Skip to main content

February 2014

Page 1

( '! !!

!!' +# ' ) &+

( !

7+( )52'6+$0 7<5( &2 /7'

81,7 7+( )52'6+$0 %86,1(66 &(175( %5,'*( /$1( )52'6+$0 &+(6+,5( :$ +1

)(%58$5< 63(&,$/ 2))(5

)8// 6(59,&( Â&#x2026; 027 ),;(' 35,&(

)8// 6(59,&,1*

Â&#x2026;

)25 0267 0$.(6 $1' 02'(/6 )8//< ,1&/86,9(

&2//(&7,21 '(/,9(5< )5(( 2) &+$5*(

027·6 21/<

([FOXGHV SODWLQXP SOXJV SOHDVH SKRQH IRU GHWDLOV

Â&#x2026; 7HUPV &RQGLWLRQV DSSO\

72 *(7 $&&(66 72 $1< 2) 7+(6( )(%58$5< 2))(56 3/($6( %5,1* $/21* 72 7+( '(327 <285 &23< 2) 7+,6 0$*$=,1(

' * "+++ ! ( ) % + & "&" #


7L $PR -(:(//(5<

+LJK 6WUHHW )URGVKDP &KHVKLUH :$ $+

ZZZ WLDPRMHZHOOHU\ FRP


'HDU )ULHQGV +HOOR DQG D YHU\ ELJ ZHOFRPH WR WKH )HEUXDU\ HGLWLRQ $V \RX FDQ VHH IURP 7L $PR -HZHOOHU\¶V IDEXORXV DGYHUW RSSRVLWH ZH DUH DOO JHDUHG XS WR 9DOHQWLQHV¶ WKLV PRQWK DQG WR WDNH LW RQH VWHS IXUWKHU D :HGGLQJ )HDWXUH )URGVKDP LV SUHSDULQJ IRU LWV QH[W %LJ :HGGLQJ (YHQW ZKLFK LV KDSSHQLQJ RQ WKH WK 0DUFK 9LVLW )URGVKDP ZKHUH \RX ZLOO ¿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¶W KDYH WKH PRQH\ WR VSHQG" :HOO IHDU QRW 6O\YLD :RRGJHU LV KHUH WR KHOS ERRN D ZDUGUREH PDNH RYHU DQG VDYH PRQH\ E\ FUHDWLQJ VWXQQLQJ RXW¿WV IURP FORWKHV \RX DOUHDG\ RZQ 3DJH %H DZDUH $XWRPDWLF 1XPEHU 3ODWH 5HFRJQLWLRQ LV QRZ LQ RSHUDWLRQ DW (GGLVEXU\ 6TXDUH ZLWK D KRXU PD[LPXP VWD\ 7KLV LV LQ RSHUDWLRQ KRXUV D GD\ GD\V D ZHHN $ SDUNLQJ FKDUJH RI Â&#x2026; GLVFRXQWHG WR Â&#x2026; LI SD\PHQW LV UHFHLYHG ZLWKLQ GD\V LV EHLQJ HQIRUFHG E\ 8. &DU 3DUNLQJ 6ROXWLRQV RQ EHKDOI RI WKH QHZ ODQGORUG %HVW :LVKHV 6DUDK [ 3OHDVH OLNH +HOVE\ WR +DQG RQ IDFHERRN IROORZ #KHOVE\WRKDQG RQ WZLWWHU

7KLV PRQWK LQ SLFWXUHV S

S

)LUHG (DUWK RIIHUV D GHVLJQ VHUYLFH IRU EDWKURRP

$IBSJUZ #&&3 '&4:5*7" '6/ %":

S

S

"/% '".*-

50 #& )&-% "5 5)& 8)*5& -*0/ "5 "-7"/-&: */ "*% 0' 5)& "-7"/-&: $)"3*5: '6/% 8)*$) '03 *4 4611035 */( ."$.*--"/

4"563%": 5) +6/& '30. 1. 0/8"3%4

S

S

S

S

3/($6( 127( &23< '$7( )25 7+( 0$5&+ (',7,21

,6 7+ )(%58$5< 72 $'9(57,6( 3/($6( 5,1* 6$5$+ 21 RU HPDLO KHOVE\WRKDQG#EWLQWHUQHW FRP ,I \RX GRQ¶W KDYH D FRS\ ¶WR KDQG¶ FKHFN RXW WKH ZHEVLWH ZZZ KHOVE\WRKDQG FR XN

+HOVE\ WR +DQG .HUURZPRDU 0DQOH\ 5RDG $OYDQOH\ )URGVKDP &KHVKLUH :$ '( 7HO (PDLO KHOVE\WRKDQG#EWLQWHUQHW FRP ´+HOVE\ WR +DQGµ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


:('',1* ,19,7$7,21 )URGVKDP ZRXOG OLNH WR LQYLWH \RX WR RXU

%LJ :HGGLQJ (YHQW 6DWXUGD\ WK 0DUFK &RPH YLVLW )URGVKDP ZKHUH \RX ZLOO ¿QG HYHU\WKLQJ \RX QHHG WR SODQ D ZRQGHUIXO ZHGGLQJ -HZHOOHU\ FDNHV SKRWRJUDSKHUV GUHVVHV KDLU EHDXW\ YHQXHV DQG KRQH\PRRQV ZH KDYH LW DOO $ JUHDW RSSRUWXQLW\ WR VHH VRPH RI RXU ¿QHVW ORFDO KRPH EDVHG EXVLQHVVHV ZZZ WKHELJZHGGLQJHYHQW FR XN

% % % ! ! # " ( ! * %( * &+ & &+ % + ' "& '& ! ! )% !

!%( (

)))

)ORZHUV IRU %ULGDO ERXTXHWV EULGHVPDLGV EXWWRQKROHV FRUVDJHV FKXUFK GLVSOD\V WDEOH GHVLJQV DQG EDOORRQV

%RRN QRZ IRU 6XPPHU 6HH RXU PDLQ DGYHUW RQ SDJH

&DOO

)DFHERRN )URGVKDP )ORZHUV /LPLWHG )% !

!%( ( E 0DLQ 6WUHHW )URGVKDP :$ ')


/ YH

)URFNV

¤Garments Made to Order ¤One-off Designs ¤Any Size/Colour ¤Alterations ¤Dress Hire ¤Jewellery & More

5$&(6

+0:1;<5);

%,57+'$<6

Ă&#x153; Ă&#x161;Ă&#x153; Ă&#x161;

&+5,67(1,1*6 %1//70+105

Tel: 01928 890140 68 Main Street, Frodsham WA6 7AU

Twitter:@lovefrocks Facebook:Love Frocks Instagram:Love_Frocks


$GRUH

%ULGDO 0DNH 8S

¶3HUIHFW :HGGLQJ 0DNH 8S IRU D 0RVW %HDXWLIXO <RX· ([SHULHQFHG 3URIHVVLRQDO %ULGDO 0DNH 8S $UWLVW /X[XU\ 3URGXFWV $SSOLHG 0RELOH 6HUYLFH )RU PRUH LQIRUPDWLRQ DERXW 0DNH 8S IRU \RXU :HGGLQJ 'D\ 7ULDOV DQG %RRNLQJV

&RQWDFW 6DUDK (PDLO a DGRUHPDNHXS FKHVKLUH#JPDLO FRP 7ZLWWHU #$GRUHBPDNHXS )LQG PH RQ )DFHERRNa$GRUH %ULGDO 0DNH 8S

0DLQ 6WUHHW )URGVKDP :$ $%

7 (PDLO ,QIR#EXQLTXHKDLU FR XN ZZZ EXQLTXHKDLU FR XN

2SHQ 7XHV 6DW DQG ODWH QLJKWV :HG 7KXUV WLOO SP

% 8QLTXH +DLU &RPSDQ\ D ERXWLTXH KDLU VDORQ ZLWK DQ LQWLPDWH DQG IULHQGO\ DWPRVSKHUH 7KH WHDP DW % 8QLTXH KDYH D SDVVLRQ IRU FUHDWLQJ EHDXWLIXO FXWV DQG FRORXUV DQG SULGH RXUVHOYHV RQ GHOLYHULQJ KLJK VWDQGDUGV RI FXVWRPHU VHUYLFH $W % 8QLTXH ZH DUH LQWHQW RQ PDNLQJ \RX IHHO VSHFLDO ZKHWKHU LW LV \RXU Ã&#x20AC;UVW YLVLW RU \RX DUH D OR\DO FOLHQW ZK\ QRW SRS LQ WR PHHW WKH WHDP DQG UHFHLYH \RXU FRPSOLPHQWDU\ FRQVXOWDWLRQ 3OHDVH FRQWDFW XV WR PDNH \RXU ERRNLQJ


%(67 :(67(51 )RUHVW +LOOV +RWHO Æ&#x2020; Æ&#x2020;Æ&#x2020;

6HW RQ )URGVKDP +LOO ZLWK VWXQQLQJ SDQRUDPLF YLHZV RI WKH &KHVKLUH &RXQWU\VLGH

:HGGLQJ )D\UH 6XQGD\ UG )HEUXDU\

Æ&#x2020;Æ&#x2020; Æ&#x2020;

SP SP Æ&#x2022; 2YHU ([KLELWRUV &DNHV &DUV &KRFRODWH )RXQWDLQ %ULGDO 'LVSOD\V DQG ORWV PRUH Æ&#x2022; :HGGLQJ )XQFWLRQ URRPV IRU XS WR JXHVWV DQG %HGURRPV DYDLODEOH WR YLHZ Æ&#x2022; 'LVFRXQWV DYDLODEOH IRU RQ VRPH :HGGLQJ GDWHV Æ&#x2022; 6XQGD\ /XQFK IURP MXVW Â&#x2026; SS ZK\ QRW PDNH DQ DIWHUQRRQ RI LW"

9DOHQWLQHV

)ULGD\ WK )HEUXDU\ 9DOHQWLQHV &DQGOHOLW 'LQQHU Â&#x2026; SHU SHUVRQ Â&#x2026; SS 'LQQHU %HG %UHDNIDVW

&RXUVH /XQFK 0RQGD\ ± )ULGD\

$Q LQWLPDWH HYHQLQJ LQ +LOOWRSV 5HVWDXUDQW D ZRQGHUIXO &RXUVH PHDO IROORZHG E\ FRIIHH

(QMR\ D 6WDUWHU DQG 0DLQ &RXUVH IRU MXVW Â&#x2026; SHU SHUVRQ

9DOHQWLQHV ,QGXOJHQFH +LOOWRSV 5HVWDXUDQW 6DWXUGD\ WK )HEUXDU\

&RXUVH 7DEOH '¶+RWH 'LQQHU

&KHI KDV FUHDWHG DQ H[WUDYDJDQW PHQX Ã&#x20AC;QLVKLQJ WKH 'LQQHU ZLWK D FDVFDGLQJ IRXQWDLQ RI WKH Ã&#x20AC;QHVW VPRRWK %HOJLDQ &KRFRODWH &RPH DQG LQGXOJH LQ WKLV XQLTXH H[SHULHQFH ZLWK 'DQFLQJ WKURXJK WLOO DP E\ RXU UHVLGHQW '- -XVW Â&#x2026; SS RU Â&#x2026; SS 'LQQHU %HG %UHDNIDVW

(YHU\ 1LJKW -XVW Â&#x2026; SHU SHUVRQ WR LQFOXGH D VPDOO JODVV RI KRXVH ZLQH 1RUPDOO\ Â&#x2026; SS

'LQLQJ RIIHUV 6XEMHFW WR DYDLODELOLW\ QRW LQ FRQMXQFWLRQ ZLWK DQ\ RWKHU RIIHUV 1RW DYDLODEOH RQ 6SHFLDO (YHQWV GDWHV DQG IXQFWLRQV

%(67 :(67(51 )RUHVW +LOOV +RWHO 2YHUWRQ +LOO )URGVKDP &KHVKLUH :$ ++

7HO (PDLO LQIR#IRUHVWKLOOVKRWHO FRP :HE ZZZ IRUHVWKLOOVKRWHO FRP


% # % E\ .DWH 0F/HOODQG RYHU DW DXFWLRQ IRU D VWLOO GULQNDEOH \HDU ROG ERWWOH RI FKDPSDJQH WR FHOHEUDWH KLV WK ZHGGLQJ DQQLYHUVDU\ ,I \RX PXVW HYHQ WDNH $PHULFDQ IDUPHU 'LFN .OHLV ZKR ÁHZ KLV ZLIH RYHU IDUPODQG LQ D SODQH WR VKRZ KHU D ORYLQJ ELUWKGD\ PHVVDJH KH·G ZULWWHQ RXW ² \RX JXHVVHG LW ² LQ FRZ GXQJ

,W·V WKDW WLPH RI WKH \HDU ZKHQ ZH MXVW FDQ·W DYRLG WKH VXEMHFW RI URPDQFH IURP WKH KHDUW VKDSHG GHFRUDWLRQV ÁXWWHULQJ LQ VKRS ZLQGRZV WR WKRVH LQGXOJHQW GLQQHU IRU WZR UHFLSHV WKDW DSSHDU LQ \RXU ORFDO SDSHU (YHQ VHDUFK HQJLQHV DUH LQ RQ WKH DFW WKH PLQXWH \RX ORJ RQ WR \RXU FRPSXWHU RQ WK )HEUXDU\ \RX NQRZ WKDW D ORYH WKHPHG *RRJOH 'RRGOH ZLOO SRS XS LQ \RXU EURZVHU ZLQGRZ 7KLV DQQXDO RYHUGRVH RI KHDUWV DQG ÁRZHUV FDQ SURYRNH D UDQJH RI GLIIHUHQW UHDFWLRQV GHSHQGLQJ RQ \RXU DJH VLWXDWLRQ RU PLQGVHW

H[SHULHQFH )RU SHRSOH ZKR IDOO EHWZHHQ WKRVH WZR H[WUHPHV ² JHQHUDOO\ WKDW PHDQV FRXSOHV LQ ORQJ WHUP UHODWLRQVKLSV ² WKHUH PD\ EH PL[HG IHHOLQJV DERXW 6W 9DOHQWLQH·V 'D\ 'HSHQGLQJ RQ ZKHWKHU \RX DUH D ¶JODVV KDOI IXOO· RU D ¶JODVV KDOI HPSW\· NLQG RI SHUVRQ \RX ZLOO HLWKHU VHH WKH WK )HEUXDU\ DV WKH SHUIHFW RSSRUWXQLW\ WR VKRZ \RXU RWKHU KDOI KRZ PXFK WKH\ PHDQ WR \RX RU DV DQ RFFDVLRQ WKDW PHUHO\ VHUYHV WR KLJKOLJKW WKH ODFN RI URPDQFH LQ \RXU UHODWLRQVKLS IRU WKH UHPDLQLQJ GD\V RI WKH \HDU

:H DOO ORYH D ORYH VWRU\ ,I WKRVH WDOHV RI URPDQWLF GHGLFDWLRQ DUHQ·W HQRXJK \RX FDQ JR RQOLQH WR ÀQG WKRXVDQGV RI YLGHRV RI SHRSOH JHWWLQJ PDUULHG LQ TXLUN\ EXW HQGHDULQJ ZD\V ZLQJ ZDONLQJ RQ D ELSODQH DEVHLOLQJ GRZQ D EXLOGLQJ RU FODG LQ ZHWVXLWV XQGHU ZDWHU ,W ZRXOG VHHP WKDW ZH FDQ·W JHW HQRXJK RI RWKHU SHRSOH·V URPDQWLF H[SHULHQFHV RQH SDUWLFXODU ZHGGLQJ GDQFH YLGHR KDV HQMR\HG RYHU KLWV ZKLFK PLJKW VXJJHVW LW·V QRW MXVW WKH FRXSOH·V LPPHGLDWH IDPLO\ ZKR DUH ZDWFKLQJ :LWK 0LOOV DQG %RRQ URPDQWLF QRYHOV SXEOLVKHG LQ GLIIHUHQW ODQJXDJHV DQG VROG LQ FRXQWULHV ZRUOG ZLGH ZH GRQ·W QHHG D VRFLDO DQWKURSRORJLVW WR WHOO XV WKDW D GHVLUH IRU URPDQFH LV KDUG ZLUHG LQWR WKH KXPDQ SV\FKH

,I \RX·UH D WHHQDJHU H[SHFWLQJ 2I FRXUVH WKHUH DUH D OXFN\ \RXU ÀUVW 9DOHQWLQH FDUG RU D IHZ ZKR GRQ·W QHHG 6W ORYHG XS QHZO\ZHG FRXSOH 9DOHQWLQH·V 'D\ WR NLFN VWDUW +RZHYHU ZKLOH LW PD\ EH WKH WK )HEUXDU\ FDQ EH WKHLU URPDQWLF IHHOLQJV WDNH JUHDW WR IDQWDVLVH DERXW D WLPH RI KLJK H[FLWHPHQW 'DYLG DQG /DXUHQ %ODLU RWKHU SHRSOH·V ORYH LQVSLUHG $OWHUQDWLYHO\ LI \RX·UH D ZKR HDUQHG D SODFH LQ WKH H[SORLWV ZH DUH VRPHWLPHV D VLQJOHWRQ PDURRQHG DW KRPH *XLQQHVV %RRN RI 5HFRUGV OLWWOH OHVV FRPIRUWDEOH DERXW ZLWK D UHDG\ PHDO IRU RQH IRU UHQHZLQJ WKHLU ZHGGLQJ H[SHULHQFLQJ WKHP RXUVHOYHV WKH GD\ FDQ WXUQ RXW WR EH YRZV RYHU WLPHV RU LQ UHDO OLIH 5DYL

D WKRURXJKO\ GHSUHVVLQJ 9LVZDQDWKDQ ZKR SDLG


:KHQ IRRWEDOO IDQ -DPHV 0LOOHU VWULSSHG GRZQ WR KLV XQGHUZHDU DQG GLG D &XSLG VW\OH VWUHDN DFURVV WKH SLWFK ÀULQJ URVHV IURP D ERZ DQG DUURZ LQ WULEXWH WR KLV JLUOIULHQG LW GLGQ·W KDYH WKH HIIHFW KH DQWLFLSDWHG VKH ZDV VR HPEDUUDVVHG WKDW VKH GXPSHG KLP :H FDQ DOO V\PSDWKLVH ZLWK -DPHV· SOLJKW RQH SHUVRQ·V LGHD RI URPDQFH LV QRW DOZD\V WKH VDPH DV DQRWKHU·V :KHQ D IULHQG RI PLQH GLVFRYHUHG WKDW KHU KXVEDQG KDG ERRNHG D 0H[LFDQ 0DULDFKL EDQG WR SOD\ RXWVLGH WKHLU KRWHO ZLQGRZ RQ KROLGD\ VKH KLG LQ WKH WRLOHW XQWLO WKH VRQJ KDG HQGHG /DVW \HDU RQ )HEUXDU\ WK P\ SDUWQHU RI ÀIWHHQ \HDUV UDQJ PH IURP ZRUN WR VD\ KH·G ERRNHG D WDEOH DW D QHZ UHVWDXUDQW ,·G VSRWWHG LQ WRZQ

´,W·OO EH OLNH D SURSHU GDWH µ KH SURPLVHG $OWKRXJK LW ZDV H[FLWLQJ WR GUHVV XS DQG JR RXW RQ WKH VSXU RI WKH PRPHQW ,·P DIUDLG WKH ZKROH WKLQJ UDQ RXW RI VWHDP SUHWW\ TXLFNO\ ZLWKLQ KDOI DQ KRXU ZH ZHUH GLVFXVVLQJ ZKHWKHU ZH VKRXOG KLUH D SOXPEHU WR À[ D OHDN\ WDS LQ WKH EDWKURRP 2XU QLJKW RXW PD\ QRW KDYH EHHQ WKH KHLJKW RI URPDQFH EXW RQ UHÁHFWLRQ LW VXPPHG XS WKH FRPIRUWDEOH SODFH ZH KDYH UHDFKHG LQ RXU UHODWLRQVKLS ,Q IDFW LI KH·G KLUHG D FKRLU WR VLQJ ´/RYH ,V $OO $URXQGµ DQG VKRZHUHG PH ZLWK

URVH SHWDOV ,·P SUHWW\ VXUH , ZRXOG KDYH UXQ IRU WKH ORR MXVW OLNH P\ IULHQG LQ 0H[LFR ,W·V VDG WKDW 6W 9DOHQWLQH·V 'D\ KDV ORVW LWV H[FLWHPHQW IRU PDQ\ RI XV EXW , VWLOO EHOLHYH LW·V ZRUWK FHOHEUDWLQJ 2I FRXUVH VRPH SHRSOH FRQGHPQ WKH WK )HEUXDU\ IRU LWV RYHUW FRPPHUFLDOLVP EXW \RX GRQ·W KDYH WR VSHQG D IRUWXQH WR VKRZ WKDW \RX FDUH 5HPHPEHU IDUPHU 'LFN .OHLV DQG PDNH WKH EHVW RI WKH UHVRXUFHV \RX KDYH WR KDQG « KRZHYHU 'HDU 5HDGHU LI \RX ZDQW \RXU UHODWLRQVKLS WR ODVW , ZRXOG DGYLVH \RX QRW WR WDNH KLV H[DPSOH WRR OLWHUDOO\

:HOFRPH WR +HOVE\ *ROI &OXE 7RZHUV /DQH +HOVE\ :$ -%

$YDLODEOH IRU 3ULYDWH )XQFWLRQV )OH[LELOLW\ WR FDWHU IRU LQIRUPDO VPDOO SDUWLHV RU PRUH IRUPDO HYHQWV IRU XS WR SHRSOH

1R URRP KLUH FKDUJH *UHDW YLHZV DQG VSDFLRXV YHQXH 'LVDEOHG DFFHVV OLIW 6PDOO EDOFRQ\ DUHD 7RS TXDOLW\ FDWHULQJ DQG IULHQGO\ VWDII 5HFHQW HYHQWV LQFOXGH :HGGLQJV %DE\ 6KRZHU &KULVWHQLQJV %LUWKGD\ 3DUWLHV DQG $QQLYHUVDULHV

7R ERRN \RXU HYHQW FDOO 6WHYH &ROOLQV RQ RSWLRQ 9LVLW ZZZ KHOVE\JROIFOXE RUJ DQG FOLFN RQ ´RXU FOXEKRXVHµ IRU PRUH LQIRUPDWLRQ


&KHVWHU 5RDG +HOVE\ 23(1 021 6$7 ZLWK ODWH QLJKWV :HG 7KXUV )UL µWLO SP

-HVVLFD *HOHUDWLRQ +DOI VHW H\HODVK H[WHQVLRQV 6SUD\ 7DQ Â&#x2026;

-HVVLFD *HOHUDWLRQ 6SUD\ 7DQ )LOH 3ROLVK 7RHV Â&#x2026;

*LIW 9RXFKHUV DYDLODEOH 7UHDWPHQWV

+DOI OHJ ZD[ %LNLQL ZD[ 8QGHU DUP ZD[ (\HEURZ VKDSH Â&#x2026;

12: DYDLODEOH

:D[LQJ a 6SUD\ 7DQQLQJ a *HO 1DLOV 1DLO ([WHQVLRQV a

(\HODVK ([WHQVLRQV

a 1RQ 6XUJLFDO )DFH /LIWV a 0DNH XS a %RG\ 7UHDWPHQWV

0LFURGHUPDEUDVLRQ a (\H 7UHDWPHQWV a 7KUHDGLQJ a )DFLDOV a 3HGLFXUHV a %RG\ :UDSV

7HO ZZZ VHUHQLW\IRUEHDXW\ FRP


â&#x2122;¥â&#x2122;¥ â&#x2122;¥

â&#x2122;¥ â&#x2122;¥â&#x2122;¥ *RUJHRXV 'HVLJQV WKLV 9DOHQWLQH¶V %HDXWLIXO *ROG 6LOYHU -HZHOOHU\

*(25*,1,

&KXUFK 6W )URGVKDP

â&#x2122;¥ â&#x2122;¥â&#x2122;¥

6SHFLDO WKLV 9DOHQWLQH¶V" *LIWV 9RXFKHUV $YDLODEOH

%DFN QHFN DQG VKRXOGHU PDVVDJH DQG 0DWFKD *UHHQ 7HD )DFLDO 3XUH LQGXOJHQFH IRU Â&#x2026; UUS Â&#x2026; 6KHOODF Ã&#x20AC;QJHUV DQG WRHV Â&#x2026; +DOI OHJ ELNLQL OLQH DQG XQGHUDUP ZD[ VKHOODF Ã&#x20AC;QJHUV Â&#x2026;

ZZZ VOLPQWULPIURGVKDP FRP

%RG\ DFWLRQ SRZHU SODWH XQOLPLWHG XVH IRU RQH PRQWK IRU MXVW Â&#x2026;

6OLP ¶Q· 7ULP

+LJK 6W )URGVKDP &KHVKLUH :$ $-

7KH DUHD·V 12 %HDXW\ +ROLVWLF 7RQLQJ 6SRUWV 6DORQ 7RQLQJ 7DEOH &HQWUH 6XQVKRZHU ´2IWHQ &RSLHG 1HYHU (TXDOOHGµ


E 0DLQ 6WUHHW )URGVKDP :$ ') ZZZ IURGVKDPÁRZHUV FR XN µ6KRZ VRPHRQH \RX FDUH WKLV 9DOHQWLQHV VHQG ÀRZHUV RQ )ULGD\ WK )HEUXDU\ ¶

%RXTXHWV IURP %R[ 'HVLJQV IURP [ 5HG URVHV IURP [ 5HG URVHV IURP $OO PDGH WR RUGHU DQG ORWV RI UHDG\ WR JR LWHPV IRU VDOH LQ WKH VKRS IRU DQ\ EXGJHW

6XSSRUW ORFDO EXVLQHVV·V VKRS ORFDOO\ LQ )URGVKDP

)ORUDO GHVLJQV IRU HYHU\ RFFDVLRQ *LIWV $QQLYHUVDU\·V #IURGVKDP :HGGLQJV )XQHUDOV DQG &RUSRUDWH GHVLJQV )URGVKDP ÁRZHUV

)ORZHUV /WG


7UHDW WKH RQH \RX /RYH WKLV 9DOHQWLQH¶V DW

+$/(6 2) )52'6+$0 Æ&#x2020;

5HG 5RVHV DUUDQJHG WR \RXU RZQ VSHFL¿FDWLRQ a IURP D VLQJOH UHG URVH WR D GR]HQ RU PRUH

Æ&#x2020; 6SHFLDO SULFH IRU 5HG 5RVHV LQ D EHDXWLIXOO\ SUHVHQWHG GLVSOD\ $OO JUDGH RQH ORQJ VWHP UHG URVHV XVHG

Æ&#x2020;

*RRG VHOHFWLRQ RI PL[HG %RXTXHWV DQG KDQGWLHV DOVR DYDLODEOH

)UHH /RFDO 'HOLYHU\ RQ 9DOHQWLQH¶V 'D\

7HO


6W 9DOHQWLQH·V 'D\

+LJK 6W )URGVKDP 7HO

:LOO \RX EH P\ 9DOHQWLQH" , NQRZ WKDW , DP \RXUV <RX DUH OLNH D WRVVLQJ VHD $QG , DP OLNH \RXU VKRUHV <RX DUH OLNH DQ HQGOHVV ZDYH $QG , \RXU ZDLWLQJ VDQG $QG , ZLOO ZDLW IRUHYHU DV <RX FRPH DQG VPRRWK P\ KDQG

WK )HEUXDU\

1HZ +DLU IRU 9DOHQWLQHV" &DOO LQ IRU D IUHH FRQVXOWDWLRQ /DGLHV *HQWV &KLOGUHQ ZHOFRPH

2SHQLQJ 7LPHV 021'$< 78(6'$< :('1(6'$< 7+856'$< )5,'$< 6$785'$<

DP SP DP SP DP SP DP SP DP SP DP SP

*LIW 9RXFKHUV DUH DYDLODEOH


(OHJDQW 1DLOV $QG %HDXW\ E\ &DUROLQH $W *DU\ -XOHV 6DORQ 8QLW (OWRQ 6KRSSLQJ &HQWUH ,QFH /DQH (OWRQ &KHVWHU &+ /8

+DQG 3DLQWHG 1DLO $UW

7KH +RPH RI %HVSRNH %URZV

/D /D ,QGLYLGXDO /DVKHV

%HIRUH

$IWHU

$QG PXFK PRUH

)RU PRUH LQIRUPDWLRQ RQ DOO WUHDWPHQWV DYDLODEOH RU WR ERRN DQ DSSRLQWPHQW FDOO LQ WR VHH PH SKRQH RU (PDLO FDUROLQH#HOHJDQWQDLOVE\FDUROLQH FR XN

/LNH P\ IDFHERRN SDJH (OHJDQW 1DLOV DQG %HDXW\ %\ &DUROLQH ZZZ HOHJDQWQDLOVE\FDUROLQH FR XN

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


:\^k ?ehkblm &+(6+,5( É&#x201E;É&#x2018;ČšČ?É&#x2018;Ⱦɴ PČŁČ? ČľÉ&#x201E;ÉŹČ?É&#x2018; LČŁÉ&#x201E;É&#x2030; É&#x2018;É&#x201E;Č&#x2021;É&#x2022;ȣǸȚ

