You are on page 1of 14

7ULXPSKRIWKH:LOO

)URP:LNLSHGLDWKHIUHHHQF\FORSHGLD

7KLVDUWLFOHLVDERXWWKH1D]LSURSDJDQGDILOP)RUWKH&DQDGLDQWHOHYLVLRQVHULHVVHH.HQQ\+RW]
V
7ULXPSKRIWKH:LOO
7ULXPSKRIWKH:LOO *HUPDQ7ULXPSKGHV:LOOHQV LV
DSURSDJDQGDILOPGLUHFWHGSURGXFHGHGLWHGDQG
FRZULWWHQE\/HQL5LHIHQVWDKO,WFKURQLFOHVWKH
1D]L3DUW\&RQJUHVVLQ1XUHPEHUJZKLFKZDVDWWHQGHG
E\PRUHWKDQ1D]LVXSSRUWHUV>@7KHILOP
FRQWDLQVH[FHUSWVIURPVSHHFKHVJLYHQE\1D]LOHDGHUV
DWWKH&RQJUHVVLQFOXGLQJ$GROI+LWOHU5XGROI+HVV
DQG-XOLXV6WUHLFKHULQWHUVSHUVHGZLWKIRRWDJHRI
PDVVHG6WXUPDEWHLOXQJDQG6FKXW]VWDIIHOWURRSVDQG
SXEOLFUHDFWLRQ+LWOHUFRPPLVVLRQHGWKHILOPDQG
VHUYHGDVDQXQRIILFLDOH[HFXWLYHSURGXFHUKLVQDPH
DSSHDUVLQWKHRSHQLQJWLWOHV7KHILOP
VRYHUULGLQJ
WKHPHLVWKHUHWXUQRI*HUPDQ\DVDJUHDWSRZHUZLWK
+LWOHUDVWKHOHDGHUZKRZLOOEULQJJORU\WRWKHQDWLRQ
%HFDXVHWKHILOPZDVPDGHDIWHUWKH1LJKWRIWKH
/RQJ.QLYHV RQ-XQH PDQ\SURPLQHQW
6WXUPDEWHLOXQJ 6$ PHPEHUVDUHDEVHQWVLQFHWKH\
ZHUHPXUGHUHGLQWKDW3DUW\SXUJHRUJDQL]HGDQG
RUFKHVWUDWHGE\+LWOHUWRUHSODFHWKH6$ OHGE\KLVULYDO
(UQVW5RHKP ZLWKWKH6FKXW]VWDIIHOQ 66 DVKLVPDLQ
SDUDPLOLWDU\IRUFH
7ULXPSKRIWKH:LOOZDVUHOHDVHGLQDQGEHFDPHD
SURPLQHQWH[DPSOHRISURSDJDQGDLQILOPKLVWRU\
5LHIHQVWDKO
VWHFKQLTXHVVXFKDVPRYLQJFDPHUDV
DHULDOSKRWRJUDSK\WKHXVHRIORQJIRFXVOHQVHVWR
FUHDWHDGLVWRUWHGSHUVSHFWLYHDQGWKHUHYROXWLRQDU\
DSSURDFKWRWKHXVHRIPXVLFDQGFLQHPDWRJUDSK\
KDYHHDUQHG7ULXPSKRIWKH:LOOUHFRJQLWLRQDVRQHRI
WKHJUHDWHVWSURSDJDQGDILOPVLQKLVWRU\5LHIHQVWDKO
KHOSHGWRVWDJHWKHVFHQHVGLUHFWLQJDQGUHKHDUVLQJ
VRPHRIWKHPDWOHDVWILIW\WLPHV5LHIHQVWDKOZRQ
VHYHUDODZDUGVQRWRQO\LQ*HUPDQ\EXWDOVRLQWKH
8QLWHG6WDWHV)UDQFH6ZHGHQDQGRWKHUFRXQWULHV7KH
ILOPZDVSRSXODULQWKH7KLUG5HLFKDQGKDVFRQWLQXHG
WRLQIOXHQFHPRYLHVGRFXPHQWDULHVDQGFRPPHUFLDOVWR
WKLVGD\>@+RZHYHULWLVEDQQHGIURPVKRZLQJLQ
*HUPDQ\RZLQJWRLWVVXSSRUWIRU1D]LVPDQGLWV
QXPHURXVSRUWUD\DOVRIWKHVZDVWLND

7ULXPSKRIWKH:LOO

*HUPDQWKHDWULFDOSRVWHU

'LUHFWHGE\

/HQL5LHIHQVWDKO

3URGXFHGE\

/HQL5LHIHQVWDKO

:ULWWHQE\

/HQL5LHIHQVWDKO
:DOWHU5XWWPDQQ

6WDUULQJ

$GROI+LWOHU
+HLQULFK+LPPOHU
9LNWRU/XW]H
2WKHU1D]L/HDGHUV
H[WUDV

0XVLFE\

+HUEHUW:LQGW
5LFKDUG:DJQHU

&LQHPDWRJUDSK\

6HSS$OOJHLHU
)UDQ]:HLKPD\U

(GLWHGE\

/HQL5LHIHQVWDKO

3URGXFWLRQ

5HLFKVSDUWHLWDJ)LOP

$QHDUOLHUILOPE\5LHIHQVWDKO'HU6LHJGHV*ODXEHQV
VKRZHG+LWOHUDQG6$OHDGHU(UQVW5|KPWRJHWKHUDW
WKH1D]LSDUW\FRQJUHVV$IWHU5|KP
VPXUGHUWKH
SDUW\DWWHPSWHGWKHGHVWUXFWLRQRIDOOFRSLHVOHDYLQJ
RQO\RQHNQRZQWRKDYHVXUYLYHGLQ%ULWDLQ7KLVFDQEH
YLHZHGDWWKH,QWHUQHW$UFKLYH7KHGLUHFWLRQDQG
VHTXHQFLQJRILPDJHVLVDOPRVWWKHVDPHDVWKDW
5LHIHQVWDKOXVHGLQ7ULXPSKRIWKH:LOOD\HDUODWHU

FRPSDQ\
'LVWULEXWHGE\
5HOHDVHGDWHV

8QLYHUVXP)LOP$*
0DUFK

5XQQLQJWLPH

PLQXWHV

/DQJXDJH

*HUPDQ

)UDQN&DSUD
VVHYHQILOPVHULHV:K\:H)LJKWLVVDLGWRKDYHEHHQGLUHFWO\LQVSLUHGE\DQGWKH8QLWHG
6WDWHV
UHVSRQVHWR7ULXPSKRIWKH:LOO

&RQWHQWV
6\QRSVLV
2ULJLQV
3URGXFWLRQ
7KHPHV
5HOLJLRQ
3RZHU
8QLW\
+LWOHU
VVSHHFKHV
5HVSRQVH
&RQWURYHUV\
:HKUPDFKWREMHFWLRQV
,QIOXHQFHVDQGOHJDF\
6HHDOVR
5HIHUHQFHV
)XUWKHUUHDGLQJ
([WHUQDOOLQNV
1RWHV

6\QRSVLV
7KHILOPEHJLQVZLWKDSURORJXHWKHRQO\FRPPHQWDU\LQWKHILOP,WFRQVLVWVRIWKHIROORZLQJWH[WVKRZQ
VHTXHQWLDOO\DJDLQVWDJUH\EDFNJURXQG
$P6HSWHPEHU
>2Q6HSWHPEHU@
-DKUHQDFKGHP$XVEUXFKGHV:HOWNULHJHV
>\HDUVDIWHUWKHRXWEUHDNRIWKH:RUOG:DU@
-DKUHQDFKGHP$QIDQJGHXWVFKHQ/HLGHQV

>\HDUVDIWHUWKHEHJLQQLQJRI*HUPDQVXIIHULQJ@

0RQDWHQDFKGHP%HJLQQGHUGHXWVFKHQ
:LHGHUJHEXUW
>PRQWKVDIWHUWKHEHJLQQLQJRIWKH*HUPDQ
UHELUWK@
IORJ$GROI+LWOHUZLHGHUXPQDFK1UQEHUJXP
+HHUVFKDXDE]XKDOWHQEHUVHLQH*HWUHXHQ
>$GROI+LWOHUIOHZDJDLQWR1XUHPEHUJWRUHYLHZWKH
FROXPQVRIKLVIDLWKIXOIROORZHUV@

