' &
& * # %* $
'
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
6(37(0%(5 63(&,$/ 2))(5
)8// 6(59,&( Â… 027 ),;(' 35,&(
)8// 6(59,&,1*
Â…
)25 0267 0$.(6 $1' 02'(/6 )8//< ,1&/86,9(
&2//(&7,21 '(/,9(5< )5(( 2) &+$5*(
027·6 21/<
([FOXGHV SODWLQXP SOXJV SOHDVH SKRQH IRU GHWDLOV
Â… 7HUPV &RQGLWLRQV DSSO\
72 *(7 $&&(66 72 $1< 2) 7+(6( 6(37(0%(5 2))(56 3/($6( %5,1* $/21* 72 7+( '(327 <285 &23< 2) 7+,6 0$*$=,1(
& ) !*** ' ( $ * % !%! "
ZZZ WLDPRMHZHOOHU\ FRP
7L $PR -(:(//(5<
+LJK 6WUHHW )URGVKDP &KHVKLUH :$ $+
'HDU )ULHQGV ,W ZDV EDFN WR ZRUN ZLWK D YHQJHDQFH IRU PH ODVW ZHHN DIWHU JORULRXV GD\V LQ 6SDLQ DQG ZKDW D EXV\ ZHHN LW¶V EHHQ 7KH SHQDOW\ RI WDNLQJ WLPH RII ZKHQ \RXU VHOI HPSOR\HG :H KDG D IDQWDVWLF KROLGD\ DQG LI \RX PDQDJHG WR JHW DZD\ WKHQ , KRSH \RX GLG WRR , KDG DQ LQWHUHVWLQJ PRUQLQJ YLVLWLQJ µ7KH +ROLVWLF +XW¶ LQ )URGVKDP ZKHUH , WULHG RXW 7KH %RZHQ 7HFKQLTXH \RX FDQ UHDG DOO DERXW WKLV IDVFLQDWLQJ WUHDWPHQW DQG 5XWK¶V KROLVWLF DQG EHDXW\ EXVLQHVV RQ WKH FHQWUH SDJHV , DOVR YLVLWHG WKH QHZ XSVWDLUV VKRZURRP DW 5RGJHUV &DUSHWV &DURO DQG 7RQ\ KDYH MRLQHG IRUFHV ZLWK ORFDO LQWHULRU GHVLJQHU &KULV %O\WKH DQG WKH VKRZURRP ORRNV IDE ZLWK PRRG ERDUGV DQG WKHPH DUHDV %OLQGV FXUWDLQV FXVKLRQV XSKROVWHU\ IDEULFV WLH EDFNV UXJV HWF ZHOO ZRUWK D YLVLW &RQJUDWXODWLRQV WR 6X]DQQH DW +HDGOLQHV +DLUGUHVVHUV LQ +HOVE\ ZKR WKLV PRQWK FHOHEUDWHV WKH VDORQV WK %LUWKGD\ ZKHUH GLG WKDW JR" $OVR LQ WKLV PRQWK¶V HGLWLRQ WKHUH¶V ORWV RI YRXFKHUV WR WDNH DGYDQWDJH RI DQG DV XVXDO WKH FRPPXQLW\ QHZV DQG HYHQWV SDJHV DUH ¿OOHG ZLWK HYHQWV UDLVLQJ IXQGV IRU ZRUWK\ FDXVHV , KDYH WR VD\ D VSHFLDO ZHOO GRQH WR \HDU ROG 0ROO\ DQG KHU IULHQGV IURP +HOVE\ +LOOVLGH 6FKRRO IRU RUJDQLVLQJ D JDUGHQ SDUW\ IRU WKH 3'6$ ZKLFK UDLVHG RYHU … ZHOO GRQH ſ +DYH D JRRG PRQWK %HVW :LVKHV 6DUDK [ 3OHDVH QRWH 5R\ /DPE 'HFRUDWRU·V DGYHUW ZDV ZURQJO\ OLVWHG LQ WKH LQGH[ ODVW PRQWK VR DSRORJLHV IRU WKDW
7KLV PRQWK LQ SLFWXUHV S
S $IBSJUZ #&&3 '&4:5*7" '6/ %":
S
"/% '".*-
50 #& )&-% "5 5)& 8)*5& -*0/ "5 "-7"/-&: */ "*% 0' 5)& "-7"/-&: $)"3*5: '6/% 8)*$) '03 *4 4611035 */( ."$.*--"/
S
4"563%": 5) +6/& '30. 1. 0/8"3%4
S
S S
S
3/($6( 127( &23< '$7( )25 7+( 2&72%(5 (',7,21
,6 7+ 6(37(0%(5 72 $'9(57,6( 3/($6( 5,1* 6$5$+ 21 RU HPDLO KHOVE\WRKDQG#EWLQWHUQHW FRP ,I \RX GRQ¶W KDYH D FRS\ ¶WR KDQG¶ FKHFN RXW WKH ZHEVLWH ZZZ KHOVE\WRKDQG FR XN
+HOVE\ WR +DQG .HUURZPRDU 0DQOH\ 5RDG $OYDQOH\ )URGVKDP &KHVKLUH :$ '( 7HO (PDLO KHOVE\WRKDQG#EWLQWHUQHW FRP ´+HOVE\ WR +DQGµ LV SURGXFHG E\ DQ LQGHSHQGHQW RUJDQLVDWLRQ ZKLFK LV QRW FRQQHFWHG WR DQ\ RWKHU RUJDQLVDWLRQV SXEOLFDWLRQV RU JURXSV $OO PDWHULDO LV FRS\ULJKW DQG QR SDUW RI WKLV SXEOLFDWLRQ PD\ EH UHSURGXFHG RU WUDQVPLWWHG LQ DQ\ IRUP RU E\ DQ\ PHDQV HOHFWURQLF SKRWRJUDSKLF RU RWKHUZLVH RU VWRUHG LQ DQ\ UHWULHYDO V\VWHP RI DQ\ QDWXUH ZLWKRXW ZULWWHQ SHUPLVVLRQ RI WKH FRS\ULJKW KROGHU 3OHDVH QRWH WKDW ZH GR QRW HQGRUVH DQ\ SURGXFW RU VHUYLFHV RI DQ\ DGYHUWLVHUV $OO DGYHUWLVHPHQWV DQG WKHLU FRQWHQW DUH DFFHSWHG LQ JRRG IDLWK 5HVSRQVLELOLW\ IRU FRS\ULJKW DQG WKH DFFXUDF\ RI WKH LQIRUPDWLRQ SURYLGHG OLHV ZLWK WKH DGYHUWLVHU
6LPSO\ +LWFKHG 0RGHUQ PHHWV 9LQWDJH %HVSRNH :HGGLQJV IRU %ULGHV RQ D %XGJHW
0HWDÀW WUDLQLQJ LV WKH QHZ EUDQGHG ERG\ZHLJKW RQO\ LQWHUYDO WUDLQLQJ V\VWHP 7KH FODVV RQO\ ODVWV IRU PLQXWHV EXW WKH ZRUN ORDG LV KLJK 0HWD¿W LV GHVLJQHG WR LQFUHDVH 5HVWLQJ 0HWDEROLF 5DWH DQG WKHUHE\ FRQWLQXH WR EXUQ FDORULHV IRU XS WR KRXUV DIWHU WKH FODVV ¿QLVKHV *LYH LW D JR HYHU\ 7KXUVGD\ DW (OWRQ &RPPXQLW\ &HQWUH 6FKRRO /DQH (OWRQ
&UHDWLQJ DQ DWPRVSKHUH RI QRVWDOJLD URPDQFH 1HZ 8VHG :HGGLQJ *RZQV %ULGHVPDLGV 'UHVVHV 3DJH %R\ DQG *URRP RXWÀWV 0RWKHU RI WKH %ULGH -HZHOOHU\ KDWV VKRHV EDJV ERXTXHWV LQYLWDWLRQV IDYRXUV JLIWV DQG PRUH $OVR a :HGGLQJ 3ODQQLQJ &DU +LUH :HGGLQJ &DNHV 0DLO %R[ :LVKLQJ :HOO KLUH
6SHQG RYHU Â… RQ RQH LWHP LQ WKH VKRS DQG JHW GLVFRXQW 7XGRU %XLOGLQJ /DG\ +H\HV &UDIW &HQWUH .LQJVOH\ 5G )URGVKDP :$ 68 ZZZ VLPSO\KLWFKHG FR XN
.HWWOHEHOO &RQGLWLRQLQJ EXLOG OHDQ PXVFOH PDVV ZLWK WKLV VXSHU IDW EXUQLQJ ZRUNRXW 1HZ FODVV VWDUWV SP 7KXUVGD\ WK 6HSWHPEHU DW (OWRQ &RPPXQLW\ &HQWUH 6FKRRO /DQH (OWRQ
)RU PRUH GHWDLOV FDOO 'RUD RQ
:H DUH \HDUV ROG RQ 6HSWHPEHU VW 2SHQ 0RQ 6DW ZLWK ODWH QLJKWV :HG 7KXUV $ YHU\ ELJ µ7KDQN <RX¶ WR DOO RI RXU ZRQGHUIXO FOLHQWV
&RORXUV Ɣ 3HUPV Ɣ %ULGDO +DLU /DGLHV Ɣ *HQWV Ɣ &KLOGUHQ 0RQGD\V 7XHVGD\V RYHU ¶V VSHFLDO UDWHV
$SSRLQWPHQWV QRW DOZD\V QHFHVVDU\ 2SHQ 0RQ 6DW ZLWK ODWH QLJKWV :HG 7KXUV
4WSgfk 4agf[cgW 6KULQNLQJ 9LROHW %RG\ :UDS LV D UHYROXWLRQDU\ PHWKRG WR UHPRYH XQZDQWHG IDW ,W ZRUNV E\ /LSRO\VLV ZKHUH IDW LV UHPRYHG ZLWKRXW HIIRUW RU GLVFRPIRUW
7KH 3URFHVV )ROORZLQJ \RXU SHUVRQDO FRQVXOWDWLRQ \RX ZLOO EH PHDVXUHG LQ FHUWDLQ DUHDV 6KULQNLQJ YLROHW LV WKHQ H[SHUWO\ PDVVDJHG LQWR \RXU VNLQ IURP PLG FDOI WR XSSHU DUPV DQG D XQLTXH KHDW LQGXFLQJ ZUDSWXUH LV VSHFLÀFDOO\ ZUDSSHG DURXQG \RXU ERG\ WR PDLQWDLQ D FRPIRUWDEOH ZDUPWK DQG SXVK WKH SURGXFW LQWR \RXU VNLQ
3UHVWLJH 'U\ &OHDQHUV D &KXUFK 6WUHHW )URGVKDP SUHVWLJHGU\FOHDQHUVIURGVKDP#PDLO FRP
/DXQGU\ 6HUYLFH 5HSDLUV DOWHUDWLRQV 5XJ &OHDQLQJ 'XYHWV :DVKHG &XUWDLQV &OHDQHG :HGGLQJ 'UHVVHV &OHDQHG 6XHGH /HDWKHUV &OHDQHG $QG RI FRXUVH 'U\ &OHDQLQJ
͐
6HSWHPEHU RIIHU ͐
&XUWDLQV &OHDQHG D SDLU VL]H ´ [ ´ 7HUPV &RQGLWLRQV DSSO\ SOHDVH EULQJ LQ WKLV YRXFKHU WR WDNH DGYDQWDJH RI WKH RIIHU
7KH ODXQFK SULFH LV RU D FRXUVH UHFRPPHQGHG ERRN JHW WK IUHH :KLOVW \RX UHOD[ IRU DQ KRXU \RX PD\ DOVR OLNH WR WDNH DGYDQWDJH RI RXU ([FOXVLYH $GG 2QV
¸ ¸ ¸ ¸
&U\VWDO &OHDU )DFLDO +' %URZV )RRW 0DVVDJH 6FDOS 0DVVDJH
7KH ZUDSWXUH LV WKHQ UHPRYHG DQG DQRWKHU VHW RI PHDVXUHPHQWV LV UHFRUGHG UHYHDOLQJ \RXU WRWDO LQFK ORVV DQG DIWHU KRXUV ZH H[SHFW WKH LQFK ORVV WR NHHS JRLQJ
6(37(0%(5 2))(5 6KHOODF )LQJHUV RU WRHV
%22. 12: RQ (PDLO LQIR#WKHVDQFWXDLUH FRP ZZZ WKHVDQFWXDLUH FRP &KXUFK 6W )URGVKDP :$ 31
% / // )
* %
,
$% % ( ! . ( % ŚƌŝƐƟŶĞ͕ ĞĚ džƉĞƌƚ Ăƚ >ĂŶĚ ŽĨ ĞĚƐ
% &
& .
+ -(% " ^ŚŽƉ ůŽĐĂů͊ ƌŝŶŐ ƚŚŝƐ ǀŽƵĐŚĞƌ ŝŶƚŽ ŽŶĞ ŽĨ ŽƵƌ ƐƚŽƌĞƐ ĂŶĚ ǁĞ͛ůů ŐŝǀĞ LJŽƵ ĂŶ ĞdžƚƌĂ ϱй Žī LJŽƵƌ ŽƌĚĞƌ͊ KīĞƌ ĂƉƉůŝĞƐ ƚŽ ŝŶͲƐƚŽƌĞ ŽƌĚĞƌƐ ŽŶůLJ͘ sŽƵĐŚĞƌ ŵƵƐƚ ďĞ ƉƌĞƐĞŶƚĞĚ Ăƚ ƟŵĞ ŽĨ ŽƌĚĞƌ͘ KīĞƌ ǀĂůŝĚ ϭƐƚʹϯϬƚŚ ^ĞƉƚĞŵďĞƌ ϮϬϭϯ͘
tĞ ĂƌĞ ŽƉĞŶ DŽŶĚĂLJ ƚŽ ^ĂƚƵƌĚĂLJ͕ ϵĂŵ ʹ ϲƉŵ Θ ^ƵŶĚĂLJ͕ ϭϭĂŵ ʹ ϱƉŵ
,,,# &# #*
$ -C9+ )- @ -+ &+ @9 @ &+ 9- :$ * * @- )& : -C9+
@$- &:@ $ / ) + $--)$-C: E$ + &@ E : - & ))G -/ + -+ $C9: G ..@$ C)G . < 2 @ &: + * @ 9 C#$ -C9+ 0.<<B%. B1 -+ - @$ -C+ 9: - 9&*&@&D @$- % &:*2 @ E : -+:@9C @ @ -:@ - ?<II + /9-D 3C )&@G &@&-+ 3C ) @- @$ $&:@-9& :@9C @C9 : -
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
E&@$ @$ + @ - @$ &9 -E+ /9&D @ # 9 +2 9 / 9(&+# &: /9-D& -9 $ E ))&+# &+ @$ : C9 : * +@ # 9 # 2 $ -+D 9:&-+ E-9( $ : + E )) -+:& 9 @- -*/)&* +@ @$ C&) &+# : &@ E : E$ + -+ &D 2 -E 9 : @$ *& ) - @$ .,@$ +@C9G @$ D 9 9& ( - :-+ 0E$- @9 &+ : + 9 $&@ @1 9#C -9 C@G + / 9 @&-+ &+ :&#+ + F C@&-+ -
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
. <
( ( ) % (! % ! !+ ' & % * (" "
, ' #& ###
1HZ %RRWFDPS 'DWHV ZHHN FDPS VWDUWV 0RQGD\ QG 6HSWHPEHU )ULGD\ WK 7KHQ ZHHN FDPS ODVW RXWGRRU RQH IRU WKLV \HDU LV 0RQGD\ 2FWREHU WK )ULGD\ 2FWREHU WK
DW 7KH :KLWH /LRQ $OYDQOH\ 3LODWHV QHZ 7XHVGD\ PRUQLQJ FRXUVH DW 2YHUWRQ 6FRXW +XW )URGVKDP VWDUWV RQ 7XHVGD\ UG 6HSWHPEHU VXLWDEOH IRU EHJLQQHUV LPSURYHUV 7KXUVGD\ (YHQLQJ 3LODWHV DW &KHVWHU
SHRSOH GLH LQ WKH ZRUN SODFH HYHU\ GD\ IURP D VXGGHQ FDUGLDF DUUHVW &KDQFHV RI VXUYLYDO LI QRW UHYLYHG ZLWKLQ PLQXWHV« SHRSOH VXIIHULQJ D 6&$ RXWVLGH RI D KRVSLWDO HYHU\ \HDU VXUYLYDO UDWH« $YRLG EHLQJ DGGHG WR RQH RI WKHVH VWDWLVWLFV DUP \RXU KRPH RU EXVLQHVV ZLWK D GHÀEULOODWRU )RU PRUH LQIRUPDWLRQ RQ KRZ ZH FDQ KHOS \RX YLVLW RXU ZHEVLWH RU JLYH XV D FDOO RQ RU
ZZZ UHJLRQDOKHDOWKHTXLSPHQW FR XN
&KLURSUDFWLF &OLQLF VWDUW Z F =XPED UHVXPHV DW +HOVE\ &RPPXQLW\ &HQWUH 0RQGD\ 6HSWHPEHU QG SP VR GXVW RII \RXU GDQFLQJ VKRHV DQG JHW UHDG\ WR SDUW\ DJDLQ $OO ZHOFRPH )RU GHWDLOV RI DOO WKH DERYH FODVVHV SOHDVH VHH
ǁǁǁ͘ƚĂŬĞϮĮƚŶĞƐƐ͘ĐŽ͘ƵŬ 0HO LV GHOLJKWHG WR LQIRUP \RX WKDW VKH LV QRZ D TXDOLÀHG 1XWULWLRQDO 7KHUDSLVW DQG ZLOO EH SUDFWLFLQJ DW WKH &KHVWHU &KLURSUDFWLF &OLQLF 3OHDVH HPDLO PHODQLH#VSHFWUXPQXWULWLRQ FR XN
6SHFWUXP 1XWULWLRQ /LYH /LIH LQ FRORXU
75$',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/,&( &+(&.('
) 1 $ ) ! ! # !,$ % !" #( #$# ! & # % ! 2/ ( !" ' ! + $ + ! " % +
* /0716 522730
* /5513 041715 - 16. # + +$
ZLONLQVFKLPQH\VZHHS FR XN ZHVWFKHVKLUH
8
'RPHVWLF &RPPHUFLDO )ORRULQJ +RPH 6HOHFWLRQ VHUYLFH
$UH WKH FKDOOHQJHV RI OLIH &KDOOHQJLQJ WKH OLIH RI \RXU FDUSHW"
