$386+ELEOHFRP
6R,VHH\RX¶UHXVLQJWKLVOLWWOHFUDPSDFNHW6RZKHQLV\RXU$3H[DP",QDZHHNRUWZR"DIHZ
GD\VIURPQRZ"7RPRUURZ"'RQ¶WVZHDWLW:LWKRXULQGHSWKFUDPSDFNHW\RX¶OOEHRQ\RXUZD\
WRVFRULQJKLJKPDUNVRQ\RXU$37HVW$OVRLI\RXILQGWKLVVWXG\JXLGHXVHIXODQGZRXOGOLNHWR
VKDUHLW\RXFDQGLUHFWWKHPWRWKLVSDJHKWWSDSXVKELEOHFRPDSXVKH[DPFUDPSDFNHW
,I\RX¶UHQHZWRWDNLQJ$3WHVWVLWPLJKWEHDJRRGLGHDWRFKHFNRXWDIHZDUWLFOHVEHORZ
7KHIXOO$386+([DPVFRULQJVFDOH
WLSVRQKRZWRDSSURDFKWKH$3([DP
+RZWRZULWH'%4¶V
+RZWRSUHSDUHIRUWKH$3([DP
,QIRUPDWLRQDERXWWKH$3([DP
7DNHDIHZGHHSEUHDWKVDQGSUHSDUH\RXUVHOIWKHVWXG\LQJDKHDG<RXVKRXOGIHHOOLNH\RX
DFKLHYHGVRPHWKLQJLI\RXJHWWKURXJKWKLVZKROHVWXG\JXLGH<RX¶OOVXUHO\EHRQHVWHSFORVHUWR
JHWWLQJ$386+LVWRU\RYHUZLWK
7DEOHRI&RQWHQWV
$386+ELEOHFRP
&OLFNWKHWLWOHVWRMXPSWRWKHGHVLUHGVHFWLRQVRIWKHERRN
7KH%HJLQQLQJRI&UDPPLQJ
$37HVW9RFDE
0XVW.QRZ3UHVLGHQWV
5HIRUPV
6XSUHPH&RXUW5XOLQJV
,PSRUWDQW%RRNVDQG:ULWLQJV
86&RPSURPLVHV
7HUULWRULDO([SDQVLRQ
867UHDWLHV
$386+7KHPHV
5HOLJRQ
:RPHQ$IULFDQ$PHULFDQVDQG,QGLDQV
,PPLJUDWLRQ
(FRQRPLF7UDQVIRUP
7KLQJV(YHU\$386+6WXGHQW6KRXOG.QRZ
*RRGRSWLRQIRUWKRVHLQDUHDOUXVK
$386+ELEOHFRP
7+(%(*,11,1*2)&5$00,1*
$UH\RXH[FLWHG"
)8&.)8&.)8&.)8&.)8&.)8&.)8&.)8&
.
$37HVW9RFDE
9RFDEVXFKDV³KLSSLHV´³LPSHDFKPHQW´DQG³EODFNOLVW¶V´DUHQ¶WLQFOXGHGEHFDXVHPRVW$3
VWXGHQWVZLOODOUHDG\NQRZWKHLUPHDQLQJV,I\RXILQG\RXUVHOIDOUHDG\IDPLOLDUZLWKDPDMRULW\RI
WKHWHUPVOLVWHGEHORZWKHQWKDWPHDQV\RX¶UHLQJRRGVKDSH
$JUDULDQ
<HRPDQ
3URSULHWDU\&RORQLHV
$QJOR
&DXFDV6\VWHP
-HIIHUVRQLDQ'HPRFUDF\
5HSXEOLFDQ0RWKHU
&XOWRI'RPHVWLFLW\
-DFNVRQLDQ'HPRFUDF\
6SHFLH&LUFXODU
6HFWLRQDOLVP
$QWHEHOOXP
3RVWEHOOXP
5HFLSURFLW\
0DQXPLVVLRQ
&RQVFULSWLRQ
&URSOLHQ6\VWHP
$386+ELEOHFRP
6ROLG6RXWK
1HZ6RXWK
&DUSHW%DJJHUV
6FDODZDJV
-LP&URZ/DZV
*UHHQEDFNV
;HQRSKRELD
-LQJRLVP
6RGG\
9HUWLFDO,QWHJDWLRQ
+RUL]RQWDO,QWHJUDWLRQ
<HOORZ-RXUQDOLVLP
5HIHUHQGXP
)UDQFR
6LQR
5XVVR
%RRPDQG%XVW&\FOHV
'HILFW6SHQGLQJ
5HG6FDUH
0F&DUWK\LVP
%ULQNPDQVKLS
'RPLQR7KHRU\
%HDWQLNV
%XVVLQJ
*ODVQRW
3HUHVWURLND
3UHVLGHQWV
0XVW.QRZ3UHVLGHQWV
:LWKRXWDGRXEWDWOHDVWRIWKHVHSUHVLGHQWVZLOOVKRZXSRQWKH$3H[DPDQGLI\RXJHW
UHDOO\OXFN\WKHUHFRXOGEHDQHVVD\TXHVWLRQLQYROYLQJRQH5LFKDUG1L[RQSUHVLGHQF\ZDVWKH
SURPSWIRUWKH$3([DP'%4
-RKQ$GDPV
7KRPDV-HIIHUVRQ
$QGUHZ-DFNVRQ
0DUWLQ9DQ%XUHQ-XVWUHPHPEHUKHZLOODOZD\VEHDVVRFLDWHGZLWKHFRQRPLFEDVHG
TXHVWLRQ¶V
$EUDKDP/LQFROQ
8O\VVHV6*UDQW$OZD\VWREHDVVRFLDWHGZLWKKLVSUHVLGHQWLDOVFDQGDOV
$386+ELEOHFRP
:LOOLDP0F.LQOH\
7KHRGRUH5RRVHYHOW
+HUEHUW+RRYHU
)UDQNOLQ'5RRVHYHOW
'ZLJKW(LVHQKRZHU
-).
