2XWZDUG%RXQG
(SLVRGH,RIWKH/RRNLQJ,Q7ULORJ\
$2QH5RXQGLIVING FORCE7RXUQDPHQW


E\/HH3LFNOHUDQG0RUULH0XOOLQV
(GLWHGE\-DH:DONHU



5HQQD²RI5HQQD¶V7UDQVSRUW6HUYLFHV²LVLQQHHGRIVRPHKHOS2QHRIKHUIUHLJKWHUVKDVGLVDSSHD UHG
FDUU\LQJ D YDOXDEOH FDUJR 6KH VXVSHFWV WKH QRWRULRXV SLUDWH JDQJ NQRZQ DV WKH %URWKHUKRRG PD\ EH
LQYROYHG$/,9,1*)25&(VFHQDULRIRU+HURHVOHYHOVWR,WLVVWURQJO\UHFRPPHQGHGWKDWWKLVVFHQDULR
EHSOD\HGEHIRUH³7KH$LU8S7KDHUH´DQG³0HPRULHV´(SLVRGHVDQGRIWKH³/RRNLQJ,Q´WULORJ\1RWH
,I \RX KDYH QRW SOD\HG ³3KLORORJ\´ WKLUGRIWKH ³%HORZWKH %HOW´WULORJ\WKLVVFHQDULRFRQWDLQVVLJQLILFDQW
VSRLOHUV











‹/XFDV )LOP /LPLWHGDQG70$//5,*+765(6(59('53*$LVDUHJLVWHUHGWUDGHPDUNRI:L]DUGVRI
WKH &RDVW ,QF 8VHG XQGHU DXWKRUL]DWLRQ 7KLV VFHQDULR LV LQWHQGHG IRU WRXUQDPHQW XVH RQO\ DQG PD\ QRW EH
UHSURGXFHGZLWKRXWDSSURYDORIWKH53*$1HWZRUN
2XWZDUG %RXQG LV D VWDQGDUG 53*$ 1HWZRUN
WRXUQDPHQW $ IRXUKRXU WLPH EORFN KDV EHHQ VHW DVLGH
IRUWKLVHYHQWEXWWKHDFWXDOSOD\LQJWLPH ZLOOEHDERXW
WKUHHDQGDKDOIKRXUV
,WLVDJRRGLGHDWRDVNHDFKSOD\HUWRSXWDQDPHWDJLQ
IURQW RI KLP RU KHU 7KH WDJ VKRXOG KDYH WKH SOD\HU¶V
QDPH DW WKH ERWWRP DQG WKH KHUR¶V QDPH VSHFLHV DQG
JHQGHU DW WKH WRS 7KLV PDNHV LW HDVLHU IRU SOD\HUV WR
NHHSWUDFNRIZKRLVSOD\LQJZKLFKFKDUDFWHU
  FUHGLWV WR GHWHUPLQH WKH DPRXQW \RX PDGH WKDW
6FRULQJ WKH JDPH IRU 53*$ SRLQWV 7KH 53*$ KDV
WKUHHZD\VWRVFRUHWKLVJDPH&RQVXOW\RXUFRQYHQWLRQ
FRRUGLQDWRUWRGHWHUPLQHZKLFKPHWKRGWRXVH
HPSOR\HGWKH\UHFHLYHWKHLUSD\1RPDWWHUKRZPXFK
WLPH KDV SDVVHG VLQFH WKH SUHYLRXV URXQG WKH\ UHFHLYH
SD\IRURQHZHHN&KDUDFWHUVZKRDUHQRWHPSOR\HGEXW
ZKR KDYH (QWHUWDLQ *DPEOH RU 3URIHVVLRQ VNLOOV PD\
UROO DJDLQVW WKRVH VNLOOV WR VHH KRZ PXFK WKH\ KDYH
HDUQHGLQWKHODVWZHHN5DWKHUWKDQXVLQJWKHPHWKRGLQ
WKHFRUHUXOHVIRU(QWHUWDLQRU*DPEOHKRZHYHUXVHWKH
PHWKRG GHVFULEHG IRU WKH 3URIHVVLRQ VNLOO RQ SDJH 
WKDW LV UROO WKH FKHFN DQG WKHQ PXOWLSO\ WKH UHVXOW E\
ZHHN1RWHWKDW KHURHV PD\ XVHRQO\RQHRIWKHDERYH
PHWKRGV HDFK URXQG DQG PXVW FKRRVH ZKLFK EHIRUH
UROOLQJ (PSOR\PHQW (QWHUWDLQ *DPEOH RU
 1RYRWHVFRULQJ7KHSOD\HUVZULWHWKHLUQDPHVDQG
QXPEHUVRQWKHVFRULQJSDFNHWJULG\RXILOOLQWKH
WRS RI WKH JULG 7KDW LV DOO 1R RQH LV UDWHG 7KLV
PHWKRGLVXVHGIRUSHRSOHZKRDUHMXVWSOD\LQJIRU
IXQ
 3DUWLDO VFRULQJ 7KH SOD\HUV UDWH WKH JDPH PDVWHU
DQG WKH VFHQDULR RQ WKHLU SOD\HUYRWLQJ VKHHW EXW
GRQ¶WYRWHIRURWKHUSOD\HUV7KHJDPHPDVWHUUDWHV
WKH VFHQDULR DQG FRPSOHWHV SHUVRQDO DQG HYHQW
LQIRUPDWLRQEXWGRHVQRWUDWHWKHSOD\HUVDVDWHDP
RU YRWH IRU SOD\HUV  7KLV PHWKRG LV XVHG ZKHQ
WKHUH LV QR FRPSHWLWLRQ EXW WKH FRQYHQWLRQ
FRRUGLQDWRUZDQWVLQIRUPDWLRQDVWRKRZWKHJDPH
PDVWHUV DUH SHUIRUPLQJ RU WKH JDPH PDVWHU ZDQWV
IHHGEDFNRQKLVRUKHURZQSHUIRUPDQFH
 9RWLQJ 3OD\HUV DQG JDPH PDVWHUV FRPSOHWH WKH
HQWLUH SDFNHW LQFOXGLQJ YRWLQJ IRU EHVW SOD\HU ,I
WKLV PHWKRG LV XVHG EH VXUH WR DOORZ DERXW 
PLQXWHV IRU WKH SOD\HUV WR EULHIO\ GHVFULEH WKHLU
FKDUDFWHUV WR WKH RWKHU SOD\HUV DQG DERXW 
PLQXWHV IRU YRWLQJ 7KLV PHWKRG LV XVHG ZKHQ WKH
SOD\HUVZDQWWRNQRZZKRSOD\HGWKHEHVWDPRQJVW
3URIHVVLRQ3HUWKHUXOHV\RXPD\WDNHRQ(QWHUWDLQ
RU 3URIHVVLRQ FKHFNV EXW QRW RQ *DPEOH 7KHUH LV QR
SD\IRUXQVNLOOHGODERULQWKHLIVING FORCEFDPSDLJQ

,VVXLQJ)RUFHDQG'DUN6LGH3RLQWV
,VVXLQJ )RUFH 3RLQWV :KHQ KHURHV SHUIRUP
FLQHPDWLFDOO\ KHURLFDFWLRQV GRQ¶WIRUJHWWKDW \RX PD\
LVVXHD)RUFHSRLQWIRUVXFKDFWLYLWLHV%HFDXVHWKLVLVD
KHURLF FDPSDLJQ ZH H[SHFW KHURLVP  DQG HQFRXUDJH
MXGJHVWRUHZDUGLW,QWKHFRXUVHRIDVWDQGDUGLIVING
FORCEHYHQWWKHUHDUHPDQ\RSSRUWXQLWLHVIRUKHURLVP
,I D LIVING FORCE KHUR SHUIRUPV LQ D ZD\ WKDW LV
KHURLF GUDPDWLF DQG FLQHPDWLF WKHQ D )RUFH 3RLQW LV
GHILQLWHO\LQRUGHU2XUIDYRULWHVWRU\LQYROYHGWKHKHUR
DW WKH SUHPLHUH ZKR OHDSW IURP D PRYLQJ VSHHGHU
JUDEEHG D YLQH DQG VZXQJ RQ WKDW YLQH WR DWWDFN
VRPHRQH LQ DQRWKHU PRYLQJ VSHHGHU 7+$7 LV
GUDPDWLFFLQHPDWLFKHURLVP
1RW HYHU\WKLQJ ZLOO EH WKDW H[WUHPH DQG \RX GRQ¶W
KDYH WR MXPS IURP D PRYLQJ VSHHGHU WR HDUQ D )RUFH
3RLQWEXWLIDKHURGRHVVRPHWKLQJWKDWPDNHV\RXWKH
MXGJHVD\µ:RZ¶WKHQWKH\VKRXOGSUREDEO\JHWD)3
WKHP RU ZKHQ WKH DGYHQWXUH LV UXQ LQ WRXUQDPHQW  7KHFRUHUXOHVSJGHILQH³'UDPDWLF+HURLVP´
IRUPDW ZLWK ZLQQHUV DQG SUL]HV 0XOWLURXQG DVIROORZV
DGYHQWXUHV XVXDOO\ UHTXLUH DGYDQFLQJ D VPDOOHU  7RTXDOLI\DVDQDFWRIGUDPDWLFKHURLVPDQDFWLRQ
QXPEHU RI SOD\HUV WKDQ SOD\HG WKH ILUVW URXQG VR PXVWIXOILOOWKUHHFULWHULD
YRWLQJLVUHTXLUHGIRUPXOWLURXQGDGYHQWXUHV N ,W PXVW DFFRPSOLVK D VLJQLILFDQW WDVN LQ WKH
 GHIHQVHRIJRRGRUWKHGHIHDWRIHYLO
:KHQ XVLQJ 9RWLQJ UDQN WKH SOD\HUV LQ RUGHU RI N ,W PXVW RFFXU DW D GUDPDWLFDOO\ DSSURSULDWH WLPH
\RXU YRWLQJ FKRLFH ZKLOH WKH\ DUH FRPSOHWLQJ WKHLU
IRUPVVRWKDW\RXDUHQRWLQIOXHQFHGE\WKHLUFRPPHQWV
RQ\RXUDELOLWLHV
$QRWHDERXWWKHWH[W6RPHRIWKHWH[WLQWKHPRGXOH
LV ZULWWHQ VR WKDW \RX PD\ SUHVHQW LW DV ZULWWHQ WR WKH
SOD\HUVZKLOHRWKHUWH[WLVIRU\RXUH\HVRQO\7H[WIRU
WKH SOD\HUV ZLOO EH LQ EROG LWDOLFV ,W LV VWURQJO\
UHFRPPHQGHG WKDW \RX SDUDSKUDVH WKH SOD\HU WH[W
LQVWHDG RI UHDGLQJ LW DORXG DV VRPH RI WKH WH[W LV
JHQHUDODQGPXVWEHDGDSWHGWRWKHVSHFLILFVLWXDWLRQRU
WRDFWLRQVRIWKHKHURHV
 UHVXOWLQJUHDWVXIIHULQJ$QDFWRIUHYHQJHPD\VDYHWKH
+HUR(DUQLQJV
$W WKH EHJLQQLQJ RI WKH URXQG LI WKH KHURHV DUH

2XWZDUG%RXQG
XVXDOO\WKHFOLPD[RIWKHDGYHQWXUHDQG
N ,W VKRXOG UHTXLUH VLJQLILFDQW ULVN RQ WKH SDUW RI
WKHKHUR
 
,VVXLQJ 'DUN 6LGH 3RLQWV 8QIRUWXQDWHO\ LW LV
LPSRVVLEOH WR SURGXFH DQ H[KDXVWLYH OLVW RI DOO WKH
SRVVLEOH ZD\V SHRSOH FDQ JHW 'DUN 6LGH SRLQWV 7KHUH
DUHMXVWWRRPDQ\ZD\VWKDWWKHEHJLQQLQJVRI³HYLO´FDQ
PDQLIHVWWKHPVHOYHV
7R TXRWH WKH 'DUN 6LGH ERRN ³(YLO LV QRW DOZD\V
HDV\ WR UHFRJQL]H $Q LQQRFHQW DFW PD\ XOWLPDWHO\
OLYHV RI PLOOLRQV RI SHRSOH 7KH SXUH DW KHDUW FDQ ODVK
RXW LQ DQJHU (YLO PD\ OXUN EHQHDWK D PDVN RI YLUWXH
 3DJH
:KHWKHU DQ DFW LV HYLO RU QRW RIWHQ ERLOV GRZQ WR D RI*HRQRVLV6LQFHWKHQWKH5HSXEOLFKDVFRQWLQXHGWR
TXHVWLRQ RI PRWLYDWLRQ DQG PRWLYDWLRQ FDQ EH KDUG WR EXLOGLWVPLOLWDU\IRUFHVDQGGHSOR\WKHPLQUHVSRQVHWR
LGHQWLI\ 6HSDUDWLVWLQFXUVLRQV
 ³:KHQ D *DPHPDVWHU *0 LV LQ GRXEW DERXW
ZKHWKHUWRDZDUGD'DUN6LGH3RLQWWRDFKDUDFWHUKHRU
VKH VKRXOG FRQVLGHU WKH FKDUDFWHU¶V PRWLYHV 'LG WKH
FKDUDFWHU DFW RXW RI DQJHU" +DWUHG" &UXHOW\"
9HQJHDQFH" 3ULGH" 'LG WKH FKDUDFWHU FKRRVH DQ RSWLRQ
VLPSO\ EHFDXVH LW ZRXOG DOORZ KHU WR VSLOO DQ HQHP\¶V
EORRG":DVJUHHGRUHQY\LQYROYHG"-HDORXV\"´*UHDW
VHFWLRQ EHJLQQLQJ RQ SDJH  ZKLFK LOOXVWUDWHV WKH
 7KHV\VWHPRI&XODULQ KDVUHDSSHDUHGDIWHUDOPRVW
 \HDUV RI EHLQJ ³PLVVLQJ´ $FWLYLW\ LQ WKH V\VWHP²
ERWK OHJDO DQG RWKHUZLVH²KDV LQFUHDVHG GUDPDWLFDOO\
$ ODUJH QXPEHU RI 7KDHUHLDQ IRUFHV KDYH HQWHUHG WKH
V\VWHPDQGEROVWHUHGWKHFXUUHQWGHSOR\PHQWWR³HQVXUH
WKHVDIHW\RIWKHV\VWHP´$VPDOOGHOHJDWLRQRI-HGLKDV
EHHQ VHQW IURP &RUXVFDQW WR KHOS WKH $OPDV $FDGHP\
LQYHVWLJDWH ZKDW KDSSHQHG²DQG EULQJ WKHP XS WR GDWH
SUREOHP IDLUO\ SUHFLVHO\ 7KH *0 PXVW DVVHVV WKH
PRWLYDWLRQV RI WKH FKDUDFWHU DQG LI WKRVH PRWLYDWLRQV
GHULYH IURP WKH EDVH HPRWLRQV WKDW DUH WKH SDWK WR WKH
GDUNVLGHWKHQD'63LVDSSURSULDWH
 :RRNLHHV 5DJH DQG 'DUN 6LGH 3RLQWV 3HU WKH
VLGHEDU RQ SDJH  RI WKH 6WDU :DUV 5ROHSOD\LQJ
*DPH 5HYLVHG &RUH 5XOH %RRN :RRNLHH )RUFH XVHUV
GRQRWJDLQ'DUN6LGH3RLQWVIRUIROORZLQJWKHLUQDWXUDO
WHQGHQFLHV DQG XVLQJ WKH :RRNLHH UDJH VSHFLHV DELOLW\
7KH\ GR UHFHLYH D 'DUN 6LGH 3RLQW KRZHYHU LI WKH\
LQFRUSRUDWH:RRNLHHUDJHZLWKDQ\RIWKHLU)RUFHVNLOOV
 ,Q DGGLWLRQ ZKLOH LQ D :RRNLHH UDJH D :RRNLHH
)RUFHXVHUFDQ¶WFDOOXSRQWKH)RUFHH[FHSWIRUFDOOLQJ
RQWKHVWDWHRIWKH*DOD[\
 7UDGH LV ERRPLQJ $OPRVW WHQ \HDUV RI DEVHQFH
IURPWKHFLYLOL]HGJDOD[\KDVOHIWHQRUPRXVGHPDQGIRU
FXUUHQW IDVKLRQV PHUFKDQGLVH HTXLSPHQW DQG VXFK
&XODULQ¶V H[SRUWV KDYH QRW EHHQ DYDLODEOH IRU MXVW DV
ORQJ DQG WKH FRQVXPLQJ JDOD[\ KDV UHGLVFRYHUHG
&XODULQ¶VXQLTXHSURGXFWV
 1RW VXUSULVLQJO\ WKH FLWL]HQV RI &XODULQ DUH
GHYRXULQJ DOO LQIRUPDWLRQ WKH\ FDQ JHW RQ HYHQWV WKDW
RFFXUUHGZKLOHWKH\ZHUH³RXW´DQGWKHYRODWLOHSROLWLFDO
VWDWH RI WKH 5HSXEOLF 7KH KRORQHWV QHZVQHWV DQG
FDQWLQDV DUH EX]]LQJ ZLWK VSHFXODWLRQ RQ ZKDW PD\
FRPH
XSRQ WKH 'DUN 6LGH ZKHQ XVLQJ D )RUFH SRLQW $OO
RWKHU XVHV RI WKH )RUFH UHTXLUH PRUH FDOP DQG SHDFH
WKDQ WKH :RRNLHH FDQ PDQDJH ZKLOH LQ WKH QDWXUDO
IUHQ]\

*HQHUDO1RWHVWRWKH*0
:KHQ UXQQLQJ WKLV DGYHQWXUH RU DQ\ 6WDU :DUV
DGYHQWXUH NHHS LQ PLQG WKH 6WDU :DUV DGYHQWXUHV
VKRXOG VHHP OLNH WKH 6WDU :DUV PRYLHV 7KH DFWLRQ
VKRXOG IORZ TXLFNO\ DQG WKH SOD\HUV VKRXOG QRW JHW
FDXJKW XS LQ WRR PDQ\ GHWDLOV RI ZKDW WKH\ DUH GRLQJ
'HVFULEH WKLQJV LQ VZHHSLQJ VWDWHPHQWV DQG UHFDOO
VFHQHVIURPWKHPRYLHVZKHQQHFHVVDU\WRKHOSSOD\HUV
YLVXDOL]H ZKDW LV JRLQJ RQ 0RUH WKDQ DQ\WKLQJ HOVH
KDYHIXQ
 7KLVLVDQDGYHQWXUHIRUPLGWRKLJKOHYHOLIVING
FORCE FKDUDFWHUV DQG WKHUHIRUH FKDUDFWHUV OHYHOV 
WKURXJKDUHDSSURSULDWH,IDSOD\HUEULQJVDKLJKHU
OHYHOFKDUDFWHUWR\RXUWDEOHH[SODLQWKDWKHRUVKHPXVW
XVH D ORZHUOHYHO KHUR WR SOD\ LQ WKLV HYHQW² RU RQO\
UHFHLYH KDOI WKH DZDUGHG H[SHULHQFH DW WKH HQG RI WKH
VFHQDULR ,I D SOD\HU EULQJV D ORZHU OHYHO KHUR WR \RXU
WDEOHH[SODLQWKHGDQJHUVLQYROYHGLQGRLQJVR,I\RXU
SOD\HUVGRQRWKDYHKHURHVKHOSWKHPFUHDWHQHZRQHV
VHH \RXU HYHQW FRRUGLQDWRU IRU KHUR FUHDWLRQ
 ,Q WKH PLGVW RI DOO WKLV FKDRV RQ WKH SODQHW RI
&XODULQLQWKHGLUWVLGHFLW\RI*DGULQDPHUFKDQWQHHGV
WKH VHUYLFHV RI D IHZ FRPSHWHQW KHURHV 5HQQD ZHOO
NQRZQ SURSULHWRU RI WUDGH KRXVH 5HQQD¶V 7UDQVSRUW
6HUYLFHILQGVKHUEXVLQHVVERRPLQJ/LWHUDOO\6KHKDV
ORVWD IUHLJKWHUFDUU\LQJDSUHFLRXVFDUJRRIH[SORVLYHV
IURP 1DHVRUFRPP WR D SLUDWH DWWDFN MXVW RXWVLGH RI
&XODULQ V\VWHP +HU FOLHQW LV DQ[LRXVO\ DZDLWLQJ WKLV
GHOLYHU\VRWKH5RGLDQPHUFKDQWFRQWDFWVWKHKHURHVWR
WDNH D UHSODFHPHQW FDUJR WR KHU FOLHQW ORFDWHG RQ
'UXFNHQZHOODQGWRUHFRYHUWKHVWROHQVKLSPHQW
 5HQQDGRHVQRWNQRZWKDWWKH³ORVW´IUHLJKWHU²WKH
)LUVW/LJKW²ZDVQRWDWWDFNHGDQGGHVWUR\HG,WVFUHZLV
LQ OHDJXH ZLWK WKH SLUDWHV D SDUWLFXODUO\ QDVW\ EDQG
NQRZQ DV WKH %URWKHUKRRG 2QFH RXW RI WKH &XODULQ
V\VWHP WKH FUHZ VHQW D GLVWUHVV VLJQDO DQG GXPSHG
VRPH VFUDS PHWDO EHIRUH MXPSLQJ D VKRUW GLVWDQFH WR
MRLQ WKH SLUDWHV $ VXEVHTXHQW LQYHVWLJDWLRQ E\ WKH
7KDHUHLDQ QDY\ FRQFOXGHG WKDW WKH VKLS KDG EHHQ
GHVWUR\HG
 7KH FDUJR RI H[SORVLYHV ZDV TXLFNO\ PRYHG WR
WKHLU QHZ EX\HU 7KDQ 'URH RQ 'UXFNHQZHOO 7KDQ
'URH LV WKH OHDGHU RI D 6HSDUDWLVWDOLJQHG FHOO RQ WKH
&RUSRUDWHFRQWUROOHG SODQHW :KLOH PDQ\ RQ
'UXFNHQZHOO VKDUH KLV DQWL5HSXEOLF YLHZV IHZ GR VR
LQVWUXFWLRQV ZLWK VXFK ORDWKLQJ DQG GHVLUH IRU YLROHQFH 7KDQ SODQV
 WR VPXJJOH WKH H[SORVLYHV GHHS LQWR WKH LQWHULRU RI DQ
 $FFODPDWRUFODVV DVVDXOW VKLS DQG GHWRQDWH WKHP 7KLV
ZRXOG GHVWUR\ WKH PLJKW\ ZDUVKLS DQG FDXVH H[WHQVLYH
*02YHUYLHZ GDPDJHDURXQGLW 5HSXEOLFRSHUDWLRQV ZRXOGFHUWDLQO\
7KH*DOD[\LVDWZDU7KHILUVWEDWWOHRIWKH&ORQH:DUV EHFULSSOHGZLWKVXFKDVXFFHVVIXOVWULNH
ZDVIRXJKWVHYHUDOPRQWKVDJRRQWKH2XWHU5LPSODQHW  7KURXJK DQ LQVLGH VRXUFH DW 5HQQD¶V WKH SLUDWHV


2XWZDUG%RXQG  3DJH
KDYHOHDUQHGRISODQVWRVKLSDQRWKHUKLJKFUHGLWFDUJR /LJKWDQGWKH\ZDQWWKHKHURHV¶FDUJR$ILJKWLVOLNHO\
MXVW OLNH WKH SUHYLRXV RQH $QG VR WKH SLUDWHV DQG WKHLU LQWKUHHGLPHQVLRQV
DOOLHVFRQWLQXHWRVFKHPHDQGIXUWKHUSODQVDUHPDGH« 
 (QFRXQWHU6HDUFKLQJIRUD1HHGOH«
(QFRXQWHU5HQQDDQGDQ2IIHU 7KHKHURHVLQWHUYLHZDFRORUIXO³LQIRFKDQW´DQGLIWKH\
$ KDUULHG 5HQQD FRQWDFWV WKH KHURHV²VKH QHHGV WDNH WKH ULJKW DSSURDFK UROHSOD\LQJ GULQNV DQG
SHUVRQQHO VKH FDQ WUXVW WR GHOLYHU D UHSODFHPHQW FDUJR
DQGORFDWHWKHVWROHQVKLSPHQWLWLVUHSODFLQJ7KH)LUVW
/LJKWERXQGIRU'UXFNHQZHOOFDUULHGDKLJKO\YDOXDEOH
VKLSPHQW RI FRPSRQHQWV XVHG E\ 1DHVRUFRPP LQ WKH
PDQXIDFWXUH RI WKHUPDO GHWRQDWRUV DQG RWKHU H[SORVLYH
GHYLFHV 5HQQD KDV SXW WRJHWKHU D VHFRQG VKLSPHQW
FRQWDLQLQJ PRVW RI WKH SDUWV IURP WKH ILUVW RQH
+RZHYHU VHYHUDO RI WKH FRPSRQHQWV FRXOG QRW EH
REWDLQHGDQGVKHQHHGVWKHRULJLQDOVKLSPHQWUHFRYHUHG
WRJHWWKRVHSDUWV
 
