Upload
danielseniuc
View
217
Download
0
Embed Size (px)
Citation preview
8/13/2019 02 - Funding
1/7
!"#$% '(%) *+,-$ ./ 0123"24 +* 56$ 7+8$9$25
:199(,; %5(5$9$25%
"?? @$ 2$$3$3 / AB.
C= D"9"5$3 (9+125% 6(8$ 6"23$,$3 1% "2 56$ E(%5 (23 ?$F 91-6 123+2$/GBH
!= I$ %6+1?3 4+ (23 %5(,5 >"56 619@?$ @$4"22"24% /J
K= 7()$ @$4"22"24% "2 *("56/L
M= I6+ >"?? %1EE?; 56$ 9$(2%N/O
0= :$?*/%1EE+,#24/PBQ
R= S$3"%5,"@1#+2 +* $T"%#24 *123%/AU
V= 7$9@$,%6"E/AABA.BAGBAHBAJBAL
W= X$>?; -+28$,5$3/AOBAPBAQ
Y= I$(?56; (23 ,"-6/.UB.AB..B.GB.H
Z= [$+E?$ 2+5 +* +1, *("56/ .J
D= :+9$ >6+ >$,$ +2-$ $2$9"$%/.L
7= W2\1$2#(? E$+E?$/.O
X= C"4 @1%"2$%% E$+E?$/.P
]= '6+%$ >6+ 4+8$,2/ .Q
[= :(?$ +* E,+E$,#$%/GUBGABG.
^= I$ (,$ 5+ (38(2-$ (23 56$ 9$(2% >"?? -+9$/GG
S= I$ (,$ 5+ 3+ 56$ >+,) (23 56$ +1, 5,$(%1,"$% >"?? @$ _??$3/GH
:= S$%1?5% +* 3"%+@$3"$2-$/GJ
A= '6$ ?"465 4"8$2 9$ 2+> @; 56$ D+,3 "% 56(5 >$ (,$ 5+ @$ -(,$*1? 2+5 5+ %E$23 +1, E,$-"+1% #9$
(23 9+2$; 12>"%$?;= 7(2; 56"24% 9(; %1"5 +1, *(2-;B @15 >$ (,$ 5+ 41(,3 (4("2%5 56$
$TE$23"51,$ +* 9+2$; *+, 56(5 >6"-6 "% 2+5 @,$(3= I$ %6(?? 2$$3 91-6 9$(2% 5+ (38(2-$ 56$
>+,) 3$-"3$3?; "2 +1, -"#$%= M8$,;+2$ "% 5+ 6(8$ ( E(,5 5+ (-5 "2 56$ D+,3`% >+,)= [(,$25% (,$ 5+
8/13/2019 02 - Funding
2/7
"2%5,1-5 56$", -6"?3,$2 "2 ?$%%+2% +* $-+2+9;B "2 +,3$, 56(5 56$ ;+124$, 9$9@$,% +* 56$ \+-)
9(; ?$(,2 5+ %6(,$ 56$ ,$%E+2%"@"?"5; +* %1EE+,#24 56$ -(1%$ +* R+3 (5 56"% #9$= a!R AGH=.b
.= W5 (?9+%5 %$$9% (% "* %-(,-$?; (2;+2$ 3(,$% (%) ( >+,)$, 5+ 4+ "25+ 56$ -"#$%B @$-(1%$ +* 56$
9$(2% 56(5 >+1?3 @$ ,$c1",$3 5+ -(,,; +2 ( %5,+24B %+?"3 >+,)= W5 "% 5,1$ 56(5 91-6 9$(2% >"?? @$
,$c1",$3 "2 +,3$, 5+ 3+ +1, 315; 5+>(,3 56$ 12>(,2$3 "2 56$%$ E?(-$%d (23 R+3 3$%",$% 1% 5+ ?"F+1, 8+"-$% (23 +1, "2\1$2-$ "2 *(8+, +* 1%"24 9$(2% >"%$?; "2 56"% %E$-"(? ?"2$ +* $e+,5=//
7(21%-,"E5 HJB AQAU= aM8 H.=Ab
G= M?3$, ]?%$2 5+?3 1% (?%+ +* 56$ $2-+1,(4"24 @$4"22"24% (9+24 56$ W5(?"(2%B :$,@"(2%B S19(2"(2%B
S1%%"(2%B (23 %$8$,(? +56$, 2(#+2(?"#$%= I$ ,$f+"-$ >"56 6"9 "2 (?? 56(5 6(% @$$2 3+2$B (23 ;$5
