(VWRQLD
,QYHVWPHQW *XLGH
(VWRQLD ,QYHVWPHQW *XLGH
&RQWHQWV
&20,1* 72 (6721,$ :KR GRHV QRW QHHG D YLVD WR HQWHU (VWRQLD 9LVD DSSOLFDWLRQ SURFHVV 7\SHV RI YLVDV 5HVLGHQFH DQG ZRUN SHUPLWV
),1$1&,1* $ %86,1(66 )LQDQFLQJ SRVVLELOLWLHV 'HEW ILQDQFLQJ (TXLW\ ILQDQFLQJ )XQGLQJ SURJUDPPHV
(67$%/,6+,1* $ &203$1< /HJDO IRUP 3ULYDWH /LPLWHG &RPSDQ\ 3XEOLF /LPLWHG &RPSDQ\ *HQHUDO 3DUWQHUVKLS /LPLWHG 3DUWQHUVKLS 6ROH 3URSULHWRUVKLS %UDQFK RI )RUHLJQ &RPSDQ\ 7KH SURFHVV RI HVWDEOLVKLQJ D FRPSDQ\ +RZ WR UHJLVWHU D SULYDWH OLPLWHG FRPSDQ\" (QWU\ LQ &RPPHUFLDO 5HJLVWHU 1RWDULHV 35(0,6(6 $1' ,1)5$6758&785( 3UHPLVHV (OHFWULFLW\ ,QGXVWULDO JDV :DWHU %URDGEDQG QHWZRUN
/$%285 0$5.(7 $1' 62&,$/ 6(&85,7< /DERXU OHJLVODWLRQ :RUNLQJ WLPH DQG YDFDWLRQ 5HPXQHUDWLRQ )LQGLQJ VXLWDEOH VWDII (VWRQLDQ 6RFLDO 6HFXULW\ 6\VWHP +HDOWK LQVXUDQFH LQ (VWRQLD
7+( 7$; 6<67(0 7KH WD[ V\VWHP &RUSRUDWH LQFRPH WD[ 3HUVRQDO LQFRPH WD[ 9$7 6RFLDO WD[ 2WKHU WD[HV &XVWRPV $FFRXQWLQJ UHTXLUHPHQWV 3D\LQJ WD[HV
7+( /(*$/ )5$0(:25. 7KH OHJDO IUDPHZRUN )RUHLJQ EXVLQHVVHV (QYLURQPHQWDO ODZ 3ODQQLQJ DQG EXLOGLQJ -XVWLFH V\VWHP DQG OHJDO DLG
/,9,1* ,1 (6721,$ +HDOWK FDUH VHUYLFHV (GXFDWLRQ V\VWHP 8QLYHUVLWLHV )DPLO\ EHQHILWV
$11(; 86()8/ /,1.6 (VWRQLDQ ,QYHVWPHQW DQG 7UDGH $JHQF\ 'LVFODLPHU 1RWHV
(VWRQLD ,QYHVWPHQW *XLGH
'XUDWLRQ RI IOLJKWV WR (VWRQLD K
:KR GRHV QRW QHHG D YLVD WR HQWHU (VWRQLD
0LQLVWU\ RI )RUHLJQ $IIDLUV ZZZ LQYHVWLQHVWRQLD FRP FRPLQJ WR HVWRQLD
%DUFHORQD
3DULV
5RPH
/RQGRQ
%UXVVHOV
0RVFRZ
)UDQNIXUW
2VOR
&RSHQKDJHQ
6WRFNKROP
+HOVLQNL
6RXUFH 7DOOLQQ $LUSRUW
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
&20,1* 72 (6721,$
$OEDQLD %ROLYLD %RVQLD DQG +HU]HJRYLQD *HRUJLD 0DFHGRQLD 0ROGRYD 0RQWHQHJUR 0RURFFR 3HUX 3KLOLSSLQHV 5XVVLD 6HUELD 7XUNH\ 8NUDLQH KROGHUV RI WKH /DLVVH] 3DVVHU LVVXHG E\ WKH 8QLWHG 1DWLRQV
&LWL]HQV RI FRXQWULHV QRW PHQWLRQHG DERYH UHTXLUH D YLVD WR HQWHU (VWRQLD
&RPLQJ WR (VWRQLD
9LVD DSSOLFDWLRQ SURFHVV $SSO\LQJ IRU D YLVD WR WKH 6FKHQJHQ DUHD 9LVD DSSOLFDWLRQ IRUPV (VWRQLDQ UHSUHVHQWDWLRQV DURXQG WKH ZRUOG ZZZ LQYHVWLQHVWRQLD FRP FRPLQJ WR HVWRQLD
(VWRQLD ,QYHVWPHQW *XLGH
,I D YLVD DSSOLFDQW ZLVKHV WR YLVLW RQO\ (VWRQLD WKH 6FKHQJHQ YLVD KDV WR EH DSSOLHG IRU IURP DQ (VWRQLDQ IRUHLJQ UHSUHVHQWDWLRQ ,I D YLVD DSSOLFDQW ZLVKHV WR YLVLW VHYHUDO 6FKHQJHQ PHPEHU VWDWHV LQFO (VWRQLD WKH YLVD KDV WR EH DSSOLHG IRU IURP WKH 6FKHQJHQ VWDWHªV IRUHLJQ UHSUHVHQWDWLRQ WKDW LV WKH VWDWH RI PDLQ GHVWLQDWLRQ ,Q RUGHU WR GHWHUPLQH WKH VWDWH RI PDLQ GHVWLQDWLRQ WKH YLVD DSSOLFDQW PXVW NQRZ LQ ZKLFK 6FKHQJHQ VWDWH RQH SODQV WR VSHQG PRVW WLPH ,I D YLVD DSSOLFDQW ZLVKHV WR YLVLW VHYHUDO 6FKHQJHQ PHPEHU VWDWHV DQG LV QRW VXUH RI WKH VWDWH RI PDLQ GHVWLQDWLRQ RU SODQV WR VSHQG WKH HTXDO QXPEHU RI GD\V LQ HDFK VWDWH WKH YLVD PXVW EH DSSOLHG IRU IURP WKH UHSUHVHQWDWLRQ RI WKH FRXQWU\ WKURXJK ZKLFK WKH SHUVRQ HQWHUV WKH 6FKHQJHQ DUHD
7\SHV RI YLVDV
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
6KRUW VWD\ YLVD W\SH & JLYHQ IRU VLQJOH RU PXOWLSOH HQWU\ VWD\V XS WR GD\V ZLWKLQ VL[ PRQWKV LQ 6FKHQJHQ DUHD $ ORQJ VWD\ YLVD W\SH ' LV YDOLG RQO\ LQ (VWRQLD DQG LV LVVXHG IRU VKRUW WHUP HPSOR\PHQW %HIRUH DSSO\LQJ IRU D YLVD WKH VKRUW WHUP HPSOR\PHQW PXVW EH UHJLVWHUHG DW WKH &LWL]HQVKLS DQG 0LJUDWLRQ %XUHDX $Q DSSOLFDWLRQ IRU UHJLVWUDWLRQ RI VKRUW WHUP HPSOR\PHQW PD\ EH VXEPLWWHG LQ WKH IROORZLQJ FDVHV SHUVRQV HQJDJHG LQ FUHDWLYH DFWLYLWLHV ZKR ZRUN LQ D
&RPLQJ WR (VWRQLD
(VWRQLD ,QYHVWPHQW *XLGH
SHUPDQHQWO\ IRU ILYH VXFFHVVLYH \HDUV RQ WKH EDVLV RI WKH ULJKW RI WHPSRUDU\ UHVLGHQFH VKDOO REWDLQ WKH ULJKW RI SHUPDQHQW UHVLGHQFH
'RFXPHQW UHTXLUHPHQWV ZKHQ DSSO\LQJ IRU D YLVD $ YDOLG WUDYHO GRFXPHQW LW PXVW FRQWDLQ DW OHDVW WZR EODQN SDJHV IRU YLVDV DQG EH YDOLG IRU DW OHDVW WKUHH PRQWKV
&LWL]HQV RI WKH (8 GR QRW QHHG D VHSDUDWH SHUPLW WR ZRUN LQ (VWRQLD
DIWHU WKH HQG RI WKH YLVD H[SLU\ GDWH $ FRPSOHWHG YLVD DSSOLFDWLRQ $ FRORXU SKRWRJUDSK VL]HG [ PP
$ YDOLG KHDOWK LQVXUDQFH FHUWLILFDWH ZKLFK ZRXOG JUDQW WKH
)RU WKLUG FRXQWU\ QDWLRQDOV
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
7(0325$5< 5(6,'(1&( 3(50,7 0$< %( ,668(' 72 $1 $/,(1 PDUULHG WR D SHUVRQ ZLWK SHUPDQHQW UHVLGHQFH LQ (VWRQLD IRU VHWWOLQJ GRZQ ZLWK D FORVH UHODWLYH SHUPDQHQWO\ UHVLGLQJ LQ (VWRQLD IRU ZRUNLQJ IRU VWXGLHV DW DQ (VWRQLDQ HGXFDWLRQDO LQVWLWXWLRQ IRU EXVLQHVV ZKRVH SHUPDQHQW OHJDO LQFRPH HQVXUHV KLV RU KHU VXEVLVWHQFH LQ (VWRQLD ZKRVH DSSOLFDWLRQ IRU UHVLGHQFH SHUPLW LV EDVHG RQ DQ LQWHUQDWLRQDO DJUHHPHQW
'RFXPHQW FHUWLI\LQJ WKH SD\PHQW RI VWDWH IHH RU GRFXPHQW FHUWLI\LQJ WKH H[HPSWLRQ IURP SD\LQJ VWDWH IHH
$ /21* 7(50 5(6,'(1&( 3(50,7 0$< %( ,668(' 72 $1 $/,(1
5HVLGHQFH DQG ZRUN SHUPLWV &LWL]HQ RI (XURSHDQ 8QLRQ $FW (VWRQLDQ &RPPHUFLDO &RGH (PSOR\PHQW 6HUYLFH $FW &LWL]HQVKLS DQG 0LJUDWLRQ %XUHDX ZZZ LQYHVWLQHVWRQLD FRP FRPLQJ WR HVWRQLD
)RU FLWL]HQV RI WKH (8 (($ DQG 6ZLVV &RQIHGHUDWLRQ 7KH &LWL]HQ RI (XURSHDQ 8QLRQ $FW UHJXODWHV WKH LVVXH RI UHVLGHQFH SHUPLWV WR WKH FLWL]HQV RI WKH (8 (($ DQG 6ZLVV &RQIHGHUDWLRQ KHUHDIWHU (8 DQG WKHLU IDPLO\ PHPEHUV $ FLWL]HQ RI WKH (8 PD\ VWD\ LQ (VWRQLD ZLWKRXW D UHVLGHQFH SHUPLW RQ WKH EDVLV RI D YDOLG WUDYHO GRFXPHQW RU LGHQWLW\ FDUG IRU D SHULRG RI XS WR WKUHH PRQWKV ,Q RUGHU WR REWDLQ WKH ULJKW RI WHPSRUDU\ UHVLGHQFH DQ (8 FLWL]HQ PXVW FRQWDFW WKH ORFDO JRYHUQPHQW DXWKRULW\ QHDUHVW WR KLV RU KHU SODFH RI UHVLGHQFH DQG UHJLVWHU KLV RU KHU UHVLGHQFH ZLWKLQ WKUHH PRQWKV IURP WKH GDWH RI HQWHULQJ (VWRQLD 7KH ULJKW RI WHPSRUDU\ UHVLGHQFH LV JUDQWHG IRU D SHULRG RI ILYH \HDUV
ZKR KDV VWD\HG LQ (VWRQLD SHUPD QHQWO\ RQ WKH EDVLV RI WHPSRUDU\ UHVL GHQFH SHUPLW IRU DW OHDVW ILYH \HDUV KROGV D YDOLG WHPSRUDU\ UHVLGHQFH SHUPLW KDV UHJLVWHUHG UHVLGHQFH KHDOWK LQVXUDQFH DQG SHUPDQHQW OHJDO LQFRPH IRU VXEVLVWHQFH LQ (VWRQLD KDV NQRZOHGJH RI WKH (VWRQLDQ ODQJXDJH DW OHDVW DW D EDVLF OHYHO
7KH $OLHQV $FW UHJXODWHV WKH LVVXH RI UHVLGHQFH DQG ZRUN SHUPLWV WR WKLUG FRXQWU\ QDWLRQDOV DQG SHUVRQV ZLWK XQGHWHUPLQHG FLWL]HQVKLS
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
*HQHUDOO\ DQ (8 FLWL]HQ ZKR KDV UHVLGHG LQ (VWRQLD
&RPLQJ WR (VWRQLD
(VWRQLD ,QYHVWPHQW *XLGH
DOLHQV ZKR KROG D UHVLGHQFH SHUPLW IRU VHWWOLQJ ZLWK D VSRXVH DOLHQV ZKR KROG D UHVLGHQFH SHUPLW LVVXHG RQ WKH EDVLV RI DQ LQWHUQDWLRQDO DJUHHPHQW
IRU ZRUNLQJ DV DQ DX SDLU IRU ZRUNLQJ DV DQ H[SHUW DGYLVHU RU FRQVXOWDQW SURYLGLQJ WKDW WKH DOLHQ KDV WKH UHTXLUHG SURIHVVLRQDO WUDLQLQJ IRU ZRUNLQJ DV DQ LQVWDOOHU RI HTXLSPHQW RU D VNLOOHG ZRUNHU SURYLGLQJ WKDW WKH DOLHQ KDV WKH UHTXLUHG SURIHVVLRQDO WUDLQLQJ IRU ZRUNLQJ DV D VHDVRQDO ZRUNHU SURFHVVLQJ DJULFXOWXUDO SURGXFWV RQ WKH EDVLV RI DQ LQWHUQDWLRQDO DJUHHPHQW
