Page 1

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

´6HYROHWHFRVWUXLUHXQDEDUFD GRYUHWHUDGXQDUHJOLXRPLQL SHUFHUFDUHODOHJQD SUHSDUDUHJOLDWWUH]]L HVXGGLYLGHUHLFRPSLWL 0DSULPDGLWXWWR VYHJOLDWHLQORUR LOGHVLGHULRGHOPDUH LPPHQVRHGLQILQLWRµ ŘǼŸÞŘs_sǢʳrɮȖƼwNjɴ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ ŘɚĶNjOÌÞǼsOǼȖNjs ˓ŎNjÞŘssضÞŘssNjÞض

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_

ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

$%287

DŸNjŘŸŘˠˣōNjOÌˠ˨ˤ˥ÞŘǢʳōNj¶ÌsNjÞǼĵÞ¶ȖNjsʹÝǼĶɴʺ ĵÞɚsǣÞŘǢʳōNj¶ÌsNjÞǼĵÞ¶ȖNjs NJs¶ÞǣǼNjs_ǼNŸǣǼµȖNj_Ÿ¯µsŘŸǣŗɚĶNjOÌÞǼsOǼŘNjʳˡˣ˧ ōsŎEsNjŸ¯ǢʳƻNJŷʳŗʳ^ÝÝÞǼĶÞŘǣǣŸOÞǼÞŸŘŸ¯ɳOÌǼ^sǣÞ¶ŘsNjʺ NJs¶ÞǣǼNjs_ǼĵɠNŸȖNjǼŸ¯OÌÞɚNjÞǣǢȖNjɚsɴŸNjŘ_rɮƼsNjǼŸ¯ŗɚĶŘ_ōNjÞŘs NJs¶ÞǣǼNjs_ǼNJÝŗʰDəʰĵNJǣǢǼEÞĶÞǼɴsɮƼsNjǼ ŷ¯¯ÞOÞĶNJÝŗ˅ǣƼĶsǣȖNjsONj¯ǼǣȖNjɚsɴŸNjʹŗrǢʺ ®NjŸŎˡ˟˟ˤǼŸˡ˟ˠˡŗɚĶ^sǣÞ¶ŘǼsOÌsNjǼǼÌsȕŘÞɚsNjǣÞǼɴŸ¯NjOÌÞǼsOǼȖNjsÞصsŘŸ



ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_

8PEHUWR7DJOLDYLQL


ɟŸNjĨrɮƼsNjÞsŘOsǣ

EŸȖǼ

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

OǼÞɚÞǼÞsǣ

DȖNjsȖ

ǻsŎ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

:25.(;3(5,(1&(

µsŘŸŘɚĶŸ¯¯ÞOs Ř_ǣȖNjɚsɴŸNjǣ¯ŸNjǣÌÞƼ

ˠ˨˧˟

ˠ˨˧ˠ sŎƼĶŸɴss

ǢǻD˚ÝǻĵÝ

µsŘŸŘɚĶŘ_ɴOÌǼ ƼNjŸĠsOǼŸ¯¯ÞOs

µsŘŸŘɚĶŘ_ɴOÌǼ ƼNjŸĠsOǼŸ¯¯ÞOs

ˠ˨˧ˤ sŎƼĶŸɴss

ǢǻD˚ǻrNŗÝN

ǢʳōNj¶sNjÞǼĵÞ¶ȖNjs ɴOÌǼǣÌÞƼɴNj_

ˠ˨˧˧ sŎƼĶŸɴssˀ ƼNjǼŘsNj

ōNJÝŗrɟŷNJħŷ®®ÝNr

ˠ˨˨˟ OÌÞs¯ǼsOÌŘÞOĶ _sƼNjǼŎsŘǼ

ŷǻō

ǢʳōNj¶sNjÞǼĵÞ¶ȖNjsˀNJƼĶĶŸ ŗɚĶŘ_ɳOÌǼƼNjŸĠsOǼˀ ǢȖNjɚsɴŸNjŸ¯¯ÞOs

µsŘŸɳOÌǼDNjŸOĨsNjǣˀ ƼNjŸĠsOǼˀǣȖNjɚsɴŸNjŸ¯¯ÞOs

ˠ˨˨ˡ ƼNjǼŘsNj

ōNJÝŗr^rǢݵŗ ˓ǢrNJəÝNrǢ

ˠ˨˨ˤ ƼNjǼŘsNj

NŷĵȕōDȕǢ ɳNËǻÝŗµ DNJŷNħrNJǢ

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_

ǢʳōNj¶sNjÞǼĵÞ¶ȖNjsˀNJƼĶĶŸ ŗɚĶŘ_ɳOÌǼƼNjŸĠsOǼˀ ǢȖNjɚsɴŸNjŸ¯¯ÞOs

ƼNjǼŘsNj

ōNJÝŗr^rǢݵŗ ˓ǢrNJəÝNrǢ




ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

$&7,9,7,(6

ɳOÌǼǣÝŘǼsNjÞŸNjƻĶŘŘÞض^sǣÞ¶Ř ƻĶŘŘÞض_sǣÞ¶Ř¯ŸNjNŸŘǣǼNjȖOǼÞŸŘʰǼNjŘǣ¯ŸNjŎǼÞŸŘŘ_ŎŸ_Þ¯ÞOǼÞŸŘ¯ŸNjƻĶsǣȖNjsɳOÌǼǣ ƻĶsǣȖNjsDŸǼǣŘ_ōŸǼŸNjɴOÌǼɚĶȖǼǼÞŸŘ ®ȖĶĶǢÌÞƼŷɠŘsNjǣǣÞǣǼŘOs_ȖNjÞضNŸǣǼNjȖŘǣǼÞŸŘŘ_ɠŸNjĨǣŸŘEŸNj_ÞŘÝǼĶÞŘǢÌÞƼDȖÞĶ_sNjǣ ǻsOÌŘÞOĶǣǣÞǣǼŘOsɠÞǼÌÝǼĶÞŘǻŸƼɳNj_ǣ ®ÞĶsǣ¯ŸNjƼƼNjŸɚĶNJÝŗNsNjǼÞ¯ÞOǼsŘ_ŸǼÌsNjNĶǣǣÞ¯ÞOǼÞŸŘNJs¶ÞǣǼsNjǣ NrƼƼĶÞOǼÞŸŘǣŘ_ǣǣÞǣǼŘOs¯ŸNjɚNjÞŸȖǣǢÌÞƼɴNj_ǣʹŷɠŘsNj˅ǣŎŘȖĶʰǣǼEÞĶÞǼɴsǼOʺ ®ÞĶsǣ¯ŸNjÞǣǣȖÞضŘ_NjsŘŸȖɚĶŸ¯ǣ¯sǼɴŘ_NĶǣǣNsNjǼÞ¯ÞOǼsǣ ®ÞĶsǣ¯ŸNjNrŸŎŸĶŸ¶ǼÞŸŘ¯ŸNjƼĶsǣȖNjsEŸǼǣ ^sǣÞ¶Ř¯ŸNjOŸŘǣǼNjȖOǼÞŸŘʰǼNjŘǣ¯ŸNjŎǼÞŸŘŘ_ŎŸ_Þ¯ÞOǼÞŸŘŸ¯ɠŸNjĨEŸǼǣʰƼŸŘǼŸŸŘʰǼȖ¶ǣʰƼÞĶŸǼEŸǼǣ µNjƼÌÞOŘ_ɚÞǣȖĶ_sǣÞ¶Ř¯ŸNjɳOÌǼŘŎsǣ ÝŘǣȖNjŎOsǢȖNjɚsɴŘ_ŎضsŎsŘǼŸ¯ÝŘǣȖNjŘOsOĶÞŎǣ ^Ŏ¶sǣsǣǼÞŎǼÞŸŘŘ_ɚĶȖǼǼÞŸŘ ǢȖNjɚsɴŸ¯ĵɠNŸȖNjǼ ōsŎEsNjŸ¯ǢƻNjŸŗ^Ý

