1DWLRQ
:RUOG)HEUXDU\7KH'H3DXOLD
7KLVZHHNLQZRUOGQHZV
 1(: '(/+, ² ,QGLD DQG
3DNLVWDQ DQQRXQFHG 7KXUV
GD\WKH\ZRXOGUHVXPHZLGHUDQJ
LQJ SHDFH WDONV WKDW ZHUH IUR]HQ
V
DIWHU WKH  WHUURULVW DWWDFNV LQ
WKH ,QGLDQ FLW\ RI 0XPEDL ZKLFK
ZHUH EODPHG RQ 3DNLVWDQEDVHG
PLOLWDQWV
7KH86KDVEHHQSUHVVLQJWKH
QXFOHDUDUPHGULYDOVWRUHVWDUWWKHLU
SHDFH HIIRUWV LQ KRSHV WKDW UHGXF
LQJ WHQVLRQV DORQJ WKHLU ERUGHU
ZRXOGIUHH3DNLVWDQWRIRFXVRQLWV
¿JKW DJDLQVW7DOLEDQ PLOLWDQWV ² D
NH\HOHPHQWRI86VWUDWHJ\LQ$I
JKDQLVWDQ
7KH GHFLVLRQ IROORZHG WDONV EH
WZHHQWKHIRUHLJQVHFUHWDULHVRIWKH
WZRFRXQWULHVWKHODWHVWLQD\HDU
ORQJVWULQJRIPHHWLQJVLQWHQGHGWR
UHEXLOGWKHQDWLRQV
VKDWWHUHGWUXVW
$ VWDWHPHQW UHOHDVHG VLPXOWDQH
RXVO\LQ1HZ'HOKLDQG,VODPDEDG
VDLGWKHQHZWDONVZRXOGIRFXVRQ
FRXQWHUWHUURULVP KXPDQLWDULDQ LV
VXHV SHDFH DQG VHFXULW\ WKH GLV
SXWHG .DVKPLU UHJLRQ DQG RWKHU
ERUGHULVVXHV
3DNLVWDQ 3ULPH 0LQLVWHU <RXVXI
5D]D *LODQL ZHOFRPHG WKH WDONV
DQGSUDLVHGKLV,QGLDQFRXQWHUSDUW
0DQPRKDQ6LQJKIRUWKHRSHQLQJ
RIDQHZFKDSWHULQWKHUHODWLRQVEH
WZHHQWKHWZRFRXQWULHV
%XW WKHUH LV OLWWOH H[SHFWDWLRQ RI
D UDSLG DJUHHPHQW WR HQG WKH VL[
GHFDGH FRQÀLFW EHWZHHQ WKH ELWWHU
ULYDOV (YHQ LI QHJRWLDWRUV PDQ
DJHGWREULGJHWKHJDSVRQHYHU\
WKLQJ IURP UHJLRQDO ZDWHU VKDULQJ
WR VRYHUHLJQW\ RYHU D GLVSXWHG
FUHHN WKHUH LV QR JXDUDQWHH WKDW
WKHVKDN\3DNLVWDQLJRYHUQPHQWRU
HYHQWKHPRUHVWDEOH,QGLDQDGPLQ
LVWUDWLRQ FRXOG VHOO VXFK D GHDO WR
WKHLUSDUOLDPHQWVDQGWKHLUSHRSOH
 72.<2  ² )UHVK RII D
JDPEOLQJVFDQGDOWKDWGHHSO\
VXOOLHG LWV LPDJH -DSDQ
V QDWLRQDO
VSRUW RI VXPR ZUHVWOLQJ LV QRZ
JUDSSOLQJ ZLWK DOOHJDWLRQV WKDW
VHQLRUZUHVWOHUVDQGFRDFKHVXVHG
FHOOSKRQHVWRSODQKRZWRIL[ERXWV
3ROLFHKDYHIRXQGWH[WPHVVDJHV
RQ FRQILVFDWHG PRELOH SKRQHV WKDW
LPSOLFDWH DV PDQ\ DV  ZUHVWOHUV
LQ VFKHPHV WR IL[ PDWFKHV WKH
-DSDQ 6XPR $VVRFLDWLRQ DQG