'D\7KHILOPRSHQVZLWKVKRWVRIWKHFORXGVDERYHWKHFLW\DQGWKHQPRYHVWKURXJKWKHFORXGVWRIORDW
DERYHWKHDVVHPEOLQJPDVVHVEHORZZLWKWKHLQWHQWLRQRISRUWUD\LQJEHDXW\DQGPDMHVW\RIWKHVFHQH7KH
FUXFLIRUPVKDGRZRI+LWOHU
VSODQHLVYLVLEOHDVLWSDVVHVRYHUWKHWLQ\ILJXUHVPDUFKLQJEHORZDFFRPSDQLHG
E\DQRUFKHVWUDODUUDQJHPHQWRIWKH+RUVW:HVVHO/LHG8SRQDUULYLQJDWWKH1XUHPEHUJDLUSRUW+LWOHUDQG
RWKHU1D]LOHDGHUVHPHUJHIURPKLVSODQHWRWKXQGHURXVDSSODXVHDQGDFKHHULQJFURZG+HLVWKHQGULYHQ
LQWR1XUHPEHUJWKURXJKHTXDOO\HQWKXVLDVWLFSHRSOHWRKLVKRWHOZKHUHDQLJKWUDOO\LVODWHUKHOG
'D\7KHVHFRQGGD\EHJLQVZLWKLPDJHVRI1XUHPEHUJDWGDZQDFFRPSDQLHGE\DQH[WUDFWIURPWKH$FW
,,,3UHOXGH :DFK$XI RI5LFKDUG:DJQHU
V'LH0HLVWHUVLQJHUYRQ1UQEHUJ)ROORZLQJWKLVLVDPRQWDJH
RIWKHDWWHQGHHVSUHSDULQJIRUWKHRSHQLQJRIWKH5HLFK3DUW\&RQJUHVVDQGIRRWDJHRIWKHWRS1D]LRIILFLDOV
DUULYLQJDWWKH/XLWSROG$UHQD7KHILOPWKHQFXWVWRWKHRSHQLQJFHUHPRQ\ZKHUH5XGROI+HVVDQQRXQFHV
WKHVWDUWRIWKH&RQJUHVV7KHFDPHUDWKHQLQWURGXFHVPXFKRIWKH1D]LKLHUDUFK\DQGFRYHUVWKHLURSHQLQJ
VSHHFKHVLQFOXGLQJ-RVHSK*RHEEHOV$OIUHG5RVHQEHUJ+DQV)UDQN)ULW]7RGW5REHUW/H\DQG-XOLXV
6WUHLFKHU7KHQWKHILOPFXWVWRDQRXWGRRUUDOO\IRUWKH5HLFKVDUEHLWVGLHQVW /DERU6HUYLFH ZKLFKLV
SULPDULO\DVHULHVRISVHXGRPLOLWDU\GULOOVE\PHQFDUU\LQJVSDGHV7KLVLVDOVRZKHUH+LWOHUJLYHVKLVILUVW
VSHHFKRQWKHPHULWVRIWKH/DERU6HUYLFHDQGSUDLVLQJWKHPIRUWKHLUZRUNLQUHEXLOGLQJ*HUPDQ\7KHGD\
WKHQHQGVZLWKDWRUFKOLJKW6$SDUDGHLQZKLFK9LNWRU/XW]HVSHDNVWRWKHFURZGV
'D\7KHWKLUGGD\VWDUWVZLWKD+LWOHU<RXWKUDOO\RQWKHSDUDGHJURXQG$JDLQWKHFDPHUDFRYHUVWKH
1D]LGLJQLWDULHVDUULYLQJDQGWKHLQWURGXFWLRQRI+LWOHUE\%DOGXUYRQ6FKLUDFK+LWOHUWKHQDGGUHVVHVWKH
<RXWKGHVFULELQJLQPLOLWDULVWLFWHUPVKRZWKH\PXVWKDUGHQWKHPVHOYHVDQGSUHSDUHIRUVDFULILFH
(YHU\RQHSUHVHQWLQFOXGLQJ*HQHUDO:HUQHUYRQ%ORPEHUJWKHQDVVHPEOHIRUDPLOLWDU\SDVVDQGUHYLHZ
IHDWXULQJ:HKUPDFKWFDYDOU\DQGYDULRXVDUPRUHGYHKLFOHV7KDWQLJKW+LWOHUGHOLYHUVDQRWKHUVSHHFKWR
ORZUDQNLQJSDUW\RIILFLDOVE\WRUFKOLJKWFRPPHPRUDWLQJWKHILUVW\HDUVLQFHWKH1D]LVWRRNSRZHUDQG
GHFODULQJWKDWWKHSDUW\DQGVWDWHDUHRQHHQWLW\
'D\7KHIRXUWKGD\LVWKHFOLPD[RIWKHILOPZKHUHWKHPRVWPHPRUDEOHRIWKHLPDJHU\LVSUHVHQWHG
+LWOHUIODQNHGE\+HLQULFK+LPPOHUDQG9LNWRU/XW]HZDONVWKURXJKDORQJZLGHH[SDQVHZLWKRYHU
6$DQG66WURRSVVWDQGLQJDWDWWHQWLRQWROD\DZUHDWKDWD:RUOG:DU,0HPRULDO+LWOHUWKHQ
UHYLHZVWKHSDUDGLQJ6$DQG66PHQIROORZLQJZKLFK+LWOHUDQG/XW]HGHOLYHUDVSHHFKZKHUHWKH\GLVFXVV
WKH1LJKWRIWKH/RQJ.QLYHVSXUJHRIWKH6$VHYHUDOPRQWKVSULRU/XW]HUHDIILUPVWKH6$
VOR\DOW\WRWKH
UHJLPHDQG+LWOHUDEVROYHVWKH6$RIDQ\FULPHVFRPPLWWHGE\(UQVW5|KP1HZSDUW\IODJVDUH
FRQVHFUDWHGE\OHWWLQJWKHPWRXFKWKH%OXWIDKQH WKHVDPHFORWKIODJVDLGWRKDYHEHHQFDUULHGE\WKHIDOOHQ

1D]LVGXULQJWKH%HHU+DOO3XWVFK DQGIROORZLQJDILQDOSDUDGHLQIURQWRIWKH1XUHPEHUJ)UDXHQNLUFKH
+LWOHUGHOLYHUVKLVFORVLQJVSHHFK,QLWKHUHDIILUPVWKHSULPDF\RIWKH1D]L3DUW\LQ*HUPDQ\GHFODULQJ
$OOOR\DO*HUPDQVZLOOEHFRPH1DWLRQDO6RFLDOLVWV2QO\WKHEHVW1DWLRQDO6RFLDOLVWVDUHSDUW\FRPUDGHV
+HVVWKHQOHDGVWKHDVVHPEOHGFURZGLQDILQDO6LHJ+HLOVDOXWHIRU+LWOHUPDUNLQJWKHFORVHRIWKHSDUW\
FRQJUHVV7KHHQWLUHFURZGVLQJVWKH+RUVW:HVVHO/LHGDVWKHFDPHUDIRFXVHVRQWKHJLDQW6ZDVWLND
EDQQHUZKLFKIDGHVLQWRDOLQHRIVLOKRXHWWHGPHQLQ1D]LSDUW\XQLIRUPVPDUFKLQJLQIRUPDWLRQDVWKH
O\ULFV&RPUDGHVVKRWE\WKH5HG)URQWDQGWKH5HDFWLRQDULHVPDUFKLQVSLULWWRJHWKHULQRXUFROXPQVDUH
VXQJ

2ULJLQV
6KRUWO\DIWHUKHFDPHWRSRZHU+LWOHUFDOOHGPHWRVHHKLPDQGH[SODLQHGWKDWKHZDQWHGD
ILOPDERXWD3DUW\&RQJUHVVDQGZDQWHGPHWRPDNHLW0\ILUVWUHDFWLRQZDVWRVD\WKDW,
GLGQRWNQRZDQ\WKLQJDERXWWKHZD\VXFKDWKLQJZRUNHGRUWKHRUJDQL]DWLRQRIWKH3DUW\
VRWKDW,ZRXOGREYLRXVO\SKRWRJUDSKDOOWKHZURQJWKLQJVDQGSOHDVHQRERG\HYHQ
VXSSRVLQJWKDW,FRXOGPDNHDGRFXPHQWDU\ZKLFK,KDGQHYHU\HWGRQH+LWOHUVDLGWKDW
WKLVZDVH[DFWO\ZK\KHZDQWHGPHWRGRLWEHFDXVHDQ\RQHZKRNQHZDOODERXWWKH
UHODWLYHLPSRUWDQFHRIWKHYDULRXVSHRSOHDQGJURXSVDQGVRRQPLJKWPDNHDILOPWKDW
ZRXOGEHSHGDQWLFDOO\DFFXUDWHEXWWKLVZDVQRWZKDWKHZDQWHG+HZDQWHGDILOP
VKRZLQJWKH&RQJUHVVWKURXJKDQRQH[SHUWH\HVHOHFWLQJMXVWZKDWZDVPRVWDUWLVWLFDOO\
VDWLVI\LQJLQWHUPVRIVSHFWDFOH,VXSSRVH\RXPLJKWVD\+HZDQWHGDILOPZKLFKZRXOG
PRYHDSSHDOWRLPSUHVVDQDXGLHQFHZKLFKZDVQRWQHFHVVDULO\LQWHUHVWHGLQSROLWLFV
/HQL5LHIHQVWDKO
5LHIHQVWDKODSRSXODU*HUPDQDFWUHVVKDGGLUHFWHGKHUILUVWPRYLH
FDOOHG'DVEODXH/LFKW 7KH%OXH/LJKW LQ$URXQGWKHVDPH
WLPHVKHILUVWKHDUG+LWOHUVSHDNDWD1D]LUDOO\DQGE\KHURZQ
DGPLVVLRQZDVLPSUHVVHG6KHODWHUEHJDQDFRUUHVSRQGHQFHZLWK
KLPWKDWZRXOGODVWIRU\HDUV+LWOHUE\WXUQZDVHTXDOO\LPSUHVVHG
ZLWK'DVEODXH/LFKWDQGLQDVNHGKHUWRGLUHFWDILOPDERXW
WKH1D]LV
DQQXDO1XUHPEHUJ5DOO\7KH1D]LVKDGRQO\UHFHQWO\
WDNHQSRZHUDPLGDSHULRGRISROLWLFDOLQVWDELOLW\ +LWOHUZDVWKH
IRXUWK&KDQFHOORURI*HUPDQ\LQOHVVWKDQD\HDU DQGZHUH
FRQVLGHUHGDQXQNQRZQTXDQWLW\E\PDQ\*HUPDQVWRVD\QRWKLQJ
RIWKHZRUOG
,Q0HLQ.DPSI>@+LWOHUWDONVRIWKHVXFFHVVRI%ULWLVKSURSDJDQGD
LQ:RUOG:DU,EHOLHYLQJSHRSOH
VLJQRUDQFHPHDQWVLPSOH
UHSHWLWLRQDQGDQDSSHDOWRIHHOLQJVRYHUUHDVRQZRXOGVXIILFH>@
+LWOHUFKRVH5LHIHQVWDKODVKHZDQWHGWKHILOPDVDUWLVWLFDOO\
VDWLVI\LQJ>@DVSRVVLEOHWRDSSHDOWRDQRQSROLWLFDODXGLHQFHEXWKH
DOVREHOLHYHGWKDWSURSDJDQGDPXVWDGPLWQRHOHPHQWRIGRXEW>@$V
VXFK7ULXPSKRIWKH:LOOPD\EHVHHQDVDFRQWLQXDWLRQRIWKH
XQDPELJXRXV:RUOG:DU,VW\OHSURSDJDQGDWKRXJKKHLJKWHQHGE\
WKHILOP
VDUWLVWLFRUSRHWLFQDWXUH