O`]f ogj\k Yj] fgl ]fgm_`$ ljmkl 9[]j >dgjakl&&&&

%HVW 6HOOHU Â&#x2026;

â&#x2122;Ľ Kh][aYd G^^]j gf Ydd Dg[Yd <]dan]ja]k&

J][]an] qgmj >J== ?A>L &&&

L]\\q$ :Yddggf gj ;`g[k

?bg] nl3 hg ma^ :./ g^Zk mh M^l\h A^el[r <Zee nl3 )*2+1 0++0.0 <eb\d nl3 ppp'Z\^kĂ&#x153;hkblm\a^labk^'\h'nd

Oblbm nl3 **/ <a^lm^k KhZ]% A^el[r% P:/ )JM

Eh\Ze% GZmbhgZe Zg] Bgm^kgZmbhgZe =^ebo^kr Zg] `b_m ohn\a^kl ZoZbeZ[e^


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ÀQGLQJ WKDW OLIH LV RIWHQ IXOO RI WKH PRVW H[TXLVLWH SDLQ

0LGZLQWHUEORRG 0DUFXV 6HGJHZLFN (ULF DQG 0HUOH ORYH HDFK RWKHU EXW DUH VHSDUDWHG E\ WLPH DQG VSDFH ,I \RX·YH HYHU WKRXJKW WKDW \RX OLYHG DQRWKHU OLIH LQ DQRWKHU WLPH WKHQ VSDUH D WKRXJKW IRU WKLV SDLU 7KH QRYHO KDV VHYHQ VWRULHV ZKLFK VSDQ WKH FHQWXULHV IURP DQFLHQW FLYLOLVDWLRQV WR WKH QRW WRR GLVWDQW IXWXUH DQG ÀQG (ULF DQG 0HUOH WU\LQJ GHVSHUDWHO\ WR UHWXUQ WR RQH DQRWKHU 5HLQFDUQDWHG DV ORYHUV VLEOLQJV DQG HYHQ PRWKHU DQG VRQ WKH\ DUH UHSHDWHGO\ GUDZQ EDFN WR HDFK RWKHU ,Q WKLV WKH PRVW XQXVXDO RI JRWKLF URPDQFHV WKH SDLU ZLOO HYHQWXDOO\ KDYH WR PDNH WKH XOWLPDWH VDFULÀFH

WKURZQ LQ +HU OHWWHUV RI EHWUD\DO DQG WKH PRVW WHUULEOH RI ORYH WULDQJOHV ZLOO KDYH \RX KRRNHG ULJKW XS XQWLO WKH ODVW SDJH 6WDUJLUO -HUU\ 6SLQHOOL 0LOOLRQV RI UHDGHUV KDYH IDOOHQ LQ ORYH ZLWK 6WDUJLUO DV GRHV /HR ZKRVH KHDUW WKLV NRRN\ DOWHUQDWLYH JLUO ZLQV ZKHQ VKH WXUQV XS DW KLV KLJK VFKRRO -HUU\ 0DJXLUH KDG KLV JLUO DW ¶KHOOR· 6WDUJLUO RQO\ QHHGV WR VPLOH IRU /HR WR IDOO IRU KHU 6KH·V TXLUN\ DQG LPDJLQDWLYH D P\VWHULRXV EHLQJ ZLWK D FHOHVWLDO QDPH DQG QR RQH TXLWH NQRZV ZKHUH VKH·V IURP RU ZKHUH VKH·V JRLQJ :KDWHYHU \RXU DJH 6WDUJLUO ZLOO VWD\ ZLWK \RX OLNH D EUDQG QHZ IULHQG

7KH 3HUNV RI %HLQJ D :DOOÁRZHU 6WHSKHQ &KERVN\ $OZD\V EHLQJ RQ WKH SHULSKHU\ DQG RQH RI OLIH·V REVHUYHUV FHUWDLQO\ PD\ VHHP WR KDYH LWV (YHU\ 'D\ 'DYLG /HYLWKDQ DGYDQWDJHV )LIWHHQ \HDU ROG :KHQHYHU \RX WKLQN \RX·UH QRW &KDUOLH LV WKH ¶ZDOOÁRZHU· LQ .HWFKXS &ORXGV $QQDEHO TXLWH IHHOLQJ \RXUVHOI VSDUH D TXHVWLRQ DQG WKURXJK D VHULHV RI 3LWFKHU WKRXJKW IRU ¶$· (YHU\ PRUQLQJ OHWWHUV UHYHDOV KLV IHDUV DERXW ,W·V QRW MXVW GHVSHUDWH $ ZDNHV XS LQ D GLIIHUHQW ERG\ VWDUWLQJ KLJK VFKRRO 8QXVXDOO\ ZRPHQ ZKR VWDUW SHQQLQJ DQG LW·V EHHQ WKDW ZD\ VLQFH $ IRU KLP KH LV TXLFNO\ EHIULHQGHG OHWWHUV WR SHRSOH ZKR DUH LQ ZDV ERUQ 7KH LQVWDELOLW\ DQG E\ D 6HQLRU FDOOHG 3DWULFN DQG SHQLWHQWLDULHV \HDU ROG =RH XQFHUWDLQW\ KDV EHFRPH WKH EHFRPHV LQJUDWLDWHG LQWR KLV GHFLGHV WR XQEXUGHQ KHUVHOI RI RQO\ FRQVWDQW LQ $·V OLIH 7KDW JURXS )DU IURP EHLQJ DQRWKHU KHU VWRU\ WR D SULVRQHU RQ 'HDWK LV XQWLO $ PHHWV 5KLDQQRQ 2Q OLJKWKHDUWHG KLJK VFKRRO QRYHO 5RZ 6R WHUULEOH LV KHU VHFUHW WKDW IDWHIXO PRUQLQJ $ ZDNHV XS WKH ERRN WDFNOHV LVVXHV VXFK WKDW VKH IHHOV VKH FDQ·W UHYHDO DV QRQH RWKHU WKDQ 5KLDQQRQ·V DV KRPRSKRELD DQG LQFHVW JRRG IRU QRWKLQJ ER\IULHQG ZKDW KDSSHQHG WR DQ\RQH HOVH &KDUOLH KDV D WRXJK URDG DKHDG -XVWLQ )URP ZRQGHUIXO KRXUV DQG VR =RH ZULWHV WR 6WXDUW JURZV D ORQJLQJ WR EH QHDU RI KLP DV KH WULHV WR FRPH WR +DUULV LQ 7H[DV =RH·V WDOH LV SDFNHG ZLWK WHHQDJH DQJVW ZLWK VRPHRQH DQG ZLWK VRPHRQH QR WHUPV ZLWK KLV SDVW DQG OHDUQ WR PDWWHU ZKDW LW WDNHV WKH ULJKW VPDWWHULQJ RI KXPRXU HPEUDFH KLV IXWXUH


:HHNHQG HYHQLQJ DSSRLQWPHQWV DYDLODEOH

(VWDEOLVKHG DW /DG\ +H\HV:HHNHQG &UDIW &HQWUH .LQJVOH\ 5G )URGVKDP HYHQLQJ DSSRLQWPHQWV 6LQFH DYDLODEOH

*UHDW 3UHVHQW ,GHDV IRU 9DOHQWLQH¶V (OL]DEHWK $UQROG 'D\ 6HZLQJ /HVVRQV 'UHVV 0DNHUV $UQROG 0RWKHU¶V (OL]DEHWK 3RS LQ DQ\WLPH EHWZHHQ DP SP

'UHVV 0DNHUV

7XHV :HG 7KXUV

%HJLQQHUV 6HZLQJ /HVVRQV 2WKHU WLPHV VWDUWLQJ LQFOXGLQJ ZHHNHQG $Q DIWHUQRRQ PRUQLQJ ZLWK D EDVLF HYHQLQJV DSSRLQWPHQW FODVV JHWWLQJ WR NQRZ WKH E\ PDFKLQH PRYLQJ RQ WR OHDUQLQJ KRZ WR PDNH \RXU RZQ &DWK .LGVRQ VW\OH YLQWDJH EDJ $OO PDWHULDOV PDFKLQHV DQG QRWLRQV LQFOXGHG DQG D YLQWDJH WHD SURYLGHG Â&#x2026; SHU SHUVRQ

&ORWKLQJ DOWHUDWLRQV Æ&#x2022; %ULGDO Æ&#x2022; &XUWDLQV %OLQGV

&ORWKLQJ DOWHUDWLRQV Æ&#x2022; %ULGDO Æ&#x2022; &XUWDLQV %OLQGV

3URIHVVLRQDO ,QGLYLGXDO 3HUVRQDO 6HUYLFH ZLWK RYHU \HDUV H[SHULHQFH

3ULYDWH FKDQJLQJ URRP /RWV RI )5(( HDV\ SDUNLQJ Æ&#x201D; %ULGDO 3URP *HQWV /DGLHV &KLOGUHQ·V DOWHUDWLRQV Æ&#x201D; &XUWDLQV %OLQGV PDGH IURP FXVWRPHUV RZQ IDEULFV Æ&#x201D; 6RIW IXUQLVKLQJV Æ&#x201D; &RQVHUYDWRU\ VXLWHV UHFRYHUHG Æ&#x201D; &XVWRPLVLQJ RI FORWKHV Æ&#x201D; 3DWWHUQV DYDLODEOH RU EULQJ RZQ

Æ&#x201D; &KULVWHQLQJ JRZQV PDGH IURP :HGGLQJ GUHVVHV

3RS LQ DQ\WLPH EHWZHHQ DP SP 7XHV :HG 7KXUV 2WKHU WLPHV LQFOXGLQJ ZHHNHQG HYHQLQJV E\ DSSRLQWPHQW

3DUHQW DQG &KLOG 6HZLQJ /HVVRQV 0D[ SHRSOH SHU FODVV /HDUQ WR VHZ WRJHWKHU DQG PDNH D EHDXWLIXO KHLUORRP WR WUHDVXUH Â&#x2026; SHU SDLU 9LQWDJH %XQWLQJ 6HZLQJ %HH $Q RSSRUWXQLW\ WR VSHQG TXDOLW\ WLPH ZLWK IULHQGV DQG IDPLO\ FKDWWLQJ DQG KDYLQJ IXQ PDNLQJ D EHDXWLIXO KHLUORRP WR WUHDVXUH 1R VHZLQJ H[SHULHQFH QHFHVVDU\ DV , ZLOO FRPSOHWHO\ JXLGH \RX IURP VWDUW WR Ã&#x20AC;QLVK 7KLV FDQ EH KHOG LQ WKH FRPIRUW RI \RXU RZQ KRPH RU LQ P\ VHZLQJ VWXGLR $OO PDWHULDOV QRWLRQV DQG PDFKLQHV ZLWK EH LQFOXGHG DQG D YLQWDJH WHD ZLOO EH SURYLGHG Â&#x2026; IRU D PD[LPXP RI SHRSOH ,GHDO IRU KHQ SDUWLHV EDE\ VKRZHUV ELUWKGD\V RU MXVW D JRRG H[FXVH WR JHW WRJHWKHU IRU IXQ DQG FKDWWHU ([FLWLQJ QHZ FRXUVHV FRPLQJ IRU 3OHDVH FDOO PH IRU PRUH GHWDLOV RU WR VXJJHVW VRPHWKLQJ \RX ZRXOG OLNH WR WU\ DQG , ZLOO WDLORU D FRXUVH MXVW IRU \RX

)RU DSSRLQWPHQWV RU WR ERRN VHZLQJ OHVVRQV FDOO HOL]DEHWKDUQROGGUHVVPDNHUV#KRWPDLO FR XN


7KH 2DNODQGV +RWHO 7KH 2DNODQGV +RWHO ZLWK LW¶V EHDXWLIXO 5HVWDXUDQW DQG :LOORZ 6XLWH )XQFWLRQ URRP LV D SHUIHFW YHQXH IRU DQ\ SULYDWH IXQFWLRQ a &KULVWHQLQJV %LUWKGD\ 3DUWLHV :HGGLQJV $QQLYHUVDULHV DQG SURYLGHV D WUDQTXLO VHWWLQJ IRU IXQHUDO JDWKHULQJV â&#x2022;&#x2DC; 2QH RI &KHVKLUH¶V PRVW $ %ULGHV GUHDP EHFRPHV UHDOLW\ DW SRSXODU :HGGLQJ 7KH 2DNODQGV +RWHO GHVWLQDWLRQV VHW LQ DFUHV RI ODQGVFDSHG JDUGHQV ZLWK OXVFLRXV JUHHQ ODZQV â&#x2022;&#x2DC; &DWHULQJ IRU SDUWLHV RI XS WR IRU IRUPDO GLQLQJ DQG IRU D EXIIHW )RU VPDOOHU JDWKHULQJV ZH KDYH VPDOOHU URRPV DYDLODEOH IRU IRUPDO GLQLQJ IRU SHRSOH XSZDUGV RU \RX FDQ HQMR\ D 9,3 DUHD LQ WKH EDU DQG ORXQJH ZLWK IRRG â&#x2019;&#x2022; VWDUWLQJ IURP Â&#x2026; Â&#x2026; SS KHDG

â&#x2022;&#x2DC;

â&#x2019;&#x2022;â&#x2019;&#x2022; â&#x2019;&#x2022;

â&#x2019;&#x2022;

6XQGD\ &DUYHU\ MRLQ XV IRU RXU IDEXORXV 6XQGD\ &DUYHU\ QRRQ SP 2QO\ Â&#x2026; PDLQ VWDUWHUV DQG GHVVHUWV Â&#x2026; /LYH %DQGV (YHU\ )ULGD\ 1LJKW DW 7KH 2DNODQGV 5HOD[ LQ RXU VXPSWXRXV OHDWKHU FRXFKHV DQG HQMR\ D YDULHW\ RI SRSXODU EDQGV ZLWK RXU PRUH PDWXUH VRSKLVWLFDWHG FOLHQWHOH $ FRPSOLPHQWDU\ EXIIHW LV VHUYHG EHWZHHQ DQG SP SULRU WR WKH EDQG )UHH 9,3 DUHDV FDQ EH UHVHUYHG IRU JURXSV

ZZZ RDNODQGVKRWHO QHW RU 5,1* 0LOOLQJWRQ /DQH *RUVWDJH 1RUWKZLFK &KHVKLUH &: 68


´6RPHRQH KDV D VHFUHW DGPLUHU µ 7KH GHOLYHU\ PDQ ZLQNHG DV KH KDQGHG $GHOLQH &ROHV D KXJH ERXTXHW RI ÁRZHUV ´+DSS\ 9DOHQWLQH·V 'D\ /RYH µ +HU QRVH\ QHLJKERXUV WKH 3HJJV KDG DOVR RSHQHG WKHLU IURQW GRRU DQG VKH GLVWLQFWO\ KHDUG 0U 3HJJ ZKLVSHU WR KLV ZLIH ´%HW VKH·V VHQW WKHP WR KHUVHOI µ (PEDUUDVVHG $GHOLQH KXUULHG LQVLGH 7KH ÁRZHUV ZHUH EHDXWLIXO ORWV RI OLOLHV ZKLFK ZHUHQ·W KHU FXS RI WHD EXW H[SHUWO\ DUUDQJHG 7KH\ ZHUH SUREDEO\ IURP KHU QLHFH EXW \RX QHYHU NQRZ WKRXJKW $GHOLQH WKH\ PLJKW EH IURP 0U :HOOEURRN +H RFFDVLRQDOO\ RIIHUHG KHU D OLIW LQ KLV -DJXDU ZKHQ KH VDZ KHU VWUXJJOLQJ ZLWK JURFHULHV 6KH FRXOG DOZD\V GUHDP $GHOLQH VLJKHG SXW RQ KHU UHDGLQJ JODVVHV DQG UHDG WKH OLWWOH FDUG ZKLFK DFFRPSDQLHG WKH ÁRZHUV ,W VDLG ¶)URP D 6HFUHW $GPLUHU· $GHOLQH JDVSHG 7KH GHOLYHU\ PDQ ZDV ULJKW VKH GLG KDYH D VHFUHW DGPLUHU %XW ZKR FRXOG LW EH" 7KHUH ZDV RQO\ RQH ÁRULVW LQ WRZQ %ORVVRP·V UXQ UDWKHU ÀWWLQJO\ E\ %ULDQ DQG 'DLV\ %ORVVRP 6KH·G RUGHUHG ÁRZHUV IURP WKHP IRU KHU QLHFH·V ZHGGLQJ 6KH ZRXOG ZDON LQWR WRZQ DQG DVN WKHP ZKR·G VHQW WKH ÁRZHUV 7KH P\VWHU\ ZRXOG EH VROYHG

ÀQG %ULDQ VWRRG DW WKH FRXQWHU 6KH ZDV IRQG RI %ULDQ EXW VKH ZRXOG KDYH UDWKHU GLVFXVVHG WKH PDWWHU ZLWK KLV ZLIH ZRPDQ WR ZRPDQ ´*RRG PRUQLQJ 0LVV &ROHV ORYHO\ WR VHH \RX µ %ULDQ VPLOHG DV VKH HQWHUHG ´7R ZKDW GR , RZH WKH SOHDVXUH"µ ´,W·V D GHOLFDWH PDWWHU µ $GHOLQH SODFHG WKH OLWWOH FDUG RQ WKH FRXQWHU ´,·G OLNH WR NQRZ ZKR VHQW PH WKHVH"µ ´$KK µ %ULDQ ORRNHG XQFRPIRUWDEOH ´,·P DIUDLG ZH KDYH D SROLF\ RI FOLHQW FRQÀGHQWLDOLW\ µ $GHOLQH EOXVKHG

%ULDQ OHDQHG LQ FORVHU ´+RZ ZRXOG \RX IHHO LI , VDLG \RXU VHFUHW DGPLUHU LV LQ WKLV VKRS ULJKW QRZ"µ $GHOLQH ORRNHG DURXQG KHU ´%XW WKHUH·V QRERG\ KHUH µ $QG WKHQ VKH UHDOLVHG

´, GRQ·W ZDQW WR JHW \RX LQWR WURXEOH 3HUKDSV LI , VXJJHVWHG D IHZ QDPHV \RX FRXOG QRG RU VKDNH \RXU KHDG"µ

´0U %ORVVRP µ 6KH GHFODUHG ´+RZ ZRXOG \RXU ZLIH IHHO"µ

7KH VKRS ZDV HPSW\ \HW %ULDQ SHUIRUPHG D WKHDWULFDO JODQFH WR FKHFN WKH FRDVW ZDV FOHDU

´+DYH \RX WROG WKDW WR 'DLV\"µ $GHOLQH DUFKHG KHU H\HEURZ

´*R DKHDG µ KH VDLG +HHGLQJ WKH ZRUGV RI 0U 3HJJ $GHOLQH DVNHG ´'LG , VHQG WKHP WR P\VHOI LQ D VHQLRU PRPHQW"µ %ULDQ ODXJKHG ´, FDQ UHDVVXUH \RX WKDW \RX GLGQ·W µ ´5HPHPEHU WR QRG RU VKDNH %ULDQ µ $GHOLQH VPLOHG ´:DV LW P\ QLHFH"µ %ULDQ VORZO\ DQG GHOLEHUDWHO\ VKRRN KLV KHDG $GHOLQH IHOW D JORZ RI UHOLHI 6KH DGRUHG KHU QLHFH EXW ZRXOG PXFK UDWKHU KDYH D SURSHU VHFUHW DGPLUHU 6KH GHFLGHG WR JR IRU EURNH ´:DV LW 0U :HOOEURRN"µ ´7KDW FKDS ZKR ÁDVKHV DERXW LQ KLV -DJ"µ %ULDQ IURZQHG ´&HUWDLQO\ QRW µ

%ULDQ ORRNHG VKRFNHG ´, GRQ·W KDYH D ZLIH µ

´'DLV\·V QRW P\ ZLIH VKH·V P\ VLVWHU µ %ULDQ VDLG FURVVO\ ´:K\ GRHV HYHU\RQH WKLQN WKDW"µ 2K GHDU WKRXJKW $GHOLQH ,·YH RQO\ MXVW JRW D VHFUHW DGPLUHU DQG ZH·UH DOUHDG\ KDYLQJ RXU ÀUVW URZ ´,Q WKDW FDVH µ VKH VDLG ´, DSRORJLVH DQG WKDQN \RX IRU WKH ÁRZHUVµ )ODWWHUHG DQG HPEDUUDVVHG $GHOLQH GHFLGHG QRZ ZDV D JRRG WLPH WR OHDYH $V VKH RSHQHG WKH GRRU %ULDQ FDOOHG ´:RXOG \RX EH DPHQDEOH WR UHFHLYLQJ 9DOHQWLQH ÁRZHUV IURP PH DJDLQ"µ 6KH SDXVHG WKHQ WKUHZ D ORRN RYHU KHU VKRXOGHU ZKLFK VKH KRSHG ZDV VPRXOGHULQJ ´3RVVLEO\ 7KRXJK OHVV RI WKH OLOLHV ,·P D URVHV NLQG RI JLUOµ

2Q KHU ZD\ VKH NHSW KHU H\HV SHHOHG IRU WKH -DJ EXW KHU $GHOLQH ZDV VWXPSHG DQG D SRWHQWLDO VHFUHW DGPLUHU ZDV OLWWOH GLVDSSRLQWHG ´&RXOG \RX NHHSLQJ D ORZ SURÀOH 2QFH DW PH D FOXH"µ %ORVVRP·V VKH ZDV SHUWXUEHG WR JLYH

%\ -DFNLH %UHZVWHU


3/$67(5,1* 5: &216758&7,21

$OO DVSHFWV RI SODVWHULQJ ZRUN XQGHUWDNHQ 'RPHVWLF &RPPHUFLDO 2YHU \HDUV H[SHULHQFH 6SHFLDOLVW LQ LQVXUDQFH ZRUN 'U\OLQLQJ DQG 6NLPPLQJ *HQHUDO %XLOGLQJ :RUN 5RR¿QJ 8QGHUWDNHQ )XOO 5HIXUELVKPHQWV 8QGHUWDNHQ

5:

3$,17,1* '(&25$7,1*

3URIHVVLRQDO 3DLQWLQJ 'HFRUDWLQJ 6HUYLFH

,QWHUQDO ([WHUQDO :RUN 8QGHUWDNHQ 5HIHUHQFHV $YDLODEOH 0DQ\ 6DWLV¿HG &XVWRPHUV $OO :RUN &DUULHG 2XW WR D +LJK 6WDQGDUG )ULHQGO\ 5HOLDEOH 6HUYLFH )5(( 1R 2EOLJDWLRQ 4XRWDWLRQV

&DOO 5LFN\ HYH

ZZZ UZFRQVWUXFWLRQ FR XN

$OO DVSHFWV RI MRLQHU\ Â&#x2021; )LWWHG .LWFKHQV Â&#x2021; %HGURRPV Â&#x2021; :LQGRZV 'RRUV Â&#x2021; )HQFLQJ Â&#x2021; 'HFNLQJ HWF

7HO 0RE (PDLO HOWRQMRLQHU\#JRRJOHPDLO FRP


# # &) ) & ( ' #

2!.'( + !.+ ( + .# 2!.( ! 0 + 0 0 !0) !( 1+ ( ) + / . ! 2!.( #(!# (+2 2 ! ) (/ +!(2 !.( 0 . & / !)+ 2 !+ + 2 ) )+(!.) )+ ) !# .2 ! ) (/ +!( ) !0)' 0 # 2!. ).( 2!. + 1 + 2 0 + 2!. # 2 !($

# ( # ) & + ( )+ - 44 !. 3 . +) , " ! ) (/ +!( ) / ) 2) !0) 0 +') ! 2!.( 0 2!.'( ! ) ( .2 0 !0) ! ) (/ +!( )$ "$ !. ! '+ 0 + +! #( )).( +! .2 )! 0 ! '+ # !2 + !) #( )).( ) )# !# + + !. 3 ! # ) / ! !.) !($ )+ !.( ) () 0 0!( 0 + 2!. + 2!.( !0 # # 2!. +! 1 ) 2!.( . + / ! # + # ! $ -$ !. 0!((2 !.+ + ) +2 ! 2!.( ! 2 )! 0 ! '+ ) !( .# (! + # 2 +)$ ) ! )+ ) 2 )+ ! # 2 0 '( !+ )# ( + +! + !.( ) ! 2!.( ! 2$

,$ !.'( ! ( !.+ + )) + + + .) )! 0 # !2 &+ 2 .# )2)+ ' 0 ) 0 ! 0 !0 2 0 !0 2 2 2$ $ !. ! '+ 0 + +! + !0 2 )) )+ (+ !( ! # + ! + ) )! 0 # !2 ! ! + .)+( ) +!# )+ + ! () +! !.( + 2 1# ( ++ + ) )! ! 0 ! / !0 0 + .) !( !/ ( + (+ 2 ()$ $ ! !.() 2!. 0 + ( #( !.( %.!+ + ! ) )# !( + ) / ) ) !( 2!.() 2 # ! !( ( %.!+ + ! !( / ) + !.( ) !0(!! !( ! )) (!0) $

# & ( ( ( # &# # ##


;/, -<33 9(5., 6- -(09=0,> >05+6>: *65:,9=(;690,:

<5;03

* ** $% % * $% !%

000$ (/ 00 !0)$ !$.

:OV^YVVTZ H[! 6SK ;VKK )\PSKPUN +P[[VU 9VHK >PKULZ

2U\[ZMVYK 9VHK >HYYPUN[VU


( ,

3( 5 621$ / 6 7 < / , 1 *

( ,

³ ,V \RXU ZDUGUREH EXOJLQJ EXW \RX VWLOO KDYH QRWKLQJ WR ZHDU "´ %RRN D ZDUGUREH PDNH RYHU DQG VDYH PRQH\ E\ FUHDWLQJ VWXQQLQJ RXW¿WV IURP FORWKHV \RX DOUHDG\ RZQ LQ \RXU FORVHW :LWK \HDUV ZRUNLQJ LQ WKH IDVKLRQ LQGXVWU\ , FDQ VFXOSW D ZKROH QHZ ZDUGUREH IRU \RX DQG VKDUH P\ VHFUHW IDVKLRQ WLSV DQG WULFNV &RQWDFW PH RQ &DOO (PDLO V\OYLD#V\OYLDZRRGJHU FR XN ZZZ V\OYLDZRRGJHU FR XN

(QG UHVXOW D ZDUGUREH RI VLPSOH VW\OLVK RXW¿WV WKDW VXLW \RX DQG \RXU OLIHVW\OH

,Q WLPHV JRQH E\ FDUV KDG LQGLYLGXDO FKDUDFWHU DQG QRW WKDW ¶GHVLJQHG LQ D ZLQG WXQQHO· ORRN VR EHORYHG RI PRGHUQ YHKLFOH GHVLJQ $QG ZKLOH PRWRULQJ 79 SURJUDPPHV DQG PDJD]LQHV OLNH WR SUDLVH WKH FODVVLFV OHW·V QRW IRUJHW WKH MR\V RI WKH ROG IDPLO\ FDU 7UXH WKH\ PD\ QRW KDYH KDG KL WHFK JDGJHWU\ RU KHDW RU ERG\ZRUN WKDW FRXOG ZLWKVWDQG DQ\WKLQJ RYHU PSK IRU PRUH WKDQ D IHZ PLQXWHV DW D WLPH EXW WKH\ ZHUH FODVVLFV LQ WKHLU RZQ ZD\ +RZHYHU UHPHPEHU WKDW REMHFWV LQ WKH UHDU YLHZ PLUURU PD\ VRPHWLPHV DSSHDU URVLHU WKDQ WKH\ ZHUH LQ UHDO OLIH /HW·V QRW IRUJHW 7KDW OLQJHULQJ VPHOO RI SHWURO DOWKRXJK DW OHDVW \RX FRXOG DIIRUG LW &ROG VWDUWV LI \RX ZHUH OXFN\ RQ D IXOO

FKRNH ,W ZDV OLNH D VPRNHU·V FRXJK RQ IRXU ZKHHOV <RXU OHJV VWLFNLQJ WR WKH YLQ\O VHDWV LQ VXPPHU EHFDXVH \RX ZHUH ZHDULQJ VKRUWV IROORZHG E\ WKDW XQPLVWDNHDEOH ULSSLQJ VRXQG ZKHQ \RX IUHHG \RXU VNLQ :LQGRZ KDQGOHV WKDW ZRXOG WD[ &KDUOHV $WODV 7KH IDLQW VPHOO RI GRJ HYHQ LI \RX GLGQ·W KDYH RQH $ VHHPLQJO\ HQGOHVV VXSSO\ RI EDUOH\ VXJDUV RU FRXJK FDQG\ IURP WKH JORYH FRPSDUWPHQW RIWHQ ÁXII IUHH $GMXVWDEOH ZLQJ PLUURUV LI \RX VWUHWFKHG \RXU DUP RXW WKH ZLQGRZ $ FDU KRUQ \RX FRXOG EDUHO\ KHDU \RXUVHOI VRPHWKLQJ OLNH D FRQJHVWHG GXFN ZKR GLGQ·W ZDQW WR FUHDWH D IXVV $ FDQRS\ FRRODQW V\VWHP RWKHUZLVH NQRZQ DV D OHDN LQ WKH URRI ´$UH ZH WKHUH \HW"µ 'HUHN 7KRPSVRQ ZZZ DORQJWKHZULWHOLQHV EORJVSRW FRP


)%+; 5" :$)5 0 (+)5"1 5 5"

* "

$'' ! 8 $)$)! 5 '9 )' ;

0 " - 0 & % ( ! 1#!+ '++ ! ! ...$. * " - 0$ "

"$'15 5" :$)5 0 $1 15$'' " 0 : /9 !+5 5"0 !0 5 9 '8 + 01 +0 ;+8 5+ 81 -'81 +80 0 1 5+ & - ;+8 )$ ) : 0( 5 "$5 $+). Â&#x2039; +80 0 1 0 '$5 9 0; ; ) : 0 &+) : /0 -+11$ '; 5" : 0( 15 -8 $) " 1"$0 Â&#x2039; " " $ 580$)! :$ 0 )! + (+85"#: 5 0$)! $1" 1 ) $'; 1- $ '1

Â&#x2039; # $ $ +0 ;+8 5+ ) 5 0+( 80$)! 08 0; &

' " % " $ " " $

" $+) $ &( 0 )851 +0 " 1"$0 ,3 < ' <, 3 2667 2 :::.5" 0 '$+)-$ &( 0 . +.8&

* "

0 " - 0 & % ( ! 1#!+ '++ ! !

