ϮϬϭϱ^KWEŽǀŝĐĞϲ ZŽƵŶĚϳ tĂůĞĞĚůŝ・ůƐƚŽŶŽLJĚ・ƌĂĚ&ŝƐĐŚĞƌ・ůĂƌĞ<ĞĞŶĂŶ・ůĞĐ<ƌƵĞŐĞƌ・DŝŬĞ>ĂƵĚĞƌŵŝƚŚ ůŝƐƐĂWĂƉĞ・ŶŶĂWŚŝůůŝƉƐ・ůůŝƐŽŶ^ĂůĂĐŚ・ŶĚƌĞǁ^Ăůŝũ・<ƌŝƐƚŝŶ͘^ƚƌĞLJ・dLJůĞƌsĂƵŐŚĂŶ DŽƌŐĂŶsĞŶŬƵƐ・DŝŬĞtŝƚŚĞLJ・DŝĐŚĂĞů,͘tŽŶŐ Tossups 7KH %220(5DQ* H[SHULPHQW VXSSRUWV RQH HQWLW\ GHVFULEHG E\ WKLVDGMHFWLYHZKLFKLPSOLHVDQRQ]HUR YDOXH RI WKH FRVPRORJLFDO FRQVWDQW -DQ 2RUW DQG )ULW] =ZLFN\ SURSRVHG DQRWKHU VXEVWDQFH ZLWK WKLV DGMHFWLYH WR DFFRXQW IRU WKH IDVW URWDWLRQ RI JDOD[LHV 1LQHW\ILYH SHUFHQW RI WKH PDVV DQG HQHUJ\ LQ WKH XQLYHUVH KDV WKLV SURSHUW\ )RU SRLQWV QDPH WKLV ZRUG WKDW VLJQLILHV WKLQJV WKDW GRQ¶W DEVRUE HOHFWURPDJQHWLVPSUHYHQWLQJWKHPIURPEHLQJEULJKW $QVZHU GDUN $IWHU WKH GHIHDW RI 1D]L *HUPDQ\ WKLV PDQ VXJJHVWHGDWWDFNLQJWKH 6RYLHW8QLRQLQZKDWEHFDPH NQRZQ DV ³2SHUDWLRQ 8QWKLQNDEOH´ :KLOH LQ 0LVVRXUL WKLV PDQ JDYH KLV ³6LQHZV RI 3HDFH´ VSHHFK LQ ZKLFK KH FRLQHG WKH WHUP ³ ,URQ &XUWDLQ´ WR GHQRWH DUHDV GRPLQDWHG E\ 6RYLHW LQIOXHQFH DQG LQ DQ DGGUHVV WR SDUOLDPHQW WKLV PDQ VWDWHG KH KDG QRWKLQJ HOVH WR JLYH EXW ³EORRG WRLO WHDUV DQG VZHDW´ )RU SRLQWVQDPH WKLVPDQZKRVXFFHHGHG1HYLOOH&KDPEHUODLQDV3ULPH0LQLVWHURIWKH8QLWHG.LQJGRP $QVZHU6LU:LQVWRQ/HRQDUG6SHQFHU &KXUFKLOO $ &KLQHVH FXOW QDPHG IRU D ³:KLWH´ RQH RI WKHVH REMHFWV SUHGLFWHG WKH FRPLQJ RI WKH 0DLWUH\D >PDKHHWUD\DK@ DQG EOXH YHUVLRQV RI WKHVH REMHFWV UHSUHVHQWHG WKH VXQ LQ DQFLHQW (J\SW VLQFH WKH\ DSSHDUHG GXULQJ WKH GD\ 7KLV IORZHU QDPHV 0DKD\DQD¶V PRVW LPSRUWDQW VXWUD DV ZHOO DV D PHGLWDWLRQ SRVLWLRQ LQ %XGGKLVP ZKRVH (LJKWIROG 3DWK LV UHSUHVHQWHG E\ WKLV IORZHU¶V HLJKW SHWDOV )RU SRLQWV QDPH WKLVVDFUHGZDWHUIORZHUVLPLODUWRDZDWHUOLO\ $QVZHU VDFUHG ORWXV DFFHSW SDGPD DFFHSW ZDWHU OLO\ RU Q\PSKDHD EHIRUH ³VXWUD´ LV UHDG DV WKH (J\SWLDQ EOXHORWXVLVWHFKQLFDOO\DZDWHUOLO\SURPSWRQ³IORZHU´EHIRUHLWLVUHDG 7KLV PDQ VFXOSWHG -RKQ WKH %DSWLVW 3UHDFKLQJ WR D ODUJHUWKDQOLIH VFDOH WR TXHOO UXPRUV WKDW KH XVHG D OLYLQJ PRGHO WR VFXOSW KLV ZRUN 7KH $JH RI %URQ]H࣡ 7KLV FUHDWRU RI 7KH %XUJKHUV RI &DODLV VFXOSWHG