7KH/DNH2QWDULR/D03

/LJKWLQJWKHZD\IRU/DNH2QWDULR
:RUNLQJWRJHWKHUWRUHVWRUHDQGSURWHFWWKHKHDOWKRIWKHODUJHDQGFRPSOH[HFRV\VWHPRI
/DNH2QWDULRLVWKHIRFXVRIWKH/DNH2QWDULR/DNHZLGH0DQDJHPHQW3ODQ/D037KLV
ELQDWLRQDOIUDPHZRUNLPSOHPHQWHGE\VHYHQIHGHUDOSURYLQFLDODQGVWDWHDJHQFLHVLVD
PRGHORIFROODERUDWLRQLQHQYLURQPHQWDOSURWHFWLRQWKDWFHOHEUDWHGLWV\HDUDQQLYHUVDU\
LQ,WLVSDUWRIWKHELQDWLRQDOFRPPLWPHQWWR*UHDW/DNHVKHDOWKXQGHUWKH&DQDGD
8QLWHG6WDWHV*UHDW/DNHV:DWHU4XDOLW\$JUHHPHQW*/:4$

7KLVVSHFLDOHGLWLRQRIWKH/DNH2QWDULR/D038SGDWHLQFHOHEUDWLRQRIWKH\HDU
DQQLYHUVDU\ RI ELQDWLRQDO VWHZDUGVKLS XQGHU WKH %RXQGDU\:DWHUV7UHDW\ SURYLGHV DQ
RYHUYLHZRIWKHZRUNRIWKH/D03SDUWQHUVLQKHOSLQJWRUHVWRUHDQGSURWHFWWKHKHDOWKRI
/$.( 217$5,2 /DNH2QWDULR7KH8SGDWHLVDFRPSLODWLRQRIVXFFHVVVWRULHVDQGFKDOOHQJHVIURPSUHYL
/ $ . ( : , ' (  RXV/D03SXEOLFDWLRQVDQGLVLQWHQGHGWRSURYLGHERWKVWDNHKROGHUVDQGWKHSXEOLFZLWK
0 $ 1 $ * ( 0 ( 1 7 LQIRUPDWLRQRQWKHPDQ\VXFFHVVHVWKH/D03KDVDFKLHYHGDQGIXUWKHUDFWLRQWKDWFDQEH
3/$183'$7(
 WDNHQWRUHVWRUHDQGLPSURYHWKHKHDOWKRIWKHODNH

7KHUHDUHPDQ\WRROVWKHJRYHUQPHQWVXVHWRSURWHFWWKH*UHDW/DNHVERWKLQGLYLGXDOO\DQG
FROOHFWLYHO\  %RWK JRYHUQPHQWV KDYH IRUPDOL]HG WKHLU FRPPLWPHQWV WKURXJK WKH
&217(176 */:4$7KHDJUHHPHQWUHQHZHGWKUHHWLPHVVLQFHKDVHYROYHGIURPDQRULJLQDO
7KH/DNH2QWDULR/D03 IRFXVRQQXWULHQWVSKRVSKRUXVWRPRUHEURDGO\DGGUHVVUHVWRULQJDQGPDLQWDLQLQJWKH
/LJKWLQJWKHZD\IRU/DNH2QWDULR
FKHPLFDOSK\VLFDODQGELRORJLFDOLQWHJULW\RIWKHZDWHUVRIWKH*UHDW/DNHVHFRV\VWHP
&HOHEUDWLQJ\HDUVRI
%LQDWLRQDO*UHDW/DNHV
&ROODERUDWLRQ 7KHODVWUHQHZDORIWKH*/:4$LQVHWWKHVWDJHIRUGHYHORSPHQWRI5HPHGLDO$FWLRQ
3ODQV IRU$UHDV RI &RQFHUQ DUHDV ZKHUH WKHUH DUH KLJKHU FRQFHQWUDWLRQV RI KLVWRULFDO
(FRV\VWHP,QGLFDWRUV
SROOXWLRQDURXQGWKHODNHV,WDOVRVHWWKHVWDJHIRUFUHDWLRQRIODNHZLGHPDQDJHPHQWSODQV
/D03%LQDWLRQDO
&RRSHUDWLYH0RQLWRULQJ WRLPSURYHWKHTXDOLW\RIWKHRSHQZDWHUVRIWKHODNHV,WZDVWKLVDFWLRQWKDWJDYHELUWKWR
WKH/DNH2QWDULR/D03
/DNH2QWDULR±6W/DZUHQFH5LYHU
:DWHU/HYHO&RQWURO6WXG\
7RJHWKHUWKH/D03DJHQFLHVVKDUHLQIRUPDWLRQLGHQWLI\ODNHZLGHHQYLURQPHQWDOLVVXHV
%DOG(DJOHVDUH%DFN
WKURXJKFRRSHUDWLYHSURJUDPVVHWHFRV\VWHPREMHFWLYHVFRRUGLQDWHDFWLYLWLHVDQGPRQLWRU
5HVWRULQJWKH'LYHUVLW\RI &RQWLQXHGRQ3DJH
/DNH2QWDULR)LVKHV
&HOHEUDWLQJ\HDUVRI%LQDWLRQDO*UHDW/DNHV&ROODERUDWLRQ
/DNH2QWDULR$TXDWLF
,QYDVLYH6SHFLHV
7KH%RXQGDU\:DWHUV7UHDW\RILVWKHRULJLQRI*UHDW/DNHV
1LDJDUD5LYHU7R[LFV FROODERUDWLRQEHWZHHQ&DQDGDDQGWKH8QLWHG6WDWHV,WZDVFUHDWHGWR
0DQDJHPHQW3ODQ KHOSUHVROYHGLVSXWHVDERXWZDWHUTXDQWLW\DQGTXDOLW\7KHWUHDW\
HVWDEOLVKHGWKH,QWHUQDWLRQDO-RLQW&RPPLVVLRQ,-&KWWSZZZLMFRUJ
/DNH2QWDULR6RXUFHV DVWKHELQDWLRQDOERG\UHVSRQVLEOHIRUUHVROYLQJGLVSXWHV
DQG/RDGLQJV6WUDWHJ\
7KH%RXQGDU\:DWHUV7UHDW\DOVRJDYHULVHWRWKH*UHDW/DNHV:DWHU
%LQDWLRQDO%LRGLYHUVLW\&RQVHUYDWLRQ 4XDOLW\$JUHHPHQW*/:4$KWWSZZZRQHFJFFDZKLFKLQWXUQ
6WUDWHJ\IRU/DNH2QWDULR
JDYHULVHWR5HPHGLDO$FWLRQ3ODQV5$3VIRUGHVLJQDWHG$UHDVRI
*UHDW/DNHV$UHDVRI&RQFHUQ &RQFHUQ$2&VRQWKH*UHDW/DNHVDVZHOODV/DNHZLGH0DQDJHPHQW
$2&V0DNH3URJUHVV
8SFRPLQJ/D03$FWLYLWLHV
%LQDWLRQDO([HFXWLYH&RPPLWWHH
)RU0RUH,QIRUPDWLRQ
3ODQV/D03V
2Q-XQHWKH,-&WKHJRYHUQPHQWVRIWKH8QLWHG6WDWHVDQG
&DQDGDDORQJZLWK1LDJDUDDUHDPXQLFLSDOLWLHVKRVWHGWKHFHQWHQQLDO
FHOHEUDWLRQRIWKH%RXQGDU\:DWHUV7UHDW\DW1LDJDUD)DOOV7KH
FHOHEUDWLRQZDVKHOGGXULQJ%RXQGDU\:DWHUV:HHNDUHJLRQDOLQLWLDWLYH
IURP-XQH-XQH
)RUPRUHLQIRUPDWLRQVHHZZZRXUVKDUHGZDWHUVFRP
 / $ . ( 2 1 7 $ 5 , 2 / $ . ( : , ' ( 0 $ 1 $ * ( 0 ( 1 7 3 / $ 1 8 3 ' $7 (
 

