:KDW¶V*URZLQJ2Q"
7KH)OHWFKHU:LOGOLIH
*DUGHQ1HZVOHWWHU
Z Z Z R I Q F :
F D:
I:O H 2
W F) K1H &U &
S K
$ S $ 3 5 , / ) / ( 7 & + ( 5 3 + 3 7D[HVDUHGXHEXWIORZHUVDUHWRR
:KLOH³$SULOVKRZHUVEULQJ0D\IORZHUV´LWKDVQ¶W
EHHQDQHVSHFLDOO\UDLQ\PRQWKVRIDU%XWDOOVRUWVRI
SODQWVDUHSHHNLQJXSDERYHWKHJURXQGDQGWKH
0HDGRZ5XHDVZHOODV&DQDGD$QHPRQHDUHDOUHDG\
JUHHQDQGOHDI\7KLVPRQWKZH¶OOWDONDERXWVRPH
HDUO\VSULQJIORZHUV\RXFDQVSRWPRVWO\LQZRRGODQG
VHWWLQJV:HDOVRWDONDERXWLQVHFWVWKDWFDQEHVHHQ
WKLVWLPHRI\HDU±LQIDFWDJUHDWELJIXUU\EHHZDV
IRXQGVOHHSLO\KDQJLQJRXWLQDVPDOOIORZHUSRW+H
QDUURZO\PLVVHGEHLQJJUDEEHGZLWKDOOWKHGULHG
PXOFKOHDYHVDUXGHVSULQJDZDNHQLQJ
:LWKDOOWKHVSURXWLQJDQGJUHHQZHWXUQRXUPLQGV
WRSODQQLQJWKHJDUGHQ,QWKLVLVVXHZHIHDWXUHDOLVW
$UHQHVWLPSURYHPHQWVGHGXFWLEOH"
RISODQWV\RXVKRXOGQHYHUXVHLQVRPHJDUGHQ
FLUFXPVWDQFHVDOWKRXJKWKH\DUHDYDLODEOHLQQXUVHULHV/RWVRIDOWHUQDWLYHRSWLRQVZLOOEHIRUVDOHDWRXU
7KHQHZVKHG'/H3DJH
$QQXDO1DWLYH3ODQW6DOH6DWXUGD\-XQHQGIURPWR0DUN\RXUFDOHQGDUVWHOO\RXUIULHQGV
DQGSORW\RXUJDUGHQV
%\WKHHQGRIWKHPRQWKDOORXUYROXQWHHUJURXSVZLOOEHLQIXOOVZLQJVRGRFRPHRXWDQGMRLQXV
&KHFNEHORZIRUGDWHVUHODWHGWRVSHFLILFHYHQWV:H¶UHJHDULQJXSWRZHOFRPHVRPHFRUSRUDWHJURXSV
ZKRZLOOSURYLGHZHOFRPHKDQGVIRUWKHKHDY\ZRUNPRUHRQWKDWODWHULQWKH\HDU,I\RXKDYHD
YROXQWHHUSURJUDPDWZRUNRUNQRZVRPHRQHZKRGRHVGRFRQVLGHU):*7KHZRUNLVQ¶WJODPRURXV
EXW\RX¶OOPDNHDELJGLIIHUHQFHWRZDUGPDNLQJWKH):*DZHOFRPHSODFHIRUSODQWVDQGDQLPDOV
,I\RXDUHDNHHQSKRWRJUDSKHUOLNHPDQ\RIRXUYROXQWHHUVSOHDVHUHPHPEHUWRUHVSHFWWKHODQGDQG
DQLPDOV%LUGVDUHVWDUWLQJWRPDWHDQGQHVWVRNHHSWRWKHSDWKV
VRDVWRQRWGLVWXUEWKHP$ORWRIOLWWOHFULWWHUVDUHMXVWZDNLQJXS
&RQWDFW8V
DQGDUHHDVLO\GLVWXUEHG'RQ¶WZDONXSWRWKHSRQGVKRUHOLQHRU
\RXPLJKWVTXLVKVRPHOLWWOHDTXDWLFIULHQGVDQGWUDPSOHWKHVRLO
VRQRWKLQJJURZV1RZLVWKHWLPHWRLQYHVWLQWKDWVXSHU]RRP,I
\RXGRVHHVRPHRQHQRWUHVSHFWLQJWKHVHJXLGHOLQHVDQGWKH\
GRQ¶WLGHQWLI\DVDYROXQWHHUSOHDVHGRWHOOWKHPWKHGDPDJHWKH\
DUHFDXVLQJ3URWHFWLQJ):*LVDJURXSHIIRUW
)/(7&+(5:,/'/,)(*$5'(1
%R[:HVWJDWH32
2WWDZD21
.=$
7HO
IOHWFKHU#RIQFFD
3$*(
6SULQJ¶V)LUVW)ORZHUV
WH[WDQGSKRWRVE\,1LFKRO
,QWKH2WWDZDUHJLRQZHDUHIRUWXQDWHWRKDYHDZLGHDUUD\RI
HDUO\VSULQJIORZHUV²VWDUWLQJZLWK&ROWVIRRWWKHQ%ORRGURRW
+HSDWLFD7URXW/LOLHVDQGIORZHULQJWUHHV7KH\DUHDQHHGHGIRRG
VRXUFHIRUDQXPEHURIRXUHDUOLHVWRILQVHFWVLQFOXGLQJEHHVDQG
RYHUZLQWHULQJEXWWHUIOLHV
$IWHUDZKLWHDQGFRORXUOHVVZLQWHUZHKXPDQVDOVRORRNIRUZDUG
WRWKHVHHDUO\IORZHUVZKLFKDGGDVSODVKRIFRORXULQQRRNVDQG
FUDQQLHVWKURXJKRXWIRUHVWVDQGPHDGRZV7KHVHDVRQLVURXQGHG
RXWZLWKVRPHRIRXUPRVWEHDXWLIXOIORZHUVOLNH:KLWHDQG5HG
7ULOOLXPV:LOG&ROXPELQHDQGPRVWVXUSULVLQJDQGVSHFWDFXODURI
DOOZLOGRUFKLGVOLNHWKH3LQNDQG<HOORZ/DG\¶V6OLSSHUVDPRQJVR
PDQ\RWKHUV
0DQ\RIWKHHDUOLHVWIORZHUV+HSDWLFDV6SULQJ%HDXWLHV7URXW
/LOLHV%ORRGURRWZLOOEORRPIRURQO\DYHU\VKRUWWLPH
EHIRUHGLVDSSHDULQJXQGHUDGDUNHQLQJIRUHVWFDQRS\+RZGR
WKHVHHDUO\IUDJLOHIORZHUV²DIWHUO\LQJGRUPDQWLQJURXQGIUR]HQ
GRZQWRWKUHHIHHWRUPRUHDQGZLWKVWDQGLQJWHPSHUDWXUHVRIWHQ
GLSSLQJWRPLQXVƒ&²QRZSXVKIRUWKWKHLUOHDYHVDQGEULOOLDQW
EORVVRPVRIWHQZKLOHVQRZVWLOOOLHVRQWKHJURXQG7KHVHIORZHUV
DUHULJKWO\FDOOHGVSULQJHSKHPHUDOVDQGRFFXS\DVSHFLDOQLFKHLQ
VHDVRQDOWLPHGUDZLQJRQUHVRXUFHVRIOLJKWZDWHUDQGQXWULHQWV