"

$ & " "

" 00 0(1 "80 " ) 0 -- )" '' $'' ! " 1"$0 6

' <,*7 7, 7, 7< :::.5" - 00 0(1. +.8&

8) +: " ' +0 + '' 05+) )851 +0 ,3 ' <, 3 366<*6 :::. 8) +:+'' 05+). +.8&

* "

0 " - 0 & % ( ! 1#!+ '++ ! !

* "

0 " - 0 & % ( ! 1#!+ '++ ! !

63(&,$/ 2))(5

63(&,$/ 2))(5

63(&,$/ 2))(5

<285 727$/ )22' %,//

<285 727$/ )22' %,//

<285 727$/ )22' %,//

2Q SUHVHQWDWLRQ RI WKLV YRXFKHU

2Q SUHVHQWDWLRQ RI WKLV YRXFKHU

2Q SUHVHQWDWLRQ RI WKLV YRXFKHU

2)) 2)) 2)) % - , * '* % +1# $ / , & # * %, %0 " 0 . &$ "* ,& " , * " . * 0 "* % " %$

% - , * '* % +1# $

% - , * '* % +1# $ &$ "* ,& " , * " . * 0 "* % " %$

/ , & # * %, %0 " 0 . / , & # * %, %0 " 0 . &$

"* ,& " , * " . * 0 "* % " %$


$ " !

7<+!

+75# / # 7<+! /*' ,' *(: / 0

4+<, / 5$ % 5

( &8 0 "& 00 * 0, /%&$(" :$( *( //$9 & ( # 0 * / 5 # & 5$'

* **% ;*8/ 5$ % 50 ,& 0 && 80 *( <+)7 177 )!) */ ,*, $(5* 5# #$5 $*( # /$5; 5 5# #$5 $*( 05 ; / 5#/*8"# 9 /$*80 8( / $0$(" 5$9$5$ 0 5 5# ,8 $( &8 $(" $( 05$(" 9 ($(" ( '$&; 8( ; :$5# *8/ 805*' /.0 # &, : / $0 *9 / 4 << */ 5# &9 (& ; # /$5; 8( :#$ # $( 7<+6 08,,*/5 '$&& ( ( / 8,,*/5-

#$5 $*( = (& ; * = &9 (& ; = # 0#$/ 2 ) & <+)7 177 )!) = :::-:#$5 &$*( &9 (& ;- *'


6WRQHKRXVH )DUP 1HZ 3DOH 5RDG 0DQOH\ &RPPRQ RQ 7KH 6DQGVWRQH 7UDLO

)52'6+$0 *$5'(16 /7' Â&#x2021; :,17(5 7,'< 836 Â&#x2021; Â&#x2021; /$1'6&$3,1* Â&#x2021; Â&#x2021; 75(( 685*(5< Â&#x2021; +('*(6 &87 Â&#x2021; Â&#x2021; 5(*8/$5 *$5'(1 0$,17(1$1&( Â&#x2021; Â&#x2021; 2)) 7,'< 836 Â&#x2021; Â&#x2021; 32:(5 :$6+,1* Â&#x2021; Â&#x2021; *877(56 &/($1(' Â&#x2021; )XOO\ ,QVXUHG &DOO 3DXO IRU D )5(( QR REOLJDWLRQ TXRWH

2$3 ',6&2817

Â&#x2021; (PDLO IURGVKDPJDUGHQV#\DKRR FR XN

ZZZ IURGVKDPJDUGHQV FR XN

ZZZ VWRQHKRXVHIDUPEDQGE FR XN 7HO 7HO 0RELOH 0RELOH (PDLO EXVKHOO#VWRQHKRXVHIDUP SOXV FRP (PDLO VWRQHBKRXVHBIDUP#\DKRR FRP 2SHQ GDLO\ 2SHQ287'2256 GDLO\ IRU IRU WHDV WHDV FRIIHHV FRIIHHV VRIW VRIW GULQNV GULQNV DQG ERWWOHG ZDWHU

6QDFNV LQFOXGLQJ EDFRQ DQG VDXVDJH EXWWLHV VFRQHV FULVSV DQG FKRFRODWHV

2SHQ 0RQ 6DW ZLWK ODWH QLJKWV :HG 7KXUV

&RORXUV Æ&#x201D;Æ&#x201D; 3HUPV 3HUPV Æ&#x201D; %ULGDO +DLU &RORXUV /DGLHV Æ&#x201D;Æ&#x201D; *HQWV *HQWV Æ&#x201D; &KLOGUHQ /DGLHV 0RQGD\V 7XHVGD\V 7XHVGD\V RYHU RYHU ¶V VSHFLDO UDWHV 0RQGD\V UDWHV

$SSRLQWPHQWV QRW QRW DOZD\V DOZD\V QHFHVVDU\ $SSRLQWPHQWV


EĞĞĚ ďƵŝůĚŝŶŐ ŚĞƐŚŝƌĞ WůĂŶŶŝŶŐ ^ŽůƵƚŝŽŶƐ ƉůĂŶƐ͍ WůĂŶŶŝŶŐ Θ ƌĐŚŝƚĞĐƚƵƌĂů ^ĞƌǀŝĐĞƐ ,ŝŐŚ ƋƵĂůŝƚLJ ƉůĂŶƐ͕ ƉůĂŶŶŝŶŐ Θ ďƵŝůĚŝŶŐ ƌĞŐƵůĂƚŝŽŶ ĂƉƉůŝĐĂƚŝŽŶƐ

dŽƚĂů ƐĞƌǀŝĐĞ ĨƌŽŵ ƐƵƌǀĞLJ ƚŽ ƐƵďŵŝƐƐŝŽŶ ĨŽƌ͗ džƚĞŶƐŝŽŶƐ

WůĂŶŶŝŶŐ ƉĞƌŵŝƐƐŝŽŶ

EĞǁ ďƵŝůĚ

Ğƌƚ͛ ŽĨ ůĂǁĨƵůŶĞƐƐ

ŽŶǀĞƌƐŝŽŶƐ

&ŽŽƚƉĂƚŚ ĚŝǀĞƌƐŝŽŶƐ

ŚĂŶŐĞ ŽĨ ƵƐĞ

>ŝƐƚĞĚ ďƵŝůĚŝŶŐ ĐŽŶƐĞŶƚ

>ŽĨƚ ĐŽŶǀĞƌƐŝŽŶƐ

ƵŝůĚŝŶŐ ĐŽŶƚƌŽů

zŽƵƌ ƉƌŽũĞĐƚ ƉƌŽŐƌĞƐƐĞĚ ƉƌŽŵƉƚůLJ

9 KŶĞ ƉŽŝŶƚ ŽĨ ĐŽŶƚĂĐƚ 9 /ŶĨŽƌŵĂƚŝŽŶ ŽŶ ĐŽƐƚƐ ƵƉ ĨƌŽŶƚ

Ăůů ĨŽƌ &Z ͕ ŶŽ ŽďůŝŐĂƚŝŽŶ ĂĚǀŝĐĞ ͗ũŽΛĐŚĞƐŚŝƌĞƉůĂŶŶŝŶŐƐŽůƵƚŝŽŶƐ͘ĐŽ͘ƵŬ ǁ ǁ ǁ͘ Đ Ś Ğ Ɛ Ś ŝ ƌ Ğ Ɖ ů Ă Ŷ Ŷ ŝ Ŷ Ő Ɛ Ž ů Ƶ ƚ ŝ Ž Ŷ Ɛ ͘ Đ Ž ͘ Ƶ Ŭ

&DQ \RX VSRW WKH 'LIIHUHQFHV"


### ! %

" ### ! ### ! %

%


%\ 6RODQJH +DQGR 6XFK D ORYHO\ QDPH VHHPV IDU WRR KXPEOH IRU WKH PDJQLÀFHQW VRXWKHUQ FRDVW RI WKH :HVWHUQ &DSH 6WUHWFKLQJ IRU VRPH NP DORQJ WKH ,QGLDQ 2FHDQ IURP 0RVVHO %D\ WR WKH 7VLWVLNDPPD 1DWLRQDO 3DUN WKLV LV D ODUJHO\ XQWDPHG $IULFDQ *DUGHQ RI UXJJHG VKRUHV DQG YLUJLQ EHDFKHV ODJRRQV DQG ODNHV PRXQWDLQV JRUJHV ÁRZHUV DQG IRUHVWV RI FRQLIHU DQG UHG DQG \HOORZ ZRRG +HDWKHU DQG I\QERV EORRP SXUSOH DQG JROG DORQJ WKH SDWKV DQG P\ULDGV RI ELUGV ZHDYH WKHLU QHVWV LQ OXVK JUHHQHU\

ODQGV RI /LWWOH .DURR EHFNRQ ZLWK RVWULFK IDUPV DQG D PHDJUH VKDGH 2Q WKLV OHJHQGDU\ *DUGHQ 5RXWH OX[XULDQW QDWXUH UHVHUYHV ÁRXULVK DORQJVLGH D VSULQNOLQJ RI FRDVWDO UHVRUWV KDXQWHG E\ VXUI DQG VXQ VHHNHUV 3RSXODU 3OHWWHQEHUJ LV D JUHDW SODFH WR ZDWFK GROSKLQV DQG ZKDOHV HVSHFLDOO\ LQ WKH VRXWKHUQ ZLQWHU ZKLOH DW WKH KHDUW RI WKH 1DWLRQDO /DNH $UHD .Q\VQD LV IDPHG IRU LWV IHVWLYDOV R\VWHUV DQG FRORQLHV RI VHDELUGV ,W·V DQ DWWUDFWLYH SODFH IHVWRRQHG LQ ERWWOH EUXVK DQG ERXJDLQYLOOHD DQG GRZQ LQ WKH ED\ KRQH\ FRORXUHG URFNV DUH EDWWHUHG E\ WKH ZDYHV $ORQJ WKH FRDVW 0RVVHO %D\ KXJV D ÀQH FUHVFHQW RI ZKLWH VDQGV ZKHUH %DUWRORPHX 'LDV WKH ÀUVW QDYLJDWRU WR VDLO DURXQG WKH WLS RI $IULFD ODQGHG LQ 7KLV OLWWOH JHP DOVR FODLPV WKH ROGHVW ¶SRVW RIÀFH· D WUHH VWLOO VWDQGLQJ WKH\ VD\ ZKHUH VDLORUV RI \RUH OHIW PHVVDJHV EHIRUH UHWXUQLQJ WR VHD

ZDWHUZD\V :LOGHUQHVV KDV ZHWODQGV RI LQWHUQDWLRQDO LPSRUWDQFH PHDGRZV EXUVWLQJ ZLWK VSULQJ ÁRZHUV DQG QDWXUH WUDLOV ZKHUH \RX PLJKW VSRW P\ULDG NLQJÀVKHUV DQG YHUYHW PRQNH\V

2Q WKH HDVWHUQ HGJH RI WKH *DUGHQ 5RXWH \RX UHDFK 7VLWVLNDPPD D WUXH SDUDGLVH IRU QDWXUH ORYHUV ERWK RQ ODQG DQG VHD ZKHUH \RX FDQ VQRUNHO DORQJ XQGHUZDWHU WUDLOV DQG H[SORUH WKH UHHIV 0HDQZKLOH LQ WKH IRUHVW EDERRQV IRUDJH DURXQG DV D GDSSOHG OLJKW ÀOWHUV WKURXJK WKH ORIW\ FDWKHGUDO OLNH FDQRS\ <HOORZZRRGV GUDSHG LQ +DOI ZD\ EHWZHHQ WKH &DSH OLFKHQ UHDFK XS WR PHWUHV DQG 3RUW (OL]DEHWK ¶5RXWH PRVVHV DQG IHUQV FDUSHW · UHDFKHV *HRUJH WKH WKH YDOOH\ ÁRRU DQG FU\VWDO PDLQ WRZQ ZKHUH SULGH RI FOHDU VWUHDPV EDEEOH LQ WKH SODFH JRHV WR WKH VXSHUE XQGHUJURZWK 7KH ZRRG\ WUDQVSRUW PXVHXP JOHDPLQJ VFHQW RI I\QERV OLQJHUV LQ WKH ZLWK VWHDP HQJLQHV DQG DLU DQG WKHUH DUH VSDUNOLQJ YLQWDJH WUDLQV LQFOXGLQJ WKH ZDWHUIDOOV DQG ORWV RI WUDLOV UR\DO FDUULDJH RI *HRUJH 9, VWUHWFKLQJ DFURVV FOLIIV DQG 7KH ODVW VWHDP WUDLQ UHFHQWO\ ULYHUV WR 1DWXUH·V 9DOOH\ FHDVHG RSHUDWLRQV WKRXJK +LNHV UDQJH IURP D VKRUW ZDON )ULHQGV KRSH LW PD\ UHRSHQ WR WKH PRXWK RI WKH 6WRUPV $W WKH PRPHQW D ¶SRZHUYDQ· 5LYHU DQG LWV YHUWLJLQRXV D EXV UXQQLQJ RQ UDLO FDUULHV VXVSHQVLRQ EULGJH WR WKH H[FLWHG YLVLWRUV RQ WKH VDPH &UHDWHG LQ WKH *DUGHQ NP ORQJ 2WWHU WUDLO DORQJ VFHQLF OLQH ODFHG ZLWK WXQQHOV 5RXWH 1DWLRQDO 3DUN FRYHUV WKH FRDVW ZLWK D FKDQFH WR YLDGXFWV DQG EULGJHV DQG DQ DPD]LQJ UDQJH RI HFR VZLP DQG IRUG D ULYHU RU WZR XS WKH GUDPDWLF 2XWHQLTXD V\VWHPV IURP WKH .Q\VQD %XW PRVW H[FLWLQJ RI DOO LV D PRXQWDLQV QDPHG DIWHU WKH /DNH $UHD WR WKH 7VLWVLNDPPD VXGGHQ ÁDVK RI ROLYH JUHHQ LQ KRQH\ EHHV RQFH EX]]LQJ DQG :LOGHUQHVV QDWLRQDO D QHDUE\ WUHH DV D EHDXWLIXO RQ ÁRZHU FRYHUHG VORSHV SDUNV )UDPHG E\ PRXQWDLQV .Q\VQD /RXULH RQH RI WKH 7KH UDQJH IROORZV WKH FRDVW DQG IRUHVWV IULQJHG E\ PRVW HOXVLYH ELUGV LQ WKH SDUN GURSSLQJ VWHHSO\ RQ WKH SULVWLQH DQG WDNHV RII LQ WKH FDQRS\ QRUWKHUQ DULG WKH EHDFKHV ODNHV VLGH ZKHUH


'# ( ! (* ' " ', (

# # *## (!

[[[

'# (( #" ' " / ', */$ ( # $ (* ' " -#' +" '* " "* '" ! $ ' " ( $ (* ' !! " '/ " " " ' "

+ */ " ( .*' ! / /

( " '# ( ! #' ' &+#*

---% '# ( !$ (* ' " ( ', (% #%+

!


%DVHG LQ )URGVKDP

,QGRRU %227&$03 6WDUWV WK )HE ,W·V QRW WRR ODWH WR PDNH D GLIIHUHQFH WR \RXU KHDOWK DQG ÀWQHVV LQ WLPH IRU VSULQJ HYHQ LI \RX GLG IDOO RII WKH ZDJRQ LQ -DQXDU\ (DUO\ PRUQLQJ ,QGRRU %RRW &DPS DW +HOVE\ &RPPXQLW\ &HQWUH DP DP 0RQGD\ :HGQHVGD\ )ULGD\ 6XLWDEOH IRU DQ\ ÀWQHVV OHYHO ZKLFK ZLOO LPSURYH RYHU WKH FRXUVH RI IRXU ZHHNV

:H RIIHU D EHVSRNH GRPHVWLF DQG FRPPHUFLDO FOHDQLQJ 35 VHUYLFH 7R FDWHU IRU DOO RI \RXU FOHDQLQJ QHHGV LQFOXGLQJ FDUSHWV :H SULGH RXUVHOYHV RQ 2 TXDOLW\ DQG 2 HI¿FLHQF\ QR MRE LV WRR ELJ RU WRR VPDOO ) 2XU 'RPHVWLF 6HUYLFHV 5HJXODU GRPHVWLF FOHDQLQJ FKRRVH ZHHNO\ IRUWQLJKWO\ PRQWKO\ RU RQH RII FOHDQV IXOO RU SDUW FOHDQV D FKRLFH RI VHUYLFH WR VXLW \RXU UHTXLUHPHQWV DQG EXGJHW &DUSHW FOHDQLQJ 2XU &RPPHUFLDO 6HUYLFHV 5HJXODU GD\WLPH FOHDQLQJ RQH RII FOHDQV RI¿FHV FRPPXQDO DUHDV VWDII DUHDV DQG VKRSV ODQGORUG WHQDQW FOHDQV &DOO WRGD\ IRU D SHUVRQDOLVHG DVVHVVPHQW DQG TXRWDWLRQ IRU \RXU UHTXLUHPHQWV RQ RU HPDO FOHDQ IRUHYHU#\DKRR FRP

',6&2817 2)) 7+( ),567 7,0( <28 86( (9(5 &/($1 928&+(5 7(/

!

!

! %

6HH ZHEVLWH IRU GHWDLOV

ǁǁǁ͘ƚĂŬĞϮĮƚŶĞƐƐ͘ĐŽ͘ƵŬ 0HODQLH ZLOO DOVR EH VHHLQJ FOLHQWV IRU 1XWULWLRQDO 7KHUDS\ FRQVXOWDWLRQV DW &KHVWHU &KLURSUDFWLF &OLQLF

"

)/--+ .0.0*1$)*1+0 /+,,-+

# & # #

ZZZ VSHFWUXPQXWULWLRQ FR XN


, Zd Z KhEd Ed^ )5(( 12 2%/,*$7,21 &2168/7$7,21 )RU DOO \RXU DFFRXQWDQF\ QHHGV $*3 SURYLGH D IXOO UDQJH RI VHUYLFHV IRU DOO EXVLQHVV W\SHV DQG VL]HV 2XU VHUYLFHV LQFOXGH

ŽŶƚĂĐƚ ƵƐ Ăƚ ^LJĐĂŵŽƌĞ ,ŽƵƐĞ ^ƵƚƚŽŶ YƵĂLJƐ ƵƐŝŶĞƐƐ WĂƌŬ ^ƵƚƚŽŶ tĞĂǀĞƌ ZƵŶĐŽƌŶ ŚĞƐŚŝƌĞ t ϳ ϯ ,

$FFRXQWV %RRNNHHSLQJ 5HJLVWHUHG DXGLWRU 9$7 UHWXUQV 3D\UROO $GYLVLQJ IDPLO\ FRPSDQLHV 7D[ UHWXUQV UHSD\PHQW FODLPV 7D[ SODQQLQJ DQG DGYLFH 7D[ HQTXLULHV

dĞů͗ ϬϭϵϮϴ ϳϬϳϯϳϬ ǁǁǁ͘ĂŐƉͲĂĐĐŽƵŶƚĂŶƚƐ͘ĐŽ͘ƵŬ ĞŵĂŝů͗ ĞŶƋƵŝƌŝĞƐΛĂŐƉͲĂĐĐŽƵŶƚĂŶƚƐ͘ĐŽ͘ƵŬ 2IILFHV DOVR DW :DUULQJWRQ DQG &KHVWHU


!! ! !! !! DP SP

%XON 4XDQWLWLHV &KLFNHQ )LOOHWV IRU 21/< E t D /E' WZK h d^

2)) )UHVK RU IUR]HQ

&ULVS\ &KLFNHQ %XUJHUV

NJ &KLFNHQ 1XJJHWV

NJ 3RSFRUQ &KLFNHQ

NJ +RW 6SLF\ &KLFNHQ :LQJV

&ŽƌƌĞƐƚĞƌƐ ŚĂǀĞ ƚĞĂŵĞĚ ƵƉ ǁŝƚŚ Ă ŶĂƟŽŶĂů ĨŽŽĚ ŵĂŶƵĨĂĐƚƵƌĞƌ ǁŚŽ ƐƵƉƉůŝĞƐ ƚŚĞ ŵĂũŽƌ ƐƵƉĞƌŵĂƌŬĞƚƐ͘ tĞ ŶŽǁ ŽīĞƌ ƚŚĞŝƌ ƚŽƉ ƋƵĂůŝƚLJ ĐŚŝĐŬĞŶ ŽǀĞƌͲƌƵŶƐ͘ dŚĞƐĞ ĂƌĞ ƉƌĞŵŝƵŵ ƋƵĂůŝƚLJ ǁŚŽůĞ ŵƵƐĐůĞͬƌĞĨŽƌŵĞĚ ĐŽŽŬĞĚ ĐŚŝĐŬĞŶ ƉƌŽĚƵĐƚƐ Ăƚ >Kt >Kt WZ/ ^͘

2)) 6XQGD\ RQO\ 'XULQJ )HEUXDU\

0UV 'DUOLQJWRQ -DPV DQG &KXWQH\ /RFDO &KHHVHV )UHH 5DQJH (JJV 77 6HSWHPEHU &KHVKLUH )DUP ,FH &UHDP &DUWPHO 6WLFN\ 7RIIHH 3XGGLQJ 2Q SURGXFWLRQ RI WKLV YRXFKHU 3DWFKZRUN 3DWp DQG ORWV PRUH

+ + -DQXDU\ 2Q SURGXFWLRQ RI WKLV YRXFKHU

ůů ŽīĞƌƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĂǀĂŝůĂďŝůŝƚLJ͘

& dKZz & ZD ^,KW 23(1 '$<6 $ :((. LJ

;)'5 / '5)/ .!(* (-- .4 -. !" # &, (,6# "$$ & "& .$ 9 ! .!"- 0 (-- .4 -.7.!(*

!44* 11888, ((#, (%1 (-- .4 -..!(*


$ :RUUDOO 6RQV )HQFLQJ DQG 3DYLQJ

3DWKV 3DWLRV DQG 'ULYHZD\V )HQFLQJ *DWHV 'HFNLQJ )RU IUHH HVWLPDWHV RU DGYLFH FDOO $QWRQ\ RU %HQ RQ RU 7DOERW 5RDG 'XQKDP RQ WKH +LOO :$ -:

(VWDEOLVKHG VLQFH

.$5(1 %86+(// :($/7+ 0$1$*(0(17 /7'

7HO


(PEDUUDVVHG DERXW IDFLDO KDLU" :H XQGHUVWDQG KRZ KDLU FDQ HIIHFW \RXU FRQILGHQFH DQG DSSHDUDQFH ZLWK JXLGDQFH IURP RXU H[SHUWV ZH FDQ ZRUN ZLWK \RX WR SURYLGH WKH SHUIHFW WUHDWPHQW IRU \RX

$OO FRQVXOWDWLRQV DUH )5(( RI FKDUJH DQG ZLWKRXW REOLJDWLRQ 7UDQVIRUPLQJ <RX /DVHU 7UHDWPHQWV 6NLQ 5HMXYHQDWLRQ 6NLQ %LUWKPDUNV &KHPLFDO 3HHOV 3LJPHQWDWLRQ 'HUPD 5ROOHU 7DWWRR 5HPRYDO 0HGLFDO 'HUPDEUDVLRQ +DLU 5HPRYDO /HJ )DFH 9HLQ 5HPRYDO /HJ )DFH 9HLQ 5HPRYDO

0HVRWKHUDS\ &HOOXOLWH 5HGXFWLRQ 'LHW 3LOOV 8. 'LVWULEXWRU WR 7UDGH DQG 3XEOLF IRU 6HVGHUPD &OLQLFDO 6NLQ &DUH 3URGXFWV

&DOO IRU D IUHH FRQVXOWDWLRQ &ROOLQVRQ &RXUW )URGVKDP

)LUVW )DFLDO 7UHDWPHQW LV

RQO\ Â&#x2026; ZZZ SURPHGODVHUFOLQLFV FR XN

ZKHQ \RX ERRN D FRXUVH RI WUHDWPHQWV 'XULQJ )HEUXDU\


&%) " ## &%) " %# '

) ) "

$SSO\ WKH OLJKWHU IRXQGDWLRQ WR WKH FHQWUH RI \RXU IRUHKHDG WKHQ EULQJ LW GRZQ RQWR WKH PLGGOH RI \RXU QRVH LQ D VWUDLJKW OLQH WKLV ZLOO PDNH \RXU QRVH DSSHDU VWUDLJKWHU DQG VOLPPHU 7KHQ DSSO\ XQGHU \RXU H\HV DQG WR WKH WRSV RI \RXU FKHHNERQHV WKHQ ODVWO\ WR WKH FHQWUH RI \RXU FKLQ

' " ( " ( # %" ## # % # " &# % % ! ( ' % #( "# " " % ( ( % # "% % % # %" # % % " &# ) " ## # ' " % ( " ) % % % # %") &% #% ' " ) &"# ! &OHYHU &RQWRXULQJ .LP .DUGDVKLDQ LV NQRZQ IRU KHU ÁDZOHVV PDNH XS ORRN ZKLFK SHUIHFWO\ DFFHQWXDWHV KHU IHDWXUHV DQG GUDZV DWWHQWLRQ WR KHU UD]RU VKDUS FKHHNERQHV 6NLOOHG LQ WKH DUW RI FRQWRXULQJ KHU PDNH XS DUWLVW FOHYHUO\ XVHV FRVPHWLFV WR HPSKDVLV SDUWLFXODU SDUWV RI KHU IDFH ZKLFK FUHDWHV KHU VWULNLQJ WUDGHPDUN ORRN +HUH·V KRZ \RX FDQ JHW FKHHNERQHV ZKLFK ULYDO .LP·V

)LUVWO\ \RX·OO QHHG WR SULPH \RXU VNLQ &KRRVH WKH SULPHU WKDW·V ULJKW IRU \RX JUHHQ WRQHG YHUVLRQV QHXWUDOLVH UHGQHVV LQ WKH VNLQ DQG PDWWLI\LQJ SULPHUV HUDGLFDWH VKLQH )LUVWO\ VPRRWK WKH SURGXFW RYHU \RXU HQWLUH IDFH DIWHU DSSO\LQJ D OLJKW PRLVWXULVHU 1H[W VHOHFW WZR IRXQGDWLRQV LQ WZR GLIIHUHQW VKDGHV WKH ÀUVW VKRXOG EH RQH VKDGH OLJKWHU WKDQ \RXU QDWXUDO VNLQ WRQH DQG WKH RWKHU VKRXOG EH RQH VKDGH GDUNHU

6ZHHS WKH GDUNHU VKDGH XQGHU \RXU FKHHNERQHV DORQJ WKH RXWHU VLGHV RI \RXU QRVH HLWKHU VLGH RI WKH OLJKWHU FRORXU DQG RQ \RXU WHPSOHV DQG MDZ OLQH %OHQG GRZQ RQWR \RXU QHFN VR WKDW \RX GRQ·W HQG XS ZLWK D YLVLEOH IRXQGDWLRQ OLQH 8VH D OLJKW UHÁHFWLQJ QRW D JOLWWHU\ RU RYHUO\ VKLPPHU\ KLJKOLJKWHU WR PDNH FHUWDLQ DUHDV RI \RXU IDFH UHDOO\ VWDQG RXW $SSO\ WKH SURGXFW XQGHU WKH DUFK RI \RXU H\HEURZV WKHQ DORQJ WKH WRSV RI \RXU FKHHNERQHV GRZQ WKH FHQWUH RI \RXU QRVH DQG RQWR \RXU FXSLG·V ERZ MXVW DERYH \RXU WRS OLS 7R ÀQLVK DQG WR EULQJ WKH HQWLUH ORRN WRJHWKHU GXVW WUDQVOXFHQW SRZGHU RYHU \RXU HQWLUH IDFH DQG DGG D WRXFK RI FRORXU WR WKH DSSOHV RI \RXU FKHHNV XVLQJ D SLQN EOXVKHU 'RQ·W IRUJHW WR FKHFN \RXU PDNH XS LQ QDWXUDO OLJKW ² WKLV ZLOO KHOS \RX PDNH VXUH WKDW HYHU\WKLQJ LV ZHOO EOHQGHG DQG \RX GRQ·W KDYH DQ\


