&LYLO5LJKWV (QGRZHG&KDLU 7RXJDORR&ROOHJH 2QWKHFRYHU7KHDUUHVWRIWKH7RXJDORR1LQHRXWVLGHWKH-DFNVRQ3XEOLF/LEUDU\0DUFK,PDJHFRXUWHV\RIWKH 0LVVLVVLSSL'HSDUWPHQWRI$UFKLYHVDQG+LVWRU\ī0'$+Ĭ 7KLVSDJH0HUHGLWK0DUFKIRUPLQJRXWVLGH7RXJDORR&ROOHJHJDWH7RXJDORR&ROOHJH&LYLO5LJKWV&ROOHFWLRQ0LVVLVVLSSL 'HSDUWPHQWRI$UFKLYHVDQG+LVWRU\ī0'$+Ĭ &LYLO5LJKWV(QGRZHG&KDLU_|WRXJDORR&ROOHJH 0LVVLVVLSSL&LYLO5LJKWV(QGRZHG&KDLU 7RXJDORR&ROOHJH 2QO\WZRRIVL[UHFHQWKLJKVFKRRO86KLVWRU\WH[WERRNVFRYHUWKH0LVVLVVLSSL&LYLO5LJKWV 0RYHPHQWDGHTXDWHO\0RVWWH[WERRNVGRQRWHYHQPHQWLRQ0HGJDU(YHUV)DQQLH/RX +DPHU)UHHGRP6XPPHURUWKHRWKHUSHRSOHDQGHYHQWVWKDWPDGHKHDGOLQHVWKHQDQG PDNHKLVWRU\WRGD\%\ZD\RIFRQWUDVWWKHDYHUDJHWH[WERRNGHYRWHVVHYHUDOSKRWRJUDSKV OHQJWK\TXRWDWLRQVDQGDER[HGPLQLĥELRJUDSK\ĦDVZHOODVFRYHUDJHLQLWVPDLQQDUUDWLYHĦ WR5HY0DUWLQ/XWKHU.LQJ-U:LWKRXWTXHVWLRQ.LQJZDVLPSRUWDQW3UHVHQWLQJWKH&LYLO 5LJKWV0RYHPHQWDVODUJHO\KLVFUHDWLRQGRHVQRWGRMXVWLFHWRWKHVWUXJJOHLQ0LVVLVVLSSL KRZHYHUZKHUH.LQJZDVSHULSKHUDODQGRPLWVWKHORFDOSHRSOHHYHU\ZKHUHZKRVHDFWLRQV PDGHWKHPRYHPHQW¶VVXFFHVVHVSRVVLEOH$VDUHVXOWRIWKLVWUHDWPHQWWRPRVW$PHULFDQV \RXQJHUWKDQZKRDUHWRR\RXQJWRUHPHPEHULWWKHPVHOYHVWKH&LYLO5LJKWV0RYHPHQW LVDOPRVWV\QRQ\PRXVZLWKWKHQDPH0DUWLQ/XWKHU.LQJ-U,WVVWRU\WKXVEHFRPHVDQRWKHU DFFRXQWRIWKH³JUHDWPHQRIKLVWRU\´RQO\DEODFNPDQWKLVWLPH7KLVGLVWRUWHGPHPRU\ SURYLGHVOLWWOHLQVSLUDWLRQIRU\RXQJSHRSOHWRGD\VLQFHLWJLYHVOLWWOHDWWHQWLRQWRWKHFUXFLDO DFWLRQVWDNHQE\³RUGLQDU\SHRSOH´ 7KH6LJQLÀFDQFHRIWKH0LVVLVVLSSL&LYLO5LJKWV0RYHPHQW $FURVV0LVVLVVLSSLVWXGHQWVPDLGVJDUEDJHFROOHFWRUVWHDFKHUVDQGIDUPZRUNHUVWRRN VWHSVWRZLQWKHLUIXOOFLWL]HQVKLSZKLOHIDFLQJWKHSRVVLELOLW\RIORVLQJWKHLUMREVRUHYHQ WKHLUOLYHV5HVLGHQWVLQFRPPXQLWHVIURP+HUQDQGRLQQRUWK0LVVLVVLSSLWRWKH*XOI&RDVW