LQWHUWZLQHG ILJXUHV LQ 7KH ࣡ .LVV࣡ ZKLFK KH FUHDWHG WR DFFRPSDQ\ KLV VWDWXH RI D WKRXJKWIXO 'DQWH VHDWHG ZLWK KLV KHDG RQ KLV KDQG D SDUW RI WKLV PDQ¶V *DWHV RI +HOO࣡ )RU SRLQWV QDPH WKLV )UHQFK DUWLVW ZKR VFXOSWHG 7KH7KLQNHU࣡ $QVZHU)UDQoRLV$XJXVWH5HQp 5RGLQ ^KWϲ・ZŽƵŶĚϳ WĂŐĞϮŽĨϭϬ 2QH PHPEHU RI WKLV NLQJGRP IRXQG DW WKH &KHUQRE\O VLWH FDQ FRQYHUW UDGLDWLRQ LQWR XVDEOH HQHUJ\ DQG WKH SRSXODU PRGHO RUJDQLVP 6DFFKDURP\FHV FHUHYLVLDH ࣡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¶V VHJUHJDWLRQ ODZV DQG WKH $QQLVWRQ SROLFH ORRNHG WKH RWKHU ZD\ ZKLOH WKH .X .OX[ .ODQ DWWDFNHG WKH )UHHGRP 5LGHUV LQ WKLV VWDWH 1DWLRQDO&LW\/LQHVZDVER\FRWWHG LQ WKLV VWDWH¶V FDSLWDO DIWHU WKH UHPRYDO RI D EODFNZRPDQIURPRQH RIWKHLUEXVHV)RUSRLQWVQDPH WKLV VWDWH LQ ZKLFK 5RVD 3DUNV ZDV UHPRYHG IURP D 0RQWJRPHU\ %XV DQG 0DUWLQ /XWKHU .LQJ -U ZURWH KLV³/HWWHU IURP%LUPLQJKDP-DLO´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¶V*HQJKLV.KDQ)RUSRLQWV QDPHWKLVFRXQWU\ZLWKFDSLWDO8ODDQEDDWDUZKLFKLVODQGORFNHGE\&KLQDDQG5XVVLD $QVZHU %OXH 0RQJROLD DFFHSW 0RQJRO 8OV DFFHSW 0RQNK NRKNK WHQHULLQ RURQ DFFHSW .KRNK 0RQJRO DFFHSWGHVFULSWLYHDQVZHUVVLPLODUWR /DQGRI%OXH6N\ SURPSWRQ³/DQGRIWKH+RUVH´RUVLPLODUDQVZHUV 7KH SURWDJRQLVW RI WKLV ZRUN ORVHV KLV WDVWH IRU PLON DQG EHFRPHV XSVHW ZKHQ KLV PRWKHU DQG VLVWHU DWWHPSW WR UHPRYH D SRUWUDLW RI D ZRPDQ LQ D IXU KDW IURP KLV URRP ODWHU KH LQWHUUXSWV D YLROLQ SHUIRUPDQFH JLYHQ E\ KLV VLVWHU *UHWH >JUD\WXK@ 7KLV ZRUN¶V SURWDJRQLVW LV SDUDO\]HG ZKHQ KLV IDWKHU WKURZV DQ DSSOH WKDW ORGJHV LQ KLV FDUDSDFH *UHJRU 6DPVD WUDQVIRUPV LQWRD JLDQWLQVHFWLQIRUSRLQWVZKDW QRYHOODE\)UDQ].DIND" $QVZHU7KH 0HWDPRUSKRVLV DFFHSW'LH 9HUZDQGOXQJ GRQRWDFFHSW0HWDPRUSKRVHV ^KWϲ・ZŽƵŶĚϳ WĂŐĞϯŽĨϭϬ $IWHU ZLQQLQJ WKH %DWWOH RI *DXJDPHOD >JRZJDK0$<ODK@ WKLV PDQ¶V ULYDOZDVNLOOHGE\%HVVXVDQG IROORZLQJWKH GHDWKRIWKLVPDQKLVHPSLUH ZDVVSOLWLQWRIDFWLRQVE\WKH 'LDGRFKL7KLVPDQGHGLFDWHGDFLW\ LQ KRQRU RI KLV KRUVH %XFHSKDOXV DIWHU WKH DQLPDO GLHG DW WKH %DWWOH RI WKH +\GDVSHV >³KLJK´'$6SHH]@ 7KLV PDQZRQWKH %DWWOH RI,VVXVDJDLQVW'DULXV,,,FRQTXHULQJ3HUVLD DVD UHVXOW)RUSRLQWVQDPH WKLVVRQRI 3KLOLS,,D0DFHGRQLDQFRQTXHURU $QVZHU $OH[DQGHUWKH*UHDW DFFHSW $OH[DQGHU,,, RI0DFHGRQSURPSWRQ³$OH[DQGHU´ $Q HTXDWLRQ QDPHG IRU WKLV PDQ GHVFULEHV WKH PHDQ DQRPDO\ XVLQJ WKH HFFHQWULF DQRPDO\ DQG HFFHQWULFLW\ DQG KH GHVFULEHG WKH ³PXVLF RI WKH VSKHUHV´ LQ KLV +DUPRQLFHV 0XQGL࣡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¶VWLWOH FKDUDFWHU FDOOV 3RORQLXV D ILVKPRQJHU DIWHU KLV IDWKHU DFFXVHV &ODXGLXV RI PXUGHU DQG KH PRXUQV 2SKHOLD DIWHU TXHVWLRQLQJ ZKHWKHU LW LV EHWWHU ³WR EH RU QRW WR EH´ )RU SRLQWV QDPH WKLV 6KDNHVSHDUH SOD\ DERXW WKH WLWOH SULQFH RI 'HQPDUN $QVZHU7KH7UDJHG\RI +DPOHW 3ULQFHRI'HQPDUN $&ROOHJH+XPRU SDURG\RIWKLVVRQJQRWHV³LQVRFLDOFODVVZH¶UH VWLOORQWRS´GXH WRWKH VWDWXVRIWKRVH DW 'RZQWRQ $EEH\ 7KLV VRQJ¶V PXVLF YLGHR EHJLQV ZLWK D ZRPDQ LQ SLQN KHHOV DQG D IXU FRDWZDONLQJGRZQ WKH VWUHHW DQG VWDUV D PDQ URFNLQJ D ZKLWH IHGRUD DQG VDOPRQ VXLW 7KDW VLQJHU UHSHDWV ³JLUOV KLW \RXU KDOOHOXMDK´ EHIRUH FKDOOHQJLQJ ³GRQ¶W EHOLHYH PH MXVW ZDWFK´ )RU SRLQWV QDPH WKLV 0DUN 5RQVRQ KLW IHDWXULQJ%UXQR0DUVZKRGHVFULEHVWKHWLWOHJURRY\GLVWULFW $QVZHU 8SWRZQ)XQN 7KLV JRG WUDQVIRUPHG +\DFLQWK LQWR D IORZHU DQG ZDV WKH IDWKHU RI $VFOHSLXV WKH JRG RI KHDOLQJ:LWK KLV VLVWHU WKLV JRGNLOOHG1LREH¶VFKLOGUHQDIWHU VKH LQVXOWHGWKLVJRG¶VPRWKHU+H ZDVUHMHFWHGE\WKH Q\PSK 'DSKQH DQG KH ZDV WKH VRQ RI /HWR DQG =HXV 7KLV JRG FUHDWHG WKH ILUVW O\UH DQG LV VRPHWLPHV FDOOHG 3KRHEXV LQ UHIHUHQFH WR KLV DVVRFLDWLRQ ZLWK OLJKW )RU SRLQWV QDPH WKLV WZLQ RI $UWHPLV WKH *UHHN JRG RI SURSKHF\DQGPXVLF $QVZHU3KRHEXV $SROOR DFFHSW $SROORQ ^KWϲ・ZŽƵŶĚϳ WĂŐĞϰŽĨϭϬ ,Q WZR ZRUNV E\ WKLV DXWKRU /HR DWWHPSWV WR EXLOG D +DSSLQHVV 0DFKLQH DQG DQ DXWRPDWHG KRXVH IXQFWLRQV DIWHU LWV LQKDELWDQWV DUH YDSRUL]HG 'RXJODV 6SDXOGLQJ¶V JUDQGPRWKHU PDNHV WKH WLWOH 'DQGHOLRQ :LQH LQ RQH ZRUN E\ WKLV DXWKRURI 7KH 0DUWLDQ&KURQLFOHV࣡ ZKRZURWH DERXWD PDQZKRZRUNVIRU &DSWDLQ %HDWW\ DV