6R FDOO µ/HH 5RGJHUV )ORRULQJ¶ QRZ IRU \RXU )5(( 6WDU &OHDQLQJ QR REOLJDWLRQ HVWLPDWH RQ
:K\ LV PDUNHWLQJ LPSRUWDQW IRU D VPDOO EXVLQHVV" :KHQ D FRPSDQ\ KDV IHZ HPSOR\HHV ZKR DUH DOO PXOWL WDVNLQJ DQG DOUHDG\ ZRUNLQJ YHU\ KDUG WR EXLOG WKH EXVLQHVV PDUNHWLQJ FDQ EH VHHQ DV D VHFRQGDU\ DFWLYLW\ WKDW VRPHRQH PD\ GR RQFH D PRQWK LI WKH\ KDYH WLPH 7KLV LV ZK\ VPDOO EXVLQHVVHV QHHG WR SULRULWLVH PDUNHWLQJ« :KDW LV FRQVLGHUHG WR EH ¶PDUNHWLQJ· E\ PDQ\ ² D EURFKXUH D ZHEVLWH DQG SURPRWLRQDO Á\HU ² LV UHDOO\ RQO\ DERXW RI ZKDW PDUNHWLQJ UHDOO\ PHDQV 7KHVH H[DPSOHV DUH DOVR WKH ),1$/ ZRUWK RI DFWLYLW\ 7KH RWKHU RI PDUNHWLQJ DFWLYLW\ LQYROYHV EXVLQHVV DQDO\VLV FRPSHWLWRU FRPSDULVRQV PDUNHW WUHQG DQDO\VLV DQG FXVWRPHU FRPPXQLFDWLRQ 6PDOO EXVLQHVVHV PRUH WKDQ DQ\ RWKHU QHHG WR IRFXV WKHLU DWWHQWLRQ LQ WKH DUHDV ZKLFK ZLOO UHDS WKH ELJJHVW UHZDUGV 7KLV PHDQV XQGHUVWDQGLQJ WKH EXVLQHVV WKH PDUNHW DQG WKH FXVWRPHUV LQVLGH RXW 7KH EHWWHU \RX JHW WR NQRZ WKHVH HOHPHQWV WKH PRUH WDUJHWHG DQG HIIHFWLYH PDUNHWLQJ ZLOO EH EHFDXVH \RX NQRZ H[DFWO\ ZKDW LV QHHGHG 3HRSOH DUH ERPEDUGHG RQ D GDLO\ EDVLV E\ PDUNHWLQJ PHVVDJHV IURP KXQGUHGV RI FRPSDQLHV <RX QHHG \RXU PDUNHWLQJ DFWLYLW\ WR VWDQG RXW WR WKHP <RX FDQ GR WKLV E\ XQGHUVWDQGLQJ ZKDW WKH\ DUH ORRNLQJ IRU DQG ZKDW DSSHDOV WR WKHP $ VFDWWHU JXQ DSSURDFK RI GRLQJ D OLWWOH ELW RI HYHU\WKLQJ ZLOO XVXDOO\ PHDQ PRVW RI LW LV ZDVWHG <RX VKRXOG EH DEOH WR DQVZHU WKHVH TXHVWLRQV EHIRUH \RX GHFLGH ZKDW PDUNHWLQJ \RX ZLOO EH GRLQJ :KDW GR \RX ZDQW WR JHW RXW RI WKH PDUNHWLQJ" +DYH D VSHFLÀF JRDO :KLFK JURXS RI \RXU FXVWRPHUV LV WKH PRVW YDOXDEOH WR \RX" &DQ \RX JLYH WKHP D SURÀOH" :K\ DUH \RX EHWWHU WKDQ \RXU FRPSHWLWRUV" +RZ PXFK WLPH PRQH\ UHVRXUFHV GR \RX KDYH IRU WKH PDUNHWLQJ" 6PDOO UHJXODU DFWLYLW\ LV EHWWHU WKDQ RQH EXUVW HYHU\ IHZ PRQWKV &RXOG \RX VHOO \RXU FRPSDQ\ LQ ZRUGV" :KLFK DUH \RXU VWURQJHVW SURGXFWV VHUYLFHV DQG \RXU ZHDNHVW" :K\" 'R VRPH QHHG WR EH DOWHUHG RU UHSODFHG" ,I \RX FDQ·W DQVZHU WKHVH TXHVWLRQV WKHQ SHUKDSV RQH RI WKH 0DUNHWLQJ $%& FRXUVHV ZRXOG EH XVHIXO IRU \RX RU DW OHDVW \RX QHHG WR VSHDN WR VRPHRQH ZKR FDQ KHOS \RX DQDO\VH \RXU EXVLQHVV LQ WKLV ZD\ 2QFH \RX KDYH WKH DQVZHUV DPRQJVW D IHZ RWKHUV WKHQ D PDUNHWLQJ SODQ ZLOO VWDUW WR IDOO LQWR SODFH %\ WKLV VWDJH WKH SODQ VKRXOG EH UHOHYDQW WDUJHWHG DQG ZLOO KHOS \RX JHW WKDW ÀQDO DFWLYLW\ DEVROXWHO\ ULJKW IRU \RXU DXGLHQFH ,I \RX·G OLNH WR GLVFXVV PDUNHWLQJ FRXUVHV RU DQ\ RWKHU DVSHFW RI PDUNHWLQJ LQ PRUH GHWDLO WKHQ SOHDVH FRQWDFW XV LQIR#PDUNHWLQJDEF FR XN
& ,-2 & "& 2 5"$ "& $( #( % ,# 2"& 7"$$ % # 5 " , & 2( 9(5, 5-"& --+ ( , )!2(!) -*(# % ,# 2"& (5,- - 2 "$(, 2( 9(5, 5-"& --+ &$9 3 (5,- & ( , 2 3 $ 6 $- 2 2"% 2 2 -5"2- 9(5+
( % ,# 2"& 8* ," & ,2 , &-2"252 ( ,# 2"& 5 $" ( $ 2( $- 90 ,( - % , (5,- - 8" $ 2( 9(5, 5-"& -- % ,# 2"& &
$ :)'4 .43/ 3 % "$ "& ( % ,# 2"& + (+5#
>c Ndjg 9gZVbh /
/ D ' / E d
/ K E D ^
/ ^ d Z ' < K E z & & ^ , h d z K > > K d t /
/
^ > W E ' D '
Z z ^ & K Z d z t / E < ^ , E h d Z D ^ ^
/
d
K E d D s : Z Z h d E ^ D D , /
d
/ ' K K /
E K y W ' ' ^ d ^ W K E K Z ^ & < h d
/ , d K Z D
t & , Z K d ^ , z Z ' K / E E ' E & E d ^ z d , /
d ,
D > d y > Z Z ,
ĂLJĚƌĞĂŵ &ĂŶƚĂƐLJ ĂƚŶĂƉ &ĂƟŐƵĞĚ &ŽƌƚLJͲtŝŶŬƐ ,ŝďĞƌŶĂƚĞ /ŵĂŐŝŶĂƟŽŶ EŝŐŚƚŵĂƌĞ ZĞůĂdž ZĞƐƚ ^ŚƵƚĞLJĞ ^ŶŽŽnjĞ ^ƚĂƌŐĂnjĞ sŝƐŝŽŶ ZĞƉŽƐĞ džŚĂƵƐƚĞĚ ^ůĞĞƉ EŽĚͲKī ĞĚ
&ŝŶĚ Ăůů ƚŚĞ ŶĂŵĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ͛/Ŷ zŽƵƌ ƌĞĂŵƐ͛ ŝŶ ƚŚĞ ŐƌŝĚ ĂŶĚ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ůĞƩĞƌƐ ǁŝůů ƐƉĞůů ŽƵƚ Ă ƌĞůĂƚĞĚ ƉŚƌĂƐĞ͘
67(9(1 %,6+23 7LPH 6HUYHG
3$,17(5 '(&25$725 ,17(51$/ (;7(51$/
7(/ 02%
!
!
! %
"
)/--+ .0.0*1$)*1+0 /+,,-+
# & # #
*DWHV 5DLOLQJV %DOOXVWUDGHV 6HFXULW\ *ULOOHV
( ( "
! % ) & ) %
'$ &
&KHVWHU 5RDG +HOVE\ 23(1 021 6$7 ZLWK ODWH QLJKWV :HG 7KXUV )UL µWLO SP
1(: KDQGV RQ )DFLDOV IURP &U\VWDO &OHDU $YDLODEOH 12: IURP Â… SOXV ,QWURGXFWRU\ RIIHUV 6SUD\ 7DQ )LOH DQG 3ROLVK *HO 2YHUOD\ Â…
3DUW\ /DVKHV Â…
*LIW 9RXFKHUV DYDLODEOH
6HH RXU 7ZLWWHU DQG IDFHERRN IRU RWKHU RIIHUV
1HZ %DWK %RPEV DQG *LIW 6HWV IURP %RPE &RVPHWLFV LQ 12: 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
5LOH\ ,7 6HUYLFHV )RU DOO \RXU ,7 QHHGV
,QWHUQHW HPDLO SUREOHPV 9LUXV PDO ZDUH UHPRYDO +DUGZDUH VRIWZDUH SUREOHPV 3& 6HFXULW\ 1HWZRUNLQJ :L )L -HUHP\ 5LOH\ % (QJ +RQV
2YHU \HDUV ,7 LQGXVWU\ H[SHULHQFH
&DOO )UHH RQ RU HQTXLULHV#ULOH\ LW FR XN ZZZ ULOH\ LW FR XN +LJK 6WUHHW )URGVKDP &KHVKLUH :$ $+
7HOHSKRQH
!# ! # #
' $ # % '
. + . # " % / ) $)) ,,,!, ' + .!
$ !# ! $ ! & % & & # ! & # % ! # # * % %%
$ )
&
$ ) ' $ ' $ $# # & ! $ & ' # # & # $! % # !$ #$ $! % $ ! # # ! !
% $ $! $ $ ! !# ! ' $ ' $ # ' # ) # !
' $ # % & $ $! ! % ! # $ & ! # # ((( ( $ ' ) & $ & ( &$ ( $ & ) $ & $ %% ' $ ( $ & (
' . + . # " % / ) $))
' . + . # " % / ) $))
' . + . # " % / ) $))
63(&,$/ 2))(5
63(&,$/ 2))(5
63(&,$/ 2))(5
<285 727$/ )22' %,//
<285 727$/ )22' %,//
<285 727$/ )22' %,//
2Q SUHVHQWDWLRQ RI WKLV YRXFKHU
2Q SUHVHQWDWLRQ RI WKLV YRXFKHU
2Q SUHVHQWDWLRQ RI WKLV YRXFKHU
" + * ' ' ' " )/ (! - * # . , #! ' *# * ' , ' . ' " "!
" + * ' ' ' " )/ (! - * # . , #! ' *# * ' , ' . ' " "!
" + * ' ' ' " )/ (! - * # . , #!
2)) 2)) 2)) ' *# * ' , ' . ' " "!
, ! . #% . (+/ ! . #% . ("/ #% . % ) & (" ## $
, ! ! . . # #% % . . & & !
! & & ! %& %& (+ (+/ / , & ! & & ! & ! )! & (" ! %& (* & ! & ! !) (+
YčøéĴ㺱 ƀ ĮčąŪº±
(
%&) )% ) ) ! #%! , ) ! ! ) & - %)
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
*LUO DERXW
7+( */2%( /RVW LQ D ORVW FLYLOLVDWLRQ E\ /LVD (OGULGJH
/ ĐĂŶ ďĂƌĞůLJ ƐĞĞ ďĞĨŽƌĞ ŵĞ ĂƐ ƚŚĞ ǁĂůůƐ ĂƉƉĞĂƌ ƚŽ ƐŶĂŬĞ ŝŶ ĂŶĚ ŽƵƚ͘ / ŐŝŶŐĞƌůLJ ƚĂŬĞ ĞĂĐŚ ƐƚĞƉ ĐĂƌĞĨƵůůLJ͕ ƵŶƐƵƌĞ ŽĨ ƚŚĞ ĚŝƌĞĐƟŽŶ / Ăŵ ǁĂůŬŝŶŐ͘ ůů / ĐĂŶ ŚĞĂƌ ĂƌĞ ĨŽŽƚƐƚĞƉƐ ĂŶĚ ƚŚĞ ƐŽƵŶĚ ŽĨ ŽƵƌ ǀŽŝĐĞƐ ĂƐ ƚŚĞLJ ĞĐŚŽ ĨƌŽŵ ƚŚĞ ŚŝŐŚ ĐĂŶLJŽŶ ǁĂůůƐ͘ / ĨĞĞů ĂƐ ƚŚŽƵŐŚ /͛ŵ ƐƚƵĐŬ ŝŶ Ă ĐŽŵƉƵƚĞƌ ŐĂŵĞ͕ ůŽŽŬŝŶŐ ĨŽƌ ƚŚĞ Ğdžŝƚ ďƵƚ ǁŝƚŚ ŶŽ ǀŝƐŝŽŶ ƚŽ ƐĞĞ͘ ͚ ƌĞ ǁĞ ŐŽŝŶŐ ƚŚĞ ƌŝŐŚƚ ǁĂLJ͍͛ / ĂƐŬ ďƵƚ ŶŽ ŽŶĞ ƐĞĞŵƐ ƚŽ ŬŶŽǁ͘
ŵĂŬĞ ƐƵƌĞ ƚŚĂƚ LJŽƵ ĂĐƚƵĂůůLJ ůĞĂǀĞ ĞŶŽƵŐŚ ƟŵĞ ƚŽ ŐĞƚ ŽƵƚ ďĞĨŽƌĞ ĚĂƌŬŶĞƐƐ ƐĞƚƐ ŽŶ ƚŚŝƐ ǀĂƐƚ ŚŝƐƚŽƌŝĐĂů ĐŝƚLJ Žƌ LJŽƵ ŵĂLJ ĮŶĚ LJŽƵƌƐĞůĨ ĂƐ ǁĞ ĚŝĚ Ͳ ůŽƐƚ ǁŝƚŚŝŶ Ă ůŽƐƚ ĐŝǀŝůŝnjĂƟŽŶ͙
dŚĞƌĞ ĂƌĞ ŶŽ ƐƚĂƌƐ ĂŶĚ ƚŚĞ ŶŝŐŚƚ ƐŬLJ ďĂƌĞůLJ ůŝŐŚƚƐ ƚŚĞ ǁĂLJ͘ :ƵƐƚ ŚŽƵƌƐ ďĞĨŽƌĞ͕ ƚŚŝƐ ĂŶĐŝĞŶƚ ĐŝƚLJ ŽĨ WĞƚƌĂ ŝŶ :ŽƌĚĂŶ ǁĂƐ ďƵƐƚůŝŶŐ ǁŝƚŚ ŚŽĂƌĚƐ ŽĨ ƚŽƵƌŝƐƚƐ ĂŶĚ ƐĞůůĞƌƐ͘ EŽǁ͕ ŝƚ ŝƐ ĞŵƉƚLJ ĞdžĐĞƉƚ ĨŽƌ ĮǀĞ ŵĞƌŝĐĂŶƐ ĂŶĚ ŽŶĞ ŶŐůŝƐŚ Őŝƌů͘ / ŚĂǀĞ ũƵƐƚ ƚĂŬĞŶ ƚŚĞ ůĂƐƚ ĚŽŶŬĞLJ ƌŝĚĞ ĂŶĚ ƚŚĞ ƉůĂĐĞ ŝƐ ĚĞƐĞƌƚĞĚ͘ tŚĞŶ / ĞŶƚĞƌĞĚ ƚŚĞ ͚ZĞĚͲZŽƐĞ ŝƚLJ͛ ĮǀĞ ŚŽƵƌƐ ĂŐŽ͕ ůŝƩůĞ ĚŝĚ / ŬŶŽǁ ƚŚĂƚ / ǁŽƵůĚ ďĞ ŽŶĞ ŽĨ ƚŚĞ ůĂƐƚ ƉĞŽƉůĞ ƚŽ ůĞĂǀĞ ƚŚŝƐ ŚŝƐƚŽƌŝĐĂů ƐŝƚĞ͘
ŶƚƌLJ ƚŽ WĞƚƌĂ ŝƐŶ͛ƚ ĐŚĞĂƉ ĂŶĚ ǁŝůů ĐŽƐƚ ϱϬ :ŽƌĚĂŶŝĂŶ ŝŶĂƌ ĨŽƌ Ă ĚĂLJ ƉĂƐƐ Žƌ ϱϱ : ĨŽƌ ƚǁŽ ĚĂLJƐ ďƵƚ ƚŚĞ ƉƌŽĐĞĞĚƐ ŐŽ ƚŽ ƚŚĞ YƵĞĞŶ ŝůĂŚ ŚƵŵĂŶŝƚĂƌŝĂŶ ĨƵŶĚ ĂŶĚ ƚŚĞ ůŽĐĂů ĞĚŽƵŝŶƐ͘ /Ĩ LJŽƵ ŚĂǀĞ ƚŚĞ ƟŵĞ͕ ĞdžƉůŽƌĞ >ŝƩůĞ WĞƚƌĂ Ͳ ƚŚĞ ŵŽƌĞ ƵŶŬŶŽǁŶ ƉĂƌƚ ŽĨ ƚŚĞ ƐŝƚĞ ǁŚĞƌĞ LJŽƵ ĐĂŶ ĂǀŽŝĚ ƚŚĞ ĐƌŽǁĚƐ͘
WĞƚƌĂ ĂƩƌĂĐƚƐ ŚŽĂƌĚƐ ŽĨ ǀŝƐŝƚŽƌƐ ĞĂĐŚ LJĞĂƌ ĂŶĚ ŝƐ ƚŚĞ ŵĂŝŶ ĂƩƌĂĐƟŽŶ ŝŶ :ŽƌĚĂŶ͘ <ŶŽǁŶ ĂƐ ƚŚĞ ͚ZĞĚ ZŽƐĞ͛ ĐŝƚLJ͕ ƚŚŝƐ ƐĂŶĚƐƚŽŶĞ ĐĂƌǀĞĚ ƐŝƚĞ ŝƐ ŽŶĞ ŽĨ ƚŚĞ ^ĞǀĞŶ tŽŶĚĞƌƐ ŽĨ ƚŚĞ tŽƌůĚ͘ >ĂƐƚ LJĞĂƌ ŵĂƌŬĞĚ ƚŚĞ ϮϬϬϬƚŚ LJĞĂƌ ŽĨ ƌĞĚŝƐĐŽǀĞƌLJ ŽĨ ƚŚŝƐ ĂŶĐŝĞŶƚ ĐŝƚLJ ƚŚĂƚ ŽŶĐĞ ďĞůŽŶŐĞĚ ƚŽ ƚŚĞ EĂďĂƚĂĞĂŶ ĐŝǀŝůŝnjĂƟŽŶ͘ /ƚ ŝƐ Ă ƉůĂĐĞ ŽĨ ƟŵĞůĞƐƐ ďĞĂƵƚLJ ǁŝƚŚ Ă ŬĂůĞŝĚŽƐĐŽƉĞ ŽĨ ĐŽůŽƵƌƐ ĂŶĚ ƌŽLJĂů ƚŽŵďƐ͘ dŚĞ dƌĞĂƐƵƌLJ ŝƚƐĞůĨ ŝƐ ĞŶŽƵŐŚ ƚŽ ůĞĂǀĞ LJŽƵ ďƌĞĂƚŚůĞƐƐ ďĞĨŽƌĞ ĐůŝŵďŝŶŐ ƚŚĞ ϴϬϬ ƐƚĞƉƐ ƚŽ ƚŚĞ DŽŶĂƐƚĞƌLJ ƚŚĂƚ ƐƚĂŶĚƐ ϱϬ ŵĞƚƌĞƐ ƚĂůů͘ EŝŐŚƚ ƚŽƵƌƐ ĂƌĞ ŚĞůĚ ďLJ ĐĂŶĚůĞůŝŐŚƚ ŽŶ DŽŶĚĂLJƐ ĂŶĚ dŚƵƌƐĚĂLJƐ ďƵƚ ďĞŝŶŐ ƚŚĞƌĞ Ăƚ ĚƵƐŬ ŝƐ ũƵƐƚ ĂƐ ŵĂŐŝĐĂů ŝŶ ƚŚŝƐ ŚĞƌŝƚĂŐĞ ƐŝƚĞ͕ ŚĂůĨ ĂƐ ŽůĚ ĂƐ ƟŵĞ͘ Ƶƚ ŝĨ ƚŚĞ ŚŝŬĞ ĂƌŽƵŶĚ ƚŚĞ ƐŝƚĞƐ ĂƌĞ ƚŽŽ ŵƵĐŚ͕ ƚĂŬĞ Ă ůĞĂĨ ŽƵƚ ŽĨ ŵLJ Ŭ ĂŶĚ ƚĂŬĞ Ă ůĞŝƐƵƌĞůLJ ĚŽŶŬĞLJ ƌŝĚĞ͕ ŽŶůLJ
>ŝƐĂ ůĚƌŝĚŐĞ ŝƐ Ă ƚƌĂǀĞů ũŽƵƌŶĂůŝƐƚ ƐƉĞĐŝĂůŝƐŝŶŐ ŝŶ ƐŽůŽ ĨĞŵĂůĞ ƚƌĂǀĞů͘ dǁŝƩĞƌΛŐŝƌůĂďŽƵƚŐůŽďĞ &ĂĐĞŬ Ͳ 'ŝƌů ĂďŽƵƚ ƚŚĞ 'ůŽďĞ ůŽŐ Ͳ ǁǁǁ͘ŐŝƌůĂďŽƵƩŚĞŐůŽďĞ͘ĐŽŵͬďůŽŐ
6HSWHPEHU 3LFN 0H 8S·V *HQHVLV )DFLDO &RPELQHG XOWUDVRXQG DQG OLJKW WKHUDS\ WKH YHU\ ODWHVW LQ VNLQ WHFKQRORJ\ $PD]LQJ UHVXOWV IRU MXVW …
0XPV KDYH D ELW RI \RX WLPH
7RQH XS DQG ORVH WKRVH KROLGD\ LQFKHV 7RQLQJ 7DEOHV MXVW Â… %RG\ $FWLRQ 9LEUDWLRQ 3ODWH &RXUVH RI WHQ VHVVLRQV IRU MXVW Â…
%DFN QHFN DQG VKRXOGHU PDVVDJH UHOD[ DQG XQZLQG Â…
-RLQ XV RQ IDFHERRN WZLWWHU DQG YLVLW RXU QHZ ZHEVLWH IRU DOO RI RXU ODWHVW RIIHUV ZZZ VOLPQWULPIURGVKDP FRP
"" *' * *! ) +
#
, . (,' # ! '
'! (( ! *. , ( &, - * (* * ! ( ' - * '!! * ' ( * ' !' #,## ( *! , *(
#
',( * '. ## ((!' *! ' !- * ' !' * #' ' #' * *. (*' ## ' . ## * #'! , *( ,( ' *,' *! ( * *' * * * $ ' &, ' %
" " " ! " ! " " " " !
