Sie sind auf Seite 1von 11

(DUWK6WRUH

(DUWK6WRUH %RGKLVDWWYD 
(DUWK6WRUH%RGKLVDWWYDLVQDPHGDIWHUWKHHDUWKZKLFKQRWRQO\JLYHVELUWKWRWKLQJVDQGPDNHV
WKHPJURZEXWFDQVWRUHDJUHDWPDQ\WKLQJVZLWKLQLWVHOIDVZHOO%HFDXVHWKLV%RGKLVDWWYDLVOLNH
WKHHDUWKKHFDQSURGXFHWKHP\ULDGWKLQJVDQGPDNHWKHPJURZ$Q\RQHZKREHOLHYHVLQKLPPD\
REWDLQWKHWUHDVXUHVVWRUHGLQWKHJURXQGJROGVLOYHUODSLVOD]XOLFU\VWDOPRWKHURISHDUOUHGSHDUOV
DQGFDUQHOLDQ

+LV6DQVNULWQDPHLV(DUWK6WRUH7KHUHDUHWHQDVSHFWVRIWKHHDUWKLWLVZLGHDQGH[WHQVLYHLW
VXSSRUWVDOOOLYLQJEHLQJVLWLVLPSDUWLDOLWUHFHLYHVWKHJUHDWUDLQLWSURGXFHVJUDVVHVDQGWUHHVLW
KROGVDOOSODQWHGVHHGVLWKROGVPDQ\WUHDVXUHVLWSURGXFHVPHGLFLQHVLWLVQRWPRYHGE\WKH
EORZLQJZLQGDQGLWGRHVQRWWUHPEOHDWWKHOLRQ
VURDU 639 

<RXFRXOGVD\WKDW(DUWK6WRUH%RGKLVDWWYDLVWKHGXPEHVWRIWKH%RGKLVDWWYDVDQGDOVRWKHPRVW
LQWHOOLJHQW:K\LVKHGXPE",WLVEHFDXVHKHGRHVWKLQJVQRRQHHOVHZDQWVWRGR+HFDQEHDUZKDW
RWKHUVFDQ
WEHDUDQG\LHOGZKHQRWKHUVFDQ
W\LHOG:KHQKLVSDUHQWVZHUHH[WUHPHO\PHDQWRKLPLW
GLGQ
WPDNHDQ\GLIIHUHQFHKHZDVILOLDOMXVWWKHVDPH7KDWLVZK\ZLWKLQ%XGGKLVP(DUWK6WRUH
%RGKLVDWWYDLVNQRZQDVWKH%RGKLVDWWYDRIJUHDWILOLDOLW\DQGDOVRDVWKH%RGKLVDWWYDRIJUHDWYRZV
+HVDLG
8QWLOWKHKHOOVDUHHPSW\,ZLOOQHYHUEHFRPHD%XGGKD
8QWLOHYHU\VLQJOHOLYLQJEHLQJLV
WDNHQDFURVVKHGRHVQ
WZDQWWRDWWDLQSURSHUDQGHTXDOHQOLJKWHQPHQW7DNHDORRNDWWKDWNLQGRI
YRZSRZHUGRHVQ
WLWVHHPNLQGRIGXPE"2QWKHRWKHUKDQGZHFDQDOVRVD\KHLVWKHPRVW
LQWHOOLJHQW%RGKLVDWWYD7KDWLVEHFDXVHKHVWDQGVRXWDERYHHYHU\RQHHOVH+HWUDQVFHQGVDOOKLV
SHHUV6RPHRQHDVNV
,VKHWU\LQJWREHVSHFLDO"
1R+HGRHVZKDWRWKHUVGRQ
WZDQWWRGRDQGDUH
QRWDEOHWRGR$QGVRZHFDQVD\WKDWKHLVWKHPRVWLQWHOOLJHQW%RGKLVDWWYD,QVKRUWLWFDQEHVDLG
RI(DUWK6WRUH%RGKLVDWWYDWKDWKHKDVJUHDWYRZVJUHDWFRQGXFWJUHDWZLVGRPDQGJUHDW
FRPSDVVLRQ-\RXKZD0RXQWDLQLVWKHVDFUHG:D\SODFHGHYRWHGWR(DUWK6WRUH
%RGKLVDWWYD 639 

6RXUFH(SVWHLQS 

 &KLQHVH0DQGDULQ 6DQVNULW 3DOL $OWHUQDWH7UDQVODWLRQV%RGKLVDWWYD


7UHDVXU\:RPERIWKH(DUWK

6HHDOVR7KH(LJKW*UHDW%RGKLVDWWYDV$YDORNLWHVKYDUD0DQMXVKUL6DPDQWDEKDGUD
.VLWLJDUEKD9DMUDSDQL0HGLFLQH.LQJ%RGKLVDWWYD%RGKLVDWWYDGKDUDQLPDQWUD)LYH
6FKRRORI%XGGKLVP(VRWHULF6XWUDRIWKH3DVW9RZVRI(DUWK6WRUH%RGKLVDWWYD

%XGGKLVW7H[W7UDQVODWLRQ6RFLHW\ KWWSZZZEWWVRQOLQHRUJ 5HIHUHQFHV63977

5HODWHG:HEVLWHVKWWSZZZNVLWLJDUEKDERGKLVDWWYDFRPKWWSZZZNVLWLJDUEKDFRP

7KH3UDFWLFHRI.VLWLJDUEKD
WR$YHUW'DQJHUDQG3XULI\2EVWDFOHV

7KH3UDFWLFH
,WLVJRRGWRUHFLWHGDLO\WKHVXWUDSUD\HU DIWHUWKHPDQWUD SUDLVHGE\%XGGKDWR.VLWLJDUEKDDQGWKH
SUD\HUWKDW,KDYHDGGHGEHORZ
,SURVWUDWHJRIRUUHIXJHPDNHRIIHULQJVSOHDVHJUDQWEOHVVLQJ7KH%RGKLVDWWYD.VLWLJDUEKDZKR
KDVXQEHDUDEOHFRPSDVVLRQIRUPHDQGDOOVHQWLHQWEHLQJVZKRVHPLQGVDUHREVFXUHGDQGZKRDUH
VXIIHULQJZKRKDVTXDOLWLHVOLNHWKHVN\DQGOLEHUDWHVVHQWLHQWEHLQJVIURPDOOWKHVXIIHULQJVDQG

