Issuu

( '! !!

!!' ( &+

( !

:LGH 6HOHFWLRQ RI 5XJV 7UDGLWLRQDO 0RGHUQ 6KDJJLHV

(;&(//(17 9$/8( )5(( 0($685,1*

5RGJHUV &DUSHWV ,QWHULRUV )RU $OO <RXU )ORRULQJ 1HHGV

1(: 3/$17$7,21 6+877(56 DV ZHOO DV %OLQGV DQG &XUWDLQV

$// PDNHV RI ÁRRULQJ LQ VWRFN LQFOXGLQJ TXDOLW\ UROO HQGV ZLWK XS WR RII 553

0DLQ 6WUHHW )URGVKDP &KHVKLUH ( LQIR#URGJHUVFDUSHWV FR XN

7HO

ZZZ URGJHUVFDUSHWV FR XN

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

X Aϗ X

SXVK , QHHGHG WR ORVH ZHLJKW

&RQVXOWDQW ZDV WKH NH\ WR P\ VXFFHVV DQG , FRQVLGHU KHU WR EH D VSHFLDO IULHQG QRZ 7KH SURGXFWV DUH JUHDW DQG ZLWK WKH YDULHW\ LWoV KDUG WR JHW ERUHG p/RVLQJ ZHLJKW KDV FKDQJHG WKH SHUVRQ , DP ,oP PRUH FRQÚGHQW QRZ DQG LWoV ORYHO\ EHLQJ DEOH WR HQMR\ KDYLQJ P\ SKRWR WDNHQ ZLWK P\ OLWWOH JLUO DQG JHWWLQJ FRPSOLPHQWV IURP P\ KXVEDQG , DP D IXOO WLPH ZRUNLQJ PRWKHU VR WLPH LV SUHFLRXV p%HLQJ RQ &DPEULGJH :HLJKW 3ODQ KDV KHOSHG PH WR ORRN DW WKH ZD\ , VHH IRRG DQG KRZ FKRLFHV , PDGH FRQWULEXWHG WR PH EHLQJ RYHUZHLJKW ,WoV WDXJKW PH WKDW VPDOO FKDQJHV OLNH

a¼ ¼ ÁO|U

* +, Ï++ ¡

¼8O¼ a m ± ±a m ± 8¼ , * Ï* ,*Ï ,+V * 3 5V , , +

V +- ,Ï~

a 8 a± a´¼±|8´´a Dt 8 ¡O , 4, ± Ï Î··½Î½r ¸Î (±aÇ Á´U VL]H

Ï 3 , +,Ï*, 5 -* 3 , ++ -* 5

Á±±a ¼U VL]H s

$OO PDMRU FUHGLW FDUGV DFFHSWHG

'HDU )ULHQGV +HOOR DQG D ELJ ZHOFRPH WR WKH 1RYHPEHU HGLWLRQ ,WÂ¶V EHJLQQLQJ WR ORRN D ORW OLNH &KULVWPDV WKLV PRQWK 0DQ\ RI RXU ORFDO EXVLQHVVHV DUH JHDULQJ XS WR WKH IHVWLYH VHDVRQ VR LI LWÂ·V DUUDQJLQJ EHDXW\ WUHDWPHQWV KDLU VW\OLQJ JLIW LGHDV ZHLJKW ORVV UHVWDXUDQW ERRNLQJV RU D SDUW\ QLJKW ZLWK IULHQGV LWÂ·V DERXW WLPH ZH DOO VWDUWHG WR SODQ ,Â·YH DOVR LQFOXGHG GHWDLOV RI WKH ODVW SRVWLQJ GDWHV RQ SDJH WR HQVXUH \RXU FDUGV RU JLIWV DUULYH RQ WLPH )URGVKDP &KULVWPDV )HVWLYDO DOZD\V PDUNV WKH VWDUW RI WKH &KULVWPDV DFWLYLWLHV IRU PH DQG WKLV \HDU LWÂ·V RQ 6DWXUGD\ WK 1RYHPEHU WHDU RXW WKH DGYHUW RQ SDJH DQG DQG WDNH LW DORQJ ZLWK \RX DV D KDQG\ UHIHUHQFH IRU ZKDWÂ·V RQ DQG WKH SDUDGH URXWH %HVW :HVWHUQ )RUHVW +LOOV DUH RQFH DJDLQ KRVWLQJ D &KULVWPDV %DQG] %RQDQ]D RQ WK 'HFHPEHU ZLWK ORFDO EDQGV SHUIRUPLQJ /DVW \HDUV HYHQW ZDV D UHDOO\ JUHDW QLJKW VR WKDWÂ·V D GDWH GRZQ RQ RXU FDOHQGDU

7KLV PRQWK LQ SLFWXUHV S

)URGVKDP *ROI &OXE DOVR KDYH VRPH JUHDW SDUW\ QLJKWV SODQQHG ,I \RX DUH D IDQ RI 7RP -RQHV 5RG 6WHZDUW Â·V KLWV RU $EED WKHQ \RX QHHG WR KDYH D ORRN DW WKHLU DGYHUW RQ SDJH 2I FRXUVH EHIRUH DOO RI WKRVH ZH KDYH %RQÃ€UH QLJKW FHOHEUDWLRQV , NQRZ PDQ\ RI \RX ORRN IRUZDUG WR -DFNLH %UHZVWHUÂ·V VKRUW VWRU\ DQG WKLV PRQWKÂ·V Â¶7KH *XQ 3RZGHU 3ORWÂ· KDG PH JLJJOLQJ VR HQMR\ WKDW RQ SDJH %HVW :LVKHV 6DUDK [ 3OHDVH OLNH +HOVE\ WR +DQG RQ IDFHERRN IROORZ #KHOVE\WRKDQG RQ WZLWWHU

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

,6 7+ 129(0%(5 72 $'9(57,6( 3/($6( 5,1* 6$5$+ 21 RU HPDLO KHOVE\WRKDQG#EWLQWHUQHW FRP ,I \RX GRQÂ¶W KDYH D FRS\ Â¶WR KDQGÂ¶ FKHFN RXW WKH ZHEVLWH ZZZ KHOVE\WRKDQG FR XN

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

dŚĞ WĞƌĨĞĐƚ 'ŝŌ ĨŽƌ ŚƌŝƐƚŵĂƐ

/ŶĚŝǀŝĚƵĂů ϭ ǆ ϯϬ ŵŝŶƵƚĞ ŐŽůĨ ůĞƐƐŽŶ άϮϬ͘ϬϬ WĂƌ WĂĐŬĂŐĞ ϯ ǆ ϯϬ ŵŝŶƵƚĞ ŐŽůĨ ůĞƐƐŽŶƐ άϱϬ͘ϬϬ ŝƌĚŝĞ WĂĐŬĂŐĞ ϲ ǆ ϯϬ ŵŝŶƵƚĞ ŐŽůĨ ůĞƐƐŽŶƐ άϵϱ͘ϬϬ

'ƌĂŚĂŵ dŽŶŐĞ Ͳ 'ŽůĨ WƌŽĨĞƐƐŝŽŶĂů &ƌŽĚƐŚĂŵ 'ŽůĨ ůƵď

ǁǁǁ͘ŐƌĂŚĂŵƚŽŶŐĞ͘ĐŽ͘ƵŬ

ϬϭϵϮϴ ϳϯϵ ϰϰϮ

&+5,670$6 25'(56 12: %(,1* 7$.(1 )25 <285

%URQ]H )UHH 5DQJH 7XUNH\V &KHVKLUH 7XUNH\ 7XUNH\ 6DGGOHV &DSRQV DQG *HHVH *DPH 5RDVW +DPV *DPPRQV &KHVKLUH 3RUN

$ODQ 3LFNXS 4XDOLW\ %XWFKHUV &KXUFK 6WUHHW )URGVKDP 7HO )D[

7+( +256(6+2( ,11 $7

.,1*6/(< &KULVWPDV 3DUW\ 0HQX Â… IRU &RXUVHV &KULVWPDV 'D\ 0HQX Â… SHU SHUVRQ

7KHUH LV OLYH HQWHUWDLQPHQW HYHU\ 6DWXUGD\ QLJKW WKURXJKRXW 'HFHPEHU VR ZK\ QRW ERRN \RXU &KULVWPDV 3DUW\ KHUH"

&KHFN RXW RXU ZHEVLWH ZZZ KRUVHVKRHLQQNLQJVOH\ FR XN IRU GHWDLOV DQG WR YLHZ RXU PHQXV :H ODXQFKHG RXU 1HZ 0HQX LQ 2FWREHU DQG KDYH D ODUJH VHOHFWLRQ RI VSHFLDOV DYDLODEOH

6SHFLDOV 2IIHU *ROGHQ <HDUV 0HQX $YDLODEOH SP /LJKWHU YHUVLRQV RI RXU PDLQ FRXUVHV DYDLODEOH IRU RQO\ Â…

7HD DQG &RIIHH RQO\ DQ H[WUD Â… ZKHQ \RX RUGHU RII WKH *ROGHQ <HDUV 0HQX

7KH +RUVHVKRH ,QQ +ROORZ /DQH .LQJVOH\ 7HO

)XOO %UHDNIDVW 0HQX DYDLODEOH DP )XOO (QJOLVK Â…

6XQGD\ 5RDVW DQG DOO WKH WULPPLQJV Â…

7+( +256(6+2( ,11

RII 0DLQ 0HQX

RXU 6SHFLDOV %RDUG

:LWK WKLV 9RXFKHU 9DOLG WKURXJKRXW 1RYHPEHU

1RW LQ FRQMXQFWLRQ ZLWK DQ\ 1RW LQ FRQMXQFWLRQ ZLWK DQ\ 1RW LQ FRQMXQFWLRQ ZLWK DQ\ RWKHU RWKHU RIIHU RWKHU RIIHU RIIHU

JVL YDOHWLQJ PRELOH YDOHWLQJ DQG GHWDLOLQJ )RU D IXOO UDQJH RI PRELOH YDOHWLQJ DQG GHWDLOLQJ VHUYLFHV LQFOXGLQJ PDFKLQH SROLVKLQJ DQG SDLQW VHDODQWV , DOVR RIIHU D IXOO OHDWKHU WUHDWPHQW DQG UHSDLU VHUYLFH LQFOXGLQJ VFXIIV VFUDSHV FRORXU ORVV HWF ,I \RX OLNH WKH EHVW IRU \RXU YHKLFOH DQG ZRXOG OLNH WR VHH LW GRQH WR WKH KLJKHVW VWDQGDUGV WKHQ ULQJ PH IRU DQ DSSRLQWPHQW $OO WKH SURGXFWV , XVH DUH QRQ WR[LF DQG DFLG IUHH WKLV PHDQV WKH EHVW DQG VDIHVW DOWHUQDWLYH IRU \RXU SDLQW DQG DOOR\ ZKHHOV

*RUJHRXV 'HVLJQV WKLV &KULVWPDV

)RU WKH EHVW LQ FDU FDUH

ZZZ JVLYDOHWLQJ FRP

:HVWRQ $HULDOV 6HFXULW\ 6\VWHPV Æ” 79 $HULDO ,QVWDOODWLRQV Æ” 6DWHOOLWH 6\VWHPV Æ” 0XOWL 3RLQW 'LVWULEXWLRQ 6\VWHPV Æ” &&79 6\VWHPV Æ” $ODUP 6\VWHPV Æ” 7HOHSKRQH ([WHQVLRQV Æ” &DUDYDQ 0RWRUKRPH 6\VWHPV

ZZZ NUVHUYLFHVXN FRP

7HO 0RE (PDLO NUVHUYLFHVXN#KRWPDLO FR XN

%HDXWLIXO *ROG 6LOYHU -HZHOOHU\

&KXUFK 6W )URGVKDP

&DVWOH 3DUN $UW &HQWUH &RIIHH 6KRS )RXQWDLQ /DQH )URGVKDP :$ 6(

5HFHQWO\ UHIXUELVKHG SRS LQ DQG KDYH D ORRN 2SHQ (YHU\ 'D\ DP SP IRU %UHDNIDVW 6QDFNV /XQFKHV DQG 'HOLFLRXV &DNHV 7DNH RXWV DOVR DYDLODEOH SHUIHFW IRU HQMR\LQJ LQ WKH SDUN

2876,'( &$7(5,1* ,I \RX DUH WKLQNLQJ RI KDYLQJ D SDUW\ RU FHOHEUDWLRQ ZK\ QRW WDNH WKH VWUDLQ DQG ZRUU\ RXW RI VRPH RI WKH DUUDQJHPHQWV" :H ZLOO GHVLJQ D PHQX RI \RXU FKRLFH DQG GHOLYHU WR \RXU YHQXH ,W FRXOGQ·W EH HDVLHU SOHDVH MXVW DVN .LP IRU VRPH DGYLFH %XIIHW·V DQG KRW IRRG FDWHUHG IRU

)RU IXUWKHU LQIRUPDWLRQ SOHDVH FDOO .LP

+LJK 6WUHHW )URGVKDP +LJK 6W

)URGVKDP 7HO 7HO

2SHQ 0RQ SP 7XHV SP :HG &ORVHG 7KXUV SP )UL SP 6DW SP

v v v v v v v v v v

;PDV DSSRLQWPHQWV DYDLODEOH %RRNLQJV QRZ EHLQJ WDNHQ

6SUD\ 7DQ E\ DSSRLQWPHQW

%DFN 1HFN DQG 6KRXOGHU $FKHV DQG 3DLQV" 6FLDWLFD 6SRUWV ,QMXULHV +HDGDFKHV SRRU VOHHSÊ %RZHQ )DVFLDO 5HOHDVH 7HFKQLTXH FDQ KHOS ZLWK WKHVH FRPSODLQWV DQG PDQ\ PRUH 3OXVÃ1XUWXULQJ 3UHJQDQF\ 0DVVDJH QRZ DYDLODEOH LQFRUSRUDWLQJ IXOO ERG\ IDFH DQG VFDOS PDVVDJH %HDQ EDJV DQG SLOORZV FRPSOHWHO\ VXSSRUW PXP DQG EXPS IRU WRWDO UHOD[DWLRQ DW WKLV VSHFLDO WLPH

1HZ 3URGXFW 7KH ,%; 1DLO 7UHDWPHQW 6\VWHP 5HFWLILHV 6SOLW 3HHOLQJ 'U\ 'DPDJHG 1DLOV

+ROLVWLF DQG %HDXW\ 7KHUDSLHV 5XWK *UHHQOHDYHV UXWKJUHHQOHDYHV#JPDLO FRP

JUHHQ IROLDJH DQG GHHS UHG EORRPV ² RU GR \RX SUHIHU D VRSKLVWLFDWHG EOHQG RI VLOYHU DQG ZKLWH" :KDW DERXW DQ HDUWK\ SDOHWWH FRPELQLQJ GULHG RUDQJHV DQG FLQQDPRQ VWLFNV ZLWK RUDQJH\ EURZQ FKU\VDQWKHPXPV" 7KHPH &RXQWU\ FRWWDJH FKDUP" 4XLUN\ UHWUR" 7UDGLWLRQDO VSOHQGRXU RU XUEDQ FRRO" 7KHUH DUH ÁRZHUV WR VXLW HYHU\ PRRG DQG \RX FDQ DGG D UDQJH RI H[WUDV IURP VLOYHU EDXEOHV WR VSUD\ SDLQWHG JDUGHQ WZLJV WR VXSSRUW \RXU FKRVHQ WKHPH 7KH IHVWLYH VHDVRQ SURYLGHV WKH SHUIHFW GLVWUDFWLRQ IURP WKH PLGZLQWHU EOXHV E\ SURPSWLQJ XV WR GHFRUDWH RXU KRPHV LQVLGH DQG RXW EXW DQ RYHUORDG RI IHVWLYH ¶EOLQJ· VRPHWLPHV PDNHV XV IRUJHW DERXW WKH VLPSOHU SOHDVXUHV RI &KULVWPDV SDUWLFXODUO\ ZKHQ LW FRPHV WR EX\LQJ IUHVK ÁRZHUV

+DYLQJ GHFLGHG RQ WKH FRORXU WKHPH DQG ORFDWLRQ LW·V WLPH WR WKLQN DERXW WKH W\SH RI YDVH RU FRQWDLQHU \RX ZLOO XVH 7U\ WR FKRRVH RQH WKDW LV FRPSDWLEOH ZLWK \RXU FKRVHQ WKHPH ,I \RX KDYHQ·W JRW D YDVH RI D VXLWDEOH FRORXU \RX FRXOG WLH D ULEERQ DURXQG LW LQ D FRORXU WKDW PDWFKHV WKH ÁRUDO GLVSOD\

)ORZHUV DUH D WUHDW IRU WKH VHQVHV DQG LW·V ZRUWK WDNLQJ WLPH WR ZRUN RXW H[DFWO\ KRZ \RX FDQ XVH WKHP WR EHVW HIIHFW %HIRUH \RX UXVK GRZQ WR WKH ÁRULVW WDNH D PLQXWH WR WKLQN DERXW ORFDWLRQ FRORXU DQG WKHPH

0DNH VXUH WKDW \RX FOHDQ \RXU YDVH WKRURXJKO\ EHIRUH DGGLQJ WKH ÁRZHUV XVLQJ EOHDFK RU 0LOWRQ WDEOHWV DQG D ERWWOH EUXVK ,W·V YLWDO WR XVH ÁRZHU IRRG LI \RX ZDQW \RXU ERXTXHW WR ODVW \RX FDQ PDNH D VROXWLRQ \RXUVHOI XVLQJ D TXDUWHU RI D WHDVSRRQ RI EOHDFK WZR WDEOHVSRRQV RI OHPRQ MXLFH DQG RQH WDEOHVSRRQ RI VXJDU LQ D TXDUW PO RI ZDUP ZDWHU

FURZGHG WDEOH PLJKW ORRN EHWWHU ZLWK MXVW RQH RU WZR VWHPV SODFHG LQ QDUURZ ERWWOHV DUUDQJHG DORQJ WKH PLGGOH 2QH RI WKH PRVW GLVWLQFWLYH DVSHFWV RI D WUDGLWLRQDO VHDVRQDO DUUDQJHPHQW LV WKH XVH RI GHHS JUHHQ IROLDJH EXW UHPHPEHU WKDW HYHUJUHHQ EUDQFKHV KDYH ZRRG\ VWHPV WKDW FDQ VRPHWLPHV EH UHOXFWDQW WR DEVRUE ZDWHU <RX FDQ JLYH WRXJK VWHPV D KHDG VWDUW E\ SOXQJLQJ WKHP LQWR D PXJ FRQWDLQLQJ D FRXSOH RI LQFKHV RI ERLOLQJ ZDWHU DQG OHDYLQJ WKHP IRU D PLQXWH WR ´VHDUµ 7KHUH DUH PDQ\ PRUH WULFNV DQG WLSV \RX FDQ HPSOR\ WR NHHS \RXU ÁRZHUV ORRNLQJ JUHDW ULJKW WKURXJK WR 1HZ <HDU DQG \RX·OO ÀQG ORWV RI LQVSLUDWLRQDO YLGHRV RQ <RX7XEH ZZZ \RXWXEH FRP )ORZHUV FDQ EH PRUH H[SHQVLYH DW &KULVWPDV WLPH EXW \RX FDQ FUHDWH VRPH IDQWDVWLF DUUDQJHPHQWV E\ VXSSOHPHQWLQJ D IHZ FKRLFH EORRPV ZLWK HYHUJUHHQ OHDYHV DQG GHFRUDWLRQV ,I \RX·UH WHPSWHG WR WDNH XS ÁRZHU DUUDQJLQJ DV D KREE\ WKHQ \RX·OO ÀQG VRPH KHOSIXO LQIRUPDWLRQ DW ZZZ QDIDV RUJ XN ZKHUH \RX·OO EH DEOH WR ÀQG RXW DERXW ORFDO FOXEV FRXUVHV DQG FODVVHV

/RFDWLRQ ZKHUH ZLOO WKH ÁRZHUV EH RQ GLVSOD\" :KDW VL]H LV WKH URRP" 0DNH VXUH \RX EX\ ÁRZHUV WKDW DUH ULJKW IRU WKH VSDFH ² IRU $ IHVWLYH ÁRUDO DUUDQJHPHQW H[DPSOH VWURQJO\ VFHQWHG ,I \RX DUH FUHDWLQJ D WDEOH SURYLGHV XV ZLWK D VLPSOH ÁRZHUV VXFK DV OLOLHV PD\ FHQWUHSLHFH WKH JROGHQ UHPLQGHU WKDW VSULQJ LV RQ LWV EH RYHUSRZHULQJ LQ D VPDOO UXOH LV WKDW WKHLU FRORXU RI ZD\ VR WKLV \HDU GRQ·W IRUJHW URRP WKH DUUDQJHPHQW VKRXOG WR VD\ ´+DSS\ &KULVWPDVµ LQ KDUPRQLVH ZLWK WKH WDEOHFORWK &RORXU GR \RX OLNH WKH ODQJXDJH RI ÁRZHUV DQG FUDFNHUV QDSNLQV $ VHDVRQDO ² VKLQ\ FRORXUV

