1R

D:DULV P7DYURELV 7DYPMGR PDUHP NX6DGDVLV GHOHJDFLDV XPDVSLQ=OD





D:DULV P7DYURELV 7DY PMGRP DUHP N X6DGD VLV GHOHJDFLDV XPDVSLQ=OD

7KH&KDLUPDQRIWKH$XWRQR PRXVUHSXEOLFRI$MDUDWRKRVW WKH.XVKDGDVL'HOHJDWLRQ

D:DULVP7DYURELV7DYPMGRPDUHVDGD 7XUTH7LV UHVSXEOLNLV TDODT NX6D GDVLVPHULVPRDGJLOHVDGDNXOWX ULVDGDVD]RJDGRHEULYLGHSDUWDPHQ WLV[HOP=5YDQHOV6RULVVDXEDULVD PRPDYOR XU7LHU77DQDP6URPORELV VDNL7[HEV6HH[ROHYDQYDU6DORPL=HV HUGR5DQ XLDQLVD GD PXUD7 VDUD&LV 6RULVVDXEDUL6HH[RVDNUXL]RWXUH ELVPDU6UXWHELVGDQL6YQDVHTVNXUVLH ELV GDJHJPYDVD GD 7DQDP6URPOREDV WXULVWXOLQL6QHELVJDQ7DYVHEDV7DQ GDNDY6LUHEL7DVHYHWXULVWXOJDPR IHQHE6LED7XPLVDGDNX6DGDVLVHU7RE OLY PRQDZLOHREDV

7KH&KDLUPDQRIWKH$XWRQRPRXVUHSXE OLFRI$MDUDGLVFXVVHGIXWXUHUHODWLRQVKLSV ZLWKWKHGHSXW\0D\RURI.XVKDGDVLFLW\ DQGWKH+HDGRIWKH&XOWXUHDQG6RFLDO :RUNV 'HSDUWPHQW7KH WDONV EHWZHHQ /HYDQ9DUVKDORPLG]H(UGRJDQ8\DQDQG 0XUDW6DUDFIRFXVHGRQWKHDSSRLQWPHQW RIWKHFUXLVHWRXUVSODQQLQJRIWKHH[ FXUVLRQVDQGFRRSHUDWLRQZLWKWKHGH SOR\PHQWRIWRXULVWVLJQV DQGWKHMRLQW SDUWLFLSDWLRQRI%DWXPLDQG.XVKDGDVL LQWRXULVPH[KLELWLRQ

D:DULV P7DYURELV 7DYPMGRPDUHP WHUQRSROLV GHOHJDFLDV XPDVSLQ=OD

7HUQRSRO'HOHJDWLRQWRSD\ DQRIILFLDOYLVLWWR $MDUD$5

ED7XPV VDSDVX[R YL]LWL7 XNUDLQLV

7KHGHOHJDWLRQRIWKH7HUQRSROFLW\RI WKH5HSXEOLFRI8NUDLQHPDGHDUHWXUQ YLVLW WR %DWXPL 7KH GHOHJDWLRQ ZDV KRVWHGE\7KH&KDLUPDQRI$MDUD$5 7KHGHOHJDWLRQIURP7HUQRSROH[SUHVVHG WKHLULQWHUHVWDQGLQLWLDWLYHLQGHYHORS

7KH &KDLUPDQ RI WKH $XWRQR PRXV UHSXEOLF RI $MDUD WR KRVW WKH.XVKDGDVL'HOHJDWLRQ D:DULV P7DYURELV 7DYPMGR PDUH P WHUQRSROLV GHOHJD FLD V XPD VSLQ =OD

7HUQRSRO 'HOHJDWLRQ WR SD\ DQ RIILFLDOYLVLWWR$MDUD$5 V DT D U 7Y H O RV  VD H U 7D 6 R UL  VR  LQY H VWR U7D  DVR FLDF LD LQYH VWRU7D NRUSRUDFLHELV PVRIOLR IHGH UDFLLV ZHYUL JD[G D

,QWHUQDWLRQDO,QYHVWRUV$VVRFLD WLRQRI*HRUJLDEHFDPHWKHPHP EHURIWKH:RUOG)HGHUDWLRQRI,Q YHVWRUV &RUSRUDWLRQV XNUDLQLV UHVSXEOLNLV TDODT W H U Q RS R OL V  Z D U PR P DG J H Q  O RE L7 L  G H O H J D FL D V VL Dă V RILV6L

7KHUHSUHVHQWDWLYHGHOHJDWLRQRI 7HUQRSRO &LW\ RI 8NUDLQLDQ 5H SXEOLFLQ,,$¶V2IILFH Y HU D T RE DO LD VL QJ DSX UL V H NRQRPLNXU UH I RUPH EV JD HFQR

9HUD.REDOLDJRWIDPLOLDUZLWKWKH HFRQRPLFUHIRUPVLQ6LQJDSRUH VDTDU7YHOR6L PD5DOP7LDQL NXURUWH ELV7YLV VDPD6YHOR VD PV D[ XU L LT PQ H E D

/LIHJXDUG VHUYLFH IRU PRXQWDLQ UHVRUWVZLOOEHFUHDWHGLQ*HRU JLD VDTDU7YHORV HNRQRPLNLVD G D PG J UDGL  J DQY L7 DUH EL V PLQLVWUL VLW\YL7 JDPRYLGD VDHU7D6RULVR NRQIHUHQ FLD] H ³ZDUPDWHE LV IR U PX OD  T DU 7Y H O I H UP H U H E V´

0LQLVWHUJDYHDVSHHFKDWDQLQ WHUQDWLRQDOFRQIHUHQFH³)RUPXOD RI 6XFFHVV IRU *HRUJLDQ )DUP HUV´

UHVSXEOLNLVTDODTWHUQRSROLVGH OHJDFLDHZYLDWHUQRSROLVRIL FLDOXULGHOHJDFLDD:DULVP7DY URELV7DYPMGRPDUHPPLL5R6H[

PLVJDQYL7DUHEL7GDLQWHUHVGDGDHU7REOLYLSUR HTWHELV 6HPX6DYHELV LQLFLDWLYD JDPR7TYHV

PHQWRIWRXULVPDQGMRLQWSURMHFWVLQ%DWXPL7HUQRSROGHO HJDWLRQZLOOVWXG\FXUUHQWSURMHFWVDQGGHSDUWVIURP%DWXPL RQWKHWK0DUFK

VDTDU7YHORV VDHU7D6RULVR LQYHVWRU7D DVRFLDFLD LQYHVWRU7D NRUSRUDFLHELV PVRIOLR IHGHUDFLLV ZHYUL JD[GD

,QWHUQDWLRQDO,QYHVWRUV$VVRFLDWLRQRI*HRUJLDEHFDPHD PHPEHURIWKH:RUOG)HGHUDWLRQRI,QYHVWRUV &RUSRUDWLRQV

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

XNUDLQLV UHVSXEOLNLV TDODT WHUQRSROLV ZDUPRPDGJHQOREL7L GHOHJDFLD VVLDV R ILV6 L 

'HOHJDWLRQRI7HUQRSROWKH5HSXEOLFRI8NUDLQH LQWKHRIILFH RI,,$

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ÄWHUQRSROL³DVHYHJDFQRELVJDPRF GLOHELV JD]LDUHELV GD XU7LHU77DQDP6URPORELV PL]QL7DVRFLDFLLVZDUPRPDGJHQOHELPLLZYLDTDODT WHUQRSRO6L YHUD TREDOLD VLQJDSXULV HNRQRPLNXU UHIRUPHEV JDHFQR

