)RU'HSRVLWRI0HPEHUVKLS)HHHWFWKURXJK$70 127(

RU0RELOH,QWHUQHW%DQNLQJYLDFRQYHQWLRQDO )((&$1%(3$,'21/,1($*$,167
$&RU,%$1)RU0HPEHUV ,167,787,212)(/(&75,&$/(1*,1((56+4
/LYLQJ$EURDG$&3N81,/ $F8%/:$3'$+RXVH%UDQFK/DKRUH
0HPEHUVKLSDSSOLFDWLRQFRXOGDOVREHVXEPLWWHGRQOLQH RUWKURXJKFKHTXHSD\RUGHUGHPDQGGUDIWRUE\FDVK
XSORDGLQJVXSSRUWLQJGRFXPHQWVIHHUHFHLSWWKURXJK DW,(((3+42I¿FH

0(0%(56+,3)250
ZHEVLWHSOHDVH

7+(,167,787,212)(/(&75,&$/$1'(/(&7521,&6(1*,1((563$.,67$1
/DZUHQFH5RDG/DKRUH3DNLVWDQ3K)D[&HOO
(PDLOLHHHS#JPDLOFRP:HEVLWHZZZLHHHSRUJSN
3(5621$/'$7$
1DPH )DWKHU¶V1DPH
'DWHRI%LUWK 1DWLRQDOLW\ 3(&0HPEHUVKLS
&RPPXQLFDWLRQ$GGUHVV
&LW\ &RXQWU\
3HUPDQHQW$GGUHVV
&LW\ &RXQWU\
5HVLGHQFH&RQWDFW 0RELOH 3HUVRQDO(PDLO
2I¿FH&RQWDFW )D[ 9LGHR/LQN,'6N\SHHWF
3UHVHQWO\(QJDJHGDV &1,&
48$/,),&$7,21
6U &HUWL¿FDWH'HJUHH ,QVWLWXWLRQ$WWHQGHG )URP<HDU 7R<HDU
L 0DWULFXODWLRQ
LL ,QWHUPHGLDWH
LLL *UDGXDWLRQ
LY 3RVW*UDGXDWLRQ
Y 'RFWRUDWH03KLO3K'
YL 2WKHUV
-2%(;3(5,(1&()URP/DVW-RE'HWDLORIWDVNDFFRPSOLVKHGLQGLIIHUHQWUHQRZQHGSURMHFWV
6U 'HVLJQDWLRQ (PSOR\HU1DPH )URP<HDU 7R<HDU

0(0%(56+,32)7(&+1,&$/%2'<
6U 2UJDQL]DWLRQ1DPH 0HPEHUVKLS1XPEHU

5(&200(1'$7,21
)URPSHUVRQDONQRZOHGJHRIWKHDSSOLFDQWDQGLQFRQVLGHUDWLRQRIWKHVWDWXVDQGLPSRUWDQWZRUNEHLQJ
GRQHE\WKHDSSOLFDQWZHUHFRPPHQGHGWKHDSSOLFDQWWRWKH&RXQFLOEHLQJD¿WDQGSURSHUSHUVRQIRU
DGPLVVLRQDVBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6LJQDWXUHRI6XSSRUWHUVLIDQ\      ,(((30HPEHUVKLS1XPEHU

BBBBBBBBBBBBBBBBBBBBBBBBBB     BBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBB     BBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBB     BBBBBBBBBBBBBBBBBBBBBBBBB
'RFXPHQWV5HTXLUHG$WWDFKHG
L&RS\RI3(&0HPEHUVKLS&HUWL¿FDWH LY3LFWXUHV3DVVSRUW6L]H
LL&RS\RI&1,& Y&RS\RI-RE([SHULHQFH/HWWHU
LLL&RS\RI/DVW'HJUHH YL$GGLWLRQDOLQIRUPDWLRQUHJDUGLQJDERYH
GDWDPD\EHDWWDFKHGDFFRUGLQJO\
)RU2I¿FH8VH2QO\
5HJLVWUDWLRQ)HH 5HFHLSW 'RFXPHQWV5HTXLUHG