&RQWLQXHGIURP3DJH
(FRV\VWHP,QGLFDWRUV SURJUHVV ,QGLYLGXDOO\WKHSDUWQHUDJHQFLHVFRQWULEXWHE\ZRUNLQJGRPHVWL
7KH/D03DGRSWHGDVHWRIHFRV\V FDOO\WRFRQWUROSROOXWLRQPDQDJHILVKHULHVDQGZLOGOLIHDQGGHDOZLWKRWKHU
WHPJRDOVREMHFWLYHVDQGLQGLFDWRUV
HQYLURQPHQWDQGQDWXUDOUHVRXUFHLVVXHV
LQWRKHOSPHDVXUHSURJUHVVLQ
UHVWRULQJDQGPDLQWDLQLQJWKHKHDOWK
7KURXJKWKHHIIRUWVRIWKHPHPEHUDJHQFLHVHLWKHUZRUNLQJLQGLYLGXDOO\RU
RIWKH/DNH2QWDULRHFRV\VWHP
FROODERUDWLYHO\VLJQLILFDQWSURJUHVVKDVEHHQPDGHLQ/DNH2QWDULR/HYHOVRI
7KHIROORZLQJVHOHFWHGLQGLFDWRUV FRQWDPLQDQWVLQWKH/DNH2QWDULRHFRV\VWHPKDYHGHFUHDVHGVLJQLILFDQWO\RYHU
UHIOHFWODNHZLGHFRQGLWLRQVFRQFHQ WKHODVW\HDUV 7KHTXDOLW\RIWKHZDWHUKDVLPSURYHGDQGSRSXODWLRQVRI
WUDWLRQVRIFULWLFDOSROOXWDQWVLQZDWHU
VSHFLHVXQGHUVWUHVVVXFKDVODNHWURXWEDOGHDJOHVPLQNDQGRWWHUDUHQRZ
\RXQJRIWKH\HDUILVKKHUULQJJXOO
HJJVDQGODNHWURXWQXWULHQWOHYHOV UHFRYHULQJ
]RRSODQNWRQDQGSUH\ILVKKHUULQJ
JXOOVODNHWURXWEDOGHDJOHPLQN +RZHYHUVLJQLILFDQWFKDOOHQJHVUHPDLQ1HZDQGHPHUJLQJFKHPLFDOVPD\EH
DQGRWWHUSRSXODWLRQV,QWKH KDYLQJDQHIIHFWRQWKHKHDOWKRIWKHHFRV\VWHPWKHIXOOH[WHQWRIWKHLPSDFWRI
/D03EHJDQZRUNRQDVHWRI LQYDVLYHVSHFLHVKDV\HWWREHGHWHUPLQHGDQGILVKFRQVXPSWLRQDGYLVRULHVVWLOO
FRDVWDOZHWODQGLQGLFDWRUV7KH H[LVWDVDUHVXOWRIOHJDF\SROOXWDQWVVXFKDVPHUFXU\3&%VDQGGLR[LQV7KH
/D03DQGLWVSDUWQHUVDUHFRPPLW
ZRUNRIWKH/D03FRQWLQXHV
WHGWRVXSSRUWLQJFRRSHUDWLYH
PRQLWRULQJDSSURDFKHVQHHGHGWR
)RUPRUHLQIRUPDWLRQRQWKHVHDQGRWKHUSURMHFWVJRWRZZZELQDWLRQDOQHW
UHSRUWRQWKHVHLQGLFDWRUVRQDORQJ
WHUPEDVLV

/D03%LQDWLRQDO&RRSHUDWLYH0RQLWRULQJ
7KH /DNH 2QWDULR /D03 LV D PRGHO RI ELQDWLRQDO PXOWLDJHQF\ FROODERUDWLRQ  7KH  %LQDWLRQDO
&ROODERUDWLYH5HVHDUFKDQG0RQLWRULQJ,QLWLDWLYHLVRQHH[DPSOHRIKRZWKLVFROODERUDWLRQZRUNVWROHYHUDJH
UHVRXUFHVDQGEHQHILWODNHPDQDJHUVRQERWKVLGHVRIWKHERUGHU
7KH/DNH2QWDULRHFRV\VWHPLVFRPSOH[DQGQHHGVWREHSURSHUO\XQGHUVWRRGIRUHIIHFWLYHPDQDJHPHQWGHFL
VLRQVWREHPDGH 0RQLWRULQJDQGVFLHQWLILFDVVHVVPHQWRQWKHVFDOHQHHGHGIRU/DNH2QWDULRLVEH\RQGWKH
FDSDFLW\RIDQ\RQHJRYHUQPHQWDJHQF\7RRYHUFRPHWKLVFKDOOHQJHWKH/DNH2QWDULR/D03SDUWQHUVSRROHG
WKHLUUHVRXUFHVVWDIIH[SHUWLVHWLPHDQGHTXLSPHQWWRGHYHORSDQGLPSOHPHQWWKH%LQDWLRQDO&ROODERUDWLYH
5HVHDUFKDQG0RQLWRULQJ,QLWLDWLYH
7KHJRDORIWKHLQLWLDWLYHZDVWRFROOHFWLQIRUPDWLRQQHHGHGWRKHOSVFLHQWLVWVDQGPDQDJHUVEHWWHUXQGHUVWDQGWKH
HFRV\VWHPG\QDPLFVDQGPDNHLQIRUPHGGHFLVLRQVWRLPSURYHWKHVWDWHRIWKHODNH2QHIRFXVRIWKDWVWXG\ZDV
WKHLPSDFWRILQYDVLYHVSHFLHVRQWKHKHDOWKDQGDEXQGDQFHRIQDWLYHILVKLQWKHODNH &RQWLQXHGRQ3DJH

%LQDWLRQDO&ROODERUDWLYH5HVHDUFKDQG0RQLWRULQJ3DUWQHUV
8QLWHG6WDWHV &DQDGD
8QLWHG6WDWHV(QYLURQPHQWDO 1<6WDWH'HSDUWPHQW 681<(6) (QYLURQPHQW /DNH2QWDULR
3URWHFWLRQ$JHQF\ RI(QYLURQPHQWDO &DQDGD &RQVHUYDWLRQ
&RQVHUYDWLRQ 5RFKHVWHU,QVWLWXWH $XWKRULWLHV
8QLWHG6WDWHV)LVKDQG RI7HFKQRORJ\ 'HSDUWPHQWRI
:LOGOLIH6HUYLFH 681<%URFNSRUW )LVKHULHVDQG /DNH2QWDULR
&ODUNVRQ8QLYHUVLW\ 2FHDQV &ROODERUDWLYH
8QLWHG6WDWHV 681<%XIIDOR
*HRORJLFDO6XUYH\ &RUQHOO8QLYHUVLW\ 2QWDULR0LQLVWU\RI 8QLYHUVLW\RI7RURQWR
%XIIDOR6WDWH WKH(QYLURQPHQW
1DWLRQDO2FHDQLFDQG &ROOHJH 7UHQW8QLYHUVLW\
$WPRVSKHULF$GPLQLVWUDWLRQ 2QWDULR0LQLVWU\RI
1DWXUDO5HVRXUFHV


