+RPHVFKRRO&RQQHFWLRQV
0RQGD\&ODVVHV
$JHVUHIHUWRVWXGHQWV
DJHRQ
&KLOGUHQXQGHUDJHPD\HQUROOLQVKDGHGVLEOLQJFODVVHV21/<,)WKH\KDYHDQROGHUVLEOLQJHQUROOHGLQD0RQGD\FODVV
5220
6DQFWXDU\
7,0(
,QW%DQG
0RUH$UWLVWV
/LIH6FLHQFH
'UDPD% 3OD\URRP
:ULWLQJ&OXE
2SHQ6WXG\
6WDUW
+DOO
;
XS
6WDQJODQG
*HRUJH
'HODQH\
*URYHV
0RUULVRQ
,QW%DQG
$P+LVWRU\$UW
5DYHQ
'UDPD& 3OD\URRP 6SDQLVK
:RUOG+LVWRU\
2SHQ6WXG\
6FLHQFH
FRQ¶W
+DOO
6WDUW
XS
XS
XS
6WDQJODQG
*HRUJH
5DYHQ
*URYHV
&DLUQV
5HQNHPD
%HJ%DQG
$QDWRP\
5DYHQ
'UDPD$ 3OD\URRP
:ULWLQJ&OXE
2SHQ6WXG\
3K\VLRORJ\
6FLHQFH
'D\V
+DOO
;
XS
XS
6WDQJODQG
%UDQQRFN
5DYHQ
*URYHV
0RUULVRQ
;
;
;
;
;
;
;
/XQFK
$GY-D]]
)LYHLQD5RZ
(OHFWURQLFV
3(
3OD\URRP
7XWRU
6LQJ0RYH
2SHQ6WXG\
5RRP
3UDLVH
+DOO
XS
+DOO
1HOVRQ
5DYHQ
'HODQH\
0HQ]LHV
$GY%DQG
:DUIDUHIRU%R\V
(DUWK
+6
3OD\URRP
/DWLQ,9
6LQJ0RYH
2SHQ6WXG\
(QG
:UVKLS
+DOO
6FLHQFH
'UDPD
(QG
(QG
XS
XS
XS
XS
6WDQJODQG
&DOOHQGHU
5DYHQ
*URYHV
6XWWRQ
0HQ]LHV
0LVVLRQDU\
7UDYHO
%LOOLQJ
0\&RXQWU\
;
%LEOH
0DUDWKRQ
5HVHDUFK
5HSRUW
6SDQLVK%
$UW
XS
XS
XS
:HVFRWW
6$73UHS
&DLUQV
$OJHEUD
5RHGHU
$UW)RUXP
XS
XS
XS
%UHQQD
6WHSLQWR
7UDLWV
%URWPDQ
/DWLQ,
:HVFRWW
(VVD\:ULWLQJ
&]HFK
3UH$OJHEUD
5RHGHU
)LYHLQD5RZ
XS
XS
&DPSRV
6XWWRQ
:HVFRWW
&]HFK
1HOVRQ
/XQFK
/XQFK
/XQFK
/XQFK
/XQFK
.QRZLQJ*RG
/DWLQ,,
,QWUR(VVD\
+HDOWK
)LWQHVV
$OJHEUD7ULJ
XS
XS
XS
XS
&DPSRV
/LW&HOHEU
6XWWRQ
(VSDQRO
:HVFRWW
:ULWLQJ&OXE
'XJXD\
6HZLQJ
(QG
0DUWHHQ\
'DQFHZ
'HFLPDOV
(QG
XS
&DPSRV
*UD\
0RUULVRQ
*UDFH
0DUWHHQ\
/DVW0RGLILHG6XQGD\0DUFK30
3LDQROHVVRQVDUHDYDLODEOHWKURXJKRXWWKHGD\
+RPHVFKRRO&RQQHFWLRQV
:HGQHVGD\&ODVVHV
$JHVUHIHUWRVWXGHQWV
DJHRQ
&KLOGUHQXQGHUDJHPD\HQUROOLQVKDGHGVLEOLQJFODVVHV21/<,)WKH\KDYHDQROGHUVLEOLQJHQUROOHGLQD:HGQHVGD\FODVV
5220
/
/
/
/ / /
/
/ /
7,0(
*RY¶W
6SHHFK
2SHQ 4XLHW
$UW
8QGHUVW
/LIH
1HZ
)UHQFK$ $OJHEUD
&LYLFV
6WXG\ 6WXG\
/LW
6FLHQFH 7HVWDPHQW
+DOO
+DOO
;
XS
XS
XS
XS
XS
XS
0F,QWRVK
/DUVRQ
5RHGHU
'XJDQ
'HODQH\
0HQ]LHV
7XFNHU
&]HFK
1HZEHU\
-U+
:DWHUFRORU 2SHQ 4XLHW
$UW
6WXG\
:RUOG
/LWRI
'LJLWDO
*HRPHWU\
'UDPD
6WXG\ 6WXG\
6NLOOV
,VVXHV
3KRWR
&ODVVLFV
'LFNHQV
7HFK
+DOO
+DOO
XS
XS
XS
XS
XS
5DPVH\ *URYHV
7KHUULHQ
5RHGHU
3HDUVRQ
&XUQXWW
%URWPDQ
9DUHOD
&]HFK
6SDQLVK
:DWHUFRORU 2SHQ 4XLHW
3UH&DOF
:RUOG
/DWLQ,,,
+HDOWK
)UHQFK%
3UDLVH
6WXG\ 6WXG\
+LVWRU\
&KRLU
+DOO
+DOO
;
XS
XS
XS
XS
XS
XS
XS
XS
&DLUQV
7KHUULHQ
6FKLQGOHU
3HDUVRQ
6XWWRQ
%UDQQRFN
7XFNHU
0HQ]LHV
;
;
;
;
;
;
;
;
;
;
/XQFK
6SDQLVK
/HDUQLQJ
2SHQ 4XLHW
$OJHEUD
/LW
/DWLQ,,
7XWRU
5RDGVLGH
&6
$
*DPHV
6WXG\ 6WXG\
7ULJ
5RRP
5RFNV
/HZLV
3RHWU\
+DOO
+DOO
;
XS
XS
XS
XS
%RRQ
6FKLQGOHU /D0DUFKH
6XWWRQ
5DYHQ
/XQG
&DLUQV
+6
2SHQ 4XLHW
'DULQJ
0RGHUQ
&KHPLVWU\
/RJLF
'UDPD
6WXG\ 6WXG\
*LUOV
+LVWRU\
(QG
+DOO
+DOO
;
;
;
;
(QG
6WXGHQW
&HQWHU
%LRORJ\
6WDUW
;
XS
,QW-D]]
%DQG
$GOHU
:RUOG
*HRJUDSK\
XS
6WDQJODQG
$GOHU
%HJ%DQG
6FLHQFH
([SORUDWLRQV
'D\V
XS
6WDQJODQG
5HQNHPD
/XQFK
;
$
&DSSHOOD
$PHULFDQ
/LW
XS
XS
0HQ]LHV
+RZ
7KLQJV
:RUN
(QG
'XJDQ
<HDUERRN
(QG
XS
XS
XS
XS
XS
*URYHV
&XUQXWW
5HQNHPD
5DYHQ
/XQG
$OEHUW
+XWFKLQVRQ
/DVW0RGLILHG6XQGD\0DUFK30
3LDQROHVVRQVDUHDYDLODEOHWKURXJKRXWWKHGD\
+RPHVFKRRO&RQQHFWLRQV
&ODVV'HVFULSWLRQV
0RQGD\7KURXJKRXWWKH'D\
3ULYDWH3LDQR/HVVRQV
7HDFKHU5REHUW&DPSEHOO
'HVFULSWLRQ%HJLQ\RXUPXVLFDODGYHQWXUH5REHUW
&DPSEHOOSLDQRLQVWUXFWRUSURIHVVLRQDOSLDQLVWDQG
KRPHVFKRRO'DGLVRIIHULQJSLDQROHVVRQVDW0RQGD\DQG
:HGQHVGD\&RQQHFWLRQV5REHUWKDVEHHQWHDFKLQJDQG
SHUIRUPLQJLQWKH3XJHW6RXQGDUHDIRUHLJKWHHQ\HDUV
5REHUW
VGHVLUHLVWRPDNHSLDQROHVVRQVIXQDQG
PHDQLQJIXOIRUDOOKLVVWXGHQWV%HJLQQLQJWKURXJK
DGYDQFHGVWXGHQWVDUHLQYLWHGWRWDNHOHVVRQVZLWK5REHUW
)RUDIUHHFRQVXOWDWLRQSOHDVHVHH5REHUWRQ0RQGD\RU
:HGQHVGD\RUFDOOKLPWRVFKHGXOHDQDSSRLQWPHQWDW
0RVWOHVVRQVDUHRQHKDOIKRXU,IWKLVLVWKH
RQO\&RQQHFWLRQV¶OHVVRQFODVV\RXVLJQXSIRU\RXZLOOVWLOO
QHHGWRUHJLVWHUZLWK+RPHVFKRRO&RQQHFWLRQVE\
VXEPLWWLQJD)DPLO\5HJLVWUDWLRQ&RQWUDFWDQGE\SD\LQJ
WKHUHJLVWUDWLRQIHH
0RQGD\$0WR$0
'UDPD%
7HDFKHU0DULDQQL*URYHV
$JH
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH
'HVFULSWLRQ7KLVKLJKHQHUJ\FODVVZLOODFWDVD
VSULQJERDUGIRUVWXGHQWVZKRNQRZWKH\ORYHWKHWKHDWHU
7KURXJKRXWWKH\HDUZHZLOOIRFXVRQEHFRPLQJDQ
HQVHPEOHWKURXJKWKHDWHUJDPHVDQGH[HUFLVHV
6LPXOWDQHRXVO\ZHZLOOEHLQUHKHDUVDOIRUDSOD\WLWOHWR
EHGHWHUPLQHGZKLFKZLOOEHSUHVHQWHGWRIDPLO\DQG
IULHQGVWRZDUGWKHHQGRIWKH\HDU0HPRUL]DWLRQLV
PDQGDWRU\7KHUHZLOOEHDERXWKRXURIZRUNRXWVLGHRI
FODVVHDFKZHHN3DUHQWVZLOOEHDVNHGWRSURYLGHKRXUV
RISURGXFWLRQZRUNWKURXJKRXWWKH\HDULQFRVWXPHV
SURSVPDNHXSWLFNHWZRUNKRXVHPDQDJHPHQWHWF
7LWOHVXQGHUFRQVLGHUDWLRQIRU7KH(PSHURU¶V
1HZ&ORWKHV3HWHU3DQDQG$ODGGLQ7LWOHVVXEMHFWWR
FKDQJH
)XQGDPHQWDOVRI$UW
7HDFKHU'HEUD5RHGHU
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W6WXGHQWVEXLOGWKHLURZQ
ERRNZLWKELQGHUSURYLGHG
'HVFULSWLRQ7KLVFODVVLVGHVLJQHGIRUDQ\SHUVRQZDQWLQJ
WROHDUQVNLOOLQDUW&RPHOHDUQEDVLFIXQGDPHQWDOVZKLFK
DSSO\WRPRVWDUWIRUPV)XQGDPHQWDOVWDXJKWDUHOLQH
VKDSHSHUVSHFWLYHSURSRUWLRQVKDGLQJQHJDWLYH
SRVLWLYHVSDFHJULGZRUNVFDOLQJVWLOOOLIHFRPSRVLWLRQ
DQGIDFHV)LQDOSURMHFWLVDVHOISRUWUDLW7KHVHEDVLFVNLOOV
WDXJKWLQDFDVXDOEXWVWUXFWXUHGHQYLURQPHQWSUHSDUH
DQ\RQHWRPRYHRQWRDGYDQFHGPHGLDZDWHUFRORU
FRORUHGSHQFLOVSHQLQNHWF4XHVWLRQV&DOO'HEUD
5RHGHUDW
,QWHUPHGLDWH%DQG6WDUWVDW(QGVDW
7HDFKHU5RELQ6WDQJODQG
$JHXS
3UHUHTXLVLWH%HJLQQLQJ%DQG
RUSHUPLVVLRQRILQVWUXFWRU
&RVWSHUPRQWKIRUILUVW
FKLOGIRUDQ\VLEOLQJV
3DUHQWVSOD\IRUIUHH
1RFRS\IHHWKLV\HDU
7H[W:LOOOHW\RXNQRZODWHU
'HVFULSWLRQ,QWHUPHGLDWH%DQGLVJHDUHGWRZDUG
LQVWUXPHQWDOLVWVZKRKDYHSOD\HGWKHLULQVWUXPHQWRQHWR
WKUHH\HDUVDQGKDYHILQLVKHGDQ\EDQGPHWKRGERRN
6WXGHQWVPXVWEHDEOHWRUHDGPXVLF7KLVLVDFRQFHUW
EDQGZKLFKLQFOXGHVDOOWUDGLWLRQDOZRRGZLQGEUDVVDQG
SHUFXVVLRQLQVWUXPHQWV7KHUHDUHQRVWULQJVJXLWDURU
SLDQR:HZLOOKDYHWZRFRQFHUWVSHU\HDUDQGRQHEDQG
IHVWLYDOLQ0DUFK$WWHQGDQFHLVUHTXLUHGDWDOO
SHUIRUPDQFHV6WXGHQWVDUHH[SHFWHGWRSUDFWLFH
PLQXWHVDGD\WLPHVDZHHN6KHHWPXVLFZLOOEHRQORDQ
WRWKHVWXGHQWDQGPXVWEHWXUQHGLQZKHQGRQH6WXGHQWV
FDQSOD\LQDQ\QXPEHURIEDQGVH[FOXGLQJ-D]]EDQGIRU
RQHSULFH,I\RXKDYHDQ\TXHVWLRQVHPDLO5RELQDW
VWDQJOD#FRPFDVWQHW
/LIH6FLHQFH
7HDFKHU3DP'HODQH\
$JH
&RVWSHUPRQWK
7H[W6FLHQFH2UGHUDQG
5HDOLW\VHFRQGHGLWLRQE\$
%HND%RRNDQG/LIH6FLHQFH
VHFRQGHGLWLRQE\%-83UHVV
8VHGFRSLHVRIWKHVHWH[WERRNV
DUHUHDGLO\DYDLODEOH
+RPHVFKRRO3RWSRXUULLQ
.LUNODQGZLOOJLYHD
GLVFRXQWRQWKHVHERRNVLI\RX
EX\ERWKWH[WERRNVDQGPHQWLRQ
WKLVFODVV:LWKWKLVGLVFRXQWWKH
WRWDOIRUERWKERRNVVKRXOGEH
OHVVWKDQ
'HVFULSWLRQ$FUHDWLRQEDVHGOLIHVFLHQFHFRXUVHGHVLJQHG
WRSUHSDUHPLGGOHVFKRROVWXGHQWVIRUKLJKVFKRROVFLHQFH
:HZLOOVWXG\VFLHQWLILFPHWKRGSODQWVPLFURVFRS\
FODVVLILFDWLRQDQLPDOVWKHKXPDQERG\LQVHFWVDQG
SULQFLSOHVRISK\VLFDOVFLHQFH&ODVVODEWLPHZLOOLQFOXGH
ZRUNZLWKPLFURVFRSHVGLVVHFWLRQVDQGPRUH6WXGHQWV
VKRXOGH[SHFWWZRKRXUVSHUZHHNRIKRPHZRUNZLWKERWK
UHDGLQJDVVLJQPHQWVDQGVFLHQFHDFWLYLWLHV7ZRWH[WERRNV
DUHXVHGLQWKLVFODVVVRWKDW,FDQVHOHFWWKHEHVWPDWHULDO
IRUHDFKVXEMHFWIURPWKHWZRERRNV7KHVWXGHQWVZLOOQRW
EHUHTXLUHGWRUHDGDOORIWKHPDWHULDOLQHLWKHUWH[WERRN,
EHOLHYHWKDWVFLHQFHVKRXOGEHIXQHDV\WRXQGHUVWDQG
DQGLQWHUHVWLQJ%\WKHHQGRIWKH\HDU,KRSHWKH
VWXGHQWVZLOOEHDPD]HGZLWK*RG¶VFUHDWLRQDQGZLOOIHHO
FDSDEOHRIDQGLQWHUHVWHGLQWDFNOLQJPRUHDGYDQFHG
VFLHQFHFRXUVHZRUN
0LVVLRQDU\7UDYHO
7HDFKHU/LVD%LOOLQJ
$JH
&RVWSHUPRQWK
IDOOFRS\VXSSO\IHH
VSULQJFRS\VXSSO\IHH
7H[W:LQGRZRQWKH:RUOG
,6%1%LEOH
RWKHUSRVVLEOHERRNVUHTXLUHG
'HVFULSWLRQ7KLVFODVVZLOOKHOSXVJUDVS*RG
VKHDUWIRU
WKHZRUOGDQGIXHODSDVVLRQIRU-HVXVDVZHWUDYHODURXQG
WKHZRUOGZLWKSDVWDQGSUHVHQWPLVVLRQDULHV7KLVZLOOEHD
KDQGVRQFODVVWKDWZLOOLQVSLUHHDFKRIXVDVZHUHDGDQG
H[SORUHWKHJHRJUDSK\FXOWXUHKLVWRU\DQGYDULRXVFDUHHUV
ZKLOHIRFXVLQJRQWKHLPSDFWRIVKDULQJ-HVXVZLWKWKH
ZRUOGDURXQGXV$QHPSKDVLVZLOODOVREHSODFHGRQSUD\HU
DQGLQWHUDFWLQJZLWKFXUUHQWPLVVLRQDU\IDPLOLHV,GHDVZLOO
EHSURYLGHGWRKHOS\RXUIDPLO\SDUWLFLSDWHLQWKLVFODVV
ZLWK\RXUFKLOG+RPHZRUNZLOOEHKRXUVDZHHN
GHSHQGLQJRQKRZPXFK\RXFKRRVHWRLQYHVW7KHUHZLOO
EHVRPHRXWVLGHUHDGLQJDQGSUHVHQWDWLRQVRUSURMHFWV$
UHDGLQJOLVWZLOOEHSURYLGHGLQWKHVXPPHUDQGERRNVFDQ
EHFKRVHQIURP\RXUKRPHOLEUDU\RUSXUFKDVHGIRUH[WUD
HQULFKPHQW
0RUH*UHDW$UWLVWV
7HDFKHU$GHOH*HRUJH
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ7KLVFODVVZLOOEHDYHU\VLPLODUIRUPDWDVWKH
RULJLQDO*UHDW$UWLVWVDQGZLOOLQWURGXFHVWXGHQWVWRDQHZ
VHWRIJUHDWDUWLVWVWKURXJKRXWKLVWRU\DQGGLIIHUHQWDUW
VW\OHV(DFKZHHNVWXGHQWVZLOOOHDUQDERXWDQHZDUWLVW
YLHZVRPHSULQWVRIWKHLUZRUNDQGFUHDWHDSLHFHRIZRUN
EDVHGRQZKDWWKH\
YHOHDUQHG0DQ\SURMHFWVWKHVWXGHQWV
FUHDWHZLOOEHVHDVRQDODQGIXQFWLRQDODUWSLHFHV:H
OO
ZRUNZLWKDYDULHW\RIPHGLXPVVXFKDVFROODJHRLODQG
FKDONSDVWHOVWHPSHUDDFU\OLFVFRORUHGSHQFLOZDWHUFRORU
DQGSRVVLEO\FOD\6WXGHQWVZLOOOHDUQPDQ\IDFHWVRIDUW
H[SUHVVLRQJDLQLQJFRQILGHQFHLQWKHLURZQJURZWKDV
DUWLVWV
2SHQ6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVLVWKHRQO\VWXG\KDOODYDLODEOHRQ
0RQGD\V,IDVWXGHQWLVQRWHQUROOHGLQDFODVVWKH\QHHG
WREHLQWKLVURRPRULQWKHLUFDUZLWKWKHLUSDUHQW7KLV
URRPLVLQWHQGHGIRUYLVLWLQJJDPHVRUJURXSDFWLYLWLHV
1HLWKHUSDUHQWVQRUVWXGHQWVVKRXOGH[SHFWDQRLVHIUHH
HQYLURQPHQW4XLHWVWXG\LQJPD\EHGRQHLQ\RXUFDU$
SDUHQWURWDWLRQPD\EHVHWXSWRDVVLVWZLWKVXSHUYLVLRQ
6WXGHQWVXQGHUDJHDUHH[SHFWHGWREHLQWKHSOD\URRP
6WXGHQWVEHWZHHQWKHDJHVRIDQGPXVWKDYHDQDGXOW
ZKRLVGLUHFWO\UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOO
WLPHV5HVSHFWIXOEHKDYLRULVH[SHFWHG
3OD\URRP
7HDFKHU1R7HDFKHU
&RVWSHU\HDUVXSSO\IHH
IRUKRXUVSHUIDPLO\
SD\DEOHWR(OL]DEHWK*UDFH7KLV
IHHFRYHUVQDPHWDJVFUD\RQV
SDSHUILUVWDLGPDWHULDOV
QDSNLQVFXSVHWF
'HVFULSWLRQ7KHSOD\URRPLVGHVLJQHGWRJLYHWRGGOHUVWR
VHYHQ\HDUROGVDVDIHHQYLURQPHQWWRSOD\ZKLOHWKHLU
VLEOLQJVDWWHQGFODVVHV2QDURWDWLQJEDVLVSDUHQWVZLOO
VXSHUYLVHEULQJDFWLYLWLHVRUSURYLGHVQDFNV7KHDFWLYLWLHV
URWDWHWRDGGYDULHW\WRWKHKRXUVDQGVKRXOGEHVLPSOHLQ
RUGHUWRDSSHDOWRWKHZLGHDJHVSDQ6QDFNVDUHVHUYHG
GXULQJWKHQGDQGWKKRXUV$OOSDUWLFLSDWLQJSDUHQWV
PXVWFRPSOHWH:DVKLQJWRQ6WDWH3DWUROIRUPVZKLFKZLOO
UHPDLQFRQILGHQWLDO
5HVHDUFK5HSRUW:ULWLQJ
7HDFKHU$OLFH:HVFRWW
$JHXS
3UHUHTXLVLWH0D\127EH
WDNHQFRQFXUUHQWO\ZLWK(VVD\
:ULWLQJ
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ)LUVWVHPHVWHUVWXGHQWVZLOOEH³ZDONHG
WKURXJK´WKHVWHSVWRZULWLQJDUHVHDUFKSDSHUDVWKH\
ZULWHWZRUHSRUWV6HFRQGVHPHVWHUWKH\ZLOOXVHWKHVH
VNLOOVWRSURGXFHDPDMRUUHVHDUFKSDSHU6XSSRUWLQJVNLOOV
VXFKDVVXPPDUL]LQJDQGQRWHWDNLQJZLOODOVREHWDXJKW
6WXGHQWVVKRXOGSODQRQòKRXUVRIKRPHZRUNSHU
ZHHNEXWWKLVZLOOYDU\GHSHQGLQJRQZKDWSKDVHRIWKH
7H[W0/$+DQGERRNWK
HGLWLRQZLOOEHRUGHUHGGXULQJ
WKHVXPPHUVRZHFDQJHWD
JURXSGLVFRXQW
SDSHUZHDUHLQ$GGLWLRQDOO\WLPHZLOOQHHGWREHVSHQWLQ
WKHOLEUDU\IRUWKLVFODVV
6SDQLVK%
7HDFKHU-DQHW&DLUQV
$JHXS
3UHUHTXLVLWH6SDQLVK$RU
LQVWUXFWRU¶VSHUPLVVLRQ
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
ZKLFKLQFOXGHVDFODVVQRWHERRN
IODVKFDUGVZRUNVKHHWVELQGHU
LQVHUWVDQGDELPRQWKO\
6SDQLVKPDJD]LQH
7H[W6DPHWH[WVDVIRU
6SDQLVK$
6SDQLVKLV)XQ%RRN
7KLUG(GLWLRQE\+H\ZRRG:DOG
,6%1
VRIWERXQG
6SDQLVKLV)XQ%RRN
&XDGHUQRGHHMHUFLFLRVE\
+H\ZRRG:DOG
,6%1
$OVRUHTXLUHG$JRRG
SDSHUEDFN6SDQLVK(QJOLVK
'LFWLRQDU\,UHFRPPHQG7KH
1HZ:RUOG6SDQLVK(QJOLVK
(QJOLVK6SDQLVK'LFWLRQDU\
SXEOLVKHGE\6LJQHW
,6%1RU
VRPHWKLQJVLPLODU7KHVHERRNV
DUHDYDLODEOHDWWKH8QLYHUVLW\
%RRN6WRUHRUWKURXJK
$PD]RQFRP
'HVFULSWLRQ-RLQXVDVZHFRQWLQXHWRH[SORUHWKHZRUOG
RIZULWWHQDQGRUDO6SDQLVK7KLVFODVVEXLOGVXSRQZKDW
ZDVOHDUQHGLQ6SDQLVK$6WXGHQWVZLOOFRQWLQXHVWXG\LQJ
6SDQLVKYRFDEXODU\DQGJUDPPDUDVWKH\ZRUNWRLPSURYH
WKHLUFRQYHUVDWLRQVNLOOV7KLVFODVVZLOOFRYHUSRVVHVVLYH
DQGGHPRQVWUDWLYHDGMHFWLYHVSUHSRVLWLRQVQXPEHUVWR
VWHPFKDQJLQJYHUEVLUUHJXODUYHUEVDQGWKH
SUHWHULWHWHQVH:HZLOOVXSSOHPHQWWKHWH[WZLWKSURMHFWV
JDPHVTXL]]HVDQG%LEOHYHUVHV:HZLOOJRWRDQHDUE\
0H[LFDQUHVWDXUDQWZKHUHWKHVWXGHQWVZLOORUGHUWKHLUIRRG
LQ6SDQLVK7KLVLVDQRQ&RQQHFWLRQVVSRQVRUHGDFWLYLW\
7KLVFODVVLVWKHVHFRQGKDOIRI6SDQLVK:KHQ\RX
