6,0('$5%<3/$17$7,216'1%+' 

56320HPEHUVKLS1R

3/$17$7,210$1$*(0(1781,7
628*XQXQJ0DV*URXSLQJ
.OXDQJ3DORK <RQJ3HQJ-RKRU0DOD\VLD
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




9(5,),&$7,21&806859(,//$1&($66(660(175(3257
215632&(57,),&$7,21

38%/,&6800$5<5(3257


6,0('$5%<3/$17$7,216'1%+'

56320HPEHUVKLS1R

3/$17$7,210$1$*(0(1781,7
628*XQXQJ0DV*URXSLQJ
.OXDQJ3DORK <RQJ3HQJ-RKRU0DOD\VLD


 


&HUWLILFDWH1R 5632
2ULJLQDO,VVXH'DWH 0D\
1HZ,VVXHGDWH 0D\
([SLU\GDWH 0D\

$VVHVVPHQW7\SH $VVHVVPHQW'DWHV
5H&HUWLILFDWLRQ $SU
$QQXDO6XUYHLOODQFH$VVHVVPHQW$6$ )HE
9HULILFDWLRQFXP$QQXDO6XUYHLOODQFH )HE
$VVHVVPHQW$6$
$QQXDO6XUYHLOODQFH$VVHVVPHQW$6$ 
$QQXDO6XUYHLOODQFH$VVHVVPHQW$6$ 
 
 
 






,QWHUWHN&HUWLILFDWLRQ,QWHUQDWLRQDO6GQ%KG
//HYHO7RZHU0HQDUD3*501R -DODQ3XGX8OX&KHUDV.XDOD/XPSXU0DOD\VLD
7HO)D[(PDLOLDP\VEDHQTXLU\#LQWHUWHNFRP
:HEVLWHZZZLQWHUWHNFRP






56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




7$%/(2)&217(176

6HFWLRQ &RQWHQW 3DJH1R
 6&23(2)$66(660(17 
 ,QWURGXFWLRQ 
 /RFDWLRQDGGUHVV*36DQGPDSPLOOHVWDWHVDQGKHFWDUDJH 
 'HVFULSWLRQRIVXSSO\EDVHIUXLWVRXUFHV 
 <HDURISODQWLQJVDQGF\FOH 
 6XPPDU\RI/DQG8VH±&RQVHUYDWLRQDQG+&9$UHDV 
 2WKHUFHUWLILFDWLRQVKHOGDQG8VHRI56327UDGHPDUNV 
 2UJDQL]DWLRQDOLQIRUPDWLRQFRQWDFWSHUVRQ 
 7RQQDJHV9HULILHGIRU&HUWLILFDWLRQ 
 7LPH%RXQG3ODQ 
 $EEUHYLDWLRQV8VHG 
 $66(660(17352&(66 
 $VVHVVPHQW0HWKRGRORJ\3ODQ 6LWH9LVLWV 
 'DWHRIQH[WVFKHGXOHGYLVLW 
 4XDOLILFDWLRQVRIWKH/HDG$VVHVVRUDQG$VVHVVPHQW7HDP 
 &HUWLILFDWLRQ%RG\ 
 3URFHVVRI6WDNHKROGHUFRQVXOWDWLRQ 
 $66(660(17),1',1*6 
 6XPPDU\RIILQGLQJV 
 6WDWXVRI,GHQWLILHG1RQFRPSOLDQFHDQG&RUUHFWLYH$FWLRQV2EVHUYDWLRQV 
DQG,GHQWLILHG3RVLWLYH(OHPHQWV
 6XPPDU\RI)HHGEDFN5HFHLYHGIURP6WDNHKROGHUVDQG)LQGLQJV 
 $66(660(17&21&/86,21$1'5(&200(1'$7,21 
 $FNQRZOHGJHPHQWRI,QWHUQDO5HVSRQVLELOLW\DQG&RQILUPDWLRQRI$VVHVVPHQW 
)LQGLQJV

 ,QWHUWHN5632&HUWLILFDWLRQ'HWDLOVIRUWKH308 




$33(1',&(6 
$SSHQGL[$ 4XDOLILFDWLRQVRIWKH/HDG$VVHVVRUDQG$VVHVVPHQW7HDP 
$SSHQGL[% $VVHVVPHQW3ODQ 
$SSHQGL[& 0DSVRIORFDWLRQ±0LOO(VWDWHV&RQVHUYDWLRQDQG+&9DUHDV 
$SSHQGL[' 3KRWRJUDSKVRI$VVHVVPHQWILQGLQJVDWWKH308 
$SSHQGL[( 7LPH%RXQG3ODQIRU2WKHU3ODQWDWLRQ0DQDJHPHQW8QLWV 
$SSHQGL[) 9HULILFDWLRQRXWFRPHDJDLQVW$6,&RPSOLDQFH$XGLWILQGLQJV 



56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




 6&23(2)$66(660(17


,QWURGXFWLRQ
7KLV9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ZDVFRQGXFWHGRQWKH3ODQWDWLRQ0DQDJHPHQW8QLW308
*XQXQJ0DV*URXSLQJRI6LPH'DUE\3ODQWDWLRQ6GQ%KGKHUHDIWHUDEEUHYLDWHGDV6'36%IURP)HE
WRDVVHVVWKHRUJDQL]DWLRQ¶VRSHUDWLRQVRIWKHPLOODQGLWVVXSSO\EDVHVIRUFRPSOLDQFHDJDLQVWWKH56323ULQFLSOHV
DQG&ULWHULD$SU0DOD\VLDQ1DWLRQDO,QWHUSUHWDWLRQ0<1,DQGWKH56326XSSO\&KDLQ&HUWLILFDWLRQ
6WDQGDUG1RYIRUWKH3DOP2LO0LOO

7KH9HULILFDWLRQ$VVHVVPHQWZDVFRQGXFWHGWRJHWKHUZLWKWKH$QQXDO6XUYHLOODQFH$VVHVVPHQWGXHWRWKHILQGLQJV
UDLVHGE\$6,GXULQJWKH&RPSOLDQFH$XGLWRQ2FW7KLVFRPELQHG$VVHVVPHQWZDVFRQGXFWHGDJDLQVW
WKHIXOOVHWRI56325HTXLUHPHQWVDQG6WDQGDUGV'HWDLOVRIWKHRXWFRPHVRIWKHYHULILFDWLRQRQ$6,&RPSOLDQFH
$XGLWDUHLQFOXGHGLQ$SSHQGL[)RIWKLVUHSRUW

7KHSODQWDWLRQPDQDJHPHQWXQLW308RUPDQDJHPHQW XQLWLVHTXLYDOHQWWRDFHUWLILFDWLRQXQLWDVGHILQHGLQWKH
5632&HUWLILFDWLRQ6\VWHPV'RFXPHQW(DFK308FRQVLVWVRIRQHPLOODQGLWVVXSSO\EDVHVZKLFKDUHPDGHXSRI
HVWDWHVRZQHGDQGRUPDQDJHGE\6'36%


/RFDWLRQDGGUHVV*36DQGPDSRISDOPRLOPLOODQGHVWDWHV
*XQXQJ0DV*URXSLQJFRQVLVWVRISDOPRLOPLOOQDPHO\*XQXQJ0DV3DOP2LO0LOODQGHVWDWHVDVLQGLFDWHGLQ
7DEOHEHORZZKLFKLQFOXGHVWKHDGGUHVVHVDQG*36ORFDWLRQVRIWKHPLOODQGHVWDWHV7KHORFDWLRQPDSVDUH
SURYLGHGLQ$SSHQGL[&

7DEOH$GGUHVVRI3DOP2LO0LOO(VWDWHVDQG*36/RFDWLRQ

*365HIHUHQFH
1DPH $GGUHVV
/DWLWXGH /RQJLWXGH
*XQXQJ0DV3DOP2LO0LOO ..6*XQXQJ0DV.%1R
ž1 ž(
320FDSDFLW\07KU .OXDQJ-RKRU:HVW0DOD\VLD
/DGDQJ*XQXQJ0DV.%1R ž1 ž(
*XQXQJ0DV(VWDWH
.OXDQJ-RKRU:HVW0DOD\VLD
/DGDQJ.HPSDV.OHEDQJ.%1R ž1 ž(
.HPSDV.OHEDQJ(VWDWH
3DORK-RKRU:HVW0DOD\VLD
/DGDQJ%XNLW3DORK.%1R
%XNLW3DORK(VWDWH ž1 ž(
3DORK-RKRU:HVW0DOD\VLD
/DGDQJ<RQJ3HQJ<RQJ3HQJ ž1 ž(
<RQJ3HQJ(VWDWH
-RKRU:HVW0DOD\VLD
















56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




'HVFULSWLRQRIVXSSO\EDVHIUXLWVRXUFHV


7KH VXSSO\ EDVH LH ))%VRXUFHV WR WKH 320 DW *XQXQJ 0DV *URXSLQJ 308 DUH IURP WKH DERYHPHQWLRQHG 
HVWDWHVDQGRWKHUFHUWLILHGHVWDWHVRI6'36%9HULILFDWLRQGRQHRQVLWHGXULQJWKH$VVHVVPHQWFRQILUPHGWKDWWKHUH
ZHUHQRRXWJURZHUVLQGHSHQGHQWVXSSOLHUVVPDOOKROGHUVLQYROYHGLQWKHVXSSO\RI))%WRWKHVDLG308

'HWDLOVRIWKHSODQWHGKHFWDUDJHIRUWKH))%VXSSO\WRWKH308DUHDVVKRZQLQ7DEOHEHORZ

7DEOH(VWDWH$UHD6XPPDU\

$UHD6XPPDU\KD $UHD6XPPDU\KD
±)< ±)<
(VWDWH
&HUWLILHG 3ODQWHG &HUWLILHG 3ODQWHG
7LWOHG$UHD $UHD 7LWOHG$UHD $UHD
*XQXQJ0DV(VWDWH    
.HPSDV.OHEDQJ(VWDWH    
%XNLW3DORK(VWDWH    
<RQJ3HQJ(VWDWH    
7RWDO    
1RWHV
 7KLV$VVHVVPHQWFRYHUHGWKHRYHUDOOODQGXVHIRURLOSDOPSODQWDWLRQDUHDVDQGWKHLGHQWLILHG&RQVHUYDWLRQDUHDVLQFOXGLQJ
+&9DUHDVPDUNHGRXWDWWKHHVWDWHV
 7KH HVWDWHV VDPSOHGIRU WKLV$VVHVVPHQW KDYH EHHQVHOHFWHG EDVHG RQ WKHLU SRWHQWLDO ULVNV RQ VRFLDO HQYLURQPHQWDO DQG
ELRGLYHUVLW\LVVXHVVXFKDVWKHLUSUR[LPLW\WRIRUHVWUHVHUYHVKLOOVLGHVULSDULDQ]RQHVDQGKLJKFRQVHUYDWLRQYDOXHDUHDV


 6XPPDU\RISODQWLQJVDQGF\FOH
7KH HVWDWHV EHHQ GHYHORSHG EHJLQQLQJ IURP  DQG WKH ODWHVWEHLQJIURP  UHSODQWLQJ DQG DUHDOO
FXUUHQWO\LQWKHVWDQGQGF\FOHRISODQWLQJIRUWKH2LO3DOPV7KHDJHSURILOHLVDVVKRZQLQ7DEOH


7DEOH$JH3URILOHRI3ODQWHG2LO3DOP)<

&\FOHRI 0DWXUH23KD ,PPDWXUH23KD

(VWDWH1DPH <HDURI3ODQWLQJ
3ODQWLQJ ±$ERYH\HDUV ±\HDUV EHORZ
± QGF\FOH
*XQXQJ0DV(VWDWH  
 VWF\FOH

 QGF\FOH  

.HPSDV.OHEDQJ(VWDWH
 VWF\FOH
± QGF\FOH
%XNLW3DORK(VWDWH  
 VWF\FOH
<RQJ3HQJ(VWDWH  QGF\FOH  
  7RWDO  






56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




 6XPPDU\RI/DQG8VH&RQVHUYDWLRQDQG+&9$UHDV
7KHVXPPDU\RI&RQVHUYDWLRQDQG+&9$UHDVDVLGHQWLILHGLQWKH308GXULQJWKLVDVVHVVPHQWLVDVVKRZQLQ7DEOH
EHORZ


7DEOH&RQVHUYDWLRQDQG+&9$UHDV

 6WDWHPHQWRI/DQG8VH+D )< )<

$6$ $6$
+HFWDUDJH±+D +HFWDUDJH±+D
 3ODQWHG$UHDKD±2LO3DOP  
 x 0DWXUH  

 x ,PPDWXUH  

 &RQVHUYDWLRQ$UHDKD  
 x FRPSULVLQJEXIIHU]RQHVDORQJVPDOOVWUHDPVKLOO\
 
DUHDVVZDPS\DQGXQSODQWDEOHDUHDV
 +&9$UHDKD  
 x FRPSULVLQJEXIIHU]RQHVQHDUIRUHVWUHVHUYHVULYHUV
 
ZDWHUFDWFKPHQWVEXULDO UHOLJLRXVVLWHV

2WKHUFHUWLILFDWLRQVKHOGDQG8VHRI56327UDGHPDUNV
3UHVHQWO\WKH320KROGVYDOLG2+6$6DQG6FHUWLILFDWLRQVIRUWKH3DOP2LO0LOO7KH5632¶VWUDGHPDUNV
DQGORJRDUHQRWEHLQJXVHGE\WKH308DXGLWHG,QVWUXFWLRQVIRUXVHZHUHSURYLGHGDQGDFNQRZOHGJHGE\WKH308
WKURXJKDVLJQHG0HPRUDQGXPRIFRPPLWPHQWDJUHHLQJWRDGKHUHWRWKHODWHVW³56325XOHVRQ&RPPXQLFDWLRQV 
&ODLPV´GXULQJWKHDVVHVVPHQW

2UJDQL]DWLRQDOLQIRUPDWLRQ&RQWDFW3HUVRQ

$W+HDG2IILFH
0DGDP6K\DODMD'HYL9DVXGHYDQ
+HDG6XVWDLQDELOLW\8QLW
/HYHO$0DLQ%ORFN
6LPH'DUE\3ODQWDWLRQ6GQ%KG
:LVPD*XWKULH-DODQ*HOHQJJDQJ%XNLW'DPDQVDUD
.XDOD/XPSXU0DOD\VLD
','
)D[
(PDLOVK\ODMDYDVXGHYDQ#VLPHGDUE\FRP


$W628*XQXQJ0DV*URXSLQJ
$PUDQELQ6D¶UL
0LOO0DQDJHU
/DGDQJ*XQXQJ0DV
.%1R.OXDQJ-RKRU:HVW0DOD\VLD
7HO
)D[
(PDLODPUDQVDUL#VLPHGDUE\FRP






56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



7RQQDJHV9HULILHGIRU&HUWLILFDWLRQ


7KHEUHDNGRZQRIDOOWKHVXSSOLHUVDQGWKHLUWRQQDJHVRI))%VXSSOLHGWRWKH320DW*XQXQJ0DV*URXSLQJ
EDVHGRQWKHUHSRUWLQJSHULRGIRU)<DUHDVVKRZQLQ7DEOHEHORZ

7DEOH7RQQDJHV9HULILHGIRU&HUWLILFDWLRQ5HSRUWLQJSHULRG-XOXQWLO-XQ
))%3URFHVVHG
  (VWDWH6XSSOLHU 0DLQ5HFHLYLQJ0LOO &HUWLILHG%\
07
  *XQXQJ0DV(VWDWH  *XQXQJ0DV320 ,QWHUWHN
  .HPSDV.OHEDQJ(VWDWH  *XQXQJ0DV320 ,QWHUWHN
  %XNLW3DORK(VWDWH  *XQXQJ0DV320 ,QWHUWHN
  <RQJ3HQJ(VWDWH  *XQXQJ0DV320 ,QWHUWHN
6XEWRWDOIURP628  
 
*XQXQJ0DV308RZQHVWDWHV
  &(31L\RU  %XNLW%HQXW320 &8&
  &(35HQJDP  +DGDSDQ320 &8&

  &KDDK(VWDWH  &KDDK320 %6,

  6J*HPDV  .RN)RK320 789

  /DPEDN(ODHLV  %XNLW%HQXW320 &8&

  1RUWK/DELV  &KDDK320 %6,

  0XDU5LYHU  .RN)RK320 789

  6SJ.LUL  &KDDK320 %6,

6XEWRWDOIURPRWKHUFHUWLILHG  
 
6'36%308VHVWDWHV
 *UDQGWRWDO   

7RWDODQQXDOWRQQDJHVRI))%VXSSOLHGIURPWKHVXSSO\EDVHWR*XQXQJ0DV*URXSLQJ320GXULQJWKHSUHYLRXV
SHULRGFXUUHQWDVVHVVPHQWDQGSURMHFWHGSHULRGDUHDVVKRZQLQ7DEOHEHORZ

7DEOH))%3URFHVVHGE\320IRU<HDUV5HSRUWLQJ3HULRG
))%3URFHVVHGLQ ))%3URFHVVHGIRU ))%3URFHVVHGLQ
(VWDWH6XSSOLHU -XO±-XQ -XO±-XQ -XO±-XQ
$FWXDO ±$FWXDO 3URMHFWHG 3URMHFWHG
 07  07  07 
628*XQXQJ0DV      
JURXSLQJ
2WKHUFHUWLILHG6'36%      
308VHVWDWHV
7RWDO      
6&&60RGHOIRU320 ,3 ,3 ,3






56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



 7KH DQQXDO FHUWLILHG WRQQDJHV RI &32 DQG 3. SURGXFWLRQ E\ WKH 308 IURP WKH VXSSO\ EDVHVXSSOLHUV DV
DVVHVVHGDQGYHULILHGGXULQJWKHFXUUHQWDVVHVVPHQWDUHGHWDLOHGDVVKRZQLQ7DEOHEHORZ


7DEOH7RWDO&HUWLILHG7RQQDJHVRI&32DQG3.IRU<HDUV5HSRUWLQJ3HULRG


)<± )<± )<

320
$FWXDO $FWXDO 3URMHFWHG 3URMHFWHG
7RWDOFHUWLILHG))%
  
3URFHVVHG07
7RWDOFHUWLILHG&32 2(5 2(5 2(5
  
3URGXFWLRQ07   
7RWDOFHUWLILHG3. .(5 .(5 .(5
  
3URGXFWLRQ07   

1RWH7KH320KDVHVWDEOLVKHGDQGPDLQWDLQHGSURFHGXUHVIRUWKHERRNNHHSLQJDQGPRQLWRULQJUHTXLUHPHQWVIRU
WKH&32DWWKHPLOODQGZDVYHULILHGWREHDGRSWLQJWKHµ,GHQWLW\3UHVHUYHG±,3¶PRGXOHLQDFFRUGDQFHZLWKWKH
56326XSSO\&KDLQ&HUWLILFDWLRQ6WDQGDUG1RYUHTXLUHPHQWV9HULILHGDFWLYLWLHVDQGFKHFNHGLWHPVIRUWKH
6&&6RIWKH320DUHUHSRUWHGLQVHFWLRQ7KH320PHHWVDOOWKHUHTXLUHPHQWVIRUWKH,30RGXOH


 7LPH%RXQG3ODQ


6'36%*URXSRSHUDWHVDQGSDOPRLOPLOOVLQ0DOD\VLDDQG,QGRQHVLDUHVSHFWLYHO\ZLWKRLOSDOPHVWDWHV
7KH RUJDQL]DWLRQ LV D PHPEHU RI 5632 VLQFH  6HS  DQG KDV EHHQ WDNLQJ DQ DFWLYH UROH LQ WKH 5632
FHUWLILFDWLRQ

6'36% KDG UHYLHZHG WKHLU 7LPH %RXQG 3ODQ 7%3 IURP WLPH WR WLPH DQG KDG VXEPLWWHG D SRVLWLYH DVVXUDQFH
VWDWHPHQWWRDVVXUHLWVFRPPLWPHQWWRFRQWLQXHGFRPSOLDQFHZLWK5632UHTXLUHPHQWVIRUDOOLWVFHUWLILHGDQGQRQ
FHUWLILHGXQLWV

5HIHUHQFHVRXUFH
 5632$QQXDO&RPPXQLFDWLRQRI3URJUHVV$&23±E\6'36%
KWWSZZZUVSRRUJPHPEHUVDFRSVHDUFK"QDPH 6LPH'DUE\ PHPEHUBW\SH 2UGLQDU\ PHPEHUBFDWHJ
RU\ RSJ DFRS\HDU 
KWWSZZZUVSRRUJILOHDFRSEVXEPLVVLRQVVLPHGDUE\SODQWDWLRQVGQEKG
$&23SGI

 5632&RPSODLQWVDQG&DVH7UDFNLQJ
KWWSZZZUVSRRUJPHPEHUVVWDWXVRIFRPSODLQWV"NH\ZRUGV VLPHGDUE\ FRXQWU\ FDWHJRU\ 
KWWSZZZUVSRRUJPHPEHUVFRPSODLQWVVWDWXVRIFRPSODLQWVYLHZ
KWWSZZZUVSRRUJPHPEHUVFRPSODLQWVVWDWXVRIFRPSODLQWVYLHZ

%DVHGRQ,QWHUWHN¶VUHYLHZRQWKHSURJUHVVPDGHWRGDWH6'36%LVFRQVLGHUHGWRKDYHPDLQWDLQHGLWVFRPPLWPHQW
XQGHU WKH  3DUWLDO FHUWLILFDWLRQ UHTXLUHPHQWV WR HQVXUH WKDW WKHUH ZHUH QR VLJQLILFDQW ODQG FRQIOLFWV QR
UHSODFHPHQWRISULPDU\IRUHVWRUDQ\DUHDFRQWDLQLQJ+&9VVLQFH1RYQRODERXUGLVSXWHVWKDWDUHQRWEHLQJ
UHVROYHGWKURXJKDQDJUHHGSURFHVVQRHYLGHQFHRIQRQFRPSOLDQFHZLWKODZLQDQ\RIWKHQRQFHUWLILHGXQLWV

6'36%KDGDOVRXSGDWHGLWVGHFODUDWLRQRQWKHRQHSODQWDWLRQXQLWLQ,QGRQHVLDZKLFKKDVVRFLDODQGODQGGLVSXWH
LVVXHVDQGWKHSURJUHVVRIUHVROXWLRQLVVWLOORQJRLQJ7KHVHKDYHEHHQUHYLHZHGDQGXSGDWHGLQWKH7LPH%RXQG
3ODQDVVXEPLWWHGE\6'36%

'HWDLOVRIWKHSUHVHQWVWDWXVRIWKH7LPH%RXQG3ODQDVVXEPLWWHGE\6'36%DUHLQ$SSHQGL[(







56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



 $EEUHYLDWLRQV8VHG

&% &HUWLILFDWLRQ%RG\ /7$ /RVW7LPH$FFLGHQWV

&+5$ &KHPLFDO+HDOWK 5LVN$VVHVVPHQW ,QWHUWHN ,QWHUWHN&HUWLILFDWLRQ,QWHUQDWLRQDO6GQ%KG

&32 &UXGH3DOP2LO 06'6 0DWHULDO6DIHW\'DWD6KHHWV

&6'6 &KHPLFDO6DIHW\'DWD6KHHWV 07&6 0DOD\VLD7LPEHU&HUWLILFDWLRQ6FKHPH

&632 &HUWLILHG6XVWDLQDEOH3DOP2LO 1&5 1RQ&RQIRUPDQFH5HSRUW

&63. &HUWLILHG6XVWDLQDEOH3DOP.HUQHO 1*2 1RQ*RYHUQPHQW2UJDQL]DWLRQ

()% (PSW\)UXLW%XQFK 2(5 2LO([WUDFWLRQ5DWH

(+6 (QYLURQPHQWDO+HDOWK 6DIHW\ 2+6 2FFXSDWLRQDO+HDOWK 6DIHW\

(,$ (QYLURQPHQWDO,PSDFW$VVHVVPHQW 3()& 3URJUDPPHIRUWKH(QGRUVHPHQWRI)RUHVW

&HUWLILFDWLRQ

(73 (IIOXHQW7UHDWPHQW3ODQW 3. 3DOP.HUQHO

))% )UHVK)UXLW%XQFK 308 3ODQWDWLRQ0DQDJHPHQW8QLW

*$3 *RRG$JULFXOWXUH3UDFWLFH 320 3DOP2LO0LOO

+&9 +LJK&RQVHUYDWLRQ9DOXHV 320( 3DOP2LO0LOO(IIOXHQW

,30 ,QWHJUDWHG3HVW0DQDJHPHQW 33( 3HUVRQDO3URWHFWLYH(TXLSPHQW

,6&& ,QWHUQDWLRQDO6XVWDLQDELOLW\ &DUERQ&HUWLILFDWLRQ 6&&6 6XSSO\&KDLQ&HUWLILFDWLRQ6WDQGDUG

,8&1 ,QWHUQDWLRQDO8QLRQIRU&RQVHUYDWLRQRI1DWXUH 6'36% 6LPH'DUE\3ODQWDWLRQ6GQ%KG

.(5 .HUQHO([WUDFWLRQ5DWH 623 6WDQGDUG2SHUDWLQJ3URFHGXUHV
































56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



 $66(660(17352&(66


 $VVHVVPHQW0HWKRGRORJ\3ODQDQG6LWH9LVLWV

6LQFH  -DQ  ,QWHUWHN KDV LQLWLDWHG SXEOLF FRPPXQLFDWLRQV DQG QRWLILFDWLRQV DQG LQYLWHG WKH UHOHYDQW
VWDNHKROGHUVEHIRUHWKHDVVHVVPHQWWRSURYLGHIHHGEDFNDQGFRPPHQWVRQWKHLUFRQFHUQLIDQ\RQ*XQXQJ0DV
*URXSLQJUHJDUGLQJWKHHQYLURQPHQWDOELRGLYHUVLW\FRPPXQLW\GHYHORSPHQWDQGRWKHUUHOHYDQWLVVXHV

)URP)HEWKH$VVHVVPHQW7HDPFRQGXFWHGWKHDVVHVVPHQWLQZKLFKRXWRIWKHHVWDWHVRI*XQXQJ
0DV*URXSLQJQDPHO\WKH*XQXQJ0DV(VWDWHDQG%XNLW3DORK(VWDWHDVZHOODVWKHSDOPRLOPLOOZHUHDVVHVVHG
IRUFRPSOLDQFHDJDLQVWWKH5632UHTXLUHPHQWV7KHQXPEHURIHVWDWHVVDPSOHGZDVEDVHGRQDPLQLPXPVDPSOH
RI¥\ZKHUH\LVWKHQXPEHURIPDQDJHPHQWVXEXQLWVDQGWKHVHOHFWLRQZDVPDGHEDVHGRQWKHLUSRWHQWLDOULVNV
RQVRFLDOHQYLURQPHQWDODQGELRGLYHUVLW\LVVXHVVXFKDVWKHLUSUR[LPLW\WRIRUHVWUHVHUYHVKLOOVLGHVULSDULDQ]RQHV
DQGKLJKFRQVHUYDWLRQYDOXHDUHDV

'XULQJWKHRQVLWHDVVHVVPHQWUHOHYDQWGRFXPHQWVDQGUHFRUGVLQFOXGLQJ6WDQGDUG2SHUDWLQJ3URFHGXUHV623
PDQDJHPHQWSODQVKHFWDUDJHGHYHORSPHQW))%&32DQG3.SURGXFWLRQRLOSDOPDJHSURILOHRSHUDWLRQDOFRQWUROV
DQGPHDVXUHVRSHUDWLRQDOGDWDDQGUHFRUGVWUDLQLQJUHFRUGVHWFZHUHUHYLHZHGDQGYHULILHGIRUFRPSOLDQFH7KH
$VVHVVPHQWWHDPXVLQJWKHSURFHVVDSSURDFKDXGLWLQJWHFKQLTXHFRYHUHGWKHSDOPRLOPLOODQGHVWDWHRSHUDWLRQV
DJULFXOWXUDOSUDFWLFHVSHVWPDQDJHPHQWSHVWLFLGHDQGIHUWLOL]HUDSSOLFDWLRQRFFXSDWLRQDOKHDOWKDQGVDIHW\VRFLDO
DFFRXQWDELOLW\ HQYLURQPHQW DQG RWKHU UHTXLUHPHQWV  6WDNHKROGHUV¶ LQWHUYLHZV ZHUH FRQGXFWHG GXULQJ WKH
DVVHVVPHQW DQG IHHGEDFN REWDLQHG DV SDUW RI LQIRUPDWLRQ DQG HYLGHQFH JDWKHULQJ 6HH VHFWLRQ  3URFHVV RI
VWDNHKROGHUFRQVXOWDWLRQ

*XQXQJ 0DV *URXSLQJ 320 ZDV DOVR DVVHVVHG DJDLQVW WKH UHTXLUHPHQWV RI 5632 6XSSO\ &KDLQ &HUWLILFDWLRQ
6WDQGDUG 1RY  IRU &32 PLOO  7KLV SDUW RI WKH DVVHVVPHQW FRYHUHG WKH YHULILFDWLRQ RI LPSOHPHQWDWLRQ RI
GRFXPHQWHG SURFHGXUHV DQG DYDLODELOLW\ RI UHFRUGV WR GHPRQVWUDWH FRPSOLDQFH DJDLQVW DOO WKH HOHPHQWV IRU WKH
µ,GHQWLW\3UHVHUYHG¶,30RGXOHUHTXLUHPHQWV7KHVHLQFOXGHGRFXPHQWHGSURFHGXUHSXUFKDVLQJDQGJRRGVLQ
UHFRUG NHHSLQJ VDOHV DQGJRRGV RXW SURFHVVLQJ PRQLWRULQJ DQG WUDFHDELOLW\RI WKH &632 DQG &63. TXDQWLWLHV
WUDLQLQJIRUVWDIIDQGFODLPV

7KHGHWDLOVRIWKH$VVHVVPHQW3ODQDFWXDORQVLWHDUHSURYLGHGLQ$SSHQGL[%

$IWHUFRPSOHWLRQRIWKHRQVLWHILHOGDVVHVVPHQW,QWHUWHNDOVRSHUIRUPHGWKHHYDOXDWLRQRIFRQIRUPLW\DJDLQVWWKH
5632&HUWLILFDWLRQ6\VWHPUHTXLUHPHQWVIRU&%7KHDVVHVVPHQWUHSRUWILQGLQJVDQGDVVRFLDWHGGRFXPHQWVZHUH
HYDOXDWHGWKURXJKDQLQGHSHQGHQWUHYLHZE\WKH,QWHUWHN,QWHUQDO7HFKQLFDO5HYLHZHU3DQHOSULRUWRWKHDSSURYDORI
WKLVUHSRUWDQGGHFLVLRQRQFRQWLQXHGFHUWLILFDWLRQE\,QWHUWHN





 'DWHRIQH[WVFKHGXOHGYLVLW

7KHQH[WVFKHGXOHGYLVLWZLOOEHWKHQH[W$QQXDO6XUYHLOODQFH$VVHVVPHQWZKLFKZLOOEHFDUULHGRXWZLWKLQDPRQWK
SHULRGRIWKHFHUWLILFDWHDQQLYHUVDU\GDWH


 4XDOLILFDWLRQVRIWKH/HDG$VVHVVRUDQG$VVHVVPHQW7HDP

&RPSHWHQF\GHWDLOVRIWKH/HDG$VVHVVRUDQG$VVHVVPHQW7HDPDUHJLYHQLQ$SSHQGL[$


 &HUWLILFDWLRQ%RG\

,QWHUWHN&HUWLILFDWLRQ,QWHUQDWLRQDO6GQ%KG>IRUPHUO\NQRZQDV0RRG\,QWHUQDWLRQDO&HUWLILFDWLRQ0DOD\VLD6GQ%KG@
LVSDUWRIWKH,QWHUWHN*URXSZKLFKLVDZRUOGZLGHWHFKQLFDOVHUYLFHVRUJDQL]DWLRQGHGLFDWHGWRUHGXFLQJFOLHQWV
ULVNV
E\SURYLGLQJWHFKQLFDOLQVSHFWLRQVHUYLFHVPDQDJHPHQWV\VWHPFHUWLILFDWLRQLQTXDOLW\HQYLURQPHQWDORFFXSDWLRQDO
VDIHW\  KHDOWK DQG SURGXFW FHUWLILFDWLRQ 5632 6&& ,6&& 0DULQH 6XVWDLQDELOLW\ &KDLQRI&XVWRG\ 07&6 DQG
3()& &KDLQRI &XVWRG\ FHUWLILFDWLRQ LQ DSSOLFDEOH LQGXVWU\VHFWRUV LQFOXGLQJ WKH DJULFXOWXUDO DQG IRUHVWU\ VHFWRUV
,QWHUWHN RSHUDWHV JOREDOO\ SURYLGLQJ FOLHQWV ZLWK D ZLGHUDQJLQJ WHFKQLFDO LQVSHFWLRQ H[SHUWLVH DQG DFFHVV WR
WKRXVDQGVRIVNLOOHGVSHFLDOLVWVZRUOGZLGH,QWHUWHN*URXS¶VFHUWLILFDWLRQEXVLQHVVLVUDQNHGLQWKHWRSZRUOGZLGH
DQGLVDYDLODEOHJOREDOO\RIIHULQJFHUWLILFDWLRQDFURVVDZLGHUDQJHRILQGXVWULHV



56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



 3URFHVVRIVWDNHKROGHUFRQVXOWDWLRQ


6WDNHKROGHU FRQVXOWDWLRQV EHJDQ ZLWK QRWLILFDWLRQ RI WKH XSFRPLQJ DVVHVVPHQW WKURXJK WKH ZHEVLWHV RI 5632
6'36%DQG,QWHUWHN(PDLOVZHUHVHQWWRDSSOLFDEOHVWDNHKROGHUVLQFOXGLQJJRYHUQPHQWDJHQFLHV1*2VDQGORFDO
FRPPXQLWLHV  (PDLOV DQG WHOHSKRQH HQTXLULHV ZHUH PDGH SULRU WR WKH DFWXDO DVVHVVPHQW DQG VWDNHKROGHU¶V
UHVSRQVHDQGIHHGEDFNUHFHLYHGZHUHIROORZHGXSDFFRUGLQJO\

'XULQJWKHDVVHVVPHQWVWDNHKROGHUVZHUHLQWHUYLHZHGDQGWKHLUIHHGEDFNVZHUHUHFRUGHG$PRQJWKHVWDNHKROGHUV
FRQVXOWHGZHUHZRUNHUVWUDGHXQLRQOHDGHUVZRPHQUHSUHVHQWDWLYHVORFDOFRPPXQLW\OHDGHUVUHSUHVHQWDWLYHVRI
JRYHUQPHQWGHSDUWPHQWVDJHQFLHV1*2VVXSSOLHUVDQGFRQWUDFWRUV

'HWDLOVRQVWDNHKROGHUV¶IHHGEDFN308UHVSRQVHDQG,QWHUWHNYHULILFDWLRQFRPPHQWVDUHSURYLGHGLQVHFWLRQ

$PRQJWKHOLVWRINH\VWDNHKROGHUVFRQVXOWHGZDVWKHIROORZLQJ

*RYHUQPHQW$JHQFLHVE\HPDLOV
 'HSDUWPHQWRI/DQGV$QG0LQHV.XDOD/XPSXU
 'HSDUWPHQWRI(QYLURQPHQW.XDOD/XPSXU
 'HSDUWPHQWRI)RUHVWU\3HQLQVXODU0DOD\VLD.XDOD/XPSXU
 'HSDUWPHQWRI,PPLJUDWLRQ.XDOD/XPSXU
 'HSDUWPHQWRI,UULJDWLRQ 'UDLQDJH.XDOD/XPSXU
 'HSDUWPHQWRI/DERXU.XDOD/XPSXU
 'HSDUWPHQWRI2FFXSDWLRQDO6DIHW\ +HDOWK.XDOD/XPSXU
 'HSDUWPHQWRI2UDQJ$VOL$IIDLUV.XDOD/XPSXU
 'HSDUWPHQWRI:LOGOLIH 1DWLRQDO3DUNV.XDOD/XPSXU
 'HSDUWPHQWRI(QYLURQPHQW-RKRU
 'HSDUWPHQWRI)RUHVWU\-RKRU
 'HSDUWPHQWRI,PPLJUDWLRQ-RKRU
 'HSDUWPHQWRI,UULJDWLRQ 'UDLQDJH-RKRU
 'HSDUWPHQWRI/DERXU-RKRU
 'HSDUWPHQWRI2FFXSDWLRQDO6DIHW\ +HDOWK-RKRU
 'HSDUWPHQWRI:LOGOLIH 1DWLRQDO3DUNV-RKRU
 /DQGDQG0LQHV2IILFH-RKRU
 3HUWXEXKDQ.HVHODPDWDQ6RVLDO3(5.(6262&62
 3HMDEDW7HQDJD.HUMD37.-RKRU

6WDWXWRU\%RGLHVE\HPDLOV
 0DOD\VLDQ3DOP2LO%RDUG032%+4
 0DOD\VLDQ3DOP2LO%RDUG032%1RUWKHUQ5HJLRQ
 0DOD\VLDQ3DOP2LO%RDUG032%&HQWUDO5HJLRQ
 0DOD\VLDQ3DOP2LO%RDUG032%6RXWKHUQ5HJLRQ
 0DOD\VLDQ3DOP2LO%RDUG032%(DVWHUQ5HJLRQ
 0DOD\VLDQ3DOP2LO%RDUG032%6DUDZDN5HJLRQ
 0DOD\VLDQ3DOP2LO%RDUG032%6DEDK5HJLRQ
 0DOD\VLD3DOP2LO$VVRFLDWLRQ.XDOD/XPSXU032$
 1DWLRQDO8QLRQRI3ODQWDWLRQ:RUNHUV183:
 0DOD\DQ$JULFXOWXUDO3URGXFHUV$VVRFLDWLRQ0$3$±+4
 0DOD\DQ$JULFXOWXUDO3URGXFHUV$VVRFLDWLRQ0$3$±6RXWKHUQ5HJLRQ
 81,21±$0(68

1*2VDQGRWKHUVE\HPDLOV
 $OO:RPHQ¶V$FWLRQ6RFLHW\$:$0
 %&6'0%XVLQHVV&RXQFLOIRU6XVWDLQDEOH'HYHORSPHQWLQ0DOD\VLD
 %RUQHR&KLOG$LG6RFLHW\+XPDQD
 %RUQHR5HVRXUFHV,QVWLWXWH0DOD\VLD%5,0$6
 %RUQHR5KLQR$OOLDQFH%25$
 &HQWHUIRU2UDQJ$VOL&RQFHUQV&2$&
 &HQWUHIRU(QYLURQPHQW7HFKQRORJ\DQG'HYHORSPHQW0DOD\VLD±&(7'(0
 (FR.QLJKWV
 (12$VLD(QYLURQPHQW
 (QYLURQPHQWDO3URWHFWLRQ6RFLHW\0DOD\VLD(360

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



 )ULHQGVRIWKH(DUWK0DOD\VLD
 *OREDO(QYLURQPHQW&HQWUH
 +87$1.LQDEDWDQJDQ2UDQJXWDQ&RQVHUYDWLRQ3URJUDPPH
 -867,QWHUQDWLRQDO0RYHPHQWIRUD-XVW:RUOG
 0DOD\VLDQ&URS/LIH 3XEOLF+HDOWK$VVRFLDWLRQ0&3$
 0DOD\VLDQ(QYLURQPHQWDO1*2V±0(1*2
 0DOD\VLDQ1DWLRQDO$QLPDO:HOIDUH)RXQGDWLRQ±01$:)
 0DOD\VLDQ3ODQW3URWHFWLRQ6RFLHW\0$336
 1DWLRQDO&RXQFLORI:HOIDUH 6RFLDO'HYHORSPHQW0DOD\VLD±1&:6'0
 3DUWQHUVRI&RPPXQLW\2UJDQLVDWLRQV3$&26
 3HVWLFLGH$FWLRQ1HWZRUN$VLDDQGWKH3DFLILF3$1$3
 3URIRUHVW6RXWK(DVW$VLD5HJLRQDO2IILFH
 5($&+±5HJLRQDO(QYLURQPHQWDO$ZDUHQHVV&DPHURQ+LJKODQGV
 6DEDK:HWODQGV&RQVHUYDWLRQ6RFLHW\6:&6
 6(3$±6DEDK(QYLURQPHQWDO3URWHFWLRQ$VVRFLDWLRQ
 68$5$0±6XDUD5DN\DW0DOD\VLD
 68+$.$0±1DWLRQDO+XPDQULJKWV6RFLHW\±3HUVDWXDQ.HEDQJVDDQ+DN$VDVL0DQXVLD
 7HQDJDQLWD6GQ%KG
 75$)),&±WKHZLOGOLIHWUDGHPRQLWRULQJQHWZRUN
 7UDQVSDUHQF\,QWHUQDWLRQDO±0DOD\VLDQ&KDSWHU
 7UHDW(YHU\(QYLURQPHQW6SHFLDO6GQ%KG7U((6
 8QLWHG1DWLRQV'HYHORSPHQW3URJUDPPH±81'30DOD\VLD
 :HWODQGV,QWHUQDWLRQDO0DOD\VLD
 :LOG$VLD6GQ%KG
 :RUOG:LGH)XQG::)+4

/RFDOFRPPXQLW\2QVLWHLQWHUYLHZV
 &RQVXOWDWLYH&RPPLWWHH *HQGHUUHSUHVHQWDWLYHV
 :RUNHUV :RUNHUVUHSUHVHQWDWLYHV
 9LOODJH+HDGV UHSUHVHQWDWLYHV
 6XSSOLHUV &RQWUDFWRUVUHSUHVHQWDWLYHV






























56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




 $66(660(17),1',1*6

 6XPPDU\RIILQGLQJV

3ULQFLSOH&RPPLWPHQWWRWUDQVSDUHQF\
&ULWHULRQ
*URZHUVDQGPLOOHUVSURYLGHDGHTXDWHLQIRUPDWLRQWRUHOHYDQWVWDNHKROGHUVRQHQYLURQPHQWDOVRFLDODQGOHJDO
LVVXHVUHOHYDQWWR5632&ULWHULDLQDSSURSULDWHODQJXDJHVDQGIRUPVWRDOORZIRUHIIHFWLYHSDUWLFLSDWLRQLQGHFLVLRQ
PDNLQJ
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KHUHVKDOOEH 7KH308KDGHVWDEOLVKHGDQGLPSOHPHQWHGWKHIROORZLQJGRFXPHQWHG &RPSOLHG
HYLGHQFHWKDWJURZHUV SURFHGXUHVIRUSURYLGLQJDGHTXDWHLQIRUPDWLRQRQHQYLURQPHQWDOVRFLDO
DQGPLOOHUVSURYLGH DQGOHJDOLVVXHVUHOHYDQWWR5632&ULWHULDWRUHOHYDQWVWDNHKROGHUVIRU
DGHTXDWHLQIRUPDWLRQ
HIIHFWLYHSDUWLFLSDWLRQLQGHFLVLRQPDNLQJ
XSRQUHTXHVWIRU
LQIRUPDWLRQRQ 6WDQGDUG2SHUDWLQJ3URFHGXUH623$SSHQGL[³+DQGOLQJ6RFLDO
HQYLURQPHQWDOVRFLDO ,VVXHV´
DQGRUOHJDOLVVXHV 6WDQGDUG2SHUDWLRQ0DQXDO620$SSHQGL[³3URFHGXUHIRU
UHOHYDQWWR5632&ULWHULD ([WHUQDO&RPPXQLFDWLRQ´
WRUHOHYDQWVWDNHKROGHUV 
IRUHIIHFWLYHSDUWLFLSDWLRQ 7KHPLOODQGHVWDWHPDQDJHPHQWKDYHUHVSRQGHGHIIHFWLYHO\DQG
LQGHFLVLRQPDNLQJ FRQVWUXFWLYHO\WRTXHULHVUHTXHVWVIURPWKHLUVWDNHKROGHUV7KLVZDV
0LQRU&RPSOLDQFH HYLGHQWIURPUHFRUGVRIPHHWLQJVDQGFRUUHVSRQGHQFHVZLWK
 VWDNHKROGHUVVXFKDVORFDODXWKRULWLHVXQLRQFRPPLWWHHVDQGORFDO
FRPPXQLW\OHDGHUVPDLQWDLQHGIRU)<-XO-XQ