E 0DLQ 6WUHHW )URGVKDP :$ ')

, ZRXOG OLNH WR WDNH WKLV RSSRUWXQLW\ WR WKDQN HYHU\RQH IRU WKHLU KXJH VXSSRUW RYHU WKH ODVW PRQWKV LW·V KDUG WR EHOLHYH , KDYH EHHQ KHUH QHDUO\ WZR \HDUV DOUHDG\« WKH\ GR VD\ WLPH ÁLHV ZKHQ \RX·UH KDYLQJ IXQ , FRXOGQ·W KDYH JRW WR ZKHUH , DP QRZ ZLWKRXW \RX DOO , ZRXOG OLNH WR WKDQN DOO RI P\ OR\DO FXVWRPHUV DQG DOVR WKH QHZ RQHV IRU KHOSLQJ PH JHW WR ZKHUH WKH EXVLQHVV LV WRGD\ , ORYH KDYLQJ P\ RZQ EXVLQHVV LQ )URGVKDP DQG , KRSH LW FRQWLQXHV WR VKRZ LQ HYHU\ ZLQGRZ GLVSOD\ WKDW , GR DQG QHZ IHDWXUHV LQ WKH VKRS ,I \RX DUH SDVVLQJ P\ ÁRULVWV QLS LQ DQG VD\ KHOOR DQG FRPH DQG VHH DOO WKH QHZ FKDQJHV , KDYH PDGH« <RX·OO DOZD\V ÀQG D IULHQGO\ VPLOLQJ IDFH KHUH DW )URGVKDP )ORZHUV :LWK PDVVLYH WKDQNV &ODUH

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

ZZZ IURGVKDPÀRZHUV FR XN

)URGVKDP )ORZHUV /WG

727$/ 522)/,1( 62/87,216 $OO URRI ZRUN XQGHUWDNHQ Æ” Æ” Æ” Æ” Æ”

39& 8 )$6&,$6 62)),76 %$5*( %2$5'6 *877(5,1* &/$'',1*

Æ” Æ” Æ” Æ” Æ”

5( 522),1* 58%%(5 )/$7 522),1* 6/$7,1* 7,/,1* 32,17,1* HPDLO MRKQ#WRWDOURRIOLQH FR XN ZZZ WRWDOURRIOLQH FR XN

7UXVW \RXU ORFDO FRPSDQ\ IRU D UHOLDEOH VHUYLFH

"' + # ' 5REHUW *OHDYH " '" " # # " % $ 6RQV /WG

,,,!" "' + ! !*

JOHDYHVKJF

- ) $( $ (

Ó )5(( 3$5.,1* Ó 'LVFRXQWHG )LUHZRUNV $YDLODEOH 12: 9RXFKHU 6SHQG RYHU Â… DQG UHFHLYH D IUHH SDFN RI ODUJH VSDUNOHUV

7KH :LOORZ 7UHH &DIp 1HZ WR WKH FDIp LV RXU EULOOLDQW YDOXH Â¶0HDO 'HDOÂ· Â² D GHOLFLRXV VDQGZLFK KRW GULQN DQG D SLHFH RI KRPHPDGH FDNH IRU MXVW Â… :HÂ·YH H[SDQGHG RXU RXWVLGH FDWHULQJ PHQXV LI \RX DUH WKLQNLQJ RI KDYLQJ D SDUW\ LQ WKH RIÃ€FH RU DW KRPH $QG ZH QRZ RIIHU H[FOXVLYH KLUH RI RXU FDIp ZKLFK KDV EHHQ ORYHO\ WKLV \HDU IRU ELUWKGD\ SDUWLHV EXVLQHVV PHHWLQJV DQG FHOHEUDWLQJ WKH RSHQLQJ RI WKH VZLQJ EULGJH

9RXFKHU %X\ \RXU &KULVWPDV 7UHH IURP *OHDYHÂ·V *DUGHQ &HQWUH DQG HQMR\ D IUHH FXS RI WHD RU FRIIHH DW RXU FDIp 9DOLG Â¶WLOO HQG 'HFHPEHU 2XU &KULVWPDV 7UHHV ZLOO EH DYDLODEOH IURP 6DWXUGD\ WK 1RYHPEHU $V DOZD\V LWÂ·V HDV\ WR VKRS ZLWK XV OHW XV KHOS \RX SLFN \RXU WUHH IURP WKH KXQGUHGV ZHÂ·OO KDYH LQ VWRFN WKHQ ZHÂ·OO HLWKHU KHOS \RX WDNH \RXU WUHH WR \RXU FDU RU ZHÂ·OO GHOLYHU \RXU WUHH ORFDOO\ IUHH RI FKDUJH 2XU JUHDW VHOHFWLRQ RI EHDXWLIXO KDQGPDGH ZUHDWKV WDEOH FHQWUHV DQG WULEXWHV ZLOO EH DYDLODEOH LQ 'HFHPEHU WRR DQG RXU IXOO UDQJH RI GHFRUDWLRQV ZLOO EH RQ GLVSOD\ IURP WKH VW ZHHN RI 1RYHPEHU ,I \RXÂ·G OLNH WR VLJQ XS IRU RXU PRQWKO\ QHZVOHWWHU WR UHFHLYH JDUGHQLQJ WLSV DQG PRUH JUHDW GLVFRXQWV HPDLO PH DW VDOKDOSLQ#KRWPDLO FRP DQG \RXÂ·OO DOVR JHW HQWHUHG LQ WKLV PRQWKÂ·V SUL]H GUDZ

$QQXDO 2SHQ $UW ([KLELWLRQ &DVWOH 3DUN $UWV &HQWUH )ULGD\ WK 1RYHPEHU Â² 6XQGD\ WK -DQXDU\ 7KLV \HDUÂ·V RSHQ DUW H[KLELWLRQ DW 7KH &DVWOH 3DUN $UWV &HQWUH ZLOO RQFH DJDLQ GLVSOD\ DQ H[FLWLQJ UDQJH RI DUWZRUN HQWHUHG E\ DPDWHXU DQG SURIHVVLRQDO DUWLVWV RI DOO DJHV IURP DFURVV WKH UHJLRQ $ YDULHW\ RI ' DQG ' DUWZRUN LQ GLIIHUHQW PHGLXPV ZLOO EH RQ GLVSOD\ DOO RI ZKLFK ZLOO EH IRU VDOH 7KH H[KLELWLRQ LV IUHH WR HQWHU VR ZK\ QRW FRPH DORQJ DQG HQMR\ WKH DUWZRUN LQ WKLV XQLTXH DQG KLVWRULF VHWWLQJ 7KH H[KLELWLRQ ZLOO EH RSHQ WR WKH SXEOLF IURP WK 1RYHPEHU Â² WK -DQXDU\ 7KHUH ZLOO DOVR EH D Â´0HHW WKH $UWLVWVÂµ HYHQLQJ RQ )ULGD\ WK 1RYHPEHU # Â² S P ZLWK OLJKW UHIUHVKPHQW SURYLGHG

)XUWKHU GHWDLOV DUH DYDLODEOH YLD (PDLO Â² DUWVFHQWUHLQFDVWOHSDUN#EWLQWHUQHW FRP :HEVLWH ZZZ FDVWOHSDUNDUWV FR XN 7HOHSKRQH

ZZZ JDVPDUF FR XN

6HFRQG 6DORQ

% 8QLTXH +DLU &RPSDQ\ )URGVKDP :HOFRPHV 6HFRQG 6DORQ 2XU QHZ +DLU DQG %HDXW\ 6DORQ LV VLWXDWHG LQ WKH ORYHO\ &KHVKLUH YLOODJH 6DXJKDOO :LWK LWV VLPLODU ERXWLTXH VW\OH % 8QLTXH 6DXJKDOO KDV D IXOO UDQJH RI H[SHUW KDLU DQG EHDXW\ VHUYLFHV XVLQJ WKH YHU\ EHVW KDLU DQG VNLQ FDUH $W % 8QLTXH ZH DUH LQWHQW RQ PDNLQJ \RX IHHO VSHFLDO ZKHWKHU LW LV \RXU Â¿UVW YLVLW RU \RX DUH D OR\DO FOLHQW ZK\ QRW SRS LQ WR PHHW WKH WHDP DQG UHFHLYH \RXU FRPSOLPHQWDU\ FRQVXOWDWLRQ &OLHQWV FDQ H[SHFW WKH YHU\ EHVW FXVWRPHU FDUH DORQJVLGH RXWVWDQGLQJ WHFKQLFDO KDLU DQG EHDXW\ ZRUN GHOLYHUHG E\ RXU KLJKO\ H[SHULHQFHG WHDP

7R ZHOFRPH RXU QHZ VDORQ ZH DUH RIIHULQJ

RII

DOO VHUYLFHV DW RXU 6DXJKDOO 6DORQ WKURXJKRXW 1RYHPEHU ZLWK WKLV YRXFKHU

.MIZV 4IVL[KIXM[ 7^MZ AMIZ[Â¼ -`XMZQMVKM IVL 3VW_TMLOM

.MVKQVO ,ZQ^M_Ia[ *TWKS 8I^QVO 8I\QW[ ,MKSQVO ,Za ;\WVM ?ITTQVO ?I\MZ .MI\]ZM[ <]ZN 4IaQVO /IZLMV <ZIV[NWZUI\QWV[ )TT )[XMK\[ 7N <ZMM ?WZS

6QKS .MIZV 9]ITQÃ…ML 0WZ\QK]T\]ZITQ[\ 4IVL[KIXM /IZLMVMZ .]TTa 9]ITQÃ…ML <ZMM ;]ZOMWV

.]TTa 1V[]ZML .ZMM 6W 7JTQOI\QWV 9]W\M ! WZ NMIZV TIVL[KIXM[IVL\ZMM[]ZOMZa(W]\TWWS KWU

%$1'= %21$1=$ OO

$ &+$1&( 72 6(( /2&$/ %$1'6 $// $7 21( 9(18( 21( 1,*+7 21/<

%5,1* <285 &+5,670$6 3$57< 72 285 3$57<

# 7+( 0(56(<9,(:

6$785'$< '2256

'(&(0%(5 817,/ /$7(

7+( 35()(&76 Â‡ -81&7,21 Â‡ /$67 &+$1&( %$1' 7LFNHWV DYDLODEOH DW Â… RU Â… SS WR LQFOXGH +RJ 5RDVW &KLSV 7LFNHWV DYDLODEOH DW +RWHO 5HFHSWLRQ DQG 'DQGHOLRQ *LIWV )URGVKDP

$ # # & !' $ # & # # # # # ' " & # " $

# & % # ' ' ( &

" " ) & # " % $

# ' " ! "

($*'& "#))' "(&*)

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

EŽǁ ŽƉĞŶ Ăƚ >ĂĚǇ ,ĞǇĞƐ ƌĂŌ ĞŶƚƌĞ dƵĚŽƌ ƵŝůĚŝŶŐ ŚƩƉ͗ͬͬǁǁǁ͘ůĂĚǇŚĞǇĞƐ͘ĐŽ͘ƵŬͬ &ŝŶĚ ƵƐ ŽŶ ĨĂĐĞďŽŽŬ

<RX FDQ QRZ KDYH D SLQW RQ RXU SUHPLVHV EHWZHHQ

DP SP 3HUIHFW *LIWV IRU ELUWKGD\V &KULVWPDV HWF %RWWOH &RQGLWLRQHG %HHUV DYDLODEOH LQ JLIWV VHWV ± V ' 'HHVLLJJQQ \\RXXUU RRZ PHHRRQQHH VVSSHFFLLDDOO ZQQ OODDEEHOO IIRUU VVRRP )URGVKDP %UHZHU\ /DG\ +H\HV &UDIW &HQWUH .LQJVOH\ 5RDG )URGVKDP :$ 68 7HO

ZZZ IURGVKDPEUHZHU\ FR XN

a %LDV ELQGLQJ a JOLWWHU WKUHDGV a

<RXU /RFDO +DEHUGDVKHULH a

6HZ 6LPSOH

)RU DOO \RXU VHZLQJ UHTXLUHPHQWV 2SHQ GD\V SP 7HO 3DWFKZRUN 4XLOWLQJ /HVVRQV

6HOHFWLRQ RI NLWV a &URVV VWLWFK 3DWFKZRUN a ,GHDO SUHVHQW

3DWFKZRUN 4XLOWLQJ VXSSOLHV &URVV VWLWFK VXSSOLHV /DUJH VHOHFWLRQ RI FRWWRQ SDWFKZRUN ' 0 & 7KUHDG DOO FRORXUV PDWHULDO DOZD\V LQ VWRFN DYDLODEOH $LGD /DG\ +H\HV &UDIW &HQWUH .LQJVOH\ 5G )URGVKDP YHOFUR a ZDGGLQJ a URWDU\ FXWWHUV a EHDGV a HODVWLF DOO VL]HV

6QDS IDVWHQHUV a ]LSV a FRUG a ULEERQ

+DEHUGDVKHULH a QHHGOHV a SLQV a EXWWRQV a &RDWHV &RWWRQV

+ -RLQ XV IRU RXU + 23(1,1* + 2IÃ€FLDO + '$< RQ 6DW + WK 1RY +

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

6HZLQJ /HVVRQV RU YRXFKHUV PDNH (OL]DEHWK $UQROG D *UHDW &KULVWPDV 3UHVHQW 'UHVV 0DNHUV $UQROG (OL]DEHWK 3RS LQ DQ\WLPH EHWZHHQ DP SP

'UHVV 0DNHUV &ORWKLQJ DOWHUDWLRQV Æ• %ULGDO Æ• &XUWDLQV %OLQGV

7XHV :HG 7KXUV

3RS LQ DQ\WLPH EHWZHHQ DP SP 2WKHUWLPHV WLPHV ZHHNHQG 2WKHU E\ LQFOXGLQJ DSSRLQWPHQW

HYHQLQJV E\ DSSRLQWPHQW

&ORWKLQJ DOWHUDWLRQV Æ” %ULGDO Æ” &XUWDLQV %OLQGV Æ” )DEULFV Æ” &XUWDLQ 6XSSOLHV Æ” 6HZLQJ /HVVRQV

([FLWLQJ 1HZV

(OL]DEHWK $UQROG 'UHVVPDNHUV KDV H[SDQGHG KDYLQJ PRYHG LQWR ODUJHU SUHPLVHV QH[W GRRU DW /DG\ +H\HV

'XH WR GHPDQG PRUH VHZLQJ OHVVRQV ZLOO QRZ EH DYDLODEOH IRU $// DJHV DQG DELOLWLHV LQ WKH 1(: (OL]DEHWK $UQROG 6HZLQJ 6FKRRO &DOO IRU GHWDLOV

1R PDFKLQH" 1R SUREOHP FRPH DQG KLUH D PDFKLQH E\ WKH KRXU

7KHUH ZLOO DOVR EH D UHWDLO DUHD VHOOLQJ IDEULFV FXUWDLQ VXSSOLHV GRJ FORWKHV VRIW IXUQLVKLQJV %ULGDO DFFHVVRULHV DQG SUH FXW VHZLQJ SDFNV $OO PDNLQJ LGHDO &KULVWPDV JLIW LGHDV

+ +

,QWHULRU 'HVLJQ 6HUYLFH DYDLODEOH

&ORWKLQJ $OWHUDWLRQV &XUWDLQV %OLQGV DQG 6RIW )XUQLVKLQJV VWLOO PDGH XS IURP FXVWRPHUV RZQ IDEULFV

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

3ULYDWH FKDQJLQJ URRP /RWV RI )5(( HDV\ SDUNLQJ

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

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

ZZZ VWRQHKRXVHIDUPEDQGE FR XN 7HO 7HO 0RELOH 0RELOH

(PDLO VWRQHBKRXVHBIDUP#\DKRR FRP

(PDLO EXVKHOO#VWRQHKRXVHIDUP SOXV FRP 2SHQ GDLO\ 287'2256 LQFO FRYHUHG2SHQ DUHD GDLO\ IRU WHDV FRIIHHV VRIW GULQNV DQG ERWWOHG ZDWHU IRU WHDV FRIIHHV VRIW GULQNV 6QDFNV LQFOXGLQJ EDNHG SRWDWRHV DQG ERWWOHG ZDWHU VRXS EDFRQ DQG VDXVDJH EXWWLHV 6QDFNV LQFOXGLQJ DQG VDXVDJH VFRQHV FULVSVEDFRQ DQG FKRFRODWH

EXWWLHV FULVSV DQG WR FKRFRODWHV +ROO\VFRQHV :UHDWKHV PDGH RUGHU

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

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

7(/ 02%

Â´,V WKHUH DQ\ FKDQFH \RX FRXOG JLYH PH D KDQG"Âµ &DUULH ORRNHG XS IURP WKH OLEUDU\ SKRWRFRSLHU DW WKH \RXQJ PDQ ,W ZDV WKH VDPH RQH VKHÂ·G EHHQ GLVFUHWHO\ ZDWFKLQJ DFURVV WKH ERRNVKHOYHV DV KH VWUXJJOHG WR Ã€QLVK KLV HVVD\ Â´, QHHG WR HQODUJH WKLV SLFWXUH DQG ,Â·P QRW VXUH KRZÂµ KH VDLG &DUULH UHDVRQHG WKDW VKH KDG RQO\ EHHQ ZDWFKLQJ KLP EHFDXVH VKH WKRXJKW KH PLJKW EH WKH SRRU EORNH WKDW 0DULVVD KDG JRW KHU FODZV LQWR 6KH FRXOG VHH ZK\ HYHQ WKRXJK KH ZDV ZHDULQJ KLV MXPSHU LQVLGH RXW KH ZDV UDWKHU FXWH $V ZHOO DV EHLQJ D VWXGHQW &DUULH ZRUNHG HYHQLQJV DW WKH FROOHJH OLEUDU\ DQG KDG FRPH WR QRWLFH PRVW WKLQJV )RU H[DPSOH VKHÂ·G VHHQ KLP FDVW DQ[LRXV JODQFHV DW WKH OLEUDU\ FORFN DQG VXVSHFWHG WKDW WRQLJKW ZDV WKH QLJKW WKDW 0DULVVD KDG Ã€QDOO\ DJUHHG WR JR RQ D GDWH ZLWK KLP 7KHUH ZDV D ELJ %RQÃ€UH 3DUW\ LQ WRZQ DQG VKHÂ·G RYHUKHDUG 0DULVVD ERDVWLQJ WKDW WKLV JX\ ZDV VR EHVRWWHG ZLWK KHU KH ZRXOG EH EX\LQJ KHU HQWU\ WLFNHW DQG KHU GULQNV DOO QLJKW 3RRU PDQ ZKDW ZDV KH OHWWLQJ KLPVHOI LQ IRU" &DUULH VWDUHG DW WKH ERRN KH ZDV KROGLQJ RXW WR KHU Â´,Â·P VRUU\"Âµ VKH VDLG Â´, QHHG WR HQODUJH WKLVÂµ KH VDLG DSRORJHWLFDOO\ Â´,Â·P LQ D ELW RI D KXUU\Âµ

:HVWPLQVWHUÂµ +H SRLQWHG WR WKH SDJH Â´, QHHG LW EORZLQJ XSÂµ 6KH ORRNHG DW WKH SLFWXUH DQG ODXJKHG Â´7KDWÂ·V WKH +RXVHV RI 3DUOLDPHQW LVQÂ·W LW"Âµ Â´<HVÂµ KH DGMXVWHG KLV JODVVHV Â´LWÂ·V IRU DQ HVVD\Âµ Â´<RXÂ·UH DVNLQJ PH WR KHOS \RX EORZ XS WKH +RXVHV RI 3DUOLDPHQW"Âµ 6KH JLJJOHG Â´WRQLJKW RI DOO QLJKWV"Âµ +H VWDUHG DW KHU EODQNO\ Â´,WÂ·V ERQÃ€UH QLJKWÂµ VKH H[SODLQHG Â´&RXUVH Âµ KH JULQQHG Â´,Â·P JRLQJ WR D ERQÃ€UH SDUW\Âµ Â´*RW D KRW GDWH OLQHG XS"Âµ &DUULH VDLG DQG ODXJKHG DW KHU RZQ MRNH Â´6RPHWKLQJ OLNH WKDWÂµ +H EOXVKHG Â´:H GRQÂ·W ZDQW \RX WR EH ODWHÂµ &DUULH VPLOHG Â´, EHW VKHÂ·OO KDYH \RX KXQJ GUDZQ DQG TXDUWHUHGÂµ .QRZLQJ 0DULVVD WKRXJKW &DUULH WKDWÂ·V WKH OHDVW VKH ZRXOG GR +H ODXJKHG QHUYRXVO\ &DUULH SODFHG WKH ERRN FDUHIXOO\ RQ WKH SKRWRFRSLHU Â´'RHV WKLV PDNH PH D FR FRQVSLUDWRU"Âµ VKH DVNHG DQG SUHVVHG D IHZ EXWWRQV Â´$ERXW ZKDW"Âµ KH VDLG Â´$ERXW \RXU JXQSRZGHU SORW"Âµ Â´2K \HDKÂµ +H JODQFHG DW WKH FORFN DJDLQ DQG ZLQFHG &DUULH ELW KHU OLS DQG SUHVVHG WKH VWDUW EXWWRQ 1RWKLQJ KDSSHQHG