FRPSOHWHWKLVFODVV\RXZLOOKDYHILQLVKHGWKHILUVW\HDURI
+LJK6FKRRO6SDQLVK7KHUHDUHKRXUVRIKRPHZRUN
SHUZHHN
:ULWLQJ&OXE
7HDFKHU/DXULH0RUULVRQ
$JH
3UHUHTXLVLWH6WXGHQWVPXVW
KDYHFRPSOHWHG:ULWLQJ&OXE
RUEHVFKRROHGLQXVLQJGUHVV
XSVDQGRSHQHUVDFFRUGLQJWR
$QGUHZ3XGHZD
V([FHOOHQFHLQ
:ULWLQJSURJUDP
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W:ULWH6RXUFH
'HVFULSWLRQ7KLVVHFRQGLQDVHULHVZULWLQJVNLOOVFODVV
ZLOOFRQWLQXHGHYHORSLQJWKHVW\OHDQGVWUXFWXUHFXUULFXOXP
XVHGLQWKH([FHOOHQFHLQ:ULWLQJSURJUDPWHDFKLQJ
VWXGHQWVKRZWRZULWHSDUDJUDSKVZKLFKDUHYDULHGLQ
VHQWHQFHEHJLQQLQJVYRFDEXODU\SKUDVHVDQGFODXVHV$
YDULHW\RIZULWLQJSURMHFWVDUHDVVLJQHGLQFOXGLQJDSURFHVV
HVVD\DIDPLO\KLVWRU\LQWHUYLHZUHSRUWDFDUHHUUHSRUWD
QDUUDWLYHDQGDILYHSDUDJUDSKFULWLTXH3DUHQW
LQYROYHPHQWJUHDWO\LQFUHDVHVVWXGHQWVXFFHVV:HHNO\
KRPHZRUNDVVLJQHG
,6%1
RU;IURP
ZZZJUHDWVRXUFHFRPXVLQJ
$GYDQFHG6HDUFKOLQNDQG
HQWHULQJQXPEHU3RFNHW
GLFWLRQDU\DQGWKHVDXUXV
0RQGD\$0WR$0
$OJHEUD
7HDFKHU.HOO\&]HFK
$JHXS
3UHUHTXLVLWH&RPSOHWLRQRI
3UH$OJHEUD,IQR3UH$OJHEUD
FODVVWDNHQSOHDVHGLVFXVVZLWK
LQVWUXFWRU
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
IRUKDQGRXWVDQGTXL]]HV
7H[W$GGLVRQ:HVOH\$OJHEUD
,6%1
'HVFULSWLRQ$OJHEUDDJUHDWGLVFLSOLQHIRUPLQGDQG
ERG\7KLVFODVVZLOOEHDWUDGLWLRQDO$OJHEUDFRXUVH7KH
FRXUVHPDWHULDOGHPDQGVFRQVLVWHQWGDLO\KRPHZRUN<RX
VKRXOGEXGJHWWRòKRXUVGDLO\IRXUGD\VDZHHNIRU
FRPSOHWLRQRIDVVLJQPHQWV)RUPRVWVWXGHQWVWKLVLVWKHLU
ILUVWVHULRXVPDWKFODVV&RQQHFWLRQV$OJHEUDLVGHVLJQHG
IRUWKHFROOHJHERXQGVWXGHQWPRVWOLNHO\SUHSDULQJIRU
VWXGLHVLQVFLHQFHRUPDWK3DUHQWVZLOOEHUHVSRQVLEOHWR
HQVXUHWKDWWKHLUVWXGHQWLVFRPSOHWLQJDQGFRUUHFWLQJHDFK
GDLO\DVVLJQPHQW7HVWVDUHWDNHQDWKRPH+RPHZRUNLV
DVVLJQHGWKDWLVGXHWKHILUVWGD\RIFODVVHVVRSOHDVHKDYH
\RXUERRNVE\PLG$XJXVW$OVRRQHSDUHQWVKRXOGSODQRQ
DWWHQGLQJWKHILUVWFODVVRIWKHVFKRRO\HDUDV,ZLOOEH
JRLQJRYHUKRPHZRUNDQGWHVWLQJJXLGHOLQHV7KDQN\RX
$PHULFDQ+LVWRU\$UW
7HDFKHU$GHOH*HRUJH
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ7KLVDUWFODVVZLOOLQWURGXFHVWXGHQWVWR
$PHULFDQDUWDQGDUWLVWVIURPDKLVWRULFDOSHUVSHFWLYH:H
ZLOOVWXG\IDPRXV$PHULFDQDUWLVWVWKHWHFKQLTXHVWKH\
XVHGDQGFUHDWHRXURZQZRUNVRIDUWEDVHGRQZKDWZDV
OHDUQHG6WXGHQWVZLOODOVROHDUQDERXWWKHHYHQWV
KDSSHQLQJLQRXUQDWLRQ
VKLVWRU\DWWKHWLPHRIHDFK
DUWLVW
VZRUN&ODVVWLPHZLOOLQYROYHGLVFXVVLRQDQDUW
SURMHFWDQGNHHSLQJDWLPHOLQHRIKLVWRULFDOHYHQWV
6HYHUDOGLIIHUHQWPHGLXPVZLOOEHXVHGIRUSURMHFWVDQG
VWXGHQWVZLOOJURZLQFRQILGHQFHDVWKH\FUHDWHWKHLURZQ
ZRUNVRIDUW
%LEOH0DUDWKRQ,
7HDFKHU(OOHQ%URWPDQ
$JH
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHHLQFOXGHVQRWHERRN
7H[W3URYLGHGLQFODVV
'HVFULSWLRQ5HDG\WRJRWKHGLVWDQFH"7KLVFRXUVHJLYHV
\RXWKHFKDQFHWRGRMXVWWKDWLQDPDUDWKRQRI%LEOH
VWXGLHVIURPWKH2OG7HVWDPHQWZKLFKUHYHDOYDULRXVIDFHWV
RI*RG
VVXSHUQDWXUDOFKDUDFWHU(DFKFODVVZLOOSUHVHQWD
%LEOHVWRU\LQDIRUPDWZKLFKLQFOXGHVDFWLQJRXWWKHVWRU\
FRPSOHWLQJZRUNVKHHWVHQJDJLQJLQDFWLYLWLHVWKDWEULQJ
WKHVWRU\WROLIHDQGPDNLQJDQHZHQWU\RQDWLPHOLQHWKDW
WUDFNVHDFKHYHQWFKURQRORJLFDOO\0LOH0DUNHUSDUWLHV
WKURXJKRXWWKH\HDUJLYHWKHVWXGHQWVWKHRSSRUWXQLW\WR
FHOHEUDWHKRZIDUWKH\KDYHFRPH7KH%LEOH0DUDWKRQ
QRWHERRNZLOOEHFRPSOHWHGDVWKH\HDUSURJUHVVHVJLYLQJ
HYLGHQFHWRWKHIDFWWKDWWKHVWXGHQWZLOOKDYHJRQHWKH
GLVWDQFHWKURXJKWKH2OG7HVWDPHQW%HDXWLIXOPHGDOVZLOO
EHDZDUGHGDWWKHHQGRIWKH\HDU
'UDPD&
7HDFKHU0DULDQQL*URYHV
$JH
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH
'HVFULSWLRQ7KLVKLJKHQHUJ\FODVVZLOODFWDVD
VSULQJERDUGIRUVWXGHQWVZKRNQRZWKH\ORYHWKHWKHDWHU
7KURXJKRXWWKH\HDUZHZLOOIRFXVRQEHFRPLQJDQ
HQVHPEOHWKURXJKWKHDWHUJDPHVDQGH[HUFLVHV
6LPXOWDQHRXVO\ZHZLOOEHLQUHKHDUVDOIRUDSOD\WLWOHWR
EHGHWHUPLQHGZKLFKZLOOEHSUHVHQWHGWRIDPLO\DQG
IULHQGVWRZDUGWKHHQGRIWKH\HDU0HPRUL]DWLRQLV
PDQGDWRU\7KHUHZLOOEHDERXWKRXURIZRUNRXWVLGHRI
FODVVHDFKZHHN3DUHQWVZLOOEHDVNHGWRSURYLGHKRXUV
RISURGXFWLRQZRUNWKURXJKRXWWKH\HDUHLWKHULQFRVWXPHV
SURSVPDNHXSWLFNHWZRUNKRXVHPDQDJHPHQWHWF
7LWOHVXQGHUFRQVLGHUDWLRQIRU7KH3ULQFHDQG
WKH3DXSHU7RP6DZ\HU3HWHU3DQDQG$UDELDQ1LJKWV
7LWOHVVXEMHFWWRFKDQJH
(QJOLVKZLWK6$73UHS
7HDFKHU$OLFH:HVFRWW
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W7KHUHZLOOEHWH[WERRN
VZKLFKZLOO127EHRUGHUHG
XQWLOVXPPHU,ZLOORUGHUWKH
ERRNVVRZHFDQJHWDJURXS
GLVFRXQW
'HVFULSWLRQ'RQ¶WPLVVRXWRQDGPLVVLRQWRDFROOHJHRU
WRDVFKRODUVKLSRSSRUWXQLW\EHFDXVH\RXU6$7VFRUHVZHUH
WRRORZ6WXGHQWVZKRWDNHWKLVFODVVVLJQLILFDQWO\LPSURYH
WKHLUWHVWVFRUHVDQGLQWKHSDVWVHYHUDOVWXGHQWVHDFK
\HDUW\SLFDOO\UHFHLYHIXOOWXLWLRQVFKRODUVKLSV7KLVFODVV
ZLOOKHOSWKHVWXGHQWIXOO\XQGHUVWDQGWKH6$7¶VUHDGLQJ
ZULWLQJDQGPDWKVHFWLRQV,QDGGLWLRQZHZLOOZRUNRQ
YRFDEXODU\FRPSUHKHQVLRQRIOLWHUDU\SLHFHVDQGZULWLQJ
VNLOOV6WXGHQWVZLOOEHDVVLJQHGVHFWLRQVRIWKHERRNWR
FRPSOHWHHDFKZHHNDQGWKHQZLOOFULWLFDOO\GLVFXVVWKHVHLQ
FODVV7HVWWDNLQJVWUDWHJLHVZLOODOVREHZRUNHGRQ$ERXW
DQKRXURIRXWVLGHZRUNZLOOEHUHTXLUHGHDFKZHHNEXW
ZLOOYDU\&ODVVDWWHQGDQFHLV0$1'$725<,I\RXDUH
KRPHVFKRROLQJXQGHUDVFKRROWKLVFODVVZLOOEHOLVWHGDV
(QJOLVKRU127(5XQQLQJ6WDUWVWXGHQWVQHHG
WRWDNHWKH6$7ZKHQWUDQVIHUULQJWRD\HDUFROOHJH
)XQGDPHQWDOVRI$UW$UW)RUXP
7HDFKHU'HEUD5RHGHU
$JHXS
3UHUHTXLVLWH$UWIRU$UW
VHOIPRWLYDWHGEDVLFDUW
VNLOOVIRU$UW)RUXP
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ,Q$UW\RXZLOOEHGHYHORSLQJRULJLQDO
LGHDVFUHDWLQJGHVLJQVRQSDSHUWXUQLQJWKHPLQWR
'DUW<RXZLOOGHVLJQDQGXVHEORFNDQGPRQRSULQW
GHVLJQPDNHDQGXVHVWDPSVGHVLJQSHUVRQDOVWLFNHUV
GHVLJQDQGSULQWVLONVFUHHQVSDLQWLQJPHWDOZRUNLQJ
VFUDWFKERDUG&KLQHVHSDSHUFXWWLQJ6XPH
DUW
0XVWKDYHDOUHDG\WDNHQ)XQGDPHQWDOVRI$UWSDUWV
4XHVWLRQVFDOO'HEUD5RHGHUDW$UW)RUXP
ZLOOEHFRPELQHGZLWK$UW,ZRXOGOLNHWKHFKLOGUHQWR
KDYHWKHRSSRUWXQLW\WRFUHDWHLQGLYLGXDODUW,I\RXUFKLOG
LVVHOIPRWLYDWHGWKLVLVWKHDUWFODVVIRUWKHP7KH\ZLOO
ZRUNRQWKHLURZQRULJLQDODUWZLWKDVVLVWDQFH
,QWHUPHGLDWH%DQGFRQ¶W6WDUWVDW(QGVDW
7HDFKHU5RELQ6WDQJODQG
$JHXS
3UHUHTXLVLWH%HJLQQLQJ%DQG
RUSHUPLVVLRQRILQVWUXFWRU
7H[W:LOOOHW\RXNQRZODWHU
'HVFULSWLRQ6HHGHVFULSWLRQXQGHUDPFODVVHV
2SHQ6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVLVWKHRQO\VWXG\KDOODYDLODEOHRQ
0RQGD\V,IDVWXGHQWLVQRWHQUROOHGLQDFODVVWKH\QHHG
WREHLQWKLVURRPRULQWKHLUFDUZLWKWKHLUSDUHQW7KLV
URRPLVLQWHQGHGIRUYLVLWLQJJDPHVRUJURXSDFWLYLWLHV
1HLWKHUSDUHQWVQRUVWXGHQWVVKRXOGH[SHFWDQRLVHIUHH
HQYLURQPHQW4XLHWVWXG\LQJPD\EHGRQHLQ\RXUFDU$
SDUHQWURWDWLRQPD\EHVHWXSWRDVVLVWZLWKVXSHUYLVLRQ
6WXGHQWVXQGHUDJHDUHH[SHFWHGWREHLQWKHSOD\URRP
6WXGHQWVEHWZHHQWKHDJHVRIDQGPXVWKDYHDQDGXOW
ZKRLVGLUHFWO\UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOO
WLPHV5HVSHFWIXOEHKDYLRULVH[SHFWHG
3OD\URRP
7HDFKHU1R7HDFKHU
&RVWSHU\HDUVXSSO\IHH
IRUKRXUVSHUIDPLO\
SD\DEOHWR(OL]DEHWK*UDFH7KLV
IHHFRYHUVQDPHWDJVFUD\RQV
SDSHUILUVWDLGPDWHULDOV
QDSNLQVFXSVHWF
'HVFULSWLRQ7KHSOD\URRPLVGHVLJQHGWRJLYHWRGGOHUVWR
VHYHQ\HDUROGVDVDIHHQYLURQPHQWWRSOD\ZKLOHWKHLU
VLEOLQJVDWWHQGFODVVHV2QDURWDWLQJEDVLVSDUHQWVZLOO
VXSHUYLVHEULQJDFWLYLWLHVRUSURYLGHVQDFNV7KHDFWLYLWLHV
URWDWHWRDGGYDULHW\WRWKHKRXUVDQGVKRXOGEHVLPSOHLQ
RUGHUWRDSSHDOWRWKHZLGHDJHVSDQ6QDFNVDUHVHUYHG
GXULQJWKHQGDQGWKKRXUV$OOSDUWLFLSDWLQJSDUHQWV
PXVWFRPSOHWH:DVKLQJWRQ6WDWH3DWUROIRUPVZKLFKZLOO
UHPDLQFRQILGHQWLDO
5DYHQ6FLHQFH
7HDFKHU%ULDQ5DYHQ
$JH
&RVWSHUPRQWK
'HVFULSWLRQ7KLVFODVVLVGHGLFDWHGWRLQFUHDVLQJWKH
VFLHQWLILFFRPSHWHQF\RIRXUFKLOGUHQ%ULDQEHOLHYHVWKDW
WKLVFDQEHVWEHDFFRPSOLVKHGE\SURYLGLQJWRGD\¶V
VWXGHQWVZLWKEDVLFEDFNJURXQGLQIRUPDWLRQDQGDKDQGV
RQOHDUQLQJHQYLURQPHQW7KLVYLHZRIVFLHQFHLQFOXGHV
PXFKZRQGHUDQGH[SORUDWLRQFRPELQHGZLWKWKHFRQFHSW
RIFULWLFDOWKLQNLQJ7KHUHLVDWKUHH\HDUURWDWLRQZLWKWKH
WRSLFVRIVWXG\IRUWKLVFODVV(DFKVWXGHQWVKRXOGKDYHD
VLPSOHVFLHQFHQRWHERRNWRWDNHVRPHEDVLFQRWHVDQG
RUJDQL]HFODVVKDQGRXWV
6SDQLVK
7HDFKHU-DQHW&DLUQV
$JHXS
3UHUHTXLVLWH6SDQLVKRUWKH
'HVFULSWLRQ7DNH\RXU6SDQLVKWRDZKROHQHZOHYHO
6SDQLVKZLOOFRYHU\HDUWKUHHRIKLJKVFKRRO6SDQLVK:H
ZLOOOHDUQQHZJUDPPDWLFDOVWUXFWXUHVYHUEWHQVHVDQG
WHDFKHU
VSHUPLVVLRQ
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
LQFOXGHVDELQGHUZRUNVKHHWV
ELQGHULQVHUWVDQGDELPRQWKO\
6SDQLVKPDJD]LQH
7H[W6SDQLVKIRU0DVWHU\
6LWXDFLRQHV
,6%1$QVZHU
.H\LVDOVRQHHGHG0D\EH
SXUFKDVHGIURP6HWRQERRNVRU
IURPWKHWHDFKHU
6SDQLVKIRU0DVWHU\
6LWXDFLRQHV:RUNERRN
,6%1
6SDQLVK(QJOLVK'LFWLRQDU\
8VHWKHRQHWKDW\RXKDYH
IURP6SDQLVK
6SDQLVK9HUEVE\
&KULVWRSKHU.HQGULV
,6%1$Q\
HGLWLRQLVILQH8VHWKHRQH
WKDW\RXKDYHIURP6SDQLVK
7KHVHERRNVDUHDYDLODEOH
WKURXJKZZZDPD]RQFRP
ZZZDOLEULVFRPDQG
ZZZVHWRQERRNVFRP
YRFDEXODU\DVZHEXLOGRQZKDW\RXKDYHOHDUQHGLQ
6SDQLVKDQG7KLVFODVVZLOOFRYHUWKHVXEMXQFWLYH
LPSHUDWLYHSUHWHULWHIXWXUHFRQGLWLRQDODQGSHUIHFW
WHQVHV,QFUHDVHG6SDQLVKFRQYHUVDWLRQLVHPSKDVL]HGDV
WKHVWXGHQWVH[SDQGWKHLUNQRZOHGJHRIJUDPPDU:HZLOO
JRWRDQHDUE\0H[LFDQUHVWDXUDQWZKHUHWKHVWXGHQWVZLOO
RUGHULQ6SDQLVK7KLVLVDQRQ&RQQHFWLRQVVSRQVRUHG
DFWLYLW\/LNH6SDQLVKWKLVLVDQLQWHQVHIDVWPRYLQJ
FODVV,QFODVV\RXZLOOUHDGZULWHDQGVSHDN6SDQLVKDV
\RXKDYHPRUHRSSRUWXQLW\WRXVHZKDW\RXKDYHOHDUQHG
3ODQRQKRXUVRIKRPHZRUNSHUZHHN
7KLVLV0\&RXQWU\
7HDFKHU7HUU\%UHQQD
$JH
3UHUHTXLVLWH1RQH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W3URYLGHGE\LQVWUXFWRU
'HVFULSWLRQ-XQLRU*HRJUDSKHUVZLOOKDYHIXQGLVFRYHULQJ
$PHULFDDVZHWUDYHOWKURXJKWKH8QLWHG6WDWHVVLQJLQJ
VRQJVDQGFROOHFWLQJVRXYHQLUVDVZHJR:H
OOEHJLQZLWK
RXUQDWLRQDOFDSLWDODQGV\PEROVDQGWKHQYLVLWVHYHUDO
VWDWHVHDFKZHHN&RORUIXOPDSVDQGIDFWSDJHVKHOSXV
OHDUQHDFKVWDWH
VFDSLWDOPDMRUFLWLHVDWWUDFWLRQVELUG
WUHHIORZHUIODJDQGPRWWR(DFKVWXGHQWZLOODOVRKDYH
WKHRSSRUWXQLW\WRJLYHDQRUDOUHSRUWRQDVWDWHRIWKHLU
FKRRVLQJ2WKHUWKDQSUHSDUDWLRQIRUWKLVRUDOUHSRUWDQG
VHYHUDORSWLRQDODFWLYLWLHVWKHUHLVQRKRPHZRUNRXWVLGHRI
FODVVUHTXLUHG
:RUOG+LVWRU\
7HDFKHU.DUL5HQNHPD
$JHXS
3UHUHTXLVLWHQRQH
&RVWSHUPRQWK
SHU\HDUFRS\IHH
7H[W%RE-RQHV:RUOG+LVWRU\
UG(GLWLRQ$OVRUHFRPPHQGHG
WKHFRRUGLQDWLQJVWXGHQW
ZRUNERRNDQGDQVZHUJXLGH
'HVFULSWLRQ7KHKLVWRU\RIWKHZRUOGLVWKHXQIROGLQJRI
*RG
VSURYLGHQFH7KLVFRXUVHZLOOFRYHUWKHKLVWRU\RIWKH
ZRUOGIURPDQFLHQWWLPHVWRWKHSUHVHQW:HZLOOVWXG\
YDULRXVFXOWXUHVWKHLUKLVWRU\JHRJUDSK\DQGIDLWKVIURPD
&KULVWLDQZRUOGYLHZ:KLOHWKLVFRXUVHFRYHUVERWKHDVWHUQ
DQGZHVWHUQKLVWRU\ZHZLOOHPSKDVL]HWKHKLVWRU\RI
ZHVWHUQFLYLOL]DWLRQ2IVSHFLDOLQWHUHVWWRXVZLOOEHWKH
FKXUFK
VLQWHUDFWLRQZLWKWKHHYHQWVDQGSKLORVRSKLHVRI
KLVWRU\6WXGHQWVZLOOFRPSOHWHDVVLJQPHQWVIURPWKHWH[W
WHVWVDQGPDSV7KHUHZLOOEHDURXQGKRXUVRI
KRPHZRUNSHUZHHN
0RQGD\$0WR30
$QDWRP\DQG3K\VLRORJ\
7HDFKHU-LOO%UDQQRFN
$JHXS
&RVWSHUPRQWK
SHU\HDUVXSSO\IHHFRYHUV
WKHSXUFKDVHRIODEPDWHULDOV
LQFOXGLQJGLVVHFWLQJNLWVDQG
VSHFLPHQV
7H[W(VVHQWLDOVRI+XPDQ
$QDWRP\3K\VLRORJ\WKHG
DQG$QDWRP\3K\VLRORJ\
&RORULQJ:RUNERRNWKHGERWK
E\(ODLQH0DULHE7KHVHDUH
H[SHQVLYHQHZEXWFDQ
JHQHUDOO\EHIRXQGXVHG$ERYH
DUHWKHSUHIHUUHGHGLWLRQVEXW
RWKHUFORVHHGLWLRQVFDQEH
XVHG<RXGR127QHHGWKHODE
PDQXDORUWKH&'&DOOPHIRU
FODULILFDWLRQVRUTXHVWLRQV
'HVFULSWLRQ7KLVLVDKLJKVFKRROOHYHOODEVFLHQFHFODVV
ZKLFKZLOOLQFOXGHVHYHUDOGLVVHFWLRQV,WZLOOEHDIDLUO\IDVW
SDFHGFODVVDVZHWU\WRFRYHUDOOWKHKXPDQERG\V\VWHPV
DQGKRZWKH\IXQFWLRQ7KHUHZLOOEHKRXUVRI
KRPHZRUNHDFKZHHN6WXGHQWVZLOOFRPHDZD\ZLWKD
JRRGXQGHUVWDQGLQJRIWKHLQWULFDWHGHVLJQDQGDPD]LQJ
FDSDELOLWLHVRIWKHKXPDQERG\DQGDOVRZLWKDJRRG
ZRUNLQJNQRZOHGJHRIPHGLFDOWHUPLQRORJ\
%HJLQQLQJ%DQG0HHWVERWKGD\V
7HDFKHU5RELQ6WDQJODQG
$JHXS
3UHUHTXLVLWH1RSUHUHTXLVLWH
RUPXVLFDOH[SHULHQFHQHFHVVDU\
&RVWSHUPRQWKIRUILUVW
FKLOGIRUDQ\VLEOLQJV
3DUHQWVSOD\IRUIUHH
1RFRS\IHHWKLV\HDU
7H[W:LOOOHW\RXNQRZODWHU
'HVFULSWLRQ7KHJRDORI%HJLQQLQJ%DQGLVWRWHDFKD
EDQGLQVWUXPHQWWRVRPHRQHZKRPD\RUPD\QRWKDYH
KDGDQ\SULRUPXVLFDOH[SHULHQFH7KHVWXGHQWPD\EHJLQ
RQIOXWHFODULQHWWUXPSHWRUWURPERQH/DWHULQWKH\HDU
WKH\PD\VZLWFKWRRWKHULQVWUXPHQWVRIWKHEDQGVXFKDV
VD[RSKRQHSHUFXVVLRQKRUQHWF,ZLOOGHPRQVWUDWHDOORI
WKHLQVWUXPHQWVWKHILUVWGD\RIFODVV,ZLOODOVRFKHFNOLSV
KDQGVDQGWHHWKWRPDNHVXUHWKH\FKRRVHDQLQVWUXPHQW
WKDWWKH\FDQEHVXFFHVVIXOSOD\LQJ,ZLOODOVRJLYH\RX
