1HZVOHWWHU
$XJXVW
&RRNERRNFHOHEUDWLRQVQHZFRXUVHVDQGORWVRIZLOGIRRG
1HDQWyJ&HOHEUDWHV
$XJXVW5HFLSH0HDGRZVZHHW/HPRQDGH
,W¶V EHHQ IDU WRR ORQJ VLQFH P\ ODVW QHZVOHWWHU
EXW , KRSH WR EH EDFN ZLWK D PRUH UHJXODU
RIIHULQJ IRU \RX &RPLQJ VRRQ RQ P\ ZHEVLWH
ZLOOEH<RXWXEHYLGHRVRIWKH*DUUDL*ODVVVHULHV
LQZKLFK,IHDWXUH
$QG ,¶P VR H[FLWHG WR EH DEOH WR VD\ WKDW
1HDQWyJ &RRNERRN QRZ FHOHEUDWHV FRSLHV LQ SULQW ZLWK WKH WK (GLWLRQ QRZ
DYDLODEOH IURP VHOHFWHG ERRN DQG KHDOWK VWRUHV
DQGP\ZHEVLWHZZZQHDQWRJFRP
*R:LOG
6R PDQ\ WKLQJV KDSSHQHG RYHU WKH ODVW FRXSOH
RI PRQWKV , SUHVHQWHG ZRUNVKRSV WDONV DQG
FRRNLQJ GHPRQVWUDWLRQV DW WKH 62 6OLJR )RRG
IHVWLYDO WKH +HUEIHDVW WKH %XQGRUDQ /REVWHUV
/HWWXFH )HVWLYDO DQG WKH *DUGHQ 3DUW\ DQG
WKH 6HFRQG ,QWHUQDWLRQDO &ORXG )HVWLYDO DW 7KH
2UJDQLF&HQWUHLQ5RVVLQYHU,YLVLWHGQXPHURXV
'RQHJDOSULPDU\VFKRROVDQG*DUGHQ*URXSV
0HDGRZVZHHW/HPRQDGH&KDPSDJQH
7KH PDLQ WKHPH RI DOO HYHQWV ZDV FORVH WR P\
KHDUW ± ³)RUDJLQJ,GHQWLI\LQJ DQG 8VLQJ
:LOG+HUEVFXOLQDU\DQGPHGLFLQDOO\´
, EHOLHYH LW LV LPSRUWDQW WR UHFRQQHFW ZLWK RXU
KXQWHUJDWKHUHU LQVWLQFWV DQG EH DEOH WR ILQG
ZLOGIRRGVZHFDQHDWDQGHQMR\,W¶VDOORXWWKHUH
IRUXVDQGLW¶VIUHH
0HDGRZVZHHW
0HDGRZVZHHW LV LQ IXOO EORRP QRZ DQG MXVW
ZDLWV WR EH KDUYHVWHG IRU XVH LQ \RXU KRPH
PDGH OHPRQDGH VHH UHFLSH 7KLV KHUE LV RQH
RI WKH EHVW IRU WUHDWLQJ VWRPDFK DFLG SUREOHPV
EHQHILWVWKHMRLQWVDQGXULQDU\V\VWHP,WLVDOVR
HIIHFWLYHIRUKHDGDFKHVDQGSDLQUHOLHIJHQHUDOO\
KHQFH LWV QDPH µKHUEDO DVSLULQ¶ FRQWDLQLQJ
VDOLF\ODWHVDOWV
7KH IORZHUV DQG WRSV DUH EHQHILFLDO DV D KHUEDO
WHD RU WLQFWXUH WR KHOS ZLWK DQ XSVHW VWRPDFK
RU GLDUUKRHD 8QOLNH SXUH DVSLULQ ZKLFK FDQ
FDXVH VWRPDFK SDLQ DQG XOFHUV PHDGRZVZHHW¶V
EDODQFHG FRPELQDWLRQ RI RUJDQLF FRPSRXQGV LV
VRRWKLQJ IRU KHDUWEXUQ K\SHUDFLGLW\ DV ZHOO DV
,QJUHGLHQWVIRUòWROLWUHV
òOLWUHVRIZDWHU
JRIKRQH\
WDEOHVSRRQVRIFLGHUYLQHJDU
0HDGRZVZHHWIORZHUVRU'DQGHOLRQIORZHUVRU
(OGHUIORZHUKHDGV
RUJDQLFOHPRQV
0HWKRG
3RXUWKHZDWHULQDODUJHMXJRUSRWLGHDOO\HDUWKHQZDUHDGGWKH
KRQH\DQGYLQHJDU6TXHH]HWKHMXLFHIURPRQHOHPRQFXWRQH
OHPRQLQSLHFHVDQGDGGERWKWRWKHPL[WXUH
7KHQSXWWKHPHDGRZVZHHWIORZHUVLQWRWKHMXJ6WLUZHOO&RYHU
DQGOHDYHLQDZDUPSODFHIRUKRXUV7KHPHDGRZVZHHW
OHPRQDGHLVUHDG\DIWHUGD\-XVWVWUDLQDQGVHUYHLFHFRRO
7RPDNHFKDPSDJQHOHDYHWKHPHDGRZVZHHWWRIHUPHQWLQWKH