DJDLQ WZLFH SDWLHQWO\ FKHFNLQJ HYHU\WKLQJ EXW VWLOO QRWKLQJ Â´,Â·P VRUU\ WKH PDFKLQHÂ·V SOD\LQJ XSÂµ VKH VLJKHG Â´RXU WHFKQLFLDQ ZLOO EH EDFN LQ DQ KRXU FDQ \RX FRPH EDFN WKHQ"Âµ 7KH OLEUDU\ FORFN FKLPHG VL[ 7KH \RXQJ PDQ VOXPSHG DJDLQVW WKH ZDOO 7KH EXV ZDV OHDYLQJ ZLWKRXW KLP Â´&KHHU XSÂµ &DUULH VDLG JXLOWLO\ Â´,Â·P VXUH VKH ZRQÂ·W PLQG ZDLWLQJÂµ ,W ZDV FRPPRQ NQRZOHGJH WKDW 0DULVVD ZDLWHG IRU QRERG\ 6KH WRRN D GHHS EUHDWK Â´,Â·P Ã€QLVKLQJ ZRUN QRZ &DQ , EX\ \RX D GULQN LQ WKH VWXGHQW EDU WR KHOS SDVV WKH WLPH"Âµ Â´:K\ QRW"Âµ +H PDQDJHG D VPLOH Â´<RXÂ·YH EHHQ UHDOO\ KHOSIXOÂµ Â´,Â·P &DUULHÂµ 6KH FRPLFDOO\ KHOG RXW KHU KDQG Â´:KDWÂ·V \RXU QDPH"Âµ Â´,WÂ·V *X\Âµ KH VPLOHG DQG VKRRN LW ZDUPO\ Â´*X\ )DZNHVÂµ

Â´<RXÂ·UH MRNLQJ"Âµ Â´*RW \RXÂµ KH JULQQHG Â´,WÂ·V 7RPÂµ Â´,Â·OO JHW P\ VWXII DQG PHHW \RX Â´7KDWÂ·V RGGÂµ 6KH JDYH WKH WKHUH LQ Ã€YHÂµ &DUULH ZDYHG KLP PDFKLQH D NLFN ,W VWD\HG VLOHQW Â´6XUH ZKDW GR \RX ZDQW RII DQG DV KH ZDONHG DZD\ HQODUJLQJ"Âµ &DUULH PHWKRGLFDOO\ ZHQW VKH EHQW GRZQ DQG VZLWFKHG SURFHVV WKH WKH ZKROH Â´,WÂ·V WKH 3DODFH RI WKURXJK SKRWRFRSLHU EDFN RQ ,I KH ZDV KRSLQJ WR FDWFK WKH VL[ RÂ·FORFN EXV LQWR WRZQ &DUULH WKRXJKW KH ZDV FXWWLQJ LW UDWKHU Ã€QH 6ORZO\ VKH WRRN WKH ERRN

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

7HO

$1'<Â·6 *$5'(1 &$5( *$5'(1 &$5(

-(7 :$6+,1*

Æ” +HGJH &XWWLQJ Æ” 3DWLRV Æ” *DUGHQ :DOOV Æ” 'ULYHZD\V HWF Æ” 6FDULI\LQJ $HUDWLQJ Æ” -XQJOH FOHDUDQFH *ULW 6DOW Æ” %XVKHV VKUXEV UHPRYHG 6HUYLFH Æ” 7UHH IHOOLQJ UHPRYDO Æ” 6WXPS *ULQGLQJ 7HOHSKRQH Æ” $OO JDUGHQ ZDVWH UHPRYHG Æ” )XOO\ LQVXUHG 0RELOH Æ” )UHH TXRWDWLRQV Æ” )ULHQGO\ UHOLDEOH VWDII

3HQQLQH JDUDJH GRRUV

,I \RX DUH ORRNLQJ WR FKDQJH \RXU JDUDJH GRRU ZK\ QRW OHW 3HQQLQH KHOS \RX FKRRVH IURP D YDVW UDQJH RI VW\OHV DQG FRORXU Â¿QLVKHV Æ” 8S DQG RYHU Æ” 6HFWLRQDO GRRUV Æ” 5ROOHU GRRUV Æ” 6LGH KLQJHG Æ” $OO FRORXUV Æ” $XWRPDWLF RU PDQXDO

)RU IUHH TXRWDWLRQ FDOO ZZZ SHQQLQHJDUDJHGRRUV FR XN

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

+DQQDK &KDUOLH DQG -DQLQH ZHOFRPH \RX WR 6HUHQLW\ +DYH D VSUD\ WDQ LQ 1RYHPEHU DQG UHFHLYH D IUHH SUHS DQG PDLQWDLQ NLW

*HO RYHUOD\ IRU Â¿QJHUV DQG WRHV DQG UHFHLYH D IUHH H\HEURZ VKDSH

&DOO WR Â¿QG RXW DERXW RXU VSUD\ WDQ GLVFRXQW IRU JURXSV

&KULVWPDV LV FRPLQJ JLIWV EDWK ERPEV FDQGOHV DQG DFFHVVRULHV DYDLODEOH 12: IRU &KULVWPDV

*LIW 9RXFKHUV DYDLODEOH 7UHDWPHQWV

: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

$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 Â³,WÂ¶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 Â´ +HOVE\ WR +DQG

)RU D QR REOLJDWLRQ FRQVXOWDWLRQ FDOO XV WRGD\ RQ 7D[ 5HWXUQ GHDGOLQH LV VW -DQXDU\

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

$'( +++! " # ! !) " - ( # &

### ! %

" ### ! ### ! %

3$"0 */0 $ " % 2. & ! # (# ) # ' #'1 /( 0 % ($ $8 "%(&0 & /( 0 % 0 "/ 2 2 ## ! ( ) ! #! . #!) <% &5 5 /%0 ! 4 -== *(0"5 "0 / .8"/ * / * /0(& (&$"& 5 5(5 $ $ & "0 8 < 5 7 5 (9 % / /"05% 0 8& 0 & "&& /0 ! $$ /"05% 0 $8& 0 & ((# 9" 5 ( " (& =)'7 167 ) ' + ;5 ,

/ < % "$"& "& ( /( 0 % ($ - (-8#

&RORXUV Æ” 3HUPV Æ” %ULGDO +DLU /DGLHV Æ” *HQWV Æ” &KLOGUHQ $SSRLQWPHQWV QRW DOZD\V QHFHVVDU\

6OLP Â¶QÂ· 7ULP )52'6+$0

8QLTXH DVVLVWHG H[HUFLVH FHQWUH 1RZ LQ )URGVKDP 7KH 3DUW\ 6HDVRQ LV +HUH IRU DOO \RXU SDPSHULQJ QHHGV XQGHU RQH URRI YLVLW 6OLP Â¶QÂ· 7ULP

&KULVWPDV 2IIHUV 6KHOODF )LQJHUV DQG 7RHV Â… EH WKH HQY\ RI \RXU IULHQGV

6KHOODF )LQJHUV 6SUD\ 7DQ RQH FRDW 3DUW\ /DVKHV DQG 7RH 3ROLVK D FRPSOHWH SDUW\ PDNHRYHU IRU Â…

6KHOODF )LQJHUV DQG (\HEURZ 6KDSH Â… *LIW LGHDV DQG YRXFKHUV QRZ DYDLODEOH

5HIXUELVKHG 6DORQ DQG ([HUFLVH &HQWUH 7RQH XS DQG ORVH WKRVH LQFKHV IRU &KULVWPDV

7U\ EHIRUH \RX EX\ )5(( 75,$/ 3$66 9DOLG IRU SHRSOH 7KLV SDVV HQWLWOHV \RX DQG D IULHQG WR D IUHH WULDO VHVVLRQ Æ” &RPH DV \RX DUH Æ” 1R VSHFLDO FORWKHV RU VKRHV QHHGHG

.HHS \RXU 6XPPHU WDQ WRSSHG XS VXQ VKRZHU RQO\ Â… SHU PLQV

6OLP Â¶QÂ· 7ULP

Æ” :KDWHYHU \RXU DJH ZHLJKW RU Â¿WQHVV ZH FDQ VKDSH \RX XS DQG KHOS \RX UROO EDFN WKH \HDUV

&DOO WR DUUDQJH \RXU Â¿UVW YLVLW

7KH DUHDÂ·V 12 %HDXW\ +ROLVWLF 7RQLQJ 6SRUWV 6DORQ +LJK 6W )URGVKDP &KHVKLUH :$ $7RQLQJ 7DEOH &HQWUH 6XQVKRZHU Â´2IWHQ &RSLHG 1HYHU (TXDOOHGÂµ

dŚĞƌĞ ŝƐ ŶŽ ŶĞĞĚ ƚŽ ƌĞƉůĂĐĞ ǇŽƵƌ ďĂƚŚƌŽŽŵ͘͘͘

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 &ĂĐĞďŽŽŬ

dĞů͘ ϬϭϱϭϮϰϰϱϰϭϴ 0RE WKHEDWKURRPUHVWRUHUV#JPDLO FRP

&RXQW\ Kŝů 'ƌŽƵƉ >ƚĚ

ZƵŶĐŽƌŶ Ͳ >ŝǀĞƌƉŽŽů

^ƵƉƉůŝĞƌƐ ŽĨ YƵĂůŝƚǇ ,ĞĂƚŝŶŐ Kŝů

9LVLW RXU ZHEVLWH DQG RUGHU RQOLQH ZZZ FRXQW\ RLO FR XN

<RXU ORFDO UHOLDEOH LQGHSHQGHQW KHDWLQJ RLO VXSSOLHU « &DOO XV QRZ RQ

¡¦ ¦£ ££ £ ၹႁၾၿ ZZZ FRXQW\ RLO FR XN

1(: &KLOGUHQ¶V GDQFH FODVVHV LQ EDOOHW WDS DQG PXVLFDO WKHDWUH FRPH DORQJ DQG WU\ \RXU ILUVW FODVV IRU )5(( (YHU\ 7KXUVGD\ SP 7LQLHV %DOOHW $JH SP 3UHSDUDWRU\ %DOOHW 7DS $JH SP 6KRZGDQFH 6WDUV $JH $W 7+( %26+$: &(175( 9,//$*( 52$' '81+$0 21 7+( +,// )52'6+$0 &+(6+,5( :$ /; VWDUWV WK 2FW

3URIHVVLRQDO GDQFH WXLWLRQ LQ D IULHQGO\ IXQ HQYLURQPHQW 3OHDVH FDOO .DWH RQ IRU PRUH GHWDLOV <RX FDQ DOVR ILQG XV RQ )$&(%22. DW µ.DWKU\Q 6PLWK 6FKRRO RI 'DQFH¶

(OHJDQW 1DLOV $QG %HDXW\ E\ &DUROLQH $W *DU\ -XOHV 6DORQ

8QLW (OWRQ 6KRSSLQJ &HQWUH ,QFH /DQH (OWRQ ZZZ HOHJDQWQDLOVDQGEHDXW\E\FDUROLQH FR XN &KHVWHU &+ /8

*HW UHDG\ IRU WKH SDUW\ VHDVRQ ZLWK D IXOO VHW RI /D/D ,QGLYLGXDO /DVKHV 6SHFLDO 2IIHU Â… WKURXJKRXW 1RYHPEHU

6SHFLDOLVLQJ LQ +DQG 3DLQWHG 1DLO $UW $FU\OLF 1DLOV *HO 3ROLVK :D[LQJ /D /D ,QGLYLGXDO /DVKHV %HVSRNH %URZV (\HODVK 3HUPLQJ DQG PXFK PRUH

&DOO RU (PDLO FDUROLQH#HOHJDQWQDLOVE\FDUROLQH FR XN /LNH P\ IDFHERRN SDJH

(OHJDQW 1DLOV DQG %HDXW\ %\ &DUROLQH

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(' )$6&,$Â·6 62)),76 $1' *877(56 5(3/$&(' $// $7 &203(7,7,9( 5$7(6 )25 $ )5(( (67,0$7( &$// 3$8/ 21

VDORQ RU \RX ZDQW WR NHHS XS WKH JRRG ZRUN EHWZHHQ YLVLWV IROORZ RXU JXLGH WR SHUIRUPLQJ DQ HIIHFWLYH PDVVDJH \RXUVHOI DW KRPH

,PDJH &RXUWHV\ RI &OLQLTXH

0RVW SHRSOH DSSUHFLDWH WKH EHQHÀWV RI D QHFN DQG VKRXOGHU PDVVDJH WR HDVH WHQVLRQ %XW OLIH·V HYHU\GD\ VWUHVVHV FDQ DOVR EXLOG XS LQ WKH IDFLDO PXVFOHV XOWLPDWHO\ UHVXOWLQJ LQ D OLQHG DQG IXUURZHG EURZ $ IDFLDO PDVVDJH LV D JUHDW ZD\ WR UHIUHVK \RXU VNLQ VPRRWK RXW ZULQNOHV DQG UHOD[ 1RW RQO\ ZLOO WKH ¶GRZQ WLPH· GXULQJ WKH WUHDWPHQW EH DQ LQVWDQW SLFN PH XS EXW LW·V D XVHIXO WRRO LQ WKH ÀJKW DJDLQVW DJHLQJ %\ UHOD[LQJ WKH PXVFOHV \RXU IDFH ZLOO DSSHDU VRIWHQHG DQG VWUHVVHV ZLOO EH UHOHDVHG 7KH PDVVDJH ZLOO DOVR KHOS WR GUDLQ ÁXLG EXLOG XS IURP DURXQG WKH H\HV LQFUHDVH EORRG FLUFXODWLRQ DQG PDNH WKH FUHDPV \RX DSSO\ DIWHUZDUGV HYHQ PRUH HIIHFWLYH EHFDXVH WKH\·OO EH PRUH HDVLO\ DEVRUEHG LQWR WKH VNLQ

$IWHU WKRURXJKO\ FOHDQVLQJ \RXU IDFH WDNH D PRLVWXULVHU IDFH RLO RU VHUXP DQG XVH \RXU NQXFNOHV WR JHQWO\ EXW ÀUPO\ PDVVDJH WKH SURGXFW DOO RYHU \RXU IDFH HQVXULQJ WKDW \RX ZRUN IURP WKH FHQWUH RXWZDUGV WR \RXU HDUV 'R WKH VDPH IRU \RXU QHFN 1H[W GH FORJ \RXU SRUHV E\ PRYLQJ \RXU ÀQJHUWLSV RYHU WKH VDPH DUHD ZRUNLQJ IURP WKH PLGGOH RI \RXU IDFH RXWZDUGV DQG XSZDUGV WRZDUGV WKH O\PSQRGHV VLWXDWHG EHKLQG XQGHU WKH HDUOREHV WR SURPRWH GUDLQDJH 8VH WKH ÁDW DQG KHHO RI \RXU WKXPE DQG WKH VLGH RI \RXU EHQW LQGH[ ÀQJHU LQ D SLQFKLQJ ÁLFN PRYHPHQW DORQJ \RXU MDZ OLQH VWDUWLQJ IURP \RXU FKLQ WKHQ PRYLQJ WR HDFK HDU 0RYH \RXU ÀQJHUWLSV LQ VPDOO FLUFXODU PRWLRQV DOO RYHU \RXU IDFH DJDLQ VWDUWLQJ DW WKH FHQWUH DQG PRYLQJ RXWZDUGV DQG 'R VPDOO VHFWLRQV DW D WLPH ZRUNLQJ IURP \RXU FKLQ WR HDU OLS WR HDU QRVH WR WHPSOH FHQWUH RI IRUHKHDG WR KDLUOLQH

FRUQHU DQG PRYH WR WKH LQQHU WDNLQJ FDUH QRW WR EH WRR KHDY\ KDQGHG 0DVVDJH DURXQG WKH H\H FRQWRXUV WR KHOS EULJKWHQ WKH H\H DUHD ZRUNLQJ DURXQG WKH H\HV LQ D FLUFXODU PRWLRQ XVLQJ D OLJKW SUHVVXUH IURP \RXU ÀQJHUWLSV 7KLV ZLOO KHOS WR UHGXFH SXIÀQHVV IURP WKH H\H DQG GUDLQ Á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ÀQJHU

2QFH \RX·YH ÀQLVKHG \RXU 7KH VDORQ LV WKH PRVW HIIHFWLYH VNLQ VKRXOG KDYH D SLQN\ 8VLQJ \RXU ÀQJHUWLSV WDS WUHDWPHQW SDUWLFXODUO\ EHFDXVH ÁXVK DQG D KHDOWK\ UDGLDQW JHQWO\ DURXQG WKH H\H DUHD \RX ZLOO EH YHU\ UHOD[HG %XW LI JORZ DQG \RX VKRXOG IHHO DSSO\ DQ H\H FUHDP LI \RX ZLVK \RX GRQ·W KDYH WLPH WR JHW WR WKH WRWDOO\ UHOD[HG 6WDUW DW WKH RXWHU

+286( &/($5$1&( Âµ0RYH LW ZLWK 0LNHÂ¶ +RXVH *DUDJH 6KHG FOHDUDQFHV $OO LWHPV HQYLURQPHQWDOO\ UH F\FOHG /LFHQFH WR UHPRYH FRQFUHWH DQG DVEHVWRV JDUDJHV 7LSSHU WUXFN RU ODUJH YDQ DYDLODEOH IRU EXON RU VLQJOH LWHP ORDGV 7HO

75$',7,21$/ %586+ $1' 9$&880 6(59,&( 1(676 5(029(' &$*(6 &$36 $1' &2:/6 ),77(' 6:((3,1* &(57,),&$7(6 ,668(' 352)(66,21$/ &/($1 6(59,&( )8//< ,1685(' 32/,&( &+(&.('

ZLONLQVFKLPQH\VZHHS FR XN ZHVWFKHVKLUH

!! ! !! !! DP SP

&+5,670$6 25'(56 12: %(,1* 7$.(1 IRU RXU WDVW\ IUHVK DQG IUR]HQ

7XUNH\V DQG 7XUNH\ &URZQV $OVR *DPPRQ -RLQWV DYDLODEOH WR RUGHU 2UGHU E\ PLG 'HFHPEHU DQG FROOHFW XS XQWLO SP RQ &KULVWPDV (YH

1R TXHXLQJ 2XU IDFWRU\ IDUP VKRS VHOOV FRRNHG DQG UDZ FKLFNHQ WR WKH SXEOLF DW ZKROHVDOH SULFHV

23(1 '$<6 $ :((.

)DFWRU\ )DUP 6KRS

:H KDYH D ZRQGHUIXO UDQJH RI &KULVWPDV JLIWV LQ VWRFN SHUIHFW IRU WKH Â¶IRRGLHÂ· LQ \RXU OLIH

&DOO LQ WR VHH

%HDXWLIXO JLIW ER[HG VHWV &KULVWPDV FDNHV 3DQHWWRQH %LVFXLWV FKXWQH\V (GLQEXUJK SUHVHUYHV 3DWpV DQG FKHHVHV

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

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

(&$(, ( ") () $(&$( , $/",) &$(,) 2,/( ) " 0 ",) 3) ! 3 $/( ( ) (0

3 $!& , , 0 ( , ) 1 ) $$" () ) ! $( ( ) &, " " / /$, " " $$ " ! 3 $$ " $" (! , $"

+ %+

4%#. *-%* + 111' ) ( ,( 0 ) (0 )' $'/ " $ ) ( ,( 0 ) (0 )' $'/

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

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

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

23(1 '$< 7KXUVGD\ WK 1RYHPEHU &RPH DQG WU\ D )5(( WUHDWPHQW ZLWKRXW REOLJDWLRQ :H ZLOO EH RIIHULQJ IUHH RI FKDUJH WULDO WUHDWPHQWV WKURXJKRXW WKH GD\ RQ %2'< 6+$3,1* $ 1(: WUHDWPHQW ([LOLV (OLWH LV FDSDEOH RI PHOWLQJ XS WR PP RI IDW DZD\ ([FHOOHQW IRU XQZDQWHG FHOOXOLWH

$/.$/,1( :$6+ 3HUPDQHQWO\ UHPRYH Â¿QH Ã€XII\ KDLU WKH RQHV WKDW VKRZ XS LQ WKH VXQOLJKW

/$6(5 +$,5 5(029$/ /DVHU +DLU UHPRYDO ([FHVVLYH RU XQVLJKWO\ ERG\ KDLU FDQ EH XSVHWWLQJ IRU ERWK PHQ DQG ZRPHQ DQG GLIÂ¿FXOW RU LQFRQYHQLHQW WR UHPRYH /DVHU KDLU UHPRYDO LV D UDSLG \HW JHQWOH ZD\ RI UHPRYLQJ XQZDQWHG KDLU DQG LV PHGLFDOO\ SURYHQ WR JLYH \RX SHUPDQHQW KDLU UHGXFWLRQ 7\SLFDOO\ WUHDWPHQWV 1R PRUH SOXFNLQJ VKDYLQJ UDVKHV RU LQJURZQ KDLUV MXVW VPRRWK KDLU IUHH VNLQ 9(,1 5(029$/ /HJ DQG IDFH 9$5,286 &+(0,&$/ 3((/6 &/,1,&$/ 6.,1 &5($06 $FQH 5RVDFHD 3LJPHQWDWLRQ $QWL $JHLQJ 6/,00,1* 7$%/(76

%RRN D FRQVXOWDWLRQ IRU ([LOLV (OLWH GXULQJ 1RYHPEHU DQG \RX ZLOO EH HQWHUHG LQWR D )UHH SUL]H GUDZ WR ZLQ XS WR Â… ZRUWK RI IDW EXUQLQJ RU VNLQ WLJKWHQLQJ WUHDWPHQWV

&DOO WRGD\ WR ERRN D )5(( WUHDWPHQW KXUU\ SODFHV DUH OLPLWHG &ROOLQVRQ &RXUW )URGVKDP

ZZZ SURPHGODVHUFOLQLFV FR XN

*DUGHQ 'HVLJQ &RQVWUXFWLRQ

.(1 /($&+ -2,1(5< %8,/',1*

&5($7,9( '(6,*1 Â‡ *$5'(1 &216758&7,21

:K\ PRYH ZKHQ \RX FDQ LPSURYH" Ï‘ (;7(16,216 Ï‘ /2)7 &219(56,216 1DWXUDO VWRQH SDWLRV Æ” &REEOHVWRQH HGJLQJ DQG SDWKV +DUGZRRG VRIWZRRG FRPSRVLWH GHFNV 5DLVHG SODQWHUV Æ” 3ODQWLQJ DQG ODZQ OD\LQJ

Ï‘ *$5$*( &219(56,216 Ï‘ 5(129$7,216 Ï‘ $// -2,1(5< :25.

