7KH/LJKWQLQJ%ROWRI&KDQJH

7KH0ROWLQJRIWKH%XUQLQJ3KRHQL[
7KH*DWHIURP)HDUWR7UXVW
7KH%HJLQQLQJRIWKH$OFKHPLFDO3URFHVV
0HUJLQJ$QFLHQW5LWXDOZLWK0RGHUQ7HFKQRORJ\6XEOLPLQDO3KRHQL[LQYRNHV
WXQHGILHOGVRIWUDQVIRUPDWLRQDOLJQLQJSDUWLFLSDQWVIURP&HOOWR6HOIWR6RXUFH
WKURXJKWKH9LEUDWLRQDO3RZHURI/LJKWDQG6RXQG6DFUHG*HRPHWULF3URMHF
WLRQV(YROYLQJ)UDFWDO0DQGDODV6ROIHJJLR&\PDWLFV6RRWKLQJ6RXQGVFDSHV
DQG3URIRXQG-RXUQH\VRI)UHTXHQF\$OFKHP\KDUPRQL]HWRJHWKHUWRDOLJQFHO
OXODUDQGFHOHVWLDORUELWHPSRZHULQJWKHFROOHFWLYHH[SHULHQFHRI6RXUFH

,QWKLV6HULHVRI6HYHQ'LVFV6XEOLPLQDO3KRHQL[ZLOOEHJXLGLQJ\RXWKURXJK
WKH3URFHVVRI)UHTXHQF\$OFKHP\&RPELQLQJWRROVIURPVRXQGKHDOHUV
HVRWHULFVFLHQWLVWVDQGWKHQHXURVFLHQFHRIEUDLQZDYHHQWUDLQPHQW
HDFK'LVFRIIHUVDQDPELHQWH[SORUDWLRQRI\RXURZQ
VSLULWXDOSV\FKRORJLFDOHPRWLRQDODQGVRPDWLFH[SHULHQFH

:HUHFRPPHQG\RXEHJLQWKLVMRXUQH\DQGHYHU\MRXUQH\IURPQRZRQ
E\UHFRUGLQJ\RXUH[SHULHQFHVLQDSHUVRQDOMRXUQDO7KLVGDLO\ZULWLQJZLOOJLYH
\RXDJXLGHIRUWKHIXWXUHDQDUFKLYDORIWKHSDVW
DQGFOXHVLQWR\RXURZQVXEFRQVFLRXV

%LQDXUDOEHDWVUHTXLUHWKHXVHRI+HDGSKRQHVVRSOHDVHXVHKLJKTXDOLW\ORZ
EDVVRYHUWKHHDUKHDGSKRQHV)RUPRUHLQIRUPDWLRQDERXW%LQDXUDO%HDWVRU
%UDLQZDYH(QWUDLQPHQWSOHDVHYLVLWZZZ6XEOLPLQDO3KRHQL[FRP

3ODQHWDU\7RQHV6ROIHJJLR)UHTXHQFLHVDQG&KDNUD$FWLYDWLRQVKDYHEHHQ
GLVFRYHUHGE\PDQ\WREHHIIHFWLYHIRUPHGLWDWLRQDQGSHUVRQDOWUDQVIRUPDWLRQ
6XEOLPLQDO3KRHQL[PDNHVQRFODLPVDERXWWKH
PHGLFDORUSV\FKRORJLFDOHIIHFWVRIWKHVHWRQHV
7U\WKLVZLWKDQRSHQPLQGDQGDVWURQJLQWHQWLRQWKHQGHFLGHIRU\RXUVHOI

7KLV0HGLWDWLRQ+RORJUDPLVGHVLJQHGWRDFWLYDWH\RXUHQHUJHWLFFHQWHUVDQG
ZLOOFRQWLQXHWRDOLJQ\RXUFHOOXODUPHPRU\HYHQLQGHHSVOHHS7RDFKLHYHWKH
PRVWRSWLPDOUHVXOWVFRPELQHWKLV&'ZLWKGHHSEUHDWKLQJH[HUFLVHV\RJDTL
JRQJRU/LJKW6RXQG0DFKLQHV6HHODVWSDJH