6WRQHKRXVH )DUP 1HZ 3DOH 5RDG 0DQOH\ &RPPRQ RQ 7KH 6DQGVWRQH 7UDLO
(QG RI \HDU WLG\ XSV 3ODQ \RXU SDWLR QRZ UHDG\ IRU 6SULQJ *DUGHQ 0DLQWHQDQFH /DQGVFDSLQJ 6HUYLFHV +HGJH &XWWLQJ 7UHH 3UXQLQJ 6WXPS *ULQGLQJ *URXQGZRUN 6RDNDZD\V 7XUI /D\LQJ 6HHGLQJ 3DWLRV 'ULYHV :DOOLQJ -&% 0LQL 'LJJHU $YDLODEOH 3URIHVVLRQDO +RUWLFXOWXULVW ZLWK RYHU \UV H[SHULHQFH
0LNH 6WDUNH\
ZZZ VWRQHKRXVHIDUPEDQGE FR XN 7HO 0RELOH (PDLO EXVKHOO#VWRQHKRXVHIDUP SOXV FRP 2SHQ GDLO\ 2SHQ287'2256 GDLO\ IRU IRU WHDV WHDV FRIIHHV FRIIHHV VRIW VRIW GULQNV GULQNV DQG ERWWOHG ZDWHU
6QDFNV LQFOXGLQJ EDFRQ DQG VDXVDJH EXWWLHV VFRQHV FULVSV DQG FKRFRODWHV
&HOHEUDWH DW )URGVKDP *ROI &OXE &/8% )81&7,21 5220 ,'($/ 9(18( )25 35,9$7( )81&7,216
&KULVWPDV 3DUWLHV %LUWKGD\ 3DUWLHV &KULVWHQLQJV :HGGLQJV
7KH IXQFWLRQ URRP FDQ KROG XS WR SHRSOH DQG KDV D GDQFH ÀRRU
%XIIHW¶V IURP … &RXUVH 0HDO IURP … &RXUVH 0HDO )URP …
ZZZ IURGVKDPJROI FR XN
%ULQJ HOHJDQFH DQG RUGHU WR WKH QDWXUDO ZRUOG
3DWLRV 7XUILQJ /DQGVFDSLQJ 'HFNLQJ *DUGHQ 0DLQWHQDQFH ,QGLDQ 6WRQH
:DWHU )HDWXUHV %ORFN 3DYLQJ )HQFLQJ 3HUJRODV :DOOV 3UHVVXUH ZDVKLQJ
&RQWDFW XV QRZ DQG VHH ZKDW ZH FDQ GR IRU \RX
9LVLW XV RQOLQH DW ZZZ G N ODQGVFDSHV FRP U FDOO 'DYLG QRZ
7+( '81+$0 $506 &KHVWHU 5RDG 'XQKDP +LOO
0DLQ 0HDOV IRU Â… SP 0RQ )UL
)LVK )ULGD\ )UHH SLQW RI EHHU RU JODVV RI ZLQH ZLWK DQ\ ÀVK PDLQ FRXUVH
0DQDJHU 5LFKDUG +HDG &KHI 6KDXQ DQG WKHLU WHDP ZHOFRPH \RX WR 7KH 'XQKDP $UPV LQ 'XQKDP +LOO
)ULGD\V IURP SP
6XQGD\ /XQFK
IRU *ULOOV 0RQGD\ QLJKW IURP SP
3XW \RXU IHHW XS RQ 6XQGD\ DQG OHW XV GR WKH UHVW &KRLFH RI URDVWV Â… RU DGG D GHVHUW IRU IRU Â… Â… $OO GD\ 6XQGD\ :HGQHVGD\ 1LJKW IURP SP
&XUU\ D 'ULQN
&KULVWPDV %RRNLQJV 12: EHLQJ WDNHQ &KULVWPDV )D\UH 0HQX &RXUVHV Â… &RXUVHV Â…
RII
6HSDUDWH DUHDV DYDLODEOH IRU SULYDWH JURXS IXQFWLRQV &KULVWHQLQJV )XQHUDOV %LUWKGD\ 3DUWLHV HWF
RII
\RXU 7RWDO )RRG %LOO
\RXU 7RWDO )RRG %LOO
ZLWK WKLV YRXFKHU
ZLWK WKLV YRXFKHU
9DOLG WKURXJKRXW 6HSWHPEHU
9DOLG WKURXJKRXW 6HSWHPEHU
&DQ QRW EH XVHG ZLWK DQ\ RWKHU RIIHU
&DQ QRW EH XVHG ZLWK DQ\ RWKHU RIIHU
*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
‡ ‡ ‡ ‡
*DV 6DIH UHJLVWHUHG +HDWLQJ LQVWDOODWLRQ ERLOHU UHSODFHPHQW )XOO EDWKURRP ZHW URRP GHVLJQ LQVWDOODWLRQ WLOLQJ )XOO SOXPELQJ VHUYLFH
'D\ 7HO
(YH 7HO
(PDLO PEXQWLQJSOXPELQJ#VN\ FRP
*HPLQL &DUSHW DQG 8SKROVWHU\ &OHDQLQJ DQG /DPLQDWH 5HVWRUDWLRQ
<285 0(025,(6 9,'(2 75$16)(5 9+6 PP +L 'LJLWDO 9LGHR HGLWHG DQG WUDQVIHUUHG WR '9' 'R \RXU WUHDVXUHG WDSHV FRQWDLQ DQ\ RI WKHVH
2XW RI IRFXV VKRWV" 8QZDQWHG VKRWV" )RUJRW WR VZLWFK FDPHUD RII"
:H FDQ UHPRYH WKHP DQG PDNH D '9' \RX ZLOO EH SURXG WR VKRZ WR IDPLO\ DQG IULHQGV /HW XV VKRZ \RX KRZ \RXU WDSHV FDQ EH WUDQVIRUPHG
7HO (PDLO IDLUV#SHDUWUHH IUHHVHUYH FR XN :HEVLWH ZZZ \RXUPHPULHV FR XN
'ĞŵŝŶŝ ĂƌƉĞƚ ĂŶĚ hƉŚŽůƐƚĞƌLJ ůĞĂŶŝŶŐ ŝƐ Ă ƐƵĐĐĞƐƐĨƵů ďƵƐŝŶĞƐƐ ǁŝƚŚ ŽǀĞƌ ϭϴ LJĞĂƌƐ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ƚŚĞ ĂƌĞĂ ŽīĞƌŝŶŐ͗Ͳ
Ύ ĂƌƉĞƚ ĂŶĚ hƉŚŽůƐƚĞƌLJ ůĞĂŶŝŶŐ ƵƐŝŶŐ ,ŝŐŚ WĞƌĨŽƌŵĂŶĐĞ DĂĐŚŝŶĞƐ Ύ ZĂƉŝĚ ƌLJŝŶŐ dŝŵĞ Ύ >Žǁ dĞŵƉĞƌĂƚƵƌĞ ĞƚĞƌŐĞŶƚƐ Ύ ŽŵĞƐƟĐ ĂŶĚ ŽŵŵĞƌĐŝĂů tŽƌŬ Ύ >ĞĂƚŚĞƌ ^ƵŝƚĞ ^ƉĞĐŝĂůŝƐƚ dĞů͗ ϬϭϵϮϴ ϳϭϮϮϭϲ DŽďŝůĞ͗ Ϭϳϵϴϰ ϭϲϭϰϬϱ tĞ ĂƌĞ ŶŽǁ ĂůƐŽ ƚŚĞ ŵĂŝŶ ĚŝƐƚƌŝďƵƚŽƌ ŝŶ ƚŚĞ h< ŽĨ >ĂŵĂŶĂƚŽƌWůƵƐ͕ Ă /z ƉƌŽĚƵĐƚ ĨŽƌ ƌĞƐƚŽƌŝŶŐ ůĂŵŝŶĂƚĞ ŇŽŽƌŝŶŐ͘ >ĂŵĂŶĂƚŽƌWůƵƐ ǁĂƐ ĚĞƐŝŐŶĞĚ ƚŽ ĐůĞĂŶ ĂŶĚ ƌĞͲĐŽĂƚ ƚŚĞ ƉƌŽƚĞĐƟǀĞ ƚŽƉ ůĂLJĞƌ ŽĨ LJŽƵƌ ůĂŵŝŶĂƚĞ ůĂŵŝŶĂƚĞ Žƌ Žƌ ŽƚŚĞƌ ŽƚŚĞƌ ĞŶŐŝŶĞĞƌĞĚ ĞŶŐŝŶĞĞƌĞĚ ŇŽŽƌ͘ ŇŽŽƌ͘ LJŽƵƌ
+LJK 6W )URGVKDP 7HO
2SHQLQJ 7LPHV 021'$< DP SP 78(6'$< DP SP :('1(6'$< DP SP 7+856'$< DP SP )5,'$< DP SP 6$785'$< DP SP
6800(5 75(1' 20%5( ',3 '<,1* $9$,/$%/(
>ĂŵĂŶĂƚŽƌWůƵƐ ᅚ
ᅚ
ᅚ ᅚ ᅚ ᅚ ᅚ
&Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƟŽŶ ǀŝƐŝƚ
/DGLHV *HQWV &KLOGUHQ ZHOFRPH
ǁǁǁ͘ůĂŵŝŶĂƚĞͲŇŽŽƌͲƌĞƉĂŝƌ͘ĐŽ͘ƵŬ
*LIW 9RXFKHUV DUH DYDLODEOH
Žƌ ĐĂůů ϬϭϵϮϴ ϳϭϮϮϭϲ DŽďŝůĞ͗ Ϭϳϵϴϰ ϭϲϭϰϬϱ
ǀĞƌ ƚŚŽƵŐŚƚ ĂďŽƵƚ ďĞĐŽŵŝŶŐ Ă ƋƵĂůŝĮĞĚ ƐƐĞƐƐŽƌ Žƌ dƌĂŝŶĞƌ͍ dŚĞƌĞ ŝƐ Ă ŶĂƟŽŶĂů ƐŚŽƌƚĂŐĞ ŽĨ ƋƵĂůŝĮĞĚ ƐƐĞƐƐŽƌƐ ĂĐƌŽƐƐ Ăůů ƐƵďũĞĐƚ ĂƌĞĂƐ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ƚŚĞ ũŽď ŵĂƌŬĞƚ ŝƐ ƐƚƌŽŶŐ͘ dŚĞƌĞ ĂƌĞ ƉŽƐŝƟŽŶƐ ŝŶ ŽůůĞŐĞƐ͕ hŶŝǀĞƌƐŝƟĞƐ͕ dƌĂŝŶŝŶŐ ŽŵƉĂŶŝĞƐ ĂŶĚ ŐĞŶĐŝĞƐ͘
Ͳ Ŷ EsY ƐƐĞƐƐŽƌ ŵĂŬĞƐ Ă ŐƌĞĂƚ ƐĞĐŽŶĚ ũŽď Žƌ ĐĂƌĞĞƌ Ͳ ĂƌŶ ƵƉ ƚŽ άϯϬ͕ϬϬϬ ;&d Ϳ ƉĞƌ LJĞĂƌ Ͳ &ƌĞĞĚŽŵ ƚŽ ĐŚŽŽƐĞ LJŽƵƌ ŽǁŶ ǁŽƌŬŝŶŐ ŚŽƵƌƐ Ͳ :Žď ƐĂƟƐĨĂĐƟŽŶ ĨƌŽŵ ƚĞĂĐŚŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ƉĞŽƉůĞ Ͳ ^ƚĂƌƚ Ăƚ ĂŶLJ ƟŵĞ ǁŝƚŚ ŽƵƌ ŽŶͲůŝŶĞ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵ Ͳ ĂƐLJ ŇĞdžŝďůĞ ƉĂLJŵĞŶƚ ƉůĂŶƐ ĂǀĂŝůĂďůĞ zŽƵ ĚŽŶ͛ƚ ŶĞĞĚ Ă ĚĞŐƌĞĞ ƚŽ ďĞ ĂŶ ƐƐĞƐƐŽƌ Žƌ Ă dƌĂŝŶĞƌ Ͳ ũƵƐƚ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ŬŶŽǁůĞĚŐĞ ŝŶ LJŽƵƌ ƐƵďũĞĐƚ ĂƌĞĂ͘ &Žƌ ĨƵƌƚŚĞƌ ŝŶĨŽƌŵĂƟŽŶ ĐŽŶƚĂĐƚ ŽĞ ŽŶ ϬϭϵϮϴ ϴϵϴϰϰϲ Žƌ njŽĞΛĞďĚƚƌĂŝŶŝŶŐƐŽůƵƟŽŶƐ͘ĐŽ͘ƵŬ ǁǁǁ͘ĞďĚƚƌĂŝŶŝŶŐƐŽůƵƟŽŶƐ͘ĐŽ͘ƵŬ
DQG 1(7:25. DW WKH VDPH WLPH (DUO\ 0RUQLQJ 1HWZRUNLQJ 1RUGLF :DONV
1HWZRUN :DON VWDUWV
IRU %XVLQHVV PHQ DQG ZRPHQ )RUWQLJKWO\ QG DQG WK 0RQGD\V RI WKH PRQWK 6WDUWV 0RQ WK 6HSW DP DP IURP (GGLVEXU\ 6TXDUH )URGVKDP SHU VHVVLRQ
:DONV LQ +HOVE\ )URGVKDP 'HODPHUH $VKWRQ +D\HV DQG 0RRUH &DOO IRU PRUH GHWDLOV RQ
0DNH QHZ FRQWDFWV EXLOG EXVLQHVV UHODWLRQVKLSV
HPDLO NHUOH\#EDQNKRXVHIDUP IVZRUOG FR XN (PDLO ZZZ NHUOH\VQRUGLFZDONLQJ FR XN NHUOH\#EDQNKRXVHIDUP IVZRUOG FR XN
%RRNLQJ HVVHQWLDO
DQG OHDUQ WR 1RUGLF ZDON
&ƌĞŶĐŚ ůĂƐƐĞƐ ^ƚĂƌƟŶŐ Ϯϱ ^ĞƉƚĞŵďĞƌ &ƌŽĚƐŚĂŵ ŽŵŵƵŶŝƚLJ ĞŶƚƌĞ ͻ ͻ ͻ
ůĞŵĞŶƚĂƌLJ ʹ tĞĚ ϳͲϵ /ŵƉƌŽǀĞƌƐ ʹ dŚƵƌƐ ϮͲϰ /ŶƚĞƌŵĞĚŝĂƚĞ ŽŶǀĞƌƐĂƟŽŶ ʹ dŚƵƌƐ ϳͲϵ
ŽŶƚĂĐƚ ZƵƚŚ ϬϭϵϮϴ ϳϯϵϱϯϰ ĨƌĞŶĐŚŝŶĨƌŽĚƐŚĂŵΛŚŽƚŵĂŝů͘ĐŽ͘ƵŬ
1RZ LV WKH WLPH WR JLYH \RXU URRI D KHDOWK FKHFN 3UHYHQWLRQ LV IDU EHWWHU WKDQ D FXUH DQG D ORW FKHDSHU
2XU )5(( ,QVSHFWLRQ FRYHUV Æ” 7LOLQJ 6ODWLQJ 5LGJH 7LOHV Æ” /RRVH RU 0LVVLQJ 7LOHV Æ” 0RUWDU 3RLQWLQJ Æ” /HDGLQJ )ODVKLQJ Æ” *XWWHULQJ Æ” &KLPQH\V Æ” )ODW RU 3LWFK 5RRIV Æ” 1HZ 5RRIV Æ” 5HSDLUV Æ” )ODW 5RRIV Æ” 7LOLQJ Æ” 6ODWLQJ Æ” &KLPQH\ 5HEXLOGV Æ” 5HSRLQWLQJ /HDG ZRUN
7HO RU &DPEULGJH *DUGHQV +HOVE\ )URGVKDP :$ /: &KHFN RXW RXU ZHEVLWH IRU FXVWRPHU WHVWLPRQLDOV
ZZZ DOOPLJKW\URRILQJ FR XN
UH .LWFKHQ %HIR
" # "
.LWFKHQ $IWHU
*DUGHQ 'HVLJQ &RQVWUXFWLRQ
&5($7,9( '(6,*1 ‡ *$5'(1 &216758&7,21
1DWXUDO VWRQH SDWLRV ‡ &REEOHVWRQH HGJLQJ DQG SDWKV +DUGZRRG VRIWZRRG FRPSRVLWH GHFNV 5DLVHG SODQWHUV ‡ 3ODQWLQJ DQG ODZQ OD\LQJ 3URSULHWRU 'XQFDQ *RXJK +LJKHU 'LSORPD LQ *DUGHQ 'HVLJQ
%ULGJHZDWHU *UDQJH 3UHVWRQ %URRN &KHVKLUH ZZZ ZRZJDUGHQGHVLJQ FR XN
&203/(7( 6(&85,7< 6(59,&( (VW
'RPHVWLF &RPPHUFLDO ,QWUXGHU $ODUPV LQVWDOOHG WR 3' 67$1'$5' 6SHFLDOLVW LQ PRQLWRUHG V\VWHPV &LW\ *XLOGV TXDOLILHG VWDII KRXU HPHUJHQF\ VHUYLFH $ZDUG ZLQQLQJ FRPSDQ\
D 7RZQILHOG /DQH )URGVKDP
7HO ZZZ FVVDODUPVFKHVKLUH FR XN
! !