7KHVHSODQWVJHWDKHDGVWDUWE\EHJLQQLQJJURZWKEHQHDWKWKH
LQVXODWLQJZLQWHUEODQNHW6HYHUDOSODQWVFDQDOUHDG\EHVHHQ
GHYHORSLQJDQGSHUKDSVHYHQIORZHULQJZKHQWKH\DUHILUVW
H[SRVHGE\WKHPHOWLQJVQRZ7KHVHFUHWEHKLQGWKLVVSHFLDO
DGDSWDWLRQOLHVLQWKHLUWKLFNIOHVK\URRWVWRFNVRUEXOEVLQZKLFK
WKH\KDYHVWRUHGHQRXJKIRRGIURPWKHSUHYLRXV\HDUWRQRZ
HQDEOHWKHPWRVHQGXSVKRRWVZLWKWKHILUVWZDUPUD\V²
FDSLWDOL]LQJRQWKHVXQ¶VHQHUJ\VWUHDPLQJGRZQWKURXJKEDUH
EUDQFKHGOHDIOHVVWUHHV7KHSODQWV¶OHDYHVWDNH
DGYDQWDJHRIWKLVEULHISHULRGLQWKHVXQWRPDQXIDFWXUH
IRRGDQGVWRUHLWLQWKHURRWVIRUQH[W\HDU¶VJURZWK
7KHQDVWKHKHDY\VKDGHRIWKHIRUHVWFDQRS\FXWVRII
WKHVXQ¶VOLJKWWKHHSKHPHUDOVZLOWDQGGLH
,I\RXGRQ
WJHWRXWHDUO\HQRXJKWRYLHZWKHZLGH
SDQRUDPDRIIORZHULQJSODQWVPLQJOLQJWKHLUFRORXUVRI
7RSWRERWWRP:KLWH7ULOOLXP%ORRGURRW5HG7ULOOLXP
&RQWLQXHGRQSDJH
3$*(
EULOOLDQW\HOORZFKDUWUHXVHSXUSOHDQG
URVHDPLGWKHVRIWJUHHQVRIHDUO\VSULQJ
\RXPD\PLVVRXWRQVRPHRIWKHPRVW
VSHFWDFXODURIEORRPVDVWKH\ULVH
WRJHWKHUWKURXJKPRLVWHQHGVRLO
EHFNRQHGE\WKHVXQ
VZHOFRPLQJUHDFK
*HWRXWWKHUHDQG(1-2<
$ORQJWLPHYROXQWHHUDWWKH):*
,VDEHOOHDOVRSURYLGHVVOLGHVKRZVWDONV
DQGQDWXUHZDONVWRVFKRROVFOXEVDQG
RWKHUJURXSV6KHLVDUHFLSLHQWRIWKH
2)1&¶V0DU\6WXDUW(GXFDWLRQ$ZDUGIRU³RXWVWDQGLQJ
DFKLHYHPHQWLQWKHILHOGRIQDWXUDOKLVWRU\HGXFDWLRQLQWKH
2WWDZD5HJLRQ´
/HIWWRULJKWIURPWRSWRERWWRP
&ROWVIRRW5RXQG/HDYHG+HSDWLFD
3LQN/DG\¶V6OLSSHU<HOORZ/DG\¶V
6OLSSHU7URXW/LO\:LOG&ROXPELQH
3$*(
:HGRQ¶WKDYHWRZDLWIRUVXPPHUWRVHHLQVHFWV
WH[WDQGSKRWRVE\&+DQUDKDQ
$OWKRXJKZHWKLQNRILQVHFWVDQGDUDFKQLGVDVZDUP
ZHDWKHUFULWWHUVPDQ\FDQEHIRXQGHYHQZKHQVQRZLV
RQWKHJURXQG:LQWHU&UDQHIOLHVDQG%URZQ/DFHZLQJV
IRUH[DPSOH:KHQWKHZHDWKHUZDUPVXSLQHDUO\VSULQJ
EXWWHUIOLHVVXFKDV0RXUQLQJ&ORDNV1\PSKDOLVDQWLRSD
DQG&RPPDV3RO\JRQLDHPHUJHIURPKLEHUQDWLRQWRIOLW
WKURXJKZRRGODQGV7KHVHODUJHLQVHFWVDUHLQVWDQWO\
QRWLFHDEOH
/HVVGLVFHUQDEOHEXWDVFRPPRQDUHYDULRXVEHHVEXJV
EHHWOHVDQGIOLHV0DQ\RIWKHVHRYHUZLQWHUDVDGXOWVDQG
HPHUJHZKHQVQRZLVVWLOORQWKHJURXQG6RXWKIDFLQJ
VORSHVDUHJRRGVSRWVWRILQGWKHWLQ\UHGVWULSHG&XHUQD
VWULDWDOHDIKRSSHUXVXDOO\E\WKHGR]HQVDPRQJWKHOHDI
OLWWHU$OVRDSSHDULQJHDUO\LVWKHVPDOO0LONZHHG%XJ
/\JDHXVNDOPLLIDPLOLDUWRDOORIXVLQPLGVXPPHU
VXUSULVLQJXVLQYHU\HDUO\VSULQJEXWOLNHPDQ\RWKHU
$QGUHQDGXQQLQJL
EXJVZLQWHULQJDVDQDGXOW$OWKRXJKWKH\PRVWO\IHHGRQ
QHFWDULWLVWKRXJKWWKDWLQHDUO\VSULQJZKHQQHFWDULV
DEVHQWWKH\PD\WXUQWRSUHGDWLRQRUVFDYHQJLQJ7LQ\&WHQXFKD0RWKFDWHUSLOODUV&WHQXFKD
YLUJLQLFDFDQEHIRXQGFUDZOLQJDFURVVWKHVQRZVHHPLQJO\REOLYLRXVWRWKHFROGDQGEHFRPLQJ
LQFUHDVLQJO\FRPPRQDVGD\VZDUP0LFURPRWKVDUHFRPPRQHYHQ
ZKHQWKHWHPSHUDWXUHLVVWLOOFRRODQGDORQJZRRGODQGHGJHVWKH
ORYHO\RUDQJH\PRWKWKH,QIDQW$UFKLHDULVLQIDQVPD\EHIRXQG
$QGUHQLG$QGUHQDVSDQG&ROOHWHVEHHVDUHDPRQJWKHHDUOLHVW
EHHVWRFRPHRXWDQGDWWKH):*FDQEHJXDUDQWHHGZKHQWKH
ZLOORZSROOHQDSSHDUV1RPDGDEHHVNOHSWRSDUDVLWHVRQDQGUHQLGV
ZLOOEHIRXQGDWWKHVDPHWLPH/RRNRXWDVZHOOIRUELJEXPEOLQJ
EXPEOHEHHV%RPEXVTXHHQVDZRNHQIURPZLQWHU¶VUHVWDQGUHDG\
WRVWDUWWKHLUQHZFRORQ\+RQH\%HHV$SLVPHOOLIHUDFDQDOVR
DSSHDU%HH)OLHVIOLHVQRWEHHVDUHHTXDOO\FRPPRQDURXQG
FROWVIRRWZLOORZFDWNLQVFURFXVHVDQGRWKHUHDUO\IORZHULQJSODQWV
%RPE\OLXVLVWKHVSHFLHVWKDWILUVWDSSHDUVURXQGERGLHGIX]]\OLWWOH
FUHDWXUHV
/LIWXSURFNVDQG\RXDUHOLNHO\WRVHHGLIIHUHQWVSHFLHVRIFDUDELGRU