)RU DSSOLFDWLRQ SOHDVH FRQWDFW WKH &LWL]HQVKLS DQG 0LJUDWLRQ %XUHDX $OLHQV $FW ZZZ LQYHVWLQHVWRQLD FRP FRPLQJ WR HVWRQLD
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
,Q FHUWDLQ FDVHV LQYROYLQJ VKRUW WHUP HPSOR\PHQW HPSOR\HUV DUH REOLJHG WR SD\ DQ DOLHQ D IHH DPRXQWLQJ WR DW OHDVW HTXDO WR WKH DYHUDJH PRQWKO\ VDODU\ LQ WKH ILHOG LQ ZKLFK WKH HPSOR\HU SULPDULO\ RSHUDWHV LQ (VWRQLD DV PRVW UHFHQWO\ SXEOLVKHG E\ WKH 6WDWLVWLFDO 2IILFH EXW QRW OHVV WKDQ WKH DYHUDJH DQQXDO JURVV PRQWKO\ VDODU\ LQ (VWRQLD PRVW UHFHQWO\ SXEOLVKHG E\ WKH 6WDWLVWLFDO 2IILFH PXOWLSOLHG E\ D FRHIILFLHQW RI 7KH EDVLV IRU GHWHUPLQLQJ DQ HPSOR\HUªV SULPDU\ DUHD RI RSHUDWLRQ LV WKH &ODVVLILFDWLRQ RI (VWRQLDQ (FRQRPLF $FWLYLWLHV FRGH RI WKH 6WDWLVWLFDO 2IILFH
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
(VWRQLD ,QYHVWPHQW *XLGH
,QGH[ RI (FRQRPLF )UHHGRP 5DQNLQJV
/HJDO IRUP
5XVVLD
/DWYLD
/LWKXDQLD
6ZHGHQ
-DSDQ
)LQODQG
(VWRQLD
8QLWHG .LQJGRP
86$
+RQJ .RQJ
6RXUFH 7KH +HULWDJH )RXQGDWLRQ :DOO 6WUHHW -RXUQDO
$FFRUGLQJ WR WKH &RPPHUFLDO &RGH WKHUH DUH ILYH IRUPV RI EXVLQHVV HQWLWLHV ZKLFK DUH FUHDWHG E\ HQWU\ LQWR WKH &RPPHUFLDO 5HJLVWHU SULYDWH OLPLWHG FRPSDQ\ SXEOLF OLPLWHG FRPSDQ\ JHQHUDO SDUWQHUVKLS OLPLWHG SDUWQHUVKLS RU FRPPHUFLDO DVVRFLDWLRQ 7KH PRVW SRSXODU W\SH RI OHJDO HQWLW\ EHLQJ VHW XS E\ IRUHLJQHUV LQ (VWRQLD LV WKH VR FDOOHG ยง2VDย KLQJ 2hยจ RU SULYDWH OLPLWHG FRPSDQ\
3ULYDWH /LPLWHG &RPSDQ\ 2VDย KLQJ RU 2h
$ SULYDWH OLPLWHG FRPSDQ\ LV D FRPSDQ\ WKDW KDV LWV VKDUH FDSLWDO LQ (VWRQLDQ RVDNDSLWDO GLYLGHG LQWR SULYDWH OLPLWHG FRPSDQ\ VKDUHV LQ (VWRQLDQ RVDG $ VKDUHKROGHU LV QRW SHUVRQDOO\ OLDEOH IRU WKH REOLJDWLRQV RI WKH FRPSDQ\ $ SULYDWH OLPLWHG FRPSDQ\ LV OLDEOH IRU WKH SHUIRUPDQFH RI LWV REOLJDWLRQV ZLWK DOO RI LWV DVVHWV 7KH VKDUH FDSLWDO PXVW EH D PLQLPXP RI ((. DSSUR[ (85 7KH PLQLPXP QRPLQDO YDOXH RI D VKDUH LV ((.
(67$%/,6+,1* $ &203$1<
$ SULYDWH OLPLWHG FRPSDQ\ PXVW KDYH D PDQDJHPHQW ERDUG 7KH PDQDJHPHQW ERDUG LV D GLUHFWLQJ ERG\ RI WKH SULYDWH OLPLWHG FRPSDQ\ WKDW UHSUHVHQWV DQG GLUHFWV WKH SULYDWH OLPLWHG FRPSDQ\ 7KH PDQDJHPHQW ERDUG PD\ KDYH RQH PHPEHU GLUHFWRU RU VHYHUDO PHPEHUV $ PHPEHU RI WKH PDQDJHPHQW ERDUG QHHG QRW EH D VKDUHKROGHU $ PHPEHU RI WKH PDQDJHPHQW ERDUG PXVW EH D QDWXUDO SHUVRQ ZLWK DFWLYH OHJDO FDSDFLW\ $W OHDVW RQH KDOI RI WKH PHPEHUV RI WKH PDQDJHPHQW ERDUG PXVW KDYH WKHLU UHVLGHQFH LQ (VWRQLD RU LQ DQRWKHU 0HPEHU 6WDWH RI WKH (($ RU LQ 6ZLVV &RQIHGHUDWLRQ $ SULYDWH OLPLWHG FRPSDQ\ PXVW KDYH D VXSHUYLVRU\ ERDUG LI WKH VKDUH FDSLWDO LV JUHDWHU WKDQ ((. DSSUR[ (85
(VWDEOLVKLQJ D &RPSDQ\
(VWRQLD ,QYHVWPHQW *XLGH
DQG WKH PDQDJHPHQW ERDUG KDV OHVV WKDQ WKUHH PHPEHUV RU LI SUHVFULEHG E\ WKH $UWLFOHV RI $VVRFLDWLRQ RI WKH SULYDWH OLPLWHG FRPSDQ\ $ SULYDWH OLPLWHG FRPSDQ\ PXVW KDYH DQ DXGLWRU LI WKH VKDUH FDSLWDO LV JUHDWHU WKDQ ((. DSSUR[ (85 RU LI SUHVFULEHG E\ ODZ RU WKH $UWLFOHV RI $VVRFLDWLRQ $Q DXGLWRU LV DOVR PDQGDWRU\ ZKHQ WKH FRPSDQ\ VXUSDVVHV FHUWDLQ WKUHVKROG YDOXHV LQ WHUPV RI WXUQRYHU QXPEHU RI HPSOR\HHV DQG DVVHW YDOXH
3XEOLF /LPLWHG &RPSDQ\ $NWVLDVHOWV RU $6
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
(VWRQLDQ &HQWUDO 5HJLVWHU RI 6HFXULWLHV ZZZ LQYHVWLQHVWRQLD FRP HVWDEOLVKLQJ D FRPSDQ\
$ SXEOLF OLPLWHG FRPSDQ\ PXVW DSSRLQW DQ DXGLWRU
*HQHUDO 3DUWQHUVKLS 7lLV KLQJ RU 7h
/LPLWHG 3DUWQHUVKLS 8VDOGXV KLQJ RU 8h
$ SXEOLF OLPLWHG FRPSDQ\ PXVW KDYH D PDQDJHPHQW ERDUG DQG D VXSHUYLVRU\ ERDUG 7KH PDQDJHPHQW ERDUG LV D GLUHFWLQJ ERG\ RI WKH SXEOLF OLPLWHG FRPSDQ\ WKDW UHSUHVHQWV DQG GLUHFWV WKH SXEOLF OLPLWHG FRPSDQ\ $ PHPEHU RI WKH PDQDJHPHQW ERDUG QHHG QRW EH D VKDUHKROGHU 7KH PDQDJHPHQW ERDUG PD\ KDYH RQH PHPEHU GLUHFWRU RU VHYHUDO PHPEHUV $ PHPEHU RI WKH PDQD JHPHQW ERDUG PXVW EH D QDWXUDO SHUVRQ ZLWK DFWLYH OHJDO FDSDFLW\ $ PHPEHU RI WKH VXSHUYLVRU\ ERDUG PXVW QRW EH D PHPEHU RI WKH PDQDJHPHQW ERDUG $W OHDVW RQH KDOI RI WKH PHPEHUV RI WKH PDQDJHPHQW ERDUG PXVW KDYH WKHLU UHVLGHQFH LQ (VWRQLD LQ DQRWKHU 0HPEHU 6WDWH RI WKH (($ RU LQ 6ZLVV &RQIHGHUDWLRQ 7KH VXSHUYLVRU\ ERDUG PXVW SODQ WKH DFWLYLWLHV RI WKH SXEOLF OLPLWHG FRPSDQ\ RUJDQLVH WKH PDQDJHPHQW RI WKH SXEOLF OLPLWHG FRPSDQ\ DQG VXSHUYLVH WKH DFWLYLWLHV RI WKH PDQDJHPHQW ERDUG 7KH VXSHUYLVRU\ ERDUG PXVW QRWLI\ WKH JHQHUDO PHHWLQJ RI WKH
UHVXOWV RI D UHYLHZ 7KH VXSHUYLVRU\ ERDUG PXVW JLYH RUGHUV WR WKH PDQDJHPHQW ERDUG IRU RUJDQLVDWLRQ RI WKH PDQDJHPHQW RI WKH SXEOLF OLPLWHG FRPSDQ\ 7KH VXSHUYLVRU\ ERDUG PXVW KDYH WKUHH PHPEHUV XQOHVV WKH $UWLFOHV RI $VVRFLDWLRQ SUHVFULEH D JUHDWHU QXPEHU RI PHPEHUV $ PHPEHU RI WKH VXSHUYLVRU\ ERDUG PXVW EH D QDWXUDO SHUVRQ ZLWK DFWLYH OHJDO FDSDFLW\
$ JHQHUDO SDUWQHUVKLS LV D FRPPHUFLDO XQGHUWDNLQJ LQ ZKLFK WZR RU PRUH SDUWQHUV RSHUDWH XQGHU D FRPPRQ EXVLQHVV QDPH DQG DUH VROLWDULO\ OLDEOH IRU WKH REOLJDWLRQV RI WKH SDUWQHUVKLS ZLWK DOO RI WKHLU DVVHWV $ JHQHUDO SDUWQHUVKLS PXVW RSHUDWH RQ WKH EDVLV RI WKH SDUWQHUVKLS DJUHHPHQW FRQFOXGHG E\ WKH SDUWQHUV 7KHUH LV QR PLQLPXP FDSLWDO UHTXLUHPHQW DQG SDUWQHUV PDNH PRQHWDU\ RU QRQ PRQHWDU\ FRQWULEXWLRQV LQ WKH DPRXQW SUHVFULEHG E\ WKH SDUWQHUVKLS DJUHHPHQW
$ OLPLWHG SDUWQHUVKLS LV D FRPSDQ\ LQ ZKLFK WZR RU PRUH SHUVRQV RSHUDWH XQGHU D FRPPRQ EXVLQHVV QDPH DQG DW OHDVW RQH RI WKH SHUVRQV JHQHUDO SDUWQHU LV OLDEOH IRU WKH REOLJDWLRQV RI WKH OLPLWHG SDUWQHUVKLS ZLWK DOO RI WKH JHQHUDO SDUWQHUªV DVVHWV $W OHDVW RQH RI WKH SHUVRQV OLPLWHG SDUWQHU LV OLDEOH IRU WKH REOLJDWLRQV RI WKH OLPLWHG SDUWQHUVKLS WR WKH H[WHQW RI WKH OLPLWHG SDUWQHUªV FRQWULEXWLRQ $ OLPLWHG SDUWQHU GRHV QRW KDYH WKH ULJKW WR PDQDJH RU UHSUHVHQW WKH OLPLWHG SDUWQHUVKLS XQOHVV WKH SDUWQHUVKLS DJUHHPHQW SUHVFULEHV RWKHUZLVH $ OLPLWHG SDUWQHU ZKR KDV SDLG D FRQWULEXWLRQ LQ IXOO LV QRW OLDEOH IRU WKH REOLJDWLRQV RI WKH OLPLWHG SDUWQHUVKLS DQG KH RU VKH LV HQWLWOHG WR WKH FRUUHVSRQGLQJ SDUW RI LWV SURILWV
6ROH 3URSULHWRUVKLS ) VLOLVHVW ,VLNXVW (WWHY}WMD RU ),(
(VWRQLDQ &RPPHUFLDO &RGH ZZZ LQYHVWLQHVWRQLD FRP HVWDEOLVKLQJ D FRPSDQ\
$ VROH SURSULHWRU PXVW EH HQWHUHG LQ WKH &RPPHUFLDO 5HJLVWHU RQ KLV RU KHU SHWLWLRQ RU RQ DQRWKHU EDVLV SURYLGHG E\ ODZ $ VROH SURSULHWRU LV OLDEOH IRU KLV RU KHU REOLJDWLRQV ZLWK DOO RI KLV RU KHU DVVHWV ,I D IRUHLJQ FRPPHUFLDO XQGHUWDNLQJ ZDQWV WR SHUPDQHQWO\ RIIHU JRRGV RU VHUYLFHV LQ LWV RZQ QDPH LQ (VWRQLD LW VKRXOG HQWHU LWV EUDQFK LQ WKH &RPPHUFLDO 5HJLVWHU $ EUDQFK LV QRW D OHJDO SHUVRQ 7KH FRPSDQ\ LV OLDEOH IRU WKH REOLJDWLRQV DULVLQJ
(VWDEOLVKLQJ D &RPSDQ\
%UDQFK RI )RUHLJQ &RPSDQ\ (VWRQLDQ &RPPHUFLDO &RGH ZZZ LQYHVWLQHVWRQLD FRP HVWDEOLVKLQJ D FRPSDQ\
(VWRQLD ,QYHVWPHQW *XLGH
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
