$QDO\VLVRIWKHTXDOLW\RISURMHFWLPSOHPHQWDWLRQ
,QVWLWXWLRQDOEDFNJURXQG
.6$&:'6,DQG1:)DUHRUJDQLVDWLRQVZLWKDORQJKLVWRU\RIDFWLYLWLHVLQ 6RXWK$IULFD2YHUWKH\HDUVWKH\KDYHHVWDEOLVKHGWKHUHOHYDQWVWUXFWXUHV IRUWKHLUFXUUHQWZRUNFDSDFLWLHV*HQHUDOO\VWDIIPHPEHUVIURPDOORUJDQLVD WLRQVH[SUHVVHGFRQWHQWZLWKEDVLFRSHUDWLRQDOHTXLSPHQWDQGPDWHULDOV7KH RUJDQLVDWLRQDOVWUXFWXUHDVZHOODVWKHORFDWLRQRIWKHFRPPXQLW\FHQWUHVDQG RIILFHVDIIHFWZRUNFDSDFLWLHV7KHGLIIHUHQWRSHUDWLRQEDVHVRIRUJDQLVDWLRQV DQGSURMHFWVDUHGHVFULEHGLQWKHIROORZLQJRYHUYLHZ
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
,QWHUYLHZV ZLWK -DVRQ &RUQHOLXV DQG %HUQDUG .RKOHU SDUWLFLSDQW REVHUYDWLRQ
,QWHUYLHZV&:'VWDIISDUWLFLSDQWREVHUYDWLRQ$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
VSRUWV IDFLOLWLHV D VZLPPLQJ SRRO DQG WKUHH YRFDWLRQDO WUDLQLQJ ZRUNVKRSV )RUFRPPXQLW\DFWLYLWLHVDQGRXWGRRUFDPSVWKH,QVWLWXWHSURYLGHVWUDQVSRUW IRUSDUWLFLSDQWV
7KH1:)RZQVDFRPPXQLW\FHQWUHZLWKRIILFHVDQGFODVVURRPVLQWKHIRU PHUWRZQVKLSRI/DYHQGHU+LOO7KHUHLVDOVRURRPIRU\RXQJSHRSOHWRPHHW DQG UHOD[ +RZHYHU WKH VRFLDO ZRUNHU WKH JURXQGEUHDNHU DQG IDFLOLWDWRUV IURP 1:) VWDWHG WKDW WKHUH LV QRW HQRXJK VSDFH LV LQVXIILFLHQW IRU \RXQJ SHRSOH´WRFKLOORXWWRSOD\DQGWRPDNHQRLVHµ
7KH 8&03 LQ 6RVKDQJXYH UHVLGHV LQ D VPDOO EXLOGLQJ DGMDFHQW WR WKH ORFDO SROLFHVWDWLRQ&3:VUHJDUGWKHIDFLOLWLHVDVWRRVPDOOWRKROGPHHWLQJV7KH SUHVHQW RIILFH LQ D FRPPXQLW\ FHQWUH LQ 1\DQJD LV DOVR FRQVLGHUHG LQDGH TXDWHEXW8&03ZLOOVRRQEHPRYLQJLQWRDODUJHURIILFHQH[WGRRU
&XUULFXODDQGHGXFDWLRQDOPHWKRGV
,Q JHQHUDO WKH OLIHVNLOOV FRXUVHV DQG WKH WHFKQLFDOYRFDWLRQDO WUDLQLQJ SUR JUDPPHVRIIHUHGE\WKHYDULRXVRUJDQLVDWLRQVDQGSURMHFWVDWWDLQKLJKVWDQ GDUGV$YDULHW\RIWHDFKLQJPHWKRGVLVDSSOLHGLQWKHOLIHVNLOOVFRPSRQHQWV DSSURSULDWHWRWKHUHVSHFWLYHWRSLFVDQGWDUJHWJURXSV&RQWLQXRXVHYDOXDWLRQ DOORZVIRUTXDOLW\FRQWURODVVHVVPHQWRIXVHUIULHQGOLQHVVDQGWKHLQFOXVLRQ RI VSHFLILF QHHGV DQG LQWHUHVWV ,Q WKH IROORZLQJ FXUULFXOD DQG HGXFDWLRQDO PHWKRGVDUHGHVFULEHGLQGHWDLO
.ROSLQJ6RFLHW\6RXWK$IULFD
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
,QWHUYLHZVZLWK1:)VWDIIPHPEHUV$XJXVW
,QWHUYLHZVZLWK8&03VWDIIPHPEHUVDQG&3:VSDUWLFLSDQWREVHUYDWLRQV$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
FRQWHQWRIWKHPRGXOHVDUHGRFXPHQWHGLQDPDQXDOIRUIDFLOLWDWRUV,WFRQ WDLQVJXLGHOLQHVIRUHDFKVHVVLRQDQGSURYLGHVDEDVLVIRUFRXUVHUHSOLFDWLRQ DWWKHVDPHWLPHOHDYLQJIOH[LELOLW\WRVHWSULRULWLHVDFFRUGLQJWRSDUWLFLSDQWV·
FDSDFLWLHVDQGLQWHUHVWV
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
$VWKH:23OLIHVNLOOVFRXUVHLVUDWKHUVKRUWVXSSOHPHQWVDUHSODQQHGLQWKH IRUPRIDWKUHHGD\3UH:233HUVRQDO*URZWK&RXUVHDQGD3RVW:23/LIH 6NLOOV3HHU&RXQVHOOLQJ&RXUVHLQFRRSHUDWLRQZLWK/LIHOLQH&KLOGOLQHDQ1*2 VSHFLDOLVHGLQFRXQVHOOLQJIRU\RXQJSHRSOH7KHVXJJHVWHG3HUVRQDO*URZWK