OLTXLGIRUDQRWKHUGD\V7KHQVWUDLQDQGERWWOHLQFKDPSDJQH
ERWWOHVZLWKVHFXUHFRUNVRURWKHUVWURQJERWWOHV/HDYHIRUD
PLQLPXPRIZHHNV7KHWDVWHHYHQLPSURYHVDIWHUDORQJHU
SHULRGRIWLPH%HVWEHIRUH\HDUV
XOFHUV
+RPHSUHVHUYLQJ
)HUPHQWDWLRQDQGFXOWXUHGIRRGV
+DQV DQG , DUH H[FLWHG WR EH JLYLQJ WKLV EUDQG
QHZ FRXUVH WRJHWKHU DW 7KH 2UJDQLF &HQWUH LQ
6HSWHPEHU
&XOWXUHG IRRGV DUH ³VXSHUIRRGV´ FHOHEUDWHG
DURXQG WKH ZRUOG IRU WKHLU KHDOWK EHQHILWV
GLJHVWLYH WRQLFV SURELRWLF DQWLR[LGDQW ULFK
7KH\DUHGHOLFLRXVDQGHDV\WRFUHDWH
$PRQJ WKH UHFLSHV ZH ZLOO FRYHU LQ FODVV DUH
.RPEXFKD IHUPHQWHG WHD 6DXHUNUDXW
ODFWR IHUPHQWHG FDEEDJH .LPFKHH .RUHDQ
IHUPHQWHG YHJHWDEOHV .HILU IHUPHQWHG
GDLU\ GULQN 5HMXYHODF IHUPHQWHG JUDLQV
<RJKXUWDQG6RXU&UHDP7KHFODVVLVKDQGV
RQZLWKORWVRIWDVWLQJV
<RXFDQPL[WKHFKDPSDJQHZLWKDSSOHMXLFHPLQHUDOZDWHURUDGG
LFHFXEHV,WLVDPRVWUHIUHVKLQJVXPPHUGULQN
(QMR\
)RUDJLQJDQG&RRNLQJZLWK:LOG)RRGV&RXUVH
$XWXPQLVDJUHDWVHDVRQIRUIRUDJLQJZLOGIRRGV,¶OOEHJLYLQJWKLV
QHZFRXUVHDW7KH2UJDQLF&HQWUHDORQJVLGH$ODQ0F&OXQH\)LQG
ZLOG IRRGV ZLWK $ODQ RQ D IRUDJLQJ WRXU DURXQG WKH FHQWUH OLNH
URVHKLSV HOGHUEHUULHV KDZWKRUQ EHUULHV QHWWOH VHHGV GDQGHOLRQ
URRWV DQG PRUH DQG UHWXUQ WR XVH DQG FRRN WKHP ZLWK PH 7KHUH
ZLOO EH ORWV RI WDVWLQJV DQG UHFLSHV WR WDNH KRPH 3OHDVH EULQJ
UDLQSURRIJHDU
/LYH/LIH6WD\KHDOWK\±%DFNE\SRSXODUGHPDQG
3UHYHQWLRQRIDQGDOWHUQDWLYHVWRFRQYHQWLRQDOWUHDWPHQWRIFDQFHU
DQG RWKHU GHJHQHUDWLYH GLVHDVHV ± $Q XSOLIWLQJ DSSURDFK 7KLV
FRXUVH ZLOO WDNH SODFH DW 1HDQWRJ LQ 2FWREHU 0RUH GHWDLOV LQ
6HSWHPEHU1HZVOHWWHU
%22.12:
1HZFRXUVHVDW7KH2UJDQLF&HQWUH
+RPHSUHVHUYLQJIHUPHQWDWLRQ
DQGFXOWXUHGIRRGV
6DWXUGD\6HSWDPWRSP¼
SOXVVPDOOFKDUJHIRUPDWHULDOV
)RUDJLQJDQG&RRNLQJZLWK:LOG
)RRGV
6DWXUGD\6HSWDPWRSP¼
)RUPRUHLQIRDQGERRNLQJV
ZZZWKHRUJDQLFFHQWUHLHHPDLO
LQIR#WKHRUJDQLFFHQWUHLH
2USKRQH
ZZZQHDQWRJFRP
',$5<'$7(
µ/LYH/LIH±%H+HDOWK\¶
6XQGD\2FWREHUDPSP
1HDQWyJ%DOOLQFDVWOH&OLIIRQH\
&RXQW\6OLJR
%RRNLQJV
ZZZQHDWRJFRP
HPDLOJDE\#QHDQWRJFRP
2USKRQH
JDE\#QHDQWRJFRP
*$5'(17,36
,W¶VVWLOOWLPHWRVRZYHJHWDEOHVWR
ILOOµWKHKXQJU\JDS¶WLPHEHWZHHQ
0DUFKDQG0D\
<RXFDQVRZQRZOHHNVFDXOLIORZHU
VSULQJFDEEDJHNDOHDQGSDUVOH\
,Q$XJXVW\RXFDQVRZFKDUGDQG
VSURXWLQJEURFFROL
,VWDUWWKHPDOOLQGRRUVLQVHHGWUD\V
WRVSHHGXSWKHSURFHVVXQWLOUHDG\
WREHSODQWHGRXW&KHFNRXWVXLWDEOH
YDULHWLHVLQVHHGFDWDORJXHV