1. &XUULFXOXP 9LWDH
5LPD <RXVLI
5HJLRQDO 'LUHFWRU
%6F $UFKLWHFWXUDO (QJLQHHULQJ 'LSORPD LQ $UFKLWHFWXUDO
0DQDJHPHQW 5,%$
5LPD LV D 5HJLRQDO 'LUHFWRU MRLQWO OHDGLQJ RXU 6SRUWV /HLVXUH 6HFWRU IURP RXU 0LGODQGV RIILFH LQ /RXJKERURXJK 6KH
KDV SUHYLRXVO ZRUNHG DW 5HJLRQDO 'LUHFWRU 'HVLJQ DQG 7HFKQLFDO OHYHOV 5LPD KDV H[WHQVLYH H[SHULHQFH LQ 6SRUWV DQG
/HLVXUH VHFWRU DFURVV WKH FRXQWU ZRUNLQJ FORVHO ZLWK OHDGLQJ FOLHQWV IURP WKH 3XEOLF DQG 3ULYDWH VHFWRUV RQ SURMHFWV
YDOXHG IURP … XS WR …P 5LPD LV LQYROYHG LQ DOO DVSHFWV RI WKH SURMHFW IURP LQFHSWLRQ WR FRPSOHWLRQ
6KHIILHOG +DOODP 8QLYHUVLW *UDKDP 6ROOH 6SRUWV HQWUH
:DWVRQ %DWW
V 5ROH $UFKLWHFWXUDO 6HUYLFHV XQGHU WKH 6KHIILHOG +DOODP 8QLYHUVLW
)UDPHZRUN
1HZ …P GHYHORSPHQW LQFOXGLQJ IXOO VL]H VQWKHWLF WXUI SLWFKHV IORRG OLJKWV IRU JUDVV
SLWFKHV D QHZ VSRUWV KDOO IXWXUH GHYHORSPHQW

2. WZR VWRUH SDYLOLRQ ZLWK WHDP FKDQJLQJ
URRPV EDU DQG IXQFWLRQ URRPV 7KH SURMHFW LV GXH IRU FRPSOHWLRQ ODWH
5LPD
V 5ROH 5HJLRQDO 'LUHFWRU/HDG 6SHFLDOLVW 6SRUWV $UFKLWHFW
6RXWK /HHGV 6SRUWV HQWUH
:DWVRQ %DWW
V 5ROH /HDG RQVXOWDQW$UFKLWHFW
9DOXH …P :DWVRQ %DWW $UFKLWHFWV VXFFHVVIXOO FRPSOHWHG 5,%$ 6WDJHV $ WR RI D
UHIXUELVKPHQW RI DQ H[LVWLQJ VSRUWV IDFLOLW FRPSULVLQJ RI VZLPPLQJ SRRO KDOO P [ ODQHV
PDLQ SRRO OHDUQHU SRRO FRXUWV VSRUWV KDOO ILWQHVV VXLWH PXOWLSXUSRVH URRPV 1R VTXDVK
FRXUWV DQG RXWGRRU IRRWEDOO DQG UXJE SLWFKHV 6NLOOV LPSOHPHQWHG
:RUNLQJ ZLWK /RFDO $XWKRULWLHV DQG SXEOLF ERGLHV RQ LQIUDVWUXFWXUH UHODWHG SURMHFWV
8WLOLVDWLRQ RI 0DVWHUSODQ DQG 3XEOLF 5HDOP 6WUDWHJ GRFXPHQWDWLRQ
'HVLJQ IRU SHRSOH ZLWK GLVDELOLWLHV
'HVLJQLQJLQ
VDIHW GXULQJ GD QLJKW
'HWDLOHG SUHVHQWDWLRQV
/RXJKERURXJK 8QLYHUVLW 6FKRRO RI 7KH $UW 62)$