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³7HUQRSRO´LQ%DWXPLFRDVWDOVWULSDQGLQYLWHGUHSUHVHQWD WLYHVRIWKH$VVRFLDWLRQWR7HUQRSROIRUWKHSXUSRVHRIVKDU LQJH[SHULHQFHDQGIXUWKHUGHYHORSPHQWRIFRRSHUDWLRQ 9HUD.REDOLDJRWIDPLOLDUZLWKWKHHFRQRPLF UHIRUPVLQ6LQJDSRUH

PVRIOLRV \YHOD HNRQRPLNXU UHLWLQJ6L VLQJDSXUL WUDGLFLXODGVDPHXO6L6HGLVDT\YHOD]HDGJLOLD EL]QHVVDTPLDQRED DULV HU7HU7L \YHOD]H GDEDOL JDGDVD[DGHELGD[HOVD\UHOLVDLQYHVWLFLRNOLPDWL

6LQJDSRUHLVWUDGLWLRQDOO\DPRQJWKHWRSDFFRUGLQJWRDOO HFRQRPLF UDWLQJV ± GRLQJ EXVLQHVV LV PRVW HDV\ KHUH WKH WD[HVDUHRQHRIWKHORZHVWDQGWKHUHLVDIDYRUDEOHLQYHVW PHQWFOLPDWH7KH$VLDQ³7LJHU´KDVRQHRIWKHELJJHVW*'3

YHGUD]HWHUQRSROLVGHOHJDFLDED7XP6LWXUL]

D]LLVHV³YHI[YL´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Ä&YHQLYL]LWLVJDQPDYORED6LYQD [H7 URP VLQJDSXU6L DUDHU7L JDQYL7DUHEXOL 7X JDQYL7DUHEDGL TYH\QLV P7DYURELV ZDUPRPDGJHQOHEL L\YQHQ&DPRVXOQLUD7DDGJLO]H6HHVZDYOD7VLQJDSX ULVUHIRUPHELPD76RULVL\RVDIUDQJH7LVILQDQV7D PLQLVWUL DVHYH PD5DOL VDP7DYURER 7DQDPGHERELV SLUHEL OD7LQXUL DPHULNLV VD[HOPZLIRHELGDQ

SHUFDSLWDLQWKHZKROHZR UOGLWLVDFRXQWU\ZKHUH PRUHWKDQPLOOLRQSHRSOH OLYHRQVTXDUHNLORPH WHUV6LQJDSRUHLVRQHRIWKH PRVW GHYHORSHG FRXQWULHV LQWKHZRUOGDQGPRVWLP SRUWDQW LWV HFRQRP\ H[ SHQGHGGXULQJWKHODVWGH FDGH,QWKH¶VZKHQ6LQJDSRUHFKRVHDOLEHUDOSDWKIRUWKH GHYHORSPHQWRILWVHFRQRP\*'3SHUFDSLWDZDV86' DOPRVWWLPHVOHVVWKDQLQ*HRUJLDWRGD\7RGD\6LQJDSRUH¶V *'3SHUFDSLWDLV86'SHUFDSLWDDQGWKLVLVODQGLVRQH RIWKHOHDGHUVLQWKLVUHVSHFW6WXG\LQJWKHHFRQRPLFUHIRUPV RI6LQJDSRUHZDVWKHPDLQDLPRI*HRUJLDQGHOHJDWLRQZKLFK DUULYHGLQ6LQJDSRUHODVWZHHN³'XULQJRXUYLVLWZHIRXQG RXWWKDWUHSUHVHQWDWLYHVIURPERWKGHYHORSHGDQGXQGHUGH YHORSHGFRXQWULHVZHUHYLVLWLQJ6LQJDSRUHLQRUGHUWRVWXG\ WKHFRXQW\¶VHFRQRPLFUHIRUPVHJ0LQLVWHURI)LQDQFHRI )UDQFHDQGRIILFLDOVIURPGLIIHUHQW/DWLQ$PHULFDQFRXQWULHV (YHU\RQHZRQGHUVKRZ6LQJDSRUHPDQDJHGWRVDWLVI\DOORI LWVPLOOLRQLQKDELWDQWVDQGLQFUHDVHLWVHFRQRP\DQQXDOO\´ ±WKH0LQLVWHURI(FRQRP\DQG6XVWDLQDEOH'HYHORSPHQWRI *HRUJLDDQGKHDGRI*HRUJLDQGHOHJDWLRQ9HUD.REDOLDQRWHG 5HSUHVHQWDWLYHVRIWKHSDUOLDPHQWDQGJRYHUQPHQWVWUXFWXUHV ZHUHSDUWRIWKHGHOHJDWLRQ$FFRUGLQJWRWKH0LQLVWHU*HRU JLDDQG6LQJDSRUHKDYHDORWLQFRPPRQDQGWKDWLVZK\WKH JRYHUQPHQWVSHDNVDERXW³6LQJDSRUL]DWLRQ´

VDTDU7YHOR6L PD5DOP7LDQL NXURUWHELV7YLV VDPD6YHOR VDP VD[XUL L TPQH ED

/LIHJXDUGVHUYLFHIRUPRXQWDLQ UHVRUWVZLOOEHFUHDWHG LQ*HRUJLD

VDTDU7YHOR6LPD 5DOP7LDQL NXUR UWHELV7YLVVDPD6 YHOR VDPVD[XUL LTPQHED TDU7XO P[DUHVVDPD6YHOR VDPVD[XULV 6HTP QLVSURFHV6LGD[ PDUHEDVVDIUDQJH 7LJDXZHYVURPHOVDFDPNX7[L7PUDYDOZOLDQLJDPR FGLOHED GD NDUJDG DSURELUHEXOL VLVWHPD DTYV VDTDU7YHORVHNRQRPLNLVDGDPGJUDGLJDQYL7DUHELV PLQLVWULYHUDTREDOLDIUDQJXOLVDPD6YHORRUJDQL ]DFLLV³VDPRTDODTRXVDIU7[RHEDVD]5YUHEVJDUH6H´ SUH]LGHQWVEHUQDU-DQDV6H[YGD6H[YHGUD]HVDXEDUL VDTDU7YHOR6LPUDYDOSURILOLDQLVDPD6YHORVDPVD [XULV6HTPQDV6HH[RURPHOLFPHVWLD6LEDNXULDQVD GD JXGDXU6L DVHYH V[YD PD5DOP7LDQ NXURUWHE]H LPX6DYHEVGDVDGDFDGJLOREULYLPRVD[OHREDGDVDTP GHEDEHUQDU-DQDVLQIRUPDFLL7VDPD6YHORVDPVD[XU 6LV[YDGDV[YDVSHFLDORELVGDD[ORHEL7DGDPLDQL LPX6DYHEV UDF VD:LURHELV 6HP7[YHYD6L X]UXQYHO \RIV VZUDIL GD NDUJDG RUJDQL]HEXOL VDPD6YHOR VDPX6DRHELV &DWDUHEDV

