Page 1

#  ! $$$   "      " !     !    !  !!

"      


3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




:(/&20( 7   ( XUVXOD# WKDWFKDPFRQQHFWLRQVFRXN : WKDWFKDPFRQQHFWLRQVFRXN $ 6WDEOH  *UDYHOO\ %ULGJH )DUP +RXVH *UD]HOH\ 5HDGLQJ 5* /* (GLWRU 8UVXOD $LWNHQ

3ULQWHU :DUZLFN 3ULQWLQJ &R /WG

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

&RQWHQWV 6XGRNX



*DUGHQ )HDWXUH



%OXHEHOOV



:RUGVHDUFK



4XL]



%RRN 5HYLHZ



/LIH %HJLQV



&KLOGUHQV¶ &KDOOHQJH



&RGHZRUG



7DNH WKH )ORRU &RGHZRUG

 

&DPSLQJ RQ D %XGJHW 7DNH WKH )ORRU

 

/HW¶V JR DQG D .LWH &DPSLQJ RQ D)O\%XGJHW

 

4XL] /HW¶V JR DQG )O\ D .LWH

 

$QVZHUV 4XL]



:KDW V $QVZHUVRQ LQ WKH &RPPXQLW\

 

1HLJKERXUKRRG :KDW V RQ LQ WKH:DWFK &RPPXQLW\

 

$ ORRN EDFN DW +LVWRU\ 1HLJKERXUKRRG :DWFK

 

$ ORRN EDFN DW +LVWRU\



7KH IURQW FRYHU SKRWRJUDSK

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

KDV NLQGO\ EHHQ VXSSOLHG E\ 7KH $OOHQRYD 6FKRRO RI 'DQFLQJ

',6&/$,0(5 :KLOVW HYHU\ FDUH KDV EHHQ WDNHQ WR HQVXUH WKDW GDWD LQ WKLV SXEOLFDWLRQ LV DFFXUDWH QHLWKHU WKH SXEOLVKHU QRU LW¶V HGLWRULDO FRQWULEXWRUV FDQ DFFHSW DQ\ OLDELOLW\ WR DQ\ SDUW\ IRU ORVV RU GDPDJH FDXVHG E\ HUURUV RU RPLVVLRQV UHVXOWLQJ IURP QHJOLJHQFH DFFLGHQW

RU

&RQQHFWLRQV DGYHUWLVLQJ

DQ\

RWKHU

FDVH

7KDWFKDP

GRHV QRW RIILFLDOO\ HQGRUVH DQ\ PDWHULDO

LQFOXGHG

ZLWKLQ

WKLV

SXEOLFDWLRQ 1R SDUW RI WKLV SXEOLFDWLRQ PD\ EH UHSURGXFHG VWRUHG LQ DQ\ UHWULHYDO V\VWHPV RU WUDQVPLWWHG LQ DQ\ IRUP ZLWKRXW SULRU SHUPLVVLRQ RI WKH SXEOLVKHU

1(;7 ,668(  &29(5,1* 6HSWHPEHU2FWREHU  &RS\  UHDG\ IRU SULQW  GHDGOLQH WK -XO\ DW WKH ODWHVW 3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




cgS^[fk ZS`V UdSXfWV 2DN IUDPHG EXLOGLQJV '(6,*1(' Â&#x2021; 0$1$*(' Â&#x2021; &216758&7('

%URRNV )DUP %DWK 5RDG %HHQKDP 5HDGLQJ 5* (PDLO LQIR#WKHEDUQSDUWQHUVKLSFRXN 7HO    ZZZWKHEDUQSDUWQHUVKLSFRXN

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




<RXU ORFDO IULHQGO\ HOHFWULFLDQ 2IIHULQJ D UHOLDEOH VHUYLFH <RX FDQ GHSHQG RQ 9 9 9 9 9 9 9

$OO W\SHV RI HOHFWULFDO ZRUN $SSURYHG GRPHVWLF LQVWDOOHU 3DUW 3 UHJLVWHUHG 1HZ LQVWDOODWLRQV ([WHQVLRQV .LWFKHQV %DWKURRPV )XVH ERDUGV /LJKWLQJ 3RZHU

9 9 9 9 9

)XOO\ ,QVXUHG 1R MRE WRR /DUJH RU 6PDOO $XGLR DQG YLVXDO LQVWDOODWLRQV )DXOW ILQGLQJ 5HZLUHV

&$// 3$8/ 21  25   ZZZHOHFWULFDQWKDWFKDPFRXN FXUUHQWFRQQHFWLRQ#JRRJOHPDLOFRP 6LOYHUWKRUQH UREHUWVIHLOG 7KDWFKDP 5* 7:

($6<

68'2.86

+$5'

(DFK [ ER[ DV ZHOO DV HDFK URZ DQG FROXPQ PXVW FRQWDLQ WKH 1XPEHUV    $QVZHUV RQ SDJH 

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




# # (& % () )&"  #%"## # )& ' " % % &#  "& )&" &###! %# %#* %)* )#!3 ')%**%#! # %)! %% '# # '3)%!! *)2* .% *"!! 1*#*** # . *!"'!%3(

              

    #  %

4&,/ ++4&0 4++ $,0&&& &"("#"'#  & ((( &"("#"'#  &

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




*DUGQHU /HDGHU $GYLFH RQ 0DUULDJH PD\ EH GXH WR WKH ROGHU FRXSOH EHLQJ ZLVHU DQG PRUH DZDUH WKDW WKH\ QHHG WR SODQ IRU WKH GD\ ZKHQ WKLQJV PLJKW JR ZURQJ 7KH VRUW RI WKLQJV \RX PLJKW WDNH LQWR DFFRXQW ZKHQ SODQQLQJ DUH D SUHQXSWLDO DJUHHPHQW WR SURWHFW \RXU DVVHWV DQG WR EULQJ FODULW\ IRU ERWK RI \RX RU KRZ WR PDQDJH FRQWDFW DUUDQJHPHQWV ZLWK ZKDW PLJKW EH WZR H[WHQGHG IDPLOLHV

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

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




)RU DOO \RXU VRIW IXUQLVKLQJ DQG VHZLQJ QHHGV &XUWDLQV EOLQGV SHOPHWV DQG DOWHUDWLRQV )DEULF FKRLFHV DQG DGYLFH DYDLODEOH %8&./(%85< 0(025,$/ +$// 833(5 %8&./(%85< 5* 4+

&RQWDFW

)RU IXOO GHWDLOV RI PRUQLQJ DQG DIWHUQRRQ VHVVLRQV WRJHWKHU ZLWK DQ\ RWKHU HQTXLULHV SOHDVH VHH ZZZEXFNOHEXU\SUHVFKRROFRXN RU WHOHSKRQH  

-XG\ &RQQROO\

/LPLWHG SODFHV VWLOO DYDLODEOH WR VWDUW 6HSW  )RU FKLOGUHQ IURP DJH ò \HDUV

ZZZFRRNHUEXUUDFRXN

6HH DOVR SDJH 

  ZZZLQGLJRGHVLJQFRXN

3& '(&25$7,1* 3DXO &RXOVRQ

(VW 

7+( 8.¶6 12  29(1 &/($1,1* 6(59,&(

7HO   RU  

',57< &22.(5 "

x

29(16 +2%6 5$1*(6 $*$6 <285 )5$1&+,6( &29(5,1*

1(:%85< 7+$7&+$0

x

&DOO $QJHOD  

x

$5( $5( <285 <285 29(1 29(1 &/($1(56 &/($1(56 $3529(' $3529(' %< %< %(5.6+,5( %(5.6+,5( 75$',1* 75$',1* 67$1'$5'6 67$1'$5'6 ""

x

/RFDO 3DLQWHU DQG 'HFRUDWRU ZLWK  \HDUV ([SHULHQFH $OO W\SHV RI GHFRUDWLQJ XQGHUWDNHQ LQFOXGLQJ SODVWHULQJ ZDOOSDSHULQJ &DOO QRZ WR DUUDQJH D )5(( 1R 2EOLJDWLRQ 4XRWDWLRQ 1R MRE 7RR 6PDOO

52*(5 ),6 ),6+(5 +(5 &DUSHQWHU-RLQHU .LWFKHQ )LWWHU *OD]H 7LOLQJ +RXVH 0DLQWHQDQFH 3DLQWLQJ'HFRUDWLQJ

 <HDUV ([SHULHQFH 7HO   PRE  

1HZEXU\ &DWV 3URWHFWLRQ :H KDYH PDQ\ FDWV VHHNLQJ ORYLQJ KRPHV HVSHFLDOO\ ROGHU FDWV IXQGUDLVLQJ YROXQWHHUV DOZD\V QHHGHG )RU IXUWKHU LQIRUPDWLRQ FRQWDFW   2SHQ GDLO\ H[FHSW IRU 7XHVGD\V DP SP E\ DSSRLQWPHQW ZZZQHZEXU\FDWVRUJXN 3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




#06 61 15' '+)*6` +467#. #564+% #0& $GMXVWDEOH *DVWULF %DQG ZLWK +\SQRVLV

*#6 #4' 6*' '0'(+65`

&RQWDFW -XG\ 0  7    ZZZMXG\KDUULVRQFRXN XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




<285 3(76 3(7 6+23      

   

       

    

               &# ( ## '&)  !