3. :DWVRQ %DWW
V 5ROH $UFKLWHFW/HDG RQVXOWDQW
:DWVRQ %DWW $UFKLWHFWV KDV FRPSOHWHG D P UHIXUELVKPHQW IRU WKH 62)$ DW /RXJKERURXJK
8QLYHUVLW SURYLGLQJ PRGHUQLVHG HQYLURQPHQW IRU
à +XE UHDWLYH 'LJLWDO 7HFKQRORJLHV DQG 3KRWRJUDSK
à +XE 7H[WLOH 3ULQW 'H DQG 6WLWFK
à +XE )LQH PHWDO ZRRG DQG ZRYHQ FRQVWUXFWHG WH[WLOHV
à +XE ² 3DLQWLQJ 3ULQWPDNLQJ
à +XE 6WRQH +HDY ZRUN HUDPLF
RPSOHWHG 1RYHPEHU
5LPD
V 5ROH 5HJLRQDO 'LUHFWRU/HDG $UFKLWHFW 7HFKQLFDO $GYLVRU
0DVWHU 3ODQQLQJ IRU $GGLWLRQDO 6SRUW 3URYLVLRQ 7HHV %DUUDJH IRU 6WRFNWRQ 0LGGOHVEURXJK ,QLWLDWLYH 60,
:DWVRQ %DWW
V 5ROH $UFKLWHFW/HDG RQVXOWDQW
3URMHFW $UFKLWHFW IRU 5,%$ 6WDJHV $ IRU WKH GHYHORSPHQW RI 7HHV %DUUDJH FRPSULVLQJ RI $
FHQWUH RI H[FHOOHQFH IRU EDVNHWEDOO YROOHEDOO DQG QHWEDOO RII URDG FFOLQJ RSHQ ZDWHU
VZLPPLQJ URZLQJ WUDLQLQJ WDQN H[WHUQDO DUHD IRU H[WUHPH VSRUWV FKLOGUHQ FHQWUH DQG URSH
SDUN
5LPD
V 5ROH 5HJLRQDO 'LUHFWRU/HDG RQVXOWDQW3URMHFW $UFKLWHFW

4. XUULFXOXP 9LWDH
5LPD RXVLI
1HZ %XLOG 6WXGLR 3URGXFWLRQ 8$ ,QWHUQDWLRQDO /WG /RQGRQ
:DWVRQ %DWW
V 5ROH /HDG RQVXOWDQW
1HZ %XLOG 0RGHO 3URGXFWLRQ 6WXGLR LQ (DOLQJ /RQGRQ
9DOXH …P
5LPD
V 5ROH 5HJLRQDO 'LUHFWRU /HDG 'HVLJQHU
2OPSLF 'HOLYHU $XWKRULW (WRQ 0DQRU 3UHYLRXV WR :DWVRQ %DWW

5. 'HYHORSPHQW RI WKH (WRQ 0DQRU VLWH IRU WKH 2OPSLF FRPSULVLQJ RI QR P
WUDLQLQJVZLPPLQJ SRROV WHQQLV VKRZ FRXUW DQG H[WUD RWKHU WHQQLV FRXUWV WR SURYLGH
DUFKLWHFWXUDOWHFKQLFDO DGYLVRU VHUYLFHV WR WKH 2'$
5LPD
V 5ROH 'LUHFWRU.H 0HPEHU RI WKH 7HFKQLFDO $GYLVRU 7HDP
*OHQURWKHV 1HZ EXLOG 5HJLRQDO 6SRUWV HQWUH )LIH RXQFLO 6FRWODQG 3UHYLRXV WR :DWVRQ %DWW

6. 3URSRVHG QHZ IDFLOLW WR UHSODFH WKH H[LVWLQJ )LIH ,QVWLWXWH RI 3KVLFDO 5HFUHDWLRQDO (GXFDWLRQ
),35(

7. SURYLGLQJ GU ZHW DQG RXWGRRU VSRUW IDFLOLWLHV WR UHJLRQDO VWDQGDUG RPSULVLQJ D QR
ODQH P VKRUW FRXUVH FKDPSLRQVKLS PDLQ SRRO VSHFWDWRUV

8. P [ P WUDLQLQJ SRRO ZLWK
PRYHDEOH IORRU P [ P WHDFKLQJ SRRO SRRO YLOODJH FKDQJH KHDOWK VXLWH VWDWLRQ ILWQHVV
VXLWH GURXWGRRU FKDQJLQJ QR EDGPLQWRQ FRXUW UHJLRQDO VSRUWV KDOO QR PXOWL SXUSRVH
URRPV GDQFH VWXGLR DQG RXWGRRU IORRGOLW DUWLILFLDO KRFNHIRRWEDOO SLWFKHV
9DOXH …P
5LPD
V 5ROH 'LUHFWRU/HDG 'HVLJQHU DQG MRLQHG 7HFKQLFDO $GYLVHU
.LUNFDOG /HLVXUH HQWUH )LIH RXQFLO 6FRWODQG 3UHYLRXV WR :DWVRQ %DWW