(QFRXQWHU7KDHUHLDQ,QVSHFWLRQ
'XH WR WKH XQSUHGLFWDEOH K\SHUVSDFH VKDGRZV FDVW E\
&XODULQ¶V DVWHURLG EHOW DQG FRPHW FORXG VKLSV PXVW
K\SHUMXPSLQWRWKHV\VWHPDWLWVHGJHDQGWUDYHOLQZDUG
GDWDULHV WKH\ JHW LQIRUPDWLRQ WKDW WKH VKLSPHQW DQG
VKLSDUHDERXWWREHXVHGE\6HSDUDWLVWVWRVWULNHDEORZ
DJDLQVWWKH$UP\RIWKH5HSXEOLF

(QFRXQWHU  7R 6WULNH :KHUH /HDVW
([SHFWHG«
$V DQ H[SORVLYHODGHQ VKXWWOH PDNHV LWV ZD\ WR D
5HSXEOLF ZDUVKLS ZLWK WKH JRDO RI GHVWUR\LQJ LW DQG
DQRWKHU PRUH VLQLVWHU SORW LV LQLWLDWHG WKH KHURHV PXVW
DFW
,PSRUWDQW1RWHVWR-XGJHV 
)LQG RXW EHIRUH \RX EHJLQ LI 5HQQD¶V 7UDQVSRUW
6HUYLFH HPSOR\V DQ\ RI WKH KHURHV ,I DQ\ KDYH SOD\HG
³$ &XODULQ 3UHVHQFH´ WKH ILUVW /,9,1* )25&(
DW VXEOLJKW VSHHG DQG YLFH YHUVD 2Q WKHLU ZD\ WR WKH
MXPS SRLQW WKH KHURHV JHW D ILUVWKDQG ORRN DW WKH
LQFUHDVHGSUHVHQFHRIWKH7KDHUHLDQPLOLWDU\LQ&XODULQ
7KH\DUHVWRSSHGDQGERDUGHGE\DFXVWRPVFRUYHWWHIRU
LQVSHFWLRQ %DUHO\ ZLWKLQ OHJLWLPDF\ WKH 7KDHUHLDQV
WKURZ WKHLU ZHLJKW DURXQG DQG KDUDVV WKH KHURHV ,Q
DGGLWLRQRQHRIWKHVROGLHUVDWWHPSWVWRSODFHDWUDFNLQJ
EHDFRQRQWKHKHURHV¶VKLS
VFHQDULREXWDUHQ¶WHPSOR\HGE\5HQQDILQGRXWKRZ
WKH\LQWHUDFWHGZLWKKHUDQGLIWKH\ZHUHKHOSIXOWRKHU
LQ WKH SDVW <RX QHHG WKLV LQIRUPDWLRQ WR SOD\ 5HQQD
ZKHQWKHKHURHVPHHWKHUWRRSHQWKHVFHQDULR
 7KLVVFHQDULRLVOLNHO\WRUXQORQJ3OHDVHSDFHWKH
DGYHQWXUH DFFRUGLQJO\ ,I WKH SOD\HUV VHHP PRUH
LQWHUHVWHG LQ WKH UROHSOD\LQJ DVSHFW PDNH WKH FRPEDW
FLQHPDWLF DQG TXLFN PRYLQJ  1RWH WKDW WKH FRPEDW LQ
 (QFRXQWHU  VHH PDSV LV GHVLJQHG WR PDNH XVH RI
(QFRXQWHU:HOFRPHWR'UXFNHQZHOO
7KH KHURHV DUULYH DW WKH 0LG 5LP SODQHW RI
'UXFNHQZHOO MXVW LQ WLPH WR HQFRXQWHU 5HSXEOLF
VWDUILJKWHUVSXUVXLQJDIOHHLQJIUHLJKWHU7KHKLJKVSHHG
FKDVH UXQV ULJKW WKURXJK D FRPPHUFLDO IOLJKW FRUULGRU
FDXVLQJ DOO VRUWV RI FKDRV 7KH KHURHV KDYH DQ
RSSRUWXQLW\ WR VKLQH KHUH E\ FKRRVLQJ WR KHOS ZLWK
YDULRXVSUREOHPVFDXVHGE\WKLVFKDVH
 FKDUDFWHUOHYHOVDQG
(QFRXQWHU  -HGL .QLJKWV DQG &ORQH
7URRSHUV
7KH FKDVH HQGHG PRSXS FUHZV GRLQJ WKHLU MREV WKH
KHURHV DUH DVNHG WR ODQG RQ WKH 5HSXEOLF VSDFH VWDWLRQ
WRPDNHDVWDWHPHQW7KH\PHHW-HGL.QLJKW5HQLM-DD
ZKR SURFHHGV WR WDNH WKHLU VWDWHPHQWV 8SRQ ILQLVKLQJ
WKHLULQWHUYLHZWKHKHURHVDUHDOORZHGWRUHWXUQWRWKHLU
RULJLQDO DVVLJQPHQW DQG GHSDUW IRU 'UXFNHQZHOO¶V
VXUIDFH
 5HSXEOLFLQPLOOHQQLD
(QFRXQWHU'URSSLQJ2IIWKH*RRGV
8SRQODQGLQJWKHKHURHVDUHDSSURDFKHGE\DWUDQVSRUW
FUHZ FODLPLQJ WR ZRUN IRU +RXVH '¶9DLO $FWXDOO\
WKHVHLQGLYLGXDOVDUHSDUWRIWKH%URWKHUKRRGLQFOXGLQJ
VRPH FUHZPHPEHUV IURP WKH PLVVLQJ IUHLJKWHU )LUVW

2XWZDUG%RXQG
FRYHU LQ  GLPHQVLRQV VR WDNH WLPH WR VWXG\ DQG
SUHSDUHLW
 $Q\KHURZLWKD5HSXWDWLRQVFRUHRIRUEHWWHULV
DWOHDVWNQRZQRIE\PRVWUHVLGHQWVRIWKHV\VWHP7KH
KLJKHUWKHLUVFRUHWKHPRUHQRWRULHW\WKH\KDYH
 &ODULILFDWLRQ UHJDUGLQJ WLHULQJ QRWDWLRQ ZKHQ
\RX VHH VRPHWKLQJ OLNH ³'& ´ XVH WKH ORZHVW
'& IRU WKH ORZHVW WLHU WKH PLGGOH IRU PLGWLHU DQG WKH
KLJKHVW IRU KLJK WLHU ,Q WKLV VFHQDULR WLHUV DUH IRU


2SHQLQJ&UDZO
&XODULQ KDV UHWXUQHG ,W KDV EHHQ DOPRVW  \HDUV
VLQFHWKHV\VWHPGLVDSSHDUHGIURPWKH*DOD[\DQGLQ
WKDWWLPHPXFKKDVFKDQJHG
 7KH *DOD[\ LV D GLIIHUHQW SODFH QRZ 7KH &ORQH
:DUVKDYHEHJXQ«ZDUVXQOLNHDQ\WKLQJVHHQLQWKH
 ,Q&XODULQOLIHFRQWLQXHV7UDGHLVSLFNLQJXSIRU
WKLVWLQ\V\VWHP(YHQWKRXJK&XODULQLVVPDOODQGRXW
RIWKHZD\LWKDVUHVRXUFHVQHHGHGE\DJDOD[\DWZDU
 7KHUHDUHSOHQW\RIFUHGLWVWREHPDGHLQVKLSSLQJ
JRRGV  ERWK OHJLWLPDWH DQG LOOHJDO²DQG DPRQJ
 3DJH
RWKHUV &XODULQ¶V WUDGH KRXVHV KDYH ULVHQ WR WKH DKHDG ZLWKRXW &XODULQ DQG QRZ WKH WLQ\ V\VWHP LV
RFFDVLRQ:KHUHYHUWKHUHLVSURILWWREHPDGHWKRXJK VWUXJJOLQJ WR FDWFK XS %HLQJV \RX SDVV RQ WKH VWUHHW
WKHUHDUHWKRVHZKRZRXOGVWHDOLWDZD\DQGWKHUHLVD VHHP SUHRFFXSLHG DV LI ZLWK FRQFHUQV DERXW ZKDW
QHHGIRUKHURHVWREULQJWKHPWRMXVWLFH« KDSSHQVQH[W
 
 8SRQDUULYLQJDW5HQQD¶VWKHKHURHVDUHDGPLWWHGWRWKH
(QFRXQWHU5HQQDDQGDQ FRPSRXQG E\ WKH JXDUGV RQFH WKH\ JLYH WKHLU QDPHV
7KH SODFH EXVWOHV ZLWK DFWLYLW\ EHLQJV RI YDULRXV
2IIHU VSHFLHV VFXUU\LQJ DURXQG ZLWK DQ DSSHDUDQFH RI JUHDW
SXUSRVH6NLIIVDQGFDUJRVSHHGHUVDUHEHLQJORDGHGDQG
.H\ LGHDV RI WKLV HQFRXQWHU 5HQQD RZQHU DQG
XQORDGHG DQG D OLIWHU LV SODFLQJ D ODUJH VWDFN RI FUDWHV
RSHUDWRU RI 5HQQD¶V 7UDQVSRUW 6HUYLFH LV LQ GLUH QHHG
DERDUGD<7IUHLJKWHU
RIVRPHKHOSLQJHWWLQJDVKLSPHQWWRDFOLHQW3URYLGH
 $ KDUULHGORRNLQJ 6XOOXVWDQGUHVVHGLQD ZULQNOHG
VHWXS DQG EDVLF LQIRUPDWLRQ WR EHJLQ XQUDYHOLQJ D
QDY\ IOLJKW VXLW DSSURDFKHV WKH KHURHV 6KH LQWURGXFHV
P\VWHU\
KHUVHOI DV %HUQLO RQH RI 5HQQD¶V VXSHUYLVRUV 6KH

JUHHWV HDFK KHUR E\ QDPH DVNLQJ WKDW WKH\ SOHDVH
7KHKHURHVDUHDOOLQ*DGULQIRUZKDWHYHUUHDVRQVWKHLU
IROORZ KHU5HQQDLV PRVWDQ[LRXVWRVSHDN ZLWKWKHP
SOD\HUVGHHPDSSURSULDWH+DQGRXW3OD\HU +DQGRXW
+HURHVHPSOR\HGE\5HQQDDUHQRWWUHDWHGDVIRUPDOO\
DQG 3OD\HU +DQGRXW  7KH ILUVW JLYHV WKH SOD\HUV DQ
DVQRQHPSOR\HHVVKHLVPRUHEXVLQHVVOLNHZLWKWKHVH
LGHDRI ZKDWWKHLUKHURNQRZVDERXWWKHFXUUHQWHYHQWV
LQGLYLGXDOV7KH\ZRUNIRUWKHFRPSDQ\DIWHUDOO
RI WKH JDOD[\ 7KH VHFRQG RIIHUV VRPH VXJJHVWLRQV RQ
 %HUQLOHVFRUWVWKHKHURHVLQWRWKHPDLQEXLOGLQJDQG
ZK\KHURHVRIHDFKFODVVPD\EHLQ*DGULQULJKWQRZ
WR 5HQQD¶V RIILFH $ORQJ WKH ZD\ WKH KHURHV FDQ VHH
 +HURHV HPSOR\HG E\ 5HQQD FHUWHG HPSOR\PHQW
WKDW WKHUH LV DV PXFK DFWLYLW\ LQVLGH DV RXWVLGH
UHFHLYHDFDOOIURPWKHRIILFHUHFDOOLQJWKHPWR5HQQD¶V
$GPLQLVWUDWLYHW\SHV KXUU\ EDFN DQG IRUWK EULVWOLQJ
FRPSRXQG LPPHGLDWHO\ 1R IXUWKHU LQIRUPDWLRQ LV
ZLWK VKHHWV RI IOLPV\ WKH 6WDU :DUV HTXLYDOHQW RI
JLYHQ DQG WKH SURWRFRO GURLG PDNLQJ WKH FRPP FDOO
SDSHUDQGGDWDSDGV
SURPSWO\GLVFRQQHFWVWKHWUDQVPLVVLRQ
 7KHJURXSVWRSVLQIURQWRIDGRRUDVWKH6XOOXVWDQ
 +HURHV QRW HPSOR\HG E\ 5HQQD DUH FRQWDFWHG E\
SDXVHV IRU D PRPHQW NQRFNV DQG WKHQ HQWHUV ,QVLGH
DQ\ YDULHW\ RI PHDQV \RX IHHO DSSURSULDWH FRPP FDOO
WKH VPDOO XWLOLWDULDQ RIILFH LV D IHPDOH 5RGLDQ RI
PHVVHQJHU GURLG RU RWKHU UHDVRQDEOH PHWKRGV 7KLV LV
DYHUDJHKHLJKW5HQQDZHDUVDGDUNEOXHIOLJKWVXLWZLWK
DQ RSSRUWXQLW\ WR SHUVRQDOL]H WKH H[SHULHQFH IRU \RXU
DSDWFKRIKHUEXVLQHVV¶HPEOHP3OD\HU+DQGRXWRQ
SOD\HUVEXWWKHEDVLFVDUHWKHVDPHUHJDUGOHVV5HQQD
HDFKVKRXOGHU6KHVWDQGVDVWKHJURXSHQWHUVDQGJUHHWV
RZQHU RI 5HQQD¶V 7UDQVSRUW 6HUYLFHV KDV KHDUG JRRG
HDFK KHUR E\ QDPH LQ %DVLF EHIRUH LQWURGXFLQJ KHUVHOI
WKLQJV DERXW WKH KHUR DGGUHVVHG E\ QDPH DQG ZRXOG
WRDQ\VKHKDVQ¶WPHW
OLNH WR VSHDN ZLWK KHUKLP DERXW D SRVVLEOH MRE 6KH

DVNV WKH\ FRPH WR KHU ZDUHKRXVH FRPSRXQG LQ *DGULQ
³7KDQN\RXDOOIRUFRPLQJ,DPLQGLUHQHHGRIVRPH
DVVRRQDVWKH\FDQ$Q\KHURZKRSOD\HGLQ³$&XODULQ
UHOLDEOH SURIHVVLRQDO KHOS $ IUHLJKWHU RI PLQH KDV
3UHVHQFH´ DQG KHOSHG 5HQQD VKRXOG UHFHLYH D PRUH
GLVDSSHDUHG ,W¶V SUHVXPHG GHVWUR\HG RU FDSWXUHG E\
SHUVRQDOL]HG PHVVDJH -HGL VKRXOG EH WROG WKDW VKH¶V
SLUDWHV
DOUHDG\ FKHFNHG ZLWK (5$ DW WKH $FDGHP\ DQG
³7KHFDUJRDERDUGZDVYDOXDEOHDQGYHU\LPSRUWDQW
WKH\KDYHSHUPLVVLRQWRDFFHSWWKHDVVLJQPHQWDQGSD\
WR P\ FOLHQW 7KLV ZDV D SULRULW\ FDUJR ERXQG IRU
IRULW
'UXFNHQZHOO0\DVVLJQPHQWIRU\RXLVWZRIROG)LUVW
 6KRXOG DQ\ KHUR QRW ZLVK WR SXUVXH WKLV
GHOLYHU \RXU VKLSPHQW WR P\ FOLHQW 6HFRQG ILQG WKH
RSSRUWXQLW\ WKH SOD\HU PD\ FKDQJH WR D KHUR ZKR
VWROHQ VKLSPHQW , KDYH UHDVRQ WR EHOLHYH LW PD\ DOVR
ZRXOG DFFHSW WKH PHVVDJH RU OHDYH WKH WDEOH -HGL
EHVRPHZKHUHRQ'UXFNHQZHOO´
KHURHV PD\ TXHVWLRQ ZKHWKHU WKH\ VKRXOG DFFHSW DQ

HPSOR\PHQW RSSRUWXQLW\²LI WKH\ GR DVVXUH WKHP
7KLV LV D VWDWHPHQW WR DQ\ KHUR HPSOR\HHV 0DNH VXUH
5HQQDGRHVDJUHDWGHDORIZRUNZLWKWKH$FDGHP\DQG
WKH\ XQGHUVWDQG WKLV )RU KHURHV QRW HPSOR\HG E\
ZRUNIRUKHULVDFFHSWDEOHDVORQJDVLWGRHVQ¶WLQWHUIHUH
5HQQD WKLV LV DQ RIIHU 6KH LV ZLOOLQJ WR SD\ QRQ
ZLWKWKHLUVWXGLHVRUVXSHUVHGHWKHLUFRPPLWPHQWWRWKH
HPSOR\HHV  FUHGLWV DSLHFH IRU VXFFHVVIXO GHOLYHU\
-HGL2UGHU7KH\DUHDOVRSHUPLWWHGWRDFFHSWSD\IURP
RI WKH FDUJR (PSOR\HHV JHW D FUHGLW ERQXV ,I
5HQQD
WKH VWROHQ FDUJR LV IRXQG DQG UHWXUQHG DQ DGGLWLRQDO

ERQXVPD\EHDYDLODEOH
&XODULQIHHOV«GLIIHUHQW,W¶VKDUGWRGHVFULEHH[DFWO\
7KHWULSVKRXOGWDNHDURXQGILYHRUVL[GD\V,IRQHRU
KRZLW¶VGLIIHUHQWEXWDV\RXPDNH\RXUZD\WKURXJK
PRUH RI WKH KHURHV KDV D VKLS WKH\ PD\ XVH LW 5HQQD
WKHVWUHHWVRI*DGULQLWLVWKHUH7KHJDOD[\KDVIRUJHG
RIIHUV WR UHIXHO RQH VKLS RQO\ ,I WKH JURXS KDV D SLORW


2XWZDUG%RXQG  3DJH
EXW QR VKLS VKH PDNHV RQH RI KHUV DYDLODEOH WR XVH ,I
WKHUH LV QR SLORW DQG QR VKLS VKH FDQ SURYLGH D GURLG
SLORWHGVKLS
 FRUSRUDWH IDFLOLWLHV &XUUHQWO\ WKH 5HSXEOLF
5HQQDKDVWKHIROORZLQJLQIRUPDWLRQ
N :KR DWWDFNHG \RXU IUHLJKWHU" , DP QRW VXUH 7KH
7KDHUHLDQV KDYHQ¶W SURYLGHG PRUH WKDQ VNHWFK\
GHWDLOV7KH\EHOLHYHLWLVDEDQGRISLUDWHVNQRZQ
DV WKH %URWKHUKRRG 5HQQD ORRNV OLNH VRPHRQH
WU\LQJWRVZDOORZSDVWDEDGWDVWHZKHQVKHUHIHUV
WR WKH 7KDHUHLDQ LQYHVWLJDWLRQ² VKH FOHDUO\
0LG 5LP V\VWHP DQG SODQHW ORFDWHG RQ WKH
&RUHOOLDQ7UDGH6SLQHMXVWFRUHZDUGRIXV,WLVD
KHDYLO\ LQGXVWULDOL]HG ZRUOG ZLWK QXPHURXV
PLOLWDU\ LV XVLQJ 'UXFNHQZHOO DV D VWDJLQJ DUHD
IRU GHSOR\PHQWV WR WKH 2XWHU 5LP 3ROLWLFDOO\
'UXFNHQZHOO LV DOLJQHG ZLWK WKH 5HSXEOLF EXW
WKHUHLVDQXQGHUFXUUHQWRI6HSDUDWLVWVXSSRUWRQ
WKHSODQHW
N :K\ GR \RX WKLQN WKH FDUJR LV RQ 'UXFNHQZHOO"
'UXFNHQZHOO LV WKH FORVHVW ORFDWLRQ WKDW VXFK D
GRHVQ¶WWKLQNWKH\GLGDYHU\JRRGMRE
N :KHUH GLG WKH VKLS GLVDSSHDUDWWDFN RFFXU" , DP
QRW H[DFWO\ VXUH 7KH )LUVW /LJKW UHSRUWHG LQ MXVW
EHIRUH K\SHULQJ RXW RI WKH V\VWHP 6KH QHYHU
PDGH LW WR KHU GHVWLQDWLRQ 6XEVHTXHQW VHDUFKHV
E\ WKH 7KDHUHLDQ PLOLWDU\ DV ZHOO DV E\ P\ RZQ
SHRSOHKDYHWXUQHGXSQRWKLQJEXWVRPHGHEULV
N 0D\EH WKH FUHZ WRRN WKH VKLS" 5HQQD ORRNV
VKLSPHQWFRXOGHDVLO\GLVDSSHDULQWR,QIRUPDWLRQ
, KDYH UHFHLYHG IURP VHYHUDO VRXUFHV SRLQWV WR
WKLV7KH\KDYHQRWEHHQSRVLWLYHO\LGHQWLILHGEXW
WKLVLVZKHUH,WKLQNLWLV
N , KHDU WKDW WKH\¶UH FUDFNLQJ GRZQ RQ UHVWULFWHG
HTXLSPHQW² , KDYH D >ILOO LQ WKH EODQN UHVWULFWHG
LWHP@DQG,WKLQNLWZLOOEHXVHIXOLIZHUXQLQWRWKH
%URWKHUKRRG &DQ \RX JHW PH D SHUPLW"
VKRFNHG E\ WKH VXJJHVWLRQ 'HILQLWHO\ QRW 7KH
FUHZRIWKH)LUVW/LJKWKDVZRUNHGIRUPHIRURYHU
WKUHH\HDUV7KH\ZHUHRQHRIP\EHVW²DQGPRVW
WUXVWHG
N 0D\EH WKH VKLS PDOIXQFWLRQHG" 3RVVLEOH² EXW
XQOLNHO\0\VKLSVDUHDOONHSWLQWRSVKDSH
N :KDW W\SH RI FDUJR ZDV WKH IUHLJKWHU FDUU\LQJ"
&RPSRQHQWV IRU WKHUPDO GHWRQDWRUV DQG
FRPPHUFLDOJUDGHH[SORVLYHGHYLFHV
N :KR LV WKH FOLHQW" 7KDW LV FRQILGHQWLDO 7KH
VKLSPHQW LV HQWLUHO\ OHJDO DQG , KDYH WKH
GRFXPHQWDWLRQSURYLQJLWIRU\RX
N :KHUH RQ 'UXFNHQZHOO LV WKH VKLSPHQW JRLQJ"
'¶9DLOV  D PHUFKDQW KRXVH VLPLODU WR PLQH ,
KDYH NQRZQ $PLU '¶9DLO IRU PDQ\ \HDUV DQG
FRQVLGHU KLP D IULHQG +LV FRPP QXPEHU LV RQ
WKH GDWDSDG² SOHDVH FDOO KLP ZKHQ \RX DUULYH
DQG KH ZLOO DUUDQJH IRU D FUHZ WR XQORDG WKH
FDUJR
N 'R \RX ZDQW XV WR ORRN IRU WKH FDUJR" <HV $IWHU
\RX GHOLYHU WKH UHSODFHPHQW VKLSPHQW SOHDVH WU\
WR ILQG RXW ZKDW KDSSHQHG DQG WUDFH WKH RWKHU
VKLSPHQW , ZDVQ¶W DEOH WR ILQG UHSODFHPHQWV IRU
DOO RI WKH FDUJR DV VRPH RI WKH FRPSRQHQWV DUH
GLIILFXOWWRILQGQRZ5HQQDVKDNHVKHUKHDGZLWK
, KDYH OLPLWHG SRZHU RYHU VXFK WKLQJV EXW , FDQ
SURYLGH GRFXPHQWDWLRQ WKDW \RX KDYH SHUPLVVLRQ
WR FDUU\ WKDW LWHP ZKLOH RQ WKLV PLVVLRQ IRU PH
VLQFH ,¶P HVVHQWLDOO\ HPSOR\LQJ \RX DV VHFXULW\
SHUVRQQHO , FDQ DXWKRUL]H YLEURD[HV KHDY\
EODVWHUSLVWROVEODVWHUFDUELQHVEODVWHUULIOHVOLJKW
UHSHDWLQJEODVWHUVDQGVHFXULW\NLWV