D ILUHPDQZKREXUQVERRNV)RUSRLQWVQDPH WKLVDXWKRUZKRZURWH DERXW*X\0RQWDJLQ )DKUHQKHLW $QVZHU5D\'RXJODV %UDGEXU\ $ SURSRVHG DPHQGPHQW IRU WKLV DJUHHPHQW ZRXOG KDYH IUHHGVODYHV³DWWKH DJH RIWZHQW\ILYH´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¶VSLDQRVRQDWDVKDVD ³TXDVL XQD IDQWDVLD´ WKHPH UHSUHVHQWLQJ D UHIOHFWLRQRII/DNH /XFHUQH)RUSRLQWVQDPH WKLVFRPSRVHU RI ³)U (OLVH´ DQG WKH 0RRQOLJKW 6RQDWD࣡ D *HUPDQ FRPSRVHU ZKR ZDV GHDI ZKHQ KH FRPSRVHGKLVQLQWKDQG ILQDOV\PSKRQ\ $QVZHU/XGYLJYDQ %HHWKRYHQ 7KH SURGXFWLRQ RI VXEVWDQFHV ZLWK WKLV SURSHUW\ LV SUHGLFWHG E\ =DLWVHY¶V UXOH DQG VXOIXU KDV WKLV LQWHUDFWLRQ LQ D WKLDO JURXS 2[\JHQ IRUPV RQH RI WKHVH ZLWK FDUERQ LQ FDUERQ\OV DV VHHQ LQ DFHWRQH DQG IRUPDOGHK\GH $ONHQHV DUH GHILQHG E\ KDYLQJ WKLV VWUXFWXUH UHSUHVHQWHG LQ /HZLV GLDJUDPV E\ DQ HTXDOV VLJQ )RU SRLQWV QDPH WKLV W\SH RI FRYDOHQW ERQG WKDW UHTXLUHV IRXU YDOHQFH HOHFWURQV DQG WKDW LV VWURQJHU WKDQDVLQJOHERQG $QVZHU GRXEOHERQG LQJDFFHSW F DUERQFDUERQGRXEOHERQG XQWLO³WKLDO´LVUHDGSURPSWRQ³ERQG´XQWLO ³WKLDO´ ^KWϲ・ZŽƵŶĚϳ WĂŐĞϱŽĨϭϬ Bonuses 7KLVHYHQWRFFXUUHGLQWKHZDNHRIWKHGHDWKRIWKHUHIRUPHU+X<DREDQJ)RUSRLQWVHDFK >@1DPHWKLVVHWRIVWXGHQWSURWHVWVFUXVKHGE\'HQJ;LDRSLQJLQWKH-XQH)RXUWK0DVVDFUH'XULQJWKHVH SURWHVWVVWXGHQWVFRQVWUXFWHGWKH³*RGGHVVRI'HPRFUDF\´ $QVZHU 7LDQDQPHQ6TXDUH SURWHVWVDFFHSW 'HPRFUDF\0RYHPHQW >@7KH7LDQDQPHQ6TXDUHSURWHVWVRFFXUUHGLQWKLVFDSLWDORIWKH3HRSOH¶V5HSXEOLFRI&KLQD $QVZHU %HLMLQJ DFFHSW 3HNLQJ >@,QDKLJKO\V\PEROLFSKRWRWDNHQGXULQJWKH7LDQDQPHQ6TXDUHSURWHVWVDQXQNQRZQSURWHVWHUVWRRGLQ IURQWRIDOLQHRIWKHVHYHKLFOHV $QVZHU7\SH WDQN V 7KLVKROLGD\LVDOVRFDOOHG³GLHVFLQHUXP´>GHHD\VVHHQD\URRP@EHFDXVHRIDPDUNZRUQWRLQGLFDWHVRUURZ DQGSHQDQFH)RUSRLQWVHDFK >@1DPHWKLVKROLGD\ZKLFKIROORZVD³)DW´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³RQH$´@RU RQH GRQRWDFFHSW³DONDOLQHHDUWKPHWDOV´ >@7KLVDONDOLPHWDOWKDWLVOLJKWHUWKDQSRWDVVLXPDQGKHDYLHUWKDQOLWKLXPFDQERQGZLWKFKORULQHWRIRUP WDEOHVDOW $QVZHU VRGLXP DFFHSW 1D >@2QHFDQGLIIHUHQWLDWHDONDOLPHWDOVE\SHUIRUPLQJWKLVSURFHGXUHWKDWW\SLFDOO\XVHVSODWLQXPZLUHVIRU KROGLQJVDPSOHV7KLVWHVWUHVXOWVLQGLIIHUHQWFRORUVVXFKDVRUDQJHIRUVRGLXPDQGUHGIRUUXELGLXP $QVZHU IODPH WHVW ^KWϲ・ZŽƵŶĚϳ WĂŐĞϲŽĨϭϬ )RUSRLQWVHDFKDQVZHUWKHIROORZLQJDERXWDQHDUO\DXWKRURIVFLHQFHILFWLRQ >@7KLV)UHQFKDXWKRUZURWHDERXWPLVVLRQVWRWKHXQH[SORUHGUHDFKHVRIWKHZRUOGLQ - RXUQH\WRWKH&HQWHU RIWKH(DUWK࣡ DQG 7ZHQW\7KRXVDQG/HDJXHV8QGHUWKH6HD࣡ $QVZHU-XOHV*DEULHO 9HUQH >@9HUQHDOVRZURWHDQRYHODERXW(QJOLVKDGYHQWXUHU3KLOHDV)RJJZKRPDNHVDEHWWKDWKHFDQSHUIRUPWKLV IHDWLQRQO\HLJKW\GD\V $QVZHUWUDYHO DURXQGWKHZRUOG DFFHSWFOHDUHTXLYDOHQWVVXFKDVJR DURXQGWKHZRUOG RU F LUFXPQDYLJDWH WKHJOREH DFFHSW $URXQGWKH:RUOG LQ(LJKW\'D\V >@3KLOHDV)RJJWUDYHOVDURXQGWKHZRUOGZLWKWKLV)UHQFKPDQVHUYDQWZKRSRVHVDVDEXUQLQJFRUSVHWRVDYH $RXGD>DKRRGDK@IURPSHUIRUPLQJVDWL>VDKWHH@ $QVZHU-HDQ 3DVVHSDUWRXW >SDVVSDU722@ 7KLVFRQIOLFWZDVSDUWRIWKHODUJHU6HYHQ<HDUV¶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¶VZHLJKWYHFWRURQ(DUWK\RXPXVWPXOWLSO\LWVPDVVWLPHVWKLVFRQVWDQW,WKDVD YDOXHRIDERXWPHWHUVSHUVHFRQGVTXDUHGGLUHFWHGWRZDUGV(DUWK¶VFHQWHU $QVZHU JUDYLWDWLRQDODFFHOHUDWLRQ DFFHSW DFFHOHUDWLRQ GXHWR JUDYLW\ >@*UDYLWDWLRQDODFFHOHUDWLRQZLOOFDXVHDVDWHOOLWHRUELWLQJWKH(DUWKWRH[SHULHQFHWKLVW\SHRIIRUFHGLUHFWHG WRZDUGVWKHFHQWHURIDFLUFXODUSDWK$UROOHUFRDVWHUWUDYHOLQJWKURXJKDORRSDOVRH[SHULHQFHVWKLVIRUFH $QVZHU F HQWULSHWDO IRUFHGRQRWDFFHSW³FHQWULIXJDOIRUFH´ 1DPHWKHIROORZLQJDERXW3L[DUILOPVIRUSRLQWVHDFK >@7KHFRZER\:RRG\VWUXJJOHVWRVHHH\HWRH\HZLWK%X]]/LJKW\HDULQWKLVILUVWLQDVHULHVRI3L[DUPRYLHV DERXWWKHLQKDELWDQWVRI$QG\¶VURRP $QVZHU 7R\6WRU\ >@%RE3DUUDQGKLVIDPLO\RIVXSHUKHURHVPXVWEDQGWRJHWKHUWRWDNHGRZQVXSHUIDQWXUQHGHYLOJHQLXV 6\QGURPHLQWKLV%UDG%LUGGLUHFWHGILOP $QVZHU7KH ,QFUHGLEOHV >@3DWWRQ2VZDOWYRLFHGWKLVURGHQWWKHSURWDJRQLVWRI 5DWDWRXLOOH࣡ ,QWKHILOPWKLVFKDUDFWHUXVHV/LQJXLQLDV DSXSSHWWRFRRNDWWKHUHVWDXUDQWIRUPHUO\KHDGHGE\$XJXVWH*XVWHDX $QVZHU 5HP\ ^KWϲ・ZŽƵŶĚϳ WĂŐĞϳŽĨϭϬ 7KLVPDQLQFOXGHGWKHFKDSWHUV³:K\,$P6R:LVH´DQG³:K\,:ULWH6XFK*RRG%RRNV´LQKLV DXWRELRJUDSK\ (FFH+RPR࣡ )RUSRLQWVHDFK >@,GHQWLI\WKLV*HUPDQSKLORVRSKHUZKRZURWHDERXWWKHEHUPHQVFKLQKLVERRN 7KXV6SRNH=DUDWKXVWUD࣡ $QVZHU)ULHGULFK:LOKHOP 1LHW]VFKH >@1LHW]VFKHZURWHDFRQWURYHUVLDOERRNDERXWDQGQDPHGIRUWKLVIDOVHPHVVLDQLFILJXUHIURPWKH1HZ 7HVWDPHQWZKLFKZLOOEHRSSRVHGGXULQJ-HVXV VHFRQGFRPLQJ $QVZHU DQWLFKULVW >@,Q 7KH*D\6FLHQFH࣡ 1LHW]VFKHFRLQHGWKLVWKUHHZRUGWHUPWRVKRZWKHODFNRIFUHGLELOLW\WKDWDGHLW\KDV LQWHUPVRIPRUDOLW\ $QVZHU *RGLVGHDG DFFHSW *RWWLVWWRW ,QRQHRIWKLVDXWKRU¶VQRYHOV/XF\6WHHOH¶VIRUPHUILDQFp(GZDUG)HUUDUVPDUULHV(OLQRUDQG&RORQHO %UDQGRQSURSRVHVWR0DULDQQH)RUSRLQWVHDFK >@1DPHWKLV%ULWLVKDXWKRUZKRZURWHDERXWWKH'DVKZRRGVLVWHUVLQ 6HQVHDQG6HQVLELOLW\࣡ *HRUJH .QLJKWOH\PDUULHVWKHWLWOHPDWFKPDNHULQWKLVZRPDQ¶VQRYHO (PPD࣡ $QVZHU-DQH $XVWHQ >@,QWKLV-DQH$XVWHQQRYHO/\GLDHORSHVZLWK*HRUJH:LFNKDPDQG/DG\&DWKHULQHGRHVQRWZDQW (OL]DEHWK%HQQHWWRPDUU\KHUQHSKHZ0U'DUF\ $QVZHU 3ULGHDQG3UHMXGLFH >@-RKQ7KRUSHWULHVWRZRR&DWKHULQH0RUODQGLQWKLVRWKHU-DQH$XVWHQQRYHO&DWKHULQHLQVWHDGHQGVXS ZLWK+HQU\7LOQH\ZKROLYHVLQWKHWLWOH*RWKLFEXLOGLQJ $QVZHU 1RUWKDQJHU$EEH\ ,QWKLVSLHFHHOHYHQWLPSDQLEHDWVRFFXULQRUGHUWREHJLQ³7KH*ORULILFDWLRQRIWKH&KRVHQ2QH´)RU SRLQWVHDFK >@1DPHWKLVEDOOHWRULJLQDOO\FKRUHRJUDSKHGE\9DVODY1LMLQVN\,WHQGVZLWKWKHWLWOHSDJDQVDFULILFHDQGLW FDXVHGDULRWDWLWV3DULVLDQSUHPLHUHLQ $QVZHU7KH 5LWHRI6SULQJ DFFHSW/H 6DFUHGX3ULPWHPSV DFFHSW 9HVQDVY\DVKFKHQQD\D >@ 7KH5LWHRI6SULQJ࣡ ZDVZULWWHQE\WKLVFRPSRVHURI 7KH)LUHELUG࣡ D QG 3HWUXVKND࣡ $QVZHU,JRU 6WUDYLQVN\ >@7KHILUVWSDUWRI 7KH5LWHRI6SULQJ࣡ WKH³$GRUDWLRQRIWKH(DUWK´EHJLQVZLWKDVRORIRUWKLVORZSLWFKHG GRXEOHUHHGZRRGZLQGLQVWUXPHQW $QVZHU EDVVRRQ ^KWϲ・ZŽƵŶĚϳ WĂŐĞϴŽĨϭϬ )RUSRLQWVHDFKJLYHWKHIROORZLQJUHODWHGWRWKHIDFWWKDWVLQHRI]HURHTXDOV]HUR >@7KHUHIRUHWKHIXQFWLRQIRI[HTXDOVVLQHRI[SDVVHVWKURXJKWKHSRLQW>³]HURFRPPD]HUR´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³VRPXFKGHSHQGVXSRQ´WKHWLWOHREMHFWZKLFKLV³JOD]HGZLWK UDLQZDWHUEHVLGHWKHZKLWHFKLFNHQV´ $QVZHU7KH 5HG:KHHOEDUURZ >@,QWKLVSRHPWKHQDUUDWRU¶V³KRUVHPXVWWKLQNLWTXHHUWRVWRSZLWKRXWDIDUPKRXVHQHDU´VLQFHWKHQDUUDWRU