/\QGRQ%-RKQVRQ
5LFKDUG1L[RQ
5RQDOG5HDJDQ
*HRUJH+:%XVK
%LOO&OLQWRQ
5HIRUP
,PSRUWDQW5HIRUP'DWHV
+LVWRULDQ$UWKXU6FKOHVLQJHUEHOLHYHVWKH8QLWHG6WDWHVHQWHUVDSHULRGRISXEOLFDFWLRQDQG
SROLWLFDOUHIRUPHYHU\WKLUW\\HDUV7KHEHJLQQLQJRIHDFKSHULRGRIUHIRUPLVOLVWHGEHORZDORQJ
ZLWKWKHSUHVLGHQWZKLFKDFFRPSDQLHGWKHP
7KRPDV-HIIHUVRQ-HIIHUVRQLDQLVP
$QGUHZ-DFNVRQ-DFNVRQLDQLVP
$EUDKDP/LQFROQ&LYLO:DU3HULRG
7KHRGRUH5RRVHYHOW3URJUHVVLYLVP1DWLRQDO5HIRUP
)UDQNOLQ5RRVHYHOW*UHDW'HSUHVVLRQ::&ROG:DU
-RKQ.HQQHG\7XUEXOHQW6L[WLHV
%LOO&OLQWRQ7KH1LQHWLHV7KH1HZ0LOOHQQLXP
6XSUHPH&RXUW&DVHV
7KH0RVW,PSRUWDQW&DVHV
,¶GUDWKHUQRWRYHUORDG\RXRQLQIRUPDWLRQUHJDUGLQJDOOWKHFDVHVVRL¶YHGHFLGHGWRGHILQHHDFK
RQHEULHIO\DQGRXWOLQHWKHPRVWLPSRUWDQWSDUWVWKDW\RX¶OOQHHGWRPHPRUL]H
0DUEXU\Y0DGLVRQ-XGLFLDO5HYLHZ
0F&XOORFKY0DU\ODQG%DQN7D[
*LEERQVY2JGHQVWDWHVUHJXODWHWUDGHEHWZHHQHDFKRWKHU
$386+ELEOHFRP
:RUFHVWHUY*HRUJLD&KHURNHH,QGLDQV
'UHG6FRWWY6DQGIRUG$IULFDQ$PHULFDQVFRXOGQRWEH86FLWL]HQVEDVHGRQLIWKH\
ZHUHSUHYLRXVO\VODYHV
0XQQY,OOLQRLVDOORZHGVWDWHVWRUHJXODWHFHUWDLQEXVLQHVVHVZLWKLQWKHLUERUGHUV
:DEDVKY,OOLQRLVOLPLWHGVWDWHSRZHURQLQWHUVWDWHFRPPHUFH
3OHVV\Y)XUJVRQ&DOOHGIRU³VHSDUDWHEXWHTXDO´IDFLOLWLHV
6FKHQFNY8QLWHG6WDWHV&KDOOHQJHGIUHHGRPRIVSHHFKGXULQJGUDIWV
6FKHFWHUY8QLWHG6WDWHV%URXJKWEHWWHUIRRGFRQGLWLRQV
.RUHPDWVXY8QLWHG6WDWHV6KRZHGWKHLQMXVWLFHRIIRUFLQJ$PHULFDQVRI-DSDQHVH
GHVFHQWLQWRUHORFDWLRQFHQWHUV
%URZQY%RDUGRI(GX$IULFDQ$PHULFDQFKLOGUHQLQWHJUDWHGLQWRDOOZKLWHVFKRROV
*LGHRQY:DLQZULJKW0DGHLWLI\RXFRXOGQRWDIIRUGDQDWWRUQH\WKHVWDWHZRXOGSURYLGH
\RXZLWKRQH
0LUDQGDY$UL]RQD³0LUDQGD/DZ´7KHUHDVRQZK\FRSVKDYHWRWHOO\RX\RX¶UHULJKWV
ZKHQ\RXUEHLQJDUUHVWHG
5RHY:DGH5LJKWRISULYDF\)RFXVHGRQDERUWLRQ
%RRNV:ULWLQJV
7KH0RVW,PSRUWDQW:ULWLQJV
7KRPDV3DLQH&RPPRQ6HQVH
$OH[DQGHU+DPLOWRQ-DPHV0DGLVRQDQG-RKQ-D\7KH)HGHUOLVW
-RVHSK6PLWK7KH%RRNRI0RUPRQ
$OH[LVGH7RFTXHYLOOH'HPRFUDF\LQ$PHULFD
)UHGULFN'RXJODVV1DUUDWLYHRIWKHOLIHRI)UHGULFN'RXJODVV
+HQU\'DYLG7KRUHDX5HVLVWDQFHWR&LYLO*RYHUQPHQW
+DUULHW%HHFKHU6WRZH8QFOH7RP¶V&DELQ
+HQU\*HRUJH3URJUHVVDQG3RYHUW\
+HOHQ+XQW-DFNVRQ$&HQWXU\RI'LVKRQRU
-RVLDK6WURQJ2XU&RXQWU\
(GZDUG%HOODP\/RRNLQJ%DFNZDUGV
$OIUHG7KD\HU0DKDQ7KH,QIOXHQFHRI6HD3RZHU8SRQ+LVWRU\
&KDUOHV6KHOGRQ,Q+LV6WHSV
%RRNHU7:DVKLQJWRQ8SIURP6ODYHU\
/LQFROQ6WHIIHQV7KH6KDPHRI&LWLHV
8SWRQ6LQFODLU7KH-XQJOH
&KDUOHV$XVWLQ%HDUG$Q(FRQRPLF,QWHUSUHWDWLRQRIWKH&RQVWLWXWLRQ
5DFKHO&DUVRQ6LOHQW6SULQJ
%HWW\)ULHGDQ7KH)HPLQLQH0\VWLTXH
$386+ELEOHFRP
&RPSURPLVHV
,PSRUWDQW8QLWHG6WDWHV&RPSURPLVHV
*UHDW&RPSURPLVH
0LVVRXUL&RPSURPLVH
&RPSURPLVHRI
&RPSURPLVHRI
&ULWWHQGHQ&RPSURPLVH
&RPSURPLVHRI
$WODQWD&RPSURPLVH
7HUULWRULDO([SDQVLRQ
7KH([SDQVLRQV
/RXLVLDQD3XUFKDVH
)ORULGD
2UHJRQ
0H[LFDQ&HVVLRQ
