Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
*��GHVLJQ_EXLOG
ĂƌĐŚŝƚĞĐƚƵƌĞ
ĚĞƐŝŐŶ
ĐŽŶƐƚƌƵĐƟŽŶ
ŵĂŶĂŐĞŵĞŶƚ
&*&�������
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
¾ *(1(5$/�&2175$&7,1*
¾ ,17(5,25�'(6,*1
¾ $5&+,7(&785(
¾ 3/$11,1*
¾ 0$1$*(0(17
¾ =21,1*�$1'�/$1'�86(�&2168/7,1*
¾ (67,0$7,1*
¾ 6867$,1$%/(�%8,/',1*�&(57,),&$7,21
(;3(5,(1&(
dĞĐŚŶŽůŽŐLJ�Ăƚ�ǁŽƌŬ�ĨŽƌ�LJŽƵ
3529,',1*�352)(66,21$/�&216758&7,21�,1'8675<�6(59,&(6��
'ϯĚĞƐŝŐŶͮďƵŝůĚ�ǁĂƐ�ĐƌĞĂƚĞĚ�ƚŽ�ƉƌŽǀŝĚĞ�ƚŚĞ�ŚŝŐŚĞƐƚ�ůĞǀĞů�ŽĨ�ƐĞƌǀŝĐĞ�ĂŶĚ�ǀĂůƵĞ�ƚŽ�ĂŶ�
ĞdžŝƐƟŶŐ�ĂŶĚ��ŐƌŽǁŝŶŐ�ĐůŝĞŶƚ�ďĂƐĞ͘��dŚĞ�ĐŽŵƉĂŶLJ�ŝƐ�ĨŽƌŵĞĚ�ĨƌŽŵ�ƉƌŽĨĞƐƐŝŽŶĂů�ĂƌĐŚŝͲ
ƚĞĐƚƐ�ĂŶĚ�ĐŽŶƚƌĂĐƚŽƌƐ�ǁŝƚŚ�ĞdžƚĞŶƐŝǀĞ�ĂŶĚ�ǀĂůƵĂďůĞ�ĞdžƉĞƌŝĞŶĐĞ�ŝŶ�ďŽƚŚ�ďƵƐŝŶĞƐƐ�ĂŶĚ�ŝŶ�
ƚŚĞŝƌ�ƌĞƐƉĞĐƟǀĞ��ĮĞůĚƐ�ŽĨ��ĞdžƉĞƌƟƐĞ͘
&ƌŽŵ�ƚŚĞ�ůĂŶĚ�Žƌ�ĨĂĐŝůŝƚLJ�ƉƵƌĐŚĂƐĞ�Žƌ�ůĞĂƐĞ�ŶĞŐŽƟĂƟŽŶ�ƐƚĂŐĞ�ŽƵƌ�ƉƌŝŶĐŝƉĂůƐ�ŚĂǀĞ�
ďĞĞŶ�ŝŶǀŽůǀĞĚ�ƚŚƌŽƵŐŚ�ĞǀĞƌLJ�ƐƚĞƉ�ŽĨ�ƚŚĞ�ĚĞǀĞůŽƉŵĞŶƚ�ƉƌŽĐĞƐƐ�ĂŶĚ�ƉƌŽǀŝĚĞ�Ă�ǁĞĂůƚŚ�
ŽĨ�ĞdžƉĞƌŝĞŶĐĞ�ĂŶĚ�ŝŶƐŝŐŚƚ�ǁŚŝĐŚ�ŝŵƉƌŽǀĞƐ�ƵƉŽŶ�ŝƚƐĞůĨ�ĨƌŽŵ�ƉƌŽũĞĐƚ�ƚŽ�ƉƌŽũĞĐƚ͘���dŚŝƐ�
ĞdžƉĞƌŝĞŶĐĞ�ƚƌĂŶƐůĂƚĞƐ�ŝŶƚŽ�ĂŶ�ĂĚĚĞĚ�ǀĂůƵĞ�ƚŚĂƚ�ŝƐ�ƵŶŝƋƵĞ�ƚŽ�'ϯ�ĚĞƐŝŐŶͮďƵŝůĚ͘�
,17(*5$7,1*�7(&+12/2*<�,172�285�352&(66
3URMHFWV�UHFHLYH�GLUHFW�DQG�SHUVRQDO�DWWHQWLRQ�IURP�LQLWLDO�FOLHQW�LQTXLU\�WR�SUR�
MHFW�GHOLYHU\��:H�DUH�FRPPLWWHG�WR�WKH�SURMHFW�DQG�H[FHHGLQJ�H[SHFWDWLRQV�E\�
HPSOR\LQJ�WKH�ODWHVW�WHFKQRORJ\�DW�DOO�OHYHOV�RI�WKH�FRQVWUXFWLRQ�SURFHVV�IURP�
GHVLJQ�WKURXJK�LPSOHPHQWDWLRQ�ZKLFK�DOORZV�IRU�VWULFW�DFFRXQWDELOLW\�DV�ZHOO�DV�
D�VWUHDPOLQHG�SURFHVV��������������������������������������������������������������������������������������������������������
7KURXJK�WKH��FRPELQHG�XVH�RI�WKH�ODWHVW�VRIWZDUH�DQG�KDUGZDUH��FRQVWUXFWLRQ�
DQG�DGPLQLVWUDWLYH�HIILFLHQFLHV�DUH�DFKLHYHG���$V�WHFKQRORJLHV�VKLIW�ZH�UHPDLQ�
HQJDJHG�LQ�WKLV�GHYHORSPHQW�DQG�SRWHQWLDO�RSSRUWXQLWLHV�WR�FUHDWH�D�EHWWHU�
SURFHVV��SURGXFW�RU�VHUYLFH�WR�RXU�FOLHQWV���7KLV�LV�HYLGHQW�LQ�RXU�SUDFWLFH�DQG�
WUXO\��GLIIHUHQWLDWHV�RXU�WHDP���$�IHZ�RI�RXU�GDLO\�FRPPRQ�WHFKQRORJ\�DSSOLFD�
WLRQV�
· &ORXG�EDVHG�FRQVWUXFWLRQ�VXLWH�VRIWZDUH
· 2QOLQH�SODQ�UHYLHZ�DQG��FORXG�VWRUDJH
· $SS�EDVHG�WLPH�DQG�H[SHQVH�WUDFNLQJ
· &ORXG�EDVHG�SURMHFW�VFKHGXOLQJ
· 2QOLQH��DFFHVV�WR�PRVW�SURMHFW�UHODWHG�LQIRUPDWLRQ
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
/ƚ�ŝƐ�ŽƵƌ�ŐŽĂů�ŝŶ�ĞǀĞƌLJ�ƉƌŽũĞĐƚ�ƚŽ�ĚŝƐĐŽǀĞƌ�ƚŚĞ�ƵŶŝƋƵĞ�ĐŚĂƌĂĐƚĞƌŝƐƟĐƐ�ƚŚĂƚ�ǁŝůů�ŶŽƚ�ŽŶůLJ�
ůĞĂĚ�ƚŽ�Ă�ƐƵĐĐĞƐƐĨƵů��ƉƌŽĐĞƐƐ�ĨŽƌ�ƚŚĞ�ĚĞǀĞůŽƉŵĞŶƚ�ďƵƚ�ƉƌŽǀŝĚĞ�ĂŶ�ĞŶĚ�ƉƌŽĚƵĐƚ�ƚŚĂƚ�
Ăůů�ƚĞĂŵ�ŵĞŵďĞƌƐ�ĂƌĞ�ƉƌŽƵĚ�ŽĨ�ĂŶĚ�ďĞĐŽŵĞ�ĂĚǀŽĐĂƚĞƐ�ŽĨ�ŽƵƌ�ƐĞƌǀŝĐĞ͘�
Z�^��Z�,
EĞǁ�ŵĂƚĞƌŝĂůƐ�ĂŶĚ�ŵĞƚŚŽĚƐ�ĐŽŵĞ�ƚŽ�ŵĂƌŬĞƚ�ĐŽŶƟŶƵŽƵƐůLJ͘�ZĞƐĞĂƌĐŚ�ŝŶƚŽ�ƚŚĞ�ĂƉƉůŝĐĂƟŽŶ�ĂŶĚ�ĂǀĂŝůĂďŝůŝƚLJ�ŽĨ�ƚŚŝƐ�ŝƐ�ƉĂƌƚ�ŽĨ�ŽƵƌ�ŽŶŐŽŝŶŐ�ƉƌĂĐƟĐĞ�ĂŶĚ�ĨŽͲĐƵƐ͘�
�KEd/EhKh^���h��d/KE
�ďŽǀĞ�ĂŶĚ�ďĞLJŽŶĚ�ǁŚĂƚ�ŝƐ�ŵĂŶĚĂƚĞĚ�ƚŽ�ƌĞŵĂŝŶ�Ă�ĨƵůůLJ�ůŝĐĞŶƐĞĚ�ĂŶĚ�ŝŶƐƵƌĞĚ�Įƌŵ͕�ŝƚ�ŝƐ�ŽƵƌ�ĞŶĚĞĂǀŽƌ�ƚŽ��ĞdžƉŽƐĞ�ŽƵƌ�ƚĞĂŵ�ƚŽ��ĂƐ�ŵĂŶLJ�ůĞĂƌŶŝŶŐ�ŽƉƉŽƌƚƵŶŝͲƟĞƐ�ƚŚƌŽƵŐŚŽƵƚ�ƚŚĞ�ĐŽƵƌƐĞ�ƚŚĞŝƌ�ƌĞͲƐƉĞĐƟǀĞ�ĐĂƌĞĞƌƐ�ĂŶĚ�
hE/Yh��^K>hd/KE^
ZĞƐĞĂƌĐŚ�ĂŶĚ�ĞĚƵĐĂƟŽŶ�ƉƌŽǀŝĚĞƐ�ĨŽƌ�ƵŶŝƋƵĞ�ƐŽůƵƟŽŶƐ�ƚŽ�ƉƌŽũĞĐƚƐ͘��dŽŐĞƚŚĞƌ�ǁŝƚŚ�ŽƵƌ�ĞdžƉĞƌŝĞŶĐĞ͕��ǀĂƌLJŝŶŐ�ďĂĐŬͲŐƌŽƵŶĚƐ��ĚĞƐŝŐŶ�ĂŶĚ�ĐŽŶƐƚƌƵĐƟŽŶ��ŝƐ�ĐƌŝƟĐĂůůLJ�ĨĂĐŝůŝƚĂƚĞĚ�ĂŶĚ�ĞŶŚĂŶĐĞĚ͘��
&2//$%25$7,21
KƵƌ�ŬĞLJ�ƚŽ�ƐƵĐĐĞƐƐĨƵů�ƉƌŽũĞĐƚ�ĚĞůŝǀĞƌLJ�ŝƐ�ĚƵĞ�ŝŶ�ůĂƌŐĞ�ƉĂƌƚ�ƚŽ�ŽƵƌ�ŝŶĐůƵƐŝǀĞ�ĐŽůůĂďŽƌĂͲ
ƟŽŶ͘��&ƌŽŵ�ĐůŝĞŶƚ�ƚŽ�ƐƵďĐŽŶƚƌĂĐƚŽƌ�ǁĞ�ŵĂŬĞ�ŝƚ�ŽƵƌ�ƌĞƐƉŽŶƐŝďŝůŝƚLJ�ĂŶĚ�ĚĂŝůLJ�ƚĂƐŬ�ƚŽ�
ůŝƐƚĞŶ�ĂŶĚ�ĐŽŵŵƵŶŝĐĂƚĞ�ƐŽ�ƚŚĂƚ�Ăůů�ĂƌĞ�ĂƐ�ŝŶĨŽƌŵĞĚ�ĂƐ�ƉŽƐƐŝďůĞ�ŝŶ�ŽƌĚĞƌ�ƚŽ�ĨĂĐŝůŝƚĂƚĞ�
ŐŽŽĚ�ĂŶĚ�ƋƵŝĐŬ�ĚĞĐŝƐŝŽŶ�ĂƐ�ĐŚĂůůĞŶŐĞƐ�ĂƌŝƐĞ͘
352-(&7�0$1$*(0(17 WŽƚĞŶƟĂůůLJ�ƚŚĞ�ŵŽƐƚ�ŝŵƉŽƌƚĂŶƚ�ĂƐƉĞĐƚ�ŽĨ�ĞǀĞƌLJ�ƉƌŽũĞĐƚ͘�KƵƌ�ƉƌŝŶĐŝƉĂůƐ�ŚĂǀĞ�ŽďƚĂŝŶĞĚ�
ƚŚĞ�ŚŝŐŚĞƐƚ�ůĞǀĞů�ŽĨ�ĞdžƉĞƌŝĞŶĐĞ�ƌĂŶŐŝŶŐ�ĨƌŽŵ�ůĂƌŐĞ�ĨĞĚĞƌĂů�ŐŽǀĞƌŶŵĞŶƚ�ĐŽŶƚƌĂĐƚƐ�ƚŽ�
ůĂƌŐĞ�ƉƌŝǀĂƚĞ�ĐŽŵŵƵŶŝƟĞƐ�ƚŚƌŽƵŐŚŽƵƚ�ƚŚĞ�h͘^͘�/ƚ�ŝƐ�ƚŚĞŝƌ�ĚŝƌĞĐƚ�ĂƩĞŶƟŽŶ�ĂŶĚ�ĞdžƉĞƌŝͲ
ĞŶĐĞ�ƚŚĂƚ�ůĞĂĚ�ƚŚĞ�ƚĞĂŵ͘�dŚĞ�ĐŽŵďŝŶĂƟŽŶ�ŽĨ�ĚĞƐŝŐŶ͕�ĐŽŶƐƚƌƵĐƟŽŶ�ĂŶĚ�ŵĂŶĂŐĞŵĞŶƚ��
ĞdžƉĞƌŝĞŶĐĞ�ŝƐ�ǁŚĂƚ�ƉƌŽǀŝĚĞƐ�Ă�ƵŶŝƋƵĞ�ŽƵƚůŽŽŬ�ŽŶ�ĞǀĞƌLJ�ƉƌŽũĞĐƚ�ďLJ�ŽƵƌ�ƚĞĂŵ͘�
· 'HVLJQ�2YHUVLJKW
· &RQVWUXFWLRQ�2YHUVLJKW
· %XGJHW�$GPLQLVWUDWLRQ
· 4XDOLW\�&RQWURO
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
ϱ-ƐƚŽƌLJ�Ϯϲ͕ϱϬϬƐĨ��ŵƵƚůŝ-ƌĞƐƚĂƵƌĂŶƚ�ĐŽŵƉůĞdž�ůŽĐĂƚĞĚ�ĂůŽŶŐ�ƚŚĞ�ŵŝĂŵŝ�
ƌŝǀĞƌ�ŝŶ�ĚŽǁŶƚŽǁŶ�ŵŝĂŵŝ͘�dŚŝƐ�ƉƌŽũĞĐƚ�ŚŽƵƐĞƐ�ϰ�ƐĞƉĂƌĂƚĞ�ŬŝƚĐŚĞŶƐ�ĨŽƌ�
ϯ�ĚŝīĞƌĞŶƚ�ƌĞƐƚĂƵƌĂŶƚ�ďƌĂŶĚƐ�ƵŶĚĞƌ�ƐĂŵĞ�ŽǁŶĞƌƐŚŝƉ͘��dŚĞ�ƉƌŽũĞĐƚ�ŝƐ��
