(;3/25(

<285327(17,$/
81'(5*5$'8$7(
%86,1(66_&200(5&(_(&2120,&6
352*5$06
8QGHUJUDGXDWH%XVLQHVV
&RPPHUFH (FRQRPLFV
SURJUDPVDW&KLWNDUD%XVLQHVV6FKRRO
JLYH\RXWKHNQRZOHGJHVNLOOV
H[SHULHQFHDQGFRQQHFWLRQV
\RXQHHGWRQDYLJDWHWKH
RSSRUWXQLWLHVDQGFKDOOHQJHV
DKHDGDQGH[SORUH\RXU
SRWHQWLDO:LWKDUHVSHFWHG
EXVLQHVVGHJUHHIURPWKHQDWLRQDOO\
WRSUDQNHG&KLWNDUD8QLYHUVLW\
<28
//%(5($'<72.,&.67$57<285&$5((5
:(/&20(72
&+,7.$5$81,9(56,7<
&KLWNDUD(GXFDWLRQDO7UXVWHVWDEOLVKHGLWV3XQMDEFDPSXVLQWKH\HDURQ&KDQGLJDUKï3DWLDODQDWLRQDOKLJKZD\
ZKLFK LV NP IURP &KDQGLJDUK ,Q WKH \HDU  &KLWNDUD 8QLYHUVLW\ ZDV HVWDEOLVKHG E\ WKH 3XQMDE 6WDWH
/HJLVODWXUHXQGHU²7KH&KLWNDUD8QLYHUVLW\$FW³

&KLWNDUD8QLYHUVLW\LVDJRYHUQPHQWUHFRJQLVHG8QLYHUVLW\ZLWKWKHULJKWWRFRQIHUGHJUHHVDVSHUWKH6HFWLRQVI
DQGRIWKH8*&$FW&KLWNDUD8QLYHUVLW\3XQMDELVDPXOWLïGLVFLSOLQHVWXGHQWFHQWULFFDPSXVZLWKPRUH
WKDQVWXGHQWV
60$//:25/'
,WLVWKHFXPXODWLYHHIIHFWRIDQHODERUDWHLQïFDPSXV
DFDGHPLFLQIUDVWUXFWXUHVWURQJQDWLRQDODQG
LQWHUQDWLRQDOFROODERUDWLRQVDQGDUREXVWRQïFDPSXV
UHFUXLWPHQWUHFRUG±LQFOXGLQJUHJXODUUHFUXLWPHQWE\
UHSXWHGEOXHïFKLSFRPSDQLHV±WKDWWKH8QLYHUVLW\
ILQGVIDYRUZLWKQDWLRQDODVZHOODVLQWHUQDWLRQDO
VWXGHQWV
$W&KLWNDUD8QLYHUVLW\(GXFDWLRQLVQRWRQO\²6WDWHïRIï
WKHïDUW³EXWWUXO\²6WDWHïRIïWKHïKHDUW³(YHU\WKLQJZH
GRVKDUHVWKHVDPHPLQGVHW
,QDFFRUGDQFHZLWK&KLWNDUD8QLYHUVLW\VWUDWHJ\ZH
DOORFDWHPD[LPXPUHVRXUFHVIRUH[FHOOHQFHLQ
WHDFKLQJDQGOHDUQLQJ2XUDSSURDFKDW
&KLWNDUD8QLYHUVLW\LVOHDUQLQJïFHQWULFHQKDQFLQJ
NQRZOHGJHVNLOOVDQGXQGHUVWDQGLQJWKURXJKSUDFWLFDO
H[SRVXUH
2XUDSSURDFKDW&KLWNDUD8QLYHUVLW\LVOHDUQLQJï
FHQWULFHQKDQFLQJNQRZOHGJHVNLOOVDQG
XQGHUVWDQGLQJWKURXJKSUDFWLFDOH[SRVXUH
,1'8675<ï/('&2856(6
:HPDLQWDLQFORVHOLQNVZLWKOHDGLQJEOXHïFKLS
FRPSDQLHVDQGSURIHVVLRQDODVVRFLDWLRQVWRGHOLYHURXU
DFDGHPLFSURJUDPVDFFRUGLQJO\
6WURQJFRUSRUDWHUHODWLRQVKLSVDOVRKDYHDGLUHFW
LQIOXHQFHRQRXUGHJUHHSURJUDPVDQGKDYHUHVXOWHG
LQRXU²LQGXVWU\IDFLQJ³FXUULFXOD7KLVHQVXUHVWKDW
RXUHGXFDWLRQLVXSWRGDWHDQGYDOXHGE\WKH
HPSOR\HUV
*5($7&$03865(&58,70(17
&KLWNDUD8QLYHUVLW\KDVHVWDEOLVKHGDQXQDVVDLODEOH
UHSXWDWLRQIRUVWURQJFDPSXVUHFUXLWPHQWRQWKH
VKHHUYLUWXHRIRXUIRFXVRQPDNLQJRXUJUDGXDWHV
²LQGXVWU\UHDG\³
67$570(83
7KHSRVVLELOLW\WRFRPELQHEXVLQHVVDQGWHFKQRORJ\LQ
WKHLUVWXGLHVJLYHVRXUVWXGHQWVXQLTXHRSSRUWXQLWLHV
WREXLOGWKHLUIXWXUHFDUHHUVEHLWWKURXJKWRSïFODVV
FRPSDQLHVRUFDSLWDOLVLQJRQWKHLURZQLQQRYDWLRQVLQ
RUGHUWRFUHDWHQHZEXVLQHVVHV
&KLWNDUD8QLYHUVLW\LV\RXUODXQFKSDG

Ň
1$7,21$/$66(660(17$1'
$&&5(',7$7,21&281&,/

1$7,21$/
,167,787,21$/
5$1.,1*
)5$0(:25.

0LQLVWU\RI+XPDQ5HVRXUFH'HYHORSPHQW
*RYHUQPHQWRI,QGLD

46:RUOG8QLYHUVLW\
5DQNLQJV$VLD
&RQVLVWHQWO\UDQNHG
DVRQHRIWKHWRS
8QLYHUVLWLHVLQWKHFRXQWU\

2QO\,QGLDQ8QLYHUVLW\VKRUWOLVWHGIRU
´7HFKQRORJLFDO,QQRYDWLRQRIWKH
<HDUµLQ´7LPHV+LJKHU(GXFDWLRQ
$VLD$ZDUGVµ

5DQNHGDVRQHRIWKH
&OHDQHVW8QLYHUVLWLHV
RI,QGLDLQWKH
´6:$&++7$µUDQNLQJ

&+,7.$5$%86,1(666&+22/_

Ň 1$7,21$/$66(660(17$1'
$&&5(',7$7,21&281&,/
&+,7.$5$
81,9(56,7<
,61$$&$
$&&5(',7('
&KLWNDUD8QLYHUVLW\KDVEHHQ
DFFUHGLWHGZLWKFRYHWHG$JUDGHE\
1DWLRQDO$VVHVVPHQWDQG
$FFUHGLWDWLRQ&RXQFLO1$$&ZKLFK
QRZILUPO\SRVLWLRQVXVDPRQJWKHWRS
+LJKHU(GXFDWLRQ,QVWLWXWLRQVRI
WKHFRXQWU\7KLVEHDUVWHVWLPRQ\WR
RXUXQLTXHEOHQGRIGLVWLQJXLVKHG
IDFXOW\EULOOLDQWDQGLQWHOOHFWXDO
VWXGHQWVZRUOGFODVVUHVHDUFKODEV
FRXSOHGZLWKSURDFWLYHLQGXVWU\
FROODERUDWLRQV

&KLWNDUD(GXFDWLRQEULQJVZLWKLWD
UHSXWDWLRQWKDWKDVEHHQHDUQHG
WKURXJK\HDUVRIVHUYLQJFDUHHUQHHGV
RIWKHVWXGHQWFRPPXQLW\6LQFHUH
WKDQNVWRDOORXUVWXGHQWVSDUHQWV
DQGLQGXVWU\VWDNHKROGHUVIRUSXWWLQJ
WKHLUWUXVWLQXV

&+,7.$5$%86,1(666&+22/_
 &,7<%($87,)8/
&KDQGLJDUK
$0,//,213(23/(,1),1,7(3266,%,/,7,(6

&KDQGLJDUKLVXQGHUJRLQJUDSLGXUEDQLVDWLRQDQGWKHWUDQVIRUPDWLRQ
KDVEHHQKROLVWLFDQGDOOïLQFOXVLYH2YHUWKH\HDUVWKHFLW\KDVPDGH
UHPDUNDEOHSURJUHVVLQWHUPVRISK\VLFDOLQIUDVWUXFWXUHDQGWKH
EXVLQHVVHQYLURQPHQWDQGKDVHPHUJHGDVDQHFRQRPLFJURZWK
FHQWUHZLWKRQHRIWKHKLJKHVWSHUFDSLWDLQFRPHVLQ,QGLD

$PSOHRSSRUWXQLWLHVDUHDYDLODEOHWRZRUNDQGJURZLQWKH,7%32
DQGSKDUPDFHXWLFDOVHFWRULQWKHUHJLRQ,WKDVSURYHGWREHD
PDJQHWIRUSRWHQWLDOHPSOR\HUVDQGHPSOR\HHV

7KHRSHQKDQGLVWKHRIILFLDOHPEOHPRI&KDQGLJDUKLWV\PEROLVHV
WKHFLW\µVSKLORVRSK\RIEHLQJRSHQWRJLYHDQGRSHQWRUHFHLYH
&KDQGLJDUKKDVVHHQWKHJURZWKRIVRPHPDMRUVWDUWïXSVRYHUWKH
ODVWIHZ\HDUV7KHFLW\KDVNHSWLQSDFHZLWKWKHHYHUHYROYLQJ
HGXFDWLRQLQGXVWU\WREHFRPHWKHRQHVWRSIRUDOOHGXFDWLRQQHHGV
7KLVPDNHV&KDQGLJDUKLGHDOIRUVWXGHQWVZKRZLVKWRHQMR\WKH
EOHQGRIULFKFXOWXUHRIWKHFLW\OLIHDQGWKHSHDFHIXODQGFDOP
HQYLURQPHQWWKDW&KDQGLJDUKRIIHUV

&KDQGLJDUKLVHDVLO\DFFHVVLEOHIURP'HOKL+DU\DQD3XQMDEDQG
+LPDFKDO3UDGHVKDQGPHWURSROLWDQFLWLHVZLWKYDULRXVPRGHVRI
WUDQVSRUWDWLRQYL]EXVHVWUDLQVDQGGLUHFWIOLJKWVERWKQDWLRQDODQG
LQWHUQDWLRQDOIURP'XEDL6LQJDSRUH6KDUMDKHWF

&+,7.$5$%86,1(666&+22/_
$W&KLWNDUD%XVLQHVV6FKRRO
RXUVWXGHQWVIDFXOW\
DFDGHPLFVWUHQJWKVDQG
EXVLQHVVRXWORRNLVXQLTXH

&KLWNDUD%XVLQHVV6FKRRO
KDVHVWDEOLVKHGLWVHOIDVRQH
RIWKHFRXQWU\
VWRSSULYDWH
PDQDJHPHQWVFKRROV

2XUSURJUDPVKHOS\RX
GHYHORSDQGDSSO\QHZ
VROXWLRQVWRUHDOïZRUOG
FKDOOHQJHVE\EULGJLQJWKH
JDSEHWZHHQWKHRU\DQG
SUDFWLFH

7KHIXQGDPHQWDOJRDORI
&KLWNDUD%XVLQHVV6FKRRO
V
0DQDJHPHQWSURJUDPVLVWR
PDNHHDFKJUDGXDWH
LQGXVWU\UHDG\DQGH[SRVHG
WRWKHQHZHVWWUHQGVLQWKH
FKDQJLQJEXVLQHVVZRUOG

&RQVLVWHQWO\UDQNHGKLJKE\
1,5)_%XVLQHVV6WDQGDUG
%XVLQHVV:RUOG_%XVLQHVV
7RGD\_&DUHHU
$VVRFKDP$FDGHPLF
,QVLJKWV_$VLD,1&
 $5,*25286)/(;,%/(&855,&8/80
&KLWNDUD%XVLQHVV6FKRROKDVDXQLTXHSHUVSHFWLYHRQWKH
ZRUOGDQGWUDGLWLRQDOEXVLQHVVGHJUHHV2XUVWUHQJWKVDUH
WKDWZHLPSDUWNQRZOHGJHDQGVSHFLDOLVDWLRQRQWRSLFVDQG
VXEMHFWVWKDWZLOOEHUHOHYDQWLQXSFRPLQJJOREDOHFRQRP\

(;&(//(17&$03863/$&(0(176
,67+(+$//0$5.2)285352*5$06
&KLWNDUD%XVLQHVV6FKRROKDVHVWDEOLVKHGDQXQDVVDLODEOH
UHSXWDWLRQIRUVWURQJRQïFDPSXVUHFUXLWPHQWVRQWKH
VKHHUYLUWXHRILQWHQVLYHIRFXVRQPDNLQJDOORXU
JUDGXDWHVLQGXVWU\UHDG\2XUVWXGHQWVKDYHJDLQHG
HPSOR\PHQWLQGLYHUVHSURIHVVLRQDOUROHVDQGEXVLQHVV
DUHDVDFURVVWKHZRUOG)URPQHJRWLDWLQJLQGXVWULDO
UHODWLRQVWRDQDO\VLQJWKHVWRFNPDUNHWGHYLVLQJ
PDUNHWLQJVWUDWHJLHVRUGHVLJQLQJEXVLQHVVLQIRUPDWLRQ
V\VWHPV&KLWNDUD8QLYHUVLW\GHJUHHFDQOHDGWRYDULHGDQG
UHZDUGLQJFDUHHUSDWKV

3$66,21$7(6&+2/$56 7($&+(56
<RXZLOOOHDUQIURPH[SHULHQFHGWHDFKLQJVWDIIDQGEH
H[SRVHGWRVRPHRIWKHLQGXVWU\µVWRSHPSOR\HUVWKURXJK
RSSRUWXQLWLHVVXFKDVILHOGWULSVLQWHUQVKLSVUHDOïOLIH
VFHQDULRVDQGSUDFWLFDODVVLJQPHQWVJXHVWOHFWXUHVIURP
LQGXVWU\SURIHVVLRQDOVDQGUHJXODUQHWZRUNLQJHYHQWV

/($51,1*%<'2,1*
&KLWNDUD%XVLQHVV6FKRROFXUULFXOXPLVEDVHGRQWKH
IUDPHZRUNRIVWUDWHJLFFRPSHWLWLYHQHVVZKLFKWHDFKHV
WKHFRQFHSWVRIFUHDWLYLW\HQWUHSUHQHXUVKLSLQQRYDWLRQ
VXVWDLQDELOLW\OHDGHUVKLSDQGLQFLVLYHGHFLVLRQPDNLQJ
<RXZLOOOHDUQKRZWRFRPSHWH°DQGFUHDWHWUDQVIRUPDWLYH
FKDQJH°LQEXVLQHVV

&+,7.$5$%86,1(666&+22/_
 (9(5<81,9(56,7<
5$1.6620(:+(5(
&+,7.$5$81,9(56,7<5$1.6

:+(5( ,7
&28176
7KH1DWLRQDO,QVWLWXWLRQDO5DQNLQJ)UDPHZRUNLVD
1$7,21$/ PHWKRGRORJ\DGRSWHGE\WKH0LQLVWU\RI(GXFDWLRQ
,167,787,21$/ *RYHUQPHQWRI,QGLDWRUDQNLQVWLWXWLRQVRIKLJKHUHGXFDWLRQ
5$1.,1*
)5$0(:25. LQ,QGLD
0LQLVWU\RI+XPDQ5HVRXUFH'HYHORSPHQW
*RYHUQPHQWRI,QGLD 1,5)1DWLRQDO,QVWLWXWLRQDO5DQNLQJ)UDPHZRUNï
UDQNHG&KLWNDUD%XVLQHVV6FKRROWKDPRQJVW7RS
0DQDJHPHQW,QVWLWXWLRQVRI,QGLD
+,*+/<5$1.('
0$1*(0(17352*5$06
0DQDJHPHQW3URJUDPVDW&KLWNDUD%XVLQHVV6FKRROKDYHEHHQ

FRQVLVWHQWO\UDWHGDVRQHRIWKHILQHVWLQWKHFRXQWU\ZKLFKSURYLGHVDQ
LQVLJKWLQWRRXUXQLTXHEOHQGRIGLVWLQJXLVKHGIDFXOW\DQGEULOOLDQW 
LQWHOOHFWXDOVWXGHQWVZLWKSURDFWLYHLQGXVWU\FROODERUDWLRQV

2XWORRNUDQNHG ,QGLD7RGD\UDQNHG
&KLWNDUD%XVLQHVV6FKRROWK &KLWNDUD%XVLQHVV6FKRRO
LQ²,QGLDµV%HVW%ï6FKRROV³ DPRQJWKHWRS%ï6FKRROVRI,QGLD

%XVLQHVV:RUOG5DQNHG &DUHHUVUDWHG&KLWNDUD%XVLQHVV
&KLWNDUD%XVLQHVV6FKRRO 6FKRRO$$$DQG%HVWLQWKH5HJLRQLQ
WKH%HVWLQWKHUHJLRQ WKHLUODWHVWVXUYH\

7KH:HHNï+$16$5HVHDUFK6XUYH\ 7LPHV%6FKRRO5DQNHG
SXWV&KLWNDUD%XVLQHVV6FKRRO &KLWNDUD%XVLQHVV6FKRRODPRQJ
DPRQJWKH´7RS%ï6FKRROVLQ,QGLDµ WRS%ï6FKRROVRI,QGLD

%XVLQHVV7RGD\UDQNHG %XVLQHVV6WDQGDUGUHSRUWUDQNHG
&KLWNDUD%XVLQHVV6FKRRODPRQJ &KLWNDUD%XVLQHVV6FKRRO²%HVWLQ
WKH7RS%XVLQHVV6FKRROVLQ,QGLD 3XQMDE³LQWKHLUODWHVWILQGLQJV

&65*+5'&%6&+22/6859(<

&KLWNDUD%XVLQHVV6FKRROUDQNHGVW ),&&,%ï6FKRRO5DWLQJVSRZHUHGE\
DPRQJWKH´7RS3ULYDWH%XVLQHVV ,&$5(DZDUGHG&%6ZLWK7KUHH6WDU
6FKRROVLQ3XQMDEµ 5DWLQJDQGEHVWLQWKHUHJLRQ

&+,7.$5$%86,1(666&+22/_
',67,1*8,6+<285
&$5((5ZLWKRXU
63(&,$/,6('%%$_%&20
(;3(5,(1&(285&$5((5'(),1,1*
&855,&8/80$'9$17$*(
*HQHUDO 6SHFLDOLVHG &DUHHULQ<RXU
0DQDJHPHQW  &XUULFXOXP 3UHIHUUHG)LHOG

620(2)7+(63(&,$/,6$7,2162))(5('

0DUNHWLQJ (YHQW0DQDJHPHQW +XPDQ5HVRXUFH

)RFXVRQ5HWDLO /HDUQWKHDUWRIPDQDJLQJ 0DVWHUWKHSURFHVVRI
(ï&RPPHUFH0JPW  JUHDW(YHQWVZLWKDIRFXV +LULQJ7UDLQLQJ 
'LJLWDO0DUNHWLQJ RQ0HGLD (QWHUWDLQPHQW 0DQDJLQJHPSOR\HHV

%DQNLQJ )LQDQFH %XVLQHVV$QDO\WLFV /RJLVWLFV 6XSSO\&KDLQ

([SORUH&RUSRUDWH)LQDQFH 0DVWHUWKHDUWRIDQDO\VLQJ /HDUQWKHSURFHVVRIOLQNLQJ
,QYHVWPHQW%DQNLQJ  %XVLQHVV'DWD 7UHQGV WKHPDQXIDFWXULQJXQLWWR
)LQDQFLDO0DQDJHPHQW XVLQJODWHVW$QDO\WLFV7RROV WKHFRQVXPHUV

(YHQW0DQDJHPHQW (QWUHSUHQHXUVKLS +HDOWKFDUH

%OHQGWKHNQRZOHGJHRIFRUH 7RSUHSDUHIXWXUH ,QFXOFDWH+HDOWKFDUH
0DQDJHPHQWZLWKVSHFLDOLVHG HQWUHSUHQHXUVZLWKVNLOOV NQRZOHGJHLQDOODUHDVRI
(YHQW0DQDJHPHQW WRVWDUWWKHLURZQEXVLQHVV +RVSLWDO0JPW6\VWHPV

$SSOLHG)LQDQFH )LQDQFLDO0DUNHWV ,QWHUQDWLRQDO)LQDQFH

.30*PRGXOHVZLWKIRFXV 6WXG\UG\HDUDW%RPED\ .LFNVWDUWDJOREDOFDUHHU
RQ)LQDQFLDO6WDWHPHQW 6WRFN([FKDQJHRQ5LVN ZLWK$&&$_,0$
$QDO\VLV 0RGHOLQJ 0JPW 5HJXODWLRQV &HUWLILFDWLRQV
(;3(5,(1&($33/,('
%86,1(66('8&$7,21
:,7+7+(%(672)
,1'8675<3$571(56
*HWUHOHYDQWZRUNH[SHULHQFHDQGFRQWLQXHWREXLOG\RXUUHVXPHDV
\RXDSSO\FODVVURRPOHDUQLQJLQ\RXUSUHIHUUHGLQGXVWU\GXULQJWKH
&KLWNDUD0%$SURJUDP/HDUQLQJLVHQKDQFHGE\VPDOOFODVVVL]HV
ZLWKLQVSHFLDOLVDWLRQVZKLFKHQFRXUDJHVLQGLYLGXDOLVHGDWWHQWLRQ
GHHSUHODWLRQVKLSVDQGSHHUOHDUQLQJ

6NLOOLQJ6XSSO\&KDLQV

,QGXVWU\3DUWQHULQ ,QGXVWU\3DUWQHULQ ,QGXVWU\3DUWQHULQ

GRPDLQRI)LQDQFLDO +HDOWKFDUH_+RVSLWDO 6XSSO\&KDLQ 
0DUNHWV3UDFWLFH 0JPW'RPDLQ /RJLVWLFV'RPDLQ

.QRZOHGJH3DUWQHU /HDUQLQJ3DUWQHUIRU .QRZOHGJH3DUWQHU

IRU)LQDQFLDODQG ,QYHVWPHQW%DQNLQJ LQ%XVLQHVV$QDO\WLFV
$FFRXQWLQJ3UDFWLFHV ) $3URFHVVHV %ORFNFKDLQ )LQWHFK

7KH$VVRFLDWLRQRI
$FFRXQWDQWVDQG
)LQDQFLDO3URIHVVLRQDOV
LQ%XVLQHVV

/HDUQLQJ3DUWQHUIRU ,QGXVWU\3DUWQHUIRU /HDUQLQJ3DUWQHUIRU

)LQDQFH 0JPW )LQDQFH &RVW *OREDO6HFXULWLHV
$FFRXQWDQF\ $FFRXQWLQJ ,QYHVWPHQW 5LVNV

4'6#+.