/LIHJXDUGVHUYLFH IRUPRXQWDLQUH VRUWVZLOOEHFUH DWHG LQ *HRUJLD )UDQFHZLOOKHOS WKH*HRUJLDQVLGH LQ FUHDWLQJ WKH VHUYLFH )UDQFH KDV\HDUVRIH[SHULHQFHDQGKDVDQDSSURYHGV\VWHP0LQLV WHURI(FRQRP\DQG6XVWDLQDEOH'HYHORSPHQW9HUD.REDOLD PHWWKHSUHVLGHQWRI³3XEOLF6DIHW\ZLWKRXW/LPLW´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

6H[YHGUD VDPHTDQL]DFLR DP[DQDJREHE7DQ

0HHWLQJZLWK0HFKDQL]DWLRQ8QLRQV

VDJD]DI[XOR VDPX6DRHELV DJURWHTQLNXU YDGHE6L 6HVUXOHELVDGDPLPGLQDUHSHULRGLVD7YLVDUVHEXOL

7KH0LQLVWHUKDGDPHHWLQJZLWKWKH+HDGRI0HFKDQL]DWLRQ 8QLRQVRIWKHUHJLRQWRGLVFXVVWKHH[LVWLQJVLWXDWLRQDQG

PGJRPDUHRELV JDFQRELV PL]QL7 D:DULV DU VRI OLV PHXUQHRELV PLQLV WUPD TQ GRQDUD VXUPD QL=HP 6H[YHGUD JDPDU7D VDPHTDQL]DFLR DP[DQDJR EHELV7DYPMGRPDUHHE7DQ 6H[YHGUD]H JDQ[LOXOL LTQD VDPHTDQL]DFLR DP[DQDJREHELV ZOLV VDPRT PHGR JHJPD DP[DQDJREHELV VDNX7UHED6L DUVHEXOL WHTQLNLVVDHTVSOXDWDFLRPGJRPDUHRELVDGDVDPHXU QHR VDTPLDQRELV D5ULF[YLDQRELV VDNL7[HEL

SUHSDUHIRUVSULQJDJ ULFXOWXUDODFWLYLWLHVLQ RUGHUWRPHHWWKHDJUL FXOWXUDO WLPHIUDPHV 7KH ZRUN SODQV IRU RIWKH0HFKDQL ]DWLRQ XQLRQV ZHUH GLVFXVVHGDWWKHPHHW LQJDVZHOODVWKHFRQGLWLRQVRIWKHPDFKLQHU\DQGDFFRXQW LQJUHFRUGLQJSURFHVVZLWKLQHDFKXQLRQ

VDTDU7YHORV HNRQRPLNLVD GD PGJUDGL JDQYL7DUHELV PLQLVWUL VLW\YL7 JDPRYLGD VDHU7D6RULVR NRQIHUHQFLD]H ³ZDUPDWHELV IRUPXOD TDU7YHO IHUPHUHEV´

0LQLVWHUJDYHDVSHHFKDWDQ LQWHUQDWLRQDOFRQIHUHQFH ³)RUPXODRI6XFFHVVIRU *HRUJLDQ)DUPHUV´

VDTDU7YHORVHNRQRPLNLVDGDPGJUDGLJDQYL7DUHELV PLQLVWULVLW\YL7JDPRYLGDVDHU7D6RULVRNRQIHUHQ FLD]H ³ZDUPDWHELV IRUPXOD TDU7YHO IHUPHUHEV´ NRQIHUHQFLD SUH]LGHQWLV DGPLQLVWUDFLLV P[DUGD :HUL7 WDUGHED GD PDV6L VDTDU7YHORV P7DYURELV ZHYUHELV JDUGD PRQDZLOHREHQ DGJLOREULYL GD VDHU7D6RULVRVDILQDQVRRUJDQL]DFLHELVGDVDVRI ORVDPHXUQHRVIHURVZDUPRPDGJHQOHELHNRQRPLNLVD GD PGJUDGL JDQYL7DUHELV PLQLVWUPD 7DYLV JDPRVY OD6L DTFHQWLJDDNH7D VRIOLVPHXUQHRELV GDUJ6L DUVHEXO JOREDOXU GD UHJLRQXO WHQGHQFLHE]H URJRUF YHUD TREDOLDP D5QL6QD LP IRQ]H URFD PVRIOLRV PRVD[OHRELV ULF[YL VZUDIDG L]UGHED GD  ZOLV7YLV  PLOLDUGV PLD5ZHYV VDNYHE SURGXTWHE]HPR7[RYQDNLDPSHULRGLV7YLVL7 PRLPDWHEVVDVXUVD7RXVDIU7[RHEDP7HOLVDHU7D 6RULVRVD]RJDGRHELV7YLVDTWXDOXUL7HPDDPLQLV WUPDD5QL6QDURPDPSLUREHE6LJDQVDNX7UHEL7PQL6Y QHORYDQLDDJUDUXOVIHUR6LLQYHVWLFLHELVPR]LG YLV VDNL7[L UD7D GDNPD\RILOGHV TYH\QLV PRVD[ OHRELVPR7[RYQDVRIOLVPHXUQHRELVSURGXTWHE]H YHUDTREDOLDPNRQIHUHQFLLVPRQDZLOHHEVDPNX7[L7 V[YDTYH\QHELVPDJDOL7HELGDJDPRFGLOHEDJDDFQR GDD5QL6QDURPVDLQYHVWLFLRPLPDU7XOHEL7PL]DQ PLPDU7XOL PX6DRELV 6HP7[YHYD6L VDTDU7YHORV [HOLVXIOHED 6H=OHEV \YHOD DUVHEXOL DPRFDQLV PL5ZHYDVNHU=RGGDPDWHEL7LVDPX6DRDGJLOHELV6HT PQDVVRIOLVPHXUQHRELVVIHUR6L7DQDPHGURYHWHT QRORJLHELVGDQHUJYDVGDUDFP7DYDULDTYH\QLVLPSRU W]H GDPRNLGHEXOHELV 6HPFLUHEDV

0LQLVWHU RI (FRQRP\ DQG 6XVWDLQDEOH 'HYHORSPHQW JDYHDVSHHFKDWDQLQWHUQD WLRQDOFRQIHUHQFH³)RUPXODRI 6XFFHVVIRU*HRUJLDQ)DUP HUV´7KHFRQIHUHQFHLVKHOG ZLWK WKH KHOS RI WKH 3UH VLGHQW¶V DGPLQLVWUDWLRQ WKH FRQIHUHQFHZDVKHOGZLWKWKH SDUWLFLSDWLRQRIORFDODQGLQWHUQDWLRQDOILQDQFLDORUJDQL]DWLRQV PHPEHUVRIWKHDJULFXOWXUDOVHFWRUDQGGLIIHUHQWJRYHUQPHQW RIILFLDOV'XULQJKHUVSHHFK0LQLVWHURI(FRQRP\DQG6XV WDLQDEOH'HYHORSPHQWVWUHVVHGRXWJOREDODQGORFDOWHQGHQ FLHVRIDJULFXOWXUH$FFRUGLQJWR9HUD.REDOLDWKH:RUOG¶V SRSXODWLRQLVLQFUHDVLQJUDSLGO\DQGZLOOUHDFKELOOLRQE\ ,WPHDQVWKDWWKHGHPDQGIRUIRRGZLOOLQFUHDVHE\ 7KXVIRRGVDIHW\LVDYHU\FUXFLDOWRSLFIRUWKHLQWHUQDWLRQDO VRFLHW\9HUD.REDOLDQRWHGWKDWLQRUGHUWRVDWLVI\WKHQHHGV RIWKHSRSXODWLRQILQGLQJLQYHVWPHQWVIRUDJULFXOWXUHLVRI XWPRVWLPSRUWDQFH9HUD.REDOLDJDYHWKHH[DPSOHVRIRWKHU FRXQWULHV¶H[SHULHQFHVDQGQRWHGWKDWZRUNLQJRQDWWUDFWLQJ LQYHVWPHQWVZLOOKHOSWRVROYHDOPRVWDOOSUREOHPVLHFUHDW LQJDGGLWLRQDOMREVLPSOHPHQWLQJQHZWHFKQRORJLHVLQWKH DJULFXOWXUHVHFWRUDQGPRVWLPSRUWDQWO\LWZLOOUHGXFHRXU GHSHQGHQFHRILPSRUW

VLPLQGLV ZDUPRHELV [HO6HZ\RELV SURJUDPD JDDTWLXUGD

3URJUDPIRU6XSSRUWLQJ 0DL]H3URGXFWLRQ

VLPLQGLVZDUPRHELV[HO6HZ\RELVSURJUDPDZDUPRDG JHQVVDTDU7YHORVVRIOLVPHXUQHRELVVDPLQLVWURV LQLFLDWLYDVGDPLVLPL]DQLDVDTDU7YHOR6LVLPLQGLV PRVDYOLDQRELVDGDZDUPRHEXOLVLPLQGLV[DULV[LV DPD5OHEDSURJUDPDVVVVRIOLVPHXUQHRELVNRUSR UDFLD´D[RUFLHOHEV VD7HVOHPDVDOD D5PRVDYOH7 GDGDVDYOH7VDTDU7YHOR6LLTQHEDGDVDZ\REHEXOL UDF6HH[HEDJDFHPDV7HVOLVPLVD5HEDGDXFLOHEHOLD SURJUDPD6LGDUHJLVWULUHEDGDUHJLVWULUHELV6HP GHJ7L7RHXOLPVXUYHOL SURHTWLVSLUREHELVDGD VLD[OHHELV6HVD[HEGHWDOXULQIRUPDFLDVPLL5HEV HU7KHTWDU]HPHWLIDU7RELV7YLVVD7HVOHPDVDOLV JDFHPLVDVDXFLOHEHOLDVDGD]5YHYRDQVDEDQNRVDJD UDQWLRZHULOLVZDUPRGJHQDPLPGLQDUHSHULRGLVD7 YLVSURJUDPD6LPRQDZLOHRED]HJDQDF[DGLD:DULGDQ 6HWDQLOLDTYVIHUPHUVGDGDL7HVHEDKDăPGH IDU7RE]HD:DUD6LVLPLQGLVVD7HVOHPDVDOLVIHUPH UHE]HPLZRGHEDGDJHJPLOLDPDUWLVPHRUHQD[HYDU6L IHUPHU7DUHJLVWUDFLLVSURFHVLJDJU=HOGHEDDJUR YDGHELV GDFYL7

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¶UHJLVWUDWLRQSUR FHVVZLOOFRQWLQXHXQWLOWKHDJURGHDGOLQHV

ED7XPV GHOILQHEL GDXEUXQGQHQ

'ROSKLQVDUHEDFNWR%DWXPL

&DUWHUXOL UHLVL7 LDSR QLLGDQ ED7XPLV DHURSRU W6L  GHOILQL &DPRL\YD QHV VDTYHOPRTPHGR IRQG TDU7XVD´ GD VDTDU7YH OR6L LDSRQLLV VDHO&RV P[DUGD:HUL7 &DPR\YDQLOL GHOILQHEL 6SV 6DYL ]5 YLV IORULVD GD IDXQLV 6HPVZDYOHO VDPHFQLHURNYOHYL7 FHQWUV´ JDGDHFD DT GHOILQHELV7YLV \YHODQDLUL SLUREDD 6HTPQLOL FHQWUL RILFLDOXUDG PDLV6L JDL[VQHED GD PDV VD PHFQLHURNYOHYL7L IXQTFLLV JDUGD VDQD[DREULYL GDWYLU7YDF HTQHED

 'ROSKLQV KDYH EHHQ EURXJKWWR%DWXPLE\FKDU WHUIOLJKWIURP-DSDQ7KH GROSKLQV EURXJKW ZKHUHE\DVVLVWDQFHRIWKH (PEDVV\RI-DSDQLQ*HRU JLD DQG WKH FKDULW\ IXQG ³.DUWX´KDYH EHHQ WUDQV SRUWHGWRWKHVFLHQWLILFFHQWHUIRUVWXG\LQJWKH%ODFNVHDIORUD DQGIDXQDLQ%DWXPLZKHUHDOOIDYRXUDEOHFRQGLWLRQVDUHFUH DWHGIRUWKHGROSKLQV7KHFHQWHUZLOORIILFLDOO\EHRSHQLQ 0D\