+1, 6$(,5% >$,$ 9(3$ %(3 @; 56$ )2+>?$34$ 56(5 91-6 56(5 9"465 6(8$ @$$2 3+2$ 6(% @$$2 ?$F
123+2$ @$-(1%$ +* ?(-) +* 9$(2%= I$ 6+E$ 56(5 56$ %E$-"(? -+??$-#+2 = = = 5()$2 "2 (?? +1,
-61,-6$% "2 +,) "2 56$ 4,$(5 -"#$% +* 56$ ?(23= '61% 9(2; 9(; @$ >+2 5+ +1, ,(2)%B (23 *,+9
(9+24 56$%$ 9(; @$ 3$8$?+E$3 ?(@+,$,% >6+ -(2 E,+-?("9 56$ 9$%%(4$ 5+ 56+%$ +* 56$", +>2
2(#+2(?"5; "2 +1, +>2 ?(23 (23 "2 56$ +56$, 2(#+2% +* $(,56=//S$8"$> (23 V$,(?3B ]-5+@$, .QB
AQAH= a!6: .UA=Gb
H= $ 2$$3 5+ 6(%5$2 56$ >+,) "2 56$ -"#$%B >6"-6 6(% @$$2 6"23$,$3 *+, ?(-) +*
>+,)$,% (23 9$(2% (23 ( %E","5 +* -+2%$-,(#+2= +,)"24 >"56 $(,2$%5 3$%",$ 5+ 3+ 56(5 >6"-6 R+3 6(%
%6+>2 91%5 @$ 3+2$ 5+ >(,2 56$ -"#$% +* 56$", "9E$23"24 3++9=//S$8"$> (23 V$,(?3B Y(2= .JB
AQA.= aM8 GU=Ab
J= K+ 2+5 $TE$-5 56(5 9$2 >"?? -+9$ 5+ ;+1 (23 %(;B W* ;+1 >"?? -+9$ (23 >+,) "2 +1, -"#$%B >$ >"??
%1EE+,5 ;+1= h+1 (,$ 5+ 4+ "25+ 56$%$ -"#$% (23 @$4"2 >+,) "2 ( 619@?$ >(;= W* >$ 6(3 *("56*1??;
*+??+>$3 *,+9 56$ _,%5 56$ "2%5,1-#+2 ,$4(,3"24 -"5; >+,)B 9$(2% >+1?3 6(8$ -+9$ "2 *+, 1% 5+
$%5(@?"%6 "2 56$%$ E?(-$% %-6++?% (23 %9(?? %(2"5(,"19% >6$,$ >$ -+1?3 5,$(5 56$ %"-)B (23
E,$(-6 56$ 4+%E$?B (23 $31-(5$ 56$ E$+E?$ "2 C"@?$ 5,156= I$ >+1?3 6(8$ 6(3 9$(2% 5+ %1%5("2
(?? 56$ $25$,E,"%$% *+, 9"%%"+2(,; >+,) 56(5 >$ -+1?3 -(,,; *+,>(,3= aR!CB Y12$ HB AQUQ E(,= AQb
L= ]1, ?(,4$ -"#$% (,$ 5+ @$ $25$,$3 @; 9()"24 @$4"22"24%B 6+>$8$, %9(??B (23 56$2 >+,)"24 @;
*("56= '6$ D+,3 6(% -+99"g$3 5+ 6"% *+??+>$,% 56$ >+,) +* 4"8"24 56$ 9$%%(4$ +* >(,2"24B (23
56+%$ >6+ 6(8$ 9$(2% %6+1?3 4"8$ _2(2-"(? ("3= 7(; 56$ D+,3 9+8$ 1E+2 6$(,5% 5+ 3+ 56"%=
aSVB 0$@,1(,; JB APPH E(,= .b
O= I6+ >"?? -+9$ 5+ 56$ *,+25 5+ (%%"%5 "2 56"% 4,$(5 >+,)N I6+ >"?? 3"%E+%$ +* 6+1%$% (23 ?(23%
2+>N I6+ >"?? @,"24 *+,>(,3 56$", 6"33$2 5,$(%1,$%N I6+ >"?? 3,(> *,+9 56$", @(2) (--+125%N
I6+ >"?? E,+8"3$ 9$(2% *+, 56$ >+,)$,% >6+ (,$ >"??"24 5+ $25$, 56$ 4,$(5 -"#$% +* +1, >+,?3N
aRVB K$-$9@$, AB AQUA E(,= APb
P= '6$,$ +1465 5+ @$ 56+1%(23% +* ?(@+,$,% (5 >+,) "2 56$ -"#$%B ?(@+,"24 "25$??"4$25?;= X+5 (??
