6KLNVKD 6KLNVKD 6KLNVKD 6KLNVKD 6DQVNDU 6DQVNDU 6DQVNDU 6DQVNDU 6ZDYDODPEDQ 6ZDYDODPEDQ 6ZDYDODPEDQ 6ZDYDODPEDQ

6 66 6K KK KL LL LN NN NV VV VK KK KD DD D6 66 6R RR RS SS SD DD DQ QQ Q

$Q,QLWLDWLYHRI,,7 $Q,QLWLDWLYHRI,,7 $Q,QLWLDWLYHRI,,7 $Q,QLWLDWLYHRI,,7&RPPXQLW\IRUVRFLDO&RPPXQLW\IRUVRFLDO&RPPXQLW\IRUVRFLDO&RPPXQLW\IRUVRFLDOXSOLIWPHQW XSOLIWPHQW XSOLIWPHQW XSOLIWPHQW

5HJ 2IILFH1DQNDUL,,7.DQSXU

1HZVOHWWHU 'HFHPEHU

7KHPDLQSURJUDPPHV LQ1RYHPEHUZHUH&KLOGUHQ¶V'D\FHOHEUDWLRQ6FLHQFHVKRZVPXVLFFODVVHVDORQJZLWKWKHUHJXODUDFWLYLWLHV33<VWXG\PDWHULDOV6ZDYDODPEDQ .HQGUDFRXUVHV*DKDQ $GK\D\DQ .HQGUDFODVVHVDOOUDQYHU\ZHOO+HUHLVDGHVFULSWLRQRIWKHPDMRUDFWLYLWLHVRIWKLVPDRQWK

9DFKDQ3UDWL\RJLWD5HDGLQJFRQWHVWRQ&KLOGUHQ¶VGD\

7KLV\HDU6KLNVKD6RSDQFHOHEUDWHG&KLOGUHQ¶VGD\LQDQHZVW\OHE\RUJDQL]LQJD9DFKDQ3UDWL\RJLWDIRULWVUHJXODUVWXGHQWVRIFODVV

WR

7KHLGHDEHKLQGRUJDQL]LQJWKLVFRQWHVWZDVWRWHVWWKHUHDGLQJFRPSUHKHQVLRQRI6KLNVKD6RSDQVWXGHQWVDQGVLPXOWDQHRXVO\WRGHYHORSDQLQWHUHVWLQWKLVGLUHFWLRQ$WRWDORIVWXGHQWVIURPGLIIHUHQWFHQWHUVSDUWLFLSDWHGLQWKLVHYHQW7KHFRQWHVWZDVFRQGXFWHGLQWZRSKDVHVIRUWZRGD\VLH

DQG

1RYHPEHU6FUHHQLQJURXQGZDVFRQGXFWHGRQWKHILUVWGD\LQZKLFKVWXGHQWVZHUHVKRUWOLVWHGIRUWKHILQDOURXQGZKLFKZDVKHOGRQ

1RYHPEHU7ZRJURXSVZHUHPDGHRQHIRU



FODVVDQGDQRWKHUIRU



FODVVVWXGHQWV)LUVWJURXSVWXGHQWVZHUHDVNHGWRUHDGIURPKLQGLERRNVZKLOHWKHVHFRQGJURXSVWXGHQWVGLGLWIURPHQJOLVKERRNV$VWRU\ERRNZDVJLYHQWRDOOVWXGHQWVDVDSDUWLFLSDWLRQJLIW2QWKHVHFRQGGD\WZRVWXGHQWVZKRWRSSHGIURPHDFKFODVVZHUHDZDUGHGDQ(QJOLVKGLFWLRQDU\DORQJZLWKDERRNRQPRUDOVWRULHVDVDSSUHFLDWLRQSUL]HV,,7.IDFXOW\DQGWKHLUIDPLO\PHPEHUZHUHDOVRLQYLWHGDVDMXGJHVIRUWKHFRQWHVW%HDXWLIXOSDLQWLQJVPDGHE\ 6KLNVKD6RSDQ FKLOGUHQZHUHJLYHQWRWKHPDVDWRNHQRIDSSUHFLDWLRQ:HH[SHULHQFHGWKDWVXFKHYHQWVDUHH[WUHPHO\XVHIXOIRUWKHVWXGHQWVDQGZLOOEHRUJDQL]HGQH[W\HDUDOVR