VRIHOL ODPEDOR JD]LILFLUHEXOLD

9LOODJH/DPEDOR,V&RQQHFWHG7R*DV1HWZRUN

VDSUH]LGHQWRSURJUDPD´JD]L \YHOD VRIHO6L´ IDUJOHE6L NRPSDQLD´VRNDUMRUMLDP³VD JDUHMRVUDLRQLVVRIHO ODP EDORVJD]LILFLUHEDGDDVUX ODSURHTWLVIDUJOHE6LJDQ [RUFLHOGDNLORPHWULVLJ U=LVVD6XDORZQHYLVJD]DGHQLVP6HQHEOREDGDGDL [DUMD ODULVDSUH]LGHQWLSURJUDPD´JD]L \YHOD VRIHO6L´ JXOLV[PREV PD5DOL GD VD6XDOR ZQHYLVJD]VDGHQLVVRIHO6L6H\YDQDVULV6HPGHJDF JD]JDPDQDZLOHEHO NRPSDQLDVD GD PRP[PDUHEHOV 6RULVJDIRUPHEXOL6H7DQ[PHELV 6HP7[YHYD6LJD]L 6HX=OLDPLL5RVVRIOLVQHELVPLHUPDPDF[RYUHEHOPD VDSUH]LGHQWL SURJUDPD ´JD]L \YHOD VRIHO6L´ IDUJOHE6LLJHJPHEDVDTDU7YHORVWHULWRULLV LVJD]LILFLUHED

,Q IUDPHV RI 3UHVLGHQWLDO SURJUDP³*DVWR(YHU\9LO ODJH´ FRPSDQ\ 62&$5 *HRUJLDFRPSOHWHGJDVLIL FDWLRQRIYLOODJH/DPEDORLQ 6DJDUHGMRUHJLRQ,QWRWDO NPJDVSLSHOLQHZDVLQ VWDOOHG LQ IUDPHV RI WKH SURMHFW&RPSDQ\KDVVSHQW*(O7KH3UHVLGHQWLDO SURJUDP³*DVWR(YHU\9LOODJH´LPSOLHVLQWURGXFWLRQRIKLJK DQGPHGLXPSUHVVXUHJDVQHWZRUNWRWKHYLOODJHZKLFKHQ DEOHVDQ\KRXVKROGLIZLVKLQJVRWRIRUPDQDJUHHPHQWZLWK D'LVWULEXWLRQFRPSDQ\DQGUHFHLYHQDWXUDOJDV,QIUDPHVRI WKH3UHVLGHQWLDOSURJUDP³*DVWR(YHU\9LOODJH´LWLVSODQQHG WRUHJDVLI\RIWKHWHUULWRU\RI*HRUJLD

GDVUXOGD JDUGDEQLV UDLRQLV VRIHO ZDODV\XULV JDP ULF[YHOL DQHED

,QGLYLGXDOUHPHWHULQJRIYLOODJH7VDODVNXUL *DUGDEDQLUHJLRQLVFRPSOHWHG

GDVUXOGD JDUGDEQLV UDLRQLV VR IHO ZDODV\XULV JDPULF[YHOLDQHED VV HQHUJRăSUR MRUMLDP 7DQDPHG URYH HYURVWDQGDUWHELV 6HVDEDPLVL PULF[YHOHELGDXPRQWD-DDERQHQWV D5QL6QXOLJDPULF[YHOLDQHELVSURHT WLV5LUHEXOHEDP6HDGJLQD OD ULJDPULF[YHOLDQHEDV7DQHU7DGDT WLXUDG PLPGLQDUHREV VDUHDELOLWD FLR VDPX6DRHELF URPOHELF PRLFD YHQTVHOLVPDV6WDEXUUHDELOLWDFLDV URPOLVIDUJOHE6LFP7OLDQDGLFYOHEDDPRUWL]L UHEXOLNDEHOHELD[DOLVDGHQHEL7=YHOL[LVER=H ELăD[DOLUNLQDEHWRQLVER=HEL7UHPRQWGHEDVDWUDQV IRUPDWRURSXQTWHELGDPQL6YQHORYQDGXPMREHVGHED TVHOLV LQIUDVWUXTWXUD VV HQHUJRăSUR MRUMLD JDQDJU=REV LQGLYLGXDOXU JDPULF[YHOLDQHEDV GD  ZOLV7YLV GDVUXOGHED P7HOL VDTDU7YHORV UHJLRQHELV LQGLYLGXDOXUL JDPULF[YHOLDQHED

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

NRPHUFLXOL EDQNHELV VDNUHGLWR GDEDQ GHELV 6H VD[HE

&XUUHQW&RQGLWLRQ2I&RPPHUFLDO %DQNV¶/RDQ3RUWIROLR

NRPHUFLXOLEDQNHELVVDNUHGLWRGDEDQGHELV PRFX ORED DUDUH]LGHQWHE]HJDFHPXOLVHV[HELV&D7YOL7  ZOLVLDQYDU6LZLQD7YHV7DQ6HGDUHEL7SURFHQ WL7 DQX  POQ ODUL7 JDL]DUGD GD PLPGLQDUH ZOLV7HEHUYOLVD7YLVPOUG ODUVJDGDD:DUED DPDYHSHULRG6LHURYQXOLYDOXWL7JDFHPXOLVHV[H ELV PRFXORED  SURFHQWL7 DQX  POQ ODUL7

7KHYROXPHRIOHQGLQJE\FRPPHUFLDOEDQNV LQFOXGLQJORDQV WRQRQUHVLGHQWV LQFUHDVHGE\PLOOLRQ*(/ SHUFHQW FRPSDUHGWRWKHSUHYLRXVPRQWKDQGH[FHHGHGELOOLRQ *(/E\)HEUXDU\7KHYROXPHRIORDQVSURYLGHGLQ WKHQDWLRQDOFXUUHQF\GHFUHDVHGE\PLOOLRQ*(/ SHU FHQW ZKLOHWKHYROXPHRIORDQVLQDIRUHLJQFXUUHQF\LQ

6HPFLUGD[RORXF[R XULYDOXWL7JDFHPXOL VHV[HELVPRFXOREDă SURFHQWL7DQXPOQ ODUL7JDL]DUGDUH]L GHQWLLXULGLXOLSLUH ELVD7YLVZOLVLDQY ULVERORVNRPHUFLXO EDQNHEVHURYQXOLYDOX WL7JDFHPXOLKTRQGD7  POQ ODULV ZLQD 7YHV7DQ 6HGDUHEL7  SURFHQWL7DQXPOQ ODUL7QDNOHEL [RORXF[RXULYDOXWL7ăPOUG ODULV 6HVDEDPLVDGSURFHQWL7DQXPOQODUL7 PHWL  PRFXORELV VHV[L LXULGLXOL SLUHELV GDNUHGLWHELV P7OLDQ PRFXORED6L \YHOD]H GLGL [YHGUL7LZLOLă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ă PUHZYHORED]H P6HQHEOREDVD GD YD:URED]H PRGLV  ZOLV LDQYULV 7YLV JDQPDYORED6L  SURFHQ WL7DQXPOQ ODUL7JDL]DUGDUH]LGHQWLIL]L NXULSLUHELVGDNUHGLWHELVPRFXOREDGDPLPGLQDUH ZOLV SLUYHOL 7HEHUYOLVD7YLV  POUG ODUV PLD5ZLD

