5XVVLDSURILOH7LPHOLQH%%&1HZV
1HZV
6SRUW
:HDWKHU
6KRS
(DUWK
7UDYHO
0RUH
$'9(57,6(0
5XVVLDSURILOH7LPHOLQH
2FWREHU (XURSH
$FKURQRORJ\RINH\HYHQWV
0RQJROVLQYDGH5XVVLDGHVWUR\LQJDOORILWVPDLQFLWLHVH[FHSW1RYJRURGDQG3VNRY
7DWDUVHVWDEOLVKWKHHPSLUHRIWKH*ROGHQ+RUGHLQVRXWKHUQ5XVVLD
*HWW\,PDJHV
*UDQG3ULQFH,YDQWKH7HUULEOHRI0RVFRZFRQTXHUVWKH7DWDUNKDQDWHVRI.D]DQDQG
$VWUDNKDQDQGHVWDEOLVKHVWKH7VDUGRPRI5XVVLD
&RVVDFNVEHJLQFRQTXHULQJ6LEHULDIRU5XVVLD
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
5RPDQRYV
1DWLRQDO&RXQFLOHOHFWV0LFKDHO5RPDQRYDVWVDUHQGLQJDORQJSHULRGRILQVWDELOLW\DQG
IRUHLJQLQWHUYHQWLRQ5RPDQRYG\QDVW\UXOHV5XVVLDXQWLOUHYROXWLRQ
3HWHUWKH*UHDWLQWURGXFHVIDUUHDFKLQJUHIRUPVLQFOXGLQJDUHJXODUFRQVFULSWDUP\
DQGQDY\VXERUGLQDWLQJWKH2UWKRGR[&KXUFKWRKLPVHOIDQGUHRUJDQLVLQJJRYHUQPHQW
VWUXFWXUHVDORQJ(XURSHDQOLQHV5XVVLDDFTXLUHVWHUULWRU\RIPRGHUQ(VWRQLDDQG/DWYLD
DIWHUGHFDGHVRIZDUZLWK6ZHGHQHVWDEOLVKLQJQDYDOSUHVHQFHLQ%DOWLF6HDDQG
ZLQGRZRQ
(XURSH
5XVVLDFRQTXHUV&ULPHD8NUDLQH*HRUJLDDQGZKDWODWHUEHFDPH%HODUXV
0ROGRYDDVZHOODVSDUWVRI3RODQG
5XVVLDWDNHVSDUWLQWKH(XURSHDQFRDOLWLRQVDJDLQVW5HYROXWLRQDU\DQG1DSROHRQLF
)UDQFHGHIHDWLQJ1DSROHRQ
VLQYDVLRQLQDQGFRQWULEXWLQJWRKLVRYHUWKURZ$UP\RIILFHUV
UHWXUQKRPHEULQJLQJOLEHUDOLGHDVIURP(XURSHVSXUULQJHIIRUWVWRUHLQLQ5RPDQRYDXWRFUDF\
$ERUWLYHDWWHPSWE\OLEHUDODUP\RIILFHUVWRHVWDEOLVKFRQVWLWXWLRQDOJRYHUQPHQWFUXVKHGLQ
'HFHPEULVW5HYROW
5XVVLDIDFHVGHWHUPLQHGUHVLVWDQFHWRWKHLUELGWRDQQH[1RUWK&DXFDVXV
5XVVLDVXIIHUVVHWEDFNLQDWWHPSWWRVHL]HWHUULWRU\IURPGHFOLQLQJ2WWRPDQ(PSLUH
WKURXJKLWVGHIHDWLQ&ULPHDQ:DU
(PDQFLSDWLRQ(GLFWHQGVVHUIGRPEXWNHHSVSHDVDQWVWLHGWRWKHODQGWKURXJKFRQWLQXLQJ
ODERXUREOLJDWLRQVUDSLGLQGXVWULDOLVDWLRQOHDGVWRJURZWKRIDVPDOOZRUNLQJFODVVDQGWKHVSUHDG
RIUHYROXWLRQDU\LGHDV
7KHDUHDRIZKDWLVQRZWKH&HQWUDO$VLDQUHSXEOLFVDQQH[HG
5XVVLDQ7XUNLVKZDUVHHV5XVVLDVHL]HODQGIURP7XUNH\LQWKH&DXFDVXVDQG
HVWDEOLVKFOLHQWVWDWHVLQWKH%DONDQV
6RFLDO'HPRFUDWLF3DUW\IRXQGHGDQGLQVSOLWVLQWR0HQVKHYLNDQGPRUHUDGLFDO
%ROVKHYLNIDFWLRQV
5XVVLDQH[SDQVLRQLQ0DQFKXULDOHDGVWRZDUZLWK-DSDQDQGWKHUHYROXWLRQ
ZKLFKIRUFHG7VDU1LFKRODV,,WRJUDQWDFRQVWLWXWLRQDQGHVWDEOLVKDSDUOLDPHQWWKH'XPD
&RQVWLWXWLRQDOUXOHLQWHPSHUHGE\DXWKRULWDULDQJRYHUQPHQWRI3HWHU6WRO\SLQ
ZKRVHDWWHPSWVWRUHIRUPODQGRZQHUVKLSZHUHRQO\SDUWO\VXFFHVVIXO
5XVVLDQ$XVWULDQULYDOU\LQ%DONDQVFRQWULEXWHVWRRXWEUHDNRI:RUOG:DU,LQZKLFK
5XVVLDIRXJKWDORQJVLGH%ULWDLQDQG)UDQFH
5LVHRIWKH6RYLHW8QLRQ
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
*HWW\,PDJHV
0DUFK3RRUSHUIRUPDQFHLQWKHZDUDQGPLVPDQDJHPHQWRIWKHHFRQRP\DWKRPHSURPSW
PXWLQLHVLQWKHDUPHGIRUFHVDQGVWUHHWGLVWXUEDQFHVLQPDMRUFLWLHV
/LEHUDOOHDGHUVIRUFH7VDU1LFKRODV,,WRDEGLFDWHVHULHVRI3URYLVLRQDO*RYHUQPHQWVVHHNWR
FRQWLQXHZDUDJDLQVW*HUPDQ\GHVSLWHGLVLQWHJUDWLQJPLOLWDU\DQGXQUHVWDWKRPH
1RYHPEHU%ROVKHYLNVRYHUWKURZSURYLVLRQDOJRYHUQPHQWVXSSUHVVHOHFWHG&RQVWLWXHQW
$VVHPEO\HVWDEOLVKUXWKOHVV
'LFWDWRUVKLSRIWKH3UROHWDULDW
XQGHU&RPPXQLVW3DUW\UXOHWKDW
FUXVKHVUHOLJLRXVDQGSROLWLFDOGLVVHQW
7UHDW\RI%UHVW/LWRYVNHQGVZDUZLWK*HUPDQ\DWSULFHRIPDMRUWHUULWRULDOORVVHVLQ
HDVWHUQ(XURSHDQG%DOWLF