3DJHRI
(DUWK6WRUH

JLYHVDOOWKHKDSSLQHVV [ 
:LWKKDQGVIROGHGLQSURVWUDWLRQYLVXDOL]HGRLQJWKHSURVWUDWLRQVWRDOOWKH%XGGKDVDQG
ERGKLVDWWYDVWKDWEHFRPHVSURVWUDWLRQZKHQ\RXVD\WKHZRUGSURVWUDWH:KHQ\RXVD\WKHZRUG
UHIXJHWKLQNWKDW\RXDUHDVNLQJWREHIUHHIURPWKHWZRREVFXUDWLRQV WREHDEOHWRDFKLHYH
HQOLJKWHQPHQW :KHQ\RXVD\WKHZRUGRIIHULQJ\RXWKLQNWKDWDOOWKHRIIHULQJVWKDW\RXKDYHDUH
WKHQRIIHUHG:KHQ\RXDVNIRUEOHVVLQJV\RXWKLQNLQ\RXUPLQGWKDWWKHZKROHSDWKWR
HQOLJKWHQPHQWLVWKHEOHVVLQJWREHUHFHLYHG
7KLVLVWKHPDQWUDWKDW.VLWLJDUEKDKHDUGIURP%XGGKDVHTXDOLQJWKHQXPEHURIVDQGJUDLQVRIWKH
ULYHU*DQJD+HPDGHRIIHULQJVWRWKHPDQGWKHQUHFHLYHGWKLVPDQWUD7KLVPDQWUDLVWREHXVHGIRU
DQ\GLIILFXOWLHVSUREOHPVLWLVWKHEHVWRQHWRGRIRUDQ\SUREOHPVLQDQ\VLWXDWLRQ(YHQUHFLWLQJ
IRXURUILYHWLPHVMXVWDIHZWLPHVLWLVYHU\SRZHUIXO,WLVSRZHUIXOWRUHFLWHRUMXVWWRWKLQNRIWKH
QDPHRIWKHERGKLVDWWYD,WLVYHU\YHU\SRZHUIXO
WVLPERWVLPERG]HWVLPERDJDJDWVLPEREDJDUDWVLPERRPDKEDUDWVLPEREDUDWVLPER
EDG]LUDWVLPERDURJDWVLPERGHKDPDWVLPERWVDWHZDWVLPERVDGHQHZDWVLPEREHZDURJD
VKDUZDWVLPERRZDVKDPDWVLPERQ\DQDWVLPEREDJDVDPDPRQLUDQQJDWVLPERFKDQDWVLPER
EHJLPDEDULDWVLPERVKDVKHGDODPDEDWVLPEREHDGDKVRGDPDKDOH\GRPED\DEEH\VDWDVH\
VDWDEDVDOH\JHOH\JHODJDUDEDEDUDEDUHWH\KDVDOH\EDUHEH\SDUHVDWDEHQGDQH\EHQUDWVDWVD
WVDWVDKHOHQHOH\DJDWDWDNHWDNHORWDUHWDUHQHOHPDWH\QHPWH\JXOHPHODRPJXWVLEDWH\
DUUHJHUH\JXWDVKDPDOH\GXQJDGXQJDGXQJXUH\KXUXKXUXKXUXJXQRGXPHOH\PDULWR
QDUHWH\PHQGDWDKDUDNDPUHPKXUXKXUX

$OWHUQDWLYHPDQWUDZKLFK5LQSRFKHDGYLVHGWRGRLQSUHIHUHQFHWRWKHDERYHRQH

WD\DWDPXQLPRUHPXQLJKDEKHPXQLNLOLGKD\HPXQLURJLEDW]DOHPXQLKDOLGH
PXQLJKDPHVKXEKDNK\HPLUODEKDJ
NKHEKDDODODEKDJNK\H
VRULNLUWDWRUQDNLUWVDOHEKDWDJVKDNLUWH
NXNXODPLUOHDYDNK\DVDUHHUKDNLOLEKD
PXQLEKDDWKDEDVRKD

6KRUW0DQWUD
RPDKNKWLWLJDUEKDWKDOHQJKXQJ

3UDLVHE\%XGGKDWR.VKLWLJDUEKD
<RXKDYHJHQHUDWHGVWDELOLW\RIWKRXJKWDQGSXUHWKRXJKW DOWUXLVPERGKLFLWWD DQGHOLPLQDWHGWKH
VXIIHULQJVRILPPHDVXUDEOHVHQWLHQWEHLQJV,VHH VHQWLHQWEHLQJV UHFHLYLQJKDSSLQHVVOLNHWKHZLVK
JUDQWLQJMHZHODQGOLNHWKHYDMUD\RXFXWWKHQHWVRIWKHGRXEW RIRWKHUV <RXRIIHUWKH'HVWUR\HU
4XDOLILHG*RQH%H\RQG2QHVKRO\RIIHULQJVZLWKJUHDWFRPSDVVLRQDWHWKRXJKWDQGSHUVHYHUDQFH
<RXOLEHUDWHWKHVHQWLHQWEHLQJVIURPWKHVXIIHULQJVZLWKRFHDQVRIZLVGRP%HFDXVH\RXKDYHQR
IHDU GHOXVLRQV \RXKDYHJRQHEH\RQGVDPVDUD
7KLVLVHVSHFLDOO\EHQHILFLDOIRUWKRVHZKRKDYHKHDY\SUREOHPVVHULRXVKHDOWKSUREOHPVELJ
SURMHFWVRUILQDQFLDOGLIILFXOWLHV,ZLOOVXJJHVWLWLVH[WUHPHO\SRZHUIXOWRUHFLWHHYHU\GD\DWOHDVW
IRXURUILYHWLPHVRUPRUHGHSHQGLQJRQKRZFUXFLDOLWLVDOVRIRUSURWHFWLRQ(YHQWRJURZFURSV
ZHOODQGWRSURWHFWODQGDQGFURSV
,WH[SODLQVLQWKHVXWUDWKHH[WHQVLYHEHQHILWVDQGTXDOLWLHVOLNHWKHVN\RIWKH%RGKLVDWWYD
.VLWLJDUEKDOLNHVNLHVRIEHQHILWWRDOOEHLQJV7KHUHKDYHEHHQH[SHULHQFHVVLPLODUEHQHILWVUHFHLYHG
E\WKRVHZKRSUDFWLFH.VLWLJDUEKD

7KLVSUDFWLFHZDVWUDQVODWHGFRPSLOHGDQGFKHFNHGE\/DPD=RSD5LQSRFKH




3DJHRI
(DUWK6WRUH

.VLWLJDUEKD
)URP:LNLSHGLDWKHIUHHHQF\FORSHGLD
-XPSWRQDYLJDWLRQVHDUFK


-,=2%2'+,6$779$
-S -L]R%RVDWVX-L]RX-L]RR
6NW .VLWLJDUEKD.VLWHJDUEKD

2ULJLQ ,QGLD

*XDUGLDQRI6RXOVLQ+HOO
6DYLRUIURPWKH7RUPHQWVRI+HOO

0DVWHURI6L[6WDWHVRI5HLQFDUQDWLRQ
3URWHFWRURI&KLOGUHQ([SHFWDQW0RWKHUV)LUHPHQ7UDYHOHUVDQG3LOJULPV
3URWHFWRURI$ERUWHG0LVFDUULHG%DELHV
*XDUGLDQRI&KLOGUHQLQ/LPER