FUHDVHGE\PLOOLRQ*(/ SHUFHQW  %\WKHHQGRI-DQXDU\FRPPHUFLDOEDQNVLVVXHGWRUHVL GHQWOHJDOHQWLWLHVPLOOLRQ*(/ZRUWKRIQDWLRQDOFXU UHQF\GHQRPLQDWHGORDQV SHUFHQWRUPLOOLRQ*(/OHVV FRPSDUHGWRSUHYLRXVPRQWK DQGELOOLRQ*(/ZRUWKRI ORDQVLQDIRUHLJQFXUUHQF\ SHUFHQWRUPLOOLRQ*(/ PRUHUHVSHFWLYHO\  2XWRIWKHWRWDOYROXPHRIOHQGLQJWROHJDOHQWLWLHVWKHELJ JHVWVKDUHIDOOVRQWUDGH±SHUFHQW&RPSDUHGZLWKWKH SUHYLRXVPRQWKLQ-DQXDU\WKHYROXPHRIORDQVSURYLGHGIRU WUDGHGHFUHDVHGE\SHUFHQWRUPLOOLRQ*(/DQGFRQVWL WXWHGELOOLRQ*(/ 6KDUHRIORDQVSURYLGHGWRWKHLQGXVWULDOVHFWRUFRQVWLWXWHG SHUFHQWRIDOOORDQVWROHJDOHQWLWLHVDQGDPRXQWHGWR PLOOLRQ*(/E\)HEUXDU\ SHUFHQWRU PLOOLRQ*(/PRUHFRPSDUHGWRWKHSUHYLRXVPRQWK SHU FHQWIDOORQFRQVWUXFWLRQDPRXQWLQJWRPLOOLRQ*(/  SHUFHQWRUPLOOLRQ*(/OHVVUHVSHFWLYHO\ 7KHUHIRUH SHUFHQWRIWKHWRWDOYROXPHRIOHQGLQJWRWKHOHJDOHQWLWLHV IDOOV RQO\ RQ WKUHH VHFWRUV ± LQGXVWU\ FRQVWUXFWLRQ DQG WUDGH7KHYROXPHRIOHQGLQJWRUHVLGHQWLQGLYLGXDOVLQFUHDVHG E\SHUFHQWRUPLOOLRQ*(/GXULQJWKH-DQXDU\DQG UHDFKHGELOOLRQ*(/E\)HEUXDU\

NRPHUFLXOL EDQNHELV DTWLYHELV P G JR PD U H R E D

&XUUHQW7HQGHQFLHV2I%DQN 'HSRVLWV

 ZOLV  7HEHUYOLV PGJRPDUH REL7VDTDU7YHORVVDEDQNRVHTWRUL NRPHUFLXOLEDQNL7DDZDUPRGJH QLOL PD7 6RULV  ă VDZHVGHER NDSLWDO6LXF[RXULNDSLWDOLVPR QDZLOHREL7 GD ăXF[RXUL EDQNLV ILOLDOL7ZLQD7YHV7DQ6HGDUHEL7 VDTDU7YHORVNRPHUFLXOLEDQNHELV P7OLDQLDTWLYHEL PLPGLQDUHIDVHE 6L POQ ODUL7DQXSURFHQ WL7JDL]DUGDGDPOQ ODUL 6HDGJLQDVDEDQNRVHTWRULVVDNX7D ULVD[VUHELPOQ ODUV6HDG JHQVUDF NRPHUFLXOLEDQNHELV P7OLDQLDTWLYHELV  SURFHQWLD XF[RXUL NDSLWDOLV PRQDZLOHREDP EDQNHELVP7OLDQJDQD5GHEXOVDZHVGHERNDSLWDO6L  SURFHQWL 6HDGJLQD JDVXOL 7YH VDEDQNR VHT WRUPDPRJHEL7GDDP7DYUDLDQYULVPRJHEDPPOQ ODUL 6HDGJLQD [X7L XPV[YLOHVL DTWLYHELV PTRQH EDQNLV ZLOL VDEDQNR VHTWRULV P7OLDQ DTWLYHE6L ZLQD 7YHV7DQ 6HGDUHEL7  SURFHQWXOL SXQTWL7 6HPFLUGD GD  SURFHQWL 6HDGJLQD VDEDQNR VHT WRULVDTWLYHELVUHQWDEHOREDLDQYULV7YLV6HGHJHEL7 SURFHQWV6HDGJHQV[RORNDSLWDOLVUHQWDEHORED ă SURFHQWV QDFYODG GD SURFHQWLVD 6HVDEDPLVDGJDVXOLZOLVLDQYULVPL[HGYL7 

7RWDO YROXPH RI GHSRVLWV LQ WKH FRXQWU\¶V EDQN LQJVHFWRU LQFOXG LQJWHUPGHSRVLWV DQG FXUUHQW DF FRXQWV RI QRQIL QDQFLDODQGKRX VHKROGV VHFWRUV LQFOXGLQJ SD\DEOH LQWHUHVW  GHFUHDVHG E\ SHUFHQWRUPLOOLRQ*(/FRPSDUHGZLWKWKH-DQXDU\ DQGFRQVWLWXWHGELOOLRQ*(/E\)HEUXDU\,Q -DQXDU\FRPSDUHGWRWKHSUHYLRXVPRQWKWKHYROXPHRIWUDQV IHUDEOH GHSRVLWV RI QRQILQDQFLDO DQG KRXVHKROGV¶ VHFWRUV GHFUHDVHGE\PLOOLRQ*(/ SHUFHQW DQGWHUPGHSRV LWVRIVDPHVHFWRUVLQFUHDVHGE\PLOOLRQ*(/ SHU FHQW 7KHDQQXDODYHUDJHZHLJKWHGLQWHUHVWUDWHRQWHUPGH SRVLWVFRQVWLWXWHGSHUFHQW,QSDUWLFXODUWKHLQWHUHVWUDWH IRUQDWLRQDOFXUUHQF\GHQRPLQDWHGGHSRVLWVZDVSHUFHQW DQGWKHLQWHUHVWUDWHIRUIRUHLJQFXUUHQF\GHQRPLQDWHGGH SRVLWVSHUFHQW7KHVKDUHRI86GROODULQWKHWRWDOYROXPH RIIRUHLJQFXUUHQF\GHQRPLQDWHGGHSRVLWVHTXDOVWRSHU FHQWDQGWKHVKDUHRI(XURHTXDOVWRSHUFHQW