&LYLOZDUEHWZHHQ5HG$UP\DQGDQWLFRPPXQLVW:KLWH5XVVLDQVDLGHGE\%ULWDLQ
)UDQFH-DSDQDQGWKH86'HIHDWLQZDUZLWK3RODQGHQGV6RYLHWH[SDQVLRQZHVWZDUGVXQWLO
WKH6HFRQG:RUOG:DU
6WDOLQ$VFHQGDQW
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
*HWW\,PDJHV
%ROVKHYLNVUHRUJDQLVHUHPQDQWVRI5XVVLDQ(PSLUHDV8QLRQRI6RYLHW6RFLDOLVW
5HSXEOLFV
V([SHULPHQWVZLWKPDUNHWPHFKDQLVPVDQGSULYDWHEXVLQHVVXQGHU1HZ(FRQRPLF
3ROLF\JLYHZD\WRVWDWHUXQFRPPDQGHFRQRP\XQGHU-RVHSK6WDOLQZKREHFRPHVYLUWXDOO\
XQFKDOOHQJHGDVGLFWDWRULQ
6RFLDOSHUPLVVLYHQHVVDQGUHODWLYHO\JHQHURXVDSSURDFKWRPLQRULW\QDWLRQDOLWLHVJUDGXDOO\\LHOG
WRDFRQVHUYDWLYHDQG5XVVRFHQWULFSROLFLHV
V6WDOLQFDUULHVRXWDVHFRQGUHYROXWLRQWRFRQVROLGDWHKLVSRZHUFRQFHQWUDWLQJODQG
RZQHUVKLSLQPDVVLYHVWDWHUXQKROGLQJVIRUFLQJWKHSDFHRILQGXVWULDOLVDWLRQDQGNLOOLQJKLV
HQHPLHVUHDODQGLPDJLQHGLQWKH3DUW\HFRQRPLFPDQDJHPHQWFLYLOVHUYLFHPLOLWDU\DQG
VHFXULW\VHUYLFHV(FRQRPLFGLVUXSWLRQDQGGHOLEHUDWHSROLF\RIUHSUHVVLRQOHDGVRIPDVVIDPLQH
LQ8NUDLQHDQGGHSRUWDWLRQRIKXQGUHGVRIWKRXVDQGVRISHRSOHWRZRUNLQKXJHQHWZRUNRIIRUFHG
ODERXUFDPSVXVXDOO\LQUHPRWHDQGKDUVKSDUWVRIWKHFRXQWU\
6WDOLQFRQFOXGHVQRQDJJUHVVLRQSDFWZLWK1D]L*HUPDQ\VHL]LQJHDVWHUQ3RODQGSDUWV
RI5RPDQLDDQG&]HFKRVORYDNLDDQGWKH%DOWLF6WDWHVDIWHUWKHVWDUWRIWKH6HFRQG:RUOG:DU
,QFRQFOXVLYH:LQWHU:DUDJDLQVW)LQODQGUHYHDOVSRRUVWDWHRI6RYLHWDUPHGIRUFHV
SURPSWLQJ6WDOLQWREXLOGXSPLOLWDU\LQH[SHFWDWLRQRIHYHQWXDOZDUZLWK*HUPDQ\
6RYLHW8QLRQOHIWUHHOLQJE\VXUSULVH*HUPDQDWWDFNLQ-XO\*HUPDQDGYDQFHRQO\KDOWHG
RQRXWVNLUWVRI0RVFRZLQ'HFHPEHU6RYLHW8QLRQIRUPVDOOLDQFHZLWK%ULWDLQDQG8QLWHG6WDWHV
ZKRSURYLGHLWZLWKPLOLWDU\VXSSOLHVWKURXJKRXWUHVWRIZDU
6RYLHWPLOLWDU\VWHDGLO\SXVKHVEDFN*HUPDQIRUFHVDIWHU%DWWOHRI6WDOLQJUDG
$OOLHGYLFWRU\RYHU1D]L*HUPDQ\IROORZHGE\VZLIWHVWDEOLVKPHQWRI6RYLHWKHJHPRQ\LQ
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
&HQWUDODQG(DVWHUQ(XURSHDQG%DONDQV
7KHDQQH[DWLRQVRIDUHUHWDLQHGFOLHQWJRYHUQPHQWVDUHIRUPHGHOVHZKHUHDQGSDUWVRI
*HUPDQ\DQG$XVWULDDUHRFFXSLHG6WDOLQH[WHQGVSROLF\RIKHDY\LQGXVWULDOLVDWLRQLQWRWKHVH
DUHDV
&ROG:DU
&ROG:DU
ZLWKWKH:HVWEHJLQVLQHDUQHVWDV6RYLHW8QLRQFRQVROLGDWHVSRZHULQ
(DVWHUQ(XURSHDQGSURPRWHVSUR6RYLHWUHYROXWLRQLQ&KLQDWKH0LGGOHDQG1HDU(DVWDQG
$VLD
6RYLHWVH[SORGHWKHLUILUVWQXFOHDUERPE&ROG:DUULYDOVEHJLQQXFOHDUDUPVUDFH
V6RYLHWFRPSHWLWLRQIRUSRZHUZLWK:HVWH[WHQGVLQWR/DWLQ$PHULFDDQGIRUPHU(XURSHDQ
FRORQLHVLQ$IULFDPDNLQJ&ROG:DUJOREDO
'HDWKRI6WDOLQXVKHUVLQOHVVUHSUHVVLYHUXOHDWKRPHDOWKRXJK&RPPXQLVW3DUW\SROLWLFDO
GRPLQDQFHLVILUPO\XSKHOG
6RYLHWDUWLILFLDOVDWHOOLWH6SXWQLNEHFRPHVILUVWWRRUELW(DUWKVSXUULQJWKH&ROG:DU
EH\RQGWKHDWPRVSKHUHLQD6SDFH5DFH
<XUL*DJDULQEHFRPHVILUVWSHUVRQWRRUELW(DUWKLQ9RVWRNVSDFHFUDIW
&XEDQ0LVVLOH&ULVLVEULQJVZRUOGWREULQNRIQXFOHDUZDUSHUFHLYHGGHIHDWIRU6RYLHW
OHDGHU1LNLWD.KUXVKFKHYKDVWHQHGKLVRXVWHUWZR\HDUVODWHUE\PRUHFRQVHUYDWLYHIDFWLRQ
HYHQWXDOO\OHGE\/HRQLG%UH]KQHY
6WDJQDWLRQ
3ULPH0LQLVWHU$OH[HL.RV\JLQWULHVWRLQWURGXFHSURILWDQGERQXVHOHPHQWVDQG
VRPHGHFHQWUDOLVDWLRQRISODQQLQJLQRUGHUWRERRVWIODJJLQJHFRQRPLFRXWSXWDQG
FRPSHWLWLYHQHVVEXWLVWKZDUWHGE\GLVDSSRLQWLQJUHVXOWVDQGRSSRVLWLRQE\3DUW\FRQVHUYDWLYHV