9. 3URSRVHG QHZ OHLVXUH FHQWUH LQFOXGLQJ GU DQG ZHW VLGH IDFLOLWLHV RPSULVLQJ D QR ODQH P
PDLQ SRRO P [ P WUDLQLQJ SRRO ZLWK PRYHDEOH IORRU SRRO YLOODJH FKDQJH GU FKDQJH
VWDWLRQ ILWQHVV VXLWH GDQFH VWXGLR DQG QR EDGPLQWRQ FRXUW VSRUWV KDOO
9DOXH …P
5LPD
V 5ROH 'LUHFWRU/HDG 'HVLJQHU DQG MRLQHG 7HFKQLFDO $GYLVHU
+HWWRQ /HLVXUH HQWUH +HWWRQ 6XQGHUODQG 3UHYLRXV WR :DWVRQ %DWW

10. 6XQGHUODQG LW RXQFLO SURMHFW WR UHSODFH WKH +HWWRQ /HLVXUH FHQWUH
7KH IDFLOLW FRPSULVHV RI P ODQHV PDLQ SRRO P[P OHDUQHU SRRO VWDWLRQ ILWQHVV
VXLWH KHDOWK VXLWH WUHDWPHQW URRPV GDQFH VWXGLR 'HVLJQ %XLOG FRPSOHWHG LQ 1RYHPEHU
9DOXH …P
5LPD
V 5ROH 3URMHFW 'LUHFWRU /HDG 'HVLJQHU
380$ 7HQQLV HQWUH 6LONVZRUWK 6XQGHUODQG 3UHYLRXV WR :DWVRQ %DWW

11. ([WHQVLRQ FRPSULVLQJ ODQH VZLPPLQJ SRRO UHFHSWLRQ DQG DGPLQ DFFRPPRGDWLRQ RPELQHG ZHW GU FKDQJLQJ YLOODJH SOXV
LQGRRU DQG RXWGRRU DGYHQWXUH FHQWUH 7KH SURMHFW LQFOXGHG D IXOO UHIXUELVKPHQW RI H[LVWLQJ EXLOGLQJ
9DOXH …P
5LPD
V 5ROH 3URMHFW 'LUHFWRU /HDG 'HVLJQHU

12. XUULFXOXP 9LWDH
5LPD RXVLI
/LVEXUQ LW FRXQFLO 5HPRGHOOLQJ RI ([LVWLQJ /LVEXUQ /HVLXUH3OH[ /LVEXUQ 1, 3UHYLRXV WR :DWVRQ %DWW

13. 5,%$ 6WDJHV $ WR IRU WKH 5HPRGHOOLQJ RI H[LVWLQJ OHLVXUH HQWUH
9DOXH …P
5LPD
V 5ROH 'LUHFWRU/HDG 'HVLJQHU $UFKLWHFW
(OLWH HQWUH RI ([FHOOHQFH /LVEXUQ 1RUWKHUQ ,UHODQG 3UHYLRXV WR :DWVRQ %DWW

14. $UFKLWHFW DQG /HDG FRQVXOWDQW IRU WKH ILUVW DQG VHFRQG VWDJHV RI /LVEXUQ LW RXQFLO·V ELG WR
6SRUWV 1RUWKHUQ ,UHODQG 61,

15. WR VHFXUH D HQWUH RI ([FHOOHQFH IRU WKH %DVNHWEDOO DQG 9ROOHEDOO
FHQWUH DV SDUW RI WKH 2OPSLFV 7KH IDFLOLW FRPSULVHV RI P [ P VSRUWV KDOO WR ),%$
DQG 8%$ FULWHULD WR DFFRPPRGDWH EDVNHWEDOO FRXUWV DQG D VKRZ FRXUW DQG YROOHEDOO DQG D
VKRZ FRXUW 6WUHQJWK DQG FRQGLWLRQLQJ VXLWH IOH[LEOH FKDQJLQJ URRPV DFFRPPRGDWLQJ
DFFHVV IRU VSRUWV VWDQGDUG ZKHHOFKDLUV /HFWXUH URRP 0HGLD URRP ,7 URRP DQG 5HFHSWLRQ DQG
DGPLQ DUHD
9DOXH …P
5LPD
V 5ROH 3URMHFW 'LUHFWRU /HDG 'HVLJQHU
1HZ RPPXQLW 6SRUW )DFLOLW LQ 6WRWIROG 3UHYLRXV WR :DWVRQ %DWW