7KH SURFHVV RI HVWDEOLVKLQJ D FRPSDQ\ 6WHSV
2UJDQL]DWLRQ FRQWDFW
%XVLQHVV LGHD
/HDUQLQJ DERXW IXQGLQJ SRVVLELOLWLHV
(QWHUSULVH (VWRQLD ZZZ HDV HH (VWRQLDQ 8QHPSOR\PHQW ,QVXUDQFH )XQG ZZZ WWD HH (VWRQLDQ $JULFXOWXUDO 5HJLVWHUV DQG ,QIRUPDWLRQ %RDUG ZZZ SULD HH (QYLURQPHQWDO ,QYHVWPHQW &HQWUH ZZZ NLN HH .UHG([ ZZZ NUHGH[ HH 7DOOLQQ (QWHUSULVH %RDUG ZZZ WDOOLQQH HH
&KRRVLQJ WKH ULJKW OHJDO IRUP
&KRRVLQJ DQG FKHFNLQJ WKH EXVLQHVV QDPH
&HQWUDO &RPPHUFLDO 5HJLVWHU KWWSV DULUHJLVWHU ULN HH QLPHSDULQJ S\
9HULILFDWLRQ RI IRXQGDWLRQ GRFXPHQWV E\ WKH QRWDU\ 25 (OHFWURQLF ILOLQJ UHTXHVW WR &RP PHUFLDO 5HJLVWHU
&KDPEHU RI 1RWDULHV ZZZ QRWDU HH 25 &RPSDQ\ 5HJLVWUDWLRQ 3RUWDO KWWSV HWWHYRWMDSRUWDDO ULN HH "FKODQJ HQJ (VWRQLDQ FLWL]HQV FDQ DFFHVV WKH SRUWDO E\ ,' FDUG 0RELO ,' RU YLD EDQN OLQN 3RUWXJXHVH )LQQLVK DQG %HOJLDQ FLWL]HQV FDQ DFFHVV WKH SRUWDO E\ ,' FDUG DQG /LWKXDQLDQ FLWL]HQV E\ 0RELOH ,'
$FTXLULQJ OLFHQVHV
,QIRUPDWLRQ RQ DFWLYLWLHV IRU ZKLFK D OLFHQVH LV UHTXLUHG IURP (VWRQLDQ ,QYHVWPHQW DQG 7UDGH $JHQF\ LQYHVW#HDV HH
(QWU\ LQ WKH &RPPHUFLDO 5HJLVWHU
5HJLVWU\ GHSDUWPHQWV RI FRXUWV KWWS ZZZ MXVW HH
5HJLVWUDWLRQ LQ WKH ORFDO WD[ RIILFH
(VWRQLDQ 7D[ DQG &XVWRPV %RDUG ZZZ HPWD HH
5HJLVWUDWLRQ RI HPSOR\HHV LQ WKH (VWRQLDQ +HDOWK ,QVXUDQFH )XQG DQG LQ WKH /DERXU ,QVSHFWRUDWH LI QHFHVVDU\
(VWRQLDQ +HDOWK ,QVXUDQFH )XQG ZZZ KDLJHNDVVD HH /DERXU ,QVSHFWRUDWH ZZZ IL HH
5HJLVWUDWLRQ LQ WKH 5HJLVWHU RI (FRQRPLF $FWLYLWLHV LI QHFHVVDU\
5HJLVWHU RI (FRQRPLF $FWLYLWLHV KWWS PWU PNP HH
+RZ WR UHJLVWHU D SULYDWH OLPLWHG FRPSDQ\"
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
(VWDEOLVKLQJ D &RPSDQ\
(VWRQLD ,QYHVWPHQW *XLGH
LI WKHUH LV D PDQDJHPHQW ERDUG DQG VXSHUYLVRU\ ERDUG WKH QXPEHU RI PHPEHUV WKHUHRI ,W PD\ EH H[SUHVVHG DV D VSHFLILF QXPEHU RU D PD[LPXP DQG PLQLPXP QXPEHU ,I QHFHVVDU\ DOVR WKH VSHFLILFDWLRQV IRU WKH ULJKW RI UHSUHVHQWDWLRQ RI WKH PHPEHUV RI WKH PDQDJHPHQW ERDUG RWKHU REOLJDWRU\ WHUPV DQG FRQGLWLRQV SURYLGHG E\ ODZ
(QWU\ LQ &RPPHUFLDO 5HJLVWHU
(VWRQLDQ &RPPHUFLDO &RGH &HQWUH RI 5HJLVWUHV DQG ,QIRUPDWLRQ 6\VWHPV ZZZ LQYHVWLQHVWRQLD FRP HVWDEOLVKLQJ D FRPSDQ\
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
1RWDULHV
&KDPEHU RI 1RWDULHV /LVW RI VZRUQ WUDQVODWRUV ZZZ LQYHVWLQHVWRQLD FRP HVWDEOLVKLQJ D FRPSDQ\
$OO QRWDULHV ZKR KDYH EHHQ DSSRLQWHG WR RIILFH DUH PHPEHUV RI WKH &KDPEHU RI 1RWDULHV 7KH 1RWDULHV $FW DQG WKH VWDWXWHV RI WKH &KDPEHU RI 1RWDULHV UHJXODWHV WKH DFWLYLWLHV RI WKH &KDPEHU RI 1RWDULHV 7KH &KDPEHU RI 1RWDULHV FRPPHQFHG LWV DFWLYLWLHV RQ 1RYHPEHU ZKHQ WKH 1RWDULHV $FW HQWHUHG LQWR IRUFH 7KH (VWRQLDQ &KDPEHU RI 1RWDULHV KDV EHHQ D PHPEHU RI WKH ,QWHUQDWLRQDO 8QLRQ RI /DWLQ 1RWDULHV VLQFH
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
(VWRQLD ,QYHVWPHQW *XLGH
&ODVV $ 2IILFH UHQWV LQ (85 VTP PRQWK
7DOOLQQ
+HOVLQNL
%HUOLQ
:DUVDZ
6W 3HWHUVEXUJ
6WRFNKROP
/RQGRQ &LW\
3DULV
6RXUFH &ROOLHUV ,QWHUQDWLRQDO
3UHPLVHV
5HDO HVWDWH DJHQWV &ROOLHUV ,QWHUQDWLRQDO $GYLVRUV (VWRQLD %DOWLF 3URSHUW\ ([SHUW 2EHU +DXV 8XV 0DD .DSLWDOL *UXSS ZZZ LQYHVWLQHVWRQLD FRP SUHPLVHV DQG LQIUDVWUXFWXUH
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
7DOOLQQ
7DUWX
3lUQX
1DUYD
2IILFH
¥
¥
¥
¥
5HWDLO
¥
¥ ¥
¥
¥
¥
,QGXVWULDO
¥
¥
6RXUFH &ROOLHUV ,QWHUQDWLRQDO $GYLVRUV (VWRQLD
35(0,6(6 $1' ,1)5$6758&785(
&ODVV $ ¥SURSHUW\ XQGHU PDQDJHPHQW E\ D SURIHVVLRQDO PDQDJHPHQW FRPSDQ\ ORFDWHG LQ 'RZQWRZQ 6 GDOLQQ FRPSOHWHO\ QHZ FRQVWUXFWLRQ IXOO\ FRQWUROODEOH WHFKQLFDO V\VWHPV UHDVRQDEOH FROXPQ VSDFLQJ UDLVHG IORRUV DQG VXVSHQGHG FHLOLQJV D JRRG XQGHUJURXQG SDUNLQJ UDWLR FRUUHVSRQGLQJ LQIUDVWUXFWXUH DPHQLWLHV LQ WKH EXLOGLQJ LQFOXGLQJ FDIHWHULD
3UHPLVHV DQG LQIUDVWUXFWXUH
(VWRQLD ,QYHVWPHQW *XLGH
&ODVV % ¥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
(OHFWULFLW\
(HVWL (QHUJLD ZZZ LQYHVWLQHVWRQLD FRP SUHPLVHV DQG LQIUDVWUXFWXUH
,QGXVWULDO *DV
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
(HVWL *DDV ZZZ LQYHVWLQHVWRQLD FRP SUHPLVHV DQG LQIUDVWUXFWXUH
VWDWLRQV DQG JDV SUHVVXUH UHGXFWLRQ VWDWLRQV (VWRQLDªV QDWXUDO JDV FRPSDQ\ LV (HVWL *DDV 1HWZRUN VHUYLFHV WR DOO SDUWLFLSDQWV LQ WKH QDWXUDO JDV PDUNHW LQ WKH WHUULWRU\ RI (VWRQLD DUH SURYLGHG E\ (* 9}UJXWHHQXV 7KH SULFH RI JDV FRQVLVWV RI WKUHH HOHPHQWV JDV QHWZRUN VHUYLFH DQG H[FLVH GXW\ 7KH SULFH RI QDWXUDO JDV IRU GRPHVWLF XVHUV FRQVXPLQJ P RU PRUH SHU \HDU LV (85 SHU P H[FOXGLQJ 9$7 7KH SULFH IRU LQGXVWULDO XVHUV LV VXEMHFW WR QHJRWLDWLRQV
:DWHU 7DOOLQQD 9HVL 1DUYD 9HVL ZZZ LQYHVWLQHVWRQLD FRP SUHPLVHV DQG LQIUDVWUXFWXUH
:DWHU VXSSO\ DQG ZDVWH ZDWHU VHUYLFHV DUH SURYLGHG E\ ORFDO ZDWHU FRPSDQLHV H J 7DOOLQQD 9HVL VHUYHV WKH &LW\ RI 7DOOLQQ DQG LQ LWV VXUURXQGLQJ DUHDV 1DUYD 9HVL VHUYHV &LW\ RI 1DUYD DQG 1DUYD -}HVXX 7KH FRVW RI ZDWHU IRU LQGXVWULDO XVH LQ 7DOOLQQ LV DSSUR[LPDWHO\ (85 SHU P H[FOXGLQJ 9$7 ([DFW SULFHV DUH DYDLODEOH RQ WKH KRPH SDJH RI WKH UHVSHFWLYH FRPSDQ\
%URDGEDQG QHWZRUN (VWRQLDQ %URDGEDQG 'HYHORSPHQW )RXQGDWLRQ (HVWL 7HOHNRP (OLRQ (WWHY}WWHG 7HOHY}UN ZZZ LQYHVWLQHVWRQLD FRP SUHPLVHV DQG LQIUDVWUXFWXUH
(VWRQLD KDV D KLJKO\ GHYHORSHG WHOHFRPPXQLFDWLRQV DQG ,7 LQIUDVWUXFWXUH $ ILEUH RSWLF EDFNERQH QHWZRUN FRQQHFWV DOO (VWRQLDQ FRXQWU\ FHQWUHV %\ DOO (VWRQLDQ KRXVHKROGV HQWHUSULVHV DQG LQVWLWXWLRQV ZLOO KDYH DFFHVV WR EURDGEDQG ZLWK D GDWD FRQQHFWLRQ VSHHG RI XS WR 0ELW V 7KH (VWRQLDQ %URDGEDQG 'HYHORSPHQW )RXQGDWLRQªV REMHFWLYH LV WR EXLOG D QHWZRUN RI ILEUH RSWLF FDEOHV DFURVV (VWRQLD WR PDNH WKDW SRVVLEOH (VWRQLD LV FRPSOHWHO\ FRYHUHG E\ GLJLWDO QHWZRUNV SURYLGLQJ ZLUHOHVV LQWHUQHW $ QHWZRUN RI 3XEOLF $FFHVV 3RLQWV FRYHUV PRVW FLWLHV DQG WRZQV
1DWXUDO JDV LV LPSRUWHG LQWR (VWRQLD IURP 5XVVLD DQG IURP WKH ,QFKXNDOQV XQGHUJURXQG JDV VWRUDJH LQ /DWYLD *DV LV GLVWULEXWHG WR FXVWRPHUV WKURXJK JDV SLSHOLQHV GLVWULEXWLRQ
(VWRQLD ,QYHVWPHQW *XLGH
,QZDUG )', VWRFN DV RI *'3
)LQDQFLQJ SRVVLELOLWLHV
/LWKXDQLD
3RODQG
)LQODQG
/DWYLD
8QLWHG .LQJGRP
+XQJDU\
&]HFK 5HSXEOLF
6ZHGHQ
,UHODQG
(VWRQLD
6RXUFH :RUOG ,QYHVWPHQW 5HSRUW
7KHUH DUH D VHYHUDO SRVVLELOLWLHV IRU ILQDQFLQJ D EXVLQHVV LQ (VWRQLD 7KH PDLQ ILQDQFLQJ VRXUFHV FDQ EH FDWHJRULVHG DV GHEW ILQDQFLQJ HTXLW\ ILQDQFLQJ ILQDQFLQJ WKURXJK (8 VWUXFWXUDO )XQGV +RZHYHU DW WKH PRPHQW GHEW ILQDQFLQJ LV WKH SUHYDLOLQJ ILQDQFLQJ RSWLRQ RQ WKH (VWRQLDQ PDUNHW
'HEW ILQDQFLQJ
'HEW ILQDQFLQJ LV EDVLFDOO\ DQ DFTXLVLWLRQ RI IXQGV E\ ERUURZLQJ ,Q (VWRQLD GHEW ILQDQFLQJ LV PDLQO\ SURYLGHG E\ FRPPHUFLDO EDQNV 0DMRU EDQNV RI (VWRQLD RIIHU D ODUJH UDQJH RI VHUYLFHV ZKHUHDV VPDOOHU EDQNV FRQFHQWUDWH RQ D VSHFLILF UDQJH RI VHUYLFHV