#.+-: 3'#463' 6/5 6/&#: 5* '15'.$'3 !:'8:/4- ': !: ';8+4)+ .;8). (+:=++4 B 63 '4* +4*/4- /4 :.+ '8/9. '22 .;8). !:8++: 4:8? /9 A 6+8 ,'3/2? 58 A 6+8 6+8954 53+ '4* 05/4 ;9 B ?5; 3'? =/4 ' 68/@+
#563&#: 45 '15'.$'3 "'&&+/) 3#(5 #+3 4 :.+ '8/9. '22 .;8). !:8++: 85*9.'3 '3 B 63 8++ *3/99/54 +,8+9.3+4:9
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
/& 07'.$'3 B *#3-+' *#1-+/ ,/23 C".+ /*D 9.5=/4- ': !: ';8+4)+ .;8). '))536'4/+* (? 5;8 .;8). 58-'4 "/)1+:9 A
'5#+-4 0( #-- #$07' '7'/54 (30. ,85*9.'3+<+4:9 -3'/2 )53 , ?5; .'<+ '4? /*+'9 ,58 ' ;4*8'/9/4- <+4: 62+'9+ *5 )54:'): ;9
"' #3' %633'/5-: 3#+4+/) .0/': (03 063 '/'3#- *63%* 6/&4 < +5 %0454 #11309+.#5'-: ; 1'3 8'', 50 ,''1 *63%* 01'/ ( :06 806-& -+,' 50 .#,' # &0/#5+0/ 1-'#4' 4'/& # %*'26' 1#:#$-' 50 5 #63'/%' 30&4*#. #/& 1045 +5 50 5 #63'/%' '/'3#- 6/&3#+4+/) % 0 34 #3,'3 3#4.'3' 0#& 30&4*#. " " 3 &0/#5' 50 5 #63'/%' 30&4*#. 035 0&' %%06/5 6.$'3 *#/, :06 !: ';8+4)+ .;8). /9 ' 8+-/9:+8+* ).'8/:? 6856+82? )'22+* " # # " ! !" ! !" # ! 45 54:'): ,,/)+ 5>./22 "'8</4 5'* 85*9.'3 % & "+2
+ROLVWLF DQG %HDXW\ 7KHUDSLHV E\ 5XWK *UHHQOHDYHV (&%6 &HUW (G
7HO 0RELOH (PDLO UXWKJUHHQOHDYHV#JPDLO FRP
:HOFRPH WR 7KH +ROLVWLF +XW LQ )URGVKDP 5XWK *UHHQOHDYHV KDV EHHQ LQ WKH EHDXW\ DQG KROLVWLFV EXVLQHVV IRU \HDUV 6HYHQ \HDUV ZRUNLQJ LQ D VDORQ LQFOXGLQJ DV PDQDJHUHVV DQG IRU WKH ODVW \HDUV VKH KDV ZRUNHG DV D PRELOH EHDXW\ DQG KROLVWLF WKHUDSLVW 5XWK KDV EXLOW XS DQ LPSUHVVLYH FOLHQW EDVH GXULQJ WKLV WLPH DQG ZDQWHG WR RIIHU FOLHQWV VRPHWKLQJ PRUH ,Q D SHUVRQV KRPH WKHUH DUH RIWHQ PDQ\ GLVWUDFWLRQV WHOHSKRQHV ULQJLQJ D NQRFN DW WKH GRRU FKLOGUHQ RU SHWV FUHDWLQJ KDYRF LQ WKH EDFNJURXQG 5XWK KLW RQ WKH LGHD RI D VXPPHU KRXVH LQ KHU JDUGHQ ZKHUH FOLHQWV FDQ VWHS DZD\ IURP WKH VWUHVV DQG VWUDLQ RI OLIH DQG KDYH D GHGLFDWHG WLPH MXVW IRU WKHPVHOYHV $IWHU D ORW RI WKRXJKW DQG HIIRUW 7KH +ROLVWLF +XW ZDV UHDG\ IRU EXVLQHVV DQG RSHQHG LW·V GRRUV ODVW PRQWK 7KH +XW LV ZHOO LQVXODWHG DQG KHDWHG VR HYHQ LQ ZLQWHU LW ZLOO EH D FRV\ UHWUHDW
SDLQ IUHH DQG KDG IXOO UDQJH RI PRYHPHQW WKDW ZDV \HDUV DJR $IWHU PRQWKV WUDLQLQJ DW FRQVLGHUDEOH FRVW 5XWK LV WKULOOHG WKDW VKH FDQ QRZ RIIHU WKH WUHDWPHQW WR RWKHUV 6R ZKDW LV 7KH %RZHQ 7HFKQLTXH" ,Q D QXWVKHOO LW DLPV WR EDODQFH WKH ZKROH SHUVRQ QRW MXVW WKH V\PSWRPV ,W FDQ EH XVHG WR WUHDW SUDFWLFDOO\ DQ\ SUREOHP LQFOXGLQJ EDFN DQG QHFN SDLQ VFLDWLFD NQHH SUREOHPV VSRUWV LQMXULHV ,%6 IUR]HQ VKRXOGHU WHQQLV HOERZ PLJUDLQH DVWKPD DQG VWUHVV PDQDJHPHQW WR QDPH EXW D IHZ
, ZDV LQYLWHG DORQJ WR WU\ 7KH %RZHQ 7HFKQLTXH ZKLFK LV D KROLVWLF WKHUDS\ WKDW 5XWK LV YHU\ SDVVLRQDWH DERXW 5XWK KDG WHQGRQLWLV LQ KHU VKRXOGHU DQG KDG EHHQ LQ FRQVLGHUDEOH SDLQ IRU PRQWKV VKH·G KDG GLIÀFXOW\ JHWWLQJ GUHVVHG UHDFKLQJ IRU WKLQJV DQG FRXOGQ·W UDLVH KHU DUP DERYH KHU VKRXOGHU $ IHOORZ KROLVWLF WKHUDSLVW 'XULQJ WKH WUHDWPHQW 5XWK XVHG KHU WKXPEV DQG VXJJHVWHG 7KH %RZHQ 7HFKQLTXH DQG DOWKRXJK ÀQJHUV WR PDNH D VHULHV RI SUHFLVH UROOLQJ W\SH DW ÀUVW 5XWK ZDV D OLWWOH VFHSWLFDO VKH GHFLGHG PRYHV RYHU VSHFLÀF PXVFOHV ,Q EHWZHHQ WKHUH D VHULHV
RI VKRUW EUHDNV ZKHUH , ZDV OHIW WR WR JLYH LW D JR $IWHU WUHDWPHQWV 5XWK ZDV DUH MXVW
RII \RXU ÀUVW +ROLVWLF 7KHUDS\ 7UHDWPHQW %RZHQ 7HFKQLTXH 5HLNL 7KHUDS\ $URPDWKHUDS\ 0DVVDJH 'HHS 7LVVXH 6ZHGLVK 0DVVDJH 5HÁH[RORJ\ 7LEHWDQ $FXSUHVVXUH 6FDOS 0DVVDJH DQG +RSL (DU &DQGOHV
9DOLG WKURXJKRXW 6HSW DQG 2FW :LWK WKLV YRXFKHU
UHVW 7KLV LV DQ LPSRUWDQW SDUW RI WKH WUHDWPHQW DQG JLYHV WKH ERG\ WLPH WR PDNH WKH VXEWOH DGMXVWPHQWV WR UH EDODQFH UHOLHYH WHQVLRQ DQG UHGXFH SDLQ
%HDXW\ 7UHDWPHQWV LQFOXGH WKH SRSXODU ¶0HOW $ZD\· %DFN WUHDWPHQW D FOHDQVH H[IROLDWH PDVVDJH DQG PDVN WUHDWPHQW IRU WKH EDFN KHDYHQO\
$IWHU WKH WUHDWPHQW 5XWK DVNHG LI ,·G IHOW DQ\WKLQJ XQXVXDO KDSSHQ DQG DOWKRXJK , IHOW D ELW GDIW VD\LQJ LW , H[SODLQHG WKDW ,·G IHOW D VHQVDWLRQ OLNH WZR OLWWOH ZKHHOV RU FRJV WXUQLQJ LQZDUGV WRZDUGV HDFK RWKHU DW WKH EDVH RI P\ EDFN 5XWK EHDPHG DQG H[SODLQHG WKDW ZDV IDQWDVWLF DV P\ ERG\ ZDV UHDOLJQLQJ LWVHOI ,W·V D EL]DUUH JHQWOH WUHDWPHQW DQG , ZDV YHU\ VFHSWLFDO EXW ODWHU WKDW QLJKW , UHDOLVHG WKDW WKH UHFHQW SDLQ LQ P\ VKRXOGHU KDG UHGXFHG JUHDWO\ DQG , KDYHQ·W KDG D PLJUDLQH VLQFH VR ,·YH ERRNHG DQRWKHU VHVVLRQ DV ,·P UDWKHU LQWULJXHG
$ YDULHW\ RI IDFLDO WUHDWPHQWV DUH DYDLODEOH LQFOXGLQJ 5HSDLU DQG 5HVWRUH DQG &ROODJHQ (\H 7UHDWPHQW
2WKHU KROLVWLF WUHDWPHQWV DYDLODEOH LQFOXGH 5HÁH[RORJ\ DQG +RSL (DU &DQGOHV 'HHS 7LVVXH 6ZHGLVK PDVVDJH WR UHGXFH WHQVLRQ DQG NQRWV E\ JHWWLQJ GHHS LQWR WKH PXVFOHV 5HLNL 7KHUDS\ ZKLFK LV D GHHSO\ UHOD[LQJ VWUHVV UHOLHYLQJ DQG DZDNHQLQJ WUHDWPHQW ZKLFK EDODQFHV WKH PLQG ERG\ DQG VSLULW 7LEHWDQ $FXSUHVVXUH VFDOS PDVVDJH LV IDQWDVWLF IRU PHQWDO DQG HPRWLRQDO SUREOHPV DQG UHOD[HV IDFH QHFN DQG VKRXOGHU PXVFOHV
+DQG IHHW DQG QDLO WUHDWPHQWV FRYHU D IXOO UDQJH IURP ¶7LG\ PH XS· PDQLFXUH WKURXJK WR ¶3DPSHU PH VHQVHOHVV· SHGLFXUH $FU\OLF QDLO VHUYLFHV DUH DOVR DYDLODEOH (\H HQKDQFHPHQW WUHDWPHQWV LQFOXGH H\HEURZ VKDSH H\HEURZ DQG H\HODVK WLQW FOXVWHU H\HODVK H[WHQVLRQV DQG VWULS H\HODVK H[WHQVLRQV +DLU 'D]]OH DUH UHÁHFWLYH VSDUNOLQJ VWUDQGV WKDW DUH WHPSRUDULO\ WLHG LQWR WKH KDLU DGGLQJ VKLPPHU DQG VSDUNOH DW HYHU\ PRYHPHQW 7KH VSDUNOLQJ VWUDQGV FDQ EH ZDVKHG EORZ GULHG DQG VW\OHG OLNH QRUPDO KDLU \HV HYHQ VWUDLJKWHQHG DQG WRQJHG 7KH\ DUH RQO\ SHU VWUDQG DQG YDULRXV FRORXUV DUH DYDLODEOH SHUIHFW IRU WKH IHVWLYDO RU SDUW\ VHDVRQ :D[LQJ DQG 6W 7URSH] WDQQLQJ LV DOVR DYDLODEOH
5XWK REYLRXVO\ ORYHV KHU MRE , DVNHG KHU ZKLFK ZDV KHU IDYRXULWH WKHUDS\ RU WUHDWPHQW DQG KHU UHSO\ ZDV ´%RZHQ DURPDWKHUDS\ UHOH[RORJ\ $URPDWKHUDS\ PDVVDJH XVLQJ D EOHQG RI DQG IDFLDOVµ , GLG HYHQWXDOO\ JHW KHU WR GHFLGH HVVHQWLDO RLOV WKDW DUH SHUVRQDO WR \RX 5XWK RQ RQH DQG WKDW ZDV QRW VXUSULVLQJO\ 7KH %RZHQ PL[HV D EOHQG VSHFLÀF WR \RXU LQGLYLGXDO QHHGV 7HFKQLTXH DIWHU DOO VKH KDV H[SHULHQFHG WKH SUREOHP RU FRQFHUQV WKH\ DUHQ·W SUH PL[HG ÀUVW KDQG
EHQHÀWV
:HHNHQG HYHQLQJ DSSRLQWPHQWV DYDLODEOH
(OL]DEHWK $UQROG 'UHVV 0DNHUV
&ORWKLQJ DOWHUDWLRQV Æ• %ULGDO Æ• &XUWDLQV %OLQGV
3URIHVVLRQDO ,QGLYLGXDO 3HUVRQDO 6HUYLFH ZLWK RYHU \HDUV H[SHULHQFH
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
&RPSOHWH %DWKURRPV %DWKURRP 6XLWHV VXSSO\ RQO\ 2U VXSSOLHG DQG ILWWHG LQFOXGLQJ (OHFWULFV 3ODVWHULQJ 7LOLQJ :H¶OO WDNH FDUH RI HYHU\WKLQJ )RU DOO \RXU SOXPELQJ UHTXLUHPHQWV FDOO
&URZQ %XLOGLQJV /DWKDP $YHQXH +HOVE\
3ULYDWH FKDQJLQJ URRP /RWV RI )5(( HDV\ SDUNLQJ Ɣ %ULGDO 3URP *HQWV /DGLHV &KLOGUHQ·V DOWHUDWLRQV Ɣ &XUWDLQV %OLQGV PDGH IURP FXVWRPHUV RZQ IDEULFV Ɣ 6RIW IXUQLVKLQJV Ɣ &RQVHUYDWRU\ VXLWHV UHFRYHUHG Ɣ &XVWRPLVLQJ RI FORWKHV Ɣ 3DWWHUQV DYDLODEOH RU EULQJ RZQ 3RS LQ DQ\WLPH EHWZHHQ DP SP 7XHV :HG 7KXUV 2WKHU WLPHV LQFOXGLQJ ZHHNHQG HYHQLQJV E\ DSSRLQWPHQW
(VWDEOLVKHG DW /DG\ +H\HV &UDIW &HQWUH .LQJVOH\ 5G )URGVKDP
6LQFH 3KRQH 'DZQ
HOL]DEHWKDUQROGGUHVVPDNHUV#KRWPDLO FR XN
!! ! !! !! DP SP
%XON 4XDQWLWLHV
2)) 2))
E t D /E' WZK h d^ &ŽƌƌĞƐƚĞƌƐ ŚĂǀĞ ƚĞĂŵĞĚ ƵƉ ǁŝƚŚ Ă ŶĂƟŽŶĂů E t D /E'ǁŚŽ WZK h d^ ĨŽŽĚ ŵĂŶƵĨĂĐƚƵƌĞƌ ƐƵƉƉůŝĞƐ ƚŚĞ ŵĂũŽƌ &ŽƌƌĞƐƚĞƌƐ ŚĂǀĞ ƚĞĂŵĞĚ ƵƉ ǁŝƚŚ ŶĂƟŽŶĂů ƐƵƉĞƌŵĂƌŬĞƚƐ͘ tĞ ŶŽǁ ŽīĞƌ ƚŚĞŝƌĂƚŽƉ ƋƵĂůŝƚLJ ĨŽŽĚ ŵĂŶƵĨĂĐƚƵƌĞƌ ǁŚŽ ƐƵƉƉůŝĞƐ ƚŚĞ ĐŚŝĐŬĞŶ ŽǀĞƌͲƌƵŶƐ͘ dŚĞƐĞ ĂƌĞ ƉƌĞŵŝƵŵŵĂũŽƌ ƋƵĂůŝƚLJ ƐƵƉĞƌŵĂƌŬĞƚƐ͘ tĞ ŶŽǁĐŽŽŬĞĚ ŽīĞƌ ƚŚĞŝƌ ƚŽƉ ƋƵĂůŝƚLJ ǁŚŽůĞ ŵƵƐĐůĞͬƌĞĨŽƌŵĞĚ ĐŚŝĐŬĞŶ ĐŚŝĐŬĞŶ Ăƚ ŽǀĞƌͲƌƵŶƐ͘ ĂƌĞ ƉƌĞŵŝƵŵ ƋƵĂůŝƚLJ ƉƌŽĚƵĐƚƐ >Kt >KtdŚĞƐĞ WZ/ ^͘ ǁŚŽůĞ ŵƵƐĐůĞͬƌĞĨŽƌŵĞĚ ĐŽŽŬĞĚ ĐŚŝĐŬĞŶ ƉƌŽĚƵĐƚƐ Ăƚ >Kt >Kt WZ/ ^͘
6XQGD\ RQO\ RU
5HFHLYH D )5(( SDFN RI RXU QHZ 'HODPHUH UDQJH 0RQ 6DW ZKHQ \RX VSHQG
Ő͗ ϭϬŬŐ͘͘͘ dĞŵƉƵƌĂ ;ďĂƩĞƌĞĚͿ DŝŶŝ &ŝůůĞƚƐ ͘͘͘͘ άϮϮ ϭϬŬŐ͘͘͘ >ĞŵŽŶ Θ WĞƉƉĞƌ DŝŶŝ &ŝůůĞƚƐ ͘͘͘͘͘͘͘͘͘ άϮϮ ϭϬŬŐ ͘͘͘ ƌĞĂĚĞĚ ^ƚĞĂŬƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ άϮϮ ϭϬŬŐ ͘͘͘ ^Ăůƚ Θ WĞƉƉĞƌ &ŝůůĞƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ άϮϮ ^D >> Z Yh Ed/d/ ^ ůů ŽĨ ĂďŽǀĞ ŝŶ ϭŬŐ ƉĂĐŬƐ ĨŽƌ άϯ ĞĂĐŚ͘
'XULQJ 6HSWHPEHU 77 6HSWHPEHU + + 6HSWHPEHU 2Q RIWKLV WKLV YRXFKHU 2Q SURGXFWLRQ SURGXFWLRQ RI YRXFKHU
ůů ŽīĞƌƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĂǀĂŝůĂďŝůŝƚLJ͘ ůů ŽīĞƌƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĂǀĂŝůĂďŝůŝƚLJ͘
& dKZz & ZD ^,KW 23(1 '$<6 $ :((. LJ
;)'5 / '5)/ .!(* (-- .4 -. !" # &, (,6# "$$ & "& .$ 9 ! .!"- 0 (-- .4 -.7.!(*
!44* 11888, ((#, (%1 (-- .4 -..!(*
'5,1.6 2))(56 LQ $PRUp (YHU\ QLJKW LQ $PRUp EHIRUH SP \RX FDQ HQMR\ RII +RXVH ZLQH EHHU DQG VSLULWV LQFO $EVROXW 9RGND +DYDQD &OXE 5XP %HHIHDWHU *LQ
0RQGD\ /LYH %DQG 1LJKW IRU RQ GULQNV EHWZHHQ DQG SP WKHQ DV DERYH RII GULQNV SP
0DFV LV 7+( SODFH IRU NLGV 'LVFR¶V
6DWXUGD\ /LYH %DQG 1LJKW DV DERYH RII GULQNV XQWLO SP
6DIH VHFXUH HQYLURQPHQW IRU FKLOGUHQ RI DOO DJHV )RRG DQG GULQN SDFNDJHV DYDLODEOH
7KXUVGD\ 1LJKW 'LVFR LV EDFN LQ $PRUp ZLWK $GULDQ +RUQ )RU &RFNWDLOV 8QWLO 0LGQLJKW DP %DU
-RLQ µ%DU *URRYHV¶ ZLWK '- 7HUU\ 3DQNKXUVW RQ D )ULGD\ RU 6DWXUGD\ 1LJKW LQ 0DFV
7KXUVGD\ 1LJKW &RFNWDLOV $ PDVWHU FODVV LQ 0L[RORJ\
IRU &RFNWDLOV SP 0LGQLJKW 0RMLWRV 1LJKWFOXE FDQ EH KLUHG H[FOXVLYHO\ $Q\ 1LJKW RI WKH :HHN 3HUIHFW IRU VW¶V WK¶V HWF :HGGLQJV 6FKRRO 'LVFR¶V &RUSRUDWH DQG )XQGUDLVLQJ (YHQWV
%X\ D GULQN LQ $PRUp EHWZHHQ SP JHW D IUHH WLFNHW LQWR 0DFV
(QMR\ D JUHDW DWPRVSKHUH ZLWK D /LYH %DQG RU '- WR PDNH \RXU SDUW\ D QLJKW WR UHPHPEHU
&KHFN RXU )DFHERRN SDJH IRU RXU GULQN SURPRWLRQV
)RRG DQG GULQN SDFNDJHV FDQ EH WDLORUHG WR \RXU FKRLFH DQG EXGJHW /HDYH WKH FOHDULQJ XS WR XV
)URP µKLS KRS KDSSHQLQJ¶ WR FKDUPLQJ DQG VRSKLVWLFDWHG ZH KDYH LW DOO
al
n e y ar
e
o n
nd
nd
d
all
all
- Bar & Italian Restaurant Exclusive Hire -Available AmoreItalian or Macs for Restaurant Private Functions Barin & Sunday’s 12 - 10pm In the Upstairs Restaurant… Set Menu
Choose from 5 Starters, 5 Mains & 4 Desserts Lunchtime Special - Any pizza or any pasta dish is only £5.00
2 Courses 12 -£10 Any Panini and coffee, tea or soft drink £5. AnySunday’s tea or coffee &10pm cake £2.50! 3 Courses £13
the Upstairs Set Menu Private hire In is available in ourRestaurant… beautiful restaurant upstairs, (menu changes weekly) Choose from 5 Starters, 5 Mains & Desserts Live Band nights the rear lounge downstairs and Macs next door.4Weddings, 2 Courses Christenings, Birthday Celebrations and£10 Anniversaries, in September.. Christmas bookings now being taken! Join ‘BAR GROOVES’ with 3 Courses £13 whatever the occasion, celebrate with us.... 2 Course Lunch £14.95 2nd: The Balls Band DJ Terry Pankhurst on a Friday (menu changes weekly) For or a sophisticated gathering, our beautiful restaurant can 3 Course Dinner7£21.95 7th: Upside Down Saturday nightHead in Macsbe hired exclusively for private parties days / nights a 9th: Rocco week. Live music / vocalist can be arranged. Christmas bookings now being taken! Join ‘BAR GROOVES’ 13th: The Groove Hustlers with 2 Course Lunch £14.95 EVERY SUNDAY 12 noon 10pm Upstairs Restaurant DJ Terry Pankhurst 14th: Freak Outon a Friday or 3 Course Dinner £21.95 night MacsSaturday Amore are Set Menu with choices - 2 courses £10 / 3 courses £13 16th:&2 Way Trafficin Macs perfect 19th: for…TBC Weddings, Funerals, Christenings, 21st: Morroco Birthdays and other 23rd: Sonic Revolvers Macs & Amore are a occasions…For perfect for… Weddings,
sophisticated gathering, our Funeral Funerals,Gatherings Christenings, beautiful restaurant can be Daytime private hire for other Birthdays andfor hired exclusively private Funerals can be arranged Fnights or a o c c a 7s i days ons… / a parties upstairs or downstairs. sophisticated gathering, our week. We available are happy Buffet options for to beautiful your restaurant can be discuss hot and cold food,requirements tailored to hiredtailor exclusively for private and a package to suit your requirements. days / nights a parties 7 you. Choose from a Buffet, We are happy to help week. We are happy to Set Dinner or discuss full A lathe Carte. please call to discuss your requirements various options. and tailor a package to suit you. Choose from a Buffet, 4 High Street, Frodsham Set Dinner or full A la Carte.