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_



# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

%85($87($0

ōNjÞŘs_sǣÞ¶ŘǣǼȖ_ÞŸÞǣEŸNjŘ ¯NjŸŎǼÌs_sǣÞNjsŸ¯ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ Ř_¯NjŸŎǼÌsEs¶ÞŘŘÞضÞǼÌǣEssŘǣǣÞǣǼs_ EɴǼÌsOŸĶĶEŸNjǼÞŸŘŸ¯Ķ_ŸǢOŸNjʊŸŘÞʱ NjsOsŘǼsĶɴĶǣŸNĶNjōŸĶǼs_Ÿ ÌǣǼĨsŘƼNjǼÞŘǼÌsǣǼȖ_ɴʳʳ

8PEHUWR7DJOLDYLQL

$OGR6FRU]RQL 

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_

&ODUD0ROWHGR


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

%85($8/2&$7,21

5DSDOOR

60DUJKHULWD /LJXUH *(

*(

8PEHUWR7DJOLDYLQL PDULQHGHVLJQ VHUYLFHV

ǢŘōÞOÌsĶs_Þƻ¶Ř ÞǣǣŎĶĶµsŘŸɚsǣsəÞĶĶ¶s EsǼɠssŘNJƼĶĶŸŘ_ ǢŘǼōNj¶ÌsNjÞǼĵÞ¶ȖNjsʱ ĠȖǣǼ¯sɠŎsǼsNjǣ ¯NjŸŎǼÌsEsOÌsǣÞǣ ǼÌsŎNjÞŘs_sǣÞ¶ŘǣǼȖ_ÞŸʳ

9LHZEHWZHHQ6DQWD0DUJKHULWD/LJXUHDQG5DSDOOR

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

35(66

ɳOÌǼ^Þ¶sǣǼƼNjÞĶsˠ˨˨˦

ȖǼŸ˓^sǣÞ¶ŘĵȖ¶ĶÞŸˠ˨˨˧

NjǼʳ

NjǼʳ

ĵǢǼŎƼĵȖ¶ĶÞŸˠ˨˨˨

ĵǢǼŎƼŷǼǼŸENjsˡ˟˟˟

ĵǢǼŎƼƼNjÞĶsˡ˟˟˟

ĵǢǼŎƼŷǼǼŸENjsˡ˟˟˟

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_




ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjsȖ

ǻsŎ

# NŸŘǼOǼǣ

ƻNjsǣǣ

ƻNjŸĠsOǼǣ

35(66 (QFRXQWHUV

8PEHUWR7DJOLDYLQL

%

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³KDYLQJD ERDW´HYHQDVPDOORQHOHW \RXDSSUHFLDWHD QGJHWWR NQRZWKHVHDDQGDERYHDOO H[SHULHQFHLWL QDGLIIHUHQW ZD\IURPQRU PDO*HQRHVH

8PEHUWR7DJOLDYLQLIRXQGHURIWKH 0DULQH'HVLJQ6HU YLFHV VWXGLR

FLWL]HQ V6RP\ORYHIRU \DFKWLQJEHJD QHD UO\ DQGLW¶VVWLOOZLWKPH $IWHU\HDUVRIVWXG\LQJDW XQLYHUVLW\,FDPHDZD\ ZLWKDGLSORPDLQ1DYDO $UFKLWHFWX UH,EHJD Q ZRUNLQJLQ67%,7$/,$ ZRUNLQJRQWKHQDYDO GHVLJQRIELJVKLSVD QG VR,OHDUQHGWROHQJWKHQ DQGPRGLI \YHVVHOV7KH IUVWW LPHIRUH[D PSOH ,ZRUNHGRQDPVKLS FXWLWDQGOHQJWKHQWKDW E\PLWZDVDQ LQWHUHVW LQJH[SHULHQFH ,QWKHVWXGLRZHGRQ¶WMXVW KDQGOH\DFKWLQJZRUN EXWDOVRZRUN LQJYHVVHOV JDVFDUULHUVSRQWRRQVHWF $QRWKHUSURMHFWZDVDED UJH

17BBB,17#LQGG

ZLWKDQRSHQLQJERWWRP WREHXVHGWRW UDQVSRUW PXGIURP6WRSSD QLWKLV ZDVWKHIUVWMRE,IRO ORZHG SUDFWLFDOO\RQP\RZQD JUHDWH[ SHULHQFH 7KHQWKHUHZDVW KHGHVLJ Q RIDPDQWLSROOXWLRQWXJ IRUWKH%ODFN6HD 0\HDUO\WUDLQL QJZDVWKXV RQZRUNLQJERDWVDOW KRXJK



DNjOÌsŷǼǼŸENjsˡ˟˟˧

WKRVHWHFK QLFDODVSHFW VWKDW PRVWRIWKHRWKHUGHVLJQHUV FRQVLGHUVHFRQGD U\ZLWK UHVSHF WWR³H[WUHPHGHVLJ Q´ ,GLGQ¶WDEDQGRQP\ ROGFOLHQWVHLWKHUDQG FRQVROLGDWHGUHODW LRQVKLSV RIGLUHFWOR\D OW\EHWZHHQ GHVLJQHUD QGFOLHQWZKLFK VWLOOWRGD\EHD UVPHIUXLW $VRI WHQKDSSHQVKX PDQ UHODW LRQVKLSVFRQW LQXH GHVSLWHEOH DNSHU LRGVDQG WKDQNVWRWKHVHFRQW DFWV, VORZO\GHYHORSP\DFWLYLW\ 6RDIWHU\HDUVRIZRUNLQJ OLIH,DPVWLOOWLHGWRW ZR ZRUOGV\DFKWV XSWRP  DQGZRUNLQJERDWV PHGLX P RUVPDOOODX QFKHVSRQWRRQV IUHIJKW LQJERDWVHWF  $VPDOOVWXGLREXWLW KDQGOHVPDQ\SURMHFWV ODUJHRQHVWRR\RXFDQ¶W FDOOPVPDOO &HUWDLQO\%XWLQ\DFKWLQJ WRGD\\RXVHHHYHQELJJHU ERDWVDQGWKHUHDUHDORW RIVWXGLRVW KDWZRUNRQELJ ERDWV0\UHODW LRQVKLSZLWK FOLHQWVLVEDVHGDERYHD OORQ KXPDQUHODWLRQVKLSVDQG RIWHQWKH\WKHPVHOYHVDVN H[SOLFLWO\WRWDONWRPHRUWR P\WZRFROOHDJXHV 0\VWXGLRLVDN LQGRIGHVLJQ ODERUDWRU \ZKHUHWKHUHLV GLUHFWFRQWDFWZ LWKRXW DVSRNHVPD QEHWZHHQ FOLHQWDQGGHVLJQHU,Q DGGLWLRQFROODERUDW LQJ ZLWKPDQ\ERDW\DUGVWR VDWLVI \WKHPRVWYDULHG UHTXHVWVD QGGHVLUHV\RX KDYHSHUVRQDOUHODW LRQVKLSV