3URSULHWRU 'XQFDQ *RXJK +LJKHU 'LSORPD LQ JDUGHQ 'HVLJQ

%ULGJHZDWHU *UDQJH 3UHVWRQ %URRN &KHVKLUH 7HO 0RE ZZZ ZRZJDUGHQGHVLJQ FR XN

0RELOH (PDLO NHQOHDFKMRLQHU\#OLYH FRP )DFHERRN .HQ /HDFK -RLQHU\ %XLOGLQJ

-96+:/(4 .(9+,5: 6(7

3;+ +0:*

6<5

;

' $ +VTLZ[PJ HUK JVTTLYJPHS " # " Â‹ 9LN\SHY NHYKLU THPU[LUHUJL "' "%

Â‹ :WYPUN [PK` \WZ Â‹ 3H^U TV^PUN Â‹ /LKNL J\[[PUN [YLL Z\YNLY` Â‹ .\[[LY JSLHUPUN Â‹ 7V^LY ^HZOPUN & " # " # " " " # " " " "

&DOO 3DXO IRU D IUHH QR REOLJDWLRQ TXRWH

Â‹ IURGVKDPJDUGHQV#\DKRR FR XN

^^^ MYVKZOHTNHYKLUZ JV \R

)XOO\ LQVXUHG IDPLO\ UXQ EXVLQHVV

:KHQ <RX &DQÂ¶W %H 7KHUH

:( &$1 )8//< ,1685(' 3(7 6,77,1* '2* :$/.,1* 3(7 7$;,

ZZZ FKHVKLUHSHWVLWWLQJ FR XN

5HJXV +RXVH +HURQV :D\ &KHVWHU %XVLQHVV 3DUN &KHVWHU &+ 45 ZZZ MQIURRÃ€QJ FR XN (PDLO MQIURRÃ€QJ#\DKRR FRP 6SHFLDOLVLQJ LQ DOO DVSHFWV RI URRÂ¿QJ LQFOXGLQJ 1HZ URRIV 5XEEHU Ã€DW URRIV :DOO FRDWLQJV )DVFLDV *XWWHULQJ 5HSDLUV

Â‡ \HDU ,QVXUDQFH EDFNHG JXDUDQWHH RQ PDWHULDOV DQG ZRUNPDQVKLS

Â‡ Â‡ Â‡ Â‡ Â‡ Â‡ Â‡

:H KDYH LQVWDOO RZQ VFDIIROGLQJ 2XU RZQ FKHUU\ SLFNHU IRU WDOO MREV )LQDQFH 7Â¶V &Â¶V DSSO\

)XOO\ LQVXUHG 3XEOLF OLDELOLW\

+RPH ,QVXUDQFH 3URWHFWLRQ +,3

0HPEHU RI 5RRÂ¿QJ )HGHUDWLRQV :H DFFHSW DOO PDMRU FUHGLW GHELW FDUGV

'LVFRXQW ZLWK WKLV DGYHUW

&RPSDQ\ 5HJLVWUDWLRQ 1XPEHU 9DW 1XPEHU

5HYDPS ,W 8S ( 0 ' /& "/0 (/' (/ /4 8 4) (%03 /8 "0 08 3( "0 4"0 "' ' "'03 '3 6"3 % '$ 3 0 6% 3 /(6 (/ (3 / % / )" ( /" , ' (/34' 3 %8 3 &(& '3 8(4 0"3 (6' 3 /" 6"%% 03 /3 3( (& 4'34 $ 0( (/ &(/ ) /& ' '3 0(%43"(' ' 6 (5 / "0 3 03 ()3"(', (/ 3 (0 6 ( / ' 8 6"3 0 6"' & "' & $"' 0"&)% %((0 (5 / 6"%% '(3 3(( & ' "' 43 5 ' " 8(4 5 3( ( 3( )/( 00"(' % ' 6 0%") (5 / ' 3/ '0 (/& 3 )/()(/3"('0 ' / 3 / ( 8(4/ 4/'"34/ ' "0 6(/3 6 "% " 8(4 5 (( !-4 %"38 )" 3( 6 " 8(4 6 '3 3( '(3 / 6 8 /0 ( %" , "3 / 6 8 0 5 &(' 8 8 40"' ) '5 0 (' / 0 8(4 '.3 0 (/ ('0" / ( (! " ) 3 6(/$ 3 (& "'"' 0 5 / % " / '3 * 43 (! (/ "' 3"' + /" 0, (/ 3 3 '"0 "' 3(4 40 "('0 & /(& % 3(5 / % ' 3 0 ( /" 0"%$ 0 /5 0 5"'3 %"' '0 (/ 5 ' 33/ 3"5 3 3(6 %0,

4XHHQ $QQH DQWLTXH FKDLU UH XSKROVWHUHG LQ PDQJOH FORWK Â… 7KH 2OG &LQHPD ZZZ WKHROGFLQHPD FR XN

(/ & %%"0 6"3 /" ('0 / " 433('0 (60 (/ /"%%0, (( ' 4/'"34/ (/ (/ % 00 '8 (% 6(( ' 4/'"34/ *3 (4 '(3 ( 5"(40%8 5 %4 % '3"-4 0+ ' / 0 4 -4"3 0"%8, $ 8(4/ 3"& (6 5 / "3.0 %% "' 3 )/ ) / 3"(', "/03 //8 (43 '8 ' 00 /8 / ) "/0, ' / &(5 / 6 /0 ' % 0 ' $'( 0, 4 3 )" (6' 3 (/(4 %8 6"3 & "4&! / 0 ' ) ) / ' 6") 6"3 &) %(3 , / 6(( ' 0 ( 3 ( )/"& /1 (3 /6"0 "3.0 4' / ( 3 3 ' 3() ( 3 ( 0 %% (/ %(00, / "' &"' 3(( 3 3 0"&)% ' ( $'( (/ ' % ( 3 ' & $ 0 / & 3" " / ' "5"' 0() "03" 3 % 3( ) &( /' )" (/ 3/ '0 (/&"' 0(& 3 "' /4&)8 ' (% ! 0 "(' "'3( &( /' %" 3, 4/3 / ' 0 (/ 3 (0 %"' (' '3 '(4 (4% "' %4 "' (/ / &(5"' &(4% "' 0 / )% "' 0(%" ((/0 6"3 % 9"' (/ 33"' ' "' / "%0 (/ (($0,

&)0 (( ' % &) 0 0 ( %% 0 ) 0 0"9 0 ' 038% 0 / ) / 3 ' " 3 0 (/ / 5 &) #403 0 ' (6' ' 3 ' ((0 8(4/ ) "'3, "3 (/ ( !6 "3 0 %% "0 ((% ' 0"&)% 43 (/ &(/ 8 ! 3 "' 3 3/8 ( / 0 5" / '3 (%(4/0 (/ "'3 / 03"' '"0 0 04 (/ (40 ' 6 ( / 6"%% /" 3 ' & 3 %%" ) /% 0 '3 (/ %"33 /, /" 0 0 4) 3 &(03 (/"' ( /((&0, (/ "5 ' / 08 3( / ! (5 / 6"3 0& %% % ' 3 ( 0 ) ' ))/()/" 3 %8 0"9 / 3 ' % ' 6 *(/ 5"'3 + /" ' 0(& 0)/ 8 %4 , ( 6"3 0 3 ( ( & (/ 6 "' 4 /" 3( 3 (33(& ( 0 6 0%") (5 / 3 ' 33 3( 3 6 %% (/ )% "' 0 "5 0 )/ 338 (4'3/8!038% %(($

3 / & , 0 0( 3 3 3"% /" *04 0 5 %5 3 (/ &(% 0$"'+ 3 3 (!(/ "' 3 0 6"3 5 /83 "' %0 "' 3 /((& /(& %"' ' 3( 6 %%0 ' 6"' (6 3/ 3& '30, (/ ' "&)/(&)34 ( / 40 (% "' 0 / ' (/ % ' 3 ( && /" 4' /(& 3(' (5 3 , 8(4/ 0 ' "'3 / % ( / 3/8 )% "' -4"%3 (/ ) 3 /(6 (5 / "3 (/ 0 6 / 3 ' % ( -4"%3 /" ' 3" "3 ('3( 3 / & 6(/$, 4/3 "'0 ' %"' 0

(3 "' 3 0 /((& &(/ 3 ' (% ! 0 "(' 4/3 "'0 0( " 8(4 %"$ 3 "/ /" 43 '(3 3 "/ 038% $ (43 6 3 / "3.0 )(00" % 3( / )% "3 / 3 / 3 ) ' ) 3 /0 (/ ( % 30 (/ &(/ 4)!3(! 3 0"&)% 3 /0 (/ ) ' "% )% 30 (/ 3 ' "' & 3 ( "30 % /(& (($0 ' /"' 0 3( 3" 0 3 0 %")0 (/ 8 % 30, %3 /' 3"5 %8 8(4 (4% 36"03 3( )% "' 4/3 "'0 8 03"3 "' (&)% & '3 /8 (/ / %(' 3 % "' (/ /(00 3 (33(& (/ "' 3/"&&"' 04 0 /" (' /" / (/ /(6 ( 433('0, 8(4/ 4/3 "' )(% "0 (43 ( 3 3/8 ) "'3"' "3 / )% "' 3 '" %0 (/ 04 03"343"' 3 6 (% 3 "' 6"3 &(/ &( /' 7 &)% , %"' 0 ' "'03 '3%8 "&)/(5 "3 / 8 "' ' "'3 / 03"' 3/"&

6LON PHPHQWR FXVKLRQV IURP Â… HDFK 5H ZZZ UH IRXQGREMHFWV FRP

%(' 3 (33(& (/ 3"'8 43 "&)(/3 '3 3 "% 06 ))"' ) )% 03" )4%% (/ (( !%(($"' (' & /(& % 3 / % 00 / 03(' (/ /() , 8(4 ' 3( / !03 /3 /(& 0 / 3 / & & / 3 3 "' 7) '0"5 /" & $ 0 04&)34(40!%(($"' 4/3 "'0 " 40 ' /(40%8 ' %"' 0( 3 3 3 8 ' )/() /%8, 8 3 /"' (// %%

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

,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,

;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) &DQYDV %8<,1* $ %('" VWUHWFKLQJ

EOH LV GRX %X\ WK HW VSUXQJ SRFN G JHW RUWKR HG DQ E V U 6 H 0\ $:(5

5(( '5 (14 18'4 FN ;'#45 +0 146*9+%*TTT 7:2 ) IRU RQ 56#$.+5*'& O\

9+6*+0 +0)5.'; #42'65 n 06'4+145

Â…

UDWHO\

SD UG

VROG VH RD +HDGE

+%614+# #..X .7+0 #0'X 41&5*#/X *'5*+4'X J K

.51 #6 HIX #56.' 64''6X 146*9+%*X L E

999T9'#8'4)#..'4;T14)

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

7+,1.,1* 2) %8<,1* $ %('" (( '5$ :

IRU RQO\ ' 6((5(6 $1

&$// /< (: 6($ 7 1 5 8 2 20 $ 7:2 )5(( '5$:(56 +HDGE RDUG VR2:52 6+ OG VHSDUDWH(O\ 675((7 67/ IRU RQO\ &$ :,&+ +HDGERDUG VROG VHSDUDWHO\ 1257+ (< &: )5(( '(/,9(5< )5(( 5(029$/ 2) <285 2/' %(' )5(( '(/,9(5< )5(( 5(029$/ 2) <285 2/' %('

%X\ WKLV GRXEOH RUWKR SRFNHW VSUXQJ 0\HUV EHG DQG JHW

Â…

ZZZ NLQJVOH\FDUSHWV FRP

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

#$ 2'%+#.+56 #00+0) n '& +)*6 *'4#2; 67&+1

Â¶ 7:,67 Â· ,QWURGXFLQJ WKH /$7(67 6$)(67 7$11,1* 78%( ZLWK D 7:,67 RI FROODJHQ 5HYROXWLRQDU\ WHFKQRORJ\ FRPELQHV 6$)( 7$11,1* ZLWK WKH DGGHG EHQHÂ¿WV RI FROODJHQ

12 %851,1* 12 29(5 (;32685( -867 5(63216,%/( 7$11,1*

7$11,1* ZLWK FROODJHQ WZLVW

$V SURPRWHUV RI VHQVLEOH WDQQLQJ RXU \HDUV RI H[SHULHQFH KDYH WDXJKW XV WKDW LW LV QRW MXVW DERXW WKH WDQ 7KHUH DUH ORWV RI SRVLWLYH HIIHFWV IURP UHVSRQVLEOH WDQQLQJ :H RQO\ XVH FRPSOLDQW VXQ WXEHV LQ DFFRUGDQFH ZLWK VDIH (XURSHDQ &RPPLVVLRQ *XLGHOLQHV VR WKH EHQHÂ¿WV IURP LQGRRU WDQQLQJ FRXOG QRW EH EHWWHU $FKLHYH D IHHOLQJ RI JHQHUDO ZHOO EHLQJ ZKLOH UHFHLYLQJ WKH GRVH RI YLWDPLQ ' WKDW PRVW RI XV DUH ODFNLQJ

5HPHPEHU WKH *ROGHQ UXOH DYRLG VXQEXUQ 127 VXQOLJKW $6. ),567 ,) ,7Â¶6 127 '21Â¶7 86( ,7

385( &2//$*(1 5(' /,*+7 QR WDQQLQJ

/RRN DQG IHHO EHWWHU ZLWK WKH DPD]LQJ UHVXOWV IURP SDLQ UHOLHI WR \RXQJHU ORRNLQJ VNLQ 3OHDVH JRRJOH ÂµUHG OLJKW WKHUDS\Â¶ IRU PRUH LQIRUPDWLRQ DERXW WKH EHQHÂ¿WV

)ODEHORV

7KH ZHLJKW ORVV QRQ ZRUNRXW PDFKLQH KRXU J\P LQ DQ HDV\ PLQXWHV

VSUD\WDQ

*HW JUHDW UHVXOWV ZLWK WKH ODWHVW 6W 7URSH] 8OWLPDWH $LU RQO\

6$9( Â…Â…Â…Â…Â¶V

23(1,1* 7,0(6

:,7+ 7+( 08/7, 3$&. &2856(

021 )5, SP 6$7 SP

86( 21 :+$7 <28 :$17 +2: <28 :$17 21/< Â…

$ 0$,1 67 )52'6+$0

6HVVLRQV IURP 21/< Â…

Â…

[ 7$11(56 72.(1

)5(( 0,1 7$11,1* 25 0,1 &2//$*(1 25 [ )$%(/26 2QO\ 7RNHQ SHU SXUFKDVH )URGVKDP VKRS RQO\ ([SLUHV 'HFHPEHU Âµ

! "& " & &

:KLWH /LRQ . 1 " 4

! & & ! "& " (! ! "& " ( " *

) * ! * & " "$2 .$ 1$ * &&$ ".! ". $" , ' #''

! "& " +! ( 1 0 $0* $0) $0)* ) *.! * 4) ! "0 $) 4$0 .$ " $4 . $" 4 % & ) & )*$" 4$0( .$ 1 2 $0) ! "0* & * 1 * . $0) 2 * . . *** * & ) + ( $) &$& " " & $" 0&' &0 2 $0. 2 . $0 * $ $ 4 " . ! $) $0) )*. "$ $" /5. $1 ! ) *$ ! . 2 . 0* "$2'

" 4 $ 1 " 4 * ) , # 5%#/ +// # # 222'2 . $" 1 " 4' $!

:KLWH /LRQ

" 4 $ 1 " 4 * ) , # ' 5%#/ +// # #

" $4

RII

4$0) .$. $$

RII

4$0) .$. $$

" &) * ". . $" $ . * 1$0 )

) 1 0". / . $1 ! ) /5% $" ! " ! "0 $" 4' 3 0 * " $ 4 2 " *' ""$. 0* " $" 0" . $" 2 . "4 $. ) $ )' ""$. 0* "*. ) *.! * ! "0'

RII

" &) * ". . $" $ . * 1$0 ) ) 1 0". / . $1 ! ) /5% $" ! " ! "0 $" 4' 3 0 * " $ 4 2 " *' ""$. 0* " $" 0" . $"

2 . "4 $. ) $ )' ""$. 0* "*. ) *.! * ! "0'

$6+&52)7 9(7(5,1$5< 685*(5<

ϱϵ DĂŝŶ ^ƚƌĞĞƚ͕ &ƌŽĚƐŚĂŵ͕ ŚĞƐŚŝƌĞ t ϲ ϳ & dĞů͘ ϬϭϵϮϴ ϳϯϯϮϮϴ

:H ZDQW WR KHOS \RXU SHW VWD\ DFWLYH WKLV $XWXPQ DQG :LQWHU

'LG \RX NQRZ LQ GRJV VXIIHU IURP MRLQW SDLQ" 2IIHUV DYDLODEOH VW 2FW WR VW 'HF

ǁǁǁ͘ĂƐŚĐƌŽŌǀĞƚƐ͘ĐŽ͘ƵŬ

)5(( 522) ,163(&7,21 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 Â‡ 7LOLQJ 6ODWLQJ 5LGJH 7LOHV Â‡ /RRVH RU 0LVVLQJ 7LOHV Â‡ 0RUWDU 3RLQWLQJ Â‡ /HDGLQJ )ODVKLQJ Â‡ *XWWHULQJ Â‡ &KLPQH\V Â‡ )ODW RU 3LWFK 5RRIV Æ” 1HZ 5RRIV Æ” 5HSDLUV Æ” )ODW 5RRIV Æ” 7LOLQJ Æ” 6ODWLQJ Æ” &KLPQH\ 5HEXLOGV Æ” 5HSRLQWLQJ /HDG ZRUN

&DOO 6LPRQ WRGD\ RQ RU &DPEULGJH *DUGHQV +HOVE\ )URGVKDP :$ /: &KHFN RXW RXU ZHEVLWH IRU FXVWRPHU WHVWLPRQLDOV

ZZZ DOOPLJKW\URRÂ¿QJ FR XN

+\JOLZZ +\JOLZZ 3PNO[ +\JOLZZ 3PNO[ 3PNO[ 7LUKHU[ 7LUKHU[ 7LUKHU[ *VKL! ** *VKL! ** *VKL! **

+VYJOLZ[LY +VYJOLZ[LY *OHUKLSPL *OHUKLSPL *VKL! *VKL! ** **

4HYX\L[[L 3PNO[ *OHUKLSPLY 4HYX\L[[L 3PNO[ 4HYX\L[[L 3PNO[ *VKL! () *OHUKLSPLY *OHUKLSPLY *VKL! () *VKL! ()

+YHNVUÃ…` +YHNVUÃ…` ;PÉˆHU` ;PÉˆHU` 7LUKHU[ 7LUKHU[ *VKL! *VKL! /HUUH /HUUH -S\ZO -S\ZO -P[[PUN -P[[PUN *VKL! *VKL! ** **

56> 67,5

:/6>9664: (; 569;/>0*/ (5+ -305;