3RVWHUIRU'HU6LHJGHV*ODXEHQVE\
/HQL5LHIHQVWDKOLQ

5LHIHQVWDKOZDVLQLWLDOO\UHOXFWDQWQRWEHFDXVHRIDQ\PRUDOTXDOPVEXWEHFDXVHVKHZDQWHGWRFRQWLQXH
PDNLQJIHDWXUHILOPV+LWOHUSHUVLVWHGDQG5LHIHQVWDKOHYHQWXDOO\DJUHHGWRPDNHDILOPDWWKH
1XUHPEHUJ5DOO\FDOOHG'HU6LHJGHV*ODXEHQV 9LFWRU\RI)DLWK +RZHYHUWKHILOPKDGQXPHURXV
WHFKQLFDOSUREOHPVLQFOXGLQJDODFNRISUHSDUDWLRQ 5LHIHQVWDKOUHSRUWHGKDYLQJMXVWDIHZGD\V DQG
+LWOHU
VDSSDUHQWXQHDVHDWEHLQJILOPHG7RPDNHPDWWHUVZRUVH5LHIHQVWDKOKDGWRGHDOZLWKLQILJKWLQJE\
SDUW\RIILFLDOVLQSDUWLFXODU-RVHSK*RHEEHOVZKRWULHGWRKDYHWKHILOPUHOHDVHGE\WKH3URSDJDQGD
0LQLVWU\7KRXJK'HU6LHJGHV*ODXEHQVDSSDUHQWO\GLGZHOODWWKHER[RIILFHLWODWHUEHFDPHDVHULRXV
HPEDUUDVVPHQWWRWKH1D]LVDIWHU6$/HDGHU(UQVW5|KPZKRKDGDSURPLQHQWUROHLQWKHILOPZDV
H[HFXWHGGXULQJWKH1LJKWRIWKH/RQJ.QLYHV$OOUHIHUHQFHVWR5|KPZHUHRUGHUHGWREHHUDVHGIURP
*HUPDQKLVWRU\ZKLFKLQFOXGHGWKHGHVWUXFWLRQRIDOONQRZQFRSLHVRI'HU6LHJGHV*ODXEHQV
,Q5LHIHQVWDKOKDGQRZLVKWRUHSHDWWKHILDVFRRI'HU6LHJGHV*ODXEHQVDQGLQLWLDOO\UHFRPPHQGHG
IHOORZGLUHFWRU:DOWHU5XWWPDQQ5XWWPDQQ
VILOPZKLFKZRXOGKDYHFRYHUHGWKHULVHRIWKH1D]L3DUW\
IURPWRDQGEHHQPRUHRYHUWO\SURSDJDQGLVWLF WKHRSHQLQJWH[WRI7ULXPSKRIWKH:LOOZDVKLV 
GLGQRWDSSHDOWR+LWOHU+HDJDLQDVNHG5LHIHQVWDKOZKRILQDOO\UHOHQWHG WKHUHLVVWLOOGHEDWHRYHUKRZ
ZLOOLQJVKHZDV DIWHU+LWOHUJXDUDQWHHGKLVSHUVRQDOVXSSRUWDQGSURPLVHGWRNHHSRWKHU1D]L
RUJDQL]DWLRQVVSHFLILFDOO\WKH3URSDJDQGD0LQLVWU\IURPPHGGOLQJZLWKKHUILOP

3URGXFWLRQ
7KHILOPIROORZVDVFULSWVLPLODUWR'HU6LHJGHV*ODXEHQVZKLFKLVHYLGHQWZKHQRQHVHHVERWKILOPVVLGH
E\VLGH)RUH[DPSOHWKHFLW\RI1XUHPEHUJVFHQHVHYHQWRWKHVKRWRIDFDWLQFOXGHGLQWKHFLW\GULYLQJ
VHTXHQFHLQERWKILOPV)XUWKHUPRUH+HUEHUW:LQGWUHXVHGPXFKRIKLVPXVLFDOVFRUHIRUWKDWILOPLQ
7ULXPSKGHV:LOOHQVZKLFKKHDOVRVFRUHG5LHIHQVWDKOVKRW7ULXPSKRIWKH:LOORQDEXGJHWRIURXJKO\
50 DSSUR[.86'0 >@:LWKWKDWVDLGWKHUHZHUHH[WHQVLYHSUHSDUDWLRQV
IDFLOLWDWHGE\WKHFRRSHUDWLRQRISDUW\PHPEHUVWKHPLOLWDU\DQGYLWDOKHOSIURPKLJKUDQNLQJ1D]LVOLNH
*RHEEHOV$V6XVDQ6RQWDJREVHUYHG7KH5DOO\ZDVSODQQHGQRWRQO\DVDVSHFWDFXODUPDVVPHHWLQJEXW
DVDVSHFWDFXODUSURSDJDQGDILOP>@$OEHUW6SHHU+LWOHU
VSHUVRQDODUFKLWHFWGHVLJQHGWKHVHWLQ
1XUHPEHUJDQGGLGPRVWRIWKHFRRUGLQDWLRQIRUWKHHYHQW3LWVZHUHGXJLQIURQWRIWKHVSHDNHUV
SODWIRUP
VR5LHIHQVWDKOFRXOGJHWWKHFDPHUDDQJOHVVKHZDQWHGDQGWUDFNVZHUHODLGVRWKDWKHUFDPHUDPHQFRXOG
JHWWUDYHOLQJVKRWVRIWKHFURZG:KHQURXJKFXWVZHUHQ
WXSWRSDUPDMRUSDUW\OHDGHUVDQGKLJKUDQNLQJ
SXEOLFRIILFLDOVUHHQDFWHGWKHLUVSHHFKHVLQDVWXGLRIRUKHU>@5LHIHQVWDKODOVRXVHGDILOPFUHZWKDWZDV
H[WUDYDJDQWE\WKHVWDQGDUGVRIWKHGD\+HUFUHZFRQVLVWHGRISHRSOHLQFOXGLQJWHFKQLFDOVWDII
FDPHUDPHQDQGDVVLVWDQWV RSHUDWLQJLQWHDPVZLWKFDPHUDV QLQHDHULDOSKRWRJUDSKHUVQHZVUHHO
PHQQHZVUHHOFUHZOLJKWLQJPHQWZRSKRWRJUDSKHUVGULYHUVVHFXULW\SHUVRQQHOIRXUODERU
VHUYLFHZRUNHUVDQGWZRRIILFHDVVLVWDQWV0DQ\RIKHUFDPHUDPHQDOVRGUHVVHGLQ6$XQLIRUPVVRWKH\
FRXOGEOHQGLQWRWKHFURZGV
5LHIHQVWDKOKDGWKHGLIILFXOWWDVNRIFRQGHQVLQJDQHVWLPDWHGKRXUVRIILOPLQWRWZRKRXUV>@6KHODERUHG
WRFRPSOHWHWKHILOPDVIDVWDVVKHFRXOGJRLQJVRIDUDVWRVOHHSLQWKHHGLWLQJURRPILOOHGZLWKKXQGUHGVRI
WKRXVDQGVRIIHHWRIILOPIRRWDJH>@

7KHPHV
5HOLJLRQ

+LWOHUFRQJUDWXODWHV5LHIHQVWDKOLQ

7KLVPRUQLQJ
VRSHQLQJPHHWLQJZDV
PRUHWKDQDJRUJHRXVVKRZLWDOVRKDG
VRPHWKLQJRIWKHP\VWLFLVPDQGUHOLJLRXV
IHUYRURIDQ(DVWHURU&KULVWPDV0DVVLQD
JUHDW*RWKLFFDWKHGUDO
5HSRUWHU:LOOLDP6KLUHU
7ULXPSKRIWKH:LOOLVVRPHWLPHVVHHQDVDQH[DPSOHRI1D]L
SROLWLFDOUHOLJLRQ7KHSULPDU\UHOLJLRQLQ*HUPDQ\EHIRUH
WKH6HFRQG:RUOG:DUZDV&KULVWLDQLW\:LWKWKHSULPDU\
VHFWVEHLQJ5RPDQ&DWKROLFDQG3URWHVWDQWWKH&KULVWLDQ
YLHZVLQWKLVPRYLHDUHFOHDUO\PHDQWWRDOORZWKHPRYLHWR
EHWWHUFRQQHFWZLWKWKHLQWHQGHGDXGLHQFH