ůŽĐĂƚĞĚ�ǁŝƚŚŝŶ�ƚŚĞ�ŵŝĂŵŝ�ƌŝǀĞƌĨƌŽŶƚ�ǁĂůŬ�ĂŶĚ�ǁŝůů�ĐŽŶƚƌŝďƵƚĞ�ƚŽ�ƚŚĞ�
ƉƵďůŝĐ��ǁĂůŬǁĂLJ͘��/ƚ�ŝƐ�ƚLJƉĞ�ϭ�ĐŽŶƐƚƌƵĐƟŽŶ�ďƵŝůƚ�ŽŶ�Ă�ĚĞĞƉ�ĂƵŐĞƌ�ĐĂƐƚ�
ƉŝůĞ�ĨŽƵŶĚĂƟŽŶ�ǁŝƚŚ�ƉŽƐƚ�ƚĞŶƐŝŽŶĞĚ�ĐŽŶĐƌĞƚĞ�ƐůĂď�ĂŶĚ�ĐŽŶĐƌĞƚĞ�
ĨƌĂŵĞ͘��/ŵƉĂĐƚ�ŐůĂnjŝŶŐ�ĐŽŵƉůĞƚĞƐ�ƚŚĞ�ĞŶǀĞůŽƉĞ͘�
&/,(17�� 6DPED%UDQGV�0DQDJHPHQW��1<&��1< %8'*(7� ���0 $5($� ������6) &203/(7,21� �������
^h^,/^�D���ͮ��h�<�Θ�t�&&>��D/�D/�Z/s�Z ϰϬ�^t�EKZd,�Z/s�Z��Z/s� D/�D/�͕�&>
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
352-(&7��/2&$7,21�
DƵůƟ-ĨĂĐŝůŝƚLJ�ŽĸĐĞ�ƉĂƌŬ�ƌĞŶŽǀĂƟŽŶ�ĂŶĚ�ƌĞƐƚŽƌĂƟŽŶ͘�dŚĞ�ƉƌŽũĞĐƚ�ŝŶĐůƵĚĞĚ�ƚŚĞ�ƚŽƚĂů�ĚĞŵŽůŝƟŽŶ�ŽĨ�
ĞdžŝƐƟŶŐ�ƐƚƌƵĐƚƵƌĞƐ�ƚŽŐĞƚŚĞƌ�ǁŝƚŚ�ƚŚĞ�ƌĞŶŽǀĂƟŽŶƐ�ŽĨ�ŵƵůƟƉůĞ�ƐƚƌƵĐƚƵƌĞ�ŽĨ�ďŽƚŚ�ŝŶƚĞƌŝŽƌ�ĂŶĚ�ĞdžƚĞƌŝͲ
Žƌ�ĞůĞŵĞŶƚƐ͘�DŽƐƚ�ŶŽƚĂďůĞ�ƚŽ�ƚŚĞ�ƉƌŽũĞĐƚ�ǁĂƐ�ƚŚĞ�ĚĞǀĞůŽƉŵĞŶƚ�ŽĨ�Ă�ƉƌŽŵĞŶĂĚĞ�ĨŽƌ�ƉƵďůŝĐ�ƵƐĞ�ĂŶĚ�
ƌĞĐƌĞĂƟŽŶ͘
&/,(17�� %'HYHORSPHQWV %8'*(7� ���0 $5($� �������6) &203/(7,21� �������
W>����EKZd,ͮ��>d�DKEd��^WZ/E'^ ϯϴϱ��Kh'>�^��s� �>d�DKEd��^WZ/E'^͕�&>
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
352-(&7��/2&$7,21�
DƵůƟ-ƐƚŽƌLJ�ϴ͕ϱϬϬƐĨ��ƐŝŶŐůĞ�ĨĂŵŝůLJ�ƌĞƐŝĚĞŶĐĞ�ĚĞǀĞůŽƉĞĚ�ŽǀĞƌ�Ă�Ϯ�ĂĐƌĞ�
ƐŝƚĞ�ŝŶ�Śŝůů�ĐŽƵŶƚƌLJ͘��dŚĞ�ĚĞǀĞůŽƉŵĞŶƚ�ƚŽŽŬ�ĂĚǀĂŶƚĂŐĞƐ�ŽĨ�ƚŚĞ�ŶĂƚƵƌĂů�
ĞŶǀŝƌŽŶŵĞŶƚ�ŽĨ�ƚƌĞĞ�ŐƌŽǀĞƐ͕�ĂƌƌŽLJŽƐ͕�ƚŽƉŽŐƌĂƉŚLJ�ƚŽ�ůŽĐĂƚĞ�ƚŚĞ�ŵĂŝŶ�
ƐƚƌƵĐƚƵƌĞ�ĂƐ�ǁĞůů�ĂƐ�Ăůů�ĂŶĐŝůůĂƌLJ��ƐƚƌƵĐƚƵƌĞƐ͘��dŚĞ�ŵĂŝŶ�ŚŽƵƐĞ�ŝƐ�ϲ�ďĞĚͲ
ƌŽŽŵ�ϱ͘ϱ�ďĂƚŚ͕�ǁŝƚŚ�Ă�ƐĞƉĂƌĂƚĞ�ŐƵĞƐƚ�ĐŽƩĂŐĞ�ĂŶĚ�ƐĞƉĂƌĂƚĞ�ϯ�ĐĂƌ�ŐĂƌͲ
ĂŐĞ͘��dŚĞ�ĚĞǀĞůŽƉŵĞŶƚ�ĂůƐŽ�ŚĂƐ�Ă�ĨƵůůLJ�ŝŶƚĞŐƌĂƚĞĚ�ƐŵĂƌƚ�ŚŽŵĞ�ƐLJƐƚĞŵ�
ĂůůŽǁŝŶŐ�ĐŽŵƉůĞƚĞ�ŽŶůŝŶĞ�ĐŽŶƚƌŽů�ŽĨ�ŵĂŶLJ�ƐLJƐƚĞŵƐ͘
&/,(17�� 3ULYDWH�5HVLGHQW� %8'*(7� ����0 $5($� �����6) &203/(7,21� �������
WZ/s�d��Z�^/��E���ͮ��h^d/E�dy ϭϭϰϬϭ�^,KZ�s/�t�Ks�Z>KK< �h^d/E�͕�dy
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
352-(&7��/2&$7,21�
ϯ-ƐƚŽƌLJ�ƐŝŶŐůĞ�ĨĂŵŝůLJ�ŵĞƟĐƵůŽƵƐ�ŵŽĚĞƌŶ�ǁĂƚĞƌĨƌŽŶƚ�ĚĞǀĞůŽƉŵĞŶƚ͘�
dŚĞ�ĚĞǀĞůŽƉŵĞŶƚ�ŝŶĐŽƌƉŽƌĂƚĞĚ�ƚŚĞ�ůĂƚĞƐƚ��ƌĞƐƚƌŽŶ�ƐŵĂƌƚ�ƚĞĐŚŶŽůŽŐLJ�
ĂƐ�ǁĞůů�ĂƐ�ƚŚĞ�ůĂƚĞƐƚ�ŐůĂnjŝŶŐ�ĐŽŵƉŽŶĞŶƚƐ�ĂǀĂŝůĂďůĞ�ĨŽƌ�ŝŶƐƚĂůůĂƟŽŶ�ŝŶ�
ŚŝŐŚ�ǁŝŶĚ�ŚƵƌƌŝĐĂŶĞ�njŽŶĞƐ͘��DĂŶLJ�ĐƵƐƚŽŵ�ĚĞƚĂŝůƐ�ƉƌŽǀŝĚĞ�ƵŶŝƋƵĞ�ƐŽͲ
ůƵƟŽŶƐ�ƚŽ�ĐŽŵŵŽŶ�ĞůĞŵĞŶƚƐ͘��dŚĞ�ĚĞǀĞůŽƉŵĞŶƚ�ŝŶĐůƵĚĞĚ�Ă�ƌŽŽĨ�ƚŽƉ�
ƚĞƌƌĂĐĞ�ĂŶĚ�ŬŝƚĐŚĞŶ�ĂƐ�ǁĞůů�ĂƐ�Ă�ŶĞǁ�ϱϬϬƐĨ�ĚŽĐŬ�ŽǀĞƌ��ŝƐĐĂLJŶĞ�ďĂLJ͘�
dŚŝƐ�ƉƌŽũĞĐƚ�ĞdžĞŵƉůŝĮĞƐ�ĞdžĐĞůůĞŶĐĞ�ŝŶ�ĚĞƐŝŐŶ�ĂŶĚ�ĐŽŶƐƚƌƵĐƟŽŶ�͘�
&/,(17�� 3ULYDWH�5HVLGHQW %8'*(7� ���0 $5($� ������6) &203/(7,21� �������
WZ/s�d��Z�^/��E���D/�D/�����, ϰϯϬ��^�E�D�Z/EK��Z/s�͘ D/�D/�����,�͕�&>
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
352-(&7��/2&$7,21�
Ϯ–�ƐƚŽƌLJ�ƐŝŶŐůĞ�ĨĂŵŝůLJ�ůƵdžƵƌLJ�ŚŽŵĞ�ŝŶ�Śŝůů�ĐŽƵŶƚƌLJ͕��ƵƐƟŶ�ddž͘�dŚŝƐ�ƉƌŽͲ
ũĞĐƚ�ǁĂƐ�ĚĞǀĞůŽƉĞĚ�ŽǀĞƌ�Ă�ƐůŽƉŝŶŐ�Ϯ�ĂĐƌĞ�ůŽƚ�ŽǀĞƌůŽŽŬŝŶŐ�ƚŚĞ��ŽůŽƌĂĚŽ�
ƌŝǀĞƌ͘��dŚĞ�ƚŽƉŽŐƌĂƉŚLJ�ƉŽƐĞĚ�Ă�ƐĞƌŝĞƐ�ŽĨ�ĐŚĂůůĞŶŐĞƐ�ǁŚŝĐŚ�ǁĞƌĞ�ŵĞƚ�
ǁŝƚŚ�ĚĞƐŝŐŶ�ƐŽůƵƟŽŶƐ�ƚŚĂƚ�ĞŶŚĂŶĐĞĚ�ƚŚĞ�ŽǀĞƌĂůů�ĨƵŶĐƟŽŶ�ŽĨ�ƚŚĞ�ůĂLJŽƵƚ�
ĂŶĚ�ŵĂdžŝŵŝnjĞƐ�ƚŚĞ�ŝŶƚĞŐƌĂƟŽŶ�ŽĨ�ƚŚĞ�ŽƵƚĚŽŽƌ�ƚŽ�ƚŚĞ�ŝŶĚŽŽƌ͘��dŚĞ�
ŚŽŵĞ�ŚĂƐ�ϲ�ďĞĚƌŽŽŵƐ�ϲ�ďĂƚŚƌŽŽŵƐ͕�ƐĞĐŽŶĚ�ůĞǀĞů�ŐƵĞƐƚ�ƐƵŝƚĞ�ĂŶĚ�
ǁƌĂƉ�ĂƌŽƵŶĚ�ƚĞƌƌĂĐĞƐ�ǁŝƚŚ�ĐĞŶƚƌĂů�ĐŽƵƌƚLJĂƌĚ�ĂŶĚ�ƉŽŽů
&/,(17�� 3ULYDWH�5HVLGHQW %8'*(7� ���0 $5($� ������6) &203/(7,21� �������
WZ/s�d��Z�^/��E����h^d/E�dy ^,KZ�s/�t�Ks�Z>KK<��Z �h^d/E͕�dy
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
352-(&7��/2&$7,21�
KƌŝŐŝŶĂůůLJ�ĐŽŶĐĞŝǀĞĚ�ĂŶĚ�ĐŽŶƐƚƌƵĐƚĞĚ�ŝŶ�ϮϬϬϬ-ϮϬϬϮ͕�ǁĞ�ŚĂǀĞ�ƌĞĐĞŶƚůLJ�
ĐŽŵƉůĞƚĞĚ�ĐŽŶƐƚƌƵĐƟŽŶ�ŽŶ�WŚĂƐĞ�Ϯ�ŽĨ�ƚŚĞ�ŚŽŵĞ͘��dŚŝƐ�ŚŽŵĞ�ŚĂƐ�
ďĞĞŶ�ƌĞĐŽŐŶŝnjĞĚ�ďLJ�ƚŚĞ�DŝĂŵŝ��ĞĂĐŚ��ĞƐŝŐŶ�ƌĞǀŝĞǁ�ďŽĂƌĚ�ĨŽƌ�ŝƚƐ�
ƵŶŝƋƵĞ�ĂŶĚ�ůĂƐƟŶŐ�ĚĞƐŝŐŶ͘��/ƚ�Ă�Ă�ĐůĂƐƐŝĐ�ŵŽĚĞƌŶ�ĐŽŶĐƌĞƚĞ�ĂŶĚ�ŐůĂƐƐ�
ŵĂŝŶ�ƐƚƌƵĐƚƵƌĞ�ǁŝƚŚ�Ă��ŚŝƐƚŽƌŝĐ�ĐŽƩĂŐĞ�ƚŚĂƚ�ŚĂƐ�ďĞĞŶ�ƌĞƐƚŽƌĞĚ͘�dŚĞ�
ǁĂƚĞƌĨƌŽŶƚ�ŚŽŵĞ�ŚĂƐ�ďĞĞŶ�ďƵŝůĚ�ŽŶ�Ă�ĚĞĞƉ�ƉŝůĞ�ĨŽƵŶĚĂƟŽŶ�ĂŶĚ�
ŐƌĂĐĞĨƵůůLJ�ĞůĞǀĂƚĞĚ�ĂďŽǀĞ�ŇŽŽĚ�ůĞǀĞů�ƚŽ�ĐŽŵƉůLJ�ǁŝƚŚ�&�D��ƌĞŐƵůĂͲ
ƟŽŶƐ͘
&/,(17�� 3ULYDWH�UHVLGHQW %8'*(7� ���0 $5($� �����6) &203/(7,21� ������������������SKDVH��
WZ/s�d��Z�^/��E���D/�D/�����, ϯϮϬ��^��K�KEhd�>�E� D/�D/�����,͕�&>
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
352-(&7��/2&$7,21�
ϯ-ƐƚŽƌLJ�ĂďŽǀĞ�ŐƌĂĚĞ�ǁŝƚŚ�ƐƵďƚĞƌƌĂŶĞĂŶ�ŐĂƌĂŐĞ�ďŽƵƟƋƵĞ�ƚŽǁŶŚŽƵƐĞ�
ůŽĐĂƚĞĚ�ŝŶ��Ăů�,ĂƌďŽƵƌ͘����ĂĐŚ�ŚŽŵĞ�ŝƐ��ϰ�ďĞĚƌŽŽŵ͕�ϯ͘ϱ�ďĂƚŚ�ǁŝƚŚ�ƉƌŝͲ
ǀĂƚĞ�ƌŽŽĨ�ƚŽƉ�ƚĞƌƌĂĐĞƐ�ĂŶĚ�ŐƌŽƵŶĚ�ůĞǀĞů�ƉƌŝǀĂƚĞ�ŐĂƌĚĞŶ�ĂŶĚ�Ă�Ϯ�ĐĂƌ�
ŐĂƌĂŐĞ͘����ƌĞƐŝĚĞŶƟĂů�ĞůĞǀĂƚŽƌ�ƉƌŽǀŝĚĞƐ�ĨŽƌ�ĂĐĐĞƐƐ�ƚŽ�Ăůů�ůĞǀĞů�ŽĨ�ƚŚĞ�
ǀĞƌƟĐĂů�ŽƌŝĞŶƚĞĚ�ŚŽŵĞ͘�dŚĞ�ďƵŝůĚŝŶŐ�ŝƐ�ƚLJƉĞ�ϭ�ĐŽŶƐƚƌƵĐƟŽŶ�ǁŝƚŚ�ĐŽŶͲ
ĐƌĞƚĞ�ƐůĂď�ĂŶĚ�ĐŽŶĐƌĞƚĞ�ĨƌĂŵŝŶŐ͘��
&/,(17�� 'ROFH�9LWD�0DQDJHPHQW� %8'*(7� ����0 $5($� ������6) &203/(7,21� �������
ϭϬϴϱ�ϵϰƚŚ�^ƚ͘� ��z�,�Z�KhZ͕�&>
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
352-(&7��/2&$7,21�
�K>���s/d��dKtE,KD�^���>�,�Z�KhZ
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
$57852�*��*5,(*2��$,$��)*%&��&*&�
3ULQFLSDO�$UFKLWHFW�
&HUWLILHG�*HQHUDO�&RQWUDFWRU
)*%&�'HVLJQDWHG�3URIHVVLRQDO
QLQR#LWHFGHVLJQ�QHW $UWXUR�*ULHJR�KDV�D�0DVWHU¶V�GHJUHH�IURP�WKH�8QLYHUVLW\�RI�1HZ�0H[LFR�DQG�D�%DFKHORU¶V�GHJUHH�LQ�'HVLJQ�IURP�WKH�8QLYHUVLW\�RI�)ORULGD�DQG�OLFHQVHG�LQ�)ORULGD�DQG�7H[DV�ZLWK�1&$5%�FHUWLILFDWLRQ���$V�D�IRXQGLQJ�PHPEHU�RI�,WHFGHVLJQ��*�GHVLJQ_EXLOG��$UWXUR�EULQJV�WKH�YLVLRQ�DQG�IRUHVLJKW�RI�KLV�H[SHUL�HQFHV�IURP�ZRUNLQJ�LQ�WKH�ZRUOG�UHQRZQHG�RIILFHV�RI�$QWRLQH�3UHGRFN�DQG�$UTXLWHFWRQLFD��+H�KDV�EHHQ�D�PHPEHU�RI�GHVLJQ�WHDPV�WKDW�KDYH�FRPSHWHG�IRU�DQG�ZRQ�LQWHUQDWLRQDO�FRPSHWLWLRQV��+LV�XQGHUVWDQG�LQJ�RI�WKH�SURFHVV�IRU�ZLQQLQJ�LV�DQ�LQYDOXDEOH�DVVHW��$UWXUR�KDV�DOVR�EHHQ�KRQRUHG�IRU�KLV�RZQ�GHVLJQV�DQG�D�ZLQQHU�RI�DQ�LQWHUQDWLRQDO�FRPSHWLWLRQ��$UWXUR¶V�H[SHULHQFHV�UDQJH�IURP�H[FOXVLYH�UHVLGHQWLDO�ZRUN�WR�ODUJH�FRQGRPLQLXPV��PHJD�FRPSOH[HV�DQG�LQWHUQDWLRQDOO\�UHFRJQL]HG�HGXFDWLRQ�IDFLOLWLHV���
2YHU�KLV�FDUHHU�KH�KDV�EHHQ�LQYROYHG�LQ�EXVLQHVV�GHYHORSPHQW��SURMHFW�PDQDJHPHQW��GLVSXWH�UHVROX�WLRQ��FRQVWUXFWLRQ�PDQDJHPHQW�DQG�DOO�SKDVHV�RI�WKH�GHVLJQ�DQG�FRQVWUXFWLRQ�SURFHVV���7KHVH�H[SHUL�HQFHV�KDYH�SURYLGHG�WKH�IRXQGDWLRQ�IRU�HVWDEOLVKLQJ�,WHFGHVLJQ��*�GHVLJQ_EXLOG��$UWXUR�LV�VSHFLIL�FDOO\�UHVSRQVLEOH�IRU�VHWWLQJ�DQG�PHDVXULQJ�SROLFLHV�WKDW�GHILQH�WKH�GLUHFWLRQ�DQG�VXFFHVV�RI�WKH�VWXGLR��7KH�H[WHQW�RI�KLV�SURMHFW�H[SHULHQFH�KDV�JLYHQ�KLP�WKH�RSSRUWXQLW\�WR�DWWUDFW�DQG�PDLQWDLQ�D�JURZLQJ�FOLHQW�EDVH��$UWXUR�UHPDLQV�DFWLYHO\�LQYROYHG�LQ�DOO�SKDVHV�RI�WKH�GHVLJQ�DQG�FRQVWUXFWLRQ�SURFHVV�IURP�SURJUDPPLQJ��VFKHPDWLF�GHVLJQ��GHVLJQ�GHYHORSPHQW��FRQVWUXFWLRQ�GRFXPHQWV��ELGGLQJ�QHJRWLDWLQJ��DQG�WKRURXJK�FRQVWUXFWLRQ�DGPLQLVWUDWLRQ��:LWK�WKH�VXSSRUW�RI�WKH�VWXGLR�VWDII��HYHU\�SURMHFW�UHFHLYHV�GLUHFWLRQ�DQG�RYHUVLJKW�IURP�$UWXUR��
('8&$7,21 0DVWHU�RI�$UFKLWHFWXUH� 8QLYHUVLW\�RI�1HZ�0H[LFR���������� %DFKHORU�RI�'HVLJQ� 8QLYHUVLW\�RI�)ORULGD��������� $VVRFLDWHV�RI�6FLHQFH� 8QLYHUVLW\�RI�&HQWUDO�)ORULGD���������
/,&(16(
5HJLVWHUHG�$UFKLWHFW�)ORULGD���$5�����
5HJLVWHUHG�$UFKLWHFW�7H[DV ��������
&HUWLILHG�*HQHUDO�&RQWUDFWRU��)O��&*&
&(57,),&$7,216�$)),/,$7,216
)*%&��%RDUG�RI�'LUHFWRUV�
$,$�
1DWLRQDO�&RXQFLO�RI�$UFKLWHFWXUDO�5HJLVWUDWLRQ�%RDUG��1&$5%�
8)$$
$23$
352)(66,21$/�(;3(5,(1&( *�GHVLJQEXLOG�OOF��0LDPL��)O������-SUHVHQW *HQHUDO�&RQWUDFWRU� LWHFGHVLJQ��0LDPL��)/�� 3ULQFLSDO�$UFKLWHFW� �������-�3UHVHQW $UTXLWHFWRQLFD�0LDPL��)/�� 3URMHFW�0DQDJHU� ����-���� $QWRLQH�3UHGRFN�$OEXTXHUTXH��10 3URMHFW�'HVLJQHU ����-���� 6YHUGUXS�&RUS��2UODQGR��)/�� ,QWHUQ�$UFKLWHFW �����
$:$5'6��(;+,%,76
�����),8�(QJDJLQJ�WKH�8UEDQ�6\PSRVLXP ������3URMHFWV�$UW%DVHO�([KLELW �����WNWV�.� 7LFNHW�%RRWK�'HVLJQ�&RPSHWLWLRQ��1HZ�<RUN�&LW\ �����$ZDUG�RI�0HULW� $6/$��1HZ�0H[LFR �����:LQQHU� ,GHDV�$IORDW�,QWHUQDWLRQDO�'HVLJQ�&RPSHWLWLRQ� 1HZ�&DVWOH�*DOOHU\ �����9DQ�$OHQ�,QVWLWXWH�H[KLELW� ³'HVLJQLQJ�,VODQGV��7KH�3XEOLF�)XWXUH�RI�1HZ�<RUN¶V�$UFKLSHODJR´� �����9DQ�$OHQ�,QVWLWXWH�H[KLELW� ³6XQ�6KHOWHU�&RPSHWLWLRQ�([KLELW´ �����3DULV�3UL]H�([KLELW 1HZ�<RUN�&LW\� ����-�����7UDYHOLQJ�([KLELW� ³7KH�6DUDVRWD�6FKRRO������-����´� �����'HVLJQ�6FKRODUVKLS 8QLYHUVLW\�RI�)ORULGD
38%/,&$7,216
$UFKLWHFWXUDO�5HFRUG
:DOOSDSHU
:RUOG�$UFKLWHFWXUH
:DOO�6WUHHW�-RXUQDO
6DUDVRWD�6FKRRO�RI�$UFKLWHFWXUH
$UFKLWHFWXUH
$OEXTXHUTXH�-RXUQDO
&RQFHSW�0DJD]LQH
0LDPL�+HUDOG
6�(�/�(�&�7�(�'���3�5�2�-�(�&�7�6� 6XVKL6DPED� ������ /RFDWLRQ� 0LDPL��)/��� 'HVFULSWLRQ� $���6WRU\����������6)�FRPPHUFLDO�GHYHORSPHQW���HQWHUWDLQPHQW�FRPSOH[�UHVWDXUDQW� 6HUYLFH� *HQHUDO�&RQWUDFWRU���'HVLJQ-%XLOG��$UFKLWHFW
7HTXHVWD�3ULYDWH�5HVLGHQFH ������ /RFDWLRQ� 0LDPL��)/�� 'HVFULSWLRQ� $���VWRU\�������VI��OX[XU\�KRPH�RYHU�DQ������VW�ORW�LQ�FRFRQXW�JURYH 6HUYLFH� *HQHUDO�&RQWUDFWLQJ��'HVLJQ-%XLOG��$UFKLWHFW
%'HYHORSPHQWV�&RUSRUDWH�2IILFH� ������ /RFDWLRQ� &RFRQXW�*URYH��)/�� 'HVFULSWLRQ� ����VI�&RUSRUDWH�RIILFH�LQWHULRU�LPSURYHPHQWV 6HUYLFH� *HQHUDO�&RQWUDFWRU��'HVLJQ-%XLOG�$UFKLWHFW