V&RQVROLGDWLRQRI/HRQLG%UH]KQHY
VUXOHVHHVHFRQRPLFVWDJQDWLRQDQGZLGHVSUHDG
FRUUXSWLRQXQGHUPLQLQJSXEOLFIDLWKLQDQ\VXSHULRULW\RIWKH6RYLHWPRGHO
(IIRUWVWRUHLQLQ&ROG:DUWHQVLRQVWKURXJKSROLF\RI866RYLHWGHWHQWHFROODSVHLQDIWHUPDWKRI
6RYLHWRFFXSDWLRQRI$IJKDQLVWDQLQ
5LVHWRSRZHURI0LNKDLO*RUEDFKHYKHUDOGVVHULRXVHIIRUWVWRUHIRUPPRULEXQG
HFRQRP\SHUHVWURLNDIUHHXSSROLWLFDOGHEDWHJODVQRVWDQGHQGFULSSOLQJFRVWRIFRQWLQXLQJ
&ROG:DU
*RUEDFKHYJUDGXDOO\ORVHVFRQWURORIUHIRUPSURFHVVHVDWKRPHDQGDEURDGOHDGLQJWRWKH
FROODSVHRI&RPPXQLVWUXOHLQ(DVWHUQ(XURSHDQGWKHHYHQWXDOLPSORVLRQRIWKH6RYLHW8QLRQ
LWVHOI
<HOWVLQHUD
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
5XVVLDEHFRPHVLQGHSHQGHQWDVWKH6RYLHW8QLRQFROODSVHVDQGWRJHWKHUZLWK8NUDLQH
DQG%HODUXVIRUPVWKH&RPPRQZHDOWKRI,QGHSHQGHQW6WDWHVZKLFKLVHYHQWXDOO\MRLQHGE\DOO
IRUPHU6RYLHWUHSXEOLFVH[FHSWWKH%DOWLFVWDWHV
&KHFKQ\DGHFODUHVXQLODWHUDOLQGHSHQGHQFHEHJLQQLQJDGHFDGHRIFRQIOLFWZLWK0RVFRZ
5XVVLDWDNHVXSWKHVHDWRIWKHIRUPHU6RYLHW8QLRQRQWKH8QLWHG1DWLRQV6HFXULW\
&RXQFLODQGUHWDLQVFRQWURORILWVQXFOHDUDUVHQDO
$FWLQJ3ULPH<HJRU*DLGDUODXQFKHVFRQWURYHUVLDOSURJUDPPHRIOLIWLQJFHQWUDOFRQWUROVRQ
HFRQRP\VHHQE\VRPHDVHVVHQWLDOWRSUHYHQWWRWDOFROODSVH
2WKHUVFRPSODLQLWLVSRRUO\PDQDJHGDQGGLUHFWO\UHVSRQVLEOHIRUK\SHULQIODWLRQDQGWKHULVHRI
WKH
ROLJDUFKV
EXVLQHVVPHQZKREHQHILWIURPFUDVKSULYDWLVDWLRQRIPDVVLYHVWDWHHQWHUSULVHV
6HSWHPEHU2FWREHU3UHVLGHQW%RULV<HOWVLQVHQGVLQWURRSVWRVHL]HSDUOLDPHQWIURP
RSSRQHQWVRIKLVUXOH
'HFHPEHU5HIHUHQGXPDSSURYHVQHZFRQVWLWXWLRQJLYLQJSUHVLGHQWVZHHSLQJSRZHUV
&RPPXQLVWDQGQDWLRQDOLVWRSSRVLWLRQPDNHVODUJHJDLQVLQHOHFWLRQVWRQHZ'XPDSDUOLDPHQW
5XVVLDMRLQV1DWR
V3DUWQHUVKLSIRU3HDFHSURJUDPPH
5XVVLDQWURRSVODXQFKWZR\HDUWRUHFDSWXUHWKHEUHDNDZD\UHSXEOLFRI&KHFKQ\DZKLFKHQGV
ZLWKFRPSURPLVHDJUHHPHQWRQVXEVWDQWLDO&KHFKHQDXWRQRP\
&RPPXQLVW3DUW\HPHUJHVDVODUJHVWSDUW\LQSDUOLDPHQWDU\HOHFWLRQVZLWKPRUHWKDQD
WKLUGRIVHDWV
<HOWVLQUHHOHFWHGGHVSLWHFRQFHUQVDERXWKLVKHDOWK
5XVVLDDGPLWWHGWRWKH*JURXSRILQGXVWULDOLVHGFRXQWULHV
<HOWVLQ
VWZLOLJKW\HDUV
6HSWHPEHU1HZ3ULPH0LQLVWHU<HYJHQ\3ULPDNRYVWDELOLVHVFROODSVLQJURXEOHHQGV
GDQJHURIGHEWGHIDXOWDQGFDUULHVRXWPDMRUWD[DWLRQUHIRUP
+HDOVRRSSRVHV1DWRFDPSDLJQDJDLQVW<XJRVODYLDPDUNLQJVWDUWRI5XVVLD
VGLVWDQFLQJLWVHOI
IURP86IRUHLJQSROLF\+HHYHQWXDOO\IDOOVRXWZLWK3UHVLGHQW<HOWVLQZKRGLVPLVVHVKLPLQ0D\
$XJXVW$UPHGPHQIURP&KHFKQ\DLQYDGHWKHQHLJKERXULQJ5XVVLDQWHUULWRU\RI
'DJHVWDQ3UHVLGHQW<HOWVLQDSSRLQWVH[.*%RIILFHU9ODGLPLU3XWLQZLWKEULHIWREULQJ&KHFKQ\D
EDFNXQGHUFHQWUDOJRYHUQPHQWFRQWURO
'HFHPEHU<HOWVLQUHVLJQVLQIDYRXURI9ODGLPLU3XWLQZKRWDNHVRYHUEXR\HGE\
SRSXODULW\RYHUPDMRUPLOLWDU\FDPSDLJQDJDLQVW&KHFKHQUHEHOV
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
3XWLQDVVHUWVFRQWURO
0DUFK3UHVLGHQW3XWLQZLQVHOHFWLRQ
$XJXVW3XWLQIDFHVFULWLFLVPRYHUVLQNLQJRI.XUVNQXFOHDUVXEPDULQHJLYHQKLVVORZ
UHVSRQVHDQGRIILFLDOREIXVWLFDWLRQ
'HFHPEHU3XWLQEHJLQVVWHDG\SURFHVVRIUHKDELOLWDWLQJ6WDOLQHUDE\UHLQVWDWLQJ
DQWKHPZLWKQHZZRUGV
0D\5XVVLDDQGWKH86$DQQRXQFHDQHZDJUHHPHQWRQVWUDWHJLFQXFOHDUZHDSRQV
UHGXFWLRQ
5XVVLDQDQG1DWRIRUHLJQPLQLVWHUVVHWXS1DWR5XVVLD&RXQFLOZLWKHTXDOUROHLQGHFLVLRQ