,QGXVWU\3DUWQHUIRU .QRZOHGJH3DUWQHU 7UDLQLQJ3DUWQHUIRU

WUDLQLQJRXUVWXGHQWV IRU(TXLW\  ,QGLDQ5HWDLODQG
IRUWKH5HWDLO6HFWRU 'HULYDWLYHV )0&*6HFWRU

&+,7.$5$%86,1(666&+22/_
$33/,('
/($51,1*
28581'(5*5$'8$7(352*5$06
:,//35(3$5(<28)25(9(5<
.,1'2)&$5((5&+$//(1*(
2XU)DFXOW\
7KHIDFXOW\DW&KLWNDUD%XVLQHVV6FKRROLQFOXGHVH[SHUWVIURPFRUHDFDGHPLFVZLWKH[SHULHQFHLQERWK
DFDGHPLFVDQGLQGXVWU\<RXZLOOJHWWROHDUQIURPDFDGHPLFVFKRODUVZLWKGRFWRUDWHGHJUHHVH[SHUWVIURP
LQGXVWU\DQGDXWKRUVRILPSRUWDQWZRUNVLQWKHILHOGVRI%XVLQHVV(FRQRPLFV 5HVHDUFKIXUWKHUKHOSLQJ
\RXGHYHORSDIUHVKDSSURDFKLQWKHILHOGRI0DUNHWLQJ)LQDQFHDQG+XPDQ5HVRXUFH0DQDJHPHQW

:HDOVRLQYLWHUHQRZQHGSURIHVVLRQDOVIURPYDULRXVGRPDLQVLQFOXGLQJ%DQNLQJ)LQDQFH
7HOHFRPPXQLFDWLRQ+HDOWKFDUH)LQDQFLDO0DUNHWV,QIUDVWUXFWXUH3XEOLF6HUYLFHV'HSDUWPHQWV$LUOLQHV 
7RXULVP5HVHDUFK$JHQFLHV0DQXIDFWXULQJ,URQ 6WHHO7H[WLOHV,QIRUPDWLRQ7HFKQRORJ\HWFWRVKDUH
WKHLUH[SHULHQFHVZLWKRXUVWXGHQWVIURPWLPHWRWLPH<RXZLOOH[SHULHQFH&KLWNDUD%XVLQHVV6FKRRO
V
ULJRURXVFRPSUHKHQVLYHFXUULFXOXPLQZKLFK\RXZLOOPDVWHUWKHHVVHQWLDOVNLOOVRI%XVLQHVV0DQDJHPHQW
DQG/HDGHUVKLS$IWHUIXOILOOLQJWKHUHTXLUHPHQWVRIWKHFRUHFXUULFXOXP\RXKDYHWKHIOH[LELOLW\WRWDLORU
\RXUHGXFDWLRQWRPHHW\RXUVSHFLILFJRDOVDQGLQWHUHVWVWKURXJKDZLGHYDULHW\RIHOHFWLYHRIIHULQJVDQG
VWXG\DEURDGRSSRUWXQLWLHV

%XVLQHVV&RPPXQLFDWLRQ
(IIHFWLYHFRPPXQLFDWLRQDQGSUHVHQWDWLRQSOD\DNH\UROHLQRXUWHDFKLQJPHWKRGRORJ\6WXGHQWVDUHGLYLGHG
LQWRGLIIHUHQWJURXSVDQGDUHPDGHWRSUHVHQWVWUHHWSOD\V7KLVH[HUFLVHLVLQLWLDWHGWRLPSURYHWKHLU
FRPPXQLFDWLRQWHDPZRUNDQGOLQJXLVWLFDELOLWLHV

7KH&KLWNDUD%XVLQHVV6LPXODWLRQ
*URXSVRIVWXGHQWVDSSO\WKHVNLOOVDFTXLUHGLQILQDQFHDQGRWKHUFRXUVHVWRGHYHORSDQGLPSOHPHQWDFWXDO
WUDGLQJVWUDWHJ\:RUNVKRSVRQ%XVLQHVV6LPXODWLRQDQGWKHXVHRIUHVHDUFKWRROVVXFKDV6366DUH
UHJXODUIHDWXUHVWRVXSSRUWWKHGHYHORSLQJPLQGVRIVWXGHQWV

&KLWNDUD0DQGL
6WXGHQWVVHWXSWKHLURZQVKRSVFRQWDFW1*2VDQGVHOOWKHLUSURGXFWVWRDFWXDOFXVWRPHUVLQWKH
PDUNHWSODFHWRVHQVLWLVHWKHPVHOYHVWREXVLQHVVVLWXDWLRQV:HFDOOLW
$SQL0DQGL


6RFLDO6HFWRU6ROXWLRQV5HWDLO3URMHFW
6WXGHQWVSDUWQHUZLWKUHWDLOJLDQWVVXFKDV0(752:$/0$57DQG%,*%$=$5DQGZRUNZLWKWKHPRQ
VSHFLILFGD\VRQWKHIORRUWRPDQDJHWKHLUFRUSRUDWHHYHQWVVXFFHVVIXOO\

6XPPHU,QWHUQVKLSV
2XU8QGHUJUDGXDWH*UDGXDWHVVWXGHQWVJRIRUDPDQGDWRU\IRXUZHHNV
VXPPHULQWHUQVKLSLQWKHPRQWK
RI-XQH7KHILUVW\HDU\RXZLOOLQWHUQZLWKDQ1*2LQ\RXUDUHDWRXQGHUVWDQGVRFLHWDOLVVXHVDQG
JUDVVURRWVSUREOHPV,QWKHVHFRQG\HDUWKHLQWHUQVKLSZLOOEHZLWKDPLFURRUVPDOOHQWHUSULVHWR
XQGHUVWDQGWKHEDVLFVRIVHWWLQJXSDQGUXQQLQJDEXVLQHVVYHQWXUH

&+,7.$5$%86,1(666&+22/_
%HWKHWDOHQW
HPSOR\HUVZDQW
 
 

2)&+,7.$5$*5$'8$7(6 2)&+,7.$5$ &203$1,(6:25.:,7+8672
$5((03/2<(' *5$'8$7(6 5(&58,7$1'1(7:25.:,7+
:,7+,1WK6(0(67(5 $5(3$,'+,*+(5 678'(176+267&203$1<6,7(
2)'(*5(( 7+$17+(0$5.(7 9,6,76 3$57,&,3$7(,1285
$9(5$*( &$5((5('8&$7,21352*5$06
35(3$5(
)2568&&(66
,Q\HDURQHZH
UHDOUHDG\WDONLQJDERXW\RXUIXWXUHFDUHHUDQGWKDWGLDORJXHFRQWLQXHVZHOOEH\RQGJUDGXDWLRQ
DQG\RXUILUVWMRE:HKHOS\RXVKRZWKHZRUOGZKDWD&KLWNDUD%XVLQHVVJUDGXDWHLVVPDUWYHUVDWLOHXVHGWR
WDNLQJRQFKDOOHQJHVïDQGUHDG\WRGULYHFKDQJH

:KHQ\RX
UHMXVWVWDUWLQJ8QLYHUVLW\LWFDQEHDELWRYHUZKHOPLQJWRWKLQNDERXWJUDGXDWLQJDQGODXQFKLQJ\RXU
FDUHHU2XU&DUHHU6HUYLFHVWHDPLVKHUHWRVXSSRUW\RXWKURXJKRXW\RXUWLPHDW&KLWNDUD8QLYHUVLW\:HKHOS\RX
FUDIWDMREVHDUFKVWUDWHJ\EXLOWDURXQGOHDUQLQJREMHFWLYHVDQGSUDFWLFDOH[SHULHQFHVWKDW\RX
OOOHDQRQ
WKURXJKRXW\RXUSURIHVVLRQDOFDUHHU

$W&KLWNDUD8QLYHUVLW\ZHGLYLGH\RXUFDUHHUMRXUQH\PRGHOLQWRWKUHHSKDVHV

‡<RXUVW<HDULVWKH'LVFRYHUSKDVHDV\RXPDSRXW\RXUDFDGHPLFSDWKDQGEHFRPHSDUWRIWKH&KLWNDUD
FRPPXQLW\\RX
OOZDQWWRFRPSOHWHRXUFDUHHUOHDGHUDVVHVVPHQWWRGHWHUPLQH\RXUVNLOOVVWUHQJWKVDQGYDOXHV
<RXUFDUHHUVHUYLFHVFRDFKZLOOKHOS\RXLQWHUSUHWWKHUHVXOWVDQGFRQVLGHUZKDWVHFWRUVDQGUROHVPLJKWEHULJKW
IRU\RX

‡1H[WLVWKH'HYHORSSKDVHLQZKLFK\RXEXLOGDWRRONLWIRUSURPRWLQJ\RXUVWUHQJWKVDQGH[SHULHQFHV:HRIIHU
ZRUNVKRSVRQZULWLQJDQHIIHFWLYHUHVXPHFRYHUOHWWHUDQG/LQNHGLQSURILOHDVZHOODVSURJUDPVUHLQIRUFLQJWKH
YDOXHRIQHWZRUNLQJDQGPHQWRUVKLSDQGH[SORULQJSRWHQWLDOFDUHHUSDWKVLQVSHFLILFLQGXVWULHV

‡,Q\RXUILQDOVHPHVWHUV\RXVKLIWWRWKH$FWLRQSKDVHUHILQLQJ\RXUMREVHDUFKVWUDWHJ\DV\RXLQWHUDFWZLWK
HPSOR\HUVDWUHFUXLWPHQWDQGQHWZRUNLQJHYHQWV$QGHYHQDIWHU\RXJUDGXDWHDQGVWDUW\RXUILUVWMRE\RXU
FDUHHUMRXUQH\FRQWLQXHV7KHSURFHVV\RXOHDUQWRQDYLJDWHDW&KLWNDUD8QLYHUVLW\LVRQH\RX
OOWXUQWRPDQ\
WLPHVRYHUDV\RXUFDUHHUDGYDQFHVDQGHYROYHV

$OXPQL0HQWRUVKLSDQG1HWZRUNLQJ

7KURXJKRXUPHQWRUVKLSSURJUDP\RX
UHSDLUHGZLWKDQDSSURSULDWH&KLWNDUD%XVLQHVV6FKRRODOXPEDVHGRQ
\RXUVWUHQJWKVLQWHUHVWVDQGORQJïWHUPDLPV<RXUPHQWRUJXLGHV\RXLQH[SORULQJYDULRXVLQGXVWULHVDQGUROHV
RIIHULQJLQVLJKWVJURXQGHGLQH[SHULHQFH$QGDV\RXJDLQQHZSHUVSHFWLYHVRQWKHG\QDPLFVRIEXVLQHVVDQG\RXU
SRWHQWLDOFDUHHURSWLRQV\RXEXLOGDYDOXDEOHUHODWLRQVKLSIRUWKHIXWXUH

&+,7.$5$%86,1(666&+22/_

0DMRUFRPSDQLHVZKRYLVLWRXUFDPSXV
DQGKLUHRXU0DQDJHPHQWJUDGXDWHVWKURXJKWKH\HDUV
)LQDQFLDO,QVWLWXWLRQV_,QVXUDQFH

QDPLFV
6ROXWLRQV8QOLPLWHG

%DQNV_1%)&
)LQDQFLDO6HUYLFHV

)0&*_7HOHFRP_6HUYLFHV_0DQXIDFWXULQJ_(ï&RPPHUFH

%ULGJLQJ
+HDOWKFDUH

&+,7.$5$%86,1(666&+22/_
)0&*_7HOHFRP_6HUYLFHV_0DQXIDFWXULQJ_(ï&RPPHUFH

(QDEOLQJ6PDUWHU7UDGLQJ
%XVLQHVV$QDO\WLFV_,QYHVWPHQW%DQNLQJ_.32_5HVHDUFK &RQVXOWDQF\
6XSSO\&KDLQ_/RJLVWLFV

6WDUWXSV

&+,7.$5$%86,1(666&+22/_
+HDOWKFDUH_3KDUPDFHXWLFDO

$3URPLVHIRU/LIH

6HYHQ+LOOV
+ 2 6 3 , 7 $ /

+HDOWKFDUH,7
6DOHV_5HWDLO_$XWRPRELOHV_&RQVXPHU'XUDEOHV

/LIHVW\OH%UDQGV/LPLWHG

&+,7.$5$%86,1(666&+22/_
 7KH*OREDO
8QLYHUVLW\

/LYHLQGHSHQGHQWO\
*DLQFXOWXUDODZDUHQHVV
([SDQG\RXUVRFLDOQHWZRUN
DURXQGWKHZRUOG0DNHQHZ
IULHQGVZKRPD\EHFRPH
\RXUIXWXUHEXVLQHVV
FROODERUDWRUVLQDQ
LQFUHDVLQJO\LQWHUFRQQHFWHG
ZRUOG

/HDUQLQDFODVVURRPRQD
GLIIHUHQWFRQWLQHQW
([SHULHQFHZRUNLQJLQWKH
UHDOZRUOGDURXQGWKHZRUOG
7KHUHDUHVRPDQ\QHZ
H[SHULHQFHVDZDLWLQJ\RXDW
&KLWNDUD8QLYHUVLW\

7+(:25/',6
,17(51$7,21$/678'(17
(;&+$1*(352*5$06
*DLQDJOREDOSHUVSHFWLYH
&KLWNDUD8QLYHUVLW\
VUREXVW 6XPPHU3URJUDPVDUH
LQWHUQDWLRQDOH[FKDQJHSURJUDP
ZLWKPRUHWKDQRYHUVHDV
XQLYHUVLWLHVJLYHV\RXWKH
RSSRUWXQLW\WRH[SHULHQFHOLYLQJRQ
\RXURZQLQDGLIIHUHQWFRXQWU\7KH
QHWZRUNV\RXEXLOGDQGH[SHULHQFHV
\RXHQFRXQWHUZLOOJLYH\RXDPRUH
JOREDODQGFXOWXUDOO\VHQVLWLYH
SHUVSHFWLYH
6800(5678'<
352*5$06
,PPHUVHLQRYHUVHDV
H[SHULHQFH
&KLWNDUDVWXGHQWVKDYHWKH
VKRUWGXUDWLRQSURJUDPV
RIïZHHNVRQYDULRXV
VSHFLDOLVDWLRQV,WDGGVWR
WKHLQWHUQDWLRQDO
H[SRVXUHRIWKHVWXGHQWV
6(0(67(5(;&+$1*(
352*5$06
)RVWHUVWURQJHUELODWHUDOWLHV
RSWLRQWRILQLVKWKHODVWKDOI
SDUWRIWKHLUGHJUHHSURJUDPV
DWRXUSDUWQHU8QLYHUVLWLHV
6WXGHQWVYLVLW3DUWQHU
8QLYHUVLWLHVIRUVL[PRQWKVWR
RQH\HDUIRUFRPSOHWLQJWKHLU
VHPHVWHUVDEURDG
&KLWNDUD8QLYHUVLW\µVDSSURDFKWR*OREDO%XVLQHVV(GXFDWLRQUHVWVRQWKHEHOLHIWKDWHYHU\
VWXGHQWQHHGVJOREDONQRZOHGJHDQGDPLQGVHW2XU%XVLQHVVJUDGXDWHVZLOOJHWPDQ\
RSSRUWXQLWLHVWRJOREDOLVHWKHLU8QLYHUVLW\H[SHULHQFH

<285&$0386
29(56($6678'<
0,66,216
*DLQLQVLJKWVIURP
LQGXVWU\OHDGHUV
2YHUVHDVVWXG\PLVVLRQVEULQJ
\RXULJKWLQWRWKHKHDUWRI
PXOWLQDWLRQDORUJDQLVDWLRQV
DURXQGWKHZRUOGJLYLQJ\RX
FXUUHQWLQVLJKWVRQKRZWKH\
IXQFWLRQWKURXJKVLWHYLVLWV<RX
ZLOODOVRH[SHULHQFHDQHWZRUNLQJ
MRXUQH\ZLWKSURPLQHQWLQGXVWU\
OHDGHUVRSHQLQJGRRUVWRDZRUOG
RIRSSRUWXQLWLHV
29(56($6
,17(516+,36
6WHSLQWRWKHJOREDO
PDUNHWSODFH
([SHULHQFHIRU\RXUVHOIKRZ
LQGXVWULHVDQGEXVLQHVVHV
RSHUDWHEURDGHQ\RXU
SHUVSHFWLYHDQGDSSO\\RXU
VNLOOVDQGNQRZOHGJHWRUHDOï
ZRUOGEXVLQHVVRSHUDWLRQV
*/2%$/
(;32685(
&XOWLYDWHHPSDWK\
:HUHJXODUO\LQYLWHIDFXOW\IURP
WRS*OREDOLQVWLWXWLRQVDFURVV
WKHZRUOG7KLVH[SRVXUHKHOSV
RXUVWXGHQWVXQGHUVWDQGGLYHUVH
FXOWXUDODQGHGXFDWLRQDO
FRQWH[WV

&+,7.$5$%86,1(666&+22/_
 &ROODERUDWLRQ:LWK

&KLWNDUD8QLYHUVLW\KDVFROODERUDWHGZLWK+DUYDUG%XVLQHVV6FKRRO2QOLQHWR
SURYLGHZRUOGFODVV%XVLQHVVSURJUDPVLQ%XVLQHVV$QDO\WLFV'LVUXSWLYH
6WUDWHJLHV/HDGHUVKLS'HYHORSPHQW1HJRWLDWLRQ0DVWHU\*OREDO%XVLQHVV
6XVWDLQDEOH%XVLQHVV6WUDWHJ\DQG(QWUHSUHQHXUVKLS(VVHQWLDOV2XU
JUDGXDWHVFDQWDNHRQOLQHFRXUVHVRQ+DUYDUG%XVLQHVV6FKRROSODWIRUP
WRZDUGVFRPSOHWLQJWKHLUUHTXLUHGGHJUHHFUHGLWV
*OREDO0RELOLW\RIRXU
%XVLQHVV*UDGXDWHV
2XUXQGHUJUDGXDWHVIURP&KLWNDUD%XVLQHV6FKRROKDYHWKHRSWLRQWRVWXG\WKHILUVW\HDUVRIWKHLU
PDQDJHPHQWSURJUDPDW&KLWNDUD8QLYHUVLW\FDPSXVDQGWKHQFRPSOHWHWKHLUGHJUHHDWDSDUWQHUJOREDO
%XVLQHVV6FKRRO&KLWNDUD8QLYHUVLW\RIIHUVVWXG\DEURDGSURJUDPVDFURVVWKHZRUOG

2XUXQGHUJUDGXDWHVWXGHQWVIURP&KLWNDUD%XVLQHVV6FKRROKDYHWKHRSWLRQWRSXUVXHVHPHVWHUH[FKDQJH
VXPPHUVFKRRODQGDOVRDQRSSRUWXQLW\WRILQLVKWKHLUJUDGXDWLRQDWRQHRIRXUJOREDOSDUWQHU%XVLQHVV
6FKRROVDFURVVWKHZRUOG7KURXJKWKH\HDUVDQQXDOO\PRUHWKDQ&KLWNDUD%XVLQHVVVWXGHQWVKDYH
H[SHULHQFHGJOREDOPRELOLW\DFURVV8QLYHUVLWLHVRQLQWHUQVKLSVVXPPHUVFKRRODQGVHPHVWHUH[FKDQJH

&+,7.$5$%86,1(666&+22/_
,1129$7,21
,1&8%$725
7KHODUJHVW&DPSXVEDVHGLQFXEDWRULQ1RUWK,QGLD
&KLWNDUD,QQRYDWLRQ,QFXEDWRULVRQHRIWKHODUJHVW*RYHUQPHQWVXSSRUWHGLQFXEDWRUVLQ1RUWK,QGLD
ZLWKPRUHWKDQVWXGHQWVWDUWïXSV,WLVGHVLJQHGWRSURYLGHDVSLULQJVWXGHQWHQWUHSUHQHXUVZLWK
WKHHGXFDWLRQUHVRXUFHVDQGIXQGLQJWRVWDUWDQGH[SDQGWKHLURZQEXVLQHVVHV
VTIW,QFXEDWRUVLQ&KDQGLJDUK3XQMDE&DPSXV+LPDFKDO&DPSXV
(QWUHSUHQHXUPHQWRUV
(DUQZKLOH\RXOHDUQSURJUDPV
(QWUHSUHQHXUVKLS ,QQRYDWLRQDVDVSHFLDOLVDWLRQWUDFN

AC>>=@B320G

0LQLVWU\RI(OHFWURQLFVDQG
,QIRUPDWLRQ7HFKQRORJ\
*RYHUQPHQWRI,QGLD

&KLWNDUD8QLYHUVLW\,QFXEDWHG6WDUWXS5LGH]1RZïVWDUWXSSURYLGLQJ
PRELOLW\VROXWLRQVWRXQLYHUVLW\VWXGHQWVUDLVHGLQYHVWPHQWWRWKH
WXQHRI5V/DNKGXULQJ,QGLD)XQG)HVW
(175(35(1(856+,3 ,1129$7,2163(&,$/,6$7,21

:KHWKHU\RXDOUHDG\KDYHDQLGHDIRUDVWDUWXSRUDUHVWLOOEUDLQVWRUPLQJ&KLWNDUD8QLYHUVLW\µVVSHFLDOLVDWLRQLQ
(QWUHSUHQHXUVKLSDQG,QQRYDWLRQRIIHUVZRUNVKRSVWRKHOS\RXGHYHORSDQGUHILQH\RXUVWUDWHJ\EHIRUH\RXMXPS
LQWREXLOGLQJDQDFWXDOFRPSDQ\<RXFDQWDNHSDUWLQ&KLWNDUD8QLYHUVLW\
V/DXQFK<RXU%LJ,GHDSURJUDPDQGJDLQ
WKHQHFHVVDU\WUDLQLQJDQGUHVRXUFHVWRSUHSDUH\RXUVWDUWXSIRUVXFFHVVïSOXVDFKDQFHWRSLWFK\RXULGHDDQGZLQ
VHHGIXQGLQJ<RXFDQDOVRFRQQHFWZLWKOLNHïPLQGHGVWXGHQWHQWUHSUHQHXUVWKURXJKHYHQWVKRVWHGE\WKH
&KLWNDUD,QQRYDWLRQ,QFXEDWRU

&KLWNDUD8QLYHUVLW\µV(QWUHSUHQHXUVKLSSURJUDPVIRURXU%XVLQHVVJUDGXDWHVLVGHVLJQHGWRSUHSDUHIXWXUH
HQWUHSUHQHXUVZLWKWKHVNLOOVDQGNQRZOHGJHWRVWDUWWKHLURZQEXVLQHVVHV7KHVSHFLDOLVDWLRQZLOOIRFXVRQ
LGHQWLI\LQJDQDO\VLQJDQGHYDOXDWLQJJOREDODQGORFDOEXVLQHVVRSSRUWXQLWLHVFUHDWLQJQHZLQGHSHQGHQWEXVLQHVV
YHQWXUHVRUQHZYHQWXUHVZLWKLQH[LVWLQJILUPVGHYHORSLQJFUHDWLYLW\DQGXQGHUVWDQGLQJLQQRYDWLRQHQYLURQPHQW
DVVHVVPHQWIRUQHZYHQWXUHVPDUNHWLQJUHVHDUFKDQGGHYHORSLQJHIIHFWLYHEXVLQHVVSODQVWRREWDLQILQDQFLQJ
OHJDOLVVXHVUHODWHGWRVWDUWLQJDQGRSHUDWLQJDIDPLO\ïRZQHGEXVLQHVV