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

2XU VKRZURRP LV RSHQ WR WKH WUDGH DQG SXEOLF 2SHQLQJ KRXUV DUH 0RQGD\ WR )ULGD\ SP 6DWXUGD\ DP DP SP

&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

/RFDO (OHFWULFLDQ )URP D )DXOW\ 6ZLWFK WR D )XOO 5HZLUH

$OO $VSHFWV RI (OHFWULFDO :RUN ,QFOXGLQJ 6PDOO -REV &RRNHU 5HSDLUV 6RPH UHFHQW IHHGEDFN IURP DQRWKHU KDSS\ FXVWRPHUÂ«

/RFDO 5HOLDEOH $IIRUGDEOH 'RPHVWLF &RPPHUFLDO

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

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

:K\ QRW FDOO XV WRGD\ RQ 9LVLW XV RQOLQH DW ZZZ WULQHUJ\ FR XN :H DUH KDSS\ WR DFFHSW DOO FUHGLW DQG GHELW FDUGV

ZRXOG DOVR VXJJHVW WKDW LI LI\RX 7KLV LV7KLV D JUHDW WLPH WLPH RI \HDU ZRXOG DOVR VXJJHVW WKDW \RX LV D JUHDW RI \HDU JDUGHQ RQ RQ D YHU\ VDQG\ SRRU WR JHWWR SODQWLQJ Â² WKHÂ²VRLO JDUGHQ D YHU\ VDQG\ SRRU JHW SODQWLQJ WKH LV VRLO LV VRLO VRLO D ZHOO SUHSDUHG SODQWLQJ VWLOO KROGLQJ D ELW D RIELW ZDUPWK D ZHOO SUHSDUHG SODQWLQJ VWLOO KROGLQJ RI ZDUPWK SLW ZKLFK LQFOXGHV EXON\ IURPODWH WKHVXPPHU ODWH VXPPHU LQFOXGHV EXON\ IURP WKH DQG DQG LV LV SLW ZKLFK RUJDQLF PDWWHU VXFK JDUGHQ QRZ PRUH DQG SURYLGHV RUJDQLF PDWWHU VXFK DVDV JDUGHQ QRZ PRUH PRLVWPRLVW DQG SURYLGHV FRPSRVW KHOS UHGXFH JRRG FRQGLWLRQV IRU URRWV ZLOOZLOO KHOS WR WR UHGXFH JRRG FRQGLWLRQV IRU URRWV WR WR FRPSRVW RI GU\LQJ RXW 6LPLODUO\ GHYHORS VSUHDG DQG HVWDEOLVK WKH WKH ULVNULVN RI GU\LQJ RXW 6LPLODUO\ GHYHORS VSUHDG DQG HVWDEOLVK SURYLGHG RUJDQLF PDWWHU )XUWKHUPRUH VKUXEV WKHWKH RUJDQLF PDWWHU )XUWKHUPRUH WUHHV WUHHV VKUXEV DQG DQGSURYLGHG LV LQFRUSRUDWHG RYHU D JRRG FOLPEHUV LQ SDUWLFXODU LV LQFRUSRUDWHG RYHU D JRRG ZRRG\ZRRG\ FOLPEHUV LQ SDUWLFXODU HQRXJK VL]HG DUHD RQ D KHDY\ DUH RIWHQ D YHU\ JRRG EX\ DW HQRXJK VL]HG DUHD RQ D KHDY\ DUH RIWHQ D YHU\ JRRG EX\ DW VRLO , WKLQN LW GRHV KHOS WR WKLV WLPH RI \HDU VRLO , WKLQN LW GRHV KHOS WR WKLV WLPH RI \HDU LPSURYH DHUDWLRQ DQG GUDLQDJH $ JRRG SODQWLQJ KROH RU SLW LPSURYH DHUDWLRQ DQGHVSHFLDOO\ GUDLQDJHLI DURXQG WUHH URRWV $ JRRG LV SODQWLQJ HVVHQWLDO KROH DQG RU \RXSLWVKRXOG DURXQG WUHH URRWV HVSHFLDOO\ LI \RX LQFRUSRUDWH VRPH JULW WRR LV HVVHQWLDO VKRXOG HQVXUH DQG WKDW LW\RX LV DW OHDVW VHYHUDO\RX LQFRUSRUDWH VRPH JULW WRR HQVXUH WKDW LWODUJHU LV DW WKDQ OHDVWWKH VHYHUDO LQFKHV FXUUHQW :HOO URWWHG PDQXUH JDUGHQ LQFKHVVSUHDG ODUJHURIWKDQ WKH FXUUHQW WKH URRWV RI WKH WUHH :HOO URWWHG JDUGHQ FRPSRVW PDQXUH DQG SURSULHWDU\ VSUHDG WKH URRWV RI WKH WUHH WR FRPSRVW RURI VKUXE WKDW \RX DUH DERXW DQG SURSULHWDU\ EDJJHG FRPSRVW DUH DOO XVHIXO SODQW RU VKUXE WKDW \RX DUH DERXW WR LQ SODQWLQJ KROHV DQG LW LV EDJJHG FRPSRVW DUH DOOLIXVHIXO SODQW ODUJHO\ DQ LPSURYHPHQW LQ SODQWLQJ KROHV DQG LI LW LVLQ VRLO )RU \HDUV WKH DGYLFH KDV EHHQ WH[WXUH ZKLFK \RX DUH DIWHU ODUJHO\ DQ LPSURYHPHQW LQ VRLO WKDW SOHQW\ RI EXON\ RUJDQLF )RU \HDUV WKH DGYLFH KDV EHHQ WKHQ ZKLFK KRPH PDGH OHDIPRXOG \RX DUH DIWHU LV PDWWHURIVKRXOG LQFRUSRUDWHG WH[WXUH WKDW SOHQW\ EXON\ EH RUJDQLF WRR KRPH PDGH OHDIPRXOG LV WR WKH KROH DQG WKH PL[WXUH WKHQJUHDW PDWWHULQVKRXOG EH LQFRUSRUDWHG ZLWK ZKLFK \RX EDFN Ã€OO LW JUHDW WRR 1H[W WR WHDVH RU QRW WR WHDVH LQ WR WKH KROH DQG WKH PL[WXUH ,QYHVWLJDWLRQV QRZ VXJJHVW

WKH ZLOO KHOS KHOS\RX \RX WKHSODQWLQJ SODQWLQJ KROH KROH ZLOO WRWRJDXJH GHSWK JDXJH WKH WKH FRUUHFW FRUUHFW GHSWK PRUH PRUHHDVLO\ HDVLO\ 7KHQRI RI FRXUVH FRXUVH WKHUH 7KHQ WKHUH LVLV VWDNLQJ ,, VXJJHVW VXJJHVW RQO\ VWDNLQJ RQO\GRLQJ GRLQJ WKLVZLWK ZLWK ODUJH ODUJH WUHHV WUHHV DSSOHV WKLV DSSOHV RQYHU\ YHU\ GZDUÃ€QJ GZDUÃ€QJ URRWVWRFNV RQ URRWVWRFNVRURU WKHVLWH VLWH LV LV H[WUHPHO\ H[WUHPHO\ ZLQG\ LILIWKH ZLQG\ DV D WUHH ZLOO JHW WRXJKHU DQG DV D WUHH ZLOO JHW WRXJKHU DQG PRUH UHVLOLHQW LI JLYHQ D FKDQFH PRUH UHVLOLHQW LI JLYHQ D FKDQFH WR PRYH DURXQG VOLJKWO\ DQG VR WRIRUP PRYH DURXQG VOLJKWO\ DQG D VWURQJ WUXQN ,I \RX GR VR IRUP D VWURQJ WUXQN DW,IDQ \RX GR VWDNH VKRUW VWDNHV DQJOH VWDNH VKRUW VWDNHVDVDWEHVW DQ DQJOH DUH QRZ UHJDUGHG DQG DUH DV EHVW DQG GR QRZ XVH DUHJDUGHG JRRG TXDOLW\ WUHH WLH GR XVH D Ã€WWHG JRRGVR TXDOLW\ WUHH WLH SURSHUO\ WKDW WKH WUHHÂ·V SURSHUO\ Ã€WWHG VR WKDW WKH WUHHÂ·V EDUN LV QRW FKDIIHG EDUN LV QRW FKDIIHG )LQDOO\ UHPHPEHU WKDW

DIWHUFDUH LV HVVHQWLDO )LQDOO\ UHPHPEHU WKDWUHJXODU WKRURXJK LV ZDWHULQJV ZLOOUHJXODU EH DIWHUFDUH HVVHQWLDO QHHGHG GXULQJ GU\ ZHDWKHU WKRURXJK ZDWHULQJV ZLOO EH HVSHFLDOO\ IRU WKH FRXSOH QHHGHG GXULQJ GU\Ã€UVW ZHDWKHU RI \HDUV DIWHU SODQWLQJ ,I \RX HVSHFLDOO\ IRU WKH Ã€UVW FRXSOH GRQÂ·W JHW WKH DIWHUFDUH ULJKW RI \HDUV DIWHU SODQWLQJ ,I \RX WKH SODQW DQG DOO WKDW WLPH DQG GRQÂ·W DIWHUFDUH HIIRUWJHW FDQWKH HDVLO\ EH ORVW ULJKW WKH SODQW DQG DOO WKDW WLPH DQG ### # HIIRUW FDQ HDVLO\ EH ORVW

WKH URRWV" ,Â·P D WHDVHU HYHU\ ZLWK ZKLFK \RX EDFN Ã€OO LW WR WHDVH RU QRW WR WHDVH WKDW WKLV PD\ QRW QHFHVVDULO\ 1H[W WLPH KDYLQJ VHHQ WKRXVDQGV ,QYHVWLJDWLRQV QRZ VXJJHVW EH LGHDO PDNH WKH SODQWLQJ WKH RI URRWV" D WHDVHU WKHLU HYHU\ WUHHV ,Â·P IDLO EHFDXVH WKDW WKLV PD\ QHFHVVDULO\ KROH WRR QRW Â¶FRV\Â· DQG WKH WUHHÂ·V WLPH KDYLQJ VHHQ WKRXVDQGV SRW ERXQG URRWV QHYHU EH LGHDO PDNH SODQWLQJWR VWD\ RI WUHHV IDLO EHFDXVH WKHLUPRYHG URRWV PD\ WKH EH LQFOLQHG

RXW LQ WR WKH VRLO SURSHUO\ LI DW KROH WRR Â¶FRV\Â· DQG WUHHÂ·V LQ WKH KROH ,Q DWKH KHDY\ FOD\ SRW ERXQG URRWVGHSWK QHYHU ### # DOO 3ODQWLQJ LV PRYHG LPSRUWDQW URRWV PD\ LQFOLQHG WRIXOO VWD\ VRLO DEH SODQWLQJ KROH RI ! $ # !

RXW WRR LQ WRVRWKH SURSHUO\ LI DW GRVRLO PDNH VXUH WKDW LQ WKH FRPSRVW KROH ,Q D KHDY\ PD\ DOVR FOD\ HQG XS # # DOO \RX 3ODQWLQJ LV LPSRUWDQW FRYHUGHSWK WKH URRWV DQG RQO\ 7KH# 6WDII DW

*OHDYHV DV KROH D VXPS VRLO D DFWLQJ SODQWLQJ IXOO VR RI ZKHQ WKH WKH URRWV ZLWK VRLO (YHQ WKH $ ! $ # WRR VR GR PDNH VXUH WKDW *DUGHQ &HQWUH LQ ! VRLO PD\ LV ZHWDOVR WKH HQG FRPSRVW FRPSRVW XS GUDZV # # # FRPSRVW OHYHO LQ WKH SRW LV " ! #

)URGVKDP DUH YHU\ WR WKH WKH KROH \RX FRYHU WKH URRWV DQG RQO\ DFWLQJPRUH DV D PRLVWXUH VXPS VRLQZKHQ $ GHHS VWDUW WKH IURP WKH RIWHQ URRWV WRR ZLWK VRLO VR(YHQ ! ! UHVXOWLQJ LQ ZDWHUORJJHG URRWV NQRZOHGJHDEOH DQG VRLO LV ZHW WKH FRPSRVW GUDZV VFUDWFK LI QHFHVVDU\ /D\LQJ D $ ! FRPSRVW OHYHO LQ WKH SRW LV " ! #

SRS DORQJ IRU PRUH $OO PRLVWXUH LQ WR WKH VWUDLJKW FDQH VR RYHU WKH IURP WRS RI YHU\ ORJLFDO EXW KROH WKHQ , IULHQGO\ $ $ ! RIWHQ WRR GHHS VWDUW

! ! UHVXOWLQJ LQ ZDWHUORJJHG URRWV PRUH DGYLFH VFUDWFK LI QHFHVVDU\ /D\LQJ D $ ! VWUDLJKW FDQH RYHU WKH WRS RI $OO YHU\ ORJLFDO EXW WKHQ , $ $ !

! %

DQG 6HDWHU 9HKLFOHV

$LUSRUW 7UDQVIHUV 1R Â³2XW RI KRXUVÂ´ VXUFKDUJH

&RQWUDFWV 8QGHUWDNHQ

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

# & # #

KRXU VHUYLFH 7HO 0RE

0+ $& 6 5 , % + #+ ! # 3+ + ! #3, ! !#0 % + #+ ! 3 #! %+ $ 0 $ . 0 #+ *, 0+ ! , ! 0#! & &' 2& #+ 0+ ,, 3! !0 !0 #! 6 # , 5 0' 1& + ++ ! 0# 0 , % 6 , (0 #00 , % 6)' & , #5 , , 0 ! 0 0+ 0 0 5 , #+ ! 6 !#5! , 0 !!6 ! + ,0 #+ 0+ ' & 0 ! , 4 ! 0# 0 , , # ,0 ! 0 0+ 0 0 + ! +# 0 3 ! ' .& 0 + ,0 % 6 , ! +3!! ! #!0 !3#3, 6 ! #! #!*, ,0 ! , ! 0 #% ! ! $" 2 4 ! 0 0 + #+ # 4 ! 0 #! ,0 ! 0 +3! # !6 % 6 ! ,0#+6' -& #3, 0 0+ 5 , 3+! 0# 0 +#3! ! $.$1 5 ! !!#! , 0 # 3+ ! % + #+ ! , + ! , 0 + 0# 0, 5## ! , ! 0 0 ! ' & + 4 +# 5#+ + ++ ! 0# % +0 3 + #3!0 # #! 6 ! + 5#+ ! ! (0 0+ ) 5 0 $$ 00 + 5#+ 5 , # #! 6 3, 0 0 ,0 +0 # 0 270 !03+6 0# + + 0# , ! #3+ ## ! ,' "& 3 0# ,3% +,0 0 #! ! 0 0 0+ ! 3,0+6 0 0 , 6, 5 , ! ,# #! ## 3 , 03 6 3 5 0 0 + 5#+ % + , , 0+ 0 #! 6 , 0# ! 0#+ 5 # , #30 0# # #! ,0 0# % + #+ , ,, # ## 3 ' $7& #3, #! #! 0 0+ , 0 , ! , 0 !0 5 0 0# !3 + .'

,7Â¶6 $// +$33(1,1* $7 &LQHPD &OXE 02817$,1 9,(: 2)) 48((16 '5,9(

(YHU\ :HGQHVGD\

+(/6%< :$ %(

IURP SP

GD\WLPH

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

683(5% 'DUW 5RRP ZLWK WKUHH SHUPDQHQW GDUW ERDUGV

$// 35(0,(5 /($*8( *$0(6 $9$,/$%/( /,9( 21 285 %,* 6&5((1 SKRQH IRU GHWDLOV

Æ” 322/ 7$%/( Æ” )5,(1'/< 67$)) 5($/ $/(6 Æ” '28%/(6 %$5

7+(5(Â¶6 620(7+,1* )25 (9(5<21(

7KH ',< 0DQ 1R -RE WRR %LJ RU WRR 6PDOO *DUGHQLQJ JDUGHQ PDLQWHQDQFH *UDVV FXWWLQJ ODZQ IHHGLQJ %ORFN 3DYLQJ ÁDJJLQJ GHFRUDWLYH EULFNZRUN JDUGHQ ZDOOV DUFKHV %ULFNZRUN UHSRLQWLQJ 3UHVVXUH ZDVKLQJ GULYHV IRRWSDWKV HWF

,QWHUQDO :RUN

' ' ' ' %""&# $ ' '

'HFRUDWLQJ FRYLQJ )ORRULQJ >ZRRG ODPLQDWH@ )ODW SDFN IXUQLWXUH DVVHPEOHG )XOO TXRWH JLYHQ EHIRUH DQ\ ZRUN LV VWDUWHG IXOO\ LQVXUHG

3KRQH *DU\ (PDLO JDU\KLOO #JPDLO FRP

" " !% $

(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 :$6+ 0266 5(029$/

'$9,' (':$5'6 (VWDEOLVKHG

*$5'(1 *5281' 0$,17(1$1&( *$5'(1 *5281' 0$,17(1$1&( *UDVV &XWWLQJ +HGJH &XWWLQJ 5HJXODU 0DLQWHQDQFH 2II 7LG\ 8S 7UHH 3UXQLQJ *XWWHUV &OHDUHG 3RZHU :DVKLQJ *DUGHQ )HQFLQJ 1HZ )HQFH 6XSSOLHG (UHFWHG

)XOO\ ,QVXUHG

+DUG /DQGVFDSLQJ 3DWLRV 3DWKV 'ULYHZD\V *DUGHQ :DOOV 5DLVHG %HGV 6KHG %DVHV

0LQL -&% IRU +LUH

:22' )$50 :,0%2/'6 75$))25' &+ -3

1RZ WKDW WKH KDUYHVW LV RIÀFLDOO\ RYHU EDU VRPH VSURXWV DQG D FRXSOH RI OHHNV 1RYHPEHU LV RXU WLPH IRU SDXVH DQG UHQHZDO -XVW DV 2FW VW VLJQLÀHG WKH &HOWLF 1HZ <HDU ZH FHOHEUDWH RXU JURZLQJ VXFFHVVHV DQG FRQVLGHU RXU IDLOXUHV PXFK OLNH D %HWWHU /LIH VFKRRO UHSRUW $ ELW OLNH WKH VSXGV , SODQWHG UHFHQWO\ LW·V D PL[HG EDJ %LRORJ\ 7KH VR FDOOHG ZHHG WKDW ÁRXULVKHG LQ WKH UDLVHG EHG WXUQHG RXW WR EH DQ RULHQWDO SRSS\ EHDULQJ ÁRZHU KHDGV )XOO PDUNV IRU ELUG SRRS RU ZLQGIDOO DQG P\ SURFUDVWLQDWLRQ *HRJUDSK\ 0\ JXHUULOOD JDUGHQLQJ HIIRUWV DW ZRUN ZHUH D OLWWOH XQGHUZKHOPLQJ 7KH IRXU PDQJH WRXW , VHFUHWHG LQ WKH FRPPXQDO JDUGHQ VWUXJJOHG LQVXIÀFLHQW OLJKW XQWLO ÀQDOO\ WKH VROH VXUYLYRU \LHOGHG WZR DFWXDO PDQJH WRXW 0XVW GR EHWWHU

ZHUH WKH VWDQGRXW VXFFHVVHV 3( , FORFNHG XS F\FOLQJ PLOHV LQ PRQWKV FRPPXWLQJ WR P\ SDUW WLPH MRE DVLGH IURP WKH PLOH ORQJ URXQG WULS IRU WKH 3RVW 2IÀFH UXQ DPEOH $OVR GLJJLQJ IRU YLFWRU\ KHOSHG WR FDQFHO RXW WKH FDORULHV +LVWRU\ , ZDV EHWWHU DW UHFRUGLQJ SODQWLQJ GDWHV RQ WKH FDOHQGDU IRU IRUZDUG SODQQLQJ KHOSLQJ WR HQVXUH WKH JDUGHQ UHPDLQHG SURGXFWLYH DQG VXVWDLQDEOH $ ::,, FURS URWDWLRQ OHDÁHW SURYHG XVHIXO WRR RQFH ODPLQDWHG IRU RXWGRRU VHUYLFH &KHPLVWU\ 2XU GR LW \RXUVHOI SODQW IHHGV VHHP WR ZRUN EXW WKH WULDO EHFDPH VNHZHG ZKHQ , IHOW VRUU\ IRU WKH XQGHUSULYLOHJHG VSHFLPHQV :H PDGH QHWWOH IHHG IRU JURZLQJ DQG FRPIUH\ IHHG GRQDWHG E\ D QHLJKERXU