SURIHVLXO NROHML

9RFDWLRQDO&ROOHJH

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

VDTDU7YHORV VDJDUHR YD:URED

)RUHLJQ7UDGHRI*HRUJLD

VDTDU7YHORV VWDWLV WLNLVHURYQXOLVDPVD [XULV LQIRUPDFLL7  ZOLV LDQYDU6L 7X UTH7 L V DTDU 7YH ORV VDYD:UR SDUWQL RUHEV 6RULV SLUYHO DGJLO]HDVDDQJDUL6R SHULRG6L 7XUTH77DQ VDTDU7YHORV VDYD:UR EUXQYD  POQ D66 GRODUV6HDGJHQV P7OLDQLEUXQYLV UDF L7 D5HPDWHED ZLQD ZOLV DQDORJLXU PD&YHQHEHOV  ZOLV LDQYDU6L 7XUTH76L VDTDU7YHORGDQ JDQ[RUFLHOHEXOL HTVSRUWL  POQ D66 GRODUV JDXWROGD P7OLDQL HTVSRUWLV   UDF L7 D5HPDWHED ZLQD ZOLV DQDORJLXU PD&YHQHEHOV HTVSRUWLUHEXO SURGXTFLDV 6RULVDD

6DYL OL7RQHELVMDU7Lă

D[DOL7HY]Lă

[RUFLVGD7HY]LVITYLOLă

IHUR6HQDGQREHELă

$FFRUGLQJ WR WKH LQIRUPD WLRQ RI 1DWLRQDO 6WDWLVWLFV 2IILFHRI*HRUJLDLQ-DQX DU\RI7XUNH\LVRQWKH ILUVWSODFHDPRQJWUDGHSDUW QHUVRI*HRUJLD'XULQJWKH UHSRUWLQJSHULRG*HRUJLD¶V WUDGHWXUQRYHUZLWK7XUNH\ DPRXQWVWRPLOOLRQ86' RIWRWDOWXUQRYHU WKDW H[FHHGVE\WKHGDWD RIWKHSUHYLRXV\HDU,Q-DQXDU\WKHH[SRUWFDUULHGRXW WR7XUNH\FRPSLOHGPLOOLRQ86' RIWRWDOH[SRUW WKDW H[FHHGVE\WKHGDWDRISUHYLRXV\HDU ([SRUWHGSURGXFWVLQFOXGH ‡)HUURXVPHWDOVFUDS ‡1HZILVK ‡0HDWDQGILVKIORXU ‡)HUURXV ‡VDZHGZRRGPDWHULDO

GD[HU[LOL[HW\LVPDVDODă

V[YDSURGXTFLDă ZOLVLDQYDU6LVDTDU7YHOR6L7XUTH7LVLPSRUWPD  POQ D66 GRODUL 6HDGJLQD P7OLDQL LPSRUWLV   LPSRUWLUHEXO SURGXTWHEV 6RULVDD

L]ROLUHEXOLVDGHQHELGDNDEHOHELă

TD5DOGLVDPHXUQHRVD\RIDF[RYUHERDQVDQLWDUXO KLJLHQXULGDQL6QXOHELVă

6DYL OL7RQHELVPHWDORNRQVWUXTFLHELă

VDPNXUQDORVD6XDOHEHELă

NDUWRILOL V[YD SURGXTFLD ă 

‡2WKHUSURGXFWV ,Q-DQXDU\WKHH[SRUWIURP*HRUJLDWR7XUNH\FRPSLOHG PLOOLRQ86'RIWRWDOLPSRUW  ,PSRUWHGSURGXFWVLQFOXGH ‡LQVXODWHGFDEOHV ‡3DSHUKRXVHKROGRUVDQLWDU\K\JLHQLFSXUSRVHV ‡%ODFNPHWDOPHWDOV ‡GUXJV ‡3RWDWRHV ‡2WKHUSURGXFWV

XU7LHU 77DQDP6URPO RELV PHPRU DQGXPL

0HPRUDQGXPRI8QGHUVWDQGLQJ

6HPRVDYOHELVVDPVD[XUVDGDLXVWLFLLVVDPLQLVWURV VDMDURUHHVWULVHURYQXOVDDJHQWRV6RULVJDIRU PGDXU7LHU77DQDP6URPORELVPHPRUDQGXPLURPOLV 7DQD[PDG 6HPRVDYOHELV VDPVD[XULV PRPVD[XUHELV PL5HED JDGDP[GHOHEV VDMDUR UHHVWULV HURYQXOL VDDJHQWRV\YHODWHULWRULXOVDUHJLVWUDFLRVDPVD [XU6L6HH=OHED7VDMDURUHHVWULVHURYQXOLVDDJHQ WRV GD[PDUHEL7 JDGDP[GHOHEV 6HX=OLD7 PLL5RQ DVDPGHVD[LVPRPVD[XUHEDGDRUDVDPGHGDVD[HOHELV FQREDDVHYHLVDUJHEORQÄDYWRPDWXUL³VHUYLVL7 UDF PD7 GDH[PDUHED7 DYWRPDWXU UH-LP6L PLL5RQ SDVX[L6HPGHJJDQF[DGHEHE]HGDPDWHEXOL5LUHEXOH ELVJDGDVD[DGLVJDGDP[GHODGQHED\RIOREL7LUHJLV WUDFLDFQREDVDJDGDVD[DGRGDYDOHELV6HVD[HEFQRED VDEDQNRDQJDUL6HELV6HVD[HEJDGDVD[DGLVJDGDP[GH OLVPRZPRELVD5GJHQDHOHTWURQXOLGHNODULUHELV DTWLYL]DFLDGD V[YD

$0HPRUDQGXPRI8QGHUVWDQG LQJKDVEHHQVLJQHGEHWZHHQWKH 5HYHQXH 6HUYLFH DQG WKH 1D WLRQDO$JHQF\RI3XEOLF5HJLVWU\ RI WKH 0LQLVWU\ RI -XVWLFH DF FRUGLQJWRZKLFKWD[SD\HUVZLOO EHDEOHWRUHFHLYHVHUYLFHVRI5HYHQXH6HUYLFHDWDOOWHUULWRULDO UHJLVWUDWLRQVHUYLFHVRI1DWLRQDO$JHQF\RI3XEOLF5HJLVWU\ :LWKWKHDVVLVWDQFHRIWKH1DWLRQDO$JHQF\RI3XEOLF5HJLV WU\WD[SD\HUVFDQJHWDKXQGUHGNLQGVRIVHUYLFHVDQGWZR KXQGUHGNLQGVRIUHIHUHQFHVDVZHOODVXVH³$872´6HU YLFHWKDWZLOOKHOSWKHPUHFHLYHDQVZHUVDXWRPDWLFDOO\UH JDUGLQJWKHIROORZLQJ9ROXQWDU\UHJLVWUDWLRQRIYDOXHDGGHG WD[SD\HUUHIHUHQFHIRUWD[DVVLJQPHQWDUHIHUHQFHRIEDQN DFFRXQWVWD[SD\HU,'UHFRYHU\HOHFWURQLFGHFODUDWLRQDQG DFWLYDWLRQHWF