&RXUVH FRQWDLQV PRGXOHV RQ UDFLVP GLVFULPLQDWLRQ JHQGHU VHOIUHIOHFWLRQ DQGVH[XDOLW\7KH/LIH6NLOOV3HHU&RXQVHOOLQJ&RXUVHLVVXSSRVHGWRHQFRXU DJH HQJDJHPHQW LQ YROXQWDU\ ZRUN 7KH PRGXOHV FRYHU REVHUYDWLRQ VNLOOV UHDGLQJERG\ODQJXDJHUDLVLQJVHOIDZDUHQHVVDQGTXHVWLRQLQJVNLOOV
352-(&7,03/(0(17$7,21$1'67((5,1*
'XULQJWKHYRFDWLRQDOWUDLQLQJSKDVHWKHSDUWLFLSDQWVOHDUQWHFKQLFDOVNLOOVRI WKHLU FKRLFH 7KH\ UHFHLYH YRFDWLRQDO WUDLQLQJ DW DFFUHGLWHG LQVWLWXWLRQV DQG FROOHJHVVXFKDVWKH&DSH7RZQ&ROOHJH1RUWKOLQN&ROOHJHRU$W&ROOHJH 6NLOOV REWDLQHG DUH IRU H[DPSOH DGPLQLVWUDWLRQ FRPSXWHU FRPSHWHQFH RI ILFHDGPLQLVWUDWLRQERRNNHHSLQJKDQGLFUDIWVZHOGLQJHOHFWURQLFVVHZLQJ GHVLJQ RU VHUYLFHV HGXFDUH FDWHULQJ KDLUGUHVVLQJ WRXULVP 7KH GXUDWLRQ GHSHQGVRQWKHFRXUVHFDWHJRU\UDQJLQJIURPVL[PRQWKVWRRQH\HDU$IWHU WUDLQLQJ .6$ IDFLOLWDWRUV JLYH DVVLVWDQFH LQ FDUHHU FKRLFHV DQG VXSSRUW IRU PHUVWXGHQWVLQWKHLUVHDUFKIRUHPSOR\PHQW
$WWKHHQGRIWKHWHFKQLFDOWUDLQLQJSDUWLFLSDQWVDUHHQFRXUDJHGWRWDNHSDUW LQ MREVKDGRZLQJ DW YDULRXV LQVWLWXWLRQV DQG FRPSDQLHV 7KLV SHULRG VHUYHV WZR SXUSRVHV LW H[SRVHV WKH :23 SDUWLFLSDQWV WR SUDFWLFDO ZRUN DQG SUR YLGHVWKHPZLWKUHIHUHQFHVIRUIXWXUHDSSOLFDWLRQV
&DWKROLF:HOIDUHDQG'HYHORSPHQW
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
7KH QLQHZHHN OLIHVNLOOV FRXUVH)DFLQJ WKH )XWXUH ZLWK &RXUDJH RIIHUHG LQ WKH5DYHQVPHDG <RXWK &HQWUH FRQVLVWV RI QLQH PRGXOHV 7KH\ FRYHU HP SOR\PHQWDQGZRUNHQYLURQPHQWLQGHSHQGHQFHKHDOWKDQGK\JLHQHHGXFD WLRQSHUVRQDOVNLOOVVRFLDOVNLOOVUHODWLRQVKLSVDQGVH[XDOLW\DQGVSLULWXDOLW\
7KHFXUULFXOXPHQWDLOVDUDQJHRIPHWKRGRORJLFDODSSURDFKHVLQFOXGLQJJURXS ZRUNGLVFXVVLRQURXQGVRUZULWLQJDGDLO\MRXUQDORQOHVVRQVOHDUQW&RQIOLFW WUDQVIRUPDWLRQLVLQWHJUDWHGLQWKHVRFLDOVNLOOVPRGXOH7RSLFVDUHIRUH[DP SOHPHWKRGVRIKDQGOLQJFRQIOLFWVDQGGHDOLQJZLWKDQJHU$IWHUQRRQDFWLYL
,QWHUYLHZV ZLWK WUDLQHUV IDFLOLWDWRUV DQG VWXGHQWV SURMHFW GRFXPHQWV DQG PDQXDOV
$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
WLHV LQFOXGH PDNLQJ PXVLF VWRU\WHOOLQJ JDUGHQLQJ DQG H[FXUVLRQV WR WKH 6RXWK$IULFDQSDUOLDPHQWWKHEHDFKDQGWKHDTXDULXP$GGLWLRQDOO\SDUWLFL SDQWV DUH RIIHUHG D FUDVK FRXUVH LQ VHOIGHIHQFH 3HUVRQV ZKR V\PEROLVH
¶VXFFHVVVWRULHV·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
6DOHVLDQ,QVWLWXWH
7KH/HDUQWR/LYH3URMHFWRIIHUVEDVLFHGXFDWLRQDQGYRFDWLRQDOVNLOOVWUDLQLQJIRU VWUHHWFKLOGUHQDQG\RXWK$ERXWER\VDQGJLUOVDWWHQGRQHRIWKHILYHGDLO\
FODVVHVLQZKLFKQXPHULFDOVNLOOVUHDGLQJDQGZULWLQJDUHWDXJKW7KUHHFODVVHV DUHKHOGLQ;KRVDDQGWZRLQ$IULNDDQV7KHRWKHUHOHPHQWRIWKHSURJUDPPHLV YRFDWLRQDOWUDLQLQJDWWKH,QVWLWXWH·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
\RXWKNHHSWKHUHWXUQVOHVVWKHFRVWRIWKHPDWHULDO7KHPDLQDLPRIWKH/HDUQ WR/LYH3URMHFWLVSHUVRQDOGHYHORSPHQWUHLQIRUFLQJVHOIFRQILGHQFHDQGDSRVL WLYHVHOILPDJHDQGWHDFKLQJ\RXWKWREHUHVSRQVLEOHIRUWKHLUZRUN
LQWHUYLHZVZLWK&:6VWDIISURMHFWGRFXPHQWV$XJXVW