PDNLQJRQWHUURULVPDQGRWKHUVHFXULW\WKUHDWV
2FWREHU&KHFKHQUHEHOVVHL]HD0RVFRZWKHDWUHDQGKROGDERXWSHRSOHKRVWDJH
0RVWRIWKHUHEHOVDQGDURXQGKRVWDJHVDUHNLOOHGZKHQ5XVVLDQIRUFHVVWRUPWKHEXLOGLQJ
-XQH*RYHUQPHQWD[HVODVWUHPDLQLQJQDWLRQZLGHLQGHSHQGHQW79FKDQQHO796FLWLQJ
ILQDQFLDOUHDVRQV
6HSWHPEHU.\UJ\]VWDQJUDQWV5XVVLDILUVWPLOLWDU\EDVHDEURDGLQ\HDUVWRFRXQWHU
,VODPLVWWHUURULVP
2FWREHU<XNRVRLOERVVDQGSURPLQHQWOLEHUDO0LNKDLO.KRGRUNRYVN\DUUHVWHGRQFKDUJHV
RIWD[HYDVLRQDQGIUDXGDQHDUO\FDVXDOW\RI3UHVLGHQW3XWLQ
VFDPSDLJQWRGULYH<HOWVLQHUD
ROLJDUFKV
RXWRISROLWLFV,QKHLVVHQWHQFHGWRQLQH\HDUVLPSULVRQPHQWDQGLVSDUGRQHG
DQGJRHVLQWRH[LOHLQ
'HFHPEHU3UHVLGHQW3XWLQ
V8QLWHG5XVVLDZLQVODQGVOLGH'XPDHOHFWLRQYLFWRU\EXR\HG
E\HFRQRPLFUHFRYHU\
6TXHH]HRQROLJDUFKV
0DUFK0U3XWLQZLQVVHFRQGSUHVLGHQWLDOWHUPE\ODQGVOLGHFRQVROLGDWLQJKLVSRZHU
$XJXVW$XWKRULWLHVVHL]H<XJDQVNQHIWHJD]<XNRV
VNH\SURGXFWLRQXQLWRYHUDOOHJHGWD[
GHEWVLQPRYHZLGHO\VHHQDVSXQLVKPHQWIRU<XNRVERVV.KRGRUNRYVN\
VRSSRVLWLRQWR3XWLQ
6WDWHIRUPDOO\SXUFKDVHV<XJDQVNQHIWHJD]LQ'HFHPEHU
6HSWHPEHU0RUHWKDQSHRSOHPDQ\RIWKHPFKLOGUHQNLOOHGZKHQPDLQO\&KHFKHQ
DQG,QJXVK,VODPLVWVEHVLHJHVFKRROLQ1RUWK2VVHWLD
V%HVODQ3URPSWVERRVWLQVWDWHVHFXULW\
SRZHUVGHVSLWHZLGHVSUHDGSXEOLFFULWLFLVPRIKDQGOLQJRIVLHJH
3XWLQVFUDSVGLUHFWHOHFWLRQRIUHJLRQDOJRYHUQRUVZKRZLOOKHQFHIRUWKEHJRYHUQPHQW
DSSRLQWHHV
)HEUXDU\0RVFRZDQG7HKUDQVLJQDJUHHPHQWE\ZKLFK5XVVLDZLOOVXSSO\IXHOIRU,UDQ
V
%XVKHKUQXFOHDUUHDFWRUDQG,UDQZLOOVHQGVSHQWIXHOURGVEDFNWR5XVVLD
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
0DUFK&KHFKHQVHSDUDWLVWOHDGHU$VODQ0DVNKDGRYNLOOHGE\5XVVLDQIRUFHV
-XQH6WDWHJDLQVFRQWURORI*D]SURPJDVJLDQWE\LQFUHDVLQJLWVVWDNHLQWKHFRPSDQ\WR
RYHU
6HSWHPEHU5XVVLDDQG*HUPDQ\VLJQPDMRUGHDOWREXLOGJDVSLSHOLQHXQGHU%DOWLF6HD
EHWZHHQWKHWZRFRXQWULHV
*D]SURPJDLQVRYHUZKHOPLQJFRQWURORI6LEQHIWRLOFRPSDQ\E\EX\LQJRXWEXVLQHVVPDQ5RPDQ
$EUDPRYLFKIRUEQGROODUV
-DQXDU\3XWLQVLJQVODZJLYLQJDXWKRULWLHVH[WHQVLYHQHZSRZHUVWRPRQLWRUWKHDFWLYLWLHV
RIQRQJRYHUQPHQWDORUJDQLVDWLRQVDQGVXVSHQGWKHPLIWKH\DUHIRXQGWRSRVHDQDOOHJHGWKUHDW
WRQDWLRQDOVHFXULW\
0DUFK3UHVLGHQW3XWLQYLVLWV%HLMLQJDQGVLJQVUDQJHRIHFRQRPLFDJUHHPHQWVLQFOXGLQJ
GHDORQIXWXUHVXSSO\RI5XVVLDQJDVWR&KLQD
-XO\5RXEOHEHFRPHVFRQYHUWLEOHFXUUHQF\
5XVVLD
VPRVWZDQWHGPDQ&KHFKHQZDUORUG6KDPLO%DVD\HYNLOOHGE\VHFXULW\IRUFHV
*HRUJLDWHQVLRQV
6HSWHPEHU2FWREHU$PLGWHQVLRQRYHU*HRUJLD
VEUHDNDZD\UHJLRQVDQGLWVWLHVZLWK
1DWR0RVFRZ
VUHODWLRQVGHWHULRUDWHVKDUSO\ZKHQ*HRUJLDEULHIO\GHWDLQVIRXU5XVVLDQDUP\
RIILFHUVRQVXVSLFLRQRIVS\LQJ
5XVVLDLPSRVHVVDQFWLRQVDQGH[SHOVKXQGUHGVRI*HRUJLDQVZKRPLWDFFXVHVRIEHLQJLOOHJDO
LPPLJUDQWV
1RYHPEHU)RUPHU5XVVLDQVHFXULW\VHUYLFHRIILFHU$OH[DQGHU/LWYLQHQNRDQRXWVSRNHQ
FULWLFRIWKH.UHPOLQOLYLQJLQH[LOHLQ/RQGRQGLHVRISRORQLXPSRLVRQLQJ
0DUFK'R]HQVGHWDLQHGDVULRWSROLFHEUHDNXS6W3HWHUVEXUJSURWHVWE\GHPRQVWUDWRUV
DFFXVLQJ3UHVLGHQW3XWLQRIVWLIOLQJGHPRFUDF\
5RZZLWK%ULWDLQ
-XO\'LSORPDWLFURZEHWZHHQ/RQGRQDQG0RVFRZRYHU%ULWDLQ
VELGIRUWKHH[WUDGLWLRQRI
$QGUHL/XJRYRLDQH[.*%DJHQWDFFXVHGRI0U/LWYLQHQNR
VPXUGHU
$XJXVW5XVVLDPRXQWVDQ$UFWLFH[SHGLWLRQDSSDUHQWO\DLPHGDWH[SDQGLQJLWVWHUULWRULDO
