDVL6WHOODU2EMHFWV 0HFKDQLFDO(QJLQHHULQJ3K\VLRORJ\2SWLFV
462VDUHWKHEULJKWHVWGLVWDQWREMHFWVNQRZQ TXDG DEEU TXDGUXSOLFDWH
7KH\DUHDOVRNQRZQDV4XDVDUV $OVRTXDGUTXDGUXSO,QTXDGUXSOLFDWHPHDQV
$VWURQRP\$VWURSK\VLFV6SDFH3K\VLFV DQRULJLQDOSOXVWKUHHFDUERQFRSLHVRUSKRWR
463 TXLFNVWDUWSDFNDJH FRSLHV
PRGXOHGHPLVHHQWUDLQUDSLGH TXDO DEEU TXDOLWDWLYH
TW DEEU TXDQWLW\ TXDO DEEU TXDOLW\
TW DEEU TXDUW $OVRTX
)RUIXUWKHUGHWDLOVVHHXQGHUT 6FLHQFH7KHUPRG\QDPLFV
47 4XHVWLRQHG7UDGH 48$0, 48$OLILFDWLRQIRU\RXQJ0,JUDQWV
TW DEEU TXLHW *HUPDQ\ 
47 4XRWDWLRQ7LFNHU 3URMHFWV
47$0 4XHXHG7HOHFRPPXQLFDWLRQ$FFHVV 4XDPWD 4XDOLILFD]LRQHPDQDJHULDOHHWHFQLFDGHJOL
0HWKRG4XHXHG7HOHSURFHVVLQJ$FFHVV0HWKRG DUWLJLDQL ,WDO\ 
TWp DEEU TXDQWLWp 3URMHFWV9RFDWLRQDO7UDLQLQJ
)UHQFKDEEUHYLDWLRQPHDQLQJTXDQWLW\ TXDUTXDUW TXDUWHU
47/V 4XDQWLWDWLYH7UDLW/RFXV/RFL 0HWURORJ\1DYDO$UFKLWHFWXUH
$QLPDO%UHHGLQJ%LRFKHPLVWU\*HQHWLFV TXDUTXDUW DEEU TXDUWHUO\
*HQRPH7HFKQRORJ\0LFURELRORJ\ )RUIXUWKHUGHWDLOVVHFXQGHUT
TWO\ DEEU TXDUWHUO\ 48$57(7 TXLFNDQGUHDG\WRHQFU\SWWHVWWHUPL
)RUIXUWKHUGHWDLOVVHHXQGHUT QDO
470/ 4XLFN7LPH0HGLD/D\HU WHUPLQDOG·HVVDLGHFKLIIUHPHQWUDSLGHHWSUrW
,QWHJUDWHG3URJUDPPLQJ/DQJXDJHV 48$6$5 48$OLWjH6HUYL]LSHUJOL$SSDOWL
471 4XDVLWKHUPDO1RLVH 3XEEOLFL ,WDO\ 
$HURQDXWLFV$VWURQRP\$VWURSK\VLFV3K\VLFV 48$6&2 48$OLILFD]LRQHH6YLOXSSRGHO&2VWUXLUH
6SDFH6FLHQFH ,WDO\ 
47 SODWHDX 4LQJKDL7LEHWDQ3ODWHDX 48$6+ 48DOLW\$6VXUDQFHRI6DPSOH+DQGOLQJ
(QYLURQPHQWDO6FLHQFH*HRORJLFDO6FLHQFHV (XURSHDQ&RPPXQLW\
*ODFLRORJ\*HRFU\RORJ\ 6DPSOH+DQGOLQJDQG6WRUDJH
TWU DEEU TXDUWHU


48$6,0(0( 48DOLW\$6VXUDQFHRI,QIRUPDWLRQ TY TXDOFKHYROWD


IRU0DULQH(QYLURQPHQWDO0RQLWRULQJLQ(XURSH ,WDOLDQLQLWLDOLVPPHDQLQJVRPHWLPHV
48$6,0(0(KDVEXLOWDQHIIHFWLYH(XURSHDQ 49& 4XDOLW\9DOXH&RQYHQLHQFH
0DULQH0RQLWRULQJ1HWZRUN7KHSURMHFWZDV 7KHDERYHLQLWLDOLVPZDVFRLQHGUHIHUULQJWRVKRS
IXQGHGXQGHUWKH6WDQGDUGV0HDVXUHPHQWVDQG SLQJLQWKH86$FXVWRPHUVZDWFKWKHSURGXFWV
7HVWLQJSURJUDPPH RQDVFUHHQDQGRUGHUE\WHOHSKRQH
(XURSHDQ&RPPXQLW\3URMHFW 4: 4XDG:RUG
48$8%$7 48LFNHU$VVHVVPHQWRIOLIHWLPHRI39 $ TXDGZRUGLVDFWXDOO\DE\WHVORQJZRUG
%$7WHULHV &RPSXWHU7HFKQRORJ\
48( 4XDOLW\LQ8QGHUJUDGXDWH(GXFDWLRQ 4: 4XDQWXP:HOO
,QGRQHVLD  4XDQWXP(QJLQHHULQJ
48(LVIXQGHGE\WKH:RUOG%DQN 4:(/' 4XDOLW\FRQWUROSURFHGXUHDQGQRUPDWLYH
:RUOG%DQN3URJUDPV IRUKLJKO\UHOLDEOHIODVKEXWW:(/'LQJ
4XH 4XHEHF &DQDGD  (XURSHDQ&RPPXQLW\3URMHFW
$OVR4 4:+ 4XDQWXP:HOO+HWHURVWUXFWXUH
4XH 4XHHQVODQG $XVWUDOLD  (OHFWULFDO(QJLQHHULQJ2SWLFDO&LUFXLW'HVLJQ
$OVR44OG 2SWLFDO&RPSXWLQJ2SWRHOHFWURQLF7HFKQRORJ\
48(5&86 48DOLWDWLYH([SHULPHQWVWRGHWHUPLQH 3KRWRQLF&LUFXLWV
WKHFRPSRQHQWV5HVSRQVLEOHDQGHOLPLQDWHWKH 4:,3 4XDQWXP:HOO,QIUDUHG3KRWRGHWHFWLRQ
&DXVHVRI8QGHVLUDEOH6HQVRU\FKDUDFWHULVWLFVLQ 0LFURVWUXFWXUDO6FLHQFHV
GULQNVVWRSSHUHGZLWKFRUN 4:/ 4XDOLW\RI:RUN/LIH
(XURSHDQ&RPPXQLW\3URMHFW 4:V 4XDQWXP:HOOV
48(67 &HQWHUIRU48DQWL]HG(OHFWURQLF 4XDQWXP(QJLQHHULQJ
67UXFWXUHV T\ DEEU TXHU\
48, 4XHHQ
V8QLYHUVLW\ ,UHODQG  $OVRT
48,& 48DQWXP,QIRUPDWLRQDQG&RPSXWLQJ &RPSXWHU3URJUDPPLQJ
48,&DW&DOWHFKZDVIRXQGHGE\WKH
0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\DQGWKH
8QLYHUVLW\RI6RXWKHUQ&DOLIRUQLD 86$ 
48,/ 48DG,Q/LQH
(OHFWURQLFV
TXLQW DEEU TXLQWXSOLFDWH
,QTXLQWXSOLFDWHPHDQVDQRULJLQDOSOXVIRXUFDU
ERQFRSLHVRUSKRWRFRSLHV
48,57 48DOLW\FRQWURO,Q5DGLDWLRQ7KHUDS\
0HGLFLQH
TXRW DEEU TXRWDWLRQ
$OVRTXRWH
%XVLQHVV&RPPHUFH
TXRW DEEU TXRWD]LRQH
,WDOLDQDEEUHYLDWLRQPHDQLQJTXRWDWLRQ
TXRW DEEU TXRWHG
&RPPHUFH
4829$',6 48DOLW\2I9LGHRDQG$XGLRIRU
',JLWDOWHOHYLVLRQ6HUYLFHV
4X3 3RVWHULRU4XDGUDQJXODUOREXOH
&OLQLFDO3V\FKRORJ\0HGLFLQH1HXURVFLHQFHRI
$XWLVP5DGLRORJ\
487 4XHHQVODQG8QLYHUVLW\RI7HFKQRORJ\
487 LVRQHRI$XVWUDOLD
VODUJHVWXQLYHUVLWLHV7KH
IDFXOWLHVRIWKHXQLYHUVLW\DUHDUWVHQYLURQPHQW
DQGHQJLQHHULQJEXVLQHVVLQIRUPDWLRQWHFKQRORJ\
ODZDQGVFLHQFH


&RPSXWHU3URJUDPPLQJ

5 U UHTXHVW
U DEEU UHVHDUFK
,QVFLHQFHDVZHOODVLQRWKHUILHOGVUHVHDUFKLVWKH
5U DEEU UDGLXV LQYHVWLJDWLRQFRQGXFWHGZLWKDYLHZWRILQGQHZ
$QDWRP\0DWKHPDWLFV GDWDDQGSXWLWLQWRXVH
U DEEU UDJJLR 5U UHVHUYHG
,WDOLDQDEEUHYLDWLRQPHDQLQJUDGLXV U DEEU UHVHW
5U UDLOZD\ &RPSXWHU7HFKQRORJ\
7UDQVSRUWDWLRQ(QJLQHHULQJ U UHVLVWRU
U DEEU UDLQ UHVLVWRULVDOVRNQRZQDVUHVLVWRUHOHPHQW
5 +HDY\5DLQ %HDXIRUWOHWWHU  (OHFWULFLW\
0HWHRURORJ\ 5 UHVSRQVH
U DEEU UDQJH %HKDYLRU
&DUWRJUDSK\(FRORJ\(QJLQHHULQJ*HRJUDSK\ 5 UHWXUQ UHIHUULQJWRIDUHVWLFNHWVHWF 
0DWKHPDWLFV0LOLWDU\6FLHQFH1DYLJDWLRQ U UHYROXWLRQ
3K\VLFV5RERWLFV6WDWLVWLFV $VWURQRP\*HRORJ\0HFKDQLFV
U UDUH 5U ULFHYXWD
5 UDUHHDUWK ,WDOLDQDEEUHYLDWLRQPHDQLQJUHFHLSW
&KHPLVWU\ U ULJKW
5U UDWLR 5 ULYHU
0DWKHPDWLFV *HRJUDSK\+\GURORJ\
5 UHDFK U URDG
&LYLO(QJLQHHULQJ(QJLQHHULQJ*HRJUDSK\ &LYLO(QJLQHHULQJ*HRORJ\0LQLQJ(QJLQHHULQJ
,QGXVWULDO(QJLQHHULQJ5RERWLFV U URG
U DEEU UHDG %DFWHULRORJ\0HFKDQLFDO'HYLFHV1XFOHRQLFV
&RPSXWHU7HFKQRORJ\(OHFWURQLFV *HRORJ\ ,QJHRORJ\URGLVDOVRNQRZQDVUROOHU
7HOHFRPPXQLFDWLRQV +LVWRORJ\ ,QKLVWRORJ\URGLVDOVRNQRZQDVURG
U DEEU UHDGHU FHOO
$OVRUGU 5U URHQWJHQ
&RPSXWHU7HFKQRORJ\*UDSKLF$UWV URHQWJHQLVDOVRNQRZQDV5|QWJHQ
U UHDO 1XFOHRQLFV
5 5pDXPXU WHPSHUDWXUHVFDOH  5 UROOHG
1DPHGIRUWKH)UHQFKSK\VLFLVW5HQpGH5pDXPXU 5 5RPDQLD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU
ZKRLQYHQWHGLW U URRG
7KHUPRG\QDPLFV 0HWURORJ\
5 5HFHLYHU U URXJK
&KHPLFDO(QJLQHHULQJ(OHFWURQLFV0HFKDQLFDO U URXWLQH
(QJLQHHULQJ ,QFRPSXWHUSURJUDPPLQJURXWLQHLVDVHULHVRI
U UHFRPPHQGDWLRQ LQVWUXFWLRQVXVHGWRSHUIRUPSDUWLFXODUIXQFWLRQV
U UHFWR &RPSXWHU3URJUDPPLQJ
*UDSKLF$UWV U UXQ
5 UHILQHG &DUWRJUDSK\&KHPLFDO(QJLQHHULQJ&RPSXWHU
&KHPLFDO(QJLQHHULQJ 3URJUDPPLQJ(QJLQHHULQJ*HRORJ\+\GURORJ\
U UHJLVWHU 0HFKDQLFDO(QJLQHHULQJ0LOLWDU\6FLHQFH1DYDO
&RPSXWHU7HFKQRORJ\*UDSKLF$UWV0HFKDQLFDO $UFKLWHFWXUH2UGQDQFH
(QJLQHHULQJ0LOLWDU\6FLHQFH 5U UXSHH
7HOHFRPPXQLFDWLRQV &XUUHQFLHV
5U UHJLVWHUHGUHQW 5$ $UJHQWLQD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
U UHJXODWLRQ WHUV
U UHOLDELOLW\ 5$ UDGLXVRIDFWLRQ
(QJLQHHULQJ6WDWLVWLFV UD\RQG·DFWLRQ
5 UHSRUW 5$ 5DGLR$VWURQRP\


5D 7KHFKHPLFDOV\PEROIRU5DGLXP 5$ 5RZ$GGUHVV
5DGLXPLVDUDGLRDFWLYHHOHPHQWKDYLQJWKHDWRPLF &RPSXWHU3URJUDPPLQJ
QXPEHU,WLVXVHGPDLQO\LQPHGLFLQHDQGLQ 5$ 5R\DO$FDGHPLFLDQ5R\DO$FDGHP\
UDGLRJUDSK\7KHZRUGUDGLXPGHULYHVIURPWKH 5$ 5R\DO$UWLOOHU\
/DWLQWHUPUD\ 5$$ 5HJLRQDO$LUOLQHV$VVRFLDWLRQ &DQDGD 
&KHPLVWU\ 6\PEROV 5$$ 5HPRWH$FFHVV$GPLWWDQFH
5$ 5DQGRP$FFHVV 5RERWLFV
&RPSXWHU7HFKQRORJ\7HOHFRPPXQLFDWLRQV 5$$ 5KXPDWLVPH$UWLFXODLUH$LJX
5$ 5DQJH$ULWKPHWLF )UHQFKLQLWLDOLVPPHDQLQJ$FXWH$UWLFXODU
,QWHUYDODULWKPHWLFLVQRZNQRZQDV5DQJH 5KHXPDWLVP
$ULWKPHWLF 0HGLFLQH
&RPSXWHU3URJUDPPLQJ 5$$ 5R\DO$FDGHP\RI$UWV
5$ 5DYHQQD,WDO\ 5$$06 UHPRWHDQWLDUPRXUPLQHV\VWHP
5$ 5HDG$PSOLILHU V\VWqPHGHPLQHVDQWLEOLQGDJHjGLVWDQFH
5$ 5HDU$GPLUDO U$$9 YHFWRUV UHFRPELQDQW$GHQR$VVRFLDWHG9LUXV
0LOLWDU\ YHFWRUV
5$ UHDUDUHD *HQHWLF,PPXQL]DWLRQ*HQH7UDQVIHU
]RQHDUULqUH 5$% 5DGLR$GYHUWLVLQJ%XUHDX 86$ 
UHLQIRUFHGDOHUW 5$% 5HJLVWUDU$FFUHGLWDWLRQ%RDUG
DOHUWHUHQIRUFpH 7KH5$%LVORFDWHGLQ0LOZDXNHH:LVFRQVLQ
5$ 5HFRUG$GGUHVV 86$
5$ 5HIHUHHV· $VVRFLDWLRQ UDE 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
5$ 5$5$ 5HIHUWR$FFHSWRU XVLQJWKH$UDELFZRUGUDEZKLFKPHDQV*RG
%XVLQHVV&RPPHUFH)LQDQFH /RUGPDVWHU
5$ 5HJLVWUR$HURQDXWLFR 5$& 5DGLR$GDSWLYH&RPPXQLFDWLRQV
,WDOLDQDFURQ\PPHDQLQJ$LU5HJLVWU\ 5$& 5DQGRP$FFHVV&RQWUROOHU
5$ 5HODWLYH$GGUHVV 5$& 5HFRPELQDQW'1$ $GYLVRU\&RPPLWWHH
5HODWLYHDGGUHVVLVDOVRNQRZQDV)ORDWLQJ 7KH5$&RIWKH861,+ZDVFUHDWHGLQDQG
$GGUHVV GHDOWZLWKJHQHVSOLFLQJ6LQFHLWGHDOVPDLQ
&RPSXWHU7HFKQRORJ\ O\ZLWKKXPDQJHQHWKHUDS\
5$ 5HOLDELOLW\$QDO\VLV5HOLDELOLW\$VVHVVPHQW )RUIXUWKHUGHWDLOVVHHXQGHU1,+
5$ 5HPRWH$FFHVV 5$& 5HFWLILHG$OWHUQDWLQJ&XUUHQW
&RPSXWHU7HFKQRORJ\ (OHFWULFLW\
5$ 5HSXUFKDVH$JUHHPHQW 5$& UHJLRQDODLUFRPPDQGHU
5$ 5HVHDUFK$UWLFOHV FRPPDQGDQWUpJLRQDOGHVIRUFHVDpULHQQHV
5$ 5HVHDUFK$VVLVWDQW 5$& 5R\DO$JULFXOWXUDO&ROOHJH5R\DO$UPRXUHG
5$ 5HVHUYH$OFDOLQH &RUSV5R\DO$XWRPRELOH&OXE
0HGLFLQH 5$&$ UHJLRQDODLUVSDFHFRQWURODXWKRULW\
5$ 5HVLGHQW$EURDG *%  DXWRULWpGHFRQWU{OHGHO·HVSDFHDpULHQ
$ PDJD]LQHIRU([SDWULDWHV UDFF DEEU UDFFRPDQGDWD
5$ 5HVWULFWHG$FFRXQW ,WDOLDQDEEUHYLDWLRQPHDQLQJUHJLVWHUHGOHWWHU
5$ 5HWLQRLF$FLG U$&& URVWUDO$QWHULRU&LQJXODWH&RUWH[
5$ 5HWXUQ$GGUHVV $QDHVWKHVLD&RJQLWLYH1HXURSK\VLRORJ\,QWHQVLYH
&RPSXWHU3URJUDPPLQJ &DUH0HGLFLQH2SLRLG$QDOJHVLD3ODFHER
5$ 5HYHQXH$FW $QDOJHVLD
86$FWV 5$&( UDSLGRIIOLQHFU\SWRHTXLSPHQW
5$ 5KHXPDWRLG$UWKULWLV PDWpULHOGHFKLIIUHPHQWUDSLGHKRUVOLJQH
5KHXPDWRLGDUWKULWLVLVDOVRNQRZQDV$UWKULWLV 5$&( 5HVHDUFKLQ$GYDQFHG&RPPXQLFDWLRQWHFK
2EOLWHUDQV QRORJLHVLQ(XURSH
$XWRLPPXQH'LVHDVHV0HGLFLQH 5$&( 5RXWLQJ$QG&RVW(VWLPDWH
5$ 5LJKW$VFHQVLRQ UDFH 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
$VWURQRP\ (QJOLVKZRUGUDFH
5$ 5REXVWXV$UFKLVWULDOLV


$QWKURSRORJ\%LRORJ\&LYLO(QJLQHHULQJ'HVLJQ 0LOLWDU\6FLHQFH
(QJLQHHULQJ2FHDQRJUDSK\ 5$')5(4 UDGDUIUHTXHQF\
5$&HQYLURQPHQW 5DSLG$SSOLFDWLRQ IUpTXHQFHUDGDU
&XVWRPLVDWLRQHQYLURQPHQW 5$'+$= UDGLDWLRQKD]DUGV
5$& JXLGDQFH 5DGLRPHWULF$UHD&RUUHODWLRQJXLG DGDQJHUVGXVDX[UD\RQQHPHQWV
DQFH EGDQJHUVGHUDGLDWLRQ RXGHUD\RQQHPHQW
5$&, 5LFHUFKH$SSOLFD]LRQL&KLPLFKH,QGXVWULDOL UDGLRDFWLI 
,WDOLDQDFURQ\PPHDQLQJ,QGXVWULDO&KHPLFDO 5$' , 5$'LRJUDSKLF,QVSHFWLRQ
$SSOLFDWLRQV5HVHDUFK 0HWDOOXUJ\
5$&.V 5HFHSWRUVIRU$FWLYDWHG&.LQDVHV 5$',$& 5DGLR$FWLYLW\'HWHFWLRQ,GHQWLILFDWLRQ
5$&21 UDGDUEHDFRQ $QG&RPSXWDWLRQ
EDOLVHUDGDU 5$',17 UDGDULQWHOOLJHQFH
5$&3 UHJLRQDODLUVSDFHFRQWUROSODQ UHQVHLJQHPHQWUDGDU
SODQUpJLRQDOGHFRQWU{OHHO·HVSDFHDpULHQ 5$',86 5HPRWH$XWKHQWLFDWLRQ'LDO,Q8VHU
5$&6 5DQGRP$FFHVV&RPPXQLFDWLRQV6\VWHP 6HUYLFH
5$&6 5DQGRP$FFHVV&RPSXWLQJ6\VWHP 6HUYHUV
5$&6 5RDG$XWRPRELOH&RPPXQLFDWLRQ6\VWHP 5$',86 5HVHDUFK$QG'HYHORSPHQW,QWKH8QLWHV
UDGUDG UDGLDQ 6WDWHV
0DWKHPDWLFV 5$'0 5DGDUDQG$OJRULWKP'LVSOD\0RGHO
UDG DEEU UDGLDWLRQ 5$'0 5HJLRQDO$FLG'HSRVLWLRQ0RGHO
$QDWRP\&DUWRJUDSK\(YROXWLRQ3K\VLFV 5$'2& UHJLRQDODLUGHIHQFHRSHUDWLRQVFHQWUH
UDG UDGLDWLRQDEVRUEHGGRVH FHQWUHUpJLRQDOGHVRSpUDWLRQVGHGpIHQVHDpULHQQH
1XFOHRQLFV 5$'3527 DEEU 5$'LDWLRQ3527HFWLRQ
5$'UDG UDGLXV 5HVHDUFKDQG7UDLQLQJSURJUDPLQWKHILHOGRIELRO
0DWKHPDWLFV RJ\KHDOWKSURWHFWLRQ
5$' 5DQGRP$FFHVV'HYLFH (XUDWRP3URJUDPV
5$' 5DSLG$FFHVV'HYLFH5DSLG$FFHVV'DWD UDGV UDGLDQVSHUVHFRQG
(OHFWURQLFV $OVRUDGVHF
5$' 5pJLPHQWG·$UWLOOHULH'LYLVLRQQDLUH )UDQFH  5$'6 5HDOWLPH$QDO\VLVDQG'LVSOD\6\VWHP
5DG 5HJLVWURDQDJUDILFRGLWWH 5$':$6720 0DQDJHPHQWDQG6WRUDJHRI
,WDOLDQDFURQ\PPHDQLQJ5HJLVWHURI)LUPV 5DGLRDFWLYH:DVWH
5$' 5HVWULFWHG$FWLYLW\'D\ (XUDWRP3URJUDPV
5$' 5LWHQXWDG
$FFRQWRVXL'LYLGHQGL 5$( 5HVHDUFK$VVHVVPHQW([HUFLVH *% 
,WDOLDQDFURQ\PPHDQLQJ$GYDQFH:LWKKROGLQJ 5$( 5XVVLDQ$QWDUFWLF([SHGLWLRQ
7D[RQ'LYLGHQGV 5$) 5pJLPHQWG·$UWLOOHULHGH)RUWHVVH )UDQFH 
5$'$ 5DQGRP$FFHVV'LVFUHWH$GGUHVV 5$) 5HJROD]LRQH$XWRPDWLFDGL)UHTXHQ]D
7HOHFRPPXQLFDWLRQV ,WDOLDQDFURQ\PPHDQLQJ$XWRPDWLF)UHTXHQF\
5$'$ 5R\DO$FDGHP\RI'UDPDWLF$UW 5HJXODWLRQ
UDGD 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ 5$) 5HQGX$ OD)URQWLqUH
XVLQJWKH,WDOLDQZRUGUDGDZKLFKPHDQVURDG )UHQFKDFURQ\PPHDQLQJ'HOLYHUHG$W)URQWLHU
URDGVWHDG (FRQRPLFV,QWHUQDWLRQDO7UDGH
*HRORJ\ 5$) UHVRXUFHDOORFDWLRQILJXUH
5$'$5 5$GLR'HWHFWLRQ$QG5DQJLQJ DPRQWDQWGHODGRWDWLRQ
5$'$5 5HVXOWV$SSURDFK'HOR\PHQW EPRQWDQWGHVUHVVRXUFHVjDIIHFWHU
$VVHVVPHQWDQG5HYLHZ 5$) 5R\DO$LU)RUFH *% 
7KHILYHWHQHWVRIFRUSRUDWHH[FHOOHQFH $OVR5$)
5$'$5LVDQDFURQ\PRIWKH(XURSHDQ &UHDWHGLQ
)RXQGDWLRQIRU4XDOLW\0DQDJHPHQW 5$)&2 5XVVLDQ$PHULFDQ)XHO&HOO&RQVRUWLXP
5$'$56$7 DEEU 5$'$56$7HOOLWH &DQDGD  86)68SURMHFWV
5$'& UHJLRQDODLUGHIHQFHFRPPDQGHU 5$), 5XUDO$GYDQFHPHQW)RXQGDWLRQ,QWHUQDWLRQDO
FRPPDQGDQWUpJLRQDOGHGpIHQVHDpULHQQH 5$),LVDIDUPHUV
DGYRFDF\RUJDQL]DWLRQ
5$'& 5RPH$LU'HYHORSPHQW&HQWHU ,WDO\  5$)7 5HVWRUDWLRQRIPXVFOH$FWLYLW\7KURXJK
5DG &0 5DGDU&RXQWHUPHDVXUH


)XQFWLRQDOHOHFWULFDOVWLPXODWLRQDQGDVVRFLDWHG 5$/&& UHJLRQDODLUOLIWFRRUGLQDWLRQFHQWUH


7HFKQRORJ\ FHQWUHUpJLRQDOGHFRRUGLQDWLRQGHVWUDQVSRUWV
5DJUDJ DEEU 5DJLRQLHUH DpULHQV
,WDOLDQDEEUHYLDWLRQPHDQLQJDFFRXQWDQW 5$0 UDGDUDEVRUEHQWPDWHULDO
5$* 5HFRPELQDWLRQ$FWLYDWLQJ*HQH PDWpULDXQRQUpIOHFWHXU
,PPXQRORJ\ UDYLWDLOOHPHQWj ODPHU
5$+ 5RPH$PHULFDQ+RVSLWDO ,WDO\  UHSOHQLVKPHQWDWVHD 5$6 
5$, 5HVHDUFK$FWLYLW\,QGH[ 86$  UHOLDELOLW\DQGPDLQWDLQDELOLW\
'HYHORSHGLQDWWKH8QLYHUVLW\RI$UL]RQD·V ILDELOLWpHWPDLQWHQDELOLWp
&HQWHUIRUWKHVWXG\RI+LJKHU(GXFDWLRQ 5$0 5DQGRP$FFHVV0HPRU\
5$,' 5DSLG$FFHVVWR,QWHUYHQWLRQ'HYHORSPHQW 5DQGRP$FFHVV0HPRU\LVDOVRNQRZQDV
86$  5DQGRP$FFHVV6WRUDJH
5$,'LVDLQLWLDWLYHRIWKH861&, &RPSXWHU7HFKQRORJ\
7KHJRDORI5$,'LVWKHUDSLGPRYHPHQWRIQRYHO 5$0 5DSLG$FFHVV0HPRU\
PROHFXOHVDQGFRQFHSWVIURPWKHODERUDWRU\WRWKH 5$0UDP5HODWLYH$WRPLF0DVV
&OLQLFIRUSURRIRISULQFLSOHFOLQLFDOWULDOV 5$0 5HVHUYH$GMXVWPHQW0DJQLWXGH
3UHFOLQLFDO'HYHORSPHQW %XVLQHVV(FRQRPLFV)LQDQFH
)RUIXUWKHUGHWDLOVVHHXQGHU1&, 5$0 5HWH$]LHQGDOH0RELOH 2PQLWHO  ,WDO\ 
5$,' 5HGXQGDQW$UUD\RI,QH[SHQVLYH'LVNV 5$0 5HYHUVH$QQXLW\0RUWJDJH
UDLO DEEU UDLOURDG %XVLQHVV)LQDQFH
&LYLO(QJLQHHULQJ7UDQVSRUWDWLRQ(QJLQHHULQJ 5$0 5ROOLQJ$LIUDPH0LVVLPH
UDLO DEEU UDLOZD\ 5$0 5R\DO$FDGHP\RI0XVLF
$OVR5U5O\UO\UZ\5<U\ 5$0$ 5pJLPHQWG·$UWLOOHULHGH0$ULQH )UDQFH 
7UDQVSRUWDWLRQ(QJLQHHULQJ 5$0$1 5HJLRQDO$WPRVSKHULF0HDVXUHPHQWDQG
5$,/ 5HFXSHUR$OOXPLQLR,QIRUPDGL/DWWLQH $QDO\VLV1HWZRUN
,WDO\  UDPDUN DEEU UDGDUPDUNHU
$OXPLQXP5HFRYHU\ 1DYLJDWLRQ
5$,/ 5RERWLF$LGWR,QGHSHQGHQW/LYLQJ 5$0&& UHJLRQDODLUPRYHPHQWFRRUGLQDWLRQFHQ
(XURSHDQ&RPPXQLW\3URMHFW WUH
5$,0 5HGGH$JHQWHVGH,JXDOGDGSDUDOD0XMHU FHQWUHUpJLRQDOGHFRRUGLQDWLRQGHVPRXYHPHQWV
2IWKH(XURSHDQ12: 3URMHFWV DpULHQV
(XURSHDQ4XDOLW\$JHQWV 5$0,12 5HOLDELOLW\$VVHVVPHQWIRU0DLQWHQDQFH
)RUIXUWKHUGHWDLOVVHHXQGHU12: ,1VSHFWLYH2SWLPL]DWLRQ&(&
5$,1%2: 5DGLR$FFHVV,1GHSHQGHQW%URDGEDQG UDPLQR 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH
2Q:LUHOHVV ,WDOLDQZRUGUDPLQRZKLFKPHDQVFRSSHUSRW
5$,5 5HIOHFWLRQ$EVRUSWLRQ,QIUDUHG $OVRUXPP\
5$,5( 5HFRJQLWLRQ$ZDUGVIRUWKH,QWHJUDWLRQRI 5$0,7 UDWHDLGHGPDQXDOO\LPSOHPHQWHGWUDFNLQJ
5HVHDUFKDQG(GXFDWLRQ SRXUVXLWHPDQXHOOHDVVLVWpH HQYLWHVVHDQJXODLUH 
861DWLRQDO6FLHQFH)RXQGDWLRQILUVW$ZDUGV 5$00EUDQFK 5HJLRQDO$QG0HVRVFDOH
(OHFWURQLF3URJUDP -XO\  0HWHRURORJ\EUDQFK 86$ 
$ZDUGV 5$036 5DEELW$QWL0RXVH3ODWHOHW6HUXP
5$,6$ 5LFHUFKH$YDQ]DWHSHU,QQRYD]LRQLQHO 5$036 UDSLGPHVVDJHSUHSDUDWLRQV\VWHP
6HWWRUH$JULFROR ,WDO\  V\VWqPHGHSUpSDUDWLRQUDSLGHGHVPHVVDJHV
$JULFXOWXUDO,QQRYDWLRQV 5$036 5HVRXUFH$OORFDWLRQLQ0XOWL3URMHFW
5$, 79 5DGLR$XGL]LRQL,WDOLDQHH7HOHYLVLRQH 6FKHGXOLQJ
,WDOLDQLQLWLDOLVPPHDQLQJ,WDOLDQ79 DQG UDPSV 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
%URDGFDVWLQJ&RUSRUDWLRQ (QJOLVKZRUGUDPSV
5$/ 5DSLG$FFHVV/RRS $YLDWLRQ(QJLQHHULQJ(OHFWULFDO(QJLQHHULQJ
&RPSXWHU7HFKQRORJ\ 5$06 5$GLDWLRQ0HDVXULQJ6\VWHPV
5$/ 5HODWLRQDO$OJHEUDLF/DQJXDJH 7KHUDGLDWLRQPHDVXULQJV\VWHPVDUHPXOWLSOH
&RPSXWHU3URJUDPPLQJ LQVWUXPHQWDUUD\V
5$/ 5XWKHUIRUG$SSOHWRQ/DERUDWRU\ *%  $WPRVSKHULF6FLHQFHV2FHDQRJUDSK\
1HXWURQ5HVHDUFK


5$06 5HJLRQDO$WPRVSKHULF0RGHOLQJ6\VWHP 5$2& UHJLRQDODLURSHUDWLRQVFHQWUH


86$  FHQWUHG·RSpUDWLRQVDpULHQQHVUpJLRQDO &2$5 
5$0 VWDWLRQ 5HJLRQDO$LU0RQLWRULQJVWDWLRQ 5$2& 5R\DO$UP\2UGQDQFH&RUSV
5$1 UHJLRQDODLUQDYLJDWLRQ 5$23 UHJLRQDODLURSHUDWLRQVSODQ
QDYLJDWLRQDpULHQQHUpJLRQDOH SODQUpJLRQDOG·RSpUDWLRQVDpULHQQHV
5$1 5HYHQXH$QWLFLSDWLRQ1RWH 86$  5$3 5DGLRORJLFDO$VVLVWDQFH3URJUDP
5$1 5R\DO$XVWUDOLDQ1DY\ $XVWUDOLD  7KH865DGLRORJLFDO$VVLVWDQFH3URJUDPZDV
5$1' 5HVHDUFK$QG'HYHORSPHQW FUHDWHGWRDVVLVWLQFDVHRIDSRWHQWLDOQXFOHDUDFFL
$OVR5 ' GHQWLQWKH8QLWHG6WDWHV
U DQGF UDLODQGFDQDO 5$3 UHFRJQL]HGDLUSLFWXUH
7UDQVSRUWDWLRQ VLWXDWLRQDpULHQQHJpQpUDOH
U FF ULRWDQGFLYLOFRPPRWLRQ UHOLDEOHDFRXVWLFSDWK
,QVXUDQFH DFKHPLQDFRXVWLTXHV€U
5 ' 5HVHDUFKDQG'HYHORSPHQW EFKHPLQDFRXVWLTXHILDEOH
$OVR5$1' 5$3 5HVHDUFK$VVRFLDWHVKLS3URJUDP 86$ 
,QGXVWU\ 5$3 51$,,,$FWLYDWLQJ3URWHLQ
5 + 5HILQHGDQG+DUGHQHG ,QWHUQDO0HGLFLQH0HGLFDO3DWKRORJ\
5DQG, UHFRJQLWLRQDQGLGHQWLILFDWLRQ UDGDU  5$3&21 UDGDUDSSURDFKFRQWURO FHQWUH 
UDGDUGH UHSqUDJHHWLGHQWLILFDWLRQ FHQWUHGX FRQWU{OHG·DSSURFKHUDGDU
U DQGO UDLODQGODNH 5$3' 5DQGRPO\$PSOLILHG3RO\PRUSKLF'1$
7UDQVSRUWDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU'1$
5 0 5HOLDELOLW\DQG0DLQWDLQDELOLW\ 5$3,' 5DSLG$FFHVVWR3UHYHQWLYH,QWHUYHQWLRQ
U DQGR UDLODQGRFHDQ 'HYHORSPHQW
7UDQVSRUWDWLRQ 5$3,'LVDLQLWLDWLYHRIWKH861&,
5DQG55 5 5HVWDQG5HFXSHUDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU1&,
0LOLWDU\6FLHQFH 5$3,'3URJUDP 5HVHDUFK$QG3XEOLF,QIRUPDWLRQ
5 6$ 5R\DO 6XQ$OOLDQFH DQG'LVVHPLQDWLRQ3URJUDP
,QVXUHUV 5$3,'ZDVFUHDWHGLQ,WLVDVFLHQWLILFSUR
5 67 5LFHUFDH6YLOXSSR7HFQRORJLFR JUDPUXQE\WKH86'2(DQGWKH861,(+6
,WDOLDQLQLWLDOLVPPHDQLQJ5HVHDUFKDQG /DERUDWRU\6WXGLHV6FLHQWLILF3URJUDPV
7HFKQRORJLFDO'HYHORSPHQW )RUIXUWKHUGHWDLOVVHHXQGHU'2( DQG1,(+6
5 7' SROLF\ 5HVHDUFKDQG7HFKQRORJLFDO 5$4 5HQGX$ 4XDL
'HYHORSPHQWSROLF\ )UHQFKDFURQ\PPHDQLQJ'HOLYHUHG([4XD\
U DQGZ UDLODQGZDWHU (FRQRPLFV,QWHUQDWLRQDO7UDGH
5DQ*'3 5DQ*XDQRVLQH'LSKRVSKDWH 5$5 5DGLRDFRXVWLF5DQJLQJ
%LRFKHPLVWU\&HOO%LRORJ\(PEU\RORJ\ 5DGLRDFRXVWLF5DQJLQJLVDOVRNQRZQDV
0HGLFLQH0LFURWXEXOH3RO\PHUL]DWLRQ0LWRVLV 5DGLRDFRXVWLF6RXQG5DQJLQJ5DGLRDFRXVWLF
0ROHFXODU%LRORJ\1XFOHDU7UDIILFNLQJ 3RVLWLRQ)LQGLQJ
5DQ*73 5DQ*XDQRVLQH7ULSKRVSKDWH (QJLQHHULQJ
%LRFKHPLVWU\&HOO%LRORJ\(PEU\RORJ\ 5$5 5HFHWWRUHSHUO
$FLGR5HWLQRLFR
0HGLFLQH0LFURWXEXOH3RO\PHUL]DWLRQ0LWRVLV ,WDOLDQLQLWLDOLVPPHDQLQJ5HWLQRLF$FLG5HFHSWRU
0ROHFXODU%LRORJ\1XFOHDU7UDIILFNLQJ +XPDQ*HQHWLFV0HGLFLQH3DWKRORJ\
5$11 5HVHDUFK$SSOLHGWR1DWLRQDO1HHGV 5$5_ 5HWLQRLF$FLG5HFHSWRU_
$ 863URJUDP +XPDQ*HQHWLFV0HGLFLQH3DWKRORJ\
5$1V 5HVRXUFH$GMDFHQW1DWLRQV 5$5& 5HJLRQDO$GPLQLVWUDWLYH5DGLR&RQIHUHQFH
5$17(6 5HJXODWHGRQ$FWLYDWLRQ1RUPDO7 5$5'( 5R\DO$UPDPHQWV5HVHDUFKDQG
([SUHVVHGDQG6HFUHWHG 'HYHORSPHQW(VWDEOLVKPHQW *% 
5$17(6LVDFKHPRWDFWLFDQGSURLQIODPPDWRU\ 5$5( 5pVHDX[$VVRFLpVSRXUOD5HFKHUFKH
VROXEOHSHSWLGH (XURSpHQQH
0DODULD+HPDWRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU7(5(+$
5$2 5DGLR$VWURQRP\2EVHUYDWRU\ 5$5(FOHDYDJH 5HF$$VVLVWHG5HVWULFWLRQ
UDRE DEEU UDGLRVRQGHREVHUYDWLRQ (QGRQXFOHDVHFOHDYDJH
0HWHRURORJ\ %LRFKHPLVWU\*HQHWLFV


5$5(3 DEEU 5$GDU5(3RUW 2UGQDQFH


5$5(3 LVDOVRNQRZQDV5DLQ$UHD5HSRUW 5$7$& UDGDUGHWLUG
DUWLOOHULHGHFDPSDJQH
5$53 5HYHUVH$GGUHVV5HVROXWLRQ3URWRFRO ILHOGDUWLOOHU\ILUHFRQWUROUDGDU
5$6 5DQGRP$FFHVV6WRUDJH UDWDQ UDGDUDQGWHOHYLVLRQDLGWRQDYLJDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU5$0 5$7&& UHJLRQDODLUWUDIILFFRQWUROFHQWUH
5$6 5HFUXLWPHQWDQG$VVHVVPHQW6HUYLFHV FHQWUHUpJLRQDOGHFRQWU{OHGHODFLUFXODWLRQDpUL
5$6 5HFWLILHG$LU6SHHG HQQH
5$6 5HJLRQH$XWRQRPD6DUGD 5$7&+(7 5HJLRQDO$WPRVSKHULF7UDQVSRUW&RGH
,WDOLDQDFURQ\PRIWKH$XWRQRPRXV5HJLRQRI IRU+DQIRUG(PLVVLRQ7UDFNLQJ
6DUGLQLD 5$7* 5DEELW$QWLWK\PRF\WH*OREXOLQ
5$6 5HJLRQH$XWRQRPD6LFLOLDQD 0HGLFLQH7UDQVSODQWDWLRQ
,WDOLDQDFURQ\PRIWKH$XWRQRPRXV5HJLRQRI 5$72UDWR 5RFNHW$VVLVWHG7DNH2II
6LFLO\ $YLDWLRQ
5$6 5HPRWH$FFHVV6\VWHP 5$72* 5RFNHW$VVLVWHG7DNH2II*HDU
5$6 5HQLQ$QJLRWHQVLQ6\VWHP 5$73 5pJLH$XWRQRPHGHV7UDQVSRUWV3DULVLHQV
5$6 UHSOHQLVKPHQWDWVHD )UDQFH 
UDYLWDLOOHPHQWjODPHU 5$0  5$73 LVWKHRSHUDWRURIWKH3DULVPHWURV\VWHP
5$6 5HVFXH$W6HD 0HWUR6\VWHP2SHUDWRUV
5$V 5HVHDUFK$VVLVWDQWV 5$77 UDGLRWHOHW\SH
5$65HWH$XWRQRPD6WXGHQWHVFD ,WDO\  UDGLRWpOpLPSULPHXU
5$6 5LXQLRQH$GULDWLFDGL6LFXUWj ,WDO\  UD77V UXQDZD\7 7DXULVWDUV
,QVXUHUV $VWURQRP\$VWURSK\VLFV
5$6 5R\DO$JULFXOWXUDO6RFLHW\5R\DO$VLDWLF 5$:,1V\VWHP 5$GDU:,1GV\VWHP
6RFLHW\5R\DO$VWURQRPLFDO6RFLHW\ 7KH5$:,1V\VWHPSURYLGHVDLUZLQGGDWDE\
5$6 5XVVLDQ$FDGHP\RI6FLHQFHV UDGDUREVHUYDWLRQRIDEDOORRQ
5$6$ 5XVVLDQ$YLDWLRQDQG6SDFH$JHQF\ (QJLQHHULQJ5DGDU2EVHUYDWLRQV
5$6,7 UDGDUGHFRXYHUWXUHGHVXUYHLOODQFH 5$:0$7 DEEU 5$: 0$7HULDOV
JDVILOOLQJVXUYHLOODQFHUDGDU 5HVHDUFKDQG'HYHORSPHQWSURJUDPLQWKHUDZ
5$60& 5DW$RUWLF6PRRWK0XVFOH&HOO PDWHULDOVHFWRU
)RUIXUWKHUGHWDLOVVHHXQGHU5$60&V (XURSHDQ&RPPXQLW\3URJUDP
5$60&V 5DW$RUWLF6PRRWK0XVFOH&HOOV 5$; 5DQGRP$FFHVV5HPRWH$FFHVV
$QHVWKHVLRORJ\%LRFKHPLVWU\%LRSK\VLFV+XPDQ &RPSXWHU7HFKQRORJ\
3K\VLRORJ\0HGLFLQH0ROHFXODU*HQHWLFV 5$= DQJOH 5HODWLYH$]LPXWK$QJOH
3DWKRORJ\3K\VLRORJ\ 5% 5DLOURDG%RQGV
5$63 UHFRJQL]HGDLUVXUIDFHSLFWXUH (FRQRPLFV)LQDQFH
DVLWXDWLRQJpQpUDOHDLUVXUIDFH 5% 5HGHHPDEOH%RQG
EVLWXDWLRQDLUVXUIDFHLGHQWLILpH RXUHQVHLJQpH %XVLQHVV(FRQRPLFV)LQDQFH
>PDULQH@ 5% 5HPRWH%DWFK
5$65(4 UHSOHQLVKPHQWDWVHDUHTXHVW 5% 5HVHUYH%DQN
GHPDQGHGHUDYLWDLOOHPHQWjODPHU 5% 5HWLQREODVWRPD
5$66 5DGLR$FRXVWLF6RXQGLQJ6\VWHP 5%LVDFRQJHQLWDOQHRSODVPRIWKHUHWLQD
5$66 526$7 $OO6N\6XUYH\ 2QFRORJ\
$VWURQRP\$VWURSK\VLFV 5% 5HWXUQWR%LDV
)RUIXUWKHUGHWDLOVVHHXQGHU526$7 5% 5HYHQXH%RQG
5$66, 5$SSRUWRVXOOR6WDWRGHO6LVWHPD %XVLQHVV)LQDQFH
,QWHUQD]LRQDOH ,WDO\  5E 7KHFKHPLFDOV\PEROIRU5XELGLXP
5$67 5DGLRDOOHUJRVRUEHQW7HVW 5XELGLXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF
,PPXQRORJ\ QXPEHUDQGDQDWRPLFZHLJKWRI,WLV
5$67 6\VWHPV 5HFRYHU\$VVLVW6HFXUHDQG XVHGPDLQO\LQSKRWRFHOOV
7UDYHUVH6\VWHPV &KHPLVWU\6\PEROV
5$7 5HPRWH$VVRFLDWLRQ7HVWV 5% 5XQ%RRN
3V\FKRORJ\ 5XQ%RRNLVDOVRNQRZQDV3UREOHP)LOH
5$7 5RFNHW$VVLVWHG7RUSHGR 3UREOHP)ROGHU


&RPSXWHU3URJUDPPLQJ 5%6 5XWKHUIRUG%DFNVFDWWHULQJ6SHFWURPHWU\


5%$ 5HVHUYH%DQNRI$XVWUDOLD 5%6, 5,.(1%UDLQ6FLHQFH,QVWLWXWH -DSDQ 
5%$ 5RDGV%HDXWLI\LQJ$VVRFLDWLRQ 5,.(1ODXQFKHGWKH5%6,LQ2FWREHU
5%$ 5R\DO6RFLHW\RI%ULWLVK$UWLVWV *%  5E62 5XELGLXP6XOIDWH
5%$ 7KH5HVHUYH%DQNRI$XVWUDOLD 5XELGLXP6XOIDWHLVXVHGLQPHGLFLQH
5E%U 5XELGLXP%URPLGH ,QRUJDQLF&KHPLVWU\
5XELGLXPEURPLGHLVVROXEOHLQZDWHUDQGLQVROX 5%8 5RWKVFKLOG%LRVFLHQFH8QLW *% 
EOHLQDOFRKRODQGKDVDPHOWLQJSRLQWRI$&,W 5%9 5HWXUQ%HDP9LGLFRQ
LVXVHGLQPHGLFLQH 5& 5DGLR&RQWUROOHG UHIHUULQJWRFUDIW 
,QRUJDQLF&KHPLVWU\ 5& 5DGL[&RPSOHPHQW
5%%6 5HPRWH%XOOHWLQ%RDUG6\VWHP 0DWKHPDWLFV
5%& 5HG%ORRG&RXQW 5& 5DQJH&KHFN
5%& 5R\DO%DQNRI&DQDGD &RPSXWHU3URJUDPPLQJ
5E&O 5XELGLXP&KORULGH 5& 5HDGHU&RGH
,QRUJDQLF&KHPLVWU\ 5& 5HDO&LUFXLW
5%&V 5HG%ORRG&HOOV 5& 5HFHLYHU&DUG
5%&VDUHDOVRNQRZQDV5HG%ORRG&RUSXVFOHV 5& 5HFUHGLWLQJ
5HG&RUSXVFOHV5HG&HOOV 5& 5HFXUULQJ&KDUJHV
+HPDWRORJ\ %XVLQHVV(FRQRPLFV)LQDQFH
5%' 5DV%LQGLQJ'RPDLQ 5& 5HG&URVV
&DQFHU5HVHDUFK&HOODQG0ROHFXODU%LRORJ\ 5& UHGXFHGFKDUJH
5%( 5HODWLYH%LRORJLFDO(IIHFWLYHQHVV FKDUJHUpGXLWH
1XFOHDU(QJLQHHULQJ UpJLPHQWGHFKDUV
5%) 5HQDO%ORRG)ORZ DDUPRXUHGUHJLPHQW>*%@
0HGLFLQH EWDQNUHJLPHQW>*%@
5E) 5XELGLXP)OXRULGH FWDQNEDWWDOLRQ>86@
,QRUJDQLF&KHPLVWU\ 5pJLRQ&HQWUH>REVROqWH@
5%+ 5HSXEOLFRI%RVQLD+HU]HJRYLQD &HQWUDO5HJLRQ &5 >REVROHWH@
5%, 5HVHUYH%DQNRI,QGLD UHJLRQDOFRPPDQG>KDVUHSODFHG06&@
5%/ ,QWHUHVW 5DWHRQ%DQNLQJ/HQGLQJ FRPPDQGHPHQWUpJLRQDO>UHPSODFH+&6@
5%/ 5HDO7LPH%ODFNKROH UHJLRQDOFRQIOLFW
5%0 5ROO%DFN0DODULD FRQIOLWUpJLRQDO
$ PXOWLDJHQF\FUXVDGHWKDWDLPVWRFXWPDODULD UHSDLUFRRUGLQDWRU
PRUWDOLW\LQKDOIRYHUWKHQH[W\HDUV FRRUGRQQDWHXUGHUpSDUDWLRQ
0DODULD0RUWDOLW\5HGXFWLRQ UHTXLUHGFDSDELOLW\
5%2 UDGLREHDFRQRPQLGLUHFWLRQDO FDSDFLWpUHTXLVH
UDGLRSKDUHRPQLGLUHFWLRQQHO 532  5& 5HGXQGDQF\&KHFN
5%2&V 5HJLRQDO%HOO2SHUDWLQJ&RPSDQLHV &RPSXWHUV
0RELOH&RPPXQLFDWLRQV7HOHFRPPXQLFDWLRQV 5& 5HJJLR&DODEULD,WDO\
5E2+ 5XELGLXP+\GUR[LGH 5& 5HJLVWHUHG&KHFN
5E2+LVDOVRNQRZQDV5XELGLXP+\GUDWH %XVLQHVV(FRQRPLFV)LQDQFH
,QRUJDQLF&KHPLVWU\ 5& 5HJLVWUHGX&RPPHUFH
5%3 5HVWULFWLYH%XVLQHVV3UDFWLFHV 5& 5HLQIRUFHG&RQFUHWH
5%3 5HWLQRO%LQGLQJ3URWHLQ &LYLO(QJLQHHULQJ
%LRFKHPLVWU\*HQHWLFV0ROHFXODU%LRORJ\ 5& 5HPRWH&RPSXWHU
5%3 &RGH 5HVWULFWLYH%XVLQHVV3UDFWLFHV&RGH 5& 5HPRWH&RQWURO
5%6 UDGDUERPEDUGPHQWV\VWHP &RQWURO6\VWHPV(OHFWURQLFV
V\VWqPHUDGDUGHERPEDUGHPHQW 5& 5HVHUYH&DSLWDO
5%6 5LERVRPDO%LQGLQJ6LWH %XVLQHVV)LQDQFH
5%6 5R\DO%DQNRI6FRWODQG 5& 5HVHUYH&XUUHQF\
6FRWWLVK%DQN %XVLQHVV(FRQRPLFV)LQDQFH
5%6 5R\DO%RWDQLF6RFLHW\ 5& 5HVHW&\FOH
5%6 5R\DO6RFLHW\RI%ULWLVK6FXOSWRUV *% 


7KHWHUPUHVHWF\FOHPHDQVWKDWDF\FOHLVUHVHWWR DFHQWUHGHFRRUGLQDWLRQGXVDXYHWDJH
LWVLQLWLDOVWDWH ESRVWHGHFRPPDQGHPHQWGHFRRUGLQDWLRQGX
&RPSXWHU3URJUDPPLQJ VDXYHWDJH
5& 5HVLVWDQFH&RXSOLQJ 5&& 5HPRWH&HQWHU&RPSOLDQFH
5&LVDOVRNQRZQDV5HVLVWLYH&RXSOLQJ 5RERWLFV
(OHFWURQLFV 5&& 5HQDO&HOO&DUFLQRPD
5& 5HVLVWRU&DSDFLWRU )RUIXUWKHUGHWDLOVVHHXQGHU5(1&$
&RPSXWHUV 5&&$ 5HVLVWDQFH&DSDFLWDQFH&RXSOHG$PSOLILHU
5& 5HVSRQVDELOLWj&LYLOH 5&&$ LVDOVRNQRZQDV5HVLVWDQFH&RXSOHG
,WDOLDQLQLWLDOLVPPHDQLQJ&LYLO/LDELOLW\ $PSOLILHU
5& 5LVN&DSLWDO (OHFWURQLFV
%XVLQHVV(FRQRPLFV)LQDQFH 5&& 6 5LRWV&LYLO&RPPRWLRQV 6WULNHV
5& 5XQ&KDUW ,QVXUDQFH
7KH5&LVDOVRNQRZQDV5XQ'LDJUDP 5& FLUFXLW 5HVLVWDQFH&DSDFLWDQFHFLUFXLW
&RPSXWHU3URJUDPPLQJ 7KHUHVLVWDQFHFDSDFLWDQFHFLUFXLWLVDOVRNQRZQ
5& 7DLZDQ
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW DV5&QHWZRUN
WHUV (OHFWULFLW\
5&$ 5DGLR&RUSRUDWLRQRI$PHULFD 86$  5&' 5DEELW&DOLFLYLUXV'LVHDVH
5&$ 5HVSRQVDELOLWj&LYLOH$XWR (SLGHPLRORJ\9LURORJ\
,WDOLDQLQLWLDOLVPPHDQLQJ$XWRPRELOH/LDELOLW\ UFG DEEU UHFHLYHGUHFRUG
,QVXUDQFH 5&' 5HFHLYHU&DUULHU'HWHFWRU
5&$ 5HYHDOHG&RPSDUDWLYH$GYDQWDJH 5&($67 5HJLRQDO&RPPDQG &RPPDQGHU (DVW
%LEOLRPHWULF$QDO\VHV >KDVUHSODFHG($67/$1'@
5&$ 5R\DO&DQDGLDQ$FDGHP\&DQDGD &RPPDQGHPHQW FRPPDQGDQW UpJLRQDO(VW>UHP
5&$ 7KH&HQWUDO$IULFDQ5HSXEOLF
VLQWHUQDWLRQDO SODFH($67/$17 @
YHKLFOHUHJLVWUDWLRQOHWWHUV 5&(3 5R\DO&RPPLVVLRQRQ(QYLURQPHQWDO
5&$& 5HJLRQDO&LWL]HQ
V$GYLVRU\&RXQFLO 3ROOXWLRQ *% 
86$  5&)V 5HIUDFWRU\&HUDPLF)LEHUV
5&$& VHUYLFH 5HPRWH&RPSXWHU$FFHVV 5&)VDUHPDQPDGHPLQHUDOILEHUV7KH\DUHXVHG
&RPPXQLFDWLRQVVHUYLFH WRLQVXODWHLQGXVWULDOIXUQDFHVDQGFRNHRYHQV
5&$, 5HVHDUFK&HQWHUIRU$OOHUJ\DQG $VEHVWRV,QGXFHG&DQFHUV5HVHDUFK
,PPXQRORJ\ 5,.(1  5&* 5DGLRDFWLYLW\&RQFHQWUDWLRQ*XLGH
$QLQVWLWXWHHVWDEOLVKHGLQIXOO\VXSSRUWHGE\ 2IWKH86'2(
WKH-DSDQHVH*RYHUQPHQW )RUIXUWKHUGHWDLOVVHHXQGHU'2(
5& DVSKDOW 5DSLG&XULQJDVSKDOW 5&*/ 5HJXODWLRQRI&HOO*URZWK/DERUDWRU\
5&D[LV 5RVWURFDXGDOD[LV $ GHSDUWPHQWZLWKLQWKH&&5
5&% 5DWLRQDOLVDWLRQGHV&KRL[%XGJpWDLUHV )RUIXUWKHUGHWDLOVVHHXQGHU&&5
)UHQFKLQLWLDOLVPPHDQLQJ3ODQQLQJ 5&+ &KLOH
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
3URJUDPPLQJ%XGJHWLQJ WHUV
%XVLQHVV(FRQRPLFV)LQDQFH 5&+ 5R\DO&KLOGUHQ
V+RVSLWDO $XVWUDOLD 
5&% 5HQHZDEOH&KHPLFDOVIURP%LRPDVV )RUIXUWKHUGHWDLOVVHHXQGHU6$695&
(XURSHDQ&RPPXQLW\3URMHFW 5&+0( 5R\DO&RPPLVVLRQRQWKH+LVWRULF
5&% &RQJR%UD]]DYLOOH
VLQWHUQDWLRQDOYHKLFOH 0RQXPHQWVRI(QJODQG *% 
UHJLVWUDWLRQOHWWHUV 7KH5&+0(ZDVHVWDEOLVKHGLQ
U&%) UHJLRQDO&HUHEUDO%ORRG)ORZ 5&, 5DGLR&DQDGD,QWHUQDWLRQDO &DQDGD 
&RJQLWLYH1HXURORJ\0HGLFLQH3V\FKLDWU\ 5&, 5HODWLYH&LWDWLRQ,PSDFW
3V\FKRORJ\5DGLRORJ\ %LEOLRPHWULF$QDO\VHV
5&& 5DGLR&RPPRQ&DUULHU 5&, 5R\DO&RORQLDO,QVWLWXWH
5&& 5HJLRQDO&DQFHU&HQWHU.HUDOD,QGLD UFO DEEU UHFDOO
5&& 5HJLRQDO&OLPDWH&HQWHU 3V\FKRORJ\7HOHFRPPXQLFDWLRQV
5&& UHJLRQDOFRQWUROFHQWUH 5&/(' 5HVRQDQW&DYLW\/LJKW(PLWWLQJ'LRGH
FHQWUHGHFRQWU{OHUpJLRQDO (OHFWULFDO(QJLQHHULQJ
UHVFXHFRRUGLQDWLRQFHQWUH 5&0 5DGDU&RXQWHUPHDVXUHV


0LOLWDU\6FLHQFH 5&6287+/$17 5HJLRQDO&RPPDQG


5&0 5R\DO&ROOHJHRI0XVLF &RPPDQGHU 6RXWK$WODQWLF>KDVUHSODFHG,%(5
5&0) 5DGLR&RPSRQHQW0DQXIDFWXUHUV /$17@
)HGHUDWLRQ &RPPDQGHPHQW FRPPDQGDQW UpJLRQDO6XGGH
5&0, 5HVHDUFK&HQWHUVLQ0LQRULW\,QVWLWXWLRQV O·$WODQWLTXH>UHPSODFHO·,%(5/$17@
86$  UFW DEEU UHFHLSWUHFUXLW
5&1 5R\DO&DQDGLDQ1DY\ &DQDGD  5&7 5HG&ROORLGDO7HVW
5&QHWZRUN 5HVLVWDQFH&DSDFLWDQFHQHWZRUN 0HGLFLQH
(OHFWULFLW\ 5&7 5HJLRQ&RQWURO7DVN
5&1257+ 5HJLRQDO&RPPDQG &RPPDQGHU 'DWD&RPPXQLFDWLRQV
1RUWK>KDVUHSODFHG$)&(17@ 5&75FW 5HKDELOLWDWLRQ&HQWHUIRU7RUWXUH9LFWLPV
&RPPDQGHPHQW FRPPDQGDQW UpJLRQDO1RUG &RSHQKDJHQ'HQPDUN 
>UHPSODFH$)&(17@ 7KH5&7 ZDVFUHDWHGLQIURPWKH'DQLVK
U FRORQ\ URXJKFRORQ\ VHFWLRQRI$PQHVW\,QWHUQDWLRQDO
0LFURELRORJ\ 5&7 5HPRWH&DSDFLWRU7UDQVLVWRU
5&RVFLOODWRU 5HVLVWDQFH&DSDFLWDQFHRVFLOODWRU 5&7 5HPRWH&DVK7HUPLQDO
(OHFWURQLFV 5&7 5HVHDUFK&RUSRUDWLRQ7HFKQRORJLHV
5&3& 5HJLRQDO&KHFN3URFHVVLQJ&HQWHU 86$  7KH5&7 LVDQRQSURILWWHFKQRORJ\WUDQVIHUFRUSR
UFSW DEEU UHFHLSW UDWLRQ,WLVEDVHGLQ7XFVRQ$UL]RQDDQGDFWVRQ
5&5 5HVSLUDWRU\&RQWURO5DWLR EHKDOIRIWKH8QLYHUVLW\RI$UL]RQD86$DQGWKH
5&5$ 5HVRXUFH&RQVHUYDWLRQDQG5HFRYHU\$FW 0D[3ODQFN6RFLHW\
86$  7HFKQRORJ\7UDQVIHU
(FRQRPLFV(QJLQHHULQJ(QYLURQPHQWDO 5&7/ 5HVLVWRU&DSDFLWRU7UDQVLVWRU/RJLF
(QJLQHHULQJ (OHFWURQLFV
5&5& 5HLQIRUFHG&RQFUHWH5HVHDUFK&RXQFLO UFY DEEU UHFHLYH
5&6 5DGDU&URVV6HFWLRQ 5&:(67 5HJLRQDO&RPPDQG &RPPDQGHU :HVW
5&6 5HJLVWUHGX&RPPHUFHHWGHV6RFLpWpV >KDVUHSODFHG:(67/$17@
)UHQFKLQLWLDOLVPPHDQLQJ&RPSDQLHV
5HJLVWHU &RPPDGHPHQW FRPPDQGDQW UpJLRQDO2XHVW
5HJLVWHURI&RPSDQLHV >UHPSODFH:(67/$17@
%XVLQHVV&RPPHUFH 5&= UHDUFRPEDW]RQH
5&6 5HJRODPHQWRGL&RQWDELOLWjGL6WDWR ]RQHDUULqUHGHFRPEDW
5&6 5HPRWH&RPSXWLQJ6\VWHP 5' 5pDFWLRQGH'pJpQpUHVFHQFH
&RPSXWHU7HFKQRORJ\ )UHQFKLQLWLDOLVPPHDQLQJ5HDFWLRQRI
5&6 5HVLGHQWLDO&RQVHUYDWLRQ6HUYLFH 'HJHQHUDWLRQ
(QHUJ\ 0HGLFLQH
5&6 5L]]ROL&RUULHUHGHOOD6HUD 5' 5HDFWLRQRI'HJHQHUDWLRQ
'DLO\QHZVSDSHU ,WDO\  0HGLFLQH
5&6 5R\DO&ROOHJHRI6XUJHRQV UG DEEU UHDG
0HGLFLQH &RPSXWHU7HFKQRORJ\(OHFWURQLFV
5&6 5R\DO&RUSVRI6LJQDOV 7HOHFRPPXQLFDWLRQV
5&6, 5R\DO&ROOHJHRI6XUJHRQVRI,UHODQG 5' UpFHSWLRQ UHFHWWH GpILQLWLYH 5' 
%LRLQIRUPDWLFV&KHPLFDO6\QWKHVLV*HQRPLFV ILQDODFFHSWDQFH )$  
3URWHRPLFV6XUJLFDO7UDLQLQJ 5' UHFKHUFKHHWGpYHORSSHPHQW
5&6287+ 5HJLRQDO&RPPQDG &RPPDQGHU UHVHDUFKDQGGHYHORSPHQW 5 ' 
6RXWK>KDVUHSODFHG$)6287+@ 5' 5HJLR'HFUHWR
&RPPDQGHPHQW FRPPDQGDQW UpJLRQDO6XG>UHP ,WDOLDQLQLWLDOLVPPHDQLQJ5R\DO'HFUHH
SODFH$)6287+@ 5' 5HJLVWHUHG'LHWLWLDQ
5&6287+($67 5HJLRQDO&RPPDQG 0HGLFLQH
&RPPDQGHU 6RXWK(DVW>LQWHULPWLWOHJLYHQWR 5' 5HJLVWUDWLRQ'DWH
5&6287+/$17 KDVUHSODFHG,%(5/$17@ UG UHODWLYHGHQVLW\
&RPPDQGHPHQW FRPPDQGDQW UpJLRQDO6XG(VW UHODWLYHGHQVLW\LVDOVRNQRZQDVVSHFLILFJUDYLW\
>WLWUHSURYLVRLUHGRQQpDX5&6287+/$17  0HFKDQLFV
UHPSODFHO·,%(5/$17@ 5' 5HVWLWX]LRQH'LULWWL


UG DEEU URDG 5'& 5XQQLQJ'RZQ&ODXVH


)RUIXUWKHUGHWDLOVVHHXQGHUU ,QVXUDQFH6HD7UDQVSRUW
5' 5RDGV'HSDUWPHQW 5'& 5XUDO'LVWULFW&RXQFLO
UGUG DEEU URG 5'' 5HQGX'URLWV'XV
)RUIXUWKHUGHWDLOVVHHXQGHUU )UHQFKLQLWLDOLVPPHDQLQJ'HOLYHUHG'XW\
5'UG URRWGLDPHWHU 8QSDLG
UHIHUULQJWRJHDUV (FRQRPLFV,QWHUQDWLRQDO7UDGH
0HFKDQLFV 5'' UHTXLUHGGHOLYHU\GDWH
5'UG DEEU URXQG DGDWHGHOLYUDLVRQUHTXLVH
0LOLWDU\6FLHQFH1DYLJDWLRQ2UGQDQFH EGDWHGHOLYUDLVRQGHPDQGpH
UG UXQQLQJGD\V 5'' 5HVHDUFKDQG'HYHORSPHQW'LYLVLRQ
5' 5XUDO'HDQ5XUDO'HOLYHU\ 5'( 5HFHSWRU'HVWUR\LQJ(Q]\PH
5' 5XUDO'LVWULFW (Q]\PRORJ\
UGUG DEEU UXWKHUIRUG 5') 5DGLDO'LVWULEXWLRQ)XQFWLRQ
UXWKHUIRUGLVDXQLWRIQXFOHDUGHFD\UDWH1DPHG 3K\VLFDO&KHPLVWU\
IRUWKH%ULWVKSK\VLFLVW(UQHVW5XWKHUIRUG 5') 5DGLR'LUHFWLRQ)LQGLQJ
1XFOHRQLFV 1DYLJDWLRQ
5'$ 5HFRPPHQGHG'LHWDU\'DLO\$OORZDQFH 5')5GI 5HVRXUFH'HVFULSWLRQ)RUPDW
86$  5G* 5LVXOWDWRGL*HVWLRQH
$FFRUGLQJWRWKH861DWLRQDO5HVHDUFK)RRG ,WDOLDQLQLWLDOLVPPHDQLQJ2SHUDWLQJ3URILW
DQG&RXQFLO1XWULWLRQ%RDUG 5'*( 5HVRUFLQRO'LJO\FLG\O(WKHU
1XWULWLRQ &+25'*(LVXVHGIRUHSR[\UHVLQV
5'$ 5HJLRQDO'HYHORSPHQW$JHQF\ 2UJDQLF&KHPLVWU\
5'$ 5HQGX'URLWV$FTXLWWpV 5'*0 UHQVHLJQHPHQWVHWGRFXPHQWDWLRQJpR
)UHQFKLQLWLDOLVPPHDQLQJ'HOLYHUHG'XW\3DLG JUDSKLTXHVPLOLWDLUHV
(FRQRPLFV,QWHUQDWLRQDO7UDGH PLOLWDU\JHRJUDSKLFLQIRUPDWLRQDQGGRFXPHQWD
5'$ 5HSUHVHQWDWLRQDO'LIIHUHQFH$QDO\VLV WLRQ 0*,' 
5'$ LVDWHFKQLTXHZKLFKFDQLGHQWLI\DEQRUPDOL 5'+'UGKG EROW 5RXQG+HDGEROW
WLHVLQ'1$ 0HFKDQLFDO'HYLFHV
,PPXQRORJ\0HGLFLQH0LFURELRORJ\3DWKRORJ\ 5', 5HFRPPHQGHG'LHWDU\,QWDNH
5'$ 5XUDO'HYHORSPHQW$GPLQLVWUDWLRQ 86$  +XPDQ1XWULWLRQ
5G$F 5DGLRDFWLQLXP 5', 5HVHDUFKDQG'HYHORSPHQW,QWHQVLW\
5G$FLVIRXQGLQPDQ\PLQHUDOV 5', 5HYXHGH'URLW,QWHUQDWLRQDO5LYLVWDGL'LULWWR
1XFOHDU3K\VLFV ,QWHUQD]LRQDOH
5' DQG G5HVHDUFK'HYHORSPHQWDQGGHPRQVWUD )UHQFKDQG,WDOLDQLQLWLDOLVPPHDQLQJ-RXUQDORI
WLRQ ,QWHUQDWLRQDO/DZ
5' 3 5HVHDUFK'HYHORSPHQWDQG3URGXFWLRQ 5', 5R\DO'HVLJQHUIRU,QGXVWU\5R\DO6RFLHW\RI
5'$V 5HFRPPHQGHG'LHWDU\$OORZDQFHV $UWV
)RUIXUWKHUGHWDLOVVHHXQGHU5'$ 5',/& 5HYXHGH'URLW,QWHUQDWLRQDOHWGH
5'$V 5HJLRQDO'HYHORSPHQW$JHQFLHV /pJLVODWLRQ&RPSDUpH
5'DVH 5HGXFWDVH U'1$ ULERVRPDO'1$
(Q]\PRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU'1$
5'% 5HVHDUFKDQG'HYHORSPHQW%RDUG 86$  U'1$ WHFKQRORJ\ UHFRPELQDQW'1$ WHFKQRORJ\
5'%06 UHODWLRQDOGDWDEDVHPDQDJHPHQWV\VWHP 5'26 5HDOWLPH'LVF2SHUDWLQJ6\VWHP
V\VWqPHGHJHVWLRQGHEDVHGHGRQQpHVUHODWLRQ 5'2V 5LHVNHQRQKHPHLURQ'LR[\JHQDVHV
QHOOH %LRFKHPLVWU\%LRFDWDO\VLV%LRSURFHVVLQJ
5'& 5HPRWH'DWD&RQFHQWUDWRU 0LFURELRORJ\0ROHFXODU%LRORJ\
5'&5HSXEEOLFD'HPRFUDWLFDGHO&RQJR 5'3 5DGDU'DWD3URFHVVLQJ
5'& 5pSXEOLTXHGpPRFUDWLTXHGX&RQJR>DQFLHQ 5'35 5HIHUWR'UDZHU3OHDVH5H3UHVHQW
QHPHQWDSSHOpH=DwUH@ UGU DEEU UHDGHU
'HPRFUDWLF5HSXEOLFRI&RQJR'5&>IRUPHUO\ )RUIXUWKHUGHWDLOVVHHXQGHUU
FDOOHG=DLUH@ 5G53 51$GHSHQGHQW51$ 3RO\PHUDVH
5'& 5HVHDUFK'LDJQRVWLF&ULWHULD


*HQH([SUHVVLRQ0ROHFXODU%LRORJ\0ROHFXODU 5H 7KHFKHPLFDOV\PEROIRU5KHQLXP
*HQHWLFV 5KHQLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF
5'6 5DGLR'LPHQVLRQH6XRQR ,WDO\  QXUQEHUDQGDQDWRPLFZHLJKWRI,WLV
1HWZRUNV XVHGPDLQO\LQHOHFWULFDOFRPSRQHQWVDQGILOD
5'6 5DWH'HWHUPLQLQJ6WHS PHQWV
&KHPLVWU\ &KHPLVWU\
5'V 5HIHUHQFH'RVHV 5( 5LFDYR(IIHWWL
5'6 5HPRWH'DWD6WDWLRQ ,WDOLDQDFURQ\PPHDQLQJ5HFHLSWVIURP%LOOV
5HPRWHGDWDVWDWLRQLVDOVRNQRZQDV5HPRWH 5( 5RGGLQJ(\H
'DWD7HUPLQDO %XLOGLQJV3LSH6\VWHPV
&RPSXWHU7HFKQRORJ\ 5( 5R\DO(QJLQHHUV
5'6 5HVSLUDWRU\'LVWUHVV6\QGURPH 5( 5R\DO6RFLHW\RI3DLQWHUVDQG(WFKHUV
7KHUHVSLUDWRU\GLVWUHVVV\QGURPHLVDFRPSOLFD 5H 5XSHH
WLRQLQLQIDQWVGHOLYHUHGSUHPDWXUHO\FKDUDFWHUL]HG &XUUHQFLHV
E\UHVSLUDWRU\GLVWUHVVDQGDVRPHZKDWSXUSOHGLV UH ZLWKUHIHUHQFHWR
FRORUDWLRQRIWKHVNLQ &RPPHUFH
0HGLFLQH 5($ 5DLOZD\([SUHVV$JHQF\
5GV URDGV 5($ UDSLGHQYLURQPHQWDODVVHVVPHQW
UGV UXQQLQJGD\V pYDOXDWLRQUDSLGHGHO·HQYLURQQHPHQW
5'670& 7UDIILF0HVVDJH&KDQQHORYHU5DGLR 5($ 5LJKW(DU$GYDQWDJH
'DWD6\VWHP $FRXVWLFV
7UDQVSRUW7HOHPDWLFV 5($ 5XUDO(OHFWULILFDWLRQ$GPLQLVWUDWLRQ
5'7 5DSLG'LDJQRVWLF7HVW 5($&765DGLDWLRQ(PHUJHQF\$VVLVWDQFH
5'7 ( 5HVHDUFK'HYHORSPHQW7HVWDQG &HQWHU7UDLQLQJ6LWH
(YDOXDWLRQ 5($&76LVRQHRIWKH:+2
V&HQWHUV
5'8 7KHDLUSRUWFRGHIRU5DOHLJK'XUKDP1RUWK 1XFOHDU'HIHQVH
&DUROLQD86$ )RUIXUWKHUGHWDLOVVHHXQGHU:+2
5'9 VHH59 5($* 5HDO(VWDWH$GYLVRU\*URXS
YRLU59 5($3(5 5HG(XURSHDGH$FFLRQ3DUD(VWXGLRV
UG\ DEEU UHDG\ 5XUDOHV
5( 5DQGRP(UURU (XURSHDQ&RPPXQLW\3URMHFW
5DQGRP(UURULVDOVRNQRZQDV6DPSOLQJ(UURU 5(%V 5HVHDUFK(WKLFV%RDUGV &DQDGD 
6WRFKDVWLF(UURU 0RQLWRULQJRI+XPDQ([SHULPHQWDWLRQ5HVHDUFK
6WDWLVWLFV (WKLFV
5( 5DUH(DUWK 5(& UDGLRHOHFWURQLFFRPEDW
&KHPLVWU\ FRPEDWUDGLRpOHFWURQLTXH
5( 5DWHRI([FKDQJH 5(& 5HJLVWUR(VHUFHQWLLQ&RPPHUFLR
%XVLQHVV(FRQRPLFV)LQDQFH 5(& 5(PRWH&RQVROH
5( 5HDG(QDEOH &RPSXWHU7HFKQRORJ\
&RPSXWHUV 5(&&( UHFRQQDLVVDQFH
5( 5HDG(UURU UHFRQQDLVVDQFH
&RPSXWHU7HFKQRORJ\ 5(&&(;5(3 UHFRQQDLVVDQFHH[SORLWDWLRQUHSRUW
5( 5HDO(VWDWH FRPSWHUHQGXG·H[SORLWDWLRQGHUHFRQQDLVVDQFH
5( 5HFXUVLYHO\(QXPHUDEOHODQJXDJH UHFGUHF
G DEEU UHFHLYHG
&RPSXWHU3URJUDPPLQJ 5(&) UHFHLYLQJIRUFH
UH DEEU UHIHUHQFHUHJDUGLQJ IRUFHG·DFFXHLO
5( 5HJJLRQHOO
(PLOLD,WDO\ 5(&,7$/ 5(OD\&HQWUHIRU&HQWUDO,WDO\
UH DEEU UHODWLQJ 7XVFDQ\DQG8PEULD
5( 5HQHZDEOH(QHUJLHV 5(&2 UHFRQQDLVVDQFH
5H 5H\QROGVQXPEHU UHFRQQDLVVDQFH
1DPHGIRUWKH%ULWLVKSK\VLFLVW2VERUQH 5(&21 VHH5(&&(
5H\QROGVZKRGLVFRYHUHGLW YRLU5(&&(
)OXLG0HFKDQLFV 5(&21 DEEU 5(PRWH&21VROH


5(&21(; UHFRQQDLVVDQFHH[HUFLVH %LRORJ\&RQWURO6\VWHPV(OHFWULFLW\(OHFWURQLFV


H[HUFLFHGHUHFRQQDLVVDQFH UHJ DEEU UHJLVWHUHG
UHFSW DEEU UHFHLSW $OVRUHJG
$OVRUHFW 5HJ*HQ DEEU 5HJLVWUDU*HQHUDO
5(&6 UDGLRHOHFWURQLFFRPEDWVXSSRUW UHJV DEEU UHJXODWLRQV
DSSXLDXFRPEDWUDGLRpOHFWURQLTXH 5HJW UHJLPHQW
5(&6+,3 UHFHLYLQJVKLS UpJLPHQW
EkWLPHQWUDYLWDLOOp 5(+ 5DWLRQDO([SHFWDWLRQV+\SRWKHVLV
5(&67$ UHFHLYLQJVWDWLRQ (FRQRPLFV
VWDWLRQUpFHSWULFH 5(, 5DFKDWG
XQH(QWUHSULVHSDUGHV,QYHVWLVVHXUV
UHFW DEEU UHFWDQJOH )UHQFKDFURQ\PPHDQLQJ/HYHUDJHG0DQDJHPHQW
0DWKHPDWLFV %X\,Q
UHG 5HGHHPDEOH %XVLQHVV(FRQRPLFV)LQDQFH
)LQDQFH 5(, 5HVHDUFKDQG(GXFDWLRQ,QVWLWXWH 86$ 
5(' 5HIXQGLQJ(VFURZ'HSRVLW 86$  5(,& 5HDO(VWDWH,QYHVWPHQW&RPSDQ\
5('62(6$ 5HJLRQDO(FRQRPLF'HYHORSPHQWDO 5(,) 5HDO(VWDWH,QYHVWPHQW)XQGV
6HUYLFHV2IILFHIRU(DVWDQG6RXWKHUQ$IULFD UHLPE DEEU UHLPEXUVHUHLPEXUVHPHQW
86$LG 5(,0(3 5HJXODU(XURSHDQ,QWHUODERUDWRU\
5('9& 5XVVLDQ(QJOLVK'LFWLRQDU\RI9HUEDO 0HDVXUHPHQW(YROXWLRQ3URJUDPPH
&ROORFDWLRQV 5(,6 5HDO(VWDWH,QIRUPDWLRQ6\VWHP
5(( 5DUH(DUWK(OHPHQW 5(,7 5HDO(VWDWH,QYHVWPHQW7UXVW
&KHPLVWU\ 5(,7V 5HDO(VWDWH,QYHVWPHQW7UXVWV
5((' 5HVLGHQWLDO(QHUJ\(IILFLHQW'DWDEDVH 5(/ 5DSLGO\([WHQVLEOH/DQJXDJH
,QGRRU$LU4XDOLW\ 5HIHUULQJWR(QJOLVK
5((5 5HJLPH(QUHJLVWUpG
(SDUJQH5HWUDLWH UHO DEEU UHODWHGUHODWLYHUHODWLQJ
&DQDGD  UHO DEEU UHOHDVH
)UHQFKDFURQ\PPHDQLQJ5HJLVWHUHG5HWLUHPHQW ,QGXVWULDO(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ
6DYLQJV3ODQ 2UGQDQFH
5((V 5DUH(DUWK(OHPHQWV 5(/ 5pSDUWLWLRQ(OHFWURQLTXH
&KHPLVWU\*HRFKHPLVWU\,VRWRSH*HRORJ\ 5(/0$3 5(JLRQDO/DJUDQJLDQ0RGHORI$LU
5((6 5HVHDUFK([SHULHQFHIRU(XURSHDQ6WXGHQWV 3ROOXWLRQ
5() 5DW(PEU\R)LEUREODVW 5(/6$7 UHOD\VDWHOOLWH
5HIUHI DEEU UHIHUHQFH VDWHOOLWHUHODLV
5HIUHI DEEU UHIULJHUDWHG VKLS  5(/80 +LJKO\UHDFWLYHUDUHHDUWKR[LGHSRZGHUV
5HI DEEU 5HIXQGLQJ IRUPRUHHIILFLHQWOXPLQHVFHQWPDWHULDOV
%XVLQHVV(FRQRPLFV)LQDQFH (XURSHDQ&RPPXQLW\3URMHFW)OXRUHVFHQW7XEHV
5() 5HQDO(U\WKURSRLHWLF)DFWRU 5(0 5DGLRDFWLYLW\(QYLURQPHQWDO0RQLWRULQJ
0HGLFLQH 5(0 5DSLG(\H0RYHPHQW
5()&253 5(VROXWLRQ)XQGLQJ&253RUDWLRQ 3K\VLRORJ\
5()/ 5()HUHQFH/LQH UHP DEEU UHPERXUVDEOH
0LOLWDU\6FLHQFH1DYLJDWLRQ )UHQFKDEEUHYLDWLRQPHDQLQJUHLPEXUVDEOH
UHIOHFWLRQ +((' UHIOHFWLRQ+LJK(QHUJ\(OHFWURQ UHSD\DEOH
'LIIUDFWLRQ &RPPHUFH
3K\VLFV UHP DEEU UHPERXUVHPHQW
5()0 5HVRXUFH(FRORJ\DQG)LVKHULHV )UHQFKDEEUHYLDWLRQPHDQLQJUHLPEXUVHPHQW
0DQDJHPHQW UHSD\PHQWUHIXQGPHQW
UHJ DEEU UHJLVWHU &RPPHUFH
&RPSXWHU7HFKQRORJ\*UDSKLF$UWV0HFKDQLFDO UHP DEEU UHPLWWDQFH
(QJLQHHULQJ0LOLWDU\6FLHQFH $OVRUHPLWW
7HOHFRPPXQLFDWLRQV 5(0UHP 5RHQWJHQ(TXLYDOHQW0DQ
5HJ DEEU 5HJLVWUDU 1DPHGDIWHUWKH*HUPDQSK\VLFLVW:LOKHOP
UHJ DEEU UHJLVWUDWLRQ .RQUDG5RHQWJHQ
UHJ DEEU UHJXODWLRQ


,RQL]LQJ5DGLDWLRQ3RSXODWLRQ6WXGLHV5DGLDWLRQ UHS DEEU UHSULQW


(IIHFWV5HVHDUFK5DGLDWLRQ5LVNV $OVR53
5(0$&7 UHPHGLDODFWLRQ 5HS UHS DEEU 5HSXEEOLFD
DDFWLRQFRUUUHFWLYH ,WDOLDQDEEUHYLDWLRQPHDQLQJ5HSXEOLF
EPHVXUHFRUUHFWLYH UHS DEEU UHSXEOLF
5(0, 5HDO(VWDWH0RUWJDJH,QYHVWPHQW 5(3 5LFDUGLDQ(TXLYDOHQFH3URSRVLWLRQ
5(0, 5HVWULFWLRQ(Q]\PH0HGLDWHG,QWHJUDWLRQ (FRQRPLFV
5H0LGD 5HWH0LODQHVHSHUODGLGDWWLFDHO·DS 5(3 HOHPHQWV 5HSHWLWLYH([WUDJHQLF3DOLQGURPLF
SUHQGLPHQWRGHO$ VHFROR HOHPHQWV
$ 3URMHFWSURPRWHGE\WKH&RPXQHGL *HQHWLFV
0LODQRDQG0LODQRSHUOD0XOWLPHGLDOLWj 5(326 6DOHDQG5HSXUFKDVH$JUHHPHQWV 86$ 
7HDFKLQJ7HFKQRORJLHV'HYHORSPHQW UHSRV 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
UHPLWW DEEU UHPLWWDQFH XVLQJWKH)UHQFKZRUGUHSRVZKLFKPHDQVUHVW
$OVRUHP QDSUHSRVH
5(03, 5HVRQDQFH(QKDQFHG0XOWLSKRWRQ UHSU DEEU UHSUHVHQWDWLRQ
,RQL]DWLRQ $UWLILFLDO,QWHOOLJHQFH
&KHPLVWU\2UJDQLF&KHPLVWU\ UHSUR DEEU UHSURGXFWLRQ
5(03, 5(VRQDQW0XOWLSKRWRQ,RQL]DWLRQ 5(3V 5HSHWLWLYH([WUDJHQLF3DOLQGURPHV
0ROHFXODU3K\VLFV UHSW DEEU UHFHLSWUHSRUW
5(0 VOHHS 5DSLG(\H0RYHPHQWVOHHS UHT DEEU UHTXHVWUHTXLUHG
7KHUDSLGH\HPRYHPHQWVOHHSLVDOVRNQRZQDV 5(5 5RXJK(QGRSODVPLF5HWLFXOXP
IDVWZDYHVOHHSSDUDGR[LFDOVOHHSDFWLYHVOHHS &HOO%LRORJ\
GUHDPLQJVOHHSGHV\QFKURQL]HGVOHHS 5(5( UHLQIRUFHPHQWUHVXSSO\ VKLSSLQJ 
1HXURORJ\ QDYLJDWLRQGH UHQIRUFHPHQWUpDSSURYLVLRQ
5(08V 5HPRWH(QYLURQPHQWDO0RQLWRULQJ8QLWV QHPHQW
&UHDWHGDWWKH:+2, 86$  5(5) 5DGLDWLRQ(IIHFWV5HVHDUFK)RXQGDWLRQ
&KHPLVWU\DQG%LRORJ\RIWKH2FHDQV 5(5)ZDVFUHDWHGLQZLWKDGLIIHUHQW
)RUIXUWKHUGHWDLOVVHHXQGHU:+2, DFURQ\P,WGHDOVZLWKWKHFROOHFWLRQRILQIRUPD
5(1&$ 5(1DOFHOO&$UFLQRPD WLRQRQFDQFHUDQGRWKHUGLVHDVHVGXHWRLRQL]LQJ
5(1&$ LVDOVRNQRZQDV+\SHUQHSKURPD UDGLDWLRQ5(5)LVIXQGHGE\WKH8QLWHG6WDWHV
0HGLFLQH DQG-DSDQ
5(2 5HDO(VWDWH2ZQHG 86$  5(575 $JUHHPHQW 5HGXFHG(QULFKPHQWIRU
/DZ 5HVHDUFK7HVW5HDFWRUV$JUHHPHQW
UHR 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 5(575LVD$JUHHPHQW
XVLQJWKH,WDOLDQZRUGUHRZKLFKPHDQV /DZ 1XFOHDU1RQSUROLIHUDWLRQ
JXLOW\RIIHQGHUFXOSULWFULPLQDO$OVRZLFNHG 5(6 5DFKDWG
XQH(QWUHSULVHSDUVHV6DODULpV
HYLO )UHQFKDFURQ\PPHDQLQJ/HYHUDJHG0DQDJHPHQW
5(23 5HDVRQDEOH([SHFWDWLRQ2I3ULYDF\ %X\2XW
5(3 UDGLRHOHFWURQLFSURWHFWLRQ %XVLQHVV(FRQRPLFV)LQDQFH
SURWHFWLRQUDGLRpOHFWURQLTXH 5(6 UDGDUHQYLURQPHQWVLPXODWLRQ
UHSRUW>VXIIL[XVHGLQFRPSRXQGWHUPVHJ VLPXODWLRQGHO·HQYLURQQHPHQWUDGDU
/2*6805(3@ UDGLDWLRQH[SRVXUHVWDWH
FRPSWHUHQGX>VXIIL[HXWLOLVpGDQVOHVWHUPHV FRQGLWLRQG·H[SRVLWLRQDX[UDGLDWLRQV
FRPSRVpVFI/2*6805(3@ 5(6 5HQHZDEOH(QHUJ\6RXUFHV
UHS DEEU UHSDLU UHV DEEU UHVHUYH
UHS DEEU UHSDUWR $YLDWLRQ&RPSXWHU3URJUDPPLQJ0LOLWDU\
,WDOLDQDEEUHYLDWLRQPHDQLQJGHSDUWPHQWGLYL 6FLHQFH
VLRQZDUG RIKRVSLWDO  UHV DEEU UHVWRUH
UHS DEEU UHSO\ &RPSXWHU7HFKQRORJ\
UHSO\LVDOVRNQRZQDVUHVSRQVH 5(6 5HWLFXORHQGRWKHOLDO6\VWHP
7HOHFRPPXQLFDWLRQV $QDWRP\
UHS DEEU UHSRUWUHSRUWHU 5(6 5R\DO(FRQRPLF6RFLHW\
UHS DEEU UHSUHVHQWDWLYHUHSUHVHQWLQJ 5(6 5R\DO(PSLUH6RFLHW\


5(6$ 5(VHDUFK6RFLHW\RI$PHULFD 86$  ,WDOLDQLQLWLDOLVPPHDQLQJ5DGLR)UHTXHQF\


UHVD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ )RUIXUWKHUGHWDLOVVHHXQGHU5) 5DGLR
XVLQJWKH,WDOLDQZRUGUHVDZKLFKPHDQVLQ )UHTXHQF\ 
,WDOLDQVXUUHQGHU\LHOGSURILWUHWXUQUHVWLWXWLRQ 5) 5DQJH)LQGHUUDQJHILQGHU
5(6&$3 UHVFXHFRPEDWDLUSDWURO (OHFWURQLFV2SWLFV2UGQDQFH
SDWURXLOOHGHFRPEDWGHVDXYHWDJH 7HOHFRPPXQLFDWLRQV
5(6&2 UHFKHUFKHHWVDXYHWDJHGHFRPEDW 5)UI 5DSLG)LUH
FRPEDWVHDUFKDQGUHVFXH &6$5  2UGQDQFH
5(6&8( 5HODWLYH(QKDQFHUDQG6LOHQFHU 5) 5DWH)UHH
&ODVVLILFDWLRQE\8QDQLPRXV(QULFKPHQW 5) UHDFWLRQIRUFH
%LRORJ\&DQFHU5HVHDUFK&KHPLFDO3URFHVVHV IRUFHGHUpDFWLRQ
2OLJRQXFOHRWLGH0RWLIV 5) 5HFHSWLYH)LHOG YLVXDO 
5(62/9 5(FRQVWUXFWLRQXVLQJ6FDQQHG/DVHUDQG 5) 5HGXFLQJ)ODPH
9LGHR &KHPLVWU\
(XURSHDQ&RPPXQLW\3URMHFW 5) 5HOHDVH)DFWRU
5(63$ 5HDO(VWDWH6HWWOHPHQW3URFHGXUHV$FW %LRFKHPLVWU\
86$FWV 5) 5pSXEOLTXH)UDQoDLVH
5(6352 5HF\FOHGSDSHUPLOOV(IIOXHQWVWRZRRG )UHQFKLQLWLDOLVPPHDQLQJ)UHQFK5HSXEOLF
6XEVWLWXWLYH352GXFWV 5) 5HVLVWDQFH)DFWRU
(XURSHDQ&RPPXQLW\3URMHFW 5)LVDOVRNQRZQDV5HVLVWDQFH3ODVPLG
5(648( 5LVSDUPLR(QHUJHWLFR6RVWHQLELOLWj 0ROHFXODU%LRORJ\
4XDOLWjUDSSRUWLFRQJOL2UJDQLGHOO·8QLRQH UI UHYHQXIL[H
(XURSHD ,WDO\  5) 5HYROYLQJ)XQG
(QHUJ\ %XVLQHVV(FRQRPLFV)LQDQFH
UHVUW DEEU UHVWDUW 5) 5KHXPDWRLG)DFWRU
,QFRPSXWHUWHFKQRORJ\UHVWDUWLVDOVRNQRZQDV $XWRDQWLELRWLFV,PPXQRORJ\0HGLFLQH
5HERRW 0LFURELRORJ\
$YLDWLRQ&RPSXWHU7HFKQRORJ\ 5) $ UHDFWLRQIRUFH DLU 
5(7 5HOLDEOH(DUWK7HUPLQDO IRUFHDpULHQQHGHUpDFWLRQ
UHW DEEU UHWXUQ 5)$ 5HFLSURFDOO\)UHHRI$YHUDJH
$UFKLWHFWXUH&RPSXWHU3URJUDPPLQJ'HVLJQ 5)$ 5pSXEOLTXHIpGpUDOHG
$OOHPDJQH
(QJLQHHULQJ(OHFWURQLFV*HRSK\VLFV )HGHUDO5HSXEOLFRI*HUPDQ\ )5* 
UHWG DEEU UHWDLQHGUHWXUQHG UHVWULFWHGILUHDUHD
UHWG DEEU UHWLUHG ]RQHGHWLUUHVWUHLQW
5(75) 5XUDO(OHFWULILFDWLRQDQG7HOHSKRQH 5)$ 5HTXHVW)RU$SSOLFDWLRQV
5HYROYLQJ)XQG 5)$ 5R\DO)LHOG$UWLOOHU\
5(8 (XURGROODU5DWH 5)$) 5XVVLDQ)HGHUDWLRQ$LU)RUFH
5(9 UDYLWDLOOHPHQWHQYRO DUPpHGHO·DLUGHOD)pGpUDWLRQGH5XVVLH
DLUWRDLUUHIXHOLQJ 5) $ 6 UHDFWLRQIRUFHV DLU VWDII
UHY DEEU UHYHQXHUHYHUVHUHYLHZUHYLVLRQ pWDWPDMRUGHVIRUFHVDpULHQQHVGHUpDFWLRQ
UHY DEEU UHYROXWLRQ 5)% 5HTXHVW)RU%LG
)RUIXUWKHUGHWDLOVVHHXQGHUU %XVLQHVV(FRQRPLFV)LQDQFH
5HY$& 5HYHQXH$FFRXQW 5)%5 5XVVLDQ)RXQGDWLRQIRU%DVLF5HVHDUFK
5HYG 5HYHUHQG 7KH5)%5LVWKHPDLQDJHQF\IRUVXSSRUWLQJSHHU
5(: 6 UDGLRHOHFWURQLFZDUIDUH VHUYLFH  UHYLHZHGUHVHDUFK
VHUYLFHGH JXHUUHUDGLRpOHFWURQLTXH 5)& 5HFRQVWUXFWLRQ)LQDQFH&RUSRUDWLRQ 86$ 
5(; 5HVRQDQFH(QKDQFHG;UD\V 5)& 5HSOLFDWLRQ)DFWRU&
&KHPLFDO3K\VLFV&KHPLVWU\ &DQFHU5HVHDUFK'HYHORSPHQWDO%LRORJ\
5)UI 5DGLR)UHTXHQF\ 5)& 5HTXHVW)RU&RPPHQWV
5DGLRIUHTXHQF\LVLQWKHUDQJHIURPN+]WR 5)& 5LYHU)RUHFDVW&HQWHU 86$ 
0+] 5)&DFFRXQW 5HVLGHQW)RUHLJQ&XUUHQF\DFFRXQW
7HOHFRPPXQLFDWLRQV ,QGLD 
5)UI 5DGLR)UHTXHQ]D ,QYHVWPHQW6FKHPHV


5I'5IG 5HIHUHQFH'RVH $OVRUIVK


5)' 5XUDO)UHH'HOLYHU\ 86$  &RPSXWHU7HFKQRORJ\6XUJHU\
5)(5/ 5DGLR)UHH(XURSH5DGLR/LEHUW\ 5)6 5HDG\)RU6HD
7KH5)(5/ LVWKH86&RQJUHVVIXQGHGUDGLR 5)V 5HFHSWLYH)LHOGV
VWDWLRQ 1HXURVFLHQFH
5)) 5HVRXUFHVIRUWKH)XWXUH 86$  5)6(7 5DGLR)UHTXHQF\6LQJOH(OHFWURQ
5))LVD:DVKLQJWRQEDVHG5HVHDUFK 7UDQVLVWRU
2UJDQL]DWLRQ $SSOLHG3K\VLFV0LFURHOHFWURQLFV1DQRVFLHQFH
$OVR5I) 3K\VLFV
UIJ DEEU UHIXQGLQJ U)6+ UHFRPELQDQW)ROOLFOH6WLPXODWLQJ+RUPRQH
5)* UHYDOLGDWHGIRUFHJRDO UIVK DEEU UHIUHVK
REMHFWLIGHIRUFHVUHYDOLGp )RUIXUWKHUGHWDLOVVHHXQGHUUIUVK
5)+4 UHDFWLRQIRUFHKHDGTXDUWHUV 5) VLJQDOJHQHUDWRU 5DGLR)UHTXHQF\VLJQDOJHQHU
TXDUWLHUJpQpUDOGHVIRUFHVGHUpDFWLRQ DWRU
5), 5DGLR)UHTXHQF\,QWHUIHUHQFH (OHFWURQLFV
7HOHFRPPXQLFDWLRQV 5)76 5HPRWH)LEUH7HVW6\VWHP
5), 5HDG\)RU,QVSHFWLRQ UHIHUULQJWRVKRSSUR $ JURXSRISURGXFWVZKLFKHQDEOHVWRFXWQHWZRUN
GXFWLRQ  GRZQWLPHDQGJXDUDQWHHTXDOLW\RIVHUYLFH2IWKH
,QGXVWU\ &DQDGLDQWHVWDQGPHDVXUHPHQW VSHFLDOLVW(;32
5), 5HTXHVW)RU,QIRUPDWLRQ 5)8&06 5R\DO)RUFHDQG8QLYHUVLW\&ROOHJH
5)/ UHVWULFWHGILUHOLQH 0HGLFDO6FKRRO *% 
OLJQHGHWLUUHVWUHLQWH 5): UDGLRIUHTXHQF\ZHDSRQ
UHVWULFWHGIUHTXHQF\OLVW DUPHjUDGLRIUpTXHQFHV
OLVWHGHVIUpTXHQFHVUHVWUHLQWHV 5* 5DJXVD,WDO\
5)/3 5HVWULFWLRQ)UDJPHQW/HQJWK3RO\PRUSKLVP 5* 5HQVHLJQHPHQWV*pQpUDX[
5)/3V 5HVWULFWLRQ)UDJPHQW/HQJWK 5* 5HSRUW*HQHUDWRU
3RO\PRUSKLVPV &RPSXWHU3URJUDPPLQJ
&DQFHU5HVHDUFK'1$ &KDQJHV+XPDQ 5* 5KRGDPLQH*
(YROXWLRQ &KHPLVWU\
5)0) 5DGLR)UHTXHQF\0DJQHWLF)LHOG 5* 5LYH*DXFKH )UDQFH 
'1$ +\EULGL]DWLRQ1DQRFU\VWDOOLQNHG 5* 5RXJK*ULQGLQJ
2OLJRQXFOHRWLGHV 0HFKDQLFDO(QJLQHHULQJ
5)1$ 5HG)XPLQJ1LWULF$FLG 5* 7KHDLUOLQHFRGHIRU9DULJ6$
U)QJ UDGLFDO)ULQJH 5*% 5HG*UHHQ%OXH
$QDWRP\0HGLFLQH1HXURELRORJ\ &RPSXWHU7HFKQRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHUO)QJ OXQDWLF 5*%VWDUV 5HG*LDQW%UDQFKVWDUV
)ULQJH  $VWURQRP\$VWURSK\VLFV1XFOHRV\QWKHVLVLQ
5)2 5qJOHPHQWILQDQFLHUGHO
27$1 6WDUV
1$72)LQDQFLDO5HJXODWLRQV 1)5  5*& UDW 5HWLQDO*DQJOLRQ&HOO
5)20 UHVWULFWLRQRQIUHHGRPRIPRYHPHQW )RUIXUWKHUGHWDLOVVHHXQGHU5*&V
HQWUDYHVjODOLEHUWpGHPRXYHPHQW RXGHFLUFXOD 5*&V 5HWLQDO*DQJOLRQ&HOOV
WLRQ  7KH5*&VDUHQHUYHFHOOVWKDWWUDQVPLWLQIRUPD
5)3 5)3 5HTXHVW)RU3URSRVDO WLRQIURPWKHH\HWRWKHEUDLQ
5)3 5HYHUVH)LHOG3LQFK &LUFDGLDQ&ORFN&LUFDGLDQ/LJKW5HVSRQVHV
)XVLRQ3ODVPD6FLHQFH &HOOXODU%LRORJ\'HYHORSPHQW3DWKRORJ\
5)3$ 5LJKWWR)LQDQFLDO3ULYDF\$FW 0HGLFLQH1HXURELRORJ\
7UHDWLHV UJG DEEU UHJLVWHUHG
UI SUHKHDWLQJ UDGLRIUHTXHQF\SUHKHDWLQJ $OVRUHJ
(QJLQHHULQJ 5*',3 5HYXH*pQpUDOHGH'URLW,QWHUQDWLRQDO
5)3V 5HTXHVWV)RU3URSRVDOV 3XEOLF
5)4 5HTXHVWV)RU4XDOLILFDWLRQ 3XEOLFDWLRQV
5)4 5HTXHVW)RU4XRWDWLRQ 5*, 5HVRXUFH*URXS,QWHUQDWLRQDO 1RUZD\ 
UIUVK DEEU UHIUHVK 2IIVKRUH(QJLQHHULQJ6HDIRRGV


5*2 5R\DO*UHHQZLFK2EVHUYDWRU\ 9LURORJ\


7KH5*2LVORFDWHGLQ&DPEULGJH*% 5+((' 5HIOHFWHG+LJK(QHUJ\(OHFWURQ
$VWURQRP\ 'LIIUDFWLRQ
5*3 5LFH*HQRPH5HVHDUFK3URJUDP (OHFWULFDODQG&RPSXWHU(QJLQHHULQJ0DWHULDOV
-DSDQH3URJUDPV5LFH*HQRPH5HVHDUFK 4XDQWL]HG(OHFWURQLF6WUXFWXUHV
5*3 5HPRWH*UDSKLFV3URFHVVRU 5K IDFWRU 5KHVXVIDFWRU
5*6 UDQJHJDWHVWHDOLQJ 7KHWHUPUKHVXVIDFWRUGHULYHVIURPUKHVXVPRQ
YROHXUGHIHQrWUHGHWpOpPpWULH NH\VZKHUHLWZDVILUVWGLVFRYHUHG
UHPRWHJURXQGVHQVRU *HQHWLFV
FDSWHXUDXVROpORLJQp UK*+ UHFRPELQDQWKXPDQ*URZWK+RUPRQH
5*6 5HJXODWRURI*SURWHLQ6LJQDOLQJ +HDOWK6FLHQFHV0HGLFLQH3KDUPDFRORJ\
,PPXQRORJ\0HGLFLQH0ROHFXODU%LRORJ\ 3K\VLRORJ\3ULPDWH5HVHDUFK
5*6 5LEERQ*URZWKRQVXEVWUDWH6LOLFRQ 5+, 5DQJH+HLJKW,QGLFDWRU
3KRWRYROWDLFV (QJLQHHULQJ
5JWUJW DEEU UqJOHPHQW 5+,& 5HODWLYLVWLF+HDY\,RQ&ROOLGHU
)UHQFKDEEUHYLDWLRQPHDQLQJUXOHFRGHRISUDF 7KH5+,&ZLOORSHUDWHLQ
WLFH$OVRSD\PHQWVHWWOHPHQWUHPLWWDQFH +LJK(QHUJ\3K\VLFV1XFOHDU3K\VLFV
5*8 V\VWHP 5HG*UHHQDQG8OWUDYLROHWV\VWHP 5+0 5RHQWJHQSHU+RXUDWRQH0HWHU
$VWURQRP\ 1XFOHRQLFV
5*9 5(/,7 *UDQGH9LWHVVH 5+285 KRXUDWZKLFKUHWDOLDWLRQLVDXWKRUL]HG
)UHQFKLQLWLDOLVPPHDQLQJ+LJK6SHHG'93 KHXUHjODTXHOOHODULSRVWHHVWDXWRULVpH
6HFXULWLHV6HWWOHPHQW6\VWHP 5+3 5HVRXUFH+ROGLQJ3RWHQWLDO
%DQNLQJ %HKDYLRU
)RUIXUWKHUGHWDLOVVHHXQGHU'93 'HOLYHU\ 5+SDQHO 5DGLDWLRQ+\EULGSDQHO
9HUVXV3D\PHQWV\VWHP  %LRWHFKQRORJ\*HQHWLFV+XPDQ*HQRPH
5+ UDGDUKHDG 0HGLFLQH0ROHFXODU%LRORJ\
WrWHUDGDU 5+4 UHDUKHDGTXDUWHUV
5+ 5HDG+HDG TXDUWLHUJpQpUDOGHO·DUULqUH
&RPSXWHU7HFKQRORJ\ UHJLRQDOKHDGTXDUWHUV
5+UK 5HODWLYH+XPLGLW\ TXDUWLHUJpQpUDOUpJLRQDO
0HWHRURORJ\ 5+4$)1257+ 5HJLRQDO+HDGTXDUWHUV$OOLHG
5+ 5HOHDVLQJ+RUPRQH )RUFHV1RUWK
5+LVDOVRNQRZQDV5HOHDVLQJ)DFWRU 4XDUWLHUJpQpUDOUpJLRQDOGHV)RUFHVDOOLpHV1RUG
(QGRFULQRORJ\ (XURSH
5K 7KHFKHPLFDOV\PEROIRU5KRGLXP 5+4$)6287+ 5HJLRQDO+HDGTXDUWHUV$OOLHG
5KRGLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF )RUFHV6RXWK
QXPEHUDQGDQDWRPLFZHLJKWRI7KH 4XDUWLHUJpQpUDOUpJLRQDOGHV)RUFHVDOOLpHV6XG
ZRUGUKRGLXPGHULYHVIURPWKH*UHHNZRUG (XURSH
URVH 5+4($67/$17 5HJLRQDO+HDGTXDUWHUV(DVW
&KHPLVWU\ $WODQWLF
5+ 5LJKW+DQG 4XDUWLHUJpQpUDOUpJLRQDO(VWGHO·$WODQWLTXH
%XLOGLQJ(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ 5+46287+/$17 5HJLRQDO+HDGTXDUWHUV6RXWK
5+ 5RFNZHOO+DUGQHVV $WODQWLF
(QJLQHHULQJ 4XDUWLHUJpQpUDOUpJLRQDO6XGGHO·$WODQWLTXH
5+$ 5RDG+DXODJH$VVRFLDWLRQ ,UHODQG  5+4:(67/$17 5HJLRQDO+HDGTXDUWHUV:HVW
5+$: UDGDUKRPLQJDQGZDUQLQJ $WODQWLF
UDOOLHPHQWHWDOHUWHUDGDU 4XDUWLHUJpQpUDOUpJLRQDO2XHVWGHO·$WODQWLTXH
5+' 5DEELW+HPRUUKDJLF'LVHDVH 5+UHODWLRQV 5DQNLQH+XJRQLRWUHODWLRQV
$ VHPLQDURQ5+'ZDVKHOGLQ$GHODLGH 7KHRUHWLFDO*HRFKHPLVWU\
$XVWUDOLD RQUG 6HSWHPEHU 5+6 5LJKW+DQG6LGH
(FRORJ\(QYLURQPHQWDO6FLHQFH9LURORJ\ 5+6 5R\DO+LVWRULFDO6RFLHW\
5+' YLUXV 5DEELW+HPRUUKDJLF'LVHDVH9LUXV 5+6 5R\DO+RUWLFXOWXUDO6RFLHW\
5+'LVDOVRNQRZQDV5DEELW&DOLFLYLUXV'LVHDVH 5+6 5R\DO+XPDQH6RFLHW\


5+7 5RFNZHOO+DUGQHVV7HVW 5,& UHSDWULDWLRQLQIRUPDWLRQFHQWUH


(QJLQHHULQJ FHQWUHG·LQIRUPDWLRQVXUOHUDSDWULHPHQW
5, 5DGLR,QIOXHQFH5DGLR,QWHUIHUHQFH ULF ULFHYXWD
'DWD&RPPXQLFDWLRQV ,WDOLDQDEEUHYLDWLRQPHDQLQJUHFHLSW
5, 5HDO,QFRPH 5,& 7KHDLUSRUWFRGHIRU5LFKPRQG9LUJLQLD
%XVLQHVV)LQDQFH 86$
5O 5HIUDFWLYH,QGH[ 5,&$ 5HVHDUFK,QVWLWXWHIRU&RQVXPHUV
$IIDLUV
2SWLFV 5,&$ 5HWHGL,QIRUPD]LRQH&RQWDELOH$JULFROD
5,5,UL UHLQVXUDQFH ,WDO\ 
5, 5HOLDELOLW\,QGH[ ,WDOLDQDFURQ\PPHDQLQJ$JULFXOWXUDO
'DWD&RPPXQLFDWLRQV %RRNNHHSLQJ,QIRUPDWLRQ1HWZRUN
5, 5HPRWH,QTXLU\ 5,FKURPRVRPH 5HFRPELQDQW,QEUHGFKURPRVRPH
&RPSXWHU7HFKQRORJ\ *HQHWLFV*HQRPLF5HVHDUFK0HGLFLQH
5, 5HSOLFDWLYH,QWHUPHGLDWH 0ROHFXODU*HQHWLFV
*HQHWLFV 5,&2 $FW 5DFNHWHHU,QIOXHQFHGDQG&RUUXSW
5, 5HSXEEOLFD,WDOLDQD 2UJDQL]DWLRQV$FW
,WDOLDQDFURQ\PPHDQLQJ,WDOLDQ5HSXEOLF 86$FWV
5, 5pSXEOLFDLQV,QGpSHQGDQWV )UDQFH  5,' 5DGLDO,PPXQRGLIIXVLRQ
3ROLWLFDO3DUW\ 5,' 5DSSRUWL,QWHUEDQFDUL'LUHWWL ,WDO\ 
5, DEEU 5KRGH,VODQG 86$  ,WDOLDQDFURQ\PPHDQLQJ,QWHUEDQN'LUHFW
5, 5LHWL,WDO\ 5HODWLRQVKLSV
5, 5RVOLQ,QVWLWXWH *%  5,'*(SURJUDP 5LGJH,QWHU'LVFLSOLQDU\*OREDO
)DUP$QLPDO%LRWHFKQRORJ\*HQHWLFDO5HVHDUFK ([SHULPHQWVSURJUDP
5, URXWLQJLQGLFDWRU 5,'*(LQFOXGHVWKH0(/7 ([SHULPHQWIXQGHGE\
DLQGLFDWHXUGHURXWDJH WKH861DWLRQDO6FLHQFH)RXQGDWLRQ
ELQGLFDWHXUG·DFKHPLQHPHQW )RUIXUWKHUGHWDLOVVHHXQGHU0(/7 ([SHULPHQW
5, 5R\DO,QVWLWXWH RI3DLQWHUVLQ:DWHUFRORXUV  5,',56 5HVRQDQW,RQ'LS,56SHFWURVFRS\
5, 5R\DO,QVWLWXWLRQ &KHPLVWU\
5,$ 5DGLRLPPXQRDVVD\ 5,',6 5pVHDX,YRULHQGH'RFXPHQWDWLRQHW
,PPXQRORJ\ G
,QIRUPDWLRQ6FLHQWLILTXH
5,$ 5DUH,VRWRSH$FFHOHUDWRU 5,( 5HFRJQL]HG,QYHVWPHQW([FKDQJH *% 
5,$ LVDIDFLOLW\HQGRUVHGE\WKH86 5,( 5HVHDUFK,Q(GXFDWLRQ 86$ 
*RYHUQPHQW
V16$&WRVWXG\UDUHLVRWRSHV 5,(7 5HQDXOW,QGXVWULHV(TXLSPHQWVHW7HFKQLTXHV
1XFOHDU3K\VLFV )UDQFH 
)RUIXUWKHUGHWDLOVVHHXQGHU16$& 5,(WHFKQLTXH 5HDFWLYH,RQ(WFKLQJWHFKQLTXH
5,$ 5R\DO,ULVK$FDGHP\ &KHPLFDO(QJLQHHULQJ0DWHULDOV3K\VLFV
5,$$ 5HFRUGLQJ,QGXVWU\$VVRFLDWLRQRI$PHULFD 5,) 5HGXFWLRQ,Q)RUFH
5,$$ LVWKHWUDGHERG\ZKLFKUHSUHVHQWVWKH86 5,)0SUDFWLFHV 5HGXFHG,PSDFW)RUHVW
UHFRUGLQGXVWU\DQGLWV&DQDGLDQFRXQWHUSDUW 0DQDJHPHQWSUDFWLFHV %UD]LO 
$FRXVWLFDO(QJLQHHULQJV ,OOHJDO'HIRUHVWDWLRQ)LUH5LVN5HGXFWLRQ
5,$V 5DGLRLPPXQRDVVD\V 5,)6 5HPHGLDO,QYHVWLJDWLRQ)HDVLELOLW\6WXG\
,PPXQRORJ\ 5,)V 5HVRXUFH,PSDFW)DFWRUV
5,% 5HOHYpG
,GHQWLWp%DQFDLUH )UDQFH  5,* 5DWH,QWHJUDWLQJ*\URVFRSH
)UHQFKDFURQ\PUHIHUULQJWRDIRUPVKRZLQJ 0HFKDQLFDO(QJLQHHULQJ
GHWDLOVRIRQH
VRZQEDQNDFFRXQW 5,*6 5HSHDW,QGXFHG*HQH6LOHQFLQJ
%DQNLQJ %LRORJ\
5,% 5HVRXUFH,QWHJUDWLRQ%RDUG>0%&@ 5,+$16 5,YHUDQG+DUERU$LGWR1DYLJDWLRQ
&RPPLVVLRQG·LQWpJUDWLRQGHVUHVVRXUFHV>&%0@ 6\VWHP
5,%$ 5,FHYXWD%$QFDULD 5,, 5DGDU,QWHOOLJHQFH,WHP
,WDOLDQDFURQ\PPHDQLQJ&DVK2UGHU&ROOHFWLRQ (OHFWURQLFV
2UGHU 5,/(0 5pXQLRQ,QWHUQDWLRQDOHGHV/DERUDWRLUHV
5,%$ 5R\DO,QVWLWXWHRI%ULWLVK$UFKLWHFWV *%  G
(VVDLVHWGHUHFKHUFKHVVXUOHV0DWpULDX[HWOHV
5,& 5DUHHDUWK,QIRUPDWLRQ&HQWHU FRQVWUXFWLRQV )UDQFH 


)UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO8QLRQRI 5,3 PDSSLQJ 5HSOLFDWLRQ,QLWLDWLRQ3RLQWPDSSLQJ


7HVWLQJDQG5HVHDUFK/DERUDWRULHVRQ0DWHULDOV %LRORJ\0HGLFLQH
DQG6WUXFWXUHV5,/(0ZDVIRXQGHGLQ 5,3 PXWDWLRQ 5HSHDW,QGXFHG3RLQWPXWDWLRQ
5,/0 5pSHUWRLUH,QWHUQDWLRQDOGH/LWWpUDWXUH 5,33 5XVVLDQ$PHULFDQ,QVWLWXWHIRU3UHVLGHQW
0XVLFDOH 3URJUDPV
)UHQFKDFURQ\PPHDQLQJ,QWHUQDWLRQDO5HSHUWRU\ 5,33 GHDOVZLWKWHFKQRORJ\WUDQVIHUDQGKDV
RI0XVLF/LWHUDWXUH 1HZ<RUN86$ )RXQGHG RIILFHVLQ0RVFRZDVZHOODVLQ:DVKLQJWRQ'&
LQ 86$
5,0 5DE$,QWHUDFWLQJ0ROHFXOH 7HFKQRORJ\7UDQVIHU
$ PRGXODUSURWHLQ 5L33$ 5LERQXFOHDVH3URWHFWLRQ3UR[LPLW\$VVD\
0ROHFXODU1HXURELRORJ\3UHV\QDSWLF3ODVWLFLW\ ULSUYLHW DEEU ULSURGX]LRQHYLHWDWD
5HJXODWRUV ,WDOLDQDEEUHYLDWLRQPHDQLQJFRS\ULJKWHGUHSUR
5,0 5HDFWLRQ,QMHFWLRQ0ROGLQJUHDFWLRQLQMHFWHG GXFWLRQIRUELGGHQ
PROGHG 5,5 UHSDWULDWLRQLQIRUPDWLRQUHSRUW
ULP 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH FRPSWHUHQGXG·LQIRUPDWLRQVXUOHUDSDWULHPHQW
(QJOLVKZRUGULP 5,5 5HTXHVW,PPHGLDWH5HSO\
'HVLJQ(QJLQHHULQJ*HRORJ\0HWDOOXUJ\ 5,6 UDGDULQWHJUDWLRQV\VWHP
5,0$ 5pJLPHQWG·,QIDQWHULHGH0$ULQH )UDQFH  V\VWqPHG·LQWpJUDWLRQGHVUDGDUV
5,1D 5HJLVWUR,WDOLDQR1DYDOH 5,6 5HJLRQDO,QQRYDWLRQ6WUDWHJLHV(&
,WDOLDQDFURQ\PRIWKH7KH,WDOLDQVKLSFODVVLILFD 5,6 5HSDUWR,QYHVWLJD]LRQL6SHFLDOL6FLHQWLILFKH
WLRQ6RFLHW\ ,WDO\ 
6KLSSLQJ 5,6 5HVHDUFK,QIRUPDWLRQ6\VWHP 86$ 
5,1$ 5HJLVWUR,WDOLDQR1DYDOHH$HURQDXWLFR 7KH865HVHDUFK,QIRUPDWLRQ6\VWHPGHDOVZLWK
,WDOLDQDFURQ\PRIWKH,WDOLDQ$LUDQG6KLSSLQJ WKHFODVVLILFDWLRQRIOLIHVFLHQFHVFLWDWLRQGDWDDQG
5HJLVWU\ WKHRUJDQL]DWLRQRIUHIHUHQFHFROOHFWLRQV5,6LV
5LQXPEHU 5LFKDUGVRQQXPEHU ORFDWHGLQ&DUOVEDG&DOLIRUQLD
1DPHGIRUWKH(QJOLVKSK\VLFLVW2ZHQ: 5,V 5HVHDUFK,QVWLWXWHV
5LFKDUGVRQ   5,6 5HWURUHIOHFWRU,Q6SDFH
)OXLG0HFKDQLFV ,QVWUXPHQWDERDUG$'(26
5,2 5LVFKL,Q2VVHUYD]LRQH ,WDO\  )RUIXUWKHUGHWDLOVVHHXQGHU$'(26
,WDOLDQLQLWLDOLVPPHDQLQJGLIILFXOWORDQVGRXEWIXO 5,6%'& 5KRGH,VODQG6PDOO%XVLQHVV
ORDQV 'HYHORSPHQW&HQWHU
%DQNLQJ 5,6%'&LVDGPLQLVWHUHGE\%U\DQW&ROOHJH
5,3 UDGDULPSURYHPHQWSODQ 5,6& 5HGXFHG,QVWUXFWLRQ6HW&RPSXWHU
SODQG·DPpOLRUDWLRQGHVUDGDUV &RPSXWHU7HFKQRORJ\
5,3 UDWLQVXOLQSURPRWHU 5LVF 5HVHDUFKLQVWLWXWHRQVRFLDOFKDQJH )UDQFH 
0HWDVWDVLV6WXGLHV 5,6& 51$,QGXFHG6LOHQFLQJ&RPSOH[
5,3 5HOHYpG
,GHQWLWp3RVWDOH )UDQFH  %LRFKHPLVWU\%LRORJLFDO6FLHQFHV*HQHWLFV
)UHQFKDFURQ\PUHIHUULQJWRDIRUPVKRZLQJ 0HGLFLQH0ROHFXODU3KDUPDFRORJ\
GHWDLOVRIRQH
VRZQ3RVW2IILFHDFFRXQW )RUIXUWKHUGHWDLOVVHHXQGHU51$
5,3 5HVW,Q3HDFH 5,6& 51$ ,QWHUIHUHQFH6SHFLILFLW\&RPSOH[
5,3 5LSRVL5LSRVLQRLQ3DFH $ ULERQXFOHDVHFRPSOH[
,WDOLDQDFURQ\PPHDQLQJ5HVW,Q3HDFH 5,6& DUFKLWHFWXUH 5HGXFHG,QVWUXFWLRQ6HW
5,3 51$,,,,QKLELWLQJ3HSWLGH &RPSXWLQJDUFKLWHFWXUH
,QWHUQDO0HGLFLQH0HGLFDO3DWKRORJ\ ,QIRUPDWLRQDQG&RPPXQLFDWLRQ7HFKQRORJ\
5,3 5RXWLQJ,QIRUPDWLRQ3URWRFRO 5,6( 5HJLRQDO,QLWLDWLYHVLQ6FLHQFH(GXFDWLRQ
5,3$ 5DGLR,PPXQR3UHFLSLWDWLRQ$VVD\ 86$ 
,PPXQRORJ\ 5,6( 5pVHDX,QWHUQDWLRQDOGHV6FLHQFHVGH
5,3/ UHFRQQDLVVDQFHLQGLFDWLRQSODQQLQJOLQH O
(QYLURQQHPHQW
OLJQHGHSODQLILFDWLRQGHVLQGLFHVGHUHFRQQDLV )UHQFKLQLWLDOLVPPHDQLQJ,QWHUQDWLRQDO6RFLDO
VDQFH 6FLHQFHVDQG(QYLURQPHQW1HWZRUN
5,30 5pSHUWRLUH,QWHUQDWLRQDOGHOD3UHVVH 5,6( 5HVRXUFHVIRU,QYROYLQJ6FLHQWLVWVLQ
0XVLFDOH (GXFDWLRQ


863URMHFW 5..< LQWHUDFWLRQ 5XGHUPDQQ.LWWHO.DVX\D


ULVH 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH <RVKLGDLQWHUDFWLRQ
(QJOLVKZRUGULVH 3K\VLFV$UWLILFLDO4XDQWXP'RW6\VWHP.HQGR
$VWURQRP\*HRORJ\+\GURORJ\6FLHQFH (IIHFW(OHFWULFDO(QJLQHHULQJ&RPSXWHU
5,6(V\VWHP 5XEEHU,QVHUW6OHHYHV([SDQGLQJV\V (QJLQHHULQJ
WHP UNYD UHDFWLYHNLORYROWDPSHUH
5,6, 5HJLRQDO,QIRUPDWLRQ6RFLHW\,QLWLDWLYH 5/ /HEDQRQ
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
(XURSHDQ&RPPXQLW\ WHUV
7KH$5,$1(SURMHFWLQWKH&DODEULDUHJLRQ ,WDO\ 5/ /RQJ5DWH
LVIXQGHGE\5,6, %DQNLQJ
5,63 5RVVVHD,FH6KHOI3URMHFW 5/ 5DGLR/LEHUW\
1HZ=HDODQG3URMHFWV 5/ 5HJLRQH/RPEDUGLD
5,67 5DGLR,PPXQR6RUEHQW7HVW ,WDOLDQLQLWLDOLVPRIWKH/RPEDUG\5HJLRQ
,PPXQRORJ\ 5/ DEEU 5HOHDVH UHIHUULQJWRZRUN 
ULVW DEEU ULVWDPSD 5/ 5HFRUG/HQJWK
,WDOLDQDEEUHYLDWLRQPHDQLQJUHSULQW 5HFRUG/HQJWKLVDOVRNQRZQDV5HFRUG6L]H
3XEOLVKLQJ &RPSXWHU3URJUDPPLQJ
5,67$ UHFRQQDLVVDQFHLQWHOOLJHQFHVXUYHLOODQFH 5/ 5HORFDWDEOH/LEUDU\
DQGWDUJHWDFTXLVLWLRQ 5/ 5HWLQRUHFLSLHQW/DPLQDH
UHFRQQDLVVDQFHUHQVHLJQHPHQWVXUYHLOODQFHHW $QDWRP\1HXURELRORJ\
DFTXLVLWLRQG·REMHFWLI 5/ 5RFNHW/DXQFKHU
5,7 5DLO,QFOXVLYH7RXU 6SDFH7HFKQRORJ\
5DLOZD\V 5/ 5RXQG/RW
5,7 5RFKHVWHU,QVWLWXWHRI7HFKQRORJ\ 5/&V 5HJXODWRU\/LJKW&KDLQV
5,7$ 5HVLVWDQFH,Q7KH$UP\ 5/) 5HOD[LQOLNH)DFWRU
86$UP\ $ SHSWLGHKRUPRQH
5,7$ 5LFHUFD,QQRYD]LRQH7HVVLOH$EELJOLDPHQWR (QGRFULQRORJ\)HUWLOLW\5HVHDUFK+RUPRQH
,WDO\  5HVHDUFK
7H[WLOH,QQRYDWLRQV 5/) 5HSOLFDWLRQ/LFHQVLQJ)DFWRU
5,7& UKRGDPLQHLVRWKLRF\DQDWH '1$ 5HSOLFDWLRQ
5,7( 5HJLRQDO,QIUDVWUXFWXUHIRU7HOHPDWLFVLQ 5/) 5HWUROHQWDO)LEURSODVLD
(XURSH 0HGLFLQH
5,7( 5HVHDUFK,QVWLWXWHRI,QQRYDWLYH7HFKQRORJ\ 5/) 5R\DO/LWHUDU\)XQG
IRUWKH(DUWK -DSDQ  5/* 5HVHDUFK/LEUDULHV*URXS
5,76SURJUDP 5DGLDWLYHO\,PSRUWDQW7UDFH 5/, 5R\DO/LIH,QWHUQDWLRQDO *% 
6SHFLHVSURJUDP ,QVXUHUV
5,776 5HJLRQDO,QQRYDWLRQDQG7HFKQRORJ\ 5/1 /25$1VWDWLRQ
7UDQVIHU6WUDWHJLHVDQGLQIUDVWUXFWXUHV VWDWLRQ/25$1
(XURSHDQ&RPPXQLW\3URMHFW 5/2 5HWXUQHG/HWWHU2IILFH
5,9$ 5\WKPH,GLRYHQWULFXODLUH$FFpOpUp 5/2 5RXQG/RW2UGHUV
)UHQFKDFURQ\PPHDQLQJ$FFHOHUDWHG 5/3V 5LERVRPH/LNH3DUWLFOHV
,GLRYHQWULFXODU5K\WKP 5/6 5HIOHFWLYH/LJKW6HQVRU
0HGLFLQH 5/6' 5HFHLYHG/LQH6LJQDO'HWHFWRU
5,9(6 5HJLVWUR,WDOLDQR9HLFROL(OHWWURVRODUL 5/7 UHJLPHQWDOODQGLQJWHDP
,WDOLDQDFURQ\PPHDQLQJ,WDOLDQ5HJLVWU\RI6RODU JURXSHUpJLPHQWDLUHGHGpEDUTXHPHQW
3RZHUHG9HKLFOHV 5/7 5LFHUFDD/XQJR7HUPLQH ,WDO\ 
5,: UHOLDELOLW\LPSURYHPHQWZDUUDQW\ ,WDOLDQLQLWLDOLVPPHDQLQJ/RQJ7HUP5HVHDUFK
JDUDQWLHG·DPpOLRUDWLRQGHODILDELOLWp 5/7 5ROOLQJ/LTXLG7UDQVSRUW
5-( 5HPRWH-RE(QWU\ 86$UP\
&RPSXWHU7HFKQRORJ\ 5O\UO\ DEEU UDLOZD\
5.$ 5XVVLDQ6SDFH$JHQF\ $OVRUDLOUZ\
5., 5REHUW.RFK,QVWLWXWH%HUOLQ*HUPDQ\ 5P DEEU UHDP
(QJLQHHULQJ0DWHULDOV6FLHQFH