,QWHUYLHZZLWK'DQ%URZQ
352-(&7,03/(0(17$7,21$1'67((5,1*
7KH'RQ%RVFR+RVWHORIIHUVDFFRPPRGDWLRQIRUWRPDOHVWUHHW\RXWK RYHU WKH DJH RI 7KH\ DWWHQG DQ PRQWK WUDLQLQJ SURJUDPPH DQG UH FHLYH LQGLYLGXDO FRXQVHOOLQJ 7KH SDUWLFLSDQWV MRLQ WKH/HDUQ WR /LYH 6FKRRO DOWKRXJK WKH PRUH DGYDQFHG PLJKW EH DFFHSWHG IRU WKH JRYHUQPHQW$GXOW
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
%HIRUHWKH\RXWKMRLQWKHKRVWHODWHQGD\·KRVWHOLQWDNHFDPS·WDNHVSODFH 7KLVLVDOVRSDUWRIWKH6L[WHHQSURMHFW7KHFDPSVHUYHVDVDZLOGHUQHVV WKHUDS\LQDPRXQWDLQHQYLURQPHQWRXWVLGH&DSH7RZQ7KHSDUWLFLSDQWVWDNH SDUW LQ WUXVW DQG WHDPEXLOGLQJ HYHQWV ZDONV VSRUWV DQG UHFUHDWLRQ H[HU FLVHVDVZHOODVDUWDQGYLGHRVKRZV7KHFDPSSURYLGHVWLPHIRUUHIOHFWLRQ RQ SDVW DQG FXUUHQW SUREOHPV DV ZHOO DV RQ IXWXUH SHUVSHFWLYHV 7KH6L[
WHHQ SURMHFW DOVR RIIHUV FRPPXQLW\ ZRUN KROLGD\ SURJUDPPHV DQG IRXU DQQXDORXWUHDFKFDPSV
1HZ:RUOG)RXQGDWLRQ
7KH1HZ :RUOG )RXQGDWLRQ RIIHUV WUDLQLQJ LQ KRPH PDQDJHPHQW (GXFDUH DQG FRPSXWHU VNLOOV $OWKRXJK DFFHVVLEOH WR DOO DJH JURXSV WKH PDMRULW\ RI SDUWLFLSDQWV DUH \RXQJ SHRSOH $ VL[ZHHN+RPH 0DQDJHPHQW FRXUVH LQ FOXGHVWH[WLOHFDUHFOHDQLQJDQGNLWFKHQVNLOOVDVZHOODVEXVLQHVVDQGOLIH VNLOOV$RQHZHHNSHULRGRIMREVKDGRZLQJLQDJXHVWKRXVHLVVFKHGXOHGWR
$%(7 LV D JRYHUQPHQW SURJUDPPHV SURYLGLQJ EDVLF HGXFDWLRQ WR DGXOWV DQG \RXQJ SHRSOH
,QWHUYLHZVZLWK6,VWDII$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
SURYLGH SUDFWLFDO H[SHULHQFH 7KH GD\ (GXFDUH &RXUVH14)/HYHOLQ WURGXFHVQHZWHDFKLQJPHWKRGVWRQRQIRUPDOO\WUDLQHGSUHVFKRROWHDFKHUV DQG SHRSOH ZLWKRXW SULRU H[SHULHQFH 7KH SDUWLFLSDQWV OHDUQ DERXW FKLOG GH YHORSPHQW DV ZHOO DV SODQQLQJ DQG UXQQLQJ GDLO\ SURJUDPPHV LQ (GXFDUH FHQWUHV 7KH FRPSXWHU FRXUVHV LQFOXGH WUDLQLQJ LQ 06 RIILFH VRIWZDUH OLIH VNLOOVFRPPXQLFDWLRQEXGJHWLQJ&9ZULWLQJDQGWLPHPDQDJHPHQW
7KH WKUHHPRQWK:RUNSODFH 6NLOOV &RXUVH LV D WUDLQLQJ RIIHU WKDW HVSHFLDOO\
DGGUHVVHV\RXWK,WSUHSDUHV\RXQJDGXOWVZLWKOLWWOHRUQRSUHYLRXVZRUNH[
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
7HDFKLQJPHWKRGVLQFOXGHLQGLYLGXDODQGJURXSZRUNUROHSOD\VJURXSGLV FXVVLRQVDQGPHGLWDWLYHDQGFUHDWLYHH[HUFLVHV7KHFRXUVHDOVRFRPSULVHV H[HUFLVHVWKDWHQFRXUDJHSDUWLFLSDQWVWRUHIOHFWRQWKHLUVWUHQJWKVDQGZHDN QHVVHV7KH\ZULWHSHUVRQDOVWDWHPHQWVIRUPXODWLQJWKHLUJRDOVDQGZD\VRI DFKLHYLQJWKHP&ULWLFDOWKLQNLQJDQGWHDPZRUNDUHHQFRXUDJHG7KHFXUULFXOD DQGPHWKRGVZHUHLQLWLDOO\GHYHORSHGE\DQH[WHUQDOIDFLOLWDWRUDQGXQLYHUVLW\
PHPEHUV+RZHYHUWKH\DUHFRQWLQXRXVO\DGDSWHGE\1:)VWDII
2WKHU1:)\RXWKSURJUDPPHVDUHWKHPRQWKO\FRIIHHEDUDQGKROLGD\SUR JUDPPHV7KHFRIIHHEDULVDQHYHQLQJIRU\RXQJSHRSOHRUJDQLVHGE\YROXQ
352-(&7,03/(0(17$7,21$1'67((5,1*
WHHUV ZLWK VWDJH SHUIRUPDQFHV VLQJLQJ DQG GDQFLQJ 7KH KROLGD\ SUR JUDPPHLQFOXGHVFUHDWLYHFODVVHVFRQIOLFWPDQDJHPHQWJDPHVH[FXUVLRQV DQGVSRUWWRXUQDPHQWV
8UEDQ&RQIOLFW0DQDJHPHQW3URMHFW