XQVLJKWO\ SDWFKHV

DSSO\ WKH FRORXU ZLWKLQ WKH OLQH XVLQJ D OLS EUXVK

3HUIHFW 3RXW :H·UH XVHG WR VHHLQJ SHUIHFWO\ VKDSHG NLVVDEOH OLSV RQ HYHU\ FHOHEULW\ ZH FDQ WKLQN RI +HUH DUH RXU VHFUHWV RQ KRZ WR DFKLHYH WKDW JRUJHRXV UHG FDUSHW ORRN *UDE D QHXWUDO FRORXUHG OLS OLQHU DQG EHJLQ OLQLQJ MXVW RXWVLGH WKH FRORXUHG SDUW RI \RXU OLSV WR FUHDWH D IXOO HIIHFW 'HÃ&#x20AC;QH \RXU FXSLG·V ERZ E\ GUDZLQJ D ¶9· LQ WKH FHQWUH FXUYH RI \RXU WRS OLS EULQJ WKH OLQH URXQG DQG GRZQ XVLQJ VRIW IHDWKHU\ VWURNHV /LQH WKH FXUYH RI WKH ERWWRP OLS ZLWK WKH VDPH OLJKW PRYHPHQWV DQG VRIWHQ E\ OLJKWO\ EOHQGLQJ ZLWK \RXU Ã&#x20AC;QJHU &KRRVH D VWULNLQJ VKDGH RI UHG OLSVWLFN DQG FDUHIXOO\

)LQDOO\ DGG D WRXFK RI \RXU IDYRXULWH VKLPPHU\ FOHDU OLS JORVV WR WKH FHQWUH RI \RXU OLSV WR DGG LQVWDQW IXOOQHVV

/RYHO\ /DVKHV /RQJ OXVFLRXV H\HODVKHV DUH D PXVW IRU DQ\RQH LQ WKH VSRWOLJKW 0RVW FHOHEULWLHV ZLOO EH VSRUWLQJ KLJK TXDOLW\ ODVK H[WHQVLRQV EXW \RX FDQ VWLOO DFKLHYH DQ LPSUHVVLYH ORRN ZLWK MXVW D IHZ EDVLF WRROV (\HODVK FXUOHUV DUH D PXVW IRU HYHU\ ZRPDQ QR PDWWHU ZKDW \RXU DJH )DYRXUHG E\ SURIHVVLRQDO PDNH XS DUWLVWV HYHU\ZKHUH FXUOHUV VHUYH WR LPPHGLDWHO\ RSHQ XS H\HV DQG DGG VKDSH WR ODVKHV /LTXLG OLQHU LV HVVHQWLDO WRR QRW RQO\ GRHV LW DGG GHÃ&#x20AC;QLWLRQ EXW LW KHOSV WR FUHDWH WKH ORRN

RI D WKLFN ODVK OLQH VR DOZD\V DSSO\ WR \RXU XSSHU ODVKHV EHIRUH \RXU PDVFDUD &KRRVH D TXDOLW\ PDVFDUD WR OHQJWKHQ DQG FRORXU \RXU ODVKHV :LSH WKH DSSOLFDWRU EHIRUH XVH WR UHPRYH H[FHVV SURGXFW ZKLFK FDQ FDXVH FOXPSV DQG ZRUN WKH EUXVK WKURXJK \RXU ODVKHV XVLQJ D

FRYHUHG

DV JODPRURXV FHOHEULW\

RII %HDXW\ DW %ORQGLHV $VKWRQ 'ULYH )URGVKDP :$ 37

$OO %HDXW\ 1DLO 7UHDWPHQWV DW

&$5( /29( 3$03(5 YDOLG WKURXJKRXW )HE ZLWK WKLV YRXFKHU

(DV\ SDUNLQJ DQG GLVDEOHG DFFHVV 6W +LOGD·V 'U

&DUULDQQH 3DUU +LJK 6WUHHW

%ORQGLHV $VKWRQ 'U

%ULGJH 6WUHHW

)OXLQ /DQH


1257+:(67 6.,3 +,5( /7' 581&251 %$6('

$OO VL]HV RI VNLSV \G WR \G URUR )DVW IULHQGO\ VHUYLFH

:$17(' &233(5 :,5( 3,3( &$%/( 3/$7(6 7$1.6 (7& $OO VFUDS PHWDO ZDQWHG 723 35,&(6 3$,' $OO W\SHV RI ZDVWH UHPRYHG LQFOXGLQJ DVEHVWRV S ERDUG +D] ZDVWH 6,7( &/($5$1&( '(02/,7,21

7HO 0RE (PDLO LQIR#QRUWKZHVWVNLSV FR XN ZZZ QRUWKZHVWVNLSV FR XN

&203/(7( 6(&85,7< 6(59,&( (VW

'RPHVWLF &RPPHUFLDO ,QWUXGHU $ODUPV LQVWDOOHG WR 3' 67$1'$5' 6SHFLDOLVW LQ PRQLWRUHG V\VWHPV &LW\ *XLOGV TXDOLILHG VWDII KRXU HPHUJHQF\ VHUYLFH $ZDUG ZLQQLQJ FRPSDQ\

D 7RZQILHOG /DQH )URGVKDP

7HO ZZZ FVVDODUPVFKHVKLUH FR XN

$33/(*$7( &2 $&&2817$176 /7'

$UH \RX D EXVLQHVV ORRNLQJ IRU VRPH JUHDW DGYLFH"

7KHQ $SSOHJDWH &R $FFRXQWDQWV /WG FDQ KHOS 2XU ZLGH UDQJH RI VHUYLFHV LQFOXGH /LPLWHG &RPSDQ\ $FFRXQWV 7D[ 5HWXUQ %RRNNHHSLQJ &DSLWDO *DLQV 7D[ &RUSRUDWLRQ 7D[ 0DQDJHPHQW $FFRXQWLQJ 3D\UROO 9$7 ³,W¶V HDV\ WR JHW EHKLQG ZLWK WKH DFFRXQWV ZKHQ \RX UXQ \RXU RZQ EXVLQHVV $SSOHJDWH &R SUHSDUH P\ PRQWKO\ DFFRXQWV DFW DV FUHGLW FRQWURO FKDVH P\ GHEWV DQG ORRN DIWHU P\ 9$7 UHWXUQV DQG WKH\ DOZD\V GR LW ZLWK D VPLOH ´ +HOVE\ WR +DQG

'HDGOLQH IRU VHOI DVVHVVPHQW LV WKH VW -DQXDU\

)RU D QR REOLJDWLRQ FRQVXOWDWLRQ FDOO XV WRGD\ RQ

9LVLW XV RQOLQH DW ZZZ DSSOHJDWHDFFRXQWDQWV FR XN LQIR#DSSOHJDWHDFFRXQWDQWV FR XN


3URSHUW\ 0DLQWHQDQFH +RPH %XVLQHVV *DUGHQ WLG\ XSV *DUDJH &OHDUDQFHV *HQHUDO UHSDLUV 'RRUV UH KXQJ 6KHGV UH IHOWHG ZLWK TXDOLW\ IHOW

)HQFHV VWDLQHG VKHGV VWDLQHG )HQFHV UHSDLUHG *XWWHUV FOHDQHG ZDVKHG 3RZHU ZDVKLQJ 3DLQWLQJ H[WHULRU RU LQWHULRU )5,(1'/< 5(/,$%/( 6(59,&(

&217$&7 -2+1 <285 /2&$/ 2'' -2% 0$1

'2 <28 +$9( $ 3523(57< 72 /(7"

/(77,1*6 $5( <28 /RRNLQJ WR VDYH RQ DJHQF\ IHHV"

'2 <28 :DQW WR EH LQ FRQWURO RI YLHZLQJV" :DQW D Ã&#x20AC;H[LEOH SDFNDJH WKDW UHDOO\ VXLWV \RXU QHHGV"

:DQW IXOO H[SRVXUH RQ 5LJKWPRYH"

:H FDQ RIIHU DOO RI WKLV IRU D RQH RII IHH RI Â&#x2026; )XOO\ PDQDJHG SDFNDJHV DYDLODEOH

:LWK RYHU \HDUV ORFDO H[SHULHQFH

&RQWDFW XV IRU PRUH GHWDLOV

EL]]LEHHOHWWLQJV FRP RU FDOO


h d/KE Z^ Θ s >h Z^

: Eh Zz s >h d/KE z^ ZK^^ , ^,/Z dŚƵƌƐ ϵƚŚ :ĂŶ͗ &ƌŽĚƐŚĂŵ ;ǀĞŶƵĞ ƚŽ ďĞ ĐŽŶĮƌŵĞĚ ƐŚŽƌƚůLJͿ ϭϬĂŵ Ͳ ϰƉŵ dŚƵƌƐ ϭϲƚŚ :ĂŶ͗ ůůĞƐŵĞƌĞ WŽƌƚ ŝǀŝĐ ĞŶƚƌĞ͕ ,ϲϱ Ϭ ͕ ϭϬĂŵ Ͳ ϰƉŵ dŚƵƌƐ ϮϯƌĚ :ĂŶ͗ tĂƌƌŝŶŐƚŽŶ Ͳ WĂƌƌ ,Ăůů͕ ƵůƚƵƌĂů YƵĂƌƚĞƌ͕ t ϭ ϭ >͕ ϭϬĂŵ Ͳ ϮƉŵ ǀĞƌLJ &ƌŝĚĂLJ ;ĞdžĐĞƉƚ ϮŶĚ :ĂŶͿ͗ ůĂŬĞŵĞƌĞ ;EŽƌƚŚǁŝĐŚͿ KĸĐĞ ǀĞƌLJ DŽŶĚĂLJ ;ĞdžĐĞƉƚ ϱƚŚ :ĂŶͿ͗ ^ƚŽĐŬƉŽƌƚ KĸĐĞͬ^ĂůĞƌŽŽŵ /Ĩ LJŽƵ ĂƌĞ ƵŶĂďůĞ ƚŽ ĂƩĞŶĚ͕ ƉůĞĂƐĞ ĨĞĞů ĨƌĞĞ ƚŽ ĞŵĂŝů Žƌ ĐĂůů ƵƐ ƚŽ ĚŝƐĐƵƐƐ LJŽƵƌ ŝƚĞŵƐ ͶͶͶͶͶͶͶͶͶͶͶͶͶͶͶͶͶͲ

dŚĞƌĞ ŝƐ ŶŽ ĐŚĂƌŐĞ ĨŽƌ Ă ǀĂůƵĂƟŽŶ ĂŶĚ ŶŽ ŽďůŝŐĂƟŽŶ ƚŽ ƐĞůůͬĐŽŶƐŝŐŶ ĂŶLJ ŝƚĞŵ ZĞŐƵůĂƌ ŐĞŶĞƌĂů ƐĂůĞƐ ĂŶĚ ƐƉĞĐŝĂůŝƐƚ ƐĂůĞƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ LJĞĂƌ tĂƚĐŚĞƐ͕ ^ŝůǀĞƌ͕ :ĞǁĞůůĞƌLJ͕ ^ƚĂŵƉƐ͕ ŽŝŶƐ͕ DĞĚĂůƐ͕ DŝůŝƚĂƌŝĂ͕ sŝŶƚĂŐĞ dŽLJƐ͕ WĂŝŶƟŶŐƐͬWƌŝŶƚƐ͕ ĞƌĂŵŝĐƐ͕ &ŝŶĞ tŝŶĞ͕ WŽƌƚ Θ ^ƉŝƌŝƚƐ͕ sŝŶLJů ZĞĐŽƌĚƐ͕ DĞŵŽƌĂďŝůŝĂ͕ ŶƟƋƵĞƐ Θ ŽůůĞĐƚĂďůĞƐ t hz ^ Z W 'K> ͬ^/>s Z ͮ WZK& ^^/KE > ,Kh^ > Z E ^ ͮ t Z &ZK ^, D Z ^/ Ed^/Ed ZͲ E d/KE > d ^ K& hz Z^ ͮ &KZ > Z' /d D^ͬ K>> d/KE^ ,Kh^ s/^/d^ E ZZ E' ^ƉĞĐŝĂůŝƐƚ ƵĐƟŽŶĞĞƌƐ Θ sĂůƵĞƌƐ ,ĞĂĚ KĸĐĞ ĂŶĚ ^ĂůĞƌŽŽŵ͗ hŶŝƚ ϯ͘ϱ DĞĂĚŽǁ Dŝůůͮ tĂƚĞƌ ^ƚͮ ^ƚŽĐŬƉŽƌƚͮ ^<ϭ Ϯ y ϮŶĚ KĸĐĞ͗ hŶŝƚ ϭϴ ůĂŬĞŵĞƌĞ sŝůůĂŐĞ͕ ^ĂŶĚŝǁĂLJ͕ EŽƌƚŚǁŝĐŚ͕ tϴ Ϯ

3HUIHFWLRQLVW 3DLQWLQJ DQG 'HFRUDWLQJ

ǁǁǁ͘ŽŵĞŐĂĂƵĐƟŽŶƐ͘ĐŽ͘ƵŬ Ϭϭϲϭ ϴϱϬ ϵϬϬϵ ͮ ϬϭϲϬϲ ϴϬϴϬϬϬ ŽĸĐĞΛŽŵĞŐĂĂƵĐƟŽŶƐ͘ĐŽ͘ƵŬ

0DGGRFN¶V /DQGVFDSLQJ 0DLQWHQDQFH 6HUYLFHV

,QWHULRU ([WHULRU 'HFRUDWLQJ 7LOLQJ :DOO 3DSHULQJ 3ODVWHULQJ 3DWFKLQJ *XWWHUV &OHDUHG 2WKHU MREV FRQVLGHUHG HJ 7UDQVSRUWDWLRQ ÀDW SDFNV

6RIW ODQGVFDSLQJ VHUYLFHV LQFOXGH

)UHH 4XRWDWLRQV DQG JRRG UDWHV

+DUG /DQGVFDSLQJ VHUYLFHV LQFOXGH

/RFDO DUHD UHOLDEOH IULHQGO\

&DOO +DQG\ $QG\ RQ 4XLFN UHVSRQVH JXDUDQWHHG

0RELOH


$6+&52)7 9(7(5,1$5< 685*(5< ϱϵ DĂŝŶ ^ƚƌĞĞƚ͕ &ƌŽĚƐŚĂŵ͕ ŚĞƐŚŝƌĞ t ϲ ϳ & dĞů͘ ϬϭϵϮϴ ϳϯϯϮϮϴ

/E' & d W d /^ EK &hE͊ d EKt͊

x x x x x x x

ZĞĚƵĐĞĚ ůŝĨĞ ƐƉĂŶ ZĞĚƵĐĞĚ ƋƵĂůŝƚLJ ŽĨ ůŝĨĞ ŝĂďĞƚĞƐ ,ĞĂƌƚ ĚŝƐĞĂƐĞ ZĞƐƉŝƌĂƚŽƌLJ ĚŝƐƚƌĞƐƐ ,ŝŐŚ ďůŽŽĚ ƉƌĞƐƐƵƌĞ :ŽŝŶƚ ƉƌŽďůĞŵƐ

t E , >W

%RRN \RXU SHW LQ 12: IRU D )5(( ZHLJKW FOLQLF DQG JHW (;3(57 DGYLFH RQ GLHW DQG H[HUFLVH

2)) 5R\DO &DQLQ GLHW IRRG GXULQJ )HE DQG 0DUFK %,**(5 ',6&28176 LI \RX MRLQ RXU 3HW +HDOWK 3ODQ

ǁǁǁ͘ĂƐŚĐƌŽŌǀĞƚƐ͘ĐŽ͘ƵŬ


+(/6%<

WĂƌŝƐŚ

^ƚĞĞƌŝŶŐ

1(,*+%285+22' 3/$1 ŽƵŶĐŝů

'ƌŽƵƉ

'RQ¶W WDON DPRQJVW \RXUVHOYHV FRPH DQG WHOO XV

dŚĞ 'ƌĂŶƚ ^ŚŽǁ Ăƚ ƚŚĞ ŽŵŵƵŶŝƚLJ ĞŶƚƌĞ

Ͳ dŚƵƌƐ ϮϬƚŚ &Ğď ϭϳ͘ϬϬ ŽŶǁĂƌĚƐ ,ĞůƐďLJ ŽŵŵƵŶŝƚLJ ^ƉŽƌƚƐ ůƵď Ͳ tĞĚƐ ϮϲƚŚ &Ğď ϭϵ͘ϬϬͲϮϭ͘ϬϬ dŚĞ ŽŵŵƵŶŝƚLJ ĞŶƚƌĞ Ͳ ^Ăƚ ϭƐƚ DĂƌ ϭϬ͘ϬϬͲϭϮ͘ϬϬ ^ƚ WĂƵů͛Ɛ ŚƵƌĐŚ ,Ăůů ʹ ^Ăƚ ϴƚŚ DĂƌ ϭϰ͘ϬϬͲϭϲ͘ϬϬ ĂŶ͛ƚ ŵĂŬĞ ƚŚŽƐĞ ĚĂƚĞƐ͍ ƌŽƉ LJŽƵƌ ƚŚŽƵŐŚƚƐ ŽŶ͗ ŚƚƚƚƉ͗ͬ​ͬǁǁǁ͘ŚĞůƐďLJƉĂƌŝƐŚ͘ŽƌŐ͘ƵŬͬŶĞŝŐŚďŽƵƌŚŽŽĚƉůĂŶ͘Śƚŵů Žƌ ƚŚĞ ,ĞůƐďLJ ƉĂŐĞ ŽĨ &ĂĐĞŬ Žƌ ĞŵĂŝů ƵƐ Ăƚ ŚĞůƐďLJƉĂƌŝƐŚĐŽƵŶĐŝů ΛďƚĐŽŶŶĞĐƚ͘ĐŽŵ


/ƚ͛Ɛ zKhZ ĐŽŵŵƵŶŝƚLJ Ͳ ,Žǁ ĚŽ zKh ǁĂŶƚ ŝƚ ƚŽ ĚĞǀĞůŽƉ͍ /ƚ͛Ɛ ƚŝŵĞ ĨŽƌ zKh ƚŽ ŐŝǀĞ zKhZ ǀŝĞǁƐ͙

Ăƌ ƉĂƌŬŝŶŐ͍ tŚĂƚ ǁŽƵůĚ LJŽƵ ĚŽ͍

,ŽƵƐŝŶŐ ʹ tŚĂƚ ĂŶĚ ǁŚĞƌĞ͍ LJĐůĞ ǁĂLJƐ͍ KŶ LJĞƌ ďŝŬĞ Ͳ Žƌ ŶŽƚ͍

ůůŽƚŵĞŶƚƐ ʹ Ě͛LJĂ ĚŝŐ ƚŚĞŵ͍

͞/͛ŵ ďŽƌĞĚ͙͘͟ ͞/͛ŵ ůŽŶĞůLJ͙͟ >ĞŝƐƵƌĞ ĂŶĚ ĞŶƚĞƌƚĂŝŶŵĞŶƚ͍

WůĂLJ ĂƌĞĂƐ͍ tŚŽŽƉĞĞ Žƌ ǁŚŽŽƉƐ͍

,ĞĂůƚŚ ĨĂĐŝůŝƚŝĞƐ Ͳ ĂƌĞ ƚŚĞLJ ŝŶ ŐŽŽĚ ƐŚĂƉĞ͍ EŽǁ ĂŶĚ ĨŽƌ ƚŚĞ ĨƵƚƵƌĞ͍

dŚĞ ŶǀŝƌŽŶŵĞŶƚ ʹ ŐŽŝŶŐ ŐƌĞĞŶĞƌ͍

^ŚŽƉƐ͍ DŽƌĞ Žƌ ůĞƐƐ͍

ĚƵĐĂƚŝŽŶ ʹ dŽƉ ŽĨ ƚŚĞ ĐůĂƐƐ͍ Kƌ ŐŽƚ ƉŽƚĞŶƚŝĂů͍

:ŽďƐ ĂŶĚ ďƵƐŝŶĞƐƐ Ͳ ƐƉĂĐĞ ĨŽƌ ĞŵƉůŽLJŵĞŶƚ ͍

tĂůŬŝŶŐ ƌŽƵƚĞƐ͍ dŽ ĂŶĚ ĨƌŽŵ͙ ^ƉŽƌƚƐ ĨĂĐŝůŝƚŝĞƐ͍ ,ĞůƉ ƵƐ ŐŽ ĨŽƌ ŐŽůĚ Ăƚ DĞƌĞƐ ĚŐĞ

^ŚŚ͙Dϱϲ ŶŽŝƐĞ

,ŝƐƚŽƌŝĐ ďƵŝůĚŝŶŐƐ͍ ,ĞƌĞ ƚŽĚĂLJ͕ ĐŽƵůĚ ďĞ ŐŽŶĞ ƚŽŵŽƌƌŽǁ ʹ LJŽƵ ĐŚŽŽƐĞ͙

tŚĂƚ ĚŽ LJŽƵ ůŝŬĞ ;Žƌ ŶŽƚͿ ĂďŽƵƚ ,ĞůƐďLJ͍ tŚĂƚ ĚŝĚ ǁĞ ŵŝƐƐ͍


*DUGHQ 'HVLJQ &RQVWUXFWLRQ

&5($7,9( '(6,*1 Â&#x2021; *$5'(1 &216758&7,21

1DWXUDO VWRQH SDWLRV Â&#x2021; &REEOHVWRQH HGJLQJ DQG SDWKV +DUGZRRG VRIWZRRG FRPSRVLWH GHFNV 5DLVHG SODQWHUV Â&#x2021; 3ODQWLQJ DQG ODZQ OD\LQJ 3URSULHWRU 'XQFDQ *RXJK +LJKHU 'LSORPD LQ *DUGHQ 'HVLJQ

%ULGJHZDWHU *UDQJH 3UHVWRQ %URRN &KHVKLUH ZZZ ZRZJDUGHQGHVLJQ FR XN


ŽǀĞƌŝŶŐ Ăůů ůŽĐĂů ĂƌĞĂƐ͕ ĂŶĚ ũƵƐƚ ŵŝŶƵƚĞƐ ĨƌŽŵ Ăůů ĂĚĚƌĞƐƐĞƐ Ύ /ŶĚĞƉĞŶĚĞŶƚ ĨĂŵŝůLJ ƌƵŶ Įƌŵ͕ ƉƌŝĚŝŶŐ ŽƵƌƐĞůǀĞƐ ŽŶ ĂƩĞŶƟŽŶ ƚŽ ĚĞƚĂŝů͕ ĂŶĚ ƉĞƌƐŽŶĂů ƐĞƌǀŝĐĞ͘ Ύ WƌŽĨĞƐƐŝŽŶĂů͕ ŝŐŶŝĮĞĚ &ƵŶĞƌĂů ^ĞƌǀŝĐĞƐ Ăƚ ZĞĂƐŽŶĂďůĞ WƌŝĐĞƐ Ύ ĞĂƵƟĨƵů͕ ƚƌĂŶƋƵŝů ĨƵŶĞƌĂů ŚŽŵĞ ǁŝƚŚ ƉƌŝǀĂƚĞ ĐŚĂƉĞůƐ ŽĨ ƌĞƐƚ ĂŶĚ ĨƌĞĞ ƉĂƌŬŝŶŐ Ύ ZĞůŝŐŝŽƵƐ Žƌ EŽŶ Ͳ ZĞůŝŐŝŽƵƐ ƐĞƌǀŝĐĞƐ ĂƌƌĂŶŐĞĚ Ύ ,ŽŵĞ ǀŝƐŝƚƐ ĂůǁĂLJƐ ĂǀĂŝůĂďůĞ

ƌĞƐƐǁĞůů ,ŽƵƐĞ &ƵŶĞƌĂů ,ŽŵĞ͕ /ŶĐĞ >ĂŶĞ͕ ůƚŽŶ͕ ,Ϯ ϰ>h &Žƌ ŚĞůƉ Žƌ ĂĚǀŝĐĞ͕ ƉůĞĂƐĞ ƚĞůĞƉŚŽŶĞ

ϬϭϵϮϴ ϳϮ ϲϯ ϲϰ

ĂŶLJ ƟŵĞ ĚĂLJ Žƌ ŶŝŐŚƚ

ǁǁǁ͘ĨƵŶĞƌĂůĚŝƌĞĐƚŽƌƐĐŚĞƐŚŝƌĞ͘ĐŽ͘ƵŬ WůĞĂƐĞ ƐĞŶĚ ŵĞ ŵŽƌĞ ŝŶĨŽƌŵĂƟŽŶ ĂďŽƵƚ WƌĞƉĂŝĚ &ƵŶĞƌĂů WůĂŶƐ EĂŵĞ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ĚĚƌĞƐƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘

dĞůĞƉŚŽŶĞ EŽ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘

άϱϬ͘ϬϬ ŽŶĂƟŽŶ DĂĚĞ ƚŽ ƚŚĞ ŚƵƌĐŚ Žƌ ĐŚĂƌŝƚLJ ŽĨ LJŽƵƌ ĐŚŽŝĐĞ͕ ǁŝƚŚ ĞǀĞƌLJ ƉƌĞƉĂŝĚ ƉůĂŶ ƉƵƌĐŚĂƐĞĚ ƚŚƌŽƵŐŚ ƌĞƋƵĞƐƟŶŐ ŝŶĨŽƌŵĂƟŽŶ ĨƌŽŵ ƚŚŝƐ ĂĚǀĞƌƚ͘ ^ŝŵƉůLJ Įůů ŝŶ ƚŚĞ ĨŽƌŵ ĂŶĚ ƉŽƐƚ ƚŽ ƚŚĞ ĂĚĚƌĞƐƐ ĂďŽǀĞ Žƌ ĐĂůů ϬϭϵϮϴ ϳϮϲϯϲϰ


(VWDEOLVKHG

%HDXWLIXOO\ &UDIWHG 0HPRULDOV LQ *UDQLWH 0DUEOH 6WRQH $GGLWLRQDO ,QVFULSWLRQV &OHDQLQJ 5HQRYDWLRQV 3KRQH IRU IUHH %URFKXUHV DQG HVWLPDWHV 7HO +RPH $GGUHVV 6SULQJERXUQH )URGVKDP %XVLQHVV $GGUHVV 0RWWUDP 5RDG +\GH 6. 11 7HO 0RELOH 9LVLW RXU RQOLQH EURFKXUH ZZZ EDLQHVPHPRULDOV FR XN 0HPEHU RI WKH 1DWLRQDO (PDLO $VVRFLDWLRQ RI 0HPRULDO 0DVRQV %UDPP 5HJLVWHUHG LQIR#EDLQHVPHPRULDOV FR XN

+,//6,'( *$5'(1 75(( /2&$/ )8//< ,1685(' 75(( *$5'(1 0$,17(1$1&( %86,1(66 75(( )(//,1* +('*( &877,1* 3581,1* $OO UXEELVK UHPRYHG RU ZRRG FKLSSHU DYDLODEOH

/$:1 02:,1* 785),1* *(1(5$/ *$5'(1 5(129$7,21 &$5( &$// -,0 *(00(// )25 $ 12 2%/,*$7,21 4827(

MLP#JDUGHQDQGWUHH FR XN ZZZ JDUGHQDQGWUHH FR XN


:VYL MLL[ UV TVYL ;OL )LULÃ&#x201E;[Z VM 7VKPH[Y`

-VV[ HZZLZZTLU[ KPHNUVZPZ HUK M\SS [YLH[TLU[ NP]LU I` H M\SS` X\HSPÃ&#x201E;LK WVKPH[YPZ[ ):J /VUZ 4*OZ /7* :[H[L 9LNPZ[LYLK

