Education | High school » Westford Academy, Student Handbook

 2020 · 111 page(s)  (1 MB)    English    3    April 11 2022    Westford Academy  
    
Comments

No comments yet. You can be the first!

Content extract

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¶62)),&(  0U(YHUHWW92OVHQ6XSHULQWHQGHQW 0V.HUU&OHU(G$VVLVWDQW6XSHULQWHQGHQW 0V&RXUWQH0RUDQLUHFWRURI3XSLO6HUYLFHV ([W ([W

([W  7LWOH9,DQG7LWOH,;&RRUGLQDWRU +RPHOHVV&RRUGLQDWRU (YHUHWW92OVHQ6XSHULQWHQGHQW 0V&RXUWQH0RUDQ     :(67)256&+22/&200,77((  0UV$YHU$GDP 0UV0HJDQ(FNURWK 0U6HDQ.HOO 0UV$OLFLD0DOORQ 0UV*ORULD0LOOHU 0U0LQJTXDQ=KHQJ 0U&KULV6DQGHUV        7$%/(2)&217(176 ,WHPVDUHOLVWHGDOSKDEHWLFDOO $&$(0,&6«««««««««««««««««  +20(:25.«««««««««««««  5DWLRQDOHIRU+RPHZRUN«««««  6WXGHQW5HVSRQVLELOLWLHV«««««  3DUHQW5HVSRQVLELOLWLHV««««««  7HDFKHU5HVSRQVLELOLWLHV«««««  *5$,1«««««««««««««««  0$.(8332/,&<«««««««««««  0$5.,1*6<67(0««««««««««  0LGHDU)LQDO([DPV $VVHVVPHQWV««««  &RQIHUHQFHV ([WUD+HOS6HVVLRQV«««««  $)7(56&+22/$&7,9,7,(6«««««««««« 

$/0$0$7(5«««««««««««««««  $/&2+2/(7(&7,217(67«««««««««« $66(0%/,(6««««««««««««««««  $77(1$1&(*8,(/,1(6««««««««« $ $%6(1&(6)5206&+22/«««« $%6(1&(6)520&/$66«««««« 6SHFLILF5XOHV5HJDUGLQJ$WWHQGDQFH««  % 2EVHUYDQFHRI5HOLJLRXV+ROLGDV«««« & /$7(726&+22/±7$5<««««   ,60,66$/6««««««««««  ( /2662)&/$66&5(,7««««««« ) 5,*+762)7+(<($52/««  LVPLVVDO3URFHGXUHV HDUROGV «««  $EVHQFHV HDUROGV ««««««««  %(//6&+(8/(««««««««««  6(48(1&(2)3(5,26«««««««  %8//<,1*««««««««««««««««««  %XOOLQJ3UHYHQWLRQ ,QWHUYHQWLRQ3ODQ«««  %86672332/,&<«««««««««««««  &ULWHULD8VHGWR(YDOXDWH%XV6WRS6DIHW«« 

&+$1*(352&(85()256&+22/58/(6««  0DNLQJWKH3URSRVDO«««««««««««  &+($7,1*$13/$,$5,60«««««««««  &2&855,&8/$5$&7,9,7,(6««««««««  &R&XUULFXODU$WKOHWLF(OLJLELOLW««««  &20081,7<6(59,&(««««««««««««  &20387(586(DW:HVWIRUG$FDGHP«««««««   HYLFHV1HWZRUN6HFXULW6DIHWDQG(PDLO«   &5,6,6,17(59(17,21««««««««««««« $1&(5(*8/$7,216«««««««««««««  ,6&/$,0(5««««««««««««««««  5(66&2(«««««««««««««««««  5,9(5(8&$7,21««««««««««««««  (/(&7521,&(9,&(6 &HOOSKRQHV,3RGHWF ««  (48$/23325781,7<««««««««««««« (;&/86,21)5206&+22/«««««««««  67$7(/$:6««««««««««  0*/FK +D]LQJ ««««««««««  0*/FK

6HFW :HDSRQV3ROLF«««  0*/FK6HFW+ ([SXOVLRQIRU $VVDXOW:HDSRQV3HUVRQDO$VVDXOW &RQWUROOHG6XEVWDQFHV ««««««««««  0*/FK6HFW+ò )HORQ2IIHQVH ««  ),(/75,36««««««««««««««««««  ),5($/$506«««««««««««««««««  *5$8$7,215(48,5(0(176«««««««««  +$5$660(1732/,&<«««««««««««««  +20(%281,16758&7,21««««««««««  3URJUDPHILQLWLRQ *RDOV«««««««  +212552//«««««««««««««««««  ,17(56&+2/$67,&$7+/(7,&352*5$0««««  /2&.(56«««««««««««««««««««  /81&+$5($«««««««««««««««««  0&$67(67,1*««««««««««««««««  1$7,21$/+212562&,(7<««««««««««  126&+22/$11281&(0(176««««««««  127,),&$7,212)121,6&5,0,1$7,21«««« 3$5.,1*««««««««««««««««««« 

3+<6,&$/5(675$,17«««««««««««««  32/,&(48(67,21,1* $335(+(16,21««««  &XVWRG 4XHVWLRQLQJ««««««««««  :HVWIRUG30HPRRI8QGHUVWDQGLQJ««««  6HDUFKDQG6HL]XUH«««««««««««« 6&+22/+($/7+«««««««««««««««  (PHUJHQF&DUGV««««««««««««  ,QMXULHV««««««««««««««««  0DQGDWHG6FUHHQLQJV«««««««««««  0HGLFDWLRQ,QIRUPDWLRQ««««««««««  3KVLFDOV ,PPXQL]DWLRQV««««««««  6FKRRO+HDOWK5HFRUGV««««««««««  6&+22/3267,1*6«««««««««««««    6(1,2535,9,/(*(6««««««««««««««  6(1,2575,372,61(<««««««««««««  63(&,$/(8&$7,215(&256««««««««  678(17$9,625<&200,77((«««««««  678(17&218&7 ,6&,3/,1(«««««««  2IILFHHWHQWLRQ««««««««««««« 

6WXGHQW0LVFRQGXFW«««««««««««  6WXGHQW6XVSHQVLRQV«««««««««««  6WXGHQWVZLWKGLVDELOLWLHV«««««««««  &RQGXFWLQWKH6XVSHQVLRQ5RRP«««««  678(1738%/,&$7,216««««««««««  LVWULFW$FFHSWDEOH,QWHUQHW8VH««««««  3HUVRQDO6DIHW 6WXGHQWVRQOUHVWULFWLRQV ««  5HVSHFWIRU3ULYDF««««««««««««  ,OOHJDO$FWLYLWLHV««««««««««««« 3XEOLVKLQJ«««««««««««««««  (QYLURQPHQW6HFXULW«««««««««««  ,QDSSURSULDWH/DQJXDJH&RQGXFW $QG+DUDVVPHQW««««««««  7UXWKIXOQHVVDQG$FFXUDF«««««««««  5HVSHFWLQJ5HVRXUFH/LPLWV««««««««  3ODJLDULVP &RSULJKW,QIULQJHPHQW««««  ,QDSSURSULDWH$FFHVVRI0DWHULDO««««««  678(175(&256««««««««««««««  678(176:,7+5$:,1*)5206&+22/«««  7($&+(5(7(17,21«««««««««««««  7(;7%22.6

(48,30(17«««««««««  7+()7«««««««««««««««««««  72%$&&286(3266(66,2132/,&<«««««  LVFLSOLQH3URFHGXUHVIRU9LRODWLRQV«««««  9,6,7256«««««««««««««««««««  :(%6,7(«««««««««««««««««««  :(67)25$&$(0<6&+22/&$/(1$5«««  :(67)25$&$(0<+2125&2(««««««  :(67)25$&$(0<0,66,2167$7(0(17««  $FDGHPLF([SHFWDWLRQVIRU6WXGHQW/HDUQLQJ«  *XLGHOLQHVIRU3DUHQW6FKRRO&RPPXQLFDWLRQ«  (IIHFWLYH&RPPXQLFDWLRQ«NHHSLQPLQG«««  6XJJHVWHGFKDLQRIFRPPXQLFDWLRQ«««««  :25.,1*3$3(56«««««««««««««««       ,6&/$,0(5 :HVWIRUG$FDGHPUHVHUYHVWKHULJKWWRPDNHQHFHVVDUFKDQJHVLQ WKHVWXGHQWKDQGERRN    :(67)25$&$(0<6&+22/&$/(1$5  )RUDFRPSOHWHOLVWLQJRI:HVWIRUG$FDGHPHYHQWVKROLGDV0&$6

WHVWLQJVFKHGXOHHWFSOHDVHUHIHUWRWKH:$ZHEVLWHDQGWKH 3ULQFLSDO¶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†F%DQGF&  $WWKHLVWULFWOHYHOWKH$$ HPSORHHV 7LWOH9,DQG7LWOH,; &RRUGLQDWRULV%LOO2OVHQ 

%LOO2OVHQ6XSHULQWHQGHQWRI6FKRROV :HVWIRUG3XEOLF6FKRROV 5HSRW6WUHHW :HVWIRUG0DVVDFKXVHWWV ([W  $WWKHLVWULFWOHYHOWKH6HFWLRQ GLVDELOLWSHUWDLQLQJWR VWXGHQWV DQG$$ VWXGHQWV &RRUGLQDWRULV&RXUWQH0RUDQ   ,QTXLULHVDERXWWKHVHQRQGLVFULPLQDWLRQODZVPDEHGLUHFWHGWR WKHDERYHQDPHG&RRUGLQDWRUV  :HVWIRUG$FDGHP+RQRU&RGH  $KHDOWKDFDGHPLFHQYLURQPHQWGHSHQGVRQ KRQHVWLQWHJULWDQGPXWXDOUHVSHFWDQGSDUWRI :HVWIRUG$FDGHP¶VPLVVLRQLVWRLQVWLOODQ XQGHUVWDQGLQJRIDQGUHVSHFWIRUKRQRUDEOH EHKDYLRULQLWVVWXGHQWV)RUWKHLUSDUWVWXGHQWV KDYHDUHVSRQVLELOLWWRXQGHUVWDQG:HVWIRUG $FDGHP¶VH[SHFWDWLRQVIRUKRQRUDEOHEHKDYLRU DQGWRHQVXUHWKDWWKHPHHWWKRVHH[SHFWDWLRQV   7KH6WXGHQW+DQGERRNIRXQGRQWKH:HVWIRUG $FDGHPZHEVLWH KWWSZDZHVWIRUGNXVSDJHV:HVWIRUG:$BJXL GDQFH:$KDQGERRNSGI LQFOXGHVDFKDUW FRQWDLQLQJVRPHH[DPSOHVRIDFFHSWDEOHDQG

XQDFFHSWDEOHEHKDYLRU6WXGHQWVVKRXOG FROODERUDWHZLWKWKHLUWHDFKHUVWRFODULI H[SHFWDWLRQVEHIRUHHQJDJLQJLQDQEHKDYLRUWKDW FRXOGEHFRQVLGHUHGGLVKRQRUDEOH  ,WLVH[SHFWHGWKDWDOO:HVWIRUG$FDGHPVWXGHQWV ZLOODELGHEWKHIROORZLQJ+RQRU&RGH  ³$VDPHPEHURIWKH:HVWIRUG$FDGHP FRPPXQLW,ZLOOQRWOLHFKHDWRUVWHDOQRUZLOO, FRQGRQHRUHQDEOHWKRVHZKRGRVR´ :HVWIRUG$FDGHP0LVVLRQ6WDWHPHQW :HVWIRUG$FDGHPLQFROODERUDWLRQZLWKKRPHDQG FRPPXQLWSURYLGHVDVDIHHQYLURQPHQWZKHUHKLJK   H[SHFWDWLRQVDGYDQFHDFDGHPLFH[FHOOHQFH:HDUH FRPPLWWHGWRSURPRWLQJLQWHJULWDQGFULWLFDOWKLQNLQJZKLOH IRVWHULQJWROHUDQFHDQGOLIHORQJOHDUQLQJLQDQ HYHUFKDQJLQJJOREDOVRFLHW  ([SHFWDWLRQVIRU6WXGHQW/HDUQLQJ  6WXGHQWVDW:HVWIRUG$FDGHPZLOO  $FDGHPLF([SHFWDWLRQV  $FFHVVLQIRUPDWLRQ  5HDGHIIHFWLYHOIRUDYDULHWRISXUSRVHV  7KLQNFULWLFDOODQGDQDOWLFDOO  &RPPXQLFDWHHIIHFWLYHO D :ULWH E 6SHDN F

/LVWHQ G 3HUIRUP&UHDWH  6RFLDO([SHFWDWLRQV  ([KLELWUHVSHFWKRQHVWDQGLQWHJULWLQDOODVSHFWV RIVFKRROOLIHLQFOXGLQJFXUULFXODUFRFXUULFXODU DQGVRFLDODFWLYLWLHV Ð 7DNHUHVSRQVLELOLWIRUSHUVRQDODFWLRQVDQG EHKDYLRUVUHODWHGWRSKVLFDOPHQWDODQGHPRWLRQDO GHYHORSPHQW  &LYLF([SHFWDWLRQV 3DUWLFLSDWHDFWLYHOLQDYDULHWRIVFKRRODQGFRPPXQLW SURJUDPVSUHSDULQJWKHPWRH[HUFLVHWKHLUFLYLFULJKWV GXWLHVDQGUHVSRQVLELOLWLHVZLWKLQRXUJOREDOVRFLHW          *XLGHOLQHVIRU3DUHQW6FKRRO&RPPXQLFDWLRQ  ,IDSUREOHPRFFXUV  6WDUWZLWKWKHVWDIIPHPEHUPRVWGLUHFWOLQYROYHG ,ISRVVLEOHKDYHRXUVWXGHQWDSSURDFKWKHSHUVRQ WRWUDQGUHVROYHWKHLVVXHRQWKHLURZQ  *XLGDQFH&RXQVHORULVDUHVRXUFHIRUVXSSRUWLQ UHVROYLQJFRQFHUQVDWDQVWHSRIWKHSURFHVV  )RUHIIHFWLYHFRPPXQLFDWLRQNHHSLQPLQG  HILQHRXUFRQFHUQVFOHDUO  ([SUHVVRXUFRQFHUQVLQDUHVSHFWIXOPDQQHU 

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

/XQFK&ODVV7LPH %ORFN BBBBBBBBBBBBBBBBBBBBBBBBBBB   %ORFN BBBBBBBBBBBBBBBBBBBBBBBBBBB   LVPLVVDO BBBBBBBBBBBBBBBBBBBBBBBBBBB   $IWHU6FKRRO$FWLYLWLHV   /DWH%XVHV7XHVGD:HGQHVGD 7KXUVGD#SP           6(48(1&(2)3(5,26         3HULRG 0LVVLQJ ¶      *D * $ % &  ( )D ) * $ % &  (D ( ) * $ % & D  ( ) * $ % &D &  ( ) * $ %D % &  ( ) * $D $ % &  ( ) ) (  & % $ *    $77(1$1&(*8,(/,1(6  $WWHQGDQFHDWDOOVFKRROVHVVLRQVLVQHFHVVDUIRUWKHDFDGHPLFDQG VRFLDOJURZWKRIVWXGHQWV6WXGLHVLQGLFDWHDKLJKFRUUHODWLRQ EHWZHHQWKHQXPEHURIGDVDEVHQWDQGDFDGHPLFDFKLHYHPHQW +DELWXDODEVHQWHHLVPZLOOFRQWULEXWHWRORZDFDGHPLFDFKLHYHPHQW  7KH:HVWIRUG6FKRRO&RPPLWWHHDQGWKH:HVWIRUG3XEOLF6FKRROV

EHOLHYHLQWKHLPSRUWDQFHRIUHJXODUDWWHQGDQFHEDOOVWXGHQWV 6WXGHQWVDUHH[SHFWHGWRDWWHQGVFKRRORQHDFKGDWKDWVFKRROLVLQ VHVVLRQVLQFHYDFDWLRQSHULRGVDUHEXLOWLQWRWKHHDUORQJVFKRRO FDOHQGDU([FHSWLQFDVHVRILOOQHVVDQGH[WHQXDWLQJFLUFXPVWDQFHV VWXGHQWVDUHH[SHFWHGWREHSUHVHQWZKHQVFKRROLVLQVHVVLRQ 3DUHQWVDUHVWURQJOXUJHGQRWWRVFKHGXOHIDPLOYDFDWLRQVGXULQJ VFKRROGDVDQGQRWWRH[WHQGWKHVFKHGXOHGYDFDWLRQSHULRGV 6KRXOGDSDUHQWFKRRVHWRNHHSDVWXGHQWRXWRIVFKRROIRUUHDVRQV RWKHUWKDQLOOQHVVRUH[WHQXDWLQJFLUFXPVWDQFHVWHDFKHUVZLOO SURYLGHWKHQRUPDOUDQJHRIDVVLVWDQFHXSRQWKHVWXGHQW¶VUHWXUQWR VFKRRO+RZHYHULWLVWKHVWXGHQW¶VUHVSRQVLELOLWIRULGHQWLILQJ DQGPDNLQJXSPLVVHGZRUN7HDFKHUVDUHQRWUHTXLUHGWRSURYLGH DGYDQFHDVVLJQPHQWVWRVWXGHQWVDQGWKHVFKRRODQGWKHLQGLYLGXDO WHDFKHU V DUHQRWUHTXLUHGWRDVVXPHUHVSRQVLELOLWIRUSURYLGLQJ LQGLYLGXDOWXWRULQJRUH[WHQVLYHLQGLYLGXDOKHOSIRUWKHVWXGHQW

ZKHQWKHUHWXUQ  $FFRUGLQJWR0DVVDFKXVHWWV*HQHUDO/DZ 6FKRRO$WWHQGDQFH &KDSWHU DOOFKLOGUHQEHWZHHQWKHDJHVRIVL[  DQGVL[WHHQ  PXVWDWWHQGVFKRRODQGDVFKRROGLVWULFWPDH[FXVHXSWR VHYHQ  GDVHVVLRQVRUIRXUWHHQ  KDOIGDVHVVLRQVLQDQ SHULRGRIVL[  PRQWKV7KHODZDOVRVWDWHVWKDWSDUHQWVJXDUGLDQV PXVWEHSURYLGHGHDFKHDUZLWKWKHLQVWUXFWLRQVIRUFDOOLQJD GHVLJQDWHGSKRQHQXPEHUDWDGHVLJQDWHGWLPHWRLQIRUPWKHVFKRRO RIWKHDEVHQFHRIDVWXGHQWDQGWKHUHDVRQIRUWKHDEVHQFH,Q DGGLWLRQSDUHQWVJXDUGLDQVPXVWSURYLGHWKHVFKRROZLWKDKRPH ZRUNRURWKHUHPHUJHQFWHOHSKRQHQXPEHUVRWKDWWKHPDEH FRQWDFWHGGXULQJWKHVFKRROGDVRWKHVFKRROPDFDOODQGLQTXLUH DERXWVDLGDEVHQFH,WLVDOVRWKHUHVSRQVLELOLWRIWKHVFKRRO GLVWULFWWRGHVLJQDWHDVXSHUYLVRURIDWWHQGDQFHZKRKDVWKHSRZHU WRDSSUHKHQGDQGWDNHWRVFKRRODQFKLOGZKRLVWUXDQWDQGLV UHTXLUHGWRLQYHVWLJDWHDOOFDVHVZKHUHDFKLOGLVIDLOLQJWRDWWHQG

VFKRRO   $$%6(1&(6)5206&+22/ 3DUHQW*XDUGLDQDQG6FKRRO5HVSRQVLELOLWLHV 3DUHQWVRUJXDUGLDQVDUHOHJDOOUHVSRQVLEOHIRUHQVXULQJWKDWD FKLOGXQGHUWKHLUFRQWURODWWHQGVVFKRROGDLO:KHQGXHWR XQH[FXVHGDEVHQFHVDVWXGHQWKDVPLVVHGWZR  RUPRUHSHULRGV LQILYH  VFKRROGDVRUKDVPLVVHGILYH  RUPRUHVFKRROGDV LQWKHVFKRROHDUWKHSDUHQWVZLOOEHQRWLILHGDQGSURYLGHGDQ RSSRUWXQLWWRPHHWZLWKWKH3ULQFLSDORU3ULQFLSDO¶VGHVLJQHHWR GHYHORSDQDFWLRQSODQWRDGGUHVVWKHVWXGHQW¶VVFKRRODWWHQGDQFH  $GGLWLRQDOO XQGHU0DVVDFKXVHWWV*HQHUDO/DZVFKDSWHU VHFWLRQ$DUHSRUWRIHGXFDWLRQDOQHJOHFWFDQEHILOHGZLWKWKH HSDUWPHQWRI&KLOGDQG)DPLO6HUYLFHV &) RQEHKDOIRID FKLOGXQGHUWKHDJHRIHLJKWHHQ  LIDFKLOGLVQRWDWWHQGLQJ VFKRRORQDUHJXODUEDVLV  $Q$SSOLFDWLRQIRUD&KLOG5HTXLULQJ$VVLVWDQFH &5$ PDDOVR EHILOHGLQWKH-XYHQLOH&RXUW 7+(),9(7<3(62)&5$&$6(6

DVGHILQHGLQ0*/F† ³5XQDZD´$FKLOGEHWZHHQWKHDJHVRIDQGZKR ³UHSHDWHGOUXQVDZDIURPWKHKRPHRIDSDUHQWOHJDOJXDUGLDQRU FXVWRGLDQKDYLQJFXVWRGRIWKHFKLOG´HDFKRIZKRPPDDSSOWR WKHFRXUWIRUDVVLVWDQFH0*/F†(  ³6WXEERUQ&KLOG´$FKLOGEHWZHHQDQGZKRUHSHDWHGOIDLOV WRREHUHDVRQDEOHKRPHUXOHVWKHUHELQWHUIHULQJZLWKWKH SDUHQW¶VDELOLWWRFDUHIRUWKHFKLOG$SDUHQWJXDUGLDQFXVWRGLDQ PDDSSOWRWKHFRXUWIRUDVVLVWDQFH0*/F†( ³+DELWXDO6FKRRO2IIHQGHU´$FKLOGEHWZHHQWKHDJHVRIDQG ZKRUHSHDWHGOIDLOVWRREHVFKRROUXOHV$VFKRROGLVWULFW PDILOHDQDSSOLFDWLRQEXWPXVWVWDWHWKHVSHFLILFVWHSVWKDWWKH VFKRROGLVWULFWKDVWDNHQWRLPSURYHWKHFKLOG¶VFRQGXFW0*/F †($VFKRROILOHGPDWWHUPXVWEHGLVPLVVHGZKHQWKH VWXGHQWWXUQV0*/F†  ³+DELWXDO7UXDQW´$FKLOGEHWZHHQDQGZKRZLWKRXW

H[FXVHZLOOIXOOIDLOVWRDWWHQGVFKRROIRUPRUHWKDQGDVLQD TXDUWHU7KHVFKRRODSSOLFDQWPXVWVWDWHZKHWKHURUQRWWKHFKLOG DQGWKHFKLOG VIDPLOKDYHSDUWLFLSDWHGLQDWUXDQFSUHYHQWLRQ   SURJUDP0*/F†(8QGHU0/F† GLVPLVVDOPXVWRFFXUZKHQWKHFKLOGWXUQV 1RWHWKH FRQWUDGLFWLRQUHJDUGLQJDJHOLPLWVLQWKHVHVWDWXWRUSURYLVLRQV  ³6H[XDOO([SORLWHG&KLOG´$QSHUVRQXQGHUZKRKDVEHHQ VXEMHFWHGWRVH[XDOH[SORLWDWLRQ7KLVLQFOXGHVDQRQHZKRLVWKH YLFWLPRIVH[XDOVHUYLWXGHRUVH[WUDIILFNLQJHQJDJHVLQVH[XDO FRQGXFWIRUDIHHRULQH[FKDQJHIRUIRRGVKHOWHUFORWKLQJ HGXFDWLRQRUFDUHLVWKHYLFWLPRIWKHFULPHRILQGXFLQJDPLQRU LQWRSURVWLWXWLRQRUHQJDJHVLQFRPPRQQLJKWZDONLQJVWUHHW ZDONLQJ0*/F†$SDUHQWRUDSROLFHRIILFHUPDILOH DQDSSOLFDWLRQ0*/F†/  5HSRUWLQJD6WXGHQW$EVHQFH :KHQHYHUDFKLOGLVJRLQJWREHDEVHQWIURPVFKRROWKH

SDUHQWJXDUGLDQLVUHTXLUHGWRFDOOWKHVFKRRO  WKHQ SUHVV SULRUWRDPRQWKHGDWHRIDEVHQFH7KHDEVHQWHH OLQHLVDYDLODEOHWZHQWIRXU  KRXUVSHUGD,QWKHHYHQWWKDWD FKLOG¶VQDPHLVRQWKHVFKRRO¶VDEVHQWHHOLVWDQGDWHOHSKRQHFDOO KDVQRWEHHQUHFHLYHGWKHRIILFHZLOOFDOOWKHFKLOG¶VKRPH,I YHULILFDWLRQLVQRWUHFHLYHGIURPKRPHWKHRIILFHZLOOUHIHUWRWKH OLVWRIQDPHVVXSSOLHGEWKHSDUHQWJXDUGLDQRQWKH3XSLO ,QIRUPDWLRQ&DUGWRFDOOIRUYHULILFDWLRQ,IYHULILFDWLRQLVVWLOOQRW UHFHLYHGWKHVFKRROPDFDOOWKH:HVWIRUG3ROLFHHSDUWPHQWWR LQYHVWLJDWHWKHDEVHQFH 3ULRUWRDQSODQQHGWUDYHOZKLFKZLOOUHVXOWLQDVWXGHQW¶VDEVHQFH IRUPRUHWKDQWHQ  FRQVHFXWLYHVFKRROGDVDSDUHQWJXDUGLDQ PXVW D XQHQUROOWKHLUFKLOGIURPVFKRRODQG E HLWKHUFRPSOHWH D+RPHVFKRRO$SSOLFDWLRQRULGHQWLIWKHVFKRROLQZKLFKWKH ZLOOHQUROOWKHLUFKLOGGXULQJVDLGDEVHQFH ([FXVHGDQG8QH[FXVHG$EVHQFHV

([DPSOHVRIH[FXVHGDEVHQFHVDUHDEVHQFHVIRULOOQHVVRIWKH VWXGHQW DGRFWRU¶VFHUWLILFDWHLVUHTXLUHGIRUDQDEVHQFHRIILYH   GDVRUPRUH GHDWKLQWKHVWXGHQW¶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¶V DSSURYDO7KLVLQFOXGHVZHHNHQGDFWLYLWLHVLIWKHVWXGHQW LVDEVHQWRQWKHODVWGDRIWKHVFKRROZHHN 6WXGHQWVZKRGRQRWKDYHDEVHQFHVYHULILHGZLWKLQ WZHQWIRXU 

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¶VJXLGDQFHFRXQVHORUSULRUWRWKHFORVHRID VSHFLILFTXDUWHU  7ZR  XQH[FXVHGDEVHQFHVLQDWHUPZLOOUHVXOWLQORVV RIFUHGLW  0RUHWKDQVL[  DEVHQFHVRIDQNLQG H[FOXGLQJILHOG WULSV LQDTXDUWHUZLOOUHVXOWLQWKHORVVRIFUHGLWLQDOO FODVVHVH[FHSWLQFDVHVRISURORQJHGLOOQHVVHVRU H[WUDRUGLQDUFLUFXPVWDQFHVDVGHWHUPLQHGEWKH

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

:HVWIRUG$FDGHPZLWKDGHTXDWHRUQRSULRUDFDGHPLFFUHGLWV ZLOOEHUHIHUUHGWRSURJUDPVRIIHUHGORFDOORUDWD0DVVDFKXVHWWV &RPPXQLW&ROOHJHV $%6(1&()520&/$66 ,WLVH[SHFWHGWKDWVWXGHQWVEHSUHVHQWLQFODVV6WXGHQWVZKR PLVVFODVVZLWKRXWDQRWHIURPDVFKRRORIILFLDODUHGHHPHGWR KDYH³FXW´FODVV6WXGHQWVZKRPLVVRYHUKDOIWKHFODVVSHULRG   ZLWKDQRWHDUHFRQVLGHUHGWREH³$EVHQW([FXVHG´6WXGHQWVZKR PLVVRYHUKDOIWKHFODVVSHULRGZLWKRXWDQRWHDUHFRQVLGHUHGWREH ³$EVHQWXQH[FXVHG´DQGWRKDYH³FXW´WKHFODVV LVFLSOLQHIRUXQH[FXVHGFODVVDEVHQFHV &ODVV&XWV  D )LUVW2IIHQVH E 6HFRQG2IIHQVH F 7KLUG2IIHQVH G $GGLWLRQDO2IIHQVHV 7HDFKHUGHWHQWLRQSDUHQWJXDUGLDQ DQGDGPLQLVWUDWLRQQRWLILHG 7ZR  RIILFHGHWHQWLRQVORVVRI FUHGLWSDUHQWJXDUGLDQQRWLILHGE DGPLQLVWUDWLRQ ,QVFKRROVXVSHQVLRQ SDUHQWJXDUGLDQFRQIHUHQFHZLWK VWXGHQW 7KUHH  GDVLQVFKRRO VXVSHQVLRQUHFRPPHQGDWLRQIRU

RXWVLGHFRXQVHOLQJ SDUHQWJXDUGLDQQRWLILHGE DGPLQLVWUDWLRQ   /RVVRI&ODVV&UHGLW ,IDVWXGHQWORVHVFUHGLWIRURQH  TXDUWHULQDRQH  VHPHVWHU FRXUVHRUORVHVFUHGLWIRUWZR  TXDUWHUVLQDIXOOHDUFRXUVHWKH PDUHFHLYHQRFUHGLWIRUWKHHDU$VWXGHQWZKRORVHVFUHGLWIRU WZR  TXDUWHUVLQDVHPHVWHUFRXUVHRUWKUHH  TXDUWHUVLQDIXOO HDUFRXUVHZLOOQRWUHFHLYHFUHGLWIRUWKHFRXUVH ,IDVWXGHQWPDNHVDFRQVLVWHQWDQGFRQVFLHQWLRXVHIIRUWDIWHUWKH ORVHVFUHGLWLQTXDUWHURQH  RIDVHPHVWHUFRXUVHDQGLQTXDUWHU WZR  LVZLWKRXWDQLQIUDFWLRQVRIVFKRROSROLFLHVWKHQFUHGLW PDEHUHLQVWDWHG DIWHUDQHYDOXDWLRQSURFHVV,ILQDIXOOHDU FRXUVHDVWXGHQWORVHVFUHGLWLQTXDUWHUVRQH  DQGWZR  WKH RQOZDFUHGLWFRXOGEHUHLQVWDWHGLVLIWKHVWXGHQWLVZLWKRXWDQ LQIUDFWLRQVRIVFKRROSROLFLHVGXULQJTXDUWHUVWKUHH  DQGIRXU   DQGFRPSOHWHVVL[  KRXUVRITXDOLWFRPPXQLWVHUYLFHDV GHWHUPLQHGEWKH$GPLQLVWUDWLRQ