50 5HJLVWHUHG0DLO 50& 5R\DO0LOLWDU\&ROOHJH


50 5HJLVWUHGHV0pWLHUV )UDQFH  50' 5HDG\0RQH\'RZQ
50 5qJOHPHQW0HQVXHO ERXUVHGHVYDOHXUV  %XVLQHVV&RPPHUFH)LQDQFH
)UHQFKLQLWLOLVPPHDQLQJIRUZDUGPDUNHW 5PGU DEEU UHPDLQGHU
%RXUVH6WRFN([FKDQJH  0DWKHPDWLFV
%XVLQHVV(FRQRPLFV)LQDQFH 50( 5HFHSWRU0HGLDWHG(QGRF\WRVLV
50 5HPRYDEOH0HGLXP %LRFKHPLVWU\&OLQLFDO%LRFKHPLVWU\*HQHWLFV
&RPSXWHU7HFKQRORJ\ 0HGLFDO5HVHDUFK
50 5HVHW0RGH 50) UHDG\PDQRHXYUHIRUFH
&RPSXWHU7HFKQRORJ\ IRUFHGHPDQ±XYUHSUrWHjO·DFWLRQ
50 5HVLGHQW0DJLVWUDWH 50, 5DGLR0DJQHWLF,QGLFDWRU
50 UHVWULFWLRQRIPRYHPHQW>IRUPHUO\FDOOHG 50, 5HSXEOLFRI7KH0DUVKDOO,VODQGV
520@ 50, 5HYHQX0LQLPXPG
,QVHUWLRQ )UDQFH 
HQWUDYHjODOLEHUWpGHPRXYHPHQW RXGHFLUFXOD )UHQFKLQLWLDOLVPUHIHUULQJWRWKHPLQLPXPDPRXQW
WLRQ >DQFLHQQHPHQWDSSHOpH520@ SDLGWRDQXQHPSOR\HGSHUVRQLQMREWUDLQLQJ
5050 5HVWUL]LRQH0RGLILFD]LRQH 50, 5RFN\0RXQWDLQ,QVWLWXWH
,WDOLDQLQLWLDOLVPPHDQLQJ5HVWULFWLRQ 50,7 5R\DO0HOERXUQH,QVWLWXWHRI7HFKQRORJ\
0RGLILFDWLRQ $XVWUDOLD 
0ROHFXODU%LRORJ\ 7KH50,7 LVWKHODUJHVWPXOWLOHYHOWHFKQRORJLFDO
50 5pWUpFLVVHPHQW0LWUDO XQLYHUVLW\LQ$XVWUDOLD
)UHQFKLQLWLDOLVPPHDQLQJ0LWUDO6WHQRVLV UPP UHODWLYHPROHFXODUPDVV
&DUGLRORJ\ &KHPLVWU\
50 5LFFKH]]D0RELOH 500 0DOL
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
,WDOLDQLQLWLDOLVPPHDQLQJ3HUVRQDO3URSHUW\ WHUV
0RYDEOH:HDOWK 501 UHSUpVHQWDQWPLOLWDLUHQDWLRQDO
50 5LVRQDQ]D0DJQHWLFD QDWLRQDOPLOLWDU\UHSUHVHQWDWLYH 105 
,WDOLDQLQLWLDOLVPPHDQLQJ0DJQHWLF5HVRQDQFH 501 5pVRQDQFH0DJQpWLTXH1XFOpDLUH5LVRQDQ]D
3K\VLFV 0DJQHWLFD1XFOHDUH
5P DEEU URRP )UHQFKDQG,WDOLDQLQLWLDOLVPPHDQLQJ1XFOHDU
%XLOGLQJ(QJLQHHULQJ*HRORJ\0LQLQJ 0DJQHWLF5HVRQDQFH
(QJLQHHULQJ 3K\VLFV5DGLRORJ\
50 5RRW0RGXOH 502 URXWHPDQDJHPHQWRUJDQL]DWLRQ
6SDFH*UHHQKRXVH RUJDQLVPHGHJHVWLRQGHVURXWHV PDULWLPHV 
50 5RXJK0DFKLQLQJ 5021VSHFLILFDWLRQ 5HPRWH021LWRULQJVSHFLIL
0HFKDQLFDO(QJLQHHULQJ FDWLRQ
50 5R\DO0DLO 503 UHFRJQL]HGPDULWLPHSLFWXUH
50 5R\DO0DULQHV DVLWXDWLRQPDULWLPHJpQpUDOH
50 0DODJDV\5HSXEOLF
V,QWHUQDWLRQDOYHKLFOHUHJ EVLWXDWLRQPDULWLPHUHQVHLJQpH
LVWUDWLRQOHWWHUV 503 SRVLWLRQ 5LJKW0HQWRSRVWHULRUSRVLWLRQ
50$ UHOLDELOLW\PDLQWDLQDELOLW\DYDLODELOLW\ 505 5HVWLQJ0HWDEROLF5DWH
ILDELOLWpPDLQWHQDELOLWpGLVSRQLELOLWp 1XWULWLRQ
50$ 5XEEHU0DQXIDFWXUHUV
$VVRFLDWLRQ 506 5HDO0DUNHW6KDUH
50$ SRVLWLRQ 5LJKW0HQWRDQWHULRUSRVLWLRQ %XVLQHVV)LQDQFH
50%5HVRXUFHV 5DQG0HUFKDQW%DQN5HVRXUFHV 506 5HFRYHU\0DQDJHPHQW6XSSRUW
50%5HVRXUFHVLVDVSHFLDOLVWGLYLVLRQRI50% 'DWD&RPPXQLFDWLRQV
IRFXVVLQJRQWKHPLQLQJDQGRLODQGJDVLQGXVWULHV 506 5HPRWH0DQLSXODWRU6\VWHP
RIVXE6DKDUDQ$IULFD7KHVHUYLFHVSURYLGHGE\ 506UPV 5RRW0HDQ6TXDUH
50%5HVRXUFHVLQFOXGHWKHSURYLVLRQRIDGYLFHLQ (OHFWULFDO(QJLQHHULQJ
UHODWLRQWRPHUJHUVDFTXLVLWLRQV DQGGLVYHVWPHQWV 506 5R\DO0DLO6WHDPHU *% 
SURMHFWILQDQFLQJDQGWKHSURYLVLRQRIGHEWDQG 506 5R\DO0HWHRURORJLFDO6RFLHW\
HTXLW\FDSLWDO 506 5R\DO0LFURVFRSLFDO6RFLHW\
%DQNLQJ6HUYLFHV 506$ 5RFN\0RXQWDLQ6XSHUFRQGXFWLYLW\
50& 5RWDWLQJ0RGXODWLRQ&ROOLPDWRU $OOLDQFH


7KH506$ ZDVIRUPHGLQODWHDVDQRXW 0ROHFXODUDQG&HOO%LRORJ\


JURZWKRIDQ15(/KRVWHGPHHWLQJRIVXSHUFRQ 51)/ 5HWLQDO1HUYH)LEHU/D\HU
GXFWLYLW\UHVHDUFKHUVIURP5RFN\0RXQWDLQ 51* 5DQGRP1XPEHU*HQHUDWRU
UHJLRQ &RPSXWHU3URJUDPPLQJ
6XSHUFRQGXFWLYLW\ 51* 5HYHQX1HW*OREDO
)RUIXUWKHUGHWDLOVVHHXQGHU15(/ 51,6 UpVHDXQXPpULTXHjLQWpJUDWLRQGHVHUYLFHV
506( 5RRW0HDQ6TXDUH(UURU LQWHJUDWHGVHUYLFHVGLJLWDOQHWZRUN ,6'1 
506(LVDOVRNQRZQDV6WDQGDUG'HYLDWLRQ 512% 5pVHUYHV1DWXUHOOHVHW2UQLWRORJLTXHVGH
6WDQGDUG(UURU %HOJLTXH %HOJLXP 
6WDWLVWLFV 512'&V 5HVSRQVLEOH1DWLRQDO2FHDQRJUDSKLF
506IXQFWLRQV 5HVHDUFK0DQDJHPHQWDQG6XSSRUW 'DWD&HQWHUV 86$ 
IXQFWLRQV 513&6 5LERQXFOHRSURWHLQ&RQVHQVXV
2I861,+ 0HGLFLQH0ROHFXODU%LRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ 513V 5LERQXGHRSURWHLQ3DUWLFOHV
UPV YDOXH URRIPHDQVTXDUHYDOXH %LRPROHFXODU&KHPLVWU\0HGLFLQH
507 SUHVHQWDWLRQ 5LJKW0HQWXP7UDQVYHUVHSUH 515 =DPELD
VYHKLFOHUHJLVWUDWLRQOHWWHUV
VHQWDWLRQ 518 5qJOHPHQW1DWLRQDOG·8UEDQLVPH
509 5HVSLUDWRU\0LQXWH9ROXPH 51< 0DODZL
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
3K\VLRORJ\ WHUV
5Q 7KHFKHPLFDOV\PEROIRU5DGRQ 51=1 5R\DO1HZ=HDODQG1DY\ 1HZ=HDODQG 
8VHGPDLQO\LQFDQFHUWUHDWPHQWDQGLQUDGLRJUD 52 5HFHLYH2QO\
SK\ 7HOHFRPPXQLFDWLRQV
&KHPLVWU\6\PEROV 52 5HFHLYLQJ2IILFH5HFHLYLQJ2IILFHU
51 5HG1XFOHXV 52 5HFHLYLQJ2UGHU
1HXURORJ\ 52 5HFRUG V 2IILFH
51 5pJLRQ1RUG>REVROqWH@ 52 5HFUXLWLQJ2IILFHU5HOLHYLQJ2IILFHU
1RUWKHUQ5HJLRQ 15 >REVROHWH@ 5HWXUQLQJ2IILFHU
51 5HJLVWHUHG1XUVH 525HJLRQDO2IILFH
51 5HJLVWUDWLRQ1XPEHU 52 5LVXOWDWL2SHUDWLYL
51 5LPLQL,WDO\ 0DUNHWLQJ
51 5LVHUYD1DYDOH 52 5L\DO2PDQL
,WDOLDQLQLWLDOLVPPHDQLQJ1DY\5HVHUYH &XUUHQFLHV
51$ 5LERQXFOHLF$FLG 52 5LFHUFD2SHUDWLYD
%LRFKHPLVWU\ ,WDOLDQLQLWLDOLVPPHDQLQJ2SHUDWLRQDO5HVHDUFK
51$L 51$ LQWHUIHUHQFH 52 5LVFKLR2UGLQDULR
%LRORJLFDO6FLHQFHV%LRPHGLFDO*HQHWLFV ,WDOLDQLQLWLDOLVPPHDQLQJ2UGLQDU\5LVN
*HQHWLFV*HQHV'HYHORSPHQW51$LEDVHGWKHUD ,QVXUDQFH
SLHV 52 5RPDQLD
51$3 51$ 3RO\PHUDVH DQHQ]\PH  5RXPDQLH
%LRFKHPLVWU\&HOOXODUDQG0ROHFXODU%LRORJ\ URWDWLRQDO SRVW 
0ROHFXODU*HQHWLFV D SRVWH WRXUQDQW
51DVH 5LERQXFOHDVH E SRVWH VRXPLVjURWDWLRQ
(Q]\PRORJ\ 52 5RXWLQH2UGHU
51% 5HFHLYHG1RW%LOOHG 52 5RYLJR,WDO\
51&6 UHJLRQDOQDYDOFRQWURORIVKLSSLQJ 52 5R\DO2EVHUYDWRU\
FRQWU{OHQDYDOUpJLRQDOGHODQDYLJDWLRQFRPPHU 52$ UDGLXVRIDFWLRQ
FLDOH UD\RQG·DFWLRQ
51'5HQGX1RQ'pFKDUJp 52$ 5HWXUQ2Q$VVHWV
)UHQFKLQLWLDOLVPPHDQLQJ'HOLYHUHG([6KLS 52$ 5XOHV2IWKH$LU
(FRQRPLFV,QWHUQDWLRQDO7UDGH 52$ 7KHDLUSRUWFRGHIRU5RDQRNH9LUJLQLD
51'1DWLRQDO'HPRFUDWLF5DOO\ $OJHULD  86$
51' IDPLO\ 5HVLVWDQFH1RGXODWLRQ'LYLVLRQIDPL 52$' 5HSDUWR2SHUDWLYR$QWLGURJD &DUDELQLHUL
O\ ,WDO\ 


52$0 5HWXUQ2Q$VVHVWV0DQDJHG 52+80 UHQVHLJQHPHQWG


RULJLQHKXPDLQH>)5@
%XVLQHVV)LQDQFH KXPDQLQWHOOLJHQFH +80,17 
52$ SRVLWLRQ 5LJKW2FFLSLWR$QWHULRUSRVLWLRQ 52, 5DWH2I,QWHUHVW
0HGLFLQH %XVLQHVV&RPPHUFH(FRQRPLFV)LQDQFH
52$5 5HGGLWR2SHUDWLYRVX$WWLYLWj5HDOL 52, 5HWXUQ2Q,QYHVWPHQW
,WDOLDQDFURQ\PPHDQLQJ2SHUDWLQJ,QFRPHIURP %XVLQHVV(FRQRPLFV)LQDQFH
5HDO$VVHWV 52, 5R\DO,QVWLWXWHRISDLQWHUVLQ2LOV
52% 5XQ2Q%DQN 5RL 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
52& 5HHYDOXDWLRQ2I&DSLWDO XVLQJWKH)UHQFKZRUG5RLZKLFKPHDQV.LQJ
52& UHJLRQDORSHUDWLQJFHQWUH>1,&6@>REVROHWH 52,FDSLWDO 5HWXUQ2Q,QYHVWHGFDSLWDO
UHSODFHGE\16(@ %XVLQHVV(FRQRPLFV)LQDQFH
FHQWUHG·H[SORLWDWLRQUpJLRQDO>1,&6@>REVROqWH 52,V 5HDFWLYH2[\JHQ,QWHUPHGLDWHV
UHPSODFpSDU16(@ %LRFKHPLVWU\%LRORJ\%LRSK\VLFV0HGLFLQH
52& 5HODWLYH2SHUDWLQJ&KDUDFWHULVWLF5HFHLYHU 52,V 5HJLRQV2I,QWHUHVW
2SHUDWLQJ&KDUDFWHULVWLF &OLQLFDO3V\FKRORJ\0HGLFLQH1HXURVFLHQFHRI
52& 5pSRQVH2SWLPDOHDX&RQVRPPDWHXU $XWLVP5DGLRORJ\
)UHQFKDFURQ\PPHDQLQJ(IILFLHQW&RQVXPHU 52. 5HSXEOLF2I.RUHD
5HVSRQVH 52/,17 5HQGLPHQWR2EEOLJD]LRQL/LUD
52&( 5HWXUQ2Q&DSLWDO(PSOR\HG ,17HUEDQFDULD
%XVLQHVV(FRQRPLFV)LQDQFH ,WDOLDQDEEUHYLDWLRQPHDQLQJ%RQG<LHOG
52&V 5HFHLYHU2SHUDWLQJ&KDUDFWHULVWLFV ,QWHUEDQN/LUD/DVWXSGDWHG-XO\QRZ
52' UHFRUGRIGHFLVLRQV REVROHWH
FRPSWHUHQGXGHGpFLVLRQV %XVLQHVV(FRQRPLFV)LQDQFH
UHSRUWRIGHILFLHQF\ 520 5HDG2QO\0HPRU\
UDSSRUWGHQRQFRQIRUPLWp 520LVDOVRNQRZQDV5HDG2QO\6WRUDJH)L[HG
52( 5DWH2I([FKDQJH 0HPRU\
%XVLQHVV(FRQRPLFV)LQDQFH &RPSXWHU7HFKQRORJ\
52( 5HWXUQ2Q(TXLW\ 520 5HJLRQDO2[LGDQW0RGHO
)LQDQFH 520 REVROHWHVHH50
52( 5R\DO2EVHUYDWRU\(GLQEXUJK REVROqWHYRLU50
52( UXOHVRIHQJDJHPHQW 520 7KHDLUOLQHFRGHIRUWKHFLW\RI5RPH,WDO\
UqJOHVG·HQJDJHPHQW 5203 5LQJ2SHQLQJ
52(0 UHQVHLJQHPHQWG
RULJLQHpOHFWURPDJQpWLTXH 0HWDWKHVLV3RO\PHUL]DWLRQ&KHPLFDO
VLJQDOVLQWHOOLJHQFH 6,*,17  (QJLQHHULQJ&KHPLFDO6\QWKHVLV3RO\PHUL]DWLRQ
52(5(4 UXOHRIHQJDJHPHQWUHTXHVW 3URFHVVHV
GHPDQGHGHUqJOHVG·HQJDJHPHQW 5209 5HWXUQ2Q0DUNHW9DOXH
52(6< 5RWDWLQJIUDPH2YHUKDXVHU(IIHFW %XVLQHVV&RPPHUFH(FRQRPLFV
6SHFWURVFRS\ 521$ 5HWXUQ2Q1HW$VVHWV
52)25 DEEU 52XWH)25HFDVW 522, 5HWXUQ2Q2ULJLQDO,QYHVWPHQW
,QWHUQDWLRQDO&RGH:RUGV0HWHRURORJ\ %XVLQHVV(FRQRPLFV)LQDQFH
52)27 5RXWH)RUHFDVW 523 5XQ2IWKH3DSHU
:LQ(QJOLVKV\VWHPXQLWV 52326 5HPRWHO\2SHUDWHG3ODWIRUPIRU2FHDQ
,QWHUQDWLRQDO&RGH:RUGV0HWHRURORJ\ 6FLHQFH
52* 5HDFWLYH2UJDQLF*DV 523 SRVLWLRQ 5LJKW2FFLSLWR3RVWHULRUSRVLWLRQ
&KHPLFDO(QJLQHHULQJ(QYLURQPHQWDO 0HGLFLQH
(QJLQHHULQJ6FLHQFH 525 UDQJHRQO\UDGDU
52*5HFHLSW2I*RRGV UDGDUGHWpOpPpWULH
$OVR52* URJ 525 5DWH2I5HWXUQ
URJ DEEU URJDWRULD 525 5LJKW2I5HVFLVVLRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJURJDWRU\OHWWHUOHW %XVLQHVV(FRQRPLFV)LQDQFH
WHUVURJDWRU\UHTXHVW 525 YDFFLQDWLRQFRQWUH5RXJHROH2UHLOORQV
/DZ 5XEpROH
52+ 5R\DO2SHUD+RXVH *% 


)UHQFKDFURQ\PPHDQLQJ0HDVOHV0XPSV DSRLQWGHGLVORFDWLRQ>PRXYHPHQWVWHUUHVWUHV@
5XEHOODYDFFLQDWLRQ ESRLQWGHODUJDJH>WUDQVSRUWDpULHQ@
,PPXQRORJ\ UHSRUWLQJSRVW
525& 5R\DO2FHDQ5DFLQJ&OXE SRVWHGHGpWHFWLRQ
5252 5ROO2Q5ROO2II URFNHWSURMHFWLOH
)HUU\ERDWV IXVpHjWrWHLQHUWH
5256$7 UDGDURFHDQUHFRQQDLVVDQFHVDWHOOLWH 53 5DGLRVFRSLH3XOPRQDLUH
VDWHOOLWHUDGDUGHUHFRQQDLVVDQFHRFpDQLTXH 0HGLFLQH
526 5HDFWLYH2[\JHQ6SHFLHV 53 5DSLG3URWRW\SLQJ
526DUHPHWDEROLFEX\SURGXFWV 5353 5DWHVRI3RVWDJH
7KHPDLQVRXUFHRI526LVLQWKHPLWRFKRQGULD 53 5HDJHQWH3XUR
$QDWRP\%LRORJ\/RQJHYLW\$JLQJ0HGLFDO &KHPLVWU\
6FLHQFHV0ROHFXODU0HGLFLQH3K\VLRORJ\ 53 5HDO3URSHUW\
526 5HDG2QO\6WRUDJH5HDG2QO\6WRUH 53 5HFHLYHG3URQXQFLDWLRQ
526 5HSDUWL2SHUDWLYL6SHFLDOL $UPDGHL /LQJXLVWLFV
&DUDELQLHUL  ,WDO\  53 5HFRPPHQGHG 5HWDLO 3ULFH
,WDOLDQDFURQ\PPHDQLQJ6SHFLDO2SHUDWLRQV $OVR533
8QLWV RIWKH&DUDELQHHUV$UP  53 5HLQIRUFHG3ODVWLF
526 UHSRUWRIVXUYH\ 0DWHULDOV
DUDSSRUWG·H[SHUWLVH 53 5HOD]LRQL3XEEOLFKH
ESURFqVYHUEDOGHYpULILFDWLRQ ,WDOLDQLQLWLDOLVPPHDQLQJ3XEOLF5HODWLRQV
526 5HWXUQ2Q6DOHV 53 5HRUGHU3RLQW
%XVLQHVV&RPPHUFH(FRQRPLFV 53 5HSO\3DLG
526 5LJKWV2I6KDUHKROGHUV 53 5HSRUW3URJUDP
%XVLQHVV(FRQRPLFV)LQDQFH &RPSXWHU3URJUDPPLQJ
526 5XQ2I6WDWLRQ 53 5HSULQW
526$7 52HQWJHQ6$7HOOLWH $OVRUHS
)RUIXUWKHUGHWDLOVVHHXQGHU5$66 53 5HVFXH3DUW\
526(%8' 5DUH2EMHFW6(DUFKHVZLWK%RORPHWHUV 53 5HWLQLWLV3LJPHQWRVD
8QGHUJURXQG 6SDLQ  5HWLQLWLV3LJPHQWRVDLVDQLQKHULWHGUHWLQRSDWK\
'DWDWDNLQJFRPPHQFHGLQ *HQHWLFV
$VWURQRP\%RORPHWHUV3K\VLFV 53 5HWXUQRI3RVW
5266 5HPRWH2ULHQWHG6LPXODWLRQ6\VWHP5RXWH 53 5HWXUQ3UHPLXP
2ULHQWHG6LPXODWLRQ6\VWHP 53 5K{QH3RXOHQF )UDQFH 
'DWD&RPPXQLFDWLRQV /LIH6FLHQFHV3KDUPDFHXWLFDOV6SHFLDOW\
5266 5XVVLDQRFHDQVXUYHLODQFHV\VWHP &KHPLFDOV
V\VWqPHUXVVHGHVXUYHLOODQFHRFpDQLTXH 5S 5LERVRPDOSURWHLQ
527 5LJKW2FFLSLWRWUDQVYHUVHSRVLWLRQ 53 5LVHUYDWD3HUVRQDOH
0HGLFLQH UHIHUULQJWRWKHLQLWLDOLVPSXWRQHQYHORSHV SHU
527$ ULVNVRWKHUWKDQDWWDFN VRQDO 
ULVTXHVDXWUHVTXHFHX[G·XQHDWWDTXH 53 UDSLGUHVSRQVHSODQQLQJSURFHVV
527& 5HVHUYH2IILFHUV7UDLQLQJ&RUSV SURFHVVXVGHSODQLILFDWLRQGHVUpSRQVHVUDSLGHV
0LOLWDU\6FLHQFH 53$ 5DGLDWLRQ3URWHFWLRQ$GYLVHU
529 5HPRWHO\2SHUDWHG9HKLFOH 53$ 5HSOLFDWLRQ3URWHLQ$
529V 5HPRWHO\2SHUDWHG9HKLFOHV %LRFKHPLVWU\
8QSLORWHG6XEPHUVLEOHV 53$ 5LFHUFD3URJHWWL$PELHQWH ,WDO\ 
52= UHVWULFWHGRSHUDWLQJ]RQH (QYLURQPHQWDO3URMHFWV
]RQHG·RSpUDWLRQVUpJOHPHQWpH 53% 5HFRJQL]HG3URIHVVLRQDO%RG\ *% 
53 3KLOLSSLQHV ,QYHVWPHQWV
3KLOLSSLQHV 53& UHFRJQL]HGDLUSLFWXUHSURGXFWLRQFHQWUH
UpFHSWLRQUHFHWWHSURYLVRLUH FHQWUHGHSURGXFWLRQGHODVLWXDWLRQDpULHQQH
SURYLVLRQDODFFHSWDQFH JpQpUDOH
UHOHDVHSRLQW 5qJOHPHQWGXSHUVRQQHOFLYLO


&LYLOLDQ3HUVRQQHO5HJXODWLRQV &35  532 UDGLRSKDUHRPQLGLUHFWLRQQHO


53& 5HPRWH3URFHGXUH&DOO UDGLREHDFRQRPQLGLUHFWLRQDO 5%2 
&RPSXWHU6FLHQFH 532' UDLOSRLQWRIGHEDUNDWLRQ
53& 5HSRUWVRI3DWHQW&DVHV SRLQWGHGpEDUTXHPHQWIHUURYLDLUH
3DWHQWV 6LQFH 533 5DVWUL\D3UDMDWDQWUD3DUW\ 1HSDO 
53&2 5qJOHPHQWGXSHUVRQQHOFLYLOGHO
27$1 533 UHJLRQDOSULRULW\SODQ
1$72&LYLOLDQ3HUVRQQHO5HJXODWLRQV 1&35  SODQGHSULRULWpUpJLRQDO
53( 5RWDWLQJ3ODWLQXP(OHFWURGH 534 5HTXHVWIRU3ULFH4XRWDWLRQ
53(FHOOV 5HWLQDO3LJPHQW(SLWKHOLDOFHOOV 535 *DXOOLVW5DOO\IRUWKH5HSXEOLF )UDQFH 
&HOO%LRORJ\1HXURVFLHQFH 3ROLWLFDO3DUWLHV
53) 5HQDO3ODVPD)ORZ 535& 5HJLRQDO3ODQW5HVRXUFH&HQWHU
0HGLFLQH %KXEDQHVKZDU,QGLD 
53) 5ZDQGHVH3DWULRWLF)URQW 535& 5HJLRQDO3ULPDWH5HVHDUFK&HQWHU 86$ 
53*  86&DQDGD 5HJLRQDO3ODQQLQJ*URXS 7KH535&LVDJURXSSURSRVHGWRUHVKDSHRURYHU
*URXSHVWUDWpJLTXHUpJLRQDO 86&DQDGD  VHHFHUWDLQDVSHFWVRI$,'6UHVHDUFK
UHJLRQDOSODQQLQJJXLGH 535WHVW 5DSLG3ODVPD5HDJLQWHVW
JXLGHGHSODQLILFDWLRQUpJLRQDOH 0HGLFLQH
53* 5HSRUW3URJUDP*HQHUDWRU 535 9 5HPRWHO\3LORWHG5HVHDUFK 9HKLFOH 
&RPSXWHU3URJUDPPLQJ 536 UpFHSWLRQSURYLVRLUHGHODVWDWLRQ RXGXVLWH 
53*V 5HVHDUFK3URMHFW*UDQWV SURYLVLRQDOVLWHDFFHSWDQFH 36$ 
2I861,+ USVUSV UHYROXWLRQVSHUVHFRQG
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ 536$ 5HJLRQDO3ULYDWH6HFWRU$GYLVRU
53K 5HJLVWHUHG3KDUUQDFLVW 86$LG
53+ 5HPRWHO\3LORWHG+HOLFRSWHU 536(3 5HIXUELVKPHQWRI3RZHU6WDWLRQ(OHFWULFDO
US+3/& UHYHUVHGSKDVH+LJK3UHVVXUH/LTXLG 3ODQW
&KURPDWRJUDSK\ 537 5HJLVWHUHG3K\VLFDO7KHUDSLVW
53, 5HQVVHODHU3RO\WHFKQLF,QVWLWXWH 86$  537 5K{QH3RXOHQF7HOHFRP )UDQFH 
53,RIIHUVQHZGHJUHHSURJUDPVLQ(FRORJLFDO 537.V 5HFHSWRU3URWHLQ7\URVLQH.LQDVHV
(FRQRPLFV(QYLURQPHQW(FRQRPLFV5HVRXUFH $[RQ*URZWK&HOO%LRORJ\0HGLFLQH0ROHFXODU
(FRQRPLFV %LRORJ\
53, 5HWDLO3ULFH,QGH[ 5373 5HFHSWRU3URWHLQ7\URVLQH3KRVSKDWDVH
53,5LER]\PH3KDUPDFHXWLFDOV,QF 86$  $[RQ)DVFLFXODWLRQ'HIDVFLFXODWLRQ&HOO
53,GHDOVZLWKWKHGHYHORSPHQWRIULER]\PHEDVHG %LRORJ\0HGLFLQH0ROHFXODU%LRORJ\
SURGXFWV IRUSKDUPDFHXWLFDOVDQGDJULFXOWXUDO 5373V 5HFHSWRU3URWHLQ7\URVLQH3KRVSKDWDVHV
DSSOLFDWLRQV )RUIXUWKHUGHWDLOVVHHXQGHU5373
53,72)06 $ 5HVRQDQW7ZR3KRWRQ,RQL]DWLRQ 539 5HPRWHO\3LORWHG9HKLFOH
7LPH2I)OLJKW0DVV6SHFWURVFRS\ 53:V 5HODWLYLVWLF3ODVPD:DYHV
53/ 5RERW3URJUDPPLQJ/DQJXDJH 3K\VLFV
7KHURERWSURJUDPPLQJODQJXDJHLVXVHGWRFRQ 54 3XHUWR5LFR
WUROURERWV UT UDGLFHTXDGUDWD
5RERWLFV ,WDOLDQDEEUHYLDWLRQPHDQLQJVTXDUHURRW
53/ 5RFNHW3URSXOVLRQ/DERUDWRU\ 0DWKHPDWLFV
530 5HJLRQDO3DUWLFXODWH0RGHO 5454 5HVSLUDWRU\4XRWLHQW
530USP 5HVDOH3ULFH0DLQWHQDQFH 3K\VLRORJ\
530USP 5HYROXWLRQVSHU0LQXWH 54/ 5HMHFWDEOH4XDOLW\/HYHO
0HFKDQLFV 55 5DLOURDG
530, 5RVZHOO3DUN0HPRULDO,QVWLWXWH &LYLO(QJLQHHULQJ7UDQVSRUWDWLRQ(QJLQHHULQJ
5S09 5LQJSDWWHUQ0RVDLF9LUXV 55 5DWHRI5HWXUQ
)UXLWV5HVHDUFK3ODQW3DWKRORJ\ %XVLQHVV)LQDQFH
531 5HYHUVH3ROLVK1RWDWLRQ 55 5HFRYHU\5RRP
531LVDOVRNQRZQDV3RVWIL[1RWDWLRQ 0HGLFLQH
&RPSXWHU3URJUDPPLQJ 55 5HGLVFRXQW5DWH
531HW 5K{QH3RXOHQF1HWZRUN )UDQFH  %XVLQHVV(FRQRPLFV)LQDQFH


55 UHJLRQDOUHLQIRUFHPHQW 55/ V\VWHP5DEELW5HWLFXORF\WH/\VDWHV\VWHP


UHQIRUFHPHQWUpJLRQDO 550 5HQHJRWLDEOH5DWH0RUWJDJH
55 5HJLVWHUHG5HSUHVHQWDWLYH %XVLQHVV(FRQRPLFV)LQDQFH
%XVLQHVV)LQDQFH 550 5HSRUWV5HYLHZVDQG0HHWLQJ
55 5HJLVWHUHG5HVHUYHV U51$ ULERVRPDO5LERQXFOHLF$FLG
%XVLQHVV(FRQRPLFV)LQDQFH &HOO%LRORJ\+XPDQ'HYHORSPHQW0HWDEROVLP
55 5HODWLYH5LVNV 553 UDSLGUHLQIRUFHPHQWSODQ
0HGLFLQH SODQGHUHQIRUFHPHQWUDSLGH
55 5HTXLUHG5HVHUYHV 553 5HFRPPHQGHG5HWDLO3ULFH
55 5HVHUYH5HTXLUHPHQW 5UU 5DFFRPDQGDWDFRQULFHYXWDGLULWRUQR
%XVLQHVV)LQDQFH ,WDOLDQLQLWLDOLVPPHDQLQJUHJLVWHUHGUHWXUQ
55 5HWXUQ5DWH UHFHLSWUHTXHVWHG
%XVLQHVV)LQDQFH 0DLO
55 5LFHYXWDGL5LWRUQR 555 UDSLGUXQZD\UHSDLU
,WDOLDQLQLWLDOLVPPHDQLQJDFNQRZOHGJHPHQWRI UpSDUDWLRQUDSLGHGHVSLVWHV
UHFHLSW 556 5DLOURDG6WDWLRQ
55 5LVN5DWLRV 556 5R\DO5HVHDUFK6KLS *% 
55 5ROOV5R\FH 55 VSHFWURVFRS\ 5HVRQDQFH5DPDQVSHFWURVFRS\
55$ 5DGLR5HFHSWRU$VVD\ %LRFKHPLVWU\&KHPLVWQ\0ROHFXODU%LRORJ\
55$ 5HJLVWHUHG5HFRUGV$GPLQLVWUDWLRQ 86$  5563V 5HJLVWHUHG5HWLUHPHQW6DYLQJV3ODQV
5UD\V 5RHQWJHQUD\V 557 5DLO5DSLG7UDQVLW
1DPHGDIWHUWKHGLVFRYHUHUWKH*HUPDQSK\VLFLVW 7UDQVSRUWDWLRQ(QJLQHHULQJ
:LOKHOP.RQUDG5RHQWJHQ 557 5HJLVWHUHG5HVSLUDWRU\7KHUDSLVW
5DGLRORJ\ 557) UHWXUQDQGUHFRQVWUXFWLRQWDVNIRUFH
55% 5DLOURDG5HWLUHPHQW%RDUG 86$  JURXSHSRXUOHUHFRQVWUXFWLRQHWOHUHWRXU
55EUDQFK 5LVN5HGXFWLRQEUDQFK 56 5DGLRJUDSKLF6HQVLWLYLW\
2IWKH86)RUHFDVW6\VWHPV/DERUDWRU\ 1XFOHRQLFV
55%V 5HG5HFWDQJOHHPLVVLRQ%DQGV 56 5HDO6WRUDJH
$VWURFKHPLVWU\$VWURQRP\$VWURSK\VLFV6SDFH 5HDO6WRUDJHLVDOVRNQRZQDV5HDO0HPRU\
6FLHQFH &RPSXWHU7HFKQRORJ\
55& 5DGLRULFHYLWRUH&DUGLDFR 56 UV 5HFRUGLQJ6HFUHWDU\
%LRPHGLFDO7HFKQRORJLHV 56 5HFRUG6HSDUDWRU
55& 5HSRUW5HYLHZ&RPPLWWHH 86$  &RPSXWHU7HFKQRORJ\
55& 5R\DO5HG&URVV 56 5HGHHPDEOH6WRFN
55&& 5HWH5RPDQD&RQVXPR&ULWLFR ,WDO\  %XVLQHVV(FRQRPLFV)LQDQFH
55'( 5RWDWLQJ5LQJ'LVN(OHFWURGH 56 5HJLVWHUHG6HFXULWLHV
55( 5DOR[LIHQH5HVSRQVH(OHPHQW %XVLQHVV)LQDQFH
55( 5HY5HVSRQVH(OHPHQW 56 5HSXEOLND6USVND
55 HVWLPDWH 5HODWLYH5LVNHVWLPDWH 6HUELDQ5HSXEOLF 
55) 5DJJHG5HG)LEHUV 56 5HVXOWV6LJQ
55) UDSLGUHDFWLRQIRUFH 56 5HYHQXH6KDULQJ
IRUFHGHUpDFWLRQUDSLGH %XVLQHVV)LQDQFH
55) 5HOHDVHDQG5HF\FOLQJ)DFWRU 56 UV 5LJKW6LGH
%LRFKHPLVWU\ 56 5LVFKLR6HPSOLFH
55) 5LERVRPH5HF\FOLQJ)DFWRU ,WDOLDQLQLWLDOLVPPHDQLQJ6LPSOH5LVN
55+ UHPRWHUDGDUKHDG ,QVXUDQFH
WrWHUDGDUpORLJQpH RXGLVWDQWH  56 5RVWUDO6LWH
55.0 WKHRULHV 5LFH5DPVSHUJHU.DVVHO0DUFXV +LVWRORJ\
WKHRULHV 56 5R\DO6RFLHW\
55/ UDGLRUHOD\OLQN 5V UXSHHV
OLDLVRQKHUW]LHQQH &XUUHQFLHV
55/ 5HJLVWHUHG5HFRUGV/LEUDULDQ 56 6KRUW5DWH
55/ 5RDG5HVHDUFK/DERUDWRU\ *%  %DQNLQJ


56$ UHDUVXSSRUWDUHD 56+ 5DGLDWLRQ6FLHQFHDQG+HDOWK


]RQHGHVRXWLHQDUULqUH 56, UDGLDWLRQVWDWXVLQGLFDWRU
56$ 5HKDELOLWDWLRQ6HUYLFHV$GPLQLVWUDWLRQ OHWWUHGHUpJLPHG·pPLVVLRQV
86$  56, 5HSHWLWLYH6WUDLQ,QMXULHV
56$ 5R\DO6FRWWLVK$FDGHPLFLDQ5R\DO6FRWWLVK )RUIXUWKHUGHWDLOVVHHXQGHU56,V
$FDGHP\ 56, 5HWRXU6XU,QYHVWLVVHPHQWV
56$ 5R\DO6RFLHW\RI$QWLTXDULHV )UHQFKLQLWLDOLVPPHDQLQJ5HWXUQRQ,QYHVWPHQWV
56$ 5XVVLDQ6SDFH$JHQF\ %XVLQHVV(FRQRPLFV)LQDQFH
56$%* 5DQFKR6DQWD$QD%RWDQLFDO*DUGHQV 56, 5LVN6FLHQFH,QVWLWXWH 86$ 
&DOLIRUQLD86$  56, 5R\DO6DQLWDU\,QVWLWXWH
56$ SRVLWLRQ 5LJKW6DFUR$QWHULRUSRVLWLRQ 56,V 5HSHWLWLYH6WUDLQ,QMXULHV
0HGLFLQH 7KH56,VDUHPDODGLHVVXFKDVWKHRQHVWKDWRFFXU
56% UHJLRQDOVKLSSLQJERDUG WRSHUVRQVEDQJLQJNH\ERDUGV7KH\LQFOXGHWHQ
EXUHDXUpJLRQDOGHVWUDQVSRUWVPDULWLPHV GRQLWLVWHQVRV\QRYLWLVURWDWRUFXIIV\QGURPHDQG
56& 5HDFWRU6DIHW\&RPPLVVLRQ *HUPDQ\  RWKHUV
56& UHDUVXSSRUWFRPPDQG 56/ 5R\DO6RFLHW\RI/LWHUDWXUH
FRPPDQGHPHQWGXVRXWLHQ GHOD]RQH DUULqUH 56/ 5R\DO6RFLHW\RI/RQGRQ *% 
UHLQIRUFHPHQWVXSSRUWFDWHJRU\ 56/ 7HFKQRORJ\ 5HPRWH6RXUFH/LJKWLQJ
FDWpJRULH´VRXWLHQGXUHQIRUFHPHQWµ 7HFKQRORJ\
56& 5R\DO6RFLHW\RI&KHPLVWU\ *%  *XLGHG0LVVLOH'HVWUR\HUV
56&& UHDUVXSSRUWFRRUGLQDWLRQFHQWUH 560 5HJLPHQWDO6HUJHDQW0DMRU
FHQWUHGHFRRUGLQDWLRQGXVRXWLHQDUULqUH 560 5HSXEEOLFDGL6DQ0DULQR ,WDO\ 
UHJLRQDOVWRFNVXQGHU&,1&6287+FRQWURO 5605VP 5HVRXUFH6SHFLILF0RGXOH
VWRFNUpJLRQDX[FRQWU{OpVSDUOH&,1&6287+ 560 5R\DO6FKRRORI0LQHV
56&83$ 5HFRPELQDQW6LQJOH&KDLQ8URNLQDVH 560 5R\DO6RFLHW\RI0HGLFLQH
3ODVPLQRJHQ$FWLYDWRU 560$6 5RVHQWLHO6FKRRORI0DULQHDQG
0HGLFLQH $WPRVSKHULF6FLHQFH 86$ 
56' 5HODWLYH6WDQGDUG'HYLDWLRQ 560& 5HJLRQDO6SHFLDOL]HG0HWHRURORJLFDO&HQWHU
56' 5HPRWH6HQVRU'LVFRQQHFWLRQ 2IWKH81:02
56'( 5HPRWH6HQVLQJ'DWD(QJLQHHULQJ ,WDO\  )RUIXUWKHUGHWDLOVVHHXQGHU:02
56( 5LFKPRQG6WRFN([FKDQJH 86$  560,6 5HDOHVWDWHDQG6SDFH0DQDJHPHQW
56) 5HPRGHOLQJDQG6SDFLQJ)DFWRU ,QIRUPDWLRQ6\VWHP
%LRFKHPLVWU\0HGLFLQH7UDQVFULSWLRQ 5606 5DGLR6SHFWUXP0HDVXUHPHQW6\VWHP
56)4 ORJLF 5DSLG6LQJOH)OX[4XDQWXPORJLF 7HOHFRPPXQLFDWLRQV
7KHILUVW56)4V\VWHPZKLFKFRQVLVWVRIDQDUUD\ 560V 5HFLSURFDO6SDFH0DSV
RIORJLFHOHPHQWVFRQYHUWLQJDQDORJVLJQDOVWR 561 UROHVSHFLDOLVWQDWLRQ
GLJLWDORXWSXWZDVWHVWHGLQ SD\VSUHVWDWDLUHVSpFLDOLVp
&RPSXWHU6FLHQFH0LFURHOHFWURQLFV3HWDIORSV 561$561$5DGLRORJLFDO6RFLHW\RI1RUWK
0DFKLQHV3K\VLFV $PHULFD
56)V 5DEELW6\QRYLDO)LEUREODVWV 561& 5R\DO6RFLHW\IRU1DWXUH&RQVHUYDWLRQ
0HGLFLQH *% 
56)7$ UpVHDXGXVHUYLFHIL[HGHWpOpFRPPXQLFD 562 5DGDUj6\QWKqVHG·2XYHUWXUH
WLRQVDpURQDXWLTXHV 562 5DGLDWLRQ6DIHW\2IILFHU
DHURQDXWLFDOIL[HGWHOHFRPPXQLFDWLRQQHWZRUN 562 5DLOZD\6XE2IILFH
$)71  5620 UHFHSWLRQVWDJLQJDQGRQZDUGPRYHPHQW
56* UHDUVXSSRUWJURXS DFFXHLOVWDWLRQQHPHQWWUDQVLWRLUHHWPRXYHPHQW
JURXSHGHVRXWLHQDUULqUH YHUVO·DYDQW
5HVHDUFK6WXG\*URXS>&1$'@ 56S 5DSSRUW6LQLVWUHV3ULPHV
*URXSHG·pWXGHSRXUODUHFKHUFKH>&'1$@ ,QVXUDQFH
56*, 5DQGRP6DPSOH*HQRPH,QLWLDWLYH 563 UHFRJQL]HGVHDSLFWXUH
56*, 5,.(16WDQGDUG*HQRPLFV3URWHRPLFV VLWXDWLRQPDULWLPHJpQpUDOH
,QLWLDWLYH UHQGHU LQJ VDIHSURFHGXUH
-DSDQHVH,QLWLDWLYHV SURFpGpGHQHXWUDOLVDWLRQ


563 5HG6HD3URJUDP 7KH5693 KDVEHHQUXQQLQJRQDQH[SHULPHQWDO


7KH563 LVIXQGHGE\WKH*HUPDQ6FLHQFH EDVLVVLQFH
0LQLVWU\$ FROODERUDWLRQEHWZHHQ,VUDHOLDQG ,QWHUQHW5HVHUYDWLRQ6\VWHPV
3DOHVWLQLDQVFLHQWLVWVOHGE\WKH&HQWHUIRU7URSLFDO 56=V 5HSOLFDWLRQ6ORZ=RQHV
0DULQH(FRORJ\LQ%UHPHQ*HUPDQ\DQGEDVHGDW *HQRPH'DPDJH
WKH,QWHUXQLYHUVLW\,QVWLWXWHLQ(LODW,VUDHO 57 UDGLRWHOHJUDSK\
563 5LJKW6DFURSRVWHULRU3RVLWLRQ 7HOHFRPPXQLFDWLRQV
0HGLFLQH 5757 5DGLR7HOHSKRQHUDGLRWHOHSKRQ\
563$ 5HVHDUFKDQG6SHFLDO3URJUDPV 7HOHFRPPXQLFDWLRQV
$GPLQLVWUDWLRQ 86$  57 5DSSRUWL7HFQLFL
563%V 5R\DO6RFLHW\IRUWKH3URWHFWLRQRI%LUGV ,WDOLDQLQLWLDOLVPPHDQLQJ7HFKQLFDO5HSRUWV
563/ UHFRPPHQGHGVSDUHSDUWVOLVW 57 5HDFWLRQ7LPH
OLVWHGHSLqFHVGHUHFKDQJHUHFRPPDQGpHV 57 LVDOVRNQRZQDV/DWHQW3HULRG
563V 5HVHDUFK6XSSRUW3URJUDPV 3K\VLRORJ\
5637 UHDOVWRUDJHSDJHWDEOH 57 5HDO7LPH
564 DEEU 5HVFXH &RPSXWHU7HFKQRORJ\
564V 5DQJH6L]H4XDUWLOHV 57UW UHFHLYHGWH[W
565 UHTXLUHGVXSSO\UDWH 57 5HFHLYHUDQG7UDQVPLWWHU
WDX[GHUDYLWDLOOHPHQWUHTXLV 5DGLR
565 5RWDWLQJ6KDGRZEDQG5DGLRPHWHU 57 5HFLSURFDO7UDQVORFDWLRQ
565$ 5RWRU6\VWHPV5HVHDUFK$LUFUDIW 57 5HFRYHU\7LPH
566PRYHPHQW 5DVKWUL\D6ZD\DPVHYDNPRYHPHQW (OHFWURQLFV1XFOHRQLFV
,QGLD  57 5HFUHDWLRQDO7KHUDS\
7KH566PRYHPHQWZDVIRXQGHGLQWKHVWR 0HGLFLQH
SURPRWH+LQGXLGHQWLW\DQGFRQVFLRXVQHVV 57 5HJUHVVLYH7D[
566V 5HFRPELQDWLRQ6LJQDO6HTXHQFHV 57 5HORFDWDEOH7HUP
'LDEHWHVDQG'LJHVWLYHDQG.LGQH\'LVHDVHV &RPSXWHUV
0ROHFXODU%LRORJ\ 57 5HPRWH7HUPLQDO
UVWUHV DEEU UHVHW &RPSXWHU7HFKQRORJ\
&RPSXWHU7HFKQRORJ\ 57 5pVLVWDQFH7RWDOH
567 5LFHUFDH6YLOXSSR7HFQRORJLFR ,WDO\  )UHQFKLQLWLDOLVPPHDQLQJ7RWDO5HVLVWDQFH
,WDOLDQLQLWLDOLVPPHDQLQJ5HVHDUFKDQG 0HGLFLQH
7HFKQRORJLFDO'HYHORSPHQW 57 5HVSLUDWRU\7KHUDSLVW
567 5LFHUFD6FLHQWLILFDH7HFQRORJLFD ,WDO\  0HGLFLQH
,WDOLDQLQLWLDOLVPPHDQLQJ6FLHQWLILFDQG 57 5HVWUDLQWRI7UDGH
7HFKQRORJLFDO5HVHDUFK %XVLQHVV&RPPHUFH
567$ UHFRQQDLVVDQFHVXUYHLOODQFHDQGWDUJHW 57 5HYHUVH7UDQVFULSWDVH
DFTXLVLWLRQ (Q]\PRORJ\
UHFRQQDLVVDQFHVXUYHLOODQFHHWDFTXLVLWLRQG·RE 57 5LFDYL7DVVDWL
MHFWLI UW DEEU ULJKW
568 5DSSUHVHQWDQ]D6LQGDFDOH8QLWD ,WDO\  57 5RRP7HPSHUDWXUH
568 5HPRWH6HUYLFH8QLW 57 UWURXQGWULS
568 5LILXWL6ROLGL8UEDQL UWUWH DEEU URXWH
,WDOLDQLQLWLDOLVPPHDQLQJ&LW\6ROLG:DVWH 57 UW 5\H7HUPV
569 5DW6DUFRPD9LUXV 57$ 5HFLSURFDO7UDGH$JUHHPHQW
569 5HVSLUDWRU\6\QF\WLDO9LUXV %XVLQHVV(FRQRPLFV)LQDQFH
9LURORJ\ 57$ 5HVHDUFKDQG7HFKQRORJ\$JHQF\>KDV
569 5RXV6DUFRPD9LUXV UHSODFHG$*$5' '5* @
2QFRORJ\9LURORJ\ $JHQFHGHUHFKHUFKHHWGHWHFKQRORJLH $57 
569/75 5RXV6DUFRPD9LUXV/RQJ7HUP5HSHDW >UHPSODFH$*$5' *5' @
5693 5pSRQGH]6
LO9RXV3ODvW 57$6 5HDOWLPH7HFKQRORJ\DQG$SSOLFDWLRQ
)UHQFKLQLWLDOLVPPHDQLQJSOHDVHUHSO\ 6\PSRVLXP
5693 5HVRXUFH5HVHUYDWLRQ3URWRFRO 57% 5HVHDUFKDQG7HFKQRORJ\%RDUG


&RPLWpSRXUODUHFKHUFKHHWODWHFKQRORJLH 57/ 5HDO7LPH/DQJXDJH


57% 5XUDO7HOHSKRQH%DQN 86$  57/ 5HDO7LPH/LQN
57%$ 5DWH7R%H$JUHHG 57/ 5HVLVWRU7UDQVLVWRU/RJLF
57& UDGLRWUDQVPLVVLRQFRQWURO (OHFWURQLFV
FRQWU{OHGHVWUDQVPLVVLRQVUDGLR 57/ UROOLQJWDUJHWOLVW
UHGXFHGWDFWLFDO&203/$1 OLVWHG·REMHFWLIVpYROXWLYH
SODQGHWUDQVPLVVLRQVWDFWLTXHVUHVWUHLQW 57 ODERUDWRU\ 5HSURGXFWLYH7R[LFRORJ\ODERUDWRU\
UHVHUYHDQGWUDLQLQJFRPPDQG 570 5HJLVWHUHG7UDGH0DUN
FRPPDQGHPHQWGHVIRUFHVGHUpVHUYHHWGHO·HQ 571 UHJLRQDOWHOHFRPPXQLFDWLRQVQHWZRUN
WUDvQHPHQW UpVHDXUpJLRQDOGHWpOpFRPPXQLFDWLRQV
57& UpVHDXWpOpSKRQLTXHFRPPXWp UWQ DEEU UHWXUQ
57& 5HVROXWLRQ7UXVW&RUSRUDWLRQ 86$  571& UHWXUQHGWRQDWLRQDOFRQWURO
57&$ 5DGLR7HFKQLFDO&RPPLVVLRQIRU UHWRXUVRXVFRQWU{OHQDWLRQDO
$HURQDXWLFV UWQJ DEEU UHWXUQLQJ
57&3 5HDO7LPH&RQWURO3URWRFRO 5716,, 5RWDWLQJ7DUJHW1HXWURQ6RXUFH,,
57' 5HVHDUFK7HFKQRORJLFDOGHYHORSPHQWDQG 572 5DLOZD\7UDQVSRUW2IILFHU
'HPRQVWUDWLRQ 572 5HIHUUHG7R2XWSXW
57' 5HVLVWDQFH7HPSHUDWXUH'HWHFWRU (OHFWURQLFV
57' 5HVHDUFKDQG7HFKQRORJ\'HYHORSPHQW 572 5HJLRQDO7UDQVPLVVLRQ2UJDQL]DWLRQ
57'FXUYHV 5HVLGHQFH7LPH'LVWULEXWLRQFXUYHV 572 5HVHDUFKDQG7HFKQRORJ\2UJDQL]DWLRQ
57( 5HWL7UDQVHXURSHH 2UJDQLVDWLRQSRXUODUHFKHUFKHHWODWHFKQRORJLH
,WDOLDQLQLWLDOLVPPHDQLQJ7UDQVHXURSHDQ 5726 5HDO7LPH2SHUDWLQJ6\VWHP
1HWZRUNV &RPSXWHU7HFKQRORJ\
57(&6 5HJLVWU\RI7R[LF(IIHFWVRI&KHPLFDO 572V 5HJLRQDO7UDQVPLVVLRQ2UJDQL]DWLRQV
6XEVWDQFHV 86$  573 5HDO7LPH3URFHVVLQJ
%LEOLRJUDSKLF5HWULHYDO6HUYLFHV 573 LVDOVRNQRZQDV5HDO7LPH2SHUDWLRQ
57) 5DGLR7pOpYLVLRQ)UDQoDLVH &RPSXWHU7HFKQRORJ\
)UHQFKLQLWLDOLVPPHDQLQJ)UHQFK79 DQG 573 5HDO7LPH3URJUDP5HDO7LPH3URJUDPPLQJ
%URDGFDVWLQJ&RUSRUDWLRQ &RPSXWHU3URJUDPPLQJ
57) 5HVLVWDQFH7UDQVIHU)DFWRU 5IDFWRU  573 5HVHDUFK7UDLQLQJ3URJUDP 86$ 
*HQHWLFV UW3$573$ 5HFRPELQDQW7LVVXHW\SH3ODVPLQRJHQ
57) 5LFK7H[W)RUPDW $FWLYDWRU
6RIWZDUH 0HGLFLQH
57* 5DGLRLVRWRSH5DGLRLVRWRSLF7KHUPRHOHFWULF 573&5 DVVD\ 5HYHUVH7UDQVFULSWDVH3RO\PHUDVH
*HQHUDWRU &KDLQ5HDFWLRQDVVD\
1XFOHRQLFV &HOO%LRORJ\0HGLFLQH0ROHFXODU*HQHWLFV
57*6VHUYLFHV 5HDO7LPH*URVV6HWWOHPHQWVHU 3DWKRORJ\
YLFHV 575 5RDG7UDIILF5HSRUWV
57, 5HIHUUHG7R,QSXW 6LQFH
(OHFWURQLFV 576 UDGDUWUDFNLQJVWDWLRQ
57, 5HVHDUFK7ULDQJOH,QVWLWXWH 86$  VWDWLRQGHSRXUVXLWHUDGDU
86*RYHUQPHQWDQG,QGXVWU\&RQWUDFWV 576 5HDFWRU7ULS6\VWHP
57,, 5pVHDXGH7pOpWUDQVPLVVLRQ,QWHUEDQFDLUH 576 5HDO7LPH6\VWHP
,QWHUQDWLRQDO &RPSXWHU7HFKQRORJ\
)UHQFKLQLWLDOLVPPHDQLQJ6:,)7 576 5HPRWH7HUPLQDO6\VWHP
%XVLQHVV(FRQRPLFV)LQDQFH 576 5HTXHVWWR6HQG
57,2 5HDO7LPH,QSXW2XWSXW 57V 5HYHUVH7UDQVFULSWDVHV
57,56 5HDO7LPH,QIRUPDWLRQ5HWULHYDO6\VWHP UWV DEEU ULJKWV
57- 5RGULJXHV7ULSOH-XQFWLRQ 576 5R\DO7R[RSKLOLWH6RFLHW\
*HRORJ\*HRSK\VLFV 576 V\VWHP 5HPRWH7HUPLQDO6FDQQLQJV\VWHP
57.V 5HFHSWRU7\URVLQH.LQDVHV &RPSXWHU7HFKQRORJ\
%LRORJLFDO&KHPLVWU\/LIH6FLHQFHV6LJQDO 576: 5HDO7LPH6RIWZDUH
7UDQVGXFWLRQ7XPRU6XSSUHVVRU 577 5HTXHVW7R7DON


5776SURMHFW 5HJLRQDO,QQRYDWLRQDQG7HFKQRORJ\ 584 ULJKWXSSHUTXDGUDQW


7UDQVIHU6WUDWHJ\SURMHFW 5X5HG 5XWKHQLXP5HG
(XURSHDQ8QLRQ 5KXWHQLXP5HGLVDOVRNQRZQDV DPPRQLDWHG
577< 5DGLRWHOHW\SH 5XWKHQLXP2[\FKORULGH
577< UDGLRWHOHW\SHZULWHU ,QRUJDQLF&KHPLVWU\
7KHUDGLRWHOHW\SHZULWHULVDWHOHW\SHZULWHUZKLFK 5X6 /DXULWH
RSHUDWHVRYHUDUDGLRFKDQQHOLQVWHDGRIRSHUDWLQJ 0LQHUDORJ\
RYHUZLUHV 586+ 5HPRWH8VHRI6KDUHG+DUGZDUH
7HOHFRPPXQLFDWLRQV 'DWD&RPPXQLFDWLRQV
58 5HJQR8QLWR 587 5HVRXUFH8WLOL]DWLRQ7LPH
,WDOLDQDFURQ\PPHDQLQJ8QLWHG.LQJGRP 59 5DWDEOH9DOXH
58 5HOD]LRQL8PDQH 59 5HDU9LHZ
,WDOLDQDFURQ\PPHDQLQJ+XPDQ5HODWLRQV 'UDZLQJV
58 5HTXHVW5HVSRQVH8QLW 59 5HFUHDWLRQDO9HKLFOH
58 5XJE\8QLRQ 59 5HHQWU\9HKLFOH
58 5ZDQGD
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW 59 5HOLHI9DOYH
WHUV 59 LVDOVRNQRZQDV%ORZRII9DOYH
58 $UH<RX" 0HFKDQLFDO(QJLQHHULQJ
5X 7KHFKHPLFDOV\PEROIRU5XWKHQLXP 59 UHQGH]YRXV
&KHPLVWU\0HWDOOXUJ\6\PEROV DSRLQWGHUDVVHPEOHPHQW
58%,6&2 ULEXORVHELVSKRVSKDWH&DUER[\ODVH ESRLQWGHUHJURXSHPHQW
2[\JHQDVH FUHQGH]YRXV>PDULQH@
0LFURELRORJ\%LRFKHPLVWU\ 59 5HVHDUFK9HKLFOH
5X%3&DVH 5LEXORVH%LSKRVSKDWH&DUER[\ODVH 6SDFH7HFKQRORJ\
&HOO%LRORJ\&KHPLFDO%LRORJ\ 59 5HVLGXDO9ROXPH
58& 5DSLG8SGDWH&\FOH UY DEEU UHYHUVH
58& 5HSRUWLQJ8QLW&RGH *UDSKLF$UWV0HFKDQLFDO(QJLQHHULQJ
58& 5R\DO8OVWHU&RQVWDEXODU\ ,UHODQG  UY DEEU UHYROXWLRQ
58&LVWKH1RUWKHUQ,UHODQGSROLFHIRUFH )RUIXUWKHUGHWDLOVVHHXQGHUU
5X&O 5XWKHQLXP&KORULGH 59$ 5HFRUGHG9RLFH$QQRXQFHPHQW
5X&ODOVRNQRZQDV5XWKHQLXP7ULFKORULGH 59$UYD PHWHU 5HDFWLYHYROWDPSHUHPHWHU
5XWKHQLF&KORULGHLVXVHGLQODERUDWRU\DQDO\VLV 7KH59$ PHWHULVDOVRNQRZQDV9DUPHWHU
,QRUJDQLF&KHPLVWU\ (QJLQHHULQJ
58' 5HFHQWO\8VHG'LUHFWRU\ 59% TXDQWXP VWDWH 5HVRQDWLQJ9DOHQFH%RQG
58( 5DWLRQDO8VHRI(QHUJ\ TXDQWXPVWDWH
(QHUJ\&RQVHUYDWLRQ $SSOLHG3K\VLFV0DWHULDOV5HVHDUFK3K\VLFV
58) 5HVRXUFH8WLOL]DWLRQ)DFWRU 59' 5HJXODWRU\9ROXPH'HFUHDVH
58) (HYROXWLRQDU\8QLWHG)URQW6LHUUD/HRQH 0HGLFLQH
58) 5HYROYLQJ8QGHUZULWLQJ)DFLOLW\ 59) 5LIW9DOOH\)HYHU
58* 5HJLRQDO8QLW*URXS 59)LVDYLUDOGLVHDVHWKDWDIIHFWVKXPDQVDQG
58+ 7KHDLUSRUWFRGHIRU5L\DGK6DXGL$UDELD GRPHVWLFDQLPDOVLQ6DKDUDQ$IULFD
5XL 5HVLGHQ]HXQLYHUVLWDULHLQWHUQD]LRQDOL %DFWHULRORJ\0HGLFLQH3DWKRORJ\9LURORJ\
580 5HVRXUFH8WLOL]DWLRQ0RQLWRU 59) 5LJKW9LVXDO)LHOG
580V 5LJLG8QLW0RGHV &RJQLWLYH1HXURVFLHQFH1HXURVFLHQFH
3K\VLFV 59+ 5LJKW9HQWULFXODU+\SHUWURSK\
5X2 5XWKHQLXP7HWUR[LGH 0HGLFLQH
5X2 LVXVHGDVDQR[LGL]HU 59, 5HJXODWRU\9ROXPH,QFUHDVH
&KHPLVWU\ 0HGLFLQH
583 5HPRWH8QLW3URFHVVRU 59, 5HQDXOW9pKLFXOHV,QGXVWULHOV )UDQFH 
583$ 5HWH8QLWDULD5HWL8QLWDULHGHOOH3XEEOLFKH 59, 5HYHUVH,QWHUUXSW
$PPLQLVWUD]LRQLGHOOD3XEEOLFD$PPLQLVWUD]LRQH 'DWD&RPPXQLFDWLRQV
,WDO\  59/ 5DGDUj9LVpH/DWpUDOH
5833,(6 5LFK8UEDQ3URIHVVLRQDOV 86$  )UHQFKLQLWLDOLVPPHDQLQJ6LGH/RRNLQJ5DGDU


593 5HLG9DSRU3UHVVXUH UpFHSWHXUG·DOHUWHUDGDU


3HWUROHXP(QJLQHHULQJ 5:5 5HDG:ULWH5HJLVWHU
593$ 5HWRXU9HLQHX[3XOPRQDLUH$QRUPDO 5:6 5DSLG:DVWLQJ6\QGURPH
)UHQFKLQLWLDOLVPPHDQLQJ$QRPDORXV3XOPRQDU\ &RUDO'LVHDVH6FOHUDFWLQLDQ&RUDOV
9HQRXV'UDLQDJH 5:; 5HDG:ULWH([HFXWH
0HGLFLQH UZ\ DEEU UDLOZD\
595 UXQZD\YLVXDOUDQJH $OVRUDLO5O\UO\5<U\
SRUWpHYLVXHOOHGHSLVWH U[ DEEU UHFHLYHUHFHLYHU
59V 5HHQWU\9HKLFOHV 5;5 5HWLQRLG;5HFHSWRU
596 5HODWLYH9DOXH6WXGLHV )RUIXUWKHUGHWDLOVVHHXQGHU5;5V
597 5HOLDELOLW\9HULILFDWLRQ7HVWV 5;5V 5HWLQRLG;5HFHSWRUV
U99 UHFRPELQDQW9DFFLQLD9LUXV +XPDQ*HQHWLFV/LSLG5HVHDUFK0ROHFXODU
5: 5DGLRORJLFDO:DUIDUH %LRORJ\0HGLFLQH1XFOHDU5HWLQRLG5HFHSWRUV
5: UDLQZDWHU 3DWKRELRFKHPLVWU\3DWKRORJ\
+\GURORJ\0HWHRURORJ\ 5;7( 5RVVL;UD\7LPLQJ([SORUHU1$6$·V
5:5: 5HDG:ULWH $VWURQRP\$VWURSK\VLFV
&RPSXWHUV 5<U\ UDLOZD\
5:5: 5LJKWRI:D\ $OVR5O\UO\UDLOUZ\
5RDG7UDIILF 7UDQVSRUWDWLRQ(QJLQHHULQJ
5: 5XEEHU\:RRG 5<&U\F UHIHUULQJWR\RXUFDEOH
5: 5ZDQGD 5<& ,Q5HSO\WR<RXU&DEOH
5:$7 5XEEHU:KHHO$EUDVLRQ7HVW 5\5V 5\DQRGLQH5HFHSWRUV
5ZDYH 5D\OHLJKZDYH 0HGLFDO%LRWHFKQRORJ\3K\VLRORJ\
*HRSK\VLFV 5=% 5DLIIHLVHQ=HQWUDOEDQNgVWHUUHLFK$*
5:&3 5HDO:RUOG&RPSXWLQJ3DUWQHUVKLS $XVWULDQ%DQN
86$ 
,QIRUPDWLRQ3URFHVVLQJ7HFKQRORJLHV
5:' 5DSLG:DVWLQJ'LVHDVH
&RUDO'LVHDVH6FOHUDFWLQLDQ&RUDOV
5:(' 5HDG:ULWH([WHQGDQG'HOHWH
5Z)U 5ZDQGD)UDQF
&XUUHQFLHV
5:, UDGDUZDUQLQJLQVWDOODWLRQ
LQVWDOODWLRQG·DOHUWHUDGDU
5:, 5HDG:ULWH,QLWLDOL]H
5:-35, 5:-RKQVRQ3KDUPDFHXWLFDO5HVHDUFK
,QVWLWXWH 86$ 
+HDOWK&DUH3KDUPDFHXWLFDO%XVLQHVVHV
6FUHHQLQJ7HFKQRORJLHV
5:05:0 5HDG:ULWH0HPRU\
7KH5HDG:ULWH0HPRU\HQDEOHVUHDGLQJDVZHOO
DVZULWLQJ
&RPSXWHU7HFKQRORJ\
UZQG DEEU UHZLQG
(OHFWURQLFV
5:2 5DLQ:DWHU2XWOHW
%XLOGLQJV
5:2 FRXQWHU 5LJKW:URQJ2PLWFRXQWHU
5:2 5RXWLQH:RUN2UGHU
5:3 5DLQ:DWHU3LSH
5:3 UHDOZRUOGSDUDPHWHU
SDUDPqWUHGHODVLWXDWLRQUpHOOH
5:5 UDGDUZDUQLQJUHFHLYHU


VD VHPLDQQXDOO\

6 6$ 6LQRDWULDO
$QDWRP\
6$ 6RFLHWj$QRQLPD6RFLpWp$QRQ\PH
 'ROODU WKH'ROODUPDUN  ,WDOLDQDQG)UHQFKDFURQ\PPHDQLQJ-RLQW6WRFN
6 6DWXUDWLRQ &RPSDQ\
(FRORJ\(OHFWURPDJQHWLVP(OHFWURQLFV %XVLQHVV(FRQRPLFV)LQDQFH
1XFOHRQLFV2SWLFV3K\VLFDO&KHPLVWU\3K\VLFV 6$ 6SDFHG$QWHQQD
V VHDVRQDOVHFRQGVHOOHUVKLOOLQJVWRFNEURNHU 6$ 6SHFLDO$VVHVVPHQW
66 6LHPHQV 6$ 6WUDWHJLD$]LHQGDOH
(OHFWULFLW\ 6LHPHQVZDVIRUPHUO\NQRZQDV ,WDOLDQDFURQ\PPHDQLQJFRPSDQ\VWUDWHJ\
PKRUHFLSURFDORKP 6$ 6XD$OWH]]D
6V VLJQ ,WDOLDQDFURQ\PPHDQLQJ+LV+HU+LJKQHVV
6V 6RXWKVRXWKHUQ 6$ 6XEMHFWWR$SSURYDO6XEMHFWWR$FFHSWDQFH
66 6WHUDGLDQ 6$ 6XUYLYRUVKLS$JUHHPHQW
6WHUDGLDQLVDXQLWRIPHDVXUHPHQWIRUVROLG %DQNLQJ
DQJOHV 6$$ 6DWHOOLWH$FWLYH$UFKLYH 86$ 
0DWKHPDWLFV 6$$ 6FXRODGL$PPLQLVWUD]LRQH$]LHQGDOH ,WDO\ 
6 6WUXFWXUH 6$$ VHFXULW\DFFUHGLWDWLRQDXWKRULW\
$YLDWLRQ&KHPLVWU\(QJLQHHULQJ*HRORJ\ DXWRULWpG·KRPRORJDWLRQGHVpFXULWp
0LQHUDORJ\6FLHQFH VPDOODUPVDPPXQLWLRQ
6 6XOIXU PXQLWLRQVG·DUPHVGHSHWLWFDOLEUH
$OVR6XOSKXU VXEPDULQHDFWLRQDUHD
&KHPLVWU\0LQHUDORJ\ VHFWHXUG·DFWLRQGHVRXVPDULQV
6 6ZHGHQ
V,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU 6$$ 6RFLHW\RI$PHULFDQ$UFKLYLVWV
6$ 6DLO$UHD 6$$ 6SHFLDO$UELWUDJH$FFRXQW
6$ 6DODU\$GPLQLVWUDWLRQ 86$  6$$)$ 6SHFLDO$UDE$VVLVWDQFH)XQGIRU$IULFD
6$ 6DOHUQR,WDO\ 6$$2 6RXWK$IULFDQ$VWURQRPLFDO2EVHUYDWRU\
6$ 6DOLF\OLF$FLG )RUIXUWKHUGHWDLOVVHHXQGHU6$/7
6$ 6DXGL$UDELD 6$$5& 6RXWK$VLDQ$VVRFLDWLRQIRU5HJLRQDO&R
$UDELH6DRXGLWH RSHUDWLRQ
VHFXULW\DXWKRULW\ 6$$:& VHFWHXUDQWLDLUZDUIDUHFRRUGLQDWLRQ
DXWRULWpHQPDWLqUHGHVpFXULWp FRRUGRQQDWHXUGHVHFWHXUGHOXWWHDQWLDpULHQQH
VHOHFWLYHDYDLODELOLW\ 6$% 6FLHQFH$GYLVRU\%RDUG 86$ 
GLVSRQLELOLWpVpOHFWLYH 2IWKH86(3$
VLPSOHDOHUW (QYLURQPHQW7R[LFRORJ\
DOHUWHVLPSOH )RUIXUWKHUGHWDLOVVHHXQGHU(3$
VLWXDWLRQDZDUHQHVV 6$% 6SHFLDO$VVHVVPHQW%RQG
SHUFHSWLRQJOREDOHGHODVLWXDWLRQ 6$%0,6 6XEPDULQH$QWLEDOOLVWLF0LVVLOH
VPDOODUPV 0LOLWDU\
DUPHVGHSHWLWFDOLEUH 6$%5( 6RXWK$WODQWLF%LJKW5HFUXLWPHQW
VSHFLDODVVLJQPHQW ([SHULPHQW
PLVVLRQVSpFLDOH 6$& VFHQHRIDFWLRQFRPPDQGHU
VWDJLQJDUHD DFRPPDQGDQWGHOD]RQHGHFRQWDFW
]RQHG·pWDSH EFRPPDQGDQWVXUOHOLHXGHO·DFWLRQ
VXUIDFHWRDLU VXERUGLQDWHDUHDFRPPDQGHU
VXUIDFHDLU FRPPDQGDQWUpJLRQDOVXERUGRQQp
6$ 6DYLQJV$FFRXQWV VXSSRUWLQJDUPVFRRUGLQDWLRQ
6$ 6FKHGXOLQJ$OJRULWKP FRRUGRQQDWXHUGHVDUPHVG·DSSXL
&RPSXWHU3URJUDPPLQJ 6$& 6FLHQWLILF$GYLVRU\&RPPLWWHH
6$ 6HFXULW\$QDO\VW 6$& 6FRWWLVK$XWRPRELOH&OXE
6$ VHH6$  6$& 6RFLHW\IRU$QDO\WLFDO&KHPLVWU\
YRLU6$  6$& 6WDII$VVRFLDWLRQ&RPPLWWHH


(6$ 7HFKQLFDO&HQWHU 7KH1HWKHUODQGV  6$&5 6WDWH$GPLQLVWUDWLRQIRU&XOWXUDO5HOLFV


6$& 6WDQGLQJ$GYLVRU\&RPPLWWHH &KLQD 
6$& 6WDSK\ORFRFFXV$XUHXV&RZDQ, 3DOHRQWRORJ\
&HOOXODUDQG0ROHFXODU%LRSK\VLFV 6$' 6HDVRQDO$IIHFWLYH'LVRUGHU
6$& 6WUDWHJLF$LU&RPPDQG $ VRUWRIGHSUHVVLRQWKDWWDNHVSODFHLQZLQWHUDQG
6$ &DWFKDQQHOV 6WUHWFK$FWLYDWHGQRQVHOHFWLYH LVGHOLYHUHGE\DVHDVRQFKDQJH
&DWLRQFKDQQHOV 3V\FKRORJ\
%LRORJ\&HOO%LRORJ\&HOOXODU5HJXODWLRQ 6$'& VHFWRUDLUGHIHQFHFRPPDQGHU
0HGLFLQH3K\VLRORJ\6XSHUPROHFXODU6FLHQFH FRPPDQGDQWGHODGpIHQVHDpULHQQHGHVHFWHXU
6DFF 6RFLHWjLQ$FFRPDQGLWD 6$'& 6RXWK$IULFDQ'HYHORSPHQW&RPPXQLW\
,WDOLDQLQLWLDOLVPPHDQLQJ/LPLWHG3DUWQHUVKLS 6$'&*() 6$'&*OREDO(QYLURQPHQWDO)DFLOLW\
%XVLQHVV(FRQRPLFV)LQDQFH 0DODZL
6$&& 6RXWK$IULFDQ&RXQFLORI&KXUFKHV )RUIXUWKHUGHWDLOVVHHXQGHU6$'&
6$&& VXSSRUWLQJDUPVFRRUGLQDWLRQFHQWUH VDH VHOIDGGUHVVHGHQYHORSHVWDPSHGDGGUHVVHG
FHQWUHGHFRRUGLQDWLRQGHVDUPHVG·DSSXL HQYHORSH
6$&&$5 6RXWK$IULFDQ&HQWHUIRU&RRSHUDWLRQLQ 6$( 6RFLHW\RI$XWRPRWLYH(QJLQHHUV
$JULFXOWXUDO5HVHDUFK 6$( 6RXWK$IULFDQ(QJOLVK
6DFFSD 6RFLHWjLQDFFRPDQGLWDSHUD]LRQL /LQJXLVWLFV
,WDOLDQLQLWLDOLVPPHDQLQJ3DUWQHUVKLS/LPLWHGE\ 6$('SDWWHUQV 6HOHFWHG$UHD(OHFWURQ'LIIUDFWLRQ
VKDUHV SDWWHUQV
%XVLQHVV(FRQRPLFV)LQDQFH &KHPLVWU\*HRORJ\*HRSK\VLFV+LJK3UHVVXUH
6$&( 6H]LRQH6SHFLDOHSHUO·$VVLFXUD]LRQHGHL 5HVHDUFK0DWHULDOV6FLHQFH0LQHUDO3K\VLFV
&UHGLWLDOO·(VSRUWD]LRQH ,WDO\  1DYDO5HVHDUFK6SDFH6FLHQFHV
6$&(85 6XSUHPH$OOLHG&RPPDQGHU(XURSH 6$(06 6DVNDWFKHZDQ$VVRFLDWLRQRI(GXFDWLRQDO
FRPPDQGDQWVXSUrPHGHV)RUFHVDOOLpHVHQ 0HGLD6SHFLDOLVWV &DQDGD 
(XURSH VDI DEEU VDIHW\
6$&(85(3 6$&(855HSUHVHQWDWLYHWR0& 6$) VPDOODUPVILUH
UHSUpVHQWDQWGX6$&(85DXSUqVGX&0 WLUG·DUPHVGHSHWLWFDOLEUH
6$&(85(; 6$&(85H[HUFLVH 6$) 6WUXFWXUDO$GMXVWPHQW)DFLOLW\
H[HUFLVHGX6$&(85 )RUIXUWKHUGHWDLOVVHHXQGHU&&))()) DQG
6$&(; VXSSRUWLQJDUPVFRRUGLQDWLRQH[HUFLVH (6$)
H[HUFLFHGHFRRUGLQDWLRQGHVDUPHVG·DSSXL 6$) 6XE$QWDUFWLF)URQW
6$&/$17 6XSUHPH$OOLHG&RPPDQGHU$WODQWLF 2FHDQ6FLHQFH
FRPPDQGDQWVXSUrPHDOOLpGHO·$WODQWLTXH 6$)( 6DIHJXDUGV$XWRPDWHG)DFLOLW\(YDOXDWLRQ
6$&/$17&(1 6$&/$17 8QGHUVHD5HVHDUFK 6$)( 6DIHW\$FWLRQV)RU(XURSH
&HQWUH 3URJUDPRIQRQOHJLVODWLYHPHDVXUHV
&HQWUHGHUHFKHUFKHVRXVPDULQHGX6$&/$17 WRLPSURYHKHDOWKDQGVDIHW\DWZRUN
6$&/$175(3(85 6$&/$17 5HSUHVHQWDWLYHLQ (XURSHDQ&RPPXQLW\3URJUDPV
(XURSH 6$)(5 6SHFWUDO$SSOLFDWLRQRI)LQLWH(OHPHQW
UHSUpVHQWDQWGX6$&/$17 HQ(XURSH 5HSUHVHQWDWLRQ
6$&/(; 6$&/$17 H[HUFLVH 6$), 6HPLDXWRPDWLF)OLJKW,QVSHFWLRQ
H[HUFLFHGX6$&/$17 1DYLJDWLRQ
6$&/26 VHPLDXWRPDWLFFRPPDQGWROLQHRI VDIL 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
VLJKW XVLQJWKH$UDELFZRUGVDILZKLFKPHDQVSXUH
FRPPDQGHVHPLDXWRPDWLTXHVXUODOLJQHGHYLVpH QHWW
6$&1$6 6RFLHW\IRUWKH$GYDQFHPHQWRI&KLFDQRV 6$),6< 6SDFH$JHQF\)RUXPIRUWKH,QWHUQDWLRQDO
DQG1DWLYH$PHULFDQVLQ6FLHQFH 86$  6SDFH<HDU
6$&2 VWDQGLQJDLUVSDFHFRRUGLQDWLRQRUGHU 6$)/ 6W$QWKRQ\)DOOV/DERUDWRU\ 86$ 
PHVVDJHSUppWDEOLG·RUJDQLVDWLRQGHO·HVSDFH 6$IU' 6RXWK$IULFDQ'XWFK $IULNDDQV 
DpULHQ /DQJXDJHV
6$&3 GpIHQVH VRODLUjFRXUWHSRUWpH 6$)6 6DQ$QGUHDV)DXOW6\VWHP
VKRUWUDQJHDLUGHIHQFH 6+25$'  7KH6$)6LQ6RXWKHUQ&DOLIRUQLDFRQVLVWVRIWKH


6DQ$QGUHDV)DXOWWKH6DQ-DFLQWR)DXOWDQGWKH 6$+)( 6WDQGDUGL]DWLRQRI+LS)UDFWXUHDXGLWLQ


(OVLQRUH)DXOW (XURSH(&
6$)6 6RFLHW\IRU$FDGHPLF)UHHGRPDQG 6$+36 6RODUHQHUJ\$VVLVWHG+HDW3XPS6\VWHP
6FKRODUVKLS &DQDGD  6$, 6RFLHWj$WWRUL,WDOLDQL ,WDO\ 
6$)7$ 6RXWK$PHULFDQ)UHH7UDGH$JUHHPHQW 6$, VXSUHPHDXGLWLQVWLWXWLRQV
6$)= 6DQ$QGUHDV)DXOW=RQH LQVWLWXWLRQVVXSpULHXUHVGHFRQWU{OHGHVILQDQFHV
*HRORJ\ SXEOLTXHV
6$* 6LQGDFDWR$XWRQRPR*LXVWL]LD ,WDO\  6$, 6L[WK6RXWK$IULFDQ,QIDQWU\
,WDOLDQ8QLRQ 6$,LVDPLOLWDU\EDVHLQWKH(DVWHUQ&DSH
6$* VXUIDFHDFWLRQJURXS 3URYLQFH 6RXWK$IULFD 
JURXSHG·DFWLRQGHVXUIDFH 6$,% 6XFURVH$FHWDWH,VREXW\UDWH
6$*$ H[SHULPHQW 6RYLHW$PHULFDQ*DVDQG 6$,& 6FLHQFH$SSOLFDWLRQV,QWHUQDWLRQDO
$HURVROH[SHULPHQW &RUSRUDWLRQ
6$*% 6HQLRU$GYLVRU\*URXSRQ%LRWHFKQRORJ\ 6$,&GHDOVZLWKOHJDOPDWWHUVDQGURXWLQHZRUN
6$*%LVD%UXVVHOEDVHGLQGXVWU\OREE\JURXS LQYROYLQJ86&RPSDQLHVDQG5XVVLDQFROODERUD
6$*& VXUIDFHDFWLRQJURXSFRPPDQGHU WRUV
FRPPDQGDQWGXJURXSHG·DFWLRQGHVXUIDFH 6$,', 6SDFHG$QWHQQD,PDJLQJ'RSSOHU
6$*( 6HULDO$QDO\VLVRI*HQH([SUHVVLRQ ,QWHUIHURPHWHU
$ PHWKRGGHYHORSHGE\WKH$PHUVKDP3KDUPDFLD 6DLH· 6DORQHLQWHUQD]LRQDOHGHOO·LQGXVWULDOL]
%LRWHFKDQG6FLHQFH*UDQGSUL]HZLQQHUIRU ]D]LRQHHGLOL]LD ,WDO\ 
<RXQJ6FLHQWLVWV +HOGDWWKH%RORJQD)DLURQWK 2FWREHU
([SUHVVLRQ$QDO\VLV*HQHWLFV*OREDO*HQH ,QWHUQDWLRQDO6KRZV
0ROHFXODU%LRORJ\0ROHFXODU*HQHWLFV 6DLJRQ3RVWHO 6DLJRQ3RVWVDQG
0ROHFXODU2QFRORJ\ 7HOHFRPPXQLFDWLRQV 9LHWQDP 
6$*( 6RODU$VVLVWHG*DV(QHUJ\ 6HPLSULYDWH
6$*( 6RYLHW$PHULFDQ*DOOLXP([SHULPHQW 6$,/(5 6WDIILQJRI$IULFDQ,QVWLWXWLRQVRI/HJDO
6$*(LVDFROODERUDWLYHUHVHDUFKSURMHFWEHWZHHQ (GXFDWLRQDQG5HVHDUFK
WKH8QLWHG6WDWHVDQG5XVVLD(YHUVLQFHWKHPLG 6$,/(5ZDVHVWDEOLVKHGLQ7KHSURMHFWFRQ
VLWKDVEHHQPHDVXULQJQHXWULQRVIURPWKH VLVWHGSULPDULO\RIIHOORZVKLSVJUDQWHGWR$IULFDQ
VXQ
VQXFOHDUSURFHVVHV,WLVORFDWHGLQWKH WHDFKHUVIRUJUDGXDWHVWXGLHVLQWKH86$
&DXFDVXV0RXQWDLQV 6$,/,6 6RXWK$IULFDQ,QVWLWXWHIRU/LEUDULDQVKLS
1HXWULQR3K\VLFV DQG,QIRUPDWLRQ6FLHQFH
6$*( 6WUDWRVSKHULF$HURVRODQG*DV([SHULPHQW 6$,1$ 6LVWHPDGL$UHHGL,QWHUHVVH1DWXUDOLVWLFR
6$*(.( 6FLHQFHRI$JLQJ.QRZOHGJH $PELHQWDOH
(QYLURQPHQW 6$,: 6XEDQWDUFWLF,QWHUPHGLDWH:DWHU
/DXQFKHGE\6FLHQFH LQ 2FHDQRJUDSK\
$JLQJDQGUHODWHGGLVFLSOLQHV:HE6LWHV 6$. 1DWLRQDO%DQNRI.XZDLW
)RUIXUWKHUGHWDLOVVHHXQGHU$$$6 (VWDEOLVKHGLQ
6$*( V\VWHP 6HPLDXWRPDWLF*URXQG(QYLURQPHQW 6$/ 6pUXP$QWLO\PSKRF\WH
V\VWHP )UHQFKDFURQ\PPHDQLQJ$QWLO\PSKRF\WH6HUXP
0LOLWDU\ ,PPXQRORJ\
6$*(1$3 6FLHQWLILF$VVHVVPHQW*URXSIRU 6$/ 6XSHUILFLDO$[RQ/D\HU
([SHULPHQWVLQ1RQ$FFHOHUDWRU3K\VLFV 0ROHFXODU3KDUPDFRORJ\
866FLHQWLILF*URXSV 6$/ VXSSRUWDLUOLIW
VDJO 6RFLHWjDJDUDQ]LDOLPLWDWD WUDQVSRUWDpULHQGHVRXWLHQ
,WDOLDQLQLWLDOLVPPHDQLQJ-RLQW6WRFN&RPSDQ\ 6$/$ 6DYLQJV$QG/RDQ$VVRFLDWLRQ
OLPLWHGE\JXDUDQWHH 6$/$ 6RXWK$IULFDQ/LEUDU\$VVRFLDWLRQ
%XVLQHVV(FRQRPLFV)LQDQFH VDOD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\
6$*8) 6ZLVV6RFLHW\RI(QYLURQPHQWDO6FLHQFH XVLQJWKH,WDOLDQZRUGVDODZKLFKPHDQVKDOO
6ZLW]HUODQG  URRPD[OHSDUORXURSHUDWLQJWKHDWUHWHVWLQJ
6$+ 6XEDUDFKQRLG+HPRUUKDJH URRPSXPSURRP
0HGLFLQH 6$/$/0 6HPLQDURQWKH$FTXLVLWLRQRI/DWLQ
$PHULFDQ/LEUDU\0DWHULDOV


6$/( 6LPSOH$OSKDEHWLF/DQJXDJHIRU %LRFKHPLVWU\&KHPLVWU\0ROHFXODU0HGLFLQH


(QJLQHHUV 6WUXFWXUDO%LRORJ\
$OVR6$/( 6$ PHWKRG 6LPSOH$GMRLQWPHWKRG
6$/,6 6XEVWDQFH$EXVH/LEUDULDQVDQG,QIRUPDWLRQ 6$0)(7V 6HOI$VVHPEOHG0RQROD\HU)LHOG(IIHFW
6SHFLDOLVWV 7UDQVLVWRUV
6$/6 6KDQJKDL$FDGHP\RI/LIH6FLHQFHV $SSOLHG3K\VLFV&KHPLVWU\0ROHFXODU
6$/7 6DOXWH$PELHQWH/DYRURH7HUULWRULR ,WDO\  (OHFWURQLFV6XSUDPROHFXODU$UFKLWHFWXUH
6$/7 6FULSW$SSOLFDWLRQ/DQJXDJHIRU7HOL[ 6$0)6 6WRUDJH$UFKLYH0DQDJHPHQW)LOH6\VWHP
6$/7 6RXWK$IULFDQ/DUJH7HOHVFRSH 6XQ
V 
7KHPHWHU6$/7 LVORFDWHGDW6$$2,WLVWKH 6$0+6$ 6XEVWDQFH$EXVHDQG0HQWDO+HDOWK
ODUJHVWVLQJOHRSWLFDOWHOHVFRSHLQWKH6RXWKHUQ 6HUYLFHV$GPLQLVWUDWLRQ 86$ 
+HPLVSKHUHDQGLWVFRQVWUXFWLRQZLOOEHFRPSOHWH )RUIXUWKHUGHWDLOVVHHXQGHU$'$0+$
E\ 6$02 6HQVLWLYLW\$QDO\VLVRI0RGHO2XWSXW
6LQJOH2SWLFDO7HOHVFRSH (XURSHDQ&RPPXQLW\
)RUIXUWKHUGHWDLOVVHHXQGHU6$$2 6$02& VXUIDFHWRDLUPLVVLOHRSHUDWLRQVFHQWUH
6$/7 6WUDWHJLF$UPV/LPLWDWLRQ7DONV FHQWUHG·RSpUDWLRQVGHPLVVLOHVVXUIDFHDLU
QpJRFLDWLRQV SRXUSDUOHUV VXUODOLPLWDWLRQGHV 6$03URJUDP 6LJQLILFDQFH$QDO\VLVRI
DUPHVVWUDWpJLTXHV 0LFURDUUD\V3URJUDP
6WUDWHJLF$UPV/LPLWDWLRQ7UHDW\ 6$0V 6HOI$VVHPEOHG0RQROD\HUV
7UDLWpVXUODOLPLWDWLRQGHVDUPHVVWUDWpJLTXHV &KHPLVWU\
6$0 0RQWUHDO$XWRPDWHG6\VWHP 6$06 7KH6FRWWLVK$VVRFLDWLRQIRU0DULQH6FLHQFH
'HULYDWLYHV 0ROHFXODU*HQHWLFV0DULWLPH$OJDH
6$0 6$GHQRV\O/PHWKLRQLQH 6$0: 6XE$QWDUFWLF0RGH:DWHU
%LRFKHPLVWU\&KHPLVWU\ *HRORJLFDO6FLHQFHV0DULQH6FLHQFH
6$0 6FDQQLQJ$FRXVWLF0LFURVFRSH0LFURVFRS\ 3DOHRFHDQRJUDSK\
$FRXVWLFDO(QJLQHHULQJ VDQ DEEU VDQLWDU\
6$0 6FDQQLQJ$XJHU0LFURDQDO\VLV 0HGLFLQH
0DWHULDOV6FLHQFHDQG(QJLQHHULQJ 6$1 VPDOODFFHVVQRGH
6$0 6HOI$VVHPEOHG0RQROD\HU SHWLWQ±XGG·DFFqV
&KHPLVWU\ 6$16DQ 6WRUDJH$UHD1HWZRUN
6$0 6HUYLFHG·$LGH0pGLFDOH 6$1 6WURQJ$FLG1XPEHU
6$0 6HUYL]LRULFHUFKHVRFLDOLHG$0ELHQWDOL &KHPLVWU\
,WDOLDQDFURQ\PPHDQLQJ6RFLDODQG 6$ 1 VXUIDFHWRDLUPLVVLOH QDYDO 
(QYLURQPHQWDO5HVHDUFK6HUYLFH PLVVLOHVXUIDFHDLU PDULQH 
6$0 6/$0$VVRFLDWHG3URWHLQ 6$1 7KHDLUSRUWFRGHIRU/LQGEHUJK)LHOG6DQ
,PPXQRORJ\ 'LHJR86$
)RUIXUWKHUGHWDLOVVHHXQGHU6/$0 6$1') 6RXWK$IULFDQ1DWLRQDO'HIHQFH)RUFH
6$0 6RFLHWj$HUHD0HGLWHUUDQHD ,WDO\  6RXWK$IULFD 
6$0 6TXDGUD$QWLPRVWUR /DQJXDJH3ROLFLHV
%DVHGLQ)ORUHQFH,WDO\ 6 ( 6FLHQFHDQG(QJLQHHULQJ
&ULPLQDO/DZ 6 )$ 6KLSSLQJDQG)RUZDUGLQJ$JHQW
6$0 6WUDWHJLF$QDO\]HU0DS %XVLQHVV&RPPHUFH
6$0 VXUIDFHWRDLUPLVVLOH 6$15 6XEMHFWWR$SSURYDO1R5LVNV
DPLVVLOHVXUIDFHDLU 6$1 UHVLQ 6W\UHQH$FU\ORQLWULOHUHVLQ
EPLVVLOHVRODLU 2UJDQLF&KHPLVWU\
6$0$ 6DXGL$UDELD0RQHWDU\$JHQF\ 6$16 6PDOO$QJOH1HXWURQ6FDWWHULQJ
,QWHUQDWLRQDO%XVLQHVV 6$16LVDQDQDO\WLFWHFKQLTXH
6$0%$ 6DXGL$0HULFDQ%$QN &KHPLVWU\
6$0%$ 6\VWHPIRU$GYDQFHG0RELOH%URDGEDQG 6$1V6DQV 6WRUDJH$UHD1HWZRUNV
$SSOLFDWLRQV 6$16 H[SHULPHQWV 6PDOO$QJOH1HXWURQ
(XURSHDQ&RPPXQLW\3URMHFW 6FDWWHULQJH[SHULPHQWV
6$0GRPDLQ 6WHULOH$OSKD0RWLIGRPDLQ 0DWHULDOVDQG1XFOHDU(QJLQHHULQJ3RO\PHUV


6$17$ 6\VWHPDWLF$QDORJ1HWZRUN7HVWLQJ ,WDOLDQDFURQ\PPHDQLQJ+LV+HU5R\DO


$SSURDFK +LJKQHVV
(OHFWURQLFV 6$5 6\QWKHWLF$SHUWXUH5DGDU
6$1= 6WDQGDUGV$VVRFLDWLRQRI1HZ=HDODQG 1XFOHDU'HIHQVH
6$2 6LJQDWRU\$IIDLU2IILFH 6$5 6\VWHPLF$FTXLUHG5HVLVWDQFH
(VWDEOLVKHGE\%ULWLVK7HOHFRPPXQLFDWLRQVLQ &URS3URWHFWLRQ
 6$5$ 6XSHUIXQG$PHQGPHQWVDQG5HDXWKRUL]DWLRQ
6$2 6PLWKVRQLDQ$VWURSK\VLFDO2EVHUYDWRU\ $FW
86$  $ 86$FW
6$2$ VXEDUHDRULJLQDWLQJDXWKRULW\ 6$5(; VHDUFKDQGUHVFXHH[HUFLVH
DXWRULWpG·RULJLQHGHVRXVVHFWHXU H[HUFLFHGHUHFKHUFKHHWVDXYHWDJH
6$3 6LQGDFDWR$XWRQRPRGL3ROL]LD ,WDO\  6$5,5 VHDUFKDQGUHVFXHLQFLGHQWUHSRUW
,WDOLDQ3ROLFH8QLRQ FRPSWHUHQGXG·LQFLGGHQWGHUHFKHUFKHHWVDXYH
6$3 6LQWHUHG$OXPLQLXP3URGXFW WDJH
0HWDOOXUJ\ 6$5/VDUO 6RFLpWpj5HVSRQVDELOLWp/LPLWpH
6$3 VLWXDWLRQDZDUHQHVVSLFWXUH )UHQFKDFURQ\PPHDQLQJ/LPLWHG/LDELOLW\
UHSUpVHQWDWLRQGHODSHUFHSWLRQJOREDOHGHODVLWXD &RPSDQ\
WLRQ 6$523 VHDUFKDQGUHVFXHRSHUDWLRQ
6$3 6RRQ$V3RVVLEOH RSpUDWLRQGHUHFKHUFKHHWVDXYHWDJH
6$3 6WDUWRI$FWLYH3URILOH 6$53$ 6HFXULW\$GYDQFHG5HVHDUFK3URMHFWV
0HFKDQLFV $JHQF\
6$3,$ 6RFLHWj$QRQLPD3URPRWULFH,QGXVWULH 6$536 6WDQGDUGV$QG5HFRPPHQGHG3UDFWLFHV RI
$JUDULH ,&$2 
,WDOLDQDFURQ\PPHDQLQJ-RLQW6WRFN&RPSDQ\ 6$55 6DQ$QWRQLR5RDG5RXWH
IRUWKH3URPRWLRQRI)DUPLQJ,QGXVWULHV 6$55(4 VHDUFKDQGUHVFXHUHTXHVW
VDSO VDLOHGDVSHUOLVW GHPDQGHGHUHFKHUFKHHWVDXYHWDJH
6$ 3ODWHPRWLRQ 6RXWK$PHULFDQ3ODWHPRWLRQ 6$56 6HYHUH$FXWH5HVSLUDWRU\6\QGURPH
*HRORJLFDO6FLHQFHV7HUUHVWULDO0DJQHWLVP &RURQDYLURORJ\(PHUJLQJ,QIHFWLRQV
6$33 VSHFLDODHURGURPHSDYHPHQWSURJUDPPH 6$56$7 VHDUFKDQGUHVFXHVDWHOOLWH
SURJUDPPHVSpFLDOGHUHYrWHPHQWG·DpURGURPH VDWHOOLWHGHUHFKHUFKHHWVDXYHWDJH
365$  6$56&R9 6$56&RURQDYLUXV
6$35& 6WDWHZLGH$LU3ROOXWLRQ5HVHDUFK&HQWHU 'LVFRYHUHGLQ0DUFKE\ODERUDWRULHVLQWKH
86$  8QLWHG6WDWHV&DQDGD*HUPDQ\DQG+RQJ.RQJ
6$ SUHVV 6LQJOH$FWLRQSUHVV )RUIXUWKHUGHWDLOVVHHXQGHU6$56
0HFKDQLFDO(QJLQHHULQJ 6$56,7 VHDUFKDQGUHVFXHVLWXDWLRQVXPPDU\
6$4V 6HOI$GPLQLVWHUHG4XHVWLRQQDLUHV UHSRUW
6$4VDUHWKHWUDGLWLRQDOSDSHUDQGSHQFLOTXHV FRPSWHUHQGXVXFFLQWGHVLWXDWLRQUHFKHUFKHHW
WLRQQDLUHV VDXYHWDJH
)RUIXUWKHUGHWDLOVVHHXQGHU$XGLR&$6,WHFK 6$57 VHDUFKDQGUHVFXHWUDQVSRQGHU
QRORJ\ WUDQVSRQGHXUGHUHFKHUFKHHWVDXYHWDJH
6$5 6FDIIROG$WWDFKPHQW5HJLRQ 6$57 6RFLHW\IRU$VVLVWHG5HSURGXFWLYH
6$5 6HDUFK$QG5HVFXH 7HFKQRORJ\ 86$ 
6$5 6HFRQG$VVHVVPHQW5HSRUW 6$6 6HUYL]LR$VVLVWHQ]D6WUDGDOH ,WDO\ 
2IWKH,3&& 6$6 6PDOO$VWURQRP\6DWHOOLWH
)RUIXUWKHUGHWDLOVVHHXQGHU,3&& 6DV 6RFLHWjLQDFFRPDQGLWDVHPSOLFH
6DU 6HJPHQWLQJDQGUHDVVHPEOLQJ ,WDOLDQDFURQ\PPHDQLQJ/LPLWHGSDUWQHUVKLS
6$5 6HPLDQQXDO5HSRUW %XVLQHVV(FRQRPLFV)LQDQFH
6$5 6SHFLILF$EVRUSWLRQ5DWH 6$6 6RFLHW\IRU$SSOLHG6SHFWURVFRS\
6$5 6WHQRVL$UWHULD5HQDOH 6$6 VSHFLDODPPXQLWLRQVWRUDJH
6$5 6WRFN$SSUHFLDWLRQ5HOLHI *%  GpS{WGHPXQLWLRQVVSpFLDOHV
6$5 6WRFN$SSUHFLDWLRQ5LJKWV 6$6 6WDELOLW\$XJPHQWDWLRQ6\VWHP
6$5 6XD$OWH]]D5HDOH 6$6 6WDWLVWLFDO$QDO\VLV6\VWHP
6$6 6WDWHPHQWRI$XGLWLQJ6WDQGDUGV


$FFRXQWV 6$7$1 6HFXULW\$GPLQLVWUDWLRQ7RROIRU$QDO\VLQJ


6$6& 6FLHQWLILF$SSOLFDWLRQV6DWHOOLWH&86$ 1HWZRUNV
DQG$UJHQWLQD 6$7$1ZDVZULWWHQDQGSXEOLVKHGE\DFRPSXWHU
7KH6$6&ZDVODXQFKHGDERDUGWKH86VKXWWOH VFLHQWLVWDQGDSURJUDPPHUDW6XQ0LFURV\VWHPV
DWWKHHQGRI ,WZDVGLVWULEXWHGIUHHO\RQWKH,QWHUQHWLQ
$VWURSK\VLFV 6RIWZDUH3URJUDPV
6DVH 6\QWKDVH6\QWKDVH 6$7$5 6DWHOOLWH$HURVSDFH5HVHDUFK
6$6(SURFHVV 6HOI$PSOLILHG6SRQWDQHRXV 6$7&& 6RXWK$IULFD7UDQVSRUWDQG
(PLVVLRQSURFHVV &RPPXQFDWLRQV&RPPLVVLRQ
)UHHHOHFWURQ/DVHUV1XFOHDU3K\VLFV 6$7&20 VDWHOOLWHFRPPXQLFDWLRQV
6$6, 6RXWK$IULFDQ6WDQGDUGV,QVWLWXWLRQ WpOpFRPPXQLFDWLRQVSDUVDWHOOLWH
7HFKQRORJ\ 6$7&3 GpIHQVH VRODLUjWUqVFRXUWHSRUWpH
6DVN DEEU 6DVNDWFKHZDQ &DQDGD  YHU\VKRUWUDQJHDLUGHIHQFH 96+25$' 
6$63 VSHFLDODPPXQLWLRQVXSSO\SRLQW 6$71$9 VDWHOOLWHQDYLJDWLRQ
SRVWHG·DSSURYLVLRQQHPHQWHQPXQLWLRQVVSpFLDOHV QDYLJDWLRQSDUVDWHOOLWH
6$6SKHQRPHQRQ 6\VWHPLF$FTXLUHG6LOHQFLQJ 6$75$ 6RXWK$IULFDQ7HOHSKRQH5HJXODWRU\
SKHQRPHQRQ $XWKRULW\
%RWDQ\3ODQW%LRORJ\3ODQW3K\VLRORJ\ 6$7V 6XUIDFH$LU7HPSHUDWXUHV
7UDQVJHQLF3ODQWV *HRORJLFDO6FLHQFHV*HRSK\VLFV0HWHRURORJ\
6$63V 6SHFLDOL]HG$FLG6ROXEOH6SRUH3URWHLQV 3K\VLFV6HLVPRORJ\
7KH'1$ VWUXFWXUHLVFKDQJHGDQGSUHYHQWHGIURP 6$7816$7 SKDVHERXQGDU\ DEEU 6DWLVILDEOH
UHDFWLQJZLWKGDPDJLQJPROHFXOHVZKHQ6$63V 8QVDWLVILDEOHSKDVHERXQGDU\
ELQGWRLW $OJRULWKPV$UWLILFLDO,QWHOOLJHQFH&RPSXWHU
%DFWHULDO6SRUHV%LRFKHPLVWU\(QWRPRORJ\ 6FLHQFH'LVFUHWH$OJRULWKPV7KHRUHWLFDO3K\VLFV
(YROXWLRQDU\%LRORJ\ 6$8 VHDUFKDQGDWWDFNXQLW
6$66 VXUIDFHWRDLU PLVVLOH LQWKHVXUIDFHWRVXU XQLWpGHUHFKHUFKHHWG·DWWDTXH
IDFHPRGH 6$8% 6WUXWWXUD$PPLQLVWUDWLYD8QLILFDWDGL%DVH
PLVVLOH VXUIDFHDLUHQPRGHVXUIDFHVXUIDFH ,WDO\ 
6$66( 6SDFH$GDSWDWLRQ6\QGURPH6XSSOHPHQWDO ,WDOLDQDFURQ\PPHDQLQJ8QLILHG$GPLQLVWUDWLYH
([SHULPHQWV +HDOWK 6HUYLFH
6$68:& VHFWRUDQWLVXEPDULQHZDUIDUHFRPPDQ 6$8& VHDUFKDQGDWWDFNXQLWFRPPDQGHU
GHU FRPPDQGDQWG·XQLWpGHUHFKHUFKHHWG·DWWDTXH
FRPPDQGDQWGHVHFWHXUGHOXWWHDQWLVRXVPDULQH 6$86 6FKRROIRU$GYDQFHG8UEDQ6WXGLHV *% 
6$695& 6LU$OEHUW6DN]HZVNL9LUXV5HVHDUFK 6$XV6$XVWU 6RXWK$XVWUDOLD
&HQWUH $XVWUDOLD  VDY DEEU VDYHVDYLQJV
$GPLQLVWHUHGE\WKH5&+ 6$9 6HUYLFH$SUqV9HQWH
0HGLFDO9LURORJ\ )UHQFKDFURQ\PPHDQLQJ$IWHU6DOH6HUYLFH
)RUIXUWKHUGHWDLOVVHHXQGHU5&+ 6$9 6WDWHRIWKH$WPRVSKHUH9DULDEOHV
6$6:& VHFWRUDQWLVXUIDFHZDUIDUHFRRUGLQDWRU VDY VWRFNDWYDOXDWLRQ
FRRUGRQQDWHXUGHVHFWHXUGHOXWWHDQWLVXUIDFH 6$9 7KHDLUSRUWFRGHIRU6DYDQQDK&DOLIRUQLD
6$7 6FKRODVWLF$SWLWXGH7HVW 86$  86$
(GXFDWLRQ 6$9( 6RXWK$WODQWLF9HQWLODWLRQ([SHULPHQW
6$7 6HUYLFLRGH$GPLQLVWUDFLRQ7ULEXWDULD 6$: 6RIWZDUH$XGLR:RUNVKRS
0H[LFR  6$: 6XEDQWDUFWLF:DWHU
6$7 6HUYL]LDG$OWD7HFQRORJLD ,WDO\  6$: 6XUIDFH$FRXVWLF:DYH
6$7 6WDQGDUG$SWLWXGH7HVW 86$  6$:+4 VWDWLFDOWHUQDWHZDUKHDGTXDUWHUV
6$7 VXEPDULQHDGYLVRU\WHDP TXDUWLHUJpQpUDOGHJXHUUHIL[HGHUHFKDQJH
pTXLSHFRQVXOWDWLYHVXUOHVVRXVPDULQV 4**)5 
6$7 6XOIXULF$FLG7HWUDK\GUDWH 6$;6 6PDOO$QJOH;UD\6FDWWHULQJ
6$7 6XUIDFH$LU7HPSHUDWXUH 6$<( 6DYH$V<RX(DUQ
)RUIXUWKHUGHWDLOVVHHXQGHU6$7V %DQNLQJ)LQDQFH
6$7 7KHDLUSRUWFRGHIRU6DQ$QWRQLR86$ 6E 7KHFKHPLFDOV\PEROIRU$QWLPRQ\


8VHGPDLQO\LQVHPLFRQGXFWRUVDQGVWRUDJHEDWWHU RIWKH86)HGHUDO5HVHDUFK 'HYHORSPHQW


LHV IXQGV
&KHPLVWU\6\PEROV 6%0 6WDWH%DQNRI0DXULWLXV
6% 6DYLQJV%DQN6DYLQJV%RQG6HQLRU%RQG 6%0$ 6SLQDO%XOEDU0XVFXODU$WURSK\
6% 6FKLII%DVH SURWRQDWHG  &DQFHU5HVHDUFK1HXURGHJHQHUDWLYH'LVHDVHV
&KHPLVWU\3K\VLFV 1HXURSDWKRORJ\
6% 6LPXOWDQHRXV%URDGFDVWLQJ 6%PRGHO 6HPL%DODQFHPRGHO
6% 6PLWKNOLQH%HHFKDP *% 86$  6%0SURJUDP 6PDOO%XVLQHVV0DQDJHPHQWSUR
*HQRPHEDVHG3KDUPDFHXWLFDO5 '/LIH JUDP ,WDO\ 
6FLHQFHV 6%1 6HUYL]LR%LEOLRWHFDULR1D]LRQDOH ,WDO\ 
VE DEEU VWRFNEURNHU %RRNV2QOLQH
$OVRV 6%1 7KHDLUSRUWFRGHIRU6RXWK%HQG,QGLDQD
6%$ 6DIH%XLOGLQJV$OOLDQFH 86$  86$
$ OREE\LQJJURXSRIIRUPHUDVEHVWRVSURGXFHUV 6%10, 6WDWH%XUHDXRI1RQIHUURXV0HWDO,QGXVWU\
6%$ 6WUDWHJLF%XVLQHVV$UHD &KLQD 
%XVLQHVV)LQDQFH 6%17 6LQJOH%UHDWK1LWURJHQ7HVW
6%$ 6PDOO%XVLQHVV$GPLQLVWUDWLRQ 6E2 6HQDUPRQWLWH
866%$
VDZDUGLVEHVWRZHGDQQXDOO\WRIHGHUDO 6HQDUPRQWLWHLVXVHGPDLQO\DVDSDLQWSLJPHQW
SULPHFRQWUDFWRUVLQWKHFDWHJRULHVRIUHVHDUFKDQG 0LQHUDORJ\
GHYHORSPHQWPDQXIDFWXULQJVHUYLFHDQGFRQ 6%3 6H[%LDVHG3DUDVLWLVP
VWUXFWLRQ %LRORJLFDO6FLHQFHV0DOHELDVHG0RUWDOLW\
86$ZDUGV 0DPPDOV
6%$ 7KHDLUSRUWFRGHIRU6DQWD%DUEDUD&DOLIRUQLD )RUIXUWKHUGHWDLOVVHHXQGHU66'
86$ 6%3 6XEVWUDWH%LQGLQJ3URWHLQ
6% ) 6FLHQFH%RRNV )LOPV 6%3 6ZDWDQWUD%KDUDW3DUW\ ,QGLD 
6% )LVDUHYLHZMRXUQDORIWKH$$$6 6%3V 6XEVWUDWH%LQGLQJ3URWHLQV
)RUIXUWKHUGHWDLOVVHHXQGHU$$$6 6%5 6W\UHQH%XWDGLHQH5XEEHU
6%% /D6RFLpWpGH%DQTXHGH%RXUJRJQH 2UJDQLF&KHPLVWU\
6%& 6ZLVV%DQN&RUSRUDWLRQ 6ZLW]HUODQG  6%5 6XEFRPPLWWHHRQ%DVLF5HVHDUFK 86$ 
6%&DFTXLUHGWKH%6,LQ 6%5,6HDWWOH%LRPHGLFDO5HVHDUFK,QVWLWXWH
)RUIXUWKHUGHWDLOVVHHXQGHU%6, 86$ 
6%&/ 6SHFLDO%X\HU&UHGLW/LPLW 6%53 6XSHUIXQG%DVLF5HVHDUFK3URJUDP
%XVLQHVV&RPPHUFH 6%56 6HQLRU%LRPHGLFDO5HVHDUFK6HUYLFH
6%( VFLHQFHV 6RFLDO%HKDYLRUDODQG(FRQRPLFVFL %LRPHGLFDO5HVHDUFK
HQFHV 6%6 6RFLHW\IRU%LRPROHFXODU6FUHHQLQJ 86$ 
VEI VDOYREXRQILQH %LRPROHFXODU'LVFRYHU\
,WDOLDQLQLWLDOLVPPHDQLQJXQGHUXVXDOUHVHUYH 6E6 $QWLPRQ\7ULVXOILGH
%XVLQHVV(FRQRPLFV)LQDQFH $QWLPRQ\7ULVXOILGHLVXVHGLQPDWFKHV
6%* 6WDQGDUG%DWWHU\*UDGH ,QRUJDQLF&KHPLVWU\
6%+ 6HTXHQFLQJ%\+\EULGL]DWLRQ 6%6/ 6LQJOH%XEEOH6RQROXPLQHVFHQFH
6E+ $QWLPRQ\+\GULGH $SSOLHG3K\VLFV(QHUJ\3K\VLFVRI6KRFN:DYHV
6E+ LVDOVRNQRZQDV6WLELQH 6RQROXPLQHVFHQFH
,QRUJDQLF&KHPLVWU\ 6E62 .HUPHVLWH
6%+V 6XSHUPDVVLYH%ODFN+ROHV .HUPHVLWHLVDOVRNQRZQDV5HG$QWLPRQ\
$VWURQRP\3K\VLFV 3\URVWLELWH
6%,& 6XVWDLQDEOH%XLOGLQJV,QGXVWU\&RXQFLO 0LQHUDORJ\
86$  6%7 VSHFLDOERDUGLQJWHDP
(QHUJ\HIILFLHQW+RPHV pTXLSHGHYLVLWHVSpFLDOH
6%,5 SURJUDP 6PDOO%XVLQHVV,QQRYDWLRQ 6%7$ 6%DQG7HVW$FFHOHUDWRU
5HVHDUFKSURJUDP 86$  3DUWLFOH3K\VLFV
7KH6%,5SURJUDPZDVFUHDWHGE\WKH86 6%8 6WUDWHJLF%XVLQHVV8QLW
&RQJUHVVLQZLWKDYLHZWRDVVLVWVPDOOEXVL %XVLQHVV(FRQRPLFV)LQDQFH
QHVVHVLQFRPPHUFLDOL]LQJWKHLULGHDVPDNLQJXVH 6%8 8NUDQLDQ6HFXULW\%XUHDX


)RUPHUO\WKH.*% 0HGLFLQH
6%89 6RODU%DFNVFDWWHU8OWUDYLROHW 6& DEEU 6RXWK&DUROLQD 86$ 
6& 6DIH&XVWRG\ 6& 6SDFH&RXQFLO1$6$·V
6& 6DIHW\&ODXVH 6& 6SHFLDO&RPPLWWHH
6& 6DWHOOLWH&RPPXQLFDWLRQV 6& 6SHOO&KHFNHU
7HOHFRPPXQLFDWLRQV 6&LVDOVRNQRZQDV6SHOO&KHFN6SHOOLQJ
6& 6DWHOOLWH&RPSXWHU &KHFNHU
7KH6DWHOOLWH&RPSXWHUZKLFKLVDQDX[LOLDU\FRP &RPSXWHU3URJUDPPLQJ
SXWHULVDOVRNQRZQDV6DWHOOLWH3URFHVVRU 6& 6SLQGOHVKDSHG&HOO
&RPSXWHU7HFKQRORJ\ %LRPHGLFLQH+XPDQ9LURORJ\
6F 7KHFKHPLFDOV\PEROIRU6FDQGLXP 6& 6WHP&HOO
1DPHGIRU6FDQGLD6FDQGLQDYLD )RUIXUWKHUGHWDLOVVHHXQGHU6&V
6F 6FKPLGWQXPEHU 6& 6XEFXWDQHRXVO\
3K\VLFDO&KHPLVWU\ 0HGLFLQH
6& 6FLHQWLILF&DOFXODWRU 6& 6XEVLGLDU\&RPSDQ\
7KH6&FDQFDUU\RXWH[SRQHQWLDODQGWULJRQRPHW 6& 6XSHUFRQGXFWLQJ
ULFRSHUDWLRQVEHVLGHVDULWKPHWLFRQHV 3K\VLFV
&RPSXWHU7HFKQRORJ\ 6& 6XUFKDUJH&RPEXVWLEOH
6& 6FLHQWLILF&RPSXWHU )UHQFKLQLWLDOLVPPHDQLQJ%XQNHU$GMXVWPHQW
7KHVFLHQWLILFFRPSXWHUFDQKDQGOHKLJKVSHHG )DFWRU
DULWKPHWLFDVZHOODVIORDWLQJSRLQWDULWKPHWLF 6& 6\QDSWRQHPDO&RPSOH[
&RPSXWHU7HFKQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU6&3
6& VFUHHQFRPPDQGHU 6& 6\VWHP&RPPDQG
FRPPDQGDQWGHO·pFUDQ &RPSXWHU3URJUDPPLQJ
VHDFXUUHQW 6&$ 6KDUHKROGHU&UHGLW$FFRXQWLQJ
FRXUDQWPDULQ 6&$ 6SLQRFHUHEHOODU$WD[LDV
6HFXULW\&RXQFLO RIWKH81  %LRPHGLFLQH
&RQVHLOGH6pFXULWp GHV1DWLRQV8QLHV  6&$ 6SLQRFHUHEHOODU$WD[LD7\SH
6W&KULVWRSKHU1HYLV $ GLVHDVHFDXVHGE\DIDXOW\GRPLQDQWJHQH
6DLQW&KULVWRSKHHW1HYLV SDVVHGIURPJHQHUDWLRQWRJHQHUDWLRQ
6WRFNKROP&RQIHUHQFH *HQH7KHUDS\1HXURORJ\
&RQIpUHQFHGH6WRFNKROP 6&$ FRQGXFWRU 6WHHO&RUHG$OXPLQLXPFRQGXFWRU
VWUDWHJLFFRPPDQG>KDVUHSODFHG01&@ 6&$'$ 6XSHUYLVRU\&RQWURO$QG'DWD$FTXLVLWLRQ
FRPPDQGHPHQWVWUDWpJLTXH>UHPSODFH*&2@ 6&$// &RQVRUWLXPRI3V\FKRDQDO\WLF/LEUDULHV
VXEFRPPLWWHH 6&$06 6&$QQLQJ0LFURZDYH6SHFWURPHWHU
VRXVFRPLWp 6&$1 6RXWKHUQ&DOLIRUQLD$QVZHULQJ1HWZRUN
6& 6HGH&HQWUDOH 86$ 
,WDOLDQLQLWLDOLVPPHDQLQJ+HDG2IILFH 6&$1 6XEFRQWUDFWLQJ$VVLVWDQFH1HWZRUN
6& 6HOI&RPSDWLEOH (XURSHDQ&RPPXQLW\
6&VF VHOIFRQWDLQHG VFDQ 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
6& 6HPDQWLF&RXQW (QJOLVKZRUGVFDQ
/LQJXLVWLFV &RPSXWHU7HFKQRORJ\(OHFWURQLFV0HGLFLQH
6& 6HUYLFH&KDUJH 7HOHFRPPXQLFDWLRQV
6& 6HXO&RXUV 6FDQG DEEU 6FDQGLQDYLDQ
)UHQFKLQLWLDOLVPPHDQLQJ6ROH4XRWDWLRQ 6FDQGLQDYLDQLVWKHJURXSRIODQJXDJHVFRPSULVLQJ
6& 6PDOO&RQVXPHU 'DQLVK,FHODQGLF1RUZHJLDQ2OG1RUVH
6& 6WDWLF&KHFN 6ZHGLVKDQGWKHODQJXDJHRIWKH)DHURH,VODQGV
&RPSXWHU7HFKQRORJ\ 1RUWK*HUPDQLF
6& 6WRFN&HUWLILFDWH /DQJXDJHV
VF VRQFRPSWH VFDQQLQJ +((' VFDQQLQJ+LJK(QHUJ\(OHFWURQ
)UHQFKLQLWLDOLVPPHDQLQJKLVKHUDFFRXQW 'LIIUDFWLRQ
6& 6RXV&XWDQp 3K\VLFV
)UHQFKLQLWLDOLVPPHDQLQJ6XEFXWDQHRXV 6&$16$5 6FDQQLQJ6\QWKHWLF$SHUWXUH5DGDU


6&$3 65(%3 &OHDYDJH$FWLYDWLQJ3URWHLQ V\VWHPFRRUGLQDWHFHQWUH


*HQHWLFV*HURQWRORJ\0ROHFXODU%LRORJ\ RULJLQHGHVFRRUGRQQpHVGXV\VWqPH
1HXURORJ\0HGLFLQH 6&& 6KRUW&RXUVH&KHPRWKHUDS\
)RUIXUWKHUGHWDLOVVHHXQGHU65(%3 6&& 6SHFLDOL]HG&RPPRQ&DUULHU
6&$5 6FLHQWLILF&RPPLWWHHRQ$QWDUFWLF5HVHDUFK 6&& 6WRFN&OHDULQJ&RUSRUDWLRQ
)RXQGHGLQE\,&68DIWHUWKHFORVHRIWKH 6&& 6WRUDJH&RQQHFWLQJ&LUFXLW
,QWHUQDWLRQDO*HRSK\VLFDO<HDUWRFRQWLQXHWKH 6&& 6WUHVV&RUURVLRQ&UDFNLQJ
SURPRWLRQRILQWHUQDWLRQDOFRRSHUDWLRQLQVFLHQWLI 0HWDOOXUJ\
LFUHVHDUFKLQWKH$QWDUFWLF 6&&$ 6SRUWV&DU&OXERI$PHULFD 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU,&68 VF&2 6XSHUFULWLFDO&DUERQ'LR[LGH
VFDU 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH &KHPLVWU\
(QJOLVKZRUGVFDU 6&&:53 6RXWKHUQ&DOLIRUQLD&RDVWDO:DWHU
*HRORJ\0HGLFLQH0\FRORJ\ 5HVHDUFK3URMHFW 86$ 
6&$56 VWDWXVFRQWURODOHUWUHSRUWLQJV\VWHP 6&' VHFXULW\FRGLQJGHYLFH
>UHSODFHGE\11&&56@ GLVSRVLWLIGHFRGDJHGHVpFXULWp
V\VWqPHG·DOHUWHGHFRQWU{OHHWGHFRPSWHUHQGX 6&' 6WHDUR\O&R$ 'HVDWXUDVH
>UHPSODFpSDU11&&56@ %LRFKHPLVWU\&OLQLFDO0HGLFLQH(QHUJ\
6&$7(5 6HFXULW\&RQWURORI$LU7UDIILFDQG ([SHQGLWXUH0ROHFXODU*HQHWLFV1XWULWLRQDO
(OHFWURPDJQHWLF5DGLDWLRQ 6FLHQFHV
6&$WO VHH6&$WODQWLF 6&'( 6HUYLFH&RQVHLO'pYHORSSHPHQWj
YRLU6&$WODQWLF O·([SRUWDWLRQ )UDQFH 
6&$WODQWLF 6WUDWHJLF&RPPDQG$WODQWLF>KDV 6&'0 6WDQGDUG&ROG'DUN0DWWHU
UHSODFHG$&/$17@ $VWURQRP\$VWURSK\VLFV3K\VLFV
&RPPDQGHPHQWVWUDWpJLTXHGHO·$WODQWLTXH>UHP 6&GRPH 6RXU&UHHNGRPH
SODFH$&/$17@ 6&( 6DIHW\&RGHIRU(OHYDWRUV
6&$70,1 VFDWWHUDEOHPLQH %XLOGLQJV
PLQHGLVSHUVDEOH 6&( 6DWXUDWHG&DORPHO(OHFWURGH
6&$70,15(& VFDWWHUDEOHPLQHILHOGUHFRUG (QJLQHHULQJ1DQRWXEHV
HQUHJLVWUHPHQWGHFKDPSVGHPLQHVGLVSHUVDEOHV 6&( VHH6&(XURSH
6&$70,15(3 VFDWWHUDEOHPLQHILHOGUHSRUW YRLU6&(XURSH
FRPSWHUHQGXVXUOHVFKDPSVGHPLQHVGLV 6&($/ 6WDQGLQJ&RQIHUHQFHRI(DVW$IULFDQ
SHUVDEOHV /LEUDULDQV
6&$70,1:$51 VFDWWHUDEOHPLQHILHOGZDUQLQJ 6&($5 6FLHQWLILF&RPPLWWHHRQWKH(IIHFWVRI
DYLVGHGDQJHUGHFKDPSVGHPLQHVGLVSHUVDEOHV $WRPLF5DGLDWLRQ
6&$77 DEEU 6FDWWHURPHWHU 2IWKH8QLWHG1DWLRQV
7KHVFDWWHURPHWHULVDUDGDUIRUWHUUDLQPDSSLQJ 6&(& 6RXWKHUQ&DOLIRUQLD(DUWKTXDNH&HQWHU
(QJLQHHULQJ 86$ 
6&$8/ 6WDQGLQJ&RQIHUHQFHRI$IULFDQ8QLYHUVLW\ 6HLVPRORJ\
/LEUDULDQV 6&(0 VHUYLFHFHQWUDOG
H[SORLWDWLRQGHODPpWpR
6&$8/($ 6WDQGLQJ&RQIHUHQFHRI$IULFDQ FHQWUDOPHWHRURORJ\SURFHVVLQJFHQWUH
8QLYHUVLW\/LEUDULDQV(DVWHUQ$UHD VRXVFKHIG
pWDWPDMRU
6&$8/:$ 6WDQGLQJ&RQIHUHQFHRI$IULFDQ DVVLVWDQWFKLHIRIVWDII $&26 
8QLYHUVLW\/LEUDULDQV:HVWHUQ$UHD 6&(0$ VRXVFKHIG
pWDWPDMRUDGMRLQW
6&% 6RFLHW\IRU&RQVHUYDWLRQ%LRORJ\ 86$  GHSXW\DVVLVWDQWFKLHIRIVWDII '$&26 
/DXQFKHGLQ 6&(1( 6FLHQWLILF&RPSXWDWLRQDO(QYLURQPHQWIRU
6&% 6SDFH&RQVWUXFWLRQ%DVH 1XPHULFDO([SHULPHQWDWLRQ
6&EDFNVFDWWHU 6DPH&LUFXODUEDFNVFDWWHU 6RIWZDUH
$VWURQRP\6SDFH5HVHDUFK6SDFH6FLHQFH 6&(3& 6HQLRU&LYLO(PHUJHQF\3ODQQLQJ
6&& 6DWHOOLWH&RPPXQLFDWLRQV&RQWUROOHU &RPPLWWHH
6&& 6+$3(&RPPDQG&HQWUH +DXW&RPLWpSRXUO·pWXGHGHVSODQVG·XUJHQFH
FHQWUHGHFRPPDQGHPHQWGX6+$3( GDQVOHGRPDLQHFLYLO
VXUYHLOODQFHFRRUGLQDWLRQFHQWUH 6&(XURSH 6WUDWHJLF&RPPDQG(XURSH>KDV
FHQWUHGHFRRUGLQDWLRQGHODVXUYHLOODQFH UHSODFHG$&(@