LQIRUPDWLRQRQUHQWLQJRUEX\LQJDQLQVWUXPHQW3OHDVHGR
QRWFKRRVHDQLQVWUXPHQWXQWLODIWHUWKHILUVWFODVV
PHHWLQJ:HZLOOKDYHWZRFRQFHUWVSHU\HDUDQGSRVVLEO\D
EDQGIHVWLYDOLQ0DUFK$WWHQGDQFHLVUHTXLUHGDWDOO
SHUIRUPDQFHV6WXGHQWVDUHH[SHFWHGWRSUDFWLFH
PLQXWHVDGD\WLPHVDZHHN7KHUHZLOOEHSOD\LQJWHVWV
RQFHRUWZLFHDPRQWK,WLVYHU\KHOSIXOIRUWKHVWXGHQWWR
KDYHDPHDQVRIUHFRUGLQJWKHLUSOD\LQJWHVWVDWKRPHDQG
WXUQLQJWKHPLQ6KHHWPXVLFZLOOEHRQORDQWRWKHVWXGHQW
DQGPXVWEHWXUQHGLQZKHQGRQH6WXGHQWVIURP
,QWHUPHGLDWH$GYDQFHGDQG:LQG(QVHPEOHZKRZDQWWR
OHDUQDVHFRQGLQVWUXPHQWZLOOEHSXWRQDZDLWLQJOLVWIRU
%HJLQQLQJ%DQGXQWLO6HSWHPEHUWKHQLIWKHUHLVVWLOOURRP
LQWKHFODVVWKH\ZLOOEHDEOHWRMRLQ,I\RXKDYHDQ\
TXHVWLRQVHPDLO5RELQDWVWDQJOD#FRPFDVWQHW
'UDPD$
7HDFKHU0DULDQQL*URYHV
$JH
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH
'HVFULSWLRQ7KLVFODVVZLOOWDFNOHWKHZRUOGRI
6WRU\WHOOLQJ:HZLOOLQWURGXFHWKHFRQFHSWRIWKHFRQIOLFW
UHVROXWLRQFKDUDFWHUEHJLQQLQJPLGGOHDQGHQGEXW
DERYHDOO&UHDWLYLW\:HZLOOXVHGLIIHUHQWWKHPHVDIHZ
H[DPSOHV±8QGHUWKH6HD:RUOG7UDYHO3ODQHWVDQG
6WDUV5DLQERZVXQGHUZKRVHXPEUHOODZHZLOOH[SORUHWKH
YDVWZRUOGRIVWRU\WHOOLQJDQGDGYHQWXUHWKURXJKGUDPD
DUWWHDPZRUNDQGPXVLF
(VVD\:ULWLQJ
7HDFKHU$OLFH:HVFRWW
$JHXS
3UHUHTXLVLWH0D\127EH
WDNHQFRQFXUUHQWO\ZLWK
5HVHDUFK:ULWLQJ,QWURWR(VVD\
:ULWLQJLVUHFRPPHQGHG
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ7KLVFODVVZLOOIRFXVRQWKHZULWLQJVNLOOV
QHFHVVDU\WREHVXFFHVVIXOLQKLJKVFKRRODQGFROOHJH
FODVVHV)LUVWVHPHVWHULWZLOOHPSKDVL]HWKHEDVLFVRI
HVVD\ZULWLQJ6HFRQGVHPHVWHUZHZLOOVWXG\VSHFLILFW\SHV
RIHVVD\VFRPSDULVRQFRQWUDVWHVVD\VSHUVXDVLYH
HVVD\VZULWLQJFULWLTXHVDQGRWKHUW\SHVRIHVVD\V7KLV
FODVVZLOOPHHWWKHUHTXLUHPHQWVIRURQHKDOIWRRQH
(QJOLVKFUHGLWZKLFKZLOOEHGHWHUPLQHGE\WKHSDUHQW
WHDFKHU7KHUHZLOOEHòWRKRXUVRIKRPHZRUNHDFK
ZHHN&ODVVZLOOEHILOOHGZLWKROGHVWVWXGHQWVILUVW
)LYHLQD5RZ
7HDFKHU.LP1HOVRQ
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ,QWKLVFODVVVWXGHQWVH[SORUHH[FHSWLRQDO
FKLOGUHQ¶VOLWHUDWXUHWKURXJKWKHSRSXODU³)LYHLQD5RZ´
FXUULFXOXPQHZWLWOHVIRU$XQLWVWXG\DSSURDFK
LQFOXGHVLQYHVWLJDWLRQLQWRJHRJUDSK\ZULWLQJDUWDQG
VFLHQFHWRSLFV(YHU\WZRZHHNVDZHOOZULWWHQDQG
LOOXVWUDWHGSLFWXUHERRNWDNHVFHQWHUVWDJH6WXGHQWVKHDU
WKHERRNUHDGDORXGLQGLFDWHRQDPDSWKHORFDWLRQRIWKH
VWRU\DQGH[SHULHQFHKDQGVRQSURMHFWV7KLV\HDURXU
ERRNVIRFXVRQDQLPDOVDQGWKHLUFKDUDFWHULVWLFV3RVVLEOH
WLWOHVLQFOXGH1LJKWRIWKH0RRQMHOOLHV7KH6DODPDQGHU
5RRP7KH%HH7UHH7KUHH1DPHV2ZO0RRQDQG0DNH
:D\IRU'XFNLQJV&UHDWLRQRID³%RRN)ULHQGV´ELQGHU
HQFRXUDJHVDOLIHORQJLQWHUHVWLQUHDGLQJ7DNHKRPH
LQIRUPDWLRQSURYLGHVDGGLWLRQDOLGHDVIRUH[WHQGHGOHDUQLQJ
DQGGLVFRYHU\
/DWLQ,
7HDFKHU0DU\6XWWRQ
$JHXS
3UHUHTXLVLWH0XVWKDYHEDVLF
NQRZOHGJHRI(QJOLVKJUDPPDU
6WXGHQWVKRXOGEHDEOHWR
UHFRJQL]HDVXEMHFWYHUEGLUHFW
REMHFWDQGSUHSRVLWLRQ
'HVFULSWLRQ%HFDXVH/DWLQLVD³SXUH´ODQJXDJHZLWK
PLQLPDOH[FHSWLRQVWRWKHUXOHLWLVDQH[FHOOHQWYHKLFOHIRU
OHDUQLQJ(QJOLVKJUDPPDUDVZHOODVKRZODQJXDJHDVD
ZKROHLVSXWWRJHWKHU,QWKLVFODVVVWXGHQWVZLOOOHDUQILYH
IXQFWLRQVRIQRXQVDQGKRZWRIRUPWKUHHWHQVHVRIYHUEV
7KH\ZLOOOHDUQWKHWHUPLQRORJ\RIODQJXDJHDQGEHDEOHWR
ORJLFDOO\GHWHUPLQHWKHIXQFWLRQRIZRUGVLQDVHQWHQFH
&RVWSHUPRQWKIRUVWLQ
IDPLO\HDFKDGGLWLRQDO
VLEOLQJ
SHU\HDUFRS\VXSSO\IHH
7H[W3UHSDUDWRU\/DWLQ
,QVWUXFWRUZLOOSURYLGHWH[WIRU
FRVWRIFRS\LQJDSSUR[LPDWHO\
)HHIRUERRNWREHSDLG
DIWHUFODVVEHJLQV
6WXGHQWVPXVWEHDEOHWRPHPRUL]HDV/DWLQLVDQ
LQIOHFWLYHODQJXDJHUHTXLULQJWKHPHPRUL]DWLRQRIQRXQDQG
YHUEHQGLQJV,QDGGLWLRQVWXGHQWVZLOOEHH[SHFWHGWR
PHPRUL]HDERXW/DWLQZRUGV)RUWKRVHVWXGHQWV
GHVLULQJDIXOOODQJXDJHFUHGLWDSURMHFWZLOOEHDVVLJQHG
HDFKVHPHVWHU$FFHVVWRHPDLODQGWKHLQWHUQHWLV
UHTXLUHG6WXGHQWVW\SLFDOO\VSHQGKRXUVSHUZHHN
FRPSOHWLQJDVVLJQPHQWVRXWVLGHRIFODVVIRUDIXOOFUHGLW
2SHQ6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVLVWKHRQO\VWXG\KDOODYDLODEOHRQ
0RQGD\V,IDVWXGHQWLVQRWHQUROOHGLQDFODVVWKH\QHHG
WREHLQWKLVURRPRULQWKHLUFDUZLWKWKHLUSDUHQW7KLV
URRPLVLQWHQGHGIRUYLVLWLQJJDPHVRUJURXSDFWLYLWLHV
1HLWKHUSDUHQWVQRUVWXGHQWVVKRXOGH[SHFWDQRLVHIUHH
HQYLURQPHQW4XLHWVWXG\LQJPD\EHGRQHLQ\RXUFDU$
SDUHQWURWDWLRQPD\EHVHWXSWRDVVLVWZLWKVXSHUYLVLRQ
6WXGHQWVXQGHUDJHDUHH[SHFWHGWREHLQWKHSOD\URRP
6WXGHQWVEHWZHHQWKHDJHVRIDQGPXVWKDYHDQDGXOW
ZKRLVGLUHFWO\UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOO
WLPHV5HVSHFWIXOEHKDYLRULVH[SHFWHG
3OD\URRP
7HDFKHU1R7HDFKHU
&RVWSHU\HDUVXSSO\IHH
IRUKRXUVSHUIDPLO\
SD\DEOHWR(OL]DEHWK*UDFH7KLV
IHHFRYHUVQDPHWDJVFUD\RQV
SDSHUILUVWDLGPDWHULDOV
QDSNLQVFXSVHWF
'HVFULSWLRQ7KHSOD\URRPLVGHVLJQHGWRJLYHWRGGOHUVWR
VHYHQ\HDUROGVDVDIHHQYLURQPHQWWRSOD\ZKLOHWKHLU
VLEOLQJVDWWHQGFODVVHV2QDURWDWLQJEDVLVSDUHQWVZLOO
VXSHUYLVHEULQJDFWLYLWLHVRUSURYLGHVQDFNV7KHDFWLYLWLHV
URWDWHWRDGGYDULHW\WRWKHKRXUVDQGVKRXOGEHVLPSOHLQ
RUGHUWRDSSHDOWRWKHZLGHDJHVSDQ6QDFNVDUHVHUYHG
GXULQJWKHQGDQGWKKRXUV$OOSDUWLFLSDWLQJSDUHQWV
PXVWFRPSOHWH:DVKLQJWRQ6WDWH3DWUROIRUPVZKLFKZLOO
UHPDLQFRQILGHQWLDO
3UH$OJHEUD
7HDFKHU.HOO\&]HFK
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W7UDQVLWLRQ0DWKHPDWLFV
SXE6FRWW)RUHVPDQ
,6%1
'HVFULSWLRQ:HOFRPHWRWKHZRUOGRI$OJHEUD,WLVD
IDVFLQDWLQJSHUSOH[LQJH[FLWLQJDQGRIWHQEHZLOGHULQJ
VXEMHFWIRUWKHQHZ$OJHEUDVWXGHQW$SUH$OJHEUDFODVV
FDQJRIDUWRLQVWLOOFRQILGHQFHDQGLPSURYHVNLOOOHYHO
PDNLQJWKH$OJHEUD,FODVVPRUHHQMR\DEOH7KLVFODVVZLOO
SUHSDUHWKHVWXGHQWIRUWKHLUIXWXUHLQDGYDQFHG
PDWKHPDWLFVE\LQWURGXFLQJWKHPWRWKHNH\FRQFHSWV
YRFDEXODU\DQGVLPSOHDSSOLFDWLRQVRI$OJHEUD+RPHZRUN
ZLOOEHDVVLJQHGDQGWHVWVZLOOEHWDNHQDWKRPH6WXGHQWV
VKRXOGSODQDWOHDVWKRXUGDLO\GRLQJSUH$OJHEUD
KRPHZRUNWLPHVDZHHN7KLVSUDFWLFHRIGDLO\ZRUN
ZLOODOVRSUHSDUHWKHVWXGHQWIRUWKHLUPRUHDGYDQFHG
FODVVHV6XPPHUZRUNVKRXOGFRQVLVWRIUHYLHZLQJ
PXOWLSOLFDWLRQWDEOHVWRWKHSRLQWRIIDFLOLW\DVZHOODVD
JRRGUHYLHZRIIUDFWLRQV
5DYHQ6FLHQFH
7HDFKHU%ULDQ5DYHQ
$JH
&RVWSHUPRQWK
'HVFULSWLRQ7KLVFODVVLVGHGLFDWHGWRLQFUHDVLQJWKH
VFLHQWLILFFRPSHWHQF\RIRXUFKLOGUHQ%ULDQEHOLHYHVWKDW
WKLVFDQEHVWEHDFFRPSOLVKHGE\SURYLGLQJWRGD\¶V
VWXGHQWVZLWKEDVLFEDFNJURXQGLQIRUPDWLRQDQGDKDQGV
RQOHDUQLQJHQYLURQPHQW7KLVYLHZRIVFLHQFHLQFOXGHV
PXFKZRQGHUDQGH[SORUDWLRQFRPELQHGZLWKWKHFRQFHSW
RIFULWLFDOWKLQNLQJ7KHUHLVDWKUHH\HDUURWDWLRQZLWKWKH
WRSLFVRIVWXG\IRUWKLVFODVV(DFKVWXGHQWVKRXOGKDYHD
VLPSOHVFLHQFHQRWHERRNWRWDNHVRPHEDVLFQRWHVDQG
RUJDQL]HFODVVKDQGRXWV
6WHS,QWR6L[7UDLWV:ULWLQJ
7HDFKHU*OHQGD&DPSRV
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W$QHZWH[WERRNZLOOEH
VHOHFWHGIRUWKLVFODVV7KH
IDFLOLWDWRUZLOOQRWLI\WKHFODVV
WKLVVXPPHUZLWKWKHQDPHRI
WKHWH[W
'HVFULSWLRQ6WHSLQWRWKH6L[7UDLWVRIZULWLQJLQWKLV
EHJLQQLQJZULWLQJFODVV%HFRPHIDPLOLDUZLWKDOOVL[WUDLWV
DV\RXZULWHUHFRXQWVSDUDJUDSKVVLPSOHHVVD\V
ELRJUDSKLHVVXPPDULHVUHDOLVWLFQDUUDWLYHVKLVWRULFDO
QDUUDWLYHVDQGSRHWU\&UHDWLYH$UWVZLOOEHLQFRUSRUDWHG
LQWRYDULRXVFODVVDVVLJQPHQWV&UHDWHDQDFFRUGLRQERRN
GHVLJQDVKDSHERRNSURGXFHDFRORUIXOSRVWHUWKHVHDUH
MXVWDIHZRIWKHFUHDWLYHDUWVZHZLOOZHDYHLQWRRXU
ZULWLQJOHVVRQV$SSUR[LPDWHO\KRXUVRIKRPHZRUND
ZHHN
:ULWLQJ&OXE
7HDFKHU/DXULH0RUULVRQ
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W:ULWH6RXUFH
,6%1
RU;IURP
ZZZJUHDWVRXUFHFRPXVLQJ
$GYDQFHG6HDUFKOLQNDQG
HQWHULQJQXPEHU3RFNHW
GLFWLRQDU\DQGWKHVDXUXV
'HVFULSWLRQ7KLVZULWLQJVNLOOVFODVVZLOOLQWURGXFHWKH
VWXGHQWWRZULWLQJNH\ZRUGRXWOLQHVWKHQWUDQVIRUPLQJWKDW
RXWOLQHLQWRWKHZULWLQJRIDSDUDJUDSK6W\OHHOHPHQWVWKDW
PDNHWKHZULWLQJPRUHYDULHGDQGLQWHUHVWLQJZLOOEH
PRGHOHGDQGWDXJKW:ULWLQJPDWHULDOVIURPWKH([FHOOHQFH
LQ:ULWLQJSURJUDPE\$QGUHZ3XGHZDZLOOEHSURYLGHGDQG
XVHGDVZHOODVPDWHULDOVIURP*UHDW6RXUFH%DVLF
SXQFWXDWLRQJUDPPDUDQGSURRIUHDGLQJSUDFWLFHLQFOXGHG
$WKUHHSDUDJUDSKUHSRUWZLOOEHDQDVVLJQPHQWGXULQJWKH
VHFRQGVHPHVWHUDVZHOODVZULWLQJQHZVWRULHVIURPROG
IDEOHVDQGIURPSLFWXUHV3DUHQWLQYROYHPHQWJUHDWO\
LQFUHDVHVVWXGHQWVXFFHVV:HHNO\KRPHZRUNDVVLJQHG
KRXUVZLWKWKHJRDORINHHSLQJZULWLQJIXQ,WZRUNV
0RQGD\30WR30
$GYDQFHG-D]](QVHPEOH
7HDFKHU.HYLQ+DOO
$JHXS
3UHUHTXLVLWH,QWHUPHGLDWH
+RPHVFKRRO-D]]EDQGODVW\HDU
DQGRUDXGLWLRQ
&RVWSHUPRQWK
'HVFULSWLRQ$GYDQFHG-D]](QVHPEOHLVIRU
LQVWUXPHQWDOLVWVZKRZDQWWRSHUIRUPDQGOHDUQDERXWMD]]
DWWKHKLJKHVWOHYHO7KHHQVHPEOHFRPELQHVDGYDQFHG
PXVLFLDQVIRUDXQLTXHOHDUQLQJH[SHULHQFHZKLOH
HPSKDVL]LQJELJEDQGVZLQJDQGFRQWHPSRUDU\MD]]PXVLF
$PLQLPXPRIWKUHHSHUIRUPDQFHVDUHVFKHGXOHG5HJXODU
SHU\HDUFRS\VXSSO\IHH
LQGLYLGXDOSUDFWLFHLVH[SHFWHGDQGSULYDWHOHVVRQVDUH
VXJJHVWHG,QVWUXPHQWDWLRQLVDVIROORZV
SLDQRJXLWDUEDVVGUXPVHWVWUXPSHWV
WURPERQHVVD[HV6WXGHQWVPXVWEHDEOHWRUHDG
PXVLFDQGFRPPLWWRWKHHQWLUH\HDU6HSWHPEHU±0D\
$OJHEUD7ULJ
7HDFKHU0DUQD0DUWHHQ\
$JHXS
3UHUHTXLVLWH&RPSOHWLRQRI
$OJHEUDDQG*HRPHWU\ZLWKD
%RUEHWWHU
&RVWSHUPRQWK
SHU\HDUFRS\IHH
7H[W$/*(%5$$Q
,QWHJUDWHG$SSURDFKE\/DUVRQ
.DQROG6WLII3XEOLVKHGE\
+($7+F
,6%1
7,SOXVJUDSKLQJFDOFXODWRU
UHTXLUHG
'HVFULSWLRQ7KLVFRXUVHLVGHVLJQHGIRUVWURQJPDWK
VWXGHQWVZKRDUHFROOHJHXQLYHUVLW\ERXQG7KHILUVWWZR
WKLUGVRIWKH\HDUZLOOIRFXVRQDOJHEUDVNLOOVSURYLGLQJDOO
WKHDOJHEUDQHHGHGWRFRQWLQXHRQLQKLJKVFKRRODQG
FROOHJHPDWK7KHODVWRQHWKLUGRIWKH\HDUZLOOEHDQ
H[WHQVLYHVWXG\RIWULJRQRPHWU\LQFOXGLQJWULDQJOHDQG
FLUFOHWULJRQRPHWU\KRXUVRIZRUNRXWVLGHRIFODVVZLOO
EHUHTXLUHGHDFKZHHN3DUHQWVZLOOEHUHVSRQVLEOHWR
HQVXUHWKDWWKHLUVWXGHQWLVFRPSOHWLQJDQGFRUUHFWLQJHDFK
GDLO\DVVLJQPHQW
(OHFWURQLFV3K\VLFDO6FLHQFH
7HDFKHU%ULDQ5DYHQ
$JH
&RVWSHUPRQWK
'HVFULSWLRQ([SORUHWKHZRUOGRIHOHFWURQLFVXWLOL]LQJ
QXPHURXVFLUFXLWFRPSRQHQWVVXFKDVFHOOVEDWWHULHV
ODPSVVZLWFKHV/('¶VUHVLVWRUVFDSDFLWRUVDQG
RSHUDWLRQDODPSOLILHUVDQGFRPSRQHQWSOXJLQEUHDGERDUGV
WREXLOGDPXOWLWXGHRIHOHFWULFDOFLUFXLWV:HZLOODOVRVWXG\
VRPHEDVLFFRQFHSWVLQ3K\VLFVLQFOXGLQJHQHUJ\IRUFHV
DQGPRWLRQ&KHPLVWU\LQFOXGLQJDWRPVDQGPROHFXOHV
DQGFKHPLFDOUHDFWLRQV$VWURQRP\LQFOXGLQJ
DVWURQRPLFDOWRROVDQGVWDUVWUXFWXUH(DFKVWXGHQWVKRXOG
KDYHDVLPSOHVFLHQFHQRWHERRNWRWDNHVRPHEDVLFQRWHV
DQGRUJDQL]HFODVVKDQGRXWV
)LYHLQD5RZ
7HDFKHU.LP1HOVRQ
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ,QWKLVFODVVVWXGHQWVH[SORUHH[FHSWLRQDO
FKLOGUHQ¶VOLWHUDWXUHWKURXJKWKHSRSXODU³)LYHLQD5RZ´
FXUULFXOXPQHZWLWOHVIRU$XQLWVWXG\DSSURDFK
LQFOXGHVLQYHVWLJDWLRQLQWRJHRJUDSK\ZULWLQJDUWDQG
VFLHQFHWRSLFV(YHU\WZRZHHNVDZHOOZULWWHQDQG
LOOXVWUDWHGSLFWXUHERRNWDNHVFHQWHUVWDJH6WXGHQWVKHDU
WKHERRNUHDGDORXGLQGLFDWHRQDPDSWKHORFDWLRQRIWKH
VWRU\DQGH[SHULHQFHKDQGVRQSURMHFWV7KLV\HDURXU
ERRNVIRFXVRQDQLPDOVDQGWKHLUFKDUDFWHULVWLFV3RVVLEOH
WLWOHVLQFOXGH1LJKWRIWKH0RRQMHOOLHV7KH6DODPDQGHU
5RRP7KH%HH7UHH7KUHH1DPHV2ZO0RRQDQG0DNH
:D\IRU'XFNLQJV&UHDWLRQRID³%RRN)ULHQGV´ELQGHU
HQFRXUDJHVDOLIHORQJLQWHUHVWLQUHDGLQJ7DNHKRPH
LQIRUPDWLRQSURYLGHVDGGLWLRQDOLGHDVIRUH[WHQGHGOHDUQLQJ
DQGGLVFRYHU\
+HDOWKDQG)LWQHVV
7HDFKHU6KDURQ'XJXD\
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
FRYHUVWDNHKRPHILWQHVV
HTXLSPHQWFRSLHVKDQGRXWV
DQGRWKHUPDWHULDOVIRU
FODVVURRPXVH
7H[W7HDFKHUZLOOSURYLGH
DUWLFOHV
'HVFULSWLRQ)XQDQGIHOORZVKLSDUHSRZHUIXOWRROVLQWKH
OHDUQLQJH[SHULHQFH7KLVFODVVLVDOODERXWEXLOGLQJ
IULHQGVKLSVZKLOHGHYHORSLQJKHDOWK\KDELWVLQWKHDUHDVRI
ILWQHVVQXWULWLRQK\JLHQHDQGVDIHW\&ODVVWLPHZLOOEH
VSHQWGRLQJDYDULHW\RIDFWLYLWLHVDVZHDGGUHVVKHDOWK\
KDELWVLQWKHDUHDVRILQMXU\SUHYHQWLRQELF\FOHVDIHW\
ZDWHUVDIHW\VSRUWVSDUWLFLSDWLRQGDLO\URXWLQHVKHDOWK\
VQDFNVIDPLO\DFWLYLWLHVDQGVRIRUWK$FWLYLWLHVGXULQJ
FODVVZLOOLQFOXGHRXWGRRUJDPHVDQGDFWLYLWLHV6WXGHQWV
VKRXOGFRPHSUHSDUHGZHDULQJDSSURSULDWHVKRHVDQG
FORWKLQJ6WXGHQWVZLOOKDYHWKHRSSRUWXQLW\WRSDUWLFLSDWH
LQWKH3UHVLGHQW¶V&KDOOHQJHVSRQVRUHGE\WKH3UHVLGHQW¶V
&RXQFLORQ3K\VLFDO)LWQHVV$VIRUKRPHZRUNVWXGHQWVZLOO
VHWXSWKHLURZQZHHNO\H[HUFLVHDFWLYLW\SODQVDQGNHHSD
ILWQHVVUHFRUGDQGMRXUQDO7KHUHZLOODOVREHUHDGLQJ
DVVLJQPHQWVLQWKHIRUPRIMRXUQDODUWLFOHVDQGKDQGRXWV
DVZHOODVDFWLYLWLHVUHOHYDQWWRWKHZHHNO\WRSLF6WXGHQWV
VKRXOGSODQRQPLQXWHVSHUGD\GD\VDZHHNIRU
LPSOHPHQWLQJWKHLUH[HUFLVHSURJUDPDQGDQRWKHU
PLQXWHVSHUZHHNIRURWKHUKRPHZRUNDVVLJQPHQWV
,QWURGXFWLRQWR(VVD\:ULWLQJ