(YDOXDWLRQSURFHVVUHTXLUHG  (YDOXDWLRQ3URFHVV$5HYLHZ&RPPLWWHHFRPSULVHGRIWKH VWXGHQW¶V$VVLVWDQW3ULQFLSDOHDQDQG*XLGDQFH&RXQVHORUPHHWV WRUHYLHZLQIRUPDWLRQSURYLGHGEWHDFKHUVDQGVWDIIZKLFK LQFOXGHVFUHGLWDWWHQGDQFHVWDWXVDQGGLVFLSOLQDUUHFRUGV7KLV UHYLHZWDNHVSODFHSULRUWRWKHFORVHRIHDFKTXDUWHU    6WXGHQWVPDQRWPDNHXSDFRXUVHJUDGHLQZKLFKWKHORVWFUHGLW GXULQJWKHVFKRROHDUEDWWHQGLQJVXPPHUVFKRROH[FHSWLQ FLUFXPVWDQFHVGHWHUPLQHGLQDGYDQFHWKURXJKWKHHYDOXDWLRQ SURFHVV6WXGHQWVPDQRWWDNHWKHVDPHFRXUVHWZLFH  %7$5< 7$5<726&+22/ 6FKRROEHJLQVDWDP6WXGHQWVDUHFRQVLGHUHG³WDUGWRVFKRRO´ LIWKHDUULYHWRFODVVDIWHUDP$WWHQGDQFHIRUWKHGDLVWDNHQ EILUVWEORFNWHDFKHUV6WXGHQWVZKRDUULYHDIWHUVKRXOG UHSRUWWR0UV0DKRQHLQWKH*XLGDQFH2IILFHIRUDSDVVWRFODVV 6WXGHQWVFDQQRWEHH[FXVHGWDUGDIWHUWKHIDFWSDUHQWVPXVWQRWLI

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

7$5<72&/$66 6WXGHQWVZKRDUULYHWRFODVVDIWHUWKHEHOOZLWKRXWDQRWHIURPD VFKRRORIILFLDO LHDGPLQLVWUDWRUWHDFKHUQXUVHHWF DUH FRQVLGHUHGXQH[FXVHGWDUG  7KHIROORZLQJFRQVHTXHQFHVDSSOWREHLQJ³8QH[FXVHGWDUG´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

EXLOGLQJGXULQJWKHVFKRROGDPXVWKDYHSHUPLVVLRQIURPD SDUHQWJXDUGLDQZKRZLOOEHUHVSRQVLEOHIRUWUDQVSRUWDWLRQ DUUDQJHPHQWV ,QDOOFDVHVLIDVWXGHQWPXVWOHDYHWKHEXLOGLQJIRUDQUHDVRQWKH PXVW FKHFN ZLWK WKH DGPLQLVWUDWLYH RIILFH VHFUHWDUDQG KDYHDSDVV LQWKHLUSRVVHVVLRQEHIRUHOHDYLQJ6WXGHQWVOHDYLQJVFKRROb DVVXPLQJ SHUPLVVLRQ KDV EHHQ JUDQWHGZKHQLQ IDFW LW KDV QRWZLOO EHFRQVLGHUHGWUXDQWb LVPLVVDODIWHUWKHIDFWLVXQDFFHSWDEOHXQOHVVLWLVDQHPHUJHQF YHULILHG E D SDUHQWJXDUGLDQ ,Q RWKHU ZRUGVDSDUHQWJXDUGLDQ PXVWQRWLIWKHVFKRRORIWKHQHHGIRUWKHLUVRQGDXJKWHUWREHb GLVPLVVHG EHIRUH WKH VWXGHQW OHDYHV VFKRRO 1RWLILFDWLRQESDUHQW DIWHUWKHVWXGHQWKDVOHIWVFKRROLVXQDFFHSWDEOH 6WXGHQWVZKREHFRPHLOOGXULQJWKHVFKRROGDVKRXOGUHSRUWWRWKH VFKRROQXUVH RU$GPLQLVWUDWLRQ2IILFHLIVFKRROQXUVHLVQRW DYDLODEOH ZKRZLOODUUDQJHIRUDGLVPLVVDOLIQHFHVVDU6WXGHQWV ZKRDUHGLVPLVVHGIURPVFKRROGXHWRLOOQHVVRURWKHUSHUVRQDO

UHDVRQVVKRXOGPDNHHYHUHIIRUWWRWXUQLQGDLODVVLJQPHQWVGXH RQWKHGDRIGLVPLVVDO3URMHFWVSUHYLRXVODVVLJQHGDQGGXHRQ WKHGDRIGLVPLVVDOPXVWEHWXUQHGLQWRWKHDSSURSULDWH WHDFKHUSULRUWROHDYLQJWKHEXLOGLQJ7HDFKHUPDLOER[HVDUH DYDLODEOHLQWKH0DLQ2IILFH 7KHJXLGHOLQHVIRUDFFHSWDEOHUHDVRQVIRUGLVPLVVDOVDUHWKHVDPHDV WKRVHWKDWDSSOWRH[FXVHGDEVHQFHV3DUHQWVJXDUGLDQVDUH DGYLVHGWKDWDSSRLQWPHQWVZLWKGRFWRUVDQGGHQWLVWVVKRXOGEH VFKHGXOHGVRDVQRWWRLQWHUIHUHZLWKFODVVHV    ([FHVVLYHGLVPLVVDOVZLOOEHUHYLHZHGLQWKHVDPHPDQQHUDV WDUGLHVWRFODVV7KUHH  H[FXVHGGLVPLVVDOVZLWKLQDVSHFLILF FRXUVHLQDTXDUWHUDUHHTXDOWRRQH  DEVHQFH  5,9(5(8&$7,21 6WXGHQWVZKRVFKHGXOHGULYLQJOHVVRQVGXULQJWKHVFKRROGD PXVWGRVRGXULQJ/7 LUHFWHG/HDUQLQJ7LPH 6WXGHQWV ZKRGROHDYHIRUGULYLQJOHVVRQVPXVWIROORZWKHUHJXODU GLVPLVVDOSURFHGXUH  5,*+762)7+((,+7((1<($52/678(17 (LJKWHHQ 

HDUROGVHQMRFHUWDLQULJKWVLQVFKRROWKDWRWKHU VWXGHQWVGRQRWKDYH:KHQRXWXUQHLJKWHHQ  RXKDYHWKH OHJDOULJKWVRIDQDGXOW+RZHYHUWKHVFKRROFDQFRQWLQXHWRNHHS RXUSDUHQWVLQIRUPHGDERXWRXUSURJUHVVDQGZKHUHDERXWV7KH VFKRROFDQQRWUHTXLUHWKDWRXUSDUHQWVVLJQRXUUHSRUWFDUGV SURJUHVVUHSRUWVRUSHUPLVVLRQVOLSVIRUILHOGWULSV<RXDVDQ DGXOWFDQJLYHRXUVHOISHUPLVVLRQWRJRRQDWULS <RXUVFKRROFDQQRWUHTXLUHWKDWRXKDYHDEVHQFHQRWHVVLJQHGE RXUSDUHQW<RXUVFKRROFDQQRWLIRXUSDUHQWVWKDWRXZHUH DEVHQW$GGLWLRQDOOSDUHQWVJXDUGLDQVKDYHDFFHVVWRWKH VWXGHQW¶VVFKRROUHFRUGHYHQLIWKHVWXGHQWLVHLJKWHHQ  HDUVRI DJH ,IDVWXGHQWZKRLVHLJKWHHQ  HDUVRUROGHUZLVKHVQRWWRKDYH WKHLUUHFRUGVVHQWWRWKHSDUHQWRUJXDUGLDQWKHQDUHTXHVWPXVWEH PDGHLQZULWLQJDQGVXEPLWWHGWRWKH3ULQFLSDO$VVLVWDQW3ULQFLSDO RIWKH+LJK6FKRRO  ,60,66$/352&(85(6 HDUROGV

LVPLVVDOVZLOOEHJUDQWHGIRUPHGLFDODQGGHQWDODSSRLQWPHQWV,I RXDUHGLVPLVVHGIRUDPHGLFDODSSRLQWPHQWRXQHHGWRVHHWKH $WWHQGDQFH6HFUHWDUZLWKDQRWHVLJQHGERXGLVPLVVLQJRXUVHOI IRUWKHVSHFLILFDSSRLQWPHQW7KHQRWHVKRXOGFRQWDLQ1DPHRIWKH RFWRUHQWLVWSKRQHQXPEHUDQGWLPHRIWKHDSSRLQWPHQW7KH VFKRROPDYHULIWKLVLQIRUPDWLRQEHIRUHGLVPLVVLQJWKHVWXGHQW 7KHVWXGHQWZLOOEHSHUPLWWHGEDFNLQWRVFKRROLIWKHVWXGHQW SURYLGHVDQRWHIURPWKHSKVLFLDQFRQILUPLQJWKHDSSRLQWPHQW  ,IDQHDUROGVWXGHQWEHFRPHVLOOGXULQJWKHGDDQGZLVKHVWR GLVPLVVKLPKHUVHOIWRJRKRPH ZLWKRXWDSUHYLRXVOVFKHGXOHG GRFWRU¶VDSSRLQWPHQW WKHPXVWILUVWVHHWKHQXUVH,IWKHQXUVH   KDVRQILOHDQRWHIURPDOHJDOJXDUGLDQSDUHQWLQGLFDWLQJ SHUPLVVLRQWRDOORZWKHVWXGHQWWRGLVPLVVWKHPVHOYHVIRUPHGLFDO UHDVRQVWKHQXUVHPDJUDQWSHUPLVVLRQIRUVXFKGLVPLVVDO,WLV WKHUHVSRQVLELOLWRIWKHSDUHQWWRPRQLWRUWKHIUHTXHQFRI

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

:HDFNQRZOHGJHWKDWVWXGHQWVZRUNDWGLIIHUHQWSDFHVWKHUHIRUH WKHKRPHZRUNWLPHVOLVWHGLQRXUUHJXODWLRQ 5 DUHLQWHQGHG WREHXVHGDVDJXLGH7KHVHWLPHVDUHWRLGHQWLIDPD[LPXP QXPEHURIPLQXWHVSHUQLJKWDQGGRQRWUHIOHFWWKHDPRXQWRI KRPHZRUNDWHDFKHULV³VXSSRVHGWR´DVVLJQWRVWXGHQWV +RPHZRUNDVVLJQPHQWVDUHDVVLJQHGDWWKHGLVFUHWLRQRIWKHWHDFKHU DVORQJDVLWPHHWVDWOHDVWRQHSXUSRVHOLVWHGDERYHDQGGRHVQRW H[FHHGWKHWLPHVOLVWHGEHORZ$VDUHVXOWWHDFKHUVDUHZHOFRPHWR DVVLJQOHVVWKDQWKHPD[LPXPDPRXQWV$GGLWLRQDOOLIDWHDFKHU VHHVWKDWDVWXGHQWKDVPDVWHURIDFHUWDLQFRQFHSWDQGDVDUHVXOW WKHVWXGHQWZLOOQRWEHQHILWIURPDGGLWLRQDOSUDFWLFHLWLV DSSURSULDWHWRPRGLIWKHTXDQWLWRUH[SHFWDWLRQVWRDYRLG³EXV ZRUN´DVVLJQPHQWV  7LPH 5HVSRQVLELOLWLHV 7KHPD[LPXPWLPHVEHORZUHIHUWRDVVLJQHGQLJKWO KRPHZRUNDQGGRQRWLQFOXGHUHDGLQJIRUSOHDVXUHRU SUDFWLFHZLWKDVHOIVHOHFWHGWH[WZKLFKLVHQFRXUDJHG

+RPHH[SHFWDWLRQVIRUORQJWHUPSURMHFWVWKDWDUHDVVLJQHG ZLOOEHLQFOXGHGLQWKHQLJKWOPD[LPXP          7LPH ([SHFWDWL RQV 7HDFKHU 5HVSRQVLELOL WLHV *5$(6   )URPWR  PLQXWHV SHUFRXUVH SHUQLJKW DQG )URPWR KRXUV SHUFRXUVH SHUZHHN +RPHZRUN H[SHFWDWLRQVIRU ORQJWHUP SURMHFWVDUH LQFOXGHGLQWKH QLJKWO PD[LPXPDV ZHOO  )HHGEDFNWKDWLV JLYHQWRVWXGHQWV UHJDUGLQJ KRPHZRUN DVVLJQPHQWV VKRXOGEH GHOLYHUHGLQD WLPHOPDQQHU  1RKRPHZRUN ZLOOEHDVVLJQHG RYHUVFKRRO YDFDWLRQVKROLGD EUHDNV  ³DLO KRPHZRUNGXH WKHQH[WFODVV PDQRWEH DGGHGRUSRVWHG RQ*RRJOH FODVVURRPODWHU WKDQ30RI WKHVFKRROGD´  6WXGHQW 3DUHQW 5HVSRQVLELOLWLHV 5HVSRQVL ELOLWLHV +RPHZRUNLV SULPDULOWKH UHVSRQVLELOLWRIWKH VWXGHQW  6WXGHQWVVKRXOG PDQDJHWKHLUWLPHWR DFFRPPRGDWH VWXGLQJORQJWHUP DQGVKRUWWHUP DVVLJQPHQWVDQG H[WUDFXUULFXODU DFWLYLWLHV  6WXGHQWVVKRXOG FRPSOHWHKRPHZRUN

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

WHDFKHUVDQPLVVHG DVVLJQPHQWV   *5$,1 7KHVFKRROHDULVFRPSULVHGRIHLJKW  PDUNLQJSHULRGVIRXU   WHDFKHUPDGHPLGWHUPSURJUHVVUHSRUWVDQGIRXU  FRPSXWHUL]HG UHSRUWFDUGVZKLFKLQFOXGHPLGHDUDQGILQDOH[DPJUDGHV $FKLHYHPHQWJUDGHVDUHJLYHQWRVWXGHQWVDWWKHHQGRIHDFK TXDUWHU7KHVHJUDGHVUHIOHFWWKHRYHUDOOHYDOXDWLRQRIFODVV FRQWULEXWLRQEDVHGRQDWWHQGDQFHSDUWLFLSDWLRQLQFODVVWHVWVDQG UHODWHGDVVLJQPHQWV  $FKLHYHPHQWVDUHPHDVXUHGQXPHULFDOOZLWKDPLQLPXPSDVVLQJ JUDGHRIVL[WILYH   1R³,QFRPSOHWH´JUDGHVZLOOEHJLYHQZLWKRXWDGPLQLVWUDWLYH DSSURYDO   0$5.,1*6<67(0  $  $ ± $ ±    %  %  %     &  &  &      ± )    /HWWHUVFRQWDLQHGRQDFKLHYHPHQWUHFRUGVDUH 3 3DVV  1& 1R&UHGLW ) )DLO  ,1& ,QFRPSOHWH : :LWKGUDZQ  (; ([FXVHG :)

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

ZKHQWKHWHDFKHULVIUHHIURPWKHUHJXODUFODVVURRPWRGLVFXVVDQ GLIIHUHQFHV  ,WLVH[SHFWHGWKDWVWXGHQWVZLOOLQLWLDWHWKHVFKHGXOLQJRIH[WUDKHOS VHVVLRQVZLWKWHDFKHUV6WDIILVDYDLODEOHEDSSRLQWPHQWDIWHU VFKRROIRUH[WUDKHOS  6&+(8/(&+$1*(523$352&(85( 6WXGHQWVDUHHQFRXUDJHGWRZRUNFORVHOZLWKWKHLUJXLGDQFH FRXQVHORUGXULQJWKHFRXUVHVHOHFWLRQSURFHVV$IWHUWKHVWDUWRI HDFKVFKRROHDUFKDQJHVWRDVWXGHQW¶VSURJUDPPDQRWEH   SRVVLEOHGXHWRDYDULHWRIUHDVRQVFODVVVL]HVLQJOHFODVV RIIHULQJVFRQIOLFWVRUGLVDSSURYDOESDUHQWFRXQVHORURUWHDFKHU )XOO<HDU&RXUVHV  :LWKLQWZR  ZHHNVDIWHUWKHLVVXDQFHRIVW3URJUHVV 5HSRUWVVWXGHQWVFDQZLWKGUDZIURPDFRXUVHLI D DQRWKHUFRXUVHLVVHOHFWHGDQGVFKHGXOHG E WKHVWXGHQWLVVWLOOFDUULQJDPLQLPXPRI FUHGLWV F SDUHQWWHDFKHUSHUPLVVLRQLVVHFXUHG  FRXUVHZLOOQRWEHLGHQWLILHGRQWUDQVFULSW   )URPWZR 

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³´ZLOOEHFDOFXODWHGLQWRWKHVWXGHQW¶VFXPXODWLYHDYHUDJH  0$.(8332/,&<

6FKHGXOHGWHVWVTXL]]HVDQGSURMHFWVPLVVHGGXHWRDQ(;&86( $%6(1&(PXVWEHPDGHXSRQWKHGDRIDVWXGHQW¶VUHWXUQWR VFKRRODVORQJDVWKDWFRXUVHPHHWVRQWKDWGD$OORWKHUZRUN PXVWEHPDGHXSZLWKLQWKUHH  GDVRIWKHVWXGHQW¶VUHWXUQWR VFKRRO    :RUNPLVVHGGXHWRDQDEVHQFHRIWZR  RUPRUHFRQVHFXWLYH GDVPXVWEHPDGHXSZLWKLQILYH  GDVDIWHUWKHVWXGHQWUHWXUQV WRVFKRROXHGDWHVIRUORQJWHUPSURMHFWVZLOOQRWEHDIIHFWHG  7KHDERYHPDNHXSGHDGOLQHVPDEHPRGLILHGRQDQLQGLYLGXDO EDVLVEDVWXGHQW¶V,(3RU7HDP $66(660(176$1 0,<($5),1$/(;$06 ,Ib Db VWXGHQWb KDVb IRXUb RUb PRUHb DVVHVVPHQWVb RQb Db VLQJOHb GDb WKHb VWXGHQWb VKRXOGb LPPHGLDWHOVHHbWKHLUbWHDFKHUbWRbUHVFKHGXOHbWKHbPRVWb UHFHQWO DVVLJQHGb DVVHVVPHQWb 7KLVb FRQYHUVDWLRQb PXVWb WDNHb SODFHb QRODWHUWKDQRQHIXOOVFKRROGDDIWHUWKHDVVHVVPHQWLVDVVLJQHGb  6WXGHQWVDUHQRWUHTXLUHGWRWDNHPRUHWKDQWZRPLGHDURUILQDO

H[DPVRQDFDOHQGDUGD1RH[DPVTXL]]HVZLOOEHDGPLQLVWHUHG RUKRPHZRUNZLOOEHGXHWRVWXGHQWVWDNLQJ0&$6GXULQJ0&$6 WHVWLQJ  6WXGHQWVZKRKDYHDQXQH[FXVHGDEVHQFHRQWKHGDRIWKH0LG 7HUPDQG)LQDO([DPDUHQRWDOORZHGWRWDNHDPDNHXSH[DP XQOHVV$GPLQLVWUDWLYHDSSURYDOLVJLYHQ  6WXGHQWVZKRPLVVDPLGHDURUILQDOH[DPGXHWRDQXQH[FXVHG DEVHQFHVKDOOUHFHLYHD³´IRUWKHDVVHVVPHQW   6WXGHQWVEHLQJGLVPLVVHGIROORZLQJFRPSOHWLRQRID PLGHDUILQDOH[DPPXVWUHFHLYHDGPLQLVWUDWLYHSHUPLVVLRQ SULRUWROHDYLQJVFKRROLQDFFRUGDQFHZLWKWKHGLVPLVVDO SROLF   +212552// 7KH+RQRU5ROOLVFDOFXODWHGIRU+RQRUVDQG+LJK+RQRUV,Q RUGHUWRUHFHLYH+LJK+RQRUVDVWXGHQWPXVWKDYHDQDFDGHPLF DYHUDJHRIRUDERYH WRLQFOXGHQRWPRUHWKDQRQH  JUDGH EHWZHHQ 7RUHFHLYH+RQRUVDVWXGHQWPXVWKDYHDQ DFDGHPLFDYHUDJHRIRUDERYHZLWKQRJUDGHORZHUWKDQ 

$JUDGHRI³&´RUEHORZLQDQFODVVLQFOXGLQJHOHFWLYHVDQG 3KVLFDO(GXFDWLRQRUDQ³)´LQDSDVVIDLOFRXUVHRUD³:´RU ³:)´DXWRPDWLFDOOGLVTXDOLILHVDVWXGHQWIURP+RQRU5ROO    ,IDVWXGHQWUHFHLYHVDJUDGHRI³LQFRPSOHWH´WKHDUHQRWHOLJLEOH IRU+RQRU5ROO,WLVWKHLUUHVSRQVLELOLWWRDUUDQJHIRUDQGPDNH XSDOOZRUNZLWKLQWKHDSSURSULDWHWLPHIUDPHDVGHWHUPLQHGEWKH WHDFKHUDQGRUDGPLQLVWUDWLRQDWWKHFORVHRIWKHDSSOLFDEOHPDUNLQJ SHULRG$JUDGHRI³LQFRPSOHWH´FDQQRWEHFUHGLWHGWRZDUGV LQWHUVFKRODVWLFHOLJLELOLW  678(176:,7+5$:,1*)5206&+22/ ,IDVWXGHQWZKRKDVWXUQHGVL[WHHQ  HDUVRIDJHVHHNVWR YROXQWDULOZLWKGUDZIURPVFKRRODQH[LWLQWHUYLHZZLOOEH VFKHGXOHGZLWKWKHSDUHQWJXDUGLDQVWXGHQWDQGVWXGHQW¶VJXLGDQFH FRXQVHORU$WWKDWWLPHWKHVFKRROZLOOSURYLGHLQIRUPDWLRQ UHJDUGLQJDYDLODEOHWUDQVLWLRQDOSURJUDPVHGXFDWLRQDOVHUYLFHVDQG

VWXGHQWULJKWV6WXGHQWVPXVWFRPSOHWHDOHDYLQJVFKRROIRUPLQ RUGHUWRRIILFLDOOYROXQWDULOZLWKGUDZ  ,IDVWXGHQWZKRKDVWXUQHGVL[WHHQ  HDUVRIDJHLVDEVHQWb ZLWKRXWPHGLFDOH[FXVHIRUWHQ  FRQVHFXWLYHVFKRROGDVWKHb SDUHQWJXDUGLDQDQGVWXGHQWVKDOOEHVHQWZULWWHQQRWLFHZLWKLQILYHb  GDVIURPWKHWHQWK WK FRQVHFXWLYHDEVHQFHDQGVKDOOEHb SURYLGHGZLWKWKHRSSRUWXQLWWRPHHWZLWKDGHVLJQDWHGVWDIIb SHUVRQZLWKLQWHQ  VFKRROGDVWRGLVFXVVWKHVWXGHQWŖVVWDWXVb DQGWKHHGXFDWLRQDORSSRUWXQLWLHVWKDWDUHDYDLODEOHZLWKLQWKHb LVWULFW$WWKHUHTXHVWRIWKHSDUHQWJXDUGLDQWKHWLPHIRUVDLGb PHHWLQJPDEHH[WHQGHGIRUDQDGGLWLRQDOIRXUWHHQ  GDV,Ib WKHSDUHQWJXDUGLDQDQGVWXGHQWUHIXVHRUIDLOWRSDUWLFLSDWHLQVXFKb DPHHWLQJWKHVWXGHQWZLOOEHFRQVLGHUHGWRKDYHZLWKGUDZQIURPb WKH:HVWIRUG3XEOLF6FKRROV0*/FŦ  (3"%6"5*0/3&263&.&/54 1ɫ

7KH3ULQFLSDOKDVWKHDXWKRULWWRZDLYHRUGHODWKHFRPSOHWLRQRI JUDGXDWLRQFRXUVHUHTXLUHPHQWVZKHQVFKHGXOLQJGLIILFXOWLHVDULVH $GGLWLRQDOOWKH3ULQFLSDOKDVWKHDXWKRULWWRJUDQWDVWXGHQW UHTXHVWWRPRGLIKLVRUKHUFXUULFXOXP5HJDUGOHVVRIDQDFWLRQ DSSURYHGEWKH3ULQFLSDOVWXGHQWVPXVWVDWLVIWKHFUHGLW UHTXLUHPHQWVDQGVWXGHQWWHVWLQJUHTXLUHGE0DVVDFKXVHWWV HSDUWPHQWRI(OHPHQWDUDQG6HFRQGDU(GXFDWLRQ 5HTXLUHPHQWVIRU*UDGXDWLRQ  $VWXGHQWPXVWSDVVILYHFUHGLWFRXUVHVRUWKH HTXLYDOHQWLQVHPHVWHURIIHULQJVHDFKHDULQRUGHUWREH     SURPRWHGWRWKHVXEVHTXHQWHDURIVHFRQGDUVFKRROLQJ 2QHRIWKHILYHFUHGLWFRXUVHVPXVWEH(QJOLVKDWWKH DSSURSULDWHOHYHO$VWXGHQWPDJRWRVXPPHUVFKRRORU EHWXWRUHGWRPDNHXSVXEMHFWV V QHHGHGIRUSURPRWLRQ RUJUDGXDWLRQZKHUHWKHDGHTXDFRIGHPRQVWUDWHG FRPSHWHQFHLQWKHVXEMHFWLVMXGJHGEWKH DGPLQLVWUDWLRQ $VWXGHQWPXVWSDVVDPLQLPXPRIFUHGLWVWR

JUDGXDWHDVZHOODVVDWLVIWKHUHTXLUHPHQWVVSHFLILHGLQ LWHPDERYH 6WXGHQWVDUHUHTXLUHGWRWDNHFUHGLWVHDFKHDU ([FHSWLRQVUHTXLUHDGPLQLVWUDWRUDSSURYDO 3DVVLQJWKHIROORZLQJVXEMHFWVLVUHTXLUHG  ɪ 6XEMHFW$UHDb (QJOLVK/DQJXDJHb $UWVb 0DWKHPDWLFVb 6FLHQFHb +LVWRU 6RFLDOb 6FLHQFHb &UHGLWb b &RPPHQWb b b b b b b :RUOG+LVWRUFUHGLWVb 86+LVWRUFUHGLWVb b b 2QHVHPHVWHUSHUHDUb b b )RUHLJQ/DQJXDJHb  b (OHFWLYHVb b 3KVLFDO(GXFDWLRQb b +HDOWKb b b &RPSXWHUb b 7HFKQRORJb )LQH$UWV3HUIRUPLQJb  b b $UWVb b b b b  2QHRIWKH86RUZRUOGKLVWRUFRXUVHVPDEHWDNHQDVHDUODVb WKJUDGHb  )RXUVHPHVWHUVRI3(DUHUHTXLUHGXQOHVVH[FXVHGLQZULWLQJEDb SKVLFLDQb  $FFHSWDEOHb FRXUVHVb PD DGGUHVVb FRPSXWHUb KDUGZDUHb FRPSXWHUb SURJUDPPLQJDQGRUXVHRISUHYDOHQWLQGXVWUVRIWZDUHb  0D EHb PHWb E Db FRXUVHb IURPb WKHb 0XVLFb $UWb RUb 7KHDWHUb GHSDUWPHQWVb   7KHb )RUHLJQb

/DQJXDJHb UHTXLUHPHQWb DQGb WKHb )LQHb $UWVb UHTXLUHPHQWb PDEHbZDLYHGbXSRQbUHTXHVWbXQWLOb-XQHbRIb b6WXGHQWVbVHHNLQJbVXFKbDQbH[HPSWLRQbVKRXOGbEHbDZDUHbWKHZLOObQRWbPHHWbPLQLPXPbHQWUUHTXLUHPHQWVb IRUWKH0$8QLYHUVLW6VWHPb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

HYDOXDWHWKHZRUNDQGDVVLJQFUHGLWIRULWZKHUHWKHZRUNLQGLFDWHV DGHTXDWHOHDUQLQJDSSURSULDWHIRUWKHVWXGHQW¶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²3URPRWLRQDQG5HWHQWLRQRI6WXGHQWV 0DVVDFKXVHWWV&XUULFXOXP)UDPHZRUNV $GPLVVLRQV6WDQGDUGVIRUWKH0DVVDFKXVHWWV6WDWH8QLYHUVLW 6VWHPDQGWKH8QLYHUVLWRI0DVVDFKXVHWWV$XJXVW    

3ROLF$GRSWHG$SULO :(67)2538%/,&6&+22/6 3ROLF5HYLVHG0D 3ROLF5HYLVHG0DUFK   678(175(&256  7KH:HVWIRUG3XEOLF6FKRROVFRPSOLHVZLWKDSSOLFDEOHIHGHUDODQG VWDWHODZVDQGUHJXODWLRQVSHUWDLQLQJWRVWXGHQWUHFRUGV7KRVH ODZVDQGUHJXODWLRQVDUHGHVLJQHGWRHQVXUHDSDUHQW¶VJXDUGLDQ¶V DQGHOLJLEOHVWXGHQW¶VULJKWVWRDFFHVVLQVSHFWDQGWRUHTXHVW DPHQGPHQWRIWKHFKLOG¶VVWXGHQWUHFRUG  7KH0DVVDFKXVHWWV6WXGHQW5HFRUG5HJXODWLRQVDQGWKH)DPLO (GXFDWLRQDO5LJKWVDQG3ULYDF$FW )(53$ DSSOWRDOO LQIRUPDWLRQNHSWEDVFKRRORQDVWXGHQWLQDPDQQHUVXFKWKDWWKH VWXGHQWPDEHLQGLYLGXDOOLGHQWLILHG7KHUHJXODWLRQVGLYLGHWKH UHFRUGLQWKHWUDQVFULSWDQGWKHWHPSRUDUUHFRUG7KHWUDQVFULSW LQFOXGHVRQOWKHPLQLPXPLQIRUPDWLRQQHFHVVDUWRUHIOHFWWKH VWXGHQW¶VHGXFDWLRQDOSURJUHVV7KLVLQIRUPDWLRQLQFOXGHVQDPH DGGUHVVFRXUVHWLWOHVJUDGHVFUHGLWVDQGJUDGHOHYHOFRPSOHWHG

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±$SDUHQWJXDUGLDQRUDVWXGHQWZKRKDV HQWHUHGWKHQLQWKJUDGHRULVDWOHDVWIRXUWHHQ  HDUVROGKDVWKH ULJKWWRLQVSHFWDOOSRUWLRQVRIWKHVWXGHQWUHFRUGXSRQUHTXHVW7KH UHFRUGPXVWEHPDGHDYDLODEOHWRWKHSDUHQWJXDUGLDQRUHOLJLEOH VWXGHQWZLWKLQWHQ  GDVRIWKHUHTXHVWXQOHVVWKH