*YLOOH�5HVLGHQWLDO�'HYHORSPHQW� ������ /RFDWLRQ� $XVWLQ��7H[DV� 'HVFULSWLRQ� $�������6)�UHVLGHQWLDO�GHYHORSPHQW� 6HUYLFH�� *HQHUDO�&RQVWUDFWRU��'HVLJQ-%XLOG��$UFKWLHFW 3OD]D�1RUWK�5HGHYHORSPHQW ������� /RFDWLRQ� $OWDPRQWH�6SULQJV��)ORULGD� 'HVFULSWLRQ� D��������VI�RIILFH�SDUN�UHGHYHORSPHQW 6HUYLFH�� *HQHUDO�&RQWUDFWRU��'HVLJQ-%XLOG��$UFKLWHFW
'ROFH9LWD�7RZQKRPHV� ������ /RFDWLRQ� %DO�KDUERXU��)ORULGD� 'HVFULSWLRQ� $��������VI�OX[XU\�WRZQKRXVH�GHYHORSPHQW 6HUYLFH�� *HQHUDO�&RQWUDFWRU��$UFKLWHFW
5RXQNOH�5HVLGHQWLDO�'HYHORSPHQW� ������ /RFDWLRQ� $XVWLQ��7[� 'HVFULSWLRQ� ������VI�UHVLGHQWLDO�GHYHORSPHQW�RYHU�D���DFUH�WRSRJUDSKLF�VLWH 6HUYLFH�� *HQHUDO�FRQWUDFWLQJ��3URMHFW�0DQDJHPHQW��'HVLJQ-%XLOG 1HUXGD�5HVLGHQWLDO�'HYHORSPHQW� ������ /RFDWLRQ� 0LDPL�)O� 'HVFULSWLRQ� ������VI���VWRU\�PXOWL-IDPLO\�UHVLGHQWLDO�GHYHORSPHQW�RYHU�D�����VI�VLWH 6HUYLFH�� *HQHUDO�&RQWUDFWRU��$UFKWLHFW )OLQW�5RFN�)DOOV ������ /RFDWLRQ� /DNHZD\��7[ 'HVFULSWLRQ� ������VI�UHVLGHQWLDO�GHYHORSPHQW�LQ�SULYDWH�JROI�FRPPXQLW\�RYHU���DFUH�VLWH 6HUYLFH�� *HQHUDO�FRQWUDFWLQJ��3URMHFW�0DQDJHPHQW��'HVLJQ-%XLOG (YHUJUHHQ�/DZQV ������ /RFDWLRQ� 0LDPL��)O 'HVFULSWLRQ� �������VI���VWRU\�PXOWL-IDPLO\�UHVLGHQWLDO�GHYHORSPHQW�RYHU�D������VI�VLWH 6HUYLFH�� $UFKLWHFW��&RQVWUXFWLRQ�0DQDJHPHQW��'HVLJQ-%XLOG
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
&$5/26�5��*5,(*2
0DQDJLQJ�3DUWQHU�
*HQHUDO�&RQWUDFWRU
FDUORV#J�GE�QHW
5HVXOWV-RULHQWHG��KDQGV-RQ�FRQVWUXFWLRQ�DQG�GHYHORSPHQW�SURIHVVLRQDO�ZLWK�D�YHULILDEOH�WUDFN�UHFRUG�IRU�WKH�VXFFHVVIXO�FRPSOHWLRQ�RI�PXOWL-PLOOLRQ�GROODU�SURMHFWV�WKURXJK�FRRUGLQDWLQJ�WUDGHV��GHYHORSLQJ�SDUWQHUVKLSV��DQG�EXLOGLQJ�SRVLWLYH�UDSSRUW�ZLWK�DUFKLWHFWV��HQJLQHHUV��ORFDO�RIILFLDOV��YHQGRUV�DQG�FOLHQWV�ZKLOH�PDLQWDLQLQJ�FRVWV���9HUVHG�LQ�FRQWUDFW�QHJRWLDWLRQ��SURMHFW�HVWLPDWLQJ�DQG�VLWH�PDQDJHPHQW�WKURXJK�FHUWLILFDWH�RI�RFFXSDQF\�
$UHDV�RI�([SHUWLVH�OLH�LQ�
· 7HDP�%XLOGLQJ��/HDGHUVKLS
· 3HUPLWWLQJ��%XLOGLQJ�&RGH
· &RQVWUXFWLRQ�3ODQQLQJ
· &ULWLFDO�3DWK�0DQDJHPHQW
· %XGJHW�$QDO\VLV
('8&$7,21 %DFKHORU�RI�6FLHQFH—&RQVWUXFWLRQ�0DQDJHPHQW 8QLYHUVLW\�RI�)ORULGD� $VVRFLDWHV�RI�6FLHQFH� 8QLYHUVLW\�RI�&HQWUDO�)ORULGD��
352)(66,21$/�(;3(5,(1&(
*�GHVLJQEXLOG�OOF��0LDPL��)O������-SUHVHQW *HQHUDO�&RQWUDFWRU���3DUQWHU
7H[HUUD�&RQVWUXFWLRQ��$XVWLQ��7[�� )RXQGLQJ�3DUWQHU ����-�3UHVHQW
0RUULVRQ�+RPH��7D\ORU�:RRGURZ�,QF��� 3URMHFW�0DQDJHU� 3ULPDU\�UHVSRQVLELOLWLHV�ZHUH�VFKHGXOLQJ��FRQWUDFWRU�PDQDJHPHQW��FXVWRPHU�UHODWLRQV��FRQVWUXFWLRQ�FRVW�FRQWURO��PDWHULDO�PDQDJHPHQW��TXDOLW\�PDQDJHPHQW��DQG�VDIHW\�VWDQGDUGV�
6N\9HQWXUH�//& 3URMHFW�0DQDJHU 3ODQ��RUJDQL]H��DQG�PDQDJH�WKH�FRQVWUXFWLRQ�DQG�IDEULFDWLRQ�RI�9HUWLFDO�:LQG�7XQQHOV�DQG�9:7�FRPSRQHQWV�IRU�VN\GLYLQJ�VLPXODWLRQ��0DQDJH�WKH�SURMHFWV�*HQHUDO�&RQWUDF�WRU��&ROODERUDWH�ZLWK�$UFKLWHFWV��(QJLQHHUV��DQG�)DEULFDWRUV�WR�SURYLGH�FRQVXOWDWLYH�DVVLVWDQFH�RQ�GHYHORSPHQW��GHVLJQ��DQG�FRQVWUXFWLRQ�UHODWHG�LVVXHV�SULRU�WR�DQG�GXULQJ�FRQVWUXFWLRQ��([SHGLWH�GHYHORSPHQW�E\�FRRUGLQDWLQJ�DFWLYLWLHV�RI�WKH�GHVLJQ�SURIHVVLRQ�DOV�ZLWK�WKH�ODQGORUG�DQG�ORFDO�SHUPLWWLQJ�DQG�PXQLFLSDO�DXWKRULWLHV��+LUH��VFKHGXOH�DQG�VXSHUYLVH�VXEFRQWUDFWRUV��'HYHORS�DQG�PDLQWDLQ�WKH�SURMHFW�VFKHGXOH��)RUHFDVW�PRQWKO\�FDVK�IORZ�UHTXLUHPHQWV�
'XQNLQ�%UDQGV�,QF�� 'HYHORSPHQW�VHUYLFHV��3URMHFW�0DQDJHU 3ODQ��RUJDQL]H�DQG�PDQDJH�WKH�RYHUDOO�GHYHORSPHQW�DQG�FRQVWUXFWLRQ�RI�ILIW\�IUDQ�FKLVHG�DQG�FRUSRUDWH�VWDQG-DORQH�'XQNLQ'RQXWV�%DVNLQ�5REELQV�VWRUHV��'LUHFWO\�UHVSRQVLEOH�IRU�WKH�FRUSRUDWH�GHYHORSPHQW�DQG�FRQVWUXFWLRQ�RI�WZHQW\�VWRUHV��'XQNLQ�'RQXWV�%DVNLQ�5REELQV�7R*R¶V��ZLWK�D�EXGJHW�RI�������������0DQDJH�VWRUH�GHYHORS�PHQW�DFWLYLWLHV�E\�FROODERUDWLQJ�ZLWK�IUDQFKLVHHV�WR�SURYLGH�FRQVXOWDWLYH�DVVLVWDQFH�RQ�GHYHORSPHQW��GHVLJQ��DQG�FRQVWUXFWLRQ�UHODWHG�LVVXHV��([SHGLWH�GHYHORSPHQW�E\�FRRUGLQDWLQJ�DFWLYLWLHV�RI�IUDQFKLVHH�DQG�DUFKLWHFWXUDO��HQJLQHHULQJ�DQG�ORFDO�SHUPLWWLQJ�DQG�PXQLFLSDO�DXWKRULWLHV� $GGLWLRQDO�UHVSRQVLELOLWLHV�LQFOXGH�GHVLJQ�DQG�EOXHSULQW�UHYLHZ�DQG�DQDO\VLV�RI�SURMHFWV��SUHSDUDWLRQ�RI�FRQVWUXFWLRQ�GRFXPHQWV��ELGGLQJ��QHJRWLDWLRQV��JHQHUDO�FRQWUDFWRU��DUFKLWHFW�DQG�HQJLQHHU�VHOHFWLRQ��VFKHGXOLQJ��SURMHFW�EXGJHW��EXLOGLQJ�FRGH�DQG�$'$�FRPSOLDQFH��SURMHFW�GHYHORSPHQW�DQG�FHUWLILFDWLRQ�RI�RFFXSDQF\�
)LUVW�,QGXVWULDO�5HDOW\�7UXVW 'HYHORSPHQW�6HUYLFHV��3URMHFW�PDQDJHU ,QGHSHQGHQWO\�UHVSRQVLEOH�IRU�SUHSDULQJ�FRQVWUXFWLRQ�FRVW�HVWLPDWHV�IRU�WHQDQW�EXLOG-RXWV��UHQRYDWLRQV��DQG�QHZ�EXLOGLQJ�FRQVWUXFWLRQ��1HJRWLDWHG�DQG�SURFXUHG�VXE-FRQWUDFWRU��YHQGRU�DQG�VXSSOLHU�ELGV�IRU�UHYLHZ�RI�UHDVRQDEOHQHVV�DQG�LQFOXVLRQV�RI�SURMHFW�ZRUN�LQ�ELG�GRFXPHQWV��6XEPLWWHG�DQG�REWDLQHG�DOO�EXLOGLQJ�SHUPLWV�SULRU�WR�DQG�GXULQJ�FRQVWUXFWLRQ��6FKHGXOHG�EXLOGLQJ�LQVSHFWLRQ�DQG�HQVXUHG�VXE-FRQWUDFWRU¶V�ZRUN�PHW�WKH�EXLOGLQJ�FRGH��(IIHFWLYHO\�DQDO\]HG�ILHOG�FRQGLWLRQV��EXLOGLQJ�FRQVWUXFWLRQ�DJDLQVW�SURMHFW�VFKHGXOH�DQG�EXGJHW��DQG�GLVWULEXWHG�UHVXOWV�WR�VHQLRU�PDQDJHPHQW�WR�UHVHDUFK�DOWHUQDWLYHV�DQG�UHVROYH�VXFK�LVVXHV��5HYLHZHG��PDQDJHG��DQG�DSSURYHG�DOO�VXE-FRQWUDFWRU�FKDQJHV�DQG�ELOOLQJV�HQVXULQJ�DSSURSULDWH�GRFXPHQWDWLRQ��$FWHG�DV�SULPDU\�FRQWDFW�EHWZHHQ�$UFKLWHFW�(QJLQHHUV��VHQLRU�PDQDJHPHQW��ILHOG�ZRUNHUV��DQG�FOLHQWV�WR�HQVXUH�DQ�HIIHFWLYH�IORZ�RI�FRPPXQLFDWLRQ�DQG�VHDPOHVV�VHUYLFH�WR�RXU�FOLHQWV��
0HUFHGHV�+RPQHV��2UODQGR�)O� 3URMHFW�0DQDJHU0HPEHU�RI�D�SURMHFW�PDQDJHPHQW�WHDP��ZKLFK�GHYHORSHG�DQG�FRQVWUXFWHG�D����ORW��FXVWRP-EXLOW��JDWHG�JROI�FRPPXQLW\��&RQWULEXWLRQV�LQFOXGHG��SHUPLWWLQJ��HVWLPDWLQJ��VFKHGXOLQJ��DQG�ILHOG�VXSHUYLVLRQ�
8QLWHG�6WDWHG�1DY\����-��� )OLJKW�'HFN�7URXEOHVKRRWHU�3HUIRUPHG�ODVW�PLQXWH�WXUQDURXQG�LQVSHFWLRQV�WR�HQVXUH�SLORW�DQG�DLUFUDIW�VDIHW\�LQ�VXSSRUW�RI��³2SHUDWLRQ�5HVWRUH�+RSH´�DQG�³2SHUDWLRQ�6RXWK�HUQ�:DWFK´��'XWLHV�LQFOXGHG��WURXEOH�VKRRWLQJ�DQG�UHSDLULQJ�HOHFWULFDO�SUREOHPV�WR�)-���DLUFUDIW�ZKLOH�RQ�WKH�FDWDSXOW�SULRU�WR�ODXQFK�� /LQH�6XSHUYLVRU�� 6FKHGXOHG�ZRUN��GXW\�DQG�WUDLQLQJ�KRXUV�IRU�PRUH�WKDQ�WZHQW\�$LUPHQ��,QGHSHQGHQWO\�UHVSRQVLEOH�IRU�WKH�LPSOHPHQWDWLRQ�DQG�VFKHGXOLQJ�RI�DOO�WXUQDURXQG��GDLO\��DQG�SKDVH�LQVSHFWLRQV�RQ�DOO�VTXDGURQ�DLUFUDIW��)�$�–���+RUQHW���$GGLWLRQDO�UHVSRQVLELOLWLHV�LQFOXG�HG�WKH�WUDLQLQJ�DQG�GHYHORSPHQW�RI�DOO��QHZ�³SODQH�FDSWDLQV´�DQG�SHUIRUPHG�PLQRU�IOLJKW�GHFN�WURXEOHVKRRWLQJ� $YLDWLRQ�(OHFWULFLDQ�3ODQ�&DSWDLQ� 7HVWHG��LQVWDOOHG��DQG�PDLQWDLQHG�D�ZLGH�UDQJH�RI�DLUFUDIW�LQVWUXPHQWV�DQG�HOHFWULFDO�HTXLSPHQW��LQFOXGLQJ�JHQHUDWRUV��PRWRUV��DXWRPDWLF�IOLJKW�FRQWURO�DQG�OLJKWLQJ�V\VWHPV��3HUIRUPHG�WXUQDURXQG��GDLO\�DQG�SKDVH�LQVSHFWLRQV�ZLWK�D�YDULHW\�RI�HOHFWULFDO�PHDVXU�LQJ�HTXLSPHQW�
6�(�/�(�&�7�(�'���3�5�2�-�(�&�7�6� 6XVKL6DPED� ������ /RFDWLRQ� 0LDPL��)/��� 'HVFULSWLRQ� $���6WRU\����������6)�FRPPHUFLDO�GHYHORSPHQW���HQWHUWDLQPHQW�FRPSOH[�UHVWDXUDQW� 6HUYLFH� *HQHUDO�&RQWUDFWRU���'HVLJQ-%XLOG�
7HTXHVWD�3ULYDWH�5HVLGHQFH ������ /RFDWLRQ� 0LDPL��)/�� 'HVFULSWLRQ� $���VWRU\�������VI��OX[XU\�KRPH�RYHU�DQ������VW�ORW�LQ�FRFRQXW�JURYH 6HUYLFH� *HQHUDO�&RQWUDFWLQJ��'HVLJQ-%XLOG�
:RQGHUZRUOG�&RPPHUFLDO�&HQWHU ������ /RFDWLRQ� 6DQ�0DUFRV��7[� 'HVFULSWLRQ� $������VI�UHWDLO�VKRSSLQJ�FHQWHU� 6HUYLFH� *HQHUDO�FRQWUDFWLQJ��SURMHFW�PDQDJHPHQW
*YLOOH�5HVLGHQWLDO�'HYHORSPHQW� ������ /RFDWLRQ� $XVWLQ��7H[DV� 'HVFULSWLRQ� $�������VI�UHVLGHQWLDO�GHYHORSPHQW�RYHU�D���DFUH�VLWH� 6HUYLFH�� *HQHUDO�FRQWUDFWLQJ��SURMHFW�PDQDJHPHQW��'HVLJQ-%XLOG .\OH�3DUNZD\�&RPPHUFLDO�&HQWHU ������ /RFDWLRQ� .\OH��7[� 'HVFULSWLRQ� QHZ�FRQVWUXFWLRQ�RI�D���SKDVH�PXOWL-VWUXFWXUH�FRPPHUFLDO�GHYHORSPHQW�RI��������VI�RYHU�D��� DFUH�VLWH 6HUYLFH�� *HQHUDO�FRQWUDFWLQJ��SURMHFW�PDQDJHPHQW
3LQHV�RI�:HVWEXU\ ������ /RFDWLRQ� +RXVWRQ��7[� 'HVFULSWLRQ� UHVWRUDWLRQ�RI�D�DQ����XQLW�UHVLGHQWLDO�GHYHORSPHQW�WRJHWKHU�ZLWK�QHZ�FRQVWUXFWLRQ��RYHU�D��� DFUH�GHYHORSPHQW�VLWH 6HUYLFH�� *HQHUDO�&RQWUDFWLQJ��3URMHFW�0DQDJHPHQW
5RXQNOH�5HVLGHQWLDO�'HYHORSPHQW� ������ /RFDWLRQ� $XVWLQ��7[� 'HVFULSWLRQ� ������VI�UHVLGHQWLDO�GHYHORSPHQW�RYHU�D���DFUH�WRSRJUDSKLF�VLWH 6HUYLFH�� *HQHUDO�FRQWUDFWLQJ��3URMHFW�0DQDJHPHQW��'HVLJQ-%XLOG )OLQW�5RFN�)DOOV ������ /RFDWLRQ� /DNHZD\��7[ 'HVFULSWLRQ� ������VI�UHVLGHQWLDO�GHYHORSPHQW�LQ�SULYDWH�JROI�FRPPXQLW\�RYHU���DFUH�VLWH 6HUYLFH�� *HQHUDO�FRQWUDFWLQJ��3URMHFW�0DQDJHPHQW��'HVLJQ-%XLOG 6LPRQ��3URSHUWLHV�$UERUHWXP� ������ /RFDWLRQ� $XVWLQ��7[� 'HVFULSWLRQ� FDSLWDO�LPSURYHPHQWV�RYHU�D����DFUH��VLWH�ZLWK�PRUH�WKDQ��������VI 6HUYLFH�� *HQHUDO�FRQWUDFWLQJ��3URMHFW�0DQDJHPHQW
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
6HOHFWHG�([SHULHQFH