JURXQGEHHWOHVVFXWWOLQJDURXQGDQGDQWFRORQLHV³DLULQJ´WKHLU
ODUYDHRUWHQGLQJWRDSKLGODUYDHDZKROHZRUOGRIIDVFLQDWLRQLIZH
KDYHWLPHWRVLWDQGZDWFK
&XHUQDVWULDWDDQG$QGUHQDGXQQLQJL
&RQWLQXHGRQSDJH
3$*(
7UHHVDSDWWUDFWVPDQ\HDUO\LQVHFWV1RWRQO\
EXWWHUIOLHVVHHNLQJWKHVZHHWQHVVEXWFOXVWHU
IOLHV3ROOHQLDVSJUHHQERWWOHIOLHV/XFLOLDVS
DQGUHQLGEHHVSDUDVLWLFZDVSV%UDFRQLGDHDQG
YDULRXVRWKHUFULWWHUV,QYHU\HDUO\VSULQJVVXFK
DVZHH[SHULHQFHGWKLV\HDUDQGDOVRLQLW
LVQRWXQXVXDOWRILQGLQVHFWVRXWDQGDERXWLQ
HDUO\0DUFK
$UDFKQLGVDUHRIWHQVHHQVFXWWOLQJDFURVVWKH
VQRZDQGVRQRVXUSULVHWKDWWKH\DUHYHU\
FRPPRQWKHPLQXWHVQRZPHOWVIURPSDWFKHVRI
ODQG,I\RXVLWDORQJDZRRGHGWUDLODQGJHQWO\
PRYHWKHGU\OHDYHVDURXQG\RX¶OOEHDVWRQLVKHG
DWWKHQXPEHUDQGYDULHW\RIVSLGHUVWREH
IRXQG:ROIVSLGHUV/\FRVLGDHRIYDULRXV
VSHFLHVDUHSHUKDSVPRVWFRPPRQLQFOXGLQJRQ
WRSRIVQRZEXWWKHUHDUHMXPSLQJVSLGHUV
6DOWLFLGDHKDFNOHPHVKZHDYHUV
$PDXURELLGDHDQGPDQ\PRUH
7KLVLVMXVWDEULHIRYHUYLHZRIWKHPDQ\LQVHFWV
WREHIRXQGLQHDUO\VSULQJ7KHVHVSHFLHVKDYH
WREHVWURQJDQGDGDSWDEOHWRHPHUJHZKHQ
ZLQWHUKDVEDUHO\OHIWWKHODQGEXWE\VRGRLQJ
WKH\JHWDKHDGVWDUWRQRWKHULQVHFWVWKDWZDLW
XQWLOLWLVPXFKZDUPHUWRDSSHDU
&KULVWLQH+DQUDKDQKDVEHHQDYROXQWHHUDWWKH
):*IRU\HDUV$PRQJPDQ\RWKHUDFWLYLWLHV
VKHPRQLWRUVRXUZLOGOLIHSRSXODWLRQVDQGNHHSV
DVSHFWDFXODUSKRWREORJRIKHUGLVFRYHULHV
KWWSZZZSEDVHFRPIZJ
7RSWRERWWRP:ROI6SLGHU
(DVWHUQ&RPPD0LONZHHG%XJ
3$*(
7KHYHU\OD]\JDUGHQHULQ6SULQJ
E\6*DUODQG
,OLNHWRWKLQN,¶PIROORZLQJZLOGOLIHJDUGHQLQJSUDFWLFHVEXWPD\EH
,¶PMXVWOD]\,MXVWVSHQWKDOIDQKRXUFOHDQLQJXSP\\DUGZLWKRQO\
DSDLURIJORYHVIRUWRROVQRWKLQJKHDY\RUDZNZDUGWRFDUU\DQG
RQO\RQHWULSWRWKHJDUEDJHFDQZLWKDKDQGIXORIMXQN
,GRQ¶WWLG\WKHJDUGHQRUFXWEDFNDQ\WKLQJLQWKHIDOO0\UDWLRQDOH
LVWKDWELUGVVTXLUUHOVDQGRWKHUFUHDWXUHVPLJKWZDQWWRHDWVRPH
RIWKRVHVHHGVRUVWHPVDQGWKHG\LQJYHJHWDWLRQFUHDWHVD
SURWHFWLYHOD\HUIRURYHUZLQWHULQJLQVHFWV,DOVROLNHWKHVKDSHV
FUHDWHGDVVQRZSLOHVXSRQWRSRIHYHU\WKLQJ
,QWKHVSULQJ,GRQ¶WZDQWWRZDNHDQ\WKLQJXSWRRVRRQVRQRKRHLQJUDNLQJGLJJLQJRU
UHPRYLQJGHEULV$QGQRZDONLQJRQWKHZHWVRLOEHFDXVHWKDWZLOOFRPSDFWLW%XW,HQMR\EHLQJ
LQWKHEDFN\DUGVR,GRQ¶WZDQWLWWRORRN³PHVV\´HLWKHU
+2:727,'<83:,7+287$&78$//<'2,1*$1<7+,1*
,WRQO\ORRNVOLNHJDUEDJHEHFDXVHLW¶VUDQGRP
±%UHDNRIIGHDGIHUQIURQGVQHDUWKHEDVHWXUQLQJXQVLJKWO\GHEULVLQWREXGGLQJIHUQ
URVHWWHV%HWWHUVWLOOFUXVKWKHPLQWRVPDOOHUSLHFHVZKLFKWKHQVWDUWWRORRNOLNHPXOFK
LQVWHDGRIGHEULV
±&XWGHDGVWHPVRISHUHQQLDOVLQWRDSSUR[LPDWHO\HTXDOOHQJWKSLHFHVDERXWFPORQJDQG
VSUHDGWKHPDURXQG
3XWOLNHWKLQJVWRJHWKHU
±6WDFNEUDQFKHVLQFOXGLQJWKHRQHVFXWRIIWKHDSSOHWUHHEHFDXVHWKH\ZHUHKLWWLQJWKH
SRUFKURRIDORQJWKHVLGHRIWKHSRUFK3LOLQJWKHPULJKWZD\XSWKHZD\WKH\ZRXOGJURZ
PDNHVWKHSLOHORRNQHDWHUEHOLHYHLWRUQRW
±3LOHWKRVHEURNHQSLHFHVRIEULFNLQIURQWRIWKHIRXQGDWLRQ
5HPRYHPDQPDGHJDUEDJH
±3LFNXSDOOELWVRIVKLQJOHVZUDSSHUVDQGRWKHUJDUEDJH
&OHDQPDQPDGHREMHFWV
±6ZHHSRIIEULFNVUHFRYHUHGIURPROGFKLPQH\
±%UXVKRIIWKHIHQFH
±$UUDQJHDURZRIVTXLUUHOVFXOSWHGZDOQXWVKHOOVRQIHQFHMXVWIRUIXQ
6DQG\KDVEHHQDYROXQWHHUDWWKH):*VLQFHVKHKHDUGDERXWWKHJDUGHQIURPQHLJKERXU-HII
+DUULVRQEDFNLQ+HUDWWLWXGHWRZDUGJDUGHQLQJFKRUHV³,VWKHUHDUHDVRQWRQRWGRLW"´
3$*(
:$17(',WHPV):*&RXOG8VH
±2XUODZQPRZHUKDVEHHQSXWRXWWRSDVWXUH:H¶OOEHQHHGLQJDQHZRQHWRPRZWKHODZQLQRXU%<*DQGDORQJ