SDUHQWJXDUGLDQRUHOLJLEOHVWXGHQWFRQVHQWVWRDGHOD,QWKHHYHQW   WKHSDUHQWJXDUGLDQRUHOLJLEOHVWXGHQWUHTXHVWVFRSLHVRIDVWXGHQW UHFRUGWKHLVWULFWPDFKDUJHWKHSDUHQWJXDUGLDQHOLJLEOHVWXGHQW IRUVDLGFRSLHVDWWKHLVWULFWUDWH  &RQILGHQWLDOLWRI5HFRUG±:LWKDIHZH[FHSWLRQVQRLQGLYLGXDOV RURUJDQL]DWLRQVEXWWKHSDUHQWJXDUGLDQHOLJLEOHVWXGHQWDQG VFKRROSHUVRQQHOZRUNLQJGLUHFWOZLWKWKHVWXGHQWDUHDOORZHGWR KDYHDFFHVVWRLQIRUPDWLRQLQWKHVWXGHQWUHFRUGZLWKRXWVSHFLILF LQIRUPHGZULWWHQFRQVHQWRIWKHSDUHQWJXDUGLDQRUWKHHOLJLEOH VWXGHQW  $PHQGPHQWRI5HFRUG±7KHSDUHQWJXDUGLDQDQGHOLJLEOHVWXGHQW KDYHWKHULJKWWRDGGUHOHYDQWFRPPHQWVLQIRUPDWLRQRURWKHU ZULWWHQPDWHULDOVWRWKHVWXGHQWUHFRUG,QDGGLWLRQWKH SDUHQWJXDUGLDQDQGHOLJLEOHVWXGHQWKDYHWKHULJKWWRUHTXHVWWKDW LQIRUPDWLRQLQWKHUHFRUGEHDPHQGHGRUGHOHWHG7KH SDUHQWJXDUGLDQDQGHOLJLEOHVWXGHQWKDYHDULJKWWRDFRQIHUHQFH

ZLWKWKHVFKRROSULQFLSDOWRPDNHWKHLUREMHFWLRQVNQRZQ:LWKLQD ZHHNDIWHUWKHFRQIHUHQFHWKHSULQFLSDOPXVWUHQGHUDGHFLVLRQLQ ZULWLQJ,IWKHSDUHQWJXDUGLDQRUHOLJLEOHVWXGHQWLVQRWVDWLVILHG ZLWKWKHGHFLVLRQWKHVWXGHQWUHFRUGUHJXODWLRQVFRQWDLQSURYLVLRQV WKURXJKZKLFKWKHGHFLVLRQPDEHDSSHDOHGWRKLJKHUDXWKRULWLHVLQ WKHVFKRROVVWHP  LUHFWRU,QIRUPDWLRQ±)HGHUDOODZUHTXLUHVWKDWWKHLVWULFW UHOHDVHWKHQDPHVDGGUHVVHVDQGWHOHSKRQHOLVWLQJVRIVWXGHQWVWR PLOLWDUUHFUXLWHUVDQGLQVWLWXWLRQVRIKLJKHUHGXFDWLRQXSRQUHTXHVW IRUUHFUXLWPHQWDQGVFKRODUVKLSSXUSRVHVZLWKRXWSULRUFRQVHQW,Q DGGLWLRQWKHLVWULFWPDUHOHDVHWKHIROORZLQJGLUHFWRU LQIRUPDWLRQDERXWDVWXGHQWZLWKRXWSULRUFRQVHQWDVWXGHQW¶V QDPHDGGUHVVWHOHSKRQHOLVWLQJGDWHDQGSODFHRIELUWKPDMRU ILHOGVRIVWXGGDWHVRIDWWHQGDQFHZHLJKWDQGKHLJKWRIPHPEHUV RIDWKOHWLFWHDPVFODVVSDUWLFLSDWLRQLQRIILFLDOOUHFRJQL]HG

DFWLYLWLHVDQGVSRUWVGHJUHHVKRQRUVDQGDZDUGVSRVWKLJKVFKRRO SODQVDQGGLUHFWRULQIRUPDWLRQVXFKDVKRPHURRPDVVLJQPHQWV +RZHYHULQDOOLQVWDQFHVOLVWHGDERYHSDUHQWVPDUHTXHVWWKDW VXFKGLUHFWRULQIRUPDWLRQQRWEHUHOHDVHGZLWKRXWSULRUFRQVHQWE QRWLILQJWKHVFKRROLQZULWLQJEWKHHQGRI6HSWHPEHURIHDFK VFKRROHDU  HVWUXFWLRQRI5HFRUGV±7KHUHJXODWLRQVUHTXLUHWKDWFHUWDLQSDUWV RIWKHVWXGHQWUHFRUGVXFKDVWKHWHPSRUDUUHFRUGEHGHVWURHGD FHUWDLQSHULRGRIWLPHDIWHUWKHVWXGHQWOHDYHVWKHVFKRROVVWHP   6FKRRODXWKRULWLHVDUHDOVRDOORZHGWRGHVWURPLVOHDGLQJRXWGDWHG RULUUHOHYDQWLQIRUPDWLRQLQWKHUHFRUGIURPWLPHWRWLPHZKLOHWKH VWXGHQWLVHQUROOHGLQWKHVFKRROVVWHP%HIRUHDQVXFK LQIRUPDWLRQPDEHGHVWURHGWKHSDUHQWJXDUGLDQDQGHOLJLEOH VWXGHQWPXVWEHQRWLILHGDQGKDYHDQRSSRUWXQLWWRUHFHLYHDFRS RIDQRIWKHLQIRUPDWLRQEHIRUHLWVGHVWUXFWLRQ  7UDQVIHURI5HFRUGV,WLVWKHSUDFWLFHRIWKH:HVWIRUG3XEOLF

6FKRROVWRIRUZDUGWKHVWXGHQWUHFRUGRIDQVWXGHQWZKRWUDQVIHUV WRDQRWKHUSXEOLFVFKRROGLVWULFWXSRQUHTXHVWRIWKHUHFHLYLQJ GLVWULFW  1RQ&XVWRGLDO3DUHQWV±8QOHVVWKHUHLVDFRXUWRUGHUWRWKH FRQWUDUDQRQFXVWRGLDOSDUHQW SDUHQWZLWKRXWSKVLFDOFXVWRGRI WKHFKLOG RIDQSXEOLFVFKRROVWXGHQWKDVWKHULJKWVXEMHFWWR FHUWDLQSURFHGXUHVWRUHFHLYHLQIRUPDWLRQUHJDUGLQJWKHVWXGHQW¶V DFKLHYHPHQWVLQYROYHPHQWEHKDYLRUHWF$QRQFXVWRGLDOSDUHQW ZKRZLVKHVWRKDYHWKLVLQIRUPDWLRQVKDOOVXEPLWDZULWWHQUHTXHVW DQQXDOOWRWKHFKLOG¶VVFKRROSULQFLSDO8SRQUHFHLSWRIVXFKD UHTXHVWWKHSULQFLSDOVKDOOVHQGZULWWHQQRWLILFDWLRQWRWKHFXVWRGLDO SDUHQWEFHUWLILHGDQGILUVWFODVVPDLOWKDWWKHUHFRUGVDQG LQIRUPDWLRQZLOOEHSURYLGHGWRWKHQRQFXVWRGLDOSDUHQWLQWZHQW RQH  FDOHQGDUGDVXQOHVVWKHFXVWRGLDOSDUHQWSURYLGHV GRFXPHQWDWLRQRIWKHQRQFXVWRGLDOSDUHQW¶VLQHOLJLELOLWWRDFFHVV

VXFKLQIRUPDWLRQ,QDOOFDVHVZKHUHVFKRROUHFRUGVDUHSURYLGHGWR DQRQFXVWRGLDOSDUHQWWKHHOHFWURQLFDQGSRVWDODGGUHVVDQGDQ RWKHUFRQWDFWLQIRUPDWLRQIRUWKHFXVWRGLDOSDUHQWVKDOOEHUHPRYHG IURPWKHUHFRUGVSURYLGHG$QVXFKUHFRUGVSURYLGHGWRWKH QRQFXVWRGLDOSDUHQWVKDOOEHPDUNHGWRLQGLFDWHWKDWWKHPDQRW EHXVHGWRHQUROOWKHVWXGHQWLQDQRWKHUVFKRRO8SRQUHFHLSWRID FRXUWRUGHUWKDWSURKLELWVWKHGLVWULEXWLRQRILQIRUPDWLRQSXUVXDQWWR 0*/F†+WKHVFKRROZLOOQRWLIWKHQRQFXVWRGLDOSDUHQW WKDWLWVKDOOFHDVHWRSURYLGHDFFHVVWRWKHVWXGHQWUHFRUGWRWKH QRQFXVWRGLDOSDUHQW  7KLUG3DUW$FFHVV±$XWKRUL]HGVFKRROSHUVRQQHOWRLQFOXGH D  VFKRRODGPLQLVWUDWRUVWHDFKHUVFRXQVHORUVDQGRWKHUSURIHVVLRQDOV ZKRDUHHPSORHGEWKHVFKRROFRPPLWWHHRUZKRDUHSURYLGLQJ VHUYLFHVWRWKHVWXGHQWXQGHUDQDJUHHPHQWEHWZHHQWKHVFKRRO FRPPLWWHHDQGDVHUYLFHSURYLGHUDQGZKRDUHZRUNLQJGLUHFWO

ZLWKWKHVWXGHQWLQDQDGPLQLVWUDWLYHWHDFKLQJFRXQVHOLQJDQGRU GLDJQRVWLFFDSDFLW E DGPLQLVWUDWLYHRIILFHVWDIIDQGFOHULFDO SHUVRQQHOHPSORHGEWKHVFKRROFRPPLWWHHRUXQGHUDVFKRRO   FRPPLWWHHVHUYLFHFRQWUDFWDQGZKRVHGXWLHVUHTXLUHWKHPWRKDYH DFFHVVWRVWXGHQWUHFRUGVIRUSXUSRVHVRISURFHVVLQJLQIRUPDWLRQIRU WKHVWXGHQWUHFRUGDQG F WKH(YDOXDWLRQ7HDPZKLFKHYDOXDWHVD VWXGHQWVKDOOKDYHDFFHVVWRWKHVWXGHQWUHFRUGRIVWXGHQWVWRZKRP WKHDUHSURYLGLQJVHUYLFHVZKHQVXFKDFFHVVLVUHTXLUHGLQWKH SHUIRUPDQFHRIWKHLURIILFLDOGXWLHV7KHFRQVHQWRIWKH SDUHQWJXDUGLDQRUHOLJLEOHVWXGHQWVKDOOQRWEHQHFHVVDU  &RPSODLQWV±$SDUHQWJXDUGLDQRUHOLJLEOHVWXGHQWKDVWKHULJKWWR ILOHDFRPSODLQWZLWKWKH)DPLO3ROLF&RPSOLDQFH2IILFH86 HSDUWPHQWRI(GXFDWLRQ0DUODQG$YHQXH6::DVKLQJWRQ &WHOHSKRQHQXPEHU  RUZLWKWKH 0DVVDFKXVHWWVHSDUWPHQWRI(OHPHQWDUDQG6HFRQGDU

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b JUDGXDWLRQDOOVWXGHQWVPXVWHDUQDVFDOHGVFRUHRIDWOHDVWRQb RQHRIWKHKLJKVFKRRO0&$66FLHQFHDQGb 7HFKQRORJ(QJLQHHULQJ 67( WHVWV%LRORJ&KHPLVWUb ,QWURGXFWRU3KVLFVRU7HFKQRORJ(QJLQHHULQJ6WXGHQWVZLWKb GLVDELOLWLHVZKRDUHXQDEOHWRSDUWLFLSDWHLQVWDQGDUG0&$6WHVWVb

HYHQZLWKDFFRPPRGDWLRQVFDQHDUQD&WKURXJKWKH0&$6b $OWHUQDWH$VVHVVPHQW 0&$6$OW ŠDSRUWIROLRRIZRUNVDPSOHVb WKDWGHPRQVWUDWHDVWXGHQWŖVDFDGHPLFNQRZOHGJHVNLOOVDQGb DFKLHYHPHQWV7KURXJKWKH0&$6$OWSRUWIROLRDVWXGHQWPD VKRZWKDWWKHKDYHDWWDLQHGWKHHTXLYDOHQWRIDVFDOHGVFRUHRIb RUKLJKHURQWKHKLJKVFKRRO0&$6WHVWV,QDGGLWLRQWKH%RDUGRIb (OHPHQWDUDQG6HFRQGDU(GXFDWLRQHVWDEOLVKHGWKH0&$6b 3HUIRUPDQFH$SSHDOVSURFHVVLQ7KLVSURFHVVSURYLGHVb VWXGHQWVZLWKDQDOWHUQDWLYHRSSRUWXQLWWRGHPRQVWUDWHWKDWWKH SRVVHVVWKHNQRZOHGJHDQGVNLOOVWRPHHWWKHDFDGHPLFVWDQGDUGb   UHTXLUHG IRU JUDGXDWLRQ HYHQ WKRXJK WKHKDYHQRWHWSDVVHGWKH JUDGH0&$6WHVWVRUUHWHVWVLQ(/$PDWKHPDWLFVDQG67(bb 1RH[DPVTXL]]HVZLOOEHDGPLQLVWHUHGRUKRPHZRUNZLOOEHGXH WRVWXGHQWVWDNLQJ0&$6GXULQJ0&$6WHVWLQJ   &20081,7<6(59,&( 7KH:HVWIRUG$FDGHPFRPPXQLWEHOLHYHVLQ

EXLOGLQJGHYHORSLQJJRRGFLWL]HQV*RRGFLWL]HQVKLSEHJLQVZLWK UHFRJQLWLRQRIWKHIDFWWKDWDVPHPEHUVRIWKHVDPHFRPPXQLWWKH FRPPXQLWLVVWUHQJWKHQHGEWKHVXSSRUWWKDWZHSURYLGHWRRQH DQRWKHU2XUJRDOLVWRHQFRXUDJHHDFKVWXGHQWWRGHYHORSJRRG FLWL]HQVKLSWKURXJKFRPPXQLWVHUYLFH (DFKVWXGHQWLVHQFRXUDJHGWRFRPSOHWHDPLQLPXPRIIRUW   KRXUVRIFRPPXQLWVHUYLFHEHIRUHJUDGXDWLQJ$VWDQGDUG FRPPXQLWVHUYLFHIRUPVKRXOGEHXVHGWRYHULIWLPHHQJDJHGLQ FRPPXQLWVHUYLFHDFWLYLWLHV7KHVHIRUPVDUHDYDLODEOHWKURXJK $GYLVRUV$GPLQLVWUDWLRQDQG&RXQVHORUVDQGRQOLQHDWWKH :HVWIRUG$FDGHPZHEVLWH  7($&+(5(7(17,21 $WHDFKHUPDGHWDLQDVWXGHQWDIWHUVFKRRO$VWXGHQWPXVW UHFHLYHRQH  GD¶VQRWLFHSULRUWRVWDLQJIRUDWHDFKHUGHWHQWLRQ XULQJWKLVWLPHWKHUHVKRXOGEHDSRVLWLYHH[FKDQJHEHWZHHQ WHDFKHUDQGVWXGHQWWRH[SODLQZKDWWKHH[SHFWHGEHKDYLRULVDQG KRZWKHVWXGHQWFDQZRUNWRDWWDLQWKHH[SHFWHGOHYHO  

&+($7,1*$13/$,$5,60 :KHQHYHUDVWXGHQWLVJXLOWRIFKHDWLQJRUSODJLDULVPWKH WHDFKHUVKDOOFRQILVFDWHWKHVWXGHQW¶VSDSHUPDUND]HURIRU WKHZRUNDQGQRWLIWKHSDUHQWWKHHDQRIVWXGHQWVDQGWKH 1DWLRQDO+RQRU6RFLHW$GYLVRULIDSSURSULDWHDVWRWKH DFWLRQWDNHQ([DPSOHVRIFKHDWLQJRUSODJLDULVPPD LQFOXGHEXWDUHQRWOLPLWHGWRWKHIROORZLQJSURYLGLQJ PDWHULDOV WHVWVTXL]]HVSURMHFWVRUSDSHUV WRDQRWKHU VWXGHQWIURPDFXUUHQWRUSUHYLRXVOWDNHQFRXUVHFRSLQJ DQRWKHUVWXGHQW¶VZRUNRUZRUNLQJZLWKRWKHUVWXGHQWVWR FRPSOHWHDQDVVLJQPHQWZKHQQRWLQVWUXFWHGWRGRVREWKH   WHDFKHUSXUSRVHIXOFRPPXQLFDWLRQRILQIRUPDWLRQDQGRU XVHRIXQDXWKRUL]HGUHVRXUFHVGXULQJDWHVWLQJ HQYLURQPHQW VPDUWZDWFKHVFHOOSKRQHVZHDUDEOH WHFKQRORJ DQGSXUSRVHIXOGLVWULEXWLRQRIZRUNDQVZHUV YLDSULQWHGHOHFWURQLFRUYHUEDOIRUPDWWRRWKHUVWXGHQWV ZKHQVXFKZRUNZLOOEHFRQVLGHUHGIRUJUDGLQJSXUSRVHV 

7KHEXUGHQRISURRIWKDWWKHVWXGHQWKDVZULWWHQDQRULJLQDO ZRUNOLHVZLWKWKHVWXGHQW7KHVWXGHQWPDEHUHTXHVWHGWR SURYLGHWKHLUWHDFKHUDGPLQLVWUDWRUZLWKDURXJKGUDIWD :RUNV&LWHGSDJHDELEOLRJUDSKSDUHQWKHWLFDOFLWDWLRQV FRSLHVRIWKHLUVRXUFHVDQGZLOOKDYHWRGHPRQVWUDWHWKURXJK GLVFXVVLRQVWKHLUNQRZOHGJHRI  VW2IIHQVH7HDFKHUQRWLILHVSDUHQWDQGWKHHDQRI 6WXGHQWV7KHVWXGHQWDOVRUHFHLYHVDJUDGHSHQDOWDWWKH GLVFUHWLRQRIWKHWHDFKHUZLWKDSSURYDOEWKHDGPLQLVWUDWLRQ QG2IIHQVH,Q6FKRRO6XVSHQVLRQDQGDJUDGHRIRQ DVVLJQPHQWDVVHVVPHQW UG2IIHQVH2XWRI6FKRRO6XVSHQVLRQ   :+$7,63/$*,$5,60" 0DQSHRSOHWKLQNRISODJLDULVPDVFRSLQJDQRWKHU VZRUN RUERUURZLQJVRPHRQHHOVH VRULJLQDOLGHDV%XWWHUPVOLNH FRSLQJDQGERUURZLQJFDQGLVJXLVHWKHVHULRXVQHVVRI WKHRIIHQVH $&&25,1*727+(0(55,$0:(%67(5 21/,1(,&7,21$5<723/$*,$5,=(0($16 Ɣ Ɣ Ɣ Ɣ WR VWHDO DQG SDVV RII

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Ɣ WXUQLQJLQVRPHRQHHOVH VZRUNDVRXURZQ Ɣ FRSLQJZRUGVRULGHDVIURPVRPHRQHHOVH ZLWKRXWJLYLQJFUHGLW Ɣ IDLOLQJWRSXWDTXRWDWLRQLQTXRWDWLRQPDUNV Ɣ JLYLQJLQFRUUHFWLQIRUPDWLRQDERXWWKHVRXUFH

RIDTXRWDWLRQ Ɣ FKDQJLQJZRUGVEXWFRSLQJWKHVHQWHQFH VWUXFWXUHRIDVRXUFHZLWKRXWJLYLQJFUHGLW Ɣ FRSLQJVRPDQZRUGVRULGHDVIURPD VRXUFHWKDWLWPDNHVXSWKHPDMRULWRIRXU ZRUNZKHWKHURXJLYHFUHGLWRUQRW VHHRXU VHFWLRQRQIDLUXVHUXOHV  0RVWFDVHVRISODJLDULVPFDQEHDYRLGHGEFLWLQJVRXUFHV 6LPSODFNQRZOHGJLQJWKDWFHUWDLQPDWHULDOKDVEHHQ ERUURZHGDQGSURYLGLQJRXUDXGLHQFHZLWKWKHLQIRUPDWLRQ QHFHVVDUWRILQGWKDWVRXUFHLVXVXDOOHQRXJKWRSUHYHQW SODJLDULVP  )RULQIRUPDWLRQDQGJXLGHOLQHVZLWKUHVSHFWWRDSSURSULDWH XVHRIRQOLQHUHVRXUFHV LQFOXGLQJWUDQVODWRUVLQ:RUOG /DQJXDJHFODVVHV SOHDVHUHIHUWRWKHLQGLYLGXDOFODVV¶ VOODEXVDQGFRXUVHH[SHFWDWLRQVVKHHW    6XFKDFWLYLWLHVZLOODOVREHVXEMHFWWRDGGLWLRQDOGLVFLSOLQDU DFWLRQE$GPLQLVWUDWLRQ)XUWKHUPRUHVWXGHQWVIRXQG UHVSRQVLEOHIRUWKLVDFWLRQZLOO127UHFHLYHKRQRUKLJK KRQRUGLVWLQFWLRQIRUWKDWVSHFLILFTXDUWHU 

³:KDW,V3ODJLDULVP"´3ODJLDULVPRUJ L3DUDGLJPV7XUQLWLQ  ZZZSODJLDULVPRUJSODJLDULVPZKDWLVSODJLDULV P$FFHVVHG0DUb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

H[SHFWDQFOHYHO,IWKHUHLVDFRQWLQXDQFHRISRRUFRQGXFW GLVSODHGEWKHVWXGHQWWKHWHDFKHUZLOOUHTXHVWDSDUHQW FRQIHUHQFH7HDFKHUVPDVFKHGXOHWLPHDIWHUVFKRROWRGLVFXVV SUREOHPVLQVFKRODVWLFDUHDVDVZHOODVGLVFLSOLQH  2)),&((7(17,21 7XHVGD:HGQHVGD7KXUVGD 2IILFHHWHQWLRQ 2 ZLOOEHKHOGRQVFKHGXOHGGDVDIWHU VFKRRO6WXGHQWVPXVWDWWHQGRIILFHGHWHQWLRQXQOHVVH[FXVHGEDQ $GPLQLVWUDWRU2ZLOOEHXVHGDWWKH$GPLQLVWUDWRU¶VGLVFUHWLRQ WRGHDOZLWKVWXGHQWPLVFRQGXFWGHVHUYLQJRILQVFKRROGLVFLSOLQH 6HH6WXGHQW0LVFRQGXFW 7KHSURFHGXUHZLOOEH  $ 0LVVLQJDQ2IILFHHWHQWLRQPDUHVXOWLQRQH  GD RILQVFKRROVXVSHQVLRQ   % 6WXGHQWVZLOOEHH[SHFWHGWRZRUNRQVFKRRODVVLJQPHQWV DQGEULQJDSSURSULDWHPDWHULDOVWR26WXGHQWVQRW KDYLQJZRUNWREHGRQHPDEHDVVLJQHGRWKHUZRUNEWKH 2WHDFKHURU$GPLQLVWUDWRU  1RWH 6WXGHQWVZKRDUULYHODWHWR2IILFHHWHQWLRQVKDOOVHUYHWKH WLPH UHPDLQLQJ DQG D

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

 &DUGSODLQJ JDPEOLQJ RU RWKHU DFWLYLWLHV ZKLFKDUH QRW DSSURSULDWH LQ VFKRRO RU RQ WKH VFKRRO JURXQGV 5HSHDWHG LQVWDQFHV RI WKLV SUREOHP ZLOO UHVXOW LQ VXVSHQVLRQ7KLVLQFOXGHVFRPSXWHUJDPHV  /LWWHULQJ  DPDJH WR VFKRRO SURSHUW RU WKH SURSHUW RI DQ RWKHUSHUVRQLHYDQGDOLVP  /RLWHULQJLQWKHKDOOVRUODYDWRULHV  +DUDVVPHQW UHIHUWRVSHFLILF+DUDVVPHQW3ROLF   $Q RFFDVLRQRIDVHULRXVEUHDFKRIVFKRROSROLFDQG RU VFKRRO UXOHV E D VHQLRU GXULQJ WKH ODVW TXDUWHU RI   WKHLU VHQLRU HDU PD UHVXOW LQ QRQSDUWLFLSDWLRQ LQ WKHJUDGXDWLRQFHUHPRQLHV  ([FHVVLYHWDUGLHV 6HH$WWHQGDQFH3ROLF  $Q YLRODWLRQ RI VFKRRO UXOHV SROLFLHV UHJXODWLRQV RU RWKHUSURYLVLRQVRIWKHVWXGHQWKDQGERRN  (/(&7521,&(9,&(6 )RULQIRUPDWLRQRQZKDWHOHFWURQLFGHYLFHVDUH DQGDUHQ¶W  DOORZHGDVZHOODVGHVFULSWLRQVRIWKHLUDFFHSWDEOHXVHSOHDVHUHIHU

WR3DJH³5HVSRQVLEOH8VHRI7HFKQRORJDW:HVWIRUG $FDGHP´ )LUVW9LRODWLRQ±GHYLFHLPSRXQGHGDQGDGPLQLVWUDWRUZLOOQRWLI SDUHQWWRSLFNGHYLFHXSEHIRUHRUDIWHUVFKRRO 6HFRQG DQGVXEVHTXHQWYLRODWLRQV ±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

VHDUFKLVMXVWLILHGDWLWVLQFHSWLRQLQFOXGHEXWDUHQRWOLPLWHGWR ZKHQWKHVFKRROUHFHLYHVUHOLDEOHLQIRUPDWLRQWKDWDVWXGHQWKDV XVHGKLVRUKHUFHOOSKRQHWR  WH[WGXULQJDWHVW VXVSHFWHGRI FKHDWLQJ   WDNHDSLFWXUHZKLFKLVVXVSHFWHGWRKDUDVVRUEXOOD FODVVPDWH  VHQGDSLFWXUHWRRWKHUVRUSRVWDSLFWXUHRQOLQHZLWK WKHLQWHQWLRQRIKDUDVVLQJRUEXOOLQJDFODVVPDWHRUVWDIIPHPEHU  WH[WDWKUHDWUHJDUGLQJDFODVVPDWHRUVWDIIPHPEHU  DQGRU ZKHUHWKHUHLVUHDVRQDEOHVXVSLFLRQWREHOLHYHWKDWDVWXGHQW¶VFHOO SKRQHZLOOFRQWDLQHYLGHQFHUHODWHGWRDQLPPHGLDWHKHDOWKRU VDIHWHPHUJHQF   (YHQLIWKHVHDUFKRIWKHFRQWHQWVRIWKHFHOOSKRQHLVMXVWLILHGDWLWV LQFHSWLRQ:HVWIRUG$FDGHPZLOOOLPLWWKHVFRSHRIWKHVHDUFKWR   RQOWKHFRQWHQWVRIWKHFHOOSKRQHWKDWDUHUHDVRQDEOUHODWHGWRWKH REMHFWLYHVRIWKHVHDUFK7KLVPHDQVWKDWWKHVHDUFKZLOOEHOLPLWHG WRWKRVHDUHDVRIWKHFHOOSKRQHWKDWFRXOGFRQWDLQWKHHYLGHQFH

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¶VSULYLOHJH WRDWWHQGVFKRRODQGLWVDFWLYLWLHV$OOVWXGHQWVVKRXOGXQGHUVWDQG WKDWDQRXWRIVFKRROVXVSHQVLRQPHDQVWKDWWKHVXVSHQGHGVWXGHQW PDQRWEHLQVFKRRORURQVFKRROJURXQGVIRUDQUHDVRQDWWHQG DQFODVVHVWDNHSDUWLQDQDWKOHWLFRURWKHUDFWLYLWXQWLODIWHU PLGQLJKWRIWKHODVWVFKRROGDRIWKHVXVSHQVLRQZLWKRXWWKH

H[SUHVVSHUPLVVLRQRIWKH3ULQFLSDOb  2IIHQVHVIRUZKLFKRXZLOOEHVXVSHQGHGRUH[FOXGHGLQFOXGHEXW DUHQRWOLPLWHGWR           7UXDQFDQGOHDYLQJWKHVFKRROEXLOGLQJJURXQGV ZLWKRXWSHUPLVVLRQ7UXDQFZLOOUHVXOWLQDQ LQVFKRROVXVSHQVLRQDQGIRXU  2IILFHHWHQWLRQV RQWKHILUVWRIIHQVH6XEVHTXHQWRIIHQVHVZLOOUHVXOW LQDWOHDVWDWKUHH  GDVXVSHQVLRQIURPVFKRROIRU HDFKVXEVHTXHQWRIIHQVH7KHPDNHXSSROLFIRU ZRUNPLVVHGLVWKHVDPHDVWKDWIRUXQH[FXVHG DEVHQFHV:RUNPLVVHGRQGDWHRUSHULRGRI WUXDQFPDQRWEHPDGHXS 8VHSRVVHVVLRQRUGLVWULEXWLRQWRRWKHUVWXGHQWRI GUXJVRUDOFRKRORUSRVVHVVLRQRIGUXJ SDUDSKHUQDOLD8VHSRVVHVVLRQRUGLVWULEXWLRQWR RWKHUVWXGHQWVRIGUXJVRUDOFRKRORUSRVVHVVLRQRI GUXJSDUDSKHUQDOLDLVVWULFWOSURKLELWHGDQGPDEH VXVSHQGHGXSWRGDVRXWRIVFKRRO,QDGGLWLRQ WKRVHVWXGHQWVVXVSHQGHGIRUGUXJDQGRUDOFRKROXVH PDEHUHTXLUHGWRJHWDGRFWRU¶VSKVLFDO

H[DPLQDWLRQUHSRUWEHIRUHUHWXUQLQJWRVFKRRO 3RVVHVVLRQRILWHPVWKDWDUHFRQVLGHUHGWREHGUXJ SDUDSKHUQDOLDLVDVXVSHQGDEOHRIIHQVH$VWXGHQW VXVSHQGHGIRUGUXJDOFRKROXVHPDEHUHTXLUHGWR HQWHUDQDSSURYHGVXEVWDQFHDEXVHSURJUDPWKDWPD DOVRLQFOXGHSDUHQWDOLQYROYHPHQW 2IIHQVHVLQYROYLQJDVVDXOWRIDVWXGHQWWHDFKHURU SRVVHVVLRQRIGUXJVRUZHDSRQVPDUHVXOWLQ H[SXOVLRQEWKH3ULQFLSDO5HIHUWRWKLVPDQXDOIRU 0DVV*HQHUDO/DZ 0/ F6HFW+UHJDUGLQJ SRWHQWLDOH[SXOVLRQIRUDVVDXOWGUXJVRUZHDSRQV )HORQFKDUJHRUFRQYLFWLRQVHH0*/F† + LVUHVSHFWIXOVSHHFKRUDFWLRQVWRZDUGWHDFKHUV VHFUHWDULHVFXVWRGLDOVWDIIFDIHWHULDSHUVRQQHO DGPLQLVWUDWRUVRURWKHUVWXGHQWV 3RVVHVVLRQRIGDQJHURXVZHDSRQV +D]LQJ 0*/&KDSWHU 8VHSRVVHVVLRQRIWREDFFRSURGXFWVRQVFKRRO JURXQGV  2IIHQVHVIRUZKLFKRXPDEHVXVSHQGHGZLWKWKHOHQJWKRI VXVSHQVLRQDWWKHGLVFUHWLRQRIDGPLQLVWUDWLRQLQFOXGHEXWDUHQRW OLPLWHGWR D