FOR ALL ENQUIRIES PLEASE CALL: 01928 734884 4 High Street, Frodsham Follow us on Facebook EMAIL: restaurantamore@hotmail.com FOREmail:restaurantamore@hotmail.com ALL ENQUIRIES PLEASE CALL: 01928 734884 01928 734884 www.amorebar.webs.com 49 Please mention Helsby responding to adverts Please mention HelsbytotoHand Hand when when responding to adverts 11 4 High Street, Frodsham EMAIL: restaurantamore@hotmail.com
0$1 $1' 9$1 )$67 $1' )5,(1'/< /2&$/ 6(59,&(
ϵ
$// 7<3(6 2) &/($5$1&(6 81'(57$.(1
ϲ
Ï´
ϱ
ϳ
+286( *$5$*( *$5'(1 58%%,6+ 5(029$/ 6&5$3 0(7$/ &2//(&7,21
ϳ ϯ
Ï´
ϲ
ϯ
ϵ
Ï°
ϲ
Ï®
Ï° Ï°
Ï´
Ï®
ϳ
ϯ ϯ
ϱ
Ï
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%,/(
+(/6%< $506 7RS TXDOLW\ ORFDOO\ VRXUFHG DQG IUHVKO\ SUHSDUHG SXE IRRG 7HO
&KHVWHU 5RDG +HOVE\ &KHVKLUH :$ -(
-RLQ XV IRU RXU PXVLF QLJKWV 0RQGD\ 1LJKW 3XE 4XL]
1HZ &KHI 1HZ 0HGLWHUUDQHDQ ,QÁXHQFHG 0HQX S D SLQW RII DOO &DVN $OHV
2SHQ 0LF 1LJKW (YHU\ 7KXUVGD\ SP ODWH EDU
&ODVVLF 3XE )DYRXULWHV LQFOXGH %HHU %DWWHUHG *LDQW &RG DQG &KLSV +HOVE\ $UPV )DPRXV %HHI DQG $OH 3LH 6SHFLDOLW\ /DVDJQH 6ZHHW 0DOD\VLDQ &XUU\ 6DXVDJH DQG 0DVK LQ 2QLRQ *UDY\
<RXU WRWDO IRRG ELOO
<RXU WRWDO IRRG ELOO
2IIHU 9DOLG 0RQGD\ )ULGD\ $OO GD\ 8QWLO WK 6HSW ZLWK WKLV YRXFKHU
2IIHU 9DOLG 0RQGD\ )ULGD\ $OO GD\ 8QWLO WK 6HSW ZLWK WKLV YRXFKHU
2))
2))
2))
<RXU WRWDO IRRG ELOO 2IIHU 9DOLG 0RQGD\ )ULGD\ $OO GD\ 8QWLO WK 6HSW ZLWK WKLV YRXFKHU
EXVLQHVV
)520 +20( ,QWURGXFLQJ 3LQWHUHVW²7KH 1HZ .LG RQ WKH %ORFN
ĞĐŽŵĞ LJŽƵƌ ŽǁŶ ĂƉƉƌĞŶƟĐĞ ʹ ŐĞƚ ƚŚĞ ďƵŝůĚŝŶŐ ďƌŝĐŬƐ ŽĨ LJŽƵƌ ďƵƐŝŶĞƐƐ ƌŝŐŚƚ ĨƌŽŵ ůŝƐŽŶ ZĞĞǀĞƐ Ͳ ŽŶĞ ŽĨ ƚŚĞ h<Ɛ ůĞĂĚŝŶŐ ďƵƐŝŶĞƐƐ ǁƌŝƟŶŐ ĐŽĂĐŚĞƐ͘ /Ŷ ƐŽĐŝĂů ŵĞĚŝĂ ƚĞƌŵƐ͕ WŝŶƚĞƌĞƐƚ ŝƐ ƚŚĞ ͚ŶĞǁ ŬŝĚ ŽŶ ƚŚĞ ďůŽĐŬ͛ ĂŶĚ ǀĞƌLJ ƵŶĚĞƌ ĞƐƟŵĂƚĞĚ ĂƐ Ă ŵĂƌŬĞƟŶŐ ƚŽŽů͘ WŝŶƚĞƌĞƐƚ ĚĞƐĐƌŝďĞƐ ŝƚƐĞůĨ ĂƐ Ă ǀŝƌƚƵĂů ƉŝŶďŽĂƌĚ͘ zŽƵ ĐĂŶ ĐƌĞĂƚĞ ĂŶĚ ŽƌŐĂŶŝƐĞ ƚŚĞƐĞ ƉŝŶďŽĂƌĚƐ ŽŶ ĂŶLJ ƚŽƉŝĐ ĂŶĚ ƚŚĞŶ ƐŚĂƌĞ ƚŚĞŵ ǁŝƚŚ ŽƚŚĞƌ ƵƐĞƌƐ ƵƐŝŶŐ LJŽƵƌ ǁĞďƐŝƚĞ͕ ďůŽŐ͕ ĂŶĚ ŽƚŚĞƌ ƐŽĐŝĂů ŵĞĚŝĂ ŶĞƚǁŽƌŬƐ͘ ŐĂŝŶ ŝƚ ŝƐ Ăůů ĂďŽƵƚ ďƵŝůĚŝŶŐ ĂŶĚ ĨŽůůŽǁŝŶŐ͕ ĂŶĚ ĂůƐŽ ƐŚĂƌŝŶŐ ŝŶƚĞƌĞƐƟŶŐ ŝŶĨŽƌŵĂƟŽŶ͘ tŚŝůƐƚ ŵĂŶLJ ƵƐĞ WŝŶƚĞƌĞƐƚ ũƵƐƚ ƚŽ ƉŽƐƚ ƚŚŝŶŐƐ ƚŚĂƚ ƚŚĞLJ ůŽǀĞ ĂŶĚ ǁŚŝĐŚ ŝŶƐƉŝƌĞ ƚŚĞŵ͕ ŝƚ ĐĂŶ ĂůƐŽ ďĞ ƵƐĞĚ ƚŽ ƐŚŽǁĐĂƐĞ LJŽƵƌ ďƌĂŶĚ͕ ƉƌŽĚƵĐƚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͘ ƚ ƚŚĞ ůĂƐƚ ĐŽƵŶƚ ƚŚĞƌĞ ǁĞƌĞ Ϯϱ ŵŝůůŝŽŶ WŝŶƚĞƌĞƐƚ ƵƐĞƌƐ͕ ĂŶĚ ŝƚ ŝƐ ŐƌŽǁŝŶŐ ĞǀĞƌLJ ĚĂLJ͘ ,ĞƌĞ ĂƌĞ ƐŽŵĞ ƟƉƐ ĨŽƌ ƌƵŶŶŝŶŐ LJŽƵƌ WŝŶƚĞƌĞƐƚ ƐŽĐŝĂů ŵĞĚŝĂ͗ ϭ͘ dŚĞ ŬĞLJ ƚŽ ƐƵĐĐĞƐƐ ŽŶ WŝŶƚĞƌĞƐƚ ŝƐ ƚŽ ĨŽĐƵƐ ŽŶ ůŝĨĞƐƚLJůĞ ƌĂƚŚĞƌ ƚŚĂŶ LJŽƵƌ ƉƌŽĚƵĐƚƐ͘ zŽƵƌ ďƌĂŶĚ ǁŝůů ƚŚĞŶ ďĞ ƐĞĞŶ ĂƐ ĂƩƌĂĐƟǀĞ ďLJ ƉŽƐŝƟǀĞ ĂƐƐŽĐŝĂƟŽŶ͘ Ϯ͘ zŽƵ ĐĂŶ ƐŝŐŶ ƵƉ ĂƐ ĂŶ ŝŶĚŝǀŝĚƵĂů Žƌ Ă ďƵƐŝŶĞƐƐ͘ ƚ ƚŚĞ ŵŽŵĞŶƚ ƚŚĞƌĞ ĂƌĞ ŶŽ ĚŝīĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƚŚĞ ĂĐĐŽƵŶƚƐ͕ ĂůƚŚŽƵŐŚ ĂƐ Ă ďƵƐŝŶĞƐƐ ĂĐĐŽƵŶƚ LJŽƵ ĚŽ ŚĂǀĞ ĂĐĐĞƐƐ ƚŽ WŝŶƚĞƌĞƐƚ ďƵƩŽŶƐ ĂŶĚ ǁŝĚŐĞƚƐ ƚŚĂƚ LJŽƵ ĐĂŶ ƵƐĞ ŽŶ LJŽƵƌ ǁĞďƐŝƚĞ Žƌ ďůŽŐ͘ ϯ͘ tŚĞŶ LJŽƵ ƐŝŐŶ ƵƉ͕ ŵĂŬĞ ƐƵƌĞ LJŽƵ ŐƌĂď Ă ƐƵŝƚĂďůĞ ϭϱ ĐŚĂƌĂĐƚĞƌ ƵƐĞƌŶĂŵĞͶǁŚŝĐŚ ŐŽĞƐ ŽŶ ƚŽ ĨŽƌŵ ƚŚĞ hZ> ŽĨ LJŽƵƌ WŝŶƚĞƌĞƐƚ ƐŝƚĞ͕ ĨŽƌ ĞdžĂŵƉůĞ ǁǁǁ͘ƉŝŶƚĞƌĞƐƚ͘ĐŽŵͬLJŽƵƌďƵƐŝŶĞƐƐ͘ dƌLJ ĂŶĚ ŬĞĞƉ ŝƚ ƐŚŽƌƚ ĂŶĚ ƐŝŵƉůĞ͘ ŝƚŚĞƌ LJŽƵƌ ďƌĂŶĚ ŶĂŵĞ͕ ŬĞLJǁŽƌĚ Žƌ ƐůŽŐĂŶ ǁŝůů ĚŽ͘ ϰ͘ DĂŬĞ ƐƵƌĞ LJŽƵ ĐŽŵƉůĞƚĞ Ăůů ƚŚĞ ƐĞĐƟŽŶƐ ƚŚĞ ͚ĂďŽƵƚ LJŽƵ͕͛ ǁĞďƐŝƚĞ ŶĂŵĞ ĂŶĚ ůŝŶŬƐ ƚŽ LJŽƵƌ ŽƚŚĞƌ ƐŽĐŝĂů ŵĞĚŝĂ ĂĐĐŽƵŶƚƐͶŽƌ LJŽƵ ĐŽƵůĚ ĐƌĞĂƚĞ Ă ͚ĐŽŶƚĂĐƚ ƵƐ͛ ďŽĂƌĚ ǁŝƚŚ ŐƌĂƉŚŝĐƐ ƚŚĂƚ ůŝŶŬ ďĂĐŬ ƚŽ Ăůů LJŽƵƌ ƵƐĞĨƵů ƉůĂĐĞƐ ŽŶ ƚŚĞ ŝŶƚĞƌŶĞƚ͘ ůƐŽ ƵƉůŽĂĚ Ă ƉƌŽĮůĞ ŝŵĂŐĞͶĞŝƚŚĞƌ LJŽƵƌ ůŽŐŽ Žƌ LJŽƵƌ ƉŝĐƚƵƌĞ ;LJŽƵ ĐĂŶ ƵƐĞ ƚŚĞ ƐĂŵĞ ŽŶĞ LJŽƵ ŚĂǀĞ ƵƐĞĚ ŽŶ &ĂĐĞŬ ĂŶĚ dǁŝƩĞƌ ĨŽƌ ĐŽŶƐŝƐƚĞŶĐLJͿ͘
ǁŚŝĐŚ ǁŝůů ĞŶĂďůĞ LJŽƵ ƚŽ ŐƌĂď ŝŵĂŐĞƐ Žƌ ǀŝĚĞŽƐ ǁŚŝĐŚ LJŽƵ ƚŚŝŶŬ ƌĞƉƌĞƐĞŶƚƐ LJŽƵƌ ďƌĂŶĚ ĂŶĚ ǁŚŝĐŚ ŽƚŚĞƌƐ ǁŽƵůĚ ůŝŬĞ ƚŽ ƐĞĞ͘ ϲ͘ ĚĚ ƚŚĞ WŝŶƚĞƌĞƐƚ ďƵƩŽŶƐ ƚŽ LJŽƵƌ ǁĞďƐŝƚĞ Žƌ ďůŽŐ͘ ^Ž͕ / ŚĞĂƌ LJŽƵ ĂƐŬŝŶŐ͕ ǁŚĂƚ ŽŶ ĞĂƌƚŚ ĐĂŶ / ƉƵƚ ŽŶ WŝŶƚĞƌĞƐƚ ĨŽƌ ŵLJ ďƵƐŝŶĞƐƐ͍ tĞůů͕ ŚĞƌĞ ĂƌĞ ƐŽŵĞ ƟƉƐ͗ ϭ͘ /ŶĨŽŐƌĂƉŚŝĐƐ ĂƌĞ ŚƵŐĞ ŽŶ WŝŶƚĞƌĞƐƚ͘ zŽƵ ĚŽŶ͛ƚ ŚĂǀĞ ƚŽ ĐƌĞĂƚĞ ƚŚĞƐĞ LJŽƵƌƐĞůĨ ĨƌŽŵ ƐĐƌĂƚĐŚ͕ ĮŶĚ ƐŽŵĞ ƚŚĂƚ LJŽƵ ƚŚŝŶŬ ƌĞƐŽŶĂƚĞ ǁŝƚŚ LJŽƵƌ ďƵƐŝŶĞƐƐ ĂŶĚ ƌĞͲƉŝŶ ƚŚĞŵ ǁŝƚŚ Ă ƐƵŝƚĂďůĞ ĐŽŵŵĞŶƚ͘ Ϯ͘ ŽŶ͛ƚ ũƵƐƚ ƉŝŶ ĨƌŽŵ LJŽƵƌ ǁĞďƐŝƚĞͶƉŝŶ ĨƌŽŵ ůŽƚƐ ŽĨ ƐŽƵƌĐĞƐ ƚŽ ŵĂŬĞ LJŽƵƌ WŝŶƚĞƌĞƐƚ ƉĂŐĞƐ ƵŶŝƋƵĞ͘ &Žƌ ĞdžĂŵƉůĞ͕ ŝĨ LJŽƵ ƐŽůĚ ŐĂƌĚĞŶ ĨƵƌŶŝƚƵƌĞ LJŽƵ ĐŽƵůĚ ƉŝŶ ƉŝĐƚƵƌĞƐ ŽĨ ĚƌĞĂŵ Žƌ ƋƵŝƌŬLJ ŐĂƌĚĞŶƐ ĂŶĚ ŚĂǀĞ ĂŶŽƚŚĞƌ ďŽĂƌĚ ĐŽǀĞƌŝŶŐ Y ƌĞĐŝƉĞƐ͘ ϯ͘ ƌĞĂƚĞ Ă ǀŝĚĞŽ ďŽĂƌĚ ǁŚŝĐŚ ũƵƐƚ ĐŽŶƚĂŝŶƐ ǀŝĚĞŽƐ ƌĞŐĂƌĚŝŶŐ LJŽƵƌ ďƵƐŝŶĞƐƐ Žƌ ƚŽƉŝĐƐ ƚŚĂƚ ĞŶŚĂŶĐĞ LJŽƵƌ ƉƌŽĚƵĐƚƐ Žƌ ƐĞƌǀŝĐĞƐ͘ ϰ͘ ƌĞĂƚĞ ďŽĂƌĚƐ ĨŽƌ ŵĞĞƚ ƚŚĞ ƚĞĂŵ͕ ĐƵƌƌĞŶƚ ĐĂŵƉĂŝŐŶƐ͕ ĐƵƐƚŽŵĞƌƐ ;ǁŝƚŚ ƚŚĞŵ ƵƐŝŶŐ LJŽƵƌ ƉƌŽĚƵĐƚƐ ŚŽƉĞĨƵůůLJ͊Ϳ͕ ƚƵƚŽƌŝĂů ďŽĂƌĚƐ ĂŶĚ ƐŽ ŽŶ͘ dŚĞƌĞ ŝƐ Ă ŐƌĞĂƚ ĚĞĂů ŵŽƌĞ ǁĞ ĐĂŶ ĐŽǀĞƌ ĂďŽƵƚ ƵƐŝŶŐ WŝŶƚĞƌĞƐƚ ĞīĞĐƟǀĞůLJ͕ ǁŚŝĐŚ / ǁŝůů ĚŽ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘
$ERXW $OLVRQ 5HHYHV ůŝƐŽŶ ŚĂƐ ďĞĞŶ ƌƵŶŶŝŶŐ ŚĞƌ ŽǁŶ ďƵƐŝŶĞƐƐ ĨŽƌ ŽǀĞƌ Ϯϱ LJĞĂƌƐ͘ ^ŚĞ ƐƉĞĐŝĂůŝƐĞƐ ŝŶ ŚĞůƉŝŶŐ ŚĞƌ ĐƵƐƚŽŵĞƌƐ ƚŽ ǁŝŶ ŵŽƌĞ ďƵƐŝŶĞƐƐ ďLJ ŝŵƉƌŽǀŝŶŐ ƚŚĞŝƌ ďƵƐŝŶĞƐƐ ǁƌŝƟŶŐ ƐŬŝůůƐ͘ ŚĞĐŬ ŽƵƚ ŚĞƌ ǁĞďƐŝƚĞ͗ ǁǁǁ͘ǁƌŝƚĞƚŽǁŝŶ͘ĐŽ͘ƵŬ
ϱ͘ /ŶƐƚĂůů ƚŚĞ ͚WŝŶ /ƚ͛ ŬŵĂƌŬ ƚŽ LJŽƵƌ ďƌŽǁƐĞƌ
;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+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
$1'<·6 *$5'(1 &$5( *$5'(1 &$5( -(7 :$6+,1* Ɣ Ɣ Ɣ Ɣ Ɣ
*DUGHQ WLG\LQJ Æ” 3DWLRV -XQJOH FOHDUDQFH Æ” 'ULYHZD\V HWF /DZQ PRZLQJ 5(029$/ +HGJH WULPPLQJ 75$163257 -2%6 7UHH IHOOLQJ DQG 81'(57$.(1 UHPRYDO Æ” )HQFLQJ 7HOHSKRQH Æ” $OO UXEELVK UHPRYHG Æ” )XOO\ LQVXUHG 0RELOH Æ” )UHH TXRWDWLRQV Æ” )ULHQGO\ UHOLDEOH VWDII
&DUHJLYHUV /RRNLQJ IRU UHZDUGLQJ SDUW WLPH ZRUN" $UH \RX WLUHG RI KDYLQJ WR FRPSURPLVH RQ VHUYLFH TXDOLW\« MXVW WR FUDP LQ PRUH FDOOV IRU \RXU HPSOR\HU" :RXOG \RX OLNH WR ZRUN LQ DQ HQYLURQPHQW ZKHUH WHDP PHPEHUV DUH UHDOO\ YDOXHG DQG LW·V UHFRJQLVHG WKDW GHOLJKWHG FXVWRPHUV DUH WKH NH\ WR MRE VDWLVIDFWLRQ" +RPH ,QVWHDG 6HQLRU &DUH LV WKH ZRUOG V OHDGLQJ SURYLGHU RI QRQ PHGLFDO FDUH DQG FRPSDQLRQVKLS VHUYLFHV IRU ROGHU SHRSOH« DQG ZH·UH SDVVLRQDWH DERXW WKH TXDOLW\ RI WKH VHUYLFH ZH GHOLYHU 7KH H[SDQVLRQ RI RXU )URGVKDP +DOWRQ RIÀFH FRXOG EH \RXU RSSRUWXQLW\ WR VWDUW RQH RI WKH PRVW SHUVRQDOO\ UHZDUGLQJ UROHV \RX KDYH HYHU KDG 7KHVH SDUW WLPH SRVLWLRQV RIIHU ‡ &RPSHWLWLYH UDWHV RI SD\ ‡ )OH[LEOH KRXUV ZLWK VRPH HYHQLQJ DQG ZHHNHQG ZRUN
‡ 3DLG KROLGD\ DQG PLOHDJH DOORZDQFH ‡ 2SSRUWXQLWLHV WR VWXG\ IRU D 4&) DZDUG
DQG 6HDWHU 9HKLFOHV $LUSRUW 7UDQVIHUV 1R ³2XW RI KRXUV´ VXUFKDUJH &RQWUDFWV 8QGHUWDNHQ
([SHULHQFH LV SUHIHUUHG EXW QRW HVVHQWLDO DV LQGXVWU\ OHDGLQJ WUDLQLQJ ZLOO EH SURYLGHG +RZHYHU \RX ZLOO QHHG WR KDYH \RXU RZQ WUDQVSRUW DQG VKDUH RXU FRPPLWPHQW WR GHOLYHU D TXDOLW\ VHUYLFH ZKLFK LPSURYHV WKH OLYHV RI RXU FOLHQWV 7R ÀQG RXW ZKDW LW LV DOO DERXW FDOO XV RQ RU DOWHUQDWLYHO\ HPDLO \RXU &9 WR KDOWRQ UHFUXLWPHQW#KRPHLQVWHDG FR XN )RU PRUH LQIRUPDWLRQ YLVLW RXU ZHEVLWH DW ZZZ KRPHLQVWHDG FR XN KDOWRQ
KRXU VHUYLFH 7HO 0RE
0+37' '5+)0 % $7 + 5 2 2 0 . , 7 & + ( 1 6 3 ( & , $ / , 6 7 6
%RRN 12: WR KDYH \RXU LQVWDOO EHIRUH &KULVWPDV
)LUVW 6,; FDOOHUV ZLOO UHFHLYH 2))
7+( &203/(7( '(6,*1 $1' ,167$//$7,21 6(59,&( )25 <285 '5($0 %$7+5220 $1' .,7&+(1 ‡ $OO EXLOGLQJ ZRUN XQGHUWDNHQ ‡ $OO HOHFWULFDO DQG SOXPELQJ ZRUN ‡ )ORRU DQG ZDOO WLOLQJ )5(( '(6,*1 $1' 3/$11,1* 6(59,&(
&DOO XV WRGD\
ZZZ XQLTXHEDWKURRPVDQGNLWFKHQV FR XN ‡ XGEDWKURRPVDQGNLWFKHQV#\DKRR FR XN
2ODQGD +RXVH %HOYHGHUH &ORVH )URGVKDP :$ 3-
$ :RUUDOO 6RQV )HQFLQJ DQG 3DYLQJ
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
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
$33/(*$7( &2 $&&2817$176 /7'
$UH \RX D EXVLQHVV ORRNLQJ IRU VRPH JUHDW DGYLFH"
7KHQ $SSOHJDWH &R $FFRXQWDQWV /WG FDQ KHOS 2XU ZLGH UDQJH RI VHUYLFHV LQFOXGH /LPLWHG &RPSDQ\ $FFRXQWV 7D[ 5HWXUQ %RRNNHHSLQJ &DSLWDO *DLQV 7D[ &RUSRUDWLRQ 7D[ 0DQDJHPHQW $FFRXQWLQJ 3D\UROO 9$7 ³,W¶V HDV\ WR JHW EHKLQG ZLWK WKH DFFRXQWV ZKHQ \RX UXQ \RXU RZQ EXVLQHVV $SSOHJDWH &R SUHSDUH P\ PRQWKO\ DFFRXQWV DFW DV FUHGLW FRQWURO FKDVH P\ GHEWV DQG ORRN DIWHU P\ 9$7 UHWXUQV DQG WKH\ DOZD\V GR LW ZLWK D VPLOH ´ +HOVE\ WR +DQG