*DGVGHQ3XUFKDVH
7UHDWLHV
0XVW.QRZ7UHDWLHV
7UHDW\RI3DULV
7UHDW\RI3DULV
-D\¶V7UHDW\
3LQFNQH\¶V7UHDW\
7UHDW\RI*KHQW
$GDPV2QLV7UHDW\
7UHDW\RI*XDGDOXSH+LGDOJR
7UHDW\RI3DULV
$386+ELEOHFRP
7UHDW\RI9HUVDLOOHV
1RUWK$WODQWLF7UHDW\2UJDQL]DWLRQ1$72
6RXWKHDVW$VLD7UHDW\2UJDQL]DWLRQ6($72
$386+7KHPHV
0PPPPRDUWDVW\VWXII
5HOLJLRQ
VDQGV
Ɣ
1HZ(QJODQG3XULWDQV
ż &DOYLQLVW%HOLHIVSUHGHVWLQDWLRQSURILWDVDVLJQRIVDOYDWLRQERWKFKXUFKDQG
VWDWHVHUYHJRGFKXUFKRIILFLDOVFDQQRWEHVWDWHRIILFLDOV
ż &LW\8SRQD+LOO
ż &RPPXQLW\RI6DLQWV
ż &RQJUHJDWLRQDOLVWV
ż +DOIZD\&RYHQDQW
ż +DUYDUG
ż -RKQ:LWKURS
ż 6DOHP:LWFK7ULDOV
Ɣ
4XDNHUV
ż ,QZDUG/LJKW
ż :LOOLDP3HQQ
ż 3HQQV\OYDQLD
ż +RO\([SHULPHQW
ż 6RFLHW\RI)ULHQGV
$QJOLFDQV
&DWKROLFV
ż 0DU\ODQG$FWRI7ROHUDWLRQ
Ɣ
Ɣ
Ɣ
*UHDW$ZDNHQLQJVV
ż -RQDWKDQ(GZDUGV
$386+ELEOHFRP
ż
ż
ż
ż
*HRUJH:KLWHILHOG
2OG/LJKWV1HZ/LJKWV
&KDUDFWHULVWLFV+XPDQVLQIXOQHVVOHDGVWRHWHUQDOGDPQDWLRQXQOHVVKXPDQV
VXUUHQGHUWR*RGDQGDFFHSW-HVXVDVWKHVDYLRURIKXPDQLW\$OVRWKDWHPRWLRQ
LVPRUHLPSRUWDQWWKDQLQWHOOHFW
,PSRUWDQFH5HOLJLRXV)UHHGRPVHSHUDWLRQVRIFKXUFKDQGVWDWHDQG
LQGLYLGXDOLVLP
$386+ELEOHFRP
Ɣ
'HLVP
V
Ɣ
6HFRQG*UHDW$ZDNHQLQJ(DUO\V
ż &KDUOHV)LQQH\
ż ,PSRUWDQFHVSDUNHGVHYHUDOUHIRUPPRYHPHQWV
Ŷ 3XEOLF(GXFDWLRQ+RUDFH0DQQ
Ŷ 3ULVRQ5HIRUP'RUWKHD'L[
Ŷ 8WRSLDQ6RFLDOLVP%URRNH)DUP2QLHGD&RPPXQLW\DQG1HZ+DUPRQ\
Ŷ %HJLQQLQJVRI:RPHQ¶V5LJKWV
Ŷ %HJLQQLQJVRI7HPSHUDQFH
Ŷ %HJLQQLQJVRI$EROLWLRQRI6ODYHU\
ż -RVLDK6WURQJ2XU&RXQWU\VRQJ
ż 6RFLDO*RVSHO&RQVLGHUHGUG*UHDW$ZDNHQLQJE\VRPH/DWHVWR(DUO\
V
Ŷ &KDUOHV6KHOGRQ,Q+LV6WHSV
Ŷ &KDUDFWHULVWLFV&KULVWLDQGHULVHWRLPSURYHWKHZRUOGWKURXJKFKDULW\
V
Ɣ
Ɣ
Ɣ
)XQGDPHQWDOLVPYV0RGHUQLVP
ż 6FRSHV7ULDO
&KDUOHV&RXJKOLQV
5LVHRIWKH5HOLJLRXV5LJKW&RQVLGHUHGWK*UHDW$ZDNHQLQJVWKURXJKHDUO\
V
ż 3K\OOLV6FKDIO\3DW5REHUWVRQ-HUU\)DOZHOO0RUDO0DMRULW\
ż %HOLHIV3UR/LIHDQWLHYROXWLRQSUD\HULQVFKRROVYLHZHG86DVFKULVWLDQ
QDWLRQ
:RPHQ,QGLDQVDQG$IULFDQ$PHULFDQV2K0\
:RPHQ¶V+LVWRU\
$PHULFDQ5HYROXWLRQ
Ɣ 5HSXEOLFDQ0RWKHUKRRG
Ɣ $ELJDO$GDPV³5HPHPEHUWKHODGLHV´
$386+ELEOHFRP
(DUO\¶V
Ɣ &XOWRI'RPHVWLFLW\
Ɣ 6HQHFD)DOOV&RQYHQWLRQ
ż (OL]DEHWK&DG\6WDQWRQ³DOOWKHPHQDQGZRPHQDUHFUHDWHGHTXDO´
ż /XFUHWLD0RWW
/DWH¶V
Ɣ 6XVDQ%$QWKRQ\
Ɣ 9LFWRULD:RRGKXOO
Ɣ )LJKWWRLQFOXGHZRPHQ¶VVXIIUDJHLQWKHWK$PHQGPHQW
Ɣ :\RPLQJJUDQWHGZRPHQ¶VVXIIUDJH
(DUO\¶V
Ɣ 1DWLRQDO:RPHQ¶V3DUW
Ɣ WK$PHQGPHQW
Ɣ 0DUJDUHW6DQJHU
Ɣ )ODSSHUVJUHDWHUIUHHGRPIRUZRPHQLQIDVKLRQDQGEHKDYLRU¶V
Ɣ ³5RVLHWKH5LYHWHU´DQG:RUOG:DU,,
/DWH¶V
Ɣ %HWW\)ULHGDQWKH)HPLQLQH0\VWLTXH
Ɣ (TXDO3D\$FW
Ɣ &LYLO5LJKWV$FW
Ɣ 1DWLRQDO2UJDQL]DWLRQIRU:RPHQ
Ɣ (TXDO5LJKWV$PHQGPHQWSDVVHGE\WKH&RQJUHVVEHFDXVHLWZDVQ¶WUDWLILHGE\HQRXJK
VWDWHJRYHUQPHQW¶V
$IULFDQ$PHULFDQ+LVWRU\
&RORQLDO$PHULFD
Ɣ )LUVW$IULFDQVERXJKWE\9LUJLQLD