0HPEHUVKLS 5HFRPPHQGHGRUGHIHUUHGE\WKHFHQWUDOFRXQFLOZLWKHIIHFWIURP

$FFRXQWV2I¿FHU $XWKRUL]HG6LJQDWXUH
 7,&.7+(5(/(9$17
,)(//2:6&RUSRUDWH0HPEHUVKLS
 
(YHU\FDQGLGDWHIRUHMHFWLRQDGPLVVLRQWRWKHLQVWLWXWLRQDV)HOORZRUIRUWUDQVIHUIURP0HPEHUWR)HOORZVKDOOSURGXFHHYLGH QFHDFFHSWDEOHWRWKH

&HQWUDO&RXQFLOWKDWKHVKHVDWLV¿HVWKHIROORZLQJFRQGLWLRQV
D LVDWOHDVW\HDUVRIDJH

E SRVVHVVHVD%6FGHJUHHLQ(OHFWULFDO(QJLQHHULQJRUDQHTXLYDOHQWTXDOL¿FDWLRQUHFRJQL]HGE\WKH,QVWLWXWLRQ
F 
KDVDWOHDVW\HDUVUHFRJQL]HGH[SHULHQFHLQ(OHFWULFDO(QJLQHHULQJ3URIHVVLRQ
G 
LVKROGLQJSRVLWLRQRIKLJKHUUHVSRQVLELOLW\DQGKDVDWWHQGHGHPLQHQFHLQ(OHFWULFDO(QJLQHHULQJSURIHVVLRQ
H 3URYLGHVDFRS\RI7HFKQLFDO5HVHDUFKSDSHUZKLFKKDGDOUHDG\EHHQSXEOLVKHGLQ,(((3-RXUQDO1HZ+RUL]RQVRUDQ\RWKHU+(&

5HFRJQL]HG-RXUQDO
I  KDGFRQGXFWHGDWOHDVWWKUHH&RQWLQXLQJ3URIHVVLRQDO'HYHORSPHQW3URJUDP&3',DV5HVRXUFHSHUVRQ 
J )XUWKHUWKHFRPPLWWHHVXJJHVWHGWKDWIRUWUDQVIHUULQJIURP0HPEHUWR)HOORZKHVKHVKRXOGUHPDLQDVPHPEHUIRU<HDUV

$'0,66,21)(( $118$/68%6)(( &(57,),&$7()(( 38%/,&$7,21)(( /,)(0(0%(56+,3 *5$1'727$/
5V 5V 5V 5V  5V 5V
    
LL 0(0%(56&RUSRUDWH0HPEHUVKLS  
 

(YHU\FDQGLGDWHIRUHOHFWLRQRUWUDQVIHUWRWKHFODVVRI0HPEHUVKDOOVDWLVI\WKH&HQWUDO&RXQFLOWKDWKHVKH
D 
LVDWOHDVW\HDUVRIDJH
E 
SRVVHVVHVD%6FGHJUHHLQ(OHFWULFDO(QJLQHHULQJRUDQHTXLYDOHQWTXDOL¿FDWLRQUHFRJQL]HGE\WKH,QVWLWXWLRQ
F KDVDWOHDVW\HDUVUHFRJQL]HGSURIHVVLRQDOH[SHULHQFHDQGKDVPDGHVRPHFRQWULEXWLRQWRWKH(OHFWULFDO(QJLQHHULQJ3URIHVVL RQ7ZR
 
\HDUV 
H[SHULHQFHZLOOEHFRXQWHGWRZDUGV0DVWHU
V'HJUHHLQ(OHFWULFDO(QJLQHHULQJDQGDGGLWLRQDORQH\HDUIRUD3K'
$'0,66,21)(( $118$/68%6)(( &(57,),&$7()(( 38%/,&$7,21)(( /,)(0(0%(56+,3 *5$1'727$/
5V 5V 5V 5V  5V 5V
    
