6HPLQDURQ7LSVIURP5HJLVWUDWLRQ±(IILFLHQW6WUDWHJ\IRU5($&+UHJLVWUDWLRQLQ
 3DUW,5($&+ &/31HZ'HYHORSPHQWVLQWKH(87RN\R2FWREHU
'U&KDUORWWH.URQHDQG'U:HUQHU.RHKO
6FLHQWLILF&RQVXOWLQJ&RPSDQ\*PE+

$JHQGD,QWURGXFWLRQ
3DUW, 5($&+ &/3QHZGHYHORSPHQWVLQWKH(83DUW,, 5($&+5HYLHZOHVVRQVOHDUQWDQGUHFRPPHQGDWLRQV3DUW,,, &/35HYLHZOHVVRQVOHDUQWDQGUHFRPPHQGDWLRQV$11(;,QWURGXFWLRQ6FLHQWLILF&RQVXOWLQJ&RPSDQ\*PE+ 6&&ZDVIRXQGHGLQDQGLVSULYDWHO\RZQHGDQGQHXWUDO
 6&&LVRQHRIWKHWRSWKUHHLQGHSHQGHQWUHJXODWRU\FRQVXOWDQF\FRPSDQLHVLQ(XURSH
 6&&LVORFDWHGRQHKRXU¶VGULYHWR)UDQNIXUWDP0DLQ*HUPDQ\$*52&+(0,&$/65(*8/$725<6&,(1&(%,2&,'(6)((' )22'$'',7,9(69(7(5,1$5<0(',&,1(&+(0,&$/65($&+&21680(5352'8&76'$7$0$1$*(0(17±*/3$5&+,9(6,QWURGXFWLRQ5($&+H[SHUWLVHZLWKLQ6&&
5($&+WHDP
5($&+FRUHWHDPHPSOR\HHV LQFUHDVLQJQXPEHU
5($&+EDFNJURXQGVXSSRUWaHPSOR\HHV UHJXODWRU\VFLHQFH(&+$DQGQDWLRQDODXWKRULWLHV6&&NQRZQDVUHOLDEOHSDUWQHUSHUVRQDOFRQWDFWVHVWDEOLVKHGSLORWSURMHFWVIRU(&+$ HJH6'67RWKLVGD\6&&KDVSUHUHJLVWHUHG!VXEVWDQFHV
LVDFWLYHLQ!6,()V
KDVSUHSDUHGDQGILOHGa5($&+GRVVLHUVDQG!GRVVLHUVXQGHUWKHROGUHJXODWLRQ 1RWLILFDWLRQRI1HZ6XEVWDQFHV 1216
SURYLGHVWHFKQLFDOVXSSRUWWR!WDVNIRUFHVFRQVRUWLD,QWURGXFWLRQ$FWLYLWLHVRI6&&6/2-LQ-DSDQDQG
IRU-DSDQHVHFOLHQWV%XVLQHVVUHODWLRQVKLSZLWK-DSDQHVHFOLHQWVIRUPRUHWKDQ\HDUV,Q6&&HVWDEOLVKHGWKH6&&/LDLVRQ2IILFH-DSDQ 6/2- WRDVVLVW-DSDQHVHFRPSDQLHVZLWKUHJDUGVWRUHJXODWRU\PDWWHUVHVSHFLDOO\LQ(XURSH
%XW(XURSHDQFRPSDQLHVDOVRVHHN6&&¶V6/2-¶VDVVLVWDQFH
ZLWKUHJDUGWRQDWLRQDO-DSDQHVHOHJLVODWLRQ
6/2-VWDIILQ7RN\R
0U7RVKL\DVX7DNDGDDQG0U.HQML0DNLWDHDFKZLWK\HDUVRIQDWLRQDODQGLQWHUQDWLRQDOH[SHULHQFHLQWKHFKHPLFDOLQGXVWU\VHFWRU&XUUHQWO\6&&SURYLGHVFRQVXOWDQF\VHUYLFHVWRPRUHWKDQFRPSDQLHVORFDWHGLQ-DSDQRULQ(XURSHZLWKDKHDGTXDUWHULQ
-DSDQ