IRU ÁRZHUV RU IUXLWV %RWK $QQH DQG WKH FDW ZHUH SXW RII E\ WKH VWHQFK WKRXJK VR ZH·OO QHHG D TXDUDQWLQHG DUHD QH[W WLPH

, GLVFRYHUHG VRPH DV \HW XQLGHQWLÀHG ODZ RI YROXPH WKDW VWDWHV LW DOZD\V WDNHV PRUH EDJV RI VRLO DQG FRPSRVW WKDQ \RX KDYH WR KDQG 'UDPD 6RPHKRZ ZH FRUQHUHG WKH PDUNHW WKLV \HDU LQ PLFUR JDUOLF ,QGRRUV WKH FKLOOL SHSSHUV DODV EXUQHG EULJKWO\ EXW EULHÁ\ H[FHSW RQ WKH WRQJXH ,Q D VXUSULVH WZLVW WKH URJXH WRPDWR VHHG LQ WKH FRPSRVW SURYHG WR EH VXQ JROG \LHOGLQJ GR]HQV RI EHOODGRQQD EHDXWLHV 0D\EH ,·OO JURZ WR OLNH WKH WDVWH RQH GD\ 5HDGLQJ ,·YH VWDUWHG WR UHDG VHHG SDFNHWV PRUH FDUHIXOO\ VR WKDW ZH SODQW DFFRUGLQJ WR WKH FOLPDWH DQG VRLO IURP QRZ RQ 2XU PDLQ JURZLQJ OHVVRQV $VVXPH WKHUH ZLOO EH ORVVHV HYHQ HDUO\ RQ DQG SODQW DFFRUGLQJO\ %H GHFLVLYH ZKHQ LW FRPHV WR WDNLQJ DLOLQJ SODQWV RXW 2WKHUZLVH WKH\·UH WDNLQJ XS QXWULHQWV DV ZHOO DV VSDFH ([SHULPHQW 0XFK DV WKH H[SHUWV ZRXOG ORYH WR WHOO \RX RWKHUZLVH WKHUH DUH QR KDUG DQG IDVW UXOHV RQO\ ZKDW ZRUNV RQ \RXU SDWFK RI VRLO %H EROG

+RPH (FRQRPLFV )XOO PDUNV WR $QQH DQG WKH JDUGHQ 7KH :RRGZRUN )XOO PDUNV DJDLQ EXWWHUQXW VTXDVK VXUYLYHG WR RXU QHLJKERXU ,I \RX FDQ WKH PROOXVF KRUGHV DV ,·YH ÀQG \RXUVHOI D UHWLUHG FDUSHQWHU VDLG EHIRUH WKHUH·V QHYHU D ZLWK WRROV DQG IUHH WLPH LW·V ZHOO KHGJHKRJ DURXQG ZKHQ \RX ZRUWK EDUWHULQJ WR VRUW RXW WKHLU QHHG RQH DOWKRXJK ZH GLG FRPSXWHU SUREOHPV RQFH ÀQG D SRRS RQ WKH IURQW 2YHUDOO ,·G JLYH XV D % PLQXV GRRUVWHS DQG DORQJ ZLWK 3K\VLFV $ UDLVHG EHG ZLWK IRU HIIRUW DQG D & SOXV IRU LQVXIÀFLHQW VRLO LV OLWWOH PRUH KRPHPDGH IHQQHO EUHDG DFKLHYHPHQW $QG QRZ ZH D ZRRGHQ IUDPH , WKLQN PRYH XS D \HDU UKXEDUE FUXPEOH DQG OHWWXFH WKDQ

'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€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… )XOO\ PDQDJHG SDFNDJHV DYDLODEOH

:LWK RYHU \HDUV ORFDO H[SHULHQFH

&RQWDFW XV IRU PRUH GHWDLOV

EL]]LEHHOHWWLQJV FRP RU FDOO

&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

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

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

7HO ZZZ FVVDODUPVFKHVKLUH FR XN

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

&RPSOHWH %DWKURRPV %DWKURRP 6XLWHV VXSSO\ RQO\ 2U VXSSOLHG DQG ILWWHG LQFOXGLQJ (OHFWULFV 3ODVWHULQJ 7LOLQJ :HÂ¶OO WDNH FDUH RI HYHU\WKLQJ

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

)RU DOO \RXU SOXPELQJ UHTXLUHPHQWV FDOO

2XU )DPLO\ +HOSLQJ <RXUV

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

&URZQ %XLOGLQJV /DWKDP $YHQXH +HOVE\

7HOHSKRQH

# # &) ) & ( ' #

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

:<44,9

* ** $% % * $% !%

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

:OV^YVVTZ H[! 6SK ;VKK )\PSKPUN 2U\[ZMVYK 9VHK +P[[VU 9VHK >PKULZ >HYYPUN[VU

&W ^

&ƌŽĚƐŚĂŵ WůĂƐƚĞƌŝŶŐ ^ĞƌǀŝĐĞƐ

- / 0RVWRQ 3URSHUW\ 0DLQWHQDQFH -RLQHU\

EŽ ũŽď ƚŽŽ ƐŵĂůů͊

:LQGRZV ŏ .LWFKHQV 'RRUV ŏ 6RI¿WV )DVFLDV )ODJJLQJ ŏ )HQFLQJ ŏ 'HFNLQJ )ORRU :DOO 7LOLQJ $OO DVSHFWV RI MRLQHU\ XQGHUWDNHQ

WƌŽĨĞƐƐŝŽŶĂů͕ &ƌŝĞŶĚůǇ͕ ZĞůŝĂďůĞ ^ĞƌǀŝĐĞ ůů ƚǇƉĞƐ ŽĨ ƉůĂƐƚĞƌŝŶŐ ǁŽƌŬ ƵŶĚĞƌƚĂŬĞŶ͗ /ŶƚĞƌŶĂů ĂŵĂŐĞ ZĞƉĂŝƌ͕ ĞŝůŝŶŐƐ ZĞͲƉůĂƐƚĞƌĞĚ͕ ^ŬŝŵŵŝŶŐ͕ ƌǇ >ŝŶŝŶŐ͕ ZĞŶĚĞƌŝŶŐ

,ŝŐŚ YƵĂůŝƚǇ &ŝŶŝƐŚ ĂŶĚ ǆƚƌĞŵĞůǇ dŝĚǇ

)XOO\ ,QVXUHG 5HIHUHQFHV DYDLODEOH

&RQWDFW -DVRQ

Ăůů ĨŽƌ Ă ĨƌĞĞ ƋƵŽƚĞ

/DQJGDOH :D\ )URGVKDP

ϬϭϵϮϴ ϱϮϵ Ϯϵϯ Žƌ Ϭϳϵϭϵ ϯϯϳ ϱϰϱ ǁǁǁ͘ĨƌŽĚƐŚĂŵƉůĂƐƚĞƌŝŶŐƐĞƌǀŝĐĞƐ͘ĐŽ͘ƵŬ ĂƐĞĚ ŝŶ &ƌŽĚƐŚĂŵ ϭϰ ŚƵƌĐŚ ^ƚƌĞĞƚ t ϲ ϲY>

, 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

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

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

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 Â« , 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 ÂµWRS QRWFKÂ¶ FXVWRPHU VHUYLFH

)RU D IUHH QR SUHVVXUH TXRWH FDOO 3DXO RQ

7HO (PDLO (PDLO SDQGDEOLQGV#VN\ FRP SDQGDEOLQGV#QWOZRUOG FRP

6XSSRUW \RXU ORFDO EXVLQHVV .HHS LW ORFDO

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

DQG WKDWÂ·V DIWHU \RXÂ·YH IRXQG ZKHUH WKH PDQXIDFWXUHU KDV KLGGHQ WKH EORRPLQJ VZLWFK LQ WKH Ã€UVW SODFH (OHFWURQLF DVVLVWDQFH LV RIWHQ WKH URRW FDXVH RI WKH SUREOHP 0DQXIDFWXUHUV VHHP LQWHQW RQ DGGLQJ D FKDUJH WR D IXQFWLRQ WKDW UHDOO\ GLGQÂ·W QHHG LW LQ WKH Ã€UVW SODFH 7DLOJDWHV IRU H[DPSOH :K\ GR , QHHG KHOS VKXWWLQJ WKH ERRW Â² VHFRQGV PRUH VORZO\ WKDQ , FRXOG GR LW E\ KDQG Â² ZKHQ ,Â·YH PDQDJHG SHUIHFWO\ DGHTXDWHO\ IRU \HDUV" 7+( UHFHQW DQQRXQFHPHQW DERXW GULYHUOHVV FDUV KHDGLQJ WR WKH 8. JRW PH WKLQNLQJ 1RW DERXW KRZ QLFH LW ZRXOG EH WR KDYH D VQRR]H LQ WKH EDFN RI D ORQJ WHUPHU DV LW FUXLVHG XS WKH $ GRGJLQJ RYHUWDNLQJ ORUULHV DV ZH JR DOWKRXJK , DGPLW WKDW ZDV P\ Ã€UVW WKRXJKW EXW PRUH DERXW WKH LQFUHGLEOH DGYDQFHV LQ WHFKQRORJ\ WKH FDU LQGXVWU\ KDV PDGH RYHU WKH \HDUVÂ« DQG PRUH LPSRUWDQWO\ WKH QRW VR LQFUHGLEOH )HZ ZRXOG GRXEW WKHUH KDYH EHHQ VRPH DPD]LQJ OHDSV IRUZDUG +\EULG SRZHU SODQWV FDUV WKDW \RX FKDUJH E\ SOXJJLQJ LQWR \RXU KRXVH QLJKW YLVLRQ DXWRPDWLF EUDNLQJ WR DYRLG ORZ VSHHG FUDVKHV DLUEDJV %OXHWRRWK WKH OLVW RI KHOSIXO JDGJHWV JRHV RQ DQG RQ

)LHVWD ;5 ,Â·P VWDUWLQJ WR ZLVK WKDW OLVW FRXOG EH PDGH D OLWWOH VKRUWHU E\ XQ LQYHQWLQJ D IHZ WKLQJV 0\ UXVW\ )RUG LV SUHWW\ EDVLF Â² WKH UDGLR RIIHUV D FKRLFH RI )LYH /LYH RU QR )LYH /LYH WKH KHDWHU VHWWLQJV FRQVLVW RI KRW ZDUP RU D OLWWOH OHVV ZDUP DQG WKH ORZHULQJ RI WKH ZLQGRZV H[HUFLVHV \RXU HQWLUH DUP QRW MXVW RQH Ã€QJHU -XPSLQJ IURP WKDW LQWR D PRGHUQ WHVW FDU PDNHV \RX UHDOLVH WKHUH DUH D ORW RI QHZ JLPPLFNV WKDW VKRXOG EH FRQVLJQHG WR 5RRP

7KHQ WKHUH DUH WKH FDUV WKDW GRQÂ·W RSHQ DOO WKH GRRUV ZKHQ \RX SUHVV WKH NH\IRE 5HPRWH FHQWUDO ORFNLQJ ZDV D JRGVHQG ZKHQ LW DUULYHG DOO GRRUV SRSSLQJ RSHQ DW WKH WRXFK RI D EXWWRQ :K\ WKHQ GLG D PDQXIDFWXUHU GHFLGH WKDW WKLV ZDVQÂ·W DFWXDOO\ D JRRG LGHD DQG WKDW RQH SUHVV VKRXOG RSHQ WKH GULYHUÂ·V GRRU RQO\" 7KDW LV QRW SURJUHVV 'RQÂ·W ZRUU\ WKHUH DUH PRUH 2QH WRXFK ZLQGRZV IRU RQH WKDW JR DOO WKH ZD\ GRZQ ZKHQ \RX KLW WKH EXWWRQ 7KH\Â·UH EULOOLDQW %XW ZK\ GRHV LW VRPHWLPHV RQO\ ZRUN RQ WKH GULYHUÂ·V VLGH" +RZ PXFK PRUH ZRXOG LW FRVW WR RIIHU WKDW RQ DOO ZLQGRZV" 3HQQLHV"

)LUVW WKH HOHFWURQLF KDQGEUDNH 1DPH RQH JRRG UHDVRQ ZK\ WKH HOHFWURQLFDOO\ HQJDJHG DQFKRU ZKLFK VHHPV WR WDNH PLQXWHV WR HQJDJH VKRXOG UHSODFH WKH JRRG ROG IDVKLRQHG WXJ RI D PDQXDO $QG GRQÂ·W JHW PH VWDUWHG RQ SDUNLQJ EUDNH ,WÂ·V LPSRVVLEOH IXHO JDXJHV 7KH QXPEHU RI WR NQRZ ZKHWKHU \RX QHHG WR WLPHV ,Â·YH EULPPHG D PRGHUQ SXVK WKH EXWWRQ WR HQJDJH LW FDU RQO\ WR WUDYHO PLOHV DQG RU SXOO LW ZKHWKHU \RX QHHG IRU LW WR VWLOO VKRZ IXOO EHJJDUV +RZHYHU KDYLQJ VSHQW D EUDNH

LQ P\ WUXVW\ IRRW RQ WKH RU QRW EHOLHI 7KDW LV D JDXJH WKDW IHZ ZHHNV \RXU

LV TXLWH FOHDUO\ IDLOLQJ DW LWV SULPDU\ REMHFWLYH $V VRRQ DV , OHDYH D SHWURO VWDWLRQ ZLWK WKH HQJLQH UXQQLQJ , DP E\ WKH ODZV RI VFLHQFH XVLQJ IXHO Â² WKDW XVDJH QR PDWWHU KRZ VPDOO VKRXOG UHJLVWHU RQ WKH JDXJH ,WÂ·V HLWKHU IXOO RU LWÂ·V QRW ULJKW" $QG WKDWÂ·V QRW WR PHQWLRQ WKH PDQXIDFWXUHUV WKDW KDYH GRQH DZD\ ZLWK D JDXJH DOWRJHWKHU DQG GHFLGHG D IHZ GLJLWDO EOREV DUH D IDLU UHSUHVHQWDWLRQ RI WKH IXHO FRQWDLQHG LQ WKH FDUÂ·V EODGGHU 9RLFH FRQWURO WKDW QHYHU ZRUNV RU WDNHV Ã€YH WLPHV DV ORQJ WR H[HFXWH D VLPSOH WDVN WKDW \RXU Ã€QJHU FRXOG KDYH GRQH PRPHQWV DJR QHHGV UHPRYLQJ ,Â·G XQGHUVWDQG LI WKH EXWWRQV WKDW GR WKH WKLQJ \RXÂ·UH WU\LQJ WR FRPPDQG ZLWK \RXU YRLFH ZHUH ORFDWHG LQ WKH ERRW EXW WKH\Â·UH QRW WKH\Â·UH OHVV WKDQ DQ DUP EHQG DZD\ 6R KHUHÂ·V

DQ LGHD 8VH \RXU DUP $XWRPDWLF OLJKWV WKDW LOOXPLQDWH DW LQDSSURSULDWH WLPHV" 7KH\ FDQ JR 5DLQ VHQVLWLYH ZLSHUV WKDW FRPH RQ WRR ODWH RU QRW VWURQJ HQRXJK Â² JHW ULG RI WKHP 0\ SRLQW LV DQG \HV WKHUH LV RQH ZHÂ·YH PDGH VRPH LQFUHGLEOH SURJUHVV RYHU WKH \HDUV EXW LQ DQ DWWHPSW WR JHW RQH RYHU WKH FRPSHWLWLRQ FDU Ã€UP WHFK GHSDUWPHQWV KDYH EHHQ OHW ORRVH WR HQJLQHHU WKLQJV WKDW GRQÂ·W QHHG HQJLQHHULQJ 7KHUHÂ·V D ORW WR EH VDLG IRU VLPSOLFLW\ 7KDWÂ·V ZK\ ,Â·P MXVW D OLWWOH ELW ZRUULHG DERXW VHOI GULYLQJ FDUV <RX RQO\ KDYH WR SLFWXUH D VXSHUPDUNHW FDU SDUN RI WKH IXWXUH Â² \XPP\ PXPPLHV HQJDJLQJ VHOI SDUN DQG HGJLQJ HYHU VR VORZO\ LQWR D ED\ E\ WKH SRZHU RI GLYLQH FDU EUDLQ LQWHUYHQWLRQ Â² WR

VHH WKH SUREOHPV WKDW PD\ OLH DKHDG <HV WKRVH FDUV PD\ EH Ã€QDOO\ SDUDOOHO LQ WKH VSDFH EXW MXGJLQJ E\ WKH WLPH LW WDNHV WR DSSO\ DQ HOHFWURQLF KDQGEUDNH KRZ ORQJ GR \RX WKLQN LWÂ·OO WDNH WR H[HFXWH D UHYHUVH SDUN" :KDWHYHU KDSSHQV ZLWK GULYHUOHVV WHFK , FDQ VHH RQH JRRG WKLQJ IRU GHDOHUV Â² DQG WKDWÂ·V WKH Ã€OOLS LWÂ·OO RIIHU VHUYLFLQJ GHSDUWPHQWV , GRQÂ·W WKLQN WKH JRYHUQPHQW RU LQVXUHUV IRU WKDW PDWWHU ZLOO WDNH WRR NLQGO\ WR RZQHUV ZKR PLVV DQQXDO VHUYLFHV ZKHQ WKH FDU LV GULYLQJ LWVHOI DURXQG 7KDWÂ·OO EH JUHDW QHZV IRU GHDOHUV ZKR FXUUHQWO\ UDUHO\ VHH RZQHUV RQFH WKH ZDUUDQW\ SHULRG KDV H[SLUHG 0D\EH WKDWÂ·V ZK\ DOO WKLV QHZ WHFK LV LQYHQWHG LQ WKH Ã€UVW SODFHÂ« WR NHHS WHFKQLFLDQV EXV\ 2QFH D F\QLF DOZD\V D F\QLF HK"

%$ 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

Â´+RVWHOU\ IRU WKH $VWXWHÂµ

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

Æ” (YHU &KDQJLQJ &DVN UHDO $OHV Æ” 5HDO 2UJDQLF &LGHU Æ” 6XSHUE 5HVWDXUDQW 4XDOLW\ )RRG DW 3XE )RRG 3ULFHV 6HH :HEVLWH IRU WKLV 0RQWKÂ¶V 0HQX 6SHFLDOV %RDUG %RRNLQJ HVVHQWLDO -LPP\Â·V 4XL] HYHU\ 6XQGD\ SP 3OD\ \RXU FDUGV ULJKW MDFNSRW Â… $// 3UHPLHU /HDJXH JDPHV DYDLODEOH OLYH SKRQH WR VHH ZKLFK RQHV DUH VKRZLQJ

&KULVWPDV ERRNLQJV QRZ EHLQJ WDNHQ %RRN QRZ WR DYRLG GLVDSSRLQWPHQW 6HH ZHEVLWH IRU 0HQX RU FDOO LQ DQG FROOHFW %(//(0217( 52$' 29(5721 )52'6+$0 :$ %6

7(/

UH .LWFKHQ %HIR

" # "

.LWFKHQ $IWHU

& - '

:,1'2: &/($1,1* 6(59,&(6 :,1'2: &/($1,1* ,QWHULRU H[WHULRU ,1&/8',1* )5$0(:25.