7HDFKHU$OLFH:HVFRWW
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ7KLVFODVVZLOOSUHSDUHWKHVWXGHQWWREH
VXFFHVVIXOLQKLJKVFKRROZULWLQJFODVVHV7KXVLWZLOOFRYHU
DYDULHW\RIWRSLFVDOORIZKLFKZLOOSUHSDUHWKHVWXGHQWIRU
(VVD\:ULWLQJ5HSRUW:ULWLQJDQGWKHW\SHRIZULWLQJ
QHFHVVDU\WREHVXFFHVVIXOLQKLJKVFKRROFRQWHQWVXEMHFWV
3DUHQWLQYROYHPHQWLVHQFRXUDJHGDVLWJUHDWO\LQFUHDVHV
VWXGHQWVXFFHVV7KLVFODVVZLOOUHTXLUHDERXWKRXURI
RXWVLGHZRUNHDFKZHHN
.QRZLQJ*RG
7HDFKHU*OHQGD&DPSRV
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W$OLVWRUUHTXLUHGERRNV
ZLOOEHVHQWRXWWKLVVXPPHU
'HVFULSWLRQ.QRZLQJ*RGDQGZKRZHDUHLQUHODWLRQVKLS
WR*RGLVZKDWZHZHUHPDGHIRU%XWZKHUHGRZHEHJLQ
RXUMRXUQH\"'HOYHLQWRJUHDW&KULVWLDQFODVVLFVVXFKDV$
6KHSKHUG/RRNVDW3VDOPE\3KLOOLS.HOOHU7KH-HVXV,
1HYHU.QHZE\3KLOLS<DQFH\&RQQHFWLQJZLWK*RGD
5HQRYDUH5HVRXUFHDQG'LVFRYHULQJ*RG
V:LOOE\-HUU\
6LWWVHUWRQDPHDIHZ,PPHUVH\RXUVHOILQWKHJRVSHOVWR
NQRZ&KULVWPRUHIXOO\DQGWKHERRNRI$FWVWRNQRZWKH
+RO\6SLULW$WWKHHQGRIWKH\HDU\RX
OOXQGHUVWDQGORYH
DQGDSSUHFLDWH*RG
VDWWULEXWHVKLVQDWXUHDQGKLV
FKDUDFWHU7KLVLVHWHUQDOOLIHWKDWWKH\PLJKWNQRZWKHH
WKHRQO\WUXH*RGDQG-HVXV&KULVWZKRPWKRXKDVVHQW
-RKQ$SSUR[LPDWHO\KRXUVRIKRPHZRUND
ZHHN
/DWLQ,,
7HDFKHU0DU\6XWWRQ
$JHXS
3UHUHTXLVLWH/DWLQ,RUE\
SHUPLVVLRQRIWKHLQVWUXFWRU
&RVWSHUPRQWKIRUVWLQ
IDPLO\HDFKDGGLWLRQDO
VLEOLQJ
SHU\HDUFRS\VXSSO\IHH
7H[W&RQWLQXDWLRQRI
3UHSDUDWRU\/DWLQSURYLGHGE\
LQVWUXFWRU
'HVFULSWLRQ&RQWLQXDWLRQRI/DWLQ,6WXGHQWVZLOOOHDUQ
WKHSHUIHFWWHQVHVDFWLYHDQGSDVVLYHYRLFHUG
GHFOHQVLRQQRXQVDQGDGMHFWLYHVUGDQGWKFRQMXJDWLRQ
RIYHUEVDQGLQWURGXFWLRQWRSDUWLFLSOHV,QDGGLWLRQ
VWXGHQWVGHVLULQJDIXOOODQJXDJHFUHGLWZLOOEHDVVLJQHGD
SURMHFWHDFKVHPHVWHU$FFHVVWRHPDLODQGWKHLQWHUQHWLV
UHTXLUHG
2SHQ6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVLVWKHRQO\VWXG\KDOODYDLODEOHRQ
0RQGD\V,IDVWXGHQWLVQRWHQUROOHGLQDFODVVWKH\QHHG
WREHLQWKLVURRPRULQWKHLUFDUZLWKWKHLUSDUHQW7KLV
URRPLVLQWHQGHGIRUYLVLWLQJJDPHVRUJURXSDFWLYLWLHV
1HLWKHUSDUHQWVQRUVWXGHQWVVKRXOGH[SHFWDQRLVHIUHH
HQYLURQPHQW4XLHWVWXG\LQJPD\EHGRQHLQ\RXUFDU$
SDUHQWURWDWLRQPD\EHVHWXSWRDVVLVWZLWKVXSHUYLVLRQ
6WXGHQWVXQGHUDJHDUHH[SHFWHGWREHLQWKHSOD\URRP
6WXGHQWVEHWZHHQWKHDJHVRIDQGPXVWKDYHDQDGXOW
ZKRLVGLUHFWO\UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOO
WLPHV5HVSHFWIXOEHKDYLRULVH[SHFWHG
3(
7HDFKHU3DP'HODQH\
$JH
&RVWSHUPRQWK
SHU\HDUVXSSO\IHHWRKHOS
SXUFKDVHQHZVSRUWVHTXLSPHQW
'HVFULSWLRQ7KLVZLOOEHDFRPELQDWLRQLQGRRURXWGRRU
FODVV:KHQZHDWKHUSHUPLWVZHZLOOJRRXWVLGHDQGGRD
YDULHW\RIVSRUWVDFWLYLWLHVDQGJDPHV:KHQFROGRUUDLQ\
ZHDWKHUSURKLELWVJRLQJRXWGRRUVZHZLOOGRLQGRRUJDPHV
DQGDFWLYLWLHV6WXGHQWVVKRXOGZHDUWHQQLVVKRHV
FRPIRUWDEOHFORWKHVKDYHDMDFNHWZKHQLWLVFRRODQG
EULQJDZDWHUERWWOHLIGHVLUHGHVSHFLDOO\ZKHQLWLVZDUP
7KHUHZLOOEHQRRXWVLGHKRPHZRUN3DUHQWVZLOOEH
UHTXHVWHGWRKHOSRQDURWDWLQJEDVLVDSSUR[LPDWHO\
WLPHVGXULQJWKH\HDU
3OD\URRP
7HDFKHU1R7HDFKHU
&RVWSHU\HDUVXSSO\IHH
IRUKRXUVSHUIDPLO\
SD\DEOHWR(OL]DEHWK*UDFH7KLV
IHHFRYHUVQDPHWDJVFUD\RQV
SDSHUILUVWDLGPDWHULDOV
QDSNLQVFXSVHWF
'HVFULSWLRQ7KHSOD\URRPLVGHVLJQHGWRJLYHWRGGOHUVWR
VHYHQ\HDUROGVDVDIHHQYLURQPHQWWRSOD\ZKLOHWKHLU
VLEOLQJVDWWHQGFODVVHV2QDURWDWLQJEDVLVSDUHQWVZLOO
VXSHUYLVHEULQJDFWLYLWLHVRUSURYLGHVQDFNV7KHDFWLYLWLHV
URWDWHWRDGGYDULHW\WRWKHKRXUVDQGVKRXOGEHVLPSOHLQ
RUGHUWRDSSHDOWRWKHZLGHDJHVSDQ6QDFNVDUHVHUYHG
GXULQJWKHQGDQGWKKRXUV$OOSDUWLFLSDWLQJSDUHQWV
PXVWFRPSOHWH:DVKLQJWRQ6WDWH3DWUROIRUPVZKLFKZLOO
UHPDLQFRQILGHQWLDO
6LQJ0RYH3UDLVH
7HDFKHU'HEELH0HQ]LHV
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W7HDFKHUSURYLGHVPXVLF
ERRNVSUDFWLFH&'KRPHZRUN
VKHHWVDQGRWKHUPDQLSXODWLYHV
DVQHHGHG
'HVFULSWLRQ7KLVHQHUJHWLFFODVVZLOOWHDFKYRFDO
WHFKQLTXHVDQGZDUPXSVWRKHOSVWUHQJWKHQDQGGHYHORS
\RXUYRLFH:HZLOOOHDUQ&KULVWLDQPXVLFDQGZRUVKLS
VRQJV2XUIRFXVZLOOEHRQVLQJLQJJURXSVRQJVZRUNLQJ
RQKDUPRQ\VNLOOVOHDUQLQJSHUIRUPDQFHWHFKQLTXHVDQG
DVQHHGHGPXVLFWKHRU\:HPD\LQFRUSRUDWHUK\WKP
H[HUFLVHVLQVWUXPHQWVDQGZHZLOOOHDUQFKRUHRJUDSK\
VLJQDQGRUGDQFHWRSHUIRUPZLWKRXUVRQJV:RUVKLSKDV
QHYHUEHHQVRIXQ<RXZLOOKDYHWKHRSSRUWXQLW\WR
SHUIRUPLQWZRUHFLWDOVWKURXJKRXWWKH\HDUZKLFKLQFOXGHV
DPDVVFKRLUH[SHULHQFH3UDFWLFHWLPHKRXUVD
ZHHN
7XWRU5RRP
'HVFULSWLRQ7KLVFODVVURRPLVDYDLODEOHIRURQHRQRQH
WXWRULQJE\&RQQHFWLRQV
WHDFKHUVIRU&RQQHFWLRQV¶
VWXGHQWV&RQWDFWWHDFKHUGLUHFWO\UHJDUGLQJWKHLU
DYDLODELOLW\DQGWXWRULQJFRVWV7KHUHPXVWEHWZRDGXOWVLQ
WKLVURRPDWDOOWLPHV,IRQO\RQHWHDFKHULVSUHVHQWWKH
VWXGHQW
VSDUHQWPXVWUHPDLQLQWKHURRP
0RQGD\30WR30
$GYDQFHG%DQG(QGVDW
7HDFKHU5RELQ6WDQJODQG
$JHXS
3UHUHTXLVLWH3HUPLVVLRQRI
LQVWUXFWRUDQGDXGLWLRQLI\RX
DUHQHZWRWKLVEDQGSURJUDP
&RVWSHUPRQWKIRUILUVW
FKLOGIRUDQ\DGGLWLRQDO
VLEOLQJVDGXOWVSOD\IRUIUHH
1RFRS\IHHWKLV\HDU
'HVFULSWLRQ$GYDQFHGEDQGLVDFRQFHUWEDQGIRU
VWXGHQWVZKRKDYHSOD\HGIRU\HDUV:HZLOOEHSOD\LQJ
KLJKVFKRROOHYHOPXVLF:HZLOOKDYHWZRFRQFHUWVSHU\HDU
DQGRQHEDQGIHVWLYDOLQWKH6SULQJ$WWHQGDQFHLVUHTXLUHG
DWDOOSHUIRUPDQFHV6WXGHQWVDUHH[SHFWHGWRSUDFWLFH
PLQXWHVDGD\WLPHVDZHHN6KHHWPXVLFZLOOEHRQ
ORDQWRWKHVWXGHQWDQGPXVWEHWXUQHGLQZKHQGRQH
6WXGHQWVFDQSOD\LQDQ\QXPEHURIEDQGVH[FOXGLQJ-D]]
EDQGIRURQHSULFH,I\RXKDYHDQ\TXHVWLRQVHPDLO
5RELQDWVWDQJOD#FRPFDVWQHW
'DQFLQJZLWK'HFLPDOV(QGVDW
7HDFKHU0DUQD0DUWHHQ\
$JH
3UHUHTXLVLWH0DVWHU\RIEDVLF
PDWKIXQFWLRQVDGGLWLRQ
VXEWUDFWLRQPXOWLSOLFDWLRQDQG
GLYLVLRQDVZHOODV)UDFWLRQ
FRQFHSWV3DVVLQJZLWKRU
DERYHRQWKLVWHVWLVVXIILFLHQW
KWWSZZZPDWKXVHHFRP
SGIVSODFHPHQWHSVLORQH[DPSGI
&RVWSHUPRQWK
'HVFULSWLRQ/HDUQWRORYHPDWKZLWK'HFLPDOVDQG
3HUFHQWV3UHYLRXVPDWKFRQFHSWVZLOOEHUHYLHZHGDVZHOO
WRHQVXUHDVROLGIRXQGDWLRQIRUFRQWLQXHGPDWKLQTXLU\
:HZLOOGHYHORSVWUDWHJLHVIRUDQVZHULQJZRUGSUREOHPV
IHDUOHVVO\&ODVVZLOOLQFOXGHUHYLHZLQJUHSUHVHQWDWLYH
&KDSWHU7HVW3UREOHPVGLVFXVVLQJQHZPDWHULDODQG
ZRUNLQJRXWH[DPSOHSUREOHPVIRUFXUUHQWZHHN¶V
KRPHZRUN$GGLWLRQDOO\ZHZLOOOHDUQWRUXQRXURZQ3HW
6WRUHEXVLQHVVLQFODVVXVLQJDSSOLHGGHFLPDOVDQG
SHUFHQWVWRGRRXUERRNNHHSLQJ3OHDVHQRWHWKDWWKLVFODVV
KDVDORQJHUVHVVLRQWLPHDOORZLQJXVWRGRERWK
SHU\HDUFRS\VXSSO\IHH
7H[W0DWK86HH=HWD
'HFLPDOVDQG3HUFHQWV
6WXGHQW3DFN<RXSURYLGH
&KDUORWWH0DVRQ<RXU3HW6WRUH
,SURYLGH
FXUULFXOXPV
(DUWK6FLHQFH(QGVDW
7HDFKHU%ULDQ5DYHQ
$JHXS
&RVWSHUPRQWK
7H[W(DUWK6FLHQFH*HRORJ\
WKH(QYLURQPHQWDQGWKH
8QLYHUVH*OHQFRH
HGLWLRQ,6%1
'HVFULSWLRQ7KLVLVD&ROOHJH3UHSFRXUVHWKDWZLOO
LQWURGXFHWKHVWXGHQWVWRWKHIXQGDPHQWDOSULQFLSOHVRI
*HRORJ\(YDOXDWLRQZLOOEHYLDZHHNO\KRPHZRUNIURPWKH
WH[WDILQDOSURMHFWDQGWKUHHH[DPV,ZLOODOVREH
RIIHULQJRQHRUWZRRSWLRQDOH[WUDFUHGLW6DWXUGD\ILHOG
FRXUVHV7KHVHILHOGFRXUVHVDUHWDUJHWHGDWWKHKLJK
VFKRROVWXGHQWVEXWIDPLO\PHPEHUVDUHZHOFRPHWR
DWWHQG7KHUHLVQRIHHIRUWKHILHOGFRXUVHVDQGWKH\DUH
QRWVSRQVRUHGE\+RPHVFKRRO&RQQHFWLRQV7RSLFVRIVWXG\
ZLOOLQFOXGHJHRFKHPLVWU\PLQHUDOVLJQHRXVURFNV
VHGLPHQWDU\URFNVPHWDPRUSKLFURFNVYROFDQRHVSOXWRQLF
ERGLHVHDUWKTXDNHVSODWHWHFWRQLFVZHDWKHULQJHURVLRQ
VWUHDPVJODFLHUVDQGVRLO7KLVFODVVZLOOIRFXVRQ3DFLILF
1RUWKZHVW*HRORJ\(DFKVWXGHQWVKRXOGKDYHDVFLHQFH
QRWHERRN7KLVFRXUVHTXDOLILHVDVD+LJK6FKRRO/DE
6FLHQFHFUHGLW
(VSDxRO
7HDFKHU0DULD*UD\
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W5LVDV\6RQULVDVE\
6SDQLVKIRU.LGV
,6%1
$EXONRUGHUZLOOEHSODFHGRYHU
WKHVXPPHUWRUHFHLYHDEXON
GLVFRXQWRUSDUHQWVFDQ
SXUFKDVHWKHLURZQVHSDUDWHO\
IURPZZVSDQLVKIRUNLGVFRP
&RVWLVaSOXV6+%RRN
LQFOXGHVD&'DQGD'9'WR
OLVWHQWRDWKRPHIRU
UHLQIRUFHPHQW
'HVFULSWLRQ9HQFRQQRVRWURVFRPHZLWKXVDVZHOHDUQ
WKHVHFRQGPRVWVSRNHQODQJXDJHLQWKH8QLWHG6WDWHV
7KLVFODVVZLOOGHYHORSEDVLFVSHDNLQJOLVWHQLQJUHDGLQJ
DQGZULWLQJVNLOOVLQ6SDQLVKDORQJZLWKVWXG\LQJWKH
FXOWXUHVRI6SDQLVKVSHDNLQJSHRSOH6WXGHQWVZLOOOHDUQ
WKURXJKJDPHVUROHSOD\LQJDQGVLQJLQJ6WXGHQW
SDUWLFLSDWLRQWRGHYHORSFRQYHUVDWLRQDOVNLOOVZLOOEH
HQFRXUDJHG+RPHZRUNLVDSSUR[LPDWHO\RQHKRXUSHU
ZHHN
+LJK6FKRRO'UDPD(QGVDW
7HDFKHU0DULDQQL*URYHV
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ6HULRXVGUDPDVHULRXVFRPPLWPHQWVHULRXV
IXQ7KLVFODVVLVIRUWKRVHZKRNQRZWKH\ORYHWKHDWHUDQG
DUHUHDG\WRVWUHWFKWKHPVHOYHV([SHFWOLQHPHPRUL]DWLRQ
IXQGUDLVLQJSURGXFWLRQZRUNLQFOXGLQJVHWVFRVWXPHV
FKRUHRJUDSK\DQGPXFKPRUH7KLVFODVVUHTXLUHV
SUHSDUDWLRQWLPHRIWRKRXUVDZHHNRXWVLGHRIFODVV
%HFDXVHGUDPDLVDWHDPDFWLYLW\DOOUHKHDUVDOVDUH
PDQGDWRU\(DUO\LQWKH\HDUWKHUHZLOODOVREHDVFKHGXOH
KDQGHGRXWRIPDQGDWRU\RXWVLGHRIFODVVWLPHUHKHDUVDOV
PRVWRIZKLFKZLOOEHFORVHWRWKHSURGXFWLRQGDWH(DFK
IDPLO\PXVWDJUHHWRKDYHWKHLUVWXGHQWDWDOORIWKHVH
UHKHDUVDOVEHIRUHWKHVWXGHQWDFFHSWVKLVKHUSDUW5HJXODU
DWWHQGDQFHLQFODVVLVDOVRH[SHFWHG7KHSDUHQWVLQHDFK
IDPLO\ZLOOEHH[SHFWHGWRDWWHQGVHYHUDOPHHWLQJV
WKURXJKRXWWKH\HDUSUREDEO\GXULQJOXQFKKRXUDQGWR
WDNHRQDSURGXFWLRQMRE([SHFW\RXUSURGXFWLRQMREWRFDOO
IRUKRXUVWKURXJKRXWWKH\HDUFXOPLQDWLQJWRZDUG
SURGXFWLRQGDWHV(DFKIDPLO\ZLOOQHHGWRVLJQDFRQWUDFW
DJUHHLQJWRDOORIWKHDERYHWRFRQILUPWKHLUHQUROOPHQWLQ
WKHFODVV2XUWHFKZHHNGDWHVDUHHQGRI$SULOWRHDUO\
0D\GHILQLWHGDWHV7%':HDUHGRLQJDWUDGLWLRQDOVKRZ
WKLVQH[W\HDU7KHUHZLOOEHDSD\PHQWVDUH
DFFHSWHGDQGIHHVDUHQRWGXHXQWLO-DQSURGXFWLRQ
IHHSHUVWXGHQW:HHQFRXUDJHWKHVWXGHQWVWRHDUQWKLV
PRQH\GXULQJWKHVXPPHUDQGZLOOVSHDNDERXWSHUVRQDO
SODQVDWWKHGUDPDPHHWLQJDWWKHHQGRIWKH\HDU
6WXGHQWVZLOOKDYHWKHRSSRUWXQLW\WR727$//<HDUQWKLV
IHHWKURXJKIXQGUDLVLQJRSSRUWXQLWLHV,)WKH\FKRRVHWR
SDUWLFLSDWH
/DWLQ,9
7HDFKHU0DU\6XWWRQ
$JHXS
3UHUHTXLVLWH/DWLQ,,,RUE\
SHUPLVVLRQRIWKHLQVWUXFWRU
&RVWSHUPRQWKIRUVWLQ
IDPLO\HDFKDGGLWLRQDO
VLEOLQJ
7H[W:KHHORFN
V/DWLQ
*UDPPDUE\)UHGHULF:KHHORFN
WKHGLWLRQUHYLVHG/DWLQ
(QJOLVKGLFWLRQDU\
'HVFULSWLRQ&RQWLQXDWLRQRI/DWLQ,,,7KHWH[WZLOOEH
:KHHORFN¶V/DWLQ*UDPPDU6WXGHQWVZLOOFRQWLQXHOHDUQLQJ
SDUWLFLSOHVDQGLQILQLWLYHVDEODWLYHDEVROXWHVLQGLUHFW
VWDWHPHQWVDQGWKHVXEMXQFWLYHPRRG7KHJRDOLVWRILQLVK
WKHWH[WZKLFKZRXOGEHHTXLYDOHQWWRRQHFROOHJH\HDURI
/DWLQ6WXGHQWVVKRXOGSODQRQVSHQGLQJDSSUR[LPDWHO\
KRXUVRXWVLGHRIFODVVWRFRPSOHWHDVVLJQPHQWV$FFHVVWR
HPDLODQGWKHLQWHUQHWLVUHTXLUHG
/LWHUDWXUH&HOHEUDWLRQV
7HDFKHU*OHQGD&DPSRV
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W$5HDGHU¶V+DQGERRN$
6WXGHQW*XLGHIRU5HDGLQJDQG
/HDUQLQJ*UDGHV
FDOOWR
RUGHUIURP*UHDW6RXUFH6RPH
QRYHOVQHHGHGIRUWKH\HDUDUH
7KH*LYHU0DQLDF0DJHH
$QLPDO)DUP7KH6WUDQJH&DVH
RI'U-HN\OODQG0U+\GHDQG
7R.LOOD0RFNLQJELUG
'HVFULSWLRQ'RHV\RXUFKLOGORYHWRUHDG"2UDUHWKH\D
UHOXFWDQWUHDGHU"7KLVFODVVZLOOSURYLGHDQRSSRUWXQLW\IRU
\RXU\RXQJDGXOWWRUHDGDQGGLVFXVVDYDULHW\RIOLWHUDWXUH
ZLWKWKHLUSHHUV7RJHWKHUZHZLOOUHDG1HZEHU\VFODVVLFV
ELRJUDSKLHVPHPRLUVKLVWRULFDOILFWLRQP\VWHULHVIDQWDV\
UHDOLVWLFILFWLRQDQGVFLHQFHILFWLRQ$WWLPHVZHZLOOUHDG
DQGGLVFXVVDSLHFHDVDQHQWLUHFODVV6WXGHQWVZLOODOVREH
DEOHWRVHOHFWDERRNRIWKHLUFKRLFHZLWKLQDVSHFLILFJHQUH
ZKLFKZLOOWKHQEHGLVFXVVHGLQ/LWHUDWXUH&LUFOHV
³&HOHEUDWLRQV´SURMHFWVDQGUHVSRQVHVWRWKHUHDGLQJRI
QRYHOVZLOORFFXUERWKLQJURXSVDQGLQGLYLGXDOO\
9RFDEXODU\GHYHORSPHQWDQGUHFRUGLQJRIIDPRXVDQG
IDYRULWHTXRWHVZLOOEHHPSKDVL]HG2XURYHUDOOHPSKDVLV
ZLOOEHDORYHRIOLWHUDWXUHZKLFKZHZLOOVKDUHZLWKHDFK
RWKHU$SSUR[LPDWHO\KRXUVRIKRPHZRUNDZHHN
'HSHQGHQWRQ\RXUFKLOG¶VUHDGLQJSDFH7KLVFODVVLV
DYDLODEOHIRU+LJK6FKRROFUHGLW
2SHQ6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVLVWKHRQO\VWXG\KDOODYDLODEOHRQ
0RQGD\V,IDVWXGHQWLVQRWHQUROOHGLQDFODVVWKH\QHHG
WREHLQWKLVURRPRULQWKHLUFDUZLWKWKHLUSDUHQW7KLV
URRPLVLQWHQGHGIRUYLVLWLQJJDPHVRUJURXSDFWLYLWLHV
1HLWKHUSDUHQWVQRUVWXGHQWVVKRXOGH[SHFWDQRLVHIUHH
HQYLURQPHQW4XLHWVWXG\LQJPD\EHGRQHLQ\RXUFDU$
SDUHQWURWDWLRQPD\EHVHWXSWRDVVLVWZLWKVXSHUYLVLRQ
6WXGHQWVXQGHUDJHDUHH[SHFWHGWREHLQWKHSOD\URRP
6WXGHQWVEHWZHHQWKHDJHVRIDQGPXVWKDYHDQDGXOW
ZKRLVGLUHFWO\UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOO
WLPHV5HVSHFWIXOEHKDYLRULVH[SHFWHG
3OD\URRP
7HDFKHU1R7HDFKHU
&RVWSHU\HDUVXSSO\IHH
IRUKRXUVSHUIDPLO\
SD\DEOHWR(OL]DEHWK*UDFH7KLV
IHHFRYHUVQDPHWDJVFUD\RQV
SDSHUILUVWDLGPDWHULDOV
QDSNLQVFXSVHWF
'HVFULSWLRQ7KHSOD\URRPLVGHVLJQHGWRJLYHWRGGOHUVWR
VHYHQ\HDUROGVDVDIHHQYLURQPHQWWRSOD\ZKLOHWKHLU