7KH 6RFLHW\ RI &KLURSRGLVWV DQG 3RGLDWULVWV

-VV[ *HYL (K]PJL

+RPH YLVLWV E\ DSSRLQWPHQW

SPNO[LY MLL[ YLZPKLU[ WVKPH[YPZ[ JOPYVWVKPZ[

*VU[HJ[ +LIIPL 2PYR H[ ;VJJV )LH\[` *SPUPJ /HS[VU 9VHK 9\UJVYU >( 8? ;LS 4VI ,THPS SPNOLYMLL[ '`HOVV JV \R


' ' %# % " " " %

,I LW·V WUXH WKDW'D\ WKH ZD\ WR FDQ SLFNHG XS IRU IURP WHD WRZHOV VDODG VHUYHUV KH KDVQ·W EHHQ WR VK\ ZKHQ LW 9DOHQWLQH·V LV OLNH WRREH PXFK RU \RX MXVWDURXQG GRQ·W KDYH VRPHRQH·V KHDUW LV WKURXJK WKHLU FRPHV OHQGLQJ KLV QDPH WR &KULVWPDV IRU UHVWDXUDQWV EXW URRP RI IRURXU DOO IDYRXULWH WKH DWWDFKPHQWV 6RPH JDGJHWV +H·V DOVRWRSXW KLV QDPH RQ 3KLOLSV· HYHU\WKLQJ IURP WHD SURPLVHV WRZHOV WR DOO WRR RIWHQ ORYH VWUXFN HOHFWULF FKRSSHUV FDQ0LFURSODQH EH SLFNHG +RPHFRRNHU VWRPDFK PDNHWKHLU D UHVHUYDWLRQ DW RQH DUH WKH VLPSOHVW RQHV ZKLFK VDODG VHUYHUV IUHVK +H·VDSSURDFK DOVR SXW KLV HQG XS IREEHG RII EXW JUDWHUV XS IRU ZHUH DURXQG RI FXVWRPHUV RXU ORFDO UHVWDXUDQWV RU SXEV RULJLQDOO\ GHVLJQHG ´D FRPSOHWHO\ WR QDPH RQ 3KLOLSV· +RPHFRRNHU ZLWK RYHUSULFHG VHW PHQXV DQG 6RPH RI RXU IDYRXULWH LI FLUFXPVWDQFHV SUHYDLO ZK\ QRW IRU ZRRGZRUNLQJ EXW DUH FRRNLQJµ ,W·V D FURVV EHWZHHQ D ZKLFK SURPLVHV ´D FRPSOHWHO\ D GLVWLQFW ODFN RI DWPRVSKHUH JDGJHWVIRU DUHSDUPHVDQ WKH VLPSOHVW ZRZ \RXU ZLWK VRPHWKLQJ IDQWDVWLF DQG FDQ EH VORZ DQG WR D IRRG SURFHVVRU IUHVKFRRNHU DSSURDFK FRRNLQJµ ,I LW·V WUXHSDUWQHU WKDW WKH ZD\ WR RQHV 0LFURSODQH JUDWHUV \RX·YH FRRNHGKHDUW XS \RXUVHOI" %HVW IRXQG IRU DV OLWWOH DV ZKLOH DQG FKRSV EHWZHHQ VOLFHV VKUHGV ,W·V LW D FURVV D VORZ VRPHRQH·V LV WKURXJK ZHUH RULJLQDOO\ GHVLJQHG IRU RI WKHLU DOO \RX FDQ XVHZRXOGQ·W LW DV DQ LWH[FXVH PDQGROLQH VOLFHUV WKH HIIRUW JUDWHV DQG FRRNHUFRRNV DQG D VWLUV IRRG VWHDPV SURFHVVRU VWRPDFK EH ZRRGZRUNLQJ EXWWDNH DUH IDQWDVWLF DQG LWFRRNHG FKRSV IRRG VOLFHV VKUHGV \RXU SDUWQHU ZLWK RXW WR EHWWHU VSODVK WR RXWZRZ RQ VRPH QHZ NLWFKHQ SUHSDULQJDQG IUXLW DQG NHHSV ZDUP 7KH IRU RI SDUPHVDQ FDQ EHYHJ JUDWHV FRRNV LVVWLUV VWHDPV VRPHWKLQJ JDGJHWV WRR \RX·YH FRRNHG XS IRXQG IRU DV OLWWOH DV ZKLOH ([SHFW WR SD\ DURXQG WR +RPH&RRNHU D IDLUO\ IULJKWHQLQJ DQG NHHSV IRRG \RXUVHOI" %HVW DOO \RX FDQ PDQGROLQH VOLFHUV WDNH WKH :H·UH ELJ IDQV RI RI -RVHSK -RVHSK·V IRU D JRRG RQH DQG LIFRRNHG \RX ZDQW RQHZDUP \RX·OO 7KH +RPH&RRNHU LV D IDLUO\ XVH LW DV DQ H[FXVH WR VSODVK HIIRUW RXW RI SUHSDULQJ IUXLW DQG EULJKWO\ FRORXUHG DQG TXLWH ,I \RXU SDUWQHU·V D EDUEHFXH IDQ KDYH WR JR WR -RKQ /HZLV IULJKWHQLQJ DQG LI \RX RXW RQ VRPH QHZ NLWFKHQ YHJ ([SHFW WR SD\ DURXQG H[SHQVLYH

FRRNLQJ JDGJHWV VXFK GRQ·W OHW WKH IDFW LW·V VWLOO ZLQWHU 1R URPDQWLF GLQQHU ZRXOG ZDQW RQH \RX·OO KDYH WR JREH WR JDGJHWV WRR WR IRU D JRRG RQH DV LWV IROGDEOH 7UL6FDOH LWV GHWHU \RX 3KLOLSV· $YDQFH 7DEOH FRPSOHWH ZLWKRXW D QLFH ERWWOH -RKQ /HZLV :H·UH ELJ IDQV RI -RVHSK ,I \RXU SDUWQHU·V D EDUEHFXH (OHYDWH UDLVHG XWHQVLOV DQG LWV *ULOO DOO IDFW WKH WDVWH RI D RI EXW LIGLQQHU \RX·UHZRXOG ZRUULHG 1RZLQH URPDQWLF -RVHSK·V EULJKWO\ FRORXUHG IDQ SURPLVHV GRQ·W OHW WKH LW·V VWLOO YHU\ XVHIXO &KRS 3RW IROGDEOH VPRN\ ZUHVWOLQJ ZLWK DDWUDGLWLRQDO EH FRPSOHWH ZLWKRXW QLFH DQG TXLWH H[SHQVLYH FRRNLQJ ZLQWHU EDUEHFXH GHWHU \RX ZLWKRXW 3KLOLSV·KDYLQJ DERXW FKRSSLQJ ERDUGV ,I WKH SULFH LV ERWWOH RI ZLQH \RX·UH JDGJHWV VXFK DV LWV IROGDEOH WR$YDQFH OHDYH WKH KRXVH ORRNV OLNH WKHUHEXW DUHLISOHQW\ 7DEOH *ULOO,WSURPLVHV DOOD FRUNVFUHZ ZRUULHG DERXW ZUHVWOLQJ ZLWK 7UL6FDOH (OHYDWH D OLWWOH KLJK \RX·OOLWV ÀQG VKRSSLQJ WKH WDVWH RI D VPRN\ EDUEHFXH FKXQN\ *HRUJH )RUHPDQ JULOO DQG RI DOWHUQDWLYHV /H &UHXVHW·V D WUDGLWLRQDO FRUNVFUHZ WKHUH UDLVHGRQOLQH XWHQVLOV YHU\ ZLWKRXW KDYLQJ WR OHDYH WKH DURXQG FDQDQG VDYHLWV\RX D DW FRVWV TXLWH D ELW PRUH WKDQ 6FUHZSXOOV PDNH RSHQLQJ ZLQH DUH SOHQW\ RI DOWHUQDWLYHV /H XVHIXODQG &KRS 3RW KRXVH ORRNVVRPH OLNH DRI FKXQN\ SDFNHW WKHUH DUHIROGDEOH SOHQW\ RI RQH EXW ,WXQOLNH *HRUJH·V SDUWLFXODUO\ HDV\ DQG ZKLOH WKH &UHXVHW·V 6FUHZSXOOV PDNH FKRSSLQJ ERDUGV ,I WKH SULFH LV *HRUJH )RUHPDQ JULOO DQG DW PRUH DIIRUGDEOH LPLWDWLRQV WRR JULOOV WKH SODWH LV DGHWDFKDEOH PRGHOV DURXQG RSHQLQJ ZLQHFRVW SDUWLFXODUO\ HDV\ \RX D OLWWOH KLJK \RX·OO ÀQG VKRSSLQJ FRVWV TXLWH ELW PRUH DQG ODUJHU *UDWLQJ EOHQGLQJ GLVKZDVKHU VDIHXQOLNH DQG \RX FDQRIXVH FDQ XSWKH SODVWLF RQHV IRU DURXQG DQGSLFN ZKLOH ODUJHU PRGHOV DURXQGFKRSSLQJ RQOLQH FDQ VDYH \RX D WKDQ RQH EXW VRPH SXUHHLQJ PL[LQJ XQLTXH LQIXVHUV DGG LV VPRNH HDVLHU XVH FRVW7KH\·UH DURXQG PXFK \RX FDQ WR SLFN SDFNHW MXOLHQQLQJ DQG WKHUH DUH SOHQW\ RI LWV *HRUJH·V JULOOV WKHWRSODWH XS SODVWLF RQHVFRUNVFUHZV IRU DURXQG DQG OHVV PRUH DIIRUGDEOH WRR GR HYHU\WKLQJ )RRGLPLWDWLRQV SURFHVVRUV GHWDFKDEOH DQG GLVKZDVKHU ÁDYRXUV IURP UHDO ZRRG FKLSV

WKDQ WUDGLWLRQDO 7KH\·UH PXFK HDVLHU WR XVH DQG VXFK \RX FDQ XVH LWV DUH*UDWLQJ IDQWDVWLFFKRSSLQJ WKLQJV DQG ZKLOH RUVDIH OLTXLGV DV PDULQDGHV OLNHO\ WR GDPDJH WKH FRUN DOWKRXJK EOHQGLQJ WKDQ WUDGLWLRQDO FRUNVFUHZV DQG XQLTXH LQIXVHUV WR DGG VPRNH SXUHHLQJ MXOLHQQLQJ WKH\ FDQ EH SULFH\ WKHUHPL[LQJ DUH -XVW PDNH VXUH \RX SXW LW QHDU LI \RX·G UDWKHU NHHS WKLQJV ROG OHVV OLNHO\ WR GDPDJH WKH FRUN ÁDYRXUV IURP UHDO ZRRG FKLSV

GR HYHU\WKLQJ )RRG SURFHVVRUV SOHQW\ RI GHDOV DURXQG D TXLFN DRU FRRNHU KRRG LI \RX·UH XVLQJ VFKRRO \RX FDQ SLFN XS D ZDLWHU·V DOWKRXJK LI \RX·G UDWKHU NHHS OLTXLGV VXFK DV PDULQDGHV IDQWDVWLF WKLQJV XQFRYHUV DQG ZKLOH ELWDUH RI RQOLQH UHVHDUFK LW-XVW WR VPRNH RU LW\RXU IULHQG DVFDQ OLWWOHSLFN DV PDNH \RXU VXUH IRRG \RX SXW QHDU WKLQJVFRUNVFUHZ ROG VFKRROIRU \RX WKH\ FDQ EH SULFH\ WKHUH DUH .HQZRRG·V )3 IRU URPDQWLF HYHQLQJ FRXOG HQG XS (YHQ JRRG RQHV ZRQ·W FRVW D FRRNHU KRRG LI \RX·UH XVLQJ XS D ZDLWHU·V IULHQG FRUNVFUHZ SOHQW\ RI GHDOV DURXQG D TXLFN LQVWHDG WKH 553 XQFRYHUV DQG LW WR VPRNH RU \RXU IRU DVPRUH OLWWOH DV LQYROYLQJ WKH\RXU ORFDOIRRG ÀUH EULJDGH PXFK WKDQ (YHQ JRRG ELW RI RI RQOLQH UHVHDUFK URPDQWLF FRXOGFKHIV HQG XS RQHV ZRQ·W FRVW PXFK PRUH PXOWL IXQFWLRQ EOHQGHUV DV WKH :H·UH NHHQHYHQLQJ RQ FHOHEULW\ .HQZRRG·V )3 IRUVXFK LQYROYLQJ WKH ORFDO WKDQ 6KHI &ROOHFWLRQ LQVWHDG RI WKHIRU 553 LQVWHDG DQG KHUH LQ %ULWDLQ DQG ÀUH RQHEULJDGH RI WKH :H·UH NHHQ RQ FHOHEULW\ FKHIV ,PDJHV OHIW WR ULJKW -RVHSK -RVHSK EOHQGHUV DV ELJJHVW RI PXOWL IXQFWLRQ ,I WKDW·V VWLOO WRRVXFK PXFK LV -DPLH 2OLYHU DQG KH 7UL6FDOH 6FUHZSXOO &RUNVFUHZ -DPLH 2OLYHU KHUH LQ %ULWDLQ DQG RQH RI WKH WR &ROOHFWLRQ RU WKH \RX6KHI MXVW GRQ·W KDYH IRU URRP IRU DOO KDVQ·W EHHQ VK\ ZKHQ LW FRPHV +RPHFRRNHU 3KLOLSV $YDQFH 7DEOH *ULOO ELJJHVW LV -DPLH 2OLYHU DQG LQVWHDG RI ,I WKDW·V VWLOO WKH DWWDFKPHQWV HOHFWULF FKRSSHUV OHQGLQJ KLV QDPH WR HYHU\WKLQJ


" $ ! $ $ )

!

* & %** & * ! ! ! ! "$ ! &

" ! $ '" ' $ ( $ ) $ ! ! $


<285 0(025,(6 9,'(2 75$16)(5 9+6 PP +L 'LJLWDO 9LGHR HGLWHG DQG WUDQVIHUUHG WR '9' 'R \RXU WUHDVXUHG WDSHV FRQWDLQ DQ\ RI WKHVH Â&#x2021; Â&#x2021; Â&#x2021;

2XW RI IRFXV VKRWV" 8QZDQWHG VKRWV" )RUJRW WR VZLWFK FDPHUD RII"

:H FDQ UHPRYH WKHP DQG PDNH D '9' \RX ZLOO EH SURXG WR VKRZ WR IDPLO\ DQG IULHQGV /HW XV VKRZ \RX KRZ \RXU WDSHV FDQ EH WUDQVIRUPHG

7HO (PDLO IDLUV#SHDUWUHH IUHHVHUYH FR XN :HEVLWH ZZZ \RXUPHPULHV FR XN

DQG 6HDWHU 9HKLFOHV $LUSRUW 7UDQVIHUV 1R ³2XW RI KRXUV´ VXUFKDUJH &RQWUDFWV 8QGHUWDNHQ

KRXU VHUYLFH 7HO 0RE


dŚĞƌĞ ŝƐ ŶŽ ŶĞĞĚ ƚŽ ƌĞƉůĂĐĞ LJŽƵƌ ďĂƚŚƌŽŽŵ͘​͘​͘

7+( %$7+5220 5(6725(56 >Ğƚ ƵƐ ƌĞƐƚŽƌĞ LJŽƵƌ ďĂƚŚƌŽŽŵ͘ >Ğƚ ƵƐ ŵĂŬĞ ŝƚ ďƌĂŶĚ ŶĞǁ Θ ƐĂǀĞ LJŽƵƌ ŵŽŶĞLJ͊ tĞ ĐĂŶ ŽĨĨĞƌ͊

,I LQ \RXU EDWKURRP

,ŝŐŚĞƐƚ ƋƵĂůŝƚLJ ĨŽƌ ĂĨĨŽƌĚĂďůĞ ƉƌŝĐĞ

6LOLFRQH VHDO LV PRXOG\«

EŽ ŵŽƌĞ ŵŽƵůĚ ŝŶ LJŽƵƌ ďĂƚŚƌŽŽŵ

*URXW LV GLVFRORXUHG DQG PRXOG\« %DWKURRP JHWV GLUW\ ZLWK OLPHVFDOH« 7LOHV DUH ORRVH

&KZ

6KRZHU OHDNV« *LYH XV D FDOO RQ

EŽǁ ďĞƚƚĞƌ ƉƌŝĐĞ ĨŽƌ ǀŝŶLJů ĨůŽŽƌŝŶŐ KƵƌ ^ĞƌǀŝĐĞƐ

tŚĂƚ ǁĞ ĐĂŶ ŝŶƐƚĂůů͍

^ŝůŝĐŽŶĞ ZĞƉůĂĐĞŵĞŶƚ

^ŚŽǁĞƌ dƌĂLJƐ ͬ ƵďŝĐůĞƐ

'ƌŽƵƚ ZĞŶĞǁĂů

ĂƚŚƐ ͬ ĂƚŚ ^ĐƌĞĞŶƐ

>ŽĐĂƚŝŶŐ ͬ &ŝdžŝŶŐ >ĞĂŬƐ

ĂƚŚ WĂŶĞůƐ

ŚĞŵŝĐĂů 'ƌŽƵƚ ůĞĂŶ

sĂŶŝƚLJ hŶŝƚƐ

WŝƉĞǁŽƌŬ ŽdžŝŶŐ

tĞƚ tĂůůƐ

&ŝdžŝŶŐ ͬ ZĞƉůĂĐŝŶŐ ƌŽŬĞŶ Žƌ >ŽŽƐĞ dŝůĞƐ͕ dŝůŝŶŐ

ůŝŶĚƐ͕ ĂƚŚ ͬ ^ŚŽǁĞƌ ĐĐĞƐƐŽƌŝĞƐ

tŚLJ ĐŚŽŽƐĞ ƵƐ͍ tĞ ĂƌĞ ƉƌŽĨĞƐƐŝŽŶĂů ƚĞĂŵ ǁŝƚŚ Ă ŶƵŵďĞƌ ŽĨ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ͘ ǀĞƌLJ ũŽď ŐĞƚƐ Ă ŐƵĂƌĂŶƚĞĞ ĂƐ ǁĞ ƵƐĞ ŽŶůLJ ƚŚĞ ŚŝŐŚĞƐƚ ƋƵĂůŝƚLJ ŵĂƚĞƌŝĂůƐ͘ KƵƌ ƚĞĂŵ ŝƐ ŚĂƉƉLJ ƚŽ ǁŽƌŬ ǁŝƚŚ ďŽƚŚ ĚŽŵĞƐƚŝĐ ĂŶĚ ŝŶĚƵƐƚƌŝĂů ĐůŝĞŶƚƐ͘ EŽ ŵŽƌĞ ůĞĂŬƐ͕ ĐƌĂĐŬĞĚ ŐƌŽƵƚ Žƌ ŵŽƵůĚLJ ƐŝůŝĐŽŶĞ͘ dƌĞĂƚ LJŽƵƌƐĞůĨ ƚŽ Ă ƉĞƌĨĞĐƚ ďĂƚŚƌŽŽŵ͊ d, d,ZKKD Z ^dKZ Z^ >d ƚĞĂŵ͘

&d Z

ŽŶƚĂĐƚ ƵƐ ŶŽǁ͊ &ŝŶĚ ƵƐ ŽŶ &ĂĐĞŬ

dĞů͘ ϬϭϱϭϮϰϰϱϰϭϴ 0RE WKHEDWKURRPUHVWRUHUV#JPDLO FRP


;OV\ZHUKZ V [ VM ZHTWSLZ JOVVZL MYVT

. . . . . . (#/+.; 470 $75+0'55 '56#$.+5*'& +0 EMKKT 74 4'276#6+10 +5 $7+.6 10 51.+& 4'%1//'0&#6+105T ' %#4' #$176 174 %7561/'45T

74 5'48+%'5 +0%.7&'U *115' u *1/' 5'48+%' :2'46 (+66+0) n #%%'5514+'5 4'' &'.+8'4; 4'' /'#574'5 n 2.#00+0)

7#.+6; 241&7%65 1/2'6+6+8' 24+%'5 1 24'5574' 5#.'5 .. .'#&+0) /#-'5 5722.+'&

740+674'f 2.+(6 1.& %#42'65f 1145f '/18#. 1( 47$$+5* 1 241$.'/ g +5+6 174 9'$5+6' 999T-+0)5.';%#42'65T%1/ +%614+# #..X .7+0 #0'X 41&5*#/X J K

NEMFL KLLLEK


7+,1.,1* 2) %8<,1* $ %('" EOH LV GRX %X\ WK HW VSUXQJ W SRFN QG JH RUWKR EHG D V U H 56 \ 0 5$:(

5(( ' 7:2 ) IRU RQO\

Â&#x2026;

OG RDUG VR +HDGE

WHO\ VHSDUD

%X\ WKLV GRXE SRFNH W VSUXQ OH J 5HVW $VVXUH GE 7:2 )5 HG DQG JHW

(( '5$ :(56

IRU RQO\

Â&#x2026;

+HDGE

RDUG VR OG VHSD UDWHO\

)5(( '(/,9(5< )5(( 5(029$/ 2) <285 2/' %('

ZZZ NLQJVOH\FDUSHWV FRP

9LFWRULD +DOO )OXLQ /DQH )URGVKDP :$ 4+


& ( #

)LUHG (DUWK RIIHUV D GHVLJQ VHUYLFH IRU EDWKURRPV DQG NLWFKHQV ÀUHGHDUWK FRP

,W FDQ EH D WULFN\ EXVLQHVV LQWHULRU GHVLJQLQJ 7KHUH·V PXFK PRUH WR LW WKDQ SUHWW\ FRORXUV DQG QLFH FXVKLRQV &UHDWLQJ D VXFFHVVIXO VSDFH LQYROYHV D FRPSOH[ EOHQG RI SUDFWLFDO DQG DHVWKHWLF FRQVLGHUDWLRQV IURP ÁRRULQJ WKDW·V KDUG ZHDULQJ DQG ORRNV JUHDW WR OLJKWLQJ WKDW LOOXPLQDWHV WKH ULJKW DUHDV DQG KHOSV FUHDWH DQ DSSURSULDWH PRRG $V ZHOO DV WKH QLWW\ JULWW\ RI ZLULQJ DQG SOXPELQJ WKHUH·V ZDOOSDSHU SDLQW FRORXUV DQG IDEULF WR VHOHFW ZLQGRZ WUHDWPHQWV WR GHFLGH RQ VWRUDJH WR LQFRUSRUDWH IXUQLWXUH WR FKRRVH DQG ÀQLVKLQJ WRXFKHV WR DUUDQJH +RZ FDQ \RX HQVXUH WKDW \RX GR LW FRUUHFWO\"

$ #

" "

" $

WLPHWDEOH DQG DERYH DOO DYRLG H[SHQVLYH PLVWDNHV 6R EHIRUH \RX UXVK LQ ZLWK \RXU SDLQWEUXVK VSHQG D OLWWOH WLPH ZLWK VRPH JUDSK SDSHU D VKDUS SHQFLO VFLVVRUV DQG VZDWFKHV 7KH\ UHDOO\ DUH WKH VHFUHW WR VXFFHVVIXO LQWHULRU GHVLJQ

FRQFHDO ZLULQJ RU SLSHZRUN RU EXLOG LQ VRPH H[WUD VWRUDJH" 2QFH \RX KDYH JRQH WKURXJK DOO WKH RSWLRQV ² FRQVXOWLQJ D VWUXFWXUDO HQJLQHHU LI \RXU FKDQJHV DUH PDMRU RQHV ² \RX FDQ GUDZ XS D ÀQDO SODQ

1H[W SODQ WKH SRVLWLRQV RI PDMRU LWHPV RI IXUQLWXUH )LUVW FRPHV VSDFH SODQQLQJ 2Q D VHSDUDWH VKHHW RI 0HDVXUH \RXU URRP JUDSK SDSHU VNHWFK WKH DFFXUDWHO\ DQG GUDZ D SODQ DSSUR[LPDWH VKDSHV RI \RXU WR VFDOH RQ JUDSK SDSHU IXUQLVKLQJV DV LI \RX ZHUH PDUNLQJ LQ ZLQGRZV GRRUV ORRNLQJ DW WKHP IURP DERYH ÀUHSODFHV ÀWWHG FXSERDUGV XVLQJ WKH VDPH VFDOH DV SLSHV UDGLDWRUV SOXJ \RXU URRP SODQ 7KHQ VLPSO\ VRFNHWV OLJKW ÀWWLQJV DQG FXW WKHP RXW SODFH WKHP VR RQ &RQVLGHU WKH URRP·V RQ \RXU PDVWHU SODQ DQG VL]H DQG VKDSH DQG LWV DVVHVV KRZ ZHOO WKH\ ÀW LQ DUFKLWHFWXUDO VW\OH :LOO WKH\ WR WKH VSDFH HQVXULQJ WKDW DIIHFW WKH ZD\ LQ ZKLFK \RX \RX DOORZ HQRXJK DFWLYLW\ GHFRUDWH" $UH WKHUH VSHFLDO URRP EHWZHHQ DQG DURXQG FRQVLGHUDWLRQV VXFK DV WKHP 7KLQN DERXW ZKR ODFN RI VSDFH RU OLJKW RU DQ 1HYHU IHDU LW·V VLPSO\ D LPSRUWDQW RULJLQDO IHDWXUH" $W XVHV WKH URRP ZKHQ DQG TXHVWLRQ RI WDNLQJ WKLQJV KRZ 2Q D SUDFWLFDO OHYHO WKLV VWDJH FRQVLGHU ZKHWKHU VWHS E\ VWHS XVLQJ D LW ZRXOG EH KHOSIXO WR PRYH D LV LW JRLQJ WR ZRUN" 0RYH VWUDLJKWIRUZDUG ORJLFDO DSSURDFK $V DOO SURIHVVLRQDO ZDOO SLSH RU UDGLDWRU HQODUJH \RXU ¶IXUQLWXUH· DURXQG DV QHFHVVDU\ DQG HYHQWXDOO\ D ZLQGRZ KDQJ WKH GRRU LQWHULRU GHVLJQHUV NQRZ WKH RSWLPXP DUUDQJHPHQW FDUHIXO SODQQLQJ LV LQYDOXDEOH WKH RWKHU ZD\ DURXQG RU DGG ZLOO EHFRPH DSSDUHQW <RX LQ KHOSLQJ ÀUP XS \RXU LGHDV H[WUD SOXJ VRFNHWV RU OLJKW \RX

VKRXOG QRZ KDYH WKH EDVLFV 3HUKDSV FDQ ZRUN RXW DQG VZLWFKHV \RXU EXGJHW


RI D IXQFWLRQDO FRPIRUWDEOH URRP 7R FRPSOHPHQW WKH ÁRRUSODQ DQG HQVXUH WKDW DOO WKH GHFRUDWLYH HOHPHQWV RI D URRP ZRUN WRJHWKHU SURIHVVLRQDO GHVLJQHUV FUHDWH D ¶VDPSOH ERDUG· D YLVXDO PHPR RI DOO WKH GLIIHUHQW SLHFHV WKDW JR WRZDUGV PDNLQJ XS WKH URRP %HIRUH \RX VWDUW \RX·OO QHHG WR ÀQG VRPH LPDJHV ² SULQWHG RII ZHEVLWHV FXW RXW RI PDJD]LQHV RU EURFKXUHV RU \RXU RZQ SKRWRJUDSKV RU VNHWFKHV ² RI \RXU SURSRVHG IXUQLWXUH ÁRRULQJ OLJKWLQJ DQG DFFHVVRULHV DV ZHOO DV VZDWFKHV RI IDEULF ZDOOSDSHU DQG SDLQW 7U\ WR NHHS WKH VDPSOHV LQ SURSRUWLRQ WR WKH VL]H WKH\·OO EH LQ UHDO OLIH VR

0( 21 +2& , ( 7 6(/(59,R&XJ(KW WR 6 SOHV EU H P VDP \RXU KR DWHV P L W V HH H )UH G DGYLF Q D

WKDW D FXUWDLQ IDEULF VZDWFK LV PXFK ODUJHU WKDQ VD\ RQH UHSUHVHQWLQJ D FXVKLRQ <RX FDQ DOVR LQFOXGH VPDOO UHDO LWHPV RU SDUWV RI WKHP VXFK DV WLH EDFNV DQG WULPV URSH RU WLPEHU <RXU VDPSOH ERDUG FDQ EH KLJKO\ UHSUHVHQWDWLYH RU SHUKDSV PRUH RI D VXJJHVWLRQ RI JHQHUDO FRORXUV DQG VW\OHV ² LW·V XS WR \RX 7KHQ WDNH D ODUJH SLHFH RI QHXWUDO FRORXUHG FDUG DV D EDVH DQG DUUDQJH WKH LPDJHV RU VZDWFKHV RQ LW ,W KHOSV LI \RX SODFH WKH VDPSOHV URXJKO\ LQ DFFRUGDQFH ZLWK ZKHUH WKH\ ZLOO EH LQ WKH URRP ² ÁRRULQJ DW WKH ERWWRP SHQGDQW OLJKWV QHDU WKH WRS DQG IXUQLWXUH LQ WKH PLGGOH IRU H[DPSOH :LWK DOO WKH LQJUHGLHQWV WRJHWKHU \RX·OO KDYH D UHDOO\