WUDLOV,I\RXKDYHDQ\VXJJHVWLRQVRUDVXSHUGLVFRXQWSOHDVHOHWXVNQRZ
±'R\RXKDYHROGZRRGHQUROOXSEOLQGVOLNH,.($VHOOV":HDUHGHYHORSLQJDEHWWHUVKDGHV\VWHPIRUWKHQXUVHU\
LGHDOO\RQHWKDWFDQEHWZHDNHGZLWKVRODUH[SRVXUHDQGVWRUHVVPDOO'LWWRLI\RXKDSSHQWRKDYHROGFDPRQHWWLQJ
OLNHWKHPLOLWDU\XVHV
±DQGLQFK648$5(SRWVRUVKUXEVL]HGODUJHSRWV
±3ODVWLFYHQHWLDQEOLQGVLQSDOHFRORXUVZHFXWWKHVHXSWRXVHDVODEHOV
&UHDWLYH,GHD5DLVHG*DUGHQ%HGV
:KDWDSUHWW\ZD\WRUHXVHZRRGOHIWRYHUVIURPWKHJDUGHQ$UDLVHGEHGLVDJUHDWVROXWLRQIRU
FOD\VRLOVWRDGGGHILQLWLRQLQDVPDOOJDUGHQDQGDOVRWRSURYLGHDGGHGKHLJKW\RXFRXOGHDVLO\
SODQWRWKHUYHJHWDWLRQDURXQGWKHERWWRPIRUDQDWWUDFWLYHWLHUHGHIIHFW:RXOGQ¶WWKLVEHVWULNLQJ
ZLWK5HG2VLHU'RJZRRGDGGHGLQIRUFRORXU")RUFRPSOHWHLQVWUXFWLRQVYLVLWWKH,QVWUXFWDEOHV
SDJHZZZLQVWUXFWDEOHVFRPLG1DWXUDO:RRG5DLVHG*DUGHQ
3$*(
):*)$4$VNHGE\<RX
):*JHWVYDULRXVHPDLOVVXEPLWWHGZLWKTXHVWLRQVDQGLIZHFDQ¶WUHDGLO\JLYHDQ
DQVZHUZHWXUQWRRXUJRWRH[SHUWV
a6HOHFWHGE\6DQGUD*DUODQG
+RZFDQ,ILQGRXWZKLFKPXVKURRPVDUHHGLEOH"'R\RXKDYH
ILHOGWULSVWRLGHQWLI\PXVKURRPV"
7KHVHTXHVWLRQVDUHPRUHRIWHQGLUHFWHGDWWKH2WWDZD)LHOG1DWXUDOLVWV¶&OXEWKDQ
WKH):*EXWWKH\DUHFHUWDLQO\IUHTXHQWO\DVNHG0DQ\SHRSOHDUHFXULRXVDERXW
PXVKURRPVSUREDEO\EHFDXVHRIWKHGDQJHUDQGLQWULJXHDVVRFLDWHGZLWKWKHP
,QRXUUHJLRQWKHSODFHWRJRIRULQIRUPDWLRQDERXWIXQJLRIDOONLQGV²RIZKLFK
³PXVKURRPV´DUHRQO\DVPDOOSDUW²LVWKH0\FRORJXHVDPDWHXUVGHO¶2XWDRXDLVWKHDPDWHXU
P\FRORJLVWVRIWKH2XWDRXDLV%HFDXVHZH'2JHWVRPDQ\TXHVWLRQVDQG,ZDVTXLWHLQWLPLGDWHG
E\WKH0$2¶V)UHQFKRQO\ZHEVLWHZZZPDRTFFD,FRQWDFWHGWKHFOXEWRILQGRXWPRUHDQG
3DXOLQH9ROOHULQJWKHVHFUHWDU\YHU\NLQGO\VHQWPHWKHIROORZLQJLQIRUPDWLRQ
³(YHU\ERG\LVZHOFRPHWRMRLQWKH0\FRORJXHVDPDWHXUVGHO
2XWDRXDLV2XURXWLQJVDQG
ZRUNVKRSVDUHLQ)UHQFKEXWPDQ\RIRXUOHDGHUVDQGSDUWLFLSDQWVDUHELOLQJXDO$SHUVRQZKR
VSHDNVQR)UHQFKDWDOOZRXOGKDYHGLIILFXOW\LQRXUZRUNVKRSVEXWVKRXOGKDYHQRWURXEOHGXULQJ
WKHRXWLQJVEHFDXVHZHFDQJLYHLQVWUXFWLRQVDQGLQIRUPDWLRQLQ(QJOLVKLQGLYLGXDOO\
³:HKROGDERXWVL[RUVHYHQRXWLQJVLQVSULQJDQGDERXWWHQLQIDOO7KH\JHQHUDOO\WDNHDIXOO
PRUQLQJDQGWDNHSODFHLQWKH2XWDRXDLVUHJLRQDVZHOODVLQ2QWDULR2XURXWLQJVDUHJHQHUDOO\
IRUPHPEHUVRQO\EXWDQ\RQHLQWHUHVWHGFDQMRLQXVWRVHHLIWKH\DUHLQWHUHVWHG2XU
PHPEHUVKLSIHHLVIRURQHSHUVRQRUIRUDIDPLO\2QFHDJDLQHYHU\RQHLVZHOFRPH
PDQ\SDUWLFLSDQWVDUHQRYLFHV
³$WRXURXWLQJVSDUWLFLSDQWVPHHWDWDGHVLJQDWHGSODFHDQGWLPHDQGLQVWUXFWLRQVDUHJLYHQ
FRQFHUQLQJWKHSURSHUW\WKHPXVKURRPVHWF$IWHU
DERXWDQKRXUDQGDKDOIRIFROOHFWLQJSDUWLFLSDQWV
JHWWRJHWKHUDQGSODFHWKHLUPXVKURRPVRQ
LGHQWLILFDWLRQWDEOHV2XUH[SHUWVWKHQLGHQWLI\WKH
PXVKURRPVDQGDQVZHUTXHVWLRQV
³7KHEHVWZD\WRJHWWRNQRZZLOGPXVKURRPVLVWR
MRLQDJURXSOLNHRXUVDQGWRSDUWLFLSDWHLQWKH
RXWLQJV,WKLQNZHDUHWKHRQO\P\FRORJLVWJURXSLQ
WKH2XWDRXDLVUHJLRQ2XURXWLQJVVWDUWRQ0D\LQ
WKH/DURVH)RUHVW$Q\RQHLQWHUHVWHGFDQMRLQXVDQG
FDQJHWPRUHLQIRUPDWLRQE\FRPPXQLFDWLQJZLWKXV
WKURXJKRXUZHEVLWH´
2UDQJHMHOO\E\&+DQUDKDQ
3$*(
6FLHQFH&RUQHU
/HW¶VJHWLQDIODSRYHUWKHVHDPD]LQJELUGV
$WLQ\ELUGWKDWZHLJKVOHVVWKDQWZRWDEOHVSRRQVRIVDOWWKH
1RUWKHUQ:KHDWHDU2HQDQWKHRHQDQWKHPDQDJHVWRIO\IURPWKH
&DQDGLDQ$UFWLFWRVXE6DKDUDQ$IULFDDQGEDFNGXULQJLWV\HDUO\
PLJUDWLRQ$FURVVRFHDQVDQGGHVHUWLWWUDYHOVRQWKHORQJHVW