7KHWUDLQLQJSURJUDPPHWKDWDFFRPSDQLHVWKH8&03SHDFHVHUYLFHFRQVLVWV RI WKUHH FRPSRQHQWV EDVLF OLIHVNLOOV DQG SUHSDUDWLRQ IRU FRPPXQLW\ SHDFH ZRUNVRFDOOHGEULGJLQJFRXUVHVDQGYRFDWLRQDOWUDLQLQJ1HZSHDFHZRUN HUV DWWHQG WUDLQLQJ IRU VHYHUDO ZHHNV LQ OLIHVNLOOV DQG WHDPEXLOGLQJ DW WKH
&KU\VDOLV&HQWUH&KU\VDOLVLVDWUDLQLQJDQGERDUGLQJFHQWUHIRU\RXQJSHRSOH IURP GLIILFXOW VRFLDO EDFNJURXQGV 7KH SDUWLFLSDQWV OHDUQ KRZ WR NHHS GDLO\
URXWLQHVSUDFWLFHVSRUWVDQGUHFHLYHLQVWUXFWLRQVLQOLIHVNLOOVWUDLQLQJ
,QLWLDOWUDLQLQJLVIROORZHGE\DKRXUOLIHVNLOOVFRXUVHWKDWFRQVLVWVRIDQ LQWURGXFWLRQWR8&03VWUXFWXUHVDQGPRGXOHVRQOHDGHUVKLSIDFLOLWDWLRQDQG FRPPXQLFDWLRQVNLOOVVHOIUHIOHFWLRQFRXQWHULQJSUHMXGLFHDQGGLVFULPLQDWLRQ VWUHVV SUHYHQWLRQ DQG JRDOVHWWLQJ 7R SUHSDUH SDUWLFLSDQWV IRU FRPPXQLW\
SHDFHZRUNIROORZLQJWRSLFVDUHGLVFXVVHGIDPLO\ODZGHDOLQJZLWKYLFWLPV RI FULPH LQFOXGLQJ UHVSRQVHV WR UDSH FKLOG DQG VH[XDO DEXVH DQG WKH HI IHFWV RI GUXJ DQG DOFRKRO DEXVH 7UDLQLQJ LQ FRQIOLFW PDQDJHPHQW LQFOXGHV PRGXOHV RQ GLVWLQJXLVKLQJ GLIIHUHQW NLQGV RI FRQIOLFW XQGHUVWDQGLQJ WKHLU FDXVHV IRUPV RI FRQIOLFW PDQDJHPHQW DQG FRQIOLFW UHVROXWLRQ DSSURDFKHV
$OO SHDFH ZRUNHUV UHFHLYH SUDFWLFDO LQVWUXFWLRQ LQ UDGLR FRPPXQLFDWLRQ DQG UHSRUWZULWLQJDQGDWWHQGD)LUVW$LGFRXUVH7KHFRQIOLFWPDQDJHPHQWFRXUVH LVJLYHQE\DQH[SHULHQFHGWUDLQHUZKRLVDOVRDOHFWXUHUDWWKH8QLYHUVLW\RI WKH:HVWHUQ&DSH
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
,QWHUYLHZVZLWK1:)VWDII$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
WUDLQLQJ RSSRUWXQLWLHV RU DSSUHQWLFHVKLSV DW ORFDO FRPSDQLHV LQ YDULRXV VHF WRUV
+,9$,'6PDLQVWUHDPLQJ
9DULRXVSURJUDPPHVDQGSURMHFWVGHDOLQJZLWKWKHSUREOHPRIKLJK+,9$,'6 LQIHFWLRQUDWHVLQ6RXWK$IULFDH[LVWDWORFDOUHJLRQDODQGQDWLRQDOOHYHO$OO RUJDQLVDWLRQVDQGSURMHFWVKDYHFRPSRQHQWVRQ+,9$,'6SUHYHQWLRQLQWKHLU
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
,QWHUYLHZVZLWK8&03VWDIIIRUPHUDQGSUHVHQW&3:V$XJXVW
,QWHUYLHZVZLWK1:)VWDIIDQGJURXQGEUHDNHUV$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
$,'6DUHDGGUHVVHGLQZRUNVKRSVIRU.ROSLQJ)DPLO\PHPEHUVDQGLQDUWLFOHVRI WKH.ROSLQJ%XOOHWLQ
&:' FRRSHUDWHV ZLWK WKH SURMHFW6RXWK $IULFDQ 6ROXWLRQV 6$6 ZKLFK LV OLQNHG WR WKH FRPPXQLW\ FHQWUHV 6$6 VXSSRUWV FRPPXQLFDWLRQ EHWZHHQ SHRSOH ZKR DUH LQIHFWHG ZLWK +,9 DQG DLPV DW UHGXFLQJ WKH VRFLDO VWLJPD DVVRFLDWHG ZLWK WKH GLVHDVH 6XSSRUWLQJ FRPPXQLW\ NLWFKHQV E\ SURYLGLQJ QXWULWLRXVO\IRUWLILHGHSDSDVRUWRIPDL]HSRUULGJHLVDQRWKHUDFWLYLW\
8&03 SHDFH ZRUNHUV XVHG WR FDUU\ RXW +,9$,'6 DZDUHQHVV FRXUVHV DW VFKRROVKRZHYHUWKHVHWUDLQLQJVFHDVHGLQ$VWKHUHDUHDOUHDG\TXLWH DQXPEHURIJRYHUQPHQWSURJUDPPHVDQGVSHFLDOLVHG1*2VRIIHULQJFRXUVHV RQ +,9$,'6 DQG SHHUWRSHHU HGXFDWLRQ DW \RXWK DQG FRPPXQLW\ FHQWUHV DQG VFKRROV 8&03 VKRXOG FRRSHUDWH ZLWK WKHP LQVWHDG RI FUHDWLQJ WKHLU RZQFDSDFLWLHV