7KH (VWRQLDQ FRPPHUFLDO EDQNLQJ PDUNHW LV GLYLGHG E\ IRXU PDMRU EDQNV DOO ZLWK IRUHLJQ FDSLWDO 6ZHGEDQN 6ZHGEDQN *URXS ZLWK WKH ELJJHVW PDUNHW VKDUH 6(% %DQN 6(% *URXS 1RUGHD %DQN )LQODQG 3/& (VWRQLD %UDQFK 'DQVNH %DQN $ 6 (VWRQLD %UDQFK
$GGLWLRQDO LQIRUPDWLRQ DERXW FUHGLW LQVWLWXWLRQV (VWRQLDQ %DQNLQJ $VVRFLDWLRQ %DQN RI (VWRQLD
),1$1&,1* $ %86,1(66
%LJJHVW EDQNV 6ZHGEDQN 6(% %DQN 1RUGHD %DQN )LQODQG 3/& (VWRQLD %UDQFK 'DQVNH %DQN $ 6 (VWRQLD %UDQFK ZZZ LQYHVWLQHVWRQLD FRP ILQDQFLQJ D EXVLQHVV
,Q WRWDO WKHUH DUH VL[ OLFHQVHG EDQNV DQG EUDQFKHV RI IRUHLJQ FUHGLW LQVWLWXWLRQV LQ (VWRQLD 'HEW ILQDQFLQJ SURYLGHG E\ WKHVH EDQNV FDQ EH GLYLGHG LQWR WZR FDWHJRULHV EDVHG RQ WKH W\SH RI ORDQ \RX DUH VHHNLQJ VKRUW WHUP GHEW ILQDQFLQJ DQG ORQJ WHUP GHEW ILQDQFLQJ 6KRUW 7HUP GHEW ILQDQFLQJ LV HVVHQWLDOO\ WR SURYLGH FDSLWDO GHILFLW EXVLQHVVHV IXQGV IRU D VKRUW WHUP SHULRG RI QR PRUH WKDQ D \HDU
)LQDQFLQJ D EXVLQHVV
(VWRQLD ,QYHVWPHQW *XLGH
$Q 2YHUGUDIW LV D VKRUW WHUP FUHGLW WKDW LV ERXQGHG WR WKH FRPSDQ\ªV FXUUHQW EDQN DFFRXQW ,W DOORZV WKH FRPSDQ\ WR ZLWKGUDZ RU VSHQG PRUH PRQH\ WKDQ LW KDV XS WR DQ DJUHHG OLPLW NQRZQ DV WKH §RYHUGUDIW OLPLW¨ $Q RYHUGUDIW LV GHVLJQHG WR PHHW WKH OLTXLGLW\ QHHGV DQG EDODQFH LUUHJXODU FDVK IORZ
5XUDO 'HYHORSPHQW )RXQGDWLRQ ZZZ LQYHVWLQHVWRQLD FRP ILQDQFLQJ D EXVLQHVV
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
.UHGH[ ZZZ LQYHVWLQHVWRQLD FRP ILQDQFLQJ D EXVLQHVV
0RVW RI WKHVH ORDQ W\SHV UHTXLUH FROODWHUDO LQ RUGHU WR VHFXUH WKH FUHGLW LQVWLWXWLRQªV ILQDQFLQJ LQ DGGLWLRQ WR D PRUWJDJH WKH FRPSDQ\ FDQ DSSO\ WR .UHGH[ IRU VXSSOHPHQWDU\ FROODWHUDO WR WKH H[WHQW RI XS WR RI WKH FUHGLW DPRXQW
,Q WKH FDVH RI D UXUDO OLIH DQG DJULFXOWXUH ORDQ WKH FRPSDQ\ FDQ DSSO\ WR WKH 5XUDO 'HYHORSPHQW )RXQGDWLRQ 7KHVH JXDUDQWHHV DUH PHDQW IRU VPDOO DQG PHGLXP VL]HG HQWHUSULVHV WKDW DUH MXVW EHJLQQLQJ WKHLU EXVLQHVV RU FDQQRW VHFXUH D EDQN ORDQ ,Q DGGLWLRQ WR WKH DERYH PHQWLRQHG VHUYLFHV FUHGLW LQVWLWX WLRQV DOVR SURYLGH FDU DQG HTXLSPHQW OHDVHV DQG IDFWRULQJ VHUYLFHV
(TXLW\ ILQDQFLQJ
(TXLW\ ILQDQFLQJ LV DQ DOWHUQDWLYH WR GHEW ILQDQFLQJ DQG LV EDVLFDOO\ DQ DFTXLVLWLRQ RI IXQGV E\ VHOOLQJ FRPPRQ RU SUHIHUUHG VWRFN WR LQGLYLGXDO RU LQVWLWXWLRQDO LQYHVWRUV ,Q UHWXUQ IRU WKH PRQH\ SDLG VKDUHKROGHUV UHFHLYH RZQHUVKLS LQWHUHVWV LQ WKH FRUSRUDWLRQ $ FRPSDQ\ FDQ ILQDQFH HTXLW\ WKURXJK 3ULYDWH HTXLW\ FRPSDQLHV ILQDQFHG E\ LQVWLWXWLRQDO LQYHVWRUV VXFK DV LQYHVWPHQW EDQNV IXQGV HWF DQG SULYDWH LQYHVWRUV 7KHUH LV D ZLGH DUUD\ RI SULYDWH HTXLW\ W\SHV DQG VW\OHV DQG WKH WHUP ©SULYDWH HTXLW\ª KDV YDU\LQJ FRQQRWDWLRQV LQ GLIIHUHQW FRXQWULHV $PRQJ WKHP DUH 9HQWXUH &DSLWDO DOVR NQRZQ DV 9& RU 9HQWXUH LV D W\SH RI SULYDWH HTXLW\ FDSLWDO W\SLFDOO\ SURYLGHG WR HDUO\ VWDJH KLJK SRWHQWLDO JURZWK FRPSDQLHV *HQHUDOO\ 9& IXQG LQYHVWRUV DFFHSW D KLJKHU ULVN RI IDLOXUH WKDQ LV QRUPDOO\ WKH FDVH IRU RWKHU PRUH FRQVHUYDWLYH LQYHVWPHQWV 0H]]DQLQH FDSLWDO LV D EURDG ILQDQFLDO WHUP WKDW UHIHUV WR XQVHFXUHG KLJK \LHOG VXERUGLQDWH GHEW RU SUHIHUUHG VWRFN 0H]]DQLQH FDSLWDO UHSUHVHQWV DQ LQWHUPHGLDU\ EHWZHHQ HTXLW\ DQG GHEW LQ D FRPSDQ\ªV EDODQFH VKHHW ,QLWLDO 3XEOLF 2IIHULQJ ,32 DOVR UHIHUUHG WR DV D §SXEOLF RIIHULQJ¨ RU §IORWDWLRQ ¨ LV ZKHQ D FRPSDQ\ LVVXHV FRPPRQ VWRFN RU VKDUHV WR WKH SXEOLF IRU WKH ILUVW WLPH 7KH PRQH\ SDLG IRU WKH QHZ VKDUHV WR WKH FRPSDQ\ ZLOO EH XVHG IRU QHZ LQYHVWPHQWV OHVVHQLQJ WKH ORDQ EXUGHQ HWF 7KH LQLWLDO SXEOLF RIIHULQJ LV XVXDOO\ IROORZHG E\ OLVWLQJ WKH FRPSDQ\ªV VKDUHV RQ WKH VWRFN H[FKDQJH KWWS ZZZ QDVGDTRP[EDOWLF FRP
)LQDQFLQJ D EXVLQHVV
1$6'$4 20; 1RUGLF ([FKDQJH ZZZ LQYHVWLQHVWRQLD FRP ILQDQFLQJ D EXVLQHVV
(VWRQLD ,QYHVWPHQW *XLGH
)LUVW 1RUWK %DOWLF LV DQ DOWHUQDWLYH PDUNHWSODFH IRU VPDOO JURZWK FRPSDQLHV SURYLGLQJ D ZHDOWK RI RSSRUWXQLWLHV RQ WKH %DOWLF ILQDQFLDO PDUNHWV )LUVW 1RUWK LV D SDUW RI 1$6'$4 20; 1RUGLF ([FKDQJH
7KH OLVW RI LQVWLWXWLRQDO LQYHVWRUV LQ (VWRQLD
3ULYDWH (TXLW\ $OWD &DSLWDO 3DUWQHUV
0HWUR &DSLWDO 0DQDJHPHQW $6 KWWS ZZZ PHWURFDSLWDO HX
,3& 5HDO (VWDWH $6
KWWS ZZZ DOWDFDSLWDO HH
%DOW&DS 0DQDJHPHQW /WG
KWWS ZZZ LSFLQYHVWPHQW FRP
KWWS ZZZ EDOWFDS FRP
0H]]DQLQH )LQDQFLQJ %DOWL $PHHULND (WWHY}WOXVIRQG +DQVHDWLF &DSLWDO
5HDO (VWDWH ,QYHVWRUV $UFR %DOWL .LQQLVYDUDIRQG $6 KWWS ZZZ NLQQLVYDUDIRQG HH
$FFRXQW RSHUDWRUV $YDURQ $VVHW 0DQDJHPHQW $6 KWWS ZZZ DYDURQFDSLWDO FRP
+DQVD ,QYHVWHHULPLVIRQGLG $6 KWWS ZZZ VZHGEDQN HH
.DZH .DSLWDO $6 KWWS ZZZ NDZH HH
/+9 9DUDKDOGXV $6 KWWS ZZZ OKY HH
/}KPXV +DDYHO 9LLVHPDQQ $6 KWWS ZZZ OKY HH
KWWS ZZZ KDQVHDWLFFDSLWDO QHW
$6 (DVWHUQ (XURSH 5HDO (VWDWH ,QYHVWPHQW 7UXVW KWWS ZZZ HHUHLW HH
%DOWLF 0H]]DQLQH KWWS ZZZ EDOWLFPH]]DQLQH HH
75,*21 6(&85,7,(6 KWWS ZZZ WULJRQFDSLWDO FRP
(DVW &DSLWDO $VVHW 0DQDJHPHQW $% KWWS ZZZ HDVWFDSLWDO FRP
3ULYDQHW (HVWL 7 5RZH 3ULFH *OREDO ,QYHVWPHQW
)XQGLQJ SURJUDPPHV
6HUYLFHV /LPLWHG
(8 6WUXFWXUDO )XQGV 6WUXFWXUDO $VVLVWDQFH LV DOORFDWHG E\ WKH (8 WR (VWRQLD IRU WKH SXUSRVH RI VXSSRUWLQJ GHYHORSPHQW RI WKH HFRQRP\ LQ (VWRQLD
6(% hKLVSDQJD )RQGLG $6 KWWS ZZZ VHE HH IRQGLG
7ULJRQ $OWHUQDWLYH )XQGV $6 KWWS ZZZ WULJRQ HH HQ
KWWS ZZZ XQLWHGSDUWQHUV HH
7ULJRQ )XQGV $6
7ULJRQ &DSLWDO
KWWS ZZZ WULJRQ HH
KWWS ZZZ WULJRQ HH
(5*2 9DUDKDOGXVH $6 KWWS ZZZ HUJRIRQGLG HH
6DPSR %DOWLF $VVHW 0DQDJHPHQW $6 KWWS ZZZ VDPSR HH
,36 §+DQVD )RQGL¨ $6 (9/, )XQG 0DQDJHPHQW &RPSDQ\ /WG (DVW &DSLWDO $VVHW 0DQDJHPHQW $% ,QYHVWPHQW FRPSDQLHV .,7 )LQDQFH (XURSH KWWS ZZZ NLWILQDQFH HH
*,/' )LQDQFLDO $GYLVRU\ 6HUYLFHV $6 KWWS ZZZ JLOGEDQNHUV HH
(YOL 6HFXULWLHV $6 KWWS ZZZ HYOL FRP SXE ZHE (( HH LQGH[
&5(6&2 9bb573$%(5,7( $6 KWWS ZZZ FUHVFR HH
,QYHVWPHQW EDQNV 8QLWHG 3DUWQHUV *URXS
6758&785$/ $66,67$1&( ,6 $//2&$7(' )520 7+5(( )81'6 (XURSHDQ 5HJLRQDO 'HYHORSPHQW )XQG (5') (XURSHDQ 6RFLDO )XQG (6) &RKHVLRQ )XQG &)
(YOL 6HFXULWLHV $6 KWWS ZZZ HYOL FRP SXE ZHE (( HH LQGH[
1RUGLF )LQDQFLDO 6HUYLFHV KWWS ZZZ QRUGLFILQDQFLDO FRP
&UHVFR $6 KWWS ZZZ FUHVFR HH
9HQWXUH &DSLWDO $PELHQW 6RXQG ,QYHVWPHQWV 2h
,Q WKH SHULRG RI (VWRQLD ZDV DOORFDWHG PRUH WKDQ (85 ELOOLRQ IURP WKH 6WUXFWXUDO $VVLVWDQFH ZKLFK ZLOO EH FKDQQHOOHG WR WKH IROORZLQJ ILHOGV HQHUJ\ HFRQRPLHV HQWUHSUHQHXUVKLS DGPLQLVWUDWLYH FDSDELOLW\ HGXFDWLRQ LQIRUPDWLRQ VRFLHW\ HQYLURQPHQW SURWHFWLRQ UHJLRQDO DQG ORFDO GHYHORSPHQW UHVHDUFK DQG GHYHORSPHQW DFWLYLWLHV KHDOWKFDUH DQG ZHOIDUH WUDQVSRUWDWLRQ ODERXU PDUNHW
KWWS ZZZ DVL HH
0DUWLQVRQ 7ULJRQ 9HQWXUH 3DUWQHUV $6 KWWS ZZZ PWYS HH
%DOW&DS 0DQDJHPHQW /WG KWWS ZZZ EDOWFDS FRP
%DOWLFV 6PDOO (TXLW\ )XQG KWWS ZZZ EVHI HH
*UDQG W\SHV DQG UHTXLUHPHQWV ZZZ VWUXNWXXULIRQGLG HH
*UDQG W\SHV DQG UHTXLUHPHQWV FDQ EH IRXQG RQ WKH (XURSHDQ 8QLRQ 6WUXFWXUDO )XQGVª KRPHSDJH (QWHUSULVH (VWRQLD ($6 SURPRWHV EXVLQHVV DQG UHJLRQDO SROLF\ LQ (VWRQLD DQG LV RQH RI WKH ODUJHVW LQVWLWXWLRQV RI WKH QDWLRQDO VXSSRUW V\VWHP IRU HQWUHSUHQHXUVKLS LQ (VWRQLD SURYLGLQJ ILQDQFLDO DVVLVWDQFH DGYLVRU\ FRRSHUDWLRQ RSSRUWXQLWLHV DQG WUDLQLQJ IRU WKH HQWUHSUHQHXUV UHVHDUFK HVWDEOLVKPHQWV SXEOLF DQG WKLUG VHFWRU