.VLWLJDUEKDVWDWXHDW0W2VRUH-DSDQ
1DPHV
6LPSOLILHG&KLQHVH!"# !"$# %
7UDGLWLRQDO&KLQHVH!"#&!"$#&%
3LQ\LQ'u]jQJ3~Vj'u]jQJ:iQJ3~Vj
:DGH*LOHV7L7VDQJ7L7VDQJ:DQJ3X6D
-DSDQHVH_.DQML!"!"$#&%
5RPDML-L]R-L]RR%RVDWVX
7LEHWDQ6DL1\LQJSR
.RUHDQURPDQL]DWLRQ-LMDQJERVDO
9LHWQDPHVHD7QJD7QJ9QJ%WiW

.LWLJDUEKD%RGKLVDWWYD !"#& RIWHQNQRZQE\WKH-DSDQHVHQDPH-L] !' RUWKH&KLQHVH
QDPH'L]DQJ !"%'u]jQJ LVDSRSXODU0DKD\DQD%XGGKLVW%RGKLVDWWYDXVXDOO\GHSLFWHGDVD
PRQN7KHQDPH-L]RU'L]DQJPD\EHWUDQVODWHGDV(DUWK7UHDVXU\(DUWK6WRUH(DUWK
0DWUL[RU(DUWK:RPE

.LWLJDUEKD%RGKLVDWWYDLVRIWHQUHIHUUHGWREHFDXVHRIKLVYRZWRQRWDFKLHYH%XGGKDKRRGXQWLODOO
KHOOVDUHYDFDWHGDVWKH%RGKLVDWWYDRIWKH+HOOEHLQJV+LVIDPRXVYRZUHFLWHGE\PDQ\%XGGKLVWV
LV1RWXQWLOWKHKHOOVDUHHPSWLHGZLOO,EHFRPHD%XGGKD1RWXQWLODOOEHLQJVDUHVDYHGZLOO,
FHUWLI\WR%RGKL

8VXDOO\GHSLFWHGDVDPRQNZLWKDQLPEXVDURXQGKLVVKDYHGKHDGKHFDUULHVDVWDIIWRIRUFHRSHQ
WKHJDWHVRIKHOODQGDZLVKIXOILOOLQJMHZHOWROLJKWXSWKHGDUNQHVV

&RQWHQWV>KLGH@
2YHUYLHZ
,Q-DSDQ
,Q&KLQD
+LVWRU\
$V6DFUHG*LUO
$VD0RQN
,FRQRJUDSK\
7UDGLWLRQDOLFRQRJUDSK\

3DJHRI
(DUWK6WRUH

0LVFRQFHSWLRQV
3RSXODULFRQRJUDSK\LQ-DSDQ
$NDVDJDUEKD
([WHUQDOOLQNV



>HGLW@2YHUYLHZ

>HGLW@,Q-DSDQ
,Q-DSDQ.LWLJDUEKDNQRZQDV-L]RU2ML]VDPDDVKHLVDIIHFWLRQDWHO\NQRZQLVRQHRIWKHPRVW
ORYHGRIDOO-DSDQHVHGLYLQLWLHV+LVVWDWXHVDUHDFRPPRQVLJKWHVSHFLDOO\E\URDGVLGHVDQGLQ
JUDYH\DUGV7UDGLWLRQDOO\KHLVNQRZQWREHWKHJXDUGLDQRIFKLOGUHQSDUWLFXODUO\FKLOGUHQZKRGLHG
EHIRUHWKHLUSDUHQWV6LQFHWKHVWKHWHQGHQF\GHYHORSHGLQZKLFKKHZDVZRUVKLSSHGDVWKH
JXDUGLDQRIWKHVRXOVRIPL]XNRWKHVRXOVRIVWLOOERUQPLVFDUULHGRUDERUWHGIHWXVHV,Q-DSDQHVH
P\WKRORJ\LWLVVDLGWKDWVRXOVRIFKLOGUHQZKRGLHEHIRUHSDUHQWVDUHXQDEOHWRFURVVWKHP\WKLFDO
6DQ]X5LYHURQLWVZD\WRWKHDIWHUOLIHEHFDXVHWKH\KDYHQRWKDGWKHFKDQFHWRDFFXPXODWHHQRXJK
JRRGGHHGVDQGEHFDXVHWKH\KDYHPDGHWKHSDUHQWVVXIIHU,WLVEHOLHYHGWKDW-L]VDYHVWKHVHVRXOV
IURPKDYLQJWRSLOHVWRQHVHWHUQDOO\RQWKHEDQNRIWKHULYHUDVSHQDQFHE\KLGLQJWKHPIURPGHPRQV
LQKLVUREHDQGOHWWLQJWKHPKHDUPDQWUDV

-L]VWDWXHVDUHXVXDOO\DFFRPSDQLHGE\DOLWWOHSLOHRIVWRQHVDQGSHEEOHVSXWWKHUHE\SHRSOHLQWKH
KRSHWKDWLWZRXOGVKRUWHQWKHWLPHFKLOGUHQKDYHWRVXIIHULQWKHXQGHUZRUOG7KHVWDWXHVFDQ
VRPHWLPHVEHVHHQZHDULQJWLQ\FKLOGUHQ
VFORWKLQJRUELEVRUZLWKWR\VSXWWKHUHE\JULHYLQJ
SDUHQWVWRKHOSWKHLUORVWRQHVDQGKRSLQJWKDW-L]ZRXOGVSHFLDOO\SURWHFWWKHP6RPHWLPHVWKH
RIIHULQJVDUHSXWWKHUHE\SDUHQWVWRWKDQN-L]IRUVDYLQJWKHLUFKLOGUHQIURPDVHULRXVLOOQHVV-L]
V
IHDWXUHVDUHDOVRFRPPRQO\PDGHPRUHEDE\OLNHLQRUGHUWRUHVHPEOHWKHFKLOGUHQKHSURWHFWV

$VKHLVWKHVDYLRXURIVRXOVZKRKDYHWRVXIIHULQWKHXQGHUZRUOGKLVVWDWXHVDUHFRPPRQLQ
FHPHWHULHV+HLVDOVREHOLHYHGWREHWKHSURWHFWLYHGHLW\RIWUDYHOOHUVDQGURDGVLGHVWDWXHVRI-L]DUH
DFRPPRQVLJKWLQ-DSDQ)LUHILJKWHUVDUHDOVRXQGHUWKHSURWHFWLRQRI-L]DVKHFDQJRLQWKHPLGVW
RIKHOODQGUHPDLQFDOP


>HGLW@,Q&KLQD
.LWLJDUEKDLVRQHRIWKHIRXUSULQFLSDOERGKLVDWWYDVLQ&KLQHVH%XGGKLVP7KHRWKHUVDUH
6DPDQWDEKDGUD0DQMXVULDQG$YDORNLWHVYDUD

$WWKHSUH7DQJ'\QDVW\JURWWRVLQ'XQKXDQJDQG/RQJPHQKHLVGHSLFWHGLQFODVVLFDOERGKLVDWWYD
VKDSH$IWHUWKH7DQJ'\QDVW\KHEHFDPHLQFUHDVLQJO\GHSLFWHGDVDPRQNFDUU\LQJURVDULHVDQGD
VWDII