&RPPDQGHPHQWVWUDWpJLTXHHQ(XURSH>UHPSODFH 6&,// 6RXWKHUQ&DOLIRUQLD,QWHUOLEUDU\/RDQ


&$(@ 86$ 
6&) 6WHP&HOO)DFWRU 6&,7 6SHFLDO&RPPLVVLRQHUVRI,QFRPH7D[
&HOO%LRORJ\0HGLFLQH2QFRORJ\3DWKRORJ\ /DZ 7D[DWLRQ *% 
6F) 6FDQGLXP)OXRULGH V&-' VSRUDGLF&UHXW]IHOGW-DNRE'LVHDVH
6F) LVXVHGWRPDNHVFDQGLXPPHWDO %LRFKHPLVWU\%LRSK\VLFV0HGLFLQH1HXURORJ\
,QRUJDQLF&KHPLVWU\ 1HXURSDWKRORJ\3DWKRORJ\3ULRQ'LVHDVHV
6&) ER[SURWHLQ 6NS&XOOLQ)ER[SURWHLQ 6&/ 7KHDLUSRUWFRGHIRU6DQWLDJR&KLOH
3ODQW%UHHGLQJ5HVHDUFK 6&/$ 6RXWK&DUROLQD/LEUDULHV$VVRFLDWLRQ
6&ILOWHUV 6ZLWFKHG&DSDFLWRUILOWHUV 86$ 
6&) OHYHOV 6HOI&RQVLVWHQW)LHOGOHYHOV 6&/&3V 6LGH&KDLQ/LTXLG&U\VWDOOLQH3RO\PHUV
&KHPLVWU\ $SSOLHG3K\VLFV&KHPLVWU\'HIHQFH5HVHDUFK
VFIP VWDQGDUGFXELFIHHWSHUPLQXWH /LTXLG&U\VWDOV3K\VLFV
V&$, VWDUYDWLRQ&$, 6&/V 6\QWKHWLF&RPELQDWRULDO/LEUDULHV
)RUIXUWKHUGHWDLOVVHHXQGHU&$, &KHPLFDO%LRORJ\&OLQLFDO5HVHDUFK0HGLFLQH
6&*V 6XVFHSWLELOLW\&RQIHUULQJ*HQRW\SHV 0ROHFXODU6WXGLHV1HXURORJ\3HSWLGH5HVHDUFK
*HQHWLF7HVWV 3KDUPDFRORJ\
VFK DEEU VFKHGXOH 6F0 0DVWHURI6FLHQFH
6FK 6FKLOOLQJ 6&0 6FKRRO2I&KLQHVH0HGLFLQH +RQJ.RQJ 
7KHFXUUHQF\XQLWRI$XVWULD REVROHWH 1RZ 6&0 6H[&RPEVRQ0LGOHJ
(852(85 8 %HFDPH(&8 (XURSHDQ6LQJOH )RUIXUWKHUGHWDLOVVHHXQGHU3H*SURWHLQV
&XUUHQF\ ZLWKHIIHFWIURP-DQXDU\ 6&0 6LQJOH&ROXPQ0RGHO
&XUUHQFLHV 6&0 6WDWH&HUWLILHG0LGZLIH
6&+,1 6RXWK&DUEOLQJ+HDOWK,QIRUPDWLRQ 6&0 6XFFLQLPLG\O&DUER[\PHWK\O
1HWZRUN 6&0 6XSSO\&KDLQ0DQDJHPHQW
6&, VKLSFRQWUROOHGLQWHUFHSW 6&0) 6$&(85
VFRQFHSWXDOPLOLWDU\IUDPHZRUN
LQWHUFHSWLRQFRQWU{OpHjSDUWLUGHQDYLUHV FDGUHFRQFHSWXHOPLOLWDLUHGX6$&(85
VFL DEEU VFLHQFH 6&0, 6DPED&DSLWDO0DQDJHPHQW,QWHUQDWLRQDO
7KHZRUGVFLHQFHGHULYHVIURPWKH/DWLQWHUP 6&0,LVDIXOO\RZQHGVXEVLGLDU\RI6DXGL
NQRZOHGJH $PHULFDQ%DQN
6&, 6FLHQFH&LWDWLRQ,QGH[ 6&00 6WDQGLQJ&RPPLWWHRQ0LOLWDU\0DWWHUV
7KH6&,LVHVWDEOLVKHGE\WKH,QVWLWXWHIRU &RPPLVVLRQSHUPDQHQWHDX[DIIDLUHVPLOLWDLUHV
6FLHQWLILF,QIRUPDWLRQ 6&02 6RXWK&HQWUDO0LVVRXUL 86$ 
VFL DEEU VFLHQWLILF 6&06 6HULDO&RS\0DQDJHPHQW6\VWHP
6&,& 6HUYL]LR&RPXQH,QWHUSUHWD]LRQHH 'XSOLFDWLRQ
&RQIHUHQ]H ,WDO\  6&1 VWDQGDUGFRQVXPSWLRQQRUP
6&,&2 6HUYL]LR&HQWUDOH,QYHVWLJDWLYR&ULPLQDOLWj QRUPHGHFRQVRPPDWLRQVWDQGDUG
2UJDQL]]DWD ,WDO\  6&1 6XSUDFKLDVPDWLF1XFOHXV
$ UHFHQWO\FRLQHG,WDOLDQDFURQ\P6&,&2LVD $ JURXSRIQHXURQVDWWKHEDVHRIWKHRSWLFFKLDV
6HUYLFHRIWKH,WDOLDQ5HYHQXH*XDUG&RUSV7D[ PDZLWKLQWKH&16
3ROLFH %LRORJLFDO5K\WKPV&HOODQG6WUXFWXUDO%LRORJ\
6&,&223&$1 6&,HQWLILFDQG7HFKQRORJLFDO ,QWHJUDWLYH1HXURVFLHQFH5HVHDUFK3K\VLRORJ\
&223HUDWLRQEHWZHHQWKH(XURSHDQ&RPPXQLW\ &LUFDGLDQ5K\WKP
DQG&$1DGD(& )RUIXUWKHUGHWDLOVVHHXQGHU&16
6&,' 6HYHUH&RPELQHG,PPXQRGHILFLHQF\ 6&1G GRUVDO6XSUDFKLDVPDWLF1XFOHXV
'LVHDVH 6&13 6HPLFRQGXFWLQJ1DQRSUDWLFOH
%LRORJLFDO&KHPLVWU\/LIH6FLHQFHV &RQGXFWLYLW\
6&,)$& DEEU 6&,HQWLILF)$&LOLWLHV 6&13V 6HPLFRQGXFWLQJ1DQRSDUWLFOHV
((&3ODQWRVXSSRUWDQGIDFLOLWDWHDFFHVVWR &RQGXFWLYLW\
ODUJHVFDOHVFLHQWLILFIDFLOLWLHVRI(XURSHDQLQWHU 6&17 6RPDWLF&HOO1XFOHDU7UDQVIHU
HVW %LRWHFKQRORJ\&ORQLJ5HVHDUFK6WHP&HOO
(XURSHDQ&RPPXQLW\3ODQV 5HVHDUFK
6&2 VHOHFWLYHFRQWLJHQF\RSWLRQV


SRVVLELOLWpVG·RSpUDWLRQVSRQFWXHOOHVGHFLUFRQ 6FRW*DHO 6FRWV*DHOLF


VWDQFH 6FRWV*DHOLFDOVRNQRZQDV6FRWWLVK*DHOLFLVWKH
6&2 6HUYL]LR&HQWUDOH2SHUDWLYR 3ROL]LDGL6WDWR JDHOLFRIWKHKHEULGHVDQGWKH+LJKODQGVRI
,WDO\  6FRWODQGVSRNHQDVDVHFRQGODQJXDJHLQ1RYD
,WDOLDQDFURQ\PPHDQLQJ&HQWUDO2SHUDWLQJ 6FRWLD
6HUYLFH ,WDOLDQ6WDWH3ROLFH  /DQJXDJHV
6FR&HQDVVRFLDWLRQ 6FRUSLXVDQG&HQWDXUXVDVVR 6FRWL[ 6FRWWLVK,QWHUQHW([FKDQJH (GLQEXUJK
FLDWLRQ 6FRWODQG 
$VWURQRP\ $ IDFLOLW\FUHDWHGLQWRSURYLGHDKXEIRUH
6&2'3 6XVWDLQDEOH&RPPXQLW\2ULHQWHG FRPPHUFHDQGLQWHUQHWWUDIILF
'HYHORSPHQW3URJUDPPH 6FRWWLVK)DFLOLWLHV
$ .HQ\DQ1*2 6&3 VKLSSLQJFRQWUROSRLQW
$IULFDQ)RRG6HFXULW\ SRLQWGHFRQWU{OHGHODQDYLJDWLRQFRPPHUFLDOH
)RUIXUWKHUGHWDLOVVHHXQGHU1*2 6&3 6LQJOH&HOO3URWHLQ
6&2+/=$ 6WDQGLQJ&RQIHUHQFH2I+HDG %LRWHFKQRORJ\
/LEUDULDQVLQ=DPELD 6&3 6SKHULFDO&DQGOHSRZHU
6&2/&$3 6FRWWLVK/LEUDULHV&RRSHUDWLYH 6&3 6\QDSWRQHPDO&RPSOH[3URWHLQ
$XWRPDWLRQ3URMHFW $QHXSORLG\&KLDVPDWD)RUPDWLRQ0XULQH
6&2/0$ 6WDQGLQJ&RQIHUHQFHRQ/LEUDU\ 2RF\WHV*HQRPLFV0ROHFXODU6FLHQFHV
0DWHULDOVIRU$IULFD 6&3$ 6RFLpWp&RPPHUFLDOHGHV3RWDVVHVHWGH
6&218/ 6WDQGLQJ&RQIHUHQFHRI1DWLRQDODQG O·$]RWH )UDQFH 
8QLYHUVLW\/LEUDULHV 6&3& 6LQJOH&KDQQHO3HU&DUULHU
6&23 GDWDEDVH 6WUXFWXUDO&ODVVLILFDWLRQ2I VFSG DEEU VFUDSSHG
3URWHLQVGDWDEDVH 6&3(&* 6WDQGDUG&RPPXQLFDWLRQV3URWRFROIRU
0ROHFXODU%LRORJ\6WUXFWXUDO%LRORJ\ &RPSXWHUL]HG(OHFWURFDUGLRJUDSK\
6&23( 6DQ&OHPHQWH2FHDQ3URELQJ([SHULPHQW 0HGLFLQH
6&23( 6FLHQWLILF&RPPLWWHH2Q3UREOHPVRIWKH 6&SRODUL]DWLRQV 6DPHVHQVH&LUFXODUSRODUL]D
(QYLURQPHQW WLRQV
/RFDWHGLQ3DULV)UDQFH)RXQGHGLQLQWHU 6&33 6HDVRQDOWRLQWHUDQQXDO&OLPDWH3UHGLFWLRQ
GLVFLSOLQDU\UHVHDUFKLQHQYLURQPHQWDOILHOG 3URJUDP
6&25 6FLHQWLILF&RPPLWWHHRQ2FHDQLF5HVHDUFK VFU DEEU VFUHZHG
)RXQGHGLQWRIXUWKHULQWHUQDWLRQDOVFLHQWLILF 6&5 6HOHFWLYH&DWDO\WLF5HGXFWLRQ
DFWLYLW\LQDOOEUDQFKHVRIRFHDQLFUHVHDUFKVFLHQ 3RZHU3ODQWV12HPLVVLRQV
WLILFDGYLVRU\ERG\WR81(6&2DQGWR 6&5 6LOLFRQ&RQWUROOHG5HFWLILHU
,QWHUJRYHUQPHQWDO2FHDQRJUDSKLF&RPPLVVLRQ 6&5LVDOVRNQRZQDV5HYHUVH%ORFNLQJ7ULDGH
6&25KDVUHSODFHG,$&206 7K\ULVWRU
6&25 6RFLpWp&RPPHUFLDOHGH5pDVVXUDQFH (OHFWURQLFV
)UDQFH  6&5 8QLWHG1DWLRQV6HFXULW\&RXQFLO5HVROXWLRQ
6&25( 6SHFLDO&ODLP2Q5HVLGXDO(TXLW\ UpVROXWLRQGX&RQVHLOGHVpFXULWpGHV1DWLRQV
6&267(3 6FLHQWLILF&RPPLWWHH2Q6RODU 8QLHV
7HUUHVWULDO3K\VLFV 6&5$ 6HQLRU&OLQLFDO5HVHDUFK$VVRFLDWH
$Q,QWHU8QLRQ&RPPLVVLRQIRXQGHGLQE\ 6&5$ VLQJOHFKDQQHOUDGLRDFFHVV
,&68WKDWEHFDPHD6FLHQWLILF&RPPLWWHHLQ DFFHVUDGLRjYRLHXQLTXH
WRSURPRWHDQGFRRUGLQDWHLQWHUQDWLRQDOLQWHUGLVFL VFUDPMHW VXSHUVRQLFFRPEXVWLRQUDPMHW
SOLQDU\SURJUDPPHVLQVRODUWHUUHVWULDOSK\LVFVDQG $YLDWLRQ
WRZRUNZLWKRWKHU,&68ERGLHVLQWKHFRRUGLQD 6&5((1 6HUYLFH&5HDWLRQ(QJLQHHULQJ
WLRQRIV\PSRVLDLQWKHILHOGRIVRODUWHUUHVWULDO (1YLURQPHQW
SK\VLFV (XURSHDQ&RPPXQLW\3URMHFW
)RUIXUWKHUGHWDLOVVHHXQGHU,&68 6&5, 6XSHUFRPSXWHU&RPSXWDWLRQV5HVHDUFK
6FRW 6FRWWLVK ,QVWLWXWH 86$ 
6FRWWLVKDOVRNQRZQDV6FRWVLVWKH(QJOLVK +LJK3HUIRUPDQFH&RPSXWLQJ
GLDOHFWVSRNHQLQ6FRWODQG 6&5/& 6RXWK&HQWUDO5HVHDUFK/LEUDU\&RXQFLO
/DQJXDJHV 6&56 6HFRQGDU\&RQWURO5RG6\VWHP


6&566 6HFUHWRULDGH(VWDGRGD6HJXUDQoD6RFLDO 6&83 6RFLHW\IRU&ROOHJHDQG8QLYHUVLW\3ODQQLQJ


3RUWXJDO  86$ 
6&6 6LOLFRQ&RQWUROOHG6ZLWFK (GXFDWLRQDO:HE6LWHV
6&6LVDOVRNQRZQDV5HYHUVH%ORFNLQJ7HWURGH 6&83$ 6LQJOH&KDLQ8URNLQDVH3ODVPLQRJHQ
7K\ULVWRU $FWLYDWRU
(OHFWURQLFV 6&9 6WDWRGHOOD&LWWjGHO9DWLFDQR
6&V 6SLQGOHVKDSHG&HOOV 9HKLFOHUHJLVWUDWLRQOHWWHUVRIWKH9DWLFDQ&LW\
)RUIXUWKHUGHWDLOVVHHXQGHU6& 6&9V 6XEPHVRVFDOH&RKHUHQW9RUWLFHV
6&6 6SRUW&OXE6HVWR ,WDO\  *HRSK\VLFV6XEVXUIDFH&LUFXODU(GGLHV
)LWQHVV 6&:2 6XSHUFULWLFDO:DWHU2[LGDWLRQ
6&6 6WHP&HOO6FLHQFHV 0HOERXUQH$XVWUDOLD  2UJDQLF:DVWH'LVSRVDO
&HOO5HSODFHPHQW7KHUDSLHV*HQH7HFKQRORJ\ 6&:6 6FRWWLVK&RRSHUDWLYH:KROHVDOH6RFLHW\
6&V 6WHP&HOOV 6&= VKLSFRQWURO]RQH
,QYHUWHEUDWHVWKHWKUHHW\SHVRI6&VDUH(6& ]RQHGHFRQWU{OHGHVEkWLPHQWV
16&DQG+6& VG DEEU VDLOHGVLJQHG
&HOOXODU%LRORJ\*HQHWLFV0ROHFXODU%LRORJ\ 6' 6DOHV'HSDUWPHQW
6&6* 6XSHULRU&HUYLFDO6\PSDWKHWLF*DQJOLD 6' VHDGDPDJH
6&6, 6PDOO&RPSXWHU6\VWHPV,QWHUIDFH 6' 6HFRQGDU\'LVWULEXWLRQ
&RPSXWHU7HFKQRORJ\ VG VHQ]DGDWD
6&6,1 6HUYLFH&HQWUDOGH6€UHWpGHV,QVWDOODWLRQV ,WDOLDQLQLWLDOLVPPHDQLQJQRGDWH
1XFOpDLUHV )UDQFH  6' 6HWWOHPHQW'DWH
6&60(; 6RXWK&KLQD6HD0RQVRQ(;SHULPHQW 6' VKRUWGHOLYHU\
%HVLGHV&KLQDDQG7DLZDQVFLHQWLVWVIURP%UXQHL 6'6LJKW'UDIW
0DOD\VLD,QGRQHVLD7KDLODQG9LHWQDP %XVLQHVV&RPPHUFH
3KLOLSSLQHV6LQJDSRUHSDUWLFLSDWHLQWKHH[SHUL 6' 6NLQ'RVH
PHQW VG VRIWGUDZQ
$WPRVSKHULF6FLHQFH&KLQD86&RRSHUDWLRQ 0HWDOOXUJ\
0DULQH&OLPDWH5HVHDUFK0HWHRURORJ\2FHDQ VG DEEU VRXQG
0RQLWRULQJ2FHDQRJUDSK\ $FRXVWLFV&RPSXWHU6FLHQFH*HRJUDSK\
6&61 6RXWKHUQ&DOLIRUQLD6HLVPRJUDSK1HWZRUN 6XUJHU\
86$  6' DEEU 6RXWK'DNRWD 86$ 
6&VWDWH 6XSHUFRQGXFWLQJVWDWH 6' VRXWLHQGLUHFW
6&68 6RXWKHUQ&RQQHFWLFXW6WDWH8QLYHUVLW\ GLUHFWVXSSRUW '6E 
86$  6WRFNKROP'RFXPHQW
6&7 6HUYLFH&RXQWHU7HUPLQDOV 'RFXPHQWGH6WRFNKROP
6&7 DSSUR[LPDWLRQ 6PDOO&XUYDWXUH7XQQHOLQJ 6' 6SUHDGLQJ'HSUHVVLRQ
DSSUR[LPDWLRQ &RUWLFDO7LVVXHV0DPPDOLDQ%UDLQ&HOOV7LVVXH
&KHPLVWU\3K\VLFV 'HSRODUL]DWLRQ
6&7 / 6KRUW&LUFXLWHG7UDQVPLVVLRQ /LQH  6'VG 6WDQGDUG'HYLDWLRQ
6&8 6LWH&RQWURO8QLW 6WDQGDUGGHYLDWLRQLVDOVRNQRZQDV6WDQGDUG
7KH6&8RIDV\VWHPLVDSURJUDPWKDWDVVHPEOHV (UURU5RRW0HDQ6TXDUH(UURU
FODVVLILHVDQGVWRUHVGDWDXVLQJLQIRUPDWLRQVXS 6WDWLVWLFV
SOLHGIURPRWKHUSDUWVRIWKHV\VWHP 6' VWHHOGUXP
&RPSXWHU3URJUDPV 6' 6WRFN'LYLGHQG
6&8%$ 6XEPLOOLPHWHU&RPPRQ8VHU%RORPHWHU 6' 6WUHSWRGRUQDVH
$UUD\ (Q]\PRORJ\
6&8%$ FRPSULVHVDFDPHUDPRXQWHGRQWKHP 6' 6XUIDFH'UDLQDJH
%ULWLVK'XWFK&DQDGLDQ-DPHV&OHUN0D[ZHOO +\GURORJ\
7HOHVFRSH,WLVEXLOWE\WKH5R\DO2EVHUYDWRU\LQ 6' 6\VWHP'HVLJQ
(GLQEXUJK 6\VWHPGHVLJQLQFRQWUROV\VWHPVLVDOVRNQRZQ
$VWURQRP\ DVV\QWKHVLV
6&81,$/ 6XEFRPPLWWHHRI8QLWHG1DWLRQV,QWHU &RQWURO6\VWHPV
$JHQF\/LEUDULDQV


6'$ 6FXRODGL'LUH]LRQH$]LHQGDOH %RFFRQL &HOO%LRORJ\,PPXQRORJ\0HGLFLQH


8QLYHUVLW\0LODQ,WDO\  6'), 6WDWH
V'LUHFW)LQDQFLDO,QWHUHVW
6'$ VHFWHXUGHGpIHQVHDpULHQQH 7KH6'),FRQWUROVPXFKRI1RUZD\
VQDWXUDOJDV
DLUGHIHQFHVHFWRU UHVHUYHV
VKLSVGHVWLQDWLRQDXWKRULW\ 1RUZD\&RQWUROOLQJ%RGLHV
DXWRULWpGHGHVWLQDWLRQGHVQDYLUHV 6'+621(7 FDSDFLW\ 6'+6\QFKURQRXV2SWLFDO
V\VWHPGHVLJQDQGDUFKLWHFWXUH 1(7ZRUNFDSDFLW\
FRQFHSWLRQHWDUFKLWHFWXUHGXV\VWqPH )RUIXUWKHUGHWDLOVVHHXQGHU6'+WHFKQRORJ\
6'$ 6RFLHWj1D]LRQDOH'DQWH$OLJKLHUL 6'+WHFKQRORJ\ 6\QFKURQRXV'LJLWDO+LHUDUFK\
,WDOLDQDFURQ\PRIWKH'DQWH$OLJKLHUL1DWLRQDO WHFKQRORJ\
&XOWXUDO $VVRFLDWLRQ ,WDO\  6'+LVDWUDQVPLVVLRQV\VWHPWKDWHQDEOHVQHW
6'$ 6RXUFH'DWD$XWRPDWLRQ ZRUNVWREHEXLOWTXLFNO\DQGPDLQWDLQHGFKHDSO\
6'$ LVDOVRNQRZQDV$XWRPDWLRQ6RXUFH'DWD &DUULHU1HWZRUNV'DWD&RPPXQLFDWLRQV
&RPSXWHU7HFKQRORJ\ 6', 6HOHFWLYH'LVVHPLQDWLRQRI,QIRUPDWLRQ
6'$ 6SHFLDOO\'HQDWXUDWHG$OFRKRO 6GLD 6RDSDQG'HWHUJHQWV,QGXVWULDO$VVRFLDWLRQ
6'$ 6SHFLILF'\QDPLF$FWLRQ *% 
0HGLFLQH 6',* 6RFLpWpSRXUOH'pYHORSSHPHQWGHO·,QGXVWULH
6'$) 6$&(85·VGLUHFWDXJPHQWDWLRQIRUFH GX*D] )UDQFH 
IRUFHG·DSSRLQWGLUHFWHGX6$&(85 6'. 6RIWZDUH'HYHORSPHQW.LW
6' , V\VWHPGHVLJQDQGLQWHJUDWLRQ 6'/ VWDQGDUGGLVWULEXWLRQOLVW
FRQFHSWLRQHWLQWpJUDWLRQGHV\VWqPH OLVWHGHGLIIXVLRQRIILFLHOOH
6' ,& VRIWZDUHGHVLJQ LQWHJUDWLRQFRQWUDFW 6'/$ 6RXWK'DNRWD/LEUDU\$VVRFLDWLRQ 86$ 
FRQWUDWG·pWXGHHWG·LQWpJUDWLRQGXORJLFLHO 6'/& 6\QFKURQRXV'DWD/LQN&RPPXQLFDWLRQV
6'$7 6HQLOH'HPHQWLDRIWKH$O]KHLPHU·V7\SH 6'/& 6\QFKURQRXV'DWD/LQN&RQWURO
0HGLFLQH 6'0 6LWH'LUHFWHG0XWDJHQHVLV
6'% 6DOHV'D\ERRN %LRFKHPLVWU\0ROHFXODU%LRSK\VLFV
%XVLQHVV&RPPHUFH 6'0, 6HFXUH'LJLWDO0XVLF,QLWLDWLYH
6'% 6XOIXU'LVSURSRUWLRQDWLQJ%DFWHULD )RUPHGLQHDUO\,WLVDQDOOLDQFHRIHOHFWURQ
0DULQH0LFURELRORJ\ LFVPXVLFDQGFRPSXWLQJFRPSDQLHV
6'%/ 6LJKW'UDIW%LOORI/DGLQJ 6'0- 6HSWHPEHU'HFHPEHU0DUFK-XQH
&RPPHUFH6KLSSLQJ 6HFXULWLHV
6'%/ DFWLRQ 6DQGEODVWDFWLRQ 6'03 VRIWZDUHGHYHORSPHQWDQGPDLQWHQDQFHSUR
(QJLQHHULQJ*HRORJ\ FHGXUH
6'& 6ROHQRLG'HWHFWRU&ROODERUDWLRQ SURFpGXUHG·pODERUDWLRQHWGHPDLQWHQDQFHGXORJL
6'& VWUDWHJLFGLUHFWLRQFHQWUH FLHO
FHQWUHGHGLUHFWLRQVWUDWpJLTXH 6'06 6FDQQLQJ'HIHFW0DSSLQJ6\VWHP
6'&( 6RFLHW\RI'LH&DVWLQJ(QJLQHHUV 86$  15(/
V6'06LVEHLQJXVHGWRDQDO\]HGHIHFWVLQ
6'' 6SLQ'HSHQGHQW'HORFDOL]DWLRQ ODUJHVLOLFRQZDIHUV,WFDQDOVREHHDVLO\DGDSWHG
%LRFKHPLVWU\&KHPLVWU\DQG&KHPLFDO%LRORJ\ WRDQDO\]HGHIHFWVLQRWKHUVHPLFRQGXFWRUPDWHUL
(Q]\PH5HVHDUFK DOVRUWRPRQLWRUVXUIDFHFRQWDPLQDWLRQRIPLFUR
6''& 6RGLXP'LPHWK\OGLWKLRFDUEDPDWH HOHFWURQLFFLUFXLWV
&+ 1&61D6RGLXP'LPHWK\OGLWKLRFDUEDPDWH /DVHU6FDQQLQJ6\VWHP
LVXVHGPDLQO\DVDIXQJLFLGHDQGFRUURVLRQ )RUIXUWKHUGHWDLOVVHHXQGHU*D$V DQG15(/
LQKLELWRU 6'1 VDOOHGHGHVWLQDWLRQGHVQDYLUHV
2UJDQLF&KHPLVWU\ VKLS SLQJ GHVWLQDWLRQURRP
6'( 6SDWLDO'DWDEDVH(QJLQH 6'1 6RFLHWj'HOOH1D]LRQL
6'( 6SHFLILF'\QDPLF(IIHFW ,WDOLDQLQLWLDOLVPPHDQLQJ/HDJXHRI1DWLRQV
1XWULWLRQ 6'2$ 6FXRODGL'LUH]LRQHH2UJDQL]]D]LRQH
6'(*:,6 6LJPD'HOWD(SVLORQ*UDGXDWH:RPHQ $]LHQGDOH ,WDO\ 
LQ6FLHQFH 86$  6'R& 6XSSOLHU
V'HFODUDWLRQRI&RQIRUPLW\
)HOORZVKLSV 3URGXFW&HUWLILFDWLRQ7UDQVDWODQWLF,VVXHV86
6') 7KHDLUSRUWFRGHIRU/RXLVYLOOH (&%XVLQHVV
6') FKHPRNLQH6WURPDOFHOO'HULYHG)DFWRU 6'36'3 6DFURGH[WUD3RVWHULRU


6'3 6RFLDO'HPRFUDWLF3DUW\ *HUPDQ\  pOpPHQWGHVRXWLHQ


6'3 6XOIRQ\OGLSKHQRO 6( 6KDUHKROGHU(TXLW\
6'5 6HQVRU'DWD5HFRUG 6( 6LHYH(OHPHQW
$ UHFRUGIRUPDWWHGIRUIXUWKHUFRPSXWHUSURFHVV %RWDQ\3ODQW%LRORJ\3ODQW3K\VLRORJ\
LQJ 6( 6ORYDN(QWHUSULVH
6'5 6RFLpWpVGH'pYHORSSHPHQW5pJLRQDO 6( 6ORYHQVNH(OHNWUDUQH
)UHQFKLQLWLDOLVPPHDQLQJ5HJLRQDO'HYHORSPHQW 6(LVWKH6ORYDN(OHFWULF8WLOLW\&RPSDQ\6(ZDV
&RPSDQLHV DVWDWHRZQHGFRPSDQ\6LQFH1RYHPEHULW
6'5 6WDWLVWLFDO'DWD5HFRUGHU LVDMRLQWVWRFNFRPSDQ\7KHQDPHFKDQJHGIURP
6'56 VDWHOOLWHGDWDUHOD\V\VWHP 6(3 WR6(
V\VWqPHGHVDWHOOLWHVGHUHODLVGHGRQQpHV 6( 6PRRWK(DUO\
6'5V 6SHFLDO'UDZLQJ5LJKWV 0RQNH\V9RFDO6RXQGV
)LQDQFH 6( 6RIWZDUH(QJLQHHULQJ
6'58 6WUHSWRFRFFXVDQG'LSKWKHULD5HIHUHQFH8QLW &RPSXWHU3URJUDPPLQJ
*%  6( 6( VH VH 6RXWKHDVW6RXWKHDVWHUQ
'LSKWKHULDDQG6WUHSWRFRFFDO,QIHFWLRQV 6( 6WDQGDUG(UURU
6'6 6RGLXP'RGHF\O6XOIDWH )RUGHWDLOVVHHXQGHU 6' 6WDQGDUG'HYLDWLRQ 
6'6$ 6\QWKHVLV'HSHQGHQW6WUDQG$QQHDOLQJ 6( 6WRFN([FKDQJH
%ORRP6\QGURPH 6($ 6FLHQFHDQG(GXFDWLRQDO$GPLQLVWUDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU%6 86$ 
6'6$ SDWKZD\ 6\QWKHVLV'HSHQGHQW6WUDQG 6($ 6LQJOH(XURSHDQ$FW(&
$QQHDOLQJSDWKZD\ 7KH6($ FDPHLQWRIRUFHRQVW -XO\
%LRORJ\%LRWHFKQRORJ\0ROHFXODU%LRORJ\ 6($ 6RFLHWj(VHUFL]L$HURSRUWXDOL ,WDO\ 
6'6& 6DQ'LHJR6XSHUFRPSXWHU&HQWHU 86$  6($ 6WDSK\ORFRFFDO(QWHURWR[LQ$
6'VFHQDULR 6LQJOH'HJHQHUDWHVFHQDULR ,PPXQRORJ\0HGLFDO%LRSK\VLFV0HGLFLQH
$VWURQRP\$VWURSK\VLFV 2QFRORJLF3DWKRORJ\2QFRORJ\
6'63$*( 6'63RO\DFU\ODPLGH*HO 6($ 6WDWH(DUWKTXDNH$GPLQLVWUDWLRQ &KLQD 
(OHFWURSKRUHVLV 6($ 6WUDWHJLF(QYLURQPHQWDO$VVHVVPHQW
%LRFKHPLVWU\ 6($ 7KHDLUSRUWFRGHIRU6HDWWOH7DFRPD
)RUIXUWKHUGHWDLOVVHHXQGHU6'6 ,QWHUQDWLRQDO
6'66 6ORDQ'LJLWDO6N\6XUYH\ 6($& 6DIHW\DQG(QYLURQPHQWDO$VVXUDQFH&HQWUH
$VWURQRP\ 8QLOHYHU
V 
6'76'7 6DFURGH[WUD7UDQVYHUVD 6($& 6SRQJLIRUP(QFHSKDORSDWK\$GYLVRU\
6'7 6FDODU'DWD7\SH &RPPLWWHH *% 
&RPSXWHU6FLHQFH &UHXW]IHOGW-DNRE'LVHDVH1HXURSDWKRORJ\
6'76GW 6HUYL]LR'L7UDGX]LRQH 3ULRQV
,WDOLDQLQLWLDOLVPPHDQLQJ7UDQVODWLRQ6HUYLFH 6($& VXEPDULQHH[HUFLVHDUHDFRRUGLQDWLRQ
6'9 6LOLFD'HSRVLWLRQ9HVLFOH FRRUGRQQDWHXUGHVVHFWHXUVG·H[HUFLFHSRXUVRXV
)RUIXUWKHUGHWDLOVVHHXQGHU6'9V PDULQV
6'9V 6LOLFD'HSRVLWLRQ9HVLFOHV 6($' VXSSUHVVLRQRIHQHP\DLUGHIHQFHV
/RFDWHGLQWKHFHOOF\WRSODVP PLVHKRUVGHFRPEDWGHVPR\HQVGHGpIHQVHDpUL
%LRPLQHUDOL]DWLRQ%LRVLOLFD%RWDQ\'LDWRPV HQQHHQQHPLV
6H 7KHFKHPLFDOV\PEROIRU6HOHQLXP 6($'(; VHDZDUGGHIHQFHH[HUFLVH
6HOHQLXPLVDQRQPHWDOOLFHOHPHQWKDYLQJWKH H[HUFLFHGHGpIHQVHFRQWUHXQHPHQDFHPDULWLPH
DWRPLFQXPEHUDQDWRPLFZHLJKWRIDQG 6($),6 6RXWK(DVW$VLDQ)LVKHULHV,QIRUPDWLRQ
DPHOWLQJSRLQWRI$&,WLVXVHGPDLQO\LQSKR 6\VWHP
WRHOHFWULFFHOOVDQGLQPHWDOOXUJ\ 6($)/2( 6RXWKHDVW)/RULGD2XWIDOOV([SHULPHQW
&KHPLVWU\6\PEROV 86$ 
6( 6HPDQWLF(UURU 6($/ 6RXWK(DVW$UHD/LEUDULHV
&RPSXWHU3URJUDPPLQJ 6($/VHDOWHDP 6HD$LU/DQGWHDP
6( 6H\FKHOOHV 6($0$3 6RXWKHDVW$UHD0RQLWRULQJDQG
6H\FKHOOHV $VVHVVPHQW3URJUDP 86$ 
VXSSRUWHOHPHQW


6($0(2 6RXWK(DVW$VLDQ0LQLVWHUVRI(GXFDWLRQ 6(&$1 0LOLWDU\&RPPLWWHH&RPPXQFLDWLRQDQG


2UJDQL]DWLRQ ,QIRUPDWLRQ6\VWHPV6HFXULW\DQG(YDOXDWLRQ
6($3 6(FUHWHGIRUPRI$ONDOLQH3KRVSKDWDVH $JHQF\
&HOO%LRORJ\0ROHFXODU%LRORJ\ %XUHDXGHVpFXULWpHWG·pYDOXDWLRQGHVV\VWqPHVGH
6($4V\VWHP 6WRFN([FKDQJH$XWRPDWHG FRPPXQLFDWLRQHWG·LQIRUPDWLRQGX&RPLWpPLOL
4XRWDWLRQV\VWHP *%  WDLUH
6($5&+(; VHDDLUVHDUFK H[HUFLVH 6(&*(1 6HFUHWDU\*HQHUDO
H[HUFLFHGHUHFKHUFKHPHUDLU 6HFUpWDLUHJpQpUDO
6($6 6KLSERDUG(QYLURQPHQWDOGDWD$FTXLVLWLRQ 6(&,76HFLW 6(UYL]LR&HQWUDOHGHJOL,VSHWWRUL
6\VWHP 86$  7ULEXWDUL ,WDO\ 
6($7 6RFLHWj(OHQFKLXIILFLDOLGHJOL$EERQDWLDO 6(&0$ 6WRFN([FKDQJH&RPSXWHU0DQDJHUV
7HOHIRQR ,WDO\  $VVRFLDWLRQ
,WDOLDQDFURQ\PRIWKH7HOHSKRQH'LUHFWRU\ 6(&2 6HFXULWLHVDQG([FKDQJH&RPPLVVLRQ
3XEOLVKLQJ&RPSDQ\ 2UJDQL]DWLRQ
6($72 6RXWK(DVW$VLD7UHDW\2UJDQL]DWLRQ 6HF23 VHFXULW\RSHUDWLQJSURFHGXUH
6($76 6WRFN([FKDQJH$OWHUQDWLYH7UDGLQJ6HUYLFH SURFpGXUHG·H[SORLWDWLRQGHVpFXULWp
*%  6(&85( 6DIHDQG(QYLURQPHQWDO&OHDQ8UEDQ
6($76 6WRFN([FKDQJH$XWRPDWHG7UDGLQJ6\VWHP 5(DFWRU
$XVWUDOLD  6HF\ DEEU 6HFUHWDU\
6(% 6RFLHW\RI([SHULPHQWDO%LRORJ\ *%  VHGVHG DEEU VHGLPHQWVHGLPHQWDWLRQ
)UXLW'HYHORSPHQWDQG5LSHQLQJ&DUERQ &KHPLVWU\*HRORJ\0HWDOOXUJ\
0HWDEROLVP5HJXODWLRQ3ODQW5HSURGXFWLYH 6(' 6NLQ(U\WKHPD'RVH
%LRORJ\(SLJHQHWLFV3ODQW0DWDEROLVP 1XFOHRQLFV5DGLDWLRQ([SRVXUH
6(% 6RXUFH(YDOXDWLRQ%RDUG 6(' UDWH DEEU 6('LPHQWDWLRQUDWH
6(%DQNHQ 6NDQGLQDYLVND(QVNLOGD%DQNHQ 6('6 6WXGHQWVIRUWKH([SORUDWLRQDQG
6ZHGLVK%DQN 'HYHORSPHQWRI6SDFH
6(%& 6LVWHPD(XURSHRGHOOH%DQFKH&HQWUDOL 6('6LVD86\HDUROG2UJDQL]DWLRQ
,WDOLDQLQLWLDOLVPPHDQLQJ(XURSHDQ6\VWHPRI $VWURQRP\
&HQWUDO%DQNV 6(( 6FLHQFHDQG(YHU\GD\([SHULHQFHV
&KDQJHRYHUWRWKH(852 6((LVDZHHNO\UDGLRSURJUDPSURGXFHGE\WKH
6(%, 6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD $$$6LQFROODERUDWLRQZLWKWKH'HOWD6LJPD
VHF DEEU VHFDQW 7KHWD6RURULW\,QFDQGWKH'HOWD5HVHDUFKDQG
&DUWRJUDSK\0DWKHPDWLFV (GXFDWLRQ)RXQGDWLRQ
VHF DEEU VHFROR )RUIXUWKHUGHWDLOVVHHXQGHU$$$6
,WDOLDQDEEUHYLDWLRQPHDQLQJFHQWXU\ 6(( 6SD]LR(FRQRPLFR(XURSHR
6HF VHF DEEU VHFRQGVHFWLRQVHFUHWDU\VHFUHWDU ,WDOLDQLQLWLDOLVPPHDQLQJ(XURSHDQ(FRQRPLF
LDO 6SDFH
6(& 6HFRQGDU\(OHFWURQ&RQGXFWLRQ 6(('6 6XEDUFWLF3DFLILF,URQ([SHULPHQWIRU
6(& 6HFXULWLHVDQG([FKDQJH&RPPLVVLRQ (FRV\VWHP'\QDPLFV6WXG\
6WRFN([FKDQJH86$ $TXDWLF%LRVFLHQFH)LVKHULHV6FLHQFH,URQ
6(& 6LVWHPD(XURSHRGL&RQWDELOLWj HQULFKPHQW([SHULPHQWV5DGLRORJLFDO6FLHQFHV
,WDOLDQDFURQ\PPHDQLQJ(XURSHDQ%RRNNHHSLQJ 6((1 6RFLpWp(XURSpHQQHGHO·(QHUJLH1XFOpDLUH
6\VWHP 6((3= 6DQWDFUX](OHFWURQLF([SRUW3URFHVVLQJ
6(& 6L]H([FOXVLRQ&KURPDWRJUDSK\ =RQH
6(& 6RXWK(TXDWRULDO&XUUHQW 6((3=LV$VLD
VODUJHVWVRIWZDUHWHFKQRORJ\SDUN
2FHDQRJUDSK\ GHYHORSHGWRERRVW,QGLD
VHOHFWURQLFH[SRUWV
6(& 6SDFH(QYLURQPHQW&HQWHU 6HHUHQ 6RXWKHDVW(XURSHDQUHVHDUFKDQGHGXFDWLRQ
$W8612$$ QHWZRUNLQJ
)RUIXUWKHUGHWDLOVVHHXQGHU12$$ 6HHUHQLQFOXGHVWKH15(1V
6(& 6WURQJ(QHUJ\&RQGLWLRQ (XURSHDQ&RPPXQLW\,QLWLDWLYHV
3K\VLFV )RUIXUWKHUGHWDLOVVHHXQGHU15(1V
6(& VXEPDULQHHOHPHQWFRRUGLQDWRU 6((5SURJUDP 6XUYHLOODQFH(SLGHPLRORJ\DQG
FRRUGRQQDWHXUGHO·pOpPHQWVRXVPDULQ (QG5HVXOWVSURJUDP


2IWKH861&, ,WLQFOXGHV$NNDGLDQ$UDELF$UDPDLFDQG
)RUIXUWKHUGHWDLOVVHHXQGHU 1&, +HEUHZ
6()&$5 6RXWKHDVW)ORULGDDQG&$ULEEHDQ 6(00 6LQJOH(OHFWURQ0260HPRU\
5HFUXLWPHQW 86$  (OHFWULFDO(QJLQHHULQJ1DQRVWUXFWXUH
VHJ DEEU VHJXHQWH )RUIXUWKHUGHWDLOVVHHXQGHU026
,WDOLDQDEEUHYLDWLRQPHDQLQJIROORZLQJ 6(03$ 6FDQQLQJ(OHFWURQ0LFURVFRS\ZLWK
6(* 6RFLHW\RI(FRQRPLF*HRORJLVWV 3RODUL]DWLRQ$QDO\VLV
VHJJ DEEU VHJXHQWL 0HWDOV3K\VLFV
,WDOLDQDEEUHYLDWLRQPHDQLQJIROORZLQJ SOXUDO  6(03(5 6HFXUH(OHFWURQLF0DUNHWSODFHIRU
6(+33 6FLHQFHDQG(QYLURQPHQWDO+HDOWK3ROLF\ (XURSH
3URMHFW 6(03(5DLPVWRKDUPRQL]HDSSURDFKHVWRVHFXUL
863URMHFW W\DFURVV(XURSH,WLVVSRQVRUHGE\WKH(XURSHDQ
6(, 6ORYDN(QHUJ\,QVSHFWLRQ 8QLRQ6WDUWHGLQFRPSOHWHGE\WKHHQGRI
(QHUJ\$JHQFLHV 
6(, 6SDFH([SORUDWLRQ,QLWLDWLYH 86$  (XURSHDQ&RPPXQLW\3URMHFW
6(, 6WRFNKROP(QYLURQPHQW,QVWLWXWH 6ZHGHQ  6(0V 6FDQQLQJ(OHFWURQ0LFURVFRSHV
6(, 6XVWDLQDEOH(FRV\VWHPV,QVWLWXWH (OHFWURQLFV
$ QRQSURILWLQ2UHJRQ86$ 6(07 6RFLpWpG·(WXGHVGHV0RWHXUV7KHUPLTXHV
(FRORJLFDO,VVXHV)RUXPV )UDQFH 
6(,$ 6RODU(QHUJ\,QGXVWULHV$VVRFLDWLRQ 86$  6HQ DEEU 6HQLRU
6(,5 6RXWKHDVW,QGLDQ5LGJH 6HQ 7KHIUDFWLRQDOFXUUHQF\XQLWRI,QGRQHVLD
*HRORJ\*HRSK\VLFV &XUUHQFLHV
6(- 6OLGLQJ([SDQVLRQ-RLQW 6(1,7 V\VWqPHG
H[SORLWDWLRQQDYDOGHVLQIRUPD
3LSLQJ WLRQVWDFWLTXHV
6(/ 7KHDLUSRUWFRGHIRU6HRXO QDYDOWDFWLFDOGDWDSURFHVVLQJV\VWHP 17'6 
6(/$ 6LVWHPD(FRQRPLFR/DWLQR$PHULFDQR 6(16$7,216 6WDQGLQJZLWK(OHFWULFDO
,WDOLDQDFURQ\PPHDQLQJ/DWLQ$PHULFDQ 1HXURPXVFXODU6WLPXODWLRQ$SSO\LQJ7DFWLOHDQG
(FRQRPLF6\VWHP SURSULRFHSWLYH,QIRUPDWLRQ2EWDLQHGIURP1DWXUDO
6(/$ 6RXWKHDVWHUQ/LEUDU\$VVRFLDWLRQ 6HQVRUV(&
6(/(1( 6(/HQRORJLFDODQG(QJLQHHULQJ([SORUHU 6(1</5& 6RXWKHDVWHUQ1HZ<RUN5HJLRQDO
-DSDQ  /LEUDU\&RXQFLO
6(/(1(LVDMRLQWPLVVLRQWRWKHPRRQE\ 6(2 6DOYR(UURULH2PLVVLRQL
1$6'$ -DSDQ DQG,6$6 -DSDQ /DXQFKHGLQ ,WDOLDQDFURQ\PPHDQLQJ(UURUVDQG2PLVVLRQV
 ([FHSWHG
/XQDU3RODU2UELWHUV5HOD\6DWHOOLWHV 6H2 6HOHQLXP'LR[LGH
)RUIXUWKHUGHWDLOVVHHXQGHU,6$6 DQG1$6'$ 6H2 LVXVHGPDLQO\DVDQR[LGL]LQJDJHQW
6(/5& 6RXWKHDVWHUQ/LEUDU\5HVRXUFHV&RXQFLO &KHPLVWU\
6(0 6FDQQLQJ(OHFWURQ0LFURJUDSK6FDQQLQJ 6(2&6 6XQ(DUWK2EVHUYDWRU\DQG&OLPDWRORJ\
(OHFWURQ0LFURVFRSH 6DWHOOLWH
(OHFWURQLFV 6(21 6RODU(OHFWURRSWLFDO2EVHUYLQJ1HWZRUN
6(06(0 6FXROD(XURSHDGL0XVLFRWHUDSLD 6(26 6\QFKURQRXV(DUWK2EVHUYDWRU\6DWHOOLWH
,WDO\  6(3 6FOpURVH(Q3ODTXHV
(XURSHDQ6FKRROV )UHQFKDFURQ\PPHDQLQJ0XOWLSOH6FOHURVLV
6(0 6KDUHG(TXLW\0RUWJDJH 6(3 VHOHFWLYHHPSOR\PHQWSODQ
6(0 6\VWqPHG·([SORLWDWLRQHW0DLQWHQDQFH SODQG·HPSORLVpOHFWLI
VHP 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\ 6(3 6ORYHQVN\(QHUJHWLFN\3RGQLN
XVLQJWKH$UDELFZRUGVHPZKLFKPHDQVSRL 1RZ6(
VRQ )RUIXUWKHUGHWDLOVVHHXQGHU6(
$WRPLF3K\VLFV&KHPLVWU\(OHFWURQLFV1XFOHDU 6(3 6RODU(OHFWULF3URSXOVLRQ
(QJLQHHULQJ7R[LFRORJ\ 6(3 6\QWKHWLF(U\WKRSRLHVLV3URWHLQ
6HP DEEU 6HPLQDU\ 6(3 LVDPRGLILHGSURWHLQZLWKDGHILQHGFRYDOHQW
6HP DEEU 6HPLWLF VWUXFWXUH
6HPLWLFLVDVXEIDPLO\RI$IUR$VLDWLFODQJXDJHV %LRFKHPLVWU\%ORRG5HVHDUFK0HGLFLQH


6(3$ 6FRWWLVK(QYLURQPHQW3URWHFWLRQ$JHQF\ 6(50/3 6RXUWKHDVWHUQ5HJLRQDO0HGLFDLO/LEUDU\


6(3$ 6ZHGLVK(QYLURQPHQWDO3URWHFWLRQ$JHQF\ 3URJUDP
6ZHGHQ  6(50V 6HOHFWLYH(VWURJHQ5HFHSWRU0RGXODWRUV
V(325 VROXEOH(325 $JLQJ0HGLFLQH
)RUIXUWKHUGHWDLOVVHHXQGHU(325 6(53 6WUDWHJLF(GXFDWLRQ5HVHDUFK3URJUDP
6(35 6RXWKHUQ(DVW3DFLILF5LVH 86$ 
*HRORJ\*HRSK\VLFV2FHDQRJUDSK\ 6(53V 6WUDWHJLF(GXFDWLRQ5HVHDUFK3DUWQHUVKLSV
6(3 6 6RODU(OHFWULF3URSXOVLRQ 6WDJH  86$ 
6(48$/ 6HDVRQDO(48DWRULDO$WODQWLF([SHULPHQW 6(56 6XUIDFH(QKDQFHG5DPDQ6FDWWHULQJ
86$  &KHPLVWU\
6(5 6DIHW\(YDOXDWLRQ5HSRUW 6(57 6HURWRQLQ7UDQVSRUWHU
VHU DEEU VHULDOVHULHV 0HGLFLQH1HXURORJ\3V\FKLDWU\
6HU 6HULQH 6(57 6(UYL]LR5LFXSHUR7RVVLFRGLSHQGHQWL ,WDO\ 
&+126HULQHLVXVHGPDLQO\DVDGLHWDU\VXS 6(57,5 6(57,PPXQRUHDFWLYH
SOHPHQW 0HGLFLQH1HXURORJ\3V\FKLDWU\
%LRFKHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU6(57
6(5 6PRRWK(QGRSODVPLF5HWLFXOXP VHUY DEEU VHUYLFH
&HOO%LRORJ\ 6(59 6LPLDQ(QGRJHQRXV5HWURYLUXV
6(5 VXUIDFHpTXLYDOHQWHUDGDU %LRORJ\5HWURYLUXVHV9LURORJ\
UDGDUFURVVVHFWLRQ 5&6  ;HQRWUDQVSODQWDWLRQ
6(5& 6FLHQFHDQG(QJLQHHULQJ5HVHDUFK&RXQFLO 6(6 6HQLRU([HFXWLYH6HUYLFH
86$  6(6 6RFLRHFRQRPLF6WDWXV
6(5&$ 6DUFRSODVPLF(QGRSODVPLF5HWLFXOXP&D +XPDQ'HYHORSPHQW6RFLRORJ\
$GHQRVLQH7ULSKRVSKDWDVH 6(6 6WDQGDUGV(QJLQHHUV6RFLHW\
%LRPHGLFDO6FLHQFHV&DOFLXP+RPHRVWDVLV 6(6 6WRFN([FKDQJHRI6LQJDSRUH
0ROHFXODU0HGLFLQH3DWKRORJ\ 6H6 6XSHULRU6HPLOXQDUOREXOH
6(5'3 6WUDWHJLF(QYLURQPHQWDO5HVHDUFKDQG &OLQLFDO3V\FKRORJ\0HGLFLQH1HXURVFLHQFHRI
'HIHQVH3URJUDP $XWLVP5DGLRORJ\
&UHDWHGE\WKH86&RQJUHVVLQ 6(6 6XUIDFH(IIHFW6KLS
&RPPHUFLDO5HVHDUFK3URMHFWV(QYLURQPHQWDO 1DYDO$UFKLWHFWXUH
3UHVHUYDWLRQ 6(6$ 6RFLHW\IRU([SHULPHQWDO6WUHVV$QDO\VLV
6(5(% 6RFLpWpSRXUO·(WXGHHWOD5pDOLVDWLRQ ([SHULPHQWDO6WUHVV$QDO\VLV
G·(QJLQV%DOLVWLTXHV )UDQFH  6(6$0( 6LPXOWDQHRXV(QJLQHHULQJ6\VWHPIRU
6(5) 6RODU(QHUJ\5HVHDUFK)DFLOLW\ 86$  $SSOLFDWLRQVLQ0HFKDQLFDO(QJLQHHULQJ
7KHXQLTXHHQHUJ\HIILFLHQWGHVLJQRI15(/
6 (XURSHDQ&RPPXQLW\
6RODU(QHUJ\5HVHDUFK)DFLOLW\KDVUDQNHGLW 6RIWZDUH3DFNDJHV
DPRQJZLQQHUVLQ7KH6(5)XVHVGD\ 6(6$0( 6WDQGDUGL]DWLRQLQ(XURSHRQ6HPDQWLFDO
OLJKWLQJFRPSDFWIOXRUHVFHQWOLJKWVZLQGRZ $VSHFWVLQ0(GLFLQH(&
VKDGHVSRZHUHGE\SKRWRYROWDLFVDQGRWKHU 6(6$0( VWDWLRQG
pFRXWHGHVDWHOOLWH
DGYDQFHGIHDWXUHVWRUHGXFHHQHUJ\FRQVXPSWLRQ PpWpRURORJLTXH
$ZDUGV PHWHRURORJLFDOVDWHOOLWHPRQLWRULQJVWDWLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU15(/ 6(6/3 6HTXHQWLDO([SOLFLW6WRFKDVWLF/LQHDU
6(5) PRGHO 6RODU(OHFWURPDJQHWLF5DGLDWLRQ)OX[ 3URJUDPPLQJ
PRGHO 6(63$ 6FLHQWLVWVDQG(QJLQHHUVIRU6RFLDODQG
6(5, 6FKHSHQV(\H5HVHDUFK,QVWLWXWH 3ROLWLFDO$FWLRQ
6(5,LVDQDIILOLDWHRIWKH+DUYDUG0HGLFDO6FKRRO 6(6V 6HLVPLF(OHFWULF6LJQDOV
86$  6HLVPRORJ\
6(5, 6RODU(QHUJ\5HVHDUFK,QVWLWXWH 6(66 VXUIDFHHIIHFWVXUIDFHVKLS
6(5/ 6HFWLRQRQ(QHUJ\DQGQDWXUDO5HVRXUFHV EkWLPHQWGHVXUIDFHjHIIHWGHVXUIDFH
/DZ 6(7 6HFXUH(OHFWURQLF7UDQVDFWLRQ
2IWKH/RQGRQ,QWHUQDWLRQDO%DU$VVRFLDWLRQ 6(7 6LQJOH(OHFWURQ7UDQVLVWRU
6(50 6HOHFWLYH(VWURJHQ5HFHSWRU0RGXODWRU $SSOLHG3K\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHU6(50V 6(7 6LQJOH(OHFWURQ7XQQHOLQJ


0LFURHOHFWURQLFV PLVHHQFRPPXQGHVLQIRUPDWLRQVGHGpWHFWLRQ
6(7$5 6HUYLFHGHO·(QVHLJQHPHQWGHV7HFKQLTXHV ORLQWDLQH
$YDQFpHVGHOD5HFKHUFKH 6(:6 VDWHOOLWHHDUO\ZDUQLQJV\VWHP
)UHQFKDFURQ\PPHDQLQJ$GYDQFHG5HVHDUFK V\VWqPHGHGpWHFWLRQORLQWDLQHSDUVDWHOOLWH
7HFKQLTXHV7HDFKLQJ6HUYLFH 6) )LQODQG·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW
6(7%,6 6(W7RS%R[IRU,QWHUDFWLYH6HUYLFHVRQ WHUV
GHPDQG 6) VDXWGHIUpTXHQFH
(XURSHDQ&RPPXQLW\3URMHFW IUHTXHQF\KRSSLQJ )+ 
6(7& 6WDWH(FRQRPLFDQG7UDGH&RPPLVVLRQ 6RXWK$IULFD
&KLQD  $IULTXHGX6XG
6(7&$6HWFD 6\QGLFDWGHV(PSOR\pV 6) 6FDOH)DFWRU
7HFKQLFLHQVHW&DGUHV GH%HOJLTXH  (QJLQHHULQJ
%HOJLDQ8QLRQV 6) 6HDVRQDO)OXFWXDWLRQ
6(7, 6HDUFKIRU([WUDWHUUHVWULDO,QWHOOLJHQFH 6) VHPLILQLVKHG
8QWLO6(7,ZDVIXQGHGE\1$6$1RZLWLV 0HWDOOXUJ\
XQGHUSULYDWHILQDQFLQJ7KHPDLQEUDQFKHVRI 6) 6HULDO)LOH
6(7,DUHORFDWHGDW+DUYDUG8QLYHUVLW\DQGLQ 6HULDO)LOHLVDOVRNQRZQDV6HTXHQWLDO
0RXQWDLQ9LHZ&DOLIRUQLD86$ 2UJDQL]DWLRQ
6(72 6RXWKHUQ(XURSH7UDQVSRUW2UJDQL]DWLRQ &RPSXWHU3URJUDPPLQJ
2UJDQLVDWLRQGHVWUDQVSRUWVGX6XGGHO·(XURSH 6) 6KRUW)RFXV
6(7 SURWRFRO 6HFXUH(QFU\SWLRQ7UDQVDFWLRQSURWR 6) 6SHFLDO)RUFHV 86$ 
FRO 6) 6SHFLDOL]]D]LRQH)OHVVLELOH
7KHILUVWSXUFKDVHXVLQJWKHQHZ6HFXULW\ 6) 6SRQWDQHRXV)LVVLRQ
7HFKQRORJ\6WDQGDUGWRRNSODFHLQ'HQPDUNDWWKH 1XFOHDU3K\VLFV
EHJLQQLQJRI 6) 6WDQGDUG)RUP
(OHFWURQLF&RPPHUFH &RPSXWHU3URJUDPPLQJ
6(7V 6HFXUH(OHFWURQLF7UDQVDFWLRQV 6) 6WDWXWHRI)UDXGV
6(7V 6LQJOH(OHFWURQ7UDQVLVWRUV $OVR6)
0LFURHOHFWURQLFV1DQRVFLHQFH7UDQVLVWRU 6) 6XEPDULQH)OHHW
$UFKLWHFWXUH6ROLGVWDWHTXDQWXPFRPSXWHUV 861DY\
)RUIXUWKHUGHWDLOVVHHXQGHU5)6(7 6) 6WHURLGRJHQLF)DFWRU
6(76( 6LQJOH(OHFWURQ7UDQVLVWRU6FDQQLQJ *\QHFRORJ\,QWHUQDO0HGLFLQH2EVWHWULFV
(OHFWURPHWHU 3DWKRORJ\
$SSOLHG3K\VLFV0LFURHOHFWURQLFV1DQRVFLHQFH 6) 6WRFN)XQG
3K\VLFV 6) 6XQGDUDP)LQDQFH/LPLWHG ,QGLD 
6(7 VWDQGDUG 6HFXUH(OHFWURQLF7UDQVDFWLRQVVWDQ +LUH3XUFKDVH,QYHVWPHQW%DQNLQJ$VVHW
GDUG 0DQDJHPHQW/HDVLQJ0HUFKDQW%DQNLQJ
7KH6(7 VWDQGDUGZDVVHWXSLQ 6) 6\OYLDQ)LVVXUH
'LJLWDO&HUWLILFDWHV(QFU\SWLRQ7HFKQRORJLHV $QDWRP\
,QWHUQHW&RPPHUFH 6) 6XOIXU+H[DIOXRULGH
)RUIXUWKHUGHWDLOVVHHXQGHU6)1% 6) LVXVHGDVDGLHOHFWULF
VHWW DEEU VHWWHPEUH ,QRUJDQLF&KHPLVWU\
,WDOLDQDEEUHYLDWLRQPHDQLQJ6HSWHPEHU 6)$ 6RFLpWp)UDQoDLVHG·$VWURQDXWLTXH )UDQFH 
(8 'ROODU(WDWV8QLV'ROODU$PpULFDLQ 6)$6 6WDWHPHQWRI)LQDQFLDO$FFRXQWLQJ6WDQGDUGV
)UHQFKLQLWLDOLVPPHDQLQJ86 6)$61$  LVPHDQWWRSURYLGHPLQLPDOUHTXLUH
&XUUHQFLHV PHQWVIRUILQDQFLDOVWDWHPHQWSUHVHQWDWLRQDQG
6(8+6 6RXWKHDVWHUQ8QLYHUVLW\RIWKH+HDOWK GRHVQRWSUHFOXGHFROOHJHVDQGXQLYHUVLWLHVIURP
6FLHQFHV 86$  SURYLGLQJDGGLWLRQDOLQIRUPDWLRQ,PSOHPHQWDWLRQ
6(9 DEEU 6HYHQOHVV RI6)$61$ SURPLVHVPDQ\FKDOOHQJHVWR
6(9 VXUIDFHHIIHFWYHVVHO LQGXVWU\DFFRXQWDQWVDQGWKHLUDXGLWRUV7KHILQDO
EkWLPHQWjHIIHWGHVXUIDFH SURGXFWVKRXOGSURPRWHXQGHUVWDQGLQJRIILQDQFLDO
6(: VKDUHGHDUO\ZDUQLQJ VWDWHPHQWVZLWKLQDQGDPRQJWKH1)3 LQGXVWULHV


)RUIXUWKHUGHWDLOVVHHXQGHU)$6% DQGXQGHU 5HIHUULQJWRDWRROFXWWLQJVSHHG


01&V VIU VRWWRIDVFLDUDFFRPDQGDWR
6)% 6SHFLDO5HVHDUFK3URJUDPV $XVWULD  ,WDOLDQLQLWLDOLVPPHDQLQJXQGHUFRYHUUHJLVWHUHG
6)%5 6RXWKZHVW)RXQGDWLRQIRU%LRPHGLFDO 6)5 VWDWXVRIIRUFHVUHSRUW
5HVHDUFK 86$  UDSSRUWVXUO·pWDWGHVIRUFHV
6)& 6DOHV)LQDQFH&RPSDQLHV 6)U 6ZLVV)UDQF
6)& 6HFXULWLHVDQG)XWXUHV&RPPLVVLRQ &XUUHQFLHV
6)&LV&KLQD
V6WRFN0DUNHW5HJXODWRU 6)5V 6WDU)RUPLQJ5HJLRQV
6)& 6SDFH)RUHFDVW&HQWHU 86$  $VWURQRP\$VWURSK\VLFV
6)& 6SHFLILF)XHO&RQVXPSWLRQ 6)6 6RGLXP)RUPDOGHK\GH6XOIR[\ODWH
$YLDWLRQ0HFKDQLFDO(QJLQHHULQJ 6)6LVXVHGPDLQO\DVDEOHDFKLQJDJHQW IRUVRDS
6)& 6XSHUFULWLFDO)OXLG&KURPDWRJUDSK\ HWF 
6)&& 6DQ)UDQFLVFR&LW\&RKRUW 86$  2UJDQLF&KHPLVWU\
6)( 6ROYDWLRQFRPSRQHQWRIWKH)UHH(QHUJ\ VIV VRWWRIDVFLDVHPSOLFH
3KDUPDFHXWLFDO&KHPLVWU\ ,WDOLDQLQLWLDOLVPPHDQLQJXQGHUFRYHUQRWUHJLV
6)( 6XSHUFULWLFDO)OXLG([WUDFWLRQ WHUHG
6)HH6XUYH\)HH 6)6 6WDWLVWLFDO)LQH6WUXFWXUH
6)) 6ZL)LYH)DFWRU 3K\VLFDO&KHPLVWU\
%LRFKHPLVWU\3DWKRORJ\ 6)6 VHH675,.)256287+
6)* 6XSHULRU)URQWDO*\UXV YRLU675,.)256287+
%UDLQ6FLHQFHV&RJQLWLYH1HXURVFLHQFH 6)6& 6RXWKHDVW)LVKHULHV6FLHQFH&HQWHU
3V\FKRDFRXVWLFV 6)6SURJUDP 6FKRODUVKLS)RU6HUYLFHSURJUDP
6)+ 6ORZ)UHTXHQF\+RSSLQJ &RPSXWHU6HFXULW\,QIRUPDWLRQ$VVXUDQFH
:LUHOHVV&RPPXQLFDWLRQV 6)66 6DWHOOLWH)LHOG6HUYLFH6WDWLRQ 86$ 
6), 6DQWD)H,QVWLWXWH 86$  2IWKH861DWLRQDO:HDWKHU6HUYLFH
6), 6FLHQFH)RXQGDWLRQ,UHODQG 6)67 6DQWD)H6FLHQFHDQG7HFKQRORJ\
7KH6),ZDVODXQFKHGE\WKH*RYHUQPHQWLQ 6)673 6RFLpWp)UDQoDLVHGHV6FLHQFHVHW
%LRORJ\%LRWHFKQRORJ\$ZDUGV 7HFKQLTXHV3KDUPDFHXWLTXHV )UDQFH 
6), 6RFLHWj)LQDQ]LDULD,QWHUQD]LRQDOH 6)68 6DQ)UDQFLVFR6WDWH8QLYHUVLW\ 86$ 
,WDOLDQLQLWLDOLVPPHDQLQJ,QWHUQDWLRQDO)LQDQFH 6)7 6WDWH3ROOXWLRQ&RQWURO$XWKRULW\ 1RUZD\ 
&RUSRUDWLRQ ¨ 6DQ)UDQFLVFR9HWHUDQV$IIDLUV0HGLFDO&HQWHU
6), 6SRUWV)LVKLQJ,QLWLDWLYH 86$ 
6)0 6FDQQLQJ)RUFH0LFURVFRSH 6):0' 6RXWK)ORULGD:DWHU0DQDJHPHQW'LVWULFW
6)0 6XVWDLQDEOH)RUHVW0DQDJHPHQW 86$ 
%LRGLYHUVLW\&RQVHUYDWLRQ3UDFWLFHV(FRV\VWHPV $JULFXOWXUH%LRORJ\(FRORJ\(FRV\VWHP
)RUHVW0DQDJHPHQW 5HVWRUDWLRQ(QJLQHHULQJ(QYLURQPHQW
6)05 6WHSSHG)UHTXHQF\0LFURZDYH5DGLRPHWHU +\GURORJ\:HWODQGV
6)1% 6HFXULW\)LUVW1HWZRUN%DQN 6J 6FKL]DSKLVJUDPLQXP
7KH6)1% $WODQWD*HRUJLD86$ ZDVRQHRI (FRORJ\(YROXWLRQDU\%LRORJ\(QGRV\PELRWLF
WKHILUVWEDQNVWREULQJVHFXUHEDQNLQJVHUYLFHVWR %DFWHULD0ROHFXODU(YROXWLRQ
WKH,QWHUQHW 6* 6HD*UDQW
%DQNV'LJLWDO&HUWLILFDWHV(QFU\SWLRQ VJ VHFRQGRJUDQGH]]D
7HFKQRORJLHV ,WDOLDQLQLWLDOLVPPHDQLQJDFFRUGLQJWRVL]H
6)2 6DWHOOLWH)LHOG2IILFH 6* 6pFXULWp*pQpUDOH )UDQFH 
6)2 7KHDLUSRUWFRGHIRU6DQ)UDQFLVFR86$ VJ DEEU VHJXHQWH
6)23 6WUXPHQWR)LQDQ]LDULRGL2ULHQWDPHQWRGHOOD ,WDOLDQDEEUHYLDWLRQPHDQLQJIROORZLQJQH[W
3HVFD(XURSHDQ &RPPXQLW\ 6* VSHFLILFJUDYLW\
6)25 6WDELOL]DWLRQ)RUFH $OVRNQRZQDVUHODWLYHGHQVLW\
)RUFHGHVWDELOLVDWLRQ 0HFKDQLFV
6)265& 6RXWK)ORULGD2LO6SLOO5HVHDUFK&HQWHU 6* VSHVHJHQHUDOL
6)3( 6RFLHW\RI)LUH3URWHFWLRQ(QJLQHHUV ,WDOLDQLQLWLDOLVPPHDQLQJRSHUDWLQJH[SHQVHV
86$  RYHUKHDGVRYHUKHDGH[SHQVHVZRUNLQJH[SHQVHV
6)30 6XUIDFH)HHW3HU0LQXWH LQGLUHFWFKDUJHVUXQQLQJFRVWV


6* 6WDWH*UDSK 6*6$ VXEPDULQHJHQHUDWHGVHDUFKDUHD


&RPSXWHU7HFKQRORJ\ ]RQHGHUHFKHUFKHJpQpUDOHSDUOHVRXVPDULQ
6* 6WUXFWXUDO*ODVV 6*7 VDWHOOLWHJURXQGWHUPLQDO
%XLOGLQJV WHUPLQDOWHUULHQGHVDWHOOLWH
6* 6DVDNDZD*OREDO 6*8 *HRORJLFDO6XUYH\RI6ZHGHQ 6ZHGHQ 
$JURQRP\$JULFXOWXUDO(FRQRPLFV&RPPHUFLDO 6*8 6LJQDO*HQHUDWLQJ8QLW
)HUWLOL]HUV7HFKQRORJ\ 0HGLFLQH0LFURELRORJ\
6*$ 6DOHRI*RRGV$FW *%  6*; 6WUXFWXUDO*HQRPL;
6*$ 6RFLpWp*pQpUDOH$FFHSWDQFH19 &U\VWDOORJUDSK\3URWHLQ6WUXFWXUHV
6*%' V\VWqPHGHJHVWLRQGHEDVHVGHGRQQpHV 6+ 6pUXP+pSDWLWHRX+pSDWLWHjYLUXV%
GDWDEDVHPDQDJHPHQWV\VWHP '%06  )UHQFKLQLWLDOLVPPHDQLQJ+HSDWLWLV%
6*& VHFWLRQGHJXLGDJHHWGHFRPPDQGH 0HGLFLQH
JXLGDQFHDQGFRQWUROXQLW *&8  6+ 6HUXP+HSDWLWLV
6*& 6WUXFWXUDO*HQRPLFV&RQVRUWLXP &DQDGD  6+ 6HUYLFH+\GURJUDSKLTXH
$ SXEOLFSULYDWHYHQWXUH 6+ 6RFLDO+LVWRU\
6*&% 6HFUpWDULDW*pQpUDOGHOD&RPPLVVLRQ 6+ 6RXWKHUQ+HPLVSKHUH
%DQFDLUH )UDQFH  &OLPDWH&KDQJH
6*) 6RFLpWp*pQpUDOHGH)LQDQFHPHQW GX4XpEHF 6+ 6WRFNKROGHU
&DQDGD  %XVLQHVV(FRQRPLFV)LQDQFH
)RXQGHGLQE\LWVVKDUHKROGHUWKH4XpEHF 6+ 6UF+RPRORJ\RU
*RYHUQPHQW6*)LVDILQDQFLDOKROGLQJWKDWSUR %LRORJLFDO&KHPLVWU\/LIH6FLHQFHV
YLGHVGHYHORSPHQWFDSLWDO 6K$ 6KRUW$FFHVV
%XVLQHVV(FRQRPLFV)LQDQFH 'UXJ$GGLFWLRQ'UXJ,QWDNH
6*)6 6WUDWXP*ULVHXPHW)LEURVXP6XSHUILFLDOH 1HXURSKDUPDFRORJ\3V\FKRSKDUPDFRORJ\
$QDWRP\1HXURELRORJ\ 6+$ 6LGHUDO+RXU$QJOH
6JJ DEEU 6KDJJ\ $VWURQRP\
'URVRSKLOD SURWHLQDOVRNQRZQDV=Z 6+$ 7KHDLUSRUWFRGHIRU6KDQJKDL&KLQD
)RUIXUWKHUGHWDLOVVHHXQGHU=Z 6+$%6 DEEU VKRFNDEVRUEHU
6*+ 6LQJDSRUH*HQHUDO+RVSLWDO 0HFKDQLFDO(QJLQHHULQJ
6*+:5 6WHDP*HQHUDWLQJ+HDY\:DWHU5HDFWRU 6+$3( 6XSUHPH+HDGTXDUWHUV$OOLHG3RZHUV
6*, 6FKL]RSKUHQLD*HQHWLFV,QLWLDWLYH 1,0+
V  (XURSH
)RUIXUWKHUGHWDLOVVHHXQGHU1,+0 *UDQG4XDUWLHUJpQpUDOGHV3XLVVDQFHVDOOLpHVHQ
6*0/ 6WDQGDUG*HQHUDOL]HG0DUNXS/DQJXDJH (XURSH
&RGLILHGLQLQWKH6WDQGDUG,62 6+$3(; 6+$3(H[HUFLVH
6*1026 6FUHHQ*ULGQFKDQQHO0HWDO2[\GH H[HUFLFHGX6+$3(
6HPLFRQGXFWRU 6+D3U3 WUDQVJHQH 6\ULDQ+DPVWHU3U3 WUDQVJHQH
6*2 6XUJHRQ*HQHUDO
V2IILFH %LRFKHPLVWU\%LRSK\VLFV1HXURORJ\3ULRQ
6*25 6ROXWLRQ*DV2LO5DWLR 'LVHDVHV
6*27 6HUXP*OXWDPLF2[DORDFHWLF7UDQVDPLQDVH 6+% 6YHQVND+DQGHOVEDQNHQ
V*3 VHFUHWHG*O\FRSURWHLQ 6ZHGLVK%DQN
(EROD9LUXV 6+%* 6H[+RUPRQH%LQGLQJ*OREXOLQ
6*3 6HQLRU3ROLWLFR0LOLWDU\*URXSRQ 0HGLFLQH
3UROLIHUDWLRQ 6+& 6KULQHUV+RVSLWDOIRU&KLOGUHQ 86$ 
*URXSHSROLWLFRPLOLWDLUHGHKDXWQLYHDXVXUODSUR VKG DEEU VKHOWHUGHFN
OLIpUDWLRQ 1DYDO$UFKLWHFWXUH
6*3 6RXWKHUQ*UHDW3ODLQV 6+' VSHFLDOKDQGOLQJGHWDFKPHQW
6*37 6HUXP*OXWDPLF3\UXYLF7UDQVDPLQDVH GpWDFKHPHQWGHWUDLWHPHQWVSpFLDO
6*5 6HOI*HQHUDWLRQ5HF\FOH 6+'LPDJHV 6XSHU+LJK'HILQLWLRQLPDJHV
6*5 6RIW*DPPDUD\5HSHDWHU 0XOWLPHGLD&RPPXQLFDWLRQV
)RUIXUWKHUGHWDLOVVHHXQGHU6*5V 6+H 6KH+H
6*5V 6RIW*DPPDUD\5HSHDWHUV 6+( 6WDQGDUG+\GURJHQ(OHFWURGH
$ W\SHRIURWDWLQJQHXWURQVWDUV 6+(' 6RODU+HDW([FKDQJH'ULYH
$VWURSK\VLFV 6+(' VSHFLDOKDQGOLQJDQGHYDOXDWLRQGHWDFKPHQW


GpWDFKHPHQWGHWUDLWHPHQWVSpFLDOHWG·pYDOXDWLRQ 6+25$' VKRUWUDQJHDLUGHIHQFH


6+('&2,16 6+('FRPPXQLFDWLRQVDQGLQIRU GpIHQVHVRODLUjFRXUWHSRUWpH 6$&3 
PDWLRQV\VWHPV 6+25$'(= VKRUWUDQJHDLUGHIHQFHHQJDJHPHQW
V\VWqPHG·LQIRUPDWLRQHWGHFRPPXQLFDWLRQGX ]RQH
6+(' D]RQHG·HQJDJHPHQWGHVV\VWqPHVjFRXUWH
6+(/5(3 VKHOOLQJUHSRUW SRUWpH
FRPSWHUHQGXGHERPEDUGHPHQW E]RQHG·HQJDJHPHQWGHODGpIHQVHDpULHQQHj
6+(; 6XQGD\VDQG+ROLGD\V([FHSWHG FRXUWHSRUWpH
$OVR6+( 6+25$'6 VKRUWUDQJHDLUGHIHQFHV\VWHP
6+) 6HQVLEOH+HDW)DFWRU V\VWqPHGHGpIHQVHVRODLUjFRXUWHSRUWpH
7KHUPRG\QDPLFV 6+25$1 VKRUWUDQJHDLUQDYLJDWLRQ V\VWHP 
6+) 6XSHU+LJK)UHTXHQF\ V\VWqPHGH QDYLJDWLRQDpULHQQHjFRXUWHSRUWpH
$OVR6+ )  VKRWFUHWH DEEU VSUD\HGFRQFUHWH
6+) WHFKQRORJ\ 6KHOO+\GURIRUP\ODWLRQWHFKQROR VKRWFUHWHLVXVHGDVDSUHOLPLQDU\WXQQHOOLQLQJ
J\ 6+276 6KHHWIHG2IIVHW7UDLQLQJ6LPXODWRU
%LRGHJUDGDEOH6XUIDFWDQWV2[RSURFHVV (XURSHDQ&RPPXQLW\3URMHFW
6KK 6RQLFKHGJHKRJ VKS VKDIWKRUVHSRZHU
'HYHORSPHQWDO%LRORJ\ 0HFKDQLFDO(QJLQHHULQJ
6++7 6KXW+HLJKW UHIHUULQJWRDSUHVV  VKSJ DEEU VKLSSLQJ
6K, 6KHHW,URQ 6+33 6PDOO+\GUR3RZHU3ODQWV
6+,35(/ 5HOLDELOLW\PHWKRGVIRU6+,3 VWUXFWXUDO 6+5 6SRQWDQHRXVO\+\SHUWHQVLYH5DWV
GHVLJQ *HQHWLFV
(XURSHDQ&RPPXQLW\3URMHFW'HVLJQ5XOHV6KLS 6+5,03 6HQVLWLYH+LJK5HVROXWLRQ,RQ
'HVLJQ 0LFURSUREH &DQDGD 
6+,36 6WDWLVWLFDO+XUULFDQH,QWHQVLW\3UHGLFWLRQ *HRORJ\3DOHRELRORJ\3DOHRQWRORJ\(DUWK
6FKHPH $WPRVSKHULFDQG3ODQHWDU\6FLHQFHV
6+,9V 6LPLDQ+XPDQ,PPXQRGHILFLHQF\9LUXVHV 6+5,03 5* 6+5,03 5HYHUVH*HRPHWU\
0HGLFLQH&RQVWUXFWHG9LUXVHV (QYLURQPHQWDO6FLHQFHV*HRORJ\*HRFKHPLVWU\
6+/& 6XEMHFW+HDGLQJV/LEUDU\RI&RQJUHVV )RUIXUWKHUGHWDLOVVHHXQGHU6+5,03
6+0 6LPSOH+DUPRQLF0RWLRQ VK51$V VKRUWKHWHURFKURPDWLF51$V
6+0LVDOVRNQRZQDV+DUPRQLF0RWLRQ (SLJHQRPH3ODVWLFLW\0ROHFXODU%LRORJ\
0HFKDQLFV 0ROHFXODU3DWKRORJ\
6+0 6WDJJHUHG+HUULQJERQH0L[HU 6+6 6HOISURSDJDWLQJ+LJKWHPSHUDWXUH6\QWKHVLV
$SSOLHG6FLHQFHV&KHPLVWU\&KHPLFDO%LRORJ\ 1HZPDWHULDOVIRUDOXPLQXPHOHFWURO\VLVFHOOVSUR
0DWKHPDWLFV0HFKDQLFDODQG(QYLURQPHQWDO GXFHGE\6+6
(QJLQHHULQJ0LFURFKDQQHOV (XURSHDQ&RPPXQLW\3URMHFW
6+0$ 6+$QQXODU0RGH 6+6 6KHHW6WHHO
$ ODUJHVFDOHSDWWHUQRIYDULDELOLW\ 6+66 6XSHU+LJK6SHHG6WHHO
&OLPDWH&KDQJH 6KWQ 6KRUW7RQ
)RUIXUWKHUGHWDLOVVHHXQGHU6+ :HLJKW0HDVXUH
6+0, 6ORYDN+\GURPHWHRURORJLFDO,QVWLWXWH 6, 6FDOH,QYDULDQFH
7KH6+0,SHUPDQHQWO\DQGV\VWHPDWLFDOO\PHD &KDRWLF'\QDPLFV
VXUHVZDWHUIORZVDWYDULRXVVLWHVRI6ORYDNULYHUV 6, 6HDVRQDO,QGXVWU\
6+0 RILPPXQRJOREXOLQJHQHV 6RPDWLQ 6, 6HFUpWDULDWLQWHUQDWLRQDO
+\SHUPXWDWLRQ RILPPXQRJOREXOLQJHQHV  ,QWHUQDWLRQDO6WDII ,6 
$QWLJHQ$IILQLW\$QWLERG\PXWDWLRQLQ%FHOOV 6ORYHQLD
)RUIXUWKHUGHWDLOVVHHXQGHU$,' 6ORYpQLH
6+2 6LPSOH+DUPRQLF2VFLOODWRU VSHFLDOLQVWUXFWLRQV
3K\VLFV LQVWUXFWLRQVSDUWLFXOLqUHV
6+23$ 6FKRRO +RPH2IILFH3URGXFWV VSHFLDOLQWHOOLJHQFH
$VVRFLDWLRQ 86$  UHQVHLJQHPHQWVSpFLDO
6+23 WHFKQRORJ\ 6KHOO+LJKHU2OHILQV3URFHVV VWDQGDUGL]DWLRQDQGLQWHURSHUDELOLW\
WHFKQRORJ\ QRUPDOLVDWLRQHWLQWHURSpUDELOLWp


6, 6LHQD,WDO\ 6,%0$6 6RFLpWp,QWHUQDWLRQDOHGHV%LEOLRWKqTXHV


6L 6LOLFRQ HW0XVpHVGHV$UWVGX6SHFWDFOH
8VHGPDLQO\DVDVHPLFRQGXFWRUDQGLQDOOR\V 6,%25 6LQJDSRUH,QWHUEDQN2IIHUHG5DWH
&KHPLVWU\ 6,%6 6KDQJDL,QVWLWXWHVIRU%LRORJLFDO6FLHQFHV
6, 6LPSOH,QWHUHVW (VWDEOLVKHGLQ
6, 6RXQG,QYHVWPHQW %LRWHFKQRORJ\'HYHORSPHQWDO%LRORJ\
%XVLQHVV)LQDQFH ,PPXQRORJ\1HXURVFLHQFH3ODQW6FLHQFH
6, 6WDQGDUG,QWHUIDFH 3KDUPDFHXWLFDO6FLHQFH3URWHRPLFV6WHP&HOO
&RPSXWHU7HFKQRORJ\ 5HVHDUFK
6, 6\VWqPH,QWHUQDWLRQDO _6L& 0RLVVDQLWH
)UHQFKDFURQ\PPHDQLQJ,QWHUQDWLRQDO6\VWHP 0RLVVDQLWHLVDOVRNQRZQDV$UWLILFLDO
0HDVXUHV &DUERUXQGXP
6,$6LD 6HPLFRQGXFWRU,QGXVWU\$VVRFLDWLRQ (DUWK6FLHQFHV0LQHUDORJ\3ODQHWDU\6FLHQFHV
86$  6,& 6HUYL]LR,VSHWWLYR&HQWUDOH ,WDO\ 
6,$ 6HTXHQWLDO,QMHFWLRQ$QDO\VLV 6L& 6LOLFRQ&DUELGH
6,$ LVDQHZYDULDQWRIWKHWHFKQLTXHFDOOHG),$ 6LOLFRQ&DUELGHLVXVHGPDLQO\DVDQDEUDVLYH
)RUIXUWKHUGHWDLOVVHHXQGHU),$ ,QRUJDQLF&KHPLVWU\
6,$ 6PDOODPSOLWXGH,UUHJXODU$FWLYLW\ 6,& 6RFLpWp,QWHUQDWLRQDOHGH&KLUXUJLH
1HXURVFLHQFH )RUIXUWKHUGHWDLOVVHHXQGHU,66
6,$6,$ 6RFLHWj,WDOLDQDGL$QGURORJLD ,WDO\  6,& 6SHFLILF,QGXFWLYH&DSDFLW\
6,$ 6RIWZDUH,QGXVWU\$VVRFLDWLRQ 6,&LVDOVRNQRZQDV'LHOHFWULF&RQVWDQW
6,$% 6FLHQWLILF,QWHJULW\$GYLVRU\%RDUG 5HODWLYH'LHOHFWULF&RQVWDQW5HODWLYH3HUPLWWLYLW\
6,$& 6HFXULWLHV,QGXVWU\$XWRPDWLRQ&RUSRUDWLRQ (OHFWULFLW\
86$  6,& 6SOLW,QYHVWPHQW&RPSDQ\
6WRFN([FKDQJH 6,& 6WDQGDUG,QGXVWU\&RGH
6LDF 6RFLHWjLWDOLDQDDVVLFXUD]LRQHFDYDOOL ,WDO\  &RPSXWHUV
+RUVH,QVXUDQFH 6,& VXEMHFWLQGLFDWRUFRGH
6,$( 6RFLHWj,WDOLDQD$XWRULHG(GLWRUL DFRGHLQGLFDWHXUG·REMHW
,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ$XWKRU
VDQG EFRGHG·LGHQWLILFDWLRQGHVXMHWV
3XEOLVKHU
V$VVRFLDWLRQ FPRWFRGHG·DWWULEXWLRQ 0&$ >PDULQH)5@
6,$) 6FXROD,WDOLDQD$HURELFDH)LWQHVV ,WDO\  V\VWqPHVG·LQIRUPDWLRQHWGHFRPPXQLFDWLRQ
6,$,& 6RFLHWj,WDOLDQDGL$OOHUJRORJLDH FRPPXQLFDWLRQDQGLQIRUPDWLRQV\VWHPV &,6
,PPXQRORJLD&OLQLFD  
,WDOLDQDFURQ\PRIWKH,WDOLDQ6RFLHW\RI 6,&$'66LFDGV 6RFLHWj,WDOLDQDGL&KLUXUJLD
$OOHUJRORJ\DQG&OLQLFDO,PPXQRORJ\ $PEXODWRULDOHH'D\6XUJHU\ ,WDO\ 
6,$0 6RFLHWjGL,QFRUDJJLDPHQWRG·$UWLH0HVWLHUL 6,&$9 6RFLHWjGL,QYHVWLPHQWRD&DSLWDOH9DULDELOH
,WDO\  6RFLpWpG·,QYHVWLVVHPHQWj&DSLWDO9DULDEOH
$ QRQSURILW$VVRFLDWLRQHVWDEOLVKHGLQIRU ,WDOLDQDQG)UHQFKDFURQ\PPHDQLQJ2SHQHQG
WKHSURPRWLRQRI$UWVDQG&UDIWV$LPVIRXQGLQJ LQYHVWPHQWFRPSDQ\
DQGUXQQLQJ$SSOLHG6FLHQFHV6FKRROVIRU 6,&% 6RFLHW\IRU,QWHJUDWLYHDQG&RPSDUDWLYH
7HFKQLFDO9RFDWLRQDO7UDLQLQJ %LRORJ\ 86$ 
6,$0 6RFLHW\IRU,QGXVWULDODQG$SSOLHG 6L &+2  (WK\O6LOLFDWH
0DWKHPDWLFV (WK\O6LOLFDWHLVXVHGPDLQO\LQUHIUDFWRU\EULFNV
6,$3 VRQREXR\LQWHUIHUHQFHDYRLGDQFHSODQ DQGLQFHPHQWV
SODQSRXUSUpYHQLUO·LQWHUIpUHQFHHQWUHERXpHV 2UJDQLF&KHPLVWU\
VRQRUHV 6L&O 6LOLFRQ&KORULGH
6,% 6HFXULWLHVDQG,QYHVWPHQW%RDUG 6LOLFRQ&KORULGHDOVRNQRZQDV7HWUDFKORURVLODQH
7KH6,%LV*%
VPDLQILQDQFLDOVHUYLFHVUHJXOD 6LOLFRQ7HWUDFKORULGHLVXVHGLQPDQ\LQGXVWULDO
WRU SURFHVVHV
6,% 6ZLVVVFKRRORI,QWHUQDWLRQDO%DQNLQJDQG ,QRUJDQLF&KHPLVWU\
)LQDQFH 6ZLW]HUODQG  6,&0$ 6FDODEOH,QWHUDFWLYH&RQWLQXRXV0HGLD
6,%,$ 6DON,QVWLWXWH%LRWHFKQRORJ\,QGXVWULDO VHUYHUGHVLJQDQG$SSOLFDWLRQ
$VVRFLDWHV,QF 86$  (XURSHDQ&RPPXQLW\3URMHFW


6,&20 6HFXULWLHV,QGXVWU\&20PXQLFDWLRQV 6,) VLVLQGXFLEOHIDFWRU


6,&20 6LVWHPD,QIRUPDWLYR&20XQDOH 0LODQ 6,) 6RFLHWj,QWHUQD]LRQDOHGL)LQDQ]LDPHQWR
,WDO\  ,WDOLDQDFURQ\PPHDQLQJ,QWHUQDWLRQDO)LQDQFLQJ
6,& V\VWHP 6WDQGDUG,QGXVWULDO&ODVVLILFDWLRQ &RPSDQ\
6\VWHP %XVLQHVV(FRQRPLFV)LQDQFH
2IWKH86'HSDUWPHQWRI&RPPHUFH 6L) 6LOLFRQ)OXRULGH
6,' 6HUYL]LR,QIRUPD]LRQLGHOOD'LIHVD ,WDO\  6LOLFRQ)OXRULGHDOVRNQRZQDV7HWUDIOXRURVLODQH
,WDOLDQDFURQ\PRIWKH0LOLWDU\&RXQWHU 6LOLFRQ7HWUDIOXRULGHLVXVHGPDLQO\LQFKHPLFDO
(VSLRQDJH2UJDQL]DWLRQ)RUPHUO\6,)$5 DQDO\VLV
0LOLWDU\ ,QRUJDQLF&KHPLVWU\
6,' 6LVWHPDG
,QIRUPD]LRQH'RJDQDOH ,WDO\  6,)$5 6HUYL]LR,QIRUPD]LRQL)RU]H$UPDWH
,WDOLDQDFURQ\PPHDQLQJ&XVWRPV,QIRUPDWLRQ ,WDOLDQDFURQ\PPHDQLQJ,QIRUPDWLRQ6HUYLFHRI
6\VWHP WKH$UPHG)RUFHVQRZVXSHUVHGHGE\6HUYL]LR
6,' 6XGGHQ,RQRVSKHULF'LVWXUEDQFH ,QIRUPD]LRQLGHOOD'LIHVD
*HRSK\VLFV )RUIXUWKHUGHWDLOVVHHXQGHU6,'
6,'$ SRVLWLRQ6DFUR,OLDTXH'URLWH$QWpULHXUH 6,)) 6WRFN,QGH[)XWXUHV)XQG
)UHQFKDFURQ\PPHDQLQJ5LJKW6DFURDQWHULRU %XVLQHVV)LQDQFH
SRVLWLRQ 6,* 6HFUHWRU\,PPXQR*OREXOLQ
0HGLFLQH ,PPXQRORJ\
6,'$ 6LQGDFDWR,WDOLDQR'RWWRUL$JUDUL VLJ DEEU VLJQDWXUH
,WDOLDQ8QLRQ 6,*$ SRVLWLRQ6DFUR,OLDTXH*DXFKH$QWpULHXUH
6,'$ 6\QGURPH,PPXQRGpILFLWDLUH$FTXLV )UHQFKDFURQ\PPHDQLQJ/HIW6DFURDQWHULRU
)UHQFKDFURQ\PPHDQLQJDFTXLUHGLPPXQRGHIL SRVLWLRQ
FLHQF\V\QGURPH 0HGLFLQH
0HGLFLQH 6,*(; VLJQDOVH[HUFLVH
)RUIXUWKHUGHWDLOVVHHXQGHU$,'6 H[HUFLFHGHWUDQVPLVVLRQV
6,'$$& 6QRZDQG,FH'LVWULEXWHG$FWLYH$UFKLYH 6LJJ DEEU 6LJQRUL
&HQWHU 0HVVUV,Q,WDOLDQ
6,'2 6RFLHWj,WDOLDQDGL2UWRGRQ]LD 5RPH 6,**6LJJ 6RFLHWj,WDOLDQDGL*HULDWULDH
,WDO\  *HURQWRORJLD
2UWKRGRQWLFV ,WDOLDQDEEUHYLDWLRQRIWKH,WDOLDQ6RFLHW\RI
6,',36,',3 6FXROD,WDOLDQDGL',VFLSOLQH *HULDWULFVDQG*HURQWRORJ\
3VLFRFRUSRUHH ,WDO\  6,**(16LJ*HQ DEEU 6LJQDO*HQHUDWRU
,WDOLDQ6FKRROV $OVRNQRZQDV7HVW2VFLOODWRU
6,'3 SRVLWLRQ6DFUR,OLDTXH'URLWH3RVWpULHXUH (QJLQHHHULQJ
)UHQFKLQLWLDOLVPPHDQLQJ5LJKW6DFURSRVWHULRU 6,*,17 VLJQDOVLQWHOOLJHQFH
SRVLWLRQ UHQVHLJQHPHQWG·RULJLQHpOHFWURPDJQpWLTXH
0HGLFLQH 52(0 
6,'6 6XGGHQ,QIDQW'HDWK6\QGURPH 6LJ0LV DEEU 6LJQDWXUH0LVVLQJ
3HGLDWULFV 6,*26,*2 6RFLHWj,WDOLDQDGL*LQHFRORJLDH
6,( VLVLQGXFLEOHHOHPHQW 2VWHWULFLD ,WDO\ 
6,(&$ 6LQGDFDWR,WDOLDQR(GLWRUL&RPSRVLWRUL 6,*3 SRVLWLRQ6DFUR,OLDTXH*DXFKH3RVWpULHXUH
$XWRUL ,WDO\  )UHQFKLQLWLDOLVPPHDQLQJ/HIW6DFURSRVWHULRU
,WDOLDQDFURQ\PRIWKH,WDOLDQ8QLRQRI3XEOLVKHUV SRVLWLRQ
&RPSRVHUV$XWKRUV 0HGLFLQH
6,(3 6HUYLFHG
,QIRUPDWLRQVXUOHV(WXGHVHWOHV 6LJ8QN DEEU 6LJQDWXUH8QNQRZQ
3URIHVVLRQV %HOJLXP  6L+ 6LODQH
6,(5( 6\QGLFDWGHV,QGXVWULHV(OHFWURQLTXHVGH 6LODQHLVDOVRNQRZQDV6LOLFRQ7HWUDK\GULGH
5HSURGXFWLRQHWG·(QUHJLVWUHPHQW 6LOLFDQH
)UHQFK8QLRQV ,QRUJDQLF&KHPLVWU\
6,) VHOHFWLYHLGHQWLILFDWLRQIHDWXUH>,))HTXLSPHQW@ 6L+R/6 6WXGLHVLQWKH+LVWRU\RI/DQJXDJH
pTXLSHPHQW RXGLVSRVLWLI G·LGHQWLILFDWLRQVpOHF 6FLHQFHV
WLYH>PDWpULHO,))@ 6L, 6LOLFRQ,RGLGH


6L, LVDOVRNQRZQDV6LOLFRQ7HWUDLRGLGH 6PDUWFDUGV


,QRUJDQLF&KHPLVWU\ 6,0'6LPG 6LQJOH,QVWUXFWLRQ0XOWLSOH'DWD
6,, 6WUDWHJLF,PSHGLPHQWV,QLWLDWLYH 3HQWLXP 
6,/ 6RFLpWp,QWHUQDWLRQDOHGH/LQJXLVWLTXH 6,0( 6WUHVV,QGXFHG0LFURVSRUH(PEU\RJHQHVLV
&DPHURRQ  6,0* 6RFLHWj,WDOLDQDGL0HGLFLQD*HQHUDOH
/LQJXLVWLFV ,WDO\ 
6,/ 6SHHFK,QWHUIHUHQFH/HYHO 6,02 6FXROD,WDOLDQDGL0HGLFLQD2OLVWLFD
$FRXVWLFV ,WDOLDQ6FKRROV
6,/$ 6LQGDFDWR,WDOLDQR/DYRUDWRUL 6,02'(& 6DORQGHOD0DFKLQH2XWLOGH
GHOO·$XWRPRELOH 'pFROOHWDJH )UDQFH 
,WDOLDQ8QLRQ 6,03 6DWHOOLWH,QIRUPDWLRQ0HVVDJH3URWRFRO
6,/$5SURFHVV 6XFFHVLYH,RQLF/D\HU$GVRUSWLRQ 6,03/( 6DOW,03/(PHQWDWLRQ
DQG5HDFWLRQSURFHVV )RUIXUWKHUGHWDLOVVHHXQGHU6$/7
0DWHULDOV6FLHQFH 6,06 6FDQQLQJ,RQ0LFURSUREH6SHFWURPHWHU
6,/$6 6LQJDSRUH/LEUDU\$XWRPDWLRQ6\VWHP 3ODQHWDU\6FLHQFH
6,/% 6LQGDFDWR,WDOLDQR/RFDOLGD%DOOR ,WDO\  6,06 6FKRRORI,QIRUPDWLRQ0DQDJHPHQWDQG
,WDOLDQ8QLRQV 6\VWHPV
6,/&(3 VHFXULW\LQYHVWPHQWORJLVWLFVDQGFLYLO 2IWKH8QLYHUVLW\RI&DOLIRUQLDDW%HUNHOH\86$
HPHUJHQF\SODQQLQJ>KDVUHSODFHG,/&(3@ )RUIXUWKHUGHWDLOVVHHXQGHU&5$726
LQYHVWLVVHPHQWDXVHUYLFHGHODVpFXULWpGHODORJLV 6,06 6HFRQGDU\,RQ0DVV6SHFWURPHWU\
WLTXHHWGHVSODQVFLYLOVG·XUJHQFH>UHPSODFH 0DWHULDOV6FLHQFH1DYDO5HVHDUFK6SDFH
,/&(3@ 6FLHQFH
6,/6 6,/YHU6ROGHU 6,06 6WDEOH,VRWRSH0DVV6SHFWURPHWHU
6LOYHU6ROGHULVDOVRNQRZDV6LOYHU%UD]LQJ 6,07 6WXWWJDUW,QVWLWXWHRI0DQDJHPHQWDQG
$OOR\ 7HFKQRORJ\ *HUPDQ\ 
0HWDOOXUJ\ 6,07 RSHQHGLQRIIHULQJFRXUVHVLQLQWHUQD
6,/7$5 VLOHQWWDUJHW WLRQDOPDQDJHPHQWLQIRUPDWLRQWHFKQRORJ\HWF
REMHFWLIVLOHQFLHX[ 8QLYHUVLW\5HIRUPV
6,0 6FUHHQ,PDJH%XIIHU 6,1 6HUYL]L,1GXVWULDOL
&RPSXWHU7HFKQRORJ\ ,WDOLDQDFURQ\PPHDQLQJ,QGXVWULDO6HUYLFHV
6,0 6HUYL]LR,QIRUPD]LRQL0LOLWDUL 6L1 6LOLFRQ1LWULGH
,WDOLDQDFURQ\PRIWKH$UP\,QWHOOLJHQFH6HUYLFH 6LOLFRQ1LWULGHLVXVHGIRUPDQ\LQGXVWULDOSXUSRV
0LOLWDU\ HV
VLP DEEU VLPLOH ,QRUJDQLF&KHPLVWU\
,WDOLDQDEEUHYLDWLRQPHDQLQJVLPLODUDOLNH 6,1$/ 6,VWHPD1D]LRQDOHSHU$FFUHGLWDPHQWR
6,0 6RFLHWjGL,QWHUPHGLD]LRQH0RELOLDUH /DERUDWRULGLSURYD ,WDO\ 
,WDOLDQDFURQ\PPHDQLQJ6WRFN%URNHUDJH 6,1$3 6LVWHPDG
,QIRUPD]LRQHVXJOL$SSDOWL
&RPSDQ\ 3XEEOLFL ,WDO\ 
6,0 6SDFH,QWHUIHURPHWU\0LVVLRQ1$6$·V ,WDOLDQDFURQ\PPHDQLQJ3XEOLF7HQGHUV
6,0
VPDLQSXUSRVHLVWRGRDVWURPHWU\ PHDVXU ,QIRUPDWLRQ6\VWHP
LQJVWHOODUSRVLWLRQV ,WZLOODOVREHXVHGWRPHD 6,1$36, 6RFLHWj,1WHUQD]LRQDOH$QDOLVWL36,FRORJL
VXUHWKHH[SDQVLRQUDWHRIWKHXQLYHUVHDQGLQYLHZ ,WDOLDQDFURQ\PRIWKH3V\FKRORJLFDO$QDO\VWV
RILWVSUHFLVLRQLWZLOOEHXVHGIRUDZLGHUDQJHRI ,QWHUQDWLRQDO6RFLHW\
VWXGLHV 6,1&(57 6,VWHPD1D]LRQDOHSHUOD
$VWURPHWU\$VWURQRP\$VWURSK\VLFV3ODQHW &(57LILFD]LRQH ,WDO\ 
6HDUFK 6,1&26LQFR 6HUYL]LR,1WHUQRGL&2QWUROOR
6,0 VXEPDULQHLQWHQGHGPRYHPHQW ,WDO\ 
PRXYHPHQWSUpYXGHVRXVPDULQ 6,1( 6PDOO,QWHUVSHUVHG1XFOHDU(OHPHQW
6,0 6\VWqPHG
,QIRUPDWLRQ0HUFDWLTXH 6,1(V 6KRUW,QWHUVSHUVHG1XFOHRWLGH(OHPHQWV
)UHQFKDFURQ\PPHDQLQJ0DUNHWLQJ,QIRUPDWLRQ %LRORJ\*HQRPLF%LRORJ\0HGLFLQH0ROHFXODU
6\VWHP %LRWHFKQRORJ\1HXURORJ\3V\FKLDWU\
6,06LPFDUG 6XEVFULEHU,GHQWLW\0RGXOHFDUG 6,1, 6KRUW,1WHJXPHQW
6XEVFULEHULQIRUPDWLRQPRGXOHFDUG 6,1,LVDJHQHWKDWKDVDQHVVHQWLDOUROHLQUHJXODW


LQJWKHGHYHORSPHQWRIRYXOHVDQGWKHWLPHRI 6,3 6WDWH,PSOHPHQWDWLRQ3ODQ 86$ 


IORZHULQJ 7KH866WDWH,PSOHPHQWDWLRQ3ODQKDVWREHVXE
%RWDQ\0ROHFXODU%LRORJ\3ODQW(YROXWLRQ PLWWHGWRWKH86(3$ IRUDSSURYDOLQFDVHVRI
3ODQW*HQHWLFV YLRODWLRQRIDLUTXDOLW\VWDQGDUGV
6,1(7 6FLHQFH,QIRUPDWLRQ1(7ZRUN -DSDQ  &KHPLVWU\(QYLURQPHQW1XFOHDU3K\VLFV
6,15 6ZLVV,QVWLWXWHIRU1XFOHDU5HVHDUFK )RUIXUWKHUGHWDLOVVHHXQGHU(3$
6ZLW]HUODQG  6,3 6WURQJO\,PSOLFLW3URFHGXUH
6,16 6KLS
V,QHUWLDO1DYLJDWLRQ6\VWHP 6,3$ 6HFXULWLHV,QYHVWRU3URWHFWLRQ$FW 86$ 
6,17$& V\VWqPHLQWpJUpG
LGHQWLILFDWLRQGHQDYL 6,3$ 6LPSRVLR,QWHUQD]LRQDOHGHOOH3DJLQH
JDWLRQGHFRQWU{OHGHWUDILFG
DQWLDERUGDJHHWGH VXOO
$IULFD  
WUDQVPLVVLRQ 6,SKHQRPHQRQ 6HOI,QFRPSDWLELOLW\SKHQRPHQRQ
LQWHJUDWHGLGHQWLILFDWLRQQDYLJDWLRQWUDIILFFRQ 3ODQW%LRORJ\3ODQW6FLHQFHV
WUROFROOLVLRQSUHYHQWLRQDQGFRPPXQFLDWLRQVV\V 6,3, 6FLHQWLVWV
,QVWLWXWHIRU3XEOLF,QIRUPDWLRQ
WHP 6,33 6RGLXP,URQ3\URSKRVSKDWH
6,17(6, 6WUXPHQWLILQDQ]LDUL,17(JUDWLSHUOR 6,35, 6WRFNKROP,QWHUQDWLRQDO3HDFH5HVHDUFK
6YLOXSSR,QWHUQD]LRQDOH ,WDO\  ,QVWLWXWH
2IWKH0LODQ&KDPEHURI&RPPHUFH /RFDWHGLQ6ROQD6ZHGHQ)RXQGHGLQIRU
6,186 6DWHOOLWH,QWHJUDWLRQLQWR1HWZRUNVIRU UHVHDUFKLQWRSUREOHPVRISHDFHDQGFRQIOLFWZLWK
80766HUYLFHV SDUWLFXODUDWWHQWLRQWRWKHSUREOHPVRIGLVDUPD
(XURSHDQ&RPPXQLW\3URMHFW PHQWDQGDUPVFRQWURO
6L1:V 6LOLFRQ1DQRZLUHV 6,5 6DIH,QWHJUDO5HDFWRU *% 
0DWHULDOV6FLHQFHV3K\VLFV 6,5 6KXWWOH,PDJLQJ5DGDU
6,2 6FULSSV,QVWLWXWLRQRI2FHDQRJUDSK\ 86$  6,5 6XEPDULQH,QWHUPHGLDWH5HDFWRU
6,2 6HFWLRQLQWHURUJDQLVDWLRQV 6,5FRPSOH[ 6LOHQW,QIRUPDWLRQ5HJXODWRUFRP
,QWHU2UJDQL]DWLRQV6HFWLRQ ,26  SOH[
6L2 6LOLFRQ0RQR[LGH 6,5PHGLDWHVVLOHQFLQJRIHQWLUHFKURPRVRPH
,QRUJDQLF&KHPLVWU\ UHJLRQV,WGHWHUPLQHVLQSDUWOLIHVSDQ
6,2 6LVWHPD,QIRUPDWLYR2VSHGDOLHUR ,WDO\  %LRORJ\
6,2 6NLGDZD\,QVWLWXWHRI2FHDQRJUDSK\ 86$  6,UHVSRQVH 6HOI,QFRPSDWLELOLW\UHVSRQVH
6L2 )XVHG4XDUW] %LRORJLFDO6FLHQFHV3ODQW%LRORJ\
)XVHG4XDUW]LVDOVRNQRZQDV4XDUW]*ODVV 6,5) 6LVWHPD,WDOLDQR5LOHYDPHQWR)XOPLQL ,WDO\ 
0DWHULDOV /LJKWQLQJ'HWHFWLRQ
6L2 /HFKDWHOOHULWH 6,5*6 6LVWHPD,QIRPDWLYR,QWHJUDWRGHOOD
1DPHGDIWHUWKH)UHQFKFKHPLVW+HQUL/H 5DJLRQHULD*HQHUDOHGHOOR6WDWR ,WDO\ 
&KkWHOLHU 6,5,2 6LVWHPD,QWHJUDWRLQ5HWHSHUO
,QFUHPHQWR
0LQHUDORJ\ 2FFXSD]LRQDOH ,WDO\ 
6L2 /RZ4XDUW] 7LWOHRIWUDQVQDWLRQDOSURMHFW7UDLQLQJ3DWWHUQVDQG
/RZ4XDUW]LVDOVRNQRZQDV$OSKD4XDUW] 6WDQGDUGVLQ3URJUHVV$SSOLHGWR$FWLRQVLQ
0LQHUDORJ\ )DYRXURI'LVDGYDQWDJHG<RXQJ3HRSOH
6L2 6LOLFD6LOLFRQ'LR[LGH 7UDQVQDWLRQDO3URMHFWV
6L2 LVXVHGPDLQO\WRPDNHFHUDPLFVFRVPHWLFV 6,5,7 6,VWHPDGL5LFHUFDH,QQRYD]LRQH
SKDUDPFHXWLFDOVDQGFRQFUHWH 7HFQRORJLFD
0LQHUDORJ\ ,WDOLDQDFURQ\PPHDQLQJ5HVHDUFKDQG
6,2V 6FDWWHUHG,F\2EMHFWV 7HFKQRORJLFDO,QQRYDWLRQ6\VWHP2I3DGXD
$VWURQRP\$VWURSK\VLFV3K\VLFV6SDFH6FLHQFH 8QLYHUVLW\ ,WDO\ 
)RUIXUWKHUGHWDLOVVHHXQGHU-)&V VL51$V VPDOOVKRUWLQWHUIHULQJ51$V
6,3 6$&/$17 LQWHOOLJHQFHSODQ %LRPHGLFDO*HQHWLFV0ROHFXODU&DUFLQRJHQHVLV
SODQGHUHQVHLJQHPHQWGX6$&/$17 7XPRU%LRORJ\*HQHV'HYHORSPHQW
6HFXULW\,QYHVWPHQW3URJUDPPH 6,53(/ 6LVWHPD,QWHJUDWRSHUOD5LOHYD]LRQH
3URJUDPPHG·LQYHVWLVVHPHQWDXVHUYLFHGHOD 3HUPDQHQWHGHOODGRPDQGDGLODYRUR
VpFXULWp QHOO
(FRQRPLD/RPEDUGD ,WDO\ 
6,3 6KDUHEXLOGHU,QYHVWPHQW3ODQ 6,56 6DWHOOLWH,QIUDUHG6SHFWURPHWHU
6,3 6LQJOH,QILQH3DFNDJH 6,56 6ROXEOH,PPXQH5HVSRQVH6XSSUHVVRU


0HGLFLQH 6,7 GHEXWHGRQUG 0DUFK


6,57) 6SDFH,QIUDUHG7HOHVFRSH)DFLOLW\ 86$  6,7$5 6LVWHPD,QIRUPDWLYR7HOHPDWLFRVXJOL
1$6$ ODXQFKHG6,57)DWWKHHQGRI $SSDOWLDUWLFRODWRLQQRGL5HJLRQDOL ,WDO\ 
6SDFH6FLHQFH 6,7&(1 6LWXDWLRQ&HQWUH>1$72+4@
6,6 6HUYL]LR,WDOLDQR6FULWWR &HQWUHGHVLWXDWLRQ>VLqJHGHO·27$1@
,WDOLDQDFURQ\PPHDQLQJ:ULWWHQ,WDOLDQ6HUYLFH 6,7(6 6LQGDFDWR,WDOLDQR7(FQLFL6DQLWDUL
&RLQHGLQE\D3URIHVVRURIWKH8QLYHUVLW\RI ,WDOLDQ8QLRQV
9HQLFHIRUXQGHUJUDGXDWHVWXGHQWVZKRQHHGD 6,75(3 VLWUHS DEEU VLWXDWLRQUHSRUW
UHIUHVKHUFRXUVHRQ,WDOLDQ*UDPPDU 6,76 6DORQ,QWHUQDWLRQDOGHV7UDLWHPHQWVGH6XUIDFH
6,6 6LVWHPD,QIRUPDWLYR6DQLWDULR ,WDO\  HWILQLWLRQLQGXVWULHOOH )UDQFH 
6,6 6LVWHPD,QIRUPDWLYR6FKHQJHQ VLWVYDF DEEU VLWXDWLRQV YDFDQW
6,6 6HUYL]LR,VSHWWLYRGL6LFXUH]]D ,WDO\  6,7680 LQWHOOLJHQFH VLWXDWLRQVXPPDU\
6,6 6RFLHW\IRU,QIRUPDWLRQ6FLHQFH DV\QWKqVHGHVLWXDWLRQ UHQVHLJQHPHQW 
6,6 VWUDWHJLFLQWHOOLJHQFHVXPPDU\ EUpVXPpGHVLWXDWLRQ UHQVHLJQHPHQW 
UDSSRUWGHV\QWKqVHGHUHQVHLJQHPHQWVWUDWpJLTXH 6,8 6RXWKHUQ,OOLQRLV8QLYHUVLW\ 86$ 
6,6$/ VWUDLJKWLQVLOHQWDQGORZ DSSURDFK  6,8 6\VWqPH,QWHUQDWLRQDOG
8QLWpV
DSSURFKH GLUHFWHVLOHQFLHXVHHWjEDVVHDOWLWXGH )UHQFKDFURQ\PPHDQLQJ,QWHUQDWLRQDO6\VWHPRI
6,6'&$ 6RFLHWj,WDOLDQD6WXGL'LVWXUEL 8QLWV
&RPSRUWDPHQWR$OLPHQWDUH ,WDO\  6,8/3 6,QGDFDWR,WDOLDQR8QLWDULRGHL/DYRUDWRULGL
6,6'2 6LVWHPL,QIRUPDWLYL6YLOXSSR 3ROL]LD ,WDO\ 
'HOO
2UJDQL]]D]LRQH ,WDO\  ,WDOLDQ8QLRQV
6,6(; 6DWHOOLWH,PDJLQJ6SHFWURPHWHU(;SHULPHQW 6,9 6LPLDQ,PPXQRGHILFLHQF\9LUXV
6,6) 6RFLHWj,WDOLDQDGL6FLHQ]H)DUPDFHXWLFKH *\QHFRORJ\1HZERUQ0HGLFLQH3HGLDWULFV
,WDO\  5DGLRORJ\9HWHULQDU\0HGLFLQH9HWHULQDU\
3KDUPDFHXWLFDO6FLHQFHV 3DWKRORJ\9LUDO3DWKRJHQHVLV
6,656 V\VWHPLQWHUFRQQHFWLRQVHFXULW\UHTXLUHPHQWV 6,YLUXVHV 6\QF\WLD,QGXFLQJYLUXVHV
VWDWHPHQW 6- 6ROGHUHG-RLQW
pQRQFpGHVLPSpUDWLIVGHVpFXULWpDSSOLFDEOHVj %XLOGLQJV0HFKDQLFV7HFKQRORJ\
O·LQWHUFRQQH[LRQGHV\VWqPHV 6-& 7KHDLUSRUWFRGHIRU6DQ-RVH&DOLIRUQLD
6,66 6FXROD,QWHUQD]LRQDOH6HUYL]LGL6LFXUH]]D 86$
,QWHUQDWLRQDO6FKRROV 6-&5+ 6W-XGH&KLOGUHQ
V5HVHDUFK+RVSLWDO
6,666,66 6RFLHWj,WDOLDQDGL6HVVXRORJLD 86$ 
6FLHQWLILFD ,WDO\  6-2 7KHDLUSRUWFRGHIRU6DQ-RVp&RVWD5LFD
6,66, 6LVWHPD,QIRUPDWLYRSHULO6HUYL]LR6DQLWDULR 6-8 7KHDLUSRUWFRGHIRU6DQ-XDQ3XHUWR5LFR
,WDOLDQR ,WDO\  VN DEEU VDFNVNHWFK
$ '('$/863URMHFW VN DEEU VDIHNHHSLQJ
'HGDOXV)ORUHQFH,WDO\)RXQGHGLQ 6. 6HDUFK.H\
6,7 6HOI,QGXFHG7UDQVSDUHQF\ &RPSXWHU7HFKQRORJ\
2SWLFV 6. 6WDUNQXPEHU
6,7 6HUYL]LRGL,PPXQRHPDWRORJLDH7UDVIXVLRQH 6. 6WUHSWRNLQDVH
2VSHGDOH1LJXDUGD 0LODQ,WDO\ (Q]\PRORJ\
,PPXQRKHPDWRORJ\ +RVSLWDOV  6. 7KHDLUOLQHFRGHIRU6$6 6FDQGLQDYLDQ$LUOLQHV
VLW DEEU VLWXDWLRQ 6\VWHP 
*HRJUDSK\ 6.$, 6TXDUH.LORPHWHU$UUD\,QWHUIHURPHWHU
VLW DEEU VLWWLQJURRP 6.$,KDVDWRWDOVXUIDFHDUHDRINLORPHWHU
6,7 6\VWqPH,QWHUEDQFDLUHGH7pOpFRPSHQVDWLRQ VTXDUH5DGLRDVWURQRPHUVIURP$XVWUDOLD&DQDGD
)UDQFH  &KLQD,QGLDDQG7KH1HWKHUODQGVZLOOEHJLQFRQ
)UHQFKDFURQ\PPHDQLQJ,QWHUEDQN7HOHFOHDULQJ VWUXFWLRQLQ
6\VWHP $VWURQRP\5HVHDUFK5DGLR$VWURQRP\5DGLR
6,7 6\VWHP,PSURYHPHQW7LPH 7HOHVFRSHV0DJQHWLF)LHOGV0DSSLQJ
&RPSXWHU7HFKQRORJ\ 6.GHWHFWRU 6XSHU.DPLRNDQGHGHWHFWRU -DSDQ 
6,7 8QLYHUVLW\ 6HRXO,QIRUPDWLRQ7HFKQRORJ\ 3K\VLFV1HXWULQR3K\VLFV
8QLYHUVLW\


6.(//(0 6KHIILHOG.HHOH/LYHUSRRO/HHGVDQG DPLVVLOHEDOLVWLTXHjODQFHXUVRXVPDULQ


0DQFKHVWHU8QLYHUVLW\/LEUDULHV EPLVVLOHEDOLVWLTXHWLUpGHVRXVPDULQ
6.(0 6FDQQLQJ.(UU0LFURVFRS\ 6/& 7KHDLUSRUWFRGHIRU6DOW/DNH&LW\8WDK
0HWDOV3K\VLFV 86$
6., 6ORDQ.HWWHULQJ,QVWLWXWH 86$  6/& 6HFRQGDU\/\PSKRLGWLVVXH&KHPRNLQH
6NW DEEU 6DQGNULW 6/&0 VHDODXQFKHGFUXLVHPLVVLOH
/DQJXDJHV PLVVLOHGHFURLVLqUHjODQFHXUQDYDO
6/ VHDOHYHO VXEPDULQHODXQFKHGFUXLVHPLVVLOH
QLYHDXGHODPHU DPLVVLOHGHFURLVLqUHjODQFHXUVRXVPDULQ
6LHUUD/HRQH EPLVVLOHGHFURLVLqUHWLUpGHVRXVPDULQ
6LHUUD/HRQH VXUIDFHODXQFKHGFUXLVHPLVVLOH
6/ 6NLOOHG/DERU DPLVVLOHGHFURLVLqUHjODQFHXUQDYDO
6/ 6PRRWK/DWH EPLVVLOHGHFURLVLqUHWLUpGHEkWLPHQW
0RQNH\V9RFDO6RXQGV 6/' /HIW'HPRFUDWLF$OOLDQFH 3RODQG 
6/ 6RQROXPLQHVFHQFH VOG DEEU VDLOHG
$FRXVWLFV(QHUJ\3K\VLFVRI6KRFN:DYHV 6KLSSLQJ
5DGLDWLRQ+\GURG\QDPLFV VOG DEEU VROG
6/ 6\VWHP/LEUDU\ 6/( 6$&/$17 OLDLVRQHOHPHQW>LQ3&&@
&RPSXWHU3URJUDPPLQJ pOpPHQWGHOLDLVRQGX6$&/$17 >jOD&&3@
6/ 6\VWHP/RDGHU 6/( 6\VWHPLF/XSXV(U\WKHPDWRVXV
&RPSXWHU3URJUDPPLQJ 6/(LVDQLQIODPPDWRU\GLVHDVHWKDWDIIOLFWVSDUWLF
6/$ 6DOHVDQG/RDQ$VVRFLDWLRQ 86$  XODUO\PLGGOHDJHGZRPHQ
6/$ 6DVNDWFKHZDQ/LEUDU\$VVRFLDWLRQ &DQDGD  0HGLFLQH
6/$ 6FKRRO/LEUDU\$VVRFLDWLRQ 6/(YLUXV 6W/RXLV(QFHSKDOLWLV9LUXV
6/$ 6FRWWLVK/LEUDU\$VVRFLDWLRQ 9LURORJ\
6/$ 6HFRQG/DQJXDJH$FTXLVLWLRQ 6/, 6RXWLHQ/RJLVWLTXH,QWpJUp
/LQJXLVWLFV )UHQFKDFURQ\PPHDQLQJ,QWHJUDWHG/RJLVWLF
6/$ 6H[DQG/RYH$GGLFWHG 6XSSRUW
6/$ 6SHFLDO/LEUDULHV$VVRFLDWLRQ 6/, 6SHFLILF/DQJXDJH,PSDLUPHQW
6/$& 6WDQIRUG/LQHDU$FFHOHUDWRU&HQWHU 6/,& 6DYLQJVDQG/RDQ,QVXUDQFH&RUSRUDWLRQ
,Q0HQOR3DUN&DOLIRUQLD86$ 86$ 
%LRORJLFDO0ROHFXOHV6WUXFWXUDO$QDO\VLV 6/,5 VLGH ZD\V ORRNLQJLQIUDUHG V\VWHP 
6/$/20 6HPLFRQGXFWRU/DVHU$PSOLILHULQD V\VWqPH LQIUDURXJHjYLVLRQODWpUDOH
/2RS0LUURU 6//$ 6LHUUD/HRQH/LEUDU\$VVRFLDWLRQ
'LJLWDO,QIRUPDWLRQ3URFHVVLQJ(OHFWURQLF 6/0 6SDWLDO/LQHDU0RGHO
(QJLQHHULQJ 6/0 VWDIIOHYHOPHHWLQJ
6/$0 6LJQDOOLQJ/\PSKRF\WH$FWLYDWLRQ UpXQLRQjO·pFKHORQGHO·pWDWPDMRU
0ROHFXOH VOP VXOOLYHOORGHOPDUH
,PPXQRORJ\ ,WDOLDQLQLWLDOLVPPHDQLQJDERYHVHDOHYHO
)RUIXUWKHUGHWLOVVHHXQGHU6$0 6/0$ 6WXGHQW/RDQ0DUNHWLQJ$VVRFLDWLRQ
6/$0VODP 6WDQGRII/DQG$WWDFN0LVVLOH 86$ 
2UGQDQFH 6/0V 6SDWLDO/LJKW0RGXODWRUV
6/$0 6XSHUVRQLF/RZ$OWLWXGH0LVVLOH %LRFKHPLVWU\&KHPLVWU\2SWRHOHFWURQLF
0LOLWDU\ &RPSXWLQJ6\VWHPV
6/$5 VLGHORRNLQJDLUERUQHUDGDU 6/2 6HOI/LTXLGDWLQJ2IIHU
DUDGDUDpURSRUWpjDQWHQQHODWpUDOH %XVLQHVV&RPPHUFH
EUDGDUDpURSRUWpjYLVLRQODWpUDOH 6/2 6WRS/RVV2UGHU
6ODY 6ODYLF %XVLQHVV&RPPHUFH
6ODYLFDOVRNQRZQDV6ODYRQLFLVDEUDQFKRIWKH 6/2 6WUHSWRO\VLQ2
,QGR(XURSHDQIDPLO\RIODQJXDJHVGLYLGHGLQWR 0HGLFLQH3K\VLRORJ\3URWHLQ%LRFKHPLVWU\
(DVW6ODYLF:HVW6ODYLFDQG6RXWK6ODYLF 6/2& VHDOLQHVRIFRPPXQLFDWLRQ
/DQJXDJHV YRLHVGHFRPPXQLFDWLRQPDULWLPHV
6/%0 VXEPDULQHODXQFKHGEDOOLVWLFPLVVLOH


6/26+PRGHO 6HD/DNHDQG2YHUODQG6XUJHVIURP 60 6DQ0DULQR


+XUULFDQHVPRGHO 86$  6DLQW0DULQ
6/27 VXEPDULQHODXQFKHGRQHZD\WDFWLFDO EXR\  VFDWWHUDEOHPLQH
ERXpH WDFWLTXHjpPLVVLRQXQLODWpUDOHODUJXpH PLQHGLVSHUVDEOH
G·XQVRXVPDULQ 60 6HFRQGDU\0DUNHW
6/2WHFKQLTXH 6FDQQLQJ/DVHU2SWLFDOWUDSSLQJ 60 6HFRQG0RUWJDJH
WHFKQLTXH 60 6HFWRU0DUN
&KHPLFDO%LRORJ\&KHPLFDO(QJLQHHULQJ &RPSXWHU7HFKQRORJ\
&ROORLGDO'HYLFHV0LFURIOXLGLF&RQWURO3K\VLFV 60 6RPDWRPpGLQH
6/3 6HD/HYHO3UHVVXUH )UHQFKLQLWLDOLVPPHDQLQJ6RPDWRPHGLQ
7KH6/3 LVWKHDWPRVSKHULFSUHVVXUHDWPHDQVHD $OVRNQRZQDV,QVXOLQOLNH*URZWK)DFWRU
OHYHO (QGRFULQRORJ\
&OLPDWH2FHDQ9DULDELOLW\(FRV\VWHPDQG 60 6SHFLDO0HPRUDQGXP
3RSXODWLRQ%LRORJ\ 0HWHRURORJ\2FHDQRJUDSK\ 60 6WDWR0DJJLRUH
6/3 VWDQGDUGL]HGODQJXDJHSURILFLHQF\ ,WDOLDQLQLWLDOLVPPHDQLQJ*HQHUDO6WDII
DSWLWXGHVOLQJXLVWLTXHVQRUPDOLVpHV 60 6WRFN0DUNHW
VWDQGDUGL]HGODQJXDJHSURILOH 60 6WUDWHJLDGL0DUNHWLQJ
SURILOOLQJXLVWLTXHQRUPDOLVp ,WDOLDQLQLWLDOLVPPHDQLQJ0DUNHWLQJ6WUDWHJ\
6/3 6XSHUILFLH/RUGDGL3DYLPHQWR 60 6XD0DHVWj6D0DMHVWppH
6/3, 6HFUHWDU\/HXNRF\WH3URWHDVH,QKLELWRU ,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ+LV+HU
&HOO%LRORJ\0HGLFLQH3K\VLRORJ\ 0DMHVW\
6/5 6DWHOOLWH/DVHU5DQJLQJ 60 6XH0DQL
*HRSK\VLFV6SDFH*HRGHV\ ,WDOLDQLQLWLDOLVPPHDQLQJWREHGHOLYHUHGSHUVRQ
6/5 6HD/HYHO5LVH DOO\ ZKHQ60LVLQGLFDWHGRQDOHWWHUHQYH
6/6, 6XSHU/DUJH6FDOH,QWHJUDWLRQ ORSH 
(OHFWURQLFV 60 6XUFKDUJH0RQpWDLUH
VOVPDQ DEEU VDOHVPDQ )UHQFKLQLWLDOLVPPHDQLQJ&XUUHQF\$GMXVWPHQW
VOVPHQ DEEU VDOHVPHQ )DFWRU
VOVPJU DEEU VDOHVPDQDJHU 60$ 6KDSH0HPRU\$OOR\
6/67,1(7 6UL/DQND6FLHQWLILFDQG7HFKQLFDO 60$ 6LVWHPLSHUOD0HWHRURORJLDHO
$PELHQWH
,QIRUPDWLRQ1HWZRUN ,WDO\ 
6/673 6SDFH/LIH6FLHQFHV7UDLQLQJ3URJUDP 60$ 6SHFLDO0LVFHOODQHRXV$FFRXQW 86$ 
6/6V\QWKHVLV 6ROXWLRQ/LTXLG6ROLGV\QWKHVLV 6WRFN([FKDQJH
&KHPLFDO%LRORJ\&KHPLVWU\ 60$ VSHFLILFPHVVDJHDGGUHVV
6/7$ 6DVNDWFKHZDQ/LEUDU\7UXVWHHV$VVRFLDWLRQ DGUHVVHVSpFLILTXHGHPHVDJH
&DQDGD  VSHFLILFPLOLWDU\DJUHHPHQW
6/8 6RXWKHUQ/RXLVLDQD8QLYHUVLW\ 86$  DFFRUGPLOLWDLUHSDUWLFXOLHU
6/8 6ZHGLVK8QLYHUVLW\RI$JULFXOWXUDO6FLHQFHV V\VWHPPDQDJHPHQWDXWKRULW\>$&&,6@
6ZHGHQ  DXWRULWpGHJHVWLRQGXV\VWqPH>$&&,6@
6/9 VSDFHODXQFKHGYHKLFOH 60$ 6SLQDO0XVFXODU$WURSK\
DYpKLFXOHjODQFHXUVSDWLDO %LRFKHPVLWU\%LRSK\VLFV0HGLFLQH
EYpKLFXOHODQFpGHO·HVSDFH )RUIXUWKHUGHWDLOVVHHXQGHU601SURWHLQ
6/9V 6LQJOH/RFXV9DULDQWV 60$ 6WDWH0HWHRURORJ\$GPLQLVWUDWLRQ &KLQD 
)RUIXUWKHUGHWDLOVVHHXQGHU0/67 60$ 6XE0LOOLPHWHU$UUD\
6/: 6XSHUFRROHG/LTXLG:DWHU 60$ ZDVFRPSOHWHGLQ
6/:3* 6HQLRU/HYHO:HDSRQV3URWHFWLRQ*URXS 0LOOLPHWHU:DYH$VWURQRP\
*URXSHGHQLYHDXpOHYpVXUODSURWHFWLRQGHVDUPH 60$$ VXEPDULQHPRYHPHQWDGYLVRU\DXWKRULW\
PHQWV DXWRULWpFRQVXOWDWLYHSRXUOHVPRXYHPHQWVGH V
60 6DOHV0DQDJHU VRXVPDULQV
6P 7KHFKHPLFDOV\PEROIRU6DPDULXP 60$&&ROODERUDWLRQ 6WUHDPLQJ0RWLRQVRI$EHOO
6DPDULXPLVDUDUHHDUWKPHWDOKDYLQJWKHDWRPLF &OXVWHUV&ROODERUDWLRQ
QXPEHUDQGDQDWRPLFZHLJKWRI $VWURQRP\$VWURSK\VLFV*DOD[\&OXVWHUV
&KHPLVWU\6\PEROV