16. 1HZ VSRUW KXE FRPSULVLQJ WKH UHORFDWLRQ RI 6WRWIROG )RRWEDOO OXE EDGPLQWRQ FRXUWV VSRUW DQG FRPPXQLW KDOO QR VWDWLRQV
ILWQHVV VXLWH GDQFH VWXGLR QR PXOWL SXUSRVH URRPV LQGRRU DQG RXWGRRU FKDQJLQJ URRPV EDU ORXQJH QR )$ VWDQGDUG IRRWEDOO
SLWFK VHQLRU VL]H JUDVV SLWFKHV MXQLRU VL]H JUDVV SLWFKHV IORRGOLW 673 08*$ FFOLQJ URXWH
3URFXUHPHQW 'HVLJQ DQG %XLOG
9DOXH P
5LPD
V 5ROH 3URMHFW 'LUHFWRU /HDG 'HVLJQHU
0ROH 7RXULVW/HLVXUH )DFLOLW %DOO DVWOH 1RUWKHUQ ,UHODQG 3UHYLRXV WR :DWVRQ %DWW

17. 5,%$ 6WDJHV $ WR IRU 7RXULVW /HLVXUH )DFLOLWLHV FRPSULVLQJ RI VZLPPLQJOHLVXUH SRRO KHDOWK
ILWQHVV VXLWH EDGPLQWRQ FRXUWV PXOWLSXUSRVH DFWLYLW $UHD WRXULVW ,QIRUPDWLRQ DIp ZLQH
EDU
9DOXH …P
5LPD
V 5ROH 3URMHFW 'LUHFWRU /HDG 'HVLJQHU
([WHQVLRQ WR .LOODPDUVK /HLVXUH HQWUH IRU .LOODPDUVK 7RZQ RXQFLO 3UHYLRXV WR :DWVRQ %DWW

18. 1HZ VSRUW IDFLOLW FRPSULVLQJ RI QR EDGPLQWRQ FRXUWV VSRUWV KDOO QR VWDWLRQV ILWQHVV VXLWH QR GDQFH PXOWLSXUSRVH URRPV
FUqFKH RXWGRRU DQG LQGRRU FKDQJLQJ URRPV JUDVV SLWFKHV 673 DQG 08*$ FRPSOHWHG LQ
9DOXH …P
5LPD
V 5ROH 3URMHFW $UFKLWHFW
$UQROG 7RZQ )RRWEDOO OXE 1RWWLQJKDP 1HZ 3DYLOLRQ DQG KDQJLQJ )DFLOLWLHV 3UHYLRXV WR :DWVRQ %DWW

19. 1HZ EXLOG VSRUWV DQG FRPPXQLW IDFLOLW FRPSULVLQJ RI FKDQJLQJ URRPV FRQIHUHQFH IDFLOLWLHV EDU ORXQJH DGPLQLVWUDWLRQ
)$ VWDQGDUG SLWFK VHQLRU SLWFKHV MXQLRU SLWFKHV )DFLOLW SURYLGHV DFFRPPRGDWLRQ IRU IRRWEDOO RPSOHWLRQ
9DOXH …P
5LPD
V 5ROH /HDG RQVXOWDQW 3URMHFW $UFKLWHFW
1HZ 3DYLOLRQ KDQJLQJ )DFLOLWLHVDOYHUWRQ 0LQHU :HOIDUH OXE 1RWWLQJKDP 3UHYLRXV WR :DWVRQ %DWW

20. 1HZ EXLOG 6SRUWV DQG FRPPXQLW IDFLOLW FRPSULVLQJ RI FKDQJLQJ URRPV EDU ORXQJH DGPLQLVWUDWLRQ )$ VWDQGDUG SLWFK
VHQLRU SLWFKHV )DFLOLW SURYLGHV DFFRPPRGDWLRQ IRU IRRWEDOO RPSOHWLRQ
9DOXH …P
5LPD
V 5ROH /HDG RQVXOWDQW 3URMHFW $UFKLWHFW

21. XUULFXOXP 9LWDH
5LPD RXVLI
/RXJKERURXJK 8QLYHUVLW 1HZ %XLOG 6SRUWV +DOO 3UHYLRXV WR :DWVRQ %DWW

22. 0HPEHU RI WKH DUFKLWHFWXUDO OHDGLQJ WHDP IRU WKH SURYLVLRQ RI QHZ EXLOG 1R EDGPLQWRQ
FRXUW UHJLRQDO VSRUWV KDOO RPSOHWHG
9DOXH…P
5LPD
V 5ROH -RLQW 3URMHFW $UFKLWHFW
/RXJKERURXJK 8QLYHUVLW 5HIXUELVKPHQW RI H[LVWLQJ VWXGHQW DFFRPPRGDWLRQ 3UHYLRXV WR :DWVRQ %DWW