 / $ . ( 2 1 7 $ 5 , 2 / $ . ( : , ' ( 0 $ 1 $ * ( 0 ( 1 7 3 / $ 1 8 3 ' $7 (
 

&RQWLQXHGIURP3DJH

$QRWKHU SDUW RI WKH VWXG\ ZDV D ODNHZLGH DVVHVVPHQW RI ODNH WURXW SRSXODWLRQV FRQGXFWHG E\ WKH 2QWDULR
0LQLVWU\ RI 1DWXUDO 5HVRXUFHV 8QLWHG 6WDWHV *HRORJLFDO 6XUYH\ DQG 1HZ <RUN 6WDWH 'HSDUWPHQW RI
(QYLURQPHQWDO&RQVHUYDWLRQ7KLVH[WHQVLYHVXUYH\ZLOODLGHYDOXDWLRQRIWKH
VXFFHVVHVRIHIIRUWVWRHVWDEOLVKVHOIVXVWDLQLQJSRSXODWLRQVRIWKHVHORQJORVW /DNH2QWDULR±
QDWLYHILVK 6W/DZUHQFH5LYHU
7KHVWXG\LVDOVRVHHNLQJWRXSGDWHWKHVWDWXVRIOHJDF\SROOXWDQWV3&%V''7 :DWHU/HYHO
GLR[LQVDQGIXUDQVDQGSURYLGHLQIRUPDWLRQRQQHZDQGHPHUJLQJFKHPLFDOV &RQWURO6WXG\
7KH QHDUVKRUH ]RQH RI WKH ODNH ZLOO EH VWXGLHG LQ JUHDWHU GHWDLO WKDQ HYHU 7KH,QWHUQDWLRQDO-RLQW&RPPLVVLRQ
EHIRUH  2QH RI WKH PRVW FULWLFDO LVVXHV IDFLQJ /DNH 2QWDULR LV WKH GUDVWLF KDVXQGHUWDNHQDQLQWHQVLYHHIIRUWWR
FKDQJHVLQWKHQHDUVKRUHZDWHUVFDXVHGE\LQYDVLYH]HEUDDQGTXDJJDPXVVHOV UHYLVHWKHFXUUHQWUHJXODWRU\SODQIRU
,WLVWKRXJKWWKDWGHQVHEHGVRILQYDVLYHPXVVHOVDQGDOJDHWKDWKDYHEHFRPH PDQDJLQJ/DNH2QWDULR±
HVWDEOLVKHGDURXQGWKHODNHDUHSUHYHQWLQJWKHIORZRIQXWULHQWVLQWRGHHSHU 6W/DZUHQFH5LYHUZDWHUOHYHOVDQG
ZDWHU UHVXOWLQJ LQ VHYHUH HXWURSKLFDWLRQ DQG RWKHU QHDUVKRUH ZDWHU TXDOLW\ RXWIORZV7KHILQDOSODQZLOOKDYH
FUXFLDOLPSOLFDWLRQVIRUIXWXUH
SUREOHPV
HFRV\VWHPUHVWRUDWLRQDFWLYLWLHV
,QVFLHQWLVWVIURP&DQDGDDQGWKH8QLWHG6WDWHVFRPSOHWHGWKHVDPSOLQJ LPSOHPHQWHGWKURXJKWKH/D03DQG
DQGGDWDFROOHFWLRQSKDVHRIWKLVPDVVLYHVWXG\IRU/DNH2QWDULR E\PDQ\FRPPXQLWLHVDURXQG/DNH
2QWDULR7KH/D03LVIROORZLQJWKH
SRVVLEOHFKDQJHLQZDWHUOHYHO
%DOG(DJOHVDUH%DFN FRQWUROE\WKH,QWHUQDWLRQDO/DNH
2QWDULR±6W/DZUHQFH5LYHU&RQWURO
/DNH2QWDULREDVLQDQG8SSHU6W/DZUHQFH5LYHU %RDUGDQGWKHDGDSWLYHPDQDJH
EDOGHDJOHVKDYHPDGHDWUHPHQGRXVFRPHEDFN PHQWDFWLRQVWKDWZLOOEHQHHGHGWR
RYHU WKH ODVW WKUHH GHFDGHV WKDQNV WR KXQWLQJ PRQLWRUDQGPLWLJDWHDQ\SRWHQWLDO
EDQV KDELWDW FRQVHUYDWLRQ HIIRUWV DQG GHFOLQLQJ DGYHUVHLPSDFWVWRWKHHFRV\VWHP
OHYHOV RI HQYLURQPHQWDO FRQWDPLQDQWV  7RGD\ )RUPRUHLQIRUPDWLRQ
WKHUHDUHWZR/DNH2QWDULRDQGWKUHH8SSHU6W ZZZORVORUJDERXWDERXWHKWPO
/DZUHQFH 5LYHU VKRUHOLQH QHVWLQJ WHUULWRULHV
0RUHWKDQWZRGR]HQLQODQGQHVWLQJWHUULWRULHVDUH
QRZ HVWDEOLVKHG ZLWKLQ WKH /DNH 2QWDULR EDVLQ
DORQJWULEXWDULHVDQGZHWODQGDUHDVZLWKQHZQHVWVEHLQJHVWDEOLVKHGHYHU\\HDU
86DQG&DQDGLDQEDOGHDJOHH[SHUWVDUHKHOSLQJWKH/D03LGHQWLI\DQGFRQVHUYH
YDOXDEOH VKRUHOLQH QHVWLQJ KDELWDW IRU H[SDQGLQJ EDOG HDJOH SRSXODWLRQV  7KH
FRQWLQXHGH[SDQVLRQRIVKRUHOLQHQHVWLQJWHUULWRULHVZRXOGEHDQLPSRUWDQWVLJQRIDKHDOWK\GLYHUVHDQGVHOI
VXVWDLQLQJZLOGOLIHFRPPXQLW\WKDWXVHVWKHODNHKDELWDWDQGRUIRRG
7ZHQW\KLJKSULRULW\SRWHQWLDOVKRUHOLQHQHVWLQJDUHDVZHUHLGHQWLILHGWKURXJKFRPSXWHUPRGHOLQJVPDOOSODQH
DHULDOVXUYH\VDQGILHOGYLVLWV7KH/D03LVZRUNLQJZLWKEDOGHDJOHH[SHUWVORFDOJRYHUQPHQWVDQGODQGRZQHUV
WRSURPRWHFRQVHUYDWLRQVWUDWHJLHVIRUWKHVHSULRULW\KDELWDWV6SHFLILFEDOGHDJOHSRSXODWLRQUHVWRUDWLRQJRDOV
DQGREMHFWLYHVLQSODFHWRKHOSPHDVXUHSURJUHVVWRZDUGVIXOO\UHVWRULQJHDJOHSRSXODWLRQVDUH
‡ 3HUFHQWRIEDOGHDJOHQHVWLQJSDLUVVKRXOGIOHGJHRUPRUHHDJOHWVSHU\HDU
‡ 6KRUHOLQHQHVWLQJWHUULWRULHVDUHHVWDEOLVKHGE\
‡ 3URWHFW&DQDGLDQDQG86SULRULW\VLWHVWRWDOLQJPRUHWKDQDFUHVE\
&RQWLQXHGLPSOHPHQWDWLRQRIPRQLWRULQJDQGSXEOLFDZDUHQHVVSURJUDPVFRPELQHGZLWKHIIHFWLYHORFDOKDELWDW
FRQVHUYDWLRQHIIRUWVZLOOHQVXUHWKHVXFFHVVRI86&DQDGLDQEDOGHDJOHUHVWRUDWLRQHIIRUWV