6ROGLHUVPDUFKSDVWDVDOXWLQJ+LWOHULQ
5LHIHQVWDKOVILOPRIWKH1D]LSDUW\UDOO\
LQ1XUHPEHUJ

5HOLJLRQLVDPDMRUWKHPHLQ7ULXPSKRIWKH:LOO7KHILOP
RSHQVZLWK+LWOHUGHVFHQGLQJJRGOLNHRXWRIWKHVNLHVSDVWWZLQFDWKHGUDOVSLUHV,WFRQWDLQVPDQ\VFHQHVRI
FKXUFKEHOOVULQJLQJDQGLQGLYLGXDOVLQDVWDWHRIQHDUUHOLJLRXVIHUYRUDVZHOODVDSURPLQHQWVKRWRI5HLFK
3URWHVWDQW%LVKRS/XGZLJ0OOHUVWDQGLQJLQKLVYHVWPHQWVDPRQJKLJKUDQNLQJ1D]LV,WLVSUREDEO\QRWD
FRLQFLGHQFHWKDWWKHILQDOSDUDGHRIWKHILOPZDVKHOGLQIURQWRIWKH1XUHPEHUJ)UDXHQNLUFKH,QKLVILQDO
VSHHFKLQWKHILOP+LWOHUDOVRGLUHFWO\FRPSDUHVWKH1D]LSDUW\WRDKRO\RUGHUDQGWKHFRQVHFUDWLRQRIQHZ
SDUW\IODJVE\KDYLQJ+LWOHUWRXFKWKHPWRWKHEORRGEDQQHUKDVREYLRXVUHOLJLRXVRYHUWRQHV+LWOHU
KLPVHOILVSRUWUD\HGLQDPHVVLDQLFPDQQHUIURPWKHRSHQLQJZKHUHKHGHVFHQGVIURPWKHFORXGVLQDSODQH
WRKLVGULYHWKURXJK1XUHPEHUJZKHUHHYHQDFDWVWRSVZKDWLWLVGRLQJWRZDWFKKLPWRWKHPDQ\VFHQHV
ZKHUHWKHFDPHUDILOPVIURPEHORZDQGORRNVXSDWKLP+LWOHUVWDQGLQJRQKLVSRGLXPZLOOLVVXHD
FRPPDQGWRKXQGUHGVRIWKRXVDQGVRIIROORZHUV7KHDXGLHQFHKDSSLO\FRPSOLHVLQXQLVRQ>@$V)UDQN3
7RPDVXORFRPPHQWV+LWOHULVFDVWDVDYHULWDEOH*HUPDQ0HVVLDKZKRZLOOVDYHWKHQDWLRQLIRQO\WKH
FLWL]HQU\ZLOOSXWLWVGHVWLQ\LQKLVKDQGV>@

3RZHU
,WLVRXUZLOOWKDWWKLVVWDWHDQGWKLV5HLFKVKDOOHQGXUHWKURXJKWKHFRPLQJPLOOHQQLD
+LWOHU
*HUPDQ\KDGQRWVHHQLPDJHVRIPLOLWDU\SRZHUDQGVWUHQJWKVLQFHWKHHQGRI:RUOG:DU,DQGWKHKXJH
IRUPDWLRQVRIPHQZRXOGUHPLQGWKHDXGLHQFHWKDW*HUPDQ\ZDVEHFRPLQJDJUHDWSRZHURQFHDJDLQ
7KRXJKWKH/DERU6HUYLFHPHQFDUULHGVSDGHVWKH\KDQGOHGWKHPDVLIWKH\ZHUHULIOHV7KH(DJOHVDQG
6ZDVWLNDVFRXOGEHVHHQDVDUHIHUHQFHWRWKH5RPDQ/HJLRQVRIDQWLTXLW\7KHODUJHPDVVRIZHOOGULOOHG
SDUW\PHPEHUVFRXOGEHVHHQLQDPRUHRPLQRXVOLJKWDVDZDUQLQJWRGLVVLGHQWVWKLQNLQJRIFKDOOHQJLQJWKH
UHJLPH
+LWOHU
VDUULYDOLQDQDLUSODQHVKRXOGDOVREHYLHZHGLQWKLVFRQWH[W$FFRUGLQJWR.HQQHWK3RIHUO)O\LQJLQ
DQDLUSODQHZDVDOX[XU\NQRZQRQO\WRDVHOHFWIHZLQWKHVEXW+LWOHUKDGPDGHKLPVHOIZLGHO\
DVVRFLDWHGZLWKWKHSUDFWLFHKDYLQJEHHQWKHILUVWSROLWLFLDQWRFDPSDLJQYLDDLUWUDYHO9LFWRU\UHLQIRUFHG
WKLVLPDJHDQGGHILQHGKLPDVWKHWRSPDQLQWKHPRYHPHQWE\VKRZLQJKLPDVWKHRQO\RQHWRDUULYHLQD
SODQHDQGUHFHLYHDQLQGLYLGXDOZHOFRPHIURPWKHFURZG+LWOHU
VVSHHFKWRWKH6$DOVRFRQWDLQHGDQ
LPSOLHGWKUHDWLIKHFRXOGKDYH5|KPWKHFRPPDQGHURIWKHKXQGUHGVRIWKRXVDQGVRIWURRSVRQWKH
VFUHHQVKRWLWZDVRQO\ORJLFDOWRDVVXPHWKDW+LWOHUFRXOGJHWDZD\ZLWKKDYLQJDQ\RQHH[HFXWHG

8QLW\
$VVRRQDVRXURZQSURSDJDQGDDGPLWVVRPXFKDVDJOLPPHURIULJKWRQWKHRWKHUVLGH
WKHIRXQGDWLRQIRUGRXEWLQRXURZQULJKWKDVEHHQODLG
+LWOHU
,WZDVYHU\LPSRUWDQWWR$GROI+LWOHUWKDWKLVSURSDJDQGDPHVVDJHVFDUU\DXQLILHGWKHPH,IDFRXQWU\LVQ
W
XQLILHGLQVD\LQJWKHHQHP\LVEDGWKHDXGLHQFHVWDUWVWRKDYHGRXEWV8QLW\LVVHHQWKURXJKRXWWKLVILOP
HYHQLQWKHFDPSVZKHUHVROGLHUVOLYH7KHFDPSRXWVLGHRI1XUHPEHUJLVYHU\XQLIRUPDQGFOHDQWKHWHQWV
DUHDOLJQHGLQSHUIHFWURZVHDFKRQHWKHVDPHDVWKHQH[W7KHPHQWKHUHDOVRPDNHDSRLQWQRWWRZHDU
WKHLUVKLUWVEHFDXVHWKHLUVKLUWVGLVSOD\WKHLUUDQNLQJVDQGVWDWXV6KLUWOHVVWKH\DUHDOOHTXDOVXQLILHG:KHQ
WKH\PDUFKLWLVLQXQLVRQDQGWKH\DOOFDUU\WKHLUZHDSRQVLGHQWLFDOO\RQHWRDQRWKHU
+LWOHU
VPHVVDJHWRWKHZRUNHUVDOVRLQFOXGHVWKHQRWLRQRIXQLW\
7KHFRQFHSWRIODERUZLOOQRORQJHUEHDGLYLGLQJRQHEXWDXQLWLQJRQHDQGQRORQJHUZLOO
WKHUHEHDQ\ERG\LQ*HUPDQ\ZKRZLOOUHJDUGPDQXDOODERUDQ\OHVVKLJKO\WKDQDQ\RWKHU
IRUPRIODERU
+LWOHU
&KLOGUHQZHUHDOVRXVHGWRFRQYH\XQLW\
:HZDQWWREHDXQLWHGQDWLRQDQG\RXP\\RXWKDUHWREHFRPHWKLVQDWLRQ,QWKHIXWXUH
ZHGRQRWZLVKWRVHHFODVVHVDQGFOLTXHVDQG\RXPXVWQRWDOORZWKHPWRGHYHORSDPRQJ
\RX2QHGD\ZHZDQWWRVHHRQHQDWLRQ
+LWOHU

+LWOHU
7ULXPSKRIWKH:LOOKDVPDQ\VFHQHVWKDWEOXUWKHGLVWLQFWLRQEHWZHHQWKH1D]L3DUW\WKH*HUPDQVWDWHDQG
WKH*HUPDQSHRSOH*HUPDQVLQSHDVDQWIDUPHUV
FRVWXPHVDQGRWKHUWUDGLWLRQDOFORWKLQJJUHHW+LWOHULQ
VRPHVFHQHV7KHWRUFKOLJKWSURFHVVLRQVWKRXJKQRZDVVRFLDWHGE\PDQ\ZLWKWKH1D]LVZRXOGUHPLQGWKH
YLHZHURIWKHPHGLHYDO.DUQHYDOFHOHEUDWLRQ7KHROGIODJRI,PSHULDO*HUPDQ\LVDOVRVKRZQVHYHUDOWLPHV
IO\LQJDORQJVLGHWKH6ZDVWLNDDQGWKHUHLVDFHUHPRQ\ZKHUH+LWOHUSD\VKLVUHVSHFWVWRVROGLHUVZKRGLHG
LQ:RUOG:DU, DVZHOODVWR3UHVLGHQW3DXOYRQ+LQGHQEXUJZKRKDGGLHGDPRQWKEHIRUHWKH
FRQYHQWLRQ 7KHUHLVDOVRDVFHQHZKHUHWKH/DERU6HUYLFHPHQLQGLYLGXDOO\FDOORXWZKLFKWRZQRUDUHDLQ
*HUPDQ\WKH\DUHIURPUHPLQGLQJWKHYLHZHUVWKDWWKH1D]L3DUW\KDGH[SDQGHGIURPLWVVWURQJKROGLQ
%DYDULDWREHFRPHDSDQ*HUPDQPRYHPHQW
7KH3DUW\LV+LWOHUDQG+LWOHULV*HUPDQ\MXVWDV*HUPDQ\LV+LWOHU
5XGROI+HVV