FODLPVDQGSODQWVDIODJRQWKHVHDEHGDWWKH1RUWK3ROH
1RYHPEHU3UHVLGHQW3XWLQVLJQVODZVXVSHQGLQJ5XVVLD
VSDUWLFLSDWLRQLQWKH
&RQYHQWLRQDO$UPHG)RUFHVLQ(XURSHWUHDW\WKDWOLPLWVWKHGHSOR\PHQWRIKHDY\PLOLWDU\
HTXLSPHQWDFURVV(XURSH
'HFHPEHU3UHVLGHQW3XWLQ
V8QLWHG5XVVLDSDUW\ZLQVODQGVOLGHLQSDUOLDPHQWDU\
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
HOHFWLRQVZKLFKFULWLFVGHVFULEHDVQHLWKHUIUHHQRUGHPRFUDWLF
-DQXDU\5XVVLDUHYLYHV6RYLHWHUD$WODQWLFQDY\H[HUFLVHVLQQHXWUDOZDWHUVLQWKH%D\RI
%LVFD\RII)UDQFHLQZKDWLVVHHQDVDGHPRQVWUDWLRQRIUHVXUJHQWPLOLWDU\PXVFOH
0DUFK3XWLQDOO\'PLWU\0HGYHGHYZLQVSUHVLGHQWLDOHOHFWLRQVDV0U3XWLQFDQQRWVHUYHD
WKLUGFRQVHFXWLYHWHUP
:DUZLWK*HRUJLD
0D\3UHVLGHQW0HGYHGHYDSSRLQWV9ODGLPLU3XWLQSULPHPLQLVWHU
$XJXVW7HQVLRQVZLWK*HRUJLDHVFDODWHLQWRZDUDIWHU*HRUJLDQWURRSVDWWDFNVHSDUDWLVW
IRUFHVLQ6RXWK2VVHWLD5XVVLDGULYHV*HRUJLDQIRUFHVIURP6RXWK2VVHWLDDQG$ENKD]LDWKHQ
UHFRJQL]HVERWKDVLQGHSHQGHQWVWDWHV
2FWREHU7KH5XVVLDQSDUOLDPHQWDSSURYHVDEQSDFNDJHRIPHDVXUHVWRKHOSEDQNV
KLWE\WKHJOREDOFUHGLWFUXQFK
1RYHPEHU3DUOLDPHQWYRWHVRYHUZKHOPLQJO\LQIDYRXURIDELOOWKDWZRXOGH[WHQGWKHQH[W
SUHVLGHQW
VWHUPRIRIILFHIURPIRXUWRVL[\HDUV
-DQXDU\5XVVLDVWRSVJDVVXSSOLHVWR8NUDLQHDIWHUWKHFROODSVHRIWDONVWRUHVROYHDURZ
RYHUXQSDLGELOOV6XSSOLHVWRVRXWKHDVWHUQ(XURSHDUHGLVUXSWHGIRUVHYHUDOZHHNVDVDUHVXOWRI
WKHGLVSXWH
$SULO5XVVLDIRUPDOO\HQGVRSHUDWLRQVDJDLQVWUHEHOVLQ&KHFKQ\DDOWKRXJKVSRUDGLF
YLROHQFHFRQWLQXHV
7KDZZLWK86
-XO\3UHVLGHQW0HGYHGHYDQG%DUDFN2EDPDRQKLVILUVWRIILFLDOYLVLWWR0RVFRZUHDFK
DQRXWOLQHDJUHHPHQWWRUHGXFHQXFOHDUZHDSRQVVWRFNSLOHVLQPRYHDLPHGDWUHSODFLQJ
6WDUWWUHDW\
6HSWHPEHU5XVVLDZHOFRPHVWKH86GHFLVLRQWRVKHOYHPLVVLOHGHIHQFHEDVHVLQ3RODQG
DQGWKH&]HFK5HSXEOLF
2FWREHU2SSRVLWLRQSDUWLHVDFFXVHWKHDXWKRULWLHVRIULJJLQJORFDOHOHFWLRQVDVWKH
JRYHUQLQJ8QLWHG5XVVLDSDUW\ZLQVHYHU\SROOE\DZLGHPDUJLQ
$SULO3UHVLGHQW0HGYHGHYVLJQVDQHZVWUDWHJLFDUPVDJUHHPHQWZLWK86FRPPLWWLQJ
ERWKVLGHVWRFXWDUVHQDOVRIGHSOR\HGQXFOHDUZDUKHDGVE\DERXWSHUFHQW
-XQH3UHVLGHQWV0HGYHGHYDQG2EDPDPDUNZDUPLQJLQWLHVRQWKH5XVVLDQOHDGHU
V
ILUVWYLVLWWRWKH:KLWH+RXVH2EDPDVD\VWKH86ZLOOEDFN5XVVLD
V:RUOG7UDGH2UJDQLVDWLRQ
DFFHVVLRQDQG5XVVLDZLOODOORZWKH86WRUHVXPHSRXOWU\H[SRUWV
-XO\$FXVWRPVXQLRQEHWZHHQ5XVVLD%HODUXVDQG.D]DNKVWDQFRPHVLQWRIRUFH
GHVSLWH%HODUXVLDQFRPSODLQWVDERXW5XVVLDUHWDLQLQJGXWLHVRQRLODQGJDVH[SRUWVWRLWV
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
QHLJKERXUV
2FWREHU3UHVLGHQW0HGYHGHYVDFNVWKHSRZHUIXOPD\RURI0RVFRZ<XUL/X]KNRYDIWHU
ZHHNVRIFULWLFLVPIURPWKH.UHPOLQ0U/X]KNRYKDGEHHQLQRIILFHVLQFH
*HWW\,PDJHV
1RYHPEHU*HRUJLDDQG5XVVLDVLJQD6ZLVVEURNHUHGWUDGHGHDOZKLFKDOORZV5XVVLDWR
MRLQWKH:RUOG7UDGH2UJDQL]DWLRQ:72HQGLQJ*HRUJLD
VEORFNDGHRI5XVVLDQPHPEHUVKLS
VLQFHWKHZDU
'HFHPEHU8QLWHG5XVVLDVXIIHUVGURSLQVKDUHRIWKHYRWHDWSDUOLDPHQWDU\HOHFWLRQVEXW
NHHSVDVLPSOHPDMRULW\LQWKH6WDWH'XPD7HQVRIWKRXVDQGVWXUQRXWLQRSSRVLWLRQSURWHVWV
DOOHJLQJIUDXGLQILUVWPDMRUDQWLJRYHUQPHQWSURWHVWVVLQFHWKHHDUO\V
3XWLQ
VVHFRQGSUHVLGHQF\
0DUFK9ODGLPLU3XWLQZLQVSUHVLGHQWLDOHOHFWLRQV2SSRQHQWVWDNHWRWKHVWUHHWVRIVHYHUDO