23. 5HIXUELVKPHQW RI WZR H[LVWLQJ DFFRPPRGDWLRQ WRZHUV 5,%$ 6WDJHV $+ 'HVLJQ %XLOG RQWUDFW
9DOXH …P
5LPD
V 5ROH 3URMHFW 'LUHFWRU /HDG 'HVLJQHU
/RXJKERURXJK 8QLYHUVLW 6FKRRO RI $UW 'HVLJQ 3UHYLRXV WR :DWVRQ %DWW

24. )HDVLELOLW VWXG IRU UHPRGHOOLQJ RI WKH 6FKRRO RI $UW DQG 'HVLJQ RPSOHWHG 5,%$ 6WDJH $ )HDVLELOLW 6WXG IRU WKH SURSRVHG
UHPRGHOOLQJ UHIXUELVKPHQW DQG H[WHQVLRQ RI WKH H[LVWLQJ 6FKRRO RI $UW DQG 'HVLJQ /86$'

25. RPSOHWHG VWXG
9DOXH …P
5LPD
V 5ROH /HDG 'HVLJQHU
5DLQERZV KLOGUHQ·V +RVSLFH 3UHYLRXV WR :DWVRQ %DWW

26. 0DMRU H[WHQVLRQ WR IRUP EHGURRP EORFN DQG WKHUDS EORFN LQFOXGLQJ KGURWKHUDS SRRO VHQVRU URRP WKHUDSWUHDWPHQW URRPV
EDOOV URRP PXVLF URRP IDPLO VXSSRUW URRPV WUDLQLQJ URRPV
9DOXH …P
5LPD
V 5ROH 3URMHFW 'LUHFWRU /HDG 'HVLJQHU
1RWWLQJKDP DVWOH 1RWWLQJKDP 3UHYLRXV WR :DWVRQ %DWW

27. 5HLQVWDWHPHQW RI SDUW RI WKH 0XVHXP DQG $UW *DOOHU *UDGH DW WKH *UDGH ,, OLVWHG 1RWWLQJKDP
DVWOH RPSOHWHG
9DOXH …
5LPD
V 5ROH /HDG RQVXOWDQW 3URMHFW $UFKLWHFW
0DVWHU 3ODQQLQJ IRU 'DUOLQJWRQ )RRWEDOO OXE 'DUOLQJWRQ 3UHYLRXV WR :DWVRQ %DWW

28. 7KH GHYHORSPHQW RI H[LVWLQJ EURZQ VLWH QH[W WR WKH VWDGLXP FRPSULVLQJ RI EHGURRP KRWHO RXWK FHQWUH UHVWDXUDQWV 2IILFH
DFFRPPRGDWLRQ )RRWEDOO HQWUH PLQL JUDVV SLWFKHV IXOO VL]H JUDVV SLWFKHV DQG D 3DYLOLRQ
5LPD
V 5ROH /HDG RQVXOWDQW DQG 3URMHFW $UFKLWHFW IRU 5,%$ 6WDJHV $'
1HZ :LOOHVGHQ 6SRUWV HQWUH IRU /RQGRQ %RURXJK RI %UHQW 3UHYLRXV WR :DWVRQ %DWW

29. 3), 6FKHPH LQFRUSRUDWLQJ LQGRRU VZLPPLQJ SRROV VSRUWV KDOO ILWQHVV VXLWH GDQFH VWXGLR GRMR PXOWLSXUSRVH URRPV LQGRRU
DWKOHWLFV WXEH RXWGRRU DWKOHWLFV VWDGLXP RXWGRRU FKLOGUHQ·V SOD DUHD DQG FDIHWHULD FRPSOHWHG LQ
9DOXH … PLOOLRQ
5LPD
V 5ROH (PSORHUV 7HFKQLFDO $GYLVRUV