7KHHIIHFWVRI+,9$,'6RQ\RXWKSURMHFWVDQGSURJUDPPHVVWLOOQHHGWREH DVVHVVHG LQ D PDLQVWUHDPLQJ SURFHVV .6$ VWDII PHPEHUV PHQWLRQHG WKDW WKHUHZHUHVRPHLQFLGHQWVRIVWXGHQWVQRWEHLQJDEOHWRFRQWLQXHWKHFRXUVH EHFDXVHWKH\KDGWRORRNDIWHUDQ+,9$,'6LQIHFWHGUHODWLYH*HQHUDOO\LW LV DVVXPHG WKDW D QXPEHU RI SHRSOH DWWHQGLQJ WUDLQLQJ SURJUDPPHV DUH LQ IHFWHG EXW VWXGHQWV UDUHO\ WDON DERXW WKH SRVVLELOLW\ +RZHYHU LQWHUYLHZHG FRXUVHSDUWLFLSDQWVVDLGWKDWWKH\DUHZHOOLQIRUPHGRQWKHULVNVRI+,9$,'6
$&RPPXQLW\3HDFH:RUNHULQ1\DQJDVWDWHGIRUH[DPSOH´LI\RXGRQ·WXVH DFRQGRP\RXFRPPLWVXLFLGHµDQGD1:)WUDLQHHVWUHVVHGWKDWÅ\RXKDYH WRXVHDFRQGRPLI\RXORYH\RXUOLIH´
3DUWLFLSDWLRQRIWDUJHWJURXSV
7KH GLIIHUHQW RUJDQLVDWLRQV DQG SURMHFWV SURYLGH DGHTXDWH RSSRUWXQLWLHV IRU
\RXQJ SHRSOH WR SDUWLFLSDWH RQ VHYHUDO OHYHOV 3DUWLFLSDQWV RI DOO WUDLQLQJ FRXUVHVDUHDVNHGWRHYDOXDWHWKHPRGXOHVDQGWKXVFRQWULEXWHWRWKHGHYHO RSPHQW RI FXUULFXOD 6HYHUDO RWKHU DSSURDFKHV WR LQWHJUDWH \RXWK LQWR WKH
,QWHUYLHZZLWK%HUQKDUG.RKOHU
:LWKRXWDSSURSULDWHQXWULWLRQDQWLUHWURYLUDOPHGLFDWLRQGRHVQRWKDYHWKHGHVLUHGHIIHFW LQWHUYLHZVZLWK&:'VWDIIPHPEHUV$XJXVW
,QWHUYLHZZLWK6DQGUD6XQNHU
,QWHUYLHZVZLWK&RPPXQLW\3HDFH:RUNHUVLQ1\DQJDLQWHUYLHZVZLWK1:) FRXUVHSDUWLFLSDQWV
352-(&7,03/(0(17$7,21$1'67((5,1*
SODQQLQJ DQG LPSOHPHQWDWLRQ RI WUDLQLQJ DUH LQ SODFH $W WKH HQG RI)DFLQJ WKH)XWXUHZLWK&RXUDJHIRUH[DPSOHVWXGHQWVDUHLQYLWHGWRWKHVWDIIDQG WUDLQHUVHYDOXDWLRQVHVVLRQV0RWLYDWHG\RXQJSHRSOHDUHHQFRXUDJHGWRWDNH RYHU WHDFKLQJ XQLWV LQ VXEVHTXHQW FRXUVHV IRU H[DPSOH LQ WKH +,9$,'6 PRGXOHV)RUPHU:23VWXGHQWVDOVRDVVLVWDVFRIDFLOLWDWRUV7KH\WDNHSDUW LQ VWDII PHHWLQJV UHSUHVHQWLQJ VWXGHQWV· YLHZV DQG LQWHUHVWV ,Q WKH 5DYHQVPHDG <RXWK &HQWUH DQG 1:) \RXQJ YROXQWHHUV DVVLVW ZLWK WKH RU JDQLVDWLRQRIKROLGD\FDPSVZRUNVKRSVLQVFKRROVVSHFLILFHYHQWVVXFKDV WKH 1:) FRIIHH EDU RU DV VRFDOOHG/RYH/LIH JURXQGEUHDNHUV LQ +,9$,'6 SUHYHQWLRQ SURJUDPPHV 8&03 LQVWLWXWLRQDOLVHG SDUWLFLSDWLRQ ZLWK PRQWKO\
PHHWLQJV EHWZHHQ &3: WHDPV DQG WKH ORFDO FRRUGLQDWRU DQG ELZHHNO\
PHHWLQJV EHWZHHQ WKH FRRUGLQDWRU DQG WHDP OHDGHUV 6WDII RI WKH6DOHVLDQ ,QVWLWXWH SHUFHLYHV WKHLU SDUWLFLSDWRU\ DSSURDFK DV D JXLGH IRU FKLOGUHQ DQG
\RXWK WR ILQG WKHLU RZQ VROXWLRQV $ UHSUHVHQWDWLYH RI WKH KRVWHO UHVLGHQWV WDNHVSDUWLQWKHZHHNO\VWDIIPHHWLQJV
,Q VSLWH RI WKHVH H[DPSOHV KRZHYHU LQLWLDWLQJ SDUWLFLSDWRU\ SURFHVVHV DS SHDUVWREHTXLWHGLIILFXOW$VRFLDOZRUNHUDWWKH,NKZH]L/RPVR&HQWUHVDZ WKHSUREOHPLQWKHIDFWWKDW´WKHUHLVQRFXOWXUHRIGHFLVLRQPDNLQJµ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
,QWHUYLHZVZLWKVWDIIPHPEHUVIRUPHUDQGSUHVHQWWUDLQHHV$XJXVW
,QWHUYLHZZLWK6KDNHV'ZDQJX
:RUNVKRS ZLWK FXUUHQW 8&03 VWXGHQWV 1\DQJD ,QWHUYLHZ ZLWK &3:V LQ 6KRVKDQJXYH
,QWHUYLHZVZLWKSURMHFWVWDII$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
2EVWDFOHVIRUSDUWLFLSDWLRQ