D:DULV P7DYURELV LQLFLDWLYL7 JRPDUGXO6L GDVYHQHELV SURJUDPD JU =HO GH ED

+ROLGD\SURJUDPVWLOO FRQWLQXHVLQ*RPDUGXOL UHVRUW

JRPDUGXO6L 6DED7 NYLULVSURJUDPLVWX UHEV D:DULV P7DYUR ELVLQLFLDWLYL7VSRU WLVD GD D[DOJD]UG RELV VDTPH7D GHSDU WDPHQWL D[RUFLHO HEV DSULODPGH UR PHO6LF6HGLVXIDVR WUDQVSRUWLUHED GD VSRUWXOL LQYHQWD UL7 XIDVRG VDUJHE OREDD:DULVVD7[LODPXURNXURUW7DQPLVDVYOHOL J]D XNYH JDZPHQGLOLD GD SURHTWLV IDUJOHE6L JRPDUGXO6L XNYH PGH VWXQGHWPD GDLVYHQD NXURUW]H  VDRMD[R VDVWXPURVD[OL PRTPHGHEV QHELVPLHU WXULVWV 6HX=OLD GDLVYHQRV GD VDVLD PRYQRV JDDWDURV 6DED7NYLUD

:LWKDQDFWLYHLQLWLDWLYHRI$MDUDJRYHUQPHQWKROLGD\SUR JUDPLQ*RPDUGXOLZLOONHHSRQJRLQJXQWLOWKHHQGRI$SULO 7KHSURJUDPLQFOXGHVWUDQVSRUWDWLRQDQGVSRUWLQJIDFLOLWLHV IUHHRIFKDUJH,QWKHIUDPHRIWKHSURMHFWDERXWVWXGHQWV KDYHDOUHDG\VHQWWLPHVLQ*RPDUGXOL7KHUHDUHJXHVW KRXVHVZKHUHDOOWRXULVWVFDQHDVLO\ILQGVXLWDEOHDFFRPPR GDWLRQDQGVSHQGJUHDWWLPHVWKHUH

FIPIKVGWNMIVHYEA  XMXWILGENEFPA QWN

*RJHEDVKYLOLVWU%DWXPL*HRUJLD 7HO

KWWSLLDJH

(PDLOLQIR#LLDJH

Digest 58.pdf

Page 1 of 8. 1R. D:DULV P7DYURELV. 7DYPMGRPDUHP NX6DGDVLV. GHOHJDFLDV XPDVSLQ=OD. D:DULVP7DYURELV7DYPMGRPDUHVDGD.

708KB Sizes 3 Downloads 217 Views

Recommend Documents

Guidelines - Automotive Digest
Oct 1, 2013 - The Korean automakers have made tremendous strides over the years ...... about our exclusive mobile app for dealers, NADA MarketValues.

Manheim Index - Automotive Digest
spike in personal income in December (driven by special dividends and early bonus payments ahead of tax hikes) and a significant rise in the stock market.

CRM - Automotive Digest
Let's start with the basics so we're all on the same page. ... staff to make, and export a list of customers for mailers or external call centers. ..... computer attached ... extra pricing assistance on their next car (of course, this was all worded.

CRM - Automotive Digest
my people roughly ten minutes to get their head straight before picking up the phone ..... CRM is a good place to connect social media best practices because it is all about doing .... traffic changes based on external campaigns. With that said ...

Press Release - Automotive Digest
Tusker worked with leading carbon management consultants, Carbon Footprint, to show that its carbon emissions over the 12 month period from April 2011 to March 2012 had fallen to 93.95 tonnes of carbon dioxide from 103.67 tonnes in the previous year.

Manheim Index - Automotive Digest
net increase of 157,000 jobs and a slight uptick in the unemployment rate to 7.9%, was greeted with ... used vehicle sales that occurred during the same period.

trending now - Automotive Digest
Apr 10, 2017 - Private Sector Hiring like Crazy: Strong for Small Biz, Goods Producing ... Could Mean: Dealer focus on small business, professionals, ...

japan digest
religion revolved around rice-growing and included rice products such as sake (rice .... Some proposals call for the lifting of import ... Center for Global Partnership.

Guidelines - Automotive Digest
Oct 1, 2013 - ing, and will make businesses more cautious in their approach to hiring; ...... Android device users can now download and subscribe to NADA MarketValues. ... about our exclusive mobile app for dealers, NADA MarketValues.

NADA Perspective - Automotive Digest
Feb 1, 2015 - Mirroring new registration trends, off-rental ... both 2016 and 2017, to reach 14.1 million units by the end of the period .... Business Development.

Press Release - Automotive Digest
... which is owned by a private equity group, provides business process automation solutions ... Email: [email protected] ... MGMedia Services.

investor digest -
Dec 3, 2012 - significant drop in Telecommunication stocks: EXCL (-12.71% to 5,150), ISAT (-11.90% to 5,550) and TLKM (-2.70% to. 9,000). Banking sector also ... Meanwhile, resilient stocks were: MNCN (+7.00% to 2,675), BBNI (+3.50% to 3,700), BMTR (

Press Release - Automotive Digest
The company, which supplies Leaselink, the UK's leading e-procurement platform for the contract hire and leasing and fleet management industries, had outgrown its previous offices in. Cumnor, where it had ... Ebbon-Dacs, which is owned by a private e

Press Release - Automotive Digest
Rebecca Honey, Senior Environmental Consultant at Carbon Footprint said: “Tusker has once again demonstrated its commitment to the environment.

Digest 312.pdf
Obviously, not every company is represented here. We will continue discussions with the representatives of the. other companies in this area as well, “- the ...

Digest 323.pdf
There was a problem loading this page. Whoops! There was a problem loading this page. Retrying... Digest 323.pdf. Digest 323.pdf. Open. Extract. Open with.

Digest 268.pdf
laboratory and radiological diagnostics and hi-tech medical. examination equipment, opened in Tbilisi. The opening cer- emony was attended by Georgian ...

Digest 350.pdf
Oct 23, 2016 - ... Foreign and Defence Ministers attended the reception. evening held in connection with this visit. According to the. Georgian Foreign Minister ...

Digest 222.pdf
together today, we once again empha- size the important initiatives we are hav- ing ... We have very important projects, espe- cially the construction of the Baku ...

Digest 215.pdf
Ministry of Finance of Georgia and sta- tistic service will adjust it after working”,. - Minister of Finance declared. axali biznescentri da. rkinigzis sadguri baTumSi.

Digest 348.pdf
rac iTvaliswinebs sabaJo sferoSi. ormxrivi TanamSromlobis gaZli- erebas. saqarTvelos premier-minis- tris gancxadebiT, aRniSnuli dekla- racia mniSvnelovania ...

TECHNOLOGY BREAKTHROUGHS IN ... - Automotive Digest
Six Finalists in the Running for AOL Autos' Technology of the Year Award ... each embodying the latest and greatest developments in automotive fuel economy,.

Digest 361.pdf
tection agreement between Georgia and Qatar was success- fully held in Tbilisi. Georgian delegation was headed by the. Deputy Minister of Economy and ...