URXQGWULSPLJUDWRU\MRXUQH\RIDQ\ELUGLQWKHZRUOGLQLWVFODVV
5HVHDUFKHUVDWWKH8QLYHUVLW\RI*XHOSK2QWDULR0LQLVWU\RI
1DWXUDO5HVRXUFHVDQGD*HUPDQWHDPDWWKH,QVWLWXWHRI$YLDQ
5HVHDUFKXVHGJHRORFDWRUVDQGDQDO\VHGFKHPLFDOVLJQDWXUHVLQ
ZLQWHUJURZQIHDWKHUVWRWUDFNWKHELUGV
,PDJLQHUDFNLQJXSWKRVHIUHTXHQWIOLHUPLOHV
7KHDUWLFOHLVQ¶WRSHQDFFHVVEXWZDVFRYHUHGE\YDULRXVQHZV
RXWOHWV
1RUWKHUQ:KHDWHDWHUE\3
/¶(WRLOH
%DLUOHLQ)1RUULV'51DJHO5%XOWH09RLJW&&)R[-:+XVVHOO'-7DQG+6FKPDOMRKDQQ
&URVVKHPLVSKHUHPLJUDWLRQRIDJVRQJELUG%LRORJ\/HWWHUVGRLUVEO
KWWSUVEOUR\DOVRFLHW\SXEOLVKLQJRUJFRQWHQWHDUO\UVEO
),//287<28592/817((56859(<
$UH\RXDFXUUHQWYROXQWHHU"+DYH\RX
YROXQWHHUHGZLWK):*LQWKHSDVWLQDQ\
FDSDFLW\",IVRWKHQZHQHHG\RXULQSXW
:HDUHUHYLHZLQJRXUYROXQWHHUVWUDWHJ\
DQGQHHG\RXUKHOSWROHDUQPRUHDERXW
ZKDWWKHH[SHULHQFHLVRUZDVOLNHIRU
\RX7KHVXUYH\ZHGHYHORSHGLVRQOLQH
DFRPELQDWLRQRIFOLFNWKHER[DQGILOOLQ
PRUHGHWDLOHGDQVZHUV:H¶OOEHFROOHFWLQJ
IHHGEDFNXQWLOWKHHQGRI0D\
3OHDVHGRILQGWKHWLPHWRSDUWLFLSDWHE\
JRLQJWRWKLVZHESDJHKWWSVGRFVJRRJOHFRPVSUHDGVKHHWYLHZIRUP"
SOL IRUPNH\ G'%65)5<H'=V9G.7OOS1))'4]4Z9QF04JLG 3$*(
6WHDOWK\,QYDGHUV7KH/HVVHU.QRZQ3UREOHP3ODQWV
E\76WDQWRQ.HQQHG\
6RPHSODQWVDUHWKHSRVWHUFKLOGUHQRILQYDVLYHVSHFLHV
DZDUHQHVVFDPSDLJQV:H¶YHDOOKHDUGDERXW3XUSOH
/RRVHVWULIH/\WKUXPVDOLFDULDDQG):*ZRUNVKDUGWRUDLVH
DZDUHQHVVDERXW'RJVWUDQJOLQJ9LQH&\QDQFKXPURVVLFXP
9LQFHWR[LFXPURVVLFXPDQG%XFNWKRUQERWKJORVV\5KDPQXV
IUDQJXODDQGFRPPRQ5KDPQXVFDWKDUWLFD+RZHYHUVRPH
DWWUDFWLYHOHVVHUNQRZQSODQWVZLWKLQYDVLYHWHQGHQFLHVDUH
VWLOOVROGDVRUQDPHQWDOVLQQXUVHULHVRUJLIWHGEHWZHHQ
IULHQGV7KH\DUHQROHVVLQYDVLYHEXWLQIRUPDWLRQ
FDPSDLJQVLQWKHJDUGHQLQGXVWU\DUHQ¶WDOZD\V
HIIHFWLYHVRWKHVHORYHO\SODQWHVIDWDOHVDUHVWLOOJURZQ
DQGVROGWRFRQVXPHUVZKRSODQWWKHPDWKRPHSHUSHWXDWLQJVRXUFHVRILQYDVLYHVSUHDG7KHUH
LVQ¶WDQ\PDOLFHLQYROYHGMXVWDODFNRILQIRUPDWLRQRUHYHQZDUQLQJVRQODEHOV
$VDFRQVXPHUSODQQLQJ\RXUJDUGHQ\RXDUHRQWKHIURQWOLQHV
RIWKHVROXWLRQVLQFH\RXKDYHWKHULJKWWRWHOODQXUVHU\WKHLU
VWRFNLVLQYDVLYH6RPHSODQWVWKDWKDYHLQYDVLYHWHQGHQFLHVDUH
SHUIHFWO\OHJDOWRVHOODQGDQXUVHU\GRHVQ¶WKDYHWRVWRSPDNLQJ
WKHPDYDLODEOH,QWKHVHFDVHV\RXFDQKHOSE\HGXFDWLQJ\RXU
IULHQGVDQGIDPLO\0RUHRYHUHQFRXUDJH\RXUIULHQGVWRHYDOXDWH
WKHLURZQJDUGHQVIRUSRWHQWLDOLQYDVLYHSODQWV1RWKLQJLVPRUH
SDLQIXOWKDQSXOOLQJRXWDEHDXWLIXOSODQWEXWZHGRKDYHD
UHVSRQVLELOLW\DVJDUGHQHUVWRSURWHFWWKHJUHDWHUHFRV\VWHPV
DURXQGXV
*RXWZHHG
7KHUHDUHVHYHUDOUXOHVWRIROORZWRHQVXUH\RXDUHDUHVSRQVLEOH
SODQWFRQVXPHU:KLOHLWPD\LQFUHDVHWKHHIIRUWLQYROYHGLQ
JDUGHQSODQQLQJWKHRXWFRPHLVDQHFRUHVSRQVLEOHJDUGHQ
$OZD\VFKHFNVFLHQWLILFQDPHV/DWLQQDPHVDUHWKHILUVWOLQHRIGHIHQFHIRUWKHHFRUHVSRQVLEOH
JDUGHQ0DQ\SODQWVORRNVLPLODURUDUHRIWKHVDPHJHQXVEXWWKHLQYDVLYHQHVVGHSHQGVRQ
VSHFLHV,IDQXUVHU\GRHVQ¶WKDYHWKH/DWLQQDPHDYDLODEOHZDONDZD\7KH,QWHUQHWLVWKHEHVW
VRXUFHIRUFKHFNLQJZKHWKHUDSDUWLFXODUVSHFLHVLVSRVVLEO\LQYDVLYHLQ\RXUDUHD
&RQVLGHUSDWKZD\VRIHVFDSHIURP\RXUJDUGHQ$SODQWPD\QRWEHHTXDOO\QHIDULRXVLQDOO
VLWXDWLRQV0RVWFUHHSLQJJURXQGFRYHUVVKRXOG1(9(5EHSODQWHGLQUXUDORUVHPLUXUDODUHDVEXW
LQWKHXUEDQJDUGHQDUHEHDXWLIXODGGLWLRQV/LNHZLVHVRPHWUHHVDUHKRUULEO\LQYDVLYHDQ\ZKHUH
RXWVLGHDQXUEDQWUHHVLGHZDONZDVWHODQG,I\RXDUHDGMDFHQWWRDSDUN1&&ODQGRURWKHURSHQ
VSDFHEHWULSO\YLJLODQWDQGFDUHIXOZLWK\RXUSODQWVHOHFWLRQV