VLEOLQJVDWWHQGFODVVHV2QDURWDWLQJEDVLVSDUHQWVZLOO
VXSHUYLVHEULQJDFWLYLWLHVRUSURYLGHVQDFNV7KHDFWLYLWLHV
URWDWHWRDGGYDULHW\WRWKHKRXUVDQGVKRXOGEHVLPSOHLQ
RUGHUWRDSSHDOWRWKHZLGHDJHVSDQ6QDFNVDUHVHUYHG
GXULQJWKHQGDQGWKKRXUV$OOSDUWLFLSDWLQJSDUHQWV
PXVWFRPSOHWH:DVKLQJWRQ6WDWH3DWUROIRUPVZKLFKZLOO
UHPDLQFRQILGHQWLDO
6HZLQJDQG&UHDWLYH$UWV(QGVDW
7HDFKHU(OL]DEHWK*UDFH
$JHXS
3UHUHTXLVLWH)DPLOLDULW\ZLWK
EDVLFVHZLQJWHUPVKHOSIXOEXW
QRWUHTXLUHG6WXGHQWPXVW
KDYHDVHZLQJPDFKLQHWKDWFDQ
EHEURXJKWWRFODVVPRVWZHHNV
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHHFRYHUVVHZLQJSDWWHUQVDQG
LQIRUPDWLRQSURYLGHGE\WHDFKHU
7H[W1RW\HWGHWHUPLQHGZLOO
EHDEDVLFVHZLQJPDQXDOXVHIXO
IRUWKHUHVWRI\RXUOLIH6HZLQJ
VXSSOLHVDQGIDEULFZLOOQHHGWR
EHSXUFKDVHGE\VWXGHQWGXULQJ
VFKRRO\HDUGHSHQGVRQ
SURMHFWVFKRVHQ
'HVFULSWLRQ:HZLOOVWDUWZLWKDFKRVHQSURMHFWDQG
GHYHORSEDVLFVNLOOVLQFOXGLQJPHQGLQJDQGDOWHUDWLRQVDQG
DVWKH\HDUSURJUHVVHVVWXGHQWVZLOOKDYHRSSRUWXQLWLHVWR
FUHDWHJDUPHQWVIDVKLRQDFFHVVRULHVDQGKRPH
DFFHVVRULHV&ODVVWLPHZLOOIRFXVRQLQFODVVVHZLQJZLWK
LQVWUXFWLRQ6RPHDWKRPHVHZLQJKRPHZRUNZLOOEH
QHFHVVDU\2XUJRDOLVWROHDUQWRXVHVHZLQJDVDFUHDWLYH
RXWOHWDVZHOODVDFRVWVDYLQJVNLOOWREHQHILW\RXIRUWKH
UHVWRI\RXUOLIH
6LQJ0RYH:RUVKLS
7HDFKHU'HEELH0HQ]LHV
'HVFULSWLRQ7KLVHQHUJHWLFFODVVZLOOWHDFKYRFDO
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W7HDFKHUSURYLGHVPXVLF
ERRNVSUDFWLFH&'KRPHZRUN
VKHHWVDQGRWKHUPDQLSXODWLYHV
DVQHHGHG
WHFKQLTXHVDQGZDUPXSVWRKHOSVWUHQJWKHQDQGGHYHORS
\RXUYRLFH:HZLOOVLQJJURXSVRQJVZLWKPRYHPHQWOHDUQ
SHUIRUPDQFHWHFKQLTXHVDQGLIQHHGHGPXVLFWKHRU\:H
ZLOOLQFRUSRUDWHUK\WKPLQVWUXPHQWVH[HUFLVHVDQGGDQFH
WRR:RUVKLSKDVQHYHUEHHQVRPXFKIXQ<RXZLOOKDYH
WKHRSSRUWXQLW\WRSHUIRUPLQWZRUHFLWDOVGXULQJWKH\HDU
ZKLFKLQFOXGHVDPDVVFKRLUH[SHULHQFH3UDFWLFHWLPHSHU
ZHHNKRXUV
:HVWHUQ:DUIDUHIRU%R\V
7HDFKHU0DUN&DOOHQGHU
$JH
3UHUHTXLVLWH7KHDELOLW\WR
WKLQNUHDVRQDQGUHDGDWDJH
OHYHO7KHDELOLW\WROLVWHQWRD
JRRGVWRU\7KHDELOLW\WRWDNHD
EORZ
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
FRYHUVWKHFRVWRIOXPEHUQDLOV
UXEEHUEDOOVGXFWWDSH2K
VZHHWGXFWWDSHSDLQWPRUH
ZRRGDQGRWKHUEXLOGLQJ
PDWHULDOV
'HVFULSWLRQ,DPSXUSRVLQJWKDWWKLVFODVVVKRXOGEH
FRQVLGHUHG³HQULFKPHQW´:KLOHWKHSKLORVRSK\RIZHVWHUQ
ZDUIDUHZLOOEHH[SRXQGHGXSRQWKHUHZLOOEHDJUHDW
PDQ\DFWLYLWLHVZKLFKZLOOFRQVXPHDJUHDWGHDORIWKH
WLPH7KLVRIFRXUVHGRHVQRWPHDQWKDWWKHER\VHQUROOLQJ
ZLOOILQGLWXQQHFHVVDU\WRJHQHUDWHDFRKHUHQWWKRXJKWRU
UHDGRQH5DWKHUWKHFRKHUHQWWKRXJKWVZLOOEHVSULQNOHG
ZLWKDJRRGEDVKWRWKHKHDGE\P\VHOIRUDFODVVPDWH
7KXVZHZLOOREVHUYHDQFLHQWDQGPHGLHYDOZHDSRQVWKHLU
XVDJHDQGHYROXWLRQ:HZLOOREVHUYHWKHWDFWLFVDQG
VWUDWHJLHVRIWKHJUHDWJHQHUDOVZKLOHOLVWHQLQJWRWKHLU
ELRJUDSKLHV:HZLOOUHHQDFWJUHDWEDWWOHVXVLQJPLQLDWXUHV
RURXUVHOYHV:HZLOOFRQVWUXFWZHDSRQVDQGXVHWKHPRQ
RQHDQRWKHURUDVXLWDEOHWDUJHW³µ0\VZRUG,JLYHWRKLP
WKDWVKDOOVXFFHHGPHLQP\SLOJULPDJHDQGP\FRXUDJH
DQGVNLOOWRKLPWKDWFDQJHWLW0\ZRUNVDQGVFDUV,FDUU\
ZLWKPHWREHDZLWQHVVIRUPHWKDW,KDYHIRXJKW+LV
EDWWOHVZKRQRZZLOOEHP\UHZDUGHU¶6RKHSDVVHGRYHU
DQGDOOWKHWUXPSHWVVRXQGHGIRUKLPRQWKHRWKHUVLGH´
3LOJULPV3URJUHVV
:ULWLQJ&OXE
7HDFKHU/DXULH0RUULVRQ
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W:ULWH6RXUFH
,6%1
RU;IURP
ZZZJUHDWVRXUFHFRPXVLQJ
$GYDQFHG6HDUFKOLQNDQG
HQWHULQJQXPEHU3RFNHW
GLFWLRQDU\DQGWKHVDXUXV
'HVFULSWLRQ7KLVZULWLQJVNLOOVFODVVZLOOLQWURGXFHWKH
VWXGHQWWRZULWLQJNH\ZRUGRXWOLQHVWKHQWUDQVIRUPLQJWKDW
RXWOLQHLQWRWKHZULWLQJRIDSDUDJUDSK6W\OHHOHPHQWVWKDW
PDNHWKHZULWLQJPRUHYDULHGDQGLQWHUHVWLQJZLOOEH
PRGHOHGDQGWDXJKW:ULWLQJPDWHULDOVIURPWKH([FHOOHQFH
LQ:ULWLQJSURJUDPE\$QGUHZ3XGHZDZLOOEHSURYLGHGDQG
XVHGDVZHOODVPDWHULDOVIURP*UHDW6RXUFH%DVLF
SXQFWXDWLRQJUDPPDUDQGSURRIUHDGLQJSUDFWLFHLQFOXGHG
$WKUHHSDUDJUDSKUHSRUWZLOOEHDQDVVLJQPHQWGXULQJWKH
VHFRQGVHPHVWHUDVZHOODVZULWLQJQHZVWRULHVIURPROG
IDEOHVDQGIURPSLFWXUHV3DUHQWLQYROYHPHQWJUHDWO\
LQFUHDVHVVWXGHQWVXFFHVV:HHNO\KRPHZRUNDVVLJQHG
KRXUVZLWKWKHJRDORINHHSLQJZULWLQJIXQ,WZRUNV
/DVW0RGLILHG6XQGD\0DUFK30
+RPHVFKRRO&RQQHFWLRQV
&ODVV'HVFULSWLRQV
:HGQHVGD\7KURXJKRXWWKH'D\
3ULYDWH3LDQR/HVVRQV
7HDFKHU5REHUW&DPSEHOO
'HVFULSWLRQ%HJLQ\RXUPXVLFDODGYHQWXUH5REHUW
&DPSEHOOSLDQRLQVWUXFWRUSURIHVVLRQDOSLDQLVWDQG
KRPHVFKRRO'DGLVRIIHULQJSLDQROHVVRQVDW0RQGD\DQG
:HGQHVGD\&RQQHFWLRQV5REHUWKDVEHHQWHDFKLQJDQG
SHUIRUPLQJLQWKH3XJHW6RXQGDUHDIRUHLJKWHHQ\HDUV
5REHUW
VGHVLUHLVWRPDNHSLDQROHVVRQVIXQDQGPHDQLQJIXO
IRUDOOKLVVWXGHQWV%HJLQQLQJWKURXJKDGYDQFHGVWXGHQWVDUH
LQYLWHGWRWDNHOHVVRQVZLWK5REHUW)RUDIUHHFRQVXOWDWLRQ
SOHDVHVHH5REHUWRQ0RQGD\RU:HGQHVGD\RUFDOOKLPWR
VFKHGXOHDQDSSRLQWPHQWDW0RVWOHVVRQVDUH
RQHKDOIKRXU,IWKLVLVWKHRQO\&RQQHFWLRQV¶OHVVRQFODVV
\RXVLJQXSIRU\RXZLOOVWLOOQHHGWRUHJLVWHUZLWK
+RPHVFKRRO&RQQHFWLRQVE\VXEPLWWLQJD)DPLO\5HJLVWUDWLRQ
&RQWUDFWDQGE\SD\LQJWKHUHJLVWUDWLRQIHH
:HGQHVGD\$0WR$0
$OJHEUD
7HDFKHU.HOO\&]HFK
$JHXS
3UHUHTXLVLWH&RPSOHWLRQRI
3UH$OJHEUD,IQR3UH$OJHEUD
FODVVWDNHQSOHDVHGLVFXVV
ZLWKLQVWUXFWRU
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W$GGLVRQ:HVOH\
$OJHEUD
,6%1
'HVFULSWLRQ$OJHEUDDJUHDWGLVFLSOLQHIRUPLQGDQGERG\
7KLVFODVVZLOOEHDWUDGLWLRQDO$OJHEUDFRXUVH7KHFRXUVH
PDWHULDOGHPDQGVFRQVLVWHQWGDLO\KRPHZRUN<RXVKRXOG
EXGJHWWRòKRXUVGDLO\IRXUGD\VDZHHNIRUFRPSOHWLRQ
RIDVVLJQPHQWV)RUPDQ\VWXGHQWVWKLVLVWKHLUILUVW
VHULRXVPDWKFODVV&RQQHFWLRQV$OJHEUDLVGHVLJQHGIRUWKH
FROOHJHERXQGVWXGHQWPRVWOLNHO\SUHSDULQJIRUVWXGLHVLQWKH
ILHOGVRIVFLHQFHRUPDWK3DUHQWVZLOOEHUHVSRQVLEOHWR
HQVXUHWKDWWKHLUVWXGHQWLVFRPSOHWLQJDQGFRUUHFWLQJHDFK
GDLO\DVVLJQPHQW7HVWVDUHWDNHQDWKRPH+RPHZRUNLV
DVVLJQHGWKDWLVGXHWKHILUVWGD\RIFODVVHVVREHVXUH\RX
KDYH\RXUERRNVHDUO\,ZRXOGDOVROLNHDSDUHQWWRSODQRQ
DWWHQGLQJWKHILUVWFODVVRIWKH\HDUDV,ZLOOEHJRLQJRYHU
KRPHZRUNDQGWHVWLQJJXLGHOLQHV7KDQN\RX
$PHULFDQ*RYHUQPHQW&LYLFV
7HDFKHU$OH[0F,QWRVK
$JHXS
3UHUHTXLVLWH2QH\HDURI
KLJKVFKRROOHYHO86+LVWRU\
LVUHFRPPHQGHG
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
LQFOXGHVDFRS\RI³7KH
)HGHUDOLVW3DSHUV´SXUFKDVHG
'HVFULSWLRQ7KH-XGHR&KULVWLDQZRUOGYLHZLV
SUHGRPLQDQWO\UHVSRQVLEOHIRUWKHIRUPRIJRYHUQPHQWZH
HQMR\LQWKH8QLWHG6WDWHV%HLQJDQLQIRUPHGSDUWLFLSDQWLQ
RXUFRXQWU\¶VSROLWLFDOV\VWHPLVQRWRQO\DUHTXLUHPHQWIRU
JRRGFLWL]HQVKLSEXWVKRXOGDOVRKHOSWKHVWXGHQWWRXSKROG
%LEOLFDOVWDQGDUGVLQDQGIRURXUFRXQWU\:HZLOOVWXG\WKH
86SROLWLFDOV\VWHPDQGJRYHUQPHQWHPSKDVL]LQJWKH86
&RQVWLWXWLRQDQGLWVDSSOLFDWLRQWRPRGHUQSROLWLFDOLVVXHV
3DUWLFXODUDWWHQWLRQZLOOEHSODFHGRQWKHSUHVLGHQWLDOHOHFWLRQ
E\LQVWUXFWRU
7H[W³$PHULFDQ
*RYHUQPHQW´QG(GLWLRQE\
7LP.HHVHH%RE-RQHV
8QLYHUVLW\3UHVV
,6%1
³7KH)HGHUDOLVW3DSHUV´
6LJQHW&ODVVLFSDSHUEDFN
6WXGHQWVKRXOGDFTXLUH
WH[WERRNLQVWUXFWRUZLOO
SXUFKDVH³7KH)HGHUDOLVW
3DSHUV´IRUWKHFODVV
SURFHVVDVWKHFDQGLGDWHQRPLQDWLRQSURFHVVZLOOEHWDNLQJ
SODFHWKLVVFKRRO\HDU7KH:DVKLQJWRQ6WDWH&RQVWLWXWLRQ
DQGJRYHUQPHQWZLOOEHFRPSDUHGDQGFRQWUDVWHGZLWKRXU
IHGHUDOFRQVWLWXWLRQDQGJRYHUQPHQW7KLVFRXUVHLVGHVLJQHG
DVDIXOO\HDU
VFODVVWRPHHWERWK86*RYHUQPHQWDQG
³VHQLRULVVXHV´JUDGXDWLRQUHTXLUHPHQWV(DFKVWXGHQWZLOO
KDYHDWOHDVWKRXUVRIKRPHZRUNSHUZHHN$OWKRXJKWKLV
FRXUVHLVQRWDQ$3FRXUVHDVGHILQHGE\WKH&ROOHJH%RDUG
WKHVXEMHFWPDWWHURIWKHFRXUVHZLOOIROORZWKH&ROOHJH
%RDUG
V86*RYHUQPHQWDQG3ROLWLFV$3WHVWRXWOLQHLQRUGHU
WRDVVLVWVWXGHQWVZKRGHVLUHWRWDNHWKDW$3WHVW9HUEDO
SDUWLFLSDWLRQLQFODVVLVLQFOXGHGLQFODVVDVVLJQPHQWVLQRUGHU
WRHQULFKWKHFODVVDQGLPSURYHWKHVWXGHQW
VDELOLW\WR
H[SUHVVKLPKHUVHOIZLWKFODULW\DQGLQDUHVSHFWIXOPDQQHU
*UDGLQJZLOOEHEDVHGRQWKLVFODVVURRPSDUWLFLSDWLRQDVZHOO
DVZHHNO\ZULWWHQDVVLJQPHQWVWHVWVDQGDGHWDLOHGHVVD\
HDFKVHPHVWHU+RPHZRUNZLOOFRQVLVWSULPDULO\RIUHDGLQJ
DQGZULWLQJDVVLJQPHQWVEXWYHUEDOUHSRUWVRUVSHHFKHV
DERXWFRQWHPSRUDU\LVVXHVIDFLQJRXUJRYHUQPHQWZLOODOVR
EHLQFOXGHGDVZLOOVSHFLILFFLYLFVDVVLJQPHQWV$JHVXS
ZLOOKDYHLQLWLDOSULRULW\
%LRORJ\6WDUWVDW
7HDFKHU&\G$GOHU
$JHXS
3UHUHTXLVLWH*HQHUDO
6FLHQFHDQG3K\VLFDO6FLHQFH
SUHIHUUHGEXWQRWUHTXLUHG
7KHDELOLW\WRUHDGZULWHDQG
FRPSUHKHQGLQIRUPDWLRQDW
WKHWKJUDGHOHYHO
&RVWSHUPRQWK
SHU\HDUVXSSO\IHH
FRYHUVDERXQGODERUDWRU\
QRWHERRNVSHFLPHQVDQGODE
VXSSOLHV
7H[W([SORULQJ&UHDWLRQ
ZLWK%LRORJ\QG(GLWLRQE\
-D\:LOH,6%1
7KH.H\7HVWVDQG6ROXWLRQV
*XLGHLVRSWLRQDO'RQRWJHW
WKHVW(GLWLRQ
ZZZ+RPHVFLHQFHWRROVFRP
KDVWKLVWH[WERRNDWDORZHU
SULFHWKHQRWKHUVDVGRHV
1HVW/HDUQLQJ$ZHEVHDUFK
FDQILQGWKHEHVWSULFHV$OVR
IRUPHUVWXGHQWVPD\EH
ZLOOLQJWRVHOOWKHLUERRNV
'HVFULSWLRQ7KLVFRXUVHHPSKDVL]HV*RG
VFUHDWLYHGHVLJQ
WKDWLVVRHYLGHQWLQOLYLQJWKLQJV:HZLOOVWXG\WKHVFLHQFHRI
ELRORJ\DQGWKHFODVVLILFDWLRQRIOLYLQJWKLQJV,QVHSDUDWH
PRGXOHVZHZLOOOHDUQDERXWFKHPLVWU\FHOOVFHOOXODU
UHSURGXFWLRQJHQHWLFVHFRV\VWHPVDQGFUHDWLRQYV
HYROXWLRQ7KHILYHPDMRUNLQJGRPVDUHVWXGLHGLQGLYLGXDOO\
ZLWKRQHPRGXOHHDFKIRU0RQHUD3URWLVWDDQG)XQJLIRXU
PRGXOHVGHYRWHGWRDQLPDOVDQGRQHWRSODQWV7KHUHDUH
PDQ\KDQGVRQH[SHULPHQWVZKLFKZLOOLQFOXGHWKHXVHRI
PLFURVFRSHVDQGGLVVHFWLRQVRISUHSDUHGVSHFLPHQV7KLVLV
DQLQWHQVLYHVWXG\ZKLFKZLOOSUHSDUHVWXGHQWVIRUFROOHJH
OHYHOFODVVHV6WXGHQWVZLOOEHH[SHFWHGWRUHDGSDJHV
RIWH[WFRPSOHWHVWXG\JXLGHVTXL]]HVDQGODEQRWHERRN
HQWULHVIRUHDFKPRGXOHFKDSWHU7ZRZHHNVZLOOEHDOORWWHG
WRHDFKPRGXOH7KLVFODVVIXOILOOVWKHUHTXLUHPHQWIRUDKLJK
VFKRROODEVFLHQFH
)UHQFK$
7HDFKHU6XVLH7XFNHU
'HVFULSWLRQ(YHU\RQHFDQOHDUQ)UHQFK3ODQDIXWXUHWULS
$JHXS
3UHUHTXLVLWH6WURQJO\
UHFRPPHQGVWXGHQWVKDYHDW
OHDVWD³%´DYHUDJHLQ(QJOLVK
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
IRUSULQWHGOHVVRQVDQG
YRFDEXODU\&'
7H[W7HDFKHUDXWKRUHG
ZRUNVKHHWVDQG&'VDUH
SURYLGHGE\WHDFKHU
DQGVWDUWOHDUQLQJ7KHEDVLFVRI)UHQFKJUDPPDU
FRQYHUVDWLRQDQGSURQXQFLDWLRQZLOOEHWDXJKWXVLQJGULOOV
VRQJVVNLWVDQGFXOWXUHOHVVRQV6WXGHQWVOHDUQZLWK
WHDFKHUDXWKRUHGOHVVRQVLQFOXGLQJZULWWHQH[HUFLVHVDQGD
&'IRUDWKRPHSURQXQFLDWLRQSUDFWLFH6WXGHQWVZLOOQHHGWR
UHFRUGYRFDEXODU\ZRUGVIRUDSURQXQFLDWLRQJUDGHDQGVR
VKRXOGREWDLQDPHDQVWRFUHDWHDUHFRUGLQJWREULQJWRFODVV
RUHPDLOWRWHDFKHU6WXGHQWVPXVWKDYHD)UHQFK(QJOLVK
GLFWLRQDU\WRXVHWRFRPSOHWHKRPHZRUN+RPHZRUNZLOO
UHTXLUHKRXUVSHUZHHNRXWVLGHRIFODVV*UDGHLVEDVHG
RQZULWWHQKRPHZRUNVSHOOLQJWHVWVRUDOSURQXQFLDWLRQDQG
FODVVSDUWLFLSDWLRQ3DUHQWDOLQYROYHPHQWLVYHU\KHOSIXOIRU
VWXGHQWVOHDUQLQJDIRUHLJQODQJXDJH7KLVFODVVLVWKH
HTXLYDOHQWRIRQHKDOIRIKLJKVFKRRO)UHQFK
)XQGDPHQWDOVRI$UW
7HDFKHU'HEUD5RHGHU
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W6WXGHQWVEXLOGWKHLU
RZQERRNZLWKELQGHU
SURYLGHG
'HVFULSWLRQ7KLVFODVVLVGHVLJQHGIRUDQ\SHUVRQZDQWLQJ
WROHDUQVNLOOVLQDUW&RPHOHDUQEDVLFIXQGDPHQWDOVZKLFK
DSSO\WRPRVWDUWIRUPV)XQGDPHQWDOVWDXJKWDUHOLQH
VKDSHSHUVSHFWLYHSURSRUWLRQVKDGLQJQHJDWLYHSRVLWLYH
VSDFHJULGZRUNVFDOLQJVWLOOOLIHFRPSRVLWLRQDQGIDFHV
)LQDOSURMHFWLVDVHOISRUWUDLW7KHVHEDVLFVNLOOVWDXJKWLQD
FDVXDOEXWVWUXFWXUHGHQYLURQPHQWSUHSDUHDQ\RQHWRPRYH
RQWRDGYDQFHGPHGLDZDWHUFRORUFRORUHGSHQFLOVSHQ
LQNHWF4XHVWLRQV&DOO'HEUD5RHGHUDW
/LIH6FLHQFH
7HDFKHU3DP'HODQH\
$JH
3UHUHTXLVLWH1RQH
&RVWSHUPRQWK
7H[W6FLHQFH2UGHUDQG
5HDOLW\VHFRQGHGLWLRQE\$
%HND%RRNDQG/LIH
6FLHQFHVHFRQGHGLWLRQE\
%-83UHVV8VHGFRSLHVRI
WKHVHWH[WERRNVDUHUHDGLO\
DYDLODEOH+RPHVFKRRO
3RWSRXUULLQ.LUNODQGZLOO
JLYHDGLVFRXQWRQWKHVH
ERRNVLI\RXEX\ERWK
WH[WERRNVDQGPHQWLRQWKLV
FODVV:LWKWKLVGLVFRXQWWKH
WRWDOIRUERWKERRNVVKRXOGEH
OHVVWKDQ
'HVFULSWLRQ$FUHDWLRQEDVHGOLIHVFLHQFHFRXUVHGHVLJQHG
WRSUHSDUHPLGGOHVFKRROVWXGHQWVIRUKLJKVFKRROVFLHQFH
:HZLOOVWXG\VFLHQWLILFPHWKRGSODQWVPLFURVFRS\
FODVVLILFDWLRQDQLPDOVWKHKXPDQERG\LQVHFWVDQG
SULQFLSOHVRISK\VLFDOVFLHQFH&ODVVODEWLPHZLOOLQFOXGHZRUN
ZLWKPLFURVFRSHVGLVVHFWLRQVDQGPRUH6WXGHQWVVKRXOG
H[SHFWWZRKRXUVSHUZHHNRIKRPHZRUNZLWKERWKUHDGLQJ
DVVLJQPHQWVDQGVFLHQFHDFWLYLWLHV7ZRWH[WERRNVDUHXVHG
LQWKLVFODVVVRWKDW,FDQVHOHFWWKHEHVWPDWHULDOIRUHDFK
VXEMHFWIURPWKHWZRERRNV7KHVWXGHQWVZLOOQRWEHUHTXLUHG
WRUHDGDOORIWKHPDWHULDOLQHLWKHUWH[WERRN,EHOLHYHWKDW
VFLHQFHVKRXOGEHIXQHDV\WRXQGHUVWDQGDQGLQWHUHVWLQJ
%\WKHHQGRIWKH\HDU,KRSHWKHVWXGHQWVZLOOEHDPD]HG