PDMRUFLWLHVWRSURWHVWDWWKHFRQGXFWRIWKHHOHFWLRQDQGWKHSROLFHDUUHVWKXQGUHGV
-XO\/DZJRHVLQWRIRUFHUHTXLULQJQRQJRYHUQPHQWDORUJDQLVDWLRQVUHFHLYLQJIXQGVIURP
DEURDGWREHFODVVHGDVIRUHLJQDJHQWVLQZKDWFULWLFVVD\LVSDUWRIDZLGHUFUDFNGRZQRQ
GLVVHQW
$XJXVW86(8DQGKXPDQULJKWVJURXSVFRQGHPQMDLOVHQWHQFHVLPSRVHGRQWKUHH
PHPEHUVRISXQNEDQG3XVV\5LRWRYHUDQDQWL3XWLQSURWHVWLQD0RVFRZFDWKHGUDO7KH
ZRPHQZHUHVHQWHQFHGWRWZR\HDUVIRUKRROLJDQLVP
5XVVLDIRUPDOO\MRLQVWKH:RUOG7UDGH2UJDQL]DWLRQ:72DIWHU\HDUVRIQHJRWLDWLRQV
'HFHPEHU$QJHUHGE\D86ELOOEODFNOLVWLQJ5XVVLDQRIILFLDOVLQFRQQHFWLRQZLWKWKHGHDWK
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
LQFXVWRG\RIODZ\HU6HUJHL0DJQLWVN\0RVFRZEDQV$PHULFDQVIURPDGRSWLQJ5XVVLDQ
FKLOGUHQDQGVWRSV86IXQGHGQRQJRYHUQPHQWDORUJDQLVDWLRQVIURPZRUNLQJLQ5XVVLD
&UDFNGRZQFRQWLQXHV
-XO\$QWLFRUUXSWLRQEORJJHUDQGOHDGLQJRSSRVLWLRQDFWLYLVW$OH[HL1DYDOQ\LVVHQWHQFHG
WRILYH\HDUVLQSULVRQDIWHUEHLQJIRXQGJXLOW\RIHPEH]]OHPHQWLQDWULDOKHUHMHFWVDVSROLWLFDOO\
PRWLYDWHG
6HSWHPEHU0U1DYDOQ\FRPHVVHFRQGLQWKH0RVFRZPD\RUDOHOHFWLRQDIWHUEHLQJ
UHOHDVHGSHQGLQJDSSHDOFRPLQJFORVHWRIRUFLQJWKH.UHPOLQ
VFDQGLGDWHLQWRDUXQRII
2FWREHU$SSHDOVFRXUWXSKROGV$OH[HL1DYDOQ\
VFRQYLFWLRQEXWVXVSHQGVKLVMDLO
VHQWHQFHDOORZLQJKLPWRJRIUHHZKLOHEDUULQJKLPIURPVWDQGLQJIRUHOHFWHGRIILFH
'HFHPEHU7KH.UHPOLQDQQRXQFHVWKDWWKHVWDWHRZQHGQHZVDJHQF\5,$1RYRVWLDQG
WKH9RLFHRI5XVVLDUDGLRVWDWLRQDUHWREHUHVWUXFWXUHGDQGSODFHGXQGHUWKHFRQWURORIDSUR
.UHPOLQILJXUHNQRZQIRUKLVH[WUHPHDQWL:HVWHUQYLHZV
8NUDLQHFULVLV
)HEUXDU\0D\$IWHUIOLJKWIURP8NUDLQHRISUR0RVFRZSUHVLGHQW9LNWRU<DQXNRY\FK
5XVVLDQIRUFHVWDNHRYHU&ULPHDZKLFKWKHQYRWHVWRMRLQ5XVVLDLQDUHIHUHQGXP7KLVVSDUNV
ELJJHVW(DVW:HVWVKRZGRZQVLQFH&ROG:DUZLWKWKH86DQGLWV(XURSHDQDOOLHVLPSRVLQJ
VDQFWLRQVDQGDFFXVLQJ5XVVLDRIVWRNLQJVHSDUDWLVPLQHDVWHUQ8NUDLQH
0D\5XVVLD
V*D]SURPVLJQ\HDUGHDOWRVXSSO\WKH&KLQD1DWLRQDO3HWUROHXP&RUS
ZLWKJDVHVWLPDWHGWREHZRUWKRYHUEQ
-XQH863UHVLGHQW%DUDFN2EDPDFRQGHPQV5XVVLDQDJJUHVVLRQLQ8NUDLQHZKLOH
VSHDNLQJLQ:DUVDZWRPDUN\HDUVVLQFHWKHIDOORIFRPPXQLVPLQ3RODQG
-XO\)ROORZLQJWKHGRZQLQJRID0DOD\VLDQ$LUOLQHVSDVVHQJHUSODQHRYHUHDVWHUQ8NUDLQH
LQDVXVSHFWHGPLVVLOHVWULNH5XVVLDFRPHVLQIRULQWHUQDWLRQDOFULWLFLVPDPLGFODLPVGHQLHGE\
0RVFRZWKDWLWVXSSOLHGUHEHOVZLWKKHDY\ZHDSRQU\
7KH(8DQG86DQQRXQFHQHZVDQFWLRQVDJDLQVW5XVVLD7KH,0)VD\V5XVVLDQJURZWKLV
VORZLQJGRZQWR]HUR
2FWREHU5XVVLDDJUHHVWRUHVXPHJDVVXSSOLHVWR8NUDLQHRYHUWKHZLQWHULQDGHDO
EURNHUHGE\WKH(8
1RYHPEHU6HSDUDWLVWVLQHDVWHUQ8NUDLQHHOHFWQHZOHDGHUVLQSROOVEDFNHGE\5XVVLD
DQGGHQRXQFHGE\.LHYDQGWKH:HVW
8NUDLQHDFFXVHV5XVVLDRIVHQGLQJDELJFROXPQRIWDQNVDUWLOOHU\DQGWURRSVLQWRHDVWHUQ
8NUDLQH
'HFHPEHU7KH5XVVLDQURXEOHEHJLQVWRGURSUDSLGO\DJDLQVWWKH86GROODUORVLQJDERXW
KDOILWVYDOXHLQWKHQH[WWZRPRQWKV
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
$0RVFRZFRXUWILQGVOHDGLQJRSSRVLWLRQILJXUH$OH[HL1DYDOQ\JXLOW\RIIUDXGFKDUJHVDQG
LPSRVHVDVXVSHQGHGSULVRQVHQWHQFH
-DQXDU\$SXEOLFLQTXLU\RSHQVLQ%ULWDLQLQWRWKHPXUGHULQ/RQGRQRIIRUPHU
5XVVLDQLQWHOOLJHQFHRIILFHUDQG3XWLQFULWLF$OH[DQGHU/LWYLQHQNR
)HEUXDU\2SSRVLWLRQDFWLYLVWDQGIRUPHUILUVWGHSXW\SULPHPLQLVWHU%RULV1HPWVRYD