+LVIXOOQDPHLQ&KLQHVHLV'D\XDQ'L]DQJ:DQJ3XVD 7UDGLWLRQDO&KLQHVH()!"$#&
6LPSOLILHG&KLQHVH()!"$# +DQ\X3LQ\LQ'j\XjQ'u]jQJ:iQJ3~Vj RUWKH
%RGKLVDWWYD.LQJ'L]DQJRIWKH*UHDW9RZ7KLVLVDUHIHUHQFHWRKLVSOHGJHDVUHFRUGHGLQWKH
VXWUDVWRWDNHUHVSRQVLELOLW\IRUWKHLQVWUXFWLRQRIDOOVRXOVLQ+HDYHQ(DUWKDQG+HOOLQWKHHUD
EHWZHHQWKHGHDWKRI*DXWDPD%XGGKDDQGWKHULVHRI0DLWUH\D%XGGKD%HFDXVHRIWKLVLPSRUWDQW
UROHVKULQHVWR.LWLJDUEKDRIWHQRFFXS\DFHQWUDOUROHLQ&KLQHVH%XGGKLVWWHPSOHVRIWKH&KDQVHFW
VXFKDVDWWKHIDPHG6KDROLQ7HPSOH

-LXKXD0RXQWDLQLQ$QKXLLVUHJDUGHGDV.LWLJDUEKD
VVHDW,WLVRQHRIWKHIRXUJUHDW%XGGKLVW
PRXQWDLQVRI&KLQDDQGDWRQHWLPHKRXVHGPRUHWKDQWHPSOHV7RGD\RIWKHVHDUHRSHQWR
WKHSXEOLF7KHPRXQWDLQLVDSRSXODUGHVWLQDWLRQIRUSLOJULPVRIIHULQJGHGLFDWLRQVWR.LWLJDUEKD


3DJHRI
(DUWK6WRUH

,QVRPHDUHDVWKHDGPL[WXUHRIWUDGLWLRQDOUHOLJLRQVKDVOHGWR.LWLJDUEKDEHLQJDOVRUHJDUGHGDVD
7DRLVWGHLW\)RUH[DPSOHLQ7DLZDQIROORZHUVRI%XGGKLVP7DRLVPRUIRONUHOLJLRQFDQEHIRXQG
YHQHUDWLQJ.LWLJDUEKDZKHUHKHLVRIWHQDSSHDOHGWRIRUSURWHFWLRQDJDLQVWHDUWKTXDNHV7KHUHDQG
LQ+RQJ.RQJDQGDPRQJ2YHUVHDV&KLQHVHFRPPXQLWLHVKLVLPDJHVDUHXVXDOO\IRXQGLQWKH
PHPRULDOKDOOVRI%XGGKLVWDQG7DRLVWWHPSOHV


>HGLW@+LVWRU\
7KHKLVWRU\RI.LWLJDUEKDLVZHOOGHVFULEHGLQWKH6XWUDRI7KH*UHDW9RZVRI.LWLJDUEKD
%RGKLVDWWYDRQHRIWKHPRVWSRSXODU0DKD\DQD%XGGKLVWVXWUDV7KLVVXWUDLVVDLGWRKDYHEHHQ
VSRNHQE\WKH%XGGKDWRZDUGVWKHHQGRIKLVOLIHWRWKHEHLQJVRIWKH7U\DVWULD+HDYHQDVDPDUN
RIJUDWLWXGHDQGUHPHPEUDQFHIRUKLVEHORYHGPRWKHU0\GHY,WVWDWHGWKDW.LWLJDUEKDSUDFWLFHG
ILOLDOSLHW\DVDPRUWDOZKLFKHYHQWXDOO\OHGWRPDNLQJJUHDWYRZVWRVDYHDOOVHQWLHQWEHLQJV


>HGLW@$V6DFUHG*LUO
,QWKH.LWLJDUEKD6XWUDWKH%XGGKDUHYHDOHGWKDWLQWKHGLVWDQWSDVWDHRQV.LWLJDUEKDZDVD
%UDKPDQPDLGHQE\WKHQDPHRI6DFUHG*LUO6KHZDVGHHSO\WURXEOHGZKHQKHUPRWKHUGLHG
EHFDXVHVKHKDGRIWHQEHHQVODQGHURXVWRZDUGVWKH7ULSOH*HP

7RVDYHKHUIURPWKHJUHDWWRUWXUHVRIKHOOWKH\RXQJJLUOVROGZKDWHYHUVKHKDGDQGXVHGWKHPRQH\
WREX\RIIHULQJVZKLFKVKHRIIHUHGGDLO\WRWKH%XGGKDRIKHUWLPHNQRZQDV7KH%XGGKDRI)ORZHU
RI0HGLWDWLRQDQG(QOLJKWHQPHQW6KHPDGHIHUYHQWSUD\HUVWKDWKHUPRWKHUEHVSDUHGRIWKHSDLQVRI
KHOODQGDSSHDOHGWRWKH%XGGKDIRUKHOS

2QHGD\DWWKHWHPSOHZKLOHVKHZDVSOHDGLQJIRUKHOSVKHKHDUGWKHYRLFHRIWKH%XGGKDDGYLVLQJ
KHUWRJRKRPHLPPHGLDWHO\DQGWKHUHWRVLWGRZQDQGUHFLWHKLVQDPHLIVKHZDQWHGWRNQRZZKHUH
KHUPRWKHUZDV6KHGLGDVVKHZDVWROGDQGZKLOHGRLQJVRKHUFRQVFLRXVQHVVZDVWUDQVSRUWHGWRD
+HOO5HDOPZKHUHVKHPHWDJXDUGLDQZKRLQIRUPHGKHUWKDWWKURXJKKHUIHUYHQWSUD\HUVDQGSLRXV
RIIHULQJVKHUPRWKHUKDGDFFXPXODWHGPXFKPHULWDQGWKHUHIRUHVKHKDGDOUHDG\EHHQUHOHDVHGIURP
KHOODQGDVFHQGHGWRKHDYHQ6KHZDVJUHDWO\UHOLHYHGDQGVKRXOGKDYHEHHQH[WUHPHO\KDSS\EXW
WKHVLJKWRIWKHJUHDWVXIIHULQJVKHKDGZLWQHVVHGLQ+HOOVRWRXFKHGKHUWHQGHUKHDUWWKDWVKHPDGHD
YRZWRGRKHUYHU\EHVWWRUHOLHYHEHLQJVRIWKHLUVXIIHULQJIRUHYHULQKHUIXWXUHOLYHVRINDOSDVWR
FRPH


>HGLW@$VD0RQN
7KHUHLVDQRWKHUOHJHQGDERXWKRZ.LWLJDUEKDPDQLIHVWHGLQ&KLQDDQGFKRVHKLVERGKLPDQGDWREH
0RXQW-LXKXDRQHRIWKH)RXU6DFUHG0RXQWDLQVRI&KLQDLQ%XGGKLVP