30. XUULFXOXP 9LWDH
5LPD RXVLI
+RRG 3DUN /HLVXUH HQWUH $VKE GH OD =RXFK /HLFHVWHUVKLUH 3UHYLRXV WR :DWVRQ EDWW
1RUWK :HVW /HLFHVWHUVKLUH 'LVWULFW RXQFLO H[WHQVLRQ DQG DOWHUDWLRQ WR H[LVWLQJ GU IDFLOLW
FRPSULVLQJ RI P ODQHV PDLQ SRROP [ P OHDUQHU SRRO VWDWLRQ ILWQHVV VXLWH GDQFH
VWXGLR VTXDVK FRXUWV RXWGRRU FKDQJLQJ DQG ZHW DQG GU FKDQJLQJ IDFLOLWLHV FRPSOHWHG
9DOXH … PLOOLRQ
5LPD
V 5ROH 3URMHFW $UFKLWHFWRQWUDFW $GPLQLVWUDWRU
6W 3HWHU·V 6FKRRO RUN 1HZ 6ZLPPLQJ 3RRO 3UHYLRXV WR :DWVRQ %DWW

31. 7KH IDFLOLW FRPSULVHV RI D QHZ P ODQH PDLQ SRRO ZHW FKDQJLQJ IDFLOLWLHV 7KH VLWH LV
ORFDWHG ZLWKLQ D FRQVHUYDWLRQ DUHD DQG ZLWKLQ WKH VLWH RI WKH WK ROGHVW VFKRRO LQ WKH ZRUOG
9DOXH … PLOOLRQ
5LPD
V 5ROH 3URMHFW 'LUHFWRU /HDG 'HVLJQHU
/HLVXUH )DFLOLWLHV 6HIWRQ (DVW 0DJKXOO 6SRUWV )DFLOLWLHV 3UHYLRXV WR :DWVRQ %DWW

32. ' % VSRUWV OLEUDU IDFLOLWLHV LQF ODQH SRRO OHDUQHU SRRO ILWQHVVKHDOWK VXLWH GDQFH VWXGLR OLEUDU UHFHSWLRQ DGPLQ DUHD GU
ZHW FKDQJLQJ IDFLOLWLHV
9DOXH …P
5LPD
V 5ROH 3URMHFW $UFKLWHFW IRU 5,%$ VWDJHV $
:DOOVHQG %RV OXE 7QH :HDU 3UHYLRXV WR :DWVRQ %DWW

33. 3KDVH RI 6SRUWV +XE FRPSULVLQJ URRP FKDQJLQJ SDYLOLRQ JUDVV SLWFKHV RPSOHWHG
9DOXH …P
5LPD
V 5ROH 3URMHFW 'LUHFWRU $UFKLWHFW
/LWKHUODQG 6SRUWV 3DUN /LYHUSRRO IRU 6HIWRQ RXQFLO 3UHYLRXV WR :DWVRQ %DWW

34. 1HZ EXLOG 6SRUWV DQG FRPPXQLW IDFLOLW EXLOG DORQJVLGH WKUHH VFKRROV FRPSULVLQJ RI
FKDQJLQJ URRPV 1R VWDWLRQV ILWQHVV VXLWH 1R GDQFH PXOWL SXUSRVH URRPV
DGPLQLVWUDWLRQ )DFLOLW SURYLGHV DFFRPPRGDWLRQ IRU IRRWEDOO UXJE DWKOHWLFV FFOLQJ ILWQHVV
GDQFH DQG WUHDWPHQW DFFRPPRGDWLRQ IRU 3ULPH DUH 7UXVW RPSOHWLRQ
9DOXH …P
5LPD
V 5ROH /HDG RQVXOWDQW DQG 3URMHFW $UFKLWHFW
4XHHQV 3DUN 6SRUWV )LHOG KHVWHUILHOG
:DWVRQ %DWW
V 5ROH /HDG RQVXOWDQW$UFKLWHFW
$SSRLQWHG E KHVWHUILHOG ROOHJH IRU 5,%$ 6WDJHV $ WR % WR ORRN DW RSWLRQV DSSUDLVDO IRU
…PLOOLRQ UHGHYHORSPHQW RI WKH H[LVWLQJ VSRUWV FHQWUH 7KH QHZ IDFLOLWLHV ZLOO LQFOXGH ODQH
P FRPSHWLWLRQ SRRO OHDUQHU SRRO FRXUWV VSRUWV KDOO VWDWLRQV ILWQHVV VXLWH WHDFKLQJ
VSDFHV VTXDVK FRXUWV PXOWLSXUSRVH URRPV FUqFKH FDIp DQG DGPLQ
5LPD
V 5ROH 5HJLRQDO 'LUHFWRU/HDG RQVXOWDQW DQG 6SHFLDOLVW 6SRUWV $UFKLWHFW