OHDGLQJILJXUHLQWKHGHPRFUDWLFPRYHPHQWVLQFHWKHVLVVKRWGHDGLQ0RVFRZZLWKLQVLJKW
RIWKH.UHPOLQ
3ROLFHFKDUJHWZR&KHFKHQVZLWKPXUGHU7KH\GHQ\WKHFKDUJHVRQHDIWHUDOOHJLQJKHZDV
FRHUFHGLQWRFRQIHVVLQJ7KHUHLVZLGHVSUHDGGRPHVWLFDQGLQWHUQDWLRQDOVFHSWLFLVPDERXWWKH
RIILFLDODFFRXQW
6HSWHPEHU5XVVLDFDUULHVRXWILUVWDLUVWULNHVLQ6\ULDVD\LQJLWWDUJHWVWKH,VODPLF6WDWH
JURXS%XW:HVWDQG6\ULDQRSSRVLWLRQVD\LWRYHUZKHOPLQJO\WDUJHWVDQWL$VVDGUHEHOVLQVWHDG
6KDUHWKLVVWRU\$ERXWVKDULQJ
(XURSHFRXQWU\SURILOHV
&RXQWU\SURILOHV(XURSH
$OEDQLDSURILOH
0DUFK
$QGRUUDFRXQWU\SURILOH
)HEUXDU\
$UPHQLDFRXQWU\SURILOH
$XJXVW
$XVWULDFRXQWU\SURILOH
)HEUXDU\
$]HUEDLMDQFRXQWU\SURILOH
$XJXVW
%HODUXVFRXQWU\SURILOH
)HEUXDU\
%HOJLXPFRXQWU\SURILOH
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
$XJXVW
%RVQLD+HU]HJRYLQD
0DUFK
%XOJDULDFRXQWU\SURILOH
$SULO
&URDWLDFRXQWU\SURILOH
$XJXVW
&\SUXVSURILOH
0DUFK
&]HFK5HSXEOLFSURILOH
)HEUXDU\
'HQPDUNFRXQWU\SURILOH
-XO\
(VWRQLDFRXQWU\SURILOH
6HSWHPEHU
)LQODQGFRXQWU\SURILOH
$SULO
)UDQFHFRXQWU\SURILOH
-DQXDU\
*HRUJLDFRXQWU\SURILOH
$XJXVW
*HUPDQ\FRXQWU\SURILOH
$XJXVW
*UHHFHFRXQWU\SURILOH
$XJXVW
+XQJDU\FRXQWU\SURILOH
6HSWHPEHU
,FHODQGFRXQWU\SURILOH
0DUFK
,UHODQGFRXQWU\SURILOH
0D\
,WDO\FRXQWU\SURILOH
0D\
/DWYLDSURILOH
-XQH
/LHFKWHQVWHLQFRXQWU\SURILOH
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
0D\
/LWKXDQLDFRXQWU\SURILOH
-DQXDU\
/X[HPERXUJFRXQWU\SURILOH
-XQH
0DFHGRQLDFRXQWU\SURILOH
0DUFK
0DOWDFRXQWU\SURILOH
)HEUXDU\
0ROGRYDFRXQWU\SURILOH
$XJXVW
0RQDFRFRXQWU\SURILOH
0DUFK
0RQWHQHJURFRXQWU\SURILOH
0DUFK
1HWKHUODQGVSURILOH
0DUFK
1RUZD\SURILOH
)HEUXDU\
3RODQGFRXQWU\SURILOH
2FWREHU
3RUWXJDOSURILOH
$SULO
5RPDQLDSURILOH
1RYHPEHU
5XVVLDFRXQWU\SURILOH
6HSWHPEHU
6DQ0DULQRFRXQWU\SURILOH
)HEUXDU\
6HUELDFRXQWU\SURILOH
$XJXVW
6ORYDNLDFRXQWU\SURILOH
$SULO
6ORYHQLDFRXQWU\SURILOH
0DUFK
6SDLQFRXQWU\SURILOH
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
0D\
6ZHGHQFRXQWU\SURILOH
$SULO
6ZLW]HUODQGFRXQWU\SURILOH
$SULO
7XUNH\FRXQWU\SURILOH
1RYHPEHU
8NUDLQHFRXQWU\SURILOH
-XO\
8QLWHG.LQJGRPFRXQWU\SURILOH
0D\
9DWLFDQFRXQWU\SURILOH
-XQH
(XURSH
'RZQHGSODQHSLORWGHQLHV7XUNH\ZDUQLQJ
KRXUVDJR (XURSH
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
*HUPDQ\YRZVWRGRPRUHDJDLQVW,6
KRXUVDJR (XURSH
8NUDLQHEDQVDOO5XVVLDQSODQHV
1RYHPEHU %XVLQHVV
0RUH9LGHRVIURPWKH%%&
5HFRPPHQGHGE\2XWEUDLQ
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
1RUZD\LVXVLQJ
)DFHERRNWRVHQGDVWDUN
PHVVDJHWRPLJUDQWV
'RZQLQJRI5XVVLDQMHW
YLRODWHGLQWHUQDWLRQDO
ODZ
$QGUHZ1HLO
VPHVVDJH
WRWKRVHZKRDWWDFNHG
3DULV
+RZWRFKDUJH\RXU
PRELOHSKRQHXVLQJD
PXGRYHQ
1HZSRUWFRQVLGHUVILQLQJ
SHRSOHZKRVOHHSURXJK
:KDWZDVGLVFRYHUHGLQ
VHFUHW,6WXQQHOVLQ
6LQMDU,UDT"
(OVHZKHUHRQ%%&
5HFRPPHQGHGE\2XWEUDLQ
%%&1HZV
%%&&XOWXUH
86PDQIUHHGDIWHU\HDUVLQMDLORYHU
DQRWKHU
VFULPH
*DVSDU1Rp¶V/RYH&DQDµSRUQ¶ILOPEH
DµJRRG¶ILOP"
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
%%&1HZV
%%&)XWXUH
6\ULDFULVLV0DVVLYH5XVVLDQDLU
VWULNHVRQ
,6WDUJHWV
$EOXHSULQWRIWKHHPHUJLQJPLQG
%%&1HZV
%%&&XOWXUH
&KLQHVHIRUFHVNLOOSHRSOH
UHVSRQVLEOHIRU;LQMLDQJPLQHDWWDFN