9,6,725�&(17(56�_�086(806�
)/25,'$�/$5*(0287+�%$66
&216(59$7,21�&(17(5��9,6,725
&(17(5�$1'�('8&$7,21$/�',63/$<
&OLHQW��6FRWW�+DUGLQ��)ORULGD�)LVK��:LOGOLIH�&RQVHUYDWLRQ�&RPPLVVLRQ�
/RFDWLRQ��5LFKORDP�6WDWH�)LVK
+DWFKHU\��6XPWHU�&RXQW\�)ORULGD
6L]H��������6)�_�&RVW������������
&RPSOHWLRQ������
('8&$7,21$/�,17(535(7,9(�9,6,725
&(17(5�+$7&+(5<�)$&,/,7<�)25�7+(
67$7(�2)�)/25,'$
&OLHQW��6FRWW�+DUGLQ��)ORULGD�)LVK��:LOGOLIH�&RQVHUYDWLRQ�&RPPLVVLRQ�
/RFDWLRQ��5LFK�ORDP��)ORULGD
6L]H��������6)�_�&RVW����������
&RPSOHWLRQ������
0,$0,�&+,/'5(16�086(80
&OLHQW�&RQWDFW��'HEELH�6SLHJHOPDQ
/RFDWLRQ��:DWVRQ�,VODQG��0LDPL��)O�
6L]H��������6)�_�&RVW������������
&RPSOHWLRQ������
,167,787,21$/�_�('8&$7,21$/
23$-/2&.$�+($'67$57�)$&,/,7<
&OLHQW��0LDPL-'DGH�&RXQW\�*6$
/RFDWLRQ��0LDPL�*DUGHQV��)O�
6L]H���������6)�_�&RVW������������
&RPSOHWLRQ������
+263,7$/,7<
1250$1'<�+27(/
&25325$7(�/281*(
&OLHQW��0DQXHO�6DQWDQD
/RFDWLRQ��6DQ�-XDQ��3XHUWR�5LFR
6L]H��������6)
+2/,'$<�,11�+($/7+�',675,&7
&OLHQW��$PDGL�&RPSDQLHV
/RFDWLRQ��0LDPL��)O�
6L]H����������6)�_�&RVW�������������
&RPSOHWLRQ������
'(/$12
&OLHQW��0RUJDQV�*URXS
/RFDWLRQ��0LDPL�%HDFK��)O�
6L]H���������6)�_�&RVW�������������
&RPSOHWLRQ������
6+25(&/8%-%86,1(66�&(17(5
%86,1(66�$1'�&21)(5(1&(�&(17(5
&OLHQW��0RUJDQV�*URXS
/RFDWLRQ��0LDPL�%HDFK��)O�
6L]H��������6)�_�&RVW������������
&RPSOHWLRQ������
6287+�%($&+�%287,48(�+27(/�
&OLHQW��05�&RPSDQ\
/RFDWLRQ��0LDPL�%HDFK��)O�
6L]H���������6)�_�&RVW�������������
&RPSOHWLRQ������
'(/$12�3/$=$�6287+
&OLHQW��0RUJDQV�*URXS
/RFDWLRQ��0LDPL�%HDFK��)O�
6L]H���������6)�_�&RVW������������
&RPSOHWLRQ������
0,;-86(�5(6,'(17,$/�_�&200(5&,$/
6$1�/25(1=2
���81,7�0,;('�86(�'(9(/230(17
&OLHQW��%HWD�&UHGLW�0DQDJHPHQW��//&
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
6,(11$
���81,7�5(6,'(17,$/�'(9(/230(17
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)
&RPSOHWLRQ������
635,1*�*$5'(Q6
���81,7�0,;('–86(�'(9(/230(17
&OLHQW��*HQHUDWLRQ�9HQWXUHV
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)
&RPSOHWLRQ������
:$7(53/$<
0,;('–86(�'(9(/230(17
&OLHQW��,ODQ�1HXZLUWK
/RFDWLRQ��)W��/DXGHUGDOH��)ORULGD
6L]H����������6)
&RPSOHWLRQ������
21(�3/$=$
����81,7�0,;('–86(�'(9(/230(17
&OLHQW��0HOR�'HYHORSPHQW
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RVW�������������
&RPSOHWLRQ������
&,7<�:,'(�'(9(/230(17
����81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��&LW\ZLGH�'HYHORSPHQW�*URXS
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)
&RPSOHWLRQ������
9,6&$<$�*529(�'(9(/230(17
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��7KRPDV�:DUG
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6) &RPSOHWLRQ������
&200(5&,$/�_�2)),&(�_�5(7$,/
3,1$5'�,17(5,25�&216758&7,21
&25325$7(�2)),&(�$1'�6725$*(
&OLHQW��5RFN\�3LQDUG
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RVW������������
&RPSOHWLRQ������
352-(&7�/;
5(7$,/�,17(5,25�'(6,*1
&OLHQW��*DU\�7LH-6KXH��$OH[�$EULO
/RFDWLRQ��6RXWK�0LDPL
6L]H�������6)�_�&RVW����������
&RPSOHWLRQ������
78772�3$67$�5(67$85$17
&OLHQW��-RDR�2OLYLHUD
/RFDWLRQ��0LDPL��)ORULGD
6L]H��������6)�_�%XGJHW����������
&RPSOHWLRQ������
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
6HOHFWHG�([SHULHQFH
&200(5&,$/�_�2)),&(�_�5(7$,/
%/8�,�5(67$85$17�
&OLHQW��0DXUL]LR�)DULQHOOL
/RFDWLRQ��6RXWK�0LDPL��)ORULGD
6L]H��������6)�_�&RPSOHWLRQ������
%/8�,,�5(67$85$17�
&OLHQW��0DXUL]LR�)DULQHOOL
/RFDWLRQ��0DU\�%ULFNHOO�9LOODJH��0LDPL��)O�
6L]H��������6)�_�&RPSOHWLRQ������
<2*85%(//$
&OLHQW��<RJXUEHOOOD�&RUSRUDWH
/RFDWLRQ��0LDPL�%HDFK��)O
6L]H������6)�_�&RPSOHWLRQ������ &RVW����������
352)(66,21$/�2)),&(�&(17(5
5(7$,/�,17(5,25�'(6,*1
&OLHQW��3DUDPRXQW�
/RFDWLRQ��6RXWK�0LDPL
6L]H���������6)�_�&RVW�������������
&RPSOHWLRQ������
+($/7+&$5(
7+(�.,'1(<�63$�',$/<6,6�&(17(5
&OLHQW��.LGQH\�6SD�
/RFDWLRQ��0LDPL��)O�
6L]H��������6)�_�&RVW������������
&RPSOHWLRQ������
'5��0$85,&,2�&8(//$5�0(',&$/�&(17(5
&OLHQW��'U��0DXULFLR�&XHOODU
/RFDWLRQ��0LDPL��)O�
6L]H��������6)�_�&RVW����������
&RPSOHWLRQ������
7+(�,167,787(�)25�)227��$1./(�685*(5<
&OLHQW��'U��-RVH�5LYHUD
/RFDWLRQ��2UODQGR��)O�
6L]H��������6)�_�&RVW����������
&RPSOHWLRQ������
3$5$02817�0(',&$/�2)),&(�&(17(5
&OLHQW��3DUDPRXQW�&RPSDQLHV