)RU D QR REOLJDWLRQ FRQVXOWDWLRQ FDOO XV WRGD\ RQ )5(( FRQVXOWDWLRQ IRU QHZ EXVLQHVV
9LVLW XV RQOLQH DW ZZZ DSSOHJDWHDFFRXQWDQWV FR XN LQIR#DSSOHJDWHDFFRXQWDQWV FR XN
(VWDEOLVKHG
%HDXWLIXOO\ &UDIWHG 0HPRULDOV LQ *UDQLWH 0DUEOH 6WRQH $GGLWLRQDO ,QVFULSWLRQV &OHDQLQJ 5HQRYDWLRQV 3KRQH IRU IUHH %URFKXUHV DQG HVWLPDWHV 7HO +RPH $GGUHVV 6SULQJERXUQH )URGVKDP %XVLQHVV $GGUHVV 0RWWUDP 5RDG +\GH 6. 11 7HO 0RELOH 9LVLW RXU RQOLQH EURFKXUH ZZZ EDLQHVPHPRULDOV FR XN 0HPEHU RI WKH 1DWLRQDO (PDLO $VVRFLDWLRQ RI 0HPRULDO 0DVRQV %UDPP 5HJLVWHUHG LQIR#EDLQHVPHPRULDOV FR XN
%ULFNZRUN &RQVWUXFWLRQ /WG &KHVWHU 5RDG +HOVE\ :$ $3 ([WHQVLRQV $OWHUDWLRQV :DOOV 'ULYHZD\V $OO DVSHFWV RI ([WHQVLRQ ZRUN FDUULHG RXW
%HIRUH
$IWHU
1HZ 'RXEOH 6WRUH\ ([WHQVLRQ 'ULYHZD\ FRPSOHWHG LQ 0DQOH\ FOLHQWV WHVWLPRQLDO ´6LWH OHIW FOHDQ WLG\ HDFK GD\ 3URMHFW GHOLYHUHG DKHDG RI VFKHGXOH E\ ZHHNV , DP GHOLJKWHG ZLWK WKH H[WHQVLRQ WKH EUDQG QHZ GULYH ORRNV DEVROXWHO\ VXSHUE HQKDQFHV WKH KRXVH H[WHQVLRQ EHDXWLIXOO\ 0DQ\ WKDQNV DJDLQ IRU ZKDW \RX KDYH GRQH IRU XV RYHU WKH ODVW IHZ PRQWKV <RX \RXU WHDP UHDOO\ DUH 7RS :RUNPHQ µ :HEVLWH ZZZ VWURQJ FRQVWUXFWLRQ FR XN (PDLO LQIR#VWURQJ FRQVWUXFWLRQ FR XN
7HO
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
7KH 2DNODQGV +RWHO 7KH 2DNODQGV +RWHO ZLWK LW¶V EHDXWLIXO 5HVWDXUDQW DQG :LOORZ 6XLWH )XQFWLRQ URRP LV D SHUIHFW YHQXH IRU DQ\ SULYDWH IXQFWLRQ a &KULVWHQLQJV %LUWKGD\ 3DUWLHV :HGGLQJV $QQLYHUVDULHV DQG SURYLGHV D WUDQTXLO VHWWLQJ IRU IXQHUDO JDWKHULQJV ╘ 2QH RI &KHVKLUH¶V PRVW $ %ULGHV GUHDP EHFRPHV UHDOLW\ DW SRSXODU :HGGLQJ 7KH 2DNODQGV +RWHO GHVWLQDWLRQV VHW LQ DFUHV RI ODQGVFDSHG JDUGHQV ZLWK OXVFLRXV JUHHQ ODZQV ╘ &DWHULQJ IRU SDUWLHV RI XS WR IRU IRUPDO GLQLQJ DQG IRU D EXIIHW )RU VPDOOHU JDWKHULQJV ZH KDYH VPDOOHU URRPV DYDLODEOH IRU IRUPDO GLQLQJ IRU SHRSOH XSZDUGV RU \RX FDQ HQMR\ D 9,3 DUHD LQ WKH EDU DQG ORXQJH ZLWK IRRG ⒕ VWDUWLQJ IURP … … SS KHDG
╘
â’•â’• â’•
â’•
6XQGD\ &DUYHU\ MRLQ XV IRU RXU IDEXORXV 6XQGD\ &DUYHU\ QRRQ SP 2QO\ Â… PDLQ VWDUWHUV DQG GHVVHUWV Â… /LYH %DQGV (YHU\ )ULGD\ 1LJKW DW 7KH 2DNODQGV 5HOD[ LQ RXU VXPSWXRXV OHDWKHU FRXFKHV DQG HQMR\ D YDULHW\ RI SRSXODU EDQGV ZLWK RXU PRUH PDWXUH VRSKLVWLFDWHG FOLHQWHOH $ FRPSOLPHQWDU\ EXIIHW LV VHUYHG EHWZHHQ DQG SP SULRU WR WKH EDQG )UHH 9,3 DUHDV FDQ EH UHVHUYHG IRU JURXSV
ZZZ RDNODQGVKRWHO QHW RU 5,1* 0LOOLQJWRQ /DQH *RUVWDJH 1RUWKZLFK &KHVKLUH &: 68
1H Z EHHU IRU 'HVLJQ \RXU RZQ ODEHO IRU VRPHRQH VSHFLDO +DYLQJ D SDUW\ ± ZK\ QRW KDYH D FDVN RI UHDO DOH KLUH D EHHU HQJLQH"
DP ± SP
(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$/
'2 <28 +$9( $ 3523(57< 72 /(7 25 6(//"
5HVFXH 0\ )HQFH %DVHG ,Q +HOVE\ 5RWWHQ SRVWV SDQHOV UHSODFHG
6$/(6 /(77,1*6
&ROODSVHG IHQFLQJ UH HUHFWHG
$5( <28
3RVW UH DOLJQPHQW RU UHSODFHPHQW
/RRNLQJ WR VDYH RQ DJHQF\ IHHV"
'2 <28
3DQHOV WUHDWHG DQG VWDLQHG :DQW :DQW VXLWV :DQW
&RPSOHWH IHQFLQJ LQVWDOODWLRQV
)HQFH 'HFN
WR EH LQ FRQWURO RI YLHZLQJV" D ÀH[LEOH SDFNDJH WKDW UHDOO\ \RXU QHHGV" IXOO H[SRVXUH RQ 5LJKWPRYH"
:H FDQ RIIHU DOO RI WKLV IRU D RQH RII IHH RI IRU /HWWLQJV DQG IRU 6DOHV
:H LQVWDOO ZRRG DQG FRQFUHWH IHQFLQJ SURGXFWV WR WKH KLJKHVW VWDQGDUG IURP D VLQJOH SDQHO WR FRPSOHWH JDUGHQ RU FRXUW\DUG HQFORVXUHV
)XOO\ PDQDJHG SDFNDJHV DYDLODEOH
:LWK RYHU \HDUV ORFDO H[SHULHQFH
7R DUUDQJH D IUHH YLVLW TXRWDWLRQ FDOO
RU
&RQWDFW XV IRU PRUH GHWDLOV
EL]]LEHHOHWWLQJV FRP RU FDOO
6WHYH RQ 'HDQ RQ
, 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
+,//6,'( *$5'(1 75((
%% &RQVWUXFWLRQ %5,&.:25. 63(&,$/,67
/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(
5HSDLUHG R 5HEXLOW R 5HSRLQWHG R 12 -2% 722 60$//
MLP#JDUGHQDQGWUHH FR XN ZZZ JDUGHQDQGWUHH FR XN
%$ 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
/WG :,1'2: &/($1,1* ,QWHULRU H[WHULRU ,1&/8',1* )5$0(:25. $OVR« *877(56 &/($1(' )$6&,$6 62)),76 &200(5&,$/ '20(67,& 3523(57,(6 )8//< ,1685(' 5LQJ &KULV RQ RU
-$<%(( %XLOGLQJ 6HUYLFHV ‡ ‡ ‡ ‡ ‡
&HQWUDO +HDWLQJ &RPEL %RLOHU 6ZDSV 8QYHQWHG &\OLQGHUV $OO RWKHU *DV ZRUN )XOO %DWKURRP 6XLWHV
)ULHQGO\ 5HOLDEOH 6HUYLFH
&DOO 0DUF 1XWWDOO QRZ IRU D )5(( TXRWH RQ 7HO RU 0RE ZZZ JDVPDUF FR XN
%ULFNZRUN 'HFNLQJ &RQFUHWLQJ 3RUFKHV 'RRUV *DWHV
3DYLQJ 3DWKZD\V *DUDJHV :LQGRZV 'UDLQDJH 7LOLQJ HWF
7HO -RKQ RQ
&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
&2175$&7
(/721 +(/6%<
&285,(5 6(59,&(6
&203(7,7,9( $,53257 35,&(6 ² 5,1* )25 $ 4827( 0,1,%86 6($76 1R FDOO RXW FKDUJHV 1R IDUH LQFUHDVH EHIRUH SP 0LQLPDO H[WUD FKDUJH DIWHU PLGQLJKW
/(7 86 '5,9( <28 72 '5,1. $1' +20( $*$,1
0 3 %XLOGLQJ -RLQHU\ $OO $VSHFWV RI %XLOGLQJ -RLQHU\ ([WHQVLRQV 5HQRYDWLRQV &RPSOHWH /RIW *DUDJH &RQYHUVLRQV :LQGRZV 'RRUV 6RIILWV )DVFLDV *XWWHUV %DWKURRPV .LWFKHQV )LWWHG 6ROLG :RRG )ORRULQJ )ORRU :DOO 7LOLQJ 'ULYHZD\V 3DWKV &RQFUHWH %DVHV )RRWLQJV 7LPEHU *DUGHQ %XLOGLQJV :RUNSODFH 2IILFH RU 6WRUDJH 3OXPELQJ 3DLQWLQJ %ULFNZRUN 3ODVWHULQJ 5RRILQJ 7LPH VHUYHG WUDGHVPDQ 2YHU \HDUV RI H[SHULHQFH ,QVXUDQFH FRYHUHG $OO ZRUN *XDUDQWHHG )RU D IUHH HVWLPDWH DGYLFH FDOO 0DUN RQ
%DVHG LQ 1RUOH\
1257+:(67 6.,3 $1' 3/$17 +,5( /7' 581&251 %$6('
&+($3 6.,36 $// 6&5$3 &$56 $1' 6&5$3 0(7$/ &2//(&7(' )5(( 7HO 0RE (PDLO LQIR#QRUWKZHVWVNLSV FR XN ZZZ QRUWKZHVWVNLSV FR XN
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 ,I LQ \RXU EDWKURRP
tĞ ĐĂŶ ŽĨĨĞƌ͊ ,ŝŐŚĞƐƚ ƋƵĂůŝƚLJ ĨŽƌ ĂĨĨŽƌĚĂďůĞ ƉƌŝĐĞ
6LOLFRQH VHDO LV PRXOG\« *URXW LV GLVFRORXUHG DQG PRXOG\« %DWKURRP JHWV GLUW\ ZLWK OLPHVFDOH« 7LOHV DUH ORRVH
EŽ ŵŽƌĞ ŵŽƵůĚ ŝŶ LJŽƵƌ ďĂƚŚƌŽŽŵ
&KZ
6KRZHU OHDNV« *LYH XV D FDOO RQ %DWK UHVWRUDWLRQ SDFNDJHV VWDUW IURP
άϭϬϬ
6KRZHU UHVWRUDWLRQ SDFNDJHV VWDUW
άϭϱϬ
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
&d Z
ŽŶƚĂĐƚ ƵƐ ŶŽǁ͊ &ŝŶĚ ƵƐ ŽŶ &ĂĐĞŬ
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
7HO
d, d,ZKKD Z ^dKZ Z^ >d ƚĞĂŵ͘
WKHEDWKURRPUHVWRUHUV#JPDLO FRP
" # ! %
! " ! # # % ! # ' ($ ' ( ) ) ! *
% !!!& & & % + & & % -23-2 .1013/
# ! " !% $ ! # ( ! .*3 ! % ) ! "! ! " ! " % & & " ( * % ! ' -23-0 ./1 003
' ! + %! # ( (" $$$( %! # ( ("
‡ <HDU ([SHULHQFH ‡ 3HUIHFW &RORXU 0DWFKLQJ ‡ $OO 0DMRU 0LQRU :RUN 8QGHUWDNHQ
‡ 4XDOLW\ 3ODVWLF %XPSHU 5HSDLUV ‡ &RXUWHV\ &DUV $YDLODEOH ‡ &ROOHFWLRQ 'HOLYHU\ ‡ 2YHQ %DNH )LQLVK IRU $OO 9HKLFOH UHSDLUV
0HHWLQJ +RXVH /DQH .LQJVOH\ :$ 73
9LVLW RXU ZHEVLWH ZZZ VZSHOHFWULFV FR XN
(PDLO VZSHOHFWULFV#EWLQWHUQHW FRP
3RS WKH NHWWOH RQ
, ZD Z
tKZ
8gdhhldgY ĐƌŽƐƐ ϭ ^ǁĞƌǀĞĚ ;ϴͿ ϱ Ŷ ŽŝŶƚŵĞŶƚ ;ϲͿ ϵ ^ĞĞͲƚŚƌŽƵŐŚ ;ϴͿ ϭϬ <ŶŽǁŶ ĂƐ ;ĂƌĐŚĂŝĐͿ;ϲͿ ϭϮ ^ƉƌŝŶŐ ŵŽŶƚŚ ;ϱͿ ϭϯ ƌĞĂƚĞƐ ƐŽŵĞƚŚŝŶŐ ŶĞǁ ;ϵͿ ϭϰ ŚŽŵƉĞƌƐ ;ϲͿ ϭϲ WĂƌƚ Žƌ ƐĞƌǀŝŶŐ ;ϳͿ ϭϵ &ĂŵŽƵƐůLJ ;ϳͿ Ϯϭ DĂŬĞ ƐŵĂůůĞƌ ;ϲͿ Ϯϯ WĂƌƚƐ ŽĨ Ă ǁŽƌĚ ;ϵͿ Ϯϱ &ŽůŝĂŐĞ ;ϱͿ Ϯϲ DĂƌ ;ϲͿ Ϯϳ ^ŽŵĞƚŚŝŶŐ ƵƐĞĚ ƚŽ ƟĞ ;ϴͿ Ϯϴ 'ĞƐƚƵƌĞƐ ŽĨ ŝŶĚŝīĞƌĞŶĐĞ ;ϲͿ Ϯϵ ƌĞĂŬ ƚŚĞ ŚĞĂƌƚ ŽĨ ;ϴͿ ŽǁŶ ϭ ƌĂŶĚLJ ;ϲͿ Ϯ WĞƌƐŽŶĂů ĚŝƐĐŝƉůŝŶĞ ;ϵͿ ϯ ůĞĐƚƌŽŶŝĐ ůĞƩĞƌƐ ;ϱͿ ϰ &ŽĞƐ ;ϳͿ ϲ ƵƌĞĚ Žƌ ŚĞĂůĞĚ ;ϵͿ ϳ ůƵŵƐLJ ;ϱͿ ϴ ƌĂŌƐŵĞŶ ;ϲͿ
ϭϭ ƌĞĂŬ ;ϰͿ ϭϱ ,ƵŐŐŝŶŐ ;ϵͿ ϭϳ Ŷ ŝŶƐĞƌƚĞĚ ĚŽĐƵŵĞŶƚ ;ϵͿ ϭϴ &ŽůůŽǁĞƌƐ ŽĨ ĂŶ ĞĂƌůLJ ŚĞƌĞƟĐ ƚĞĂĐŚŝŶŐ ;ϴͿ
ϮϬ ŚƌŝƐƚŵĂƐ ƟŵĞ ;ϰͿ Ϯϭ ZĞůĂdžŝŶŐ ;ϳͿ ϮϮ 'ůƵĞ ;ϲͿ Ϯϰ KƵƚĐĂƐƚ ;ϱͿ Ϯϱ WĂŶĂĐŚĞ ;ϱͿ