 *!$ * !!*

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV

# *    #  # % 

 *%! * *




XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




.DUHQ 7\OHU7ULOOR

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

<RXU ORFDO IULHQGO\ 3HW 6HUYLFH 7HO    RU  

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV

ZZZSHWDQJHOVXNFRXN




7KRUQIRUG 5RDG &URRNKDP &RPPRQ 1HZEXU\ 5* (/ #NN &QIU 9CNMGF &CKN[ 2TQHGUUKQPCN %CTG CPF #VVGPVKQP CV CNN VKOGU 9LHZLQJ ZHOFRPH E\ DSSRLQWPHQW )RU IXUWKHU GHWDLOV SOHDVH ULQJ

 

        

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




)HDWXUH

      

   

%XJV DQG EHDVWLHV DUH UHDOO\ WKULYLQJ LQ WKLV ZDUPHU ZHDWKHU VR MXVW KRZ VKRXOG \RX GHDO ZLWK WKH PRVW FRPPRQ SUREOHPV \RX DUH OLNHO\ WR HQFRXQWHU DW WKLV WLPH RI \HDU" $SKLGV *UHHQÁ\ DQG EODFNÁ\ DOVR NQRZQ DV DSKLGV FDQ EH D UHDO PHQDFH DV WKH\ VXFN VDS IURP \RXU SODQWV DQG VRPHWLPHV HYHQ WUDQVPLW YLUXVHV DW WKH VDPH WLPH $SKLGV EUHHG LQFUHGLEO\ UDSLGO\ VR UHJXODU FRQWURO LV QHFHVVDU\ RU RQH RU WZR LQGLYLGXDOV ZLOO WXUQ LQWR D KXJH FRORQ\ ‡ &KHFN SODQWV UHJXODUO\ DQG HLWKHU VSUD\ ZLWK D VXLWDEOH LQVHFWLFLGH RU LI \RX SUHIHU QRW WR XVH WKLV W\SH RI FKHPLFDO WKHQ FRQVLGHU VSUD\LQJ ZLWK D VRDS RU SODQW RLO EDVHG LQVHFWLFLGH ‡ 8VH ELRORJLFDO FRQWUROV ² WKH\·UH D JUHDW ZD\ WR GHDO ZLWK WKHVH SHVWV WRWDOO\ VDIH IRU DOO RWKHU FUHDWXUHV DQG RI FRXUVH OHDYH QR UHVLGXHV ‡ 8VH D VWURQJ MHW RI ZDWHU SHUKDSV E\ SXWWLQJ \RXU WKXPE RYHU WKH HQG RI WKH KRVHSLSH WR EODVW WKH DSKLGV RII SODQWV EXW GR PDNH VXUH WKDW \RX GR D

WKRURXJK MRE RU HOVH WKH\ ZLOO VRRQ EH EDFN XS DQG FDXVLQJ GDPDJH &DWHUSLOODUV &DWHUSLOODUV FRPH LQ DOO VKDSHV VL]HV DQG FRORXUV EXW FDQ GR D ORW RI GDPDJH DV WKH\ PXQFK WKHLU ZD\ WKURXJK \RXU SODQWV DQG SHUKDSV HYHQ LQWR \RXU YHJHWDEOHV ‡ +DQG SLFN WKH SHVW ZKHUH SRVVLEOH DQG HLWKHU VTXDVK RU SODFH RQ WKH ELUG WDEOH 5HPHPEHU PDQ\ FDWHUSLOODUV IHHG LQ WKH HYHQLQJ VR WKH\ DUH HDVLHVW WR VSRW DW GXVN RU YHU\ HDUO\ LQ WKH PRUQLQJ ‡ 6SUD\ ZLWK D VXLWDEOH FRQWDFW LQVHFWLFLGH RU EHWWHU VWLOO XVH WKH 1HPDV\V &DWHUSLOODU ELRORJLFDO FRQWURO 7KLV ODWWHU FRQWURO LV WKH IDYRXUHG RSWLRQ IRU RUJDQLF JDUGHQHUV ZKR FDQ·W VROYH WKH SUREOHP SXUHO\ ZLWK KDQG SLFNLQJ ‡ 6RPH FDWHUSLOODUV LQ SDUWLFXODU WKH 7RUWUL[ 0RWK SURGXFH TXDQWLWLHV RI ÀQH ZHEELQJ ZKLFK WKH\ XVH WR ELQG OHDYHV RU RWKHU SODQW SDUWV WRJHWKHU WR FUHDWH SDUWLFXODUO\ VDIH VKHOWHUV IRU WKHPVHOYHV 7KHVH W\SHV FDQ EH HVSHFLDOO\

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV

GLIÀFXOW WR FRQWURO DV LW LV KDUG IRU D SHVWLFLGH WR DFWXDOO\ UHDFK WKHP +DQG SLFNLQJ RU VTXDVKLQJ LV RIWHQ WKH EHVW DQVZHU ‡ &RYHU FDWHUSLOODU VXVFHSWLEOH FURSV VXFK DV FDODEUHVH EURFFROL DQG RWKHU EUDVVLFDV ZLWK (QYLURÁHHFH RU (QYLURPHVK 7KLV ZLOO KHOS WR NHHS D ZLGH UDQJH RI SHVWV LQFOXGLQJ FDWHUSLOODUV DZD\ IURP WKH SODQWV :RRGOLFH :RRGOLFH RIWHQ FDXVH D ORW RI FRQFHUQ SDUWLFXODUO\ LI \RX ÀQG WKHP OXUNLQJ LQ DQG DURXQG VLFNO\ ORRNLQJ SODQWV LQ \RXU JUHHQKRXVH +RZHYHU WKHVH OLWWOH FUHDWXUHV DUH UDUHO\ UHVSRQVLEOH IRU GRLQJ WKDW PXFK GDPDJH LQ WKHLU RZQ ULJKW DV WKH\ VLPSO\ GR QRW KDYH DGHTXDWHO\ VWURQJ PRXWKSDUWV 7KLV PHDQV WKDW DOWKRXJK WKH\ FDQ LQGHHG FDXVH GDPDJH WR VRIW QHZ JURZWK RU RFFDVLRQDOO\ WR VRIWÁHVKHG IUXLWV VXFK DV VWUDZEHUULHV WKH\ DUH QRW DFWXDOO\ DEOH WR WDFNOH WRXJKHU SODQW JURZWK <RX PD\ KRZHYHU VHH WKHP DW WKH ¶VFHQH RI WKH FULPH· DQG SUHVXPH 


WKDW WKH\ KDYH FDXVHG WKH LQLWLDO GDPDJH EXW WKH\ KDYH SUREDEO\ PRYHG LQ WR FOHDQ XS D ORW RI WKH GHEULV FUHDWHG E\ RWKHU FUHDWXUHV (DUZLJV (DUZLJV GR FDXVH TXLWH D ELW RI GDPDJH SDUWLFXODUO\ RQ WKH ÁRZHUV RI SODQWV VXFK DV FOHPDWLV DQG GDKOLDV ZKHUH WKH\ FDQ QLEEOH RXW ODUJH TXDQWLWLHV RI SHWDO RU RFFDVLRQDOO\ OHDI OHDYLQJ WKH SODQWV ORRNLQJ GHFLGHGO\ PRWK HDWHQ 2QH RI WKH EHVW ZD\V RI WUDSSLQJ HDUZLJV LV WKH WUDGLWLRQDO PHWKRG XVLQJ DQ LQYHUWHG ÁRZHUSRW RQ WRS RI D EDPERR FDQH 7KH EDPERR FDQH DQG SRW VKRXOG EH SRVLWLRQHG DPRQJVW VXVFHSWLEOH SODQWV DQG WKH SRW QHHGV WR EH VWXIIHG ORRVHO\ IXOO RI KD\ VWUDZ RU VLPLODU PDWHULDO 7KH HDUZLJV FOLPE LQ WKHUH

WR KLGH DQG WKH SRWV FDQ WKHP VLPSO\ EH HPSWLHG RXW RQ D UHJXODU EDVLV 0LOGHZ ,W·V QRW RQO\ SHVWV WKDW DUH D SUREOHP DW WKLV WLPH RI \HDU EXW SRZGHU\ PLOGHZ VRRQ WDNHV KROG FRDWLQJ SODQW OHDYHV VWHPV EXGV DQG VRPHWLPHV HYHQ SHWDOV ZLWK D ZKLWH ÁRZHU\ GHSRVLW 6RPHWLPHV WKH PLOGHZ FDQ DOVR SUHYHQW IUXLWV IURP VZHOOLQJ QRUPDOO\ DQG FDXVH WKH OHDYHV WR EHFRPH GLVWRUWHG DQG LQ VRPH LQVWDQFHV HYHQ WR IDOO HDUO\ 3URPSW DFWLRQ LV HVVHQWLDO DQG LI \RX ZLVK \RX FDQ XVH D SURSULHWDU\ IXQJLFLGH EXW FKHFN WKH ODEHO FDUHIXOO\ IRU VXLWDELOLW\ .HHS WKH GDPDJH WR D PLQLPXP LQ WKH ÀUVW LQVWDQFH E\ HQVXULQJ WKDW WKH SODQWV DUH NHSW ZHOO

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZDWHUHG SODQWV ZKLFK DUH GU\ DURXQG WKH URRWV VHHP WR EH SDUWLFXODUO\ SURQH WR PLOGHZ DWWDFN ,Q DGGLWLRQ WU\ WR HQVXUH D JRRG ÁRZ RI DLU DURXQG WKH SODQWV DV VWDJQDQW PRLVW DLU VHHPV WR KDYH D VLPLODU HIIHFW DQG FDQ PDNH PDWWHUV ZRUVH YHU\ TXLFNO\ $ ELW RI FDUHIXO SUXQLQJ RU ZHHGLQJ RIWHQ VROYHV WKH SUREOHP    

 

            

       

 

                                    

             

ZZZWKDWFKDPFRQQHFWLRQVFRXN




3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




5LYDU 6DQG DQG *UDYHO /WG /DQGVFDSH &HQWUHV

,QVSLULQJ <RXU *DUGHQV )RU 2YHU  <HDUV

$&&2817$1&< $1' 7$; 6(59,&(6 )25 60$// %86,1(66(6 $1' 7+( 6(/)(03/2<(' %XVLQHVV $FFRXQWV 6HOI $VVHVVPHQW 5HWXUQV 9$7 %X\WR/HW &,6 3D\UROO 0HHWLQJV DW +RPH%XVLQHVV )HHV IL[HG LQ DGYDQFH

x 'HFRUDWLYH $JJUHJDWHV Â&#x2021; 'HFRUDWLYH $JJUHJDWHV

x Â&#x2021;+RUWLFXOWXUDO 3URGXFWV +RUWLFXOWXUDO 3URGXFWV %XLOGLQJ 0DWHULDOV 0DWHULDOV x Â&#x2021;%XLOGLQJ Â&#x2021; ,QGLDQ /LPHVWRQH6DQGVWRQH 3DYLQJ

x ,QGLDQ /LPHVWRQH6DQGVWRQH 3DYLQJ Â&#x2021; 5DLOZD\ 6OHHSHUV

x 5DLOZD\ 6OHHSHUV Â&#x2021; :DWHU )HDWXUHV

x :DWHU )HDWXUHV

  ZZZULYDUVDQGDQGJUDYHOFRXN ZZZULYDUVDQGDQGJUDYHOFRXN

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




6HH 3DJH 3DJH   6HH

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




%\ FRXUWHV\ RI 3DXO 5REHUWV RI WKH 7KDWFKDP 3KRWRJUDSK &OXE

%OXHEHOOV

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN






                           