LLL $662&,$7(0(0%(56&RUSRUDWH0HPEHUVKLS



(YHU\FDQGLGDWHIRUHOHFWLRQRUWUDQVIHUWRWKHFODVVRI$VVRFLDWH0HPEHUVKDOOVDWLVI\WKH&HQWUDO&RXQFLOWKDWKH6KH
D SRVVHVVHVD%6FGHJUHHLQ(OHFWULFDO(QJLQHHULQJRUDQHTXLYDOHQWTXDOL¿FDWLRQUHFRJQL]HGE\WKH,QVWLWXWLRQ 
E  KDVDWOHDVW \HDUVH[SHULHQFHLQWKHSUDFWLFHRI(OHFWULFDO(QJLQHHULQJ7ZR\HDUV
H[SHULHQFHQRWUHTXLUHGLQFDVHRI3RVW*UDGXDWH

TXDOL¿FDWLRQ
$'0,66,21)(( $118$/68%6)(( &(57,),&$7()(( 38%/,&$7,21)(( /,)(0(0%(56+,3 *5$1'727$/
5V 5V 5V 5V  5V 5V 

D$662&,$7(1RQ&RUSRUDWH0HPEHUVKLS
 


(YHU\&DQGLGDWHIRUHOHFWLRQRUWUDQVIHUWRWKHFODVVRI$VVRFLDWHVVKDOOEHDWOHDVW\HDUVRIDJHDQGVKDOOKDYHDWOHDVW \HDUVHGXFDWLRQDWD
UHFRJQL]HGSRO\WHFKQLFRUHTXLYDOHQW7HFKQLFDO,QVWLWXWLRQOHDGLQJWRDGLSORPDDFFHSWDEOHWRWKH&HQWUDO&RXQFLODQGIXUWKHUWKDWKHKDVKDGDWOHDVW 
<HDUVRI([SHULHQFHDV(QJLQHHU

 $'0,66,21)(( $118$/68%6)(( &(57,),&$7()(( 38%/,&$7,21)(( /,)(0(0%(56+,3 *5$1'727$/

5V
 5V 5V 5V 5V 5V 

 E*5$'8$7(61RQ&RUSRUDWH0HPEHUVKLS   
(YHU\&DQGLGDWHIRUHOHFWLRQDV*UDGXDWHRUWUDQVIHUIURPWKHFODVVRI6WXGHQWWRWKHFODVVRI*UDGXDWHVKDOOSURGXFHHYLGHQFHWRWKHVDWLVIDFWLRQRI
WKH&HQWUDO&RXQFLOWKDW


D KDVIROORZHGDVDERQD¿GHVWXGHQWDFRXUVHRIVWXGLHVRI(QJLQHHULQJDWD8QLYHUVLW\RU&ROOHJHUHFRJQL]HGE\WKH&HQW UDO&RXQFLODQGKDV
EHHQDZDUGHGD'HJUHHRUHTXLYDOHQWTXDOL¿FDWLRQDIWHUFRPSOHWLRQRIVXFKFRXUVH

E KDVSDVVHGWKH*UDGXDWHVKLSH[DPLQDWLRQRIWKH,QVWLWXWLRQ
$'0,66,21)(( $118$/68%6)(( &(57,),&$7()(( 38%/,&$7,21)(( 0(0%(56+,3 *5$1'727$/
5V 5V 5V 5V )RU7ZR\HDUVDQGXSWLOOHOHYDWLRQDV$0 5V 

H678'(171RQ&RUSRUDWH0HPEHUVKLS
  
(YHU\&DQGLGDWHIRUHOHFWLRQWRWKHFODVVRI6WXGHQWVVKDOOKDYHDWWDLQHGWKHDJHRI\HDUVDQGVKDOOVDWLVI\WKH&RXQFLOWKDW

D +H6KHLVIROORZLQJKLPVHOIIRUWKHSURIHVVLRQRI(QJLQHHULQJRULVEHLQJWUDLQHGDVVXFK 

D +H6KHKDVDIWHUPDWULFXODWLRQZLWKVFLHQFHSDVVHGDQH[DPLQDWLRQRI6WXGHQW0HPEHUVKLSSUHVFULEHGE\WKH&RXQFLORUVXFKRWKHU
H[DPLQDWLRQDVPD\EHFRQVLGHUHGHTXLYDOHQWWKHUHWR E\WKH&RXQFLORUPD\KDYHDQ\H[HPSWLQJTXDOL¿FDWLRQWKHUHIURP