:HOO 'RQH WR 0ROO\ DQG )ULHQGV $ JURXS RI \RXQJVWHUV LQ +HOVE\ UDLVHG RYHU IRU WKH 3'6$ DW D JDUGHQ HYHQW DW WKH KRPH RI 0ROO\ 2YHU 7KH HLJKW \HDU ROG D SXSLO DW +HOVE\ +LOOVLGH 6FKRRO LQYLWHG KHU VLVWHU DQG WHQ RI KHU IULHQGV SOXV IDPLOLHV DQG PHPEHUV RI WKH ORFDO FRPPXQLW\ WR D JDUGHQ SDUW\ LQFRUSRUDWLQJ FKLOGUHQ·V JDPHV UHIUHVKPHQWV DQG UDIÁH 7KH\ ZHUH UHZDUGHG ZLWK DQ H[FHOOHQW DWWHQGDQFH RI DURXQG RQH KXQGUHG 7KH YHU\ VXFFHVVIXO UDIÁH ZDV ERRVWHG E\ WKH JHQHURVLW\ RI VHYHUDO ORFDO EXVLQHVVHV LQFOXGLQJ +HOVE\ $UPV $FHU )ORULVWV 6HUHQLW\ DQG (OHJDQW /DG\ RI )URGVKDP 0ROO\ DQG KHU IULHQGV FKRRVH WKH 3'6$ EHFDXVH WKH\ ZDQW WR KHOS DQLPDOV NHHS KHDOWK\ :HDYHU :RUGV :HHNHQG (YHQW ² 6DWXUGD\ WK 6HSW DW )URGVKDP &RPPXQLW\ &HQWUH DP SP *LDQW %RRN ([FKDQJH DQG FRIIHH PRUQLQJ %ULQJ DORQJ \RXU XQZDQWHG ERRNV (QWU\ )UHH EXW 'RQDWLRQV DUH ZHOFRPH LQ DLG RI :HDYHU :RUGV SP 7DON DQG DIWHUQRRQ WHD ¶'DSKQH GX 0DXULHU·V &RUQZDOO· E\ 3URI 6XH =ORVQLN 7LFNHWV LQFOXGLQJ DIWHUQRRQ WHD SP :RUG :HDYHUV $ OLYHO\ HYHQLQJ RI SRHWU\ DQG PXVLF KRVWHG E\ IRUPHU &KHVKLUH 3RHW /DXUHDWH $QGUHZ 5XGG IHDWXULQJ YLROLQLVW 'DQLHO $[ZRUWK\ DQG JXHVW SRHWV 7LFNHWV 7LFNHWV ZLOO EH DYDLODEOH IURP )URGVKDP &RPPXQLW\ &HQWUH 'DQGHOLRQ *LIWV RU RQ OLQH
:(/&20( )520 67 /8.(·6 &$7+2/,& &+85&+ )52'6+$0 3DULVK 3ULHVW 0JU 3HWHU 2·1HLOO 0DVV WLPHV 6DWXUGD\ 9LJLO
SP 6XQGD\ DP DQG DP :HHN GD\V DP 0RQ :HG 7KXUV )UL
0RUQLQJ 3UD\HU LV VDLG EHIRUH HDFK 0DVV DW DP DQG SP 7XHVGD\
7LPH IRU FRQWHPSODWLYH SUD\HU DIWHU PRUQLQJ 0DVV WK 6HSWHPEHU XQWLO 1RRQ 3DOHVWLQLDQ &RRNHU\ 6RFLDO (YHQLQJ )UL WK 6HSW SP 6W (GZDUGV 5XQFRUQ
)HDVW 'D\V LQ 6HSWHPEHU 7XHV UG 6W *UHJRU\ WKH *UHDW 6DW WK ([DOWDWLRQ RI WKH +RO\ &URVV 6DW VW 6W 0DWWKHZ $SRVWOH (YDQJHOLVW 7XHV WK 2XU /DG\ RI :DOVLQJKDP )UL WK 6W 9LQFHQW GH 3DXO
6HH WKH SDULVK ZHE SDJH IRU IXUWKHU GHWDLOV VWOXNHVSDULVK RUJ XN
+LVWRU\ 6RFLHW\ FRQWLQXHV WR JURZ PHPEHUV RI )URGVKDP 'LVWULFW +LVWRU\ 6RFLHW\ HQMR\HG D SOHDVDQW DIWHUQRRQ YLVLW E\ FRDFK WR 3HRYHU +DOO *DUGHQV QHDU .QXWVIRUG LQ -XQH 7KH YLVLW ZDV PDGH DOO WKH PRUH LQWHUHVWLQJ E\ EHLQJ D ¶OLYHG LQ· KRXVH DQG E\ WKH ÀQH ZHDWKHU ZKLFK DOORZHG XV WR HQMR\ FUHDP WHDV RQ WKH ODZQ DW WKH HQG RI WKH YLVLW )ROORZLQJ D VXPPHU EUHDN WKH 6RFLHW\·V 6SHDNHU 3URJUDPPH UHVXPHV RQ 0RQGD\ HYHQLQJ QG 6HSWHPEHU DW SP LQ WKH 0DLQ 6WUHHW &RPPXQLW\ &KXUFK 2XU 6HSWHPEHU 6SHDNHU LV 0U 0LFKDHO &UXPSOLQ ZKR ZLOO JLYH D WDON HQWLWOHG ¶7KH EORRG\ ÀHOGV RI :DWHUORR· +LVWRU\ 6RFLHW\ LV QRZ VWURQJ 1HZ PHPEHUV YLVLWRUV DUH DOZD\V ZHOFRPHG ZH HQFRXUDJH \RX WR VWD\ IRU UHIUHVKPHQWV D FKDW DW WKH HQG RI PHHWLQJV )XUWKHU GHWDLOV RI RXU 6SHDNHU 3URJUDPPH PD\ EH REWDLQHG E\ HPDLOLQJ WKH 6HFUHWDU\ ² .DWK *HH +RQ 6HF ) '+6 .JHH #DRO FRP ² RU E\ YLHZLQJ WKH VKRS ZLQGRZ SRVWHU DW (OOLRW·V 1HZVDJHQWV LQ 0DLQ 6WUHHW )URGVKDP
+RPH ,QVWHDG VKDUHV LQ WKH ´FDQ GRµ FXOWXUH RI 'LVDELOLW\ $ZDUHQHVV 'D\ 6WDII IURP +DOWRQ DQG )URGVKDP +RPH ,QVWHDG MRLQHG WKH IXQ DW :DUULQJWRQ 'LVDELOLW\ $ZDUHQHVV 'D\ 7KLV LV (XURSH·V DQG SRVVLEO\ WKH :RUOG·V ODUJHVW YROXQWDU\ OHG SDQ GLVDELOLW\ HYHQW ZKLFK SURPRWHV D ´FDQ GRµ FXOWXUH IRFXVVLQJ RQ ZKDW SHRSOH ZLWK GLVDELOLWLHV FDQ GR WKURXJKRXW WKHLU OLIH DQG ZRUN 7KLV YHU\ PXFK HFKRHV ZKDW +RPH ,QVWHDG DUH DOO DERXW FHOHEUDWLQJ DQG EXLOGLQJ RQ ZKDW RXU FOLHQWV FDQ GR DQG VR VXSSRUWLQJ WKHP WR PDLQWDLQ WKHLU LQGHSHQGHQFH DQG HQKDQFH WKHLU TXDOLW\ RI OLIH DQG VHQVH RI ZHOO EHLQJ $ JUHDW H[DPSOH RI WKLV ZDV VRPH RI WKH WHDP IURP 'XGOH\ +RPH ,QVWHDG EULQJLQJ FOLHQWV IURP WKHLU DUHD XS WR HQMR\ WKH GD\ 7KH KHOS DQG VXSSRUW +RPH ,QVWHDG RIIHU LV FRPSOHWHO\ ÁH[LEOH DQG WDLORUHG WR WKH QHHGV RI WKH LQGLYLGXDO VR LW FDQ EH DV YDULHG DV WDNLQJ D FOLHQW RXW WR KDYH D ORRN URXQG D JDUGHQ FHQWUH KHOSLQJ WKHP ZLWK PDNLQJ D PHDO RU OLJKW KRXVHNHHSLQJ WKURXJK WR D GD\ RXW VXFK DV WKH RQH FHOHEUDWHG WRGD\ 7KH WHDP IURP 'XGOH\ KDG D JUHDW GD\ RXW DQG D JUHDW GHDO WR VKDUH ZLWK WKHLU IULHQGV DQG IDPLO\ EDFN KRPH +RPH ,QVWHDG YHU\ PXFK KDV D ´FDQ GRµ DWWLWXGH ZKHUH FOLHQWV DUH FRQFHUQHG DQG RXU H[FHOOHQW WHDP RI VWDII XVH DOO WKHLU VNLOOV DQG H[SHULHQFH WR KHOS FOLHQWV WR SXUVXH DFWLYLWLHV WKDW WKH\ HQMR\ DQG PDNH OLIH ZRUWKZKLOH +RPH ,QVWHDG LV ORRNLQJ IRU FDUHUV LQ WKH )URGVKDP DUHD DQG WKLV FRXOG EH \RX :H QHHG SHRSOH WKDW FDQ GHYRWH UHJXODU KRXUV HYHU\ ZHHN <RX GRQ·W QHHG SUHYLRXV H[SHULHQFH WR ZRUN ZLWK XV MXVW D FDULQJ DWWLWXGH 7R EHFRPH D SDUW WLPH SDLG FDUHU FRQWDFW XV RQ
+HOVE\ 7HQQLV &OXE 8SGDWH 7KH VHDVRQ KDV ÁRZQ E\ DQG EXLOW RQ ODVW \HDU·V VXFFHVVHV %RWK RXU XQGHU DQG XQGHU WHDPV DUH XQEHDWHQ LQ WKH &KHVWHU DQG 'LVWULFW /HDJXH $ KXJH FRQJUDWXODWLRQV WR 7RE\ 3DOLQ DQG 6DP 3DUNLQ ZKR KDYH ZRQ DOO RI WKHLU $HJRQ XQGHU PDWFKHV DQG WR +LQOH\ &KDQ 0DWW 3DUNV DQG 5RU\ &URZH ZKR KDYH ZRQ IRXU RXW RI ÀYH RI WKHLU $HJHRQ XQGHU PDWFKHV :HOO GRQH WR +LQOH\ &KDQ ZKR FDPH WKLUG UHJLRQDOO\ LQ WKH 5RDG WR :LPEOHGRQ WRXUQDPHQW DQG D KXJH FRQJUDWXODWLRQV WR DOO MXQLRUV ZKR KDYH KHOSHG +HOVE\ JR IURP WK WR WK LQ WKH /7$ OHDGHU ERDUG LQ MXVW WZHOYH PRQWKV .HHS \RX H\HV SHHOHG IRU WKH ÀQDO SODFLQJV RXU MXQLRUV GHÀQLWHO\ KDYH WKHLU H\HV À[HG RQ ZLQQLQJ
.,1*6/(< *$5'(1 &/8% 6($621 )LUVW PHHWLQJ 0RQGD\ WK 6HSWHPEHU DW SP $W .LQJVOH\ &RPPXQLW\ &HQWUH 6XH %HHVOH\ RI %OXHEHOO &RWWDJH *DUGHQ ZLOO WDON DERXW &KRRVLQJ *URZLQJ 3HUHQQLDOV 0HHWLQJV HYHU\ QG 0RQGD\ LQ WKH PRQWK XQWLO 0D\ QR PHHWLQJ LQ 'HFHPEHU $// :(/&20( (QWUDQFH PHPEHUV MRLQ DW WKH GRRU LW FRYHUV \RX IRU WKH ZKROH VHDVRQ DQG IRU JXHVWV SD\ DW WKH GRRU
:H ORRN IRUZDUG WR ZHOFRPLQJ \RX :RUULHG DERXW IRRG VHFXULW\" %X\ ORFDO -RLQ XV IRU RXU QH[W /RFDO 3URGXFH PDUNHW WK 6HSW DP WR SP DW .LQJVOH\ &RPPXQLW\ FHQWUH )RU ORFDO PHDW EUHDG FKHHVH FDNHV MDPV DQG YHJHWDEOHV $QG ORWV PRUH )URGVKDP 7UDQVLWLRQ ,QLWLDWLYH )7,
GURS LQ HYHQW DW )URGVKDP &RPPXQLW\ FHQWUH RQ 6DWXUGD\ WK 6HSWHPEHU &RQWDFW $OODQ $UWKXU RQ IRU IXUWKHU LQIRUPDWLRQ
6HSWHPEHU 6W -DPHV &KXUFK ,QFH &KHVWHU 3RROH /DQH ,QFH &KHVWHU &+ 1; )UL 6DW DP WR SP 6XQ SP WR SP $GPLVVLRQ E\ 3URJUDPPH )XQ 3KRWR &RPSHWLWLRQ 7RPEROD EULF D EUDF VWDOOV PXVLF UHIUHVKPHQWV ,Q VXSSRUW RI 6W -DPHV 5HVWRUDWLRQ 3URMHFW )RU PRUH LQIRUPDWLRQ 7HO (PDLO UHYPÀHWFKHU#R FR XN
)URGVKDP +HOVE\ 9LVXDOO\ +DQGLFDSSHG &OXE $UH \RX YLVXDOO\ LPSDLUHG" 'R \RX NQRZ VRPHRQH ZKR LV" ,I VR \RX DUH LQYLWHG WR MRLQ RXU FOXE 6SULQJÀHOGV +HOVE\ RQ WKH QG 7XHVGD\ RI HYHU\ PRQWK SP SP :K\ QRW FRPH DORQJ IRU D FKDW HQWHUWDLQPHQW FXS RI WHD DQG ELVFXLWV RXWLQJV 9ROXQWHHU FDUHUV DQG WD[LV SURYLGHG 1HZ IULHQGV DUH ZDLWLQJ WR PHHW \RX &RQWDFW
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´7KH VXSSRUW RI IXQGUDLVLQJ JURXSV LV DEVROXWHO\ LQYDOXDEOH WR XV DQG D JURXS OLNH WKLV ZLOO FHUWDLQO\ PDNH IXQGUDLVLQJ HYHQ PRUH IXQ IRU RXU VXSSRUWHUV LQ )URGVKDP DQG +HOVE\ :H QHHG GLIIHUHQW W\SHV RI SHRSOH ZKR FDQ RIIHU D YDULHW\ RI VNLOOV WR KHOS XV UDLVH PRQH\ IRU HQG RI OLIH FDUH <RX PLJKW EH JUHDW DW RUJDQLVLQJ VPDOO RU ODUJH HYHQWV OLNH &RIIHH 0RUQLQJV IRU H[DPSOH <RX PLJKW EH JRRG ZLWK PRQH\ DQG ÀJXUHV \RX PLJKW EH DEOH WR WDNH PLQXWHV RU SXW D FROOHFWLRQ URWD WRJHWKHU RU EH D KDSS\ WR VSHDN LQ SXEOLF DERXW WKH VHUYLFH WKDW 0DULH &XULH SURYLGHV :KDWHYHU \RXU VNLOOV DUH WKH IXQGUDLVLQJ JURXS ZLOO QHHG WKHP :H DUH UHDOO\ H[FLWHG DERXW JHWWLQJ RXU ORFDO VXSSRUWHUV WRJHWKHU WR UDLVH HYHQ PRUH PRQH\ IRU WKH FKDULW\ µ ,I \RX ZRXOG OLNH WR EH LQYROYHG RU ZRXOG OLNH PRUH GHWDLOV SOHDVH FDOO /DXUD RQ RU HPDLO ODXUD WRPOLQVRQ#PDULHFXULH RUJ XN
6SLULW RI &KULVWPDV $ WUXO\ PDJLFDO HYHQLQJ DZDLWV \RX DW &KHVWHU &DWKHGUDO RQ )ULGD\ WK 'HFHPEHU HQVXULQJ WKH IHVWLYH VHDVRQ VWDUWV ZLWK D VSDUNOH IRU WKH JUHDW DQG JRRG RI &KHVKLUH 0DWWKHZ .HOO\ LQYLWHV \RX WR 7KH 1HXURPXVFXODU &HQWUH·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… SHU \HDU DQG DWWHQGLQJ RXU 6SLULW RI &KULVWPDV FDURO FRQFHUW LV MXVW RQH RI WKH PDQ\ ZD\V \RX FDQ VXSSRUW XV :LWK VHYHUDO VWDUV RI VWDJH WHOHYLVLRQ DQG ÀOP RXU WK 6SLULW RI &KULVWPDV SURPLVHV WR EH D JOLW]\ DQG JODPRURXV DIIDLU FRPSOHWH ZLWK SOHQW\ RI &KDPSDJQH WR IROORZ 3UHYLRXV VWDUV KDYH LQFOXGHG $ODQ 5LFNPDQ &DUH\ 0XOOLJDQ 7DPVLQ *UHLJ -LP %URDGEHQW DQG $OLVRQ 6WHDGPDQ WR QDPH EXW D IHZ :H DUH DOVR GHOLJKWHG WR ZHOFRPH EDFN WKH ZRQGHUIXO 5REHUW·V %DNHU\ %DQG DQG 7KH 4XHHQ·V 6FKRRO &KDPEHU &KRLU WR JHW &KULVWPDV RII WR D FUDFNLQJ VWDUW 6SLULW RI &KULVWPDV VROG RXW IRU WKH VHFRQG \HDU UXQQLQJ UDLVLQJ DQ LQFUHGLEOH … IRU 10& :H VWURQJO\ DGYLVH ERRNLQJ HDUO\ WR DYRLG GLVDSSRLQWPHQW SDUWLFXODUO\ IRU 5HG WLFNHWV )RU ,QIRUPDWLRQ DQG WLFNHWV FDOO RU YLVLW ZZZ QPFHQWUH FRP 7KHUH DUH QR DJH UHVWULFWLRQV IRU WKH FRQFHUW EXW SOHDVH EH DZDUH WKHUH LV QR LQWHUYDO GXULQJ WKH SHUIRUPDQFH ZKLFK ODVWV DSSUR[LPDWHO\ KRXUV