(VWRQLD ,QYHVWPHQW *XLGH
%DVLF HGXFDWLRQ
(VWRQLDQ ZRUNIRUFH E\ OHYHO RI HGXFDWLRQ 6RXUFH 6WDWLVWLFV (VWRQLD
6HFRQGDU\ HGXFDWLRQ
+LJKHU HGXFDWLRQ
/DERXU OHJLVODWLRQ
(PSOR\PHQW &RQWUDFWV $FW ZZZ LQYHVWLQHVWRQLD FRP ODERXU PDUNHW DQG VRFLDO VHFXULW\
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
/$%285 0$5.(7 $1' 62&,$/ 6(&85,7<
RI ZDJHV SD\ GD\ WD[HV DQG SD\PHQWV SD\DEOH DQG ZLWKKHOG E\ WKH HP SOR\HU RWKHU EHQHILWV LI DJUHHG XSRQ WKH WLPH ZKHQ WKH HPSOR\HH SHUIRUPV WKH DJUHHG GXWLHV ZRUNLQJ WLPH WKH SODFH RI SHUIRUPDQFH RI ZRUN WKH GXUDWLRQ RI KROLGD\V D UHIHUHQFH WR RU WKH WHUPV RI DGYDQFH QRWLILFDWLRQ RI FDQFHOODWLRQ RI WKH HPSOR\PHQW FRQWUDFW WKH UXOHV RI ZRUN RUJDQLVDWLRQ DSSURYHG E\ WKH HPSOR\HU D UHIHUHQFH WR D FROOHFWLYH DJUHHPHQW LI D FROOHFWLYH DJUHHPHQW LV DSSOLFDEOH WR WKH HPSOR\HH
/DERXU PDUNHW DQG VRFLDO VHFXULW\
(VWRQLD ,QYHVWPHQW *XLGH
6LFNQHVV LQ FDVH RI VLFNQHVV WKH HPSOR\HH FDQ EH JLYHQ XS WR FDOHQGDU GD\V RI SDLG VLFN OHDYH PD[ GD\V SHU \HDU 7KH JURVV ZDJH GXULQJ WKLV SHULRG LV RI KLV RU KHU ODVW \HDUVC DYHUDJH VDODU\ 7KH HPSOR\HU SD\V WKH ZDJH IURP WKH WK WR WK GD\ RI VLFNQHVV DQG WKH VWDWH VWDUWLQJ WKH WK GD\
$ FRQWUDFW LV FRQVLGHUHG WR EH H[SLUHG RQ WKH IROORZLQJ JURXQGV E\ DJUHHPHQW RI WKH SDUWLHV HQG RI WKH FRQWUDFW SHULRG WKH LQLWLDWLYH RI WKH HPSOR\HH WKH LQLWLDWLYH RI WKH HPSOR\HU GHPDQGV RQ WKLUG SDUWLHV DQG FRQGLWLRQV QRW GHSHQGLQJ RQ WKH SDUWLHV LQYROYHG
:RUNLQJ WLPH DQG YDFDWLRQ
:25.,1* 7,0( $1' 9$&$7,21 7KH OHQJWK RI D ZRUNLQJ ZHHN
GD\V 7KH OHQJWK RI D ZRUNLQJ GD\
KRXUV *HQHUDO YDFDWLRQ
FDOHQGDU GD\V $JH RI UHWLUHPHQW IRU ERWK PHQ DQG ZRPHQ
\HDUV
(PSOR\PHQW &RQWUDFWV $FW 8QHPSOR\PHQW ,QVXUDQFH $FW ZZZ LQYHVWLQHVWRQLD FRP ODERXU PDUNHW DQG VRFLDO VHFXULW\
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ª DGYDQFH QRWLFH WKHUHRI 7KH GXUDWLRQ RI WKH DQQXDO YDFDWLRQ LV GD\V DQ H[WHQGHG YDFDWLRQ LV JUDQWHG LQ FDVH RI VRPH SURIHVVLRQV VXFK DV VWDWH RIILFLDOV DQG ORFDO JRYHUQPHQW RIILFLDOV WHDFKHUV DFDGHPLF SHGDJRJLFDO DQG VFLHQWLILF VWDII DQG RWKHUV 1DWLRQDO KROLGD\V DQG SXEOLF KROLGD\V DUH QRW LQFOXGHG LQ WKH YDFDWLRQ GXUDWLRQ FDOFXODWLRQV $Q HPSOR\HH PD\ EH JUDQWHG XQSDLG OHDYH DW KLV RU KHU UHTXHVW IRU D SHULRG RI WLPH HVWDEOLVKHG E\ DJUHHPHQW RI WKH SDUWLHV 0DWHUQLW\ OHDYH $ ZRPDQ LV JUDQWHG GD\V SUHJQDQF\ DQG PDWHUQLW\ OHDYH ZKLFK PD\ FRPPHQFH DW OHDVW GD\V EHIRUH WKH HVWLPDWHG ELUWK GDWH RI WKH FKLOG 7KH PDWHUQLW\ EHQHILW LV SDLG E\ WKH VWDWH 3DUHQWDO OHDYH $ PRWKHU RU D IDWKHU VKDOO EH JUDQWHG SDUHQWDO OHDYH DW KHU RU KLV UHTXHVW IRU UDLVLQJ D FKLOG RI XS WR \HDUV RI DJH 7KH SDUHQWDO EHQHILW LV SDLG E\ WKH VWDWH 7RJHWKHU WKH PDWHUQLW\ EHQHILW DQG WKH SDUHQWDO EHQHILW DUH SDLG IRU D SHULRG RI GD\V
5HPXQHUDWLRQ
7KH DYHUDJH ZDJH LQ (VWRQLD LQ ZDV (85 7KH PRQWKO\ PLQLPXP ZDJH IRU IXOO WLPH ZRUN LV (85 7KH ZDJHV PXVW EH SDLG DW OHDVW RQFH D PRQWK
(PSOR\PHQW &RQWUDFWV $FW ZZZ LQYHVWLQHVWRQLD FRP ODERXU PDUNHW DQG VRFLDO VHFXULW\
3D\PHQW IRU RYHUWLPH DGGLWLRQDO UHPXQHUDWLRQ SHU KRXU RI RYHUWLPH SDLG WR DQ HPSOR\HH VKDOO QRW EH OHVV WKDQ RI WKH UDWH RI WKH KRXUO\ ZDJH :RUN GXULQJ KROLGD\V PD\ EH FRPSHQVDWHG HLWKHU E\ RIIHULQJ WLPH RII RU E\ H[WUD UHPXQHUDWLRQ RI DW OHDVW RI WKH ZDJH UDWH :RUN RQ SXEOLF KROLGD\V LV UHTXLUHG WR EH FRPSHQVDWHG DW D GRXEOH UDWH
)LQGLQJ VXLWDEOH VWDII
3RWHQWLDO VRXUFHV RI ILQGLQJ VXLWDEOH VWDII (VWRQLDQ 8QHPSOR\PHQW ,QVXUDQFH )XQG RIIHUV IUHH RI FKDUJH VHUYLFHV WR HPSOR\HUV E\ ORRNLQJ IRU ZRUNHUV ZKR PHHW WKH FULWHULD WKH\ VXEPLW SULYDWH UHFUXLWPHQW FRPSDQLHV FDQ KHOS LQ ILQGLQJ QHFHVVDU\ VSHFLDOLVWV RQH FDQ DGYHUWLVH LQ QDWLRQDO DQG ORFDO SDSHUV (VWRQLDQ 1HZVSDSHU $VVRFLDWLRQ XQLWHV DOO WKH ELJJHVW QHZVSDSHUV LQ (VWRQLD FDUHHUV VHUYLFHV RI PDLQ XQLYHUVLWLHV DUH RQH SRVVLELOLW\ WR ILQG HPSOR\HHV
(VWRQLDQ 8QHPSOR\PHQW ,QVXUDQFH )XQG 5HFUXLWPHQW FRPSDQLHV (VWRQLDQ 1HZVSDSHU $VVRFLDWLRQ &DUHHUV VHUYLFH RI 7DOOLQQ 8QLYHUVLW\ RI 7HFKQRORJ\ &DUHHUV VHUYLFH RI 8QLYHUVLW\ RI 7DUWX &DUHHUV VHUYLFH RI 0DLQRU %XVLQHVV 6FKRRO ZZZ LQYHVWLQHVWRQLD FRP ODERXU PDUNHW DQG VRFLDO VHFXULW\
(VWRQLDQ 6RFLDO 6HFXULW\ 6\VWHP
3HQVLRQ LQVXUDQFH KHDOWK LQVXUDQFH DQG XQHPSOR\PHQW LQVXUDQFH DUH FRQWULEXWRU\ VFKHPHV ZKLOH WKH RWKHU VFKHPHV DUH QRQFRQWULEXWRU\
0LQLVWU\ RI 6RFLDO $IIDLUV 8QHPSOR\PHQW ,QVXUDQFH $FW ZZZ LQYHVWLQHVWRQLD FRP ODERXU PDUNHW DQG VRFLDO VHFXULW\
6RFLDO EHQHILWV IRU GLVDEOHG SHRSOH DQG IXQHUDO EHQHILWV FDQ EH FODVVLILHG DV XQLYHUVDO FRYHULQJ SULQFLSDOO\ DOO UHVLGHQWV 8QHPSOR\PHQW LQVXUDQFH LV RI WKH ZDJH 7KH HPSOR\HU SD\V RI WKH ZDJH DQG GHGXFWLRQ IURP HPSOR\HHV ZDJH LV
/DERXU PDUNHW DQG VRFLDO VHFXULW\
(VWRQLD ,QYHVWPHQW *XLGH
6RFLDO VHFXULW\ V\VWHP RI (VWRQLD FRPSULVHV RI VHYHQ VFKHPHV +HDOWK LQVXUDQFH 8QHPSOR\PHQW LQVXUDQFH 6WDWH XQHPSOR\PHQW DOORZDQFHV 6WDWH IDPLO\ EHQHILWV 6RFLDO EHQHILWV IRU GLVDEOHG SHRSOH 6WDWH IXQHUDO EHQHILWV 3HQVLRQ LQVXUDQFH
8QHPSOR\PHQW EHQHILW WKRVH ZKR DUH RXW RI ZRUN DUH HOLJLEOH WR UHFHLYH DQ XQHPSOR\PHQW EHQHILW DV RI -DQXDU\ D PLQLPXP RI ((. (85 SHU PRQWK IRU D SHULRG RI XS WR QLQH PRQWKV SURYLGHG WKH\ KDYH UHJLVWHUHG WKHPVHOYHV ZLWK WKH 8QHPSOR\PHQW 2IILFH
+HDOWK LQVXUDQFH LQ (VWRQLD
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
+HDOWK ,QVXUDQFH )XQG ZZZ LQYHVWLQHVWRQLD FRP ODERXU PDUNHW DQG VRFLDO VHFXULW\
+HDOWK LQVXUDQFH LV RUJDQLVHG E\ WKH (VWRQLDQ +HDOWK ,QVXUDQFH )XQG DQG LWV IRXU ORFDO GHSDUWPHQWV 7KH (VWRQLDQ +HDOWK ,QVXUDQFH )XQG LV WKH RQO\ RUJDQLVDWLRQ LQ (VWRQLD GHDOLQJ ZLWK FRPSXOVRU\ KHDOWK LQVXUDQFH 7KH SXUSRVH RI KHDOWK LQVXUDQFH LQ (VWRQLD LV WR FRYHU WKH FRVWV RI KHDOWK VHUYLFHV SURYLGHG WR LQVXUHG SHUVRQV SUHYHQW DQG FXUH GLVHDVHV ILQDQFH WKH SXUFKDVH RI PHGLFLQDO SURGXFWV DQG PHGLFLQDO WHFKQLFDO DLGV
SURYLGH WKH EHQHILWV IRU WHPSRUDU\ LQFDSDFLW\ IRU ZRUN DQG RWKHU EHQHILWV
(VWRQLD ,QYHVWPHQW *XLGH
7D[HV RQ UHLQYHVWHG SURILWV
7KH WD[ V\VWHP
(VWRQLDQ 7D[ DQG &XVWRPV %RDUG ZZZ LQYHVWLQHVWRQLD FRP WD[ V\VWHP
(VWRQLD
8QLWHG .LQJRP
6ZHGHQ
5XVVLD
3RODQG
/LWKXDQLD
/DWYLD
*HUPDQ\
)LQODQG
&]HFK 5HSXEOLF
6RXUFH :RUOG ZLGH 7D[
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
&RUSRUDWH LQFRPH WD[
(VWRQLDQ UHVLGHQW FRPSDQLHV DQG SHUPDQHQW HVWDEOLVKPHQWV RI WKH IRUHLJQ HQWLWLHV LQFOXGLQJ EUDQFKHV DUH VXEMHFW WR LQFRPH WD[ RQO\ LQ UHVSHFW RI DOO GLVWULEXWHG SURILWV ERWK DFWXDO DQG GHHPHG LQFOXGLQJ FRUSRUDWH SURILWV GLVWULEXWHG LQ WKH WD[ SHULRG JLIWV GRQDWLRQV DQG UHSUHVHQWDWLRQ H[SHQVHV H[SHQVHV DQG SD\PHQWV QRW UHODWHG WR EXVLQHVV )ULQJH EHQHILWV DUH WD[DEOH DW WKH OHYHO RI HPSOR\HU 7KH HPSOR\HU SD\V LQFRPH WD[ DQG VRFLDO WD[ RQ IULQJH EHQHILWV