0DMRUOHDUQLQJVIURPWKHVHSURJUDPVZLOOEH
%HFULWLFDOWKLQNHUVZKRDUHFDSDEOHRILGHQWLI\LQJEXVLQHVVRSSRUWXQLWLHVE\XVLQJFXWWLQJïHGJHDQDO\WLFDOWRROV
&RPPXQLFDWHFOHDUO\WRGHYHORSDQGHYDOXDWHEXVLQHVVSODQVDQGIXQGLQJSURSRVDOV
$SSO\UHOHYDQWILQDQFLDOSULQFLSOHVWRDVVHVVVWDUWXSFDSLWDOQHHGVFDVKIORZQHHGHGIRUJURZWKEUHDNïHYHQ
DQDO\VLVDQGSUHDQGSRVWïIXQGLQJYDOXDWLRQ
(IIHFWLYHO\XQGHUVWDQGDQGLPSOHPHQWDPDUNHWLQJSODQIRUDQHZYHQWXUH

&+,7.$5$%86,1(666&+22/_
,23325781,7,(6
1),1,7(
$:$,7 167B9/@/
<28$7 C<7D3@A7BG
7KHUHDUHFRXQWOHVVRSSRUWXQLWLHVWR
JHWDFWLYHDQGLQYROYHGHQJDJHGDQG
HQULFKHG:HZDQW\RXWREHFRPHDSDUWRIRXU
GLYHUVHFRPPXQLW\RIVWXGHQWVZKRZRUNWRJHWKHU
WRPDNHDEHWWHUIXWXUHDQGDOVRKDYHIXQLQWKH
SUHVHQW

:LWKVWXGHQWFOXEVDQGRUJDQLVDWLRQVEDVHG
RQDZLGHUDQJHRIDFDGHPLFFXOWXUDODQG
UHFUHDWLRQDODUHDVRILQWHUHVW\RXZLOOILQGDZD\
WRH[SUHVV\RXUVHOI

-RLQOHDGRUVWDUW\RXURZQFOXE(QJDJLQJZLWK
WKHVHFOXEVKHOSVEXLOGVWURQJFRQQHFWLRQVZLWK
IHOORZVWXGHQWVSURYLGHVSHUVRQDOJURZWKDQG
HQKDQFHV\RXU&KLWNDUD8QLYHUVLW\H[SHULHQFH
(;3/25(<285,17(5(676

&+,7.$5$%86,1(666&+22/_
 2GHWWH6FKRRO
RI %XVLQHVV
8QLYHUVLW\RI:LQGVRU

%86,1(66
%86,1(66

$77+(

9 @ =
#=L @=
H9;C
9 <
2'(77(6&+22/
G>
L
2)%86,1(66

7KH8QLYHUVLW\RI:LQGVRU
V2GHWWH6FKRRORI%XVLQHVVKDVHDUQHG
DFFUHGLWDWLRQIURPWKH$VVRFLDWLRQWR$GYDQFH&ROOHJLDWH6FKRROVRI
%XVLQHVV$$&6%DQLQWHUQDWLRQDORUJDQL]DWLRQGHGLFDWHGWRPDQDJHPHQW
HGXFDWLRQ/HVVWKDQRIWKHZRUOG
VEXVLQHVVVFKRROVKDYHHDUQHG
WKLVGHVLJQDWLRQ

7KH2GHWWH6FKRRORI%XVLQHVVLVDFFUHGLWHGE\WKH&KDUWHUHG3URIHVVLRQDO
$FFRXQWDQWVRI2QWDULRXQGHUWKH&3$1DWLRQDO5HFRJQLWLRQDQG
$FFUHGLWDWLRQ6WDQGDUGVIRU3RVWï6HFRQGDU\,QVWLWXWLRQV
%$&+(/252)&200(5&(+RQV
LQ$FDGHPLF0HQWRUVKLSZLWK

*RIURPWKHFODVVURRPWRWKHERDUGURRP7KHUHDUHEXVLQHVVSURJUDPVDQGWKHQWKHUHLVEDFKHORURI
FRPPHUFHIURPRQHRIWKHPRVWUHSXWHGDQGWKHROGHVWXQLYHUVLWLHVRI&DQDGDWKH8QLYHUVLW\RI:LQGVRULQ
WKHEHDXWLIXOFLW\RI:LQGVRU2QWDULR0RUHLQWHQVHWKDQDJHQHULFEXVLQHVVSURJUDPRUEXVLQHVV
DGPLQLVWUDWLRQWKLVSURJUDPRSHQVWKHGRRUIRUSURIHVVLRQDOZKLWHFROODUFDUHHUVLQ&DQDGDDQGWKHZRUOG

6WDUW\RXU%DFKHORURI&RPPHUFHGHJUHHDW&KLWNDUD8QLYHUVLW\LQ,QGLDDQGVWXG\IRUWZR\HDUVEHIRUH
RSWLQJWRJRWRWKH8QLYHUVLW\RI:LQGVRU2QWDULRï&DQDGDIRUDQRWKHUWZR\HDUVWRFRPSOHWH\RXUGHJUHHLQ
&DQDGD<RXUWZR\HDUVRISULRUOHDUQLQJFUHGLWVDW&KLWNDUD8QLYHUVLW\LVWUDQVIHUUDEOHWR8:LQGVRU
DQG\RXZLOODOVREHH[SRVHGWR$FDGHPLF0HQWRUVKLSIURP2GHWWH%XVLQHVV6FKRRO:LQGVRUµVDZDUGï
ZLQQLQJIDFXOW\DW&KLWNDUD8QLYHUVLW\LQ\RXUILUVWWZR\HDUV<RXZLOOVWDUW\RXU&DQDGLDQ%&RPPGHJUHH
SDWKZD\QRZFORVHUWR\RXUKRPHDWRIWKH,QWHUQDWLRQDOIHHGXULQJWKHILUVWWZR\HDUVLQ,QGLDEHVLGHV
VDYLQJVLJQLILFDQWO\RQERDUGLQJDQGORGJLQJFRVWV$IWHUWZR\HDUV\RXFDQRSWWRVHDPOHVVO\WUDQVIHUWR
WKH8QLYHUVLW\RI:LQGVRULQ&DQDGDEDVHGRQWUDQVIHUFRQGLWLRQVDQGJUDGXDWHZLWKDï\HDU%&RPP
GHJUHHIURP8:LQGVRULQ&DQDGD

<RXU%&RPPGHJUHHFRPHVIURP2GHWWH%XVLQHVV6FKRRODWWKH8QLYHUVLW\RI:LQGVRUZKLFKLVDFRYHWHG
$$&6%DFFUHGLWHGEXVLQHVVVFKRRODQGLVWKHRQO\VFKRROLQ&DQDGDWRDOORZVWXGHQWVWRFRPSOHWHWKHLU&3$
SUHSDUDWRU\FRXUVHUHTXLUHPHQWVDQGSURIHVVLRQDOHGXFDWLRQSURJUDPPRGXOHVZKLOHHDUQLQJD%DFKHORURI
&RPPHUFHDQG0%$LQILYH\HDUV,QWKHODVWWZR\HDUVRI\RXUVWXG\DW8:LQGVRULQ&DQDGD\RXFDQDOVR
FKRRVHIURPFORVHWRVHYHQVSHFLDOLVDWLRQVWKDWVSDQDFURVVILHOGVRI)LQDQFH$FFRXQWLQJ6XSSO\&KDLQ
0DQDJHPHQW+XPDQ5HVRXUFHV0DUNHWLQJ%XVLQHVV$QDO\WLFVHWF

&+,7.$5$%86,1(666&+22/_
352*5$0+,*+/,*+76
7KHSXUSRVHRIWKH%DFKHORURI&RPPHUFHSURJUDPVWDUWLQJDW&KLWNDUD8QLYHUVLW\DQGZLWKDQRSWLRQWR
WUDQVIHUDIWHUWZR\HDUVWR2GHWWH%XVLQHVV6FKRROLQWKH8QLYHUVLW\RI:LQGVRULVWRGHYHORSHGXFDWHGPHQ
DQGZRPHQZLWKDJURXQGLQJLQEXVLQHVVLGHDVDQGWHFKQLTXHVZKLFKZLOOKHOSHTXLSWKHPIRUSRVLWLRQVRI
UHVSRQVLELOLW\LQLQGXVWU\DQGFRPPHUFH7KHSURJUDPLVGHVLJQHGWRSURYLGHWKHEURDGRXWORRNQHHGHGLQ
PRGHUQEXVLQHVVDQGDFFRUGLQJO\VWUHVVHVRQJHQHUDOSURFHGXUHVDQGPHWKRGVRIDWWDFNRQSUREOHPV

<RXUGHJUHHLQ%DFKHORURI&RPPHUFHDW2GHWWH%XVLQHVV6FKRROLQ&DQDGDDOORZV\RXWRFRPSOHWH&KDUWHUHG
3URIHVVLRQDO$FFRXQWDQWV&3$SUHSDUDWRU\FRXUVHUHTXLUHPHQWVDQGSURIHVVLRQDOHGXFDWLRQSURJUDP
PRGXOHVZKLOHHDUQLQJ\RXU%DFKHORURI&RPPHUFHDQG0%$GHJUHHLQILYH\HDUV

7KLVSURJUDPLVMRLQWO\GHYHORSHGE\PDSSLQJ&KLWNDUD8QLYHUVLW\%&RP+RQRXUVWRWKHFXUULFXOXPRI

WKH%DFKHORURI&RPPHUFH+RQRXUV%XVLQHVV$GPLQLVWUDWLRQGHJUHH8:LQGVRU&DQDGDVRWKDWWKH
VWXGHQWVFDQVHDPOHVVO\WUDQVIHUZLWK&UHGLWIRU5HFRJQLWLRQRI3ULRU/HDUQLQJDQGUHFHLYHWKHVDPH
OHDUQLQJRXWFRPHVDQGDJOREDOO\UHFRJQL]HGGHJUHHLH%DFKHORUVRI&RPPHUFH+RQRXUV%XVLQHVV
$GPLQLVWUDWLRQIURP8QLYHUVLW\RI:LQGVRU&DQDGD

$SDUWIURPVDYLQJKXJHO\RQLQWHUQDWLRQDOWXLWLRQIHHZKHQ\RXVWXG\\HDUVDW&KLWNDUD8QLYHUVLW\DKLJK
VFKRROVWXGHQWZLOODOVROHDUQDQDSSOLHG&DQDGLDQSHGDJRJ\ZKHQWKH\VWDUWFORVHUWRKRPHEHIRUHRSWLQJ
WRWUDQVIHUDIWHUWZR\HDUVWR8:LQGVRULQ&DQDGD%HVLGHVWXLWLRQIHHVDVWXGHQWZLOODOVRVDYHRQ
ERDUGLQJDQGORGJLQJFRVWVZKHQWKH\VWD\LQWKHLUKRPHFRXQWU\IRUWKHILUVWWZR\HDUV

&RQGLWLRQDOOHWWHURIRIIHUIURP8:LQGVRULVLVVXHGWRDOOVWXGHQWVDWWKHVWDUWRIWKHFRXUVHWKDWOD\VGRZQ
WKHFRQGLWLRQVWRWUDQVIHUWR8QLYHUVLW\RI:LQGVRULQ&DQDGDDIWHUVXFFHVVIXOO\FRPSOHWLQJWZR\HDUVRI
WKHLUVWXG\DW&KLWNDUD8QLYHUVLW\

6WXGHQWVZRXOGEHWUDLQHGIRUWKH(QJOLVK/DQJXDJHSURILFLHQF\UHTXLUHPHQW,(/76GXULQJWKHILUVWWZR

\HDUVRIVWXGLHVDW&KLWNDUD8QLYHUVLW\
352*5$0)5$0(:25.$7&+,7.$5$81,9(56,7< 
<HDU <HDU

7KLVSURJUDPRIIHUVORWVRIKDQGVïRQOHDUQLQJWKURXJKFDVHVWXGLHVJURXSSURMHFWVFRPPXQLW\HQJDJHPHQW
<RXµOOJHWDEURDGLQWURGXFWLRQWREXVLQHVVLQ\RXUILUVWDQGVHFRQG\HDU,QWKHWKLUG\HDU\RXFDQFKRRVHD
VSHFLDOLVDWLRQWKDWZLOOSXW\RXRQWKHSDWKWRDFDUHHULQWKDWDUHD<RXµOOEXLOGYDOXDEOHFRQQHFWLRQVZLWK
LQGXVWU\H[SHUWVWRKHOS\RXRQ\RXUZD\

ï)XQGDPHQWDOVRI)LQDQFLDO$FFRXQWLQJ ï)LQDQFLDO5HSRUWLQJ
ï%XVLQHVV0DWKHPDWLFV3DUW, ï2SHUDWLRQV5HVHDUFK
ï(FRQRPLFVï, ï,QWURGXFWLRQWR0DQDJHPHQW,QIRUPDWLRQ6\VWHP
ï%XVLQHVV&RPPXQLFDWLRQ ï)DPLO\%XVLQHVVDQG(QWUHSUHQHXUVKLS
ï&HUWLILFDWLRQRQ0LFURVRIW:RUGDQG3RZHU3RLQW ï%XVLQHVV)LQDQFH,
ï&HUWLILFDWLRQRQ:HE$QDO\WLFVIRU(ïFRPPHUFH ï2% +50DQDJHPHQW
ï&RPPXQLW\3URMHFWRQ)LQDQFLDO/LWHUDF\ ï%XVLQHVV'DWD$QDO\VLVXVLQJ([FHO
ï(FRQRPLFVï,, ï:RUNVKRSRQ:ULWLQJD%XVLQHVV3ODQ
ï&RVW 0DQDJHPHQW$FFRXQWLQJ ï%XVLQHVV(WKLFV &RUSRUDWH*RYHUQDQFH
ï(VVHQWLDOVRI0DUNHWLQJ ï6WUDWHJLF0DQDJHPHQW
ï(ï&RPPHUFH &\EHU6HFXULW\ ï%XVLQHVV)LQDQFH,,
ï%XVLQHVV0DWKHPDWLFV3DUW,, ï5HVHDUFK0HWKRGRORJ\
ï$XGLWDQG$VVXUDQFH ï%XVLQHVV6WDWLVWLFV
ï:RUNVKRSRQ$FDGHPLF:ULWLQJDQG3ODJLDULVP ï*OREDO%XVLQHVV(QYLURQPHQW
ï&RPPXQLW\3URMHFWï%XVLQHVV'HYHORSPHQWIRU ï&HUWLILFDWLRQLQ%DVLFVRI6366IRU'DWD$QDO\VLV
6RFLDO3XUSRVH ï0RFN7UDGLQJDQG'XPP\3RUWIROLR0DQDJHPHQW

6WXGHQWVZKRRSWWRWUDQVIHUWR8QLYHUVLW\RI:LQGVRUµV+RQRXUV%XVLQHVV$GPLQLVWUDWLRQ%DFKHORURI
&RPPHUFH3URJUDPDWWKHLU&DQDGDFDPSXVVXEMHFWWRPHHWLQJWUDQVIHUFRQGLWLRQVZLOOWDNHWKHIROORZLQJ
FRXUVHVLQWKHVXEVHTXHQWVHPHVWHUVDW2GHWWH6FKRRORI%XVLQHVVWRJHWWKHï\HDUGHJUHHIURP8QLYHUVLW\
RI:LQGVRU&DQDGD

352*5$0)5$0(:25.$781,9(56,7<2):,1'625
,17+(5' 7+<($5$77+(2'(77(6&+22/2)%86,1(66,17+(81,9(56,7<2):,1'625
$678'(17&$138568(63(&,$/,6$7,21)520$/,672)$9$,/$%/(237,216%(/2:
$//,1&20,1*&+,7.$5$678'(176$5((1&285$*('72&217$&7$678'(17$'9,625$7
7+(2'(77(6&+22/2)%86,1(66
$&&2817,1*_+80$15(6285&(60$1$*(0(17_),1$1&(_6833/<&+$,1$1'%86,1(66
$1$/<7,&60$5.(7,1*_675$7(*<$1'(175(35(1(856+,3_,17(51$7,21$/%86,1(66

 7KHVSHFLDOLVDWLRQVUHTXLUHVWXGHQWVWRWDNHïHOHFWLYHEXVLQHVVFRXUVHV6LQFH&KLWNDUD
VWXGHQWVZLOOGRVSHFLILHGUHTXLUHGEXVLQHVVFRXUVHVQRQïEXVLQHVVFRXUVHVDQG
EXVLQHVVQRQïEXVLQHVVFRXUVHVVRPHVSHFLDOLVDWLRQVZLOOILWFRXUVHVDQGVRPH
VSHFLDOLVDWLRQVZLOOUHTXLUHPRUHWKDQFRXUVHV
 7KHIROORZLQJVSHFLDOLVDWLRQVZLOOILWZLWKLQWKHURRPIRUFRXUVHV)LQDQFH,QWHUQDWLRQDO
%XVLQHVV6XSSO\&KDLQDQG%XVLQHVV$QDO\WLFV6WUDWHJ\DQG(QWUHSUHQHXUVKLS
 7KHIROORZLQJVSHFLDOLVDWLRQVPD\UHTXLUHDGGLWLRQDOFRXUVHV$FFRXQWLQJ+XPDQ5HVRXUFHV
DQG0DUNHWLQJ
 6XPPHUFRXUVHVDUHDYDLODEOH+RZHYHUDOLPLWHGQXPEHURIFRXUVHVDUHRIIHUHGLQVXPPHU
6WXGHQWVQHHGWRWDNHDYDULHW\RIPDQGDWRU\FRXUVHVDIWHUFRPLQJWR2GHWWH
 $WKHVLVRSWLRQLVDYDLODEOHWRLQWHUHVWHGVWXGHQWV

&KLWNDUD8QLYHUVLW\DQG8QLYHUVLW\RI:LQGVRUDUHFRQWLQXDOO\VWULYLQJWRLPSURYHWKHLUSURJUDPVDQGWKHLU
GHOLYHU\7KHLQIRUPDWLRQFRQWDLQHGLQWKLVIUDPHZRUNLVVXEMHFWWRFKDQJHZLWKRXWQRWLFH

)RUPRUHLQIRUPDWLRQDERXWWKHSURJUDPSOHDVHYLVLWFKLWNDUDHGXLQJOREDO_ZZZXZLQGVRUFD

&+,7.$5$%86,1(666&+22/_
%%$+RQVLQ$FDGHPLF0HQWRUVKLSZLWK

(QUROLQ%DFKHORURI%XVLQHVV$GPLQLVWUDWLRQGHJUHHDW&KLWNDUD8QLYHUVLW\ZLWKDQ$FDGHPLF0HQWRUVKLSIURP
7UHQW8QLYHUVLW\&DQDGDDQGDQRSWLRQWRWUDQVIHUDIWHUWZR\HDUVRIVWXG\LQ,QGLDWR7UHQW8QLYHUVLW\&DQDGD
DQGJUDGXDWHZLWKDï<HDU%DFKHORURI%XVLQHVV$GPLQLVWUDWLRQ'HJUHHIURP7UHQW8QLYHUVLW\LQ&DQDGD

6WDUW\RXU%%$GHJUHHDW&KLWNDUD8QLYHUVLW\LQΖQGLDDQGVWXG\IRUWZR\HDUVEHIRUHRSWLQJWRJRWRWKH
7UHQW8QLYHUVLW\2QWDULR&DQDGDIRUDQRWKHUWZR\HDUVWRFRPSOHWH\RXU%%$GHJUHHLQ&DQDGD<RXUWZR
\HDUVRI$GYDQFH6WDQGLQJFUHGLWVDW&KLWNDUD8QLYHUVLW\DUHWUDQVIHUUDEOHDWWKH7UHQW8QLYHUVLW\ȇV
6FKRRORI%XVLQHVVDQG\RXZLOODOVREHH[SRVHGWR$FDGHPLF0HQWRUVKLSIURP7UHQWIDFXOW\LQ\RXUȴUVWWZR
\HDUVDW&KLWNDUD8QLYHUVLW\<RXZLOODOVRJHWDFRQGLWLRQDOR΍HURI$FFHSWDQFHIURP7UHQWXSRQMRLQLQJWKH
SURJUDPDW&KLWNDUD8QLYHUVLW\ZKLOHVDYLQJRIWKHΖQWHUQDWLRQDOIHHGXULQJWKHȴUVWWZR\HDUVLQΖQGLD
$IWHUWZR\HDUV\RXFDQRSWWRVHDPOHVVO\WUDQVIHUWR7UHQWLQ
&DQDGDEDVHGRQWUDQVIHUFRQGLWLRQVDQGJUDGXDWHZLWKD
\HDU%%$GHJUHHIURP7UHQW8QLYHUVLW\LQ&DQDGD

7UHQWLVDOVRWKHRQO\XQLYHUVLW\LQ&DQDGDWRR΍HUDZLGHUDQJH
RIMRLQWPDMRUVLQ%XVLQHVV$GPLQLVWUDWLRQDOORZLQJ\RXWR
FRPELQHEXVLQHVVFRXUVHVZLWKRWKHUDUHDVRILQWHUHVWȂIURP
0HGLD6WXGLHVWR(QYLURQPHQWDO6WXGLHVDQGHYHU\WKLQJLQ
EHWZHHQ7KH7UHQWDGYDQWDJHDOORZV\RXWRFRPELQH\RXU
SDVVLRQVDQGLQWHUHVWVDQGFURVVERXQGDULHVQRPDWWHUZKLFK
SURJUDPRUPDMRU\RXDUHLQWHUHVWHGLQ