,I WKH KHURHV DUH JRLQJ WR XVH WKHLU RZQ VKLS 5HQQD
DVNVWKHPWREULQJLWKHUHDVVRRQDVSRVVLEOH6KHKDVLW
IXOO\IXHOHGDQGWKHFDUJRORDGHG5HQQDGRHVZDUQWKDW
WKH FDUJR RFFXSLHV SUHWW\ PXFK DQ HQWLUH OLJKW
IUHLJKWHU¶VFDSDFLW\
 ,IWKHKHURHVQHHGWRXVHRQHRI5HQQD¶VVKLSVRUD
VKLS DQG SLORW WKH 5RGLDQ LQVWUXFWV WKHP WR JDWKHU
ZKDWHYHUEHORQJLQJVWKHIHHOWKH\PD\QHHGDQGUHWXUQ
WRKHUFRPSRXQG
 7KH KHURHV VKRXOG QRW WDUU\ LQ JDWKHULQJ WKHLU
EHORQJLQJV 5HQQD LV RQ D VFKHGXOH DQG ZDQWV WKLV
VKLSPHQWGHOLYHUHGDVTXLFNO\DVSRVVLEOH
,I WKH SOD\HUV EULQJ WKHLU RZQ VKLS D VHUYLFH DQG
ORDGLQJFUHZEHJLQVWKHLUZRUNDVVRRQDVWKHIUHLJKWHU
WRXFKHVWKHSDG7KHIXHOLVWRSSHGRIIDQGORDGHUVSDFN
WKH KROG RI WKH VKLS   ,I WKH SOD\HUV XVH 5HQQD¶V
IUHLJKWHU WKH 6HFRQG %UHDWK WKH\ ILQG LW UHDG\ WR JR
D SDLQHG ORRN :LWK D ZDU JRLQJ RQ HYHU\WKLQJ
WKDW PLJKW KDYH PLOLWDU\ DSSOLFDWLRQV LV JHWWLQJ
VFDUFH
N :K\ KLUH XV WR WUDQVSRUW D VLPSOH FDUJR"%HFDXVH
\RXDUHJRRG,QHHGWRSQRWFKWDOHQWULJKWQRZ,
KDYHORVWRQHFDUJRDOUHDG\DQGFDQQRWDIIRUGWR
ORVHDQRWKHU,QHHGWKHEHVW
N ,I,DPVRJRRGZK\QRWSXWPHRQ\RXUSD\UROO«
ZKHQ WKH\ JHW EDFN ,I WKH JURXS KDV QR SLORW DQG QR
VKLS5HQQDSURYLGHVWKHPZLWKWKH6HFRQG%UHDWKDQG
D5$VWURPHFKGURLGSLORW
 5HJDUGOHVV WKH KHURHV VKRXOG EH UHDG\ WR OLIW RII
VKRUWO\DIWHUJHWWLQJEDFNWR5HQQD¶V6KHSURYLGHVRQH
RI WKH KHURHV XVH \RXU MXGJPHQW²ILUVW ZRXOG EH D
UHOLDEOH HPSOR\HH QH[W ZRXOG EH VRPHRQH ZKR
FRPPXQLFDWHVZHOODQGUHVSHFWIXOO\DQGLIDOOHOVHIDLOV
\RX FDQ JR ZLWK WKH KHUR ZLWK WKH KLJKHVW 5HSXWDWLRQ
SHUPDQHQWO\" ,I \RX¶UH VXFFHVVIXO LQ ILQGLQJ P\
ZLWK D GDWDSDG FRQWDLQLQJ DOO WKH QHFHVVDU\
RWKHUFDUJRZHFDQGLVFXVVVXFKWKLQJVODWHU
GRFXPHQWDWLRQIRUWKHIOLJKWDQGIRUWKHFDUJR
N :KDWZKHUH LV 'UXFNHQZHOO" 'UXFNHQWZHOO LV D
 2QFHWKH\DUHUHDG\WKH\FDQOLIWRIIDQGKHDGRXW


2XWZDUG%RXQG  3DJH
IRU WKH MXPS SRLQW ZKLFK OLHV MXVW EH\RQG WKH FRPHW FRUYHWWH¶VVKDGRZDQGUHYHDO WKHPVHOYHV 6HQVRUVFDQV
FORXGRQWKHHGJHRIWKHV\VWHP VKRZ DOO VKLSV DUH ³KRW´ WDUJHWLQJ RQ DQG ZHDSRQ
 V\VWHPV SRZHUHG XS DQG WKHLU VKLHOGV DUH DFWLYDWHG ,I
 WKH\WU\WRUXQIRULWWKH =¶VDFFHOHUDWHDQGSXUVXH
(QFRXQWHU7KDHUHLDQ VHHNLQJ WR GLVDEOH WKH KHURHV¶ VXEOLJKW HQJLQHV EHIRUH
WKH\FDQMXPSWRK\SHUVSDFH7KHKHURHVKDYHWRPDNH
,QVSHFWLRQ LW WR WKH FORXG  URXQGV DQG WKURXJK LW  URXQGV
EHIRUHEHLQJWKH\FDQK\SHURXWRIWKHV\VWHP
.H\LGHDVRIWKLVHQFRXQWHU,QWURGXFHWKHKHURHVWRWKH

KHDYLHU 7KDHUHLDQ SUHVHQFH LQ WKH &XODULQ V\VWHP 2Q
6KRRWLQJ LW RXW $QRWKHU RSWLRQ LV IRU WKH KHURHV WR
WKHLUZD\RXWRIV\VWHPWKHKHURHV¶VKLSLVVWRSSHGDQG
VKRRW LW RXW ZLWK WKH 7KDHUHLDQV 1RW H[DFWO\ D VPDUW
LQVSHFWHGE\D7KDHUHLDQFRUYHWWH
PRYH EXW LW¶V SRVVLEOH ,I WKH KHURHV RSHQ ILUH RQ WKH

7KDHUHLDQVWKH7KDHUHLDQVKLSVLPPHGLDWHO\PRYHLQWR
2QFHWKH KHURHVEUHDNRXWRIWKHDWPRVSKHUHWKH\FDQ
RIIHQVLYH PRGH DQG VHHN WR GHVWUR\ WKH KHURHV¶ VKLS
EHJLQ WKHLU DVWURJDWLRQ FDOFXODWLRQV 7KH\ DUH WUDYHOLQJ
7KH\ DUH ZLWKLQ WKHLU ULJKWV WR LQVSHFW YHVVHOV HQWHULQJ
IURPD0LG5LPV\VWHPWRD0LG5LPV\VWHPDQGWKH
DQGOHDYLQJWKHV\VWHP)LULQJRQWKHP²QRPDWWHUKRZ
LQIRUPDWLRQ RQ 'UXFNHQZHOO LV D FRXSOH RI GD\V ROG
WKHKHURHVIHHODERXWWKH7KDHUHLDQV²LVLOOHJDO6KRXOG
7KH 6HFRQG %UHDWK KDV D QDY FRPSXWHU WR KHOS ZLWK
WKH\ JR GRZQ WKLV URDG GR QRW KROG EDFN +RZHYHU
FDOFXODWLRQV7KH$VWURJDWH'&LV
PDNH VXUH WR ZDUQ WKH SOD\HUV WKDW WKH 7KDHUHLDQ GR
 7KH EDVH WUDYHO WLPH RQFH LQ K\SHUVSDFH LV 
KDYH HYHU\ ULJKW WR LQVSHFW VKLSV XQGHU WKH 5HSXEOLF
KRXUVPXOWLSOLHGE\WKHK\SHUGULYHPRGLILHURIWKHVKLS
FKDUWHUWRSURWHFW&XODULQ,INQRZLQJWKLVWKH\FKRRVH
7KLV WLPH FDQ EH UHGXFHG EDVHG RQ WKH UHVXOW RI WKH
WRDWWHPSWDGRJILJKW« ZHOO OHWXVNQRZ ZKHUHLQWKH
$VWURJDWHFKHFN7DEOHSJRIWKH6WDU:DUV
V\VWHPZHQHHGWRVHQGWKHFOHDQXSFUHZ
5ROHSOD\LQJ*DPH5HYLVHG&RUH5XOHERRN
 7KHVWDWVIRUWKH7KDHUHLDQVKLSVDUHORFDWHGLQ*0
,WWDNHVDERXWHLJKWKRXUVWRJHWWRWKHFRPHWFORXGVR
$LG7KHSLORWLQJERQXVHVDUHDOUHDG\ILJXUHGLQWRWKH
WKH KHURHV KDYH SOHQW\ RI WLPH WR UROHSOD\ ZLWK HDFK
VWDWEORFNV
RWKHU GXULQJ WKLV WLPH .HHS DQ H\H RQ WKH WLPH DQG

GRQ¶W VSHQG WRR PXFK WLPH RQ WKLV SRUWLRQ RI WKH
,PSRUWDQWQRWH%RWKUXQQLQJDZD\DQGVKRRWLQJLWRXW
VFHQDULR
KDYH FRQVHTXHQFHV ZKHQ WKH KHURHV UHWXUQ WR WKH
$VWKHKHURHVSDVVWKURXJKWKHV\VWHPWKH\PD\ZLVK
V\VWHPDVWKH7KDHUHLDQVDZDLWWKHPZLWKDODUJHIRUFH
WR PDNH D IHZ VHQVRU FKHFNV DV WKH\ JR 2U \RX FDQ
,I WKH\ UDQ WKH\ IDFH ILQHV LI WKH\ VKRW DQG GHVWUR\HG
MXVWDVVXPHWKH\WDNHRQWKHUROO7KHUHVHHPVWREH
DQ\ RI WKH 7KDHUHLDQ VKLSV WKH\ IDFH LPSULVRQPHQW
PRUH DFWLYLW\ WKDQ WKH\ UHPHPEHU 1R SLUDWH DWWDFNV
DVVXPLQJWKH\VXUYLYHWKHILJKW6HHWKHILQDOHQFRXQWHU
OLJKWXSWKHVHQVRUERDUGV2GGLQGHHG
IRUPRUHGHWDLOV)HHOIUHHWRZDUQWKHKHURHVWKDWHLWKHU
-XVW EHIRUH UHDFKLQJ WKH FRPHW FORXG WKH KHURHV DUH
IOHHLQJRUILJKWLQJLVOLNHO\WREULQJFRQVHTXHQFHVODWHU
KDLOHG E\ D YHVVHO DW H[WUHPH VHQVRU UDQJH  VTXDUHV

DZD\
+HDYH WR DQG EH ERDUGHG 7KH WKLUG DQG EHVW LI OHDVW

SDODWDEOH RSWLRQ LV WR SRZHU GRZQ DQG GR DV WROG ,I
³$WWHQWLRQ +HURHV VKLS QDPH! 7KLV LV WKH
WKH\ GR VR WKH ILJKWHUV SHHO RII DV WKH &RUYHWWH GRFNV
7KDHUHLDQ QDYDO VKLS 7KDHUH 5XQQHU %\ 5HSXEOLF
ZLWK WKH KHURHV¶ VKLS $ ORW RI FODQNLQJ FDQ EH KHDUG
FKDUWHUDQGFXVWRPVPDQGDWH5\RXDUHRUGHUHG
WKHQDVWKHGRFNLQJWXEHLVH[WHQGHGDQGDWWDFKHVWKLQN
WRSRZHUGRZQDQGSUHSDUHIRULQVSHFWLRQ´
RI WKH VRXQGV KHDUG DV 9DGHU¶V VWDU GHVWUR\HU GRFNHG

ZLWK/HLD¶VFRUYHWWHLQ6WDU:DUV$1HZ+RSH
7KH 7KDHUHLDQ VKLS LV OHJLWLPDWH ,W LV D 7KDHUHLDQ
 6LQFHWKH\KDYHQRWLFHWKHKHURHVPD\ZDQWWRWU\
PLOLWDU\ YHVVHO RQ FXVWRPV GXW\ DQG WKH\ KDYH FKRVHQ
WR FRQFHDO LWHPV IRU ZKLFK WKH\ ODFN SHUPLWV ,I WKH\
WKHKHURHVWRLQVSHFW/XFN\KXK"
WKRXJKW WR DVN 5HQQD SURYLGHG WHPSRUDU\ SHUPLWV IRU
 6R ZKDW GR WKH KHURHV GR" :HOO WKH\ VKRXOG
YLEURD[HV KHDY\ EODVWHU SLVWROV EODVWHU FDUELQHV
SRZHUGRZQDVWROGEXWWKH\GRQRWKDYHWR
EODVWHU ULIOHV OLJKW UHSHDWLQJ EODVWHUV DQG VHFXULW\ NLWV
5XQQLQJ DZD\ 7KHLU IUHLJKWHU LV HDVLO\ IDVWHU WKDQ WKH
+DYH WKH KHURHV PDNH WKHLU +LGH UROOV EHIRUH WKH
FXVWRPV YHVVHO²D &RUHOOLDQ &RUYHWWH²DQG FRXOG
7KDHUHLDQVERDUG
RXWUXQ LW ZLWK QR SUREOHP +RZHYHU WKHUH DUH IRXU
 :KHQ WKH KHURHV DUH UHDG\ WR UHFHLYH WKH
7KDHUHLDQ =¶V ³KLGLQJ´ RQ WKH RSSRVLWH VLGH RI WKH
7KDHUHLDQVFRQWLQXHZLWKWKHIROORZLQJ
FRUYHWWH $ VXFFHVVIXO '&  &RPSXWHU 8VH

FKHFN XVLQJ WKH VHQVRUV DOORZV WKH KHURHV WR GHWHFW
5HGWRJUHHQ7KHDWPRVSKHUHLQGLFDWRURQWKHFRQWURO
WKHVH ILJKWHUV 5HJDUGOHVV RQFH WKH 7KDHUHLDQ IRUFHV
SDQHO EHVLGH WKH DLUORFN FKDQJHV DV WKH GRFNLQJ WXEH
DUH  VTXDUHV DZD\ WKH =¶V SHHO DZD\ IURP WKH
SUHVVXUL]HV <RX WRXFK DEXWWRQ RQ WKH SDQHODQG WKH


2XWZDUG%RXQG  3DJH
GRRUVOLGHVRSHQDOORZLQJDEXUVWRIFROGUHF\FOHGDLU
WRZDVKRYHU\RX
6WDQGLQJLQIURQWRI\RXLVDODUJHJURXSRIDUPHG²
DQG DUPRUHG² LQGLYLGXDOV 7KH OHDG ILJXUH LV D
%RWKDQGUHVVHGLQDQRIILFHU¶VXQLIRUP2QHH\HEURZ
UDLVHGKHVWHSVLQWR\RXUVKLS
 VROGLHUV D FKDQFH WR SODQW D WUDFNLQJ EHDFRQ QHDU WKH
7KH%RWKDQLV/LHXWHQDQW7RULF%LVLOW+HZHDUVDGDUN
EOXH FRPEDW MXPSVXLW WKH JROGHQ LQVLJQLD RI WKH
7KDHUHLDQ QDY\ HPEOD]RQHG RQ WKH XSSHU SRUWLRQ RI
HDFK DUP $ KHDY\ EODVWHU ULGHV RQ KLV OHIW WKLJK
FRXQWHUEDODQFHG E\ D EUHDWK PDVN RQ WKH ULJKW $
FRPOLQNLVFOLSSHGWRKLVFROODUDQGDGDWDSDGLVLQKLV
ULJKWKDQG
 7KH RWKHU VROGLHUV EHKLQG KLP DUH GUHVVHG LQ EODVW
YHVWV DQG KHOPHWV DOVR GLVSOD\LQJ WKH 7KDHUHLDQ QDY\
LQVLJQLD7KH\DUHHDFKDUPHGZLWKDEODVWHUFDUELQHLQ
VHDUFK WKH VKLS IRU FRQWUDEDQG 1R KHURHV DUH DOORZHG
WRDFFRPSDQ\WKH7KDHUHLDQVZKLOHWKH\DUHSHUIRUPLQJ
WKLV VHDUFK 7R HPSKDVL]H KLV SRLQW WKH UHPDLQLQJ
VROGLHUV JULS WKHLU EODVWHU FDUELQHV D ELW PRUH
PHQDFLQJO\
 7KHSRLQWRIWKLVLVWRSURYLGHRQHRIWKH6XOOXVWDQ
VKLS¶V K\SHUGULYH &RUSRUDO 0DOERDQ LV D PHPEHU RI
7KDHUHLDQ,QWHOOLJHQFHDQGXQGHURUGHUVWRGRWKLVWRDOO
LQVSHFWHGVKLSV7KLVZD\WKH7KDHUHLDQVQRWRQO\NQRZ
ZKHUHWKHVKLSLVZKLOHLQV\VWHPEXWZKHQLWOHDYHVRU
UHWXUQV WR &XODULQ +H SODFHV WKH EHDFRQ QHDU WKH
K\SHUGULYH WR EHWWHU KLGH LW IURP YLVXDO VHDUFKHV DQG
VHQVRUVFDQV-XVWWRVDYH\RXWKHWLPHZHKDYHUROOHG
&RUSRUDO 0DOERDQ¶V +LGH FKHFN WR VHFUHW WKH WUDFNLQJ
EHDFRQ LQ D KDUG WR ILQG VSRW +H XVHG KLV RQO\ )RUFH
3RLQW RQ WKLV UROO DQG UROOHG D WRWDO RI 
KDQG DQG ORRN OLNH WKH\ PHDQ EXVLQHVV 7KHUH DUH GHSHQGLQJRQWLHUWRKLGHWKHGHYLFH
VHYHQ VROGLHUV WKUHH +XPDQV WZR %RWKDQV DQG WZR  :KLOH WKH WULR LV DZD\ ³VHDUFKLQJ´ WKH VKLS WKH
6XOOXVWDQV7KH\GRQRWVSHDNWRWKHKHURHVXQOHVVWROG
WR²RULIWKHKHURHV JLYHWKHPOLS7KH\DUHFRQILGHQW
LQ WKHLU WUDLQLQJ DUPDPHQW DQG FKDUWHU IURP WKH
5HSXEOLFDQGPRUHWKDQDOLWWOHDUURJDQW
 $VVXPLQJ WKH KHURHV DOORZ WKH 7KDHUHLDQV RQ
ERDUG WKHLU VKLS WKH VROGLHUV IRUP D ORRVH VHPLFLUFOH
UHPDLQLQJ VROGLHUV FRQWDLQ RXU KHURHV +HURHV ZKR DUH
PHPEHUV RI WKH &XODULQ PLOLWLD DUH ZDWFKHG ZLWK H[WUD
YLJLODQFH DQG GHULGHG E\ /W %LVLOW 7KH 7KDHUHLDQV
VHHP D OLWWOH QHUYRXV DURXQG -HGL EXW DUH QRW OLNHO\ WR
YHUEDOO\DEXVHWKHPLQDQ\ZD\XQOHVVSURYRNHGE\WKH
-HGLKHUR/LHXWHQDQW%LVLOWGRHV³UHTXHVW´WKDWDOO-HGL
DV EHVW DV SRVVLEOH DQG NHHS WKH KHURHV FRYHUHG $ KHURHV UHIUDLQ IURP XVLQJ DQ\ ³PLQG WULFNV´ ZKLOH WKH
VXFFHVVIXO '&  6SRW FKHFN UHYHDOV WKH 7KDHUHLDQVDUHDERDUG7KH\ZRXOGQ¶WZDQWWRSURYRNH
7KDHUHLDQV¶ZHDSRQVDUHVHWWRVWXQ DQ ³LQFLGHQW´ DIWHU DOO 7KLV FDQ DOVR EH XVHG DV D
 /LHXWHQDQW %LVLOW LQWURGXFHV KLPVHOI +H LV DOO
EXVLQHVVDQGH[SHFWVWKHKHURHVWRGHIHUWRKLPDVGXH
VRPHRQH RI KLV UDQN +H ³UHTXHVWV´ WKH FDSWDLQ RI WKH
VKLS LGHQWLI\ KLPVHOIKHUVHOI DQG SURGXFH WKH SURSHU
GRFXPHQWV WKH GDWDSDG SURYLGHG E\ 5HQQD FRYHUV WKH
FDUJR DQG IUHLJKWHU LI LW ZDV ERUURZHG IURP KHU
2WKHUZLVH WKH KHUR FDSWDLQ PXVW SURGXFH WKHLU RZQ
GRFXPHQWV IRU WKH VKLS ZKLFK WKH\ GR KDYH $IWHU DOO
WKH\ RZQ WKH VKLS RU ZLOO RQFH WKH ILQDQFH FRPSDQ\
ZDUQLQJWRRWKHU)RUFHXVLQJKHURHV
 7KH 7KDHUHLDQV LQVSHFW WKH VKLS IRU DOO PDQQHU RI
LOOHJDO DQG XQUHJLVWHUHG JRRGV EXW WKH\ DUH GRRPHG WR
GLVDSSRLQWPHQW 7KH FDUJR EHLQJ FDUULHG IRU 5HQQD LV
OHJLWLPDWH
 7KH KHURHV¶ SHUVRQDO ZHDSRQV DQG HTXLSPHQW DUH
DOVRVXEMHFWWRLQVSHFWLRQ,IWKHKHURHVWKRXJKWWRDVN
5HQQDKDVSURYLGHGWKHPZLWKWHPSRUDU\SHUPLWVYDOLG
RQO\ ZKLOH WKH\ DUH RQ WKLV PLVVLRQ IRU KHU 7KH OLVW
KDVHQRXJKFUHGLWV EHORZ LV ZKDW WKH 7KDHUHLDQV FRQVLGHU LOOHJDO 7KH
 %LVLOWTXHULHVWKHKHURHVRQWKHIROORZLQJWRSLFV,I SHQDOWLHVIRUSRVVHVVLRQRIWKHVHLWHPVZLWKRXWDSHUPLW
RQHRUPRUHRIWKHKHURHVLV EHLQJTXLHWWKURXJKDOORI DUH FRQILVFDWLRQ RI WKH ZHDSRQ DQG D ILQH HTXDO WR LWV
WKLV %LVLOW IRFXVHV TXHVWLRQV RQ WKHP 7KH\ PXVW EH YDOXH SULFH LQ WKH 5&5% ,OOHJDO ZHDSRQV YLEURD[
UHPDLQLQJ TXLHW IRU D UHDVRQ ULJKW" 8VH WKLV WR GUDZ EODVWHU ULIOH OLJKW UHSHDWLQJ EODVWHU LRQ ULIOH WKHUPDO
DQ\TXLHWSOD\HULQWRWKHJDPHDQGJLYHWKHPDFKDQFH GHWRQDWRU VOXJ WKURZHU ULIOH KHDY\ UHSHDWLQJ EODVWHU
WRLQWHUDFWZLWKWKH13&V EODVWHUFDQQRQDQG(:HEEODVWHU%DWWOHIUDPHDUPRULV
N :KDWLV\RXUGHVWLQDWLRQ" DOVRFRQVLGHUHGLOOHJDO
N :KDWDUH\RXFDUU\LQJ"  7KH 7KDHUHLDQV GR QRW DFFHSW EULEHV WR ³ORRN WKH
N :KRDUH\RXZRUNLQJIRU" RWKHUZD\´DQGQRWQRWLFHWKHZHDSRQV7KHKHURHVPD\
N +RZORQJKDYH\RXZRUNHGIRUWKLVEHLQJ" DWWHPSW WR KLGH DQ\ LOOHJDO ZHDSRQ WKH\ PD\ KDYH LI
N 'R \RX SODQ RQ EULQJLQJ DQ\WKLQJ EDFN LQWR WKH\ZLVK$QRSSRVHG+LGHFKHFNYHUVXVD6SRWFKHFN
&XODULQ" E\WKH7KDHUHLDQ
  6KRXOGRQHRUPRUHRIWKHKHURHVXVH,OOXVLRQLQDQ
%LVLOW LV MXVW ILVKLQJ IRU VOLSXS DQVZHUV KHUH +RQHVW DWWHPSW WR KLGH SHUVRQDO FRQWUDEDQG UHVROYH SHU WKH
DQVZHUV FRQIRXQG DQG LUULWDWH WKH %RWKDQ 'LSORPDF\ VNLOO GHVFULSWLRQ LQ WKH HUUDWD IRU WKH 6WDU :DUV
FDQ VRIWHQ KLV DWWLWXGH VRPHZKDW '&  EXW 5ROHSOD\LQJ*DPH5HYLVHG&RUH5XOHERRN
KH¶V GHWHUPLQHG WR ILQG FRQWUDEDQG +H QLWSLFNV DW  7KHVHDUFKWHDPLVJRQHIRUVHYHUDOPLQXWHV8SRQ
HYHU\WKLQJ DQG ILQDOO\ RUGHUV WKUHH RI KLV VROGLHUV WR WKHLUUHWXUQWKH\UHSRUWWKHFDUJRLVLQSURSHURUGHUDQG


2XWZDUG%RXQG  3DJH
EULQJ DWWHQWLRQ WR DQ\ GLVFRYHUHG LOOHJDO ZHDSRQV ,I
DQ\DUHIRXQGILQHVDUHOHYLHGDWWKLVWLPHDQGPXVWEH
SDLG LPPHGLDWHO\ 2QFH HYHU\WKLQJ LV WDNHQ FDUH RI
%LVLOWKDQGVWKHGDWDSDGEDFNWRWKHSLORWDQGOHDYHVWKH
VKLSZLWKKLVWURRSV
 7KH KHURHV DUH IUHH WR MXPS WR K\SHUVSDFH DQG
FRQWLQXHWKHLUWULSWR'UXFNHQZHOO
 DQG \RX OLVWHQ IRU WKH KLVV RI HVFDSLQJ DWPRVSKHUH
 1RWKLQJ²VR IDU VR JRRG 7KUHH = +HDGKXQWHUV
(QFRXQWHU:HOFRPHWR
'UXFNHQZHOO
.H\ LGHDV RI WKLV HQFRXQWHU 7KH KHURHV DUULYH DW
'UXFNHQZHOO ULJKW LQ WKH PLGVW RI D FKDVH 7KH\ PXVW
GHFLGHZKDWGRDERXWWKHVLWXDWLRQ

7KH UHVW RI WKH MRXUQH\ WR 'UXFNHQZHOO LV XQHYHQWIXO
7KHKHURHVFDQVSHQGVRPHWLPH PHGLWDWLQJUHVWLQJRU
WLQNHULQJZKDWHYHUWKH\ZDQW,IWKH\DUHVXVSLFLRXVRI
WKH 7KDHUHLDQV WKH\ PD\ KDYH VHDUFKHG IRU DQG IRXQG
WKH WUDFNLQJ GHYLFH KLGGHQ QHDU WKH K\SHUGULYH VHH
+HDGKXQWHUV VFUHDP SDVW LQ KRW SXUVXLW² EHORZ DQG
WRHLWKHUVLGHRI\RX

2ULIWKHSLORWIDLOHGWKHFKHFN
$ODVHUVFRUHGIUHLJKWHUVSLQVE\\RXVRFORVH\RXFDQ
FRXQW WKH EROWV LQ WKH SODWLQJ 7KHUH¶V D ERQHMDUULQJ
FUXQFKDVRQHVLGHRIWKHIUHLJKWHUVFUDSHV\RXUVKLS
VFUHDP SDVW LQ KRW SXUVXLW²EHORZ DQG WR HLWKHU VLGH
RI\RX