ZLWK*RG¶VFUHDWLRQDQGZLOOIHHOFDSDEOHRIDQGLQWHUHVWHGLQ
WDFNOLQJPRUHDGYDQFHGVFLHQFHFRXUVHZRUN
2SHQ6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVVWXG\KDOOLVLQWHQGHGIRUYLVLWLQJTXLHW
JDPHVRUJURXSDFWLYLWLHV)RRGDQGEHYHUDJHVDUHDOORZHG
$SDUHQWURWDWLRQPD\EHVHWXSWRDVVLVWZLWKVXSHUYLVLRQ
$//VWXGHQWVXQGHUPXVWKDYHDQDGXOWZKRLVGLUHFWO\
UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOOWLPHV5HVSHFWIXO
EHKDYLRUH[SHFWHG$TXLHWVWXG\KDOOLVDYDLODEOHLI\RXZDQW
DTXLHWDWPRVSKHUHLQZKLFKWRZRUN
4XLHW6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVVWXG\KDOOLVLQWHQGHGIRUVLOHQW
LQGHSHQGHQWVWXG\LQJ,WPD\DOVREHXVHGE\SDUHQWVZKR
DUHTXLHWO\ZRUNLQJZLWKWKHLUVWXGHQWV9LVLWLQJJURXS
DFWLYLWLHVRUJDPHVDUHQRWDOORZHGLQWKLVURRP6WXGHQWV
XQGHUWKHDJHRIPXVWKDYHDQDGXOWZKRLVGLUHFWO\
UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOOWLPHV
6SHHFK
7HDFKHU0HORGHH/DUVRQ
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
FRYHUVUHQWDORIWKHWH[WERRN
DQGYDULRXVKDQGRXWV
7H[W7H[WERRNSURYLGHGE\
WHDFKHULQFKELQGHUZLWK
GLYLGHUVWREHSXUFKDVHGE\
VWXGHQWV
'HVFULSWLRQ:KHWKHULWLVDMRELQWHUYLHZDSUHVHQWDWLRQIRU
RXUERVVRUDVSHHFKLQDFROOHJHFODVVWKHDELOLW\WRH[SUHVV
RXUVHOYHVHIIHFWLYHO\LVDVNLOOZHDOOQHHGDQGZLOOXVHIRUWKH
UHVWRIRXUOLIH,QWKLVKLJKVFKRROFRXUVHWKHVWXGHQWVZLOO
OHDUQWKURXJKEULHIOHFWXUHVDQGPRGHOLQJWKHEDVLF
HOHPHQWVRIHIIHFWLYHSXEOLFVSHDNLQJ%XWWKHEHVWZD\WR
EHFRPHDEHWWHUFRPPXQLFDWRULVWRSUDFWLFHVRWKHPDMRULW\
RIFODVVWLPHZLOOEHGHYRWHGWRJLYLQJWKHVWXGHQWVWKH
RSSRUWXQLW\WRSUDFWLFHWKHLUVSHDNLQJDQGHYDOXDWHVSHHFKHV
%\UHJXODUSUDFWLFHRILPSURPSWXGHYRWLRQDOLQIRUPDWLYH
SHUVXDVLYHDQGLQWHUSUHWLYHVSHHFKHVWKHVWXGHQWVZLOO
GHYHORSFRQILGHQFHLQWKHLUDELOLWLHV,IWLPHSHUPLWVZHZLOO
DOVRGLVFXVVVRPHKHOSIXOWRROVIRULQWHUSHUVRQDO
FRPPXQLFDWLRQ3OHDVHSODQRQDSSUR[LPDWHO\KRXUVRI
ZRUNRXWVLGHRIFODVVHDFKZHHN
8QGHUVWDQGLQJ/LWHUDWXUH
7HDFKHU:DQGD'XJDQ
$JH
3UHUHTXLVLWH1RQH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W$UHDGLQJOLVWZLOOEH
SURYLGHGEHIRUHIDOO
'HVFULSWLRQ7KLVFODVVZLOOEHFRWDXJKWZLWK)D\%UDZQHU
,QWRGD\
VIDVWSDFHGZRUOGZHFDQUHDGKHDURUVHH
OLWHUDWXUH%HFDXVHDILOPRIWHQWHOHVFRSHVDOOWKHHOHPHQWVRI
JRRGVWRU\WHOOLQJLQWRDVKRUWWLPHIUDPHLWFDQEHDJRRG
GHYLFHIRUVWXG\LQJVWRU\HOHPHQWVOLNHFKDUDFWHUSORW
WKHPHPRRGV\PEROLVPDQGSRLQWRIYLHZ8VLQJ
WKRXJKWIXOO\FKRVHQPRYLHVWKHQDVDMXPSLQJRIISRLQW
WKLVFODVVZLOOVWXG\KRZVWRULHVDUHFRQVWUXFWHGXVLQJQRYHOV
DQGVKRUWVWRULHVWRH[SDQGWKHDQDO\VLV6WXGHQWVZLOOZULWH
DERXWWKHLULQVLJKWVWROLWHUDWXUHPRUDOLW\DQGZRUOGYLHZDV
ZHOODVDWWHPSWVRPHILFWLRQZULWLQJRIWKHLURZQ
:DONLQJ7KUXWKH1HZ7HVWDPHQW
7HDFKHU'HEELH0HQ]LHV
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W7HDFKHUZLOOSXUFKDVH
DOOWH[WDQGPDWHULDOVQHHGHG
'HVFULSWLRQ%\WKHHQGRIWKH\HDUZHDUHJRLQJWRNQRZ
DQGKDYHUHDGWKURXJKWKHZKROH1HZ7HVWDPHQW7KLVFODVV
LVGLYLGHGLQWRWZRVHFWLRQV7KH)ODPHZKHUHZHOHDUQWKH
PDMRUWKHPHVOHVVRQVDQGDSSOLFDWLRQVIURPHDFKRIWKH
ERRNVLQWKH1HZ7HVWDPHQWDQG7KH)XHOZKLFKLVDQ
H[FLWLQJPXOWLPHGLDSUHVHQWDWLRQIRFXVLQJRQWKH*RVSHOVDQG
IRUFODVV
ZKDWZHFDQOHDUQIURPWKH/LIHRI-HVXVDQGKLVGLVFLSOHV
<RXUKRPHZRUNLVUHDGLQJ\RXU%LEOHDQGFDQEHLQFRUSRUDWHG
LQWR\RXUSHUVRQDOGHYRWLRQDOWLPHV7KHFODVVLVLQWHUDFWLYH
H[FLWLQJDQGHGXFDWLRQDO,WZLOOQRWRQO\EHD\HDURI
OHDUQLQJEXWDOVRD\HDURISHUVRQDOJURZWK
:HGQHVGD\$0WR$0
&XUUHQW:RUOG,VVXHV
7HDFKHU%ULDQ&XUQXWW
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W+RZ1RZ6KDOO:H
/LYH"&KXFN&ROVRQDQG1DQF\
3HDUF\,6%1
'HVFULSWLRQ,QWHUSUHWLQJWKHHYHQWVWKDWRFFXULQRXUZRUOG
FDQEHGLIILFXOWDQGRXUJRDOLVH[SRVXUHWRWKHLVVXHVWKDW
DUHLPSRUWDQWWRXVZKLOHXQGHUVWDQGLQJRWKHUZRUOGYLHZV
VXFKDVDQLPLVPKXPDQLVPQHZDJHHWFDQGKRZWKH\
FRPSDUHWRD&KULVWLDQZRUOGYLHZ6WXGHQWVZLOOEHUHDGLQJ
PDJD]LQHVQHZVSDSHUVLQWHUQHWDQGZDWFKLQJ79QHZVDQG
ZLOOEHHQFRXUDJHGWRLQWHUSUHWWKHVHHYHQWVLQD&KULVWLDQ
:RUOGYLHZFRQWH[W7KH\ZLOOOHDUQWRWDNHLQIRUPDWLRQIURPD
YDULHW\RIVRXUFHVDQGFRPSDUHLWWRDQDEVROXWHVWDQGDUG
WKH%LEOH6WXGHQWVZLOODOVRSDUWLFLSDWHLQFODVVGLVFXVVLRQV
DQGZULWHRSLQLRQSLHFHVHVVD\VDQGUHVHDUFKSDSHUVRQ
VHOHFWHGWRSLFVRUDVDQDOWHUQDWLYHWRVRPHSDSHUVZULWHD
SDJHUHVHDUFKSDSHUFRPSDULQJWKH%LEOLFDOZRUOGYLHZWR
RWKHUZRUOGYLHZV:RUOGJHRJUDSK\ZLOOEHLQFOXGHGDVZH
ORRNDWJOREDOLVVXHV$SSUR[LPDWHRXWVLGHZRUNKRXUV
SHUZHHN
)XQGDPHQWDOVRI$UW
7HDFKHU'HEUD5RHGHU
$JHXS
3UHUHTXLVLWH)XQGDPHQWDOV
RI$UWSDUWRUWHDFKHU
SHUPLVVLRQ
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[WSHQFLODQGPLFURQ
SHUPDQHQWSLJPDSHQ
'HVFULSWLRQ)RUWKRVHRI\RXZKRKDYHWDNHQ)XQGDPHQWDOV
RI$UWSDUWH[FHSWLRQVZLWKSHUPLVVLRQDQGZRXOGOLNHWR
DSSO\\RXUQHZVNLOOVWKLVFODVVRIIHUVZDWHUFRORUDOOVRUWV
RIWHFKQLTXHVFRORUHGSHQFLOVSHQLQNFKDUFRDOSDVWHOV
SRLQWLOOLVPDQGWHVVHOODWLRQV<RXZLOOQHHGDSHQFLOD
PLFURQSHUPDQHQWSLJPDSHQDQGHQWKXVLDVP&DOO'HEUD
IRUPRUHLQIRUPDWLRQDW
*HRPHWU\
7HDFKHU.HOO\&]HFK
$JHXS
3UHUHTXLVLWH&RPSOHWLRQRI
&RQQHFWLRQV$OJHEUDZLWKD
PLQLPXPJUDGHRID%,I
\RXDUHDQHZWR&RQQHFWLRQV
VWXGHQWDSUHHQWUDQFHWHVW
ZLOOEHUHTXHVWHGRIWKH
VWXGHQWEHIRUHHQWHULQJWKH
FODVV
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ7KLVFODVVZLOOFRYHUDOODUHDVRIDWUDGLWLRQDO
*HRPHWU\FRXUVHLQFOXGLQJIRUPDOSURRIV,WZLOOPHHWRQFHD
ZHHNWRH[SORUHQHZWRSLFVLQDJURXSFRRSHUDWLYHOHDUQLQJ
HQYLURQPHQW+RPHZRUNDQGWHVWVDUHDVVLJQHGWREH
FRPSOHWHGRXWVLGHRIFODVVKRXUVSHUZHHNRIZRUN
RXWVLGHRIFODVVZLOOEHUHTXLUHG7KLVFODVVPRYHVTXLFNO\DQG
LVLQWHQGHGIRUWKHVHULRXVVWXGHQW&ODVVZHEVLWHZLOOKDYH
DVVLJQPHQWVOLVWHGDQGWHVWVJLYHQVRLQWHUQHWDFFHVVLV
LPSRUWDQW3DUHQWVZLOOEHUHVSRQVLEOHWRHQVXUHWKHLUVWXGHQW
LVFRPSOHWLQJDQGFRUUHFWLQJHDFKGDLO\DVVLJQPHQW3DUHQWV
SOHDVHSODQRQDWWHQGLQJWKHILUVWFODVVRIWKHVFKRRO\HDU
ZLWK\RXUVWXGHQWWRJRRYHUKRPHZRUNDQGWHVWJXLGHOLQHV
7H[W7R%H$QQRXQFHG
7KDQN\RX
,QWHUPHGLDWH-D]]%DQG
7HDFKHU5RELQ6WDQJODQG
$JHXS
3UHUHTXLVLWH0XVWKDYH
SOD\HGDEDQGLQVWUXPHQWIRU
WZR\HDUVRUZLWKSHUPLVVLRQ
RILQVWUXFWRU$OVRPXVWEH
HQUROOHGLQDFRQFHUWEDQG
FODVVXQOHVVWKH\KDYHSOD\HG
IRUPRUHWKDQ\HDUV1HHG
SHUPLVVLRQRILQVWUXFWRUWR
MRLQXQOHVVWKH\ZHUHLQWKLV
FODVVODVW\HDU
&RVWSHUPRQWKIRUILUVW
FKLOGIRUDQ\DGGLWLRQDO
VLEOLQJV$GXOWVSOD\IRUIUHH
1RFRS\IHHWKLV\HDU
'HVFULSWLRQ7KLVLVDFRQWLQXDWLRQRIODVW\HDU¶V
,QWHUPHGLDWH-D]]%DQG1HZVWXGHQWVZLWKQRSULRUMD]]
H[SHULHQFHZLOOEHDOORZHGWRMRLQE\SHUPLVVLRQRIWKH
LQVWUXFWRU:HZLOOFRQWLQXHWROHDUQWRSOD\E\HDUOHDUQWR
LPSURYLVHDQGOHDUQWRSOD\LQURFNVZLQJDQG/DWLQVW\OHV
:HZLOOKDYHWZRFRQFHUWVSHU\HDUDQGRQHEDQGIHVWLYDOLQ
0DUFK:HDOVRPD\SOD\DWDVZLQJGDQFH$WWHQGDQFHLV
UHTXLUHGDWDOOSHUIRUPDQFHV6WXGHQWVDUHH[SHFWHGWR
SUDFWLFHPLQXWHVDGD\WLPHVDZHHN6KHHWPXVLF
ZLOOEHRQORDQWRWKHVWXGHQWDQGPXVWEHWXUQHGLQZKHQ
GRQH,I\RXKDYHDQ\TXHVWLRQVHPDLO5RELQDW
VWDQJOD#FRPFDVWQHW
,QWURGXFWLRQWR'LJLWDO3KRWRJUDSK\
7HDFKHU/RUUDLQH9DUHOD
$JHXS
3UHUHTXLVLWH6WXGHQWV
PXVWKDYHDGLJLWDO6/5
FDPHUDZLWKPDQXDOFRQWUROV
,QIRUPDWLRQRQKRZWRREWDLQ
DFFHVVWRDGLJLWDO6/5ZLOOEH
SURYLGHGIRUVWXGHQWVLIWKH\
GRQ¶WFXUUHQWO\KDYHWKLV
HTXLSPHQW
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ7KLVFRXUVHZLOOEHDQLQWURGXFWLRQWRGLJLWDO
SKRWRJUDSK\ZLWKDQHPSKDVLVRQSRUWUDLWXUH7KHPDLQJRDO
RIWKHFODVVZLOOEHWROHDUQWKHSKRWRJUDSK\EDVLFV
NQRZOHGJHRIFDPHUDFRQWUROVVKXWWHUVSHHGDSHUWXUH
,62WKHUHODWLRQVKLSRIIRFDOOHQJWKOHQVHVDQGGHSWKRI
ILHOGOLJKWLQJDQGOLJKWPRGLILHUVLQFOXGLQJQDWXUDOOLJKW
VWXGLRVWUREHVDQGRIIFDPHUDIODVKFRPSRVLWLRQ
SHUVSHFWLYHDQGSRLQWRIYLHZ$QLQWURGXFWLRQWRGLJLWDO
SURFHVVLQJWHFKQLTXHVZLOOEHFRYHUHG&UHDWLYLW\ZLOOEH
HQFRXUDJHGDVVWXGHQWVZRUNWKURXJKDVHULHVRI
DVVLJQPHQWVWKURXJKRXWWKH\HDUFXOPLQDWLQJLQDSRUWIROLR
RIZRUNE\\HDU¶VHQG3DUHQWDOFKDSHURQHGWULSVZLOOEH
RIIHUHGDVDPHDQVWRSXWLQWRSUDFWLFHWKHWHFKQLTXHV
OHDUQHGLQFODVV
-U+LJK'UDPD7HFKQLTXH
7HDFKHU0DULDQQL*URYHV
$JH
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH
'HVFULSWLRQ'UDPD7HFKQLTXHLVDFODVVIRUWKRVHZKRDUH
UHDG\WRDSSO\WKHPVHOYHVLQWKHZRUOGRIWKHDWHU:HZLOO
DXGLWLRQDWWKHEHJLQQLQJRIWKH\HDU8VLQJWKHWH[WDVRXU
WRROZHZLOOH[SORUHZKDWLVPHDQVWREHKRQHVWWROLVWHQWR
FUHDWHFKDUDFWHUDQGWRULVN7RSLFVFRYHUHGZLOOLQFOXGH
HQVHPEOHWKHDWHUJLYLQJDQGWDNLQJDVDFWRUVLPSURYLVDWLRQ
VXEWH[WDQGPRUH7KLVFODVVZLOOSHUIRUPD7HHQ2QH$FWDW
WKHHQGRIWKH\HDU7KLVLVD7H[WEDVHGFODVVDQG
PHPRUL]DWLRQLVUHTXLUHG2QHDQGDKDOIKRXUVRXWVLGHRI
FODVVDZHHNVWXG\WLPHUHTXLUHG3DUHQWVZLOOEHDVNHGWR
SURYLGHKRXUVRISURGXFWLRQZRUNWKURXJKRXWWKH\HDU
HLWKHULQFRVWXPHVSURSVPDNHXSWLFNHWZRUNKRXVH
PDQDJHPHQWHWF7LWOHVXQGHUFRQVLGHUDWLRQIRU
&KDUOLH%URZQ9RLFHVIURP+LJK6FKRRO3HWHU3DQDQG,
1HYHU6DZ$QRWKHU%XWWHUIO\7LWOHVVXEMHFWWRFKDQJH
/LWHUDWXUHRI'LFNHQV
7HDFKHU(OOHQ%URWPDQ
$JH
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH
7H[W<RXDUHUHTXLUHGWR
VHFXUHXQDEULGJHGFRSLHVRI
2OLYHU7ZLVW7KH2OG&XULRVLW\
6KRSDQG*UHDW([SHFWDWLRQV
EHIRUHWKHILUVWFODVV
'HVFULSWLRQ7KLVFODVVZLOOLQWURGXFHWKHVWXGHQWWRWKH
ZRUOGDQGOLWHUDWXUHRI&KDUOHV'LFNHQVDZRUOGRIZRQGHU
LQWULJXHDQGKXPRU7KHVWXGHQWZLOOH[SORUHDPRQJRWKHU
WKLQJVWKHDJHROGTXHVWLRQRIZKRZLOOZLQWKHJRRGJX\
RUWKHEDGJX\7KLVLVHVSHFLDOO\LQWHUHVWLQJWRDVNZKHQ
WKHPDLQFKDUDFWHULVERWKWKHJRRGJX\DQGWKHEDG
JX\7KHVWXGHQWZLOOUHDGWKUHHQRYHOV2OLYHU7ZLVW7KH
2OG&XULRVLW\6KRSDQG*UHDW([SHFWDWLRQVDQGWZRVKRUW
VWRULHV7KH/RQJ9R\DJHDQG7KH6LJQDO0DQ+RPHZRUN
ZLOOLQFOXGHUHDGLQJHVVD\ZULWLQJDQGSURMHFWV&ODVV
GLVFXVVLRQZLOOLQYROYHKLVWRULFDOFRQWH[WVRFLHWDOVLJQLILFDQFH
DQGFKDUDFWHUL]DWLRQ6RPHKLJKOLJKWVZLOOLQFOXGHOLVWHQLQJWR
3DWULFN6WHZDUW
VQDUUDWLRQRI7KH&KULVWPDV&DUROLQFODVV
ZULWLQJDVHULDOQRYHODVDFODVVLQ'LFNHQVLDQVW\OHDQGD
'LFNHQ
V'D\DWWKHHQGRIWKH\HDUZLWK
VUHSOLFDV
FRVWXPHVDQGJDPHV'LFNHQV0RYLH1LJKWVZLOOEHRIIHUHG
RXWVLGHRIFODVVIRUWKRVHLQWHUHVWHG
1HZEHU\&ODVVLFVDQG0RUH
7HDFKHU-XGL5DPVH\
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
LQFOXGHVELQGHU
7H[W%RRNOLVWZLOOEHVHQW
RXWLQHDUO\-XO\DQGZLOO
FRQWDLQPDQ\1HZEHU\$ZDUG
DQG+RQRUERRNVSOXVRWKHU
JUHDWERRNV
'HVFULSWLRQ:HZLOOEHUHDGLQJWKURXJKFODVVLFVIRUWKH
\RXQJLQPDQ\GLIIHUHQWJHQUHV:HZLOOWRXFKRQPRVWRUDOO
RIWKHIROORZLQJ0\VWHU\6FL)L+LVWRULFDO
)DQWDV\³)DQWDVWLFDO´$QLPDO)DQWDV\$QLPDO:RUOG
$GYHQWXUH5HDOLVWLF0DJLFDODQG)RON)DLU\7DOH:HZLOOXVH
DUWZULWLQJJDPHVUHDGLQJMRXUQDOVDQGZRUNVKHHWVWRJHW
WKHPRVWRXWRIHYHU\ERRN7KHJRDOH[SORUHHQMR\OHDUQ
DQGPD\EHGLVFRYHUDQDXWKRURUJHQUHWKDWWKH\ZLOOZDQWWR
UHDGPRUHRI7KHH[SHFWDWLRQEHLQJDEOHWRUHDGDWWK
JUDGHOHYHORUDERYHUHDGLQJSDJHVDERXWPLQXWHVD
GD\IRUDWRWDORIDSSUR[LPDWHO\SDJHVDZHHN7KHUH
ZLOOEHDVPDOODPRXQWRIZULWWHQKRPHZRUNGXHZLWKHYHU\
ERRNUHDGDQGWZRIXOOERRNUHSRUWVGXHLQWKH\HDUDVZHOO
DVWZRRWKHUZULWLQJSURMHFWV6WXGHQWVZLOOEHH[SHFWHGWR
FRPSOHWHWKHLURZQUHDGLQJRUFRPSOHWHE\IROORZLQJDORQJ
LQERRNZKLOHOLVWHQLQJWRDXGLRERRN)DPLOLHVZLOOQHHGWR
DFTXLUHPRVWRIWKHERRNVIRUWKHLUVWXGHQWVE\SXUFKDVLQJRU
ERUURZLQJIURPOLEUDU\
2SHQ6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVVWXG\KDOOLVLQWHQGHGIRUYLVLWLQJTXLHW
JDPHVRUJURXSDFWLYLWLHV)RRGDQGEHYHUDJHVDUHDOORZHG
$SDUHQWURWDWLRQPD\EHVHWXSWRDVVLVWZLWKVXSHUYLVLRQ
$//VWXGHQWVXQGHUPXVWKDYHDQDGXOWZKRLVGLUHFWO\
UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOOWLPHV5HVSHFWIXO
EHKDYLRUH[SHFWHG$TXLHWVWXG\KDOOLVDYDLODEOHLI\RXZDQW
DTXLHWDWPRVSKHUHLQZKLFKWRZRUN
4XLHW6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVVWXG\KDOOLVLQWHQGHGIRUVLOHQW
LQGHSHQGHQWVWXG\LQJ,WPD\DOVREHXVHGE\SDUHQWVZKR
DUHTXLHWO\ZRUNLQJZLWKWKHLUVWXGHQWV9LVLWLQJJURXS
DFWLYLWLHVRUJDPHVDUHQRWDOORZHGLQWKLVURRP6WXGHQWV
XQGHUWKHDJHRIPXVWKDYHDQDGXOWZKRLVGLUHFWO\
UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOOWLPHV
6WXG\6NLOOV
7HDFKHU6KHOO\3HDUVRQ
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W6WXG\3RZHU
,6%1;
'HVFULSWLRQ6FKRROVXFFHVVLVQRWGLUHFWO\UHODWHGWR
LQWHOOLJHQFHTXLFNQHVVDPELWLRQRUDQ\RWKHUVXFK
FKDUDFWHULVWLFV3ULPDULO\LWFRPHVIURPWKHDELOLW\DQGGHVLUH
WRPDQDJH\RXUZRUNDQG\RXUWLPHHIIHFWLYHO\6WXG\
3RZHU7KLVFODVVJLYHVVWXGHQWVWKHWRROVWRPDQDJHWKHLU
ZRUNDQGWLPHDQGWKXVPDQDJHWKHLUOHDUQLQJ7RSLFV
FRYHUHGLQFOXGHOLVWHQLQJVNLOOVQRWHWDNLQJVWXG\UHDGLQJ