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³XQDXWKRUL]HGDUHD´6WXGHQWVDUH H[SHFWHGWRIROORZWKHLUVFKHGXOHDQGEHLQWKHLU

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¶VHGXFDWLRQVHUYLFHSODQ   LVFLSOLQDUXH3URFHVV  $VWXGHQWKDVWKHULJKWWREHKHDUGSULRUWRDQLPSRVLWLRQRI VXVSHQVLRQ3ULRUWRWKHLPSRVLWLRQRIGLVFLSOLQHDVWXGHQWZLOOEH JLYHQDQRSSRUWXQLWWRUHFHLYHQRWLFHRIDQGUHVSRQGWRWKH DOOHJDWLRQVRUFKDUJHVDJDLQVWWKHP

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† +RU+òQRVWXGHQWPDEHSODFHGRQORQJWHUPVXVSHQVLRQ IRURQHRUPRUHGLVFLSOLQDURIIHQVHVIRUPRUHWKDQQLQHW  

VFKRROGDVLQDVFKRROHDUEHJLQQLQJZLWKWKHILUVWGDWKDWWKH VWXGHQWLVUHPRYHGIURPVFKRRO1RORQJWHUPVXVSHQVLRQVKDOO H[WHQGEHRQGWKHHQGRIWKHVFKRROHDULQZKLFKVXFKVXVSHQVLRQ LVLPSRVHG :ULWWHQ1RWLFH:ULWWHQFRUUHVSRQGHQFHVHQWEKDQGGHOLYHU FHUWLILHGPDLOILUVWFODVVPDLORUHPDLOWRDQDGGUHVVSURYLGHGE WKHSDUHQWIRUVFKRROFRPPXQLFDWLRQVRUDQRWKHUPHWKRGRI GHOLYHUDJUHHGWREWKHSULQFLSDODQGWKHSDUHQW 3ULQFLSDO7KHSULPDUDGPLQLVWUDWRURIWKHVFKRRORUWKH 3ULQFLSDO¶VGHVLJQHHIRUGLVFLSOLQDUSXUSRVHV 0*/F†+2IIHQVHV $Q2IIHQVHRWKHUWKDQDQJHURXV:HDSRQV1DUFRWLFV $VVDXOWVRQ6WDIIRU)HORQ0DWWHUV   (PHUJHQF5HPRYDO0*/F†+ô $SULQFLSDOPDUHPRYHDVWXGHQWIURPVFKRROWHPSRUDULOZKHQD VWXGHQWLVFKDUJHGZLWKDGLVFLSOLQDURIIHQVHDQGWKH FRQWLQXHGSUHVHQFHRIWKHVWXGHQWSRVHVDGDQJHUWR   SHUVRQVRUSURSHUWRUPDWHULDOODQGVXEVWDQWLDOO

GLVUXSWVWKHRUGHURIWKHVFKRRODQGLQWKHSULQFLSDO V MXGJPHQWWKHUHLVQRDOWHUQDWLYHDYDLODEOHWRDOOHYLDWHWKH GDQJHURUGLVUXSWLRQ,QVXFKDFDVHWKHSULQFLSDOVKDOO LPPHGLDWHOQRWLIWKHVXSHULQWHQGHQWLQZULWLQJRIWKH UHPRYDODQGWKHUHDVRQIRULWDQGGHVFULEHWKHGDQJHU SUHVHQWHGEWKHVWXGHQW 7KHWHPSRUDUUHPRYDOVKDOOQRWH[FHHGWZR  VFKRROGDV IROORZLQJWKHGDRIWKHHPHUJHQFUHPRYDOGXULQJ ZKLFKWLPHWKHSULQFLSDOVKDOO  PDNHLPPHGLDWHDQG UHDVRQDEOHHIIRUWVWRRUDOOQRWLIWKHVWXGHQWDQGWKH VWXGHQW VSDUHQWRIWKHHPHUJHQFUHPRYDO  WKHUHDVRQ IRUWKHQHHGIRUHPHUJHQFUHPRYDO  WKHGLVFLSOLQDU RIIHQVH  WKHEDVLVIRUWKHFKDUJH  WKHSRWHQWLDO FRQVHTXHQFHVLQFOXGLQJWKHSRWHQWLDOOHQJWKRIWKH VWXGHQW VVXVSHQVLRQ  WKHRSSRUWXQLWIRUWKHVWXGHQW WRKDYHDKHDULQJZLWKWKHSULQFLSDOFRQFHUQLQJWKH SURSRVHGVXVSHQVLRQLQFOXGLQJWKHRSSRUWXQLWWRGLVSXWH WKHFKDUJHVDQGWRSUHVHQWWKHVWXGHQW VH[SODQDWLRQRIWKH

DOOHJHGLQFLGHQWDQGIRUWKHSDUHQWWRDWWHQGWKHKHDULQJ  WKHGDWHWLPHDQGORFDWLRQRIWKHKHDULQJDQG  WKH ULJKWRIWKHVWXGHQWDQGWKHVWXGHQW VSDUHQWWRLQWHUSUHWHU VHUYLFHVDWWKHKHDULQJLIQHHGHGWRSDUWLFLSDWH %HIRUHWKHH[SLUDWLRQRIWKHWZR  VFKRROGDVXQOHVV DQH[WHQVLRQRIWLPHIRUKHDULQJLVRWKHUZLVHDJUHHGWRE WKHSULQFLSDOVWXGHQWDQGSDUHQWWKH3ULQFLSDOPXVW SURYLGHWKHVWXGHQWDQRSSRUWXQLWIRUDKHDULQJZLWKWKH SULQFLSDOWKDWFRPSOLHVZLWKHLWKHUWKHVKRUWWHUPGXH SURFHVVRUORQJWHUPGXHSURFHVVVHWIRUWKEHORZDV DSSOLFDEOHDQGWKHSDUHQWDQRSSRUWXQLWWRDWWHQGWKH KHDULQJ $GGLWLRQDOOWKH3ULQFLSDOLVUHTXLUHGWRUHQGHUD GHFLVLRQRUDOORQWKHVDPHGDDVWKHKHDULQJDQGLQ ZULWLQJQRODWHUWKDQWKHIROORZLQJVFKRROGDZKLFK PHHWVWKHUHTXLUHPHQWVRIQRWLFHRIWKHGHFLVLRQIRU VKRUWWHUPVXVSHQVLRQRUORQJWHUPVXVSHQVLRQDWVHW IRUWKEHORZZKLFKHYHULVDSSOLFDEOH

$SULQFLSDOPDQRWUHPRYHDVWXGHQWIURPVFKRRORQDQ HPHUJHQFEDVLVIRUDGLVFLSOLQDURIIHQVHXQWLODGHTXDWH   SURYLVLRQVKDYHEHHQPDGHIRUWKHVWXGHQW VVDIHWDQG WUDQVSRUWDWLRQ ,Q6FKRRO6XVSHQVLRQ0*/F†+ô XH3URFHVVIRU,Q6FKRRO6XVSHQVLRQ0*/F†+ 3ULRUWRWKHLPSRVLWLRQRIDQ,Q6FKRRO6XVSHQVLRQWKH VWXGHQWZLOOEHLQIRUPHGRIWKHGLVFLSOLQDURIIHQVHDQG SURYLGHGZLWKDQRSSRUWXQLWWRUHVSRQG,IWKHSULQFLSDO GHWHUPLQHVWKDWWKHVWXGHQWFRPPLWWHGWKHGLVFLSOLQDU RIIHQVHWKHSULQFLSDOZLOOSURYLGHRUDOQRWLFHWRWKH VWXGHQWDQGSDUHQWRIWKHOHQJWKRIWKH,Q6FKRRO 6XVSHQVLRQDQGZLOOPDNHUHDVRQDEOHHIIRUWVWRPHHWZLWK WKHSDUHQW 3ULQFLSDO¶VHFLVLRQ±,Q6FKRRO6XVSHQVLRQ0*/F†+ ô±2QRUEHIRUHWKHGDRIVXVSHQVLRQWKHSULQFLSDO VKDOOVHQGZULWWHQQRWLFHWRWKHVWXGHQWDQGSDUHQWDERXW WKH,Q6FKRRO6XVSHQVLRQLQFOXGLQJWKHUHDVRQDQGWKH

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†+ô XH3URFHVVIRU6KRUW7HUP6XVSHQVLRQ0*/F†+ ,QWKHFDVHRIGLVFLSOLQDURIIHQVHVQRWLQYROYLQJD  SRVVHVVLRQRIDGDQJHURXVZHDSRQE SRVVHVVLRQRID FRQWUROOHGVXEVWDQFHF DVVDXOWRQDPHPEHURIWKH HGXFDWLRQDOVWDIIRUG DIHORQFKDUJHRUIHORQ GHOLQTXHQFFRPSODLQWRUFRQYLFWLRQWKHVWXGHQWDQG

SDUHQWVZLOOEHJLYHQRUDODQGZULWWHQQRWLFHRIWKH GLVFLSOLQDURIIHQVHZLWKZKLFKWKHVWXGHQWLVFKDUJHG DQGWKHRSSRUWXQLWWRSDUWLFLSDWHLQDKHDULQJSULRUWRWKH LPSRVLWLRQRIDQRXWRIVFKRROVXVSHQVLRQ 1RWLFH±6KRUW7HUP6XVSHQVLRQ0*/F†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

LQFOXGLQJWKHSRWHQWLDOOHQJWKRIWKHVWXGHQW V VXVSHQVLRQWKHRSSRUWXQLWIRUWKHVWXGHQWWR KDYHDKHDULQJZLWKWKHSULQFLSDOFRQFHUQLQJ WKHSURSRVHGVXVSHQVLRQLQFOXGLQJWKH RSSRUWXQLWWRGLVSXWHWKHFKDUJHVDQGWR SUHVHQWWKHVWXGHQW VH[SODQDWLRQRIWKHDOOHJHG LQFLGHQWDQGIRUWKHSDUHQWWRDWWHQGWKH KHDULQJWKHGDWHWLPHDQGORFDWLRQRIWKH KHDULQJWKHULJKWRIWKHVWXGHQWDQGWKH VWXGHQW VSDUHQWWRLQWHUSUHWHUVHUYLFHVDWWKH KHDULQJLIQHHGHGWRSDUWLFLSDWHLIWKHVWXGHQW PDEHSODFHGRQORQJWHUPVXVSHQVLRQ IROORZLQJWKHKHDULQJZLWKWKHSULQFLSDOWKH ULJKWVVHWIRUWKLQ&05  E DQG WKHULJKWWRDSSHDOWKHSULQFLSDO VGHFLVLRQWRWKH VXSHULQWHQGHQW 7KHSULQFLSDOVKDOOPDNHUHDVRQDEOHHIIRUWVWRQRWLIWKHSDUHQW RUDOORIWKHRSSRUWXQLWWRDWWHQGWKHKHDULQJ 7RFRQGXFWDKHDULQJZLWKRXWWKHSDUHQW SUHVHQWWKHSULQFLSDOPXVWEHDEOHWRGRFXPHQW UHDVRQDEOHHIIRUWVWRLQFOXGHWKHSDUHQW7KH

SULQFLSDOLVSUHVXPHGWRKDYHPDGHUHDVRQDEOH HIIRUWVLIWKHSULQFLSDOKDVVHQWZULWWHQQRWLFH DQGKDVGRFXPHQWHGDWOHDVWWZR  DWWHPSWVWR FRQWDFWWKHSDUHQWLQWKHPDQQHUVSHFLILHGE WKHSDUHQWIRUHPHUJHQFQRWLILFDWLRQ   3ULQFLSDO¶V+HDULQJ6KRUW7HUP6XVSHQVLRQ0*/F†+  $WWKH3ULQFLSDO¶VKHDULQJWKHVWXGHQWDQGSDUHQWV LISDUWLFLSDWLQJ  PDGLVSXWHWKHFKDUJH V DJDLQVWWKHVWXGHQWDQGSUHVHQW LQIRUPDWLRQLQFOXGLQJPLWLJDWLQJIDFWVIRUWKHSULQFLSDO¶V FRQVLGHUDWLRQLQGHWHUPLQLQJFRQVHTXHQFHVIRUWKH VWXGHQW  3ULQFLSDO¶VHFLVLRQ±6KRUW7HUP6XVSHQVLRQ0*/F†+  7KHSULQFLSDOVKDOOQRWLIWKHVWXGHQWDQGSDUHQWRIWKH GHWHUPLQDWLRQDQGWKHUHDVRQVIRULWDQGLIWKHVWXGHQWLV VXVSHQGHGWKHWSHDQGGXUDWLRQRIVXVSHQVLRQDQGWKH RSSRUWXQLWWRPDNHXSDVVLJQPHQWVDQGVXFKRWKHU VFKRROZRUNDVQHHGHGWRPDNHDFDGHPLFSURJUHVVGXULQJ WKHSHULRGRIUHPRYDODVSURYLGHGLQ0*/F

7KHGHWHUPLQDWLRQVKDOOEHLQZULWLQJDQGPDEHLQWKH IRUPRIDQXSGDWHWRWKHRULJLQDOZULWWHQQRWLFH ,IWKHVWXGHQWLVLQDSXEOLFSUHVFKRROSURJUDPRULQJUDGHV. WKURXJKWKHSULQFLSDOVKDOOVHQGDFRSRIWKHZULWWHQ GHWHUPLQDWLRQWRWKHVXSHULQWHQGHQWDQGH[SODLQWKH UHDVRQVIRULPSRVLQJDQRXWRIVFKRROVXVSHQVLRQEHIRUH WKHVKRUWWHUPVXVSHQVLRQWDNHVHIIHFW  /RQJ7HUP6XVSHQVLRQ0*/F†+ XH3URFHVVIRU/RQJ7HUP6XVSHQVLRQ0*/F†+ ,QWKHFDVHRIGLVFLSOLQDURIIHQVHVQRWLQYROYLQJD  SRVVHVVLRQRIDGDQJHURXVZHDSRQE SRVVHVVLRQRID FRQWUROOHGVXEVWDQFHF DVVDXOWRQDPHPEHURIWKH HGXFDWLRQDOVWDIIRUG DIHORQFKDUJHRUIHORQ GHOLQTXHQFFRPSODLQWRUFRQYLFWLRQWKHVWXGHQWDQG SDUHQWVZLOOEHJLYHQRUDODQGZULWWHQQRWLFHRIWKH GLVFLSOLQDURIIHQVHZLWKZKLFKWKHVWXGHQWLVFKDUJHG DQGWKHRSSRUWXQLWWRSDUWLFLSDWHLQDKHDULQJSULRUWRWKH LPSRVLWLRQRIDQRXWRIVFKRROVXVSHQVLRQ 

1RWLFH/RQJ7HUP6XVSHQVLRQ0*/F†+:ULWWHQ QRWLFHRIWKHGDWHDQGWLPHIRUWKHKHDULQJZLOOEH SURYLGHGLQ(QJOLVKDQGLQWKHSULPDUODQJXDJHRIWKH 6WXGHQW¶VKRPHDQGZLOOLGHQWLIWKHGLVFLSOLQDURIIHQVH ZLWKZKLFKWKHVWXGHQWKDVEHHQFKDUJHGWKHEDVLVIRUWKH FKDUJHWKHSRWHQWLDOOHQJWKRIWKHVWXGHQW¶VVXVSHQVLRQ DQGLQIRUPWKHSDUHQWDQGVWXGHQWRIWKHULJKWWR   LQWHUSUHWHUVHUYLFHVLIQHFHVVDUWRSDUWLFLSDWHLQWKH KHDULQJ :KHUHDVWXGHQWPDEHVXEMHFWWRD/RQJ7HUP6XVSHQVLRQWKH 3ULQFLSDOZLOODOVRQRWLIWKHVWXGHQWDQGSDUHQWRIWKH IROORZLQJULJKWV  LQDGYDQFHRIWKHKHDULQJWKH RSSRUWXQLWWRUHYLHZWKHVWXGHQW VUHFRUGDQGWKH GRFXPHQWVXSRQZKLFKWKHSULQFLSDOPDUHOLQPDNLQJ DGHWHUPLQDWLRQWRVXVSHQGWKHVWXGHQWRUQRW  WKH ULJKWWREHUHSUHVHQWHGEFRXQVHORUDODSHUVRQRIWKH VWXGHQW VFKRLFHDWWKHVWXGHQW VSDUHQW VH[SHQVH  WKH ULJKWWRSURGXFHZLWQHVVHVRQKLVRUKHUEHKDOIDQGWR

SUHVHQWWKHVWXGHQW VH[SODQDWLRQRIWKHDOOHJHGLQFLGHQW EXWWKHVWXGHQWPDQRWEHFRPSHOOHGWRGRVR  WKH ULJKWWRFURVVH[DPLQHZLWQHVVHVSUHVHQWHGEWKHVFKRRO GLVWULFWDQG  WKHULJKWWRUHTXHVWWKDWWKHKHDULQJEH UHFRUGHGEWKHSULQFLSDODQGWRUHFHLYHDFRSRIWKH DXGLRUHFRUGLQJXSRQUHTXHVW,IWKHVWXGHQWRUSDUHQW UHTXHVWVDQDXGLRUHFRUGLQJWKHSULQFLSDOVKDOOLQIRUPDOO SDUWLFLSDQWVEHIRUHWKHKHDULQJWKDWDQDXGLRUHFRUGZLOO EHPDGHDQGDFRSZLOOEHSURYLGHGWRWKHVWXGHQWDQG SDUHQWXSRQUHTXHVW 3ULQFLSDO¶V+HDULQJ/RQJ7HUP6XVSHQVLRQ0*/F†+ 7KHVWXGHQWZLOOKDYHWKHULJKWVLGHQWLILHGLQWKH ZULWWHQQRWLFHDQGWKHSULQFLSDOVKDOOSURYLGHWKHSDUHQW LISUHVHQWDQRSSRUWXQLWWRGLVFXVVWKHVWXGHQW VFRQGXFW DQGRIIHULQIRUPDWLRQLQFOXGLQJPLWLJDWLQJ FLUFXPVWDQFHVWKDWWKHSULQFLSDOVKRXOGFRQVLGHULQ GHWHUPLQLQJFRQVHTXHQFHVIRUWKHVWXGHQW  3ULQFLSDO¶VHFLVLRQ±/RQJ7HUP6XVSHQVLRQ0*/F†+

ô%DVHGRQWKHHYLGHQFHWKHSULQFLSDOVKDOOGHWHUPLQH ZKHWKHUWKHVWXGHQWFRPPLWWHGWKHGLVFLSOLQDURIIHQVH DQGLIVRDIWHUFRQVLGHULQJPLWLJDWLQJFLUFXPVWDQFHVDQG DOWHUQDWLYHVWRVXVSHQVLRQZKDWUHPHGRUFRQVHTXHQFH ZLOOEHLPSRVHGLQSODFHRIRULQDGGLWLRQWRD /RQJ7HUP6XVSHQVLRQ7KHSULQFLSDOVKDOOVHQGWKH ZULWWHQGHWHUPLQDWLRQWRWKHVWXGHQWDQGSDUHQWE KDQGGHOLYHUFHUWLILHGPDLOILUVWFODVVPDLOHPDLOWRDQ DGGUHVVSURYLGHGEWKHSDUHQWIRUVFKRRO FRPPXQLFDWLRQVRUDQRWKHUPHWKRGRIGHOLYHUDJUHHG WREWKHSULQFLSDODQGWKHSDUHQW,IWKHSULQFLSDOGHFLGHV   WRVXVSHQGWKHVWXGHQWWKHZULWWHQGHWHUPLQDWLRQVKDOO  LGHQWLIWKHGLVFLSOLQDURIIHQVHWKHGDWHRQZKLFK WKHKHDULQJWRRNSODFHDQGWKHSDUWLFLSDQWVDWWKHKHDULQJ  VHWRXWWKHNHIDFWVDQGFRQFOXVLRQVUHDFKHGEWKH SULQFLSDO  LGHQWLIWKHOHQJWKDQGHIIHFWLYHGDWHRIWKH VXVSHQVLRQDVZHOODVDGDWHRIUHWXUQWRVFKRRO   LQFOXGHQRWLFHRIWKHVWXGHQW

VRSSRUWXQLWWRUHFHLYH HGXFDWLRQVHUYLFHVWRPDNHDFDGHPLFSURJUHVVGXULQJWKH SHULRGRIUHPRYDOIURPVFKRRODVSURYLGHGLQ0*/F †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

GDVDQGWKDW E WKH/RQJ7HUP6XVSHQVLRQZLOOUHPDLQ LQHIIHFWXQOHVVDQGXQWLOWKHVXSHULQWHQGHQWGHFLGHVWR UHYHUVHWKHSULQFLSDO VGHWHUPLQDWLRQRQDSSHDO   6XSHULQWHQGHQW$SSHDOV±/RQJ7HUP6XVSHQVLRQ0*/F† +ô$VWXGHQWZKRLVSODFHGRQ/RQJ7HUP 6XVSHQVLRQXQGHU0*/F†+ô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

6XSHULQWHQGHQW$SSHDO+HDULQJ0*/F†+ 7KHVXSHULQWHQGHQWVKDOOKROGWKHKHDULQJZLWKLQWKUHH   VFKRROGDVRIWKHVWXGHQW VUHTXHVWXQOHVVWKHVWXGHQWRU SDUHQWUHTXHVWVDQH[WHQVLRQRIXSWRVHYHQ  DGGLWLRQDO FDOHQGDUGDVLQZKLFKFDVHWKHVXSHULQWHQGHQWVKDOO JUDQWWKHH[WHQVLRQ7KHVXSHULQWHQGHQWVKDOOPDNHD JRRGIDLWKHIIRUWWRLQFOXGHWKHSDUHQWLQWKHKHDULQJ7KH VXSHULQWHQGHQWVKDOOEHSUHVXPHGWRKDYHPDGHDJRRG IDLWKHIIRUWLIWKHKDYHPDGHHIIRUWVWRILQGDGDDQG WLPHIRUWKHKHDULQJWKDWZRXOGDOORZWKHSDUHQWDQG VXSHULQWHQGHQWWRSDUWLFLSDWH7KHVXSHULQWHQGHQWVKDOO VHQGZULWWHQQRWLFHWRWKHSDUHQWRIWKHGDWHWLPHDQG ORFDWLRQRIWKHKHDULQJ 7KHVXSHULQWHQGHQWVKDOOFRQGXFWDKHDULQJWRGHWHUPLQH ZKHWKHUWKHVWXGHQWFRPPLWWHGWKHGLVFLSOLQDURIIHQVHRI ZKLFKWKHVWXGHQWLVDFFXVHGDQGLIVRZKDWWKH FRQVHTXHQFHVKDOOEH7KHVXSHULQWHQGHQWVKDOODUUDQJH IRUDQDXGLRUHFRUGLQJRIWKHKHDULQJDFRSRIZKLFK

VKDOOEHSURYLGHGWRWKHVWXGHQWRUSDUHQWXSRQUHTXHVW 7KHVXSHULQWHQGHQWVKDOOLQIRUPDOOSDUWLFLSDQWVEHIRUH WKHKHDULQJWKDWDQDXGLRUHFRUGZLOOEHPDGHRIWKH KHDULQJDQGDFRSZLOOEHSURYLGHGWRWKHVWXGHQWDQG SDUHQWXSRQUHTXHVW7KHVWXGHQWVKDOOKDYHDOOWKHULJKWV DIIRUGHGWKHVWXGHQWDWWKHSULQFLSDO VKHDULQJIRU ORQJWHUPVXVSHQVLRQDVLGHQWLILHGDERYH   6XSHULQWHQGHQW¶VHFLVLRQ0*/F†+7KH VXSHULQWHQGHQWVKDOOLVVXHDZULWWHQGHFLVLRQZLWKLQILYH  FDOHQGDUGDVRIWKHKHDULQJZKLFK  LGHQWLILHVWKH GLVFLSOLQDURIIHQVHDQGWKHGDWHRQZKLFKWKHKHDULQJ WRRNSODFHDQGWKHSDUWLFLSDQWVDWWKHKHDULQJ  VHWVRXW WKHNHIDFWVDQGFRQFOXVLRQVUHDFKHGEWKH 6XSHULQWHQGHQW  LGHQWLILHVWKHOHQJWKDQGHIIHFWLYH GDWHRIWKHVXVSHQVLRQDVZHOODVDGDWHRIUHWXUQWR VFKRRO  LQFOXGHVQRWLFHRIWKHVWXGHQW VRSSRUWXQLWWR UHFHLYHHGXFDWLRQVHUYLFHVWRPDNHDFDGHPLFSURJUHVV

GXULQJWKHSHULRGRIUHPRYDOIURPVFKRRODVSURYLGHGLQ 0*/F†DQG  QRWLFHRIWKHULJKWRIDSSHDO VKDOOEHLQ(QJOLVKDQGWKHSULPDUODQJXDJHRIWKHKRPH LIRWKHUWKDQ(QJOLVKRURWKHUPHDQVRIFRPPXQLFDWLRQ ZKHUHDSSURSULDWH ,IWKHVXSHULQWHQGHQWGHWHUPLQHVWKDWWKHVWXGHQWFRPPLWWHGWKH GLVFLSOLQDURIIHQVHWKHVXSHULQWHQGHQWPDLPSRVHWKH VDPHRUDOHVVHUFRQVHTXHQFHWKDQWKHSULQFLSDOEXWVKDOO QRWLPSRVHDVXVSHQVLRQJUHDWHUWKDQWKDWLPSRVHGEWKH SULQFLSDO VGHFLVLRQ7KHGHFLVLRQRIWKHVXSHULQWHQGHQW VKDOOEHWKHILQDOGHFLVLRQRIWKHVFKRROGLVWULFWZLWK UHJDUGWRWKHVXVSHQVLRQ  0*/F††+DQG+2IIHQVHV DQJHURXV:HDSRQVUXJV$VVDXOWVRQ6WDIIDQG)HORQ 0DWWHUV  6KRUW7HUP6XVSHQVLRQ0*/F††+DQG+ò)RU GLVFLSOLQDURIIHQVHVLQYROYLQJD SRVVHVVLRQRIDGDQJHURXV ZHDSRQE SRVVHVVLRQRIDFRQWUROOHGVXEVWDQFHF DVVDXOWRQD PHPEHURIWKHHGXFDWLRQDOVWDIIRUG DIHORQFKDUJHRUIHORQ

GHOLQTXHQFFRPSODLQWRUFRQYLFWLRQWKHVWXGHQWZLOOEHJLYHQRUDO QRWLFHRIWKHYLRODWLRQZLWKZKLFKWKHVWXGHQWLVFKDUJHGDQGDQ RSSRUWXQLWWRUHVSRQGWKHUHWRSULRUWRWKH3ULQFLSDO¶VLPSRVLWLRQ RIDVKRUWWHUPVXVSHQVLRQRUDQLQWHULPVXVSHQVLRQRIOHVVWKDQWHQ  FRQVHFXWLYHGDVSHQGLQJIRUPDOSURFHHGLQJV8SRQ LPSRVLWLRQRIDVKRUWWHUPRULQWHULPVXVSHQVLRQRIWHQ   FRQVHFXWLYHGDVRUOHVVSHQGLQJIXUWKHUGLVFLSOLQDUSURFHHGLQJV WKHVWXGHQWDQGSDUHQWVZLOOEHSURYLGHGZLWKZULWWHQQRWLFHRIWKH VXVSHQVLRQDQGWKHGDWHDQGWLPHRIWKHIRUPDOGLVFLSOLQDUKHDULQJ  /RQJ7HUP([FOXVLRQ([SXOVLRQ0*/F††+DQG+ ò8QOLNH0*/F†+IRURIIHQVHVWKDWIDOOZLWKLQ 0*/F††+DQG+DSULQFLSDOPDORQJWHUP   VXVSHQGDVWXGHQWIRUPRUHWKDQQLQHW  GDVRUSHUPDQHQWO H[SHODVWXGHQWIRUPHDQVWKHUHPRYDORIDVWXGHQWIURPWKHVFKRRO SUHPLVHVUHJXODUFODVVURRPDFWLYLWLHVDQGVFKRRODFWLYLWLHVIRU  

SRVVHVVLRQRIDGDQJHURXVZHDSRQ  SRVVHVVLRQRIDFRQWUROOHG VXEVWDQFH  DVVDXOWRQDPHPEHURIWKHHGXFDWLRQDOVWDIIRU  D IHORQFKDUJHRUIHORQGHOLQTXHQFFRPSODLQWRUFRQYLFWLRQRU DGMXGLFDWLRQRUDGPLVVLRQRIJXLOWZLWKUHVSHFWWRVXFKIHORQLID SULQFLSDOGHWHUPLQHVWKDWWKHVWXGHQW VFRQWLQXHGSUHVHQFHLQVFKRRO ZRXOGKDYHDVXEVWDQWLDOGHWULPHQWDOHIIHFWRQWKHJHQHUDOZHOIDUH RIWKHVFKRRODVSURYLGHGLQ*/F††+RU+ò7KH 3ULQFLSDO¶V+HDULQJDQGDSSHDOVSURFHVVLGHQWLILHGEHORZDSSOWR VXVSHQVLRQVXQGHU0*/F††+DQG+LQFDVHVRI VXVSHQVLRQIRUPRUHWKDQWHQ  FRQVHFXWLYHGDV  DQJHURXV:HDSRQVUXJVRU$VVDXOWVRQ6WDII0*/F †+ $QVWXGHQWZKRLVIRXQGRQVFKRROSUHPLVHVRUDW VFKRROVSRQVRUHGRUVFKRROUHODWHGHYHQWVLQFOXGLQJ DWKOHWLFJDPHVLQSRVVHVVLRQRIDGDQJHURXVZHDSRQ LQFOXGLQJEXWQRWOLPLWHGWRDJXQRUDNQLIHRUD FRQWUROOHGVXEVWDQFHDVGHILQHGLQFKDSWHUQLQHWIRXU&