'U-5DPNXPDU$VVLVWDQW3URIHVVRU'HSDUWPHQWRI0HFKDQLFDO(QJLQHHULQJ,,7.DQSXUFHOHEUDWHGKLVVRQ¶VELUWKGD\ZLWK6RSDQ9LG\DOD\DFKLOGUHQ'U5DPNXPDUYLVLWHGZLWKKLVZLIHDQGIULHQG6ZHHWVDQGJLIWVZHUHJLYHQE\KLVVRQ9DUXQ .ULVKQDWRDOOFKLOGUHQRI6RSDQ9LG\DOD\D&KLOGUHQVDQJVRPHVRQJVDQGSRHPVIRU9DUXQDQGSUHVHQWHGKDQGPDGHJUHHWLQJFDUGVWRKLP'U5DPNXPDU KDVSURPLVHGXVWRJLYHVWDWLRQDU\WR*DKDQ $GK\D\DQ .HQGUDVWXGHQWVGXULQJWKHLUILQDOH[DPLQDWLRQ

6%,'RQDWLRQ

7KH6WDWH%DQNRI,QGLD6%,1DUDPDX %UDQFK.DQSXUKDVGRQDWHG5V WR6KLNVKD6RSDQIRULWVWKUHHVWXGHQWV7KHVHWKUHHVWXGHQWVDUH0DQYL\D3RRQDPDQG'HHSLND7KHVHJLUOVJRWVHOHFWHGWKURXJKRXU3UDWLEKD3RVKDQ <RMDQD -XQLRU33<-DQGSUHVHQWO\VWXG\LQJLQWKH-XJDO 'HYL 6FKRRORI.DQSXU7KHGRQDWLRQLVWDUJHWHGWRSURYLGHEHWWHUHGXFDWLRQIRUWKHVHFKLOGUHQ7KHZKROHDPRXQWKDVEHHQGHSRVLWHGLQWKHLUVFKRRO

%LUWKGD\FHOHEUDWLRQDW6RSDQ9LG\DOD\D

2Q1RYWKROGFORWKHVSULPDULO\ODGLHVGUHVVHVZHUHJLYHQWRDERXWQHHG\IDPLOLHVRIWKH%DUDVLURKL YLOODJH7KHFORWKHVZHUHQHDWO\SDFNHGDQGGLVWULEXWHGE\DWHDPRI6RSDQYROXQWHHUVZKRSHUVRQDOO\YLVLWHG WKHKRXVHVRIHDFKIDPLO\:HZRXOGOLNHWRHVSHFLDOO\DFNQRZOHGJHWKHFRQWULEXWLRQRI0UV6ULYDVWDYD2ZQHURI1REHO%RRN6WDOO6KRSSLQJ&RPSOH[,,7.DQSXUDQG0UV6HHPD 3RWOXULZR RI'U3RWOXUL(OHFWULFDO(QJLQHHULQJLQKHOSLQJXVFROOHFWWKHROGFORWKHV,IDQ\RQHRI\RXZDQWVWRGRQDWHROGFORWKVHVSHFLDOO\ZDUPZLQWHUFORWKLQJNLQGO\FRQWDFWWKHVRSDQ YROXQWHHUVRUFDOOXVWRFROOHFWWKHFORWKHVIURP\RXUKRXVH

6DQVNULWLN9LNDV3UDNDOS6930XVLFFODVVHV

6DQVNULWLN9LNDV3UDNDOS693LVDQHZO\ERUQDFWLYLW\RI6KLNVKD6RSDQ7RPRYHRQHVWHSDKHDGLQWKLVSURMHFWSUDNDOSZHRUJDQL]HGPXVLFFODVVHVIRURQHPRQWKIRURXUVWXGHQWVYROXQWHHUVDQGWKHLUIDPLO\PHPEHUV6KUL237ULSDWKL-L IURP1DQNDUL YLOODJHLVWHDFKLQJPXVLFYHU\V\VWHPDWLFDOO\3UHVHQWO\FODVVHVDUHKHOGIRUWZRKRXUVRQHKRXUHDFKIRULQVWUXPHQWDOVDQGYRFDOV6WXGHQWVDQGYROXQWHHUVDUHWDNLQJJUHDWLQWHUHVWLQOHDUQLQJPXVLF

2OGFORWKVGLVWULEXWLRQLQ%DUDVLURKL 9LOODJH

*DKDQ $GK\D\DQ .HQGUD*$.

*$.FODVVHVUDQZHOOODVWPRQWK9ROXQWHHUVDUHZRUNLQJKDUGWRFRPSOHWHWKHV\OODEXVZLWKLQ'HFHPEHU0RQWKO\WHVWVZHUHFRQGXFWHGLQWKHODVWZHHNRI1RYHPEHU$PHHWLQJLVDOVREHLQJSODQQHGWRGLVFXVVWKHSHUIRUPDQFHRIHDFKVWXGHQWZLWKWKHLUSDUHQWV

6FLHQFHFHOO

6FLHQFHFHOOLVZRUNLQJKDUGGD\DQGQLJKWWRGHYHORSWKHH[SHULPHQWDONLWVDQGJLYLQJGHPRQVWUDWLRQVDWYDULRXVSODFHVRI,QGLD5DQMLW DQG5RKLW ZHQWWR$KPHGDEDG DQG%KDYQDJDU IRUVFLHQFHZRUNVKRSV'HHSDN$JQLKRWUL OHIWIRU&RFKLQDQG'HHSDN0LVKUD LVSUHSDULQJKLPVHOIIRUWKHZRUNVKRSLQ1HZ'HOKL

3UDWLEKD 3RVKDQ <RMDQD 33<

6WXG\PDWHULDOKDVEHHQGLVSDWFKHGWR33<VHQLRUVWXGHQWV7KLVLVWKHIRXUWKVHWRIPDWHULDOEHLQJ VHQWVLQFH-XO\33<-VWXGHQWVDUHDWWHQGLQJFODVVHVUHJXODUO\LQWKHLUVFKRRODQG0V9LQLWD%DMSDL LVPRQLWRULQJWKHLUVWXGLHVDIWHUVFKRROKRXUV0U6KDXU\DFODVV

VWXGHQWRI33<-LVSHUIRUPLQJYHU\ZHOOLQKLVVFKRRO

6ZDYDODPEDQ .HQGUD

6ZDYDODPEDQ .HQGUDKDVVWDUWHGDQHZEDWFKIRUVWLWFKLQJFRXUVH:HDUHDOVRSODQQLQJWREHJLQDQHZFRXUVH RQ-HZHOU\PDNLQJ

2WKHUDFWLYLW\

0U6DW\DSUDNDVK 0LVKUDDQHZ6KLNVKD6RSDQYROXQWHHUDORQJZLWK$PLW *DXWDPDQG5DQMLW .XPDULVGHYHORSLQJDPDFKLQHZKLFKHPSOR\VPXVFOHSRZHUWRFKDUJHDEDWWHU\)XUWKHU XSGDWHVZLOOEHJLYHQLQWKHQH[WLVVXHRI1HZVOHWWHU

(YHQLQJFHQWHUV

:HUXQWKUHHHYHQLQJFHQWHUVDW6$&%DUDVLURKLDQG5DWDQSXU$OOFHQWHUVDUHUXQQLQJZHOO166VWXGHQWVIURP,,7.KDGJRQHWRWKHFHQWHUVWRWHDFKWKHP7KH\DOVRYLVLWHGFKLOGUHQ¶VKRPHDQGGLVFXVVHGYDULRXVLVVXHVUHODWHGWRWKHGHYHORSPHQWRIFKLOGUHQZLWKWKHLUSDUHQWV6RPH,,7.VWXGHQWVYLVLWHGRXUFHQWHUVLQWHUDFWHGZLWKWKHFKLOGUHQDQGJDYHVRPHWLSVUHODWHGWRWLPHPDQDJHPHQWHWF3UDPRG -LLVRXU%DUDVLURKL FHQWHUFRRUGLQDWRU

5HJXODUDFWLYLWLHV

+HKDVKDV DOVRVWXGLHGLQWKHFHQWHURI6KLNVKD 6RSDQ LQWKHSDVW3UHVHQWO\KHLVDQXQGHUJUDGXDWHVWXGHQWRI&RPPHUFHLQ.DQSXU8QLYHUVLW\$SDUWIURPDFDGHPLFVKHJLYHVKLVYDOXDEOHWLPHIRU WHDFKLQJ6KLNVKD 6RSDQ FKLOGUHQ