(LWKHUZD\ZHFRQWLQXH«
 &RPP FKDWWHU HUXSWV DFURVV PRVW HYHU\ FKDQQHO
³$WWHQWLRQ 'HVVLQ¶V 'DJJHU² SRZHU GRZQ DQG
VXUUHQGHURUZHZLOOKDYHWRGHVWUR\\RX´
 $V WKH VWDUILJKWHUV MRFNH\ IRU SRVLWLRQ ODVHU ILUH
IURPWKHIUHLJKWHUVODVKHVDFURVVWKHRQHWRVWDUERDUG
DQG LW H[SORGHV LQWR D VSHFWDFXODU EDOO RI IODPH RI
GHEULV$ODUJHSLHFHLWORRNVOLNHWDLOVHFWLRQ²VSLQV
RII DW DQ DQJOH FROOLGLQJ ZLWK D GLIIHUHQW IUHLJKWHU
RQHWKDWZDVRQO\WU\LQJWRJHWRXWRIWKHZD\
SUHYLRXVHQFRXQWHUIRU'&V
 ³%OXH /HDGHU %OXH /HDGHU %OXH  LV YDSHG

5HSHDW%OXHLVYDSHG´
:KHQ \RX¶UH UHDG\ WR PRYH WKHP LQWR WKH HQFRXQWHU
 ³$Q\RQH DQ\RQH 0D\GD\ 7KLV LV WKH 7KLUG
UHDGRUSDUDSKUDVHWKHIROORZLQJ
 7LPH /XFN\² ZH KDYH ORVW HQJLQH FRQWURO 2XU
SRZHUFRUHLVRXWOLIHVXSSRUWLVIDGLQJIDVW6RPHRQH
7KH DUULYDO LQGLFDWRU FKLUSV LQWHUUXSWLQJ \RXU
SOHDVHKHOSZHDUHGULIWLQJLQWRWKHIOLJKWSDWK´
FRQWHPSODWLRQ RU \RXU 6DEEDFF JDPH 'UXFNHQZHOO

DZDLWV MXVW RXWVLGH RI K\SHUVSDFH (YHU\RQH VTXHH]HV
 7KH KHURHV FDQ GR VHYHUDO WKLQJV KHUH 7KH\ PD\
LQWR WKH FRFNSLW IRU WKH LQLWLDO YLHZ RI WKH IDPRXV
DVVLVW WKH 5HSXEOLF ILJKWHUV LQ VWRSSLQJ WKH IOHHLQJ
LQGXVWULDOV\VWHP
IUHLJKWHU 7KH\ FDQ WU\ WR KHOS RXW WKH GDPDJHG
7KHSLORWSXOOVEDFNRQWKHOHYHOVKXWWLQJGRZQWKH
IUHLJKWHU2UWKH\FDQGRQRWKLQJDQGFRQWLQXHWRZDUGV
K\SHUGULYHV 7KH WXQQHO RI K\SHUVSDFH GLVDSSHDUV
'UXFNHQZHOO
6WDUHORQJDWHDQGWKHQWXUQWRSRLQWVRIOLJKWVDV\RX

UHWXUQWR«6+,3&2//,6,21,00,1(17
/HWVKHOSWKH5HSXEOLF7KHWZRUHPDLQLQJ5HSXEOLF=

V DUH LQ KRW SXUVXLW RI WKH IOHHLQJ 'HVVLQ¶V 'DJJHU
+DYHWKHKHURIO\LQJWKHVKLSPDNHD'&3LORW
8QIRUWXQDWHO\WKH\DUHRXWPDWFKHG7KHIUHLJKWHUFUHZ
FKHFN WR DYRLG KLWWLQJ D IDVW PRYLQJ VKLS IROORZHG
LVVFDUHGDQGWKH\VLPSO\ZDQWWRHVFDSHWKHV\VWHP
LPPHGLDWHO\ E\ VHYHUDO RWKHUV 7KH 5 SLORW
 7KH\ ILUHG RQ WKH 5HSXEOLF VKLSV KRSLQJ WR VORZ
DXWRPDWLFDOO\PDNHVWKHFKHFNEXWEDUHO\²PDNH\RXU
WKHPGRZQ7KDWSODQEDFNILUHG7KHFUHZNQRZVWKH\
GHVFULSWLRQ FLQHPDWLF 7KH KHURHV UHYHUWHG IURP
ZLOOVWDQGWULDOLIFDXJKWDQGWKDWZRXOGQRWEHDJRRG
K\SHUVSDFH ULJKW LQWR WKH PLGGOH RI D FKDVH $
WKLQJ 1RZ WKH\ DUH JHWWLQJ UHFNOHVV DQG RSHQ ILUH RQ
IUHLJKWHU² 'HVVLQ¶V 'DJJHU  LV IOHHLQJ D WULR RI
HYHU\RQH DQG HYHU\WKLQJ LQ DQ DWWHPSW WR ORVH WKHLU
5HSXEOLF =V 7KH SXUVXLW RULJLQDOO\ EHJDQ LQ D
SXUVXHUV
PLOLWDU\VKLSRQO\FRUULGRUDQGKDVPRYHGLQWRWKHRQH
 ,I WKH SDUW\ LV XVLQJ WKH GURLG SLORW LW GRHVQ¶W
GHVLJQDWHGIRUFRPPHUFLDOWUDIILF
YROXQWHHU WR FKDVH 'HVVLQ¶V 'DJJHU ,W FDQ EH
 &KRRVHPRGLI\ WKH WH[W EHORZ GHSHQGLQJ RQ
³SURJUDPPHG´ WR REH\ WKH RUGHU WR GR VR ZLWK D
ZKHWKHU WKH SLORW PDQDJHG WR DYRLG FROOLGLQJ ZLWK WKH
VXFFHVVIXO&RPSXWHU8VHFKHFN'&6WDWVIRU
IUHLJKWHU
WKH IUHLJKWHU DQG WKH GURLG SLORW DUH LQ WKH 13&

DSSHQGL[
 $ODVHUVFRUHGIUHLJKWHUVSLQVE\\RXVRFORVH\RX
 7KH FUHZ ILJKWV XQWLO WKHLU VKLS LV GLVDEOHG RU
FDQFRXQWWKHEROWVLQWKHSODWLQJ<RXEUDFHIRUZKDW
GHVWUR\HG .HHS WKLV IDVW DQG FLQHPDWLF VKRXOG WKH
ORRNV OLNH DQ XQDYRLGDEOH FROOLVLRQ²DQG VRPHKRZ
SOD\HUV FKRRVH WKLV RSWLRQ 7KLV LV QRW PHDQW WR EH D
\RXU SLORW PDQDJHV WR ZUHQFK \RXU VKLS MXVW IDU
ORQJODVWLQJ EDWWOH $ IHZ RSSRVHG 3LORW FKHFNV DQG
HQRXJK GRZQ WR PLVV WKH IUHLJKWHU 7KUHH =
VHYHUDODWWDFNUROOVVKRXOGEULQJDQHQGWRLWTXLFNO\


2XWZDUG%RXQG  3DJH
 DVVLVWDQFHLQVRPHZD\+HLVYHU\FXUWRWKHUZLVH$OVR
)UHLJKWHU LQ GLVWUHVV ,I WKH KHURHV FKRRVH WR KHOS WKH
GDPDJHGFLYLOLDQIUHLJKWHU7KLUG7LPH/XFN\WKH\PD\
GR VR ,WV SRZHU DQG FRQWUROV DUH IDLOLQJ IDVW DQG WKH
YHVVHO KDV QR PDQHXYHUDELOLW\ ,WV FXUUHQW GULIW LV
FDUU\LQJ LW DFURVV WKH IOLJKW SDWK RI RWKHU VWDUVKLSV
:KLOHWKHVHRWKHU VKLSVDUHWU\LQJWRGRGJHDURXQG WKH
IUHLJKWHU LW LV RQO\ D PDWWHU RI WLPH EHIRUH VRPHRQH
FROOLGHVZLWKLW
 7KH KHURHV PD\ WU\ WR VORZ WKH VKLS GRZQ LI WKH\
KDYHDWUDFWRUEHDPPRXQWHGRQWKHLUVKLS7KH6HFRQG
%UHDWK KDV RQH DV GR WKH *XQ 7XJ DQG )LUHVSUD\ LI
LIWKHKHURHVKHOSHGFDSWXUH'HVVLQ¶V'DJJHURUUHVFXH
7KLUG 7LPH /XFN\ WKH FRQWUROOHU VLJQV RII ZLWK D
³7KDQNVIRUWKHDVVLVW´


(QFRXQWHU-HGL.QLJKWV
DQG&ORQH7URRSHUV
.H\LGHDVRIWKLVHQFRXQWHU7KHKHURHVJHWDILUVWKDQG
JOLPSVH DW WKH PLJKW RI WKH QHZ 5HSXEOLF DUP\ 7KH\
PHHWWKH-HGL.QLJKWLQFKDUJHRIWKLVV\VWHP5HQLM-DD
KHURHV RZQ HLWKHU RI WKHVH VKLS W\SHV 7KH KHUR

RSHUDWLQJ WKH WUDFWRU EHDP PDNHV D UDQJHG DWWDFN UROO
5HDG RU SDUDSKUDVH WKH IROORZLQJ DV WKH KHURHV
'&6XFFHVVLQGLFDWHVWKHKHURHVKDYHODWFKHGRQWR
DSSURDFKWKH5HSXEOLFVSDFHVWDWLRQ7KLVLVIODYRUWH[W
WKH GDPDJHG IUHLJKWHU DQG FDQ EULQJ LW XQGHU WKHLU
EXWLW¶VDOVRWKHKHURHV¶ILUVWYLHZRIMXVWDVPDOOSRUWLRQ
FRQWURO
RIWKH*UDQG$UP\RIWKH5HSXEOLF
 $OWHUQDWLYHO\ WKH\ PD\ DWWHPSW WR VORZ WKH

IUHLJKWHU¶V VSLQ E\ QXGJLQJ LW ZLWK WKHLU VKLS 7KLV LV
1RZWKDWWKHFKDVHDQGUHVXOWLQJWXUPRLOKDYHHQGHG
YHU\GDQJHURXVDVWKHKHURHV¶VKLSFRXOGVXIIHUVHULRXV
\RXDUHDEOHWREHWWHUVWXG\'UXFNHQZHOODQGWKHVSDFH
GDPDJH LI LW IDLOV 7KH GURLGSLORW LV XQDEOH WR SHUIRUP
DURXQG LW ,PSUHVVLYH $ZHVRPH 0DVVLYH 2UJDQL]HG
WKLVPDQHXYHU$VXFFHVVIXO'&3LORWFKHFNLV
FKDRV 7KRVH DUH WKH ZRUGV WKDW LPPHGLDWHO\ FRPH WR
UHTXLUHG WR VORZ WKH GDPDJHG IUHLJKWHU 7KH KHURHV¶
PLQG
IUHLJKWHU VWLOO WDNHV G KXOO GDPDJH ZLWK D VXFFHVVIXO
 )URP VSDFH \RX FDQ WHOO WKDW PXFK OLNH
FKHFN <RX FDQ RQO\ FXVKLRQ WKLV W\SH RI FRQWDFW VR
&RUXVFDQW WKH HQRUPRXV FRQWLQHQWV RI 'UXFNHQZHOO
PXFK)DLOXUHQRWRQO\PHDQVWKDWWKHIUHLJKWHULVVWLOO
DUH PRVWO\ FRYHUHG E\ FLWLHV 6FRUHV RI VSDFH VWDWLRQV
VSLQQLQJRXWRIFRQWUROEXWWKHKHURHV¶VKLSVXIIHUVG
DQG SODWIRUPV KDQJ LQ RUELW DERYH WKH SODQH WUDQV
KXOO GDPDJH IURP WKH ³FRQWDFW´ DQG ORVHV SRZHU WR D
DWPRVSKHULF FUDIW ]LSSLQJ WR DQG IUR ,QFRPLQJ DQG
PDMRU V\VWHP ZHDSRQV VHQVRUV HWF EXW QRW WKHLU
RXWERXQGVWDUFUDIWDUHGLYLGHGLQWRVHSDUDWHFRUULGRUV
VXEOLJKWV 7KLV PHWKRG LI VXFFHVVIXO VKRXOG
DQG IXUWKHU VHJUHJDWHG LQWR FLYLOLDQ DQG PLOLWDU\
GHILQLWHO\ ZDUUDQW D )RUFH SRLQW DZDUG WR WKH KHUR
WUDIILF 7LQ\ VWDUILJKWHUV GDQFH WKURXJK WKH EXIIHU
SLORW
]RQHVEHWZHHQPLOLWDU\DQGFLYLOLDQVKLSODQHV

 $ VPDOO KROH ZLGHQV IRU WKH \RXU VKLS LQ WKH
:DWFK WKH VKRZ 7KLV LV WKH OHDVW KHURLF FKRLFH ,W LV D
PLOLWDU\ FRUULGRU DV \RX DUH GLUHFWHG E\ 5HSXEOLF
IDLUO\ VSHFWDFXODU VKRZ LI \RX DUH LQ WR FKDRWLF GHDWK
PLOLWDU\ WUDIILF FRQWURO <RX IORDW LQWR DQ RSHQLQJ
DQG GHVWUXFWLRQ 'HVVLQ¶V 'DJJHU HVFDSHV 2QH RI WKH
EHWZHHQ D &RUYHWWH DQG D KHDYLO\ DUPHG 5HSXEOLF
WZRUHPDLQLQJ 5HSXEOLF ILJKWHUVLVGHVWUR\HG $GR]HQ
6SDFH&UXLVHUIRUWKHUHPDLQGHURI\RXUWUDYHOLQWKH
RUVRFLYLOLDQYHVVHOVDUHGHVWUR\HGRUVHYHUHO\GDPDJHG
FRUULGRU
EHIRUH UHVFXH FUHZV VKRZ XS &KRRVLQJ WKLV RSWLRQ
 )ROORZLQJ LQVWUXFWLRQV \RX SHHO DZD\ IURP WKH
UHVXOWVLQUHSHUFXVVLRQVLQWKHQH[WHQFRXQWHU
UHVW RI WKH WUDIILF DERXW  NLORPHWHU IURP WKH VWDWLRQ

DQGDSSURDFK\RXUGHVLJQDWHGKDQJDU$VHWRIWUDFWRU
5HJDUGOHVV RI ZKLFK RSWLRQ WKH KHURHV¶ FKRVH DERYH
EHDPVWDNHVFRQWURORI\RXUIOLJKWDVVRRQDV\RXSDVV
RQFH WKH VLWXDWLRQ KDV EHHQ UHVROYHG DQG LV XQGHU
WURXJKWKHPDJQHWLFVKLHOGLQJ
FRQWUROWKHLUVKLSLVKDLOHG
 $V \RXU VKLS GULIWV WKURXJK WKH KDQJDU \RX

ZLWQHVV²ILUVWKDQG²WKHPLJKWRIWKHQHZ5HSXEOLF
³+DLO IUHLJKWHU KHURHV VKLS QDPH! 3OHDVH SURFHHG
PLOLWDU\ 7RZHUV RI FDUJR FRQWDLQHUV DUH VWDFNHG LQ
WRODQGLQJED\%HVKRQ5HSXEOLFVSDFHVWDWLRQ1HZ
SUHFLVH RUGHUO\ URZV 7KH PDVVLYH JURXQG WURRS
'DZQ3OHDVHDFNQRZOHGJH´
FDUULHUV$77(¶VULVHOLNHJUDFHIXOOHYLDWKDQVDVWKH\

DUHSUHSSHGIRUWUDQVSRUWWRWKH$FFODPDWRUZDUVKLSV
,IWKHKHURHVGLGQRWKLQJWRKHOSWKH5HSXEOLF=¶VRU
6HUYLFH FUHZV DV HOHJDQWO\ HIILFLHQW DV DQ\ GDQFH
GDPDJHG IUHLJKWHU WKH\ DUH RUGHUHG WR SURFHHG WR WKH
WURXSHVZDUPDERXW5HSXEOLFJXQVKLSV
5HSXEOLFVSDFHVWDWLRQ
 <RXUVKLSSDVVHVEHWZHHQWZRODUJHVKLSVDQGRXW
 6KRXOG WKH KHURHV DVN ZK\ WKH\ PXVW ODQG RQ WKH
LQWR DQ RSHQ DUHD 6SUHDG EHIRUH \RX LV WKH PLJKW RI
VWDWLRQ WKH FRQWUROOHU UHSOLHV ³E\ WKH RUGHUV RI 5HQLM
WKH 5HSXEOLF WKH EDFNERQH RI WKH DUP\ 5RZV DQG
-DD WKH -HGL .QLJKW ZKR FRPPDQGV WKH VWDWLRQ´ 7KH
URZV RI WKH ZKLWH DUPRUFODG WURRSHUV \RX KDYH VHHQ
FRQWUROOHU LV SOHDVDQW WR WKH KHURHV LI WKH\ SURYLGHG


2XWZDUG%RXQG  3DJH
VRRIWHQRIODWHLQWKH+ROR1HZV+XQGUHGVRIIDFHOHVV
VROGLHUV PRYH ZLWK XQFDQQ\ SUHFLVLRQ DV WKH\
PDQHXYHUWKURXJKFRPSOH[GULOOV
 <RXUVKLSJHQWO\WRXFKHVGRZQRQWKHGHFNRIWKH
KDQJDU)URPWKHFRFNSLWYLHZSRUW\RXVSRWDVTXDG
RI WURRSHUV DSSURDFKLQJ \RXU VKLS 7KH\ PDUFK LQ
SUHFLVHIRUPDWLRQPDVVLYHEODVWHUULIOHVFDUULHGWLJKWO\
DFURVVWKHLUDUPRUHQFDVHGFKHVWV
<RX ZDWFK DV WKH\ JHW FORVHU WR \RXU VKLS DQG
GLVDSSHDU XQGHUQHDWK LW 6LOHQFH 7KHQ D VKDUS
UDSSLQJRQWKHKXOODWWKHERDUGLQJUDPS
 SURWHFWRURIWKH5HSXEOLFDQGKHZLVKHVWREHRXWWKHUH
7KH VTXDG LV OHG E\ D VHUJHDQW LGHQWLILHG E\ JUHHQ
VWULSHVRQWKHKHOPHWDQGVLGHVRIWKHDUPVDQGOHJVDQG
JUHHQGRWRQWKHOHIWEUHDVW7KHKHURHVSUREDEO\GRQRW
NQRZ ZKDW UDQN WKLV VLJQLILHV EXW ZH WKRXJKW \RX¶G
ZDQWWRNQRZ
DVVLVWDQFH,WLVJUHDWO\DSSUHFLDWHG1RZLI\RXGRQRW
PLQG,KDYHVRPHTXHVWLRQVIRU\RX6LW3OHDVH´

,IWKHKHURHVGLGQRWKHOSRXWLQDQ\ZD\

³,DP-HGL.QLJKW5HQLM-DD<RXZHUHZLWQHVVWRWKH
HYHQWV LQYROYLQJ RXU ILJKWHUV DQG D URJXH IUHLJKWHU ,
KDYHVRPHTXHVWLRQVIRU\RX´

5HQLM -DD LV WKH FKLHI FRRUGLQDWRU IRU WKH 5HSXEOLF
IRUFHV KHUH DQG WKLV LUULWDWHV KLP +H LV D -HGL D
GRLQJVRQRWVWXFNKHUH+HLVVWUXJJOLQJWRPDVWHUKLV
LPSDWLHQFHDQGIUXVWUDWLRQEXWKLVLOOPRRGPDNHVKLP
DEUXSWDQGVRKHLVWRWKHSRLQWGXULQJWKHLQWHUYLHZ
 5HQLM¶V TXHVWLRQV DUH UDWKHU EDVLF PHDQW PDLQO\
MXVWWRFROOHFWWKHQHFHVVDU\LQIRUPDWLRQWRILOHDUHSRUW
0RGLI\WKHIROORZLQJDVDSSURSULDWHIRU\RXUSDUW\
 ³<RX ZLOO FRPH ZLWK XV´ 7KH YRLFH LV
HPRWLRQOHVV PHFKDQL]HG DQG D OLWWOH FKLOOLQJ ³/HDYH
DOOZHDSRQVDERDUG\RXUVKLS7KH-HGLPD\NHHSWKHLU
OLJKWVDEHUV´
 7KHFORQHWURRSHUVWUHDWDOOWKHKHURHVUHVSHFWIXOO\
XQOHVV JLYHQ D UHDVRQ QRW WR 7KH VROGLHUV VHHP
SDUWLFXODUO\UHVSHFWIXORIDQ\ -HGLLQWKHSDUW\DVORQJ
DV WKH\ DUH QRW UXGH RU DEXVLYH²VXFK EHKDYLRU LV
N :KRDUH\RX"
N :KHUHDUH\RXLQERXQGIURP"
N :KDWGLG\RXVHH"
N (WF.HHSWKHTXHVWLRQVUHOHYDQWWRWKHWRSLF

5HQLMDVNVHDFKKHURZKDWWKH\VDZDQGGRHVQRWDFFHSW
³ZKDWKHVKHVDLG´DVDQDQVZHU+HUR-HGLDUHTXHULHG
DERXW ZKHUH WKH\ DUH EHLQJ WUDLQHG ZKR WKHLU
PDVWHUVPHQWRUV DUH DQG VR RQ 5HQLM ZRQGHUV ZK\
LJQRUHG ,I WKH KHURHV DVVLVWHG LQ KHOSLQJ HLWKHU WKH
ILJKWHUV RU WKH GDPDJHG IUHLJKWHU WKH\ DUH HYHQ PRUH
UHVSHFWIXO 7KHVH WURRSHUV DUH LQ WKH FRPSDQ\ RI WUXH
SDWULRWV RI WKH 5HSXEOLF DQG NQRZ LW ,I WKH KHURHV MXVW
ZDWFKHG WKH HYHQWV XQIROG WKHQ WKH FORQH WURRSHUV DUH
UHVSHFWIXOEXWFXUWDQGGLUHFW,QDQ\FDVHWKH\GRQRW
HQJDJHLQVPDOOWDON
 7KH FORQH WURRSHUV OHDG WKH KHURHV WKURXJK WKH
KDQJDU JLYLQJ WKHP D FORVHXS YLHZ RI ZKDW WKH\ VDZ
IURPWKHLUVKLS
 7KH KHURHV DUH OHG LQWR D WXUEROLIW IRU D VKRUW WULS
XS WKHQ LQWR D VSDUWDQ FRQIHUHQFH URRP $ ODUJH WDEOH
RFFXSLHVPRVWRIWKHURRP,WKDVWZHOYHFKDLUVDURXQG
LW DQG D KRORSURMHFWRU LQ WKH PLGGOH 7KHUH DUH YDULRXV
FRQQHFWLRQV IRU GDWDSDGV VKRXOG DQ\RQH ORRN ,I
KRZHYHU DQ\ RI WKH KHURHV ZLVK WR VOLFH WKH 5HSXEOLF
PLOLWDU\ QHWZRUNWKH\ IDFHVHFXULW\ ZLWKDVWDUWLQJ'&
RI  3OHDVH QRWH DQ\ KHUR ZKR DWWHPSWV WKLV RQ WKH
FULWLFDO HYHQW VXPPDU\ 6XFK DWWHPSWV DUH ORJJHG 7KH
URRP¶VRQO\YLHZSRUWORRNVRXWRYHUWKHEXV\PLOLWDU\
VKLSFRUULGRU
 6HYHUDOPLQXWHVODWHUDGGLIDKHURWULHGWRVOLFH
WKHVH-HGLJHWWRIO\DURXQGWKHJDOD[\GRLQJVRPHWKLQJ
ZKLOH KH LV KHUH EDE\VLWWLQJ ZDU PDWHULDO EXW LV WRR
SURIHVVLRQDOWRIODWRXWDVNWKDWTXHVWLRQ
 ,IWKHKHURHVZHUHKHOSIXOWKHQ5HQLMWHOOVWKHPWKH
5HSXEOLF ZLOOSD\ IRUDQ\GDPDJHWKHLUVKLS PD\ KDYH
VXVWDLQHG7KH\MXVWQHHGWRKDYHWKHELOOVHQWWRKLP
 6KRXOG DQ\ KHUR KDYH DWWHPSWHG WR VOLFH WKH
5HSXEOLFQHWZRUN5HQLMUHPLQGVWKHPVXFKDQRIIHQVH
LV FRQVLGHUHG WUHDVRQ DQG SXQLVKDEOH E\ LPSULVRQPHQW
RQ.HVVHO7KLVLVWKHLURQHWLPHZDUQLQJ
 2QFH DOO WKH KHURHV KDYH EHHQ LQWHUYLHZHG 5HQLM
WKDQNV WKHP DQG VLJQDOV IRU WKH FORQH WURRSHU VHUJHDQW
WRHVFRUWWKHKHURHVEDFNWRWKHLUVKLS
 +HLV ZLOOLQJWRDQVZHUTXHVWLRQVIURPWKHKHURHV
EXWRQO\DVWKH\SHUWDLQWRWKHFKDVH
N :K\ ZDV WKH IUHLJKWHU WU\LQJ WR JHW DZD\" 7KH\
SODQWHG D GHYLFH DERDUG D OX[XU\ OLQHU :H DUH
VWLOODQDO\]LQJH[DFWO\ZKDWLWVSXUSRVHZDV
N :HUH WKH\ DOLJQHG ZLWK WKH 6HSDUDWLVWV" 3RVVLEO\
EXW , GRXEW LW 7KH\ DSSHDU PRUH OLNH
LQGHSHQGHQW RSHUDWRUV 7KH IDFW WKH\ ZHUH
ZLOOLQJWRILJKWWRWKHGHDWKGRHVQRWORRNJRRG
WKHQHWZRUNDQLQGLYLGXDOLQEURZQUREHVZDONVLQ+H :KDWHYHUWKH\KDGSODQQHGZDVEDG9HU\EDG
LVDERXW+XPDQKHLJKWDQGVL]HEXWKDVWZRODUJHKRUQV 
JURZLQJ GRZQ RXW RI WKH VLGHV RI KLV KHDG $ '& 7KH FORQH WURRSHUV HVFRUW WKH KHURHV EDFN WR WKHLU VKLS
.QRZOHGJH DOLHQ VSHFLHV FKHFN WR NQRZ WKLV LV DQ DQG D SDLU RI =V HVFRUWV WKH KHURHV EDFN WR WKH
,NWRWFKLWKHVSHFLHVRI-HGL0DVWHU6DHVHH7LLQSLFWXUH FLYLOLDQ IOLJKW FRUULGRU ,I WKH KHURHV KHOSHG RXW LQ WKH
RQSRI$OLHQ$QWKRORJ\ FKDVHWKH\SHHORIIZLWKDIULHQGO\ZDJJOHRIWKHZLQJV
 ,IWKHKHURHVKHOSHGLQWKHSUHYLRXVHQFRXQWHU ³, 
DP -HGL .QLJKW 5HQLM -DD 7KDQN \RX IRU \RXU


