+LJK3HUIRUPLQJ,QGLYLGXDOV:KDW,V8QLTXH$ERXW7KHP"0XPEDL,QGLD-XQ

8UDYL5DLFKDQGDQL+HDG$VVHVVPHQW&RDFKLQJDW1DPDQ,QWHJUDWHG0DQDJHPHQWZULWHVDERXW6RPHRIWKHIROORZLQJDVSHFWVHPHUJHGDVFRQWULEXWRUVDQGXQIROGHGWKHVHFUHWLQJUHGLHQWVRIKLJKSHUIRUPHUV

:KRLVDKLJKSHUIRUPLQJLQGLYLGXDO":KDWLVXQLTXHDERXWDKLJKSHUIRUPHU":KDWDUHWKHFRPSHWHQFLHVRUTXDOLWLHVWKDWRQHH[XGHVZKHQKHVKHLVDKLJKSHUIRUPHU":KDWGLIIHUHQWLDWHVDKLJKSHUIRUPHUIURPDORZRUDYHUDJHSHUIRUPHU"4XHVWLRQVVXFKDVWKHVHFURVVRXUPLQGZKHQZHWKLQNDERXWKLJKSHUIRUPLQJLQGLYLGXDOV

2UJDQL]DWLRQVVHHNDQGVWULYHWRKDYHVXFKLQGLYLGXDOVZRUNLQJIURPWKHP2UJDQL]DWLRQVDGRSWYDULRXVDSSURDFKHVGXULQJUHFUXLWPHQWDQGVHOHFWLRQVXFFHVVLRQSODQQLQJSHUIRUPDQFHUHZDUGVHPSOR\HHGHYHORSPHQWHWFWRLGHQWLI\GHYHORSDQGUHFRJQL]HKLJKSHUIRUPLQJLQGLYLGXDOVDVWKHVHLQGLYLGXDOVVLJQLILFDQWO\FRQWULEXWHWRZDUGVRUJDQL]DWLRQDOSURGXFWLYLW\

%HVLGHVORZDQGDYHUDJHSHUIRUPHUVDVZHOODWWHPSWWREHQFKPDUNKLJKSHUIRUPHUVDVLWLVQDWXUDOWKDWHYHU\LQGLYLGXDOVWULYHVWRDQGZDQWVWRSHUIRUPZHOO

2XUWHDPFDUULHGRXWDQH[SORUDWRU\UHVHDUFKWRDQVZHUVRPHRIWKHVHTXHVWLRQV6RPHRIWKHIROORZLQJDVSHFWVHPHUJHGDVFRQWULEXWRUVDQGXQIROGHGWKHVHFUHWLQJUHGLHQWVRIKLJKSHUIRUPHUV

6HOI&RQILGHQW6HOI&RQFHSW+LJKSHUIRUPHUVWHQGWREHFRQILGHQWDQGKDYHUHDOLVWLFFRQILGHQFHLQWKHLUMXGJPHQWDQGDELOLWLHV7KH\KDYHSRVLWLYHLPDJHDQGSHUFHSWLRQDERXWVHOIDQGFRQVLGHUWKHPVHOYHVUHVSRQVLEOHIRUWKHLURZQDFKLHYHPHQWV

3DVVLRQDWH=HDORXV2SSRUWXQLVW+LJKSHUIRUPLQJLQGLYLGXDOVDUHHQWKXVLDVWLFDERXWWKHLUZRUNRUWDVNDQGUHPDLQDFWLYHO\LQWHUHVWHGLQLW7KH\ORRNIRURSSRUWXQLWLHVDQGOHYHUDJHRQLWLQDOOSRVVLEOHVLWXDWLRQV

/HDUQLQJ2ULHQWHG$WWDLQ0DVWHU\7KHVHLQGLYLGXDOVPDNHHIIRUWVWRJDLQPRUHLQIRUPDWLRQDERXWYDULRXVWKLQJVJRLQJEH\RQGWKHLUFXUUHQWWDVNDQGGHYHORSWKHPVHOYHV7KH\ZLOOLQJO\ZRUNWRZDUGVJDLQLQJPDVWHU\RYHUWDVNVWKDWRQHKDVXQGHUWDNHQ

*RDO2ULHQWHG3ODQQHG3UHSDUHG,QGLYLGXDOVKDYLQJKLJKSHUIRUPDQFHRULHQWDWLRQWHQGWRVHWDPELWLRXVJRDOVDQGDUHPRWLYDWHGDQGFRQILGHQWDERXWDFKLHYLQJWKHP7KH\DUHSODQQHGZKHUHLQWKH\SUHSDUHGHWDLOHGSODQIRUDFWLYLWLHVDVVSHFLILFDOO\DVSRVVLEOHLQDPDQQHUVXFKWKDWWKH\FRPSOHPHQWHDFKRWKHUDQGFRQVWLWXWHWKHEHVWXVHRIWKHLUWLPH

(QJDJHG'HWHUPLQHG+LJKSHUIRUPHUVGHPRQVWUDWHKLJKOHYHORIFRPPLWPHQWDQGLQYROYHPHQWWRZDUGVWKHZRUNRUWDVNVWKDWIDOOZLWKLQWKHLUUROHDQGEH\RQGLW7KHVHLQGLYLGXDOVWHQGWREHFHUWDLQGHWHUPLQHGE\EHLQJDVVXUHGVWURQJO\LQVSLUHGWRVXFFHHGDQGKDQGOHWKHVLWXDWLRQDWKDQG