<RXQJSHRSOHLQ6RXWK$IULFDQWRZQVKLSVIDFHDVHULHVRIFRQVWUDLQWVUHJDUG LQJWKHLURSSRUWXQLWLHVWRSDUWLFLSDWHVRFLDOO\DQGSROLWLFDOO\0DQ\OLYHLQPDU JLQDOLVHG FRPPXQLWLHV DQG LQ VRFLDO VXUURXQGLQJV XQIDYRXUDEOH WR SHUVRQDO DQGHGXFDWLRQDODGYDQFHPHQWV'HSUHVVLRQDQGODFNRIVHOIHVWHHPDUHIUH TXHQW FRQVHTXHQFHV )RU VRPH ODFN RI WLPH LV DOVR DQ REVWDFOH 7KH KLJK UDWH RI WHHQDJH SUHJQDQFLHV DQG WKH UHVSRQVLELOLW\ IRU FKLOGFDUH KLQGHU WKH SDUWLFLSDWLRQRI\RXQJZRPHQLQSDUWLFXODU
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
*XLGDQFHDQGFRXQVHOOLQJLQVHHNLQJHPSOR\PHQW
$OO RUJDQLVDWLRQV DQG SURMHFWV SURYLGH FDUHHU JXLGDQFH DQG DIWHUFDUH WR SDUWLFL SDQWVDWFRXUVHHQG0RVWRIWKHIRUPHUVWXGHQWVRI.6$8&03DQG1:)LQ WHUYLHZHGDVVHVVHGFDUHHUJXLGDQFHDQGDIWHUFDUHDVKHOSIXOLQILQGLQJHPSOR\
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
:RUNVKRSZLWK1:)VWXGHQWV
2I WKH WZHOYH LQWHUYLHZHG IRUPHU VWXGHQWV ILYH GLG QRW MRLQ D)DPLO\ DIWHU WKH FRXUVH ZKLOHVHYHQDUHDFWLYHPHPEHUVLQWHUYLHZVZLWKIRUPHU.6$WUDLQHHV$XJXVW
,QWHUYLHZZLWKVWDIIPHPEHUV$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
$SSURDFKHVWRVXSSRUW\RXQJSHRSOH LQEHFRPLQJVHOIHPSOR\HG
,QDVLWXDWLRQRIVWDJQDQWRUGHFUHDVLQJHPSOR\PHQWRSSRUWXQLWLHVLQWKHIRU PDO VHFWRU VHYHUDO VWDII PHPEHUV RI WKH HYDOXDWHG RUJDQLVDWLRQV DVVHVVHG VHOIHPSOR\PHQWDVDSRWHQWLDODOWHUQDWLYH&RPSDUHGWRWKHRWKHURUJDQLVD WLRQV DQG SURMHFWV .6$ LV D VWURQJ VXSSRUWHU RI HVWDEOLVKLQJ VPDOOVFDOH EXVLQHVVHV :23 SDUWLFLSDQWV ZKR DLP IRU VHOIHPSOR\PHQW PLJKW EH HQ FRXUDJHGWRDWWHQGD·VPDOOEXVLQHVV·FRXUVHSURYLGHGE\DQ1*27KHIDFLOL WDWRUV DVVLVW LQ GHYHORSLQJ D EXVLQHVV SODQ DQG LQ IHDVLELOLW\ DVVHVVPHQWV 'XH WR VSHFLDO IXQGV SURYLGHG E\ WKH.ROSLQJ 'LRFHVDQ 8QLRQ DV ZHOO DV RWKHU GRQDWLRQV .6$ KDV WKH UHVRXUFHV WR VXSSRUW IRUPHU :23 VWXGHQWV ZLWKVWDUWXSFDSLWDOJUDQWHGDVDQLQWHUHVWIUHHORDQ5HSD\PHQWVEHJLQDI WHUVL[WRWZHOYHPRQWKVDQGDUHDGMXVWHGDFFRUGLQJWRWKHVXFFHVVRIWKH HQWUHSUHQHXU$ERXWWHQSHUFHQWRIIRUPHUVWXGHQWVVWDUWDEXVLQHVVIRUH[
DPSOH·VSD]DVKRSV·VPDOOVKRSVLQWKHWRZQVKLSHOHFWULFDOUHSDLUVKDLUVD ORQVEDUEHUVKRSVRUIRRGDQGIOHDPDUNHWVWDOOV$FFRUGLQJWRLQWHUYLHZV ZLWK IDFLOLWDWRUV VXFFHVVIXO VHOIHPSOR\PHQW LV OHVV FRPSOLFDWHG IRU WKRVH ZLWKDIHZ\HDUVRIZRUNH[SHULHQFH+RZHYHU.6$DOVRVXSSRUWVLQH[SHUL HQFHGSHRSOHLIWKH\WDNHWKHLQLWLDWLYHWRSUHVHQWDEXVLQHVVLGHD7KHUHSRUW EDFNGD\LV²DFFRUGLQJWRDVRFLDOZRUNHU²DXVHIXOWRROIRUSURPRWLQJVHOI HPSOR\PHQW
2QHWUDLQLQJHOHPHQWRIWKH1:):RUNSODFH6NLOOV&RXUVHVLVWRWHDFKSDU WLFLSDQWVKRZWRVHWXSDYLDEOHEXVLQHVVDQGDEXGJHWSODQ+RZHYHUDVD FRRUGLQDWRUSRLQWHGRXWSUDFWLFDOVXSSRUWLVFXUUHQWO\OLPLWHGDV1:)FDQQRW SURYLGH VWDUWXS FDSLWDO &:'-REVWDUW VXSSRUWV LWV JUDGXDWHV LQ EHFRPLQJ VHOIHPSOR\HGRQO\ZKHQWKH\DVNIRUDVVLVWDQFH,QWKLVFDVH-REVWDUWKHOSV ZLWKIRUPDOLWLHVDQGFRQWDFWVWKHUHOHYDQWLQVWLWXWLRQVOLNHWKH'HSDUWPHQWRI /DERXU8&03OLQNVSHDFHZRUNHUVZLWKWKH8062%2098\RXWKIXQG