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




-DFNLH &OHDYHU

0

)

($ 5 ( 68 ( 5, 1*

) )5 ,7 (( 7, 1*

/DG\ 3DLQWHU 'HFRUDWRU

60$57 %/,1'6 6+877(56 6+2:5220 +,*+ 67 7+$7&+$0

x x x x x x x

5RPDQV :RRG 9HQHWLDQ 3OHDWHG 9HUWLFDO %OLQGV 5ROOHUV 3ODQWDWLRQ 6KXWWHUV &RQVHUYDWRU\ %OLQGV

.HHQHVW 3ULFHV  %HVW 6HUYLFH :H DUH D ORFDO IDPLO\ EXVLQHVV &DOO 3$8/ RU 68(  

 

ZZZVPDUWEOLQGVDQGVKXWWHUVWKDWFKDPFRXN

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




7+$7&+$0 1(:%85< 0$,17(1$1&( 6(59,&(6

SOXPELQJ  KHDWLQJ HOHFWULFDO  FDUSHQWU\ 6SHFLDOLVWV LQ SOXPELQJ DQG KHDWLQJ :H DUH UHJLVWHUHG WR LQVWDOO DQG VHUYLFH DOO V\VWHPV :H RIIHU PDQ\ RWKHU PDLQWHQDQFH VHUYLFHV LQFOXGLQJ

x (OHFWULFDO x 6PDOO %XLOGLQJ x &DUSHQWU\ x ,QVWDOOLQJ EDWKURRPV DQG NLWFKHQV :H DOZD\V RIIHU IUHH TXRWHV IRU RXU VHUYLFHV DQG IUHH FDOO RXWV

&DOO XV QRZ RQ   RU   HPDLO ZLOOLDPVURQ#YLUJLQPHGLDFRP

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




1R WLPH IRU KRXVHZRUN" :H¶OO FOHDQ \RXU KRPH WR WKH KLJKHVW VWDQGDUG 9 )ULHQGO\ IXOO\ WUDLQHG WHDP

9 )OH[LEOH FOHDQLQJ VHUYLFHV ZHHNO\ IRUWQLJKWO\ PRQWKO\

9 6SULQJ FOHDQV RQHRII EOLW] 9 $OO FOHDQLQJ SURGXFWV HTXLSPHQW SURYLGHG 9 <RXU FOHDQ LV IXOO\ LQVXUHG JXDUDQWHHG &DOO 3KLO 5\GHU RQ

  IRU D )5(( HVWLPDWH

1HZEXU\FOHDQ#P\KRPHFRP XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




6HH DOVR QH[W SDJH

           

      

 

 # 1 1- 22&-+) 8)&!5&-+ &+ +5$15&9 2<%-5%1/< +5$15&+$ -< &+ *-5&-+  /&1&5 5%1-8$% 15&9 ;/1&+5&) 1+&+$0

15 5&* -812

-: 5(&+$ //)&5&-+2 -1 5-1 7=.6

5 -8& < //1 --)%*/5-+ +1 &+$0

% -812 - 12  1- 5%-15&) 2 + 9)-/*+5 5%1-8$%  /1- -8+ /12-+) '-81+<0

251 <2

25)&2% .,37 2 5% )&+&) %-)-$< 22-&5&-+

815%1 5&)2 -+55 % *&+&2515-1 1&$ 25-1) -8+5&-+  &+$2* - -15% 1+5-+ &1(+% #6 3 ) =.". 3"7=#7, *&+1&$/25-1)0-1$08( :::01&$/25-1)0-1$08( "= <12 ;/1&+ + 8*+ )5&-+2  25-1) 1 1&+&+$ $&251 %1&5< -0 7,3.3

 :2&5 -1 -+55 82 -1 52

7KDWFKDP &RQQHFWLRQV· ¶(DWLQJ 2XW· 4XL] +- #7 * 7# $($7$&3 37( *2 $( 7# 7$7& * 7# 237:2(7 #$( --- 2$>13. 6HH SDJH  9- ',&*> > '(> 237:2(73  3*''&$2 $3 3*'*( <#* 6HH SDJH  $3 ,27$:&2&> %(*<&"& *( <#7. 8- $7# *;2 9?? 37*23 $( 7#   '*37 * <#$# 2 $( *(*( <#$# 37 ** *:7&7 #3  (' 7#7 $3 2$; 2*'  2(# ,#23 '($(" /2> 7* 70. !- :K\ #$# *(7$(3 '*2 &*2$3. $"  2*'

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

ZZZWKDWFKDPFRQQHFWLRQVFRXN




6HH DOVR SDJH 



        

"& ".& 1 0 &' + &  '+"&  "-  +"  ' " + /"& " & &     +    ""0 ''" +"   '  $  

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

6-* -6 ?/6', ',  * 6*=,: :- /7@%-:%6/@2

:%6/@ ?/6',:'* >),7 , /6-77 *6,',$ $6-</72

% -<67 <77 , ',:$6:'= +-* >':%  =6':@ - +:%-7 <: 77,:'**@ >-6)7 ', , ?/6',:'* +,,62 :<,:7 *6, :% =6'-<7 /7@%-*-$'* /6-777 :%6-<$% ?6'77 , :'=':'7 >%'% ,* :%+ :- $', $6:6 7* >6,772%'7 %*/7 :%+ :- $',  $6:6 +/:%@ -6 -:%67 :- *'7:, :'=*@ , 7<,67:, :% *',:7 ,72 %'6 /67-,* *6,',$ , :%,  //*' :- :% +' 7/:7 - :% -<672

t %-6:'* *6,',$ ',:6:'= :<:-6'*7 >' 6',$ , :%6 >6'::, //67 /6 @62

*, ,-> -+/*:',$ %6 '776::'-, , 7 7:<@ 6!:7 :%: :% 7<//-6:'= ,='6-,+,: %7 %*/ %6 :- +) 7,7 - :% /67-,* :%6/@ 0 63<'6 /6: - :6',',$1 :%: 7% %7 <,6$-, , %7 3<'// %6 :- >-6) >':% -:%67 >':% ' <*: +-:'-,* ?/6',7 , )$6-<,72

 6-++,:'-, 6-+ -%, >%- %7 -+/*: :% -<67                           

 "-&' " ''+' " "-&   & ' t 67-,* =*-/+,: ',*<',$ /67-,* ','='<*

t )'**7 =*-/+,: -, :-, /6:' +-,7:6:'-,7 6-*&/*@ $6-</ ?6'77  7</6='7'-, , )2 t </6='7 *','* 6:' #"B %-<67 - 7</6='7 /6:' :- //*@ -6 2 22 2 6$'7:6:'-,

                                      


%, -7 , **'-:6'$%: :--) -=6 4%'**$ 7%-/ --*%+/:-,5 ', ;B.. ,- -, -<* '* :- ,-:' :% 6'6:% -  >-,6<**@ >6+ :6':'-,* ='**$ 7%-/ /) >':% 67% - *-* =$:*7 , 62 ':'-,**@%'**$ %-/ 6 *7- /6-< 7<//*'67 - 6,7 - ,$-<6,5 /'77: 6)7%'6 *7 ,>@-6 >',2 , ,-> 67% !->67 , /*,:7 6-+7: 6)7%'6 *->67 @ - 56',2 ,@ /-/* >'** 6++6 -57 :*,: , /77'-, >':% !->67 >%, 7% 67: 7:6:  !->6 <7',77 ', ;BB8  -, :% -//-7': 7' - :% 6-2-< , ,-> , - : >-6) ',7: 6)7%'6 *->67 %', :% 7%-/ ,7:*',$ ',  !->6 -<6:@62

         

              

   

6 '+ '7 :- 6',$ :% (-@ -  -::$ $6, ',:- @-<6 %-+ :-  ,(-@ >%:=6 :% -7'-,2 % , *7- 66,$ -6 !->67 , /*,:7 :-  *'=6 *-**@ & 7 >** 7 7,: @ /-7: :- ,@>%6 ', :% -<,:6@2

-,::% '**$ %-/ :% - --*%+/:-, 8 " '+ &'& "/&' 1## !(#,,1 1(!1 !!) ( " /'+ &'"/&'%"%-


%RRN 5HYLHZ

            #    "    !         !   $        "  $   $

  !  #  #     $ # !  "    !    

 "          3\JPDOLRQ *HRUJH %HUQDUG 6KDZ /RQJ EHIRUH -XOLH $QGUHZV ZDV EHDWHQ WR WKH ÀOP UROH E\ $XGUH\ +HSEXUQ 0\ )DLU /DG\ EHJDQ OLIH DV %HUQDUG 6KDZ·V WULXPSKDQW FRPLF SOD\ 3\JPDOLRQ 7KH GHOLFLRXVO\ DUURJDQW 3URIHVVRU +HQU\ +LJJLQV PDNHV D EHW WKDW KH FDQ WXUQ ¶JXWWHUVQLSH· (OL]D 'RROLWWOH LQWR D ODG\ EXW VKH LV IDU IURP EHLQJ WKH GRZQWURGGHQ ÁRZHU JLUO KH EHOLHYHV KHU WR EH ,W·V RQH RI 6KDZ·V JUHDWHVW FULWLTXHV RI WKH (QJOLVK FODVV V\VWHP DQG LW·V DEVREORRPLQ· OXWHO\ KLODULRXV WR ERRW 2OG 3RVVXP·V %RRN RI 3UDFWLFDO &DWV 76 (OLRW :KHQ &DWV ZHUH PHUHO\ NLWWHQV LQ /OR\G :HEEHU·V H\HV UHDGHUV ZHUH FXUOLQJ XS LQ D VXQQ\ FRUQHU ZLWK 76 (OLRW·V 3UDFWLFDO &DWV :ULWLQJ XQGHU WKH QDPH ¶2OG 3RVVXP· LQ OHWWHUV WR KLV JRGFKLOGUHQ (OLRW·V SRHPV LQFOXGHG WDOHV RI 0DFDYLW\ 0U 0LVWRIIHOHHV DQG %XVWRSKHU -RQHV 7KH FKDUPLQJ FROOHFWLRQ LV PXFK ORYHG WKH ZRUOG RYHU IRU LWV XQLTXH WDNH RQ FDW SV\FKRORJ\ /HV 0LVHUDEOHV 9LFWRU +XJR -HDQ 9DOMHDQ LV D PDQ ZKR·V GHVSHUDWH WR HVFDSH KLV SDVW EXW ZLWK D SROLFHPDQ OLNH -DYHUW