RQWKHEDVLVRIW KHNLQGRI FOLHQW\RX¶UHGHDOLQJZ LWK )RUH[DPSOHP\UHJXODU FROODERUDW LRQZLWK&DWDOGR $SUHDRI$SUHDPDUHLVYHU\ SDUWLFXOD UDQGVDWLVI\LQJ ,QDQ\FDVHDVLVRQHRIW KH IQHVWMREVQRWZRGD\VD UH WKHVDPH\RXWUDYHODORW DQGYLVLWZRQGHUI XOSODFHV ,¶YHDOZD\VKDGDORWRIIXQ 7RGD\\RXKDYHVHYHUDO SURMHFWVXQGHUZD\ZKLFK DUHWKHPRVWLQWHUHVWLQJ" $WWKHPRPHQWZHKDYH LQKDQGSURMHFWVIRU DPEXOD QFHERDWVVWLOORQ SDSHUIRUQRZEXW,PXVW VD\WKHUHDUHLQWHUHVWLQJ ERDWVDQGDOVRI XQ$VHULHV RIUDWKHUQHZSURMHFWV

QRYHPEHU

9DOHQWLQD6ROHUD

7KHSDUWLFXODUK\SHUEDULFOLIHERDWGHVLJQHGDQGEXLOWWRIROORZDQGDVVLVWGLYHUV

QRYHPEHU

6DQ0LFKHOHGL3DJDQDLVDVPDOO *HQRHVHYLOODJHEHWZHHQ5DSDOORDQG 6DQWD0DUJKHULWDZLWKIHZLQKDELWDQWVEXW DSRSXODWLRQVZROOHQGXULQJWKHVXPPHU E\WRXULVWVZKRFRPHWREDWKHRQLWVVPDOO EHDFKHV0RUHWKDQRWKHUWRZQVLWKDV DOLIHFORVHO\ERXQGWRWKHVHDDQGMXVW DIHZPHWUHVIURPWKHEHDFKHVLVWKH 0DULQH'HVLJQ6HUYLFHV VWXGLRFUHDWHG DQGUXQE\GHVLJQHU8PEHUWR7DJOLDYLQL

,ZDVDOVRNHHQRQ\DFKW LQJ DQGOLIHRQERD UG /DWHULQ5,1$ FKDQJHGWKH\DFKWLQJ UHJXODWLRQV(YHU\\DUG WKDWGHVLJQHGDQGEXLOW \DFKWVZDVREOLJHGWR XVHWHFK QLFDOGUDZLQJV VWUXFWXUDOFDOFXODWLRQVDQG H[HF XWLRQDOGHWD LOVW KDW KDGWRGHIQHW KHSURMHFWLQ GHWDLO7KHVHGUDZLQJVKDG WREHSUHVHQWHGWR5 ,1$IRU DSSURYDO,WZDVWKHQWKDW \DFKWLQJORVW³W KDWFUDI W IHHO´WKDW³VHDWRIWKHSDQWV´ IDYRXU VPLOHV <DFKWLQJ ZDVQRORQJHUMXVWDVW ULFWO\ ERDW \DUGH[SHU LHQFH KDQGOHGE\FUDIWVPHQEXW WKHUHZHU HSURSHUSURMHFW V GHIQHGDQGUHGHI QHGIUVW RQSDSHUWKHQSDVVHGWR WKHERDW\D UG,GHFLGHG WRJRDORQJZLWKWKLVDQG WROHDUQDVEHVW,FRXOG VRLQWKHHYHQLQJVLQP\ URRPDIWHUZRUN,VWD UWHG VWXG\LQJDQGGUDZLQJ OHDUQLQJDOOWKHWULFNVRI UHSUHVHQW DWLRQIURPWKH FUHDW LRQRIDSURMHFWWRW KH FRQVWUXFWLRQSODQ7KD QNV WRDQXPEHURIFRQWDF WV ZKLFKZHFRXOGVW LOO GHIQHDV³LQW KHYLOODJH´ ,EHJDQFROODERUDW LQJZLWK DQDJHQF\WKDWRIIHUHG FRQVXOWD QF\VHUYLFHVWR ERDW\D UGVDQGWKDWZDVKRZ ,VWDUWHGFROODERUDW LQJZLW K $EEDWH&RORPER3LD QWRQL DQGVRRQEXWD OZD\VLQWKH EDFNJ URXQGZLWKUHVSHFWWR WKHDJHQF \ ,QZLWKWKHFULVLVRI WKHSRUWRI*HQRD,KDGWR LQYHQWVRPHWKLQJQHZWR GRDQGQRWVXUUHQGHU6R, VWDUWHGZRUNLQJE\P\VHOI RQ\DFKWSURMHFWVEXWQRW QHJOHF WLQJZRUNLQJERDWV DVHFWRUW KDWDIWHUDOOXQWLO WKHQKDGJLYHQPHDORW LQWHUPVRINQRZOHGJH H[SHULHQFHD QGOHW¶VDGPLW LWPRQH\,GLGQ¶WDEDQGRQ





QRYHPEHU

7HFKQRORJ\DQGHQJLQHHULQJLQVWUXPHQWV WKHWZRVRXOVRIWKHSURMHFW



1RWMXVW\DFKWLQJ

ZH¶YHWKURZQRXUVHOYHV LQWRWKHP5HFHQW O\ ZH¶YHGHYHORSHGDUDW KHU ERUGHUOLQHDFWLYLW\LQW KH VWXGLRWKDWRIFRQVXOWD QF\ EHWZHHQFO LHQWDQG ERDW\DUG,GRWKLVPDLQO\ IRUERDWVXSWRP ,W¶VQRWVWULFWO\VSHDNLQJD GHVLJQMREEXWLW¶VDQRWKHU VLGHWRDGGWRWKHDFWLYLW\ :KHUHIROORZLQJDSURMHFW IRU[PSRQWRRQZLWK DWFUDQHDQGWKHUHDUH FDELQVL QVLGH:HUHDOVR ZRUNLQJRQDZRRGHQERDW IRU&URDWLDDP,PXVW VD\WKDWWKHVPDOOSURMHFW V WRDZRUWK\RIUHVSHFWMXVW OLNHW KRVHIRUDELJERDWRI P(YHQPRUHVR $Q\ZD\ZH¶YHSOHQW\RI ZRUNLQKDQG /HW¶VKRSHLWJRHVRQDQGLW DOOJRHVZHOOW KHUH¶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¶UHYHU \JRRGDW NHHSLQJIHHWLQ GLIIHUHQWFD PSVDQG,WKLQN WKLVLVDJRRGWKLQJEHFDXVH LQWKLVZD\\RXDOZD\VKDYH DORWRISRVVLELOLWLHVDQG