ż )LUVW$IULFDQVZHUHWUHDWHGDVLQGHQWXUHGVHUYDQWVDQGUHOHDVHGDIWHUDQXPEHU
RI\HDUV
ż 7KHUHDVRQZK\VODYHU\ZDVLPSRVHGRQ$IULFDQ$PHULFDQVZDVEHFDXVHIUHHG
VHUYDQWVEHFDPHFRPSHWLWLRQPDGHLWVRWKH\KDGWREHUHSODFHGDQGWKH
JURZWKRIUDFLVPZDVVSUHDGLQJ
Ɣ 0DVVDFKXVHWWV
VEHFDPHWKHILUVWFRORQ\WROHJDOL]HVODYHU\VODYHU\ZDVOHJDOWRDOO
FRORQLHVE\WKHHDUO\¶V
$386+ELEOHFRP
/DWH¶V
Ɣ &RQVWLWXWLRQDO&RQYHQWLRQ
ż 7KUHH)LIWKV&RPSURPLVH
ż 6ODYH7UDGH&RPSURPLVH
Ɣ ,QYHQWLRQRIWKHFRWWRQJLQKHOSHGPDNHVODYHU\HYHQPRUHSURILWDEOH
Ɣ 7RXVVDLQW/¶2XYHUWXUH¶VUHEHOOLRQLQ+DLWLOHGWRVWURQJHU6ODYH&RGHVLQWKH86
(DUO\¶V
Ɣ $IULFDQVODYHWUDGHRXWODZHG
Ɣ 6ODYH3RSXODWLRQLQFUHDVHGGXHWRLQFUHDVHLQQDWLYHERUQSRS
Ɣ 0DMRULW\RIZKLWHVRXWKHUQHUVRZQHGQRVODYHV
Ɣ 'HQPDUN9HVH\¶VIDLOHGUHEHOOLRQ
Ɣ 1DW7XUQHU¶VUHEHOOLRQ
Ɣ $EROLWLRQLVWV
ż %HQMDPLQ/XQG\
ż :,OOLDP/R\G*DUULVRQWKH/LEHUDWRU
ż )UHGULFN'RXJODV7KH1RUWK6WDU
ż 6RMRXUQHU7UXWK
ż (OLMDK3/RYHMD\
Ɣ $EROLWLRQLVW*URXSV
ż $PHULFDQ&RORQL]DWLRQ6RFLHW\
ż )UHH6RLO3DUW\
ż $PHULFDQ$QWL6ODYHU\6RFLHW\
&LYLO:DUDQG5HFRQVWUXFWLRQ
Ɣ 'UHGG6FRWWY6DQGIRUG
Ɣ (PDQFLSDWLRQ3URFODPDWLRQ
Ɣ WK$PHQGPHQW
Ɣ WK$PHQGPHQW
Ɣ WK$PHQGPHQW
Ɣ %ODFN&RGHV
Ɣ 6KDUHFURSSLQJ
Ɣ 1RUWKHUQWURRSVSXOOHGRXWRI6RXWK
/DWH¶V
Ɣ 9RWLQJULJKWVWDNHQDZD\IURP$IULFDQ$PHULFDQVDIWHU5HFRQVWUXFWLRQ
Ɣ -LP&URZ/DZVDGRSWHGE\VRXWKHUQVWDWHV
Ɣ %RRNHU7:DVKLQJWRQDQGWKH$WODQWD&RPSURPLVH
Ɣ 3OHVV\Y)HUJXVRQ
$386+ELEOHFRP
(DUO\¶V
Ɣ :(%'X%RLVDQGWKH1LDJDUD0RYHPHQW
Ɣ 1DWLRQDO$VVRFLDWLRQIRUWKH$GYDQFHPHQWRI&RORUHG3HRSOH1$$&3
Ɣ %LUWKRID1DWLRQ
Ɣ $IULFDQ$PHULFDQVPLJUDWHGWRQRUWKHUQFLWLHVGXULQJ:RUOG:DU,DQG:RUOG:DU,,
Ɣ +DUOHP5HQDLVVDQFHDQGWKH1HZ1HJUR¶V
Ɣ 0DUFXV*DUYH\
&LYLO5LJKW¶V0RYHPHQW
Ɣ %URZQY%RDUGRI(GXFDWLRQRI7RSHND.DQVDV
Ɣ 0RQWJRPHU\%XV%R\FRWW
ż 5RVD3DUNV
ż 0DUWLQ/XWKHU.LQJ-U
Ɣ 6&/&IRXQGHG
Ɣ ,QWHJUDWLRQRI/LWWOH5RFN+LJKVFKRRO
Ɣ &LYLO5LJKWV$FWRIFUHDWHGDFRPPLVVLRQWRLQYHVWLJDWHFDVHVRIGLVFULPLQDWLRQ
Ɣ 6LWLQVDW*UHHQVERUR1&OXQFKFRXQWHU
Ɣ )UHHGRP5LGHUV
Ɣ 0DUFKRQ:DVKLQJWRQ
Ɣ 0LVVLVVLSSL6XPPHU3URMHFW
Ɣ &LYLO5LJKWV$FWRI
Ɣ 0DOFRP;DVVDVVLQDWHG
Ɣ 9RWLQJ5LJKWV$FWRI
Ɣ :DWWV&$
Ɣ 6WRNHO\&DUPLFKHDOUHSODFHG-RKQ/HZLVDVOHDGHURI61&&&DUPLFKHDOKHOSHG
LJQLWHWKH%ODFN3DQWKHUPRYHPHQW
Ɣ %ODFN3DQWKHUVIRUPHG
Ɣ .HUQHU&RPPLVVLRQ5HSRUW
Ɣ 0DUWLQ/XWKHU.LQJDVVDVVLQDWHG
Ɣ 3RRU3HRSOH¶V0DUFK
$PHULFDQ,QGLDQ+LVWRU\
¶VDQG¶V
Ɣ 6PDOOSR[HSLGHPLFLQ1HZ(QJODQGNLOOHGRI,QGLDQVHDUO\¶V
Ɣ .LQJ3KLOLS¶V:DU
Ɣ 7KH,URTXRLVWKH$OEDQ\3ODQRIWKH8QLRQ%HQ)UDQNOLQWKH$UWLFOHVRI&RQIHGDQG
$386+ELEOHFRP
WKH86&RQVWLWXWLRQ
$386+ELEOHFRP
Ɣ
Ɣ
3RQWLDF¶V5HEHOOLRQ
3UHVLGHQW:DVKLQJWRQHQFRXUDJHV³FLYLOSURFHVV´EDVHRQWKHEHOLHIWKDW1DWLYH
$PHULFDQVZHUHHTXDOEXWWKHLUVRFLHW\ZDVLQIHULRU
(DUO\¶V
Ɣ 7HFXPVHKDQGKLVEURWKHUWKH3URSKHW
Ɣ %DWWOHRI7LSSHFDQRH
Ɣ 6HPLQROH:DU