 / $ . ( 2 1 7 $ 5 , 2 / $ . ( : , ' ( 0 $ 1 $ * ( 0 ( 1 7 3 / $ 1 8 3 ' $7 (
 

5HVWRULQJWKH'LYHUVLW\RI/DNH2QWDULR)LVKHV
7KHELRGLYHUVLW\RIWKHILVKFRPPXQLW\LQ/DNH2QWDULRWRGD\LVGUDPDWLFDOO\GLIIHUHQWWKDQDWWKHWLPHRI(XURSHDQ
VHWWOHPHQW6LQFHWKHODWHVDQXPEHURIFKDQJHVWRWKHHQYLURQPHQWVXFKDVKDELWDWORVVGHJUDGHGZDWHU
TXDOLW\LQYDVLYHVSHFLHVDQGRYHUILVKLQJKDYHDIIHFWHGPDQ\ILVKVSHFLHV7ZHQW\WZRILVKVSHFLHVKDYHEHHQORVW
IURPWKH/DNH2QWDULREDVLQRUDUHFXUUHQWO\
UDUH


$ZLGHYDULHW\RISXEOLFDQGSULYDWHSDUWQHUVDUHZRUNLQJWRUHVWRUHWKHELRORJLFDOGLYHUVLW\RIILVKLQ/DNH2QWDULR
LQFOXGLQJWKH/D03
VSDUWQHUVKLSZLWKWKH/DNH2QWDULR)LVKHU\&RPPLVVLRQ
V/DNH2QWDULR&RPPLWWHH/2&
(IIRUWV WR UHVWRUH ODNH WURXW EHJDQ LQ WKH V ZLWK ELQDWLRQDO VHD ODPSUH\ FRQWURO DQG VWRFNLQJ SURJUDPV
1DWXUDOO\SURGXFHGODNHWURXWPDGHDFRPHEDFNLQ/DNH2QWDULRLQWKHHDUO\VDIWHUDQDEVHQFHRIRYHU
\HDUV1DWXUDOO\SURGXFHGILVKDUHVWLOOVHHQWRGD\EXWWKHLUQXPEHUVDUHVPDOODQGORZVXUYLYDORIVWRFNHGILVKKDV
VORZHGUHFRYHU\

7KH$WODQWLFVDOPRQUHVWRUDWLRQSURJUDPLVIRFXVHGRQWKUHHEHVWEHWVWUHDPVLQZHVWHUQ/DNH2QWDULR6WRFNLQJ
\RXQJ$WODQWLFVDOPRQDQGLPSURYLQJVWUHDPKDELWDWVDUHVKRZLQJHDUO\VLJQVRIVXFFHVVZLWKWKHUHFHQWDSSHDU
DQFHRIPDWXULQJVDOPRQ5HFHQWHIIRUWVWRUHVWRUH$PHULFDQHHOLQ/DNH2QWDULRLQFOXGHFORVLQJILVKHULHVVWRFN
LQJRI\RXQJHHOVDQGSURYLGLQJHHOVVDIHSDVVDJHDURXQGGDPV,QDGGLWLRQUHVWRUDWLRQSURJUDPVIRUGHHSZDWHU
FLVFRODNHVWXUJHRQDQGUHGVLGHGDFHDUHXQGHUZD\ 7KHVHUHFRYHU\HIIRUWVWRJHWKHUZLWKZRUNWRLPSURYHWKH
TXDOLW\RIWKHHQYLURQPHQWZLOOKHOSUHVWRUHWKHEDODQFHDQGGLYHUVLW\RIWKHILVKFRPPXQLW\LQ/DNH2QWDULR
   

  

 



   
 




 

   

([DPSOHVRIILVKUHVWRUDWLRQSURMHFWVDWORFDWLRQVDURXQG/DNH2QWDULRODNHVWXUJHRQVWRFNLQJ‹2QWDULR0LQLVWU\RI1DWXUDO5HVRXUFHV
VKRUHOLQHSODQWLQJRQDQ$WODQWLFVDOPRQVWUHDP‹2QWDULR)HGHUDWLRQRI$QJOHUVDQG+XQWHUVDVVHVVLQJWKHJURZWKRIVWRFNHG$WODQWLF
VDOPRQ‹2QWDULR0LQLVWU\RI1DWXUDO5HVRXUFHVDVVHVVLQJWKHJURZWKRI\RXQJODNHVWXUJHRQLQWKHORZHU*HQHVHH5LYHU‹86)LVKDQG
:LOGOLIH6HUYLFHPRQLWRULQJQDWXUDOUHSURGXFWLRQRIODNHWURXWLQ/DNH2QWDULR‹86*HRORJLFDO6XUYH\VWRFNLQJ$WODQWLFVDOPRQ‹2Q
WDULR0LQLVWU\RI1DWXUDO5HVRXUFHVVWDELOL]LQJWKHEDQNVRIDQ$WODQWLFVDOPRQVWUHDP‹2QWDULR)HGHUDWLRQRI$QJOHUVDQG+XQWHUV
HOHFWURVKRFNLQJWRDVVHVVVXUYLYDORIVWRFNHG$WODQWLFVDOPRQ‹2QWDULR0LQLVWU\RI1DWXUDO5HVRXUFHVVFKRROJURXSKHOSLQJWRUHVWRUHILVK
KDELWDWLQDQ$WODQWLFVDOPRQVWUHDP‹2QWDULR)HGHUDWLRQRI$QJOHUVDQG+XQWHUV$PHULFDQHHOVWRFNLQJ‹2QWDULR0LQLVWU\RI1DWXUDO
5HVRXUFHV$PHULFDQHHOWDJJLQJ‹2QWDULR0LQLVWU\RI1DWXUDO5HVRXUFHVODNHWURXWVWRFNLQJRIIEDUJHLQHDVWHUQ/DNH2QWDULR
 ‹1HZ<RUN6WDWH'HSDUWPHQWRI(QYLURQPHQWDO&RQVHUYDWLRQ
 / $ . ( 2 1 7 $ 5 , 2 / $ . ( : , ' ( 0 $ 1 $ * ( 0 ( 1 7 3 / $ 1 8 3 ' $7 (
 