$KLVWRULFUHIWE\7 DJOLDYLQL WKHP6DLORU<DFKW%DP ED%RQD

17BBB,17#LQGG

17BBB,17#LQGG

YDOXHDWDSHUVRQ DOOHYHO ,KDYHWRVD\WKDWLW¶VEHHQ DJUHDWVDWLVIDFWLRQDI WHU DOOLIDJURXSRIXQLYHUVLW\ OHFWX UHUVLQYLWH\RXWR KDYHWKLVH[SHULHQFHWR LPSDUW\RXUNQRZOHGJHWR WKHVWXGHQWV,W KLQNLW¶V SHUVRQDOO\YHU \JUDWLI\LQJ ,WKLQNDORWRIVWXGHQWV DSSUHFLDWHGLWD QGWKLV LVIDWWHULQJ :KDWDUHWKHSURMHFWV WKDWKDYHPRVW

7KHOHQJWKHQLQJ FKDUDFWHULVHG\RXU ZRUNLQJH[SHULHQFH" RIWKH0<B 7+$/,$B([B 7KHIUVWLVFHU WDLQO\WKH 02175(9(/ 0DJQXPWKH%ODFN 7KHWKUHH %XOOHW,IROORZHGW KHHQWLUH SKDVHVDVLW ZDVRULJLQDOO\ UHVWUXFWXULQJSURMHFWE\ FXWWLQJWR OHQJWKHQDQGWKHP\VHOI7KHQLQ, ZRUNHGRQD7HFQRPD U IQDOUHVXOW

ZKHQRQHVHFWRULVL QFULVLV WKHUH¶VDOZD\VDQRWKHURQH 8QIRUWXQDWHO\DIWHUFXWWLQJ VWDIIEHFDXVHRIW KHGLIIFX OW WLPHWKHZKROHVHFWRULV JRLQJWKURXJKZH¶YHKDGWR UROOXSRXUVOHHYHV7RGD\ \RXKDYHWRZRUNPRUH ZRUNEHWWHUD QGHDUQOHVV 7KHJROGHQGD\VDUHRYHU DQGLQWKHHQGLW¶VOLNHJRLQJ EDFNWRZKHUH\RXVWD UWHG IURP,QW KHV\DFKWLQJ ZDVOLNHW KLVQRWDVHFWRU RIELJPXOW LQDWLRQDOEUD QGV RUVXSHU \DFKW VWKDWZHUH GHYHORSHGEHIRUHW KHFULVLV DVPDOOUHD OLW\RI\DUGVDQG FUDIWVPHQ

7R\RXUORQJFD UHHU ZHDOVRKDYHWRDGG \RXUH[SHULHQFHDVD XQLYHUVLW\OHFWXUHU <HVLW¶VDQH[SHULHQFH WKDWLVHQULFKHGPHDORW DQGKDVDGGHGDQRWKHU HOHPHQWWRP\JUHDWSDVVLRQ IRU\DF KWLQJLQDGGLWLRQ ,¶YHEHHQDEOHWRW UDQVPLW LWWR\RXQJSHRSOHRUDW OHDVWWU\WR VPLOHV  ,QWKHVHSDVWVHYHQ\HD UV DVDFRQWUDFWOHFWX UHUZLWK *HQRD8QLYHUVLW\RQWKH QDYDODQGQDXWLFDOVHFWRU RIWKHLQGXVW ULDOGHVLJQ GHJUHHFRXUVH,WKLQ N ,¶YHDFTX LUHGDGGLWLRQDO

ERDWDIRRWHUZ LWKWKUHH HQJLQHVLWZDVDQHZ\D UG DQGIRUWKDWWLPHLWZDVD YHU\LQWHUHVW LQJERDW:LW K WKUHHHQJLQHVLWFRXOGHYHQ UHDFKNQZHPDQDJHG WRJRIURP9LDUHJJLRWR 3DOHUPRLQMXVWKRXUV ,KDYHKDGDORWRIUDWKHU VWUDQJHDQGVRPHWLPHV IXQQ\H[SHU LHQFHVEXW ,OHDUQHGIURPWKHPIRU H[DPSOHSRQWRRQIRU ODXQFKLQJIUHZRUN VWKDW FUHDWHGDORWRIVWDELOLW\ FKDOOHQJHV ,¶YHDOVRGHVLJ QHGDERDW IRUUHVFXLQJGLYHUVLWZDVD VDIHW\ODXQFKZLWKDIRDWLQJ GHFRPSUHVVLRQFK DPEHU ,¶YHDOVRKD QGOHGWKH UHIWWLQJRIKLVWRU LFERDWV VXFKDVD'LQJ K\ZKHUH, GHVLJ QHGVRPHX OWUDOLJKW VWUXFWXUHVWKDWVW LOOPD NHLW WRGD\YHU\FRPSHWLWLYHLQ UDFLQJ,UHD OO\ZDQWHGWRGR WKLVMREDQGKDYLQJZRUNHG LQ/LJX ULDSOD\HGDYHU\ LPSRUWDQWUROHEXWVRGLG SDVVLRQDQGDJUHDWGHVLUHWR ZRUNDOZD\V ) ‹$//5,*+765(6(59('



ŗȖǻsOÌŷǼǼŸENjsˡ˟ˠˢ ODIDEEULFD GHOOHLGHH 6SHFLDOHGHVLJQHULWDOLDQL

8PEHUWR7DJOLDYLQL

/R6WXGLR0DULQH'HVLJQ 6HUYLFHV qQDWR GDOODYRORQWjGL8PEHUWR7DJOLDYLQLHILQGDOO¶LQL ]LRqVWDWRFRDGLXYDWRGDOODFROODERUD]LRQHGL $OGR6FRU]RQL6YLOXSSDGDVHPSUHXQDSURJHWWD]LRQHD

ƒ HVVHQGRFRLQYROWRVLDQHOVHWWRUH\DFKWLQJVLDQHOVHJ PHQWRGLLPEDUFD]LRQLWHFQLFKHHGDODYRUR /DSURJHWWD]LRQHHO¶DVVLVWHQ]DIRUQLWDGDOORVWXGLRLQTXHVWLDQQL KDQQRSURGRWWRXQDQRWHYROHHVSHULHQ]DLQWXWWLLVHWWRULQDYD OLILQDOL]]DWDVRSUDWWXWWRDOSURJHWWRGLFDUHQHHVWUXWWXUD ULVWUXWWXUD]LRQLHUHILWWLQJGL\DFKWGLJUDQGLGLPHQVLRQL 6LqLQROWUHDPSOLDWRLOVHWWRUHGHOVXUYH\SHUPHJD \DFKWGLQXRYDFRVWUX]LRQHRPRGLILFDWHGRYHVL FXUDQRSHUFRQWRDUPDWRULDOHWXWWLLUDSSRUWL FRQLOFRVWUXWWRUH 3DUODUHGLXQDRGHOO¶DOWUDVLQJRODLPEDU FD]LRQHQRQVDUHEEHJLXVWRSRLFKpOD ILORVRILDGHOOR6WXGLRSRUWDGDVHP SUH D FRQVLGHUDUH RJQL SURJHWWR FRPH³LOSLXLPSRUWDQWH´