RSHQHGWKHLUKRPHVDQGWKHLUKHDUWVWRYROXQWHHUVZKRFDPHLQWRKHOSSHRSOHUHJLVWHUWR YRWHWRWHDFKWRSUDFWLFHPHGLFLQHDQGODZSHUIRUPPXVLFDQGGUDPDDQGVLPSO\WROLYHD GHVHJUHJDWHGOLIHWKXVYLRODWLQJWKHFXVWRPVDQGODZVRIWKH³&ORVHG6RFLHW\´ 7KH0LVVLVVLSSL&LYLO5LJKWV0RYHPHQWLVWKHVWRU\RILPSRUWDQWDQGFRXUDJHRXVLQGLYLGXDOV OLNH'U750+RZDUGRI0RXQG%D\RX&O\GH.HQQDUGDQG-DPHV0HUHGLWK$DURQ +HQU\DQG)DQQLH/RX+DPHU,WLVDOVRWKHVWRU\RISHRSOHZKRFDPHWR0LVVLVVLSSLIRU DVXPPHUD\HDUVHYHUDO\HDUVRUWKHUHVWRIWKHLUOLYHVĦSHRSOHOLNHWKH)UHHGRP5LGHUV 61&&VWDɱHUVFLYLOULJKWVODZ\HUV0HGLFDO&RPPLWWHHIRU+XPDQ5LJKWVGRFWRUV)UHHGRP 6XPPHUYROXQWHHUVDQGMRXUQDOLVWVZKRWROGWKHVWRU\WRWKHQDWLRQ$QGLWLVWKHVWRU\RI VKDUHFURSSHUVHYLFWHGIURPWKHLUKRPHVEHFDXVHWKH\UHJLVWHUHGWRYRWHVWXGHQWVH[SHOOHG IURPFROOHJHEHFDXVHWKH\SDUWLFLSDWHGLQDPDUFKWHDFKHUV¿UHGIURPWKHLUMREVEHFDXVH WKH\VRXJKWHTXDOSD\ZLWKZKLWHWHDFKHUV 7KH0LVVLVVLSSL0RYHPHQWLVDOVRWKHVWRU\RIWULXPSK-DPHV0HUHGLWKGLGDWWHQG2OH0LVV 7RXJDORRVWXGHQWVGLGHYHQWXDOO\ZLQWKHULJKWWRXVHWKHSXEOLFOLEUDU\LQ-DFNVRQ&LYLO ULJKWVODZ\HUVGLGIRUFHWKH6WDWH+LJKZD\3DWUROWRKLUHEODFNRɷFHUVWKH6WDWH7H[WERRN %RDUGWRDFFHSWDQDFFXUDWHWH[WERRNLQ0LVVLVVLSSLKLVWRU\DQGWKHXQLYHUVLW\V\VWHPWROHW WKHVWDWH¶VSXEOLFEODFNFROOHJHVKDYHPRUHSURJUDPV'RFWRUVGLGEULQJPRGHUQPHGLFDO FDUHWRXQGHUVHUYHGSRRUSHRSOHLQWKH0LVVLVVLSSL'HOWDDQGWKH+HDG6WDUWSURJUDPGLG RSHQSUHVFKRROVDFURVVWKHVWDWH7RGD\0LVVLVVLSSLDQVFDQYRWHVLWZKHUHWKH\ZDQWRQD EXVPDUU\ZKRPWKH\FKRRVHDQGDWWHQGVFKRRODQGSOD\VSRUWVZLWKRXWEHLQJNHSWDSDUWE\ UDFH(YHQWVOLNHWKH)UHHGRP9RWHRI)UHHGRP6XPPHURIWKHFKDOOHQJHDWWKH 'HPRFUDWLF1DWLRQDO&RQYHQWLRQDQGWKH³0HUHGLWK0DUFK´LQPDGHQDWLRQDO KHDGOLQHVDQGDOVRSOD\HGFUXFLDOUROHVLQFKDQJLQJ0LVVLVVLSSLDQGWKHQDWLRQ :LWKLQ0LVVLVVLSSLIHZ\RXQJSHRSOHNQRZWKLVKLVWRU\$VXUYH\RIKLJKVFKRROVWXGHQWVLQ -DFNVRQWKHVWDWHFDSLWDOFRQGXFWHGDERXWUHYHDOHGWKDWRQO\RQHLQ¿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¿OHGVXLWDJDLQVWWKH-DFNVRQ3XEOLF6FKRROV VHHNLQJSD\HTXDOWRWKDWUHFHLYHGE\ZKLWHWHDFKHUV7KHVFKRROV\VWHP¿UHGKHUEXW KHUVXLWSURPSWHGWKHVWDWHWREHJLQWRHTXDOL]HVDODULHVE\UDFH,QWKHV7RXJDORR¶V FKDSODLQ:LOOLDP$%HQGHUOHG1$$&3HɱRUWVWRUHJLVWHUEODFNYRWHUV,QWKHVSULQJRI QLQH7RXJDORRVWXGHQWVPHPEHUVRIWKH1$$&3<RXWK&RXQFLOVDWLQDWWKH-DFNVRQ 3XEOLF/LEUDU\WKHQRSHQRQO\WRZKLWHV7KH\ZHUHDUUHVWHGKHOGLQMDLORYHUQLJKWDQGWKHLU WULDOWKHQH[WGD\OHGWRDSROLFHULRWDJDLQVWWKHFURZGDVVHPEOHGRXWVLGHWKHFRXUWKRXVH LQVXSSRUW$\HDUODWHU7RXJDORRVWXGHQWVDQGVRFLRORJ\SURIHVVRU-RKQ6DOWHUODXQFKHGD ER\FRWWDJDLQVWGRZQWRZQPHUFKDQWVLQ-DFNVRQGHPDQGLQJMREVIRUPDWLRQRIDQLQWHUUDFLDO FRPPLWWHHDQGDQHQGWRUDFLDOVHJUHJDWLRQ7KHPHUFKDQWVDQGFLW\RɷFLDOVUHIXVHGWR QHJRWLDWH:KHQVHYHUDOVWXGHQWVDQG3URI6DOWHUVDWLQDWWKHGRZQWRZQ:RROZRUWK¶V OXQFKFRXQWHUWKH\ZHUHPHWE\DZKLWHPREWKHHQVXLQJYLROHQFHPDGHQDWLRQDOKHDGOLQHV 7RXJDORRSUHVLGHQW'DQLHO%HLWWHOMRLQHGWKHVLWĥLQDQXQSUHFHGHQWHGVWHSIRUDFROOHJH SUHVLGHQW 'XULQJWKHVXPPHURI7RXJDORRVWXGHQWVDQGIDFXOW\EHJDQDVHULHVRI³SUD\ĥLQV´LQ ZKLFKLQWHJUDWHGJURXSVWULHGWRDWWHQG6XQGD\VHUYLFHVLQZKLWH3URWHVWDQWFKXUFKHVLQ -DFNVRQ8VXDOO\WKH\PHWVWRQHĥIDFHGFKXUFKGHDFRQVZKRGHQLHGWKHPHQWUDQFH7KH\DOVR ODXQFKHGDVXFFHVVIXOFDPSDLJQWKDWSHUVXDGHGSURPLQHQWSHUIRUPHUVWRUHIXVHWRDSSHDU EHIRUHVHJUHJDWHGDXGLHQFHVLQWKH-DFNVRQ¿QHDUWVVHULHV7KDWDXWXPQ7RXJDORRFKDSODLQ (G.LQJZDVWKHFDQGLGDWHIRU/W*RYHUQRURQWKH³)UHHGRP9RWH´EDOORWWKHPRFN HOHFWLRQKHOGWRGHPRQVWUDWHKRZZKLWHRɷFLDOVVKXWRXWEODFNYRWHUVIURPUHDOHOHFWLRQV &LYLO5LJKWV(QGRZHG&KDLU_|WRXJDORR&ROOHJH :KLOHPRVWRWKHUFROOHJHVLQ0LVVLVVLSSLZRXOGKDYHQRWKLQJWRGRZLWKFLYLOULJKWVJRLQJVR IDUDVWRH[SHOVWXGHQWVZKRZHUHDFWLYH7RXJDORRVHUYHGDVDKDYHQIRUFLYLOULJKWVDFWLYLVWV 7KH&ROOHJHEHFDPHNQRZQDV³DQRDVLVRIIUHHGRP´ZKHUHSHRSOHRIDOOUDFHVFRXOGWDONRQ DEDVLVRIIXOOHTXDOLW\61&&DQG&25(ZRUNHUVFRXOGPHHWRQFDPSXVLQDVHFXUHVHWWLQJ 0LVVLVVLSSL1$$&3OHDGHU0HGJDU(YHUVIRXQGVXSSRUWDW7RXJDORREHIRUHKLVPXUGHULQ DQG7RXJDORRQRZRZQVKLVKRPHDQGSODQVWRGHYHORSLWLQKLVPHPRU\&LYLOULJKWV DFWLYLVWVLQFOXGLQJ0DUWLQ/XWKHU.LQJ-U-XOLDQ%RQG-RKQ/HZLVDQG)DQQLH/RX+DPHU JDOYDQL]HGVWXGHQWVVWDɱDQGPRYHPHQWSHRSOHIURPDURXQGWKHVWDWHLQ:RRGZRUWK &KDSHO61&&¶V%RE0RVHVZRUNHGZLWK7RXJDORRRɷFLDOVDQGWKH)LHOG)RXQGDWLRQ WRLQLWLDWHWKH³:RUNĥ6WXG\3URMHFW´DSURJUDPWKDWHQDEOHG\RXQJ0LVVLVVLSSLDQVWR SDUWLFLSDWHLQWKHPRYHPHQWDQGDWWKHVDPHWLPHHDUQFUHGLWWRZDUGDFROOHJHGHJUHH$ QXPEHURI61&&¿HOGVHFUHWDULHVLQFOXGLQJ+ROOLV:DWNLQV(XYHVWHU6LPSVRQ'RULHDQG -R\FH/DGQHU/DID\HWWH6XUQH\DQG0DF$UWKXU&RWWRQZHUHDOVR7RXJDORRVWXGHQWVZRUNLQJ WRZDUGGHJUHHV$7RXJDORRJUDGXDWH/DZUHQFH*X\RWEHFDPHFKDLUPDQRIWKH0LVVLVVLSSL )UHHGRP'HPRFUDWLF3DUW\ZKLFKFKDOOHQJHGWKHZKLWHVHJUHJDWLRQLVWGHOHJDWLRQDWWKH QDWLRQDO'HPRFUDWLFFRQYHQWLRQLQ$WODQWLF&LW\LQ7KH)UHH6RXWKHUQ7KHDWHUEHJDQ DW7RXJDORRLQWKHVXPPHURILQLWSURGXFHG6KDNHVSHDUHDQG³,Q:KLWH$PHULFD´ DFURVV0LVVLVVLSSLDQGODWHUPRYHGWR1HZ2UOHDQV7RXJDORRKRVWHGWKH³0HUHGLWK PDUFKHUV´RQWKHLUODVWQLJKWEHIRUHWKH\HQWHUHG-DFNVRQLQWKHODVWJUHDWFLYLOULJKWV PDUFK 7RXJDORRKDVDOVRSDLGDSULFHIRUVWDQGLQJE\LWVSULQFLSOHV)RUGHFDGHVFRUSRUDWLRQVLQ 0LVVLVVLSSLPDGHQRFRQWULEXWLRQVWRWKH&ROOHJH,QWKH0LVVLVVLSSL6WDWH6RYHUHLJQW\ &RPPLVVLRQSURYLGHG¿OHVDERXWWKH&ROOHJHWRWKHĬ:KLWHĭ&LWL]HQV¶&RXQFLOWRHQOLVW WKHLUDLGLQLQYHVWLJDWLQJDQGVKXWWLQJGRZQWKH&ROOHJH7KH)%,LQ¿OWUDWHG7RXJDORR¶V