HIIHFWLYH RYHUYLHZ RI KRZ FRORXUV SDWWHUQV VKDSHV DQG WH[WXUHV ZRUN WRJHWKHU DQG FDQ HDVLO\ PRYH WKLQJV DURXQG WDNH WKHP DZD\ RU DGG WR WKHP $UH WKHUH WRR PDQ\ VPRRWK WH[WXUHV RU LV WKHUH WRR PXFK RI RQH FRORXU" 'R \RXU SDWWHUQV FODVK RU \RXU IXUQLWXUH VW\OHV MDU" :LWK D ZHOO WKRXJKW RXW VDPSOH ERDUG \RX FDQ HDVLO\ DVVHVV WKH RYHUDOO HIIHFW 3DLQW VZDWFKHV WR WKH ULJKW VKRZ FRORXUV E\ 0\ODQGV FRORXUVRÁRQGRQ FR XN 7RS WR ERWWRP %XUOLQJWRQ $UFDGH QR (DWRQ 6TXDUH QR DQG %ORRPVEXU\ QR IRU O WUDGLWLRQDO HPXOVLRQ %\ .DWKHULQH 6RUUHOO

,I \RX DUH ORRNLQJ IRU LGHDV VW\OH LQQRYDWLRQ TXDOLW\ FRPSHWLWLYH SULFHV EDFNHG E\ DQ H[FHOOHQW UHSXWDWLRQ IRU RYHU \HDUV WKHQ JLYH XV D FDOO

'968%-27 P &0-2(7 P ;%004%4)6 430)7 P 86%'/7 %'')7736-)7

7XSGOMWX SJ EPP QENSV WYTTPMIVW

'63;732 P ,%60)59-2 P ;-01%2 7%2()6732 P 46)78-+-397 :MGXSVME ,EPP *PYMR 0ERI *VSHWLEQ ;% 5,


%% &RQVWUXFWLRQ %5,&.:25. 63(&,$/,67

5HSDLUHG R 5HEXLOW R 5HSRLQWHG R 12 -2% 722 60$//


3LHO 3LHO LV WKH VPDOOHVW RI WKH IRXU LQKDELWHG ,VODQGV RI )XUQHVV WKDW OLH RII WKH FRDVW RI &XPEULD :KLOVW WKH ODUJHVW RI WKHVH LVODQGV :DOQH\ LV (QJODQG·V HLJKWK ELJJHVW DQG KDV D SRSXODWLRQ RI RYHU 3LHO LV MXVW KHFWDUHV LQ VL]H DQG KDV D SHUPDQHQW SRSXODWLRQ FRPSULVLQJ WKH ODQGORUG ² NQRZQ DV WKH ¶.LQJ RI 3LHO· ² RI WKH LVODQG·V *UDGH ,, OLVWHG 6KLS ,QQ *DLUVD\ *DLUVD\ KDV D SRSXODWLRQ RI MXVW PDNLQJ LW RQH RI WKH OHDVW SRSXODWHG RI DOO RI 6FRWODQG·V RIIVKRUH LVODQGV 1HYHUWKHOHVV LW LV RIÃ&#x20AC;FLDOO\ SHUPLWWHG E\ WKH 5R\DO 0DLO WR SURGXFH LWV RZQ VWDPSV /XQG\ $ OLWWOH RYHU RQH VTXDUH PLOH LQ VL]H /XQG\ OLHV PLOHV RII WKH QRUWK FRDVW RI 'HYRQ LQ WKH FHQWUH RI WKH %ULVWRO &KDQQHO 'HVSLWH LWV UHODWLYH LVRODWLRQ DQG VPDOO VL]H /XQG\ KDV LWV RZQ SXE VKRSV DQG FKXUFK SURGXFHV LWV RZQ VWDPSV DQG KDV D UHVLGHQW SRSXODWLRQ RI 7KH &DOI RI 0DQ $VLGH IURP WKH ,VOH RI 0DQ LWVHOI WKH RQO\ RWKHU LQKDELWHG LVODQG LQ WKH 0DQ JURXS LV WKH &DOI RI 0DQ D VTXDUH PLOH LVOHW O\LQJ MXVW RII LWV VRXWKHUQPRVW WLS $ FHQVXV LQ UHFRUGHG D SRSXODWLRQ KHUH RI MXVW ² QDPHO\ WKH ZDUGHQV RI DQ 563% ELUG REVHUYDWRU\ RSHQHG LQ %URZQVHD %URZQVHD LV WKH ODUJHVW RI WKH GR]HQ RU VR LVODQGV IRXQG LQ 3RROH +DUERXU LQ 'RUVHW ,W LV DOVR DUJXDEO\ WKH PRVW ZHOO NQRZQ KDYLQJ EHHQ WKH ORFDWLRQ RI 5REHUW %DGHQ 3RZHOO·V LQDXJXUDO %R\ 6FRXW FDPS LQ $XJXVW Â&#x2039; 7DNHQ IURP 7KH %ULWLVK ,VOHV $ 7ULYLD *D]HWWHHU E\ 3DXO $QWKRQ\ -RQHV RXW QRZ

1<.

.,7&+(16 %('52206 0,5525 '2256 /7' 6SHFLDOLVLQJ LQ 0DGH WR 0HDVXUH 6/,',1* 0,5525 3$1(/ '2256 0DGH LQ RXU RZQ ZRUNVKRS

)5267(' &2/285(' 0,5525 '2256 $9$,/$%/(

23(1 0RQ WR )UL DP WR SP 6DW WR SP

0$'( 72 0($685( .,7&+(16 )XOO\ ILWWHG RU VXSSO\ RQO\ )5(( (VWLPDWHV )5(( 'HOLYHU\

)$&725< 6+2:5220 8QLW 5LQJZD\ 5RDG 2II +DOWRQ 5RDG EHKLQG %ULGJH 7LPEHU 5XQFRUQ :$ 41

7HO RU


&RQWDFW XV 3DXO ' &ODUNH )3& 8QLW %DUURZPRUH (QWHUSULVH (VWDWH %DUQKRXVH /DQH *UHDW %DUURZ &KHVWHU &+ -6 (PDLO SDXOGFODUNHISF#WDONWDON QHW

2SHQZRUN /LPLWHG RIIHUV LQVXUDQFH DQG LQYHVWPHQW DGYLFH RQ SURGXFWV IURP D OLPLWHG QXPEHU RI SURGXFW SURYLGHUV DQG DGYLFH RQ PRUWJDJHV UHSUHVHQWDWLYH RI WKH ZKROH PDUNHW

5LOH\ ,7 6HUYLFHV )RU DOO \RXU ,7 QHHGV

,QWHUQHW HPDLO SUREOHPV 9LUXV PDO ZDUH UHPRYDO +DUGZDUH VRIWZDUH SUREOHPV 3& 6HFXULW\ 1HWZRUNLQJ :L )L

' 7 7XUQHU ,QGHSHQGHQW )XQHUDO 'LUHFWRUV RI )URGVKDP

-HUHP\ 5LOH\ % (QJ +RQV

2YHU \HDUV ,7 LQGXVWU\ H[SHULHQFH

&DOO )UHH RQ RU HQTXLULHV#ULOH\ LW FR XN ZZZ ULOH\ LW FR XN

6\PSDWKHWLF DQG IULHQGO\ DSSURDFK KRXUV VHUYLFH GD\V D \HDU

2XU )DPLO\ +HOSLQJ <RXUV +LJK 6WUHHW )URGVKDP &KHVKLUH :$ $+

7HOHSKRQH


)HEUXDU\ " E\ 3DWULFN ' &RXVLQV

2Q UG )HEUXDU\ WKH &XUVH RI 7XWDQNKDPHQ FODLPHG DQRWKHU YLFWLP DOOHJHGO\ $V WKH ER\ NLQJ·V PDVN ZDV EHLQJ SODFHG RQ D SODQH LQ &DLUR WR EH ÁRZQ WR 3DULV WKH PXVHXP·V 'LUHFWRU RI $QWLTXLWLHV GLHG ² VXUHO\ SURRI RI D FXUVH PDQ\ VDLG ,W UHPLQGV PH RI DQRWKHU WUXH VWRU\ RI D PDQ ZKR SURSRVHG WR KLV JLUOIULHQG VD\LQJ ´,I \RX ZRQ·W PDUU\ PH ,·OO GLH µ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· VWULNH DQG GZLQGOLQJ VWRFNV RI FRDO

WK $ 86 SDWHQW ZDV JUDQWHG WR :LOOHP - .ROII IRU WKH LQYHQWLRQ RI WKH ZRUOG·V ÀUVW DUWLÀFLDO KHDUW WK 3ULPH 0LQLVWHU 7HG +HDWK QDUURZO\ ZRQ D YRWH LQ WKH +RXVH RI &RPPRQV RQ ZKHWKHU RU QRW WR MRLQ WKH ¶&RPPRQ 0DUNHW· DIWHU WKURZLQJ DOO KLV WR\V RXW RI WKH SUDP DQG ¶WKUHDWHQLQJ· WR UHVLJQ :K\ GLGQ·W WKH\ OHW KLP" 7KH 9: %HHWOH EHFDPH WKH PRVW SRSXODU FDU LQ KLVWRU\ RQ SURGXFWLRQ RI WKH WK PRGHO 7KH SUHYLRXV UHFRUG KDG EHHQ KHOG E\ WKH )RUG 0RGHO 7 VW 5LFKDUG 1L[RQ EHFDPH WKH ÀUVW 86 SUHVLGHQW WR YLVLW &RPPXQLVW &KLQD

UG (OYLV DQG 3ULVFLOOD 3UHVOH\ VHSDUDWHG 7KH\ KDG PDUULHG RQ 0D\ DW WKH $ODGGLQ +RWHO LQ /DV 9HJDV WK 7ZHQW\ HLJKW PHQ RQ ERDUG D 5XVVLDQ VXEPDULQH ZHUH NLOOHG ZKHQ ÀUH EURNH RXW ZKLOH LW ZDV VXEPHUJHG 7ZHOYH VXUYLYRUV ZHUH WUDSSHG LQVLGH WKH YHVVHO IRU WKUHH ZHHNV DV LW ZDV WRZHG IURP WKH $UFWLF 2FHDQ WR WKH .ROD 3HQLQVXOD WK 0HPEHUV RI WKH 1DWLRQDO 8QLRQ RI 0LQHZRUNHUV YRWHG WR HQG WKHLU VWULNH LQ UHWXUQ IRU D WZHQW\ SHU FHQW SD\ LQFUHDVH

7KH DYHUDJH FRVW RI D KRXVH ZDV 3HWURO ZDV DERXW S D JDOORQ

" !

7HOHJUDP 6DP 7 5H[ ,·G /LNH WR 7HDFK 7KH :RUOG 7R 6LQJ 7KH 1HZ 6HHNHUV +DYH <RX 6HHQ +HU 7KH &KL /LWHV

3DWULFN ' &RXVLQV LV WKH DXWKRU RI 5DLQERZV 'UHDPV DQG $QJHOV DYDLODEOH IURP $PD]RQ 7KLV LV D GRXEOH QRYHOOD ZLWK ERWK VWRULHV VHW LQ /RQGRQ·V (DVW (QG PRVWO\ GXULQJ WKH )LIWLHV DQG 6L[WLHV


:RRG\·V *DUGHQLQJ 6HUYLFHV )5(( FRQVXOWDWLRQ IRU QHZ EXVLQHVV

&RPSOHWH *DUGHQLQJ 6HUYLFH JUDVV FXWWLQJ ODZQ WUHDWPHQWV KHGJH WULPPLQJ ODQGVFDSLQJ SDWLRV DQG UHJXODU PDLQWHQDQFH ([WHQVLYH H[SHULHQFH LQ DOO DVSHFWV RI JDUGHQLQJ &RPSHWLWLYHO\ SULFHG DQG 2$3 GLVFRXQWV )UHH TXRWDWLRQV

v ([SHULHQFHG 7HDP RI 3OXPEHUV

&HQWUDO +HDWLQJ 6HUYLFHV v )XOO &HQWUDO +HDWLQJ 6\VWHPV v 5HSODFHPHQW 6HUYLFLQJ %RLOHUV v &RQGHQVLQJ %RLOHU &RPEL 6ZRSV

*DV 6HUYLFHV v v v v v v

RU

&DUHJLYHUV /RRNLQJ IRU UHZDUGLQJ SDUW WLPH ZRUN"

/3* *DV ,QVWDOODWLRQV &RRNHUV +REV )LWWHG $SSOLDQFHV 6HUYLFHG *DV )LUHV )LWWHG 6HUYLFHG 6XSSO\ 2QO\ RU 6XSSO\ ,QVWDOO ',< 5HTXLUHPHQWV

&RPSOHWH %DWKURRPV %DWKURRP 6XLWHV VXSSO\ RQO\ 2U VXSSOLHG DQG ILWWHG LQFOXGLQJ (OHFWULFV 3ODVWHULQJ 7LOLQJ :H¶OO WDNH FDUH RI HYHU\WKLQJ )RU DOO \RXU SOXPELQJ UHTXLUHPHQWV FDOO

&URZQ %XLOGLQJV /DWKDP $YHQXH +HOVE\

7HOHSKRQH 2ZHQ RQ

$UH \RX WLUHG RI KDYLQJ WR FRPSURPLVH RQ VHUYLFH TXDOLW\« MXVW WR FUDP LQ PRUH FDOOV IRU \RXU HPSOR\HU" :RXOG \RX OLNH WR ZRUN LQ DQ HQYLURQPHQW ZKHUH WHDP PHPEHUV DUH UHDOO\ YDOXHG DQG LW·V UHFRJQLVHG WKDW GHOLJKWHG FXVWRPHUV DUH WKH NH\ WR MRE VDWLVIDFWLRQ" +RPH ,QVWHDG 6HQLRU &DUH LV WKH ZRUOG V OHDGLQJ SURYLGHU RI QRQ PHGLFDO FDUH DQG FRPSDQLRQVKLS VHUYLFHV IRU ROGHU SHRSOH« DQG ZH·UH SDVVLRQDWH DERXW WKH TXDOLW\ RI WKH VHUYLFH ZH GHOLYHU 7KH H[SDQVLRQ RI RXU )URGVKDP +DOWRQ RIÃ&#x20AC;FH FRXOG EH \RXU RSSRUWXQLW\ WR VWDUW RQH RI WKH PRVW SHUVRQDOO\ UHZDUGLQJ UROHV \RX KDYH HYHU KDG 7KHVH SDUW WLPH SRVLWLRQV RIIHU Â&#x2021; &RPSHWLWLYH UDWHV RI SD\ Â&#x2021; )OH[LEOH KRXUV ZLWK VRPH HYHQLQJ DQG ZHHNHQG ZRUN

Â&#x2021; 3DLG KROLGD\ DQG PLOHDJH DOORZDQFH Â&#x2021; 2SSRUWXQLWLHV WR VWXG\ IRU D 4&) DZDUG ([SHULHQFH LV SUHIHUUHG EXW QRW HVVHQWLDO DV LQGXVWU\ OHDGLQJ WUDLQLQJ ZLOO EH SURYLGHG +RZHYHU \RX ZLOO QHHG WR KDYH \RXU RZQ WUDQVSRUW DQG VKDUH RXU FRPPLWPHQW WR GHOLYHU D TXDOLW\ VHUYLFH ZKLFK LPSURYHV WKH OLYHV RI RXU FOLHQWV 7R Ã&#x20AC;QG RXW ZKDW LW LV DOO DERXW FDOO XV RQ RU DOWHUQDWLYHO\ HPDLO \RXU &9 WR KDOWRQ UHFUXLWPHQW#KRPHLQVWHDG FR XN )RU PRUH LQIRUPDWLRQ YLVLW RXU ZHEVLWH DW ZZZ KRPHLQVWHDG FR XN KDOWRQ


& &) # '

) * &#

# J SX\ OHQWLOV J VKDOORWV SHHOHG DQG KDOYHG WEVS ROLYH RLO WVS EURZQ VXJDU PO YHJHWDEOH VWRFN WEVS UHG ZLQH YLQHJDU WEVS 'LMRQ PXVWDUG 7RXORXVH RU FKXQN\ SRUN VDXVDJHV UDVKHUV SDQFHWWD RU VPRNHG VWUHDN\ EDFRQ VWUHWFKHG ZLWK WKH EDFN RI D NQLIH WVS FOHDU KRQH\ WEVS FKRSSHG IUHVK ÁDW OHDI SDUVOH\

7U\ \RXU ORFDO EXWFKHU RU GHOL RU YLVLW D IDUPHUV· PDUNHW WR ÀQG WKH EHVW TXDOLW\ &RQWLQHQWDO VW\OH VDXVDJHV ,I \RX FDQ·W ÀQG 7RXORXVH VDXVDJHV /LQFROQVKLUH &XPEHUODQG RU SRUN DQG OHHN YDULHWLHV ZLOO ZRUN MXVW DV ZHOO

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

SDUVOH\


(

# ! " $ $ ! "

" $ # " " " $ !

# SDFNHW VKRUWFUXVW SDVWU\ J UDVSEHUU\ MDP J EXWWHU URRP WHPSHUDWXUH J FDVWHU VXJDU ODUJH HJJV GHVVHUWVSRRQV OHPRQ MXLFH WHDVSRRQ OHPRQ ]HVW GHVVHUWVSRRQ DOPRQG H[WUDFW J JURXQG DOPRQGV J ÁDNHG DOPRQGV

%

3UHKHDW WKH RYHQ WR & & IDQ *DV PDUN *UHDVH HLWKHU D URXQG GLVK FP GLDPHWHU RU DQ REORQJ WLQ E\ FP ZLWK VRIW EXWWHU <RX FDQ DOVR SXW VRPH JUHDVHSURRI SDSHU LQ WKH ERWWRP RI WKH GLVK WR KHOS WKH ÀQLVKHG WDUW FRPH RXW LI \RX ZDQW WR VHUYH RQWR D SODWH EHIRUH FXWWLQJ $ 5ROO RXW WKH SDVWU\ XQWLO LW·V IDLUO\ WKLQ DQG WKHQ SXW LQWR WKH GLVK RU WLQ WULPPLQJ RII WKH H[FHVV SDVWU\ &RYHU WKH EDVH RI WKH SDVWU\ FDVH ZLWK JUHDVHSURRI SDSHU DQG WKHQ EOLQG EDNH IRU PLQXWHV E\ FRYHULQJ WKH SDSHU ZLWK FHUDPLF EHDQV RU GULHG SXOVHV 5HPRYH WKH SDSHU DQG EHDQV IURP WKH EDNHG SDVWU\ WKHQ UHWXUQ WR WKH RYHQ IRU D IXUWKHU PLQXWHV XQWLO WKH SDVWU\ LV JROGHQ :KHQ WKH SDVWU\ FDVH KDV FRROHG VSUHDG WKH MDP HYHQO\ RYHU WKH EDVH ! ,Q D PL[LQJ ERZO EHDW WKH EXWWHU DQG VXJDU WRJHWKHU XQWLO ÁXII\ :KLVN WKH HJJV LQ D MXJ WKHQ JUDGXDOO\ DGG WR WKH PL[LQJ ERZO EHDWLQJ DV \RX JR $GG WKH OHPRQ MXLFH OHPRQ ]HVW DQG WKH DOPRQG H[WUDFW WKHQ JHQWO\ IROG LQ WKH JURXQG DOPRQGV 6SRRQ WKH PL[WXUH HYHQO\ LQWR WKH FDVH DQG JHQWO\ VSUHDG WR WKH VLGHV RI WKH GLVK 6SULQNOH WKH ÁDNHG DOPRQGV RYHU WKH WRS DQG EDNH LQ WKH SUHKHDWHG RYHQ IRU PLQXWHV XQWLO WKH ÀOOLQJ LV JROGHQ RQ WRS DQG IHHOV ÀUP LQ WKH PLGGOH * 5HPRYH DQG DOORZ WR FRRO IRU PLQXWHV EHIRUH VHUYLQJ


%$ 6KNKPI $ VSHFLDOLVW LQ 1DWXUDO 6WRQH 3RUFHODLQ DQG &HUDPLF 7LOLQJ DORQJ ZLWK :RRGHQ (QJLQHHUHG DQG /DPLQDWH )ORRULQJ

#NN 0CVWTCN 5VQPG 2QTEGNCKP %GTCOKE 9CNN (NQQT 6KNGU 6TCXGTVKPG /CTDNG 5NCVG .KOGUVQPG 2GTEGNCKP %GTCOKE 4G ITQWV CPF %NGCPKPI 5GTXKEG #XCKNCDNG

%QORNGVG DCVJTQQOU KPUVCNNGF

9QQFGP 'HHGEV (NQQTKPI 4WUVKE 1CM $CODQQ 2CTSWGV 'PIKPGGTGF (NQQTU .COKPCVG

\HDUV H[SHULHQFH DV D WLOHU EDVHG LQ )URGVKDP

$OO ZRUN IXOO\ LQVXUHG 1R MRE WR VPDOO &DOO &KULV IRU D IDVW DQG IULHQGO\ TXRWH

7HOHSKRQH 0RELOH :HE ZZZ FEXUJHVVWLOLQJ FR XN (PDLO LQIR#FEXUJHVVWLOLQJ FR XN

*DUGHQ *URXQGV 0DLQWHQDQFH *UDVV &XWWLQJ +HGJH &XWWLQJ &RPSOHWH 0DLQWHQDQFH 3URJUDPV LQFOXGLQJ /DZQ 7UHDWPHQWV :HHG &RQWURO DQG /LJKW 7UHH :RUN /DQGVFDSLQJ 7XUILQJ )HQFLQJ 'HFNLQJ 3DWLRV %ULFNZRUN *DUGHQ :DOOV 5H SRLQWLQJ HWF 3DWKV *UDYHO ZRUN )XOO 6RIW /DQGVFDSLQJ

3 7851(5 522),1* /2&$/ 522)(5 :,7+ <($56 (;3(5,(1&(

1(: 522)6 $1' 5(3$,56 )/$7 522)6 ,1685$1&( :25. &+,01(< 67$&.6 5(%8,/7 25 5(3$,5(' )$6&,$·6 62)),76 $1' *877(56 5(3/$&(' $// $7 &203(7,7,9( 5$7(6 )25 $ )5(( (67,0$7( &$// 3$8/ 21


$ # " ' *& % &* % " % " !* )

$$$ ( ( " & ) % ! % ) '$ &


7KH FULVS DQG VRPHWLPHV IURVW\ PRUQLQJV QRZ GRQ·W GHWHU QDWXUH ,W ZKLVSHUV ¶VSULQJ LV FRPLQJ KRQHVW LW·V MXVW VWXFN LQ WUDIÀF · 7KHUH·V ZRUN WR EH GRQH DQG SOHQW\ RI LW 7R EHJLQ ZLWK $QQH GHFLGHG PRUH VQRZGURSV ZRXOG EH MXVW WKH WKLQJ VR VKH FDUHIXOO\ OLIWHG WKH FOXPSV DQG GLYLGHG WKHP EHIRUH UHSODQWLQJ 0\ FRQWULEXWLRQ ZDV WR JR DQG SXW WKH NHWWOH RQ 7KLV LV D WLPH RI \HDU IRU WDNLQJ VWRFN LQ WKH JDUGHQ DQG IRU SUHSDULQJ WR UHVWRFN ,QHYLWDEO\ WKHUH DUH FDVXDOWLHV HYHQ SHUHQQLDOV KDYH WKHLU OLPLWDWLRQV DQG RXU SHUSHWXDO FKDUG KDV ÀQDOO\ UHDFKHG WKH HQG :H·OO GHÀQLWHO\ SODQW RXW PRUH WKRXJK DV SHUSHWXDO FKDUG LV WKH JLIW WKDW NHHSV RQ JLYLQJ ,W·V DOVR WLPH WR VWDUW RQLRQV DQG VSULQJ VDODG OHDYHV XQGHU FRYHU 7KH WDLO HQG RI ZLQWHU ÀQJHUV FURVVHG DW WLPH RI ZULWLQJ DOVR PDUNV WKDW SRLQW ZKHUH ÀUHZRRG VWRFNV DUH UXQQLQJ ORZ DQG LW·V WLPH WR EULQJ RXW &KDUOLH WKH &KDLQVDZ :KHQ , ÀUVW DFTXLUHG WKH VDZ LW VSHQW D ORQJ WLPH LQ WKH VKHG ZLWK LWV EODGH SULVWLQH GHVSLWH $QQH FRQVWUXFWLQJ D VDZKRUVH WKDW ORRNHG OLNH VRPHWKLQJ RXW RI 7KH .U\SWRQ )DFWRU ,·P DIUDLG P\ UHSXWDWLRQ ZKHUH SRLQW\ WKLQJV HOHFWULFLW\ KHDW

RU ZDWHU DUH FRQFHUQHG LV ZHOO GHVHUYHG 0\ LQLWLDO ZRUU\ ZLWK WKH FKDLQVDZ ZDV WKDW ,·G EH DOO ÀQJHUV DQG WKXPEV )RUWXQDWHO\ LW·V D VPDOO HOHFWULF PRGHO VR QR ULVN RI DQ\WKLQJ LQYROYLQJ WKH ZRUGV ZKLUULQJ DQG ODGGHU (YHQ VR WKH ÀUVW WLPH , XVHG LW , VRPHKRZ PDQDJHG WR VOLS WKH FKDLQ IURP WKH PHFKDQLVP ,W·V DOO LQ WKH SUHSDUDWLRQ UHDG WKH ERRNOHW ÀUVW DQG WKHQ ZDWFK WKH FOLSV RQ WKH ,QWHUQHW &XWWLQJ XS ÀUHZRRG FDQ EH LPPHQVHO\ VDWLVI\LQJ ZKHQ \RX·YH OXJJHG LW XS IURP WKH ZRRGV RU UHVFXHG LW IURP D OD\ E\ 2ND\ LW PLJKW QRW EH XS WKHUH ZLWK EXLOGLQJ DQ LJORR RU WUHNNLQJ WKURXJK WKH $PD]RQ EXW LW·V VWLOO ZRUNLQJ LQ KDUPRQ\ ZLWK WKH HQYLURQPHQW 7KH ZKROH JDUGHQ JHWV D ELW RI D VSUXFH XS QRZ DOWKRXJK ZH OHDYH WKH DQWL IURVW ÁHHFH DURXQG WKH YXOQHUDEOH SODQWV XQWLO ZDUPHU ZHDWKHU LV DVVXUHG 2XU WRROV UHFHLYH VRPH PXFK QHHGHG DWWHQWLRQ DV ZHOO DQG , JHQHUDOO\ FOHDQ RXW WKH GULHG JUDVV IURP WKH ODZQ PRZHU WKDW , SURPLVHG P\VHOI ,·G GR EHIRUH &KULVWPDV ,QGRRUV WKH 9LHWQDPHVH FRULDQGHU LV WKULYLQJ DV DUH WKH FXWWLQJV ZH WRRN RI LFLQJ VXJDU SHQVWHPRQ DQG KHDWKHU LW ZDV GLVFDUGHG RQ D IRRWSDWK DQG , WKRXJKW ZDVWH QRW ZDQW QRW

2XU VHHGV DUH ODEHOOHG XS DQG UHDG\ WKH XVXDO YHJHWDEOH VXVSHFWV SOXV DJDSDQWKXV ODVW \HDU·V FKLOOLHV D OHPRQ VHHG RU WZR DQG D JLQJHU EXG ,·P HYHU KRSHIXO RI SURGXFLQJ D FRPSOHWHO\ KRPHJURZQ FXUU\ VDXFH RQH GD\

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·W KDYH RQH $V LW DOPRVW VD\V LQ +DPOHW ´1HLWKHU D OHQGHU QRU D EDUURZHU EH µ 'HUHN 7KRPSVRQ LV D ZULWHU DQG KXPRXULVW EDVHG LQ WKH :HVW &RXQWU\ +LV ZULWLQJ EORJ FDQ EH IRXQG DW ZZZ DORQJWKHZULWHOLQHV EORJVSRW FRP DQG KH LV DOVR D UHJXODU DW ZZZ


$1'<·6 *$5'(1 &$5( *$5'(1 &$5( -(7 :$6+,1* Æ&#x201D; Æ&#x201D; Æ&#x201D; Æ&#x201D; Æ&#x201D;

3DYLQJ Æ&#x201D; 3DWLRV *DUGHQ :DOOV Æ&#x201D; 'ULYHZD\V HWF 'HFNLQJ 5(029$/ -XQJOH FOHDUDQFH 75$163257 -2%6 7UHH IHOOLQJ DQG 81'(57$.(1 UHPRYDO Æ&#x201D; )HQFLQJ 7HOHSKRQH Æ&#x201D; $OO UXEELVK UHPRYHG Æ&#x201D; )XOO\ LQVXUHG 0RELOH Æ&#x201D; )UHH TXRWDWLRQV Æ&#x201D; )ULHQGO\ UHOLDEOH VWDII

Â&#x2021; <HDU ([SHULHQFH Â&#x2021; 3HUIHFW &RORXU 0DWFKLQJ Â&#x2021; $OO 0DMRU 0LQRU :RUN 8QGHUWDNHQ

Â&#x2021; 4XDOLW\ 3ODVWLF %XPSHU 5HSDLUV Â&#x2021; &RXUWHV\ &DUV $YDLODEOH Â&#x2021; &ROOHFWLRQ 'HOLYHU\ Â&#x2021; 2YHQ %DNH )LQLVK IRU $OO 9HKLFOH UHSDLUV