6RSUD$SUHDPDUH6PHUDOGRDILDQFRXQR VSRUWILVKHUPDQVRWWRLO1XPDULQH+W,QEDVVRD GHVWUD)DELR7UDIIDQRH$OGR6FRU]RQL1HOOD SDJLQDDODWRLQDOWR8PEHUWR 7DJOLDYLQLLQEDVVRDVLQLVWUD O¶2WDPDOFHQWUR XQ([SORUHUGL PHWUL



ĵǢǼŎƼŷǼǼŸENjsˡ˟˟ˤ

ĵǢǼŎƼŷǼǼŸENjsˡ˟˟˥

&ROODERUD]LRQL



/¶DWWLYLWjQHOOR\DFKWLQJLQL]LDDOODILQHGHJOLDQQLRWWDQWD FRQLOFDQWLHUH2WDPHDOFXQLIDPRVLFDQWLHULGHLODJKL ORPEDUGLFRPH7XOOLR$EEDWH%UXQR$EEDWH&RORPER 3LDQWRQL $OODILQHGHJOLDQQLQRYDQWDLQL]LDDFROODERUDUHFRQ $SUHDPDUH$ODOXQJD3RUWRILQR0DULQH6HD&XEHHFDQWLHUL WXUFKLFRPH1XPDULQH6LULQQRYDQRLQROWUHYDULH FROODERUD]LRQLFRQDUPDWRULSULYDWLPHQWUHSHULOVHWWRUH GHOOHLPEDUFD]LRQLGDODYRURVRQRPROWHSOLFLLSURJHWWLSHULO &DQWLHUH0DULQR0DUUq 3HULOUHILWWLQJGLPHJD\DFKWFROODERUDFRQDOFXQLFDQWLHUL GHOO¶DUHDJHQRYHVHFRPH$UUHGDPHQWL3RUWR$OID\DFKWH 2WDP

%$5&+( IHEEUDLR

DNjOÌs®sEENjÞŸˡ˟ˠˣ

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_



DNjOÌsǢsǼǼsŎENjsˡ˟ˠˣ


ɟŸNjĨrɮƼsNjÞsŘOsǣ

EŸȖǼ

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

35(66 &RS6(77(0%5(3DJLQD

6(77(0%5(6(37(0%(5

,1&2175,5$99,&,1$7,&/26((1&2817(56

‡

)HGHULFR5RVVLH)XOYLR'H6LPRQL ‡ =XFFRQ,QWHUQDWLRQDO3URMHFW ‡ 2IILFLQD,WDOLDQD'HVLJQ ‡ %HUQDUG'¶$OHVVDQGUL

7(6775,$/6$1'7(676

‡ )HUUHWWL ‡ 0DJHOODQRE\$]LPXW ‡ 4XLFNVLOYHU$FWLY ‡ %pQpWHDX2FHDQLV

3RVWH,WDOLDQHVSD 6SHGL]LRQHLQ $EERQDPHQWR3 RVWDOH'/ FRQYHU WLWRLQ/HJJHQƒ DUW  FRPPD

&29(5 6DQORUHQ]R6'

/

DIDEEULFDGHOOHLGHHWKHLGHDIDFWRU\

2WDPPHWUL &RQTXHVWDQDYHVHPL GLVORFDQWHVLDSUHXQDQXRYD LPSRUWDQWHIDVHSHULOFDQWLHUH ?HQRYHVH 7KLVVHPLGLVSODFHPHQWVKLSLV RSHQLQJDQHZLPSRUWDQWVWDJH ?RUWKH*HQRYHVHDUG ?0DVVLPR/RQJRQL

 /20,

$=,(1'(&203$1,(6 $=,(1'(&203$1,(6

$17(35,0$ $17(35,0$3 35(0,(5( 5(0,(5(

‡

+HHVHQP&UD]\0H $112<($5‡1ƒ‡8.…&+&+)&+7LFLQR&+)' R&+)'

¼ )¼ ( ¼

$ ¼

*5 ¼ 3&RQW ¼

% ¼

$UFDGLD ‡ &PP<DFKW6HUYLFH ‡ %UDPD %UDPD 

6HWWHPEUH6HSWHPEHU 

(852,WDO\RQO\

X /¶27$06'Ê81$1$9('$'?32572&21 FRQ VHUYL]L ]RQH GL VWLYJJLR H ?YQGHUL ??I IX??I 75(3217?/81*$)825?E787720(75?E(RZQHUGHFNVX?ISRQWHVXSHULRUHqVWWRYR?XWRG?I /$5*$  q LQ FRVWUX]LRQH SHU XQUPWRUH F?LHQWH ULSURSRQHQGR XQ FRQFHWWR VHPUH SL LQ LW?LQR FKH HU?? ULFHUF GL XQ QYH FXVWRP XVRHULFKLHVWRGUPWRULFKHYRJ?LRQRL?IPVVL  LQ??XPLQLR G FUHUH VX PLVXU SHU VRGGLVIUH PRGH??SULYF\ HGH??¶HVF?XVLYLWj /H?LQHHGLF  ?H HVLJHQ]H GH?I VXR VWL?H GL YLW / FRVWUX]LRQH UHQGH??¶UFKLWHWWR QY?H 8PEHUWR7DJLD?LQL  GH??¶2WP 6' VW SURFHGHQGR QHL WHP  FRQVHQWLUQQR XQ YH?RFLWj PVVLP VWL  SLSUHYLVWL G?IFQWLHUH H?RVWWRWWX?H PWGLQRGL /·DXWRQRPLD GHL ?YRUL q?I  GLYQ]PHQWR$ GL?PL?OLD QDXWLFKHD??QRGL RJJL ?R VFIR q FRP?HWWR ?¶LPEUFR X 7KH 2WDP 6GLVDUH?UHDWLRQD GLYHORFLWj GHL PRWRUL H GHL JHQHUWRUL qYYHQX  ?HVVH ZLWK WKUHH GH?NV R?HU D WR PHQWUH ? VRYUVWUXWWXU q YLFLQ?I  PHWHUVRQJ DQG  ZLGH  LW FRP?HWPHQWR /H ?LQHH HVWHUQH H L?I GL LV EHLQJ EXL?W IRUQ ?W?LQ RZQHU ZKR VHJQR GHJ?L LQWHUQL VRQRIILGWL??R VWXGLR GL ZV ?RRNLQJ IRU  FXVWRP?XPLQXP VKLS 7RPPDVR 6SDGRLQL / VW]] q GL  *57 WL?RUHG WR KLV ?LIHVW\?H 7KH FRQVWUXFWLRQ RI WKH /HTXWWURFELQHYLSFRQ?HWWLPWULPRQL?L HVLQ  2WP 6' LV SURFHHGLQJV VFKHGX?HG E\ WKH JR?L FRQ L UH?WLYL VHUYL]L VRQR SRVL]LRQWH VX?I ?R VLWHQG WKH FXUUHQW VWWXV RI WKH ZRUN LV  ZHU GHFNPELHQWH FR??HJWR WUPLWH FRUULGRLR FRP?HWH 7R GWH WKH KX??I LV FRP?HWHG WKH ??¶UH GHVWLQW??¶HTXLSJJLR LQ PRGR G SR  HQJLQHVQG JHQHUWRUV KYH EHHQ ERUGHG WHU JUQWLUHFFHVVLEL?LWj?I SHUVRQ?H GL VHUYL  ZKL?H WKH VXSHUVWUXFWXUH LV F?RVH WR FRP?HWLRQ ]LR VHQ] LQWHUIHUHQ]H VX?? SULYF\ GHJ?L RVSLWL 7KHH[WHULRU ?LQHVQG LQWHULRU GHVLJQV KYHEHHQ /]RQGLELW??¶HTXLSJJLR qGRWWGLFELQH HQWUXVWHG WR7RPPDVR 6SDGRLQL¶VVWXGLR 7KH WRQQJH LV  *57 7KH IRXU 9?3 FELQV ZLWK 0DWWHR%HODUGLQHOOLVDOHVPDQDJHU  GRXE?HQG VLQJ?H EHGVZLWKWKHUH?WHGVHUYLFHV UH ?RFWHG RQ WKH ?RZHU GHFN FRQQHFWHG WKURXJK WKH K??Z\UH IRU WKH FUHZ WR HQVXUHFFHVV WR WKH VHUYLFH SHUVRQQH?I ZLWKRXW LQWHUIHULQJ ZLWK JXHVWV¶SULYF\7KHFUHZUH LV HTXLSSHG ZLWKFELQVQG WRL?HWVVWRZJHUHV QG ?XQGU\ 7KH IX??I RZQHU GHFN RQ WKH XSSHU GHFN ZVUHTXHVWHG E\WKHFXVWRPHUSURSRVLQJ  FRQFHSW LQFUHVLQJ?\GRSWHGQG UHTXHVWHG E\ RZQHUV ZKR ZQW X?WLPWH SULYF\QG H[F?XVLYLW\ 7KH KX??I ?LQHV E\ WKH QY?IUFKLWHFW 8PEHUWR7DJLD?LQLZL??IURYLGHQHVWLPWHGWRS VSHHGRINQRWVZ ZZRWPLW