56$%$ >+,)$,% %6+1?3 ?++) 5+ 56$ -+2*$,$2-$ *+, %1EE+,5= '6$; %6+1?3 %$$) 5+ 9()$ 56$", >+,)
8/13/2019 02 - Funding
3/7
%$?*/%1EE+,#24= < 4,$(5 9(2; -(2 3+ %$?*/%1EE+,#24 >+,)B @15 %+9$ -(22+5= D$5 2+5 56+%$ >6+
6(8$ 2+5 $24(4$3 "2 E$,%+2(? $8(24$?"%#- >+,) *$$? 56(5 $8$,;+2$ %6+1?3 ?++) (5 56"24% (% 56$;
3+= D$5 56$9 )$$E 56$", *+,@"33"24 6(23% +e 56+%$ >6+9 R+3 "% 1%"24 5+ 3+ ( %E$-"(? >+,) "2
56$ -"#$%B (23 ?$5 R+3 >+,) "2 V"% +>2 >(;= V$ 6(% 9$2 +* %E$-"(? 5(?$25% (23 4"F%B >6+9 6$
>"?? 1%$ 5+ E,+-?("9 56$ 5,156 "2 56$ -"#$%= aL7S G.Q=Gb
Q= V$?E$,% (,$ 2$$3$3 >6+ 6(8$ %+9$ 9$(2%B >6+ -(2 $24(4$ "2 %+9$ $9E?+;9$25 (23 %1%5("2
56$9%$?8$% (23 2+5 3,(> 1E+2 56$ -+2*$,$2-$ *+, 56$", %1EE+,5= I"56 4$21"2$ *("56 "2 56$
9$%%(4$ +* 5,156B %1-6 >+,)$,% -+1?3 %$g?$ "2 +1, -"#$% (% 9"%%"+2(,"$%B ?$i24 56$", ?"465 %6"2$
*+,56 5+ +56$,%=//D$g$, AQ@B APQ.B E= H= j'+ ]= "?? @$ E?$(%$3 5+ %$$ ;+1 9+8$3 5+ (-5% +* %$?*/3$2"(?d *+,
561% ;+1 >"?? %6+> ;+1,%$?8$% ?(@+,$,% 5+4$56$, >"56 6"9 (5 56"% #9$ >6$2 2$> 3++,% (,$
+E$2"24 5+ 56$ 9$%%(4$= W5 >(% ( 9+%5 -+%5?; %(-,"_-$ 56(5 56$ D+,3 +* 6$(8$2 9(3$ "2 +1,
@$6(?*= V"% 3"8"2$ @$2$8+?$2-$ >(% %#,,$3 5+ "5% 3$E56% 56(5 56$ @?$%%"24% ?+%5 5+ 9(2 @; 56$ *(??
9"465 @$ ,$%5+,$3= 6+ -(2 4+= D$5 2+5 +1, @,$56,$2 (23 %"%5$,% 9()$ $T-1%$% *+, 2+5 $24(4"24 "2 $(,2$%5 >+,)= X+
E,(-#-(? !6,"%#(2 ?"8$% 5+ 6"9%$?*=//7(21%-,"E5 A.PB AQUA= aM8 PL=Gb
AG= nI6$2 R+3`% -6+%$2 9$%%$24$,% ,$-+42"o$ 56$", ,$%E+2%"@"?"5; 5+>(,3 56$ -"#$%B (23 "2 56$
%E","5 +* 56$ 7(%5$, I+,)$, ?(@+, 12#,"24?; *+, 56$ -+28$,%"+2 +* E,$-"+1% %+1?%B 56+%$ >6+ (,$
$2?"465$2$3 >"?? 3$%",$ 5+ 4"8$ *,$$?; +* 56$", 9$(2% 5+ %1%5("2 56$ >+,) 3+2$ "2 56$", @$6(?*= '6$
2$>?; -+28$,5$3 @$?"$8$,% >"?? ,$%E+23 ?"@$,(??; 5+ $8$,; -(?? *+, 6$?EB (23 56$ :E","5 +* R+3 >"??