RQ KLV WDLO WKLV HVFDSHG FRQYLFW LV JRLQJ WR KDYH D EDWWOH RQ KLV KDQGV /HV 0LV KDV HYHU\WKLQJ PLVWDNHQ LGHQWLW\ LQMXVWLFH DQG ORYH DOO VHW DJDLQVW WKH EDFNGURS RI WKH )UHQFK 5HYROXWLRQ ,W·V WKH ZRUOG·V ORQJHVW UXQQLQJ PXVLFDO DQG PRVW UHFHQWO\ JDYH XV WKH FLQHPDWLF RSSRUWXQLW\ WR VHH +XJK -DFNPDQ ZLWKRXW D VKLUW RQ &KLWW\ &KLWW\ %DQJ %DQJ ,DQ )OHPLQJ &KLWW\ &KLWW\ %DQJ %DQJ 7KH 0XVLFDO &DU ZDV ZULWWHQ E\ ,DQ )OHPLQJ RI -DPHV %RQG IDPH ZKR SHQQHG WKH RULJLQDO WKUHH SDUW VHULHV IRU KLV VRQ 7KH LGHD KDV WR EH HYHU\ FKLOG·V GUHDP D Á\LQJ FDU ,QYHQWRU &DUDWDFXV 3RWWV UHVWRUHV D VHFRQGKDQG YHKLFOH DQG KH DQG KLV FKLOGUHQ QDPH LW DIWHU WKH VRXQG RI D EDFNÀULQJ HQJLQH ,W VRRQ EHFRPHV FOHDU WKDW &KLWW\ LVQ·W \RXU DYHUDJH DXWRPRELOH DQG WKH IDPLO\ HPEDUNV RQ DQ DGYHQWXUH WKDW LQYROYHV NLGQDS DQG JDQJVWHUV FURVVFKDQQHO Á\LQJ DQG VRPH EL]DUUH FKDUDFWHUV :KHQ &KLWW\ PDGH LW WR WKH :HVW (QG DXGLHQFHV SRXUHG LQ WR VHH WKH Á\LQJ FDU LQ DOO LWV JORU\ 2OLYHU 7ZLVW &KDUOHV 'LFNHQV )DJLQ WROG KLV ER\V WKH\ ¶JRWWD SLFN D SRFNHW RU WZR· DQG

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV

FRPSRVHU /LRQHO %DUW SLFNHG PRUH WKDQ DQ LGHD RU WZR IURP 'LFNHQV WUDQVSRVLQJ WKH 9LFWRULDQ /RQGRQ RI 2OLYHU 7ZLVW WR WKH VWDJH DORQJ ZLWK WKH ZRQGHUIXO FKDUDFWHUV RI 7ZLVW KLPVHOI ORYDEOH URJXH 7KH $UWIXO 'RGJHU DQG VLPSO\ WHUULI\LQJ WKXJ %LOO 6\NHV 'LFNHQV· QRYHO RSHQV ZLWK 7ZLVW HQGXULQJ OLIH LQ WKH ZRUNKRXVH EHIRUH EHLQJ WDNHQ RQ E\ DQ XQGHUWDNHU +H HVFDSHV RQO\ WR IDOO LQ ZLWK )DJLQ·V JDQJ RI SLFNSRFNHWV 7KH ERRN·V D ORW GDUNHU WKDQ WKH PXVLFDO ZLWK WKH EUXWDOLW\ RI WKH VWUHHWV DORQJ ZLWK WKH SRYHUW\ DQG GUXGJHU\ RI PDQ\ RI /RQGRQ·V ORZHU FODVVHV SRUWUD\HG YLYLGO\ :LFNHG 7KH /LIH DQG 7LPHV RI WKH :LFNHG :LWFK RI WKH :HVW  *UHJRU\ 0DJXLUH :ULWWHQ LQ  0DJXLUH·V QRYHO LV VHW LQ WKH ODQG RI 2] ZD\ EHIRUH 'RURWK\ DQG 7RWR IROORZ WKH \HOORZ EULFN URDG (OSKDED LV D JLUO ZKR ZDV ERUQ JUHHQ ZLWK VKDUS WHHWK DQG D GLVDJUHHDEOH WHPSHUDPHQW ,Q 0DJXLUH·V YLVLRQ 2] LV LPDJLQDWLYHO\ UHFUHDWHG ZLWK DOO LWV 7HFKQLFRORU VSOHQGRXU SUDFWLFDOO\ VHHSLQJ IURP WKH SDJH %XW WKHUH DUH VLQLVWHU JRLQJV RQ DGXOW WKHPHV DQG D QRWVRKDSS\HQGLQJ 7KH \RXQJ (OSKDED VRRQ OHDUQV WKDW LW·V UHDOO\ QRW HDV\ EHLQJ JUHHQ 


XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




)HDWXUH

           ORFDOO\ WR VHH ZKLFK WUDGHVPHQ \RXU QHLJKERXUV ZRXOG UHFRPPHQG RU QRW  /RRNLQJ KHUH LQ \RXU PDJD]LQH LV D JUHDW SODFH WR VHDUFK RI FRXUVH EHFDXVH WKH WUDGHVSHRSOH DUH ORFDO DQG WKH HGLWRU LV OLNHO\ WR KDYH EHHQ IRUHZDUQHG RI DQ\ WUXH URJXHV /RRN IRU DFFUHGLWDWLRQ RQ WKHLU DGYHUWV HJ 7UXVW0DUN ZZZWUXVWPDUNRUJXN LV D QRW IRU SURÃ&#x20AC;W RUJDQLVDWLRQ OLFHQVHG E\ WKH *RYHUQPHQW DQG VXSSRUWHG E\ FRQVXPHU SURWHFWLRQ JURXSV WKDW DLPV WR FRQQHFW PHPEHUV RI WKH SXEOLF ZLWK WUXVWZRUWK\ EXLOGLQJ SURIHVVLRQDOV $V , ZULWH , DP FXUUHQWO\ IRXU DQG D KDOI ZHHNV LQWR D ´WKUHH ZHHNµ NLWFKHQ UHQRYDWLRQ SURMHFW 7KH ZRUNPHQ DUH JUXPEOLQJ DERXW WKH MRE WKHLU ZRUNLQJ KRXUV DQG WKHLU ERVV WKH NLWFKHQ XQLW VXSSOLHU DQG WKH EXLOGHU DUH DW ORJJHUKHDGV DQG WKH FRQVWDQW URDU RI SRZHU WRROV KDV EHJXQ WR GULYH PH FUD]\ QRW WR PHQWLRQ DQ XQHQGLQJ GLHW RI PLFURZDYDEOH PHDOV  ,I \RX KDYH HYHU KDG EXLOGLQJ ZRUN FDUULHG RXW \RX PLJKW ZHOO VKUXJ DQG VD\ ´1RWKLQJ QHZ WKHUHµ EXW LQ P\ FDVH , WKRXJKW ² QR , UHDOO\ EHOLHYHG  , KDG IRXQG WKH 3HUIHFW %XLOGHU 6R GRHV WKH SHUIHFW EXLOGHU H[LVW DQG LI VR KRZ FDQ \RX Ã&#x20AC;QG WKLV DOPRVW P\WKLFDO FUHDWXUH" <RXU VHDUFK ZLOO EH HDVLHU LI \RX IROORZ VRPH EDVLF JXLGHOLQHV 7KHUH·V QR VXEVWLWXWH IRU SHUVRQDO UHFRPPHQGDWLRQ VR WKH Ã&#x20AC;UVW UXOH LV WR DVN DURXQG

:DWFK RXW IRU WKRVH WRR JRRGWREHWUXH UHYLHZV DQG FRPSDUH TXRWHV FDUHIXOO\ ZKHQ UHFUXLWLQJ RU FKHFNLQJ \RXU EXLOGHU RQOLQH $OWKRXJK WKH IHHGEDFN LV XVHIXO WR UHDG PHPEHUVKLS RI PDQ\ RI WKHVH RUJDQLVDWLRQV LQYROYHV WKH EDUHVW PLQLPXP RI FKHFNV DQG LW FDQ EH IDLUO\ HDV\ IRU D FRPSDQ\ WR IDNH WKHLU FUHGHQWLDOV 7KH QH[W VWHS LV WR DUUDQJH IRU VRPH EXLOGHUV WR FDOO DW \RXU KRXVH 6WDUW E\ JLYLQJ HDFK RQH D OLVW RI WKH WKLQJV \RX ZDQW GRQH WKDW OLVW ZLOO SUREDEO\ FKDQJH DV \RX GLVFXVV WKH ZRUN EXW LW·V VWLOO D JRRG SODFH WR VWDUW 0DNH VXUH WKH EXLOGHU TXRWHV VHSDUDWHO\ IRU HDFK LWHP RQ \RXU OLVW DV WKDW ZLOO DYRLG DQ\ GLVSXWHV DW D ODWHU GDWH :KHQ , LQYLWHG HVWLPDWHV IRU P\ NLWFKHQ RQH PDQ UHIXVHG SRLQW EODQN WR JLYH PH D SULFH EHFDXVH ´<RX QHYHU NQRZ ZKDW·V OXUNLQJ EHKLQG WKHP ROG