2XWZDUG%RXQG  3DJH
 QXPEHURISUHVHUYHGQDWXUDOVLWHV
(QFRXQWHU'URSSLQJ2II  7KHIOLJKWGRZQLVSOHDVDQW+LJKO\HIILFLHQWIOLJKW
FRQWUROOHUV PDQDJH WKH VZDUP RI VWDUVKLSV DQG
WKH*RRGV DWPRVSKHULF FUDIW WUDYHOLQJ IURP RUELW WR WKH VXUIDFH
DQG YLFH YHUVD 7UDIILF FRUULGRUV PHUJH DQG VSOLW
.H\LGHDRIWKLVHQFRXQWHU:KLOHGHOLYHULQJWKHLUFDUJR
VPRRWKO\
WKH KHURHV DUH DWWDFNHG E\ WKH %URWKHUKRRG 7KH\ PXVW
 <RX DUH JXLGHG WR D ODQGLQJ SDG RQ WKH FRDVW RI
ILQGRXWZK\WKHDWWDFNKDSSHQHGDQGZKHUHWKHSLUDWHV
WKH VRXWKHUQ FRQWLQHQW &U\VWDO EOXH RFHDQ VSDUNOHV
DUHEDVHG
EHQHDWK \RXU FUDIW DV \RX DSSURDFK 7DJJRQ WKH FLW\
7KHUH¶V OLNHO\ WR EH D ILJKW KHUH DW VRPH SRLQW²
WKDW LV KRPH WR WKH 7DJJH&R &RUSRUDWLRQ DQG WR
WKHUH DUH WZR PDSV RQH IRU D ZDUHKRXVH DQG WKH RWKHU
+RXVH'¶9DLOV
IRU D VWUHHW 3OHDVH UHYLHZ WKH PDSV DQG GR VRPH
 7KH VPRRWK OLQHV RI 7DJJRQV EXLOGLQJV JLYH ZD\
SODQQLQJ EHIRUH WKH ILJKW DV ERWK KDYH FRYHU DQG
WRWKHIXQFWLRQDOVKDSHRIIDFWRULHVDQGZDUHKRXVHVDV
PXOWLSOH OHYHOV² ZH WKRXJKW WDNLQJ FRPEDW LQWR WKUHH
\RX DUULYH DW GRFNLQJ ED\  7KH SULYDWH ZDOOHG
GLPHQVLRQVPLJKWPDNHLWPRUHLQWHUHVWLQJERWKIRU\RX
ED\ LV FOHDQ $ UHSXOVRU VNLII IORDWV DJDLQVW RQH ZDOO
DQGWKHSOD\HUV
VLOHQWO\DZDLWLQJDFDUJRWRWUDQVSRUW


$OPRVW DOO RI WKH 'UXFNHQZHOO¶V ODQG PDVV LV FRYHUHG
3DG  LV D ZDOOHG ODQGLQJ ED\ PXFK OLNH 'RFNLQJ
E\VSUDZOLQJLQGXVWULDOPHWURSOH[HV7KHOLWWOHODQGQRW
%D\LQ0RV(LVOH\$VVRRQDVWKHKHURHVVKXWGRZQ
WDNHQ XS E\ EXLOGLQJV LV SURWHFWHG QDWXUDO DUHD /DUJH
DQGH[LWWKHLUVKLSDVPDOOJURXSHQWHUVWKHODQGLQJED\
EOXH RFHDQV VHSDUDWH WKH SODQHW¶V FRQWLQHQWV IURP RQH
7KH\ DSSHDU WR EH ODERUHUV RI VRPH VRUW DQG VHYHUDO
DQRWKHU DQG DUH XQGHYHORSHG 5HPDUNDEO\ WKH
VNLIIV FDQ EH VHHQ MXVW RXWVLGH WKH HQWUDQFH $ +XPDQ
DWPRVSKHUH LV NHSW FOHDQ 7KH FLWL]HQV OLYLQJ KHUH DQG
PDOHVWHSVIRUZDUGDQGJUHHWVWKHKHURHV
WKHLU OHDGHUV EHOLHYH YHU\ PXFK LQ QRW SROOXWLQJ DQG

GHVWUR\LQJ WKHLU SODQHW 'UXFNHQZHOO KDV D SRSXODWLRQ
³+RZG\ <RX¶UH VKLS¶V WKH KHURHV VKLS QDPH!
RIELOOLRQEHLQJV<HVELOOLRQ,WLVJRYHUQHGE\D
ULJKW"7KLVWKHVWXIIIRU'¶9DLOV"´
FRXQFLO RI UHSUHVHQWDWLYHV IURP WKH PDMRU FRUSRUDWLRQV

TXDUWHUHG RQ WKH SODQHW 7KLQN RI LW DV D FOHDQHU
7KHVHEHLQJVDUHSDUWRIWKH%URWKHUKRRG7KH\DUHKHUH
&RUXVFDQWZLWKRFHDQV
WR DFTXLUH WKH KHURHV¶ FDUJR E\ ZKDWHYHU PHDQV
 'UXFNHQZHOO OLHV RQ WKH &RUHOOLDQ 5XQ LQ WKH 0LG
QHFHVVDU\7KHLUOHDGHUWKH+XPDQLV/DQ&ULVK+HLV
5LP,WVKHDY\LQGXVWU\DQGHQRUPRXVVWDUVKLSIDFLOLWLHV
QLFH LQ D JUHDV\ VRUW RI ZD\ /DQ DWWHPSWV WR FRQ WKH
RQ SODQHW DQG LQ RUELW PDNH LW DQ LGHDO VSRW IRU WKH
KHURHV LQWR WXUQLQJ WKH FDUJR RYHU WR KLV PHQ VD\LQJ
5HSXEOLFPLOLWDU\WRXVHDVDVWDJLQJDUHD'UXFNHQZHOO
WKH\ DUH D GHOLYHU\ FRPSDQ\ FRQWUDFWHG E\ +RXVH
LV RQH RI WKH IHZ SODQHWV WKDW FDQ KDQGOH WKLV W\SH RI
'¶9DLOV,IWKHKHURHVFRQWDFW+RXVH'¶9DLOVWKH\OHDUQ
RSHUDWLRQ
WKDWQRGHOLYHU\VHUYLFHKDVEHHQFRQWUDFWHGWREULQJWKH
 7KH SUHVHQFH RI WKH 5HSXEOLF PLOLWDU\ KDV RQO\
FDUJRWRWKHP7KHKHURHVDUHVXSSRVHGWRFRPP+RXVH
VOLJKWO\ GLVUXSWHG OLIH KHUH 7KH SODQHWDU\ JRYHUQPHQW
'¶9DLOV WR DUUDQJH IRU SLFNXS 6KRXOG WKH KHURHV WDON
KDVORDQHG²XQGHUSUHVVXUHIURPWKH*DODFWLF6HQDWH
ZLWK+RXVH'¶9DLOVRSHQO\LQIURQWRIWKH%URWKHUKRRG
D QXPEHU RI VSDFH VWDWLRQV DQG SODWIRUPV DV ZHOO D
WKHSLUDWHVDWWDFNLPPHGLDWHO\
JURXQG IDFLOLWLHV IRU WKH 5HSXEOLF WR XVH 6SDFH ODQHV

ZHUH FUHDWHG IRU WKH PLOLWDU\ VKLSV WR XVH XQKLQGHUHG
2SWLRQVIRUGHDOLQJZLWKWKH%URWKHUKRRG
E\FLYLOLDQSLORWV
 5HIXVH WR WXUQ RYHU WKH FDUJR /DQ LV H[SHFWLQJ
 5HPHPEHU WKH ³ODQHV´ RI WUDIILF RQ &RUXVFDQW"
WKLV DQG KH DQG KLV ER\RV DUH UHDG\ WR URFN
:HOOLWLV PXFKWKHVDPH KHUH(YHU\RQH IO\LQJDERYH
:HDSRQV FRPH RXW DQG EODVWHU EROWV HUXSW 7KH
WKHSODQHWDQGLQLWVDWPRVSKHUHLVGHVLJQDWHGDODQHWR
SLUDWHV¶ ZHDSRQV DUH VHW WR NLOO 7KH ODQGLQJ
IO\LQ
ED\ZDUHKRXVH FRPEDW PDS KDV PXOWLSOH
 6LQFH 'UXFNHQZHOO LV ODUJHO\ D SODQHW RI EXVLQHVV
OHYHOVFUDWHVDQGEDUUHOVDQGWKHKHURHV¶VKLSDQG
WKH 6HSDUDWLVWV KDYH VRPH V\PSDWKL]HUV KHUH 7KH
WKHVNLIISURYLGHFRYHU
5HSXEOLF PLOLWDU\ SUHVHQFH NHHSV VXFK VXSSRUW YHU\
 $JUHH WR WKHLU UHTXHVW WXUQ RYHU WKH FDUJR DQG
TXLHWDQGDOPRVWLQYLVLEOH%XWLWLVSUHVHQW
DFFRPSDQ\ WKH SLUDWHV 7KH KHURHV DUH VXVSLFLRXV

HQRXJK DW OHDVW WR ZDQW WR WUDYHO ZLWK WKH SLUDWHV
<RX EHJLQ \RXU GHVFHQW LQWR 'UXFNHQZHOO¶V
ZKHQ WKH\ GHOLYHU WKH FDUJR WR '¶9DLOV 6LQFH WKH
DWPRVSKHUH 7KH SODQHW EHORZ \RX LV D ZRQGHU /LNH
SLUDWHVKDYHQRLQWHQWLRQRIGHOLYHULQJWKHPDWHULDO
&RUXVFDQW EXLOGLQJV FRYHU PXFK RI WKLV SODQHWV
WR +RXVH '¶9DLOV D ILJKW LV OLNHO\ WR HQVXH <RX
VXUIDFH +RZHYHU XQOLNH WKH JDODFWLF FDSLWDO
FDQ DOORZ WKH JURXSV WR JHW RXW RI WKH ED\ EHIRUH
'UXFNHQZHOO DOVR ERDVWV VHYHUDO ODUJH RFHDQV DQG D
VSULQJLQJ WKLV RQ WKHP FRPEDW PDS  7KH


2XWZDUG%RXQG  3DJH
 %URWKHUKRRGZLOOVWHHUWKHVNLIIVLQWRYDFDWHGEDFN
WKRURXJKIDUHV DQG DWWDFN &RYHU RQ WKH VWUHHW LV
OLPLWHGEXWWKHUHDUHPXOWLSOHOHYHOVDQGWKHSLUDWHV
DUHIDPLOLDUZLWKWKHDUHD7KH\WDNHIXOODGYDQWDJH
RIWKUHHGLPHQVLRQDOWDFWLFV
 $JUHHWRWKHLUUHTXHVWWXUQWKHFDUJRRYHUWRWKHP
DQGOHWWKHPOHDYH:HOOWKLVFRXOGKDSSHQEXWLV
XQOLNHO\ ,I LW GRHV WKH SLUDWHV TXLFNO\ ORDG WKH
FDUJR DQG KDXO MHWV 3OHQW\ RI FKXFNOHV FDQ EH
KHDUGDVWKH%URWKHUKRRGOHDYHVVKRXOGWKLVRSWLRQ
EHXVHG
 N
,IRUZKHQDILJKWEUHDNVRXWWKH%URWKHUKRRGWULHVWR
VWD\ RXW RI PHOHH 7KH\ OLNH EODVWHUV 7KH\ DOVR OLNH
FRYHUDQGGRWKHLUEHVWWRJHWEHKLQGLW
 7KHQXPEHURISLUDWHVSUHVHQWGHSHQGVRQWKHWLHU
7KH\ ILJKW XQWLO KDOI WKHLU QXPEHU LV HLWKHU GHDG RU
XQFRQVFLRXV RU XQWLO /DQ &ULVK IDOOV ,I SRVVLEOH RQH
SLUDWHQHHGVWRVXUYLYHWKHILJKWIRUTXHVWLRQLQJ
 1HHGOH
:KDWGRHVWKH%URWKHUKRRGNQRZ"
N :KDW/DQ&ULVKNQRZV7KH%URWKHUKRRGZDVKLUHG
WR JUDE WKH KHURHV¶ FDUJR +LV ERVV 'DFU 9UROP
WROG KLP ZKHQ DQG ZKHUH WKH KHURHV¶ VKLS ZRXOG
DUULYH+HJDYH/DQDJURXSRISLUDWHVDQGVHQWKLP
WRIHWFK2QFHWKH\KDGSRVVHVVLRQRIWKHFDUJRWKH
SLUDWHV ZHUH WR FRQWDFW 'DFU IRU GLUHFWLRQV WR WKH
GHOLYHU\ SRLQW /DQ FDQ WHOO WKH KHURHV ZKHUH WKH
ROGKLGHRXWZDVDQGOHDGWKHPWKHUHLIWKH\LQVLVW
VKLSPHQW /RVW H[SORVLYHV LQ WKDW TXDQWLW\ FDQ
FDXVH ORWV RI KDUP $PLU NQRZV QRWKLQJ RI ZKHUH
WKH\ DUH RU ZKHUH WKH\ PD\ EH 7KHUH LV PXFK
XQGHUZRUOG DFWLYLW\ RQ 'UXFNHQZHOO DV ZHOO DV
VRPHUXPRUHGV\PSDWK\IRUWKH6HSDUDWLVWV
N &DOO5HQQD7KH5RGLDQLVVRPHZKDWVXUSULVHGWKH
%URWKHUKRRG ZRXOG EH VR EROG DV WR DWWDFN RQ
'UXFNHQZHOO6KHVWLOO ZDQWV WKHILUVWFDUJRIRXQG
DQGDGYLVHVWKH KHURHVWR JHW WKHLUFDUJRGHOLYHUHG
TXLFNO\ 7KH ORFDO XQGHUZRUOG PD\ EH D JRRG
VWDUWLQJSODFH
/RRN IRU WKH VWROHQ FDUJR $ FRXSOH RI GLIIHUHQW
DSSURDFKHVFDQEHWDNHQKHUH7KHVHLQFOXGHKLWWLQJ
WKHVWUHHWVDQGXVLQJ*DWKHU,QIRUPDWLRQRUWU\LQJ
WRPDNHFRQWDFWZLWKWKHORFDOXQGHUZRUOG


(QFRXQWHU6HDUFKLQJIRUD
.H\ LGHDV RI WKLV HQFRXQWHU 7KH KHURHV VHDUFK IRU
5HQQD¶V VWROHQ FDUJR ,Q WKH SURFHVV WKH\ GLVFRYHU D
VHFUHWWKDWSXWVWKH5HSXEOLFPLOLWDU\LQJUDYHGDQJHU

7KLV HQFRXQWHU EHJLQV ZKHQ WKH KHURHV VWDUW VHDUFKLQJ
IRU WKH VWROHQ FDUJR ,W LV D UROHSOD\LQJ HQFRXQWHU VR
DGMXVWWKHWLPHWDNHQEDVHGRQKRZORQJ\RXKDYHOHIW
 6KRXOGWKH KHURHV VWDUW PDNLQJLQTXLULHVDERXWWKH
ORFDO XQGHUZRUOG KDYH WKHP UROO D .QRZOHGJH
7KHZDUHKRXVHLVHPSW\DVLWZDVGHVHUWHGDOPRVW VWUHHWZLVHFKHFN'&6XFFHVVLQGLFDWHVWKH\
IRXUKRXUVDJR KDYHIRXQGDFRQWDFWWKDWFDQJHWWKHPDPHHWLQJZLWKD
N :KDW WKH RWKHU SLUDWHV NQRZ 7KHLU QDPH DQG /DQ ORFDO³HQWUHSUHQHXU´
&ULVKLVWKHJDQJOHDGHU7KH\DUHPXVFOHRQO\DQG  7KLV LQGLYLGXDO¶V QDPH LV )HQL[ +H LV DQ LQIR
QRWSULY\WRDQ\XVHIXOLQIRUPDWLRQ
 'UXFNHQZHOO¶VXQGHUZRUOG+HNQRZVVRPHWKLQJDERXW
7HQ URXQGV DIWHU WKH ILJKW HUXSWV 'UXFNHQZHOO¶V
&RUSRUDWH 5HDFWLRQ )RUFH WKH ORFDO ODZ HQIRUFHPHQW
DUULYHV RQ VFHQH ,I WKH JURXSV DUH VWLOO ILJKWLQJ WKH
&5) VWDUWV XVLQJ VWXQ EODVWHUV DQG VWXQ JUHQDGHV XQWLO
HYHU\RQHLVXQFRQVFLRXVRUKDVVXUUHQGHUHG2WKHUZLVH
WKH\ WDNH VWDWHPHQWV DERXW ZKDW KDV KDSSHQHG DQG
FROOHFWDQ\VXUYLYLQJ%URWKHUKRRG+RORUHFRUGHUVKDYH
WDSHGWKHEUDZO VRWKH KHURHVDUHLQ WKHFOHDUDVORQJ
PHUFKDQW LQIRFKDQW OLYLQJ LQ WKH VKDGRZV RI
HYHU\WKLQJDQGKDVFRQWDFWVLQUDWKHUVXUSULVLQJSODFHV
)HQL[¶V XVXDO KDQJRXW LV D EDU %RWFKD¶V LQ RQH RI WKH
IDFWRU\GLVWULFWV
 'UXFNHQZHOO¶VVWUHHWV²RQDOOOHYHOV²WKURQJZLWK
EHLQJV RI HYHU\ VWULSH DQG VSHFLHV %RWFKD¶V LV DW WKH
FHQWHURIDWHHPLQJVZLUORIDFWLYLW\7KHQHRQOLJKWVLQ
IURQW KDYH VXIIHUHG IURP DEXVH DQG QHJOHFW DQG
FXUUHQWO\DGYHUWLVH³%RF²V´
DVWKH%URWKHUKRRGGLGLQIDFWVWDUWWKHILJKW7KH&5)
VWURQJO\UHTXHVWVDQ\FDUELQHVRUULIOHVWKHKHURHVKDYH
LQ KDQG EH VWRUHG DERDUG WKHLU VKLS IRU WKH GXUDWLRQ RI
WKHLUVWD\RQ'UXFNHQZHOO0DNHLWFOHDUWKDWWKHKHURHV
DUHEHLQJFXWDEUHDNKHUH
 6WDU :DUV (SLVRGH ,, $WWDFN RI WKH &ORQHV \RX ZLOO
:HOOZKDWWRGRQRZ"
N )LQLVK WKH GHOLYHU\ WR +RXVH '¶9DLOV 7KLV JRHV
ZLWKRXW DQ\ KLWFK :KHQ WKH\ FDOO +RXVH '¶9DLO
WKH\ DUH JUHHWHG FRXUWHRXVO\ +RXVH HPSOR\HHV
XQORDGWKHFUDIWZKLOH$PLU'¶9DLOPHHWVZLWKWKH
KHURHV +H WKDQNV WKHP IRU WKHLU HIILFLHQF\ DQG
KRSHV WKH\ FDQ VXFFHVVIXOO\ UHFRYHU WKH ILUVW

2XWZDUG%RXQG
 ,QVLGH LV GHILQLWHO\ D ZRUNLQJ FODVV SODFH $
QXPEHU RI GLIIHUHQW EHLQJV DUH SUHVHQW KHUH UHJDUGOHVV
RIWKHWLPHRIGD\(YHU\WKLQJPXVWEHYLHZHGWKURXJK
WKH UHTXLUHG OD\HU RI KD]H DQG PL[HG RGRU RI DOFRKRO
VZHDW DQG ³RWKHU VWXII´ ,I \RX YLVXDOL]H WKH EDU IURP
KDYHDJRRGEDVH
 7KHKHURHVPD\VSOLWXSDQGORRNDURXQG'ULQNVDW
WKH EDU UDQJH IURP  FUHGLWV WR  FUHGLWV 8QOHVV WKH
EX\HULVDIHPDOHRUGHULQJD³JLUO\´GULQNHDUQV\RXDQ
LQVXOWLQJ FRPPHQW DQG VWDUH IURP RQH RI WKH WKUHH
8JQDXJKWEDUWHQGHUV7KH\VFUDPEOHDURXQGEHKLQGWKH
EDU RQ D UDLVHG ZDONZD\ DOORZLQJ WKHP HDV\ UHDFK RI
 3DJH
ERWKGULQNVDQGSDWURQV7KHLURXWILWVDUHVRVWDLQHGWKDW
WKHRULJLQDOFRORULVKDUGWRGHWHUPLQH
 %HLQJV DOO YDULHW\ DQG RFFXSDWLRQ DUH SUHVHQW
:KLOHPRVWDUHQRWLQWHUHVWHGLQWDONLQJZLWKWKHKHURHV
D IHZ ZLOO 7KLV LV D FKDQFH WR JLYH WKH KHURHV² DQG
SOD\HUV² D OLWWOH SHUVRQDO SHUVSHFWLYH RQ ZKDW¶V JRLQJ
RQDURXQGWKHJDOD[\
$IWHU D IHZ PLQXWHV DQG VRPH
LQWHUDFWLQJUROHSOD\LQJ WKH KHURHV VSRW )HQL[ +ROGLQJ
FRXUWDWDWDEOHQHDUWKHEDFNRIWKHEDULVDODUJHIRXU
DUPHG EHLQJ 5HPHPEHU 'H[WHU -HWWVWHU IURP 6WDU
:DUV (SLVRGH ,, $WWDFN RI WKH &ORQHV" )HQL[ LV D
\RXU VLVWHU (YHU\WKLQJ¶V EHHQ ERXJKW XS *HWV
ERXJKWDOPRVWEHIRUHLWFRPHVRQWKHPDUNHW
N 7KLQJV¶V EHHQ TXLHW ODWH²WRR TXLHW , WKLQN
VRPHWKLQJELJLVJRLQJRQMXVWXQGHUWKHVXUIDFH,
FDQ¶W SXW P\ ILQJHU RQ LW EXW PDUN PH²WKHUH¶V
VRPHWKLQJKHDWLQ¶XS
N 7KHUH¶V D JURXS RI WKHP 6HSDUDWLVW V\PSDWKL]HUV
WKDW KDYH JRWWHQ VRPH VWURQJ FUHGV 7KH\ EHHQ
GRLQJ VWLUULQJ WKH SRW UXPEOLQJ µERXW KRZ WKH
6HQDWH JRW QR ULJKW WR KDYH DQ DUP\ KRZ WKH
5HSXEOLFLVVLQNLQJOLNHDEDQWKDLQDVZDPS
N +DK² WKDW FDXJKW \D GLG LW" ,¶P JXHVVLQ¶ IURP
PHPEHU RI WKH VDPH VSHFLHV WKH 2MRP 7ZR RWKHU
EHLQJVVKDUHWKHWDEOHZLWK)HQL[D5RGLDQPDOHDQGD
*UDQ IHPDOH 7KH\ DUH WDONLQJ DPRQJVW WKHPVHOYHV
)HQL[ LQ D UDWKHU DQLPDWHG IDVKLRQ +H DOVR VHHPV WR
KDYHVSLOOHG PRVWRIKLVGULQNHLWKHURQKLPVHOIRUWKH
WDEOHDQGIORRU7KLVLVDJRRGFKDQFHIRUDKHURWRJHW
\RXU UHDFWLRQ WKDW \RX¶G MXVW DV VRRQ QRW VHH D
EXQFKD WKHP 5HSXEOLF VROGLHUV GLH" 0\ VRXUFHV
VD\ WKDW WKH\¶YH JRW µHP D VKLS SDFNHG LW ZLWK
H[SORVLYHV  SURJUDPPHG D GURLG WR UDP LW LQWR
RQHR¶WKHPELJ$FFODPDWRUFODVVVKLSV
N ,W VR KDSSHQV , PLJKW NQRZ ZKHUH \RX PLJKW ILQG
RQKLVJRRGVLGHTXLFNO\²EULQJ)HQL[DQRWKHUGULQN WKDWVKLS1DPH¶VWKH)LUVW/LJKWDQG\RXFDQILQG
$OORZ RQH RI WKH PRUH TXLHW SOD\HUV WR VSRW KLP ILUVW LW RQ ODQGLQJ SODWIRUP ,,% 0LJKW ZDQW WR KXUU\
DQG JLYH WKDW SHUVRQ D FKDQFH WR LQLWLDWH WKH WKRXJK«
FRQYHUVDWLRQZLWKWKH2MRP 
 $MRYLDOJRRGQDWXUHGDQGVRPHZKDWLQWR[LFDWHG 
EHLQJ )HQL[ VWDQGV DQG JLYHV D PLJKW\ IRXUDUPHG
UDQFRUKXJWRDQ\RQHEULQJLQJKLPDGULQN+HGHFODUHV (QFRXQWHU7R6WULNH:KHUH
DQ\ VXFK EHQHIDFWRU D IULHQG LPPHGLDWHO\²DQG IRU DV
ORQJDVWKHDOFRKROFRPHV7KHPLJKW\2MRPGLVPLVVHV
/HDVW([SHFWHG«
KLVRWKHUJXHVWVDQGWHOOVWKHKHURHVWRVLW .H\LGHDVRIWKLVHQFRXQWHU7KHPRRGRIWKLVHQFRXQWHU
 VKRXOG EH RQH RI WHQVLRQ DQG P\VWHU\ 7KH KHURHV KDYH
³:KDWLVLW)HQL[FDQGRIRU\RXP\IULHQGV":KDW
PD\)HQL[SURYLGHIRU\RX"´
7KH 2MRP¶V DOFRKROVRDNHG EUHDWK KLWV \RX LQ WKH
IDFH OLNH D FKDUJLQJ EDQWKD *UDEELQJ KLV GULQN
)HQL[JXOSVLWGRZQLQRQHVZDOORZ$WOHDVWVRPHRI
LW $ VLJQLILFDQW SRUWLRQ UXQV GRZQ KLV IDFH DQG RQWR
KLVDOUHDG\VRDNHGFORWKLQJ
 DUH XQVXFFHVVIXO EXW D KHOSIXO DLGH UHFRPPHQGV WKH\
:KLOH )HQL[ KDV KDG D ELW WR GULQN KH LV QRW DW DOO
GUXQN0RVWRIWKHGULQNVDUHRQKLVVKLUWIRUDUHDVRQ,I
WKH KHURHV ZDQW LQIRUPDWLRQ WKH SULFH LV GULQNV SOXV
GDWDULHV)HQL[LVDVDYY\EXVLQHVVEHLQJDQGKHORYHVWR
EDUJDLQ+HVWDUWVDWGDWDULHVEXWKH¶VRSHQWRWKH
SHUVXDVLRQV RI GULQNV D OLYHO\ EDUWHU VHVVLRQ DQG DQ\
XVHIXORULQWHUHVWLQJLQIRUPDWLRQWKHKHURHVPLJKWKDYH
WR VKDUH ZLWK KLP +LV ORZHVW DFFHSWDEOH ELG LV 
GLVFRYHUHG WKDW WKH 6HSDUDWLVW V\PSDWKL]HUV LQWHQG WR
DWWDFNWKH5HSXEOLFPLOLWDU\7KH\PXVWPRYHWRZDUQWKH
5HSXEOLFDQGSUHYHQWWKHWUDJHG\IURPRFFXUULQJ