Ɣ ,QGLDQ5HPRYDO7KRPDV-HIIDQG$QGUHZ-DFNVRQ
Ɣ :RUFHVWHUY*HRUJLD
Ɣ 7UDLORI7HDUV
,QGLDQ'LVFULPLQDWLRQ:DU
Ɣ ([WHUPLQDWLRQRI%XIIDOREHJDQ
Ɣ +HOHQ+XQW¶VD&HQWXU\RI'LVKRQRU
Ɣ &XVWHUGHIHDWHGE\6LRX[DQG&KH\HQQHDW/LWWOH%LJ+RUQ0RQWDQD
Ɣ &KLHI-RVHSKVXUUHQGHUHG
Ɣ *HURQLPRVXUUHQGHUHG
Ɣ 'DZHV6HYHUDOW\$FW³.LOOWKH,QGLDQV6DYHWKHPDQ´
Ɣ 6LRX[0DVVDFUHGDW:RXQGHG.QHH6RXWK'DNRWD
¶V
Ɣ 6Q\GHU$FW
Ɣ :KHHOHU+RZDUG$FW
Ɣ 'HQQLV%DQNVDQGWKH$PHULFDQ,QGLDQ0RYHPHQW$,0
Ɣ 7KH7UDLORI%URNHQ7UHDWLHVDQGWKH7ZHQW\3RLQWV
Ɣ 2FFXSDWLRQRI%,$KHDGTXDUWHUVDW:RXQGHG.QHH
,PPLJUDWLRQ
%HIRUHLPPLJUDQWVFDPHSULPDULO\IURPQRUWKHUQ(XURSH
Ɣ *UHDW0LJUDWLRQRI(QJODQG3XULWDQV¶VDQG¶V
Ɣ 6FRWFK,ULVKDQG*HUPDQV¶V
Ɣ ,ULVK¶V
$IWHU,PPLJUDQWVEHJDQFRPLQJIURPVRXWKHUQDQGHDVWHUQ(XURSH
Ɣ 1HZ,PPLJUDWLRQ
Ɣ 0RYHGWRODUJHUFLWLHV
$386+ELEOHFRP
Ɣ
SURYLGHGXQVNLOOHGODERU
$FW¶VDQG$JUHHPHQW¶VDIWHU¶V
Ɣ &KLQHVH([FOXVLRQ$FW
Ɣ *HQWOHPDQ¶V$JUHHPHQW
Ɣ 1DWLRQDO2ULJLQV$FWV¶V
Ɣ %UDFHUR3URJUDP¶V
Ɣ 0F&DUUDQ:DOWHU$FW
Ɣ ,PPLJUDWLRQ$FW
Ɣ ,PPLJUDWLRQ5HIRUPDQG&RQWURO$FW
(FRQRPLF7UDQVIRUPDWLRQV
(FRQRPLF7HUPV
Ɣ 0HUFDQWLOLVP
Ɣ /DLVVH])DLUH
Ɣ 7DULII
Ɣ 5HFHVVLRQ
Ɣ ,QIODWLRQ&KHDS0RQH\
Ɣ 'HIODWLRQ+DUG0RQH\
Ɣ 6SHFLH
Ɣ 6XSSO\DQG'HPDQG
Ɣ -DPHVWRZQDQGWKH/RQGRQ&RPSDQ\
Ɣ &DOYLQLVPDFKLHYLQJJUDFHWKURXJKSURILWDQGZHDOWK
Ɣ 7ULDQJXODU7UDGH
Ɣ 1DYLJDWLRQ$FWV
Ɣ 6DOXWDU\1HJOHFW
Ɣ $PHULFDQ5HYROXWLRQ
ż 6XJDU$FW
ż 6WDPS$FW
ż 'HFODUDWRU\$FW
ż 7RZQVKHQG$FWV
$386+ELEOHFRP
Ɣ
Ɣ
Ɣ
Ɣ
Ɣ
Ɣ
Ɣ
Ɣ
Ɣ
(FRQRPLFSUREOHPVVWHPPLQJIURPWKH$UWLFOHVRI&RQIHGHUDWLRQ
6KD\¶V5HEHOOLRQ
$OH[DQGHU+DPLOWRQILQDQFLDOSURJUDP
ż 5DLVHUHYHQXHWRDVVXPHVWDWHGHEWVDQGIXQGWKHQDWLRQDOGHEWDWSDU
Ŷ 6DOHRIZHVWHUQODQG
Ŷ ([FLVHWD[
Ŷ 5HYHQXHWDULII
ż )LUVW%DQNRI8QLWHG6WDWHV
(PEDUJRRI
+HQU\&OD\¶V$PHULFDQ6\VWHP
ż 6HFRQG%DQNRIWKH8QLWHG6WDWHV
ż 3URWHFWLYHWDULII
ż ,QWHUQDOLPSURYHPHQWVDWIHGHUDOH[SHQVH
6RXWK&DUROLQD7DULII&ULVLV
'HVWUXFWLRQRIWKH%DQNRIWKH8QLWHG6WDWHV
3DQLFRI
,QGHSHQGHQW7UHDVXU\6\VWHP
Ɣ 'HYHORSPHQWRIDQDWLRQDOHFRQRP\
ż WXUQSLNHV
ż FDQDOV
ż VWHDPERDWV
ż UDLOURDGV
Ɣ (FRQRPLFDGYDQWDJHVDQGGLVDGYDQWDJHVRI1RUWKDQG6RXWKGXULQJ&LYLO:DU
Ɣ 6KDUHFURSSLQJSRVWFLYLOZDU
Ɣ ,QGXVWULDO7DNH2II
ż LPSURYHGVWDQGDUGRIOLYLQJ
ż 86EHFDPHDZRUOGSRZHU
ż SUREOHPV0RQRSROLHVXQHYHQGLVWULEXWLRQRIZHDOWKFULPHDQGFRUUXSWLRQ
Ɣ 7KH*LOGHG$JH
ż 7UXVWVDQG0RQRSROLHV
ż -30RUJDQ$QGUHZ&DUQHJLH-RKQ'5RFNHIHOOHU--+LOO-D\*RXOGDQG
&RUQHOLXV9DQGHUELOW
Ɣ *URZWKRI/DERU8QLRQV
ż 7KHVHODERUXQLRQVIRXJKWIRUFROOHFWLYHEDUJDLQLQJWRGHDOZLWKWKHSUREOHPVRI
ORQJKRXUVORZSD\DQGXQVDIHZRUNLQJFRQGLWLRQV
ż .QLJKWVRI/DERU
ż 5DLOURDG6WULNH
ż $PHULFDQ)HGHUDWLRQRI/DERUIRXQGHGE\6DPXHO*RPSHUV
ż +RPHVWHDG6WULNH
ż 3XOOPDQ6WULNHOHGE\(XJHQH'HEV
Ɣ )DUPHU¶V2UJDLQL]DWLRQV
$386+ELEOHFRP
ż
Ɣ
)DUPHUVZDQWHGWRXQLWHWRZDUGRIIUDLOURDGPRQRSROLHVKLJKWDULIIVDQG