0



$WDVSHHGRINQRWVWKHUDQJHLVRI QD?WLFDOLOHV?

 %$5&+( 6HWWHPEUH6HSWHPEHU

DNjOÌsǢsǼǼsŎENjsˡ˟ˠˤ

DNjOÌsŗŸɚsŎENjsˡ˟ˠ˥

ɳOÌǼÞضĵȖ¶ĶÞŸˡ˟ˠ˥

DŸǼÝŘǼsNjŘǼÞŸŘĶʹŸŘĶÞŘsʺŷǼǼŸENjsˡ˟ˠ˥

DNjOŸǣĵȖ¶ĶÞŸˡ˟ˠ˥

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_




ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjsȖ

ǻsŎ

ƻNjsǣǣ

# NŸŘǼOǼǣ

35(66 7KH 6+2:%2$76 '(6,*1 $:$5'6 

6+2:%2$76'(6,*1$:$5'6),1$/,67$11281&('

ǻŸƼɳOÌǼ^sǣÞ¶ŘʹŸŘĶÞŘsʺĵȖ¶ĶÞŸˡ˟ˠ˥

ɳOÌǼÞضʹŸŘĶÞŘsʺŷǼǼŸENjsˡ˟ˠ˥

ɭʊʑʔʚʊʔʂɹʉʐʘɨʐʂʕʔɪʆʔʊʈʏɧʘʂʓʅ̧̥̦̬ʇʊʏʂʍʊʔʕ

ɳOÌǼÝŘǼsNjŘǼÞŸŘĶʹŸŘĶÞŘsʺĵȖ¶ĶÞŸˡ˟ˠ˥

ǻÌsDsǣǼŸ¯ɳOÌǼÞضʹŸŘĶÞŘsʺĵȖ¶ĶÞŸˡ˟ˠ˥

DŸǼÝŘǼsNjŘǼÞŸŘĶʹŸŘĶÞŘsʺ^ÞOsŎENjsˡ˟ˠ˥

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_



ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

35(66

DŸǼÝŘǼsNjŘǼÞŸŘĶʹŸŘĶÞŘsʺ®sEENjÞŸˡ˟ˠ˦

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_



ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjsȖ

ǻsŎ

ƻNjsǣǣ

# NŸŘǼOǼǣ

35(66

®ŸNjEsǣʹŸŘĶÞŘsʺō¶¶ÞŸˡ˟ˠ˦ 4XRWLGLDQR

'DWD 3DJLQD )RJOLR

  

ÝĶµÞŸNjŘĶsō¶¶ÞŸˡ˟ˠ˦

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_

ŗȖǼONJsƼŸNjǼō¶¶ÞŸˡ˟ˠ˦



ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

# &217$&76

NŸŘǼOǼȖǣ ŷ®®ÝNrʲ ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ əÞ®ÞŸNjÞ˥ˀˡˠ˥˟ˢˤNJƼĶĶŸʹµrʺÝǼĶɴ ÞŘ¯Ÿ˔ŎNjÞŘs_sǣÞ¶ŘʳÞǼ

DȖǣÞŘsǣǣONj_

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ ŘɚĶNjOÌÞǼsOǼȖNjs ˓ŎNjÞŘssضÞŘssNjÞض NJs¶ʳǻsOŘʳNƻµrŗɚʳ NjOÌʳŘʳˡˣ˧ ƻsNjÞǼŸǻNjÞEȖŘĶs˚ ǢŸOÞŸǣƻNjŸŗ^Þ

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_

ˠ˥˟ˢˤNJƼĶĶŸʹµrʺÝǼĶɴ ɚÞ®ÞŸNjÞ˥ˀˡ ƼÌŸŘs̛ˢ˨ʳ˟ˠ˧ˤʳˡˢˢˤˡˠ ŎŸEÞĶs̛ˢ˨ʳˢˢˤʳ˥ˡˤˡˤ˨˥ ÞŘ¯Ÿ˔ŎNjÞŘs_sǣÞ¶ŘʳÞǼ