&+,7.$5$%86,1(666&+22/_
352*5$0+,*+/,*+76
7KLVSURJUDPLVMRLQWO\GHYHORSHGE\PDSSLQJ
&KLWNDUD8QLYHUVLW\%DFKHORURI%XVLQHVV
$GPLQLVWUDWLRQWRWKHFXUULFXOXPRI%%$GHJUHHDW
7UHQW8QLYHUVLW\&DQDGDVRWKDWWKHVWXGHQWVFDQ
VHDPOHVVO\WUDQVIHUZLWK&UHGLWIRU5HFRJQLWLRQRI
3ULRU/HDUQLQJDQGUHFHLYHWKHVDPHOHDUQLQJ
RXWFRPHVDQGDJOREDOO\UHFRJQL]HGGHJUHHLH
%DFKHORURI%XVLQHVV$GPLQLVWUDWLRQIURP7UHQW
8QLYHUVLW\&DQDGD
$SDUWIURPVDYLQJKXJHO\RQLQWHUQDWLRQDOWXLWLRQIHH
ZKHQ\RXVWXG\IRU\HDUVDW&KLWNDUD8QLYHUVLW\D
KLJKVFKRROVWXGHQWZLOODOVROHDUQDQDSSOLHG
&DQDGLDQSHGDJRJ\ZKHQWKH\VWDUWFORVHUWRKRPH
EHIRUHRSWLQJWRWUDQVIHUDIWHUWZR\HDUVWR7UHQW
8QLYHUVLW\LQ&DQDGD%HVLGHVWXLWLRQIHHVDVWXGHQW
ZLOODOVRVDYHRQERDUGLQJDQGORGJLQJFRVWVZKHQ
WKH\VWD\LQWKHLUKRPHFRXQWU\IRUWKHILUVWWZR
\HDUV
$FRQGLWLRQDOOHWWHURIRIIHUIURP7UHQW8LVLVVXHGWR
DOOVWXGHQWVDWWKHVWDUWRIWKHFRXUVHWKDWOD\VGRZQ
WKHFRQGLWLRQVWRWUDQVIHUWR7UHQW8QLYHUVLW\LQ
&DQDGDDIWHUVXFFHVVIXOO\FRPSOHWLQJWZR\HDUVRI
WKHLUVWXG\DW&KLWNDUD8QLYHUVLW\
6WXGHQWVZRXOGEHFRDFKHGIRUWKH(QJOLVK
%%$ZLWK
6SHFLDOLVDWLRQ
)LQG\RXUSDWKWRVXFFHVVZLWKSDVVLRQDQG
SXUSRVH7UHQWȇVHVWHHPHG6FKRRORI%XVLQHVV
JLYHV\RXWKHDGYDQWDJH6WDQGRXWIURPWKH
FURZGLQWRGD\ȇVFRPSHWLWLYHEXVLQHVV
ODQGVFDSHE\FRPELQLQJWKHVWURQJ
IRXQGDWLRQDONQRZOHGJHRIDWUDGLWLRQDO%%$
ZLWKIRFXVVHGSUDFWLFDOFRXUVHVDQG
H[SHULHQFHVWKDWPDNH\RXDVSHFLDOLVWZLWKLQ
WKHEXVLQHVVZRUOG6LPSO\FKRRVHWKH
VSHFLDOLVDWLRQWKDWEHVWȴWV\RXUFDUHHU
LQWHUHVWVFRPSOHWHWKHDVVLJQHGDPRXQWRI
FUHGLWVDQGJUDGXDWHFDUHHUUHDG\
0DUNHWLQJ &RQVXPHU&XOWXUH
(QWUHSUHQHXUVKLS
)LQDQFH
+XPDQ5HVRXUFH0DQDJHPHQW
ΖQIRUPDWLRQ6\VWHPV (&RPPHUFH
/DQJXDJHSURILFLHQF\UHTXLUHPHQW,(/76GXULQJWKH
ILUVWWZR\HDUVRIVWXGLHVDW&KLWNDUD8QLYHUVLW\
352*5$0)5$0(:25.
$7&+,7.$5$81,9(56,7<

<HDU <HDU
7KLVSURJUDPRIIHUVORWVRIKDQGVïRQOHDUQLQJWKURXJKFDVHVWXGLHVJURXSSURMHFWVFRPPXQLW\
HQJDJHPHQW<RXµOOJHWDEURDGLQWURGXFWLRQWREXVLQHVVLQ\RXUILUVWDQGVHFRQG\HDU,QWKHWKLUG\HDU\RX
FDQFKRRVHDVSHFLDOLVDWLRQWKDWZLOOSXW\RXRQWKHSDWKWRDFDUHHULQWKDWDUHD<RXµOOEXLOGYDOXDEOH
FRQQHFWLRQVZLWKLQGXVWU\H[SHUWVWRKHOS\RXRQ\RXUZD\

ï(FRQRPLFVï, ï)XQGDPHQWDOVRI6WDWLVWLFV
ï(FRQRPLFVï,, ï,7 0,66NLOOVLQ%XVLQHVV
ï0DQDJHPHQW)XQGDPHQWDOV ï*OREDO%XVLQHVV(QYLURQPHQW
ï&RVWDQG0DQDJHPHQW$FFRXQWLQJ ï(QWUHSUHQHXUVKLSDQG2SSRUWXQLW\
ï%DVLFVRI$FFRXQWLQJ, ï0RELOHDQG(ï0DLO0DUNHWLQJ
ï0DUNHWLQJ0DQDJHPHQW, ï%XVLQHVV)LQDQFH,
ï%XVLQHVV0DWKHPDWLFV3DUW, ï+XPDQ9DOXHVDQG3URIHVVLRQDO(WKLFV
ï%DVLFVRI$FFRXQWLQJ,, ï2%DQG+50DQDJHPHQW
ï%XVLQHVV&RPPXQLFDWLRQ ï/HJDO(QYLURQPHQWRI%XVLQHVV
ï(QYLURQPHQW6WXGLHV ï(FRQRPLHVRI'HYHORSLQJ&RXQWULHV
ï%XVLQHVV0DWKHPDWLFV3DUW,, ï)XQGDPHQWDOVRI)LQDQFLDO6HUYLFHV
ï0DUNHWLQJ0DQDJHPHQW,,

6WXGHQWVZKRRSWWRWUDQVIHUWR7UHQW8QLYHUVLW\%DFKHORURI%XVLQHVV$GPLQLVWUDWLRQDW&DQDGDVXEMHFWWR
PHHWLQJWUDQVIHUFRQGLWLRQVZLOOWDNHWKHIROORZLQJFRXUVHVLQWKHVXEVHTXHQWVHPHVWHUVWRJHWWKHï\HDU
GHJUHHIURP7UHQW8QLYHUVLW\&DQDGD

352*5$0)5$0(:25.$775(1781,9(56,7<
<HDU <HDU
,17+(5' 7+<($5$775(1781,9(56,7<$678'(17&$138568(63(&,$/,6$7,21)520$/,672)
$9$,/$%/(237,216%(/2:$//,1&20,1*&+,7.$5$81,9(56,7<678'(176$5((1&285$*('72
&217$&7$1$'9,625

0$5.(7,1*$1'&21680(5&8/785(_),1$1&(_+80$15(6285&(0$1$*(0(17
,1)250$7,216<67(06$1'(ï&200(5&(_(175(35(1(856+,3

7UHQW8QLYHUVLW\KDVWZRFDPSXVORFDWLRQV°3HWHUERURXJK2QWDULRDQGWKH'XUKDP*7$FDPSXVLQ2VKDZD
2QWDULR6SHFLDOL]DWLRQRSWLRQVPD\YDU\GHSHQGLQJRQïFDPSXVORFDWLRQDQGWKHSULPDU\FDPSXVWKDWDVWXGHQW
LQWHQGVWRVWXG\DWZLOOEHGHWHUPLQHGXSRQDSSOLFDWLRQWR7UHQW8QLYHUVLW\

$VRI)DOOWKHVSHFLDOL]DWLRQVDUHRIIHUHGDVIROORZV
6
 SHFLDOL]DWLRQLQ0DUNHWLQJDQG&RQVXPHU&XOWXUH2IIHUHGDWERWKWKH3HWHUERURXJKDQG'XUKDPFDPSXV
6SHFLDOL]DWLRQLQ+XPDQ5HVRXUFH0DQDJHPHQW2IIHUHGDWERWKWKH3HWHUERURXJKDQG'XUKDPFDPSXV
6SHFLDOL]DWLRQLQ(QWUHSUHQHXUVKLS2IIHUHGDWERWKWKH3HWHUERURXJKDQG'XUKDPFDPSXV
6SHFLDOL]DWLRQLQ,QIRUPDWLRQ6\VWHPVDQGHï&RPPHUFH2IIHUHGDWERWKWKH3HWHUERURXJK 'XUKDPFDPSXV
6SHFLDOL]DWLRQLQ)LQDQFH2IIHUHGRQO\DWWKH3HWHUERURXJKFDPSXV

&KLWNDUD8QLYHUVLW\DQG7UHQW8QLYHUVLW\DUHFRQWLQXDOO\VWULYLQJWRLPSURYHWKHLUSURJUDPVDQGWKHLUGHOLYHU\
7KHLQIRUPDWLRQFRQWDLQHGLQWKLVIUDPHZRUNLVVXEMHFWWRFKDQJHZLWKRXWQRWLFH

)RUPRUHLQIRUPDWLRQDERXWWKHSURJUDPSOHDVHYLVLWFKLWNDUDHGXLQJOREDO_ZZZWUHQWXFD

&+,7.$5$%86,1(666&+22/_
ï<HDU%$&+(/252)%86,1(66
$'0,1,675$7,21%%$
3URJUDP2EMHFWLYH
ï<HDU,17(*5$7('352*5$0,1
7KH%%$SURJUDPDW&KLWNDUD%XVLQHVV6FKRROSURYLGHVDVWURQJIRXQGDWLRQLQFRUHEXVLQHVVGLVFLSOLQHV
KHOSLQJVWXGHQWVWRDFTXLUHWKHNH\FRPSHWHQFLHVQHHGHGDWDQXQGHUJUDGXDWHOHYHO2XU,QWHQVLYH%%$
SURJUDPIRFXVHVRQHQKDQFLQJWKHDELOLW\WRFRPPXQLFDWHDQDO\]HVLWXDWLRQVDQGWDNHGHFLVLRQVXVLQJ
0$1$*(0(17,30
TXDQWLWDWLYH TXDOLWDWLYHIDFWRUVDQGGHYHORSDKROLVWLFYLHZRIWKHGLIIHUHQWIXQFWLRQDODUHDVDQGWKH
EXVLQHVVHQYLURQPHQW
%%$ï0%$_%&RPï0%$
,QGXVWU\,QWHUQVKLS
6WXGHQWVJRIRUFRPSXOVRU\LQWHUQVKLSZLWKDQ1*2DIWHUWKHILUVW\HDUDQGDQLQGXVWULDORUJDQLVDWLRQDIWHU
7KLVXQLTXHLQWHJUDWHG%%$ï0%$SURJUDPFRQVLVWVRIVHPHVWHUVVSUHDGRYHUDSHULRGRI\HDUVDQGLV
WKHVHFRQG\HDU,WLVDFRPSXOVRU\FRPSRQHQWRIWKHFXUULFXOXPIRUWKHFRPSOHWLRQRIWKHDFDGHPLF
GHVLJQHGWRSURYLGHDPXOWLGLVFLSOLQDU\IRXQGDWLRQERUURZLQJIURPKXPDQLWLHVVRFLDOVFLHQFHVDUWVDQG
SURJUDPDQGLVGHVLJQHGWRSURYLGHH[SRVXUHWRRUJDQLVDWLRQDOZRUNLQJWRKHOSVWXGHQWVGHYHORSDQ
VFLHQFHV7KHFURVVïGLVFLSOLQDU\EXVLQHVVFRUHEXLOGVRQVXFKDIRXQGDWLRQ,WFRPSUHKHQVLYHO\FRYHUV
XQGHUVWDQGLQJRIWKHUHDOFRUSRUDWHZRUOGDQGOHDUQWKHDSSOLFDWLRQRIWKHRUHWLFDOFRQFHSWVLQUHDOïOLIH
PDQDJHPHQWPDUNHWLQJDFFRXQWLQJILQDQFHHFRQRPLFVLQIRUPDWLRQV\VWHPVGDWDVFLHQFHDQGVWUDWHJLF
EXVLQHVVVLWXDWLRQV
PDQDJHPHQW/HFWXUHVFODVVURRPGLVFXVVLRQVH[SHULHQWLDOOHVVRQVFDVHDQDO\VHVVLPXODWLRQVJURXS
SURMHFWVLQWHUQVKLSVDQGPHQWRUVKLSVFUHDWHDOHDUQLQJHQYLURQPHQWWKDWLVDFWLYHDQGLPPHUVLYH$GGLWLRQDOO\
3URJUDP&RQWHQWVDQG$FDGHPLF)UDPHZRUN
WKHSURJUDPRIIHUVOLIHïVNLOOFRXUVHVWKDWIRFXVRQWKHLUKROLVWLFGHYHORSPHQWDVSURIHVVLRQDOO\DQGVRFLDOO\
7KHFRUHFRXUVHVRIPDQDJHPHQWDQGHFRQRPLFZRUOGDUHFRYHUHGLQILUVWVHPHVWHUV7KH\DUHDOVR
UHVSRQVLEOHLQGLYLGXDOV6WXGHQWVZLOOJHWWKHRSSRUWXQLW\WROHDUQDQGJURZDW&KLWNDUD%XVLQHVV6FKRROZKLFK
H[SRVHGWRWKHEDVLFGLVFLSOLQHVRI(FRQRPLFV%HKDYLRUDO6FLHQFHV%XVLQHVV,QWHOOLJHQFH4XDQWLWDWLYH
LVDSUHPLHU%XVLQHVV6FKRRODQGGHYHORSFDSDELOLWLHVWKDWVHQGVLJQDOVWRWKHPDUNHWSODFH
0HWKRGVDQG'HFLVLRQ6FLHQFHV,QWKHILQDO\HDUVWXGHQWVFDQFKRRVHIURPVSHFLDOLVDWLRQVVXFKDV
$QDO\WLFV5HWDLO0DUNHWLQJ5XUDO0DQDJHPHQW%DQNLQJ )LQDQFH(QWUHSUHQHXUVKLS(YHQW0DQDJHPHQW
7KHREMHFWLYHRIWKLVXQLTXHSURJUDPLVWRSUHSDUHFDQGLGDWHVIURPDIRXQGDWLRQOHYHOIRUWDNLQJXSOHDGHUVKLS
+HDOWKFDUHDQG'LJLWDO0DUNHWLQJWRJDLQDQH[WUDHGJH
SRVLWLRQVLQFRUSRUDWHVJRYHUQPHQWRUJDQL]DWLRQV7KH,30SURJUDPLVLQWHQGHGWRPDNHVWXGHQWVWRKDYHD
JOREDOSHUVSHFWLYHWRZDUGVPDQDJHPHQWSUDFWLFH:LWKDQHDUO\LQGXFWLRQWRWKHSURJUDPDQGDULJRURXVDQG
$VWURQJIRFXVRQ0DUNHWLQJFDQKHOSSURYLGHFULWLFDOLQSXWVIRUGHFLVLRQïPDNLQJLQVWUDWHJLFDUHDV,WµV
KROLVWLFFXUULFXOXPRXUVWXGHQWVZLOOGHPRQVWUDWHSUREOHPVROYLQJVNLOOVVXSSRUWHGE\DSSURSULDWHDQDO\WLFDO
LPSRUWDQWUROHLQVWUDWHJLFGHFLVLRQPDNLQJDOVRPDNHVWKHVHFRXUVHVDJRRGFKRLFHIRUWKRVHZLWKLQWHUHVW
WHFKQLTXHVDQGZLOOXVHHWKLFDODQGVRFLDOO\FRQVFLRXVMXGJHPHQWZKLOHDQDO\VLQJEXVLQHVVVLWXDWLRQV7KHILUVW
LQRWKHUILHOGVVXFKDV)LQDQFH(QWUHSUHQHXUVKLSRU2SHUDWLRQV0DQDJHPHQW6RPHPDMRUIRFXVDUHDVDUH
WKUHH\HDUVEXLOGDIRXQGDWLRQLQ%XVLQHVV$GPLQLVWUDWLRQDQG&RPPHUFHDQGWKHODVWWZR\HDUVIRFXVRQ
PDQDJHPHQW
6DOHV 'LVWULEXWLRQ0DQDJHPHQW  'LJLWDO 6RFLDO0HGLD0DUNHWLQJ
3URGXFW %UDQG0DQDJHPHQW  5XUDO0DUNHWLQJ5HWDLO0DUNHWLQJ
(ï&RPPHUFH 0ï&RPPHUFH
7KHILUVW\HDUVRIWKLVSURJUDPKDVIRXUPDMRUHOHPHQWV

&RXUVHVLQ0DWKHPDWLFV6WDWLVWLFVDQG(FRQRPLFVEXLOGDQDO\WLFDOULJRXU
&RXUVHVLQ3V\FKRORJ\6RFLRORJ\DQG3ROLWLFDO6FLHQFHDORQJZLWKFRXUVHVLQ(FRQRPLFVSURYLGHDQ
XQGHUVWDQGLQJRIWKHFRUHGLVFLSOLQHVRQZKLFKWKHVWXG\RIPDQDJHPHQWLVEDVHG
&RXUVHVLQ+XPDQLWLHV/LWHUDWXUHDQG)LQH$UWVSURYLGHEUHDGWKDQGSHUVSHFWLYH
,QWURGXFWLRQWREDVLFFRXUVHVLQ%XVLQHVV0DQDJHPHQWDQG$FFRXQWLQJSURJUDPV

$FRPELQDWLRQRIDQDO\WLFDOULJRXUDQGZLGHH[SRVXUHHTXLSV&KLWNDUDVWXGHQWVIRUOHDGHUVKLSUROHVDQGSRVLWLRQV
RIUHVSRQVLELOLW\LQGLIIHUHQWVHFWRUV$IWHU\HDUVRILQWHQVLYHVWXG\RIIRXQGDWLRQDOGLVFLSOLQHVLQ%XVLQHVVDQG
&RPPHUFHVWXGHQWVIURPWKLVSURJUDPWUDLQDVPDQDJHUVDORQJZLWKWKHVWXGHQWVRI0%$SURJUDPDW&KLWNDUD
%XVLQHVV6FKRRO7KHSURJUDPVWUXFWXUHRIWKLVï<HDU,QWHJUDWHGSURJUDPLV

)XQGDPHQWDO&RXUVHV7KHVWDQGQG<HDUV

6WXGHQWVDUHH[SRVHGWRFRXUVHVLQSKLORVRSK\VRFLRORJ\HFRQRPLFVTXDQWLWDWLYHWHFKQLTXHVDQG
FRPPXQLFDWLRQDPRQJRWKHUV7KHLGHDLVWRHQDEOHVWXGHQWVWROHDUQIURPGLYHUVHGLVFLSOLQHVGHYHORSDEURDG
XQGHUVWDQGLQJDQGJDLQIURPDVWURQJIRXQGDWLRQ$IWHUWKHQG\HDUVWXGHQWVSDUWLFLSDWHLQDFRPSXOVRU\
LQWHUQVKLSLQERWKFRUSRUDWHDQGVRFLDOVHFWRUV

%XVLQHVV&RUHV<HDUVUGDQGWK

6WXGHQWVOHDUQDERXWPDUNHWLQJKXPDQUHVRXUFHVPDQDJHPHQWILQDQFHDQGDFFRXQWLQJRSHUDWLRQV
PDQDJHPHQWDQGEXVLQHVVDQDO\WLFVDPRQJRWKHUWRSLFV7KHWKRXJKWLVWRLQWURGXFHVWXGHQWVWRWKHG\QDPLF
ZRUOGRIPDQDJHPHQWDQGEXVLQHVVLQDQHQJDJLQJPDQQHU

'HHS/HDUQLQJ<HDUWK

6WXGHQWVZLOOGRWKHLULQWHUQVKLSLQEOXHFKLSFRUSRUDWLRQVLQWKHWK<HDUDFURVVLQGXVWU\DQGZLOONLFNVWDUWWKHLU
FRUSRUDWHMRXUQH\IURPWKHUHRQ

&+,7.$5$%86,1(666&+22/_
+DUQHVVWKHSRZHURI
WKH/,%(5$/$576
&RPSOHPHQWLQJRXUEXVLQHVVWUDLQLQJ&KLWNDUD8QLYHUVLW\µVVWURQJOLEHUDODUWVFRUHFXUULFXOXPSURYLGHV
VWXGHQWVZLWKLQYDOXDEOHVNLOOVQHHGHGE\RXUï<HDULQWHJUDWHGPDQDJHPHQWSURJUDP,30JUDGXDWHVWR
H[FHOQRWRQO\LQWKHLUSURIHVVLRQDOFDUHHUVEXWLQDOODVSHFWVRIOLIH7KHFRUHRIIHUVLQVWUXFWLRQLQVXFK
GLYHUVHVXEMHFWDUHDVDVZULWLQJKLVWRU\SKLORVRSK\WKHRORJ\VRFLDOVFLHQFHDQGDIRUHLJQODQJXDJH

%\LQWHJUDWLQJPDQDJHPHQWDQGOLEHUDODUWVFRXUVHVVWXGHQWVDUHDOVRZHOOSUHSDUHGWRZRUNRQFRPSOH[
WHFKQLFDOSUREOHPVWKDWUHTXLUHPXOWLïGLVFLSOLQDU\WHDPVWRREWDLQHIIHFWLYHVROXWLRQV7KHGHYHORSPHQWRI
ZULWWHQDQGRUDOFRPPXQLFDWLRQVNLOOVLVHPSKDVLVHGWKURXJKRXWWKHFXUULFXOXP7KHWRWDOH[SHULHQFH
SURYLGHGLQRXUFXUULFXOXPLVGHYLVHGWRHQDEOH&KLWNDUD8QLYHUVLW\VWXGHQWVWRGHYHORSFUHDWLYHVROXWLRQVWR
WHFKQLFDOSUREOHPVDQGFRPPXQLFDWHWKHVHHIIHFWLYHO\ZKLOHEHLQJHQJDJHGLQGHWDLOHGDQDO\VLVDQGGHVLJQDV
ZHOODV0DQDJHPHQWSURMHFWV

&KLWNDUD8QLYHUVLW\WDNHVDKROLVWLFDSSURDFKWRZDUGVPDQDJHPHQWHGXFDWLRQDQGLVORRNLQJWRSURYLGH
FRXUVHVRQKLVWRU\FXOWXUHFRPPXQLFDWLRQGLYHUVLW\DQGVRRQWRSURYLGHVRIWVNLOOVWRRXUJUDGXDWHV
7KHï<HDU,30SURJUDPDW&KLWNDUD%XVLQHVV6FKRROFRPELQHFODVVURRPDQGUHDOOLIHOHDUQLQJLQWHFKQLFDO
DUHDVZLWKDEURDGOLEHUDODUWVFXUULFXOXPDQGLQGXVWU\DVVLJQPHQWVWRJLYH\RXDQ(GXFDWLRQWXQHGWRWKH
VW&HQWXU\ZDYHOHQJWK
$IWHUILQLVKLQJWKHILUVWUG\HDURIWKHSURJUDPVWXGHQWVZLOOEHMRLQLQJWKH0%$SURJUDP
DW&KLWNDUD%XVLQHVV6FKRRODQGZLOOKDYHRSWLRQWRFKRRVHWKHIROORZLQJVSHFLDOLVDWLRQV

