3DJH
*
1RYHPEHU
5
0W9HUQRQ3HOOHW,QVHUW$(
+HDUWK +RPH7HFKQRORJLHVZHOFRPHV\RXWRRXUWUDGLWLRQ
RI H[FHOOHQFH ,Q FKRRVLQJ D 4XDGUD)LUH DSSOLDQFH \RX
KDYHRXUDVVXUDQFHRIFRPPLWPHQWWRTXDOLW\GXUDELOLW\DQG
SHUIRUPDQFH
7KLV FRPPLWPHQW EHJLQV ZLWK RXU UHVHDUFK RI WKH PDUNHW
LQFOXGLQJ µ9RLFH RI WKH &XVWRPHU¶ FRQWDFWV HQVXULQJ ZH
PDNH SURGXFWV WKDW ZLOO VDWLVI\ \RXU QHHGV 2XU 5HVHDUFK
DQG 'HYHORSPHQW IDFLOLW\ WKHQ HPSOR\V WKH ZRUOG¶V PRVW
DGYDQFHG WHFKQRORJ\ WR DFKLHYH WKH RSWLPXP RSHUDWLRQ RI
RXUVWRYHVLQVHUWVDQG¿UHSODFHV$QG\HWZHDUHROGIDVK
LRQHGZKHQLWFRPHVWRFUDIWVPDQVKLS(DFKXQLWLVPHWLFX
ORXVO\IDEULFDWHGDQGVXUIDFHVDUHKDQG¿QLVKHGIRUODVWLQJ
EHDXW\DQGHQMR\PHQW2XUSOHGJHWRTXDOLW\LVFRPSOHWHG
DVHDFKPRGHOXQGHUJRHVDTXDOLW\FRQWUROLQVSHFWLRQ
:HZLVK\RXDQG\RXUIDPLO\PDQ\\HDUVRIHQMR\PHQWLQ
WKHZDUPWKDQGFRPIRUWRI\RXUKHDUWKDSSOLDQFH
7KDQN\RXIRUFKRRVLQJ4XDGUD)LUH
/$%(//2&$7,212Q%HDGHG&KDLQRQHEHKLQG5LJKW6LGH3DQHO
127(&RQVXOWLQVXUDQFHFDUULHUORFDOEXLOGLQJLQVSHFWRU¿UH
RI¿FLDOVRUDXWKRULWLHVKDYLQJMXULVGLFWLRQRYHUUHVWULFWLRQV
LQVWDOODWLRQLQVSHFWLRQDQGSHUPLWV
6$)(7</$%(/e7,48(77('(6e&85,7e
/LVWHG6ROLG)HDWHU3HOOHW7\SH,QVHUW$OVRVXLWDEOHIRRPH
,QVWDOODWLRQ 7KLV DSSOLDQFH KDV EHHQ WHVWHG DQG OLVWHG IRU XVH LQ 0DQXIDFWXUHG
+RPHVLQDFFRUGDQFHZLWK2$5WKURXJK
5
0W9HUQRQ3HOOHW,QVHUW$(
0,1,080&/($5$1&(672&20%867,%/(0$7(5,$/6
0DVRQU\RU
=HUR&OHDUDQFH
$6$%8,/7,181,7
-$1 )(% 0$5 $35 0$< -81( -8/< $8* 6(372&7 129 '(&
)
$
,QVHUWVLGHWRFRPEXVWLEOH
,QVpUH]OHF{WpDXPXUFRPEXVWLEOHODWpUDO
%
,QVHUWWRSWRIDFHWULP
,QVpUH]OHGHVVXVGHODJDUQLWXUHGHIDoDGH
&
,QVHUWVLGHWRIDFHWULP
,QVpUH]OHF{WpGHODJDUQLWXUHGHIDoDGH
'
+HDUWKH[WHQVLRQIURPGRRURSHQLQJ
3URORQJHPHQWG¶kWUHGHSXLVO¶RXYHUWXUHGHODSRUWHGHYDQW
(
+HDUWKH[WHQVLRQIURPVLGHRIGRRURSHQLQJ
3URORQJHPHQWG¶kWUHGHSXLVOHF{Wp
GHO¶RXYHUWXUHGHODSRUWH
LQ PP
LQ PP
LQ PP
LQ PP
LQ PP
1(3$6(1/(9(5/e7,48(77(
6(5,$/12
/
180e52'86e5,(
5HSRUW
/
5DSSRUW
6
)DEULTXpSDU
&$87,21
$77(17,21