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV

      NLWFKHQ XQLWV DQG WLOHVµ , GLGQ·W JLYH KLP WKH MRE EXW KH KDG D IDLU SRLQW ² DQ HVWLPDWH FDQ RQO\ EH EDVHG RQ ZKDW LV YLVLEOH WR WKH QDNHG H\H <RX VKRXOG DOORZ D FRQWLQJHQF\ IRU KLGGHQ H[SHQVHV EXW QR EXLOGLQJ Ã&#x20AC;UP VKRXOG H[SHFW WR VWDUW ZRUN ZLWKRXW KDYLQJ SURYLGHG DW OHDVW VRPH LGHD RI WKHLU FKDUJHV $VN WKH VDPH TXHVWLRQV RI HDFK SHUVRQ ZKR FRPHV WR TXRWH ´+RZ ORQJ ZLOO LW WDNH"µ ´'R \RX KDYH \RXU RZQ WHDP RI WUDGHVPHQ RU GR \RX VXEFRQWUDFW"µ ´:LOO \RX SURYLGH D FRQWUDFW IRU WKH ZRUN"µ ´+DYH \RX GRQH DQ\ VLPLODU MREV ORFDOO\ DQG FDQ , FRQWDFW WKH KRXVHKROGHU IRU D UHIHUHQFH"µ $ UHSXWDEOH FRPSDQ\ VKRXOG EH KDSS\ WR SURYLGH HYLGHQFH RI WKHLU ZRUN VR GRQ·W OHW \RXU EXLOGHU PDNH \RX IHHO VXFK TXHVWLRQV DUH LQDSSURSULDWH 7KH WLSV GHVFULEHG DERYH PD\ PDNH FKRRVLQJ D EXLOGHU VHHP VWUDLJKWIRUZDUG EXW LQ SUDFWLFH LW·V QRW WKDW HDV\ , FKRVH VRPHRQH ZKR DUULYHG RQ WLPH PDGH FDUHIXO QRWHV JDYH SRVLWLYH DQVZHUV WR DOO P\ TXHVWLRQV DQG SURYLGHG DQ LWHPLVHG HVWLPDWH EXW ,·P VWLOO WHDULQJ P\ KDLU RXW $OWKRXJK ,·YH IDLOHG WR Ã&#x20AC;QG WKH SHUIHFW EXLOGHU WKLV WLPH DW OHDVW P\ SURMHFW LV VORZO\ WDNLQJ VKDSH , VXVSHFW WKDW WKH PRPHQW , VWHS DFURVV WKH WKUHVKROG ,·OO IDOO LQ ORYH ZLWK P\ QHZ NLWFKHQ DQG LQVWDQWO\ IRUJHW DOO WKRVH ZHHNV RI LQFRQYHQLHQFH 6HH RSSRVLWH DQG SDJH 

)DONODQG6HH %XLOGHUV RSSRVLWH DQG SDJH  )DONODQG %XLOGHUV 


XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




7UDFH\ 0RELOH +DLUGUHVVLQJ   , RIIHU TXDOLW\ SHUVRQDO DIIRUGDEOH KDLUGUHVVLQJ LQ WKH FRPIRUW RI \RXU RZQ KRPH DW D PXWXDOO\ FRQYHQLHQW WLPH , FDQ WUDYHO WR \RX LQ 7KDWFKDP DQG WKH VXUURXQGLQJ YLOODJHV 3OHDVH FDOO LI \RX ZRXOG OLNH WR PDNH DQ DSSRLQWPHQW 7HO   (PDLO 7UDFH\EOLFN#YLUJLQPHGLDFRP 'LVFRXQWV DYDLODEOH IRU GRXEOH DQG JURXS DGXOW ERRNLQJV

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




75($7 <285 )((7 3RGLDWU\&KLURSRG\ 7KH 1HZEXU\ &OLQLF RQ 0RQGD\V &HGDU 'HQWDO &DUH 7KDWFKDP RQ 7KXUVGD\V &KDSHO 5RZ 6XUJHU\ RQ )ULGD\V

3URIHVVLRQDO WUHDWPHQWV IRU D YDULHW\ RI IRRW SUREOHPV LQFOXGLQJ &RUQVKDUG VNLQ ,QJURZQ WRHQDLOV 'LDEHWLF IHHW )ODW IHHW 7KLFNHQHG WRHQDLOV &UDFNHG KHHOV (PPD %DUURZ 3RGLDWULVW %6F KRQV

0&K6 +3& UHJLVWHUHG QR KRPH YLVLWV

ZZZWUHDW\RXUIHHWFRP     WUHDW\RXUIHHW#RXWORRNFRP

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




#FBVUZ 5JQT

$IBOHJOH 'BDFT 8JUIPVU SBEJDBM TVSHFSZ UIBU JTOU QPTTJCMF CVU ZPV DBO HJWF UIF BQQFBSBODF PG B EJGGFSFOU TIBQF CZ VTJOH FWFSZEBZ DPTNFUJDT UP FOIBODF MJHIU BOE TIBEF

-POH 'BDF

3PVOE 'BDF

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV

%PVCMF $IJO

-POH /PTF

JODMVEJOH UIF VOEFSOFBUI

4IPSU /PTF

8JEF /PTF FBDI OPTUSJM

$SPPLFE /PTF




%%4 '#$ .$ 7 # %/ 4 ' $ 1  #)'% <((& 1(5 26



  

  ***  ! "!  (%,!  (

    $ ).'8 /  7## .% ' % #  # % $// 4.4$%4/  9  . ).'8  %  .#: 7%7..  % . %#; 4$'/).* .'74/ %#7 //  $% 7./ % ) 7./* " " 4%% % % .$#' #  #/ . #/' '.*

  ,(  % %"  ) !% !  )   ,(! !"% %! % %  " " "

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

      #% /) # // % '#'7. % 74  #'9 .;/ %  . 7) '.  7% /: # %4#* #% #/' # 8./    +7# 4; ./7#4 % 9 %  .*

'  (%  * !, ! *    ! , %,  (! *% %"  ) !%   (

  !    % ((#

  

 + %  ))  " "

"%   ,''/ % 4 %47.# )4 4' #4- 9 4 74. 4 '%# .); . '#';

:'#'; % '* / %47.# #4 $4'/ 9'." 9 4 4 '; %% % 9## % % $;   7..%4 #4 //7/0 %#7 %  /4 8  /'../ !' %4 / % ) %/ ).'#$/ 9 4 /#) % %.; #8#/*

   -  &#-  !  )

-  ,(! !"% % %  %%% & $$ "  "        ' & $$ "


3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




%\ WKH 8.¶V ODUJHVW RYHQ FOHDQLQJ FRPSDQ\

1RQFDXVWLF 2YHQV KREV H[WUDFWRUV DQG PLFURZDYHV FOHDQHG

   ZZZRYHQFOHDQFRP 3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




*HRIIUH\ &KXUFK &R

1((' $1 027"

)81(5$/ ',5(&7256 )RU D SHUVRQDO DQG GLJQLILHG VHUYLFH DW DOO WLPHV «

&DUV 0LQL %XVHV /LJKW &RPPHUFLDO &ODVVHV  / DQG 

3HUVRQDO 6HUYLFH   +RXUV 3ULYDWH &KDSHOV RI 5HVW $OO W\SHV RI 0HPRULDOV VXSSOLHG

  :( &$1 +(/3

DQG IL[HG

3UHSD\PHQW )XQHUDO 3ODQV DYDLODEOH 7+$7&+$0

+81*(5)25'

&KXUFKJDWH 7KH %URDGZD\ 7HO  

D +LJK 6WUHHW 7HO  

)UHH &ROOHFWLRQ'HOLYHU\²)UHH &RXUWHV\ &DU RQ DOO VHUYLFLQJ DQG UHSDLUV 6XEMHFW WR DYDLODELOLW\

%,* 9$/8( ),;(' 35,&( 6(59,&( :,7+ )5(( 027

3ULFH LQFOXGHV VHUYLFH SDUWV ODERXU 9$7 2IIHU RQO\ DYDLODEOH RQ  F\O FDUV XS WR FF

21/<

Â&#x2026; ,1&/8',1* )5(( 027

$,5 &21',7,21,1* 63(&,$/,6765(&29(5< 6(59,&(

7$'/(<  %LVKRSVZRRG 5RDG 7HO  

+$/):$< *$5$*( 8QLW  3LSHUV &RXUW %HUNVKLUH 'ULYH 7KDWFKDP

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




&$3 6(&85,7< /2&$/ /2&.60,7+6 3URIHVVLRQDO )DPLO\ 5XQ %XVLQHVV

$OO PDNHV RI /RFNV 2SHQHG)LWWHG5HSODFHG5HSDLUHG

7R $// 7\SHV RI 'RRUV :LQGRZV DQG *DUDJHV 839F 'RRU DQG :LQGRZ 0DLQWHQDQFH 6SHFLDOLVWV )UHH 6HFXULW\ $GYLFH (VWLPDWHV

   $ 3DUN /DQH 7KDWFKDP %HUNVKLUH

&2'(:25' (DFK OHWWHU LQ WKLV SX]]OH LV UHSUHVHQWHG E\ D QXPEHU EHWZHHQ  DQG  7KH FRGHV IRU WKUHH OHWWHUV DUH VKRZQ $V \RX ILQG WKH OHWWHUV HQWHU WKHP LQ WKH ER[ EHORZ 6HH SDJH 

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




)HDWXUH )HDWXUH

7DNH 7KH )ORRU                   

2DN 3DOD]]R 5RYHUH ± D 'XWFK SDWWHUQ GHVLJQ RDN ÀRRU ZLWK D VDWLQ ODFTXHU SUH¿QLVK IURP … SHU Pð .lKUV    ZZZNDKUVFRXN

(,6 (,6 .67 6  <+.<7 &.( =(++ (-  6-% . .+.<67 - /::6-7 :&@ )<7: %: ,.6 ::6:(= 7 :&@ %3 @.<56 +<*@ @.<5++  + :. 6.-(:(.- ?(7:(-% >.. $..68 .:&6>(7 &..7 -> &6>.. 6., - -=(6.-,-:++@ 6(-+@ 7.<6 .6 /6&/7 7* .<: 6@+ .67 (- 6&(::<6+ 7+=% @673 .+( >.. $..67 -  7- /(-: +(, 7:(- >? .6 =6-(7&3 &/6 <: +77 +.-%' +7:(-% 6 (:&6  ,<+:('+@6 .6 =-6 >.. $..6 >&6 :& 7<6  (7  :&(- +@6 . &6>.. ::& :.  7 . &/6 >..  .6* .6 /+@>..8 .6  >..' !: $..6 (- >&(&  /&.:.%6/& . >.. (7 .- :.  &(/.6 7 - /6.:: >(:&  &(%&'/677<6 +,(-: 7<6 3 6/: 6/: (7 -.:&6 %6: &.( 7. : >6, - 4<(: <-6 ..:3 &6 6 :>. ,(:@/7 >.=- >&(& (7 &66'>6(-% - ,.6 ?/-7(= - :< : :& <6(+(:@ . >&(& (7 6+: :. (:7 /(+ &(%&: - -7(:@ 07&.6: -7 /(+ (7 :& :.<%&7:13 :<6+ >..+ +..*7 <:( <+ - (7 +.-%'+7:(-% - #6'67(7:-: <: ?/-7(=8 >&(+ &/6 ,-', #67 ,@ +..* <-::6:(= .6 -.: >6 >++3  /./<+6 7.+<:(.- (7  .,(-:(.- . :& :>. 0/6&/7 B2 >..+ - ;B2 -@+.-13 (-++@ 6,,6 :&: 

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ĐŽŶƟŶƵĞĚ ĐŽŶƟŶƵĞĚ ŽŶ ƉĂŐĞ ϱϯ ŽŶ ƉĂŐĞ ϱϯ

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




)HDWXUH

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




dĂŬĞ ƚŚĞ &ůŽŽƌ ĐŽŶƟŶƵĞĚ ĨƌŽŵ ƉĂŐĞ ϱϬ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

   

     

         

#        

$! "  $! $!   