,I WKH KHURHV WU\ WR ZDUQ WKH DXWKRULWLHV WKH\ DUH WROG
³LW¶OO EH WDNHQ FDUH RI´ ZLWKRXW LQVSLULQJ PXFK
FRQILGHQFHWKDWLWZRXOGEH$WWHPSWVWRUHDFK5HQLM-DD
FRQILUP WKH UXPRU ZKLOH KH WULHV WR ILQG WKH -HGL 2XU
KRSHLVWKDWWKHKHURHV ZLOO ZHOOWDNHWKHKHURLFRSWLRQ
DQGWU\WRVWRSLWWKHPVHOYHV

5DFLQJIUDQWLFDOO\WKURXJK'UXFNHQZHOO¶VKHDY\WUDIILF
\RX DUULYH DW ODQGLQJ SODWIRUP ,,% WR ILQG WKH )LUVW
/LJKW ORDGHG DQG UHDG\ WR WDNH RII 7KH HQJLQHV DUH
ZKLQLQJLQSUHIOLJKWSRZHUXSDQGWKHUDPSLVULVLQJ
GDWDULHVDQGGULQNV
 7KLV VKRXOG EH D UROHSOD\LQJ RSSRUWXQLW\ 8VH RI
)RUFH SRZHUV ,QWLPLGDWH HWF LV LQDSSURSULDWH DQG
VKRXOGEHGLVFRXUDJHG
 )HQL[ NQRZV D JUHDW GHDO² IHHG WKHVH ELWV RXW DV
SDUW RI WKH UROH SOD\LQJ LI DW DOO SRVVLEOH UDWKHU WKDQ
VLPSO\OLVWLQJRIIWKHLQIRUPDWLRQ
N $ IUHLJKWHUFUHZEURXJKWLQDORDGRIH[SORVLYHVD
FRXSOH GD\V DJR 7KH\ GLVDSSHDUHG UHDO TXLFN²
TXLFNHUWKDQ¶VQDW¶UDO
N &XUUHQWO\ \RX FRX¶GQ¶W EX\ D ERPE LI \RX VROG

2XWZDUG%RXQG
<RXKDYHPHUHPRPHQWVWRPDNH\RXUFKRLFH²GR\RX
OHWLWJRWRSRVVLEO\GHVWUR\RQHRIWKH5HSXEOLF¶VVKLSV
DQGKXQGUHGVRIOLYHVRUGR\RXERDUGDQGWU\WR VWRS
LW"

7KH KHURHV KDYH RQO\ VHFRQGV WR PDNH D GHFLVLRQ DQG
OHDS DERDUG 7KHUH LV QR RQH YLVLEOH WR VWRS WKHP DQG
WKH\FDQDOOPDNHLWLIWKH\DUHTXLFN7KHODQGLQJUDPS
WKXGVFORVHGEHKLQGWKHODVWKHURWRERDUG²DQ\RQHZKR
KHVLWDWHV LV OHIW EHKLQG RQ WKH SODWIRUP 7KH VKLS LV
XQVHWWOLQJO\ TXLHW DQG LQYHVWLJDWLRQ UHYHDOV WKDW HYHU\
 3DJH
SRVVLEOH VSDFH LQ WKH LQLWLDO FDUJR ED\ LV FUDPPHG ZLWK
H[SORVLYHV7KHVHDUHQRWORRVHH[SORVLYHVWKDWWKHSDUW\
FDQ FROOHFW IRU IXWXUH XVH² WKH\¶UH SDFNHG DQG ZLUHG
LQWRWKHVKLS(VVHQWLDOO\WKHHQWLUHVKLSLVDERPE
 ZLWK WKH PRGLILHG HVFDSH SRGV LV  PHWHUV VTXDUH DQG
&RQWDFWLQJWKH5HSXEOLFIRUFHV
7KHKHURHVPD\DWWHPSWWRFRQWDFW5HSXEOLFIRUFHVRQFH
RQERDUG :KLOH QRW LQFUHGLEO\ KDUG LW LV PXFK PRUH
GLIILFXOWWRFRQYLQFHWKHPRIWKLVGDQJHU$-HGLKHURFDQ
FRQWDFW5HQLMZLWKVRPHHIIRUW$VXFFHVVIXO'LSORPDF\
FKHFN '&  JHWV D YRLFH OLQH ZLWK WKH ,NWRFKL
-HGL :KLOH KH LV VNHSWLFDO 5HQLM ZLOO SRVW DOO 5HSXEOLF
VKLSV RQ DOHUW DQG SXW D IUHH]H RQ UHSOHQLVKLQJ VKLSV
VWRUHV 7KH KHURHV UHFHLYH SHUPLVVLRQ WR MRLQ WKH VHDUFK
IRUWKH6HSDUDWLVWIUHLJKWHU
 ,I QR -HGL DUH SUHVHQW RU VRPHRQH HOVH LQ WKH SDUW\
ZLVKHVWRGRWKHWDONLQJWKH\PD\XVH%OXIIRU,QWLPLGDWH
WRJHWLQWRXFKZLWK5HQLM5HJDUGOHVVRIZKRPWKH\DVN
RIWKHLUFRQTXHVWDQGWKHQEORZLWXSDOOXQGHUWKHFRYHU
RIWKHH[SORGLQJVKLS
 7KH KHURHV FRPH XSRQ WKHP IURP D FRUULGRU WKDW¶V
QRWYHU\ZHOOOLWDQGLVILYHPHWHUVZLGH7KHFDUJRDUHD
WKHSLUDWHVDUHSRVLWLRQHGWKURXJKRXWLW7ZRRIWKHWKXJ
SLUDWHV DUH QHDU HQRXJK WR WKH GRRUV ZKHUH WKH KHURHV
HQWHUWKDWWKH\JHWOLVWHQFKHFNVDJDLQVWWKHPRYHVLOHQWO\
UROOV RI WKH KHURHV 6LQFH QHLWKHU RI WKHP KDV DQ\
5$1.6 LQ OLVWHQ LW¶V UHODWLYHO\ XQOLNHO\ WKDW WKH\¶OO
QRWLFH WKH KHURHV DSSURDFKLQJ DQG WKH SDUW\ FDQ DWWDFN
IURP DPEXVK (YHQ LI WKH SLUDWHV QRWLFH DQG VKRXW
VRPHWKLQJ DERXW LQWUXGHUV WKH\ ZRQ¶W KDYH WLPH WR
FRRUGLQDWH DQ DWWDFN 7KH\ ZDQW WR HVFDSH VR WKH\ FDQ
SXW WKHLU SODQ LQWR DFWLRQ EXW WKH HVFDSH SRGV DUH 
URXQGV IURP ILQLVKLQJ WKHLU SURJUDPPLQJ ZKHQ WKH
KHURHVDUULYH$IWHUURXQGVWKHKDWFKGRRUVVOLGHRSHQ
DQGWKHSLUDWHVUXQIRUWKHSRGV,IWKHSDUW\KDVDUHVLGHQW
IRUWKHKHURHVZLQGXSWDONLQJZLWKWKH-HGL.QLJKW$ VOLFHU KH RU VKH FDQ DWWHPSW WR RYHUULGH WKH SRG
VXFFHVVIXO %OXII RU 'LSORPDF\ FKHFN '&  SURJUDPPLQJ'&FRPSXWHUXVHDQGNHHSWKH
FRQYLQFHVWKH5HSXEOLFVWDIIWKDWWKLVLVDERYHWKHLUKHDG SRGV IURP ODXQFKLQJ 7KLV VKRXOG PDNH WKH SLUDWHV
DQGWKHKHURQHHGVWRWDONWR5HQLM$QH[DVSHUDWHG5HQLM JUXPS\VLQFHLIWKH\FDQ¶WJHWRXWWKH\¶UHQRZWUDSSHG
JUHHWVWKHKHURHV LQVLGH D ERPE 5HDOL]LQJ WKLV 'HQPD DQG 7D]]LN WKH
 ,Q HLWKHU FDVH 5HQLM WHOOV WKHP WKDW WKH\ VKRXOG EH IXQFWLRQDO OHDGHUV RI WKH JURXS ZHLJK WKH RGGV DQG
DFWLQJ QRW WDONLQJ DQG WR VHH ZKDW HOVH WKH\ FDQ OHDUQ GHFLGH RQ WKH EHVW SODQ RI DFWLRQ ,I WKH\ VWLOO KDYH D
DERXWWKHVKLSWKH\¶UHRQ+HRUGHUVIRUFHVVFUDPEOHGWR PDMRULW\RIWKHLUWKXJVWKH\RUGHUDFKDUJHRQWKHKHURHV
DLGWKHP ,I WKLQJV ORRN EDG WKH\ VXUUHQGHU DQG RIIHU WR WHVWLI\
 DJDLQVW %HVKJUXQ 7KLV LV HVSHFLDOO\ OLNHO\ WR EH WKHLU
6HDUFKLQJWKHUHVWRIWKHVKLS SODQ LI %HVKJUXQ KDV EHHQ NLOOHG WKH\ WKHQ FDQ WHVWLI\
$ 6SRW FKHFN '&  UHYHDOV WKDW WKHUH DUH WKDWKHZDVDURJXH-HGLRXWWRGHVWUR\WKH2UGHUDQGKH
VHFXULW\ FDPHUDV LQ WKH KROG DQG WKH\¶UH DFWLYH 7KH ZDV FRQWUROOLQJ WKHLU PLQGV &RPSOHWH OLHV EXW KH\²
KHURHVQHHGWRGLVDEOHWKRVHRUWKHSLUDWHVZKRDUHVWLOO WKHVH DUHQ¶W QLFHSHRSOH,I WKH\ KDYHWRGLHWKH\ ZDQW
DERDUGWKHVKLSPD\QRWLFHWKHP&KHFNLQJWKHQDWXUHRI
WKH IHHGV IURP WKH FDPHUDV DQG OHDUQLQJ WKDW WKH\ DUH
SXUHO\LQWHUQDO²WKDWWKH\¶UHIHHGLQJWRVRPHZKHUHHOVH
LQ WKH VKLS² UHTXLUHV D '&  FRPSXWHU XVH
FKHFN 'LVDEOLQJ WKH VHFXULW\ V\VWHP UHTXLUHV D '&
 GLVDEOH GHYLFH FKHFN 7KH KHURHV FDQ
WR GLH RQ WKHLU RZQ WHUPV WKRXJK LQ D JUDQG GLVSOD\²
QRWVKRWGRZQLQDILUHILJKW,ILWORRNVOLNHWKH\¶UHJRLQJ
WR EH FDSWXUHG EHIRUH VXUUHQGHULQJ RQH RI WKHP
³DFFLGHQWDOO\´VKRRWV%HVKJUXQNLOOLQJKLPVRWKDWWKH\
FDQ VWLOO WHOO WKHLU VWRU\ DQG WU\ WR HVFDSH 7KH VWRU\
ZRQ¶W KROG XS XQGHU VFUXWLQ\ EXW WKH\ OLNH LW DQG DUH
FRQFHLYDEO\UHURXWHRWKHUVHFXULW\FDPHUDVWRWKHLURZQ VWLFNLQJWRLW
ORFDOH DQG VFRXW WKH VKLS WR ILQG RXW ZKHUH WKH SLUDWHV  2QFH WKH KHURHV KDYH VHFXUHG WKH VKLS HLWKHU E\
DUH 7KLV LV PRUH GLIILFXOW UHTXLULQJ D '&  NLOOLQJ WKH SLUDWHV LI WKH\ ZRXOGQ¶W VXUUHQGHU RU E\
FRPSXWHUXVHFKHFNWRDFFRPSOLVK
 $FWXDOO\ VHDUFKLQJ WKH UHPDLQGHU RI WKH VKLS
UHTXLUHVVWHDOWK+DYHHDFKKHURWHOO\RXKLVRUKHUPRYH
VLOHQWO\ ERQXV DQG WKHQ UROO WKHLU FKHFNV IRU WKHP DQG
UHFRUGWKHUHVXOWV,IDQ\RQHGRHVPLVHUDEO\DOORZRWKHU
KHURHVOLVWHQFKHFNVWRSLFNRXW ZKR¶V PDNLQJWKH PRVW
QRLVH
FDSWXULQJWKHSLUDWHVLWLVUHODWLYHO\VLPSOHWRGHSURJUDP
WKHDVWURPHFKWKDW¶VSLORWLQJWKHVKLSWRZDUGLWVGRRP,I
\RX KDYH WLPH SOD\ XS WKH WHQVLRQ RI SRUWLRQ RI WKH
HYHQW² KRZHYHU KDYLQJ KHURLFDOO\ MXPSHG RQWR D VKLS
WKH\ZHUHWROGZDVRQDVXLFLGHUXQDQGKDYLQJWDNHQRXW
LWVSLUDWHFUHZWKHUH¶VQRUHDVRQWREORZWKHPXSDWWKH
HQG+DYHWKHPUROOVRPHGLFHOHW5HQLMWKDQNWKHPDQG
 7KHSLUDWHVVWDWEORFNVDUHLQFOXGHGLQWKH*0$LG PRYHRQWRWKHFRQFOXVLRQ
DUHLQDQRWKHURIWKHFDUJRKROGVJHWWLQJUHDG\WRODXQFK 
HVFDSHSRGV7KHVHSRGVKDYHEHHQPRGLILHGWREHPRUH 
HDVLO\ QDYLJDWHG WKURXJK VSDFH DQG WKHLU SODQ LV WR
ODXQFKWKHSRGVDWWDFK WRWKH RXWVLGHRIWKH 1HZ'DZQ
&RQFOXVLRQ
VSDFH VWDWLRQ DQG LQILOWUDWH LW LQ WKH FRQIXVLRQ WKDW $GHFDGHJRQHEHWZHHQRQHKHDUWEHDWDQGWKHQH[W
VXUURXQGVWKHH[SORVLRQRIWKHLUSURJUDPPHGVKLS7KHLU DQG VR PXFK FKDQJHG 7KH UHVW RI WKH JDOD[\ IRUJHG
JRDOLVWRWDNHFRQWURORILWVHQGDKRORYLGWRWKHJDOD[\ DKHDG ZKLOH &XODULQ EOLQNHG DZDNLQJ WR ILQG KHUVHOI


2XWZDUG%RXQG  3DJH
WKUXVW LQWR WKH DIIDLUV RI D ODUJHU JDOD[\ /DUJHU EXW 
QRWQHFHVVDULO\EHWWHU $GYHQWXUH([SHULHQFH$ZDUG
 :DU KDV EURNHQ RXW DQG RXWVLGH RI &XODULQ LW 'LGWKHKHURHVGHOLYHUWKHFDUJRDVUHTXHVWHGE\5HQQD
VHHPV DV LI HYHU\RQH KDV EHHQ VZHSW XS LQWR LW ,Q SOXV WUDFN GRZQ DQG UHFRYHU WKH VWROHQ RQH" ,I VR HDFK
WLPHVOLNHWKHVHQRRQHFDQUHPDLQXQWRXFKHG KHURZKRVXUYLYHGUHFHLYHV[S
 +RZ ORQJ EHIRUH WKH ZDU WRXFKHV &XODULQ" $GYHQWXUH([SHULHQFH [S
&HUWDLQO\QRWPXFKORQJHULWPD\DOUHDG\EHWRRODWH 5ROHSOD\LQJ([SHULHQFH [S
7KH WLPH LV FRPLQJ VRRQ ZKHQ FKRLFHV PXVW EH 
PDGH² DQG WKH )RUFH DORQH NQRZV ZKLFK FKRLFH LV 7RWDO3RVVLEOH([SHULHQFH [S
WKHULJKWRQH« 
 ,I WKH KHURHV GLG QRW FRPSOHWH WKH VFHQDULR EHFDXVH RI
,IWKHKHURHVUDQWKH7KDHUHLDQ&XVWRPVVWRSWKH\ILQG WLPHFRQVWUDLQWVEXWZHUH³RQWKHULJKWWUDFN´\RXPD\
D IXOOVFDOH VWULNH IRUFH DZDLWLQJ WKHLU UHWXUQ WR WKH DZDUGòDGYHQWXUHH[SHULHQFH,IWKHKHURHVVXFFHHGHG
&XODULQV\VWHP,IWKH\NLOOHGDQ\RIWKH7KDHUHLDQVE\ LQGHOLYHULQJWKHLUFDUJREXWGLGQRWUHFRYHUWKHVWROHQ
EORZLQJ XS WKHLU VKLSV WKH\ DUH DOO ILQHG  VKLSPHQWDZDUGWKHPôDGYHQWXUHH[SHULHQFH
GDWDULHV DQG LPSULVRQHG ,Q JDPH WHUPV WKH\ DUH RXW 
IRU WKH UHVW RI WKH WULORJ\ 3OHDVH QRWH WKLV RQ WKHLU ORJ 
VKHHWV5HQQDGRHVQRWRIIHUWKHVHKHURHVHPSOR\PHQW
LI 5HQQD¶V 7UDQVSRUW 6HUYLFH HPSOR\HG WKHP WKH\ DUH /RRW6XPPDU\
GLVPLVVHG ,ILW¶VQRWRQWKLVOLVWWKHKHURHVFDQQRWNHHSLW7KLVLVD
 ,I WKH\ RQO\ RXWUDQ WKH 7KDHUHLDQV WKH\ DUH HDFK KRXVH UXOH DQG RYHUULGHV ZKDW WKH\ PD\ DFWXDOO\
VXEMHFW WR D  FUHGLW ILQH DQG UHOHDVHG ZLWK D DFTXLUHLQWKHVFHQDULR
ZDUQLQJ 5HQQD GRHV QRW RIIHU WKHVH KHURHV 
HPSOR\PHQW LI 5HQQD¶V 7UDQVSRUW 6HUYLFH HPSOR\HG (QFRXQWHU5HQQDDQGDQ2IIHU
WKHP WKH\ NHHS WKHLU MREV EXW DUH QRW RIIHUHG 1RQHPSOR\HHVGDWDULHVRIIHUHGE\ 5HQQD
SURPRWLRQ XSIURQWDQGXSRQFRPSOHWLRQ
 +HURHV ZKR VXFFHHGHG LQ GHOLYHULQJ WKHLU FDUJR (PSOR\HHV²  GDWDU\ ERQXV XSRQ VXFFHVVIXO
ILQGLQJ RXW ZKDW KDSSHQHG WR WKH )LUVW /LJKW DQG FRPSOHWLRQRIWKHMRE
SUHYHQWLQJ WKH DWWDFN RQ WKH 5HSXEOLF DUH QRW RQO\ 
UHZDUGHGE\WKH$UP\RIWKH5HSXEOLF*UDWLWXGHRIWKH (QFRXQWHU'URSSLQJ2IIWKH*RRGV
$UP\RIWKH5HSXEOLFEXWDOVRE\5HQQD5HQQDRIIHUV %URWKHUKRRG 3LUDWHV  EODVWHU SLVWROV GDWDSDGV
HPSOR\PHQW WR DQ\ KHURHV ZKR ZLVK WR DFFHSW VHH FRPOLQNV DQG YLEURGDJJHUV QXPEHU YDULHV GHSHQGLQJ
/RRWVXPPDU\IRUGHWDLOVDQGSURPRWLRQWRDQ\KHURHV XSRQWLHU
DOUHDG\RQKHUVWDII 
 &RQFOXVLRQ
+HUH(QGV2XWZDUG%RXQG 5HQQD  %DODQFH RI SD\PHQW IURP HQFRXQWHU  SOXV D
  FUHGLW ERQXV WRWDO RI  IRU QRQHPSOR\HHV
([SHULHQFH3RLQW6XPPDU\ IRUHPSOR\HHVDERYHWKHLUUHJXODUSD\
 $OVR DQ\ QRQ-HGL KHUR QRW HPSOR\HG E\ 5HQQD
([SHULHQFH LV FDOFXODWHG DV IROORZV IRU LIVING FORCE DQG QRW GLVTXDOLILHG SHU WKH WH[W LQ WKH FRQFOXVLRQ LV
HYHQWV RIIHUHG D MRE &XUUHQW HPSOR\HHV DUH RIIHUHG D
 ([SHULHQFHDZDUGVLQWKH6:53*DUHQRWPDGHIRU SURPRWLRQ
DFKLHYLQJ REMHFWLYHV EXW LQVWHDG IRU VXFFHVVIXOO\ 
FRPSOHWLQJDQDGYHQWXUHRIDJLYHQOHQJWK7KXVLI 5HQQD¶V 7UDQVSRUW 6HUYLFH (PSOR\PHQW3URPRWLRQ
WKH KHURHV VXUYLYHG DQG DFFRPSOLVKHG WKH SULPDU\ >RQH SHU KHUR@ >+HUR QDPHLV JDLQIXOO\ HPSOR\HG DW
JRDO RI WKH DGYHQWXUH WKH\ UHFHLYH IXOO $GYHQWXUH 5HQQD
V7UDQVSRUW6HUYLFHDVDPHPEHURIKHUVHFXULW\
([SHULHQFH[SIRUFRUH/)SORWVFHQDULRV GHWDLO7KHKRXUVDUHIOH[LEOHDQGGRQRWLQWHUIHUHZLWK
IRUQRQFRUH/)VFHQDULRV RWKHU FRPPLWPHQWV WKH KHUR PD\ KDYH 2QH RI WKH
 $VVLJQ GLVFUHWLRQDU\ UROHSOD\LQJ H[SHULHQFH  IROORZLQJ VSHFLDOWLHV PXVW EH VHOHFWHG XSRQ JDLQLQJ
 SRLQWV 7KHVH VKRXOG UHZDUG DFFXUDWH
V UHVSRQVLELOLWLHV IRU
FKDUDFWHU SRUWUD\DO WKURXJKRXW WKH DGYHQWXUH QRW
MXVW KRZ ZHOO WKH 3& LQWHUDFWHG VRFLDOO\ 'R QRW
DXWRPDWLFDOO\DZDUGPD[UROHSOD\LQJ;3FRQVLGHU
HPSOR\PHQW DQG GHILQHV WKH KHUR
576 BB 3LORW BB &R3LORW6HQVRUV BB *XQQHU BB
6HFXULW\*HQHUDO 7URXEOHVKRRWHU7KH KHUR HDUQV 
FUHGLWV VDODU\ DW WKH VWDUW RI HDFK VFHQDULR UHSODFLQJ D
FDUHIXOO\ KRZ ZHOOWKHSOD\HUVVWD\HGLQFKDUDFWHU VNLOO FKHFN IRU LQFRPH $OVR WKH KHUR JDLQV VRPH
7KLV LV \RXU RSSRUWXQLW\ WR UHZDUG DSSURSULDWHO\ QRWRULHW\ D  WR WKHLU 5HSXWDWLRQ ZKLOH HPSOR\HG DW
FLQHPDWLFEHKDYLRUVRXVHLW 576 DQG LV SHUPLWWHG WR FDUU\ D KHDY\ EODVWHU SLVWRO