+27:+,/(,123(5$7,21'2127728&+.((3&+,/'5(1&/27+,1*$1')851,785($:$<&217$&70$<&$86(6.,1
%85166((1$0(3/$7($1',16758&7,2162SHUDWHWKLVXQLWRQO\ZLWKIXHOKRSSHUOLGFORVHG)DLOXUHWRGRVR
PD\UHVXOWLQHPLVVLRQRISURGXFWVRIFRPEXVWLRQIURPWKHKRSSHUXQGHUFHUWDLQFRQGLWLRQV0DLQWDLQKRSSHU
VHDOLQJRRGFRQGLWLRQ'RQRWRYHUILOOKRSSHU
&+$8'/256'(/23e5$7,211(3$6728&+(5*$5'(=/(6(1)$176(7/(69Ç7(0(176/2,1'(/(63$&(
'e6,*1e'(/,167$//$7,21/(&217$&73(87&$86(5'(6%5Ó/85(6¬/$3($892,5/e7,48(77((7/(6
,16758&7,2162SpUH]FHWDSSDUHLODYHFOHFRXYHUFOHGHODWUpPLHIHUPp/HGpIDXWGHQHSDVVXLYUHOHVLQVWUXFWLRQVSHXWUpVXOWHU
VRXVFHUWDLQHVFRQGLWLRQVHQXQHFRPEXVWLRQGHVpPLVVLRQVGHVSURGXLWVYHQDQWGHODWUpPLH1HSDVUHPSOLUODWUpPLHWURSSOHLQH
(63$&(6/,%5(60,1,080'(60$7e5,$8;&20%867,%/(6
$ 'HV&RQGXLWV'X+DXW$UULqUHV LQPP
% 'HV&RQGXLWV'X+DXW$UULqUHV LQPP
& 'HV&RQGXLWV'X+DXW
LQPP
$UULqUHV
LQPP
' 'HV&RQGXLWV$UULqUHV'X+DXW LQPP
( &{WpGH)RQWHDX0XU/DWpUDO LQPP
$ 7RSRI+RSSHU
7RS5HDU9HQW
LQPP
% 6LGHRI2XWVLGH6NLQ
7RS5HDU9HQW
LQPP
& %DFNRI+RSSHU
7RS9HQW
LQPP
5HDU9HQW
LQPP
' 9HQW3LSHWR&RPEXVWLEOH
7RS5HDU9HQW
LQPP
( &DVW6LGHWR6LGH:DOO 7RS5HDU9HQW
LQPP
$SSDUHLOGHFKDXIIDJHLQVpUpGHFRPEXVWLEOHVROLGHGHW\SHGHERXOHWWHV$FFHSWpGDQV
OLQVWDOODWLRQGDQVOHVPDLVRQVPRELOHV&HWDSSDUHLODpWpWHVWpHWHQUHJLVWUpSRXUOXVDJH
GDQVOHV0DLVRQV0RELOHVHQDFFRUGDYHF2$5MXVTXj
+LJKZD\1RUWK&ROYLOOH:$
%
'
&
&
$
%
(
&200($33$5(,/,16e5e
LQ&OHDUDQFH7R([SRVHG6HFWLRQDQG)DFH7ULP(VSDFHOLEUH
GHPPGHODVHFWLRQH[SRVpHHWGHODJDUQLWXUHGXGHYDQW
6,'(:
$//
0$17(/
$
%
'
&
(
)DFH7ULP
'pJDJHPHQWGHODPDoRQQHULHRX'pJDJHPHQW]pUR
085/$
7e5$/
*DUQLWXUH
GHIDoDGH
0$17($8
'21275(029(7+,6/$%(/
0DQXIDFWXUHGE\
6HHPDQXDOIRUPDQWHOFOHDUDQFHV
ZZZTXDGUDILUHFRP
27/
7HVWHGDQG
/LVWHGE\
3RUWODQG
2UHJRQ86$
201,7HVW/DERUDWRULHV,QF
&
86
0DGHLQ86$
RI86DQG
LPSRUWHGSDUWV
)DEULTXpDX[eWDWV8QLVG¶$PpULTXHSDUGHV
SLqFHVG¶RULJLQHDPpULFDLQHHWSLqFHV
LPSRUWpHV
35(9(17+286(),5(6
,QVWDOODQGXVHRQO\LQDFFRUGDQFHZLWKPDQXIDFWXUHUVLQVWDOODWLRQDQGRSHUDWLQJLQVWUXFWLRQV