GHIODWLRQ
ż *UDQJH
ż 3RSXOLVW3DUW\
0RQHWDU\3ROLF\
ż *UHHQEDFN3DUW\
ż &ULPHRIµSDQLFRI
ż %ODQG$OOLVRQ$FWRIDQGWKH6KHUPDQ6LOYHU3XUFKDVH$FWRI
ż 3DQLFRIFDXVHE\WKH0F.LQOH\7DULIIDQGWKHUHWXUQRIWKHJROGVWDQGDUG
ż )UHH6LOYHU0RYHPHQW
ż .ORQGLNH*ROG5XVK
Ɣ 3URJUHVVLYHHUDFUHDWHGUHJXODWHGFDSLWDOLVP
ż 7KHRGRUH5RRVHYHOWDQG:LOOLDP+RZDUG7DIWEURNHXSPRQRSROLHVXVLQJWKH
6KHUPDQDQWLWUXVWDFWRI
ż (OHFWLRQRI:LOVRQ¶V1HZ)UHHGRPY75RRVHYHOW¶V1HZ1$WLRQDOLVP
ż )HGHUDO5HVHUYH6\VWHP
ż WK$PHQGPHQW
ż 8QGHUZRRG6LPPRQV7DULII
ż &OD\WRQ$QWL7UXVW$FW
Ɣ :DUUHQ+DUGLQJDQGWKHUHWXUQWR1RUPDODF\
ż SURWHFWLYHWDULIIV
ż GHUHIXODWLRQRIEXVLQHVV
ż 6RDNWKH3RRUWD[HV
Ɣ &DOYLQ&RROLGH³7KHEXVLQHVVRI$PHULFDLVEXVLQHVV´
Ɣ 7KH*UHDW'HSUHVVLRQ
ż ,QVKRUWWKHUHZDVWRPXFKGHPDQGDQGWROLWWOHVXSSO\
Ŷ 7KH)HGWLJKWHQHGWKHPRQH\VXSSO\
Ŷ +DZOH\6PRRW7DULII
ż 6WRFN0DUNHW&UDVK
Ɣ +HUEHUW+RRYHU
ż 5HFRQVWUXFWLRQ)LQDQFH&RUSRUDWLRQ
ż 3XEOLF:RUNV3URJUDPV
Ɣ )UDQNOLQ5RRVHYHOWDQGWKH1HZ'HDO
ż 5HOLHI5HFRYHU\DQG5HIRUP
ż .H\QHVLDQ(FRQRPLFV³SULPLQJWKHSXPS´
ż 1HZ'HDO3URJUDPV$$$&&&3XEOLFZRUNV$GPLQ:RUNV3URJUHVV$GPLQ
6RFLDO6HFXULW\:DJQHU$FW7HQQHVVHH9DOOH\$XWKRULW\
3UHVHQW
$386+ELEOHFRP
Ɣ
Ɣ
Ɣ
Ɣ
Ɣ
Ɣ
Ɣ
Ɣ
3RVW:RUOG:DU,,LQIODWLRQDU\VSLUH
'ZLJKW(LVHQKRZHUDQG.H\QHVLDQHFRQRPLFV
/\QGRQ-RKQVRQDQGWKH*UHDW6RFLHW\
ż ³:DURQ3RYHUW\´
ż *UHDW6RFLHW\3URJUDPV0HGLFDUH0HGLFDLG2IILFHRI(FRQRPLF2SS-RE
&RUSV9ROXQWHHUVLQ6HUYLFHWR$PHULFD9,67$)RRG6WDPSV
5LFKDUG1L[RQ³:HDUHDOO.H\QHVLDQV1RZ´
23(&DQGWKHHQHUJ\RLOFULVLVRIWKH¶V1L[RQ
6WDJIODWLRQV
5RQDOG5HDJDQ
ż 6XSSO\6LGH(FRQRPLFV
ż 7D[&XWVDQG'HUHJXODWLRQ
%LOO&OLQWRQDQGWKH³7KLUG:D\´
7KLQJV(YHU\$S6WXGHQW6KRXOG
.QRZ$ERXW86+LVWRU\
<D\0RUH9RFDE
-DPHVWRZQ
&DSWLDQ-RKQ6PLWK6DYHG-DPHVWRZQ
)LUVW$IULFDQVEURXJKWWR9LUJLQLDDVVODYHV
9LUJLQLD+RXVHRI%XUJHVVHV
0D\IORZHU&RPSDFW
*UHDW0LJUDWLRQRI3XULWDQVWR0DVVDFKXVHWWVVV
5RJHU:LOOLDPVHVWDEOLVKHG5KRGH,VODQG
$QQH+XWFKLQVRQ¶VEDQLVKPHQW
(QJOLVKZRQ3HTXRW:DUDW0\VWLF0DVVDFKXVHWWV
%DFRQ¶VUHEHOOLRQLQ-DPHVWRZQ
.LQJ3KLOLSV:DU
$386+ELEOHFRP
:LOOLDP3HQQHVWDEOLVKHG3HQQ
6DOHP:LWFK7ULDOV
-DPHV2JOHWKRUSHHVWDEOLVKHG*HRUJLD
-RQDWKDQ(GZDUGVVSDUNHGWKHVW*UHDW$ZDNHQLQJ
6WRQR5HEHOOLRQILUVWODUJHVODYHUHEHOOLRQ
)UHQFKDQG,QGLDQ:DU
3URFODPDWLRQRI
6WDPS$FW
'HFODUDWRU\$FW
7RZQVKHQG$FWV
%RVWRQ0DVVDFUH
%RVWRQ7HD3DUW\
)LUVW&RQWLQHQWDO&RQJUHVV
/H[LQJWRQDQG&RQFRUG
6HFRQG&RQWLQHQWDO&RQJUHVV
7KRPDV3DLQHSXEOLVKHG&RPPRQ6HQVH
'HFODUDWLRQRI,QGHSHQGHQFH
7UHDW\RI$OOLDQFH
%DWWOHRI<RUNWRZQ
$UWLFOHVRI&RQIHGHUDWLRQZHQWLQWRHIIHFW
3HDFHRI3DULV
1RUWKZHVW2ULGQDQFHVRI
6KD\¶V5HEHOOLRQ
&RQVWLWXWLRQDO&RQYHQWLRQLQ3KLODGHOSKLD
7KHIHGHUDOLVW3DSHUVSXEOLVKHG
1HZ&RQVWLWXWLRQ1HZ*RYHUQPHQW
$OH[DQGHU+DPLOWRQDSSRLQWHG6HFUHWDU\RI7UHDVXU\
6DPXHO6ODWHUHVWDEOLVKHGILUVWWH[WLOHPLOO