,5($&+ ,QWURGXFWLRQ
5($&+LVD(XURSHDQSLHFHRIOHJLVODWLRQUHSODFLQJOHJDODFWVWRVWUHDPOLQHWKHIRUPHUOHJLVODWLYHIUDPHZRUNIRUFKHPLFDOVLQWKH
(8E\LQWURGXFLQJDVLQJOHV\VWHPIRUDOOFKHPLFDOVXEVWDQFHV
5($&+DLPVWRLPSURYHWKHSURWHFWLRQRIKXPDQKHDOWKDQGWKH
HQYLURQPHQWWKURXJKEHWWHUDQGHDUOLHULGHQWLILFDWLRQRIWKH
SURSHUWLHVRIFKHPLFDOV
5($&+HQWHUHGLQWRIRUFHRQ-XQH
5($&+VWDQGVIRUWKH5HJLVWUDWLRQ(YDOXDWLRQ$XWKRULVDWLRQRI&KHPLFDOV

5HJXODWLRQ (& 1R RIWKH(XURSHDQ3DUOLDPHQWDQGRIWKH&RXQFLORI 'HFHPEHUFRQFHUQLQJWKH
5HJLVWUDWLRQ(YDOXDWLRQ$XWKRULVDWLRQDQG5HVWULFWLRQRI&KHPLFDOV 5($&+ 2-/,5($&+± ,QWURGXFWLRQ FRQWLQXHG
5HJLVWUDWLRQRI&KHPLFDOVLV± LIWKHVXEVWDQFHVKDYHEHHQSUHUHJLVWHUHG± SKDVHGDFFRUGLQJWRWKHWRQQDJHSURGXFHGLPSRUWHG
LQWKH(81RYHPEHU!WD0D\ WD0D\ WD7KHPDLQEXUGHQLVEHLQJSXWRQPDQXIDFWXUHUVDQGLPSRUWHUVEXWDOORWKHUDFWRUVLQWKHVXSSO\FKDLQKDYHDWOHDVWFRPPXQLFDWLRQREOLJDWLRQV$IWHUWKHILUVWUHJLVWUDWLRQGHDGOLQHLVRYHUWKHHYDOXDWLRQSKDVHLV
JHWWLQJPRUHDQGPRUHLPSRUWDQWDQGZLOOOHDGWRWKHFRQWURODQG
VXEVWLWXWLRQRIVXEVWDQFHVZLWKXQGHVLUHGSURSHUWLHV HJ&05
HQGRFULQHGLVUXSWRUVSHUVLVWHQWDQGELRDFFXPXODWLYHLQWKH
HQYLURQPHQW ,&/3 ,QWURGXFWLRQ
7KH&/35HJXODWLRQ LVWKHQHZ(XURSHDQ5HJXODWLRQRQ&ODVVLILFDWLRQ/DEHOOLQJDQG3DFNDJLQJRIFKHPLFDOVXEVWDQFHVDQG
PL[WXUHV7KHOHJLVODWLRQLQWURGXFHVWKURXJKRXWWKH(8DQHZV\VWHPIRU
FODVVLI\LQJDQGODEHOOLQJFKHPLFDOVEDVHGRQWKH8QLWHG1DWLRQV¶*OREDOO\+DUPRQLVHG6\VWHP 81*+6 
7KHSURYLVLRQVRI&/3ZLOOUHSODFH&RXQFLO'LUHFWLYH((&'DQJHURXV6XEVWDQFHV'LUHFWLYH'6' DQG'LUHFWLYH(&'DQJHURXV3UHSDUDWLRQV'LUHFWLYH'3' LQDVWHSZLVHDSSURDFK5HJXODWLRQ (& 1RRIWKH(XURSHDQ3DUOLDPHQWDQGRIWKH&RXQFLORI'HFHPEHURQFODVVLILFDWLRQODEHOOLQJDQGSDFNDJLQJRIVXEVWDQFHVDQGPL[WXUHV2-/$JHQGD,QWURGXFWLRQ
3DUW, 5($&+ &/3QHZGHYHORSPHQWVLQWKH(83DUW,, 5($&+5HYLHZOHVVRQVOHDUQWDQGUHFRPPHQGDWLRQV
3DUW,,, &/35HYLHZOHVVRQVOHDUQWDQGUHFRPPHQGDWLRQV$11(;,1HZ'HYHORSPHQWVLQWKH(8)LUVWUHYLHZVRI5($&+DYDLODEOH 5HSRUWIURPWKH'LUHFWRUVFRQWDFW*URXS DQGDQQRXQFHGIRUVXPPHU (&+$JHQHUDOUHSRUWVFRSHRI5($&+ORZWRQQDJH,QWHQWLRQWRLGHQWLI\VWRSRYHUODSVZLWKRWKHU(XURSHDQSURJUDPV