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




)HDWXUH

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

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

:H KDYH WZR &KLQHVH SKLORVRSKHUV WR WKDQN IRU WKH LQYHQWLRQ RI WKH NLWH PRUH WKDQ  \HDUV DJR ZKR XVHG UHDGLO\ DYDLODEOH VLON DQG EDPERR DOWKRXJK LI OHJHQG VXJJHVWV WKDW D &KLQHVH IDUPHU EHDW WKHP WR LW E\ W\LQJ D VWULQJ WR KLV KDW WR NHHS LW IURP EORZLQJ DZD\ 7KH ÀUVW NLWHV ZHUH JHQHUDOO\ UHFWDQJXODU DQG ÁDW UDWKHU WKDQ ERZHG DQG ZHUH RIWHQ GHFRUDWHG ZLWK V\PEROV DQG SLFWXUHV DV ZHOO DV ZKLVWOHV DQG VWULQJV 7KH\ KDG D QXPEHU RI XVHV LQFOXGLQJ FRPPXQLFDWLRQ LQ PLOLWDU\ RSHUDWLRQV DV ZHOO DV WHVWLQJ ZLQG VSHHGV PHDVXULQJ GLVWDQFHV DQG HYHQ OLIWLQJ PHQ .LWH Á\LQJ ZDV WKHQ VSUHDG WR -DSDQ E\ %XGGKLVW PRQNV RQWR ,QGLD ZKHUH WKH\ ZHUH XVHG DV ¶ÀJKWHU NLWHV· LQ VSHFLÀF IHVWLYDOV DQG WR 3RO\QHVLD E\ WKLV WLPH PDGH IURP FORWK DQG ZRRG DQG XVHG LQ UHOLJLRXV FHUHPRQLHV ,W ZDV WKH IDPRXV WUDYHOOHU RI WKH WK FHQWXU\ 0DUFR 3ROR ZKR ÀUVW EURXJKW VWRULHV RI NLWHV WR (XURSH EXW LW ZDVQ·W IRU DQRWKHU  \HDUV WKDW NLWHV ZHUH UHJXODUO\ EURXJKW EDFN E\

VDLORUV UHWXUQLQJ IURP -DSDQ DQG 0DOD\VLD (YHQWXDOO\ VFLHQWLVWV DQG UHVHDUFKHUV EHJDQ WR UHDOLVH WKHLU SRWHQWLDO IRU H[SHULPHQWV ² %HQMDPLQ )UDQNOLQ $OH[DQGHU :LOVRQ DQG 7KRPDV)UDQoRLV 'DOLEDUG XVHG NLWHV WR OHDUQ PRUH DERXW ZLQG DQG WKH ZHDWKHU ZKLOVW $OH[DQGHU *UDKDP %HOO DQG WKH :ULJKW %URWKHUV XVHG WKHP WR DLG LQ WKH GHYHORSPHQW RI DHURSODQHV ,Q :RUOG , DQG ,, NLWHV ZHUH XVHG IRU REVHUYDWLRQ DQG VLJQDOOLQJ 1RZDGD\V WKHLU XVH LV PDLQO\ UHFUHDWLRQDO .LWHV DUH VWURQJHU OLJKWHU DQG PRUH FRORXUIXOO\ GHFRUDWHG WKDQ HYHU EHIRUH 6R KRZ GR \RX EHFRPH DQ H[SHUW NLWH Á\HU"  /HDUQ WKH EHVW ZLQG FRQGLWLRQV  PRVW H[SHULHQFHG ÁLHUV VXJJHVW EHWZHHQ  ²  PLOHV SHU KRXU ZKLFK PHDQV SODQWV DQG OHDYHV ZLOO EH PRYLQJ EXW QRW EORZLQJ DERXW IXULRXVO\ $ ÁDJ RU ZLQGVRFN LV D XVHIXO JXLGH  )LQG D FOHDU RSHQ DUHD VXFK DV D ÀHOG RU SDUN ² WKH ELJJHU WKH VSDFH WKH PRUH OLQH \RX FDQ OHW RXW DQG WKH PRUH IXQ \RX·OO KDYH PRYLQJ \RXU NLWH DFURVV WKH VN\ 0DNH VXUH WKDW \RX VWD\ DZD\ IURP URDGV SRZHU OLQHV DQG DLUSRUWV DQG QHYHU YHU Á\ LQ UDLQ RU OLJKWQLQJ

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV

 /D\ RXW WKH NLWH DQG OLQHV RQ WKH JURXQG EHIRUH \RX VWDUW  FKHFN DOO FRQQHFWRUV DQG EULGOHV DQG PDNH VXUH WKHUH DUH QR NQRWV RU WDQJOHV (QVXUH \RX KDYH DURXQG  WR  PHWUHV RI OLQH DQG WKDW WKH\·UH WKH VDPH OHQJWK RQ ERWK VLGHV  /DXQFK E\ VWHSSLQJ EDFNZDUGV DQG SXOOLQJ ERWK KDQGOHV WR \RXU VLGH DQG FRQWURO WKH NLWH E\ SXOOLQJ WKH OLQHV ² OHIW ZLOO PDNH WKH VWXQWHU WXUQ OHIW DQG YLFH YHUVD ZKLOVW KROGLQJ WKHP HYHQ ZLOO Á\ VWUDLJKW  %H FDUHIXO RI RWKHU SHRSOH ² LI \RX GR WDQJOH OLQHV ZDON VORZO\ ZLWK WKH RWKHU ÁLHU WR VOLGH WKH WDQJOH GRZQ WKH OLQH RI WKH NLWH ZKHUH LW FDQ EH PRUH HDVLO\ XQZUDSSHG <RX FDQ VSHQG DV OLWWOH DV D IHZ SRXQGV RQ D NLWH RU LI WKH EXGJHW DOORZV DV PXFK DV D FRXSOH RI KXQGUHG :KR NQRZV" :LWK D OLWWOH SUDFWLFH NQRZ \RX PLJKW GHYHORS D QHZ WDOHQW WKLV VXPPHU    

'   %  )                       

                 

   




$16:(56 6ROXWLRQV  SDJH   6XGRNXV

:RUGVHDUFK SDJH  6SRUW LV KXPDQ OLIH LQ PLFURFRVP

6ROXWLRQ WR &RGHZRUG SDJH 

       3DJH      

 ELUGV  KDWV  SHRSOH  VWDUV  PDVFRWV LQ WRWDO

$QVZHUV WR 4XL] S   7KDQN *RRGQHVV ,W¶V  3UHW $ 0DQJHU  :LQH  7KH IULHQGO\ DWPRVSKHUH  6\OYHVWHU 6WDOORQH %UXFH :LOOLV $UQROG 6FKZDU]HQHJJHU  *UHHFH¶V  1DQGR¶V  'XPEZDLWHU  +DUG 5RFN &DIH  ,Q WKH (LIIHO 7RZHU

6XSSRUW UHTXHVWHG IRU 8QLYHUVLW\ 6WXGHQW 3HWHU 'RQQHOO\ 3HWHU ZKRVH IDPLO\ OLYHV LQ 7KDWFKDP LV GRLQJ D

+DOI ,URQ 0DQ RQ -XQH WK WR UDLVH PRQH\ IRU 7KH %HUNVKLUH 0XOWLSOH 6FOHURVLV 7KHUDS\ &HQWUH 7KH +DOI ,URQ 0DQ LQYROYHV  PHWUH RSHQ DLU VZLP N F\FOH DQG N UXQ 3HWHU KDV D -XVW *LYLQJ SDJH  ZZZMXVWJLYLQJFRP3HWHU'RQQHOO\  ZKHUH PRUH LQIRUPDWLRQ FDQ EH IRXQG +H LV FXUUHQWO\ VWXG\LQJ &ODVVLFV DW 'XUKDP 8QLYHUVLW\ DQG KH LV ILWWLQJ LQ EHWZHHQ    KRXUV RI WUDLQLQJ HYHU\ GD\ DURXQG KLV VWXGLHV  6HH DOVR SDJH  XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