LQFOXGLQJEXWQRWOLPLWHGWRPDULMXDQDFRFDLQHDQG KHURLQPDEHVXEMHFWWRH[SXOVLRQIURPWKHVFKRRORU VFKRROGLVWULFWEWKH3ULQFLSDO  $QVWXGHQWZKRDVVDXOWVD3ULQFLSDO$VVLVWDQW3ULQFLSDO WHDFKHUWHDFKHU VDLGHRURWKHUHGXFDWLRQDOVWDIIRQ VFKRROSUHPLVHVRUDWVFKRROVSRQVRUHGHYHQWVLQFOXGLQJ DWKOHWLFJDPHVPDEHVXEMHFWWRH[SXOVLRQIURPWKH VFKRRORUVFKRROGLVWULFWEWKH3ULQFLSDO  3ULQFLSDO¶V+HDULQJ/RQJ7HUP([FOXVLRQ±+$Q VWXGHQWZKRLVFKDUJHGZLWKDYLRODWLRQRIHLWKHU SDUDJUDSKVRUVKDOOEHQRWLILHGLQZULWLQJRIDQ RSSRUWXQLWIRUDKHDULQJSURYLGHGKRZHYHUWKDWWKH VWXGHQWPDKDYHUHSUHVHQWDWLRQDORQJZLWKWKH RSSRUWXQLWWRSUHVHQWHYLGHQFHDQGZLWQHVVHVDWVDLG KHDULQJEHIRUHWKH3ULQFLSDO  $IWHUVDLGKHDULQJWKH3ULQFLSDOPDLQKLVGLVFUHWLRQ GHFLGHWRVXVSHQGUDWKHUWKDQH[SHODVWXGHQWZKRKDV EHHQGHWHUPLQHGEWKH3ULQFLSDOWRKDYHYLRODWHGHLWKHU SDUDJUDSKVRUDERYH   

$SSHDOWRWKH6XSHULQWHQGHQW±/RQJ7HUP([FOXVLRQ±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†+ò  ,VVXDQFHRID)HORQ&ULPLQDO&RPSODLQW 8SRQWKHLVVXDQFHRIDFULPLQDOFRPSODLQWFKDUJLQJDVWXGHQWZLWK DIHORQRUXSRQWKHLVVXDQFHRIDIHORQGHOLQTXHQF FRPSODLQWDJDLQVWDVWXGHQWWKHSULQFLSDORUKHDGPDVWHU

RIDVFKRROLQZKLFKWKHVWXGHQWLVHQUROOHGPDVXVSHQG VXFKVWXGHQWIRUDSHULRGRIWLPHGHWHUPLQHGDSSURSULDWH EVDLGSULQFLSDORUKHDGPDVWHULIVDLGSULQFLSDORU KHDGPDVWHUGHWHUPLQHVWKDWWKHVWXGHQW VFRQWLQXHG SUHVHQFHLQVFKRROZRXOGKDYHDVXEVWDQWLDOGHWULPHQWDO HIIHFWRQWKHJHQHUDOZHOIDUHRIWKHVFKRRO   1RWLFHRI3ULQFLSDO¶V+HDULQJ±/RQJ7HUP([FOXVLRQ±+ò 7KHVWXGHQWVKDOOUHFHLYHZULWWHQQRWLILFDWLRQRIWKH FKDUJHVDQGWKHUHDVRQVIRUVXFKVXVSHQVLRQSULRUWRVXFK VXVSHQVLRQWDNLQJHIIHFW7KHVWXGHQWVKDOODOVRUHFHLYH ZULWWHQQRWLILFDWLRQRIKLVULJKWWRDSSHDODQGWKHSURFHVV IRUDSSHDOLQJVXFKVXVSHQVLRQSURYLGHGKRZHYHUWKDW VXFKVXVSHQVLRQVKDOOUHPDLQLQHIIHFWSULRUWRDQDSSHDO KHDULQJFRQGXFWHGEWKHVXSHULQWHQGHQW  $SSHDOWRWKH6XSHULQWHQGHQW/RQJ7HUP([FOXVLRQ+ò7KH VWXGHQWVKDOOKDYHWKHULJKWWRDSSHDOWKHVXVSHQVLRQWR WKHVXSHULQWHQGHQWLQZULWLQJRIKLVUHTXHVWIRUDQDSSHDO

QRODWHUWKDQILYHFDOHQGDUGDVIROORZLQJWKHHIIHFWLYH GDWHRIWKHVXVSHQVLRQ7KHVXSHULQWHQGHQWVKDOOKROGD   KHDULQJZLWKWKHVWXGHQWDQGWKHVWXGHQW VSDUHQWRU JXDUGLDQZLWKLQWKUHHFDOHQGDUGDVRIWKHVWXGHQW V UHTXHVWIRUDQDSSHDO$WWKHKHDULQJWKHVWXGHQWVKDOO KDYHWKHULJKWWRSUHVHQWRUDODQGZULWWHQWHVWLPRQRQKLV EHKDOIDQGVKDOOKDYHWKHULJKWWREHUHSUHVHQWHGE FRXQVHODWVWXGHQW¶VRZQH[SHQVH7KHVXSHULQWHQGHQW VKDOOKDYHWKHDXWKRULWWRRYHUWXUQRUDOWHUWKHGHFLVLRQ RIWKHSULQFLSDORUKHDGPDVWHULQFOXGLQJUHFRPPHQGLQJ DQDOWHUQDWHHGXFDWLRQDOSURJUDPIRUWKHVWXGHQW7KH VXSHULQWHQGHQWVKDOOUHQGHUDGHFLVLRQRQWKHDSSHDO ZLWKLQILYHFDOHQGDUGDVRIWKHKHDULQJ6XFKGHFLVLRQ VKDOOEHWKHILQDOGHFLVLRQZLWKUHJDUGWRWKHVXVSHQVLRQ   $GMXGLFDWLRQRIHOLQTXHQF$GPLVVLRQRI*XLOWRU&RQYLFWLRQ 8SRQDVWXGHQWEHLQJFRQYLFWHGRIDIHORQRUXSRQDQDGMXGLFDWLRQ RUDGPLVVLRQLQFRXUWRIJXLOWZLWKUHVSHFWWRVXFKD

IHORQRUIHORQGHOLQTXHQFWKHSULQFLSDORUKHDGPDVWHU RIDVFKRROLQZKLFKWKHVWXGHQWLVHQUROOHGPDH[SHO VDLGVWXGHQWLIVXFKSULQFLSDORUKHDGPDVWHUGHWHUPLQHV WKDWWKHVWXGHQW VFRQWLQXHGSUHVHQFHLQVFKRROZRXOG KDYHDVXEVWDQWLDOGHWULPHQWDOHIIHFWRQWKHJHQHUDO ZHOIDUHRIWKHVFKRRO  1RWLFHRI3ULQFLSDO¶V+HDULQJ±/RQJ7HUP([FOXVLRQ+ò 7KHVWXGHQWVKDOOUHFHLYHZULWWHQQRWLILFDWLRQRIWKH FKDUJHVDQGUHDVRQVIRUVXFKH[SXOVLRQSULRUWRVXFK H[SXOVLRQWDNLQJHIIHFW7KHVWXGHQWVKDOODOVRUHFHLYH ZULWWHQQRWLILFDWLRQRIKLVULJKWWRDSSHDODQWWKHSURFHVV IRUDSSHDOLQJVXFKH[SXOVLRQSURYLGHGKRZHYHUWKDWWKH H[SXOVLRQVKDOOUHPDLQLQHIIHFWSULRUWRDQDSSHDO KHDULQJFRQGXFWHGEWKHVXSHULQWHQGHQW  6XSHULQWHQGHQW¶V$SSHDO/RQJ7HUP([FOXVLRQ+ò7KH VWXGHQWVKDOOKDYHWKHULJKWWRDSSHDOWKHH[SXOVLRQWRWKH VXSHULQWHQGHQW7KHVWXGHQWVKDOOQRWLIWKH VXSHULQWHQGHQWLQZULWLQJRIKLVUHTXHVWIRUDQDSSHDOQR

ODWHUWKDQILYHFDOHQGDUGDVIROORZLQJWKHHIIHFWLYHGDWH RIWKHH[SXOVLRQ7KHVXSHULQWHQGHQWVKDOOKROGDKHDULQJ ZLWKWKHVWXGHQWDQGWKHVWXGHQW VSDUHQWRUJXDUGLDQ ZLWKLQWKUHHFDOHQGDUGDVRIWKHH[SXOVLRQ7KHKHDULQJ WKHVWXGHQWVKDOOKDYHWKHULJKWWRSUHVHQWRUDODQGZULWWHQ WHVWLPRQRQKLVEHKDOIDQGVKDOOKDYHWKHULJKWWREH   UHSUHVHQWHGEFRXQVHODWVWXGHQW¶VRZQH[SHQVH7KH VXSHULQWHQGHQWVKDOOKDYHWKHDXWKRULWWRRYHUWXUQRU DOWHUWKHGHFLVLRQRIWKHSULQFLSDORUKHDGPDVWHU LQFOXGLQJUHFRPPHQGLQJDQDOWHUQDWHHGXFDWLRQDO SURJUDPIRUWKHVWXGHQW7KHVXSHULQWHQGHQWVKDOOUHQGHU DGHFLVLRQRQWKHDSSHDOZLWKLQILYHFDOHQGDUGDVRIWKH KHDULQJ6XFKGHFLVLRQVKDOOEHWKHILQDOGHFLVLRQZLWK UHJDUGWRWKHH[SXOVLRQ  2SSRUWXQLWWR0DNH$FDGHPLF3URJUHVV  :HVWIRUGZLOOFRQWLQXHWRSURYLGHHGXFDWLRQDOVHUYLFHVWR DQVWXGHQWZKRLVVXVSHQGHGRUH[SHOOHGSXUVXDQWWR 0*/F†+RU+DQGLIWKHVWXGHQWPRYHV

WRDQRWKHUGLVWULFWGXULQJWKHSHULRGRIVXVSHQVLRQRU H[SXOVLRQWKHQHZGLVWULFWRIUHVLGHQFHVKDOOHLWKHUDGPLW WKHVWXGHQWWRLWVVFKRROVRUSURYLGHHGXFDWLRQDOVHUYLFHV WRWKHVWXGHQWLQDQHGXFDWLRQVHUYLFHSODQXQGHU0*/ F†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†RIWKH5HKDELOLWDWLRQ $FWDUHJHQHUDOODOVRHQWLWOHGWRLQFUHDVHGSURFHGXUDO

SURWHFWLRQVSULRUWRLPSRVLQJGLVFLSOLQHWKDWZLOOUHVXOWLQWKH VWXGHQW¶VUHPRYDOIRUPRUHWKDQWHQ  FRQVHFXWLYHVFKRRO GDVRUZKHUHWKHUHLVDSDWWHUQRIVKRUWWHUPUHPRYDOV H[FHHGLQJWHQ  VFKRROGDVLQDJLYHQHDU7KHIROORZLQJ DGGLWLRQDOUHTXLUHPHQWVDSSOWRWKHGLVFLSOLQHRIVWXGHQWVZLWK GLVDELOLWLHV  7KH,QGLYLGXDOL]HG(GXFDWLRQ3URJUDP ,(3 IRUHYHU VWXGHQWHOLJLEOHIRUVSHFLDOHGXFDWLRQRUUHODWHGVHUYLFHVVKDOO LQGLFDWHZKHWKHUWKHVWXGHQWFDQEHH[SHFWHGWRPHHWWKHUHJXODU   GLVFLSOLQHFRGHRIWKHVFKRRORUZKHWKHUWKHFRGHVKRXOGEH PRGLILHGWRDGGUHVVWKHVWXGHQW¶VLQGLYLGXDOQHHGV  6WXGHQWVZLWKGLVDELOLWLHVPDEHH[FOXGHGIURPWKHLU SURJUDPVIRUXSWRWHQ  VFKRROGDVWRWKHH[WHQWWKDWVXFK VDQFWLRQVZRXOGEHDSSOLHGWRDOOVWXGHQWV%HIRUHDVWXGHQW ZLWKDGLVDELOLWFDQEHH[FOXGHGIURPWKHLUSURJUDPIRUPRUH WKDQWHQ  FRQVHFXWLYHVFKRROGDVLQDJLYHQVFKRROHDURU

VXEMHFWHGWRDSDWWHUQRIUHPRYDOFRQVWLWXWLQJD³FKDQJHLQ SODFHPHQW´EXLOGLQJDGPLQLVWUDWRUVWKHSDUHQWJXDUGLDQDQG UHOHYDQWPHPEHUVRIWKHVWXGHQW¶V,(3RU7HDPZLOOPHHWWR GHWHUPLQHWKHUHODWLRQVKLSEHWZHHQWKHVWXGHQW¶VGLVDELOLWDQG EHKDYLRU 0DQLIHVWDWLRQHWHUPLQDWLRQ ,QPRVWLQVWDQFHV GXULQJGLVFLSOLQDUH[FOXVLRQVH[FHHGLQJWHQ  VFKRROGDV LQDVLQJOHVFKRROHDUWKHVWXGHQWVKDOOKDYHWKHULJKWWR UHFHLYHWKHVHUYLFHVLGHQWLILHGDVQHFHVVDUEWKH7HDPWR SURYLGHKLPKHUZLWKDIUHHDSSURSULDWHSXEOLFHGXFDWLRQGXULQJ WKHSHULRGRIH[FOXVLRQ  ,IEXLOGLQJDGPLQLVWUDWRUVWKHSDUHQWJXDUGLDQDQGUHOHYDQW PHPEHUVRIWKH,(3RU7HDPGHWHUPLQHWKDWWKHVWXGHQW¶V FRQGXFWZDVQRWDPDQLIHVWDWLRQRIWKHVWXGHQW¶VGLVDELOLWWKH VFKRROPDGLVFLSOLQHWKHVWXGHQWLQDFFRUGDQFHZLWKWKH SURFHGXUHVDQGSHQDOWLHVDSSOLFDEOHWRDOOVWXGHQWVEXWZLOO FRQWLQXHWRSURYLGHDIUHHDSSURSULDWHSXEOLFHGXFDWLRQWRWKRVH

VWXGHQWVZLWK,(367KHVWXGHQW¶V,(37($0ZLOOLGHQWLIWKH VHUYLFHVQHFHVVDUWRSURYLGHDIUHHDSSURSULDWHSXEOLF HGXFDWLRQGXULQJWKHSHULRGRIH[FOXVLRQUHYLHZDQH[LVWLQJ EHKDYLRULQWHUYHQWLRQSODQRUZKHUHDSSURSULDWHFRQGXFWD IXQFWLRQDOEHKDYLRUDODVVHVVPHQW  ,IEXLOGLQJDGPLQLVWUDWRUVWKHSDUHQWJXDUGLDQDQGUHOHYDQW PHPEHUVRIWKH,(3RU7HDPGHWHUPLQHWKDWWKHFRQGXFW JLYLQJULVHWRWKHGLVFLSOLQDUDFWLRQZDVDPDQLIHVWDWLRQRIWKH VWXGHQW¶VGLVDELOLWWKHVWXGHQWZLOOQRWEHVXEMHFWHGWRIXUWKHU GLVFLSOLQDUUHPRYDORUH[FOXVLRQIURPWKHVWXGHQW¶VFXUUHQW HGXFDWLRQDOSURJUDPEDVHGRQWKDWFRQGXFW H[FHSWIRUFRQGXFW LQYROYLQJZHDSRQVGUXJVRUUHVXOWLQJLQVHULRXVERGLOLQMXU WRRWKHUV XQWLOWKH,(3RU7HDPGHYHORSVDQGWKH SDUHQWJXDUGLDQFRQVHQWWRDQHZSODFHPHQWRUXQWLOWKH LVWULFWREWDLQVDQRUGHUIURPFRXUWRUIURPWKH%XUHDXRI 6SHFLDO(GXFDWLRQ$SSHDOV %6($ DXWKRUL]LQJDFKDQJHLQWKH

VWXGHQW¶VSODFHPHQW7KHVWXGHQW¶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

UHVXOWLQWKUHH  GDVRIRXWRIVFKRROVXVSHQVLRQ  LVRUGHUOFRQGXFWLQWKH6XVSHQVLRQ5RRPED VWXGHQWPDOHDGWRRXWRIVFKRROVXVSHQVLRQDWDQ $GPLQLVWUDWRU¶VGLVFUHWLRQ  &5,6,6,17(59(17,21 ,QWKHHYHQWRILPPLQHQWPRUDOKDUPRUH[WUHPHHPHUJHQFLHV VFKRROSHUVRQQHOZLOOWDNHDQDQGDOOVWHSVWRHQVXUHWKHVDIHWRI WKHVWXGHQWDQGWKHVFKRROFRPPXQLW,ILQWKHRSLQLRQRI $GPLQLVWUDWLRQJXLGDQFHSHUVRQQHORUWKH6WXGHQW$VVLVWDQFH 7HDPDVWXGHQWLVMXGJHGWREHDWULVNRIKDUPLQJKLPVHOIKHUVHOI RURWKHUVWKHIROORZLQJZLOORFFXU  7KHVWXGHQW¶VSDUHQWVJXDUGLDQVZLOOEHQRWLILHGRIWKH FRQFHUQ  7KHSDUHQWVJXDUGLDQVZLOOEHDVNHGWRSLFNXSWKHLU VRQGDXJKWHUIURPVFKRRO  7KHVWXGHQWZLOOQRWEHUHDGPLWWHGWRVFKRROXQWLOWKH 3ULQFLSDOKDVUHFHLYHGDZULWWHQVWDWHPHQWIURPDQ RXWVLGHOLFHQVHGPHQWDOKHDOWKSURIHVVLRQDOLQGLFDWLQJ WKDWWKHKDYHHYDOXDWHGWKHVWXGHQWDQGILQGWKDWWKH VWXGHQWLVVDIHWRUHWXUQWRVFKRRO   

8SRQWKHLUUHWXUQVFKRROSHUVRQQHOZLOOFRQWLQXHWR PRQLWRUDQGZRUNZLWKWKHVWXGHQW 127(XULQJWKHSHULRGWKDWWKHVWXGHQWLVEHLQJHYDOXDWHG WKHVWXGHQW¶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

LQFOXGLQJVFKRROSHUVRQQHOLVVWULFWOSURKLELWHG9LRODWLRQVDUH FXPXODWLYHDQGHQIRUFHGEWKH:HVWIRUG%RDUGRI+HDOWK 7REDFFRSURGXFWVZLOOEHFRQILVFDWHG  LVFLSOLQH3URFHGXUHVIRU9LRODWLRQRI7REDFFR3ROLF )LUVW9LRODWLRQ  )LQHG,QVFKRROVXVSHQVLRQVXFFHVVIXO FRPSOHWLRQRIDWREDFFRHOHFWURQLFFLJDUHWWHXVH SUHYHQWLRQSURJUDP3URJUDPPXVWEH FRPSOHWHGZLWKLQGDVRIYLRODWLRQ3URJUDP PXVWEHDSSURYHGEDGPLQLVWUDWLRQ3DUHQW JXDUGLDQQRWLILFDWLRQ 6HFRQG9LRODWLRQ  )LQHG7ZR  DV,QVFKRRO VXVSHQVLRQSDUHQWJXDUGLDQQRWLILFDWLRQ 7KLUG9LRODWLRQ  )LQHGDQGIRUDQVXEVHTXHQWYLRODWLRQ 7ZR  GDVRXWRIVFKRROVXVSHQVLRQSDUHQW JXDUGLDQQRWLILFDWLRQ5HHQWUPHHWLQJ UHTXLUHGZLWKSDUHQWJXDUGLDQDQG DGPLQLVWUDWRU  32/,&(48(67,21,1*$1$335(+(16,21 ,QDFFRUGDQFHZLWK7KH:HVWIRUG3XEOLF6FKRROV3ROLF  &8672<   $GXODXWKRUL]HGSROLFHRIILFHUPDUHTXLUHWKDWDVWXGHQWEH

UHOHDVHGWRWKHLUFXVWRGSURYLGHGDZULWWHQQRWLFHIURPWKHORFDO SROLFHGHSDUWPHQWLVSUHVHQWHGWRWKHVFKRRORIILFLDOLQFKDUJH7KH QRWLFHIRUFXVWRGVKRXOGEHPDGHRQOZKHQRQH  RUPRUHRI WKHIROORZLQJFRQGLWLRQVH[LVW Ɣ 7KHUHDUHFOHDULQGLFDWLRQVWKDWWKHVWXGHQWWREHTXHVWLRQHGLV GLUHFWOLQYROYHGLQDYLRODWLRQRIDORFDORUGLQDQFHVWDWHRU IHGHUDOVWDWXWH Ɣ 7KHLQGLYLGXDOLQYROYHGLVDNQRZQIXJLWLYHIURPHLWKHUWKHLU SDUHQWVOHJDOJXDUGLDQVRUMXVWLFH Ɣ ,WDSSHDUVLQWKHEHVWLQWHUHVWRIWKHVWXGHQWWKDWWKHDUHWDNHQ LQWRSURWHFWLYHFXVWRG  7KHQRWLFHPXVWEHVLJQHGEWKHORFDOSROLFHFKLHIRURIILFLDO UHSUHVHQWDWLYH%RWKWKHSROLFHDQGVFKRRORIILFLDOVKDYHD UHVSRQVLELOLWWRQRWLIWKHSDUHQWOHJDOJXDUGLDQRIWKHVWXGHQW UHJDUGLQJWKHDFWLRQWDNHQ  :KHQFLUFXPVWDQFHVGLFWDWHWKHLPPHGLDWHTXHVWLRQLQJRID VWXGHQWWKHRIILFHUZLOOWDNHWKHVWXGHQWLQWRFXVWRGLQDFFRUGDQFH

ZLWKWKHSURYLVLRQVRIWKHDERYHVWDWHPHQW,WLVFOHDUWKDWDSROLFH RIILFHUKDVWKHULJKWWRWDNHDVWXGHQWLQWRFXVWRGKRZHYHULWLV LPSRUWDQWIRUODZHQIRUFHPHQWDJHQFLHVDQGVFKRRODXWKRULWLHVWR UHFRJQL]HWKHSDUHQWOHJDOJXDUGLDQVWXGHQWVFKRROUHODWLRQVKLS    48(67,21,1* ,IWKHSROLFHGHSDUWPHQWQHHGVWRTXHVWLRQDVWXGHQWVFKRRO RIILFLDOVZLOOKDYHWKHUHVSRQVLELOLWWRQRWLIWKHVWXGHQW¶V SDUHQWOHJDOJXDUGLDQUHJDUGLQJWKHTXHVWLRQLQJ7KHSUHVHQFHRI WKHVWXGHQW¶VSDUHQWOHJDOJXDUGLDQDWWKHWLPHRITXHVWLRQLQJLV GHVLUDEOHWRVDIHJXDUGWKHVHOILQFULPLQDWLRQULJKWVRIWKHVWXGHQW :KHQHYHUSRVVLEOHWKHTXHVWLRQLQJVKRXOGEHFRQGXFWHGDZD IURPVFKRROWRDYRLGDQGLVSODRIODZHQIRUFHPHQWDFWLYLWLHV ZKLFKFDQOHDGWRXQIRUWXQDWHPLVXQGHUVWDQGLQJVRQWKHSDUWRI RWKHUVWXGHQWVDQGPHPEHUVRIWKHIDFXOW  ,WLVUHFRJQL]HGWKDWWKHDERYHFRQGLWLRQVFDQHDVLOEHDUUDQJHG,W LVWKHUHIRUHH[SHFWHGWKDWLQVXFKLQVWDQFHVWKHSROLFHGHSDUWPHQW

QRWLIWKHVFKRRODQGUHTXHVWDPHVVDJHEHSDVVHGRQWRDVWXGHQW ZKLFKPHVVDJHLQVWUXFWVWKHVWXGHQWWRSUHVHQWKLPVHOIKHUVHOIDWWKH SROLFHVWDWLRQRUVRPHRWKHUORFDWLRQSUHIHUDEODIWHUFORVHRI   FODVVHV%RWKDJHQFLHVDUHH[SHFWHGWRFRQWDFWWKHVWXGHQW¶V SDUHQWOHJDOJXDUGLDQDQGDSSULVHWKHPRIWKHVLWXDWLRQ  1RWH6WXGHQWVDWWKHDJHRIDUHFRQVLGHUHGDGXOWVLQ 0DVVDFKXVHWWVDQGPDEHTXHVWLRQHGZLWKRXWDSDUHQWRU OHJDOJXDUGLDQSUHVHQW  6($5&+$16(,=85( 6WXGHQWVKDYHDOHJLWLPDWHULJKWWRSULYDFKRZHYHUWKLVULJKWPXVW EHEDODQFHGDJDLQVWWKH6WDWH¶VULJKWWRPDLQWDLQDVFKRRO HQYLURQPHQWWKDWLVFRQGXFLYHWROHDUQLQJ6FKRRORIILFLDOVDUHQRW UHTXLUHGWRREWDLQDZDUUDQWEHIRUHVHDUFKLQJDVWXGHQWXQGHUWKHLU DXWKRULW3URYLGHGWKHUHLVUHDVRQDEOHVXVSLFLRQWKDWWKHVWXGHQW KDVYLRODWHGRULVYLRODWLQJWKHUXOHVRIWKHVFKRROWKH DGPLQLVWUDWLRQRI:HVWIRUG$FDGHPUHVHUYHVWKHULJKWWRVHDUFK

VWXGHQWVVWXGHQWV¶SRVVHVVLRQVDQGRUVWXGHQWV¶DXWRPRELOHVRQ VFKRROSURSHUWIRUDUWLFOHVRIFRQWUDEDQG$QLOOHJDODUWLFOHV IRXQGZLOOEHFRQILVFDWHGDQGODZHQIRUFHPHQWRIILFLDOVQRWLILHG,Q DGGLWLRQSDUHQWVZLOOEHFRQWDFWHGDQGVWXGHQWVZLOOEHVXVSHQGHG LQDFFRUGDQFHZLWKWKHVFKRROGLVFLSOLQHFRGH$WYDULRXVWLPHV WKURXJKRXWWKHVFKRROHDUWKH:HVWIRUG$FDGHP$GPLQLVWUDWLRQ UHVHUYHVWKHULJKWWRFRQGXFWXQDQQRXQFHGGRJVHDUFKHVLQ FRRSHUDWLRQZLWKWKH:HVWIRUG3ROLFHHSDUWPHQWRURWKHUVWDWHRU IHGHUDODJHQFLHV    :(67)2532/,&((3$570(17± 0(025$1802)81(567$1,1* $UHODWLRQVKLSRIFRPPXQLFDWLRQH[LVWVEHWZHHQ:HVWIRUG $FDGHPDQGWKH:HVWIRUG3ROLFHHSDUWPHQWLQFRQMXQFWLRQZLWK WKH0LGGOHVH[LVWULFW$WWRUQH¶V&RPPXQLW%DVHG-XVWLFH 3URJUDPWRWKHH[WHQWRILQIRUPLQJWKHDGPLQLVWUDWLRQDW:HVWIRUG $FDGHPZKHQRQHRILWVVWXGHQWVLVLQYROYHGLQDQLQFLGHQWRU SRWHQWLDOLQFLGHQWWKDWZRXOGMHRSDUGL]HWKHZHOOEHLQJRIVWXGHQWV

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

6WXGHQWV ZKRGRQRW ZLVK WR WDNH SDUW LQ DQ DVVHPEO ZLOO EH DVVLJQHG WR DQDOWHUQDWLYH VLWH 6FKRRO FOXEV FODVVHV DQG GHSDUWPHQW DUHDV DUH HQFRXUDJHG WR VSRQVRUDVVHPEOLHVWKURXJKRXWWKHHDU  6&+22/+($/7+ 7KH&OLQLFLVRSHQGXULQJWKHVFKRROGD6WXGHQWVVKRXOGUHSRUWWR WKHQXUVHIRUKHDOWKHPHUJHQFLHVLOOQHVVDVVHVVPHQWILUVW DLGLQMXULHVHPRWLRQDOVXSSRUWPHGLFDWLRQDGPLQLVWUDWLRQKHDOWK VFUHHQLQJVDQGSKVLFDOVKHDOWKUHFRUGXSGDWHVDQGDQ KHDOWKUHODWHGFRQFHUQV$VWXGHQWPXVWUHFHLYHDSDVVIURPWKH VXSHUYLVLQJWHDFKHUEHIRUHJRLQJWRWKH&OLQLF,IWKHQXUVHLVQRWLQ WKH&OLQLFWKHVWXGHQWVKRXOGUHSRUWWRWKH0DLQ2IILFH$SSURYDO IURPDSDUHQWRUDGXOWGHVLJQDWHGRQWKHHPHUJHQFFDUGLV QHFHVVDUEHIRUHDVWXGHQWZLOOEHGLVPLVVHG  0(,&$7,21,1)250$7,21 Ɣ $FFRUGLQJWR:363ROLFWKHVFKRROQXUVHLVWKH RQOSHUVRQDOORZHGWRDGPLQLVWHUPHGLFDWLRQWRVWXGHQWV LQWKH:HVWIRUG3XEOLF6FKRROV Ɣ

,IDSUHVFULSWLRQPHGLFDWLRQLVWREHJLYHQDWVFKRROLW PXVWEHLQWKHRULJLQDOSKDUPDFERWWOHZLWKWKH SUHVFULSWLRQODEHODWWDFKHGDQGWKH0HGLFDWLRQ $GPLQLVWUDWLRQ3ODQPXVWEHFRPSOHWHG7KHSKDUPDF ZLOOSURYLGHRXZLWKDµVFKRROERWWOH¶ Ɣ 0HGLFDWLRQVDUHNHSWLQWKH1XUVHV¶&OLQLFZLWKWKH H[FHSWLRQRIHPHUJHQFPHGLFDWLRQV HJLQKDOHUV (SL3HQVDQGJOXFDJRQ WKDWVWXGHQWVFDUU   Ɣ Ɣ Ɣ Ɣ ,IRXUFKLOGWDNHVDUHJXODUPHGLFDWLRQRXWVLGHRIVFKRRO LWLVVXJJHVWHGRXFRQWDFWWKHVFKRROQXUVH ,IRXUFKLOGKDVDQDOOHUJUHTXLULQJDQ(SL3HQSOHDVH FRQWDFWWKHQXUVHWRGHYHORSDQ(PHUJHQF+HDOWK&DUH 3ODQ WKHVHFDQEHIRXQGRQWKH:36ZHEVLWH  3DUHQWOHJDOJXDUGLDQVVKRXOGUHWULHYHPHGLFDWLRQVDWWKH HQGRIWKHVFKRROHDUEHFDXVHDOOPHGLFDWLRQVZLOOEH GHVWURHGRQWKHODVWGDRIVFKRRO 6WXGHQWVDUHQRWDOORZHGWRFDUUDQSUHVFULSWLRQ PHGLFLQHXQOHVVJUDQWHGSHUPLVVLRQEWKHVFKRROQXUVH 3+<6,&$/6$1,0081,=$7,216