60$&1$ 6KHHW0HWDODQG$LU&RQGLWLRQLQJ &KHPLVWU\(QHUJ\


&RQWUDFWRUV
1DWLRQDO$VVRFLDWLRQ 86$  60' 6\VWqPH0RQGLDOGH'LVWULEXWLRQ
6P$ SKDVH VPHWLF$ SKDVH )UHQFKLQLWLDOLVPPHDQLQJ*OREDO'LVWULEXWLRQ
3K\VLFV 6\VWHP
60$57 6LPSOH0RGXODU$UFKLWHFWXUDO5HVHDUFK 60'& VRIWZDUHPDLQWHQDQFHDQGGHYHORSPHQWFHQ
7RRO WUH
(SLJHQHWLFV FHQWUHGHGpYHORSSHPHQWHWGHPDLQWHQDQFHGX
60$57 6PDOO0LVVLRQVIRU$GYDQFHG5HVHDUFK ORJLFLHO
LQ7HFKQRORJ\ 60'6 6ZLWFKHG0XOWLPHJDELW'DWD6HUYLFH
(6$·V60$57ZLOOEHODXQFKHGLQ$XJXVW %URDGEDQG7HFKQRORJLHV
/XQDU([SORUDWLRQ0LVVLRQV 60( 6FLHQFH0DWKHPDWLFV (QJLQHHULQJ
)RUIXUWKHUGHWDLOVVHHXQGHU(6$ 60( 6LVWHPD0RQHWDULR(XURSHR
60$576 60($QG5HJLRQDO7HOHFRPV6XSSRUW ,WDOLDQDFURQ\PPHDQLQJ(XURSHDQ0RQHWDU\
(XURSHDQ&RPPXQLW\3URMHFW 6\VWHP
60$V 6KDSH0HPRU\$OOR\V 60( 6RFLHW\RI0DQXIDFWXULQJ(QJLQHHUV 86$ 
8VHGPDLQO\LQVSHFWDFOHIUDPHVPHGLFDOGHYLFHV 60( 6RFLHW\RI0LQLQJ(QJLQHHUV 86$ 
DQGVSDFHVWDWLRQFRQQHFWRUV 60( 6RXVUpJLPHGHODPLVHjO·HSUHXYH )UDQFH 
)RUIXUWKHUGHWDLOVVHHXQGHU6036:((( DQG 60(&, 60(V&RPPXQLW\,QLWLDWLYH(XURSHDQ
$'60 &RPPXQLW\
60$6+ 6WRUDJHIRU0XOWLPHGLD$SSOLFDWLRQV 60(5 VXEPDULQHHVFDSHDQGUHVFXH
6\VWHPVLQWKH+RPH pYDFXDWLRQHWVDXYHWDJHGHVVRXVPDULQV
(XURSHDQ&RPPXQLW\3URMHFW 60(5$7 VXEPDULQHHVFDSHDQGUHVFXHDVVLVWDQFH
60$6+(; VXEPDULQHVHDUFK HVFDSHDQGUHVFXH WHDP
H[HUFLVH pTXLSHG·DVVLVWDQFHjO·pYDFXDWLRQHWDXVDXYHWDJH
H[HUFLFHGHUHFKHUFKHG·pYDFXDWLRQHWGHVDXYH GHVVRXVPDULQV
WDJHGHVRXVPDULQV 60(V 6PDOODQG0HGLXPVL]HG(QWHUSULVHV
60$7 6XUIDFH0HFKDQLFDO$WWULWLRQ7UHDWPHQW 60) 6WDWLF0DJQHWLF)LHOG
0DWHULDOV6FLHQFH0HWDO5HVHDUFK 60) 6\VWHP0DQDJHPHQW)DFLOLWLHV
60%$ 6FRWWLVK0DULQH%LRORJLFDO$VVRFLDWLRQ 60) 7KHDLUSRUWFRGHIRU6DFUDPHQWR0HWURSROLWDQ
0DULQH%LRORJ\ )LHOG6DFUDPHQWR&DOLIRUQLD86$
60%+ 6XSHUPDVVLYH%ODFN+ROH 60*6FXRODORPEDUGDGL0HGLFLQD*HQHUDOH
$VWURQRP\3K\VLFV ,WDOLDQ6FKRROV
60& 6FLHQWLILF0DQSRZHU&RPPLVVLRQ 60* VSHFLDOPRELOHJURXS
60& 6KHHW0ROGLQJ&RPSRXQG JURXSHPRELOHVSpFLDO
3ODVWLF,QGXVWU\ 60* 6WDWR0DJJLRUH*HQHUDOH
60& 6PDOO0DJHOODQLF&ORXG ,WDOLDQLQLWLDOLVPPHDQLQJ*HQHUDO6WDII
$VWURQRP\ 0LOLWDU\
60& 6PRRWK0XVFOH&HOO 60, 6WRUDJH0DQDJHPHQW,QLWLDWLYH
)RUIXUWKHUGHWDLOVVHHXQGHU60&V 60,& 6WXG\RI0DQ
V,PSDFWRQ&OLPDWH 86$ 
60& 6WUXFWXUDO0DLQWHQDQFHRI&KURPRVRPHV 60,&PHQVXHO 6DODLUH0LQLPXP,QWHUSURIHVVLRQQHO
%LRFKHPLVWU\%LRPHGLFDO6FLHQFHV&HOO%LRORJ\ GH&URLVVDQFHPHQVXHO
0ROHFXODU%LRORJ\ )UHQFKDFURQ\PPHDQLQJ0LQLPXP6WDWXWRU\
60&V 6HFRQGDU\0XVFOH&HOOV RIWKH$VFLGLDQ :DJHSHU0RQWK
/DUYDH  60,* 6DODULR0LQLPR,QWHUSURIHVVLRQDOH*DUDQWLWR
$VFLGLDQ/DUYDH%LRORJ\&HOOXODU%LRORJ\ ,WDOLDQDFURQ\PPHDQLQJ*XDUDQWHHG
'HYHORSPHQWDO%LRORJ\ ,QWHUSURIHVVLRQDO/LYLQJ:DJH
)RUIXUWKHUGHWDLOVVHHXQGHU30&V 60,/6PLO 6\QFKURQL]HG0XOWLPHGLD,QWHJUDWLRQ
60&V 6PRRWK0XVFOH&HOOV /DQJXDJH
$WKHURVFOHURVLV&HOO%LRORJ\0ROHFXODU*HQHWLFV 60/ 6HOI0RGH/RFNLQJ
60 F\FOH 6SKLQJRP\HOLQF\FOH 0LFURVWUXFWXUDO6FLHQFHV
$QDWRP\&HOO%LRORJ\+HPDWRORJ\0HGLFLQH 60/ 6LOHQW0DWLQJ/RFL
2QFRORJ\ 0ROHFXODU%LRORJ\
60' 6LQJOH0RGXOH'HWHFWLRQ 60/:) 6HOI0RGXODWHG/DVHU:DNH)LHOG


3K\VLFV 605 6HQVRULPRWRU5DQJH


600 0DVWHURI6DFUHG0XVLF %HKDYLRUDO0HGLFLQH1HXURSV\FKLDWU\
600$33 VWDQGDUGPDQSRZHUPDQDJHPHQWDQG 605 6WDQGDUG0RUWDOLW\5DWLR
SODQQLQJSURFHGXUHV 6WDQGDUGPRUWDOLW\UDWLRLVDOVRNQRZQDV
SURFpGXUHVQRUPDOLVpHVGHJHVWLRQHWGHSODQLILFD 6WDQGDUG0RUELGLW\5DWLR
WLRQG·HIIHFWLIV VP51$ VPDOOQXFOHDU51$
600+&JHQH 6PRRWK0XVFOH0\RVLQ+HDY\ *HQHWLFV
&KDLQJHQH 6057 6LQJOH0HVVDJH5DWH7LPLQJ
V002 VROXEOH0HWKDQH0RQRR[\JHQDVH 606 6KRUW0HVVDJH0HVVDJLQJ6HUYLFH
6005 6FDQQLQJ0XOWLFKDQQHO0LFURZDYH 606 6LQJOH0ROHFXOH6SHFWURVFRS\
5DGLRPHWHU 3K\VLFDO&KHPLVWU\
601V 6XUYLYDORI0RWRU1HXURQV 606 6\QFKURQRXV0HWHRURORJLFDO6DWHOOLWH
0HGLFLQH6SLQDO0XVFXODU$WURSK\ 6068 6RXWKZHVW0LVVRXUL6WDWH8QLYHUVLW\
6P2 6DPDULXP2[LGH 86$ 
6DPDULXP2[LGHDOVRNQRZQDV6DPDULXP 607 6WDQGDUGV0HDVXUHPHQWDQG7HVWLQJ
6HVTXLR[LGHLVXVHGLQHWKDQROSURGXFWLRQ 5HVHDUFKDQG7HFKQRORJLFDOGHYHORSPHQWSURJUDP
602 6FLHQFH0DQDJHPHQW2IILFH LQWKHILHOGRI607
VPRJ7KHWHUPVPRJZDVGHULYHGXVLQJWKHZRUGV (&3URJUDPV
VPRNHDQGIRJ 607 HGXFDWLRQ 6FLHQFH0DWKHPDWLFVDQG
6020 6RYUDQR0LOLWDUH2UGLQHGL0DOWD 7HFKQRORJ\HGXFDWLRQ 86$ 
,WDOLDQDFURQ\PPHDQLQJ6RYHUHLJQ0LOLWDU\ 6073 6LPSOH0DLO7UDQVIHU3URWRFRO
2UGHURI0DOWD 607 WUHDWPHQW 6XEWLOLVLQGLJHVWHG0LFURWXEXOHV
6021 6XEDFXWH0\HOR2SWLFR1HXURSDWK\ WUHDPHQW
7KH6021GLVHDVHLVFKDUDFWHUL]HGE\YLVXDOORVV 0$36ELQGLQJ
PXVFOHZHDNQHVVDQGQXPEQHVV )RUIXUWKHUGHWDLOVVHHXQGHU0$3V
$O]KHLPHU&OLRTXLQRO FKHODWLQJDQWLELRWLF  608' 6DFUDPHQWR0XQLFLSDO8WLOLW\'LVWULFW
1HXURORJ\ 7KH608'LQ&DOLIRUQLDSODQQHGWRUHSODFH LQ
602: 6WDQGDUG0HDQ2FHDQ:DWHU  XSWRHOHFWULFZDWHUKHDWHUVZLWK
603 VHOIPDLQWHQDQFHSHULRG VRODUZDWHUKHDWHUVEHIRUHWKHWXUQRIWKHFHQWXU\
SpULRGHG·DXWRPDLQWHQDQFH 6RODU:DWHU+HDWHUV
603 6KDSH0HPRU\3RO\PHU 61 VHQGLQJQDWLRQ
603 6LQLVWUH0D[LPXP3UpYLVLEOH SD\VG·RULJLQH RXSRXUYR\HXU 
)UHQFKLQLWLDOLVPPHDQLQJ0D[LPXP)RUHVHHDEOH 6LQJDSRUH
/RVV 6LQJDSRXU
%XVLQHVV(FRQRPLFV)LQDQFH 61 6HQVRU\1HXURQ
603 DUFKLWHFWXUH 6\PPHWULF0XOWL3URFHVVLQJ )RUIXUWKHUGHWDLOVVHHXQGHU61V
DUFKLWHFWXUH 61 6HULDO1XPEHU
603 DUFKLWHFWXUHOLQNVSURFHVVRUVWRJHWKHUVRWKDW 61 6KLSSLQJ1RWH
WKH\DOOVKDUHPHPRU\GLVNVDQGDVLQJOHRSHUDW &RPPHUFH6KLSSLQJ
LQJV\VWHPZKLFKVKDUHVRXWWKHZRUNEHWZHHQ 61 7KHDLUOLQHFRGHIRU6DEHQD:RUOG$LUOLQHV
WKHP 61 6XEVWDQWLD1LJUD
603V 6KDSH0HPRU\$OOR\ 6Q 7LQ
)RUIXUWKHUGHWDLOVVHHXQGHU$'6060$V DQG 8VHGPDLQO\DVVROGHUDQGLQDOOR\V
:((( &KHPLVWU\
603V 6KDSH0HPRU\3RO\PHUV 61$ VRXVPDULQQXFOpDLUHG
DWWDTXH
603 V\VWHPV 6\PPHWULFDO0XOWLSOH3URFHVVRUV\V VXEVXUIDFHQXFOHDU QXFOHDUSRZHUHG DWWDFNVXE
WHPV PDULQH 661 
603 V\VWHPVVXFKDV180$ V\VWHPVOLQNPDQ\ 61$ 6\VWqPH1HUYHX[$XWRQRPH
SURFHVVRUVWRJHWKHUWRSXVKWKHSRZHUXS )UHQFKDFURQ\PPHDQLQJ$XWRQRPLF1HUYRXV
)RUIXUWKHUGHWDLOVVHHXQGHU180$ 6\VWHP
6037( 6RFLHW\RI0RWLRQ3LFWXUHDQG7HOHYLVLRQ 3K\VLRORJ\
(QJLQHHUV 86$  61$ 6\VWHPRI1DWLRQDO$FFRXQWV
603< 6WXG\RI0DWKHPDWLFDOO\3UHFRFLRXV<RXWK


61$ 7KHDLUSRUWFRGHIRU-RKQ:D\QH,QWHUQDWLRQDO )UHQFKLQLWLDOLVPPHDQLQJJHQHUDOSDUWQHUVKLS


$LUSRUW2UDQJH&RXQW\&DOLIRUQLD86$ 61& VSHFLDOQDYDOFKDUW
61$& 6WDQGLQJ1RUWK$WODQWLF&RXQFLO FDUWHPDULQHVSpFLDOH
&RQVHLOSHUPDQHQWGHO·$WODQWLTXH1RUG 61& 6\QGLFDW1DWLRQDOGHV&ROOqJHV
61$'2& 6HUYL]LR1D]LRQDOHGL$FFHVVRDL )UHQFK8QLRQV
'RFXPHQWL ,WDO\  61& 6\VWqPH1HUYHX[&HQWUDO
61$),' 6ORYDNLD1DWLRQDO$JHQF\IRU)RUHLJQ )UHQFKLQLWLDOLVPPHDQLQJ&HQWUDO1HUYRXV
,QYHVWPHQWDQG'HYHORSPHQW 6ORYDN5HSXEOLF  6\VWHP
61$),'ZDVFUHDWHGE\WKH0LQLVWU\RI)RUHLJQ $QDWRP\0HGLFLQH
$IIDLUV 6Q&O 6WDQQLF&KORULGH
61$/ 6XGDQ1DWLRQDO$VVRFLDWLRQRI/LEUDULHV 6WDQQLF&KORULGHDOVRNQRZQDV7LQ&KORULGHLV
61$0( 6RFLHW\RI1DYDO$UFKLWHFWVDQG0DULQH XVHGPDLQO\LQFHUDPLFVDQGVRDSV
(QJLQHHUV 86$  ,QRUJDQLF&KHPLVWU\
61$3 16)$WWDFKPHQW3URWHLQ 61&0 6RFLpWp1DWLRQDOH&RUVH0pGLWHUUDQpH
%UDLQ5HVHDUFK0HGLFLQH1HXURELRORJ\ 61&2 VHQLRUQRQFRPPLVVLRQHGRIILFHU
1HXURFKHPLVWU\ VRXVRIILFLHUVXSpULHXU
)RUIXUWKHUGHWDLOVVHHXQGHU16) 61( 6HFWRU1RUWK(DVW>6)25@
61$3 6$&(85
VQXFOHDUDVVHVVPHQWSURFHGXUHV 6HFWHXU1RUG(VW>6)25@
SURFpGXUHVG·pYDOXDWLRQQXFOpDLUHGX6$&(85 61H 6XSHUQRYDH
61$3 6HQVRU\1HUYH$FWLRQ3RWHQWLDO $VWURQRP\$VWURSK\VLFV1XFOHRV\QWKHVLV LQ
61$3 6LPSOLILHG1XPHULFDO$XWRPDWLF VWDUV 
3URJUDPPHU 61(& 6HFUpWDULDW1DWLRQDOGHO
(QVHLJQHPHQW
61$3 61LWURVR1$FHW\O3HQLFLOODPLQH &DWKROLTXH %HOJLXP 
%LRORJLFDO5K\WKPV&HOODQG6WUXFWXUDO%LRORJ\ 61(&0$ 6RFLpWp1DWLRQDOHG·(WXGHHWGH
,QWHJUDWLYH1HXURVFLHQFH5HVHDUFK3K\VLRORJ\ &RQVWUXFWLRQGH0RWHXUVG·$YLDWLRQ )UDQFH 
61$3 6WDQGDUG1HWZRUN$FFHVV3URWRFRO 6QH,D 7\SH,D6XSHUQRYDH
61$3 6XUUH\1DQR6DWHOOLWH$SSOLFDWLRQV3ODWIRUP &RVPRORJ\6WHOODU([SORVLRQV
/DXQFKHGLQWRRUELWRQWK -XQH 61) VKRUWUDQJHQXFOHDUIRUFH
0XOWLSRLQW0HDVXUHPHQWV1DQRVDWHOOLWHV6SDFH IRUFHQXFOpDLUHjFRXUWHSRUWpH
([SORUDWLRQ VWDQGLQJQDYDOIRUFH
61$3 6\VWHPVIRU1XFOHDU$X[LOLDU\3RZHU IRUFHQDYDOHSHUPDQHQWH
VQDS 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH 61* 6XEVWLWXWH1DWXUDO*DV
(QJOLVKZRUGVQDS 61,$ 7KH6WRUDJH1HWZRUNLQJ,QGXVWU\
0HFKDQLFDO'HYLFHV0HWHRURORJ\ $VVRFLDWLRQ
61$5( 6ROXEOH1HWK\OPDOHLPLGHVHQVLWLYHIDFWRU 61,$ UHSUHVHQWVRYHUYHQGRUVLWKDVFRPSOHW
$WWDFKPHQWSURWHLQ5HFHSWRU HGWKH%OXHILOPVWDQGDUGWRDOORZ6DQWRLQWHURSHU
%LRFKHPLVWU\%LRSK\VLFV DWH
)RUIXUWKHUGHWDLOVVHHXQGHUW61$5( )RUIXUWKHUGHWDLOVVHHXQGHU6DQ
61$53 6+$3(QXFOHDUDVVHVVPHQWDQGUHTXHVW 61,3 VLQJOHQHWLQIRUPDWLRQDQGSORWWLQJ
SURFHGXUH UpVHDXXQLTXHGHUHQVHLJQHPHQWVHWGHVLJQDOLVD
SURFpGXUH6+$3(G·pYDOXDWLRQHWGHGHPDQGH WLRQGHVWHQXHVGHVLWXDWLRQ
G·HPSORLGHO·DUPHQXFOpDLUH 61/& 6HQLRU1$72/RJLVWLFLDQV&RQIHUHQFH
61E 6HJPHQWDO1HUYHE &RQIpUHQFHGHVKDXWVUHVSRQVDEOHVGHODORJLVWLTXH
6Q%U 6WDQQRXV%URPLGH GHO·27$1
6WDQQRXV%URPLGHLVDOVRNQRZQDV7LQ 61/( VRXVPDULQQXFOpDLUHODQFHXUG
HQJLQV
'LEURPLGH VXEVXUIDFHEDOOLVWLFQXFOHDU QXFOHDUSRZHUHG
,QRUJDQLF&KHPLVWU\ EDOOLVWLFPLVVLOHVXEPDULQH 66%1 
6Q%U 6WDQQLF%URPLGH 610 6SHFLDO1XFOHDU0DWHULDOV
6WDQQLF%URPLGHDOVRNQRZQDV7LQ7HWUDEURPLGH 6103 6LPSOH1HWZRUN0DQDJHPHQW3URWRFRO
LVXVHGLQPLQHUDOVHSDUDWLRQ 611 7KHDLUSRUWFRGHIRU6KDQQRQ5HSXEOLFRI
,QRUJDQLF&KHPLVWU\ ,UHODQG
61& 6LVWHPDGL&RQWDELOLWj1D]LRQDOH ,WDO\  612 61LWURVRWKLRO
61& 6RFLpWpHQ1RP&ROOHFWLI 612 6XGEXU\1HXWULQR2EVHUYDWRU\ &DQDGD 


1HXWULQR'HWHFWRUV1HXWULQR2VFLOODWLRQV V\VWqPH27$1QRUPDOLVpGHV\PEROHVGHFRGHVj
3K\VLFV6RODU1HXWULQRV EDUUHV
6Q2 6WDQQLF2[LGH 6Q6 6WDQQLF6XOILGH
6WDQQLF2[LGHDOVRNQRZQDV7LQ'LR[LGH7LQ 6WDQQLF6XOILGHDOVRNQRZQDV0RVDLF*ROG7LQ
3HUR[LGHLVXVHGPDLQO\LQSHUIXPHVWH[WLOHVDQG %URQ]H$UWLILFLDO*ROG7LQ'LVXOILGHLVXVHG
FHUDPLFV PDLQO\LQLPLWDWLRQJLOGLQJ
,QRUJDQLF&KHPLVWU\ ,QRUJDQLF&KHPLVWU\
612%2/ 6WULQJ2ULHQWHG6\PEROLF/DQJXDJH 616 6WUXWWXUD1D]LRQDOHGL6RVWHJQR ,WDO\ 
&RPSXWHUV 616 6\PSDWKHWLF1HUYRXV6\VWHP
6120 6FDQQLQJ1HDUILHOG2SWLFDO0LFURVFRSH $QDWRP\
,PDJLQJ 616/ 6LHPHQV1HWZRUN6HUYLFHV
VQR513V VPDOOQXFOHRODU5LERQXFOHRSURWHLQ 616/ LVWKHQHWZRUNLQJVXEVLGLDU\RIWKH*HUPDQ
3DUWLFOHV PDQXIDFWXUHU6LHPHQV1L[GRUI
612:&$7 VXSSRUWRIQXFOHDURSHUDWLRQVZLWKFRQ 1HWZRUN0DQDJHPHQW
YHQWLRQDODLUWDFWLFV 617 6LVWHPD1D]LRQDOHGL7DUDWXUD
DSSXLGHVRSpUDWLRQVQXFOpDLUHVSDUOHVWDFWLTXHV ,WDOLDQLQLWLDOLVPPHDQLQJ1DWLRQDO&DOLEUDWLRQ
DpULHQQHVFODVVLTXHV 5DWLQJ6\VWHP
613 6RGLXP1LWURSUXVVLGH 618 6HRXO1DWLRQDO8QLYHUVLW\ .RUHD 
)RUIXUWKHUGHWDLOVVHHXQGHU6&1 618 6RODU1HXWULQR8QLW
613 6\VWqPH1HW3URWpJp )UDQFH  62 6DOHV2IILFH
)UHQFKLQLWLDOLVPPHDQLQJ3URWHFWHG1HW 62 6HOOHU
V2SWLRQ
6HWWOHPHQWV\VWHP IRUODUJHYDOXHIXQGWUDQVIHUV  62 6KLSRZQHU
613& 6HUYLFH1DWLRQDOGHOD3URWHFWLRQ&LYLOH 62 62 6KLSSLQJ2UGHU
)UDQFH  &RPPHUFH6KLSSLQJ
613V 6LQJOH1XFOHRWLGH3RO\PRUSKLVPV 62 VPDOORXWOLQH
7KHVLQJOHQXFOHRWLGHSRO\PRUSKLVPLVDQDOWHU 3DFNDJLQJ
DWLRQWKDWWDNHVSODFHLQDVLQJOHQXFOHRWLGHEDVHLQ 62 6RPDOLD
D'1$ VWUHWFK 6RPDOLH
%LRWHFKQRORJ\*HQH([SUHVVLRQ*HQHWLFV VWDIIRIILFHU
*HQRPH0DSSLQJ*HQRPLF6LJQSRVWV+XPDQ RIILFLHUG·pWDWPDMRU 2(0 
*HQRPH/LIH6FLHQFHV0XOWLJHQH'LVHDVHV 62 6RQGULR,WDO\
3KDUPDFRJHQRPLFV 62 6SHFLDO2UGHU6WDQGLQJ2UGHU
615 6HOHFWLYH1RQFDWDO\WLF5HGXFWLRQ 62 6WDII2IILFH
615615 6LJQDOWR1RLVH5DWLR 62 6WRFN2SWLRQ
$FRXVWLFV(OHFWURQLFV 62 6WUDWXP2SWLFXP
615 6XEVWDQWLD1LJUDSDUVUHWLFXODWD $QDWRP\1HXURELRORJ\
615 6XSHUQRYD5HPQDQW 62 6WURQWLXP2[LGH
$VWURQRP\$VWURSK\VLFV7KHRUHWLFDO 6WURQWLXP2[LGHDOVRNQRZQDV6WURQWLXPLVXVHG
$VWURSK\VLFV3K\VLFV PDLQO\LQVRDSVDQGSLJPHQWV
VQ51$ VPDOOQXFOHDU51$ ,QRUJDQLF&KHPLVWU\
%LRPROHFXODU6FLHQFHV0ROHFXODU%LRORJ\ 62 6XOIXU'LR[LGH
VQ513 VPDOOQXFOHDU5LERQXFOHRSURWHLQ 6XOIXU'LR[LGHLVXVHGPDLQO\LQSKDUPDFHXWLFDOV
615V 6XSHUQRYD5HPQDQWV DQGDVDIRRGDGGLWLYH
)RUIXUWKHUGHWDLOVVHHXQGHU615 ,QRUJDQLF&KHPLVWU\
61V 6HQVRU\1HXURQV 62 6XOIXU7ULR[LGH
%LRORJ\3V\FKRORJ\ 6XOIXU7ULR[LGHDOVRNQRZQDV6XOIXULF$QK\GULGH
616 6RPDWLF1HUYRXV6\VWHP LVXVHGPDLQO\LQVRODUHQHUJ\FROOHFWRUV
3K\VLRORJ\ ,QRUJDQLF&KHPLVWU\
61V 6RXUFHRI1HXWURQV 62 6\VWHP2SHUDWLRQ
$W2DN5LGJH1DWLRQDO/DERUDWRU\ 86$ :LOO &RPSXWHU7HFKQRORJ\
EHFRPSOHWHGLQ 62$ 6HFRQGDU\2UJDQLF$HURVRO
1HXWURQ6FDWWHULQJ /LNHR]RQH62$ LVIRUPHGIURPWKHDWPRVSKHULF
616 VWDQGDUG1$72EDUFRGHV\PERORJ\ R[LGDWLRQRIRUJDQLFFRPSRXQGV


&KHPLFDO(QJLQHHULQJ(QYLURQPHQWDO FDOHQGULHUGHVpYpQHPHQWV>H[HUFLFHV@
(QJLQHHULQJ6FLHQFH 62(V 6WDWH2ZQHG(QWHUSULVHV
62$ 6HPLFRQGXFWRU2SWLFDO$PSOLILHU 62) 6RXQG2Q)LOP
'LJLWDO,QIRUPDWLRQ3URFHVVLQJ(OHFWURQLF 62) VSHFLDORSHUDWLRQVIRUFH
(QJLQHHULQJ IRUFHG·RSpUDWLRQVVSpFLDOHV
62$ VSHHGRIDGYDQFH VWDWXVRIIRUFHV
YLWHVVHGHSURJUHVVLRQ VWDWXWGHVIRUFHV
62$ 6WDWH2FHDQLF$GPLQLVWUDWLRQ &KLQD  62) 6WDWH2ZQHUVKLS)XQG%XFKDUHVW
62$V 6HPLFRQGXFWRU2SWLFDO$PSOLILHUV 5RPDQLDQ)XQGV
)RUIXUWKHUGHWDLOVVHHXQGHU62$ 62)$ 6RFLHW\2I)LQDQFLDO$GYLVHUV
62% 6KRUWQHVV2I%UHDWK 62)$ 6WDWXVRI)RUFHV$JUHHPHQW
62%U 7KLRQ\O%URPLGH &RQYHQWLRQVXUOHVWDWXWGHVIRUFHV
7KLRQ\O%URPLGHLVDOVRNQRZQDV6XOILQ\O 62)$5 62XQG)L[LQJ$QG5DQJLQJ
%URPLGH *HRSK\VLFV
2UJDQLF&KHPLVWU\ 62)& 6ROLG2[LGH)XHO&HO
62& VHFWRURSHUDWLRQVFHQWUH &KHPLVWU\
FHQWUHG·RSpUDWLRQVGHVHFWHXU &26  62)( 6\PSRVLXP2Q)XVLRQ(QJLQHHULQJ
VSHFLDORSHUDWLRQVFRPPDQG 7KHWK 62)(ZDVKHOGLQ&KDPSDLJQ,OOLQRLV
FRPPDQGHPHQWGHVRSpUDWLRQVVSpFLDOHV 86$LQ2FWREHU
62& 6HGLPHQWDU\2UJDQLF&DUERQ 62)(502 6RFLpWp)UDQoDLVHG·(WXGHVHWGH
(DUWK6\VWHP6FLHQFH 5pDOLVDWLRQGH0DFKLQHVHWG·2XWLOODJH )UDQFH 
62&$ 6WXGLHVRIWKH2FXODU&RPSOLFDWLRQVRI 62),$ 6WUDWRVSKHULF2EVHUYDWRU\IRU,QIUDUHG
$,'6 $VWURQRP\
62&$ LVDQHWZRUNRIHOHYHQFOLQLFVVSRQVRUHGE\ $VWURQRP\3K\VLFV3ODQHWDU\6FLHQFHV
WKH861(, 62),$ 6XQIORZHU2LO)RU,QGXVWULDO$SSOLFDWLRQV
2SKWKDOPRORJ\ (XURSHDQ&RPPXQLW\3URMHFW
)RUIXUWKHUGHWDLOVVHHXQGHU1(, 62)7 6\PSRVLXP2Q)XVLRQ7HFKQRORJ\
62&$ VXEPDULQHRSHUDWLRQVFRRUGLQDWLQJDXWKRULW\ 7KHWK 62)7 ZDVKHOGLQ/LVERQ3RUWXJDOLQ
DXWRULWpGHFRRUGLQDWLRQGHVRSpUDWLRQVVRXV 6HSWHPEHU
PDULQHV 6RJ 6KRUWJDVWUXODWLRQ
62&O 7KLRQ\O&KORULGH 'HYHORSPHQWDO%LRORJ\
7KLRQ\O&KORULGHDOVRNQRZQDV6XOIXU6XOIXURXV 62* VSHHGPDGHJRRGRYHUWKHJURXQG
2[\FKORULGHLVXVHGPDLQO\LQSHVWLFLGHV DYLWHVVHVXUOHIRQG
2UJDQLF&KHPLVWU\ EYLWHVVHUDSSRUWpHVXUOHVRO
62&0(7 VPRNHDQGREVFXUDQWFRXQWHUPHDVXUHV 62*($ 6FXRODGL*HVWLRQH$]LHQGDOH ,WDO\ 
PDWHULDOVHYDOXDWLRQWHVW 62+2 6PDOO2IILFH+RPH2IILFH
HVVDLG·pYDOXDWLRQGHVIXPpHVHWREVFXUVLVVDQWV 62+2VDWHOOLWH 62ODUDQG+HOLRVSKHULF
XWLOLVpVFRPPHFRQWUHPHVXUHV 2EVHUYDWRU\VDWHOOLWH
62&5('2 6RFLpWpGH&UpGLWHWGH'pYHORSSHPHQW $ MRLQW1$6$(6$ DQGVDWHOOLWHODXQFKHGLQODWH
GHO·2FpDQLH 
62&V 6WRUH2SHUDWHG&KDQQHOV $VWURQRP\$WPRVSKHULF3K\VLFV6SDFH3K\VLFV
6LJQDO7UDQVODWLRQ 3K\VLFVRIWKH(DUWK7HFKQRORJ\
62&6287+ 6SHFLDO2SHUDWLRQV&RPPDQG )RUIXUWKHUGHWDLOVVHHXQGHU1$6$(6$
$)6287+ 89&6
&RPPDQGHPHQWGHVRSpUDWLRQVVSpFLDOHVGH 62, SULPD 6HWWLPDQD2IWDOPRORJLFD,WDOLDQD
O·$)6287+ ,WDOLDQDFURQ\PPHDQLQJ ILUVW ,WDOLDQ
62' 6HVNDWFKHZDQ2UJDQLF'LUHFWRUDWH &DQDGD  2SKWKDOPRORJLF:HHN ,WDO\1RYHPEHU 
2UJDQLF)DUPLQJ 62, VLJQDOVRSHUDWLQJLQVWUXFWLRQ
62', 6XSHUR[LGH'LVPXWDVH DQHQ]\PH  LQVWUXFWLRQG·H[SORLWDWLRQGHVWUDQVPLVVLRQV
$OVR62' VWDQGLQJRSHUDWLQJLQVWUXFWLRQV
$P\RWURSKLF/DWHUDO6FOHURVLV(Q]\PRORJ\ LQVWUXFWLRQVSHUPDQHQWHV
*HQHV1HXURGHJHQHUDWLYH'LVHDVHV VWDWHPHQWRILQWHQW
62( VFKHGXOHRIHYHQWV>H[HUFLVHV@ pQRQFpG·LQWHQWLRQ


62,6RL 6RFLHWj2IWDOPRORJLFD,WDOLDQD 623$ 6RFLHW\IRU3URIHVVLRQDO$UFKDHRORJLVWV


,WDOLDQDFURQ\PRIWKH,WDOLDQ2SKWKDOPRORJLFDO 86$ 
6RFLHW\ 625 6HOO2U5HWXUQ
62, 6RXWKHUQ2VFLOODWLRQ,QGH[ %XVLQHVV&RPPHUFH
$WPRVSKHULF6FLHQFH&OLPDWRORJ\*HRSK\VLFV 625 6RFLHW\RI5KHRORJ\
2FHDQRJUDSK\ 5KHRORJ\
62,1 6RXWKHUQ,QGLDQD 86$  625 6SHFLILF2SHUDWLQJ2SHUDWLRQDO5HTXLUHPHQW
62,5(( 6RXWKHUQ2FHDQ,URQ5(OHDVH([SHULPHQW 625 VWDWHRIUHDGLQHVV
$ GD\([SHULPHQW pWDWGHSUpSDUDWLRQ
&OLPDWH&KDQJH3K\VLFDODQG&KHPLFDO VWDWHPHQWRIUHTXLUHPHQWV
2FDQRJUDSK\ H[SUHVVLRQ RXpQRQFp GHVEHVRLQV
62,WHFKQRORJ\ 6LOLFRQ2Q,QVXODWRUWHFKQRORJ\ 625 6WLPXOXV2UJDQLVP5HVSRQVH
7KLVWHFKQRORJ\E\,%0UHGXFHVWKHDPRXQWRI 625,0$ 62FLHWj5,FXSHUL0$ULWWLPL
SRZHUWKDWVLOLFRQFKLSVQHHGWRRSHUDWH ,WDOLDQDFURQ\PRIWKH6HD6DOYDJH&RPSDQ\
0LFURFKLS7HFKQRORJ\1DQRPHFKDQLFV ,WDO\ 
62- VWDQGRIIMDPPHU RUMDPPLQJ  626 6DWHOOLWH2EVHUYLQJ6\VWHP
EURXLOOHXU RXEURXLOODJH jGLVWDQFHGHVpFXULWp 626 6DYH2XU6RXOV UHIHUULQJWRWKHGLVWUHVVVLJ
6ROVRO DEEU VROXEOHVROXWLRQ QDO 
&KHPLVWU\ ,QWHUQDWLRQDO0RUVH&RGH
62/ 6WDQGDUG2I/LYLQJ 626 6HFWLRQ2SpUDWLRQQHOOH6SpFLDOLVpH
62/ 6WDWXWH2I/LPLWDWLRQV )UHQFKDFURQ\PPHDQLQJ6SHFLDOL]HG2SHUDWLQJ
62/$6 6DIHW\2I/LIH$W6HD 'HSDUWPHQW
62/('V 6WDFNHG2UJDQLF/LJKW(PLWWLQJ'HYLFHV 626 6LOLFRQ2Q6DSSKLUH
&KHPLVWU\(OHFWULFDO(QJLQHHULQJ3KRWRQLFVDQG (OHFWURQLFV
2SWRHOHFWURQLF0DWHULDOV 626 6XFURVH2FWDVXOIDWH
62/,1(7 6RXWKHDVWHUQ/LEUDU\1HWZRUN %LRFKHPLVWU\0ROHFXODU%LRORJ\0ROHFXODU
VROY DEEU VROYHQW %LRSK\VLFV2UJDQLF&KHPLVWU\3KDUPDFRORJ\
&KHPLVWU\ 626&2/ 6RXWK6WDIIRUGVKLUH&ROOHJH/LEUDULHV
620 6FKRRO2I0HGLFLQH 6RVSURWHLQV 6RQRIVHYHQOHVVSURWHLQV
6RP DEEU 6RPHUVHW VKLUH  (QJODQG  0LFURELRORJ\0ROHFXODU*HQHWLFV
620 6WDUW2I0HVVDJH 6267$6 VWDQGRIIVXUYHLOODQFHDQGWDUJHWDFTXLVL
620 6XSSRUWLQJ2QOLQH0DWHULDO WLRQV\VWHP
620$ 6KRUW2OLJRQXFOHRWLGH0DVV$QDO\VLV V\VWqPHGHVXUYHLOODQFHHWG·DFTXLVLWLRQG·REMHF
*HQH6HTXHQFLQJ WLI V jGLVWDQFHGHVpFXULWp
620DOJRULWKP 6HOI2UJDQL]LQJ0DSDOJRULWKP 62686LQIRUPDWLRQ 62XQG68UYHLOODQFH6\VWHP
620(&2 62FLpWp0(ULGLRQDOHGH&2QWHQWLHX[ LQIRUPDWLRQ
)UDQFH  &RYDULDWLRQRI3URFHVVHV'LNLQJ(UXSWLYH
6200,7 6RIWZDUH2SHQ0XOWL0HGLD,QWHUDFWLYH (YHQWV2FHDQLF&UXVWDO)RUPDWLRQV
7HUPLQDO 2FHDQRJUDSK\
(XURSHDQ&RPPXQLW\3URMHFW 627 6WDUW2I7H[W
621 6SDWLDO2]RQH1HWZRUN 627$6 6WDQG2II7DUJHW$FTXLVLWLRQ6\VWHP
(DUWKDQG$WPRVSKHULF6FLHQFHV)RUHVW 2UGQDQFH
5HVRXUFHV5XUDO$LU4XDOLW\ 6287+/$17 6RXWK$WODQWLF>KDVUHSODFHG,%(5
62125 6RXWKHUQ1RUZD\ /$17@
6221 6RODU2EVHUYDWLRQ2SWLFDO1HWZRUN 6XGGHO·$WODQWLTXH>UHPSODFHO·,%(5/$17@
86$  62: VFRSHRIZRUN
623 6HQ]D2EEOLJRGL3UHVFUL]LRQH ,WDO\  SRUWpH RXYROXPH GHVWUDYDX[
623 6KLSRI2SSRUWXQLW\3URJUDP 86$  VWDWHPHQWRIZRUN
623623 6WDQGDUG2SHUDWLQJ3URFHGXUH DFDKLHUGHVFKDUJHV && 
623 LVDOVRNQRZQDV6WDQGLQJ2SHUDWLQJ EpQRQFpGHVWUDYDX[
3URFHGXUH 62:(; 6RXWKHUQ2FHDQ:DYHV(;SHULPHQW
$YLDWLRQ 86$ 
623 6WDWHPHQW2I3ROLF\ 63 /D6SH]LD,WDO\


63 6FDODU3URFHVVRU 63 6SRW3ULFH
&RPSXWHU6FLHQFH 63 6WDQG3LSH6WDQGSLSH
63 6FKHULQJ3ORXJK (QJLQHHULQJ
5HVHDUFK,QVWLWXWHV 6S 6WDUWLQJSULFH
63 VHFRQGDU\SDUWLFLSDQWV 63 6WUDGD3URYLQFLDOH
SDUWLFLSDQWVVHFRQGDLUHV 63 6WRFNOHVV3URGXFWLRQ
VHOISURSHOOHG %XVLQHVV&RPPHUFH
DXWRSURSXOVp 63 6XEVWDQFH3
VHQVLWLYHSRLQW 63 6\VWHPV3URJUDPPHU
SRLQWVHQVLEOH 7KHV\VWHPVSURJUDPPHUXVXDOO\ZULWHVV\VWHPV
6SDLQ VRIWZDUH
(VSDJQH &RPSXWHU6FLHQFH
VWDUWSRLQW 63 6\VWHPV3URJUDPPLQJ
SRLQWGHGpSDUW &RPSXWHU3URJUDPPLQJ
VXSSO\SRLQW )RUIXUWKHUGHWDLOVVHHXQGHU63 6\VWHPV
DSRLQWGHGLVWULEXWLRQ 3URJUDPPHU 
ESRLQWGHUDYLWDLOOHPHQW 6S 6SHFLILFLW\SURWHLQ
63 6HFXULW\3ROLFH $ VHTXHQFHVVSHFLILFWUDQVFULSWLRQDODFWLYDWRULVR
63 6HOOLQJ3ULFH ODWHGIURPKXPDQFHOOVLQWKHV
%XVLQHVV&RPPHUFH 0ROHFXODUDQG&HOO%LRORJ\1HXURGHJHQHUDWLRQ
63 6HUYLFH3URJUDP 63$ 6FLQWLOODWLRQ3UR[LPLW\$VVD\
6HUYLFH3URJUDPLVDOVRNQRZQDV6HUYLFH 6S$ 6RFLHWjSHU$]LRQL
5RXWLQH6HUYLFH8WLOLW\3URJUDP ,WDOLDQDFURQ\PPHDQLQJ-RLQW6WRFN&RPSDQ\
&RPSXWHU3URJUDPPLQJ %XVLQHVV(FRQRPLFV)LQDQFH
63 6KRUH3DWURO 63$ 6RFLHWj3HVFD$WODQWLFD
0LOLWDU\3ROLFHRIWKH861DY\ ,WDOLDQDFURQ\PRIWKH$WODQWLF)LVKLQJ&RPSDQ\
63 6KRUW3RVLWLRQ 63$63$ 6RFLHWj3URWHWWULFHGHJOL$QLPDOL
63 6LJQDO3HSWLGDVH 6RFLpWp3URWHFWULFHGHV$QLPDX[
63 6LJQDO3URFHVVLQJ ,WDOLDQDQG)UHQFKDFURQ\PRIWKH6RFLHW\IRUWKH
&RPSXWHU3URJUDPPLQJ 3UHYHQWLRQRI&UXHOW\WR$QLPDOV
63 6PRNHOHVV3RZGHU 63$ 6XFFLQLPLG\O3URSLRQDWH
,QYLHZRIWKHIDFWWKDWWKHVPRNHOHVVSRZGHUSUR 63$ EDVLQ 6RXWK3ROH$LWNHQEDVLQ
GXFHVDYHU\VPDOODPRXQWRIVPRNHLWLVXVHGDV 63$'$76 6SDFH'HWHFWLRQDQG7UDFNLQJ6\VWHP
DVXEVWLWXWHIRUJXQSRZGHU 6SDFH7HFKQRORJ\
([SORVLYHV0DWHULDOV 63$'( 6WUDWRVSKHULF3KRWRFKHPLVWU\$HURVRODQG
63 6RLO3LSH '\QDPLFV([SHULPHQW 86$ 
&LYLO(QJLQHHULQJ ,Q2FWREHUDQG0D\
63 6ROH3URSULHWRU )RUIXUWKHUGHWDLOVVHHXQGHU12=(
VS DEEU VSDFH 63$/$67 6LQGDFDWR3URYLQFLDOH$QWXRQRPR
6S 6SDQLVK /DYRUDWRUL$GGHWWL6HUYL]LR7HU]LDULR ,WDO\ 
6SDQLVKLVDURPDQFHODQJXDJH,WLVWKHODQJXDJH ,WDOLDQ8QLRQV
RI6SDLQXVHGDOVRLQ/DWLQ$PHULFDH[FHSW%UD]LO 63$1 6SDFH3K\VLFV$QDO\VLV1HWZRUN 86$ 
/DQJXDJHV 63$5 6DQGOHU3URJUDPIRU$VWKPD5HVHDUFK 6DQ
6S DEEU VSDUH )UDQFLVFR&DOLIRUQLD86$ 
$OVRVS 63$5 VHDJRLQJSODWIRUPIRUDFRXVWLFUHVHDUFK
VS DEEU VSHFLDO SODWHIRUPHGHKDXWHPHUSRXUUHFKHUFKHVDFRXV
6WRFNV WLTXHV
VS DEEU VSHFLILF 6S$U 6SDQLVK$UDELF
VS DEEU VSHFLPHQ /DQJXDJHV
6FLHQFH6\VWHPDWLFV 63$5& 6FDODEOH3URFHVVRU$5&KLWHFWXUH
63VS DEEU VSHVH &RPSXWHU7HFKQRORJ\
,WDOLDQDEEUHYLDWLRQPHDQLQJH[SHQVHVFKDUJHV 63$5& 6FKRODUO\3XEOLVKLQJDQG$FDGHPLF
FRVWV 5HVRXUFHV&RDOLWLRQ


63$5&LVD86&DQDGLDQJURXSHVWDEOLVKHGLQ 63($0 6XQ3KRWRPHWHU(DUWK$WPRVSKHULF


E\WKH$VVRFLDWLRQRI5HVHDUFK/LEUDULHV 0HDVXUHPHQWV
$FDGHPLF3XEOLVKLQJ 63(& 6FXROD3URIHVVLRQDOHGL(VWHWLFDH
63$5& 6SRQVRUHG3URJUDPVDQG$FDGHPLF &RVPHWRORJLD ,WDO\ 
5HVHDUFK&HQWHU ,WDOLDQ6FKRROV
2IWKH8QLYHUVLW\RI1RUWKHUQ&RORUDGR86$ VSHF DEEU VSHFLILFDWLRQV
63$5. 6FLHQWLILF3URFHVV3UDFWLFHDQG (QJLQHHULQJ,QGXVWULDO(QJLQHHULQJ
3UHVHQWDWLRQ$SSO\LQJ5HVRXUFHVDQG.QRZOHGJH 63(& 6\VWHPVDQG3URFHGXUHV([FKDQJH&HQWHU
$QHGXFDWLRQDOUHIRUPLQLWLDWLYHRIWKH1<$6ZLWK 63(&,$/ 6HUYLFH3URYLVLRQLQJ(QYLURQPHQWIRU
VXSSRUWIURPWKH8616)/DXQFKHGLQ &RQVXPHUV
,QWHUDFWLYH$SSOLFDWLRQV
)RUIXUWKHUGHWDLOVVHHXQGHU1<$6 DQG16) (XURSHDQ&RPPXQLW\3URMHFW
63D60FRGH 6FDODEOH3DUDOOHO6KRUWUDQJH 63(&,$/ 6SDFH3URFHVVHVDQG(OHFWULFDO&KDQJHV
0ROHFXODU'\QDPLFVFRGH ,QIOXHQFLQJ$WPRVSKHULF/D\HUV
63$:$5 VSDFHDQGQDYDOZDUIDUHV\VWHPFRP (VWDEOLVKHGE\WKH(6)DQGWKH5HVHDUFK7UDLQLQJ
PDQG 1HWZRUN&$/DQGIXQGHGE\WKH(XURSHDQ
FRPPDQGHPHQWGHVV\VWqPHVGHJXHUUHVSDWLDOHHW &RPPLVVLRQ
QDYDOH $WPRVSKHULF6FLHQFH(XURSHDQ,QLWLDWLYHV6SULWHV
63%GXSOLFDWLRQ 6SLQGOH3ROH%RG\GXSOLFDWLRQ 3K\VLFV
63& 6FLHQFH3URJUDP&RPPLWWHH )RUIXUWKHUGHWDLOVVHHXQGHU(6) DQG&$/
2IWKH(XURSHDQ6SDFH$JHQF\ VSHFLI DEEU VSHFLILFDOO\
63& 6HQLRU3ROLWLFDO&RPPLWWHH 63(&0$3 63(&WUDO0$3SLQJ*URXS 86$ 
&RPLWpSROLWLTXHGHQLYHDXpOHYp 'HYHORSHGE\5HVHDUFKHUVRIWKH%URZQ
63& 6RXWK3DFLILF&RPPLVVLRQ 86$  8QLYHUVLW\
63& 6WRUP3UHGLFWLRQ&HQWHU 86$  $VWURQRPLFDO&\FOHV,VRWRSH9DULDWLRQV
63&$ 6HUXP3URWKURPELQ&RQYHUVLRQ$FFHOHUDWRU 3DOHRFOLPDWRORJ\
63&$63&$ 6RFLHW\IRUWKH3UHYHQWLRQRI 63(&7 6LQJOH3KRWRQ(PLVVLRQ&RPSXWHG
&UXHOW\WR$QLPDOV 7RPRJUDSK\
63 FHOOV 6LGH3RSXODWLRQFHOOV 63(('WUDQVPLVVLRQ 6XSHUKLJKZD\E\
63& 5 6HQLRU3ROLWLFDO&RPPLWWHH UHLQIRUFHG  3KRWRQLFDOO\DQG(OHFWURQLFDOO\(QKDQFHG'LJLWDO
&RPLWpSROLWLTXHGHQLYHDXpOHYp UHIRUFp  WUDQVPLVVLRQ
63&6 VLQJOHSD\ORDGFRPPXQLFDWLRQVDWHOOLWH (XURSHDQ&RPPXQLW\3URMHFW
VDWHOOLWHGHWpOpFRPPXQLFDWLRQVjFKDUJHXWLOHVLP 63(*($ 6FXRODGL6SHFLDOL]]D]LRQHLQ*HVWLRQH
SOH $]LHQGDOH ,WDO\ 
63&= 6RXWK3DFLILF&RQYHUJHQFH=RQH 63(0 6HPLVSHFWUDO3ULPLWLYH(TXDWLRQ0RGHO
63' 6RFLDO'HPRFUDWLF3DUW\ 63(6 6WLPXODWLRQ3ODQIRU(FRQRPLF6FLHQFH
1RUWK5KLQH:HVWIDOLD (XURSHDQ&RPPXQLW\3ODQV
63'$ 6LQJOH3UHPLXP'HIHUUHG$QQXLW\ 6SHWW6SHWWOH6SHWWDELOH
63',) 6RQ\3KLOLSV'LJLWDO,QWHUIDFH)RUPDW FRQ ,WDOLDQDEEUHYLDWLRQXVXDOO\SXWDWWKHEHJLQQLQJRI
QHFWRUVRFNHW  DOHWWHUFRUUHVSRQGLQJWRGHDU6LU V 0DGDPRU
6RXQG&DUGV 0HVVUVZKHQRQDQHQYHORSH
6SGO DEEU VSLQGOH 63( 6RFLHW\RI3ODVWLF(QJLQHHUV
&HOO%LRORJ\0HFKDQLFDO'HYLFHV7H[WLOHV 63) VHQVRUIXVLRQSRVW
9LURORJ\ SRVWHGHIXVLRQQHPHQWGHVFDSWHXUV
63'0 6SHFLDO3XUSRVH'H[WHURXV0DQLSXODWRU VSHFLDOSXUSRVHIRUFH
&DQDGD  IRUFHG·HPSORLVSpFLDO
(QJLQHHULQJ5RERWLF+DQGV6SDFH6FLHQFH 63) 6SHFLILF3DWKRJHQ)RUFH
63( 6RFLHW\RI3HWUROHXP(QJLQHHUV 86$  ,PPXQRORJ\,PPXQRELRORJ\
63( 6RFLHW\RI3ODVWLFV(QJLQHHUV 86$  63) 63KDVHSURPRWLQJ)DFWRU
63( 6ROLG3KDVH([WUDFWV 0ROHFXODU3DWKRORJ\
63( 6ROLG3RO\PHU(OHFWURO\WH 63) 6XQ3URWHFWLRQ)DFWRU
63(63( 63HFLILFG\QDPLF(IIHFW 3KDUPDFRORJ\
1XWULWLRQ 63) 6XSHUSODVWLF)RUPLQJ


6XSHUSODVWLFIRUPLQJLVDPHWDOPDQXIDFWXULQJ 63,1(6 6XPPHU3URJUDP,Q1HXURVFLHQFH(WKLFV


SURFHVV DQG6XUYLYDO   86$ 
0DWHULDOV6FLHQFH 63,1(6LVDGPLQLVWHUHGE\WKH$PHULFDQ
63I 6\QWKHWLF3HSWLGH9DFFLQH 3V\FKRORJLFDO$VVRFLDWLRQDQGWKH$VVRFLDWLRQRI
0DODULD5HVHDUFK 1HXURVFLHQFH'HSDUWPHQWVDQG3URJUDPVDQGLV
63)$ 6RFLpWpGHV3URIHVVHXUVGH)UDQoDLVHQ IXQGHGE\WKH861DWLRQDO,QVWLWXWHRI0HQWDO
$PpULTXH +HDOWK
63) FRORQLHV 6SHFLILF3DWKRJHQ)UHHFRORQLHV 1HXURVFLHQFH3URJUDPV
%LRWHFKQRORJ\0HGLFLQH;HQRWUDQVSODQWDWLRQ 63,16 VSHFLDOLQVWUXFWLRQV>LQWKH$726@
63* 6RFLHW\IRUWKH3URSDJDQGDWLRQRIWKH*RVSHO LQVWUXFWLRQVSDUWLFXOLqUHV>GDQVOHV$726@
63* VWRFNSLOHSODQQLQJJXLGDQFH 63,5(; 6RXWK3ROH,QIUDUHG(;SORUHU
GLUHFWLYHVXUODSODQLILFDWLRQGHVVWRFNV $VWURQRP\$VWURSK\VLFV
63* 6SDVWLF3DUDSOHJLD 63,5,7 6RXWK3ROH,QIUDUHG,PDJLQJ7HOHVFRSH
$SSOLHG1HXURELRORJ\0HGLFLQH0ROHFXODU $VWURQRP\$VWURSK\VLFV3URWRJDOD[LHV
%LRORJ\ 63/ 6RXQG3UHVVXUH/HYHO
63*& 6WURQJ3HUIHFW*UDSK&RQMHFWXUH $FRXVWLFV$XGLRORJ\&RPPXQLFDWLRQ'LVRUGHUV
*UDSK7KHRU\/LQHDU3URJUDPPLQJ &RPPXQLFDWLRQ6FLHQFHV+HDULQJ6FLHQFHV
VSJU DEEU VSHFLILFJUDYLW\ 1HXURVFLHQFH3K\VLRORJ\
VSHFLILFJUDYLW\LVDOVRNQRZQDVUHODWLYHGHQVLW\ V3/$ VROXEOH3KRVSKROLSDVH$
0HFKDQLFV )RUIXUWKHUGHWDLOVVHHXQGHU8*
63+FRGH 6PRRWK3DUWLFOH+\GURG\QDPLFVFRGH 63/((0 6SLQ3RODUL]HG/RZ(QHUJ\
$VWURQRP\3ODQHWDU\6FLHQFH (OHFWURPLFURVFRS\
VSK DEEU VSKHULFDO )RUIXUWKHUGHWDLOVVHHXQGHU0&;'
63+( 6RFLHW\RI3DFNDJLQJDQG+DQGOLQJ 63/, 6LQJOH3UHPLXP/LIH,QVXUDQFH
(QJLQHHUV 86$  63/3 DEEU VSODVKSURRI
VSKW DEEU VSHFLILFKHDW VSOW VSHHGOLPLW
7KHUPRG\QDPLFV 63/6 6LQJOH3DUWLFOH/LJKW6FDWWHULQJ
63, 6HUYLFHGHV3URWRW\SHV,QGXVWULHOV 630 6FDQQHG3UREH0LFURVFRS\
)UHQFKDFURQ\PPHDQLQJ,QGXVWULDO3URWRW\SHV 630 6FXROD3URIHVVLRQDOH0DULWWLPD
6HUYLFH ,WDOLDQLQLWLDOLVPPHDQLQJ6HDPHQ9RFDWLRQDO
63, 6LQGDFDWR3HQVLRQDWL,WDOLDQL ,WDO\  7UDLQLQJ6FKRRO
,WDOLDQ8QLRQV 630 6HOI3KDVH0RGXODWLRQ
63,6DOPRQHOOD3DWKRJHQLFLW\,VODQG 4XDQWXP(OHFWURQLFV2SWLFV
,QIHFWLRXV'LVHDVHV0HGLFLQH0LFURELRORJ\ 630 6XH3URSULH0DQL
9HWHULQDU\6FLHQFH ,WDOLDQLQLWLDOLVPPHDQLQJ7REHGHOLYHUHGLQ
63,$ 6SHFLDO3URMHFWRQ,PSDFW$VVHVVPHQW KLVKHURZQKDQGV ZKHQLQGLFDWHGRQ
2I&*,$5·V7$&WKH63,$ 6WXG\FRYHUVWKHSHUL OHWWHUVHQYHORSHV 
RGIURPWR 630 6XPPDU\IRU3ROLF\0DNHUV 86$ 
(FRQRPLFV)RRG&URSV 7KH86,QWHUJRYHUQPHQWDO3DQHORQ&OLPDWH
)RUIXUWKHUGHWDLOVVHHXQGHU&*,$5 DQG7$& &KDQJHDWDPHHWLQJKHOGLQ0DGULGDWWKHHQGRI
63,&( 6LPXODWRU3URJUDPIRU,QWHJUDWHG&LUFXLW UDWLILHGWKHVXPPDU\IRU3ROLF\0DNHUV
(PXODWLRQ 630 6XVSHQGHG3DUWLFXODWH0DWWHU
%,263,&(RIWKH8QLYHUVLW\RI&DOLIRUQLDDW 630V 6FDQQLQJ3UREH0LFURVFRSHV
%HUNHOH\86$ 630V 6WDWLVWLFDO3DUDPHWULF0DSV
%LRLQIRUPDWLFV&RPSXWHU$LGHG6LPXODWLRQ 0HGLFLQH3V\FKLDWU\3V\FKRORJ\5DGLRORJ\
&KHPLFDO.LQHWLF6\VWHPV&HOOXODU3DWKZD\V 631 6DFUDO3DUDV\PSDWKHWLF1XFOHXV
63,' 6FXROD3URIHVVLRQDOH,WDOLDQD'DQ]D $QDWRP\&HOO%LRORJ\1HXURELRORJ\
,WDOLDQ6FKRROV 632 6FLHQFH3KDVLQJ2UELWV
63,'(5 6SHFWUDO3KDVH,QWHUIHURPHWU\IRU'LUHFW 6SDFHFUDIW2UELWDO3KDVHV
(OHFWULFILHOG5HFRQVWUXFWLRQ 632 6FXRODGL3VLFRVRFLRORJLD
4XDQWXP(OHFWURQLFV2SWLFV GHOO
2UJDQL]]D]LRQH ,WDO\ 
63,1 6RXWKFHQWUDO3HQQV\OYDQLD,QWHUQDWLRQDO ,WDOLDQ6FKRROV
1HWZRUN 86$  632 6HUELDQ5HQHZDO0RYHPHQW


632 6RXWK32OH 635 6XEVWDQFH3 5HFHSWRU


632$& V\VWqPHGHSODQVG
RULHQWDWLRQSRXUOHV 'HQWLVWU\0ROHFXODU1HXURELRORJ\3UHYHQWLYH
DUPHPHQWVFRQYHQWLRQQHOV 6FLHQFHV
FRQYHQWLRQDODUPDPHQWVSODQQLQJV\VWHP &$36  635 GHWHFWLRQ 6XUIDFH3ODVPRQ5HVRQDQFHGHWHF
632' VHDSRUWRIGHEDUNDWLRQ WLRQ
SRUWGHGpEDUTXHPHQW $OOHUJ\DQG,QIHFWLRXV'LVHDVHV%LRORJ\
632( VHDSRUWRIHPEDUNDWLRQ ,PPXQRORJ\0ROHFXODU%LRORJ\
SRUWG·HPEDUTXHPHQW 635(3 6RXWK3DFLILF5HJLRQDO(QYLURQPHQWDO
63 2)) DEEU 63HFLDO2))HULQJ 3URJUDPPH :HVWHUQ6DPRD 
6WRFNV 635, 6FRWW3RODU5HVHDUFK,QVWLWXWH *% 
632,V 6SLQHO3\UR[HQH2OLYLQH,QFOXVLRQV 635, 6ROLG3KDVH5HYHUVLEOH,PPRELOL]DWLRQ
$VWURSK\VLFV(DUWKDQG3ODQHWDU\6FLHQFHV *HQRPH5HVHDUFK
*HRFKHPLVWU\*HRSK\VLFV 635,17 6WUDWHJLF35RJUDPPHIRU,1QRYDWLRQDQG
6322/ 6LPXOWDQHRXV3HULSKHUDO2SHUDWLRQ2Q 7HFKQRORJ\WUDQVIHU
/LQH (XURSHDQ&RPPXQLW\3URJUDPV
VSRRO 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH 635..5 6SLQ3RODUL]HG5HODWLYLVWLF.RUULQJD
(QJOLVKZRUGVSRRO .RKQ5RVWRFNHU
&RPSXWHU3URJUDPPLQJ*UDSKLF$UWV 3K\VLFV
0HFKDQLFDO(QJLQHHULQJ7H[WLOHV 636 6DWHOOLWH3RZHU6\VWHPV
6325()81 0DVVSURGXFWLRQRI6325(V)81JDO 636 6HFRQG3UHIHUUHG6WRFN
DQWDJRQLVWVE\VROLGVWDWHIHUPHQWDWLRQSURFHVV 636 VHOISURWHFWLRQV\VWHP
GHVLJQIRURSWLPDOVSRUHTXDOLW\ V\VWqPHG·DXWRSURWHFWLRQ
(XURSHDQ&RPPXQLW\3URMHFW VSHFLDOSXUSRVHVHJPHQW
6325(6 6SHFLDO3URJUDPV2I5HVHDUFK([FHOOHQFH VHJPHQWjXVDJHVSpFLDO
86$  VWDQGDUGSRVLWLRQV\VWHP
2IWKH861DWLRQDO,QVWLWXWHVRI+HDOWK7HDPVRI V\VWqPHGHSRVLWLRQQHPHQWQRUPDOLVp
VFLHQWLVWVZKRGHGLFDWHWKHPVHOYHVWRWUDQVODWLRQDO 636 6KXWWOH3DOOHW6DWHOOLWH
UHVHDUFKIRUWKHGHWHFWLRQSUHYHQWLRQGLDJQRVLV 6SDFH5HVHDUFK
DQGWUHDWPHQWRIKXPDQFDQFHU 636 6LJQDO3URFHVVLQJ6\VWHP
7UDQVODWLRQDO5HVHDUFK &RPSXWHU7HFKQRORJ\
6327 6DWHOOLWH32VLWLRQLQJDQG7UDFNLQJ 636 6RODU3RZHU6DWHOOLWH
6327 6\VWqPH3RXUO·2EVHUYDWLRQGHOD7HUUH 636 6SULQJ6WHHO
)UHQFKDFURQ\PPHDQLQJ(DUWK2EVHUYDWLRQ 636 6XSHU3URWRQ6\QFKURWURQ
6\VWHP 7KH636IHHGVHOHFWURQVDQGSRVLWURQVLQWR
633 6HFRQGDU\3UROLIHUDWLYH3RSXODWLRQ RIQRQHS &(51
V/(3 &ROOLGHU$ NLORPHWHUFLUFOHRI
LWKHOLDOFHOOV  PDJQHWV
%UDLQ'HYHORSPHQW0HGLFLQH1HXURELRORJ\ +LJK(QHUJ\3K\VLFV
633 6LJQDO3HSWLGH3HSWLGDVH )RUIXUWKHUGHWDLOVVHHXQGHU/(3
$ K\GURODVH 63V 6XUIDFH3ODVPRQV
%LRFKHPLVWU\,QWUDPHPEUDQH3URWHRO\VLV 3K\VLFV
1HXURORJLF'LVHDVHV3URWHRPLFV 636$JUHHPHQW 6DQLWDU\DQG3K\WRVDQLWDU\
633 6LQJOH3HSWLGH3URWHDVH $JUHHPHQW
633 6SKLQJROLSLGPHWDEROLWH6SKLQJRVLQH 2IWKH:RUOG7UDGH2UJDQL]DWLRQ
3KRVSKDWH 636( 6RFLHW\RI3KRWRJUDSKLF6FLHQWLVWVDQG
%LRFKHPLVWU\&HOO3UROLIHUDWLRQ0HGLFLQH (QJLQHHUV 86$ 
0ROHFXODU%LRORJ\3K\VLRORJ\ 63 VWDJH 6LQJOH3RVLWLYHVWDJH
633 6WRFN3XUFKDVH3ODQ ,PPQXQRORJ\
%XVLQHVV)LQDQFH 63676 6SLQ3RODUL]HG6FDQQLQJ7XQQHOLQJ
6336 6KRUW3XOVH3KRWRQ6RXUFH 6SHFWURVFRS\
3URSRVHGIRUWKH6/$& $SSOLHG3K\VLFV0LFURVWUXFWXUH5HVHDUFK
)RUIXUWKHUGHWDLOVVHHXQGHU6/$& 637 6HULQH3DOPLWR\O&R$ 7UDQVIHUDVH
633V 6LJQDO3HSWLGH3HSWLGDVHV %LRRUJDQLF&KHPLVWU\0HGLFLQH0ROHFXODU
)RUIXUWKHUGHWDLOVVHHXQGHU633 3KDUPDFRORJ\


637) PRGLILFDWLRQV 6RGLXP3XPS7HVW)DFLOLW\ (QJLQHHULQJ


PRGLILFDWLRQV 65 6FDWWHU5HDG
637V 6KRUW3HULRG7UHPRUV &RPSXWHU3URJUDPPLQJ
(DUWKTXDNH5HVHDUFK*HRORJ\0HWHRURORJ\ 65 6HGLPHQWDWLRQ5DWH
9ROFDQRORJ\ 3DWKRORJ\3K\VLFDO&KHPLVWU\
638 6RODULV3URFHVVLQJ8QLW 65 6HOORU5HWXUQ
639 6SHFLDO3XUSRVH9HKLFOH %XVLQHVV&RPPHUFH
%XVLQHVV)LQDQFH6HFXULWL]DWLRQ 65 6HUYLFH5HQVHLJQHPHQWV
VSYRO DEEU VSHFLILFYROXPH )UHQFKLQLWLDOLVPPHDQLQJ,QIRUPDWLRQ6HUYLFH
0HFKDQLFV 65 6H[5DWLR
639 V\VWHPV 6RODU3KRWRYROWDLFV\VWHPV %LRORJ\
63: VHOISURWHFWZHDSRQ 65 6KLIW5HJLVWHU
DUPHG·DXWRSURWHFWLRQ 7KHVKLIWUHJLVWHULVFDSDEOHRIPRYLQJDVHTXHQFH
63= VXEPDULQHSDWURO]RQH RIVWRUHGELWVWRWKHULJKWRUOHIWDVSHFLILHGQXPEHU
]RQHGHSDWURXLOOHGHVRXVPDULQ V  RISRVLWLRQV
6T DEEU 6TXDUH UHIHUULQJWRDQRSHQVSDFHLQD &RPSXWHU7HFKQRORJ\
WRZQ  65 VKRUWUDQJH
64 7KHDLUOLQHFRGHIRU6LQJDSRUH$LUOLQHV FRXUWHSRUWpH
64& 6WDWLVWLFDO4XDOLW\&RQWURO 6RXWKHUQ5HJLRQ>REVROHWH@
64' 6LJQDO4XDOLW\'HWHFWRU 5pJLRQ6XG 56 >REVROqWH@
VTIWVTIW VTXDUHIRRWIHHW VWUDWHJLFUHFRQQDLVVDQFH
64* 6\VWqPHGHOD4XDOLWp*OREDOH UHFRQQDLVVDQFHVWUDWpJLTXH
)UHQFKLQLWLDOLVPPHDQLQJ7RWDO4XDOLW\&RQWURO VWUDWHJLFUHVHUYH
6\VWHP UpVHUYHVWUDWpJLTXH
VTLQVTLQ DEEU VTXDUHLQFKLQFKHV 65 6LUDFXVD,WDO\
0HWURORJ\ 65 6RODU5DGLDWLRQ
64/ 6WUXFWXUHG4XHU\/DQJXDJH 65 6SHFLDO5HJLVWHU
VTPVTP DEEU VTXDUHPHWHUPHWHUV 6U DEEU 6WHUDGLDQ
0HWURORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU6
VTPLVTPL DEEU VTXDUHPLOHPLOHV 65 6WRFKDVWLF5HVRQDQFH
0HWURORJ\ 7KHWKHRU\RIVWRFKDVWLFUHVRQDQFHZDVGHYHORSHG
VTQ DEEU VTXDGURQ \HDUVDJRE\PDWKHPDWLFLDQVDQGSK\VLFLVWV
VTUVTU DEEU VTXDUHURGURGV %LRHQJLQHHULQJ0DWKHPDWLFDO3K\VLRORJ\
0HWURORJ\ 1HXURVFLHQFH1RQOLQHDU'\QDPLFV3K\VLFDO
645 6XFFLQDWH4XLQRQHR[LGRUHGXFWDVH HQ]\PH  5HKDELOLWDWLRQ3URSULRFHSWLRQ
(QHUJ\3URGXFWLRQ,QWHUPHGLDU\0HWDEROLVP 6U WKHFKHPLFDOV\PEROIRU6WURQWLXP
2UJDQLVP%LRORJ\6WUXFWXUDO%LRORJ\ 6WURQWLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF
648$/( 6HFXULW\6DIHW\DQG48$/LW\(YDOXDWLRQ QXPEHUDQGDQDWRPLFZHLJKWRI,WLV
IRUGHSHQGDEOHV\VWHPV XVHGPDLQO\DVDQHOHFWURQWXEHVFDYHQJHU
(XURSHDQ&RPPXQLW\3URMHFW &KHPLVWU\ 6\PEROV
648$5. 6WUDQJH4XDUN 65 6WXGLGL5HWH
3DUWLFOH3K\VLFV 65 6XPPDU\5HSRUW
648,' 6XSHUFRQGXFWLQJ4XDQWXP,QWHUIHUHQFH 65 6XUWD[5DWH
'HYLFH 65 7KHDLUOLQHFRGHIRU6ZLVVDLU
7KHVXSHUFRQGXFWLQJTXDQWXPLQWHUIHUHQFHGHYLFH 65$ 6DWHOOLWH5DGDU$OWLPHWU\
LVXVHGPDLQO\LQKLJKO\VHQVLWLYHPDJQHWRPHWHUV 65$ 6FDQQLQJ5DGDU$OWLPHWHU
(OHFWURQLFV0LFURHOHFWURQLFV 65$ 6FLHQWLILF5HYLHZ$GPLQLVWUDWRU
648,'V 6XSHUFRQGXFWLQJ4XDQWXP,QWHUIDFH 65$ 6HOI5HJXODWRU\$JHQF\ 86$ 
'HYLFHV ,QYHVWPHQWV
65 6DFUD5RWD ,WDO\  65$ VKLSSLQJULVNDUHD
65 6DUFRSODVPLF5HWLFXOXP ]RQHGHQDYLJDWLRQjULVTXH
&HOO%LRORJ\  IRUFHSODQ VXLWDELOLW\DQG DVVRFLDWHG ULVN
65 6FDQQLQJ5DGLRPHWHU DVVHVVPHQW


pYDOXDWLRQGHO·DGpTXDWLRQGXSODQGHIRUFHVHW 65( 6\VWqPH5pWLFXOR(QGRWKpOLDO


GHVULVTXHV FRQQH[HV  )UHQFKLQLWLDOLVPPHDQLQJ5HWLFXORHQGRWKHOLDO
65$ 6LJQHVGH5HFRQQDLVVDQFHHWG
$SSUpFLDWLRQ 6\VWHP
)UHQFKLQLWLDOLVPPHDQLQJ6WURNHV $QDWRP\
65$ 6WUDWHJLF5DXLO$XWKRULW\ *%  65(%3 6WHURO5HJXODWRU\(OHPHQW%LQGLQJ3URWHLQ
65$$0 VKRUWUDQJHDQWLDLUPLVVLOH )RUIXUWKHUGHWDLOVVHHXQGHU65(%3V
PLVVLOHGHGpIHQVHDpULHQQHjFRXUWHSRUWpH 65(%3V 6WHURO5HJXODWRU\(OHPHQW%LQGLQJ
65$0 6KRUW5DQJH$WWDFN0LVVLOH 3URWHLQV
2UGQDQFH *HQHWLFV*HURQWRORJ\+XPDQ*HQRPH5HVHDUFK
65$0 6WDWLF5DQGRP$FFHVV0HPRU\ ,QKHULWHG'LVHDVHV0HGLFLQH1HXURORJLFDO
&RPSXWHU3URJUDPPLQJ 'LVRUGHUVDQG6WURNH
65 && 6WULNHV5LRWDQG&LYLO&RPPRWLRQ 65(/'25 6DWXUDWLRQ5HFRYHU\HOHFWURQHOHFWURQ
,QVXUDQFH 'RXEOH5HVRQDQFH
65$50 VKRUWUDQJHDQWLUDGLDWLRQPLVVLOH 0ROHFXODU'\QDPLFV OLTXLGV 
PLVVLOHDQWLUDGLDWLRQjFRXUWHSRUWpH 65) 6HUXP5HVSRQVH)DFWRU
65$V 6FLHQWLILF5HYLHZ$GPLQLVWUDWRUV 0ROHFXODU&HOO%LRORJ\
65% 6HQLRU5HVRXUFH%RDUG>0%&@ 65) 6PLWKVRQLDQ5HVHDUFK)RXQGDWLRQ
%XUHDXSULQFLSDOGHVUHVVRXUFHV>0%&@ 65) VWUDWHJLFUHVHUYHIRUFH
65% 6XOIDWH6XOSKDWH5HGXFLQJ%DFWHULD IRUFHGHUpVHUYHVWUDWpJLTXH
%LRJHRFKHPLVWU\*HRORJ\*HRSK\VLFV0DULQH 65* 6$&(855RYHU*URXS
&KHPLVWU\0DULQH0LFURELRORJ\3K\VLFV JURXSHLWLQpUDQWGX6$&(85
65EDQG 6RODU6FKXPDQQ5XQJHEDQG 65*6WHHO5HVHDUFK*URXS 86$ 
$VWURQRP\3K\LVFV 7KH65*ZDVIRXQGHGLQ
65%&V 6KHHS5HG%ORRG&HOOV 65, 6WDQIRUG5HVHDUFK,QWHUQDWLRQDO 86$ 
65%+ 6HUELDQ5HSXEOLFRI%RVQLD+HU]HJRYLQD 65,) 6RPDWRWURSLQ5HOHDVH,QKLELWLQJ)DFWRU
>REVROHWH@ 65,)LVDOVRNQRZQDV6RPDWRVWDWLQ
5pSXEOLTXHVHUEHGH%RVQLH+HU]pJRYLQH (QGRFULQRORJ\
>REVROqWH@ 65,N%_ 6XSHU5HSUHVVRUIRUPRI,N%_
65%0 6KRUW5DQJH%DOOLVWLF0LVVLOH &DQFHU(QGRGRQWLFV*HQHWLFV0HGLFLQH
7KHVKRUWUDQJHEDOOLVWLFPLVVLOHKDVDUDQJHRI 0ROHFXODU%LRORJ\3KDUPDFRORJ\
DERXWNLORPHWHUV 65. 65HFHSWRU.LQDVH
2UGQDQFH 3ODQW%LRORJ\3ODQW6FLHQFHV
65& 6FLHQFH5HVHDUFK&RXQFLO *%  65/ 6ROYHQW5HILQHG/LJQLWH
65& 6ROYHQW5HILQHG&RDO 65/ 6XSHUFRQGXFWLQJ5HVHDUFK/DERUDWRU\ -DSDQ 
65& VXEUHJLRQDOFRPPDQG>KDVUHSODFHG36&@ )RUIXUWKHUGHWDLOVVHHXQGHU,67(&
&RPPDQGHPHQWVRXVUpJLRQDO>UHPSODFH&63@ 650 VKRUWUDQJHPLVVLOH
65&& 6WULNHV5LRWV&LYLO&RPPRWLRQ PLVVLOHjFRXUWHSRUWpH
,QVXUDQFH 650V 6WDQGDUG5HIHUHQFH0DWHULDOV
65&JHQH 6WHURLG5HFHSWRU&RDFWLYDWRUJHQH 6506 6WUXFWXUH5HVRQDQFH0RGXODWLRQ
&HOO%LRORJ\ 6SHFWURVFRS\
6U&2 6WURQWLDQLWH 651 V\VWHPUHIHUHQFHQXPEHU
6WURQWLDQLWHLVIRXQGLQOLPHVWRQH QXPpURGHUpIpUHQFHGHV\VWqPH
0LQHUDORJ\ 652 6FRWWLVK5HQHZDEOHV2EOLJDWLRQ
65&3 6FLHQFHDQG5HOLJLRQ&RXUVH3URJUDP 652 6HOI5HJXODWRU\2UJDQL]DWLRQ *% 
65&V 6&,'5HSRSXODWLQJ&HOOV 6U2 6WURQWLXP2[LGH
&HOO%LRORJ\,PPXQRORJ\0HGLFLQH 6WURQWLXP2[LGHDOVRNQRZQDV6WURQWLDLVXVHG
)RUIXUWKHUGHWDLOVVHHXQGHU6&,' PDLQO\LQVRDSVDQGSLJPHQWV
65&V 6KRUW5DQJH&RUUHODWLRQV ,QRUJDQLF&KHPLVWU\
1XFOHDU3K\VLFV 6521 6SDFH5HVHDUFK2UJDQL]DWLRQRI7KH
65( 6HUXP5HVSRQVH(OHPHQW 1HWKHUODQGV
65( 6HUYLFHV5HQGXVDX[(QWUHSULVHV )UDQFH  $VWURSK\VLFV
65( VLQJOHURXQGHIIHFWLYHQHVV 653 6DYDQQDK5LYHU3ODQW
FDSDFLWpGHGHVWUXFWLRQDXSUHPLHUFRXS 653 6LJQDO5HFRJQLWLRQ3DUWLFOH


7KH6LJQDO5HFRJQLWLRQ3DUWLFOHLVDOVRNQRZQDV JLYHVKLJKVFKRROVWXGHQWVWKHRSSRUWXQLW\WR
6LJQDO5HFRJQLWLRQ3URWHLQ H[SORUHVFLHQFHWKURXJKVXPPHULQWHUQVKLSVZLWK
%LRFKHPLVWU\6WUXFWXUDO%LRORJ\%LRSK\VLFV SURIHVVLRQDOUHVHDUFKVFLHQWLVWVLQDFDGHPLHVJRY
653 6ROXEOH5HDFWLYH3KRVSKRUXV HUQPHQWDQGLQGXVWU\
654 6HWRI5HOHYDQW4XHVWLRQV )RUIXUWKHUGHWDLOVVHHXQGHU1<$6
654 7KHDLUSRUWFRGHIRU6DUDVRWD%UDGHQWRQ 658 VHDUFKDQGUHVFXHXQLW
)ORULGD86$ XQLWpGHUHFKHUFKHHWVDXYHWDJH
655 VHDUFKDQGUHVFXHUHJLRQ 658 6HLVPLF5HVHDUFK8QLW
UpJLRQGHUHFKHUFKHHWVDXYHWDJH 8QLYHUVLW\RIWKH:HVW,QGLHVLQ7ULQLGDG
656 VDWHOOLWHUDGDUVWDWLRQ (UXSWLYH$FWLYLWLHV*HRSK\VLFV6HLVPLF5HVHDUFK
VWDWLRQUDGDUGHVDWHOOLWH 9ROFDQLF+D]DUGV9ROFDQRORJ\
VHFXULW\UHTXLUHPHQWVVWDWHPHQW 66 6DVVDUL,WDO\
pQRQFpGHVLPSpUDWLIVGHVpFXULWp 66 6FLHQWLILF6\VWHP
VKRUWUDQJHVRQDU 7KHVFLHQWLILFV\VWHPGHDOVPDLQO\ZLWKFRPSXWD
VRQDUjFRXUWHSRUWpH WLRQV
VXEPDULQHUHVFXHVXEPHUVLEOH &RPSXWHU7HFKQRORJ\
VXEPHUVLEOHGHVDXYHWDJHGHVRXVPDULQ 66 6HOOLQJ6KRUW
656 6FLHQWLILF5HODWLRQV6SHFLDOLVW 66 6HQLRU6HFXULWLHV
656 1RULDQ 6NHOHWDO5HSDLU6\VWHP 66 6HUYL]LR6HJUHWR
7KH1RULDQ6NHOHWDO5HSDLU6\VWHPLVDSURPLVLQJ ,WDOLDQLQLWLDOLVPPHDQLQJ6HFUHW6HUYLFH
PDWHULDOGHYHORSHGLQWRUHSDLUERQHIUDF 66 6HUYL]LR6RFLDOH
WXUHV ,WDOLDQLQLWLDOLVPPHDQLQJ6RFLDO6HUYLFH
%LRPDWHULDOV 66 6KRUW6DOH
656 6RQREXR\5HIHUHQFH6\VWHP 66 6RFLDO6HFXULW\
656 6WLPXODWHG5RPDQ6FDWWHULQJ 66 6WDLQOHVV6WHHO
5RPDQVKLIWHG/DVHUV3K\VLFV2SWLFV 6WDLQOHVV6WHHOLVFRPPRQO\NQRZQDV6WDLQOHVV
6U6 6WURQWLXP6XOILGH $OOR\
6WURQWLXP6XOILGHDOVRNQRZQDV6WURQWLXP 0HWDOOXUJ\
0RQRVXOILGHLVXVHGPDLQO\LQVWURQWLXPFRP 66 6WHDPVKLS
SRXQGV $OVRVV
,QRUJDQLF&KHPLVWU\ 1DYDO$UFKLWHFWXUH
656$ 6ORZ5HDFWLQJ6XEVWDQFHRI$QDSK\OD[LV 66 6WRSSHG6WRFN
0HGLFLQH 66 6XFFLQLPLG\O6XFFLQDWH
656* 6SHFLDO5HSUHVHQWDWLYHRIWKH6HFUHWDU\ 66 6XUIDFHWR6XUIDFH
*HQHUDO81 66$ 2UGLQH&DYDOOHUHVFRGHOOD 6DQWLVVLPD
6U62 &HOHVWLQH $QQXQ]LDWD
&HOHVWLQHDOVRNQRZQDV&HOHVWLWHLVIRXQGPDLQ ,WDOLDQLQLWLDOLVPPHDQLQJ 2UGHURI&KLYDOU\RI
O\LQK\GURWKHUPDOYHLQGHSRVLWVDQGLQVHGLPHQ WKH 9LUJLQ0DU\
WDU\URFNV 66$ 6HLVPRORJLFDO6RFLHW\RI$PHULFD 86$ 
0LQHUDORJ\ 66 & 6FRSH6HTXHQFHDQG&RRUGLQDWLRQ
65620 VKRUWUDQJHVWDQGRIIPLVVLOH 86(GXFDWLRQ5HIRUPV
PLVVLOHjFRXUWHSRUWpHWLUpjGLVWDQFHGHVpFXULWp 66$V 6WUDWRVSKHULF6XOIDWH$HURVROV
657 VKRUWUDQJHWUDQVSRUWDLUFUDIW 66% 6LQJOH6LGHEDQG
DpURQHIGHWUDQVSRUWjFRXUWUD\RQG·DFWLRQ 7HOHFRPPXQLFDWLRQV
657 6LPSOH5HDFWLRQ7LPH 66% 6SDFH6HLVPRORJLFDO%XUHDX
$JLQJ$QWLDJLQJ*HQHWLFV*HURQWRORJ\ 66% 6SDFH6WXGLHV%RDUG 86$ 
6U7L2 6WURQWLXP7LWDQDWH 66% 6WDWH6HLVPRORJLFDO%XUHDX%HLMLQJ &KLQD 
6WURQWLXP7LWDQDWHLVXVHGPDLQO\LQHOHFWURQLFV (DUWK6FLHQFH(DUWKTXDNH0DQDJHPHQW
6570 6KXWWOH5DGDU7RSRJUDSK\0LVVLRQ *HRSK\VLFV3K\VLFVRI(DUWK,QWHULRU6HLVPRORJ\
*HRSK\VLFVDQG3ODQHWDU\3K\VLFV 66% 6WDWH6WDWLVWLFDO%XUHDX &KLQD 
2FHDQRJUDSK\ 66%FRPPXQLFDWLRQ 6LQJOH6LGHEDQGFRPPXQLFD
6573 6FLHQFH5HVHDUFK7UDLQLQJ3URJUDP WLRQ
2IWKH1HZ<RUN$FDGHP\RI6FLHQFHVWKH6573 $OVRVLQJOHVLGHEDQGPRGXODWLRQ


7HOHFRPPXQLFDWLRQV 6XSHUVRQLF)ORZLVDOVRNQRZQDV6XSHUFULWLFDO
66%,6XUYH\ 6SHQFHU6WXDUW%RDUG,QGH[6XUYH\ )ORZ
66%1 VXEVXUIDFHEDOOLVWLFQXFOHDU QXFOHDUSRZHUHG )OXLG0HFKDQLFV
EDOOLVWLFPLVVLOHVXEPDULQH  66)/& GHYLFH 6XUIDFH6WDELOL]HG)HUURHOHFWULF
VRXVPDULQQXFOpDLUHODQFHXUG·HQJLQV 61/(  /LTXLG&U\VWDOGHYLFH
66%6 PLVVLOH VROVROEDOLVWLTXHVWUDWpJLTXH %LRFKHPLVWU\&KHPLVWU\2SWRHOHFWURQLF
JURXQGWRJURXQGVWUDWHJLFEDOOLVWLFPLVVLOH &RPSXWLQJ6\VWHPV
66%V 6LQJOH6WUDQG%UHDNV 66* 6FLHQWLILF6WHHULQJ*URXS
0ROHFXODU%LRORJ\ 66+5& 6RFLDO6FLHQFHVDQG+XPDQLWLHV5HVHDUFK
66& 6ROLG6WDWH&RPSXWHU &RXQFLO &DQDGD 
&RPSXWHU7HFKQRORJ\ 66, 6DWHOOLWH6HTXHQWLDO,PDJLQJ
66&6SHFLDOL]DWLRQLQ6RFLDO&RJQLWLRQ 66, 6N\6XUYH\,QVWUXPHQW
66& 6SHUPDWRJRQLDO6WHP&HOO 66, VWDQGLQJVLJQDOVLQVWUXFWLRQV
)RUIXUWKHUGHWDLOVVHHXQGHU66&V LQVWUXFWLRQVSHUPDQHQWHVGHVWUDQVPLVVLRQV
66& 6WDQGDUG6DOLQH&LWUDWH 66, 6WDWHZLGH6\VWHPLF,QLWLDWLYH
66& 6WD]LRQH6SHULPHQWDOH&RPEXVWLELOL ,WDO\  66, 6XSSOHPHQWDO6HFXULW\,QFRPH 86$ 
66& 6XSHUFRQGXFWLQJ6XSHU&ROOLGHU 66,& 6LQWHUHG6,OLFRQ&DUELGH
66& VXUIDFHVHDUFKFRRUGLQDWLRQ 'HYHORSPHQWRQVHOIOXEULFDWLQJ66,&ZLWKRSWL
FRRUGLQDWLRQGHODUHFKHUFKHGHVXUIDFH PL]HGSRURVLW\DQGLQILOWUDWLRQ
66&3 DQDO\VLV 6LQJOH6WUDQG&RQIRUPDWLRQ (XURSHDQ&RPPXQLW\3URMHFW
3RO\PRUSKLVPDQDO\VLV 66,( 6PLWKVRQLDQ6FLHQFH,QIRUPDWLRQ([FKDQJH
$,'65HVHDUFK/LIH6FLHQFHV0HGLFLQH 66,, 6RFLpWpGH6HUYLFHVHWG
,QJpQLHULH
3DWKRORJ\ ,QIRUPDWLTXH
66&V 6SHUPDWRJRQLDO6WHP&HOOV )UHQFKLQLWLDOLVPPHDQLQJ&RPSXWHU%XUHDX
$QLPDO%LRORJ\5HSURGXFWLYH%LRORJ\9HWHULQDU\ 6HUYLFH6RIWZDUH&RPSDQ\
0HGLFLQH 66, LQVWUXPHQW 6ROLG6WDWH,PDJLQJLQVWUXPHQW
66&V 6WDWH6FLHQWLILF&HQWHUV 5XVVLD  $VWURQRP\/XQDUDQG3ODQHWDU\6FLHQFH6SDFH
7KH66&VZHUHODXQFKHGLQ 6FLHQFH
66&9 6HPL6XEPHUVLEOH&UDQH9HVVHO 66,2 6RXWKHUQ6XEWURSLFDO,QGLDQ2FHDQ
66' 6H[XDO6L]H'LPRUSKLVP 66,SURJUDP 6WDWHZLGH6\VWHPLF,QLWLDWLYHVSUR
66' 6WHDG\6WDWH'LVWULEXWLRQ JUDP
$QDO\WLFDO&KHPLVWU\ 2IWKH861DWLRQDO6FLHQFH)RXQGDWLRQ
66' 6WHURO6HQVLQJ'RPDLQ 6\VWHPLF(GXFDWLRQ5HIRUPV
66' 6XSHUVRQLF'LIIXVHU 66,V\VWHP 6ROLG6WDWH,PDJLQJV\VWHP
0HFKDQLFDO(QJLQHHULQJ 6HQVLWLYHIURPWRQP
66' 6XSSOHPHQWDU\6SHFLDO'HSRVLW *%  0HGLFLQH1HXURORJ\3V\FKLDWU\
%DQNLQJ%XVLQHVV)LQDQFH 66,7 6FXROD6XSHULRUHSHU,QWHUSUHWLH7UDGXWWRUL
VV'1$ VLQJOHVWUDQGHG'1$ ,WDO\ 
66( 6WUHGRVORYHQVNH(QHUJHWLFNH=DYRG\ 6ORYDN ,WDOLDQ6FKRROV
5HSXEOLF  66,= VHDVRQDOVHDLFH]RQH
66(ORFDWHGLQ=LOLQDLVRQHRIWKH(QHUJ\ ]RQHGHJODFHVVDLVRQQLqUHV
'LVWULEXWLRQ&RPSDQLHVRIWKH6ORYDN5HSXEOLF 66- VHOIVFUHHQLQJMDPPLQJ
UHVSRQVLEOHIRU&HQWUDO6ORYDNLD EURXLOODJHG·DXWRSURWHFWLRQ
66($ 6WDJH6SHFLILF(PEU\RQLF$QWLJHQ 66. GLHVHOSRZHUHGDWWDFNVXEPDULQH
*\QHFRORJ\+XPDQ%ODVWRF\VWV0HGLFLQH DVRXVPDULQG·DWWDTXHjSURSXOVLRQGLHVHO
2EVWHWULFV EVRXVPDULQFKDVVHXUGHVRXVPDULQ
66(& 6SDFH6FLHQFHDQG(QJLQHHULQJ&HQWHU 66.3 VLQJOHVKRWNLOOSUREDELOLW\
$WWKH8QLYHUVLW\RI:LVFRQVLQ 86$  SUREDELOLWpGHGHVWUXFWLRQDXSUHPLHUFRXS
66) VXEVWUDWHJLFIRUFHV 66/ 6VO 6HFXUH6RFNHW/D\HU
DIRUFHVVRXVVWUDWpJLTXHV $ SURWRFROEXLOWLQWREURZVHUVWKDWXVHVHQFU\SWLRQ
EIRUFHVSUpVWUDWpJLTXHV>)5@ WRSUHYHQWWKHPHVVDJHEHLQJHLWKHUUHDGRU
66) 6XSHUVRQLF)ORZ FKDQJHG
'LJLWDO&HUWLILFDWHV3URWRFROV


66/ VXEPDULQHVDIHW\ODQH 665 6XEV\QDSWLF5HWLFXOXP


FKHQDOGHVpFXULWpGHVRXVPDULQV 1HXURVFLHQFH
66/, 6RFLHW\RI6FKRRO/LEUDULDQV,QWHUQDWLRQDO 665 $ 6$&(85
VVWDUWHJLFUHVHUYH DLU 
66/0,7VVOPLW 6FXROD6XSHULRUHGL/LQJXH UpVHUYHVWUDWpJLTXHGX6$&(85 DLU 
0RGHUQHSHU,QWHUSUHWLH7UDGXWWRUL ,WDO\  665$ VXEPDULQHVHDUFKDQGUHVFXHDXWKRULW\
,WDOLDQ6FKRROV DXWRULWpFKDUJpHGHODUHFKHUFKHHWGXVDXYHWDJHGH
66/3 6LPSOH6HTXHQFH/HQJWK3RO\PRUSKLVP VRXVPDULQV
)RUIXUWKHUGHWDLOVVHHXQGHU66/3V 665& 6RFLDO6FLHQFH5HVHDUFK&RXQFLO 86$ 
66/3V 6LPSOH6HTXHQFH/HQJWK3RO\PRUSKLVPV 665,V 6HOHFWLYH6HURWRQLQ5HXSWDNH,QKLELWRUV
*HQHWLFV*HQRPLF5HVHDUFK0HGLFLQH $QWLGHSUHVVDQWV3V\FKLDWU\3V\FKRORJ\
0ROHFXODU*HQHWLFV 3V\FKRSKDUPDFRORJ\
660 6XUIDFHWR6XUIDFH JXLGHG 0LVVLOH 665 / 6$&(85
VVWUDWHJLFUHVHUYH ODQG 
2UGQDQFH UpVHUYHVWUDWpJLTXHGX6$&(85 WHUUH 
660$ VSUHDGVSHFWUXPPXOWLSOHDFFHVV 6653 6WDQIRUG6\QFKURWURQ5DGLDWLRQ3URMHFW
DFFqVPXOWLSOHSDUpWDOHPHQWGHVSHFWUH $0(6  86$ 
660( 6SDFH6KXWWOH0DLQ(QJLQH 6653V 6WUXFWXUH6SHFLILF5HFRJQLWLRQ3URWHLQV
661 QDYDOVXUIDFHWRVXUIDFHPLVVLOH 6656 V\VWHPVSHFLILFVHFXULW\UHTXLUHPHQWVVWDWH
PLVVLOHVXUIDFHVXUIDFHjODQFHXUQDYDO PHQW
661 VXEVXUIDFHDWWDFNQXFOHDU QXFOHDUSRZHUHG H[SUHVVLRQ RXpQRQFp GHVEHVRLQVGHVpFXULWp
DWWDFNVXEPDULQH  SURSUHVDXV\VWqPH
VRXVPDULQQXFOpDLUHG·DWWDTXH 61$  665= VXEPDULQHVHDUFKDQGUHVFXH]RQH
6610 6WUDWHJLF6SHFLDO1XFOHDU0DWHULDO ]RQHGHUHFKHUFKHHWVDXYHWDJHGHVRXVPDULQV
662 VLWHVHFXULW\RIILFHU 666 VKLSVKRUHVKLS
RIILFLHUGHVpFXULWpGXVLWH QDYLUHWHUUHQDYLUH
VSDFHVKXWWOHRUELWHU 666$ 6RLO6FLHQFHV6RFLHW\RI$PHULFD 86$ 
QDYHWWHVSDWLDOHRUELWDOH 6RLO6FLHQFHV
662 6LWH6SHFLILF2OLJRQXFOHRWLGH 666% VKLSVKRUHVKLSEXIIHU
6620 6WULWFK6FKRRO2I0HGLFLQH 86$  WDPSRQQDYLUHWHUUHQDYLUH
)RXQGHGLQWKH6620DWWKH/R\ROD 666& 6ROLGH6WDWH6FLHQFHV&RPPLWWHH 86$ 
8QLYHUVLW\RI&KLFDJRLVRQHRIWKHIRXU-HVXLW 666& VXUIDFHVXEVXUIDFHVXUYHLOODQFHFRRUGLQDWRU
&DWKROLF0HGLFDO6FKRROVLQWKH8QLWHG6WDWHV DFRRUGRQQDWHXUGHODVXUYHLOODQFHVXUIDFHVRXV
663 VFKHGXOHGVWULNHSURJUDPPH VXUIDFH
SURJUDPPHGHIUDSSHSUppWDEOL EFRRUGRQQDWHXUGHODYHLOOHVXUIDFHHWVRXVVXU
663( 6XEDFXWH6FOHURVLQJ3DQHQFHSKDOLWLV IDFH
7KHVXEDFXWHVFOHURVLQJSDQHQFHSKDOLWLVLVDVRUW 66655&6 VXUIDFHVXEVXUIDFHUDLGUHSRUWLQJFRQWURO
RIOHXNRHQFHSKDOLWLVWKDWDIIHFWVSDUWLFXODUO\FKLO VKLS
GUHQ EkWLPHQWFRQWU{OHXUGHVFRPSWHVUHQGXVG·DWWDTXH
3DWKRORJ\ GHVXUIDFHRXVRXVODVXUIDFH
6636 6DWHOOLWH6RODU3RZHU6WDWLRQ 667 6HD6XUIDFH7HPSHUDWXUH
663V 6HOIDVVHPEOLQJ6XSUDPROHFXODU3RUHV &OLPDWH2FHDQ9DULDELOLW\&OLPDWH6\VWHP
$QDO\WLFDO&KHPLVWU\3K\VLFDO&KHPLVWU\ 5HVHDUFK(FRV\VWHPDQG3RSXODWLRQ%LRORJ\
6636 6RODUEDVHG6RODU3RZHU6DWHOOLWH (QYLURQPHQWDO6FLHQFHV2FHDQRJUDSK\6SDFH
66375$3 6SRUR]RLWH6XUIDFH3URWHLQ 6WXGLHV
7KURPERVSRQGLQ5HODWHG$GKHVLYH3URWHLQ 667 6ORZ6FDQ7HOHYLVLRQ
/LIH&\FOHV3URWHFWLYH,PPXQH5HVSRQVHV 7HOHFRPPXQLFDWLRQV
9DFFLQHV 667 6XSHUVRQLF7UDQVSRUW
664 6FLHQFHDQGWKH6SLULWXDO4XHVW 667$ 6HD6XUIDFH7HPSHUDWXUH$QRPDO\
664LVDIRXU\HDULQWHUQDWLRQDOSURMHFWKRXVHGDW 667& 6WDWH6FLHQFHDQG7HFKQRORJ\&RPPLVVLRQ
WKH&HQWHUIRU7KHRORJ\DQGWKH1DWXUDO6FLHQFHV &KLQD 
LQ%HUNHOH\&DOLIRUQLD86$ 6675 6ROLG6WDWH7UDFN5HFRUGHU
665 6HFRQGDU\6XUYHLOODQFH5DGDU 667V 6HD6XUIDFH7HPSHUDWXUHV
665 6ROLG6WDWH5HOD\ )RUIXUWKHUGHWDLOVVHHXQGHU667
(OHFWURQLFV


668U51$ VHTXHQFHV 6PDOO6XEXQLWULERVRPDO 67$,56 6WRUDJH$QG,QIRUPDWLRQ5HWULHYDO6\VWHP


51$ VHTXHQFHV VWDQ DEEU VWDQGDUGVWDQGDUGL]DWLRQ
&KHPLVWU\*HRORJ\*HRSK\VLFV 67$1$* 1$72VWDQGDUGL]DWLRQDJUHHPHQW
0LFURRUJDQLVPV DFFRUGGHQRUPDOLVDWLRQ27$1
669 VRIWVNLQQHGYHKLFOH 67$1$9)25&+$1 6WDQGLQJ1DYDO)RUFH
YpKLFXOHQRQEOLQGp &KDQQHO>REVROHWHUHSODFHGE\0&0)25
66= VXUIDFHVHFXULW\]RQH :257+@
]RQHGHVpFXULWpGHEkWLPHQWV )RUFHQDYDOHSHUPDQHQWHGHOD0DQFKH>REVROqWH
67 6DOHV7D[ UHPSODFpHSDU0&0)251257+@
6W 6W/XFLD 67$1$9)25/$17 6WDQGLQJ1DYDO)RUFH
67 6HDUFK7LPH $WODQWLF
7KHVHDUFKWLPHLVDFWXDOO\WKHWLPHQHHGHGWRILQG )RUFHQDYDOHSHUPDQHQWHGHO·$WODQWLTXH
VSHFLILFGDWDLQDFRPSXWHUVWRUDJHGHYLFH 67$1$9)250(' 6WDQGLQJ1DYDO)RUFH
&RPSXWHU7HFKQRORJ\ 0HGLWHUUDQHDQ>KDVUHSODFHG1$92&)250('@
67 6HTXHQFH7\SH )RUFHQDYDOHSHUPDQHQWHGHOD0pGLWHUUDQpH>UHP
67 6SLQ7UDQVLWLRQ SODFH1$92&)250('@
67 6SULQJ7LGH 67$1' 6FLHQFHDQG7HFKQRORJ\$JHQGDIRU
2FFXUULQJDFFRUGLQJWRWKHPRRQSKDVHV 1DWLRQDO'HYHORSPHQW 7KH3KLOLSSLQHV 
2FHDQRJUDSK\ 67$1',77 67$1'DUGL]DWLRQLQWKHILHOGRI
VW DEEU VWDPSHG ,QIRUPDWLRQ7HFKQRORJ\DQG7HOHFRPPXQLFDWLRQV
67 6WDWH7DEOH (&
&RPSXWHU7HFKQRORJ\ 67$1,08& 6HUYL]LR7HFQLFR$XWRQRPR
67 6WRFN7UDQVIHU 1RUPDOL]]D]LRQH,WDOLDQD0DFFKLQH8WHQVLOLH
VW DEEU VWRSSHG &ROODXGL ,WDO\ 
6W 6WUHHW 67$1,08&LVORFDWHGLQ7XULQ,WDO\
$OVR6WU ,WDOLDQ6WDQGDUGV,VVXLQJ2UJDQL]DWLRQV
67 6XPPHU7LPH6WDQGDUG7LPH 67$1< 6HFXULW\7UDGHUV
$VVRFLDWLRQRI1HZ<RUN
67$ 6FLHQFHDQG7HFKQRORJ\$JHQF\ 86$ 
67$ VHFRQGDU\WUDLQLQJDFWLYLWLHV 67$3 6FLHQWLILFDQG7HFKQLFDO$GYLVRU\3DQHO
DFWLYLWpVG·HQWUDvQHPHQWVHFRQGDLUHV 6WDSK DEEU 6WDSK\ORFRFFXV
VXUYHLOODQFHDQGWDUJHWDFTXLVLWLRQ 7KHZRUG6WDSK\ORFRFFXVUHIHUVWRWKH*UHHNWHUP
VXUYHLOODQFHHWDFTXLVLWLRQG·REMHFWLIV DEXQFKRIJUDSHVEHFDXVHXQGHUDPLFURVFRSH
67$ 6HUXP7KURPERWLF$FFHOHUDWRU WKHVHEDFWHULDDSSHDUDVDJURXS
6WDEH[ 6LVWHPDGLVWDELOL]]D]LRQHGHLSURYHQWLGD %DFWHULRORJ\
HVSRUWD]LRQH ,WDO\  67$5 6FLHQFH7R$FKLHYH5HVXOWV
67$'$1 6SDFH7UDFNLQJ$QG'DWD$FTXLVLWLRQ 67$5LVDQLQLWLDWLYHRIWKH86(3$
1HWZRUN 1$6$
V  $VWURQRP\3K\VLFV3ODQHWDU\6FLHQFHV
6SDFH7HFKQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU(3$
67$) 6WDI 6HUYL]LRGL7XWHODGHOO·$PPLQLVWUD]LRQH 67$5 6KLS7HQGHG$FRXVWLF5HOD\
)LQDQ]LDULD ,WDO\  1DYLJDWLRQ
67$ IHOORZVKLSSURJUDP 6FLHQFHDQG7HFKQRORJ\ 67$5 6WDQGDUG7HUPLQDO$UULYDO5RXWH
$JHQF\IHOORZVKLSSURJUDP $YLDWLRQ
7KH67$DQDGPLQLVWUDWLYHRUJDQRIWKH 67$5 6WDWH$FLG5DLQ3URJUDP 86$ 
*RYHUQPHQWRI-DSDQHVWDEOLVKHGWKH67$ IHOORZ 67$5 67RUDJH$QG5HWULHYDO
VKLS3URJUDPLQ 67$5 VXUYHLOODQFHWDUJHWDFTXLVLWLRQDQGUHFRQ
)HOORZVKLSV QDLVVDQFH
67$))(; VWDII H[HUFLVH VXUYHLOODQFHDFTXLVLWLRQG·REMHFWLIHWUHFRQQDLV
H[HUFLFHG·pWDWPDMRU VDQFH
6WDIIV DEEU 6WDIIRUGVKLUH *%  VWDU 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
67$,) 6SDFH7HFKQRORJ\ $SSOLFDWLRQV (QJOLVKZRUGVWDU
,QWHUQDWLRQDO)RUXP $VWURQRP\(OHFWULFLW\
67$,)
ZDVKHOGRQVW -DQXDU\WK )HEUXDU\ 6W$5 SURWHLQ 6WHURLGRJHQLF$FXWH5HJXODWRU\SUR
LQ$OEXTXHUTXH1HZ0H[LFR WHLQ


%LRFKHPLVWU\0HGLFLQH6WHURLGRJHQHVLV &HQWUHWHFKQLTXHGX6+$3( &76 >REVROqWH


67$56 6DWHOOLWH7HOHYLVLRQH$SSOLFD]LRQL LQWpJUpGDQVOD1&$ 
5LFHUFKH6HUYL]L ,WDO\  67& 6KRUW7HUP&UHGLW
67$57 6WUDWHJLF$UPV5HGXFWLRQ7DONV %XVLQHVV&RPPHUFH)LQDQFH
SRXUSDUOHUVVXUODUpGXFWLRQGHVDUPHPHQWV 67& 6RXQG7UDQVPLVVLRQ&ODVV
VWUDWpJLTXHV 67& 6XEMHFW7R&DOO
6WUDWHJLF$UPV5HGXFWLRQ7UHDW\ 67& 6XEWURSLFDO&RQYHUJHQFH
7UDLWpVXUODUpGXFWLRQGHVDUPHPHQWV 2FHDQRJUDSK\
VWUDWpJLTXHV 67& 6XSSOHPHQWDO7\SH&HUWLILFDWLRQ
67$57 6\VWHPIRU$QDO\VLV5HVHDUFKDQG 67&V 6FLHQFHDQG7HFKQRORJ\&HQWHUV
7UDLQLQJ )XQGHGE\WKH861DWLRQDO6FLHQFH)RXQGDWLRQ
7KH6\VWHPIRU$QDO\VLV5HVHDUFKDQG7UDLQLQJ %LRSKRWRQLFV(DUWKVXUIDFH'\QDPLFV6SDFH
ZDVFUHDWHGE\WKH,QWHUQDWLRQDO&RXQFLORI :HDWKHU0RGHOLQJ
6FLHQWLILF8QLRQVLQ 67' 6H[XDOO\7UDQVPLWWHG'LVHDVH
(QYLURQPHQWDO5HVHDUFK $,'6+,9 &DUULHUV*\QHFRORJLFDO,QIHFWLRQV
67$57(; VWDUW RIH[HUFLVH VWG DEEU VWDQGDUG
GpEXWGHO·H[HUFLFH 67' 6XEVFULEHU7UXQN'LDOLQJ
67$6 VXEPDULQHWRZHGDUUD\V\VWHP VRQDU  67'FRQGLWLRQV 6WDQGDUGL]HGFRQGLWLRQV
V\VWqPH VRQDU jDQWHQQHUHPRUTXpHSDUVRXV 67'1 6SDFHIOLJKW7UDFNLQJDQG'DWD1HWZRUN
PDULQV 67' UHFRUGHU 6DOLQLW\7HPSHUDWXUH'HSWKUHFRUGHU
6WDVL 0LQLVWU\IRU6WDWH6HFXULW\ 7KHVDOLQLW\WHPSHUDWXUHGHSWKUHFRUGHULVDOVR
*HUPDQ'HPRFUDWLF5HSXEOLF NQRZQDV&7'UHFRUGHU
VWDW DEEU VWDWLVWLFVVWDWXV (QJLQHHULQJ
67$7 6WUDWRVSKHULF7UDFHUVRI$WPRVSKHULF 67'V 6H[XDOO\7UDQVPLWWHG'LVHDVHV
7UDQVSRUW )RUIXUWKHUGHWDLOVVHHXQGHU67'
67$7( 6XOIXU7UDQVIRUPDWLRQ$QG7UDQVSRUW 6WH% 6RXWK7HPSHUDWH%HOW
([SHULPHQW 67(' 6RODU7XUERHOHFWULF'ULYH
VWDWH 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH 67(0 6FDQQLQJ7UDQVPLVVLRQ(OHFWURQ
(QJOLVKZRUGVWDWH 0LFURVFRSH
&RQWURO6\VWHPV3K\VLFV4XDQWXP0HFKDQLFV (OHFWURQLFV
67$7(& 6HUYLFHFHQWUDOGHOD67$WLVWLTXHHWGHV 67(0 6KRUW7HDP(QHUJ\0RQLWRULQJ
(WXGHV(&RQRPLTXHV /X[HPEXUJ  67(0LVDQHZWHFKQLTXHWKDWTXLFNO\DQGHDVLO\
6WDWLF 63663 6WDWLF6SRQWDQHRXV3RWHQWLDO SUHGLFWVORQJWHUPHQHUJ\SHUIRUPDQFHVXFKDV
67$7 &\WRSODVPLF 6LJQDO7UDQVGXFHUVDQG DQQXDOKHDWLQJUHTXLUHPHQWV67(0LVDYDOLGZD\
$FWLYDWRUVRI7UDVFULSWLRQ WRYHULI\HQHUJ\SHUIRUPDQFHIRUWKLUGSDUW\
%LRFKHPLVWU\&HOO%LRORJ\0HGLFLQH0ROHFXODU ILQDQFLQJDQGXWLOLW\UHEDWHSURJUDPV
%LRORJ\3K\LFV6XUJHU\ (QHUJ\0RQLWRULQJ
67$7  6LJQDO7UDQVGXFHUDQG$FWLYDWRURI 67(3 6FLHQFH7HFKQRORJ\DQG(FRQRPLF3ROLF\
7UDQVFULSWLRQ %RDUG  86$ 
,PPXQRORJ\1RURYLUXVUHVLVWDQFH3DWKRORJ\ 67(3 6L[WK7HUP([DPLQDWLRQ3DSHUV *% 
67% 6SHFLDO7D[%RQG 67(3 6WUDWRVSKHUH7URSRVSKHUH([FKDQJH3URMHFW
%XVLQHVV)LQDQFH 67(3 7ZR6SHFLILF5HVHDUFKDQG7HFKQRORJLFDO
VWEG DEEU VWDUERDUG 'HYHORSPHQW3URJUDPVLQWKHILHOGRIHQYLURQ
1DYLJDWLRQ PHQW
67& 6FLHQFHDQG7HFKQRORJ\&HQWHU (XURSHDQ&RPPXQLW\3URJUDPV
)RUIXUWKHUGHWDLOVVHHXQGHU67&V VWHU DEEU VWHUOLQJ
67& VHQVLWLYLW\WLPHFRQWURO $OVRVWJ
DUpJXODWLRQGHODVHQVLELOLWpHQIRQFWLRQGX 6WHUDG DEEU VWHUDGLDQ
WHPSV )RUIXUWKHUGHWDLOVVHHXQGHU6
EjJDLQYDULDEOHGDQVOHWHPSV *97  67(6 6RODU7RWDO(QHUJ\6\VWHPV
6+$3(7HFKQLFDO&HQWUH>REVROHWHLQFRUSRUDW 6W([ DEEU 6WRFN([FKDQJH
HGLQWR1&$@ 67) 6XEWURSLFDO)URQW
2FHDQ6FLHQFH


67) 6\VWHPLF7UDQVIRUPDWLRQ)DFLOLW\ 672/ 6KRUW7DNH2IIDQG/DQGLQJ


)RUIXUWKHUGHWDLOVVHHXQGHU&&))())(6$) $YLDWLRQ
DQG6$) 6723 6WRSWKH7UDIILFNLQJ2I3HUVRQV
67)V 6LJQDO7UDQVGXFLQJ)DFWRUV 7KH6723 SURJUDPFRYHULQJWKHSHULRG
,PPXQRORJ\ ZDVODXQFKHGWRGHYHORSLQLWLDWLYHVWR
VWJ DEEU VWHUOLQJ HOLPLQDWHWUDGHLQKXPDQEHLQJVVH[XDOH[SORLWD
$OVRVWHU WLRQDQGRWKHUFULPHV
67* 6XSHULRUWHPSRUDO*\UXV (XURSHDQ&RPPXQLW\3URJUDPV
%UDLQ6FLHQFHV&RJQLWLYH1HXURVFLHQFH 672506 6RIWZDUH7RROVIRUWKH2SWLPL]DWLRQRI
3V\FKRDFRXVWLFV 5HVRXUFHVLQ0RELOH6\VWHPV
67+ 6RPDWRWURSH+RUPRQH (XURSHDQ&RPPXQLW\3URMHFW
67,$& 6FLHQFH7HFKQRORJ\DQG,QQRYDWLRQ 6729/ VKRUWWDNHRIIDQGYHUWLFDOODQGLQJ DLU
$GYLVRU\&RXQFLO 86$  FUDIW 
67,6 6SDFH7HOHVFRSH,PDJLQJ6SHFWURJUDSK DpURQHIj GpFROODJHFRXUWHWDWWHUULVVDJHYHUWLFDO
67,6LVRQHRIWKHLQVWUXPHQWVLQVWDOOHGDERDUGWKH $'&$9 
+67 GXULQJWKHIHEUXDU\VHUYLFLQJPLVVLRQ 673 6FLHQFHDQG7HFKQRORJ\3ROLF\
67,6FDQFROOHFWVSHFWUDOGDWDIURPQXPHURXV 673 6HOI7ULJJHULQJ3URJUDP
REMHFWVVLPXOWDQHRXVO\ &RPSXWHU3URJUDPPLQJ
)RUIXUWKHUGHWDLOVVHHXQGHU+67 673 6KRUW7HUP3URJUDP
VWN DEEU VWRFN 673 6WDQGDUG7HPSHUDWXUHDQG3UHVVXUH
67.( 6WNH 6LJQDO7UDQVGXFWLRQ.QRZOHGJH 673 6WDXURVSRULQ
(QYLURQPHQW $ JHQHUDONLQDVHLQKLELWRU
$ SURGXFWRI6FLHQFH 6WDQIRUG8QLYHUVLW\ %LRFKHPLVWU\&HOO%LRORJ\
/LEUDULHV 673 6XUYHLOODQFH7UDQVORFDWLRQ3URWHLQ
&HOOXODU5HJXODWLRQ(OHFWURQLF-RXUQDOV %RWDQ\3ODQW%LRORJ\3ODQW3K\VLRORJ\
(OHFWURQLF/LEUDULHV6LJQDOLQJ5HVHDUFK 6733 6RGLXP7ULSRO\SKRVSKDWH
)RUIXUWKHUGHWDLOVVHHXQGHU$$$6 6733 LVXVHGPDLQO\LQZDWHUVRIWHQLQJ
67/ 6FLHQFH7HFKQRORJ\DQG/DZ ,QRUJDQLF&KHPLVWU\
863URJUDPV 675 6HOI7XQLQJ5HJXODWRU
67/ 6SDFH7HFKQRORJ\/DERUDWRU\ &RQWURO6\VWHPV
67/ 7KHDLUSRUWFRGHIRU6W/RXLV,QWHUQDWLRQDO 6WU 6KRUWWDQGHPUHSHDW
670 6FDQQLQJ7XQQHOLQJ0LFURVFRS\ 675 6RFLpWpGHSURGXLWVFKLPLTXHVGHV7HUUHVUDUHV
&KHPLFDO6FLHQFHV&KHPLFDO(QJLQHHULQJ )UDQFH 
1DQRSDUWLFOHVFKDUDFWHUL]DWLRQWHFKQLTXH VWU DEEU VWUDGD
670 6KRUW7HUP0HPRU\ ,WDOLDQDEEUHYLDWLRQPHDQLQJVWUHHWURDG
6KRUW7HUP0HPRU\LVDOVRNQRZQDV3ULPDU\ VWU DEEU VWUDLWVWUDLWV
0HPRU\6KRUW7HUP6WRUH *HRJUDSK\
%HKDYLRU%LRORJ\0HPRU\6WRUDJH3V\FKRORJ\ VWU DEEU VWUHDP
670SURJUDPPH 6WDQGDUGV7HVWLQJDQG 6WU 6WUHHW
0HDVXUHPHQWVSURJUDPPH $OVR6W
7KH(&48$6,0(0(SURMHFWZDVIXQGHGXQGHU 675 6\QFKURQRXV7UDQVPLWWHU5HFHLYHU
WKH670 'DWD&RPPXQLFDWLRQV
)RUIXUWKHUGHWDLOVVHHXQGHU48$6,0(0( 675$7(9$& VWUDWHJLFHYDFXDWLRQ
VWPW DEEU VWDWHPHQW pYDFXDWLRQVWUDWpJLTXH
671 6XEWKDODPLF1XFOHXV 675$70$1LQLWLDWLYH DEEU 6WUDWHJLF
*HQH7KHUDS\0HGLFLQH0ROHFXODU0HGLFLQH 0DQXIDFWXULQJLQLWLDWLYH
1HXURORJLFDO6XUJHU\ 8616)3URJUDP
6726WR 6HUYL]LR7HUDSLD2FFXSD]LRQDOH ,WDO\  )RUIXUWKHUGHWDLOVVHHXQGHU16)
672 7KHDLUSRUWFRGHIRU6WRFNKROP6ZHGHQ VWUG DEEU VWUDQGHG
672$ SURJUDP6FLHQWLILFDQG7HFKQRORJLFDO 6WUHS 6WUHSWRFRFFXV
2SWLRQV$VVHVVPHQWSURJUDP $OVR6WUHSVWUHS
2IWKH(XURSHDQ3DUOLDPHQW %DFWHULRORJ\
672%$5 6KRUW7DNH2II%XW$UUHVWHG5HFRYHU\ 675(66 675XFWXUDO(QJLQHHULQJ6\VWHP6ROYHU


&RPSXWHU3URJUDPPLQJ 67: VSHHGPDGHJRRGWKURXJKWKHZDWHU


VWUHVV 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH YLWHVVHVXUO·HDX
(QJOLVKZRUGVWUHVV 67: 6WLFKWLQJ9RRU'H7HFKQLVFKH:HWHQVFKDSSHQ
%HKDYLRU0DWHULDOV6FLHQFH0HFKDQLFV3K\VLFV 7KH1HWKHUODQGV 
3V\FKRORJ\ 67: 6XEWURSLFDO:DWHU
675) 6SHFWURWHPSRUDO5HFHSWLYH)LHOG VWZ\ DEEU VWDLUZD\
%LRPHGLFDO(QJLQHHULQJ+HDULQJ6FLHQFHV 67; 6WDUW2I7H[W
1HXURVFLHQFH 68 6LJQDOLQJ8QLW
675, 6PLWKVRQLDQ7URSLFDO5HVHDUFK,QVWLWXWH 68 6XGDQ
86$  68 6€UHWp8UEDLQH
675,.(; VWULNLQJIOHHWH[HUFLVH )UHQFKDFURQ\PPHDQLQJ8UEDQ6HFXULW\
H[HUFLFHGHIORWWHG·LQWHUYHQWLRQ 68 6WDWH8QLYHUVLW\ 86$ 
675,.)/7/$17 6WULNLQJ)OHHW$WODQWLF 68 6WDWL8QLWL
)ORWWHG·LQWHUYHQWLRQGHO·$WODQWLTXH ,WDOLDQDFURQ\PPHDQLQJ8QLWHG6WDWHV
675,.)256287+ $OOLHG1DYDO6WULNLQJDQG 68 6WURQWLXP8QLW
6XSSRUW)RUFHV6RXWKHUQ(XURSH>REVROHWH@ 1XFOHRQLFV
)RUFHVQDYDOHVDOOLpHVG·LQWHUYHQWLRQHWGHVRXWLHQ 68 7KHDLUOLQHFRGHIRU$HURIORW
GX6XG(XURSH>REVROqWH@ 68$ 6KLSSHG8QDVVHPEOHG
675,36 6WDQIRUG5HVHDUFK,QVWLWXWH3UREOHP &RPPHUFH6KLSSLQJ
6ROYHU 68$ VXUIDFHXQLWDWWDFN VXUIDFHDWWDFNXQLW 
$UWLILFLDO,QWHOOLJHQFH XQLWpG·DWWDTXHGHVXUIDFH
675.)/7 VHH675,.)/7/$17 VXE DEEU VXEHGLWRUVXEPDULQHVXEVFULSWLRQ
YRLU675,.)/7/$17 VXEVLG\VXEVWLWXWHVXEYHQWLRQ
67U= 6RXWK7URSLFDO=RQH VXE SUHIL[ XQGHUEHORZ
676 6FLHQFH7HFKQRORJ\DQG6RFLHW\ 68%$&/$17 6XEPDULQHV$OOLHG&RPPDQG
676 6HTXHQFH7DJJHG6LWH $WODQWLF
*HQRPLF5HVHDUFK )RUFHVVRXVPDULQHVGX&RPPDQGHPHQWDOOLpGH
676 6HURORJLF7HVWIRU6\SKLOLV O·$WODQWLTXH
0HGLFLQH VXE&K VXE&KDQGUDVHNKDU
676676 6RFLHW\RI7KRUDFLF6XUJHRQV $VWURQRP\$VWURSK\VLFV
676 6SDFH7UDQVSRUWDWLRQ6\VWHP 68%($67/$17 6XEPDULQH)RUFHV(DVW
676 6WXGHQW7UDYHO6FKRROV ,WDO\  $WODQWLF>KDVUHSODFHG68%($67/$17 @
676 6XSHULRU7HPSRUDO6XOFXV )RUFHVVRXVPDULQHV(VWGHO·$WODQWLTXH>UHP
&RJQLWLYH1HXURORJ\ SODFH68%($67/$17 @
676F, 6SDFH7HOHVFRSH6FLHQFH,QVWLWXWH 6XEPDULQH)RUFHV(DVWHUQ$WODQWLF$UHD>REVR
%DOWLPRUH0DU\ODQG86$ OHWHUHSODFHGE\68%($67/$17 @
$VWURQRP\ )RUFHVVRXVPDULQHVGX6HFWHXURULHQWDOGH
676V 6HTXHQFH7DJJHG6LWHV O·$WODQWLTXH>REVROqWHUHPSODFpSDU68%($67
%LRPHGLFDO5HVHDUFK+XPDQ*HQRPH5HVHDUFK /$17 @
0ROHFXODU%LRORJ\ 68%(; VXEPDULQHH[HUFLVH
677 6PDOO7DFWLFDO7HUPLQDO H[HUFLFHGHVRXVPDULQV
677/ 6FKRWWN\7UDQVLVWRU7UDQVLVWRU/RJLF VXEJ DEEU VXEJHQXV
(OHFWURQLFV 6\VWHPDWLFV
6775SURJUDP 6PDOOEXVLQHVV7HFKQRORJ\ 68%0,66 VXEPDULQHPLVVLQJ
7UDQVIHU5HVHDUFKSURJUDP 86$  VRXVPDULQGLVSDUX
678 VHFXUHWHOHSKRQHXQLW 68%127( VXEPDULQHQRWLFH QRWH 
SRVWHWpOpSKRQLTXHSURWpJp DYLVGHPRXYHPHQWGHVRXVPDULQV
678 6RFLHWjGL7UDVIRUPD]LRQH8UEDQD ,WDO\  68%23$87+ VXEPDULQHRSHUDWLQJDXWKRULW\
678)7 VKLSVWDNHQXSIURPWUDGH DXWRULWpUHVSRQVDEOHGHODPLVHHQ±XYUHGHVVRXV
QDYLUHVGHFRPPHUFHUpTXLVLWLRQQpV PDULQV
679,) V\VWHPWHVWYDOLGDWLRQ LQWHJUDWLRQIDFLOLW\ VXE4 DEEU VXEFXWDQHRXV
FHQWUHGHWHVWVGHYDOLGDWLRQHWG·LQWpJUDWLRQGX $QDWRP\
V\VWqPH 68%52& DEEU 68%PDULQH52&NHW


2UGQDQFH 683,5 VXSSOHPHQWDOSURJUDPPHGLQWHUSUHWDWLRQ


68%681. VXEPDULQHVXQN UHSRUW
VRXVPDULQFRXOp FRPSWHUHQGXG·LQWHUSUpWDWLRQVXSSOpWLI RXDX[LOL
68%:(67/$17 6XEPDULQH)RUFHV:HVWHUQ DLUH 
$WODQWLF$UHD>REVROHWH@ 6833/$1 VXSSRUWSODQ>VRPHWLPHVFDOOHG
)RUFHVVRXVPDULQHVGX6HFWHXURFFLGHQWDOGH 683/$1@
O·$WODQWLTXH>REVROqWH@ SODQVXSSOpWLI>SDUIRLVDSSHOp683/$1@
VXE\ VXEVLGLDU\ 685 6XOIRQ\OXUHD5HFHSWRU
68& 6WDUW8S&RVWV %LRFKHPLVWU\&HOO3K\VLRORJ\0HGLFLQH
%XVLQHVV&RPPHUFH 0ROHFXODU%LRORJ\
68&$3 VXUIDFHFRPEDWDLUSDWURO VXU DEEU VXUSOXV
SDWURXLOOHDpULHQQHGHFRPEDWGHVXUIDFH 685&$3 VXUYHLOODQFHFRPEDWDLUSDWURO
VXFF DEEU VXFFHVVRUL SDWURXLOOHDpULHQQHGHFRPEDWGHVXUYHLOODQFH
,WDOLDQDEEUHYLDWLRQPHDQLQJVXFFHVVRUV 685( 68OIXU5HJLRQDO([SHULPHQW
VXFF DEEU VXFFXUVDOH 685) VWDQGDUGXQGHUZD\UHSOHQLVKLQJIL[WXUH
,WDOLDQDEEUHYLDWLRQPHDQLQJEUDQFK JUpHPHQWQRUPDOLVpSRXUOHUDYLWDLOOHPHQWjOD
68&&(66 68EVRQLFDLUFUDIW&RQWUDLODQG&ORXG PHU
(IIHFWV6SHFLDO6WXG\ 685)0295(3 VXUIDFHPRYHPHQWUHSRUW
$WPRVSKHULF6FLHQFH(DUWK6FLHQFH3ODQHWDU\ FRPSWHUHQGXGHPRXYHPHQWVGHVXUIDFH
3K\VLFV6SDFH3K\VLFV 685)5$' DEEU 685)DFH5$'LDWLRQ
68&2& VXFFHVVLRQRIFRPPDQG 6857$6 VXUYHLOODQFHWRZHGDUUD\V\VWHP
VXFFHVVLRQGXFRPPDQGHPHQW DV\VWqPHG·DQWHQQHUHPRUTXpHGHVXUYHLOODQFH
6XII DEEU 6XIIRON *%  EGLVSRVLWLIDFRXVWLTXHUHPRUTXpGHVXUYHLOODQFH
6X +Z SURWHLQ 6XSSUHVVRURI+DLU\ZLQJSURWHLQ 686 VRQDUXQGHUZDWHUVLJQDO
%LRORJ\0ROHFXODU*HQHWLFV7UDQVFULSWLRQ VLJQDOVRQRUHVRXVPDULQ
68/),;%$&. 68/ILGHWDLOLQJVLQWHJUDWHGPDQ 686) 6WDWLRQDU\8OWUDVRQLF)LHOG
DJHPHQWWKH),;HGVWDELOL]HG%$&.ILOODVDQ $WPRVSKHULF3K\VLFV0HWHRURORJ\3K\VLFV
HQYLURQPHQWDODQGPLQLQJQHFHVVLW\ 6RQROXPLQHVFHQFH
(XURSHDQ&RPPXQLW\3URMHFW VXVS DEEU VXVSHQGHG
680 6XUIDFHWR8QGHUZDWHU0LVVLOH 6WRFNV
2UGQDQFH 686< DEEU 68SHU6<PPHWU\
680(5 6RODU8OWUDYLROHW0HDVXUHPHQWVRI(PLWWHG 1HXWULQRV
5DGLDWLRQ 689 6D\EROW8QLYHUVDO9LVFRVLW\
680(5LVRQHRILQVWUXPHQWVRI(6$1$6$ )OXLG0HFKDQLFV
62+26SDFHFUDIW 69VY 6DLOLQJ9HVVHO
)RUIXUWKHUGHWDLOVVHHXQGHU(6$1$6$ DQG 69 6DYRQD,WDO\
62+2 69 6HFXODU9DULDWLRQ
6806 6\PSRVLXPIRU8QGHUJUDGXDWHVLQWKH 6HFXODU9DULDWLRQLVDOVRNQRZQDV*HRPDJQHWLF
0DWKHPDWLFDO6FLHQFHV 6HFXODU9DULDWLRQ
+RVWHGE\%URZQ8QLYHUVLW\ 86$  *HRSK\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHU9,*5(3URJUDP 69 6LJQRULD9RVWUD
681(76XQHW 6ZHGLVK8QLYHUVLW\1HWZRUN ,WDOLDQLQLWLDOLVPPHDQLQJ<RXU
6ZHGHQ  /RUGVKLS/DG\VKLS
1HZ3URMHFWV 69 VWRSYDOYH
)RUIXUWKHUGHWDLOVVHHXQGHU'$* 0HFKDQLFDO(QJLQHHULQJ
681< 7KH6WDWH8QLYHUVLW\RI1HZ<RUN 86$  69  6LPLDQ9LUXV
VXS DEEU VXSHULRU %LRFKHPLVWU\&HOO%LRORJ\&DYHRODH9LURORJ\
$QDWRP\%RWDQ\*UDSKLF$UWV0DWHULDOV 69$ 6\QRSWLF9HVLFOH3URWHLQ$
6FLHQFH ([RF\WRVLV&DOFLXPGHSHQGHQW
VXSHUI DEEU VXSHUILFLH 1HXURWUDQVPLVVLRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJDUHDVXUIDFH 69%* 6WRFN9DOXH%DQN*XDUDQWHH
683,175(3 VXSSOHPHQWDU\LQWHOOLJHQFHUHSRUW )RUIXUWKHUGHWDLOVVHHXQGHU:,6(
FRPSWHUHQGXVXSSOpPHQWDLUHGHUHQVHLJQHPHQW 69& 6XSHUYLVRU&DOO,QVWUXFWLRQ