WLPHPDQDJHPHQWPHPRUL]DWLRQSUHSDULQJIRUWHVWVWHVW
DQ[LHW\RUJDQL]LQJLQIRUPDWLRQDQGZULWLQJUHSRUWV
6WXGHQWVZLOOEHDVVLJQHGZHHNO\UHDGLQJFKDSWHUTXHVWLRQV
DQGDFWLYLWLHVGHVLJQHGWRSUDFWLFHWKHVNLOOVSUHVHQWHG
6WXGHQWVZLOOEHZULWLQJDQGSUHVHQWLQJDUHVHDUFKUHSRUWDW
WKHHQGRIWKH\HDU4XL]]HVDQGWHVWVZLOOFRYHUWKHWH[WDQG
FODVVOHFWXUHV
:DWHUFRORU0XOWL0HGLXPVDQG0RUH
7HDFKHU5HQH7KHUULHQ
$JH
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH,QFOXGHVZHHNO\SDSHU
VXSSOLHVSDLQWWDSHPDWWLQJ
PDWHULDOVSDVWHOVSHQV
DFU\OLFSDLQWEUXVKHVIUDPHV
HDVHOVDUWSRUWIROLRVDQG
SDJHVDUWSHQFLOV
3ULVPDFRORUDQGGUDZLQJ
HUDVHUVJOXHPDWHULDOVIRU
WKHVSULQJDUWVKRZDWWKHHQG
RIWKH\HDUFRSLHVDQG
H[DPSOHVWROHDUQE\
'HVFULSWLRQ:DWHU&RORU0XOWL0HGLXPVDQG0RUHLVDFODVV
GHVLJQHGWRHQFRXUDJHDQ\RQHZKRZDQWVWREHDQDUWLVW
7KHDWPRVSKHUHLVPHDQWWRLQYLWHWKHVWXGHQWLQWRFUHDWH
$V*RGLVWKHPDVWHUDUWLVWZHZLOOLPLWDWH+LVJUDQGZRUNV
WKURXJKGUDZLQJDQGSDLQWLQJ$VHULHVRIWKLUW\WZRDUW
SURMHFWVZLOOEHFRPSOHWHGRYHUWKHFRXUVHRIWKH\HDUDQGEH
FROOHFWHGLQWKHVWXGHQW¶VSHUVRQDODUWSRUWIROLRV7KHVH
SURMHFWVZLOOLQFOXGHGUDZLQJWHFKQLTXHVJUDSKLFGHVLJQ
OD\RXWPDWWLQJDQGIUDPLQJODQGVFDSHVVWLOOOLIHSHQDQG
LQNDQGSDLQWLQJ1RWWRPHQWLRQWKH³$QG0RUH´RIWKHFODVV
WKLVLVWUXO\OHIWXSWRWKH/RUGDQGDQ\VWXGHQWUHTXHVWV,Q
WKHVSULQJWKHUHZLOOEHDQDUWVKRZZKHUHHDFKDUWLVWZLOOEH
DEOHWRVKDUHDQGVKRZWKHLUZRUNWRRXUFRPPXQLW\$
FHUWLILFDWHRIFRPSOHWLRQZLOOEHUHZDUGHGIRUSDUWLFLSDWLQJLQ
WKLVHYHQW+LJKVFKRROFUHGLWFDQEHJLYHQIRUWKLVFRXUVHDV
WKHLQVWUXFWRULVDFRQWLQXLQJHGXFDWLRQFHUWLILHG:DVKLQJWRQ
6WDWHLQVWUXFWRU7KLVFRXUVHLVPHDQWWRDZDNHQWKHDUWLVW
ZLWKLQVRWKDWWKH\FDQXVHWKHPDQ\WDOHQWVWKH/RUGKDV
JLYHQWKHP
:RUOG*HRJUDSK\
7HDFKHU&\G$GOHU
$JH
&RVWSHUPRQWK
'HVFULSWLRQ,Q:RUOG*HRJUDSK\ZHZLOOXVHHOHPHQWVRI
WKHSRSXODU0DSSLQJWKH:RUOGE\+HDUWFXUULFXOXPWROHDUQ
DERXWZKHUHSODFHVDUHDQGWKH*HRJUDSK\&RORULQJ%RRNWR
SHU\HDUFRS\VXSSO\IHH
FRYHUVDWHDFKHUSUHSDUHG
QRWHERRNDQGKDQGRXWV
PDSPDNLQJVXSSOLHVDQG
KDQGVRQDFWLYLWLHVVXSSOLHV
7H[W*HRJUDSK\&RORULQJ
%RRNE\:\QQ.DSLW
,6%1
RU,6%1
UGHGLWLRQQGHGLWLRQDOVR
2.6WXGHQWVZLOODOVRQHHGD
JRRGVHWRIFRORUHG
SHQFLOV
OHDUQPRUHDERXWWKHP:HZLOODOVROHDUQDERXWWKHVFLHQFH
RIJHRJUDSK\DQGSK\VLFDOV\VWHPVWKHXVHVRIJHRJUDSK\
ZK\SHRSOHOLYHZKHUHWKH\GRDQGWKHLPSDFWRISHRSOHRQ
WKHLUHQYLURQPHQWV7KLVFODVVLVYHU\KDQGVRQ:HZLOOOHDUQ
WRXVHDJUDWLFXOHWRGUDZRXURZQZRUOGPDSDQGZLOOEH
XVLQJEODQNPDSVWRH[SORUHSK\VLFDODQGSROLWLFDOIHDWXUHVRI
DOOWKHFRQWLQHQWV+RPHZRUNZLOOFRQVLVWRIUHDGLQJDQG
FRORULQJSODWHVLQWKH*HRJUDSK\&RORULQJ%RRNDQVZHULQJ
6WXG\*XLGHTXHVWLRQVDQGFRUUHFWLQJ4XLFN4XL]]HVZKLFK
ZLOOWDNHKRXUVSHUZHHN0DSPDNLQJZLOOEHGRQH
LQFODVV
:HGQHVGD\$0WR30
%HJLQQLQJ%DQG'D\0HHWVERWKGD\V
7HDFKHU5RELQ6WDQJODQG
$JHXS
3UHUHTXLVLWH1R
SUHUHTXLVLWHRUPXVLFDO
H[SHULHQFHQHFHVVDU\
7H[W:LOOOHW\RXNQRZODWHU
'HVFULSWLRQ7KLVLVWKHVHFRQGGD\RIEDQGFODVVSHUZHHN
3OHDVHORRNDWWKHIXOOFODVVGHVFULSWLRQIURP0RQGD\6WDUWLQJ
LQ-DQXDU\ZHZLOOXVH:HGQHVGD\IRUVHFWLRQDOVDQGRQO\
KDYHIXOOEDQGRQ:HGQHVGD\WZLFHDPRQWK
)UHQFK%
7HDFKHU6XVLH7XFNHU
$JHXS
3UHUHTXLVLWH)UHQFK$
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
IRUSULQWHGOHVVRQVDQG
YRFDEXODU\&'
7H[W7HDFKHUVXSSOLHG
OHVVRQV
'HVFULSWLRQ<RXKDYHVWDUWHGWRPDVWHU)UHQFKDQGQRZ
\RXFRQWLQXHWRIROORZWKHSODQWRWUDYHOZRUNRUGR
PLVVLRQVLQ)UDQFH)UHQFK%ZLOOFRQWLQXHXVLQJWHDFKHU
DXWKRUHGOHVVRQSDFNHWV)UHQFKODQJXDJHZLOOEHOHDUQHG
WKURXJKZULWWHQKRPHZRUNDQGFRQYHUVDWLRQSUDFWLFH
6WXGHQWVZLOODOVROHDUQDERXW)UHQFKFXOWXUHDQGKLVWRU\
3URILFLHQF\ZLOOEHPHDVXUHGE\KRPHZRUNVSHOOLQJDQG
GLFWDWLRQTXL]]HVDQGRUDOUHFRUGLQJV6RQJVDQGVWRULHVLQ
)UHQFKZLOODGGIODYRUDQGIXQWR)UHQFK%
+HDOWK
7HDFKHU-LOO%UDQQRFN
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
FRYHUVKRPHZRUNVKHHWVDQG
RWKHUKDQGRXWV
7H[W7RWDO+HDOWK&KRLFHV
IRUD:LQQLQJ/LIHVW\OHE\
6XVDQ%RH
,6%1
SDSHUEDFNRU
,6%1
KDUGEDFN\RXGR127QHHG
WKHWHVWDQGTXL]ERRN
'HVFULSWLRQ7KLVLVDKLJKVFKRROOHYHOKHDOWKFODVVXVLQJ
WKH7RWDO+HDOWKWH[W(PSKDVLVLVSODFHGRQDOODUHDVRI
KHDOWKSK\VLFDOPHQWDOVRFLDODQGVSLULWXDODQGKRZHDFK
LVQHFHVVDU\IRUJRRGKHDOWK7KHUHZLOOEHDSSUR[LPDWHO\
KRXUVRIKRPHZRUNHDFKZHHN&ODVVWLPHZLOOEHVSHQWGRLQJ
DYDULHW\RIDFWLYLWLHVUHODWLQJWRWRSLFVVXFKDVILWQHVV
QXWULWLRQVOHHSKDELWVSHHUSUHVVXUHWLPHPDQDJHPHQW
VWUHVVSHUVRQDOLW\DVVHVVPHQWVUHODWLRQVKLSVDQGFKDUDFWHU
GHYHORSPHQW7KHWRSLFRISXULW\ZLOOEHGLVFXVVHGEXWWKH
FODVVZLOOQRWLQFOXGHFRPSUHKHQVLYHVH[HGXFDWLRQ
6WXGHQWVQHHGWRSXUFKDVH
WKLVEHIRUHWKHILUVWFODVV
7KHUHDUHRWKHUHGLWLRQVRI
WKLVWH[WZLWKGLIIHUHQW
QXPEHUV$VORQJDV\RXKDYH
WKH³KLJKVFKRRO´HGLWLRQZLWK
WKHFRUUHFWVXEWLWOHWKH
QXPEHUGRHVQ¶WPDWWHU
/DWLQ,,,
7HDFKHU0DU\6XWWRQ
$JHXS
3UHUHTXLVLWH/DWLQ,DQG,,
RUHTXLYDOHQW
&RVWSHUPRQWKIRUVW
LQIDPLO\HDFKDGGLWLRQDO
VLEOLQJ
SHU\HDUFRS\VXSSO\IHH
7H[W+DQGRXWVSURYLGHGE\
LQVWUXFWRU/DWLQ(QJOLVK
GLFWLRQDU\UHTXLUHG
'HVFULSWLRQ7KLVFODVVLVDFRQWLQXDWLRQRI/DWLQ,,
FRPSOHWLQJ3UHSDUDWRU\/DWLQDQGPRYLQJRQWR/DWLQIRU
$PHULFDQV6WXGHQWVZLOOOHDUQWKDQGWKGHFOHQVLRQRI
QRXQVUHODWLYHGHPRQVWUDWLYHLQWHQVLYHDQGSHUVRQDO
SURQRXQVLQWHUURJDWLYHSURQRXQVDQGDGMHFWLYHVLQILQLWLYHV
XVHGDVQRXQVSDUWLFLSLDOFODXVHVWHQVHVRISDUWLFLSOHVDQG
LQILQLWLYHV,QDGGLWLRQVWXGHQWVZLOOEHDVVLJQHGVWRULHVWR
WUDQVODWH$FFHVVWRHPDLODQGWKHLQWHUQHWLVUHTXLUHG
2SHQ6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVVWXG\KDOOLVLQWHQGHGIRUYLVLWLQJTXLHW
JDPHVRUJURXSDFWLYLWLHV)RRGDQGEHYHUDJHVDUHDOORZHG
$SDUHQWURWDWLRQPD\EHVHWXSWRDVVLVWZLWKVXSHUYLVLRQ
$//VWXGHQWVXQGHUPXVWKDYHDQDGXOWZKRLVGLUHFWO\
UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOOWLPHV5HVSHFWIXO
EHKDYLRUH[SHFWHG$TXLHWVWXG\KDOOLVDYDLODEOHLI\RXZDQW
DTXLHWDWPRVSKHUHLQZKLFKWRZRUN
3UDLVH&KRLU
7HDFKHU'HEELH0HQ]LHV
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W7HDFKHUSURYLGHV
PXVLFERRNVSUDFWLFH&'
KRPHZRUNVKHHWVDQGRWKHU
PDQLSXODWLYHVDVQHHGHG
'HVFULSWLRQ7KLVFODVVZLOOXVHDYDULHW\RIHQHUJHWLF
FRQWHPSRUDU\&KULVWLDQPXVLFVRPHDFDSSHOODDQG
WUDGLWLRQDOPXVLFYRFDOWHFKQLTXHVDQGZDUPXSVWRGHYHORS
DQGVWUHQJWKHQ\RXUYRLFHDQGKDUPRQ\VNLOOV:HZLOOOHDUQ
SHUIRUPDQFHWHFKQLTXHVDQGZLOOLQFOXGHFKRUHRJUDSK\
GDQFHPHGLDDQGLQVWUXPHQWVZKHQZHFDQIRUDGGHGIXQ
DQGOHDUQLQJ:HZLOOSHUIRUPLQWZRUHFLWDOVSHU\HDUZKLFK
LQFOXGHVDPDVVFKRLUH[SHULHQFH3UDFWLFHWLPHDWKRPH
KRXUVSHUZHHN
3UH&DOFXOXV
7HDFKHU%HWW\/RX
6FKLQGOHU
$JHXS
3UHUHTXLVLWH&RPSOHWLRQRI
$OJHEUD7ULJDQG*HRPHWU\
ZLWKD³%´RUEHWWHU
'HVFULSWLRQ7KLVFRXUVHZLOOH[SDQGRQWRSLFVSUHYLRXVO\
FRYHUHGLQ$OJHEUD7ULJDQGZLOOILQLVKOD\LQJWKHIRXQGDWLRQ
QHFHVVDU\IRUEHLQJVXFFHVVIXOLQFROOHJHOHYHO&DOFXOXV
KRXUVRIKRPHZRUNZLOOEHUHTXLUHGHDFKZHHN6WXGHQWVLQ
WKLVFODVVPXVWEHVWURQJLQGHSHQGHQWZRUNHUV
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W3UHFDOFXOXVZLWK/LPLWV
$*UDSKLQJ$SSURDFKWK
HGLWLRQE\/DUVRQ+RVWHWOHU
(GZDUGV
,6%1;
+RXJKWRQ0LIIOLQ3XEOLVKHU
4XLHW6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVVWXG\KDOOLVLQWHQGHGIRUVLOHQW
LQGHSHQGHQWVWXG\LQJ,WPD\DOVREHXVHGE\SDUHQWVZKR
DUHTXLHWO\ZRUNLQJZLWKWKHLUVWXGHQWV9LVLWLQJJURXS
DFWLYLWLHVRUJDPHVDUHQRWDOORZHGLQWKLVURRP6WXGHQWV
XQGHUWKHDJHRIPXVWKDYHDQDGXOWZKRLVGLUHFWO\
UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOOWLPHV
6FLHQFH([SORUDWLRQV
7HDFKHU.DUL5HQNHPD
$JH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
FRYHUVQRWHERRNVFRSLHVDQG
SURMHFWPDWHULDOV
'HVFULSWLRQ&RPHZLWKXVRQDMRXUQH\RIGLVFRYHU\DVZH
H[SORUH*RG
VEHDXWLIXOFUHDWLRQ7KHZRUOGDURXQGXV
GHFODUHVWKHJORU\RI*RG,KRSHWRLQVSLUHDSDVVLRQIRU
VWXG\LQJVFLHQFHDVZHH[SORUHYDULRXVDVSHFWVRIWKHZRUOG
DURXQGXV7RSLFVPD\LQFOXGHOLYLQJWKLQJVEDFWHULDW\SHV
RIDQLPDOVSODQWVWKHVRODUV\VWHPSKDVHVRIWKHPRRQ
JUDYLW\PDJQHWVDWRPVDQGPROHFXOHVURFNVDQGPLQHUDOV
FU\VWDOVFORXGVWKHZHDWKHUDQGDOOWKHTXHVWLRQV\RXU
VWXGHQWEULQJVWRFODVV:HZLOOH[SORUHWKHVHVXEMHFWVZKLOH
UHFRUGLQJRXUQRWHVDQGREVHUYDWLRQVLQDVFLHQFHMRXUQDO
)RUPDQ\OHVVRQVZHZLOOKDYHDKDQGVRQSURMHFW
6SDQLVK
7HDFKHU-DQHW&DLUQV
$JHXS
3UHUHTXLVLWH6SDQLVK%
RULQVWUXFWRU¶VSHUPLVVLRQ
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W6SDQLVKIRU
0DVWHU\(QWUHQRVRWURV
,6%1
6SDQLVKIRU0DVWHU\
(QWUHQRVRWURV([SDQGHG
:RUNERRN
,6%1
6SDQLVK(QJOLVK'LFWLRQDU\
+LJKO\5HFRPPHQGHG
6SDQLVK9HUEVE\
&KULVWRSKHU.HQGULV
,6%1
$Q\HGLWLRQLVILQH7KHVH
'HVFULSWLRQ7KHVWXGHQWVLQ6SDQLVKZLOOOHDUQRUDODQG
ZULWWHQ6SDQLVKDWDPRUHDGYDQFHGOHYHO6WXGHQWVZLOO
VWXG\6SDQLVKJUDPPDUDVWKH\OHDUQWRFRQYHUVHLQWKLV
ZRQGHUIXOODQJXDJH7KH\ZLOOVWXG\GLUHFWDQGLQGLUHFWREMHFW
SURQRXQVUHIOH[LYHYHUEVFRPPDQGVSUHWHULWHWHQVH
LPSHUIHFWWHQVHDQGDQLQWURGXFWLRQWRWKHVXEMXQFWLYH
,QFUHDVHG6SDQLVKFRQYHUVDWLRQLVHPSKDVL]HGDVWKH
VWXGHQWVH[SDQGWKHLUNQRZOHGJHRIJUDPPDU:HZLOOJRWR
DQHDUE\0H[LFDQUHVWDXUDQWZKHUHWKHVWXGHQWVZLOORUGHULQ
6SDQLVK7KLVLVDQRQ&RQQHFWLRQVVSRQVRUHGDFWLYLW\
6XSSO\IHHLQFOXGHVDELQGHUZRUNVKHHWVELQGHULQVHUWVDQG
DELPRQWKO\6SDQLVKPDJD]LQH6SDQLVKFRYHUVWKHHQWLUH
VHFRQG\HDURI+LJK6FKRRO6SDQLVK,WLVDYHU\LQWHQVH
FODVVDVLWJRHVWZLFHDVIDVWDVHLWKHU6SDQLVK$RU%
DQGWKHPDWHULDOLVYHU\DGYDQFHG3ODQRQ±KRXUVRI
KRPHZRUNDZHHN
ERRNVDUHDYDLODEOHWKURXJK
$PD]RQFRP
:DWHUFRORU0XOWL0HGLXPVDQG0RUH
7HDFKHU5HQH7KHUULHQ
$JHXS
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH,QFOXGHVZHHNO\SDSHU
VXSSOLHVSDLQWWDSHPDWWLQJ
PDWHULDOVSDVWHOVSHQV
DFU\OLFSDLQWEUXVKHVIUDPHV
HDVHOVDUWSRUWIROLRVDQG
SDJHVDUWSHQFLOV
3ULVPDFRORUDQGGUDZLQJ
HUDVHUVJOXHPDWHULDOVIRU
WKHVSULQJDUWVKRZDWWKHHQG
RIWKH\HDUFRSLHVDQG
H[DPSOHVWROHDUQE\
'HVFULSWLRQ:DWHU&RORU0XOWL0HGLXPVDQG0RUHLVDFODVV
GHVLJQHGWRHQFRXUDJHDQ\RQHZKRZDQWVWREHDQDUWLVW
7KHDWPRVSKHUHLVPHDQWWRLQYLWHWKHVWXGHQWLQWRFUHDWH
$V*RGLVWKHPDVWHUDUWLVWZHZLOOLPLWDWH+LVJUDQGZRUNV
WKURXJKGUDZLQJDQGSDLQWLQJ$VHULHVRIWKLUW\WZRDUW
SURMHFWVZLOOEHFRPSOHWHGRYHUWKHFRXUVHRIWKH\HDUDQGEH
FROOHFWHGLQWKHVWXGHQW¶VSHUVRQDODUWSRUWIROLRV7KHVH
SURMHFWVZLOOLQFOXGHGUDZLQJWHFKQLTXHVJUDSKLFGHVLJQ
OD\RXWPDWWLQJDQGIUDPLQJODQGVFDSHVVWLOOOLIHSHQDQG
LQNDQGSDLQWLQJ1RWWRPHQWLRQWKH³$QG0RUH´RIWKHFODVV
WKLVLVWUXO\OHIWXSWRWKH/RUGDQGDQ\VWXGHQWUHTXHVWV,Q
WKHVSULQJWKHUHZLOOEHDQDUWVKRZZKHUHHDFKDUWLVWZLOOEH
DEOHWRVKDUHDQGVKRZWKHLUZRUNWRRXUFRPPXQLW\$
FHUWLILFDWHRIFRPSOHWLRQZLOOEHUHZDUGHGIRUSDUWLFLSDWLQJLQ
WKLVHYHQW+LJKVFKRROFUHGLWFDQEHJLYHQIRUWKLVFRXUVHDV
WKHLQVWUXFWRULVDFRQWLQXLQJHGXFDWLRQFHUWLILHG:DVKLQJWRQ
6WDWHLQVWUXFWRU7KLVFRXUVHLVPHDQWWRDZDNHQWKHDUWLVW
ZLWKLQVRWKDWWKH\FDQXVHWKHPDQ\WDOHQWVWKH/RUGKDV
JLYHQWKHP
:RUOG+LVWRU\
7HDFKHU6KHOO\3HDUVRQ
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W7REHGHWHUPLQHG
%RRNOLVWWREHPDLOHGLQ
$XJXVW
'HVFULSWLRQ7KLVFODVVZLOODWWHPSWWRFRYHUWKHHQWLUH
KLVWRU\RIWKHZRUOGLQRQHVFKRRO\HDU$FWXDOO\ZHZLOOIRFXV
RQWKHPDMRUFLYLOL]DWLRQVWKHLUFXOWXUHVGHYHORSPHQW
UHOLJLRQDQGJRYHUQPHQW:HZLOOEHXVLQJDWH[WERRNDVRXU
IRXQGDWLRQDQGZLOODOVREHUHDGLQJPDWHULDOVZULWWHQE\
WKRVHZKROLYHGLQWKHVHFLYLOL]DWLRQV7KHJRDORIWKLVFRXUVH
LVWRJLYHVWXGHQWVDEHWWHUXQGHUVWDQGLQJRIZRUOG
FLYLOL]DWLRQVDQGKRZWKHEHOLHIVIDLWKKHOGE\DFXOWXUH
LQIOXHQFHVLWVGHYHORSPHQW6WXGHQWVZLOOEHDVVLJQHGZHHNO\
UHDGLQJDQGZLOOFRPSOHWHDYDULHW\RIDVVLJQPHQWVLQFOXGLQJ
TXHVWLRQVPDSVUHSRUWVDQGSURMHFWV7KHVHDVVLJQPHQWV
DVZHOODVWHVWVZLOOGHWHUPLQHJUDGHV
:HGQHVGD\30WR30
$OJHEUD7ULJ
7HDFKHU%HWW\/RX
6FKLQGOHU
$JHXS
3UHUHTXLVLWH&RPSOHWLRQRI
$OJHEUDDQG*HRPHWU\ZLWK
D³%´RUEHWWHU
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W$/*(%5$$Q
'HVFULSWLRQ7KLVFRXUVHLVGHVLJQHGIRUVWURQJPDWK
VWXGHQWVZKRDUHFROOHJHXQLYHUVLW\ERXQG7KHILUVWSDUWRI
WKH\HDUIRFXVHVRQDOJHEUDVNLOOVQHHGHGWRFRQWLQXHLQKLJK
VFKRRODQGFROOHJHPDWK7RSLFVLQFOXGHPDWULFHVH[SRQHQWLDO
DQGORJDULWKPLFIXQFWLRQVSRO\QRPLDODQGUDWLRQDOIXQFWLRQV
DQGFRQLFVHFWLRQV7KHODVWWZRPRQWKVRIWKH\HDUZLOOEH
H[WHQVLYHVWXG\RIWULJRQRPHWU\LQFOXGLQJULJKWWULDQJOHWULJ
LQYHUVHWULJIXQFWLRQVWULJLGHQWLWLHVDQGJUDSKLQJWULJ
IXQFWLRQV*UDSKLQJFDOFXODWRUVDUHUHTXLUHGDQGHPSKDVLVLV
,QWHJUDWHG$SSURDFKE\
/DUVRQ.DQROG6WLII
3XEOLVKHGE\+($7+F
,6%1
7,3OXVJUDSKLQJFDOFXODWRU
UHTXLUHG7,3OXVLV2.