'DWHRISXEOLFQRWLILFDWLRQRIWKLVDVVHVVPHQWRIWKH308ZDVPDGHRQ
-DQ
5HFRUGVRIUHTXHVWV 7KH308KDGHVWDEOLVKHGDQGPDLQWDLQHGDQXSGDWHGOLVWRILQWHUQDO &RPSOLHG
IRULQIRUPDWLRQDQG VWDNHKROGHUVH[WHUQDOVWDNHKROGHUVJRYHUQPHQWGHSDUWPHQWVDJHQFLHV
UHVSRQVHVVKDOOEH FRQVXOWDQWVFRQWUDFWRUVVXSSOLHUVWUDQVSRUWHUVQHLJKERXULQJHVWDWHV
PDLQWDLQHG
HWF
0DMRU&RPSOLDQFH 
 7KH320DQGHVWDWHVKDYHFRQGXFWHGWKHLUDQQXDOVWDNHKROGHUV¶
FRQVXOWDWLRQVEHWZHHQ-DQDQG)HE5HFRUGVRIIHHGEDFN
UHTXHVWVDQGUHVSRQVHVKDYHEHHQVXLWDEO\PDLQWDLQHG1RQHJDWLYH
UHPDUNVRUFRPSODLQWVJULHYDQFHVZHUHIRXQG

&ULWHULRQ
0DQDJHPHQWGRFXPHQWVDUHSXEOLFO\DYDLODEOHH[FHSWZKHUHWKLVLVSUHYHQWHGE\FRPPHUFLDOFRQILGHQWLDOLW\RU
ZKHUHGLVFORVXUHRILQIRUPDWLRQZRXOGUHVXOWLQQHJDWLYHHQYLURQPHQWDORUVRFLDORXWFRPHV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
0DQDJHPHQW 6'36%¶VSROLFLHVZHUHHIIHFWLYHO\GLVSOD\HGRQQRWLFHERDUGVDQGDW &RPSOLHG
GRFXPHQWVWKDWDUHPDGH DFFHVVLEOHORFDWLRQVDWWKHPLOODQGHVWDWHVRIILFHV3ROLFLHVDUHDYDLODEOH
DYDLODEOHWRWKHSXEOLF LQ(QJOLVKDQG%DKDVD0DOD\VLD
VKDOOLQFOXGHEXWDUHQRW

QHFHVVDULO\OLPLWHGWR
0DQDJHPHQWGRFXPHQWVWKDWDUHDYDLODEOHWRWKHSXEOLFLQFOXGHV
0DMRU&RPSOLDQFH 
 ODQGWLWOHVXVHUULJKWV
RFFXSDWLRQDOKHDOWKDQGVDIHW\SODQ
DVVHVVPHQWVUHODWLQJWRHQYLURQPHQWDQGVRFLDOLPSDFWV
SROOXWLRQSUHYHQWLRQSODQV
GHWDLOVRIFRPSODLQWV JULHYDQFHV
QHJRWLDWLRQSURFHGXUHV
FRQWLQXRXVLPSURYHPHQWSODQV
3XEOLFVXPPDU\RIFHUWLILFDWLRQDVVHVVPHQWUHSRUW

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



x /DQGWLWOHVXVHUULJKWV

7KHVHSXEOLFO\DYDLODEOHGRFXPHQWVLQFOXGHNH\LQGLFDWRUVRI
SHUIRUPDQFHOLNHHQYLURQPHQWDOSROOXWLRQDQGZDVWHPDQDJHPHQW
FRUSRUDWHVRFLDOUHVSRQVLELOLW\DFWLRQSODQVIRUWKHPLOODQGHVWDWHV
&RQWLQXDO,PSURYHPHQW$FWLRQ3ODQVLQFOXGHWDUJHWVIRU\LHOG
LPSURYHPHQWRLOH[WUDFWLRQUDWHDQGZDVWHUHGXFWLRQ

/DQGWLWOHVXVHUULJKWVKDYHEHHQPDLQWDLQHGDGHTXDWHO\1RRXWVWDQGLQJ &RPSOLHG
&ULWHULRQ
‡2FFXSDWLRQDOKHDOWKDQG
VDIHW\SODQV&ULWHULRQ
LVVXHVKDYHDULVHQVLQFHWKHSUHYLRXVDXGLW
&RSLHVRIDOOODQGWLWOHVZHUHDYDLODEOHDQGKDYHEHHQPDLQWDLQHGDWWKH
PLOODQGUHVSHFWLYHHVWDWHV2ULJLQDOFRSLHVDUHPDLQWDLQHGDWWKH+4

3ROLF\DQG+,5$&GRFXPHQWHGIRUWKHPLOODQGHVWDWHV7KH+,5$&ZDV &RPSOLHG
DOVRUHYLHZHGIRUWKHPLOODQGHVWDWHV

(QYLURQPHQW6DIHW\DQG+HDOWK(6+3ODQKDYHEHHQHVWDEOLVKHGDQG
SURJUHVVLYHO\LPSOHPHQWHGIRU)<7KH26+3ODQLVSDUWRI
WKH(6+3ODQ
7KH(6+3ODQLQFOXGHVWKHHVWDEOLVKPHQWDQGLPSOHPHQWDWLRQRI&+5$
PHGLFDOVXUYHLOODQFH)LUH'ULOOWUDLQLQJ)LUVW$LGWUDLQLQJ$XGLRPHWULF
WHVW33(WUDLQLQJHWF
‡3ODQVDQGLPSDFW
DVVHVVPHQWVUHODWLQJWR
HQYLURQPHQWDODQGVRFLDO
LPSDFWV
&ULWHULDDQG
320KDVFRQGXFWHGWKH(PHUJHQF\3UHSDUHGQHVV(53
6DIHW\&RPPLWWHHPHHWLQJVKHOGTXDUWHUO\IRU\HDU
3URJUDPPHVIRUSURWHFWLQJZRUNHUV¶KHDOWKDQGVDIHW\ZHUHUHYLHZHG
DQGVDWLVIDFWRULO\LPSOHPHQWHG
(QYLURQPHQWDO$VSHFWDQG,PSDFW$VVHVVPHQWFRQGXFWHGIRUWKH320 &RPSOLHG
DQGHVWDWHVDQGVLJQLILFDQWDVSHFWVLGHQWLILHG
6RFLDO,PSDFW$VVHVVPHQWFDUULHGRXWIRUWKH320DQGHVWDWHV3RVLWLYH
DQGQHJDWLYHLPSDFWVGRFXPHQWHG
 0DQDJHPHQWSODQVIRUVRFLDODQGHQYLURQPHQWDOLPSDFWVDVVHVVPHQW
KDYHEHHQUHYLHZHGFRQWLQXDOO\LPSOHPHQWHGDQGPRQLWRUHGIRU)<


‡+&9GRFXPHQWDWLRQ 7KH+&9,GHQWLILFDWLRQDQG$VVHVVPHQWZDVRULJLQDOO\FRQGXFWHGLQ-DQ &RPSOLHG
&ULWHULDDQG DQGGRFXPHQWHGDVWKH%LRGLYHUVLW\%DVHOLQH$VVHVVPHQW5HSRUW
7KH+&95H$VVHVVPHQWIRU628KDGEHHQFRQGXFWHGE\WKH3640
'HSDUWPHQWRI6'36%DQG)LQDO5HSRUWYHUVLRQ,,GDWHG$SU
,WZDVYHULILHGWKDWWKH0DQDJHPHQW$FWLRQ3ODQVIRU+&9DQG
&RQVHUYDWLRQDUHDVZHUHEHLQJUHYLHZHGLQFOXGLQJFKDQJHVZKHUH
QHHGHGLPSOHPHQWHGDQGPRQLWRUHGDWWKHUHVSHFWLYHHVWDWHV

‡3ROOXWLRQSUHYHQWLRQDQG 3ROOXWLRQ3UHYHQWLRQ3ODQVHVWDEOLVKHGIRU)<LQFOXGH &RPSOLHG
UHGXFWLRQSODQV&ULWHULRQ PHDVXUHVIRUSROOXWLRQFRQWUROVPRNHHPLVVLRQHIIOXHQWGLVFKDUJH
 VFKHGXOHZDVWHVXVHGOXEULFDQWVHPSW\SHVWLFLGHVFRQWDLQHUVXVHG
EDWWHULHVWLUHVFOLQLFDOZDVWHDQGRUJDQLFGRPHVWLFZDVWHVGLVSRVDO
UHXVHDQGUHF\FOLQJSDSHUJODVVVFUDSLURQDQGSHVWLFLGHVUHGXFWLRQ

‡'HWDLOVRIFRPSODLQWV 'HWDLOVRIFRPSODLQWVDQGJULHYDQFHVIRU)<KDYHEHHQ &RPSOLHG
DQGJULHYDQFHV&ULWHULRQ DGGUHVVHGLQWKHVWDNHKROGHUVPHHWLQJV

5HFRUGVRIFRPSODLQWVHQTXLULHVIURPLQWHUQDODQGH[WHUQDOVWDNHKROGHUV
ZHUHPDLQWDLQHG$FWLRQVIRXQGWREHDSSURSULDWHO\LPSOHPHQWHGDQG
UHFRUGHG
$VWRGDWHWKH308GLGQRWUHFHLYHDQ\FRPSODLQWVIURPDQ\H[WHUQDO
VWDNHKROGHUV

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



(PSOR\HHV&RQVXOWDWLYH&RXQFLO(&&UHSUHVHQWDWLYHVLQWHUYLHZHGKDG

FRQILUPHGWKDWWKHUHZHUHQRVHULRXVLVVXHV
‡1HJRWLDWLRQSURFHGXUHV 1HJRWLDWLRQ623±$SSRI6LPH'DUE\3ODQWDWLRQ4XDOLW\0DQDJHPHQW &RPSOLHG
&ULWHULRQ 6\VWHP0DQXDOKDGEHHQGRFXPHQWHG&XUUHQWGRFXPHQWLQWKH6'3
060DQXDOLVGDWHG1RY

‡&RQWLQXDOLPSURYHPHQW &RQWLQXDO,PSURYHPHQWV3ODQVKDYHEHHQHVWDEOLVKHGIRUVRFLDOVDIHW\ &RPSOLHG
SODQV&ULWHULRQ KHDOWKHQYLURQPHQWDOLPSDFWVSROOXWLRQSUHYHQWLRQLQWKHPLOODQG
HVWDWHRSHUDWLRQVIRU)<

‡3XEOLFVXPPDU\RI 3XEOLFVXPPDU\RIFHUWLILFDWLRQDVVHVVPHQWUHSRUWVDQGWKHLUVWDWXVDUH &RPSOLHG
FHUWLILFDWLRQDVVHVVPHQW PDGHSXEOLFO\DYDLODEOHDVSHUXVXDO5632SURFHGXUH
UHSRUW 
‡+XPDQ5LJKWV3ROLF\ 7KH+XPDQ5LJKWV3ROLF\KDVEHHQGRFXPHQWHGDQGFRPPXQLFDWHGWR &RPSOLHG
&ULWHULRQ DOOOHYHOVRIWKHZRUNIRUFHDQGRSHUDWLRQV&RSLHVRIWKHSROLF\IRXQGWR
EHGLVSOD\HGDWSURPLQHQWORFDWLRQVLQWKH320DQGHVWDWHV

&ULWHULRQ
*URZHUVDQGPLOOHUVFRPPLWWRHWKLFDOFRQGXFWLQDOOEXVLQHVVRSHUDWLRQVDQGWUDQVDFWLRQV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KHUHVKDOOEHD
7KH3ROLF\RIFRPPLWPHQWWRD&RGHRI(WKLFDO&RQGXFWDQG,QWHJULW\KDV &RPSOLHG
ZULWWHQSROLF\FRPPLWWLQJ
WRDFRGHRIHWKLFDO EHHQGRFXPHQWHGDQGVLJQHGE\WKH3UHVLGHQWDQG*URXS&(2RI
FRQGXFWDQGLQWHJULW\ 6'36%DQGFRPPXQLFDWHGWRDOOOHYHOVRIWKHZRUNIRUFHDQGRSHUDWLRQV
LQDOORSHUDWLRQVDQG &RSLHVRIWKHSROLF\IRXQGWREHGLVSOD\HGDWSURPLQHQWORFDWLRQVLQWKH
WUDQVDFWLRQVZKLFKVKDOO 320DQGHVWDWHV
EHGRFXPHQWHGDQG 7KHUHLVDERRNOHWFRQWDLQLQJGHWDLOVRIWKH&RGHRI(WKLFVIRUHPSOR\HHV
FRPPXQLFDWHGWRDOO
OHYHOVRIWKHZRUNIRUFH
RI6'36%*URXSRI&RPSDQLHV
DQGRSHUDWLRQV
0LQRU&RPSOLDQFH



3ULQFLSOH&RPSOLDQFHZLWKDSSOLFDEOHODZVDQGUHJXODWLRQV
&ULWHULRQ
7KHUHLVFRPSOLDQFHZLWKDOODSSOLFDEOHORFDOQDWLRQDODQGUDWLILHGLQWHUQDWLRQDOODZVDQGUHJXODWLRQV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
(YLGHQFHRI 7KH308KDVD/HJDO5HJLVWHUFRQWDLQLQJWKHDSSOLFDEOHORFDODQG &RPSOLHG
FRPSOLDQFHZLWKUHOHYDQW LQWHUQDWLRQDOODZVDQGUHJXODWLRQV&RPSOLDQFHWRHDFKODZDQG
OHJDOUHTXLUHPHQWVVKDOO UHJXODWLRQLVPRQLWRUHGE\WKH308
EHDYDLODEOH
7KHUHOHYDQWOHJLVODWLRQVLGHQWLILHGDQGOLVWHGFRYHUVDIHW\DQGKHDOWK
0DMRU&RPSOLDQFH
HQYLURQPHQWSROOXWLRQPDQDJHPHQWFKHPLFDOKDQGOLQJXVDJH 
VWRUDJHVFKHGXOHZDVWHPDQDJHPHQWODERXUODZV8QLRQV(3)
62&62+RXVLQJDQG$PHQLWLHV
%DVHGRQWKHVLWHREVHUYDWLRQVLQWHUYLHZVDQGUHFRUGVFKHFNLQJDWWKH
ILHOGDQGPLOOWKHUHZDVHYLGHQFHRIFRPSOLDQFHZLWKWKHUHOHYDQWODZV
UHJXODWLRQVORFDODQGLQWHUQDWLRQDOODZVDWWKH308
7KHUHZHUHQRFDVHVRIDQ\YLRODWLRQRUDFWLRQVLPSRVHGE\UHOHYDQW
DXWKRULWLHV6WDWXWRU\UHWXUQVWRUHOHYDQWDXWKRULWLHVILOHGDQGXSWRGDWH
/LFHQVHVDQGSHUPLWVZHUHPRQLWRUHGIRUWKHLUH[SLU\GDWHVDQGIRXQGWR
EHUHQHZHG([DPSOHVYHULILHGZHUH/LFHQVHIRU)RUHLJQ:RUNHUV
(PSOR\PHQW:RUNHUV:DJHV'HGXFWLRQ3HUPLW/LFHQVHIRU&RQWUROOHG

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



,WHPV±'LHVHODQG)HUWLOL]HU032%OLFHQVH'26+&HUWLILFDWH'2(
OLFHQVH%20%$)LUH&HUWLILFDWH(QHUJ\&RPPLVVLRQ/LFHQVH,QVXUDQFH
IRUIRUHLJQZRUNHUVLQHVWDWHV
(QYLURQPHQWDO4XDOLW\$FWDQG(QYLURQPHQWDO4XDOLW\6FKHGXOHG
:DVWHV5HJXODWLRQV6FKHGXOHGZDVWHVVXFKDVK\GUDXOLFDQG
XVHGPRWRURLOVUDJVHPSW\FKHPLFDODQGOXEULFDQWVFRQWDLQHUV
FROOHFWHGDWVL[PRQWKO\LQWHUYDOVE\'2(OLFHQVHGFRQWUDFWRU
:HLJKWDQG0HDVXUHV$FWUHJXODWLRQV$:HLJKEULGJHV
ZHUHGXO\FDOLEUDWHG
)DFWRU\DQG0DFKLQHU\$FW5HJXODWLRQV6WHDPHQJLQHHUV
*UDGHDQGERLOHUPHQDQGHOHFWULFLDQVZHUHQRWHGWREHZLWKYDOLG
FHUWLILFDWHVIURPUHOHYDQWDXWKRULWLHV'26+DQG(QHUJ\&RPPLVVLRQ
7KH320KDVPDLQWDLQHGDERLOHUUHJLVWHUWKDWLQGLFDWHWKHGDWHRI
FRPPLVVLRQFOHDQHGLQVSHFWHGWHVWHGRUUHSDLUHG9DOLGFHUWLILFDWHVRI
ILWQHVVIRUERLOHUVVWHULOL]HUVDLUUHFHLYHUVWKHUPDOGHDHUDWRUVWHDP
VHSDUDWRUYDFXXPRLOGU\HUHWFLVVXHGE\'26+
9DOLGOLFHQVHIRUGLHVHOJHQHUDWRUVLVVXHGE\(QHUJ\&RPPLVVLRQ
³6XUXKDQMD\D7HQDJD´
9DOLGOLFHQVHVIRUDXWKRUL]HGJDVWHVWHU$&7DXWKRUL]HGHQWUDQWDQG
VWDQGE\E\SHUVRQIRUFRQILQHGVSDFHDFWLYLWLHVLQ320
2FFXSDWLRQDO+HDOWKDQG6DIHW\$FW6DIHW\DQGKHDOWKPHHWLQJV
FRQGXFWHGDWTXDUWHUO\LQWHUYDOV1RLVH0RQLWRULQJ5HSRUWLVDYDLODEOH
 7KH308KDVHVWDEOLVKHGDQGLPSOHPHQWHGDGRFXPHQWHGV\VWHPIRU &RPSOLHG
$GRFXPHQWHGV\VWHP LGHQWLI\LQJGHWHUPLQLQJUHYLHZLQJDQGXSGDWLQJDSSOLFDEOHOHJDODQG
ZKLFKLQFOXGHVZULWWHQ RWKHUUHTXLUHPHQWV,WLQFOXGHGWKHOLVWLQJRIODZVDQGUHJXODWLRQVWKDW
LQIRUPDWLRQRQOHJDO ZHUHEHLQJPRQLWRUHGIRUFKDQJHVDQGUHIHUHQFH
UHTXLUHPHQWVVKDOOEH
PDLQWDLQHG 
0LQRU&RPSOLDQFH
 (YDOXDWLRQRIOHJDOUHTXLUHPHQWVDQGWKH308FRPSOLDQFHVWDWXVWRHDFK &RPSOLHG
$PHFKDQLVPIRUHQVXULQJ OHJDOUHTXLUHPHQWLVPRQLWRUHGFRQWLQXRXVO\/DWHVWHYDOXDWLRQZDV
FRPSOLDQFHVKDOOEH FRQGXFWHGRQ
LPSOHPHQWHG
1ROLFHQVHVRUSHUPLWVIRXQGWREHLQYDOLGRUH[SLUHGGXULQJWKHDXGLW
0LQRU&RPSOLDQFH

$V\VWHPIRU 7KH6XVWDLQDELOLW\7HDPIURP6'36%VXSSRUWVWKH308WRHQVXUHDOO &RPSOLHG
WUDFNLQJDQ\FKDQJHVLQ DSSOLFDEOHODZVLQFOXGLQJLQWHUQDWLRQDODQGUDWLILHGFRQYHQWLRQV
WKHODZVKDOOEH DSSOLFDEOHLQ0DOD\VLDWRWKHLURSHUDWLRQVDUHOLVWHGDQGXSGDWHGLQWKHLU
LPSOHPHQWHG /HJDO5HJLVWHU7KH308DOVRWUDFNWKHFKDQJHVLQOHJDOUHTXLUHPHQWV
0LQRU&RPSOLDQFH

&ULWHULRQ
7KHULJKWWRXVHWKHODQGLVGHPRQVWUDWHGDQGLVQRWOHJLWLPDWHO\FRQWHVWHGE\ORFDOSHRSOHZKRFDQGHPRQVWUDWH
WKDWWKH\KDYHOHJDOFXVWRPDU\RUXVHUULJKWV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
'RFXPHQWVVKRZLQJ
&RSLHVRIWKHODQGWLWOHVRIWKHUHVSHFWLYHHVWDWHVZHUHPDLQWDLQHGDQG &RPSOLHG
OHJDORZQHUVKLSRUOHDVH
KLVWRU\RIODQGWHQXUH IRXQGWREHLQSURSHURUGHU7KHRULJLQDOFRSLHVDUHPDLQWDLQHGE\WKH
FRQILUPDWLRQIURP &RUSRUDWH+HDG2IILFH
FRPPXQLW\OHDGHUVEDVHG /DQGWLWOHVZHUHYHULILHGLQFOXGLQJSD\PHQWRIODQGWD[GXULQJWKHDXGLW
RQKLVWRU\RIFXVWRPDU\ /DQGRZQHUVKLSRUOHDVHIRXQGWREHLQRUGHU7KHUHLVQRFKDQJHLQWKH
ODQGWHQXUHUHFRJQLVHG ODQGRZQHUVKLSVLQFHWKHODVWDVVHVVPHQW
1DWLYH&XVWRPDU\5LJKW
1&5ODQGDQGWKH 7KHOHJDOXVHRIWKHODQGZDVFRQILUPHGIRUWKHFXOWLYDWLRQRIRLOSDOPV
DFWXDOOHJDOXVHRIWKH DQGDJULFXOWXUDOXVH
ODQGVKDOOEHDYDLODEOH 
0DMRU&RPSOLDQFH

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



7KHUHLVHYLGHQFH
/RFDWLRQVRIVHYHUDOERXQGDU\VWRQHVDQGSROHPDUNHUVZHUHYLVLWHGDQG &RPSOLHG
WKDWSK\VLFDOPDUNHUVDUH
ORFDWHGDQGYLVLEO\ YHULILHGWREHZLWKLQWKHERXQGDU\SDUDPHWHUVRIWKHHVWDWHV
PDLQWDLQHGDORQJWKHOHJDO 'HPDUFDWLRQZDVDOVRHYLGHQFHGE\WKHGXJXSWUHQFKHVDQGGUDLQV
ERXQGDULHVSDUWLFXODUO\ ZKLFKZHUHDGMDFHQWWRQHLJKERULQJHVWDWHV
DGMDFHQWWRVWDWHODQG
1&5ODQGDQGUHVHUYHV
0LQRU&RPSOLDQFH

:KHUHWKHUHDUHRU 7KHUHKDVEHHQQRGLVSXWHRQWKHODQGULJKWVLQWKH308 1RW
KDYHEHHQGLVSXWHV $VVXFKWKHSURFHVVRIIDLUFRPSHQVDWLRQDQG)3,&LVFXUUHQWO\QRW DSSOLFDEOH
DGGLWLRQDOSURRIRIOHJDO DSSOLHG
DFTXLVLWLRQRIWLWOHDQG
HYLGHQFHWKDWIDLU
FRPSHQVDWLRQKDVEHHQ
PDGHWRSUHYLRXVRZQHUV
DQGRFFXSDQWVVKDOOEH
DYDLODEOHDQGWKDWWKHVH
KDYHEHHQDFFHSWHGZLWK
IUHHSULRUDQGLQIRUPHG
FRQVHQW)3,&
0LQRU&RPSOLDQFH

7KHUHVKDOOEHDQ 7KHHVWDWHODQGVDWWKH308DUHOHJDOO\RZQHGRUOHDVHGE\6'36%DQG &RPSOLHG
DEVHQFHRIVLJQLILFDQW QRRWKHUXVHUVZHUHLGHQWLILHGLQWKHODQGDUHD
ODQGFRQIOLFWXQOHVV 7KHH[LVWLQJHVWDWHVDUHQRWHQFXPEHUHGE\DQ\FXVWRPDU\ODQGULJKWV
UHTXLUHPHQWVIRU
DQGWKHUHLVQRODQGFRQIOLFW
DFFHSWDEOHFRQIOLFW
UHVROXWLRQSURFHVVHVVHH 
&ULWHULDDQGDUH
LPSOHPHQWHGDQG
DFFHSWHGE\WKHSDUWLHV
LQYROYHG
0DMRU&RPSOLDQFH

)RUDQ\FRQIOLFWRU 7KHHVWDWHODQGVDWWKH308DUHOHJDOO\RZQHGRUOHDVHGE\6'36%DQG 1RW
GLVSXWHRYHUWKHODQGWKH QRRWKHUXVHUVZHUHLGHQWLILHGLQWKHODQGDUHD DSSOLFDEOH
H[WHQWRIWKHGLVSXWHG 7KHH[LVWLQJHVWDWHVDUHQRWHQFXPEHUHGE\DQ\FXVWRPDU\ODQGULJKWV
DUHDVKDOOEHPDSSHGRXW
DQGWKHUHLVQRODQGFRQIOLFW7KHUHIRUHSDUWLFLSDWRU\PDSSLQJLVQRW
LQDSDUWLFLSDWRU\ZD\ZLWK
LQYROYHPHQWRIDIIHFWHG UHTXLUHG
SDUWLHVLQFOXGLQJ 
QHLJKERXULQJFRPPXQLWLHV
DQGUHOHYDQWDXWKRULWLHV
ZKHUHDSSOLFDEOH
0LQRU&RPSOLDQFH
7RDYRLGHVFDODWLRQ 7KHHVWDWHODQGVDWWKH308DUHOHJDOO\RZQHGRUOHDVHGE\6'36%DQG &RPSOLHG
RIFRQIOLFWWKHUHVKDOOEH QRRWKHUXVHUVZHUHLGHQWLILHGLQWKHODQGDUHD
QRHYLGHQFHWKDWSDOPRLO 1RFRQIOLFWRUGLVSXWHRYHUWKHODQGVLQWKH308
RSHUDWLRQVKDYHLQVWLJDWHG 1R LQFLGHQW RI YLROHQFH EHLQJ LQVWLJDWHG LQ WKHLU FXUUHQW DQG SODQQHG
YLROHQFHLQPDLQWDLQLQJ RSHUDWLRQV
SHDFHDQGRUGHULQWKHLU
FXUUHQWDQGSODQQHG 
RSHUDWLRQV
0DMRU&RPSOLDQFH


&ULWHULRQ
8VHRIWKHODQGIRURLOSDOPGRHVQRWGLPLQLVKWKHOHJDOFXVWRPDU\RUXVHUULJKWVRIRWKHUXVHUVZLWKRXWWKHLUIUHH
SULRUDQGLQIRUPHGFRQVHQW
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



0DSVRIDQ 7KHHVWDWHODQGVDWWKH308DUHOHJDOO\RZQHGRUOHDVHGE\6'36%DQG &RPSOLHG

DSSURSULDWHVFDOHVKRZLQJ
WKHH[WHQWRIUHFRJQLVHG
OHJDOFXVWRPDU\RUXVHU
ULJKWV&ULWHULD
QRRWKHUXVHUVZHUHLGHQWLILHGLQWKHODQGDUHD
7KHH[LVWLQJHVWDWHVDUHQRWHQFXPEHUHGE\DQ\FXVWRPDU\ODQGULJKWV
DQGWKHUHLVQRODQGFRQIOLFW7KHUHIRUHSDUWLFLSDWRU\PDSSLQJLVQRW
DQGVKDOOEH UHTXLUHG
GHYHORSHGWKURXJK
SDUWLFLSDWRU\PDSSLQJ
LQYROYLQJDIIHFWHGSDUWLHV
LQFOXGLQJQHLJKERXULQJ
FRPPXQLWLHVZKHUH
DSSOLFDEOHDQGUHOHYDQW
DXWKRULWLHV
0DMRU&RPSOLDQFH
&RSLHVRIQHJRWLDWHG
DJUHHPHQWVGHWDLOLQJWKH
SURFHVVRIIUHHSULRUDQG
7KHHVWDWHODQGVDWWKH308DUHOHJDOO\RZQHGRUOHDVHGE\6'36%DQG &RPSOLHG
QRRWKHUXVHUVZHUHLGHQWLILHGLQWKHODQGDUHD
1RFRQIOLFWRUGLVSXWHRYHUWKHODQGVLQWKH308
LQIRUPHGFRQVHQW)3,& 7KHUHLVQRLQIULQJHPHQWRIDQ\OHJDOULJKWVWKDWUHTXLUHIUHHSULRUDQG
&ULWHULDDQG LQIRUPHGFRQVHQW)3,&
VKDOOEHDYDLODEOHDQG 
VKDOOLQFOXGH
D(YLGHQFHWKDWDSODQ
KDVEHHQGHYHORSHG
WKURXJKFRQVXOWDWLRQDQG
GLVFXVVLRQZLWKDOO
DIIHFWHGJURXSVLQWKH
FRPPXQLWLHVDQGWKDW
LQIRUPDWLRQKDVEHHQ
SURYLGHGWRDOODIIHFWHG
JURXSVLQFOXGLQJ
LQIRUPDWLRQRQWKHVWHSV
WKDWVKDOOEHWDNHQWR
LQYROYHWKHPLQGHFLVLRQ
PDNLQJ
E(YLGHQFHWKDWWKH
FRPSDQ\KDVUHVSHFWHG
FRPPXQLWLHV¶GHFLVLRQVWR
JLYHRUZLWKKROGWKHLU
FRQVHQWWRWKHRSHUDWLRQ
DWWKHWLPHWKDWWKLV
GHFLVLRQZDVWDNHQ
F(YLGHQFHWKDWWKHOHJDO
HFRQRPLFHQYLURQPHQWDO
DQGVRFLDOLPSOLFDWLRQVIRU
SHUPLWWLQJRSHUDWLRQVRQ
WKHLUODQGKDYHEHHQ
XQGHUVWRRGDQGDFFHSWHG
E\DIIHFWHGFRPPXQLWLHV
LQFOXGLQJWKHLPSOLFDWLRQV
IRUWKHOHJDOVWDWXVRIWKHLU
ODQGDWWKHH[SLU\RIWKH
FRPSDQ\¶VWLWOH
FRQFHVVLRQRUOHDVHRQ
WKHODQG
0LQRU&RPSOLDQFH
$OOUHOHYDQW 7KHHVWDWHODQGVDWWKH308DUHOHJDOO\RZQHGRUOHDVHGE\6'36%DQG 1RW
LQIRUPDWLRQVKDOOEH QRRWKHUXVHUVZHUHLGHQWLILHGLQWKHODQGDUHD DSSOLFDEOH
DYDLODEOHLQDSSURSULDWH 1RFRQIOLFWRUGLVSXWHRYHUWKHODQGVLQWKH308$VVXFKWKLVSURFHVV
IRUPVDQGODQJXDJHV LVQRWDYDLODEOHIRUYHULILFDWLRQ
LQFOXGLQJDVVHVVPHQWVRI
LPSDFWVSURSRVHGEHQHILW
VKDULQJDQGOHJDO
DUUDQJHPHQWV
0LQRU&RPSOLDQFH

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



(YLGHQFHVKDOOEH 7KHHVWDWHODQGVDWWKH308DUHOHJDOO\RZQHGRUOHDVHGE\6'36%DQG 1RW

DYDLODEOHWRVKRZWKDW QRRWKHUXVHUVZHUHLGHQWLILHGLQWKHODQGDUHD DSSOLFDEOH
FRPPXQLWLHVDUH 1RFRQIOLFWRUGLVSXWHRYHUWKHODQGVLQWKH308$VVXFKWKLVSURFHVV
UHSUHVHQWHGWKURXJK LVQRWDYDLODEOHIRUYHULILFDWLRQ
LQVWLWXWLRQVRU
UHSUHVHQWDWLYHVRIWKHLU
RZQFKRRVLQJLQFOXGLQJ
OHJDOFRXQVHO
0DMRU&RPSOLDQFH

3ULQFLSOH&RPPLWPHQWWRORQJWHUP(FRQRPLF )LQDQFLDO9LDELOLW\
&ULWHULRQ
7KHUHLVDQLPSOHPHQWHGPDQDJHPHQWSODQWKDWDLPVWRDFKLHYHORQJWHUPHFRQRPLFDQGILQDQFLDOYLDELOLW\
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
$EXVLQHVVRU 3DOP2LO0LOOKDGGRFXPHQWHG%XVLQHVV0DQDJHPHQW3ODQIRUWKH &RPSOLHG
PDQDJHPHQWSODQ FXUUHQW)<DQGWKHQH[WWKUHH\HDUVZLWKGHWDLOVRIEXGJHW
PLQLPXPWKUHH\HDUV DQGFRVWVRIRSHUDWLRQWKDWLQFOXGHWKHIROORZLQJ
VKDOOEHGRFXPHQWHGWKDW
LQFOXGHVZKHUH 0LOOH[WUDFWLRQUDWHV 2(5DQG.(5WUHQGV
DSSURSULDWHDEXVLQHVV &RVWRI3URGXFWLRQ &RVW07&32WUHQGV
FDVHIRUVFKHPH
VPDOOKROGHUV )RUHFDVWSULFHV
0DMRU&RPSOLDQFH )LQDQFLDOLQGLFDWRUV &DSLWDO([SHQGLWXUH&RVWRIODERXU VHUYLFHV
 FRVWRIVXSSOLHVDQGHTXLSPHQWGHSUHFLDWLRQFRVWVVDODU\FRVWV
PDQDJHPHQWFRVWVFRVWRIPDWHULDOVHWF
7KHHVWDWHVKDYH%XVLQHVV0DQDJHPHQW3ODQIRUWKHFXUUHQW)<
DQGWKHQH[WIRXU\HDUVZLWKGHWDLOVRIEXGJHWDQGFRVWVRI
RSHUDWLRQWKDWLQFOXGHWKHIROORZLQJ
5HSODQWLQJSURJUDPSODQWLQJPDWHULDOV'[3VHHGOLQJ
&URSSURMHFWLRQ ))%\LHOGKDWUHQGV
&RVWRI3URGXFWLRQ &RVW07))%WUHQGV
)RUHFDVWSULFHV
)LQDQFLDOLQGLFDWRUV &DSLWDO([SHQGLWXUH&RVWRIODERXUFRVWRI
IDFLOLWLHVFRVWRIPDWHULDOVHWF
&URSDQGRSHUDWLRQEXGJHWFRYHUZHHGLQJPDQXULQJKDUYHVWLQJ
FROOHFWLRQDQGWUDQVSRUWLQJSUXQLQJGUDLQVDQGURDGV
7KHEXGJHWVDOVRLQFOXGHSURYLVLRQVIRUVXVWDLQDELOLW\HIIRUWVDQG
LPSURYHPHQWSURJUDPPHVHQYLURQPHQWDODVSHFWVRQURDGPDLQWHQDQFH
GRPHVWLFZDVWHFROOHFWLRQPDLQWHQDQFHRIEXIIHU]RQHV
0LOODQG(VWDWH0DQDJHUVPRQLWRUWKHRSHUDWLRQDOSHUIRUPDQFHDJDLQVW
.H\3HUIRUPDQFH,QGLFDWLRQVDQGWDUJHWVFRVWV))%\LHOGVTXDOLW\
$QDQQXDOUHSODQWLQJ
SURJUDPPHSURMHFWHGIRU
DPLQLPXPRIILYH\HDUV
EXWORQJHUZKHUH
QHFHVVDU\WRUHIOHFWWKH
56325HSRUW0D\
SURGXFWLYLW\SHVWLFLGHVXVDJHIHUWLOL]HUVXVDJHHWF
7KHUHLVHYLGHQFHRIPRQLWRULQJRIFRVWVDJDLQVWEXGJHWWRDFKLHYH
VSHFLILHGWDUJHWV
3HUIRUPDQFHVDUHGLVFXVVHGLQWKHPRQWKO\PHHWLQJVKHOGDWWKH308
DQGLVVXHVDQGDFWLRQVQHHGHGDUHUHFRUGHGIRUIROORZXSLQWKHQH[W
PRQWKO\PHHWLQJ7KHUHFRUGVRIWKHVHPHHWLQJVZHUHDYDLODEOHDQG
YHULILHGGXULQJWKHDXGLW
0RQWKO\TXDUWHUO\KDOI\HDUO\DQG\HDUO\UHSRUWVDUHVXEPLWWHGWRWKH
+4
$QQXDOUHSODQWLQJSURJUDPPHIRUWKHHVWDWHVSURMHFWHGWRZHUH &RPSOLHG
YHULILHGDVIROORZV
+DLQ
%XNLW3DORK
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



PDQDJHPHQWRIIUDJLOH *XQXQJ0DV
VRLOVVHH&ULWHULRQ
ZLWK\HDUO\UHYLHZVKDOO
EHDYDLODEOH
0LQRU&RPSOLDQFH


3ULQFLSOH8VHRIDSSURSULDWHEHVWSUDFWLFHVE\JURZHUVDQGPLOOHUV

&ULWHULD
2SHUDWLQJSURFHGXUHVDUHDSSURSULDWHO\GRFXPHQWHGFRQVLVWHQWO\LPSOHPHQWHGDQGPRQLWRUHG
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
6WDQGDUG2SHUDWLQJ 320KDVGRFXPHQWHG623VIRUWKHIROORZLQJ &RPSOLHG
3URFHGXUHV623VIRU 6WDQGDUG2SHUDWLRQ0DQXDO620IRU3DOP2LO0LOOGDWHG
HVWDWHVDQGPLOOVVKDOOEH LVVXHYHU
GRFXPHQWHG
0LOO4XDOLW\0DQDJHPHQW6\VWHP0406620
0DMRU&RPSOLDQFH
 2FFXSDWLRQDO6DIHW\ +HDOWK26+0DQXDOGDWHG,VVXH
YHU
/DERUDWRU\3URFHVV&RQWURO0DQXDOGDWHGLVVXHYHU

*XLGHOLQHRQ3ODQWDWLRQ6HFXULW\8SVWUHDPGDWHGLVVXH
623IRU6XVWDLQDELOLW\6XSSO\&KDLQDQG7UDFHDELOLW\
6'6'33640GDWHG

7KHHVWDWHVKDYHWKHIROORZLQJ623V
6LPH'DUE\$JULFXOWXUDO5HIHUHQFH0DQXDO,VVXH<HDUYHU
7KHPDQXDOGHVFULEHVRSHUDWLRQDOSURFHGXUHRIQXUVHU\SUDFWLFHVODQG
SUHSDUDWLRQSODQWLQJSUDFWLFHVJURXQGFRYHUPDLQWHQDQFHURDGV
LPPDWXUHVWDJHKDUYHVWLQJFROOHFWLRQRIEXQFKHVPDQXULQJSHVWLFLGH
DSSOLFDWLRQSHVWV GLVHDVHVFRQWURO
*XLGHOLQHVRQ5LYHU5HVHUYH0DQDJHPHQWGDWHG$XJ

$PHFKDQLVPWR
FKHFNFRQVLVWHQW
LPSOHPHQWDWLRQRI
SURFHGXUHVVKDOOEHLQ
SODFH
0LQRU&RPSOLDQFH
5HOHYDQW.H\3HUIRUPDQFH,QGLFDWRUV.3,VVSHFLILHGIRUTXDOLW\
HQYLURQPHQWVDIHW\DQGFRVWFRQWURO
7KHUHLVDPHFKDQLVPWRFKHFNWKHLPSOHPHQWDWLRQRIWKH623V 
,QWHUQDODXGLWE\*URXS&RUSRUDWH$VVXUDQFH'HSWGRQHLQ6HSW 
)LHOGLQVSHFWLRQE\$JURQRPLVW 
3ODQWDWLRQ$GYLVRU\5HSRUWRI-XO\ 
 $XGLWE\3ODQWDWLRQ6XVWDLQDELOLW\4XDOLW\0DQDJHPHQW36407HDP 
5HFRUGVKDGEHHQNHSWE\WKHVWDIIFRQFHUQHGIRUHDFKRSHUDWLRQWR 
PRQLWRUWKHSURFHGXUHDQGSURJUHVVRIZRUNDQGWKHVHUHFRUGVZRXOGEH 
FKHFNHGE\WKH$VVLVWDQW0DQDJHUDQGWKH0DQDJHUUHJXODUO\7KHVH

UHFRUGVKDGEHHQYHULILHGWRLQGLFDWHVDWLVIDFWRU\LPSOHPHQWDWLRQGXULQJ
WKHYLVLW 
1RQFRPSOLDQFHILQGLQJ 
$W320DQG(VWDWHVFRPPRQ))%7UDQVSRUW&RQWUDFWRU6.+ZDV 1&$/
5HFRUGVRI
PRQLWRULQJDQGDQ\
DFWLRQVWDNHQVKDOOEH
PDLQWDLQHGDQGDYDLODEOH
DVDSSURSULDWH
56325HSRUW0D\
HQJDJHGIRUWKH))%WUDQVSRUWDWLRQ*XQXQJ0DV(VWDWHZDVDOVR 0LQRU
HQJDJLQJFRQWUDFWRUIRU6SUD\LQJDFWLYLWLHV
7KHPRQLWRULQJSURFHVVLPSOHPHQWHGRQ&RQWUDFWRUVZDVQRWDEOH
WRDGHTXDWHO\HQVXUHWKDWWKHFRQGLWLRQVRIWKHDJUHHPHQWVXFKDV
FRQWUDFWRUZRUNHUVDUHSDLGLQDFFRUGDQFHZLWKWKHODZ
5HFRUGVRIPRQLWRULQJDQGDFWLRQVWDNHQKDGEHHQPDLQWDLQHGIRUPRUH &RPSOLHG
WKDQPRQWKVDWWKHPLOODQGHVWDWHV2YHUDOOWKHVHUHFRUGVYHULILHGWR
EHVDWLVIDFWRU\
'DLO\0XVWHUFKLWVZHUHDYDLODEOHDWHVWDWHV
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



0LQRU&RPSOLDQFH 'XULQJILHOGYLVLWVGDLO\VSUD\LQJUHFRUGVZHUHDYDLODEOH
7KHPLOOVKDOO 7KHPLOOGLGQRWVRXUFHDQ\))%IURPWKLUGSDUW\7KHHQWLUHFURSZDV &RPSOLHG
UHFRUGWKHRULJLQVRIDOO VXSSOLHGE\WKHHVWDWHVZLWKLQWKH308JURXSLQJDQGRWKHUFHUWLILHG
WKLUGSDUW\VRXUFHG)UHVK 6'36%HVWDWHVDVYHULILHGIURPWKHUHFRUGVWKDWLQGLFDWHWKHVRXUFH
)UXLW%XQFKHV))%
RULJLQRI))%
0DMRU&RPSOLDQFH
&ULWHULD
3UDFWLFHVPDLQWDLQVRLOIHUWLOLW\DWRUZKHUHSRVVLEOHLPSURYHVRLOIHUWLOLW\WRDOHYHOWKDWHQVXUHVRSWLPDODQG
VXVWDLQHG\LHOG
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KHUHVKDOOEH
$QQXDOIHUWLOL]HULQSXWVKDGEHHQPRQLWRUHGWKURXJKIHUWLOL]HU &RPSOLHG
HYLGHQFHWKDWJRRG
DJULFXOWXUHSUDFWLFHVDV UHFRPPHQGDWLRQVPDGHE\6'36%5HVHDUFK6WDWLRQ
FRQWDLQHGLQ6WDQGDUG 5HFRPPHQGDWLRQVKDGEHHQYLHZHGDQGYHULILHG
2SHUDWLQJ3URFHGXUHV *$3IRUPLQLPL]DWLRQRIVRLOHURVLRQDQGPDLQWHQDQFHRIVRLOIHUWLOLW\LV
623VDUHIROORZHGWR
PDQDJHVRLOIHUWLOLW\WRD
OHYHOWKDWHQVXUHVRSWLPDO
DQGVXVWDLQHG\LHOG
ZKHUHSRVVLEOH
0LQRU&RPSOLDQFH
5HFRUGVRIIHUWLOLVHU
LQSXWVVKDOOEH
PDLQWDLQHG
0LQRU&RPSOLDQFH

7KHUHVKDOOEH
HYLGHQFHRISHULRGLF
WLVVXHDQGVRLOVDPSOLQJ
WRPRQLWRUFKDQJHVLQ
QXWULHQWVWDWXV
0LQRU&RPSOLDQFH
$QXWULHQWUHF\FOLQJ
VWUDWHJ\VKDOOEHLQSODFH
DQGPD\LQFOXGHXVHRI
(PSW\)UXLW%XQFKHV
PDLQWDLQHGYLDWKHIURQGVWDFNLQJDQGIHUWLOL]HUDSSOLFDWLRQDVSHUWKH
UHFRPPHQGDWLRQSURYLGHGE\WKH$JURQRPLVW
7KHVHKDGEHHQYHULILHGWKURXJKWKHUHFRUGVIRUIHUWLOL]HUDSSOLFDWLRQDQG
REVHUYDWLRQGXULQJILHOGYLVLW(YLGHQFHVSURYLGHGZHUHYHULILHGDV
IROORZLQJJRRGDJULFXOWXUDOSUDFWLFHV
6RLOVDPSOLQJDQGOHDIVDPSOLQJUHFRUGVSURYLGHGJXLGHIRUWKHIHUWLOL]HU
DSSOLFDWLRQDQGDOOUHFRPPHQGDWLRQVKDGEHHQSURSHUO\IROORZHGDW
HVWDWHOHYHOV
1RWHGWKDWSURSHUKHUELFLGHVSUD\LQJKDGDOVREHHQGRQH
5HFRUGVRIIHUWLOL]HUDSSOLFDWLRQLQDFFRUGDQFHZLWKDJURQRPLVW¶V &RPSOLHG
UHFRPPHQGDWLRQVKDGEHHQYHULILHGWREHDYDLODEOHDQGPDLQWDLQHG
/HDIVDPSOLQJDQGDQDO\VLVKDGEHHQFDUULHGRXWDQQXDOO\DQGVRLO &RPSOLHG
VDPSOLQJDQGDQDO\VLVRQD\HDUF\FOHWRGHWHUPLQHWKHQXWULHQWOHYHOV
)HUWLOL]HUUHFRPPHQGDWLRQVE\WKH$JURQRPLVWIRULGHQWLILHGHVWDWHEORFNV
WRVXVWDLQWKHORQJWHUPVRLOIHUWLOLW\DQGQXWULHQWHIILFLHQF\
5HFRUGVRIWKHVDPSOLQJDQGDQDO\VLVKDGEHHQYHULILHGWREH
VDWLVIDFWRU\
7KHUHZDV()%PXOFKLQJFDUULHGRXWDW*XQXQJ0DVDQG%XNLW3DORK &RPSOLHG
(VWDWHV1R()%PXOFKLQJGRQHDW<RQJ3HQGDQG.HPSDV.OHEDQJ
HVWDWHV
1R320(DSSOLFDWLRQ
()%3DOP2LO0LOO
(IIOXHQW320(DQG 
SDOPUHVLGXHV
0LQRU&RPSOLDQFH