69& 6ZLWFKHG9LUWXDO&LUFXLW &LYLO(QJLQHHULQJ&RPSXWHU3URJUDPPLQJ


69&V 6HFRQG9LUDO&RHIILFLHQWV (OHFWULFLW\5RERWLFV
&KHPLVWU\3K\VLFDO&KHPLVWU\ 6: 6FKZDVVPDQ:DFKPDQQ
69' 6LPXOWDQHRXV9RLFH'DWD $VWURQRP\
69'DQDO\VLV 6LQJXODU9DOXH'HFRPSRVLWLRQDQDO\ 6:$ 6FLHQWLILF:RUNHUV$VVRFLDWLRQ ,QGLD 
VLV 6:$/& 6RXWKZHVW$FDGHPLF/LEUDU\&RQVRUWLXP
&KHPLVWU\%LRFKHPLVWU\ 6:$03 6RXWK:HVW$UHD0RQVRRQ3URMHFW
69( VHFXUHYRLFHHTXLSPHQW 863URMHFWV
PDWpULHOGHFU\SWRSKRQLH 6:$336 6RXWK:HVW$SSURDFKHV
69, 6SHFWUDO9HJHWDWLRQ,QGLFHV DSSURFKHV PDULWLPHV GXVXGRXHVW
$WPRVSKHULF6FLHQFHV/DQG$WPRVSKHUH 6:$6 6XEPLOOLPHWHU:DYH$VWURQRP\6DWHOOLWH
,QWHUDFWLRQV0HWHRURORJ\3ODQW%LRORJ\ 86$ 
693 6
LO9RXV3ODvW 6:$6ZDVODXQFKHGE\1$6$ RQWK 'HFHPEHU
)UHQFKLQLWLDOLVPPHDQLQJSOHDVH ,WREVHUYHVWKHXQLYHUVHDWVXEPLOOLPHWHU
693 6RFLHW\RI9HUWHEUDWH3DOHRQWRORJ\ ZDYHOHQJWKV
695 6PDUW9LGHR5HFRUGHU ,QWHO·V  6:$7+ VKLS 6PDOO:DWHUSODQH$UHD7ZLQ+XOOHG
,QWURGXFHGLQ:RQDQ(GLWRU·V&KRLFH VKLS
$ZDUG LQPLG LQ´5HHOWR5HHOµ 1DYDO$UFKLWHFWXUH
695 VXUIDFHYHVVHOUDGDU 6:% 6XEMHFWLYH:HOO%HLQJ UHIHUULQJWRSHRSOH
V 
UDGDUGHEkWLPHQWGHVXUIDFH 3V\FKRORJ\
6966 6HUYL]L9RORQWDULDWR6RVWHJQR6RFLDOH 6:%3URJUDP 6FLHQFH:LWKRXW%RUGHUV3URJUDP
697& VHFXUHYLGHRWHOHFRQIHUHQFLQJ 2IWKH1<$6
YLGpRFRQIpUHQFHSURWpJpH )RUIXUWKHUGHWDLOVVHHXQGHU1<$6
69= 6XEYHQWULFXODU=RQH 6:& DQWLVXUIDFHZDUIDUHFRPPDQGHU
$ SURJHQLWRU]RQHZKLFKLQDGXOKRRGFRQWLQXHVWR FRPPDQGDQWGHODOXWWHGHVXUIDFH
JHQHUDWHQHXURQV 6:& 6LJQLILFDQW:DYH+HLJKWV
%UDLQ'HYHORSPHQW0HGLFLQH'HYHORSPHQWDO 6:&/& 6RXWKZHVW&RPPXQLW\/LEUDU\&RXQFLO
1HXURELRORJ\ 6:&1V 6LQJOH:DOOHG&DUERQ1DQRWXEHV
)RUIXUWKHUGHWDLOVVHHXQGHU16&V $QDO\VLV&KHPLVWU\,FHQDQRWXEHV0DWHULDOV
6: 6DOW:DWHU6DOWZDWHU 6FLHQFHDQG(QJLQHHULQJ
%LRORJ\+\GURORJ\ 6:&6 6RLODQG:DWHU&RQVHUYDWLRQ6RFLHW\
6: 6KRUW:DYHVKRUWZDYH 86$ 
(OHFWULFLW\3K\VLFV 6:&;PHFKDQLVP 6RODU:LQG&KDUJH([FKDQJH
6: 6RIWZDUH PHFKDQLVP
&RPSXWHU3URJUDPPLQJ &RPHWDU\;UD\V;UD\,PDJHV
6: VSHFLDOZHDSRQ 6:( 6RFLHW\RI:RPHQ(QJLQHHUV
DUPHVSpFLDOH 6:((3(; PLQHVZHHSLQJH[HUFLVH
VXUIDFHZDUIDUH H[HUFLFHGHGUDJDJHGHPLQHV
OXWWH DXGHVVXV GH OD VXUIDFH /$6)  6:(03 6ROLG:DVWH(QYLURQPHQWDO0DQDJHPHQW
6ZHGHQ 3URMHFW/HEDQRQ
6XqGH 6:(36 6RXWK:HVW(XURSHDQSLSHOLQHV\VWHP
6: 6SHFLDO:HLJKW UpVHDXGHSLSHOLQHVGXVXGRXHVWGHO·(XURSH
6: 6WDWLRQ:DJRQ 6:* VSHFLDOZRUNLQJJURXS
6: 6XUIDFH:DWHU JURXSHGHWUDYDLOVSpFLDO
+\GURORJ\ 6:+ 6LJQLILFDQW:DYH+HLJKWV
,Q2FHDQRJUDSK\ 6XUIDFH:DWHULVDOVRNQRZQDV 6:+4 VWDWLFZDUKHDGTXDUWHUV
0L[HG/D\HU TXDUWLHUJpQpUDOGHJXHUUHIL[H 4**) 
6Z 6ZHGLVK 6:+6/ 6RXWK(DVW:LVFRQVLQ+HDOWK6FLHQFHV
6ZHGLVKLVD*HUPDQLFODQJXDJHWKHODQJXDJHRI /LEUDU\&RQVRUWLXP
6ZHGHQDQGSDUWVRI)LQODQG,WLVFORVHO\UHODWHG 6:,&6 6RODU:LQG,RQ&RPSRVLWLRQ6SHFWURPHWHU
WR'DQLVKDQG1RUZHJLDQ 6:,)7 6RFLHW\IRU:RUOGZLGH,QIRUPDWLRQDQG
/DQJXDJHV )XQG7UDQVIHU
6: DEEU 6ZLWFK


6:,)7 6RFLHW\IRU:RUOGZLGH,QWHUEDQN)LQDQFLDO 6\ DEEU VXSSO\


7HOHFRPPXQLFDWLRQV 6\ DEEU 6XUUH\ *% 
6:,/ 6RXWK:HVWHUQ,OOLQRLV 86$  6<' 6RXWK<HPHQ'LQDU
6:,5 6RXWKZHVW,QGLDQ5LGJH &XUUHQFLHV
*HRORJ\*HRSK\VLFV/LWKRVSKHUH2FHDQ 6\G DEEU 6\GQH\ $XVWUDOLD 
(DUWK6FLHQFHV2FHDQRJUDSK\ 6<' 7KHDLUSRUWFRGHIRU6\GQH\$XVWUDOLD
6ZLVV) 6ZLVV)UHQFK V\P DEEU V\PERO
/DQJXDJHV $UWLILFLDO,QWHOOLJHQFH&KHPLVWU\&RPSXWHU
6:,663527 6ZLVVGDWDEDVHRI352WHLQ 3URJUDPPLQJ/LQJXLVWLFV
6HTXHQFHV V\P DEEU V\PPHWULFDOV\PPHWULF
6:,663527 LVRQHRIWKHROGHVWSURWHLQVHTXHQFH &KHPLVWU\6FLHQFH
GDWDEDVHV,QPLGLWZDVIXOO\LQWHJUDWHGZLWK V\Q DEEU V\QFKURQRXV
WKH(XURSHDQ0ROHFXODU%LRORJ\/DERUDWRU\ V\Q DEEU V\QWKHWLF
QXFOHRWLGHGDWDEDVH &KHPLVWU\(QJLQHHULQJ6FLHQFH
6:,7&+(; FLUFXLWVZLWFKLQJH[HUFLVH 6<1$'(; V\QWKHWLFDLUGHIHQFHH[HUFLVH
H[HUFLFHGHFRPPXWDWLRQGHFLUFXLWV H[HUFLFHV\QWKpWLTXHGHGpIHQVHDpULHQQH
6:/$ 6RXWKZHVWHUQ/LEUDU\$VVRFLDWLRQ V\QFV\QFK DEEU V\QFKURQL]DWLRQ
6:/& 6RXWKZHVWHUQ/LEUDU\&RXQFLO (QJLQHHULQJ+RURORJ\
6:029(; VSHFLDOZHDSRQVPRYHPHQWH[HUFLVH 6<1(; V\QWKHWLFH[HUFLVH
H[HUFLFHGHPRXYHPHQWG·DUPHVVSpFLDOHV H[HUFLFHV\QWKpWLTXH
6:17V 6LQJOH:DOOHGFDUERQ1DQRWXEHV 6\QJDV DEEU V\QWKHVLVJDV
&KHPLVWU\0DWHULDOV6FLHQFHDQG(QJLQHHULQJ &KHPLFDO(QJLQHHULQJ
1DQRVFDOH6FLHQFH3K\VLFV$VWURQRP\)ORZ 6<5 6\ULD
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHUV
6HQVRUV 6<5 7KHDLUSRUW&RGHIRU6\UDFXVH1HZ<RUN
6:3 6DIH:RUNLQJ3UHVVXUH V\VV\VW DEEU V\VWHP
6:36DOJRULWKP 6SOLW:LJQHU3VHXGR6SHFWUDO (QJLQHHULQJ*HRORJ\3K\VLFV6FLHQFH
DOJRULWKP 6<6(9$/ V\VWHPHYDOXDWLRQ>DLUGHIHQFH@
&KHPLVWU\3K\VLFDO&KHPLVWU\ pYDOXDWLRQGXV\VWqPH>GpIHQVHDpULHQQH@
6Z5, 6RXWKZHVW5HVHDUFK,QVWLWXWH 6<6*(1V\VJHQ 6\VWHP*HQHUDWLRQ
,Q%RXOGHU&RORUDGR86$ &RPSXWHU3URJUDPPLQJ
3ODQHWDU\*HRORJ\3ODQHWDU\6FLHQFH 6<6,1 DEEU 6<6WHP,1SXW
6:5/6 6RXWK:HVWHUQ5HJLRQDO/LEUDU\6\VWHP 6<7 6FXRODGL<RJD7HUDSHXWLFR ,WDO\ 
6:6 6KRUW:DYHOHQJWK6SHFWURPHWHU <RJD6FKRROV
6:6 6ORZ:DYH6OHHS 6= 6FKL]RSKUHQLD
1HXURVFLHQFH1HXURELRORJ\ $ SV\FKLDWULFGHELOLWDWLQJGLVRUGHU
6:7 6HDZDWHU7ULV %HKDYLRUDO6FLHFQHV0ROHFXODU6FLHQFHV
%LRFKHPLVWU\3K\VLFV 1HXURVFLHQFH3V\FKLDWU\
6:8 6HSDUDWLYH:RUN8QLW 6=GLRGH 6LOLFXP=HQHUGLRGH
3K\VLFV V] VL]H
6; 6XQGD\V([FHSWHG 0DWHULDOV0HWDOOXUJ\6FLHQFH
6[ DEEU 6XVVH[ *%  6= VXUIDFH]HUR
6;$36 6RIW;UD\$SSHDUDQFH3RWHQWLDO 2UGQDQFH
6SHFWURVFRS\ 6=% 6ORYDN*XDUDQWHH%DQN
6;$36LVDQHOHFWURQVSHFWURVFRSLFWHFKQLTXH 6=HIIHFW 6XQ\DHU=HOGRYLFKHIIHFW
6;, 6RODU;UD\,PDJHU $VWURQRP\
6[O 6H[OHWKDO
'HYHORSPHQWDO%LRORJ\'RVDJH&RPSHQVDWLRQ
(YROXWLRQDU\%LRORJ\0ROHFXODU%LRORJ\
0ROHFXODU5HVHDUFK9HUWHEUDWH6H[
'HWHUPLQDWLRQ
6< 6H\FKHOOHV
,QWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHUV
6< 6WHDP<DFKW


7$ 7DQJLEOH$VVHWV

7 %XVLQHVV(FRQRPLFV)LQDQFH
7$ WDQNDUP\
DUPpHGHFKDUV
7 W WDQN WDVNLQJDXWKRULW\
(QJLQHHULQJ2UGQDQFH DXWRULWpUHVSRQVLEOH
(OHFWURQLFV,QHOHFWURQLFVWDQNLVDOVRNQRZQDV WHFKQLFDODUUDQJHPHQW
WDQNFLUFXLW DUUDQJHPHQWWHFKQLTXH
7 W WDUH WRZHGDUUD\
(QJLQHHULQJ)OXLG0HFKDQLFV DQWHQQHUHPRUTXpH
7 7HOHPDWLF7HFKQRORJ\IRU7UDQVSRUWDQG7UDIILF 7D 7KHFKHPLFDOV\PEROIRU7DQWDOXP
LQ7XULQ 7DQWDOXPLVDFKHPLFDOHOHPHQWKDYLQJWKHDWRPLF
7HOHPDWLF$SSOLFDWLRQV QXPEHUDQGDQDWRPLFZHLJKWRI
7 W WHOHSKRQH 7DQWDOXPLVXVHGPDLQO\LQWKHPDQXIDFWXUHRIVXU
7HOHFRPPXQLFDWLRQV JLFDODQGGHQWDOLQVWUXPHQWV
W WHPSHUDWXUH 7$ 7DUDQWR,WDO\
$OVRWHPS 7$ 7D[$EDWHPHQW
0HGLFLQH0HWHRURORJ\3K\VLRORJ\ 7$ 7D[$PRUWL]DWLRQ
7KHUPRG\QDPLFV 7$ 7HDFKLQJ$VVLVWDQW
77 7HVOD 7$ 7HFKQLFDO$VVLVWDQFH
(OHFWURPDJQHWLVP 7$ 7HOHJUDSKLF$GGUHVV
W WHVW 7$ 7HQVLRQ$UWpULHOOH
$OVRWVW 0HGLFLQH
&KHPLVWQ\3HWUROHXP(QJLQHHULQJ6FLHQFH 7$ 7HUHSKWKDOLF$FLG
7 W 7HVWDPHQW 8VHGPDLQO\WRPDNHSRO\HVWHUUHVLQVDQGDVD
7 7KDLODQG
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU SRXOWU\IHHGDGGLWLYH
7 7KRUDFLF 2UJDQLF&KHPLVWU\
0HGLFLQH 7$ 7HUPLQDO$GDSWHU
WWKXQGHU 7$ 7KHUPDQ$QDO\VLV
%HDXIRUW/HWWHU $QDO\WLFDO&KHPLVWU\0HWDOOXUJ\
77 7K\PLQH 7$ 7LELDOLV$QWHULRU
$OVR7K\ 7$ 7R[LQ$QWLWR[LQ
%LRFKHPLVWU\ &+12 $OVR7$7
7 7RPH 7$ 7UDFN$GGUHVV
%LEOLRJUDSK\ &RPSXWHU7HFKQRORJ\
7 W WRQ V  7$ 7UDQVDFWLRQDO$QDO\VLV
0HFKDQLFDO(QJLQHHULQJ0HWURORJ\1DYDO ,QWHUSHUVRQDO5HODWLRQVKLSV3V\FKRORJ\
$UFKLWHFWXUH1XFOHRQLFV 7$ 7UDQVIHUUDEOH$FFRXQW
W WUDQVDFWLRQ 7$ 7UDYHOOLQJ$OORZDQFH
W WUDQVPLWWHU 7$7D 7ZLQ$UFKLWHFWXUH
7HOHFRPPXQLFDWLRQV (QWHUSULVH6HUYHUV
7 7KHFKHPLFDOV\PEROIRU7ULWLXP 7$$ 7DFWLFDO$LU$UP\
7ULWLXPLVXVHGLQPRQRQXFOHDUUHVHDUFK DUPpHDpULHQQHWDFWLTXH
&KHPLVWU\6\PEROV 7$$& 7HFKQRORJ\$VVHVVPHQW$GYLVRU\&RXQFLO
7 WURSLFDOORDGLQJ 7$$* 7RURQWR$UHD$UFKLYLVWV*URXS &DQDGD 
6KLSSLQJ WDE DEEU WDEOH
W WUXH $QDWRP\&RPSXWHU3URJUDPPLQJ*HRJUDSK\
&DUWRJUDSK\0HFKDQLFDO(QJLQHHULQJ6FLHQFH 0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ0LQLQJ
7 W 7XHVGD\ (QJLQHHULQJ
7 7ULLRGRWK\URQLQH 7$% 7D[$QWLFLSDWLRQ%LOO
(QGRFULQRORJ\ 7$% 7HFKQLFDO$EVWUDFW%XOOHWLQ 86$ 
7 7K\UR[LQH 7$% 7HFKQLFDO$VVLVWDQFH%RDUG
(QGRFULQRORJ\ 7$% 7HFKQRORJ\$VVHVVPHQW%RDUG


7$%$$0&+$0 7XUNLVK$PHULFDQ%XVLQHVV &KORULGH7DQWDOXP3HQWDFKORULGHLVXVHGPDLQO\


$VVRFLDWLRQDQG$0HULFDQ&+$0EHURI WRSURGXFHSXUHPHWDO
&RPPHUFH ,VWDQEXO  ,QRUJDQLF&KHPLVWU\
7$%' 7UDQVDWODQWLF%XVLQHVV'LDORJXH 7$&20 WDFWLFDOFRPPDQG
$ KLJKOHYHOJURXSRI86DQG(XURSHDQ&KLHI FRPPDQGHPHQWWDFWLTXH
([HFXWLYHVWKDWPHWLQ&LQFLQQDWL2KLR86$LQ 7$&21 WDFWLFDOFRQWURO
1RYHPEHU FRQWU{OHWDFWLTXH
7UDQVDWODWLF,VVXHV86(&%XVLQHVV 7$&26 WDFWLFDODLUFRPEDWVLPXODWLRQ
7$ EUDQFK 7HFKQLFDO$SSOLFDWLRQVEUDQFK VLPXODWLRQGHFRPEDWDpULHQWDFWLTXH
2IWKH)RUHFDVW6\VWHPV/DERUDWRU\ 86$  7$&3 WDFWLFDODLUFRQWUROSDUW\
7$%YDFFLQH 6DOPRQHOODW\SKL DQG6DOPRQHOOD pOpPHQWGHFRQWU{OHDpULHQWDFWLTXH
SDUDW\SKL $ DQG%YDFFLQH WDFWLFDODLUFRQWUROSRVW
$OVR7\SKRLG9DFFLQH SRVWHGHFRQWU{OHDpULHQWDFWLTXH
,PPXQRORJ\ 7$&6 WDFWLFDODLUFRQWUROV\VWHP
7$& 7DFWLFDO$LU&RPPDQG V\VWqPHGHFRQWU{OHDpULHQWDFWLTXH
0LOLWDU\ WKHDWUHDLUFRQWUROV\VWHP
7D& 7DQWDOXP&DUELGH V\VWqPHGHFRQWU{OHDpULHQGHWKpkWUH
7D&LVXVHGLQFXWWLQJWRROV 7$&6$7&20 WDFWLFDOVDWHOOLWHFRPPXQLFDWLRQV
,QRUJDQLF&KHPLVWU\ WpOpFRPPXQLFDWLRQVWDFWLTXHVSDUVDWHOOLWH
7$& 7HFKQLFDO$GYLVRU\&RPPLWWHH&*,$5·V 7$&7$6 WDFWLFDOWRZHGDUUD\V\VWHP VRQDU 
)RUIXUWKHUGHWDLOVVHHXQGHU&*,$5 DQG7$& V\VWqPH VRQDU WDFWLTXHG·DQWHQQHUHPDUTXpH RX
7$& 7HFKQLFDO$VVLVWDQFH&RPPLWWHH 7$6WDFWLTXH 
7$& 7HFKQRORJ\$SSOLFDWLRQ&HQWHU 7$' WDFWLFDODLUGLUHFWLRQ
7$& 7LUDJHGHORWHULH$YDQW&DWDORJXH GLUHFWLRQDpULHQQHWDFWLTXH
)UHQFKDFURQ\PPHDQLQJ6ZHHSVWDNH 7$' 7KLRJXDQLQH$UD& F\WDUDELQH DQG
7$& 7RPRJUDILD$VVLDOH&RPSXWHUL]]DWD 'DXQRP\FLQ
,WDOLDQDFURQ\PPHDQLQJ&RPSXWHUL]HG$[LDO 2QFRORJ\
7RPRJUDSK\ 7$' WUDLWHPHQWDXWRPDWLTXHGHVGRQQpHV
5DGLRORJ\ )UHQFKDFURQ\PPHDQLQJDXWRPDWLFGDWDSURFHVV
7$&$7DFD 7UDQV$WODQWLF&RQIHUHQFH$JUHHPHQW LQJ
6KLSSLQJ&RQIHUHQFHV 7$'% WHUUDLQDQDO\VLVGDWDEDVH
7$&$,5 WDFWLFDODLU EDVHGHGRQQpHVG·DQDO\VHGHWHUUDLQ
DpULHQ QH WDFWLTXH 7$'& WDFWLFDODLUGLUHFWLRQFHQWUH
7$&$1WDFDQ V\VWHP 7DFWLFDO$LU1DYLJDWLRQV\V FHQWUHGHGLUHFWLRQDpULHQQHWDFWLTXH
WHP 7$',/ WDFWLFDOGLJLWDOLQIRUPDWLRQOLQN
1DYLJDWLRQ OLDLVRQGHGRQQpHVQXPpULTXHVWDFWLTXHV
7$&& WDFWLFDODLUFRQWUROFHQWUH 7$ '1$ 7HORPHUH$VVRFLDWHG'1$
DFHQWUHGHFRQWU{OHDpULHQWDFWLTXH )RUIXUWKHUGHWDLOVVHHXQGHU'1$
EFHQWUHGHFRQWU{OHWDFWLTXHDLU &&7$  7$(* 7DVVR$QQXR(IIHWWLYR*OREDOH ,WDO\ 
7$&( W\SH´$µFRVWHVWLPDWH %DQNLQJ)LQDQFH
HVWLPDWLRQGHFR€WGHW\SH$ (&7$  7$) 7DFWLFDO$LU)RUFH
7$&(9$/ WDFWLFDOHYDOXDWLRQ 7$) WHUPLQDODLUILHOGIRUHFDVW
pYDOXDWLRQWDFWLTXH SUpYLVLRQG·DpURGURPH
7$&,6 ((&(XUDWRP5HJXODWLRQFRQFHUQLQJWKH 7$) 7R[RLG$QWLWR[LQ)ORFFXOHV
SURYLVLRQRI7HFKQLFDO$VVLVWDQFHWRHFRQRPLF 7$)$ 7HWUDK\GURIXUIXU\O$OFRKRO
UHIRUPDQGUHFRYHU\LQWKH,QGHSHQGHQW6WDWHVRI 7$)( 7HFKQLFDO$QG)XUWKHU(GXFDWLRQ
WKHIRUPHU6RYLHW8QLRQDQG0RQJROLD 7$)V 7%3$VVRFLDWHG)DFWRUV
((&(XUDWRP5HJXODWLRQV 0ROHFXODUDQG&HOO%LRORJ\
7$&-$0 WDFWLFDOMDPPHU )RUIXUWKHUGHWDLOVVHHXQGHU7%3
EURXLOOHXUWDFWLTXH 7$)6 7HFKQLTXHG
$QDO\VH)RQFWLRQQHOOH
7D&O 7DQWDOXP&KORULGH 6\VWpPDWLTXH
7DQWDOXP&KORULGHDOVRNQRZQDV7DQWDOLF )UHQFKDFURQ\PPHDQLQJ)XQFWLRQDO$QDO\VLV
6\VWHP7HFKQLTXH


7$)7$ 7UDQV$WODQWLF)UHH7UDGH$UHD 0DWKHPDWLFV


7$J 7 $QWLJHQ 7D1 7DQWDOXP1LWULGH
%LRFKHPLVWU\0HGLFLQH0HWDEROLVP2QFRORJ\ ,QRUJDQLF&KHPLVWU\
3DWKRORJ\ 7$1 7D[$QWLFLSDWLRQ1RWH
7$* 7UHDWPHQW$FWLRQ*URXS 86$  7$1 7RQLFDOO\$FWLYH1HXURQ
7$*3 7UDQV$VHDQ*DV3LSHOLQH )RUIXUWKHUGHWDLOVVHHXQGHU7$1V
7$*SURMHFW 7UDQV$WODQWLF*HRWUDYHUVHSURMHFW 7$1 7RWDO$FLG1XPEHU
2IWKH86$WODQWLF2FHDQRJUDSKLFDQG &KHPLVWU\
0HWHRURORJLFDO/DERUDWRU\ 7 $ 7RQVLOORDGHQRLGHFWRP\
7$+GHYLFHV 7RWDO$UWLILFLDO+HDUW'HYLFHV 6XUJHU\
%LRPHGLFDO(QJLQHHULQJ0HFKDQLFDO&LUFXOWRU\ 7 $7 WDQNDQGDQWLWDQN>DUWLOOHU\DQGDPPXQLWLRQ@
6XSSRUW6\VWHPV7KRUDFLFDQG&DUGLRYDVFXODU FKDUHWDQWLFKDU>DUWLOOHULHHWPXQLWLRQV@
6XUJHU\7RWDO$UWLILFLDO+HDUW'HYLFHV 7 ' 7UDQVPLVVLRQDQG'LVWULEXWLRQ
7UDQVFXWDQHRXV(QHUJ\WUDQVPLVVLRQ6\VWHPV 7 (VSHFLHV 7KUHDWHQHGDQG(QGDQJHUHGVSHFLHV
9HQWULFXODU$VVLVW'HYLFHV 7KH86)HGHUDO$JHQF\GHDOLQJZLWKWKHSURWHF
7$+53 7ULQDWLRQDO$QLPDO+HDOWK5HVHDUFK WLRQRI7 (VSHFLHVLVWKH86)LVKDQG:LOGOLIH
3URMHFW 6HUYLFH
(J\SW,VUDHO86$3URMHFW 7$1) 7HPSRUDU\$VVLVWDQFHIRU1HHG\)DPLOLHV
7$, WDUJHWDUHDRILQWHUHVW 86:HOIDUH6\VWHP
]RQHG·LQWpUrWYLVpH WDQJ DEEU WDQJHQWH
7$,5$ 7KHUPDO$JUR,QGXVWULDO5HVHDUFK ,WDOLDQDEEUHYLDWLRQPHDQLQJWDQJHQW
$SSOLFDWLRQV $OVRWJ
$ S\URO\VLVQHWZRUNWRUHYLHZWKHUPDOSURFHVVLQJ 0DWKHPDWLFV
RIDJULFXOWXUDOPDWHULDOVIRUSURGXFWLRQRIFKHPL 7$1V 7RQLFDOO\$FWLYH1HXURQV
FDOVDQGIXHOV %HKDYLRUDO/HDUQLQJ%UDLQDQG&RJQLWLRQ
7$/$5 7$FWLFDO/DQGLQJ$SSURDFK5DGDU 6FLHQFHV1HXURELRORJ\
1DYLJDWLRQ 7$2 WDFWLFDODLUREVHUYDWLRQ
7$/)) 7RWDO$OORZDQFH/HYHORI)RUHLJQ)LVKLQJ REVHUYDWLRQDpULHQQHWDFWLTXH
7$/,& 7\QHVLGH$VVRFLDWLRQRI/LEUDULHVIRU 7D2 7DQWDOXP2[LGH
,QGXVWU\DQG&RPPHUFH 7DQWDOXP2[LGHDOVRNQRZQDV7DQWDOXP
7$/,60$1 7UDFLQJ$XWKRUV
ULJKWVE\/DEHOOLQJ 3HQWR[LGH7DQWDOLF$FLG$QK\GULGHLVXVHGPDLQ
,PDJH6HUYLFHVDQG0RQLWRULQJ$FFHVV1HWZRUN O\LQRSWLFDOJODVVDQGODVHUV
(XURSHDQ&RPPXQLW\3URMHFW ,QRUJDQLF&KHPLVWU\
7$/,60$1 7UDQVIHU$FFRXQWLQJ/RGJLQJIRU 7$2DUUD\ 7URSLFDO$WPRVSKHUH2FHDQDUUD\
,QYHVWRUVDQG6WRFN0DQDJHPHQWIRUMREEHUV $WPRVSKHULF6FLHQFH&OLPDWRORJ\*HRSK\VLFV
*%  0HWHRURORJ\
7$ON 7RWDO$ONDOLQLW\ 7$2& WDFWLFDODLURSHUDWLRQVFHQWUH
7$0 WDFWLFDODHURG\QDPLFPLVVLOH FHQWUHG·RSpUDWLRQVDpULHQQHVWDFWLTXHV
PLVVLOHDpURG\QDPLTXHWDFWLTXH 7$22 WKHDWUHDUHDRIRSHUDWLRQV
7$0 7HOHIRQR$Q]LDQL0DOWUDWWDWL ,WDO\  ]RQHG·RSpUDWLRQVGHWKpkWUH
7$0 7HOHYLVLRQ$XGLHQFH0HDVXUHPHQW 7$3 7KLQNLQJ$ORXG3URWRFRO
7DP 7HVW$UHD0DQDJHU 7$3 7UDQV$ODVNDQ3LSHOLQH
7$0 7RWDOH$QQXR0RELOH 7$3 7UDQVSRUWHUDVVRFLDWHGZLWK$QWLJHQ
,WDOLDQDFURQ\PPHDQLQJ0RELOH$QQXDO7RWDO 3URFHVVLQJ
7$0 7ULDFWLQRP\[RQ WDS 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
:KLUOLQJGLVHDVHLGHQWLILHGLQ(XURSHLQ (QJOLVKZRUGWDS
)LVK%LRORJ\)LVK0LFURELRORJ\)LVK3DWKRORJ\ (OHFWULFLW\0HFKDQLFDO'HYLFHV0LQLQJ
0LFURELRORJ\3DUDVLWRORJ\9LURORJ\:KLUOLQJ (QJLQHHULQJ7HOHFRPPXQLFDWLRQV6XUJHU\
'LVHDVH 7$3$ WRZHGDUUD\SDWURODUHD
7$00 7HWUDNLV DFHWR[\PHUFXUL 0HWKDQH ]RQHGHSDWURXLOOHG·DQWHQQHUHPRUTXpH
%LRORJ\&KHPLVWU\ 7$3(675,(6 7KH$SSOLFDWLRQRI3V\FKRORJLFDO
7$08 7H[DV$ 08QLYHUVLW\ 86$  (YDOXDWLRQWR6\VWHPVDQG7HFKQRORJLHVLQ
WDQ DEEU WDQJHQW 5HPRWH,PDJLQJDQG(QWHUWDLQPHQW6HUYLFHV


(XURSHDQ&RPPXQLW\3URMHFW %LRFKHPLVWU\0ROHFXODU*HQHWLFV
7$33, 7HFKQLFDO$VVRFLDWLRQRIWKH3XOSDQG3DSHU 7$V 7HQWDWLYHG·$SSHOSDUVHFRQGH
,QGXVWU\ 7$6 WRZHGDUUD\V\VWHP VRQDU 
3DSHU0DQXIDFWXULQJ V\VWqPH VRQDU jDQWHQQHUHPRUTXpH
WDSSL 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 7$6 7UXH$LU6SHHG UHIHUULQJWRDQDLUFUDIW 
XVLQJWKH,WDOLDQZRUGWDSSLZKLFKPHDQV 7$6 7XUNPHQLVWDQ$FDGHP\RI6FLHQFHV5HSXEOLF
EXQJVFDSVFRUNVSOXJVVWRSSHUV RI7XUNPHQLVWDQ
7$3V 7UDLQLQJ$FFHVV3RLQWV *%  WDV 7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
7$5 WDFWLFDODLUUHFRQQDLVVDQFH XVLQJWKH)UHQFKZRUGWDVZKLFKPHDQVKHDS
UHFRQQDLVVDQFHDpULHQQHWDFWLTXH ORWPDVVSLOHVWDFN
7$5 7HQVLRQ$UWpULHOOH5pWLQLHQQH +7$6 PLFURVFDOH7RWDO$QDO\WLFDO6\VWHPV
7$5 7HUUDLQ$YRLGDQFH5DGDU $QDO\WLFDO6FLHQFHV%LRHQJLQHHULQJ&KHPLVWU\
7$5 7KLUG$VVHVVPHQW5HSRUW 'HYLFH0LQLDWXUL]DWLRQ0HGLFLQH
2IWKH,3&& 7$6%, 7UDQVDWODQWLF6PDOO%XVLQHVV,QLWLDWLYH
&OLPDWH&KDQJH 7UDQVODWODQWLF,VVXHV86(&%XVLQHVV
)RUIXUWKHUGHWDLOVVHHXQGHU,3&& 7$6& 7$EXODU6HTXHQFH&RQWURO
7$5 7KUXVW$XJPHQWHG5RFNHW 7$6& 7UHDWPHQW$OWHUQDWLYHVWR6WUHHW$FFLGHQWV
7$5 7UDQVSRUWV$XWRPRELOHV5RXWLHUV 7$6& 7ULSDUWLWH$FFRXQWLQJ6WDQGDUGV&RPPLWWHH
7$5 7ULEXQDOH$PPLQLVWUDWLYR5HJLRQDOH 7KH1HWKHUODQGV 
,WDOLDQDFURQ\PPHDQLQJ5HJLRQDO$GPLQLVWUDWLYH 7$6&SURJUDP 7UDQV$WODQWLF6WXG\RI&DODQXV
&RXUW ILQPDUFKLFXV SURJUDP
7$5$ 7VXNXED$GYDQFHG5HVHDUFK$OOLDQFH 2FHDQLFFDSHSRGSRSXODWLRQ2FHDQRJUDSK\
7$5$1,6 7RROIRUWKH$QDO\VLVRI5DGLDWLRQVIURP 3RODUDQG0DULQH5HVHDUFK
/LJKWQLQJVDQG6SULWHV 7$6' 7HFKQLFDODQG$GPLQLVWUDWLYH6XSSRUW
3URSRVHG  IRU)UDQFH·V&1(60LFURVDWHOOLWH 'LYLVLRQ
3URJUDP 2IWKH863DFLILF0DULQH(QYLURQPHQWDO
$WPRVSKHULF6FLHQFH0LFURVDWHOOLWH3URJUDPV /DERUDWRU\
6SULWHV5HVHDUFK 7$6( 7HO$YLY6WRFN([FKDQJH ,VUDHO 
)RUIXUWKHUGHWDLOVVHHXQGHU&1(6 7DVH 7UDQVIHUDVH
7$5& 7K\PXVDQG$FWLYDWLRQ5HJXODWHG&\WRNLQH $OVRNQRZQDV7UDQVIHUULQJ(Q]\PH
&KHPRNLQHV,PPXQRORJ\0LFURELRORJ\ (Q]\PRORJ\
7$5&$3 WDUJHWFRPEDWDLUSDWURO 7$6(6 7DFWLFDO$LUERUQH6LJQDO([SORLWDWLRQ
SDWURXLOOHDpULHQQHGHFRPEDWVXUO·REMHFWLI 6\VWHP
7$5( WHOHJUDSKDXWRPDWLFUHOD\HTXLSPHQW 7$6, 7LPH$VVLJQPHQW6SHHFK,QWHUSRODWLRQ
PDWpULHOGHUHODLVWpOpJUDSKLTXHDXWRPDWLTXH 7HOHFRPPXQLFDWLRQV
7$5*(7 7UDQV(XURSHDQ$XWRPDWHG5HDOWLPH 7$6/2 WDFWLFDODLUVXSSRUWIRUODQGRSHUDWLRQV
*URVVVHWWOHPHQW([SUHVV7UDQVIHU DSSXLDpULHQWDFWLTXHGHVRSpUDWLRQVWHUUHVWUHV
7KH7$5*(7 V\VWHPFDPHLQWRIRUFHDQGVWDUWHG 7$60 7UDFWLFDODLUWRVXUIDFHPLVVLOH
RSHUDWLQJLQ(XURRQVW -DQXDU\ PLVVLOHWDFWLTXHVLUVXUIDFH
,QWHUEDQN3D\PHQW6\VWHPV 720$+$:.DQWLVKLSPLVVLOH
7$527 7UHQG$QDO\VLVE\5HODWLYH2SLQLRQ PLVVLOHDQWLQDYLUH720$+$:.
7HVWLQJ 7$602 WDFWLFDODLUVXSSRUWIRUPDULWLPHRSHUD
0DUNHWLQJ WLRQV
7$58 7KH$FWLRQ5HVHDUFK8QLW ,QGLD  VRXWLHQDpULHQWDFWLTXHGHVRSpUDWLRQVQDYDOHV
$ QRQJRYHUQPHQWDORUJDQL]DWLRQEDVHGLQ1HZ 7$62 7KH$,'66XSSRUW2UJDQL]DWLRQ 8JDQGD 
'HOKL )RXQGHU1RHULQH.DOHHED
7$5:, WDUJHWZHDWKHULQIRUPDWLRQ 7$7 7DULIID$ 7HPSR
UHQVHLJQHPHQWVPpWpRVXUO·REMHFWLI +DV5HSODFHG787
7DV DEEU 7DVPDQLD$XVWUDOLD )RUIXUWKHUGHWDLOVVHHXQGHU787
7$V 7HDFKLQJ$VVLVWDQWV 7$7 7KHPDWLF$SSHUFHSWLRQ7HVW
7$6 7HOHSKRQH$QVZHULQJ6HUYLFH7HOHSKRQH 7$7 LVDSURMHFWLYHWHVWWRDVVHVVWKHSHUVRQDOLW\RI
$QVZHULQJ6\VWHP DSHUVRQE\PHDQVRISLFWXUHVWREHLQWHUSUHWHG
7$6 7HORPHUH$VVRFLDWHG6HTXHQFH 3V\FKRORJ\


7$7 7UDQV$FWLYDWLQJ3URWHLQ HVWLPDWHGHFR€WGHW\SH´%µ (&7% 


&HOO%LRORJ\ 7%' 7R%H'HWHUPLQHG
7$7 7\URVLQH$PLQR7UDQVIHUDVH 7%( 7LFN%RUQH7LFNERUQH(QFHSKDOLWLV
(Q]\PRORJ\ 7%(LVDYLUDOLQIHFWLRQRIWKHFHQWUDOQHUYRXVV\V
7$7 FDEOH 7UDQVDWODQWLF7HOHSKRQHFDEOH WHPZKLFKFDQOHDGWRVZHOOLQJRIWKHEUDLQDQG
7D7U 7\URVLQHDPLQR7UDQVIHUDVHUHJXODWRU FRPD
7DXFORXGV 7DXUXVFORXGV 7%) 7UDQVIHUWV%DQTXHGH)UDQFH )UDQFH 
$VWURQRP\$VWURSK\VLFV6SDFH5HVHDUFK 7%)VWDUWHGIXQFWLRQLQJLQ(XURRQVW -DQXDU\
7$9 7URSLFDO$WODQWLF9DULDELOLW\ 
&OLPDWH(DUWK6FLHQFHV(QYLURQPHQWDO6FLHQFHV 7%* 7K\URLG%LQGLQJ*OREXOLQ
WD[ DEEU WD[DWLRQWD[HV 0HGLFLQH
7D[RQ DEEU 7D[RQRP\ 7%( 7RWDO%LQGLQJ(QHUJ\
7D[RQRP\LVDOVRNQRZQDV7D[RORJ\ 7%(LVDOVRNQRZQDV%( %LQGLQJ(QHUJ\ 
$UWLILFLDO,QWHOOLJHQFH6LVWHPDWLFV 3K\VLFV
WE WDEOHVSRRQWDEOHVSRRQIXO 7%) 7XQDEOH%DQGSDVV)LOWHU
$OVRWEVWEVS )RUKLJKDFFXUDF\WXQLQJ
0HWURORJ\ 7%* 7K\UR[LQH%LQGLQJ*OREXOLQ
7% 7HFKQLFDO%XOOHWLQ (QGRFULQRORJ\
,QGXVWU\ 7%+4 7HUWLDU\%XW\OK\GURTXLQRQH
7E 7KHFKHPLFDOV\PEROIRU7HUELXP 7%LO 7RWDO%LOLUXELQ
7HUELXPLVDUDUHHDUWKHOHPHQWKDYLQJWKHDWRPLF 7%/ 7KURXJK%LOORI/DGLQJ
QXPEHUDQGDQDWRPLFZHLJKWRI 7%/& 7DPSD%D\/LEUDU\&RQVRUWLXP
&KHPLVWU\6\PEROV 7%0 WDFWLFDOEDOOLVWLFPLVVLOH
7% 7HUPLQDO%ORFN PLVVLOHEDOLVWLTXHWDFWLTXH
7HOHFRPPXQLFDWLRQV 7%0' WDFWLFDOEDOOLVWLFPLVVLOHGHIHQFH
7% 7RQH%XUVW GpIHQVHFRQWUHOHVPLVVLOHVEDOLVWLTXHVWDFWLTXHV
7%LVXVHGPDLQO\WRWHVWHOHFWURDFRXVWLFDOGHYLFHV 7%2 7LPH%HWZHHQ2YHUKDXO
$FRXVWLFDO(QJLQHHULQJ 7E2 7HUELD
7E 7UDGXFWLRQEUXWH 7HUELDLVDOVRNQRZQDV7HUELXP2[LGH
7%WE 7ULDO%DODQFH ,QRUJDQLF&KHPLVWU\
&RPPHUFH)LQDQFH 7%2/ 7(6WKHUPDO%2/RPHWHU
7% 7UDWWD7UDWWHVX%DQFKH )RUIXUWKHUGHWDLOVVHHXQGHU7(6 DQG7+(0,6
,WDOLDQLQLWLDOLVPPHDQLQJ'UDIW'UDIWVGUDZQRQ 7%21' DEEU 7UHDVXU\%RQG
EDQNV 7%3 7$7$ER[%LQGLQJ3URWHLQ
&RPPHUFH 0ROHFXODUDQG&HOO%LRORJ\1HXURGHJHQHUDWLRQ
7% 7UHDVXU\%LOO *HQHWLFV
)LQDQFH 7%3 7K\UR[LQH%LQGLQJ3URWHLQ
7% 7XEHUFXORVLV 0HGLFLQH
7XEHUFXORVLVLVDFKURQLFLQIHFWLRXVGLVHDVH,WLV 7%3 7UL Q%XW\O 3KRVSKDWH
DOVRNQRZQDV&RQVXPSWLRQ3KWKLVLV 7%3$ 7K\UR[LQH%LQGLQJ3UH$OEXPLQ
0HGLFLQH 0HGLFLQH
7%$ 7HOHYLVLRQ%XUHDXRI$GYHUWLVLQJ 7%5 7UHDVXU\%LOO5DWH
WED WREHDGYLVHGWREHDJUHHG %XVLQHVV(FRQRPLFV)LQDQFH
7%$WED 7R%H$QQRXQFHG WEV WDEOHVSRRQWDEOHVSRRQIXO
7%$) 7HWUDEXW\ODPPRQLXP)OXRULGH $OVRWEWEVS
&KHPLVWU\ 0HWURORJ\
7% DQG6 7RS%RWWRPDQG6LGHV 7%6 7HFQRORJLH%LRPHGLFKHH6DQLWDULH
7%$56 7KLREDUELWXULF$FLG5HDFWLYH6XEVWDQFHV 7%6 7KHWD%XUVW6WLPXODWLRQ
/LSLG3HUR[LGDWLRQ0HGLFLQH 1HXURVFLHQFH
7%% 7DX[GH%DVH%DQFDLUH 7%6 7RN\R%URDGFDVWLQJ6\VWHP -DSDQ 
)UHQFKLQLWLDOLVPPHDQLQJ%DQN%DVH5DWH 7%7 7DX[GHV%RQVGX7UpVRU
3ULPH3ULPH5DWH 7%7$ 7DX[GHV%RQVGX7UpVRU$PpULFDLQ
7%&( W\SH´%µFRVWHVWLPDWH 7%: 7RWDO%RG\:HLJKW


7F &XULHWHPSHUDWXUH 7& 7UDLQLQJ&HQWHU


1DPHGDIWHUWKH)UHQFKSK\VLFLVWV0DULHDQG 7& 7UDYHOOHU
V&KHTXH&KHFN
3LHUUH&XULH 7& 7UHDVXU\&HUWLILFDWH7UXVW&RPSDQ\
(OHFWURPDJQHWLVP 7&$ WUDFNFRQWLQXLW\DUHD
7& 7DSH&UHDVH7DUJHW&RPSXWHU ]RQHGHFRQWLQXLWpGHSLVWH V 
&RPSXWHU7HFKQRORJ\ WUDLQHUFDUJRDLUFUDIW
7& 7D[&HUWLILFDWH DYLRQGHWUDQVSRUWGHO·HQWUDvQHPHQW
7& 7D[HV&RPSULVHV 7&$ 7ULFKORURHWKDQH
)UHQFKLQLWLDOLVPPHDQLQJ7D[HV,QFOXGHG 7&$ LVDV\QWKHWLFRUJDQLFVROYHQWDQGDQHQYLURQ
7& 7HDFKHUV&ROOHJH PHQWDOSROOXWDQW,WLVXVHGDVDQLQGXVWULDOVROYHQW
7F 7KHFKHPLFDOV\PEROIRU7HFKQHWLXP 0LFURELDO(FRORJ\0ROHFXODU*HQHWLFV
7HFKQHWLXPLVDQHOHPHQWKDYLQJWKHDWRPLFQXP 7&$ 7ULF\FOLF$QWLGHSUHVVDQWV
EHU,WLVGHULYHGIURPWKHILVVLRQSURGXFWVRI 'UXJV
XUDQLXPDQGSOXWRQLXP,WLVXVHGPDLQO\LQ 7&$ DFLG 7ULFKORURDFHWLFDFLG
QXFOHDUPHGLFLQH 8VHGPDLQO\LQPHGLFLQHDQGSKDUPDFHXWLFDOV
&KHPLVWU\6\PEROV 2UJDQLF&KHPLVWU\
7& 7HFKQLFDO&ROOHJH 7&$ F\FOH 7ULFDUER[\OLF$FLGF\FOH
WF 7HOHFRPPXQLFDWLRQV $OVR&LWULF$FLG&\FOH.UHEVF\FOH
7KHWHUPWHOHFRPPXQLFDWLRQVUHIHUVWRFRPPXQL 1DPHGDIWHUWKH%ULWLVKELRFKHPLVW6LU+DQV$GROI
FDWLRQVRYHUORQJGLVWDQFHV .UHEV
(OHFWURQLFV %LRFKHPLVWU\
7& 7HUPLQDO&RQWURO 7&$* 7,*5&HQWHUIRUWKH$GYDQFHPHQWRI
6SDFH7HFKQRORJ\ *HQRPLFV
7& 7HUPLQRORJ\&RRUGLQDWRU>16$@ 0LFURELDO*HQRPLFV&OHDQ(QHUJ\3URGXFWV
&RRUGRQQDWHXUGHODWHUPLQRORJLH>$21@ )RUIXUWKHUGHWDLOVVHHXQGHU7,*5
WLGDOFXUUHQW 7&$0 7HOHFRPPXQLFDWLRQV$FFHVV0HWKRG
FRXUDQWGHPDUFp 7&$V 7ULF\FOLF$QWLGHSUHVVDQWV
WUDGXFWLRQHQFODLU 3V\FKLDWU\3V\FKRORJ\3V\FKRSKDUPDFRORJ\
KXPDQUHDGDEOHLQWHUSUHWDWLRQ +5,  3V\FKRWKHUDSLHV
WUDQVLWFRUULGRU 7&% 7HWUDFDUER[\EXWDQH
FRXORLUGHWUDQVLW 7&% 7RXULQJ&OXE5R\DOGH%HOJLTXH %HOJLXP 
8QLWHG$UDE(PLUDWHV 7&%& 7ULFKORUREHQ]\OFKORULGH
ePLUDWVDUDEHVXQLV 7&%0 7UDQVFRQWLQHQWDO%DOOLVWLF0LVVLOH
7& 7HUUD&RWWD 2UGQDQFH
7HUUDFRWWDLVDFOD\PDWHULDOXVHGPDLQO\LQWKH 7&& 7HWK\V&LUFXPJOREDO&XUUHQW
SURGXFWLRQRIWLOHIORRUVURRILQJDQGHDUWKHQZDUH 2FHDQLF6FLHQFHV3DOHRELRJHRJUDSK\
7HUUDFRWWDLVDQ,WDOLDQWHUPWKDWPHDQVEDNHG 7&& 7UDGH&RPSOLDQFH&HQWHU 86$ 
HDUWK $WWKH86&RPPHUFH'HSDUWPHQW7KH7&&
0DWHULDOV PRQLWRUVLQYHVWLJDWHVDQGHYDOXDWHVIRUHLJQFRP
7& 7KHUPRFDOH SOLDQFHZLWKVWDQGDUGVRIFRQGXFWDQGLQWHUQDWLRQDO
7KH7&LVDWKHUPRFKHPLFDO'DWDEDVHDQG DJUHHPHQWV
6RIWZDUHV\VWHPGHYHORSHGDWWKH6WRFNKROP 7&& WUDIILFFRRUGLQDWLRQFHQWUH
5R\DO,QVWLWXWHRI7HFKQRORJ\ FHQWUHGHFRRUGLQDWLRQGXWUDILF
0DWHULDOV6FLHQFHDQG(QJLQHHULQJ 7&&( W\SH´&µFRVWHVWLPDWH
7KHUPRFKHPLFDO'DWDEDVHV6RIWZDUH6\VWHPV HVWLPDWLRQGHFR€WGHW\SH´&µ (&7& 
7& 7LOO&RXQWHUPDQGHG 7&&6 7H[DV&HQWHUIRU&OLPDWH6WXGLHV
7&7LPH&KDUWHU 7H[DV$ 08QLYHUVLW\7H[DV86$
7& 7LPHU&ORFN 5HVHDUFK3URJUDPV
&RPSXWHU7HFKQRORJ\ 7FG DEEU WUDFHG
7F 7RPRJUDILDFRPSXWHUL]]DWD $OVR75'
,WDOLDQLQLWLDOLVPPHDQLQJ&RPSXWHUL]HG 7&' 7ULQLW\&ROOHJH'XEOLQ ,UHODQG 
7RPRJUDSK\ 7&'&$ 7DXULQH&'&$
7& 7RZQ&OHUN7RZQ&RXQFLOORU )RUIXUWKHUGHWDLOVVHHXQGHU&'&$


7&'' 7HWUDFKORURGLEHQ]RGLR[LQ )RUIXUWKHUGHWDLOVVHHXQGHU'2'


7&'0 7LOWHG&ROG'DUN0DWWHU 7&3 7RRO&HQWHU3RLQW
$VWURQRP\$VWURSK\VLFV3K\VLFV 5RERWLFV
7&'06 7HOHFRPPXQLFDWLRQ'DWD0DQDJHPHQW 7&3 7UDQVPLVVLRQ&RQWURO3URJUDP
6\VWHP ,QWKH7&3 EHFDPH7&3,3
7&( 7ULFKORURHWK\OHQH )RUIXUWKHUGHWDLOVVHHXQGHU7&3,3
7&(LVXVHGPDLQO\LQGU\FOHDQLQJDQGLQRUJDQLF 7&3 7ULFKORURSKHQRO
V\QWKHVLV 7&3 LVXVHGPDQLQO\DVDIXQJLFLGHDQGKHUELFLGH
2UJDQLF&KHPLVWU\ 2UJDQLF&KHPLVWU\
7&) WHFKQLFDOFRQWUROIDFLOLW\ 7&3 7ULFUHV\O3KRVSKDWH
LQVWDOODWLRQ RXVLWH GHFRQWU{OHWHFKQLTXH 7ULFUHV\O3KRVSKDWHLVXVHGPDLQO\DVDSODVWLFL]HU
7FI/HIIDPLO\ 7 FHOOIDFWRU/\PSKRLGHQKDQFHU OXEULFDQWDGGLWLYHDQGILUHUHWDUGDQW
ELQGLQJIDFWRUIDPLO\ 7&3 7URSLFDO&\FORQH3URJUDP
0HGLFLQH1HXURJHQHWLFV3DWKRORJ\ 2IWKH81:02
7&)8 7RWDO&RORQ\)RUPLQJ8QLWV )RUIXUWKHUGHWDLOVVHHXQGHU:02
7&*) 7&HOO*URZWK)DFWRU 7&3,3 7UDQVPLVVLRQ&RQWURO3URJUDP,QWHUQHW
7&*) 7K\PRF\WHVWLPXODWLQJ*URZWK)DFWRU 3URWRFRO
0HGLFLQH 7&33 7HWUDS&KORURSKHQ\OS\UUROH
7&,' 7LVVXH&XOWXUH,QIHFWLRXV'RVHV 7&3 SKDVHV 7RSRORJLFDOO\&ORVH3DFNHGSKDVHV
*\QHFRORJ\1HZERUQ0HGLFLQH2EVWHWULFV 0DWHULDOV6FLHQFH
3HGLDWULFV5DGLRORJ\9HWHULQDU\0HGLFLQH 7&5 7D\ORU&UHHN5K\ROLWH
9HWHULQDU\3DWKRORJ\9LUDO3DWKRJHQHVLV *HRORJ\3K\VLFV
7&0 7KHUPDO&RQGXFWLRQ0RGXOH 7&5 7&HOO5HFHSWRU
7&0 WRUSHGRFRXQWHUPHDVXUHV )RUIXUWKHUGHWDLOVVHHXQGHU7&5V
PHVXUHVDQWLWRUSLOOHV 7&UHOD\QHXURQV 7KDODPRFRUWLFDOUHOD\QHXURQV
7&0 7UDGLWLRQDO&KLQHVH0HGLFLQH 7&5SURFHVV 7UDQVFULSWLRQ&RXSOHG5HSDLU
&DQFHU&RPSRVLWH+HUEDO)RUPXODV SURFHVV
'HUPDWRORJ\+HUEDO0HGLFLQHV5HVLVWDQFHWR $JLQJ*HQHWLFV/LIH6FLHQFHV0HGLFLQH
&RQYHQWLRQDO7KHUDSLHV 0LFURELRORJ\5DGLDWLRQ2QFRORJ\
7&0+ 7HQHXU&RUSXVFXODLUH0R\HQQHHQ 7&5V 7&HOO5HFHSWRUV
+pPRJORELQH %ORRG5HVHDUFK,PPXQRORJ\0HGLFLQH
)UHQFKLQLWLDOLVPPHDQLQJ0HDQ&RUSXVFXODU 7&V 7HFKQLFDO&RPPLWWHHV
+HPRJORELQ&RQWHQW 7&6 7HFQRORJLHSHUL&RPSRQHQWLH6RWWRVLVWHPL
0HGLFLQH 7&6 7RRO&RRUGLQDWHV\VWHP
7&0, 7&HOO0HGLDWHG,PPXQLW\ 5RERWLFV
7&1 WURRSFRQWULEXWLQJQDWLRQ 7&6 7RXULQJ&OXE6XLVVH 6ZLW]HUODQG 
SD\VIRXUQLVVDQWGHVWURXSHV RXSD\VFRQWULEX 7&63& 7LPH&RUUHODWHG6LQJOH3KRWRQ&RXQWLQJ
WHXU  7&6SURJUDPPH 7HDFKLQJ&RPSDQ\6FKHPHSUR
7&14 7HWUDF\DQRTXLQRGLPHWKDQH JUDPPH
7&2 WDFWLFDOFRQWURORIILFHU 7&7 7UDFKHDO&\WRWR[LQ
RIILFLHUFKDUJpGXFRQWU{OHWDFWLTXH RXRIILFLHU %LRORJLFV(YDOXDWLRQ0HGLFLQH0LFURELRORJ\
FRQWU{OHXUWDFWLTXH  0ROHFXODU%LRORJ\:KRRSLQJ&RXJK3DWKRORJ\
7&2 7LQEDVHG&RPSRVLWH2[LGH 7&71% 7ULFKORURWULQLWUREHQ]HQH
7&27FR 7RWDO&RVWRI2ZQHUVKLS 7&73 7HWUDFKORURWKLRSKHQH
7&20 7H[DV&ROOHJHRI2VWHRSDWKLF0HGLFLQH 7&8 7UDQVPLVVLRQ&RQWURO8QLW
$W)RUW:RUWK7H[DV86$ 7&9 7XUQLS&ULQNOH9LUXV
WFRPPHUFH WHOHYLVLRQFRPPHUFH 9LUXVDVVRFLDWHG51$V
7&3 WDFWLFDOFRPPDQGSRVW )RUIXUWKHUGHWDLOVVHHXQGHU51$
SRVWHGHFRPPDQGPHHQWWDFWLTXH 7' 7DNH'RZQ7DNHGRZQ
WUDIILFFRQWUROSRVW &RPSXWHU7HFKQRORJ\&RPSXWHU3URJUDPPLQJ
SRVWHGXFRQWU{OHGXWUDILF 7' 7DQN'HVWUR\HU
7&3 7HFKQLFDO&RRSHUDWLRQ3URJUDP GLYLVLRQGHFKDUV
2IWKH86'2' 7ULQLGDGDQG7REDJR


7ULQLWpHW7REDJR 7', 7$&$1GLVWDQFHLQGLFDWRU


7' 7DUGLYH'\VNLQHVLD LQGLFDWHXUGHGLVWDQFH7$&$1
6LGHHIIHFWVRIGUXJV0HGLFLQH 7', 7ROXHQH'LLVRF\DQDWH
7' 7HOHSKRQH'HSDUWPHQW 7',LVXVHGPDLQO\WRPDNHHODVWRPHUV
7' 7HVW'DWD 2UJDQLF&KHPLVWU\
7KHWHUPWHVWGDWDUHIHUVWRGDWDXVHGWRWHVWFRP 7GN 7K\PLGLQHNLQDVH
SXWHUV\VWHPV *HQHWLFV0HGLFDO5HVHDUFK0LFURELRORJ\
&RPSXWHU3URJUDPPLQJ 7'/ 7HVWGX/HQGHPDLQ
7' 7HVW'ULYHU )UHQFKLQLWLDOLVPPHDQLQJ'D\$IWHU5HFDOO
&RPSXWHU3URJUDPPLQJ (FRQRPLFV%XVLQHVV)LQDQFH
7' 7KHRUHWLFDO'HQVLW\ 7'/ 7XQDEOH'LRGH/DVHU
7' 7LPH'HOD\ 7'/8 7HUPLQDO'XFWDO/REXODU8QLW
3K\VLFV %UHDVW&DQFHU0HGLFLQH3DWKRORJ\
7' 7LPH'HSRVLW 7'0 7LPH'LYLVLRQ0XOWLSOH[HU
7' 7RXFKGRZQ 7HOHFRPPXQLFDWLRQV
$YLDWLRQ 7'0 7RPRGHQVLWRPpWULH
7' 7UDQVPLWWHU'LVWULEXWRU )UHQFKLQLWLDOLVPPHDQLQJ&RPSXWHU7RPRJUDSK\
(OHFWULFLW\ 0HGLFLQH
7'7' 7UHDVXU\'HSDUWPHQW 7'0$ 7LPH'LYLVLRQ0XOWLSOH$FFHVV
7' 7UXVW'HHG &HOOXODU3KRQHV
%XVLQHVV&RPPHUFH)LQDQFH 7'1V 7RWDO'LJHVWLEOH1XWULHQWV
7' 7XQLVLD'LQDU $JULFXOWXUH
7'$ WDFWLFDOGHFLVLRQDLG 7'1$ W'1$ WUDQVIHU'1$
DLGHjODSULVHGHGpFLVLRQVDXQLYHDXWDFWLTXH )RUIXUWKHUGHWDLOVVHHXQGHU'1$
WHPSRUDU\GDQJHUDUHD 7'2$ 7LPH'HSRVLW2SHQ$FFRXQW
]RQHGHGDQJHUWHPSRUDLUH 7'3 WHFKQLFDOGDWDSDFNDJH
WRUSHGRGDQJHUDUHD GRVVLHUWHFKQLTXH
]RQHGHGDQJHUGHWRUSLOODJH 7'3 7HFKQLFDO'HPRQVWUDWLRQ3URJUDP
7'$ 7D['HSRVLW$FFRXQW &RPSXWHU6HFXULW\,QIRUPDWLRQ7HFKQRORJ\
7'$ 7RUQDGR'HWHFWLRQ$OJRULWKP 'HYHORSPHQW
7'$ 7UDGHDQG'HYHORSPHQW$JHQF\ 86$  7'3 7HOXJX'HVDP3DUW\ ,QGLD 
7'$( 7HWUDNLVGLPHWK\ODPLQRHWK\OHQH 7'3 7KLDPLQH'LSKRVSKDWH
7'% 7HFKQRORJ\'HYHORSPHQW%UDQFK 7'3 7UDIILF'DWD3URFHVVRU
7'% 7R[LFRORJ\'DWD%DQN &RPSXWHUV
7'%/ 7RWDO'HQGULWLF%UDQFK/HQJWKV 7'43 7ULPHWK\OGLK\GURTXLQROLQH3RO\PHU
&HOO%LRORJ\1HXURVFLHQFH 7'5 7LPH'HOD\5HOD\
7'%3 7UL 'L%XW\O 3KRVSKDWH (OHFWULFLW\
7'& 7RS'HDG&HQWHU 7'5 7LPH'RPDLQ5HIOHFWRPHWHU
0HFKDQLFDO(QJLQHHULQJ 7KHWLPHGRPDLQUHIOHFWRPHWHULVDQLQVWUXPHQW
7'' 7HOHW\SH'HYLFHIRUWKH'HDI XVHGWRPHDVXUHWKHHOHFWULFDOFKDUDFWHULVWLFVRI
7'( 7HWUDFKORURGLSKHQ\OHWKDQH FRPSRQHQWVOLQHVV\VWHPVDQGWKHOLNH
7'(0 7pOpGHWHFWLRQeOHFWURPDJQHWLTXH (OHFWURQLFV
7'(9 7D[H'pSDUWHPHQWDOHG·(VSDFHV9HUWV 7'5 7URSLFDO'LVHDVHV5HVHDUFK
)UDQFH  3DUDVLWRORJ\
7') WHUULWRULDOGHIHQFHIRUFH 7'5 3URJUDP 7URSLFDO'LVHDVHV5HVHDUFK3URJUDP
IRUFHGHGpIHQVHWHUULWRULDOH 86$ 
7') 7HVWLV'HWHUPLQLQJ)DFWRU 2IWKH:+2DQGWKH86'HSDUWPHQW++6
'HYHORSPHQWDO%LRORJ\0DPPDOLDQ6H[ )RUIXUWKHUGHWDLOVVHHXQGHU:+2++6 DQG
'HWHUPLQDWLRQ0ROHFXODU%LRORJ\ :%
7GK 7HUUHGHVKRPPHV /DXVDQQH6ZLW]HUODQG  7'566 7UDFNLQJDQG'DWD5HOD\6DWHOOLWH6\VWHP
&KDULWDEOH2UJDQL]DWLRQV 7'6 WDFWLFDOGDWDV\VWHP
7'+ 7H[DV'HSDUWPHQWRI+HDOWK 86$  V\VWqPHGHGRQQpHVWDFWLTXHV
7'+) 7LPH'HSHQGHQW+DUWUHH)RFN WDUJHWGHVLJQDWLRQV\VWHP


V\VWqPHGHGpVLJQDWLRQG·REMHFWLIV $YLDWLRQ(OHFWURQLFV
7'6 7KHUPDO'HVRUSWLRQ6SHFWUD 7( 7UDQVSRVDEOH(OHPHQW
3K\VLFDO&KHPLVWU\3K\VLFV )RUIXUWKHUGHWDLOVVHHXQGHU7(V
7'6 7KHUPDO'HVRUSWLRQ6SHFWURPHWU\ 7( 7UD]LRQH(OHWWULFD
7'6 7LPH'HSHQGHQW6HQVLWL]DWLRQ ,WDOLDQDFURQ\PPHDQLQJ(OHFWULF7UDFWLRQ
3V\FKLDWU\3V\FKRORJ\3V\FKRSKDUPDFRORJ\ 7( 7UpVRUHULHG·([SORLWDWLRQ
7'6 7UDQVFUDQLDO'RSSOHU6RQRJUDSK\ 7($ 7HWUDHWK\ODPPRQLXP
7G6FGPD 7LPHGLYLVLRQ6\QFKURQRXV&GPD 7($ 7UDQVIHUUHG(OHFWURQ$PSOLILHU
7G7 7HUPLQDOGHR[\WUDQVIHUDVH 7($ 7ULHWKDQRODPLQH
7G7 FLUFXLWGH 7UDLWHPHQWGH7UDPH +2&+&+ 17ULHWKDQRODPLQHDOVRNQRZQDV
7'76 WDFWLFDOGDWDWUDQVIHUV\VWHP 7ULV +\GUR[\HWK\O $PLQHLVXVHGPDLQO\LQ
V\VWqPHGHWUDQVIHUWGHGRQQpHVWDFWLTXHV FRVPHWLFVZRRGVFRXULQJDQGGHWHUJHQWV
7'8 7RQJXH'LVSOD\8QLW 2UJDQLF&KHPLVWU\
(OHFWULFDO6WLPXODWRUV1HXURVFLHQFH6XUJLFDO 7($& 7HWUDHWK\ODPPRQLXP&KORULGH
7RROV &+ 1&O7HWUDHWK\ODPPRQLXP&KORULGHDOVR
7': 'HDG:HLJKW7RQQDJH NQRZQDV7($ &KORULGHLVXVHGPDLQO\LQPHGL
7':5 7HUPLQDO'RSSOHU:HDWKHU5DGDU FLQH
7'< 7HPSRUDU\'XW\ 2UJDQLF&KHPLVWU\
7'= WRUSHGRGDQJHU]RQH 7($0 7HDPEDVHG(XURSHDQ$XWRPRWLYH
]RQHG·HIILFDFLWpGHVWRUSLOOHV 0DQXIDFWXUH
7'= 7RXFK'RZQ=RQH (XURSHDQ&RPPXQLW\3URMHFW
1DYLJDWLRQ 7($ SUHVVXUHODVHU 7UDQVYHUVHO\([FLWHG
7( 7DEOHRI(TXLSPHQW $WPRVSKHULFSUHVVXUHODVHU
7( 7DSH(GLWRU 2SWLFV
7KHWDSHHGLWRULVXVHGWRHGLWDQGFRUUHFWGDWDRQ 7($6 7UDGHPDUN(OHFWURQLF$SSOLFDWLRQ6\VWHP
WDSHV 7(% 7D[([HPSW%RQG
&RPSXWHU3URJUDPPLQJ %XVLQHVV)LQDQFH
7( WDVNHOHPHQW 7H%* 7HVWRVWHURQHHVWUDGLRO%LQGLQJ*OREXOLQ
pOpPHQWRSpUDWLRQQHO 7(%3 7HORPHUH(QG%LQGLQJ3URWHLQ
WUDLQLQJHTXLSPHQW %LRFKHPLVWU\&HOO%LRORJ\&KHPLVWU\+XPDQ
DPDWpULHOG·LQVWUXFWLRQG·HQWUDvQHPHQW *HQHWLFV0HGLFLQH0ROHFXODU%LRORJ\
EPDWpULHOGLGDFWLTXH 0ROHFXODU*HQHWLFV
7( 7DX[G·(VFRPSWH 7H%U 7HOOXULXP'LEURPLGH
7(7D[([HPSWLRQ 7HOOXULXP'LEURPLGHLVDOVRNQRZQDV7HOOXURXV
7H 7HOOXULXP %URPLGH7HOOXULXP%URPLGH
8VHGPDLQO\LQDOOR\V ,QRUJDQLF&KHPLVWU\
&KHPLVWU\6\PEROV 7(& WDEOHDXG
HIIHFWLIVGXWHPSVGHFULVH
7( 7HQVLRQeOHFWULTXH FULVLVHVWDEOLVKPHQW &( 
7( 7HUDPR,WDO\ 7(& 7HFKQLTXHV(XURSpHQQHVGH&RPPXWDWLRQ
7( 7HUPLQDO(TXLSPHQW 7(& 7HUHQD([HFXWLYH&RPPLWWHH
7HOHFRPPXQLFDWLRQV )RUIXUWKHUGHWDLOVVHHXQGHU7(5(1$
7H 7HWDQXV 7(& 7KHUPLRQLF(QHUJ\&RQYHUWHU
1HXURORJ\3DWKRORJ\ 7(& 7H[DV(PSOR\PHQW&RPPLVVLRQ
7( 7KHUPRG\QDPLF(TXLOLEULXP 7KH7(&LVORFDWHGLQ$XVWLQ7H[DV86$
7( 7KLRHVWHUDVH 7(& 7RWDO(OHFWURQ&RQWHQW
7( 7LPLQJ(UURU 7H FDORULPHWHU 7LVVXHHTXLYDOHQWFDORULPHWHU
&RPSXWHU3URJUDPPLQJ WHFK DEEU WHFKQLFDOWHFKQLFLDQWHFKQRORJ\
7( 7LVVXH(QJLQHHULQJ (QJLQHHULQJ6FLHQFH
7( 7RWDO(DUQLQJV 7(&+5(37 DEEU 7HFKQLFDO5HSRUW
7( 7RWDO(QHUJ\ 7H&O 7HOOXULXP'LFKORULGH
7( 7RWDOO\(QFORVHG 7H&O LVDOVRNQRZQDV7HOOXURXV&KORULGH
(OHFWULFLW\ 7HOOXULXP&KORULGH
7( 7UDLOLQJ(GJH ,QRUJDQLF&KHPLVWU\


7(&2',6 7(OHZRUNLQJLQ&2RSHUDWLYH ZDUHVWDEOLVKPHQW :( 


'HYHORSPHQWRI,QGXVWULDO6RIWZDUH 7(* 7DX[(IIHFWLI*OREDO
(XURSHDQ&RPPXQLW\3URMHFW )UHQFKDFURQ\PPHDQLQJ$QQXDO3HUFHQWDJH
7(&52 7DLZDQ
V(FRQRPLFDQG&XOWXUDO 5DWH
5HSUHVHQWDWLYH2IILFH %XVLQHVV(FRQRPLFV)LQDQFH
7(&52KDVUHSODFHG&&1$$ &RRUGLQDWLRQ 7(* 7HWUDHWK\OHQH*O\FRO
&RXQFLOIRU1RUWK$PHULFDQ$IIDLUV  7(*LVXVHGDVDVROYHQW
7(&V 7K\PLF(SLWKHOLDO&HOOV 2UJDQLF&KHPLVWU\
,PPXQRORJ\ 7(* 7KURPERpODVWRJUDPPH
7(&V7HFV 7UDLQLQJDQG(QWHUSULVH&RXQFLOV 0HGLFLQH
*%  7(* 7ULHWK\OHQH*O\FRO
%XVLQHVV/LQNV1HWZRUN 7(*LVXVHGPDLQO\DVDKXPHFWDQWVROYHQWDQG
7(&6, 7(&QLTXHVHW6\VWqPHV,QIRUPDWLTXHV SHVWLFL]HU
7(&6,&$ 7(FKQRORJ\DQG&KDUDFWHUL]DWLRQRI 7(+3 7RWDO(TXLYDOHQW+RUVHSRZHU
6,OLFRQ&DUELGHILOPVIRUKLJKWHPSHUDWXUH 7(, 7UDLWHPHQW(OHFWURQLTXHGHO·,QIRUPDWLRQ
$SSOLFDWLRQV 7(,6 7UDQV(XURSHDQ,QIRUPDWLRQ6\VWHPV
(XURSHDQ&RPPXQLW\3URMHFW 7KH7UDQV(XURSHDQ,QIRUPDWLRQ6\VWHPVZHUHVHW
7(' WDEOHDXG
HIIHFWLIVHWGHGRWDWLRQ XSE\2OLYHWWL%XOODQG6LHPHQV1L[GRUILQRUGHU
WDEOHRIRUJDQL]DWLRQDQGHTXLSPHQW 72 (  WRGHYHORSSURMHFWVIRUFRPSDWLEOHLQIRUPDWLRQ
7(' 7D[([HPSW'LYLGHQG V\VWHPVLQ(XURSHEDVHGRQFRPPRQV\VWHPDQG
%XVLQHVV(FRQRPLFV)LQDQFH VRIWZDUHDSSOLFDWLRQV
7(' 7HFKQRORJ\(WKLFVDQG'HPHQWLD 7(,V 7UDQVPLVVLRQ(OHFWURQ,PDJHV
WHG DEEU WHGHVFR 7HOWHO DEEU WHOHJUDPWHOHJUDSK
,WDOLDQDEEUHYLDWLRQPHDQLQJ*HUPDQ $OVRWJWOJ
7(' 7HOH(GXFDWLRQDQG9RFDWLRQDO7UDLQLQJIRU 7HOWHO DEEU WHOHSKRQH
'LVDEOHGSHRSOH 7KHWHOHSKRQHZDVSDWHQWHGE\$OH[DQGHU*UDKDP
$ \HDUSURMHFWRIWKH(XURSHDQ3URJUDP %HOOLWVLQYHQWRURQWK0DUFK
/HRQDUGRGD9LQFL 7HOHFRPPXQLFDWLRQV
7(' 7HQGHUV(OHFWURQLF'DLO\ )RUIXUWKHUGHWDLOVVHHXQGHUWSK
7(' 7RWDO(QHUJ\'HPDQG 7(/ 7HWUDHWK\O/HDG
7(' 7RWDO(QHUJ\'HWHFWRU 7KHHOLPLQDWLRQRIWHWUDHWK\OOHDGIURPJDVROLQH
WHG DEEU WUDFHG UHGXFHVEORRGOHDGOHYHOVSDUWLFXODUO\LQLQIDQWV
7(' 7XUWOH([FOXGHU'HYLFH (FRQRPLFV(QJLQHHULQJ(QYLURQPHQWDO
7('$ 7ULHWK\OHQHGLDPLQH (QJLQHHULQJ
7('*:3 7RWDO(QHUJ\'HPDQG*URVV:RUOG 7(/ WUDQVSRUWHUHUHFWRUODXQFKHU
3URGXFW YpKLFXOHUDPSH
7(',6 7UDGH(OHFWURQLF'DWD,QWHUFKDQJH6\VWHPV 7(/$5 WUDQVSRUWHUHUHFWRUODXQFKHUDQGUDGDU
(XURSHDQ&RPPXQLW\3URJUDP YpKLFXOHGHWUDQVSRUWpUHFWHXUODQFHXUHWUDGDU
7('3 7HWUDHWK\OGLWKLRQRS\URSKRVSKDWH WHOFRV DEEU WHOHFRPPXQLFDWLRQFRPSDQLHVWHOH
7(( 7UDQV(XURSH([SUHVV FRPVRSHUDWRUV
7((' 7UDLQLQJ(QWHUSULVHDQG(GXFDWLRQ 7(/(&200 7HOHFRPXQLFDFLRQHVGH0H[LFR
'LUHFWRUDWH 7(/(; DEEU 7HOHJUDSK([FKDQJH
'HSDUWPHQWRI(PSOR\PHQW *%  7(/236 7HOHPHWU\2QOLQH3URFHVVLQJ6\VWHP
7((685$ 7HFKQR(FRQRPLF(YDOXDWLRQDQG 7(0 WDUJHWHQJDJHPHQWPHVVDJH
6HFWRULDO8VHU5HTXLUHPHQWV$QDO\VLV PHVVDJHG·HQJDJHPHQWGHODFLEOH GHO·REMHFWLI 
(XURSHDQ&RPPXQLW\3URMHFW 7(0 7UDQVPLVVLRQ(OHFWURQ0LFURVFRSH
7() 7HVWDQG(YDOXDWLRQ)DFLOLW\ 7(0 7ULHWK\OHQHPHODPLQH
7H) 7HOOXULXP+H[DIOXRULGH 7(0DOVRNQRZQDV7HWUDPLQHLVXVHGPDLQO\LQ
,QRUJDQLF&KHPLVWU\ PHGLFLQHV
7()$)7HIDI 7KH(XURSHDQ)LQH$UW)DLU 2UJDQLF&KHPLVWU\
0DDVWULFKW7KH1HWKHUODQGV  7(0$ 7UDLQLQJ(GXFDWLRQDQG0XWXDO$VVLVWDQFH
7()/ 7HDFKLQJ(QJOLVKDVD)RUHLJQ/DQJXDJH 7(PRGH 7UDQVYHUVH(OHFWULFPRGH
7(* WDEOHDXG
HIIHFWLIVGXWHPSVGHJXHUUH 2SWLFDO3K\VLFV


WHPS DEEU WHPSHUDWXUH 7(3V 7KLRHVWHUFRQWDLQLQJ3URWHLQV


$OVRW (QWRPRORJ\(SLGHPLRORJ\0HGLFLQH
0HGLFLQH0HWHRURORJ\3K\VLRORJ\ 0LFURELRORJ\0ROHFXODU%LRORJ\0ROHFXODU
7KHUPRG\QDPLFV 3DUDVLWRORJ\
WHPS DEEU WHPSRUDU\ 7(3V 7UDGHG(QGRZPHQW3ROLFLHV
7(032 7HWUDPHWK\OSLSHULGLQ\OR[\ ,QYHVWPHQWV
7(0 ZDYH 7UDQVYHUVH(OHFWURPDJQHWLFZDYH 7(5 7UDQVHSLWKHOLDO(OHFWULFDO5HVLVWDQFH
(OHFWURPDJQHWLVP 7(UDWLR 7HPSHUDWXUH(IILFLHQF\UDWLR
7(1 7R[LF(SLGHUPDO1HFURO\VLV 7(5$9,6,21 7HUDKHUW])UHTXHQF\,PDJLQJDQG
7(1LVDOVRNQRZQDV/\HOO
V6\QGURPH7R[LF %LRPHGLFDO 2WKHU$SSOLFDWLRQV
%XOORXV(SLGHUPRO\VLV $Q(&IXQGHGSURMHFWLQYROYLQJDFDGHPLFDQG
%LRFKHPLVWU\'HUPDWRORJ\/\HOO
V6\QGURPH LQGXVWULDOFROODERUDWLRQIURPDFURVV(XURSH
3DWKRORJ\ 8OWUDIDVW2SWRHOHFWURQLFV
7HQQ DEEU 7HQQHVVHH86$ 7(5& 7ZLQLQJ(PSOR\PHQW5HVRXUFH&HQWUH
7(16 7UDQVFXWDQHRXV(OHFWULFDO1HUYH6WLPXODWRU *% 
7KHWUDQVFXWDQHRXV(OHFWULFDO1HUYH6WLPXODWRU 7(5&20 WHUUDLQFRQWRXUPDWFKLQJ V\VWHP 
DOVRNQRZQDV7UDQVGHUPDO(OHFWULFDO1HUYH V\VWqPHGH VXLYLGHWHUUDLQjFRUUpODWLRQ
6WLPXODWRULVDFWXDOO\DSRUWDEOHGHYLFHWKDWVHQGV WRSRJUDSKLTXH
HOHFWULFLPSXOVHVRQDERG\SDUWWRUHOLHYHSDLQ 7(5&20 7(5UDLQ&2UUHODWLRQ0DWFKLQJ
0HGLFLQH 7(5(& 7DFWLFDO(OHFWURQLF5(&RQQDLVVDQFH
7(1VLQLWLDWLYH 7UDQV(XURSHDQ1HWZRUNVLQLWLD 7(5(1$ 7UDQV(XURSHDQ5HVHDUFKDQG(GXFDWLRQ
WLYH 1HWZRUNLQJ$VVRFLDWLRQ
(XURSHDQ8QLRQ3URJUDPV7UDQVSRUW1HWZRUNV )RUPHGLQ2FWREHUE\WKHPHUJHURI5$5(
7(2 7HFQRORJLH(OHWWURRWWLFKH DQG($51
,WDOLDQDFURQ\PPHDQLQJ(OHFWURRSWLFDO )RUIXUWKHUGHWDLOVVHHXQGHU7(&77&5$5(
7HFKQRORJLHV DQG($51
7H2 7HOOXULXP0RQR[LGH 7(5, 7DWD(QHUJ\5HVHDUFK,QVWLWXWH 1HZ'HOKL
,QRUJDQLF&KHPLVWU\ ,QGLD 
7H2 7HOOXULWH 7(5, 7HUUHVWULDO(FRV\VWHPV5HVHDUFK,QLWLDWLYH
0LQHUDORJ\ (&
7H2 7HOOXULXP'LR[LGH (QYLURQPHQWDQG&OLPDWH3URJUDPV
7HOOXULXP'LR[LGHLVDOVRNQRZQDV7HOOXURXV WHUP DEEU WHUPLQDWLRQ
$FLG$QK\GULGH &RPSXWHU6FLHQFH(OHFWURPDJQHWLVP0DWHULDOV
,QRUJDQLF&KHPLVWU\ 6FLHQFH
7(26 7HWUDHWKR[\VLODQH 7(52& 7REDFFR(GXFDWLRQDQG5HVHDUFK
&KHPLVWU\ 2YHUVLJKW&RPPLWWHH 86$ 
7(3 WDEOHDXG
HIIHFWLIVGXWHPSVGHSDL[ 7REDFFR6WXGLHV
SHDFHHVWDEOLVKPHQW 3(  )RUIXUWKHUGHWDLOVVHHXQGHU75'53 7REDFFR
7(3 7KLRHVWHUFRQWDLQLQJ3URWHLQ 5HODWHG'LVHDVH5HVHDUFK3URJUDP 
)RUIXUWKHUGHWDLOVVHHXQGHU7(3V WHUU DEEU WHUUHQR
7(3 7RQQHOODWH(TXLYDOHQWLGL3HWUROLR ,WDOLDQDEEUHYLDWLRQPHDQLQJJURXQGODQGSORW
,WDOLDQDFURQ\PPHDQLQJ7RQVRI2LO(TXLYDOHQW WHUU DEEU WHUULWRULR
7(3 7ULHWK\O3KRVSKDWH ,WDOLDQDEEUHYLDWLRQPHDQLQJWHUULWRU\SRVVHVVLRQV
8VHGPDLQO\DVDVROYHQW SO 
2UJDQLF&KHPLVWU\ 7(57 FDWDO\WLF 7(ORPHUDVH5HYHUVH
7(3$ 7DLZDQ(QYLURQPHQWDO3URWHFWLRQ$JHQF\ 7UDQVFULSWDVH
7(3, 7RWDO([SHQGLWXUHV3URGXFWLYLW\,QGH[ %LRFKHPLVWU\0ROHFXODU*HQHWLFV2QFRORJ\
86$  7H6 7HOOXULXP'LVXOILGH
'HYHORSHGDWWKH8QLYHUVLW\RI$UL]RQD·V&HQWHU 7HOOXULXP'LVXOILGHLVDOVRNQRZQDV7HOOXULXP
IRUWKH6WXG\RI+LJKHU(GXFDWLRQ 6XOILGH
7(33 7HWUDHWK\O3\URSKRVSKDWH ,QRUJDQLF&KHPLVWU\
7(33 LVXVHGDVDQLQVHFWLFLGH 7(6 7KHUPDO(PLVVLRQ6SHFWURPHWHU
2UJDQLF&KHPLVWU\ 7(6 7KHUPDO(QHUJ\6WRUDJH


7(6 7H[W(GLWLQJ6\VWHP WHPSRUDU\ILOOHGPLOLWDU\SRVW


&RPSXWHU3URJUDPPLQJ SRVWHPLOLWDLUHSRXUYXWHPSRUDLUHPHQW
7HV 7UDQVSRVDEOHHOHPHQWV WHUUDLQIROORZLQJ>PLVVLOH@
51$ 6LOHQFLQJ VXLYLGHWHUUDLQ>PLVVLOH@
7(6 7URSRVSKHULF(PLVVLRQ6HQVRU 7) 7HPSRUDU\)LOH
(QYLURQPHQWDO7HFKQRORJ\0HGLFLQH6FLHQFH 7KHWHPSRUDU\ILOHLVFUHDWHGIRUWHPSRUDU\XVH
7(6/ 7HDFKLQJ(QJOLVKDVD6HFRQG/DQJXDJH DQGLVGHVWUR\HGDIWHUZDUGV
7(6/$ 7HUDHOHFWURQYROW(QHUJ\6XSHUFRQGXFWLQJ &RPSXWHU3URJUDPPLQJ
/LQHDU$FFHOHUDWRU 7) 7HUULWRULDO)RUFH
3DUWLFOH3K\VLFV1XFOHDU3K\VLFV 0LOLWDU\
6XSHUFRQGXFWLQJ7HFKQRORJ\ 7) 7HVW)LOH
7(62/ 7HDFKHUVRI(QJOLVKWR6SHDNHUVRI2WKHU &RPSXWHU3URJUDPPLQJ
/DQJXDJHV 7) 7LOH)ORRU
WHVV DEEU WHVVHUD %XLOGLQJV
,WDOLDQDEEUHYLDWLRQPHDQLQJFDUGWLFNHWPHP 7) 7LOO)RUELGGHQ
EHUVKLSFDUG 7) 7LVVXH)DFWRU
WHVV DEEU WHVVLOL SURGRWWL  $QJLRJHQHVLV$QWLDQJLRJHQHVLV'UXJV&DQFHU
,WDOLDQDEEUHYLDWLRQPHDQLQJWH[WLOHV 5HVHDUFK0HGLFLQH
WHVV DEEU WHVVXWL 7) 7RURLGDO)LHOG
,WDOLDQDEEUHYLDWLRQPHDQLQJIDEULFV 7) 7RUSHGR)DFWRU\
7(66$ 7D[([HPSW6SHFLDO6DYLQJV$FFRXQW 0LOLWDU\
7(66$&( WHUURULVPHVSLRQDJHVDERWDJHDQGVXE 7) 7UDQVIHU)DFWRU
YHUVLRQGLUHFWHGDJDLQVW$&( 7UDQVIHUIDFWRULVDOVRNQRZQDV7UDQVIHUFRQVWDQW
WHUURULVPHHVSLRQDJHVDERWDJHHWVXEYHUVLRQ (QJLQHHULQJ
GLULJpVFRQWUHOH&$( 7) 7UDQVIHU)XQFWLRQ
7(7 7KHUPRPHWULF(QWKDOS\7LWUDWLRQ &RQWURO6\VWHPV
7(7' 7HWUDHWK\OWKLXUDP'LVXOILGH 7) 7UDQVLWLRQ)XQFWLRQ
7(75 7RNDPDN(QJLQHHULQJ7HVW5HDFWRU &RPSXWHU7HFKQRORJ\
7(76 7UDQVFXWDQHRXV(QHUJ\7UDQVPLVVLRQ 7) 7URSLFDO)UHVK ZDWHU 
6\VWHPV 6KLSSLQJ
)RUIXUWKHUGHWDLOVVHXQGHU7$+GHYLFHV 7)$ WR[LFIUHHDUHD
7H7[/& 7HWDQXV7R[LQ/LJKW&KDLQ ]RQHH[HPSWHGHWR[LTXHV
7(8 WDEOHDXG
HIIHFWLIVG
XUJHQFH 7)$ 7ULIOXRURDFHWLF$FLG
HPHUJHQF\HVWDEOLVKPHQW ((  &KHPLVWU\
7(9 7RWDO(FRQRPLF9DOXH 7)$3 7URSLFDO)RUHVWU\$FWLRQ3ODQ
7H9 7ULOOLRQHOHFWURQ9ROW 7URSLFDO)RUHVW&RQVHUYDWLRQ=RRORJ\
7( ZDYH 7UDQVYHUVH(OHFWULFZDYH 7)%3 7KHUPDO)XHOV%HKDYLRU3URJUDP
(OHFWURPDJQHWLVP 7)&6 7UHDVXU\)LQDQFLDO&RPPXQLFDWLRQ6\VWHP
7(: SURMHFW 7UDQVSRUWDQG(TXDWRULDO:DWHUVSUR 86$ 
MHFW 7)( 7HWUDIOXRURHWK\OHQH
7(; 7HOHW\SH(;FKDQJH 7)(LVXVHGDVDPRQRPHU
7(; DEEU 7HOH[ 2UJDQLF&KHPLVWU\
7H[ DEEU 7H[DV86$ 7)( 7ULIOXRURHWKDQRO
7(;212 7DLZDQ([SHULPHQW2Q1HXWULQRV 7)(:5 7KURXJK)RFXV([LW:DYH5HFRQVWUXFWLRQ
$ 7DLZDQ&KLQD&ROODERUDWLRQ $SSOLHG3K\VLFV&U\VWDOORJUDSK\0DWHULDOV
7(;352&,, 7KH&RWWRQ7H[WLOHV([SRUW 6FLHQFH
3URPRWLRQ&RXQFLORI,QGLD ,QGLD  7)) 7DQJHQWLDO)ORZ)LOWUDWLRQ
7(= WRWDOH[FOXVLRQ]RQH>6)25@ 7)*7 7DVN)RUFHRQ*HQHWLF7HVWLQJ
]RQHG·H[FOXVLRQWRWDOH>6)25@ 7KH7)*7 LVD86LQGHSHQGHQW*RYHUQPHQW
7) 7DJ)LHOG7DJ)RUPDW $GYLVRU\*URXS
&RPSXWHU3URJUDPPLQJ 7), 7KH)HUWLOL]HU,QVWLWXWH
7) WDVNIRUFH 7Q 7UDQVSRVRQRIILVVLRQ\HDVW
IRUFHRSpUDWLRQQHOOH 7)/ 7HUPLQDO)ORZHU


%RWDQ\3ODQW(YROXWLRQ 7JDQLPDO 7UDQVJHQLFDQLPDO


7) OLQH 7HUUHVWULDO)UDFWLRQDWLRQOLQH 7KH7JDQLPDOLVDQDQLPDOZLWKFORQHGJHQHWLF
(DUWKDQG6SDFH6FLHQFHV PDWHULDO
7)0( 7KLQ)LOP0HUFXU\(OHFWURGH 0ROHFXODU%LRORJ\
7)06$ 7ULIOXRURPHWKDQH6XOIRQLF$FLG 7*& 7ULSDUWLWH*ROG&RPPLVVLRQ
7)2V 7ULSOH[)RUPLQJ2OLJRQXFOHRWLGHV 1D]\*ROG)XQG 
*HQHWLFV0ROHFXODU0HGLFLQH7KHUDSHXWLF 7*& 7XEXODU*UDSKLWH&RQH
5DGLRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU7*&V
7)5 WHUUDLQIROORZLQJUDGDU 7*&V 7XEXODU*UDSKLWH&RQHV
UDGDUGHVXLYLGHWHUUDLQ &DUERQ0RUSKRORJ\4XDQWXP6WUXFWXUHV6XUIDFH
WIU DEEU WUDQVIHU 3K\VLFV
$OVRWUIWUV )RUIXUWKHUGHWDLOVVHHXQGHU03&9'
&RPSXWHU3URJUDPPLQJ0LQLQJ(QJLQHHULQJ 7*(' 7DULI*pQpUDO(XURSpHQGH'pWDLO
1DYLJDWLRQ5RERWLFV7UDQVSRUWDWLRQ(QJLQHHULQJ 7*(9 7UDQVPLVVLEOH*DVWURHQWHULWLV9LUXV
7)5 7UDWWDPHQWR)LQH5DSSRUWR 7*) 7UDQVIRUPLQJ*URZWK)DFWRU
,WDOLDQLQLWLDOLVPPHDQLQJUHWLUHPHQWLQGHPQLW\ %LRFKHPLVWU\
7)6 WURSRVSKHULFIRUZDUGVFDWWHU 7*, 7ULEXQDOGH*UDQGH,QVWDQFH
WURSRGLIIXVLRQ )UHQFKLQLWLDOLVPPHDQLQJ&RXQW\&RXUW
7) VXEGXFWLRQ7RQJD)LMLVXEGXFWLRQ WJO DEEU WRJJOH
*HRORJLFDO6FLHQFHV7HFWRQLFV (OHFWURQLFV0HFKDQLFDO'HYLFHV0HFKDQLFDO
7)7 7KLQ)LOP7UDQVLVWRU (QJLQHHULQJ
2UJDQLF7UDQVLVWRUV 7*0 WHOHYLVLRQJXLGHGPLVVLOH
7)7/&'V 7)7/LTXLG&U\VWDO'LVSOD\V PLVVLOHjJXLGDJHSDUWpOpYLVLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU7)7 WHUPLQDOO\JXLGHGPXQLWLRQ
7)73 7ULYLDO)LOH7UDQVIHU3URWRFRO PXQLWLRQjJXLGDJHWHUPLQDO
7)75 7RNDPDN)XVLRQ7HVW5HDFWRU 7*0+ 7HQHXU*OREXODLUH0R\HQQHHQ
(QHUJ\5HVHDUFK)XVLRQ +pPRJORELQH
7)7V 7KLQ)LOP7UDQVLVWRUV )RUIXUWKHUGHWDLOVVHHXQGHU7&0+ 7HQHXU
2UJDQLF7UDQVLVWRUV &RUSXVFXODLUH0R\HQQHHQ+pPRJORELQH 
WJ DEEU WDQJHQWH 7J 0+X0 PLFH WUDQVJHQLFPLFHH[SUHVVLQJD
,WDOLDQDEEUHYLDWLRQPHDQLQJWDQJHQW FKLPHULFPRXVHKXPDQ3U3 JHQH
$OVRWDQJ %LRFKHPLVWU\%LRSK\VLFV1HXURORJ\
0DWKHPDWLFV 1HXURSDWKRORJ\3DWKRORJ\3ULRQ'LVHDVHV
7* 7DQJLEOH*RRGV 7*1 7UDQV*ROJL1HWZRUN
7* 7DVN*URXS 86$  1DPHGIRUWKH,WDOLDQSK\VLFLDQ&DPLOOR*ROJL
0LOLWDU\ %LRPHGLFDO6FLHQFH%ORRG5HVHDUFK&HOO
7* 7HOHJLRUQDOH ,WDO\  %LRORJ\*HQHWLFV0HGLFLQH0HWDEROLVP
WJ DEEU WHOHJUDSK 7*2 7UDQVDPLQDVH*OXWDPLTXH2[DFpWLTXH
$OVR7HOWHO 7*26 7UDQVDPLQDVH*OXWDPLTXH2[DFpWLTXHGX
7* 7HUPLQDO*XLGDQFH 6pUXPVDQJXLQ
1DYLJDWLRQ6SDFH7HFKQRORJ\ 7*3 7UDQVDPLQDVH*OXWDPLTXH3\UXYLTXH
7* 7H[W*HQHUDWLRQ 7*36 7UDQVDPLQDVH*OXWDPLTXH3\UXYLTXHGX
$UWLILFLDO,QWHOOLJHQFH 6pUXPVDQJXLQ
7* 7KHUPRJUDYLPHWU\ 7*5 7HOHJLRUQDOH5HJLRQDOH ,WDO\ 
7* 7RJR·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHWWHU 7*6 7HOHJLRUQDOH6SRUWLYR ,WDO\ 
7* 7UpVRUHULH*pQpUDOH )UDQFH  7*6 WHOHPHWU\JURXQGVWDWLRQ
7* 7ULJHPLQDO*DQJOLRQ VWDWLRQWHUULHQQHGHWpOpPpWULH
7*WJ 7\SH*HQXV 7*V 7ULJHPLQDO*DQJOLD
6\VWHPDWLFV %LRPHGLFDO6FLHQFH0HGLFLQH2SKWKDOPRORJ\
7*$ 7KHUPRJUDYLPHWULF$QDO\VLV 9HWHULQDU\6FLHQFH
7*$ LVXVHGLQTXDQWLWDWLYHDQDO\VLV 7*6 7ULJO\FLQH6XOIDWH
$QDO\WLFDO&KHPLVWU\ WJW DEEU WDUJHW
7*$ 7UDFH*DV$QDO\VLV $WRPLF3K\VLFV&RPSXWHU3URJUDPPLQJ


(OHFWURQLFV0HGLFLQH0LOLWDU\6FLHQFH 7+(0,6 7+HUPDO(0LVVLRQ,PDJLQJ6\VWHP


5DGLRORJ\ 7KH0DUV2G\VVH\7+(0,6KDVEHHQXVHGIRU
7*7 7KURPERSODVWLQ*HQHUDWLRQ7HVW WKHUPDOREVHUYDWLRQV
7*:8 7UDQVSRUWDQG*HQHUDO:RUNHUV8QLRQ $VWURJHRORJ\*HRORJLFDO6FLHQFHV*HRSK\VLFV
*%  WKHRU DEEU WKHRUHP
7*=0 7HPSHUDWXUH*UDGLHQW=RQH0HOWLQJ 0DWKHPDWLFV
0DWHULDOV6FLHQFH 7+(3 72*$ +HDW([FKDQJH3URJUDP
7+ 7D[+DYHQ )RUIXUWKHUGHWDLOVVHHXQGHU72*$
%XVLQHVV)LQDQFH 7+(6(86 7HUPLQDODW+LJKVSHHGIRU(XURSHDQ
7+ 7KDLODQG 6WRFN([FKDQJH86HUV
7KDLODQGH (XURSHDQ&RPPXQLW\3URMHFW
WUDQVSRUWKHOLFRSWHU 7+) 7HWUDK\GURIXUDQ
KpOLFRSWqUHGHWUDQVSRUW 7+)LVXVHGPDLQO\DVDVROYHQW
7K 7KDODPXV 2UJDQLF&KHPLVWU\
$QDWRP\ 7K) 7KRULXP)OXRULGH
WK WKHUPLH 7KRULXP)OXRULGHLVXVHGPDLQO\LQKLJKWHPSHUD
WKHUPLHLVDXQLWRIKHDWHQHUJ\ WXUHFHUDPLFV
7KHUPRG\QDPLFV ,QRUJDQLF&KHPLVWU\
7K 7KRULXP 7+) 7K\PLF+XPRUDO)DFWRU
8VHGPDLQO\DVDQXFOHDUIXHO 7KHWK\PLFKXPRUDOIDFWRULVDOVRNQRZQDV
7+ 7\URVLQH+\GUR[\ODVH 7K\PRO\PSKRSRLHWLF)DFWRU
7+$$'V\VWHP 7KHDWHU+LJK$OWLWXGH$UHD (QGRFULQRORJ\
'HIHQVHV\VWHP 86$  7+*H[SHULPHQWV 7KLUG+DUPRQLF*HQHUDWLRQ
$QWLPLVVLOH3URMHFWV2UGQDQFH H[SHULPHQWV
7+$0 7ULV K\GUR[\PHWK\O DPLQRPHWKDQH &KHPLVWU\0ROHFXODU(OHFWURQLFVDQG3KRWRQLFV
7+$0 7URPHWKDPLQH 2SWLFVDQG/DVHUV5HVHDUFK
7URPHWKDPLQHDOVRNQRZQDV7ULVDPLQH 7++) 7HWUDK\GURKRPRIRODWH
7ULPHWK\OROLVXVHGPDLQO\LQUXEEHUDFFHOHUDWRUV 7+,5 7HPSHUDWXUH+XPLGLW\,QIUDUHG5DGLRPHWHU
DQGLQSKDUPDFHXWLFDOV WKN DEEU WKLFN
2UJDQLF&KHPLVWU\ 7+1 WHUULWRULDOKRVWQDWLRQ
7+$$ 7RWDO+\GURO\]DEOH$PLQR$FLGV SD\VK{WHVRXYHUDLQ
7+& 7HWUDK\GURFDQQDELQRO 7K2 7KRULDQLWH
2UJDQLF&KHPLVWU\ 0LQHUDORJ\
7+& 7KHUPR+DOLQH&LUFXODWLRQ 1RUWK$WODQWLF  7K2 7KRULXP'LR[LGH
&OLPDWH&KDQJH(DUWK6FLHQFH*HRORJ\ 7KRULXP'LR[LGHDOVRNQRZQDV7KRULXP2[LGH
*HRSK\VLFV3RODU6FLHQFH 7KRULD7KRULXP$QK\GULGHLVXVHGPDLQO\LQ
7+& 7KHUPRKDOLQH&RQYHFWLRQ QXFOHDUIXHOFHUDPLFVDQGPHGLFLQH
2FHDQRJUDSK\ ,QRUJDQLF&KHPLVWU\
7K& 7KRULXP&DUELGH 7+253 7+HUPDO2[LGH5HSURFHVVLQJ3ODQW *% 
7K& LVXVHGDVDQXFOHDUIXHO 7+256 IDFLOLW\ 7KHUPDO+\GUDXOLF2XWRI5HDFWRU
,QRUJDQLF&KHPLVWU\ 6DIHW\IDFLOLW\
7+&DVVHPEOLHV 7HQWDWLYH+XPDQ&RQVHQVXV 7+3 7DNH+RPH3D\
DVVHPEOLHV 7+3 7HWUDK\GURSDSDYHUROLQH
7K&O 7KRULXP&KORULGH WKS WKUXVWKRUVHSRZHU
7KRULXP&KORULGHDOVRNQRZQDV7KRULXP $YLDWLRQ1DYDO$UFKLWHFWXUH
7HWUDFKORULGHLVXVHGLQLQFDQGHVFHQWOLJKWLQJ 7+3& 7HWUDNLV +\GUR[\PHWK\O 3KRVSKRQLXP
,QRUJDQLF&KHPLVWU\ &KORULGH
7+' DEEU WKUHDG 7+3&LVXVHGDVDIDEULFIODPHUHWDUGDQW
'HVLJQ(QJLQHHULQJ*HRORJ\+\GURORJ\0LQLQJ 2UJDQLF&KHPLVWU\
(QJLQHHULQJ7H[WLOHV 7+30$ 7HWUDK\GURS\UDQ\OPHWKDFU\ODWH
7+'1 7RWDO+DUPRQLF'LVWRUWLRQSOXV1RLVH 7KU 7KUHRQLQH
7K(P DEEU 7KRULXP(PDQDWLRQ %LRFKHPLVWU\
&KHPLVWU\ 7+5, 7REDFFRDQG+HDOWK5HVHDUFK,QVWLWXWH


7+5,LVORFDWHGLQ/H[LQJWRQWKH8QLYHUVLW\RI 7LWDQLXPFDUELGHLVXVHGPDLQO\LQWXQJVWHQFDU
.HQWXFN\.<86$ ELGHWRROVDQGDUFPHOWLQJHOHFWURGHV
7K6L2 +XWWRQLWH %DVLF(QHUJ\6FLHQFH,QRUJDQLF&KHPLVWU\
+XWWRQLWHLVIRXQGLQEHDFKVDQGV 0DWHULDOV6FLHQFH3K\VLFVRI7KLQ)LOPV
0LQHUDORJ\ 6XSHUODWWLFH7HFKQRORJ\9DFXXP&RDWHUV
7K7 7KLRIODYLQH7 7,& 7RWDO,RQ&KURPDWRJUDP
8VHGPDLQO\LQIOXRUHVFHQWSDLQWVDQGWH[WLOHV 7,& 7ULSVLQ,QKLELWLQJ&DSDFLW\
7+7 7UqV+DXWH7HQVLRQ 0HGLFLQH
7+7) 7KHUPDO+\GUDXOLF7HVW)DFLOLW\ WLF 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
7K] 7HUDKHUW] (QJOLVKZRUGWLF 1HXURORJ\ ZKLFKKDVWKH
7HUDKHUW]LVDIUHTXHQF\XQLWHTXDOWR+] VRPHPHDQLQJLQ)UHQFKDQG,WDOLDQ
3K\VLFV 7L&O 7LWDQLXP7ULFKORULGH
7, 7DMLNLVWDQ 7LWDQLXP7ULFKORULGHDOVRNQRZQDV7LWDQRXV
7, 7DUJHW,GHQWLILFDWLRQ &KORULGHLVXVHGPDLQO\DVDUHGXFLQJDJHQW
UHIHUULQJWRUDGDUHWF ,QRUJDQLF&KHPLVWU\
7, 7HUDSLD,QWHQVLYD 7,'( WDFWLFDOLQWHUQDWLRQDOGDWDH[FKDQJH
7, 7H[DV,QVWUXPHQWV 86$  pFKDQJHGHGRQQpHVWDFWLTXHVLQWHUQDWLRQDOHV
6HPLFRQGXFWRUV 7,'( 7HFKQRORJ\,QLWLDWLYHIRU'LVDEOHGDQG
7L 7LWDQLXP (OGHUO\SHRSOH
8VHGPDLQO\LQWKHSURGXFWLRQRISXUHK\GURJHQ (XURSHDQ&RPPXQLW\,QLWLDWLYHV
DQGLQDOOR\V 7,'( 7KHUPDO,RQ'\QDPLFV([SHULPHQW
&KHPLVWU\ *HRSK\VLFV6SDFH6FLHQFH
7,$ 7D[,QVWLWXWHRI$PHULFD 86$  7,( 7RWDO,QGXVWULDO(QJLQHHULQJ
7,$ 7KDQNV,Q$GYDQFH 7,( 7RWDO,QWHUOLEUDU\([FKDQJH
7,$ 7KH,QWHUQHW$GDSWRU WLH 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
7,$ 7UDQVLHQW,VFKHPLF$WWDFN (QJOLVKZRUGWLH
7,$ LVDOVRNQRZQDVPLQLLFWXV &LYLO(QJLQHHULQJ(OHFWULFLW\(QJLQHHULQJ
0HGLFLQH1HXURORJ\ 0LQLQJ(QJLQHHULQJ
7,$$&5() 7KH7HDFKHUV,QVXUDQFHDQG$QQXLW\ 7,(++ 7KH,QVWLWXWHRI(QYLURQPHQWDODQG+XPDQ
$VVRFLDWLRQ&ROOHJHHTXLWLHV5(WLUHPHQW)XQG +HDOWK 86$ 
(VWDEOLVKHGDVDQRQSURILWVHUYLFHRUJDQL]DWLRQE\ 7,(UHFHSWRUV 7\URVLQHNLQDVHZLWK
WKH&DUQHJLH)RXQGDWLRQIRUWKH$GYDQFHPHQWRI ,PPXQRJOREXOLQDQG(*)OLNHGRPDLQVUHFHSWRUV
7HDFKLQJ 86$  $QJLRJHQHVLV$QWLDQJLRJHQHVLV'UXJV&DQFHU
7,$/'6 WKHUPDOLPDJHU\DLUERUQHODVHUGHVLJQDWRU 5HVHDUFK0HGLFLQH3KDUPDFHXWLFDOV
V\VWHP 7,(6 7HOIRUG,QVWLWXWHRI(QYLURQPHQWDO6\VWHPV
V\VWqPHDpURSRUWpG·LOOXPLQDWLRQODVHUjLPDJHULH $QLQWHUGLVFLSOLQDU\UHVHDUFKFHQWUHEDVHGLQWKH
WKHUPLTXH 6FKRRORI(QYLURQPHQWDQG/LIH6FLHQFHV
7,% 7HFKQLVFKH,QIRUPDWLRQV%LEOLRWKHN 8QLYHUVLW\RI6DOIRUG*%
*HUPDQ\  7,(6 7URSKLF,QWHUDFWLRQVLQ(VWXDULQH6\VWHPV
7L% 7LWDQLXP%RULGH 7,(6LVD861DWLRQDO6FLHQFH)RXQGDWLRQSUR
7LWDQLXP%RULGHLVXVHGPDLQO\LQPHWDOOXUJ\ MHFW,WZDVODXQFKHGLQ
,QRUJDQLF&KHPLVWU\ &KHPLVWU\DQG%LRORJ\RIWKH2FHDQV(VWDXULQH
7,% 2IILFHGX 7RXULVPHHWG
,QIRUPDWLRQGH (FRORJ\
%UX[HOOHV %HOJLXP  7,,) WDFWLFDOLPDJLQHU\LQWHUSUHWDWLRQIDFLOLW\
7,%$ 7ULLGUREHQ]RLF$FLG LQVWDOODWLRQWDFWLTXHG·LQWHUSUpWDWLRQSKR
7,%25 7RN\R,QWHUEDQN2IIHUHG5DWH WRJUDSKLTXH
7,%3 7UL ,VR%XW\O 3KRVSKDWH 7,) 7DVVRGLWUDVIHULPHQWR,QWHUQRGHL)RQGL
7,& WDFWLFDOLQWHOOLJHQFHFHQWUH ,WDOLDQDFURQ\PPHDQLQJ5DWHRI,QWHUQDOFDSLWDO
FHQWUHGHUHQVHLJQHPHQWWDFWLTXH WUDQVIHU
WR[LFLQGXVWULDOFKHPLFDO 7,) 7HOHSKRQH,QIOXHQFH)DFWRU
 SURGXLW FKLPLTXHLQGXVWULHOWR[LTXH 7HOHFRPPXQLFDWLRQV
7,& 7HFKQLFDO,QVWLWXWH&RXQFLO 7,) 7UDVSRUWL,QWHUQD]LRQDOL)HUURYLDUL
7L& 7LWDQLXP&DUELGH


,WDOLDQDFURQ\PPHDQLQJ,QWHUQDWLRQDO5DLOZD\ 7L1LVXVHGPDLQO\LQDOOR\VDQGVHPLFRQGXFWRUV
7UDQVSRUW ,QRUJDQLF&KHPLVWU\
7,)) 7DJJHG,PDJH)LOH)RUPDW 7,1$ 7KHUH,V1R$OWHUQDWLYH *% 
'HVNWRS3XEOLVKLQJ$SSOLFDWLRQV WLQF DEEU WLQFWXUH
7,)5 7DWD,QVWLWXWHRI)XQGDPHQWDO5HVHDUFK $OVRWLQFW
0XPEDL,QGLD  0DWHULDOV
7,)5 7RWDO,QYHVWPHQW)RU5HWXUQ 7L2 $QDWDVH
%XVLQHVV)LQDQFH 7L2 LVDOVRNQRZQDV2FWDKHGULWH
7,* 7LPHXQWLO,*QLWLRQ 0LQHUDORJ\
7,*LVDOVRNQRZQDV7LPHRI,*QLWLRQ 7L2 5XWLOH
7,*(5 7RSRJUDSKLFDOO\,QWHJUDWHG*HRJUDSKLFDO 0LQHUDORJ\
(QFRGLQJDQG5HIHUHQFLQJ 7,2 7DX[,QWHUEDQFDLUH2IIHUW
7,*(5LVDV\VWHPGHYHORSHGE\WKH86%XUHDX )UHQFKDFURQ\PPHDQLQJ,QWHUEDQN2IIHUHG5DWH
RI&HQVXVDQGWKH86*HRORJLFDO6XUYH\ %XVLQHVV(FRQRPLFV)LQDQFH
0DS)LOHV 7,2 7H[DV,QVWLWXWHRI2FHDQRJUDSK\ 86$ 
7,*(7 7HOHWKRQ,QVWLWXWHIRU*HQH7KHUDS\ 7L2 7LWDQLXP'LR[LGH
$WWKH6DQ5DIIDHOH+RVSLWDO ,WDO\  7LWDQLXP'LR[LGHDOVRNQRZQDV7LWDQLD7LWDQLF
7,*5 7KH,QVWLWXWHIRU*HQRPLF5HVHDUFK $QK\GULGH7LWDQLXP:KLWHLVXVHGDVDSLJPHQW
7KH7,*5LVEDVHGLQ0DU\ODQG 86$  ,QRUJDQLF&KHPLVWU\
6HTXHQFLQJDQG*HQH$QDO\VLV 7L2 7LWDQLXP2[LGH
)RUIXUWKHUGHWDLOVVHHXQGHU7&$* 7L2 7LWDQLXP7ULR[LGH
7,*5 7UHDVXU\,QYHVWPHQW*URZWK5HFHLSWV 7L2 DOVRNQRZQDV3HUWLWDQLF$FLG7LWDQHOORLV
86$ XVHGPDLQO\LQGHQWLVWU\
7,*5,+ 7RZDUGV,GHQWLI\LQJWKH*HQH5HVSRQVLEOH ,QRUJDQLF&KHPLVWU\
IRU,GLRSDWKLF+DHPRFKURPDWRVLV(& 7L 2&+  7HWUDEXW\O7LWDQDWH
7,*5SURWHLQ 7UDEHFXODU0HVKZRUN,QGXFLEOH 7HWUDEXW\O7LWDQDWHDOVRNQRZQDV7LWDQLXP
*OXFRFRUWLFRLG5HVSRQVHSURWHLQ %XW\ODWHLVXVHGPDLQO\DVDFDWDO\VW
*HQHWLFV5HVHDUFK*ODXFRPD0ROHFXODU 2UJDQLF&KHPLVWU\
%LRORJ\0ROHFXODU*HQHWLFV 7,27 7DVN,QSXW2XWSXW7DEOH
7, *ZHOGLQJ 7XQJVWHQ,QHUW*DVZHOGLQJ 7,3 WDUJHWLGHQWLILFDWLRQSRLQW
7HFKQRORJ\ SRLQWG·LGHQWLILFDWLRQG·REMHFWLI
7L+ 7LWDQLXP+\GULGH 7,3 7D[EDVHG,QFRPH3ROLF\
7LWDQLXP+\GULGHLVXVHGPDLQO\LQPHWDOOXUJ\ 7,3 7LWUH,QWHUEDQFDLUHGH3DLHPHQW
,QRUJDQLF&KHPLVWU\ )UHQFKDFURQ\PPHDQLQJ%DQN*LUR7UDQVIHU
7,, 7LL 7HFKQRORJ\,QQRYDWLRQDQG,QIRUPDWLRQ 7,3 7RWDO,QGLYLGXDO3URJUDP
%UXVVHOV  $ WHVWWRVWRSVPRNLQJ
7,/ 7XPRU,QILOWUDWLQJ/\PSKRF\WHV 7,3 7UDYHUVLQJ,QFRUH3UREH
7,/$ 7UXWK,Q/HQGLQJ$FW 86$  WLS 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
7,0 7HOHFRP,WDOLD0RELOH ,WDO\  (QJOLVKZRUGWLS
7,0( 7HFKQRORJLFDO,QQRYDWLRQ0DQDJHPHQW $QDWRP\'HVLJQ(QJLQHHULQJ(OHFWULFLW\
(GXFDWLRQ 0HFKDQLFDO(QJLQHHULQJ
7,03V 7LVVXH,QKLELWRUVRI0HWDOORSURWHLQDVHV 7,3+ 7HPSRUDU\,QWHUQDWLRQDO3UHVHQFHLQ+HEURQ
7,06 7KHUPDO,RQL]DWLRQ0DVV6SHFWURPHWU\ 7,336$ 7HFKQLFDO,QGXVWULDO3KDUPDFLVWVDQG
*HRORJ\*HRSK\VLFV2FHDQRJUDSK\ 3KDUPDFHXWLFDO6FLHQWLVWV$VVRFLDWLRQ
7,0V 7UXVWIRU,QYHVWPHQWVLQ0RUWJDJHV 7,36 7HUPLQDODQGKRVW,QWHUIDFH3URFHVVRUV
7,066 7KLUG,QWHUQDWLRQDO0DWKHPDWLFVDQG 7,3723 7KH,QWHUQHW3LORW723K\VLFV
6FLHQFH6WXG\ $ VLWHWKDWZHQWXSLQ
7,066LVDKXJHWHVWLQYROYLQJWKUHHJUDGHOHYHOV 3K\VLFV
DQGILIW\FRXQWULHV 7,4 7HWUDK\GURLVRTXLQRQH
6FKRRO3HUIRUPDQFH6FLHQFH(GXFDWLRQ 7,5 WDUJHWLOOXPLQDWLQJUDGDU
,PSURYHPHQW UDGDUG·LOOXPLQDWLRQG·REMHFWLI
7,1 7D[SD\HU,GHQWLILFDWLRQ1XPEHU 86$  7,5 7UDQVSRUW,QWHUQDWLRQDO5RXWLHU
7L1 7LWDQLXP1LWULGH


)UHQFKDFURQ\PPHDQLQJ,QWHUQDWLRQDO5RDG 7/ 7D[H/RFDOH
7UDQVSRUW 7O 7KDOOLXP
7,5)0 7RWDO,QWHUQDO5HIOHFWLRQ)OXRUHVFHQFH 7KDOOLXPLVXVHGPDLQO\LQRSWLFDOJODVVDQGLQ
0LFURVFRS\ WKDOOLXPVDOWV7KHZRUGWKDOOLXPGHULYHVIURPWKH
%LRFKHPLVWU\%LRORJLFDO6FLHQFHV&HOOXODU *UHHNWHUPJUHHQVWDON
3URFHVVHV/LYH&HOO,PDJLQJ0HGLFLQH &KHPLVWU\6\PEROV
7,5, 7DX[,QWHUQHGH5HQWDELOLWp,QWpJUp )UDQFH  7/ 7KHUPROXPLQHVFHQFH
%DQNLQJ $WRPLF3K\VLFV
7,526 7HOHYLVLRQDQG,QIUDUHG2EVHUYDWLRQ 7/ 7LPH/RDQ
6DWHOOLWH %XVLQHVV(FRQRPLFV)LQDQFH
7,6 7HFKQRORJLFDO,QIRUPDWLRQ6\VWHP 7/ 7/ 7UDGH/LVW
7,6 7UXVWHG,QIRUPDWLRQ6\VWHPV 7/ 7UDGLQJ/LPLW
7,7 7HVWG
,PPRELOLVDWLRQGHV7UpSRQqPHV %XVLQHVV&RPPHUFH
)UHQFKDFURQ\PPHDQLQJ1HOVRQ
V7HVW 7/ 7UXFN/RDG
7UHSRQHPD3DOOLGXP,PPRELOL]DWLRQ7HVW UHIHUULQJWRODUJHVKLSPHQWVWKDWILOODQHQWLUH
0HGLFLQH WUXFN
7,7 7RN\R,QVWLWXWHRI7HFKQRORJ\ -DSDQ  )UHLJKW6KLSSLQJ
7,8 7R[LFRORJLFDOO\,QVLJQLILFDQW8VDJH 7/$ 7DON/LVWHQ$QDO\]HU
7,:( 7URSLFDO,QVWDELOLW\:DYH([SHULPHQW $ SURGXFWGHYHORSHGE\8.YHQGRUFDOOVFDQ
7,:V 7URSLFDO,QVWDELOLW\:DYHV 7/$ 7DQ]DQLD/LEUDU\$VVRFLDWLRQ
$WPRVSKHULF6FLHQFH&OLPDWRORJ\0HWHRURORJ\ 7/$ 7HQQHVVHH/LEUDU\$VVRFLDWLRQ 86$ 
*HRSK\VLFV 7/$ 7H[DV/LEUDU\$VVRFLDWLRQ 86$ 
WME WRQQHVGHMDXJHEUXWH 7/$ 7KDL/LEUDU\$VVRFLDWLRQ
7-6 WDFWLFDOMDPPLQJV\VWHP 7/$ 7KHDWHU/LEUDU\$VVRFLDWLRQ
V\VWqPHGHEURXLOODJHWDFWLTXH 7/$ 7XUNLVK/LEUDU\$VVRFLDWLRQ
WN DEEU WDQN 7O$V6 /RUDQGLWH
)RUIXUWKHUGHWDLOVVHHXQGHUW /RUDQGLWHLVIRXQGLQDUVHQLFDQWLPRQ\GHSRVLWV
7. 7K\PLGLQH.LQDVH 0LQHUDORJ\
(Q]\PRORJ\ 7O%U 7KDOOLXP%URPLGH
WN DEEU WUXFN 7O%UDOVRNQRZQDV7KDOORXV%URPLGHLVXVHG
0HFKDQLFDO(QJLQHHULQJ PDLQO\LQLQIUDUHGGHWHFWRUV
7.$ 7KHUPRNLQHWLF$QDO\VLV ,QRUJDQLF&KHPLVWU\
$QDO\WLFDO&KHPLVWU\ WOF DEEU WHOHFRPXQLFD]LRQL
7.' 7RNRG\QDPRPHWHU ,WDOLDQDEEUHYLDWLRQPHDQLQJWHOHFRPPXQLFDWLRQV
7.( 7XUEXOHQW.LQHWLF(QHUJ\ 7/& 7KLQ/D\HU&KURPDWRJUDSK\
7.* 7RNRG\QDJUDSK 7KHWHUPWKLQOD\HUFKURPDWRJUDSK\DFWXDOO\
7.3 7ULSRWDVVLXP3KRVSKDWH UHIHUVWRFKURPDWRJUDSK\FDUULHGRXWRQWKLQOD\HUV
7.33 7HWUDSRWDVVLXP3\URSKRVSKDWH RIDGVRUEHQWPDWHULDO
WNU DEEU WDQNHU $QDO\WLFDO&KHPLVWU\
7DQNHULVDOVRNQRZQDVWDQNVKLS 7/& 7RWDO/XQJ&DSDFLW\
1DYDO$UFKLWHFWXUH 3K\VLRORJ\
7.6& 7VX.XED6SDFH&HQWHU -DSDQ  7O&O 7KDOOLXP&KORULGH
7.9 7KLFNYHLQV 7KDOOLXP&KORULGHDOVRNQRZQDV7KDOORXV
%DVLF6FLHQFHV&DQFHU5HVHDUFK*HQHWLFV &KORULGHLVXVHGPDLQO\LQVXQWDQODPSV
7/ 7DEXODU/DQJXDJH ,QRUJDQLF&KHPLVWU\
&RPSXWHU3URJUDPPLQJ 7O&2 7KDOOLXP&DUERQDWH
7/ 7DSH/LEUDU\ 7KDOOLXP&DUERQDWHDOVRNQRZQDV7KDOORXV
&RPSXWHU7HFKQRORJ\ &DUERQDWHLVXVHGPDLQO\LQDUWLILFLDOGLDPRQGV
7/ 7DUJHW/DQJXDJH ,QRUJDQLF&KHPLVWU\
7KHWDUJHWODQJXDJHLVXVXDOO\WKHODQJXDJHLQWR 7/&V 7KLQ/D\HU&KURPDWRJUDPV
ZKLFKWH[WVDUHWUDQVODWHGIURPWKHVRXUFHODQ 7/' W51$/LNH'RPDLQ
JXDJH )RUIXUWKHUGHWDLOVVHHXQGHUW51$
/LQJXLVWLFV 7/ GDWLQJ 7KHUPROXPLQHVFHQWGDWLQJ


$UFKDHRORJ\*HRORJ\3K\VLFV 7/6 7RWDO/RJLVWLF6WUDWHJ\


7/'V 7RS/HYHO'RPDLQV 7/6 7ZR/HYHO6\VWHP
7/( 7UHDW\OLPLWHGHTXLSPHQW 1DQRVFLHQFH
pTXLSHPHQWOLPLWpSDUOH7UDLWp (/7   7O62 7KDOOLXP6XOIDWH
7/) 7%3/LNH)DFWRU 7KDOOLXP6XOIDWHDOVRNQRZQDV7KDOORXV6XOIDWH
)RUIXUWKHUGHWDLOVVHHXQGHU7%3 LVXVHGPDLQO\WRPHDVXUHR]RQHOHYHOV
7/) 7U\SDQRVRPH/\WLF)DFWRU ,QRUJDQLF&KHPLVWU\
%LRFKHPLVWU\0ROHFXODU*HQHWLFV0HGLFLQH 7/8 7DEOH/RRN8S
'HQWLVWU\ 7/8' 7DEOH/RRN8S'HYLFH
WOJ DEEU WHOHJUDP &RPSXWHU7HFKQRORJ\
$OVR7HOWHO 7/9 7UDFNHG/HYLWDWHG9HKLFOH
7/+ 7KHDLUSRUWFRGHIRU7DOODKDVVHH)ORULGD 7/9 7KHDLUSRUWFRGHIRU7HO$YLY-DIID,VUDHO
86$ 7/;7O[ 7UDGLQJ/DOH([FKDQJH
7O, 7KDOOLXP,RGLGH 7P &DSDFLWp7XEXODLUHPD[LPXP
7KDOOLXP,RGLGHLVDOVRNQRZQDV7KDOORXV,RGLGH )UHQFKLQLWLDOLVPPHDQLQJPD[LPXPWXEXODU
,QRUJDQLF&KHPLVWU\ H[FUHWRU\FDSDFLW\
7O12 7KDOOLXP1LWUDWH 0HGLFLQH
7KDOOLXP1LWUDWHDOVRNQRZQDV7KDOORXV1LWUDWH 7P 0HOWLQJ7HPSHUDWXUH
LVXVHGPDLQO\LQS\URWHFKQLFV 70 WDFWLFDOPLVVLOH
,QRUJDQLF&KHPLVWU\ PLVVLOH RXHQJLQ WDFWLTXH
7/2 7HFKQRORJ\/LFHQVLQJ2UJDQL]DWLRQV -DSDQ  70 7DSH0DUN
7HFKQRORJ\7UDQVIHU 7DSH0DUNLVDOVRNQRZQDV'HVWLQDWLRQ:DUQLQJ
7O2 7KDOOLXP0RQR[LGH 0DUN(QGRI7DSH0DUN
7KDOOLXP0RQR[LGHDOVRNQRZQDV7KDOORXV &RPSXWHU 3URJUDPPLQJ
2[LGHLVXVHGPDLQO\LQDQDO\VLVIRUR]RQH 70 7HFKQLFDO0DQXDO
,QRUJDQLF&KHPLVWU\ 70 7HFQRORJLH0XOWLPHGLDOL ,WDO\ 
WOR WRWDOORVVRQO\ 70 7HPSLH0HWRGL
7O2+ 7KDOOLXP+\GUR[LGH ,WDOLDQLQLWLDOLVPPHDQLQJ7LPHDQG0RWLRQ
7KDOOLXP+\GUR[LGHLVDOVRNQRZQDV7KDOORXV 6WXG\
+\GUR[LGH 70 7KDPHV0HDVXUHPHQW
7/3 7HOHIRQHVGH/LVERDH3RUWR 3RUWXJDO  70 7KHPDWLF0DSSHU
7/3 WUXFNORDGLQJSRLQW 70 7KLUG0DUNHW7KLUG0RUWJDJH
SRVWHGHFKDUJHPHQWGHVFDPLRQV 70 7UDVFHQGHQWDO0HGLWDWLRQ
7/5 7LPHV/DZ5HSRUW 8VHGSDUWLFXODUO\E\SHUVRQVZKRPDNHXVHRI
7/5 7ROO/LNH5HFHSWRU GUXJV
7KH7/5WKHILUVWKXPDQ7ROOSURWHLQZDVLGHQ 7P 7KHFKHPLFDOV\PEROIRU7KXOLXP
WLILHGE\865HVHDUFKHUV 7KXOLXPLVDUDUHHDUWKHOHPHQWKDYLQJWKHDWRPLF
0ROHFXODU%LRORJ\,PPXQH5HJXODWLRQ QXPEHUDQDWRPLFZHLJKWRIDQGD
,PPXQRORJ\,QIHFWLRXV'LVHDVHV,QQDWH,PPXQH PHOWLQJSRLQWRI$&,WLVXVHGPDLQO\WRPDNH
6\VWHP0HGLFLQH IHUULWHV
WOU DEEU WDLOHU &KHPLVWU\ 6\PEROV
(OHFWURQLFV0HFKDQLFDO(QJLQHHULQJ0ROHFXODU 70 7RS0DQDJHPHQW
%LRORJ\ 70 7RXUV0LQXWH
7/5 7XODQH/DZ5HYLHZ )UHQFKLQLWLDOLVPPHDQLQJ5HYROXWLRQVSHU
7/5V 7ROO/LNH5HFHSWRUV PLQXWH
)RUIXUWKHUGHWDLOVVHHXQGHU7/5 70 7UDGH0DUN7UDGHPDUN
7/6 WDFWLFDOODQGLQJVWULS &RPPHUFH/DZ
SLVWHG·DWWHUULVVDJHWDFWLTXH 70 7XULQJ0DFKLQH
7/6 7DFWLFDO/DQGLQJ6\VWHP &RPSXWHU7HFKQRORJ\
7O6 7KDOOLXP6XOILGH 70$ WDUJHWPRYHPHQWDQDO\VLV
7KDOOLXP6XOILGHLVDOVRNQRZQDV7KDOORXV DQDO\VHGHVPRXYHPHQWVGHO·REMHFWLI
6XOILGH 70$ 7KHUPDO0HFKDQLFDO$QDO\VLV
,QRUJDQLF&KHPLVWU\ 70$ 7ULPHWDOOLF$QK\GULGH