/DNH2QWDULR$TXDWLF,QYDVLYH6SHFLHV
7KH*UHDW/DNHVEDVLQLVD1RUWK$PHULFDQKRWVSRWIRUWKHLQWURGXFWLRQRIDTXDWLFLQYDVLYHVSHFLHV$,60RUH
WKDQQRQQDWLYHDTXDWLFLQYDVLYHVSHFLHVKDYHEHHQUHSRUWHGLQWKH*UHDW/DNHVZLWKDQDYHUDJHRIRQHQHZ
LQYDGHUIRXQGDERXWHYHU\VHYHQPRQWKV6RPHRIWKHNH\LQYDVLYHVSHFLHVLPSDFWLQJWKH/DNH2QWDULRHFRV\V
WHPLQFOXGH]HEUDDQGTXDJJDPXVVHOVILVKKRRNVSLQ\ZDWHUIOHDVDQGURXQGJRE\

7KHPRVWHIIHFWLYHDSSURDFKWRGHDOLQJZLWKLQYDVLYHVSHFLHVLVWRPDQDJHWKHSDWKZD\VWKURXJKZKLFKLQYDVLYH
VSHFLHV HQWHU DQG VSUHDG WKURXJK WKH *UHDW /DNHV  )RU DTXDWLF VSHFLHV WKHVH SDWKZD\V LQFOXGH VKLSSLQJ
UHFUHDWLRQDODQGFRPPHUFLDOERDWLQJWKHXVHRIOLYHEDLWWKHDTXDULXPZDWHUJDUGHQWUDGHOLYHIRRGILVK
XQDXWKRUL]HGLQWURGXFWLRQVDQGWUDQVIHUVDQGFDQDOVDQGZDWHUGLYHUVLRQV 6KLSSLQJDQGXQDXWKRUL]HGLQWUR
GXFWLRQKDYHEHHQWKHPRVWLPSRUWDQWSDWKZD\VIRULQWURGXFWLRQLQWRWKH*UHDW/DNHV

$TXDWLF LQYDVLYH VSHFLHV FRQWLQXH WR KDYH D VLJQLILFDQW LPSDFW RQ WKH /DNH 2QWDULR HFRV\VWHP LQFOXGLQJ
FDXVLQJIRRGZHEGLVUXSWLRQVGLVHDVHLQWURGXFWLRQKDELWDWDOWHUDWLRQVDQGGHFOLQHVLQQDWLYHGLYHUVLW\ )RU
H[DPSOH]HEUDDQGTXDJJDPXVVHOVKDYHLPSDFWHGWKHORZHUIRRGZHEE\FRPSHWLQJZLWKLPSRUWDQWQDWLYH
VSHFLHV VXFK DV WKH QDWLYH DPSKLSRG 'LSRUHLD ZKLFK GHFOLQHG VRRQ DIWHU GUHLVVHQLGV ZHUH LQWURGXFHG 
'LSRUHLDLVDQLPSRUWDQWIRRGVRXUFHIRUQDWLYHERWWRPIHHGLQJILVKDQGWKHLUGHFOLQHKDVSXWVRPHVSHFLHVVXFK
DVQDWLYHODNHZKLWHILVKDWULVN

/DNH2QWDULR/D03SDUWQHUDJHQFLHVDUHZRUNLQJZLWKPDQ\JURXSVRQLQWHUQDWLRQDOQDWLRQDODQGORFDOOHYHO
LQYDVLYHVSHFLHVPDQDJHPHQWDFWLYLWLHVWRVKDUHLQIRUPDWLRQDQGQHZWHFKQLTXHVIRUILJKWLQJLQYDVLYHVSHFLHV
3UHYHQWLRQ GHWHFWLRQ DQG PRQLWRULQJ DQG FRQWURO DQG PDQDJHPHQW DUH NH\ FRPSRQHQWV RI WKH SURJUDPV 
3UHYHQWLQJLQWURGXFWLRQVDQGWKHIXUWKHUVSUHDGRILQYDVLYHVSHFLHVLVDGGUHVVHGWKURXJKOHJLVODWLYHDQGUHJXOD
WRU\DFWLRQVSXEOLFRXWUHDFKDQGHGXFDWLRQ

1LDJDUD5LYHU7R[LFV0DQDJHPHQW3ODQ

7KH1LDJDUD5LYHUE\SURYLGLQJDVPXFKDVFXELFIHHWRIZDWHUSHUVHFRQGaP VHFIORZLQJRYHU
WKHIDOOVUHIUHVKHV/DNH2QWDULRZLWKPRUHWKDQSHUFHQWRIWKHODNH
VDQQXDOZDWHUVXSSO\%XWWKLVWUHPHQGRXV
YROXPHRIZDWHUKDVDOVRKLVWRULFDOO\FRQWULEXWHGVLJQLILFDQWDPRXQWVRISROOXWDQWVLQWR/DNH2QWDULR

7KH1LDJDUD5LYHU7R[LFV0DQDJHPHQW3ODQ15703DGRSWHGLQE\WKHIRXUJRYHUQPHQWDJHQFLHV²

(QYLURQPHQW &DQDGD 8QLWHG 6WDWHV (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ 86(3$ 2QWDULR 0LQLVWU\ RI
(QYLURQPHQWDQGWKH1HZ<RUN6WDWH'HSDUWPHQWRI(QYLURQPHQWDO&RQVHUYDWLRQ1<6'(&KDVFRRUGLQDWHG
JRYHUQPHQWDQGLQGXVWU\HIIRUWVWRVLJQLILFDQWO\UHGXFHWKHFRQFHQWUDWLRQVRIWR[LFSROOXWDQWVLQWKH1LDJDUD5LYHU
DQG/DNH2QWDULR

:DVWHZDWHUSRLQWVRXUFHGLVFKDUJHVDQGKD]DUGRXVZDVWHVLWHVRQFHGHWHUPLQHGWREHUHVSRQVLEOHIRURYHU
SHUFHQWRIWKHHVWLPDWHGWR[LFVLQSXWLQWRWKH1LDJDUD5LYHUKDYHXQGHUJRQHUHPHGLDWLRQWRYLUWXDOO\HOLPLQDWHWKH
PLJUDWLRQRIWR[LFSROOXWDQWV&XUUHQWO\WKHQXPEHURIGLUHFWSRLQWVRXUFHGLVFKDUJHVLQWRWKHULYHUKDVGHFUHDVHG
WR86DQG&DQDGLDQDQGJHQHUDOO\DOODUHLQFRPSOLDQFHZLWK1HZ<RUNRU2QWDULRSROOXWDQWGLVFKDUJH
UHJXODWLRQV 7ZHQW\VL[KD]DUGRXVZDVWHVLWHVZLOOEHIXOO\UHPHGLDWHGDQGFORVHGZLWKLQWKHQH[WIHZ\HDUV 
5HGXFWLRQWDUJHWVIRUQHDUO\DOOWKHSULRULW\WR[LFFKHPLFDOVKDYHEHHQVXUSDVVHGVRPHDFKLHYLQJSHUFHQW
UHGXFWLRQV7KLVVXFFHVVIXOLPSURYHPHQWLQZDWHUTXDOLW\LVUHIOHFWHGE\VLJQLILFDQWUHGXFWLRQVRIWR[LFVIRXQGLQ
VPDOOILVKDQGPXVVHOVLQWKHULYHUDQGWULEXWDULHV'XHWRWKLVVXEVWDQWLDOSURJUHVVWKHDJHQFLHVDUHQRZZRUNLQJ
WRFKDUWWKHIXWXUHFRXUVHIRUWKH15703 
 / $ . ( 2 1 7 $ 5 , 2 / $ . ( : , ' ( 0 $ 1 $ * ( 0 ( 1 7 3 / $ 1 8 3 ' $7 (
 