:DWFKLQJ6KLDZDWFKKLPVHOIIRUWKUHH
GD\V
7RS6WRULHV
86ERPEHG.XQGX]FOLQLF
LQHUURU
$86DLUFUDIWDWWDFNHGD0HGHFLQV6DQV)URQWLHUHV06)FOLQLFLQWKH$IJKDQFLW\RI.XQGX]
EHFDXVHRIKXPDQHUURUD86PLOLWDU\LQTXLU\VD\V
KRXUVDJR
'RZQHGSODQHSLORWGHQLHV7XUNH\ZDUQLQJ
KRXUVDJR
1)/VWDUKDGEUDLQWUDXPDGLVHDVH
KRXUDJR
$'9(57,6(0(17
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
)HDWXUHV$QDO\VLV
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
%UXWDOSXQLVKPHQW
:RPHQLQ5DTTDµIHGWRK\HQDV¶IRUGHI\LQJ,VODPLF6WDWH
7ZLWWHUVWRUP
:KDWKDSSHQVRQVRFLDOPHGLDLI\RXVD\\RXGRQ
WZDQWNLGV"
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
'DYLV&XSFKDOOHQJH
+RZVSRUWUHVSRQGVWRVHFXULW\ULVNV
9LROHQWGUHDPV
'RWHUURULVWVUHDOO\WKLQNWKH\DUHJRLQJWRZLQ"
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
&RDOIDFHRII
7KH$ODVNDQILVKLQJYLOODJHWDNLQJRQ
*RG]LOOD
*UDYLW\FDOOLQJ
7KHKXQWIRU(LQVWHLQ
VPLVVLQJJUDYLWDWLRQDOZDYHV
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
0RVW3RSXODU
5HDG
:DWFKHG
'RZQHGSODQHSLORWGHQLHV7XUNH\ZDUQLQJ
1)/VWDUKDGEUDLQWUDXPDGLVHDVH
86ERPEHG.XQGX]FOLQLF
LQHUURU
7KHWURXEOHZLWKVD\LQJ\RXGRQ
WZDQWFKLOGUHQ
5XVVLDWR7XUNH\'RQ
WWU\LWDJDLQ
3KXF'DW%LFKQDPHEDWWOH
ZDVDKRD[
8NUDLQHEDQVDOO5XVVLDQSODQHV
7XUNH\
VGRZQLQJRI5XVVLDQZDUSODQHZKDWZHNQRZ
*HUPDQ\YRZVWRGRPRUHDJDLQVW,6
%LOOLRQDLUHDUUHVWHGLQ3HWUREUDVSUREH
:KDW
VOLIHOLNHIRUZRPHQLQ5DTTD"
:KDWZDVIRXQGLQ,6,UDTWXQQHOV"
3DVVHQJHUVLQWHUYHQHLQUDFLDODEXVH
1RUZD\LVXVLQJ)DFHERRNWRVHQGDVWDUNPHVVDJHWRPLJUDQWV
&DOOWRUHYLHZKDQGOLQJRIJURRPLQJFDVHV
+XPDQHUURU
EHKLQG.XQGX]ERPELQJ
$XGLRZDUQLQJ
UHOHDVHGE\7XUNLVKPLOLWDU\
,QGLDQPDLG
7KH\FXWP\DUPRII
'RZQLQJRIMHW
YLRODWHGLQWHUQDWLRQDOODZ
$FWRU3DWULFLD$UTXHWWHRQSD\JDS
$'9(57,6(0(17
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
)URP$URXQGWKH:HE
3URPRWHGFRQWHQWE\2XWEUDLQ
1HZ8QLYHUVDO)XHO'LVFRYHUHG6DXGL2LO2EVROHWH
0RQH\0RUQLQJ
19,',$6+,(/'5HFHLYHV5DYH5HYLHZV
19,',$RQ<RX7XEH
+RZD<HDU2OG:KHDW)DUPHU,V:RUNLQJWR)HHG«
.HOORJJ
V2SHQ)RU%UHD«
7KH%HVW6FKRRO'LVWULFWVLQWKH86
7KH6WUHHW
:RZ0RUH7HUULI\LQJ7KDQ7UXPS
7KH1HZ<RUN7LPHV
*HRUJH/HJV&DW-XVW1RW+DYLQJ,WLV$PD]LQJ
&DWV'RJVDQG3HWV
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
$GVE\*RRJOH
+HDOWK3ODQV0RQWK
1HZ'LVFRXQWV6DYH6HH,I<RX4XDOLI\,QVWDQWO\)UHH
DIIRUGDEOHKHDOWKLQVXUDQFHSODQVRUJ
1HZ:ULWHUV:DQWHG
:D\VWR0DNH*RRG0RQH\:ULWLQJ6WDUW<RXU)UHHODQFH&DUHHU7RGD\
ZZZWKHEDUHIRRWZULWHUFRP
0HGLFDUH3DUW'3ODQV
&RPSDUH2SHQ(QUROOPHQW2SWLRQV7RS$GYDQWDJH3DUW'*DS3ODQV
PHGLFDUHRUJ3DUW'2SWLRQV
%%&1HZV6HUYLFHV
2Q\RXUPRELOH
2Q\RXUFRQQHFWHG79
*HWQHZVDOHUWV
&RQWDFW%%&1HZV
([SORUHWKH%%&
1HZV
:HDWKHU
(DUWK
&DSLWDO
$XWRV
79
&%%&
)RRG
L:RQGHU
0XVLF
/RFDO
6SRUW
6KRS
7UDYHO
&XOWXUH
)XWXUH
5DGLR
&%HHELHV
0DNH,W'LJLWDO
%LWHVL]H
1DWXUH
7HUPVRI8VH
$ERXWWKH%%&
3ULYDF\3ROLF\
&RRNLHV
KWWSZZZEEFFRPQHZVZRUOGHXURSH
5XVVLDSURILOH7LPHOLQH%%&1HZV
$FFHVVLELOLW\+HOS
3DUHQWDO*XLGDQFH
&RQWDFWWKH%%&
$GYHUWLVHZLWKXV
$GFKRLFHV
&RS\ULJKW‹%%&7KH%%&LVQRWUHVSRQVLEOHIRUWKHFRQWHQWRIH[WHUQDOVLWHV5HDGDERXWRXU
DSSURDFKWRH[WHUQDOOLQNLQJ
KWWSZZZEEFFRPQHZVZRUOGHXURSH