70$ 7ULPHWK\ODPLQH *UHHQZLFKPHDQWLPH *07 


8VHGPDLQO\DVDQLQVHFWDWWUDFWDQWDQGDVDIORWD 70* 7HPSR0HGLRGL*UHHQZLFK
WLRQDJHQW ,WDOLDQLQLWLDOLVPPHDQLQJ*UHHZLFK0HDQ7LPH
2UJDQLF&KHPLVWU\ 70,PHOWGRZQ7KUHH0LOH,VODQGPHOWGRZQ
7PDQ 7UHDVXU\0DQ 2FFXUUHGLQ
7KH7PDQLVDVSHFLDODJHQWRIWKH867UHDVXU\ 1XFOHDU(QHUJ\1XFOHDU(QJLQHHULQJ1XFOHDU
'HSDUWPHQW 6DIHW\
70$2+ 7ULPHWK\ODPPRQLXP+\GUR[\GH 70,1 0LQLPXP7HPSHUDWXUHV
70$3 7KHUPDO0RGHOLQJDQG$QDO\VLV3URMHFW &OLPDWH&KDQJH(FRV\VWHPV
70$V 7LVVXH0LFUR$UUD\V 70- V\QGURPH 7HPSHURPDQGLEXODU-RLQWV\Q
,Q6LWX$QDO\VLV GURPH
70% 7ULPHWK\OEHQ]HQH 7KH70-V\QGURPHLVDOVRNQRZQDV0\RIDVFLDO
70%06 7UDQVSRUWDEOH0ROHFXODU%HDP0DVV 3DLQ'\VIXQFWLRQ
6SHFWURPHWHU 0HGLFLQH
$ SULPHXVHIRUWKH70%06LVWRPRQLWRUSLORW 70/ 7HVWGH0LJUDWLRQGHV/HXFRF\WHV
SODQWVRUODUJHUVFDOHFKHPLFDOSURFHVVHV$QRWKHU )UHQFKLQLWLDOLVPPHDQLQJ/HXNRF\WHV0LJUDWLRQ
XVHLVWRPRQLWRUVSHFLDWHGK\GURFDUERQVRUFKORUL 7HVW
QDWHGFRPSRXQGVLQWULDOEXUQVRIKD]DUGRXV 0HGLFLQH
ZDVWHVRURWKHUDGYDQFHGGHVWUXFWLRQSURFHVVHV 70/ 7HWUDPHWK\O/HDG
WPEU DEEU WLPEHU 2UJDQLF&KHPLVWU\
70%5% 7R[LFRORJ\DQG0ROHFXODU%LRORJ\ 70/ 2 7HPSRUDO0RGH/DVHU 2SWLF 
5HVHDUFK%UDQFK 700 7RWDO0DQXIDFWXULQJ0DQDJHPHQW
1,26+·VZLWKLQWKH&'& 700& 7HWUDPHWK\ODPPRQLXP0DQJDQHVH
)RUIXUWKHUGHWDLOVVHHXQGHU&'& DQG1,26+ &KORULGH
70& 7UDQVPRQROD\HUFRQWDFW 70PRGH 7UDQYHUVH0DJQHWLFPRGH
/LSLGELOD\HUYHVLFOHV0HPEUDQH)XVLRQ3K\VLFV 2SWLFDO3K\VLFV
70& WZRPDQFRQWURO>1%&@ 70036 7ULV 0HWKR[\ 0HUFDSWRSURS\OVLODQH
FRQWU{OHSDUGHX[SHUVRQQHV>1%&@ &KHPLVWU\
70&& WKHDWUHPRYHPHQWFRRUGLQDWLRQFHQWUH 702 7DEOH0RXQWDLQ2EVHUYDWRU\
FHQWUHGHFRRUGLQDWLRQGHVPRXYHPHQWVVXUOH 702 7HOHJUDSK LF 0RQH\2UGHU
WKpkWUH 7P2 7KXOLXP2[LGH
70&;'PHDVXUHPHQWV 7UDQVYHUVH0DJQHWLF 7KXOLXP2[LGHDOVRNQRZQDV7KXOLDLVXVHGWR
&LUFXODU;UD\'LFKURLVPPHDVXUHPHQWV PDNHWKXOLXPPHWDO
$SSOLHG3K\VLFV3K\VLFV ,QRUJDQLF&KHPLVWU\
70' WDFWLFDOPLVVLOHGHIHQFH 7026 7HWUDPHWKR[\VLODQH
GpIHQVHFRQWUHOHVPLVVLOHVWDFWLTXHV 7026 7HWUDPHWK\ORUWKRVLOLFDWH
WKHDWUHPLVVLOHGHIHQFH 0DWHULDOV5HVHDUFK3K\VLFV
GpIHQVHFRQWUHOHVPLVVLOHVGHWKpkWUH 703 $VVRFLD]LRQH,WDOLDQDWUDL 7HFQLFLGHOOH
70' 7UDQVPHPEUDQH'RPDLQ 0DWHULH3ODVWLFKH ,WDO\ 
)RUIXUWKHUGHWDLOVVHHXQGHU70'V 3ODVWLF0DWHULDOV$VVRFLDWLRQV
70'/ UHTXLUHPHQWV 7RWDO0D[LPXP'DLO\/RDG 703 7HUPLQDO0RQLWRU3URJUDP
UHTXLUHPHQWV &RPSXWHUV
&OHDQ:DWHU$FW 70SURWHLQV 6HYHQ7UDQVPHPEUDQHSURWHLQV
70'V 7UDQVPHPEUDQH'RPDLQV &KHPRVHQVRU\5HFHSWRUV2GRUDQW5HFHSWRUV
0HGLFLQH6WUXFWXUDO%LRORJ\ 2OIDFWLRQ
70'6& 7HPSHUDWXUH0RGXODWHG'6& 705&$ 7LPHWR0RVW5HFHQW&RPPRQ$QFHVWU\
)RUIXUWKHUGHWDLOVVHHXQGHU'6& *HQHWLFV0ROHFXODU0LFURELRORJ\7URSLFDODQG
70('$ 7HWUDPHWK\OHWK\OHQHGLDPLQH (PHUJLQJ*OREDO'LVHDVHV
70('$ LVXVHGPDLQO\DVDUHDFWLRQVROYHQWDQGD 7P51$ ,QFRUSRUDWHVERWKW51$ DQGP51$ IXQF
FRUURVLRQLQKLELWRU WLRQVLQDVLQJOHPROHFXOH
70* WDFWLFDOPLVVLOHJURXS )RUIXUWKHUGHWDLOVVHHXQGHUP51$ DQGW51$
JURXSHGHPLVVLOHV RXG·HQJLQV WDFWLTXHV 7036 WKHDWUHPLVVLRQSODQQLQJV\VWHP
WHPSVPR\HQ RXPpULGLHQ GH*UHHQZLFK V\VWqPHGHSODQLILFDWLRQGHVPLVVVLRQVGHWKpkWUH


70370$ 7ULPHWK\OROSURSDQH7ULPHWK\ODFU\ODWH 71 WQ7XUERQDYH


705$ 7HFKQLFDODQG0LVFHOODQHRXV5HYHQXH$FW ,WDOLDQLQLWLDOLVPPHDQLQJ7XUELQH6WHDPVKLS
86$  1DYLJDWLRQ
705& 7URSLFDO0HGLFLQH5HVHDUFK&RRSHUDWLRQ 71$ 7HWUDQLWURDQLOLQH
86$  71% 7ULQLWUREHQ]HQH
2IWKH86'HSDUWPHQWRI+HDOWKDQG+XPDQ &KHPLVWU\
6HUYLFHV 71& 7KH1DWXUH&RQVHUYDQF\ *XDWHPDOD 
705JUDQWV 7UDLQLQJDQG0RELOLW\RI5HVHDUFKHUV &RQVHUYDWLRQ%LRORJ\&RQVHUYDWLRQ,QLWLDWLYHV
JUDQWV 86$  (FRORJ\
705, 7RUUH\0HVD5HVHDUFK,QVWLWXWH 6\QJHQWD
V  71& 7UDGH1HJRWLDWLQJ&RPPLWWHH
5LFH*HQRPH 71& 7UDQVQDWLRQDO&RUSRUDWLRQ
7050 7HWUDPHWK\OUKRGDPLQH0DOHLPLGH 71&V 7UDQVQDWLRQDO&RUSRUDWLRQV
7053 7URSLFDO0HWHRURORJ\5HVHDUFK3URJUDPPH 71) WDFWLFDOQXFOHDUIRUFHV
2IWKH81:02 IRUFHVQXFOpDLUHVWDFWLTXHV
)RUIXUWKHUGHWDLOVVHHXQGHU81 DQG:02 WKHDWUHQXFOHDUIRUFHV
705SURJUDPPH 7UDLQLQJDQG0RELOLW\ IRUFHVQXFOpDLUHVGHWKpkWUH
5HVHDUFKHUVSURJUDPPH 71) 7ULQLWURIOXRUHQRQH
(XURSHDQ8QLRQ7KH7053URJUDPPH 71) 7XPRU1HFURVLV)DFWRU
KDVUHSODFHGWKH+&03URJUDPPH +XPDQ 0ROHFXODU%LRORJ\
&DSLWDODQG0RELOLW\3URJUDPPH  71)&+; 71)SOXV&\FORKH[LPLGH
7055 WHPSRUDU\PLQLPXPULVNURXWH 71)'0 7ULQLWUR)OXUHQ\OLGHQH
URXWHWHPSRUDLUHjULVTXHPLQLPDO 0DORQLWULOH
706 7HOHFRPPXQLFDWLRQV0HVVDJH6ZLWFKHU 71)5V 7XPRU1HFURVLV)DFWRU5HFHSWRUV
706 7KH0HWDOOXUJLFDO6RFLHW\ *HQHWLFV
706 7UHDVXU\0DUNHW6HFXULWLHV 71/ 7HVWGX7UDQVIHUWQRUPDOGHV/\PSKRF\WHV
706 7UXWK0DLQWHQDQFH6\VWHP )UHQFKLQLWLDOLVPPHDQLQJ1RUPDO/\PSKRF\WH
706LVDOVRNQRZQDV5HDVRQ0DLQWHQDQFH 7UDQVIHU7HVW
6\VWHP 0HGLFLQH
$UWLILFLDO,QWHOOLJHQFH 712 &HQWUHIRU&RDWLQJV5HVHDUFK 7KH
707 WDQNHUPRRULQJWHUPLQDO 1HWKHUODQGV 
WHUPLQDOG·DPDUUDJHSRXUSpWUROLHU W12V WUDQV1HSWXQLDQ2EMHFWV
707 7KHUPRPHFKDQLFDO7UHDWPHQW )RUIXUWKHUGHWDLOVVHHXQGHU-)&V DQG.%2V
707 VHFWRUV 7HFKQRORJ\0HGLFDQG7HOHFRPVHF 713 7UDLWpVXUODQRQSUROLIpUDWLRQ GHVDUPHV
WRUV QXFOpDLUHV 
7076) 7HWUDPHWK\O7HWUDVHOHQDIXOYDOHQH 1RQ3UROLIHUDWLRQ7UHDW\ 137 
708 7LPH0HDVXUHPHQW8QLW 716 7KH1H[W6WHS
709 7DQN0RWRU9HVVHO 716 7RWDO1HWZRUN6ROXWLRQV *% 
709 7REDFFR0RVDLF9LUXV &RQILGHQWLDO,QIRUPDWLRQRQWKH1HWZRUN
709 LVRQHRIDVHULHVRIYLUXVGLVHDVHVRIWDEDFFR 716 7UDQVDFWLRQ1HWZRUN6HUYLFH
DQGYDULRXVRWKHUSODQWV 71VWDJH 7ULSOH1HJDWLYHVWDJH
3ODQW3DWKRORJ\ ,PPXQRORJ\
71 7HOHSKRQH1XPEHU 717 7ULQLWURWROXHQH
71 DEEU 7HQQHVVHH 86$  7ULQLWURWROXHQHDOVRNQRZQDV
71 7RQJD 0HWK\OWULQLWUREHQ]HQHLVXVHGPDLQO\DVDFKHPL
71 7RWDO1LWURJHQ FDOLQWHUPHGLDWH
WQ DEEU WUDLQ 2UJDQLF&KHPLVWU\
$VWURQRP\(OHFWURPDJQHWLVP0HFKDQLFDO 719 7RWDO1HWZRUN9LVLELOLW\
(QJLQHHULQJ0LOLWDU\6FLHQFH0LQLQJ 72 7DEOHRI2UJDQL]DWLRQ 2UJDQL]DWLRQ&KDUW 
(QJLQHHULQJ2UGQDQFH3V\FKRORJ\ 72 7HOHJUDSK2IILFH7HOHSKRQH2IILFH
7UDQVSRUWDWLRQ(QJLQHHULQJ 72 7HOHSKRQH2UGHU
71 7UDQVIHUDEOH1RWLFH 72 7LQFWXUHRI2SLXP
71 7UHDVXU\1RWHV 86$  72 7RJR
71 7UHQWR,WDO\ 72 7RULQR,WDO\


72 7UHDVXU\2EOLJDWLRQV 72+ 7\URVLQH+\GUR[\ODVH


72WR WUXQFDWHGRFWDKHGURQ (Q]\PRORJ\
72 7XUQ2II 72, 7DEOH2IWKH,VRWRSHV
72 WXUQRYHU )LUVWSXEOLVKHGLQE\WKH$PHULFDQFKHPLVW
72$ 7RS2IWKH$WPRVSKHUH *OHQQ6HDERUJ
$WPRVSKHULF6FLHQFHV&ORXG0LFURSK\VLFV 72, WLPHRILQMHFWLRQ
*HRSK\VLFV KHXUHG·LQWURGXFWLRQ
72$ WUDQVIHURIDXWKRULW\ 72, 7RXU2SHUDWRUV,WDOLDQL ,WDO\ 
WUDQVIHUWG·DXWRULWp 72. 7KHRU\2I.QRZOHGJH
72$' 7HUDKHUW]2SWLFDO$V\PPHWULF 72/ DEEU WROHUDQFH
'HPXOWLSOH[HU $JURQRP\'HVLJQ(QJLQHHULQJ(FRORJ\
'LJLWDO,QIRUPDWLRQ3URFHVVLQJ(OHFWURQLF (QJLQHHULQJ,PPXQRORJ\3KDUPDFRORJ\
(QJLQHHULQJ 72/ 7UHH2I/LIH
72 ( WDEOHRIRUJDQL]DWLRQDQGHTXLSPHQW 6\VWHPDWLF%LRORJ\
WDEOHDXG·HIIHFWLIVHWGHGRWDWLRQ 7('  72/ 7KHDLUSRUWFRGHIRU7ROHGR2KLR86$
72%72% 7DNH2II%RRVW 72/' WDNHRIIDQGODQGLQJGDWD
72%$6&2QHWZRUNV 72ZDUGV%URDGEDQG$FFHVV GRQQpHVVXUOHGpFROODJHHWO·DWWHUULVVDJH
6\VWHPVIRU&$79 2SWLFDOQHWZRUNV 72/('V 7UDQVSDUHQW2UJDQLF/LJKW(PLWWLQJ
(XURSHDQ&RPPXQLW\3URMHFW 'HYLFHV
72& 7DEOH2I&RQWHQWV &KHPLVWU\(OHFWULFDO(QJLQHHULQJ3KRWRQLFVDQG
72& WLPHRIRFFXUUHQFH 2SWRHOHFWURQLF0DWHULDOV
KHXUHGHO·LQFLGHQW RXGHO·pYpQHPHQW  72/ =21( DEEU 7ROHUDQFH=RQH
WUDQVIHURIFRPPDQG 0HFKDQLFV
WUDQVIHUWGHFRPPDQGHPHQW 720 7HUULWRLUHVG
2XWUH0HU
72& 7RWDO2UJDQLF&DUERQ )UHQFKDFURQ\PPHDQLQJ)UHQFK2YHUVHDV
%LRWHFKQRORJ\ 7HUULWRULHV
72&6 7URSLFDO2FHDQ&OLPDWH6WXG\ WRP DEEU WRPR
72&6< 72WDO&RUUHODWHG6SHFWURVFRS\ ,WDOLDQDEEUHYLDWLRQPHDQLQJWRPH
72' WLPHRIGD\ %LEOLRJUDSK\
KHXUHGXMRXU 720$6FRPPXQLFDWLRQV ,QWHUWULDO 7HVWEHG2I
WLPHRIGHOLYHU\ 0RELOH$SSOLFDWLRQVIRU6DWHOOLWHFRPPXQLFDWLRQV
KHXUHGHOLYUDLVRQ (XURSHDQ&RPPXQLW\3URMHFW
WLPHRIGHWRQDWLRQ 72029(6([SHULPHQW 9(6XYLXV7202JUDSK\
KHXUHGHO·H[SORVLRQ ([SHULPHQW ,WDO\ 
72( 7KHRU\2I(YHU\WKLQJ $Q,WDOLDQ9HVXYLXV3URMHFW
7KHWKHRU\WKDWXQLWHVDOOWKHIXQGDPHQWDOIRUFHV *HRSK\VLFV6HLVPLF6XUYH\V6HLVPLF7RPRJUDSK\
RIQDWXUH 7HFKQLTXHV9ROFDQRORJ\
1HXWULQRV 7206 7RWDO2]RQH0DSSLQJ6SHFWURPHWHU
72( 7RQVRI2LO(TXLYDOHQW $QLQVWUXPHQWDERDUG$'(26
72()/ 7HVW2I(QJOLVKDV)RUHLJQ/DQJXDJH )RUIXUWKHUGHWDLOVVHHXQGHU$'(26
72)& 7UDLOHUV2Q)ODW&DUV WRQQ DEEU WRQQDJH
72)&&3)& 7UDLOHU2Q)ODWFDU&RQWDLQHU2Q 722 7R2UGHU2QO\
)ODWFDU UHIHUULQJWRJRRGV
72)6,06 7LPH2I)OLJKW6HFRQGDU\,RQ0DVV %XVLQHVV&RPPHUFH
6SHFWURPHWU\ 723 7HFKQLFDODQG2IILFH3URWRFROV
72*$ SURJUDP 7URSLFDO2FHDQDQG*OREDO 723(; 723RJUDSKLFRFHDQ(;SHULPHQW1$6$
V
$WPRVSKHUHSURJUDP 723(; 7\SKRRQ23HUDWLRQDO(;SHULPHQW
72*$ WHFKQRORJ\ 72WDO*HQH([SUHVVLRQ$QDO\VLV 2IWKH81:02
WHFKQRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU81 DQG:02
2I'LJLWDO*HQH7HFKQRORJLHV,QFRI/D-ROOD 7232 7ULQ2FW\OSKRVSKLQH2[LGH
&DOLIRUQLD86$ WRSRJ DEEU WRSRJUDSK\
72*PHWKRG 7DUJHW2EVHUYHU*XQPHWKRG &DUWRJUDSK\*HRORJ\
0LOLWDU\ 7236 7HUPLQDO23HUDWLQJ6\VWHP


7236 7RWDO2FHDQ3URILOLQJ6\VWHP UHIHUULQJWRWHVWLQJRQDQLPDOV


7236 7UDIILF2SHUDWRU3RVLWLRQ6\VWHPV 73 7DQJLEOH3URSHUW\
7236,6 7HFKQLTXHIRU2UGHU3UHIHUHQFHE\ 73 7DUJHW3URJUDP
6LPLODULW\WR,GHDO6ROXWLRQ &RPSXWHU3URJUDPPLQJ
(FRQRPLFV&DOFXODWLRQ6\VWHPV 73 7DX[GH3URWKURPELQH
72366 7UDIILFDQG2IIVKRUH3ODWIRUP6DIHW\ )UHQFKLQLWLDOLVPPHDQLQJ3URWKURPELQ,QGH[
6\VWHP 0HGLFLQH
·723 WUDFW 7HUPLQDO2OLJRS\ULPLGLQHWUDFW 73 7D[H3URSRUWLRQQHOOH
%LRFKHPLVWU\&DQFHU5HVHDUFK0ROHFXODU WS WHOHSULQWHU
%LRORJ\ 7HOHFRPPXQLFDWLRQV
7239 7ULYDOHQW2UDO3ROLRYLUXV9DFFLQH 73WS WHOHSURFHVVLQJ
725 7DUJHW2I5DSDP\FLQ &RPSXWHU3URJUDPPLQJ
6WUXFWXUDO%LRORJ\ 73 7HUPLQDO3RLQW
725 WHUPVRIUHIHUHQFH 7UDQVSRUWDWLRQ(QJLQHHULQJ
DPDQGDW 73 7HVWRVWHURQH3URSLRQDWH
EDWWULEXWLRQV 73 7HVW3RLQW
WLPHRIUHFHLSW (OHFWULFLW\
KHXUHGHUpFHSWLRQ 73 7HVW3URJUDP
WRU DEEU WRUSHGR &RPSXWHU3URJUDPPLQJ
$OVRWRUS 73 7KLUG3DUW\
(QJLQHHULQJ2UGQDQFH9HUWHEUDWH=RRORJ\ ,QVXUDQFH
7RUUWRUU $ XQLWRISUHVVXUH 73 7K\PLGLQH3KRVSKRU\ODVH
1DPHGDIWHUWKH,WDOLDQSK\VLFLVWDQGPDWKHPDWL )RUIXUWKHUGHWDLOVVHHXQGHU3'(&*)
FLDQ(YDQJHOLVWD7RUULFHOOL   7S WLPEUHSRVWH
0HWURORJ\ )UHQFKLQLWLDOLVPPHDQLQJVWDPSSRVWDJHVWDPS
726 7DSH2SHUDWLQJ6\VWHP 73 7LPH3XOVH
&RPSXWHUV WS WRZQVKLS
726 7UDQVIHU2UELW6WDJH 73 7UDSDQL,WDO\
7RV 7\SHRIVHUYLFH 73 7UDGH3ULFHV
WRVF DEEU WRVFDQR 73 7UDWWDWLYD3ULYDWD
,WDOLDQDEEUHYLDWLRQPHDQLQJ7XVFDQ ,WDOLDQLQLWLDOLVPPHDQLQJSULYDWHQHJRWLDWLRQSUL
726&$ 727(V\VWHPFRPSXWHUDVVLVWHG YDWHGHDOLQJ
V\VWqPH727(DVVLVWpSDURUGLQDWHXU %XVLQHVV)LQDQFH
727 7HUPV2I7UDGH 73 7UDYDX[3UDWLTXHV
%XVLQHVV&RPPHUFH 73 7UXH3RVLWLRQ7UXH3URILOH
727 7LPH2Q7DUJHW 73$ 7HFQRORJLHSHU3URFHVVL$]LHQGDOL
0LOLWDU\6FLHQFH ,WDOLDQLQLWLDOLVPPHDQLQJ7HFKQRORJLHVIRU
WRW DEEU WRWDO &RPSDQ\3URFHVVHV
727 FRGH 7UDQVIHU2I7HFKQRORJ\FRGH 73$ 7HUHSKWKDOLF$FLG
72: PLVVLOH 7XEHODXQFKHG2SWLFDOO\WUDFNHG 73$ LVXVHGPDLQO\DVDSRXOWU\IHHGDGGLWLYH
:LUHFRPPDQGOLQNPLVVLOH 2UJDQLF&KHPLVWU\
2UGQDQFH 73$ 7HWUDGHFDQR\OSKRUERO$FHWDWH
WR[ DEEU WR[LFRORJ\ 73$ 7KHDLUSRUWFRGHIRU7DPSD,QWHUQDWLRQDO
WR\ WZLQRIH\HOHVV )ORULGD86$
WR\LVDQH\HIRUPLQJIO\JHQH 73$ WUDFNSRGXFWLRQDUHD
%LRORJ\'HYHORSPHQWDO%LRORJ\'HYHORSPHQWDO ]RQHGHSURGXFWLRQGHVSLVWHV
*HQHWLFV*HQHWLF(QJLQHHULQJ 73$ 7ZR3KRWRQ$EVRUSWLRQ
73 6DR7RPHDQG3ULQFLSH &KHPLVWU\0DWHULDOV6FLHQFH0LFURGHYLFHV
6DR7RPpHW3ULQFLSH 5HVLQV
WZLQQHGSRVW 73$*%VWDUV 7KHUPDOO\3XOVLQJ$V\PSWRWLF
DSRVWHGHFXPXO *LDQW%UDQFKVWDUV
ESRVWHMXPHOp $VWURSK\VLFV*HRSK\VLFDO6FLHQFHV
73 7DLO3UHVVXUH


73$3 WHVWLVVSHFLILFF\WRSODVPLF 3DWKRORJ\


3RO\ $ 3RO\PHUDVH 73, 7D[DQG3ULFHV,QGH[
0DOHPLFHVSHUPDWRJHQHVLV %XVLQHVV&RPPHUFH
73$ VWDWH 7HUPLQDO3UROLIHUDWLRQ$UUHVWVWDWH 73, 7HFKQLFDO3URGXFWV,QWHUQDWLRQDO 86$ 
$SRSWRVLV0HGLFDO5HVHDUFK6HQHVFHQFH )UHVK7LVVXH6HFWLRQLQJ7HFKQLFDO3URGXFWV
73% 7HWUDGHF\OS\ULGLQLXP%URPLGH 73, 7KDL3HWURFKHPLFDO,QGXVWULHV
73% 7HWUDSKHQ\OEXWDGLHQH 73, 7KUHDGVSHULQFK
7SF 7RXUQDPHQWSOD\HUVFKDPSLRQVKLS 0HFKDQLFV
*ROI 73, 7ULEXQDOSpQDOLQWHUQDWLRQDOSRXUO
H[
73&( 7DQN3UHVVXUH&RQWURO([SHULPHQW <RXJRVODYLH
73&. 17RV\O/3KHQ\ODODQLQH&KORURPHWK\O ,QWHUQDWLRQDO&ULPLQDO7ULEXQDOIRUWKHIRUPHU
.HWRQH <XJRVODYLD ,&7< 
73' WDEOHRISHUVRQQHOGLVWULEXWLRQ>PDQSRZHU@ 73, 7ULRVH3KRVSKDWH,VRPHUDVH
WDEOHDXGHUpSDUWLWLRQGXSHUVRQQHO 73,/ 7UDQVSRUWV3ULYpVG·,QWpUrWV/RFDX[ )UDQFH 
73' 7HPSHUDWXUH3URJUDPPHG'HVRUSWLRQ 73,6$/ 7HOHFRPPXQLFDWLRQV3RVW,QIRUPDWLRQ
73' 7RQV3HU'D\ WHFKQRORJ\6HFWRU$GMXVWPHQW/RDQ
73' 7UDQVSRODU'ULIW :RUOG%DQN3URMHFW 0RURFFR 
$SSOLHG0DULQH5HVHDUFK*HRORJ\*HRSK\VLFV 73, WHVW 7UHSRQHPD3DOOLGXP,PPRELOL]DWLRQWHVW
*ODFLDO0DULQH6HGLPHQWDWLRQ0DULQH 7KH73,WHVWLVDVSHFLILFWHVWIRUV\SKLOLV
0LFURSDOHRQWRORJ\2FHDQRJUDSK\3OHLVWRFHQH 0HGLFLQH
'HJODFLDWLRQV 73/ 7KLUG3DUW\/LDELOLW\
73( 7HORPHUH3RVLWLRQ(IIHFW ,QVXUDQFH
0ROHFXODU%LRORJ\&HOO%LRORJ\0HGLFLQH 73/ 7RQQHOODWDGL3RUWDWD/RUGD
+XPDQ&HOOV ,WDOLDQLQLWLDOLVPPHDQLQJ*URVV7RQ%XUGHQ
73( 7HUPLQDX[GH3DLHPHQW(OHFWURQLTXH 73/60 7ZR3KRWRQ/DVHU6FDQQLQJ0LFURVFRS\
)UHQFKLQLWLDOLVPPHDQLQJ(OHFWURQLF3D\PHQW &HOO%LRORJ\&HOOXODU3K\VLRORJ\0ROHFXODU
7HUPLQDOV %LRORJ\0ROHFXODU3K\VLRORJ\
73(VSHFWUXP 7ZR3KRWRQ([FLWDWLRQVSHFWUXP 730 7HOHSURFHVVLQJ0RQLWRU
)RUIXUWKHUGHWDLOVVHHXQGHU73$ &RPSXWHU3URJUDPPLQJ
73) 7HUUHVWULDO3ODQHW)LQGHU 730 7KLUG3DUW\0DLQWHQDQFH
1$6$
V73)ZLOOEHODXQFKHGLQ 73 PXVFOH 7HUJR3OHXUDOPXVFOH
([WUDVRODU3ODQHWDU\6\VWHPV 731 7ULSKRVSKRS\ULGLQH1XFOHRWLGH
73) 7HWUDSKHQ\OIXUDQ (Q]\PRORJ\
73)' WLPHSKDVHGIRUFHGHSOR\PHQW 731' 7KHIW3LOIHUDJHDQG1RQ'HOLYHU\
GpSORLPHQWpFKHORQQpGHVIRUFHV ,QVXUDQFH
73* 7UpVRULHUV3D\HXUV*pQpUDX[ )UDQFH  732SRVLWLYLW\ 7K\URSHUR[LGDVHSRVLWLYLW\
73* 7ULSKHQ\OJXDQLGLQH )RUIXUWKHUGHWDLOVVHHXQGHU+7 +DVKLPRWR
V
WSK DEEU WHOHSKRQH 7K\URLGLWLV 
7HOHFRPPXQLFDWLRQV 7HOHSKRQHLVDOVRNQRZQDV 7326 7HWUDSURSR[\VLODQH
WHOHSKRQHV\VWHP7KHZRUGWHOHSKRQHGHULYHV 733 7HWUDSKHQ\OSRUSKLQH
IURPWKH*UHHNWHUPGLVWDQWVRXQG 733 7HWUDSKHQ\OS\UUROH
$FRXVWLFDO(QJLQHHULQJ ,QDFRXVWLFDOHQJLQHHU 733 7KLDPLQH3\URSKRVSKDWH
LQJWHOHSKRQHLVDOVRNQRZQDVWHOHSKRQHVHW %LRFKHPLVWU\
)RUIXUWKHUGHWDLOVVHHXQGHU7HOWHO 733(VSHFWURVFRS\ DQJOHUHVROYHG7ZR3KRWRQ
73+ 7RQV3HU+RXU 3KRWRHPLVVLRQVSHFWURVFRS\
73+ 7U\SWRSKDQ+\GUR[\ODVH &KHPLFDO6FLHQFHV6SHFWURVFRS\
73+EHORQJVWRDVXSHUIDPLO\RIDURPDWLFDPLQR 7331 7UDQV3DFLILF3URILOHU1HWZRUN
DFLGK\GUR[\ODVHV 733V 7UXVWHG7KLUG3DUWLHV
3KDUPDFRORJ\7R[LFRORJ\ WSU DEEU WDSHU
73+$ 7UHSRQHPD3DOODGLXP+HPDJJOXWLQDWLRQ 0HFKDQLFV
$VVD\ 735 7HPSHUDWXUH3XOVH5HVSLUDWLRQ
73+$ LVDWHVWIRUYHQHUHDOFRQJHQLWDOV\SKLOLV 0HGLFLQH
DQGRWKHUKXPDQGLVHDVHV 735 7HUUDLQ3URILOH5HFRUGHU


7KH735LVDOVRNQRZQDV$LUERUQH3URILOH 7407TP 7RWDO4XDOLW\0DQDJHPHQW


5HFRUGHU 7 4XDUN 7RS4XDUN
(QJLQHHULQJ 3DUWLFOH3K\VLFV
735 WHVWSURFHGXUHUHFRUG 75 WDFWLFDOUHFRQQDLVVDQFH
FRPSWHUHQGXGHSURFpGXUHG·HVVDL UHFRQQDLVVDQFHWDFWLTXH
735PRWLIV 7HWUDWULFRSHSWLGH5HSHDWPRWLIV WKHDWUHUHVHUYH
%LRFKHPLVWU\&HOO%LRORJ\0HGLFLQH0ROHFXODU UpVHUYHGHWKpkWUH
%LRORJ\1HXURORJ\ 75 7DSH5HDGLQJ
736 7D[HVXUOHV3UHVWDWLRQVGH6HUYLFHV WU DEEU WDUH
)UHQFKLQLWLDOLVPPHDQLQJ7D[2Q6HUYLFHV (QJLQHHULQJ)OXLG0HFKDQLFV
736 7HOHPHWU\3URFHVVLQJ6\VWHP 75 7D[DWLRQ5HSRUWV7D[5DWH
736 7UDQVDFWLRQ3URFHVVLQJ6\VWHP 75 7D[5DWH
&RPSXWHU7HFKQRORJ\ 75 7HFKQLFDO5HSRUW
736 7ULJJHU3ULFH6\VWHP 75 7HPSODWH5HSHDW
(FRQRPLFV)LQDQFH 75 7HUQL,WDO\
736$ 7HOHNRPXQLNDMFD3ROVND 3RODQG  75 7HVW5XQ
)L[HGOLQH&DUULHUV 7KHWHVWUXQLVFDUULHGRXWE\PHDQVRIWHVWLQIRU
7366 WDUJHWSULRULWL]DWLRQDQGVHOHFWLRQV\VWHP PDWLRQWRDVFHUWDLQZKHWKHUDFRPSXWHUSURJUDPLV
VRXVV\VWqPHGHGpWHUPLQDWLRQHWGHVpOHFWLRQGHV SHUIRUPLQJSURSHUO\
REMHFWLIVSULRULWDLUHV &RPSXWHU3URJUDPPLQJ
737 7HWUDSKHQ\OWKLRSKHQH 75 7KHUPRSODVWLF5XEEHU
737 WKLUGSDUW\WDUJHWLQJ 75 7K\URLGKRUPRQH5HFHSWRU
GpVLJQDWLRQG·REMHFWLISDUUHODLV &HOODQG6WUXFWXUDO%LRORJ\&HOOXODUDQG
737 7KLUG3DUW\7UDQVDFWLRQ 0ROHFXODU3KDUPDFRORJ\7UDQVFULSWLRQ
73 WHUP 7ZR3KRWRQWHUP 757U DEEU WLPHU
73706 7URSLFDO3DFLILF7KHUPDO0RQLWRULQJ 75 7RQV5HJLVWHUHG
6\VWHP 75 7RWDO5HVHUYHV
738 7UDVSRUWR3XEEOLFR8UEDQR 75 7RXFKHUUHFWDO
,WDOLDQLQLWLDOLVPPHDQLQJ8UEDQ3XEOLF7UDQVSRUW 0HGLFLQH
739 GHYLFHV 7KHUPRSKRWRYROWDLFGHYLFHV WU DEEU WUDFH
739 GHYLFHVFRQYHUWKHDWHQHUJ\WRHOHFWULFLW\ $UFKDHRORJ\&RPSXWHU3URJUDPPLQJ
XVLQJWHFKQRORJ\VLPLODUWRVRODUFHOOV (OHFWURQLFV(QJLQHHULQJ*HRORJ\0DWKHPDWLFV
$SSOLFDWLRQVRI739 IRUFRJHQHUDWLQJKHDWDQG 0HWHRURORJ\6FLHQFH
HOHFWULFLW\LQFOXGHILHOGKRVSLWDOVDQGFRPPDQG 75 7UDGH5HSUHVHQWDWLYH
FHQWHUVIRUWKH86'HSDUWPHQWRI'HIHQVH 75 7UDQVIHU5DWH
739 6\VWHPV 7KHUPRSKRWRYROWDLF6\VWHPV 7KHWUDQVIHUUDWHLVWKHUDWHDWZKLFKLQIRUPDWLRQ
$ 739 V\VWHPFRQVLVWVRIDKHDWVRXUFHDQHPLW FDQEHWUDQVIHUUHGIURPDQLQSXWRXWSXWGHYLFHWRD
WHUDQRSWLFDOHOHPHQWVXFKDVDILOWHURUPLUURUHG &38
EDFNLQJWKH739 FRQYHUWHUVDQGDFHOOFRROLQJ &RPSXWHU7HFKQRORJ\
V\VWHPWKDWPD\LQFOXGHFRJHQHUDWLRQIRUWKH )RUIXUWKHUGHWDLOVVHHXQGHU&38
UHFRYHUHGKHDW 75 7UDQVIRUPHU5HFWLILHU
73: K\SRWKHVLV 7UXH3RODU:DQGHUK\SRWKHVLV (OHFWULFLW\
(DUO\&DPEULDQ*HRORJLFDO5HFRUG 75 7UDQVPLVVLRQ5HFHSWLRQ
73; 7RNDPDN3K\VLFV([SHULPHQW &RPPXQLFDWLRQV
7KH73;DIXVLRQUHVHDUFKIDFLOLW\ZDVFORVHG WU DEEU WUDWWD
GRZQLQE\WKH86&RQJUHVVIRUHFRQRPLF ,WDOLDQDEEUHYLDWLRQPHDQLQJGUDIW
UHDVRQV &RPPHUFH
74 7HO4XHO 75 7UHDVXU\5HFHLSW
$OVRWTWT 7U WU DEEU 7UXVWWUXVW
UHIHUULQJWRWKDUDWHRIH[FKDQJH 7U DEEU WUXVWHH
74 7RWDO4XDOLW\ $OVR7UHH
74$ 7HDFKLQJ4XDOLW\$VVHVVPHQW *%  75 75 7UXVW5HFHLSW
74& 7RWDO4XDOLW\&RQWURO 75$ 7DX[5pYLVDEOH$QQXHO


75$ WHPSRUDU\UHVHUYHGDLUVSDFH 75$3$77 GLRGH 75$SSHG3ODVPD$YDODQFKH


HVSDFHDpULHQWHPSRUDLUHPHQWUpVHUYp 7UDQVLW7LPHGLRGH
75$&(VSDFHFUDIW 7UDQVLWLRQ5HJLRQ$QG&RURQDO (OHFWURQLFV
([SORUHUVSDFHFUDIW 75% 7UDQVSRUWDWLRQ5HVHDUFK%RDUG 86$ 
$VWURQRP\$VWUSK\VLFV&RPSXWDWLRQDO6FLHQFHV 75%) 7RWDO5HQDO%ORRG)ORZ
&RURQDO+HDWLQJ*HRSK\VLFV3ODVPD3K\VLFV 75& 7HFKQRORJ\5HSRUWV&HQWUH
75$&,5 75DFNLQJ$LUZLWK&,UFXODUO\SRODUL]HG 75& 7HOHFRPPXQLFDWLRQV5HJXODWRU\&RPPLVVLRQ
5DGDU 6UL/DQND 
75$&0,1(5 75$&WLRQHQKDQFLQJ0,1LQJ 75& 7UXWKDQG5HFRQFLOLDWLRQ&RPPLVVLRQ 6RXWK
(TXLSPHQW$FFHVVRU\ $IULFD 
(XURSHDQ&RPPXQLW\3URMHFW 75' DEEU WUDFHG
75$&69$1 WUDQVSRUWDEOHUDGDUDQGFRPPXQLFD $OVR7FG
WLRQVVLPXODWLRQYDQ 0HFKDQLFV
PRGXOHWUDQVSRUWDEOHSRXUODVLPXODWLRQG·pPLV WUGJ DEEU WUDGLQJ
VLRQVUDGDUHWGHWpOpFRPPXQLFDWLRQV 75'53 7REDFFR5HODWHG'LVHDVH5HVHDUFK
75$&V\VWHPV 7HFDQ5RERWLF$VVD\&RPSRVHU 3URJUDP
V\VWHPV 75'53 ZDVFUHDWHGLQE\WKH8QLYHUVLW\RI
0ROHFXODUELRORJ\SURFHGXUHVDXWRPDWLRQ &DOLIRUQLD86$
WUDG DEEU WUDGXWWRUHWUDGXWWULFHWUDGX]LRQH 7REDFFR6WXGLHV
,WDOLDQDEEUHYLDWLRQPHDQLQJVKHWUDQVODWRUWUDQV 75( 7UHDW\UHODWHGHTXLSPHQW
ODWLRQ pTXLSHPHQWFRXYHUWSDUOHWUDLWp
75$)),& 7UDGH5HFRUGV$QDO\VLVRI)ORUDDQG WUHDV DEEU WUHDVXUHU
)DXQDLQ&RPPHUFH 7UHDV DEEU 7UHDVXU\
$ JURXSVHWXSLQ/RQGRQLQZLWKDQ2IILFH )LQDQFH
LQ:DVKLQJWRQ86$ILQDQFHGE\WKH::) 75($7 75DLQLQJ(QYLURQPHQWDO$GDSWHG
)RUIXUWKHUGHWDLOVVHHXQGHU::) 7HFKQLTXHV ,WDO\ 
75$)6 7RUSHGR5HFRJQLWLRQDQG$OHUWPHQW 3URMHFWV
)XQFWLRQDO6HJPHQW 75(& 7H[W5(WULHYDO&RQIHUHQFH
861DY\ 7KH75(&LVDQDQQXDOFRQIHUHQFHVSRQVRUHGE\
75$, 7HOHFRP5HJXODWRU\$XWKRULW\RI,QGLD WKH861DWLRQDO,QVWLWXWHRI6WDQGDUGVDQG
75$,1&2/ $GYDQFHGGHVLJQRIFUDVKIDLOVDIH 7HFKQRORJ\
WUDLQVWUXFWXUHVXQGHUVHUYLFHDQGLPSDFWFRQGL 86'HIHQFH
WLRQV 75(( WUDQVLHQWUDGLDWLRQHIIHFWVRQHOHFWURQLFV
$ IRXU\HDUSURMHFWWKDWVWDUWHGLQ HIIHFWVWUDQVLWDLUHVGHVUD\RQQHPHQWVVXUOHVV\V
(XURSHDQ&RPPXQLW\3URMHFW WqPHVpOHFWURQLTXHV
75$0 WUDQVPLVVLRQVUDGLRpOHFWULTXHVHQO
DLUjGHV 75(( 7URSLFDO5DLQIRUHVW(FRORJ\([SHULPHQW
WLQDWDLUHVPXOWLSOHV>WHUUHQDYLUHXQLTXHPHQW@ 7UHH DEEU 7UXVWHH
EURDGFDVW>VKRUHVKLSRQO\@ $OVR7U
WUDQ DEEU WUDQVDFWLRQ 75( 7FHOO5HSODFLQJ)DFWRU
75$1(7 DEEU 7UDFNLQJ1HWZRUN ,PPXQRORJ\
861DY\ 75(6 7UDVSRUWL5DSLGL(FRQRPLFLH6LFXUL
75$16(& WUDQVPLVVLRQVHFXULW\ 75(6 DEEU 7UHV\ODWH
VpFXULWp RXV€UHWp GHVWUDQVPLVVLRQV 75(9, 7HUURULVPR5DGLFDOLVPR(VWUHPLVPRH
75$3 7DFWLFDO5HFRYHU\RI$LUFUDIW3HUVRQQHO 9LROHQ]D,QWHUQD]LRQDOH
75$3 7HORPHULF5HSHDW$PSOLILFDWLRQ3URWRFRO 75) WDFWLFDOUHFRQQDLVVDQFHILJKWHU
75$3 WUS 51$ELQGLQJ$WWHQXDWLRQ3URWHLQ FKDVVHXUGHUHFRQQDLVVDQFHWDFWLTXH
)RUIXUWKHUGHWDLOVVHHXQGHU$7 75) 7KDLODQG5HVHDUFK)XQG
WUDS 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH 7KH75)ZDVFUHDWHGLQWKHHDUO\V
(QJOLVKZRUGWUDS 75) 7K\URWURSLQ5HOHDVLQJ)DFWRU
&LYLO(QJLQHHULQJ&RPSXWHU3URJUDPPLQJ WUI DEEU WUDQVIHU
(OHFWURQLFV*HRORJ\0HFKDQLFDO'HYLFHV )RUIXUWKHUGHWDLOVVHHXQGHUWUV
0HFKDQLFDO(QJLQHHULQJ6ROLG6WDWH3K\VLFV 75) WUDQVIRUPHU 7XQHG5DGLR)UHTXHQF\WUDQV
6SDFH7HFKQRORJ\ IRUPHU


$OVRWUIWUDQVIRUPHU 75,3 VWHHOV 7UDQVIRUPDWLRQLQGXFHGSODVWLFLW\


(OHFWURQLFV VWHHOV
75)V 7HUPLQDO5HVWULFWLRQ)UDJPHQWV 0DWHULDOVVFLHQFH0HWDOOXUJLFDO3URFHVV
&HOO%LRORJ\0HGLFLQH1HXURVFLHQFHV (QJLQHHULQJ1RYHOVWHHOV
75+ 7K\URWURSLQ5HOHDVLQJ+RUPRQH 75/ 7DQDEH5HVHDUFK/DERUDWRULHV
75, 7LPH5HYHUVDO,QYDULDQFH 75/ LVWKH866XEVLGLDU\RI7DQDEH6HL\DNX
3K\VLFV 75/ 7XUNLVK/LUD
75, 7R[LFV5HOHDVH,QYHQWRU\ &XUUHQFLHV
2IWKH86(3$ 750 7KHUPRUHPDQHQW0DJQHWL]DWLRQ
(FRQRPLFV(QJLQHHULQJ(QYLURQPHQWDO *HRSK\VLFV
(QJLQHHULQJ 7500 7URSLFDO5DLQIDOO0HDVXULQJ0LVVLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU(3$ 1$6$
V
75, 7KHDLUSRUWFRGHIRU7UL&LW\$LUSRUW $WPRVSKHULF6FLHQFHV&ORXG0LFURSK\VLFV(DUWK
.LQJVSRUW%ULVWRO-RKQVRQ&LW\7HQQHVVHH86$ 6FLHQFHV*HRSK\VLFV
WULE DEEU WULEXQDOH W51$ WUDQVIHU51$
,WDOLDQDEEUHYLDWLRQPHDQLQJWULEXQDOODZFRXUW *HQHWLFV0ROHFXODU%LRORJ\%LRPHGLFDO
75,& 75DFRPD,QFOXVLRQ&RQMXQFWLYLWLV 6FLHQFHV0LFURELRORJ\
0HGLFLQH )RUIXUWKHUGHWDLOVVHHXQGHU51$ WP51$
75,' 7UDLO5HFHSWRUZLWKRXWDQ,QWUDFHOOXODU P51$
'RPDLQ 7512( 75DQVIHUUHG1XFOHDU2YHUKDXVHU(IIHFW
&DQFHU5HVHDUFK0HGLFLQH &KHPLFDO%LRORJ\&KHPLVWU\0ROHFXODU%LRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU'F5 752 7RRO5RRP2UGHU
75,) 7DEOHDXGHV5HODWLRQVHQWUH,QWHUPpGLDLUHV 0HFKDQLFV
)LQDQFLHUV )UDQFH  752,&$ SURMHFW 7UDQV6LEHULDQ,QYHVWLJDWLRQRI
WULIOLFDFLG WULIOXRURPHWKDQHVXOIRQLF DFLG WKH&KHPLVWU\RIWKH$WPRVSKHUHSURMHFW
WULJ DEEU WULJRQRPHWU\WULJRQRPHWULFWULJRQR $WPRVSKHULF&KHPLVWU\3URMHFWV
PHWULFDO 7523(; DEEU 7523LFDO(;SHULPHQW
0DWKHPDWLFV 753 7HFKQRORJ\5HLQYHVWPHQW3URJUDP
75,*$7 WKLUGJHQHUDWLRQDQWLWDQN PLVVLOH  753 WLPHRIUHSRUWLQJ
PLVVLOH DQWLFKDUGHODWURLVLqPHJpQpUDWLRQ KHXUHGHFRPSWHUHQGX
75,*6 WDFWLFDOUHFRQQDLVVDQFHLQIRUPDWLRQJURXQG WUS DEEU WUDS
VWDWLRQ &LYLO(QJLQHHULQJ&RPSXWHU3URJUDPPLQJ
VWDWLRQDXVROG·LQIRUPDWLRQVSURYHQDQWGHOD (OHFWURQLFV*HRORJ\0HFKDQLFDO'HYLFHV
UHFRQQDLVVDQFHWDFWLTXH 0HFKDQLFDO(QJLQHHULQJ6ROLG6WDWH3K\VLFV
WULP DEEU WULPHVWUDOH 6SDFH7HFKQRORJ\
,WDOLDQDEEUHYLDWLRQPHDQLQJTXDUWHUO\WULPHVWUDO 7USWUS 7U\SWRSKDQ
WULP DEEU WULPHVWUH &+127U\SWRSKDQLVDQDPLQRDFLGXVHGLQ
,WDOLDQDEEUHYLDWLRQPHDQLQJTXDUWHUWHUPWKUHH PDPPDOLDQGLHWV
PRQWKSHULRG %LRFKHPLVWU\
75,0V\VWHP 7UDQVSRUDWLRQ5,VW0DQDJHPHQWV\V 753/ DEEU 7HUQHSODWH
WHP $ VKHHWFRDWHGZLWKWHUQH
75,3 7KXQGHUVWRUP5HVHDUFK,QWHUQDWLRQDO 0HWDOOXUJ\
3URJUDP 7535& 7XODQH5HJLRQDO3ULPDWH5HVHDUFK&HQWHU
75,3 7UDQVQDWLRQDO5HVHDUFKDQG,QVWUXFWLRQ 86$ 
3URJUDP 2I7XODQH8QLYHUVLW\
863URJUDPV 6,9 3DWKRJHQHVLV9DFFLQH'HYHORSPHQW
WUL3 WULSKRVSKDWH 755 WDUJHWUDQJLQJUDGDU
75,36 7UDGH5HODWHGDVSHFWVRI,QWHOOHFWXDO VSpFLILFDWLRQGHVLPSpUDWLIVG·HVVDLV
3URSHUW\5LJKWV 755 7UDGH5HJXODWLRQ5XOH
:72·V$JUHHPQW %XVLQHVV&RPPHUFH
3DWHQW/DZV 755/ 7UDQVSRUWDQG5RDG5HVHDUFK/DERUDWRU\
)RUIXUWKHUGHWDLOVVHHXQGHU:72 'HSDUWPHQWRI7UDQVSRUW *% 
756 WHVWUHTXLUHPHQWVSHFLILFDWLRQ


756 7RXJK5XEEHU6KHDWKHG DVDFDEOH  76 7LPH6KDULQJ


(OHFWULFLW\ 76 7LPH6ZLWFK
756 7UDQVFULSWLRQ5HJXODWRU\6HTXHQFHV (QJLQHHULQJ
WUV DEEU WUDQVIHU 76 7LQ6WHHO
$OVRWUIWIU 76 7RRO6WHHO
&RPSXWHU3URJUDPPLQJ0LQLQJ(QJLQHHULQJ 0DWHULDOV6FLHQFH
1DYLJDWLRQ5RERWLFV7UDQVSRUWDWLRQ(QJLQHHULQJ 76 7RXUHWWH6\QGURPH
WUV DEEU WUDQVSRVH &OLQLFDO%UDLQ'LVRUGHUV1HXURVFLHQFH
WUV DEEU WUXVWHHV 3V\FKLDWU\
$OVRWWHHV 76 7UDQVFULEHG6WUDQG
756$ 7D[5HGXFWLRQDQG6LPSOLILFDWLRQ$FW *HQHWLFV/LIH6FLHQFHV0HGLFLQH0LFURELRORJ\
86$  5DGLDWLRQ2QFRORJ\
756% 7LPH5HIHUHQFHG6FDQQLQJ%HDP 76 7UDQVFULSWLRQ6HULHV
758 WDUJHWUHSRUWLQJXQLW 76 WUDQVKLSPHQW
XQLWpFKDUJpHGXFRPSWHUHQGXVXUO·REMHFWLI 76 7UHDVXU\6WRFN
758ZDVWH 7UDQVXUDQLFZDVWH 76 7ULEXQDOH6SHFLDOH
758) 7UDQVIHUDEOH5HYROYLQJ8QGHUZULWLQJ ,WDOLDQLQLWLDOLVPPHDQLQJ([WUDRUGLQDU\&RXUW
)DFLOLW\ 76 7ULEXQDOH6XSUHPR
75867 DOJRULWKP 7HUPLQDO5HSHOOHU ,WDOLDQLQLWLDOLVPPHDQLQJ6XSUHPH&RXUW
8QFRQVWUDLQHG6XEHQHUJ\7XQQHOLQJDOJRULWKP 76 7ULHVWH,WDO\
&RPSXWHU0HWKRGV(QJLQHHULQJ6\VWHPV 76 7XQLVLD
*HRSK\VLFV6HLVPRORJ\ 7V WXUELQHVKLS
75; WDFWLFDOUHFRQDLVVDQFHDOOZHDWKHU DLUFUDIW  76 7ZR6WURNH
DpURQHIGH UHFRQQDLVVDQFHWDFWLTXHWRXWWHPSV 76$ 7D[6KHOWHUHG$QQXLW\
7U[ 7KLRUHGR[LQ 76$ 7ROXHQHVXOIRQLF$FLG
%LRFKHPLVWU\ 76$ 7XPRU6SHFLILF$QWLJHQ
WU[*SURWHLQV WKULWKRUD[*URXSSURWHLQV 76$ 7\UDPLGH6LJQDO$PSOLILFDWLRQ
%LRFKHPLVWU\%LRSK\VLFV*HQHWLFV0ROHFXODU 7V$*, &HQWUDO$HURG\QDPLF,QVWLWXWH
%LRORJ\ 7KH7V$*,LVORFDWHGLQWKHFORVHGFLW\RI
7U[5 7KLRUHGR[LQ5HGXFWDVH =KXNRYVN\QHDU0RVFRZ
%LRORJLFDO&KHPLVWU\%LRSK\VLFV0HGLFLQH 5XVVLDQ5HVHDUFK,QVWLWXWHV
76 7DSH6NLS 76% 7UXVWHH6DYLQJV%DQN
&RPSXWHU3URJUDPPLQJ %DQNLQJ
76 7DSHU6KDQN 76%) 7URSLFDO6RLO%LRORJ\DQG)HUWLOLW\
0HFKDQLFDO'HYLFHV 3URJUDPPH
76 7D[HGH6pMRXU $IULFDQ)RRG6HFXULW\
76 7D[6KHOWHU7D[6WUDGGOH 76& 7KH613 &RQVRUWLXP
76 7HFQRORJLHGHO6RIWZDUH +XPDQ*HQRPH/LIH6FLHQFHV
,WDOLDQLQLWLDOLVPPHDQLQJ6RIWZDUH7HFKQRORJLHV )RUIXUWKHUGHWDLOVVHHXQGHU613
76 7HPSHUDWXUH6ZLWFK 76& 7UDQVPLWWHU6WDUW&RGH
76 7HPSRUDU\6WRUDJH 76& 7UDQVSRUWDWLRQ6\VWHPV&HQWHU
7HPSRUDU\VWRUDJHLVDOVRNQRZQDV:RUNLQJ 76&$ 7R[LF6XEVWDQFHV&RQWURO$FW 86$ 
6WRUDJH 76 F\FOH 7ZR6WURNHF\FOH
&RPSXWHU7HFKQRORJ\ 0HFKDQLFDO(QJLQHHULQJ
76 WHPSVGHVDLJQHPHQW 76' 7HPSHUDWXUHGHSHQGHQW6H['HWHUPLQDWLRQ
)UHQFKLQLWLDOLVPPHDQLQJEOHHGLQJWLPH 76( 7RN\R6WRFN([FKDQJH -DSDQ 
76 WV WHQVLOHVWUHQJWK 76( 7RURQWR6WRFN([FKDQJH &DQDGD 
0DWHULDOV6FLHQFH0HFKDQLFV7H[WLOHV 76( 7UDQVPLVVLEOH6SRQJLIRUP(QFHSKDORSDWK\
76 7HUPLQDO6\PERO $OVR0DG&RZ'LVHDVH
&RPSXWHU6FLHQFH )RUIXUWKHUGHWDLOVVHHXQGHU76(V
76 7K\PLG\ODWH6\QWKDVH 76(5 7DUJHWHG6RFLR(FRQRPLF5HVHDUFK 
0LFURELRORJ\0ROHFXODU%LRORJ\(YROXWLRQ  
3URWR]RD (XURSHDQ&RPPXQLW\3URJUDPV


76(V 7UDQVPLVVLEOH6SRQJLIRUP(QFHSKDORSDWKLHV *HRORJLF'LVSRVDO*HRORJLF5HSRVLWRULHV


76(VDUHIDWDOQHXURGHJHQHUDWLYHGLVHDVHV 1XFOHDU(QJLQHHULQJ5DGLRDFWLYH:DVWH
$QLPDO+HDOWK$QWL76('UXJV,QIHFWLRXV 5DGLRORJLFDO6FLHQFHV
'LVHDVHV9LUDO'LVHDVHV=RRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU'2(
76) 7K\PRF\WH6WLPXODWLQJ)DFWRU 7633 7HWUDVRGLXP3\URSKRVSKDWH
0HGLFLQH ,QRUJDQLF&KHPLVWU\
76* WULVHUYLFHJURXS 7636 7UDIILF6HUYLFH3RVLWLRQ6\VWHP
JURXSHLQWHUDUPpHV 765 WDFWLFDOVRQDUUDQJH
76*&( 7UL6HUYLFH*URXSRQ&RPPXQLFDWLRQVDQG SRUWpHVRQDUWDFWLTXH 367 
(OHFWURQLFV 765 7HFKQLFDO6XPPDU\5HSRUW
*URXSHLQWHUDUPpHVVXUOHVWpOpFRPPXQLFDWLRQVHW 765, 7KH6FULSSV5HVHDUFK,QVWLWXWH
O·pOHFWURQLTXH 765,ZDVHVWDEOLVKHGLQ,WLVORFDWHGDW/D
76*7 WUDQVSRUWDEOHVDWHOOLWHJURXQGWHUPLQDO -ROOD&DOLIRUQLD86$DQGGHDOVZLWKEDVLF
WHUPLQDOWHUULHQWUDQVSRUWDEOHGHVDWHOOLWH UHVHDUFKLQ&KHPLVWU\6WUXFWXUDO0ROHFXODUDQG
7VK 7DQ]DQLDQVKLOOLQJ &HOO%LRORJ\
&XUUHQFLHV 766 7HQVLOH6KHDU6WUHQJWK
76+ 7K\URLG6WLPXODWLQJ+RUPRQH UHIHUULQJWRDGKHVLYHV
(QGRFULQH5HJXODWLRQ0HGLFLQH 766 7HWKHUHG6DWHOOLWH6\VWHP
76,WVL WRQVSHUVTXDUHLQFK 766 7LPH6KDULQJ6\VWHP
0HFKDQLFV0HWDOOXUJ\ 766 7R[LF6KRFN6\QGURPH
76, 7RWDO6RODU,UUDGLDQFH 3DWKRORJ\
&OLPDWH 766 7UDGH6XSSRUW6\VWHP
76, 7UDQVSRUWDWLRQ6DIHW\,QVWLWXWH 86$  766 7UDQVDWODQWLF6XSSRUW6\VWHP
WVN DEEU WDVN 766* 7UDQVIXVLRQ6DIHW\6WXG\*URXS 86$ 
76.PRGHO 7HUUDFH6WHS.LQNPRGHO 7667 7R[LF6KRFN6\QGURPH7R[LQ
(QJLQHHULQJ*URZWK$WRPLVWLF0HFKDQLVPV +XPDQ,PPXQRORJ\0LFURELRORJ\0ROHFXODU
0DWHULDOV6FLHQFH3K\VLFV DQG&HOOXODU%LRORJ\
76/ 7UDILFGH6XUFKDUJH/LPLWp 767 WDFWLFDOVXSSRUWWHDP
76/ 7UL6WDWH/RJLF pTXLSHG·DSSXLWDFWLTXH
76/& 72*$ 6HD/HYHO&HQWHU WVW DEEU WHVW
)RUIXUWKHUGHWDLOVVHHXQGHU72*$ )RUIXUWKHUGHWDLOVVHHXQGHUW
760 7DLO6HUYLFH0DVW 767 7UDQVLWLRQ6WDWH7KHRU\
760 WpOpSKRQHVRXVPDULQ (OHFWURFKHPLFDO(QHUJ\6\VWHPV(OHFWURQ
XQGHUZDWHUWHOHSKRQH 8:7  7UDQVIHU3KRWRV\QWKHVLV
7606 WDFWLFDOVSHFWUXPPDQDJHPHQWV\VWHP 767$ 7XPRU6SHFLILF7UDQVSODQWDWLRQ$QWLJHQ
V\VWqPHWDFWLTXHGHJHVWLRQGXVSHFWUH 767) XSFRQYHUVLRQ 7ZR6WHS7ZR)UHTXHQF\
761 7KHUPDO6HYHULW\1XPEHU XSFRQYHUVLRQ
7HFKQRORJ\ 5HIHUULQJWRZHOGVWHVWLQJ 767)XSFRQYHUVLRQLVDGLPHQVLRQDOGLVSOD\
W61$5( WDUJHWPHPEUDQH61$5( WHFKQRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU61$5( (OHFWULFDO(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ
762 7HFKQLFDO6WDQGDUG2UGHU WVWU DEEU WUDQVLVWRU
762 7LPH6KDULQJ2SWLRQ (OHFWURQLFV
7627VRV 7UDQVPLVVLRQ6\VWHP2SHUDWRUV 768 7DLZDQ6ROLGDULW\8QLRQ
762 7UDWWDPHQWR6DQLWDULR2EEOLJDWRULR ,WDO\  1HZ3DUW\UHJLVWHUHGHQG-XO\
763 7ULVRGLXP3KRVSKDWH 768 7RZVRQ6WDWH8QLYHUVLW\ 86$ 
&KHPLVWU\ 7681$0, 7HFKQRORJ\LQ6PDUWDQWHQQDVIRU
763 7KURPERVSRQGLQ 81LYHUVDO$GYDQFHG0RELOH,QIUDVWUXFWXUH
763LVDSRWHQWLQKLELWRURIDQJLRJHQHVLV (XURSHDQ&RPPXQLW\3URMHFW
,PPXQRORJ\0HGLFLQH0LFURELRORJ\7XPRU 76XQLW 7UDFN6WRUHXQLW
%LRORJ\ 769 GLVSRVLWLIGH 7pOpVXUYHLOODQFH
763$9$ 7RWDO6\VWHP3HUIRUPDQFH$VVHVVPHQW 7693 7RXUQH]V
LOYRXV3ODvW
9LDELOLW\$VVHVVPHQW )UHQFKLQLWLDOLVPPHDQLQJ3OHDVH7XUQ2YHU
&RPSOHWHGE\86'2(LQ 77 7HOHJUDSKLF7UDQVIHU


%DQNLQJ 77, 7HOHW\SH,QSXW


77 7HOHSKRWR7UDQVPLVVLRQ 77/ 7HVWGHOD7UDQVIRUPDWLRQ/\PSKREODVWLTXH
WW WHOHW\SH )UHQFKLQLWLDOLVPPHDQLQJ%ODVW7UDQVIRUPDWLRQ
7HOHFRPPXQLFDWLRQV RI/\PSKRF\WHV
77 7HOOHU7HUPLQDO 0HGLFLQH
77 7HUPVRI7UDGH 77/ 7UDQVLVWRU7UDQVLVWRU/RJLF
%XVLQHVV&RPPHUFH (OHFWURQLFV
77 7HWDQRXV7R[RLG 771/ 7HVWGX7UDQVIHUW1RUPDOGHV/\PSKRF\WHV
77 7LPH7DNHQ 772 7HOHW\SH2XWSXW
77 7RUSHGR7XEH 772 7HQWR7ZHOYH\HDU2VFLOODWLRQ
2UGQDQFH *HRGHV\*HRSK\VLFV0HWHRURORJ\
77 7RXULVW7URSK\ 772 7UDQVLHQW7UDFHUVLQWKH2FHDQ 86$ 
77$ 7RWDO7DQJLEOH$VVHWV 773 7RWDO7D[DEOH3D\
%XVLQHVV&RPPHUFH)LQDQFH 775 7UDQVWK\UHWLQ
W7$ JHQH WHWUDF\FOLQHUHVSRQVLYH7UDQVDFWLYDWRU 7UDQVWK\UHWLQZDVIRUPHUO\NQRZQDVSUHDOEXPLQ
JHQH %LRFKHPLVWU\*HQHWLFV0ROHFXODU%LRORJ\
%LRFKHPLVWU\0HGLFLQH0HWDEROLVP2QFRORJ\ 776 WWV 7HOHW\SH6HWWHUWHOHW\SHVHWWHU
3DWKRORJ\ 7HOHFRPPXQLFDWLRQV
77 &DQWHQQD 7HOHPHWU\7UDFNLQJDQG&RPPDQG 776 7UDQVGHUPDO7KHUDSHXWLF6\VWHP
DQWHQQD 776 7 7DXUL6WDUV
77%(UHJXODWLRQ 7HFKQRORJ\7UDQVIHU%ORFN 776DUH\RXQJORZPDVVSUH06VWDUV
([HPSWLRQUHJXODWLRQ $VWURQRP\$VWURSK\VLFV
/DVWUHYLVHGE\WKH(XURSHDQ&RPPLVVLRQLQ 776SOXVV\VWHP 7DEOH7RS6OLGHSOXVV\VWHP
 777 GLDJUDP 7LPH7HPSHUDWXUH7UDQVIRUPDWLRQ
77%7 7KUHVKROG7HVW%DQ7UHDW\ GLDJUDP
7UDLWpVXUODOLPLWDWLRQGHVHVVDLVHQIRQFWLRQG·XQ 777 GLDJUDPLVDOVRNQRZQDV,VRWKHUPDO
VHXLO 7UDQVIRUPDWLRQ'LDJUDP
77& 7HOHPHWU\7HOHFRPPDQGDQG&RQWURO 0DWHULDOV6FLHQFH
77& 7HUHQD7HFKQLFDO&RPPLWWHH WWZ DEEU WHOHW\SHZULWHU
)RUIXUWKHUGHWDLOVVHHXQGHU7(5(1$ $OVR77<
77& 7RURQWR7UDQVLW&RPPLVVLRQ &DQDGD  77: WLPHRIWHQVLRQRUZDU
77&WWF 7RXWHV7D[HV&RPSULVHV SpULRGHGHWHQVLRQRXWHPSVGHJXHUUH 37* 
)UHQFKLQLWLDOLVPPHDQLQJ,QFOXVLYHRI7D[ WUDQVLWLRQWRZDU
77' 7HPSRUDU\7H[W'HOD\ SDVVDJHjO·pWDWGHJXHUUH
&RPSXWHUV 77; 7HUPLQDO7pOpWH[
77' 7HWUDHWK\OWKLXUDP'LVXOILGH 77; 7HWURGRWR[LQ
77' 7ULFKRWKLRG\VWURSK\ 77;LVDSRWHQWQHXURWR[LQWKDWSDUDO\]HVQHUYHV
$ UDUHKXPDQGLVRUGHUDVVRFLDWHGZLWKGHIHFWVLQ DQGPXVFOHV
QXFOHRWLGHH[FLVLRQUHSDLU (YROXWLRQ3K\VLRORJ\1HXURVFLHQFH
%LRFKHPLVWU\%LRSK\VLFV 77;LVDOVRNQRZQDV)XJXWR[LQ7HWUDRGRQWR[LQ
77' OLVW 7KLQJV7R'ROLVW 7R[LFRORJ\
3V\FKRORJ\ 77< WW\ 7HOH7<SH7HOHW\SH
77( 7RWDO7D[([SHQGLWXUHV 7HOHFRPPXQLFDWLRQV
WWHHV DEEU WUXVWHHV 77< 7HOHW\SHZULWHU
$OVRWUV $OVRWWZ
77) 7HWUDWKLRIXOYDOHQH 7HOHFRPPXQLFDWLRQV
W7) WUXQFDWHG7LVVXH)DFWRU 78 7DSH8QLW
&OLQLFDO,PPXQRORJ\0HGLFLQH 7DSH8QLWLVDOVRNQRZQDV7DSH'ULYH
3KDUPDFRNLQHWLFV3KDUPDFRORJ\7KHUDSHXWLF &RPSXWHU7HFKQRORJ\
2QFRORJ\5HVHDUFK 78 WDVNXQLW
W7JDVH WLVVXH7UDQVJOXWDPLQDVH XQLWpRSpUDWLRQQHOOH
$XWRDQWLJHQV%LRPHGLFLQH0HGLFLQH8ELTXLWRXV 7XUNH\
HQ]\PHV 7XUTXLH


78 7HUPLQDO8QLW ,WDOLDQDFURQ\PPHDQLQJ%DQN5DWH *% 


UHIHUULQJWRDQDLUFRQGLWLRQLQJV\VWHP 2IILFLDO5DWHRI'LVFRXQW 86$ 
0HFKDQLFDO(QJLQHHULQJ &RPPHUFH
78 7KHUPDO8QLW 786 7KHDLUSRUWFRGHIRU7XFVRQ$UL]RQD86$
78 7HVWR8QLFR 787 7DULIID8UEDQDD7HPSR
,WDOLDQLQLWLDOLVPPHDQLQJ8QLILHGERG\RIODZV ,WDOLDQDFURQ\PPHDQLQJ/RFDO'LDOOLQJ&KDUJH
&RQVROLGDWLRQ$FW 1RZFDOOHG7$7
78 7UDGH8QLRQ )RUIXUWKHUGHWDLOVVHHXQGHU7$7
78 7UDGLQJ8QLW 787DVH 7HUPLQDO87UDQVIHUDVH
78 7UDQVIHU8QLW 79 7DVVR9DULDELOH
&KHPLFDO(QJLQHHULQJ ,WDOLDQLQLWLDOLVPPHDQLQJ)OXFWXDWLQJ5DWH
78 7UDQVPLVVLRQ8QLW 9DULDEOH5DWH
7X 7XEHUFOH 79WY DEEU WHOHYLVLRQV\VWHPWHOHYLVLRQVHW
%LRORJ\ 7HOHFRPPXQLFDWLRQV
78 7XEHUFXOLQ8QLW 79 7HVW9ROWDJH
78 7XHVGD\ 79 7LGDO9ROXPH
78$ 7DVVR8IILFDOHVXOOH$QWLFLSD]LRQL 3K\VLRORJ\
,WDOLDQDFURQ\PPHDQLQJ%RUURZLQJ5DWHRI WY WRXWYHQDQW
,QWHUHVW 79 7UHYLVR,WDO\
%DQNLQJ(FRQRPLFV 7Y YLUWXDOWHPSHUDWXUH
78$ 7HFKQRORJ\8VHU
V$JUHHPHQW 0HWHRURORJ\
78$& 7UDGH8QLRQV$GYLVRU\&RPPLWWHHWRWKH 79$ WDUJHWYDOXHDQDO\VLV
2(&' )UDQFH  $QDO\VHGHO·LPSRUWDQFHGHVFLEOHV
78& 7HPSR8QLYHUVDOH&RRUGLQDWR 79$ 7DVVDVXO9DORUH$JJLXQWR
,WDOLDQDFURQ\PPHDQLQJ&RRUGLQDWHG8QLYHUVDO ,WDOLDQLQLWLDOLVPPHDQLQJ9DOXH$GGHG7D[
7LPH8QLYHUVDO7LPH&RRUGLQDWHG 79$ 7D[HjOD9DOHXU$MRXWpH
+RURORJ\ )UHQFKLQLWLDOLVPPHDQLQJ9DOXH$GGHG7D[
78& 7UDGH8QLRQV&RQJUHVV7UDGH8QLRQV 79$ 7D[RQ9DOXH$GGHG
&RXQFLO 79$ 7HOHYLVLRQH$ &RORUL
78& 7ULDQJOH8QLYHUVLW\&RPSXWDWLRQ&HQWHU ,WDOLDQLQLWLDOLVPPHDQLQJ&RORXU7HOHYLVLRQ
86$  79$ 7HQQHVVHH9DOOH\$XWKRULW\ 86$ 
78( 7UDWWDWRVXOO
8QLRQH(XURSHD 79 %1/ WpOpYLVLRQjEDVQLYHDXGHOXPLqUH
,WDOLDQDFURQ\PPHDQLQJ(XURSHDQ8QLRQ7UHDW\ ORZOLJKWWHOHYLVLRQ //79 
7h)7$' 7XUNLVK$VVRFLDWLRQSI3KDUPDFHXWLFDO 79& 7HOHYLVLRQ&DPHUD
7HFKQRORJ\6FLHQWLVWV 7XUNH\  7HOHFRPPXQLFDWLRQV
78* 7RZHG8QLYHUVDO*LOGHU 79&$ 7DLSHL9HQWXUH&DSLWDO$VVRFLDWLRQ
86$UP\ 79' 7RWDO9DULDEOH'LPLQLVKLQJ GLIIHUHQFH
78/ 7KHDLUSRUWFRGHIRU7XOVD,QWHUQDWLRQDO VFKHPH 
$LUSRUW 79, WHFKQLTXHGHYpULILFDWLRQLQIRUPDWLVpH
78/3V 78EE\/LNH3URWHLQV FRPSXWHUDVVLVWHGDXGLWWHFKQLTXH &$$7 
%LRFKHPLVWU\%LRORJ\%LRSK\VLFV*HQHWLF 79/ 7HQWK9DOXH/D\HU
0XWDWLRQV+HDULQJ/RVV0HGLFLQH0ROHFXODU 5DGLRDFWLYLW\
%LRORJ\2EHVLW\5HWLQDO'HJHQHUDWLRQ 790 7UDFN9LD0LVVLOH
6WUXFWXUDO%LRORJ\3URJUDP 2UGQDQFH
780 7HFKQLFDO8QLYHUVLW\RI0XQLFK 790 7XERYHVLFXODU0HPEUDQH
781(/ 7HUPLQDOGHR[\QXFOHRWLG\OWUDQVIHUDVH %LRORJ\,PPXQRORJ\0HGLFLQH0LFURELRORJ\
PHGLDWHG1LFN(QG/DEHOLQJ 796 7RUQDGR9RUWH[6LJQDWXUH
781/ 7ULDQJOH8QLYHUVLWLHV1XFOHDU/DERUDWRU\ 7: 7DLZDQ
7XUN 7XUNLVK 7: 7D[:ULWHRII
7XUNLVKLVWKHODQJXDJHRI7XUNH\2WWRPDQ 7: 7HUDZDWW
7XUNLVK 7HUDZDWWLVDXQLWRISRZHUHTXDOWR :DWWV
/DQJXDJHV 3K\VLFV
786 7DVVR8IILFLDOHGL6FRQWR WZ DEEU WZLVWHG


7: 7KHDLUOLQHFRGHIRU7UDQV:RUOG$LUOLQHV 7<6 7KHDLUSRUWFRGHIRU.QR[YLOOH7HQQHVVHH


7:$  86$
7:$ 7UDQVDFWLRQ:RUN$UHD 7= 7DQ]DQLD
7:$ 7UDYHOLQJ:DYH$PSOLILHU 7=0 DOOR\ 7LWDQLXP=LUFRQLXP0RO\EGHQXPDOOR\
$OVR7:7$ 0HWDOOXUJ\
7:$ 7\SHZULWHU$GDSWHU 7=3 7HWUDJRQDO=LUFRQLD3RO\FU\VWDO
7:$6 7KLUG:RUOG$FDGHP\RI6FLHQFHV 7KH7=3 LVDFHUDPLFPDWHULDOXVHGPDLQO\LQWKH
%LDQQXDOPHHWLQJV PDQXIDFWXUHRIFXWWLQJLPSOHPHQWV
7:(5/( 7URSLFDO:LQG(QHUJ\FRQYHUVLRQDQG 0DWHULDOV6FLHQFH
5HIHUHQFH/HYHO([SHULPHQW 86$ 
7:, 7UDLQLQJ:LWKLQ,QGXVWU\
UHIHUULQJWRSHUVRQQHO
7:,0& 7R:KRP,W0D\&RQFHUQ
7:2$7$) 6HFRQG$OOLHG7DFWLFDO$LU)RUFH
&HQWUDO(XURSH>REVROHWH@
H )RUFHDpULHQQHWDFWLTXHDOOLpHGXFHQWUH(XURSH
>REVROqWH@
7:3 7URSLFDO:HVWHUQ3DFLILF
7:3 7ZLVWHG3DLU
(OHFWULFLW\
7:5, 7RURQWR:HVWHUQ5HVHDUFK,QVWLWXWH
&DQDGD 
$ PXOWLGLVFLSOLQDU\UHVHDUFKFHQWUHDIILOLDWHGZLWK
WKH8QLYHUVLW\RI7RURQWRORFDWHGDWWKH7RURQWR
:HVWHUQ+RVSLWDO
7:7 7UDYHOLQJ:DYH7XEH
(OHFWURQLFV
7:7 7XVFDQ\:RRGZRUNLQJ7HFKQRORJLHV ,WDO\ 
7:7$ 7UDYHOOLQJ:DYH7XEH$PSOLILHU
$OVR7:$ 7UDYHOOLQJ:DYH$PSOLILHU 
(OHFWURQLFV
7:; 7HOHW\SHZULWHU([FKDQJH
W[ DEEU WD[
W[ DEEU WHOH[
7HOH[LVDWHOHSULQWHUH[FKDQJHVHUYLFH
7HOHFRPPXQLFDWLRQV
7; DEEU 7H[DV 86$ 
7; WUDQVPLWWHU
pPHWWHXU
7XUNPHQLVWDQ
7XUNPpQLVWDQ
7[$ 7KURPER[DQH$
%LRPHGLFLQH+HPDWRORJ\
7;&DP 7;&DPHORSDUGDOLV
7;&DPOLHVDERXWOLJKW\HDUVDZD\
$VWURQRP\$VWURSK\VLFV5DGLR3RODUL]DWLRQ
W\ DEEU W\SH
*UDSKLF$UWV
7<09 7XUQLS<HOORZ0RVDLF9LUXV
W\S DEEU W\SHW\SLFDOW\SLFDOO\
7\U DEEU 7\URVLQH
%LRFKHPLVWU\


8$%8$% 8QHPSOR\PHQW$VVLVWDQFH%RDUG

8 8$% 8QLRQGHV$XWRPRELOLVWHV%XOJDUHV
8$% 8QLYHUVLW\RI$ODEDPDDW%LUPLQJKDP
86$ 
8 XQLIRUP 8$&9 8QLWj$QDOLVL&ULPLQL9LROHQWL ,WDO\ 
8 8QLRQ ,WDOLDQLQLWLDOLVPPHDQLQJ8QLWIRUWKH$QDO\VLVRI
&RPSXWHU3URJUDPPLQJ'HVLJQ(QJLQHHULQJ 9LROHQW&ULPHV)RXQGHGLQ)XOO\RSHUDWLYH
0HFKDQLFDO'HYLFHV6XUJHU\ VLQFH
X DEEU XQLW 8$'6 8VHU$WWULEXWH'DWD6HW
(QJLQHHULQJ0DWKHPDWLFV0LOLWDU\6FLHQFH 8$( 8QLWHG$UDE(PLUDWHV
3K\VLFV 8$) 8QLYHUVLW\RI$ODVND)DLUEDQNV
8 8QLYHUVDO 8$)$ 8QLRQ$UDEHGX)HUHWGHO
$FLHU
$VWURQRP\0HFKDQLFDO(QJLQHHULQJ6FLHQFH )UHQFKDFURQ\PPHDQLQJ$UDE8QLRQIRU,URQDQG
X XQLYHUVH 6WHHO
,QVWDWLVWLFVXQLYHUVHLVDOVRNQRZQDVVWDWLVWLFDO 8$+ 8QLYHUVLW\RI$ODEDPDLQ+XQWVYLOOH 86$ 
XQLYHUVH 8$, 8QLRQH$VWURQRPLFD,QWHUQD]LRQDOH
6WDWLVWLFV ,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO8QLRQRI
8 8QLYHUVLW\ $VWURQRPHUV
X XSGDWH 8$/ 8QLRQH$]LHQGH/RPEDUGH ,WDO\ 
X XSSHU8SSHU ,WDOLDQLQLWLDOLVPRIWKH/RPEDUG&RPSDQLHV
$OVRXS $VVRFLDWLRQ 0LODQ,WDO\ 
*HRORJ\ 8$0 8QGHUZDWHUWR$LU0LVVLOH
X XUDFLO 8$0, 8IILFLRSHUO
$UPRQL]]D]LRQHQHO0HUFDWR
%LRFKHPLVWU\ ,QWHUQR
8 7KHFKHPLFDOV\PEROIRU8UDQLXP 8$06 8QLYHUVLW\RI$UNDQVDVIRU0HGLFDO6FLHQFHV
8UDQLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF 86$ 
QXPEHUDQGDQDWRPLFZHLJKWRI 8$06 8SSHU$WPRVSKHUH0DVV6SHFWURPHWHU
8UDQLXPLVXVHGPDLQO\LQQXFOHDUIXHO1DPHG 8$3 8QLRQGHV$VVXUDQFHVGH3DULV )UDQFH 
DIWHUWKHGLVFRYHU\RIWKHSODQHWRI8UDQXV )UHQFKDFURQ\PRIWKH3DULV,QVXUDQFHV8QLRQ
&KHPLVWU\6\PEROV 8$3 8QLYHUVDO$YDLODELOLW\RI3XEOLFDWLRQV
8X XULGLQH 8$3$ 8QLWHG$PDWHXU3UHVV$VVRFLDWLRQ
$OVR8UG 8$5 8QLW$GGUHVV5HJLVWHU
%LRFKHPLVWU\ 8$5& 8QLYHUVLW\$IILOLDWHG5HVHDUFK&HQWHU
8 8ULG\ODWH 86$ 
X DEEU XVHU 6HWXSE\1$6$ QHDU$PHV
&RPSXWHU3URJUDPPLQJ7HOHFRPPXQLFDWLRQV 8$53 8SSHU$WPRVSKHULF5HVHDUFK3URJUDP
8 8WDK86$ 1$6$·V
$OVR878W 8$56 8SSHU$WPRVSKHUH5HVHDUFK6DWHOOLWH
8$ XQDVVLJQHG /DXQFKHGLQ6KXWGRZQE\1$6$ LQ$XJXVW
8$ 8QGHUZULWLQJ$FFRXQW IRUHFRQRPLFUHDVRQV
8$ 8QLWp$VWURQRPLTXH (DUWK6FLHQFHV
)UHQFKLQLWLDOLVPPHDQLQJ$VWURQRPLFDO8QLW 8$57 8QLYHUVDO$V\QFKURQRXV5HFHLYHU7HUPLQDO
8$ 8QLWRI$FFRXQW 8$57 8QLYHUVDO$V\QFKURQRXV
8$ 8QLYHUVLW\RI$UL]RQD 86$  5HFHLYHU7UDQVPLWWHU
8$ XUDQLXPDSSDXYUL &RPSXWHU7HFKQRORJ\
GHSOHWHGXUDQLXP '8  8$6 8QLIRUP$FFRXQWLQJ6\VWHP
8$ 8ULQDO\VLV 8$6 8QLRQH$JHQWL6$, ,WDO\ 
7KHDEEUHYLDWLRQXULQDO\VLVUHIHUVWRXULQHDQDO\ ,QVXUDQFH8QLRQV
VLV 8$6XDV 8SVWUHDP$FWLYDWLRQ6LWH
3DWKRORJ\ 8$6LVDOVRNQRZQDV8SVWUHDP$FWLYDWRU
8$ 7KHDLUOLQHFRGHIRU8QLWHG$LUOLQHV 6HTXHQFH
8$ 8QLYHUVLWHLW$QWZHUSHQ %HOJLXP  *HQHWLFV
8$$ 8QLYHUVLW\RI$ODVND$QFKRUDJH


8$7, 8QLRQ,QWHUQDWLRQDOHGHV$VVRFLDWLRQVHW 8%4SURWHLQV 8ELTXLWLQSURWHLQV


2UJDQLVPHV7HFKQLTXHV 0ROHFXODU%LRORJ\
/RFDWHGLQ3DULV)UDQFH)RXQGHGLQDFWLYL 8%5 8QLIRUP%XVLQHVV5DWH
WLHVZRUNLQJJURXSVDQGFRPPLWWHHVWRLGHQWLI\ %XVLQHVV)LQDQFH
SURPRWHDQGFRRUGLQDWHDFWLRQVRIPHPEHUDVVR 8%6 8QLRQ%DQNRI6ZLW]HUODQG
FLDWLRQVLQDUHDVRIFRPPRQLQWHUHVWDQGWRIDFLOL 8%6 FKDUDFWHU 8QLW%DFNVSDFHFKDUDFWHU
WDWHUHODWLRQVZLWKLQWHUQDWLRQDOERGLHVLQSDUWLFX 8E[*8OWUDELWKRUD[
ODU81(6&281,'2DQG(&262& 8&8& 8IILFLDOHGL&RPSOHPHQWR
8$9 XQPDQQHGDHULDOYHKLFOH ,WDOLDQLQLWLDOLVPPHDQLQJ5HVHUYH2IILFHU
YpKLFXOHDpULHQVDQVSLORWH 8& 8IILFLRGL&ROORFDPHQWR
8$: 8QLWHG$XWRPRELOH:RUNHUV 86$  ,WDOLDQLQLWLDOLVPPHDQLQJ/DERXU([FKDQJH
8% 8QLYHUVLW\RI%XIIDOR 86$  XF XQGHUFRQVWUXFWLRQ
8% 8ULQDU\%ODGGHU 8& XQGHUO\LQJFXUUHQF\
$QDWRP\ PRQQDLHGHGpSDUW
8%$ GRPDLQ 8ELTXLWLQ$VVRFLDWHGGRPDLQ 8& 8QIDLU&RPSHWLWLRQ
&DQFHU5HVHDUFK3DWKRORJ\ %XVLQHVV&RPPHUFH
8%$) 8QLRQGH%DQTXHV$UDEHVHW)UDQoDLVHV XF XQLFKDQQHO
8%& 8QLIRUP%XLOGLQJ&RGH 8& 8QLWjGL&RQWR
8%& 8QLYHUVDO%LEOLRJUDSKLF&RQWURO ,WDOLDQLQLWLDOLVPPHDQLQJ8QLWRI$FFRXQW
%LEOLRJUDSK\ 8& 8QLW&RVW
8%& 8QLYHUVDO%ORFN&KDQQHO %XVLQHVV&RPPHUFH
8%& 8QLYHUVLW\RI%ULWLVK&ROXPELD &DQDGD  8& 8QLWpGH&RPPDQGH
8%&HQ]\PH 8ELTXLWLQ&RQMXJDWLQJHQ]\PH 8& XQLWpGHFRPSWH
%LRFKHPLVWU\0ROHFXODU%LRORJ\0ROHFXDOU DFFRXQWLQJXQLW $8 
%LRSK\VLFV 8& 8QLWpVGHFKDUJH
8%) 8SVWUHDP%LQGLQJ)DFWRU )UHQFKLQLWLDOLVPPHDQLQJXQLWORDGLQJGHYLFHV
&DQFHU5HVHDUFK 0ROHFXODUDQG&HOO%LRORJ\ 8& 8QLYHUVLW\RI&DOJDUL$OEHUWD&DQDGD
8%+& 8QLW%DQN+ROGLQJ&RPSDQ\ 8& 8QLYHUVLW\RI&DOLIRUQLD,UYLQH 86$ 
8%, 8QLRQH%LEOLRJUDILFD,WDOLDQD XF XSSHUFDVH
,WDOLDQDFURQ\PRIWKH,WDOLDQ%LEOLRJUDSKLFDO $OVRXF XF
6RFLHW\ XF XVXDOFRQGLWLRQV
8%, 8QLRQH%RFFLRILOD,WDOLDQD 8& 8UDQLXP&DUELGH
,WDOLDQDFURQ\PRIWKH,WDOLDQ%RFFH %RZOLQJ 8&DOVRNQRZQDV8UDQLXP'LFDUELGHLVXVHGLQ
)DQV$VVRFLDWLRQ QXFOHDUUHDFWRUIXHOV
8%, 8QLRQH%RQVDLVWL,WDOLDQL ,QRUJDQLF&KHPLVWU\
,WDOLDQ8QLRQV 8&$,'8FDLG 8QLYHUVLW\&RUSRUDWLRQIRU
8%,7 8QUHODWHG%XVLQHVV,QFRPH7D[ $GYDQFHG,QWHUQHW'HYHORSPHQW
8%/VSURWHLQV 8ELTXLWLQOLNHSURWHLQV 8&$5 8QLYHUVLW\&RQVRUWLXPIRU$WPRVSKHULF
0ROHFXODU%LRORJ\ 5HVHDUFK 86$ 
8%0 8QL&UHGLW%DQFD0RELOLDUH $ FRQVRUWLXPRI1RUWK$PHULFDQ8QLYHUVLWLHV
)RXQGHGDWWKHEHJLQQLQJRI ORFDWHGLQ%RXOGHU&RORUDGR
,QYHVWPHQW%DQNLQJ 8&$5( 8QH[SODLQHG&DUGLDF$UUHVW5HJLVWU\RI
8%0 8QLW%LOORI0DWHULDO (XURSH(XURSHDQ &RPPXQLW\
8%07$ 8QLIRUP%LRORJLFDO0DWHULDO7UDQVIHU 8&$6 8QLYHUVLWLHVDQG&ROOHJHV$GPLVVLRQV
$JUHHPHQW 86$  6HUYLFH *% 
$QDJUHHPHQWGHYHORSHGE\WKH861,+ 8&% 8IILFLR&HQWUDOH%UHYHWWL
%LRORJLFDO0DWHULDO7UDQVIHU ,WDOLDQLQLWLDOLVPRIWKH&HQWUDO3DWHQW2IILFH
)RUIXUWKHUGHWDLOVVHHXQGHU1,+ 8&% 8JDQGD&RPPHUFLDO%DQN5HSXEOLFRI
8%27 8QIDYRUDEOH%DODQFH2I7UDGH 8JDQGD
8%3 8QLWHG%HUPXGD3DUW\ 8&% 8QLRQGH&UpGLWSRXUOH%kWLPHQW )UDQFH 
8%4 8ELTXLQRQH 8FE 8QLRQHFUHGLWREDQFDULR ,WDO\ 
8ELTXLQRQHLVDOVRNQRZQDV&RHQ]\PH4 8&& 8QLIRUP&RGH&RXQFLO 86$ 
(Q]\PRORJ\ 7KH8&&LVORFDWHGLQ'D\WRQ2KLR


8&& 8QLIRUP&RPPHUFLDO&RGH 8&,08 8FLPX 8QLRQHFRVWUXWWRULLWDOLDQLPDF


8&& 8QLRQ&RQIpGpUDOHGHV,QJpQLHXUVHW&DGUHV FKLQHXWHQVLOL ,WDO\ 
GHOD&)'7  ,WDOLDQ8QLRQV
)UHQFK8QLRQ 8&,V 8QGHUWDNLQJVIRU&ROOHFWLYH,QYHVWPHQWV
8&& 8QLYHUVLW\&ROOHJH&RUN ,UHODQG  8&,76 8QGHUWDNLQJVIRU&ROOHFWLYH,QYHVWPHQWLQ
8&&& 8QLIRUP&RQVXPHU&UHGLW&RGH 7UDQVIHUDEOH6HFXULWLHV
%XVLQHVV)LQDQFH 7KH(8GLUHFWLYHIRU8&,76DOORZVDIXQGDXWKR
8&&(*$ 8QLRQGHV&KDPEUHVGH&RPPHUFHHW UL]HGLQRQHPHPEHUVWDWHWREHPDUNHWHGWKURXJK
eWDEOLVVHPHQWV*HVWLRQQDLUHVG·$pURSRUWV RXWWKH(8VXEMHFWWRORFDOPDUNHWLQJUXOHV
)UHQFK8QLRQ 8&/ 8QLYHUVLWp&DWKROLTXHGH/RXYDLQ %HOJLXP 
8&&61 8QLYHUVLW\DQG&RPPXQLW\&ROOHJH 8&/ 8QLYHUVLW\&ROOHJH/RQGRQ *% 
6\VWHPRI1HYDGD 86$  8FO 8UDQLXP7HWUDFKORULGH
8&' 8QLYHUVLW\&ROOHJH'XEOLQ ,UHODQG  ,QRUJDQLF&KHPLVWU\
8&' 8QLYHUVLW\RI&DOLIRUQLD'DYLV 86$  8&/$ 8QLYHUVLW\RI&DOLIRUQLD/RV$QJHOHV
8&( 8QLWjGL&RQWR(XURSHD 86$ 
,WDOLDQDFURQ\PPHDQLQJ(XURSHDQ8QLWRI 8&/$) 8QLRQHGL&RRUGLQDPHQWRGHOOD/RWWD
$FFRXQW $QWLIURGL ,WDO\ 
8&(, 8QLYHUVLW\RI&DOLIRUQLD(QHUJ\,QVWLWXWH ,WDOLDQ8QLRQV
86$  8&/$) 8VLQHV&KLPLTXHVGHV/DERUDWRLUHV
8&(,ZDVHVWDEOLVKHGLQWRSURYLGHLQWKH )UDQoDLV )UDQFH 
8QLYHUVLW\RI&DOLIRUQLD(QHUJ\5HVHDUFKDQG 8&/9 8&/ 9HQWXUHV
(GXFDWLRQ$FWLYLWLHV 8&/9 PDQDJHV8&/
V,QWHOOHFWXDO3URSHUW\
8&(28&(2 8QLRQ&KUpWLHQQHGH ,QWHOOHFWXDO3URSHUW\/LFHQVHV
O
(QVHLJQHPHQW2IILFLHO %HOJLXP  )RUIXUWKHUGHWDLOVVHHXQGHU8&/
8&) 8QLYHUVDO&RQGXFWDQFH)OXFWXDWLRQV 8&0 8QLRQV\QGDFDOHGHV&ODVVHV0R\HQQHV
3K\VLFV %HOJLDQ8QLRQV
8&* 8QGHUJURXQG&RDO*DVLILFDWLRQ 8&0 8QUHVROYHG&RPSOH[0L[WXUH
8&* 8QLYHUVLW\&ROOHJH*DOZD\ ,UHODQG  8&0($8&0($ 8IILFLR&HQWUDOHGL
8&+6& 8QLYHUVLW\RI&RORUDGR+HDOWK6FLHQFHV 0HWHRURORJLDHGL(FRORJLD$JUDULD
&HQWHU 86$  ,WDOLDQDFURQ\PRIWKH1DWLRQDO%RDUGRI
8&, 8QLFUHGLWR,WDOLDQR 0HWHRURORJ\DQG$JUDULDQ(FRORJ\ ,WDO\ 
7KHPHUJHU LQ RI&UHGLWR,WDOLDQR5ROR 8&0(;86 8QLYHUVLW\RI&DOLIRUQLD,QVWLWXWHIRU
%DQFD&DULYHURQD&DVVDGL5LVSDUPLRGL 0H[LFRDQGWKH8QLWHG6WDWHV
7RULQRH&DVVDPDUFDDQGGXULQJ&DVVDGL 8&03 8PHn&HQWHUIRU0ROHFXODU3DWKRJHQHVLV
5LVSDUPLRGL7UHQWRH5RYHUHWRDVZHOODV&DVVDGL 8PHn8QLYHUVLW\6FDQGLQDYLD
5LVSDUPLRGL7ULHVWH 7KH&HQWHUZDVIRXQGHGLQ
%DQNLQJ,QWHJUDWLRQV 8&1 8OWUD&ROG8OWUDFROG1HXWURQ
)RUIXUWKHUGHWDLOVVHHXQGHU&, 3K\VLFV4XDQWXPHIIHFWVRIJUDYLW\
8&, 8QLRQ&\FOLVWH,QWHUQDWLRQDOH 8&1 8OWUDILQH&RQGHQVDWLRQ1XFOHL
8&, XQLWpGHFRPSWHG·LQIUDVWUXFWXUH>REVROqWH $WPRVSKHULF6FLHQFH
UHPSODFpHSDU1$8@ 8&1V 8OWUDFROG8OWUD&ROG1HXWURQV
LQIUDVWUXFWXUHDFFRXQWLQJXQLW ,$8 >REVROHWH 8&1: 8QLYHUVLW\&ROOHJHRI1RUWK:DOHV %DQJRU
UHSODFHGE\1$8@ *% 
8&, 8QLYHUVLW\RI&DOLIRUQLD,UYLQH 86$  8FRPpWDO 8QLRQFRPPHUFLDOH%HOJHGHPpWDOOXUJLH
8&,'PHWKRG 8VHU&HQWHUHG,QIRUPDWLRQ'HVLJQ %HOJLDQ8QLRQ
PHWKRG 8&23 8QLW&RVW2I3URGXFWLRQ
6RIWZDUH(QJLQHHULQJ 8&3 8QLQWHUUXSWLEOH&RPSXWHU3RZHU
8&,,0 8QLRQH&DWWROLFD,WDOLDQD,QVHJQDQWL0HGL 8&3 ILUVW8QFRXSOLQJ3URWHLQ
,WDO\  7KH8&3ZDVGLVFRYHUHGE\UHVHDUFKHUVDWWKH
8&,0$ 8QLRQH&RVWUXWWRUL0DFFKLQH$XWRPDWLFKH &156 )UDQFH DQGDWWKH8QLYHUVLW\RI'XQGHH
&RQIH]LRQDPHQWRH,PEDOODJJLR *% LQWKHPLGV7KH8&3GLYHUWVHQHUJ\
,WDOLDQDFURQ\PRIWKH$XWRPDWLF3DFNDJLQJ IURPDGHQRVLQHWULSKRVSKDWHV\QWKHVLVWRWKHUPR
0DFKLQHV0DQXIDFWXUHUV$VVRFLDWLRQ ,WDO\  JHQHVLV


%LRPHGLFDO6FLHQFHV&HOO%LRORJ\0HWDEROLF 8' 8UEDQ'LVWULFW


3K\VLRORJ\1HXURVFLHQFH2EHVLW\ 8'$ 8OVWHU'HIHQFH$VVRFLDWLRQ ,UHODQG 
8&3% 8QLWHG&RFRQXW3ODQWHUV%DQN 0DQLOD  8'$* 8UEDQ'HYHORSPHQW$FWLRQ*UDQWV
8&30, 8QLRQ&HQWUDOHGHV3DUWLFLSDWLRQV 8'$/ 8QLWj'LDOLWLFKHGL$VVLVWHQ]D/LPLWDWD
0pWDOOXUJLTXHVHW,QGXVWULHOOHV ,WDO\ 
)UHQFK8QLRQ 8'& 8QLYHUVDO'HFLPDO&ODVVLILFDWLRQ
8&3V 8QFRXSOLQJ3URWHLQV 8'&$ 8QLRQSRXUOD'pIHQVHGHV&RPPHUoDQWVHW
&HOO%LRORJ\0HWDEROLF3K\VLRORJ\ $UWLVDQV )UDQFH 
8&5 8QFRQGLWLRQHG5HVSRQVH )UHQFKLQLWLDOLVPRIWKH8QLRQIRUWKH'HIHQVHRI
8&5RU85LVDOVRNQRZQDV8QFRQGLWLRQHG 'HDOHUVDQG&UDIWVPHQ
5HIOH[ 8'', 8QLYHUVDO'HVFULSWLRQ'LVFRYHU\DQG
%HKDYLRU ,QWHJUDWLRQ
8&5 8QLRQH&RVWUXWWRUL5HJRODWRULSHU*DV 0LFURVRIW,%0DQG$ULED
8&5 8QLYHUVLW\RI&DOLIRUQLD5LYHUVLGH 86$  ,QWHUQHWEDVHG'LUHFWRULHV
8&5 8QLYHUVLW\RI&RVWD5LFD 8'( 8QLRQHGHOOD'LIHVD(XURSHD
8&6 8QFRQGLWLRQHG6WLPXOXV ,WDOLDQDFURQ\PRIWKH(XURSHDQ'HIHQFH8QLRQ
%HKDYLRU 8'(8'( 8QLRQH'RJDQDOH(XURSHD
8&6 8QLIRUP&RVW6HDUFK ,WDOLDQDFURQ\PRIWKH(XURSHDQ&XVWRPV8QLRQ
$UWLILFLDO,QWHOOLJHQFH 8'(&2 8QLRQGH&UpGLWSRXUO·(QYLURQQQHPHQWHW
8&6 8QLRQHGHL&DSLVWD]LRQH ,WDO\  O·XWLOLVDWLRQpFRQRPLTXHGHO·pQHUJLH
,WDOLDQLQLWLDOLVPRIWKH6WDWLRQ0DVWHUV8QLRQ (QYLURQPHQW(QHUJ\6DYLQJV
8&6 8QLRQRI&RQFHUQHG6FLHQWLVWV 8') 8QGXFWHG)DQ
8&6 8QLYHUVDO&KDUDFWHU6HW 8') 8QLRQGHV)DEULFDQWV )UDQFH 
&RPSXWHUV )UHQFKLQLWLDOLVPRIWKH0DQXIDFWXUHUV8QLRQ
8&6% 8QLYHUVLW\RI&DOLIRUQLD6DQWD%DUEDUD 8') 8QLRQSRXUOD'pPRFUDWLH)UDQoDLVH
86$  )UHQFKLQLWLDOLVPRIWKH8QLRQIRU)UHQFK
8&6& 8QLYHUVLW\RI&DOLIRUQLD6DQWD&UX] 'HPRFUDF\
8&6' 8QLYHUVLW\RI&DOLIRUQLD6DQ'LHJR 3ROLWLFDO3DUW\
86$  8') 8QLWHG'HPRFUDWLF)URQW 6RXWK$IULFD 
8&6 GLDJUDP 8QLIRUP&KURPDWLFLW\6FDOHGLD 8', 8QLRQH'RQQH,WDOLDQH
JUDP ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI,WDOLDQ
2SWLFV :RPHQ ,WDO\ 
8&6) 8QLYHUVLW\RI&DOLIRUQLD6DQ)UDQFLVFR 8GLH 8SSHUGLH
86$  3UHVV:RUNLQJ
8&6, 8QLRQH&DWWROLFD6WDPSD,WDOLDQD 8'/ 8QLIRUPO\'LVWULEXWHG/RDG
,WDOLDQ8QLRQ 8'0+ 8QVGLPHWK\OK\GUD]LQH
8&7 8QLYHUVDO&RRUGLQDWHG7LPH 8'2& 8OWUDILOWHUHG'LVVROYHG2UJDQLF&DUERQ
8&7 8QLYHUVLW\RI&DSH7RZQ 6RXWK$IULFD  8'20 8OWUDILOWHUHG'LVVROYHG2UJDQLF0DWWHU
8&7'& 8QLYHUVLW\RI&DOLIRUQLD7HFKQRORJ\ 8'21 8OWUDILOWHUHG'LVVROYHG2UJDQLF1LWURJHQ
'HYHORSPHQW&RPSDQ\ 86$  8'3 8QLIRUP'HOLYHUHG3ULFH
7KH8QLYHUVLW\RI&DOLIRUQLD7HFKQRORJ\ %XVLQHVV&RPPHUFH
'HYHORSPHQW&RPSDQ\ZDVFUHDWHGZLWKDYLHZWR 8'3 8ULGLQH'LSKRVSKDWH
IXQGVWDUWXSFRPSDQLHVDQGKHOS8QLYHUVLW\RI %LRFKHPLVWU\ &+123
&DOLIRUQLDUHVHDUFKHUVWRGHYHORSLQYHQWLRQV %LRPHGLFLQH5HVHDUFK
8
&87 DEEU 8QGHUFXW 8'3 8VHU'LDJUDP3URWRFRO
$QDWRP\(QJLQHHULQJ)RUHVWU\0HWDOOXUJ\ 8'3* 8ULGLQH'LSKRVSKRJOXFRVH
0LQLQJ(QJLQHHULQJ %LRFKHPLVWU\
8&: 8QLW&RQWURO:RUG 8'3*OF1DFHSLPHUDVH 8ULGLQH'LSKRVSKDWH
8' 8GLQH,WDO\ 1$FHW\OJOXFRVDPLQHHSLPHUDVH
8' XQGHUZDWHUGLYLQJ %LRFKHPLVWU\&HOO6XUIDFH6LDO\ODWLRQ
SORQJpHVRXVPDULQH *O\FRELRORJ\,PPXQRELRORJ\0ROHFXODU
8' 8QLRQ'pSDUWHPHQWDOH )UDQFH  %LRORJ\
8' 8SSHU'HFN 8'5 8QLRQHGHL'HPRFUDWLFLGHOOD5HSXEEOLFD


7KH8'5LVWKHFHQWHUULJKWSDUW\ZLWKGHSXWLHV 8(312 8VHRI(Q]\PHVLQWKH3URFHVVLQJRI1HZ


IRXQGHGE\)UDQFHVFR&RVVLJDWKHIRUPHUSUHVL 2LOVHHGVWRLQGXVWULDOUDZPDWHULDOV
GHQWRQQG -XO\DQGOHGE\KLP ,WDO\  (XURSHDQ&RPPXQLW\3URMHFW
8'5 8QLRQSRXUOD'pIHQVHGHOD5pSXEOLTXH 8(5 8QLRQH(XURSHDGL5DGLRGLIIXVLRQH
)UHQFKLQLWLDOLVPRIWKH8QLRQIRUWKH'HIHQVHRI ,WDOLDQDFURQ\PRIWKH(XURSHDQ%URDGFDVWLQJ
WKH5HSXEOLF )UDQFH  8QLRQ
8'6,6 8QLRQ'pSDUWHPHQWDOHGHV6\QGLFDWV 8(5 8QLWpG
(QVHLJQHPHQWHWGH5HFKHUFKH
,QWHUFRPPXQDX[6FRODLUHV )UHQFKDFURQ\PPHDQLQJ7HDFKLQJDQG5HVHDUFK
)UHQFK8QLRQ 8QLW )UDQFH 
8'7 XQGHUZDWHUGHPROLWLRQWHDP 8(6 8SSHU(VRSKDJHDO6SKLQFWHU
pTXLSHGHGpPROLWLRQVRXVPDULQH 8(7 8QLYHUVDO(QJLQHHULQJ7UDFWRU
8'8 8QGHUZDWHU'HPROLWLRQ8QLW 8(73 8QLYHUVLW\(QWHUSULVH7UDLQLQJ3DUWQHUVKLSV
8( 8QLRQH(XURSHD8QLRQ(XURSpHQQH 8) 8QLWHG)URQW ,QGLD 
,WDOLDQDQG)UHQFKLQLWLDOLVPRIWKH(XURSHDQ 8) 8QLYHUVLW\RI)ORULGD 86$ 
8QLRQ 8) 8UHD)RUPDOGHK\GH
8($ 8QLRQH(XURSHD$VVLFXUDWRUL 8) 8VHG)RU
,WDOLDQLQLWLDOLVPRIWKH,QVXUHUV(XURSHDQ8QLRQ 8) 8VHU)ULHQGO\
8($ 8QLYHUVLW\RI(DVW$QJOLD *%  &RPSXWHU3URJUDPPLQJ,QGXVWULDO(QJLQHHULQJ
8(DQG& 8QLWHG(QJLQHHUVDQG&RQVWUXFWRUV 8) 8UDQLXP7HWUDIOXRULGH
86$  8UDQLXP7HWUDIOXRULGHDOVRNQRZQDV*UHHQ6DOW
8(%/ 8QLRQ(FRQRPLTXH%HOJLTXH/X[HPERXUJ LVXVHGLQWKHSURGXFWLRQRIXUDQLXPPHWDO
)UHQFKLQLWLDOLVPRIWKH(FRQRPLF8QLRQ ,QRUJDQLF&KHPLVWU\
%HOJLXP/X[HPEXUJ 8) 8UDQLXP+H[DIOXRULGH
8(& 8QLRQ(XURSpHQQHGHV([SHUWV&RPSWDEOHV 8)$ 8QWLO)XUWKHU$GYLVHG
(FRQRPLTXHVHW)LQDQFLHUV 8)$& 8SKROVWHUHG)XUQLWXUH$FWLRQ&RXQFLO
(XURSHDQ8QLRQV 7KH8)$&LVORFDWHGLQ+LJK3RLQW1RUWK
8(&( 8QLYHUVLW\(QWUDQFH&HQWHU([DPLQDWLRQ &DUROLQD 86$ 
8QLYHUVLW\HQWUDQFHH[DPVLQ-DSDQ 8)$: 8QLYHUVLW\)HGHUDWLRQIRU$QLPDO:HOIDUH
8(( 8QLRQH(FRQRPLFD(XURSHD 8)&6 8QLRQ)pPLQLQH&LYLTXHHW6RFLDOH )UDQFH 
,WDOLDQLQLWLDOLVPRIWKH(XURSHDQ(FRQRPLF 8)' 8VHU)LOH'LUHFWRU\
8QLRQ XII DEEU XIILFLDOH
8(( 8QLYHUVLWp(XURSpHQQHG
(FULWXUH %HOJLXP  ,WDOLDQDEEUHYLDWLRQPHDQLQJRIILFLDORIILFHU
8() 8QLRQH(XURSHDGHL)HGHUDOLVWL 0LOLWDU\
,WDOLDQDFURQ\PRIWKH(XURSHDQ8QLRQRI XII DEEU XIILFLR
)HGHUDOLVP6XSSRUWHUV ,WDOLDQDEEUHYLDWLRQPHDQLQJEXUHDXRIILFH
8(0 8QLRQH(FRQRPLFDH0RQHWDULD 8)) 8QLRQGHV)HPPHV)UDQoDLVHV )UDQFH 
,WDOLDQLQLWLDOLVPPHDQLQJ(FRQRPLFDQG )UHQFKLQLWLDOLVPRIWKH)UHQFK:RPHQ8QLRQ
0RQHWDU\8QLRQ 8)) 8QLYHUVDO)OLS)ORS
8(0 8QLWHG(QJLQHHU0DOD\VLD 8), 8QLRQH)LHUH,QWHUQD]LRQDOL
0DOD\VLDQ&RQVWUXFWLRQ*URXSV ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO7UDGH)DLU
8(02$ 8QLRQ(FRQRPLTXHHW0RQpWDLUH2XHVW 8QLRQ
$IULFDLQH 8)2XIR 8QLGHQWLILHG)O\LQJ2EMHFW
)UHQFKLQLWLDOLVPRIWKH:HVW$IULFDQ(FRQRPLF 7KHXQLGHQWLILHGIO\LQJREMHFWLVDOVRNQRZQDV
DQG0RQHWDU\8QLRQ )O\LQJ6DXFHUEHFDXVHLWORRNVOLNHDVKLQLQJGLVN
8(28(2 8QLRQH(XURSHD2FFLGHQWDOH8QLRQ $VWURQRP\
GHO·(XURSH2FFLGHQWDOH 8)2 8VHU)LOHV2QOLQH
,WDOLDQDQG)UHQFKLQLWLDOLVPRIWKH:HVWHUQ 8)3D 8QLYHUVLGDGH)HGHUDO'R3DUi %UD]LO 
(XURSHDQ8QLRQ 8)6 8QLYHUVDO)LQDQFLDO6\VWHP
8(38(3 8QLRQH(XURSHDGHL3DJDPHQWL8QLRQ %XVLQHVV)LQDQFH
(XURSpHQQHGHV3DLHPHQWV 8)6&& 8QLYHUVLW\RI)ORULGD6KDQGV&DQFHU
,WDOLDQDQG)UHQFKDFURQ\PRIWKH(XURSHDQ &HQWHU 86$ 
3D\PHQWV8QLRQ 8)6,$ 8QLYHUVLWDLUH)DFXOWHLWHP6W,JQDWLXV
$QWZHUSHQ %HOJLXP 


8)7 8QLWHG)HGHUDWLRQRI7HDFKHUV 8+(&5V 8OWUD+LJK(QHUJ\&RVPLF5D\V


8)7$$ 8QLYHUVDO)HGHUDWLRQRI7UDYHO$JHQWV· $VWURSK\VLFV6SDFH3K\VLFV
$VVRFLDWLRQV 8+) 8OWUDKLJK)UHTXHQF\
8* 8JDQGD 7KHXOWUDKLJKIUHTXHQF\LVWKHIUHTXHQF\EDQGLQ
8* 8URJHQLWDO WKHUDQJHIURPWRPHJDKHUW]
$QDWRP\ 7HOHFRPPXQLFDWLRQV
8* 8VHU*URXS 8+.7 ,QVWLWXWHRI+HPDWRORJ\DQG%ORRG
&RPSXWHU3URJUDPPLQJ 7UDQVIXVLRQ 3UDJXH&]HFKRVORYDNLD 
8* 8WHURJORELQ 8+/ 8VHU+HDGHU/DEHO
8*RU%ODVWRNLQZDVILUVWGLVFRYHUHGLQWKHUDEELW 8+0:3 8OWUDKLJK0ROHFXODU:HLJKW
XWHUXV 3RO\HWK\OHQH
$QLPDO6FLHQFH&HOO%LRORJ\*HQHWLFV+HULWDEOH 3ODVWLFV
'LVRUGHUV0DPPDOLDQ*HQHWLFVDQG 8+1 8QLYHUVLW\+HDOWK1HWZRUN
'HYHORSPHQW9HWHULQDU\DQG7XPRU3DWKRORJ\ 7RURQWREDVHG&DQDGD
8*%1 8QLRQ*pQpUDOH%HOJHGH1HWWR\DJHHWGHOD 8+3 8OWUDKLJK3UHVVXUH
'pVLQIHFWLRQ %HOJLXP  8+6&06 8QLYHUVLW\RI+HDOWK6FLHQFH&KLFDJR
%HOJLDQ8QLRQV 0HGLFDO6FKRRO 86$ 
8*& 8QLYHUVLW\*UDQWV&RPPLWWHH 86$  8+7 8OWUDKLJK7HPSHUDWXUH
8**7 8'3JOXFRVH*O\FRSURWHLQ*OXFRU\O 8+7VV\VWHP 8OWUD+LJK7KURXJKSXW6FUHHQLQJ
7UDQVIHUDVH V\VWHP
)RUIXUWKHUGHWDLOVVHHXQGHU8'3 8+9 8OWUDKLJK9DFXXP
8*, 8QLRQH*HRJUDILFD,QWHUQD]LRQDOH 3K\VLFV
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO*HRJUDSKLF 8, 8QLRQH,QWHUSDUODPHQWDUH
8QLRQ ,WDOLDQLQLWLDOLVPRIWKH,QWHUSDUOLDPHQWDU\8QLRQ
8*, 8SSHU*DVWURLQWHVWLQDO 8, 8QLYHUVLW\RI,QGRQHVLD
8*0 8QLYHUVLGDG*DEULHOD0LVWUDO 6DQWLDJR 8, 8VHU,GHQWLILFDWLRQ
&KLOH  &RPSXWHU3URJUDPPLQJ
8*0LV&KLOH
VILUVWSULYDWHXQLYHUVLW\)RXQGHGLQ 8,$ 8QLRQ,QWHUQDWLRQDOHGHV$UFKLWHFWHV
8*0
VSURJUDPVLQFOXGHPDVWHU
VGHJUHHVLQ )UHQFKLQLWLDOLVPPHDQLQJ,QWHUQDWLRQDO8QLRQRI
HFRQRPLFVPDQDJHPHQWIRUODZ\HUVILQDQFHDQG $UFKLWHFWV
SROLWLFDOSKLORVRSK\ 8,$ 8QLRQRI,QWHUQDWLRQDO$VVRFLDWLRQV %HOJLXP 
8*0 8QLYHUVLW\RI*DGMDK0DGD ,QGRQHVLD  8,$&3 8QLIRUP,QWHUQDWLRQDO$XWKHQWLFDWLRQDQG
8*0LVRQHRIWKHQDWLRQ
VSUHPLHUUHVHDUFKXQL &HUWLILFDWLRQ3UDFWLFHV
YHUVLWLHV 3URMHFW(VSRQVRUHGE\WKH,QWHUQDWLRQDO
8*2 8QLWpGH*UDSSH2SpUDWULFH &KDPEHURI&RPPHUFHFRPSOHWHGLQ$SULO
&RPPXQLFDWLRQV ,QWHUQDWLRQDO$JUHHPHQWV6HFXULW\3URFHGXUHV
8*33 8ULGLQH'LSKRVSKRJOXFRVH 8LDH 8QLRQLQGXVWULHOOHSRXUO·$IULTXHpTXDWRULDOH
3\URSKRVSKRU\ODVH 8,$0 8QLRQH,QWHUQD]LRQDOH$VVLFXUD]LRQL
8*6 XQDWWHQGHGJURXQGVHQVRU 0DULWWLPH
FDSWHXUDXVROQRQVXUYHLOOp ,WDOLDQLQLWLDOLVPRIWKH0DULQH,QVXUDQFH
8*63 8QGHUJUDGXDWH6FKRODUVKLS3URJUDP ,QWHUQDWLRQDO8QLRQ
7KH8*63 LVVSRQVRUHGE\WKH861DWLRQDO 8,& 8IILFLR,WDOLDQR&DPEL
,QVWLWXWHVRI+HDOWK ,WDOLDQLQLWLDOLVPRIWKH,WDOLDQ([FKDQJH2IILFH
8*7 8VHU*URXS7DEOH 8,& 8QLRQ,QWHUQDWLRQDOHGHV&KHPLQVGHIHU
8*77 8QLRQ*pQpUDOHGHV7UDYDLOOHXUV7XQLVLHQV ,QWHUQDWLRQDO8QLRQ5DLOZD\V
8+ 8QLYHUVLW\RI+DZDLL 8,& 8QLRQH,WDOLDQD&LHFKL ,WDO\ 
8+ 8QLYHUVLW\RI+HUWIRUGVKLUH *%  ,WDOLDQ8QLRQV
8+ 8QLYHUVLW\RI+RXVWRQ 86$  8,& XQLWLGHQWLILFDWLRQFRGH
8+ 8UDQLXP+\GULGH FRGHG·LGHQWLILFDWLRQG·XQLWp
8+ LVXVHGPDLQO\DVDUHGXFLQJDJHQW 8,& 8QLYHUVLW\RI,OOLQRLVDW&KLFDJR 86$ 
,QRUJDQLF&KHPLVWU\ 8,& 8SSHU,QQHU&RUH
8+& 8OWLPDWH+ROGLQJ&RPSDQ\ (DUWKDQG(QYLURQPHQWDO6FLHQFHV6HLVPRORJ\
%XVLQHVV)LQDQFH 8,&& 8QLRQH,QWHUQD]LRQDOH&RQWURLO&DQFUR


,WDOLDQLQLWLDOLVPRIWKH,QWHUQDWLRQDO8QLRQ 8,33, 8QLRQH,QWHUQD]LRQDOHSHUOD3URWH]LRQHGHOOD


DJDLQVW&DQFHU 3URSULHWj,QGXVWULDOH
8,&& 8QLRQ,QWHUQDWLRQDOH&RQWUHOH&DQFHU ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO8QLRQIRUWKH
)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO8QLRQ 3URWHFWLRQRI,QGXVWULDO3URSHUW\3DULVFRQYHQWLRQ
DJDLQVW&DQFHU 
/RFDWHGLQ*HQHYD6ZLW]HUODQG 8,5 8QLRQH,WDOLDQD5LVWRUDWRUL ,WDO\ 
8,&1 8QLRQ0RQGLDOHSRXUOD1DWXUH 8,5EDQGV 8QLGHQWLILHG,5EDQGV
/RFDWHGLQ*ODQG6ZLW]HUODQG)RXQGHGLQ $VWURFKHPLVWU\$VWURQRP\$VWURSK\VLFV
WRSURPRWHLQWHUQDWLRQDOFRRSHUDWLRQLQVFLHQWLILF 0ROHFXODU$VWURSK\VLFV
UHVHDUFKDQGLQDSSO\LQJHFRORJLFDOFRQFHSWVIRU )RUIXUWKHUGHWDLOVVHHXQGHU,5
FRQVHUYDWLRQRIQDWXUHDQGQDWXUDOUHVRXUFHVWR 8,6 8QHPSOR\PHQW,QVXUDQFH6HUYLFH 86$ 
HQVXUHWKHSHUSHWXDWLRQRIELRORJLFDOGLYHUVLW\DQG 8,6 8QLRQH,QWHUQD]LRQDOHGL6RFFRUVR
JHQHWLFUHVRXUFHVRIZLOGDQLPDOVDQGSODQWVLQ ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO$LG6RFLHW\
WKHLUQDWXUDOHQYLURQPHQWWRGLVVHPLQDWHLQIRUPD 8,67 6\PSRVLXP 8VHU,QWHUIDFH6RIWZDUHDQG
WLRQHFRORJLFDOJXLGHOLQHVDQGWHFKQLTXHVRIFRQ 7HFKQRORJ\6\PSRVLXP
VHUYDWLRQLQSUHVHUYLQJZLOGOLIHKDELWDWVDQGRWKHU 8,78,7 8QLRQH,QWHUQD]LRQDOH
QDWXUDOODQGVFDSHIHDWXUHVIRUWKHLUHWKLFDODHVWKHW 7HOHFRPXQLFD]LRQL8QLRQ,QWHUQDWLRQDOHGHV
LFVFLHQWLILFHGXFDWLRQDODQGHFRQRPLFYDOXHVWR 7pOpFRPPXQLFDWLRQV
IDFLOLWDWHWKHXQGHUVWDQGLQJRIHFRORJLFDOSULQFL ,WDOLDQDQG)UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO
SOHVDQGELRORJLFDOSURGXFWLYLW\IRUWKHORQJWHUP 7HOHFRPPXQLFDWLRQ8QLRQ
HFRQRPLFDQGVRFLDOZHOIDUHRIPDQNLQG 8,73 8QLRQ,QWHUQDWLRQDOHGHV7UDQVSRUWV3XEOLFV
6FLHQWLILF5HVHDUFK %HOJLXP 
8,&208& 8QLYHUVLW\RI,OOLQRLV&ROOHJH2I )UHQFKLQLWLDOLVPRIWKH,QWHUQDWLRQDO8QLRQRI
0HGLFLQHDW8UEDQD&KDPSDLJQ 86$  3XEOLF7UDQVSRUW
8,&V 8UHD,QFOXVLRQ&RPSRXQGV )RXQGHGLQWRVWXG\DOOSUREOHPVUHODWHGWR
&KHPLVWU\&KHPLFDO(QJLQHHULQJ0DWHULDOV WKHRSHUDWLRQRISXEOLFWUDQVSRUWDWLRQ
6FLHQFH 8,76 8QLRQH,WDOLDQD7LURD6HJQR
8,' DEEU 8QLGHQWLILHG ,WDOLDQDFURQ\PRIWKH,WDOLDQ5LIOH$VVRFLDWLRQ
8,) 8QLRQH,QGXVWULDOLGHO)HUPDQR 8,9 8URJUDSKLH,QWUDYHLQHXVH
/RFDWHGDW)HUPR $3 ,WDO\ )UHQFKLQLWLDOLVPPHDQLQJ,QWUDYHQRXV8URJUDSK\
,WDOLDQ8QLRQV 8,9)1&9 8QLRQH,WDOLDQD9LQL)HGHUD]LRQH
8,)8LI 8QLWjGL,QWHOOLJHQFH)LQDQ]LDULD 1D]LRQDOHGHO&RPPHUFLR9LQLFROR
,WDOLDQLQLWLDOLVPPHDQLQJ)LQDQFLDO,QWHOOLJHQFH /RFDWHGLQ0LODQ,WDO\
8QLW :LQHV8QLRQ
7RILJKWPRQH\ODXQGHULQJ 8- 8QFRQGLWLRQDO-XPS
8,+ 8QLRQ,QVWUXPHQWDOHG
+HUPDQFH 8-LVDOVRNQRZQDV8QFRQGLWLRQDO%UDQFK
6ZLW]HUODQG  8QFRQGLWLRQDO7UDQVIHU
8,/8,/ 8IILFLR,QWHUQD]LRQDOHGHO/DYRUR &RPSXWHU3URJUDPPLQJ
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO/DERXU 8-&/ 8QLYHUVDO-RE&RQWURO/DQJXDJH
2UJDQL]DWLRQ 8-, 8QLYHUVLGDG-DXPH, 6SDLQ 
8,/8,/ 8QLRQH,WDOLDQDGHO/DYRUR 8-15 8QLWHG6WDWHV-DSDQFRRSHUDWLYHSURJUDPLQ
,WDOLDQDFURQ\PRIWKH,WDOLDQ7UDGH8QLRQ 1DWLRQDO5HVRXUFHV
)HGHUDWLRQ 8-7 8QLMXQFWLRQ7UDQVLVWRU
8,/&(5 8QLRQH,WDOLDQD/DYRUDWRUL&KLPLFD 8. 8QLWHG.LQJGRP
(QHUJLD(5LVRUVH ,WDO\  8. 8QLYHUVLW\RI.HQWXFN\ 86$ 
,WDOLDQ8QLRQV 8. 8URNLQDVH
8,/'0 8QLRQH,WDOLDQD/RWWDDOOD'LVWURILD 8URNLQDVHLVDOVRNQRZQDV3ODVPLQRJHQ$FWLYDWRU
0XVFRODUH ,WDO\  (Q]\PRORJ\
0XVFXODU'\VWURSK\8QLRQ 8.$'*( 8QLWHG.LQJGRP$LU'HIHQFH*URXQG
8,/36 8QLRQH,WDOLDQD/DYRUDWRUL3ROL]LDGLVWDWR (QYLURQPHQW
,WDOLDQ3ROLFH8QLRQ LQIUDVWUXFWXUHpOHFWURQLTXHGHODGpIHQVHDpULHQQH
8,3 ,QWHUGLVFLSOLQDU\8QLYHUVLW\RI3DULV GX5R\DXPH8QL
8.$'5 8.$LU'HIHQFH5HJLRQ