VWXGHQWERG\DQG-(GJDU+RRYHUDGGHG7RXJDORRWRKLV³HQHPLHV´OLVW7KHSUHVLGHQWRI %URZQ8QLYHUVLW\OHGDFDPSDLJQWKDWUHPRYHG%HLWWHODVSUHVLGHQWIRUEHLQJWRRSURĥFLYLO ULJKWV 1HYHUWKHOHVVPRUHWKDQDQ\RWKHULQVWLWXWLRQLQWKHVWDWHDQGSHUKDSVWKHQDWLRQ7RXJDORR KDVDFWHGWKURXJKWKH\HDUVRQEHKDOIRIIXOOFLYLOSROLWLFDODQGVRFLDOULJKWVIRU$IULFDQ $PHULFDQVSUHFLVHO\WKHJRDORIWKH0LVVLVVLSSL&LYLO5LJKWV0RYHPHQW$VWKHPRYHPHQW ZRXQGGRZQWKHFRPPLWPHQWRI7RXJDORRJUDGXDWHVWRVRFLDOMXVWLFHGLGQRWZDYHU,Q IRUH[DPSOH-DFNVRQSROLFHRɷFHUVVKRWDQGNLOOHGDVWXGHQWDWQHDUE\-DFNVRQ6WDWH 8QLYHUVLW\7RXJDORRVWXGHQWVSDUWLFLSDWHGLQDSURWHVWGHPRQVWUDWLRQLQ-DFNVRQ&RQFHUQHG WKDWWKHLUFODVVPDWHVZRXOGEHFDXJKWGRZQWRZQDQGDUUHVWHGDIWHUDSPSROLFH FXUIHZWZR7RXJDORRVHQLRUVFRPPDQGHHUHGWKHFROOHJHEXVDQGEURXJKWWKHPVDIHO\EDFN WRFDPSXV2QHRIWKHSDLU&RQVWDQFH6ODXJKWHUĪQRZ+DUYH\īODWHUEHFDPHWKH¿UVWEODFN ZRPDQWRHDUQDODZGHJUHHIURP2OH0LVVDQGVXEVHTXHQWO\VHUYHGDV$VVLVWDQW6HFUHWDU\RI 6WDWHIRUWKHVWDWHRI0LVVLVVLSSL7KHRWKHU%HQQLH*7KRPSVRQEHFDPHPD\RURI%ROWRQ 0LVVLVVLSSLDQGVLQFHKDVVHUYHGLQWKH86&RQJUHVV 7RGD\7RXJDORRFRQWLQXHVWRHGXFDWH$IULFDQ$PHULFDQVWXGHQWVDQGQXUWXUHVQRWRQO\WKHLU LQWHOOHFWEXWDOVRWKHLULGHDOLVP$VDUHVXOW7RXJDORRJUDGXDWHVVWDQGRXWDVSHRSOHZKR PDNHDGLɱHUHQFHRQFHWKH\JUDGXDWH7RFLWHRQHH[DPSOHIURPWKHUHFHQWSDVWLQ$XJXVW 'U-DQHOO9LQVRQWRRNXSGXWLHVDVSHGLDWULFLDQLQ1HVKRED&RXQW\0LVVLVVLSSL$ 7RXJDORRJUDGXDWHVKHUHFHLYHGKHU0'IURP%URZQ8QLYHUVLW\1HVKRED&RXQW\ZDV RIFRXUVHQRWRULRXVIRUWKHPXUGHURIWKHWKUHH&LYLO5LJKWV0RYHPHQWZRUNHUVDWWKH EHJLQQLQJRI)UHHGRP6XPPHULQ7KHFRXQW\KDVDOUHDG\PRYHGDORQJZD\(YHQVR WKHLPSDFWWKDWWKLV\RXQJODG\ZLOOPDNHDVLWVRQO\SHGLDWULFLDQKHQFHQRWWKHSHGLDWULFLDQ IRUEODFNIRONVEXWIRUDOOFKLOGUHQĦEODFNZKLWHDQG&KRFWDZĦLVUHYROXWLRQDU\+HU\RXQJ OLIHLOOXVWUDWHVWKHNLQGRIH[FHOOHQFHDQGFRPPLWPHQWWKDW7RXJDORRVWLOOSURGXFHV)RU WKHSDVWIRXU\HDUV7KH3ULQFHWRQ5HYLHZKDVOLVWHG7RXJDORRDPRQJWKH%HVW/LEHUDO$UWV &ROOHJHVLQWKH6RXWKHDVWSDUWO\RZLQJWRLWVVWXGHQWV¶GHPRQVWUDWHGFLYLFFRPPLWPHQWDIWHU JUDGXDWLRQ (YHU\GD\7RXJDORRVWLOOWULHVWRFUHDWH³WKHEHORYHGFRPPXQLW\´WKDWZDVWKHXOWLPDWH WUDQVFHQGHQWJRDORIWKH&LYLO5LJKWV0RYHPHQW$VSDUWRIWKLVFRPPLWPHQWLWLV DOWRJHWKHU¿WWLQJDQGSURSHUWKDW7RXJDORR&ROOHJHKRQRUWKH0LVVLVVLSSL&LYLO5LJKWV 0RYHPHQWDQGWKHYROXQWHHUVDQGORFDOSHRSOHZKRSDUWLFLSDWHGLQLW 7KH5ROHRIWKH&LYLO5LJKWV&KDLUDW7RXJDORR&ROOHJH 6LPSO\HVWDEOLVKLQJD&LYLO5LJKWV&KDLUZLOOKRQRUDQGUHPHPEHUDJUHDWFDXVHD PDJQL¿FHQWFDPSDLJQ(YHU\WLPHDQHZUHFLSLHQWLVQDPHGWKDWZLOOEHDQRFFDVLRQWR UHWHOOWKHVWRU\RIWKH0RYHPHQWLQ0LVVLVVLSSLWRWKHHQWLUHFROOHJHFRPPXQLW\ħVWXGHQWV IDFXOW\DQGVWDɱ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ɱRUG6XFKDSURIHVVRU ZLOOEHDUROHPRGHOIRUIDFXOW\FROOHDJXHVDVZHOODVVWXGHQWV2UKDYLQJWKHFKDLUPD\KHOS UHWDLQDQLPSUHVVLYHIDFXOW\PHPEHUZKRRWKHUZLVHPLJKWEHORVWWRQDWLRQDOUHFUXLWPHQWE\ SURYLGLQJGLVWLQFWLRQDQGUHPXQHUDWLRQDERYHDQGEH\RQG³IXOOSURIHVVRU´$VZHOOEHFDXVH WKHSURIHVVRUVKLSLQFOXGHVDVPDOOIXQGIRUUHVHDUFKDQGWHDFKLQJSURMHFWVLWVRFFXSDQWZLOO &LYLO5LJKWV(QGRZHG&KDLU_|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¿QGVLWSRVVLEOHLIQRWHDV\WRZLQIRXQGDWLRQDQGJRYHUQPHQWDO VXSSRUWIRUQHZSURJUDPV,WSURYHVYHU\GLɷFXOWWRJHWVXSSRUWIURPVXFKVRXUFHVIRU WKHEDVLFWDVNRIWKHLQVWLWXWLRQHGXFDWLQJXQGHUJUDGXDWHV7RXJDORRQHHGVVXFKIXQGV KRZHYHUIRULWFDQQRWSRVVLEO\FKDUJHLWVVWXGHQWVħZKRFRPHIURPVRPHRIWKHPRVW GHSULYHGFRPPXQLWLHVLQWKH8QLWHG6WDWHVħZKDWLWFRVWVWRHGXFDWHWKHP,IWKLV