&RQWDFWORFDOEXLOGLQJRUILUHRIILFLDOVDERXWUHVWULFWLRQVDQGLQVSHFWLRQLQRXUDUHD
:$51,1* )25 02%,/( +20(6
'R QRW LQVWDOO DSSOLDQFH LQ D VOHHSLQJ URRP $Q
RXWVLGHFRPEXVWLRQDLULQOHWPXVWEHSURYLGHG7KHVWUXFWXUDOLQWHJULW\RIWKHPRELOHKRPH
IORRUFHLOLQJDQGZDOOVPXVWEHPDLQWDLQHG
5HIHUWRPDQXIDFWXUHUVLQVWUXFWLRQVDQGORFDOFRGHVIRUSUHFDXWLRQVUHTXLUHGIRUSDVVLQJ
FKLPQH\WKURXJKDFRPEXVWLEOHZDOORUFHLOLQJ,QVSHFWDQGFOHDQYHQWV\VWHPIUHTXHQWO\
LQDFFRUGDQFHZLWKPDQXIDFWXUHUVLQVWUXFWLRQV
'2127&211(&77+,681,772$&+,01(<)/8(6(59,1*$127+(5$33/,$1&(
8VHDRULQFKPPGLDPHWHUW\SH/RU3/YHQWLQJV\VWHP
7HVWHGWR$670(8/&68/&25'&05RRP+HDWLQJ3HOOHW
%XUQLQJ 7\SH 80 +8' )25 86( 21/< :,7+ 3(//(7,=(' :22' 6(( 2:1(5¶6
0$18$/)2527+(5)8(/237,216
201,7HVW /DERUDWRULHV ,QF KDV GHWHUPLQHG WKDW WKLV DSSOLDQFH FRPSOLHV ZLWK
&DQDGLDQ 6WDQGDUGV $VVRFLDWLRQ &6$ % DQG 7LWOH RI WKH 86 &RGH RI
)HGHUDO 5HJXODWLRQV 3DUW 6XE3DUW $$$201,7HVW /DERUDWRULHV $FFUHGLDWLRQV
7KH6WDQGDUGV&RXQFLORI&DQDGDWKH$PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWHDQGWKH
86(QYLURQPHQWDO3URWHFWLRQ$JHQF\
,
QSXW5DWLQJ%78+5
(OHFWULFDO5DWLQJ9$&+]6WDUW$PSV5XQ$036
5RXWHSRZHUFRUGDZD\IURPXQLW'RQRWURXWHFRUGXQGHURULQIURQWRIDSSOLDQFH
'$1*(5
5LVNRIHOHFWULFDOVKRFN'LVFRQQHFWSRZHUVXSSO\EHIRUHVHUYLFLQJ
5HSODFHJODVVRQO\ZLWKPPFHUDPLFDYDLODEOHIURP\RXUGHDOHU
7
R VWDUW VHW WKHUPRVWDW DERYH URRP WHPSHUDWXUH WKH VWRYH ZLOO OLJKW DXWRPDWLFDOO\ 7R
VKXWGRZQ VHW WKHUPRVWDW WR EHORZ URRP WHPSHUDWXUH )RU IXUWKHU LQVWUXFWLRQ UHIHU WR
RZQHUVPDQXDO
.HHSYLHZLQJDQGDVKUHPRYDOGRRUVWLJKWO\FORVHGGXULQJRSHUDWLRQ
35e9(17,21'(6)(8;'(0$,621
,QVWDOOH]HWXWLOLVH]HQDFFRUGDYHFOHVLQVWUXFWLRQVGLQVWDOODWLRQHWGRSpUDWLRQGXIDEULFDQW&RQWDFWH]OHEXUHDX
GHODFRQVWUXFWLRQRXOHEXUHDXGHVLQFHQGLHVDXVXMHWGHVUHVWULFWLRQVHWGHVLQVSHFWLRQVGLQVWDOODWLRQGDQV
YRWUHYRLVLQDJH1HSDVREVWUXH]OHVSDFHHQGHVVRXVGHODSSDUHLO
$9,63RXU/HV0DLVRQV0RELOHV
1HSDVLQVWDOOHUGDQVXQHFKDPEUHjFRXFKHU8QWX\DXH[WpULHXUGH