&RQVLGHUJLIWVZLWKVXVSLFLRQ<RXUIULHQGPD\QRWNQRZZKDWWKHLUSODQWUHDOO\LVRUKDYHWKH
&RQWLQXHGRQSDJH
3$*(
ZURQJQDPH$VNZKHUHWKH\REWDLQHGWKHSODQWLWVKDELWVLQ
WKHLUJDUGHQDQGZKHQLQGRXEWGRQ¶WSODQWLWRXW(UURQWKH
VLGHRIFDXWLRQ
1RWDOOKHLUORRPVDUHFUHDWHGHTXDO'RQ¶WEHIRROHGZKHQ\RX
UHDGWKDWQRFRXQWU\JDUGHQLVFRPSOHWHZLWKRXWSODQW;
0DQ\LQYDVLYHVSHFLHVLQ&DQDGDZHUHLQWURGXFHGE\ZHOO
PHDQLQJJDUGHQHUVRQFHXSRQDWLPH
,ILWVHHPVWRRJRRGWREHWUXHLWSUREDEO\LVLQYDVLYH7KDW
LPSRVVLEOHVKDGHVSRWVXGGHQO\FRYHUHGZLWKJUHHQ"7KHGU\
GXVW\GHDG]RQHZKHUHQRWKLQJZRXOGJURZ",IVRPHWKLQJLV
IORXULVKLQJLQYHVWLJDWHZK\DQGEHYLJLODQW
,QYDVLYHSODQWFRXQFLOVDUHIRXQGLQPDQ\SURYLQFHVDQGKDYH
(QJOLVK,Y\³,ZLOOHDW\RX0U7UHH\HV
LQGHHG´
XVHIXOLQIRUPDWLRQZKLOHFRQVHUYDWLRQDXWKRULWLHVLQ2QWDULRFDQEH
JUHDWUHVRXUFHVDERXWZKDWLVLQYDVLYH'RQ¶WHYHUFRPSRVW
VRPHWKLQJWKDWFRXOGEHLQYDVLYH±EDJLWFDUHIXOO\DQGUHOHJDWHLWWR
WKHGXPS'RQ¶WWKURZLWLQWRDGLWFKRURYHUWKHIHQFH6HH
ZZZRIQFFDIOHWFKHUUHVHDUFKVZDOORZZRUWLQGH[BHSKSGLVSRVDO
6RPHSHRSOHPD\DUJXHWKDWWKH\PRQLWRUWKHLUFOLPEHUVDQG
FUHHSHUVVRZK\VKRXOGWKH\QRWNHHSWKHPLQWKHLUJDUGHQV"7KH
LVVXHLVWKDWQRWDOOJDUGHQHUVZLOOEHDVFRQVFLHQWLRXVDQG\RXGRQ¶W *ORVV\%XFNWKRUQ
NQRZZKRZLOORZQ\RXUJDUGHQRQFH\RXPRYHRQ:DONLQJLQ2QWDULRLWLVSRVVLEOHWRVHHZKHUH
ROGKRPHVRQFHZHUHLQWKHFRXQWU\GXHWROLODFVDQGSHULZLQNOHVDOORYHUWKHSODFH0RUHRYHUIRU
DQ\EHUU\SURGXFLQJSODQWRUREYLRXVVHHGKHDGELUGVZLOOUHDGLO\VQDFNDQGVSUHDGWKURXJKWKHLU
IDHFHVDQ\SODQW\RXPD\FRQVLGHUVHFXUH%HHVSHFLDOO\ZDU\RIDQ\VHHGPL[HVODEHOOHGIRUZLOG
DUHDV±WKH\DUHQRWDOZD\VDSSURSULDWHIRUWKH2WWDZD9DOOH\DQGFDQFRQWDLQSODQWVLQYDVLYH
KHUH.HHSUHDGLQJIRUDOLVWRIWKHVRFDOOHGPRVWZDQWHGHYLOGRHUV
)RUPRUHLQIRUPDWLRQ
,QYDVLYH6SHFLHV&RXQFLORI%&ZZZEFLQYDVLYHVFD
$OEHUWD,QYDVLYH3ODQWV&RXQFLOZZZLQYDVLYHSODQWVDEFD
6DVNDWFKHZDQ,QYDVLYH6SHFLHV&RXQFLOZZZVDVNLQYDVLYHVFD
,QYDVLYH6SHFLHV&RXQFLORI0DQLWREDLQYDVLYHVSHFLHVPDQLWREDFRPVLWH
2QWDULR,QYDVLYH3ODQW&RXQFLOZZZRQWDULRLQYDVLYHSODQWVFD
1HZ%UXQVZLFN,QYDVLYH6SHFLHV&RXQFLOZZZQELVFFD
,QYDVLYH6SHFLHV$OOLDQFHRI1RYD6FRWLDZZZLQYDVLYHVSHFLHVQVFD
5LGHDX9DOOH\&RQVHUYDWLRQ$XWKRULW\ZZZUYFDFD
2QWDULR0LQLVWU\RI1DWXUDO5HVRXUFHV,QYDVLYH6SHFLHVZZZPQUJRYRQFDHQ%XVLQHVV
%LRGLYHUVLW\&ROXPQ6XE3DJH67'352'BKWPO
,QYDVLYH6SHFLHVDWWKH):*ZZZRIQFFDIOHWFKHUUHVHDUFKLQYDVLYHVBHSKS
&DQDGLDQ)RRG,QVSHFWLRQ$JHQF\,QYDVLYH3ODQWVKWWSZZZLQVSHFWLRQJFFDSODQWV
SODQWSURWHFWLRQLQYDVLYHSODQWVHQJ
3$*(
%HORZDUHOLVWVRIVRPHWHUUHVWULDOSODQWVWKDWFDQEHLQYDVLYHLQWKH2WWDZD
9DOOH\GLYLGHGLQWRFDWHJRULHV:DU\$YRLGDQG'HVWUR\7KLVLVQRWDQ
H[KDXVWLYHOLVWEXWDJRRGSODFHWRVWDUW
%DE\
V
%UHDWK
*\SVRSKLODSDQLFXODWD
IORZHU
(VFDSHVDVLWVVHHGLVVSUHDG
&DUDJDQD
6LEHULDQ3HD
6KUXE
&DUDJDQDDUERUHVFHQV
VKUXE
$EOHWRHVWDEOLVKTXLFNO\LQSRRUVRLOV
VSUHDGVE\VHHGDQGVSURXWLQJ
URRWVWRFN
&UHHSLQJ
%HOOIORZHU
&DPSDQXODUDSXQFXORLGHV
IORZHU
(VFDSHVDVLWVVHHGLVVSUHDG'HHS
IOHVK\URRWVVSUHDGWKURXJKWKH
JDUGHQDQGFDQQRWEHUHPRYHG
'DPH
V
5RFNHW
+HVSHULVPDWURQDOLV
IORZHU
0HPEHURIWKHPXVWDUGIDPLO\LVD
SUROLILFVHHGSURGXFHUDQGRIWHQHQGV
XSLQ³ZLOGIORZHU´PL[HV
(QJOLVK,Y\
+HGHUDKHOL[
JURXQGFRYHU
FOLPEHU
8VHRQO\LQXUEDQDUHDV&DQ
RYHUFRPHWUHHVDQGDJJUHVVLYHO\
FRYHURWKHUSODQWV
*RXWZHHG
DND%LVKRS¶V
:HHG
$HJRSRGLXPSRGJUDULD