:+$7¶6 21 ,1 7+( &20081,7<

'LDU\ 'DWHV  - 81(     3 2 5 7 5 $ , 7 6 , 1 3 $ 6 7 ( / 6 : 25 .6 +2 3 7 + ( 7 + $ 7 & + $ 0 (; 3 ( 5 , ( 1 & (  0 ( 7 + 2 ' , 6 7 & + 8 5 & + + $ / / & +$3(/ /$1( 7 +$7&+$0          30 7 K L V Z R U N V K R S  O H G E\ 0 D Q G \ 0 R Q N F R P  L V I R U SH R S O H Z D Q W L Q J W R W U \ W K H L U K D Q G D W S R U W U D L W X U H L Q S DV W H O V  & R V W L V Â&#x2026;    ZZZWKDWFKDPDUWH[SHULHQFHFRP «««««««««««««««««««««««««««««««««««   - 81(     % $51 '$1&( 7 + $ 7 & +$ 0 0 ( 0 25 , $ / + $ / /  5 *    + )  30   30 / L Y H P X V L F D Q G O L Y H O \ GD Q F L Q J Z L W K D F D O O H U  / L F H Q F H G E D U D Q G V Q D F N V DYDLODEOH «««««««««««««««««««««««««««««««««««   - 81(     % 8 & ./ ( % 8 5 < ) ( 6 7 , 9 $ / 2 ) 0 8 6 , & % 8 & ./ ( % 8 5 < ) $ 5 0 3 $ 5 . 5 *   5 5 & R P H W R H Q M R \ D E U L O O L D Q W O L Q HH X S R I O R F D O D Q G Q D W L R Q D O O \ U H F R J Q L V H G D U W L V W V  Z L W K D Y DU L H W \ R I P X V L F I U R P M D ] ] W R E O X H V W R VR X O D Q G I R O N  + H D G O L Q H D F W V L Q F O X G H  U H Q R Z Q H G M D ] ] P X V L F L D Q 3 H WH $ O O H Q G H V F U L E H G D V % U L W D L Q ¶ V P RV W H [ F L WL Q J M D ] ] F O D U L Q H W W L V W  D Q G P R U H «««««««««««««««««««««««««««««««««««   - 81(     $  * $ / $ & 2 1 & ( 5 7  % < 7 +( & 5 20 : ( / / 6 , 1 *( 5 6 , 1 $ , ' 2) 6 7 5 2 .( & $ 5 ( ) 2 5 1 ( : % 8 5 < : ( 6 7 % ( 5 . 6 + , 5 ( 6 7 *(25*(¶6 &+85&+ +$// : $6+ & 20021 1(:%85< % (5.6+,5( 5 *   1 8 30 7 K H & U R P Z H O O 6 L Q J H U V D U H J L Y L Q J D J DO D F R Q F H U W ³ : L W K D V R Q J L Q P \ K H D U W ´ LQ DLG RI 6WURNH &DUH IRU 1HZEXU\ :HVW %HUNVKLUH 7KH FRQFHUW ZLOO I H D W X U H / L ] ] L H & R G O L Q J  7 K H F D X V H R Q W K L V R F F D V L R Q L V 6 W U R N H & D U H I RU 1HZEXU\ :HVW %HUNVKLUH ZKR FDUH IRU VWURNH VXUYLYRUV LQ :HVW %HUNV DQG IRFXV RQ WKHLU UHKDELOLWDWLRQ 7LFNHWV DUH Â&#x2026; LQFOXGLQJ OLJKW UHIUHVKPHQWV DYDLODEOH IURP 1HZEXU\ 7RXULVW ,QIRUPDWLRQ &HQWUH DQG DOVR IURP 0LVWUDO VKRSV LQ %DUWKRORPHZ 6W «««««««««««««««««««««««««««««««««««   - 81(     % ((1+$0 ) (67,9$/     % ( ( 1 + $ 0 3 5 , 0 $ 5 < 6 & + 2 2 /    3 0 - R L Q L Q I R U D Q D I W H U Q R R Q R I H Q W H U W D L Q P H Q W D Q G I X Q  7 K L V I H V W L Y D O S U R P L VH V W R E H H YH Q P R U H H [ F L WL Q J W K D Q O D V W \ H D U ¶ V  : D W F K ) X U U \ ) R R W W K H F O R Z Q D Q G K L V F L U F X V V N L O O V  7 K H U H Z L O O D O V R EH D * X Q J H W D Q N  ]X P E D F O D V V  I R R W E D O O V N L O O V Z R U N VK R S D Q G F R P S H W L W L R Q V  3 O H D V H F R Q W D F W 5 K R Q D R Q           IRU PRUH GHWDLOV 3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




  - 8 1 (     6 7 % 8 & ./ ( % 8 5 < 5 $ 1 * ( 5 6 7 5 ( $ 6 8 5 ( 7 5 $ , / 0 ( 0 2 5 , $ / + $ / /  % 5 2 $ ' / $ 1 ( 6 7 $ 5 7         6XSSRUWLQJ WKLV QHZO\ IRUPHG *LUO *XLGLQJ XQLW IRU JLUOV DJHG     \ H D U V

-RLQ LQ D WUHDVXUH KXQW DURXQG 8SSHU %XFNOHEXU\ IRU IDPLOLHV 1RW VXLWDEOH IRU 3XVKFKDLUV DV \RX ZLOO ZDON WKURXJK ZRRGV  ,W ZLOO ILQLVK Z L W K D U D I I O H  U H IU H V K P H Q W V D Q G D F K D Q F H W R P H H W P H P E H U V R I W K H * L U O *XLGLQJ $VVRFLDWLRQ ( ( P D L O  E X F N O H E X U \ U D Q J H U V # \ D K R R  F R  X N «««««««««««««««««««««««««««««««««««

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«««««««««««««««««««««««««««««««««««  $ 8 *8 6 7     5 ( & < & / ( ' $ 5 7 6 : 25 . 6 + 23  3 $ 3 ( 5 % 2$ 7 6 7 + ( 1 $ 7 8 5 ( ' , 6 & 29 ( 5 < & ( 1 7 5 (  / 2 : ( 5 : $ <  7 + $ 7 & +$ 0 5 *    ) 8

      S P -RLQ LQJHQLRXV UHF\FOHU -LOO 1LFKRODV WR PDNH D ERDW IURP UHF\FOHG PDWHULDOV Â&#x2026; SHU ERDW   IRU PRUH GHWDLOV «««««««««««««««««««««««««««««««««««  $ 8 *8 6 7     1 ( : % 8 5 < $ 1 ' 7 + $ 7 & + $ 0 1 ( , * + % 28 2 85 + +22 22' :$7&+ 0((7,1* : (67 %(5.6+,5( & 281&,/ 2)),&(6 0 $5.(7 675((7 1 (:%85< 5 *    / '  SP : H V K D O O E H K D Y L Q J D W D O N E \ , D Q / H Z L V  ( Q J L Q H H U L Q J 6 H U YYLL F H V 0 D Q D J H U R I 7KDWFKDP 0RWRU ,QVXUDQFH 5HSDLU 5HVHDUFK &HQWUH DQG FULPH XSGDWHV IURP WKH 1HLJKERXUKRRG ««««««««««««««««««««««««««««««««««     $ 8 *8 6 7    

$ 9$5,(7< 2) 0(025,(6 %8&./(%85< 0(025,$/ +$// .$76  6(( 3$*(  «««««««««««««««««««««««««««««««««««   7 + $ 8* 8 *8 6 7 ) 8 1 21 7 +( % 5 2$ ' : $ < 7 + ( % 5 2$ ' : $ < * 5 ( ( 1  7 + $ 7 & + $ 0  5 * *   + 3

      S P $ G D \ R I I U H H H Q W H U W D L Q P H Q W I R U D O O W K H I D P L O \ R Q 7 K H % U R D GZ D \ * U H H Q 

, Q I R U P D W L R Q VXUVXOD#WKDWFKDPFRQQHFWLRQVFRXN RXUFHG IURP ZZZ  Z  KHUHFDQ ZHJRFRP  ZZZWKDWFKDPFRQQHFWLRQVFRXN




)HDWXUH

3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV




XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




+DQG\1XPEHUV

(PHUJHQF\ &RPPXQLW\ 5HVSRQGHUV 3ROLFH(PHUJHQF\ 7KDPHV 9DOOH\ 3ROLFH %ULWLVK *DV (PHUJHQF\ 7KDPHV :DWHU (PHUJHQF\ 6RXWKHUQ (OHFWULF (PHUJHQF\ 5R\DO %HUNV $PEXODQFH 1+6 5R\DO %HUNV )LUH 5HVFXH

   'LDO                  

3RVW 2IILFHV &ROG $VK ODVW SRVWLQJ SP

+HUPLWDJH ODVW SRVWLQJ SP

7HVFR 1RUWKILHOG 5RDG 7KH &RRS  7KH %URDGZD\ :RROKDPSWRQ /DVW SRVWLQJ SP

<DWWHQGRQ ODVW SRVWLQJ SP

          

6FKRROV %URFNKXUVW 0DUOVWRQ 'RZQH +RXVH 6FKRRO (OVWUHH 6FKRRO )UDQFLV %DLO\ .HQQHW 3DUVRQV 'RZQ ,QIDQW 1XUVHU\ 3DUVRQV 'RZQ -XQLRU 6SXUFURIW 3ULPDU\ 6W )LQLDQV &ROG $VK 6W 0DUNV &ROG $VK 7KDWFKDP 3DUN & RI ( 7ULQLW\ :KLWHODQGV 3DUN 3ULPDU\ <DWWHQGRQ 3ULPDU\ 6FKRRO &KHPLVWV %RRWV 7KDWFKDP 0HGLFDO 3UDFWLFH /OR\GV 3KDUPDF\ %XUGZRRG &WUH /OR\GV 3KDUPDF\ &URZQ 0HDG /OR\GV 3KDUPDF\ .LQJVODQG &WUH 7HUP 'DWHV  

x x x x x x

6XSHUPDUNHWV 7HVFR 1RUWKILHOG 5G 7KH &RRS  KUV DW 7H[DFR *DUDJH 7KH &RRS %URDGZD\ 7KH &RRS %XUGZRRG &HQWUH 7KH &RRS 'XQVWRQ 3DUN :DLWURVH 7KH %URDGZD\ <DWWHQGRQ 6WRUHV

+RVSLWDOV :HVW %HUNVKLUH &RPPXQLW\ +RVS 0LQRU ,QMXULHV 2QO\ 5R\DO %HUNVKLUH +RVSLWDO 5HDGLQJ

0HGLFDO 3UDFWLWLRQHUV 7KDWFKDP 0HGLFDO 3UDFWLFH %DWK 5G %XUGZRRG 6XUJHU\   (PHUJHQF\ 2QO\   2XW RI +RXUV 'RFWRU      +HOSLQJ 6HUYLFHV   $$   &UXVH %HUHDYHPHQW &DUH   1HZEXU\ 'LVWULFW &DQFHU   &DUH 7UXVW   &KLOGOLQH   3$/6   5R\DO %ULWLVK /HJLRQ   563&$   9LFWLP 6XSSRUW   /LEUDU\

       

             

   

       

&LWL]HQV $GYLFH %XUHDX :HVW %HUNV &$% DW 7KDWFKDP +HDOWK &HQWUH +HOSOLQH IRU &DUHUV &OLHQW $GYLFH /LQH

     

7UDYHO 5DLO (QTXLULHV 1HZEXU\ %XVHV

   

2WKHU ,PSRUWDQW 1XPEHUV %7 )DXOW /LQH )O\ 7LSSLQJ WR UHSRUW .$76 7KDWFKDP &RQQHFWLRQV 7KDWFKDP 3KRWRJUDSKLF &OXE 9HW 2 *RUPRQ 6ODWHU 0DLQ '9/$ 6ZDQVHD

              

5HF\FOLQJ +HUPLWDJH *DUGHQ &HQWUH

  

JODVV WH[WLOHV ERRNV

                  