&ULWHULD
3UDFWLFHVPLQLPLVHDQGFRQWUROHURVLRQDQGGHJUDGDWLRQRIVRLOV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
0DSVRIDQ\
%DVHGRQWKHHVWDWHVRLOPDSDQGILHOGYLVLWVWKHUHZDVQR &RPSOLHG
IUDJLOHPDUJLQDOVRLOV
VKDOOEHDYDLODEOH IUDJLOHPDUJLQDOVRLOLQWKH*XQXQJ0DVHVWDWH
0DMRU&RPSOLDQFH $W%XNLW3DORK(VWDWHKDRIODQGLVZLWKSHDWVRLO3URSHUZDWHUOHYHO
 PDQDJHPHQWZDVYHULILHGWREHPDLQWDLQHGIRUWKDWDUHD
$PDQDJHPHQW
VWUDWHJ\VKDOOEHLQSODFH
IRUSODQWLQJVRQVORSHV
EHWZHHQDQG
GHJUHHVXQOHVVVSHFLILHG
RWKHUZLVHE\WKH
7KH308KDVD623%HVW0DQDJHPHQW3UDFWLFHIRUHURVLRQFRQWURO &RPSOLHG
GXULQJUHSODQWLQJRUDQ\DFWLYLWLHVLQYROYLQJHDUWKGLVWXUEDQFHV6WHSV
WDNHQDUHVRLOVWDELOL]DWLRQUXQRIIFRQWURODQGVHGLPHQWWUDSSLQJWR
PLWLJDWHWKHGLVWXUEHGHDUWKHQWHULQJZDWHUZD\V
0RVWRIWKHDUHDVLQWKHHVWDWHVDUHIODW3ODQWLQJWHUUDFHVFRQVWUXFWHGLQ
FRPSDQ\¶V623 DUHDVZLWKLQWKHRWRRVORSHRIWKHSODQWHGKHFWDUDJHDQG
OHJXPLQRXVFRYHUFURSZDVVLJKWHG7KHUHLVQRDUHDZLWK!RVORSH

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



0LQRU&RPSOLDQFH
$URDG
PDLQWHQDQFHSURJUDPPH
VKDOOEHLQSODFH
0LQRU&RPSOLDQFH
6XEVLGHQFHRISHDW
VRLOVVKDOOEHPLQLPLVHG
1RVRLOHURVLRQQRWHGGXULQJILHOGYLVLW
(VWDWHURDGVDUHLQVDWLVIDFWRU\VWDWXV7KHURDGPDLQWHQDQFH &RPSOLHG
SURJUDPPH)<HVWDEOLVKHGDWWKHHVWDWHVYHULILHGWREH
VDWLVIDFWRULO\LPSOHPHQWHG
7KHRQO\HVWDWHLQWKH308ZLWKSHDWVRLOLV%XNLW3DORK(VWDWHKDRI &RPSOLHG

DQGPRQLWRUHG$ SHDWVRLO7KHZDWHUDQGJURXQGFRYHUPDQDJHPHQWSURJUDPZDV
GRFXPHQWHGZDWHUDQG DQQXDOO\UHYLHZHGDQGQRWHGWREHVDWLVIDFWRULO\LPSOHPHQWHG
JURXQGFRYHU
PDQDJHPHQWSURJUDPPH
VKDOOEHLQSODFH
0DMRU&RPSOLDQFH

'UDLQDELOLW\
7KHDUHDLQYROYHGDW%XNLW3DORKZDVFRQVLGHUHGWREHVPDOODQGWKXVQR 1RW
DVVHVVPHQWVZKHUH $SSOLFDEOH
QHFHVVDU\ZLOOEH GUDLQDELOLW\DVVHVVPHQWKDGEHHQFRQGXFWHG

FRQGXFWHGSULRUWR
UHSODQWLQJRQSHDWWR
GHWHUPLQHWKHORQJWHUP
YLDELOLW\RIWKHQHFHVVDU\
GUDLQDJHIRURLOSDOP
JURZLQJ
0LQRU&RPSOLDQFH

$PDQDJHPHQW
%DVHGRQWKHHVWDWHVRLOPDSVDQGYLVLWWRWKHHVWDWHVWKHUHZHUHQR 1RW
VWUDWHJ\VKDOOEHLQSODFH $SSOLFDEOH
IRURWKHUIUDJLOHDQG RWKHUIUDJLOHDQGSUREOHPDWLFVRLOVQRWHG
SUREOHPVRLOVHJ
SRG]ROVDQGDFLG
VXOSKDWHVRLOV
0LQRU&RPSOLDQFH

&ULWHULD
3UDFWLFHVPDLQWDLQWKHTXDOLW\DQGDYDLODELOLW\RIVXUIDFHDQGJURXQGZDWHU
,QGLFDWRUV
$QLPSOHPHQWHG
ZDWHUPDQDJHPHQWSODQ
VKDOOEHLQSODFH
0LQRU&RPSOLDQFH
 RIWKHSDOPRLOPLOOHIIOXHQWSRQGDQGDWXSVWUHDPDQGGRZQVWUHDPRI
3URWHFWLRQRIZDWHU
FRXUVHVDQGZHWODQGV
)LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
'RFXPHQWHGZDWHUPDQDJHPHQWSODQYHULILHGWREHLQSODFHIRUWKHSDOP &RPSOLHG
RLOPLOODQGHVWDWHV
:DWHUVDPSOHVZHUHWDNHQDWPRQWKO\LQWHUYDODWWKHILQDOGLVFKDUJHSRLQW
ZDWHUZD\V7HVWVFRQGXFWHGIRUS+%2'&2'7RWDO6ROLGV
6XVSHQGHG6ROLGV2LO *UHDVH$PPRQLD1LWURJHQDQG7RWDO1LWURJHQ
$QDO\VLVUHVXOWVPHHWWKH'2(UHTXLUHPHQWV
7KHZDWHUVXSSO\IRUGRPHVWLFXVHWRVWDIIDQGZRUNHUV¶KRXVLQJLVSLSHG
ZDWHUIURPWKHZDWHUWUHDWPHQWSODQWRSHUDWHGE\WKHZDWHUXWLOLW\
FRPSDQ\6\DULNDW$LU-RKRU,WLVDUHTXLUHPHQWIRUWKHZDWHUXWLOLW\
FRPSDQ\WRHQVXUHWKDWWHVWVDUHFDUULHGRXWRQSDUDPHWHUVWRPHHWWKH
0LQLVWU\RI+HDOWK6SHFLILFDWLRQIRU'ULQNLQJ:DWHU4XDOLW\
:DWHUVXSSO\IRUWKHPLOOJRHVWKURXJKWKH0LOO:DWHU7UHDWPHQW3ODQW
9HULILHGWKDWUDLQIDOOGDWDZDVDOVRPRQLWRUHGDVSDUWRIWKHZDWHU
PDQDJHPHQWSODQ
5LSDULDQEXIIHU]RQHVRIPDQGPKDGEHHQVLJKWHGRQERWKVLGHVRI &RPSOLHG
ULYHUWULEXWDULHVVWUHDPVIRXQGZLWKLQWKHHVWDWHVHJ6J%HNRNZKLFK
LQFOXGLQJPDLQWDLQLQJDQG
UHVWRULQJDSSURSULDWH
ULSDULDQDQGRWKHUEXIIHU
]RQHVUHIHUWRQDWLRQDO
EHVWSUDFWLFHDQG
SDVVHVWKURXJK*XQXQJ0DVHVWDWH
$SSURSULDWHVLJQDJHVZHUHSODFHGDQGZRUNHUVDUHDZDUHRIWKHQRQ
XVDJHRIFKHPLFDOVZLWKLQWKHEXIIHU]RQHV
7KHUHZDVQRFRQVWUXFWLRQRIEXQGVZHLUVGDPVDFURVVWKHPDLQULYHUV
QDWLRQDOJXLGHOLQHVVKDOO
EHGHPRQVWUDWHG
RUZDWHUZD\VSDVVLQJWKURXJKWKHHVWDWHV
0DMRU&RPSOLDQFH

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$


$SSURSULDWH
WUHDWPHQWRIPLOOHIIOXHQW
WRUHTXLUHGOHYHOVDQG
UHJXODUPRQLWRULQJRI
GLVFKDUJHTXDOLW\VKDOO
EHLQFRPSOLDQFHZLWK
QDWLRQDOUHJXODWLRQV

7KHZDWHUDWWKHILQDOGLVFKDUJHSRLQWRIWKHSDOPRLOPLOOHIIOXHQWSRQG &RPSOLHG
ZDVDQDO\]HGDWPRQWKO\LQWHUYDOVIRUS+%2'&2'7RWDO6ROLGV
6XVSHQGHG6ROLGVRLO JUHDVH$PPRQLDFDO1LWURJHQDQG7RWDO
1LWURJHQ$QDO\VLVUHVXOWVPHHWWKH'2(UHTXLUHPHQWV
%2'OHYHOKDGEHHQLQWKHUDQJHRIWRSSPIRUWKHSHULRGIURP
-DQ±'HF
&ULWHULDDQG $SSURYHG%2'OHYHOE\'2(ZDVSSPPD[LPXP
0LQRU&RPSOLDQFH 
0LOOZDWHUXVHSHU :DWHUXVDJHLQWKHPLOOIURP-XOWLOO-DQUDQJHGIURPWR &RPSOLHG
WRQQHRI)UHVK)UXLW PWRQQH))%ZLWKDQDYHUDJHRIPWRQQH))%LQGXVWULDO
%XQFKHV))%VHH QRUPLVWRPWRQQH))%
&ULWHULRQVKDOOEH

PRQLWRUHG
0LQRU&RPSOLDQFH

&ULWHULD
3HVWVGLVHDVHVZHHGVDQGLQYDVLYHLQWURGXFHGVSHFLHVDUHHIIHFWLYHO\PDQDJHGXVLQJDSSURSULDWH,QWHJUDWHG3HVW
0DQDJHPHQWWHFKQLTXHV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
,PSOHPHQWDWLRQRI
(VWDWHV,303ODQLQFOXGHVWKHSODQWLQJRIEHQHILFLDOSODQWVDQGFRQWURORI &RPSOLHG
,QWHJUDWHG3HVW
0DQDJHPHQW,30SODQV
VKDOOEHPRQLWRUHG
0DMRU&RPSOLDQFH
7UDLQLQJRIWKRVH
LQYROYHGLQ,30
LPSOHPHQWDWLRQVKDOOEH
GHPRQVWUDWHG
0LQRU&RPSOLDQFH
&ULWHULD
3HVWLFLGHVDUHXVHGLQZD\VWKDWGRQRWHQGDQJHUKHDOWKRUWKHHQYLURQPHQW
,QGLFDWRUV
-XVWLILFDWLRQRIDOO
SHVWLFLGHVXVHGVKDOOEH
GHPRQVWUDWHG7KHXVH
RIVHOHFWLYHSURGXFWVWKDW
GDPDJHE\URGHQWV
%HQHILFLDOSODQWVVXFKDV(XSKRUELD+HWHURSK\OOD7XUQHUDVXEXODWD
&DVVLDFREDQHQVLVDQG$QWLJRQRQOHSWRSXVDUHJURZQDQGPDLQWDLQHGLQ
WKHHVWDWHV
7KHHVWDWHVKDYHPDLQWDLQHGWKHUDWLRRIEHQHILFLDOSODQWVJURZQLQ
DFFRUGDQFHWRUHFRPPHQGDWLRQVDQGSURJUDPPH
1RWHGWKDW(XSKRUELD+HWHURSK\OODLVYHU\HIIHFWLYHIRUDWWUDFWLQJ
SUHGDWRUVIRUEDJZRUPV
5DWEDLWLQJZDVFDUULHGRXWWZLFHDQQXDOO\(DFKFDPSDLJQRIWR
URXQGVDWLQWHUYDORIGD\VZLWKSODFHPHQWRIRQHEDLWSHUWUHH
1RRWKHUSHVWVQRWHG
,30WUDLQLQJZDVFRQGXFWHGE\IRUDOOWKRVHLQYROYHGLQ,30 &RPSOLHG
LPSOHPHQWDWLRQ7UDLQLQJUHFRUGVIRUVWDIIDQGZRUNHUVIRU-XO\WR
-DQZHUHVDWLVIDFWRULO\PDLQWDLQHGDQGXSGDWHG
)LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
:ULWWHQMXVWLILFDWLRQLQ6WDQGDUG2SHUDWLQJ3URFHGXUHVRIDOO &RPSOLHG
DJURFKHPLFDOVXVHKDGEHHQUHYLHZHGDQGIRXQGDFFHSWDEOH
&XUUHQWW\SHVRISHVWLFLGHVXVHGLQFOXGH
*O\SKRVDWH
DUHVSHFLILFWRWKHWDUJHW
SHVWZHHGRUGLVHDVH 0HWVXOSKXURQ
DQGZKLFKKDYHPLQLPDO *OXIRVLQDWH
HIIHFWRQQRQWDUJHW &\SHUPHWKULQ
VSHFLHVVKDOOEHXVHG $FHSKDWH
ZKHUHDYDLODEOH
0DMRU&RPSOLDQFH
5HFRUGVRI 5HFRUGVRISHVWLFLGHVXVHGDUHPDLQWDLQHGDQGPDGHDYDLODEOHDWWKH &RPSOLHG
SHVWLFLGHVXVHLQFOXGLQJ HVWDWHV7KHUHFRUGVKDGLQGLFDWHGFOHDUO\WKHDUHDWUHDWHGDPRXQWRI
DFWLYHLQJUHGLHQWVXVHG DFWLYHLQJUHGLHQWVDSSOLHGSHUKDDQGQXPEHURIDSSOLFDWLRQV
DQGWKHLU/'DUHD

WUHDWHGDPRXQWRIDFWLYH
LQJUHGLHQWVDSSOLHGSHU 7KXVSUHYLRXV2%62&/ZDVVDWLVIDFWRULO\DGGUHVVHG
KDDQGQXPEHURI DQGFORVHG
DSSOLFDWLRQVVKDOOEH
SURYLGHG
0DMRU&RPSOLDQFH

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



$Q\XVHRI 7KHSROLF\RIWKHHVWDWHVZDVWRPLQLPL]HWKHXVHRISHVWLFLGHVLQ &RPSOLHG

SHVWLFLGHVVKDOOEH DFFRUGDQFHZLWK,30SODQZDVLPSOHPHQWHG
PLQLPLVHGDVSDUWRID
SODQDQGLQDFFRUGDQFH 7KHSHVWLFLGHUHGXFWLRQSURJUDPLVPRQLWRUHGRQXVDJHSHUKHFWDUH
ZLWK,QWHJUDWHG3HVW EDVLV2YHUDOOWKHUHKDVEHHQDGHFOLQHLQSHVWLFLGHXVDJHSHUKHFWDUH
0DQDJHPHQW,30 RQD\HDUWR\HDUEDVLV
SODQV7KHUHVKDOOEHQR 1RSURSK\ODFWLFXVHRISHVWLFLGHVKDGEHHQFDUULHGRXWDWWKHHVWDWHVIRU
SURSK\ODFWLFXVHRI
SHVWLFLGHVH[FHSWLQ
WKHSHULRGFRQFHUQHG
VSHFLILFVLWXDWLRQV
LGHQWLILHGLQLQGXVWU\¶V
%HVW3UDFWLFH
0DMRU&RPSOLDQFH

3HVWLFLGHVWKDWDUH 8VHRISDUDTXDWKDVFHDVHGVLQFH'HFIRU6'36%*URXS(VWDWHV &RPSOLHG
FDWHJRULVHGDV:RUOG 9HULILHGWKDWWKHUHZHUHQRXVDJHRIDQ\&ODVV$RU%SHVWLFLGHV
+HDOWK2UJDQLVDWLRQ 
&ODVV$RU%RUWKDW
)LUVW$LGNLWVIRXQGWREHDYDLODEOHGXULQJSHVWLFLGHVSUD\LQJDQGZDV
DUHOLVWHGE\WKH
6WRFNKROPRU5RWWHUGDP YLHZHGDQGFKHFNHGWREHDGHTXDWHO\PDLQWDLQHGGXULQJRQVLWHILHOG
&RQYHQWLRQVDQG LQVSHFWLRQV
SDUDTXDWDUHQRWXVHG 
H[FHSWLQVSHFLILF 3RUWDEOHVLJQERDUGVQRWHGWREHGLVSOD\HGDWDUHDVZKHUHVSUD\LQJ
VLWXDWLRQVLGHQWLILHGLQ DFWLYLWLHVZHUHEHLQJFDUULHGRXW
LQGXVWU\¶V%HVW3UDFWLFH 
7KHXVHRIVXFK
SHVWLFLGHVVKDOOEH
PLQLPLVHGDQGHOLPLQDWHG
DVSDUWRIDSODQDQG
VKDOORQO\EHXVHGLQ
H[FHSWLRQDO
FLUFXPVWDQFHV
3HVWLFLGHVVHOHFWHGIRU
XVHDUHWKRVHRIILFLDOO\
UHJLVWHUHGXQGHUWKH
3HVWLFLGHV$FW$FW
DQGWKHUHOHYDQW
SURYLVLRQ6HFWLRQ$
DQGLQDFFRUGDQFHZLWK
86(&++5HJXODWLRQV

0LQRU&RPSOLDQFH

3HVWLFLGHVVKDOO $OOSHVWLFLGHRSHUDWRUVLQFOXGLQJQHZZRUNHUVKDGDWWHQGHGWUDLQLQJRQ &RPSOLHG
RQO\EHKDQGOHGXVHGRU WKHVDIHKDQGOLQJDQGDSSOLFDWLRQRISHVWLFLGHVLQFRPSOLDQFHZLWK
DSSOLHGE\SHUVRQVZKR 5HJXODWLRQRIWKH3HVWLFLGHV$FW
KDYHFRPSOHWHGWKH
QHFHVVDU\WUDLQLQJDQG $SSURSULDWHVDIHW\DQGDSSOLFDWLRQHTXLSPHQWVXFKDVVDIHW\ERRWV
VKDOODOZD\VEHDSSOLHGLQ VDIHW\KHOPHWVUXEEHUERRWVFDUWULGJHPDVNVVDIHW\JRJJOHVJORYHV
DFFRUGDQFHZLWKWKH KDYHEHHQSURYLGHGDQGIRXQGWREHXVHGE\WKHSHVWLFLGHVRSHUDWRUV
SURGXFWODEHO
$SSURSULDWHVDIHW\DQG
DSSOLFDWLRQHTXLSPHQW
VKDOOEHSURYLGHGDQG
XVHG
$OOSUHFDXWLRQVDWWDFKHG
WRWKHSURGXFWVVKDOOEH
SURSHUO\REVHUYHG
DSSOLHGDQGXQGHUVWRRG
E\ZRUNHUVVHH&ULWHULRQ
$OOSUHFDXWLRQVDWWDFKHGWRWKHSHVWLFLGHV06'6ERWKLQ(QJOLVKDQG
0DOD\KDYHEHHQREVHUYHGDSSOLHGDQGXQGHUVWRRGE\WKHZRUNHUV
3URJUDPPHDQGWUDLQLQJUHFRUGVYHULILHGWREHVDWLVIDFWRU\
7KHWUDLQLQJLQFOXGHVSUD\LQJWHFKQLTXHSUHFDXWLRQVDQGV\PSWRPVRI
V\PSWRPVRIWR[LFUHDFWLRQVVXFKDVVNLQGLVRUGHUVUDVKHVPRXWKDQG
WKURDWSDLQEUHDWKLQJGLIILFXOWLHVRUQDLOSUREOHPV
7KHHVWDWHVKDYHDGHTXDWHIDFLOLWLHVIRUPL[LQJRISHVWLFLGHVDQGFOHDQLQJ
XSDIWHUZRUN6XLWDEOHVWRUDJHDUHDVIRU33(ZHUHDYDLODEOH

0DMRU&RPSOLDQFH
6WRUDJHRIDOO 6WRUDJHRISHVWLFLGHVIRXQGWREHNHSWXQGHUORFNDQGNH\DQGLWVXVHLQ &RPSOLHG
SHVWLFLGHVVKDOOEH DFFRUGDQFHZLWKWKH2FFXSDWLRQDO6DIHW\DQG+HDOWK/DZVDQG
DFFRUGLQJWRUHFRJQLVHG 5HJXODWLRQRIWKH3HVWLFLGHV$FW
EHVWSUDFWLFHV$OO
(PHUJHQF\VKRZHUDQGH\HZDVKDUHDYDLODEOHQHDUWKHSHVWLFLGHVVWRUH
SHVWLFLGHFRQWDLQHUVVKDOO
EHSURSHUO\GLVSRVHGRI LQFDVHRIDQ\HPHUJHQF\VLWXDWLRQV

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



DQGQRWXVHGIRURWKHU 0DWHULDO6DIHW\'DWD6KHHWV06'6DUHDYDLODEOHLQWKHVWRUH7KH

SXUSRVHVVHH&ULWHULRQ 06'6DUHLQ(QJOLVKDQG0DOD\DUHJHQHUDOO\XQGHUVWRRGE\WKH
3HVWLFLGHVVKDOOEH ZRUNHUV
VWRUHGLQDFFRUGDQFHWR
WKH2FFXSDWLRQDO6DIHW\ 8VHGFKHPLFDOFRQWDLQHUVZHUHHLWKHUUHXVHGDVFRQWDLQHUVIRUVSUD\LQJ
DQG+HDOWK$FW$FW VROXWLRQRUGLVSRVHGRIE\DSSURYHGFROOHFWLQJFRQWUDFWRUV9HULILHGWKDW
DQG5HJXODWLRQV SULRUGLVSRVDOWKHHPSW\SHVWLFLGHFRQWDLQHUVDUHWULSOHULQVHGDQG
DQG2UGHUV3HVWLFLGHV SLHUFHGDWWKHERWWRPWRSUHYHQWUHXVH
$FW$FWDQG
5HJXODWLRQV 
0DMRU&RPSOLDQFH

$SSOLFDWLRQRI 3HVWLFLGHVKDGEHHQDSSOLHGXVLQJWKH%HVW0DQDJHPHQW3UDFWLFHVWKDW &RPSOLHG
SHVWLFLGHVVKDOOEHE\ PLQLPL]HULVNDQGLPSDFWV7KHSHVWLFLGHRSHUDWRUVIRXQGWRXQGHUVWDQG
SURYHQPHWKRGVWKDW WKHXVHRIWKHULJKWQR]]OHVSUD\GULIWVSUD\TXDOLW\DQGUXQRII
PLQLPLVHULVNDQG
6SUD\LQJDFWLYLWLHVDQGWUDLQLQJUHFRUGVYHULILHGWREHVDWLVIDFWRULO\
LPSDFWV
0LQRU&RPSOLDQFH PDLQWDLQHG

3HVWLFLGHVVKDOOEH
7KH*URXSFRPSDQ\SROLF\LVQRWWRFDUU\RXWDQ\DHULDODSSOLFDWLRQRI &RPSOLHG
DSSOLHGDHULDOO\RQO\
ZKHUHWKHUHLV SHVWLFLGHV7KLVSROLF\KDVEHHQDGKHUHGE\WKH308
GRFXPHQWHGMXVWLILFDWLRQ 
&RPPXQLWLHVVKDOOEH
LQIRUPHGRILPSHQGLQJ
DHULDOSHVWLFLGH
DSSOLFDWLRQVZLWKDOO
UHOHYDQWLQIRUPDWLRQ
ZLWKLQUHDVRQDEOHWLPH
SULRUWRDSSOLFDWLRQ
0DMRU&RPSOLDQFH

(YLGHQFHRI 7KH$QQXDO7UDLQLQJ3ODQLQFOXGHVWUDLQLQJRQSHVWLFLGHVKDQGOLQJ$OO &RPSOLHG
FRQWLQXDOWUDLQLQJWR QHZSHVWLFLGHVRSHUDWRUVZHUHWUDLQHGEHIRUHEHLQJDVVLJQHGWRZRUN
HQKDQFHNQRZOHGJHDQG ZLWKSHVWLFLGHV,QDGGLWLRQEDVHGXSRQWUDLQLQJQHHGVWKHH[LVWLQJ
VNLOOVRIHPSOR\HHVDQG
SHVWLFLGHRSHUDWRUVLQFOXGLQJWKHFRQWUDFWRU¶VZRUNHUVDWWHQGHG
DVVRFLDWHGVPDOOKROGHUV
RQSHVWLFLGHKDQGOLQJ FRQWLQXDOWUDLQLQJWRHQKDQFHWKHLUNQRZOHGJHDQGVNLOOVRQSHVWLFLGHV
VKDOOEHGHPRQVWUDWHGRU KDQGOLQJ
PDGHDYDLODEOHVHH ,QIRUPDWLRQDQGVDIHW\SUHFDXWLRQVRQWKHSHVWLFLGHVGLVSOD\HGRQWKH
&ULWHULRQ QRWLFHERDUGDQGQH[WWRWKHSHVWLFLGHVLQWKHVWRUH
0LQRU&RPSOLDQFH

3URSHUGLVSRVDORI
6FKHGXOHGZDVWHKDGEHHQGLVSRVHGRIWKURXJKOLFHQVHGFRQWUDFWRUVZKR &RPSOLHG
ZDVWHPDWHULDODFFRUGLQJ
WRSURFHGXUHVWKDWDUH DUHDSSURYHGE\'2(5HFRUGVRIVFKHGXOHGZDVWHYHULILHGWREHLQ
IXOO\XQGHUVWRRGE\ RUGHU
ZRUNHUVDQGPDQDJHUV
VKDOOEHGHPRQVWUDWHG
VHH&ULWHULRQ
0LQRU&RPSOLDQFH

6SHFLILFDQQXDO
$QQXDOPHGLFDOVXUYHLOODQFHIRUDOOSHVWLFLGHRSHUDWRUVZDVPDLQWDLQHG &RPSOLHG
PHGLFDOVXUYHLOODQFHIRU
SHVWLFLGHRSHUDWRUVDQG /DVWPHGLFDOVXUYHLOODQFHFDUULHGRXWIRUSHVWLFLGHRSHUDWRUVZDVLQ'HF
GRFXPHQWHGDFWLRQWR DW*XQXQJ0DVHVWDWHZRUNHUVDQG%XNLW3DORKHVWDWH
WUHDWUHODWHGKHDOWK ZRUNHUV
FRQGLWLRQVVKDOOEH 9HULILHGWKDWWKH&+5$UHFRPPHQGDWLRQVKDVEHHQVDWLVIDFWRULO\
GHPRQVWUDWHG IROORZHG
0DMRU&RPSOLDQFH
 0HGLFDOVXUYHLOODQFHUHSRUWVRILQGLYLGXDOVSUD\HUVZHUHFKHFNHGDQGQR
DEQRUPDOLWLHVUHSRUWHGE\WKH0HGLFDOGRFWRU7KHPHGLFDOUHSRUWV
VKRZHGWKDWWKHUHZDVQRFDVHRIORZEORRGFKROLQHVWHUDVHOHYHOV$Q\
ZRUNHUZLWKVXFKKHDOWKFRQGLWLRQLVGHHPHGXQILWIRUZRUNZLWKSHVWLFLGHV
DQGZLOOEHDVVLJQHGWRRWKHUILHOGZRUN$VDWDXGLWSHULRGWKHUHZHUH
QRUHFRUGVRIVXFKFDVHV

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



3HVWLFLGHVRSHUDWRUVZHUHLQWHUYLHZHGGXULQJILHOGYLVLWVDQGIHHGEDFN
UHFHLYHGWKDWWKH\GRQRWKDYHDQ\V\PSWRPVRIWR[LFUHDFWLRQVVXFKDV
VNLQGLVRUGHUVUDVKHVPRXWKDQGWKURDWSDLQEUHDWKLQJGLIILFXOWLHVRUQDLO
SUREOHPV
1RZRUNZLWK
9HULILHGIURPUHFRUGVILHOGLQVSHFWLRQVDQGLQWHUYLHZVWKDWQRSUHJQDQWRU &RPSOLHG
SHVWLFLGHVVKDOOEH
XQGHUWDNHQE\SUHJQDQW EUHDVWIHHGLQJZRPDQKDGEHHQRIIHUHGZRUNDVSHVWLFLGHRSHUDWRU
RUEUHDVWIHHGLQJZRPHQ 
0DMRU&RPSOLDQFH

&ULWHULD
$QRFFXSDWLRQDOKHDOWKDQGVDIHW\SODQLVGRFXPHQWHGHIIHFWLYHO\FRPPXQLFDWHGDQGLPSOHPHQWHG
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KHRFFXSDWLRQDOKHDOWK
DQGVDIHW\SODQVKDOO
FRYHUWKHIROORZLQJ

$QRFFXSDWLRQDO
KHDOWKDQGVDIHW\SROLF\
VKDOOEHLQSODFH$Q
RFFXSDWLRQDOKHDOWKDQG
VDIHW\SODQFRYHULQJDOO
DFWLYLWLHVVKDOOEH
GRFXPHQWHGDQG
LPSOHPHQWHGDQGLWV
HIIHFWLYHQHVVPRQLWRUHG
0DMRU&RPSOLDQFH
2FFXSDWLRQDO6DIHW\DQG+HDOWK26+3ODQLQFRPSOLDQFHZLWK26+$FW 
DQG)DFWRU\0DFKLQHU\$FWZDVGRFXPHQWHGDQGLPSOHPHQWHG 
26+3ROLF\IRXQGWREHFOHDUO\GLVSOD\HGDW320DQGLQWKHHVWDWHV 
RIILFH$GHTXDWHSRVWHUVUHJXODWLRQVQHZVOHWWHUVZHUHSURPLQHQWO\ 
GLVSOD\HGRQQRWLFHERDUGV,QWHUYLHZHGZRUNHUVGHPRQVWUDWHG 
DZDUHQHVVWRZDUGVRFFXSDWLRQDOVDIHW\DQGKHDOWK 
7KH+,5$&ZDVUHYLHZHGIRUWKHPLOODQGHVWDWHVDQQXDOO\ 
7KH6DIHW\ +HDOWK2IILFHULVLQFKDUJHRIVDIHW\DQGKHDOWKSODQQLQJ 

RSHUDWLRQ FRRUGLQDWLRQ0LOO$VVLVWDQW0LOO0DQDJHUVDQG(VWDWH

0DQDJHUV$VVLVWDQW(VWDWH0DQDJHUVDUHDOVRGLUHFWO\LQYROYHG
5HFRUGVRQWUDLQLQJKDGEHHQYHULILHGRQWKH3DOP2LO0LOODQGWKH 
(VWDWHV$QDO\VLVRQWKHXQGHUVWDQGLQJRIWUDLQLQJE\WKHZRUNHUVRQWKH 
308KDGEHHQYHULILHG 
 
1RQFRPSOLDQFHILQGLQJ 

0RQLWRULQJRIDSSURSULDWH33(WREHZRUQE\ILHOGZRUNHUV 1&$/
$OORSHUDWLRQV
ZKHUHKHDOWKDQGVDIHW\
LVDQLVVXHVKDOOEHULVN
DVVHVVHGDQG
SURFHGXUHVDQGDFWLRQV
VKDOOEHGRFXPHQWHGDQG
LPSOHPHQWHGWRDGGUHVV
WKHLGHQWLILHGLVVXHV$OO
SUHFDXWLRQVDWWDFKHGWR
SURGXFWVVKDOOEH
SURSHUO\REVHUYHGDQG
DSSOLHGWRWKHZRUNHUV
0DMRU&RPSOLDQFH
56325HSRUW0D\
'26+UHFRPPHQGDWLRQVDQG3LFWRULDO33(ZHDUIRU6SUD\HUVKDG 0DMRU
LQGLFDWHGWKDW/RQJWURXVHUVKDVWREHSODFHGRXWVLGHRIWKH5XEEHU
ERRWVZKLFKZDVVHHQWREHSUDFWLFHGDW%XNLW3DORKHVWDWH
+RZHYHUDW*XQXQJ0DVHVWDWHWKHVSUD\HUVZHUHVHHQWREH
ZHDULQJWKHLUORQJSDQWVWXFNHGLQVLGHWKHERRWV7KXVWKH33(
ZHDULQJZDVQRWFRQVLVWHQWZLWKWKH'26+UHFRPPHQGDWLRQV

5LVNDVVHVVPHQWFDUULHGRXWRQRSHUDWLRQVZKHUHKHDOWKDQGVDIHW\LVDQ &RPSOLHG
LVVXHLQRUGHUWRGHWHUPLQHWKHVLJQLILFDQWKD]DUGV6LJQLILFDQWKD]DUGV
GHWHUPLQHGDQGGRFXPHQWHGLQFOXGHQRLVHH[SRVXUH
SHVWLFLGHVFKHPLFDOVH[SRVXUHDFFLGHQWILUH3URFHGXUHVDQGDFWLRQV
LPSOHPHQWHGWRPLWLJDWHWKHKD]DUGV
7KHUHZDVDQDVVHVVPHQWRIQRLVHOHYHOVLQWKH320DQG&RQVXOWDQW
5HSRUWLVSHQGLQJ7KHUHZDVDQDVVHVVPHQWRIQRLVHOHYHOVLQWKH320
FRQGXFWHGE\DFRQVXOWDQWRQ7KHUHSRUWLGHQWLILHGWKHZRUN
DUHDVZLWKKLJKQRLVHOHYHOVYL]ERLOHUVWDWLRQHQJLQHURRPDQG
VWHULOL]DWLRQXQLWZKHUHQRLVHOHYHOH[FHHGHGGE
0LOOPDQDJHPHQWKDYHWDNHQVWHSVWRUHGXFHWKHQRLVHOHYHOVE\PRUH
IUHTXHQWOXEULFDWLRQRIPDFKLQHU\UHGXFLQJWKHH[SRVXUHWLPHWRKLJK
QRLVHDQGPDQGDWRU\XVHRIHDUSOXJVDQGHDUPXIIOHUV
$QQXDODXGLRPHWULFWHVWVZHUHFRQGXFWHGIRUDOOPLOOVWDIIDQGZRUNHUV
7KHODWHVWDXGLRJUDPZDVFDUULHGRXWLQ-XO\DQG'HF7KH
DXGLRPHWULFUHSRUWVRIWZRHPSOR\HHVLQGLFDWHGDVKDYLQJKHDULQJ
LPSDLUPHQWDQGUHFRPPHQGHGWRZHDUKHDULQJSURWHFWRU
%DVHOLQHDXGLRJUDPDQGRFFXSDWLRQDODQGPHGLFDOKLVWRU\UHFRUGVRI
ZRUNHUVPDLQWDLQHG
7KHHPSOR\HHVH[SRVHGWRKLJKQRLVHOHYHOVZHUHLQWHUYLHZHG7KH
ZRUNHUVDUHDZDUHRIWKHGDQJHURIKHDULQJORVVGXHWRSURORQJHG
H[SRVXUHWRKLJKQRLVH7KHZRUNHUVNQHZDERXWWKHFRPSODLQWVSURFHVV
DQGPHFKDQLVPDYDLODEOH
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



³3HUPLWWRZRUN´V\VWHPDSSOLHGDWWKH3206WDIIDQGZRUNHUVKDYH
EHHQWUDLQHGDQGFHUWLILHGE\1,26+IRUJDVHQWUDQWDQGVWDQGE\
LQYROYLQJZRUNLQFRQILQHGVSDFH
$SSURSULDWH33(VDIHW\ERRWVVDIHW\KHOPHWVUXEEHUERRWVFDUWULGJH
PDVNVVDIHW\JRJJOHVJORYHVRYHUDOOVHDUSOXJVHDUPXIIOHUVYHULILHG
WREHSURYLGHGWRDQGEHLQJXVHGE\WKHZRUNHUV$VVRFLDWHGWUDLQLQJ
SURYLGHGWRDGGUHVVVDIHW\DQGKHDOWKLVVXHV
:DUQLQJVLJQVVLJKWHGDWKLJKQRLVHDUHDVDQGHDUSOXJVDQGHDUPXIIOHUV
WREHZRUQ7KHUHDUHDOVRZDUQLQJVLJQVWRXVHRWKHU33(VXFKDV
KHOPHWDQGVDIHW\ERRWV
$QDXGLWIRUGHWHUPLQLQJFRPSOLDQFHZLWKWKHPLQLPXPVWDQGDUGVKDG
EHHQFRQGXFWHGRQDOOW\SHVRI33(XVHG
$OOZRUNHUVLQYROYHG
LQWKHRSHUDWLRQVKDOOEH
DGHTXDWHO\WUDLQHGLQ
VDIHZRUNLQJSUDFWLFHV
$GHTXDWHILUHH[WLQJXLVKHUVZLWKYDOLGXVHGDWHVDQGKRVHUHHOVIRXQG
WREHORFDWHGDWVWUDWHJLFORFDWLRQVRSHUDWLRQDODQGPDLQWDLQHGLQJRRG
FRQGLWLRQV/RFDWLRQPDSRIILUHH[WLQJXLVKHUVLVDYDLODEOH
)LUVW$LGHTXLSPHQWZDVDYDLODEOHDW320HVWDWHVDQGDWZRUNVLWHV
6DPSOHVRI)LUVW$LGER[ZDVFKHFNHGDQGFRQWHQWVIRXQGWREH
FRPSOHWHDQGLQXVDEOHRUGHUGXULQJILHOGYLVLW7UDLQLQJIRUZRUNHUVLQ
)LUVW$LGZDVFDUULHGRXWLQWKHPLOODQGHVWDWHVDQGUHFRUGVPDLQWDLQHG
7KH320DQGHVWDWHVKDYHHVWDEOLVKHGWKHLUDFFLGHQWUHSRUWLQJ.3,DQG
LQFLGHQWPRQLWRULQJLPSOHPHQWHG
<HDUO\UHSRUWLQJRI-..3UHJXODWLRQVZDVVXEPLWWHGWR-..3RQWLPH
LHLQ-DQRIHDFK\HDU7KH6DIHW\ +HDOWK2IILFHUPDLQWDLQVUHFRUGV
RQWKHUDWHRIDFFLGHQWVWRZRUNPHQWUHQGVLQUDWHRIDFFLGHQWVIDWDOLWLHV
DQGQRQIDWDOLWLHVFDSWXUHGWRSUHYHQWPLVKDSV

7UDLQLQJSURJUDPPHIRU\HDU)<LQFOXGHVWUDLQLQJIRUDOO &RPSOLHG
FDWHJRULHVRIZRUNHUV
0LOO7UDLQLQJGRQHIRUZRUNHUVH[SRVHGWRPDFKLQHU\DQGKLJKQRLVH
VHH&ULWHULRQ OHYHODQGFRQILQHGWRVSDFH)LUHGULOOH[HUFLVHVZHUHFRQGXFWHGLQ1RY
$GHTXDWHDQG 
DSSURSULDWHSURWHFWLYH
HTXLSPHQWVKDOOEH (VWDWHV7UDLQLQJIRUKDUYHVWHUVSHVWLFLGHRSHUDWRUVPDQXULQJDFWLYLWLHV
DYDLODEOHWRDOOZRUNHUVDW RQVDIHW\PHDVXUHVZHUHFRQGXFWHGRQDQQXDOEDVLV/DVWFDUULHGRXW
WKHSODFHRIZRUNWR ZDVRQ)HE5HFRUGVZHUHQRWHGWREHPDLQWDLQHGDQG
FRYHUDOOSRWHQWLDOO\ XSGDWHG
KD]DUGRXVRSHUDWLRQV
VXFKDVSHVWLFLGH
DSSOLFDWLRQPDFKLQH
RSHUDWLRQVDQGODQG
SUHSDUDWLRQKDUYHVWLQJ
DQGLILWLVXVHGEXUQLQJ
0DMRU&RPSOLDQFH


7KHUHVSRQVLEOH 7KHUHVSRQVLEOHSHUVRQXVXDOO\WKH0DQGRUHRU+HDGPDQLVLGHQWLILHG &RPSOLHG
SHUVRQSHUVRQVVKDOOEH 5HFRUGVRIUHJXODUPHHWLQJVEHWZHHQWKHUHVSRQVLEOHSHUVRQDQG
LGHQWLILHG7KHUHVKDOOEH ZRUNHUVWRGLVFXVVDERXWKHDOWKDQGVDIHW\KDGEHHQYHULILHGWREH
UHFRUGVRIUHJXODU
VDWLVIDFWRU\
PHHWLQJVEHWZHHQWKH
UHVSRQVLEOHSHUVRQVDQG 
ZRUNHUV&RQFHUQVRIDOO
SDUWLHVDERXWKHDOWK
VDIHW\DQGZHOIDUHVKDOO
EHGLVFXVVHGDWWKHVH
PHHWLQJVDQGDQ\LVVXHV
UDLVHGVKDOOEHUHFRUGHG
0DMRU&RPSOLDQFH


56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$


$FFLGHQWDQG
HPHUJHQF\SURFHGXUHV
VKDOOH[LVWDQG
LQVWUXFWLRQVVKDOOEH
FOHDUO\XQGHUVWRRGE\DOO
ZRUNHUV$FFLGHQW
SURFHGXUHVVKDOOEH

$FFLGHQWDQGHPHUJHQF\SURFHGXUHVKDGEHHQZULWWHQLQ(QJOLVKDQG &RPSOLHG
%DKDVD0DOD\VLDDQGEULHIHGWRVWDIIZRUNHUVFRQWUDFWRUVDQGYLVLWRUV
:RUNHUVWUDLQHGLQ)LUVW$LGZHUHSUHVHQWLQWKHPLOODQGILHOGRSHUDWLRQV
)LUVW$LG.LWVZHUHDYDLODEOHDWZRUNVLWHV5HFRUGVRQDOODFFLGHQWVKDG
EHHQYHULILHGWREHPDLQWDLQHGVDWLVIDFWRULO\
4XDUWHUO\UHYLHZRQDFFLGHQWFDVHVKDGEHHQFDUULHGRXWGXULQJTXDUWHUO\
DYDLODEOHLQWKH PHHWLQJRI(QYLURQPHQW6DIHW\ +HDOWK(6+
DSSURSULDWHODQJXDJHRI
WKHZRUNIRUFH$VVLJQHG
RSHUDWLYHVWUDLQHGLQ)LUVW
$LGVKRXOGEHSUHVHQWLQ
ERWKILHOGDQGRWKHU
RSHUDWLRQVDQGILUVWDLG
HTXLSPHQWVKDOOEH
DYDLODEOHDWZRUNVLWHV
5HFRUGVRIDOODFFLGHQWV
VKDOOEHNHSWDQG
SHULRGLFDOO\UHYLHZHG
0LQRU&RPSOLDQFH

$OOZRUNHUVVKDOOEH
0HGLFDOFDUHKDGEHHQSURYLGHGWRDOOWKHZRUNHUV &RPSOLHG
SURYLGHGZLWKPHGLFDO
FDUHDQGFRYHUHGE\ /RFDOZRUNHUVDUHFRYHUHGE\62&62ZKLVWIRUHLJQZRUNHUVDUH
DFFLGHQWLQVXUDQFH FRYHUHGE\)RUHLJQ:RUNHUV&RPSHQVDWLRQ6FKHPHZLWK5+%,QVXUDQFH
0LQRU&RPSOLDQFH %HUKDG,QVXUDQFH3ROLF\FRYHUHGDUHYDOLG
2FFXSDWLRQDO
5HFRUGVRQ/RVW7LPH$FFLGHQW/7$PHWULFVDUHPRQWKO\PRQLWRUHG &RPSOLHG
LQMXULHVVKDOOEHUHFRUGHG
XVLQJ/RVW7LPH$FFLGHQW ZLWKGDWDFRPSLOHGDQQXDOO\ZKLFKLVYHULILHGWREHVDWLVIDFWRULO\
/7$PHWULFV PDLQWDLQHG
0LQRU&RPSOLDQFH