+LWOHU
VVSHHFKHV
$PRQJWKHWKHPHVSUHVHQWHGWKHGHVLUHIRUSULGHLQ*HUPDQ\DQGWKHSXULILFDWLRQRIWKH*HUPDQSHRSOHLV
ZHOOH[HPSOLILHGWKURXJKWKHVSHHFKHVDQGLGHDOVRIWKH7KLUG5HLFKLQ7ULXPSKRIWKH:LOO
,QHYHU\VSHHFKJLYHQDQGVKRZQLQ7ULXPSKRIWKH:LOOSULGHLVRQHRIWKHPDMRUIRFXVHV+LWOHUDGYRFDWHV
WRWKHSHRSOHWKDWWKH\VKRXOGQRWEHVDWLVILHGZLWKWKHLUFXUUHQWVWDWHDQGWKH\VKRXOGQRWEHVDWLVILHGZLWK
WKHGHVFHQWIURPSRZHUDQGJUHDWQHVV*HUPDQ\KDVHQGXUHGVLQFH:RUOG:DU,7KH*HUPDQSHRSOHVKRXOG
EHOLHYHLQWKHPVHOYHVDQGWKHPRYHPHQWWKDWLVRFFXUULQJLQ*HUPDQ\+LWOHUSURPRWHVSULGHLQ*HUPDQ\
WKURXJKWKHXQLILFDWLRQRILW8QLI\LQJ*HUPDQ\ZRXOGIRUFHWKHHOLPLQDWLRQRIZKDWGRHVQRWDPRXQWWRWKH
VWDQGDUGVRIWKH1D]LUHJLPH
7RXQLI\*HUPDQ\+LWOHUEHOLHYHVSXULILFDWLRQZRXOGKDYHWRWDNHSODFH7KLVPHDQWQRWRQO\HOLPLQDWLQJ
WKHFLWL]HQVRI*HUPDQ\ZKRDUHQRWRIWKH$U\DQUDFHEXWWKHVLFNZHDNKDQGLFDSSHGRUDQ\RWKHU
FLWL]HQVGHHPHGXQKHDOWK\RULPSXUH,Q7ULXPSKRIWKH:LOO+LWOHUSUHDFKHVWRWKHSHRSOHWKDW*HUPDQ\
PXVWWDNHDORRNDWLWVHOIDQGVHHNRXWWKDWZKLFKGRHVQRWEHORQJ>7@KHHOHPHQWVWKDWKDYHEHFRPHEDG
DQGWKHUHIRUHGRQRWEHORQJZLWKXV7KRXJKZLWKLQWKHFRQWH[WKHVHHPVWREHUHIHUULQJWRWKHFRUUXSW
HOHPHQWVRIWKHSRZHUVWUXFWXUHLWODWHUFRXOGVHHPLQKLQGVLJKWWRLPSO\WKDWWKHHOLPLQDWLRQRIWKH
LQIHULRUSHRSOHRI*HUPDQ\ZRXOGLQWKHRU\UHWXUQ*HUPDQ\WRLWVRQFHSULGHIXODQGSRZHUIXOIRUPHU
VHOI-XOLXV6WUHLFKHUVWUHVVHVWKHLPSRUWDQFHRISXULILFDWLRQLQKLVVSHHFKDGLUHFWUHIHUHQFHWRKLVRZQ
YLUXOHQWDQWLVHPLWLVP+XQGUHGVRIWKRXVDQGVPHQWDOO\VLFNDQGGLVDEOHGZRXOGEHPXUGHUHGLQWKH$FWLRQ
7DSURJUDPPHUXQGLUHFWO\IURP+LWOHU
V&KDQFHOOHU\ .DQ]OHLGHV)KUHUV 
+LWOHUSUHDFKHVWRWKHSHRSOHLQKLVVSHHFKHVWKDWWKH\VKRXOGEHOLHYHLQWKHLUFRXQWU\DQGWKHPVHOYHV7KH
*HUPDQSHRSOHDUHEHWWHUWKDQZKDWWKH\KDYHEHFRPHEHFDXVHRIWKHLPSXULWLHVLQVRFLHW\+LWOHUZDQWV
WKHPWREHOLHYHLQKLPDQGEHOLHYHZKDWKHZDQWVWRGRIRUKLVSHRSOHDQGZKDWKHLVGRLQJLVIRUWKH
FRXQWU\
VDQGSHRSOH
VEHQHILW+HVVVD\VLQWKHODVWVFHQHRI7ULXPSKRIWKH:LOO+HLO+LWOHUKDLOYLFWRU\
KDLOYLFWRU\(YHU\RQHLQDWWHQGDQFH\HOOVLQVXSSRUW7KLVYHUEDOVLJQUHSUHVHQWVWKHLUIDLWKWRWKHLUOHDGHU
DQGKLVPRVWWUXVWHGDGYLVRUVWKDWWKH\EHOLHYHLQWKH1D]LFDXVH7KLVLVGLUHFWO\IROORZLQJ+LWOHU
V\HOO
/RQJOLYHWKH1DWLRQDO6RFLDOLVW0RYHPHQW/RQJOLYH*HUPDQ\DQGWKHFURZGHUXSWVZLWKFKHHULQJDQG
WKHIXOILOOPHQWRISULGHIRUWKHPVHOYHVDQGWKHLUSROLWLFDOSDUW\

,QWKHFORVLQJVSHHFKRI7ULXPSKRIWKH:LOO+LWOHUHQWHUVWKHURRP
IURPWKHEDFNDSSHDULQJWRHPHUJHIURPWKHSHRSOH$IWHUDRQH
VHQWHQFHLQWURGXFWLRQKHWHOOVKLVIDLWKIXO1D]LVKRZWKH*HUPDQQDWLRQ
KDVVXERUGLQDWHGLWVHOIWRWKH1D]L3DUW\EHFDXVHLWVOHDGHUVDUHPRVWO\
RI*HUPDQV+HSURPLVHVWKDWWKHQHZVWDWHWKDWWKH1D]LVKDYHFUHDWHG
ZLOOHQGXUHIRUWKRXVDQGVRI\HDUV+LWOHUVD\VWKDWWKH\RXWKZLOOFDUU\
RQDIWHUWKHROGKDYHZHDNHQHG7KH\FORVHZLWKDFKDQW+LWOHULVWKH
3DUW\+LWOHU7KHFDPHUDIRFXVHVRQWKHODUJH6ZDVWLNDDERYH+LWOHU
DQGWKHILOPHQGVZLWKWKHLPDJHVRIWKLV6ZDVWLNDLPSRVHGRQ1D]LV
PDUFKLQJLQDIHZFROXPQV+LVVSHHFKEURXJKWDWWHQWLRQWRWKHUDOO\
DQGFUHDWHGDKXJHWXUQRXWLQWKHIROORZLQJ\HDUV+HDWWUDFWHGPDQ\
SHRSOHLQWKHZD\WKDWKHDGGUHVVHGWKHLVVXHVDQGKLVSHRSOH+HVSRNH
WRWKHPDVLILWZHUHDVHUPRQDQGHQJDJHGWKHSHRSOH,QRYHUD
PLOOLRQ*HUPDQVSDUWLFLSDWHGLQWKH1XUHPEHUJ5DOO\

7KH7RWHQHKUXQJ KRQRXULQJRI
GHDG DWWKH1XUHPEHUJ
5DOO\66OHDGHU+HLQULFK
+LPPOHU$GROI+LWOHUDQG6$
OHDGHU9LNWRU/XW]H IURP/WR5
RQWKHVWRQHWHUUDFHLQIURQWRIWKH
(KUHQKDOOH +DOORI+RQRXU LQ
WKH/XLWSROGDUHQD,QWKH
EDFNJURXQGLVWKHFUHVFHQWVKDSHG
(KUHQWULEQH OLWHUDOO\WULEXQHRI
KRQRXU 

5HVSRQVH

7ULXPSKRIWKH:LOOSUHPLHUHGRQ0DUFKDWWKH%HUOLQ8ID
3DODFH7KHDWHUDQGZDVDQLQVWDQWVXFFHVV:LWKLQWZRPRQWKVWKHILOP
KDGHDUQHG5HLFKVPDUNDQG8IDFRQVLGHUHGLWRQHRIWKHWKUHH
PRVWSURILWDEOHILOPVRIWKDW\HDU+LWOHUSUDLVHGWKHILOPDVEHLQJDQ
LQFRPSDUDEOHJORULILFDWLRQRIWKHSRZHUDQGEHDXW\RIRXU
0RYHPHQW)RUKHUHIIRUWV5LHIHQVWDKOZDVUHZDUGHGZLWKWKH
*HUPDQ)LOP3UL]H 'HXWVFKHU)LOPSUHLV DJROGPHGDODWWKH
9HQLFH%LHQQDOHDQGWKH*UDQG3UL[DWWKH:RUOG([KLELWLRQLQ
3DULV+RZHYHUWKHUHZHUHIHZFODLPVWKDWWKHILOPZRXOGUHVXOWLQD
PDVVLQIOX[RIFRQYHUWVWRIDVFLVPDQGWKH1D]LVDSSDUHQWO\GLGQRW
PDNHDVHULRXVHIIRUWWRSURPRWHWKHILOPRXWVLGHRI*HUPDQ\)LOP
KLVWRULDQ5LFKDUG7D\ORUDOVRVDLGWKDW7ULXPSKRIWKH:LOOZDVQRWJHQHUDOO\XVHGIRUSURSDJDQGDSXUSRVHV
LQVLGHWKH7KLUG5HLFK7KH,QGHSHQGHQWZURWHLQ7ULXPSKRIWKH:LOOVHGXFHGPDQ\ZLVHPHQDQG
ZRPHQSHUVXDGHGWKHPWRDGPLUHUDWKHUWKDQWRGHVSLVHDQGXQGRXEWHGO\ZRQWKH1D]LVIULHQGVDQGDOOLHV
DOORYHUWKHZRUOG>@
7KHUHFHSWLRQLQRWKHUFRXQWULHVZDVQRWDOZD\VDVHQWKXVLDVWLF%ULWLVKGRFXPHQWDULDQ3DXO5RWKDFDOOHGLW
WHGLRXVZKLOHRWKHUVZHUHUHSHOOHGE\LWVSUR1D]LVHQWLPHQWV'XULQJ:RUOG:DU,,)UDQN&DSUDKHOSHGWR
FUHDWHDGLUHFWUHVSRQVHWKURXJKWKHILOPVHULHVFDOOHG:K\:H)LJKWDVHULHVRIQHZVUHHOVFRPPLVVLRQHG
E\WKH8QLWHG6WDWHVJRYHUQPHQWWKDWVSOLFHGLQIRRWDJHIURP7ULXPSKRIWKH:LOOEXWUHFRQWH[WXDOL]HGLWVR
WKDWLWSURPRWHGWKHFDXVHRIWKH$OOLHVLQVWHDG&DSUDODWHUUHPDUNHGWKDW7ULXPSKRIWKH:LOOILUHGQRJXQ
GURSSHGQRERPEV%XWDVDSV\FKRORJLFDOZHDSRQDLPHGDWGHVWUR\LQJWKHZLOOWRUHVLVWLWZDVMXVWDV
OHWKDO>@&OLSVIURP7ULXPSKRIWKH:LOOZHUHDOVRXVHGLQDQ$OOLHGSURSDJDQGDVKRUWFDOOHG*HQHUDO
$GROSK7DNHV2YHU>@VHWWRWKH%ULWLVKGDQFHWXQH7KH/DPEHWK:DON7KHOHJLRQVRIPDUFKLQJ
VROGLHUVDVZHOODV+LWOHUJLYLQJKLV1D]LVDOXWHZHUHPDGHWRORRNOLNHZLQGXSGROOVGDQFLQJWRWKH
PXVLF7KH'DQLVKUHVLVWDQFHXVHGWRWDNHRYHUFLQHPDVDQGIRUFHWKHSURMHFWLRQLVWWRVKRZ6ZLQJLQJWKH
/DPEHWK:DON DVLWZDVDOVRNQRZQ (ULN%DUURZKDVVDLG7KHH[WUDRUGLQDU\ULVNVZHUHDSSDUHQWO\IHOW
MXVWLILHGE\DPRPHQWRIVDYDJHDQWL+LWOHUULGLFXOH>@$OVRGXULQJ:RUOG:DU,,WKHSRHW'\ODQ7KRPDV
ZURWHDVFUHHQSOD\IRUDQGQDUUDWHG7KHVH$UH7KH0HQDSURSDJDQGDSLHFHXVLQJ7ULXPSKRIWKH:LOO
IRRWDJHWRGLVFUHGLW1D]LOHDGHUVKLS