3KVLFDOV:HVWIRUG3XEOLF6FKRROUHJXODWLRQVUHTXLUHWKDW VWXGHQWVKDYHXSWRGDWHSKVLFDOH[DPLQDWLRQVLQWKHWKJUDGH $FFRUGLQJWR0,$$UXOHVDQVWXGHQWSDUWLFLSDWLQJLQVFKRRO VSRUWVPXVWSURYLGHGRFXPHQWDWLRQRIDQXSWRGDWHSKVLFDO H[DPLQDWLRQEHIRUHWURXWVDSKVLFDOH[DPLQDWLRQGRQHQRPRUH WKDQWKLUWHHQ  PRQWKVSULRUWRWKHFRPSOHWLRQRIWKHGHVLJQDWHG VSRUWVVHDVRQEDOLFHQVHGKHDOWKFDUHSURYLGHURFXPHQWDWLRQRI WKHSKVLFDO ,QFOXGLQJKHLJKWZHLJKWDQGEORRGSUHVVXUH VKRXOG EHJLYHQPDLOHGWRWKHVFKRROQXUVHVDW:HVWIRUG$FDGHP  ,PPXQL]DWLRQV6WXGHQWVPXVWPHHWFXUUHQW0DVVDFKXVHWWV HSDUWPHQWRI3XEOLF+HDOWKLPPXQL]DWLRQUHTXLUHPHQWV6FKRRO KHDOWKUHFRUGVDUHUHYLHZHGSHULRGLFDOOWRGHWHUPLQHWKH LPPXQL]DWLRQVWDWXVRIHDFKVWXGHQW9HULILFDWLRQRILPPXQL]DWLRQV VKRXOGEHVXEPLWWHGWRWKHVFKRROQXUVHWRXSGDWHWKHVWXGHQW¶V KHDOWKUHFRUG 0$1$725<5(3257,1* $OO SURIHVVLRQDO VWDII DUH LQIRUPHG DQQXDOO RI WKHLU REOLJDWLRQV WR UHSRUW

FDVHV RI FKLOG DEXVH DQG QHJOHFW DV VSHFLILHG LQ 0*/ &KDSWHU  †$)DQG0*/&KDSWHU†/ 0$1$7(6&5((1,1*6 6FKRRO+HDOWK6HUYLFHV6WDIIFRQGXFW3RVWXUDOVFUHHQLQJIRU VWXGHQWVLQJUDGHDVZHOODVYLVLRQ KHDULQJDQGKHLJKW ZHLJKW VFUHHQLQJVIRUWKJUDGHVWXGHQWV3DUHQWVOHJDOJXDUGLDQVZLOOEH QRWLILHGRIVFUHHQLQJUHVXOWVEOHWWHURUWHOHSKRQHRQOLIWKH VWXGHQWKDVIDLOHGDVFUHHQLQJH[DPRUUHTXLUHVIXUWKHUFDUHIURP WKHLUKHDOWKFDUHSURYLGHU)LQGLQJVRIWKHVHUHIHUUDOVIRUIROORZXS VKRXOGEHUHWXUQHGWRVFKRROWRXSGDWHDVWXGHQW¶VKHDOWKUHFRUG  0(,&$/(;&/86,21)5206&+22/   $VWXGHQWPDEHGLVPLVVHGRUH[FOXGHGIURPVFKRROIRUDQRIWKH IROORZLQJ Ɣ 7HPSHUDWXUHRYHUƒ RUDOWHPSHUDWXUH  Ɣ LVUXSWLYHFRXJK Ɣ 6XVSHFWHGLQIHFWLRQRIHHHDUVQRVHWKURDWVNLQVFDOS Ɣ 6HYHUHDEGRPLQDOSDLQRUKHDGDFKH Ɣ 6XVSHFWHGFRPPXQLFDEOHGLVHDVH Ɣ 6XVSHFWHGSHGLFXORVLV KHDGOLFH  Ɣ

6XVSHFWHGIUDFWXUHVRUDQVHYHUHRUGLVDEOLQJLQMXU Ɣ 4XHVWLRQDEOHQHHGIRUVXWXUHV Ɣ 9RPLWLQJRUGLDUUKHD Ɣ +HDGLQMXU Ɣ $QWLELRWLFWKHUDSVWDUWHGOHVVWKDQWZHQWIRXU   KRXUVEHIRUHUHWXUQLQJWRVFKRRO Ɣ ,PPXQL]DWLRQVZKLFKDUHQRWXSWRGDWH  (0(5*(1&<&$56 (PHUJHQFFDUGVDUHGLVWULEXWHGWRDOOVWXGHQWVRQWKHILUVWGDRI VFKRRO7KHVHFDUGVVKRXOGEHFRPSOHWHGEWKHSDUHQWOHJDO JXDUGLDQ&RPSOHWHLQIRUPDWLRQLVQHFHVVDUWRHQVXUHRXUFKLOG¶V KHDOWKDQGVDIHWZKLOHDWVFKRRO$OOLQIRUPDWLRQLVFRQILGHQWLDO DQGPXVWEHXSGDWHGLIWKHUHDUHDQFKDQJHV  6&+22/+($/7+5(&256 $OOWKJUDGHVWXGHQWVZLOOUHFHLYHWKHLUHQWLUH0DVVDFKXVHWWV 6FKRRO+HDOWK5HFRUGDWJUDGXDWLRQSUDFWLFH3OHDVHVDIHOVWRUH WKHVHLPSRUWDQWGRFXPHQWVDVWKHZLOOEHQHHGHGIRUFROOHJH PLOLWDUVHUYLFHDQGRUHPSORPHQW  :HVWIRUG$FDGHP6FKRRO1XUVHV  -RDQ0LWFKHOO51%60(G .DWK%RXUGHDX%6151&:2&1  :(%6,7( 3OHDVH YLVLW WKH

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

VFKRRO GLVWULFW¶V LQWHQW WR VXVWDLQDQLQFOXVLYHOHDUQLQJFRPPXQLWWKDW VXSSRUWVDGLYHUVHUDQJHRILGHQWLWLHV 7KH GLVWULFW LV UHVSRQVLEOH IRU HQVXULQJ WKDW VWXGHQW GUHVV FKRLFHV GR QRW LQWHUIHUH ZLWK WKH KHDOWK DQG VDIHW RI DQ VWXGHQW GR QRW FUHDWH D KRVWLOH RU LQWLPLGDWLQJ DWPRVSKHUH IRU DQ VWXGHQW DQG GR QRWFDXVHDQGLVUXSWLRQRUGLVRUGHUZLWKLQ WKHVFKRRO 6FKRRO VWDII VKDOO HQIRUFH WKH GUHVV FRGH FRQVLVWHQWO DQG HTXLWDEO DQG LQ D PDQQHU WKDW UHVSHFWV WKH SULYDF FRPIRUW DQG ZHOOEHLQJ RI WKH VWXGHQW UHVV FRGH HQIRUFHPHQW VKRXOG QRW UHLQIRUFHRULQFUHDVHPDUJLQDOL]DWLRQRIDQJURXSEDVHGRQ UDFH VH[ JHQGHU LGHQWLW JHQGHU H[SUHVVLRQ VH[XDO RULHQWDWLRQ HWKQLFLW UHOLJLRQ FXOWXUDO REVHUYDQFH KRXVHKROG LQFRPH ERG PDWXULW RU ERGWSHVL]H&RQYHUVDWLRQVDERXW GUHVV FKRLFH VKRXOG EH D FROODERUDWLYH GLVFXVVLRQ ZLWK WKH VWXGHQW WR DFKLHYH DQ DSSURSULDWH DQG

VDWLVIDFWRU VROXWLRQ ,I QHFHVVDU WKH VWXGHQW¶V SDUHQWV RU JXDUGLDQVPDEHFRQWDFWHG WR KHOS DGGUHVV WKH LVVXH 6KRXOG D VDWLVIDFWRU VROXWLRQQRWEH UHDFKHG GHFLVLRQV UHJDUGLQJ WKH VDIHW UHVSHFW RU GLVUXSWLRQ RI WKH OHDUQLQJ HQYLURQPHQW ZLOO EH PDGH E WKH EXLOGLQJ SULQFLSDO ,QGLYLGXDO DFFRPPRGDWLRQV PD EH PDGH EDVHG RQ PHGLFDOUHOLJLRXVRUVHQVRUQHHGV  6WXGHQWV6KDOO1RW:HDU ƔFORWKLQJ GHSLFWLQJ KDWH VSHHFK SURIDQLW SRUQRJUDSK YLROHQW LPDJHVRUODQJXDJH Ɣ FORWKLQJ ZLWK LPDJHV RU ODQJXDJH GHSLFWLQJ GUXJV DOFRKROWREDFFR RURWKHUFRQWUROOHGVXEVWDQFHV Ɣ FORWKLQJ RU DFFHVVRULHV WKDW FRXOG EH FRQVLGHUHG GDQJHURXV XVHG DV ZHDSRQVRUFRXOGFDXVHGDPDJHWRVFKRROSURSHUW ƔKDWVRUKRRGVRIDQWSHLQVFKRROGXULQJVFKRROKRXUV  ƔRXWGRRUFORWKLQJVXFKDVZLQWHUFRDWVVKRXOGEHUHPRYHGLQVFKRRO   ,QGLYLGXDODFFRPPRGDWLRQVPDEHPDGHEDVHGRQPHGLFDOUHOLJLRXV RUVHQVRUQHHGV  

 6WXGHQWV6KDOO:HDU &ORWKLQJDQGIRRWZHDUDSSURSULDWHIRUWKHOHDUQLQJHQYLURQPHQW RU DFWLYLW 0RUH VSHFLILF VWXGHQWGUHVVJXLGHOLQHVZKLFKVKDOO EH LQFOXVLYH JHQGHU QHXWUDO DQG DFFHVVLEOH WR DOO VWXGHQWVPD EH SURYLGHG IRU FHUWDLQ VFKRRO DFWLYLWLHV LQFOXGLQJ EXW QRW OLPLWHGWR Ɣ:HOOQHVVFODVVHV Ɣ6FKRROVSRQVRUHGVSHFLDOHYHQWVSHUIRUPDQFHVDQGFHUHPRQLHV Ɣ)LHOGWULSV Ɣ([WUDFXUULFXODUDFWLYLWLHVDQGFOXEV Ɣ$WKOHWLFV Ɣ6FLHQFHODEV Ɣ5HFHVVSODJURXQGV   ),(/75,36 6XEMHFWPDWWHUILHOGWULSVVKRXOGEHFRQVLGHUHGDVDQH[WHQVLRQRI WKHFODVVURRPDQGDVVXFKDOOVWXGHQWVVKRXOGDWWHQG6WXGHQWVPD EHGHQLHGSDUWLFLSDWLRQGXHWRH[WHQXDWLQJFLUFXPVWDQFHVDJUHHG XSRQSULRUWRWKHWULS6WXGHQWVQRWDWWHQGLQJDWULSPXVWEHOHIWDQ DOWHUQDWLYHDVVLJQPHQWLQWKHFODVVWKDWLVLQYROYHGLQWKHWULSDQG DUHH[SHFWHGWRDWWHQGDOORWKHUFODVVHVWKDWGD6WXGHQWVDUHVWLOO

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

WKHVWXGHQWPXVWEHFXUUHQWLQWKH1XUVHV¶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

VWXGHQWV KDYH D ULJKW WR HLWKHU UHPDLQ LQ WKHLU VFKRRO RI RULJLQ RU WR DWWHQG VFKRRO ZKHUH WKH DUH WHPSRUDULOUHVLGLQJ  &KLOGUHQ ZKR PRYH IURP D KRPHOHVV VLWXDWLRQ LQWR D SHUPDQHQW UHVLGHQFH GXULQJ WKH FRXUVH RI D VFKRRO HDU KDYH WKH ULJKW WR VWD LQ WKH VFKRRO WKH ZHUH DWWHQGLQJ ZKLOH WKH ZHUH WHPSRUDULO KRPHOHVV ,I WKH FKLOG RU RXWK FRQWLQXHV KLV RU KHU HGXFDWLRQ LQ WKH VFKRRO RI RULJLQ EXW EHJLQV OLYLQJ LQ DQ DUHD VHUYHG E DQRWKHU VFKRRO GLVWULFW WKHVFKRROGLVWULFWRIRULJLQDQGWKHVFKRRO GLVWULFW LQ ZKLFK WKH KRPHOHVV FKLOG RU RXWK LV OLYLQJ PXVW DJUHH XSRQ D PHWKRGWRDSSRUWLRQWKHUHVSRQVLELOLW DQG FRVWV IRU SURYLGLQJ WKH FKLOG RU RXWK ZLWK WUDQVSRUWDWLRQ WR DQG IURP WKH VFKRRO RI RULJLQ ,I WKH VFKRRO GLVWULFWV FDQQRW DJUHH XSRQ D PHWKRG WKH UHVSRQVLELOLWDQGFRVWVIRUWUDQVSRUWDWLRQDUHWREHVKDUHG HTXDOO  6WXGHQWV ZKR FKRRVH WR HQUROO

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³KRPHOHVV FKLOGUHQDQGRXWKV´DVLQGLYLGXDOVZKRODFNDIL[HGUHJXODUDQG DGHTXDWHQLJKWWLPHUHVLGHQFH7KHWHUPLQFOXGHV² ‡&KLOGUHQDQGRXWKVZKRDUH  VKDULQJWKHKRXVLQJRIRWKHUSHUVRQVGXHWRORVVRI KRXVLQJHFRQRPLFKDUGVKLSRUDVLPLODUUHDVRQ VRPHWLPHVUHIHUUHGWRDV³GRXEOHGXS´  

OLYLQJLQPRWHOVKRWHOVWUDLOHUSDUNVRUFDPSLQJ JURXQGVGXHWRODFNRIDOWHUQDWLYHDGHTXDWH DFFRPPRGDWLRQV  OLYLQJLQHPHUJHQFRUWUDQVLWLRQDOVKHOWHUVRU  DEDQGRQHGLQKRVSLWDOV ‡ &KLOGUHQDQGRXWKVZKRKDYHDSULPDUQLJKWWLPH UHVLGHQFHWKDWLVDSXEOLFRUSULYDWHSODFHQRWGHVLJQHG IRURURUGLQDULOXVHGDVDUHJXODUVOHHSLQJ DFFRPPRGDWLRQIRUKXPDQEHLQJV ‡ &KLOGUHQDQGRXWKVZKRDUHOLYLQJLQFDUVSDUNVSXEOLF VSDFHVDEDQGRQHGEXLOGLQJVVXEVWDQGDUGKRXVLQJEXVRU WUDLQVWDWLRQVRUVLPLODUVHWWLQJVDQG ‡ 0LJUDWRUFKLOGUHQZKRTXDOLIDVKRPHOHVVEHFDXVHWKH DUHOLYLQJLQFLUFXPVWDQFHVGHVFULEHGDERYH $GGLWLRQDOLQIRUPDWLRQLVDYDLODEOHDW KWWSZZZGRHPDVVHGXPY  027259(+,&/(,/,1* 2SHUDWRUVRIDQEXVRUPRWRUYHKLFOHDUHSURKLELWHGIURPDQGPD EHILQHGIRUSURORQJHGLGOLQJRIVDLGYHKLFOHRQVFKRROJURXQGV SXUVXDQWWR0*/F†%   126&+22/$11281&(0(176

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

SURWHFWHGDUHDV SURWHFWHGLQIRUPDWLRQVXUYH LIWKH VXUYHLVIXQGHGLQZKROHRULQSDUWEDSURJUDPRIWKH 86HSDUWPHQWRI(GXFDWLRQ 2( SROLWLFDO DIILOLDWLRQVRUEHOLHIVRIWKHVWXGHQWRUVWXGHQW VSDUHQW PHQWDORUSVFKRORJLFDOSUREOHPVRIWKHVWXGHQWRU VWXGHQW VIDPLOVH[EHKDYLRURUDWWLWXGHVLOOHJDO DQWLVRFLDOVHOILQFULPLQDWLQJRUGHPHDQLQJEHKDYLRU FULWLFDODSSUDLVDOVRIRWKHUVZLWKZKRPUHVSRQGHQWVKDYH FORVHIDPLOUHODWLRQVKLSVOHJDOOUHFRJQL]HGSULYLOHJHG UHODWLRQVKLSVVXFKDVZLWKODZHUVGRFWRUVRUPLQLVWHUV UHOLJLRXVSUDFWLFHVDIILOLDWLRQVRUEHOLHIVRIWKHVWXGHQWRU SDUHQWVRULQFRPHRWKHUWKDQDVUHTXLUHGEODZWR GHWHUPLQHSURJUDPHOLJLELOLW  5HFHLYHQRWLFHDQGDQRSSRUWXQLWWRRSWDVWXGHQWRXWRI WKHIROORZLQJDQRWKHUSURWHFWHGLQIRUPDWLRQVXUYH UHJDUGOHVVRIIXQGLQJDQQRQHPHUJHQFLQYDVLYH SKVLFDOH[DPRUVFUHHQLQJUHTXLUHGDVDFRQGLWLRQRI DWWHQGDQFHDGPLQLVWHUHGEWKHVFKRRORULWVDJHQWDQG

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

VWXGHQW SULYDF LQ WKH DGPLQLVWUDWLRQRI SURWHFWHG LQIRUPDWLRQ VXUYHV DQG WKHFROOHFWLRQGLVFORVXUHRUXVH RI SHUVRQDO LQIRUPDWLRQ IRU PDUNHWLQJ VDOHV RU RWKHU GLVWULEXWLRQ SXUSRVHV 7KH LVWULFW ZLOO GLUHFWO QRWLI SDUHQWV RI WKHVHSROLFLHV DW OHDVW DQQXDOO DW WKH VWDUW RI HDFK VFKRRO HDU DQG DIWHU DQ VXEVWDQWLYH FKDQJHV 7KH LVWULFW ZLOO DOVR GLUHFWO QRWLI VXFK DV WKURXJK 86 0DLO RU HPDLO SDUHQWV RI VWXGHQWV ZKRDUHVFKHGXOHG WR SDUWLFLSDWH LQ WKH VSHFLILF DFWLYLWLHV RU VXUYHV QRWHG EHORZ DQG ZLOO SURYLGH DQRSSRUWXQLWIRUWKHSDUHQWWRRSWKLVRUKHUFKLOGRXW RI SDUWLFLSDWLRQ RI WKH VSHFLILF DFWLYLW RU VXUYH 7KH LVWULFWZLOO PDNH WKLV QRWLILFDWLRQWRSDUHQWVDWWKHEHJLQQLQJRIWKHVFKRROHDU LI WKH LVWULFWKDVLGHQWLILHGWKHVSHFLILFRUDSSUR[LPDWHGDWHVRIWKH DFWLYLWLHV RU VXUYHV DW WKDW WLPH )RU VXUYHV DQG DFWLYLWLHV VFKHGXOHG DIWHU WKH VFKRRO HDU VWDUWV SDUHQWV

ZLOO EH SURYLGHG UHDVRQDEOH QRWLILFDWLRQ RI WKH SODQQHG DFWLYLWLHV DQG VXUYHV OLVWHG EHORZ DQG EH SURYLGHG DQRSSRUWXQLWWRRSWWKHLUFKLOGRXWRIVXFK DFWLYLWLHV DQG VXUYHV 3DUHQWV ZLOODOVREHSURYLGHGDQRSSRUWXQLW WRUHYLHZDQSHUWLQHQWVXUYHV 6SHFLILF DFWLYLWLHV DQG VXUYHV FRYHUHG XQGHU WKLV UHTXLUHPHQW LQFOXGH WKH FROOHFWLRQ GLVFORVXUH RU XVH RI SHUVRQDO LQIRUPDWLRQ IRU PDUNHWLQJ VDOHV RU RWKHU GLVWULEXWLRQWKHDGPLQLVWUDWLRQRIDQ SURWHFWHG LQIRUPDWLRQ VXUYH QRW IXQGHG LQ ZKROH RU LQ SDUW E 2( DQG DQ QRQHPHUJHQF LQYDVLYH SKVLFDO H[DPLQDWLRQ RU VFUHHQLQJ DV GHVFULEHG DERYH3DUHQWVZKREHOLHYHWKHLUULJKWVKDYH EHHQYLRODWHGPDILOHDFRPSODLQWZLWK )DPLO3ROLF&RPSOLDQFH2IILFH 86HSDUWPHQWRI(GXFDWLRQ 0DUODQG$YHQXH6: :DVKLQJWRQ&    3DUHQW1RWLILFDWLRQ5HJDUGLQJ6H[XDO(GXFDWLRQDQG+XPDQ 6H[XDOLW,VVXHV 0*/ F  † $ QRWHV WKDW SDUHQWV PXVW

EH SURYLGHG DQ ³RSWRXW´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¶VIUHHGRPRIPRYHPHQW 3KVLFDOUHVWUDLQWVKDOOEHFRQVLGHUHGDQHPHUJHQFSURFHGXUHRI ODVWUHVRUWDQGVKDOOEHSURKLELWHGH[FHSWZKHQDVWXGHQW¶VEHKDYLRU

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³6HFWLRQ´ LVD IHGHUDOODZGHVLJQHGWRSURWHFWWKHULJKWVRILQGLYLGXDOVZLWK GLVDELOLWLHVLQSURJUDPVDQGDFWLYLWLHVWKDWUHFHLYHIHGHUDOILQDQFLDO DVVLVWDQFHIURPWKH86HSDUWPHQWRI(GXFDWLRQ6HFWLRQ SURYLGHV³1RRWKHUZLVHTXDOLILHGLQGLYLGXDOZLWKDGLVDELOLWLQWKH

8QLWHG6WDWHVVKDOOVROHOEUHDVRQRIKHURUKLVGLVDELOLWEH H[FOXGHGIURPWKHSDUWLFLSDWLRQLQEHGHQLHGWKHEHQHILWVRIRUEH VXEMHFWHGWRGLVFULPLQDWLRQXQGHUDQSURJUDPRUDFWLYLWUHFHLYLQJ )HGHUDOILQDQFLDODVVLVWDQFH´7LWOH,,RIWKH$PHULFDQVZLWK LVDELOLWLHV$FWRI 7LWOH,, LVDIHGHUDOODZWKDWDSSOLHVWR SXEOLFHQWLWLHVLQFOXGLQJWKHFRQIRUPLQJDPHQGPHQWWR6HFWLRQ WKDWDIIHFWVWKHPHDQLQJRIDGLVDELOLWXQGHU6HFWLRQ    7KH6HFWLRQUHJXODWLRQVUHTXLUHDVFKRROGLVWULFWWRSURYLGHD ³IUHHDSSURSULDWHSXEOLFHGXFDWLRQ´ )$3( WRHDFKTXDOLILHG VWXGHQWZLWKDGLVDELOLWZKRLVLQWKHVFKRROGLVWULFW¶VMXULVGLFWLRQ UHJDUGOHVVRIWKHQDWXUHRUVHYHULWRIWKHGLVDELOLW8QGHU6HFWLRQ D)$3(FRQVLVWVRIWKHSURYLVLRQRIUHJXODURUVSHFLDO HGXFDWLRQDQGUHODWHGDLGVDQGVHUYLFHVGHVLJQHGWRPHHWWKH VWXGHQW¶VLQGLYLGXDOHGXFDWLRQDOQHHGVDVDGHTXDWHODVWKHQHHGVRI QRQGLVDEOHGVWXGHQWVDUHPHW

,QGLYLGXDOVZKRKDYHFRPSODLQWVUHJDUGLQJWKHLVWULFW¶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

UHSODFHPHQWIHHIRUDOOORVWRUGDPDJHGERRNVRUHTXLSPHQW$ UHSODFHPHQWIRUDORVWDQGRUVWROHQWH[WERRNRUSLHFHRIHTXLSPHQW ZLOOEHLVVXHGXSRQIXOOSDPHQWIRUWKHRULJLQDO   7+()7 ,IDVWXGHQWEHOLHYHVWKDWDSHUVRQDOLWHPPDKDYHEHHQVWROHQWKH VKRXOGLPPHGLDWHOUHSRUWWRWKHDGPLQLVWUDWLRQ$GPLQLVWUDWLRQ ZLOOFRPSOHWHWKHIROORZLQJFKHFNOLVW Ɣ VSHDNWRWKHVWXGHQWDQGREWDLQDVWDWHPHQW Ɣ FRPSOHWHDWKHIWUHSRUW Ɣ LVVXHFRSLHVRIWKHIWUHSRUWWRGHSDUWPHQW V DQGFXVWRGLDO VWDII Ɣ QRWLIVWXGHQWRIORVWDQGIRXQGDUHDV Ɣ QRWLIVWXGHQWLILWHPLVUHFRYHUHG Ɣ QRWLISROLFHLIDSSURSULDWH    9,6,7256 :HVWIRUG$FDGHPZHOFRPHVVWXGHQWYLVLWVEXWWKHJXHVW¶VYLVLW PXVWVHUYHDSXUSRVHUHODWLQJWRWKHVFKRRO7KHVWXGHQWLVWKH UHVSRQVLELOLWRIWKH:HVWIRUGVWXGHQWVDQGWKHPXVWUHPDLQZLWK KLPKHUIRUWKHGXUDWLRQRIWKHLUYLVLW   $QYLVLWRUZKRDUHDJXHVWRIDVWXGHQWPXVWEHDSSURYHGE $GPLQLVWUDWLRQDWOHDVWWZHQWIRXU 

KRXUVSULRUWRWKHJXHVW¶V DUULYDO$IRUPPXVWEHILOOHGRXWEWKH:HVWIRUG$FDGHP VWXGHQWZKLFKJUDQWVSHUPLVVLRQIURPWKHYLVLWRU¶VVFKRRODQGWKH SDUHQWRIWKH:HVWIRUG$FDGHPVWXGHQW7KLVIRUPPXVWEH UHWXUQHGDQGDSSURYHGEWKH$GPLQLVWUDWLRQEHIRUHWKHYLVLWFDQ RFFXU  :25.,1*3$3(56 ,QRUGHUIRUDVWXGHQWDJHIRXUWHHQ  WRVHYHQWHHQ  WREH HPSORHGLQWKH&RPPRQZHDOWKRI0DVVDFKXVHWWVWKHPXVWKDYH DQHPSORPHQWSHUPLW7KLVIRUPLVDYDLODEOHDWWKH3ULQFLSDO¶V 2IILFH$VWXGHQWEHWZHHQIRXUWHHQ  DQGVL[WHHQ  PXVWEH DFFRPSDQLHGEDSDUHQWWRVLJQWKHIRUPDORQJZLWKWKH3ULQFLSDO 7KRVHVWXGHQWVDJHVL[WHHQ  WRVHYHQWHHQ  QHHGRQOWRVLJQ WKHLURZQQDPHVDORQJZLWKWKH3ULQFLSDO  %86672332/,&< 7KH$VVLVWDQW6XSHULQWHQGHQWRI)LQDQFHDQG$GPLQLVWUDWLRQLV UHVSRQVLEOHIRUHVWDEOLVKLQJSURSHUVWDQGDUGVRIVDIHWLQWKH RSHUDWLRQRIEXVVHVDQGVKDOOHQVXUHWKHLUHQIRUFHPHQWEWKHEXV FRQWUDFWRU 

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¶DGPLQLVWUDWRUVLQWKHLUGLVFUHWLRQ PDGHQRUOLPLWDVWXGHQW¶VDFFHVVWRFRFXUULFXODUDFWLYLWLHVDVD GLVFLSOLQDUVDQFWLRQ 

0($1,1*2)3$57,&,3$7,21,)121(/,,%/(  $WKOHWLFV,IGHWHUPLQHGWREHQRQHOLJLEOHEHFDXVHWKHVWXGHQW WKURXJKDQFRPELQDWLRQRIWZRFRXUVHVKDVIDLOHGUHFHLYHG ,QFRPSOHWHVRUQRWUHFHLYHGFUHGLWGXHWRDWWHQGDQFHUHODWHGLVVXHV WKHVWXGHQWLVQRWSHUPLWWHGWRSUDFWLFHRUSDUWLFLSDWHZLWKWKHLUWHDP LQDQZD8SRQWKHLVVXDQFHRIWKHQH[WSURJUHVVUHSRUWVKRXOG LWEHGHPRQVWUDWHGWKDWWKHVWXGHQWLVSDVVLQJDOOFODVVHVWKHPD SUDFWLFHDQGSDUWLFLSDWHLQWKHVSRUW DWWKHGLVFUHWLRQRIWKHFRDFK EXWDUHQRWSHUPLWWHGWR³VXLWXS´RUSDUWLFLSDWHLQDQFRPSHWLWLRQ LQFOXGLQJVFULPPDJHVDJDLQVWDQRWKHUVFKRRO¶VWHDPXQWLOWKH LVVXDQFHRIWKHQH[WUHSRUWFDUGZKHQHOLJLELOLWZLOOEH UHGHWHUPLQHG,IWKHVWXGHQWKDVUHFHLYHGPRUHWKDQWZR  IDLOLQJ JUDGHVWKHVWXGHQWLVLQHOLJLEOHIRUWKHGXUDWLRQRIWKHTXDUWHU XQWLO WKHLVVXDQFHRIWKHQH[W5HSRUW&DUG DQGPDQRWWURXWSUDFWLFH RUSDUWLFLSDWHZLWKWKHWHDPLQDQZD

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

RXWSUDFWLFHDQGFRPSHWH LQDWKOHWLFVDQG FRFXUULFXODUHYHQWV )DLOLQJ 6WXGHQWPDQRW ,ISDVVLQJDOOFODVVHVDW *UDGHV SDUWLFLSDWHLQDQZD QH[WSURJUHVVUHSRUW ZLWKWHDPFOXEDFWLYLW VWXGHQWLVSHUPLWWHGWR 6WXGHQWLVQRWHOLJLEOHIRU SUDFWLFHZLWKWHDPRU DQFRPSHWLWLRQIRU DWWHQGFOXEDFWLYLWLHVEXW GXUDWLRQRITXDUWHUXQWLO LVVWLOOLQHOLJLEOHWR FRPSHWHRUSHUIRUP LVVXDQFHRIQH[WUHSRUW ZLWKWKDW FDUG  WHDPFOXEDFWLYLWXQWLO LVVXDQFHRIQH[WUHSRUW FDUG )DLOLQJ 6WXGHQWPDQRW &DQQRWEHXVHGWR *UDGHV SDUWLFLSDWHLQDQZD UHLQVWDWHSHUPLVVLRQWR ZLWKWHDPFOXEDFWLYLW WURXWSUDFWLFHDQGRU 6WXGHQWLVQRWHOLJLEOHDQG FRPSHWHZLWKDQFOXE PDQRWWURXW RUWHDP SDUWLFLSDWHRUFRPSHWH ZLWKDQWHDPFOXEIRU GXUDWLRQRITXDUWHUXQWLO LVVXDQFHRIQH[WUHSRUW FDUG    $ VWXGHQW PXVW EH RQ WLPH DQG DWWHQG VFKRRO XQWLO WKH HQG RI 3HULRG  RU EH LQ VFKRROEWKHVWDUWRIWKHUG3HULRGDQGVWD IRU WKH