FRPEXVWLRQ GDLU GRLW rWUH LQVWDOOp HW QH GRLW SDV rWUH REVWUXp ORUVTXH ODSSDUHLO HVW HQ XVDJH /D VWUXFWXUH
LQWpJUDOHGXSODQFKHUGXSODIRQGHWGHVPXUVGHODPDLVRQPRELOHGRLWrWUHPDLQWHQXHLQWDFWH
5pIpUH]YRXVDX[LQVWUXFWLRQVGXIDEULFDQWHWGHVFRGHVORFDX[SRXUOHVSUpFDXWLRQVUHTXLVHVSRXUSDVVHUXQH
FKHPLQpHjWUDYHUVXQPXURXXQSODIRQGFRPEXVWLEOHVHWOHVFRPSHQVDWLRQVPD[LPXPV
,QVSHFWH]HWQHWWR\H]ODFKHPLQpHIUpTXHPPHQW
1(3$6&211(&7(5&(77(81,7e81&21'8,7'(&+(0,1(('(66(59$1781$875($33$5(,/
8WLOLWVH]OHV\VWqPHGHYHQWLODWLRQGHRULQFKPPGHGLDPHWUHGHW\SH³/´RX³3/´
7HVWp j$670 8/& 6 8/&25'&0 5RRP +HDWLQJ 3HOOHW %XUQLQJ7\SH
80+8'328586$*($9(&/(6%28/(77(6'(%2,692,5/(0$18$/'835235,e7$,5(
3285'¶$875(6237,216'(&$5%85$17
201,7HVW/DERUDWRULHV,QFDGpWHUPLQpTXHFHWDSSDUHLOVHFRQIRUPHDYHFODQRUPHGHO¶$VVRFLDWLRQ
&DQDGLHQQHGHQRUPDOLVDWLRQ&6$%DLQVLTXHOH7LWUHGX&RGH)pGpUDOGH5pJXODWLRQVGHV
eWDWV8QLVSDUWLHVRXVSDUWLH$$$$FFUpGLWDWLRQV201,7HVW/DERUDWRULHV/H&RQVHLO&DQDGLHQ
GHV1RUPHV&&16&&O¶,QVWLWXHGHV6WDQGDUGV1DWLRQDX[$PpULFDLQ$16,HWO¶$JHQFHGH3URWHFWLRQ
(QYLURQQHPHQWDO(3$
3XLVVDQFHGH5HQGHPHQW%78+5
3XLVVDQFHeOHFWULTXH9$&+]'pEXW$PSV&RXULU$PSV
eORLJQH]OHILOpOHFWULTXHGHODSSDUHLO1HSDVIDLUHSDVVHUOHILOpOHFWULTXHDXGHVVXVRXHQGHVVRXVGHODSSDUHLO
'$1*(5
,O\DULVTXHGHGpFKDUJHpOHFWULTXH'pFRQQHFWH]OHILOpOHFWULTXHGHODSULVHGHFRQWDFWDYDQWOHVHUYLFH
5HPSODFH]ODYLWUHVHXOHPHQWDYHFXQHYLWUHFpUDPLTXHGHPPGLVSRQLEOHFKH]YRWUHIRXUQLVVHXU
3RXUDOOXPHUPRQWHUODWHPSpUDWXUHGXWKHUPRVWDWDXGHVVXVGHODWHPSpUDWXUHGHODSLqFHOHSRrOHVDOOXPHUD
DXWRPDWLTXHPHQW 3RXU pWHLQGUH GHVFHQGUH OD WHPSpUDWXUH GX WKHUPRVWDW HQ GHVVRXV GH OD WHPSpUDWXUH GH OD
SLqFH3RXUGHVLQVWUXFWLRQVVXSSOpPHQWDLUHVUpIpUH]YRXVDXPDQXHOGXSURSULpWDLUH*DUGH]ODSRUWHGRXYHUWXUH
HWODSRUWHGHVFHQGUHVIHUPpHVKHUPpWLTXHPHQWGXUDQWORSpUDWLRQ
:KHQFRQVWUXFWLQJIORRUSURWHFWLRQIRU\RXUSHOOHWDSSOLDQFHDQ\SDUWVRUPDWHULDOVXVHGPXVWEHQRQFRPEXVWLEOH
/RUVGHODFRQVWUXFWLRQGHSURWHFWLRQGHVROSRXUYRWUHDSSDUHLOjJUDQXOHVWRXWHSLqFHVRXPDWpULDX[XWLOLVpVGRLYHQWrWUHLQFRPEXVWLEOHV