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

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

$OVR *877(56 DQG 62/$5 3$1(/6 &/($1('

-HUHP\ 5LOH\ % (QJ +RQV

2YHU \HDUV ,7 LQGXVWU\ H[SHULHQFH

&200(5&,$/ '20(67,& 3523(57,(6

&DOO )UHH RQ

)8//< ,1685('

RU HQTXLULHV#ULOH\ LW FR XN ZZZ ULOH\ LW FR XN

5LQJ &KULV RQ

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

63(&,$/ 2))(5

129(0%(5 21/< )8// 6(59,&( Â… 027 ),;(' 35,&(

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

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

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

027Â·6 21/<

([FOXGHV SODWLQXP SOXJV SOHDVH SKRQH IRU GHWDLOV

Â…

Â… 7HUPV &RQGLWLRQV DSSO\

72 *(7 $&&(66 72 $1< 2) 7+(6( 129(0%(5 2))(56 3/($6( %5,1* $/21* 72 7+( '(327 <285 &23< 2) 7+,6 0$*$=,1(

&DQ \RX VSRW WKH 'LIIHUHQFHV"

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

-96+:/(4 .(9+,5: 6( 7 3;+ +0:*

6<5

+VTLZ[PJ HUK JVTTLYJPHS Â‹ 9LN\SHY NHYKLU THPU[LUHUJL Â‹ :WYPUN [PK` \WZ Â‹ 3H^U TV^PUN Â‹ /LKNL J\[[PUN [YLL Z\YNLY` Â‹ .\[[LY JSLHUPUN Â‹ 7V^LY ^HZOPUN &DOO 3DXO IRU D IUHH QR REOLJDWLRQ TXRWH

Â‹ IURGVKDPJDUGHQV#\DKRR FR XN

^^^ MYVKZOHTNHYKLUZ JV \R )XOO\ LQVXUHG IDPLO\ UXQ EXVLQHVV

%DVHG LQ 1RUOH\

;

0+37' '5+)0 %RRN &RPSXWHU 12: WR $LGHG KDYH \RXU 'HVLJQV ZLWK LQVWDOO EHIRUH DOO TXRWHV &KULVWPDV

&RPSXWHU )LUVW 6,; FDOOHUV $LGHG ZLOO UHFHLYH 'HVLJQV ZLWK 2)) DOO TXRWHV

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

&DOO XV WRGD\

ZZZ XQLTXHEDWKURRPVDQGNLWFKHQV FR XN Â‡ XGEDWKURRPVDQGNLWFKHQV#\DKRR FR XN

,V 0RELOLW\ D 3UREOHP" Æ” /HW XV DOWHU \RXU H[LVWLQJ EDWKURRP WR VXLW \RXU QHHGV Æ” 5HSODFH \RXU EDWK ZLWK D VKRZHU HQFORVXUH IRU HDV\ DFFHVV Æ” 1R PRUH VWUXJJOLQJ LQWR D EDWK DQG UHGXFH WKH ULVN RI D IDOO Æ” 1R QHHG WR UHSODFH \RXU ZKROH EDWKURRP ZH KDYH D ZLGH UDQJH RI ZDWHUSURRI ZDOO FRYHULQJV WR PDWFK \RXU H[LVWLQJ WLOHV Æ” 1R JURXW WR FOHDQ IRU HDV\ PDLQWHQDQFH

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

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

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

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

0$1 $1' 9$1 )$67 $1' )5,(1'/< /2&$/ 6(59,&(

*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

$// 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%,/(

*UDKDP ZLOO EH KROGLQJ VXUJHULHV DW SP SP DW +HOVE\ &RPPXQLW\ &HQWUH RQ WK 1RY 7KH .QROO 6XUJHU\ )URGVKDP DW SP SP RQ WK 1RY 7R ERRN SOHDVH ULQJ

%\ 6RODQJH +DQGR 7KH QDWLYHV FDOOHG WKHP ¶ELJ ZDWHU· DQG ZLWK DQ DYHUDJH ÁRZ RI PLOOLRQ OLWUHV SHU VHFRQG ,JXD]X WDNHV \RXU EUHDWK DZD\ WKXQGHULQJ ZDWHU JXVW\ ZLQGV UHOHQWOHVV VSUD\ DQG JUHDW FORXGV RI PLVW ULVLQJ DERYH VXE WURSLFDO IRUHVW 9LVLWRUV DUH OLNHO\ WR JHW ZHW EXW QR RQH VHHPV WR PLQG IRU LQ WKLV ZLOG DZHVRPH SODFH ,JXD]X LV QR RUGLQDU\ FDWDUDFW -XVW LPDJLQH D GDUN EDVDOW FOLII IDFH NP ORQJ VKDSHG OLNH DQ LQYHUWHG OHWWHU - VWUHDNHG E\ XS WR JOLVWHQLQJ ZDWHUIDOOV HDFK RQH ZLWK LWV RZQ QDPH SOXQJLQJ WR PHWUHV IURP WKH XSSHU WR WKH ORZHU ,JXD]X ULYHU ¶6DQWD 0DULD· H[FODLPHG 6SDQLVK H[SORUHU &DEH]D GH 9DFD LQ ZKHQ KH GLVFRYHUHG RQH RI WKH PRVW SRZHUIXO FDWDUDFWV 6DQWD 0DULD DV LW LV VWLOO FDOOHG LV RQ WKH %UD]LO VLGH EXW $UJHQWLQD FODLPV RI WKH IDOOV LQFOXGLQJ WKH KLJKHVW WKH 'HYLO·V 7KURDW UHDFKHG E\ DQ HFR WUDLQ DQG D NLORPHWUH ORQJ ZDONZD\ DFURVV WKH XSSHU ULYHU

DUULYH DW WKH WRS RI WKH 'HYLO·V 7KURDW ZLWK MXVW D SDUWLDO YLHZ RI WKH RWKHU IDOOV ZKLOH RQ WKH %UD]LOLDQ VLGH WKH\ WDNH LQ WKH ZKROH SDQRUDPD ÀUVW IURP DERYH DQG WKHQ HYHQ PRUH LPSUHVVLYH IURP EHORZ <RX FDQQRW EHDW WKH H[FLWHPHQW DV \RX PDNH \RXU ZD\ GRZQ WKH VWHSV WR WKH FHQWUDO SRLQW RI WKH IDOOV DQG DORQJ WKH DPD]LQJ ¶FDW ZDON· ZKLFK WDNHV \RX WR WKH KHDUW RI LW DOO VRDNHG WR WKH VNLQ EXW H[KLODUDWHG 'ZDUIHG E\ WKH PLJKW\ FXUWDLQV RI ZDWHU URDULQJ DOO DURXQG \RX VWDQG DQG VWDUH DV UDLQERZV FRPH DQG JR OLNH PDJLF 1R RQH ZDQWV WR OHDYH EXW WKHUH DUH RWKHU WUHDWV LQ VWRUH 7KRVH ZKR DUH EUDYH HQRXJK FDQ VKRRW WKH UDSLGV RQ LQÁDWDEOH VSHHG ERDWV ULJKW XS WR WKH EDVH RI WKH 'HYLO·V 7KURDW ZKLOH RWKHUV PLJKW SUHIHU D KHOLFRSWHU ULGH IRU D EULHI EXW XQIRUJHWWDEOH ELUG·V H\H YLHZ RI WKH IDOOV LQ WKHLU SULVWLQH HPHUDOG VHWWLQJ

VSRW VRPH RI WKH ZLOG OLIH FORVH WR WKH ZDWHU IURP UDFRRQV DQG PRQNH\V WR SDUURWV PDFDZV DQG WRXFDQV VSODVKLQJ P\ULDG FRORXUV LQ WKH WUHHV &DLPDQV EDVN LQ WKH ORZHU UHDFKHV DQG WKHUH DUH MDJXDUV DQG FRUDO VQDNHV GHHS LQ WKH IRUHVW 7KH QHDUE\ ELUG SDUN RIIHUV D JUHDW DOWHUQDWLYH IRU ZLOG OLIH HQWKXVLDVWV GHGLFDWHG WR FRQVHUYDWLRQ LQ LWV RZQ SDWFK RI UDLQIRUHVW

$V RQH ZRXOG H[SHFW WKH ,JXD]X IDOOV YDU\ DFFRUGLQJ WR VHDVRQ RIWHQ DW WKHLU EHVW DURXQG $SULO 0D\ ZKHQ WKHUH LV VWLOO SOHQW\ RI ZDWHU DQG VNLHV WHQG WR EH FOHDU 7RGD\ KRZHYHU FOLPDWH FKDQJH RIIHUV QR JXDUDQWHH ,Q D VL[ PRQWK GURXJKW OHIW VFRUHV RI YLVLWRUV JD]LQJ LQ GLVEHOLHI DW EDUUHQ FOLIIV DQG URFNV <HW IRU WKRVH ZKR KDYH VHHQ DOO WKH JUHDWHVW IDOOV LQ WKH ZRUOG ,JXD]X LV WRS RI WKH OLVW IRU LWV SDQRUDPLF YLHZV DQG XQVSRLOW QDWXUDO VHWWLQJ (YHQ (OHDQRU 5RRVHYHOW ÀUVW 6XUURXQGHG E\ UDLQIRUHVW ZLWK ODG\ RI WKH 8QLWHG 6WDWHV ZDV YLVLWRUV· IDFLOLWLHV ZHOO RXW RI VDLG WR DJUHH ZKHQ VKH VHW ¶$UJHQWLQD KDV WKH IDOOV VLJKW ,JXD]X LV SURWHFWHG E\ H\HV RQ WKLV JLJDQWLF FDQ\RQ %UD]LO KDV WKH YLHZV· WKH\ 81(6&2 ZLWK QDWLRQDO SDUNV ERUQ IURP WHFWRQLF PRYHPHQWV VD\ DQG WKLV LV FHUWDLQO\ RQ ERWK VLGHV RI WKH ERUGHU ZKLFK EHJDQ VRPH PLOOLRQ WUXH ,Q $UJHQWLQD YLVLWRUV 2Q TXLHW GD\V \RX PD\ ZHOO \HDUV DJR

<RXU /RFDO 3ULYDWH +LUH &RPSDQ\

Â‡ Â‡ Â‡ Â‡

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

# $ $ &

( #

)XOO SOXPELQJ VHUYLFH

'D\ 7HO

(YH 7HO

! # " ! &

,(1 # '

(PDLO PEXQWLQJSOXPELQJ#VN\ FRP

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

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

+,//6,'( *$5'(1 75(( Â‡ <HDU ([SHULHQFH Â‡ 3HUIHFW &RORXU 0DWFKLQJ Â‡ $OO 0DMRU 0LQRU :RUN 8QGHUWDNHQ

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

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

/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

$ :RUUDOO 6RQV )HQFLQJ DQG 3DYLQJ

(VWDEOLVKHG

%HDXWLIXOO\ &UDIWHG 0HPRULDOV LQ *UDQLWH 0DUEOH 6WRQH $GGLWLRQDO ,QVFULSWLRQV &OHDQLQJ 5HQRYDWLRQV 3KRQH IRU IUHH %URFKXUHV DQG HVWLPDWHV 7HO +RPH $GGUHVV 6SULQJERXUQH )URGVKDP

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

%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

%X\LQJ JDGJHWV FDQ EH WULFN\ LI \RX·UH EX\LQJ IRU D JURZQ XS WKHUH·V D YHU\ JRRG FKDQFH WKDW WKH\·YH DOUHDG\ ERXJKW WKH JDGJHWV WKH\ ZDQW %XW GRQ·W GHVSDLU EHFDXVH LW WXUQV RXW WKDW WKHUH DUH ORWV RI JDGJHW UHODWHG JLIWV \RX FDQ EX\ IRU WKH PDQ ZKR KDV HYHU\WKLQJ $ JRRG SODFH WR VWDUW LV ZLWK D FDVH <RX FDQ VSHQG KXQGUHGV LI \RX ZDQW VRPHWKLQJ IURP D QDPH GHVLJQHU EXW ÀUPV VXFK DV 7XII /XY PDNH UHDOO\ QLFH YLQWDJH OHDWKHU .LQGOH FDVHV IRU DURXQG $QG RI FRXUVH \RX FDQ JHW OHDWKHU FDVHV IRU RWKHU GHYLFHV VXFK DV ODSWRSV DQG WDEOHWV WRR ,I KH KDVQ·W DOUHDG\ JRW D WDEOHW WKHUH DUH SOHQW\ RI DOWHUQDWLYHV WR WKH DOO FRQTXHULQJ L3DG DQG L3DG 0LQL $PD]RQ·V .LQGOH )LUH +' LV JRRG IRU HERRNV DQG PRYLHV DQG D UDQJH RI DIIRUGDEOH :LQGRZV WDEOHWV KDYH EHHQ ODXQFKHG E\ WKH OLNHV RI $VXV $FHU DQG 7RVKLED DOO EHORZ ,I KH IDQFLHV KLPVHOI DV WKH QH[W -DPLH 2OLYHU %HONLQ·V &KHI 6WDQG DQG :DQG LV D VPDUW JLIW LGHD ,W·V D WDEOHW VWDQG GHVLJQHG VSHFLÀFDOO\ IRU WKH NLWFKHQ HQDEOLQJ KLP WR VHH WKH UHFLSH RU WKH WXWRULDO YLGHRV LI KH·V XVLQJ FRRNLQJ DSSV RU <RX7XEH ZLWKRXW JHWWLQJ LW FRYHUHG LQ IRRG ,I KH·V PRUH RI

DQ RXWGRRU FRRNLQJ W\SH L*ULOO·V UDQJH RI VPDUWSKRQH FRQQHFWHG WKHUPRPHWHUV IURP DURXQG JLYH KLP D QHZ WR\ WR SOD\ ZLWK ZKLOH KH·V EXUQLQJ EXUJHUV 2QH RI WKH PRUH XQXVXDO QHZ JDGJHWV ZH·YH VHHQ LV WKH 3OD\%XOE D EOXHWRRWK VSHDNHU WKDW·V DOVR DQ /(' OLJKW EXOE 7KH GHYLFH LV FRQWUROOHG YLD DQ L3KRQH DQG $QGURLG DSS WKDW HQDEOHV \RX SOD\ PXVLF DQG HU WXUQ WKH OLJKW RQ DQG RII )RU VSRUW\ W\SHV WKHUH DUH VWDFNV RI JDGJHW JLIWV VXFK DV WKH )LWELW )OH[ DFWLYLW\ WUDFNHU WKH =HSS PRWLRQ VHQVRU IRU WHQQLV SOD\HUV *DUPLQ·V )RUHUXQQHU *36 ZDWFKHV DQG WKH 7RP7RP 0XOWL 6SRUW *36 :DWFK ,I \RX UHDOO\ ZDQW WR GHOLJKW D JDGJHW IDQ WKLV \HDU·V KRW WHFKQRORJ\ LV WKH VPDUWZDWFK RI ZKLFK /*·V * :DWFK 5 LV RQH RI WKH QLFHVW 7KH SULFH KDGQ·W EHHQ DQQRXQFHG DV ZH ZHQW WR SUHVV EXW WKH $QGURLG FRPSDWLEOH VPDUWZDWFK LV OLNHO\ WR EH NHHQO\ SULFHG QRW OHDVW EHFDXVH $SSOH KDV LWV RZQ VPDUWZDWFK ZKLFK LV OLNHO\ WR EH D ELJ VHOOHU WKLV &KULVWPDV

FRQWUROOHG TXDGULFRSWHU D Á\LQJ GURQH WKDW FDQ VWUHDP KLJK GHÀQLWLRQ YLGHR EDFN WR WKH RZQHU·V SKRQH RU WDEOHW 7KHUH DUH GURQHV WR VXLW DOO EXGJHWV IURP WKH 4XDGULFRSWHU ; WR GURQHV FRVWLQJ PRUH WKDQ 0DQ\ ELJJHU GURQHV DUH GHVLJQHG WR FDUU\ *R3UR FDPHUDV ZKLFK DUH VPDOO KLJK GHÀQLWLRQ FDPHUDV WKDW FDQ EH DWWDFKHG WR DOPRVW DQ\WKLQJ 2XU FXUUHQW IDYRXULWH YLGHR D <RX7XEH KLW ZDV PDGH E\ VWUDSSLQJ D *R3UR WR D GRJ·V FROODU DQG WKHQ OHWWLQJ LW VSULQW GRZQ WR WKH EHDFK IRU D VZLP EXW ZH·YH VHHQ *R3URV VWUDSSHG WR ELNH KHOPHWV WR UHPRWH FRQWUROOHG FDUV DQG HYHQ WR PXVLFDO LQVWUXPHQWV ([SHFW WR SD\ IURP DURXQG <RX GRQ·W KDYH WR VSHQG ORWV RI PRQH\ IRU D JUHDW JDGJHW JLIW WKRXJK 7KH H[FHOOHQW $HURSUHVV FRIIHH PDNHU SURGXFHV EUHZV WKDW ULYDO WKH ZRUOG·V PRVW H[SHQVLYH FRIIHH PDFKLQHV DQG \RX FDQ SLFN RQH XS EUDQG QHZ IRU DURXQG ,PDJHV OHIW WR ULJKW L*ULOO 6PDUW 7KHUPRPHWHU 0LSRZ 3OD\EXOE %OXHWRRWK VSHDNHU /* :DWFK 5 *R3UR +HUR DFWLRQ FDPHUD

,I KH·V DOUHDG\ VKHOOHG RXW IRU D VPDUW ZDWFK KRZ DERXW D GURQH" 3DUURW·V $5 'URQH LV D VPDUWSKRQH

/DVW 3RVW

* ( *, & ! / ! !

1 -( !' %

#! ** *,( / #3 ! /(* , $ , * ,( (* / ! ! ( ( #() ( #/, ( , (*, ** #3 *,

, .4, ! #() (/* *, (! /(#% 3% #! , ( #3

% 0 (3

# ! .-( ! * / / ( !, ) / * ",

( $., *, (! /(#% # ! '

, $-, & 2 / ! (

0LQL &U\SWLF &URVVZRUG

'RZQ 3LOH IRXQG LQ WKH DSDUWPHQW

6KRS WKDWÂ¶V OLHG DERXW

3UHSDUH IRU SULQWLQJ ZKHQ WKH WLGH WXUQV

6XJDU D GUHDPHU WXUQHG WR

([FOXVLYH W\SH RI ILVK )RUP RI UHYHQXH , FDQ &OHDQ RXW D ZHDSRQ

7RROV XVHG WR PDNH D XVH WR WUDYHO

3UHFLSLWDWLRQ LQ WUDLQLQJ

%URDG EDUULHU RQ WR D VLPSOH VHDW

3LFWXUH RI JDPH KLW E\ EXOOHWV

SRLQW

&RQWULEXWLRQ VXSSOLHG E\ EURNHQ 5XVVLDQ ([SORLWHG $PHULFDQ PDQ

VWDWHVPDQ

Â‹SX]]OHSUHVV FR XN

$FURVV *DUGHQ EDUULHU WR HYDGH WKH TXHVWLRQ

/DLG EDFN FORFN IDFH

/HDG URXQG WKH YDOOH\

0LVHUO\ VRUW RI QDPH

8QVSRLOHG SULHVW LQ QHZ DUUDQJHPHQW

)ORZHU JLUO

)LUVW *UHHN LQ ILQDO SKDVH

)LUVW VPDOO ELWH RU FXW

6WDWXH ,Â¶G ZURQJO\ VLWHG

6ROHPQ SURPLVH LQ WKH ERDWKRXVH

/HJR EXLOGLQJ WR VWDUH DW

/RDQHG RXW EHIRUH (DVWHU

8UJH WR XVH D YHKLFOH

3RS WKH NHWWOH RQ

) 0

:RUG /DGGHU

&KDQJH RQH OHWWHU DW D WLPH EXW QRW WKH SRVLWLRQ RI DQ\ OHWWHU WR PDNH D QHZ ZRUG DQG PRYH IURP WKH ZRUG DW WKH WRS RI WKH ODGGHU WR WKH ZRUG DW WKH ERWWRP XVLQJ WKH H[DFW QXPEHU RI UXQJV SURYLGHG

630

-3=+, -3=+,

7 2$2 7 3 <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

(DV\

6XGRNR

+DUG

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

1 % )XOO SDJH &RPPXQLW\ (YHQW DGYHUWV GR LQFXU D FKDUJH

< 76 1 75 / ( ( 1 '8 '5 $ ,/ d &+ d

+$ 1$ ).(- 31 %.0 $$/(-& $++ (- 2'$ .,,3-(27 : ; $ ' 4$ - ./$- ,.0-(-& $4$-2 .-

.0& -(1$# !7 2'$ 2($-2 02("(/ 2(.- 0.3/ $ './$ 2. &(4$ (-%.0, 2(.- .- -# /0.,.2$ -3,!$0 .% .0& -(1 2(.-1 5'. '$+/ .30 / 2($-21 5(2' $6(12(-& ".-#(2(.-1 &$-$0 + 5$++ !$(-& 1 5$++ 1 &(4(-& #4("$ .- , - &(-& 120$11 (-"+3#(-& 120$11 0(1(-& %0., #$!2 (113$1 $ 5(++ ' 4$ 0$/0$1$-2 2(4$1 (-%.0, 2(.- %0., .0& -(1 2(.-1 ".4$0(-& $ 02 (1$ 1$ $!2 - &$,$-2 ( !$2$1 2./ ,.*(-& 0$01 3//.02 +8'$(,$0 1 "2(4$ '$1'(0$ .30 +." + *$$/ %(2 20 (-$01 &$ .-"$0- "$ / (-2(-& -# ! ++..- 02 4 (+ !+$ %.0 7.3-& .+# .,$ +.-& -# %(-# .32 ,.0$ 9 (2;1 , $+1!7 .,,3-(27 $-20$