9+8$ 1E+2 56$", 6$(,5% 5+ %1%5("2 2+5 +2?; 56$ >+,) @$"24 -(,,"$3 *+,>(,3 "2 56$ -"#$% >6$,$
56$; 9(; @$ ?"8"24B @15 "2 56$ ,$4"+2% @$;+23= '61% %5,$2456 >"?? -+9$ 5+ 56$ >+,)"24 *+,-$% (5
6+9$ (23 (@,+(3B (23 56$ -(1%$ +* R+3 >"?? @$ (38(2-$3 "2 6"% (EE+"25$3 >(;=n aSVB ]-5+@$,.QB AQAH E(,= Lb
AH= '6$ 9$9@$,% +* 56$ -61,-6 %6+1?3 "23"8"31(??; 6+?3 56$9%$?8$% (23 (?? 56$", E+%%$%%"+2%
1E+2 56$ (?5(, +* R+3= X+>B (% 2$8$, @$*+,$B 56$ :(8"+,m% (39+2"#+2 "% (EE?"-(@?$p n:$?? 56(5 ;$
6(8$B (23 4"8$ (?9%d E,+8"3$ ;+1,%$?8$% @(4% >6"-6 >(T 2+5 +?3B ( 5,$(%1,$ "2 56$ 6$(8$2% 56(5
*("?$56 2+5B >6$,$ 2+ 56"$* (EE,+(-6$56B 2$"56$, 9+56 -+,,1E5$56= 0+, >6$,$ ;+1, 5,$(%1,$ "%B
56$,$ >"?? ;+1, 6$(,5 @$ (?%+=n '6+%$ >6+ (,$ *(%5$2"24 56$", 9$(2% "2 ?(,4$ 6+1%$%B "2 ?(23%B "2
8/13/2019 02 - Funding
4/7
>+,?3?; $25$,E,"%$%B (,$ %(;"24 @; 56$", (-#+2%p nR+3 -(22+5 6(8$ "5d W >(25 "5 *+, 9;%$?*=n '6$;
6(8$ @+123 1E 56$", +2$ 5(?$25 "2 ( 2(E)"2 (23 6"3 "5 "2 56$ $(,56= '6$,$ "% -(1%$ *+, %1-6 5+ @$
(?(,9$3= C,$56,$2B R+3 6(% 2+5 $25,1%5$3 9$(2% 5+ ;+1 5+ ?"$ "3?$ 2+, 5+ @$ -+8$5+1%?; ,$5("2$3
+, 6"3 (>(;B @15 5+ @$ 1%$3 5+ (38(2-$ V"% -(1%$B 5+ %(8$ 56$ %+1?% +* 56$ E$,"%6"24= W5 "% 2+5 56$
#9$ 2+> 5+ @"23 1E 56$ D+,3`% 9+2$; "2 ;+1, $TE$2%"8$ @1"?3"24% (23 ;+1, ?(,4$ $25$,E,"%$%B
>6"?$ V"% -(1%$ "% -,"EE?$3 (23 ?$F 5+ @$4 "5% >(;B 56$ 5,$(%1,; 6(?*/%1EE?"$3= '6$ D+,3 "% 2+5 "256"% >(; +* >+,)"24= S$9$9@$,B 56$ 3(; "% *(%5 (EE,+(-6"24 >6$2 "5 >"?? @$ %("3p nR"8$ (2
(--+125 +* 56; %5$>(,3%6"E=n !(2 ;+1 2+5 3"%-$,2 56$ %"42% +* 56$ #9$%N aJ' HLJ=Ab
AJ= R+3`% >+,) 91%5 @$ %1%5("2$3 @; #56$% (23 4"F% (23 +e$,"24%= '6$ D+,3 2+> -(??% *+, 56$
9$(2% 56(5 V$ 6(% $25,1%5$3 5+ V"% %5$>(,3%= '6$,$ %6+1?3 @$ ( -+2%5(25 %5,$(9 \+>"24 "25+
56$ 5,$(%1,;B 56(5 56$ >+,) 9(; 2+5 @$ 6"23$,$3= '+ %+9$B R+3 6(% $25,1%5$3 $(,56?; ,"-6$% 5+