.LQJVODQG &HQWUH &DUSDUN DGMDFHQW WR :DLWURVH SDSHU JODVV PL[HG SODVWLFV WH[WLOHV FDQV

+RXVHKROG :DVWH 5HF\FOLQJ &HQWUH RSSRVLWH 6W *DEULHO V 6FKRRO

 

0RQ  7XHV  :HG 127 23(1 7KXUV  )UL  6DW 

7HUP   :HGQHVGD\ WK 6HSWHPEHU   7KXUVGD\ WK 2FWREHU  +ROLGD\ )ULGD\ WK 2FWREHU   0RQGD\ WK 1RYHPEHU 

7HUP   7XHVGD\ WK 1RYHPEHU   )ULGD\ VW 'HFHPEHU  +ROLGD\ 0RQGD\ WK 'HFHPEHU   )ULGD\ WK -DQXDU\ 

7HUP   0RQGD\ WK -DQXDU\   )ULGD\ WK )HEUXDU\  +ROLGD\ 0RQGD\ WK )HEUXDU\  0RQGD\ WK )HEUXDU\ 

7HUP   7XHVGD\ WK )HEUXDU\   7KXUVGD\ WK 0DUFK  +ROLGD\ )ULGD\ WK 0DUFK   0RQGD\ WK $SULO 

7HUP   7XHVGD\ WK $SULO   )ULGD\ WK 0D\  +ROLGD\ 0RQGD\ WK 0D\  )ULGD\ VW 0D\ 

7HUP   0RQGD\ UG -XQH   :HGQHVGD\ WK -XO\  +ROLGD\ FRPPHQFHV RQ 7KXUVGD\ WK -XO\ 

,Q 6HUYLFH 'D\  0RQGD\ WK 6HSWHPEHU  ZLOO EH DQ ,16(7 '$< IRU DOO :HVW %HUNVKLUH 6FKRROV WKHUHIRUH D QRQWHDFKLQJ GD\ &KLOGUHQ ZLOO JR EDFN LQ WR 3OHDVH PHQWLRQ 7KDWFKDP &RQQHFWLRQV ZKHQ UHVSRQGLQJ WR DGYHUWLVHPHQWV  VFKRRO RQ :HGQHVGD\ WK 6HSWHPEHU 


XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




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

'HFRUDWRU /DG\ 3DLQWHU 'HFRUDWRU 3& 'HFRUDWLQJ 7RQ\ )HJDQ 'HQWLVW 'U -HHYHV 'RJV &DQLQH 7UDLQLQJ 'RJ *URRPHU  'DSSHU 'RJV 'UDLQV 'UDLQ $EOH (OHFWULFLDQ &XUUHQW &RQQHFWLRQ +RPH (OHFWULFV )HQFLQJ &URRNKDP 6DZPLOOV )LWQHVV =XPED 3LODWHV )ORRULQJ /DZV )ORRUV )ORULVW %HUNVKLUH )ORZHUV %XWWHUFXSV 'DLVLHV )RRWEDOO &OXE &ROG $VK )RRWEDOO &OXE )XQHUDO 'LUHFWRUV *HRIIUH\ &KXUFK *DUGHQLQJ 6HUYLFHV $ *DUGHQLQJ 6HUYLFHV $-& 6HUYLFHV %DFN WR WKH )XFKVLD %XFNLQJKDP /DQGVFDSH &URRNKDP 6DZPLOOV *DUGHQ 7K\PH -LP·V 0RZLQJ -3+ )RUHVWU\ .DOHKXUVW 0RZHUV 8. 6DOFH\ $UERUFDUH *XWWHULQJ &' *XWWHULQJ +DQG\PDQ 3HWHU .LUNKDP 0DUWLQ 1HZPDQ +DLU %HDXW\ %HOOHV %HUQLHV .RR·V +DLU 'HVLJQV 7UDFH\ 0RELOH +HDOWK 7KHUDSLVW 5HOD[ WR 5HYLYH +RPH ,PSURYHPHQWV 537 6HUYLFHV

                          

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

       

.LWFKHQ 'RRUV 'UHDP 'RRUV  /RFNVPLWK &DS 6HFXULW\  /RFNVPDUN  2YHQ &OHDQLQJ &RRNHUEXUUD  2YHQFOHDQ  3HW &DUHU 3HW $QJHOV  3HW 6KRS <RXU 3HWV  3HVW &RQWURO &RQWURO 6HUYLFHV /LPLWHG  3LFWXUH )UDPHU ,QQHU 3LHFH  3ODVWHUHU 6\QHUJ\  3OXPEHU $- %RVOH\  7KDWFKDP 1HZEXU\ 0DLQWHQDQFH 6HUYLFHV  3DXO :RUVOH\  3RGLDWULVW&KLURSRG\ )RUHPRVW )RRWFDUH  7UHDW \RXU )HHW  3V\FKRWKHUDS\ &RXUVHV %ULGJH 3DVWRUDO )RXQGDWLRQ 

5HQHZDEOH (QHUJ\ 7KH (QHUJ\ :DUHKRXVH 5HVWDXUDQWV 7KH &RDFK +RUVHV 5RRIHUV $ 7KRPSVRQ 6DQG DQG *UDYHO 5LYDU 6DQG DQG *UDYHO 6FKRRO %XFNOHEXU\ 3UH6FKRRO 6ROLFLWRU *DUGQHU /HDGHU 6WRUDJH  VHFXUH 7KH %DUQ 6WRUH 7D[ $GYLFH 7D[ $VVLVW 9HW 2·*RUPDQ 6ODWHU 0DLQ :HLJKW /RVV 9LUWXDO *DVWULF %DQG :LQGRZ &OHDQHU 3'' 6HUYLFHV :RROKDPSWRQ 9LOODJH 6KRS

 ZZZWKDWFKDPFRQQHFWLRQVFRXN

           


6HH DOVR SDJH 

6,78$7(' ,1 $ 6(0,585$/ /2&$7,21  2))(5,1* $1 (1+$1&(' /($51,1* (;3(5,(1&( %XFNOHEXU\ 3UH6FKRRO QRWHG IRU LWV HWKRV RI EHLQJ Ȇ)XQ DQG )ULHQGO\ȇ ZDV IRXQGHG LQ  DQG LV UXQ LQ WKH 0HPRULDO +DOO LQ 8SSHU %XFNOHEXU\ ZKHUH WKH FKLOGUHQ FDQ PDNH IXOO XVH RI WKH RXWGRRU DUHD &KLOGUHQ KHUH QHHG OLWWOH HQFRXUDJHPHQW WR SOD\ LPDJLQDWLYHO\ ZLWK ELNHV WULNHV SUDPV DQG ODUJHU RXWGRRU SOD\ HTXLSPHQW

WKLV LV WHVWDPHQW WR WKH H[FHOOHQW ZRUN WKDW WKH WHDP RI H[SHULHQFHG DQG GHGLFDWHG VWD΍ XQGHUWDNH LQ VKDSLQJ FKLOGUHQ IRU WKHLU QH[W VWHS WR SULPDU\ VFKRRO

$,06 7KH VFKRROȇV DLPV DUH ȏ

7R HQKDQFH WKH GHYHORSPHQW DQG HGXFDWLRQ RI DOO FKLOGUHQ LQ D SDUHQW LQYROYLQJ FRPPXQLW\ EDVHG JURXS

ȏ

7R SURYLGH D VDIH VHFXUH DQG VWLPXODWLQJ HQYLURQPHQW

ȏ

7R ZRUN ZLWKLQ D IUDPHZRUN WKDW HQVXUHV HTXDO RSSRUWXQLW\ IRU DOO FKLOGUHQ DQG WKHLU IDPLOLHV

$&&5(',7$7,21 ² 3528'/< 5(&(,9(' %XFNOHEXU\ 3UH6FKRRO KDV UHFHQWO\ EHHQ DFFUHGLWHG ZLWK WKH QHZ :HVW %HUNVKLUH (DUO\ <HDUV 4XDOLW\ $ZDUG 7KH VFKRRO KDV EHHQ DVVHVVHG DFURVV DOO DVSHFWV RI WKH NH\ FULWHULD IRU WKH DZDUG ZLWK PDQ\ DUHDV H[FHHGLQJ H[SHFWDWLRQV

$W SUHVHQW D ODUJH QXPEHU RI WKH FKLOGUHQ ZKR DWWHQG OLYH LQ 7KDWFKDP DQG WKH VXUURXQGLQJ YLOODJHV  LQGHHG DGPLVVLRQ WR WKH 3UH6FKRRO LV RSHQ WR HYHU\ IDPLO\ LQ WKH FRPPXQLW\ ZLWK FKLOGUHQ IURP WKH DJH RI  \HDUV

Ȋ:KDW UHDOO\ VKLQHV WKURXJK LV WKH SDVVLRQ DQG XQGHUVWDQGLQJ RI WKH FKLOG EHLQJ DW WKH FHQWUH ΖQ SDUWLFXODU WKH VFKRROȇV DUHDV RI VWUHQJWK DUH \RXU VWLPXODWLQJ DQG WKRXJKWIXO OHDUQLQJ HQYLURQPHQW  DQG WKH FRPPXQLFDWLRQ ZLWK SDUHQWV  DV LV WKH NQRZOHGJH RI FKLOG GHYHORSPHQW DQG WKHLU LQGLYLGXDO QHHGVȋ 7KH DZDUG ZDV SUHVHQWHG RQ WK 0D\  GXULQJ D FHUHPRQ\ DW 1HZEXU\ 7RZQ +DOO $Q DZDUG VXFK DV

ΖI \RX UHTXLUH D 6HSWHPEHU SODFH IRU \RXU FKLOG SOHDVH YLVLW RXU ZHEVLWH ZZZEXFNOHEXU\SUHVFKRROFRXN RU WHOHSKRQH   IRU IXUWKHU LQIRUPDWLRQ DQG IRU WLPLQJV RQ WKH YDULRXV VHVVLRQV

XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN  

ZZZWKDWFKDPFRQQHFWLRQVFRXN




7KDWFKDP &RQQHFWLRQV 8UVXOD $LWNHQ

6WDEOH 

7HO  

*UDYHOO\ %ULGJH )DUPKRXVH HPDLO XUVXOD#WKDWFKDPFRQQHFWLRQVFRXN

*UD]HOH\

5HDGLQJ

5* /*

ZZZWKDWFKDPFRQQHFWLRQVFRXN


Thatcham Connections Issue 41  

Local Magazine Thatcham

Advertisement
Read more
Read more
Similar to
Popular now
Just for you