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjsȖ

ǻsŎ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

352-(&76 ʳ ōNjÞŘs_sǣÞ¶ŘǣǼȖ_ÞŸÌǣĶɠɴǣ_sɚsĶŸƼs_ˢ˥˟̨_sǣÞ¶Ř EsÞضÞŘŸĶɚs_ÞŘEŸǼÌǼÌsɴOÌǼÞضÞŘ_ȖǣǼNjɴŘ_ÞŘǼÌsǼsOÌŘÞOĶŘ_ONj¯ǼEŸǼǣʳ ǻÌs_sǣÞ¶ŘŘ_ǼÌsǣǣÞǣǼŘOsƼNjŸɚÞ_s_EɴǼÌsǣǼȖ_ÞŸÞŘNjsOsŘǼɴsNjǣÌɚsƼNjŸ_ȖOǼs_ ǣȖEǣǼŘOÞĶsɮƼsNjÞsŘOsÞŘĶĶNjsǣʰsǣƼsOÞĶĶɴÞŎs_ǼǼÌsƼNjŸĠsOǼ Ÿ¯ÌȖĶĶǣŘ_ǣǼNjȖOǼȖNjsʰNjsŘŸɚǼÞŸŘŘ_Njs¯ÞǼǼÞضŸ¯ĶNj¶sɴOÌǼǣʳ ÝǼÌǣĶǣŸɠÞ_sŘs_ǼÌsǣOŸƼsŸ¯ǣȖNjɚsɴ¯ŸNjŎs¶ɴOÌǼǣŘsɠĶɴEȖÞĶǼŸNjŎŸ_Þ¯Þs_ʰ ɠÌsNjsǼÌsɴǼNjsǼŸŘEsÌĶ¯Ÿ¯ǼÌsǣÌÞƼŷɠŘsNjĶĶNjsĶǼÞŸŘǣɠÌÞǼŎŘÞ¯OǼȖNjsNjʳ

ĶĶƻNjŸĠsOǼǣŘ_NJsĶÞʊǼÞŸŘǣ _ÞɚÞ_s_ÞŘǼŸʲ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ

˓ǼsOÌŘÞOĶǣǣÞǣǼŘOs

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƻNjŸĠsOǼǣ


+XOOGHVLJQDQGSURMHFW PDLQVWUXFWXUDOGHVLJQDQG WHFKQLFDODVVLVWDQFHIRU

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjsȖ

ǻsŎ

ƻNjsǣǣ

0\27$06'

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

# NŸŘǼOǼǣ

DV%HVW1DYDO$UFKLWHFWXUH

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ˡ˟ˠ˥ ˢˤŎǼ

6SDGROLQLH[WHULRUGHVLJQ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

0\27$0 ˡˣŎǼ

ˡ˟ˠ˦

0\27$00LOOHQQLXP

ˠ˥ʰ˦˟ŎǼ

0\27$00LOOHQQLXP ˠˢʰ˦˟ŎǼ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


ɟŸNjĨrɮƼsNjÞsŘOsǣ

EŸȖǼ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

32572),120$5,1(

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

0DLQ7HFKQLFDODVVLVWDQFHIRU

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ǢƼŸNjǼ®ÞǣÌʰǢƼÞ_sNjʰNŸȖƼuʰ®Ķɴʰ®ÞǣÌsNjŎŘ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

32572),120$5,1(¶ ®Ķɴ

32572),120$5,1(¶ ®Ķɴ

32572),120$5,1(

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

32572),120$5,1( ɟĶĨNjŸȖŘ_ʰ®ĶɴʰǢƼÞ_sNj

32572),120$5,1( ®ĶɴʰǢƼÞ_sNjʰËǻ

32572),120$5,1(¶ Ëǻʰ®Ķɴ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

5,==$5', &86720

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

O˟ˠ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

$/$/81*$¶

*2==23$5$**,PW

7XQLFUDIW&$%,12ULRQ

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

$/$/81*$¶

0\6(&21'23,62/2 ĶĶȖض˥ˢ˅ğsǼ

&2/20%2¶ ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

0\3DSLQRX

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

NDÝŗəÝ ˢˢʰ˦˟ŎǼ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

2))&2856(¶¶¶

0\DQGPW&257(

0\1DYDMR$PHULFDQ0DULQH7H[DQR23(1 ˠ˥ŎǼ

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

0\9(5$(/(1$,,

0\63257),6+(5

&5$1( *$1*:$<352-(&76 ˠ˧ŎǼ

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ


ɟŸNjĨrɮƼsNjÞsŘOsǣ

EŸȖǼ

0\*(1(6,$

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

9DOOLFHOOLVWXGLRGHVLJQ ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ˡ˟ˠ˦ ˣ˟ŎǼ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ

0\$1*5$722

ˡ˟ˠˣ ˢ˧ŎǼ

0\$6/(& ˡ˟ˠ˟ ˢˡŎǼ

0\%/,66

˓ĶsضÌǼsŘÞض

ˡ˟˟˧ ˡ˧ŎǼ ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

0\08&+2*8672,,,

ˡ˟ˠˤ

0\$6/(&

ˡ˟ˠˡ ˣˢŎǼ

0\3$3,128

ˡ˟˟ˤ ˢˢʰ˦˟ŎǼ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ËȖĶĶƼNjŸĠsOǼǣ

0\)25&(%/8(

ˡ˟ˠˣǢǼEÞĶÞǼɴŘ_ǣǣÞǣǼŘOs

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

0\6$8'$'(6

ˡ˟˟˧ ˢˤŎǼ NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

˥ˢʰˢ˟ŎǼ

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

0\0$,7,,,

ˡ˟˟ˠ ˢˠʰˤ˟ŎǼ

$/$/81*$F

ˡˢŎǼ

6\0217,*1( ˡ˟ˠˣǢǼEÞĶÞǼɴ ˤ˦ŎǼ

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjsȖ

ǻsŎ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

0\35(0,(5 ʹȖŘ_sNjOŸŘǣǼNjȖOǼÞŸŘʺ ˠ˧ʰ˥˟ŎǼ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

0\35(0,(5

ʹȖŘ_sNjOŸŘǣǼNjȖOǼÞŸŘʺ ˠ˥ʰ˦˟ŎǼ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

0\$/$/81*$¶ˡˢʰ˦˟ŎǼ

0\:$//<¶ ˠˣʰˢˢŎǼ

0\,.21<$&+7

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

DV%HVW1DYDO$UFKLWHFWXUH

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

0\27$06'

ˡ˟ˠ˥ ˢˤŎǼ

0\,7$/&5$)7¶

ˢˡŎǼ

0\6($&8%(¶ ˠˡʰˤ˟ŎǼ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjsȖ

ǻsŎ

0\180$5,1(

EŸȖǼ

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

+XOOGHVLJQDQGSURMHFW PDLQVWUXFWXUDOGHVLJQDQG WHFKQLFDODVVLVWDQFHIRU

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

&DQ<DOPDQH[WHULRUGHVLJQ ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ˡ˟ˠˣ ˡ˟ŎǼ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

0\180$5,1(;3

ˣ˟ŎǼ

0\180$5,1(;3

ˢ˟ŎǼ

0\180$5,1(;3 ˡ˟ŎǼ

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

0\180$5,1(¶ ʹˡ˟ˠˢʺ ˢˡŎǼ

0\180$5,1(¶ ʹˡ˟ˠˢʺ ˡˣŎǼ

0\180$5,1(¶ ʹˡ˟ˠ˥ʺ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

$35($0$5(60(5$/'2¶

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

+XOOGHVLJQDQGSURMHFW WHFKQLFDODVVLVWDQFHIRU

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ˡ˟˟˨ ˠˣŎǼ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