@$ 6$?3 "2 5,1%5 (23 5+ @$ ,$51,2$3 5+ V"9 (% 56$; 9(; @$ ,$c1",$3 5+ -(,,; *+,>(,3 V"% >+,) "2
56$ $(,56= V$ ,$c1",$% *,+9 V"% %5$>(,3% ( *("56*1? #56$ +* (?? 56$", -(E"5(?B (23 "2 (33"#+2 5+ 56$
#56$B V$ -(??% *+, 4"F% (23 +e$,"24%= alD AAG=Hb
AL= S$4(,3"24 "28$%59$25 "2 @+23%B W (9 "2%5,1-5$3 5+ %(; *(,56$, 56(5 "* 2+ 8+"-$ >$,$ ,("%$3
(4("2%5 56"% (,,(24$9$25B "* +1, E$+E?$ %6+1?3 #$ 1E 56$", 9+2$; "2 %1-6 "28$%59$25B >6$2 "5
@$-(9$ 2$-$%%(,; 5+ -(?? *+, 9$(2% *+, (44,$%%"8$ 9"%%"+2(,; >+,)B "5 >+1?3 @$ *+123 56(5 56$,$
>(% ( 4,$(5$, 3$(,56 +* 9$(2% (9+24 1% 56(2 56$,$ "% 2+>= [?(2% 9(; @$ %5(,5$3 56(5 (5 56$
@$4"22"24 %$$9 8$,; E,+9"%"24B @15 +F$2 56$ *+,$%"465 >+1?3 @$ 91-6 9+,$ E?$(%(25 56(2 56$
(F$,%"465B >$,$ 56$%$ E?(2% -(,,"$3 +15= W 6(8$ @$$2 -+99"%%"+2$3 5+ "2%5,1-5 +1, E$+E?$ 5+ @$
$-+2+9"-(?B (23 (?>(;% ,$(3; 5+ 4"8$ +* 56$", 9$(2% 5+ 56$ D+,3`% >+,)= W* ;+1 6(8$ ( 56+1%(23
3+??(,% 5+ %E(,$B R+3 >(25% "5d "5 @$?+24% 5+ V"9= W* ;+1 6(8$ 5>$25; 3+??(,% 5+ %E(,$B R+3 >(25%
"5= V"% 8"2$;(,3 "% >("#24 5+ @$ >+,)$3= aR!CB +,) >$ %6(?? _23 56(5 9$(2% >"?? \+> "25+ +1, 5,$(%1,"$%B (23 >$ %6(?? 6(8$
*123% >"56 >6"-6 5+ -(,,; +2 ( %#?? @,+(3$, (23 9+,$ *(,/,$(-6"24 >+,)= :+1?% >6+ 6(8$ >$(?56
>"?? @$ @,+1465 "25+ 56$ 5,156 (23 >"?? 4"8$ +* 56$", 9$(2% 5+ (38(2-$ 56$ >+,) +* R+3= W 6(8$
@$$2 "2%5,1-5$3 56(5 56$,$ "% 91-6 9$(2% "2 56$ -"#$% 56(5 (,$ 12>+,)$3= R+3 6(% "25$,$%5$3
E$+E?$ 56$,$= R+ 5+ 56$9d 5$(-6 56$9 (% !6,"%5 5(1465d 4"8$ 56$9 56$ 5,156= '6$; >"?? (--$E5 "5=
"?? @$ -+28$,5$3B 56$", 9$(2% >"?? @$ -+2%$-,(5$3 5+ 56$ D+,3`%
%$,8"-$B (23 >$ %6(?? %$$ (2 "2-,$(%$ +* ,$%+1,-$%= aQ' AUU=Hb
AP= +9$2 (,$ @,+1465 "25+ 56$ 5,156 "2 56$ -"#$%B 56$ 9$(2% >"?? @$4"2 5+ -+9$ "2= "?? @$ -+28$,5$3B 56$", 9$(2% >"?? @$ -+2%$-,(5$3 5+ 56$ D+,3`% %$,8"-$B
(23 >$ %6(?? %$$ (2 "2-,$(%$ +* +1, ,$%+1,-$%=//7(21%-,"E5 JGB AQUQ= aM8 PQ=Ab