/DNH2QWDULR6RXUFHVDQG/RDGLQJV6WUDWHJ\
7KH/DNH2QWDULR6RXUFHVDQG/RDGLQJV6WUDWHJ\DLPVWRUHGXFHWKHORDGLQJVRIFULWLFDOFRQWDPLQDQWVHQWHULQJ
/DNH2QWDULRIURPDUDQJHRIVRXUFHVLQFOXGLQJULYHUVSUHFLSLWDWLRQSRLQWVRXUFHVVXFKDVVHZDJHWUHDWPHQW
SODQWVDQGLQGXVWULDOIDFLOLWLHVDQGQRQSRLQWVRXUFHVVXFKDVVWRUPZDWHUDQGDJULFXOWXUDOUXQRII 7KURXJK
WKLV6WUDWHJ\/D03DJHQFLHVDUHWDUJHWLQJ''7DQGLWVPHWDEROLWHVGLHOGULQGLR[LQVIXUDQVPHUFXU\PLUH[
DQG3&%V5HGXFWLRQVLQWKHORDGLQJVRIWKHVHFRQWDPLQDQWVZLOOKHOSPHHWWKH/D03VHFRV\VWHPREMHFWLYHVIRU
/DNH2QWDULRLQFOXGLQJWKHUHVWRUDWLRQRIEHQHILFLDOXVHV

'XHWRWKHVFDOHDQGFRPSOH[LW\RISROOXWDQWVRXUFHVZLWKLQWKHEDVLQWKH/D03XVHVDFRRSHUDWLYHDSSURDFK
ZRUNLQJFORVHO\ZLWKUHJXODWRU\SURJUDPVORFDOJRYHUQPHQWVLQGXVWU\DQGLQGLYLGXDOVWRGHYHORSDQGFRRUGL
QDWHDQHIIHFWLYHFULWLFDOSROOXWDQWUHGXFWLRQVWUDWHJ\7KDWVWUDWHJ\LVWRLGHQWLI\DVVHVVDQGPLWLJDWHVRXUFHVRI
FULWLFDOSROOXWDQWVWKURXJKRXWWKH/DNH2QWDULREDVLQ7KH/D03FULWLFDOSROOXWDQWUHGXFWLRQVWUDWHJ\KDVWKUHH
PDLQHOHPHQWVGDWDLQIRUPDWLRQV\QWKHVLVFRRUGLQDWLRQZLWKUHJXODWRU\DFWLRQVDQGSURPRWLQJ
YROXQWDU\DFWLRQV

7RPHHWWKH*UHDW/DNHV:DWHU4XDOLW\$JUHHPHQWJRDOWRYLUWXDOO\HOLPLQDWHWKHGLVFKDUJHRISHUVLVWHQWRUJDQLF
SROOXWDQWV/D03SDUWQHUVLQLWLDWHGFRPSOLPHQWDU\HIIRUWVRQERWKWKH&DQDGLDQDQG86SRUWLRQVRIWKH/DNH
2QWDULREDVLQWRWUDFNGRZQVRXUFHVRIWKHVHSROOXWDQWV7KHVHDFWLRQVKDYHEHHQVXFFHVVIXOLQLGHQWLI\LQJDQG
DEDWLQJVRXUFHVRI3&%VWRWKHODNH([DPSOHVRIWKHVHVXFFHVVHVDUHWKHFOHDQXSRI3&%FRQWDPLQDWHGVHGL
PHQWLQWKH&DWDUDTXLDQG7ZHOYH0LOH&UHHNZDWHUVKHGVRQWKH&DQDGLDQVLGHDQGWKHUHPHGLDWLRQRIJURXQG
ZDWHU LQ WKH *HQHVVHH 5LYHU ZDWHUVKHG DQG FOHDQXS RI 3&% FRQWDPLQDWHG VHGLPHQW EHORZ WKH YLOODJH RI
&DUWKDJHRQWKH%ODFN5LYHURQWKH86VLGH

7KH/D03
VVWUDWHJ\LVLQWHJUDWHGZLWKWKH1LDJDUD5LYHU7R[LFV0DQDJHPHQW3ODQ15703WKH*UHDW/DNHV
%LQDWLRQDO7R[LFV6WUDWHJ\DQG/DNH2QWDULR0DVV%DODQFH0RGHOV

%LQDWLRQDO%LRGLYHUVLW\&RQVHUYDWLRQ6WUDWHJ\IRU/DNH2QWDULR
7KH/D03LQFROODERUDWLRQZLWKDJHQFLHVXQLYHUVL 7KH /D03
V VWUDWHJ\ LQFOXGLQJ SULRULWL]HG ZDWHUVKHGV
WLHV DQG QRQSURILW RUJDQL]DWLRQV LQ WKH 8QLWHG 6WDWHV IRUDFWLRQZLOOEHDVJHRJUDSKLFDOO\VSHFLILFDQGDFWLRQ
DQG &DQDGD LV GHYHORSLQJ D ELQDWLRQDO URDGPDS WR RULHQWHGDVSRVVLEOHE\DQVZHULQJVXFKTXHVWLRQVDV
SURWHFWDQGUHVWRUH/DNH2QWDULR
VELRORJLFDOGLYHUVLW\
‡ :KLFKZDWHUVKHGVPRVWQHHGIRUHVWHGEXIIHUV
7KHSURFHVVLQYROYHVVHOHFWLQJLPSRUWDQWFRQVHUYDWLRQ DURXQGWULEXWDULHVWRUHGXFHVHGLPHQWUXQRII"
WDUJHWV UDQNLQJ WKUHDWV WR WKHP DQG WKHQ LGHQWLI\LQJ ‡ :KHUHDUHWKHVSDZQLQJEHGVRIODNHWURXWWKDWQHHG
FRQVHUYDWLRQDQGUHVWRUDWLRQDFWLRQVWKDWSDUWQHUVFDQ WREHSUHVHUYHG"DQG
XQGHUWDNH ‡ +RZFDQZHDOORZILVKDFFHVVWRLPSRUWDQWKDELWDWV
WKDWDUHFXUUHQWO\EORFNHGE\GDPV"
6LQFH  WKHUH ZHUH IRXU ZRUNVKRSV KHOG E\ 7KH
7KHVWUDWHJ\LVLQWHQGHGWREHDVFLHQWLILFDOO\JURXQGHG
1DWXUH &RQVHUYDQF\ LQ FRQMXQFWLRQ ZLWK 7KH 1DWXUH
FRPPRQYLVLRQRISULRULW\VWUDWHJLHVWKDWSDUWQHURUJDQL
&RQVHUYDQF\ RI &DQDGD LQ %XIIDOR 1LDJDUDRQWKH
]DWLRQVFDQSXUVXH%\HQJDJLQJDELQDWLRQDOQHWZRUNRI
/DNH DQG WZR LQ .LQJVWRQ 3DUWLFLSDQWV LGHQWLILHG
SDUWQHUVLQGHYHORSLQJWKLVDFWLRQDJHQGDWKLVSURMHFW
FRQVHUYDWLRQWDUJHWVVXFKDVQHDUVKRUHZDWHUVFRDVWDO
ZLOO HQKDQFH FROODERUDWLRQ DQG LQWHJUDWLRQ RI HIIRUWV
ZHWODQGVQDWLYHILVKDQGWULEXWDULHVZKLOHDOVRLGHQWLI\
WRZDUG DFKLHYLQJ WKH KDELWDW UHVWRUDWLRQ JRDOV RI WKH
LQJWKUHDWVVXFKDVGDPVRQWULEXWDULHVDTXDWLFLQYDVLYH
/D03
VSHFLHVDQGUHVLGHQWLDODQGFRPPHUFLDOGHYHORSPHQW