/RFDWLRQ��0LDPL��)O�
6L]H���������6)�_�&RVW������������
&RPSOHWLRQ������
1257+%($&+�0(',&$/�2)),&(�&(17(5
&OLHQW��3DUDPRXQW�&RPSDQLHV
/RFDWLRQ��0LDPL�%HDFK��)O�
6L]H���������6)�_�&RVW������������
&RPSOHWLRQ������
1(:�%(*,11,1*6�(15,&+0(17�',$/<6,6�$1'�0(',&$/�&(17(5
/RFDWLRQ��0LDPL-'DGH��)O�
6L]H���������6)�_�&RVW������������
&RPSOHWLRQ������
08/7,)$0,/<�5(6,'(17,$/
$48$5(/$
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��&216758&7$
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RVW�����0
&RPSOHWLRQ������
&$19$6
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��1H[XV�'HYHORSPHQW
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RVW����0
&RPSOHWLRQ������
0,$0,�5,9(5�72:1+286(
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��1HZ�0LDPL�5HDOW\
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RVW�����0
&RPSOHWLRQ������
&25$/�32,17(
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��0XQL]�'HYHORSPHQW
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RVW����0
&RPSOHWLRQ������
5,9(56,'(
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��+DMMDU�DQG�$VVRF�
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RVW�����0
&RPSOHWLRQ������
32,17(�'(9(/230(17�
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��3RLQWH�'HYHORSHUV
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RVW����0
&RPSOHWLRQ������
+$%,7$7
���81,7�&21'2�5(6,'(17,$/
'(9(/230(17
&OLHQW��(XURSHDQ�$PHULFDQ�5HDOW\�
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RVW�����0
&RPSOHWLRQ������
(1&/$9(�,,
��81,7�/8;85<�72:1+286(
5(6,'(17,$/�'(9(/230(17��
&OLHQW��2UODQGR�/DQG�0DQDJHPHQW��'HYHORSPHQW�*URXS��,QF��
/RFDWLRQ��6RXWK�0LDPL��)ORULGD
6L]H���������6)�_�&RVW�����0
&RPSOHWLRQ������
(9(5*5((1�/$:16
��81,7�5(6,'(17,$/�'(9(/230(176
&OLHQW��*HQHUDWLRQ�9HQWXUHV
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RVW����������
&RPSOHWLRQ������
(1&/$9(�,
��81,7�/8;85<�72:1+286(
5(6,'(17,$/�'(9(/230(17
&OLHQW��2UODQGR�/DQG�0DQDJHPHQW�
'HYHORSPHQW�*URXS��,QF�
/RFDWLRQ��6RXWK�0LDPL��)ORULGD
6L]H���������6)�_�&RVW������0
&RPSOHWLRQ������
3,1(�75((�67$7,21
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��6RXWK�%HDFK�5HDO�(VWDWH�,QYHVWPHQW
/RFDWLRQ��0LDPL�%HDFK��)ORULGD
6L]H����������6)��_�&RPSOHWLRQ������
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
6HOHFWHG�([SHULHQFH
08/7,)$0,/<�5(6,'(17,$/
��81,7�/8;85<�72:1+286(
&OLHQW��6XSHULRU�'HYHORSPHQW
/RFDWLRQ��6RXWK�0LDPL��)ORULGD
6L]H���������6)_�&RPSOHWLRQ������
%5((=(
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��,9(�*URXS
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
(1(5*(
����81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��$PDGL�*URXS
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
6832�'(9(/230(17
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��7KH�6KHLJHO�*URXS
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
0$548,�5(6,'(17,$/�'(9(/230(17
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��0DUTXL�'HYHORSPHQW�*URXS
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
%5,&.(//�%$<
����81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��)ORULGD�(DVW�&RDVW�5HDOW\
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
0(55,7�3/$&(
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��$PFR�'HYHORSHPHQW
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
$/726�'(�0,$0,
����81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��%�'HYHORSPHQWV
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
0$5%(//$
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��0XQL]�'HYHORSPHQWV
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
48$<6,'(�72:1+286(6
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��)ORULGD�(DVW�&RDVW�5HDOW\
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
.,0%(5/<�/$.(6
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��8UEDQDOO�'HYHORSHPHQW
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
6816+,1(�$3$570(17
����81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��8UEDQDOO�'HYHORSHPHQW
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
9,=&$<$�*529(
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��8WVHW:DUG