HJ5R+61HZRQJRLQJWDUJHWVOLNHLQFRUSRUDWLRQRIQDQRPDWHULDOVLQWR5($&+&HILFDFWLYLWLHV)XWXUHRISRO\PHUVVWLOORSHQ%HVLGHVOHJDOUHTXLUHPHQWVYROXQWDU\DFWLYLWLHVE\LQGXVWU\OLNH
*OREDO3URGXFW6WUDWHJ\ *36 VDIHW\VXPPDULHV
7KHDLPRI*36LVWRVKRZWKHVDIHXVHRIFKHPLFDOVLQDZRUOZLGHKDUPRQLVHGIRUPDW&HILFKDVUHFHQWO\SXEOLVKHGDFRQYHUVLRQWHPSODWHWRWUDQVIRUP5($&+GRVVLHUVLQWR*36VDIHW\VXPPDULHV&HILFDQGWKH*HUPDQFKHPLFDODVVRFLDWLRQ9&,HQFRXUDJHFRPSDQLHVWRSUHSDUH*36VDIHW\VXPPDULHV,1HZ'HYHORSPHQWVLQWKH(8 FRQWLQXHG
7KHODERUDWRU\ODQGVFDSHLQ(XURSHXQGHUZHQWVXEVWDQWLDOFKDQJHVHJGXHWRFXUUHQF\PHUJHV
7HVWLQJFKDQJHV$GDSDWLRQRIWHVWVWR81WHVWPHWKRGV([WHQGHGRQHJHQHUDWLRQ 2(&' YHUVXVWZRJHQHUDWLRQ 2(&' VWXGLHV*OREDOSOD\HUKDYHJOREDOVWUDWHJLHV LQFOXGLQJWHVWLQJ$XWKRULW\VKLIWIURP06&$WR(&+$5($&+LVQRZPRUHLQWKHDZDUHQHVVRIGRZQVWUHDPXVHUV60(5($&+LVQRWRQO\DOHJDOREOLJDWLRQEXWDOVRDVDPDUNHWLQJWRRO
5($&+FRPSOLDQFHDYDLODELOLW\RIUHJLVWUDWLRQQXPEHUVYHUVXVEHLQJQRWFRPSOLDQW
7KLVOHDGVWRHDUO\UHJLVWUDWLRQVLQGHSHQGHQWRQWKHWRQQDJH,1HZ'HYHORSPHQWVLQWKH(8 FRQWLQXHG
1HZXSGDWHGWRROVOLNH&+(6$52(&'WRROER[([WHQGHGVDIHW\GDWDVKHHWV H6'6 VWLOOWREHVWDQGDUGLVHG
6LPLODUWUHQGVIRU5($&+MXVWOLNHIRURWKHUOHJDOSURJUDPV ELRFLGHVSODQWSURWHFWLRQ 
6XEPLVVLRQRIWKHGRVVLHUGRHVQ¶WPHDQWKDWWKHZRUNLVRYHU GHIHQFHXSGDWHRIGRVVLHUV(YDOXDWLRQSKDVHDQGDXWKRULVDWLRQLPSDFWPRUHDQGPRUHWKH5($&+ZRUNLQDGGLWLRQWRWKHUHJLVWUDWLRQZRUNIRU)XWXUHRIWKH& /LQYHQWRU\XQFOHDU+HWHURJHQLFFODVVLILFDWLRQVIRU!VXEVWDQFHV FXUUHQWO\0LOOLRQQRWLILFDWLRQV
3URFHVVLQJRIWKHJHQHUDWHGGDWDE\(&+$",QFUHDVHRI&/+GRVVLHUV $QQH[;9 WRDLPIRUKDUPRQLVHG
FODVVLILFDWLRQDQGODEHOOLQJ

!"#$%&!'()*+,0U7RVKL\DVX7DNDGD WRVKL\DVXWDNDGD#VFFMDSDQFRP'LUHFWRU'U:HUQHU.RHKO ZHUQHUNRHKO#VFFJPEKGH+HDGRI&KHPLFDOVDQG&RQVXPHU*RRGV'HSW

6&&/LDLVRQ2IILFH-DSDQ 6/2- 7RNLZDGDL.DVKLZDVKL&KLEDNHQ-DSDQ
7HO  )D[  'U&KDUORWWH.URQH FKDUORWWHNURQH#VFFJPEKGH
6HQLRU0DQDJHU5HJXODWRU\$IIDLUV0U.HQML0DNLWD NHQMLPDNLWD#VFFMDSDQFRP
6HQLRU&RQVXOWDQW

6&&*PE+$P*UHQ]JUDEHQ%DG.UHX]QDFK*HUPDQ\6&&/LDLVRQ2IILFH-DSDQ$VDJD\DNLWD6XJLQDPLNX
7RN\R-DSDQ3KRQH)D[  

7HO  )D[  