UHPDLQGHU RI WKH GD RQ WKH GD RI DQ DFWLYLW RI D VSRUW FOXE RU RUJDQL]DWLRQ WR EHHOLJLEOHWRSDUWLFLSDWHRQWKDW GD ([FHSWLRQV PXVW EH FOHDUHG WKURXJK DQ $GPLQLVWUDWLYH 7HDPGHFLVLRQ 6XVSHQVLRQGHWHQWLRQZLOOEHDUHDVRQIRUQRW EHLQJ DEOH WR SDUWLFLSDWH LQ D SUDFWLFH JDPH RU DIWHUVFKRRO DFWLYLWLHV  $ VWXGHQW PXVW EH LQ VFKRRO RQ WKH )ULGD EHIRUH D ZHHNHQG DFWLYLW RU FRQWHVW ([FHSWLRQV PXVW EH FOHDUHG WKURXJK WKH DSSURSULDWH$GPLQLVWUDWLYH7HDP      b b b 7+,6$&$(0,&(/,*,%,/,7<5(48,5(0(17 $33/,(672$//632576&/8%6$1 25*$1,=$7,216,1&/8,1%87127/,0,7(72 7+26(/,67(%(/2:  &R&XUULFXODU 6XEMHFWWR(OLJLELOLW  $)6 $PQHVW,QW O $UW&OXE $WKOHWLFV &KHHUOHDGLQJ &KRLU &LUUXV &ODVV2IILFHUV &RPSXWHU6RFLHW &RPPXQLW6HUYLFH (&$ UDPD&OXE )UHQFK&OXE *HUPDQ&OXE *D6WUDLJKW $OOLDQFH

/DWLQ&OXE ,QWUDPXUDO -D]]%DQG 0DUFKLQJ%DQG 0DWK7HDP 0RFN7ULDO 1+6   2UFKHVWUD 2XWLQJ&OXE 3HHU&RXQVHORU 3HHU0HGLDWLRQ 6FKRRO1HZVSDSHU &RPPXQLW 6HUYLFH7HDP  HEDWH7HDP )XWXUH(GXFDWRUVRI $PHULFD %HRQG:RUGV /LWHUDU0DJD]LQH 3KRWRJUDSK 6$ 6FKRRO6WRUH $&6/&RPSXWHU 6FLHQFH $QLPDO5LJKWV $LU6RIW :$%HVW)ULHQG %RRN&OXE &KHVV&OXE 6NL&OXE 6SDQLVK&OXE  6WXGHQW&RXQFLO <HDUERRN  :$%& %URDGFDVW&OXE  6FLHQFH2OPSLDG 3KLORVRSK&OXE 3ROLWLFDO)RUXP  &21&866,216bb b R 0DQDJLQJ6WXGHQW+HDG,QMXULHV,QWKHHYHQWRIDVWXGHQWb KHDGLQMXUGXULQJDQVFKRROUHODWHGDFWLYLWRUHYHQW:36b SHUVRQQHOZLOOb b  5HPRYHWKHVWXGHQWIURPWKHDFWLYLW LPPHGLDWHO:KHQDKHDGLQMXURFFXUVRULVb VXVSHFWHGWKHVWXGHQWFDQQRWEHUHWXUQHGWRWKHb DFWLYLWRQGDRILQMXUb b  1RWLIDSSURSULDWHHPHUJHQFPHGLFDOb SHUVRQQHOb b 

&RPSOHWHDVWXGHQWDFFLGHQWIRUPDQGUHSRUWb WKHKHDGLQMXUWRWKHVFKRROQXUVHRUDWKOHWLFb   WUDLQHUb b  1RWLIWKHSDUHQWJXDUGLDQRIWKHUHDORUb VXVSHFWHGLQMXUDQGUHFRPPHQGDPHGLFDOb HYDOXDWLRQRIWKHLQMXUb  (QWHUWKHDFWXDORUVXVSHFWHGKHDGLQMXU LQIRUPDWLRQLQWRWKH:366WXGHQW,QIRUPDWLRQb 6VWHPGDWDEDVHb  5HTXLUHZULWWHQPHGLFDOFOHDUDQFHDQGb DXWKRUL]DWLRQEHIRUHWKHVWXGHQWFDQUHWXUQWRb DFWLYLWb  &UHDWHDZULWWHQUHHQWUSODQIRUHDFKVWXGHQWb UHPRYHGIURPWKHDFWLYLWDQGVXEVHTXHQWO GLDJQRVHGZLWKDFRQFXVVLRQWREHVKDUHGZLWKb DSSURSULDWHVFKRROVWDIIIRUDJUDGXDWHGUHWXUQb WRIXOODFDGHPLFDQGH[WUDFXUULFXODUDFWLYLWLHVb b b b    678(17$9,625<&200,77(( 6WXGHQW$GYLVRULVDFRPPLWWHHRIQRWPRUHWKDQVL[  VWXGHQWV HOHFWHGDQQXDOOZKRDFWDVUHSUHVHQWDWLYHVWRWKH6FKRRO &RPPLWWHH7KHPHPEHUVDUHH[SHFWHGWRDWWHQGWKHPHHWLQJV,WLV DYHULPSRUWDQWSRVLWLRQDVWKHVHPHPEHUVDUHWRUHVSRQGWR

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b KWWSZZZPLDDQHWFRQWHQWPHDVBSDJHVYLHZSKS"VLG  SDJH BLG  

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¶V2IILFHIRU&LYLO5LJKWVWK)ORRU3RVW2IILFH6TXDUH %RVWRQ0$  RUZLWKWKH 0DVVDFKXVHWWV&RPPLVVLRQ$JDLQVWLVFULPLQDWLRQ2QH

$VKEXUWRQ3ODFH6L[WK)ORRU5RRP%RVWRQ0$  )RUFRPSODLQWVRIGLVFULPLQDWLRQRQWKHEDVLVRI GLVDELOLWWKHFRPSODLQDQWPDDOVRILOHDFRPSODLQWZLWKWKH 0DVVDFKXVHWWVHSDUWPHQWRI(OHPHQWDUDQG6HFRQGDU (GXFDWLRQ3OHDVDQW6WUHHW0DOGHQ0$   &RPSODLQWVRIGLVFULPLQDWLRQLQHPSORPHQWSUDFWLFHVPDDOVREH ILOHGZLWKWKH8QLWHG6WDWHV(TXDO(PSORPHQW2SSRUWXQLW &RPPLVVLRQ ((2& -).)HGHUDO%XLOGLQJ*RYHUQPHQW &HQWHU%RVWRQ0$    0*/&+$37(5 +$=,1  ,QDFFRUGDQFHZLWK:HVWIRUG3XEOLF6FKRROV3ROLF  +D]LQJLVVWULFWOSURKLELWHGLQWKH:HVWIRUG3XEOLF6FKRROV 3XUVXDQWWRVFKRROFRPPLWWHHSROLFDQG0*/&KDSWHU VHFWLRQVDQGKD]LQJVKDOOLQFOXGHDQFRQGXFWRUPHWKRG RILQLWLDWLRQLQWRDQVWXGHQWRUJDQL]DWLRQZKHWKHURQSXEOLFRU SULYDWHSURSHUWZKLFKZLOOIXOORUUHFNOHVVOHQGDQJHUVWKH

SKVLFDORUPHQWDOKHDOWKRIDQVWXGHQWRURWKHUSHUVRQ6XFK FRQGXFWVKDOOLQFOXGHZKLSSLQJEHDWLQJEUDQGLQJIRUFHG FDOLVWKHQLFVH[SRVXUHWRWKHZHDWKHUIRUFHGFRQVXPSWLRQRIDQ IRRGOLTXRUEHYHUDJHGUXJRURWKHUVXEVWDQFHRUDQRWKHUEUXWDO WUHDWPHQWRUIRUFHGSKVLFDODFWLYLWZKLFKLVOLNHOWRDGYHUVHO   DIIHFWWKHSKVLFDOKHDOWKRUVDIHWRIDQVXFKVWXGHQWRURWKHU SHUVRQRUZKLFKVXEMHFWVVXFKVWXGHQWRURWKHUSHUVRQWRH[WUHPH PHQWDOVWUHVVLQFOXGLQJH[WHQGHGGHSULYDWLRQRIVOHHSRUUHVWRU H[WHQGHGLVRODWLRQ  $QRQHDVVRFLDWHGZLWKWKH:HVWIRUG3XEOLF6FKRROVZKRNQRZV WKDWDQRWKHUSHUVRQLVWKHYLFWLPRIKD]LQJDVGHVFULEHGDERYHDQG LVDWWKHVFHQHRIVXFKFRQGXFWVKDOOWRWKHH[WHQWWKDWVXFKSHUVRQ FDQGRVRZLWKRXWGDQJHURUSHULOWRKLPVHOIRURWKHUVUHSRUWVXFK FRQGXFWWRDQDSSURSULDWHODZHQIRUFHPHQWRIILFLDODQGWKHRIILFHRI WKH6XSHULQWHQGHQWRI6FKRROVDVVRRQDVUHDVRQDEOSUDFWLFDEOH 

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

ZKLFKZLOOIXOORUUHFNOHVVOHQGDQJHUVWKHSKVLFDORUPHQWDO KHDOWKRIDQVWXGHQWRURWKHUSHUVRQ6XFKFRQGXFWVKDOOLQFOXGH ZKLSSLQJEHDWLQJEUDQGLQJIRUFHGFDOLVWKHQLFVH[SRVXUHWRWKH ZHDWKHUIRUFHGFRQVXPSWLRQRIDQIRRGOLTXRUEHYHUDJHGUXJRU RWKHUVXEVWDQFHRUDQRWKHUEUXWDOWUHDWPHQWRUIRUFHGSKVLFDO DFWLYLWZKLFKLVOLNHOWRDGYHUVHODIIHFWWKHSKVLFDOKHDOWKRU VDIHWRIDQVXFKVWXGHQWRURWKHUSHUVRQRUZKLFKVXEMHFWVVXFK VWXGHQWRURWKHUSHUVRQWRH[WUHPHPHQWDOVWUHVVLQFOXGLQJ H[WHQGHGGHSULYDWLRQRIVOHHSRUUHVWRUH[WHQGHGLVRODWLRQ 1RWZLWKVWDQGLQJDQRWKHUSURYLVLRQVRIWKLVVHFWLRQWRWKH FRQWUDUFRQVHQWVKDOOQRWEHDYDLODEOHDVDGHIHQVHWRDQ SURVHFXWLRQXQGHUWKLVDFWLRQ )DLOXUHWRUHSRUWKD]LQJ :KRHYHUNQRZVWKDWDQRWKHUSHUVRQLVWKHYLFWLPRIKD]LQJDV GHILQHGLQVHFWLRQVHYHQWHHQDQGLVDWWKHVFHQHRIVXFKFULPHVKDOO WRWKHH[WHQWWKDWVXFKSHUVRQFDQGRVRZLWKRXWGDQJHURUSHULOWR

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

(DFKVXFKLQVWLWXWLRQRIVHFRQGDUHGXFDWLRQDQGHDFKSXEOLFRU SULYDWHLQVWLWXWLRQRISRVWVHFRQGDUHGXFDWLRQVKDOODWOHDVW DQQXDOOEHIRUHRUDWWKHVWDUWRIHQUROOPHQWGHOLYHUWRHDFKSHUVRQ ZKRHQUROOVDVDIXOOWLPHVWXGHQWLQVXFKLQVWLWXWLRQDFRSRIWKLV VHFWLRQDQGVHFWLRQVVHYHQWHHQDQGHLJKWHHQ (DFKLQVWLWXWLRQRIVHFRQGDUHGXFDWLRQDQGHDFKSXEOLFRUSULYDWH LQVWLWXWLRQRISRVWVHFRQGDUHGXFDWLRQVKDOOILOHDWOHDVWDQQXDOOD UHSRUWZLWKWKHERDUGRIKLJKHUHGXFDWLRQDQGLQWKHFDVHRI VHFRQGDULQVWLWXWLRQVWKHERDUGRIHGXFDWLRQFHUWLILQJWKDWVXFK LQVWLWXWLRQKDVFRPSOLHGZLWKLWVUHVSRQVLELOLWWRLQIRUPVWXGHQW JURXSVWHDPVRURUJDQL]DWLRQVDQGWRQRWLIHDFKIXOOWLPHVWXGHQW HQUROOHGELWRIWKHSURYLVLRQVRIWKLVVHFWLRQDQGVHFWLRQV VHYHQWHHQDQGHLJKWHHQDQGDOVRFHUWLILQJWKDWVDLGLQVWLWXWLRQKDV DGRSWHGDGLVFLSOLQDUSROLFZLWKUHJDUGWRWKHRUJDQL]HUVDQG SDUWLFLSDQWVRIKD]LQJDQGWKDWVXFKSROLFKDVEHHQVHWIRUWKZLWK

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

:KRHYHUQRWEHLQJDODZHQIRUFHPHQWRIILFHUDQGQRWZLWKVWDQGLQJ DQOLFHQVHREWDLQHGEKLPXQGHUWKHSURYLVLRQVRI&KDSWHU FDUULHVRQKLVSHUVRQDILUHDUPDVKHUHLQDIWHUGHILQHGORDGHGRU XQORDGHGLQDQEXLOGLQJRURQWKHJURXQGVRIDQVHFRQGDU VFKRROFROOHJHRUXQLYHUVLWZLWKRXWWKHZULWWHQDXWKRUL]DWLRQRI WKH%RDUGRU2IILFHULQFKDUJHRIVXFKVHFRQGDUVFKRROFROOHJHRU XQLYHUVLWVKDOOEHSXQLVKHGEDILQHRIQRWPRUHWKDQRUE LPSULVRQPHQWIRUQRWPRUHWKDQRQHHDURUERWK)RUWKHSXUSRVH RIWKLVSDUDJUDSK³ILUHDUP´VKDOOPHDQDQSLVWROUHYROYHUULIOHRU VPRRWKERUHDUPIURPZKLFKDVKRWEXOOHWRUSHOOHWFDQEH GLVFKDUJHGEZKDWHYHUPHDQV  +$5$660(1732/,&< ,QDFFRUGDQFHZLWK7KH:HVWIRUG3XEOLF6FKRROV3ROLF  7KH6FKRRO&RPPLWWHHLVFRPPLWWHGWRPDLQWDLQLQJDZRUNDQG HGXFDWLRQDOHQYLURQPHQWIUHHIURPDOOIRUPVRIKDUDVVLQJFRQGXFW +DUDVVPHQWLQFOXGLQJEXWQRWOLPLWHGWRUDFHFRORUUHOLJLRQ

QDWLRQDORULJLQJHQGHUVH[JHQGHULGHQWLWFUHHGPDULWDOVWDWXV VH[XDORULHQWDWLRQRUGLVDELOLWZLOOQRWEHWROHUDWHGLQWKH:HVWIRUG 3XEOLF6FKRROV$OOHPSORHHVVWXGHQWVFRQWUDFWHGYHQGRUVDQG RWKHUPHPEHUVRIWKHVFKRROFRPPXQLWZLOOFRQGXFWWKHPVHOYHVLQ DQDSSURSULDWHPDQQHUZLWKUHVSHFWGLJQLWFRXUWHVDQGIDLU WUHDWPHQWIRUHDOOLQGLYLGXDOVZKLOHRQVFKRROJURXQGVVFKRRO SURSHUWRUSURSHUWZLWKLQWKHMXULVGLFWLRQRIWKHVFKRROGLVWULFW VFKRROEXVVHVRUDWWHQGLQJRUHQJDJLQJLQVFKRRODFWLYLWLHV    +DUDVVPHQWPHDQVFRQGXFWRIDYHUEDORUSKVLFDOQDWXUHZKLFKLV GHVLJQHGWRHPEDUUDVVGLVWUHVVDJLWDWHGLVWXUERUWURXEOHDQ SHUVRQZKHQ6XEPLVVLRQWRVXFKFRQGXFWLVPDGHHLWKHU H[SOLFLWORULPSOLFLWODWHUPRUFRQGLWLRQRIDQLQGLYLGXDO¶VZRUN RUHGXFDWLRQRURIDQLQGLYLGXDO¶VSDUWLFLSDWLRQLQVFKRROSURJUDPV RUDFWLYLWLHV6XEPLVVLRQWRRUUHMHFWLRQRIVXFKFRQGXFWEDQ

LQGLYLGXDOLVXVHGDVWKHEDVLVIRUGHFLVLRQVDIIHFWLQJWKHLQGLYLGXDO 6XFKFRQGXFWKDVWKHSXUSRVHRUHIIHFWRIXQUHDVRQDEO LQWHUIHULQJZLWKDQLQGLYLGXDO¶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

6XEPLVVLRQLVPDGHHLWKHUH[SOLFLWORULPSOLFLWODWHUP RUFRQGLWLRQRIDQLQGLYLGXDO¶VSDUWLFLSDWLRQLQVFKRRO SURJUDPVRUDFWLYLWLHV  6XEPLVVLRQWRRUUHMHFWLRQRIVXFKFRQGXFWEDQ LQGLYLGXDOLVXVHGDVWKHEDVLVIRUZRUNRUHGXFDWLRQDO GHFLVLRQVDIIHFWLQJVXFKLQGLYLGXDO  6XFKFRQGXFWKDVWKHSXUSRVHRUHIIHFWRIXQUHDVRQDEO LQWHUIHULQJZLWKDQLQGLYLGXDO¶VZRUNRUHGXFDWLRQDO SHUIRUPDQFHRUFUHDWLQJDQLQWLPLGDWLQJKRVWLOHRU RIIHQVLYHZRUNLQJHGXFDWLRQDOHQYLURQPHQW  (DFKDGPLQLVWUDWRUVKDOOEHUHVSRQVLEOHZLWKLQWKHLUVFKRRORURIILFH IRUSURPRWLQJDQXQGHUVWDQGLQJRIKDUDVVPHQWDQGDVVXULQJ FRPSOLDQFHZLWKVWDWHDQGIHGHUDOODZVDQGZLWK6FKRRO &RPPLWWHHSROLFDQGUHJXODWLRQVJRYHUQLQJKDUDVVPHQW    9LRODWLRQVZLOOEHFDXVHIRUGLVFLSOLQDUDFWLRQXSWRWHUPLQDWLRQRU H[SXOVLRQ 5HWDOLDWLRQLQDQIRUPDJDLQVWDQSHUVRQZKRKDVILOHGD FRPSODLQWUHODWLQJWRKDUDVVPHQWZLOOQRWEHWROHUDWHG1R

LQGLYLGXDOZLOOEHVXEMHFWWRDQIRUPRIFRHUFLRQLQWLPLGDWLRQ UHWDOLDWLRQRUGLVFULPLQDWLRQIRUILOLQJDUHSRUWRIKDUDVVPHQW7KH FRQVHTXHQFHVIRUUHWDOLDWLRQZLOOEHWKHVDPHDVIRUKDUDVVPHQW )DOVHDFFXVDWLRQVPDGHLQEDGIDLWKZLOOEHVXEMHFWWRWKHVDPH GLVFLSOLQDUDFWLRQDVWKHKDUDVVPHQWLWVHOI )ROORZLQJ GLVFORVXUH E D VWXGHQW RI DQ LQFLGHQW LQYROYLQJ VWXGHQWWRVWXGHQW KDUDVVPHQW RQH RU PRUH RI WKH IROORZLQJ PD RFFXUDIWHULQYHVWLJDWLRQEDQDSSURSULDWHUHVSRQGHU Ɣ $OHWWHULGHQWLILQJWKHRIIHQGLQJEHKDYLRUPDEH ZULWWHQDQGJLYHQWRWKHRIIHQGHU7KLVLVQRWD GLVFLSOLQDUDFWLRQ7KH OHWWHULVQRWNHSWRQILOHLQ WKH3ULQFLSDO V2IILFH+RZHYHULWLVUHWDLQHGEWKH *XLGDQFHLUHFWRU,IKDUDVVPHQWGHVFULEHGEWKH VWXGHQWLQYROYHVH[WUHPHSKVLFDODVVDXOWDOHWWHU UHVSRQVHZRXOGQRWEHDSSURSULDWHDQGWKHPDWWHU ZRXOGEHWXUQHGRYHUWRDQDGPLQLVWUDWRUIRUPRUH GLUHFWDWWHQWLRQDQGGLVFLSOLQDUDFWLRQ Ɣ

1RWLILFDWLRQRISDUHQWVZKHQGLVFLSOLQDUDFWLRQLV QRW UHTXLUHGPDYDUGHSHQGLQJRQWKHVFKRRO OHYHO Ɣ 6WXGHQWPDEHGLVFLSOLQHG $WDQVWDJHLQWKHFRPSODLQWSURFHVVWKHFRPSODLQDQWKDVWKHULJKW WRILOHIRUPDOFRPSODLQWVZLWKWKH8QLWHG6WDWHVHSDUWPHQWRI (GXFDWLRQ¶V2IILFHIRU&LYLO5LJKWVWK)ORRU3RVW2IILFH 6TXDUH%RVWRQ0$  RUZLWKWKH 0DVVDFKXVHWWV&RPPLVVLRQ$JDLQVWLVFULPLQDWLRQ2QH $VKEXUWRQ3ODFH6L[WK)ORRU5RRP%RVWRQ0$  )RUFRPSODLQWVRIGLVFULPLQDWLRQRQWKHEDVLVRI GLVDELOLWWKHFRPSODLQDQWPDDOVRILOHDFRPSODLQWZLWKWKH 0DVVDFKXVHWWVHSDUWPHQWRI(OHPHQWDUDQG6HFRQGDU (GXFDWLRQ3OHDVDQW6WUHHW0DOGHQ0$   RUPDILOHD5HTXHVWIRU+HDULQJZLWKWKHHSDUWPHQWRI (OHPHQWDUDQG6HFRQGDU(GXFDWLRQ¶V%XUHDXRI6SHFLDO (GXFDWLRQ$SSHDOV2QH&RQJUHVV6WUHHW%RVWRQ0$ &RPSODLQWVRIGLVFULPLQDWLRQLQHPSORPHQW

SUDFWLFHVPDDOVREHILOHGZLWKWKH8QLWHG6WDWHV(TXDO (PSORPHQW2SSRUWXQLW&RPPLVVLRQ ((2& -).)HGHUDO   %XLOGLQJ*RYHUQPHQW&HQWHU%RVWRQ0$   ,IVWXGHQWVIHHOWKDWWKHDUHEHLQJKDUDVVHGEDGXOWSHUVRQQHOWKH DUHHQFRXUDJHGWRUHSRUWWKHLQFLGHQWWRDFRXQVHORUDQGRU DGPLQLVWUDWRU$SSURSULDWHDFWLRQZLOOEHWDNHQLQDOOLQVWDQFHV  LVFLSOLQH7KHIROORZLQJGLVFLSOLQDUDFWLRQVIRUDVXEVWDQWLDWHG FKDUJHDJDLQVWVWXGHQWVWKDWUHTXLUHVDFWLRQEHRQGWKHOHWWHU ZULWLQJOHYHOPDUHVXOWLQWKHIROORZLQJ Ɣ 6WXGHQW V PDEHVXVSHQGHG Ɣ 6WXGHQW V PDEHUHIHUUHGWRWKH6XSHULQWHQGHQWRU 6FKRRO&RPPLWWHH Ɣ 3ROLFHRUFRXUWDFWLRQPDEHLQLWLDWHG %8//<,1* ,QDFFRUGDQFHZLWK7KH:HVWIRUG3XEOLF6FKRROV3ROLF  %XOOLQJLVGHILQHGDVWKHUHSHDWHGXVHERQHRUPRUHVWXGHQWVRU EDPHPEHURIDVFKRROVWDIILQFOXGLQJEXWQRWOLPLWHGWRDQ HGXFDWRUDGPLQLVWUDWRUVFKRROQXUVHFDIHWHULDZRUNHU

FXVWRGLDQEXVGULYHUDWKOHWLFFRDFKDGYLVRUWRDQ H[WUDFXUULFXODUDFWLYLWRUSDUDSURIHVVLRQDORIDZULWWHQYHUEDO RUHOHFWURQLFH[SUHVVLRQRUDSKVLFDODFWRUJHVWXUHRUDQ FRPELQDWLRQWKHUHRIGLUHFWHGDWDYLFWLPWKDW L FDXVHVSKVLFDO RUHPRWLRQDOKDUPWRWKHYLFWLPRUGDPDJHWRWKHYLFWLP¶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

 %XOOLQJ3UHYHQWLRQDQG,QWHUYHQWLRQ3ODQ  7KH:HVWIRUG3XEOLF6FKRROV :36 FUHDWHGWKH%XOOLQJ 3UHYHQWLRQDQG,QWHUYHQWLRQ3ODQ WKH3ODQ UHTXLUHGXQGHU0*/ F†2LQFRQVXOWDWLRQZLWKWHDFKHUVVFKRROVWDIISURIHVVLRQDO VXSSRUWSHUVRQQHOVFKRROYROXQWHHUVDGPLQLVWUDWRUVFRPPXQLW UHSUHVHQWDWLYHVORFDOODZHQIRUFHPHQWDJHQFLHVVWXGHQWVSDUHQWV DQGJXDUGLDQV7KH3ODQLVSRVWHGRQWKHGLVWULFWZHEVLWH ZZZZHVWIRUGNXV 7KH:HVWIRUG3XEOLF6FKRROV¶%XOOLQJ3UHYHQWLRQDQG ,QWHUYHQWLRQ3ODQ ³WKH3ODQ´ LVDFRPSUHKHQVLYHDSSURDFKWR DGGUHVVLQJEXOOLQJDQGFEHUEXOOLQJ7KHGLVWULFWLVFRPPLWWHG WRZRUNLQJZLWKVWXGHQWVVWDIIIDPLOLHVODZHQIRUFHPHQWDJHQFLHV DQGWKHFRPPXQLWWRSUHYHQWLVVXHVRIYLROHQFH,QFRQVXOWDWLRQ ZLWKWKHVHFRQVWLWXHQFLHVZHKDYHHVWDEOLVKHGWKLV3ODQIRU SUHYHQWLQJLQWHUYHQLQJDQGUHVSRQGLQJWRLQFLGHQWVRIEXOOLQJ FEHUEXOOLQJDQGUHWDOLDWLRQ7KHSULQFLSDORUWKHLUGHVLJQHHLV

UHVSRQVLEOHIRUWKHLPSOHPHQWDWLRQDQGRYHUVLJKWRIWKH3ODQ 7KHGLVWULFWLVFRPPLWWHGWRSURYLGLQJDOOVWXGHQWVZLWKDVDIH OHDUQLQJHQYLURQPHQWWKDWLVIUHHIURPEXOOLQJDQGFEHUEXOOLQJ 7KLVFRPPLWPHQWLVDQLQWHJUDOSDUWRIRXUFRPSUHKHQVLYHHIIRUWVWR SURPRWHOHDUQLQJDQGWRSUHYHQWDQGHOLPLQDWHDOOIRUPVRI EXOOLQJDQGRWKHUKDUPIXODQGGLVUXSWLYHEHKDYLRUWKDWFDQLPSHGH WKHOHDUQLQJSURFHVV :HXQGHUVWDQGWKDWPHPEHUVRIFHUWDLQVWXGHQWJURXSVVXFK DVVWXGHQWVZLWKGLVDELOLWLHVVWXGHQWVZKRDUHJDOHVELDQ ELVH[XDORUWUDQVJHQGHUDQGKRPHOHVVVWXGHQWVPDEHPRUH YXOQHUDEOHWREHFRPLQJWDUJHWVRIEXOOLQJKDUDVVPHQWRUWHDVLQJ 7KHGLVWULFWZLOOWDNHVSHFLILFVWHSVWRFUHDWHDVDIHVXSSRUWLYH HQYLURQPHQWIRUYXOQHUDEOHSRSXODWLRQVLQWKHVFKRROFRPPXQLW DQGSURYLGHDOOVWXGHQWVZLWKWKHVNLOOVNQRZOHGJHDQGVWUDWHJLHV WRSUHYHQWRUUHVSRQGWREXOOLQJKDUDVVPHQWRUWHDVLQJ :HZLOOQRWWROHUDWHDQXQODZIXORUGLVUXSWLYHEHKDYLRU

LQFOXGLQJDQIRUPRIEXOOLQJFEHUEXOOLQJRUUHWDOLDWLRQLQRXU VFKRROEXLOGLQJVRQVFKRROJURXQGVRULQVFKRROUHODWHGDFWLYLWLHV :HZLOOLQYHVWLJDWHSURPSWODOOUHSRUWVDQGFRPSODLQWVRI EXOOLQJFEHUEXOOLQJDQGUHWDOLDWLRQDQGWDNHSURPSWDFWLRQWR HQGWKDWEHKDYLRUDQGUHVWRUHWKHWDUJHW¶VVHQVHRIVDIHW:HZLOO VXSSRUWWKLVFRPPLWPHQWLQDOODVSHFWVRIRXUVFKRROFRPPXQLW LQFOXGLQJFXUULFXODLQVWUXFWLRQDOSURJUDPVVWDIIGHYHORSPHQW H[WUDFXUULFXODUDFWLYLWLHVDQGSDUHQWRUJXDUGLDQLQYROYHPHQW     (),1,7,216  6HYHUDORIWKHIROORZLQJGHILQLWLRQVDUHFRSLHGGLUHFWOIURP0*/ F†2DVQRWHGEHORZ $JJUHVVRULVDVWXGHQWRUDVWDIIPHPEHUZKRHQJDJHVLQEXOOLQJ FEHUEXOOLQJRUUHWDOLDWLRQ  %XOOLQJDVGHILQHGLQ0*/F†2LV WKHUHSHDWHGXVHERQHRUPRUHVWXGHQWVRUEDPHPEHURID VFKRROVWDIILQFOXGLQJEXWQRWOLPLWHGWRDQHGXFDWRU DGPLQLVWUDWRUVFKRROQXUVHFDIHWHULDZRUNHUFXVWRGLDQEXV

GULYHUDWKOHWLFFRDFKDGYLVRUWRDQH[WUDFXUULFXODUDFWLYLWRU SDUDSURIHVVLRQDORIDZULWWHQYHUEDORUHOHFWURQLFH[SUHVVLRQRU DSKVLFDODFWRUJHVWXUHRUDQFRPELQDWLRQWKHUHRIGLUHFWHGDW DWDUJHWWKDW L FDXVHVSKVLFDORUHPRWLRQDOKDUPWRWKHWDUJHWRU GDPDJHWRWKHWDUJHW¶VSURSHUW LL SODFHVWKHWDUJHWLQUHDVRQDEOHIHDURIKDUPWRKLPVHOIRU KHUVHOIRURIGDPDJHWRKLVRUKHUSURSHUW LLL FUHDWHVDKRVWLOHHQYLURQPHQWDWVFKRROIRUWKHWDUJHW LY LQIULQJHVRQWKHULJKWVRIWKHWDUJHWDWVFKRRORU Y PDWHULDOODQGVXEVWDQWLDOOGLVUXSWVWKHHGXFDWLRQ SURFHVVRUWKHRUGHUORSHUDWLRQRIDVFKRRO  &EHUEXOOLQJLVEXOOLQJWKURXJKWKHXVHRIWHFKQRORJRU HOHFWURQLFGHYLFHVVXFKDVWHOHSKRQHVFHOOSKRQHVFRPSXWHUVDQG WKH,QWHUQHW,WLQFOXGHVEXWLVQRWOLPLWHGWRHPDLOLQVWDQW PHVVDJHVWH[WPHVVDJHVDQG,QWHUQHWSRVWLQJV6HH0*/F †2IRUWKHOHJDOGHILQLWLRQRIFEHUEXOOLQJ +RVWLOHHQYLURQPHQWDVGHILQHGLQ0*/F†2LVD