]RQHGHGpIHQVHDpULHQQHGX5R\DXPH8QL 8/&& 8OWUDODUJH&UXGH&DUULHU


8.$($8.$($ 8QLWHG.LQJGRP$WRPLF 7KHXOWUDODUJHFUXGHFDUULHULVDOVRNQRZQDV
(QHUJ\$XWKRULW\ 6XSHUWDQNHU
:LWKHIIHFWIURP-DQXDU\WKH-(7 LVUXQE\ 1DYDO$UFKLWHFWXUH
WKH8.$($ RQEHKDOIRIWKH(XURSHDQ 8/' 8QLW/RJLF'HYLFH
&RPPLVVLRQ
V(XUDWRP3URJUDPDQGWKH 8/'V 8QLW/RDGLQJ'HYLFHV
(XURSHDQ1DWLRQDO)XVLRQ$VVRFLDWLRQV 8/,*V 8OWUD/XPLQRXV,QIUDUHG*DOD[LHV
)RUIXUWKHUGHWDLOVVHHXQGHU-(7 $OVR8/,5*V
8.$)) 8.$VWURSK\VLFDO)OXLGV)DFLOLW\ $VWURQRP\$VWURSK\VLFV
$ QDWLRQDOVXSHUFRPSXWLQJIDFLOLW\EDVHGDWWKH 8/,5*V 8OWUD/XPLQRXV,QIUDUHG*DOD[LHV
8QLYHUVLW\RI/HLFHVWHU*% $OVR8/,*V
$VWURSK\VLFDO)OXLG'\QDPLFV $VWURQRP\
8.$368NDSV 8.$VVRFLDWLRQRI 8/,6 8QLIRUP/DZRQWKH,QWHUQDWLRQDO6DOHRI
3KDUPDFHXWLFDO6FLHQWLVWV *%  JRRGV
8.$6 7KH8QLWHG.LQJGRP$FFUHGLWDWLRQ6HUYLFH 8//== XOWUDORQJOHJ]LJ]DJ
*%  ]LJ]DJjWURQoRQVXOWUDORQJV
8.$6LVWKH8.QDWLRQDODFFUHGLWDWLRQERG\ 8/06 8QGHUVHD/RQJUDQJH0LVVLOH6\VWHP
UHVSRQVLEOHIRUDVVHVVLQJDQGDFFUHGLWLQJWKHFRP 86$ 
SHWHQFHRIRUJDQLVDWLRQVLQWKHILHOGVRIPHDVXUH 8OVD 8IILFLRODYRURVHGHDSRVWROLFD ,WDO\ 
PHQWWHVWLQJLQVSHFWLRQDQGFHUWLILFDWLRQRIV\V 8/6$%SURMHFW 8OWUD/LJKW6WHHO$XWR%RG\SUR
WHPVSURGXFWVDQGSHUVRQQHO MHFW 86$ 
8.% 8QLYHUVDO.H\ERDUG XOW DEEU XOWLPDWHXOWLPDWHO\
8.'0& 8.'DUN0DWWHU&ROODERUDWLRQ XOW DEEU XOWLPR
8.'0&UXQVDVFLQWLOODWLRQGHWHFWRULQ(XURSH
V $OVRXOWR
GHHSHVWPLQHLQ1RUWKHUQ(QJODQG7KH8.'0& 8/9= 8OWUDORZ9HORFLW\=RQH
H[SHULPHQWWDNHVSODFHDWWKH5XWKHUIRUG$SSOHWRQ 7KH8/9=FRQVLVWVRISDUWLDOO\PHOWHGURFN
/DERUDWRU\ *HRSK\VLFV0LQHUDO3K\VLFV6HLVPRORJ\
$VWURQRP\ XP XQGHUPHQWLRQHG
8.*(52IILFH 8QLWHG.LQJGRP*OREDO 80 8QLRQH0LOLWDUH
(QYLURQPHQWDO5HVHDUFK2IILFH ,WDOLDQLQLWLDOLVPPHDQLQJ0LOLWDU\8QLRQ
8.,57 8QLWHG.LQJGRP,QIUDUHG7HOHVFRSH 80 8QLRQ0LQLqUH %HOJLXP 
$VWURQRP\3ODQHWDU\6FLHQFH 80 8QLRQV0RQpWDLUHV
8.,72 8QLWHG.LQJGRP,QIRUPDWLRQ7HFKQRORJ\ )UHQFKLQLWLDOLVPPHDQLQJ0RQHWDU\8QLRQV
2UJDQL]DWLRQ 80 8QLYHUVLW\RI0DOD\VLD 0DOD\VLD 
8.02 8QLWHG.LQJGRP0HWHRURORJLFDO2IILFH 80 8QLYHUVLW\RI0DQLWRED &DQDGD 
*%  80 8QLYHUVLW\RI0DU\ODQG 86$ 
8.1/ $0) 8QLWHG.LQJGRP1HWKHUODQGV 80 8QLYHUVLW\RI0LDPL 86$ 
$PSKLELRXV)RUFH 80 8QLYHUVLW\RI0LVVRXUL 86$ 
)RUFHDPSKLELH5R\DXPH8QL3D\V%DV 80 8VHU0RGH
8.5$ 8QLWHG.LQJGRP5HDGLQJ$VVRFLDWLRQ &RPSXWHU3URJUDPPLQJ
8/ 8QGHUZULWHUV/DERUDWRULHV 86$  80$ 8QLRQGX0DJKUHE$UDEH
8/ XSSHUOD\HU GHIHQFH  80$ XQPDQQHGDLUFUDIW
GpIHQVHGHOD FRXFKHVXSpULHXUH DYLRQVDQVSLORWH
8/ 8SSHU/LPLW 80$ 8WHQWL0RWRUL$JULFROL (QWH  ,WDO\ 
8/ 8VHU/DQJXDJH 80$53 8SSHU0DQWDUR$UFKDHRORJLFDO5HVHDUFK
8/$ 8JDQGD/LEUDU\$VVRFLDWLRQ 3URMHFW
8/$ 8QFRPPLWWHG/RJLF$UUD\ 80$66 8QLYHUVLW\RI0DVVDFKXVHWWV 86$ 
5RERWLFV 80%& 8QLYHUVLW\RI0DU\ODQG%DOWLPRUH&RXQW\
8/$ 8WDK/LEUDU\$VVRFLDWLRQ 86$  86$ 
8/% 8QLYHUVLWp/LEUHGH%UX[HOOHV %HOJLXP  80%, 8QLYHUVLW\RI0DU\ODQG%LRWHFKQRORJ\
8/& 8QFRQILUPHG/HWWHURI&UHGLW ,QVWLWXWH 86$ 
%DQNLQJ%XVLQHVV&RPPHUFH)LQDQFH 80& 8QLWHG0HWKRGLVW&KXUFK
8/& 8UEDQ/LEUDULHV&RXQFLO


80& 8QLYHUVLW\RI0LVVRXUL&ROXPELD0LVVRXUL 8076 8QLYHUVDO0RELOH7HOHSKRQ\6HUYLFHV


86$  1H[W*HQHUDWLRQ0RELOHV
80' 8QLYHUVLW\RI0DU\ODQG 86$  81 81 8QLWHG1DWLRQV
80' 8QLYHUVLW\RI0HGLFLQHDQG'HQWLVWU\ 2UJDQL]DWLRQV
86$  81$ 8QLRQH1D]LRQDOHGHOO
$YLFROWXUD
80' 8QLYHVULW\RI0LQQHVRWD'XOXWK 86$  ,WDOLDQDFURQ\PRIWKH%LUG)DQF\LQJ1DWLRQDO
3ODQW%LRORJ\3RSXODWLRQ%LRORJ\3ODQW 8QLRQ
6\VWHPDWLFV XQDEU DEEU XQDEULGJHG
80') 7KH8QLWHG0LWRFKRQGULDO'LVHDVH 81$': 8SSHU1RUWK$WODQWLF'HHS:DWHU
)RXQGDWLRQ 86$  2FHDQRJUDSK\3DOHRFHDQRJUDSK\
0LWRFKRQGULDO,OOQHVV5HVHDUFK*UDQW3URJUDPV 81$)/25 8QLRQH1D]LRQDOHIUDOH$VVRFLD]LRQL
80'1- 8QLYHUVLW\RI0HGLFLQHDQG'HQWLVWU\ GLSURGXWWRUL)/25RYLYDLVWLFL
1HZ-HUVH\ ,WDOLDQ8QLRQV
0HGLFDO6FKRRO1HZDUN1-86$ 81$, 8QLRQH1D]LRQDOH$PPLQLVWUDWRULGL
80( 8QLWp0RQpWDLUH(XURSpHQQH ,PPRELOL
80) XQFRQYHQWLRQDOPLOLWDU\IRUFHV ,WDOLDQ8QLRQV
IRUFHVPLOLWDLUHVQRQFRQYHQWLRQQHOOHV 81$,'6 7KH8QLWHG1DWLRQV
VSHFLDOSURJUDPRQ
80+ 8QLYHUVLWpGH0RQV+DLQDXW %HOJLXP  $,'6
80, 8QLRQH0DJLVWUDWL,WDOLDQL ,WDO\  81$,'6UHSODFHGWKH*3$ LQ
,WDOLDQDFURQ\PRIWKH,WDOLDQ0DJLVWUDWHV8QLRQ )RUIXUWKHUGHWDLOVVHHXQGHU*3$
80, 8QLRQH0DWHPDWLFD,WDOLDQD ,WDO\  81$0 1DWLRQDO$XWRQRPRXV8QLYHUVLW\RI0H[LFR
,WDOLDQDFURQ\PRIWKH,WDOLDQ0DWKHPDWLFDO 0H[LFR&LW\ 
6RFLHW\ 81$0 81LRQH$UWL0DU]LDOL ,WDO\ 
80, 8QLRQH0RQDUFKLFD,WDOLDQD ,WDO\  ,WDOLDQ8QLRQV
,WDOLDQDFURQ\PRIWKH,WDOLDQ5R\DOLVW8QLRQ 81$3$66 8QLRQH1D]LRQDOH$JHQWL3URIHVVLRQLVWL
80,67 8QLYHUVLW\RI0DQFKHVWHU,QVWLWXWHRI GL$VVLFXUD]LRQL
6FLHQFHDQG7HFKQRORJ\ *%  ,WDOLDQDEEUHYLDWLRQRIWKH1DWLRQDO$VVRFLDWLRQRI
80.& 8QLYHUVLW\RI0LVVRXUL.DQVDV&LW\ 3URIHVVLRQDO,QVXUDQFH$JHQWV ,WDO\ 
86$ 81$352$ 8QLRQH1D]LRQDOHWUDOH$VVRFLD]LRQL
80/ 8QLWj0HGLFD/LEHUD ,WDO\  GL3URGXWWRUL2UWRIUXWWLFROL$JUXPDULHGL)UXWWDLQ
800& 8QLYHUVLW\RI0DVVDFKXVHWWV0HGLFDO JXVFLR
&HQWHU 86$  ,WDOLDQ8QLRQ
800, 8QLRQH0HGLFR0LVVLRQDULD,WDOLDQD 81$352/ 8QLRQH1D]LRQDOHWUDOH
,WDOLDQDFURQ\PRIWKH,WDOLDQ0HGLFDO0LVVLRQDU\ $VVRFLD]LRQLGL35RGXWWRULGL2/LYH 5RPH
$VVRFLDWLRQORFDWHGLQ5RPH,WDO\ ,WDO\ 
8006 8QLYHUVLW\RI0DVVDFKXVHWWV0HGLFDO ,WDOLDQ8QLRQV2OLYH3URGXFHUV
6FKRRO 86$  81$5& 8QLYHUVLW\RI$OH[DQGULD,QVWLWXWHRI
802$ 8QLRQ0RQpWDLUH2XHVW$IULFDLQH *UDGXDWH6WXGLHVDQG5HVHDUFK (J\SW 
)UHQFKDFURQ\PRIWKH:HVW$IULFDQ0RQHWDU\ 81$6$6 8QLRQH1D]LRQDOH$FFDGHPLD6FXROD
8QLRQ $FFRQFLDWRULSHU6LJQRUD ,WDO\ 
802' DEEU 8VHU02'XOH ,WDOLDQ$FDGHPLHV
803 8SSHU0DQWOH3URMHFW 81$6&$ 8QLRQH1D]LRQDOH$XWRVFXROH6WXGL
2IWKH,QWHUQDWLRQDO&RXQFLORI6FLHQWLILF8QLRQV &RQVXOHQ]D$XWRPRELOLVWLFD ,WDO\ 
803 8ULGLQH0RQRSKRVSKDWH ,WDOLDQ8QLRQV
%LRFKHPLVWU\ 81$63 8QLRQH1D]LRQDOH$VVRFLD]LRQL6SRUWLYH
8037,'8037, 8VLQJ0RELOH3HUVRQDO 3RSRODUL ,WDO\ 
7HOHFRPPXQLFDWLRQV,QQRYDWLRQIRUWKH'LVDEOHG 81$7 8QLRQH1D]LRQDOH$UWLVWL7HDWUDOL
LQ80763HUYDVLYH,QWHJUDWLRQ ,WDOLDQDFURQ\PRIWKH1DWLRQDO7KHDWUH$UWLVWV
(XURSHDQ&RPPXQLW\3URMHFW $VVRFLDWLRQ
8062 8QLRQH0HGLWHUUDQHD6DJJLDWRUL2OLR 81$7(; 8QLRQH$VVRFLD]LRQL7HVVLOL
,WDO\  ,WDOLDQ7H[WLOH$VVRFLDWLRQV
807 8QLRQ0DURFDLQHGX7UDYDLO 81$7, 8QLRQ1$WLRQDOHGHV7UDYDLOOHXUV
0RURFFR8QLRQ ,QGpSHQGDQWV )UDQFH 


)UHQFKDFURQ\PRIWKH1DWLRQDO8QLRQRI 0RVFRZ5XVVLD
,QGHSHQGHQW:RUNHUV 81) 8QLILHGWKUHDG)RUP )LQH 
81$9,$ $VVRFLD]LRQHSHUOD1RUPD]LRQHHOD 81) 8QLRQ1DWLRQDOHGHV)HPPHV )UDQFH 
&HUWLILFD]LRQHQHO6HWWRUH$HURVSD]LDOH )UHQFKLQLWLDOLVPRIWKH:RPHQ1DWLRQDO8QLRQ
81$9,$ LVORFDWHGLQ5RPH,WDO\ 81)$2 8QLWHG1DWLRQV)RRGDQG$JULFXOWXUH
,WDOLDQ6WDQGDUGV,VVXLQJ$VVRFLDWLRQV 2UJDQL]DWLRQ
81& 8QLYHUVLW\RI1RUWK&DUROLQD 86$  81)&&& 8QLWHG1DWLRQV)UDPHZRUN&RQYHQWLRQ
81& 8QLYHUVLW\RI1RUWKHUQ&RORUDGR 86$  RQ&OLPDWH&KDQJH
7KH81&LVD&DUQHJLH5HVHDUFK,QWHQVLYH 7KH81)&&&KDVEHHQUDWLILHGE\FRXQWULHV
,QVWLWXWLRQ  
81&& 7KH8QLWHG1DWLRQV&RPSHQVDWLRQ &OLPDWH*UHHQKRXVH*DVHV
&RPPLVVLRQ 81)3$ 8QLWHG1DWLRQV3RSXODWLRQ)XQG
7KH81&&ZDVFUHDWHGLQ 81*$ 8QLWHG1DWLRQV*HQHUDO$VVHPEO\
81&&+ 8QLYHUVLW\RI1RUWK&DUROLQDDW&KDSHO 81+ 8QLYHUVLW\RI1HZ+DPSVKLUH 86$ 
+LOO 86$  8QK 8QQLOKH[LXP
81&(' 8QLWHG1DWLRQV&RQIHUHQFHRQ 81+&5 8QLWHG1DWLRQV+LJK&RPPLVVLRQHU
V
(QYLURQPHQWDQG'HYHORSPHQW 2IILFHIRU5HIXJHHV
81&* 8QLYHUVLW\RI1RUWK&DUROLQDDW*UHHQVERUR +DXW&RPPLVVDULDWGHV1DWLRQV8QLHVSRXUOHV
86$  UpIXJLpV
81&, 8QLRQH1D]LRQDOHGHOOH&RRSHUDWLYH,WDOLDQH 81, (QWH1D]LRQDOH,WDOLDQRGL8QLILFD]LRQH
,WDOLDQ8QLRQ 81,LVORFDWHGLQ0LODQ,WDO\
81&,75$/ 8QLWHG1DWLRQV&RPPLVVLRQRQ ,WDOLDQ6WDQGDUGV,VVXLQJ2UJDQL]DWLRQV
,QWHUQDWLRQDO7UDGH/DZ 81, 8QLRQH1DWXULVWL,WDOLDQL
81&/26 8QLWHG1DWLRQV&RQYHQWLRQRQWKH/DZ ,WDOLDQDFURQ\PRIWKH,WDOLDQ1DWXULVW
RIWKH6HD $VVRFLDWLRQ
7KHPDULQHPLQHUDOSURYLVLRQRI81&/26ZDV 81, 8QLRQ1DWLRQDOHGHV,QWHOOHFWXHOV )UDQFH 
VLJQHGLQDQGHQWHUHGLQWRIRUFHLQ 8QL%Z0 8QLYHUVLW\RI$UPHG)RUFHV0XQLFK
81&2/ 8QLYHUVDO&RPSXWHU2ULHQWHG/DQJXDJH ,QVWLWXWHIRU+\GUDXOLFV *HUPDQ\ 
81&52 8QLWHG1DWLRQV&RQILGHQFH5HVWRUDWLRQ 81,& 8QLRQH1D]LRQDOH,QYDOLGL&LYLOL ,WDO\ 
2SHUDWLRQLQ&URDWLD 81,&(81,&( 8QLRQGHV,QGXVWULHVGHOD
RSpUDWLRQGHV1DWLRQV8QLHVSRXUOHUpWDEOLVVHPHQW &RPPXQDXWp(XURSpHQQH8QLRQHGHOOH,QGXVWULH
GHODFRQILDQFHHQ&URDWLH 2185&  GHOOD&RPXQLWj(XURSHD
81&: 8QLYHUVLW\RI1RUWK&DUROLQDDW:LOPLQJWRQ )UHQFKDQG,WDOLDQDFURQ\PRIWKH(XURSHDQ
86$  &RPPXQLW\,QGXVWULHV8QLRQ
81'+$ 8QLWHG1DWLRQV'HSDUWPHQWRI 81,&() 8QLWHG1DWLRQV,QWHUQDWLRQDO&KLOGUHQ
V
+XPDQLWDULDQ$IIDLUV>UHSODFHGE\2&+$@ (PHUJHQF\)XQG
'pSDUWHPHQWGHVDIIDLUHVKXPDQLWDLUHVGHV1DWLRQV 8QLFKDU DEEU 8QLRQ&KDUERQQLqUH5KpQDQH
8QLHV>UHPSODFpSDUOH%&$+@ 81,&+,0 $VVRFLD]LRQHSHUO
8QLILFD]LRQHQHOVHW
81'2) 8QLWHG1DWLRQV'LVHQJDJHPHQW2EVHUYHU WRUHGHOO
,QGXVWULD&KLPLFD
)RUFH ,WDOLDQDEEUHYLDWLRQRIWKH$VVRFLDWLRQIRU
81'3 8QLWHG1DWLRQV'HYHORSPHQW3URJUDP 6WDQGDUGL]DWLRQLQWKH&KHPLFDO,QGXVWU\)LHOG
81( 8QLYHUVLW\RI1HZ(QJODQG $XVWUDOLD  ,WDO\ 
81() 8QLILHGWKUHDGIRUP([WUD)LQH ,WDOLDQ6WDQGDUGV,VVXLQJ$VVRFLDWLRQV
81() 8QLRQ1DWLRQDOHGHV(WXGLDQWVGH)UDQFH 81,&2/8QLFRO 8QLYHUVDOFRPSXWHURULHQWHGODQ
)UHQFKDFURQ\UQRIWKH1DWLRQDO8QLRQRI)UHQFK JXDJH
6WXGHQWV 81,&267 DEEU 81,WjSHUOD&267LWX]LRQH
81(3 8QLWHG1DWLRQV(QYLURQPHQW3URJUDP 81,'$ 8QLRQH,QGXVWULH'ROFLDULHH$OLPHQWDUL
)RUIXUWKHUGHWDLOVVHHXQGHU*() ,WDO\ 
81(37$ 8QLWHG1DWLRQV([SDQGHG3URJUDPRI 81,', 8QLRQH1D]LRQDOH,QGXVWULD'HQWDULD
7HFKQLFDO$VVLVWDQFH ,WDOLDQD
81(6&2 8QLWHG1DWLRQV(GXFDWLRQDO6FLHQWLILF ,WDOLDQ'HQWLVWU\8QLRQ
DQG&XOWXUDO2UJDQL]DWLRQ 81,',5 8QLWHG1DWLRQV,QVWLWXWHIRU'LVDUPDPHQW
81(;,0 8QLWHG([SRUW,PSRUW%DQN 5HVHDUFK *HQHYD6ZLW]HUODQG 


81,'2 8QLWHG1DWLRQV,QGXVWULDO'HYHORSPHQW )UHQFK8QLRQ


2UJDQL]DWLRQ 81,75$ 81LRQH,WDOLDQD75$VSRUWDWRUL
+HDGTXDUWHUHGLQ9LHQQD$XVWULD ,WDOLDQ8QLRQ
81,(1(7 8QLWHG1DWLRQV,QWHUQDWLRQDO(PHUJHQF\ XQLY DEEU XQLYHUVDOXQLYHUVDOO\
1(7ZRUN $VWURQRP\0HFKDQLFDO(QJLQHHULQJ6FLHQFH
81,)(5 (QWHGL8QLILFD]LRQHGHO0DWHULDOH 8QLY DEEU 8QLYHUVLW\
)HUURWUDQYLDULR 8QLYD 8QLRQHLQGXVWULDOLGHOOD3URYLQFLDGL9DUHVH
81,)(5LVORFDWHGLQ)ORUHQFH,WDO\ ,WDOLDQ8QLRQ
,WDOLDQ6WDQGDUGV,VVXLQJ2UJDQL]DWLRQV 81,9$& 81,9HUVDO$XWRPDWLF&RPSXWHU
81,),/ 8QLWHG1DWLRQV,QWHULP)RUFH,Q/HEDQRQ 81,9(5 8QLRQG·,QWpUrWSRXUOD9DORULVDWLRQGH
81,.20 8QLWHG1DWLRQV,UDT.XZDLW2EVHUYHUV O·(VSDJQHHWOD5HWUDLWH
0LVVLRQ )UHQFK8QLRQ
81,/ 81,YHUVLWpGH/DXVDQQH 6ZLW]HUODQG  81/ 8QLYHUVLW\RI1HEUDVND/LQFROQ 86$ 
81,0$68QLPDV 81,YHUVLW\RI0$OD\VLDDW 81/$ 8QLRQH1D]LRQDOHSHUOD/RWWDFRQWUR
6DUDZDN 0DOD\VLD  O
$QDOIDEHWLVPR ,WDO\ 
81,213/$67 8QLRQH1D]LRQDOH,QGXVWULH ,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQIRU
7UDVIRUPDWULFL0DWHULH3ODVWLFKH ,WDO\  WKHILJKWDJDLQVWLOOLWHUDF\
,WDOLDQ8QLRQV3ODVWLF0DWHULDOV 81/26& 8QLWHG1DWLRQV/DZ2IWKH6HD
81,26,1' 8QLRQH6LQGDFDOH3HUVRQDOH'LUHWWLYR &RQYHQWLRQ
%DQFKH ,WDO\  81/9 8QLYHUVLW\RI1HYDGD/DV9HJDV 86$ 
,WDOLDQ%DQNV8QLRQ 810 8QLYHUVLW\RI1HZ0H[LFR 86$ 
81,3('( 81,RQHGHL3URGXWWRUL('LVWULEXWRULGL 810& 8QLYHUVLW\RI1HEUDVND0HGLFDO&HQWHU
(OHWWULFLWj 86$ 
,WDOLDQDFURQ\PRIWKH8QLRQRI(OHFWULFLW\ 810,&, 8QLRQH1D]LRQDOH0XWLODWL,QYDOLGL&LYLOL
3URGXFHUVDQG'LVWULEXWRUV$ (XURSHDQ*URXS G
,WDOLD
ZLWK(XURHOHFWULF  ,WDOLDQDFURQ\PRIWKH1DWLRQDO$VVRFLDWLRQRI
81,3/$67 (QWH,WDOLDQRGL8QLILFD]LRQHQHOOH &ULSSOHGDQG'LVDEOHGRI,WDO\
0DWHULH3ODVWLFKH 810/ 8QLRQ1DWLRQDOHGHV0XWXDOLWpV/LEpUDOHV
81,3/$67 LVORFDWHGLQ0LODQ,WDO\ %HOJLXP 
,WDOLDQ6WDQGDUGV,VVXLQJ2UJDQL]DWLRQV 8101 8QLRQ1DWLRQDOHGHV0XWXDOLWpV1HXWUHV
81,32/ 8QLYHUVDO3URFHGXUH2ULHQWHG/DQJXDJH %HOJLXP 
81,352 DEEU 81,YHUVDO352FHVVRU 8102 8QLWHG1DWLRQVPLOLWDU\REVHUYHU
81,48( 8QLIRUP,QTXLU\8SGDWHDQG(GLW REVHUYDWHXUPLOLWDLUHGHV1DWLRQV8QLHV
81,5( 81,Wj5LFHUFD(XURSHD 8102*,3 8QLWHG1DWLRQV0LOLWDU\2EVHUYHUV
,WDOLDQDFURQ\PPHDQLQJ(XURSHDQ5HVHDUFK *URXSLQ,QGLDDQG3DNLVWDQ
8QLW 81029,& 8QLWHG1DWLRQV0RQLWRULQJ
8QL6 8QLYHUVLW\RI6XUUH\ *%  9HULILFDWLRQDQG,QVSHFWLRQ&RPPLVVLRQ
+HDOWK)RRGDQG(QYLURQPHQW UHIHUULQJWR:0'LQ,UDT
81,6,67 8QLWHG1DWLRQVZRUOG6FLHQFH )RUIXUWKHUGHWDLOVVHHXQGHU:0'
,QIRUPDWLRQ6\VWHP 8103/ 8QLRQ1DWLRQDOHGHV0XWXDOLWpV
81,6<6 81LWHG,QIRUPDWLRQ6<6VWHPV 3URIHVVLRQQHOOHVHW/LEUHV %HOJLXP 
81,7$ 81LRQHSHUO
,QGLSHQGHQ]D7RWDOH 8106 8QLRQ1DWLRQDOHGHV0XWXDOLWpV6RFLDOLVWHV
GHOO
$QJROD %HOJLXP 
81,7$5 8QLWHG1DWLRQV,QVWLWXWHIRU7UDLQLQJ$QG 811 8QLYHUVLW\RI1L]KQ\1RYJR]RG 5XVVLD 
5HVHDUFK *HQHYD6ZLW]HUODQG  812 8QLWHG1DWLRQV2UJDQL]DWLRQ7KH81
81,7(; $VVRFLD]LRQH1D]LRQDOHSHUO
8QLILFD]LRQH 812/6 8QLYHUVLW\1DWLRQDO2FHDQRJUDSKLF
QHO6HWWRUH7HVVLOH /DERUDWRU\6\VWHP
,WDOLDQDEEUHYLDWLRQRIWKH1DWLRQDO$VVRFLDWLRQ 812/6PDQDJHVWKH86DFDGHPLFIOHHW,WLVD
IRU6WDQGDUGL]DWLRQLQWKH7H[WLOH)LHOG81,7(; FRQVRUWLXPRI86,QVWLWXWLRQV
LVORFDWHGLQ0LODQ,WDO\ 8126 8QLWHG1HWZRUNIRU2UJDQ6KDULQJ
,WDOLDQ6WDQGDUGV,VVXLQJ$VVRFLDWLRQV 8126LVD86SULYDWHJURXS
8QLWRS 8QLRQQDWLRQDOHGHVLQGXVWULHVGHWUDQVPLV 7UDQVSODQWDWLRQ
VLRQVROpRK\GUDXOLTXHVHWSQHXPDWLTXHV 8QS 8QQLOSHQWLXP


&KHPLVWU\ )UHQFKLQLWLDOLVPPHDQLQJ7RWDO'LJHVWLEOH
813$ 8QLWHG1DWLRQVSURWHFWHGDUHD 1XWULHQWV
]RQHSURWpJpHSDUOHV1DWLRQV8QLHV =318  817$* 8QLWHG1DWLRQV7UDQVLWLRQ$VVLVWDQFH
813& 8QLRQ1DWLRQDOHGHV3URIHVVLRQQHOVGHOD *URXS
&RPSWDELOLWp 817'(' 8QLIRUP7UDGH'DWD(OHPHQWV'LUHFWRU\
)UHQFK8QLRQ 817',' 8QLIRUP7UDGH'DWD,QWHUFKDQJH
813) 8QLWHG1DWLRQVSHDFHIRUFHV 'LUHFWRU\
IRUFHVGHSDL[GHVQDWLRQV8QLHV )318  817+6&): 8QLYHUVLW\RI1RUWK7H[DV+HDOWK
8135('(3 8QLWHG1DWLRQV3UHYHQWLYH 6FLHQFH&HQWHUDW)RUW:RUWK 86$ 
'HSOR\PHQW)RUFH 8176 8QLWHG1DWLRQV7UHDW\6HULHV
)RUFHGHGpSORLHPHQWSUpYHQWLIGHV1DWLRQV8QLHV 81762 8QLWHG1DWLRQV7UXFH6XSHUYLVLRQ
)25'(35(18  2UJDQL]DWLRQ
81352)25 8QLWHG1DWLRQV3URWHFWLRQ)RUFH 818 8QLWHG1DWLRQV8QLYHUVLW\
>REVROHWH@ 7KH8QLYHUVLW\LVDQDXWRQRPRXVLQVWLWXWLRQZLWKLQ
)RUFHGHSURWHFWLRQGHV1DWLRQV8QLHV>REVROqWH@ WKH81IUDPHZRUNDQGLVVSRQVRUHGMRLQWO\E\81
8QT XQQLOTXDGLXP DQG81(6&2818KDVQRVWXGHQWVRUGHJUHH
815 8QLRQSRXUOD1RXYHOOH5pSXEOLTXH )UDQFH  FRXUVHVLWFRQGXFWVYDULRXVWUDLQLQJDFWLYLWLHVLQ
815 8QLYHUVLW\RI1HYDGD5HQR 86$  DVVRFLDWLRQZLWKLWVSURJUDPPHDQGSURYLGHVIHO
815(3 XQGHUZD\UHSOHQLVKPHQW ORZVKLSVIRUSRVWJUDGXDWHVFLHQWLVWVDQGVFKRODUV
UDYLWDLOOHPHQWjODPHU IURPGHYHORSLQJFRXQWULHV
815,6' 7KH8QLWHG1DWLRQV5HVHDUFK,QVWLWXWHIRU )RUIXUWKHUGHWDLOVVHHXQGHU81(6&2
6RFLDO'HYHORSPHQW *HQHYD6ZLW]HUODQG  8185, 8QLRQH1D]LRQDOH8QLYHUVLWDULD
8155$ 8QLWHG1DWLRQV5HOLHIDQG5HKDELOLWDWLRQ 5DSSUHVHQWDWLYD ,WDO\ 
$GPLQLVWUDWLRQ ,WDOLDQDFURQ\PRIWKH$VVRFLDWLRQRI,WDOLDQ
8QV 8QLGHQWLILHG1HXURQV 8QLYHUVLW\6WXGHQWV
%UDLQ5HVHDUFK3DWKRSK\VLRORJ\3K\VLRORJ\ 81866 8QLRQH1D]LRQDOH8WHQWL6WUXWWXUH
816 8QLILHGWKUHDGIRUP6SHFLDO 6DQLWDULH
8QV 8QQLOVHSWLXP ,WDOLDQ8QLRQ
&KHPLVWU\ 82 8QLWj2SHUDWLYD8QLWj2UJDQL]]DWLYD
816$6 8QLRQH1D]LRQDOH6FXROHSHU$WWLYLWj 82 8UDQLQLWH
6RFLDOL ,WDO\  8UDQLQLWHLVIRXQGPDLQO\LQVHGLPHQWDU\EHGVDQG
YRLU6&>SDVHQXVDJHjO·218@ K\GURWKHUPDOYHLQV
816&($5 8QLWHG1DWLRQV6FLHQWLILF&RPPLWWHH 0LQHUDORJ\
RQWKH(IIHFWVRI$WRPLF5DGLDWLRQ 82 8UDQLXP'LR[LGH
(VWDEOLVKHGLQ 8UDQLXP'LR[LGHDOVRNQRZQDV<HOORZFDNH
,RQL]LQJ5DGLDWLRQ 8UDQLDLVXVHGLQQXFOHDUIXHOURGV
816&20 8QLWHG1DWLRQV6SHFLDO&RPPLVVLRQ ,QRUJDQLF&KHPLVWU\
(VWDEOLVKHGDIWHUWKH*XOI:DULQ(QWUXVWHG 82 8UDQLXP7ULR[LGH
E\WKH816HFXULW\&RXQFLOWRVXSHUYLVHWKH 82DOVRNQRZQDV8UDQ\O2[LGHLVXVHGPDLQO\
GHVWUXFWLRQRIZHDSRQVRIPDVVGHVWUXFWLRQLQ,UDT LQSLJPHQWVDQGFHUDPLFV
7KHPDQGDWHZDVWHUPLQDWHGLQ ,QRUJDQLF&KHPLVWU\
816&5 VHH6&5>QRWLQXVHLQWKH81@ 82 7HUWLDU\7ULXUDQLXP2FWR[LGH
YRLU6&5>SDVHQXVDJHjO·218@ 82 DOVRNQRZQDV8UDQ\O8UDQDWH8UDQRXV
816,'(5 (QWH,WDOLDQRGL8QLILFD]LRQH 8UDQLF$FLGLVXVHGPDLQO\WRSUHSDUHXUDQLXP
6LGHUXUJLFD FRPSRXQGV
816,'(5LVORFDWHGLQ0LODQ,WDO\ ,QRUJDQLF&KHPLVWU\
,WDOLDQ6WDQGDUGV,VVXLQJ2UJDQL]DWLRQV 82$ 8QLWV2I$FFRXQW
8160 8QLYHUVLW\RI1HEUDVND6WDWH0XVHXP 8R$V 8QLWVRI$VVHVVPHQW
/LQFR,Q1HEUDVND 86$  82 &2 5XWKHUIRUGLQH
8167$7 8QLWHG1DWLRQV6WDWLVWLFDO2IILFH 0LQHUDORJ\
(QYLURQPHQW6WDWLVWLFV6HFWLRQ 8RI/ 8QLYHUVLW\RI/RXLVYLOOH 86$ 
817 8QLWp1XWULWLYH7UDQVIRUPDEOH 8RI6$ 8QLRQRI6RXWK$IULFD
82‡+2 6FKRHSLWH


0LQHUDORJ\ 83, 8IILFLR3ULYDWR,QYHVWLJDWLYR


823 8QLW2I3URGXFWLRQ ,WDOLDQDFURQ\PPHDQLQJ3ULYDWH'HWHFWLYH
826 8QOHVV2WKHUZLVH6SHFLILHG $JHQF\
827 8QLW2I7UDGLQJ 83, 8QLRQH3URYLQFH,WDOLDQH
829 8QLW2I9DOXH ,WDOLDQDFURQ\PRIWKH,WDOLDQ3URYLQFHV8QLRQ
83 8NUDLQH 83, 8QLRQH3XEEOLFLWj,WDOLDQD
8NUDLQH ,WDOLDQDFURQ\PRIWKH,WDOLDQ$GYHUWLVLQJ8QLRQ
XQLWpSDUWLFLSDQWH 83, 8QLRQ3DOpRQWRORJLTXH,QWHUQDWLRQDOH
SDUWLFLSDWLQJXQLW 38  )UHQFKDFURQ\PRIWKH,QWHUQDWLRQDO3DOHRQWRORJLF
83 8OVWHU3DUOLDPHQW 8QLRQ
83 8QGHUSURRI 83, 8QLWHG3UHVV,QWHUQDWLRQDO
83 8QHDUQHG3UHPLXP 83,&$ 8IILFLR3URYLQFLDOH,QGXVWULD
83 8QLWHG3UHVV 86$  &RPPHUFLRH$UWLJLDQDWR ,WDO\ 
83 8QLWHG3URYLQFHV 830 8QGHUJUDGXDWH3URJUDPLQ0LFURELRORJ\
83 8QLW3ULFH 86$ 
83 8QUHDOL]HG3URILWV 830 8QLYHUVLW\3XWUD0DOD\VLD
XS DEEU XSSHU 830& 8QLYHUVLW\RI3LWWVEXUJK0HGLFDO&HQWHU
$OVRX 86$ 
83 8URSRUSK\ULQ 8305& 8QLRQRI3DOHVWLQLDQ0HGLFDO5HOLHI
%LRFKHPLVWU\ &RPPLWWHHV
83 8VHU3ULFHV )LUVW$LG:RUNHUV5HKDELOLWDWLRQ&OLQLFV
83 8VHU3URJUDP 832V 8QVWDEOH3HULRGLF2UELWV
8VHUSURJUDPLVDOVRNQRZQDV8VHU:ULWWHQ 833( 8OWUDYLROHW3KRWRPHWULFDQG3RODULPHWULF
3URJUDP8VHU:ULWWHQ&RGH ([SORUHU
&RPSXWHU3URJUDPPLQJ 833,& 8QLRQ,QWHUSURIHVVLRQQHOOH3RXUOD
83 8WLOLW\3URJUDP 3URPRWLRQGHV,QGXVWULHVGHOD&RQVHUYH
83$ 8QLIRUP3DUWQHUVKLS$FW )UHQFK8QLRQ
%XVLQHVV)LQDQFH 835 8QLRQ3DFLILF5HVRXUFHV 86$ 
83$ 8QLRQH3DQDPHULFDQD 2LO3URGXFWLRQ
,WDOLDQDFURQ\PRIWKH3DQ$PHULFDQ8QLRQ 835 8QLYHUVLW\RI3XHUWR5LFR
83$ 8QLTXH3URGXFW$GYDQWDJH 835 8UpWpURS\pORJUDSKLH5pWURJUDGH
%XVLQHVV&RPPHUFH 0HGLFLQH
X3$ XURNLQDVH3ODVPLQRJHQ$FWLYDWRU 836 8IILFLR3URYLQFLDOHGL6WDWLVWLFD ,WDO\ 
83& 8QLIRUP3UDFWLFH&RGH 836 8OWUDYLROHW3KRWRHOHFWURQ6SHFWURVFRS\
83& 8QLWHG3DQ(XURSH&RPPXQLFDWLRQV 7KH $OVR8OWUDYLROHW3KRWRHPLVVLRQ6SHFWURVFRS\
1HWKHUODQGV  836 8QLQWHUUXSWLEOH3RZHU6XSSO\
'XWFKEDVHG83&LVWKHELJJHVW(XURSHDQ&DEOH 836 8QLQWHUUXSWLEOH3RZHU6\VWHP
RSHUDWRU $OVR8QLQWHUUXSWLEOH3RZHU6XSSO\
83& 8QLYHUVDO3URGXFW&RGH 8QLQWHUUXSWLEOH3RZHU6RXUFH
7KHXQLYHUVDOSURGXFWFRGHLVXVXDOO\DWHQGLJLW (OHFWULFLW\
EDUFRGHSXWRQODEHOVRISDFNDJHVLGHQWLI\LQJWKH 836 JULG 8QLYHUVDO3RODU6WHUHRJUDSKLFJULG
PDQXIDFWXUHUDVZHOODVWKHSDUWLFXODUSURGXFW,WLV &DUWRJUDSK\
XVHGDWFKHFNRXWFRXQWHUVLQUHWDLOVWRUHV 836, 8VHU3URJUDP6ZLWFK,QGLFDWRU
&RPSXWHU7HFKQRORJ\ &RPSXWHUV
83( 8QLRQ3DUOHPHQWDLUH(XURSpHQQH 837837 8IILFLR3URYLQFLDOHGHO7HVRUR
83(% 8QLRQRI%DQDQD([SRUWLQJ&RXQWULHV ,WDOLDQLQLWLDOLVPRIWKH'LVWULFW7UHDVXU\2IILFH
)RXQGHGLQ0HPEHUVRIWKHDERYH8QLRQ 837 8IILFLR3URYLQFLDOHGHO7XULVPR ,WDO\ 
DUH3DQDPD+RQGXUDV*XDWHPDOD&RORPELD 837 8QGLVWULEXWHG3URILWV7D[
&RVWD5LFD9HQH]XHODDQG1LFDUDJXD %XVLQHVV)LQDQFH
83) 8QLW3RZHU)DFWRU 838 8QLYHUVDO3RVWDO8QLRQ
(OHFWULFLW\ 838&( 8IILFLRGHOOH3XEEOLFD]LRQL8IILFLDOLGHOOH
83*0$ 8QZHLJKWHG3DLU*URXS0HWKRGZLWK &RPXQLWj(XURSHH(&
$ULWKPHWLFPHDQV


,WDOLDQDFURQ\PRIWKH2IILFLDO3XEOLFDWLRQV2IILFH $OVR8X
RIWKH(XURSHDQ&RPPXQLWLHV %LRFKHPLVWU\
839* 8WLOLW\3KRWR9ROWDLF*URXS 85() XQLWpGHUpIpUHQFHGHJULOOH
7ZRPDMRUUHVXOWVRIWKH7XVFRQPHHWLQJ LQ JULGUHIHUHQFHXQLW *58 
KDYHEHHQWKHIRUPDWLRQRIWKH839*DQGWKHFUH 85() 8QLYHUVLWpVGHV5pVHDX[G
([SUHVVLRQ
DWLRQRIVWDWHZRUNLQJJURXSV$ QDWLRQDOVWHHULQJ )UDQoDLVH
FRPPLWWHHJXLGHVDQGFRRUGLQDWHVDFWLYLWLHVZKLFK )RUIXUWKHUGHWDLOVVHHXQGHU$83(/)
DUHGHGLFDWHGWRMRLQWVWDNHKROGHUDFWLRQVOHDGLQJ 8UHQLR 8UEDQDQGUHJLRQDOLQQRYDWLRQUHVHDUFKXQLW
WRWKHFRPPHUFLDOL]DWLRQRIXWLOLW\VFDOH39 V\V $W$ULVWRWOH8QLYHUVLW\7KHVVDORQLNL
WHPV )RUIXUWKHUGHWDLOVVHHXQGHU9HULWH
84$0 8QLYHUVLWpGX4XpEHFj0RQWUpDO &DQDGD  85(37 8QLRQH5HJLRQDOHGHJOL(QWL3URYLQFLDOL
%LRWHFKQRORJLHV(QYLURQPHQWDO6FLHQFH SHULO7XULVPRGHOOD/RPEDUGLD
0DWKHPDWLFDODQG&RPSXWHU6FLHQFHV+HDOWKDQG ,WDOLDQ8QLRQ
5LVN 85* XQGHUZD\UHSOHQLVKPHQWJURXS
85 8QFRQGLWLRQHG5HVSRQVH JURXSHGHUDYLWDLOOHPHQWjODPHU
85LVDOVRNQRZQDV8QFRQGLWLRQHG5HIOH[ 85*( 8QLI\LQJ5HVHDUFKDQG*UDGXDWH(GXFDWLRQ
8&5 ,QGRQHVLD 
%HKDYLRU 85*(LVIXQGHGE\WKH:RUOG%DQN
85 8QGHU5XOH :RUOG%DQN3URJUDPV
6WRFNV 85*9 8QLWpGH5HFKHUFKHHQ*pQRPLTXH9pJpWDOH
85 8QLRQRI6RYLHW6RFLDOLVW5HSXEOLFV>IRUPHU )UDQFH 
8665@ 3ODQW*HQRPLFV
DH[8566 85, 8QLYHUVLW\RI5KRGH,VODQG
EH[8QLRQVRYLpWLTXH 85, 8SSHU5HVSLUDWRU\WUDFW,QIHFWLRQ
85 8QLW5HFRUG 85/8UO 8QLIRUP5HVRXUFH/RFDWRU
&RPSXWHU3URJUDPPLQJ 850 8QLWpGH5DFFRUGHPHQWGH0XOWLSOH[
85 8QLYHUVLW\RI5RFKHVWHU 86$  8518UQ 8QLIRUP5HVRXUFH1DPH
85 8WLOLW\5RXWLQH 851V 8QLIRUP5HVRXUFH1DPHV
85LVDOVRNQRZQDV8WLOLW\3URJUDP /LEUDU\DQG,QIRUPDWLRQ6FLHQFH6XSHUFRPSXWLQJ
&RPSXWHU3URJUDPPLQJ $SSOLFDWLRQV
85$ 8QLYHUVLW\5HVHDUFK$VVRFLDWLRQ XURO DEEU XURORJ\XURORJLFDO
85$/ 8QLRQH5HJLRQDOH$OEHUJDWRULGHOOD 853 8IILFLR5HOD]LRQLFRQLO3XEEOLFR
/RPEDUGLD ,WDO\  ,WDOLDQLQLWLDOLVPPHDQLQJ3XEOLF5HODWLRQV2IILFH
85$3 ZDYHH[SHULPHQW 8QLILHG5DGLR$QG 856, 8QLRQRI5DGLR6FLHQFH
3ODVPDZDYHH[SHULPHQW 8566 8QLRQGHVUpSXEOLTXHVVRFLDOLVWHVVRYLpWLTXHV
$HURQDXWLFV$VWURQRP\3K\VLFV >REVROqWH@
85& XQGHUZD\UHSOHQLVKPHQWFRRUGLQDWRU 8QLRQRI6RYLHW6RFLDOLVW5HSXEOLF>REVROHWH@
FRRUGRQQDWHXUGXUDYLWDLOOHPHQWjODPHU 857 8IILFLR5HJLRQDOHGHO7XULVPR ,WDO\ 
85& 8QLYHUVLW\5HVHDUFK&RQVRUWLXP 857(/ DEEU <RXU7HOHJUDP
85&5,') 8QLRQ5pJLRQDOH&HQWUH5pJLRQDO 86 8IILFLR6WDPSD
G
,QIRUPDWLRQGHV'URLWVGHV)HPPHV ,WDOLDQLQLWLDOLVPPHDQLQJ3UHVV$JHQF\
/RFDWHGDW%HVDQoRQ)UDQFH XV XOWLPRVFRUVR
:RPHQ5LJKWV ,WDOLDQDEEUHYLDWLRQPHDQLQJODVWODVWPRQWK
85&50 8UDOV5HVHDUFK&HQWHUIRU5DGLDWLRQ 86 XOWUDVXRQR
0HGLFLQH ,WDOLDQLQLWLDOLVPPHDQLQJXOWUDVRXQG
85&V 8ELTXLWLQ5HDFWLRQ&RPSRQHQWV $FRXVWLFV
$GXOW2QFRORJ\%LRORJLFDO&KHPLVWU\&DQFHU 86 8QFOH6DP
%LRORJ\0HGLFLQH0ROHFXODU3KDUPDFRORJ\ 86 8QFRQGLWLRQHG6WLPXOXV
3HGLDWULF2QFRORJ\ %HKDYLRU
85&V 8QLIRUP5HVRXUFH&LWDWLRQV 86 8QGHUO\LQJ6WRFN
/LEUDU\DQG,QIRUPDWLRQ6FLHQFH6XSHUFRPSXWLQJ 86 8QGHU6HFUHWDU\
$SSOLFDWLRQV XV XQGHUVL]H
8UG DEEU XULGLQH 0DWHULDOV6FLHQFH


86 8QLWHG6WDWHV RI$PHULFD  0DLO


$OVR86$ 86& 8QLWHG6WDWHV&RGH
86 8QLW6HSDUDWRU 86& 8QLYHUVLW\RI6RXWKHUQ&DOLIRUQLD 86$ 
86 8QOLVWHG6HFXULW\ 86& *6 8QLWHG6WDWHV&RDVWDQG*HRGHWLF
86 8QUHJLVWHUHG6WRFN 6XUYH\
86 XQVHUYLFHDEOH 86&) 8QLWHG6WDWHV&KHVV)HGHUDWLRQ
86 8QVWLPXODWHG6\QDSVHV 86&* 8QLWHG6WDWHV&RDVW*XDUG
86 8VFLWDGL6LFXUH]]D 1DY\
,WDOLDQLQLWLDOLVPPHDQLQJ(PHUJHQF\([LW 86&, 8QLRQH6WDWLVWLFDGHL&RPXQL,WDOLDQL ,WDO\ 
XV XVHOHVV 86&6 86&RPPHUFLDO6WDQGDUG
86 7KHDLUOLQHFRGHIRU86$LU 86' 86'ROODU86
86$ 8QLWHG6WDWHV$UP\ &XUUHQFLHV
86$ 8QLWHG6WDWHVRI$PHULFD 86'$86'$ 8QLWHG6WDWHV'HSDUWPHQWRI
$OVR86 $JULFXOWXUH
86$%& 86$GYDQFHG%DWWHU\&RQVRUWLXP 86'$$3+,6 86'HSDUWPHQWRI
86$  $JULFXOWXUH
V$QLPDODQG3ODQW+HDOWK,QVSHFWLRQ
86$&( 86$UP\&RUSVRI(QJLQHHUV 6HUYLFH
2IWKH86'HSDUWPHQW2I'HIHQVH 86'+(: 86'HSDUWPHQWRI+HDOWK(GXFDWLRQ
86$&,&2 86$GYLVRU\&RPPLWWHHIRUWKH DQG:HOIDUH
,QWHUQDWLRQDO&RPPLVVLRQIRU2SWLFV 86$  86(3$ 8QLWHG6WDWHV(QYLURQPHQWDO3URWHFWLRQ
86$&0 86$VVRFLDWLRQIRU&RPSXWLQJ $JHQF\ 86$ 
0DFKLQHU\ 86$  86(3$ (0$3 8QLWHG6WDWHV(QYLURQPHQWDO
86$('+ 86$UP\(QJLQHHU'LYLVLRQ+XQWVYLOOH 3URWHFWLRQ$JHQF\(QYLURQPHQWDO0RQLWRULQJDQG
86$  $VVHVVPHQW3URJUDP
86$ (+$ 86$UP\(QYLURQPHQWDO+\JLHQH 86(5,' DEEU 8VHU ,GHQWLILFDWLRQ
$JHQF\ 86$  86(6 8QLWHG6WDWHV(PSOR\PHQW6HUYLFH
86$(3 86$VLD(QYLURQPHQWDO3DUWQHUVKLS 86) 8QLYHUVLW\RI6RXWK)ORULGD
86$) 8QLWHG6WDWHV$LU)RUFH 86)&20 8QLYHUVLW\RI6RXWK)ORULGD&ROOHJH2I
86$)$ 86$LU)RUFH$FDGHP\ 0HGLFLQH 86$ 
86$,' 86$JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW 86)) 8QGHUJUDGXDWH6WXGHQW)DFXOW\)HOORZVKLSV
86$05'& 86$UP\0HGLFDO5HVHDUFKDQG 86)3/ 86)RUHVW3URGXFWV/DERUDWRU\
'HYHORSPHQW&RPPDQG 86)V 8QLYHUVDO6WRFN)XWXUHV
86$05,,' 86$UP\0HGLFDO5HVHDUFK,QVWLWXWH 86)6 86)RUHVW6HUYLFH 86$ 
RI,QIHFWLRXV'LVHDVHV 2IWKH86'HSDUWPHQWRI$JULFXOWXUH
86$050& 86$UP\0HGLFDO5HVHDUFKDQG 86):6 86)LVKDQG:LOGOLIH6HUYLFH
0DWHULDO&RPPDQG 86$  86* DEEU 8OWUDVXRQRGLDJQRVWLFD
+HPRUUKDJH&RQWURO)UHH]HGULHGEORRG6WRUDJH 86* 8QLWHG6WDWHV*RYHUQPHQW
%DJV3RO\PHU6SOLQWV1HXURSURWHFWLRQ 86*&53 86*OREDO&KDQJH5HVHDUFK3URJUDP
5HVXVFLWDWLRQ 86$ 
86$1 8QLWHG6WDWHV$GRSWHG1DPHV 6HWXSLQ&RPELQHGZLWK&&5,
86$5& 86$UFWLF5HVHDUFK&RPPLVVLRQ &OLPDWHFKDQJH5HVHDUFK
86$  )RUIXUWKHUGHWDLOVVHHXQGHU&&5,
86$5&, 8QLRQH6LQGDFDWL$JHQWL5DSSUHVHQWDQWL 86*5'5 86*RYHUQPHQW5HVHDUFKDQG
GL&RPPHUFLR ,WDO\  'HYHORSPHQW5HSRUWV 86$ 
86$6 86$6WDQGDUG 86*6 86*HRORJLFDO6XUYH\ 86$ 
86$6, 8QLWHG6WDWHVRI$PHULFD6WDQGDUGV,QVWLWXWH 86*: 8QGHUZDWHUWR6XUIDFH*XLGHG:HDSRQ
VXFFHVVRUWR$6$  86, 8IILFLR6HULFR,WDOLDQR
7HFKQRORJ\ ,WDOLDQDFURQ\PRIWKH,WDOLDQ%XUHDXIRUWKH
)RUIXUWKHUGHWDLOVVHHXQGHU$6$ 3URPRWLRQRI6LON)DEULFV ,WDO\ 
86% 8QLWpGH6\QFKURQLVDWLRQGH%RXFOH 86, 8QLRQH6LQGDFDOH,WDOLDQD ,WDO\ 
86%( 8QLYHUVDO6HULDOVDQG%RRN([FKDQJH ,WDOLDQ8QLRQ
86%LQWHUIDFH 8QLYHUVDO6HULDO%XVLQWHUIDFH 86, 8QLWpGH6RLQV,QWHQVLIV
86& 8QGHU6HSDUDWH&RYHU )UHQFKDFURQ\PPHDQLQJ,QWHQVLYH&DUH8QLW


0HGLFLQH 861&,$8 861DWLRQDO&RPPLWWHHIRUWKH


86, 8UEDQ6\VWHPLF,QLWLDWLYH ,QWHUQDWLRQDO$VWURQRPLFDO8QLRQ 86$ 
866FKRRO5HIRUPV 861&,8+36 861DWLRQDO&RPPLWWHHIRUWKH
86, 8WDK6XSHUFRPSXWLQJ,QVWLWXWH 86$  ,QWHUQDWLRQDO8QLRQRIWKH+LVWRU\DQG3KLORVRSK\
86,$ 8QLWHG6WDWHV,QIRUPDWLRQ$JHQF\ RI6FLHQFH
86,$6 8QLRQ6\QGLFDOHGHV,QGXVWULHV 861&,83$& 861DWLRQDO&RPPLWWHHIRUWKH
$pURQDXWLTXHVHW6SDWLDOHV ,QWHUQDWLRQDO8QLRQRI3XUHDQG$SSOLHG
)UHQFK8QLRQ &KHPLVWU\
86,&$ 8QLWHG6WDWHV,QWHUQDWLRQDO&RPPXQLFDWLRQ )RUIXUWKHUGHWDLOVVHHXQGHU,83$&
$JHQF\ 86$  861&,836 861DWLRQDO&RPPLWWHHIRUWKH
86,() 8QLWHG6WDWHV,VUDHO(GXFDWLRQDO)RXQGDWLRQ ,QWHQDWLRQDO8QLRQRI3K\VLRORJLFDO6FLHQFHV
86$  86$ 
86,) 86,QGLD)XQG 861&,836<6 861DWLRQDO&RPPLWWHHIRUWKH
)RU&XOWXUDO(GXFDWLRQDODQG6FLHQWLILF ,QWHUQDWLRQDO8QLRQIRU3V\FKRORJLFDO6FLHQFHV
&RRSHUDWLRQ 86$ 
86,1$&76 86DELOLW\,1$&76 861&0$7+ 861DWLRQDO&RPPLWWHHIRU
(XURSHDQ&RPPXQLW\3URMHFW 0DWKHPDWLFV 86$ 
86,SURJUDP 8UEDQ6\VWHPLF,QLWLDWLYHVSURJUDP 861&0, 861DWLRQDO&RPPLVVLRQRQ
86$  0DWKHPDWLFV,QVWUXFWLRQ 86$ 
$ VWDWHZLGHSURJUDPODXQFKHGLQE\WKH86 861&V 8QLWHG6WDWHV1DWLRQDO&RPPLWWHHV
16) *URXSVRI(QJLQHHUVDQG6FLHQWLVWVZKRUHSUHVHQW
6\VWHPLF(GXFDWLRQ5HIRUPV WKH8QLWHG6WDWHVLQWKH2UJDQL]DWLRQVWKDWFRP
)RUIXUWKHUGHWDLOVVHHXQGHU16) SULVHWKH,QWHUQDWLRQDO&RXQFLOIRU6FLHQFH
86,686,6 8QLWHG6WDWHV,QIRUPDWLRQ6HUYLFH 861&66 861DWLRQDO&RPPLWWHHIRU6RLO
86$  6FLHQFH 86$ 
86,67& 86,VUDHO6FLHQFH 7HFKQRORJ\ 8612 861DYDO2EVHUYDWRU\
&RPPLVVLRQ 86$  8615& 861XFOHDU5HJXODWRU\&RPPLVVLRQ
86,7$ 8QLWHG6WDWHV,QGHSHQGHQW7HOHSKRQH 8VQ513V 8ULGLQHULFKVPDOOQXFOHDU
$VVRFLDWLRQ 5LERQXFOHRSRUWHLQV
86,7& 8QLWHG6WDWHV,QWHUQDWLRQDO7UDGH $ IDPLO\RI51$SURWHLQFRPSOH[HV
&RPPLVVLRQ 86$  6SLQDOPXVFXODUDWURSK\
86-&063 86-DSDQ&RRSHUDWLYH0HGLFDO 862 8GDLSXU6RODU2EVHUYDWRU\
6FLHQFH3URJUDP 862ZDVEXLOWLQ,QGLDLQ,WGHDOVZLWKKLJK
86/ )RUIXUWKHUGHWDLOVVHHXQGHU866/ UHVROXWLRQRSWLFDOVWXGLHVRIWKHVXQ
86/ 8QLYHUVLW\RI6RXWKZHVWHUQ/RXLVLDQD 862 8OWUD6WDEOH2VFLOODWRU
86$  $VWURQRP\$VWURSK\VLFV*HRSK\VLFV5DGLR
86/&,83$3 86/LDLVRQ&RPPLWWHHIRUWKH $VWURQRP\6SDFH6FLHQFH
,QWHUQDWLRQDO8QLRQRI3XUHDQG$SSOLHG3K\VLFV 862 8QLWHG6HUYLFH2UJDQL]DWLRQ 1DSOHV,WDO\ 
86$  860LOLWDU\%DVH $JQDQR 
86/7$ 8QLWHG6WDWHV/DZQ7HQQLV$VVRFLDWLRQ 862$ 862SSRUWXQLW\$OHUW
86$  )XQGLQJ,QIRUPDWLRQ6HUYLFH
860 8QGHUZDWHUWR6XUIDFH0LVVLOH 863 8OWUDVSLUDFOH
860 8QLWHG6WDWHV0DLO %LRORJ\
860 8QLWHG6WDWHV0LQW 86$  863 8QLTXH6HOOLQJ3URSRVLWLRQ8QLTXH6HOOLQJ
860 8QOLVWHG6HFXULWLHV0DUNHW *%  3RLQW
860& 8QLWHG6WDWHV0DULQH&RUSV 863 8QLYHUVLW\RIWKH6FLHQFHLQ3KLODGHOSKLD
860,8VPL 8QLRQH6XSHULRUH0DJJLRULG
,WDOLD 86$ 
,WDO\  863863 863KDUPDFRSRHLD
,WDOLDQ8QLRQ $OVR863KDUP
861 8QLWHG6WDWHV1DY\ 863+6863+6 8QLWHG6WDWHV3XEOLF+HDOWK
861&% 8QLWHG6WDWHV1DWLRQDO&HQWUDO%XUHDX 6HUYLFH
86$  863, 8QLRQHGHOOD6WDPSD3HULRGLFD,WDOLDQD
,WDO\ 


863,'8VSLG 8QLRQH6FLHQ]LDWL3HU,O'LVDUPR 86:XVZ 8OWUDVKRUW:DYH


,WDOLDQDFURQ\UQRIWKH6FLHQWLVWV8QLRQIRU 86:$ 8QLWHG6WHHO:RUNHUVRI$PHULFD
'LVDUPDPHQW 87 8QGHU7UXVW
8633, 8QLRQH6LQGDFDWL3URIHVVLRQLVWL3XEEOLFR 87 8QLRQ7HFKQLTXH
3ULYDWR,PSLHJR ,WDO\  87 8QLW7HVW
,WDOLDQ8QLRQ &RPSXWHU3URJUDPPLQJ
86372 8QLWHG6WDWHV3DWHQWDQG7UDGHPDUN2IILFH 87 8QLYHUVDO7LPH
7KH86372LVORFDWHGLQ:DVKLQJWRQ'& +RURORJ\
86$ 87 8QLYHUVLW\RI7HQQHVVHH 86$ 
865$ 8QLWHG6WDWHV5DLOZD\$VVRFLDWLRQ 86$  87 8QLYHUVLW\RI7H[DV 86$ 
865$ 8QLYHUVLWLHV6SDFH5HVHDUFK$VVRFLDWLRQ XW XVXDOWHUPV
865$ LVD86QRQSURILWDVVRFLDWLRQRIHLJKW\ 87 8W DEEU 8WDK 86$ 
XQLYHUVLWLHV $OVR8
865'$ 865HFRPPHQGHG'DLO\$OORZDQFHV 8W DEEU 8WLOLW\
8VV 8QFRQGLWLRQHG6WLPXOL (QJLQHHULQJ&RPSXWHU3URJUDPPLQJ6WDWLVWLFV
%HKDYLRU 87 8QLW7HOHVFRSH &KLOH 
866 8QLWHG6HDPHQ
V6HUYLFH 1DSOHV,WDO\  $VWURQRP\
866866 8QLWHG6WDWHV6KLS 87$ 8QLRQGHV7UDQVSRUWV$pULHQV
866 8QLWHG6WDWHV6WDQGDUGV 87$ 8QLRQH7UDGXWWRUL$VVRFLDWL ,WDO\ 
7HFKQRORJ\ ,WDOLDQ7UDQVODWRUV8QLRQ
866 8QLWp6WUDWpJLTXH6HFWRULHOOH 87$ 8QLWHG7HOHFRP$NWLHQJHVHOOVFKDIW $XVWULD 
)UHQFKLQLWLDOLVPPHDQLQJ6WUDWHJLF%XVLQHVV +HDGTXDUWHUHGLQ9LHQQDLWVQHWZRUNLVUHPRWHO\
8QLW PDQDJHGIURP6WRFNKROP
866$)866$) 8QLWHG6WDWHV6WUDWHJLF$LU 87 DQDORJLTXH 8QLWp7HUPLQDOHDQDORJLTXH
)RUFH 87& XQLYHUVDOWLPHFRQYHUWHG
866% 8QLWHG6WDWHV6KLSSLQJ%RDUG 86$  WHPSVXQLYHUVHOFRQYHUWL
866,7 8QLWHG6WDWHV6RXWKHUQ,WDO\7UDGLQJ 87&8QLYHUVDO7LPH&RRUGLQDWHGRU&RRUGLQDWHG
1DSOHV,WDO\  8QLYHUVDO7LPH
866/ 8QLWj6RFLR6DQLWDULD/RFDOH +RURORJ\
,WDOLDQLQLWLDOLVPPHDQLQJ/RFDO+HDOWK 87'& 8UEDQ7UDQVSRUWDWLRQ'HYHORSPHQW
&HQWUH([HFXWLYH&RXQFLOV &RUSRUDWLRQ &DQDGD 
8665 H[8QLRQRI6RYLHW6RFLDOLVW5HSXEOLFV 87( 8IILFLR7HFQLFR(UDULDOH
)RUIXUWKHUGHWDLOVVHHXQGHU85 DQG8566 ,WDOLDQDFURQ\PPHDQLQJ7D[7HFKQLFDO2IILFH
867 8QLYHUVLW\6\VWHPRI7DLZDQ 87(3 8QLYHUVLW\RI7H[DVDW(O3DVR
7KH867 ZDVIRUPHGLQ 87) 8OWUD+LJKXOWUDKLJK)UHTXHQF\
%UDLQ5HVHDUFK1DQRWHFKQRORJ\ 7HOHFRPPXQLFDWLRQV
8VWDJH 8QLYHUVDOVWDJH 87+ XQGHUWKHKRUL]RQ
8QLYHUVDOVWDJHLVDOVRNQRZQDV)HGRURYVWDJH VRXVO·KRUL]RQ
2SWLFV 87+6&6$ 8QLYHUVLW\RI7H[DV+HDOWK6FLHQFH
8675 8QLWHG6WDWHV7UDGH5HSUHVHQWDWLYH &HQWHUDW6DQ$QWRQLR7H[DV86$
8677$ 8QLWHG6WDWHV7UDYHODQG7RXULVP 87, 8QLRQ7HFKQLTXH,QWHUSURIHVVLRQQHOOH
$GPLQLVWUDWLRQ 86$  )UHQFK8QLRQ
XVX DEEU XVXDOXVXDOO\ 87, 8ULQDU\7UDFW,QIHFWLRQ
868+6 8QLIRUPHG6HUYLFHV8QLYHUVLW\RIWKH 0HGLFLQH
+HDOWK6FLHQFHV 87,V 8ULQDU\7UDFW,QIHFWLRQV
868+6LVORFDWHGLQ%HWKHVGD0DU\ODQG86$ 0LFURELRORJ\
8689 8VXWX9LUXV 87,) 8IILFLR7HFQLFR,PSRVWHGL)DEEULFD]LRQH
$ PRVTXLWRERUQHSDWKRJHQRI$IULFDQELUGVZKLFK ,WDO\ 
DWWLPHVLQIHFWVKXPDQVDQGPDPPDOV 87. 8QLYHUVLW\RI7HQQHVVHH.QR[YLOOH 86$ 
9LURORJ\ 87/ 8VHU7UDLOHU/DEHO
869, 8QLRQHGHOOH6RFLHWj9HOLFKHG
,WDOLD 87/ 8WLOLW\ERDW/LJKW
,WDOLDQLQLWLDOLVPRIWKH$VVRFLDWLRQRI,WDOLDQ 870 8QLWpGH7UDFWLRQ0pFDQLTXH
6DLOLQJ&OXEV 870 8QLYHUVDO7XULQJ0DFKLQH


&RPSXWHU3URJUDPPLQJ XXU XQGHUXVXDOUHVHUYH


870 8WLOLW\ERDW0HGLXP 887XXW XQLWXQGHUWHVW
870% 8QLYHUVLW\RI7H[DV0HGLFDO%UDQFK 89 %XUNLQD)DVR
86$  %XUNLQD)DVR
(VWDEOLVKHGLQ 8989 8OWUDYLROHW
$QW3DWKRJHQ3URJUDPV3RVWGRFWRUDO)HOORVKLSV 7KHWHUPXOWUDYLROHWUHIHUVWRXOWUDYLROHWUDGLDWLRQ
870'$&& 8QLYHUVLW\RI7H[DV0'$QGHUVRQ $OVRXYLRO
&DQFHU&HQWHU 3K\VLFV
/RFDWHGLQ+RXVWRQ7H[DV86$ 89 8QGHUYROWDJH
870JULG 8QLYHUVDO7UDQVYHUVH0HUFDWRUJULG (OHFWULFLW\
&DUWRJUDSK\ 89 8QLRQH9DOGRVWDQD
8700 8IILFLR7HFQLFR0DULQD0LOLWDUH ,WDO\  ,WDOLDQLQLWLDOLVPRIWKH$RVWD9DOOH\8QLRQ
872 8QLWHG7RZQV2UJDQL]DWLRQ 8Y$ 8QLYHUVLWHLWYDQ$PVWHUGDP 7KH
873 8ULGLQH7ULSKRVSKDWH 1HWKHUODQGV 
873$ 8QLYHUVLW\RI7H[DV3DQ$PHULFDQ 89$ 8QLYHUVLW\RI9LUJLQLD 86$ 
86$  89%UDGLDWLRQ 8OWUDYLROHW%UDGLDWLRQ
875& 8QLWHG7HFKQRORJLHV5HVHDUFK&HQWHU &KHPLVWU\
7KH875&LVORFDWHGLQ(DVW+DUWIRUG 89%< ZDYHOHQJWKV 8OWUDYLROHW9LROHW%OXHDQG
&RQQHFWLFXW 86$ 875&KDVGHYHORSHGD <HOORZZDYHOHQJWKV
FRPSXWHUPRGHOIRUGHWDLOHGFDOFXODWLRQRIURRP $VWURQRP\
DLUIORZDQGFRPIRUW5HVXOWVZLOOVXSSRUW875&LQ 89&) 8QLRQGHV9LOOHVHW&RPPXQHVGH)UDQFH
GHYHORSLQJDGYDQFHGDLUKDQGOLQJHTXLSPHQW DQG 89&6 8OWUDYLROHW&RURQDJUDSK6SHFWURPHWHU
V\VWHPVWKDWVLJQLILFDQWO\LPSURYHLQGRRUDLUTXDO $ERDUGWKH62+26SDFHFUDIW
LW\875&KDVDOVRGHYHORSHGDGHYLFHWKDWKRRNV $VWURSK\VLFV6RODU3K\VLFV
LQWRDEXLOGLQJ
VKHDWLQJDQGYHQWLODWLRQV\VWHP )RUIXUWKHUGHWDLOVVHHXQGHU62+2
,QVLGHWKHGHYLFHDLUSROOXWDQWVDUHERPEDUGHG 89) 8OVWHU9ROXQWHHU)RUFH ,UHODQG 
ZLWKXOWUDYLROHWOLJKWLQWKHSUHVHQFHRIVSHFLDOFDW )RUIXUWKHUGHWDLOVVHHXQGHU&/0&
DO\VWV7KLVWHFKQRORJ\LVEDVHGRQ15(/ ZRUNRQ 89, 8OWUD9LROHW,PDJHU
SURFHVVHVWKDWXVHOLJKWDQGFDWDO\VWVWRUHPRYH *HRSK\VLFV
YRODWLOHRUJDQLFFRPSRXQGVIURPFRQWDPLQDWHGDLU 89, 8QLRQH9HORFLSHGLVWLFD,WDOLDQD ,WDO\ 
DQGZDWHU ,WDOLDQDFURQ\PRIWKH,WDOLDQ&\FOLQJ
$LU3ROOXWDQWV $VVRFLDWLRQ
)RUIXUWKHUGHWDLNOVVHHXQGHU15(/ XYLRO XOWUDYLROHW

875RIP51$V 
8QWUDQVODWHG5HJLRQRI 3K\VLFV
P51$V )RUIXUWKFUGHWDLOVVHHXQGHU89
)RUIXUWKHUGHWDLOVVHHXQGHUP51$V 890 8QLYHUVLW\RI9HUPRQW
875V ·8QWUDQVODWHG5HJLRQV 7KH890LVORFDWHGLQ%XUOLQJWRQ9HUPRQW
0HGLFLQH0ROHFXOD%LRORJ\0ROHFXODU 86$
3KDUPDFRORJ\2QFRORJ\ 895 8OWUDYLROHW5D\V
876 8OWLPDWH7HQVLOH6WUHVV8OWLPDWH7HQVLOH 89 VWDELOL]HU 8OWUDYLROHWVWDELOL]HU
6WUHQJWK 0DWHULDOV6FLHQFH
0DWHULDOV6FLHQFH 899,6FDPHUD 8OWUDYLROHW9,6LEOHFDPHUD
876LVRWRSLTXH 8QLWpGH7UDYDLOGH6pSDUDWLRQLVR 8996 899LVLEOH6SHFWURSKRWRPHWHUV
WRSLTXH $OVR899,6
1XFOHRQLFV )RUIXUWKHUGHWDLOVVHHXQGHU89
876: 8QLYHUVLW\RI7H[DV6RXWKZHVWHUQ0HGLFDO 8: )UHHGRP8QLRQ 3RODQG 
&HQWHU 86$  8: XQFRQYHQWLRQDOZDUIDUH
877 8WLOLW\7DFWLFDO7UDQVSRUW JXHUUHQRQFRQYHQWLRQQHOOH
87:('6 8OWUDWKLQ:LQGRZ(QHUJ\'LVSHUVLYH[ XZ XQGHUZULWHUXQGHUZULWWHQ
UD\6SHFWURPHWHU 8: 8QLYHUVLW\RI:DVKLQJWRQ 86$ 
1XFOHDU6FLHQFH 8: 8QLYHUVLW\RI:LVFRQVLQ 86$ 
880 8QGHUZDWHUWR8QGHUZDWHU0LVVLOH 8: 8VHG:LWK
883 8OVWHU8QLRQLVW3DUW\ ,UHODQG  SUR%ULWLVK  8:$ 8QLYHUVLW\RI:HVWHUQ$XVWUDOLD


8:$ 8VHU:RUNLQJ$UHD
8:(% 8QLYHUVLW\RI:DVKLQJWRQ(QJLQHHUHG
%LRPDWHULDOV 86$ 
8:(%LVD861DWLRQDO6FLHQFH)RXQGDWLRQ
VSRQVRUHG(QJLQHHULQJ5HVHDUFK&HQWHU
8:)&7 8JDQGD:RPHQ
V)LQDQFHDQG&UHGLW
7UXVW 8JDQGD 
8:0 8QLYHUVLW\RI:LVFRQVLQ0LOZDXNHH
86$ 
8:7 XQGHUZDWHUWHOHSKRQH
WpOpSKRQHVRXVPDULQ760 
8< 8UXJXD\
8UXJXD\
X[ ZLIH
8;% 8QH[SORGHG%RPE
8;2 8QH[SORGHG2UGQDQFH
8= 8]EHNLVWDQ
2X]EpNLVWDQ


7HFKQRORJ\0DWKHPDWLFV7UDQVSRUWDWLRQ

9 (QJLQHHULQJ
9 SULPDU\9LVXDO&RUWH[
%UDLQDQG&RJQLWLYH6FLHQFHV1HXURVFLHQFH
9 9DOOH\ 9$ 9DORUH$WWXDOH
%XLOGLQJ(QJLQHHULQJ(OHFWULFDO(QJLQHHULQJ ,WDOLDQDFURQ\PPHDQLQJ3UHVHQW9DOXH$FWXDO
*HRORJ\2FHDQRJUDSK\ 9DOXH
9 YDOYH 9$ 9DOXH$QDO\VLV
$QDWRP\,QYHUWHEUDWH=RRORJ\0HFKDQLFDO 9DOXH$QDO\VLVLVDOVRNQRZQDV9DOXH
'HYLFHV (QJLQHHULQJ9DOXH&RQWURO
9 7KHFKHPLFDOV\PEROIRU9DQDGLXP ,QGXVWU\
9DQDGLXPLVDUDUHHOHPHQWKDYLQJWKHDWRPLF 9$ 9DUHVH,WDO\
QXPEHUDQGDPHOWLQJSRLQWRI$&,WLV 9$ YHORFLWjDFFHOHUDWD
XVHGPDLQO\LQDOOR\V 9$ 9HQWLODWLRQ$OYpRODLUH
&KHPLVWU\6\PEROV )UHQFKDFURQ\PPHDQLQJ$OYHRODU9HQWLODWLRQ
Y YDULDEOH 0HGLFLQH
$UWLILFLDO,QWHOOLJHQFH&RPSXWHU3URJUDPPLQJ YD YHU\DFWLYH
0DWKHPDWLFV0HWHRURORJ\6FLHQFH 9$9$ 9HWHUDQV$GPLQLVWUDWLRQ
9 9DWLFDQFLW\
VYHKLFOHUHJLVWUDWLRQOHWWHU 9$ 9HWHUDQV$IIDLUV 86$ 
Y YHFWRU 9$ 9LFDU$SRVWROLF9LFH$GPLUDO
$YLDWLRQ&RPSXWHU3URJUDPPLQJ0DWKHPDWLFV 9$ 9LFWRULDDQG$OEHUW
0HGLFLQH0LOLWDU\6FLHQFH0ROHFXODU%LRORJ\ 5R\DO2UGHUV *% 
3K\VLFV5RERWLFV 9$9D DEEU 9LUJLQLD86$
9 9HJHWDULDQV 9$ 9LUWXDO$GYHUWLVLQJ
+XPDQ1XWULWLRQ 9$ 9LVXDO$FXLW\
YY YHLQ 7KHWHUPYLVXDODFXLW\UHIHUVWRWKHVKDUSQHVVRID
$QDWRP\%RWDQ\(QWRPRORJ\*HRORJ\ YLVXDOLPDJH
Y YHORFLW\ 3K\VLRORJ\
0HFKDQLFV 9$ 9LVXDO$LG
Y YHQWUDO 9$YD 9ROW$PSHUH
$QDWRP\%RWDQ\ 9ROWDPSHUHLVWKHXQLWLQWKH,6
Y YHULI\ (OHFWULFLW\
&RPSXWHU3URJUDPPLQJ2UGQDQFH 9$ 9ROXPHGHO·$LU DOYpRODLUH 
7HOHFRPPXQLFDWLRQV 0HGLFLQH
Y YHUVLRQYHUVXV 9$ 9RWUH$OWHVVH
Y YHUWLFDO )UHQFKDFURQ\PPHDQLQJ<RXU+LJKQHVV
*HRGHV\6FLHQFH 9$$'V 9DVRDFWLYH$PLQHV$XWRLPPXQH'LVHDVHV
Y YHU\YLFDU 9$% 9HKLFOH$VVHPEO\%XLOGLQJ
9Y 9LFHRUYLFH 9$% 9LJLODQ]D$QWLQFHQGL%RVFKLYL ,WDO\ 
9 9LFWRULD9LFWRULDQ 9$% 9RLFH$QVZHU%DFN
Y YLOODJHYLUWXDO 9$%0 9DOXH$GGHG%\0DQXIDFWXUHU
9 9LUXV %XVLQHVV&RPPHUFH
&RPSXWHU3URJUDPPLQJ9LURORJ\ 9$& $OWHUQDWLQJ&XUUHQW9ROWV
Y YLVFRXQWYLVLRQ YDF DEEU YDFDQF\
9 YRFDWLYH 0DWHULDOV6FLHQFH6ROLG6WDWH3K\VLFV
9Y YROW YDF DEEU YDFDQW
3K\VLFV YDF DEEU YDFDWLRQ
YY YROWDJH 7KHYDFDWLRQSHULRGRIODZFRXUWVLQ,WDO\LVFDOOHG
YROWDJHLVWKHSRWHQWLDOGLIIHUHQFHRUHOHFWURPRWLYH SHULRGRIHULDOHIHULHPHDQLQJYDFDWLRQ
IRUFHPHDVXUHGLQYROWV 8VXDOO\LWLVGXULQJWKHPRQWKRI$XJXVW
(OHFWULFLW\ /DZ
YY YROXPH 9DF DEEU YDFXXP
$FRXVWLFDO(QJLQHHULQJ$FRXVWLFV&RPSXWHU 3K\VLFV4XDQWXP0HFKDQLFV


9$& 9DOXH$GGHG&DUULHU ,WDOLDQDFURQ\PPHDQLQJ$VVRFLDWHG9ROXQWHHUV


9$& 9HULILHG$XGLW&LUFXODWLRQ 86$  IRU,WDOLDQ0XVHXPV
9$& 9LQFULVWLQH'DFWLQRP\FLQDQG 9$03 9HVLFOH$VVRFLDWHG0HPEUDQH3URWHLQ
&\FORSKRVSKDPLGH 0ROHFXODUDQG&HOOXODU3K\VLRORJ\
2QFRORJ\ 9$03 9LQFULVWLQH$PHWKRSWHULQ
9DF$ 9DFXRODWLQJ&\WRWR[LQ 0HUFDSWRSXULQHDQG3UHGQLVRQH
*DVWURHQWHURORJ\,PPXQRORJ\3HSWLF8OFHU 2QFRORJ\
'LVHDVH 9$1 9DORUH$WWXDOH1HWWR
9$&( 9LUWXDO$PSqULDQ&XUUHQW(OHPHQW ,WDOLDQDFURQ\PPHDQLQJ1HW3UHVHQW9DOXH
0DJQHWLF7RURLGV 9$1 9DOXH$GGHG1HWZRUN
9$&0 9HFWRU$YHUDJLQJ&XUUHQW0HWHU 9 3 9HQGRUDQG3XUFKDVHU
9$' 9HORFLW\$]LPXWK'LVSOD\ %XVLQHVV)LQDQFH
9$' 9HQWULFXODU$VVLVW'HYLFH 9 9 WHFKQLTXHV 9HULILFDWLRQDQG9DOLGDWLRQWHFK
7KH9$'SURYLGHVVXSSRUWWRWKHOHIWYHQWULFOHWKH QLTXHV
ORFXVRIWKHPRVWFULWLFDOKHDUWGDPDJH$FWXDOO\LW 6RIWZDUH'HYHORSPHQW
LVDPHFKDQLFDOSXPSLQXVHVLQFHWKHHDUO\V 9$1*8$5' 9LVXDOLVDWLRQ$FURVV1HWZRUNVXVLQJ
)RUIXUWKHUGHWDLOVVHHXQGHU7$+GHYLFHV *UDSKLFVDQG8QFDOLEUDWHG$FTXLVLWLRQRI5HDO
9$' 9RLFH$FWLYDWHG'LDOLQJ 'DWD
0RELOHV9DOXH$GGHG6HUYLFHV (XURSHDQ&RPPXQLW\3URMHFW
9$' 9ROXQWDU\$LG'HWDFKPHQW 9$1,8 9DOHXU$FWXHOOH1HWWH,QWpJUpH8QLWDLUH
9$'& 9LGHR$QDORJWR'LJLWDO&RQYHUWHU 9$16 9DOXH$GGHG1HWZRUN6HUYLFH(XURSHDQ
9$'( 9HUVDWLOH$XWRPDWLF'DWD([FKDQJH &RPPXQLW\
9$'V 9HQWULFXODU$VVLVW'HYLFHV 9$17$*( 96$7 $701HWZRUN7UDLOVIRU
)RUIXUWKHUGHWDLOVVHHXQGHU9$' $SSOLFDWLRQV*URXSVDFURVV(XURSH
9$(& 9LHWQDP$WRPLF(QHUJ\&RPPLVVLRQ (XURSHDQ&RPPXQLW\3URMHFW
9$) HQYLURQPHQW 9LUDO$QWLERG\)UHHHQYLURQ 9$3 9DFFLQH$FWLRQ3URJUDP
PHQW 86,QGLD3URJUDPV
9$)7$'PRGHO 9ROFDQLF$VK)RUHFDVW7UDQVSRUW 9$3$+&6 9$ 3DOR$OWR+HDOWKFDUH6\VWHP
$QG'LVSHUVLRQPRGHO 9$5 9DFXXP$UF5HPHOW
9$+8' 9HWHUDQV$IIDLUV+RXVLQJDQG8UEDQ 9D5 9DORUHD5LVFKLR
'HYHORSPHQW 86$  %DQNLQJ)LQDQFH
9$. 9LUXV$FWLYDWHG.LQDVH YDU DEEU YDULDEOH
$QWLYLUDOUHVSRQVHV0HGLFLQH0LFURELRORJ\ YDUYDU DEEU YDULDQWYDULDWLRQYDULHW\
9DO DEEU 9DOLQH YDU DEEU YDULHJDWHG
%LRFKHPLVWU\ &+12 %LRORJ\
YDO DEEU YDOXDWLRQYDOXHYDOXHG YDU YDULRXV
YDO YpKLFXOHDXWRPDWLTXHOpJHU 9$5 YLVXDODXUDOUDQJH
9$/$ 9LFWRULDQ$VVRFLDWLRQIRU/LEUDU\ 1DYLJDWLRQ
$XWRPDWLRQ 9DUYDU YROWDPSHUHUHDFWLYH
9$/,'$7( 9HULILFDWLRQ$QG/DXQFKRI,QWHJUDWHG YROWDPSHUHUHDFWLYHLVDOVRNQRZQDV5HDFWLYH
'LJLWDO$GYDQFHG7HOHYLVLRQLQ(XURSH 9ROWDPSHUH
(XURSHDQ&RPPXQLW\3URMHFWV (OHFWULFLW\
9$/1(7 9HWHUDQV$GPLQLVWUDWLRQ/LEUDULHV 9DULVWRU YDULDEOHUHVLVWRU
1(7ZRUN (OHFWURQLFV
9$/6 9DOXHV$QG/LIH6W\OHV 9$5UHFRUG DEEU 9$5LDQWUHFRUG
0DUNHWLQJ3V\FKRORJ\ &RPSXWHU3URJUDPPLQJ
9$0$6 9HUVDLOOHVSURMHFWRQ$GYDQFHG0$WHULDOV 9$56 YHUWLFDODQGD]LPXWKUHIHUQFHV\VWHP
DQG6WDQGDUGV V\VWqPHGHUpIpUHQFHVYHUWLFDOHHWD]LPXWDOH
9$0& 9HWHUDQV$GPLQLVWUDWLRQ0HGLFDO&HQWHU 9$6 9DOXH$GGHG6HUYLFH
86$  9$6)( 9pULILFDWLRQ$SSURIRQGLHGH6LWXDWLRQ
9$0+&6 9HWHUDQV$GPLQLVWUDWLRQ0DU\ODQG )LVFDOHG
(QVHPEOH )UDQFH 
+HDOWK&DUH6\VWHP 86$  %DQNLQJ
9$0, 9RORQWDUL$VVRFLDWLSHUL0XVHL,WDOLDQL 9$6, 9LVXDO$SSURDFK6ORSH,QGLFDWRU


9$6,05 9$ULDEOH6SHFLILF,PSXOVH DUPRXUHGSHUVRQQHOFDUULHU


0DJQHWRSODVPD5RFNHW 9%77 YpKLFXOHEOLQGpGHWUDQVSRUWGHWURXSHV
$SSOLHG3ODVPD3K\VLFV)XVLRQ7HFKQRORJ\ DUPRXUHGWURRSFDUULHU
9$6LQWHQVLW\XQLWV 9LVXDO$QDORJ6FDOHLQWHQVLW\ 9& 6W9LQFHQW
XQLWV 9& 9DORU&LYLOH
0HGLFLQH1HXURJHQHWLFV3DLQ,QWHQVLW\ ,WDOLDQLQLWLDOLVPPHDQLQJ&LYLF9DORXU
3V\FKLDWU\ 9& 9DULDEOH&RVWV
9$6,6 YLVXDODSSURDFKVORSHLQGLFDWRUV\VWHP %XVLQHVV&RPPHUFH
LQGLFDWHXUYLVXHOGHSHQWHG·DSSURFKH 9& 9HFWRU&RQWURO
9$6.K1,/ /HQLQ$FDGHP\RI$JULFXOWXUDO 9& 9HJHWDWLYH&RPSDWLELOLW\
6FLHQFHV 9& 9HQWXUH&DSLWDO&DSLWDOLVW
9$7 9DOXH$GGHG7D[ %XVLQHVV(FRQRPLFV)LQDQFH
9DW DEEU 9DWLFDQ&LW\ 9& 9HUFHOOL,WDO\
$OVR9 DQG97 9& 9HWHULQDU\&RUSV
9$7 9LUWXDO$GGUHVV7UDQVODWRU 9& 9LFH&KDLUPDQ9LFH&KDQFHOORU9LFH&RQVXO
9$7( 9HUVDWLOH$XWRPDWLF7HVW(TXLSPHQW 9& 9LFWRULD&URVV
9$775 9DOXH$GGHG7D[7ULEXQDO5HSRUWV 9& 9LHWFRQJ
9$9/ 9HQWURDQWHULRU9HQWURODWHUDO 9& 9LQ\O&KORULGH
9% 9DOHQFH%RQG 9&DOVRNQRZQDV&KORURHWKHQH&KORURHWK\OHQH
0DWHULDOV6FLHQFH6ROLG6WDWH3K\VLFV LVXVHGPDLQO\LQRUJDQLFV\QWKHVLVDQGSODVWLF
9% 9DULDEOH%ORFN DGKHVLYHV
&RPSXWHU3URJUDPPLQJ 2UJDQLF&KHPLVWU\
9% 9LQ\OEHQ]RDWH 9& 9LUWXDO&LUFXLW
9% 9DQ%LHVEURHFN 9& 9LUWXDO&RPSXWHU
7KH9%LVDVWDUZKLFKKDVDPDVVOHVVWKDQ 9& 9LWDO&DSDFLW\
WK WKDWRIWKHVXQ 3K\VLRORJ\
9ED YLVXDOEDVLFIRUDSSOLFDWLRQV 9& 9ROXPH&RQWURO
9%$ 9LVXDO%XVLQHVV$UHD $FRXVWLFDO(QJLQHHULQJ
9LGHRFRQIHUHQFH1HWZRUNV 9& 9ROXPH&RXUDQW
9%$ -RXUQDO 9HUPRQW%DU$VVRFLDWLRQ-RXUQDO )UHQFKLQLWLDOLVPPHDQLQJ7LGDO9ROXPH
9%& YpKLFXOHEOLQGpGHFRPEDW 0HGLFLQH
DDUPRXUHGFRPEDWYHKLFOH 9&$ 9DOYH&RQWURO$PSOLILHU
EDUPRXUHGILJKWLQJYHKLFOH 9&$& YpKLFXOHGHFRPEDWDQWLFKDU
9%&, YpKLFXOHEOLQGpGHFRPEDWG·LQIDQWHULH DQWLWDQNFRPEDWYHKLFOH $7&9 
DDUPRXUHGLQIDQWU\FRPEDWYHKLFOH $,&9  9&$+ 9LFWRULDQ&ROOHJHRI$JULFXOWXUHDQG
EDUPRXUHGLQIDQWU\ILJKWLQJYHKLFOH $,)9   +RUWLFXOWXUH
9%' 9ROXQWDU\%ORRG'RQDWLRQ 9$&+LVORFDWHGLQ0HOERXUQH $XVWUDOLD 
9%, 9LUJLQLD%LRLQIRUPDWLFV,QVWLWXWH 86$  $JULFXOWXUH+RUWLFXOWXUH
$W9LUJLQLD3RO\WHFKQLF,QVWLWXWHDQG6WDWH 9&$/ YpKLFXOHGHFRPEDWjDUPHPHQWORXUG
8QLYHUVLW\ KHDY\DUPDPHQWFRPEDWYHKLFOH +$&9 
9%/ YpKLFXOHEOLQGpOpJHU 9&$0 9DVFXODU&HOO$GKHVLRQ0ROHFXOH
OLJKWDUPRXUHGYHKLFOH /$9  &HOO%LRORJ\,PPXQRORJ\0HGLFLQH0ROHFXODU
9%/5 YpKLFXOHEOLQGpODQFHURTXHWWHV %LRSK\VLFVDQG%LRFKHPLVWU\
DUPRXUHGYHKLFOHPRXQWHGURFNHWODXQFKHU 9&$33 'HSDUWPHQW 9HWHULQDU\DQG&RPSDUDWLYH
$905/  $QDWRP\3KDUPDFRORJ\DQG3K\VLRORJ\
Y%16 YHU\KLJKVSHHG%DFNERQH1HWZRUN6HUYLFH 'HSDUWPHQW
86$  :DVKLQJWRQ6WDWH8QLYHUVLW\ 86$ 
$ V\VWHPGHYHORSHGIRUUHVHDUFKHUVLQ 9&& 9HULILFDWLRQ&RRUGLQDWLRQ&RPPLWWHH
9%2)(% 9HUERQG9DQ%HOJLVFKH2QGHUQHPLQJHQ &RPLWpGHFRRUGLQDWLRQGHODYpULILFDWLRQ
,QLWLDOLVPRIWKH)HGHUDWLRQRI%HOJLDQ(QWHUSULVHV YLUWXDOFRPPDQGFHQWUH
9%33 YpKLFXOHEOLQGpSRVHXUGHSRQWV FHQWUHGHFRPPDQGHPHQWYLUWXHO
DUPRXUHGYHKLFOHODXQFKHGEULGJH $9/%  9&& 9LGHR&RPSDFW&DVVHWWH
9%73 YpKLFXOHEOLQGpGHWUDQVSRUWGHSHUVRQQHO 9&' 9DULDEOH&DSDFLWDQFH'LRGH


9&) 9HQWXUH&DSLWDO)XQG HGJHHPLWWLQJODVHUVSDUWLFXODUO\LQWHUPVRIIDEUL


9&) 9ROWDJH&RQWUROOHG)LOWHU FDWLRQFRVWV
9&* 9HFWRUFDUGLRJUDP 0DWHULDOV6FLHQFH 6HPLFRQGXFWRU/DVHUV
7KHYHFWRUFDUGLRJUDPLVDOVRNQRZQDVPRQRFDU 9&8 9LUJLQLD&RPPRQZHDOWK8QLYHUVLW\ 86$ 
GLRJUDP 9' 9DFXXP'LVWLOODWLRQ
&DUGLRORJ\ 9DFXXP'LVWLOODWLRQLVDOVRNQRZQDV5HGXFHG
9&, 9DOXH&KDLQ,QLWLDWLYH 3UHVVXUH'LVWLOODWLRQ
/DXQFKHGE\0LFURVRIWLQ 9' 9DOHXU'pFODUpH
(OHFWURQLF&RPPHUFH2QOLQH7UDQVDFWLRQV )UHQFKLQLWLDOLVPPHDQLQJ'HFODUHG9DOXH
9&, YpKLFXOHGHFRPEDWG·LQIDQWHULH 9' 9DSRU'HQVLW\
DLQIDQWU\FRPEDWYHKLFOH ,&9  9' 9DULRXV'DWHV
ELQIDQWU\ILJKWLQJYHKLFOH ,)9  9'9' 9HQHUHDO'LVHDVH
YRODWLOHFRUURVLRQLQKLELWRU 9'LVRQHRIDVHULHVRIGLVHDVHVFRQWUDFWHG
LQKLELWHXUYRODWLOGHFRUURVLRQ WKURXJKVH[XDOFRQWDFW
9&, 9HLQH&DYH,QIpULHXUH 3DWKRORJ\
)UHQFKLQLWLDOLVPPHDQLQJ,QIHULRU9HQD&DYD 9' 9HQWH'LUHFWH
0HGLFLQH )UHQFKLQLWLDOLVPPHDQLQJ'LUHFW0DUNHWLQJ
9&, 7KH*HUPDQ&KHPLFDO,QGXVWU\$VVRFLDWLRQ %XVLQHVV&RPPHUFH
9&,0 YpKLFXOHGHFRPEDWG·LQIDQWULHPpFDQLVpH 9' 9HQWULFXOH'URLW
PHFKDQLVHGLQIDQWU\FRPEDWYHKLFOH 0,&9  )UHQFKLQLWLDOLVPPHDQLQJ5LJKW9HQWULFOH
Y&-' YDULDQWRI&UHXW]IHOGW-DNRE'LVHDVH 9' 9LHQQD'RFXPHQW
7KHGLIIHUHQFHEHWZHHQY&-'DQGWKHFODVVLFDO YG DEEU YRLG
&-'FRQVLVWVLQWKHIDFWWKDWWKHIRUPHUGHYHORSV $VWURQRP\&RPSXWHU3URJUDPPLQJ0DWHULDO
PXFKPRUHTXLFNO\WKDQWKHODWWHUDQGVWULNHV 6FLHQFH3K\VLRORJ\
\RXQJHUSHRSOH7KHV\PSWRPVDUHVLPLODU 9' 9ROXPHGH'LVWULEXWLRQ
0DG&RZ'LVHDVH 1HZ6WXGLHV  0HGLFLQH
9&O 9DQDGLXP7ULFKORULGH 9' 9ROXPH'LVFRXQW
9DQDGLXP7ULFKORULGHLVXVHGWRSUHSDUHYDQDGLXP %XVLQHVV&RPPHUFH)LQDQFH
FRPSRXQGV 9'$& 9ROWDJH'HSHQGHQW$QLRQ&KDQQHO
,QRUJDQLF&KHPLVWU\ %LRFKHPLVWU\
9&O 9DQDGLXP7HWUDFKORULGH 9'$3 9ROFDQR'LVDVWHU$VVLVWDQFH3URJUDP
9DQDGLXP7HWUDFKORULGHLVXVHGWRSUHSDUHYDQDGL 86*6·V
XPFRPSRXQGV 0RQLWRULQJRI9ROFDQRHV
,QRUJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHU86*6
9&0 9LJLODQ]D&LWWjGL0LODQR ,WDO\  9'$6 9LUWXDO'LUHFW$FFHVV6WRUDJH
9&2 9ROWDJH&RQWUROOHG2VFLOODWRU &RPSXWHU7HFKQRORJ\
(OHFWURQLFV 9 GD\ 9LFWRU\'D\
9FRPPHUFH 9RLFHHQDEOHGHFRPPHUFH 9'& 'LUHFW&XUUHQW9ROWV
9RLFH5HFRJQLWLRQ6SHHFK6\QWKHVLV6RIWZDUH (OHFWULFLW\
YFS YDFXXPFRQGHQVLQJSRLQW 9'&&V 9ROWDJH'HSHQGHQW&DOFLXP&KDQQHOV
&KHPLVWU\ &LUFXODWRU\3K\VLRORJ\0HGLFLQH0ROHFXODU
9&3 9ROXQWDU\&RRSHUDWLRQ3URJUDP &DUGLRORJ\0ROHFXODU3K\VLRORJ\
2FHDQRJUDSK\ 9'' YHU\GHHSGUDXJKW
9&5 9DULDEOH&RPSUHVVLRQ5DWLR jWUqVJUDQGWLUDQWG·HDX
9&5 9LGHRFDVVHWWH5HFRUGHU 9''6 YHU\GHHSGUDXJKWVKLS
(OHFWURQLFV QDYLUHjWUqVJUDQGWLUDQWG·HDX
9&6 9HLQH&DYH6XSpULHXUH 9'( 9DULDEOH'LVSODFHPHQW(QJLQH
)UHQFKLQLWLDOLVPPHDQLQJ6XSHULRU9HQD&DYD 9'( 9DULDEOH'LVSOD\(TXLSPHQW
0HGLFLQH 9'(/ 9HQHUHDO'LVHDVH([SHULPHQWDO/DERUDWRU\
9&V 9HQWXUH&DSLWDOLVWV 9G) 9LJLOLGHO)XRFR
9&6(/ 9HUWLFDO&DYLW\6XUIDFH(PLWWLQJ/DVHU ,WDOLDQLQLWLDOLVPPHDQLQJILUHPHQILUHEULJDGH
9&6(/ LVDGHYLFHGHYHORSHGLQE\ $OVR9)
0RWRUROD9&6(/VSUHVHQWPDQ\DGYDQWDJHVRYHU 9')* 9DULDEOH'LRGH)XQFWLRQ*HQHUDWRU


(OHFWURQLFV 0HGLFLQH0ROHFXODU%LRORJ\3KDUPDFHXWLFDOV
9'+ 9DOYXODU'LVHDVHRIWKH+HDUW 9DVFXORJHQHVLV
9'0$ *HUPDQ0DFKLQHDQG3ODQW%XLOGLQJ 9(, 9ROFDQLF([SORVLYLW\,QGH[
$VVRFLDWLRQ YHO DEEU YHORFLW\
9'0V 9LUWXDO'LSROH0RPHQWV 9(06 9ROXPH([SLUDWRLUH0D[LPDOH6HFRQGH
9'3 9LGHR'LVSOD\3URFHVVRU )UHQFKDFURQ\PPHDQLQJ7LPHG9LWDO&DSDFLW\
9'3 YROXQWDU\GHSDUWXUHSODQ )RUFHG([SLUDWRU\9ROXPHIRUWKHILUVWVHFRQG
SODQGHGpSDUWYRORQWDLUH 0HGLFLQH
9'36 9RLFH'DWD3URFHVVLQJ6\VWHP 9HQ DEEU 9HQHUDELOH
9'5 9HQHUHDO'LVHDVH5HVHDUFK ,WDOLDQDEEUHYLDWLRQPHDQLQJ9HQHUDEOH
9'5 9ROWDJH'HSHQGHQW5HVLVWRU 9HQ DEEU 9HQHWLDQ
9'5/ 9HQHUHDO'LVHDVH5HVHDUFK/DERUDWRU\ 9(17(; DEEU 9(1WLQJ(;SHULPHQW
9'6 9DULDEOH'HSWK6RQDU 9(3 9LVXDO(YRNHG3RWHQWLDO
(QJLQHHULQJ 9(5 YHQWHIIHFWLIGHUHWRPEpH
9'6 9RLFH'DWD6\VWHP HIIHFWLYHGRZQZLQG (': 
7HOHFRPPXQLFDWLRQV YHU YHUVDPHQWR
9'7 9DULDEOH'HSWK7UDQVGXFHU ,WDOLDQDEEUHYLDWLRQPHDQLQJSD\PHQW
9'7 9LGHR'LVSOD\7HUPLQDO 9(5 9ROXPH([SLUDWRLUHGH5pVHUYH
9'8 9LVXDO'LVSOD\8QLW 0HGLFLQH
9':( PHWKRG 9DQ'HU:DDOV(SLWD[\PHWKRG )RUIXUWKHUGHWDLOVVHHXQGHU95(
1DPHGIRUWKH'XWFKSK\VLFLVW-RKDQQHV9DQ GHU 9(5 9ROXQWDU\([SRUW5HVWUDLQW
:DDOV 9(5$V 9(JHWDEOHRLOEDVHG5HOHDVH$JHQWV
&KHPLFDO(QJLQHHULQJ(OHFWULFDODQG&RPSXWHU +HDOWKDQG6DIHW\+D]DUGV
(QJLQHHULQJ0DWHULDOV6FLHQFH1XFOHDU 9HULWH 9LUWXDOHQYLURQPHQWIRUUHJLRQDOLQQRYDWLRQ
(QJLQHHULQJ WHFKQRORJLHV
9( 9DOXH(QJLQHHULQJ 9HULWHZLOOEHGHYHORSHGE\8UHQLRDQGZLOORIIHU
9( 9HQH]LD,WDO\ LQIRUPDWLRQWHFKQRORJ\WRROVIRULQQRYDWLRQ
9( 9HQH]XHOD LPSURYLQJWKHSHUIRUPDQFHRIUHJLRQDOERGLHVE\
9( YHQWLODWRLUHH[SLUp GpELW  JLYLQJWKHPDFFHVVWRGLJLWDOH[SHUWVRILQQRYDWLRQ
0HGLFLQH PDQDJHPHQWWHFKQLTXHV
9( 9LWHOOLQH(QYHORSH (XURSHDQ&RPPLVVLRQ
0ROHFXODU%LRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU8UHQLR
9H 9ROWHOHWWURQH YHUW DEEU YHUWHEUDWH
,WDOLDQDEEUHYLDWLRQPHDQLQJ(OHFWURQ9ROW 9HUWHEUDWH=RRORJ\
(OHFWURQYROW YHUW DEEU YHUWLFDO
3K\VLFV *HRGHV\6FLHQFH
9( YROXPHH[SLUp 9(57,& 9(5LILFDWLRQ7HFKQRORJ\,QIRUPDWLRQ
0HGLFLQH &HQWHU
9( 9RUWH[(GJH 9(57,&$/ 9(5WLFDOFDYLW\ODVHU7HFKQRORJ\IRU
9( 9RVWUD(FFHOOHQ]D ,QWHUFRQQHFWLRQDQG$FFHVV/LQNV
,WDOLDQLQLWLDOLVPPHDQLQJ<RXU([FHOOHQF\ (XURSHDQ&RPPXQLW\3URMHFWV
9(% 9LUDO(SLGHPLRORJ\%UDQFK 9(575(3 YHUWLFDOUHSOHQLVKPHQW
9(&7$& YHFWRUHGDWWDFN UDYLWDLOOHPHQWYHUWLFDO
DDWWDTXHWpOpJXLGpHDWWDTXHVXUYHFWHXU 9(6 9HORFLWjGL(ULWURVHGLPHQWD]LRQH
EDWWDTXHJXLGpH 3DWKRORJ\
9(' YLVFRpODVWRG\QDPLTXH 9(6$ 9LGHR(OHFWURQLFV6WDQGDUGV$VVRFLDWLRQ
9(( 9HQH]XHODQ(TXLQH(QFHSKDORP\HOLWLV 9(6$ LVDQRUJDQL]DWLRQFRPSULVLQJJUDSKLF
9(*) 9DVFXODU(QGRWKHOLDO*URZWK)DFWRU $GDSWHU0DQXIDFWXUHUV DQGPRQLWRUPDNHUV
9(*)LVDQDQJLRJHQLFSURWHLQDOVRFDOOHG 9HVF DEEU 9HVFRYR
9DVFXODU3HUPHDELOLW\)DFWRU ,WDOLDQDEEUHYLDWLRQPHDQLQJ%LVKRS
$QJLRJHQHVLV$QWLDQJLRJHQHVLV'UXJV 9HW DEEU 9HWHUDQ
%LRFKHPLVWU\%LRSK\VLFV&DQFHU5HVHDUFK&HOO YHW DEEU YHWHULQDULD
%LRORJ\+RUPRQH5HVHDUFK,PPXQRORJ\ ,WDOLDQDEEUHYLDWLRQPHDQLQJYHWHULQDU\VFLHQFH


YHW DEEU YHWHULQDULDQ 9*6 YHORFLW\JDWHVWHDOHU


9HWYHW DEEU 9HWHULQDU\ YROHXUGHIHQrWUHGHYLWHVVH
9(76 9HWHUDQV
(PSOR\PHQWDQG7UDLQLQJ6HUYLFH 9*7 9ROXPH*OREXODLUH7RWDO
86$  0HGLFLQH
9(9 9RLHVG
(DX9LYDQWHV 9*: YDULDEOHJHRPHWU\ZLQJV
(XURSHDQ3URMHFW DLOHVjJpRPpWULHYDULDEOH
YI ILHOGRIYLVLRQ 9+ 9DFXXP+HDWLQJ
9) 9HUVLRQ)UDQoDLVH 0HFKDQLFDO(QJLQHHULQJ
)UHQFKLQLWLDOLVPPHDQLQJ)UHQFK9HUVLRQ 9+ 9HU\+LJK
9) 9HU\)DLU9HU\)LQH 9+$ YDSRXUKD]DUGDUHD
9) 9LGHR)UHTXHQF\ ]RQHGHGDQJHUYDSHXU
7HOHFRPPXQLFDWLRQV 9+ '2 9DFXXP+HDWLQJDQG'U\LQJ2YHQV
9) 9LJLOLGHO)XRFR 9+& 9HQWUDO+LSSRFDPSDO&RPPLVVXUH
,WDOLDQLQLWLDOLVPPHDQLQJILUHEULJDGHILUHPHQ &HUHEUDO6WUXFWXUH0HGLFLQH0ROHFXODU%LRORJ\
$OVR9G) 3K\VLRORJLFDO6FLHQFHV
9) 9LVXDO)LHOG 9+&7 PLFH 9+&WUDQVHFWHGPLFH
9) 9RLFH)UHTXHQF\ )RUIXUWKHUGHWDLOVVHHXQGHU9+&
7HOHFRPPXQLFDWLRQV 9+) 9HU\+LJK)UHTXHQF\
9) 9RFDO)UHPLWXV $OVRYKI YKI9+)
9) 9XOFDQL]HG)LEHU 7KHYHU\KLJKIUHTXHQF\LVWKHIUHTXHQF\EDQG
0DWHULDOV6FLHQFH UDQJLQJIURPWRPHJDKHUW]
9)' 9DOXH)RU'XW\ 7HOHFRPPXQLFDWLRQV
9))7 9RLFH)UHTXHQF\)DFLOLW\7HUPLQDO 9+)2 9HU\+LJK)UHTXHQF\2VFLOODWRU
9)/ 9DULDEOH)LHOG/HQJWK 9+)5 9HU\+LJK)UHTXHQF\5HFHLYHU
9)2 9DULDEOH)UHTXHQF\2VFLOODWRU Y+/ GLVHDVH 9RQ+LSSHO/LQGDXGLVHDVH
9)5 9LVXDO)OLJKW5XOHVYLVXDOIOLJKWUXOHV $ FRQJHQLWDOGLVHDVHDOVRNQRZQDV
9* 9DOHXU*OREXODLUH 5HWLQRFHUHEUDO$QJLRPDWRVLV
0HGLFLQH 3DWKRORJ\
9* 9HQWULFXOH*DXFKH 9+1 9LFNHUV+DUGQHVV1XPEHU
)UHQFKLQLWLDOLVPPHDQLQJ/HIW9HQWULFOH 0DWHULDOV6FLHQFH
9* 9HU\*RRG9LFDU*HQHUDO 9+3 9HU\+LJK3UHFLVLRQ
9*$ 9LGHR*UDSKLFV$UUD\ 9+3&& 9HU\+LJK3HUIRUPDQFH&RPSXWLQJDQG
&RPSXWHU7HFKQRORJ\ &RPPXQLFDWLRQ
9*& 9LVFRVLW\*UDYLW\&RQVWDQW 9+55 9HU\+LJK5HVROXWLRQ5DGLRPHWHU
3HWUROHXP(QJLQHHULQJ 9+6 9LGHR+RPH6\VWHP
9*&&V 9ROWDJH*DWHG&DOFLXP&KDQQHOV 7HOHFRPPXQLFDWLRQV
)RUIXUWKHUGHWDLOVVHHXQGHU81V 9+6,& 9HU\+LJK6SHHG,QWHJUDWHG&LUFXLW
9*)( 9ROYR*URXS)LQDQFH(XURSH%9 9, 9HVWHG,QWHUHVW
9*)6 9ROYR*URXS)LQDQFH6ZHGHQ %XVLQHVV(FRQRPLFV)LQDQFH
9*/, 9HWHUDQV*URXS/LIH,QVXUDQFH 86$  9, 9LFHQ]D,WDO\
9*0 9ROXPH*OREXODLUH0R\HQ 9, 9LUJLQ,VODQGV
)UHQFKLQLWLDOLVPPHDQLQJ0HDQ&RUSXVFXODU 9L DEEU YLUXOHQW
9ROXPH0HDQ&HOO9ROXPH 0HGLFLQH
0HGLFLQH 9, 9LVFRVLW\,QGH[
9*26 9RFDEXODLUH*pQpUDOG
2ULHQWDWLRQ 3HWUROHXP(QJLQHHULQJ
6FLHQWLILTXH 9, 9ROXPH,QGLFDWRU
)UHQFKLQLWLDOLVPPHDQLQJ*HQHUDO'LFWLRQDU\RI $FRXVWLFDO(QJLQHHULQJ
6FLHQWLILF2ULHQWDWLRQ 9,$9LD 9DOXWD]LRQHGL,PSDWWR$PELHQWDOH
9*3 9LUWXDO*HRPDJQHWLF3ROH (QYLURQPHQW
9*30 9HUWLFDOO\*HQHUDOL]HG3URGXFWLRQ0RGHO 9,$ PDJD]LQH 9DULDQ,QVWUXPHQW$SSOLFDWLRQVPDJ
0DULQHDQG&RDVWDO6FLHQFHV2FHDQRJUDSK\ D]LQH
9*32 YHORFLW\JDWHSXOORII &KURPDWRJUDSK\6SHFWURVFRS\
HQWUDvQHPHQWGHODIHQrWUHGHYLWHVVH YLE DEEU YLEUDWLRQ


0HFKDQLFV 9,06 9LVXDOL]DWLRQV,Q0DWHULDOV6FLHQFH


9,%(; 9HKLFOH,QGXVWU\%X\HUV(;SR 9,1 9HKLFOH,GHQWLILFDWLRQ1XPEHU
9,%(;ZDVKHOGLQ*|WHERUJ6ZHGHQRQ 9,2 9HU\,PSRUWDQW2EMHFW
0D\ 9,3 9DFXXP,QVXODWLRQ3DQHO
9,& 9HU\,PSRUWDQW&RXQWU\ 9,3 9DULDEOH,QWHUHVW3OXV
9LF DEEU 9LFDU9LFDUDJH 9,3 9DVFXODU,QWHVWLQDO3HSWLGH
YLF SUHIL[ YLFLQDO 9,3 9DVRDFWLYH,QWHVWLQDO3RO\SHSWLGH
2UJDQLF&KHPLVWU\ (QGRFULQRORJ\
YLF DEEU YLFLQLW\ 9,3 9HU\,PSRUWDQW3HUVRQ
YLF DEEU YLFROR 9,3 9LVXDO,QIRUPDWLRQ3URMHFWLRQ
,WDOLDQDEEUHYLDWLRQPHDQLQJDOOH\ 9,4V 9HUEDO,QWHOOLJHQFH4XRWLHQWV
9LF DEEU 9LFWRULD &RJQLWLYH1HXURVFLHQFH+LSSRFDPSDO3DWKRORJ\
9LF$S 9LFDU$SRVWROLF 0HGLFLQH0HQWDO+HDOWK
9,&$3 9,ROHQW&ULPLQDO$SSUHKHQVLRQ3URJUDP 9,5 9DYLORY,QVWLWXWHRI5XVVLD
86$  (OHFWURQLFV
9LFV 9HKLFOHLQIRUPDWLRQFRPPXQLFDWLRQV\VWHP 9,5 9LVLEOHDQG,QIUDUHG5DGLRPHWHU
7KHYHKLFOHLQIRUPDWLRQFRPPXQLFDWLRQV\VWHPD 9,5 9ROXPH,QVSLUDWRLUHGH5pVHUYH
EHDFRQEDVHGWHFKQRORJ\ZDVVSRQVRUHGE\WKH 0HGLFLQH
-DSDQHVH*RYHUQPHQWLQ 9LV 9LVFRXQW9LVFRXQWHVV
9LGYLG DEEU YLGHR $OVR9LVF
7KHWHUPYLGHRGHULYHVIURPWKH/DWLQZRUGWR YLV DEEU YLVLELOLW\
VHH YLV DEEU YLVXDO
9,'$& 9LUWXDO'DWD$FTXLVLWLRQDQG&RQWURO 7KHWHUPYLVXDOUHIHUVWRYLVLRQRUVLJKW
9,'$6 9,'HR$6VLVWHGZLWK$XGLR&RGLQJDQG 3K\VLRORJ\
UHSUHVHQWDWLRQ 9,6 9RORQWDULDWR,QWHUQD]LRQDOHSHUOR6YLOXSSR
(XURSHDQ&RPPXQLW\3URMHFW ,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO9ROXQWHHUVIRU
9,'$6 9RORQWDUL,WDOLDQL'RPLFLOLDUL$VVLVWHQ]DDL 'HYHORSPHQW9,6LVORFDWHGLQ5RPH,WDO\
6RIIHUHQWL ,WDO\  9,6$ VWUDLQV 9DQFRP\FLQ,QWHUPHGLDWH
9,'(2 9LVXDO'DWD(QWU\2QOLQH 6WDSK\ORFRFFXV$XUHXV VWUDLQV
9,'(6 9RORQWDULDWR,QWHUQD]LRQDOH'RQQHSHU $QWLPLFURELDO$JHQWV&KHPRWKHUDS\0HGLFLQH
(GXFD]LRQHH6YLOXSSR 0LFURELRORJ\&OLQLFDO,PPXQRORJ\
,WDOLDQDFURQ\PRIWKH,QWHUQDWLRQDO:RPHQ 9LVF DEEU 9LVFRXQW9LVFRXQWHVV
9ROXQWHHUVIRU(GXFDWLRQDQG'HYHORSPHQW $OVR9LV
9,'(6LVORFDWHGLQ5RPH,WDO\ 9,6( 9HKLFOH,QGXVWU\6XSSOLHUV([SR
9,'2 9HWHULQDU\,QIHFWLRXV'LVHDVH2UJDQL]DWLRQ 9,6(7 9,VLRQ6\VWHP([SHULPHQWGHYHORSPHQW
&DQDGD  7HVWV
9,( 7KHDLUSRUWFRGHIRU9LHQQD$XVWULD 9,63$ 9,UWXDO6WRUDJH3URGXFWLYLW\$LG
6FKZHFKDW  9,63( 9RORQWDUL,WDOLDQLSHUOD6ROLGDULHWjDL3DHVL
9,* 9DFFLQLD,PPXQH*OREXOLQ (PHUJHQWL ,WDO\ 
YLJ DEEU YLJHQWH ,WDOLDQDFURQ\PRIWKH,WDOLDQ9ROXQWHHUVIRU
,WDOLDQDEEUHYLDWLRQPHDQLQJLQIRUFH 6ROLGDULW\WR(PHUJLQJ&RXQWULHVORFDWHGDW
UHIHUULQJWRODZV &DVLUDWH2ORQDGL/DFFKLDUHOOD QHDU0LODQ ,WDO\
9,*5(SURJUDP 9HUWLFDO,QWHJUDWLRQRI5HVHDUFK 9,665 9LVLEOH,QIUDUHG6SLQ6FDQ5DGLRPHWHU
DQG(GXFDWLRQ3URJUDP 9,67$ 9LVLEOHDQG,QIUDUHG6XUYH\7HOHVFRSHIRU
$ 3URJUDPRIWKH8616) $VWURQRP\
)RUIXUWKHUGHWDLOVVHHXQGHU16) DQG6806 9,67$ LVDPHWHUWHOHVFRSHWKDWZLOOEHORFDWHG
9,/ 9HUWLFDOO\,QWHJUDWHG/LTXLG LQ&KLOH,QHYHU\PLQXWHH[SRVXUHLWZLOOFDS
9,0 9HQWLODWLRQ,QGXVWULHOOHHW0LQLqUH WXUHJDOD[LHVDQGVWDUV,WLVSODQQHGIRU
)UHQFKDFURQ\PPHDQLQJ,QGXVWULDODQG0LQLQJ 
9HQWLODWLRQ $VWURQRP\3K\VLFV
9,06 9LUJLQLD,QVWLWXWHRI0DULQH6FLHQFH 86$  9,67$ 9ROXQWHHUV,Q6HUYLFH7R$PHULFD
$OJDO7R[LQ5HVHDUFK$TXDWLF(FRORJ\)LVK YLVWD7KHDERYHDFURQ\PVZHUHFRLQHGDFFLGHQWDOO\
3DWKRORJ\


XVLQJWKH,WDOLDQZRUGYLVWDZKLFKPHDQVH\H 9/6, 9HU\/DUJH6FDOH,QWHJUDWLRQ


VLJKWVLJKW (OHFWURQLFV
9,7$ 9ROXQWHHUVIRU,QWHUQDWLRQDO7HFKQLFDO 9/675$&.PRGHO 9DSRU/LTXLG6ROLG
$VVLVWDQFH 75$&.LQJPRGHO
YLWD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ 9/7 9HU\/DUJH7HOHVFRSH
XVLQJWKH,WDOLDQZRUGYLWDZKLFKPHDQVOLIH 2SWLFDO$VWURQRP\
9,7$/ 9DOLGDWLRQRI,QWHJUDWHG 9/9$V 9HU\/DUJHORZ9HORFLW\$QRPDOLHV
7HOHFRPPXQLFDWLRQV$UFKLWHFWXUHVIRUWKH/RQJ 909DORUH0DOOHYHULD
WHUP ,WDOLDQLQLWLDOLVPPHDQLQJ9DOXHRI6XUHW\VKLS
(XURSHDQ&RPPXQLW\3URMHFW 90 9DORUH0LOLWDUH
9/ 9LNLQJ/DQGHU ,WDOLDQLQLWLDOLVPPHDQLQJ0LOLWDU\9DORXU
9/$ 9HUPRQW/LEUDU\$VVRFLDWLRQ 86$  90 9DULDELOLGL0DUNHWLQJ
9/$ 9HU\/DUJH$UUD\ 90 9HUWLFDO0HUJHU
$VWURSK\VLFV %XVLQHVV)LQDQFH
9/$ 9HU\/RZ$OWLWXGH 90 9LHWQDP
9/$ 9LUJLQLD/LEUDU\$VVRFLDWLRQ 86$  )RUIXUWKHUGHWDLOVVHHXQGHU91
9ODQ 9LUWXDOODQ 90 9LUWXDO0DFKLQH
9/% 9HU\/RQJ%DVHOLQH &RPSXWHU7HFKQRORJ\
9/%$ 9HU\/RQJ%DVHOLQH$UUD\ 90 9LUWXDO0HPRU\
9/%$ LVDQHWZRUNRILGHQWLFDOUDGLRWHOH YP YLWHVVHPD[LPDOH
VFRSHVWKDWVWUHWFKHVDFURVVWKH8QLWHG6WDWHV 90 9RVWUD0DHVWj
$VWURQRP\$VWURSK\VLFV5DGLR3RODUL]DWLRQ ,WDOLDQLQLWLDOLVPPHDQLQJ<RXU0DMHVW\
9/%, 9HU\/RQJ%DVHOLQH,QWHUIHURPHWU\ 90$ 9DOLG0HPRU\$GGUHVV
9/%,WHFKQLTXH 9HU\/RQJ%DVHOLQH,QWHUIHURPHWU\ 90EQXFOHXV EDVDO9HQWUDO0HGLDOQXFOHXV
WHFKQLTXH 1HXURVFLHQFH1HXURSK\VLRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU9623 90& 9HUPRQW0RQLWRULQJ&RRSHUDWLYH 86$ 
9/&& 9HU\/DUJH&UXGH&DUULHU 90& 9LVXDO0HWHRURORJLFDO&RQGLWLRQV
9/&)$V 9HU\/RQJ&KDLQ)DWW\$FLGV 90&0 9HFWRU0HDVXULQJ&XUUHQW0HWHU
$/'GLVHDVH%LRFKHPLVWU\0HGLFLQH 90''RFWRURI9HWHULQDU\0HGLFLQH
1HXURELRORJ\1HXURORJ\3K\VLRORJ\ 90' 9HWHULQDU\0HGLFLQH'LUHFWRUDWH *% 
)RUIXUWKHUGHWDLOVVHHXQGHU$/'GLVHDVH 90'V 9ROXPH0HGLDQ'LDPHWHUV
9/'% 9HU\/DUJH'DWD%DVH 90), YLVXDOPLQHILULQJLQGLFDWRU
9/'/ 9HU\/RZ'HQVLW\/LSRSURWHLQ LQGLFDWHXUYLVXHOGHPLVHGHIHX
9OH DEEU YLDOH 90+ 9HQWURPHGLDO+\SRWKDODPXV
,WDOLDQDEEUHYLDWLRQPHDQLQJDYHQXHERXOHYDUG 2EHVLW\5HVHDUFK
9/)YOI 9HU\/RZ)UHTXHQF\ 90+ 9LFWRULD0HGDORI+RUWLFXOWXUH
7KHYHU\ORZIUHTXHQF\LVWKHIUHTXHQF\EDQGLQ 90QXFOHXV YHQWURPHGLDOQXFOHXV
WKHUDQJHIURPWRNLORKHUW] $QDWRP\
7HOHFRPPXQLFDWLRQV 9026 9LUWXDO0HPRU\2SHUDWLQJ6\VWHP
9// 9HU\/RZ/XPLQRVLW\ 9026 WHFKQRORJ\ 9HUWLFDO0HWDO2[LGH
$VWURQRP\ 6HPLFRQGXFWRUWHFKQRORJ\
9//== YHU\ORQJOHJ]LJ]DJ (OHFWURQLFV
]LJ]DJjWURQoRQVWUqVORQJV 903( 9LUWXDO0HPRU\3HUIRUPDQFH(QKDQFHPHQW
9/ QXFOHXV 9HQWURODWHUDOQXFOHXV 9PSV 9DULDEOHPDMRUSURWHLQV
9/3' 9HU\/RQJ3HULRG'LVSODFHPHQW $OOHUJ\,QIHFWLRXV'LVHDVHV&OLQLFDO
(DUWKTXDNH5HVHDUFK*HRORJ\0HWHRURORJ\ 0LFURELRORJ\
9ROFDQRORJ\ 905& 9LUJLQLD0DVRQ5HVHDUFK&HQWHU 86$ 
9/32DUHD 9HQWURODWHUDO3UHRSWLFDUHD 905FRPELQDWLRQV 9LVXDO0RWRU5HZDUGFRPEL
9/3V 9LUXV/LNH3DUWLFOHV QDWLRQV
9/5 UDGDU 9HU\/RQJ5DQJHUDGDU %UDLQ6FLHQFH1HXUDO0HFKDQLVPV
(OHFWURQLFV 906 9DULDEOH0HVVDJH6LJQV
9/6JURZWK 9DSRU/LTXLG6ROLGJURZWK 7UDQVSRUW7HOHPDWLFV7UDIILF0DQDJHPHQW
&KHPLFDO%LRORJ\&KHPLVWU\ 6RIWZDUH


906 9HUWLFDO0DUNHW6WUXFWXUH 92 YLVLWRUVDQGREVHUYHUV


%XVLQHVV&RPPHUFH)LQDQFH YLVLWHXUVHWREVHUYDWHXUV
906 9RLFH0HVVDJH6\VWHP YR YRWUHRUGUH
907 9HKLFOH0LOHV7UDYHOOHG )UHQFKLQLWLDOLVP PHDQLQJ\RXURUGHU
907 9LUWXDO0HPRU\7HFKQLTXH 92 9DQDGLXP7ULR[LGH
&RPSXWHU3URJUDPPLQJ 9DQDGLXP7ULR[LGHLVXVHGDVDFDWDO\VW
90[ 9HQWLODWLRQ0D[LPD9HQWLODWLRQ0D[LPDOH ,QRUJDQLF&KHPLVWU\
9RORQWDLUH 92 9DQDGLXP7HWUDR[LGH
)UHQFKLQLWLDOLVPPHDQLQJ0D[LPXP%UHDWKLQJ 9DQDGLXP7HWUDR[LGHLVXVHGDVDFDWDO\VW
&DSDFLW\ ,QRUJDQLF&KHPLVWU\
0HGLFLQH 92 9DQDGLXP3HQWR[LGH
90=H[SODQWV 9HQWUDO0DUJLQDO=RQHH[SODQWV 92DOVRNQRZQDV9DQDGLF$FLG$QK\GULGHLV
0HGLFDO6FLHQFH XVHGPDLQO\LQSKRWRJUDSK\DQGLQFHUDPLFV
91 9LHWQDP
VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW ,QRUJDQLF&KHPLVWU\
WHUV 92$ 9DULDEOH2SWLFDO$WWHQXDWRU
91 YXOQHUDELOLW\QXPEHU 92$ 9RLFH2I$PHULFD
LQGLFHGHYXOQpUDELOLWp 5DGLR
91& YROXQWDU\QDWLRQDOFRQWULEXWLRQ 92$V 9DULDEOH2SWLFDO$WWHQXDWRUV
FRQWULEXWLRQQDWLRQDOHYRORQWDLUH 92$VRIIHUORZORVVHVLQEURDGEDQGZLQGRZ
91&6 YROXQWDU\QDYDOFRQWURORIVKLSSLQJ 92% YLVLWRUVDQGREVHUYHUVEXUHDX
FRQWU{OHQDYDOYRORQWDLUHGHODQDYLJDWLRQFRP EXUHDXGHVYLVLWHXUVHWREVHUYDWHXUV
PHUFLDOH YRF DEEU YRFDEROR
9 1L)H 7DHQLWH ,WDOLDQDEEUHYLDWLRQPHDQLQJZRUGWHUP
7DHQLWHLVDPLQHUDOIRXQGLQPHWHRULWHV,WLVD YRF DEEU YRFDWLRQDO
QDWXUDODOOR\RIQLFNHODQGLURQ 92& 9RODWLOH2UJDQLF&RPSRXQG
0LQHUDORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU92&V
91,,() $OO5XVVLD6FLHQWLILF5HVHDUFK,QVWLWXWHIRU YRFDE DEEU YRFDEXODU\
([SHULPHQWDO3K\VLFV 92&$/ 9RFDEXODU\ODQJXDJH
91,,()KDVEXLOWDQLRELXPEDVHGODVHU,6.5$ 92FGU 9RLFHFRGHU
,WVILUVWPRGXOH /XFK ZDVODXQFKHGLQ 92&O 9DQDGLXP2[\WULFKORULGH
([SHULPHQWDO3K\VLFV 9DQDGLXP2[\WULFKORULGHLVXVHGPDLQO\DVDFDWD
91,,7) $OO5XVVLD6FLHQWLILF5HVHDUFK,QVWLWXWHIRU O\VW
7KHRUHWLFDO3K\VLFV ,QRUJDQLF&KHPLVWU\
91,,7)LVDQXFOHDUZHDSRQVGHVLJQ FHQWHULQWKH 92&V 9RODWLOH2UJDQLF&RPSRXQGV
FORVHGFLW\RI6QH]KLQVN 7KHYRODWLOHRUJDQLFFRPSRXQGVDUHWKHYDSRXUV
912 9RPHURQDVDO2UJDQ JLYHQRIIE\YDULRXVFKHPLFDOVXVHGLQLQGXVWU\
,QWKHPRXVHWKH912LVDVPDOOFDYLW\DWWKHEDFN VXFKDVVROYHQWVDQGFRQWDLQHGLQFRQVXPHUSURG
RIWKHQRVH XFWVVXFKDVKRXVHSDLQWVSHWURODQGWKHOLNH
&KHPRUHFHSWRU2UJDQV&KHPRVHQVRU\5HFHSWRUV (QYLURQPHQWDO6FLHQFHV
2GRUDQW5HFHSWRUV2OIDFWLRQ5HFRJQLWLRQ 92' YHUWLFDORQERDUGGHOLYHU\
0ROHFXOHV1HXURVFLHQFH OLYUDLVRQjERUGjODYHUWLFDOH
912'& 9LHWQDPHVH1DWLRQDO2FHDQRJUDSKLF'DWD 92' 9LGHR2Q'HPDQG
&HQWHU 92'$6 9RLFH2SHUDWHG'HYLFH$QWL6LQJLQJ
9175V 9DULDEOH1XPEHU7DQGHP5HSHDWV (OHFWURQLFV
%LRVWDWLVWLFV'1$ ILQJHUSULQWLQJ*HQHWLFV 92'(5 9RLFH2SHUDWLRQ'HPRQVWUDWRU
92 9DQDGLXP2[LGH (OHFWURQLFV
,QRUJDQLF&KHPLVWU\ 92 HQJLQH 9DSRUL]LQJ2LOHQJLQH
YR YHUEDORUGHU 92) YDULDEOHRSHUDWLQJIUHTXHQF\
92 9HUVLRQ2ULJLQDOH IUpTXHQFHGHIRQFWLRQQHPHQWYDULDEOH
)UHQFKLQLWLDOLVPPHDQLQJ2ULJLQDO9HUVLRQ 92*$' 9RLFH2SHUDWHG*DLQ$GMXVWHG'HYLFH
92 9HU\2OG (OHFWURQLFV
92 9HWHULQDU\2IILFHU 92,&, 9HJHWDEOH2LOIRU,QQRYDWLRQLQ&KHPLFDO
92 9LFWRULDQ2UGHU ,QGXVWULHV