%LOORIULJKW¶VUDWLILHG
&RWWRQ*LQ
:DVKLQJWRQ¶V3UREODPDWLRQRI1XHWUDLOW\
:KLVNH\5HEHOOLRQ
:DVKLQJWRQ¶V)DUHZHOO$GGUHVV7ZRWHUPSUHFHGHQW
;<=$IIDLU
$OLHQDQG6HGLWLRQ$FWV
.HQWXFN\DQG9LUJLQD5HVROXWLRQV
5HYROXWLRQRI
0LGQLJKW-XGJHV
0DUEXU\Y0DGLVRQ
(VVH[-XQWR
7UDLORI$DURQ%XUU
-HIIHUVRQ¶V(PEDUJR
:DURI
+DUWIRUG&RQYHQWLRQ
$386+ELEOHFRP
7UHDW\RI*KHQW
%DWWOHRI1HZ2UOHDQV
&OD\¶V$PHULFDQ6\VWHP
(UDRI*RRG)HHOLQJV
$GDP2QLV7UHDW\
0LVVRXUL&RPSURPLVH
0RQURH'RFWULQH
(OHFWLRQRI³FRUUXSWEDUJDLQ´
,QGLDQ5HPRYDO$FW
0D\VYLOOH5RDG9HWR
1DW7XUQHU¶VUHYROW
1XOOLILFDWLRQ&ULVLV
-DFNVRQ'HVWUR\V%DQNRI8QLWHG6WDWHV
7H[DVJDLQVLQGHSHQGHQFHIURP0H[LFR
3DQLFRI
+RUDFH0DQQ¶V0DVVVFKRROUHIRUP
7H[DVLVDQQH[HGLQ
0H[LFDQ$PHULFDQ:DU
:LOPRW3URYLVR
0RUPRQVPLJUDWHGWR8WDK
6HQHFD)DOOVFRQYHQWLRQ
&RPSURPLVHRI
*DGVGHQ3XUFKDVH
.DQVDV1HEUDVND$FW
2VWHQG0DQLIHVWR
&UHDWLRQRIWKH5HSXEOLF3DUW\
/LQFROQ'RXJODV'HEDWHV
-RKQ%URZQ¶VUDLG
6&6HFHVVLRQ
)RUW6XPWHU
+RPHVWHDG$FW
0RUULOO/DQG*UDQW
%DWWOHRI$QWLHWDP
(PDQFLSDWLRQ3URFODPDWLRQ
%DWWOHRI*HWW\VEHUJ
$QWLGUDIW5LRWVLQ1<&
$SSRPDWR[&RXUW+RXVH
/LQFROQ$VVDVVLQDWHG
)UHHGPDQ¶V%XUHDX
WK$PHQGPHQW
$ODVND3XUFKDVHGLQ
5DGLFDO5HFRQVWUXFWLRQ%HJDQ
$QGUHZ-RKQVRQ¶VLPSHDFKPHQWWUDLO
WK$PHQGPHQW
$386+ELEOHFRP
.QLJKWVRI/DERUFUHDWHG
6WDQGDUG2LOFUHDWHG
:\RPLQJJDYHZRPHQULJKWWRYRWH
WK$PHQGPHQW
&UHGLW0RELOLHU6FDQGDO
%DWWOHRI/LWWOH%LJ+RUQ
*UHDW5DLOURDG6WULNH
-DPHV*DUILHOG$VVDVVLQDWHG
&KLQHVH([FOXVLRQ$FW
3HQGHOWRQ&LYLO6HUYLFH$FW
+D\PDUNHW6TDXUH5LRW
$PHULFDQ)HGHUDWLRQRI/DERUFUHDWHG
'DZHV6HYHUDOW\$FW
-DQH$GDP¶V+XOO+RXVH
6KHUPDQ$QWLWUXVWDFW
:RXQGHG.QHH0DVVDFUH
(OOLV,VODQGRSHQHG
3DQLFRI
3XOOPDQ6WULNH
6SDQLVK$PHULFDQ:DU
2SHQ'RRU3ROLF\
)LOLSLQR5HEHOOLRQ
:LOOLDP0F.LQOH\$VVDVVLQDWHG
7KHRGRUH5RRVHYHOWPHGLDWHGFRDOPLQHU¶VVWULNH
:ULJKW%URWKHU¶VILUVWIOLJKW
5RRVHYHOW&RUROODU\
+D\%XQXD9DULOODWUHDW\
1$$&31DWLRQDO$VVRFLDWLRQIRUWKH$GYDQFHPHQWRI&RORUHG3HRSOHRUJDQL]HG
WK$PHQGPHQW
WK$PHQGPHQW
)HGHUDO5HVHUYH6\VWHP&UHDWHG
&OD\WRQ$QWLWUXVW$FW
3DQFKR9LOOD5DLG
86HQWHUHG::,
:LOVRQ¶VIRXUWHHQSRLQWV
WK$PHQGPHQW
9HUVDLOOHV7UHDW\GHIHDWHGLQ866HQDWH
3DOPHU5DLGV
WK$PHQGPHQW
1DWLRQDO2ULJLQ$FW
7HDSRRW'RPH6FDQGDO
6FRSHV7ULDO
...PDUFKRQ:DVKLQJWRQ
&KDUOHV/LQGEHUJK¶VVRORIOLJKW
$386+ELEOHFRP
1<&VWRFNH[FKDQJHFUDVK
5HFRQVWUXFWLRQ)LQDQFH&RUSRUDWLRQHVWDEOLVKHG
%RQXV$UP\PDUFKHGRQ:DVKLQJWRQ
%DQN+ROLGD\
)UDQFHV3HUNLQVDSSRLQWHGILUVWIHPDOHLQFDELQHWSRVLWLRQ
$$$&&&79$1,5$3:$HVWDEOLVKHG
)HGHUDO6HFXULWLHV$FW
WK$PHQGPHQW
VW$PHQGPHQW
6HFXULWLHVDQG([FKDQJH&RPPLVVLRQ
+XH\/RQJ¶V6KDUHWKH:HDOWK
1DWLRQDO/DERU5HODWLRQV$FW
6RFLDO6HFXULW\SDVVHG
1HXWUDOLW\$FWVSDVVHG
&RQJUHVVRI,QGXVWULDO2UJDQL]DWLRQVHVWDEOLVKHG
::,,EHJDQLQ(XURSH
)UDQN&DSUDGLUHFWVWKHILOP0U6PLWKJRHVWR:DVKLQJWRQ