6DWXUGD\ WK 1RYHPEHU )RUHVW +LOOV +RWHO SP DP -RLQ XV DW RXU FKDULW\ IXQ FDVLQR QLJKW (QMR\ WKH HYHQLQJ ZLWK D FRXUVH PHDO IROORZHG E\ PXVLF DQG FDVLQR HQWHUWDLQPHQW LQFOXGLQJ ¶VSLQ WR ZLQ· LQVWDQW FDVK SUL]HV 7KHUH ZLOO EH D YHU\ VSHFLDO SUL]H WR WKH SHUVRQ ZKR HQGV WKH QLJKW ZLWK WKH PRVW FKLSV 3URFHHGV ZLOO EHQHILW WKH %UDLQ 7XPRXU FKDULW\ %ULWLVK /XQJ )RXQGDWLRQ … SS LQFO … ZRUWK RI FKLSV :K\ QRW ERRN D WDEOH RI IRU … 2U 0DNH D QLJKW RI LW IRU … SS LQFO % % %ODFN 7LH 'UHVV WR LPSUHVV
)RU WLFNHWV DQG LQIR FRQWDFW /DXUD +HOHQ WHDPIR[#KRWPDLO FR XN
/RFDO ODGLHV VXFFHVVIXOO\ FURVV WKH (QJOLVK &KDQQHO 2Q 7KXUVGD\ WKH WK RI $XJXVW DW DP D WHDP RI ODGLHV IURP )URGVKDP .LQJVOH\ DQG 1RUOH\ VHW RII RQ WKHLU HSLF VZLP DFURVV WKH (QJOLVK &KDQQHO 7KHLU WHDP QDPH ¶+DWFKQHVV\· VHUYHG DV D IRQG UHPLQGHU RI WKHLU IDYRXULWH WUDLQLQJ VSRW +DWFKPHUH /DNH 7KHLU WHDP FDSWDLQ 6WHSKQp VWDUWHG WKH VZLP IURP 6KDNHVSHDUH EHDFK VZLPPLQJ RXW VWURQJO\ WR WKH FKHHUV RI IDPLOLHV DQG IULHQGV RQ WKH EHDFK 7KH PRUQLQJ FRQGLWLRQV ZHUH LG\OOLF DQG ZLWK WKH VXQ VKLQLQJ RQ WKHLU EDFNV DQG ZLWK RXU ERDW WKH 2SWLPLVW NHHSLQJ FORVH HYHU\ VZLPPHU SXW KHU KHDUW LQWR WKH VZLP DQG WKH WHDP PDGH JUHDW SURJUHVV DFURVV WKH &KDQQHO (DFK VZLPPHU VZDP IRU DQ KRXU EHIRUH FKDQJLQJ RYHU %HWZHHQ WKHLU VZLPV WKH UHVW RI WKH WHDP DQG VXSSRUWHUV ZHUH EXV\ RQ WKH ERDW ÀJKWLQJ VHD VLFNQHVV JHWWLQJ ZDUP JHWWLQJ GUHVVHG WDNLQJ SKRWRV GULQNLQJ DQG HDWLQJ DQG HQFRXUDJLQJ WKH VZLPPHU (Q URXWH WKH\ ZHUH IRUWXQDWH WR VHH D VHDO SRUSRLVHV VKRDOV RI PDFNHUHO VHD ELUGV DQG MHOO\À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ô KRXUV DIWHU VWDUWLQJ WKHLU DGYHQWXUH 7KH VXSSRUW IRU WKH WHDP ZDV RYHUZKHOPLQJ ZLWK RYHU D KXQGUHG SHRSOH WUDFNLQJ WKH WHDP·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p 'RXJODV 6XH 0DUVK DQG 6DOO\ :KLWH
&ODWWHUEULGJH &DQFHU 5HVHDUFK .HOVDOO %UDQFK &KDULW\ 1XPEHU :H DUH ORRNLQJ IRU LWHPV IRU RXU %ULF $ %UDF 6DOH DQG -XPEOH 6DOH ZKLFK LV EHLQJ KHOG RQ 6DWXUGD\ WK 2FWREHU DW .HOVDOO &RPPXQLW\ &HQWUH FRPPHQFLQJ DW S P $OO DUH ZHOFRPH $V \RX NQRZ WKLV LV D ORFDO &KDULW\ DQG WKH .HOVDOO %UDQFK KDV EHHQ UDLVLQJ PRQH\ IRU WKH ODVW \HDUV UDLVLQJ LQ H[FHVV RI :H DUH ORRNLQJ IRU LWHPV VXFK DV 8Q ZDQWHG *LIWV %RWWOHV DQG %R[HV 2I &KRFRODWHV IRU RXU 5DIÁH -HZHOOHU\ (OHFWURQLF *DPHV %RRNV '9'V &'V /3V 7LQQHG 3URGXFH 7RROV 7R\V +DQGEDJV 6KRHV %UDVV LQ IDFW DQ\WKLQJ :H GR KRSH \RX FDQ KHOS ,I \RX ULQJ XV ZH ZLOO DUUDQJH WR FRPH DQG SLFN \RXU LWHPV XS EHIRUH WKH HYHQW ZH FDQ VWRUH WKHP VR ZH DUH QRW SLFNLQJ XS RQ WKH ODVW PLQXWH 3OHDVH FRQWDFW WR DUUDQJH D PXWXDOO\ FRQYHQLHQW WLPH WKDQN \RX ƌŽƐƐǁŽƌĚ
^ƵĚŽŬƵ
3X]]OH 6ROXWLRQV
tŽƌĚ ^ĞĂƌĐŚ
^ƚĞƉ ŽŶ /ƚ , ZD Z t ZD Z tKZD Z tKZ< Z tKZ< tKZ /͛ŵ ƐŝĐŬ ŽĨ ĨŽůůŽǁŝŶŐ ŵLJ ĚƌĞĂŵƐ͘ /͛ŵ ũƵƐƚ ŐŽŝŶŐ ƚŽ ĂƐŬ ƚŚĞŵ ǁŚĞƌĞ ƚŚĞLJ͛ƌĞ ŐŽŝŶŐ ĂŶĚ ĐĂƚĐŚ ƚŚĞŵ ůĂƚĞƌ͘
$FFRXQWDQWV 7D[ +5 DJS $SSOHJDWH &R $FFRPRGDWLRQ 6WRQHKRXVH )DUP % % $ODUPV 6HFXULW\ &RPSOHWH 6HFXULW\ $UFKLWHFWXUH 'HVLJQ &KHVKLUH 3ODQQLQJ 6ROXWLRQV QMJ 'HVLJQ 6FRWW $UFKLWHFWXUH $HULDO (QJLQHHU /DWKDP $HULDOV %HDXW\ 3ROLVKHG %URQ]HG 6HUHQLW\ 6OLP ¶Q· 7ULP 7KH +ROLVWLF +XW 7KH 6DQFWXDLUH %HG 6KRS /DQG RI %HGV %UHZHU\ )URGVKDP %UHZHU\ %ULGDO 6LPSO\ +LWFKHG %XLOGHU 0HUFKDQWV -RLQHU 3ODVWHULQJ $QGHUVRQ &RQVWUXFWLRQ %% &RQVWUXFWLRQ -D\EHH %XLOGLQJ 6HUYLFHV - +LJJLQV %ULFNZRUN 0DG -DN -RLQHU\ 03 %XLOGLQJ -RLQHU\ 6WURQJ %ULFNZRUN &RQVWUXFWLRQ 7LP·V 3ODVWHULQJ %XWFKHU )DUP 6KRS )RUUHVWHUV &DU 5HSDLUV 027 7\UHV 9DOHWLQJ )URGVKDP 7\UHV -3: %RG\ 5HSDLUV 2·1HLO 'HQW 5HSDLU &KXUFK 6W /DXUHQFH &OHDQLQJ &-' :LQGRZ &OHDQHU *HPLQL &DUSHW 8SKROVWHU\ &OHDQLQJ /HH 5RGJHUV &DUSHW &OHDQLQJ 0U 6ZHHS &KLPQH\ 6ZHHS 4XHHQ RI &OHDQ :LONLQV &KLPQH\ 6ZHHS &RPSXWLQJ +HOVE\ 3F·V 5LOH\ ,7 'HQWLVW 0DLQ 6WUHHW 'HQWDO 'UHVV 0DNLQJ (OL]DEHWK $UQROG
'U\ &OHDQHUV 3UHVWLJH 'U\ &OHDQHUV (GXFDWLRQ 7UDLQLQJ (EG 7UDLQLQJ 6ROXWLRQV 0DWKV 7XWRU )UHQFK &ODVVHV (OHFWULFLDQ )URGVKDP (OHFWULFDO 6HUYLFHV .'( /WG 6:3 (OHFWULFV :RRGKRXVH 3OXPE (OHFWULFDO (VWDWH /HWWLQJ $JHQW %L]]L %HH /HWWLQJV 6DOHV 7KH %RXUQH <RXU 0RYH $QGUHZ +D\HV )HQFLQJ 3DYLQJ 'ULYHZD\V $QWRQ\ :RUUDOO 6RQ )HQFH DQG 'HFN )LQDQFLDO 0RUWJDJH $GYLVRU 3DXO ' &ODUNH )3& )ORRULQJ .LQJVOH\ &DUSHWV /HH 5RGJHUV 7KH /LWWOH &DUSHW 6KRS )XQHUDO 'LUHFWRUV 0RQXPHQWDO 0DVRQV '* %DLQHV '7 7XUQHU )XUQLWXUH )XUQLVKLQJV $ 'HVLJQ .LWFKHQ %DWKURRPV &XUWDLQV RI )URGVKDP 0DWW )LQLVK 1<. .LWFKHQ %HGURRP 0LUURU 'RRUV 3DQGD %OLQGV 7KH %DWKURRP 5HVWRUHUV 8QLTXH 'HVLJQ .LWFKHQ %DWKURRP *DUGHQLQJ $QG\·V *DUGHQ &DUH '. /DQGVFDSHV )URGVKDP *DUGHQV +D]HOZRRG /DQGVFDSHV +LOOVLGH *DUGHQ DQG 7UHH 7KH 3LFWXUH *DUGHQ :2: 'HVLJQ +DLUGUHVVLQJ %DUEHU +DLU E\ 'HVLJQ +HDGOLQHV +HDOWK &DUH &DUROH +RZHV 6SHDFK 7KHUDS\ 'U (PPD 5DH 5KHDG +\SQRWKHUDS\ )HHW )LUVW IRRW KHDOWK FDUH +LOOFUHVW &DUH +RPH +RPH,QVWHDG 6HQLRU &DUH 5HJLRQDO +HDOWK -HZHOOHU\ /HV +DUULV 7L $PR 0DUNHWLQJ $%& 0DUNHWLQJ
03 *UDKDP (YDQV 2GG -REV 3URSHUW\ UHSDLUV &KHVKLUH +DQG\PDQ -DPHV *ULEELQ 2GG -REV -RKQ 3DLQWHU 'HFRUDWRU 5R\ /DPE 6WHYHQ %LVKRS 3HWV *LEVRQV . %5$76 'RJ WUDLQLQJ 9DQLW\ )XUU 'RJ *URRPLQJ 3OXPELQJ +HDWLQJ $UN 6HUYLFHV *DVPDUF ,QGLJR 3OXPELQJ +HDWLQJ .'( /WG 0 %XQWLQJ 3OXPELQJ +HDWLQJ 3OXPE 'LUHFW :RRGKRXVH +HDWLQJ 3OXPELQJ 5HPRYDO 6HUYLFH 0DQ DQG 9DQ %HQ +LUVW 5HVWDXUDQWV 3XE )XQFWLRQ 9HQXH $PRUH DQG 0$&6 )URGVKDP *ROI &OXE 7KH 'XQKDP $UPV 7KH +HOVE\ $UPV 7KH 2DNODQGV 7KH :KLWH /LRQ 5RRÀQJ $OO 0LJKW\ 5RRÀQJ $OWLWXGH 5RRÀQJ 6'6 5RRÀQJ 6KRSSLQJ 9LOODJH %ODNHPHUH 6NLS 6FUDS 0HWDO 1: 6NLSV 6ROLFLWRUV 5RZOLQVRQV 6SRUW /HLVXUH )LWQHVV &ODVVHV LQ (OWRQ .HOVDOO +LOO +RUVH 7ULDOV 1RUGLF :DONLQJ 7DNH )LWQHVV 7D[LV 'LVWULFW 7D[LV .LQJVOH\ 7UDYHO 7XUQHUV 7UDYHO 9LOODJH 7D[LV 7LOLQJ &% 7LOLQJ 9LGHR 7UDQVIHU <RXU 0HPRULHV 9LGHR 7UDQVIHU :LQGRZV &RQVHUYDWRULHV &DQRSLHV .HOVDOO :LQGRZV :URXJKW ,URQ :RUN 'XQKDP +LOO 6PLWK\
3OHDVH QRWH 'HDGOLQH IRU $GYHUWLVLQJ LQ WKH 2FWREHU HGLWLRQ LV WK 6HSWHPEHU 7HO HPDLO RU KHOVE\WRKDQG#EWLQWHUQHW FRP
&+($3(67 ,1 7+( /2&$/ $5($
! 0*& ' !'* ! $LUSRUW D VHDWHU VHDWHU $LUSRUW UXQ UXQ SULFHV SULFHV IRU IRUD
7R
7R
Â… Â… Â… Â… Â…
Â… Â… Â… Â… Â…
)URP DUHD 0DQFKHVWHU /LYHUSRRO
)URGVKDP 5XQFRUQ +HOVE\ :LGQHV (OWRQ
$LUSRUW IRU D VHDWHU VHDWHU $LUSRUW UXQ UXQ SULFHV SULFHV &#!&* &#& ' IRU !& D ' * &
*! *! 7R 7R )URP & DUHD 0DQFKHVWHU &! /LYHUSRRO '* & . &#!!
)URGVKDP &! ' 5XQFRUQ
!& +HOVE\ ' 1 :LGQHV ' (OWRQ
Â… )+ Â… )+ Â… )+ Â… )+ Â…
Â… ), Â… ), Â… ), Â… ), Â…
&5% &KHFNHG 5HWXUQV IURP 0DQFKHVWHU $LUSRUW ZLOO LQFXU D Â… &DU 3DUN &KDUJH 6LOYHU 6HUYLFH IRU ([HFXWLYH WUDYHO SOHDVH HQTXLUH %RRN 2QOLQH ZZZ GLVWULFWWD[LVIURGVKDP FR XN
$OO DERYH SULFHV DUH RQ D RQH ZD\ EDVLV UHWXUQ SULFHV VKRXOG EH GRXEOHG DQG FRQÀUPHG DW WLPH RI ERRNLQJ
9LHZ +HOVE\ WR +DQG RQOLQH ZZZ KHOVE\WRKDQG FR XN
DĂŶLJ ŽĨ LJŽƵ ĂůƌĞĂĚLJ ŬŶŽǁ
WĂƵů ,ƵŐŚĞƐ KĨ
3DQGD %OLQGV ǁŚŽ ǁŽƌŬĞĚ ĨŽƌ Ă ǁĞůů ŬŶŽǁŶ ŶĂƚŝŽŶĂů ďůŝŶĚƐ ĐŽŵƉĂŶLJ ĨŽƌ ŽǀĞƌ ϭϱ LJĞĂƌƐ ĂŶĚ ŝƐ ŶŽǁ
sĞƌƚŝĐĂůƐ ZŽůůĞƌƐ sĞŶĞƚŝĂŶƐ WůĞĂƚĞĚƐ
ƌƵŶŶŝŶŐ ŚŝƐ ŽǁŶ ƐƵĐĐĞƐƐĨƵů ďƵƐŝŶĞƐƐ ƐƵƉƉůLJŝŶŐ ƌŝƚŝƐŚ ŵĂĚĞ ƋƵĂůŝƚLJ ďůŝŶĚƐ Ăƚ
tŽŽĚĞŶ
ƌĞĂůŝƐƚŝĐ ĐŽŵƉĞƚŝƚŝǀĞ
ŽŶƐĞƌǀĂƚŽƌŝĞƐ ^ƉĞĐŝĂůŝƐƚ
ƉƌŝĐĞƐ ǁŝƚŚ Ă ƐĞƌǀŝĐĞ ƐĞĐŽŶĚ ƚŽ ŶŽŶĞ͘
)RU D IUHH QR SUHVVXUH TXRWH FDOO 3$8/ RQ