(XURSHDQ&RPPXQLW\3URMHFW 93 LVDOVRNQRZQDV9DSRU7HQVLRQ
9R,3 WHFKQRORJ\ 9RLFHRYHU,QWHUQHW3URWRFROWHFK 0HWHRURORJ\
QRORJ\ 93 9DULDEOH3LWFK
%XVLQHVV&RPPXQLFDWLRQV 93 9DULDEOH3RLQW
92,5 9HQXV2UELWHU,PDJLQJ5DGDU &RPSXWHU3URJUDPPLQJ
92,V 9ROXPHV2I,QWHUHVW 93 9HQRXV3UHVVXUH
&OLQLFDO3V\FKRORJ\0HGLFLQH1HXURVFLHQFHRI 0HGLFLQH
$XWLVP5DGLRORJ\ 93 9HQW3LSH
YRO DEEU YROFDQR 0HFKDQLFDO'HYLFHV
YRO DEEU YROXPH 93 9LFH3UHVLGHQW
$FRXVWLFDO(QJLQHHULQJ$FRXVWLFV&RPSXWHU $OVR93
7HFKQRORJ\0DWKHPDWLFV7UDQVSRUWDWLRQ 93 9LUWXDO3URFHVV
(QJLQHHULQJ 4XDQWXP0HFKDQLFV
YRO DEEU YROXPH 93 EUDQFK 9HULILFDWLRQ3URJUDPEUDQFK
,WDOLDQDEEUHYLDWLRQPHDQLQJYROXPH 2IWKH86)RUHFDVW6\VWHPV/DERUDWRU\
YRO DEEU YROXQWDU\ 93& 9HQWH3DU&RUUHVSRQGDQFH
9RO DEEU 9ROXQWHHU )UHQFKLQLWLDOLVPPHDQLQJ0DLO2UGHU6HOOLQJ
YROF DEEU YROFDQLFYROFDQR 93) 9DVFXODU3HUPHDELOLW\)DFWRU
YROO DEEU YROXPL )RUIXUWKHUGHWDLOVVHHXQGHU9(*) 9DVFXODU
,WDOLDQDEEUHYLDWLRQPHDQLQJYROXPHV (QGRWKHOLDO*URZWK)DFWRU 
920YRP 9ROW2KP0HWHU 93J 3ROLRYLUXVYLULRQSURWHLQ*HQRPHOLQNHG
923923 9DOXHGDVLQ2ULJLQDO3ROLF\ 9LURORJ\
,QVXUDQFH 93, 9DSRU3KDVH,QKLELWRU
923 9DOXH2I3URGXFW 93, 9LEULR 3DWKRJHQLFLW\,VODQG
%XVLQHVV&RPPHUFH)LQDQFH *HQRPLFV,PPXQRORJ\0LFURELRORJ\
925UDQJH 9HU\KLJKIUHTXHQF\2PQLGLUHFWLRQDO 93, 9LUJLQLD3RO\WHFKQLF,QVWLWXWH 86$ 
5DGLRUDQJH 93,QXFOHXV 9HQWUDO3RVWHULRU,QIHULRUQXFOHXV
1DYLJDWLRQ 1HXURVFLHQFH1HXURSK\VLRORJ\
9257(; 9HULILFDWLRQRIWKH2ULJLQVRI5RWDWLRQ 93/ QXFOHXV 9HQWUDO3RVWHULRU/DWHUDOQXFOHXV
LQ7RUQDGRHV(;SHULPHQW 1HXURVFLHQFH1HXURSK\VLRORJ\
$QDO\VLVDQG3UHGLFWLRQRI6WRUPV0HVRVFDOH 930 QXFOHXV 9HQWUDO3RVWHULRU0HGLDOQXFOHXV
0HWHRURORJLFDO6WXGLHV0HWHRURORJ\ %LRPHGLFDO7HFKQRORJLHV'HYHORSPHQWDO
926 9DOXH2I6WRFN 1HXURVFLHQFH3K\VLRORJ\
%XVLQHVV&RPPHUFH)LQDQFH 931 9SQ 9LUWXDO3ULYDWH1HWZRUN
926 9HUWLFDO2EVWDFOH6RQDU 931V 9LUWXDO3ULYDWH1HWZRUNV
(QJLQHHULQJ 933 9DOXH3D\DEOHE\3RVW
926 9HVVHO2I2SSRUWXQLW\ 933 9DULDEOH3LWFK3URSHOOHU
926 9ROXQWDU\2EVHUYLQJ6KLS 0HFKDQLFDO(QJLQHHULQJ
926)$ 9HJHWDEOH2LOVZLWK6SHFLILF)DWW\$FLGV 933 9HVWHG3HQVLRQ3ODQ
(XURSHDQ&RPPXQLW\3URMHFW 933 9LUXV3QHXPRQLDRI3LJV
9262 9DQDG\O6XOIDWH 935 9LGHR3ODQNWRQ5HFRUGHU
9262DOVRNQRZQDV9DQDGLXP6XOIDWH 7KHYLGHRSODQNWRQUHFRUGHULVDQLQVWUXPHQW
9DQDGLF6XOIDWHLVXVHGPDLQO\DVDFRORUDQWDQG GHYHORSHGLQE\ELRORJLVWVDWWKH86
FDWDO\VW :+2,
,QRUJDQLF&KHPLVWU\ %LRORJ\2FHDQRJUDSK\
YRX DEEU YRXFKHU )RUIXUWKHUGHWDLOVVHHXQGHU:+2,
92; 9RLFHDFWLYDWHG 935& 9ROXPHRI3DFNHG5HG&HOOV
(OHFWURQLFV 935 9LUWXDO3ODQSRVLWLRQLQGLFDWRU5HIOHFWRVFRSH
93 9DJOLD3RVWDOH 1DYLJDWLRQ
,WDOLDQLQLWLDOLVPPHDQLQJSRVWDOPRQH\RUGHU 937 9HQWH3DU7pOpSKRQH
93 9DORUH3ODWHDOH )UHQFKLQLWLDOLVPPHDQLQJ7HOHSKRQHVHOOLQJWHOH
,WDOLDQLQLWLDOLVPPHDQLQJ$SSDUHQW9DOXH VDOHV
93 9DSRU3UHVVXUH 937 9ROXPH3ODVPDWLTXH7RWDO


0HGLFLQH 951 9DULDEOH5DWH1RWH


94$ 9HQGRU4XDOLW\$VVXUDQFH 952, 9DOXH5HWXUQ2Q,QYHVWPHQW
%XVLQHVV&RPPHUFH 956 9LUXV5HVSLUDWRLUH6\QF\WLDO
94& 9HQGRU4XDOLW\&HUWLILFDWLRQ )UHQFKLQLWLDOLVPPHDQLQJ5HVSLUDWRU\6\QF\WLDO
%XVLQHVV&RPPHUFH 9LUXV
94' 9HQGRU4XDOLW\'HIHFW 9LURORJ\
%XVLQHVV&RPPHUFH 95V\VWHPV 9LUWXDO5HDOLW\V\VWHPV
YU YHGLUHWUR &RPSXWHU7HFKQRORJ\
,WDOLDQDEEUHYLDWLRQPHDQLQJVHHRYHUOHDISOHDVH 957 VSHFWUD 9LEUDWLRQ5RWDWLRQ7XQQHOLQJ6SHFWUD
WXUQRYHU 95 WXEH 9ROWDJH5HJXODWRUWXEH
95 9HURQD,WDO\ (OHFWURQLFV
95 9HVWHG5LJKWV 969DORUHGL6WLPD
%XVLQHVV(FRQRPLFV)LQDQFH ,WDOLDQLQLWLDOLVPPHDQLQJ(VWLPDWH9DOXH
95 9LFWRULD5HJLQD $OVR9V96
95 9LUWXDO5HDOLW\ YV YHGLVRSUD
$UWLILFLDO,QWHOOLJHQFH&RPSXWHU7HFKQRORJ\ ,WDOLDQDEEUHYLDWLRQPHDQLQJVHHDERYH
95 9RFDO5HVRQDQFH 9V DEEU YHUVXV
95 9ROWDJH5HJXODWRU 96 9HVLFXODU6WRPDWLWLV
95LVDOVRNQRZQDV9ROWDJH&RUUHFWRU 9HWHULQDU\0HGLFLQH
(OHFWURQLFV 96 9HWHULQDU\6XUJHRQ
95 9ROXPH5pVLGXHO YV YLEUDWLRQVHFRQGV
)UHQFKLQLWLDOLVPPHDQLQJ5HVLGXDO9ROXPH 96 9LQ\O6XOIRQH
5HVLGXDO$LU5HVLGXDO&DSDFLW\ 96 9LUWXDO6WRUDJH
0HGLFLQH 96 YLVXDOVLJQDOOLQJ
95 9DQLOORLG5HFHSWRUVXEW\SH VLJQDX[RSWLTXHV
1HXURELRORJ\ 96 9LWHVVHGH6pGLPHQWDWLRQ
95$ 9DOXH5HFHLYHG$QDO\VLV )UHQFKLQLWLDOLVPPHDQLQJ6HGLPHQWDWLRQ
%XVLQHVV&RPPHUFH 9HORFLW\
95& 9LVLEOH5HFRUG&RPSXWHU $QDO\WLFDO&KHPLVWU\
95( 9ROXPHGH5pVHUYH([SLUDWRLUH YVYV YROXPHWULFVROXWLRQ
)UHQFKDFURQ\PPHDQLQJ([SLUDWRU\5HVHUYH 9VYV 9RVWUR
9ROXPH ,WDOLDQDEEUHYLDWLRQPHDQLQJ<RXU\RXUV
0HGLFLQH 96 9RWLQJ6WRFN
9 UHJLRQ 9DULDEOHUHJLRQ %XVLQHVV&RPPHUFH)LQDQFH
,PPXQRORJ\ 96 9DQDGLXP6XOILGH
95)V 9LVXDO5HFHSWLYH)LHOGV 96DOVRNQRZQDV9DQDGLF6XOILGHLVXVHGWR
$XGLWRU\6SDFH3URFHVVLQJ0HGLFLQH SUHSDUHYDQDGLXPFRPSRXQGV
1HXURELRORJ\ ,QRUJDQLF&KHPLVWU\
95):6 9HKLFOH5DSLG)LUH:HDSRQ6\VWHP 96$7 WHFKQRORJ\ 9HU\6PDOO$SHUWXUH7HUPLQDO
95, 9LUXV5HVHDUFK,QVWLWXWH WHFKQRORJ\
7KH95,LVORFDWHGLQ&DPEULGJH0DVVDFKXVHWWV 96$7 LVXVHGPDLQO\WREULQJGDWDIURPVDWHOOLWHWR
86$ FRPSXWHU
95, 9ROXPHGH5pVHUYH,QVSLUDWRLUH 96% 9HVWLJLDO6LGHEDQG
)UHQFKLQLWLDOLVPPHDQLQJ,QVSLUDWRU\5HVHUYH 7HOHFRPPXQLFDWLRQV
9ROXPH 96%& 9HU\6PDOO%XVLQHVV&RPSXWHU
0HGLFLQH 96%5 9LVXRPRWRU%HKDYLRUDO5HKHDUVDO
)RUIXUWKHUGHWDLOVVHHXQGHU,59 3V\FKRORJ\
950 9DULDEOH5DWH0RUWJDJH 96& 9DULDEOH6SHHFK&RQWURO
%XVLQHVV)LQDQFH (OHFWURQLFV
950 9LVFRXV5HPDQHQW0DJQHWL]DWLRQ 96&& 9DOHQFH6KHOO&KDUJH&RQFHQWUDWLRQV
*HRSK\VLFV 96' 9HQWULFXODU6HSWDO'HIHFW
9UP 9LVLWRUUHODWLRQVKLSPDQDJHPHQW 96( 9\FKRGRVORYHQVNH(QHUJHWLFNH=DGRY\
950/9UPO 9LUWXDO5HDOLW\0DUNXS/DQJXDJH 6ORYDN5HSXEOLF


96(LVRQHRIWKH(QHUJ\'LVWULEXWLRQ&RPSDQLHV 97 9RWLQJ7UXVW
LQWKH6ORYDN5HSXEOLFUHVSRQVLEOHIRU(DVW 97$ 9DULDEOH7UDQVIHU$GGUHVV
6ORYDNLD 97$ 9HQWUDO7HJPHQWDO$UHD RIWKHUDWEUDLQ 
96* 9DULDQW6XUIDFH*O\FRSURWHLQ %DVLF1HXURVFLHQFH'UXJ$GGLFWLRQ/HDUQLQJ
%LRFKHPLVWU\ DQG0HPRU\1HXURELRORJ\3V\FKLDWU\
96* 9LWHVVHGH 6pGLPHQWDWLRQ*OREXODLUH 97$0 9LUWXDO7HOHFRPPXQLFDWLRQV$FFHVV
)UHQFKLQLWLDOLVPPHDQLQJ6HGLPHQWDWLRQ5DWH 0HWKRG
6HG5DWH 97& 9ROXQWHHU7UDLQLQJ&RUSV
0HGLFLQH 97& 9RWLQJ7UXVW&HUWLILFDWH
96*PRGHO 9LVFRXV6HPL*HRVWURSKLFPRGHO %XVLQHVV)LQDQFH
96+25$' YHU\VKRUWUDQJHDLUGHIHQFH 97( 9HUWLFDO7XEH(YDSRUDWRU
GpIHQVH VRODLUjWUqVFRXUWHSRUWpH 6$7&3  YWJ DEEU YRWLQJ
96+25$'6 YHU\VKRUWUDQJHDLUGHIHQFHV\VWHP 6WRFN
V\VWqPHG·DUPHGHGpIHQVHVRODLUjWUqVFRXUWH 97+ YLVXDOLVDWLRQWrWHKDXWH
SRUWpH V\VWqPH6$7&3  KHDGXSGLVSOD\ +8' 
960 9DVFXODU6PRRWK0XVFOH 972 9HUWLFDO7DNH2II
960LQVWUXPHQW 9ROFDQLF6\VWHP0RQLWRULQVWUX 972& 9ROXPH7DEOH2I&RQWHQWV
PHQW 972/ 9HUWLFDO7DNHRIIDQG/DQGLQJ
*HRSK\VLFV6HLVPLFLW\8QGHUVHD5HVHDUFK $YLDWLRQ
960&V 9DVFXODU6PRRWK0XVFOH&HOOV 9735 9HUWLFDO7HPSHUDWXUH3URILOH5DGLRPHWHU
961/ 9LGHVK6DQFKDU1LJDP/LPLWHG ,QGLD  975 9LGHRWDSH5HFRUGHU5HFRUGLQJ
,QWHUQDWLRQDO7HOHFRP6HUYLFHV 976WHFKQRORJ\ 9HVVHO7UDIILF6HUYLFHV
962 9HU\6XSHULRU2OG 7HFKQRORJ\
UHIHUULQJWR%UDQG\HWF 0DULWLPH7UDIILF0DQDJHPHQW
9623 9HU\6XSHULRU2OG3DOH 978$9 SURJUDP 9HUWLFDO7DNHRIIDQGODQGLQJ
9623 9/%,6SDFH2EVHUYDWRU\3URJUDP 8QPDQQHG$HULDO9HKLFOHSURJUDP
7KH9623 LVDWHOHVFRSHQHWZRUN 9790 9DFXXP7XEH9ROWPHWHU
$FWLYH*DOD[LHV$VWURSK\VLFV5DGLR$VWURQRP\ 9790LVDOVRNQRZQDV7XEH9ROWPHWHU
6XSHUQRYDH (QJLQHHULQJ
)RUIXUWKHUGHWDLOVVHHXQGHU9/%, 98 9LJLOH8UEDQR
963' 9HVLFOH6XUIDFH3URWHLQ' ,WDOLDQLQLWLDOLVPPHDQLQJ7UDIILF3ROLFHPDQ
&HOO%LRORJ\0HGLFLQH 98 YLWHVVHXQLIRUPH
9672/ 9HUWLFDO6KRUW7DNHRIIDQG/DQGLQJ 98 9RLFH8QLW
969 9HVLFXODU6WRPDWLWLV9LUXV 98 9ROXPH8QLW
9LURORJ\ $FRXVWLFDO(QJLQHHULQJ
969* 9HVLFXODU6WRPDWLWLV9LUXV*SURWHLQ 98 9ULMH8QLYHUVLWHLW$PVWHUGDP7KH
0HGLFLQH 1HWKHUODQGV
97 9DFXXP7XEH YXOJ DEEU YXOJDUYXOJDUO\
(OHFWURQLFV 983 9LYHQGL8QLYHUVDO3XEOLVKLQJ
97 9DOHXUj7HUPH 989 FRQWLQXXPUDGLDWLRQ 9DFXXP8OWUDYLROHW
97 9DULDEOH7LPH FRQWLQXXPUDGLDWLRQ
97 9DWLFDQ&LW\ $VWURQRP\3K\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHU9 DQG9DW 99 9DFFLQLD9LUXV
97 9HFFKLR7HVWDPHQWR YY YHLQV
,WDOLDQLQLWLDOLVPPHDQLQJ2OG7HVWDPHQW 99 9LER9DOHQWLD,WDO\
97 9W DEEU 9HUPRQW86$ YY YLFHYHUVDYROXPHV
97 9HUWLFDO7DEXODWLRQ YY YROXPHSHUYROXPH
&RPSXWHU3URJUDPPLQJ 0HGLFLQH
97 9LGHR7HUPLQDO9LUWXDO7HUPLQDO 99623 9HU\9HU\6XSHULRU2OG3DOH
97 9LWHUER,WDO\ 9988 9LJLOL8UEDQL
97 9RLFH7XEH ,WDOLDQLQLWLDOLVPPHDQLQJ7UDIILF3ROLFH
97 9ROXPHFRXUDQW7RWDO 9: 9HVVHO:DOO
0HGLFLQH 9: 9RONVZDJHQ *HUPDQ\ 


90LV(XURSH·VELJJHVWFDUPDNHU
Y:' YRQ:LOOHEUDQG'LVHDVH
Y:'DOVRNQRZQDV3VHXGRKHPRSKLOLDLVDEOHHG
LQJGLVRUGHUFKDUDFWHUL]HGE\LQFUHDVHGELQGLQJRI
PXWDQWY:)WR*S,E_
%LRFKHPLVWU\%LRPHGLFLQH+HPDWRORJ\
0HGLFLQH0ROHFXODU%LRSK\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHUY:) DQG*S,E_
Y:) YRQ:LOOHEUDQG)DFWRU
%LRFKHPLVWU\%LRPHGLFLQH+HPDWRORJ\
0HGLFLQH0ROHFXODU%LRSK\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHUY:'
Y[ YLGHRWH[
YLGHRWH[LVDOVRNQRZQDVYLGHRWH[WYLHZGDWD
7HOHFRPPXQLFDWLRQV
9;0/9R[PO 9RLFHH;WHQVLEOH0DUNXS
/DQJXDJH
$ VWDQGDUG9;0/ IRUXVLQJWKHKXPDQYRLFHWR
EURZVHWKHQHW
9<9 9HLQ<HOORZ9LUXV
2IWKHSHRQWUHH
9= 9HQWULFXODU=RQH
%UDLQ'HYHORSPHQW0HGLFLQH1HXURELRORJ\
9=,* 9DULFHOOD=RVWHU,PPXQH*OREXOLQ
9=9 9DULFHOOD=RVWHU9LUXV
9=9 LVDOVRNQRZQDV&KLFNHQSR[9LUXV
9LURORJ\
9=9 )RXQGDWLRQ 9DULFHOOD=RVWHU9LUXV)RXQGDWLRQ
86$ 
)HOORZVKLSV*UDQWV


:$& :RUOG$HURQDXWLFDO&KDUW

: :$&$ :RUOG$VVRFLDWLRQRI&HQWHU$VVRFLDWHV
)RXQGHGLQWRPRELOL]HLQWHUHVWHGLQGLYLGXDOV
QRWLQWKHOHJDOSURIHVVLRQWRSURPRWHWKHREMHFWV
: 7XQJVWHQ RIWKH:-$
7XQJVWHQLVDOVRNQRZQDV:ROIUDP )RUIXUWKHUGHWDLOVVHHXQGHU:-$ :RUOG-XULVW
&KHPLVWU\ $VVRFLDWLRQ 
:Z ZDJHV :$&&& :RUOGZLGH$LU&DUJR&RPPRGLW\
: ZDWHUZHHNZLWKZLGHZLIHZRUNZURQJ &ODVVLILFDWLRQ
: :DNHIXOQHVV :$&+ :HVW$IULFDQ&OHDULQJ+RXVH
%LRPHGLFLQH3V\FKLDWU\ :$&. :DLW$FNQRZOHGJH
Z ZDLW $OVR:$.
&RPSXWHU6FLHQFH :$&/ :RUFHVWHU$UHD&RRSHUDWLRQ/LEUDULHV
: :DLW7LPH :$&/,0 'DWD 6HUYLFH :HVW$IULFD&/,0DWH'DWD
)RUIXUWKHUGHWDLOVVHHXQGHU:7 :DLWLQJ7LPH  6HUYLFH
: :DOHV :$&6 ZDUWLPHDLUFRXULHUVHUYLFHV
:Z ZDWW VHUYLFHVGHFRXUULHUDpULHQGXWHPSVGHJXHUUH
:DWWLVDXQLWRISRZHUHTXDOWRRQHMRXOHSHUVHF :$':DG :HE$LGHG'HVLJQ
RQG :$'% :HVW$IULFDQ'HYHORSPHQW%DQN
3K\VLFV :$'6 ZHDSRQVDFFHVVGHOD\V\VWHP>:6@
: :HGQHVGD\:HOVK:HVW:HVWHUQ V\VWqPHGHUHVWULFWLRQG·DFFqVDX[DUPHV>:6@
Z ZHLJKW :$'6 :LGH$UHD'DWD6HUYLFH
$OVRZJWZW 7HOHFRPPXQLFDWLRQV
(QJLQHHULQJ0HFKDQLFV0HWURORJ\6WDWLVWLFV :$( :HVW$IULFDQ(QJOLVK
Z ZLGWK /DQJXDJHV
$OVRZGW :$(& :DU$JULFXOWXUDO([HFXWLYH&RPPLWWHH
6FLHQFH7HOHFRPPXQLFDWLRQV :$(6 :RUNVKRSRQ$OWHUQDWLYH(QHUJ\6WUDWHJLHV
Z ZRUG :$) :RUOG$,'6)RXQGDWLRQ 86$ 
/LQJXLVWLFV 2QHRIWKHWHUPVWKDWPDNHXSDODQ :$)& :RUOG$UHD)RUHFDVW&HQWHU
JXDJHGLFWLRQDU\ :$)6 :RPHQ
V$X[LOLDU\)LUH6HUYLFH
&RPSXWHU3URJUDPPLQJ ,QFRPSXWHUSURJUDP :$* *DPELD·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQ
PLQJZRUGLVDOVRNQRZQDVFRPSXWHUZRUG OHWWHUV
PDFKLQHZRUG :$* :DVKLQJWRQ$GYLVRU\*URXS
Z ZULWH :$ +,9 &RKRUW6WXG\ :HVWHUQ$XVWUDOLDQ+,9
$OVRZUW &RKRUW6WXG\
:$ 1DPLELD (VWDEOLVKHGLQ
:$ DEEU :DVKLQJWRQ 86$  %LRFKHPLFDO*HQHWLFV&OLQLFDO,PPXQRORJ\
$OVR::DVK :$,5VWUDWHJ\ :LQJ$VVLVWHG,QFOLQH5XQQLQJ
:$ :HLJKWHG$YHUDJH VWUDWHJ\
6WDWLVWLFV $YLDQIOLJKW(YROXWLRQRIIOLJKW(YROXWLRQDU\
:$ :HVW$IULFD %LRORJ\/RFRPRWRU3HUIRUPDQFH
:$ :HVWHUQ$WODQWLF :$,6 :HFKVOHU$GXOW,QWHOOLJHQFH6FDOH
:$ :HVWHUQ$XVWUDOLD 7KH:HFKVOHU$GXOW,QWHOOLJHQFH6FDOHLVDQLQWHOOL
:$ :LOOLDPV$FW JHQFHWHVWIRUDGXOWV
)HGHUDO/HJLVODWLRQ 86$  3V\FKRORJ\
/DZ )RUIXUWKHUGHWDLOVVHHXQGHU:,6&
:$ :LWK$YHUDJH :$,6 :HVW$QWDUFWLF,FH6KHHW
:$$ :RUOG$OXPLQXP$EVWUDFWV *HRORJ\*HRSK\VLFV*ODFLRORJ\0DULQH
:$$& :RPHQ
V$UP\$X[LOLDU\&RUSV 6XEJODFLDO6HGLPHQWDWLRQ3ODQHWDU\6FLHQFHV
:$$) :RPHQ
V$X[LOLDU\$LU)RUFH 3RODU5HVHDUFK
:$% :KHQ$XWKRUL]HG%\ :$,6 :LGH$UHD,QIRUPDWLRQ6HUYHU
:$& ZHDWKHUDQDO\VLVFHQWUH 6XSHUFRPSXWLQJ$SSOLFDWLRQV/LEUDU\DQG
FHQWUHG·DQDO\VHPpWpRURORJLTXH ,QIRUPDWLRQ6FLHQFH


:$- :RUOG$VVRFLDWLRQRI-XGJHV ZDUGD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\


)RXQGHGLQWRPRELOL]HMXGLFLDOOHDGHUVRQ XVLQJWKH$UDELFZRUGZDUGDZKLFKPHDQVLQ
LPSRUWDQWWUDQVQDWLRQDOOHJDOLVVXHV DQGWR $UDELFURVH WKHIORZHU  %RWDQ\ 
LPSURYHWKHDGPLQLVWUDWLRQRIMXVWLFH :$5'$0 ZDU GDPDJH>1360@
:$-&6& :$OWRQ-RQHV&HOO6FLHQFH&HQWHU GRPPDJHVFDXVpVHQWHPSVGHJXHUUH>1360@
86$  :$5) :LVFRQVLQ$OXPQL5HVHDUFK)RXQGDWLRQ
:$. :DLW$FNQRZOHGJH 86$ 
$OVR:$&. :$5)6 :$WHU5HVRXUFHV)RUHFDVWLQJ6\VWHP
:$/ 6LHUUD/HRQH·VLQWHUQDWLRQDOYHKLFOHUHJLVWUD :$5+' DEEU :DUKHDG
WLRQOHWWHUV 0LOLWDU\
:$/ :RUOG$VVRFLDWLRQRI/DZ\HUV :DUNV DEEU :DUZLFNVKLUH *% 
)RXQGHGLQWRGHYHORSWUDQVQDWLRQDOODZ DQG :$50 VHH:50
LPSURYHODZ\HUV
H[SHUWLVHLQUHODWHGDUHDV YRLU:50
:$/3 :RUOG$VVRFLDWLRQRI/DZ3URIHVVRUV :D535& :DVKLQJWRQ5HJLRQDO3ULPDWH5HVHDUFK
)RXQGHGLQWRIRFXVWKHDWWHQWLRQRIOHJDO &HQWHU 86$ 
VFKRODUVDQGWHDFKHUVRQWUDQVQDWLRQDOOHJDO ZDUU DEEU ZDUUDQW
LVVXHVDQGLPSURYHVFKRODUVKLSDQGHGXFDWLRQLQ :$6 ZDUWLPHDXWKRUL]HGVWUHQJWK
LQWHUQDWLRQDOOHJDOPDWWHUVLQFOXGLQJWUDLQLQJ HIIHFWLIVWKpRULTXHVGXWHPSVGHJXHUUH
SUDFWLFHDGPLQLVWUDWLRQRIMXVWLFHKXPDQULJKWV :$6$ :RUP
V$LUDQG6SDFH$JHQF\
WKHHQYLURQPHQWDQGFRRUGLQDWLRQRIOHJDOV\V 7KH:$6$ VSRQVRUVDVKRZLQWKH86$
WHPV ODXQFKHGLQ-DQXDU\H[SORULQJEDVLFVFLHQFH
:$0 :$YH0RGHO FRQFHSWV DWDSUHVFKRROOHYHO
:$0( :RUOG$VVRFLDWLRQRI0HGLFDO(GLWRUV :$6& :HVWHUQ$GPLQLVWUDWLYH6XSSRUW&HQWHU
7KH:RUOG$VVRFLDWLRQRI0HGLFDO(GLWRUVZDV :$6'( :RUOG$JULFXOWXUDO6XSSO\DQG'HPDQG
IRUPHGLQ (VWLPDWHV
(WKLFV0HGLFLQH3K\VLFV 2IWKH86'$
:$0(; :HVW$IULFDQ0RQVRRQ(;SHULPHQW )RUIXUWKHUGHWDLOVVHHXQGHU86'$
:$0, :DVKLQJWRQ$ODVND0RQWDQDDQG,GDKR :DVK DEEU :DVKLQJWRQ86$
6WDWHV 86$  $OVR::$
:$1 1LJHULD·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW :$63 :KLWH$QJOR6D[RQ3URWHVWDQW
WHUV :$63:DVS :LUHOHVV$SSOLFDWLRQ6HUYLFH
:$1:DQ :LGH$UHD1HWZRUN 3URYLGHU
:$1$ :HVW$VLD1RUWK$IULFD :$67(&$VVRFLDWLRQ :$6WH(TXLSPHQW
:$1' :LUHOHVV$701HWZRUN'HPRQVWUDWRU 7(&KQRORJ\$VVRFLDWLRQ 86$ 
(XURSHDQ&RPPXQLW\3URMHFW :$6:& :RUOG$VVRFLDWLRQRI6RLODQG:DWHU
: 5 :KROHVDOHDQG5HWDLO &RQVHUYDWLRQ 86$ 
%XVLQHVV&RPPHUFH :$7 :RUG$VVRFLDWLRQ7HVW
:$12 :RUOG$VVRFLDWLRQRI1XFOHDU2SHUDWRUV :$7(51(7 .QRZOHGJHFDSWXUHIRUDGYDQFHG
7KH:RUOG$VVRFLDWLRQRI1XFOHDU2SHUDWRUVZDV VXSHUYLVLRQRI:DWHUGLVWULEXWLRQ1HWZRUNV
IRUPHGE\,QGXVWU\LQ (XURSHDQ&RPPXQLW\3URMHFW
1XFOHDU6FLHQFH :$7/ :RUFHVWHUVKLUH$VVRFLDWLRQRI7HFKQLFDO
:$1V:DQV :LGH$UHD1HWZRUNV /LEUDULHV
:$3 :LUHOHVV$SSOLFDWLRQ3URWRFRO :$72; :HVWHUQ$7ODQWLF2FHDQ([SHULPHQW
6WDQGDUGWRDOORZ,QWHUQHW6HUYLFHVRQFHOOXODU :$7 UDGLRVRXUFHV :LGH$QJOH7DLOHGUDGLR
SKRQHV VRXUFHV
:$3$ :HVWHUQ$UHD3RZHU$GPLQLVWUDWLRQ $VWURQRP\3K\VLFV
86$  :$76 :LGH$UHD7HOHSKRQH6HUYLFH
:$3'$ :DWHU$QG3RZHU'HYHORSPHQW$XWKRULW\ :$76 :RUOG$LU7UDQVSRUW6WDWLVWLFV
3DNLVWDQ  $LUOLQH,QGXVWU\
:$5& :RUOG$GPLQLVWUDWLYH5DGLR&RQIHUHQFH :$77 ::: :LQGRZIRU$&767ULDOVDQG
:$5'$ :HVW$IULFD5LFH'HYHORSPHQW 7HVWEHGV
$VVRFLDWLRQ (XURSHDQ&RPPXQLW\3URMHFW
,YRU\&RVW)RXQGHGLQ


:$77& :RUOG$GPLQLVWUDWLYH7HOHSKRQH7HOHJUDSK :%(5 :RUOG%DQN(FRQRPLF5HYLHZ


&RQIHUHQFH :%) :RRG%ORFN)ORRU
:$XVWU :$XV :HVWHUQ$XVWUDOLD %XLOGLQJV
:$9(6 :RPHQ$FFHSWHGIRU9ROXQWDU\(PHUJHQF\ :%52 :RUOG%DQN5HVHDUFK2EVHUYHU
6HUYLFH :%6 :RUN%UHDNGRZQ6WUXFWXUH
ZDYHV 7KHDERYHDFURQ\PZDVFRLQHGXVLQJWKH :%WHPSHUDWXUH :HW%XOEWHPSHUDWXUH
(QJOLVKZRUGZDYHV 0HWHRURORJ\
)OXLG0HFKDQLFV0LOLWDU\6FLHQFH :& 7XQJVWHQ&DUELGH
2FHDQRJUDSK\3K\VLFV 7XQJVWHQ&DUELGHLVXVHGPDLQO\LQFHUDPLFV
:$: :DUP$JXOKDV:DWHU WRROVDQGDVDQDEUDVLYH
7KH$JXOKDVFXUUHQWLVDVZLIWFXUUHQWWKDWIORZV ,QRUJDQLF&KHPLVWU\
DORQJWKHVRXWKHDVWFRDVWRI$IULFD :& :DU&DELQHW
:$: 7KHDLUSRUWFRGHIRU:DUVDZ3RODQG :& :DU&RXQFLO
:$< :RUOG$VVHPEO\RI<RXWK %HOJLXP  :&ZF :DWHU&ORVHW
:% :DUHKRXVH%RRN :&ZF :DWHU&ROXPQ
:%:% :DWHU%DOODVW :& :DWHUHG&DSLWDO
1DYDO$UFKLWHFWXUH %XVLQHVV(FRQRPLFV)LQDQFH
:% :DWHU%RDUG :& :HVW&HQWUDO
:% :D\%LOO ZF ZLWKFRVWVZLWKRXWFKDUJH
$OVR:E :& :RUNLQJ&DSLWDO
:%:% :HDWKHU%XUHDX %XVLQHVV(FRQRPLFV)LQDQFH
:E :HEHU :& :RUNPHQ·V&LUFOH 86$ 
:HEHULVWKHPHWHUNLORJUDPVHFRQGXQLWRIPDJ :& :RUOG:LGH:HE&RQVRUWLXP 86$ 
QHWLFIOX[ 7KH:&ZDVIRXQGHGLQDWWKH
(OHFWURPDJQHWLVP 0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\·V
ZE ZHVWERXQG /DERUDWRU\IRU&RPSXWHU6FLHQFH
:% :KDOH%RDW :&$ :RPHQ·V&KULVWLDQ$VVRFLDWLRQ
1DYDO$UFKLWHFWXUH :&$ :RUNLQJ&DSLWDO$FFRXQW
:% :KHHOEDVHZKHHOEDVH %XVLQHVV(FRQRPLFV)LQDQFH
(QJLQHHULQJ'HVLJQ :&$ :RUNPHQ·V&RPSHQVDWLRQ$FW
:% :LGH%DQG :&% ZDUWLPHFRQWLQJHQF\EDVH
$FRXVWLFDO(QJLQHHULQJ(OHFWURQLFV EDVHGHFLUFRQVWDQFHGXWHPSVGHJXHUUH
7HOHFRPPXQLFDWLRQV :&%$ :HVWFKHVWHU&RXQW\%DU$VVRFLDWLRQ
:% :RUN%HQFK :&& :DVKWHQDZ&RPPXQLW\&ROOHJH
:% :RUOG%DQN 7KH:&&LVORFDWHGDW$QQ$UERU0LFKLJDQ
7KH:RUOG%DQNZDVHVWDEOLVKHGLQDWWKH 86$
%UHWWRQ:RRGV&RQIHUHQFHDQGVWDUWHGRSHUDWLQJ :&& :HVWPLQVWHU&ROOHJHRI&RPSXWLQJ *% 
LQ,WLVDOVRNQRZQDVWKH,QWHUQDWLRQDO%DQN :&& :KLWH&ROODU&RPSOH[
IRU5HFRQVWUXFWLRQDQG'HYHORSPHQW %LRFKHPLVWU\*HQHWLFV3K\VLRORJ\
:% 7XQJVWHQ%RULGH :&&$6,6 :HVWHUQ&DQDGLDQ&KDSWHURIWKH
7XQJVWHQ%RULGHLVXVHGDVDUHIUDFWRU\ $PHULFDQ6RFLHW\IRU,QIRUPDWLRQ6FLHQFH
,QRUJDQLF&KHPLVWU\ :&'0$ :LGHEDQG&RGH'LYLVLRQ0XOWLSOH
:%&V :KLWH%ORRG&HOOV $FFHVV
:%&6' :RUOG%XVLQHVV&RXQFLOIRU6XVWDLQDEOH :&'3 :RUOG&OLPDWH'DWD3URJUDP
'HYHORSPHQW 6ZLW]HUODQG  :&'3 KDVEHHQUHSODFHGE\:&3
:%&7 :KROH%ORRG&ORWWLQJ7LPH $OVR:&603
:%'& :RPHQ
V%XVLQHVV'HYHORSPHQW :&( :KROHFHOO&UXGH([WUDFWV
&RUSRUDWLRQ 86$  %LRFKHPLVWU\0ROHFXODU%LRORJ\0ROHFXODU
%XVLQHVV)LQDQFH *HQHWLFV
:%'3& :HVWHUQ%DQFRUS'DWD3URFHVVLQJ :&(6 :LQWHU&RQVXPHU(OHFWURQLFV6KRZ
&RPSDQ\ +HOGDW/DV9HJDV19 &RQYHQWLRQ&HQWHU86$
:%(0LQLWLDWLYH :HEEDVHG RUHQDEOHG WKWK -DQXDU\
(QWHUSULVH0DQDJHPHQWLQLWLDWLYH 0LFURVRIW·V  ,QWHUQDWLRQDO$QQXDO6KRZV


:&) :LOVRQ&UHHN)RUPDWLRQ ODWH3OHLVWRFHQH  $OVRZG


$VK/D\HUV*HRORJ\3DOHRJHRJUDSK\ :' :KLWH'ZDUI
3DOHRFOLPDWRORJ\3DOHRHFRORJ\3K\VLFV $VWURSK\VLFV%LQDU\(YROXWLRQ
:&), :HVWSDF&RPPRGLW\)XWXUHV,QGH[ :' :LQFKHVWHU'LVN
$XVWUDOLD  &RPSXWHU7HFKQRORJ\
:&),LVVSHFLDOO\GHVLJQHGWRWUDFNLQUHDOWLPH ZG DEEU ZLQG
FRPPRGLW\SULFHVLPSRUWDQWWR$XVWUDOLD (OHFWURQLFV0HWHRURORJ\
:&,3 :RUOG&OLPDWH,PSDFWVWXGLHV3URJUDP :' :LUH'LDJUDPV
:&O 7XQJVWHQ+H[DFKORULGH (OHFWULFLW\
7XQJVWHQ+H[DFKORULGHLVXVHGPDLQO\DVDFDWD ZG DEEU ZLWKGUDZDOZLWKGUDZQ
O\VW ZG DEEU ZRUG
,QRUJDQLF&KHPLVWU\ )RUIXUWKHUGHWDLOVVHHXQGHUZ
:&/$ :DUUHQ&RXQW\/LEUDU\$VVRFLDWLRQ :' :RUNV'HSDUWPHQW 86$ 
:&0& :RUOG&RQVHUYDWLRQ0RQLWRULQJ&HQWHU :'$ :HOVK'HYHORSPHQW$JHQF\ *% 
7KH:&0&LVDQLQGHSHQGHQWQRQSURILWRUJDQL]D 7KH:'$ LVD*RYHUQPHQWIXQGHGERG\WKDWKDV
WLRQEDVHGLQ&DPEULGJH *%  ZRUNHGIRU\HDUVWRLQFUHDVHWKHHFRQRPLF
%RWDQ\(FRORJ\(FRV\VWHPV SURVSHULW\RI:DOHV
:&0' :LQG&RUUHODWHG0XQLWLRQ'LVSHQVHU :'% :RPHQ
V'HYHORSPHQW%DQNLQJ 6RXWK
:&1'5 :RUOG&RQIHUHQFHRQ1DWXUDO'LVDVWHU $IULFD 
5HGXFWLRQ81 %XVLQHVV)LQDQFH
:&2 ZHDSRQFRQWURORUGHU :'& :DU'DPDJH&RPPLVVLRQ
FRQVLJQHGHWLU :'& :LGHEDQG'LUHFWLRQDO&RXSOHU
:&2 :RUOG&XVWRPV2UJDQL]DWLRQ :'& :RUOG'DWD&HQWHU
&XVWRPV$GPLQLVWUDWLRQV :'&** :RUOG'DWD&HQWHUIRU*UHHQKRXVH*DVHV
:&3 ZHDSRQVFROOHFWLRQSRLQW :''(6 :RUOG'LJLWDO'DWDEDVHIRU(QYLURQPHQWDO
SRLQWGHUHJURXSHPHQWG·DUPHV 6FLHQFHV
:&3 :RUOG&OLPDWH3URJUDP :',5 :RUNLQJ',5HFWRU\
:&3 KDVUHSODFHG:&'3 :'/ :RUNHUV· 'HIHQVH/HDJXH
)RUIXUWKHUGHWDLOVVHHXQGHU:&603 DQG :'0:GP :DYHOHQJWK'LYLVLRQ0XOWLSOH[LQJ
:&'3 :'0LVDWHFKQRORJ\IRURSWLFDOILEUHWUDQVPLV
:&53 :RUOG&OLPDWH5HVHDUFK3URJUDP VLRQ
:&53 KDVUHSODFHG*$53 (OHFWULFDO(QJLQHHULQJ4XDQWXP2SWLFV
:&6 :LOGOLIH&RQVHUYDWLRQ6RFLHW\1HZ<RUN :'0$ :LGHEDQG&'0$
&LW\86$ &HOOXODU3KRQHV
%LRORJ\(FRORJ\(QGDQJHUHG6SHFLHV )RUIXUWKHUGHWDLOVVHHXQGHU&'0$
:&6 :RUP&RPPXQLW\6\VWHP :'5 :RUOG'HYHORSPHQW5HSRUW
7KHZRUPFRPPXQLW\V\VWHPZDVGHYHORSHGLQ 2IWKH:RUOG%DQN5HOHDVHGDWWKH:66'LQ
E\DVFLHQWLVWRIWKH8QLYHUVLW\RI,OOLQRLV -RKDQQHVEXUJ6RXWK$IULFDRQVW $XJXVW
86$ ,QWHUQDWLRQDO+HDOWK
&HOHJDQV'DWDEDVHV )RUIXUWKHUGHWDLOVVHHXQGHU:66'
:&6 :ULWDEOH&RQWURO6WRUH :'66 :DUQLQJ'HFLVLRQ6XSSRUW6\VWHP
7KHZULWDEOHFRQWUROVWRUHLVDSDUWRID&38FRQ ZGW DEEU ZLGWK
WUROVWRUH $OVRZ
&RPSXWHU7HFKQRORJ\ 6FLHQFH7HOHFRPPXQLFDWLRQV
)RUIXUWKHUGHWDLOVVHHXQGHU&38 :'9 :ULWWHQ'RZQ9DOXH
:&603 :RUOG&OLPDWH6\VWHP0RQLWRULQJ :'; :DYHOHQJWK'LVSHUVLYH;UD\
3URJUDP :( ZDUHVWDEOLVKPHQW
)RUIXUWKHUGHUWDLOVVHHXQGHU:&3 WDEOHDXG·HIIHFWLIVGXWHPSVGHJXHUUH 7(* 
:&7 :DWHU&RROHG7XEH :( :HWODQGV(FRORJLVW
:&:& :HVWHUQ&DQDGD:LOGHUQHVV&RPPLWWHH :( :LQGRZ(GLWRU
:&:, :HVW&HQWUDO:,VFRQVLQ 86$  &RPSXWHU3URJUDPPLQJ
:' :DU'HSDUWPHQW :($ :RUNHUV
(GXFDWLRQDO$VVRFLDWLRQ *% 
ZG DEEU ZDUUDQWHG :($/ :RPHQ
V(TXLW\$FWLRQ/HDJXH


/RFDWHGLQ:DVKLQJWRQ'&86$ :(5& :DVWHPDQDJHPHQW(GXFDWLRQDQG5HVHDUFK


:($1 :RPHQ
V(QWUHSUHQHXULDO$VVRFLDWLRQRI &RQVRUWLXP 86$ 
1HSDO :(5&LVPDQDJHGE\1HZ0H[LFR6WDWH
%XVLQHVV)LQDQFH 8QLYHUVLW\
:(& ZDUWLPHHQJDJHPHQWFULWHULRQ :(6/,1. :HVW0LGODQGV/LEUDU\DQG,QIRUPDWLRQ
FULWqUHG·HQJDJHPHQWGXWHPSVGHJXHUUH 1HWZRUN
:(& :HDN(QHUJ\&RQGLWLRQ :(67)251(7 :HVWHUQ)RUHVWU\,QIRUPDWLRQ
3K\VLFV 1HWZRUN
:(& :RUOG(QHUJ\&RQIHUHQFH :(67/$17 :HVWHUQ$WODQWLF$UHD>REVROHWHVHH
)RXQGHGLQLQ/RQGRQDV:RUOG3RZHU 5&:(67@
&RQIHUHQFHWRFRQVLGHUWKHSRWHQWLDOUHVRXUFHVDQG 6HFWHXURFFLGHQWDOGHO·$WODQWLTXH>REVROqWHYRLU
DOOPHDQVRISURGXFWLRQWUDQVSRUWDWLRQWUDQVIRU 5&:(67@
PDWLRQDQGXWLOL]DWLRQRIHQHUJ\LQDOOWKHLU :HVW/% :HVWGHXWVFKH/DQGHVEDQN *HUPDQ\ 
DVSHFWVDQGDOVRWRFRQVLGHUHQHUJ\FRQVXPSWLRQ :(7 :HVW HUQ (XURSHDQ7LPH
LQLWVRYHUDOOUHODWLRQVKLSWRWKHJURZWKRIHFRQRP :(7 :KROH(DUWK7HOHVFRSH
LFDFWLYLW\FROOHFWVDQGSXEOLVKHVGDWDKROGVWULHQ :(7 LVDVHULHVRIPHGLXPVL]HGWHOHVFRSHVZRUN
QDOFRQJUHVVSURPRWHVUHJLRQDOV\PSRVLDDQG LQJWRJHWKHUIRUWKHVWXG\RISXOVDWLRQVRIDSDUWLF
WHFKQLFDOVWXGLHV XODUVWDU
(QHUJ\8WLOL]DWLRQ(QHUJ\&RQVXPSWLRQ $VWURQRP\$VWHURVHLVPRORJ\
:(& :RUOG(QHUJ\&RQJUHVV ZHW 7KHDERYHDFURQ\PVZHUHFRLQHGXVLQJWKH
:(&$:HFD :LUHOHVV(WKHUQHW&RPSDWLELOLW\ (QJOLVKZRUGZHW
$OOLDQFH $YLDWLRQ&KHPLVWU\0HWHRURORJ\3K\VLFV
$ ERG\WKDWFHUWLILHVGHYLFHVIRUWKLVW\SHRIQHW :(8 :HVWHUQ(XURSHDQ8QLRQ
ZRUN XQLRQGHO·(XURSHRFFLGHQWDOH 8(2 
:(&$)& :(VWHUQ&HQWUDO$WODQWLF)LVKHU\ :(;&2 ,QFUHDVLQJ:RRG(;WHULRUMRLQHU\VHUYLFH
&RPPLVVLRQ OLIHE\VXUIDFHWUHDWPHQWVDQGLQQRYDWLYH&2DWLQJV
2IWKH81)$2 ZLWKUHGXFHGVROYHQWHPLVVLRQ
)RUIXUWKHUGHWDLOVVHHXQGHU)$2 (XURSHDQ&RPPXQLW\3URMHFW
:(&(6 :RPHQ(XURSHDQ&RPSOHPHQWDU\ :(= ZHDSRQHQJDJHPHQW]RQH
(GXFDWLRQ6\VWHP ]RQHG·HQJDJHPHQWG·DUPH
3URMHFWV :) ZDUULQJIDFWLRQV
:(&6 :LQG(QHUJ\&RQYHUVLRQ6\VWHP IDFWLRQVEHOOLJpUDQWHV
:(( :HVWHUQ(TXLQH(QFHSKDOLWLV :IZI ZKDUI
:((LVDOVRNQRZQDV9LUDO:HVWHUQ(TXLQH 6KLSSLQJ
(QFHSKDOLWLV :) :RUG)RUPDW
0HGLFLQH &RPSXWHU3URJUDPPLQJ
:((( :DVWH(OHFWULFDODQG(OHFWURQLF(TXLSPHQW :) :RUN)DFWRU
'LVSRVDO5HF\FOLQJ ZI ZURQJIRQW W\SGHIHFW 
:HI :RUOGHFRQRPLFIRUXP :)$ :RUOG)HGHUDWLRQRI$GYHUWLVHUV %HOJLXP 
+HDG2IILFH6ZLW]HUODQG :)&FRXQWUDWH :LGH)LHOG&DPHUDFRXQWUDWH
:(*2 :RPHQ
V(QWUHSUHQHXULDO*URZWK $HURVSDFH(QJLQHHULQJ6SDFH3K\VLFV
2UJDQL]DWLRQ 86$  :)' :DWHU)RRG'HSULYHG
%XVLQHVV)LQDQFH :)+% :RPHQ
V)LQDQFH+RXVH%RWVZDQD
:(+, :DOWHUDQG(OL]D+DOO,QVWLWXWH $XVWUDOLD  %XVLQHVV)LQDQFH
3DWKRELRORJ\RI&HUHEUDO0DODULD :), :DWHU)RU,QMHFWLRQ
:(// :KROH(DUWK/HFWURQLF/LQN :)/ :RPHQ
V)UHHGRP/HDJXH
)RXQGHGLQ :)OHP :HVW)OHPLVK
2QOLQH&RPPXQLWLHV(OHFWURQLF&RQIHUHQFHV :HVW)OHPLVKLV)OHPLVKXVHGLQ:HVW)ODQGHUV
:HPS :RPHQ
VHQWUHSUHQHXUVKLSDQGPDQDJHPHQW /DQJXDJHV
SURJUDP :)0+ :RUOG)HGHUDWLRQRI0HQWDO+HDOWK
)XQGHGE\WKH(XURSHDQ&RPPXQLW\ 7KH:)0+ZDVODXQFKHGLQ3DULVLQ
:HSUR :RPHQHQWUHSUHQHXUVSURMHFW :)2 :HDWKHU)RUHFDVW2IILFH
(XURSHDQ3URMHFWV :)3 :RUOG)RRG3URJUDPPH81


)RUWKHILJKWDJDLQVWKXQJHU FRPSULVHV(QJOLVK)ULVLDQ)OHPLVK'XWFK3ODWW
:)3& :LGH)LHOG3ODQHWDU\&DPHUD GHXWVFK<LGGLVKDQG*HUPDQ
,QGHFHPEHUWKH:)3&SURGXFHGDQLPDJH /DQJXDJHV
RIWKHIDLQWHVWJDOD[LHVHYHUVHHQ :*06 :RUNLQJ*URXSRQ0DULQH6HGLPHQWV
$VWURQRP\*DOD[\)RUPDWLRQ3ODQHW 2IWKH,QWHUQDWLRQDO&RXQFLOIRUWKH([SORUDWLRQRI
2EVHUYDWLRQV6N\6XUYH\V6SDFH6FLHQFH WKH6HD
:)4 :HLJKWHG)DLU4XHXLQJ :*17( :RUNLQJ*URXSRI1DWLRQDO7HFKQLFDO
:)5(& :HVW)ORULGD5HVHDUFKDQG(GXFDWLRQ ([SHUWV
&HQWHU 86$  *URXSHGHWUDYDLOGHVH[SHUWVWHFKQLTXHV
:)6 :DWHU)RRG6DWLHWHG QDWLRQDX[
:)6 :RUN)DFWRU6\VWHP :*V :RUNLQJ*URXSV
:)6 :RUOG)UDQFKLVH6ROXWLRQV 86$  :*6 ZRUOGJHRGHWLFV\VWHP
:)6$ :RUOG)HGHUDWLRQRI6RFLHWLHVRI V\VWqPHJpRGpVLTXHPRQGLDO
$QDHVWKHVLRORJLVWV :*6$7 :RUNLQJ*URXSRQ6$7HOOLWHV
)RXQGHGLQWRPDNHDYDLODEOHWKHKLJKHVW 2IWKH81:02
VWDQGDUGVRIDQDHVWKHVLDWRDOOSHRSOHRIWKHZRUOG )RUIXUWKHUGHWDLOVVHHXQGHU:02
:) V\VWHP :RUN)DFWRUV\VWHP :*6, :RUNLQJ*URXSRQ6HD,FH
:)7 :RPHQ
V)LQDQFH7UXVW 6LHUUD/HRQH  :*6VHTXHQFHV :KROH*HQRPH6KRWJXQ
%XVLQHVV)LQDQFH VHTXHQFHV
:)78:)78 :RUOG)HGHUDWLRQRI7UDGH &RPSXWDWLRQDO*HQRPLFV*HQHWLFV0HGLFLQH
8QLRQV ZJW DEEU ZHLJKW
:)7= :RPHQ
V)LQDQFH7UXVWRI=DPELD $OVRZ
:I[ :RUNIROGHUIRU0LFURVRIW([FKDQJH (QJLQHHULQJ0HFKDQLFV0HWURORJ\6WDWLVWLFV
:)= ZHDSRQVIUHH]RQH :*=EDQN :HVWGHXWVFKH*HQRVVHQVFKDIWV
]RQHGHWLUOLEUH =7/  =HQWUDOEDQN *HUPDQ\ 
:* *UDQDGD·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQOHW :+ ZDUKHDG
WHUV FKDUJHPLOLWDLUH
:* :DWHU*DXJH :+ZK :DWWKRXU
$OVRZJ ZJ )RUIXUWKHUGHWDLOVVHHXQGHUZKU
(QJLQHHULQJ ZK ZKLFKZKLWH
ZJ ZHLJKWJXDUDQWHHG :+$ :RUOG+HDOWK$VVHPEO\ *HQHYD 
:* :HOVK*XUUHOV :KI DEEU ZKDUI
:* :HVWPLQVWHU*D]HWWH $OVRZK
ZJ DEEU ZLQJ :++/ UDEELW :DWDQDEH+HULWDEOH+\SHUOLSLGHPLF
:* ZJ :LUH*DXJH:LUH*DJH UDEELW
'HVLJQ(QJLQHHULQJ(QJLQHHULQJ 'LVFRYHU\&KHPLVWU\)DPLOLDO
:* ZRUNLQJJURXS +\SHUFKROHVWHUROHPLD0HWDEROLF'LVHDVHV
JURXSHGHWUDYDLO *7  3KDUPDFHXWLFDO5HVHDUFK3KDUPDFRNLQHWLFV
:*$ :KHDW*HUP$JJOXWLQLQ :+, :RPHQ
V+HDOWK,QLWLDWLYH
&HOO%LRORJ\'HYHORSPHQWDO%LRORJ\ )RUIXUWKHUGHWDLOVVHHXQGHU+57 DQG
:* DFWLYLW\ :LQJOHVVDFWLYLW\ :,6'20
*HQHWLFV0HGLFLQH0ROHFXODU%LRORJ\ :+,0 :RUOG+XPRUDQG,URQ\0HPEHUVKLS
:*$+53 :KHDW*HUP$JJOXWLQLQFRQMXJDWHGWR $UL]RQD6WDWH8QLYHUVLW\ 86$ 
+RUVHUDGLVK3HUR[LGDVH :+,06< :RUOG+XPRUDQG,URQ\0HPEHUVKLS
%LGLUHFWLRQDO7UDFHUV1HXURVFLHQFH 6HULDO<HDUERRN
:*$0 :RUNLQJ*URXSRQ$QWDUFWLF0HWHRURORJ\ $UL]RQD6WDWH8QLYHUVLW\ 86$ 
2IWKH81:02 ZKO DEEU ZKHHO
)RUIXUWKHUGHWDLOVVHHXQGHU:02 0DWKHPDWLFV0HFKDQLFDO(QJLQHHULQJ
:*&&' :RUNLQJ*URXSRQ&OLPDWH&KDQJH ZKP ZDWWKRXUPHWHU
'HWHFWLRQ (OHFWULFDO(QJLQHHULQJ
:*' :RUNLQJ*URXSRQ'DWD :+15& :HVWHUQ+XPDQ1XWULWLRQ5HVHDUFK
:*PF :HVW*HUPDQLF &HQWHU
:HVW*HUPDQLFLVDVXEEUDQFKRI*HUPDQLF,W


7KH:+15&LVORFDWHGLQ6DQ)UDQFLVFR :,'/ :HE,QWHUIDFH'HILQLWLRQ/DQJXDJH


&DOLIRUQLD86$ :,'/ LVDV\VWHPIRUGHFLSKHULQJZHESDJHV
:+16 ZDUWLPHKRVWQDWLRQVXSSRUW :,(6 :ULJOH\,QVWLWXWHIRU(QYLURQPHQWDO6WXGLHV
VRXWLHQIRUXQLSDUOHSD\VK{WHHQWHPSVGHJXHUUH 86$ 
:+2 :RUOG+HDOWK2UJDQL]DWLRQ 2IWKH8QLYHUVLW\RI6RXWKHUQ&DOLIRUQLD
$JHQF\RIWKH81HVWDEOLVKHGLQ :L)L DEEU :LUHOHVV)LGHOLW\
$OVR:+2 :L)6 6HDYLHZLQJ :LGH)LHOGRIYLHZ6HQVRU
)RUIXUWKHUGHWDLOVVHHXQGHU81 (QYLURQPHQWDODQG(VWXDULQH6WXGLHV0DULQHDQG
:+2, :RRG
V+ROH2FHDQRJUDSKLF,QVWLWXWLRQ &RDVWDO6FLHQFHV3ODQW%LRORJ\
86$  :,* ZLQJLQJURXQG
ZKRO DEEU ZKROHVDOHU DLOHjHIIHWGHVRO
%XVLQHVV&RPPHUFH :,* :ROIUDP,QHUW*DV
:+4 ZDUKHDGTXDUWHUV :HOGLQJ
TXDUWLHUJpQpUDOGHJXHUUH 4**  :,+* :DGLD,QVWLWXWHRI+LPDOD\DQ*HRORJ\
:+4(; ZDUKHDGTXDUWHUVH[HUFLVH 'HKUDGXQ 
H[HUFLFHG·DFWLYDWLRQGHVTXDUWLHUVJpQpUDX[GH :,+*LVUXQE\WKHJRYHUQPHQW
JXHUUH *HRORJ\
ZKU ZDWWKRXU :,, :LOGOLIH,QVWLWXWHRI,QGLD ,QGLD 
ZKULVDXQLWRIHQHUJ\HTXDOWRWKHHQHUJ\FRQ :,/ :LOGOLIH,QYHVWLJDWLRQV/DERUDWRU\ 86$ 
VXPHGDWDUDWHRIRQHZDWWSHUKRXU :,/ :RPHQ
V,QWHUQDWLRQDO/HDJXH
(OHFWULFLW\ :,/6 :LVFRQVLQ,QWHUOLEUDU\/RDQ6HUYLFH
ZKV DEEU ZDUHKRXVH :LOWV DEEU :LOWVKLUH *% 
$OVRZKVH :,03 :LQGZDUG,VODQGSDVVDJHV0RQLWRULQJ
:+6 :DVKLQJWRQ+HDGTXDUWHUV6HUYLFHV 86$  3URJUDP
:+6& :LVFRQVLQ+HDOWK6FLHQFHV/LEUDULDQV :,03V :HDNO\,QWHUDFWLQJ0DVVLYH3DUWLFOHV
ZKVO DEEU ZKROHVDOH $VWURQRP\$VWURSK\VLFV&RVPRORJ\3K\VLFV
%XVLQHVV&RPPHUFH :,1*6 :DUUDQWV,QWR1HJRWLDEOH*RYHUQPHQW
:+6/$ :LVFRQVLQ+HDOWK6FLHQFHV/LEUDU\ 6HFXULWLHV 86$ 
$VVRFLDWLRQ :,1SURJUDP :RUN,1FHQWLYHSURJUDP 86$ 
ZKW DEEU ZKLWH :LQV :LQGRZVQDPLQJV\VWHP
:+7 :LOOLDP+HUVFKHO7HOHVFRSH :,16 :LUHOHVV,QKRXVH1HWZRUN6WXGLHV
$VWURSK\VLFV6SDFH5HVHDUFK (XURSHDQ&RPPXQLW\
Z+7+ PRWLI ZLQJHG+HOL[7XUQ+HOL[PRWLI :,3 ZDUWLPHLQWHOOLJHQFHSODQ
:+9 :RRGFKXFN+HSDWLWLV9LUXV SODQGHUHQVHLJQHPHQWGXWHPSVGHJXHUUH
:+<&26 :RUOG+<GURORJLFDO&\FOH2EVHUYLQJ :,3 :RUN,Q3URJUHVV
6\VWHP :,32 :RUOG,QWHOOHFWXDO3URSHUW\2UJDQL]DWLRQ
:, :HVWHUQ6DKDUD 2UJDQLVDWLRQ0RQGLDOHGHOD3URSULpWp
:, :HVW,QGLDQ:HVW,QGLHV ,QWHOOHFWXHOOH3XEOLVKHV
'URLWG
$XWHXU (QJOLVK
:, :KHQ,VVXHG (GLWLRQ /RFDWHGLQ*HQHYD6ZLW]HUODQG
:, DEEU :LVFRQVLQ 86$  :,33 :DVWH,VRODWLRQ3LORW3ODQW 1HZ0H[LFR 
$OVR:LV $QG:LVF 5DGLRDFWLYH:DVWH'LVSRVDO
:, :RPHQ·V,QVWLWXWH :LV DEEU :LVFRQVLQ86$
:, :URXJKW,URQ $OVR:, DQG:LVF
0HWDOOXUJ\ :,6& :HFKVOHU,QWHOOLJHQFH6FDOHIRU&KLOGUHQ
:,$ :HDWKHU,PSDFWHG$LUVSDFH 7KH:HFKVOHU,QWHOOLJHQFH6FDOHIRU&KLOGUHQLVDQ
:,$ ZRXQGHGLQDFWLRQ ,QWHOOLJHQFH7HVWIRUVL[WRVL[WHHQ\HDUVROGFKLO
EOHVVpDXFRPEDW GUHQ
:,& ZDUWLPHLGHQWLILFDWLRQFRGH 3V\FKRORJ\
FRGHG·LGHQWLILFDWLRQGXWHPSVGHJXHUUH )RUIXUWKHUGHWDLOVVHHXQGHU:$,6 :HFKVOHU
:,& :HVWHUQ,QWHUQDWLRQDO&RPPXQLFDWLRQV $GXOW,QWHOOLJHQFH6FDOH 
:,&LVD&DQDGLDQEURDGFDVWHU ZLVG DEEU ZLVGRP
:,& :RPHQ,QIDQWVDQG&KLOGUHQ :,6'20 :RPHQ·V,QWHUQDWLRQDO6WXG\RIORQJ
6SHFLDOVXSSOHPHQWDOIRRGSURJUDP 'XUDWLRQ2HVWURJHQDIWHU0HQRSDXVH


2HVWURJHQDQG3URJHVWLQ7HVWV :// V\VWHPV :LUHOHVV/RFDO/RRSV\VWHPV


)RUIXUWKHUGHWDLOVVHHXQGHU:+,+57 $ WHFKQRORJ\WKDWDOORZVFRPSDQLHVWRVHWXSEDVLF
:,6( :RPHQLQ6FLHQFHDQG(QJLQHHULQJ WHOHSKRQ\XVLQJVDWHOOLWHRUFHOOXODUOLQNV
:,63 :LQWHU,FLQJDQG6WRUPV3URMHFW :LUHOHVV7HOHFRPPXQLFDWLRQV
:,7(& :RPHQ,Q7(&KQRORJ\ *%  :/1 :DVKLQJWRQ/LEUDU\1HWZRUN
:-$ :RUOG-XULVW$VVRFLDWLRQ :/1 :HVWHUQ/LEUDU\1HWZRUN
/RFDWHGLQ:DVKLQJWRQ'&86$)RXQGHGLQ :/2 :DVKLQJWRQ/LDLVRQ2IILFH
WRSURPRWHWKHFRQWLQXHGGHYHORSPHQWRI )RUIXUWKHUGHWDLOVVHHXQGHU-636
LQWHUQDWLRQDOODZ DQGZRUOGRUGHUELHQQLDOZRUOG :/5 :HHNO\/DZ5HSRUWV
FRQIHUHQFHV:RUOG/DZ'D\GHPRQVWUDWLRQWULDOV :/93 :\HWK/HGHUOH9DFFLQHVDQG3HGLDWULFV
UHVHDUFKSURJUDPPHVDQGSXEOLFDWLRQVKDYHFRQ :/93 LVDPHPEHURIWKH:\HWK$\HUVWIDPLO\,W
WULEXWHGWRWKHJURZWKRIODZDQGOHJDOLQVWLWXWLRQV LVHQJDJHGLQUHVHDUFKGHYHORSPHQWDQGPDQXIDF
E\IRFXVLQJRQPDWWHUVRILQWHUQDWLRQDOFRQFHUQ WXUHRIYDFFLQHVIRUSUHYHQWLRQRIYLUDODQGEDFWHUL
:-$& :RPHQ
V-XQLRU$LU&RUSV DOGLVHDVHV
:NZN DEEU ZHHN ,PPXQL]DWLRQV
ZN DEEU ZRUN :/:+ :RUNVKRS/LEUDU\RQ:RUOG+XPRU
,QGXVWULDO(QJLQHHULQJ0HFKDQLFDO(QJLQHHULQJ 7KH:/:+LVORFDWHGLQ$UL]RQD6WDWH8QLYHUVLW\
0HFKDQLFV 86$ 
:.% PHWKRG :HQW]HO.UDPHUV%ULOORXLQPHWKRG :0 :DWHUPDUN
7KH:.%PHWKRGLVDOVRNQRZQDV:.%DSSUR[ *UDSKLF$UWV
LPDWLRQSKDVHLQWHJUDOPHWKRG :0 ZDWHUPHWHU
4XDQWXP0HFKDQLFV (QJLQHHULQJ
ZNJ DEEU ZRUNLQJ :P :DWWPHWHU
0LQLQJ(QJLQHHULQJ1DYLJDWLRQ :PLVDQLQVWUXPHQWXVHGWRPHDVXUHHOHFWULF
7HOHFRPPXQLFDWLRQV SRZHULQZDWWV
ZNO\ DEEU ZHHNO\ :0 :HLJKWRU0HDVXUHPHQW
ZNU DEEU ZUHFNHU (QJLQHHULQJ
ZNV DEEU ZHHNV :0 :KLWH0DWWHU
ZNV DEEU ZRUNVKRS :0 :KLWH0HWDO
:/ :DJRQ/LW 0HWDOOXUJ\
:/ZO :DWHUOLQHZDWHUOLQH :0$ :RUOG0HGLFDO$VVRFLDWLRQ
*HRORJ\1DYDO$UFKLWHFWXUH :0$3 VDWHOOLWH :LONLQVRQ0LFURZDYH$QLVRWURS\
:/ZO :DYHOHQJWK 3UREHVDWHOOLWH
7KHZDYHOHQJWKLVWKHGLVWDQFHEHWZHHQWZRSRLQWV $VWURQRP\3K\VLFV
RIWKHVDPHSKDVH :0& :RUOG0HWHRURORJLFDO&HQWHU
3K\VLFV 2IWKH81:02
:/ :HVW/RQJLWXGH )RUIXUWKHUGHWDLOVVHHXQGHU:02
:/ :LQGRZ/HYHO :0' ZHDSRQRIPDVVGHVWUXFWLRQ
:/$ :DVKLQJWRQ/LEUDU\$VVRFLDWLRQ 86$  DUPHGHGHVWUXFWLRQPDVVLYH
:/$ :LVFRQVLQ/LEUDU\$VVRFLDWLRQ 86$  :0):PI :RUOG0RQXPHQWV)XQG
:/$ :RPHQ
V/DQG$UP\ :0* :DUZLFN0DQXIDFWXULQJ*URXS
:/$/: :RUOG/DERUDWRU\$QLPDO/LEHUDWLRQ 2IWKH8QLYHUVLW\RI:DUZLFN*%
:HHN 86$  3ODVWLFLVDWLRQRI7KHUPRSODVWLF0HOWV3RO\PHU
7KH:/$/: ZDVKHOGLQWKH86$IURPWKWR 3URFHVVLQJ
WK$SULO :0,6+ :KROH0RXQW,Q6LWX+\EULGL]DWLRQ
:/& :RUOG/LQHDU&ROOLGHU %LRORJ\*HQH([SUHVVLRQ6\VWHPV%LRORJ\
$ FROODERUDWLRQRIODERUDWRULHVDURXQGWKHZRUOG ZPN DEEU ZDWHUPDUN
:LOOEHRSHUDWLYHLQ :0/:PO :LUHOHVV0DUNXS/DQJXDJH
(QJLQHHULQJ3K\VLFV6XSHUV\PPHWULFSDUWLFOHV :01& :KROH0RQRQXFOHDU&HOOV
:/) :RPHQ
V/LEHUDO)HGHUDWLRQ :02 :RUOG0HWHRURORJLFDO2UJDQL]DWLRQ
:/+ :LOODQGUD/DNHV+RPLQLG /RFDWHGLQ*HQHYD6ZLW]HUODQG)RXQGHGLQ
$QWKURSRORJ\%LRDQWKURSRORJ\*HRFKURQRORJ\ 2EMHFWVZRUOGZLGHFRRSHUDWLRQLQPDNLQJ
*HRORJ\3DOHRDQWKURSRORJ\ 0HWHRURORJLFDO DQG+\GURPHWHRURORJLFDO


2EVHUYDWLRQV DQGLQVWUDQGDUGL]LQJWKHLUSXEOLFD &RPPHUFH


WLRQSURPRWLRQRIUDSLGZHDWKHULQIRUPDWLRQVHU :2‡+2 7XQJVWLWH
YLFHVDSSOLFDWLRQRIPHWHRURORJ\WRKXPDQDFWLYL 0LQHUDORJ\
WLHVHQFRXUDJHPHQWRIUHVHDUFKDQGWUDLQLQJLQ :20 :ULWH2QO\0HPRU\
PHWHRURORJ\SURPRWLRQRIDFWLYLWLHVLQ :20(1 :2PHQIRU0DQDJHPHQW(QWHUSULVH
2SHUDWLRQDO+\GURORJ\ 1HWZRUN
:05/% :HVW0LGODQGV5HJLRQDO/LEUDU\%XUHDX :21 &XUUHQF\XQLWRI6RXWK.RUHD
:056 :KLWH0RXQWDLQ5HVHDUFK6WDWLRQ :223< :HOO2II2OGHU3HUVRQV 86$ 
&DOLIRUQLD86$  :25 :LWKRXW2XU5HVSRQVLELOLW\
:06 :HFKVOHU0HPRU\6FDOH :25& :RPHQ
V2SSRUWXQLWLHV5HVRXUFH&HQWHU
&RJQLWLYH1HXURVFLHQFH0HGLFLQH0HQWDO+HDOWK 86$ 
)RUIXUWKHUGHWDLOVVHHXQGHU:$,6 DQG:,6& :RUFV DEEU :RUFHVWHUVKLUH *% 
:1 7KHDLUOLQHFRGHIRU6RXWKZHVW$LUOLQHV :25/'&20 DEEU :RUOG &RPPXQLFDWLRQV
:1$ ORDGLQJ :LQWHU1RUWK$WODQWLFORDGLQJ :250 :ULWH2QFH5HDG0DQ\WLPHV
:1%$ :RPHQ·V1DWLRQDO%DVNHWEDOO$VVRFLDWLRQ &RPSXWHU7HFKQRORJ\
86$  :2520 :ULWH2QO\5HDG2QO\0HPRU\
:1&%(' :HVWHUQ1DWLRQDO&HQWHUIRU%LRGHIHQVH :26 :KROO\2ZQHG6XEVLGLDU\
DQG(PHUJLQJ'LVHDVHV 86$  %XVLQHVV&RPPHUFH)LQDQFH
7KHQHZ:1&%('RSHQHGLQHDUO\ :26 :LUHOHVV2IILFH6\VWHPV
%LRGHIHQVH%LRWHUURULVP(PHUJLQJ'LVHDVHV :27$1 :DYHOHQJWKDJLOH2SWLFDO7UDQVSRUWDQG
7HUURULVW:HDSRQV $FFHVV1HWZRUN
:1'3 :LWK1R'RZQ3D\PHQW (XURSHDQ&RPPXQLW\3URMHFW
%XVLQHVV&RPPHUFH)LQDQFH :27$1 :HDWKHU2EVHUYDWLRQ7KURXJK$PELHQW
:19 :HVW1LOH9LUXV 1RLVH
%LRORJ\0LJUDWRU\%LUGV=RRORJ\ :2: :RUOG2FHDQ:DWFK
:1</5& :HVWHUQ1HZ<RUN/LEUDU\5HVRXUFHV :3 :DU3ROLF\
&RXQFLO 86$  :3 :DVWH3LSH
:2 :DLW2UGHU :3 :DWHUSURRI
:2 :DUUDQW2IILFHU (QJLQHHULQJ
:2 :LUHOHVV2SHUDWRU :3 :HDWKHU3HUPLWWLQJ
ZR DEEU ZLWKRXW :3 :HDWKHUSURRI
$OVRZW 7KHWHUPZHDWKHUSURRIUHIHUVWRPDWHULDOVWKDWFDQ
ZRZULWHRII ZLWKVWDQGDQ\W\SHRIZHDWKHU
:2 :ULWWHQ2UGHU :3 :HVWHUQ3URYLQFH
:2 7XQJVWLF2[LGH :3 :HWWDEOH3RZGHU
7XQJVWLF2[LGHLVDOVRNQRZQDV$QK\GURXV :3 :KLWH3DSHU
:ROIUDPLF$FLG7XQJVWLF7ULR[LGH7XQJVWLF$FLG (XURSHDQ8QLRQ
$QK\GULGH7XQJVWLF$QK\GULGH:2 LVXVHG :3 :KLWH3KRVSKRUXV
PDLQO\LQDOOR\VDQGDVDSLJPHQW 2QHRILWVPDLQDOORWURSLFIRUPV
,QRUJDQLF&KHPLVWU\ &KHPLVWU\
ZRE ZDVKHGRYHUERDUG :3 :LQGIDOO3URILW
ZRF ZLWKRXWFRPSHQVDWLRQ (FRQRPLFV)LQDQFH
:2&$ :RUOG2XWVLGH&RPPXQLVW$UHD :3 :LUH3D\PHQW
:2&( :RUOG2FHDQ&LUFXODWLRQ([SHULPHQW :3 ZS :LWKRXW3UHMXGLFH
2EVHUYDWLRQDO&DPSDLJQV2FHDQRJUDSK\ /DZ&RPPHUFH
)RUIXUWKHUGHWDLOVVHHXQGHU02& :3 :RUG3URFHVVLQJ:RUG3URFHVVRU
:2&O 7XQJVWHQ2[\FKORULGH &RPSXWHU3URJUDPPLQJ
7XQJVWHQ2[\FKORULGHLVXVHGLQLQFDQGHVFHQW :3 :RUNLQJ3UHVVXUH
OLJKWLQJ (QJLQHHULQJ
,QRUJDQLF&KHPLVWU\ :3 :RUNLQJ3URJUDP
:2'& :RUOG2]RQH'DWD&HQWHU &RPSXWHU3URJUDPPLQJ
: RI$ :HVWHUQUDLOZD\RI$ODEDPD 86$  :3 :ULWH3URWHFWLRQ
:2*ZRJ ZLWKRWKHUJRRGV &RPSXWHU3URJUDPPLQJ


:3$ :HEE3RPHUHQH$FW :5/6 :DOHV5HJLRQDO/LEUDU\6HUYLFH


/DZ 86$ :50 ZDUUHVHUYHPRGHV
:3$ :LWK3DUWLFXODU$YHUDJH PRGHVUpVHUYpVSRXUOHWHPSVGHJXHUUH 05* 
&RPPHUFH :516 :RPHQ
V5R\DO1DYDO6HUYLFH
:3& :DUULRU3UHSDUDWLRQ&HQWUH :537 DEEU :ULWH3URWHFWLRQ
&HQWUHGHSUpSDUDWLRQGHVIRUFHV :56 ZDUUHVHUYHVWRFNV
:3' :HVWHUQ3RZHU'LVWULEXWLRQ VWRFNVGHJXHUUH
86RZQHGHOHFWULFLW\JURXS :56,& :DWHU5HVRXUFHV6FLHQWLILF,QIRUPDWLRQ
:3'1 :LQG3URILOHU'HPRQVWUDWLRQ1HWZRUN &HQWHU
:3)&& :HVWHUQ3DFLILF)LVKHULHV&RQVXOWDWLYH :56. ZDUUHVHUYHVSDUHVNLW
&RPPLWWHH ORWGHUHFKDQJHVGHUpVHUYHGHJXHUUH
:3, :KROHVDOH3ULFH,QGH[ :57 :LWK5HVSHFW7R
:3, :RUOG3DWHQW,QGH[ ZUW DEEU ZULWH
:3, :RUOG3UHFLVLRQ,QVWUXPHQWV 86$  $OVRZ
:3,& :HVWHUQ3V\FKLDWULF,QVWLWXWHDQG&OLQLF :58 :HOVK5XJE\8QLRQ
7KH:3,&LVORFDWHGLQ3LWWVEXUJ 86$  :58 :KRDUH\RX"
%HKDYLRUDO5HVHDUFK3V\FKLDWU\ 'DWD&RPPXQLFDWLRQV
:3/ :DYH3URSDJDWLRQ/DERUDWRU\ 86$  :6 7XQJVWHQ&DUELGH
:30ZSP :RUGV3HU0LQXWH 7XQJVWHQ&DUELGHLVXVHGPDLQO\LQFXWWLQJWRROV
7HOHFRPPXQLFDWLRQV ,QRUJDQLF&KHPLVWU\
ZSQ DEEU ZHDSRQ :6 :DOO6WUHHW
0LOLWDU\ ZV DEEU ZDUUDQWV
:33 ZHDSRQSURGXFWLRQSURJUDPPH :6 :DWHUHG6WRFN
SURJUDPPHGHSURGXFWLRQG·DUPHV RXG·DUPH %XVLQHVV)LQDQFH
PHQWV  :6 :DWHU6ROXEOH
:35 ZDUWLPHSHUVRQQHOUHTXLUHPHQWV 0HGLFLQH
EHVRLQVHQHIIHFWLIVGXWHPSVGHJXHUUH :6 :HUQHU
V6\QGURPH
:35 :RUN3ODQQLQJDQG5HYLHZ :HUQHU
VV\QGURPHLVDQLQKHULWHGGLVHDVHFKDUDF
:36 :LQGRZV3ULQWLQJ6\VWHP WHUL]HGE\V\PSWRPVZKLFKUHVHPEOHSUHPDWXUH
:36 :RUG3URFHVVLQJ6\VWHP DJLQJ
:36 :RUGV3HU6HFRQG (QGRFULQRORJ\*HULDWULF0HGLFLQH*HULDWULF
:3V :RUN3DFNDJHV 5HVHDUFK0HGLFDO*HQHWLFV0HGLFLQH
:37 :LQGIDOO3URILWV7D[ 1HXURORJ\3DWKRORJ\
:4 :DWHU4XHQFKLQJ :6 :HVWHUQ6DPRD
0HWDOOXUJ\ 6DPRDRFFLGHQWDOHV
:5 :DJRQ5HVWDXUDQW ZRUNVKHHW
5DLOZD\V ILFKHGHWUDYDLO
:5 :DUHKRXVH5HFHLSW :6 :HWWHG6XUIDFH
:5 :DU5HVHUYH :6 :LOOLDPV6\QGURPH
:5 ZDVKURRPZDUGUREH :6LVDJHQHWLFGLVRUGHULQZKLFKFRPSOH[ODQ
:5$ :DVWH5HGXFWLRQ$XGLW 86$  JXDJHVNLOOVFDQGHYHORSGHVSLWHJHQHUDOPHQWDO
:5$& :RPHQ
V5R\DO$UP\&RUSV *%  GHILFLWV
:5$) :RPHQ
V5R\DO$LU)RUFH *%  &RJQLWLRQ
:5$,5 :DOWHU5HHG$UP\,QVWLWXWHRI5HVHDUFK :6 :RUNLQJ6WRUDJH
:5'& :RUOG5DGLDWLRQ'DWD&HQWHU &RPSXWHU7HFKQRORJ\
:5'&ZDVHVWDEOLVKHG\HDUVDJRLQ5XVVLD,W :6 :RUN6SDFH
FROOHFWVDUFKLYHVDQGGLVVHPLQDWHV6RODU &RPSXWHU3URJUDPPLQJ5RERWLFV
5DGLDWLRQ'DWD REWDLQHGDWPRUHWKDQVLWHV :6 :RUNVWDWLRQ:RUN6WDWLRQ
:5, :RUOG5HVRXUFHV,QVWLWXWH :DVKLQJWRQ'& &RPSXWHU7HFKQRORJ\,QGXVWULDO(QJLQHHULQJ
86$  :6 7XQJVWHQ'LVXOILGH
%LRGLYHUVLW\&RQVHUYDWLRQ%LRORJ\ 7XQJVWHQ'LVXOILGHLVXVHGPDLQO\DVDQDHURVRO
:5,36 :DYH5LGHU,QIRUPDWLRQ3URFHVVLQJ ,QRUJDQLF&KHPLVWU\
6\VWHP :6 7XQJVWHQLWH


:6DOVRNQRZQDV7XQJVWHQ'LVXOILGHLVXVHG &RPSXWHU6FLHQFH ,QFRPSXWHUVFLHQFHZDLWLQJ


DVDVROLGOXEULFDQW WLPHLVDOVRNQRZQDVZDLWWLPH
,QRUJDQLF&KHPLVWU\0LQHUDORJ\ ZW DEEU ZDUUDQW
:6 ZHDSRQVXUYLYDELOLW\DQGVHFXULW\V\VWHP :7 :DWHUWLJKW
V\VWqPHGHVXUYLHHWGHVpFXULWpGHVDUPHV $OVRZW
:6$ :DUUDPXQJD6HLVPLF$UUD\ (QJLQHHULQJ
*HRORJ\*HRSK\VLFV ZW ZHLJKW
:6$ :RPHQ6FLHQWLVWV$GYLVRUV $OVRZJWZ
:6&) :RUOG6WXGHQW&KULVWLDQ)HGHUDWLRQ (QJLQHHULQJ0HFKDQLFV0HWURORJ\6WDWLVWLFV
/RFDWHGLQ6ZLW]HUODQG)RXQGHGLQ$QHFX :7 :LOG7\SH IXVLRQSURWHLQ 
PHQLFDOVWXGHQWXQLYHUVLW\DQGVHFRQGDU\VFKRRO :7 :LOPV· 7XPRU
RUJDQL]DWLRQZLWKSDUWLFLSDQWVIURPDOOPDMRUFKULV $ WXPRURIWKH.LGQH\V1DPHGIRUWKH*HUPDQ
WLDQFRQIHVVLRQVUHODWHGJURXSVLQFRXQWULHV VXUJHRQ0D[:LOPV
:6'&8 :LGHEDQG6DWHOOLWH'HOD\&RPSHQVDWLRQ 2QFRORJ\
8QLW :7 :LQFKHVWHU7HFKQRORJ\
:6( :DUVDZ6WRFN([FKDQJH &RPSXWHU7HFKQRORJ\
:6(2 :DVKLQJWRQ6WDWH(QHUJ\2IILFH :7 :LUHOHVV7HOHJUDSK\
3URMHFW5HERXQGDSLORWSURJUDPFUHDWHGE\WKH :7 :LUH7UDQVIHU
:DVKLQJWRQ6WDWH(QHUJ\2IILFHLQ :W ZLWKRXW
(QHUJ\(IILFLHQF\3URMHFWV $OVRZR
:6) :RUN6WDWLRQ)DFLOLW\ :7$ :LOOLQJQHVV7R$FFHSW
:6)2 :HDWKHU6HUYLFH)RUHFDVW2IILFH :7$2 :RUOG7RXULQJDQG$XWRPRELOH
:6+/' DEEU ZLQGVKLHOG 2UJDQL]DWLRQ
:6- :DOO6WUHHW-RXUQDO :7%' :RUN7R%H'RQH
:6/& ZHDSRQV\VWHPOLIHF\FOH :7& :RUOG7UDGH&HQWHU
F\FOHGHYLHGXV\VWqPHG·DUPH :WG DEEU :DUUDQWHG
:60 ZDWHUVSDFHPDQDJHPHQW :7' :RUOG7UDGH'LUHFWRU\
JHVWLRQGHO·HVSDFHPDULQ RXJHVWLRQGHO·HDX  :7(& :RUOG7HFKQRORJ\(YDOXDWLRQ&HQWHU
:602 :HDWKHU6HUYLFH0HWHRURORJLFDO2IILFHV 86$ 
:605 :KLWH6DQGV0LVVLOH5DQJH :7 JHQH :LOPV7XPRUJHQH
:62 :HDWKHU6HUYLFH2IILFH 'HYHORSPHQWDO%LRORJ\0DPPDOLDQ6H[
2IWKH861:6 'HWHUPLQDWLRQ0ROHFXODU%LRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU1:6 :72 :RUOG7RXULVP2UJDQL]DWLRQ
:63 ZHDSRQV\VWHPSDUWQHUVKLS :72 :RUOG7UDGH2UJDQL]DWLRQ
DVVRFLDWLRQGHV\VWqPHG·DUPH $6$   :72KDVUHSODFHG*$77 LQ
:63& ZHDSRQV\VWHPSDUWQHUVKLSFRPPLWWHH :72 :ULWH7R2SHUDWRU
>1$062@ :725 :ULWH7R2SHUDWRUZLWK5HSO\
FRPLWpG·DVVRFLDWLRQGHV\VWqPHG·DUPH &$6$ :73 :LOOLQJQHVV7R3D\
 >1$062@ :7 SODQWV :LOG7\SHSODQWV
:638 :RPHQ
V6RFLDODQG3ROLWLFDO8QLRQ ZWU ZDLWHUZLQWHUZULWHU
:65 :HDWKHU6XUYHLOODQFH5DGDU :75= DEEU :LQWHUL]H
:66' :RUOG6XPPLWRQ6XVWDLQDEOH'HYHORSPHQW :76 :RPHQ
V7UDQVSRUW6HUYLFH
)RUIXUWKHUGHWDLOVVHHXQGHU:'5 :77 :RUNLQJ7LPHWDEOH
:666 VHH:6 :77& :RUOG7UDYHODQG7RXULVP&RXQFLO
YRLU:6 %HOJLXP 
:67% :DWHU6FLHQFHDQG7HFKQRORJ\%RDUG Z776 ZHDNOLQH7 7DXUL6WDUV
:677 :HDWKHU6FHQDULR7HVW7DSH 7 7DXUL6WDUVZLWKRXWDQDFWLYHGLVN
:68 :DVKLQJWRQ6WDWH8QLYHUVLW\ 86$  $VWURQRP\$VWURSK\VLFV
:68 :D\QH6WDWH8QLYHUVLW\ 86$  :8'% :RUN8QLW'DWD%DQN
:68 :LFKLWD6WDWH8QLYHUVLW\ 86$  :8, :HVWHUQ8QLRQ,QWHUQDWLRQDO
:7 :DLWLQJ7LPH :80$ : 8QVDH0$MRULV
,QGXVWULDO(QJLQHHULQJ ,QLQGXVWULDOHQJLQHHULQJ $VWURQRP\
ZDLWLQJWLPHLVDOVRNQRZQDV,GOH7LPH


:9 6W9LQFHQW·VLQWHUQDWLRQDOYHKLFOHUHJLVWUDWLRQ $OVR :\:\R


OHWWHUV :<6,:<* :KDW<RX6HH,V:KDW<RX*HW
:9 :HLJKWLQ9ROXPH &RPSXWHU6FLHQFH
:9 DEEU :HVW9LUJLQLD 86$  := 6ZD]LODQG
$OVR:9$:9D 6ZD]LODQG
:9 ZY ZLQGYHORFLW\
:9 :RUNLQJ9ROWDJH
(OHFWULFLW\
:9) :DY\9RUWH[)ORZ
:9/$ :HVW9LUJLQLD/LEUDU\$VVRFLDWLRQ
:96 :RPHQ
V9ROXQWDU\6HUYLFHV
:98 :HVW9LUJLQLD8QLYHUVLW\ 86$ 
:: :DUHKRXVH:DUUDQW
:: :DWHU:RUNVZDWHUZRUNV
&LYLO(QJLQHHULQJ
:: :HLJKWLQ:HLJKW
:: :LQGRZ:LGWK
:: :RUG:UDS
:RUG:UDSLVDOVRNQRZQDV:UDS0RGH
&RPSXWHU3URJUDPPLQJ
:: :: :RUOG:DU
::% :RPHQ
V:RUOG%DQNLQJ
%XVLQHVV)LQDQFH
::%* :RPHQ
V:RUOG%DQNLQJ*KDQD
::%0 :RPHQ
V:RUOG%DQNLQJ0DODZL
:: ERDUG :LUH:UDSERDUG
:: FRQQHFWLRQ :LUH:UDSFRQQHFWLRQ
(OHFWULFLW\
::' :HDWKHU:RUNLQJ'D\V
::) :RUOG:LOGOLIH)RXQGDWLRQ
::) :RUOG:UHVWOLQJ)HGHUDWLRQ
::) &%$ :RPHQ
V:RUOG)LQDQFH&DSH%UHWRQ
$VVRFLDWLRQ &DQDGD 
::0&&6 :RUOZLGH0LOLWDU\&RPPDQGDQG
&RQWURO6\VWHP
::1:6 :RUOG:LGH1DYLJDWLRQ:DUQLQJ
6HUYLFH
::661 :RUOGZLGH6WDQGDUGL]HG6HLVPRJUDSK
1HWZRUN
::: :RUOG:HDWKHU:DWFK
2IWKH81:02
&OLPDWH&KDQJH0HWHRURORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU:02
::: :RUOG:LGH:HE
3URSRVHGE\%HUQHUV/HH %ULWLVK3K\VLFLVW LQ

:::'0 ::: 'DWD0DQDJHPHQW
:::,& ::: ,PSOHPHQWDWLRQ&RRUGLQDWLRQ
::: SURWRFROV :RUOG:LGH:HESURWRFROV
/LEUDU\DQG,QIRUPDWLRQ6FLHQFH6XSHUFRPSXWLQJ
$SSOLFDWLRQV
:;751 :HDN([WHUQDO5HIHUHQFH
:< DEEU :\RPLQJ86$


;GLV H[GLVWULEXWLRQ

; ;GLVHDVH 7KH;GLVHDVHLVDYLUXVGLVHDVH
[GU DEEU WUDQVGXFHU
$OVR[GXFHU
[ &KHPLFDOV\PEROIRUPROHIUDFWLRQ $FRXVWLFDO(QJLQHHULQJ(QJLQHHULQJ5RERWLFV
; &KULVWFURVV ;'VO ;'LJLWDOVXEVFULEHUOLQH
; H[FOXGHGH[WUD ;H 7KHFKHPLFDOV\PEROIRU;HQRQ
[ H[FOXGHGH[FOXGLQJ ;HQRQLVDQHOHPHQWRIWKHQREOHJDVJURXSKDYLQJ
[ DEEU H[SHULPHQW WKHDWRPLFQXPEHUDQGDQDWRPLFZHLJKWRI
6FLHQFH6WDWLVWLFV ,WLVXVHGPDLQO\LQOXPLQHVFHQWWXEHVDQG
[ DEEU H[SUHVV ODVHUV
; +RDUIURVW %HDXIRUWOHWWHU  &KHPLVWU\
0HWHRURORJ\ [HF DEEU H[HFXWH
; 6LHJEDKQ ;(& ([WHQGHG(PXODWRU&RQWURO
)RUIXUWKHUGHWDLOVVHHXQGHU;8 ;('$5 ;OLQNHG(FWRG\VSODVLQ$5HFHSWRU
; ;HQRQ 0ROHFXODU2QFRORJ\3URWHLQ(QJLQHHULQJ
&KHPLVWU\ [HT DEEU H[HFXWH
;$ $X[LOLDU\$PSOLILHU ;) ([WUD)LQH
;$ &URVV$VVHPEOHU ;)& ([WHQGHG)XQFWLRQ&RGH
[D H[FOXGLQJDOO EHQHILWV  ;)& ;HQRSXV )LEUREODVW&HOOV
%XVLQHVV)LQDQFH &HOO%LRORJ\
;$0 ([WHUQDO$GGUHVV0RGLILHU ;)(/ ;UD\)UHH(OHFWURQ/DVHU
;$1(6 ;UD\$EVRUSWLRQ1HDU(GJH6WUXFWXUH $Q;)(/ LVDNLORPHWHU RUPRUH ORQJOLQHDU
;$6 ;UD\$EVRUSWLRQ6SHFWURVFRS\ SDUWLFOHDFFHOHUDWRUWKDWSURGXFHVDEHDPRIHOHF
;$60 DEEU &URVV$VVHPEOHU WURQV
[E H[ERQXV 3K\VLFV
UHIHUULQJWRVKDUHV ;)(/V ;UD\)UHH(OHFWURQ/DVHUV
%XVLQHVV)LQDQFH )RUIXUWKHUGHWDLOVVHHXQGHU;)(/
;%& ([WHUQDO%ORFN&RQWUROOHU [IHU DEEU WUDQVIHU
;%0 ([WHQGHG%DVLF0RGH [IPU WUDQVIRUPHU
;%7 ([SHQGDEOH%DWK\WKHUPRJUDSK (OHFWULFLW\
;& H[FOXGLQJFDSLWDOL]DWLRQH[FDSLWDOL]DWLRQ [J DEEU FURVVLQJ
;& H[FRXSRQ ;* ;\ORJOXFDQ
%XVLQHVV)LQDQFH [JH DEEU H[FKDQJH
;FK H[FKDQJH &RPSXWHU3URJUDPPLQJ4XDQWXP0HFKDQLFV
%XVLQHVV)LQDQFH 7HOHFRPPLWQLFDWLRQV
;&O H[FHVVFXUUHQWOLDELOLWLHV ;*) PLFH ([*HUP)UHHPLFH
;&/ ([FOHDULQJ+RXVH (FRORJ\0HGLFDO0LFURELDO(FRORJ\0HGLFLQH
%XVLQHVV)LQDQFH 0ROHFXODU%LRORJ\3KDUPDFRORJ\
;FRQQHFWLRQ &URVV&RQQHFWLRQ ;+9< DEEU ([WUD+HDY\
;&3 ([&RXSRQ ;LF ;LQDFWLYDWLRQFHQWHU
%XVLQHVV(FRQRPLFV)LQDQFH &HOO%LRORJ\'HYHORSPHQWDO%LRORJ\+XPDQ
;&3 ([SHQGDEOH&XUUHQW3URILOHU *HQHWLFV0HGLFLQH
;&7'SUREH ([SHQGDEOH&RQGXFWLYLW\ ;,' ;/LQNHG,PPXQRGHILFLHQF\
7HPSHUDWXUH'HSWKSUREH ;, [LQ H[LQWHUHVW
[FYU DEEU WUDQVFHLYHU ;/ ([HFXWLRQ/DQJXDJH([WUD/DUJH
WUDQVFHLYHULVDOVRNQRZQDVWUDQVPLWWHUUHFHLYHU ;/ 7KHV\PEROIRULQGXFWLYHUHDFWDQFH
[G H[FOXGLQJ (OHFWULFLW\
[G H[GLVWULEXWLRQ ;/$ ;/LQNHG$JDPPDJOREXOLQHPLD
;' H['LYLGHQGH[FOXGLQJGLYLGHQG ;/&0 ;/LQNHG&DUGLRP\RSDWK\
$OVRH['LY *HQHWLFV+HDUW5HVHDUFK
%XVLQHVV)LQDQFH ;/)V ;UD\/XPLQRVLW\GLVWULEXWLRQ)XQFWLRQV
;'+ ;DQWKLQH'HK\GURJHQDVH $VWURQRP\$VWURSK\VLFV


;/3 ([WUD/DUJHVFDOH3DFNDJLQJ 0LOLWDU\


;/ 3&5DQDO\VLV ([WUDORQJ3&5DQDO\VLV ;30 ([SDQGHG0HWDO
$JLQJ0HGLFLQH0ROHFXODU%LRORJ\ ;35 ([35LYLOHJHV
)RUIXUWKHUGHWDLOVVHHXQGHU3&5 %XVLQHVV)LQDQFH
;P &KULVWPDV ;36 ;UD\3KRWRHOHFWURQ6SHFWURVFRS\
$OVR;PDV 7KH;UD\3KRWRHOHFWURQ6SHFWURVFRS\LVDOVR
;0 ([SDQGHG0HPRU\ NQRZQDV(OHFWURQ6SHFWURVFRS\IRU&KHPLFDO
;0&' ;UD\0DJQHWLF&LUFXODU'LFKURLVP $QDO\VLV
[PLW DEEU WUDQVPLWWUDQVPLWWHU [SW DEEU FURVVSRLQW
&RPSXWHU3URJUDPPLQJ3K\VLFV ;5 ([FKDQJH5HDFWRU
7HOHFRPPXQLFDWLRQV ;5 [U ([ULJKWVH[GXGLQJULJKWV
;0/;PO ([WHQVLEOH0DUNXS/DQJXDJH %XVLQHVV)LQDQFH
;0/ LVWKHNH\WRFUHDWLQJHOHFWURQLFH[FKDQJHV ;5 ([WHUQDO5HVHW
;0/' ;UD\0DJQHWLF/LQHDU'LFKURLVP ;5' ;5D\'LIIUDFWLRQ
$VWURQRP\3K\VLFV 7KH;UD\GLIIUDFWLRQLVDOVRNQRZQDV;UD\
;00PLVVLRQ ;UD\0XOWLSOH0LUURUPLVVLRQ PLFURGLIIUDFWLRQ
(6$
VRUELWLQJ;UD\REVHUYDWRU\ODXQFKHGWK 3K\VLFV
'HFHPEHU ;5() OLVWLQJ &URVV5()HUHQFHOLVWLQJ
$VWURQRP\$VWURSK\VLFV(QJLQHHULQJ6SDFH; ;5(3 ([WHQGHG5(3RUWLQJ
UD\$VWURQRP\ ;5(V ;HQRELRWLF5HVSRQVLYH(OHPHQWV
)RUIXUWKHUGHWDLOVVHHXQGHU(6$ ;5) ;5D\)OXRUHVFHQFH
;03 ;DQWKRVLQH
0RQRSKRVSKDWH 7KH;UD\IOXRUHVFHQFHLVDOVRNQRZQDV;UD\
[PVQ DEEU WUDQVPLVVLRQ HPLVVLRQ
&RPSXWHU3URJUDPPLQJ(OHFWURPDJQHWLVP $WRPLF3K\VLFV
(OHFWURQLFV*HQHWLFV0HFKDQLFDO(QJLQHHULQJ ;5/V ;5D\/DVHUV
0HGLFLQH9LURORJ\ 3K\VLFV ;UD\/DVHUV
[PWU WUDQVPLWWHU ;50' ;5D\0LFURGLIIUDFWLRQ
;Q &KULVWLDQ ;577 ;5DGLR7UDQVPLVVLRQ7HFKQRORJ\
$OVR;WLDQ ;V DWPRVSKHULFV
;1 ([HFXWLRQ1RGH [V DEEU H[FHVV
;1 H[1HZ ;6&,'GLVHDVH ;OLQNHG6HYHUH&RPELQHG
;1$V ;HQR5HDFWLYH1DWXUDO$QWLERGLHV ,PPXQRGHILFLHQF\GLVHDVH
,PPXQRORJ\3DWKRORJ\6XUJHU\7UDQVSODQWDWLRQ *HQH7KHUDS\
%LRORJ\;HQRWUDQVSODQWDWLRQ ;6(&7 DEEU &URVV6HFWLRQFURVVVHFWLRQ
;QW\ &KULVWLDQLW\ &DUWRJUDSK\*HRORJ\*UDSKLF$UWV
;2([HFXWLYH2IILFHU 0DWKHPDWLFV1XFOHRQLFV
;2 ([WUD2OG ;675 DEEU ([WUD6WURQJ
UHIHUULQJWREUDQGODEHOV [VWU DEEU WUDQVLVWRU
;2 ;DQWKLQH2[LGDVH (OHFWURQLFV
;DQWKLQH2[LGDVHLVDOVRNQRZQDV6FKDUGLQJHU ;6: PHWKRG ;UD\6WDQGLQJ:DYHPHWKRG
HQ]\PH *HRVFLHQFH0DWHULDOV6FLHQFHDQG(QJLQHHULQJ
(Q]\PRORJ\ ;W &KULVW
;2 ;\OHQRO2UDQJH $OVR;
&KHPLVWU\ ;7$ ;%DQG7UDFNLQJ$QWHQQD
;23 ([WHQGHG23HUDWLRQ [WDO FU\VWDO
;25 ;DQWKLQH2[LGRUHGXFWDVH ;7& ([WHUQDO7UDQVPLW&ORFN
3K\VLRORJ\ ;7(1 ;HUR[7(OHFRPPXQLFDWLRQV1HWZRUN
;3 ;HURGHUPD3LJPHQWRVXP ;7( VDWHOOLWH ;UD\7LPLQJ([SORUHUVDWHOOLWH
$ UDUHLQKHULWHGVNLQGLVHDVH 1$6$·V
1(5GHILFLHQFLHV $VWURSK\VLFV
)RUIXUWKHUGHWDLOVVHHXQGHU1(5 )RUIXUWKHUGHWDLOVVHHXQGHU1$6$
[SG DEEU H[SHGLWH ;WLDQ &KULVWLDQ
;3/ H[SORVLYH $OVR;Q


[WOR FU\VWDORVFLOODWRU
5DGLR
;70 ;UD\7RPRJUDSKLF0LFURVFRSH
;UD\7RPRJUDSKLF6WXGLHV
[WPU DEEU WUDQVIRUPHU
(OHFWURPDJQHWLVP
;73 ([SHQGDEOH7HPSHUDWXUH3URILOHU
$SSOLHG2FHDQ3K\VLFV2FHDQRJUDSK\2FHDQ
(QJLQHHULQJ
;WUD DEEU ([WUD
;WV&ROOHJH &KULVW
V&ROOHJH DW&DPEULGJH 
;8 ;8QLW
;8QLWLVDOVRNQRZQDV;UD\XQLWVLHJEDKQ
3K\VLFV
[X )UDFWLRQDOFXUUHQF\XQLWRI9LHWQDP
&XUUHQFLHV
[YHUV DEEU WUDQVYHUVH
$QDWRP\&DUWRJUDSK\
[YWU DEEU WUDQVYHUWHU
;ZDU ([ZDUUDQWV
%XVLQHVV)LQDQFH
;ZDYH ([WUDRUGLQDU\:DYH
*HRSK\VLFV2SWLFV
;; 'RXEOH([FHOOHQW
;; ZLWKRXWVHFXULWLHVRUZDUUDQWV
%XVLQHVV)LQDQFH
;;< WULVRP\ .OLQHIHOWHU6\QGURPH
*HQHWLFV+XPDQ6\QGURPHV
;<$7 ;< $[LV7DEOH
;<3 ;< 3ORWWHU


<&& <RXWK&RQVHUYDWLRQ&RUSV

< <&) <DFKW&OXEGH)UDQFH


<&, <DFKW&OXE,WDOLDQR
<&O‡+2 <WWULXP&KORULGH
< 'U\$LU %HDXIRUWOHWWHU  <WWULXP&KORULGHLVXVHGLQDQDO\WLFDOFKHPLVWU\
0HWHRURORJ\ <&6$ <RXQJ&OLQLFDO6FLHQWLVW$ZDUG
< :\H 6SRQVRUHGE\)$05,
(OHFWULFLW\ :\HLVDOVRNQRZQDV<\RNH 6PRNLQJUHODWHG'LVRUGHUV
\ \LHOG )RUIXUWKHUGHWDLOVVHHXQGHU)$05,&,$ DQG
$JURQRP\(QJLQHHULQJ0HFKDQLFV &R(
< 7KHFKHPLFDOV\PEROIRU<WWULXP <G\G DEEU \DUG
<WWULXPLVDUDUHHDUWKPHWDOOLFHOHPHQWKDYLQJWKH $UFKLWHFWXUH0HWURORJ\1DYDO$UFKLWHFWXUH
DWRPLFQXPEHUDQDWRPLFZHLJKWRI <' <HPHQGLQDU
DQGDPHOWLQJSRLQWRI$&,WLVXVHGPDLQO\LQ &XUUHQFLHV
DOOR\VDQGLQWKHQXFOHDUILHOG <' <RXQJHU'U\DV
&KHPLVWU\6\PEROV 7KH<'ZDVDUHWXUQWRJODFLDOFRQGLWLRQVGXULQJ
<$& <HDVW$UWLILFLDO&KURPRVRPH WKHODVWGHJODFLDWLRQ
%LRSK\VLFV*HQHWLFV <'3%WUDQVLWLRQ <RXQJHU'U\DV3UHERUHDOWUDQ
<$&& <HW$QRWKHU&RPSLOHU&RPSLOHU VLWLRQ
&RPSXWHU6FLHQFH *HRORJ\*HRSK\VLFV'HJODFLDO5HFRUGV
<$* ODVHU <WWULXP$OXPLQXP*DUQHWODVHU 4XDWHUQDU\*HRORJ\
2SWLFV <( <HPHQ
<$* VLQWHULQJ DJHQW <WWULXP$OXPLQXP*DUQHW <(' <HDU(QG'LYLGHQG
VLQWHULQJDJHQW %XVLQHVV(FRQRPLFV)LQDQFH
0DWHULDOV6FLHQFH <(( <RXQJ(QWHUSULVH(XURSH
<$+22 <HW$QRWKHU+LHUDUFKLFDO2IILFLRXV2UDFOH <((3 <RXWKIXO(QHUJHWLF(OGHUO\3HUVRQV
<$3 <LHOG$QDO\VLV3DWWHUQ <(* 7KHDLUSRUWFRGHIRU(GPRQWRQ $OEHUWD
<$5 <RUN$QWZHUS5XOHV ,QWHUQDWLRQDO&DQDGD
$OVR<$ UXOHV <HO\HO DEEU \HOORZ FRORU 
6KRSSLQJ <(6 <DPDKD(GXFDWLRQ6XLWH
<$58 <DOH$UERYLUXV5HVHDUFK8QLW 86$  7UDGHPDUNV
$UERYLURORJ\ <(6 <RXQJ(QJLQHHU
V6DWHOOLWH
<$ UXOHV <RUN$QWZHUSUXOHV 6SDFH6FLHQFH6SDFH7HOHFRPPXQLFDWLRQV
$OVR<$5 7HOHFRPPXQLFDWLRQ(QJLQHHULQJ
6KRSSLQJ <(6OLTXLGFXOWXUH <HDVW([WUDFWPHGLXP
<% <HDU%RRN 6XSSOHPHQWHGOLTXLGFXOWXUH
/HJDO %LRFKHPLVWU\0ROHFXODU*HQHWLFV
<E 7KHFKHPLFDOV\PEROIRU<WWHUELXP <)' <DUG)ORDWLQJGU\'RFN
<WWHUELXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF 861DY\
QXPEHUDQDWRPLFZHLJKWRIDQGD <)( <RXWK)RU(XURSH
PHOWLQJSRLQWRI$&<WWHUELXPLVXVHGPDLQO\ ((&DFWLRQSURJUDPIRUWKHSURPRWLRQRI\RXWK
LQODVHUVDQG;UD\WXEHV H[FKDQJHVLQWKH&RPPXQLW\
&KHPLVWU\6\PEROV (XURSHDQ&RPPXQLW\3URJUDPV
<%&2 <WWULXP%DULXP&RSSHUDQG2[LGH <* <LHOG*UDGH
<%,/ <HDU%RRNRI,QWHUQDWLRQDO/DZ <+$ <RXWK+RVWHOV$VVRFLDWLRQ
<E2 <WWHUELXP2[LGH <+-/6 <RUNVKLUHDQG+XPEHUVLGH-RLQW/LEUDU\
<WWHUELXP2[LGHDOVRNQRZQDV<WWHUELDLVXVHG 6HUYLFH
PDLQO\LQFHUDPLFVDOOR\VDQGJODVVHV <+= 7KHDLUSRUWFRGHIRU+DOLID[ 1RYD6FRWLD
,QRUJDQLF&KHPLVWU\ ,QWHUQDWLRQDO&DQDGD
<%3 <HDUV%HIRUH3UHVHQW <,$/ <HOORZ,VODQG$TXDFXOWXUH/LPLWHG
$OVR\U%3 $ FRPPHUFLDOVDOPRQIDUPLQ%ULWLVK&ROXPELD
<& <DOH&ROOHJH 86$  &DQDGD
<& <RXWK&RXQFLO &DSWLYH6DOPRQ(JJVL]H(YROXWLRQ


<,) <RXQJ,QYHVWLJDWRU)HOORZVKLS 86$  $VWURQRP\


<,* <WWULXP,URQ*DUQHW <68 <RXQJVWRZQ6WDWH8QLYHUVLW\ 86$ 
(OHFWURQLFV <6= <WWULD6WDELOL]HG=LUFRQLD
<,5 \HDUO\LQIUDVWUXFWXUHUHSRUW 0DWHULDOV6FLHQFH
UDSSRUWDQQXHOVXUOHVSURMHWVG·LQIUDVWUXFWXUH \W \DFKW
<., ,QVWLWXWHIRU6XUIDFH&KHPLVWU\ 6ZHGHQ  1DYDO$UFKLWHFWXUH
</ <HOORZVWRQH/DNH <7% <LHOG7R%URNHU
\OG DEEU \LHOG %XVLQHVV&RPPHUFH)LQDQFH
$JURQRP\%XVLQHVV(QJLQHHULQJ)LQDQFH <7& <LHOG7R&DOO
0HFKDQLFV <7' <HDU7R'DWH
<0&$ <RXQJ0HQ
V&KULVWLDQ$VVRFLDWLRQ *%  <70 <LHOG7R0DWXULW\
</., ,QGRQHVLDQ&RQVXPHUV,QVWLWXWH %XVLQHVV(FRQRPLFV)LQDQFH
<06 <LHOG0HDVXUHPHQW6\VWHP <8 6HUELDDQG0RQWHQHJUR)HGHUDO5HSXEOLF
<04 7KHDLUSRUWFRGHIRU0RQWUHDO4XHEHF <95 7KHDLUSRUWFRGHIRU9DQFRXYHU,QWHUQDWLRQDO
&DQDGD &DQDGD
<1 <HV1R <:&$ <RXQJ:RPHQ
V&KULVWLDQ$VVRFLDWLRQ
<13 <HOORZVWRQH1DWLRQDO3DUNV <:* 7KHDLUSRUWFRGHIRU:LQQHSHJ0DQLWRED
7KHVRLOVDW<13 KDYHDQQXDOWHPSHUDWXUHIOXFWXD &DQDGD
WLRQVWKDWUDQJHIURPDERXW$&WR$& <:,$ <RXDUH:HOFRPH,Q$GYDQFH
(FRORJ\(QYLURQPHQW3ODQW3K\VLRORJ\ <<& 7KHDLUSRUWFRGHIRU&DOJDU\$OEHUWD&DQDGD
<2 <XJRVODYLD <<6 <R<R6WRFNV
)RUPHU5HSXEOLFRI<XJRVODYLD %XVLQHVV)LQDQFH
<2% <HDU2I%LUWK <<= 7KHDLUSRUWFRGHIRU3HDUVRQ,QWHUQDWLRQDO
<2( <HDU2I(QWU\ 7RURQWR&DQDGD
<21$+ <HDUV2IWKH1RUWK$WODQWLF+XPSEDFN
0DULQH%LRORJ\
<2: 7KHDLUSRUWFRGHIRU2WWDZD2QWDULR
&DQDGD
<3 <DUG3DWURO FUDIW 
861DY\
<3 <LHOG3RLQW
(QJLQHHULQJ0HFKDQLFV
<3' <HDVW3URWHLQ'DWDEDVH
<32 ;HQRWLPH < 
<32 LVDUDGLRDFWLYHPLQHUDOIRXQGSDUWLFXODUO\LQ
SHJPDWLWHVDQGLQDFLGLFLJQHRXVURFNV
0LQHUDORJ\
<3 V\VWHP <HOORZVWRQH3ODWHDXV\VWHP
*HRORJ\
\U DEEU \HDU\RXQJHU\RXU
<5 <HPHQ5L\DO
&XUUHQFLHV
<5$ <DFKW5DFLQJ$VVRFLDWLRQ
<5/% <RUNVKLUH5HJLRQDO/LEUDU\%XUHDX
\UV DEEU \HDUV\RXUV
<6 <LHOG6SUHDG
%XVLQHVV(FRQRPLFV)LQDQFH
<6 <LHOG6WUHQJWK
0HFKDQLFV
<6& <RNRKDPD6FLHQFH&HQWHU -DSDQ 
<6) <LHOG6DIHW\)DFWRU
<61 <RXQJ6FLHQWLVWV
1HWZRUN 86$ 
<62V <RXQJ6WHOODU2EMHFWV


&KHPLVWU\+LJK0DJQHWLF)LHOG3K\VLFV

= =* =RRORJLFDO*DUGHQV
]KU ]HURKRXU
=, =HUR,PSDFW
= $WRPLF1XPEHU =, =LQ,QVWLWXWH
3K\VLFV =, =RQDO,QGH[
] KD]H %HDXIRUWOHWWHU  0HWHRURORJ\
0HWHRURORJ\ =, ]RQHG·LQWpUrW
= =DPELD DUHDRILQWHUHVW $2, 
= =HQLWK'LVWDQFH =, =RQH,QGHUGLWH
)RUIXUWKHUGHWDLOVVHHXQGHU=' =, =RQH,QGXVWULHOOH
] ]HUR]RQH =, =RQHRIWKH,QWHULRU
=$06VWDUV =HUR$JH0DLQ6HTXHQFHVWDUV =,$ =RQHRI,QWHULRU$UPLHV
$VWURQRP\$VWURSK\VLFV =,) =HUR,QVHUWLRQ)RUFH
=DQJOH =HQLWKDQJOH 6HPLFRQGXFWRUV
$OVR=HQLWK'LVWDQFH =LQM DEEU =LQMDQWKURSXVERLVHO
=DQ] DEEU =DQ]LEDU $QWKURSRORJ\
=$3 =\PDUN$XWRPDWLRQ3ODQQHU =L WHVW =WHVWIRULQVWDQFHV
,QWHUDFWLYH6RIWZDUH3URJUDPV 6WDWLVWLFV
=$5 =RQHG·DFWLYLWpGHURXWLQH>GX&(&/$17@ =-6 =ULFK-XGLFLDO6\VWHP
&(&/$17 5RXWLQH$FWLYLW\$UHD&5$$ =.( =RQDO.LQHWLF(QHUJ\
=%% ]HUREDVHG%XGJHWLQJ 0HWHRURORJ\
=& =LRQLVW&RQJUHVV =/$ =DPELD/LEUDU\$VVRFLDWLRQ
=& =RRORJLFDO*DUGHQV =/$ =LPEDEZH/LEUDU\$VVRFLDWLRQ
=&* =HROLWH&U\VWDO*URZWK =0 =RQD0LOLWDUH=RQH0LOLWDLUH
=&K1 &KULVWLDQ1DWLRQDO8QLRQ 3RODQG  ,WDOLDQDQG)UHQFKLQLWLDOLVPPHDQLQJ0LOLWDU\
=&35 =ULFK&LYLO3URFHGXUH5XOHV $UHD
=&78 =LPEDEZH&RQJUHVVRI7UDGH8QLRQV 0LOLWDU\
=' =HQLWK'LVWDQFH =0%+ =HQWUXPIU0ROHNXODUH%LRORJLH
='LVDOVRNQRZQDV=HQLWK$QJOH *HUPDQ\ 
$VWURQRP\ $W+HLOGHOEHUJ8QLYHUVLW\
=' =pUR'pIDXW =01+ =HQWUXPIU0ROHNXODUH1HXURELRORJLH
)UHQFKLQLWLDOLVPPHDQLQJ=HUR'HIHFW *HUPDQ\ 
=' =RQHGH'pIHQVH $W8QLYHUVLW\RI+DPEXUJ
)UHQFKLQLWLDOLVPPHDQLQJ'HIHQFH=RQH$UHD =Q 7KHFKHPLFDOV\PEROIRU=LQF
='$ ]RQHGHGpIHQVHDpULHQQH =LQFLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLFQXP
DDLUGHIHQFHDUHD $'$   EHUDQDWRPLFZHLJKWRIDQGDPHOWLQJ
EDLUGHIHQFH]RQH $'=  SRLQWRI$&,WLVXVHGPDLQO\LQDQRGHVDOOR\V
=() &HQWHUIRU'HYHORSPHQW5HVHDUFK *HUPDQ\  DQGGU\FHOOV
=(// =HUR/HQJWK/DXQFK &KHPLVWU\6\PEROV
=(3 =HUR(PLVVLRQ3ODQW =Q$O2 *DKQLWH
7KHILUVWIRVVLOIXHOHG=(3 SLORWSODQWZLOOEHEXLOW *DKQLWHLVIRXQGPDLQO\LQFU\VWDOOLQHVFKLVWV
E\86'2(E\ 0LQHUDORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU'2( =Q%U =LQF%URPLGH
=(3V =HUR(PLVVLRQ3ODQWV =LQF%URPLGHLVXVHGPDLQO\LQSKRWRJUDSK\
)RUIXUWKHUGHWDLOVVHHXQGHU=(3 ,QRUJDQLF&KHPLVWU\
=(7$ =HUR(QHUJ\7KHUPRQXFOHDU$VVHPEO\ =Q&O =LQF&KORULGH
]HWD 7KHDERYHDFURQ\PZDVFRLQHGDFFLGHQWDOO\ =Q&O LVXVHGPDLQO\LQPHGLFLQHDQGWH[WLOHV
XVLQJWKH,WDOLDQZRUG]HWDZKLFKLVWKHODVWOHW ,QRUJDQLF&KHPLVWU\
WHURIWKH,WDOLDQDOSKDEHW =Q&2 6PLWKVRQLWH
=) =HUR)UHTXHQF\ 6PLWKVRQLWHLVDOVRNQRZQDV6]DVNDLWH=LQF
3K\VLFV &DUERQDWH
=)& FXUYH =HUR)LHOG&RROHGFXUYH 0LQHUDORJ\


=Q&2 =LQF &DUERQDWH LQJSRLQWRI$&=LUFRQLXPLVXVHGPDLQO\LQ


=Q&2 LVXVHGPDLQO\LQFRVPHWLFVSKDUPDFHXWL DOOR\VDQGH[SORVLYHV
FDOVDQGPHGLFLQH &KHPLVWU\6\PEROV
,QRUJDQLF&KHPLVWU\ =U% =LUFRQLXP%RULGH
=Q) =LQF)OXRULGH =U% DOVRNQRZQDV=LUFRQLXP'LERULGHLVXVHG
=Q) LVXVHGPDLQO\LQFHUDPLFVHOHFWURSODWLQJ PDLQO\LQFXWWLQJWRROV
DQGZRRGSUHVHUYLQJ ,QRUJDQLF&KHPLVWU\
,QRUJDQLF&KHPLVWU\ =U&O =LUFRQLXP7HWUDFKORULGH
=Q)H 6 6SKDOHULWH =LUFRQLXPWHWUDFKORULGHZKLFKLVDOVRNQRZQDV
6SKDOHULWHLVDOVRNQRZQDV=LQF%OHQGH%OHQGH =LUFRQLXPFKORULGHLVXVHGPDLQO\LQWKHPDQX
0LQHUDORJ\ IDFWXUHRIZDWHUUHSHOOHQWWH[WLOHVDQGIRUPDQ\
=Q2 =LQF2[LGH LQGXVWULDOSXUSRVHV
=LQF2[LGHLVXVHGPDLQO\DVDGLHWDU\VXSSOH ,QRUJDQLF&KHPLVWU\
PHQWDQGLQFRVPHWLFVSLJPHQWVDQGVNLQRLQW =U+ =LUFRQLXP+\GULGH
PHQWV,WLVDOVRNQRZQDV&KLQHVH:KLWH=LQF =U+ LVXVHGPDLQO\LQPHWDOOXUJ\
:KLWH ,QRUJDQLF&KHPLVWU\
,QRUJDQLF&KHPLVWU\ =5+ 7KHDLUSRUWFRGHIRU=XULFK6ZLW]HUODQG
=Q3 =LQF3KRVSKLGH =U1 =LUFRQLXP1LWULGH
=Q3 LVXVHGPDLQO\DVDURGHQWLFLGH =LUFRQLXP1LWULGHLVXVHGPDLQO\LQUHIUDFWRULHV
,QRUJDQLF&KHPLVWU\ ,QRUJDQLF&KHPLVWU\
=Q6 =LQF6XOILGH =U2 %DGGHOH\LWH
=LQF6XOILGHLVXVHGPDLQO\LQUXEEHUSODVWLFVDQG 0LQHUDORJ\
DVDIXQJLFLGH =U2 =LUFRQLXP2[LGH
,QRUJDQLF&KHPLVWU\ =LUFRQLXP2[LGHZKLFKLVDOVRNQRZQDV
=Q6H =LQF6HOHQLGH =LUFRQLD=LUFRQLD$QK\GULGH=LUFRQLXP'LR[LGH
=Q6HLVXVHGPDLQO\LQLQIUDUHGRSWLFV LVXVHGPDLQO\LQFHUDPLFJOD]HVIRUPDQ\LQGXV
,QRUJDQLF&KHPLVWU\ WULDOSXUSRVHVDQGLQPHGLFLQH
=Q7H =LQF7HOOXULGH ,QRUJDQLF&KHPLVWU\
=Q7HLVXVHGPDLQO\DVDSKRWRFRQGXFWRU =55 ]RQHGHUHVSRQVDELOLWpGXUHQVHLJQHPHQW
,QRUJDQLF&KHPLVWU\ DDUHDRILQWHOOLJHQFHUHVSRQVLELOLW\ $,5 
=RG DEEU =RGLDF ELQWHOOLJHQFHDUHDRIUHVSRQVLELOLW\ ,$5 
=2/ =HROLWHZLWKDQ2UJDQLF/DWWLFH =U:2 =LUFRQLXP7XQJVWDWH
)RUIXUWKHUGHWDLOVVHHXQGHU=2/V =6 =RRORJLFDO6RFLHW\
=2/V =HROLWHVZLWKDQ2UJDQLF/DWWLFH =6( =DSDGRVORYHQVNH(QHUJHWLFNH =DGRY\6ORYDN
&KHPLFDO(QJLQHHULQJ0DWHULDOV6FLHQFH 5HSXEOLF 
]RRO DEEU ]RRORJLFDO]RRORJ\ =6(ORFDWHGLQ%UDWLVODYDGHDOVZLWK(QHUJ\
=23)$1 =RQH2I3HDFH)UHHGRP$QG1HXWUDOLW\ 'LVWULEXWLRQ
=3$ =RQHRI3RODUL]LQJ$FWLYLW\ =6/ =RRORJLFDO6RFLHW\RI/RQGRQ *% 
=3&, =RQH3ODWH&RGHG,PDJLQJ =61) =RQHGHVpFXULWpQDWLRQDOHIUDQoDLVH
=3(V =HUR3RLQWYLEUDWLRQDO(QHUJLHV >PDULQH@
$WPRVSKHULF.LQHWLFV*HRORJLFDODQG3ODQHWDU\ )UHQFK1DWLRQDO6DIHW\$UHD )16$ >QDY\@
6FLHQFHV+HDY\,VRWRSRPHUV3KRWRFKHPLVWU\ =67 ]RQHGHVpFXULWpWHUUHVWUH
=3* =HUR3RSXODWLRQ*URZWK JURXQGVDIHW\]RQH *6= 
=3/ =HUR3KRQRQ/LQH =7 =HLWJHEHU7LPH
=318 ]RQHSURWpJpHSDUOHV1DWLRQV8QLHV =7 =RQH7RUULGH
8QLWHG1DWLRQVSURWHFWHGDUHD 813$  =7$ =LPEDEZH7REDFFR$VVRFLDWLRQ
=32 =RRP3URMHFWLRQ2SWLFV =7/ ]RQHGHWLUOLEUH
=35V =RQD3HOOXFLGD5HPQDQWV DIUHHILUHDUHD ))$ 
0HGLFLQH*HQHWLFV3DWKRORJ\ EZHDSRQVIUHH]RQH :)= 
=U 7KHFKHPLFDOV\PEROIRU=LUFRQLXP =70$ =HUR7HPSHUDWXUH0HWURSROLV
=LUFRQLXPLVDPHWDOOLFHOHPHQWKDYLQJWKHDWRPLF $OJRULWKP
QXPEHUDQDWRPLFZHLJKWRIDQGDPHOW $OJRULWKPV$UWLILFLDO,QWHOOLJHQFH&RPSXWHU
6FLHQFH'LVFUHWH$OJRULWKP


=8$ =RQHG·8VDJH$JULFROH
=83 =RQHj8UEDQLVHUSDU3ULRULWp )UDQFH 
=Z =HVWHZKLWH
&HOO%LRORJ\'HYHORSPHQWDO%LRORJ\0HGLFLQH
0ROHFXODU%LRORJ\3KDUPDFRORJ\
)RUIXUWKHUGHWDLOVVHHXQGHU6JJ
=:)7 =LPEDEZH:RPHQ
V)LQDQFH7UXVW
%XVLQHVV)LQDQFH
==ODPHOODU PRUSKRORJ\ =LJ]DJODPHOODUPRUSKRO
RJ\
]]OLJKWQLQJ DEEU ]LJ]DJOLJKWQLQJ
*HRSK\VLFV

You might also like