,QWKH(DVWHUQ+DQG\QDVW\GXULQJWKHUHLJQRI(PSHURU0LQJ%XGGKLVPVWDUWHGWRIORXULVK
UHDFKLQJLWVSHDNLQWKHHUDRIWKH7DQJ'\QDVW\HYHQWXDOO\VSUHDGLQJWR-DSDQDQG.RUHD$WWKH
WLPHPRQNVDQGVFKRODUVDUULYHGIURPWKRVHFRXQWULHVWRVHHNWKH'KDUPDLQ&KLQD2QHRIWKHVH
SLOJULPVZDVDIRUPHUSULQFHRI.RUHDZKLFKZDVDWWKHWLPHGLYLGHGLQWRWKUHHFRXQWULHV 6LOOD
*RJXU\HRDQG%DHNMH 7KHPRQNZKRVH.RUHDQQDPHZDV.LP.LDRNDN &K-LQ4LDRMXH ZDVD
SULQFHIURP6LOODZKREHFDPHDPRQDVWLFXQGHUWKHQDPHRI(DUWK6WRUH $OVRFDOOHG-LMDQJWKH
.RUHDQSURQXQFLDWLRQRI'L]DQJ +HFDPHWRWKHUHJLRQRI$QKXLWR0RXQW-LXKXD$IWHUDVFHQGLQJ
KHGHFLGHGWREXLOGDKXWLQDGHHSPRXQWDLQDUHDVRWKDWKHPD\EHDEOHWRFXOWLYDWH

$FFRUGLQJWRUHFRUGVWKHPRQNZDVELWWHQE\DSRLVRQRXVVQDNHEXWGLGQRWPRYHWKXVOHWWLQJWKH
VQDNHJR$ZRPDQKDSSHQHGWRSDVVE\DQGJDYHWKHPRQNPHGLFLQHVWRFXUHKLPRIWKHYHQRPDV
ZHOODVDVSULQJRQKHUVRQ
VEHKDOI)RUDIHZ\HDUVWKHPRQNFRQWLQXHGWRPHGLWDWHLQKLVKXWXQWLO
RQHGD\DVFKRODUQDPHG&KX.HOHGDJURXSRIIULHQGVDQGIDPLO\WRYLVLWWKHPRXQWDLQ1RWLFLQJ
WKHPRQNPHGLWDWLQJLQWKHKXWWKH\ZHQWDQGWRRNDORRNDWKLVFRQGLWLRQ7KH\KDGQRWLFHGWKDWWKH
PRQN
VERZOGLGQRWFRQWDLQDQ\IRRGDQGWKDWKLVKDLUKDGJURZQEDFN

3DJHRI
(DUWK6WRUH


)HHOLQJSLW\RQWKHPRQN6FKRODU&KXGHFLGHGWREXLOGDWHPSOHDVDQRIIHULQJWRWKHPRQN7KH
ZKROHJURXSGHVFHQGHGWKHPRXQWDLQLPPHGLDWHO\WRGLVFXVVSODQVWREXLOGWKHWHPSOH0RXQW-LXKXD
ZDVDOVRSURSHUW\RIDZHDOWK\SHUVRQQDPHGWKHHOGHU:HQ.HZKRREOLJHGWREXLOGDWHPSOHRQ
KLVPRXQWDLQ7KHUHIRUH:HQ.HDQGWKHJURXSDVFHQGHGWKHPRXQWDLQRQFHPRUHDQGDVNHGWKH
PRQNKRZPXFKODQGKHQHHGHG

7KHPRQNUHSOLHGWKDWKHQHHGHGDSLHFHRIODQGWKDWFRXOGEHFRYHUHGIXOO\E\KLVNDVD\D
%HZLOGHUHGWKDWDSLHFHRIVDVKFRXOGQRWEHHQRXJKODQGWREXLOGDWHPSOHWKHPRQNVXUSULVHGWKHP
DVKHWKUHZWKHNDVD\DLQWKHDLUDQGWKHUREHH[SDQGHGLQVL]HFRYHULQJWKHHQWLUHPRXQWDLQ(OGHU
:HQ.HKDGWKHQGHFLGHGWRUHQRXQFHWKHHQWLUHPRXQWDLQWRWKHPRQNDQGEHFDPHWKHPRQN
V
SURWHFWRU6RPHWLPHODWHU:HQ.H
VVRQDOVROHIWWKHKRPHOLIHWRVWDUWKLVOLIHDVDPRQN

7KHPRQNOLYHGLQ0RXQW-LXKXDIRUVHYHQW\ILYH\HDUVEHIRUHSDVVLQJDZD\DWWKHDJHRIQLQHW\
QLQH7KUHH\HDUVDIWHUKLVQLUYDQDKLVWRPEZDVRSHQHGRQO\WRUHYHDOWKDWWKHERG\KDGQRW
GHFD\HG%HFDXVHWKHPRQNOHGKLVZD\SODFHZLWKPXFKGLIILFXOW\PRVWSHRSOHKDGWKHLQWXLWLRQWR
EHOLHYHWKDWKHZDVLQGHHGWKHWUDQVIRUPDWLRQERG\RI.LWLJDUEKD

0RQN-LMDQJ
VZHOOSUHVHUYHGGHK\GUDWHGERG\PD\VWLOOEHYLHZHGWRGD\DWWKHPRQDVWHU\KHEXLOW
RQ0RXQW-LXKXD


>HGLW@,FRQRJUDSK\

5HGELEEHG-L]VWDWXHVLQ1LNNR
>HGLW@7UDGLWLRQDOLFRQRJUDSK\
,Q%XGGKLVWLFRQRJUDSK\.LWLJDUEKDLVW\SLFDOO\GHSLFWHGZLWKDVKDYHQKHDGGUHVVHGLQDPRQN
V
VLPSOHUREHV XQOLNHPRVWRWKHUERGKLVDWWYDVZKRDUHGUHVVHGOLNH,QGLDQUR\DOW\ ,QKLVOHIWKDQG
.LWLJDUEKDKROGVDZLVKJUDQWLQJMHZHOLQKLVULJKWKDQGKHKROGVDPRQN
VVWDIIFDOOHGLQ-DSDQHVH
DVKDNXMR *+  MLQJOHVWDII ZKLFKLVXVHGWRDOHUWLQVHFWVDQGVPDOODQLPDOVRIKLVDSSURDFKVR
WKDWKHZLOOQRWDFFLGHQWDOO\KDUPWKHP6XFKDVWDIILVWUDGLWLRQDOO\FDUULHGE\KLJKUDQNLQJPRQNVRI
&KLQHVH%XGGKLVWWHPSOHV8VXDOO\.LWLJDUEKDZLOOVRPHWLPHVEHVHHQZHDULQJDFURZQGHSLFWLQJ
WKH)LYH'K\DQL%XGGKDVZRUQE\7LEHWDQDQG&KLQHVHPRQNVLQ7DQWULFULWXDOV