KDV³PLOHVWRJREHIRUH,VOHHS´ $QVZHU 6WRSSLQJE\:RRGVRQD6QRZ\(YHQLQJ >@7KLVSRHWRI³6WRSSLQJE\:RRGVRQD6QRZ\(YHQLQJ´ZURWHWKDWKXQWHUV³ZRXOGKDYHWKHUDEELWRXWRI KLGLQJWRSOHDVHWKH\HOSLQJGRJV´LQKLVSRHP³7KH0HQGLQJ:DOO´ $QVZHU5REHUW/HH )URVW 7KLVPDQEXLOWDZRUNVKRSFDOOHG7DOLHVLQ>³WDOO\´(66LQ@:HVWIROORZLQJWKHGHVWUXFWLRQRIKLV:LVFRQVLQ KRPH)RUSRLQWVHDFK >@1DPHWKLV$PHULFDQDUFKLWHFWZKRFUHDWHGWKH3UDLULH6W\OHKRPH³)DOOLQJZDWHU´IRUWKH.DXIPDQQIDPLO\ $QVZHU)UDQN/OR\G :ULJKW DFFHSW)UDQN/LQFROQ :ULJKW >@:ULJKWPDGHDK\SRWKHWLFDOGHVLJQIRURQHRIWKHVHVWUXFWXUHVWKDWKHFDOOHGWKH,OOLQRLV7KH,OOLQRLVZRXOG KDYHEHHQWZLFHDVWDOODVWKH%XUM.KDOLIDZKLFKLVFXUUHQWO\WKHODUJHVWH[DPSOHRIWKHVHYHU\WDOOVWUXFWXUHV $QVZHU VN\VFUDSHU VDFFHSWFOHDUHTXLYDOHQWVVXFKDV WRZHUEORFN RU KLJKULVH >@:ULJKWZDVPHQWRUHGE\WKLVPDQZKRLVVRPHWLPHVFDOOHGWKH³IDWKHURIWKHVN\VFUDSHU´+HGHVLJQHGWKH :DLQZULJKW%XLOGLQJDQGWKH&DUVRQ3LULH6FRWW%XLOGLQJ $QVZHU/RXLV+HQUL 6XOOLYDQ ^KWϲ・ZŽƵŶĚϳ WĂŐĞϵŽĨϭϬ 7KLVPDQSURSRVHGWKH³6KDUH2XU:HDOWK´SODQWRFRPEDWWKH*UHDW'HSUHVVLRQ)RUSRLQWVHDFK >@1DPHWKLVSROLWLFLDQNQRZQDV³WKH.LQJILVK´ZKRZURWH 0\)LUVW'D\VLQWKH:KLWH+RXVH࣡ EHIRUHEHLQJ DVVDVVLQDWHGE\&DUO:HLVV $QVZHU+XH\3LHUFH /RQJ >@ ,Q 0\ )LUVW 'D\V LQ WKH :KLWH +RXVH࣡ /RQJ ZURWH WKDW KH ZRXOG PDNH WKLV LQFXPEHQW 'HPRFUDWLF 3UHVLGHQWKLV6HFUHWDU\RIWKH1DY\ $QVZHU ) UDQNOLQ'HODQR 5RRVHYHOW DFFHSW )'5 SURPSWRQ³5RRVHYHOW´ >@+XH\/RQJZDVWKH*RYHUQRURIWKLVVWDWH'XULQJKLVWHQXUHKHPDGHQXPHURXVLPSURYHPHQWVWR1HZ 2UOHDQV $QVZHU /RXLVLDQD 7KLVVXEVWDQFH¶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࣡ DUWLFOHGHWDLOHGWKHFRPLQJGHVWUXFWLRQRI2UHJRQDQG%ULWLVK&ROXPELDGXHWRDQ LPPLQHQWHDUWKTXDNHLQWKLVVXEGXFWLRQ]RQHQDPHGIRUDQRUWKZHVWHUQPRXQWDLQUDQJH $QVZHU &DVFDGLD 6XEGXFWLRQ=RQHSURPSWRQ³&DVFDGH0RXQWDLQV´ >@$VHULHVRIHQRUPRXVHUXSWLRQVRFFXUULQJRYHUPLOOLRQVRI\HDUVKDYHRULJLQDWHGIURPWKHVXSHUYROFDQRLQ WKLV86QDWLRQDOSDUNPRVWO\IRXQGLQ:\RPLQJ $QVZHU <HOORZVWRQH 1DWLRQDO3DUN >@7KH6DQ$QGUHDVIDXOWLVSURMHFWHGWRFDXVHWKHVHSDUDWLRQRIWKLVFXUUHQWO\FRQWLQHQWDO$PHULFDQVWDWHIURP