&ULWHULD
$OOVWDIIZRUNHUVVPDOOKROGHUVDQGFRQWUDFWZRUNHUVDUHDSSURSULDWHO\WUDLQHG
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
$IRUPDOWUDLQLQJ
7KHIRUPDOWUDLQLQJSURJUDPPHRQDOODVSHFWVRI56323ULQFLSOHVDQG &RPSOLHG
SURJUDPPHVKDOOEHLQ
SODFHWKDWFRYHUVDOO &ULWHULDDQGWKH6XSSO\&KDLQ&HUWLILFDWLRQ6\VWHPKDYHEHHQ
DVSHFWVRIWKH5632 HVWDEOLVKHGDQGLPSOHPHQWHG
3ULQFLSOHVDQG&ULWHULD 7UDLQLQJIRUYDULRXVFDWHJRULHVRIRSHUDWRUVLQFOXGLQJDOOILHOGDQGPLOO
DQGWKDWLQFOXGHVUHJXODU VWDIIZLWKUHJDUGVWRWKHLUGXWLHVDQGWUDLQLQJQHHGVKDGEHHQUHYLHZHG
DVVHVVPHQWVRIWUDLQLQJ DQGIRXQGDFFHSWDEOH
QHHGVDQG
GRFXPHQWDWLRQRIWKH
SURJUDPPH
0DMRU&RPSOLDQFH

5HFRUGVRIWUDLQLQJ
5HFRUGVRIWUDLQLQJERWKH[LVWLQJDQGQHZZRUNHUVDUHYHULILHGWREH &RPSOLHG
IRUHDFKHPSOR\HHVKDOO
EHPDLQWDLQHG VDWLVIDFWRULO\PDLQWDLQHGDWWKH0LOODQG(VWDWHV
0LQRU&RPSOLDQFH












56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



3ULQFLSOH(QYLURQPHQWDOUHVSRQVLELOLW\DQGFRQVHUYDWLRQRIQDWXUDOUHVRXUFHVDQGELRGLYHUVLW\
&ULWHULRQ
$VSHFWVRISODQWDWLRQDQGPLOOPDQDJHPHQWLQFOXGLQJUHSODQWLQJWKDWKDYHHQYLURQPHQWDOLPSDFWVDUHLGHQWLILHG
DQGSODQVWRPLWLJDWHWKHQHJDWLYHLPSDFWVDQGSURPRWHWKHSRVLWLYHRQHVDUHPDGHLPSOHPHQWHGDQGPRQLWRUHGWR
GHPRQVWUDWHFRQWLQXDOLPSURYHPHQW
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
$QHQYLURQPHQWDO (QYLURQPHQWDODVSHFWDQGLPSDFWDVVHVVPHQW($,$KDGEHHQ &RPSOLHG
LPSDFWDVVHVVPHQW(,$ FRQGXFWHGIRUWKH320DQGHVWDWHVDQGVLJQLILFDQWDVSHFWVLGHQWLILHG
VKDOOEHGRFXPHQWHG
7KH($,$IRUWKHPLOODQGHVWDWHVZHUHUHYLHZHGIRUWKHILQDQFLDO\HDU
0DMRU&RPSOLDQFH
7KHUHYLHZSURFHVVKDGLQFOXGHGVWDNHKROGHUV¶FRQVXOWDWLRQ
 ZLWKUHJDUGVWRHQYLURQPHQWDODVSHFWVLPSDFWVDQGSROOXWLRQFRQWURO
DQG(57+&9DQGODQGXVDJHLVVXHV

:KHUHWKH 0DQDJHPHQWSODQVDFWLRQSODQVIRUPLWLJDWLRQRILPSDFWVWLPHIUDPHIRU &RPSOLHG
LGHQWLILFDWLRQRILPSDFWV DFWLRQDQGUHVSRQVLEOHSHUVRQVZHUHLGHQWLILHGDQGKDGEHHQ
UHTXLUHVFKDQJHVLQ LPSOHPHQWHGDQGPRQLWRUHGIRU)<-XO-XQ
FXUUHQWSUDFWLFHVLQRUGHU
WRPLWLJDWHQHJDWLYH 7KH0LOODQGUHVSHFWLYH(VWDWH0DQDJHUVKDYHEHHQLGHQWLILHGDV
HIIHFWVDWLPHWDEOHIRU SHUVRQVUHVSRQVLEOHIRUWKHLUUHVSHFWLYHPDQDJHPHQWSODQV
FKDQJHVKDOOEH 7KHUHZHUHQRPDMRUFKDQJHVWRWKHLGHQWLILHGLPSDFWVVLQFHWKH
GHYHORSHGDQG
LPSOHPHQWHGZLWKLQD
HVWDEOLVKPHQWRIWKHDERYHGRFXPHQWV
FRPSUHKHQVLYH
PDQDJHPHQWSODQ7KH
PDQDJHPHQWSODQVKDOO
LGHQWLI\WKHUHVSRQVLEOH
SHUVRQSHUVRQV
0LQRU&RPSOLDQFH
7KLVSODQVKDOO 7KH0DQDJHPHQW3ODQ$FWLRQ3ODQLQFRUSRUDWHGWKHPRQLWRULQJRIWKH &RPSOLHG
LQFRUSRUDWHDPRQLWRULQJ HIIHFWLYHQHVVRIWKHPLWLJDWLRQPHDVXUHVDQGZHUHUHYLHZHGRQDQ
SURWRFRODGDSWLYHWR DQQXDOEDVLV
RSHUDWLRQDOFKDQJHV
ZKLFKVKDOOEH 7KHSODQVLQFOXGHPLWLJDWLRQPHDVXUHVIRUSROOXWLRQSUHYHQWLRQGLVSRVDO
LPSOHPHQWHGWRPRQLWRU RIVFKHGXOHZDVWHGRPHVWLFZDVWHDQGFOLQLFDOZDVWHZDVWHUHF\FOLQJ
WKHHIIHFWLYHQHVVRIWKH VWRUDJHDQGDSSOLFDWLRQRISHVWLFLGHVSODQWLQJRIEHQHILFLDOSODQWV
PLWLJDWLRQPHDVXUHV7KH PDLQWHQDQFHRIULSDULDQEXIIHU]RQHVDQGFRQVHUYDWLRQDFWLYLWLHV
SODQVKDOOEHUHYLHZHGDV LQFOXGLQJWKHSURSHUPRQLWRULQJDQGPDLQWHQDQFHRIPDUNLQJVDQG
DPLQLPXPHYHU\WZR
VLJQDJHVWUDLQLQJDZDUHQHVVDQGEULHILQJVUHODWHGWRHQYLURQPHQWDO
\HDUVWRUHIOHFWWKHUHVXOWV
RIPRQLWRULQJDQGZKHUH DZDUHQHVVDFWLYLWLHV
WKHUHDUHRSHUDWLRQDO 3UHYLRXV2%66+ZDVFRQILUPHGWREHVDWLVIDFWRULO\
FKDQJHVWKDWPD\KDYH DGGUHVVHGGXULQJWKHFXUUHQWDXGLW
SRVLWLYHDQGQHJDWLYH
HQYLURQPHQWDOLPSDFWV

0LQRU&RPSOLDQFH

&ULWHULRQ
7KHVWDWXVRIUDUHWKUHDWHQHGRUHQGDQJHUHGVSHFLHVDQGRWKHU+LJK&RQVHUYDWLRQ9DOXHKDELWDWVLIDQ\WKDWH[LVW
LQWKHSODQWDWLRQRUWKDWFRXOGEHDIIHFWHGE\SODQWDWLRQRUPLOOPDQDJHPHQWVKDOOEHLGHQWLILHGDQGRSHUDWLRQV
PDQDJHGWREHVWHQVXUHWKDWWKH\DUHPDLQWDLQHGDQGRUHQKDQFHG
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
,QIRUPDWLRQVKDOOEH 7KH+&9,GHQWLILFDWLRQDQG$VVHVVPHQWZDVRULJLQDOO\FRQGXFWHGLQ-DQ 
FROODWHGLQD+LJK DQGGRFXPHQWHGDVWKH%LRGLYHUVLW\%DVHOLQH$VVHVVPHQW5HSRUW
&RQVHUYDWLRQ9DOXH

7KH+&95H$VVHVVPHQWIRU628KDGEHHQFRQGXFWHGE\WKH3640
+&9DVVHVVPHQWWKDW 
'HSDUWPHQWRI6'36%DQG)LQDO5HSRUWYHUVLRQ,,GDWHG0DU$Q
LQFOXGHVERWKWKHSODQWHG
DUHDLWVHOIDQGUHOHYDQW DGGLWLRQDO+&9UHDVVHVVPHQWZDVFRQGXFWHGDQGGRFXPHQWHGRQ$SULO 
ZLGHUODQGVFDSHOHYHO  

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



FRQVLGHUDWLRQVVXFKDV 
,WZDVYHULILHGWKDWWKH0DQDJHPHQW$FWLRQ3ODQVIRU+&9DQG
ZLOGOLIHFRUULGRUV
&RQVHUYDWLRQDUHDVZHUHLPSOHPHQWHGDQGPRQLWRUHGDWWKHUHVSHFWLYH 
0DMRU&RPSOLDQFH HVWDWHV 

7KHUHSRUWKDGFRYHUHGWKHRYHUDOOODQGVFDSHRIWKH308UHJLRQKDV 
FRQVLGHUHGWKHSRWHQWLDO+&9DUHDVZKLFKDUHERUGHULQJZLWKDQ\IRUHVW

UHVHUYHDQGKDGLQFRUSRUDWHGIHHGEDFNVSURYLGHGE\YLOODJHUVDQG
YDULRXVJRYHUQPHQWDODJHQFLHVVXFKDV'HSDUWPHQWRI)RUHVWU\DQG 
:LOGOLIH'HSDUWPHQW7KH308HVWDWHV*XQXQJ0DVDQG%XNLW3DORK 
HVWDWHDUHVXUURXQGHGE\RWKHUSODQWDWLRQHVWDWHVH[FHSWIRU*XQXQJ 
0DV(VWDWHZLWKFHUWDLQDUHDVERUGHULQJWKH/DELV7HQJDK)RUHVW
5HVHUYHDQG%HNRN)RUHVW5HVHUYH 
7KH+&95H$VVHVVPHQWUHSRUWHGDVPDOO+&9DUHDLQVLGHWKH308 
FRPSULVLQJRIEXIIHU]RQHVQHDUIRUHVWUHVHUYHSRQGVEXULDODQG 
UHOLJLRXVVLWHV 
7KHDUHDVERUGHULQJWKHIRUHVWUHVHUYHVDQGVWUHWFKHVRIULSDULDQEXIIHU 
]RQHVDORQJWKH6XQJDL%HNRNWKDWSDVVHVWKURXJKWKH*XQXQJ0DV
(VWDWHKDVEHHQLGHQWLILHGDVFRQVHUYDWLRQHQYLURQPHQWDOO\VHQVLWLYH 
DUHDV 
 
+RZHYHU/DQGVFDSHPDSSLQJDQGLGHQWLILFDWLRQRQWKHPDSLVQRW 
H[DFWO\DFFXUDWH


$W*XQXQJ0DVHVWDWHWKHWHUPLQRORJ\XVHGRQWKHPDSGRHV 2%66+
QRWDFFXUDWHO\UHSUHVHQWWKHVLWXDWLRQRQWKHJURXQGVXFKDVWKH
µ%LUGVDQFWXDU\¶µ(OHSKDQWLQWUXVLRQ¶DQGµ:DWHUFDWFKPHQW¶

:KHUHUDUH
WKUHDWHQHGRU
$W%XNLW3DORKWKHH[LVWHQFHRI0RVTXHDQG7HPSOHZDVVKRZQ
RQWKHPDSEXWQRWWKH0XVOLPDQG+LQGXFHPHWHULHV

/DWHVWUHDVVHVVPHQWRI+&9E\6'36%6XVWDLQDELOLW\'HSDUWPHQW &RPSOLHG
LQGLFDWHVRQO\+&9 DUHDVZLWKLQWKH308DQGQRSUHVHQFHRI
HQGDQJHUHG57( 57(VSHFLHV
VSHFLHVRU+&9VDUH
SUHVHQWRUDUHDIIHFWHGE\ 0DQDJHPHQW3ODQ$FWLRQ3ODQGRFXPHQWHGLQDOOWKHHVWDWHVZLWK
SODQWDWLRQRUPLOO VSHFLILFDFWLRQVWREHWDNHQE\WKH(VWDWH0DQDJHU$VVLVWDQW0DQDJHU
RSHUDWLRQVDSSURSULDWH IRUWKHLGHQWLILHG+&9DUHDV7KHSODQLQFOXGHVWKHIROORZLQJ
PHDVXUHVWKDWDUH
H[SHFWHGWRPDLQWDLQ
D 0RQWKO\XSNHHSDQGLQVSHFWLRQRIWKHUHOLJLRXVZRUVKLSVLWHV
DQGRUHQKDQFHWKHP DQGJUDYH\DUG
VKDOOEHLPSOHPHQWHG E %RXQGDU\ZLWKIRUHVWUHVHUYHVPDUNHGE\WUHQFKHVDQG
WKURXJKDQDFWLRQSODQ VLJQDJHVWRSURKLELWKXQWLQJRUFROOHFWLQJDFWLYLWLHV
0DMRU&RPSOLDQFH F 0DLQWHQDQFHDQGPRQLWRULQJRIFRQVHUYDWLRQEXIIHU]RQHVDQG
 SRQGV3ODFHPHQWRIDSSURSULDWHVLJQDJHVWRSURKLELWILVKLQJ
VZLPPLQJDQGZDWHUSROOXWLQJDFWLYLWLHV
G 5HJXODUSDWUROVWRPRQLWRUDQGUHFRUGVLJKWLQJVRIZLOGOLIHHJ
PRQLWRUOL]DUGV³ELDZDNDLU´KHURQ³EXUXQJEDQJDX´DQG
VQDNHV³XODU´1RWHGWKDWZLOGOLIHVLJKWHGDUHVSHFLHVZKLFK
DUHQRWXQGHUWKH57(OLVW
H :DWHUVDPSOLQJDQDO\VLVRIVWUHDPDQGILQDOGLVFKDUJHRI
HIIOXHQWSRQG
I 1RSODQWLQJDWVWHHSVORSHV!R&
7KHUHVKDOOEHD
SURJUDPPHWRUHJXODUO\
HGXFDWHWKHZRUNIRUFH
56325HSRUW0D\
J /HJXPHFRYHUFURSDQG,30
7KHFRQVHUYDWLRQHQYLURQPHQWDOO\VHQVLWLYHDUHDVZHUHLQVSHFWHGRQVLWH
DQGIRXQGWREHPDLQWDLQHGVDWLVIDFWRU\
7KHWUDLQLQJSURJUDPPHWRUHJXODUO\HGXFDWHWKHZRUNIRUFHDQG &RPSOLHG
FRPPXQLW\DERXWWKHVWDWXVRI57(VSHFLHVZDVHVWDEOLVKHGZLWK
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



DERXWWKHVWDWXVRIWKHVH RQJRLQJFRQVXOWDWLRQZLWKWKH:LOGOLIH'HSDUWPHQW7KHZRUNIRUFHDQG
57(VSHFLHVDQG ORFDOFRPPXQLWLHVKDYHEHHQPDGHDZDUHWRUHSRUWWKHVLJKWLQJRI
DSSURSULDWHGLVFLSOLQDU\ YDULRXVW\SHVRIZLOGOLIH
PHDVXUHVVKDOOEH
LQVWLJDWHGLQDFFRUGDQFH 5HFRUGRIWKHWUDLQLQJZDVDOVRPDGHDYDLODEOHGXULQJWKHDXGLW
ZLWKFRPSDQ\UXOHVDQG
QDWLRQDOODZLIDQ\
LQGLYLGXDOZRUNLQJIRUWKH
FRPSDQ\LVIRXQGWR
FDSWXUHKDUPFROOHFWRU
NLOOWKHVHVSHFLHV
0LQRU&RPSOLDQFH
:KHUHDQDFWLRQ 0DQDJHPHQWSODQVZHUHHVWDEOLVKHGDQGPRQLWRULQJRXWFRPHVZHUH 
SODQKDVEHHQFUHDWHG UHYLHZHGE\WKHHVWDWHPDQDJHUV2QJRLQJPRQLWRULQJRIWKH
WKHUHVKDOOEHRQJRLQJ

PRQLWRULQJ PDQDJHPHQWSODQRQWKHVWDWXVRI57(VSHFLHVDQG+&9ZDVQRWHG 
‡7KHVWDWXVRI+&9DQG 7KHUHZDVPRQLWRULQJGRQHE\WKH$X[LOLDU\3ROLFH3ROLV%DQWXDQDWWKH 
57(VSHFLHVWKDWDUH HVWDWHVZKLFKLQFOXGHWKHVWDWXVRIWKHIRUHVWERXQGDU\ZKLFKZDVWREH
DIIHFWHGE\SODQWDWLRQRU 
IHGEDFNWRWKHUHVSHFWLYH(VWDWHPDQDJHPHQWIRUDFWLRQVLIQHHGHG
PLOORSHUDWLRQVVKDOOEH 

GRFXPHQWHGDQG
+RZHYHUWKHUHZDVQRSURSHUUHFRUGRQWKHPRQLWRULQJRI+&9DQG 
UHSRUWHG
‡2XWFRPHVRI 57(GRQHDWWKH*XQXQJ0DVHVWDWH,QDGGLWLRQWKHUHZDVQR 1&6+
PRQLWRULQJVKDOOEHIHG DSSURSULDWHVLJQDJHVSODFHDWVWUDWHJLFORFDWLRQVWRGLVFRXUDJH 0LQRU
EDFNLQWRWKHDFWLRQSODQ HQFURDFKPHQWDQGKXQWLQJDFWLYLWLHV
0LQRU&RPSOLDQFH 7KXVDQRQFRPSOLDQFHZDVLVVXHG

:KHUH+&9VHW ,WZDVYHULILHGWKDWWKHUHKDVEHHQQRLQVWDQFHRI+&9VHWDVLGHWKDW 1RWDSSOLFDEOH
DVLGHVZLWKH[LVWLQJULJKWV FRQIOLFWVZLWKWKHULJKWVRIORFDOFRPPXQLWLHVDWWKLV308
RIORFDOFRPPXQLWLHVKDYH
EHHQLGHQWLILHGWKHUH 7KXVQHJRWLDWHGDJUHHPHQWRIVXFKQDWXUHLVQRWDSSOLFDEOH
VKDOOEHHYLGHQFHRID
QHJRWLDWHGDJUHHPHQW
WKDWRSWLPDOO\VDIHJXDUGV
ERWKWKH+&9VDQGWKHVH
ULJKWV
0LQRU&RPSOLDQFH

&ULWHULRQ
:DVWHLVUHGXFHGUHF\FOHGUHXVHGDQGGLVSRVHGRILQDQHQYLURQPHQWDOO\DQGVRFLDOO\UHVSRQVLEOHPDQQHU
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
$OOZDVWHSURGXFWV :DVWHSURGXFWVDQGVRXUFHVRISROOXWLRQKDYHEHHQLGHQWLILHGDQG &RPSOLHG
DQGVRXUFHVRISROOXWLRQ GRFXPHQWHGDWWKH308VFKHGXOHGZDVWHFOLQLFDOZDVWHGRPHVWLF
VKDOOEHLGHQWLILHGDQG ZDVWHUHF\FODEOHZDVWHVPHWDOSODVWLFSDSHUJODVVDQGPLOOZDVWHV
GRFXPHQWHG
()%ILEUHERLOHUDVK320(
0DMRU&RPSOLDQFH
6FKHGXOHG:DVWHLGHQWLILHGLQFOXGHGVSHQWOXEULFDQWRLO6:VSHQW
K\GUDXOLFRLO6:XVHGFKHPLFDOFRQWDLQHUVGUXPV6:DQG
XVHGILOWHUV6:
&OLQLFDOZDVWHLGHQWLILHGLQFOXGHGFRWWRQJORYHYLDODPSRXOHDQG
V\ULQJHQHHGOHV6:
$OOFKHPLFDOVDQG
WKHLUFRQWDLQHUVVKDOOEH
GLVSRVHGRIUHVSRQVLEO\
56325HSRUW0D\
9LVLWVPDGHWR320DQGHVWDWHV*XQXQJ0DVDQG%XNLW3DORK(VWDWHV
VKRZHGWKDWDOOZDVWHSURGXFWVDQGVRXUFHVRISROOXWLRQZHUHLGHQWLILHG
DQGGRFXPHQWHG,WZDVYHULILHGRQVLWHWKDWWKHUHFRUGVDQGUHODWHG
GRFXPHQWDWLRQKDVEHHQVDWLVIDFWRULO\PDLQWDLQHGDWWKH0LOODQGHVWDWHV
UHVSHFWLYHO\

7KHPLOODQGHVWDWHVKDYHDSURSHUDQGVHFXUHG6FKHGXOHG:DVWH6WRUH &RPSOLHG
IRUVWRULQJVFKHGXOHGZDVWHXQWLOWLPHRIGLVSRVDO'LVSRVDORIVFKHGXOHG
ZDVWHE\D'2(OLFHQVHGZDVWHGLVSRVDOFRQWUDFWRU.XDOLWL$ODP6GQ
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



0DMRU&RPSOLDQFH %KG7KHGLVSRVDORIXVHGFKHPLFDOVDQGFRQWDLQHUVDQGZDVWHZHUH
FDUULHGRXWDFFRUGLQJWRWKHVFKHGXOHRQZDVWHPDQDJHPHQWDVSODQQHG
&KHPLFDOVDQGHPSW\FRQWDLQHUVZHUHDSSURSULDWHO\VHJUHJDWHGDQG
VWRUHGSULRUWRGLVSRVDO)HUWLOL]HUEDJVDUHUHF\FOHG
$OOVFKHGXOHGZDVWHVKDYHEHHQGLVSRVHGE\OLFHQVHGFRQWUDFWRUVZLWKLQ
GD\VDVVWDWHG'LVSRVDORIVFKHGXOHGZDVWHVYHULILHGWREHLQ
FRPSOLDQFHZLWK(46FKHGXOHG:DVWH5HJXODWLRQ
7KHVFKHGXOHGZDVWHGLVSRVDOZDVGRQHZLWKSURSHUGRFXPHQWDWLRQ
VXEPLWWHGE\WKH'2(OLFHQVHG6:FRQWUDFWRUZKLFKLVDGHTXDWHO\ILOHG
DQGDYDLODEOHDWVLWH
$ZDVWH 7KHPLOODQGHVWDWHVKDYHGRFXPHQWHGDQGLPSOHPHQWHGZDVWH 
PDQDJHPHQWDQG PDQDJHPHQWDQGGLVSRVDOSODQVWRDYRLGRUUHGXFHSROOXWLRQ7KHVH
GLVSRVDOSODQWRDYRLGRU

RSHUDWLRQDOSODQVFRYHUHGWKHZDVWHSURGXFWVDQGVRXUFHVRISROOXWLRQ
UHGXFHSROOXWLRQVKDOOEH 
LGHQWLILHGLQWKHPLOODQGHVWDWHV7KHSODQZDVUHYLHZHGIRUILQDQFLDO
GRFXPHQWHGDQG
LPSOHPHQWHG \HDU 
0LQRU&RPSOLDQFH 6HJUHJDWLRQRIZDVWHVLHVFKHGXOHGZDVWHVDQGJHQHUDOZDVWHVZDV 

YHULILHG7KHPLOODQGHVWDWHVKDYHDSURSHU6FKHGXOHG:DVWH6WRUHIRU 
VWRULQJVFKHGXOHGZDVWHXQWLOWLPHRIGLVSRVDOE\'2(DXWKRUL]HGZDVWH 
GLVSRVDOFRQWUDFWRU.XDOLWL$ODP6GQ%KG3URSHUVWRUDJHDUHDVZHUH
LGHQWLILHGIRUWKHVWRUDJHRIWKHUHF\FODEOHZDVWHVDWWKHPLOODQGHVWDWHV 
/DWHVWGLVSRVDOZDVFDUULHGRXWRQ2FWREHU 
5HF\FOLQJELQVRIWKUHHGLIIHUHQWFRORXUFRGHVIRUVSHFLILFUHF\FODEOH 
ZDVWHVZHUHDYDLODEOHLQWKHPLOODQGHVWDWHVDQGZHUHXVHGIRUVROLG 
ZDVWHVHJUHJDWLRQDQGUHF\FOLQJ

5HF\FOLQJRIFURSUHVLGXHVELRPDVVDQGPLOOZDVWHV320(()%ILEUH
ERLOHUDVKKDGEHHQLPSOHPHQWHG7KHFRPSRVWLQJSODQWUHF\FOHV 
ZDVWHVVXFKDVWKH320(DQG()%IURPWKHPLOO7KHFRPSRVWLQJSODQW 
LVORFDWHGDGMDFHQWWRWKHPLOODQG$VLD*UHHQ5HVRXUFHV6GQ%KGKDG 
EHHQDSSRLQWHGE\6LPH'DUE\3ODQWDWLRQ+4WRRSHUDWHWKH

FRPSRVWLQJSODQW7KHFRPSRVWLVXVHGIRUODQGDSSOLFDWLRQDW*XQXQJ
0DV(VWDWH 
$SSURSULDWHVHFRQGDU\FRQWDLQPHQWIRUWKHGLHVHOVNLGWDQNVFKHPLFDO 
DQGVFKHGXOHGZDVWHVWRUDJHDUHDVZDVYHULILHGWREHPDLQWDLQHG 
6WDFNHPLVVLRQVDQGERLOHUDVKHVZHUHPRQLWRUHGDQGFRQWUROOHGDWWKH 
308 
,WZDVYHULILHGRQVLWHWKDWWKHUHFRUGVDQGUHODWHGGRFXPHQWDWLRQKDV 
EHHQVDWLVIDFWRULO\PDLQWDLQHGDWWKHPLOODQGDOVRDWWKHUHVSHFWLYH
HVWDWHV 
6ROLGZDVWHPDQDJHPHQWDQGGLVSRVDOE\PHDQVODQGILOOZDVDYDLODEOHDW 
WKHHVWDWHV7KHGHVLJQDWHGODQGILOODUHDDWERWK*XQXQJ0DVDQG%XNLW 
3DORKHVWDWHVXVHGIRUKRXVHKROGZDVWHZHUHYHULILHGWREHDWOHDVW 
PRUHWKDQPDZD\IURPDQ\VWUHDPVZDWHUVRXUFHVUHVLGHQWLDO

DUHDWKXVPLQLPL]LQJWKHULVNRIFRQWDPLQDWLRQRIZDWHUVRXUFHV

+RZHYHUODQGILOOPDQDJHPHQWODFNVWKHIROORZLQJGHWDLOV
 
 6LJQDJHVVKRZLQJGLUHFWLRQVDQGORFDWLRQVRIODQGILOOVDW 1&6+
ERWKHVWDWHV*XQXQJ0DV(VWDWH %XNLW3DORK(VWDWHDUH 0LQRU
QRWYLVLEOHRQVLWH

 0DUNLQJGHWDLOVRIWKHµ2SHQLQJ¶DQGµ&ORVLQJ¶RIWKHSORWV
RIODQGILOOVXVHGZHUHQRWDYDLODEOH

 $W%XNLW3DORKHVWDWHWKHPDQDJHPHQWRIH[LVWLQJODQGILOO
IRUGRPHVWLFZDVWHVZDVQRWSURSHUDVWKHUHZDVHYLGHQFH
RIZDVWHPDWHULDOVFDWWHUHGDOORYHUWKHODQGILOO


56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



&ULWHULRQ
(IILFLHQF\RIIRVVLOIXHOXVHDQGWKHXVHRIUHQHZDEOHHQHUJ\LVRSWLPLVHG
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
$SODQIRULPSURYLQJ 7KHPLOOSURGXFWLRQRXWSXWUHFRUGVDQGWKHWZRERLOHUVRSHUDWLRQDO &RPSOLHG
HIILFLHQF\RIWKHXVHRI UHFRUGVZHUHPRQLWRUHGPRQWKO\DQGLQFOXGHGPRQLWRULQJRIWKH
IRVVLOIXHOVDQGWR UHQHZDEOHHQHUJ\XVDJH
RSWLPLVHUHQHZDEOH
0RQWKO\UHFRUGVRIHQHUJ\FRQVXPSWLRQRIQRQUHQHZDEOHDQG
HQHUJ\VKDOOEHLQSODFH
DQGPRQLWRUHG UHQHZDEOHIXHOSHUPHWULFWRQQHRISDOPSURGXFWZHUHPDGHDYDLODEOHIRU
DXGLW
0LQRU&RPSOLDQFH

$WERWKWKHHVWDWHVYLVLWHGPRQLWRULQJRISHVWLFLGHDQGGLHVHOXVDJHSHU
 ))%SURGXFWLRQIRUILQDQFLDO\HDUZDVFRQGXFWHGRQD
PRQWKO\EDVLVDQGUHFRUGHG7KHUHFRUGZDVPDGHDYDLODEOHGXULQJWKH
DXGLW
&ULWHULRQ
8VHRIILUHIRUSUHSDULQJODQGRUUHSODQWLQJLVDYRLGHGH[FHSWLQVSHFLILFVLWXDWLRQVDVLGHQWLILHGLQWKH$6($1
JXLGHOLQHVRURWKHUUHJLRQDOEHVWSUDFWLFH
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KHUHVKDOOEHQR =HURRSHQEXUQLQJSROLF\LQDFFRUGDQFHZLWK6236HFWLRQ% &RPSOLHG
ODQGSUHSDUDWLRQE\ ³)HOOLQJ/DQG&OHDULQJ /DQG3UHSDUDWLRQ´GDWHG7KH308
EXUQLQJRWKHUWKDQLQ PDQDJHPHQWLVVWULFWO\FRPSO\LQJZLWKWKH0DOD\VLDQHQYLURQPHQWDOODZ
VSHFLILFVLWXDWLRQVDV
±(4$DQG5HJXODWLRQV
LGHQWLILHGLQWKH
µ*XLGHOLQHVIRUWKH )LHOGLQVSHFWLRQVPDGHVKRZHGQRSK\VLFDOHYLGHQFHRIRSHQEXUQLQJ
,PSOHPHQWDWLRQRIWKH
$6($13ROLF\RQ=HUR
%XUQLQJ¶
0DMRU&RPSOLDQFH

:KHUHILUHKDVEHHQ 7KH308KDVDGKHUHGWRWKHµ]HUREXUQLQJµSROLF\IRUUHSODQWLQJDWWKH &RPSOLHG
XVHGIRUSUHSDULQJODQG HVWDWHV
IRUUHSODQWLQJWKHUHVKDOO
EHHYLGHQFHRISULRU $OVRWKHUHZDVQRHYLGHQFHRIDQ\EXUQLQJRIGRPHVWLFZDVWHDWWKH
DSSURYDORIWKHFRQWUROOHG KRXVLQJOLQHVLWHVDQGDWWKHODQGILOOVRIWKHHVWDWHVGXULQJRQVLWHILHOG
EXUQLQJDVVSHFLILHGLQ DVVHVVPHQW/DQGILOOVDUHORFDWHGIDUDZD\IURPWKHYLOODJHVDQGZDWHU
µ*XLGHOLQHVIRUWKH VRXUFHV
,PSOHPHQWDWLRQRIWKH
$6($13ROLF\RQ=HUR

%XUQLQJ¶
0LQRU&RPSOLDQFH


&ULWHULRQ
3ODQVWRUHGXFHSROOXWLRQDQGHPLVVLRQVLQFOXGLQJJUHHQKRXVHJDVHVDUHGHYHORSHGLPSOHPHQWHGDQGPRQLWRUHG

,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
$QDVVHVVPHQWRI 7KH308KDGFDUULHGRXWDQHQYLURQPHQWDODVSHFWDQGLPSDFW &RPSOLHG
DOOSROOXWLQJDFWLYLWLHVVKDOO
EHFRQGXFWHGLQFOXGLQJ
JDVHRXVHPLVVLRQV
SDUWLFXODWHVRRWHPLVVLRQV
DQGHIIOXHQWVHH&ULWHULRQ
DVVHVVPHQW($,$DQGLGHQWLILHGWKHSRWHQWLDOSROOXWLQJDFWLYLWLHVDWWKH
320DQGHVWDWHV
7KH308KDGUHYLHZHGWKHHQYLURQPHQWDOLPSDFWDVVHVVPHQWRQ
SRWHQWLDOSROOXWLRQWRZDWHUJDVHRXVHPLVVLRQVWRDLUDQGFRQWDPLQDWLRQ
 RQODQGIRUILQDQFLDO\HDU
0DMRU&RPSOLDQFH 320(LVVHQWWRWKHFRPSRVWLQJSODQWDGMDFHQWWRWKHPLOODQGSURFHVVHG
 WRJHWKHUZLWK()%DQGIHUWLOL]HUWRSURGXFHWKHFRPSRVWIRUODQG
DSSOLFDWLRQDW*XQXQJ0DV(VWDWH

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



0LOOJDVHPLVVLRQVDVPRQLWRUHGRQOLQHE\'2(XVLQJWKH&RQWLQXRXV
(PLVVLRQV0RQLWRULQJ6\VWHP&(06YHULILHGWREHZLWKLQSHUPLVVLEOH
OLPLWVRI'2($YHUDJHRSDFLW\DQGGXUDWLRQH[FHHGLQJSHUPLVVLEOHOLPLWV
IRXQGWRFRPSO\ZLWK'2(UHJXODWLRQ1RYLRODWLRQVDQGRUFRPSRXQGV
KDYHEHHQUHFHLYHGIURP'2(DVWRGDWH
0RQLWRULQJRIQRLVHOHYHOVDWWKHPLOOKDVEHHQFDUULHGRXW1RLVHOHYHOVDW
WKHERLOHUVWDWLRQDQGWKHVWHULOL]DWLRQXQLWZHUHLGHQWLILHGWREHDERYH
G%
(DUPXIIOHUVKDYHEHHQLVVXHGDQGVHHQWREHZRUQE\ZRUNHUVDWWKRVH
ORFDWLRQV$VGRFXPHQWHGLQWKH+,5$&WDEOH33(XVHDQGDXGLRPHWULF
H[DPLQDWLRQXVHGDVFRQWUROPHDVXUHVWRSUHYHQWKHDULQJORVVRIPLOO
ZRUNHUV
6LJQLILFDQW ,GHQWLILFDWLRQRIVLJQLILFDQWSROOXWDQWVDQGJUHHQKRXVHJDV*+* &RPSOLHG
SROOXWDQWVDQG HPLVVLRQVKDVEHHQGRQHHJ320(GLHVHOIXHODQGIHUWLOL]HU7KHLU
JUHHQKRXVHJDV*+*
HPLVVLRQVVKDOOEH
LGHQWLILHGDQGSODQVWR
UHGXFHRUPLQLPLVHWKHP
LPSOHPHQWHG
0DMRU&RPSOLDQFH
$PRQLWRULQJ
V\VWHPVKDOOEHLQSODFH
ZLWKUHJXODUUHSRUWLQJRQ
SURJUHVVIRUWKHVH
VLJQLILFDQWSROOXWDQWVDQG
HPLVVLRQVIURPHVWDWH
DQGPLOORSHUDWLRQVXVLQJ
DSSURSULDWHWRROV
0LQRU&RPSOLDQFH
 6FKHGXOHG:DVWHGLVSRVDOZHUHDGKHULQJWR'2(UHTXLUHPHQWV,WZDV













56325HSRUW0D\
XVDJHKDYHEHHQUHFRUGHGDQGGRFXPHQWHGDWWKH308*+*
HPLVVLRQVKDYHEHHQPRQLWRUHGIRU\HDU)<E\WKH6'36%
6XVWDLQDELOLW\'HSDUWPHQWIURP+4
&DOFXODWLRQVEDVHGRQWKHODWHVWYHUVLRQ3DOP*+*YZDVDOVR
XVHG7KH308LQWHQGVWRUHYLHZWKHSODQVWRIXUWKHUUHGXFHRUPLQLPL]H
WKHLU*+*HPLVVLRQV
0RQLWRULQJDQGUHSRUWLQJRIWKHVLJQLILFDQWSROOXWDQWVWRZDWHUJDVHRXV 
HPLVVLRQVWRDLUDQGFRQWDPLQDWLRQRQODQGDUHLQSODFH
&RPSOLHG
$VVHVVPHQWDQGUHSRUWLQJRI*+*HPLVVLRQFDOFXODWLRQLVDYDLODEOHDW
WKHSODQWDWLRQOHYHOXVLQJ81)&&*+*3URWRFRO+RZHYHUWKH
HQGRUVHPHQWRI6'3*+*FDOFXODWLRQLVVWLOOSHQGLQJDQGVWLOODZDLWLQJ
IRUWHFKQLFDODGYLFHE\5632(PLVVLRQ5HGXFWLRQ:RUNLQJ*URXS
7RROVDQGV\VWHPVXVHGLQFOXGHWKH'2(RQOLQH&(06PRQLWRULQJIRUDLU
HPLVVLRQVZDWHUTXDOLW\DWGLVFKDUJHSRLQWVDVSHU'2(UHJXODWLRQVDQG
YHULILHGWKDWWKH320(LVWUHDWHGXVLQJDHURELFDQDHURELFSRQGV
:DWHULVEHLQJXVHGIRUERWKGRPHVWLFDQGPLOORSHUDWLRQ:DWHUVDPSOHV
ZHUHWDNHQHYHU\PRQWKDWWKHILQDOGLVFKDUJHSRLQWRIWKHSDOPRLOPLOO
HIIOXHQWSRQG:DWHUVDPSOHVDOVRWDNHQDWTXDUWHUO\LQWHUYDOVDW
XSVWUHDPDQGGRZQVWUHDPRIZDWHUZD\V7KHZDWHUVDPSOHVZHUH
WHVWHGDQGWHVWUHSRUWVDQDO\]HGWRHQVXUHFRPSOLDQFHWR'2(
UHTXLUHPHQWV5HVXOWVYHULILHGWRKDYHPHWWKHSHUPLVVLEOHUHJXODWRU\
OLPLWVIRUS+%2'&2'7RWDO6ROLGV6XVSHQGHG6ROLGV2LO *UHDVH
$PPRQLDFDO1LWURJHQDQG7RWDO1LWURJHQ
7KHGLVFKDUJHGZDWHULVXVHGIRUODQGDSSOLFDWLRQLQWR*XQXQJ
0DV(VWDWH
5HFRUGVDQGUHJXODUUHSRUWLQJWR'2(TXDUWHUO\UHSRUWLQJZHUHQRWHGWR
EHPDLQWDLQHGDQGYHULILHGRQVLWH
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



3ULQFLSOH5HVSRQVLEOHFRQVLGHUDWLRQRIHPSOR\HHVDQGRILQGLYLGXDOVDQGFRPPXQLWLHVDIIHFWHGE\
JURZHUVDQGPLOOV
&ULWHULRQ
$VSHFWVRISODQWDWLRQDQGPLOOPDQDJHPHQWWKDWKDYHVRFLDOLPSDFWVLQFOXGLQJUHSODQWLQJDUHLGHQWLILHGLQD
SDUWLFLSDWRU\ZD\DQGSODQVWRPLWLJDWHWKHQHJDWLYHLPSDFWVDQGSURPRWHWKHSRVLWLYHRQHVDUHPDGHLPSOHPHQWHG
DQGPRQLWRUHGWRGHPRQVWUDWHFRQWLQXDOLPSURYHPHQW
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
$VRFLDOLPSDFW 6RFLDOLPSDFWVLQ6LPH'DUE\628JURXSZHUHDVVHVVHGWKURXJKD &RPSOLHG
DVVHVVPHQW6,$
LQFOXGLQJUHFRUGVRI
PHHWLQJVVKDOOEH
GRFXPHQWHG

0DMRU&RPSOLDQFH
7KHUHVKDOOEH
HYLGHQFHWKDWWKH
DVVHVVPHQWKDVEHHQ
GRQHZLWKWKH
SDUWLFLSDWLRQRIDIIHFWHG
SDUWLHV

PL[WXUHRIFRQVXOWDWLRQVPHHWLQJVIHHGEDFNIRUPVDQGSHUVRQDO
LQWHUYLHZV7KHDVVHVVPHQWPHWKRGVZHUHEDVHGRQDPDQXDOGHYHORSHG
E\)HGHUDO'HSWRI7RZQDQG&RXQWU\3HQLQVXODU0DOD\VLDDQG0DOD\VLDQ
6RFLHW\RI,PSDFW$VVHVVPHQW
6RFLDO,PSDFW$VVHVVPHQW>6,$@LQ6LPH'DUE\628JURXSLV
FRQGXFWHGRQFHLQHYHU\\HDUVZLWKWKHODWHVWEHLQJLQ-XO\DV
UHSRUWHGGXULQJ$6$7KHUHYLHZPHFKDQLVPKDGDSSURSULDWHO\
LQYROYHGVWDNHKROGHUVVXFKDVWKH6RFLDO (QYLURQPHQW3URMHFWV8QLW
3640'HSDUWPHQWZRUNHUVJHQGHUFRPPLWWHHZRUNHUVXQLRQKHDGRI
YLOODJHVJRYHUQPHQWGHSDUWPHQWVFKRROFRQWUDFWRUVVXSSOLHUVDQGHWF
7KHVHSURFHVVZDVZHOOGRFXPHQWHG
(DFK\HDUDIWHUWKH6,$SURFHVVHDFKRSHUDWLQJXQLWLQ6LPH'DUE\
628JURXSFRQGXFWHGDVWDNHKROGHUFRQVXOWDWLRQ'XULQJWKLV
FRQVXOWDWLRQLVVXHVWKDWZHUHUDLVHGLQSUHYLRXV\HDUVZHUHUHYLHZHGDQG
QHZLVVXHVLIDQ\ZLOOEHUHFRUGHG)RUH[DPSOHVWDNHKROGHUFRQVXOWDWLRQ
IRU*XQXQJ0DV320WKHVWDNHKROGHUFRQVXOWDWLRQZDVFRQGXFWHGRQ
)HEDWWHQGHGE\H[WHUQDOVWDNHKROGHUV,Q%XNLW3DORK(VWDWHWKH
VWDNHKROGHUFRQVXOWDWLRQZDVRQ-DQDQGLQ*XQXQJ0DV(VWDWH
ZDVRQ)HE
,QWKH6,$UHSRUWDVZHOOWKHDQQXDOVWDNHKROGHUFRQVXOWDWLRQVLWZDV
YHULILHGWKDWDOOSRWHQWLDOLPSDFWVZHUHVXIILFLHQWO\FRYHUHGLQFOXGLQJDFFHVV
DQGXVHULJKWVWRLQGLYLGXDOSDVVSRUWVDQGWUDYHOOLQJGRFXPHQWVVXIILFLHQW
DQGRQWLPHPRQWKO\SD\VFKRROVDQGKHDOWKFOLQLFVHWF
(DFKFRQVXOWDWLRQDQGPHHWLQJFRQGXFWHGZDVYHULILHGWRKDYHLQYROYHG &RPSOLHG
UHOHYDQWVWDNHKROGHUVDIIHFWHGE\WKHRSHUDWLRQVRIWKHJURXS3DUWLFLSDQWV
LQWKH6,$SURFHVVDQGLQVWDNHKROGHUFRQVXOWDWLRQVZHUHDOUHDG\
PHQWLRQHGDERYH>@3DUWLFLSDQWVLQPHHWLQJVXFKDV1DWLRQDO8QLRQ
IRU3ODQWDWLRQ:RUNHUVLQFOXGHZRUNHUVUHSUHVHQWDWLYHVIURPGLIIHUHQW
FDWHJRULHVRIZRUNHUVVXFKDVJHQHUDOZRUNHUVVSUD\HUVPDQXUHUV
0DMRU&RPSOLDQFH
KDUYHVWHUVGULYHUVERWKORFDOVDQGIRUHLJQZRUNHUV3DUWLFLSDQWVLQ
*HQGHU&RPPLWWHHPHHWLQJZHUHPDLQO\ZRPHQZRUNHUVEXWDWWHQGHGDQG
RYHUVHHQE\WKHPLOORUHVWDWHPDQDJHUV0HHWLQJPLQXWHVIRUDOOWKH
DERYHDUHVLJKWHG
3UHYLRXVO\GXULQJ$6$DQREVHUYDWLRQZDVUDLVHGUHJDUGLQJWKH320
DQGHVWDWHVKDYLQJFRQGXFWHGWKHVWDNHKROGHUV¶FRQVXOWDWLRQEXWWKH
QXPEHURIVWDNHKROGHUVSUHVHQWZHUHYHU\IHZDOWKRXJKDVLJQLILFDQW
QXPEHUKDGEHHQLQYLWHG9HULILHGWKDWWKHFRPELQHGQXPEHURIH[WHUQDO
VWDNHKROGHUVDWWHQGLQJVWDNHKROGHUFRQVXOWDWLRQVDWWKHHQWLUH6LPH'DUE\
628JURXSLVVXIILFLHQWWRUHSUHVHQWH[WHUQDOVWDNHKROGHUVDIIHFWHGE\
WKHRSHUDWLRQVRIWKHJURXS
3UHYLRXV2%6010ZDVFRQILUPHGWREHVDWLVIDFWRULO\
DGGUHVVHGGXULQJWKHFXUUHQWDXGLW
'XULQJ6,$SURFHVVDQGVWDNHKROGHUFRQVXOWDWLRQUHVSRQGIRUPVZHUH
GLVWULEXWHGIRUZULWWHQLQSXWVDQGYHUEDOLQSXWVZHUHDOVRUHFRUGHGLQWKH
PHHWLQJPLQXWHV0HHWLQJPLQXWHVZHUHDOVRPDLQWDLQHGIRURWKHU
PHHWLQJVPHQWLRQHGDERYHLH183:DQG*HQGHU&RPPLWWHHPHHWLQJV