,Q-DSDQ.LWLJDUEKDLVDOPRVWDOZD\VGHSLFWHGLQDVWDQGLQJSRVLWLRQWKHSRVWXUHRIWKHDGMDFHQW
SLFWXUHLVUDWKHUXQXVXDO

/LNHRWKHU%RGKLVDWWYDV.LWLJDUEKDXVXDOO\LVVHHQVWDQGLQJXSRQDORWXVEDVHV\PEROL]LQJKLV
UHOHDVHIURPWKHNDUPLFZKHHORIUHELUWK.LWLJDUEKD
VIDFHDQGKHDGDUHDOVRLGHDOL]HGIHDWXULQJWKH
WKLUGH\HHORQJDWHGHDUVDQGWKHRWKHUVWDQGDUGDWWULEXWHVRIDQHQOLJKWHQHGEHLQJ


>HGLW@0LVFRQFHSWLRQV
0DQ\XQLQIRUPHG%XGGKLVWV7DRLVWVDQGWKRVHZKREHOLHYHLQ&KLQHVHIRONUHOLJLRQVHH
.LWLJDUEKDDVLGHQWLFDOZLWK<DPDWKHMXGJHRI+HOOEXWWKLVLVDPLVFRQFHSWLRQ

.LWLJDUEKDKDVDOVRRIWHQEHHQPLVWDNHQE\PDQ\XQLQIRUPHG%XGGKLVWVWREH;XDQ]DQJWKH
IDPRXV7ULSLWDNDPDVWHURIWKH7DQJ'\QDVW\ZKRPDGHWKHKD]DUGRXVMRXUQH\WRWKHZHVWWRVHHN
WKH%XGGKLVWVFULSWXUHVDQGWKHEDVLVIRUWKHILFWLRQDOFKDUDFWHUIURPWKH&KLQHVHQRYHO-RXUQH\WR
WKH:HVW7KLVLVPDLQO\GXHWRWKHUREHDQGWKH)LYH%XGGKDFURZQZKLFKERWKDUHVHHQWRZHDU


>HGLW@3RSXODULFRQRJUDSK\LQ-DSDQ


3DJHRI
(DUWK6WRUH

/LWWOH-L] KHUH0L]XNR-L]{ VWDWXHVDWWKHFHPHWHU\LQWKH=RMRMLWHPSOHLQ7RN\R7KH1DULKLUD


6DQWRVHQ7HPSOHLQ.DWVXVKLND7RN\RFRQWDLQVWKHIDPRXV%RXQG-L]RRIRND7DGDVXNHIDPH
GDWLQJIURPWKH(GR3HULRG:KHQSHWLWLRQVDUHUHTXHVWHGEHIRUHWKH-L]WKHSHWLWLRQHUWLHVDURSH
DERXWWKHVWDWXH:KHQWKHZLVKLVJUDQWHGWKHSHWLWLRQHUXQWLHVWKHURSH$WWKHQHZ\HDUWKHURSHV
RIWKHXQJUDQWHGZLVKHVDUHFXWE\WKHWHPSOHSULHVW


>HGLW@$NDVDJDUEKD
.LWLJDUEKDKDVDWZLQNQRZQDVNDJDUEKD !,"%&K;NQJ]jQJ-DS.RNX]R WKH9RLG
6WRUH:KLOHWKHRORJLFDOO\HTXDOO\LPSRUWDQWNDJDUEKDHQWLUHO\ODFNVWKHSRSXODUFXOWRI
.LWLJDUEKD

:LNLPHGLD&RPPRQVKDVPHGLDUHODWHGWR
-L]R
>HGLW@([WHUQDOOLQNV
-L]R%RGKLVDWWYD3KRWR'LFWLRQDU\RI-DSDQHVH%XGGKLVP
KWWSZZZRQPDUNSURGXFWLRQVFRPKWPOML]RVKWPO
-L]R%RGKLVDWWYDPRGHUQKHDOLQJDQGWUDGLWLRQDO%XGGKLVWSUDFWLFH ,6%1 

6RXUFHKWWSHQZLNLSHGLDRUJZLNL.VLWLJDUEKD







127(1XPHURXVFRUUHFWLRQVDQGHQKDQFHPHQWVKDYHEHHQPDGHXQGHU6KDVWUDWUDGLWLRQDQG)DLU
8VHE\DQ$QRQ\PRXV%XGGKLVW0RQN5HGDFWRU &RPSLOHU RIWKLV2QOLQH%XGGKLVW(QF\FORSHGLD
&RPSLODWLRQ 

5HODWHG:HEVLWHV
KWWSZZZVKDN\DPXQLEXGGKDFRP
KWWSZZZDPLWDEKDEXGGKDFRPKWWSZZZDPLWDEKDVXWUDFRP
KWWSZZZEKDLVDM\DJXUXFRPKWWSZZZPHGLFLQHEXGGKDRUJ
KWWSZZZDYDWDPVDNDVXWUDFRPKWWSZZZIORZHUDGRUQPHQWFRP
KWWSZZZVKXUDQJDPDPDQWUDFRPKWWSZZZVKXUDQJDPDVXWUDFRP
KWWSZZZSUDMQDSDUDPLWDFRPKWWSZZZGLDPRQGVXWUDQHWKWWSZZZYDMUDVXWUDFRP
KWWSZZZVL[WKSDWULDUFKFRPKWWSZZZGKDUDQLVXWUDFRPKWWSZZZVDQJKDWDVXWUDFRP
KWWSZZZPDQMXVKULERGKLVDWWYDFRPKWWSZZZDYDORNLWHVKYDUDERGKLVDWWYDFRP
KWWSZZZVDPDQWDEKDGUDERGKLVDWWYDFRPKWWSZZZNVLWLJDUEKDERGKLVDWWYDFRP
KWWSZZZNVLWLJDUEKDFRP
KWWSZZZQDJDUMXQDERGKLVDWWYDFRPKWWSZZZQDODQGDXQLYHUVLW\FRPKWWSZZZWLEHWDQ
WKDQJNDFRP
KWWSZZZEXGGKLVWVXWUDVFRPKWWSZZZEXGGKLVWVXWUDFRPKWWSZZZD\XUYHGLF
FROOHJHRUJ

3ULPDU\2ULJLQDO6RXUFH7KH7ULSLWDND6XWUD6KDVWUDDQG9LQD\DWHDFKLQJV

3DJHRI
(DUWK6WRUH

DVIRXQGLQWKHVFULSWXUHVWRUHKRXVHRIWKH,QGLDQ6DQVNULW6LGGKDP&KLQHVH7LEHWDQDQG-DSDQHVH
WUDGLWLRQVRIWKH1DODQGD7UDGLWLRQRIDQFLHQW1DODQGD8QLYHUVLW\ RI6KDN\DPXQL%XGGKDDQGKLV
$U\D6DJHO\%RGKLVDWWYD%KLNVKX0RQNDQG8SDVDNDGLVFLSOHV