$'0,66,21)(( $118$/68%6)(( &(57,),&$7()(( 38%/,&$7,21)(( 0(0%(56+,3 *5$1'727$/
5V 5V 5V 5V )RU\HDUVDQGXSWLOOHOHYDWLRQDVJUDGXDWH 5V 

I&203$1,216
(YHU\FDQGLGDWHIRUHOHFWLRQWRWKHFODVVRIµ&RPSDQLRQV¶VKDOOQRWEHOHVVWKDQ\HDUVRIDJHDQGVKDOOEHDSHUVRQZKRQRWEHLQJDQ(OHFWULFDO
(OHFWURQLFV0HFKDWURQLFV&RPSXWHU(QJLQHHULQJ0HGLFDO(QJLQHHULQJ $YLRQLFV(QJLQHHUE\SURIHVVLRQVDWLV¿HVWKH&RXQFLOWKDWKHKDVUHQGHUHG
YDOXDEOHVHUYLFHVWR(OHFWULFDO(QJLQHHULQJLQWKH¿HOGRI&RPPHUFH)LQDQFH/DZVFLHQFHRULVVRFRQQHFWHGZLWKWKHDSSOLFDWLRQRIHOHFWULFLW\DQGWKDW
KLVDGPLVVLRQDV$µ&RPSDQLRQ¶ZRXOGEHFRQGXFLYHWRWKHLQWHUHVWRIWKH,QVWLWXWLRQ
$'0,66,21)(( $118$/68%6)(( &(57,),&$7()(( 38%/,&$7,21)(( 727$/)(( *5$1'727$/
5V 5V 5V 5V 5V 5V 

J$)),/,$7(6
(YHU\FDQGLGDWHIRUDGPLVVLRQWRWKH,QVWLWXWLRQDV$I¿OLDWHVKDOOEH
D +ROGLQJ D GHJUHH LQ HQJLQHHULQJ  WHFKQRORJ\ IURP D UHFRJQL]HG 8QLYHUVLW\ RWKHU WKDQ HOHFWULFDO  (OHFWURQLFV 0HFKDWURQLFV &RPSXWHU
(QJLQHHULQJ0HGLFDO(QJLQHHULQJ $YLRQLFV
E $Q,QVWLWXWLRQRU6RFLHW\ZKRVHRFFXSDWLRQRUDFWLYLW\LVFRQQHFWHGZLWK(OHFWULFDO6FLHQFHRU(QJLQHHULQJ
$'0,66,21)(( $118$/68%6)(( &(57,),&$7()(( 38%/,&$7,21)(( 727$/)(( *5$1'727$/
5V 5V 5V 5V 5V 5V 

'(&/$5$7,21 

,WKHXQGHUVLJQHGDJUHHWKDWLQWKHHYHQWRIP\HOHFWLRQWRDQ\FODVVRIPHPEHUVKLSRIWKH,QVWLWXWLRQRI(OHFWULFDODQG(OHFWURQLFV
(QJLQHHUV3DNLVWDQ,ZLOOEHJRYHUQHGE\WKHFRQVWLWXWLRQDQG%\H/DZVRIWKH,QVWLWXWLRQDVWKH\QRZVWDQGRUPD\KHUHDIWHUEH
DPHQGHGDOWHUHGZLWKZLWKRXWSUHYLRXVQRWLFHWRPH,ZLOOHQGHDYRUWRSURPRWHDQGDGYDQFHWKHDLPVDQGREMHFWVRIWKH,QVWLWXWLRQ
ZLWKRXWREOLJDWLRQZKDWVRHYHU,XQGHUWDNHLI,GHVLUHWRZLWKGUDZIURPWKH,QVWLWXWLRQ,VKDOOVHWWOHDOOP\DUUHDUVDVPD\VWDQGWR
P\DFFRXQWDWWKHWLPHRIZLWKGUDZDO,GHFODUHWKDWWKHHQWULHVLQWKLVIRUPDUHFRUUHFWWRWKHEHVWRIP\NQRZOHGJH

 '$7($33/,(' &$1','$7(6,*1$785(