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



$WWHQGDQFHOLVWVDQGSKRWRVIRUVWDNHKROGHUFRQVXOWDWLRQVDQGPHHWLQJV
FRQGXFWHGZHUHDOVRYHULILHG
3ODQVIRUDYRLGDQFH %DVHGRQWKHLQSXWVUHFHLYHGIURPWKHFRQVXOWDWLRQPHHWLQJVSHUVRQDO &RPSOLHG
RUPLWLJDWLRQRIQHJDWLYH LQWHUYLHZVHWF6LPH'DUE\628JURXSGHYHORSHGVRFLDODFWLRQSODQV
LPSDFWVDQGSURPRWLRQRI ZKLFKDOVRVWDWHGWKHWLPHIUDPHDQGUHVSRQVLEOHSHUVRQLQDOORSHUDWLQJ
WKHSRVLWLYHRQHVDQG
XQLWVDXGLWHG6WDWXVRILVVXHVUDLVHGLQWKHSUHYLRXV\HDUVZHUHDOVR
PRQLWRULQJRILPSDFWV
LGHQWLILHGVKDOOEH FOHDUO\VWDWHGZKHWKHUWKHLVVXHVDUHDOUHDG\FORVHGRULWLVDFWXDOO\DQ
GHYHORSHGLQFRQVXOWDWLRQ RQJRLQJSURFHVV
ZLWKWKHDIIHFWHGSDUWLHV
GRFXPHQWHGDQG
WLPHWDEOHGLQFOXGLQJ
UHVSRQVLELOLWLHVIRU
LPSOHPHQWDWLRQ

0DMRU&RPSOLDQFH
7KHSODQVVKDOOEH 7KHSODQVDUHUHYLHZHGDQQXDOO\WRJHWKHUZLWKDIIHFWHGSDUWLHVDV &RPSOLHG
UHYLHZHGDVDPLQLPXP PHQWLRQHGDERYH7KHZRUNHUVHVSHFLDOO\DUHUHJXODUO\FRQVXOWHGWKURXJK
RQFHHYHU\WZR\HDUVDQG WKH183:PHHWLQJVVDIHW\PHHWLQJGDLO\PRUQLQJPXVWHUDQGLQGLYLGXDO
XSGDWHGDVQHFHVVDU\LQ
UHSRUWVPDGHLQWKH*ULHYDQFH%RRNV
WKRVHFDVHVZKHUHWKH
UHYLHZKDVFRQFOXGHGWKDW $FWLRQVWDNHQWRDGGUHVVWKHFRQFHUQVUDLVHGE\WKHVWDNHKROGHUVZHUH
FKDQJHVVKRXOGEHPDGH YHULILHGGXULQJWKHDXGLWDQGWKHVHDFWLRQVDUHXSGDWHGDVQHFHVVDU\LQWKH
WRFXUUHQWSUDFWLFHV VRFLDODFWLRQSODQ

7KHUHVKDOOEHHYLGHQFH
WKDWWKHUHYLHZLQFOXGHV
WKHSDUWLFLSDWLRQRI
DIIHFWHGSDUWLHV

0LQRU&RPSOLDQFH
3DUWLFXODUDWWHQWLRQ 1RVPDOOKROGHUVLQ6LPH'DUE\628JURXSWKXVWKLVFULWHULDLVQRW 1RW
VKDOOEHSDLGWRWKH DSSOLFDEOH DSSOLFDEOH
LPSDFWVRIVPDOOKROGHU
VFKHPHVZKHUHWKH
SODQWDWLRQLQFOXGHVVXFKD
VFKHPH

0LQRU&RPSOLDQFH

&ULWHULRQ
7KHUHDUHRSHQDQGWUDQVSDUHQWPHWKRGVIRUFRPPXQLFDWLRQDQGFRQVXOWDWLRQEHWZHHQJURZHUVDQGRUPLOOHUVORFDO
FRPPXQLWLHVDQGRWKHUDIIHFWHGRULQWHUHVWHGSDUWLHV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
&RQVXOWDWLRQDQG 'RFXPHQWHGSROLFLHVDQGSURFHGXUHVDUHDYDLODEOHIRULQWHUQDODQGH[WHUQDO &RPSOLHG
FRPPXQLFDWLRQ FRPPXQLFDWLRQDQGFRQVXOWDWLRQ
SURFHGXUHVVKDOOEH
GRFXPHQWHG 7KHJURXSKDVDGRSWHGDQRSHQDQGWUDQVSDUHQWPHWKRGRIFRPPXQLFDWLRQ
DQGFRQVXOWDWLRQZKHQGHDOLQJZLWKUHOHYDQWSDUWLHVHJLWVZRUNHUV

JRYHUQPHQWDJHQFLHVFRQWUDFWRUVQHLJKERXULQJSODQWDWLRQVE\SHUVRQDO
0DMRU&RPSOLDQFH LQYLWDWLRQWRDWWHQGWKH6,$SURFHVVDQGWKHDQQXDOVWDNHKROGHUV¶
FRQVXOWDWLRQ
$W6LPH'DUE\628JURXSOHYHODQ\JULHYDQFHIURPSXEOLFFDQEH
VXEPLWWHGWRWKHJURXSWKURXJKRQOLQHIRUPDWH[LVWLQJ:KLVWOHEORZLQJ
&KDQQHOV>KWWSVRQOLQH
TDVVLPHGDUE\FRPVLWHV*+2:KLVWOHEORZLQJVROXWLRQSDJHVGHIDXOWDVS[@
$WHVWDWHDQGPLOOOHYHOWKHZRUNHUVDUHSURYLGHGZLWKYDULRXVRWKHU
FKDQQHOVWRUDLVHGWKHLUFRQFHUQVHJJULHYDQFHERRN183:PHHWLQJV
JHQGHUFRPPLWWHHPHHWLQJVVDIHW\DQGKHDOWKPHHWLQJVPXVWHUFDOOVHWF

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



$PDQDJHPHQW ,QPRVWFDVHVQRPLQDWHGSHUVRQUHVSRQVLEOHDVVRFLDOOLDLVRQRIILFHUVDUH &RPSOLHG

RIILFLDOUHVSRQVLEOHIRU WKH0DQDJHUVRU$VVLVWDQW0DQDJHUVRIWKHRSHUDWLQJXQLWV6RFLDOOLDLVRQ
WKHVHLVVXHVVKDOOEH RIILFHUVDUHUHVSRQVLEOHLQKDQGOLQJUHOHYDQWVRFLDOUHODWHGLVVXHGHLWKHU
QRPLQDWHG
UDLVHGE\ORFDOFRPPXQLWLHVZRUNHUVJRYHUQPHQWDJHQFLHVRURWKHU
 LQWHUHVWHGSDUWLHV
0LQRU&RPSOLDQFH )RUH[DPSOHLQ*XQXQJ0DV320DSSRLQWHGVRFLDOOLDLVRQRIILFHULVWKH
6U$VVLVWDQW0DQDJHU0U.KDLUXO1DKDU2PDUZLWKDSSRLQWPHQWOHWWHU
GDWHG-XOVLJQHGE\0U$PUDQ6D¶UL6U0LOO0DQDJHU6LPLODUO\LQ
*XQXQJ0DV(VWDWH0U)XDGL0DQDI(VWDWH0DQDJHUZDVDSSRLQWHGDV
VRFLDOOLDLVRQRIILFHUE\0U$EGXO+DOLP$EGXO$ZDQJ5HJLRQDO*HQHUDO
$OLVWRI
VWDNHKROGHUVUHFRUGVRI
DOOFRPPXQLFDWLRQ
LQFOXGLQJFRQILUPDWLRQRI
UHFHLSWDQGWKDWHIIRUWDUH
PDGHWRHQVXUH
XQGHUVWDQGLQJE\DIIHFWHG
SDUWLHVDQGUHFRUGVRI
0DQDJHULQDOHWWHUGDWHG-XO
1DPHVRIWKHVHQRPLQDWHGRIILFHUVDUHPDGHSXEOLFWRWKHZRUNHUVWKURXJK
JULHYDQFHSURFHGXUHVDYDLODEOHLQWKHSXEOLFQRWLFHERDUGVDVZHOODV
WKURXJKDQQRXQFHPHQWVPDGHGXULQJPHHWLQJVDQGPRUQLQJPXVWHUV
,QWHUYLHZHGFRQGXFWHGZLWKZRUNHUVGXULQJWKHDXGLWYHULILHGWKDWWKH
ZRUNHUVHVSHFLDOO\KDYHHDV\DFFHVVWRWKHVHVRFLDOOLDLVRQRIILFHUV
$OOXQLWVDXGLWHGZLWKLQ6LPH'DUE\628JURXSDUHYHULILHGWRKDYH &RPSOLHG
PDLQWDLQHGOLVWVRIORFDOFRPPXQLWLHVDVZHOODVDIIHFWHGDQGLQWHUHVWHG
SDUWLHV
5HFRUGVRIWKHVWDNHKROGHUFRQVXOWDWLRQVPHHWLQJPLQXWHVDQG
FRPPXQLFDWLRQVDQGUHVSRQVHVPDGHE\WKH308ZHUHYHULILHGWREH
VDWLVIDFWRULO\PDLQWDLQHG
3UHYLRXV2%6010ZDVFRQILUPHGWREHVDWLVIDFWRULO\
DFWLRQVWDNHQLQUHVSRQVH
WRLQSXWIURP DGGUHVVHGGXULQJWKHFXUUHQWDXGLW
VWDNHKROGHUVVKDOOEH 
PDLQWDLQHG

0LQRU&RPSOLDQFH

&ULWHULRQ
7KHUHLVDPXWXDOO\DJUHHGDQGGRFXPHQWHGV\VWHPIRUGHDOLQJZLWKFRPSODLQWVDQGJULHYDQFHVZKLFKLVLPSOHPHQWHG
DQGDFFHSWHGE\DOODIIHFWHGSDUWLHV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KHV\VWHPRSHQWR ,WZDVYHULILHGGXULQJWKHDXGLWWKDWDV\VWHPWRGHDOZLWKFRPSODLQWVDQG &RPSOLHG
DOODIIHFWHGSDUWLHVVKDOO JULHYDQFHVIRUDOODIIHFWHGSDUWLHVKDYHEHHQHVWDEOLVKHGDQGZHOO
UHVROYHGLVSXWHVLQDQ LPSOHPHQWHGLQ6LPH'DUE\628JURXS$PRQJRWKHUVWKHDIIHFWHG
HIIHFWLYHWLPHO\DQG
SDUWLHVKDYHVHYHUDORSWLRQVWRUHJLVWHUWKHLUFRPSODLQWVDQGJULHYDQFHV
DSSURSULDWHPDQQHU
HQVXULQJDQRQ\PLW\RI HJ*ULHYDQFH%RRNDQQXDOVWDNHKROGHUFRQVXOWDWLRQPRUQLQJPXVWHU
FRPSODLQDQWVDQG 6,$SURFHVVZRUNHUVXQLRQPHHWLQJVJHQGHUFRPPLWWHHPHHWLQJV
ZKLVWOHEORZHUVZKHUH 0DLQSHUVRQUHVSRQVLEOHLQKDQGOLQJWKHFRPSODLQWVDQGJULHYDQFHV
UHTXHVWHG UHFHLYHGIURPVWDNHKROGHUVLQHDFKRSHUDWLQJXQLWLVWKHDSSRLQWHGVRFLDO
 RIILFHUVZKRLQPRVWFDVHVDUHDWWKHPDQDJHULDOOHYHO7KLVZD\WKH
0DMRU&RPSOLDQFH ZRUNHUVDUHHQVXUHGWKDWWKH\DUHKHDUGLIWKH\KDYHFRPSODLQWVDJDLQVW
WKHLULPPHGLDWHVXSHUYLVRUV
7KHV\VWHPLQSODFHLVYHULILHGWREHHIIHFWLYHLQHQVXULQJWKDWFRPSODLQWV
DQGJULHYDQFHDUHDGGUHVVHGRUUHVROYHGLQWLPHO\DQGDSSURSULDWH
PDQQHU$FWLRQVWDNHQWRDGGUHVVWKHFRPSODLQWVDQGJULHYDQFHVUHFHLYHG
DUHUHFRUGHGDSSURSULDWHO\
&RPSODLQWVDQGJULHYDQFHVDUHLQYHVWLJDWHGDGGUHVVHGDQGUHVROYHG
EDVHGRQLWVVHYHULW\0LQRUFRPSODLQWVZLOOQRUPDOO\EHUHVROYHGZLWKLQ
ZRUNLQJGD\VZKLOVWPDMRUFRPSODLQWVDQGJULHYDQFHVZLOOEHUHVROYHG
EDVHGRQSULRULW\DQGEXGJHWDYDLODELOLW\&RPSODLQWVUHODWHGWRVH[XDO
KDUDVVPHQWUHFHLYHGZDVEHKDQGOHGZLWKWKHXWPRVWSULYDF\DQG
FRQILGHQWLDOLW\E\WKHJHQGHUFRPPLWWHHDQGWKHPDQDJHPHQWRIUHOHYDQW
RSHUDWLQJXQLW

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



,WLVYHULILHGGXULQJRQVLWHLQWHUYLHZVWKDWWKHUHZHUHQRLQFLGHQFHVRI
GLVSXWHVRUJULHYDQFHVRIDVHULRXVQDWXUH1HYHUWKHOHVV6LPH'DUE\
628JURXSKDGDGRSWHG:KLVWOHEORZLQJ&KDQQHOV>KWWSVRQOLQH
TDVVLPHGDUE\FRPVLWHV*+2:KLVWOHEORZLQJVROXWLRQSDJHVGHIDXOWDVS[@
'RFXPHQWDWLRQRI $OOFRPSODLQWVDQGJULHYDQFHVUHFHLYHGDUHGRFXPHQWHGHLWKHULQWKHIRUP &RPSOLHG
ERWKWKHSURFHVVE\ZKLFK RIORJERRNDVLQWKHJULHYDQFHERRNPHHWLQJPLQXWHVIRUWKHXQLRQ
DGLVSXWHZDVUHVROYHG ZRUNHUVJHQGHUFRPPLWWHHVDIHW\DQGKHDOWKPHHWLQJVDQGDQQXDO
DQGWKHRXWFRPHVKDOOEH
VWDNHKROGHUFRQVXOWDWLRQV'HFLVLRQVDQGDFWLRQRQWKHFRPSODLQWVDQG
DYDLODEOH
JULHYDQFHVUHFHLYHGDOVRYHU\ZHOOGRFXPHQWHGZLWKVXIILFLHQWVXSSRUWLQJ
0DMRU&RPSOLDQFH GRFXPHQWVDVSURRIV)RUH[DPSOHUHTXHVWIRUKRXVHPDLQWHQDQFHRQ
)HEIURP0U0RKG-XZDLQL*KD]DOLZRUNHUVDWWKH*XQXQJ0DV
320ZDVDFWHGXSRQLQWLPHO\PDQQHU2WKHUWKDQUHSRUWVPDGHWRWKH
JHQGHUUHSUHVHQWDWLYHVDOORWKHUFRPSODLQWVDQGJULHYDQFHVDUHDFFHVVLEOH
WRSXEOLF
&ULWHULRQ
$Q\QHJRWLDWLRQVFRQFHUQLQJFRPSHQVDWLRQIRUORVVRIOHJDOFXVWRPDU\RUXVHUULJKWVDUHGHDOWZLWKWKURXJKD
GRFXPHQWHGV\VWHPWKDWHQDEOHVLQGLJHQRXVSHRSOHVORFDOFRPPXQLWLHVDQGRWKHUVWDNHKROGHUVWRH[SUHVVWKHLU
YLHZVWKURXJKWKHLURZQUHSUHVHQWDWLYHLQVWLWXWLRQV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
$SURFHGXUHIRU 7KHGRFXPHQWHGSURFHGXUHIRULGHQWLI\LQJOHJDODQGFXVWRPDU\ULJKWVDQG &RPSOLHG
LGHQWLI\LQJOHJDO SURFHGXUHIRULGHQWLI\LQJSHRSOHHQWLWOHGWRFRPSHQVDWLRQKDYHEHHQ
FXVWRPDU\RUXVHUULJKWV PDLQWDLQHG&XUUHQWODWHVWYHUVLRQLQ63060DQXDO
DQGDSURFHGXUHIRU
LGHQWLI\LQJSHRSOHHQWLWOHG 7KHUHZHUHVRPHERUGHUVDWWKHRSHUDWLQJXQLWVDXGLWHGLPPHGLDWHO\
WRFRPSHQVDWLRQVKDOOEH DGMDFHQWWRDQ\YLOODJHVRUVPDOOKROGHUODQGV
LQSODFH 7KHUHDUHQRFDVHVUHTXLULQJDQ\QHJRWLDWLRQRUFRPSHQVDWLRQSHUWDLQLQJ
 WRWKLVFULWHULRQ
0DMRU&RPSOLDQFH 
$SURFHGXUHIRU 6LPH'DUE\DVDJURXSKDVDJHQHULFSURFHGXUHIRUFDOFXODWLQJDQG &RPSOLHG
FDOFXODWLQJDQG GLVWULEXWLQJFRPSHQVDWLRQZKLFKZDVDYDLODEOHIRUYHULILFDWLRQGXULQJWKH
GLVWULEXWLQJIDLU DXGLW7RGDWHWKHUHKDVEHHQQRGLVSXWHE\DQ\SDUWLHVUHSRUWHGDWWKH
FRPSHQVDWLRQPRQHWDU\
6LPH'DUE\628JURXS
RURWKHUZLVHVKDOOEH
HVWDEOLVKHGDQG
LPSOHPHQWHGPRQLWRUHG
DQGHYDOXDWHGLQD
SDUWLFLSDWRU\ZD\DQG
FRUUHFWLYHDFWLRQVWDNHQ
DVDUHVXOWRIWKLV
HYDOXDWLRQ7KLV
SURFHGXUHVKDOOWDNHLQWR
DFFRXQWJHQGHU
GLIIHUHQFHVLQWKHSRZHU
WRFODLPULJKWVRZQHUVKLS
DQGDFFHVVWRODQG
GLIIHUHQFHVRI
WUDQVPLJUDQWVDQGORQJ
HVWDEOLVKHGFRPPXQLWLHV
DQGGLIIHUHQFHVLQHWKQLF
JURXSV¶SURRIRIOHJDO
YHUVXVFRPPXQDO
RZQHUVKLSRIODQG
0LQRU&RPSOLDQFH
7KHSURFHVVDQG 7RGDWHWKHUHKDVEHHQQRGLVSXWHE\DQ\SDUWLHVUHSRUWHG7KHUHIRUHWKH 1RW
RXWFRPHRIDQ\ SURFHVVDQGRXWFRPHRIFRPSHQVDWLRQFRXOGQRWEHREVHUYHG DSSOLFDEOH
QHJRWLDWHGDJUHHPHQWV
DQGFRPSHQVDWLRQFODLPV
VKDOOEHGRFXPHQWHGZLWK
HYLGHQFHRIWKH
SDUWLFLSDWLRQRIDIIHFWHG

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



SDUWLHVDQGPDGH
SXEOLFO\DYDLODEOH
0DMRU&RPSOLDQFH

&ULWHULRQ
3D\DQGFRQGLWLRQVIRUHPSOR\HHVDQGIRUFRQWUDFWZRUNHUVDOZD\VPHHWDWOHDVWOHJDORULQGXVWU\PLQLPXPVWDQGDUGV
DQGDUHVXIILFLHQWWRSURYLGHGHFHQWOLYLQJZDJHV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
'RFXPHQWDWLRQRI ,Q6LPH'DUE\628JURXSZRUNHUVLQWKHSODQWDWLRQDUHHLWKHUSDLG &RPSOLHG
SD\DQGFRQGLWLRQVVKDOO SLHFHUDWHGRUGDLO\UDWHG0HDQZKLOHDWWKHPLOOPRVWZRUNHUVDUHSDLG
EHDYDLODEOH GDLO\UDWHGZKLOVWWKHUHVWDUHSDLGPRQWKO\3D\FRQGLWLRQVDQGRWKHU
 EHQHILWVDUHVXIILFLHQWO\VWDWHGLQWKHZRUNHUVFRQWUDFW'HFLVLRQRQ
0DMRU&RPSOLDQFH ZRUNHUV¶ZDJHVZHUHEDVHGRQ0LQLPXP:DJHV2UGHUHIIHFWLYH
VLQFH-XO\

/DERXUODZVXQLRQ 3D\FRQGLWLRQVDUHFOHDUO\GHWDLOHGLQWKHZRUNHUVFRQWUDFWVZKLFKLQFOXGH 
DJUHHPHQWVRUGLUHFW UDWHRISD\ZRUNLQJKRXUVRYHUWLPHKROLGD\HQWLWOHPHQWVHWF/LVWRI 
FRQWUDFWVRIHPSOR\PHQW GHGXFWLRQVPDGHZHUHYHULILHGDVVLJQHGE\WKHZRUNHUVDQGFOHDUO\GDWHG 
GHWDLOLQJSD\PHQWVDQG 
7KHVHGHGXFWLRQVDUHDOORZHGE\-DEDWDQ7HQDJD.HUMD>-7.@ZLWKD
FRQGLWLRQVRIHPSOR\PHQW 
HJZRUNLQJKRXUV SHUPLWLVVXHGGDWHG6HS

GHGXFWLRQVRYHUWLPH :RUNHUVFRQWUDFWLVLQ(QJOLVKIRUDOOZRUNHUVLQFOXGLQJWKHIRUHLJQZRUNHUV 
VLFNQHVVKROLGD\ IURP,QGRQHVLD1HSDODQG0\DQPDU6LPH'DUE\JURXSLVLQWKHSURFHVV
HQWLWOHPHQWPDWHUQLW\ 
RIXSGDWLQJWKHFRQWUDFWVLQIRUHLJQODQJXDJHVDQGJHWWLQJWKHPDSSURYHG 
OHDYHUHDVRQVIRU
E\WKHUHOHYDQWHPEDVVLHV 
GLVPLVVDOSHULRGRI
QRWLFHHWFVKDOOEH $OOQHZIRUHLJQZRUNHUVZKRDUHWREHHPSOR\HGDWWKH6LPH'DUE\ 
DYDLODEOHLQWKH SODQWDWLRQVKDYHWRFRPSXOVRULO\DWWHQGWKHLQGXFWLRQFRXUVHKHOGDW 
ODQJXDJHVXQGHUVWRRGE\ )RUHLJQ:RUNHUV7UDLQLQJ&HQWUHLQ6XD%HWRQJSODQWDWLRQZKHUHWKH 
WKHZRUNHUVRUH[SODLQHG ZRUNHUVFRQWUDFWZHUHH[SODLQHGE\H[SHULHQFHGWUDQVODWRUV 
FDUHIXOO\WRWKHPE\D
PDQDJHPHQWRIILFLDO 8SRQFRPSOHWLRQWKHLQGXFWLRQFRXUVHDQGHYDOXDWLRQRIXQGHUVWDQGLQJ 
PDGHWKHIRUHLJQZRUNHUVDUHLVVXHGZLWKD&HUWLILFDWHVRI$WWHQGDQFH 
0DMRU&RPSOLDQFH
ZKLFKZDVYHULILHGWREHDYDLODEOHDVSDUWRIWKHWUDLQLQJUHFRUGV 

7KXVWKHSUHYLRXV0DMRU1&010ZDVVXIILFLHQWO\

DGGUHVVHGDQGFORVHG

7KURXJKWKHUHFRUGVPDGHDYDLODEOHLWZDVIRXQGWKDWDVPDOOQXPEHURI 
ILHOGZRUNHUVZHUHQRWDFKLHYLQJWKHPLQLPXPPRQWKO\ZDJHVZKLFKZDV 
GXHWRQRQDWWHQGDQFHZLWKRXWSULRUSHUPLVVLRQ%DVHGRQWKH-7..OXDQJ 
DQG0$3$183:$JUHHG1RWH1RGDWHG$SULWLVFRQILUPHG 
WKDWXQGHUWKHFXUUHQWODZDQGUHJXODWLRQVWKH(VWDWHPDQDJHPHQWGRQRW 
KDYHWRWRSXSWKHZDJHVRIZRUNHUVZKRDUHKDYLQJDEVHQWHHLVPLVVXHV 
1HYHUWKHOHVVLWZDVDOVRYHULILHGWKDWWKHRSHUDWLQJXQLWVDXGLWHGKDGEHHQ 
DFWLYHO\FRQGXFWLQJFRXQVHOOLQJVHVVLRQVIRUWKHZRUNHUVZKRIDLOWRDWWHQG 
ZRUNZLWKRXWSHUPLVVLRQ:KHUHQHHGHGLQWKHFDVHVRIUHJXODU 
DEVHQWHHLVPZDUQLQJOHWWHUVZHUHQRWHGWREHLVVXHG 
7RGDWH-7.KDYHQHYHUUHFHLYHGDQ\FRPSODLQWVIURPORFDOQRUIRUHLJQ 
ZRUNHUVDJDLQVW628JURXSZLWKUHJDUGVWRDQ\XQMXVWSD\RUZRUNLQJ 
FRQGLWLRQV7KHUHZDVDOVRQRFRPSODLQWUDLVHGGXULQJDQ\PHHWLQJDQG 
VWDNHKROGHUFRQVXOWDWLRQQRUUHFRUGHGLQDQ\*ULHYDQFH%RRN7KLVZDV 
DOVRYHULILHGZLWKWKHZRUNHUVGXULQJLQWHUYLHZVKHOGGXULQJWKHDXGLW 

+RZHYHUGXULQJWKHDXGLWWZRZHDNQHVVHVIRXQGDVOLVWHGEHORZ 
 ,Q*XQXQJ0DV(VWDWHLWZDVIRXQGZDJHVGHGXFWLRQVZHUHPDGH 1&-0'
IRUSD\PHQWVRIVFKRROEXVIHHVZDWHUELOOVLQVXUDQFHHWF 0DMRU
ZLWKRXWDYDOLGSHUPLWIURP-DEDWDQ7HQDJD.HUMD7KLVLVQRW
FRPSO\LQJZLWK(PSOR\PHQW$FW6HFWLRQF

 ,Q*XQXQJ0DVDQG%XNLW3DORKHVWDWHVLWZDVIRXQG9DFDWLRQ
/HDYH3D\9/3FDOFXODWLRQLQWKHPRQWKRI-XO\DQG$XJXVW

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$


*URZHUVDQGPLOOHUV
VKDOOSURYLGHDGHTXDWH
KRXVLQJZDWHUVXSSOLHV
PHGLFDOHGXFDWLRQDODQG
ZHOIDUHDPHQLWLHVWR
QDWLRQDOVWDQGDUGVRU
DERYHZKHUHQRVXFK
SXEOLFIDFLOLWLHVDUH
DYDLODEOHRUDFFHVVLEOH

0LQRU&RPSOLDQFH

IRUDWOHDVWWKUHHGDLO\UDWHGZRUNHUVZHUHVWLOOEDVHGRQ
0LQLPXP:DJHV2UGHULH507KLVFDOFXODWLRQLVQRW
FRPSO\LQJZLWK0LQLPXP:DJHV2UGHUZKLFKZDVDOUHDG\
HIIHFWLYHRQ-XO\ZLWKGDLO\UDWHDW50GD\
0LQLPXPQDWLRQDOVWDQGDUGIRUKRXVLQJDQGRWKHUEDVLFQHFHVVLWLHVDUH &RPSOLHG
GHVFULEHGLQ$NWD6WDQGDUG6WDQGDUG0LQLPXP3HUXPDKDQ'DQ
.HPXGDKDQ3HNHUMD±$NWD>:RUNHUV¶0LQLPXP6WDQGDUGVRI+RXVLQJ
DQG$PHQLWLHV±$FW@6LPH'DUE\628JURXSIRXQGWRKDYH
VXIILFLHQWO\FRPSO\LQJZLWKWKLVUHJXODWLRQ
+RXVLQJHOHFWULFLW\DQGZDWHUVXSSO\
:RUNHUVDUHSURYLGHGZLWKIUHHDFFRPPRGDWLRQDWZRUNHUVOLQHVLWHVZLWK
HOHFWULFLW\DQGWUHDWHGZDWHUKRXUVGDLO\7KHHOHFWULFLW\DQGZDWHUDUH
VXEVLGL]HGE\WKHRSHUDWLQJXQLWZKLOVWWKHOLYLQJTXDUWHUVDUHIUHH7KH
OLQHVLWHVDUHFOHDQDQGUXEELVKDUHFROOHFWHGDWOHDVWWZLFHLQDZHHN6RPH
FRQWUDFWRUZRUNHUVDUHDOVRVWD\LQJDWWKHOLQHVLWHVZLWKPLQLPDOUHQWDOIRU
6FKRROV
/RFDOVFKRROFKLOGUHQDUHWUDQVSRUWHGWRVFKRROLQVFKRROEXVZLWKEXVIHH
EHLQJSDUWO\VXEVLGLVHGE\WKHRSHUDWLQJXQLW6FKRROVDUHORFDWHGLQ
QHDUE\WRZQVVXFKDV3DORK%HNRNDQG.DQJNDU%DUX
6XQGU\VKRSV
6XQGU\VKRSVDUHDYDLODEOHRXWVLGHDWHDFKHVWDWHDXGLWHG)URP
LQWHUYLHZVZLWKWKHZRUNHUVLWZDVIRXQGWKDWPRVWKRXVHKROGVXQGULHV
LQFOXGLQJIUR]HQIRRGVWXIIVZHUHDYDLODEOHRQVDOH7KHZRUNHUVDOVRJRRXW
WRWRZQRQFHDPRQWKDIWHUSD\GD\WREX\VXQGULHV,Q%XNLW3DORKHVWDWH
SD\PHQWWKURXJKGHELWFDUGLVSURYLGHGDWWKHVXQGU\VKRSVDVZRUNHUV¶
ZDJHVDUHGLUHFWO\ZLUHGWRWKHLUDFFRXQWVDQGQRWSDLGE\FDVK
0HGLFDOFOLQLFV
&OLQLFVDUHDYDLODEOHLQERWK*XQXQJ0DVDQG%XNLW3DORKHVWDWHVEXWWKH
+RVSLWDO$VVLVWDQW+$LQ%XNLW3DORKKDVMXVWUHVLJQHGDQGWKH
PDQDJHPHQWLVORRNLQJIRUDUHSODFHPHQW+$LVUHVSRQVLEOHLQFRQGXFWLQJ
WKHOLQHVLWHVLQVSHFWLRQDVUHTXLUHGE\WKHODZ9LVLWLQJ0HGLFDO2IILFHU
UHFRUGYLVLWVLJKWHGDQGQRQHJDWLYHUHSRUWVPDGHVRIDU0HGLFDOVHUYLFHV
DUHIUHHIRUWKHZRUNHUVDQGPLQLPDOIHHLVFKDUJHIRUWKHFRQWUDFWRUV¶
ZRUNHUV*XDUDQWHHOHWWHUIRUKRVSLWDOLVHGZRUNHUVDOVRVLJKWHGLVVXHGE\
*URZHUVDQGPLOOHUV
VKDOOPDNHGHPRQVWUDEOH
HIIRUWVWRPRQLWRUDQG
LPSURYHZRUNHUV¶DFFHVV
WRDGHTXDWHVXIILFLHQW
DQGDIIRUGDEOHIRRG

0LQRU&RPSOLDQFH
0LQLVWU\RI+HDOWKGDWHG)HE>..0MOG@
6LPH'DUE\628JURXSKDVHQVXUHGWKDWWKHZRUNHUVKDYHDFFHVVWR &RPSOLHG
DGHTXDWHVXIILFLHQWDQGDIIRUGDEOHIRRG6HYHUDOVXQGU\VKRSVZHUH
DYDLODEOHZLWKLQVKRUWGLVWDQFHVIURPWKHKRXVLQJOLQHVLWHVZLWKSULFHVRI
JRRGVQRWHGWREHUHDVRQDEOH1RWHGWKDWSD\PHQWVYLD'HELWFDUGIDFLOLW\
ZDVDOVRDYDLODEOHLQDVXQGU\VKRSDW%XNLW3DORKHVWDWH

&ULWHULRQ
7KHHPSOR\HUUHVSHFWVWKHULJKWVRIDOOSHUVRQQHOWRIRUPDQGMRLQWUDGHXQLRQVRIWKHLUFKRLFHDQGWREDUJDLQ
FROOHFWLYHO\:KHUHWKHULJKWWRIUHHGRPRIDVVRFLDWLRQDQGFROOHFWLYHEDUJDLQLQJDUHUHVWULFWHGXQGHUODZWKHHPSOR\HU
IDFLOLWDWHVSDUDOOHOPHDQVRILQGHSHQGHQWDQGIUHHDVVRFLDWLRQDQGEDUJDLQLQJIRUDOOVXFKSHUVRQQHO
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
$SXEOLVKHG 6LPH'DUE\628DGRSWHGD³6RFLDO3ROLF\´ZKHUHLWLVVWDWHGWKH &RPSOLHG
VWDWHPHQWLQORFDO FRPSDQ\VKDOOUHVSHFWZRUNHUV¶ULJKWVWRIRUPDQGMRLQWUDGHXQLRQRIWKHLU
ODQJXDJHVUHFRJQLVLQJ FKRLFH7KLVSROLF\LVDYDLODEOHLQSXEOLFQRWLFHERDUGVLQODQJXDJHV
IUHHGRPRIDVVRFLDWLRQ
XQGHUVWRRGE\WKHZRUNHUVLH%DKDVD0DOD\VLDDQG(QJOLVK
VKDOOEHDYDLODEOH


56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



0DMRU&RPSOLDQFH
0LQXWHVRIPHHWLQJV 6LPH'DUE\628FXUUHQWO\UHFRJQL]HWKH1DWLRQDO8QLRQRI3ODQWDWLRQ &RPSOLHG
ZLWKPDLQWUDGHXQLRQVRU :RUNHUV>183:@DVDSODWIRUPIRUWKHZRUNHUVWRFROOHFWLYHO\EDUJDLQZLWK
ZRUNHUVUHSUHVHQWDWLYHV WKHPDQDJHPHQW%RWKORFDODQGIRUHLJQZRUNHUVZHUHVLJKWHGWRKDYH
VKDOOEHGRFXPHQWHG
WKHLUZDJHVGHGXFWHGPRQWKO\IRUWKHXQLRQPHPEHUVKLSDQGLQVXUDQFH
 FRYHUDJH
0LQRU&RPSOLDQFH 0LQXWHVRIWKH183:PHHWLQJVDUHDFFHVVLEOHWRDOOPHPEHUVLQWKH
FRPPLWWHH/DWHVW183:PHHWLQJFRQGXFWHGZDVRQ'HFDWWHQGHG
E\HLJKWZRUNHUVUHSUHVHQWDWLYHV1RPDMRULVVXHUDLVHGGXULQJWKH
PHHWLQJV
&ULWHULRQ
&KLOGUHQDUHQRWHPSOR\HGRUH[SORLWHG
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KHUHVKDOOEH 7KH&RUSRUDWH&KLOG3URWHFWLRQ3ROLF\DGRSWHGE\6LPH'DUE\628 &RPSOLHG
GRFXPHQWDU\HYLGHQFH JURXSLQ-XQHFOHDUO\VWDWHGWKDWWKHPLQLPXPDJHRIZRUNHUVLV
WKDWPLQLPXPDJH \HDUVROGLQDFFRUGDQFHZLWKWKH(PSOR\PHQW$FWDQG,QWHUQDWLRQDO
UHTXLUHPHQWVDUHPHW

0DMRU&RPSOLDQFH
&ULWHULRQ
$Q\IRUPRIGLVFULPLQDWLRQEDVHGRQUDFHFDVWHQDWLRQDORULJLQUHOLJLRQGLVDELOLW\JHQGHUVH[XDORULHQWDWLRQXQLRQ
PHPEHUVKLSSROLWLFDODIILOLDWLRQRUDJHLVSURKLELWHG
,QGLFDWRUV
$SXEOLFO\DYDLODEOH
HTXDORSSRUWXQLWLHVSROLF\
LQFOXGLQJLGHQWLILFDWLRQRI
UHOHYDQWDIIHFWHGJURXSV
LQWKHORFDOHQYLURQPHQW
VKDOOEHGRFXPHQWHG

0DMRU&RPSOLDQFH
(YLGHQFHVKDOOEH
SURYLGHGWKDWHPSOR\HHV
DQGJURXSVLQFOXGLQJ
ORFDOFRPPXQLWLHV
ZRPHQDQGPLJUDQW
ZRUNHUVKDYHQRWEHHQ
GLVFULPLQDWHGDJDLQVW
  $OOZRUNHUVDUHSURYLGHGZLWKWKHVDPHOHYHORIDFFHVVWRDOOIDFLOLWLHV
0DMRU&RPSOLDQFH
,WVKDOOEH
GHPRQVWUDWHGWKDW
UHFUXLWPHQWVHOHFWLRQ
KLULQJDQGSURPRWLRQDUH
EDVHGRQVNLOOV
FDSDELOLWLHVTXDOLWLHVDQG
56325HSRUW0D\
/DERXU2UJDQLVDWLRQ,/2&RQYHQWLRQ
(PSOR\HHVDQGZRUNHUVSURILOHVZHUHVLJKWHGGXULQJWKHDXGLWDQGQR
XQGHUDJHZRUNHUVIRXQG7KLVIDFWZDVIXUWKHUYHULILHGWKURXJKLQWHUYLHZV
ZLWKVWDIIDQGZRUNHUVLQ6LPH'DUE\628JURXS3DVVSRUWSKRWRVDQG
ELUWKGD\VRIWKHIRUHLJQZRUNHUVKLUHGE\WKHRSHUDWLQJXQLWVZHUHFKHFNHG
DQGQRQHRIWKHPIRXQGWREHXQGHUDJH
)LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KH³6RFLDO3ROLF\´ZKLFKUHFRJQLVHWKHHTXDORSSRUWXQLW\DPRQJZRUNHUV &RPSOLHG
ZHUHYHULILHGWREHGLVSOD\HGLQORFDOODQJXDJHDQG(QJOLVK7KLVSROLF\
FOHDUO\VWDWHWKDW6LPH'DUE\628JURXSSURKLELWVDQGZLOODFWLYHO\
SUHYHQWDQ\GLVFULPLQDWLRQEDVHGRQUDFHQDWLRQDOLW\UHOLJLRQRUJHQGHU
6LPLODUVWDWHPHQWVDOVRPHQWLRQHGLQ³6RFLDODQG+XPDQLW\0DQDJHPHQW
3ROLF\´
7KURXJKLQWHUYLHZVZLWKZRUNHUVLQWKHRSHUDWLQJXQLWVDXGLWHGDVZHOODV &RPSOLHG
FKHFNLQJRIUHOHYDQWUHFRUGVLWZDVIRXQGWKLVFULWHULDKDVEHHQZHOO
FRPSOLHGZLWK([DPSOHVRIQRQGLVFULPLQDWRU\SUDFWLFHVDUHDVEHORZ
 1RUHVWULFWLRQIRUDQ\ZRUNHUVRIGLIIHUHQWUHOLJLRXVEHOLHYHVRU
&KULVWLDQVWRSHUIRUPWKHLUUHOLJLRXVREOLJDWLRQ5HOLJLRXVKRXVHVZHUH
VLJKWHGGXULQJWKHDXGLW
SURYLGHGE\WKHJURXSHJKRXVLQJPHGLFDOVWUDQVSRUWDWLRQ
VXEVLGLHVRQHOHFWULFLW\DQGZDWHU
7RGDWH-7.KDYHQHYHUUHFHLYHGDQ\FRPSODLQWVIURPORFDOQRUIRUHLJQ
ZRUNHUVDJDLQVW6LPH'DUE\628JURXSZLWKUHJDUGVWRGLVFULPLQDWLRQ
LVVXHV7KHUHZDVDOVRQRFRPSODLQWUDLVHGGXULQJDQ\PHHWLQJDQG
VWDNHKROGHUFRQVXOWDWLRQQRUUHFRUGHGLQDQ\*ULHYDQFH%RRN
$OORSHUDWLQJXQLWVDXGLWHGLQ6LPH'DUE\628JURXSNHSWDQG &RPSOLHG
PDLQWDLQHGUHFRUGVRIWKHLUZRUNHUVLQFOXGLQJFUHGHQWLDOVDQGPHGLFDO
KLVWRU\&UHGHQWLDOVIRUIRUHLJQZRUNHUVDUHPRVWO\UHIHUULQJWRWKHWUDYHO
GRFXPHQWVZKLOVWFUHGHQWLDOVIRUORFDOVWDIIKDYHPRUHGHWDLOV
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$


PHGLFDOILWQHVVQHFHVVDU\
IRUWKHMREVDYDLODEOH
 $OOIRUHLJQZRUNHUVFRPHLQWRWKHFRXQWU\ZHUHPDGHFRPSXOVRU\WRDWWHQG
0LQRU&RPSOLDQFH
&ULWHULRQ
7KHUHLVQRKDUDVVPHQWRUDEXVHLQWKHZRUNSODFHDQGUHSURGXFWLYHULJKWVDUHSURWHFWHG
,QGLFDWRUV
$SROLF\WRSUHYHQW
VH[XDODQGDOORWKHUIRUPV
RIKDUDVVPHQWDQG
YLROHQFHVKDOOEH
LPSOHPHQWHGDQG
FRPPXQLFDWHGWRDOO
OHYHOVRIWKHZRUNIRUFH
 3DORKHVWDWHYHULILHGWKDWWKHUHLVDFOHDUDQGHDV\WRXQGHUVWDQGSURWRFRO
0DMRU&RPSOLDQFH
$SROLF\WRSURWHFW
WKHUHSURGXFWLYHULJKWVRI
DOOHVSHFLDOO\RIZRPHQ
VKDOOEHLPSOHPHQWHGDQG
FRPPXQLFDWHGWRDOO
OHYHOVRIWKHZRUNIRUFH
 /RFDOIHPDOHVWDIILVIXOO\DZDUHWKDWWKH\DUHHQWLWOHGIRUWZRPRQWKVSDLG
0DMRU&RPSOLDQFH
$VSHFLILFJULHYDQFH
PHFKDQLVPZKLFK
UHVSHFWVDQRQ\PLW\DQG
SURWHFWVFRPSODLQDQWV
ZKHUHUHTXHVWHGVKDOOEH
HVWDEOLVKHG
LPSOHPHQWHGDQG
FRPPXQLFDWHGWRDOO
OHYHOVRIWKHZRUNIRUFH
 QRUPDOO\LQKLJKHUSRVLWLRQWKDQWKHVXSHUYLVRUV
0LQRU&RPSOLDQFH
56325HSRUW0D\