0DUNHWLQJ   )LQDQFH %DQNLQJ

 ,QYHVWPHQW%DQNLQJ  %XVLQHVV$QDO\WLFV
6XSSO\&KDLQ0DQDJHPHQW +HDOWKFDUH0DQDJHPHQW

&+,7.$5$%86,1(666&+22/_
%%$352*5$0:,7+
VSHFLDOLVDWLRQLQ
/2*,67,&6 6833/<&+$,10$1$*(0(17
,QUHFHQWWLPHVWKHGDZQRIWKHGLJLWDODJHKDVEURXJKWDERXWZKROHVDOHWUDQVIRUPDWLRQLQWKHZRUOGRI
FRPPHUFH2QO\WZHQW\\HDUVDJRWKHVHSURFHVVHVZHUHDUGXRXVODERULQWHQVLYHWLPHFRQVXPLQJDQG
GLVRUJDQLVHG,WPD\QRZVHHPOLNHDQFLHQWKLVWRU\GHOLYHU\WLPHVKDYHJRQHIURPWZRZHHNVWRDPRQWKGRZQWR
DWXUQDURXQGRIKRXUVLQVRPHFDVHV$XWRPDWHGV\VWHPVDQGKLJKïVSHHGFRPPXQLFDWLRQKDYHSDYHGWKHZD\
IRU/RJLVWLFV 6XSSO\&KDLQ0DQDJHPHQWDQGLWVLQFUHDVHGGHPDQG

6XSSO\&KDLQLQGXVWU\LVWKHEDFNERQHRIWKH,QGLDQHFRQRP\DQGLVRQHRIWKHODUJHVWHPSOR\PHQWJHQHUDWRUVLQ
WKHFRXQWU\2XU%%$SURJUDPFRYHUVDZLGHVSHFWUXPRIWRSLFVOLNH7UDQVSRUWDWLRQ0DQDJHPHQW/HDQ6XSSO\
&KDLQ6WUDWHJLF6RXUFLQJ:DUHKRXVLQJ3HUIRUPDQFHïEDVHG/RJLVWLFV&RQVWUDLQWV0DQDJHPHQW6XSSO\&KDLQ
1HWZRUN'HVLJQDQG'HPDQG0DQDJHPHQWWRSURYLGHDFRPSOHWHOHDUQLQJSDFNDJHWRRXUVWXGHQWV

7KHLQWURGXFWLRQRIWKH*RRGVDQG6HUYLFHV7D[*67OLEHUDOLVLQJIRUHLJQGLUHFWLQYHVWPHQW)',UXOHVDQG

LQFUHDVHGJRYHUQPHQWVSHQGLQJKDVKHOSHGVSXUJURZWKLQWKH6XSSO\&KDLQ0DQDJHPHQWVHFWRU,QGLDµV
DVSLUDWLRQWREHFRPHDJOREDOPDQXIDFWXULQJSRZHUKRXVHDQGWKHJRYHUQPHQWVSRWOLJKWRQ´0DNHLQ,QGLDµDOVR
FRPSHOVQDWLRQZLGHVXSSO\FKDLQUHIRUPSURPSWLQJVHYHUDOIHGHUDODQGVWDWHïEDVHGVFKHPHVDQGLQYHVWPHQW
LQFHQWLYHV/RJLVWLFVVHFWRUDFWVDVWKHEDFNERQHRIJURZWKIRUDFRXQWU\,QGLDLVRQHRIWKHIDVWHVWJURZLQJ
HFRQRPLHVLQWKHZRUOG$QGWRVXSSRUWWKHSDFHRIWKHHFRQRP\WKHJURZWKRIWKHORJLVWLFVDQG6&0LQGXVWU\LV
YHU\FUXFLDODVLWFRQWULEXWHVWRRIWKHFRXQWU\µV*'30DUNHWYDOXHRIORJLVWLFVKDVDOUHDG\FURVVHG
WULOOLRQPDUNZKLFKDFFRXQWVIRUPRUHWKDQRIWKHJOREDO*'3
352*5$029(59,(:
7KH%%$SURJUDPLQ/RJLVWLFV 6XSSO\&KDLQ0DQDJHPHQWDW&KLWNDUD%XVLQHVV6FKRROLVGHVLJQHGWRSURYLGH
VWXGHQWVZLWKDIXQGDPHQWDOXQGHUVWDQGLQJRIFRPSDQ\µV6XSSO\&KDLQ0DQDJHPHQWIURPDJOREDOSHUVSHFWLYH
ZLWKDQHPSKDVLVRQOHYHUDJLQJWKHHIIHFWVRIWKHRSHUDWLRQVDQG6XSSO\&KDLQ0DQDJHPHQWRQEXVLQHVV
SHUIRUPDQFHDQGREMHFWLYHV7KHSURJUDPZLOOSUHSDUH6XSSO\&KDLQ0DQDJHUVZKRZLOOEHDEOHWRZRUNDURXQG
WKHZRUOGDQGKHOSFRPSDQLHVEXLOGDFRPSHWLWLYHHGJHEDVHGRQKLJKOHYHOVRIWHFKQLFDODQGPDQDJHULDO
FRPSHWHQFHJDLQHGRQWKHMREDQGLQWKHFODVVURRP


7KH%%$LQ/RJLVWLFV 6XSSO\&KDLQ0DQDJHPHQWSURJUDPFRPELQHVWKRURXJKWUDLQLQJLQFRUHEXVLQHVV
DGPLQLVWUDWLRQVNLOOVZLWKLQïGHSWKHGXFDWLRQLQXQGHUVWDQGLQJRIVWUDWHJLFEXVLQHVVLVVXHVDFURVV/RJLVWLFV
3URMHFW0DQDJHPHQWDQG6XSSO\&KDLQ/LIH&\FOH0DQDJHPHQW&KLWNDUD8QLYHUVLW\JUDGXDWHVZLOOEHDEOHWR

 (YDOXDWHFRPSOH[TXDOLWDWLYHDQGTXDQWLWDWLYHGDWDWRVXSSRUWVWUDWHJLFDQGRSHUDWLRQDOGHFLVLRQV
 'HYHORSFRPSUHKHQVLYHVWUDWHJLFDQGWDFWLFDOSODQVIRUDQRUJDQLVDWLRQ
 8VHFUHDWLYHFULWLFDODQGUHIOHFWLYHWKLQNLQJWRDGGUHVVRUJDQLVDWLRQDORSSRUWXQLWLHVDQGFKDOOHQJHV
$SSO\SUREOHPVROYLQJDQGGHFLVLRQPDNLQJIUDPHZRUNVWKDWSURSRVHGHIHQVLEOHVROXWLRQVWRRUJDQLVDWLRQDO
RSSRUWXQLWLHVFKDOOHQJHVFKDQJHDQGULVN
&RUUHODWHNH\UHVSRQVLELOLWLHV LQWHUUHODWLRQVKLSVRIDOOVWDNHKROGHUVLQDQRUJDQLVDWLRQµVVXSSO\FKDLQ
 $SSUDLVHWKHLPSRUWDQFHRIWKHGHVLJQDQGUHGHVLJQRIDVXSSO\FKDLQDVNH\FRPSRQHQWVRIDQ
RUJDQLVDWLRQµVVWUDWHJLFSODQ
 &RQILJXUHDVXSSO\FKDLQIRUDQRUJDQLVDWLRQIURPDJOREDOSHUVSHFWLYHWKDWDFFRXQWVIRUFRPPHUFLDOVRFLDO
DQGOHJDOLPSOLFDWLRQV
 2SWLPLVHWKHYDOXHWRFXVWRPHUVPDUNHWVDQGRWKHUVWDNHKROGHUVWKURXJKWKHDSSOLFDWLRQRIVWDQGDUG
IUDPHZRUNVDQGPRGHOVZKLFKHQFRPSDVVVXSSO\FKDLQSURFHVVDQDO\VLVDQGLQQRYDWLRQ
 'HVLJQFRRUGLQDWHGDQGFROODERUDWLYHSURFHVVHVDQGDFWLYLWLHVDPRQJWKHEXVLQHVVSDUWQHUVLQDVXSSO\
FKDLQOHYHUDJLQJFXUUHQWDQGHPHUJLQJWHFKQRORJLHV
 (YDOXDWHWKHLPSOLFDWLRQVRIJOREDOLVDWLRQDQGRURXWVRXUFLQJFRPSRQHQWVRIWKHYDOXHFKDLQ
 $SSUDLVHWKHLQWHUGHSHQGHQFHEHWZHHQILQDQFLDOQRQïILQDQFLDODQGRSHUDWLRQDOPHWULFVXVHGLQYDOXHFKDLQ
DQDO\VLVDQGWKHLULPSDFWRQEXVLQHVVPDQDJHPHQWSURFHVVHV
 'LVFXVVWKHLPSDFWRIJHRïSROLWLFDODQGWHFKQRORJLFDOWUHQGVGHYHORSPHQWVRQWKHYDOXHFKDLQ

&+,7.$5$%86,1(666&+22/_
&$5((5237,216
7KH/RJLVWLFV 6XSSO\&KDLQ,QGXVWU\LVDQLPSRUWDQWGULYHURIHFRQRPLFJURZWKDQGGHYHORSPHQW$OOW\SHVRI
EXVLQHVVHVELJDQGVPDOOQHHGORJLVWLFVPDQDJHUVWRKHOSZLWKLQYHQWRU\DQGDFFRXQWVUHFHLYDEOH$VPDOO
EXVLQHVVPD\KDYHRQHSHUVRQLQFKDUJHRIWKHVHGXWLHVZKLOHODUJHFRUSRUDWLRQVKDYHHQWLUHORJLVWLFVDQGVXSSO\
FKDLQGHSDUWPHQWV

,QWKHSUHVHQWVFHQDULRWKHUHLVDQDFXWHVKRUWDJHRIWUDLQHGPDQSRZHULQWKH6XSSO\&KDLQ,QGXVWU\$FFRUGLQJ
WR,QGXVWU\HVWLPDWHVWKHGHPDQGIRUVNLOOHGPDQSRZHULQWKLVLQGXVWU\ZLOOEHDSSUR[LPDWHO\PLOOLRQLQWKH
\HDU'LUHFWRUDWHRI6NLOO'HYHORSPHQW&HQWUH*RYHUQPHQWRI,QGLD.HHSLQJSDFHZLWKWKHFKDQJLQJWUHQGV
LQWKHLQGXVWU\DQGYDULHGUHTXLUHPHQWVRIFRUSRUDWH&KLWNDUD8QLYHUVLW\µVIRFXVLVRQLPSDUWLQJSUDFWLFDO
WUDLQLQJUHTXLUHGIRUMREV2XUJUDGXDWHVFDQH[SORUHUROHVDV

/RJLVWLFV 'LVWULEXWLRQ0DQDJHU_6XSSO\&KDLQ$QDO\VW_6XSSO\&KDLQ&RRUGLQDWRU_6XSSO\&KDLQ0DQDJHU
6XSSO\&KDLQ&RQVXOWDQW_([SHGLWRU_0DWHULDOV3ODQQHU_3URGXFWLRQ3ODQQHU_6DOHV2UGHU3ODQQHU_0DVWHU
6FKHGXOHU_'HPDQG3ODQQHU_3URGXFWLRQ3ODQQHU_$VVLVWDQW%X\HU_3XUFKDVLQJ$VVLVWDQW%X\HU_3XUFKDVLQJ
&RQVXOWDQW_3URFXUHPHQW&RQVXOWDQW
6RPHRIWKHPDMRUFRPSDQLHVZKRUHFUXLWRXUJUDGXDWHVDUH

&+,7.$5$%86,1(666&+22/_
%%$352*5$0,1
5(7$,/23(5$7,216
LQFROODERUDWLRQZLWK

4'6#+.

&KLWNDUD8QLYHUVLW\KDVEHHQQRPLQDWHGE\WKH0LQLVWU\RI+XPDQ5HVRXUFH'HYHORSPHQW*RYHUQPHQWRI
,QGLDDVRQHRIWKHIHZLQVWLWXWLRQVLQ,QGLDWRLQLWLDWHWKHSURJUDPLQ%%$5HWDLO2SHUDWLRQVLQ
FROODERUDWLRQZLWK5HWDLOHUV
$VVRFLDWLRQ6NLOO&RXQFLORI,QGLD5$6&,DQG,QGLDµVOHDGLQJUHWDLOFRPSDQ\ï
5HOLDQFH5HWDLO

ï<HDU%%$LQ5HWDLO2SHUDWLRQVRIIHUVGLUHFWJDWHZD\WRLQGXVWU\ZLWKPDQGDWRU\SUDFWLFDOH[SRVXUHLQ
UHWDLOVWRUHVDQGHPSOR\HHUHWHQWLRQGHVLJQ6WXGHQWVVHOHFWHGIRUWKHSURJUDPZLOOJHWVWLSHQGIURP
LQGXVWU\SDUWQHUVLQFHEHJLQQLQJRIWKHSURJUDP7KHFXUULFXOXPLQFOXGHVJHQHUDOHGXFDWLRQDQGVNLOO
GHYHORSPHQWFRPSRQHQWVKDYLQJH[WHQVLYHSUDFWLFDODQGRQïWKHïMREWUDLQLQJLQ5HOLDQFH5HWDLOVWRUHV

5(7$,/0$1$*(0(17,1,1',$
,QGLDQ5HWDLO0DUNHWLVRQHRIWKHWRSHPHUJLQJPDUNHWVLQWKHZRUOG)RU,QGLDQ(FRQRP\WKHUHWDLOVHFWRU
LVRQHRIWKHSLOODUVZKLFKFRQWULEXWHVWRZDUGVDJURZWKUDWHRIDSSUR[LPDWHO\RIWKHWRWDO*'3DQGWKH
WRWDOHPSOR\PHQWLVDURXQG$FFRUGLQJWRWKHODWHVWVWXGLHV,QGLDQUHWDLOPDUNHWLVUDQNHGDPRQJVWWKH
WRSUHWDLOPDUNHWVZRUOGZLGHHVWLPDWHGDURXQG%LOOLRQ86'ROODUV,QGLDQ5HWDLOLQGXVWU\LVH[SHFWHGWR
KDYHDEULJKWIXWXUHDQGRIIHUVQXPHURXVRSSRUWXQLWLHVIRUSURJUHVVDQGJURZWK

$FFRUGLQJWR*5',UHSRUWVVRPHIDYRUDEOHIDFWRUVZKLFKVXSSRUWWKHJURZWKRIUHWDLOEXVLQHVVDUHULVHLQ
IDVKLRQORYLQJDQGEUDQGFRQVFLRXV\RXQJSRSXODWLRQH[WHQVLYHXUEDQL]DWLRQDQGH[SDQVLRQRI
RSSRUWXQLWLHVIRUQHZLQYHVWPHQWLQUHWDLOVHFWRU

2ULJLQVRIUHWDLOLQJLQ,QGLDFDQEHWUDFHGEDFNWRWKHHPHUJHQFHRINLUDQDDQGPRP SRSVWRUHVEXWZLWK
,QGLDQHFRQRP\JHWWLQJOLEHUDOLVHGLQHDUO\VPDQ\LQGLJHQRXVIUDQFKLVHVWRUHVSURSSHGXS'RPHVWLF
SOD\HUVOLNH5D\PRQG%RPED\'\HLQJHWFVWDUWHGWRIRUZDUGLQWHJUDWHIURPPDQXIDFWXULQJWRUHWDLOLQJ
WKHUHE\FDWHULQJWRDODUJHUEDVHRIFXVWRPHUV&XUUHQWO\GULYHQE\VWURQJPDFURHFRQRPLFIDFWRUV,QGLDLV
RQHRIWKHIDVWHVWJURZLQJHFRQRPLHVJOREDOO\DQGWKHIRXUWKODUJHVWUHWDLOPDUNHWLQWKHZRUOG,WWKXVKROGV
DYHU\VWURQJSRVLWLRQDVIDUDVLWVPDUNHWSRWHQWLDOLVFRQFHUQHG,WSURYLGHVDVWURQJSODWIRUPIRU
FRQVXPHUVGLVWULEXWRUVPDQXIDFWXUHUVDQGDQFLOODU\VHFWRUVOLNHWUDQVSRUWDWLRQORJLVWLFVFROGFKDLQVHWF
5HWDLOHUVDUHFRQWLQXRXVO\WU\LQJWRIXOO\WDSWKHGHSWKRIWKLVSRWHQWLDOE\PDNLQJXVHRIODWHVWWHFKQRORJLHV
DORQJZLWKQH[WJHQHUDWLRQWRROVOLNHGDWDDQDO\WLFVVRFLDOFRPPHUFH&50VROXWLRQVHWFZKLFKIRUPWKH
EDFNERQHRIPRGHUQUHWDLOLQJ

7KHEXUJHRQLQJPLOOHQQLDOSRSXODWLRQJURZLQJPLGGOHLQFRPHKRXVHKROGVDQGLQFUHDVLQJZRPHQZRUNIRUFH
SURYLGHDKLJKO\SRVLWLYHRXWORRNIRUWKHUHWDLOEXVLQHVVHVLQ,QGLD)XHOOHGE\WKHVHIDFWRUVWKH,QGLDQUHWDLO
LQGXVWU\LVH[SHFWHGWRJURZIURP86ELOOLRQLQ)<WR86ELOOLRQE\)<DVWKHRYHUDOO
HFRQRP\FURVVHVWKH86WULOOLRQPDUN
 4'6#+.

6LQFHLWVLQFHSWLRQLQ5HOLDQFH5HWDLOKDVJURZQWREHFRPH,QGLD
VODUJHVWUHWDLOHUGHOLYHULQJVXSHULRU
YDOXHWRLWVFXVWRPHUVVXSSOLHUVDQGVKDUHKROGHUV7KHLUQDWLRQZLGHQHWZRUNRIUHWDLORXWOHWVGHOLYHUVD
ZRUOGïFODVVVKRSSLQJHQYLURQPHQWDQGXQPDWFKHGFXVWRPHUH[SHULHQFHSRZHUHGE\RXUVWDWHïRIïWKHïDUW
WHFKQRORJ\DQGVHDPOHVVVXSSO\ïFKDLQLQIUDVWUXFWXUH

5WRGT

5$6&,LVDQRWïIRUïSURILWLQGHSHQGHQWSXEOLFOLPLWHGRUJDQLVDWLRQHVWDEOLVKHGXQGHU6HFWLRQRIWKH
&RPSDQLHV$FWDQGUHSUHVHQWVWKH5HWDLO,QGXVWU\LQ,QGLD,WKDVEHHQIXQGHGE\WKH*RYWRI,QGLDDORQJZLWK
(TXLW\SDUWLFLSDWLRQIURP5HWDLOHU
V$VVRFLDWLRQRI,QGLD5HOLDQFH5HWDLO/WG)XWXUH5HWDLO,QGLD/WG
6KRSSHUV6WRS/WG*OREXV6WRUHV3/WG7UHQW/WG,QILQLWL5HWDLO/WGDQG&RQQDXJKW3OD]D5HVWDXUDQW3
/WGWRIXQFWLRQDVWKH$SH[6NLOO'HYHORSPHQW&RXQFLOIRU5HWDLO,QGXVWU\

&+,7.$5$%86,1(666&+22/_
5(7$,/0$1$*(0(17352*5$0
5HWDLOPDQDJHPHQWKDVEHFRPHRQHRIWKHIDVWHVWJURZLQJFDUHHULQWKHLQGXVWU\ZLWKWKHWUHPHQGRXVJURZWK
LQWKHHFRQRP\5HWDLO0DUNHWRI,QGLDLVWKHPRVWDWWUDFWLYHDQGHPHUJLQJPDUNHWLQWKHZRUOGDQGKDV
GHPDQGHGDJUHDWHUQXPEHURIWUDLQHGSURIHVVLRQDOVLQWKLVILHOG5HWDLOLQJLVDG\QDPLFLQGXVWU\FRPSULVLQJ
DYDVWYDULHW\RIVHFWRUVDQGKRPHWRVRPHRIWKHZRUOG
VELJJHVWFRPSDQLHV&DQGLGDWHVZLWKWKHUHWDLO
PDQDJHPHQWFDQVWDUWFDUHHULQVXSHUYLVRU\FOLHQWFRPPXQLFDWLRQPHUFKDQGLVHVKLSPHQWVDOHV
PDQDJHPHQWDQGDGPLQLVWUDWLYHVHUYLFHV

2XU%%$3URJUDPLQ5HWDLO0DQDJHPHQWSUHSDUHVWKHQH[WJHQHUDWLRQRIOHDGHUVIRUSURIHVVLRQDOFDUHHUVLQD
G\QDPLFDQGHYROYLQJVHFWRURIWKHJOREDOHFRQRP\,WSURYLGHVDVROLGIRXQGDWLRQLQEX\LQJPHUFKDQGLVLQJ
VWUDWHJLFSODQQLQJGLJLWDOUHWDLOLQJRSHUDWLRQVPDQDJHPHQWFXVWRPHUH[SHULHQFHGHVLJQWKURXJKLQïVWRUH
RQOLQHDQGPRELOHFKDQQHOVJOREDOLVVXHVEUDQGRUFDWHJRU\PDQDJHPHQWVRFLDOPHGLDDQGPXFKPRUH

7KHSURJUDPLVGHVLJQHGWRGHYHORSHIIHFWLYHOHDGHUVKLSDQGDQDO\WLFVNLOOVWRZDUGDVWUDWHJLFXQGHUVWDQGLQJ
RIVKRSSHULQVLJKWVDQGGULYHUVRIWKHYDOXHFKDLQ
352*5$0+,*+/,*+76
7KHGXUDWLRQRIWKHSURJUDPLVWKUHH\HDUVFRQVLVWLQJRIVL[VHPHVWHUVZLWKDWKRXJKWIXOPL[RIVNLOOV
UHODWLQJWRSURIHVVLRQDOHGXFDWLRQDQGJHQHUDOHGXFDWLRQRQFUHGLWEDVHGV\VWHP
7KHVXFFHVVIXOVWXGHQWVZLOOEHDZDUGHG'HJUHHRIFRPSOHWLRQLQERWK6NLOOVDQG*HQHUDO(GXFDWLRQ
&RPSRQHQWVRIWKHFXUULFXOXPE\&KLWNDUD8QLYHUVLW\
7KHVWXGHQWVHQUROOHGLQWKHSURJUDPZLOODWWHQGWKHFODVVHVIRUIRXUGD\VIROORZHGE\RQïWKHïMRE
WUDLQLQJIRUGD\VDW5HOLDQFH5HWDLOVWRUHV
7KHFRXUVHSODFHVLPPHQVHYDOXHRQWKHRQïWKHïMREWUDLQLQJFRPSRQHQWZLWKDQREMHFWLYHWRDOORZ
VWXGHQWVWRKDYHFRPSUHKHQVLYHNQRZOHGJHRIWKHG\QDPLFUHWDLOHQYLURQPHQWLQ,QGLDZLWKRQHRIWKH
ODUJHVWUHWDLOEUDQG5HOLDQFH5HWDLO/LPLWHG
7KLVSURJUDPLQWHJUDWHVZRUNH[SHULHQFHLQWKHILHOGRIUHWDLORSHUDWLRQVZLWKLQWKHHQWLUHGXUDWLRQRI
WKHFRXUVHLWVHOIZLWKPRQWKO\VWLSHQGRI5VRQFHHQUROOHGRQZZZDSSUHQWLFHVKLSLQGLDRUJ
VXFFHVVIXOO\
'HVHUYLQJHOLJLEOHVWXGHQWVZLOOEHSODFHGGLUHFWO\LQ5HOLDQFH5HWDLO/LPLWHGDFURVVFRXQWU\RQ
VXFFHVVIXOFRPSOHWLRQRIWKHSURJUDP