ZZZ6XEOLPLQDO3KRHQL[FRP
 7KHSXUSRVHRIWKLVILUVW'LVFLVWRWDNH\RXWRHDFKRIWKH)RXU'LUHFWLRQVDQGWKHQEDFNLQWRWKH
FHQWHUWKH)LIWK(OHPHQWRIWKH+HDUW:LWKWKLV0HGLWDWLRQ&'6XEOLPLQDO3KRHQL[RIIHUV\RXDODQ
WHUQDIODPHWROLJKW\RXUSDWKLQWRWKHIRXUFRUQHUVRI\RXURZQPLQG:LWKLQ\RXUHQHUJHWLF
DQGQHXURORJLFDOFHQWHU\RXKDYHDFFHVVWRIRXUQDWXUDOO\RFFXUULQJEUDLQZDYHVWDWHV
7KURXJKWKHSRZHURIYLEUDWLRQ\RXFDQDFWLYDWHWKHVHGLIIHUHQWUHDOPVDWZLOO

(DFKRIWKH)RXU(OHPHQWVWUDFNVDUHPLQXWHVORQJDQGDFWLYDWHWKHFKRVHQEUDLQZDYHVWDWH&KRRVH
RQHIRUWKHJLYHQLQWHQWLRQRUSOD\DOORIWKHPWRLQLWLDWH\RXUVHOIGHHSLQWRWKHWUDQVIRUPDWLYHSURFHVV

$LU&ODULW\XVHVWKHVWLPXODWLQJ+LJK%HWDDQG*DPPDIUHTXHQFLHV
WRXQORFN)RFXVDQG(QHUJ\WKH6ROIHJJLR7RQHRI5HWXUQLQJWR
6SLULWXDO2UGHUDQGWKHXQGHUWRQHLVDFWLYDWLQJWKH3LQHDO*ODQG

)LUH&UHDWLYLW\KROGVWKHIUHTXHQF\RI'1$5HSDLUDQG
VWLPXODWHVWKH$OSKDIUHTXHQF\RIOHDUQLQJLQVSLUDWLRQDQGWKH
K\SQRJRJLFVWDWHRIOXFLGOLYLQJ

:DWHU0HGLWDWLRQDOVRLQWKHORYHIUHTXHQF\
ZLOORIIHUDGLSLQWRWKH7KHWDIUHTXHQF\IRU7UDQFH,QGXFWLRQ
/XFLG'UHDPLQJDQG5HOD[DWLRQ

(DUWK5HMXYHQDWLRQSOD\VWKH6ROIHJJLR7RQH/LEHUDWLQJ
*XLOWDQG)HDUDQGLVXWLOL]LQJWKHGHHSHVWIUHTXHQF\RI'HOWDWRSUR
PRWH'HHS6OHHS5HMXYHQDWLRQDQGDSODFHIRU&HOOXODU+HDOLQJ

+HDUW&RQVWHOODWLRQVXWLOL]HVWKHSRZHURIDIUHTXHQF\GLV
FRYHUHGWRXQZLQGWKHKHOL[RIRXU'1$DQGDOORZLQPRUH89OLJKW
WKHOLJKWDVVRFLDWHGZLWKWKHFURZQFKDNUDDQG6RXUFH(QHUJ\7KLV
WUDFNZDVGHVLJQHGWRKDUQHVV0DFURFRVPHQHUJ\IURPWKH
*DODFWLF&HQWHUDQGPHUJHLWZLWK0LFURFRVPHQHUJ\RIRXU*HQHWLF
&RGH,WKDUPRQL]HVWKHOHIWDQGULJKWKHPLVSKHUHVRIWKHEUDLQ
WKHPDVFXOLQHDQGIHPLQLQHQDWXUHRIRXUEHLQJDQGWKH
VRODUDQGOXQDUHQHUJLHVRIWKHFRVPRV