AQ= '6$ E$+E?$ >6+ ?"8$ "2 56$ -+125,; E?(-$% (,$ +F$2 9+,$ $(%"?; ,$(-6$3 56(2 (,$ 56+%$ >6+
3>$?? "2 56$ 56"-)?; E+E1?(5$3 -"#$%= V$,$ (9+24 56$ %-$2$% +* 2(51,$ !6,"%#(2 -6(,(-5$, "%
9+,$ $(%"?; *+,9$3 56(2 (9"3 56$ >"-)$32$%% +* -"5; ?"*$= I6$2 56$ 5,156 5()$% 6+?3 +* 56$
6$(,5% +* 56$ %"9E?$6$(,5$3B (23 56$ :E","5 +* R+3 >+,)% 1E+2 56$", 9"23%B ?$(3"24 56$9 5+
,$%E+23 5+ 56$ E,+-?(9(#+2 +* 56$ I+,3B 56$,$ >"?? @$ %+9$ ,("%$3 1E 5+ 6$?E %1EE+,5 56$
-(1%$ +* R+3 @+56 @; 56$", 9$(2% (23 56$", ?(@+,%=//7(21%-,"E5 LJB AQUP= aM8 HL=Hb
8/13/2019 02 - Funding
5/7
.U= W 6(8$ 6(3 9$%%(4$% *,+9 56$ D+,3B >6"-6 W 6(8$ 4"8$2 5+ +1, E$+E?$ +8$, (23 +8$, (4("2B 56(5
56$,$ (,$ 9(2; 9+2"$3 9$2 >6+ (,$ %1%-$E#@?$ 5+ 56$ "2\1$2-$% (23 "9E,$%%"+2% +* 56$
4+%E$? 9$%%(4$= '6$ D+,3 6(% ( E$+E?$ >6+ 6(8$ 2$8$, ;$5 6$(,3 56$ 5,156= Z$$E 5+ ;+1, >+,)B
(23 ?$5 56$ E,+E$,5; 56(5 %6(?? @$ 3+2(5$3 5+ 56$ (38(2-$9$25 +* 56$ 5,156 @$ %+ 1%$3 56(5 (
-$25$, %6(?? @$ $%5(@?"%6$3 "2 qqqqq= D$5 E,+E$, E$,%+2%B >6+ 6(8$ 2$8$, ,$8$(?$3 56$ %$?_%6B
4,(%E"24 %E","5 >6"-6 >"566+?3% 56$ 9$(2% 56(5 +1465 5+ @$ 1%$3 "2 56$ ?(,4$ -"#$%B @$ %$?$-5$35+ -(,,; *+,>(,3 56$ >+,)B @$-(1%$ R+3 (-)2+>?$34$% 56$9 (% V"% -6+%$2 +2$%= = = = aM8 PO=Ab
.A= R+3 >"?? 9+8$ 1E+2 56$ 6$(,5% +* 9+2"$3 9$2B >6$2 56$ C"@?$B (23 56$ C"@?$ (?+2$B "%
E,$%$25$3 (% 56$ ?"465 +* 56$ >+,?3= W2 56$%$ -"#$% 56$ 5,156 "% 5+ 4+ *+,56 (% ( ?(9E 56(5 @1,2$56=
aM8 PO=.b
..= W2 9(2; 5$%#9+2"$% W 6(8$ %5(5$3 56(5 >$(?56; 9$2B >6+ 6(8$ 56$", D+,3`% 9+2$;B >"?? @$
9+8$3 @; 56$ :E","5 +* R+3 5+ +E$2 3++,% *+, 56$ (38(2-$9$25 +* 56$ 5,156 "2 ?(,4$ -"#$%= '6$;
>"?? 1%$ 56$", $25,1%5$3 9$(2% 5+ E,$E(,$ 56$ >(; +* 56$ D+,3B 5+ 9()$ %5,("465 "2 56$ 3$%$,5 (
6"46>(; *+, +1, R+3= aM8 PO=Hb
.G= D$5 56+%$ >6+ ?(@+, "2 56$ "25$,$%5% +* 56$ -(1%$ +* R+3 ?(; 56$ 2$-$%%"#$% +* 56$ >+,) "2 qqqqq