 / $ . ( 2 1 7 $ 5 , 2 / $ . ( : , ' ( 0 $ 1 $ * ( 0 ( 1 7 3 / $ 1 8 3 ' $7 (
 

*UHDW/DNHV$UHDVRI&RQFHUQ$2&V0DNH3URJUHVV

'HDOLQJZLWKKLVWRULFDOO\FRQWDPLQDWHG³KRWVSRWV´DURXQGWKH*UHDW/DNHVLVDNH\SULRULW\XQGHUWKH*UHDW
/DNHV:DWHU4XDOLW\$JUHHPHQW7KHUHDUHQLQHRIWKHVH³KRWVSRWV´RU$UHDVRI&RQFHUQ$2&VDURXQG/DNH
2QWDULR DORQH  7ZR ELQDWLRQDO$2&V H[LVW ZLWKLQ WKH /DNH 2QWDULR EDVLQ WKH 1LDJDUD 5LYHU DQG WKH 6W
/DZUHQFH5LYHULQWKH&RUQZDOO0DVVHQDDUHD$2&V

7KH$2&VZHUHLGHQWLILHGEDVHGRQWKHLUSRWHQWLDOWREHVLJQLILFDQWVRXUFHVRIFULWLFDOSROOXWDQWVWRWKHODNHDQG
RQWKHH[WHQWRIWKHLPSDFWRIFRQWDPLQDWHGVHGLPHQWDQGZDWHURQILVKZLOGOLIHDQGSHRSOH7KHVHHIIHFWVDUH
IRUPDOO\FDOOHG%HQHILFLDO8VH,PSDLUPHQWV%8,V

&DQDGD DQG WKH 8QLWHG 6WDWHV

KDYH EHHQ ZRUNLQJ ZLWK 6W/DZUHQFH
DW&RUQZDOO
JRYHUQPHQW DJHQFLHV QRQ 6W/DZUHQFH
DW0DVVHQD
JRYHUQPHQWDO HQYLURQPHQWDO
RUJDQL]DWLRQV LQGXVWULHV &DQDGD
FRPPXQLWLHV DQG RWKHUV WR %D\RI
4XLQWH
LPSOHPHQW LQGLYLGXDO 5HPHGLDO 3RUW+RSH
$FWLRQ3ODQV5$3VIRUHDFKRI +DUERXU

WKHVHDUHDVWRUHVWRUHDQGSURWHFW ULR
2QWD
EHQHILFLDOXVHV 7RURQWRDQG /DNH 2VZHJR5LYHU
5HJLRQ 'HOLVWHG

2Q WKH 8QLWHG 6WDWHV VLGH WKH +DPLOWRQ 5RFKHVWHU

(LJKWHHQPLOH (PED\PHQW
*UHDW /DNHV 5HJLRQDO +DUERXU
&UHHN
&ROODERUDWLRQ */5& VWUDWHJ\ 1LDJDUD
8QLWHG6WDWHV
5LYHU
ZDVLVVXHGLQ$WWKDWWLPH
WKH *UHDW /DNHV JRYHUQRUV
FRQJUHVVLRQDO GHOHJDWLRQV
PD\RUVDQGWULEDOOHDGHUVPHWWR
/HJHQG
IRUJH D SDUWQHUVKLS WR IXUWKHU ,QWHUQDWLRQDO%RUGHU
SURWHFW DQG UHVWRUH WKH *UHDW /DNH2QWDULR$UHDVRI&RQFHUQ
/DNHV  7KH */5& LQFOXGHV
REMHFWLYHV WR HQKDQFH FRQWDPLQDWHG VHGLPHQW UHPHGLDWLRQ DQG SURJUDP LPSOHPHQWDWLRQ IRU $2&V  7KH
2VZHJR5LYHU$2&ZDVWKHILUVW$2&LQWKH8QLWHG6WDWHVWREHIRUPDOO\GHOLVWHGLQ7KLVVHWWKHVWDJHIRU
DFKLHYLQJSURJUHVVZLWKRWKHU$2&VLQWKH8QLWHG6WDWHV ,QWKH5$3VILQDOL]HGDSSURYHGGHOLVWLQJ
WDUJHWVIRUEHQHILFLDOXVHLPSDLUPHQWV)RUPRUHGHWDLORQWKH*/5&VHHZZZHSDJRYJOQSRFROODERUDWLRQ

2QWKH&DQDGLDQVLGHWKHIHGHUDODQGSURYLQFLDOJRYHUQPHQWVZRUNWRJHWKHUWRGHDOZLWK$2&VXQGHUWKH
&DQDGD2QWDULR$JUHHPHQW5HVSHFWLQJWKH*UHDW/DNHV%DVLQ(FRV\VWHP&2$7KH&2$LGHQWLILHVWKH
DFWLRQVWREHFRPSOHWHGLQDOO&DQDGLDQ$2&VLQFOXGLQJWKRVHLQ/DNH2QWDULRRYHUWKHGXUDWLRQRIWKHDJUHH
PHQW)RUPRUHGHWDLORQDFWLRQVLQWKH&DQDGLDQ$2&VUHIHUWRWKH&2$DW