&$5((5237,216
5HWDLOLQJLVDG\QDPLFLQGXVWU\FRPSULVLQJDYDVWYDULHW\RIVHFWRUVDQGKRPHWRVRPHRIWKHZRUOG
V
ELJJHVWFRPSDQLHV&DQGLGDWHVZLWKWKHUHWDLOPDQDJHPHQWFDQVWDUWFDUHHULQVXSHUYLVRU\FOLHQW
FRPPXQLFDWLRQPHUFKDQGLVHVKLSPHQWVDOHVPDQDJHPHQWDQGDGPLQLVWUDWLYHVHUYLFHV5HWDLO
PDQDJHPHQWRIIHUVPRUHWKDQPLOOLRQMRERSSRUWXQLWLHVDFURVVWKHZRUOG

$IWHUVXFFHVVIXOFRPSOHWLRQRIWKHSURJUDPVWXGHQWVFDQZRUNDV
5HWDLO0DQDJHU_6WRUH0DQDJHU_5HWDLO%X\HU_0HUFKDQGLVHU_ $QDO\VW_6XSSO\&KDLQ'LVWULEXWHU
0DUNHWLQJ([HFXWLYH_:DUHKRXVH0DQDJHU_%UDQG0DQDJHU_&XVWRPHU&DUH([HFXWLYHV,PDJH
3URPRWHU0HUFKDQGLVH0DQDJHU_'HSDUWPHQW0DQDJHU

&+,7.$5$%86,1(666&+22/_
%%$352*5$0,1
),17HFK
7KHILQDQFLDOVHUYLFHVLQGXVWULHVDUHHYROYLQJUDSLGO\ZLWKWKHHPHUJHQFHRIILQDQFLDOWHFKQRORJ\)LQ7HFK
7KHREMHFWLYHRIWKHFRXUVHLVWRSURYLGHVWXGHQWVZLWKDQRYHUYLHZRI)LQ7HFKDQGLQWURGXFWLRQVWRLWV
DSSOLFDWLRQVLQILQDQFLDOVHUYLFHVVXFKDVFRPPHUFLDODQGLQYHVWPHQWEDQNLQJGLJLWDOLQYHVWLQJILQDQFLDO
DGYLVLQJDQGLQVXUDQFH6WXGHQWVDUHH[SHFWHGWRGHYHORSDEURDGXQGHUVWDQGLQJRIWKHUHFHQW)LQ7HFK
GHYHORSPHQWDQGLWVLPSDFWRQGLIIHUHQWSDUWVRIWKHILQDQFLDOZRUOG6WXGHQWVZLOODOVRKDYHKDQGVïRQ
SUREOHPïVROYLQJH[SHULHQFHVWKDWFDQEHXVHIXOLQ)LQ7HFKDSSOLFDWLRQVDQGLQQRYDWLRQ7RSLFVPD\LQFOXGH
EXWDUHQRWOLPLWHGWR%ORFNFKDLQDQG&U\SWRFXUUHQFLHVVPDUWFRQWUDFWLQJSD\PHQWVGLJLWDOEDQNLQJ33
OHQGLQJ&URZGIXQGLQJ5RERïDGYLVLQJDQG,QVXU7HFK
352*5$029(59,(:
7KHJOREDO)LQ7HFKPDUNHWVL]HLVH[SHFWHGWRUHDFK86'%QE\WKHHQGRIJURZLQJDWD&$*5RI
DFFRUGLQJWKHODWHVW*ROGPDQ6DFK5HSRUW)LQDQFLDO6HUYLFHVLQGXVWU\LVFXUUHQWO\ZLWQHVVLQJDKXJH
WUDQVIRUPDWLRQGULYHQE\LQQRYDWLYHWHFKQRORJLHVVXFKDV%ORFNFKDLQ$UWLILFLDO,QWHOOLJHQFH&ORXG&RPSXWLQJ
,QWHUQHWRI7KLQJVDQG0RELOH&RPSXWLQJ2YHUWKHSDVWGHFDGHPDQ\QHZ)LQ7HFKILUPVKDYHGLVUXSWHGWKH
FRQYHQWLRQDOILQDQFLDOVHUYLFHVLQGXVWU\E\OHYHUDJLQJWKHVHQHZWHFKQRORJLHVDQGRIIHULQJFXVWRPLVHGYDOXH
DGGHGVHUYLFHVLQDUDSLGPDQQHU
7KHUHLVDKXJHGHPDQGIRUSURIHVVLRQDOVZLWKWKHULJKWVNLOOVHWVDQGXQGHUVWDQGLQJRIKRZWKHVHHPHUJLQJ
WHFKQRORJLHVFDQEHDSSOLHGLQWKHILQDQFLDOVHUYLFHVLQGXVWU\7KLVSURJUDPHQDEOHVWKHSDUWLFLSDQWVWR
XQGHUVWDQGDQDO\VHDQGHIIHFWLYHO\OHYHUDJHWKHHPHUJLQJILQDQFLDOLQQRYDWLRQVDQGEHFRPHDSDUWRIWKHQHZ
)LQ7HFKUHYROXWLRQ

352*5$02%-(&7,9(
7KHXQGHUJUDGXDWHSURJUDPLQ%DFKHORURI%XVLQHVV$GPLQLVWUDWLRQLQ)LQDQFH7HFKQRORJ\%%$)LQ7HFKDW
&KLWNDUD%XVLQHVV6FKRROKDVEHHQGHVLJQHGWRSUHSDUH\RXQJPLQGVZLWKDNHHQLQWHUHVWLQILQDQFHWRWDNHXS
FKDOOHQJLQJSRVLWLRQVLQWKHILQDQFLDOVHJPHQW

7KLVLQGXVWU\ïOHGSURJUDPSURYLGHVWKHSODWIRUPIRUVWXGHQWVDVSLULQJWRHVWDEOLVKWKHLUSUHVHQFHLQWKH)LQï7HFK
GRPDLQWRWUDLQDQGHTXLSWKHPVHOYHVWREHDEOHWRPHHWWKHFKDOOHQJHVRIDFDUHHULQWKLVVHFWRUWKDWLVZLWQHVVLQJ
DQXPEHURIWHFKQRORJLFDOGLVUXSWLRQïOHGFKDQJHV

7KH)LQï7HFKVHJPHQWKDVHYROYHGUDSLGO\RYHUWKH\HDUVSUHVHQWLQJH[FLWLQJDQGFKDOOHQJLQJRSSRUWXQLWLHVLQ
GRPDLQVVSDQQLQJDFURVV%DQNLQJ&DSLWDO0DUNHWV'LJLWDO)LQDQFHDQG$OWHUQDWLYH)LQDQFH7RPHHWWKLV
FKDOOHQJHDQGFDSLWDOLVHRQWKHVHHPHUJLQJRSSRUWXQLWLHVWKHFXUULFXOXPRIWKLVWKUHH\HDU%%$)LQ7HFK+RQRXUV
SURJUDPKDVEHHQWDLORUHGWRHQDEOHWKHVWXGHQWVWRJDLQLQïGHSWKFRQFHSWXDOXQGHUVWDQGLQJDQGKDQGVïRQ
H[SHULHQFHLQWKHHPHUJLQJ)LQï7HFKVSDFHDVZHOODVH[SRVLQJWKHPWRWKHRWKHUIXQFWLRQDODUHDVRIPDQDJHPHQW
6WXGHQWVZLOOEHHQFRXUDJHGWRSXUVXHVHYHUDOYDOXHïDGGHGFRXUVHVWRVWUHQJWKHQWKHLUNQRZOHGJHRI)LQDQFHDQG
7HFKQRORJ\PHDQWWRDLGILQDQFLDOGHFLVLRQPDNLQJ,QDGGLWLRQWRWKLVWKH\ZLOOEHJLYHQWKHRSSRUWXQLW\IRU
LQWHUGLVFLSOLQDU\OHDUQLQJWKURXJKYDULRXVJHQHULFHOHFWLYHVIURPWKHVWUHDPVRI(FRQRPLFV3V\FKRORJ\
(FRQRPLFVDQG/DZDQG&RPSXWHU$SSOLFDWLRQV

&+,7.$5$%86,1(666&+22/_
352*5$06758&785(
<($5
)RXQGDWLRQ&RXUVHVLQ)LQDQFHDQG7HFKQRORJ\
*HQHUDO0DQDJHPHQW&RXUVHV
%XVLQHVV6WDWLVWLFVDQG0DWKHPDWLFV
,QWHUGLVFLSOLQDU\&RXUVHV
6RFLDO5HVSRQVLELOLW\3URMHFW
<($5
0DQDJHPHQW)XQFWLRQDO'RPDLQ&RXUVHV
,QGXVWU\5HYLHZ3URMHFW
(QWUHSUHQHXUVKLS'HYHORSPHQW&RXUVHV
,QGXVWU\0HQWRULQJ3URJUDPV
,QWHUPHGLDWH/HYHO)LQ7HFK&RXUVHV
<($5
 %XVLQHVV5HVHDUFK'LVVHUWDWLRQ
 9DOXH$GGHG&HUWLILFDWH&RXUVHV
 ,QWHQVLYH,QGXVWU\,PPHUVLRQ3URJUDP
 7HFKQRORJ\$SSOLHG$GYDQFHG)LQDQFH&RXUVHV
.(<(;3(57,6(2))(5('
)LQDQFLDO$QDO\WLFVDQG5LVN0DQDJHPHQW
7HFKQRORJLFDO$JLOLW\
3URFHVV,PSURYHPHQW8VLQJ%ORFNFKDLQ
)LQDQFLDO'DWD0RGHOOLQJ8VLQJ3\WKRQDQG5
$SSOLHG4XDQWLWDWLYH)LQDQFHIRU75$',1*$1'
3RUWIROLR0DQDJHPHQW
%LJ'DWDKDQGOLQJXVLQJ$,DQG0DFKLQH/HDUQLQJ
$VSDUWRIWKHFXUULFXOXPZHKDYHDQH[WHQVLYHLQGXVWU\QHWZRUNWRSURYLGHVWXGHQWVZLWKRSSRUWXQLWLHVWR
XQGHUVWDQGWKHLQGXVWU\WUHQGVDQGUHTXLUHPHQWV&DUHIXOO\FKRVHQUHDOïZRUOGFDVHV DVVLJQPHQWVDUHERWK
GLVFXVVHGDQGXVHGDVSUREOHPïVROYLQJH[HUFLVHVGXULQJWKHSURJUDP

7KHODVWVHPHVWHURIIHUVDQRSSRUWXQLW\IRUOHDUQHUVWRDSSO\WKHLUNQRZOHGJHJDLQHGGXULQJWKHSURJUDPWRDUHDOï
ZRUOGOLNHFRPSOH[SURMHFW7KHOHDUQHULVH[SHFWHGWRGHPRQVWUDWHXQGHUVWDQGLQJRIYLWDOSULQFLSOHVOHDUQWDFURVV
VHPHVWHUVDQGWKHLUDELOLW\WRVXFFHVVIXOO\DSSO\WKHVHFRQFHSWV

&$5((5237,216
,WLVDQLQGXVWU\ïOHGFRXUVHZKLFKZLOOJLYHUHOHYDQWSUDFWLFDOH[SRVXUHWRVWXGHQWV
0XOWLïQDWLRQDOEDQNVDQG)LQ7HFKFRPSDQLHVDUHUHFUXLWLQJEDQNLQJDQGWHFKQRORJ\SURIHVVLRQDOVLQODUJH
QXPEHUVLQ,QGLD
6WXGHQWVZLOOEHDWWDFKHGWREDQNVDQG)LQ7HFKRUJDQLVDWLRQVLQWKHILQDOVHPHVWHUIRUDQLQWHUQVKLS
8QLYHUVLW\ZLOOEHEHQHILWHGE\DQDVVRFLDWLRQZLWKD0XOWLïQDWLRQDOEDQNLQWKHILQDO\HDURIWKHFRXUVH
)LQ7HFKSURIHVVLRQDOVDUHJHWWLQJKLJKHUVDODU\SDFNDJHVLQFRPSDULVRQZLWKQRUPDO%%$JUDGXDWHV
 )DVWHUSURPRWLRQDQGFDUHHUJURZWKDUHEHLQJZLWQHVVHGLQWKLVILHOG

&+,7.$5$%86,1(666&+22/_
%%$352*5$0,1
%86,1(66$1$/<7,&6
LQFROODERUDWLRQZLWK

7KH%XVLQHVV$QDO\WLFVPDUNHWLQ,QGLDLVJURZLQJDWDIDVWSDFHZLWKFRPSDQLHVDQGVWDUWïXSVRIIHULQJDQDO\WLFDO
VHUYLFHVDQGSURGXFWVFDWHULQJWRYDULRXVLQGXVWULHV+HUH
VDORRNDWVRPHNH\REVHUYDWLRQVWDNLQJLQWRDFFRXQW
WKHYDULRXVWUHQGVWKDWDQDO\WLFVLQGXVWU\LQ,QGLDLVZLWQHVVLQJDFURVVLQGXVWULHVVXFKDVEDQNLQJILQDQFH
HFRPPHUFHUHWDLOSKDUPDKHDOWKFDUHDQGRWKHUV

7KH%%$SURJUDPLQ%XVLQHVV$QDO\WLFVZLOOSUHSDUHJUDGXDWHVWROHYHUDJHWKHSRZHURIGDWDDQDO\WLFVRQWR
EXVLQHVVWUHQGVDQGSUHGLFDWLRQV:LWKDLQWHUHVWDQGLQYHVWPHQWLQELJGDWDWHFKQRORJLHVRQWKHULVHWKH
SURIHVVLRQDOVFDUU\LQJWKHVNLOOVRIELJGDWDDQDO\WLFVDUHLQKXJHGHPDQGDVRUJDQLVDWLRQVSD\DWWUDFWLYH
LQFHQWLYHVDQGSDFNDJHVIRUTXDOLILHGSURIHVVLRQDOV:LWKWKHHPHUJHQFHRI,QWHUQHWRI7KLQJVPRELOHGHYLFHV
DQGWKHLQFUHDVLQJLQWHUDFWLRQDPRQJWKHVHGDWDVL]HDQGLWVDQDO\VLVDUHLQFUHDVLQJH[SRQHQWLDOO\7KHQHHGIRU
IDVWHUUHDOïWLPHDQDO\WLFVDQGODUJHPRELOHGDWDVWRUDJHZLOOSUHVHQWWKRXVDQGVRIMRERSSRUWXQLWLHV

,QGXVWU\&ROODERUDWLRQZLWK( <

(<LVDJOREDOOHDGHULQDVVXUDQFHWD[WUDQVDFWLRQDQGDGYLVRU\VHUYLFHV7KHFROODERUDWLRQZLWK(<IRU%XVLQHVV
$QDO\WLFVSURJUDPZLOOIRFXVRQWKHXVHRIDGYDQFHG'DWD$QDO\WLFVWRROVIRUIXWXUHPDQDJHUV.H\KLJKOLJKWVRI
WKLVLQGXVWU\HQGRUVHG%%$SURJUDPDUH

(QDEOLQJIXOOXVHRI6WDWLVWLFDO0RGHOLQJ$UWLILFLDO,QWHOOLJHQFHDQG'DWD$QDO\VLVWHFKQLTXHVIRUVROYLQJ
EXVLQHVVSUREOHPV
'HYHORSLQJWKHDELOLW\WRUHFRJQLVHDQGILQDOLVHWKHILQGLQJVIURPDGDWDVHWDORQJZLWKHIIHFWLYHSUHVHQWDWLRQ
RIWKHUHVXOWVXVLQJYDULRXV%XVLQHVV,QWHOOLJHQFH7RROV
$SSOLFDWLRQRIWKH3ULQFLSOHVRI'DWD6FLHQFHIRUVROYLQJUHDOïZRUOGSUREOHPV
/HDUQLQJWKHXVHRIFXWWLQJïHGJHWRROVDQGWHFKQRORJLHVIRUDGYDQFHGEXVLQHVVDQDO\VLV
([SHULHQWLDOOHDUQLQJWKDWSURYLGHVWKHULJKWH[SRVXUHWREHPDUNHWUHDG\
 ,1'8675</$1'6&$3(

:+$7,6'$7$$1$/<7,&6"
7KHVFLHQWLILFSURFHVVRIWUDQVIRUPLQJGDWDLQWRLQVLJKWVIRUPDNLQJ
EHWWHUGHFLVLRQVDQGRIIHULQJQHZRSSRUWXQLWLHVIRUDFRPSHWLWLYH
DGYDQWDJH

:K\LV'DWD$QDO\WLFVLPSRUWDQW"
,WKHOSVRUJDQLVDWLRQVKDUQHVVWKHLUGDWDDQGXVHLWWRLGHQWLI\QHZRSSRUWXQLWLHV
OHDGLQJWRVPDUWHUEXVLQHVVPRYHVPRUHHIILFLHQWRSHUDWLRQVKLJKHUSURILWVDQG
KDSSLHUFXVWRPHUV

7+(6.,//*$3

3URMHFWHGJURZWKLQ RI)RUWXQH
JOREDOGDWD RUJDQLVDWLRQVZLOOQHHG
JHQHUDWHGHDFK\HDU WRH[SORLW%LJ'DWDE\
WRVWD\LQWKHJDPH
,1'(0$1'6.,//6(76
Æ 3UHGLFWLYH$QDO\WLFV
Æ 'DWD$QDO\VLV 0DQDJHPHQW
Æ 'DWD9LVXDOLVDWLRQ
Æ %XVLQHVV,QWHOOLJHQFH
6$63URJUDPPLQJ
Æ
Æ 1HZWRROVOLNH53\WKRQ

*52:,1*'(0$1' '$7$6&,(17,67

7+(
3URMHFWHG'HPDQGIRU$QDO\WLFV3URIHVVLRQDOVLQ,QGLD

0LOOLRQ

%LOOLRQ  6(;,(67

0LOOLRQ

%LOOLRQ

-2% VW
     
,17+( 
'20(67,&
0$5.(7
$1$/<7,&6
0$5.(7
-2%
23(1,1*6
&(1785<
+$59$5'%86,1(665(9,(:

(03/2<0(17/$1'6&$3(
Æ*HQ3DFW Æ&DS*HPLQL Æ)UDFWDO Æ+&/
ÆΖQIRV\V Æ$FFHQWXUH Æ&LWL%DQN$QDO\WLFV Æ0LQGWUHH
Æ7DUJHW Æ:LSUR$QDO\WLFV Æ(;/ Æ/DWHQW9LHZ
Æ+6%& Æ&RJQL]DQW Æ0X6LJPD ÆΖ%0

&+,7.$5$%86,1(666&+22/_
352*5$06758&785(
7KH%%$SURJUDPLQ%XVLQHVV$QDO\WLFVHQVXUHVWKDWVWXGHQWVGHYHORSDVWURQJXQGHUVWDQGLQJRIWKH
IXQGDPHQWDOVRIDQDO\WLFVDORQJZLWKWKHHGXFDWLRQWRPHHWWKHLUFDUHHUDQGSHUVRQDOJRDOV7KHULJRURXVDQG
IDVWïSDFHGSURJUDPFRQVLVWVRIIXQGDPHQWDOEXVLQHVVVWXG\PRGXOHVWKDWLQFOXGHWKHVWXG\RIGDWDVFLHQFH
WHFKQLFDOVNLOOVDQGDGYDQFHGFRXUVHVLQDQDO\WLFVPHWKRGVDQGSUREOHPVROYLQJ2XUWHDFKLQJSKLORVRSK\LQ
%XVLQHVV$QDO\WLFVLVWRVRUWFRPSOH[GDWDWKURXJKSURYHQPHWKRGVDQGDSSOLFDWLRQV7KHSURJUDPKDVDVWURQJ
RULHQWDWLRQRIYDULRXVIXQFWLRQDOGRPDLQVDWWDFKHGWRH[SHUWLVHRIGDWDVFLHQFHZLWKDVSHFLDOIRFXVRQ0DUNHWLQJ
VXEMHFWV