VLWXDWLRQLQZKLFKEXOOLQJFDXVHVWKHVFKRROHQYLURQPHQWWREH SHUPHDWHGZLWKLQWLPLGDWLRQULGLFXOHRULQVXOWWKDWLVVXIILFLHQWO VHYHUHRUSHUYDVLYHWRDOWHUWKHFRQGLWLRQVRIDVWXGHQW¶VHGXFDWLRQ  3HUSHWUDWRULVDVWXGHQWRUPHPEHURIDVFKRROVWDIILQFOXGLQJEXW QRWOLPLWHGWRDQHGXFDWRUDGPLQLVWUDWRUVFKRROQXUVHFDIHWHULD ZRUNHUFXVWRGLDQEXVGULYHUDWKOHWLFFRDFKDGYLVRUWRDQ H[WUDFXUULFXODUDFWLYLWRUSDUDSURIHVVLRQDO 5HWDOLDWLRQLVDQIRUPRILQWLPLGDWLRQUHSULVDORUKDUDVVPHQW GLUHFWHGDJDLQVWDVWXGHQWRUVWDIISHUVRQZKRUHSRUWVEXOOLQJ   SURYLGHVLQIRUPDWLRQGXULQJDQLQYHVWLJDWLRQRIEXOOLQJRU ZLWQHVVHVRUKDVUHOLDEOHLQIRUPDWLRQDERXWEXOOLQJ  6WDIILQFOXGHVEXWLVQRWOLPLWHGWRHGXFDWRUVDGPLQLVWUDWRUV FRXQVHORUVVFKRROQXUVHVFDIHWHULDZRUNHUVFXVWRGLDQVEXV GULYHUVDWKOHWLFFRDFKHVDGYLVRUVWRH[WUDFXUULFXODUDFWLYLWLHV VXSSRUWVWDIIRUSDUDSURIHVVLRQDOV 

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

RUWKHRUGHUORSHUDWLRQRIDVFKRRO   5HWDOLDWLRQDJDLQVWDSHUVRQZKRUHSRUWVEXOOLQJSURYLGHV LQIRUPDWLRQGXULQJDQLQYHVWLJDWLRQRIEXOOLQJRUZLWQHVVHVRUKDV UHOLDEOHLQIRUPDWLRQDERXWEXOOLQJLVDOVRSURKLELWHG  $VVWDWHGLQ0*/F†2QRWKLQJLQWKH3ODQUHTXLUHVWKH GLVWULFWRUVFKRROWRVWDIIDQQRQVFKRROUHODWHGDFWLYLWLHV IXQFWLRQVRUSURJUDPV   5HSRUWLQJEXOOLQJRUUHWDOLDWLRQ7KHGLVWULFWH[SHFWVVWXGHQWV SDUHQWVRUJXDUGLDQVDQGRWKHUVZKRZLWQHVVRUEHFRPHDZDUHRI DQLQVWDQFHRIVXVSHFWHGEXOOLQJRUUHWDOLDWLRQLQYROYLQJDVWXGHQW   WRUHSRUWLWWRWKHSULQFLSDORUDVVRFLDWHDVVLVWDQWSULQFLSDO5HSRUWV PDEHPDGHDQRQPRXVOEXWQRGLVFLSOLQDUDFWLRQZLOOEHWDNHQ DJDLQVWDQDOOHJHGDJJUHVVRUVROHORQWKHEDVLVRIDQDQRQPRXV UHSRUW5HSRUWVPDEHPDGHRUDOORULQZULWLQJ7KH³:36 %XOOLQJ3UHYHQWLRQDQG,QWHUYHQWLRQ,QFLGHQW5HSRUWLQJ)RUP´KDV EHHQGHYHORSHGIRUVWXGHQWSDUHQWRURWKHUQRQVFKRRORUGLVWULFW

VWDIIXVHWRUHSRUWLQFLGHQWVRIVXVSHFWHGEXOOLQJ7KLVIRUPFDQEH REWDLQHGLQHYHUVFKRRORIILFHRULWFDQEHSULQWHGIURPWKH GLVWULFW¶VZHEVLWHZZZZHVWIRUGNXV8VHRIWKH³:36%XOOLQJ 3UHYHQWLRQDQG,QWHUYHQWLRQ,QFLGHQW5HSRUWLQJ)RUP´LVQRW UHTXLUHGDVDFRQGLWLRQRIPDNLQJDUHSRUW6WXGHQWVZLOOEH SURYLGHGSUDFWLFDOVDIHSULYDWHDQGDJHDSSURSULDWHZDVWRUHSRUW DQGGLVFXVVDQLQFLGHQWRIEXOOLQJZLWKDVWDIIPHPEHURUZLWKWKH SULQFLSDORUDVVRFLDWHDVVLVWDQWSULQFLSDO  HWHUPLQDWLRQV:LWKWKHSULQFLSDO¶VUHFHLSWRIWKHFRPSODLQWRI EXOOLQJRUUHWDOLDWLRQWKHSULQFLSDORUWKHLUGHVLJQHHZLOOPDNHD GHWHUPLQDWLRQEDVHGXSRQDOORIWKHIDFWVDQGFLUFXPVWDQFHV,I DIWHULQYHVWLJDWLRQEXOOLQJRUUHWDOLDWLRQLVVXEVWDQWLDWHGWKH SULQFLSDORUWKHLUGHVLJQHHZLOOGHWHUPLQHZKDWUHPHGLDODFWLRQPD EHUHTXLUHGLIDQDQGGHWHUPLQHZKDWUHVSRQVLYHDQGRU GLVFLSOLQDUDFWLRQVZLOOEHWDNHQ7KHSULQFLSDO¶VILQGLQJDQG

GHWHUPLQDWLRQVVKDOOEHGRFXPHQWHGLQZULWLQJ  $OOQRWLFHWRSDUHQWVPXVWFRPSOZLWKDSSOLFDEOHVWDWHDQGIHGHUDO SULYDFODZVDQGUHJXODWLRQV%HFDXVHRIWKHOHJDOUHTXLUHPHQWV UHJDUGLQJWKHFRQILGHQWLDOLWRIVWXGHQWUHFRUGVWKHSULQFLSDORU WKHLUGHVLJQHHFDQQRWUHSRUWVSHFLILFLQIRUPDWLRQWRWKHWDUJHW¶V SDUHQWRUJXDUGLDQDERXWWKHGLVFLSOLQDUDFWLRQWDNHQXQOHVVLW LQYROYHVD³VWDDZD´RUGHURURWKHUGLUHFWLYHWKDWWKHWDUJHWPXVW EHDZDUHRILQRUGHUWRUHSRUWYLRODWLRQV  7DNLQJLVFLSOLQDU$FWLRQ ,IWKHSULQFLSDORUWKHLUGHVLJQHHGHFLGHVWKDWGLVFLSOLQDUDFWLRQLV DSSURSULDWHWKHGLVFLSOLQDUDFWLRQZLOOEHGHWHUPLQHGRQWKHEDVLV RIIDFWVIRXQGEWKHSULQFLSDORUWKHLUGHVLJQHHLQFOXGLQJWKH QDWXUHRIWKHFRQGXFWWKHDJHRIWKHVWXGHQW V LQYROYHGDQGWKH QHHGWREDODQFHDFFRXQWDELOLWZLWKWKHWHDFKLQJRIDSSURSULDWH EHKDYLRULVFLSOLQHZLOOEHFRQVLVWHQWZLWKWKH3ODQDQGZLWKWKH VFKRRO¶VRUGLVWULFW¶VFRGHRIFRQGXFWLVFLSOLQDUVDQFWLRQVPD

LQFOXGHEXWDUHQRWOLPLWHGWRVXVSHQVLRQRUH[SXOVLRQIURP VFKRRO    LVFLSOLQHSURFHGXUHVIRUVWXGHQWVZLWKGLVDELOLWLHVDUHJRYHUQHGE WKHIHGHUDO,QGLYLGXDOVZLWKLVDELOLWLHV(GXFDWLRQ$FW ,($  ZKLFKVKRXOGEHUHDGLQFRRSHUDWLRQZLWKVWDWHODZVUHJDUGLQJ VWXGHQWGLVFLSOLQH   ,IWKHSULQFLSDORUWKHLUGHVLJQHHGHWHUPLQHVWKDWDVWXGHQW NQRZLQJOPDGHDIDOVHDOOHJDWLRQRIEXOOLQJRUUHWDOLDWLRQWKDW VWXGHQWPDEHVXEMHFWWRGLVFLSOLQDUDFWLRQ  :LWKLQDUHDVRQDEOHSHULRGRIWLPHIROORZLQJWKHGHWHUPLQDWLRQDQG WKHRUGHULQJRIUHPHGLDODQGRUGLVFLSOLQDUDFWLRQWKHSULQFLSDORU WKHLUGHVLJQHHZLOOFRQWDFWWKHWDUJHWWRGHWHUPLQHZKHWKHUWKHUHKDV EHHQDUHFXUUHQFHRIWKHSURKLELWHGFRQGXFWDQGZKHWKHUDGGLWLRQDO VXSSRUWLYHPHDVXUHVDUHQHHGHG,IVRWKHSULQFLSDORUWKHLU GHVLJQHHZLOOZRUNZLWKDSSURSULDWHVFKRROVWDIIWRLPSOHPHQWWKHP LPPHGLDWHO7KHSULQFLSDORUWKHLUGHVLJQHHZLOOPRQLWRUWKH

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¶VPHPEHUVKLSLQDOHJDOOSURWHFWHG FDWHJRUXQGHUORFDOVWDWHRUIHGHUDOODZRUVFKRRORUGLVWULFW SROLFLHV  ,QDGGLWLRQQRWKLQJLQWKH3ODQLVGHVLJQHGRULQWHQGHGWROLPLWWKH DXWKRULWRIWKHVFKRRORUGLVWULFWWRWDNHGLVFLSOLQDUDFWLRQRURWKHU DFWLRQXQGHU0*/F†+RU+òRWKHUDSSOLFDEOHODZVRU

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

LQVFKRRODFWLYLWLHVRUKLJKOLJKWVRIWKHLUVFKRRODFKLHYHPHQWVPD EHGLVSODHGRQWKH:HVWIRUG3XEOLF6FKRROVZHEVLWHDW KWWSZDZHVWIRUGXVSDJHVLQGH[2QOWKHVWXGHQW¶VILUVWQDPH DQGODVWLQLWLDOZLOOEHSXEOLVKHGRQVFKRROGHSDUWPHQWSDJHV :HVWIRUG3XEOLF6FKRROVZLOOQRWSXEOLVKVWXGHQWZRUNRU SKRWRJUDSKVLQSULQWRURQWKH,QWHUQHWZLWKRXWWKHSDUHQWJXDUGLDQ ZULWWHQSHUPLVVLRQ7KH6FKRRO&RPPLWWHHUHFRJQL]HVWKUHHOHYHOV RISXEOLVKLQJDXGLHQFHVDVGHILQHGLQ7KH:HVWIRUG3XEOLF6FKRROV 3ROLFDQG  &ODVVURRP6FKRRO3XEOLVKLQJ$OOVWXGHQWZRUNDQGLPDJHVPDEH XVHGGLVSODHGRUSXEOLVKHGLQWKHFODVVURRPVFKRROVHWWLQJXQOHVV SDUHQWDOQRWLILFDWLRQWRWKHFRQWUDULVUHFHLYHGEWKHVFKRRO  &RPPXQLW3XEOLVKLQJ±XSRQSDUHQWDODSSURYDOVWXGHQWZRUNPD EHXVHGLQFRPPXQLWSXEOLFDWLRQV HJ(DJOH6XQ 7KHVWXGHQW ZRUNPDEHFUHGLWHGZLWKWKHVWXGHQW¶VILUVWQDPHDQGODVWLQLWLDO 

:RUOG3XEOLVKLQJ±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

7KH:HVWIRUG3XEOLF6FKRROV$FFHSWDEOH8VH3ROLF $83 VKDOO EHSXEOLVKHGLQWKHVFKRRO¶V6WXGHQW+DQGERRNV  WKDWKDYH EHHQDSSURYHGEWKH6FKRRO&RPPLWWHHDQGILOHGZLWKWKH HSDUWPHQWRI(GXFDWLRQLQFRPSOLDQFHZLWK0*/&KDSWHU 6HFWLRQ+DQGLVVXHGWRVWXGHQWV3DUHQWVVKDOOVXEPLWWRWKH VFKRROWKHDSSURSULDWHDFNQRZOHGJPHQWIRUPYHULILQJWKDWWKH KDYHUHYLHZHGWKHFRQWHQWVRIWKHKDQGERRNZLWKWKHLUFKLOG $GGLWLRQDOOWKH$83VKDOOEHSXEOLVKHGLQVWDIIKDQGERRNV 3HUVRQDO6DIHW 5HVWULFWLRQVDUHIRUVWXGHQWVRQO   8VHUVRIWKHLVWULFW¶V&RPSXWLQJ(QYLURQPHQW 8VHUV VKDOO QRWSRVWSHUVRQDOFRQWDFWLQIRUPDWLRQDERXWWKHPVHOYHVRU RWKHUSHRSOH6WXGHQWVDQGWHDFKHUVVKDOOQRWSRVWSHUVRQDO FRQWDFWLQIRUPDWLRQFRQFHUQLQJRWKHUSHRSOHZKLFKLQFOXGHV WKHSHUVRQ¶VODVWQDPHDGGUHVVWHOHSKRQHZRUNDGGUHVV  8VHUVVKDOOQRWDJUHHWRPHHWZLWKVRPHRQHWKHKDYHPHW RQOLQHZLWKRXWSDUHQWDODSSURYDODQGSDUWLFLSDWLRQ 

8VHUVVKDOOSURPSWOGLVFORVHWRDWHDFKHURURWKHUVFKRRO HPSORHHDQPHVVDJHWKHUHFHLYHWKDWLVLQDSSURSULDWHRU PDNHVWKHPIHHOXQFRPIRUWDEOH  7KHLPDJHDQGRUZRUNRIDQVWXGHQWVKDOOQRWEHGLVSODHG RQWKHLVWULFW¶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¶VSHUIRUPDQFHRUGHVWURGDWDE VSUHDGLQJFRPSXWHUYLUXVHVRUEDQRWKHUPHDQV 

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¶VYLUXVSURWHFWLRQSURFHGXUHV    ,QDSSURSULDWH/DQJXDJH&RQGXFWDQG+DUDVVPHQW $OOUHVWULFWLRQVDJDLQVWLQDSSURSULDWHODQJXDJHFRQGXFWDQG KDUDVVPHQWDSSOWRSXEOLFPHVVDJHVSULYDWHPHVVDJHVDQG PDWHULDOSRVWHGRQ:HESDJHV

7UXWKIXOQHVVDQG$FFXUDF 8VHUVVKDOOQRWNQRZLQJORUUHFNOHVVOSRVWIDOVHRULQDFFXUDWH LQIRUPDWLRQ 5HVSHFWLQJ5HVRXUFH/LPLWV  8VHUVVKDOOOLPLWWKHLUXVHRIWKHHQYLURQPHQWWRHGXFDWLRQDO DQGSURIHVVLRQDORUFDUHHUGHYHORSPHQWDFWLYLWLHV  8VHUVVKDOOQRWSRVWFKDLQOHWWHUVRUHQJDJHLQ³VSDPPLQJ´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

7KHXVHRIWHFKQRORJUHVRXUFHVDW:HVWIRUG$FDGHP :HVWIRUG3XEOLF6FKRROVRZQHGGHYLFHVDQGWKHIUHHGRP DQGUHVSRQVLELOLWWRXWLOL]HSHUVRQDOORZQHGHOHFWURQLF GHYLFHVDW:HVWIRUG$FDGHPLVDSULYLOHJHQRWDULJKW  3HUVRQDO HYLFHV DQG :36 2ZQHG HYLFHV Ɣ 6WXGHQWVVKRXOGQRWXQGHUDQFLUFXPVWDQFHV SKRWRJUDSK ILOP RU DXGLR UHFRUG RWKHU VWXGHQWV RU IDFXOWRQFDPSXVGXULQJWKHVFKRROGDZLWKD SHUVRQDO RU VFKRRORZQHG GHYLFH XQOHVV LW LV IRU D VFKRROVDQFWLRQHGFODVVDVVLJQPHQWDQGZLWK FRQVHQW Ɣ 0RELOHHOHFWURQLFGHYLFHVDUHSURKLELWHGIURPXVH LQ EDWKURRPV DQG ORFNHU URRPV IRU WKH VDIHW RI DOO VWXGHQWV Ɣ 6WXGHQWVDUHUHVSRQVLEOHIRUWKHXVHRIDGHYLFH DVVLJQHG WR WKHP HYHQ LI WKH OHW VRPHRQH HOVH XVH LW Ɣ 6WXGHQWVPDXVHSHUVRQDOFHOOSKRQHVWDEOHWV ZHDUDEOH WHFKQRORJ DQG ODSWRSV LQ FODVV DW WHDFKHUGLVFUHWLRQ  1HWZRUN6HFXULW$QXVHURIDQHWZRUNSURYLGHGE :HVWIRUG3XEOLF6FKRROVLVH[SHFWHGWRDELGHEWKHUXOHVRI

FRQGXFWVHWIRUWKEWKHLVWULFW   Ɣ Ɣ Ɣ Ɣ Ɣ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

SHUVRQDOVDIHWDQGRIWKDWRIDOOPHPEHUVRIWKH:HVWIRUG $FDGHPFRPPXQLW Ɣ 6WXGHQWVPXVWNHHSDOOSHUVRQDOLQIRUPDWLRQ SULYDWHLQFOXGLQJSDVVZRUGVXVHU, VKRPH DGGUHVVDQGSKRQHQXPEHUV Ɣ 6WXGHQWVPDDFFHVVRQODSSURSULDWHDFDGHPLF GRFXPHQWVDQGPHGLD Ɣ 6WXGHQWVVKRXOGQRWSKRWRJUDSKRUPDNHDXGLRRU YLGHRUHFRUGLQJVZLWKRXWWKHFRQVHQWRIDOOWKRVH EHLQJUHFRUGHG  Ɣ 6WXGHQWVPDQRWKDUDVVEXOOFEHUEXOORU WKUHDWHQRWKHUVLQDQZD    Ɣ 6WXGHQWVPXVWXVHDSSURSULDWHODQJXDJHLQDOO FRPPXQLFDWLRQV  (PDLO6WXGHQWVDW:HVWIRUG$FDGHPDUHDVVLJQHGDQ HPDLODFFRXQWIRUDFDGHPLFSXUSRVHV Ɣ 6WXGHQWVDUHHQFRXUDJHGWRFKHFNHPDLODWOHDVW RQFHSHUGD Ɣ 7HDFKHUVPDVHQGHPDLOWR:HVWIRUG$FDGHP VWXGHQWVWRFRPPXQLFDWHUHPLQGHUVFRXUVHFRQWHQW SRVHTXHVWLRQVUHODWHGWRFODVVZRUNDQGVXFK Ɣ 6WXGHQWVPDVHQGHPDLOWRWKHLUWHDFKHUVZLWK TXHVWLRQVRUFRPPHQWVUHJDUGLQJFODVV Ɣ 6WXGHQWVPDVHQGHPDLOWRRWKHUVWXGHQWVZLWKLQ

WKH:36*$)(RPDLQWRFROODERUDWHRQJURXS SURMHFWVDQGDVVLVWZLWKVFKRROFODVVHV  $Q DFWLRQ E D XVHU VSHFLILFDOO RXWOLQHG LQ WKLV GRFXPHQW RUGHWHUPLQHGEDVVWHPDGPLQLVWUDWRUWRFRQVWLWXWH LQDSSURSULDWH XVH RI D FRPSXWHU VVWHP QHWZRUN VVWHP RU RIWKHLURZQSHUVRQDOHOHFWURQLFGHYLFHLVVXEMHFWWREXW OLPL ,XQGHUVWDQGDQGZLOODELGHEWKHDERYHWHUPVDQG FRQGLWLRQV RI LVWULFW +DUDVVPHQW 3ROLF  DQG LVWULFW %XOOLQJ3ROLFDVZHOODVWKLV5HVSRQVLEOH8VH 3ROLF DQG ZLOO XVH FRPSXWHU DQG HOHFWURQLF UHVRXUFHV IRU FXUULFXODUSXUSRVHVRQO,IXUWKHUXQGHUVWDQGWKDWDQ YLRODWLRQ RI WKLV DJUHHPHQW LV XQHWKLFDO DQG PD FRQVWLWXWH D FULPLQDORIIHQVHDQGPDUHVXOWLQFLYLOOLDELOLWWRPHDQG P SDUHQWV RU JXDUGLDQV LI , DP XQGHU DJH  6KRXOG , FRPPLWDQYLRODWLRQ,DPVXEMHFWWRFRQVHTXHQFHVRIWKH VFKRRO DQG GLVWULFW GLVFLSOLQDU FRGH DQG RI VWDWH DQG IHGHUDO ODZ 86(51$0( 35,17 BBBBBBBBBBBBBBBBBBBBBBBBBBB    86(5 6,*1$785( 6,1 

BBBBBBBBBBBBBBBBBBBBBBB WHGWRWKHIROORZLQJFRQVHTXHQFHV Ɣ 6XVSHQVLRQRIFRPSXWHUSULYLOHJHV Ɣ 6XVSHQVLRQIURPVFKRRO Ɣ /HJDODFWLRQDQGSURVHFXWLRQEWKHDXWKRULWLHV                       6(1,2535,9,/(*(   6HQLRU 3ULYLOHJH LV HDUQHG LW LV QRW D ULJKW 6HQLRU3ULYLOHJHLVSHUPLVVLRQWR OHDYH WKH EXLOGLQJ GXULQJ /7 WRFRPHLQDIWHUILUVWEORFN/7RUOHDYHDW WKH VWDUW RI ODVW EORFN /7 7KLV LV D SROLF WKDW LV VHW XS WR FUHDWH D OLWWOH PRUH IOH[LELOLW DQG OHHZD IRU VHQLRUV ZKR PHHW WKH FULWHULD GHVFULEHG EHORZ   ,DPHOLJLEOHIRU6HQLRU3ULYLOHJHVLI,PHHW$//RIWKHIROORZLQJ FULWHULD Ɣ 2IILFLDOOFODVVLILHGDVDVHQLRUDVRIQGVHPHVWHU Ɣ ,QJRRGVWDQGLQJDFDGHPLFDOOQRPLGHDUJUDGHEHORZD Ɣ ,QJRRGVWDQGLQJZLWK$WWHQGDQFH3ROLF Ɣ 12FUHGLWORVWLQDQFRXUVHLQDQTXDUWHUWKLVVFKRROHDU Ɣ 12PRUHWKDQWDUGLHVWRVFKRROLQDQTXDUWHUWKLVHDU Ɣ

12VXVSHQVLRQVRUH[FHVVLYHRIILFHGHWHQWLRQVWKLVHDU Ɣ 0SDUHQWVZLOODJUHHWRPHDUQLQJVHQLRUSULYLOHJHVDQGZLOOVLJQWKLV DSSOLFDWLRQ LI,DPXQGHUWKHDJHRI ,XQGHUVWDQGWKDW,PDORVHWKLVSULYLOHJHHYHQRQWKHILUVWWLPHLI Ɣ ,UHFHLYHDIDLOLQJJUDGHLQDQFRXUVHWKLUGTXDUWHU Ɣ ,GRQRWDGKHUHWRWKHDWWHQGDQFHSROLF Ɣ ,GRQRWPDLQWDLQDFOHDQGLVFLSOLQHUHFRUGLQFOXGLQJVXVSHQVLRQV Ɣ ,WDNH³QRQVHQLRUSULYLOHJHVWXGHQWV´ZLWKPHZKHQOHDYLQJVFKRRO JURXQGV Ɣ ,GRQRWUHWXUQWRVFKRROIRUVFKHGXOHGFODVVHVRQWLPH 6HQLRUVZKRDUHDSSURYHG Ɣ 0XVWFDUUD6HQLRU3ULYLOHJH3DVVDQGVLJQRXWDQGRULQLQWKH 6HQLRU3ULYLOHJH%RRNRXWVLGHRIHDQ¶VRIILFH Ɣ ,IFRPLQJLQWRVFKRRODIWHUVWEORFN/7RX0867VLJQLQZLWK0UV 0DKRQH±QRWWKH6HQLRU3ULYLOHJHERRN ,03257$17$7(6 6SHFLILFLQIRUPDWLRQZLOOFRPHIURP0U7ZRPHDWWKHEHJLQQLQJ RIWKHHDU  Ɣ (DUO)HEUXDU6HQLRU3ULYLOHJH$SSOLFDWLRQZLOOEHDYDLODEOHLQWKH

*XLGDQFH2IILFHE0UV0RRUHVGHVN Ɣ 0LG)HEUXDU$SSOLFDWLRQVXH 127(VLJQDWXUHVEHORZPXVWEH FRPSOHWHG  Ɣ /DWH)HEUXDU6HQLRU3ULYLOHJHVEHJLQIRUWKRVHDSSURYHG SDVVHV GLVWULEXWHG    6(1,25,61(<75,3  (/,*,%,/,7<)257+(75,3 Ɣ 2QOPHPEHUVRIWKH&ODVVRI Ɣ 6WXGHQWVZKRKDYHVHUYHGDQLQVFKRROVXVSHQVLRQGXULQJ VHQLRUHDUZLOOEHUHTXLUHGWRFRPSOHWHFRPPXQLW VHUYLFHKRXUV   Ɣ Ɣ Ɣ 6WXGHQWVZKRVHUYHDQRXWRIVFKRROVXVSHQVLRQGXULQJ VHQLRUHDUPDIRUIHLWWKHLUSDUWLFLSDWLRQLQWKHWULS &RQWLQXRXVYLRODWLRQVRIVFKRROUXOHVZLOOSURKLELW SDUWLFLSDWLRQIURPWKLVWULS ,QLQVWDQFHVZKHQVXVSHQVLRQSUHFOXGHVDVWXGHQWIURP DWWHQGLQJWKHFODVVWULSUHIXQGVZLOOQRWEHJLYHQ  2872)6&+22/%(+$9,25 :KHQWKHDGPLQLVWUDWLRQFRQILUPVIROORZLQJDQRSSRUWXQLWIRUWKH VWXGHQWWREHKHDUGWKDWDPHPEHURIWKHFODVVKDVEHHQLQYROYHGLQ GHOLQTXHQWEHKDYLRUZKLFKZDVUHSRUWHGWRWKHDGPLQLVWUDWLRQED

SROLFHUHSRUWWKDWVWXGHQWPDEHH[FOXGHGIURPWKHWULS $GPLQLVWUDWLRQZLOOPDNHWKHILQDOGHFLVLRQRQDOOLQFLGHQWV  %(+$9,2585,1*7+(75,3 Ɣ 1RDOFRKRORUGUXJVZLOOEHWROHUDWHG,IRXDUHIRXQGLQ SRVVHVVLRQRIRUXQGHUWKHLQIOXHQFHRIHLWKHUDOFRKRORU GUXJVSDUHQWVZLOOEHQRWLILHGDQGRXZLOOEHVHQWKRPH RQWKHQH[WDYDLODEOHIOLJKWDWRXURZQH[SHQVH Ɣ 7KHUHLV12602.,1*RU&+(:,172%$&&2 DOORZHGDWDQWLPHGXULQJWKLVWULS Ɣ ,PSURSHUEHKDYLRURUIDLOXUHWRFKHFNLQZLWKRXU FKDSHURQHGXULQJWKHWULSZLOOUHVXOWLQWKHIROORZLQJ <RXZLOOEHUHTXLUHGWRVWDZLWKWKHFKDSHURQHVDQGRX PDEHVHQWKRPHRQWKHQH[WDYDLODEOHIOLJKWDWRXU RZQH[SHQVH Ɣ )ROORZLQJRXUUHWXUQWR:HVWIRUGRXZLOOQRWEH DOORZHGWRSDUWLFLSDWHLQVHQLRUDFWLYLWLHVZKLFKPD LQFOXGHWKHSURPDQGJUDGXDWLRQ  0,6&(//$1(286 Ɣ %XVHVZLOOOHDYHSUHFLVHORQVFKHGXOH$ILQDOLWLQHUDU ZLOOEHSURYLGHGDWDGDWHFORVHWRRXUGHSDUWXUH Ɣ

,QFDVHRIHPHUJHQFSDUHQWVZLOOEHQRWLILHGDQG WUDQVSRUWDWLRQWRWKHQHDUHVWPHGLFDOIDFLOLWZLOOEH SURYLGHG Ɣ ,IRXDUHWDNLQJDQPHGLFDWLRQDWWKHWLPHRIRXUWULS RXZLOOEHUHTXLUHGWRQRWLIWKHDGYLVRUVRIWKLV$Q RWKHUPHGLFDOFRQFHUQVWKDWRXDUHDOUHDGDZDUHRI VKRXOGEHGLVFORVHGWRWKHDGYLVRUVDQGQRWHGRQWKH PHGLFDOFRQWDFWIRUP   Ɣ $QRQHZKRYLRODWHVLVQHWULSUXOHVZLOOEHH[FOXGHG IURPVHQLRUZHHNDFWLYLWLHV        $/0$0$7(5  7R7KHHRXU$OPD0DWHUGHDU :HUDLVHRXUYRLFHVKLJKLQFKHHU 2XUJUDWLWXGHZHZRXOGH[SUHVV $QGSOHGJHWRWKHHRXUIDLWKIXOQHVV  %XLOWKLJKRQ7DGPXFN+LOOVRIDLU %WKRVHZKRVHPHP¶UZHUHYHUH 6KHVWDQGVDEHDFRQOLJKWIRURXWK 7R*XLGHWKHPLQWKHZDRIWUXWK  2QILHOGRIEDWWOHDQGLQSHDFH :HVWULYHWKJORUWRLQFUHDVH 7KDWHYHUVKDOOGHDU:HVWIRUGEH $QHPEOHPRIIUDWHUQLW  :ULWWHQE3DXOLQH)HUJXVRQ&DUWIRUG¶  

6&+22/&2/2560DURRQDQG*UD6&+22/0$6&27UHKRVW