WKHPDLQODQGIRUPLQJDQLVODQGWKDWFRXOGWUDYHOQRUWKWR$ODVND $QVZHU &DOLIRUQLD 7KLV7VDUIRXQGHGWKH6WUHOWV\)RUSRLQWVHDFK >@1DPHWKLV5XVVLDQ7VDUZKRFRQWUROOHGWKH 2SULFKQLQD࣡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¶V &DWKHGUDODFFHSW7KH &DWKHGUDORI9DVLO\WKH%OHVVHG DFFHSW &DWKHGUDORIWKH ,QWHUFHVVLRQRIWKH0RVW+RO\7KHRWRNRVRQWKH0RDW DFFHSW 3RNURYVN\ &DWKHGUDO ^KWϲ・ZŽƵŶĚϳ WĂŐĞϭϬŽĨϭϬ )RUWHQSRLQWVHDFKQDPHWKHIROORZLQJERGLHVRIZDWHULQQRUWKHUQ(XURSH >@7KHLVOHVRI-HUVH\DQG*XHUQVH\DUHLQWKLVFKDQQHOZKRVHQDUURZHVWSRLQWLVEHWZHHQWKHFOLIIVRI'RYHU DQGWKHPDLQODQGFLW\RI&DODLV $QVZHU (QJOLVK &KDQQHO >@7KH(QJOLVK&KDQQHOFRQQHFWVWKLVVHDIRXQGEHWZHHQ%ULWDLQDQG6FDQGLQDYLDWRWKHVKRUHVRI)UDQFH $QVZHU 1RUWK 6HD >@7KH1RUWK6HDLQWXUQLVFRQQHFWHGE\WKH6NDJHUUDNDQG.DWWHJDWWRWKLVVHDRQZKRVHVKRUHV(VWRQLD /DWYLDDQG/LWKXDQLDOLH $QVZHU %DOWLF 6HD 9ROFDQRHVKDYHOHIWWKHLUPDUNRQWKHZRUOG¶VP\WKRORJ\)RUSRLQWVHDFK >@1DPHWKH+DZDL¶LDQJRGGHVVRIYROFDQRHVWKHGDXJKWHURI+DXPHD $QVZHU7XWX 3HOH DFFHSW0DGDPH 3HOH >@$FFRUGLQJWROHJHQGWKH<DWVXJDWDNH0RXQWDLQVZHUHWRUQGRZQIRUEHLQJWDOOHUWKDQWKLVYROFDQR7KLV YROFDQRORFDWHGRQWKHLVODQGRI+RQVKXLV-DSDQ¶VWDOOHVWPRXQWDLQ $QVZHU0RXQW )XML DFFHSW )XML \DPDDFFHSW )XML VDPDRU )XML VDQ >@,WLVWKHRUL]HGWKDWWKH0LQRDQYROFDQLFHUXSWLRQPD\KDYHFDXVHGWKHVLQNLQJRIWKLVOHJHQGDU\FLW\ ZKLFK3ODWRFODLPHGKDGEHHQVXQNDVSXQLVKPHQWIRUWU\LQJWRFRQTXHU$WKHQV $QVZHU $WODQWLV 7KLVDXWKRUZURWHDERXWWKH9LFDULREURWKHU¶VPXUGHURI6DQWLDJR1DVDULQ &KURQLFOHRID'HDWK)RUHWROG࣡ )RUSRLQWVHDFK >@1DPHWKLV&RORPELDQDXWKRUZKRZURWHDERXWVHYHQJHQHUDWLRQVRIWKH%XHQGLDIDPLO\LQKLVPDJLFUHDOLVW QRYHO 2QH+XQGUHG<HDUVRI6ROLWXGH࣡ $QVZHU*DEULHO *DUFLD0DUTXH] SURPSWRQ³0DUTXH]´ >@,Q 2QH+XQGUHG<HDUVRI6ROLWXGH࣡ $XUHOLRDQG$PDUDQWD¶VEDE\LVERUQZLWKWKHWDLORIWKLVDQLPDO2QH RIWKHVHDQLPDOVQDPHG:LOEXUDSSHDUVLQ(%:KLWH¶VQRYHO &KDUORWWH¶V:HE࣡ $QVZHU SLJ V >@7KHEDE\ZLWKDSLJ¶VWDLOLQ 2QH+XQGUHG<HDUVRI6ROLWXGH࣡ LVFDUULHGRIIE\WKHVHLQVHFWV7KHWK FKDSWHURI7KRUHDX¶V :DOGHQ࣡ LVDERXWD³%DWWOH´RIWKHVHLQVHFWV $QVZHU DQW V
© Copyright 2026 Paperzz