2XWZDUG%RXQG  3DJH
DQGRUDVHFXULW\NLW7KLVFHUWLILFDWHPD\EHFRQVLGHUHG
WR EH D SHUPLW IRU WKHVH LWHPV 5HQQD SURYLGHV DOO KHU
VWDII ZLWK KRXVLQJ DQG WKH ZRUN KRXUV DUH IOH[LEOH
127(+HURHVZKRJDLQHGHPSOR\PHQWZLWK5HQQDDW
:LQWHU)DQWDV\PD\XSJUDGHWKHLUHPSOR\PHQW
VWDWXV WR WKLV FHUW 7KH SD\ LQFUHDVH UHIOHFWV H[FHOOHQFH
LQ MRE SHUIRUPDQFH DQG D GHVLUH E\ 5HQQD WR NHHS WKH
KHURRQVWDII

*UDWLWXGHRIWKH$UP\RIWKH5HSXEOLF7KH$UP\RIWKH
5HSXEOLF LV JUDWHIXO IRU WKH DVVLVWDQFH RI WKH KHUR
QDPHG DERYH DQG ZLOO RIIHU ZKDWHYHU FRQVLGHUDWLRQ
WKH\ FDQ DQG ILQG DSSURSULDWH LQ WKH IXWXUH&ROOHFW
WKUHH RI WKHVH DQG VWDSOH WKHP WRJHWKHU WR VHUYH DV D
SHUPLWWRFDUU\RQHRIWKHUHVWULFWHGLWHPVOLVWHGEHORZ
:KHQ WKUHH DUH FROOHFWHG FKHFN WKH LWHP WKH SHUPLW LV
IRUBBB +HDY\ EODVWHU SLVWRO BBB %ODVWHU FDUELQH BBB
%ODVWHUULIOHBBB9LEURD[BBB6HFXULW\.LW





2XWZDUG%RXQG  3DJH
3OD\HU+DQGRXW7KH*DOD[\7RGD\

&XODULQKDVEHHQJRQHIURPWKHJDOD[\IRUQHDUO\\HDUV,QWKDWWLPHPXFKKDVKDSSHQHG%HORZDUH
LWHPVRILQWHUHVWFRQFHUQLQJFXUUHQWHYHQWVLQWKHJDOD[\RXWVLGHRI&XODULQ 

N $IDFWLRQFRPSRVHGRILQGLYLGXDOVRUJDQL]DWLRQVSODQHWVDQGV\VWHPKDVFRPHLQ WRH[LVWHQFH
.QRZQDVWKH6HSDUDWLVWVWKH\IHHOWKH5HSXEOLFJRYHUQPHQWKDVEHFRPHWRRHIILFLHQWWRIXQFWLRQ
SURSHUO\/HGE\DQH[ -HGL0DVWHU&RXQW'RRNXWKH6HSDUDWLVWVKDYHPDQDJHGWRVRZFKDRVLQ
WKH5HSXEOLF7KH7HFKQR8QLRQ7UDGH)HGHUDWLRQ, QWHUJDODFWLF%DQNLQJ&ODQ&RPPHUFH*XLOG
DQG &RUSRUDWH $OOLDQFH DUH DOO PDMRU SOD\HUV DPRQJ WKH 6HSDUDWLVWV $ QXPEHU RI SODQHWV KDYH
MRLQHG DV ZHOO RIILFLDOO\ SXOOLQJ WKHLU GHOHJDWLRQV IURP WKH 5HSXEOLF 6HQDWH DQG ZLWKGUDZLQJ
IURPWKH5HSXEOLF7KH$TXD OLVKKRPHZRUOGRI$QGR3ULPHDQGLWVVHQDWRU3R1XGRLVEXWRQH
H[DPSOH
N *DWKHUHG DURXQG 6XSUHPH &KDQFHOORU 3DOSDWLQH LV D JURXS RI VHQDWRUV ZKR IXOO\ VXSSRUW WKH
5HSXEOLFDQGZKRDUHILJKWLQJWRNHHSLWLQWDFW6HQDWRU3DGPH$PLGDODRI1DERR6HQDWRU% DLO
2UJDQD RI $OGHUDDQ 6HQDWRU $VN $DN RI 0DODVWDUH 6HQDWRU 2QDFRQGD )DUU RI 5RGLD 6HQDWRU
/H[L'LRRI8\WHU6HQDWRU5RQHW&RRUURI,VHQR6HQDWRU,VWHU3DGGLHRI6HUPHULDDQG6HQDWRU
7XQGUD'RZPHLDRI0RQ&DODPDULDUHDOOPHPEHUVRIWKH³/R\DOLVWV´ 
N &RUHOOLD ZLWKGUHZ KHU VHQDWRULDO GHOHJDWLRQ IURP WKH 5HSXEOLF 6HQDWH DQG WKHQZLWKGUHZ IURP
WKH 5HSXEOLF 7KH\ KDYH HOHFWHG WR UHPDLQ QHXWUDO MRLQLQJ QHLWKHU WKH 6HSDUDWLVWV QRU WKH
5HSXEOLF7KHLUERUGHUVDUHFXUUHQWO\VHDOHGH[FHSWIRUDVPDOODPRXQW RIWUDGLQJ
N $QDVVDVVLQDWLRQDWWHPSWRQ6HQDWRU$PLGDODEHJDQDFKDLQRIHYHQWVWKDWXOWLPDWHO\OHGWRWKH
ILUVWEDWWOHRIWKH&ORQH:DUVRQ*HRQRVLV5HSXEOLFIRUFHVOHGE\PHPEHUVRIWKH-HGL&RXQFLO
LQFOXGLQJ0DVWHUV<RGDDQG0DFH:LQGXGHIHDWHGWKH GURLGDUPLHVRIWKH6HSDUDWLVWVDQGVHQW
WKHPUHWUHDWLQJIURPWKHSODQHW 
N 7KH-HGL&RXQFLOKDVFDOOHGPDQ\RIWKH-HGLWRVHUYHZLWKDQGOHDGWKH$UP\RIWKH5HSXEOLF$
QXPEHURIV\VWHPVKDYHORVWWKHLUUHVLGHQW-HGL0DVWHUVDQG.QLJKWVWRWKHDUP\&X ODULQKDVVHHQ
PRVWRIKHU³0DVWHUV´EHFDOOHGDZD\WRVHUYLFH 
























2XWZDUG%RXQG  3DJH
3OD\HU+DQGRXW:K\$P,RQ&XODULQ"

7KH SODQHW RI &XODULQ LV WKH PRVW DFWLYH RI DOO WKH SODQHWV LQ WKH V\VWHP 7KH SODQHW KDV PXFK WR RIIHU
WKRVHZKRWUDYHOWRLW ²RUGHFLGHWROLYHRQLW7KHSODWIRUPFLWLHVWKDWULVHDERYHWKHMXQJOHVDUHUXQE\
DQ\QXPEHURIGLIIHUHQWIDFWLRQVFRUSRUDWLRQVLQGHSHQGHQWEDURQDGPLQLVWUDWRUVFULPLQDOVWKHPLOLWDU\
HWF0XFKRIWKHDFWXDOEXVLQHVVRQ&XODULQLVFDUULHGRXWIURPWK HVHFLWLHV%XWQRWDOO
/RFDWHGRQWKHSODQHWLWVHOIQHVWOHGDPRQJVWWKHMXQJOHDUHWKHWZRRULJLQDOFRORQ\VHWWOHPHQWV*DGULQ
DQG+HGUHWW7KHVHWZRVPDOOFLWLHVDUHQRWYLHZHGDVXQLPSRUWDQWE\WKHSODWIRUPFLWLHVWKDWVLWRQVWLOWV
DERYHWKHP2YHUWKHSDVW\HDURUVRKRZHYHUPXFKRIVLJQLILFDQFHKDVKDSSHQHGLQWKHVHWZRFLWLHV
7KH\DUHEHJLQQLQJWRILJXUHPXFKPRUHSURPLQHQWO\LQWKHHYHQWVXQIROGLQJDURXQG&XODULQ 

6RZK\ZRXOGDQ\KHURHVEHKHUHULJKWQRZ"%HORZDUHVRPHVXJJHVWLRQVIRUUH DVRQV\RXPD\FXUUHQWO\
EHLQ*DGULQRU+HGUHWWFXUUHQWO\ 

-HGL3DGDZDQVDQG.QLJKWVKDYHEHHQVHQWWRGHOLYHUDSDFNDJHRUPHVVDJHWRWKHHQFODYHLQ*DGULQRU
SHUKDSV\RXDUHKHUHWRFRQGXFWVRPHUHVHDUFKRUSHUIRUPDVWXG\LQWKHMXQJOH*DGULQDQG LWVVLVWHUFLW\
+HGUHWWDUHYLWDOFRPPXQLWLHVDQGRIWHQWKHUHLVPXFKD-HGLFDQGRWRDLGRWKHUV 

6ROGLHUV 0HPEHUV RI WKH &XODULQ 0LOLWLD DUH VSUHDGLQJ WKURXJK WKH V\VWHP WU\LQJ WR SURPRWH WKHLU
RUJDQL]DWLRQ DQG FRQYLQFH EHLQJV RI LWV YDOXH ZKLOH NHH SLQJ DQ H\H RXW IRU QHZ GDQJHUV 0HUFHQDULHV
FRXOGEHORRNLQJIRUORRNLQJDURXQGIRUWKHQH[WMREWDNLQJDOLWWOHMXQJOHFRPEDWUHIUHVKHUFRXUVHGHDOLQJ
ZLWK&XODULQ¶VZLGHUDQJHRIGDQJHURXVIDXQDRUVLPSO\WDNLQJVRPHWLPHRII 

)ULQJHUV'LUWVLGHRQ&XODULQLVOLNHKRPHWR\RX6XUHWKHDFWXDOHQYLURQPHQWPD\EHGLIIHUHQW ²EXWLW
LVVWLOOXQVHWWOHGHQRXJKWRJHWWKDWKRPHIHHOLQJ,WDOVRRIIHUVDYDULHW\RIMRERSSRUWXQLWLHVIURPJXDUG
WRVSHHGHUUHSDLUWRJXLGHDQGVRIRUWK&XODULQLVDWRQFHUH PRWHDQGFRQYHQLHQWDQGLVLGHDOIRU\RXU
QDWXUH

6FRXQGUHOV7KRXJKQRWDVVHHG\RUGDUNDV7ROHD%LTXDRU9DUQD%LTXD&XODULQGRHVKDYHRIIHULQJVIRU
WKRVHRI\RXUTXHVWLRQDEOHQDWXUH7KHUHLVDWKULYLQJPDUNHWKHUHIRUDOOVRUWVRIJRRGVDQGVHUYLFH V2QH
PXVWMXVWNQRZZKHUHWRORRNULJKW" 

6FRXWV)RUD\VLQWRWKHMXQJOHVDUHDOPRVWFRQVWDQW)URPJXLGHWRWUDGHFRQYR\HVFRUWMREVDUHSOHQWLIXO
IRUVFRXWV7KHSD\LVJRRGWKHSODQHWLVEHDXWLIXODQGWKHMXQJOHLV ²ZHOO²DOLYH

)RUFH$GHSWV&XODULQLVYHU\VWURQJLQWKH)RUFH0D\EHLW¶VWKHERXQWLIXOOLIHRQWKHSODQHWWKDWFDXVHV
WKLVRUPD\EHLW¶VVRPHWKLQJHOVHEXW\RXIHHOYHU\PXFKDWHDVHKHUH 

7HFK6SHFLDOLVWV<RXUSURIHVVLRQLVLQKLJKGHPDQGKHUH(TXLSPHQWGURLGVVSHHGHUV DOOQHHGUHSDLUV
DQG PRGLILFDWLRQV7KH YDULRXVFOLQLFV DQG KRVSLWDOVQHHG FDSDEOH PHGLFDO SURIHVVLRQDOVWR FDUHIRUWKH
VLFNDQGLQMXUHG&UDIWHUVDUHQHHGHGWRPDNHWKHLWHPVWKDWDOORZWKHFLWL]HQVWRJHWWKURXJKHDFKGD\ 

:KDWHYHU\RXUKHUR¶VUHDVRQLVIRU EHLQJRQ&XODULQKHRUVKHPXVWEHRUWKH\¶GPLVVWKHDGYHQWXUH,WLV
XSWRHDFKSOD\HUWRGHFLGHH[DFWO\ZK\KLVRUKHUKHURLVRQ&XODULQ 


2XWZDUG%RXQG  3DJH
3OD\HU+DQGRXW²5HQQD¶V7UDQVSRUW6HUYLFH/RJR 












2XWZDUG%RXQG  3DJH
3OD\HU+DQGRXW7KH 6HFRQG%UHDWK

6HFRQG%UHDWK&UDIW0RGLILHG&(&<77UDQVSRUW&ODVV7UDQVSRUW&RVW1RWDYDLODEOH
IRU VDOH 6L]H 6PDOO P ORQJ &UHZ +HUR SLORW VNLOO YDULHV 3DVVHQJHUV  &DUJR
&DSDFLW\PHWULFWRQV&RQVXPDEOHVPRQWKV+\SHUGULYH[EDFNXS[,QLWLDW LYH
VSHFLDOVL]HSOXV+HURSLORW0DQHXYHUVSHFLDOVL]HSOXV+HURSLORW0D[LPXP
6SHHG LQ 6SDFH $WWDFN  VTXDUHVDFWLRQ 0D[LPXP 6SHHG LQ $WPRVSKHUH NPK 
VTXDUHVDFWLRQ'HIHQVHVL]HDUPRU+XOO3RLQWV '5
 :HDSRQ/DVHUFDQQRQ)LUH$UF7XUUHWGRUVDODQGYHQWUDO$WWDFN%RQXVVL]H
ILUHFRQWURO'DPDJHG[5DQJH0RGLILHUV3%60/QD 
 :HDSRQ 7UDFWRU EHDP SURMHFWRU )LUH $UF )URQW $WWDFN %RQXV   VL]H   ILUH
FRQWURO'DPDJHVSHFLDO5DQJH0RGLILHUV3%60/QD 

5:²7UDFNHG$VWURPHFKGURLG([SHUW,QLW'H['HIHQVHVL]HFODVV
'H[6SGP93:3$WN0HOHHGFODZRUPHOHHGVDZRUPHOHHG
DUFZHOGHURUUDQJHG69)RUW5HI:LOO6]65HS6WU'H[&RQ,QW
:LV&KD
(TXLSPHQW+HXULVWLFSURFHVVRULPSURYHGVHQVRUSDFNDJHGLDJQRVWLFVSDFNDJHKRORUHFRUGLQJ
XQLW LQIUDUHG YLVLRQ WRRO PRXQWV [ WHOHVFRSLF DSSHQGDJH HQYLURQPHQWDO FRPSHQVDWLRQ
YDFXXPPDJQHWLFIHHWLQWHUQDOVWRUDJHNJILUHH[WLQJXLVKHU
)HDWV6WDUVKLS2SHUDWLRQ6SDFH7UDQVSRUW6NLOO(PSKDVLV3LORW
6NLOOV$VWURJDWH&RPSXWHU8VH'LVDEOH 'HYLFH .QRZOHGJH$VWURQRP\  3LORW
5HDG:ULWH%DVLF5RGHVH6KULLZRRN5HSDLU6SHDN5HDG:ULWHQDWLYH%LQDU\6SHDN
XQGHUVWDQGRQO\%DVLF'XURV5RGHVH6KULLZRRN7ZL¶OHN6SRW7UHDW,QMXU\ 

3HUVRQDOLW\ 7HPSHUDPHQWDO 6DUFDVWLF /RTXDFLRXV 6RPHWLPHV WKH XQLYHUVH MXVW JHWV RQ 5
:¶V IUDJLOH ORJLF FLUFXLWV ,W ILQGV WKDW KXPDQV DUH PRUH WKDQ RIWHQ XQUHDVRQDEOH DQG IOLJKW\
DOZD\VZDQWLQJDPLOOLRQWKLQJVGRQHILYHSDUVHFVDJR5:IHHOVSXWXSRQDQGLVQ¶WVK\DERXW
H[SUHVVLQJLWVGLVVDWLVIDFWLRQ:KHQGHDOLQJZLWK5:RQHZLOOGHILQLWHO\JHW³VHUYLFHZLWKD
VQHHU´5:KDVQDY\EOXHSODWLQJDQG5HQQD¶VORJRHQDPHOHGRQRQHVLGHSDQHO 



2XWZDUG%RXQG  3DJH
*0$LG13&V
(QFRXQWHU5HQQDDQGDQ2IIHU
5HQQD )HPDOH 5RGLDQ )ULQJHU 1REOH  ,0  'HI   FODVV  'H[ 6SG P 93:3  $WN 
PHOHHGYLEURGDJJHURUUDQJHGGRU'&VWXQEODVWHUSLVWRO64%RQXV)ULQJHU&ODVV6NLOO5HSDLU
'LSORPDF\%DUWHU-XU\ULJ6XUYLYDO%RQXV1REOH&ODVV6NLOO6XUYLYDO)DYRU,QVSLUH&RQILGHQFH69
)RUW5HI:LOO6=0)35HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW)OLJKWVXLWYLEURGDJJHUEODVWHUSLVWROGDWDSDGFRPOLQN 
 6NLOOV'LSORPDF\.QRZOHGJH*DODFWLF7UDGH3ROLFLHV/LVWHQ3LORW3URIHVVLRQ0HUFDQWLOH
7UDQVSRUW  5HSDLU  6HDUFK  6HQVH 0RWLYH  6SRW  6XUYLYDO  5HDG:ULWH %DVLF 5HDG:ULWH
&DDULWH5HDG:ULWH5RGHVH6SHDN%DVLF6SHDN&DDULWH6SHDN5RGHVH
 )HDWV $OHUWQHVV )DPH 6KDUSH\HG 7UDFN :HDSRQ *URXS 3URILFLHQF\ EODVWHU SLVWROV VLPSOH ZHDSRQV
YLEURZHDSRQV

(QFRXQWHU7KDHUHLDQ,QVSHFWLRQ
7KDHUHLDQ&XVWRPV&RUYHWWH&UDIW&(&&RUYHWWH&ODVV&DSLWDOVKLS&RVW1RWDYDLODEOHIRUVDOH6L]H/DUJH
PORQJ&UHZ1RUPDO3DVVHQJHUV&DUJR&DSDFLW\PHWULFWRQV&RQVXPDEOHV\HDU
+\SHUGULYH [ ,QLWLDWLYH   VL]H  FUHZ 0DQHXYHU   VL]H  FUHZ 0D[LPXP 6SHHG LQ 6SDFH
$WWDFNVTXDUHVDFWLRQ0D[LPXP6SHHGLQ$WPRVSKHUHNPKVTXDUHVDFWLRQ'HIHQVHVL]H
DUPRU6KLHOGV'5+XOO3RLQWV'5
 :HDSRQ'RXEOHWXUERODVHUFDQQRQV)LUH$UFIURQWULJKWOHIWUHDU$WWDFN%RQXVVL]H
FUHZILUHFRQWURO5DQJH0RGLILHUV3%60/

7KDHUHLDQ = 6WDUILJKWHU  &UDIW ,QFRP = +HDGKXQWHU &ODVV 6WDUILJKWHU &RVW 1RW DYDLODEOH IRU VDOH
6L]H7LQ\PORQJ&UHZ3LORW([SHUW3DVVHQJHUV1RQH&DUJR&DSDFLW\NJ&RQVXPDEOHVGD\
1RQH,QLWLDWLYHVL]HFUHZ0DQHXYHUVL]HFUHZ0D[LPXP6SHHGLQ6SDFH5DPPLQJ
VTXDUHVDFWLRQ0D[LPXP6SHHGLQ$WPRVSKHUHNPKVTXDUHVDFWLRQ'HIHQVHVL]HDUPRU
6KLHOGV+XOO3RLQWV'5
 :HDSRQ 7ULSOH %ODVWHUV  ILUHOLQNHG )LUH $UF )URQW $WW %RQXV   VL]H  FUHZ  ILUH FRQWURO
'DPDJHG[5DQJH0RGLILHUV3%60/QD
 :HDSRQ&RQFXVVLRQ0LVVLOH/DXQFKHUPLVVLOHV)LUH$UF)URQW$WW%RQXVVL]HFUHZILUH
FRQWURO'DPDJHG[5DQJH0RGLILHUV3%60/QD

/LHXWHQDQW7RULF%LVLOW7KDHUHLDQ&XVWRPV2IILFHU0DOH%RWKDQ6ROGLHU,0'H['HIFODVV
'H[6SGP93:3$WNPHOHHGXQDUPHGRUUDQJHGGVWXQ'&KHDY\EODVWHU
SLVWRO64'5DUPRU69)RUW5HI:LOO6=0)35HS6WU'H[&RQ,QW:LV
&KD
 (TXLSPHQW+HDY\EODVWHUSLVWROFRPEDWMXPSVXLWEUHDWKPDVNFRPOLQNGDWDSDG 
 6NLOOV $VWURJDWH  &RPSXWHU 8VH  'LSORPDF\  ,QWLPLGDWH  .QRZOHGJH 5HSXEOLF /DZ 
.QRZOHGJH 7KDHUHLDQ 1DY\ 5HJXODWLRQV  6HQVH 0RWLYH  5HDG:ULWH %DVLF 5HDG:ULWH %RWKDQ 6SHDN
%DVLF6SHDN%RWKDQ6SHDN&DDULWH6SHDN+XWWHVH6SHDN6K\ULLZRRN6SHDN6XOOXVWDQ
 )HDWV$UPRU3URILFLHQF\OLJKW'RGJH+HDGVWURQJ+HURLF6XUJHGD\3RLQW%ODQN6KRW6NLOO(PSKDVLV
'LSORPDF\ 6NLOO (PSKDVLV 6HQVH 0RWLYH :HDSRQ *URXS 3URILFLHQF\ EODVWHU SLVWROV EODVWHU ULIOHV KHDY\
ZHDSRQVVLPSOHZHDSRQVYLEURZHDSRQV

7KDHUHLDQ &XVWRPV 6ROGLHUV  0DOH 9DULRXV 7KXJ  ,0  'H[ 'HI   FODVV  'H[ 6SG P
93:3$WNPHOHHGXQDUPHGRUUDQJHGGVWXQ'&FULWEODVWHUFDUELQH64'5
DUPRU69)RUW5HI:LOO6=05HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW%ODVWHUFDUELQHEODVWYHVWDQGKHOPHWEUHDWKPDVN 
 6NLOOV,QWLPLGDWH3URIHVVLRQ7KDHUHLDQ1DY\5HDG:ULWH%DVLF6SHDN%DVLF
 )HDWV $UPRU 3URILFLHQF\ OLJKW3RLQW %ODQN 6KRW :HDSRQ *URXS 3URILFLHQF\ EODVWHU SLVWROV EODVWHU ULIOHV
VLPSOHZHDSRQV

&RUSRUDO'HVLF0DOERDQ7KDHUHLDQ,QWHOOLJHQFH2IILFHU0DOH6XOOXVWDQ7KXJ6FRXQGUHO,0'H['HI
FODVV'H[6SGP93:3$WNPHOHHGXQDUPHGRUUDQJHGGVWXQ'&FULW


2XWZDUG%RXQG  3DJH
EODVWHUFDUELQH64'DUNYLVLRQP'5DUPRU,OOLFLWEDUWHU/XFN\GD\6NLOO(PSKDVLV6OHLJKWRI
+DQG69)RUW5HI:LOO6=0)35HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW%ODVWHUFDUELQHEODVWYHVWDQGKHOPHWEUHDWKPDVNVHFXULW\NLWWUDFNLQJEHDFRQ 
 6NLOOV%OXII&RPSXWHU8VH'LVDEOH'HYLFH+LGH,QWLPLGDWH.QRZOHGJH5HSXEOLF/DZ
 .QRZOHGJH 6WDUVKLS 6\VWHPV  /LVWHQ  5HSDLU  6OHLJKW RI +DQG  6SRW  5HDG:ULWH %DVLF
5HDG:ULWH6XOOXVWDQ6SHDN%DVLF6SHDN%RWKDQ6SHDN5RGLDQ6SHDN6XOOXVWDQ
 )HDWV $OHUWQHVV $UPRU 3URILFLHQF\ OLJKW 6NLOO (PSKDVLV +LGH 6NLOO (PSKDVLV 5HSDLU :HDSRQ *URXS
3URILFLHQF\EODVWHUSLVWROVVLPSOHZHDSRQV