7KHVH*RRGDQG:LVH$GYLVRUV .DOL\DQDPLWUD 'KDUPD0DVWHUWHDFKHUVLQFOXGH$U\D9HQHUDEOHV


1DJDUMXQD$VKYDJKRVKD$U\DVXUD.XPDUDMLYD6KDQWLGHYD&KDQGUDNLUWL&KDQGUDJRPLQ
9DVXEDQGKX$VDQJD+XL1HQJ$WLVKD.DPDODVKLOD'KDUPDUDNVKLWD7VRQJ.KDSD7KRJPH
=DQJSR3DWDQMDOL6XVKUXWD&KDUDND9DJEKDWD1LFKLUHQ+VX<XQ+VXDQ+XD6KHQ.DL7HQ]LQ
*\DWVR.\DEMH=RSD$MDKQ&KDK9DVDQW/DGDQGRWKHUPRGHUQGD\PDVWHUV:HFRQVLGHUWKHPWR
EHLQDFFRUGZLWK0DVWHU+VXDQ+XDV6HYHQ*XLGHOLQHVIRU5HFRJQL]LQJ*HQXLQH7HDFKHUV

1DODQGD2QOLQH8QLYHUVLW\
VWHDFKLQJVDUHEDVHGHVSHFLDOO\RQWKH'KDUPD)ORZHU/RWXV6XWUDWKH
$YDWDPVDND6XWUDWKH6KXUDQJDPD6XWUDWKH.VLWLJDUEKD6XWUDWKH%KDLVDM\D*XUX6XWUDWKH
'KDUDQL6XWUDWKH9DMUD6XWUDWKH3UDMQD3DUDPLWD+ULGD\DP6XWUDWKH*XK\DVDPDMDWKH
.DODFKDNUDDQGWKHLUFRPPHQWDULHV VKDVWUDV E\WKHDERYH$U\D7ULSLWDNDFKDU\D'KDUPD0DVWHUV

$W1DODQGD2QOLQH8QLYHUVLW\ZHSUDFWLFHGDLO\DQGLQWURGXFH\RXWR YLDGRZQORDGDEOHPXOWLPHGLD
03DXGLRDQG:09YLGHROHFWXUHV WKHWHDFKLQJVDQGSUDFWLFHVRIWKH)LYH7UDGLWLRQVWUDQVPLWWHG
E\WKH%XGGKD6KDN\DPXQL

7HDFKLQJ6FKRRO 0DKD\DQD6XWUD\DQD3DUDPLWD\DQD+XD<DQDQG7LDQ7DL<RJDFKDUD
1DODQGD3UDVDQJLND0DGK\DPLND7KHUDYDGD6XWWD 

6HHDOVR7ULSLWDND 6XWUDV9LQD\D6KDVWUDVRU$EKLGKDUPDRU7DQWUD 
7DLVKR&DWDORJ1XPEHULQJ6\VWHP'KDUPDDQGQDPHVRILQGLYLGXDOVXWUDV VXFKDV
6KXUDQJDPD6XWUD$YDWDPVDND6XWUD>)ORZHU$GRUQPHQW6XWUD@/RWXV6XWUD
>:RQGHUIXO'KDUPD)ORZHU6XWUD@(DUWK6WRUH6XWUD'KDUDQL6XWUD%UDKPD1HW6XWUD
0HGLFLQH0DVWHU%XGGKD6XWUD6L[WK3DWULDUFK3ODWIRUP6XWUD6XWUDLQ6HFWLRQV
6XWUDRQWKH%XGGKD
V%HTXHDWKHG7HDFKLQJHWDO


0RUDO5HJXODWLRQV6FKRRO 9LQD\D3UDWLPRNVKD6KLOD%RGKLVDWWYD3UDQLGKDQD9DMUD\DQD
6DPD\D<RJLF<DPD 

(VRWHULF6FKRRO 9DMUD\DQD0DQWUD\DQD7DQWUD\DQD'KDUDQL6HFUHW6FKRRORIWKH
0DKD\DQD 

0HGLWDWLRQ6FKRRO ,QGLDQ'K\DQD6DPDGKL6KDPDWKD9LSDVVDQD&KLQHVH&KDQ-DSDQHVH
=HQ
7LEHWDQ0DKDPXGUDRI.DJ\XSDDQG7LEHWDQ']RJFKHQRI1\LQJPDSD 

3XUH/DQG'HYRWLRQDO6FKRRO %KDNWL3XMD%XGGKD%RGKLVDWWYD0LQGIXOQHVVDQG1DPD-DSD

1DPH5HFLWDWLRQRI%XGGKDV$PLWDEKD$PLWD\XV0HGLFLQH%XGGKD%KDLVDM\D*XUX
$NVKREK\D
DQG%RGKLVDWWYDV$YDORNLWHVKYDUD*XDQ\LQ&KHQUH]LJ0DKDNDOD7DUD6DPDQWDEKDGUD
8QLYHUVDO:RUWK\
0DQMXVKUL.DODUXSD*UHDW:LVGRP0DLWUH\D*UHDW/RYLQJ.LQGQHVV0DKDVWKDPDSUDSWD
*UHDW6WUHQJWK
.VLWLJDUEKD(DUWK6WRUH*UHDW9RZV9DMUDSDQL9DMUDVDWWYD
&KDQGUDSUDEKD0RRQOLJKW5DGLDQFH6XU\DSUDEKD6XQOLJKW5DGLDQFH0HGLFLQH.LQJ
%RGKLVDWWYD0HGLFLQH6XSHULRU%RGKLVDWWYD
DQGRWKHUV'KDUPD3URWHFWLQJ'KDUPDSDOD/RNDSDOD%RGKLVDWWYDV*RGVDQG*RGGHVVHV 

3DJHRI
(DUWK6WRUH

&RPSLODWLRQ6RXUFHVIRUWKH$ERYH0DWHULDORQWKH7HDFKLQJVRIWKH%XGGKD

3ULPDU\&RPSLODWLRQ6RXUFH(SVWHLQ5RQDOG%3K'FRPSLOHU%XGGKLVW7H[W7UDQVODWLRQ
6RFLHW\
V%XGGKLVP$WR=%XUOLQJDPH&DOLIRUQLD%XGGKLVW7H[W7UDQVODWLRQ6RFLHW\,6%1
3DSHUEDFNSDJHVKWWSZZZEWWVRQOLQHRUJKWWSZZZDPD]RQFRP
KWWSZZZEWWVRQOLQHRUJSURGXFWDVS["SLG 
KWWSZZZDPD]RQFRPJSSURGXFWUHI DVHBPHGLFLQHEXGGK

6HFRQGDU\&RPSLODWLRQ6RXUFH7KH6HHNHUV*ORVVDU\RI%XGGKLVPQGHG6DQ)UDQFLVFR
&DOLIRUQLD6XWUD7UDQVODWLRQ&RPPLWWHHRIWKH8QLWHG6WDWHVDQG&DQDGD
KWWSZZZEXGDHGXRUJWZ

6HFRQGDU\&RPSLODWLRQ6RXUFH0XOOHU&KDUOHVHGLWRU'LJLWDO'LFWLRQDU\RI%XGGKLVP>''%@
7R\R*DNXHQ8QLYHUVLW\-DSDQ8VHUQDPHLVJXHVWZLWKQRSDVVZRUG
KWWSEXGGKLVPGLFWQHWGGE%DVHGLQODUJHSDUWRQWKH'LFWLRQDU\RI&KLQHVH%XGGKLVW7HUPVZLWK
6DQVNULWDQG(QJOLVK(TXLYDOHQWV E\6RRWKLOODQG+RGRXV 'HOKL,QGLD0RWLODO%DQDUVLGDVV