5HFRUGVRIPHGLFDOKLVWRU\IRUERWKORFDODQGIRUHLJQZRUNHUVDUH
FRQVLGHUDEO\FRPSUHKHQVLYHNHSWLQWKHPHGLFDOFOLQLFVZLWKLQWKHJURXS
LQGXFWLRQFRXUVHDW)RUHLJQ:RUNHUV7UDLQLQJ&HQWUHLQ6XD%HWRQJ
SODQWDWLRQZKHUHWKHZRUNHUVFRQWUDFWDQGDOOUHOHYDQW6LPH'DUE\SROLFLHV
ZHUHH[SODLQHGLQFOXGLQJQRQGLVFULPLQDWRU\DUWLFOHVZLWKLQWKH6RFLDO
3ROLF\&HUWLILFDWHVRIDWWHQGDQFHDVSURRIRIWKLVSURFHVVIRUWKHIRUHLJQ
ZRUNHUVZHUHVLJKWHG
5HFUXLWPHQWDQGSURPRWLRQDUHYHULILHGEDVHGRQVNLOOVFDSDELOLWLHV
TXDOLWLHVDQGPHGLFDOILWQHVVQHFHVVDU\IRUWKHMRE%HIRUHKLULQJHDFK
QHZIRUHLJQZRUNHUVDUHUHTXLUHGWRSDVV)20(0$PHGLFDOFKHFNXSDV
UHTXLUHGE\ODZDQGSUREDWLRQSHULRGWRHYDOXDWHOHYHORIVNLOOVDQGWKH
ZRUNHUVDWWLWXGHWRZDUGVWKHQHZVXUURXQGLQJV
)LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
6LPH'DUE\628JURXSDGRSWHGWKH³*HQGHU3ROLF\´VLQFH$SU &RPSOLHG
DQGLWZDVGLVSOD\HGSXEOLFO\LQ%DKDVD0DOD\VLDDQG(QJOLVK7KURXJK
IRUPDWLRQRI*HQGHU&RPPLWWHHDQGPLQXWHVRIVWDNHKROGHUFRQVXOWDWLRQLW
ZDVHYLGHQWWKDWWKLVSROLF\LVYHU\ZHOOLPSOHPHQWHGDQGFRPPXQLFDWHGWR
DOOOHYHORIZRUNIRUFH
*HQGHU&RPPLWWHHPHPEHUVLQWHUYLHZHGHJ0V6XNDPD\DQWLLQ%XNLW
IRUUHFHLYLQJFRPSODLQWVRUJULHYDQFHVUHODWHGWRVH[XDOKDUDVVPHQW$SDUW
IURPEULHILQJRQWKHSROLF\PHQWLRQHGDERYHLQPXVWHUJURXQGWRDOO
ZRUNHUVDQGGXULQJVWDNHKROGHUFRQVXOWDWLRQV*HQGHU&RPPLWWHH
PHHWLQJVZHUHDOVRFRQGXFWHG,QHDFKRSHUDWLQJXQLWDXGLWHG([DPSOHLQ
*XQXQJ0DV(VWDWHODWHVWPHHWLQJZDVRQ-DQDQGLQ*XQXQJ
0DV320LWZDVRQ)HE
0HHWLQJPLQXWHVRI*HQGHU&RPPLWWHHZDVUHYLHZHGGXULQJWKHDXGLWDQG
FRQFHUQVUHODWHGWRZRPHQZDVZHOOFRYHUHGLQFOXGLQJPDWWHUVUHODWLQJWR
VH[XDOKDUDVVPHQWDQGGRPHVWLFYLROHQFH
)ORZFKDUWVSHFLILFIRUZRPHQUHODWHGLVVXHVGDWHG$SUVLJKWHGGXULQJ &RPSOLHG
WKHDXGLW,WZDVDOVRYHULILHGPLQXWHVRI*HQGHU&RPPLWWHHPHHWLQJDV
ZHOODVUHFRUGERRNVVSHFLILFDOO\UHODWHGWRZRPHQFRQFHUQVDUH
PDLQWDLQHG,QFLGHQFHVZHUHUHSRUWHGDQGUHFRUGHGLQWKHUHFRUGERRNV
EXWDOOFDVHVZHUHKDQGOHGZLWKXWPRVWSULYDF\DQGFRQILGHQWLDOLW\
PDWHUQLW\OHDYH7KHUHZDVQRSUHJQDQWRUEUHDVWIHHGLQJZRPHQZRUNLQJ
DVDJURFKHPLFDOKDQGOHUVZHUHYHULILHGGXULQJDVVHVVPHQWEDVHGRQWKH
UHFRUGVDQGLQWHUYLHZVRIILHOGZRUNHUVDQGJHQGHUFRPPLWWHHPHPEHUV
,WZDVYHULILHGGXULQJWKHDXGLWWKDWDV\VWHPWRGHDOZLWKFRPSODLQWVDQG &RPSOLHG
JULHYDQFHVIRUDOODIIHFWHGSDUWLHVKDYHEHHQHVWDEOLVKHGDQGZHOO
LPSOHPHQWHGLQ6LPH'DUE\628JURXS,QRUGHUWRUHVSHFWDQG
SURWHFWVWKHDQRQ\PLW\RIWKHFRPSODLQDQWVWKH:KLVWOHEORZLQJ&KDQQHOV
>KWWSVRQOLQHTDVVLPHGDUE\FRPVLWHV*+2:KLVWOHEORZLQJVROXWLRQSDJHV
GHIDXOWDVS[@KDGEHHQHVWDEOLVKHG
7KHV\VWHPDOVRDOORZVWKHZRUNHUVWRUHJLVWHUWKHLUFRPSODLQWVDJDLQVW
WKHLULPPHGLDWHVXSHUYLVRUDVLQPRVWFDVHV6RFLDO/LDLVRQ2IILFHUVDUH
3URFHGXUHVRQKRZWRUHJLVWHUFRPSODLQWVDUHDYDLODEOHLQSXEOLFQRWLFH
ERDUGVDQGLQODQJXDJHVXQGHUVWRRGE\WKHZRUNHUV0DLQSHUVRQ
UHVSRQVLEOHLQKDQGOLQJWKHFRPSODLQWVDQGJULHYDQFHVUHFHLYHGIURP
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



VWDNHKROGHUVLQHDFKRSHUDWLQJXQLWLVWKHDSSRLQWHGVRFLDORIILFHUZKRLQ
PRVWFDVHVDUHWKH0DQDJHUVRUWKH$VVLVWDQW0DQDJHUV
&ULWHULRQ
*URZHUVDQGPLOOHUVGHDOIDLUO\DQGWUDQVSDUHQWO\ZLWKVPDOOKROGHUVDQGRWKHUORFDOEXVLQHVVHV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
&XUUHQWDQGSDVW 628JURXSGRHVQRWKDYHDQ\))%VXSSOLHVIURPWKHORFDOVPDOOKROGHUV 1RW
SULFHVSDLGIRU)UHVK)UXLW DQGWKHUHZDVDOVRQRHYLGHQFHWRVXJJHVWRIDQ\XQIDLUEXVLQHVVSUDFWLFHV DSSOLFDEOH
%XQFKHV))%VKDOOEH ZLWKWKHP
SXEOLFO\DYDLODEOH

0LQRU&RPSOLDQFH
(YLGHQFHVKDOOEH 628JURXSKDYHQRGHDOLQJVZLWKORFDOVPDOOKROGHUV 1RW
DYDLODEOHWKDW DSSOLFDEOH
JURZHUVPLOOHUVKDYH
H[SODLQHG))%SULFLQJ
DQGSULFLQJPHFKDQLVPV
IRU))%DQG
LQSXWVVHUYLFHVVKDOOEH
GRFXPHQWHGZKHUHWKHVH
DUHXQGHUWKHFRQWURORI
WKHPLOORUSODQWDWLRQ

0DMRU&RPSOLDQFH
(YLGHQFHVKDOOEH
DYDLODEOHWKDWDOOSDUWLHV
XQGHUVWDQGWKH
FRQWUDFWXDODJUHHPHQWV
WKH\HQWHULQWRDQGWKDW
FRQWUDFWVDUHIDLUOHJDO
DQGWUDQVSDUHQW
0LQRU&RPSOLDQFH
$JUHHGSD\PHQWV
VKDOOEHPDGHLQDWLPHO\
PDQQHU
0LQRU&RPSOLDQFH
&ULWHULRQ
*URZHUVDQGPLOOHUVFRQWULEXWHWRORFDOVXVWDLQDEOHGHYHORSPHQWZKHUHDSSURSULDWH
,QGLFDWRUV
&RQWULEXWLRQVWR
ORFDOGHYHORSPHQWWKDW
DUHEDVHGRQWKHUHVXOWV
RIFRQVXOWDWLRQZLWKORFDO
FRPPXQLWLHVVKDOOEH
GHPRQVWUDWHG
0LQRU&RPSOLDQFH
56325HSRUW0D\
)RUDOOW\SHRIZRUNFRQWUDFWHGRXWWRH[WHUQDOSDUWLHVFRQWUDFWXDO &RPSOLHG
DJUHHPHQWLVDYDLODEOHHJ))%WUDQVSRUW()%OHYHOLQJ&32WUDQVSRUW
KRXVLQJFRQVWUXFWLRQHWFIURPLQWHUYLHZVZLWKWKHVHFRQWUDFWRUVLWLV
HYLGHQWWKDWWKH\XQGHUVWRRGWKHDJUHHPHQWWKH\KDYHHQWHUHGLQWR7KHVH
FRQWUDFWRUVDOVRJLYHQRQHJDWLYHFRPPHQWVRQIDLUQHVVOHJDOLW\DVZHOODV
WUDQVSDUHQF\%RWKSDUWLHVZHUHYHULILHGWRKDYHNHSWWKHFRQWUDFWXDO
DJUHHPHQWV
6LPH'DUE\628JURXSKDVDSROLF\WRHQVXUHDJUHHGSD\PHQWVZHUH &RPSOLHG
PDGHLQDWLPHO\PDQQHUDVSHUWKHFRQWUDFWVRIDJUHHPHQWPDGH
3D\PHQWVPRVWRIWKHWLPHDUHPDGHRQDFFRUGLQJWRFRPPRQSUDFWLFHRI
GD\JUDFHSHULRG7KLVZDVDOVRYHULILHGE\WKHVXSSOLHUDQGFRQWUDFWRUV
WKURXJKVWDNHKROGHUV¶FRQVXOWDWLRQZLWKWKHDXGLWRU
)LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
)LOHRQVRFLDOFRQWULEXWLRQVDQGDFWLYLWLHVZHUHPDLQWDLQHGDQGQRWHG &RPSOLHG
FRQWULEXWLRQVLVVXHGIRURFFDVLRQVVXFKDVIHVWLYLWLHVRIORFDOFRPPXQLW\
UHOLJLRXVVRFLDOHGXFDWLRQDODQGEXULDOFRQWULEXWLRQVIRUHVWDWHIDPLO\
PHPEHUVZKLFKLQFOXGH
 %ORRGWHVWSURJUDPPHIRUµ)LODULDVLVGLVHDVH¶DQGPRVTXLWRHVUHVHDUFK
DFWLYLWLHVRQ$XJ
 +DUL5D\DFHOHEUDWLRQRQ-XOIRUWKHZKROH6LPH'DUE\628
JURXSQRWVSHFLILFIRU0XVOLPZRUNHUVDQGVWDII
 )DUHZHOO3DUW\IRU*0-RKRU0HODND=RQHDQG%XND3XDVDSDUW\GDWHG
-XQHIRUWKHZKROHJURXSQRWVSHFLILFIRU0XVOLPVWDII
 .HP%LMDN3HULNVD8365 37IRUFKLOGUHQRIPLOOZRUNHUVGDWHG0DU
LQDW6'3$&DUH\,VODQG
 5RDGPDLQWHQDQFHZLWKLQWKH308DUHDV
 2UJDQL]LQJVSRUWVDQGUHFUHDWLRQDODFWLYLWLHV
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



:KHUHWKHUHDUH
VFKHPHVPDOOKROGHUV
WKHUHVKDOOEHHYLGHQFH
WKDWHIIRUWVDQGRU
UHVRXUFHVKDYHEHHQ
DOORFDWHGWRLPSURYH
VPDOOKROGHUSURGXFWLYLW\
0LQRU&RPSOLDQFH
&ULWHULRQ
1RIRUPVRIIRUFHGRUWUDIILFNHGODERXUDUHXVHG
7KHUHVKDOOEH
HYLGHQFHWKDWQRIRUPVRI
IRUFHGRUWUDIILFNHGODERXU
DUHXVHG
0DMRU&RPSOLDQFH
:KHUHDSSOLFDEOH
LWVKDOOEHGHPRQVWUDWHG
WKDWQRFRQWUDFW
VXEVWLWXWLRQKDVRFFXUUHG
0LQRU&RPSOLDQFH
:KHUHWHPSRUDU\
RUPLJUDQWZRUNHUVDUH
HPSOR\HGDVSHFLDO
ODERXUSROLF\DQG
SURFHGXUHVVKDOOEH
HVWDEOLVKHGDQG
LPSOHPHQWHG
0DMRU&RPSOLDQFH
&ULWHULRQ
*URZHUVDQGPLOOHUVUHVSHFWKXPDQULJKWV
,QGLFDWRUV
$SROLF\WRUHVSHFW
KXPDQULJKWVVKDOOEH
GRFXPHQWHGDQG
FRPPXQLFDWHGWRDOO
OHYHOVRIWKHZRUNIRUFH
DQGRSHUDWLRQVVHH
 &RUSRUDWH6RFLDO5HVSRQVLELOLW\&65DFWLYLWLHV
 8SNHHSLQJRIUHOLJLRXVVLWHVVXFKDVWHPSOHVDQGPRVTXHV
 'RQDWLRQWRWKHUHOLJLRXVDFWLYLWLHVDQGSURJUDPPHV
6LPH'DUE\628JURXSKDYHQRGHDOLQJVZLWKORFDOVPDOOKROGHUV 1RW
DSSOLFDEOH
6LPH'DUE\628KDVD6RFLDODQG+XPDQLW\0DQDJHPHQW3ROLF\ZKLFK &RPSOLHG
GRHVQRWFRQGRQHIRUFHGWUDIILFNHGDQGRUFKLOGODERXU
+LULQJRIIRUHLJQZRUNHUVDUHGRQHYLDDSSRLQWHGIRUHLJQDJHQWV¶
UHFRPPHQGDWLRQV$VIRUORFDOZRUNHUVKLULQJLVEDVHGRQLQWHUQDO
UHFRPPHQGDWLRQVDQGDGYHUWLVHPHQWVLQWKHORFDOPHGLD
,WLVFRQILUPHGWKDWWKHUHDUHQRUHVWULFWLRQVZKDWVRHYHUIRUWKHZRUNHUVWR
PRYHDURXQGZLWKLQRURXWVLGHRI6LPH'DUE\628JURXSSURYLGHGWKHLU
GHVWLQDWLRQDQGGXUDWLRQRIWKHMRXUQH\DUHNQRZQWRWKHUHVSRQVLEOH
SHUVRQ7KHZRUNHUVYROXQWDULO\KDQGHGRYHUWKHLUSDVVSRUWVWRWKH
PDQDJHPHQWIRUVDIHNHHSLQJDVYHULILHGLQWKHIRUPVLJQHGE\WKHZRUNHUV
WKHPVHOYHV6DIHNHHSLQJRIZRUNHUVSDVVSRUWVLVSHUPLWWHGLQDFFRUGDQFH
WR0<1,³3DVVSRUWVVKRXOGRQO\EHYROXQWDULO\VXUUHQGHUHG´
$IHZWHUPLQDWLRQLQFLGHQFHVZHUHIRXQGGXULQJWKHDXGLWGXHWRZRUNHUV
IDLOXUHWRSDVVWKH)20(0$PHGLFDOWHVW
$VZDVVWDWHGLQWKHZRUNHUVFRQWUDFWWKH0DQDJHPHQWZLOOEHDUWKH
WUDQVSRUWPHDODQGDFFRPPRGDWLRQFRVWVIRUERWKMRXUQH\VWRDQGIURP
WKHSODFHRIZRUNLIWKHZRUNHUVDUHWHUPLQDWHGGXHWRVLFNQHVVRUZKHQ
WKHFRQWUDFWVKDYHH[SLUHG
9HULILHGWKDWWKHUHZHUHQRHYLGHQFHIRXQGUHODWHGWRFRQWUDFWVXEVWLWXWLRQ &RPSOLHG
,QWHUYLHZVGRQHZLWKWKHZRUNHUVFRQILUPHGWKDWWKH\ZHUHZHOODZDUHRI
EHLQJHPSOR\HGLQWKHSODQWDWLRQVHFWRUDQGWKHUHZDVQRQHJDWLYH
FRPPHQWVIURPWKHPUHODWHGWRWKLVLVVXH
6LPH'DUE\628JURXSDGRSWHG³6RFLDO3ROLF\´DQG³6RFLDODQG &RPSOLHG
+XPDQLW\0DQDJHPHQW3ROLF\´ZKHUHWKHVHSROLFLHVZHUHGLVSOD\HG
SXEOLFO\LQ%DKDVD0DOD\VLDDQG(QJOLVK7KHWZRSROLFLHVVSHFLILFDOO\
PHQWLRQHGWKDWWKHJURXSGRHVQRWFRQGRQHIRUFHGODERXUDQGFKLOGODERXU
7KHOLYLQJFRQGLWLRQVIRUDOOZRUNHUVZDVQRWHGWREHGHFHQWDQGK\JLHQLFDW
WKH628JURXSGXULQJOLQHVLWHLQVSHFWLRQZKHUHWKHZRUNHUVZHUHIRXQG
WREHSURYLGHGZLWKIUHHDGHTXDWHDFFRPPRGDWLRQZLWKVXEVLGL]HG
HOHFWULFLW\DQGWUHDWHGZDWHURQGDLO\KRXUEDVLV
)LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
6LPH'DUE\628JURXSDGRSWHGWKH³6XVWDLQDELOLW\3ULQFLSOHV  &RPSOLHG
9DOXHV´ZKHUHWKHIROORZLQJZDVVWDWHG
5HVSHFWIRU&RPPXQLW\
x ,PSURYHOLYHVLQFRXQWULHVZKHUHZHRSHUDWH
&ULWHULDDQG x 5HVSHFWIXQGDPHQWDOKXPDQULJKWVDQGVRFLDOYDOXHV

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



0DMRU&RPSOLDQFH x 5HPHGLDWHLQVWDQFHVRIDGYHUVHKXPDQULJKWVZLWKLQRXURSHUDWLRQV
x (QGHDYRXUWRDGYDQFHUHVSHFWIRUKXPDQULJKWVZLWKLQRXUVSKHUHRI
LQIOXHQFH
>KWWSZZZVLPHGDUE\SODQWDWLRQFRPVXVWDLQDELOLW\JRYHUQDQFHVXVWDLQDELOL
W\SULQFLSOHVYDOXHV@
7KHVDLGSROLF\ZDVHYLGHQWO\FRPPXQLFDWHGWRDOOOHYHORIZRUNHUVDVWKHLU
ULJKWVDUHPDLQWDLQHGWKURXJKRXW6LPH'DUE\628JURXS([DPSOHWKH
ZRUNHUVZHUHQHYHUUHVWULFWHGIURPFROOHFWLQJWKHLUWUDYHOGRFXPHQWV
SDVVSRUWVZKHQHYHUWKHZRUNHUVQHHGHGWKHP
'XULQJWKHDXGLWLWZDVDOVRYHULILHGWKDWQRFDVHVRIDQ\KXPDQULJKWV
YLRODWLRQVDWWKH308
$VORQJDVFKLOGUHQ 1RW$SSOLFDEOH 1RW
RISODQWDWLRQZRUNHUVRI $SSOLFDEOH
6DEDKDQG6DUDZDNDUH
QRWVHFXUHGDULJKWWRJR
WRJRYHUQPHQWVFKRROWKH
SODQWDWLRQFRPSDQLHV
VKRXOGHQJDJHLQD
SURFHVVWRVHFXUHWKH
FKLOGUHQRIWKHSODQWDWLRQ
ZRUNHUVDFFHVVWR
HGXFDWLRQDVDPRUDO
REOLJDWLRQ
0LQRU&RPSOLDQFH


3ULQFLSOH5HVSRQVLEOHGHYHORSPHQWRIQHZSODQWLQJV

7RGDWHWKH308KDVQRWFDUULHGDQ\QHZSODQWLQJVDIWHU1RYZKLFKPD\EHDSSOLFDEOHXQGHUUHTXLUHPHQWVRI
WKH56321HZ3ODQWLQJ3URFHGXUH
7KHUHTXLUHPHQWVRI3ULQFLSOHZHUHYHULILHGWREHµ1RWDSSOLFDEOH¶WRWKLV308GXULQJWKLVDVVHVVPHQW
,WZDVYHULILHGGXULQJFXUUHQWRQVLWHDVVHVVPHQWWKDWWKH308KDVGHFODUHGDQGVXEPLWWHGLWV/DQG8VH&KDQJH
GHWDLOVIRUDQDO\VLVIRULWVSODQWLQJVVLQFH1RYDVSHUWKHFDOFXODWLRQVVSHFLILHGLQWKH56323DOP*+*Y
7KHUHFRUGRIVXEPLVVLRQPDGHWRWKH56326HFUHWDULDWIRUWKHFXUUHQW\HDUZDVGRQHLQ)HE
%DVHGRQWKHGHWDLOVSURYLGHGLQWKHUHFRUGRIVXEPLVVLRQYHULILHGWKDWWKHUHLVQRSRWHQWLDOOLDELOLW\XQGHUWKH5632
5HPHGLDWLRQDQG&RPSHQVDWLRQ3URFHGXUHDWWKLV308


3ULQFLSOH&RPPLWPHQWWRFRQWLQXRXVLPSURYHPHQWLQNH\DUHDVRIDFWLYLW\
&ULWHULRQ
*URZHUVDQGPLOOHUVUHJXODUO\PRQLWRUDQGUHYLHZWKHLUDFWLYLWLHVDQGGHYHORSDQGLPSOHPHQWDFWLRQSODQVWKDWDOORZ
GHPRQVWUDEOHFRQWLQXDOLPSURYHPHQWLQNH\RSHUDWLRQV
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KHDFWLRQSODQIRU 7KH308KDGSODQQHGDQGSURJUHVVLYHO\LPSOHPHQWHGWKHIROORZLQJ &RPSOLHG
FRQWLQXDOLPSURYHPHQW FRQWLQXDOLPSURYHPHQWDFWLYLWLHVLQWKHSDOPRLOPLOODQGHVWDWHVIRU
VKDOOEHLPSOHPHQWHG 
EDVHGRQDFRQVLGHUDWLRQ
RIWKHPDLQVRFLDODQG x 3ODQWLQJRIPRUHFRYHUFURSVDORQJVWHHSVORSHVDQGVWUHDPV
HQYLURQPHQWDOLPSDFWV ,QFUHDVHSODQWLQJRIEHQHILFLDOSODQWV7XUQHUDVXEXODWD&DVVLD
DQGRSSRUWXQLWLHVRIWKH
JURZHUPLOODQGVKDOO
LQFOXGHDUDQJHRI
,QGLFDWRUVFRYHUHGE\
WKHVH3ULQFLSOHVDQG
&ULWHULD

56325HSRUW0D\
FREDQHQVLVDQG$QWLJRQRQOHSWRSXVDORQJWKHURDGV
x )HUWLOL]HUEDJVDUHWREHUHF\FOHGDQGHPSW\SHVWLFLGHFRQWDLQHUVWR
EHUHWXUQHGWRVXSSOLHU,QDGGLWLRQZDVWHZLOODOVREHVHJUHJDWHG
DFFRUGLQJO\WRWKHSODVWLFDQGRUJDQLFPDWHULDOV
x 5HGXFHFRVWRIGUDLQEORFNPDLQWHQDQFHE\QHZFRQVWUXFWLRQPHWKRG
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



$VDPLQLPXPWKHVHVKDOO x ,QFUHDVHLQWKHSODQWHGDUHDRIEHQHILFLDOSODQWVHVSHFLDOO\WRDWWUDFW
LQFOXGHEXWDUHQRW EDJZRUPSUHGDWRUVVRDVWRUHGXFHWKHXVHRISHVWLFLGHV
QHFHVVDULO\EHOLPLWHGWR
x $GGLWLRQDOEDUQRZOER[HVWRPHHWWKHWDUJHWRIKDFRYHUDJHDQG
 DOVRHQVXUHRFFXSDQF\UDWHRI
‡5HGXFWLRQLQXVHRI
SHVWLFLGHV&ULWHULRQ x &ROOHFWLRQRIUDLQZDWHUDWOLQHVLWHZRUNVKRSDQGRIILFHIRUFOHDQLQJ
‡(QYLURQPHQWDOLPSDFWV SXUSRVH
&ULWHULDDQG x 5HGXFHZDWHUXVDJHWRFRQVHUYHZDWHUVXSSO\GXULQJGURXJKWE\
‡:DVWHUHGXFWLRQ PRQWKO\PRQLWRULQJRIZDWHUXVDJH
&ULWHULRQ
x &RQWLQXRXVFRQWULEXWLRQWRWKHORFDOFRPPXQLWLHVVFKRROJRYHUQPHQW
‡3ROOXWLRQDQG DJHQFLHVDQGHWF
JUHHQKRXVHJDV*+*
HPLVVLRQV&ULWHULD x &RQWLQXRXVVXSSRUWRQWKHZRUNHUVVRFLDODFWLYLWLHVLQFOXGLQJVSRUWV
DQG DFWLYLWLHVUHOLJLRXVDFWLYLWLHV³JRWRQJUR\RQJ´DQGPDLQWHQDQFHRI
‡6RFLDOLPSDFWV&ULWHULRQ IDFLOLWLHV
 x 8SJUDGLQJRIORFDOZRUNHUVKRXVLQJDW<RQJ3HQJHVWDWHXQLWV
‡(QFRXUDJHRSWLPLVLQJ KRXVHV6HPL'W\SHZLWKEHGURRPVHDFKLQWRVLQJOHXQLWKRXVH
WKH\LHOGRIWKHVXSSO\ ZLWKEHGURRPV
EDVH
x 8SJUDGHGSOD\JURXQGVDVSHUVWDNHKROGHUVFRQVXOWDWLRQIHHGEDFNV
0DMRU&RPSOLDQFH


5HVXOWVRQWKHDERYHZHUHSURJUHVVLYHO\UHYLHZHGDQGHYLGHQFHGLQWKH
PDQDJHPHQWPHHWLQJPLQXWHV



6XSSO\&KDLQ&HUWLILFDWLRQ6WDQGDUGV)LQGLQJVRQ&320LOO

7KH6XSSO\&KDLQPRGXOHDSSOLHGDW*XQXQJ0DV*URXSLQJ320GXULQJWKLVDVVHVVPHQWLV0RGXOH'±&32
0LOOV,GHQWLW\3UHVHUYHG,3

'HWDLOVRIILQGLQJVDUHDVIROORZV

''HILQLWLRQ
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
'  &RPSOLHG
$PLOOLVGHHPHGWREH,GHQWLW\ 7KH320RQO\SURFHVVHG))%IURPLWVRZQVXSSO\EDVHVHH
3UHVHUYHG,3LIWKH))%XVHGE\ 6HFWLRQ,WZDVYHULILHGWKDWWKHUHZDVQRVRXUFHVRI
WKHPLOODUHVRXUFHGIURPLWVRZQ ))%IURPDQ\RXWJURZHUVRULQGHSHQGHQWVXSSOLHUV
VXSSO\EDVHFHUWLILHGWRWKH5632 VPDOOKROGHUV
3ULQFLSOHVDQG&ULWHULD56323 & 7KH&320LOOLVWKHUHIRUHGHHPHGWREH,GHQWLW\3UHVHUYHG
&HUWLILFDWLRQIRU&32PLOOVLV ,3
QHFHVVDU\WRYHULI\WKHYROXPHVDQG 
VRXUFHVRIFHUWLILHG))%HQWHULQJWKH
PLOOWKHLPSOHPHQWDWLRQRIDQ\
SURFHVVLQJFRQWUROVIRUH[DPSOHLI
SK\VLFDOVHSDUDWLRQLVXVHGDQG
YROXPHVDOHVRI5632FHUWLILHG
SURGXFWV$PLOOPD\EHWDNLQJ
GHOLYHU\RI))%IURPXQFHUWLILHG
JURZHUVLQDGGLWLRQWRWKRVHIURPLWV
RZQFHUWLILHGODQGEDVH,IDPLOO
SURFHVVHVFHUWLILHGDQGXQFHUWLILHG
))%ZLWKRXWSK\VLFDOO\VHSDUDWLQJ
WKHPDWHULDOWKHQRQO\0RGXOH(LV
DSSOLFDEOH

'([SODQDWLRQ
,QGLFDWRUV )LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



'  &RPSOLHG
7KHHVWLPDWHGWRQQDJHRI&32DQG 7KHHVWLPDWHGWRQQDJHRI&32DQG3.SURGXFWVWKDWFRXOG
3.SURGXFWVWKDWFRXOGSRWHQWLDOO\EH SRWHQWLDOO\EHSURGXFHGE\WKH320LVUHFRUGHGLQWKLV
SURGXFHGE\WKHFHUWLILHGPLOOPXVW $VVHVVPHQW5HSRUW7KLVILJXUHUHSUHVHQWVWKHWRWDOYROXPH
EHUHFRUGHGE\WKHFHUWLILFDWLRQERG\ RIFHUWLILHGSDOPRLOSURGXFW&32DQG3.WKDWWKHFHUWLILHG
&%LQWKHSXEOLFVXPPDU\RIWKH PLOOLVDOORZHGWRGHOLYHULQD\HDU7KHDFWXDOWRQQDJH
3 &FHUWLILFDWLRQUHSRUW SURGXFHGKDVEHHQUHFRUGHGLQHDFKDQQXDOVXUYHLOODQFH
7KLVILJXUHUHSUHVHQWVWKHWRWDO UHSRUWVHH6HFWLRQ7DEOHDQG6HFWLRQ7DEOH
YROXPHRIFHUWLILHGSDOPRLOSURGXFW

&32DQG3.WKDWWKHFHUWLILHGPLOO
LVDOORZHGWRGHOLYHULQD\HDU7KH 
DFWXDOWRQQDJHSURGXFHGVKDOOWKHQ
EHUHFRUGHGLQHDFKVXEVHTXHQW
DQQXDOVXUYHLOODQFHUHSRUW
' 7KH320PHHWDOOUHJLVWUDWLRQDQGUHSRUWLQJUHTXLUHPHQWVIRU &RPSOLHG
7KHPLOOPXVWDOVRPHHWDOO WKHDSSURSULDWHVXSSO\FKDLQWKURXJKWKH56326XSSO\
UHJLVWUDWLRQDQGUHSRUWLQJ &KDLQPDQDJLQJRUJDQL]DWLRQ5632,7SODWIRUPRUERRNDQG
UHTXLUHPHQWVIRUWKHDSSURSULDWH FODLP
VXSSO\FKDLQWKURXJKWKH5632
VXSSO\FKDLQPDQDJLQJRUJDQL]DWLRQ 
5632,7SODWIRUPRUERRNDQG
FODLP

''RFXPHQWHGSURFHGXUHV
' 'RFXPHQWHGSURFHGXUHIRU,30RGXOHLV'RF1R &RPSOLHG
7KHVLWHVKDOOKDYHZULWWHQ 6'6'336405HY6WDQGDUG2SHUDWLRQ
SURFHGXUHVDQGRUZRUNLQVWUXFWLRQV 3URFHGXUHIRU6XVWDLQDEOH6XSSO\&KDLQDQG7UDFHDELOLW\
WRHQVXUHWKHLPSOHPHQWDWLRQRIDOO
7KHSURFHGXUHFRYHUHGWKHLPSOHPHQWDWLRQRIDOOHOHPHQWVRI
WKHHOHPHQWVVSHFLILHGLQWKHVH
UHTXLUHPHQWV7KLVVKDOOLQFOXGHDW ,30RGXOH
PLQLPXPWKHIROORZLQJ
D&RPSOHWHDQGXSWRGDWH 7KHGRFXPHQWHGSURFHGXUHDQGLWVLPSOHPHQWDWLRQ &RPSOLHG
SURFHGXUHVFRYHULQJWKH FRQILUPHGWRKDYHFRPSOLHGZLWKDOOWKHVSHFLILHG
LPSOHPHQWDWLRQRIDOOWKHHOHPHQWVLQUHTXLUHPHQWVRI,GHQWLW\3UHVHUYHG,30RGXOH'WKDWLQFOXGH
WKHVHUHTXLUHPHQWV FRQWUROOLQJWKH))%UHFHLSWSURFHVVLQJVDOHV&32DQG3.
GLVSDWFKDQGUHFRUGVNHHSLQJ
E7KHUROHRIWKHSHUVRQKDYLQJ 3DOP2LO0LOO0DQDJHU0U$PUDQELQ6D¶ULZDVLQWHUYLHZHG &RPSOLHG
RYHUDOOUHVSRQVLELOLW\IRUDQG
DXWKRULW\RYHUWKHLPSOHPHQWDWLRQRI DSSRLQWHGDVWKH3,&IRUWKHRYHUDOOUHVSRQVLELOLW\DQG
WKHVHUHTXLUHPHQWVDQGFRPSOLDQFH
ZLWKDOODSSOLFDEOHUHTXLUHPHQWV
7KLVSHUVRQVKDOOEHDEOHWR
GHPRQVWUDWHDZDUHQHVVRIWKHVLWH¶V
SURFHGXUHVIRUWKHLPSOHPHQWDWLRQRI
WKLVVWDQGDUG
+LVVWDII$KPDG$NKPDO$VVLVWDQW0DQDJHUKDVEHHQ
DXWKRULW\IRULPSOHPHQWDWLRQDQGFRPSOLDQFHZLWKWKH
GRFXPHQWHGSURFHGXUH+HDQGRWKHUUHOHYDQWVWDIIXQGHU
KLVFKDUJHGHPRQVWUDWHGFRPSHWHQFHVNLOODQGNQRZOHGJHRI
WKH56326XSSO\&KDLQ&HUWLILFDWLRQ6WDQGDUG0RGXOH'
UHTXLUHPHQWVDQGLWVLPSOHPHQWDWLRQ
,QWHUYLHZVRIWKHUHOHYDQWVWDIIFRQILUPHGWKHLUNQRZOHGJHRI
WKH56326XSSO\&KDLQ&HUWLILFDWLRQUHTXLUHPHQWVIRUWKH
UHVSHFWLYHDUHDVRIRSHUDWLRQV
7KH3DOP2LO0LOO2UJDQL]DWLRQ&KDUWDQGMREUHVSRQVLELOLWLHV
RIHPSOR\HHV0LOO0DQDJHU$VVLVWDQW0DQDJHU(QJLQHHUV
$VVLVWDQW(QJLQHHUV7HFKQLFLDQV6HFXULW\2IILFHU
:HLJKEULGJH2SHUDWRU/DERUDWRU\&KHPLVWDQGFOHUNVKDYH
EHHQVXLWDEO\GHILQHGLQWKH6LPH'DUE\4XDOLW\
0DQDJHPHQW6\VWHP0DQXDO
' 7KH320RQO\UHFHLYHGDQGSURFHVVHG))%PDLQO\IURPWKH &RPSOLHG
7KHIDFLOLW\VKDOOKDYHGRFXPHQWHG
SURFHGXUHVIRUUHFHLYLQJDQG
SURFHVVLQJFHUWLILHGDQGQRQ
FHUWLILHG))%V
308*XQXQJ0DVHVWDWHVDQGVRPH))%RI,30RGXOH
IURPRWKHUFHUWLILHG6'36%308VHVWDWHV
7KH308GLGQRWUHFHLYHDQ\QRQFHUWLILHG))%IURPRWKHU
VRXUFHVRUVXSSOLHUV
$OOVXSSOLHVRI))%ZHUHVXEMHFWHGWRYHULILFDWLRQRI))%
&RQVLJQPHQW1RWHE\ZHLJKEULGJHSHUVRQQHODQGTXDOLW\
FKHFNV&URS4XDOLW\5HSRUWJUDGLQJFKLWE\WKHPLOO

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$


'3XUFKDVLQJDQGJRRGVLQ
,QGLFDWRUV
'
7KHIDFLOLW\VKDOOYHULI\DQG
GRFXPHQWWKHWRQQDJHVDQGVRXUFHV
RIFHUWLILHGDQGQRQFHUWLILHG))%V
UHFHLYHG
'
7KHIDFLOLW\VKDOOLQIRUPWKH&%
LPPHGLDWHO\LIWKHUHLVDSURMHFWHG
RYHUSURGXFWLRQRIFHUWLILHGWRQQDJH
'5HFRUGNHHSLQJ
,QGLFDWRUV
'
7KHVLWHVKDOOUHFRUGDQGEDODQFHDOO
UHFHLSWVRI5632FHUWLILHG))%DQG
GHOLYHULHVRI5632FHUWLILHG&32
DQG3.RQDWKUHHPRQWKO\EDVLV
'3URFHVVLQJ
,QGLFDWRUV
'
7KHVLWHVKDOODVVXUHDQGYHULI\
WKURXJKGRFXPHQWHGSURFHGXUHV
DQGUHFRUGNHHSLQJWKDWWKH5632
FHUWLILHGRLOSDOPSURGXFWLVNHSW
VHJUHJDWHGIURPQRQFHUWLILHG
PDWHULDOLQFOXGLQJGXULQJWUDQVSRUW
DQGVWRUDJH
'
7KHREMHFWLYHLVIRU
VHJUHJDWHGPDWHULDOWREHUHDFKHG

56325HSRUW0D\

SHUVRQQHOWRGHWHUPLQHWKHRULJLQTXDQWLW\DQGTXDOLW\RIWKH
))%7KH:HLJKEULGJH7LFNHWIRU))%LQGLFDWHGWKHGDWH
YHKLFOHQXPEHUHVWDWH ILHOGQXPEHUKDUYHVWLQJGDWH
VHFXULW\VHDOQXPEHUDQGZHLJKW
0RQWKO\))%DQG&323.5HSRUWDQG<7'5HSRUWZHUH
YHULILHGWRKDYHFRPSOLHGZLWKUHTXLUHPHQWVRIWKH,30RGXOH
ZKHUHE\WKH3DOP2LO0LOOUHFHLYHGDQGSURFHVVHG))%IURP
LWVRZQHVWDWHVDQGRWKHUFHUWLILHG6'36%308VHVWDWHV
)LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KH320KDGPDLQWDLQHGUHFRUGRIWRQQDJHVDQGVXSSO\ &RPSOLHG
VRXUFHRI))%IURPWKHUHVSHFWLYHHVWDWHVDWWKHZHLJKEULGJH
VWDWLRQLQWKH&RQVLJQPHQW1RWHDQG:HLJKEULGJH7LFNHW
1RWHGWKDWWKHUHDUHVRPH))%IURPRWKHUFHUWLILHG6'36%
308V7KHVHDUHVXSSOLHGXQGHUVSHFLDOFLUFXPVWDQFHV
RQO\HJZKHQWKHRWKHUFHUWLILHGPLOOVXQGHUJR
PDLQWHQDQFH7KHUHZHUHQRQRQFHUWLILHG))%UHFHLYHGRU
SURFHVVHGE\WKH320
7KHGRFXPHQWHG6XSSO\&KDLQ623KDVVSHFLILHGWKDWWKH &RPSOLHG
UHVSRQVLEOH320SHUVRQQHOVKDOOFKHFNSURGXFWLRQTXDQWLW\
DJDLQVWWKHFHUWLILHGDPRXQWDQGQRWLI\5632WKH&%DQG
3640'HSDUWPHQWRIDQ\SURMHFWHGRYHUSURGXFWLRQRI
FHUWLILHGWRQQDJH
6RIDUWKHUHLVQRSURMHFWHGRYHUSURGXFWLRQ
)LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
7KH623VWDWHGDUHWHQWLRQSHULRGRIDW\HDUVIRUDOO &RPSOLHG
UHFRUGVDQGUHSRUWV3HUWLQHQWUHFRUGVDUHSURSHUO\ILOHG
DFFHVVLEOHDQGUHWULHYDEOH7KHPDLQUHFRUGVUHWDLQHGDUH
))%&RQVLJQPHQW1RWH:HLJKEULGJH7LFNHWV&ROOHFWLRQ
1RWH'LVSDWFKRI&32032%/IRUP,QVSHFWLRQRI
UHFRUGVDWWKH320FRQILUPHGWKHVHZHUHDFFXUDWHDQG
FRPSOHWH

7KH320KDGPDLQWDLQHGDPRQWKO\VXPPDU\RIDOOUHFHLSWV
RI))%SURGXFWLRQWRQQDJHDQGGLVSDWFKRI&32DQG3.
7KLVLQYHQWRU\LVEDODQFHGHYHU\PRQWKV
)LQGLQJVDQG2EMHFWLYH(YLGHQFH &RPSOLDQFH
&RQILUPHGIURPUHFRUGVWKDWWKH320RQO\UHFHLYHGDQG &RPSOLHG
SURFHVVHGFHUWLILHG))%IURPLWVRZQHVWDWHVDQGHVWDWHVLQ
RWKHUFHUWLILHG6'36%308V7KHSURFHVVLQJIDFLOLW\KDV
HVWDEOLVKHGDQGLPSOHPHQWHGDFOHDUSURFHGXUHDQG
PHFKDQLVPIRUWKH,3PRGXOH
5HYLHZDQGRQVLWHYHULILFDWLRQFRQILUPHGWKDWWKH
PHFKDQLVPZDVLPSOHPHQWHGDQGLQFRPSOLDQFHZLWKWKH
PRGXOHUHTXLUHPHQWVDWWKHPLOOLQFOXGLQJWUDQVSRUWDQG
VWRUDJH
'RFXPHQWVDQGUHFRUGVSURYLGHGGRFXPHQWHGHYLGHQFHWKDW &RPSOLHG
WKH))%UHFHLSWDQGSURFHVVHGDQG&32DQG3.SURGXFHG
DUHWUDFHDEOHWRFHUWLILHGPDWHULDO
7KH3.LVGHOLYHUHGWRWKH6LPH'DUE\SDOPNHUQHOFUXVKLQJ
SODQWDW&DUH\,VODQGRUVROGDVQRQFHUWLILHG3.7KH320
GRHVQRWSURGXFH3.2
7KHSURGXFWW\SHDQGVXSSO\FKDLQPRGXOHLQGLFDWHGDV
&632,3DQG&63.,3RQUHOHYDQWGRFXPHQWV
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 






 6WDWXVRQ6XSSO\&KDLQRQ320
%DVHGRQWKHGRFXPHQWVDQGUHFRUGVSUHVHQWHGGXULQJWKHRQVLWHYHULILFDWLRQVPDGHLWLVFRQFOXGHGWKDWWKH*XQXQJ
0DV320KDVEHHQDEOHWRFRPSO\ZLWKWKHUHTXLUHPHQWVRIWKH56326&&6XQGHUWKHµ,3¶PRGXOHDQGLVWKXV
HOLJLEOHIRUµ,3¶WUDGLQJIRULWVSDOPSURGXFWVIRU\HDU)<

 0RQLWRULQJRI&632DQG&63.WUDGHG

7KH320UHOLHGRQLQWHUQDOFRPPXQLFDWLRQYLDHPDLORIWKHWUDGLQJGRQHE\WKH+4.XDOD/XPSXURQWKH&632DQG
&63.7KH320UHFHLYHGLQVWUXFWLRQIURP+4WRLQGLFDWHWKHWUDGHDV&632RQWKHZHLJKEULGJHWLFNHWDFFRUGLQJ
WR HDFK FRQWUDFW  6R IDU WKHUH LV QR &632 VROG XQGHU 5632 *UHHQ3DOP DQG ,6&&  7KH YROXPHV RI FHUWLILHG
SURGXFWVWUDGHGDVYHULILHGGXULQJDVVHVVPHQWDUHDVIROORZV

 &632$FWXDO &63.$FWXDO &632$FWXDO &63.$FWXDO
-XO\-XQH -XO\-XQH -XO\-XQH -XO\-XQH
07 07 07 07
5632FHUWLILHG
   

%RRN &ODLP 
  
*UHHQ3DOP 
,6&&
   

7RWDO7UDGHG
   

$FWXDO3URGXFHG
   


1RWHV
x %DVHGRQUHFRUGVPDLQWDLQHGDWWKH320LWZDVYHULILHGWKDWWKHWRWDOWRQQDJHRI&632WUDGHGKDVQRW
H[FHHGHGWKHDQQXDOFHUWLILHGTXDQWLW\
x 7KH3.GHOLYHUHGWRWKH6LPH'DUE\SDOPNHUQHOFUXVKLQJSODQWDW&DUH\,VODQGRUVROGDVQRQFHUWLILHG3.
7KH320GRHVQRWSURGXFH3.27KHUHLVQRRXWVRXUFLQJRIWKH3.FUXVKWRDQLQGHSHQGHQWSDOPNHUQHO
FUXVKHU


 6WDWXVRI,GHQWLILHG1RQFRPSOLDQFHDQG&RUUHFWLYH$FWLRQV2EVHUYDWLRQVDQG3RVLWLYH(OHPHQWV
7KHVWDWXVRIWKH1RQFRPSOLDQFHV1&5DQG2EVHUYDWLRQV2%6LGHQWLILHGDJDLQVWWKH0<1,&RPSOLDQFH
,QGLFDWRUVLVDVSHUWKHGHWDLOVEHORZ
$VVHVVPHQW7\SH <HDU 1RQFRPSOLDQFH 2EVHUYDWLRQV )ROORZXSVWDWXV
1&5 2%6
5H&HUWLILFDWLRQ$VVHVVPHQW  0DMRU0LQRU  $FWLRQVWDNHQRQWKH
1&5VYHULILHGWREH
HIIHFWLYHGXULQJ$6$
$QQXDO6XUYHLOODQFH  0DMRU0LQRU  $FWLRQVWDNHQRQWKH
$VVHVVPHQW 1&5VDQG2%6YHULILHG
WREHHIIHFWLYHGXULQJ
$6$
9HULILFDWLRQFXP$QQXDO
6XUYHLOODQFH$VVHVVPHQW
56325HSRUW0D\
 0DMRU0LQRU  5HIHUWR6HFWLRQ
DQG$SSHQGL[)
9HULILFDWLRQ2XWFRPHRQ
$6,&RPSOLDQFH$XGLW
ILQGLQJV
&RQVLVWHQF\RI
LPSOHPHQWDWLRQZLOOEH
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