(QFRXQWHU:HOFRPHWR'UXFNHQZHOO
'HVVLQ¶V 'DJJHU &UDIW 0RGLILHG &(& <7 7UDQVSRUW &ODVV 7UDQVSRUW &RVW 1RW DYDLODEOH IRU VDOH 6L]H
6PDOOPORQJ&UHZ13&SLORWVNLOOYDULHV3DVVHQJHUV&DUJR&DSDFLW\PHWULFWRQV&RQVXPDEOHV
PRQWKV+\SHUGULYH[EDFNXS[,QLWLDWLYHVSHFLDOVL]HSOXV13&SLORW0DQHXYHUVSHFLDO
VL]H SOXV 13& SLORW 0D[LPXP 6SHHG LQ 6SDFH $WWDFN  VTXDUHVDFWLRQ 0D[LPXP 6SHHG LQ $WPRVSKHUH
NPKVTXDUHVDFWLRQ'HIHQVHVL]HDUPRU+XOO3RLQWV'5
 :HDSRQ  /DVHU FDQQRQV )LUH $UF 7XUUHW GRUVDO DQG YHQWUDO $WWDFN %RQXV   VL]H  ILUH FRQWURO
'DPDJHG[5DQJH0RGLILHUV3%60/QD

5HSXEOLF = +HDGKXQWHU  &UDIW ,QFRP = +HDGKXQWHU &ODVV 6WDUILJKWHU &RVW 1RW DYDLODEOH IRU VDOH
6L]H7LQ\PORQJ&UHZ3LORW([SHUW3DVVHQJHUV1RQH&DUJR&DSDFLW\NJ&RQVXPDEOHVGD\
1RQH,QLWLDWLYHVL]HFUHZ0DQHXYHUVL]HFUHZ0D[LPXP6SHHGLQ6SDFH5DPPLQJ
VTXDUHVDFWLRQ0D[LPXP6SHHGLQ$WPRVSKHUHNPKVTXDUHVDFWLRQ'HIHQVHVL]HDUPRU
6KLHOGV+XOO3RLQWV'5
 :HDSRQ 7ULSOH %ODVWHUV  ILUHOLQNHG )LUH $UF )URQW $WW %RQXV   VL]H  FUHZ  ILUH FRQWURO
'DPDJHG[5DQJH0RGLILHUV3%60/QD
 :HDSRQ&RQFXVVLRQ0LVVLOH/DXQFKHUPLVVLOHV)LUH$UF)URQW$WW%RQXVVL]HFUHZILUH
FRQWURO'DPDJHG[5DQJH0RGLILHUV3%60/QD

(QFRXQWHU-HGL.QLJKWVDQG&ORQH7URRSHUV
&ORQHWURRSHUV+XPDQ0DOH7KXJ,0'HIFODVV'H[6SGP93:3$WNPHOHH
GXQDUPHGRUUDQJHGGRU'&VWXQFULWEODVWHUULIOH64'5DUPRU,PPXQLWLHVFDQQRW
EHEULEHGEODFNPDLOHGRUVHGXFHG69)RUW5HI:LOO6=05HS6WU'H[&RQ,QW
:LV&KD
 (TXLSPHQW&ORQHWURRSHUDUPRUEODVWHUULIOHFRPOLQN 
 6NLOOV ,QWLPLGDWH  3URIHVVLRQ FORQH WURRSHU  VHDUFK  6SRW  5HDG:ULWH %DVLF 6SHDN %DVLF
 )HDWV $UPRU SURILFLHQF\ OLJKW PHGLXP SRZHUHG 3RLQW %ODQN 6KRW :HDSRQ *URXS 3URILFLHQF\ EODVWHU
SLVWROVEODVWHUULIOHVVLPSOHZHDSRQV

5HQLM-DD0DOH,NWRWFKL-HGL*XDUGLDQ,0'HIFODVV'H[6SGP93:3$WN
PHOHH G FULW  OLJKWVDEHU  RU  UDQJHG 64 3UHFRJQLWLRQ D  3LORW DQG D VLWXDWLRQDO  5HSDLU
ERQXV DVVRFLDWHG ZLWK WKHLU VSHFLHV ERQXV 6WDUVKLS 2SHUDWLRQ IHDW )RUFH WUDLQLQJ 'HIOHFW GHIHQVH  DWWDFN²
H[WHQGGHIHQVHDQGDWWDFN-HGL.QLJKW69)RUW5HI:LOO6=0)35HS6WU'H[&RQ
,QW:LV&KD
 5HQLMKDVFRQVWUXFWHGKLVRZQOLJKWVDEHU
*

 (TXLSPHQW-HGLUREHVOLJKWVDEHUFRPOLQNGDWDSDG 
 6NLOOV,QWLPLGDWH-XPS.QRZOHGJH-HGLORUH3LORW7XPEOH5HDG:ULWH,NWRWFKHVH6SHDN
%DVLF6SHDN,NWRWFKHVH
 )RUFH6NLOOV$IIHFW0LQG%DWWOHPLQG(QKDQFH$ELOLW\)DUVHHLQJ)RUFH'HIHQVH+HDO6HOI
0RYH2EMHFW
 )HDWV &RPEDW ([SHUWLVH ([RWLF :HDSRQ 3URILFLHQF\ OLJKWVDEHU )RUFH 6HQVLWLYH +HURLF 6XUJH GD\
3RZHU$WWDFN6WDUVKLS2SHUDWLRQVWDUILJKWHU:HDSRQ*URXS3URILFLHQF\EODVWHUSLVWROVVLPSOHZHDSRQV
 )RUFH)HDWV$OWHU%XUVWRI6SHHG&RQWURO.QLJKW'HIHQVH/LJKWVDEHU'HIHQVH0HWWOH6HQVH


2XWZDUG%RXQG  3DJH
(QFRXQWHU'URSSLQJRIIWKH*RRGV

7LHUDYHUDJH+HUROHYHO 
/DQ&ULVK0DOH+XPDQ3LUDWH6FRXQGUHO6ROGLHU,QLW'H[,PSURYHG,QLWLDWLYH'HIHQVH
&ODVV  'H[ 6SG  P 93:3 $WN  PHOHH G YLEURGDJJHU RU  UDQJHG G RU '&  VWXQ
EODVWHUSLVWRO64,OOLFLWEDUWHUOXFN\GD\SUHFLVHDWWDFN69)RUW5HI:LOO)3'635HS
6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW-XPSVXLWEODVWHUSLVWROGDWDSDGFRPOLQNYLEURGDJJHU
 6NLOOV %OXII  &RPSXWHU 8VH  'LVDEOH 'HYLFH  *DWKHU ,QIRUPDWLRQ  ,QWLPLGDWH  3LORW 
3URIHVVLRQ3LUDWH5HSDLU6HDUFK6SRW
 )HDWVDUPRUSURILFLHQF\OLJKW,PSURYHG,QLWLDWLYH4XLFN'UDZ:HDSRQ*URXS3URILFLHQFLHVEODVWHUSLVWROV
EODVWHUULIOHVKHDY\ZHDSRQVVLPSOHZHDSRQVYLEURZHDSRQV

%URWKHUKRRG3LUDWHV0DOH7KXJ,0'HIFODVV'H[6SGP93:3$WNPHOHH
GYLEURGDJJHURUUDQJHGGRU'&VWXQEODVWHUSLVWRO64QRQH69)RUW5HI:LOO6=
05HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW-XPSVXLWYLEURGDJJHUEODVWHUSLVWROGDWDSDGFRPOLQN 
 6NLOOV&OLPE,QWLPLGDWH-XPS3URIHVVLRQSLUDWH
 )HDWV$UPRU3URILFLHQF\OLJKW+HURLF6XUJHGD\3RLQW%ODQN6KRW:HDSRQ*URXS3URILFLHQF\EODVWHU
SLVWROVYLEURZHDSRQV

7LHUDYHUDJH+HUROHYHOV 
/DQ&ULVK0DOH+XPDQ3LUDWH6FRXQGUHO6ROGLHU,QLW'H[,PSURYHG,QLWLDWLYH'HIHQVH
&ODVV'H[6SGP93:3$WNPHOHHGYLEURGDJJHURUUDQJHGGRU'&
VWXQEODVWHUSLVWRO64,OOLFLWEDUWHUOXFN\GD\SUHFLVHDWWDFN69)RUW5HI:LOO)3'63
5HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW-XPSVXLWEODVWHUSLVWROGDWDSDGFRPOLQNYLEURGDJJHU
 6NLOOV%OXII&RPSXWHU 8VH'LVDEOH'HYLFH*DWKHU,QIRUPDWLRQ,QWLPLGDWH3LORW
3URIHVVLRQ3LUDWH5HSDLU6HDUFK6SRW
 )HDWV DUPRU SURILFLHQF\ OLJKW PHGLXP ,PSURYHG ,QLWLDWLYH ,QIDP\ 4XLFN 'UDZ 6NLOO (PSKDVLV
,QWLPLGDWH 6WDUVKLS 3RZHUDWLRQ VSDFH WUDQVSRUW :HDSRQ *URXS 3URILFLHQFLHV EODVWHU SLVWROV EODVWHU ULIOHV
KHDY\ZHDSRQVVLPSOHZHDSRQVYLEURZHDSRQV

%URWKHUKRRG3LUDWHV0DOH7KXJ,0'HIFODVV'H[6SGP93:3$WNPHOHH
GYLEURGDJJHURUUDQJHGGRU'&VWXQEODVWHUSLVWRO64QRQH69)RUW5HI:LOO6=
05HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW-XPSVXLWYLEURGDJJHUEODVWHUSLVWROGDWDSDGFRPOLQN 
 6NLOOV&OLPE,QWLPLGDWH-XPS3URIHVVLRQSLUDWH
 )HDWV $UPRU 3URILFLHQF\ OLJKW +HURLF 6XUJH GD\ 3RLQW %ODQN 6KRW :HDSRQ )RFXV EODVWHU SLVWRO
:HDSRQ*URXS3URILFLHQF\EODVWHUSLVWROVYLEURZHDSRQV

7LHUDYHUDJH+HUROHYHOV 
/DQ&ULVK0DOH+XPDQ3LUDWH6FRXQGUHO6ROGLHU,QLW'H[,PSURYHG,QLWLDWLYH'HIHQVH
&ODVV'H[6SGP93:3$WNPHOHHGYLEURGDJJHURUUDQJHGGRU'&
VWXQEODVWHUSLVWRO64,OOLFLWEDUWHUOXFN\GD\SUHFLVHDWWDFN69)RUW5HI:LOO)3'63
5HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW-XPSVXLWEODVWHUSLVWROGDWDSDGFRPOLQNYLEURGDJJHU
 6NLOOV%OXII&RPSXWHU8VH'LVDEOH'HYLFH*DWKHU,QIRUPDWLRQ,QWLPLGDWH3LORW
3URIHVVLRQ3LUDWH5HSDLU6HDUFK6SRW
 )HDWV DUPRU SURILFLHQF\ OLJKW PHGLXP ,PSURYHG ,QLWLDWLYH ,QIDP\ 4XLFN 'UDZ 6NLOO (PSKDVLV
,QWLPLGDWH 6WDUVKLS 3RZHUDWLRQ VSDFH WUDQVSRUW :HDSRQ *URXS 3URILFLHQFLHV EODVWHU SLVWROV EODVWHU ULIOHV
KHDY\ZHDSRQVVLPSOHZHDSRQVYLEURZHDSRQV

%URWKHUKRRG 3LUDWHV  0DOH 7KXJ  ,0  'HI   FODVV  'H[ 6SG P 93:3  $WN 
PHOHH G YLEURGDJJHU RU  UDQJHG G RU '&  VWXQ EODVWHU SLVWRO 64 QRQH 69 )RUW  5HI 


2XWZDUG%RXQG  3DJH
:LOO6=05HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW-XPSVXLWYLEURGDJJHUEODVWHUSLVWROGDWDSDGFRPOLQN 
 6NLOOV&OLPE,QWLPLGDWH-XPS3URIHVVLRQSLUDWH
 )HDWV $UPRU3URILFLHQF\OLJKW+HURLF6XUJHGD\3RLQW%ODQN6KRW,PSURYHG,QLWLDWLYH:HDSRQ)RFXV
EODVWHUSLVWRO:HDSRQ*URXS3URILFLHQF\EODVWHUSLVWROVYLEURZHDSRQV

(QFRXQWHU6HDUFKLQJIRUD1HHGOH
)HQL[0DOH2MRP6FRXQGUHO,0'HIFODVV6SGP93:3$WNPHOHHGFULW
XQDUPHGRUUDQJHG64VSHFLHVERQXVWRFROGZHDWKHUVXUYLYDOFKHFNV,OOLFLWEDUWHU/XFN\GD\3UHFLVH
DWWDFN6NLOOHPSKDVLV$SSUDLVH69)RUW5HI:LOO6=0)35HS6WU'H[&RQ,QW
:LV&KD
 (TXLSPHQW-XPSVXLWGDWDSDGFRPOLQN
 6NLOOV $SSUDLVH  %OXII  'LSORPDF\  *DPEOH  ,QWLPLGDWH  .QRZOHGJH 'UXFNHQZHOO 
.QRZOHGJH VWUHHWZLVH  /LVWHQ  3URIHVVLRQ FDUJR KDQGOHU  6HDUFK  6SRW  5HDG:ULWH %DVLF
5HDG:ULWH2MRP6SHDN%DVLF6SHDN*DPRUUHVH6SHDN2MRP
 )HDWV$OHUWQHVV0DUWLDO$UWV:HDSRQ*URXS3URILFLHQF\EODVWHUSLVWROVVLPSOHZHDSRQV

(QFRXQWHU7R6WULNH:KHUH/HDVW([SHFWHG

7LHUDYHUDJH+HUROHYHO 
'HQPD 7D]]LN0DOH5RGLDQ6ROGLHU6FRXW,0'HIFODVV'H[6SGP93:3$WN
PHOHHGYLEUREODGHRUUDQJHGGRU'&VWXQFULWEODVWHUFDUELQH64VSHFLHVERQXVRQ
/LVWHQ6HDUFKDQG6SRWFKHFNV7UDLOEOD]LQJ+HDUW8QFDQQ\GRGJH6NLOOPDVWHU\+LGH([WUHPHHIIRUW69
)RUW5HI:LOO6=0)35HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW%ODVWHUFDUELQHYLEUREODGH
 6NLOOV &OLPE  +LGH  ,QWLPLGDWH  /LVWHQ  0RYH 6LOHQWO\  6HDUFK  6SRW  6XUYLYDO 
5HDG:ULWH%DVLF5HDG:ULWH5RGHVH6SHDN%DVLF6SHDN5RGHVH
 )HDWV $UPRU 3URILFLHQF\ OLJKW +HURLF 6XUJH GD\ 6NLOO (PSKDVLV 6XUYLYDO 6WHDOWK\ 7UDFN :HDSRQ
)RFXVEODVWHUFDUELQH:HDSRQ*URXS3URILFLHQF\EODVWHUSLVWROVEODVWHUULIOHVKHDY\ZHDSRQVVLPSOHZHDSRQV
YLEURZHDSRQV

%URWKHUKRRG3LUDWHV0DOH7KXJ,0'HIFODVV'H[6SGP93:3$WNPHOHH
GYLEURGDJJHURUUDQJHGGRU'&VWXQEODVWHUSLVWRO64QRQH69)RUW5HI:LOO6=
05HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW-XPSVXLWYLEURGDJJHUEODVWHUSLVWROGDWDSDGFRPOLQN 
 6NLOOV&OLPE,QWLPLGDWH-XPS3URIHVVLRQSLUDWH
 )HDWV$UPRU3URILFLHQF\OLJKW+HURLF6XUJHGD\3RLQW%ODQN6KRW:HDSRQ*URXS3URILFLHQF\EODVWHU
SLVWROVYLEURZHDSRQV

%HVKJUXQ 0DOH $TXDOLVK 'LSORPDW  ,0  'HI   FODVV  'H[ 6SG P 93:3  $WN  PHOHH
GXQDUPHGRUUDQJHGGRU'&VWXQ KROGRXWEODVWHU64)LQVDPSKLELRXV69 )RUW5HI
:LOO6=05HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW&ORWKHVKROGRXWEODVWHU 
 6NLOOV $SSUDLVH  %OXII  'LSORPDF\  .QRZOHGJH VWUHHWZLVH  6HQVH 0RWLYH  5HDG:ULWH
$TXDOLVK5HDG:ULWH%DVLF6SHDN$TXDOLVK6SHDN%DVLF6SHDN5RGHVH
 )HDWV 6NLOO (PSKDVLV $SSUDLVH 6NLOO (PSKDVLV 'LSORPDF\ 7UXVWZRUWK\ :HDSRQ *URXS 3URILFLHQF\
EODVWHUSLVWROV

7LHUDYHUDJH+HUROHYHOV 
'HQPD 7D]]LN0DOH5RGLDQ6ROGLHU6FRXW,0'HIFODVV'H[6SGP93:3$WN
PHOHHGYLEUREODGHRUUDQJHGGRU'&VWXQFULWEODVWHUFDUELQH64VSHFLHV
ERQXV RQ /LVWHQ 6HDUFK DQG 6SRW FKHFNV 7UDLOEOD]LQJ +HDUW  8QFDQQ\ GRGJH 6NLOO PDVWHU\ +LGH ([WUHPH
HIIRUW(YDVLRQ69)RUW5HI:LOO6=0)35HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW%ODVWHUFDUELQHYLEUREODGH
 6NLOOV&OLPE+LGH,QWLPLGDWH/LVWHQ0RYH6LOHQWO\6HDUFK6SRW6XUYLYDO


2XWZDUG%RXQG  3DJH
5HDG:ULWH%DVLF5HDG:ULWH5RGHVH6SHDN%DVLF6SHDN5RGHVH
 )HDWV $UPRU3URILFLHQF\OLJKW+HURLF6XUJHGD\3RLQW%ODQN6KRW5XJJHG6NLOO (PSKDVLV6XUYLYDO
6WHDOWK\7UDFN:HDSRQ)RFXVEODVWHUFDUELQH:HDSRQ*URXS3URILFLHQF\EODVWHUSLVWROVEODVWHUULIOHVKHDY\
ZHDSRQVVLPSOHZHDSRQVYLEURZHDSRQV

%URWKHUKRRG3LUDWHV0DOH7KXJ,0'HIFODVV'H[6SGP93:3$WNPHOHH
GYLEURGDJJHURUUDQJHGGRU'&VWXQEODVWHUSLVWRO64QRQH69)RUW5HI:LOO6=
05HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW-XPSVXLWYLEURGDJJHUEODVWHUSLVWROGDWDSDGFRPOLQN 
 6NLOOV&OLPE,QWLPLGDWH-XPS3URIHVVLRQSLUDWH
 )HDWV $UPRU 3URILFLHQF\ OLJKW +HURLF 6XUJH GD\ 3RLQW %ODQN 6KRW :HDSRQ )RFXV EODVWHU SLVWRO
:HDSRQ*URXS3URILFLHQF\EODVWHUSLVWROVYLEURZHDSRQV

%HVKJUXQ 0DOH $TXDOLVK 'LSORPDW  ,0  'HI   FODVV  'H[ 6SG P 93:3  $WN  PHOHH
GXQDUPHGRUUDQJHGGRU'&VWXQ KROGRXWEODVWHU64)LQVDPSKLELRXV69 )RUW5HI
:LOO6=05HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW&ORWKHVKROGRXWEODVWHU 
 6NLOOV $SSUDLVH  %OXII  'LSORPDF\  .QRZOHGJH VWUHHWZLVH  6HQVH 0RWLYH  5HDG:ULWH
$TXDOLVK5HDG:ULWH%DVLF6SHDN$TXDOLVK6SHDN%DVLF6SHDN5RGHVH
 )HDWV 6NLOO (PSKDVLV $SSUDLVH 6NLOO (PSKDVLV 'LSORPDF\ 7UXVWZRUWK\ :HDSRQ *URXS 3URILFLHQF\
EODVWHUSLVWROV

7LHUDYHUDJH+HUROHYHOV 
'HQPD 7D]]LN0DOH5RGLDQ6ROGLHU6FRXW,0'HIFODVV'H[6SGP93:3
$WNPHOHHGYLEUREODGHRUUDQJHGGRU'&VWXQFULWEODVWHUFDUELQH64
VSHFLHV ERQXV RQ /LVWHQ 6HDUFK DQG 6SRW FKHFNV 7UDLOEOD]LQJ +HDUW  8QFDQQ\ GRGJH 6NLOO PDVWHU\ +LGH
6NLOOPDVWHU\0RYH6LOHQWO\([WUHPHHIIRUW(YDVLRQ69)RUW5HI:LOO6=0)35HS6WU
'H[&RQ,QW:LV&KD
 (TXLSPHQW%ODVWHUFDUELQHYLEUREODGH
 6NLOOV&OLPE+LGH,QWLPLGDWH/LVWHQ0RYH6LOHQWO\6HDUFK6SRW6XUYLYDO
5HDG:ULWH%DVLF5HDG:ULWH5RGHVH6SHDN%DVLF6SHDN5RGHVH
 )HDWV $UPRU 3URILFLHQF\ OLJKW +HURLF 6XUJH GD\ 3RLQW %ODQN 6KRW 5XJJHG &RPEDW 5HIOH[HV *UHDW
)RUWLWXGH6NLOO(PSKDVLV6XUYLYDO6WHDOWK\7UDFN:HDSRQ)RFXVEODVWHUFDUELQH:HDSRQ*URXS3URILFLHQF\
EODVWHUSLVWROVEODVWHUULIOHVKHDY\ZHDSRQVVLPSOHZHDSRQVYLEURZHDSRQV

%URWKHUKRRG 3LUDWHV  0DOH 7KXJ  ,0  'HI   FODVV  'H[ 6SG P 93:3  $WN 
PHOHH G YLEURGDJJHU RU  UDQJHG G RU '&  VWXQ EODVWHU SLVWRO 64 QRQH 69 )RUW  5HI 
:LOO6=05HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW-XPSVXLWYLEURGDJJHUEODVWHUSLVWROGDWDSDGFRPOLQN 
 6NLOOV&OLPE,QWLPLGDWH-XPS3URIHVVLRQSLUDWH
 )HDWV $UPRU3URILFLHQF\OLJKW+HURLF6XUJHGD\3RLQW%ODQN6KRW,PSURYHG,QLWLDWLYH:HDSRQ)RFXV
EODVWHUSLVWRO:HDSRQ*URXS3URILFLHQF\EODVWHUSLVWROVYLEURZHDSRQV

%HVKJUXQ 0DOH $TXDOLVK 'LSORPDW  ,0  'HI   FODVV  'H[ 6SG P 93:3  $WN  PHOHH
GXQDUPHGRUUDQJHGGRU'&VWXQ KROGRXWEODVWHU64)LQVDPSKLELRXV69 )RUW5HI
:LOO6=05HS6WU'H[&RQ,QW:LV&KD
 (TXLSPHQW&ORWKHVKROGRXWEODVWHU 
 6NLOOV $SSUDLVH  %OXII  'LSORPDF\  .QRZOHGJH VWUHHWZLVH  6HQVH 0RWLYH  5HDG:ULWH
$TXDOLVK5HDG:ULWH%DVLF6SHDN$TXDOLVK6SHDN%DVLF6SHDN5RGHVH
 )HDWV 6NLOO (PSKDVLV $SSUDLVH 6NLOO (PSKDVLV 'LSORPDF\ 7UXVWZRUWK\ :HDSRQ *URXS 3URILFLHQF\
EODVWHUSLVWROV


2XWZDUG%RXQG  3DJH
*00DS²'URSSLQJRIIWKH*RRGV


2XWZDUG%RXQG  3DJH
*00DS²'URSSLQJRIIWKH*RRGV


2XWZDUG%RXQG  3DJH
 &ULWLFDO(YHQW6XPPDU\
2XWZDUG%RXQG


 'LGWKHKHURHVVXFFHVVIXOO\GHOLYHUWKHLUFDUJR"
<HV  1R

 'LGWKHKHURHVSUHYHQWWKHGHVWUXFWLRQRIWKH5HSXEOLFPLOLWDU\VSDFHVWDWLRQ"
<HV  1R

 'LGWKHKHURHVGLVFRYHUWKH7KDHUHLDQWUDFNLQJEHDFRQ"
<HV  1R

 ,IWKHWUDFNLQJEHDFRQZDVQRWIRXQGDQGLWZDVSODFHGRQDKHUR¶VVKLSSOHDVHOLVWWKHSOD\HUQDPHFKDUDFWHU
QDPH53*$DQGHPDLODGGUHVVEHORZ

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 'LGDQ\RIWKHKHURHVDQWDJRQL]H5HQLM-DDRUWKH5HSXEOLFIRUFHV",IVROLVWSOD\HUQDPHFKDUDFWHUQDPHDQG
53*$EHORZ











 :HUHDQ\KHURHVLPSULVRQHGIRUNLOOLQJ7KDHUHLDQIRUFHV",IVROLVWSOD\HUQDPHFKDUDFWHUQDPHDQG53*$
EHORZ











&RQYHQWLRQ&RRUGLQDWRU 
7RUHSRUWWKHVHUHVXOWVIRUHYHQWVGXULQJWKHPRQWKRI6HSWHPEHURQO\\RXPD\86PDLOWKHPWR
53*$/,9,1* )25&(32%R[(DVW/DQVLQJ0,
2UHPDLOWR/)3ORWV#OLYLQJIRUFHQHW
2UID[WR$WWHQWLRQ/,9,1*)25&(&ULWLFDO(YHQWV
&KHFNKWWSZZZOLYLQJIRUFHQHWIRURWKHUPHWKRGV


2XWZDUG%RXQG  3DJH