@$*+,$ 56$ >$(?56; 9$2 +* 56$ >+,?3= K+ 56"% f13"-"+1%?;= '$?? 56$9 >6(5 ;+1 (,$ 5,;"24 5+ 3+=
:+?"-"5 3+2(#+2% *,+9 56$9= W5 "% R+3`% 9$(2% >6"-6 56$; 6(8$B 9$(2% >6"-6 %6+1?3 @$ 1%$3 "2
$2?"465$2"24 56$ >+,?3= aM8 PP=.b
.H= '6$,$ (,$ %5+,$3 1E "2 56$ $(,56 ?(,4$ 5,$(%1,$% +* 4+?3 (23 %"?8$,= 7$2`% ,"-6$% 6(8$
(--191?(5$3= R+ 5+ 56$%$ 9$2 >"56 ( 6$(,5 _??$3 >"56 ?+8$ *+, !6,"%5 (23 %1e$,"24 619(2"5;B
(23 (%) 56$9 5+ 6$?E ;+1 "2 56$ >+,) ;+1 (,$ 5,;"24 5+ 3+ *+, 56$ 7(%5$,= "?? @$ 5+1-6$3 "2 56$", 6$(,5%= '6$; >"??
,$(?"o$ 56(5 56$; -(2 @$ !6,"%5`% 6$?E"24 6(23 @; 3+"24 9$3"-(? 9"%%"+2(,; >+,)= '6$; >"?? @$ ?$3
5+ -+/+E$,(5$ >"56 R+3B 5+ E,+8"3$ 56$ *(-"?"#$% 2$-$%%(,; 5+ %$5 "2 +E$,(#+2 56$ >+,) 56(5
2$$3% 5+ @$ 3+2$= //7(21%-,"E5 HUB AQUA=
.J= I$ (?? 2$$3 5+ @$ >"3$/(>()$B 56(5B (% 56$ >(; +E$2%B >$ 9(; (38(2-$ 56$ >+,) "2 56$ ?(,4$
-"#$%= I$ (,$ *(, @$6"23 "2 *+??+>"24 56$ ?"465 4"8$2 1% 5+ $25$, 56$ -"#$% (23 $,$-5 9$9+,"(?%
*+, R+3= :5$E @; %5$E >$ (,$ 5+ ?$(3 %+1?% "25+ 56$ *1?? ?"465 +* 5,156= 7(2; (,$ ?+24"24 *+,
%E","51(? *++3= I$ (,$ 5+ -+2#21$ >+,)"24 12#? ( -61,-6 "% +,4(2"o$3 (23 ( 619@?$ 6+1%$ +*
>+,%6"E @1"?5= W (9 4,$(5?; $2-+1,(4$3 5+ @$?"$8$ 56(5 9(2; E$,%+2% 2+5 +* +1, *("56 >"?? 6$?E
-+2%"3$,(@?; @; 56$", 9$(2%= '6$ ?"465 4"8$2 9$ "% 56(5 "2 9(2; E?(-$%B $%E$-"(??; "2 56$ 4,$(5
-"#$% +* +,)B (23 6"% (24$?% >"?? 4+ @$*+,$ 56$9= D$5 2+ +2$ 6"23$, 56$%$ 9$2 +* R+3`%
(EE+"259$25= 0+,@"3 56$9 2+5= R+3 6(% 4"8$2 56$9 56$", >+,)= D$5 56$ 9$%%(4$ @$ 4"8$2 >"56
%+ 91-6 E+>$, 56(5 56$ 6$(,$,% %6(?? @$ -+28"2-$3= R+3 >"?? ,("%$ 1E >+,)$,% >6+ >"?? +--1E;
E$-1?"(, %E6$,$% +* "2\1$2-$B >+,)$,% >6+ >"?? -(,,; 56$ 5,156 5+ 56$ 9+%5 12E,+9"%"24 E?(-$%=
7$2 >"?? %(;B nh$(Bn >6$,$ +2-$ 56$; %("3B nX(;=n :+9$ >6+ >$,$ +2-$ $2$9"$% >"?? @$-+9$
8/13/2019 02 - Funding
6/7
8/13/2019 02 - Funding
7/7
*+, ;+1,%$?8$% ( 5,$(%1,$ "2 56$ 6$(8$2%=n K15; "% E?("2d 56$ %$??"24 #9$ 6(% -+9$ "* 9$(2% "%