$35($0$5(0$(6752¶

$35($0$5(0$(6752¶

$35($0$5(0$(6752¶ ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

$35($0$5(*2==2¶¶

$35($0$5(*2==2¶&RPIRUW2SHQ

$35($0$5(*2==2¶&RPIRUW2SHQ ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

0\*+,%/,

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ˡ˟ˠˤ ˡ˥ŎǼ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ

0\)250( ō¶ŘȖŎ˥ˢ˂ ˠ˨ʰˡ˟ŎǼ

VRPH0DLQGHVLJQDQGDVVLVWDQFHIRU

0\)5(('20

ō¶ŘȖŎ˥ˢ˂ ˠ˨ʰˡ˟ŎǼ

0\,)21/<

˓ĶsضÌǼsŘÞض

ˣ˟ŎǼ

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

0\+$9$1$ ō¶ŘȖŎ˥ˢ˂ ˠ˨ʰˡ˟ŎǼ

0\*+267%867(5

ō¶ŘȖŎ˥ˢ˂ ˠ˨ʰˡ˟ŎǼ

0\681*($5

ˡ˟ˠ˟ ˡ˟ŎǼ

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


0\$6/(&

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

EHIRUH

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

DIWHU ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ˡ˟ˠ˥ ˣ˥ʰˢ˟ŎǼ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

0\0$;,0= ˡ˟˟ˡ ˣˢŎǼ

0\,1',3(1'(172)/21'21

Ķs¶ÌǼsŘÞضǼŸˣˡŎǼ ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

0\02175(9(/

6\%$0%$

˧ŎǼ OŸŘǣǼNjȖOǼÞŸŘɴsNjˠ˨ˡ˨ ʹɳOÌǼ^Þ¶sǣǼ ɠNj_¯ŸNjDsǣǼNJsǣǼŸNjsÞŘˠ˨˨˦ʺ

ōĶǼsǣsˤˤ˂

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


ɟŸNjĨrɮƼsNjÞsŘOsǣ

EŸȖǼ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

&$7$0$5$12GDSHVFD

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ˡ˟ˠ˥ ˠˢʳˤ˟ŎǼ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

6:¶3LORW ˡ˟ˠ˟

6:¶3LORW 0RRULQJ 6:¶ 3LORW 0RRULQJ

6:-HW¶),1&$17,(5,ˡˢŎǼ WHQGHUIRU,WDOLDQ&UDIW&DUULHU&$9285´

ˡ˟ˠ˟

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

6:¶3DWURO%RDW ˠˣŎǼ ˡ˟ˠˢ

6:¶,7$/,$1),5(0$16 ˠˣŎǼ ˡ˟ˠˢ

+\SHUEDULF/LIH%RDW ɟŸNjĨDŸǼǣ ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


ɟŸNjĨrɮƼsNjÞsŘOsǣ

EŸȖǼ

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

OǼÞɚÞǼÞsǣ

DȖNjsȖ

ǻsŎ

# NŸŘǼOǼǣ

ƻNjsǣǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

&LVWHUQD7UDVSRUWR$YDQQRWWL

ˢˤŎǼ ǼŸEsEȖÞĶǼ

ËȖĶĶƼNjŸĠsOǼǣ

PULP3$%/,72ˠˣŎǼ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

ˡ˟ˠ˟

0

&DVVH$FTXD

NJs¯ÞǼǼÞض

<2'$

IDOFKHWWD

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

SRQWHGLFRSHUWDDOFHQWUR SRQWHGLFRSHUWDLQPXUDWD

SRQWHGLFRSHUWDDOFHQWUR SRQWHGLFRSHUWDLQPXUDWD

SRQWHGLFRSHUWDDOFHQWUR SRQWHGLFRSHUWDLQPXUDWD

&DVVH1DIWD

*HQHUDWRUH

NǢǻĵÝ HFROPDU

/:/DOODSURYDVWDELOLWD',&

,00(56,21( 0$5&$ 

,00(56,21( 0$5&$ 































































 %/

%/ 

















%/

%/ 

PESDVV6+2&.

ˡˢŎǼ 

PULP<2'$ˡ˟ŎǼ ˡ˟ˠ˟









PQ&5,67$//,1$ ˡ˟ˠˠ





ˡ˧ʰ˥ˠŎǼ









ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

PESDVV5(/$;ˢ˟ŎǼ

PESDVVIRU%DWWHOLHUL&DPRJOLˡˢŎǼ

ʹȖŘ_sNjNjsĶÞǣǼÞŸŘʺ

EDUJH1$86$/*21 ˣˤʰˤ˟ŎǼ

ʹȖŘ_sNjNjsĶÞǣǼÞŸŘʺ

VRPH0DLQGHVLJQDQGDVVLVWDQFHIRU

ɟŸNjĨDŸǼǣ ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjsȖ

ǻsŎ

P\:$

ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ʹˡ˟ˠˡƼNjŸĠsOǼʺ

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

P\1$9(77$¶

P\*5$1'586$/,1$

ʹˡ˟ˠˣƼNjŸĠsOǼʺ

P\0$*180

ʹˡ˟ˠˣƼNjŸĠsOǼʺ

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

&XFLQDSHU9LOOD

ʹˡ˟ˠˤƼNjŸĠsOǼʺ

P\;;;VWHHOERDW ʹˡ˟ˠˢƼNjŸĠsOǼʺ

P\*,1721,&,,

ʹƼNjŸĠsOǼʺ

ŷǼÌsNjƻNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

P\)HUUHWWL ʹˡ˟ˠ˥NjsĶÞʊǼÞŸŘʺ

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

P\PW

ʹƼNjŸĠsOǼʺ

ŷǼÌsNjƻNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_


ȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ ŎNjÞŘs_sǣÞ¶Ř˓ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨrɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻsŎ

DȖNjsȖ

ƻNjsǣǣ

# NŸŘǼOǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞOĶƼNjŸĠsOǼǣ

ǢȖNjɚsɴ˓ǼsOÌŘÞOĶ ǣǣÞǣǼŘOs

ËȖĶĶƼNjŸĠsOǼǣ

˓ǣǼNjȖOǼȖNjĶ_sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ÞŘǼsNjÞŸNj_sǣÞ¶Ř

ǻNjŘǣ¯ŸNjŎǼÞŸŘ ˓ĶsضÌǼsŘÞض

ɟŸNjĨDŸǼǣ

ƼNjŸĠsOǼ˓NjsǣǼŸNjs

ŷǼÌsNjƼNjŸĠsOǼǣ

P\

ʹˡ˟ˠ˥ˀˠ˦ ƼNjŸĠsOǼʺ

ŷǼÌsNjƻNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ¯ŸNjȕŎEsNjǼŸǻ¶ĶÞɚÞŘÞ˚ŎNjÞŘs_sǣÞ¶ŘŘ_ǣsNjɚÞOsǣEɴNĶNjōŸĶǼs_ŸȖƼ_Ǽs_ˡ˟ˠ˦ĶĶNjÞ¶ÌǼǣNjsǣsNjɚs_

Portfolio mds by clara moltedo (may2017)  

Naval Architecture & marine engineering

Portfolio mds by clara moltedo (may2017)  

Naval Architecture & marine engineering

Advertisement