2QHRIWKHEHVWZD\VWRJDXJHWKHUHVSRQVHWR7ULXPSKRIWKH:LOOZDVWKHLQVWDQWDQGODVWLQJLQWHUQDWLRQDO
IDPHLWJDYH5LHIHQVWDKO7KH(FRQRPLVWVDLGLWVHDOHGKHUUHSXWDWLRQDVWKHJUHDWHVWIHPDOHILOPPDNHURI
WKHWKFHQWXU\>@)RUDGLUHFWRUZKRPDGHHLJKWILOPVRQO\WZRRIZKLFKUHFHLYHGVLJQLILFDQWFRYHUDJH
RXWVLGHRI*HUPDQ\5LHIHQVWDKOKDGXQXVXDOO\KLJKQDPHUHFRJQLWLRQIRUWKHUHPDLQGHURIKHUOLIHPRVWRI
LWVWHPPLQJIURP7ULXPSKRIWKH:LOO+RZHYHUKHUFDUHHUZDVDOVRSHUPDQHQWO\GDPDJHGE\WKLV
DVVRFLDWLRQ$IWHUWKHZDU5LHIHQVWDKOZDVLPSULVRQHGE\WKH$OOLHVIRUIRXU\HDUVIRUDOOHJHGO\EHLQJD
1D]LV\PSDWKL]HUDQGZDVSHUPDQHQWO\EODFNOLVWHGE\WKHILOPLQGXVWU\:KHQVKHGLHGLQ\HDUV
DIWHUWKHILOP
VSUHPLHUHKHURELWXDU\UHFHLYHGVLJQLILFDQWFRYHUDJHLQPDQ\PDMRUSXEOLFDWLRQVLQFOXGLQJ
WKH$VVRFLDWHG3UHVV>@7KH:DOO6WUHHW-RXUQDO>@7KH1HZ<RUN7LPHV>@DQG7KH*XDUGLDQ>@PRVW
RIZKLFKUHDIILUPHGWKHLPSRUWDQFHRI7ULXPSKRIWKH:LOO7KRXJKWKHDFWXDOHIIHFWLYHQHVVRI7ULXPSKRI
WKH:LOOLVKDUGWRPHDVXUHLQWHUPVRIQXPEHUVRUVWDWLVWLFVWKDWDFWXDOO\VWDWHLWVHIIHFWLYHQHVVLWVUHVSRQVH
IURPWKHSHRSOHLVZHOOGRFXPHQWHGZLWKWKHDPRXQWRIYLHZVDQGWKHSRSXODULW\RIWKHPRYLHGXULQJWKH
WLPHSHULRG

&RQWURYHUV\
/LNH$PHULFDQILOPPDNHU':*ULIILWK
V7KH%LUWKRID1DWLRQ
7ULXPSKRIWKH:LOOKDVEHHQFULWLFL]HGDVDXVHRIVSHFWDFXODU
ILOPPDNLQJWRSURPRWHDSURIRXQGO\XQHWKLFDOV\VWHP,QKHU
GHIHQVH5LHIHQVWDKOFODLPHGWKDWVKHZDVQDwYHDERXWWKH1D]LV
ZKHQVKHPDGHLWDQGKDGQRNQRZOHGJHRI+LWOHU
VJHQRFLGDORU
DQWLVHPLWLFSROLFLHV6KHDOVRSRLQWHGRXWWKDW7ULXPSKRIWKH:LOO
FRQWDLQVQRWRQHVLQJOHDQWLVHPLWLFZRUGDOWKRXJKLWGRHVFRQWDLQ
DYHLOHGFRPPHQWE\-XOLXV6WUHLFKHUWKHQRWRULRXV-HZEDLWHU ZKR
ZDVKDQJHGDIWHUWKH1XUHPEHUJWULDOV WKDWDSHRSOHWKDWGRHVQRW
SURWHFWLWVUDFLDOSXULW\ZLOOSHULVK
+RZHYHU5RJHU(EHUWKDVREVHUYHGWKDWIRUVRPHWKHYHU\
DEVHQFHRIDQWLVHPLWLVPLQ7ULXPSKRIWKH:LOOORRNVOLNHD
FDOFXODWLRQH[FOXGLQJWKHFHQWUDOPRWLIRIDOPRVWDOORI+LWOHU
V
SXEOLFVSHHFKHVPXVWKDYHEHHQDGHOLEHUDWHGHFLVLRQWRPDNHWKH
ILOPPRUHHIILFLHQWDVSURSDJDQGD>@
-XOLXV6WUHLFKHULQFXVWRG\LQ

5LHIHQVWDKODOVRUHSHDWHGO\GHIHQGHGKHUVHOIDJDLQVWWKHFKDUJHWKDW
VKHZDVD1D]LSURSDJDQGLVWVD\LQJWKDW7ULXPSKRIWKH:LOO
IRFXVHVRQLPDJHVRYHULGHDVDQGVKRXOGWKHUHIRUHEHYLHZHGDVD*HVDPWNXQVWZHUN KROLVWLFZRUNRIDUW 
,QVKHUHWXUQHGWRWKLVWRSLFVD\LQJ
,I\RXVHHWKLVILOPDJDLQWRGD\\RXDVFHUWDLQWKDWLWGRHVQ
WFRQWDLQDVLQJOHUHFRQVWUXFWHGVFHQH
(YHU\WKLQJLQLWLVWUXH$QGLWFRQWDLQVQRWHQGHQWLRXVFRPPHQWDU\DWDOO,WLVKLVWRU\$SXUH
KLVWRULFDOILOPLWLVILOPYpULWp,WUHIOHFWVWKHWUXWKWKDWZDVWKHQLQKLVWRU\,WLVWKHUHIRUHD
GRFXPHQWDU\1RWDSURSDJDQGDILOP2K,NQRZYHU\ZHOOZKDWSURSDJDQGDLV7KDWFRQVLVWVRI
UHFUHDWLQJHYHQWVLQRUGHUWRLOOXVWUDWHDWKHVLVRULQWKHIDFHRIFHUWDLQHYHQWVWROHWRQHWKLQJJRLQ
RUGHUWRDFFHQWXDWHDQRWKHU,IRXQGP\VHOIPHDWWKHKHDUWRIDQHYHQWZKLFKZDVWKHUHDOLW\RID
FHUWDLQWLPHDQGDFHUWDLQSODFH0\ILOPLVFRPSRVHGRIZKDWVWHPPHGIURPWKDW>@

+RZHYHU5LHIHQVWDKOZDVDQDFWLYHSDUWLFLSDQWLQWKHUDOO\WKRXJKLQODWHU\HDUVVKHGRZQSOD\HGKHU
LQIOXHQFHVLJQLILFDQWO\FODLPLQJ,MXVWREVHUYHGDQGWULHGWRILOPLWZHOO7KHLGHDWKDW,KHOSHGWRSODQLWLV
GRZQULJKWDEVXUG(EHUWVWDWHVWKDW7ULXPSKRIWKH:LOOLVE\JHQHUDOFRQVHQW>RQH@RIWKHEHVW
GRFXPHQWDULHVHYHUPDGHEXWDGGHGWKDWEHFDXVHLWUHIOHFWVWKHLGHRORJ\RIDPRYHPHQWUHJDUGHGE\PDQ\
DVHYLOLWSRVHVDFODVVLFTXHVWLRQRIWKHFRQWHVWEHWZHHQDUWDQGPRUDOLW\,VWKHUHVXFKDWKLQJDVSXUHDUW
RUGRHVDOODUWPDNHDSROLWLFDOVWDWHPHQW">@:KHQUHYLHZLQJWKHILOPIRUKLV*UHDW0RYLHVFROOHFWLRQ
(EHUWUHYHUVHGKLVRSLQLRQFKDUDFWHUL]LQJKLVHDUOLHUFRQFOXVLRQDVWKHUHFHLYHGRSLQLRQWKDWWKHILOPLV
JUHDWEXWHYLODQGFDOOLQJLWDWHUULEOHILOPSDUDO\]LQJO\GXOOVLPSOHPLQGHGRYHUORQJDQGQRWHYHQ