7+( 7$; 6<67(0
$OO GLVWULEXWLRQV DUH VXEMHFW WR LQFRPH WD[ DW WKH UDWH RI RI WKH DPRXQW RI WD[DEOH SD\PHQW 7KH WUDQVIHU RI DVVHWV RI WKH SHUPDQHQW HVWDEOLVKPHQW WR LWV KHDG RIILFH RU WR RWKHU FRPSDQLHV LV DOVR WUHDWHG OLNH D GLVWULEXWLRQ $V RI -DQXDU\ GLYLGHQGV SDLG WR QRQ UHVLGHQWV DUH QR ORQJHU VXEMHFW WR ZLWKKROGLQJ WD[ DW WKH JHQHUDO UDWH RI LUUHVSHFWLYH RI SDUWLFLSDWLRQ LQ WKH VKDUH FDSLWDO RI WKH GLVWULEXWLQJ (VWRQLDQ FRPSDQ\ +RZHYHU YDULRXV ZLWKKROGLQJ WD[HV PD\ VWLOO DSSO\
7KH WD[ V\VWHP
(VWRQLD ,QYHVWPHQW *XLGH
WR RWKHU SD\PHQWV WR QRQ UHVLGHQWV LI WKH\ GR QRW KDYH D SHUPDQHQW HVWDEOLVKPHQW LQ (VWRQLD RU XQOHVV WKH WD[ WUHDWLHV RWKHUZLVH SURYLGH
SD\ 9$7 SUHVHUYH GRFXPHQWV PDLQWDLQ UHFRUGV DQG LVVXH LQYRLFHV LQ DFFRUGDQFH ZLWK UHTXLUHPHQWV 7KH WKUHVKROG IRU REOLJDWRU\ UHJLVWUDWLRQ DV D WD[DEOH SHUVRQ LV ((. (85 7KH WKUHVKROG IRU WD[DEOH SHUVRQ ZLWK OLPLWHG OLDELOLW\ LQ FDVH RI DFTXLVLWLRQ RI JRRGV LV ((. (85 7KHUH LV QR WKUHVKROG LQ FDVH RI DFTXLVLWLRQ RI VHUYLFHV
$V WKH WD[ SHULRG RI FRUSRUDWH HQWLWLHV LV D PRQWK WKH LQFRPH WD[ VKDOO EH UHWXUQHG DQG SDLG PRQWKO\ E\ WKH WK GD\ RI WKH IROORZLQJ PRQWK
3HUVRQDO LQFRPH WD[
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ªV DJUHHPHQW LQ (VWRQLD LQFRPH IURP D EXVLQHVV FDUULHG RQ LQ (VWRQLD LQWHUHVW LQFRPH UHFHLYHG IURP (VWRQLD RQO\ LI LW LV VXEVWDQWLDOO\ KLJKHU WKDQ WKDW RQ VLPLODU GHEW FODLPV UR\DOWLHV LQFRPH IURP WKH OHDVH RI DVVHWV ORFDWHG LQ (VWRQLD JDLQV IURP GLVSRVDO RI DVVHWV ORFDWHG LQ (VWRQLD GLUHFWRUVª IHHV SDLG E\ (VWRQLDQ HQWHUSULVHV LQFRPH RI D VSRUWVPDQ RU DQ DUWLVW IURP KLV RU KHU DFWLYLWLHV LQ (VWRQLD SHQVLRQV DQG VFKRODUVKLSV 7KH WD[ UDWH IRU LV RI WKH WD[DEOH LQFRPH
9$7
9$7 LV FKDUJHG RQ VXSSOLHV RI JRRGV DQG VHUYLFHV LQ WKH FRXUVH RI EXVLQHVV DFWLYLWLHV DQG VHOI VXSSO\ RI JRRGV DQG VHUYLFHV $ WD[DEOH SHUVRQ LV DQ LQGLYLGXDO HQJDJHG LQ EXVLQHVV ZKR LV UHJLVWHUHG DV WD[DEOH SHUVRQ $ WD[DEOH SHUVRQ VKDOO DGG RI WKH DPRXQW RI 9$7 WR WKH WD[DEOH YDOXH RI WKH JRRGV WUDQVIHUUHG RU VHUYLFHV SURYLGHG FDOFXODWH WKH DPRXQW RI 9$7 GXH WR SD\
7KH WD[DEOH SHULRG LV RQH FDOHQGDU PRQWK DQG 9$7 UHWXUQV VKDOO EH VXEPLWWHG WR WKH WD[ DXWKRULW\ E\ WKH WK GD\ RI WKH PRQWK IROORZLQJ WKH WD[DEOH SHULRG 7KH VWDQGDUG UDWH RI 9$7 LV WKH UHGXFHG UDWH LV DQG LQ VRPH FDVHV
6RFLDO WD[
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
2WKHU WD[HV
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
7KH WD[ V\VWHP
(VWRQLD ,QYHVWPHQW *XLGH
ZLWK D PD[LPXP DXWKRULVHG ZHLJKW RU JURVV ODGHQ ZHLJKW RI QRW OHVV WKDQ WRQV URDG WUDLQV FRPSRVHG RI WUXFNV DQG WUDLOHUV ZLWK D PD[LPXP DXWKRULVHG ZHLJKW RU JURVV ODGHQ ZHLJKW RI QRW OHVV WKDQ WRQV
DQ DQQXDO UHSRUW WKDW FRQVLVWV RI WKH DQQXDO DFFRXQWV DQG WKH PDQDJHPHQW UHSRUW 7KH DXGLWRUªV UHSRUW DQG LQ WKH FDVH RI D FRPSDQ\ WKH SURILW GLVWULEXWLRQ SURSRVDO IRU WKH ILQDQFLDO \HDU VKRXOG EH DQQH[HG WR WKH DQQXDO UHSRUW 7KH DXGLWRUªV UHSRUW QHHG QRW EH DQQH[HG WR WKH DQQXDO UHSRUW LI DXGLWLQJ LV QRW FRPSXOVRU\
*DPEOLQJ WD[ LV LPSRVHG RQ DPRXQWV UHFHLYHG IURP RSHUDWLQJ JDPHV RI VNLOO WRWDOL]DWRU EHWWLQJ DQG ORWWHULHV 7D[ LV FKDUJHG DOVR RQ JDPEOLQJ WDEOHV DQG PDFKLQHV XVHG IRU JDPHV RI FKDQFH ORFDWHG RQ OLFHQVHG SUHPLVHV
&XVWRPV (VWRQLDQ 7D[ DQG &XVWRPV %RDUG 0LQLVWU\ RI )LQDQFH ZZZ LQYHVWLQHVWRQLD FRP WD[ V\VWHP
$FFRXQWLQJ UHTXLUHPHQWV $FFRXQWLQJ $FW (VWRQLDQ $FFRXQWLQJ 6WDQGDUGV %RDUG (VWRQLDQ %RDUG RI $XGLWRUV &HQWUDO &RPPHUFLDO 5HJLVWHU ZZZ LQYHVWLQHVWRQLD FRP WD[ V\VWHP
$XGLWLQJ (VWRQLDªV PHPEHUVKLS LQ WKH (8 LPSOLHV WKDW DOO DVSHFWV RI FXVWRP GXWLHV DUH GHFLGHG E\ WKH FRPPRQ FXVWRPV WDULII 7$5,&
7KH ILQDQFLDO VWDWHPHQWV VKRXOG EH DXGLWHG IRU DOO SXEOLF OLPLWHG FRPSDQLHV DQG IRXQGDWLRQV $OVR WKH SULYDWH OLPLWHG FRPSDQ\ VKRXOG EH DXGLWHG LI WKH VKDUH FDSLWDO LV ((. (85 DQG PRUH
7KH RQOLQH FXVWRPV WDULII GDWDEDVH DOVR FDOOHG WKH 7$5,& LV D PXOWLOLQJXDO GDWDEDVH LQ ZKLFK DUH LQWHJUDWHG DOO PHDVXUHV UHODWLQJ WR WDULII FRPPHUFLDO DQG DJULFXOWXUDO OHJLVODWLRQ %\ LQWHJUDWLQJ DQG FRGLQJ WKHVH PHDVXUHV WKH 7$5,& VHFXUHV WKHLU XQLIRUP DSSOLFDWLRQ E\ DOO 0HPEHU 6WDWHV DQG JLYHV DOO HFRQRPLF RSHUDWRUV D FOHDU YLHZ RI DOO PHDVXUHV WR EH XQGHUWDNHQ ZKHQ LPSRUWLQJ RU H[SRUWLQJ JRRGV ,W DOVR PDNHV LW SRVVLEOH WR FROOHFW &RPPXQLW\ ZLGH VWDWLVWLFV IRU WKH PHDVXUHV FRQFHUQHG
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§(VWRQLDQ *$$3¨ /LVWHG FRPSDQLHV DQG ILQDQFLDO LQVWLWXWLRQV DUH UHTXLUHG WR SUHSDUH WKHLU DFFRXQWV LQ DFFRUGDQFH ZLWK ,)56 7KH (VWRQLDQ *$$3 LV ZULWWHQ E\ WKH (VWRQLDQ $FFRXQWLQJ 6WDQGDUGV %RDUG 7KH OHQJWK RI D ILQDQFLDO \HDU LV PRQWKV $W WKH HQG RI HDFK ILQDQFLDO \HDU DQ DFFRXQWLQJ HQWLW\ LV UHTXLUHG WR SUHSDUH
$QQXDO UHSRUW VKRXOG EH ILOHG DW WKH &RPPHUFLDO 5HJLVWHU GXULQJ VL[ PRQWKV DIWHU WKH HQG RI WKH ILQDQFLDO \HDU
,Q DGGLWLRQ WR WKDW DQ DFFRXQWLQJ HQWLW\ VKRXOG EH DXGLWHG LI DW WKH EDODQFH VKHHW GDWH RI WKH DFFRXQWLQJ \HDU WKH DFFRXQWLQJ HQWLW\ H[FHHGV WKH OLPLWV RI DW OHDVW WZR RI WKH WKUHH IROORZLQJ FULWHULD VDOHV UHYHQXH QHW WXUQRYHU LQ WKH FDVH RI D FRPSDQ\ RU LQFRPH LQ WKH FDVH RI RWKHU DFFRXQWLQJ HQWLWLHV ((. 0LOOLRQ (85 WRWDO DVVHWV ((. 0LOOLRQ (85 QXPEHU RI HPSOR\HHV
3D\LQJ WD[HV
/LFHQVHG WD[ UHSUHVHQWDWLYHV RI QRQ UHVLGHQWV ZZZ LQYHVWLQHVWRQLD FRP WD[ V\VWHP
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
7KH WD[ V\VWHP
.H\ GDWHV IRU WD[SD\HUV LQ 0RUH LQIRUPDWLRQ RQ ( WD[ H FXVWRPV (VWRQLDQ 7D[ DQG &XVWRPV %RDUG 7D[DWLRQ $FW (VWRQLDQ 7D[SD\HUV $VVRFLDWLRQ ZZZ LQYHVWLQHVWRQLD FRP WD[ V\VWHP
(VWRQLD ,QYHVWPHQW *XLGH
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ªV WD[ RSHUDWLRQV 6HFXUHO\ FRPPXQLFDWH ZLWK WKH 7D[ DQG &XVWRPV %RDUG
(VWRQLD ,QYHVWPHQW *XLGH
7KH OHJDO IUDPHZRUN (VWRQLDQ /HJLVODWLRQ LQ (QJOLVK ZZZ LQYHVWLQHVWRQLD FRP OHJDO IUDPHZRUN
/LWKXDQLD
3RODQG
6SDLQ
(VWRQLD
86$
-DSDQ
)LQODQG
1HZ =HDODQG
6RXUFH 7UDQVSDUHQF\ ,QWHUQDWLRQDO
'HQPDUN
&RUUXSWLRQ 3HUFHSWLRQ ,QGH[
7KH OHJDO V\VWHP LQ (VWRQLD LV EDVHG RQ WKH &RQWLQHQWDO (XURSHDQ FLYLO ODZ PRGHO DQG KDV EHHQ LQIOXHQFHG E\ WKH *HUPDQ OHJDO V\VWHP 8QOLNH WR FRPPRQ ODZ FRXQWULHV (VWRQLD KDV GHWDLOHG FRGLILFDWLRQV DQG LVVXHV DUH VROYHG DFFRUGLQJ WR WKH FRGLILFDWLRQV (VWRQLDQ ODZ LV EDVLFDOO\ GLYLGHG LQWR SULYDWH DQG SXEOLF ODZ *HQHUDOO\ SULYDWH ODZ FRQVLVWV RI FLYLO ODZ DQG FRPPHUFLDO ODZ 3XEOLF ODZ FRQVLVWV RI LQWHUQDWLRQDO ODZ FRQVWLWXWLRQDO ODZ DGPLQLVWUDWLYH ODZ FULPLQDO ODZ ILQDQFLDO ODZ DQG SURFHGXUDO ODZ
)RUHLJQ EXVLQHVVHV
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
(QYLURQPHQWDO ODZ
7+( /(*$/ )5$0(:25.