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
*$/,$12
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��+DMMDU�DQG�$VVRF�
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ�������
0$5/,16�9,(:�5(6,'(17,$/�'(9(/230(17
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��8UEDQDOO�'HYHORSPHQW
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
9,//$�$/+$0%5$
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��$OKDPEUD�//&
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ�������
9$/(1&,$�$3$570(176
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��9DOHQFLD�//&
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
+,*+/$1'�3$5.�,
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��%DU�,QYHVW�
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ�������
+,*+/$1'�3$5.�,,
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��%DU�,QYHVW�
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ�������
635,1*�*$5'(16�,
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��*HQHUDWLRQ�9HQWXUHV
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
635,1*�*$5'(16�,,
����81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��5LOHD�*URXS
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
0(7520,$
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��&LWLZLGH
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
&$0$&2/
����81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��&$0$&2/
/RFDWLRQ��0LDPL��)ORULGD
6L]H����������6)�_�&RPSOHWLRQ������
0,'72:0�+20(6
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��2YHUODQG�'HYHORSHUV
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
6HOHFWHG�([SHULHQFH
08/7,)$0,/<�5(6,'(17,$/
1(:�%(*,11,1*6
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��5RGSLQ�'HYHORSHUV
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
0$'(,5$
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��:HLW]PDQ�'HYHORSHUV
/RFDWLRQ��0LDPL��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
)$,5:$<�0$125
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��%OXH�5LEERQ�&RVQWUXFWLRQ�
/RFDWLRQ��)UHHSRUW��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
;,1-+8�*5((1
����81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��1HZ�/DQG�*URXS��/7'
/RFDWLRQ��+DQJ]KRX��&KLQD
6L]H������������6)�_�&RPSOHWLRQ������
*8,/')25'�+286(
���81,7�5(6,'(17,$/�'(9(/230(17
&OLHQW��*XLOIRUG�+RXVH�&RQGRPLQXP
/RFDWLRQ��%D\KDUERXU��)ORULGD
6L]H���������6)�_�&RPSOHWLRQ������
6,1*/(�)$0,/<�5(6,'(17,$/
3$/0�,6/�$1'�5(6,'(1&(
&OLHQW��35,9$7(
/RFDWLRQ��0LDPL�%HDFK��)ORULGD
6L]H��������6)�WZR�VWRU\�
&RPSOHWLRQ������
'$+$%�5(6,'(1&(
&OLHQW��5DPVH\�'DKDE
/RFDWLRQ��%D\�+DUERU�,VODQGV��)ORULGD
6L]H��������6)�WZR�VWRU\�
&RPSOHWLRQ������
/$1*(1�5(6,'(1&(
&OLHQW��&KULV�/DQJHQ
/RFDWLRQ��.H\�%LVFD\QH��)ORULGD
6L]H��������6)�WKUHH�VWRU\��
&RPSOHWLRQ������
081,=�5(6,'(1&(
&OLHQW��*HRUJH�0XQL]
/RFDWLRQ��&RFRQXW�*URYH��)ORULGD
6L]H��������6)��
&RPSOHWLRQ������
*20(=�5(6,'(1&�(
&OLHQW��2UODQGR�*RPH]
/RFDWLRQ��&RFR�3OXP��)ORULGD
6L]H��������6)
&RPSOHWLRQ������
*21=$/(=�5(6,'(1&(
&OLHQW��5DIDHO�DQG�*ORULD�*RQ]DOH]
/RFDWLRQ��3DOPHWR�%D\��)ORULGD
6L]H��������6)�WKUHH�VWRU\
&RPSOHWLRQ������
&203(7,7,216
*5$1'�(*<37,$1�086(80
,17(51$7,21$/�'(6,*1�&203(7,7,21
/RFDWLRQ��&DLUR��(J\SW
6L]H������������6)�_�&RPSOHWLRQ������
0217$1$�9(5'(-5(7,5(0(17�9,//$6
,17(51$7,21$/�'(6,*1�&203(7,7,21
/RFDWLRQ��'RPLQLFDQ�5HSXEOLF
7HDP��$QWRLQH�3UHGRFN���,WHFGHVLJQ
02'�&,7<�&203(7,7,21
*%'�$UW�'LVWULFW�&203(7,7,21
/RFDWLRQ���%HLMLQJ�&KLQD�
7HDP��,WHFGHVLJQ�_�\HDU������
6$1�,6,'52�/2)76�&203(7,7,21
,17(51$7,21$/�'(6,*1�&203(7,7,21
/RFDWLRQ��6DQ�,VLGUR��/LPD��3HUX
7HDP��,WHFGHVLJQ�_�\HDU������
67$7,21����&203(7,7,21
/2&$/�'(6,*1�&203(7,7,21
/RFDWLRQ��0LDPL��)O�
&RPSOHWLRQ�_�\HDU������
$UFKLWHFWXUH�_�6WDWH�RI�)ORULGD�
�$5�����
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
/LFHQVH��&HUWLILFDWLRQV��,QVXUDQFH
$UFKLWHFWXUH�_�7H[DV�
������
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
/LFHQVH��&HUWLILFDWLRQV��,QVXUDQFH
'HVLJQDWHG�3URIHVVLRQDO�_�)*%&�
+L-5LVH�5HVLGHQWLDO��)ORULGD�*UHHQ�%XLOGLQJ�&RDOLWLRQ�
Đ�Ž�Ŷ�Đ�Ğ�Ɖ�ƚ����н���Đ�Ž�Ŷ�Ɛ�ƚ�ƌ�Ƶ�Đ�ƚ
/LFHQVH��&HUWLILFDWLRQV��,QVXUDQFH