DOVRIROORZHGXSGXULQJ
QH[WVXUYHLOODQFH


 <HDU$6$1&50DMRU


1&5 0<1, 'HWDLOVRI1&5

,QGLFDWRU
0DMRU  'DWHLVVXHG
1&
1RQFRQIRUPDQFH
010
$W<RQJ3HQJ(VWDWHDQG.HPSDV.OHEDQJ(VWDWHWKHZRUNLQJFRQWUDFWVLQ%DKDVD
0DOD\VLDYHUVLRQKDYHWKHVLJQDWXUHRIWKHIRUHLJQZRUNHUFRQFHUQHG
7KHUHDUHDOVRZRUNLQJFRQWUDFWVLQ%DQJODGHVK+LQGLDQG1HSDOHVHODQJXDJHV
+RZHYHUWKHUHZDVQRHYLGHQFHWRVXSSRUWWKDWVXFKFRQWUDFWVZHUHIXOO\XQGHUVWRRGDV
WKHVHFRQWUDFWVZHUHQRWVLJQHGE\WKHUHVSHFWLYHIRUHLJQZRUNHUV

5RRW&DXVHDQG&RUUHFWLYH$FWLRQ
5RRW&DXVH$QDO\VLV
x :RUNLQJFRQWUDFWLQRWKHUODQJXDJHVLVPHDQWIRUUHIHUHQFHRQO\DVVWDWHGLQ,WHPLQ
WKHFRQWUDFW,QRUGHUWRHQVXUHVXFKFRQWUDFWVZHUHIXOO\XQGHUVWRRGE\WKHUHVSHFWLYH
IRUHLJQZRUNHUVWZREULHILQJVHVVLRQVZHUHKHOGXSRQWKHLUDUULYDODW6LPH'DUE\DV
IROORZV
 'XULQJ,QGXFWLRQ6HVVLRQFRQGXFWHGDWWKH:RUNHUV0DQDJHPHQW&HQWUH:0&
6XD%HWRQJE\WKH:0&([HFXWLYH
 'XULQJDUULYDODWWKH2SHUDWLQJ8QLWV28

x+RZHYHUGXULQJWKHDXGLWGRFXPHQWVHYLGHQFHVWRVXSSRUWERWKWKHSURJUDPHJ
V\OODEXVIRU,QGXFWLRQ3URJUDPOLVWRIDWWHQGDQFHSDUWLFXODUVRIWUDLQHUDQGWUDQVODWRU
DUHQRWDGHTXDWHO\PDLQWDLQHGDWWKH28

&RUUHFWLYH$FWLRQ
$FWLRQ
x 6XSSRUWLQJGRFXPHQWVIURP:0&6XD%HWRQJEHLQJPDGHDYDLODEOHDWWKH28V

$FWLRQ
x %RWKHVWDWHVFRQGXFWHGEULHILQJRQWKHFRQWUDFWWRWKHIRUHLJQZRUNHUVDVVLVWHGE\
DSSRLQWHGWUDQVODWRUFROOHDJXHVIURPUHVSHFWLYHQDWLRQDOLW\
x 28V$VVLVWDQW0DQDJHUDSSRLQWHG3,&WRFRQGXFWWKHEULHILQJXSRQDUULYDORIIRUHLJQ
ZRUNHUVDWWKH28V


56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



9HULILFDWLRQ&RUUHFWLYH$FWLRQ

2IIVLWHYHULILFDWLRQFDUULHGRXW9HULILHGWKDWWKHWZRFRUUHFWLYHDFWLRQVWDNHQDUH
HYLGHQFHGE\WKHIROORZLQJ

x6XSSRUWLQJGRFXPHQWVIRUWKH,QGXFWLRQ6HVVLRQFRQGXFWHGDW:RUNHUV0DQDJHPHQW
&HQWUH:0&DVIROORZV
 6XPPDU\RILWHPVFRYHUHGGXULQJWKH,QGXFWLRQ6HVVLRQIRUIRUHLJQZRUNHUVRQ
WKDWLQFOXGHVWKHZRUNLQJFRQWUDFW
 $WWHQGDQFH/LVWIRUWKH,QGXFWLRQ6HVVLRQDWWKH:0&

x3KRWRVDQGDWWHQGDQFHOLVWVRIWKHFRQWUDFWEULHILQJVFRQGXFWHGDVIROORZV
 $W.HPSDV.OHEDQJ(VWDWHRQ0DUE\WKH$VVLVWDQW0DQDJHU7XDQ.KDLUXO
$QDPDWWHQGHGE\IRUHLJQZRUNHUVIURP%DQJODGHVK6UL/DQND0\DQPDU 
,QGLD
 $W<RQJ3HQJ(VWDWHRQ0DUE\WKH$VVLVWDQW0DQDJHU7XDQ0RKG6KDLIXO
,IVDQDWWHQGHGE\IRUHLJQZRUNHUVIURP%DQJODGHVK,QGLD 1HSDO

7KHFRUUHFWLYHDFWLRQVVDWLVIDFWRULO\DGGUHVVHGWKHQRQFRQIRUPDQFH

1&VWDWXVYHULILHGE\DXGLWRU&ORVHGE\2&/ 'DWHFORVHG
9HULILFDWLRQRIHIIHFWLYHQHVV
9HULILHGGXULQJ$6$DVVHVVPHQWWKDWWKHFRUUHFWLYHDFWLRQWDNHQZDVLPSOHPHQWHG
HIIHFWLYHO\
1&VWDWXVYHULILHGE\DXGLWRU-0' 'DWHYHULILHG)HE


 <HDU$6$2EVHUYDWLRQV
6WDWXV
0<1, 2SHQHG &ORVHG 5HPDUN
5HI1R /RFDWLRQ 'HWDLOVRI2EVHUYDWLRQ
,QGLFDWRU GDWH GDWH LIDQ\

2%6  .HPSDV 5HFRUGVRISHVWLFLGHVXVHDUH )HE )HE 9HULILHGWKDW
2&/ .OHEDQJ DYDLODEOH+RZHYHUWKHUHFRUGGLG   DFWLRQV
(VWDWH QRWLQGLFDWHFOHDUO\WKHDUHDWUHDWHG WDNHQKDG
 DPRXQWRIDFWLYHLQJUHGLHQWVDSSOLHG DGGUHVVHG
SHUKDDQGQXPEHURIDSSOLFDWLRQV WKHILQGLQJ

2%6  <RQJ 7KHSDLQWPDUNLQJRQWKHWUHHVIRU )HE )HE 9HULILHGWKDW
6+ 3HQJ GHPDUFDWLRQRIWKHEXIIHU]RQHKDG   DFWLRQV
(VWDWHDQG IDGHGDQGWKHUHIRUHPDNLQJWKH WDNHQKDG
.HPSDV H[WHQWRIERXQGDU\XQFOHDU DGGUHVVHG
.OHEDQJ ,QDGGLWLRQROGDQGZRUQRXW WKHILQGLQJ
(VWDWH VLJQDJHVDWYDULRXVORFDWLRQVHJ
 SRQGVDQGULYHUEXIIHU]RQHVQHHGWR
EHUHIXUELVKHGRUUHSODFHG

2%6  320 7KH320DQGHVWDWHVKDYH )HE )HE 9HULILHGWKDW
010 <RQJ FRQGXFWHGWKHVWDNHKROGHUV¶   DFWLRQV
 3HQJ FRQVXOWDWLRQ+RZHYHUWKHQXPEHU WDNHQKDG
(VWDWHDQG RIVWDNHKROGHUVSUHVHQWZHUHYHU\ DGGUHVVHG
.HPSDV IHZDOWKRXJKDVLJQLILFDQWQXPEHU WKHILQGLQJ
.OHEDQJ KDGEHHQLQYLWHG$FWLRQVKRXOGEH
(VWDWH WDNHQWRKDYHDJUHDWHUSDUWLFLSDWLRQ
IURPDIIHFWHGSDUWLHV


56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



2%6  320 6WDNHKROGHUVOLVWVKRXOGEHUHYLHZHG )HE )HE 9HULILHGWKDW

010 <RQJ DQGXSGDWHGUHJXODUO\WRLQFOXGHDQ\   DFWLRQV
 3HQJ QHZVXSSOLHUVDQGFRQWUDFWRUV WDNHQKDG
(VWDWHDQG $OVRLWZDVQRWHGWKDWVWDNHKROGHUV DGGUHVVHG
.HPSDV HJYLOODJHUVKDYHPDGHFHUWDLQ WKHILQGLQJ
.OHEDQJ UHTXHVWVDQGDFWLRQVKDYHEHHQ
(VWDWH WDNHQE\320DQGHVWDWHV
+RZHYHUWKHUHZDVDODFNRISURSHU
GRFXPHQWDWLRQDQGUHFRUGVRQVXFK
PDWWHUV


 <HDU$6$1&50DMRU0LQRU

1&5 0<1, 'HWDLOVRI1&5
,QGLFDWRU
$/  'DWHLVVXHG)HE
0LQRU 1RQFRQIRUPDQFH
$W320DQG(VWDWHVFRPPRQ))%7UDQVSRUW&RQWUDFWRU6.+ZDVHQJDJHGIRUWKH))%
WUDQVSRUWDWLRQ*XQXQJ0DV(VWDWHZDVDOVRHQJDJLQJFRQWUDFWRUIRU6SUD\LQJDFWLYLWLHV
7KHPRQLWRULQJSURFHVVLPSOHPHQWHGRQ&RQWUDFWRUVZDVQRWDEOHWRDGHTXDWHO\HQVXUH
WKDWWKHFRQGLWLRQVRIWKHDJUHHPHQWVXFKDVFRQWUDFWRUZRUNHUVDUHSDLGLQDFFRUGDQFH
ZLWKWKHODZ
5RRW&DXVHDQG&RUUHFWLYH$FWLRQV

5RRW&DXVH
&XUUHQWO\WKHUHLVQRPHFKDQLVPWRPRQLWRUWKHFRPSOLDQFHE\WKHFRQWUDFWRUVRQ/DERXU
ODZ

&RUUHFWLYH$FWLRQV
 7RGHYHORSDFKHFNOLVWRQWKHODERXUODZUHTXLUHPHQWVZKLFKQHHGVWREHPRQLWRUHGE\
&&([HFXWLYHVRQTXDUWHUO\EDVLV
 (VWDWHZLOOFRQGXFWDUHIUHVKHUWUDLQLQJWRFRQWUDFWRUVWREULHIRQWKHUHOHYDQWFRPSOLDQFH
WROHJLVODWLRQWKDWQHHGVWREHFRPSOLHGE\WKHFRQWUDFWRUV

9HULILFDWLRQ&RUUHFWLYH$FWLRQ
7KHFRUUHFWLYHDFWLRQVKDVVDWLVIDFWRULO\DGGUHVVHGWKHQRQFRQIRUPDQFH
1&VWDWXVYHULILHGE\DXGLWRU&ORVHGE\$/ 'DWHFORVHG0DU
9HULILFDWLRQRIHIIHFWLYHQHVV1H[WDVVHVVPHQW$6$
1&VWDWXVYHULILHGE\DXGLWRU 'DWHYHULILHG

1&5 0<1, 'HWDLOVRI1&5
,QGLFDWRU
$/  'DWHLVVXHG)HE
0DMRU 1RQFRQIRUPDQFH
0RQLWRULQJRIDSSURSULDWH33(WREHZRUQE\ILHOGZRUNHUV
'26+UHFRPPHQGDWLRQVDQG3LFWRULDO33(ZHDUIRU6SUD\HUVKDGLQGLFDWHGWKDW/RQJ
WURXVHUVKDVWREHSODFHGRXWVLGHRIWKH5XEEHUERRWVZKLFKZDVVHHQWREHSUDFWLFHGDW
%XNLW3DORKHVWDWH+RZHYHUDW*XQXQJ0DVHVWDWHWKHVSUD\HUVZHUHVHHQWREHZHDULQJ
WKHLUORQJSDQWVWXFNHGLQVLGHWKHERRWV7KXVWKH33(ZHDULQJZDVQRWFRQVLVWHQWZLWK
WKH'26+UHFRPPHQGDWLRQV

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



5RRW&DXVHDQG&RUUHFWLYH$FWLRQV

5RRW&DXVH
0RVWRIVSUD\LQJZRUNHUVDW*XQXQJ0DV(VWDWHDUHZHDULQJORQJWURXVHUVZLWKWLJKW
RSHQLQJLQWKHOHJVHFWLRQVOLPILWFXWWLQJDQGWKXVWHQGWRWXFNWKHLUSDQWVLQWRWKHERRWV

&RUUHFWLYH$FWLRQWDNHQDUH
7RFDUU\RXWUHWUDLQLQJRQ6DIHW\IRU6SUD\LQJ*DQJ7KLVKDVEHHQFDUULHGRXWQG0DU
DQGZDVFRQGXFWHGE\RXU(6+H[HFXWLYHZKLFKDOOVSUD\HUVKDVEHHQDGYLVHGWR
ZHDUDSSURSULDWHVL]HWURXVHUVRWKDWWKHLUERRWFDQEHWXFNLQVLGHWKHLUWURXVHUV

'DLO\PRQLWRULQJDOVRLVEHLQJFDUULHGGXULQJPXVWHUWRHQVXUHWKDWDOOVSUD\HUVDUH
ZHDULQJDSSURSULDWHDWWLUHIRUZRUNLQJ

9HULILFDWLRQ&RUUHFWLYH$FWLRQ
2QVLWH9HULILFDWLRQZDVFRQGXFWHGRQ$SU7KHFRUUHFWLYHDFWLRQVWDNHQKDV
VDWLVIDFWRULO\DGGUHVVHGWKHQRQFRQIRUPDQFH
1&VWDWXVYHULILHGE\DXGLWRU&ORVHGE\$/ 6+ 'DWHFORVHG$SU
9HULILFDWLRQRIHIIHFWLYHQHVV1H[WDVVHVVPHQW$6$
1&VWDWXVYHULILHGE\DXGLWRU 'DWHYHULILHG

1&5 0<1, 'HWDLOVRI1&5
,QGLFDWRU
6+  'DWHLVVXHG)HE
0LQRU 1RQFRQIRUPDQFH

7KHUHZDVQRSURSHUUHFRUGRQWKHPRQLWRULQJRI+&9DQG57(DWWKH*XQXQJ0DVHVWDWH
,QDGGLWLRQWKHUHZDVQRDSSURSULDWHVLJQDJHVSODFHDWVWUDWHJLFORFDWLRQV

5RRW&DXVHDQG&RUUHFWLYH$FWLRQV

5RRW&DXVH
,QVXIILFLHQWPHFKDQLVPLPSOHPHQWHGRQWKHPRQLWRULQJRI+&9

&RUUHFWLYHDFWLRQ
5HYLHZWKHPHFKDQLVPRIPRQLWRULQJ+&9WRHQVXUHDOOUHFRPPHQGHGDFWLRQSODQVDUH
IXOO\LPSOHPHQWHGDQGPDLQWDLQHGE\28V
5HTXHVWIRUVLJQDJHVEXGJHWDQGLQVWDOODSSURSULDWHVLJQDJHDWIHZVWUDWHJLFORFDWLRQ

9HULILFDWLRQ&RUUHFWLYH$FWLRQ
2QVLWH9HULILFDWLRQZDVFRQGXFWHGRQ$SU7KHFRUUHFWLYHDFWLRQVWDNHQKDV
VDWLVIDFWRULO\DGGUHVVHGWKHQRQFRQIRUPDQFH
1&VWDWXVYHULILHGE\DXGLWRU&ORVHGE\$/ 6+ 'DWHFORVHG$SU
9HULILFDWLRQRIHIIHFWLYHQHVV1H[WDVVHVVPHQW$6$
1&VWDWXVYHULILHGE\DXGLWRU 'DWHYHULILHG

1&5 0<1, 'HWDLOVRI1&5
,QGLFDWRU
 'DWHLVVXHG)HE

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



6+ 1RQFRQIRUPDQFH
0LQRU 
/DQGILOOPDQDJHPHQW

 6LJQDJHVVKRZLQJGLUHFWLRQVDQGORFDWLRQVRIODQGILOOVDWERWKHVWDWHV*0( %3(DUH
QRWYLVLEOHRQVLWH

 0DUNLQJGHWDLOVRIWKHµ2SHQLQJ¶DQGµ&ORVLQJ¶RIWKHSORWVRIODQGILOOVXVHGZHUHQRW
DYDLODEOH

 $W%XNLW3DORKHVWDWHWKHPDQDJHPHQWRIH[LVWLQJODQGILOOIRUGRPHVWLFZDVWHVZDVQRW
SURSHUDVWKHUHZDVHYLGHQFHRIZDVWHPDWHULDOVFDWWHUHGDOORYHUWKHODQGILOO

5RRW&DXVHDQG&RUUHFWLYH$FWLRQV

5RRWFDXVH
(VWDWHLVQRWDZDUHRQWKHVLJQDJH
VUHTXLUHPHQW
(VWDWHLVQRWDZDUHRQWKHODQGILOOVSORWVPRQLWRULQJ
6FDWWHUHGXVHGPDWHULDOVGXHWRWKHFROOHFWLQJRIUHF\FOHPDWHULDOVSUDFWLFHE\ORFDOIRONV
DWODQGILOOVSORWV

&RUUHFWLYH$FWLRQV
(VWDWHZLOOLQVWDOOWKHDSSURSULDWHVLJQDJHWRVKRZWKHGLUHFWLRQVDQGORFDWLRQVRI
ODQGILOOV(VWDWHZLOOLQVWDOOWKH
2SHQLQJGDWH
DQG
&ORVLQJGDWH
PDUNLQJVDWWKHODQGILOOV
SORWV
7RLPPHGLDWHO\UHVWULFWSHRSOHIURPHQWHULQJWKHODQGILOODUHDDQGHQFRXUDJHWKHJRRG
SUDFWLFHRIFROOHFWLQJUHF\FOHPDWHULDOVDWVRXUFH

9HULILFDWLRQ&RUUHFWLYH$FWLRQ
2QVLWH9HULILFDWLRQZDVFRQGXFWHGRQ$SU7KHFRUUHFWLYHDFWLRQVWDNHQKDV
VDWLVIDFWRULO\DGGUHVVHGWKHQRQFRQIRUPDQFH
1&VWDWXVYHULILHGE\DXGLWRU&ORVHGE\$/ 6+ 'DWHFORVHG$SU
9HULILFDWLRQRIHIIHFWLYHQHVV1H[WDVVHVVPHQW$6$
1&VWDWXVYHULILHGE\DXGLWRU 'DWHYHULILHG

1&5 0<1, 'HWDLOVRI1&5
,QGLFDWRU
-0'  'DWHLVVXHG)HE
 1RQFRQIRUPDQFH
0DMRU 
 ,Q*XQXQJ0DV(VWDWHLWZDVIRXQGZDJHVGHGXFWLRQVZHUHPDGHIRUSD\PHQWVRI
VFKRROEXVIHHVZDWHUELOOVLQVXUDQFHHWFZLWKRXWYDOLGSHUPLWIURP-DEDWDQ7HQDJD
.HUMD7KLVLVQRWFRPSO\LQJZLWK(PSOR\PHQW$FW6HFWLRQF

 ,Q*XQXQJ0DVDQG%XNLW3DORKHVWDWHVLWZDVIRXQG9DFDWLRQ/HDYH3D\9/3
FDOFXODWLRQLQWKHPRQWKRI-XO\DQG$XJXVWIRUDWOHDVWWKUHHGDLO\UDWHGZRUNHUV
ZHUHVWLOOEDVHGRQ0LQLPXP:DJHV2UGHULH507KLVFDOFXODWLRQLVQRW
FRPSO\LQJZLWK0LQLPXP:DJHV2UGHUZKLFKZDVDOUHDG\HIIHFWLYHRQ-XO\
ZLWKGDLO\UDWHDW50GD\


56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



5RRW&DXVHDQG&RUUHFWLYH$FWLRQV

5RRW&DXVH
 'XHWRQRPHFKDQLVPWRPRQLWRURQWKHSHUPLWDYDLODELOLW\
 ,QIRUPDWLRQRQWKH9/3ZDVQRWZHOOH[SODLQHGGXULQJWKHDXGLW

&RUUHFWLYH$FWLRQV
 7KHHVWDWHZLOODSSO\IRUWKHSHUPLWIURP-7.IRUDOOGHGXFWLRQPDGHIURPHPSOR\HHV

ZDJHV0HDQWLPHDOOGHGXFWLRQVZLWKRXW-7.DSSURYDOKDVEHHQGLVFRQWLQXHG28ZLOO
UHVXPHGHGXFWLRQRQFHDSSURYDOLVJUDQWHGE\-7.
 (VWDWHKDYHSDLG9/3IRUERWKZRUNHUVLQ6HSWHPEHUIRU0XUXJDYHO
.DOL\DPRRUWKLGXHWRKLVUHSDWULDWLRQRQ6HSWHPEHU'HFHPEHUIRU
5DMDSDQGL\DQ9HOXERWKZRUNHUVWDNLQJXQSDLGOHDYHIURPWR
'HFHPEHUIRU%D]LWWDNLQJXQSDLGOHDYHIURPWR7KH
FRPSXWDWLRQRI9DFDWLRQ/HDYH3D\PHQWLVEDVHGRQWKHWRGDWH$YHUDJH'DLO\
(DUQLQJV)RUPRQWKRI-XO\DQG$XJXVWSD\PHQWWKHDYHUDJHZLOOEHFRPSXWHGIRU
UDQJH-DQXDU\WR-XO\DQG-DQXDU\WR$XJXVWUHVSHFWLYHO\7KHQHZUDWHFRPPHQFHG
RQO\LQ-XO\ZKLFKZLOORQO\FRQWULEXWHRQHWZRPRQWK¶VZDJHVGHSHQGLQJRQZKHWKHU
WKHHPSOR\HHLVZRUNLQJIRUWKHPRQWKV

9HULILFDWLRQ&RUUHFWLYH$FWLRQ
2QVLWH9HULILFDWLRQZDVFRQGXFWHGRQ$SU7KHFRUUHFWLYHDFWLRQVWDNHQKDV
VDWLVIDFWRULO\DGGUHVVHGWKHQRQFRQIRUPDQFH
1&VWDWXVYHULILHGE\DXGLWRU&ORVHGE\$/ 'DWHFORVHG$SU
9HULILFDWLRQRIHIIHFWLYHQHVV1H[WDVVHVVPHQW$6$
1&VWDWXVYHULILHGE\DXGLWRU 'DWHYHULILHG


 <HDU$6$2EVHUYDWLRQ
6WDWXV
0<1, 2SHQHG &ORVHG 5HPDUN
5HI1R /RFDWLRQ 'HWDLOVRI2EVHUYDWLRQ
,QGLFDWRU GDWH GDWH LIDQ\

2%6  *0(  /DQGVFDSHPDSSLQJDQG )HE  7RIROORZXS
6+ %3( LGHQWLILFDWLRQ  GXULQJ$6$
 
$W*XQXQJ0DVHVWDWHWKH
WHUPLQRORJ\XVHGRQWKHPDSGRHV
QRWDFFXUDWHO\UHSUHVHQWWKHVLWXDWLRQ
RQWKHJURXQGVXFKDVWKHµ%LUG
VDQFWXDU\¶µ(OHSKDQWLQWUXVLRQ¶DQG
µ:DWHUFDWFKPHQW¶

$W%XNLW3DORKWKHH[LVWHQFHRI
0RVTXHDQG7HPSOHZDVVKRZQRQ
WKHPDSEXWQRWWKH0XVOLPDQG
+LQGXFHPHWHULHV

,GHQWLILHG3RVLWLYH(OHPHQWV

 2QRYHUDOOWKH308KDVPDLQWDLQHGDVDWLVIDFWRU\LPSOHPHQWDWLRQRIWKH5632VXVWDLQDEOHDFWLYLWLHV

 7KH308KDVPDGHVLJQLILFDQWFRQWULEXWLRQVDQGVXSSRUWWRWKHORFDOFRPPXQLWLHVIRULQIUDVWUXFWXUHVRFLDO
DQGUHOLJLRXVDFWLYLWLHV



56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



 )HHGEDFN5DLVHGE\6WDNHKROGHUVDQG)LQGLQJV

3ULRU WR DQG GXULQJ WKH $VVHVVPHQW ZULWWHQ DQG YHUEDO IHHGEDFN FRPPXQLFDWHG IURP WKH VWDNHKROGHUV RQ WKH
HQYLURQPHQWDODQGVRFLDOSHUIRUPDQFHRIWKH308RSHUDWLRQVZHUHVRXUFHG$OOSHUWLQHQWIHHGEDFNLVVXHVZHUH
UHYLHZHGDQGIROORZHGXSIRUYHULILFDWLRQDQGWKHVHKDGEHHQDFFRUGLQJO\LQFRUSRUDWHGLQWRWKHUHSRUWILQGLQJV6HH
WDEOHEHORZ

 )HHGEDFN5DLVHGE\6WDNHKROGHUV6XUYHLOODQFH$VVHVVPHQW$6$<HDU
&RPPXQLFDWLRQGRQHYLDHPDLORQ-DQ6HHOLVWXQGHUSDUD

6WDNHKROGHUV¶)HHGEDFN 3085HVSRQVH &%YHULILFDWLRQ )ROORZXSFRPPHQWV
*RYHUQPHQW$JHQFLHV
1RIHHGEDFNUHFHLYHG

1RQ*RYHUQPHQWDO
2UJDQL]DWLRQV
1RIHHGEDFNUHFHLYHG

/RFDO&RPPXQLWLHV
6WDNHKROGHUV¶&RQVXOWDWLRQ
$W628*XQXQJ0DV
308DWRWDORI
VWDNHKROGHUVZHUHSUHVHQWDW
WKH6WDNHKROGHUV&RQVXOWDWLRQ 
FRPSULVLQJRI*HQGHU
&RPPLWWHHPHPEHUV±
:RUNHUVORFDODQGIRUHLJQ
FRPPHQWV LIDQ\
  
2QJRLQJFRQVXOWDWLRQVZLOO 9HULILHGGXULQJRQVLWH 1LO
EHPDLQWDLQHG DVVHVVPHQWWKDWQR
1RUHVSRQVHQHHGHG UHVSRQVHQHHGHG

  
  
2QJRLQJFRQVXOWDWLRQVZLOO 9HULILHGGXULQJRQVLWH 1LO
EHPDLQWDLQHG DVVHVVPHQWWKDWQR
1RUHVSRQVHQHHGHG UHVSRQVHQHHGHG

  
  
  
  
  
 
  
  
  
ZRUNHUV±   
&RQWUDFWRUVVXSSOLHUV±))%   
6XSSOLHUV±VPDOOKROGHUV±   
/RFDO&RPPXQLW\6FKRRO    
&OLQLFV±*RYHUQPHQW   
DJHQFLHV$X[LOLDU\3ROLFH   
)LUHILJKWHUV±DQG+HDGRI   
9LOODJH±QRV   
7KH\ZHUHLQWHUYLHZHGE\WKH   
DXGLWRUVZLWKRXWWKHSUHVHQFH   
RIDQ\RIWKH308VWDII   
   
&RQFHUQVDQGVXJJHVWLRQV   
UDLVHGLQFOXGH   
   
2QO\RQHFRQFHUQUDLVHGLHE\ 7KHPDQDJHPHQWZLOOORRN 7REHIROORZHGXSGXULQJWKH ,PSURYHPHQWDFWLRQ
$X[LOLDU\3ROLFH³3ROLV LQWRWKHEDUULHUJDWHV\VWHP QH[W$QQXDO6XUYHLOODQFH ZDVWDNHQDQGLVVXH
%DQWXDQ´DW.HPSDV.OHEDQJ DQGLGHQWLI\LIWKHUHLVDQ\ $VVHVVPHQW ZDVDGGUHVVHG
HVWDWHH[SUHVVHGWKHLUFRQFHUQ LPSURYHPHQWFDQEHPDGH 
RQWKHEDUULHUJDWHV\VWHP WRRSHQFORVHWKHEDUULHU 
ZKLFKZDVKHDY\WRSXOOWKH JDWHZLWKWKHOLJKWHUZHLJKW 
URSHDQGFDXVHGLQMXULHVWRWKH  
VHFXULW\SHUVRQQHOLQHDUO\)HE


/RFDO&RPPXQLWLHV   
,QWHUYLHZV   
  

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



,QWHUYLHZVRIVDPSOHGVWDIIDQG
ZRUNHUVZHUHDOVRFRQGXFWHG
E\WKHDXGLWRUVGXULQJILHOG
YLVLWVIURPWR)HE
DWWKH308
1RLVVXHVUDLVHGE\WKH
VDPSOHGVWDIIDQGZRUNHUV

2WKHU,QWHUHVWHGSDUWLHV
1RIHHGEDFNUHFHLYHG

  
  
  
  
  
1RUHVSRQVHQHHGHG 1RUHVSRQVHQHHGHG 1LO
1RUHVSRQVHQHHGHG 1RUHVSRQVHQHHGHG 1LO
 )HHGEDFN5DLVHGE\6WDNHKROGHUV6XUYHLOODQFH$VVHVVPHQW$6$<HDU
&RPPXQLFDWLRQGRQHYLDHPDLORQ-DQ6HHOLVWXQGHUSDUD

6WDNHKROGHUV¶)HHGEDFN 3085HVSRQVH &%YHULILFDWLRQ )ROORZXSFRPPHQWV
*RYHUQPHQW$JHQFLHV
1RIHHGEDFNUHFHLYHG

1RQ*RYHUQPHQWDO
2UJDQL]DWLRQV
1RIHHGEDFNUHFHLYHG

/RFDO&RPPXQLWLHV
6WDNHKROGHUV¶&RQVXOWDWLRQ
$W628*XQXQJ0DV308 
DWRWDORIVWDNHKROGHUVZHUH 
SUHVHQWDWWKH6WDNHKROGHUV
&RQVXOWDWLRQPHHWLQJ
FRPSULVLQJ&RQWUDFWRUV±))% 
()% 5HSODQWLQJ6XSSOLHUV
6PDOOKROGHUV/RFDO
FRPPHQWV LIDQ\
2QJRLQJFRQVXOWDWLRQVZLOO 9HULILHGGXULQJRQVLWH 
EHPDLQWDLQHG DVVHVVPHQWWKDWQR 1LO
1RUHVSRQVHQHHGHG UHVSRQVHQHHGHG

  
2QJRLQJFRQVXOWDWLRQVZLOO 9HULILHGGXULQJRQVLWH 1LO
EHPDLQWDLQHG DVVHVVPHQWWKDWQR
1RUHVSRQVHQHHGHG UHVSRQVHQHHGHG

  
  
 
 
  
  
 
  
  
&RPPXQLW\6FKRRO &OLQLFV   
*RYHUQPHQWDJHQFLHV   
$X[LOLDU\3ROLFH)LUHILJKWLQJ   
SHUVRQQHODQG9LOODJH+HDGV   
   
7KH\ZHUHLQWHUYLHZHGE\WKH   
DXGLWRUVZLWKRXWWKHSUHVHQFH   
RIDQ\RIWKH308VWDII   
   
$VSHFLILFFRQFHUQZDVWKDW 7KLVZDVFKHFNHGZLWKWKH 7REHIROORZHGXSGXULQJWKH 
&32WDQNHUVVKRXOGQRWHQWHU 0DQDJHPHQWGXULQJWKH QH[W$QQXDO6XUYHLOODQFH
WKHURDGXVHGE\WKHVFKRRO FORVLQJPHHWLQJ $VVHVVPHQW
EXVHVHVSHFLDOO\EHIRUH 7KHPDQDJHPHQWZDV 
R¶FORFNLQWKHPRUQLQJDV FRPPLWWHGWRORRNLQWRWKH 
WKHVHWDQNHUVZLOOREVWUXFWWKH PDWWHUZLWKUHJDUGVWRWKH 
URXWHDQGSRVHDVVDIHW\ULVN URXWHDQGWLPLQJRIWKH&32 
WRWKHVFKRROEXV WDQNHUPRYHPHQWV

/RFDO&RPPXQLWLHV   
,QWHUYLHZV   
,QWHUYLHZVRIVDPSOHGVWDIIDQG   
ZRUNHUVQRVPDOHIHPDOH   
ORFDODQGIRUHLJQZRUNHUV   
ZHUHDOVRFRQGXFWHGE\WKH   
DXGLWRUVGXULQJILHOGYLVLWVIURP   
)HEDWWKH308   

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



   
1RQHJDWLYHLVVXHVUDLVHGE\ 1RUHVSRQVHQHHGHG 1RUHVSRQVHQHHGHG 1LO
WKHVDPSOHGVWDIIDQGZRUNHUV

2WKHU,QWHUHVWHGSDUWLHV 1RUHVSRQVHQHHGHG 1RUHVSRQVHQHHGHG 1LO
1RIHHGEDFNUHFHLYHG

 

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



,17(57(.56323 &&HUWLILFDWHGHWDLOVIRU6'36%*XQXQJ0DV*URXSLQJ


&HUWLILFDWH1R 5632
2ULJLQDOLVVXHGDWH 0D\
1HZLVVXHGDWH 0D\
([SLU\GDWH 0D\
2UJDQL]DWLRQ 6LPH'DUE\3ODQWDWLRQ6GQ%KG
$GGUHVVRI+HDG2IILFH :LVPD*XWKULH-DODQ*HOHQJJDQJ%XNLW'DPDQVDUD.XDOD/XPSXU
56320HPEHUVKLS1R 
3ODQWDWLRQ0DQDJHPHQW8QLW 628*XQXQJ0DV*URXSLQJ
$GGUHVVRI320 ..6*XQXQJ0DV.%1R.OXDQJ-RKRU:HVW0DOD\VLD
6WDQGDUGV 56323ULQFLSOHVDQG&ULWHULD$SU0DOD\VLDQ1DWLRQDO,QWHUSUHWDWLRQ1RY
 56326XSSO\&KDLQ&HUWLILFDWLRQ6WDQGDUG1RYIRUWKH3DOP2LO
0LOO
&HUWLILFDWLRQVFRSH 3URGXFWLRQRI&UXGH3DOP2LODQG3DOP.HUQHOV
6XSSO\&KDLQPRGXOHDW320 ,GHQWLW\3UHVHUYHG,3

'HWDLOVRIWKH0LOODQG6XSSO\EDVHVFRYHUHGE\WKLVFHUWLILFDWHDQGWKHWRQQDJHDSSURYHGDUH
*365HIHUHQFH &HUWLILHG
1DPH $GGUHVV 7LWOHG$UHD
/DWLWXGH /RQJLWXGH KD
*XQXQJ0DV3DOP 
2LO0LOO ..6*XQXQJ0DV.%1R 
ž1 ž( 
320FDSDFLW\ .OXDQJ-RKRU:HVW0DOD\VLD 
07KU 
/DGDQJ*XQXQJ0DV.%1R ž1 ž( 
*XQXQJ0DV(VWDWH
.OXDQJ-RKRU:HVW0DOD\VLD 
/DGDQJ.HPSDV.OHEDQJ.%1R 
.HPSDV.OHEDQJ ž1 ž(
3DORK-RKRU:HVW
(VWDWH
0DOD\VLD
/DGDQJ%XNLW3DORK.%1R
%XNLW3DORK(VWDWH ž1 ž(
3DORK-RKRU:HVW0DOD\VLD
/DGDQJ<RQJ3HQJ<RQJ ž1 ž(
<RQJ3HQJ(VWDWH
3HQJ-RKRU:HVW0DOD\VLD


7KHDQQXDOFHUWLILHGWRQQDJHVSURGXFHGDWWKH308DUHGHWDLOHGDVIROORZV

*XQXQJ0DV320 $QQXDO7RQQDJHV07
&HUWLILHG))% 
&HUWLILHG&32 
&HUWLILHG3. 
6XSSO\FKDLQPRGXOH ,GHQWLW\3UHVHUYHG,3






 

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



$SSHQGL[$


4XDOLILFDWLRQVRI/HDG$VVHVVRUDQG$VVHVVPHQW7HDP

0U$XJXVWLQH/RK$/±/HDG$VVHVVRU7HFKQLFDO([SHUW
3DOP2LO0LOO(QYLURQPHQW6RFLDO&RQVHUYDWLRQ +&9DUHD*$3,30/DQG8VHDQG6XSSO\&KDLQ
±0DVWHULQ%XVLQHVV$GPLQLVWUDWLRQ86$DQG'LSORPDLQ0DULWLPH6WXGLHV6LQJDSRUH

0U$XJXVWLQH/RKLVDQ,5&$7KLUG3DUW\$VVHVVPHQW73$/HDG$XGLWRUDQG,5&$/HDG7XWRUIRU,5&$,62
DQG 2+6$6  /HDG $XGLWRU &RXUVHV DV ZHOO DV 7XWRU IRU 5632 &HUWLILFDWLRQ 3URJUDPV DQG ,QWHJUDWHG
0DQDJHPHQW6\VWHPLQ,QWHUWHN0DOD\VLD+HKDVRYHU\HDUVRIILHOGZRUNDQGH[SHULHQFHLQ3DOPEDVHGSURGXFW
VXUYH\VXSSO\FKDLQPRQLWRULQJLQVSHFWLRQDQGWHVWLQJ+HKDVVXFFHVVIXOO\FRPSOHWHGWKH,5&$DFFUHGLWHG/HDG
$XGLWRUFRXUVHLQ,62,622+6$6,62,6256323ULQFLSOHVDQG&ULWHULD/HDG
$VVHVVRU&RXUVH56326XSSO\&KDLQ&HUWLILFDWLRQDQGWKH,QWHUQDWLRQDO6XVWDLQDEOH&DUERQ&HUWLILFDWLRQ,6&&
/HDG$XGLWRUFRXUVHV+HKDVDOVRFRPSOHWHGWKH5632WUDLQLQJRQ56323 &56323DOP*+*WRRODQG5632
5(' UHTXLUHPHQWV +H KDV FRQGXFWHG DVVHVVPHQWV RI RUJDQL]DWLRQV LQ 0DOD\VLD 6LQJDSRUH ,QGRQHVLD %UXQHL
7KDLODQG&DPERGLDDQG$XVWUDOLD+HLVFXUUHQWO\WKH56325HJLRQDO3URJUDP0DQDJHURI,QWHUWHN&HUWLILFDWLRQ
,QWHUQDWLRQDO 0DOD\VLD DQG KDV SHUIRUPHG RYHU  DXGLWLQJ GD\V RQ TXDOLW\ HQYLURQPHQWDO DQG VDIHW\  KHDOWK
DVVHVVPHQWVLQYDULRXVVHFWRUVLQFOXGLQJRLOSDOPSODQWDWLRQV+HZDVWKH5632&%$VVHVVPHQW7HDP/HDGHU
0HPEHU ZKLFK DXGLWHG VHYHUDO 5632 FHUWLILHG 3ODQWDWLRQ 0DQDJHPHQW 8QLWV VLQFH  +H ZDV WKH &% 7HDP
/HDGHULQWKHVWDNHKROGHUFRQVXOWDWLRQDQGGHYHORSPHQWRIWKH5632&DPERGLDQ/RFDO,QGLFDWRUV+HLVDPHPEHU
RIWKH&%,QWHUQDO5HYLHZ3DQHOIRU5632$VVHVVPHQWUHSRUWVVLQFH


0U6D]DOL+DVQL6+±$VVHVVRU7HFKQLFDO([SHUW
(QYLURQPHQW&RQVHUYDWLRQDQG+&9DUHD
%DFKHORURI6FLHQFH)RUHVWU\

0U6D]DOL+DVQL6+KDVRYHU\HDUVZRUNH[SHULHQFHLQWKHIRUHVWU\VHFWRU+HLVDQ,5&$$XGLWRUIRU,62
DQGDXGLWRUIRUWKH3()&&KDLQRI&XVWRG\&HUWLILFDWLRQ+HKDVVXFFHVVIXOO\FRPSOHWHGWUDLQLQJLQWKH,QWHUWHN,Q
+RXVH56323 &0<1,$VVHVVRUFRXUVH+HZDVDPHPEHULQWKHVWDNHKROGHUFRQVXOWDWLRQDQGGHYHORSPHQWRI
WKH0DOD\VLDQ&ULWHULD ,QGLFDWRUV0& ,IRU)RUHVWPDQDJHPHQW&HUWLILFDWLRQ+HKDVEHHQLQYROYHGLQWKHDXGLWLQJ
RI)RUHVW0DQDJHPHQW&HUWLILFDWLRQIRUWKH3HUDN6WDWH)RUHVWU\'HSDUWPHQWDQG3DKDQJ6WDWH)RUHVWU\'HSDUWPHQW
+HKDVDOVREHHQLQYROYHGZLWKD*HUPDQEDVHGFRPSDQ\LQWHVWLQJWKHLUFULWHULDIRUFDUERQWUDFLQJLQDQRLOSDOP
SODQWDWLRQLQ+HKDGDOVRDFWHGDVWKHUHJLRQDOFRQVXOWDQWWR,QWHUQDWLRQDO7URSLFDO7LPEHU2UJDQL]DWLRQ,772
IRUWKH$VLD3DFLILFUHJLRQLQWKH(YDOXDWLRQDQG0RQLWRULQJRI3URMHFWVIXQGHGE\WKHRUJDQL]DWLRQIURPWR
3URMHFWVIXQGHGDUHPDLQO\IRUHVWU\UHODWHGVXFKDVUHIRUHVWDWLRQFRQVHUYDWLRQFRPPXQLW\IRUHVWU\DSDUWIURPRWKHU
UHVHDUFKEDVHGSURMHFWV+HLVDPHPEHURIWKH5632&%$VVHVVPHQWWHDPZKLFKDXGLWHGVHYHUDO5632FHUWLILHG
3ODQWDWLRQ0DQDJHPHQW8QLWVVLQFH


0U-XPDW0DMLG-0'±$VVHVVRU7HFKQLFDO([SHUW
±%6F6RFLDO6FLHQFH
0U-XPDW0DMLG-0'KDVRYHU\HDUVZRUNH[SHULHQFHLQWKHDJULFXOWXUHVHFWRU+HKDVVXFFHVVIXOO\FRPSOHWHG
WKH,5&$DFFUHGLWHG/HDG$XGLWRUFRXUVHLQ,62DQG56323 &0<1,/HDG$VVHVVRUFRXUVH+HKDV
DOVR VXFFHVVIXOO\ FRPSOHWHG WUDLQLQJ SURJUDPV LQ 2UJDQLF $JULFXOWXUH 'HYHORSPHQW DQG KDG SHUIRUPHG RUJDQLF
DJULFXOWXUHLQVSHFWLRQVDQGDVVHVVPHQWVIRUPRUHWKDQ\HDUV+HKDVEHHQLQYROYHGLQ1*2ZRUNLQWKHDUHDVRI
VRFLDOLPSDFWDVVHVVPHQWVZLWKLQWKH6RXWK(DVW$VLDUHJLRQ+HLVSDUWRIWKH5632&%$VVHVVPHQWWHDPZKLFK
DXGLWHG5632FHUWLILHG3ODQWDWLRQ0DQDJHPHQW8QLWVVLQFH
 

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




$SSHQGL[%

$VVHVVPHQW3ODQ$FWXDO

'DWH 7LPH $VVHVVRUVDQG$VVHVVPHQW$FWLYLW\
$VVVHVVPHQW7HDP
)HE DP
7UDYHOWR+RWHO
 DP
 DP
7UDYHOWR628*XQXQJ0DVJURXSLQJ3DOP2LO0LOO3202IILFH
'D\ SP
SP
/XQFK%UHDN
SP
SP 2SHQLQJ0HHWLQJDQG%ULHILQJDW3202IILFH
SP WREHDWWHQGHGE\UHSUHVHQWDWLYHVIURPWKH(VWDWHVDVZHOO
SP 'RFXPHQW5HYLHZDQG$VVHVVPHQWE\DOO$VVHVVRUVRQUHVSHFWLYH
SP 56323 &WRDW320
$/ 6+ -0'
6LWHDVVHVVPHQWDW3DOP 6LWHDVVHVVPHQWDW 6LWHDVVHVVPHQWDW3DOP
2LO0LOO 3DOP2LO0LOO 2LO0LOO
x37UDQVSDUHQF\ x3/DZV  x 3/DZV UHJXODWLRQV
x3/DZV UHJXODWLRQV UHJXODWLRQV x 3(PSOR\HHV
x3(FRQRPLF )LQDQFLDO x3(QYLURQPHQWDO ,QGLYLGXDOV 
9LDELOLW\ &RQVHUYDWLRQ +&9 &RPPXQLWLHVLQFO
x3%HVW3UDFWLFHVDW0LOO x3&RQWLQXDO *HQGHU,VVXHV
x3&RQWLQXDO,PSURYHPHQW ,PSURYHPHQW x 3&RQWLQXDO
x6&&IRU320 ,PSURYHPHQW
x 5HYLHZRIFKDQJHVIRUFRPSOLDQFHWRUHYLVHG56323 &0<1,DQG56326&&
x 9HULILFDWLRQRIHIIHFWLYHQHVVRIFRUUHFWLYHDFWLRQVIRUQRQFRQIRUPDQFHV
x 5HYLHZRI7LPH%RXQG3ODQ
x 9HULILFDWLRQIRUFRPSOLDQFHZLWKUXOHVRQSDUWLDOFHUWLILFDWLRQ
SP
7UDYHOWR+RWHO %UHDN
SP
SP
7HDP0HHWLQJDQG'LVFXVVLRQ
SP