)RXQGDWLRQDO&RXUVHV 0DFKLQH/HDUQLQJ $UWLILFLDO,QWHOOLJHQFHLQ

7KHVHFRXUVHVSURYLGHWKHVWDWLVWLFDODQG
PHWKRGRORJLFDOIRXQGDWLRQVIRUGDWDDQDO\WLFV6WXG\
PRGXOHVLQFOXGH%XVLQHVV$QDO\WLFV%XVLQHVV
6WDWLVWLFV$GYDQFHG([FHO2UJDQLVDWLRQDO
%HKDYLRXU(FRQRPLFV%DVLF6WDWLVWLFV0DUNHWLQJ
0DQDJHPHQW)LQDQFLDO$FFRXQWLQJ)LQDQFLDO
0DQDJHPHQWDQG0DUNHWLQJ5HVHDUFK
&RPSHWLWLYH$GYDQWDJH&RXUVHV
6WXGHQWVOHDUQKRZWRDSSO\GDWDDQDO\WLFVWR
GLIIHUHQWEXVLQHVVSUREOHPV6WXGHQWVOHDUQQHZ
PHWKRGVQHHGHGWRVROYHWKHEXVLQHVVSUREOHPVDW
KDQGDQGDUHUHTXLUHGWRDSSO\WKHVHPHWKRGVWR
ODUJHUHDOïZRUOGGDWDVHWV6WXG\PRGXOHVWKDWRIIHU
FRPSHWLWLYHDGYDQWDJHLQFOXGH'LJLWDO0DUNHWLQJ
$QDO\WLFVDQG&XVWRPHU$QDO\WLFV
)XQFWLRQDO([SHUWLVH
)XQFWLRQDOH[SHUWLVHLQ0DUNHWLQJIRU%XVLQHVV
$QDO\WLFVLQFOXGHV
ï'LJLWDO0DUNHWLQJ
ï3URGXFW %UDQG0DQDJHPHQW
ï6HUYLFHV0DUNHWLQJ
ï*OREDO0DUNHWLQJ
ï,QWHJUDWHG0DUHNWLQJ&RPPXQLFDWLRQ
ï&RQVXPHU%HKDYLRXU
'HHS'LYH&RXUVHVRQ%XVLQHVV
$QDO\WLFVE\,QGXVWU\.QRZOHGJH
3DUWQHUV
$SSOLHGVWDWLVWLFV $QDO\WLFVXVLQJ([FHO
 ï%DVLFDQG$GYDQFHG6WDWLVWLFV
 ï %DVLFDQG$GYDQFHG([FHOIXQFWLRQVIRU
$QDO\WLFV
&ORXG'DWD:DUHKRXVH
 ï %DVLFVRI'DWD:DUHKRXVH
 ï ,QWURGXFWLRQWRWKH&ORXGZLWK$:6
 ï ,PSOHPHQWLQJ'DWD:DUHKRXVHRQ$:6
([SORUDWRU\$QDO\WLFVLQ3\WKRQ
3UHGLFWLYH0RGHOLQJLQ3\WKRQ
3\WKRQ
'DWD9LVXDOLVDWLRQ 6WRU\WHOOLQJLQ%,
%ORFNFKDLQ
([SHULHQWLDO/HDUQLQJ7KURXJK
3URMHFWVRQ
'DWD,QIUDVWUXFWXUHRQ&ORXG
%XLOGLQJ'DWD,QIUDVWUXFWXUHIURP,QGXVWU\
GDWDEDVH
%XLOGLQJ+5)LQDQFH0DQXIDFWXULQJ%XVLQHVV
,QWHOOLJHQFH'DVKERDUG
7KUHHPRQWKVH[WHQVLYHLQWHUQVKLSSURJUDP
%XVLQHVV$QDO\WLFV&DSVWRQH&RXUVH
7KHFDSVWRQHFRXUVHFRPSULVHVRIDSURMHFWZKLFK
H[SRVHVVWXGHQWVWRDUHDOEXVLQHVVSUREOHPDQG
WKH\DUHUHTXLUHGWRUHVROYHLWXVLQJVNLOOVVXFKDV
YLVXDOLVDWLRQGDWDPLQLQJDQGRSWLPLVDWLRQ
WHFKQLTXHV6XEMHFWDUHDVIRUSURMHFWVDUHWDNHQ
IURPYDULRXVVRXUFHVLQFOXGLQJILQDQFLDOVHUYLFHV
RUJDQLVDWLRQVWHFKQRORJ\FRPSDQLHVUHWDLOHUV
PDUNHWHUVPDQXIDFWXUHUVDQGGLVWULEXWLRQ
VHUYLFHV6WXGHQWVJHWLQYROYHGLQ
 &RQVWUXFWLRQRIDSULFLQJVWUDWHJ\XVLQJ
PDUNHWLQJWUDQVDFWLRQGDWD
 &UHDWLQJDFXVWRPHUOR\DOW\SURJUDPWKDW
PRQLWRUVFXVWRPHUUHVSRQVHWRPDUNHWLQJ
HIIRUWV
 2SWLPLVLQJDGHOLYHU\GLVWULEXWLRQQHWZRUN
 3ODQQLQJDQHZGLVWULEXWLRQFKDQQHORU
SURGXFWLRQV\VWHP
 &XVWRPLVDWLRQRISURPRWLRQDOVWUDWHJLHVWRD
PLFURïPDUNHWOHYHO
 'HVLJQDGHFLVLRQVXSSRUWV\VWHPWRDLG
PDQDJHUVLQXVLQJDQDO\WLFDOPRGHOV
&$5((5237,216
'DWDUHSUHVHQWVDSRWHQWLDOJROGPLQHRILQIRUPDWLRQïRQHWKDWFDQJLYHEXVLQHVVHVDFRPSHWLWLYHHGJHLIWKH\FDQ
PDVWHUWKHDUWRIJDWKHULQJLWDQDO\VLQJLWDQGSXWWLQJLWWRJRRGXVH0RUHDQGPRUHFRPSDQLHVDUHXVLQJLWWR
IXUWKHUWKHLUUHDFKERRVWVDOHVRSHUDWHPRUHHIILFLHQWO\DQGLQWURGXFHQHZSURGXFWVDQGVHUYLFHV6NLOOHG
EXVLQHVVDQDO\VWVSRZHUWKHVHGDWDïGULYHQEXVLQHVVGHFLVLRQV*UDGXDWHVWUDLQHGLQGDWDDQDO\VLVFDQKDYHD
KXJHLPSDFWRQDEXVLQHVVGULYLQJLPSRUWDQWGHFLVLRQVWKDWLPSURYHRSHUDWLRQVRULGHQWLI\IXWXUHRSSRUWXQLWLHV
WKDWFRXOGERRVWJURZWK

%XVLQHVVDQDO\WLFVGDWDVFLHQFHDQGELJGDWDLQGXVWU\LQ,QGLDLVH[SHFWHGWRJURZVHYHQWLPHVLQWKHQH[WVHYHQ
\HDUV,WLVHVWLPDWHGWREHFRPHDïELOOLRQïGROODULQGXVWU\LQ,QGLDE\2IWKHDQQXDOLQIORZWRDQDO\WLFV
LQGXVWU\DOPRVWFDQEHDWWULEXWHGWRDGYDQFHGDQDO\WLFVSUHGLFWLYHPRGHOOLQJDQGGDWDVFLHQFH$VL]HDEOH
FDQEHDWWULEXWHGWRELJGDWD%XVLQHVVDQDO\WLFVGDWDVFLHQFHDQGELJGDWDLQGXVWU\LQ,QGLDLVFXUUHQWO\
HVWLPDWHGWREHELOOLRQDQQXDOO\LQUHYHQXHVJURZLQJDWDKHDOWK\UDWHRI&$*57KXVMREVDUH
DEXQGDQWDQGWKHGHPDQGIRUGDWDSURIHVVLRQDOVFRQWLQXHVWRJURZ

6RPHFDUHHUSDWKVLQFOXGH
%XVLQHVV$QDO\VW_%XVLQHVV$QDO\VW,QGXVWU\([SHUW_%XVLQHVV$QDO\VW3URMHFW0DQDJHU_'DWD$QDO\VW
'DWD$QDO\VW6$63URJUDPPHU_%LJ'DWD$QDO\VW_'DWD:DUHKRXVLQJ([SHUW_%XVLQHVV,QWHOOLJHQFH([SHUW
'DWD:DUHKRXVLQJ_'DWD0LQLQJ([SHUW

&+,7.$5$%86,1(666&+22/_
&%6_
%%$352*5$0,1
',*,7$/0$5.(7,1*
7KH%%$SURJUDPLQ'LJLWDO0DUNHWLQJDW&KLWNDUD%XVLQHVV6FKRROZLOOHQDEOH\RXWRXQGHUVWDQGWKHGLJLWDO
FXVWRPHUEHKDYLRXUEXLOGGLJLWDOPDUNHWLQJVWUDWHJLHVDQGLGHQWLI\LQïGHPDQGPHWULFVWRHIIHFWLYHO\PHDVXUHDQG
RSWLPLVH52,7KLVSURJUDPZLOOKHOS\RXSODQDQGH[HFXWHWUDQVIRUPDWLRQDOGLJLWDOPDUNHWLQJVWUDWHJLHVDQGEHVW
SUDFWLFHV7KHGLJLWDOPDUNHWLQJFDUHHUVFRSHLQ,QGLDZLOOEHZRUWK86ELOOLRQE\PDNLQJLWWKUHHWLPHV
WKHFXUUHQWYDOXH*ROGPDQ6DFKV3UHSDUHIRUDUHZDUGLQJFDUHHULQGLJLWDOPDUNHWLQJZLWKGLJLWDO
PDUNHWLQJVNLOOVDQGVWUDWHJLHVWKDWDUHUREXVWDQGUHOLDEOHLQRXUFXUUHQWHYHUïHYROYLQJHFRQRP\7KHGLJLWDO
PDUNHWLQJVSHFLDOLVDWLRQSURYLGHVVWXGHQWVZLWKWKHPDQDJHULDODQGWHFKQLFDOVNLOOVIRUVXFFHVVIXOFDUHHUVLQWKH
QHWZRUNHGHFRQRP\LQFOXGLQJ:HE'HVLJQDQGPDLQWHQDQFHDVZHOODVDVWXG\RIEXVLQHVVLQWHOOLJHQFH
PDQDJHPHQWLQDQHïFRPPHUFHHQYLURQPHQWLQFOXGLQJWKHXVHRIGDWDPLQLQJDQGZDUHKRXVLQJWRROVIRUPDUNHW
DQDO\VLVDQGEXVLQHVVGHFLVLRQVXSSRUWV

0DUNHWLQJLVHVVHQWLDOWRDQ\SURGXFWïRUVHUYLFHïSURYLGLQJRUJDQL]DWLRQ7KHGLJLWDOPDUNHWLQJSURJUDPSURYLGHV
\RXZLWKDQLQïGHSWKXQGHUVWDQGLQJRIPDUNHWLQJSULQFLSOHVDGYHUWLVLQJDQGSHUVXDVLRQFRQVXPHUEHKDYLRXUDQG
HïFRPPHUFH<RXµOOOHDUQKRZWRVWXG\KXPDQEHKDYLRXUDQGKRZWRGLVFRYHUWKHQHHGVDQGSUHIHUHQFHVRI
FRQVXPHUVDQGXVHWKLVLQIRUPDWLRQWRPDUNHWDSURGXFWRUVHUYLFHHIIHFWLYHO\7KHSURJUDPLQFOXGHV
IRXQGDWLRQDOEXVLQHVVFRXUVHVLQWKHDUHDVRIDFFRXQWLQJDQG)LQDQFLDO0DQDJHPHQW%XVLQHVV/DZ(FRQRPLFV
,QIRUPDWLRQ7HFKQRORJ\,QWHUQDWLRQDO%XVLQHVV6WDWLVWLFVDQG0DQDJHPHQW&DUHHURSSRUWXQLWLHVLQDOO
LQGXVWULHVDUHUHDGLO\DYDLODEOHIURPVSRUWVDQGHQWHUWDLQPHQWWRLQGXVWULDOEXVLQHVVïWRïEXVLQHVVWUDQVDFWLRQV
TXDOLW\PDUNHWLQJLQWKHGLJLWDODJHZLOOEHHVVHQWLDO
352*5$029(59,(:
'LJLWDO0DUNHWLQJLVRQHRIWKHZRUOGµVIDVWHVWJURZLQJGLVFLSOLQHVDQGWKLVFHUWLILFDWLRQZLOOUDLVH\RXUYDOXHLQ
WKHPDUNHWSODFHDQGSUHSDUH\RXIRUDFDUHHULQ'LJLWDO0DUNHWLQJ%\PDVWHULQJWKHVHVNLOOV\RXZLOOEHDEOHWR
ODXQFKHIIHFWLYHDQGKROLVWLF'LJLWDO0DUNHWLQJFDPSDLJQV2XU%%$SURJUDPLQ'LJLWDO0DUNHWLQJIRFXVVHVRQWKH
IROORZLQJFRUHDFDGHPLFFRPSRQHQWVï

8QGHUVWDQGLQJWKH'LJLWDO0DUNHWLQJ/DQGVFDSHDQGWKH&XVWRPHU)XQQHO
*LYHQDOOWKHSOD\HUVSODWIRUPVDQGRSSRUWXQLWLHVDVVRFLDWHGZLWKGLJLWDOPDUNHWLQJLWFDQVHHPRYHUZKHOPLQJ
'RQ
WOHWWKDWVWRS\RX7KLVFRXUVHSURYLGHVDFOHDURYHUYLHZRIWKHGLJLWDOPDUNHWLQJZRUOG'LVFRYHUKRZ
SOD\HUVVXFKDVDGQHWZRUNVGHPDQGïVLGHSODWIRUPVDQGGDWDPDQDJHPHQWSODWIRUPVLQWHUDFWZLWKDGYHUWLVHUV
DJHQFLHVDQGSXEOLVKHUV7KHQOHDUQKRZWRXVHWLPHïSURYHQIUDPHZRUNVWRDVVHVV\RXUFXVWRPHUV
QHHGVDQG
LGHQWLI\\RXUSULPDU\PDUNHWLQJREMHFWLYHV
SHUIRUPDQFHRIGLJLWDOPDUNHWLQJFDPSDLJQV
$VVHVVLQJ2SSRUWXQLWLHVLQ3DLG'LJLWDO0HGLD
WKHIDVWHVWZD\WRSURPRWHDSURGXFWRUVHUYLFHRQGLJLWDOSODWIRUPV,QDGGLWLRQWRGLVSOD\DGVSDLGPHGLD
LQFOXGHVLQLWLDWLYHVOLNHVHDUFKHQJLQHPDUNHWLQJHPDLOPDUNHWLQJYLGHRPDUNHWLQJVRFLDOPHGLDDGVDQG
PRELOHDGV7KLVFRXUVHSURYLGHVDWRXURIRSSRUWXQLWLHVDQGVWUDWHJLHVDVVRFLDWHGZLWKWKHVHYDULRXVSDLGPHGLD
FKDQQHOVDQGJXLGHV\RXLQGUDIWLQJDSDLGPHGLDPDUNHWLQJSODQWKDWDGGUHVVHV\RXURZQPDUNHWLQJREMHFWLYHV

$VVHVVLQJ2SSRUWXQLWLHVLQ2ZQHG'LJLWDO0HGLD
0DUNHWLQJZLWKLQ\RXURZQGLJLWDOSURSHUWLHV±VXFKDV\RXURUJDQLVDWLRQ
VZHEVLWHEORJRUVRFLDOPHGLD
SDJHV±LVDQHIIHFWLYHZD\WREXLOGGHHSHUUHODWLRQVKLSVZLWKH[LVWLQJFXVWRPHUVDQGDWWUDFWWKHDWWHQWLRQRIQHZ
RQHV7KLVFRXUVHFRYHUVWKHXQLTXHRSSRUWXQLWLHVRI²RZQHGPHGLD³DQGKRZWKRVHGLIIHUIURP²SDLGPHGLD³<RX
ZLOOOHDUQPRUHDERXWFRQWHQWPDUNHWLQJVHDUFKHQJLQHRSWLPLVDWLRQVRFLDOPHGLD²IDQSDJHV³PRELOHDSSV
DQGYLUWXDOUHDOLW\DSSVDQGDVVHVVWKHUHOHYDQF\RIRZQHGPHGLDLQLWLDWLYHVIRU\RXURZQPDUNHWLQJREMHFWLYHV%\
WKHHQGRIWKLVFRXUVH\RXZLOOKDYHDSODQRXWOLQLQJDVWUDWHJ\IRU\RXURZQSRWHQWLDOXVHRIWKHVHFKDQQHOV

,PSOHPHQWLQJDQ,QWHJUDWHG'LJLWDO0DUNHWLQJ3ODQ
3URSHUO\XWLOLVLQJGLJLWDOPDUNHWLQJDOORZV\RXWRSURPRWH\RXUSURGXFWVDQGVHUYLFHVZKLOHEXLOGLQJFXVWRPHU
UHODWLRQVKLSVWKURXJK²SDLGPHGLD³DQG²RZQHGPHGLD³LQLWLDWLYHV6RKRZGR\RXSXWWKHPWRJHWKHUWRFUHDWHD
FRPSUHKHQVLYHHIIHFWLYHPDUNHWLQJSODQ"
7KLVFRXUVHZLOOKHOS\RXHYDOXDWHDQGFRPELQH\RXULGHDVWRFUHDWHDVLQJOHHQFRPSDVVLQJPDUNHWLQJSODQ7KLV
SODQZLOOLQFOXGHWKHSULRULWLHVUHVRXUFLQJDQGSHUIRUPDQFHPHWULFVDSSURSULDWHIRU\RXURUJDQL]DWLRQ2QFH
FRPSOHWH\RXZLOOEHDEOHWRLPPHGLDWHO\SXWWKLVSODQLQSODFHWRGULYHUHVXOWV

&+,7.$5$%86,1(666&+22/_

6RPHRIWKH7RROV<RX
OO0DVWHU
352*5$0)5$0(:25.
2XU'LJLWDO0DUNHWLQJ3URJUDPKDVDFRPSUHKHQVLYHV\OODEXVWKDWZLOOLPSDUWWKHULJKW'LJLWDO0DUNHWLQJVNLOOV
DQGUHOHYDQW0DQDJHULDOVNLOOVQHHGHGWREDJDMREZLWK,QGLD
VOHDGLQJEUDQGVDQGGLJLWDOVHWXSV

,QWURGXFWLRQWR'LJLWDO0DUNHWLQJ &RQWHQW0DUNHWLQJ
/HDUQ:K\'LJLWDO0DUNHWLQJLVJDLQLQJWUDFWLRQDQG /HDUQKRZWRSODQHIIHFWLYHRQOLQHFDPSDLJQVWR
LWVVFRSHLQWKHFRPLQJGHFDGH DWWUDFWSRWHQWLDOFXVWRPHUV
 7UDGLWLRQDO0HGLDYV'LJLWDO0HGLD  3RSXODU&RQWHQW)RUPDWV
 'LJLWDO0DUNHWLQJ3RVVLELOLWLHV  &RQWHQW&DOHQGDU
 &RS\ZULWLQJ
:HEVLWH&UHDWLRQ  'HVLJQ(VVHQWLDOV
/HDUQWRTXLFNO\EXLOGJRRGORRNLQJZHEVLWHVDQG  %ORJJLQJ $G6HQVH
ODQGLQJSDJHVXVLQJ:RUG3UHVV  'HWDLOHG$,'$FRQWHQWPDUNHWLQJ
 :HEVLWH3ODQQLQJ
 %XLOG\RXU:RUG3UHVVVLWH 6RFLDO0HGLD0DUNHWLQJ 0DQDJHPHQW
/HDUQSDLGDQGRUJDQLF6RFLDO0HGLD0DUNHWLQJWR
6HDUFK0DUNHWLQJ LQIOXHQFHXVHUVRQWKHVHSODWIRUPV
/HDUQWROHYHUDJHWKHSRZHURI6HDUFK(QJLQHVIRU  )%,QVWDJUDP7ZLWWHU/LQNHG,Q3LQWHUHVW
SDLGDGYHUWLVHPHQWV  6RFLDO0HGLD0DUNHWLQJ2UJDQLF
 *RRJOH6HDUFK(QJLQH2SWLPL]DWLRQ6(2  6RFLDO0HGLD0DUNHWLQJ3DLGRQDOOSODWIRUPV
 *RRJOH6HDUFK(QJLQH0DUNHWLQJ6(0  2QOLQH5HSXWDWLRQ0DQDJHPHQW
 %LQJ6HDUFK(QJLQH0DUNHWLQJ
 $SS6WRUH2SWLPL]DWLRQ$62
 5HPDUNHWLQJ

&$5((53$7+6
'LJLWDO0DUNHWLQJ$QDO\VW_$QDO\WLFV0DQDJHU_%ORJJHU_6RFLDO0HGLD&RS\ZULWHU_&KLHI0DUNHWLQJ2IILFHU
%UDQG$PEDVVDGRU_&RPPXQLW\0DQDJHU_'LJLWDO0HGLD$FFRXQW([HFXWLYH_'LUHFWRURI&RPPXQLFDWLRQV
'LUHFWRURI0DUNHWLQJ 6RFLDO0HGLD_6HDUFK(QJLQH0DUNHWLQJ6WUDWHJLVW_0RELOH0DUNHWLQJ0HGLD3ODQQHU
0DUNHWLQJ $GYHUWLVLQJ&DUHHUV

&+,7.$5$%86,1(666&+22/_

%$&+(/252)&200(5&(
%&RP+RQV
%DFKHORURI&RPPHUFH+RQVLVD<HDUIXOOïWLPHSURJUDPVSUHDGDFURVVVL[VHPHVWHUV
,WLVDFDUHHUïRULHQWHGGHJUHHSURJUDPZKLFKSURYLGHVDIRXQGDWLRQLQ&RPPHUFH$FFRXQWLQJ
)LQDQFHDQG%XVLQHVV0DQDJHPHQW

%&RP+RQV3URJUDPIRFXVHVRQDGYDQFHGNQRZOHGJHRIDFFRXQWLQJWD[HVLQYHVWPHQWDQGZHDOWK

PDQDJHPHQW7KHSURJUDPKDVDPXOWLïGLVFLSOLQDU\DSSURDFKGHVLJQHGWRHTXLSVWXGHQWVZLWKDGHTXDWHVNLOOV
DQGSURILFLHQF\LQDUHDVUHODWLQJWR&RPPHUFHDQG0DQDJHPHQW,WSUHSDUHVWKHVWXGHQWVZLWKPDQDJHULDOVNLOOV
WRSXUVXHRSSRUWXQLWLHVLQJURZLQJDUHDVRI)LQDQFH $FFRXQWLQJ%XVLQHVV %DQNLQJ0DQDJHPHQW 7D[
3ODQQLQJ7KHDGYDQFHGFRXUVHVDUHDOVRDLPHGWRSUHSDUHJUDGXDWHVIRUVXFFHVVLQSURIHVVLRQDOFHUWLILFDWLRQV
7KHDFDGHPLFIUDPHZRUNRIWKHSURJUDPLQFOXGHVVHYHUDOOLYHLQGXVWU\SURMHFWVLQGXVWU\LQWHUQVKLS
HïFRPPHUFH F\EHUïVHFXULW\JOREDOLPPHUVLRQSURJUDP7KHPDLQHPSKDVLVRIWKLVFRXUVHLVWRLPSDUWWRWKH
VWXGHQWVVSHFLDOLVHGVNLOOïVHWVLQYDULRXVDUHDVRIILQDQFHZLWKDYLHZWRKHOSWKHPKDYHVXFFHVVIXOFDUHHUVLQ
DFFRXQWLQJ

,QGLDKDVDGLYHUVLILHG)LQDQFLDO6HFWRUXQGHUJRLQJUDSLGH[SDQVLRQERWKLQWHUPVRIVWURQJJURZWKRIH[LVWLQJ
ILQDQFLDOVHUYLFHVILUPVDQGQHZHQWLWLHVHQWHULQJWKHPDUNHW7KHVHFWRUFRPSULVHVFRPPHUFLDOEDQNV
LQVXUDQFHFRPSDQLHVQRQïEDQNLQJILQDQFLDOFRPSDQLHVFRïRSHUDWLYHVSHQVLRQIXQGVPXWXDOIXQGVDQGRWKHU
VPDOOHUHQWLWLHV)LQDQFLDO0DUNHWVDUHSRLVHGWRHPHUJHDVWKHVHFWRUZLWKLPPHQVHSRWHQWLDOIRUHPSOR\PHQW
JHQHUDWLRQ([SHUWVEHOLHYHWKDWWKHILQDQFLDOVHFWRUZLOOEHWKHQH[WELJWKLQJDIWHU,7LQFUHDWLQJHPSOR\PHQW
DQGSURYLGLQJVFRSHIRUVHOIïHPSOR\PHQWRSSRUWXQLWLHV

2XUVWXGHQWVDOVRKDYHWKHRSWLRQWRWDNHVSHFLDOLVDWLRQVVXFKDV
 %XVLQHVV$QDO\WLFV
 %DQNLQJ )LQDQFH
 6WUDWHJLF)LQDQFHLQFROODERUDWLRQZLWK,0$86$
 ,QWHUQDWLRQDO)LQDQFHDQG$FFRXQWLQJLQFROODERUDWLRQZLWK$&&$8.
 $SSOLHG)LQDQFHLQFROODERUDWLRQZLWK.30*