0HHWLQJ +RXVH /DQH .LQJVOH\ :$ 73


0+37' '5+)0 % $7 + 5 2 2 0 . , 7 & + ( 1 6 3 ( & , $ / , 6 7 6

)UHH WLOHV )LUVW ZLWK DOO ¿WV 6,; FDOOHUV ERRNHG LQ ZLOO UHFHLYH )HEUXDU\ 2))

%RRN &RPSXWHU 12: WR $QLPDWHG KDYH \RXU 'HVLJQV ZLWK LQVWDOO EHIRUH DOO TXRWHV &KULVWPDV

7¶V &¶V DSSO\

7+( &203/(7( '(6,*1 $1' ,167$//$7,21 6(59,&( )25 <285 '5($0 %$7+5220 $1' .,7&+(1 Â&#x2021; $OO EXLOGLQJ ZRUN XQGHUWDNHQ Â&#x2021; $OO HOHFWULFDO DQG SOXPELQJ ZRUN Â&#x2021; )ORRU DQG ZDOO WLOLQJ )5(( '(6,*1 $1' 3/$11,1* 6(59,&(

&DOO XV WRGD\

ZZZ XQLTXHEDWKURRPVDQGNLWFKHQV FR XN Â&#x2021; XGEDWKURRPVDQGNLWFKHQV#\DKRR FR XN

2ODQGD +RXVH %HOYHGHUH &ORVH )URGVKDP :$ 3-


Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

*DV 6DIH UHJLVWHUHG +HDWLQJ LQVWDOODWLRQ ERLOHU UHSODFHPHQW )XOO EDWKURRP ZHW URRP GHVLJQ LQVWDOODWLRQ WLOLQJ )XOO SOXPELQJ VHUYLFH

'D\ 7HO

(YH 7HO

(PDLO PEXQWLQJSOXPELQJ#VN\ FRP

UH .LWFKHQ %HIR

" # "

.LWFKHQ $IWHU


! )RU PRVW RI XV VD\LQJ ¶WKDQN \RX· LV DQ HYHU\GD\ RFFXUUHQFH DQG IDFH WR IDFH DW OHDVW WKH ZRUGV RIWHQ WULS RXW RI RXU PRXWKV PRUH RXW RI KDELW WKDQ ZLWK JHQXLQH PHDQLQJ ,Q WRGD\·V IDVW SDFHG ZRUOG KRZHYHU IDU PRUH RI RXU FRPPXQLFDWLRQ LV E\ HPDLO WH[W SKRQH RU VRFLDO PHGLD DQG WDNLQJ WKH WLPH WR DFNQRZOHGJH RWKHUV· DFWLRQV LV EHLQJ RYHUORRNHG %XW H[SUHVVLQJ \RXU DSSUHFLDWLRQ KDV D YHU\ LPSRUWDQW SV\FKRORJLFDO UROH WR SOD\ IRU ERWK WKH SHUVRQ JLYLQJ DQG WKH SHUVRQ UHFHLYLQJ *UDWLWXGH LV PRUH WKDQ MXVW JRRG PDQQHUV LW UHDVVXUHV RWKHUV WKDW WKHLU KHOS ZDV DFWXDOO\ YDOXHG DQG LW HQFRXUDJHV IXUWKHU UHFLSURFDO EHKDYLRXU ,QGHHG PLVVLQJ WKLV LPSRUWDQW VWHS FDQ FDXVH UHVHQWPHQW DQG SHRSOH FDQ IHHO VQXEEHG E\ ZKDW PD\ KDYH MXVW EHHQ DQ RYHUVLJKW

JRRG DERXW WKHPVHOYHV DQG WRZDUGV \RX DQG ZLOO EH PRUH WKDQ ZLOOLQJ WR KHOS DJDLQ 7DNLQJ WKH WLPH WR WHOO VRPHRQH \RX DSSUHFLDWH WKHLU HIIRUWV LV DOVR EHQHÃ&#x20AC;FLDO IRU \RX $ ELW OLNH LI \RX GRQDWH WR FKDULW\ \RX DUH GRLQJ LW WR EHQHÃ&#x20AC;W RWKHUV EXW \RX FRPH DZD\ IHHOLQJ SRVLWLYH DERXW \RXUVHOI DQG \RXU HIIRUWV *LYLQJ IHHOV JRRG 7KH PHVVDJH GRHV KDYH WR EH FRPPHQVXUDWH ZLWK WKH DFW WKRXJK $ GLVPLVVLYH ¶WKDQNV· WR D UHDVRQDEOH IDYRXU ZRQ·W FXW LW %XW D JXVKLQJ ¶WKDQN \RX VR PXFK , UHDOO\ GR DSSUHFLDWH \RXU KHOS \RX DUH VR NLQG· WR D PLQRU DFW ZLOO VRXQG IDOVH DQG ORVH LWV YDOXH %XW ZKHUHYHU \RX FDQ LQFOXGH WKH SHUVRQ·V QDPH LQ \RXU PHVVDJH DV WKDW·V IXUWKHU HQGRUVHPHQW RI WKHP DV DQ LQGLYLGXDO

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·V 'D\ )DWKHU·V 'D\ DQG HYHQ 9DOHQWLQH·V 'D\ IRU \RXU ¶VLJQLÃ&#x20AC;FDQW RWKHU· $JDLQ ZLWK EXV\ OLYHV PDQ\ YLHZ KDYLQJ WR DFNQRZOHGJH WKHVH WLPHV DV DQ LQFRQYHQLHQFH %XW SXW \RXUVHOI LQ WKH RWKHU SHUVRQ·V VKRHV HYHU\RQH DURXQG WKHP LV EHLQJ DSSUHFLDWHG RQ WKHVH RFFDVLRQV DQG WKH\ ZDQW WR IHHO WKDW WKH\ DUH YDOXHG E\ WKHLU IULHQGV DQG IDPLO\ WRR 5HPHPEHU WKH JLIW GRHVQ·W QHHG WR EH KXJH EXW WKH JHVWXUH PHDQV VR PXFK

$OVR QRW DOO ¶WKDQN \RXV· DUH HTXDO $VN DQ\RQH XQGHU WKH DJH RI WR SURGXFH D <RX ZRXOG WKLQN WKDW LI \RX·G KDQGZULWWHQ OHWWHU WR EH VHQW DVNHG D IDYRXU RI VRPHRQH LQ WKH SRVW DQG WKHLU UHDFWLRQ DVNLQJ IRU D VHFRQG IDYRXU LV OLNHO\ WR EH ¶ZK\·" $IWHU DOO ZRXOG PDNH WKHP IHHO \RX WKHUH·V WKH SKRQH WH[WLQJ DQG ZHUH DVNLQJ WRR PXFK HPDLO ² PXFK TXLFNHU DQG +RZHYHU LI \RX·YH FOHDUO\ HDVLHU %XW DFWXDOO\ WKDW·V MXVW DQG SHUVRQDOO\ WKDQNHG WKH WKH SRLQW VXFK PHWKRGV DUH JLYHU WKH Ã&#x20AC;UVW WLPH WKH\·OO IHHO VR PXFK HDVLHU WKH\ GRQ·W


0$1 $1' 9$1 )$67 $1' )5,(1'/< /2&$/ 6(59,&( $// 7<3(6 2) &/($5$1&(6 81'(57$.(1

+286( *$5$*( *$5'(1 58%%,6+ 5(029$/ 6&5$3 0(7$/ &2//(&7,21 5(029$/6 6(59,&( 6,1*/( ,7(06 $1< ',67$1&( 81:$17(' ,7(06 &2//(&7('

$/62 32:(5 :$6+,1* 6(59,&( $9$,/$%/( '5,9(:$<6 *$5'(1 )851,785( HWF

5HYLYH \RXU H[WHULRU

7(/ %(1 +,567 )52'6+$0 RU 02%,/(

<RXU /RFDO 3ULYDWH +LUH &RPSDQ\

:,1'2: &/($1,1* ,QWHULRU H[WHULRU ,1&/8',1* )5$0(:25. $OVR« *877(56 &/($1(' )$6&,$6 62)),76 &200(5&,$/ '20(67,& 3523(57,(6

! # " ! &

,(1 # ' # $ $ &

( #

)8//< ,1685(' 5LQJ &KULV RQ RU

% ) # ! & & """& # ! & & % +01+. ,-/ ..1


1RZ LV WKH WLPH WR JLYH \RXU URRI D KHDOWK FKHFN 3UHYHQWLRQ LV IDU EHWWHU WKDQ D FXUH DQG D ORW FKHDSHU

2XU )5(( ,QVSHFWLRQ FRYHUV Æ&#x201D; 7LOLQJ 6ODWLQJ 5LGJH 7LOHV Æ&#x201D; /RRVH RU 0LVVLQJ 7LOHV Æ&#x201D; 0RUWDU 3RLQWLQJ Æ&#x201D; /HDGLQJ )ODVKLQJ Æ&#x201D; *XWWHULQJ Æ&#x201D; &KLPQH\V Æ&#x201D; )ODW RU 3LWFK 5RRIV Æ&#x201D; 1HZ 5RRIV Æ&#x201D; 5HSDLUV Æ&#x201D; )ODW 5RRIV Æ&#x201D; 7LOLQJ Æ&#x201D; 6ODWLQJ Æ&#x201D; &KLPQH\ 5HEXLOGV Æ&#x201D; 5HSRLQWLQJ /HDG ZRUN

7HO RU &DPEULGJH *DUGHQV +HOVE\ )URGVKDP :$ /: &KHFN RXW RXU ZHEVLWH IRU FXVWRPHU WHVWLPRQLDOV

ZZZ DOOPLJKW\URRILQJ FR XN


!

:KDW D JHP RI DQ DQQLYHUVDU\ WKLV LV FXUVHV IURP EH\RQG WKH JUDYH DQFLHQW PDJLF VWUDQJH GHDWKV %RULV .DUORII VWDJJHULQJ DURXQG ZUDSSHG LQ EDQGDJHV LW KDV WKH ORW 7KH WUXH VWRU\ RI WKH GLVFRYHU\ RI WKH WRPE RI .LQJ 7XWDQNKDPXQ 3KDURDK RI (J\SW LQ WKH V %& GRHV DFWXDOO\ KDYH VRPH YDJXHO\ P\VWHULRXV GHDWKV EXW WKHUH·V QR FXUVH QR PDJLF QR %RULV .DUORII DQG VDGO\ QRW HYHQ D S\UDPLG %\ WKH WLPH .LQJ 7XW FDPH DORQJ WKH (J\SWLDQV KDGQ·W EXLOW D S\UDPLG IRU QLJK RQ \HDUV ZKLFK LV ZK\ KLV WRPE ² EXLOW XQGHUJURXQG FRYHUHG ZLWK VLOW E\ ÁRRGV DQG ZLWK D YLOODJH RQ WRS ² ZDV VR KDUG WR ÀQG DQG VR ZHOO SUHVHUYHG

/RUG &DUQDUYRQ ZKRVH KRXVH \RX ZLOO NQRZ DV 'RZQWRQ $EEH\ KH WRRN WKRVH YLUWXHV ZLWK KLP 8QOLNH +HLQULFK 6FKOLHPDQQ ZKR YDQGDOLVHG FHQWXULHV RI KLVWRU\ ZKHQ XQFRYHULQJ ZKDW KH WKRXJKW ZDV 7UR\ LQ WKH V KH HYHQ XVHG G\QDPLWH &DUWHU WRRN KLV WLPH +H IRXQG WKH VWHSV OHDGLQJ WR WKH WRPE RQ 1RYHPEHU DQG IRXU GD\V ODWHU ERUHG D OLWWOH KROH WKURXJK WKH GRRU GLYLGLQJ WKH DQWHFKDPEHU IURP WKH WRPE DQG SHHUHG WKURXJK ´:KDW FDQ \RX VHH"µ HQTXLUHG /RUG &DUQDUYRQ ´:RQGHUIXO WKLQJV µ &DUWHU IDPRXVO\ UHSOLHG %XW KH VWLOO VSHQW QHDUO\ WKUHH PRQWKV SDWLHQWO\ H[FDYDWLQJ WKH DQWHFKDPEHU DQG UHFRUGLQJ LWV FRQWHQWV EHIRUH ÀQDOO\ EUHDNLQJ LQWR WKH WRPE LWVHOI

UDQ WKURXJKRXW WKH WK FHQWXU\ DQG FUHDWHG DQ DWPRVSKHUH RI JULVO\ H[SHFWDWLRQ DURXQG WKH H[FDYDWLRQV 7KH RIÀFLDO RSHQLQJ RI WKH WRPE KDG EHHQ DWWHQGHG E\ 9,3 JXHVWV DQG GLJJHUV ² ZKR ZRXOG EH QH[W WR IHHO WKH GLVWXUEHG 3KDURDK·V ZUDWK" :HOO LW ZDV DQ $PHULFDQ UDLOZD\ PDJQDWH DFWXDOO\ *HRUJH -D\ *RXOG , ZKR GLHG RI SQHXPRQLD ² SRVVLEO\ FRQWUDFWHG LQ (J\SW ² RQ WKH )UHQFK 5LYLHUD LQ 0D\ +H ZDV WKH VHFRQG RI RI WKH WR PHHW XQWLPHO\ GHDWKV WKUHH ZHUH PXUGHUHG RQH E\ KLV ZLIH RQH E\ D EODFNPDLOHU RQH 6LU /HH 6WDFN *RYHUQRU RI WKH 6XGDQ LQ D SROLWLFDO DVVDVVLQDWLRQ RQH GLHG LQ 6HSWHPEHU WKDW \HDU IROORZLQJ PLQRU VXUJHU\ WKH UDGLRJUDSKHU ZKR [ UD\HG WKH PXPPLHV LQ WKH WRPE GLHG LQ -DQXDU\ SUREDEO\ WKH UHVXOW RI EHLQJ D V UDGLRJUDSKHU RQH RI WKH DUFKDHRORJLVWV GLHG RI DUVHQLF SRLVRQLQJ LQ DQG DQRWKHU RI PDODULD LQ &DUWHU·V VHFUHWDU\ 5LFKDUG %HWKHOO ZDV IRXQG GHDG LQ EHG RI XQNQRZQ FDXVHV DOVR LQ %HWKHOO·V GLVWUDXJKW IDWKHU NLOOHG KLPVHOI LQ )HEUXDU\ $QG WKDW·V \RXU ORW &DUWHU KLPVHOI GLHG LQ RI FDQFHU DW WKH DJH RI 6R LI WKHUH ZDV D FXUVH LW ZDVQ·W D YHU\ SRWHQW RQH

$QG WKDW RI FRXUVH ZDV ZKHQ LW DOO NLFNHG RII $V KH HQWHUHG WKH WRPE &DUQDUYRQ ZDV ELWWHQ RQ WKH QHFN E\ D PRVTXLWR $ IHZ GD\V ODWHU KH FXW WKH VZHOOLQJ ZKLOH VKDYLQJ ,W WXUQHG VHSWLF DQG KH GLHG RQ $SULO RI D GLVHDVH FRPPRQ DW WKH WLPH FDOOHG ´OHWWLQJ D ZRXQG JR VHSWLF EHIRUH DQ\RQH KDG LQYHQWHG DQWLELRWLFVµ %XW WKH PXPP\·V FXUVH KDG DOUHDG\ EHFRPH D IDPLOLDU WKHPH LQ %XW ZDV WKHUH D FXUVH" $QFLHQW +RZDUG &DUWHU WKH PDQ ZKR JRWKLF DQG IDQWDV\ OLWHUDWXUH (J\SWLDQ KHDOWK ZDUQLQJV IRXQG LW ZDV DQ DUWLVW E\ WUDGH 7KH ÀUVW PXPP\·V FXUVH QRYHO ZHUH IDLUO\ FRPPRQ LQ SULYDWH ZKRVH VSHFLDOLW\ ZDV FDUHIXOO\ FDPH RXW LQ ÀYH \HDUV WRPEV RI D PXFK HDUOLHU SHULRG DQG PHWKRGLFDOO\ UHFRUGLQJ DIWHU WKH VHFRQG DQG SRSXODU EXW DPRQJ DOO WKH WRPE·V DQG FRS\LQJ WRPE DUW DQG HGLWLRQ RI 0DU\ 6KHOOH\·V KLHURJO\SKV VR IDLWKIXOO\ FRSLHG LQVFULSWLRQV :KHQ KH VZDSSHG )UDQNHQVWHLQ ZDV SXEOLVKHG E\ &DUWHU·V WHDP WKHUH ZDV SDLQWEUXVK IRU VSDGH LQ :ULWWHQ E\ -DQH /RXGRQ 7KH QDU\ D WUDFH RI RQH 2K ZHOO DQG ZHQW WR ZRUN IRU WKH 0XPP\ ZDV WKH IRUHUXQQHU RI IDEXORXVO\ ZHDOWK\ (J\SWRSKLOH D PLQRU OLWHUDU\ VXE JHQUH WKDW %\ 7HG %UXQLQJ


+LGDWR

6L[WHHQ FRORXU HPEURLGHU\ IXOO FRORXU SULQW DQG YLQ\O IRU DOO \RXU EUDQGHG FORWKLQJ

(PEURLGHUHG FORWKLQJ LV WKH SHUIHFW ZD\ RI SURPRWLQJ \RXU EXVLQHVV ,W JLYHV D KLJKO\ SURIHVVLRQDO ORQJ ODVWLQJ ¿QLVK DQG ZLOO UHDOO\ PDNH \RXU ORJR RU GHVLJQ VWDQG RXW IURP WKH FURZG 9LHZ RYHU WKUHH PLOOLRQ VWRFN LWHPV IURP RXU RQOLQH FDWDORJXH 6SHFLDO SHUVRQDOLVHG RQH RII JLIWV WR IXOO ZRUN ZHDU VXSSO\ ([DPSOHV IURP RXU H[WHQVLYH UDQJH LQFOXGH 3HUVRQDOLVHG 3HW EODQNHWV +HQ DQG 6WDJJ &ORWKLQJ &RUSRUDWH (YHQW :HDU )OHHFH -DFNHWV )URGVKDP %XVLQHVV &HQWUH %DE\ %ODQNHWV %ULGJH /Q )URGVKDP 6ZHDWVKLUWV 3KRQH 3ROR 6KLUWV 7 VKLUWV VWHYH#OWPFORWKLQJ FR XN 6KLUWV ZZZ OWPFORWKLQJ FR XN +DWV

Â&#x2039;SX]]OHSUHVV FR XN

3URYLGHU RI WRS TXDOLW\ ZRUNZHDU DQG FRUSRUDWH FORWKLQJ

6WDUWLQJ DW DQG ¿QLVKLQJ DW WUDFN \RXU ZD\ IURP RQH VTXDUH WR DQRWKHU HLWKHU KRUL]RQWDOO\ YHUWLFDOO\ RU GLDJRQDOO\ SODFLQJ FRQVHFXWLYH QXPEHUV LQWR WKH HPSW\ VTXDUHV DV \RX JR 6RPH QXPEHUV DUH DOUHDG\ JLYHQ


67(9(1 %,6+23 7LPH 6HUYHG

3$,17(5 '(&25$725 ,17(51$/ (;7(51$/

1H Z EHHU IRU 'HVLJQ \RXU RZQ ODEHO IRU VRPHRQH VSHFLDO +DYLQJ D SDUW\ ± ZK\ QRW KDYH D FDVN RI UHDO DOH KLUH D EHHU HQJLQH"

DP ± SP

7(/ 02%

*UDKDP ZLOO EH KROGLQJ VXUJHULHV DW SP SP DW +HOVE\ &RPPXQLW\ &HQWUH RQ WK )HE 7KH .QROO 0HGLFDO &HQWUH RQ WK )HE 7R ERRN SOHDVH ULQJ


(VWDEOLVKHG VLQFH

- 6$:<(5 6WDWLRQ $YHQXH +HOVE\ )52'6+$0 &KHVKLUH :$ $*

7HO 522) &219(56,216 522),1* 5(3$,56 67250 '$0$*( 1(: 522)6 6/$7(6 7,/(6 )/$7 522)6 86,1* +,*+ 48$/,7< )(/7 32,17,1* $1' /2:(5,1* &+,01(< 67$&.6 1(: 9$//(<6 $1' /($' :25. 1(: 839& 3/$67,& )$6&,$6 3/$67,& &/$'',1* 1(: *877(5,1* 32:(5 :$6+ &/($1,1* 287 *877(56 32:(5 :$6+ 0266 5(029$/

Z Z Z Z Z Z

S S S -+<<3/< =+>-2/6 296.+66

>2/ 3

0 3 %XLOGLQJ -RLQHU\ $OO $VSHFWV RI %XLOGLQJ -RLQHU\ ([WHQVLRQV 5HQRYDWLRQV &RPSOHWH /RIW *DUDJH &RQYHUVLRQV :LQGRZV 'RRUV 6RIILWV )DVFLDV *XWWHUV %DWKURRPV .LWFKHQV )LWWHG 6ROLG :RRG )ORRULQJ )ORRU :DOO 7LOLQJ 'ULYHZD\V 3DWKV &RQFUHWH %DVHV )RRWLQJV 7LPEHU *DUGHQ %XLOGLQJV :RUNSODFH 2IILFH RU 6WRUDJH 3OXPELQJ 3DLQWLQJ %ULFNZRUN 3ODVWHULQJ 5RRILQJ 7LPH VHUYHG WUDGHVPDQ 2YHU \HDUV RI H[SHULHQFH ,QVXUDQFH FRYHUHG $OO ZRUN *XDUDQWHHG )RU D IUHH HVWLPDWH DGYLFH FDOO 0DUN RQ

%DVHG LQ 1RUOH\


&347 3&:

& = = * 4 ##,77 , ) ( )) & / ,/9(

.LD LV HQWHULQJ WKH HOHFWULF YHKLFOH PDUNHW LQ ZLWK DQ (9 YHUVLRQ RI LWV 6RXO PLQL 689 :H KHDGHG WR 6RXWK .RUHD WR WU\ WKDW FDU·V IRUHUXQQHU WKH 5D\ (9 ZKLFK LV OHDGLQJ WKH FKDUJH IRU WKH EUDQG·V HOHFWULF IXWXUH :H WRRN LW IRU D VSLQ DURXQG WKH KHDYLQJ FLW\ WR VHH ZKDW ZH FRXOG OHDUQ DERXW WKH 6RXO WKDW ZLOO XVH DQ HQKDQFHG YHUVLRQ RI LWV WHFK $ 7 &4 &70 /HW·V FOHDU WKLV XS IURP WKH VWDUW ² WKH 5D\ LV QRW DQG ZLOO QHYHU EH DYDLODEOH LQ WKH 8. %XW WKLV FDU LV SLRQHHULQJ WKH WHFKQRORJ\ WKDW ZLOO DSSHDU LQ WKH 6RXO (9 LQ WKH 8. LQ WKH ZLQWHU RI 7KH 5D\ LV D PLFUR FLW\ FDU IRU WKH .RUHDQ PDUNHW ZKHUH VRPH KDYH EHHQ VROG 7KH (9 YHUVLRQ WKRXJK LV RQO\ DYDLODEOH RQ D SLORW FDU VKDULQJ VFKHPH LQ 6HRXO ZKHUH RI WKH WLQ\ FDUV DUH DYDLODEOH WR PHPEHUV IRU DV OLWWOH DV DQ KRXU .LD KDV EHHQ XVLQJ WKH VFKHPH WR JDLQ GDWD RQ LWV (9 PRGHOV WKDW LW KDV XVHG WR UHÀQH WKH PDVV SURGXFWLRQ 6RXO YHUVLRQ

RI WKLV KDV EHHQ HQKDQFHG IRU WKH 6RXO 7KH 6RXO (9 KDV D UDQJH RI PLOHV FDQ EH IXOO\ FKDUJHG LQ ÀYH KRXUV RU WRSSHG XS LQ MXVW PLQXWHV ZLWK D IDVW FKDUJHU 7RS VSHHG LV PSK DQG LW ZLOO KLW PSK LQ DURXQG VHFRQGV

WKH EDWWHU\ SRZHUHG PRGHO D ERRQ 7KH VLOHQW UXQQLQJ PDNHV IRU D UHOD[LQJ GULYH DQG WKH DGGHG ZHLJKW IURP WKH EDWWHULHV ZDV KDUG WR VSRW 5HJHQHUDWLYH EUDNLQJ ZDV DOVR LPSUHVVLYH LI D OLWWOH DJJUHVVLYH DW VODPPLQJ RQ WKH DQFKRUV DW WLPHV

$ 724 7$ 4- )&( 0 7KDW·V XQFOHDU DW WKLV SRLQW EXW ZKDW ZH GR NQRZ LV WKDW ZKHQ WKH 6RXO (9 DUULYHV LW ZLOO EH WKH PRVW H[SHQVLYH PRGHO LQ WKH UDQJH 7KDW ZLOO PHDQ LW·V OLNHO\ WR KDYH .LD·V WRS VSHF ZLWK D FOHYHU VDW QDY V\VWHP WKDW ZLOO SRLQW RXW UHFKDUJLQJ ORFDWLRQV DQG UDQJH MXVW OLNH RXU 5D\ (9 WHVW FDU GLG .LD GLG WHOO XV WKH 6RXO ZLOO FRPH ZLWK KHDWHG DQG FRROLQJ IURQW DQG UHDU VHDWV DQG D KHDWHG VWHHULQJ ZKHHO 6OLJKWO\ GLIIHUHQW EXPSHUV DQG KHDGODPSV DQG D FKDUJH SRLQW LQ WKH JULOOH ZLOO PDUN RXW WKH (9 PRGHO IURP WKH UHVW RI WKH 6RXO UDQJH

$ : 3 & 7 :H·UH LPSUHVVHG ZLWK .LD·V ÀUVW HQWU\ LQWR WKH (9 PDUNHW 7KHUH·V FXUUHQWO\ QR ZRUG RQ SULFLQJ IRU WKH 6RXO RU ZKHWKHU EX\HUV ZLOO EH RIIHUHG WKH FDU FRPSOHWH ZLWK EDWWHULHV WR EX\ RXWULJKW OLNH 1LVVDQ RU UHQWHG WKH EDWWHULHV DQG VROG WKH FDU OLNH 5HQDXOW :KDW ZDV FOHDU IURP RXU WHVW GULYH WKRXJK LV WKDW .LD KDV (9 WHFKQRORJ\ SUHWW\ PXFK QDLOHG DQG LW·V UHDG\ WR JR )DFW LQ WKH OLNHOLKRRG WKH PDQXIDFWXUHU·V FRPSHWLWLYH SULFLQJ ZLOO EH EURXJKW LQWR WKH HTXDWLRQ WKH 6RXO (9 FRXOG EH WKH VKDNH XS WKH VHJPHQW QHHGV

+= 3&: )40 %0: DUH WKH ODWHVW HQWUDQWV WR WKLV PDUNHW ZLWK WKH L EXW HOHFWULF FDU EX\HUV FDQ DOVR FKRRVH IURP PRUH HVWDEOLVKHG RIIHULQJV IURP 1LVVDQ OLNH WKH /HDI RU 5HQDXOW·V =RH ,I \RX·UH ORRNLQJ IRU VRPHWKLQJ HYHQ PRUH RXWUDJHRXV WKHQ \RX FRXOG FRQVLGHU D 5HQDXOW 7ZL]\

0RGHO .LD 5D\ (9 3ULFH 1 $ FDU VKDUH VFKHPH RQO\

$ 724 9+ 3 7$ ,++ 70 (QJLQH NZ HOHFWULF PRWRU :KDW·V PRUH LPSRUWDQW LV ZKDW·V XQGHU WKH VHDWV +LGGHQ LQ WKH 3RZHU EKS 1P ÁRRU SDQ LV D EDWWHU\ SDFN WKDW·V 0D[ VSHHG PSK FRXSOHG WR DQ HOHFWULF PRWRU PSK V $ 724 &7 )&( 7, 3&: 0 VLWXDWHG LQ WKH PRUH WUDGLWLRQDO 2Q FORJJHG VWUHHWV LQ 6RXWK ORFDWLRQ XQGHU WKH ERQQHW :H 5DQJH PLOHV .RUHD·V FDSLWDO ZH IRXQG WKH ZRQ·W FRQFHQWUDWH WRR PXFK RQ (PLVVLRQV J NP EULVN VPRRWK DFFHOHUDWLRQ RI ZKDW WKH 5D\ IHDWXUHV PXFK DV


,93 $,* &4 +,7 '947 7$ -) 7$ 7 =,9 ( - =,93 ),+#&+#4 + 4) 7 +&#$7/ 7 &4 4,* ;$ 3 =,9 ) 4 + 4 93 + ;$ 3 =,9 #, 7, 7 ( 3 ( 3,* 7$ ,974& ;,3) / , 7, 7$ :& 7&* , 93#) 3= &4 7, 49 3 *,3 7$ + 4&*-)= ),44 , =,93 -3,- 37= + - 34,+ ) 745 &724 :&,) 7&,+ , =,93 4 + 79 3=/ 3 : +7&,+ &4 77 3 7$ + 93 4, -97 7$ 4 * 493 4 &+ -) ,3 =,9 3 9#$7 ,97/