,QWHUYLHZZLWK%HUQKDUG.RKOHU
,QWHUYLHZPLW-XOLHWWH$QQH:LOOLDPVRQ
,QWHUYLHZZLWK/XYX\R1DSKDNDGH
352-(&7,03/(0(17$7,21$1'67((5,1*
8VHRIUHVRXUFHVLQVWLWXWLRQVDQGH[SHUWVDYDLODEOH LQSDUWQHUFRXQWU\
7KHUHLVDJURZLQJDZDUHQHVVRIWKHSRWHQWLDOEHQHILWVDQGV\QHUJ\HIIHFWV DVDUHVXOWRIFRRSHUDWLRQZLWKRWKHURUJDQLVDWLRQVDQGLQVWLWXWLRQVDFWLYHLQ
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
N .6$KDVHVWDEOLVKHGDFRRSHUDWLRQQHWZRUNZLWKWUDLQLQJLQVWLWXWLRQVVXFK DV&DSH 7RZQ DQG1RUWKOLQN &ROOHJH DQG ZLWK 1*2V VXFK DV=HQ]HOH
&KLOGOLQH/LIHOLQH DQG&206(&=HQ]HOH LV EDVHG LQ .KD\HOLWVKD DQG SUR YLGHVWUDLQLQJLQVHZLQJDQGZRRGZRUN&206(&RIIHUVWUDLQLQJLQHVWDE OLVKLQJDQGUXQQLQJDVPDOOVFDOHEXVLQHVV
N &:'FRRSHUDWHVZLWKDZLGHUDQJHRIORFDO1*2VDQGFRPPXQLW\EDVHG RUJDQLVDWLRQV XVLQJ WKH IDFLOLWLHV RI WKH FRPPXQLW\ FHQWUHV :LWK WKH IRXQGDWLRQRI<RXWK8QOLPLWHGLQ&:'WRRNXSQHZIRUPVRIFRRU
&RPSDUHFKDSWHU
,QWHUYLHZVZLWK.6$VWDIIPHPEHUV$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
GLQDWLRQZLWKWKH6DOHVLDQ,QVWLWXWHDQGWKH&DWKROLF$UFKGLRFHVDQ<RXWK
&RPPLVVLRQ$QXPEHURIDFWLYLWLHVDUHVWLOOLQWKHSODQQLQJVWDJH
N 7KH6DOHVLDQ ,QVWLWXWH IRUPHG D SDUWQHUVKLS FDOOHG 8.21'/$ DQG PHHWV UHJXODUO\ZLWK2QV3OHN6LYLZHDQG+RPHVWHDG1*2VWKDWDOVRZRUNZLWK VWUHHW FKLOGUHQ 7KH ,QVWLWXWH DOVR PDLQWDLQV FRQWDFW WR WKH &DWKROLF
$UFKGLRFHVHRI&DSH7RZQDQGGLIIHUHQW7HFKQLFDO&ROOHJHV,WLVDPHP EHU RI WKH:HVWHUQ &DSH 6WUHHW &KLOGUHQ )RUXP :&6&) D QHWZRUN RI 1*2V DQG JRYHUQPHQW GHSDUWPHQWV ZRUNLQJ ZLWK VWUHHW FKLOGUHQ DQG
\RXWK DQG LV DOVR DIILOLDWHG ZLWK WKH1DWLRQDO 6WUHHW &KLOGUHQ·V $OOLDQFH
&RQWDFW ZLWK WKH SROLFH LV PDLQWDLQHG DV QHLJKERXUV DQG SROLFH RIILFHUV IHHOGLVWXUEHGE\WKHQXPEHURIFKLOGUHQDQG\RXWKFRPLQJWRWKH,QVWLWXWH DQGRIWHQMXVWKDQJDURXQGLQIURQWRIWKHEXLOGLQJ7RNHHSWHQVLRQVORZ WKH ,QVWLWXWH LQYLWHG SROLFH UHSUHVHQWDWLYHV WR LQIRUP WKHP DERXW LWV ZRUN
N 1:) IRUPV SDUWQHUVKLSV DQG FROODERUDWHV ZLWK WKH&DSH )ODWV 'HYHORS PHQW$VVRFLDWLRQ&$)'$+DQGV2II2XU&KLOGUHQ+22&DQGWKH5HG
&URVV&$)'$RIIHUVIDPLO\VXSSRUWDQGWUDLQLQJSURJUDPPHV+22&LVD FDPSDLJQDJDLQVWFKLOGDEXVHDQGDGYRFDWHVSUHYHQWLRQRIWKLVFULPHLQDOO LWVIRUPV&XUUHQWO\1:)LVQHJRWLDWLQJZLWKWKH&LW\RI&DSH7RZQWR XSJUDGHDQDUHDLQ/DYHQGHU+LOOWKDWKDVEHHQWKHEDWWOHJURXQGIRUGLIIHU HQW JDQJV :LWKLQ WKH IUDPH RI WKH/DYHQGHU +LOO 'HYHORSPHQW )RUXP 1:) FRRSHUDWHV ZLWK QXPHURXV ORFDO JURXSV RUJDQLVDWLRQV DQG LQVWLWX WLRQVLQFOXGLQJFKXUFKHVSULYDWHEXVLQHVVHVDQG\RXWKJURXSV
,QWHUYLHZVZLWK:D\QH*ROGLQJDQG&:'VWDIIPHPEHUV$XJXVW
2WKHU RUJDQLVDWLRQV ZRUNLQJ ZLWK VWUHHW FKLOGUHQ DUH&ODUULH &HQWHU RI &DUH6FKRRO RI +RSH&DSH<RXWK&DUH0DUJDUHWV+RXVH6WUHHW8QLYHUVHDQG$ULVH
,QWHUYLHZVZLWK6,VWDIIPHPEHUV$XJXVW
7KH'HSDUWPHQWRI&RPPXQLW\6DIHW\LQFRQMXQFWLRQZLWKWKH'HSDUWPHQWVRI(GXFDWLRQ DQGRWKHUDJHQFLHVDQGRUJDQLVDWLRQVDLPWRUHDFKVFKRROVE\-XQH&XUUHQWO\