2XWOLQH SURYLVLRQV RI (VWRQLDQ HQYLURQPHQWDO ODZ DUH LQFOXGHG LQ (VWRQLDQ &RQVWLWXWLRQ ,QWHJUDWHG 3ROOXWLRQ 3UHYHQWLRQ DQG &RQWURO $FW IRUFHG (QYLURQPHQWDO 6XSHUYLVLRQ $FW IRUFHG (QYLURQPHQWDO ,PSDFW $VVHVVPHQW DQG (QYLURQPHQWDO 0DQDJHPHQW 6\VWHP $FW IRUFHG 3ROOXWLRQ &KDUJH $FW IRUFHG
/HJDO IUDPHZRUN
(VWRQLD ,QYHVWPHQW *XLGH
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
0LQLVWU\ RI (QYLURQPHQWDO $IIDLUV ZZZ LQYHVWLQHVWRQLD FRP OHJDO IUDPHZRUN
3ODQQLQJ DQG EXLOGLQJ
%XLOGLQJ $FW 3ODQQLQJ $FW ZZZ LQYHVWLQHVWRQLD FRP OHJDO IUDPHZRUN
7KH (QYLURQPHQWDO ,QVSHFWRUDWH /DQG %RDUG DQG ORFDO JRYHUQPHQW ERGLHV H[HUFLVH HQYLURQPHQWDO VXSHUYLVLRQ LQ (VWRQLD (QYLURQPHQWDO ,QVSHFWRUDWH KDV DXWKRULW\ WR LPSRVH DQ DGPLQLVWUDWLYH OLDELOLW\ IRU YLRODWLRQ HQYLURQPHQWDO ODZV DQG VWDQGDUGV
-XVWLFH V\VWHP DQG OHJDO DLG &RXUWV 3URVHFXWRUªV 2IILFH 'HVFULSWLRQ RI FLYLO SURFHHGLQJV (VWRQLDQ %DU $VVRFLDWLRQ ZZZ LQYHVWLQHVWRQLD FRP OHJDO IUDPHZRUN
(VWRQLDQ FRXUW V\VWHP (VWRQLD KDV D WKUHH OHYHO FRXUW V\VWHP &RXQW\ FLW\ DQG DGPLQLVWUDWLYH FRXUWV DGMXGLFDWH PDWWHUV LQ WKH ILUVW LQVWDQFH 7KH PDMR ULW\ RI FRXUWV RI ILUVW LQVWDQFH DUH VLWXDWHG LQ FRXQW\ FHQWUHV 7KH FRXUWV RI VHFRQG LQVWDQFH KHDU WKH DSSHDOV DJDLQVW WKH GHFLVLRQV RI WKH FRXUWV RI ILUVW LQVWDQFH &RXUWV RI DSSHDO DUH FRXUWV RI VHFRQG LQVWDQFH VRPHWLPHV DOVR FDOOHG FLUFXLW FRXUWV 7KH FRXUWV RI DSSHDO DUH VLWXDWHG LQ -}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
(VWRQLD ,QYHVWPHQW *XLGH
3RSXODWLRQ GHQVLW\
SHUVRQV SHU VT NP
(XURSHDQ DYHUDJH
+HDOWK ,QVXUDQFH )XQG ZZZ LQYHVWLQHVWRQLD FRP OLYLQJ LQ HVWRQLD
7+(5( ,6 12 ,1 3$7,(17 )(( IRU FKLOGUHQ EHORZ WKH DJH RI LQ FDVHV UHODWHG WR SUHJQDQF\ DQG FKLOGELUWK LQ WKH FDVH RI LQWHQVLYH FDUH
8QLWHG .LQJGRP
6ZHGHQ
,UHODQG
*HUPDQ\
(VWRQLD
+HDOWK FDUH VHUYLFHV
)LQODQG
6RXUFH (XURPRQLWRU ,QWHUQDWLRQDO
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ªV ILQDQFLDO SDUWLFLSDWLRQ LQ WKH IROORZLQJ FDVHV RXW SDWLHQW H[DPLQDWLRQ ¥ D IDPLO\ SUDFWLWLRQHU FDQ FKDUJH D YLVLW IHH RI XS WR ((. ZKHQ PDNLQJ D KRPH YLVLW VSHFLDOLVHG PHGLFDO FDUH ¥ D YLVLW IHH RI XS WR ((. WUDQVSRUWDWLRQ E\ DPEXODQFH LQ WKH FDVH RI HPHUJHQF\ ¥ IUHH RI FKDUJH KRVSLWDOLVDWLRQ ¥ DQ LQ SDWLHQW IHH RI XS WR ((. SHU GD\ DQG IRU XS WR GD\V SHU KRVSLWDOLVDWLRQ
(GXFDWLRQ V\VWHP
/,9,1* ,1 (6721,$
(VWRQLDQ 0LQLVWU\ RI (GXFDWLRQ DQG 5HVHDUFK ,QWHUQDWLRQDO 6FKRRO 7DUWX ,QWHUQDWLRQDO 6FKRRO ZZZ LQYHVWLQHVWRQLD FRP OLYLQJ LQ HVWRQLD
HGXFDWLRQ (GXFDWLRQ KDV WKH IROORZLQJ OHYHOV SUHVFKRRO EDVLF ILUVW OHYHO RI HGXFDWLRQ VHFRQGDU\ VHFRQG OHYHO RI HGXFDWLRQ DQG KLJKHU HGXFDWLRQ WKLUG OHYHO RI HGXFDWLRQ &KLOGUHQ ZKR WXUQ VHYHQ \HDUV RI DJH E\ 2FWREHU RI WKH FXUUHQW \HDU DUH REOLJHG WR DWWHQG VFKRRO %HIRUH VWDUWLQJ VFKRRO FKLOGUHQ XVXDOO\ DWWHQG SUHVFKRRO
/LYLQJ LQ (VWRQLD
(VWRQLD ,QYHVWPHQW *XLGH
FKLOGFDUH LQVWLWXWLRQV 7KH FRPSXOVRU\ VFKRROLQJ REOLJDWLRQ DSSOLHV WR FKLOGUHQ XQWLO WKH\ DFTXLUH EDVLF HGXFDWLRQ RU WXUQ \HDUV RI DJH
8QLYHUVLWLHV
8QLYHUVLWLHV DQG KLJKHU HGXFDWLRQ LQVWLWXWLRQV ZZZ LQYHVWLQHVWRQLD FRP OLYLQJ LQ HVWRQLD
)DPLO\ EHQHILWV
7KHUH DUH VL[ SXEOLF DQG IRXU SULYDWH XQLYHUVLWLHV LQ (VWRQLD (LJKW RI WKRVH DUH LQ 7DOOLQQ DQG WZR LQ 7DUWX 7KH ROGHVW DQG ELJJHVW XQLYHUVLW\ LQ (VWRQLD LV WKH 8QLYHUVLW\ RI 7DUWX ZLWK FLUFD VWXGHQWV IROORZHG E\ 7DOOLQQ 8QLYHUVLW\ RI 7HFKQRORJ\ ZLWK FLUFD VWXGHQWV %RWK RI WKRVH XQLYHUVLWLHV KDYH FROOHJHV DOVR LQ RWKHU FLWLHV RI (VWRQLD
0LQLVWU\ RI 6RFLDO $IIDLUV ZZZ LQYHVWLQHVWRQLD FRP OLYLQJ LQ HVWRQLD
IURP WKHLU DQQXDO LQFRPH LQFOXGLQJ LQWHUHVW RQ VWXG\ ORDQV 2QH RI WKH SDUHQWV RI D FKLOG RU D SHUVRQ SURYLGLQJ IRU D FKLOG FDQ GHGXFW DGGLWLRQDO WD[ IUHH LQFRPH IURP LQFRPH IRU WKH SHULRG RI WD[DWLRQ IRU HYHU\ FKLOG XS WR WKH DJH RI VWDUWLQJ IURP WKH VHFRQG FKLOG LQ WKH IDPLO\ $V RQH RI LWV PHDVXUHV SURPRWLQJ WKH QDWLRQDO ELUWK UDWH WKH VWDWH SDUWLDOO\ DQQXOV WKH VWXG\ ORDQV RI JUDGXDWHV RI YRFDWLRQDO DQG KLJKHU HGXFDWLRQ LQVWLWXWLRQV ZKR DUH UDLVLQJ VPDOO FKLOGUHQ
(VWRQLDªV IDPLO\ EHQHILWV DUH GHVLJQHG WR SDUWO\ FRYHU WKH FRVWV WKDW IDPLOLHV LQFXU ZKLOVW FDULQJ IRU UDLVLQJ DQG HGXFDWLQJ WKHLU FKLOGUHQ 7KHUH DUH D QXPEHU RI ZD\V LQ ZKLFK IDPLOLHV ZLWK FKLOGUHQ DUH VXSSRUWHG WKH WZR PRVW FRPPRQ RI ZKLFK DUH IDPLO\ DOORZDQFHV DQG WD[ LQFHQWLYHV
7KHUH DUH W\SHV RI IDPLO\ EHQHILWV FKLOGELUWK DOORZDQFH FKLOG DOORZDQFH FKLOG FDUH DOORZDQFH VLQJOH SDUHQWªV FKLOG DOORZDQFH FRQVFULSWªV FKLOG DOORZDQFH FKLOGªV VFKRRO DOORZDQFH FKLOG DOORZDQFH IRU D FKLOG XQGHU JXDUGLDQVKLS RU IRVWHU FDUH VWDUW LQ LQGHSHQGHQW OLIH DOORZDQFH DGRSWLRQ DOORZDQFH SDUHQWªV DOORZDQFH IRU IDPLOLHV ZLWK VHYHQ RU PRUH FKLOGUHQ
7KH VWDWH SD\V IDPLO\ EHQHILWV WR DOO FKLOGUHQ XQWLO WKH\ UHDFK WKH DJH RI &KLOGUHQ HQUROOHG LQ EDVLF RU VHFRQGDU\ VFKRROV RU YRFDWLRQDO HGXFDWLRQ LQVWLWXWLRQV RSHUDWLQJ RQ WKH EDVLV RI EDVLF HGXFDWLRQ KDYH WKH ULJKW WR UHFHLYH IDPLO\ EHQHILWV XQWLO WKH DJH RI 7D[ LQFHQWLYHV DUH RIIHUHG WR IDPLOLHV ZLWK FKLOGUHQ LQ WZR GLIIHUHQW ZD\V 3HRSOH OLYLQJ LQ (VWRQLD FDQ GHGXFW WKH FRVWV RI HGXFDWLQJ WKHLU FKLOGUHQ RU FKLOGUHQ LQ WKHLU FDUH XS WR WKH DJH RI
(VWRQLDQ ,QYHVWPHQW DQG 7UDGH $QJHQF\
(VWRQLD ,QYHVWPHQW *XLGH
$QQH[ *HQHUDO 2IILFLDO *DWHZD\ WR (VWRQLD KWWS HVWRQLD HX (VWRQLDQ 6WDWH 3RUWDO KWWS ZZZ HHVWL HH (VWRQLFD (QF\FORSHGLD DERXW (VWRQLD KWWS ZZZ HVWRQLFD HH VPDUW(VWRQLD KWWS ZZZ VPDUWHVWRQLD HH 7KH <HDU RI ,QQRYDWLRQ KWWS ZZZ LQ HH ,&7 'HPR &HQWHU KWWS ZZZ GHPRHVWRQLD HX (VWRQLDQ 7RXULVP %RDUG KWWS ZZZ YLVLWHVWRQLD FRP 1DWLRQDO /LEUDU\ RI (VWRQLD KWWS ZZZ QOLE HH