7KLQN OLNH D EXUJODU $&+( )&( 93#) 3 7 + ,974& =,93 -3,- 37= + &* #&+ 7$ 7 =,9 ; 3 73=&+# 7, 3 ( &+/ $ 3 ;,9) =,9 47 370 ),; 3-,7 ,+ 7$ 3,+7 47 -0 *,: 7$ 7 +,7%4,%4 3 7 ( = 7$ 724 9+ 3+ 7$/ ,;+47 &34 ),, ;&7$ 7$ ;&+ ,; 7$ 7 &4 ); =4 ) 7 ,- +0 9= + &3 3 4$ + 3 &+47 9)) $ &#$7 ) 3 47,3 7 7$ 4& , 7$ $,94 0 724 )&( ;3&77 + &+:&7 7&,+/

93&7= 4& 4 7 , 4+27 * 77 3 $,; <- +4&: =,93 ) 3* 4=47 * &4 ,3 $,; 473,+# =,93 ,,3 ), (4 3 & =,9 ,+27 *-),= 7$ *,47 4& 4 93&7= * 493 4 =,9 3 '947 4(&+# ,3 73,9 ) / 4 =,9 ) : 7$ $,94 ,3 3 -3 - 3&+# 7, #, 7, # 7 &+7, 3,97&+ , 7$&+(&+# ,97 $ 3,,* &+ 793+ + ;$ 7$ 3 7$ ;&+ ,;4 ,3 ,,34 3 )&( )= 7, $ : + ,- + 7$ 7 =/ 3,9+ 8?. , 93#) 3& 4 ,+27 &+:,): += ,3 7$ &+739 3 $ 4 4&*-)= ; )( &+ 7$ 9+), ( ,,3 ,3 )&* 7$3,9#$ 7$ ;&+ ,;/ ,9 4$,9) <7 + 7$&4 * +7 ) $ ( 7, =,93 3 + # 3 # 7,,5 4&)= ,: 3),,( 94 7$ = 3 ,97 , 4&#$7 ,+ =,9 3 &+ ,,34/ * * 3 7,, 7$ 7 *,3 3 (%&+4 $ -- + 93&+# =)&#$7 $,934 4, :&#&) + 7$ + &4 : 3= &7 4 &*-,37 +7 4 +&#$7 7&* /

,, ), (4 #,, 4 93&7= $ , =,93 ;&+ ,;4 4$,9) $ : ( = ), (&+# * $ +&4* !77 47 + 3 ;&7$ *,47 ,9 ) #) > 9+&74 7$ 4 =4 + 7$ ( = 4$,9) 47,3 + 3 = 97 +,7 ;&7$&+ 3 $ ,3 :&4& &)&7= , 7$ ;&+ ,; &74 ) / =,9 $ : +,7$&+# )&( 7$&4 7 7$ *,* +7 + +27 ,3 7, 9-#3 =,93 ;&+ ,;4 '947 = 7 * ( &7 -3&,3&7= 7, $ : ), (4 !77 ,+ )) 7$ ,;+47 &34 ;&+ ,;4 7 ) 47/ ,,34 4$,9) $ : #,, ), (&+# 4=47 * 49 $ 4 + 97,* 7& ), ( ,3 *,37&4 ), (/ $ ( 7,, 7$ 7 7$ 3 * &4 4,)& + 7$ #) 44 - + ) &4 ) *&+ 7 /

" 4$= 97 ,+)= ;&7$ =,93 4 93&7=

7$ !347 -) / =,9 $ : + <- +4&: &( ( - &7 ,97 , 4&#$75 ,+27 ) : *, &) -$,+ 4 ,+ 7$ ;&+ ,;4&))5 + ,+27 ) : 7$ *-7= ,< ,3 =,93 " 4$= + ; " 74 3 + 47 + &+# = 7$ &+ ,3 =4/ $ 4 * 39) 4 --)= ;&7$ =,93 3/ ,+27 7$&+( 7$ 7 3, 34 ,+27 3 ( &+ '947 7, 47 ) $ + 9) , ),,4 $ +# / $ = ,/

))%7 ) 4&#+4 $ + =,9 3 ; = 3,* $,* ,+27 ) : 7$ 937 &+4 3 ;+ )) = +, , = , 4 7$ 7 & 7$ = 3 &+ 7$ $,94 / 4 &+ <- +4&: 7&* 3 4;&7 $ 4 ,3 7 ) ) *-4 + 3 &, 7, ,* ,+ ;$ + &724 ,*&+# 3( ,7$ ,;+47 &34 + 9-47 &34/ + 4( 3& + ,3 + &#$ ,93 7, *,: =,93 -,47 $ = - 37& 9) 3)= ;$ 3 =,9 $ : + ,974& ,< ,3 =,9 + 4&)= 4 & 7$ -,47 &4 1,+ 7$ * 72/

$ 4 3 )) 4& * 493 4 + ;&)) ?. , 93#) 3& 4 3 4-93 , 7$ *,* +7 4, 7$ ,+)= 7$&+# #, ),+# ; = 7, +493 7$ 7 =,93 $,* =,9 4$,9) 4$,;&+# , &4 =,93 4 93&7= * 493 4/ ,+27 + -3,- 37= 47 = 4 / &4-) = 7, 773 7 7$ ,--,379+&474 &+ #,, 4 =,93 ;,3) )=


Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

&HQWUDO +HDWLQJ &RPEL %RLOHU 6ZDSV 8QYHQWHG &\OLQGHUV $OO RWKHU *DV ZRUN )XOO %DWKURRP 6XLWHV

)ULHQGO\ 5HOLDEOH 6HUYLFH

ZZZ FLQGHUHOODV FOHDQLQJ VHUYLFHV UXQFRUQ FR XN

&DOO 0DUF 1XWWDOO QRZ IRU D )5(( TXRWH RQ 7HO RU 0RE ZZZ JDVPDUF FR XN

0DQ\ RI \RX DOUHDG\ NQRZ 3DXO +XJKHV RI

2CPFC $NKPFU NVF

9HUWLFDO 5ROOHU 9HQHWLDQ

3OHDWHG :RRGHQ 5RPDQ

&RQVHUYDWRU\ %OLQGV 7KRXVDQGV RI FRORXUV DQG IDEULFV WR FKRRVH IURP

, FRPH WR \RX « , PHDVXUH , ILW

ZKR XQWLO D IHZ \HDUV DJR ZRUNHG IRU D ZHOO NQRZ QDWLRQDO EOLQGV FRPSDQ\ 3DXO VDZ DQ RSHQLQJ WR SURYLGH FXVWRPHUV ZLWK D ZLGH UDQJH RI %ULWLVK PDGH TXDOLW\ EOLQGV DW UHDOLVWLF FRPSHWLWLYH SULFHV ZLWK D SHUVRQDO EHOLHI LQ D µWRS QRWFK¶ FXVWRPHU VHUYLFH

)RU D IUHH QR SUHVVXUH TXRWH FDOO 3DXO RQ

7HO (PDLO SDQGDEOLQGV#QWOZRUOG FRP

6XSSRUW \RXU ORFDO EXVLQHVV .HHS LW ORFDO


3RS WKH NHWWOH RQ DGGHU :RUG P/H EXW QRW WKH SRVLWRLRPQWKRHI

YH IU DW D WL DQG PR QH OHWWHU P &KDQJH R PDNH D QHZ ZRUG H ZRUG DW WKH ERWWR WR WK U

H WR U WW H OH G \ G DQ H OD HG H WRS RI WK JV SURYLG ZRUG DW WK DFW QXPEHU RI UXQ [ H H XVLQJ WK

: 5 ) ( 2 / <RX KDYH WZR PLQXWHV WR ILQG DOO WKH ZRUGV RI WKUHH RU PRUH OHWWHUV WKDW FDQ EH PDGH IURP WKH OHWWHUV DERYH 3OXUDOV DUH DOORZHG SURSHU QRXQV DUH QRW 7KH OHWWHU ZRUG ZLOO DOZD\V EH MXVW D QRUPDO HYHU\GD\ ZRUG

OHWWHUV OHWWHUV OHWWHUV OHWWHUV

6XGRNR (DV\

+DUG

(DFK URZ FROXPQ DQG [ ER[ PXVW FRQWDLQ WKH QXPEHUV WR MXVW RQFH 7KLV FDQ EH GRQH E\ DSSO\LQJ ORJLF \RX GRQ¶W KDYH WR JXHVV


&U\SWLF &URVVZRUG &U\SWLF &URVVZRUG

$FURVV 5HVSHFWHG DQG LPSUHVVLYH PRQWK

6SDUVHVW W\SH RI WUDQVJUHVVLRQ

+RO\ ZRPDQ LV DOVR D UHODWLYH

)XQQ\ VHW , FOHDU XS

7DVN , VDZ IDVKLRQHG LQWR 1D]L HPEOHP

7HQ \HDUV VRXQGV URWWHQ

7KLQJ D PLWH JHWV XSVHW DERXW

/HJLRQ¶V FRFNWDLO GULQN

7HOO D VWRU\ DERXW UDUH DQW

0LGGOH RI WKH GD\ ZKLFKHYHU ZD\ LW¶V YLHZHG

7LPH SHULRGV OLWWOH (GZDUG UXEEHG RXW

'UHJV IRUPHG ZKHQ WLPH HQGV EDGO\

&DUSHQWHU¶V WRRO KDV ZRUVH FRQVWUXFWLRQ

5LYHU FXW WR D SRLQW

(LQVWHLQ ZDVWHG D GHFDGH

'RJ VHW DERXW KHDY\ IRRG

Â&#x2039;SX]]OHSUHVV FR XN

'RZQ 7ZR GRQNH\V DW KRPH IRU D NLOOHU

5DJ 0RVHV VSXQ LQWR FREZHE PDWHULDO

$IWHUQRRQ QDS LQ 5RVLH¶V WDYHUQ

3ODQW D GHHU FRXOG WXUQ WR

0HPHQWR IURP RXU YHLQV

%HDVW FRQFHDOHG LQ 0DQLOD

+LJKZD\ VHWWHU EURNH XS

%LUG WR LQGXOJH LQ KRUVHSOD\

)RXQG RQ D ELUG LW FKDQJHV KHU IDWH

1DNHG PHDVXUH ZLWKRXW VKRHV

)ODW H[SDQVH QHDU WHPSOHV

3RSXODU SRVWXUH IRU H[DPSOH

)RU HDFK ER\ FKLOG D KXPDQ EHLQJ

,QZDUG WXUQLQJ HYROXWLRQLVW

0RVW VHQVLEOH VWHZ LV FRRNHG

/LHV DERXW D OLWWOH SLHFH RI ODQG


:HVW &KHVKLUH ,QWHUVWLWLDO /XQJ 'LVHDVH 6XSSRUW *URXS

)LOP 1LJKW DW«

:H PHHW HYHU\ QG 7XHVGD\ RI HYHU\ PRQWK SP WLOO SP # 3ULQFHZD\ +HDOWK &HQWUH )URGVKDP )RU PRUH LQIRUPDWLRQ FDOO

$ERXW 7LPH %\ 5LFKDUG &XUWLV

%( LQVSLUHG *(7 LQVSLUHG $UW ([KLELWLRQV WK -DQXDU\ ² UG )HEUXDU\ -DSDQHVH &RORXU :RRGEORFN 3ULQWV LQ *DOOHU\ )URP WKH FROOHFWLRQ DW %ODFNEXUQ 0XVHXP $UW *DOOHU\ 7KLV H[KLELWLRQ SUHVHQWV FHOHEUDWHG ZRUNV E\ DOO WKH PDVWHUV +RNXVDL +LURVKLJH (LVHQ .XQLVDGD 8WDPDUR DQG PDQ\ PRUH $UW IURP WKH 6TXDUH LQ *DOOHU\ ´7KLV JURXS RI DUWLVWV IURP 0HUVH\VLGH DUHD RIIHU DQ HFOHFWLF VHOHFWLRQ RI ZRUN IURPSDLQWLQJV GUDZLQJV RZQ SULQWV WH[WLOHV VFXOSWXUHV LQ D UDQJH RI PHWKRGV VW\OHVµ &DVWOH 3DUN $UWV &HQWUH )URGVKDP

0RQ ² 6XQ DP SP ZZZ FDVWOHSDUNDUWV FR XN

$W 0DQOH\ 9LOODJH +DOO WK )HEUXDU\ VWDUWV SP 7LFNHWV IURP )LOP +RW 6XSSHU

6W 3DXO·V &KXUFK +HOVE\ LQYLWH \RX WR D

&KDULW\ %ULQJ DQG %X\ 6DOH 7R EH KHOG LQ 6W 3DXO·V &KXUFK +DOO RQ 6DWXUGD\ WK )HEUXDU\ DW SP 5HIUHVKPHQWV FDNHV WRPEROD UDIÁH 3URFHHGV WR ORFDO KRVSLFHV

7XHVGD\ WK 0DUFK 6KURYH 7XHVGD\ 6RXS 3DQFDNHV QRRQ 6W 3DXO·V &KXUFK +DOO +HOVE\ 7LFNHWV DYDLODEOH IURP FKXUFK PHPEHUV ,Q DLG RI &KXUFK IXQGV


.LQGO\ VSRQVRUHG E\ <285 029( $QGUHZ +D\HV

Â&#x2026; 5DLVHG LQ )URGVKDP 0U *& $EQHWW -RLQW 3RSS\ $SSHDO 2UJDQLVHU RQ EHKDOI RI WKH 5R\DO %ULWLVK /HJLRQ ZRXOG OLNH WR VD\ D ELJ WKDQN \RX WR HYHU\RQH ZKR KHOSHG DQG JDYH WR WKH DSSHDO 2Q WKH WK -DQXDU\ 7KH )URGVKDP DQG +HOVE\ 0DULH &XULH )XQGUDLVLQJ *URXS ZDV ODXQFKHG :H ZLOO EH KROGLQJ IXQ Ã&#x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

1HXURPXVFXODU &HQWUH )XQGUDLVLQJ (YHQWV $WWHQGLQJ RQH RI 10&·V IXQGUDLVLQJ HYHQWV LV MXVW RQH RI WKH PDQ\ ZD\V \RX FDQ VXSSRUW WKH FKDULW\ )RU WLFNHWV RU LQIRUPDWLRQ SOHDVH YLVLW ZZZ QPFHQWUH FRP RU FDOO 6RXO 0RWRZQ *LJ IHDWXULQJ %OR]RQH 6DW WK )HE 7DUSRUOH\ &RPPXQLW\ &HQWUH *RUJHRXV *UXE DW 7KH *URVYHQRU 6DW WK 0DUFK ZLWK &HOHEULW\ &KHI 0DULD (OLD


´<RXU ([SRUW -RXUQH\µ VHPLQDU )HEUXDU\ 7KH $WULXP 'DUHVEXU\ /DERUDWRU\ .HFNZLFN /DQH 'DUHVEXU\ :DUULQJWRQ :$ $'

*UDKDP (YDQV 03 LV SDUWQHULQJ ZLWK 8.7, WR GLVFXVV DFKLHYLQJ VXVWDLQDEOH JURZWK WKURXJK H[SRUWLQJ :KDW ZLOO WKH HYHQW RIIHU" $ WULHG DQG WHVWHG PHWKRG RI ¶+RZ WR ([SRUW· IURP WKH EDVLFV WKURXJK WR JDLQLQJ \RXU ÀUVW RUGHU RU PRYLQJ LQWR QHZ PDUNHWV 'HPRQVWUDWH WKH LPSRUWDQFH RI EHLQJ ZHOO SUHSDUHG IRU PDUNHW E\ XVLQJ UHVHDUFK OLQNLQJ WR SDUWQHU VXSSRUW SURYLGHUV $GYLFH RQ ÀQDQFLQJ H[SRUW WUDGH /HDUQ DERXW WKH SUDFWLFDO VXSSRUW DQG JXLGDQFH DYDLODEOH IURP 8.7, +HDU KRZ D ORFDO FRPSDQ\ H[SRUWV VXFFHVVIXOO\

)RU PRUH LQIRUPDWLRQ FRQWDFW 1LFROD 'DYLHV HYHQWV#XNWLQRUWKZHVW FR XN

6W /XNHV &DWKROLF &KXUFK

:(/&20( )520 67 /8.(·6 &$7+2/,& &+85&+ )52'6+$0 3DULVK 3ULHVW 0JU 3HWHU 2·1HLOO 0DVV WLPHV 6DWXUGD\ 9LJLO SP 6XQGD\ DP DQG DP :HHN GD\V DP 0RQ :HG 7KXUV )UL

0RUQLQJ 3UD\HU LV VDLG EHIRUH HDFK 0DVV DW DP SP 7XHVGD\

2WKHU )HDVWV LQ )HEUXDU\ 6XQ QG 7KH 3UHVHQWDWLRQ RI 7KH /RUG 6DW QG 7KH &KDLU RI 6W 3HWHU $SRVWOH 6HH WKH SDULVK ZHE SDJH IRU IXUWKHU GHWDLOV ZZZ VWOXNHVSDULVK RUJ XN

)URGVKDP 0HWKRGLVW &KXUFK KDV DQQRXQFHG :DUULQJWRQ EDVHG FKDULW\ 7KH 7LP 3DUU\ -RKQDWKDQ %DOO )RXQGDWLRQ IRU 3HDFH DV WKHLU &KXUFK &KDULW\ IRU 7KH )RXQGDWLRQ IRXQGHG E\ WKH SDUHQWV RI WZHOYH \HDU ROG 7LP 3DUU\ DQG VXSSRUWHG E\ WKH SDUHQWV RI WKUHH \HDU ROG -RKQDWKDQ %DOO ZKR ZHUH WUDJLFDOO\ NLOOHG DV D UHVXOW RI WKH ,5$·V ERPELQJ LQ :DUULQJWRQ ZRUNV QDWLRQDOO\ DQG LQWHUQDWLRQDOO\ WR SURPRWH SHDFH DQG QRQ YLROHQW FRQÁLFW UHVROXWLRQ KDV EHHQ FKRVHQ E\ WKH &KXUFK DV D IRFXV IRU WKHLU IXQGUDLVLQJ WKURXJKRXW

&ODWWHUEULGJH &DQFHU 5HVHDUFK .HOVDOO %UDQFK &KDULW\ 1XPEHU :H DUH ORRNLQJ IRU LWHPV IRU RXU %ULF $ %UDF 6DOH DQG -XPEOH 6DOH ZKLFK LV EHLQJ KHOG RQ 6DWXUGD\ WK 0DUFK DW .HOVDOO &RPPXQLW\ &HQWUH FRPPHQFLQJ DW S P $OO DUH ZHOFRPH 7KH .HOVDOO %UDQFK KDV EHHQ UDLVLQJ PRQH\ IRU WKH ODVW \HDUV UDLVLQJ LQ H[FHVV RI :H DUH ORRNLQJ IRU LWHPV VXFK DV 8Q ZDQWHG *LIWV %RWWOHV DQG %R[HV 2I &KRFRODWHV IRU RXU 5DIÁH -HZHOOHU\ &RQVROH *DPHV %RRNV '9'V &'V /3V 7LQQHG 3URGXFH 7R\V 7RROV +DQGEDJV 6KRHV %UDVV &RSSHU HWF :H GR KRSH \RX FDQ KHOS ,I \RX ULQJ XV ZH ZLOO DUUDQJH WR FRPH DQG SLFN \RXU LWHPV XS EHIRUH WKH HYHQW ZH FDQ VWRUH WKHP VR ZH DUH QRW SLFNLQJ XS RQ WKH ODVW PLQXWH 3OHDVH FRQWDFW WR DUUDQJH D PXWXDOO\ FRQYHQLHQW WLPH WKDQN \RX


)URGVKDP 0XVLF DQG $UWV &OXE &RPPXQLW\ &HQWUH )OXLQ /DQH )URGVKDP DW SP )5,'$< )HEUXDU\ $W WKH 'URS RI D +LSSRSRWDPXV 5ROOV 5R\FH RI )ODQGHUV DQG 6ZDQQ VKRZV :LWK VXSSRUW IURP )ODQGHUV DQG 6ZDQQ HVWDWHV 7LP )LW]+LJKDP DQG 'XQFDQ :DOVK $WNLQV JLYH WKH EHVW HYHU UH FUHDWLRQ RI $W WKH 'URS RI D +DW 6HDWHG E\ SP )5,'$< 0DUFK 0DMRU 2UFKHVWUDO 'pEXW /LYHUSRRO 0R]DUW 2UFKHVWUD FRPHV WR )URGVKDP $ FODVVLFDO FRQFHUW IURP WKLV SUHVWLJLRXV HQVHPEOH IHDWXULQJ $QGUHZ 5REHUWV FODULQHW DQG -RQDWKDQ 6PDOO FRQGXFWRU PXVLF LQFOXGHV %HHWKRYHQ DQG 0R]DUW 0(0%(56+,3 ,6 -867 3(5 <($5 ZLWK QRWKLQJ PRUH WR SD\ )25 *5($7 1,*+76 287 7+( %(67 %$5*$,1 (9(5 25 3$< $6 $ *8(67 21 7+( '225

3X]]OH 6ROXWLRQV 6D\ ,W :LWK )ORZHUV 4XL]

:RUG /DGGHU

,QWHUÁRUD

^ƵĚŽŬƵ

7KH 6FDUOHW 3LPSHUQHO

+HUH LV RQH SRVVLEOH VROXWLRQ RWKHUV PD\ H[LVW

(DV\

7KH VWDPHQ

*2$7 ERDW EHDW SHDW SHDV SHJV 3,*6

0DGRQQD $ VNXQN 6DIIURQ 7UXPSWRQ $ VXQÁRZHU

+DUG

)ORUD

, 1 ) $ 7 8 $ 7 , 2 1 7 9

* 7 $ 5 5 2 : ' ( 6 ' / (

, : 5 ' 5 2 0 $ 1 & ( 2 )

5 ' ( ( 5 , 1 * * 6 9 / %

/ & ( 0 $ 2 $ , $ ' 2 5 (

) 8 + $ 2 6 ) 1 * : 7 : *

5 3 ( ( 5 7 8 ( ( , , & 8

/HWWHUV ÀHZ ÀRH ÀRZ IRUH IRZO ORUH UROH ZROI RUOH

/HWWHUV ORZHU URZHO /HWWHUV ÀRZHU

7KH SHQQ\ GURSV %DJV XQGHU WKH H\HV -XVW WKH WLFNHW

tŽƌĚ ^ĞĂƌĐŚ % 2 : & , 1 0 + ( $ 5 7 6

/HWWHUV HOI IHZ IRH IRU IUR ORZ RUH RZH RZO URH URZ ZRH

3LFWRJUDPV

7KH IRUJHW PH QRW

' ( 6 , 5 ( 7 . , 6 6 ( 6

0LQXWH 7ULDO

, , 1 9 5 ( , 5 0 1 2 + ,

( ' / ( 6 , 6 2 ( 7 1 $ /

1 ( / 2 3 ( 6 7 1 , 1 5 (

' + 2 ' 2 7 ( + 7 6 2 0 '

ƌŽƐƐǁŽƌĚ

$FURVV $XJXVW 7UHVSDVV 6LVWHU 3HFXOLDU 6ZDVWLND 'HFDGH ,WHP 6ORH JLQ 1DUUDWH 1RRQ (UDVHG 6HGLPHQW 6DZKRUVH 6HYHUQ 1LQHWLHV 6WRGJH 'RZQ $VVDVVLQ *RVVDPHU 6LHVWD 5HHG 6RXYHQLU $QLPDO 6WUHHW +LGGHQ SKUDVH :KHQ ORYH LV QRW 6N\ODUN )HDWKHU %DUHIRRW PDGQHVV LW LV QRW ORYH )RUHKHDG ,QVWDQFH 3HUVRQ 3HGUR &DOGHURQ GH OD %DUFD :LVHVW ,VOH 'DUZLQ

+LGDWR


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·V 3ODVWHULQJ %XWFKHU )DUP 6KRS )RUUHVWHUV &DU 5HSDLUV 027 7\UHV )URGVKDP 7\UHV -3: %RG\ 5HSDLUV 2·1HLO 'HQW 5HSDLU &HOHEUDWLRQ &DNHV &URZWKHUV &DNH 6WXGLR &OHDQLQJ (YHU &OHDQ &LQGHUHOODV &-' :LQGRZ &OHDQHU 0U 6ZHHS &KLPQH\ 6ZHHS &ORWKLQJ 6W\OLQJ /RYH )URFNV /70 &ORWKLQJ 6\OYLD :RRGJHU 3HUVRQDO 6W\OLQJ &RPSXWLQJ +HOVE\ 3F·V 5LOH\ ,7 &RXQFLO +HOVE\ 1HLJKERXUKRRG 3ODQ 'HQWLVW 0DLQ 6WUHHW 'HQWDO 'UHVV 0DNLQJ 6HZLQJ /HVVRQV (OL]DEHWK $UQROG

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·V *DUGHQ &DUH )URGVKDP *DUGHQV +D]HOZRRG /DQGVFDSHV +LOOVLGH *DUGHQ DQG 7UHH 0DGGRFNV /DQGVFDSLQJ :RRG\·V *DUGHQLQJ 6HUYLFHV :2: 'HVLJQ +DLUGUHVVLQJ %DUEHU % 8QLTXH +DLU E\ 'HVLJQ +HDGOLQHV +HDOWK &DUH 'U (PPD 5DH 5KHDG +\SQRWKHUDS\ )HHW )LUVW IRRW KHDOWK FDUH +RPH,QVWHDG 6HQLRU &DUH /LJKWHU )HHW -HZHOOHUV '5% -HZHOOHUV /HV +DUULV 7L $PR 03 *UDKDP (YDQV

2GG -REV 3URSHUW\ UHSDLUV &KHVKLUH +DQG\PDQ -DPHV *ULEELQ 2GG -REV -RKQ 3DLQWHU 'HFRUDWRU 3HUIHFWLRQLVW 3DLQWLQJ 'HFRUDWLQJ 6WHYHQ %LVKRS 3HWV *LEVRQV . %5$76 3OXPELQJ +HDWLQJ $UN 6HUYLFHV *DVPDUF ,QGLJR 3OXPELQJ +HDWLQJ .'( /WG 0 %XQWLQJ 3OXPELQJ +HDWLQJ 3OXPE 'LUHFW 7ULQHUJ\ :RRGKRXVH +HDWLQJ 3OXPELQJ 5HPRYDO 6HUYLFH 0DQ DQG 9DQ %HQ +LUVW 5HVWDXUDQWV 3XE )XQFWLRQ 9HQXH %HVW :HVWHUQ )RUHVW +LOOV )URGVKDP *ROI &OXE +HOVE\ *ROI &OXE 7KH 2DNODQGV 7KH 6KUHZVEXU\ $UPV 7KH :KLWH /LRQ 5RRÃ&#x20AC;QJ $OO 0LJKW\ 5RRÃ&#x20AC;QJ $OWLWXGH 5RRÃ&#x20AC;QJ 3 7XUQHU 5RRÃ&#x20AC;QJ 6NLS 6FUDS 0HWDO 1: 6NLSV 6ROLFLWRUV 5RZOLQVRQ·V 6ROLFLWRUV 6SRUW /HLVXUH %ULGJH &OLQLF ZHLJKW ORVV 7DNH 7D[LV .LQJVOH\ 7UDYHO 7XUQHUV 7UDYHO 7LOLQJ &% 7LOLQJ 9HWV $VKFURIW 9HWHULQDU\ &HQWUH 9LGHR 3URGXFWLRQ 7UDQVIHU 6SHHFKOHVV 9LGHRV <RXU 0HPRULHV 9LGHR 7UDQVIHU :LQGRZV &RQVHUYDWRULHV &DQRSLHV )DLUYLHZ :LQGRZV .HOVDOO :LQGRZV :URXJKW ,URQ :RUN 'XQKDP +LOO 6PLWK\

3OHDVH QRWH 'HDGOLQH IRU DGYHUWLVLQJ LQ WKH 0DUFK HGLWLRQ LV WK )HEUXDU\


9LHZ

+HOVE\ WR +DQG RQOLQH ZZZ KHOVE\WRKDQG FR XN


/RFDO 5HOLDEOH $IIRUGDEOH 'RPHVWLF &RPPHUFLDO

6RPH UHFHQW IHHGEDFN IURP DQRWKHU KDSS\ FXVWRPHUÅ&#x2DC;

Å&#x2019;&DPH RQ WLPH ZKHQ WKH\ VDLG WKH\ ZRXOG MRE FRPSOHWHG ZLWK QR IXVV DQG WLGLHG XS DIWHUZDUGV 9HU\ JRRG DQG KLJKO\ UHFRPPHQGHGÅ&#x201C; $QGUHZ 7LFNOH

:H DUH KDSS\ WR DFFHSW DOO FUHGLW DQG GHELW FDUGV

7U\ 8V /LNH 8V 7UXVW 8V

+5

(0(5*(1&<

&$//287

:K\ QRW FDOO XV WRGD\ RQ 9LVLW XV RQOLQH DW ZZZ WULQHUJ\ FR XN


Turn static files into dynamic content formats.

Create a flipbook
February 2014 by David Draper - Issuu