SODFHGRQSURILFLHQF\LQWKHXVHRIWKHFDOFXODWRUWRJUDSK
IXQFWLRQVZRUNZLWKPDWULFHVDQGSHUIRUPVRPHVWDWLVWLFDO
DQDO\VLV6L[WRVHYHQKRXUVRIZRUNRXWVLGHRIFODVVZLOOEH
UHTXLUHGHDFKZHHN3DUHQWVHQVXUHWKDWWKHLUVWXGHQWLV
FRPSOHWLQJDQGFRUUHFWLQJHDFKGDLO\DVVLJQPHQW
$PHULFDQ/LWHUDWXUH
7HDFKHU:DQGD'XJDQ
$JHXS
3UHUHTXLVLWH%DVLF
SURILFLHQF\LQFRPSRVLWLRQ
ZULWLQJ
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W$UHDGLQJOLVWZLOOEH
VHQWRXWEHIRUHWKHIDOO
'HVFULSWLRQ$PHULFDQOLWHUDWXUHKDVEHHQWKHGRPLQDQW
FXOWXUDOIRUFHLQWKHZRUOGVLQFHWKHPLG
VVRLW
VDQ
LPSRUWDQWILHOGIRUKLJKVFKRROVWXGHQWVWRVWXG\:HZLOOORRN
DWWKHURRWVRI$PHULFDQZULWLQJIURP(DUO\7KHLVP
5RPDQWLFLVP5HDOLVP
DQG([LVWHQWLDOLVPSUHVHQW2XUSXUSRVHLVWR
XQGHUVWDQGWKHGHYHORSPHQWRIWKRXJKWWKURXJK$PHULFDQ
ZULWHUVDVZHOODVSUDFWLFHRXURZQILFWLRQZULWLQJVNLOOVEDVHG
RQRXUUHDGLQJ7KLVLVDQDGYDQFHG(QJOLVKFODVVIRUVWXGHQWV
ZKRKDYHDOUHDG\PDVWHUHGWKHLUEDVLFKLJKVFKRROOHYHO
(QJOLVKVNLOOV+RPHZRUNZLOOQHHGKRXUVSHUZHHN
&6/HZLV
7HDFKHU1RUPDQ/XQG
$JHXS
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH
7H[W7KH&KURQLFOHVRI
1DUQLDDOO7KH6FUHZWDSH
/HWWHUV7KH*UHDW'LYRUFH
7KH6SDFH7ULORJ\DOO
8VHGFRSLHVUHDGLO\DYDLODEOH
'HVFULSWLRQ7KLVLVDIXOO\HDUVWXG\RI&6/HZLV7KH
FRXUVHZLOOLQFOXGHDQLQWURGXFWLRQDQGFRPPHQWDU\DQGD
GHWDLOHGVWXG\RIVRPHRIWKHDXWKRU¶VPRVWSRSXODUDQG
LPSRUWDQWZRUNVRIILFWLRQ7KH&KURQLFOHVRI1DUQLDWKH
6FUHZWDSH/HWWHUV7KH*UHDW'LYRUFHDQGWKH6SDFH
7ULORJ\2XWRIWKH6LOHQW3ODQHW3HUHODQGUDDQG7KDW
+LGHRXV6WUHQJWK7KHFRXUVHZLOOLQFOXGHWZRDGGLWLRQDO
³FROOHJHSUHS´IHDWXUHVZHHNO\OLVWVDQGTXL]]HVRQ6$7
YRFDEXODU\ZHHNO\OLVWVDQGTXL]]HVRQ$3/LWHUDU\7HUPV
DQG$XWKRUV(VWLPDWHGVWXG\WLPHKRXUVZHHN
*DPHVIRU/HDUQLQJ
7HDFKHU9LFNL%RRQ
$JH
&RVWSHUPRQWK
1RFRS\IHH*DPHVIRUFODVV
ZLOOFRPHRXWRIWKHWXLWLRQ
SD\PHQW
'HVFULSWLRQ0DQ\GLIIHUHQWWKLQJVFDQEHOHDUQHGE\SOD\LQJ
JDPHVLQFOXGLQJPDWKJHRJUDSK\VSHOOLQJVFLHQFH
WKLQNLQJVNLOOVDQGSUREOHPVROYLQJ&RQFHSWVFDQEHOHDUQHG
HIIRUWOHVVO\ZKLOHKDYLQJIXQSOD\LQJDJDPH,QWKLVFODVVIRU
VLEOLQJVZHZLOOVSHQGWKHHQWLUHKRXUSOD\LQJJDPHV&R
WDXJKWE\$GHOH*HRUJHDQG9LFNL%RRQ
/DWLQ,,
7HDFKHU0DU\6XWWRQ
$JHXS
3UHUHTXLVLWH/DWLQ,RUE\
SHUPLVVLRQRIWKHLQVWUXFWRU
&RVWSHUPRQWKIRUVW
LQIDPLO\HDFKDGGLWLRQDO
VLEOLQJ
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ&RQWLQXDWLRQRI/DWLQ,6WXGHQWVZLOOOHDUQWKH
SHUIHFWWHQVHVDFWLYHDQGSDVVLYHYRLFHUGGHFOHQVLRQ
QRXQVDQGDGMHFWLYHVUGDQGWKFRQMXJDWLRQRIYHUEVDQG
LQWURGXFWLRQWRSDUWLFLSOHV,QDGGLWLRQVWXGHQWVGHVLULQJD
IXOOODQJXDJHFUHGLWZLOOEHDVVLJQHGDSURMHFWHDFKVHPHVWHU
$FFHVVWRHPDLODQGWKHLQWHUQHWLVUHTXLUHG
7H[W&RQWLQXDWLRQRI
3UHSDUDWRU\/DWLQSURYLGHG
E\LQVWUXFWRU
/LWHUDWXUHDQG3RHWU\
7HDFKHU/LVD/D0DUFKH
$JH
3UHUHTXLVLWH1$
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH
7H[W1$
'HVFULSWLRQ7KHUHDUHIHZWKLQJVPRUHLPSRUWDQWWKDQ
HTXLSSLQJDFKLOGWRKDYHDGHHSORYHIRUVWRULHVDQGSRHWU\
7RJRRQHVWHSIXUWKHULVWRWHDFKWKHPWRFULWLFDOO\DQDO\]H
ZKDWWKH\UHDGDQGXQGHUVWDQGLQDGHHSHUZD\WKHEHDXWLIXO
WDSHVWU\RIVWRU\WHOOLQJ8VLQJ$GDP$QGUHZ¶VH[FHOOHQW
FXUULFXOXP7HDFKLQJWKH&ODVVLFVWKLVFRXUVHZLOOFRYHUWKH
EHJLQQLQJVRIOLWHUDU\DQDO\VLVE\XVHRIVWRU\HOHPHQWVVXFK
DVVHWWLQJFKDUDFWHUVFRQIOLFWSORWDQGWKHPH/LWHUDU\
GHYLFHVVXFKDVPHWDSKRUVLPLOHLPDJHU\DQGV\PEROLVP
DPRQJRWKHUVDUHWDXJKWDQGPDVWHUHGE\WKHFRXUVH
FRPSOHWLRQ7KLVFODVVDOVRLQFOXGHVDVWXG\RISRHWU\
LQFOXGLQJSRHWU\PHPRUL]DWLRQDQGUHFLWDWLRQ0RVW
LPSRUWDQWO\ZLWKLQWKHVWXG\RIOLWHUDWXUHZHZLOOH[DPLQH
KRZDOOVWRULHVSRLQWWRWKH³JUHDWHVWVWRU\´RIWKHJRVSHORI
-HVXV&KULVW
0RVWO\$&DSSHOOD9RFDO
7HDFKHU'HEELH0HQ]LHV
$JHXS
3UHUHTXLVLWH6KRUWDQG
VLPSOHDXGLWLRQZLWKWHDFKHU
FDQEHGRQHRQSKRQH
FKRLUH[SHULHQFHDQGKDUPRQ\
VNLOOVSUHIHUUHGDQGKHOSIXO
EXWQRWQHFHVVDU\
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
7H[W0DWHULDOVIHHFRYHUVDOO
PXVLFERRNVDQGFRSLHV
SUDFWLFH&'DQGKRPHZRUN
VKHHWV
'HVFULSWLRQ7KLVFODVVZLOOIRFXVRQOHDUQLQJDGYDQFHGYRFDO
WHFKQLTXHVWRH[SDQG\RXUYRFDOVNLOOVIOH[LELOLW\UDQJHDQG
WRQDOLW\:HZLOOVLQJPRVWO\DFDSSHOODPXVLF2XUPXVLFZLOO
YDU\DQGPD\LQFOXGHWUDGLWLRQDOFRQWHPSRUDU\EDUEHUVKRS
DQGHYHQVRQJVLQRWKHUODQJXDJHV:RUVKLSZLOOEHDIRFXV
WRR7KHUHPD\EHRSSRUWXQLWLHVIRUHQVHPEOHDQGVRORZRUN
GHSHQGLQJRQWKHFODVVVL]HIURP\HDUWR\HDU<RXZLOO
SHUIRUPLQWZRUHFLWDOVSHU\HDULQFOXGLQJDPDVVFKRLU
H[SHULHQFHDWHDFKUHFLWDO3UDFWLFHWLPHKRXUVSHU
ZHHN1RWHWREHLQWKLVFODVV\RXZLOOQHHGWRVLQJDVLPSOH
VRQJWRVKRZ\RXUPXVLFDODELOLW\&KRLUH[SHULHQFHDQG
KDUPRQ\VNLOOVDUHSUHIHUUHGEXWQRWQHFHVVDU\
2SHQ6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVVWXG\KDOOLVLQWHQGHGIRUYLVLWLQJTXLHW
JDPHVRUJURXSDFWLYLWLHV)RRGDQGEHYHUDJHVDUHDOORZHG
$SDUHQWURWDWLRQPD\EHVHWXSWRDVVLVWZLWKVXSHUYLVLRQ
$//VWXGHQWVXQGHUPXVWKDYHDQDGXOWZKRLVGLUHFWO\
UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOOWLPHV5HVSHFWIXO
EHKDYLRUH[SHFWHG$TXLHWVWXG\KDOOLVDYDLODEOHLI\RXZDQW
DTXLHWDWPRVSKHUHLQZKLFKWRZRUN
4XLHW6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVVWXG\KDOOLVLQWHQGHGIRUVLOHQW
LQGHSHQGHQWVWXG\LQJ,WPD\DOVREHXVHGE\SDUHQWVZKR
DUHTXLHWO\ZRUNLQJZLWKWKHLUVWXGHQWV9LVLWLQJJURXS
DFWLYLWLHVRUJDPHVDUHQRWDOORZHGLQWKLVURRP6WXGHQWV
XQGHUWKHDJHRIPXVWKDYHDQDGXOWZKRLVGLUHFWO\
UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOOWLPHV
5RDGVLGH5RFNV
7HDFKHU%ULDQ5DYHQ
$JH
&RVWSHUPRQWK
7H[W5RDGVLGH*HRORJ\RI
:DVKLQJWRQ$OW+\QGPDQ
,6%1
'HVFULSWLRQ8WLOL]LQJWKH5RDGVLGH*HRORJ\RI:DVKLQJWRQ
6WDWHWH[WZHZLOOEHVWXG\LQJJHRORJLFPDSVPLQHUDOV
LJQHRXVURFNVVHGLPHQWDU\URFNVPHWDPRUSKLFURFNV
YROFDQRHVLQFOXGLQJ0W6W+HOHQV0W5DLQLHUDQGWKH
&ROXPELD3ODWHDXSOXWRQLFERGLHVHDUWKTXDNHVSODWH
WHFWRQLFVZHDWKHULQJHURVLRQVWUHDPVJODFLHUVDQGVRLO
7KLVFODVVZLOOEHIRFXVHGRQWKHJHRORJLFDVSHFWVRIWKH
3DFLILF1RUWKZHVW6WXGHQWVZLOOEHXWLOL]LQJWKHLUDUWLVWLF
WDOHQWVWRGUDZVHYHUDOFURVVVHFWLRQVRIDUHDVRIJHRORJLF
LQWHUHVWLQRXUVWDWH,ZLOODOVREHRIIHULQJRQHRUWZR
RSWLRQDO6DWXUGD\ILHOGFRXUVHV7KHVHILHOGFRXUVHVDUH
WDUJHWHGDWWKHVWXGHQWVEXWIDPLO\PHPEHUVDUHZHOFRPHWR
DWWHQG7KHUHLVQRIHHIRUWKHILHOGFRXUVHVDQGWKH\DUHQRW
VSRQVRUHGE\+RPHVFKRRO&RQQHFWLRQV
6SDQLVK$
7HDFKHU-DQHW&DLUQV
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
WKDWLQFOXGHVDELQGHUIODVK
FDUGVZRUNVKHHWVELQGHU
LQVHUWVDQGELPRQWKO\6SDQLVK
PDJD]LQH
7H[W6SDQLVKLV)XQ%RRN
WKHGLWLRQE\+H\ZRRG:DOG
,6%1
VRIWERXQG
6SDQLVKLV)XQ%RRN
&XDGHUQRGHHMHUFLFLRVWK
HGLWLRQE\+H\ZRRG:DOG
,6%17%'
7KHVHERRNVDUHDYDLODEOHDW
WKH8QLYHUVLW\%RRN6WRUH
WKURXJKWKHSXEOLVKHU
DPVFRSXEFRP
'HVFULSWLRQ-RLQXVRQDQDGYHQWXUHDVZHOHDUQWRUHDG
ZULWHDQGVSHDN6SDQLVK6SDQLVKYRFDEXODU\JUDPPDUDQG
FRQYHUVDWLRQZLOOEHHPSKDVL]HG7KHFODVVZLOOFRYHU
QXPEHUVWHOOLQJWLPHGHILQLWHDQGLQGHILQLWHDUWLFOHV
DGMHFWLYHVGDWHVWKHWKUHHW\SHVRI6SDQLVKYHUEV$5(5
,5DQGLUUHJXODUYHUEV:HZLOOVXSSOHPHQWRXU6SDQLVKWH[W
ZLWKJDPHVTXL]]HVDQG%LEOHYHUVHVLQ6SDQLVK7KLVFODVV
FRYHUVWKHILUVWVHPHVWHURI+LJK6FKRRO6SDQLVK0RVW
VWXGHQWVWDNHWKLVFODVVIRU+LJK6FKRROFUHGLWVRDOOVWXGHQWV
PXVWEHSUHSDUHGWRNHHSXS7KHUHDUHKRXUVRI
KRPHZRUNSHUZHHN
7XWRU5RRP
'HVFULSWLRQ7KLVFODVVURRPLVDYDLODEOHIRURQHRQRQH
WXWRULQJE\&RQQHFWLRQV
WHDFKHUVIRU&RQQHFWLRQV¶VWXGHQWV
&RQWDFWWHDFKHUGLUHFWO\UHJDUGLQJWKHLUDYDLODELOLW\DQG
WXWRULQJFRVWV7KHUHPXVWEHWZRDGXOWVLQWKLVURRPDWDOO
WLPHV,IRQO\RQHWHDFKHULVSUHVHQWWKHVWXGHQW
VSDUHQW
PXVWUHPDLQLQWKHURRP
:HGQHVGD\30WR30
&KHPLVWU\(QGVDW
7HDFKHU%ULDQ5DYHQ
$JHXS
3UHUHTXLVLWH&RPSOHWLRQRI
$OJHEUD
&RVWSHUPRQWK
7H[W,QWURGXFWLRQWR
&KHPLVWU\WKHGE\75
'LFNVRQ,6%1
'HVFULSWLRQ7KLVLVD&ROOHJH3UHSFRXUVHWKDWZLOOLQWURGXFH
WKHVWXGHQWVWRWKHIXQGDPHQWDOSULQFLSOHVRI&KHPLVWU\
(YDOXDWLRQZLOOEHYLDZHHNO\KRPHZRUNIURPWKHWH[WDILQDO
SURMHFWDQGWKUHHH[DPV7RSLFVRIVWXG\ZLOOLQFOXGH
6\VWHP,QWHUQDWLRQDOVFLHQWLILFQRWDWLRQDWRPLFVWUXFWXUH
FKHPLFDOERQGVHOHFWURQFRQILJXUDWLRQFRPEXVWLRQ
R[LGDWLRQUHGXFWLRQS+QXFOHDUUDGLDWLRQDQG
VWRLFKLRPHWU\(DFKVWXGHQWVKRXOGKDYHDVFLHQFHQRWHERRN
DQGDVFLHQWLILFFDOFXODWRU7,RUHTXLYDOHQW7KLVFRXUVH
TXDOLILHVDVD+LJK6FKRRO/DE6FLHQFH&UHGLW
'DULQJ*LUOV
7HDFKHU+HLGL&XUQXWW
$JH
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH
7H[W7KH'DULQJ%RRNIRU
*LUOVE\$QGUHD%XFKDQDQ
RQ$PD]RQ
'HVFULSWLRQ7KHZRUOGLVELJJHUWKDQ\RXFDQLPDJLQHDQG
LWLV\RXUVIRUWKHH[SORULQJLI\RXGDUH6RPHWKLQJV
DUHIXQWROHDUQDORQJZLWKJLUOIULHQGV:HZLOOVSHQGWLPH
WUDYHOLQJWRRWKHUODQGVOHDUQLQJDERXWJUHDWZRPHQRI
KLVWRU\HVVHQWLDOOLIHVNLOOVHYHU\JLUOVKRXOGNQRZDQGPRUH
:HZLOOUHDGDZLGHYDULHW\RIERRNVIRUHQMR\PHQWQR
SXUFKDVHQHFHVVDU\MXVWDOLEUDU\FDUG:HZLOOPDNHVRPH
IXQSURMHFWVDQGFRYHUDELWRIKHDOWKDQGEHDXW\7KLVZLOOEH
DXQLWVWXG\FODVV6XEMHFWVFRYHUHGZLOOEH6FLHQFH&UDIWV
+LVWRU\*HRJUDSK\/LIH6NLOOV:ULWLQJ/LWHUDWXUHDQGPRUH
7KLVFODVVFDQEHWUHDWHGDVDFRUHFODVVFRYHULQJWKHDERYH
VXEMHFWVZLWKKRXUVRIKRPHZRUNSHUZHHNLQFOXGLQJ
UHDGLQJDQGSURMHFWVRULWFDQEHMXVWDQHQULFKPHQWFODVV
ZLWKOLWWOHRUQRKRPHZRUN
(DUO\0RGHUQ+LVWRU\
7HDFKHU.DUL5HQNHPD
$JH
3UHUHTXLVLWH1RQH
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
FRYHUVQRWHERRNVDQGWDEV
FRSLHVDQGSURMHFWVXSSOLHV
7H[W6WRU\RIWKH:RUOG
+LVWRU\IRUWKH&ODVVLFDO&KLOG
E\6XVDQ:LVH%DXHU
YROXPHVDQG(DUO\
0RGHUQ7LPHVDQG7KH
0RGHUQ$JH
'HVFULSWLRQ7KLVFRXUVHZLOOEHJLQH[SORULQJWKHKLVWRU\
IROORZLQJWKH0LGGOH$JHVDQGWKH5HQDLVVDQFH:HZLOOEH
VWXG\LQJWKHH[SORUHUVRIWKH1HZ:RUOG(XURSHDQ
LQWHUDFWLRQZLWKWKH(DVWHUQZRUOGWKH(QOLJKWHQPHQW
$PHULFDQDQG)UHQFK5HYROXWLRQV(XURSHDQGWKH
GHYHORSPHQWRIQDWLRQV$PHULFD9LFWRULDQ(QJODQGWKH
LQGXVWULDOUHYROXWLRQDQGWKHWK&HQWXU\7KLVHUDRIWLPH
OD\VWKHSKLORVRSKLFDOJURXQGZRUNIRUPRGHUQDWWDFNVRQ
IDLWKDQGWKHKLVWRULFLW\RIWKH%LEOH:HZLOOOHDUQKRZWR
DGGUHVVWKHVHLVVXHVDV&KULVWLDQV7KHUHZLOOEHPDSZRUN
DQGVWXG\LQJKRZJHRJUDSK\DIIHFWVKLVWRU\7KHVWXGHQWV
ZLOOFRPSOHWHWLPHOLQHVSURMHFWVDQGUHDGLQJV7KHUHZLOOEH
DURXQGKRXUVRIKRPHZRUNDZHHNLQFOXGLQJUHDGLQJV
TXL]]HVDQGVPDOOSDSHUV
+LJK6FKRRO'UDPD(QGVDW
7HDFKHU0DULDQQL*URYHV
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
'HVFULSWLRQ6HULRXVGUDPDVHULRXVFRPPLWPHQWVHULRXV
IXQ7KLVFODVVLVIRUWKRVHZKRNQRZWKH\ORYHWKHDWHUDQG
DUHUHDG\WRVWUHWFKWKHPVHOYHV([SHFWOLQHPHPRUL]DWLRQ
IXQGUDLVLQJSURGXFWLRQZRUNLQFOXGLQJVHWVFRVWXPHV
FKRUHRJUDSK\DQGPXFKPRUH7KLVFODVVUHTXLUHV
SUHSDUDWLRQWLPHRIWRKRXUVDZHHNRXWVLGHRIFODVV
%HFDXVHGUDPDLVDWHDPDFWLYLW\DOOUHKHDUVDOVDUH
PDQGDWRU\(DUO\LQWKH\HDUWKHUHZLOODOVREHDVFKHGXOH
KDQGHGRXWRIPDQGDWRU\RXWVLGHRIFODVVWLPHUHKHDUVDOV
PRVWRIZKLFKZLOOEHFORVHWRWKHSURGXFWLRQGDWH(DFK
IDPLO\PXVWDJUHHWRKDYHWKHLUVWXGHQWDWDOORIWKHVH
UHKHDUVDOVEHIRUHWKHVWXGHQWDFFHSWVKLVKHUSDUW5HJXODU
DWWHQGDQFHLQFODVVLVDOVRH[SHFWHG7KHSDUHQWVLQHDFK
IDPLO\ZLOOEHH[SHFWHGWRDWWHQGVHYHUDOPHHWLQJV
WKURXJKRXWWKH\HDUSUREDEO\GXULQJOXQFKKRXUDQGWRWDNH
RQDSURGXFWLRQMRE([SHFW\RXUSURGXFWLRQMREWRFDOOIRU
KRXUVWKURXJKRXWWKH\HDUFXOPLQDWLQJWRZDUG
SURGXFWLRQGDWHV(DFKIDPLO\ZLOOQHHGWRVLJQDFRQWUDFW
DJUHHLQJWRDOORIWKHDERYHWRFRQILUPWKHLUHQUROOPHQWLQWKH
FODVV2XUWHFKZHHNGDWHVDUHHQGRI$SULOWRHDUO\0D\
GHILQLWHGDWHV7%':HDUHGRLQJDWUDGLWLRQDOVKRZWKLVQH[W
\HDU7KHUHZLOOEHDSD\PHQWVDUHDFFHSWHGDQG
IHHVDUHQRWGXHXQWLO-DQSURGXFWLRQIHHSHUVWXGHQW
:HHQFRXUDJHWKHVWXGHQWVWRHDUQWKLVPRQH\GXULQJWKH
VXPPHUDQGZLOOVSHDNDERXWSHUVRQDOSODQVDWWKHGUDPD
PHHWLQJDWWKHHQGRIWKH\HDU6WXGHQWVZLOOKDYHWKH
RSSRUWXQLW\WR727$//<HDUQWKLVIHHWKURXJKIXQGUDLVLQJ
RSSRUWXQLWLHV,)WKH\FKRRVHWRSDUWLFLSDWH
+RZ7KLQJV:RUN(QGVDW
7HDFKHU-LP$OEHUW
$JHXS
3UHUHTXLVLWH0XVWKDYH
DFFHVVWRWKHLQWHUQHWDQG
KDYHSDUHQWDOFRQVHQWIRUD
JPDLODFFRXQW
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
LQFOXGHVVDIHW\JHDU
7H[W127(;7%22.WKHUH
ZLOOEHUHTXLUHGUHDGLQJ
PRVWO\SRVWHGDVD*RRJOH
'RFXPHQW
'HVFULSWLRQ'LVFRYHUWKHEDVLFSULQFLSOHVEHKLQGHOHFWULFLW\
PDJQHWLVPOLJKWHOHFWURQLFVDQGPHFKDQLFVWKDWDUHIRXQG
LQWKHFRPPRQLWHPVDURXQGWKHKRPHDQGFDU7KLVFODVVLV
DKDQGVRQFODVV7KHVWXGHQWZLOOOHDUQWRXVHWKHSURSHU
WRROVDVZHGLVDVVHPEOHYDULRXVDSSOLDQFHVODPSVHOHFWULF
PRWRUVDQGRWKHUPHFKDQLFDOGHYLFHV%\H[DPLQLQJWKHVH
QRQRSHUDWLRQDOLWHPVWKH\ZLOOGHYHORSDEDVLFGLDJQRVWLF
VWUDWHJ\,GHQWLI\LQJWKHSUREOHPZHZLOOEHDEOHWRHYDOXDWH
WKHFRVWHIIHFWLYHQHVVRIWKHUHSDLUDQGXQGHUVWDQGKRZWR
PDNHWKHUHSDLU7KHFODVVGLVFXVVLRQVDQGODEDFWLYLWLHVZLOO
SURYLGHWKHIXQGDPHQWDONQRZOHGJHDQGH[SHULHQFHLQUHSDLU
6WXGHQWVZLOOEHH[SHFWHGWRSDUWLFLSDWHLQFODVVDQGIROORZ
$//6$)(7<SURFHGXUHV6WXGHQWV127IROORZLQJVDIHW\
SURFHGXUHVZLOOEHVHQWWRVWXG\KDOO
2SHQ6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVVWXG\KDOOLVLQWHQGHGIRUYLVLWLQJTXLHW
JDPHVRUJURXSDFWLYLWLHV)RRGDQGEHYHUDJHVDUHDOORZHG
$SDUHQWURWDWLRQPD\EHVHWXSWRDVVLVWZLWKVXSHUYLVLRQ
$//VWXGHQWVXQGHUPXVWKDYHDQDGXOWZKRLVGLUHFWO\
UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOOWLPHV5HVSHFWIXO
EHKDYLRUH[SHFWHG$TXLHWVWXG\KDOOLVDYDLODEOHLI\RXZDQW
DTXLHWDWPRVSKHUHLQZKLFKWRZRUN
3URSRVLWLRQDO/RJLF
7HDFKHU1RUPDQ/XQG
$JHXS
&RVWSHUPRQWK
SHUVHPHVWHUFRS\VXSSO\
IHH
7H[W,QWURGXFWRU\/RJLF
-DPHV1DQFH'RXJODV
:LOVRQ
WKHG&DQQRQ3UHVV
,QWHUPHGLDWH/RJLF-DPHV
1DQFHQGHG&DQQRQ3UHVV
'HVFULSWLRQ7KLVLVDRQH\HDUVWXG\RISURSRVLWLRQDOORJLF
XWLOL]LQJWKH&DQRQ3UHVVVHULHVE\-DPHV1DQFHDQG'RXJODV
:LOVRQ7KHILUVWVHPHVWHUFRYHUV,QWURGXFWRU\/RJLFWKHG
,WIRFXVHVRQGHILQLWLRQVVWDWHPHQWVDQGDUJXPHQWV
V\OORJLVPVYDOLGLW\DQGIDOODFLHV7KHVHFRQGVHPHVWHU
FRYHUV,QWHUPHGLDWH/RJLFQGHG,WIRFXVHVRQ
WUXWKWDEOHVIRUPDOSURRIVDQGWUXWKWUHHV(VWLPDWHGVWXG\
WLPHVW6HPHVWHUKRXUVZHHNQG
6HPHVWHUKRXUVZHHN
4XLHW6WXG\+DOO
7HDFKHU1R7HDFKHU
'HVFULSWLRQ7KLVVWXG\KDOOLVLQWHQGHGIRUVLOHQW
LQGHSHQGHQWVWXG\LQJ,WPD\DOVREHXVHGE\SDUHQWVZKR
DUHTXLHWO\ZRUNLQJZLWKWKHLUVWXGHQWV9LVLWLQJJURXS
DFWLYLWLHVRUJDPHVDUHQRWDOORZHGLQWKLVURRP6WXGHQWV
XQGHUWKHDJHRIPXVWKDYHDQDGXOWZKRLVGLUHFWO\
UHVSRQVLEOHIRUWKHPLQWKHURRPDWDOOWLPHV
<HDUERRN(QGVDW
7HDFKHU'HEELH+XWFKLQVRQ
$JHXS
&RVWSHUPRQWK
SHU\HDUFRS\VXSSO\IHH
LQFOXGHV\HDUERRNVWDIIVKLUW
'HVFULSWLRQ7KH&RQQHFWLRQV¶<HDUERRNLVVWXGHQW
GHYHORSHGZLWKSDUHQWDOLQYROYHPHQWXVLQJD<HDUERRN
3XEOLVKHUDQGZHEEDVHGGHVLJQVHUYLFH7KHUHIRUHD
ZLUHOHVVHQDEOHGODSWRSLVUHTXLUHGIRUHDFKVWXGHQWIRULQ
FODVVLQVWUXFWLRQ+RPHZRUNGXULQJWKHZHHNFDQEHGRQHRQ
DQ\LQWHUQHWHQDEOHGFRPSXWHUIURPKRPH7KHVWXGHQWVZLOO
SODQSKRWRJUDSKDQGOD\RXWWKHHQWLUH&RQQHFWLRQV¶
<HDUERRN7KH\ZLOOUHFHLYHLQVWUXFWLRQLQOD\RXWDQGGHVLJQ
ZHEEDVHGSXEOLVKLQJDQGVRPHGLJLWDOSKRWRJUDSK\
WHFKQLTXHV3ULRUH[SHULHQFHZLWKDQ\RIWKHVHLVKHOSIXO
$SSUR[LPDWHO\KRXUVRIRXWVLGHFODVVURRPWLPHSHUZHHN
ZLOOEHUHTXLUHGWRSKRWRJUDSKFODVVHVDQGDFWLYLWLHVFRQGXFW
LQWHUYLHZVDQGFRPSOHWHRQOLQHSURMHFWV$GGLWLRQDOWUDLQLQJ
RUZRUNSDUWLHVRXWVLGHRIFODVVPD\EHUHTXLUHGDQG
VFKHGXOHGHVSHFLDOO\DVZHDSSURDFKGHDGOLQHV6WXGHQWVZLOO
OHDUQWRZRUNDVDWHDPVHWJRDOVZRUNZLWKLQDEXGJHW
SURGXFHDQGPDUNHWWKH\HDUERRN)XQGUDLVLQJZLOOEHD
UHTXLUHGSDUWRIWKLVFODVV6WXGHQWVZLOOEHH[SHFWHGWR
VHFXUHDGYHUWLVHPHQWVDQGSDUWLFLSDWHLQDQ\RWKHUFODVV
GHWHUPLQHGIXQGUDLVHUV6WXGHQWVZLOOEHJUDGHGEDVHGRQ
DWWHQGDQFHIXQGUDLVLQJSDUWLFLSDWLRQFUHDWLYLW\DVZHOODV
SURMHFWVDQGGHDGOLQHVPHW7KLVFODVVLVRSHQWRERWKJLUOV
DQGER\V6WXGHQWVDQGSDUHQWVPXVWVLJQDFRQWUDFWPDNLQJ
DVWURQJFRPPLWPHQWWRUHPDLQLQWKHFODVVIRUWKHHQWLUH
\HDUDQGSDUWLFLSDWHLQWKHVXFFHVVRIWKH\HDUERRN
DQWLFLSDWHGE\DOORI&RQQHFWLRQV(PDLOWKHWHDFKHUWR
GLVFXVVWKLVFODVVIXUWKHUDWFRQQHFW\HDUERRN#DROFRP
/DVW0RGLILHG6XQGD\0DUFK30