RQO\RXWRIHYHU\FKLOGDEXVHFDVHVDUHUHSRUWHGWRWKHSROLFH7KHUHIRUHFKLOGUHQ DUHHQFRXUDJHGWRVSHDNRXWLIWKH\DUHEHLQJDEXVHGWKH\DUHDOVRHGXFDWHGDERXWWKHLU ULJKWVDQGUHVSRQVLELOLWLHV
7KHUHDUHSODQVWRHVWDEOLVKDSDUNWKDWSURYLGHVIDFLOLWLHVIRUFXOWXUDODQGVSRUWLQJDFWLYL WLHV1:)UHJDUGVLWDVDQRSSRUWXQLW\WRSURYLGHHPSOR\PHQWDQGLQYROYHWKHHQWLUHFRP PXQLW\LQFUHDWLQJDPRUHSRVLWLYHDWPRVSKHUH
,QWHUYLHZVZLWK1:)VWDIIPHPEHUV$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
N 8&03SURMHFWVWDIIDQG&3:VFRQVLGHUFORVHFRRSHUDWLRQZLWKWKHSROLFH HVVHQWLDOIRUWKHLUZRUNHVSHFLDOO\ZKHQFRQIURQWHGZLWKFDVHVRIDUPHG FRQIOLFWKHDY\FULPHDQGPXUGHU8&03LQ1\DQJDFRRUGLQDWHVLWVSODQ QLQJDQGDFWLYLWLHVZLWKRWKHU1*2VLQFOXGLQJ,'$6$RUJDQLVDWLRQVZRUN LQJLQWKHILHOGRIFRQIOLFWWUDQVIRUPDWLRQVXFKDV<RX0DQDJLQJ&RQIOLFW 80$&WKH4XDNHU3HDFH&HQWUHDQG:RPHQ:DJLQJ3HDFHDVZHOODV 3URWRFRO DQ LQVWLWXWLRQ WKDW ORRNV DIWHU DEXVHG FKLOGUHQ DQG WKH7UHDW PHQW $FWLRQ &DPSDLJQ ZRUNLQJ RQ +,9$,'6 SUHYHQWLRQ 7KURXJK WKH
&RPPXQLW\ 3ROLFH )RUD 8&03 FROODERUDWHV ZLWK1HLJKERXUKRRG :DWFK 8&03DOVRKDVOLQNVZLWKWKH8QLYHUVLW\RI:HVWHUQ&DSH
$YHQXHVIRUFRRSHUDWLRQZLWKORFDOSULYDWHEXVLQHVV DQGLQGXVWU\
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
7RDFKLHYHJUHDWHULQGHSHQGHQFHIURPLQWHUQDWLRQDOGRQRUVDOORUJDQLVDWLRQV DUH FXUUHQWO\ HQGHDYRXULQJ WR LQWHQVLI\ WKHLU FRQWDFWV WR 6RXWK $IULFDQ SUL YDWHFRPSDQLHVDVDPHDQVRIJDLQLQJDGGLWLRQDOILQDQFLDOVXSSRUW&:'KDV DOUHDG\ VXFFHHGHG LQ DWWUDFWLQJ IXQGLQJ IURP WKH SULYDWH VHFWRU FRYHULQJ DERXWSHUFHQWRILWVWRWDOEXGJHW
3HUVRQQHOWUDLQLQJIRUWKHSDUWQHUVLGH
7KHWUDLQHUVRIWKHOLIHVNLOOVFRXUVHVZKRZHUHLQWHUYLHZHGZHUHERWKTXDOL ILHGDQGKLJKO\PRWLYDWHG+RZHYHUWKHRYHUDOOLPSUHVVLRQLVWKDWKDUGO\DQ\
RI WKH RUJDQLVDWLRQV LQVWLWXWLRQDOLVHG WUDLQLQJ RI SHUVRQQHO 6WDII PHPEHUV
,QWHUYLHZVZLWK8&03VWDIIPHPEHUV$XJXVW
,QWHUYLHZVZLWKSURMHFWVWDII$XJXVW
,QWHUYLHZZLWK:D\QH*ROGLQJ
352-(&7,03/(0(17$7,21$1'67((5,1*
WKHUHIRUHSDUWLFLSDWHLQWUDLQLQJDQGZRUNVKRSVRQWKHLURZQLQLWLDWLYHKRZ HYHU WKLV LV SDUWO\ ILQDQFHG E\ WKHLU RUJDQLVDWLRQ DV LV WKH FDVH DW 1:)
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
$QDO\VLVDQGDVVHVVPHQWRIWKHTXDOLW\RISURMHFW PDQDJHPHQW
6WHHULQJLQVWUXPHQWV
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
N 7KH%RDUG RI 'LUHFWRUV LV WKH KLJKHVW QDWLRQDO GHFLVLRQPDNLQJ ERG\ RI .6$,WPHHWVHYHU\WZRPRQWKV6WUDWHJLFSODQQLQJPHHWLQJVRQIXUWKHU VWUDWHJLHVDUHKHOGRQFHD\HDU
,QWHUYLHZVZLWK&:'VWDIIDWWKH¶,PSDFW:RUNVKRS·LQWHUYLHZVZLWK-XOL HWWH $QQH :LOOLDPVR DQG &KDUO 'RPLQJR .6$ /LRQHO 3DXOVH DQG 0\PRHQD 6FKRO] +DQQHULH :KLWH 1:) DQG /XYX\R 1DSKDNDGH 8&03
,QWHUYLHZVZLWK.6$VWDIIDQGERDUGPHPEHUV$XJXVW
352-(&7,03/(0(17$7,21$1'67((5,1*
N &:' RUJDQLVHV TXDUWHUO\ PHHWLQJV NQRZQ DV ¶,QGDED· ;KRVD IRU QHZV
N &:' RUJDQLVHV TXDUWHUO\ PHHWLQJV NQRZQ DV ¶,QGDED· ;KRVD IRU QHZV