FDPSDLJQVXFFHHGVDVZHWKLQNLWFDQLWZLOOUHVXOWLQWKH¿UVWIXOO\HQGRZHGFKDLUDWWKH &ROOHJH0RUHRYHU7RXJDORRLVVHHNLQJDGGLWLRQDOHQGRZHGFKDLUV7KHVXFFHVVRIWKLVHɱRUW WRIXQGWKH&LYLO5LJKWV&KDLUZLOOSURYLGHDVKRWLQWKHDUPWRLQYLJRUDWHWKRVHHɱRUWV 7KH(FRQRPLFVRIWKH&LYLO5LJKWV&KDLUDW7RXJDORR&ROOHJH 2IFRXUVH7RXJDORRVHHNVKHOSWRIXQGWKLVFKDLU3HUKDSVQRFROOHJHLQ$PHULFDGRHV PRUHJRRGZLWKOHVVPRQH\WKDQ7RXJDORR7KH&ROOHJHLVZHOOĥPDQDJHG¿VFDOO\DQG H[FHOOHQWHGXFDWLRQDOO\6HUYLQJDFRQVWLWXHQF\WKDWKDVORQJEHHQWKHSRRUHVWLQWKHQDWLRQ KRZHYHU7RXJDORRKDVQHYHUPDQDJHGWRWDSLQWRDZHDOWK\DOXPQLGDWDEDVHRUPDNHRWKHU FRQQHFWLRQVWRDɹXHQW$PHULFDQV7KHODWHVWFROOHJHUDQNLQJVE\861HZV:RUOG5HSRUW H[HPSOLI\WKHSUREOHP7KH\OLVW7RXJDORRLQWKHWRSWHQRIDOOKLVWRULFDOO\EODFNFROOHJHV EXWHYHU\VFKRROOLVWHGDERYH7RXJDORRFKDUJHVPXFKPRUHWXLWLRQ7KH6HSWHPEHU LVVXHRI:DVKLQJWRQ0RQWKO\UDQNV7RXJDORRRI%HVW/LEHUDO$UWV&ROOHJHVEDVHG RQHɱ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¿WWLQJJHVWXUHRI UHPHPEUDQFHDQGVROLGDULW\ZLWKSHRSOHLQ0LVVLVVLSSLZKRUHPDLQWKHSRRUHVWDQGOHDVW HGXFDWHGLQWKH86 7KHHFRQRPLFVZRUNVOLNHWKLVDQHQGRZHGFKDLUUHTXLUHVDWOHDVWIJ,QYHVWHG DWİIJ\LHOGVIJ\HDU2IWKDWIJIJZLOOEHUHLQYHVWHG VRWKHHQGRZPHQWFDQJURZWRNHHSSDFHZLWKLQÀDWLRQ$ERXWIJZRXOGEHVDODU\ IJZRXOGEHDUHVHDUFKIXQGIRUWKHSURIHVVRUWREHVSHQWRQWUDYHOWRPHHWLQJVLQKLV KHUGLVFLSOLQHRUVSHDNLQJHQJDJHPHQWVRQEHKDOIRIVRFLDOFKDQJHVWLSHQGVIRUVWXGHQWVDV UHVHDUFKDVVLVWDQWVERRNVDQGRWKHUWRROVRIVFKRODUVKLSDQGWKHOLNHIJPXVWJRWR EHQH¿WVĪKHDOWKFDUHUHWLUHPHQWHWFī,QGHHGRQO\EHFDXVH7RXJDORRIDFXOW\PHPEHUVZRUN VRKDUGIRUVROLWWOHFDQIJVXɷFH0RVWRWKHULQVWLWXWLRQVRIKLJKHUHGXFDWLRQ GHPDQGPRUHIRUDQHQGRZHGFKDLU0RUHRYHUWRUHFUXLWDSURIHVVRURIQDWLRQDOVWDWXUH WRGD\UHTXLUHVPRUHWKDQIJ7KXVLIFRQWULEXWLRQVWRWKLVFKDLUWRWDOPRUHWKDQ IJWKDWZRXOGEHDJUHDWKHOSWRWKH&ROOHJH 6XPPDU\ 7KH&LYLO5LJKWV0RYHPHQWGLGQRWFRUUHFWWKHFHQWXULHVRILQMXVWLFHWKDWDɹLFWHG$IULFDQ $PHULFDQVLQ0LVVLVVLSSLEXWLWGLGPDNHDUHDOGLɱHUHQFH7KHFDPSDLJQIRUIXOOHFRQRPLF RSSRUWXQLW\DQGFLYLODQGVRFLDOULJKWVFRQWLQXHVLQWKHQDWLRQ¶VSRRUHVWVWDWH7KLVHQGRZHG FKDLURɱHUVDZD\WRFRQWLQXHWKHZRUNLQWZRLPSRUWDQWZD\V,WZLOOKHOSOLIWWKHYHLO RILJQRUDQFHDERXWWKHLPSRUWDQWHYHQWVRIWKHVDQGLWZLOOKHOS7RXJDORR&ROOHJH LQLWVPLVVLRQSURYLGLQJVWXGHQWVGLVDGYDQWDJHGE\UDFHDQGFODVVZLWKHGXFDWLRQWKDWLV DFDGHPLFDOO\VRXQGDQGHWKLFDOO\LQVSLULQJ +RZGR,FRQWULEXWH" 6HQG FKHFNV HDUPDUNHG ³&LYLO 5LJKWV &KDLU´ WR 7RXJDORR &ROOHJH 2ɷFH RI ,QVWLWXWLRQDO $GYDQFHPHQW:HVW&RXQW\/LQH5RDG7RXJDORR063OHGJHVRIIXWXUHVXSSRUW DQGHVWDWHEHTXHVWVDUHDOVRZHOFRPH7KHFDPSDLJQDOVRZHOFRPHV\RXUDFWLYHLQYROYHPHQW ,I \RX DUH LQWHUHVWHG LQ KHOSLQJ LQ WKH FDPSDLJQ WR UDLVH IXQGV IRU WKLV HQGHDYRU SOHDVH FRQWDFW /DUU\ 0RUVH# OPRUVH#JPDLOFRP <RX PD\ FRQWDFW WKH 2ɷFH RI ,QVWLWXWLRQDO $GYDQFHPHQWGLUHFWO\DWĥĥRUE\HPDLODWRLD#WRXJDORRHGX (QGQRWHV 7KRVHDUH'DQ]HUHWDO7KH$PHULFDQVDQG%R\HU+ROW$PHULFDQ1DWLRQ 7KDWZDVEHIRUHWKH-DFNVRQ$LUSRUWZDVUHQDPHGIRU(YHUVDQDFWWKDWPD\KHOSWRVRPHGHJUHH )RUVFKRODUO\LQWURGXFWLRQVWR7RXJDORR&ROOHJHVHH&ODULFH7&DPSEHOODQG2VFDU5RJHUV-U0LVVLVVLSSLWKH 9LHZIURP7RXJDORRĪ-DFNVRQ8QLYHUVLW\3UHVVRI0LVVLVVLSSLīDQG-RKQ'LWWPHU/RFDO3HRSOHĪ8UEDQD 8QLYHUVLW\3UHVVRI,OOLQRLVī6HHDOVRWKHIDPRXVPHPRLUE\$QQH0RRG\&RPLQJRI$JHLQ0LVVLVVLSSLĪ1< 'HOWDĬĭī 7RXJDORR¶VIRXQGLQJLQZDVE\WKH$PHULFDQ0LVVLRQDU\$VVRFLDWLRQZKLFKLQWXUQGHULYHGIURPWKH FRPPLWWHHVHWXSE\&RQJUHJDWLRQDO&KXUFKPHPEHUVWRGHIHQGWKHHQVODYHG$IULFDQVZKRUHYROWHGDQGVHL]HG WKHVODYHVKLS$PLVWDG &LYLO5LJKWV(QGRZHG&KDLU_|WRXJDORR&ROOHJH
© Copyright 2026 Paperzz