&+$5,7< %21),5( ),5(:25. ',63/$< )25 $// 7+( )$0,/<

6$785'$< 67 129(0%(5 .,1*6/(< 9,//$*( 3/$<,1* ),(/'6

*$7(6 23(1 30 %21),5( 72 %( /,7 30 ),5(:25. ',63/$< 30

230# 7 2' .4$,!$0 $$ .30 "$!..* $+1!7 -# +2.- 2($-2 02("(/ 2(.- 0.3/

+27 )22' '5,1.6 ŝ 7($ &2))(( 72))(( $33/(6 3$5.,1 ŝ 129(/7,(6

,Q -XO\ 6FRXWV IURP QHDUO\ HYHU\ FRXQWU\ LQ WKH ZRUOG ZLOO FRQYHUJH RQ .LUDUD KDPD -DSDQ WKH YHQXH IRU WKH UG :RUOG 6FRXW -DPERUHH -DPERUHHV DUH RQO\ KHOG HYHU\ IRXU \HDUV 7KH WKHPH RI WKLV -DPERUHH ZLOO EH Â¶:DÂ·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Â… 7KH\ ZLOO EH DW VW +HOVE\ VFRXWV IDPLO\ TXL] QLJKW RQ VW 1RYHPEHU DQG )URGVKDP &KULVWPDV IHVWLYDO RQ WK 1RYHPEHU (PDLO SDXODVWDQGLQJ#EWLQWHUQHW FRP *UDKDP (YDQV 03 $V D ORFDO 03 KDYH UHDG PDQ\ SHUVRQDO VWRULHV RI WKH VDFULÃ€FHV PDGH E\ ORFDO SHRSOH GXULQJ WKH )LUVW :RUOG :DU +HUHÂ·V P\ *UDQGDGÂ·V *UDQGGDG -DFN ZDV ERUQ LQ LQ 0DQFKHVWHU :KHQ ZDU ZDV DQQRXQFHG KH HQOLVWHG LQ WKH 0DQFKHVWHU 5HJLPHQW ZLWK KLV PDWHV +RZHYHU LQ \RX KDG WR EH WR MRLQ WKH $UP\ DQG ZKHQ LW ZDV GLVFRYHUHG WKDW KH ZDV XQGHU DJH KH ZDV DVNHG WR OHDYH WKH 5HJLPHQW +H FRXOGQÂ·W ZDLW XQWLO KH ZDV WR MRLQ XS DQG ZLWK D JURXS RI IULHQGV KH JRW RQ WKH /RQGRQ WUDLQ IURP 0DQFKHVWHU 3LFFDGLOO\ WR /RQGRQ (XVWRQ DQG HQOLVWHG DW WKH Ã€UVW $UP\ UHFUXLWLQJ RIÃ€FH WKH\ FDPH WR WKH 0LGGOHVH[ 5HJLPHQW RI WK /RQGRQ 'LYLVLRQ +H VHUYHG DV D /HZLV *XQQHU LQ 1RUWKHUQ )UDQFH VDZ D ORW RI DFWLRQ ZDV VKRW LQ WKH KHDG ZKLOH RQ D WUHQFK UDLG VSHQW VHYHUDO PRQWKV LQ KRVSLWDO FHOHEUDWHG KLV WK ELUWKGD\ LQ WKH WUHQFKHV DQG Ã€QDOO\ KH ZDV RQ WKH IURQW OLQH QHDU 0RQV ZKHQ ZDU HQGHG 7KH WUDJLF IRRW QRWH WR WKH VWRU\ OLNH VR PDQ\ YHWHUDQV RI WKH )LUVW :RUOG :DU ZDV WKDW WKH\ OHIW WKH DUP\ VHWWOHG GRZQ DQG VWDUWHG D IDPLO\ RQO\ IRU WKHLU FKLOGUHQ WR HQG XS Ã€JKWLQJ LQ WKH 6HFRQG :RUOG :DU -DFN ZDV QR H[FHSWLRQ +LV VRQ -DFN VHUYHG LQ 6TXDGURQ 5R\DO $LU )RUFH LQ :: DQG ZDV VKRW GRZQ DQG NLOOHG ZLWK KLV +DOLID[ %RPEHU &UHZ RI ZKLOH VXSSRUWLQJ WKH 1RUPDQG\ /DQGLQJV -XQH WK VDZ WKH WK DQQLYHUVDU\ RI KLV GHDWK +H QHYHU JRW RYHU WKH GHDWK RI KLV VRQ +H OLYHG XQWLO KH ZDV DQG KH JDYH PH KLV PHGDOV DQG :: VROGLHUVÂ· ELEOH ZKHQ KH GLHG LQ ,QVLGH ZDV WKH ODVW OHWWHU IURP KLV VRQ ZULWWHQ MXVW KRXUV EHIRUH WKH\ ZHQW RXW RQ WKHLU Ã€QDO PLVVLRQ 7RGD\ WKH FUHZ OLH WRJHWKHU LQ D 1RUPDQG\ FKXUFK\DUG DW 9HDXYLOOH OHV %DRQV WKH \RXQJHVW MXVW Â² WKH ROGHVW )LQG RXW PRUH DERXW )OLJKW 6HUJHDQW -RKQ &KDGZLFN DQG WKH FUHZ RI +DOLID[ *UDKDP DW KLV GHVN ZLWK *UDQGDGV PHGDOV

1) 5 // DW ZZZ IRUIUHHGRP FRP LQ SULGH RI SODFH

6$9( +(/6%<Â·6 21/< 5(' 3+21( %2;

<RXU /RFDO &RPPXQLW\ 0DUNHW 6DWXUGD\ WK WK 'HFHPEHU DP XQWLO SP

%7 DUH SURSRVLQJ WR UHPRYH +HOVE\Â·V RQO\ 5HG 3KRQH %R[ ZKLFK KDV EHHQ WKHUH IRU \HDUV ,W ZRUNV DQG FDQ EH XVHG LQ DQ HPHUJHQF\ FDOOV DUH IUHH ,W LV SDUW RI +HOVE\Â·V VWUHHW IXUQLWXUH DQG LV ORFDO OLVWHG XQGHU FULWHULD ) $OO RI WKH SRVWHUV LQ WKH YLOODJH KDYH EHHQ PDGH E\ FKLOGUHQ IURP +HOVE\ +LOOVLGH 3ULPDU\ 6FKRRO ,I \RX ZLVK WR RSSRVH %7Â·V SODQV WR UHPRYH WKH SKRQH ER[ WKHUH DUH SHWLWLRQV WR VLJQ DW +HOVE\ 3RVW 2IÃ€FH DQG WKH QHZ &RIIHH 6KRS LQ +HOVE\ )XUWKHU GHWDLOV IURP /DQFH <DWHV

)URGVKDP 6LQJV 7KH UHFHQWO\ UHIRUPHG FRPPXQLW\ FKRLU Â´)URGVKDP 6LQJV Âµ HQWHUWDLQHG WKH JXHVWV DW WKH RSHQLQJ RI WKH UHIXUELVKHG &DVWOH 3DUN $UWV &HQWUH ZLWK D VHOHFWLRQ RI :: VRQJV :H DOVR WRRN SDUW LQ WKH :: &RPPHPRUDWLRQ DW WKH &RPPXQLW\ &HQWUH DQG WKH Â´2QH'D\2QH&KRLUÂµ ZRUOG VRQJ IRU SHDFH 2XU UHSHUWRLUH LV ZHOO NQRZQ SRSXODU VRQJV DQG ZH ZDUPO\ ZHOFRPH QHZ PHPEHUV RI DQ\ DJH DQG DELOLW\ QR DXGLWLRQV RU PXVLFDO NQRZOHGJH QHHGHG :H DUH SUHSDULQJ IRU RXU &KULVWPDV SHUIRUPDQFHV ZLWK UHKHDUVDOV RQ DOWHUQDWH 6DWXUGD\ PRUQLQJV DQG 0RQGD\ (YHQLQJV 3OHDVH FRQWDFW &KULVWLQH DW IURGVKDPVLQJV#RXWORRN FRP RU

.LQJVOH\ &RPPXQLW\ &HQWUH 6PLWK\ /DQH :$ ('

3OHQW\ RI ;PDV FKHHU PHDW EUHDG FKHHVH FDNHV MDPV DQG YHJHWDEOHV ZLWK DQ DUUD\ RI FUDIWV VXFK DV -HZHOOHU\ &DUGV DQG %DJVÂ« $OO IURP /RFDO 3URGXFHUV \RX FDQ WDON WR WR

:RXOG \RX OLNH WR WU\ 6FRWWLVK &RXQWU\ 'DQFLQJ" 7KH )URGVKDP DQG 'LVWULFW 6W $QGUHZÂ·V 6RFLHW\ LQYLWHV \RX WR Â¶&RPH DQG 6HHÂ· RQH RI RXU HYHQLQJ VHVVLRQV RQ :HGQHVGD\ WK 1RYHPEHU RU RQ :HGQHVGD\ WK 'HFHPEHU 2Q WKHVH HYHQLQJV ZH ZLOO KDYH RXU GDQFLQJ WHDFKHU ZLWK XV DQG VKH LV YHU\ JRRG DW H[SODLQLQJ VWHSV DQG PRYHPHQWV S P 6W 3DXOÂ·V &KXUFK +DOO +HOVE\ :$ $% 7KHUH LV QR FKDUJH IRU YLVLWRUV 3OHDVH QRWH WKDW \RX GR QRW QHHG WR EH 6FRWWLVK DQG PDQ\ RI XV DUH QRW )RU PRUH LQIRUPDWLRQ SKRQH 5XWK

.LQGO\ VSRQVRUHG E\ <285

029( $QGUHZ +D\HV

" !

# * ,#. ' +,#&-% ,#'! 1*#'," /#," # * ', +, ,#('+ /#%% "(+, , %+ 1 ,"( #+, "-* " ,-* 1 ," (. & * ))(*,-'#,# + ,( 0) *# ' ," 1*#',"

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

&KULVWPDV )D\UH 6W 3DXO·V &KXUFK +DOO 6DW 1RY QG DW SP 9DULRXV VWDOOV LQFOXGLQJ WR\V ERRNV FDNHV UDIÁH QDLO WHFKQLFLDQ IRU PDQLFXUHV FUDIWV IDQF\ JRRGV WRPEROD DQG ERWWOH WRPEROD 5HIUHVKPHQWV ZLOO EH DYDLODEOH )UHH DGPLVVLRQ

7KH 3RZHUHG :KHHOFKDLU $SSHDO DW +HOVE\ *ROI &OXE KDV HQMR\HG IDQWDVWLF VXSSRUW RYHU WKH ODVW \HDUV UDLVLQJ IXQGV WR SURYLGH SRZHUHG ZKHHOFKDLUV WR GHVHUYLQJ \RXQJVWHUV DQG LPSURYLQJ WKHLU TXDOLW\ RI OLIH 7KH 2·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

E\ VXSSRUWHUV RI WKH FKDULW\ +H DUULYHG DW WKH 2OG 7KRUQV *ROI DQG &RXQWU\ &OXE LQ +DPSVKLUH RQ WKH 0RQGD\ ZKHUH D ZDUP ZHOFRPH DZDLWHG KLP ZLWK VHYHUDO +HOVE\ *& PHPEHUV VHHLQJ KLP DUULYH DV WKH\ KDG VHHQ KLP VHW RII IURP +HOVE\ ,W ZDV DQ HSLF MRXUQH\ DQG KH ZDV GHOLJKWHG WR KDYH UDLVHG DSSUR[LPDWHO\ WR KHOS SURYLGH PRUH ZKHHOFKDLUV WR \RXQJVWHUV (YHU\RQH LQYROYHG LV H[WUHPHO\ SURXG RI WKLV IDQWDVWLF DFKLHYHPHQW

)52'6+$0 3$172 *5283 $5( 72 35(6(17 $1 $0$7(85 352'8&7,21 2)

E\ DUUDQJHPHQW ZLWK 5HHFH 6LEEDOG 3URGXFWLRQV

)URGVKDP 'LVWULFW )ORZHU &OXE WK 1RYHPEHU 1DWDOLH 6WDQ\HU WK 'HFHPEHU 'RQ %LOOLQJWRQ Â´&KULVWPDVÂµ (YHU\RQH LV PRVW ZHOFRPH 5LQJ IRU IXUWKHU GHWDLOV (PDLO (OHDQRU JULIÃ€WKV #EWLQWHUQHW FRP

.LQJVOH\ 6W -RKQ WKH (YDQJHOLVW DW )52'6+$0 &20081,7< &(175( 681'$< 7+ 72 6$785'$< 7+ -$18$5< %22.,1*6 $9$,/$%/( )520 )52'6+$0 &20081,7< &(175( 285 :(% 6,7( 25 7,//< 3$7(/

&KULVWPDV )DLU 6DWXUGD\ 1RYHPEHU DW DP .LQJVOH\ &RPPXQLW\ &HQWUH 0DQ\ 6WDOOV 9LVLW IURP )DWKHU &KULVWPDV &RIIHH DQG 0LQFH 3LHV DQG 7DVW\ /XQFKHV $GPLVVLRQ )UHH

::: )52'6+$03$172 25* 8.

! %& ! & ! * "( $ & & #

7LFNHWV Â… 7R "!& & LQFOXGH ZLQH EUHDG &% "$ & %& ! % %% "! +

&" ! ' ) ! ! $ % ! $ '& $ # && $% FKHHVH FKDUFXWHULH SODWWHUV

&RQWDFW

:(/&20( )520 67 /8.(Â·6 &$7+2/,& &+85&+ )52'6+$0 1RYHPEHU )HDVWV 6XQ QG $OO 6DLQWV 0RQ UG &RPPHPRUDWLRQ RI WKH DOO WKH IDLWKIXO 'HSDUWHG $OO 6RXOV $ GD\ WR UHPHPEHU DQG SUD\ IRU \RXU SDVW IDPLO\ PHPEHUV 6XQ WK /DWHUDQ %DVLOLFD 6XQ UG -HVXV &KULVW 8QLYHUVDO .LQJ

+(/6%< &+5,670$6 0$5.(7 $7

7+( 5$,/:$< ,11

6XSSRUWLQJ /RFDO &KDULWLHV 5 DL

OZD\

O HD SS % X W W H U Á\ $

7KLV \HDUV ;PDV 0DUNHW ZLOO WDNH SODFH RQ 6$785'$< 7+ 'HFHPEHU QRRQ SP

0$1< 67$//6 ,1&/8',1* +20(0$'( &$5'6 &$.(6 /,9( 086,&

-(:(//(5<

6$17$·6 *52772

*,)76 $1' &5$)76 :22' 7851,1*

)$&( 3$,17,1*

3/($6( &20( $/21* $1' 6833257 86 $1' (1-2< 7+( &+5,670$6 $70263+(5(

$ IHZ VWDOOV DUH VWLOO DYDLODEOH ULQJ &KULV IRU LQIR RQ

.,1*6/(< *$5'(1 &/8% 2XU PHHWLQJV DUH KHOG DW SP DW .LQJVOH\ &RPPXQLW\ &HQWUH $OO ZHOFRPH IRU WKH \HDU PHHWLQJV RU IRU YLVLWRUV 1RYHPEHU WK :LQWHU $ 6HDVRQ RI 6XUSULVHV 0DUJXHULWH +XJKHV &RPH DORQJ DQG EH VXUSULVHG 0D\EH RXU H\HV ZLOO EH RSHQHG WR QHZ GLVFRYHULHV

¶7LPH WR 5HPHPEHU·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

3X]]OH 6ROXWLRQV :RUG /DGGHU

7KHDWUH 4XL] $EUDKDP /LQFROQ ZDV DVVDVVLQDWHG ZKLOH ZDWFKLQJ LW

/DXJK 0DFEHWK 7KH 0XSSHW 6KRZ LW ZDV ODWHU NQRZQ DV 7KH 0XSSHW 7KHDWUH

:LQJV

RWKHU VROXWLRQV PD\ H[LVW

%$&. EDQN EDUN EDUH IDUH ),5(

7KH 0RXVHWUDS

3LFWRJUDPV

/HWWHUV DSW RDW RSW SDW SRW WDS

WDW WRR WRS WRW /HWWHUV DWRS WRRW

/HWWHUV SRWDWR

%ORRG ,V 7KLFNHU 7KDQ :DWHU /LIH %HJLQV $W )RUW\ %DFN 7R %DVLFV

^ƵĚŽŬƵ

7KH *OREH 7KHDWUH 1LFNHORGHRQ IURP ´QLFNHOµ DQG ´RGHRQµ

(DV\

+DUG

%UHDN D OHJ 7KH 3DOODGLXP

%#! %

# " &) %

# - %$##

%#! %

# " &) %

# - %$##

%# & !

," #%" & / " & )#"

(+ (+ (+ (*0 (*0

(+0 (+0 (+0 (+0 (+

%# & !

," #%" & / " & )#"

(* (* (* (* ( 0

(+ (+ (+ (+ (*0

#- $% & % #" #" . / & & % ),%" $% & & #, #, " #" %! ) ) ! # ## "

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·V -RLQHU\ 5: 3ODVWHULQJ &RQVWUXFWLRQ 7LP·V 3ODVWHULQJ %XWFKHU )DUP 6KRS $ODQ 3LFNXS 4XDOLW\ %XWFKHUV )RUUHVWHUV &DU 5HSDLUV 027 7\UHV 9DOHWLQJ )URGVKDP 7\UHV JVL YDOHWLQJ -3: %RG\ 5HSDLUV 2·1HLO 'HQW 5HSDLU &OHDQLQJ &-' :LQGRZ &OHDQHU 0U 6ZHHS &KLPQH\ 6ZHHS :LONLQV &KLPQH\ 6ZHHS &ORWKLQJ 7LPHOHVV 9LQWDJH &RPSXWLQJ :HEVLWH *UDSKLF 'HVLJQ 5LOH\ ,7 'HQWLVW 0DLQ 6WUHHW 'HQWDO 'UHVV 0DNLQJ 6HZLQJ /HVVRQV (OL]DEHWK $UQROG (OHFWULFLDQ &KHVKLUH %RLOHU (OHFWULFDO 6HUYLFHV (OHFWULFDO :KROHVDOH 6XSSOLHV )URGVKDP (OHFWULFDO 6HUYLFHV .'( /WG 7ULQHUJ\ :RRGKRXVH 3OXPE (OHFWULFDO (VWDWH /HWWLQJ $JHQW %L]]L %HH /HWWLQJV <RXU 0RYH $QGUHZ +D\HV

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·V *DUGHQ &DUH 'DYLG (GZDUGV JDUGHQ JURXQGZRUN )HDUQ /DQGVFDSHV )URGVKDP *DUGHQV *OHDYHV *DUGHQ &HQWUH +D]HOZRRG /DQGVFDSHV +LOOVLGH *DUGHQ DQG 7UHH :2: 'HVLJQ +DEHUGDVKHU\ 6HZ 6LPSOH +DLUGUHVVLQJ %DUEHU % 8QLTXH +DLU E\ 'HVLJQ +HDGOLQHV +HDOWK &DUH )HHW )LUVW IRRW KHDOWK FDUH +LOOFUHVW &DUH +RPH ,QN &DUWULGJHV &DUWULGJH :RUOG -HZHOOHUV '5% -HZHOOHUV /HV +DUULV 03 *UDKDP (YDQV 2GG -REV 3URSHUW\ UHSDLUV &KHVKLUH +DQG\PDQ -DPHV *ULEELQ -/ 0RVWRQ 0DLQWHQDQFH -RLQHU\ 2GG -REV -RKQ 7KH ',< 0DQ 3DLQWHU 'HFRUDWRU 5R\ /DPE 6WHYHQ %LVKRS

3HWV $VKFURIW 9HWHULQDU\ 6XUJHU\ &KHVKLUH 3HW 6LWWLQJ *LEVRQV -HQ·V 3RRFK 3DUORXU . %5$76 3LFWXUH )UDPLQJ DQG $UW &DVWOH 3DUN $UWV &HQWUH &KHVKLUH )UDPHV :HDYHU *DOOHU\ 3OXPELQJ +HDWLQJ $UN 6HUYLFHV &KHVKLUH %RLOHU (OHFWULFDO 6HUYLFHV *DVPDUF .'( /WG 0 %XQWLQJ 3OXPELQJ +HDWLQJ 3OXPE 'LUHFW 5$& *DV 7ULQHUJ\ :RRGKRXVH +HDWLQJ 3OXPELQJ 5HPRYDO 6HUYLFH $OO 7KH 0RYHV 0DQ DQG 9DQ %HQ +LUVW 0RYH LW ZLWK 0LNH 5HVWDXUDQWV 3XE )XQFWLRQ 9HQXH %HVW :HVWHUQ )RUHVW +LOOV &DVWOH 3DUN &RIIHH 6KRS (FFLHV &OXE %DU )URGVKDP *ROI &OXE 7KH %XOO·V +HDG 7KH +RUVHVKRH 3XE 7KH :KLWH /LRQ 5RRÀQJ $OO 0LJKW\ 5RRÀQJ $OWLWXGH 5RRÀQJ -1) 5RRÀQJ 3 7XUQHU 5RRÀQJ 7RWDO 5RRÁLQH 6ROXWLRQV 6NLS 6FUDS 0HWDO 1: 6NLSV 6ROLFLWRUV &ROODERUDWLYH /DZ 6SRUW /HLVXUH &DPEULGJH 'LHW )URGVKDP &KULVWPDV )HVWLYDO *UDKDP 7RQJH *ROI /HVVRQV .DWKU\Q 6PLWK 6FKRRO RI 'DQFH 7KH 5DLOZD\ &KULVWPDV 0DUNHW 7D[LV &KHVKLUH 7UDYHO 6HUYLFHV )URGVKDP DQG 'LVWULFW 7D[LV .LQJVOH\ 7UDYHO 7XUQHUV 7UDYHO 7LOLQJ &% 7LOLQJ :LQGRZV &RQVHUYDWRULHV &DQRSLHV )DLUYLHZ :LQGRZV .HOVDOO :LQGRZV :URXJKW ,URQ :RUN 'XQKDP +LOO 6PLWK\

3OHDVH QRWH 'HDGOLQH IRU $GYHUWLVLQJ LQ WKH 'HFHPEHU HGLWLRQ LV WK 1RYHPEHU RU 7HO HPDLO KHOVE\WRKDQG#EWLQWHUQHW FRP

%RXJKWRQ &KHVWHU &+ $( ) :KLWE\ 5G (OOHVPHUH 3RUW &+ $' ZZZ FKHVWHU FDUWULGJHZRUOG FR XN

(;75$ 2)) ǇŽƵƌ ŶĞǆƚ ŶĞǆƚ ƌĞĮůů ǇŽƵƌ ƌĞĮůů ĐĂƌƚƌŝĚŐĞ ĐĂƌƚƌŝĚŐĞ d ZdZ/ ' tKZ> , ^d Z d ZdZ/ ' tKZ> , ^d Z

)5(( '(/,9(5< 7HUPV DQG FRQGLWLRQV DSSO\ 9LHZ +HOVE\ WR +DQG RQOLQH ZZZ KHOVE\WRKDQG FR XN