$PHULFD)LUVW&RPPLWWHHHVWDEOLVKHG
1\H&RPPLWWHHHVWDEOLVKHG
6HOHFWLYH7UDLQLQJDQG6HUYLFH$FWILUVWSHDFHWLPHGUDIW
)DLU(PSOR\PHQW3UDFWLFHV&RPPLWWHH
/HQG/HDVH$FWSDVVHGWRDLG%ULWDLQ
$WODQWLF&KDUWHU
2SHUDWLRQ7RUFK1RUWK$IULFD&DPSDLJQEHJDQ
:DU3URGXFWLRQ/DERU%RDUG
-DSDQHVH,QWHUPHQW&DPSV2SHQ
0DQKDWWDQ3URMHFW%HJDQ
7HKUDQ&RQIHUHQFHRIWKH%LJ7KUHH
2SHUDWLRQ2YHUORUG3ODQQLQJEHJDQ
=RRW6XLW5LRWVLQ/$
''D\,QYDVLRQDW1RUPDQG\
'XPEDUWRQ2DNV&RQIHUHQFHHVWDEOLVKHG
*,%LOORI5LJKWV
%DWWOHRIWKH%XOJH
<DOWD&RQIHUHQFH
9('D\
3RWVGDP&RQIHUHQFH
2NLQDZDODVWODQGEDWWOHRI::,,
$WRPLF%RPEGURSSHGRQ+LURVKLPD
$WRPLF%RPEGURSSHGRQ1DJDVDNL
9-'D\
8QLWHG1DWLRQVHVWDEOLVKHG
1XUHPEHUJWULDOVEHJDQ
&ROG:DUEHJDQ
$386+ELEOHFRP
7UXPDQ'RFWULQH
0DUVKDOO3ODQ
7DIW+DUWOH\$FW
1DWLRQDO6HFXULW\$FW
%HUOLQ$LUOLIW
-RVHSK0F&DUWK\DWWDFNV6WDWH'HSDUWPHQW
.RUHDQ:DU
-XOLXVDQG(WKHO5RVHQEHUJH[HFXWHG
*HQHYD$FFRUGV9LHWQDP
-RVHSK0F&DUWK\&RQGHPQHGE\6HQDWH
0RQWJRPHU\%XV%R\FRWW
,QWHUVWDWH+LJKZD\$FW
*UHHQVERURVLWLQV
.HQQHG\1L[RQGHEDWHV
%D\RI3LJV
)UHHGRP5LGHUV
3HDFH&RUSVHVWDEOLVKHG
.HQQHG\YLVLWV%HUOLQ
&XEDQ0LVVOH&ULVLV
0DUFKRQ:DVKLQJWRQ
0HGJDU(YHUVDVVDVVLQDWHG
-RKQ).HQQHG\DVVDVVLQDWHG
7KH*UHDW6RFLHW\
&LYLO5LJKWV$FWRI
*XOIRI7RQNLQ5HVROXWLRQ
0DOFRP;$VVDVVLQDWHG
9LHWQDP:DUHVFDODWHGILUVWFRPEDWWURRSV
9RWLQJ5LJKWV$FWHQGHGOLWHUDF\WHVWV
:DWWV5LRWVLQ/$
0HGLFDUHDQG0HGLFDLG
7HW2IIHQVLYH
0DUWLQ/XWKHU.LQJDVVDVVLQDWHG
5REHUW.HQQHG\DVVDVVLQDWHG
$QWL:DUULRWVDWWKH&KLFDJR'HPRFUDWLF&RQYHQWLRQ
$,0$PHULFDQ,QGLDQ0RYHPHQW
'UDIW/RWWHU\
9LHWQDPL]DWLRQ3URJUDP
6HFUHWERPELQJVRI&DPERGLD
0\/DLPDVVDFUHPDGHSXEOLF
.HQW6WDWH6KRRWLQJV
3HQWDJRQ3DSHUV
1L[RQYLVLWV&KLQD
:DWHUJDWH
6$/7,DQGWKHSROLF\RIGHIHQWH
$386+ELEOHFRP
23(&RLOHPEDUJR
1L[RQ5HVLJQV
&DPS'DYLG$FFRUGV
6RYLHW8QLRQLQYDGHG$IJKDQLVWDQ
,UDQLDQ+RVWDJH&ULVLVGD\V
5HDJDQRPLFVEHJDQ
%HLUXWHPEDVV\ERPEHG
,QYDVLRQRI*UHQDGD
,UDQ&RQWUD6FDQGDO
,1)7UHDW\
%HUOLQ:DOOWRUQGRZQ
6RYLHW8QLRQ'LVVROYHG
2NODKRPD&LW\%RPELQJ
%DODQFHG%XGJHW$JUHHPHQW3DVVHG
:DULQ$IJKDQLVWDQ
:DULQ,UDT
6KDUHDQG6WD\&RQQHFWHG
6SUHDGWKH.QRZOHGJH
,NQRZLWPLJKWEHWHPSWLQJWRNHHSWKLVERRNDOOWR\RXUVHOIEXWVKDULQJLVFDULQJ,¶GUHDOO\
DSSUHFLDWH\RXVHQGLQJVRPHSHRSOHE\KWWSZZZ$386+ELEOHFRPWRSLFNXSWKHLURZQFRS\
RIWKLVFUDPSDFNHW$OVRLI\RXWKLQN,GLGDVRPHZKDWGHFHQWMREFRPSLOLQJWKLVFUDPSDFNHW
\RXFDQVKRZ\RXUVXSSRUWRQRXUIDFHERRNDQGWZLWWHUSDJHV'
$386+&UDP3DFNHW3DJH
)DFHERRN
KWWSZZZIDFHERRNFRPSDJHV$386+ELEOH
7ZLWWHU
KWWSWZLWWHUFRP$386+ELEOH
$386+ELEOHFRP
<286+28/'12:%('21(
&5$00,1*
,W¶VEHHQDJUHDWFRXSOHRIKRXUV
,¶PYHU\LPSUHVVHGE\KRZVWXGLRXV\RXDUH%\UHDFKLQJWKLVSRLQWLWPHDQV\RXMXVW
PHPRUL]HGRYHUVSHFLILFWHUPVGDWHVDQGNH\HYHQWVZLWKRXW\RXUKHDGH[SORGLQJ7KDW
FDOOVIRUVRPHVRUWRIFHOHEUDWLRQ+RZ\RXFHOHEUDWHLVXSWR\RX