JURXQGFRYHU
8VHRQO\LQXUEDQDUHDV(VFDSHV
HDVLO\LQWRQDWXUDOLVHGODQGVFDSHV
&DQJURZIURPVHHGDQGWLQ\OHIWRYHU
URRWV*UHHQDQGZKLWHYDULHW\DVZHOO
DVPHGLXPJUHHQ
-HUXVDOHP
$UWLFKRNH
+HOLDQWKXVWXEHURVD
WXEHU
'HOLFLRXVLQWKHNLWFKHQ-HUXVDOHP
$UWLFKRNHVFDQHDVLO\HVFDSHDQG
VSUHDGIURPELWVRIURRWOHIWLQWKH
JURXQG*URZLQFRQWDLQHUVRUEHGV
DZD\IURPORWOLQHV
0DOWHVH
&URVV
/\FKQLVFKDOFHGRQLFD
IORZHU
(VFDSHVDVLWVVHHGLVVSUHDG
3HULZLQNOH
9LQFDPLQRU
JURXQGFRYHU
8VHRQO\LQXUEDQDUHDV(VFDSHV
HDVLO\LQWRQDWXUDOLVHGODQGVFDSHV
VRPH
%DPERR
VSHFLHV
9DULHV
JUDVV
%DPERRWKDWVSUHDGVWKURXJK
UKL]RPHVURRWVFDQHVFDSHDQGWDNH
RYHU'R\RXUUHVHDUFKWRILQGDOHVV
DJJUHVVLYHEDPERRDQGFRQWDLQLWVR
LWFDQQRWVSUHDGEH\RQGZKHUH\RX
ZLVKLWWRJR
:LOG
&DUDZD\
&DUXPFDUYL
KHUE
6DPHSODQWDVFDUDZD\VHHGLQWKH
JURFHU\VWRUH6HHGFDQHVFDSHDQG
GLVSODFHQDWLYHJUDVVODQGSODQWV
:LQJHG
(XRQ\PRXV
%XUQLQJ
%XVK
(XRQ\PXVDODWXV
VKUXE
%HDXWLIXORUQDPHQWDOWKDWHVFDSHV
FDSWLYLW\HDVLO\FUHDWLQJFOXPSVLQ
QDWXUDOLVHGDUHDVHVSHFLDOO\
ZRRGODQGV7KHUHLVDQDWLYHVSHFLHV
W\SH(XRQ\PXVDWURSXUSXUHXV
3$*(
$PXU0DSOH
$FHUJLQQDOD
WUHH
3URIXVHVHHGSURGXFHUFDQHVFDSHZKHQ
VHHGLVPRYHGE\ZLQGRUZLOGOLIH)RUPV
GHQVHWKLFNHWV
(XURSHDQ
%DUEHUU\
%HUEHULVYXOJDULV
VKUXE
6SUHDGVE\VHHGORFDWHGLQEHUULHV3ODQW
LVWKHDOWHUQDWHKRVWIRUZKHDWUXVW
IXQJXV3XFFLQLDJUDPLQLVDJUDVV
LQIHFWLQJUXVWIXQJXVWKDWLVDVHULRXV
IXQJDOGLVHDVHRIZKHDWDQGUHODWHG
JUDLQV
+LPDOD\DQ
%DOVDP
,PSDWLHQVJODQGXOLIHUD
VKUXE
)DVWJURZLQJFDQRYHUFRPHRWKHUSODQWV
6SUHDGVPRVWHDVLO\E\VHHG0DMRU
LQYDVLYHSUREOHPLQ(XURSHZLWKQR
NQRZQELRORJLFDOFRQWURO
WUHH
$JJUHVVLYHJURZWKKDELWZLOOVKDGHRXW
XQGHUVWRUH\SODQWVRXWFRPSHWHQDWLYH
PDSOHVDQGUDSLGO\VSUHDGWKURXJKVHHG
7KHRQO\UHDVRQWRHYHUJURZD1RUZD\
0DSOHLVLI\RXOLYHGRZQWRZQDQGQR
RWKHUWUHHZLOOJURZ(YHQWKHQZK\
ERWKHU"<RX¶OOKDYHQRWKLQJVXUYLYHWKH
VKDGHEHQHDWK
1RUZD\
0DSOH
$FHUSODWDQRLGHV
6DOW&HGDU
7DPDUL[VSS
WUHH
2ULJLQDOO\LQWURGXFHGVDOWWROHUDQWVSHFLHV
IRUVRLOVWDELOLVDWLRQLQPRLVWDUHDVFDQ
DJJUHVVLYHO\RXWFRPSHWHDQGPDNHVRLO
HYHQVDOWLHULQKLELWLQJRWKHUVSHFLHV
6SUHDGVTXLFNO\E\VHHGRUURRWELWV
6W-RKQ
V
:RUW
+\SHULFXPSHUIRUDWXP
VKUXE
&UHHSLQJURRWHGSHUHQQLDOZKLFKIRUPV
FRORQLHV$OVRVSUHDGVWKURXJKVHHG,WLV
OLVWHGDVDQR[LRXVZHHGLQPRUHWKDQ
FRXQWULHVDQGSRLVRQVDQLPDOJUD]HUV
7DUWDULDQ
+RQH\VXFNOH
/RQLFHUDWDWDULFD
VKUXE
7RXWHGDVDJRRGVKUXEIRUDWWUDFWLQJ
ELUGVEHFDXVHRILWVIUXLWEXWLWHVFDSHV
DQGFUHDWHVPRQRWKLFNHWV
<HOORZ
&OHPDWLV
&OHPDWLVWDQJXWLFD
FOLPEHU
$JJUHVVLYHJURZHUWKHVHHGLVZLQGERUQH
DQGVSUHDGVHDVLO\7KHUHLVDQDWLYH
DOWHUQDWLYH
IORZHU
6SUHDGVE\VHHGDQGUKL]RPHVFUHDWLQJ
GHQVHFOXPSVLQPRLVWDUHDVUHSODFH
QDWLYHVSHFLHV3RLVRQRXVWRJUD]HUVDQG
FDQFDXVHFRQWDFWGHUPDWLWLVLQSHRSOH
1RELRORJLFDOFRQWUROH[LVWV
<HOORZ)ODJ
,ULV
,ULVSVHXGDFRUXV
3$*(
&RPPRQ
5HHG*UDVV
3KUDJPLWHVDXVWUDOLV
JUDVV
)RUPVGHQVHFOXPSVLQZHWDUHDV
RXWFRPSHWLQJQDWLYHVSHFLHV6SUHDGV
WKURXJKVHHGDQGUKL]RPHV
*LDQW
+RJZHHG
+HUDFOHXP
PDQWHJD]]LDQXP
ODUJHKHUE
5HSURGXFHVTXLFNO\E\VHHG&DXVHV
FRQWDFWGHUPDWLWLVXQJUD]HDEOH
-DSDQHVH
.QRWZHHG
3RO\JRQXP
FXVSLGDWXP
FOXPSHU
/RRNVVLPLODUWREDPERREXWLVQRWDQGLV
KXJHO\LQYDVLYHLQYDULRXVQDWLRQDOSDUNV
&DQUHJURZIURPHYHQDSRUWLRQRIWKH
URRWVSUHDGE\VHHGDQGFUHHSIDU
EHQHDWKFRQFUHWHWRSRSXSDPRQJWUHH
URRWVPDNLQJDQQLKLODWLRQGLIILFXOW,I\RX