PDQLSXODWLYH
EHFDXVHLWLVWRRFOXPV\WRPDQLSXODWHDQ\RQHEXWDWUXHEHOLHYHU>@
6XVDQ6RQWDJFRQVLGHUV7ULXPSKRIWKH:LOOWKHPRVWVXFFHVVIXOPRVWSXUHO\SURSDJDQGLVWLFILOPHYHU
PDGHZKRVHYHU\FRQFHSWLRQQHJDWHVWKHSRVVLELOLW\RIWKHILOPPDNHU
VKDYLQJDQDHVWKHWLFRUYLVXDO
FRQFHSWLRQLQGHSHQGHQWRISURSDJDQGD6RQWDJSRLQWVWR5LHIHQVWDKO
VLQYROYHPHQWLQWKHSODQQLQJDQG
GHVLJQRIWKH1XUHPEHUJFHUHPRQLHVDVHYLGHQFHWKDW5LHIHQVWDKOZDVZRUNLQJDVDSURSDJDQGLVWUDWKHU
WKDQDVDQDUWLVWLQDQ\VHQVHRIWKHZRUG:LWKVRPHFDPHUDVDQGDFUHZRIWKHPDUFKHVSDUDGHV
VSHHFKHVDQGSURFHVVLRQVZHUHRUFKHVWUDWHGOLNHDPRYLHVHWIRU5LHIHQVWDKO
VILOP)XUWKHUWKLVZDVQRWWKH
ILUVWSROLWLFDOILOPPDGHE\5LHIHQVWDKOIRUWKH7KLUG5HLFK WKHUHZDV9LFWRU\RI)DLWK QRUZDVLWWKH
ODVW 'D\RI)UHHGRPDQG2O\PSLD $Q\RQHZKRGHIHQGV5LHIHQVWDKO
VILOPVDV
GRFXPHQWDU\6RQWDJVWDWHVLIGRFXPHQWDU\LVWREHGLVWLQJXLVKHGIURPSURSDJDQGDLVEHLQJ
GLVLQJHQXRXV,Q7ULXPSKRI:LOOWKHGRFXPHQW WKHLPDJH LVQRORQJHUVLPSO\WKHUHFRUGRIUHDOLW\

UHDOLW\
KDVEHHQFRQVWUXFWHGWRVHUYHWKHLPDJH>@
%ULDQ:LQVWRQ
VHVVD\RQWKHILOPLQ7KH0RYLHVDV+LVWRU\LVODUJHO\DFULWLTXHRI6RQWDJ
VDQDO\VLV
:LQVWRQDUJXHVWKDWDQ\ILOPPDNHUFRXOGKDYHPDGHWKHILOPORRNLPSUHVVLYHEHFDXVHWKH1D]LV
PLVHHQ
VFqQHZDVLPSUHVVLYHSDUWLFXODUO\ZKHQWKH\ZHUHRIIHULQJLWIRUFDPHUDUHVWDJLQJV,QIRUPWKHILOP
DOWHUQDWHVUHSHWLWLYHO\EHWZHHQPDUFKHVDQGVSHHFKHV:LQVWRQDVNVWKHYLHZHUVWRFRQVLGHULIVXFKDILOP
VKRXOGEHVHHQDVDQ\WKLQJPRUHWKDQDSHGHVWULDQHIIRUW/LNH5RWKDKHILQGVWKHILOPWHGLRXVDQGEHOLHYHV
DQ\RQHZKRWDNHVWKHWLPHWRDQDO\]HLWVVWUXFWXUHZLOOTXLFNO\DJUHH

:HKUPDFKWREMHFWLRQV
7KHILUVWFRQWURYHUV\RYHU7ULXPSKRIWKH:LOORFFXUUHGHYHQEHIRUHLWVUHOHDVHZKHQVHYHUDOJHQHUDOVLQWKH
:HKUPDFKWSURWHVWHGRYHUWKHPLQLPDODUP\SUHVHQFHLQWKHILOP2QO\RQHVFHQHWKHUHYLHZRIWKH
*HUPDQFDYDOU\DFWXDOO\LQYROYHGWKH*HUPDQPLOLWDU\7KHRWKHUIRUPDWLRQVZHUHSDUW\RUJDQL]DWLRQV
WKDWZHUHQRWSDUWRIWKHPLOLWDU\
7KHRSSRVLWLRQRIWKHJHQHUDOVZDVQRWVLPSO\RXWRISHUVRQDOL]HGSLTXHRUYDQLW\$VSURGXFHGE\
5LHIHQVWDKO7ULXPSKRIWKH:LOOSRVLWV*HUPDQ\DVDOHDGHUOHVVPDVVRIORVWVRXOVZLWKRXWDQ\RUJDQL]LQJ
LQVWLWXWLRQVRUDQWHFHGHQWLQVWLWXWLRQDOOHDGHUV$QGWKDWWKHQHZRUGHUHPERGLHGE\WKH1D]L3DUW\DQG
+LWOHUSURYLGHVDERWKQHZDQGDVLQJXODUVDYLQJOHDGHUDQGLQVWLWXWLRQDOIUDPHZRUNIRUWKHZKROHRIWKH
*HUPDQQDWLRQ
+RZHYHUWKH$UP\KDGEHHQDQGKDGVHHQLWVHOIDVEHLQJDQLQVWLWXWLRQWKDWKHOGVKDUHGUHVSRQVLELOLW\IRU
WKHOHDGHUVKLSRIWKHQDWLRQDQGVWDWHVLQFHDWOHDVWWKHWLPHRI)UHGULFNWKH*UHDW7KHOHDGHUVRIWKDW$UP\
KDGDOVREHHQYLHZHGWKURXJKRXWWKHKLVWRU\RIWKH*HUPDQVSHDNLQJSHRSOHVDVDQLQWHJUDOSDUWRIWKH
OHDGHUVKLSFDGUH%\RPLWWLQJWKH$UP\ DORQJZLWKRWKHULQVWLWXWLRQVHJWKHQRELOLW\WKH&KXUFK

DFDGHPLDEXVLQHVV WKHILOPGHPRQVWUDWHGWKDWWKH$UP\DVZHOODVLWVOHDGHUVZDVGLVDSSHDUHGIURP
ZKDWWKH$UP\FRQVLGHUHGWREHLWVVKDUHGOHDGHUVKLSUROHLQWKHVWDWH1DWLRQDO6RFLDOLVWRURWKHUZLVH7KH
$UP\VOHDGHUVYHKHPHQWO\GLVDJUHHGZLWKWKLVLPSOLHGDVVHUWLRQRIWKHILOP
+LWOHUSURSRVHGKLVRZQDUWLVWLFFRPSURPLVHZKHUH7ULXPSKRIWKH:LOOZRXOGRSHQZLWKDFDPHUDVORZO\
WUDFNLQJGRZQDURZRIDOOWKHRYHUORRNHGJHQHUDOV DQGSODFDWHHDFKJHQHUDO
VHJR $FFRUGLQJWRKHU
RZQWHVWLPRQ\5LHIHQVWDKOUHIXVHGKLVVXJJHVWLRQDQGLQVLVWHGRQNHHSLQJDUWLVWLFFRQWURORYHU7ULXPSKRI
WKH:LOO6KHGLGDJUHHWRUHWXUQWRWKHUDOO\WRPDNHDILOPH[FOXVLYHO\DERXWWKH:HKUPDFKWZKLFK
EHFDPH7DJGHU)UHLKHLW8QVHUH:HKUPDFKW 'D\RI)UHHGRP2XU$UPHG)RUFHV 

,QIOXHQFHVDQGOHJDF\
7ULXPSKRIWKH:LOOUHPDLQVZHOONQRZQIRULWVVWULNLQJYLVXDOV
$VRQHKLVWRULDQQRWHVPDQ\RIWKHPRVWHQGXULQJLPDJHVRIWKH
>1D]L@UHJLPHDQGLWVOHDGHUGHULYHIURP5LHIHQVWDKO
VILOP>@
([WHQVLYHH[FHUSWVRIWKHILOPZHUHXVHGLQ(UZLQ/HLVHU
V
GRFXPHQWDU\0HLQ.DPSISURGXFHGLQ6ZHGHQLQ
5LHIHQVWDKOXQVXFFHVVIXOO\VXHGWKH6ZHGLVKSURGXFWLRQFRPSDQ\
0LQHUYD)LOPIRUFRS\ULJKWYLRODWLRQDOWKRXJKVKHGLGUHFHLYH
IRUW\WKRXVDQGPDUNVLQFRPSHQVDWLRQIURP*HUPDQDQG$XVWULDQ
GLVWULEXWRUVRIWKHILOP>@

&KDUOHV&KDSOLQDV$GHQRLG+\QNHOLQ
7KH*UHDW'LFWDWRU

,Q&KDUOHV$5LGOH\RIWKH%ULWLVK0LQLVWU\RI,QIRUPDWLRQ
PDGHDVKRUWSURSDJDQGDILOP/DPEHWK:DON1D]L6W\OHZKLFK
HGLWHGIRRWDJHRI+LWOHUDQG*HUPDQVROGLHUVIURPWKHILOPWRPDNHLWDSSHDUWKH\ZHUHPDUFKLQJDQG
GDQFLQJWRWKHVRQJ7KH/DPEHWK:DON>QRWH@7KHILOPVRHQUDJHG-RVHSK*RHEEHOVWKDWUHSRUWHGO\KH
UDQRXWRIWKHVFUHHQLQJURRPNLFNLQJFKDLUVDQGVFUHDPLQJSURIDQLWLHV7KHSURSDJDQGDILOPZDV
GLVWULEXWHGXQFUHGLWHGWRQHZVUHHOFRPSDQLHVZKRZRXOGVXSSO\WKHLURZQQDUUDWLRQ
&KDUOLH&KDSOLQ
VFODVVLFVDWLUH7KH*UHDW'LFWDWRU  ZDVLQVSLUHGLQODUJHSDUWE\7ULXPSKRIWKH
:LOO>@7KHILOPKDVEHHQVWXGLHGE\PDQ\FRQWHPSRUDU\DUWLVWVLQFOXGLQJILOPGLUHFWRUV6LU3HWHU-DFNVRQ
*HRUJH/XFDVDQG5LGOH\6FRWW