6HFRQGDU\&RPSLODWLRQ6RXUFH(KUKDUG'LHQHU)LVFKHUHWDO7KH6KDPEKDOD'LFWLRQDU\RI
%XGGKLVPDQG=HQ%RVWRQ0DVVDFKXVHWWV6KDPEKDOD3XEOLFDWLRQVSDJHV,6%1
KWWSZZZVKDPEKDODFRP
KWWSZZZDPD]RQFRPJSSURGXFWUHI DVHBPHGLFLQHEXGGK
KWWSZZZVKDPEKDODFRPKWPOFDWDORJLWHPVLVEQFIP

7KH'KDUPDLVD3ULFHOHVV-HZHO
WKXVWKHVHUHVHDUFKFRPSLODWLRQV
DQGDXGLRDQGYLGHRWHDFKLQJPDWHULDOVDUH
RIIHUHGIUHHRIFKDUJHE\WKLVDQRQ\PRXV%XGGKLVW0RQN
IRUWKH%RGKL5HVROYHEHQHILWRI$OO6HQWLHQW%HLQJVLQWKH8QLYHUVH

XQGHUD&UHDWLYH&RPPRQV/LFHQVH

7KHULJKWVWRWH[WXDOVHJPHQWV TXRWHGSDUDSKUDVHGRUH[FHUSWHG RIWKHDUHRZQHGE\WKHDXWKRU


SXEOLVKHULQGLFDWHGLQWKHEUDFNHWVQH[WWRHDFKVHJPHQWDQGDUHPDNHDYDLODEOHDQGFRPPHQWHGRQ
XQGHUWKHVKDVWUDWUDGLWLRQ XQGHU)DLU8VH)RUULJKWVUHJDUGLQJWKH%XGGKLVW(QF\FORSDHGLD
*ORVVDU\'LFWLRQDU\FRPSLODWLRQDVDZKROHSOHDVHNQRZWKDWLWLVRIIHUHGXQGHUWKLV&UHDWLYH
&RPPRQV/LFHQVH


7KLV1DODQGD8QLYHUVLW\VLWH KWWSZZZQDODQGDXQLYHUVLW\FRP 
LVUHGDFWHGE\DQDQRQ\PRXV%XGGKLVWPRQN
IRUWKHEHQHILWRIDOOOLYLQJEHLQJV
VRWKH\PD\GLOLJHQWO\ YLU\DSDUDPLWD FXOWLYDWHIUHHO\WR
UHDOL]H%RGKLHQOLJKWHQPHQWIRUWKHVDNHRIDOO

2QWKH%XGGKD6KDN\DPXQL
V%LUWKGD\

3DJHRI
(DUWK6WRUH

WKLVIUHHUHGDFWLRQLVRIIHUHG UHFHLYHGXSKHOGUHDGUHFLWHGVWXGLHGSRQGHUHGH[SODLQHGDQG
ZULWWHQRXW 
LQDFFRUGDQFHZLWKWKH/RWXV6DGGKDUPD3XQGDULND6XWUD&KDSWHU0HULWDQG9LUWXHRID'KDUPD
0DVWHUDVD
VHOIOHVVRIIHULQJWRWKH%XGGKDVDQG%RGKLVDWWYD6DQJKDDERYHWRDGRUQWKH3XUH/DQGVDQG
WROLEHUDWHOLYLQJEHLQJVVXIIHULQJLQVDPVDUDEHORZE\FRPSDVVLRQDWHO\KHOSLQJWKHPWRSODQWJRRG
URRWVLQWKLVDQGWKHLUIXWXUHUHELUWKV

7KHPHULWLVGHGLFDWHGWRDQXWWDUDVDP\DNVDPERGKL

,QFUHDVLQJ(IIHFW0DQWUD
2P6DPEKDUD6DPEKDUD 7KHVH%KLNVKX%RGKLVDWWYD%RGKLFKLWWD9RZV %LPDQD6DUD 6SUHDG 
0DKD *UHDWO\ -DYD 5DSLGO\ +XP UHFLWHG[ 

7RLQFUHDVHE\WLPHVWKHPHULWFUHDWHG
7DG\DWKD2P3DQFKD*UL\D ILYHRIIHULQJVRUILYHIDFHV $YD%RGKDQL6YDKD [ 

2P'KXUX'KXUX-D\D 9LFWRU\ 0XNKH )DFHRU0RXWK 6YDKD [ 


,1RZ8QLYHUVDOO\7UDQVIHUWKH0HULWDQG9LUWXHRIWR$OO%HLQJVWRUHDOL]H$QXWWDUD6DP\DN6DP
%RGKL
8QVXUSDVVHG3URSHUDQG(TXDO5LJKW(QOLJKWHQPHQW 

6DUYD0DQJDODP
0D\DOOEH$XVSLFLRXV

$U\D%KLNVKX6KDQWLGHYDV%RGKLVDWWYDFKDU\DYDWDUDVD\V
-XVWDV0DQMXVKULZRUNV
7RIXOILOOWKHDLPVRIDOOOLPLWHGEHLQJV
7RWKHIDUUHDFKHVRIVSDFHLQWKHWHQGLUHFWLRQV
0D\P\EHKDYLRUEHFRPHMXVWOLNHWKDW

)RUDVORQJDVVSDFHUHPDLQV
$QGIRUDVORQJDVZDQGHULQJEHLQJVUHPDLQ
0D\,WRRUHPDLQIRUWKDWORQJ
'LVSHOOLQJWKHVXIIHULQJVRIZDQGHULQJEHLQJV

/LNH$QDQGDVD\VLQWKH6KXUDQJDPD6XWUDLQWURGXFWLRQWRWKH6KXUDQJDPD0DQWUD
$QGHYHQFRXOGWKHQDWXUHRIVKXQ\DWDPHOWDZD\P\YDMUDOLNH6XSUHPH5HVROYHZRXOGVWLOO
UHPDLQXQPRYHG 

:KDWHYHUVXIIHULQJVZDQGHULQJEHLQJVPLJKWKDYH
0D\DOORIWKHPULSHQRQPH
$QGWKURXJKWKH%RGKLVDWWYDDVVHPEO\
0D\ZDQGHULQJEHLQJVHQMR\KDSSLQHVV

0D\WKHWHDFKLQJV
WKHVROHPHGLFLQHIRUWKHVXIIHULQJVRIZDQGHULQJEHLQJV
$QGWKHVRXUFHRIDOOKDSSLQHVV
&RQWLQXHWRHQGXUHIRUDYHU\ORQJWLPH
:LWKPDWHULDOVXSSRUWDQGVKRZVRIUHVSHFW


8SGDWHG0D\

3DJHRI
(DUWK6WRUH



3DJHRI

Das könnte Ihnen auch gefallen