6WDWH %RGLHV 0LQLVWU\ RI )RUHLJQ $IIDLUV KWWS ZZZ PID HH 0LQLVWU\ RI (FRQRPLF $IIDLUV DQG &RPPXQLFDWLRQV KWWS ZZZ PNP HH 0LQLVWU\ RI )LQDQFH KWWS ZZZ ILQ HH %DQN RI (VWRQLD KWWS ZZZ HHVWLSDQN LQIR 7D[ DQG &XVWRPV %RDUG KWWS ZZZ HPWD HH 7KH 3DUOLDPHQW RI (VWRQLD KWWS ZZZ ULLJLNRJX HH 3UHVLGHQW RI WKH 5HSXEOLF KWWS ZZZ SUHVLGHQW HH *RYHUQPHQW RI WKH 5HSXEOLF KWWS ZZZ YDOLWVXV HH &LWL]HQVKLS DQG 0LJUDWLRQ %XUHDX ZZZ SROLWVHL HH
(FRQRP\ (QWHUSULVH (VWRQLD KWWS ZZZ HDV HH (VWRQLDQ 'HYHORSPHQW )XQG KWWS ZZZ DUHQJXIRQG HH 6WDWLVWLFV (VWRQLD KWWS ZZZ VWDW HH
0DLQ LQGXVWU\ DVVRFLDWLRQV (VWRQLDQ &KDPEHU RI &RPPHUFH DQG ,QGXVWU\ KWWS ZZZ NRGD HH )HGHUDWLRQ RI (VWRQLDQ (QJLQHHULQJ ,QGXVWU\ KWWS ZZZ HPOLLW HH (VWRQLDQ $VVRFLDWLRQ RI ,QIRUPDWLRQ 7HFKQRORJ\ DQG 7HOHFRPPXQLFDWLRQV KWWS ZZZ LWO HH (VWRQLDQ /RJLVWLFV DQG )UHLJKW )RUZDUGLQJ $VVRFLDWLRQ KWWS ZZZ HOHD HH
,QIUDVWUXFWXUH 7DOOLQQ $LUSRUW KWWS ZZZ WDOOLQQ DLUSRUW HH (VWRQLDQ 5RDG $GPLQLVWUDWLRQ KWWS ZZZ PQW HH (VWRQLDQ 5DLOZD\V KWWS ZZZ HYU HH 3RUW RI 7DOOLQQ KWWS ZZZ WV HH 3RUW RI 6LOODPlH KWWS ZZZ VLOSRUW HH 3RUW RI .XQGD KWWS ZZZ KHLGHOEHUJFHPHQW FRP HH HW NXQGD NXQGDBVDGDP 3RUW RI 3lUQX KWWS ZZZ WUDQVFRP HH SDUQXVDGDP (VWRQLDQ ,QIRUPDWLFV &HQWUH KWWS ZZZ ULD HH 6WDWH ,QIRUPDWLRQ 6\VWHP KWWS ZZZ ULVR HH (VWRQLDQ (GXFDWLRQDO DQG 5HVHDUFK 1HWZRUN KWWS ZZZ HHQHW HH
(VWRQLDQ ,QYHVWPHQW DQG 7UDGH $JHQF\
7KH (VWRQLDQ ,QYHVWPHQW DQG 7UDGH $JHQF\ (,7$ LV RUJDQLVHG DV D GLYLVLRQ ZLWKLQ (QWHUSULVH (VWRQLD WKH FRXQWU\ V ODUJHVW VXSSRUW LQVWLWXWLRQ IRU EXVLQHVV DQG HQWUHSUHQHXUVKLS :H RIIHU LQIRUPDWLRQ DQG VHUYLFHV WR SRWHQWLDO QHZ DQG H[LVWLQJ LQYHVWRUV DQG WUDGLQJ SDUWQHUV 2XU JRDO LV WR PDNH (VWRQLD WKH SUHIHUUHG SDUWQHU LQ LQWHUQDWLRQDO EXVLQHVV IRU FRPSDQLHV VHHNLQJ QHZ FRPSHWHQFLHV LQ RUGHU WR EH PRUH VXFFHVVIXO LQ WKHLU JOREDO PDUNHWV 2XU REMHFWLYHV DUH WR HQVXUH D FRPSHWLWLYH EXVLQHVV HQYLURQPHQW LQ (VWRQLD WR UDLVH WKH SURILOH RI (VWRQLD DQG WR GHYHORS EXVLQHVV UHODWLRQVKLSV ZLWK LQWHUQDWLRQDO FRPSDQLHV (,7$ LV KHDGTXDUWHUHG LQ 7DOOLQQ DQG KDV RIILFHV LQ WKH 8QLWHG .LQJGRP )LQODQG 6ZHGHQ *HUPDQ\ 8QLWHG 6WDWHV &KLQD -DSDQ 8NUDLQH DQG 5XVVLD (,7$ VHUYLFHV $OO LQIRUPDWLRQ DQG VHUYLFHV SURYLGHG E\ WKH (VWRQLDQ ,QYHVWPHQW DQG 7UDGH $JHQF\ DUH IUHH RI FKDUJH WR DOO TXDOLILHG FOLHQWV :H SURYLGH SURVSHFWLYH LQYHVWRUV DQG WUDGLQJ SDUWQHUV ZLWK LQIRUPDWLRQ DQG VHUYLFHV DW HYHU\ VWDJH RI WKH GHFLVLRQ SURFHVV *HQHUDO LQIRUPDWLRQ HQTXLULHV ,QYHVWPHQW WRXUV RI (VWRQLD 'HWDLOHG LQYHVWPHQW SURSRVDOV ,GHQWLI\LQJ SRWHQWLDO SDUWQHUV ,GHQWLI\LQJ VXLWDEOH SURSHUWLHV 2UJDQLVLQJ UHFUXLWPHQW $GYLFH RQ ILQDQFLQJ 1HJRWLDWLRQV ZLWK DXWKRULWLHV ,GHQWLIW\LQJ VRXUFLQJ RSSRUWXQWLHV 3OHDVH FRQWDFW XV DW LQYHVW#HDV HH RU WUDGH#HDV HH IRU PRUH LQIRUPDWLRQ
(VWRQLD ,QYHVWPHQW *XLGH
$QQH[
(,7$ 7DOOLQQ WHDP ,QYHVWPHQW SURMHFW PDQDJHPHQW VHUYLFHV ¥
*OREDO RIILFHV ¥
&DOLIRUQLD ¥ $1'586 9,,5*
.\LY ¥ '(1,6 35,,0b*,
1$',0 7$28%,
.5,67$ +80$/
(QWHUSULVH (VWRQLD 6LOLFRQ 9DOOH\
%DQNRYD VW 2IILFH .\LY 8NUDLQH
( PDLO QDGLP WDRXEL#HDV HH
( PDLO NULVWD KXPDO#HDV HH
1 :ROIH 5G 6XQQ\YDOH &DOLIRUQLD
( PDLO GHQLV SULLPDJL#HDV HH
7HOHSKRQH
7HOHSKRQH
86$
7HOHSKRQH
( PDLO DQGUXV YLLUJ#HDV HH
0RELOH 8$
0RELOH (8
$IWHUFDUH VHUYLFHV ¥
1HZ PDUNHWVÂ¥
0RELOH 86
(/( 0(5,.( 3b57(/
0((/,6 .886%(5*
0RELOH (8
( PDLO HOH PHULNH SDUWHO#HDV HH
( PDLO PHHOLV NXXVEHUJ#HDV HH
7HOHSKRQH
7HOHSKRQH
6W 3HWHUVEXUJ ¥ 7220$6 .b67,. 6KDQJKDL ¥ 9$//( )(/'0$11
%ROVKD\D 0RQHWQD\D 6WU
5RRP % :HVWJDWH 7RZHU 1DQMLQJ
6W 3HWHUVEXUJ 58 5XVVLD
7UDGH VHUYLFHV ¥
([HFXWLYH DVVLVWDQW ¥
5RDG :HVW 6KDQJKDL 3 5 &KLQD
( PDLO WRRPDV NDVWLN#HDV HH
69(1 9$//,67( %5,7 3((51$
.5,67$ 0,+.(/6$$5
( PDLO YDOOH IHOGPDQQ#HDV HH
7HOHSKRQH
( PDLO VYHQ YDOOLVWH#HDV HH EULW SHHUQD#HDV HH
( PDLO NULVWD PLKNHOVDDU#HDV HH
0RELOH &1
0RELOH
7HOHSKRQH
7HOHSKRQH
0RELOH (8
5HVHDUFK DQG SURGXFW GHYHORSPHQW ¥
'LUHFWRU ¥
7RN\R ¥ .26$.8 <$0$*8&+,
0$5-8 0,+.(/622
*(57 67$+/
6KLRGRPH %XLOGLQJ )
( PDLO PDUMX PLKNHOVRR#HDV HH
( PDLO JHUW VWDKO#HDV HH
.DLJDQ 0LQDWR NX 7RN\R -DSDQ
7HOHSKRQH
7HOHSKRQH
( PDLO \DPDJXFKL#HVWRQLD RU MS
7HOHSKRQH 0RELOH
0DUNHWLQJ ¥ 5((7 758876 5,672 +$16(1 ( PDLO UHHW WUXXWV#HDV HH ULVWR KDQVHQ#HDV HH 7HOHSKRQH
'LVFODLPHU
7KHVH WH[WV KDYH EHHQ FRPSLOHG E\ (QWHUSULVH (VWRQLD IRU LQIRUPDWLYH SXUSRVHV RQO\ 7KH\ PD\ LQFOXGH LQIRUPDWLRQ ZKLFK KDV FKDQJHG RU EHFRPH LQFRUUHFW
(,7$ *OREDO WHDP
)RU VSHFLILF VWXGLHV RQ DQ\ RI WKH DUHDV PHQWLRQHG WKH UHDGHU LV DGYLVHG WR FRQVXOW ZLWK WKH ODWHVW DSSOLFDEOH OHJLVODWLRQ DQG WKH FRPSHWHQW (VWRQLDQ DXWKRULWLHV (QWHU
/RQGRQ ¥ 7,,1$ 0$5,$ 9b5$9$6
6WRFNKROP ¥ .5,67(5 .$/'$
:DUQIRUG &RXUW 7KURJPRUWRQ 6WUHHW /RQGRQ
(VWRQLDQ +RXVH :DOOLQJDWDQ
(& 1 $7 8QLWHG .LQJGRP
75 6WRFNKROP 6ZHGHQ
( PDLO WLLQD YDUDYDV#HDV HH
( PDLO NULVWHU NDOGD#HDV HH
7HOHSKRQH
7HOHSKRQH
0RELOH
0RELOH
+HOVLQNL ¥ 9$/'$5 /,,9(
+DPEXUJ ¥ 5,,1$ /(0,16.<
(QWHUSULVH (VWRQLD +HOVLQNL
0|QFNHEHUJVWU
6XYLODKWL (HVWL 0DMD 6|UQlLVWHQ UDQWDWLH
+DPEXUJ *HUPDQ\
+HOVLQNL )LQODQG
( PDLO ULLQD OHPLQVN\#HDV HH
( PDLO YDOGDU OLLYH#HDV HH
7HOHSKRQH
0RELOH
0RELOH
SULVH (VWRQLD LV QRW OLDEOH IRU WKH FRUUHFWQHVV RI WKH LQIRUPDWLRQ SXEOLVKHG DERYH
1RWHV
(VWRQLD ,QYHVWPHQW *XLGH
ZZZ LQYHVWLQHVWRQLD FRP ZZZ WUDGHZLWKHVWRQLD FRP
&RQWDFW XV LQYHVW#HDV HH WUDGH#HDV HH (VWRQLDQ ,QYHVWPHQW DQG 7UDGH $JHQF\ (QWHUSULVH (VWRQLD /DVQDPlH 7DOOLQQ (VWRQLD 7HOHSKRQH )D[