6HHDOVR
/LVWRI*HUPDQILOPV
1D]LVPDQGFLQHPD
1D]LSURSDJDQGD
<RX1D]W\6S\
=HUR'DUN7KLUW\

5HIHUHQFHV
 %DUVDP5LFKDUG0  )LOPJXLGHWR7ULXPSKRIWKH:LOO%ORRPLQJWRQ,1,QGLDQD8QLYHUVLW\3UHVVS
 +LQWRQ'DYLG%  7ULXPSKRIWKH:LOO'RFXPHQWRU$UWLILFH"&LQHPD-RXUQDO 8QLYHUVLW\RI7H[DV
3UHVV   GRL

 +LWOHU$GROSK  :DU3URSDJDQGD,Q0DUZLFN$6LPSVRQ:3ULPDU\6RXUFHV,QWHUZDUDQG


:RUOG:DU,,0LOWRQ.H\QHV7KH2SHQ8QLYHUVLW\SS,6%1
 .XOD6  7KHDWUHVRI:DU3URSDJDQGD$UFKLYDULD
 6WDUNPDQ5  0RWKHURI$OO6SHFWDFOHV5D\0OOHU
V7KH:RQGHUIXO+RUULEOH/LIHRI/HQL
5LHIHQVWDKO )LOP4XDUWHUO\ 8QLYHUVLW\RI&DOLIRUQLD  :LQWHU GRL
VXEVFULSWLRQUHTXLUHG

 %DUVDP5LFKDUG)LOPJXLGHWR7ULXPSKRIWKH:LOO 3') 5HWULHYHG)HEUXDU\


 6RQWDJ6XVDQ )HEUXDU\ )DVFLQDWLQJ)DVFLVP7KH1HZ<RUN5HYLHZRI%RRNV
 %HUHQEDXP0LFKDHO  7KH:RUOG0XVW.QRZ7KH+LVWRU\RIWKH+RORFDXVWDV7ROGLQWKH8QLWHG6WDWHV
+RORFDXVW0HPRULDO0XVHXP:DVKLQJWRQ'&8QLWHG6WDWHV+RORFDXVW0HPRULDO0XVHXPSS
,6%1
 &DUO5ROO\VRQ  /HQL5LHIHQVWDKORQ7ULDO7KH1HZ<RUN6XQ5HWULHYHG
 7RPDVXOR)UDQN37KH0DVV3V\FKRORJ\RI)DVFLVW&LQHPD/HQL5LHIHQVWDKO
V7ULXPSKRIWKH:LOO,Q
*UDQW%DUU\.HLWK6ORQLRZVNL-HDQQHWWH'RFXPHQWLQJWKH'RFXPHQWDU\&ORVH5HDGLQJVRI'RFXPHQWDU\)LOP
DQG9LGHR:D\QH6WDWH8QLYHUVLW\3UHVVS,6%1
 :LOOLDPV9DO  /HQL5LHIHQVWDKO7KH,QGHSHQGHQWSS;;
 &DSUD)UDQN  7KH1DPHDERYHWKH7LWOH$Q$XWRELRJUDSK\'D&DSR3UHVVS,6%1
5HWULHYHG
 /RQGRQ
V1HZ9HUVLRQRIWKH/DPEHWK:DON3HUIRUPHGE\WKH1D]L%DOOHW:LWKRXWWKH3HUPLVVLRQRI$+LWOHU
<RX7XEH5HWULHYHG
 %DUURZ(ULN  'RFXPHQWDU\$+LVWRU\RI1RQILFWLRQ)LOPV2[IRUG2[IRUG8QLYHUVLW\3UHVVS
,6%1
 /HQL5LHIHQVWDKO+DQGKHOGKLVWRU\7KH(FRQRPLVW6HSWHPEHU
 5LVLQJ'DYLG 6HSWHPEHU +LWOHU
VILOPPDNHU/HQL5LHIHQVWDKOUHYHUHGDQGUHYLOHGIRUKHUZRUNGLHVDW
$VVRFLDWHG3UHVV
 3HWURSRORXV-RQDWKDQ 6HSWHPEHU /HQL5LHIHQVWDKO&R\3URSDJDQGLVWRIWKH1D]L(UD:DOO6WUHHW
-RXUQDO
 5LGLQJ$ODQ 6HSWHPEHU /HQL5LHIHQVWDKO)LOPPDNHUDQG1D]L3URSDJDQGLVW'LHVDW1HZ<RUN
7LPHV
 +DUGLQJ/XNH 6HSWHPEHU /HQL5LHIHQVWDKO+LWOHU
VIDYRXULWHILOPSURSDJDQGLVWGLHVDW7KH
*XDUGLDQ
 (EHUW5RJHU -XQH 7KH:RQGHUIXO+RUULEOH/LIHRI/HQL5LHIHQVWDKO&KLFDJR6XQ7LPHV
 7KRPVRQ'DYLG  7KH1HZ%LRJUDSKLFDO'LFWLRQDU\RI)LOP)LIWK(GLWLRQ1HZ<RUN.QRSIS
,6%1
 (EHUW5RJHU -XQH 7ULXPSKRIWKH:LOO  &KLFDJR6XQ7LPHV$UFKLYHGIURPWKHRULJLQDORQ
0D\5HWULHYHG6HS
 5HHYHV1LFKRODV  >@7KH3RZHURI)LOP3URSDJDQGD0\WKRU5HDOLW\"/RQGRQ1HZ<RUN
&RQWLQXXPS,6%1
 7ULPERUQ-UJHQ  /HQL5LHIHQVWDKO$/LIH1HZ<RUN)DEHUDQG)DEHUS,6%1
 7ULPERUQSS

)XUWKHUUHDGLQJ
&KHVKLUH(OOHQ  /HQL5LHIHQVWDKO'RFXPHQWDU\)LOP0DNHU2U3URSDJDQGLVW".DPHUD
.HUVKDZ,DQ  7KH+LWOHU0\WK2[IRUG1<2[IRUG8QLYHUVLW\3UHVVSS,6%1

6KLUHU:LOOLDP%HUOLQ'LDU\7KH-RXUQDORID)RUHLJQ&RUUHVSRQGHQW1HZ<RUN
$OIUHG$.QRSI,QFOXGHVDFRQWHPSRUDU\DFFRXQWRIWKH1XUHPEHUJUDOO\
6PLWK'DYLG&DOYHUW  7ULXPSKRIWKH:LOO$)LOPE\/HQL5LHIHQVWDKO5LFKDUGVRQ7;
&HOOXORLG&KURQLFOHV3UHVV$UFKLYHGIURPWKHRULJLQDORQ &RPSOHWH6FUHHQSOD\
:HOFK'DYLG  7KH7KLUG5HLFK3ROLWLFVDQG3URSDJDQGD1HZ)HWWHU/DQH/RQGRQ
5RXWOHGJHSS,6%1

([WHUQDOOLQNV
7ULXPSKRIWKH:LOO KWWSZZZLPGEFRPWLWOHWW DW
:LNLTXRWHKDVTXRWDWLRQV
WKH,QWHUQHW0RYLH'DWDEDVH
UHODWHGWR7ULXPSKRIWKH
'DV%ODXH/LFKW7KH$UWRI/HQL5LHIHQVWDKO
:LOO
KWWSZZZGDVEODXHOLFKWQHWQHZBSDJHBKWP DQXQRIILFLDO
ELRJUDSKLFDOZHEVLWHHQGRUVHGE\WKH5LHIHQVWDKO(VWDWH
7ULXPSKRIWKH:LOO6FUHHQSOD\E\/HQL5LHIHQVWDKO
KWWSZZZGDVEODXHOLFKWQHWWULXPSKBGHVBZLOOHQVKWP DW'DV%ODXH/LFKWQHW
+LQWHUGHQ.XOLVVHQGHV5HLFKVSDUWHLWDJ)LOPV KWWSZZZOHQLULHIHQVWDKOLWKLQWHULQGH[KWP 
5LHIHQVWDKO
VERRNRQWKHPDNLQJRIWKHILOPZLWKPDQ\SKRWRJUDSKV *HUPDQ
7ULXPSKRIWKH:LOO KWWSVDUFKLYHRUJGHWDLOV7ULXPSK2I7KH:LOOJHUPDQ7ULXPSK'HV:LOOHQV 
DYDLODEOHIRUGRZQORDGDW,QWHUQHW$UFKLYH
/DPEHWK:DONYLGHRRIWKH/DPEHWK:DON%ULWLVKSURSDJDQGDVSRRI
KWWSVZZZ\RXWXEHFRPZDWFK"Y ;+W(.6J\F4 RQ<RX7XEH

1RWHV
 6HH([WHUQDOOLQNVIRUYLGHR

5HWULHYHGIURPKWWSVHQZLNLSHGLDRUJZLQGH[SKS"WLWOH 7ULXPSKBRIBWKHB:LOO ROGLG 


&DWHJRULHV ILOPV *HUPDQODQJXDJHILOPV :RUNVDERXW$GROI+LWOHU %ODFNDQGZKLWHILOPV
)LOPVGLUHFWHGE\/HQL5LHIHQVWDKO )LOPVRI1D]L*HUPDQ\ *HUPDQGRFXPHQWDU\ILOPV
*HUPDQILOPV 1D]LSURSDJDQGDILOPV 1XUHPEHUJ5DOO\ILOPV
7KLVSDJHZDVODVWPRGLILHGRQ6HSWHPEHUDW
7H[WLVDYDLODEOHXQGHUWKH&UHDWLYH&RPPRQV$WWULEXWLRQ6KDUH$OLNH/LFHQVHDGGLWLRQDOWHUPVPD\
DSSO\%\XVLQJWKLVVLWH\RXDJUHHWRWKH7HUPVRI8VHDQG3ULYDF\3ROLF\:LNLSHGLDLVD
UHJLVWHUHGWUDGHPDUNRIWKH:LNLPHGLD)RXQGDWLRQ,QFDQRQSURILWRUJDQL]DWLRQ

You might also like