3$9(23$3 5+ (38(2-$ 56$ -(1%$ (23 >+,) +* R+3 (23 -(22+5 @$ ,("%$3 >"56+15 %$??"24 ;+1, ?(23
(23 ;+1, $T5,( 6+1%$%= ()$2B @,$56,$2B 5+ 56$ -(?? +* 315;= W %$$ 2+ +56$, >(; 56(5 56$ ?"465 "2
!6"-(4+ (23 +56$, E?(-$% -(2 @$ >"563,(>2 *,+9 123$, 56$ @1%6$? (23 E?(-$3 +2 ( -(23?$%#-)= W
(EE$(? 5+ $8$,; +2$ "2 56$ ,(2)% +* :(@@(56/)$$E$,% 5+ 3$2; %$?* *+, !6,"%5`% %()$= '6$,$ "%
$(,2$%5 >+,) 5+ @$ 3+2$ *+, 56$ 7(%5$,d (23 56+%$ >6+ 6(8$ 2+ 6+1%$% (23 ?(23% 5+ 51,2 "25+9+2$;B -(2 3$2; %$?* "2 8(,"+1% >(;%B (23 %(8$ 9$(2% >6"-6 >+1?3 6(8$ @$$2 2$$3?$%%?;
$TE$23$3= [,(-#-$ 5$9E$,(2-$ "2 (?? 56"24%= !15 3+>2 %$?_%6 "231?4$2-$% (5 ;+1, 5(@?$%B (23
3,$%% E?("2?;B >"56 56$ 4,$(5 (23 4,(23 +@f$-5 @$*+,$ ;+1 +* 6(8"24 9+2$; 5+ E?(-$ "2 56$
5,$(%1,; +* R+3= h+1 9(; 561% @$ 56$ 9$(2% +* (38(2-"24 6"% -(1%$B $2?"465$2"24 56+%$ >6+ (,$
"2 56$ 3(,)2$%% +* $,,+,= aSVB 0$@,1(,; AUB APPJ E(,= .Ub
GG= :6(?? >$ 2+5 (38(2-$ "2 *("56B f1%5 (% "* >$ 6(3 56+1%(23% +* 3+??(,%N I$ 3+ 2+5 6(8$ 6(?*
*("56 $2+146= D$5 1% (-5 +1, E(,5 "2 >(,2"24 56$%$ -"#$%= '6$ >(,2"24 9$%%(4$ 91%5 -+9$ 5+ 56$
E$+E?$ >6+ (,$ ,$(3; 5+ E$,"%6B 12>(,2$3B 12%(8$3= V+> -(2 >$ 3$?(;N $ (38(2-$B 56$
9$(2% >"?? -+9$= C15 >$ 91%5 (38(2-$ @; *("56B 5,1%#24 "2 56$ D+,3 R+3 +* W%,($?= aM8 L.=Ab
GH= $ 3+ 56"% >+,)B >$ %6(?? _23 56(5 9$(2% >"?? \+> "25+ +1, 5,$(%1,"$%B (23 >$ %6(?? 6(8$
9$(2% >"56 >6"-6 5+ -(,,; +2 ( %#?? @,+(3$, (23 9+,$ *(,/,$(-6"24 >+,)= aM8 LA=Hb
GJ= K+ ;+1 2+5 )2+> 56(5 12?$%% ;+1 -(,,; 56$ 5,156 5+ 56$ -"#$%B 56$,$ >"?? @$ ( 3,;"24 1E +*
9$(2%N I6$2 ;+1 -(,,; 56"% 9$%%(4$ 5+ 56+%$ "2 -"#$% >6+ (,$ 6124,; *+, 5,156B (23 56$;
(--$E5 56$ ?"465B 56$; >"?? 4+ $(,2$%5?; 5+ >+,) 5+ @,"24 56(5 ?"465 5+ +56$,%= :+1?% >6+ 6(8$
9$(2% >"?? @,"24 +56$,% "25+ 56$ 5,156B (23 >"?? 4"8$ +* 56$", 9$(2% 5+ (38(2-$ 56$ -(1%$ +*
R+3=n sRMXMS