'DWH 7LPH $VVHVVRUVDQG$VVHVVPHQW$FWLYLW\
)HE DP $/ 6+ -0'
 SP 6LWHDVVHVVPHQWDW*XQXQJ 6LWHDVVHVVPHQWDW 6LWHDVVHVVPHQWDW
'D\ 0DVHVWDWH *XQXQJ0DVHVWDWH *XQXQJ0DVHVWDWH
x37UDQVSDUHQF\ x 3/DZV  x 3/DZV UHJXODWLRQV
x3/DZV UHJXODWLRQV UHJXODWLRQV x 3(PSOR\HHV
x3(FRQRPLF )LQDQFLDO x 3(QYLURQPHQWDO ,QGLYLGXDOV 
9LDELOLW\ &RQVHUYDWLRQ +&9 &RPPXQLWLHVLQFO
x3%HVW3UDFWLFHVDW(VWDWHV x 3&RQWLQXDO *HQGHU,VVXHV
x31HZ3ODQWLQJV ,PSURYHPHQW x 3&RQWLQXDO
x3&RQWLQXDO,PSURYHPHQW ,PSURYHPHQW
SP
/XQFK%UHDN
SP
SP
&RQWLQXHVLWHDVVHVVPHQWDW<RQJ3HQJHVWDWH
SP
SP
7UDYHOWR+RWHO %UHDN
SP
SP
7HDP0HHWLQJDQG'LVFXVVLRQ
SP


56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 





'DWH 7LPH $VVHVVRUVDQG$VVHVVPHQW$FWLYLW\
)HE DP $/ 6+ -0'
 SP 6LWHDVVHVVPHQWDW%XNLW 6LWHDVVHVVPHQWDW 6LWHDVVHVVPHQWDW%XNLW
'D\ 3DORKHVWDWH %XNLW3DORKHVWDWH 3DORKHVWDWH
x37UDQVSDUHQF\ x3/DZV  x 3/DZV UHJXODWLRQV
x3/DZV UHJXODWLRQV UHJXODWLRQV x 3(PSOR\HHV
x3(FRQRPLF )LQDQFLDO x 3(QYLURQPHQWDO ,QGLYLGXDOV 
9LDELOLW\ &RQVHUYDWLRQ +&9 &RPPXQLWLHVLQFO
x3%HVW3UDFWLFHVDW x 3&RQWLQXDO *HQGHU,VVXHV
(VWDWHV ,PSURYHPHQW x 3&RQWLQXDO
x31HZ3ODQWLQJV ,PSURYHPHQW
x3&RQWLQXDO,PSURYHPHQW
SP
/XQFK%UHDN
SP
SP
&RQWLQXHVLWHDVVHVVPHQWDW.HPSDV.OHEDQJHVWDWH
SP
SP
7UDYHOWR+RWHO %UHDN
SP
SP
7HDP0HHWLQJDQG'LVFXVVLRQ
SP


'DWH 7LPH $VVHVVRUVDQG$VVHVVPHQW$FWLYLW\
)HE DP $/ 6+ -0'
 DP 6LWHDVVHVVPHQWDW3DOP 6WDNHKROGHUV¶&RQVXOWDWLRQRQWKHIROORZLQJ
'D\ 2LO0LOO FDWHJRULHVVHH1RWHVDQGEHORZ
x 37UDQVSDUHQF\ x &RQWUDFWRUV
x 3/DZV UHJXODWLRQV x 6XSSOLHUV
x 3(FRQRPLF  x 7UDQVSRUWHUV
)LQDQFLDO9LDELOLW\ x 1*2V
x 3%HVW3UDFWLFHVDW0LOO x *RYHUQPHQW'HSDUWPHQW$JHQFLHV
x 3&RQWLQXDO x /RFDO&RPPXQLW\
,PSURYHPHQW x 6HWWOHUVLQWKHFDVHRILQGHSHQGHQWDQG
x 6&&IRU320 RUJDQL]HGVPDOOKROGHUV
1RWHV
,WLVPDQGDWRU\IRUWKH308WRLQIRUP,QWHUWHNDQG
SURYLGHWKHLQIRUPDWLRQDVDPLQLPXPWKHQRRI
VWDNHKROGHUVLQHDFKDSSOLFDEOHFDWHJRU\DQGFRQWDFW
QXPEHURQWKHVWDNHKROGHUVSULRUWRWKHDVVHVVPHQW
7KLVZLOOIDFLOLWDWHWKHUDQGRPDQGLPSDUWLDOVHOHFWLRQ
RIVWDNHKROGHUVLQFOXGLQJLQGHSHQGHQWDQGRUJDQL]HG
VPDOOKROGHUVZKHUHDSSOLFDEOHDQGWRPHHWWKHVDPSOH
VL]HUHTXLUHPHQW
DP
6LWHDVVHVVPHQWDW320RUHVWDWHVWRIROORZXSRQDQ\VSHFLILFFULWHULDDUHDV
SP
SP
/XQFK%UHDN
SP
SP
3UHSDUDWLRQIRU&ORVLQJ0HHWLQJ
SP
SP
7HDP0HHWLQJDQG'LVFXVVLRQVZLWK3080DQDJHPHQW5HSUHVHQWDWLYH
SP
SP
&ORVLQJ0HHWLQJ %ULHILQJDW3DOP2LO0LOO2IILFH
SP


56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




$SSHQGL[&

/RFDWLRQ0DSRI6'36%*XQXQJ0DV*URXSLQJ-RKRU0DOD\VLD



628
*XQXQJ0DV


 

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




$SSHQGL[&

/RFDWLRQ0DSRI6'36%*XQXQJ0DV(VWDWH





 

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




$SSHQGL[&

/RFDWLRQ0DSRI6'36%.HPSDV.OHEDQJ(VWDWH




 

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




$SSHQGL[&

/RFDWLRQ0DSRI6'36%%XNLW3DORK(VWDWH





 

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 





$SSHQGL[&

/RFDWLRQ0DSRI6'36%<RQJ3HQJ(VWDWH





 

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 





$SSHQGL['

3KRWRJUDSKVRI$VVHVVPHQW)LQGLQJVDW6'36%*XQXQJ0DV*URXSLQJ-RKRU0DOD\VLD


*XQXQJ0DVHVWDWH:HDULQJRI33(GXULQJWKH 7UDLOHUIRUWKHWUDQVSRUWDWLRQRIZRUNHUVWRWKHILHOGV
VSUD\LQJDFWLYLWLHV


*XQXQJ0DVHVWDWH%XIIHU]RQHPDLQWDLQHGDGMDFHQW %XNLW3DORKHVWDWH6KRZHULQJDQGZDVKLQJIDFLOLWLHV
WR6J%HNRNGXULQJUHSODQWLQJ IRUWKHILHOGZRUNHUV
 

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 




$SSHQGL[(



7LPH%RXQG3ODQDVVXEPLWWHGE\6'36%



7DEOH,QLWLDO7LPHERXQG3ODQDQG6XPPDU\RI5632&HUWLILFDWLRQ6WDWXVDVDW'HF
7KLVGRFXPHQWVKDOOEHUHDGWRJHWKHUZLWKWKH$WWDFKPHQWV, ,,

)LQDQFLDO\HDU-XO\±-XQH 7DUJHWHG  $FKLHYHG6WDWXV  $WWDFKPHQWV 
-XQ  628V   
$FKLHYHPHQWRI7LPHERXQG3ODQ
6LPH'DUE\3ODQWDWLRQKDVKDGDOOLWV628V

0DOD\VLDQ ,QGRQHVLDQFRPSOHWLQJWKH 
56320DLQ$VVHVVPHQWE\HQG'HFLQ 
  628V
DFFRUGDQFHWRWKHLQLWLDOWLPHERXQGSODQ$V 
IURP0DOD\VLDDQG
,QGRQHVLD  DW'HFDOO0DOD\VLDQ628VKDYHEHHQ
5632FHUWLILHGZLWKWKHH[FHSWLRQRIQHZ

RLOPLOOVLH3DJRKDQG6XD%HWRQJ2LO0LOOV 
FRPPLVVLRQHGWRUHSODFHWKHFXUUHQWRLOPLOOV 
DIWHUWKHLQLWLDOWLPHERXQGSODQWDUJHWV%RWK )RUGHWDLOVSOHDVHUHIHUWR
  628V
QHZPLOOV628VKDYHXQGHUJRQH5632 $WWDFKPHQWV
IURP0DOD\VLDDQG
0DLQ$VVHVVPHQWDQGFHUWLILHGLQHDUO\ L6'35632&HUWLILFDWLRQ6WDWXVIRU
,QGRQHVLD   0DOD\VLD2SHUDWLRQV
RI6LPH'DUE\3ODQWDWLRQ
VXSVWUHDP LL6'35632&HUWLILFDWLRQ6WDWXVIRU
RSHUDWLRQVLV5632FHUWLILHGRQH62837 ,QGRQHVLD2SHUDWLRQV
0$6SHQGLQJFHUWLILFDWLRQLQ,QGRQHVLDGXH LLL56326&&6VWDWXVIRU6LPH'DUE\
(QG'HF 628V 3ODQWDWLRQ'RZQVWUHDP2SHUDWLRQV 
  IURP0DOD\VLDDQG
WRVRPHVRFLDOGLVSXWHV6LPH'DUE\
,QGRQHVLD  3ODQWDWLRQZLOOSURFHHGZLWKWKHQH[WVWHSVRI
FHUWLILFDWLRQXSRQVDWLVIDFWRU\UHVROXWLRQRI
WKHPDWWHU1RWH7LPHERXQGSODQWRDFKLHYH
5632FHUWLILFDWLRQKDVVKLIWHGWR

5HYLVLRQRIWRWDOQXPEHURI628V
7KHWRWDOQXPEHURIPLOOVKDYHEHHQ
UHYLVHGIURPZHI$XJGXHWR
VWUDWHJLFDOLJQPHQWVFORVXUHRIPLOOV 
1RWH6286WUDWHJLF2SHUDWLQJ8QLWVFRQVLVWLQJRIRQHRLOPLOODQGVXSSO\LQJHVWDWHV



7DEOH'HWDLOVRI5632&HUWLILFDWLRQ6WDWXVDVDW'HF
7KLVGRFXPHQWVKDOOEHUHDGWRJHWKHUZLWKWKH$WWDFKPHQWV, ,,

6WDWXV  0DOD\VLD  ,QGRQHVLD  7RWDO  5HPDUNV
    0DOD\VLD
5632&HUWLILHG    (IIHFWLYHO\628V
6J6DPDNDQG-HOHWD%XPL<RQJ3HQJ6HSDQJ0RVW\QDQG6HJDOLXG3DOP
2LO0LOOVKDYHEHHQFORVHGGRZQ

,QGRQHVLD
(IIHFWLYHO\628V

8QGHUJRLQJ    ,QGRQHVLD
6WDJHRU     370$6KDVXQGHUJRQH56320DLQDVVHVVPHQWDQGLVGHOD\HGGXHWR
6WDJH VRPHVRFLDOGLVSXWHV

    
7RWDO628V       1RWH5HYLVHGQXPEHURI628VIRU6'3LVEHJLQQLQJ$XJ










56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



$WWDFKPHQW,6'36%5632&HUWLILFDWLRQ6WDWXVIRU0DOD\VLD2SHUDWLRQV

   'DWHRI (QG'DWHRI &HUWLILFDWH1XPEHU  
&HUWLILFDWLRQ &HUWLILFDWLRQ
 6J'LQJLQ .DUDQJDQ $XJ
 $XJ
 632 $FWLYH 
.HGDK
 &KHUVRQHVH .XDOD 2FW
 2FW
 &85632 $FWLYH 
.XUDX 632
3HUDN
 (OSKLO 6J6LSXW -XQ
 -XQ
 632 $FWLYH 
3HUDN
 )OHPLQJWRQ 7HOXN,QWDQ 2FW
 2FW
 &85632 $FWLYH 
632
 6HUL,QWDQ 7HOXN,QWDQ 0DU
 0DU
 &85632 $FWLYH 
5632
 6HODED 7HOXN,QWDQ 0DU
 0DU
 &85632 $FWLYH 
5632
D 6J6DPDN  0DU
 1RW 1RW$SSOLFDEOH :LWKGUHZ 
$SSOLFDEOH &HDVHG
RSHUDWLRQV
 7HQQDPDUDP %HVWDUL 0DU
 0DU
 &85632 $FWLYH 
-D\D 5632
6HODQJRU
 %XNLW .DSDU $SU
 $SU
 632 $FWLYH 
.HUD\RQJ 6HODQJRU
 (DVW &DUH\ 0D\
 0D\
 632 $FWLYH 
,VODQG
6HODQJRU
 :HVW &DUH\ 0D\
 0D\
 632 $FWLYH 
,VODQG
6HODQJRU
D 6HSDQJ 6HSDQJ 0D\
 1RW 1RW$SSOLFDEOH :LWKGUHZ 
6HODQJRU $SSOLFDEOH &HDVHG
RSHUDWLRQV
 %XNLW3XWHUL 5DXE -XO
 -XO
 &85632 $FWLYH 
3DKDQJ 

 .HUGDX 7HUPHORK -XO
 -XO
 &85632 $FWLYH 
3DKDQJ 

 -DERU .XDQWDQ -XO
 -XO
 &85632 $FWLYH 
3DKDQJ 5632

 /DEX 1LODL1HJHUL 'HF
 'HF
 &85632 $FWLYH 
6HPELODQ 6*6563230
0<
 7DQDK0HUDK 3RUW 0D\
 0D\
 632 $FWLYH 
'LFNVRQ
1HJHUL
6HPELODQ
 6XD%HWRQJ 3RUW )HE
 )HE
 6*6563230 $FWLYH1HZ 6XD%HWRQJ2LO0LOO
'LFNVRQ 0< $SSOLFDWLRQ KDVEHHQ
1HJHUL FRPPLVVLRQHGWR
6HPELODQ UHSODFH5DQWDX2LO0LOO
ZLWK&HUWLILFDWH1R
&85632
&HUWLILFDWHGDWH
'HF
 .RN)RK %DKDX -XO
 -XO
 &85632 $FWLYH 
1HJHUL 5632
6HPELODQ 
 .HPSDV -DVLQ 0D\
 0D\
 5632 $FWLYH 
0HODND
 'LDPRQG -DVLQ 2FW
 2FW
 &85632 $FWLYH 
-XELOHH 0HODND 632
 3DJRK 0XDU-RKRU -DQ¶ -DQ¶ 632 $FWLYH1HZ 3DJRK2LO0LOOKDV
$SSOLFDWLRQ EHHQFRPPLVVLRQHGWR

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



UHSODFH1RUGDQDO2LO
0LOOZLWK&HUWLILFDWHQR
632
FHUWLILFDWLRQGDWH-DQ

D <RQJ3HQJ <RQJ3HQJ 2FWµ 2FW¶ 632 :LWKGUDZQ 
-RKRU 0LOOFORVHG
GRZQ
 &KDDK &KDDK 1RYµ 1RYµ 632 $FWLYH 
-RKRU
 *XQXQJ0DV .OXDQJ 0D\µ 0D\µ 5632 $FWLYH 
-RKRU
 %XNLW%HQXW .OXDQJ 2FWµ 2FW¶ &85632 $FWLYH 
-RKRU 632

 8OX5HPLV /D\DQJ $SUµ $SUµ 6*6563230 $FWLYH 
-RKRU 
 +DGDSDQ /D\DQJ 0DUµ 0DU¶ 6*6563230 $FWLYH 
-RKRU 
 6HJDOLXG 6DQGDNDQ 0D\µ 0D\¶ 632 :LWKGUDZQ 
6DEDK 0LOOFORVHG
GRZQ
 6DQGDNDQ 6DQGDNDQ 2FWµ 6HS¶ 632 $FWLYH 
%D\ 6DEDK
 0HODODS 7HQRP MDQµ -DQ¶ 632 $FWLYH 
6DEDK
 %LQXDQJ .XQDN -DQµ -DQ¶ 5632 $FWLYH 
VDEDK
 *LUDP 7HQRP -DQµ -DQ¶ 5632 $FWLYH ([WHQVLRQRIH7UDFH
6DEDK JUDQWHGE\5632WLOO
PLG$SUIRU628
%LQXDQJ*LUDPDQG
0HURWDLWRXQGHUJRWKH
UHFHUWLILFDWLRQ
SURFHVV
 0HURWDL 7DZDX -DQµ -DQ¶ 5632 $FWLYH 
6DEDK
D -HODWD%XPL .XQDN 0D\µ 1RW 1RW$SSOLFDEOH :LWKGUHZ 
6DEDK $SSOLFDEOH &HDVHG
RSHUDWLRQV
E 0RVW\Q .XQDN -DQµ 1RW 1RW$SSOLFDEOH :LWKGUHZ 
6DEDK $SSOLFDEOH &HDVHG
RSHUDWLRQV
 /DYDQJ %LQWXOX 'HFµ 'HFµ &85632 $FWLYH 
6UDZDN
 5DMDZDOL %LQWXOX 'HFµ 'HFµ &85632 $FWLYH 
6UDZDN 5632

 'HUDZDQ %LQWXOX 'HFµ 'HFµ &85632 $FWLYH 
6UDZDN 5632

 3HNDND %LQWXOX 'HFµ 'HFµ &85632 $FWLYH 
6UDZDN

 

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



$WWDFKPHQW,,6'36%5632&HUWLILFDWLRQ6WDWXVIRU,QGRQHVLD2SHUDWLRQV

    'DWHRI (QG'DWHRI &HUWLILFDWH1XPEHU
&HUWLILFDWLRQ &HUWLILFDWLRQ
 37/$+$17$1,6$.7, $/85'80$, %DJDQ6LQHPEDK7DQK -DQµ -DQµ 08785632
3XWLK3XMXG5RNDQ+LOLU
5LDX
 376$-$1*+(8/$1* $1*6$1$ 6HEDPEDQ,QGRQHVLD -XOµ -XOµ 08785632E
0,1,
 376$-$1*+(8/$1* 0867,.$2,/ 6HEDPEDQ,QGRQHVLD -XOµ -XOµ 08785632
0,//
 37/$'$1*580381 $1*6$1$ 6HEDPEDQ,QGRQHVLD -XOµ -XOµ 08785632D
68%858%$', 
 37/$1**(1* %(%81*$ 3DPXNDQ8WDUD7DQDK 0DUµ 0DUµ 08785632
08$5$0$.085 *URJRW.RWDEDUX3DVLU
.DOLPDQWDQ6HODWDQ
.DOLPDQWDQ7LPXU
 37.5,'$7$0$ 68.$0$1'$ 6HUX\DQ7HQJDK6DPSLW -XOµ -XOµ 08785632
/$1&$5 1* 6HUX\DQ.DOLPDQWDQ
7HQJDK
 37%$+$5,*(0%,5$ /$'$1* .XPSHK8OX-DPEL0XDUR -XOµ -XOµ 08785632
5,$ 3$1-$1* -DPEL-DPEL
 0$1**$/$ 5LDX,QGRQHVLD 1RYµ 1RYµ 08785632
37781**$/0,75$
3/$17$7,216
 373$5,3851$ 321'2. 3DPXNDQ6HODWDQ7DQDK 0DUµ 0DUµ 08785632
6:$.$56$ /$%8 *URJRW.RWDEDUX
.DOLPDQWDQ6HODWDQ
 37%(56$0$ *8181*$58 6HEDPEDQ,QGRQHVLD -XOµ -XOµ 08785632
6(-$+7(5$6$.7,
 37*87+5,( 5$17$8 0XDUD/DNLWDQ/XEXN 0DUµ 0DUµ 08785632
3(&&21,1$ 3$1-$1* /LQJJDX0XVL5DZDV
6XPDWHUD6HODWDQ
 37/$*81$0$1',5, 5$17$8 6XQJDL'XULDQ.RWDEDUX 'HFµ 'HFµ 08785632
.DOLPDQWDQ6HODWDQ
 37/$*81$0$1',5, %(781*2,/ 6XQJDL'XULDQ.RWDEDUX $SUµ $SUµ 08785632
0,// .DOLPDQWDQ6HODWDQ
 37,1'2758%$ 6(.81<,5 .DOLPDQWDQ7HQJDK 1RYµ 1RYµ 08785632
7(1*$+ ,QGRQHVLD
 376:$'$<$$1',.$  6(/$%$. 6XQJDL'XULDQ.RWDEDUX 0DUµ 0DUµ 08785632
.DOLPDQWDQ6HODWDQ
 37%,1$6$,16 6*3,1$1* 0XDUD/DNLWDQ/XEXN 6HSµ 6HSµ 08785632
&(0(5/$1* /LQJJDX0XVL5DZDV
6XPDWHUD6HODWDQ
 377(*8+6(03851$ 3(0$17$1* .XDOD.XD\DQ6DPSLW -XOµ -XOµ 08785632
.RWDZDULQJLQ7LPXU
.DOLPDQWDQ7HQJDK
 37%+80,5(.6$186$ 7(/8.%$.$8 3HODQJLUDQ6J*XQWXQJ 2FWµ 2FWµ 08785632
6(-$7, ,QGUDJLULOOLU5LDX
 37%+80,5(.6$186$ 0$1'$+2,/ 3HODQJLUDQ6J*XQWXQJ $SUµ $SUµ 08785632
6(-$7, 0,// ,QGUDJLULOOLU5LDX
 37$1(.$  7(/8.6,$. 7XDODQJ3HUDZDQJ6LDN 2FWµ 2FWµ 08785632
,17,3(56$'$ 5LDX
 377$0$&2*5$+$
 81*.$<$ :LWDSRQGD.RORQRGDOH -XOµ -XOµ 08785632
.5,'$ 0RURZDOL6XODZHVL7HQJDK
 376,0(,1'2$*52 %.$-21* .DOLPDQWDQ%DUDW $XJµ $XJµ 632
,QGRQHVLD
 373$'$1*3$/0$ %/$1*6,032 .DUDQJ%DUX.XDOD 0D\µ 0D\µ 08785632
3(50$,373(5.$6$ 6LPSDQJ$FHK
68%856$.7, 7DPLDQJ1DQJURH$FHK
'DUXVVDODP
 376$1',.$ /(0%,58 'HVD6XND.DU\D.HF -XOµ -XOµ 08785632
1$7$3$/0$  0DUDX.DE.HWDSDQJ
37%8','$<$$*52 .DOLPDQWDQ%DUDW
/(67$5,
 370,75$/$8675$/ 0$60LOO 'HVD5DKD\X.HF3DULQGX 8QGHUJRQH56320DLQ$VVHVVPHQW
6(-$+7(5$ .DE6DQJJDX.DOLPDQWDQ 'HOD\HGGXHWRVRPHGLVSXWHV
%DUDW


56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



$SSHQGL[)

2XWFRPHRIWKH9HULILFDWLRQRQ$6,&RPSOLDQFH$XGLW)LQGLQJVRQ,QWHUWHN¶V&+±
9HULILFDWLRQRQ3086'3*XQXQJ0DV628DVRQHRI,QWHUWHN¶V&+

,WHP ,VVXHVDV5DLVHGE\$6,DW )LQGLQJVDW3086'3*XQXQJ0DV ,QWHUWHN9HULILFDWLRQ2XWFRPH
1R 5HTXLUHPHQWV
1R RQHRI,QWHUWHN¶V&+ 628DJDLQVW$6,)LQGLQJV DQG6WDWXVRI)LQGLQJ
   &RQWUDFWVQRWEHLQJLQFOXGHG 308KDVD6RFLDO3ROLF\ZKLFKGRHV 9HULILFDWLRQGRQHRQ)HE
$PHFKDQLVPWR RIVDIHW\ KHDOWKIRUFHG QRWFRQGRQHIRUFHGODERXUDQGFKLOG DW320 *XQXQJ0DV
FKHFNFRQVLVWHQW ODERXUFKLOGODERXU ODERXU7KLVSROLF\LVLPSOHPHQWHGLQ (VWDWH%XNLW3DORK(VWDWHDQG
LPSOHPHQWDWLRQRI WKHSURFHGXUHVDQGFRQWUDFWV RQ$SUDW*XQXQJ
SURFHGXUHVVKDOO 0DV(VWDWH%XNLW3DORK(VWDWH
EHLQSODFH <RQJ3HQJ(VWDWH

1RWDQLVVXHDWWKLV308&+

 &RQWUDFWRU¶VGULYHUVZHUHQRW 'ULYHUIRUWDQNHUVDQGNHUQHOORUULHV 1RWDQLVVXHDWWKLV308&+
DEOHWRSUHVHQWGULYLQJOLFHQVH KDYHGULYLQJOLFHQVH*'/OLFHQVH
DQGDOORWKHUUHOHYDQWOLFHQVH
2QJRLQJPRQLWRULQJGRQHRQ
FRQWUDFWRUV¶GULYHUV

 9DOLGURDGWD[DQGORUU\ &RQWUDFWRUVKDGDUUDQJHGIRUWKHLU 1RWDQLVVXHDWWKLV308&+

LQVXUDQFH ORUULHVWREHHTXLSSHGZLWKURDGWD[
DQGRUORUU\LQVXUDQFH
)RUPLOO¶VWUDQVSRUWHUVWKHORUULHV
KDYHERWKURDGWD[DQGORUU\
LQVXUDQFHDVWKH\DUHXVLQJWKH
SXEOLFURDGV

 &RQWUDFWRU¶VGULYHUVGLGQRW 5HIHUWR1&$/UDLVHGGXULQJ 1&$/UDLVHGGXULQJDXGLW

KDGZRUNDJUHHPHQW DXGLW DQGYHULILHGWKDWFRUUHFWLYH
DFWLRQVWDNHQKDGVDWLVIDFWRULO\
DGGUHVVHGWKHILQGLQJ


 &RQWUDFWRU¶VGULYHUVDUHQRW 5HIHUWR1&$/UDLVHGGXULQJ 1&$/UDLVHGGXULQJDXGLW

SDLGFRQVLVWHQWO\ DXGLW DQGYHULILHGWKDWFRUUHFWLYH
DFWLRQVWDNHQKDGVDWLVIDFWRULO\
DGGUHVVHGWKHILQGLQJ

   %XIIHU]RQHIRUVWUHDPZDV 308HVWDWHVLGHQWLILHGDOOVWUHDPV 1RWDQLVVXHDWWKLV308&+
3URWHFWLRQRI PDUNHGDWRQHVLGHDQGWKH DQGULYHUVFURVVLQJRUERUGHUZLWK
ZDWHUFRXUVHV XQPDUNHGVLGHZDVWUHDWHG WKHLUUHVSHFWLYHHVWDWHDQGPDUNLWLQ
 ZLWKFKHPLFDOV WKHPDSV
  &OHDUPDUNLQJVRQWKHSDOPRU
  &LUFOHVSUD\LQJDWEXIIHU]RQH SHJJLQJVRIWKHVDPHFRORXUWREH 1RWDQLVVXHDWWKLV308&+
  HUHFWHGDORQJWKHEXIIHU]RQHQRWMXVW
  RQWKHPDLQURDGHVSHFLDOO\IDGHG
  DQGXQPDUNHGDUHDV
  2QMREWUDLQLQJIRUH[HFXWLYHDQGVWDII
  RQEXIIHU]RQHPDQDJHPHQWDQG
  PDQXULQJVSUD\LQJZRUNHUVDWULYHU
  EXIIHU]RQHGRQH
  6SUD\HGEXIIHU]RQHDUHWREHOHIW
  XQWRXFKHGWROHWWKHVRIWJUDVVHV
  YHJHWDWLRQJURZ
  3LFWRULDOVLJQDJHVWREHSODFHG
 VWUDWHJLFDOO\DORQJWKHEXIIHU]RQHWR
 SURKLELWDQ\LOOHJDODQGXQDXWKRUL]HG
 DFWLYLW\

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



,WHP ,VVXHVDV5DLVHGE\$6,DW )LQGLQJVDW3086'3*XQXQJ0DV ,QWHUWHN9HULILFDWLRQ2XWFRPH

1R 5HTXLUHPHQWV
1R RQHRI,QWHUWHN¶V&+ 628DJDLQVW$6,)LQGLQJV DQG6WDWXVRI)LQGLQJ
  6SUD\HUVZHUHVSUD\LQJ *XLGHOLQHRQGUDLQVDQGGUDLQDJH 1RWDQLVVXHDWWKLV308&+
 FKHPLFDOVFORVHO\WRGUDLQDJH PDLQWHQDQFHWREHDGKHUHG
 V\VWHPZLWKUXQQLQJZDWHU 1RVSUD\LQJDWWKHVORSHRIWKH
 GUDLQV





   6SUD\HUVZRUHWURXVHUVRYHU 5HIHUWR1&$/UDLVHGGXULQJ 1&$/UDLVHGGXULQJDXGLW
$SSOLFDWLRQRI WKHUXEEHUERRWV±LIWKH DXGLW DQGYHULILHGWKDWFRUUHFWLYH
SHVWLFLGHV SDQWVJHWFRQWDPLQDWHG DFWLRQVWDNHQKDGVDWLVIDFWRULO\
ZRUNHUVOHJVPLJKWJHW DGGUHVVHGWKHILQGLQJ
H[SRVHGWRFKHPLFDOV 
 $SURQIRUVSUD\HUVZDVWRR 5HIHUWR1&$/UDLVHGGXULQJ 1&$/UDLVHGGXULQJDXGLW
VKRUWDQGXQFRYHUHGDUHD DXGLW DQGYHULILHGWKDWFRUUHFWLYH
EHWZHHQUXEEHUERRWVDQG DFWLRQVWDNHQKDGVDWLVIDFWRULO\
DSURQFRXOGJHWH[SRVHG DGGUHVVHGWKHILQGLQJ

 &KDQJLQJDQGZDVKLQJURRP $GHTXDWHFKDQJLQJDQGZDVKLQJ 1RWDQLVVXHDWWKLV308&+
QRWVXLWDEOHIRUJURXSRI URRPVDUHDYDLODEOH
SHRSOH 
 6RDSVQRWDYDLODEOHDW 6RDSVSURYLGHGLQWKHZDVKLQJURRP 1RWDQLVVXHDWWKLV308&+
ZDVKLQJURRP

 (PHUJHQF\VKRZHUQHHGV (PHUJHQF\VKRZHUVDUHFKHFNHG 1RWDQLVVXHDWWKLV308&+

ZDWHUSXPSVWREHVZLWFKHG
RQWREHIXQFWLRQDODQG
KDQGOHVIRUH\HZDVKDUHQRW
SUDFWLFDO
 3UHPL[LQJDUHGRQHLQWKH
ILHOG
   0DQXULQJJDQJKDYHQRW
$QQXDOPHGLFDO EHHQVHQWWRWKHDQQXDO
VXUYHLOODQFHIRU PHGLFDOVXUYHLOODQFH
SHVWLFLGH  1HZO\DSSRLQWHGVSUD\LQJ
RSHUDWRUV JDQJGRQRWXQGHUJRLQLWLDO
PHGLFDOVXUYHLOODQFH±WR
GHWHUPLQHDUHWKH\ILWIRUWKH
DQGHQVXUHGWREHIXQFWLRQLQJ
SURSHUO\
$OOSUHPL[VHVVLRQZLOOGRQHLQWKH 1RWDQLVVXHDWWKLV308&+
SUHPL[DUHD
0RQLWRULQJRQPRQWKO\KHDOWKFKHFNV 1RWDQLVVXHDWWKLV308&+
RQ0DQXUHUVDUHGRQH
,QLWLDOPHGLFDOVXUYHLOODQFHPDWWHUV 1RWDQLVVXHDWWKLV308&+
DUHQRWOLVWHGLQDQ\UHJXODWLRQVLQ
26+$7KLVLVDOUHDG\EHLQJ
FRYHUHGZKHQWKHZRUNHUVJRIRUSUH
VSUD\LQJDFWLYLW\ HPSOR\PHQWFKHFNXS)20(0$WR
HQVXUHWKH\DUHILWWRZRUNEHIRUH
WKH\VWDUWZRUNLQJ
   6SUD\LQJJDQJDQGPDQXULQJ 6HSDUDWHWUDLOHUVWUDQVSRUWDWLRQ 1RWDQLVVXHDWWKLV308&+
+HDOWKDQGVDIHW\ JDQJWUDQVSRUWHGWRWKHILHOG YHKLFOHVDUHXVHGDWWKLV308
SROLF\SODQ LQWKHWUDLOHUWRJHWKHUZLWK
LPSOHPHQWDWLRQ FKHPLFDOVIHUWLOL]HUV
DQGPRQLWRULQJ  7UDQVSRUWDWLRQWUDLOHUVQRW 0DLQWHQDQFHLVUHJXODUO\FKHFNHG 1RWDQLVVXHDWWKLV308&+
HTXLSSHGZLWKODGGHUV
UHTXLULQJZRUNHUVWRMXPSRXW
RIWUDLOHU
 $IWHUVFKRROFKLOGUHQ 6FKRROFKLOGUHQDUHWUDQVSRUWHGE\ 1RWDQLVVXHDWWKLV308&+
WUDQVSRUWHGLQWKHSLFNXS SURSHUVFKRROEXVHV
WUXFNFDUJRER[

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



,WHP ,VVXHVDV5DLVHGE\$6,DW )LQGLQJVDW3086'3*XQXQJ0DV ,QWHUWHN9HULILFDWLRQ2XWFRPH

1R 5HTXLUHPHQWV
1R RQHRI,QWHUWHN¶V&+ 628DJDLQVW$6,)LQGLQJV DQG6WDWXVRI)LQGLQJ
   +,5$&IRU308*URXSLQJ 5HYLHZRI26+0DQXDOGRQHQR 1RWDQLVVXHDWWKLV308&+
+HDOWKDQGVDIHW\ GRHVQ¶WFRYHURQ VLJQLILFDQWFKDQJHVQHHGHG
ULVNDVVHVVPHQW  (\HLQMXU\IURPIDOOLQJ
GHEULVGXVW
 2SHUDWLRQVLQYROYLQJ
EXIIDORV
 )HHWOHJLQMXULHVIRU
PDQXDOORDGLQJ
 (UJRQRPLFPXVFOH
WUDXPDWLVPIRUPDQXDO
ORDGLQJRSHUDWLRQV
   (\HSURWHFWLRQIRUKDUYHVWHUV 5HYLHZRI26+0DQXDOGRQHQR 1RWDQLVVXHDWWKLV308&+
8VHRI33(V DUHQRWLPSOHPHQWHGLQWKH VLJQLILFDQWFKDQJHVQHHGHG
ILHOGDOVRQRWUHIOHFWHGLQ
+,5$&
 6DIHW\VKRHVDUHQRWXVHGE\ 0RQLWRULQJDQGHQIRUFHPHQWLV 1RWDQLVVXHDWWKLV308&+
ORRVHIUXLWFROOHFWRUV/)& PDLQWDLQHG
))%ORDGHUVWUDFWRUGULYHU
DQG/)&DWORDGLQJUDPS
 33(0RQLWRULQJUHFRUGVZDV 0RQLWRULQJDQGHQIRUFHPHQWLV 1RWDQLVVXHDWWKLV308&+
QRWDYDLODEOHIRURSHUDWRUV PDLQWDLQHG
 26+ULVNDVVHVVPHQWDQG 5HIHUHQFHVIRU33(DUHIURPWKH 1RWDQLVVXHDWWKLV308&+
623GHILQHVGLIIHUHQWNLQGRI 26+0DQXDOKDVFRYHUHGVSHFLILF
33(VWREHXVHGIRUGLIIHUHQW 33(WREHXVHGIRUDSDUWLFXODUW\SH
NLQGRIRSHUDWLRQV+RZHYHU RIZRUN
SDUWLFXODUUHIHUHQFHVDUHYHU\
JHQHUDO
   (VWDWHVWDWLRQDU\ILUVWDLGNLWV $OOILUVWDLGNLWVDUHHDVLO\DFFHVVLEOH 1RWDQLVVXHDWWKLV308&+
$FFLGHQW ORFNHG DWDQ\WLPHGXULQJZRUNLQJKRXUV
HPHUJHQF\  0HGLFDWLRQWUDQVIHUUHGWR ,WHPVDVOLVWHGLQ26+0DQXDO 1RWDQLVVXHDWWKLV308&+
SURFHGXUHVILUVW VPDOOHUFRQWDLQHUVKDVWKH FKHFNOLVWDUHLQFOXGHGLQWKHILUVWDLG
DLGNLW VDPHH[SLU\GDWHRIWKH NLWDQGPHGLFDWLRQVDUHFRPSOHWHDQG
RULJLQDOFRQWDLQHUV ZLWKLQYDOLGLW\RIXVH
 &KHPLFDO¶V06'6(QJOLVK 06'6LQ0DOD\LVSURYLGHGDQG 1RWDQLVVXHDWWKLV308&+
RQO\ EULHILQJGRQHIRUDOOKDQGOHUV

   6WUHDPFRQWDPLQDWLRQZLWKRLO 0DLQWHQDQFHLVGRQHFRQWLQXRXVO\IRU 1RWDQLVVXHDWWKLV308&+
(QYLURQPHQWDO SURGXFWVZHUHREVHUYHGDIWHU WKHRLOWUDSVFKDPEHUV
LPSDFW RLOWUDSLQWKHGUDLQDJH 'ULSWUD\VDQGVSLOONLWDUHXWLOL]HGLQ
DVVHVVPHQW V\VWHPDWZRUNVKRS WKHZRUNVKRSDUHDWRPLQLPL]HRLO
PLWLJDWLRQSODQV VSLOOVFRQWDPLQDWLQJWKHIORRUV
DQGPRQLWRULQJ
  3HWUROGLHVHOVWRUDJH 6WRSYDOYHVDUHFORVHGDWDOOWLPHV 1RWDQLVVXHDWWKLV308&+
 ([LWSLSHIURPEXQGGRHVQ¶W %XQGFDSDFLW\SDLQWHGIRUDOOGLHVHO
KDYHKDQGOHRUWKHKDQGOH VNLGWDQNEXQG
KDVEHHQFRUURGHGDQGWKH 0RQLWRULQJLVGRQH
VWRSYDOYHZDVLQRSHQ
SRVLWLRQ
 'LHVHOWDQNEXQGKDGD
KROHLQWKHZDOO
 %XQGFDSDFLW\VKRXOGEH
LQGLFDWHGDWWKHEXQG¶VZDOO
 :DUHKRXVH $OOIHUWLOL]HUVWRUHVDUHZLWKFHPHQW 1RWDQLVVXHDWWKLV308&+
3RVVLEOHJURXQG IORRULQJDQGSDOOHWL]HG
FRQWDPLQDWLRQZLWKIHUWLOL]HUV
ZDVREVHUYHGLQWKHROG
ZDUHKRXVHZKHUHIHUWLOL]HU
EDJVZHUHVWRUHGRQ
V\QWKHWLFPDWHULDOIORRULQJ
ZLWKKROHV

56325HSRUW0D\
 

,17(57(.&(57,),&$7,21,17(51$7,21$/6'1%+'
:

5HSRUW1R56LPH'DUE\3ODQWDWLRQ6GQ%KG628*XQXQJ0DV*URXSLQJ 3DJHRI
9HULILFDWLRQFXP6XUYHLOODQFH$VVHVVPHQW$6$ 



,WHP ,VVXHVDV5DLVHGE\$6,DW )LQGLQJVDW3086'3*XQXQJ0DV ,QWHUWHN9HULILFDWLRQ2XWFRPH

1R 5HTXLUHPHQWV
1R RQHRI,QWHUWHN¶V&+ 628DJDLQVW$6,)LQGLQJV DQG6WDWXVRI)LQGLQJ
 'UDLQDJHWREHLPSURYHG ,QVSHFWLRQRIGUDLQDJHGRQHZHHNO\ 1RWDQLVVXHDWWKLV308&+
 GUDLQDJHROGVWDJQDQWDQG DQGUHFRUGHGLQWKHLQVSHFWLRQ
QHHGPDLQWHQDQFHDW FKHFNOLVWDQGUHFRUGV
ZRUNVKRSVWRUHV 
OLQHVLWHV FDQWHHQ
 0RQLWRULQJEXIIHU]RQH 0RQLWRULQJFKHFNVKDYHFRYHUHGWKH 1RWDQLVVXHDWWKLV308&+
3DWUROOLQJUHFRUGVGRHVQ¶W IROORZLQJ
LQFOXGHFRQGLWLRQRIEXIIHU 5LYHUEDQNVRIWYHJHWDWLRQ
]RQHVDQGXVHRISHVWLFLGH 1RODQGVOLGHVSUD\LQJRUH[SRVHG
ZLWKLQEXIIHU]RQHKDVQRW JURXQGQHDURQWKHEXIIHU]RQH
EHHQUHFRUGHG 0DUNLQJVDQGVLJQDJHDUHDYDLODEOH
   )RUHVWEXIIHU]RQHZDV 5HIHUWR1&6+UDLVHGGXULQJ 1&6+UDLVHGGXULQJDXGLW
+&9,GHQWLILFDWLRQ WUHDWHGZLWKFKHPLFDOV DXGLW DQGYHULILHGWKDWFRUUHFWLYH
DQGPDLQWHQDQFH DFWLRQVWDNHQKDGVDWLVIDFWRULO\
 DGGUHVVHGWKHILQGLQJ

  ,QDSSURSULDWHZDVWH 5HIHUWR1&6+UDLVHGGXULQJ 1&6+UDLVHGGXULQJDXGLW
:DVWH  PDQDJHPHQWKDYHEHHQ DXGLW DQGYHULILHGWKDWFRUUHFWLYH
PDQDJHPHQW REVHUYHG DFWLRQVWDNHQKDGVDWLVIDFWRULO\
 :KHHOEDUURZVXVHG DGGUHVVHGWKHILQGLQJ
WLUHVDLUILOWHUJDUEDJH  
HPSW\IHUWLOL]HUEDJV
IRXQGEHKLQGZRUNVKRS
DQGIHUWLOL]HUVWRUH
 'RPHVWLFZDVWHDURXQG
ORDGLQJUDPS
 2OGZKHHOEDUURZVLQWKH
ILHOG
 2UJDQLFZDVWHFROOHFWHG
LQIHUWLOL]HUEDJVDQG
GXPSHGLQWRODQGILOO
5HF\FODEOHROGSODVWLF
ERWWOHVIRXQGLQODQGILOO
   7RFKDQJHVDODU\FKHTXHWR 7KLVPDWWHUGRHVQRWDULVHDWWKLV 1RWDQLVVXHDWWKLV308&+
6RFLDO,PSDFW FDVKZRUNHUVKDYHWRSD\ 3081RDFWLRQUHTXLUHG
$VVHVVPHQWDQG SHUFKHTXHQR
PDQDJHPHQW FRPPLVVLRQGHGXFWHGLI
EX\LQJJRRGV7KLVSDUWLFXODU
LVVXHVKRXOGEHLGHQWLILHGDQG
DGGUHVVHGGXULQJWKHVRFLDO
LPSDFWDVVHVVPHQW
    :RUNHUVQRWDFKLHYLQJ 5HIHUWR1&-0'UDLVHGGXULQJ 1&-0'UDLVHGGXULQJDXGLW
3D\DQG PLQLPXPZDJH WKHDXGLW DQGYHULILHGWKDWFRUUHFWLYH
FRQGLWLRQVIRU  :RUNLQJKRXUVQRWEHLQJ DFWLRQVWDNHQKDGVDWLVIDFWRULO\
HPSOR\PHQW PRQLWRUHG DGGUHVVHGWKHILQGLQJ
 'DWHRIFRQWUDFW 
DJUHHPHQWQRWVWDWHGDQG
GHGXFWLRQVKDYHQRWEHHQ
FRQVLVWHQWO\WLFNPDUNHG
 :RUNHUVXQDEOHWR
FRPPXQLFDWHHLWKHULQ
%DKDVD0HOD\XRU(QJOLVK




(QGRIUHSRUW

56325HSRUW0D\