&DUHHU2SSRUWXQLWLHV
 1XPEHURIRSSRUWXQLWLHVLQ%DQNLQJLQGXVWU\°VWXGHQWVZKRKDYHVXFFHVVIXOO\FRPSOHWHGWKHFRXUVHFDQMRLQ
WKHEDQNLQJLQGXVWU\IURPHQWU\OHYHOSRVLWLRQVWRSUREDWLRQDU\RIILFHUOHYHOLQ368EDQNVDQGDVHQWU\OHYHO
H[HFXWLYHVLQSULYDWHVHFWRUEDQNV
2SSRUWXQLWLHVLQ)LQDQFLDO6HUYLFHVLQGXVWU\WRWDNHXS0DUNHWLQJ2SHUDWLRQVDQG+5UHODWHGDVVLJQPHQWV
6WXGHQWVFDQMRLQFRUSRUDWHVHFWRULQ)LQDQFH0DUNHWLQJ+5DQGRWKHUDGPLQLVWUDWLYHGHSDUWPHQWV
&DSLWDO0DUNHWV°,QGLDQHFRQRP\KDVRSHQHGFDSLWDOPDUNHWVIRUIRUHLJQLQYHVWRUVDORQJZLWKGRPHVWLF
LQYHVWRUV
.32%32LQGXVWU\(QRUPRXVRSSRUWXQLWLHVIRUFRPPHUFHVWXGHQWV
7D[DWLRQ0DQ\MREVUHODWHGWRWD[DWLRQFUHDWHGDIWHUOLEHUDOLVLQJ,QGLDQHFRQRP\
63(&,$/,6$7,216,1
%&RP+RQV352*5$0
$SSOLHG)LQDQFH.&$3
LQFROODERUDWLRQZLWK

$ERXW.30*
.30*LVDPXOWLQDWLRQDOSURIHVVLRQDOVHUYLFHVQHWZRUNDQGRQHRIWKH%LJ)RXUDFFRXQWLQJRUJDQL]DWLRQV
6HDWHGLQ$PVWHOYHHQWKH1HWKHUODQGV.30*LVDQHWZRUNRIILUPVLQFRXQWULHVZLWKSHRSOHDQG
KDVWKUHHOLQHVRIVHUYLFHVILQDQFLDODXGLWWD[DQGDGYLVRU\

.30*&RXUVHIRU$SSOLHG)LQDQFHDVVSHFLDOLVDWLRQIRU%&RPVWXGHQWVLVDLPHGDWFUHDWLQJDSRRORIWDOHQWHG
DQGVNLOOHGVWXGHQWVZKRFDQORRNIRUZDUGWRWKHLUFDUHHULQILQDQFHDQGDFFRXQWLQJLQRUJDQLVDWLRQVRIIHULQJ
ILQDQFLDOVHUYLFHVZLWKLQWHQVLYHIRFXVRQ)LQDQFLDO6WDWHPHQW$QDO\VLVDQG0RGHOLQJ

6RPHNH\KLJKOLJKWVRIWKLVSURJUDPZKLFKLVGHVLJQHGWRSUHSDUHVWXGHQWVIRUDFDUHHULQ
$FFRXQWDQF\DUH
‡,QWHQVLYHIRFXVRQOHDUQLQJ)LQDQFLDO6WDWHPHQW$QDO\VLVDQG0RGHOLQJ
‡3UDFWLFDODVSHFWVRI$FFRXQWLQJ
‡)RFXVVHGWRZDUGVSURYLGLQJGHWDLOHGNQRZOHGJHRI$FFRXQWLQJ
‡$ZDUHQHVVRIFXUUHQWDFFRXQWLQJSUDFWLFHVDFURVV,QGXVWULHV
‡5HOHYDQWGLIIHUHQFHVLQ,QWHUQDWLRQDO$FFRXQWLQJ5HSRUWLQJ6WDQGDUGV
‡%DVLF&RQFHSWVRI,QFRPH7D[6DOHV7D[&RPSDQLHV$FWDQG6HUYLFH7D[

7KHUHZLOOEHDQLQWHQVLYHIRFXVRQOLYHFDVHVWXGLHVDQGLQWHUDFWLYHH[HUFLVHVDORQJZLWKJURXSSURMHFWVRQ
$FFRXQWLQJ3ROLF\%HQFK0DUNLQJDQG&RPPHQWDU\.H\PRGXOHVWREHFRYHUHGLQWKHSURJUDPDUH
$FFRXQWLQJ&RQFHSWVDQG&RQYHQWLRQV )RUHLJQ&XUUHQF\7UDQVDFWLRQV
9RXFKHUV%RRNVRI$FFRXQWV 7UDLOEDODQFH $FFRXQWLQJ3ROLFLHV(VWLPDWHV (UURUV
3UHSDUDWLRQRI)LQDQFLDO6WDWHPHQWV 'LIIHUHQFH%HWZHHQ$6DQG,)5
5HVHUYHV3URYLVLRQV'LVFRXQWVDQG$FFUXDOV 6HFWRU&HQWULF$FFRXQWLQJSROLFLHV

&+,7.$5$%86,1(666&+22/_
63(&,$/,6$7,216,1
%&RP+RQV352*5$0
675$7(*,&),1$1&(
LQFROODERUDWLRQZLWK,0$86$
$WKUHH\HDUXQGHUJUDGXDWHGHJUHHSURJUDPLQWHJUDWHGZLWKWKHJOREDOO\UHFRJQLVHG&HUWLILHG0DQDJHPHQW
$FFRXQWDQW&0$FHUWLILFDWLRQDZDUGHGE\WKH,QVWLWXWHRI0DQDJHPHQW$FFRXQWDQWV,0$ZKLFKLVD
86ïEDVHGZRUOGZLGHDVVRFLDWLRQIRUDFFRXQWDQWVDQGILQDQFLDOSURIHVVLRQDOV7KLVSURJUDPFDWHUVWR
FRPPHUFHDVSLUDQWVZKRGHVLUHWREXLOGWKHLUSURIHVVLRQDOH[SHUWLVHLQILQDQFLDOSODQQLQJDQDO\VLVFRQWURO
GHFLVLRQVXSSRUWDQGSURIHVVLRQDOHWKLFV°VNLOOVWKDWDUHLQGHPDQGE\RUJDQLVDWLRQVDURXQGWKHZRUOG

6WXGHQWVSXUVXLQJWKH%&RP+RQV6WUDWHJLF)LQDQFHSURJUDPZLOOXQGHUJRWKH&0$FRXUVHZRUNDVSDUWRI

WKHLUUHJXODUFXUULFXOXP7KHWZRSDUWVRI&0$SDSHUVDUHGLYLGHGLQWRILYHUHJXODUFRXUVHVDQGLQWHJUDWHG
LQWRWKHPDLQFXUULFXOXP7KHDVVHVVPHQWDQGHQGVHPHVWHUH[DPLQDWLRQSDWWHUQIRUWKHVHILYHFRXUVHVVKDOO
EHRQOLQHH[DPLQDWLRQVDOLJQHGZLWK,0$DVVHVVPHQWSDWWHUQ

7KH&0$FHUWLILFDWLRQIURP,0$FRPSULVHVRIWZRH[DPSDUWV
3DUW°)LQDQFLDO5HSRUWLQJ3ODQQLQJ3HUIRUPDQFHDQG&RQWURO
3DUW°)LQDQFLDO'HFLVLRQï0DNLQJ7KHVHH[DPVKDYHWREHWDNHQXSVHSDUDWHO\E\WKHVWXGHQWVGXULQJWKHLU
GHJUHHSURJUDPDW&KLWNDUD8QLYHUVLW\E\SD\LQJ,0$H[DPLQDWLRQIHHV

7KHWKUHH\HDU%&RP+RQV6WUDWHJLF)LQDQFHSURJUDPLVGLYLGHGLQWRVL[VHPHVWHUVDQGLQFOXGHVFRUH

SDSHUVGLVFLSOLQHVSHFLILFHOHFWLYHVJHQHULFHOHFWLYHVDQGVNLOOHQKDQFHPHQWFRXUVHV'LVFLSOLQHVSHFLILF
HOHFWLYHVRIIHUHGLQWKHILIWKDQGWKHVL[WKVHPHVWHUVDUHLQWKHIROORZLQJVWUHDPVVXFKDV)LQDQFH,QYHVWPHQW
$FFRXQWLQJ $XGLWLQJ6WXGHQWVDUHUHTXLUHGWRXQGHUWDNHDUHVHDUFKZRUNUHVHDUFKDUWLFOHRUUHSRUWGXULQJ
WKHILIWKDQGWKHVL[WKVHPHVWHUV

3URJUDP+LJKOLJKWV
&0$H[DPFRQWHQWZLOOEHFRYHUHGLQDQGVHPHVWHUVRIWKHSURJUDPPHFXUULFXOXPE\,0$
DXWKRULVHGWUDLQHUVXVLQJRIILFLDOVWXG\PDWHULDOV
86DXGLWFXUULFXOXPLQWHJUDWHGLQVHPHVWHU
(YDOXDWLRQSDWWHUQDOLJQHGZLWK,0$DVVHVVPHQWPHWKRGV
8VDJHRIFDVHVWXGLHVDQGVLPXODWLRQVIURPWKH,0$DQG+DUYDUG%XVLQHVV6FKRRO
7KUHHPRQWKV6XPPHU,QWHUQVKLSLQLQGXVWU\
5HVHDUFK3URMHFWDQG9LYD
&+,7.$5$%86,1(666&+22/_
B.A. (Hons.)
in ECONOMICS with Data Science

Use advanced data analysis techniques to explore pressing economic problems. This 3-year economics and
data science degree combines training in economics with modern skills in data science. You’ll graduate with
the skills to work in finance, industry and the public sector.

The B.A. (Hons.) Economics with Data Science Program is designed to produce graduates trained in the
application of knowledge in economics to real-life economic, financial, ethical and analytical problems
encountered in the economy. The course will enable the students to effectively apply their knowledge and skills
to situations of economic, institutional and policy making both in governance and industry. This unique course
offers the opportunity of studying the traditional curriculum in economics alongside advanced data analytics and
data science methods.

The course has a rigorous focus on quantitative techniques and research methods which will orient the students
in dealing with economic problems with a practical and analytical approach. The diversity and the spread of the
course ensure that the students receive sufficient experience of the current issues and crisis of the world
especially that of the emerging economies. Data analytics has a wide range of applications in practice (from
social science, to natural sciences; from the evaluation of economic policies, to prediction and classification of
economic phenomena). You will learn how to use data analytic methods to combine data (from survey, census,
social networks, text, sounds, images, memories, or experiences) and study human behaviour and social
environments. Specifically, we will help you to translate economic theories into empirical questions that can be
answered with data, and that can inform debates about the economy, society, and the impact of economic
policies.
Some of the major learning outcomes of this program are
= Learn economics theories and how to contrast these theories in real life, using data analytic and data science
techniques.
= Use data and data analytic methods to evaluate policies, understand trends of macroeconomic aggregates,
predict and classify economic phenomena, and map and analyse complex network relationships between
firms, institutions, policy makers and other agents in society.
= Enjoy using a variety of statistical software used in government, industry, and academia, including R, SPSS
and other popular packages.

Program Structure
The principal courses include introductory microeconomics and macroeconomics, statistical techniques for
economics and mathematical techniques for economics. The second year would comprise intermediate
microeconomics and macroeconomics, introductory econometrics, Indian Economy, public economics and
development economics. In third year, students will have the option to pursue electives apart from intensive focus
on Applied Econometrics and Financial Economics. Students will have a 6-month internship in the last semester
with major financial institutions and Government organisations.

= Data Warehousing and Cloud Computing

= Applied Statistics
= Advanced Excel for Decision Science
= Data querying with SQL
= Predictive Modelling
= Data Visualisation & Storytelling
= Big Data Analytics
= Artificial Intelligence & Machine Learning
= Functional Analytics

CHITKARA BUSINESS SCHOOL | 69

75
Career Options
This undergraduate program in Economics aims at developing among students a sound theoretical
understanding of the subject along with practical applications. The idea is to encourage broad based
understanding with greater depth in areas of particular interest to students. Studying economics today opens
up several possibilities for the future and the idea is to guide students in select their own trajectory in career
advancement. For instance, graduates typically will be suited for Investment Banks, Asset Management
Firms, Management Consultancy Firms, Banking & Financial Services, Trading Desks, Tax & Advisory Firms,
Economic Consultancy Firms, Policy Think Tanks.

Job profiles for Economics graduates include:

= Investment Analyst
= Economic Researcher
= Securities Analyst Trainee
= Portfolio Manager
= Data Analyst
= Investment Administrator
= Sales Analyst
= Cost Estimator
= Foreign Trade Analyst
= Data Scientist
= Economist
= Financial Service Manager
= Customer Profit Analyst
= Market Research Analyst

Financial Risk / Investment Analyst

Financial risk analysts handle the process of Risk Management within an organisation and evaluate and
predict events that might negatively impact the financial stability of organisations, such as insurance or
trading companies, hedge funds and public sector organisations.

Economic Consultant
Economic consultants study economic and statistical data in a certain area of specialisation, such as finance,
labour, agriculture, etc., and complete various studies regarding economic phenomena and possible
scenarios. Apart from conducting a thorough research using Mathematical and Statistical methods for
financial companies and research institutes, Economic consultants make recommendations, policies, or
strategies to solve economic problems or to interpret markets.

Economic Journalist
A flair for writing along with an Economics degree can take you places in the field of Economic Journalism.
Basically, the job would involve studying and analysing economic phenomena world over, thereby drawing
insights & inferences and have your ideas published in periodicals and magazines.

Financial Manager
A financial manager is a person who assists the leading managers of all departments within a company and
makes sure the organisation reaches its financial goal. Making use of excellent communication skills and
analytical abilities, financial managers have to prepare financial reports, investment activities and develop
strategies to increase the revenues of a company.

Auditor
An Auditor is responsible for reviewing the financial status and accounts of companies and organisations. The
work of an Auditor is focussed on collecting information and checking if all financial statements and records
are valid, legal, or presented in a fair manner.

Few of the marquee companies who hire Economics graduates are -

= HDFC Bank = ICICI Bank = DSP Blackrock = IDFC Mutual Fund
= Infosys = Cognizant = EY = KPMG
= Deloitte = JP Morgan = Edelweiss = IBM

CHITKARA BUSINESS SCHOOL | 77

%$&+(/252)%86,1(66
$'0,1,675$7,21%%$
352)(66,21$/
3URJUDP2EMHFWLYH
7KH%%$SURJUDPDW&KLWNDUD%XVLQHVV6FKRROSURYLGHVDVWURQJIRXQGDWLRQLQFRUHEXVLQHVVGLVFLSOLQHV
KHOSLQJVWXGHQWVWRDFTXLUHWKHNH\FRPSHWHQFLHVQHHGHGDWDQXQGHUJUDGXDWHOHYHO2XU,QWHQVLYH%%$
SURJUDPIRFXVHVRQHQKDQFLQJWKHDELOLW\WRFRPPXQLFDWHDQDO\VHVLWXDWLRQVDQGWDNHGHFLVLRQVXVLQJ
TXDQWLWDWLYHDQGTXDOLWDWLYHIDFWRUVDQGGHYHORSDKROLVWLFYLHZRIWKHGLIIHUHQWIXQFWLRQDODUHDVDQGWKHEXVLQHVV
HQYLURQPHQW

7KH%DFKHORURI%XVLQHVV$GPLQLVWUDWLRQ%%$LVDFXWWLQJïHGJHSURJUDPZLWKDZDUGïZLQQLQJIDFXOW\JHDUHG

WRZDUGVWKHVKLIWLQJQHHGVRIRXUEXVLQHVVZRUOGHQFRXUDJLQJVWXGHQWVWRGLVFRYHUFUHDWLYHEXVLQHVVVROXWLRQV
WKDWDUHQµWGHILQHGE\ERXQGDULHV

7KH<HDU%%$SURJUDPSURYLGHVVWXGHQWVZLWKDVWURQJIRXQGDWLRQLQDOODVSHFWVRI*HQHUDO0DQDJHPHQW
,QFOXGLQJ$FFRXQWLQJ0DUNHWLQJ)LQDQFH2UJDQLVDWLRQDO%HKDYLRXUDQG6WUDWHJ\,WVFRUHFXUULFXOXPLV
FRPSOHPHQWHGZLWKVSHFLDOLVHGHOHFWLYHFRXUVHVLQNH\DUHDVRIEXVLQHVVDVZHOODVQRQïEXVLQHVVHOHFWLYH
FRXUVHV

7KHSURJUDPWDNHVDQLQQRYDWLYHDQGJOREDODSSURDFKHPSKDVLVLQJFULWLFDOPDQDJHPHQWDWWULEXWHVOLNH
FRPPXQLFDWLRQDQGLQWHUSHUVRQDOVNLOOV6WXGHQWVHQWHULQJ<HDUFDQFKRRVHWRVSHFLDOLVHWKHLUVWXGLHVLQRQH
RIWKHRIIHUHGVSHFLDOLVDWLRQVDQGFDQDOVRRSWWRVSHQGDWHUPVWXG\LQJDEURDGDWRQHRI&KLWNDUD%XVLQHVV
6FKRROµVOHDGLQJEXVLQHVVVFKRROSDUWQHUVDURXQGWKHZRUOG

,QGXVWU\,QWHUQVKLS
6WXGHQWVJRIRULQWHUQVKLSSUHIHUDEO\ZLWKDQ1*2DIWHUWKHILUVW\HDUDQGDQLQGXVWULDORUJDQLVDWLRQDIWHUWKH
VHFRQG\HDU,WLVDFRPSXOVRU\FRPSRQHQWRIWKHFXUULFXOXPIRUWKHFRPSOHWLRQRIWKHDFDGHPLFSURJUDPDQG
LVGHVLJQHGWRSURYLGHH[SRVXUHWRRUJDQLVDWLRQDOZRUNLQJWRKHOSVWXGHQWVGHYHORSDQXQGHUVWDQGLQJRIWKHUHDO
FRUSRUDWHZRUOGDQGOHDUQWKHDSSOLFDWLRQRIWKHRUHWLFDOFRQFHSWVLQUHDOïOLIHEXVLQHVVVLWXDWLRQV

&+,7.$5$%86,1(666&+22/_
7KHJOREDOLVDWLRQRIWKH,QGLDQHFRQRP\KDVFRPSHOOHGEXVLQHVVHVWRIDFHJOREDOFRPSHWLWLRQDQGHPEUDFH
WKHEHVWRIVWUDWHJLHVWRVWD\UHOHYDQWDQGFRPSHWLWLYH7KHRQXVKDVFRPHPRUHRQWKHHGXFDWLRQDO
LQVWLWXWLRQVWRHTXLSVWXGHQWVZLWKWKHUHTXLVLWHVNLOOVHWVWRILQGDPHDQLQJIXOSODFHLQWKHJOREDOZRUNIRUFH
2QHFRXOGFUHDWHDJUHDWSURGXFWRUDVHUYLFHEXWWLOOLWILQGVLWVPDWFKLHD
XVHU
LWFHDVHVWREHJUHDW
$QGWKDWLVZKDW%%$3URIHVVLRQDOVWXGHQWVDFFRPSOLVK7KH\GHYLVH
UHDVRQV
IRUWKHHQGXVHUVWRPDNHD
SURGXFWRUDVHUYLFHDOPRVWDQHFHVVLW\IRULWVWDUJHWHGDXGLHQFH$W&KLWNDUD8QLYHUVLW\ZHFRQWLQXHWR
UHLPDJLQHRXUSURJUDPE\LQFRUSRUDWLQJWKHODWHVWJOREDOWUHQGVDQGWKHVXFFHVVVWRULHVLQRXUEXVLQHVV
FXUULFXOXP:HFORVHO\IROORZWKHWUHQGVDQGWKHHYROYLQJPDUNHWLQJVWUDWHJLHVFRXSOHGZLWKDVWURQJ
LQGXVWU\SDUWLFLSDWLRQWRVWD\DKHDGRIWKHFXUYH2XUIDFXOW\EULQJLQïGHSWKH[SHULHQFHDFDGHPLFDOO\DV
ZHOODVSURIHVVLRQDOO\WRNHHSVWXGHQWVDEUHDVWZLWKWKHPRVWUHOHYDQWEXVLQHVVVWUDWHJLHV

3URJUDP+LJKOLJKWV
:LWKDFFHOHUDWHGWHFKQRORJLFDODGYDQFHPHQWVWKHPDUNHWLQJWUHQGVKDYHEHHQHYROYLQJDQGWUDQVIRUPLQJ
UDSLGO\%%$3URIHVVLRQDOSURJUDPDW&KLWNDUD8QLYHUVLW\SURYLGHVDVWURQJIRXQGDWLRQLQFRUHEXVLQHVV
GLVFLSOLQHVVXFKDV*HQHUDO0DQDJHPHQW$FFRXQWLQJ0DUNHWLQJ)LQDQFH2UJDQLVDWLRQDO%HKDYLRXUDQG
6WUDWHJ\WRKHOSIXWXUHJUDGXDWHVVWXG\FRQVXPHUEHKDYLRXUDQGFUHDWHSURGXFWVRUVHUYLFHVWKDWZLOOILQG
LWVFRQVXPHUV

,QGXVWU\,QWHUQVKLS
,QGXVWU\LQWHUQVKLSLVDQLPSRUWDQWDQGDPDQGDWRU\FRPSRQHQWRIWKHSURJUDPFXUULFXOXP7KHLQWHUQVKLS
LVGHVLJQHGWRJLYHVWXGHQWVDQH[SRVXUHWRRUJDQLVDWLRQDOZRUNLQJLQRUGHUWROHDUQHIIHFWLYHDSSOLFDWLRQRI
WKHRUHWLFDOFRQFHSWVLQUHDOïWLPHVFHQDULRV'XULQJDQGDIWHUWKHLQWHUQVKLSVWXGHQWVDUHSXWWKURXJKD
ULJRURXVHYDOXDWLRQSURFHVVZKHUHWKHSHUIRUPDQFHHYDOXDWLRQUHSRUWVDUHSUHSDUHGE\WKHLQGXVWU\
VXSHUYLVRUVRQFRQFHSWXDODQGEHKDYLRXUDOFDSDELOLWLHVGLVSOD\HGE\WKHVWXGHQWLQWHUQ

2WKHU)RFXV$UHDV
7KHSURJUDPZLOOEURDGO\WHDFK\RX'LVWULEXWLRQ0DQDJHPHQW0DUNHWLQJ5HVHDUFK([HFXWLYH 
/HDGHUVKLS0DQDJHPHQW6NLOOV0DUNHW6WUDWHJLHV3URGXFW0DQDJHPHQWDQG0DUNHWLQJ$QDO\WLFV)XUWKHU
\RXZLOODOVREHDEOHWRXWLOLVHWRROVRIUHVHDUFKSULFLQJSURGXFW VDOHVSURPRWLRQWRHQVXUHWKHHYHU\GD\
VXFFHVVRIWKHFRPSDQ\
%(
025(
025(&2856(6
025(237,216
025()8785(6
81'(5*5$'8$7(
%86,1(66_&200(5&(_(&2120,&6
352*5$06

%%$_%&RP
%$+RQV(FRQRPLFV

81,9(56,7<&$0386
&KDQGLJDUKï3DWLDOD1DWLRQDO+LJKZD\
3XQMDEï_,QGLD

1$$&
$&&5(',7('
Ň
,1)250$7,21&(175(
6&2ï6HFWRUï&__,QGLD
ZZZFKLWNDUDHGXLQ
DGPLVVLRQV#FKLWNDUDHGXLQ

$GPLVVLRQV+HOSOLQH
_
)RUPRUHLQIRUPDWLRQDERXWRXUSURJUDPV
&KDQGLND3UHVV

JLYHDPLVVFDOORQ

:KDWV$SS