ZZZRQHFJFFDJUHDWODNHVGHIDXOWDVS"ODQJ (Q Q '&%RU
ZZZHQHJRYRQFDHQYLVLRQZDWHUJUHDWODNHVFRD&2$BDQQH[SGI


 / $ . ( 2 1 7 $ 5 , 2 / $ . ( : , ' ( 0 $ 1 $ * ( 0 ( 1 7 3 / $ 1 8 3 ' $7 (
 

8SFRPLQJ/D03$FWLYLWLHV
7KH/DNH2QWDULR/D03FRQWLQXHVHIIRUWVWRUHVWRUHDQG ODNHWURXWFRQVHUYDWLRQDQGUHVWRUDWLRQ 7KH%LQDWLRQDO
SURWHFW/DNH2QWDULRDQGLWVELRORJLFDOUHVRXUFHV 7KH %LRGLYHUVLW\ &RQVHUYDWLRQ 6WUDWHJ\ WKDW EHJDQ LQ
/D03
V FXUUHQW ILYH\HDU ZRUNSODQ ZKLFK EHFDPH ZLOOVHWWKHVWDJHIRUFRRUGLQDWLQJIXWXUHDFWLRQV 
HIIHFWLYHLQ-DQXDU\RXWOLQHVKRZWKLVJRDOZLOOEH 7KH /D03 SDUWQHUV ZLOO ILQDOL]H WKH VWUDWHJ\ VR WKDW
DFKLHYHG UHVWRUDWLRQ RU SURWHFWLRQ SURMHFWV FDQ EH VHOHFWHG DQG
LQLWLDWHG7KH/D03DOVRSODQVWRH[SDQGOLQNVZLWKORFDO
5HGXFWLRQRIFULWLFDOSROOXWDQWVLVRISULPDU\LPSRUWDQFH ZDWHUVKHGDFWLYLWLHVDQGFRQWLQXHWRFRRUGLQDWHZLWKWKH
WRWKH/D03DQGFRQWDPLQDQWWUDFNGRZQHIIRUWVLQWKH /2&7KH/D03ZLOOFRQWLQXHWRZRUNZLWKWKH%LQDWLRQDO
8QLWHG6WDWHVDQG&DQDGDZLOOFRQWLQXHWRLGHQWLI\DQG ([HFXWLYH &RPPLWWHH LQ VHWWLQJ SULRULWLHV VWUDWHJLF
FRQWUROVRXUFHVRISHUVLVWHQWRUJDQLFSROOXWDQWV GLUHFWLRQDQGFRRUGLQDWLRQIRUEDVLQSURJUDPV
&RRUGLQDWLRQRIELQDWLRQDOPRQLWRULQJHIIRUWVSDUWLFXODUO\ 3URYLGLQJWKHSXEOLFZLWKDVRXQGXQGHUVWDQGLQJRIWKH
WKRVH UHODWHG WR WKH /D03
V HFRV\VWHP LQGLFDWRUV ZLOO FRPSOH[ SUREOHPV IDFLQJ WKH ODNH LV WKH ILUVW VWHS LQ
FRQWLQXH7KH/D03ZLOODGGWRLWVVXLWHRIHFRV\VWHP JDLQLQJSXEOLFVXSSRUWDQGSDUWLFLSDWLRQLQDFKLHYLQJWKH
LQGLFDWRUVZLWKWKHGHYHORSPHQWRIDFRDVWDOZHWODQGV /D03
VJRDOV 2QJRLQJDQGSODQQHGDFWLYLWLHVLQFOXGH
LQGLFDWRU7KH/D03KDVFRPSOHWHGLWV%LQDWLRQDO LQLWLDWLQJ RSSRUWXQLWLHV WR PHHW ZLWK HQYLURQPHQWDO
&ROODERUDWLYH 5HVHDUFK DQG 0RQLWRULQJ ,QLWLDWLYH 7KLV JURXSV DFDGHPLFV DQG RWKHUV ZKLOH IRUPLQJ
ZDV WKH VHFRQG FRPSUHKHQVLYH FRRSHUDWLYH HIIRUW WR SDUWQHUVKLSV ORFDOO\ DQG SURYLGLQJ LQIRUPDWLRQ WKURXJK
DVVHVVWKHFKDQJLQJORZHUIRRGZHEZLWKHPSKDVLVRQ WKH /D03 ZHEVLWH DQG PDLOLQJV  :H ZLOO FRQWLQXH WR
WKH QHDUVKRUH DQG HPHUJLQJ FKHPLFDOV RI FRQFHUQ  SDUWLFLSDWHLQPHHWLQJVVXFKDVWKH6WDWHRIWKH/DNHV
7KH/D03DJHQFLHVZLOODQDO\]HWKHGDWDGLVVHPLQDWH (FRV\VWHP&RQIHUHQFH62/(&DQGWKH,QWHUQDWLRQDO
WKH QHZ LQIRUPDWLRQ DQG HYDOXDWH WKH PDQDJHPHQW
LPSOLFDWLRQVWKDWZLOOHYROYHIURPWKHVHILQGLQJV
7KH/DNH2QWDULR/D03SODQVWRFRQWLQXHDQGH[SDQG
FROODERUDWLYH HIIRUWV LQ WKH DUHDV RI EDOG HDJOH DQG
-RLQW &RPPLVVLRQ ,-& ELHQQLDO VHVVLRQV DQG
HYHQWV VXFK DV WKH DQQXDO )LVKHU\ (YHQWV DQG WKH
VSHFLDO WK $QQLYHUVDU\ RI WKH %RXQGDU\ 7UHDW\
:DWHUVHYHQWVLQ

%LQDWLRQDO([HFXWLYH&RPPLWWHH
7KH %LQDWLRQDO ([HFXWLYH &RPPLWWHH %(& LV FRPSRVHG RI VHQLRUOHYHO UHSUHVHQWDWLYHV RI &DQDGLDQ DQG 86
IHGHUDOVWDWHSURYLQFLDODQGWULEDODJHQFLHVZKRDUHDFFRXQWDEOHIRUGHOLYHULQJPDMRUSURJUDPVDQGDFWLYLWLHVWKDW
UHVSRQGWRWKHWHUPVRIWKH*UHDW/DNHV:DWHU4XDOLW\$JUHHPHQW6HYHUDO1*2VKDYHEHHQJLYHQREVHUYHUVWDWXVDV
ZHOO%(&DLPVWRPHHWWZLFHD\HDURUDVUHTXLUHGWR

‡ 6HWSULRULWLHVDQGVWUDWHJLF ‡ 5HVSRQGWRQHZDQGHPHUJLQJ ‡ (YDOXDWHSURJUHVVXQGHUWKH*UHDW

GLUHFWLRQIRUELQDWLRQDOSUR
JUDPPLQJLQWKHEDVLQ
‡ &RRUGLQDWHELQDWLRQDOSUR
JUDPVDQGDFWLYLWLHV
LVVXHVRQWKH*UHDW/DNHV /DNHV:DWHU4XDOLW\$JUHHPHQWDQG
LQFOXGLQJWDVNLQJH[LVWLQJRU
‡ 3URYLGHDGYLFHFRPPHQWRURWKHU
FUHDWLQJQHZZRUNLQJJURXSVWR
LQSXWIRUWKHSUHSDUDWLRQRIYDULRXV
XQGHUWDNHGHVLJQDWHGDFWLYLWLHV
ELQDWLRQDOUHSRUWVDQGSUHVHQWDWLRQV

)RU0RUH,QIRUPDWLRQ
.=/D038SGDWHV?/DNH2QWDULR/D038SGDWHY*5$

3OHDVHYLVLWRXU:HEVLWHDWZZZELQDWLRQDOQHWRUFRQWDFW
,Q&DQDGD ,QWKH8QLWHG6WDWHV
5LFN&]HSLWD 0LFKDHO%DVLOH
(QYLURQPHQW&DQDGD 86(QYLURQPHQWDO3URWHFWLRQ$JHQF\
3KRQH 3KRQH
)D[ )D[
(PDLOULFNF]HSLWD#HFJFFD (PDLOEDVLOHPLFKDHO#HSDJRY
7KH/DNH2QWDULR0DQDJHPHQW3ODQLVDELQDWLRQDOSDUWQHUVKLSDPRQJ(QYLURQPHQW&DQDGD
)LVKHULHVDQG2FHDQV&DQDGD86(QYLURQPHQWDO3URWHFWLRQ$JHQF\86)LVKDQG:LOGOLIH6HUYLFH
2QWDULR0LQLVWU\RI(QYLURQPHQW2QWDULR0LQLVWU\RI1DWXUDO5HVRXUFHVDQG
1HZ<RUN6WDWH'HSDUWPHQWRI(QYLURQPHQWDO&RQVHUYDWLRQ