VHHWKLVLQDQXUVHU\LQVLVWRQLWV
GHVWUXFWLRQQRWFRPSRVWLQJ
2ULHQWDO
%LWWHUVZHHW
9LQH
&HODVWUXVRUELFXODWXV
FOLPEHU
(DVLO\FRQIXVHGZLWKDQGFDQK\EULGLVH
ZLWKQDWLYHELWWHUVZHHWYLQH&HODVWUXV
VFDQGHQV&DQEHPLVODEHOOHGLQ
QXUVHULHV9HU\DJJUHVVLYHJURZLQJKDELW
3XUSOH
/RRVHVWULIH
/\WKUXPVDOLFDULD
FOXPSHU
&DQK\EULGLVHZLWKRUQDPHQWDOFXOWLYDUV
DQGVHHGPL[HVDUHQRWJXDUDQWHHGWREH
IUHHRIWKHNQRZQLQYDVLYHYDULHW\'RQRW
FRQIXVHZLWK<HOORZORRVHVWULIH
/\VLPDFKLDWHUUHVWULVZKLFKLVQDWLYHEXW
FDQDOVREHDTXLFNFRORQLVHU
5HHG&DQDU\
*UDVV
3KDODULVDUXQGLQDFHD
JUDVV
)RUPVGHQVHFOXPSVLQZHWDUHDV
RXWFRPSHWLQJQDWLYHVSHFLHV6SUHDGV
WKURXJKVHHGDQGUKL]RPHV
2ULHQWDO%LWWHUVZHHW
3XUSOH/RRVHVWULIH
-DSDQHVH.QRWZHHGOHDIDQG
HPHUJHQFH
3$*(
):*(YHQW6SDFH
*HWUHDG\JHWVHWDQGPDUN\RXUFDOHQGDUV
,WLVJRLQJWREHDEXV\\HDUDW):*ZLWKZRUNEHHVHYHQWVDQGUHPLQGHUVRIWKHDQQXDO1DWLYH3ODQW6DOH7KLV
QHZVSDFHZLOOKLJKOLJKW):*HYHQWVIRUWKHHQWLUHVHDVRQVRFKHFNEDFNHDFKPRQWKIRUDGGLWLRQVDQGGDWH
FRQILUPDWLRQVRXUZHEVLWHZLOODOZD\VEHWKHPRVWFXUUHQWVRXUFH9LVLWWKH2)1&DQG)ULHQGVRIWKH)DUP
ZHESDJHVIRULQIRUPDWLRQRQWKHLUJUHDWDFWLYLWLHV
0$<
7XHVGD\0D\$07XHVGD\,QYDVLYH6SHFLHV*URXSVWDUWVXSDJDLQ
7XHVGD\0D\30$GYHQWXUHVZLWKWKH0RQDUFK%XWWHUIO\E\'RQ'DYLVDQG'LDQH
/HSDJH#WKH&DQDGLDQ0XVHXPRI1DWXUHEDVHPHQW$XGLWRULXP
7KXUVGD\0D\30$Q(YHQLQJ:DONDWWKH)OHWFKHU:LOGOLIH*DUGHQ0HHW#
WKH,QWHUSUHWDWLYH&HQWUH
6DWXUGD\0D\RU0D\3/$17,1*%((,WZLOOGHSHQGRQWKHZHDWKHUDQGEXWZHZLOOKDYH
SODQWVWRSXWLQWKHJURXQGDWWKH%XWWHUIO\0HDGRZ
7KXUVGD\0D\30$Q(YHQLQJ:DONDWWKH)OHWFKHU:LOGOLIH*DUGHQ0HHW#
WKH,QWHUSUHWDWLYH&HQWUH
-81(
6DWXUGD\-XQHWKH$QQXDO1DWLYH3ODQW6DOH$030DWWKH,QWHUSUHWDWLRQ
&HQWUH
7KXUVGD\-XQH30$Q(YHQLQJ:DONDWWKH)OHWFKHU:LOGOLIH*DUGHQ0HHW#
WKH,QWHUSUHWDWLYH&HQWUH
83&20,1*
6XQGD\-XO\:((',1*%((
6XQGD\-XO\:((',1*%((
6XQGD\$XJXVW:((',1*%((
6XQGD\6HSWHPEHU:((',1*%((
/LQNV
):*&KHFNRXUZHEVLWHIRUPRUHGHWDLOVLIWKHQHZVOHWWHULVQ¶WHQRXJK
2)1&)RU2)1&HYHQWVYLVLWZZZRIQFFDHYHQWVSKSIRULQIRUPDWLRQ
)R))RU)R)HYHQWVYLVLWZZZIULHQGVRIWKHIDUPFDHYHQWVKWPIRULQIRUPDWLRQ
3$*(
1DWXUH1RWH3ODQWRIWKH0RQWK
)LHOGKRUVHWDLO(TXLVHWXPDUYHQVHLVWKHPRVWFRPPRQKRUVHWDLOIRXQGLQWKH
DUHDDQGDWWKH):*7KLVLVWKHIHUWLOHVWHPZKLFKZLOOVRRQGLVDSSHDUDQGLQLWV
SODFH\RXZLOOVHHWKHJUHHQVWHULOHVWHPV+RUVHWDLOVDOVRFDOOHGVFRXULQJUXVKHV
DUHDQDQFLHQWSODQWJURXSDQGDFFRUGLQJWRWKH3HWHUVRQILHOGJXLGHWRWKHIHUQV
WKH\DUHFRQVLGHUHGRQHRIWKHROGHVWRIWKH3WHULGRSK\WHVIHUQIDPLOLHVEHLQJ
FORVHO\DOOLHGWRWKHSUHKLVWRULF&DODPLWDOHVODUJHDQGDEXQGDQWWUHHOLNHSODQWVWKDW
IORXULVKHGPLOOLRQ\HDUVDJR6RWKLQNRIWKDWQH[WWLPH\RXORRNDWWKHVH
SODQWV,WLVQRWKDUGWRLPDJLQHWKHPLQDSUHKLVWRULFVHWWLQJSDUWLFXODUO\ZKHQ
\RXORRNDWKXJHVZDWKHVRIWKHELJJHURQHVVXFKDV(TXLVHWXPK\HPDOH
1DWXUH1RWHV%LUGRIWKH0RQWK
'LDQHFDSWXUHGWKLVEULJKWSKRWRRID3LQHZDUEOHU
3DUXOLQHGHVSLQV'HQGURLFDSLQXV7KHLUVRQJLVD
PXVLFDOWULOOZKLFK\RXPD\KHDULQWKHRSHQSLQH
VWDQGVZKHUHWKH\EUHHG7KH\SUHIHUWRQHVWLQ
SLQHWUHHVIURPZKHQFHGHULYHVWKHLUQDPH
1DWXUH1RWHV%XJRIWKH0RQWK
7KLVYHU\WLQ\/HDIPLQLQJ%HHWOH%DOLRVXVVSZDVRQWKHHGJH
RIDGDIIRGLOIORZHUVRVPDOO,WKRXJKWLWZDVDVSHFNRIOHDI
PDWWHUDWILUVW,WLVDQHZDGGLWLRQWRRXULQVHFWOLVW
$OO1DWXUH1RWHVSKRWRVDQGWH[WE\&KULVWLQH+DQUDKDQXQOHVVRWKHUZLVHVWDWHG²VHHPRUHRQRXU
3+272%/2*ZZZSEDVHFRPIZJ