)RFXVHG3HUVLVWHQW+LJKSHUIRUPLQJLQGLYLGXDOVDUHRIWHQDEOHWRFRQFHQWUDWHRQVRPHWKLQJIRUDORQJHUWLPHZLWKRXWEHLQJGLVWUDFWHGE\VLWXDWLRQDOLQIOXHQFHVDQGH[HUWVXIILFLHQWHIIRUWVRYHUDSHULRGRIWLPHWRDFKLHYHDJRDO

$FFXUDF\4XDOLW\2ULHQWHG,QGLYLGXDOVZLWKKLJKSHUIRUPDQFHRULHQWDWLRQWHQGWREHSUHGLVSRVHGWREHDFFXUDWHIUHHIURPHUURUDQGDWWDLQLQJH[FHOOHQFHRUVXSHULRULW\LQZKDWHYHUWKH\GR

8QFRQYHQWLRQDO1RYHO7KHVHLQGLYLGXDOVDUHZLOOLQJWRH[SORUHDQGH[SHULPHQWQHZLGHDVDQGFKDOOHQJHWUDGLWLRQDOQRUPVDQGPHWKRGV

&DOP6WDEOH+DQGOHV&ULWLFLVP)DLOXUH3UHVVXUH+LJKSHUIRUPHUVUHPDLQUHOD[HGDQGVHFXUHXQGHUDOONLQGVRIFLUFXPVWDQFHV7KH\KDQGOHSUHVVXUHZHOODQGGRQRWJHWGLVKHDUWHQHGE\FULWLFLVPDQGIDLOXUH

2SHQ$GDSWLYH$FFHSWLQJ+LJKSHUIRUPHUVDUHUHFHSWLYHDQGDFFRPPRGDWLQJRIDOONLQGVRIVLWXDWLRQVDQGDOVRFKDQJLQJLQRUGHUWRGHDOZLWKLWZKHQUHTXLUHG

+LJK3HUIRUPDQFH2ULHQWDWLRQLQVXPPDU\FDQEHGHILQHGDVWKHFRPPLWPHQWVWURQJGULYHDQG]HDORIWKHLQGLYLGXDOWRSHUIRUPDWWKHEHVWRIKLVDELOLWLHVZKHUHKHLVFRQILGHQWDERXWKLVDELOLWLHV+HLVSDVVLRQDWHWRGRWKHZRUNWDVNDVVLJQHGWRKLP%HVLGHVKHKDVWKHWHQGHQF\WRDWWDLQPDVWHU\LQDOOWKDWKHGRHV+HKDVDSRVLWLYHLPDJHDERXWKLPVHOILVDEOHWRUHVSRQGSRVLWLYHO\WRFULWLFLVPIDLOXUHSUHVVXUHDQGLVVHOIUHOLDQWDVZHOODVVXSSRUWLYHWRRWKHUV

+HKDVDELJSLFWXUHLQPLQGDQGVHWVKLJKDFKLHYDEOHJRDOVLVSHUVLVWHQWLQUHDFKLQJWKHVDPHLQVWLSXODWHGWLPHDQGPDLQWDLQVHPRWLRQDOVWDELOLW\+HEHOLHYHVLQGHOLYHULQJWKHWDUJHWE\PDLQWDLQLQJWKHDFFXUDF\TXDOLW\RIZRUN+HKDVWKHDELOLW\WRFRQFHQWUDWHRQWKHWDVNDWKDQGGHVSLWHVLWXDWLRQDOLQIOXHQFHV+HUHDGLO\DFFHSWVQHZVLWXDWLRQVDQG

6KRSSLQJ2SWLRQV

&DWHJRU\$SWLWXGH7HVWV%DFNJURXQG9HULILFDWLRQ&RXQVHOLQJ&RDFKLQJ(PSOR\HH(QJDJHPHQW(PSOR\HH6NLOO'HYHORSPHQW([LW,QWHUYLHZV+52XWVRXUFLQJ+56XUYH\V'HJUHH)HHGEDFN+506+5,63D\UROO&RPSOLDQFH3HUIRUPDQFH0DQDJHPHQW3V\FKRPHWULF$VVHVVPHQWV6H[XDO+DUDVVPHQW$FW5HFUXLWPHQW$76

%UDQG$&KHFN*OREDO$FH1JDJH&(%6+/*UH\W+5+DUULVRQL&UHGHULW\,QWHJULW\9HULILFDWLRQ.HOS+5/HDGLQJ'LPHQVLRQV1,)71LRMDN3OXJ3OD\+53RWNQR[5LJKW6NHWFK6\QHUJLWD7DOHQWSRRO9L]WDU,QWHUQDWLRQDO=LQJ+5

3ULFH5V5V5V5V5V5V5V5V5V5V5V5V5V5V5VDQGDERYH

1HZVOHWWHU

6LJQ8SIRU2XU1HZVOHWWHU

+RPH+LJK3HUIRUPLQJ,QGLYLGXDOV:KDW,V8QLTXH$ERXW7KHP"6XSSRUW

DGMXVWVWRWKHP+HDOVRFRQVLGHUVH[SORULQJQHZDSSURDFKHVWRGRWKLQJVDQGVHHVRSSRUWXQLW\LQYDULRXVVLWXDWLRQV+HEHOLHYHVLQFRQWLQXRXVOHDUQLQJDQGLVFRQVLVWHQWLQDOOWKHVHDVSHFWV

5HDGWKH%ORJRI8UDYL5DLFKDQGDQL+HUH

1,2-$.+51(:6%URXJKWWR\RXE\1,2-$.+50$//

7DJV

5HSRUWHGE\1LRMDN+51HZV%XUHDXQHZV#QLRMDNFRP

3HUIRUPDQFH0DQDJHPHQW &RDFKLQJFRXQVHOOLQJ 3V\FKRPHWULF$VVHVVPHQWV

%DFNWR0DJD]LQH %DFNWR$UFKLYH