-DSDQHVH PHGLD VDLG :HGQHVGD\
2QH UHSRUWHGO\ ZHQW LQWR GHWDLO
FDVH²DQG
DERXW KRZ KH ZRXOG DWWDFN DQG
KRZKHZDQWHGKLVRSSRQHQWWRIDOO
7KHWH[WPHVVDJHVIRXQGRQWKH
SKRQHV RI D ZUHVWOHU DQG D FRDFK
LQGLFDWHWKDWWKHZUHVWOHUVURXWLQHO\
IL[HG ERXWV DQG FKDUJHG KXQGUHGV
RI WKRXVDQGV RI \HQ WKRXVDQGV RI
 :$6+,1*721 ² 7KH
+RXVH RQ7XHVGD\ IDLOHG WR
H[WHQGWKHOLIHRIWKUHHVXUYHLOODQFH
WRROV WKDW DUH NH\ WR WKH QDWLRQ
SRVW6HSW  DQWLWHUURU ODZ D
VOLSXS IRU WKH QHZ 5HSXEOLFDQ
OHDGHUVKLS WKDW PLVFDOFXODWHG WKH
OHYHORIRSSRVLWLRQ
7KH +RXVH YRWHG  WR
NHHS WKH WKUHH SURYLVLRQV RI WKH
86$3DWULRW$FWRQWKHERRNVXQWLO
'HF%XW5HSXEOLFDQVEURXJKWXS
WKH ELOO XQGHU D VSHFLDO H[SHGLWHG
SURFHGXUH UHTXLULQJ D WZRWKLUGV
PDMRULW\DQGWKHYRWHIHOOVKRUW
7KH 5HSXEOLFDQV ZKR WRRN
RYHU WKH +RXVH ODVW PRQWK ORVW
 RI WKHLU RZQ PHPEHUV DGGLQJ
WR WKH  'HPRFUDWV ZKR
YRWHG DJDLQVW LW 6XSSRUWHUV VD\
WKH WKUHH PHDVXUHV DUH YLWDO WR
SUHYHQWLQJDQRWKHUWHUURULVWDWWDFN
&$/&877$ ,QGLD ³  0HPEHUV DQG DFWLYLVWV RI WKH 6RFLDOLVW 8QLW\ &HQWHU RI ,QGLD EXW FULWLFV VD\ WKH\ LQIULQJH RQ
 EXUQHIILJLHVRI(J\SWLDQ3UHVLGHQW+RVQL0XEDUDNOHIWDQG3UHVLGHQW%DUDFN2EDPD FLYLO OLEHUWLHV 7KH\ DSSHDOHG WR
GXULQJDVROLGDULW\PDUFKRQ0RQGD\)HE WKHDQWLSDWK\WKDWQHZHUDQGPRUH
FRQVHUYDWLYH 5HSXEOLFDQV KROG
IRU ELJ JRYHUQPHQW LQYDVLRQV RI
LQGLYLGXDOSULYDF\
(DUOLHURQ7XHVGD\5HSXEOLFDQV
DOVR SXOOHG D ELOO IURP WKH IORRU
EHFDXVH RI GLVVDWLVIDFWLRQ DERXW
H[WHQGLQJ WUDGH EHQHILWV IRU WKUHH
 6RXWK $PHULFDQ FRXQWULHV ZKLOH
FRQWLQXLQJ D SURJUDP WKDW KHOSV
  UHWUDLQ $PHULFDQV ZKR ORVH WKHLU
  MREVWRIRUHLJQFRPSHWLWLRQ
7KH 3DWULRW $FW ELOO ZRXOG KDYH
 UHQHZHG WKH DXWKRULW\ IRU FRXUW
DSSURYHG URYLQJ ZLUHWDSV WKDW
SHUPLW VXUYHLOODQFH RQ PXOWLSOH
SKRQHV $OVR DGGUHVVHG ZDV
6HFWLRQ  WKH VRFDOOHG OLEUDU\
UHFRUGV SURYLVLRQ WKDW JLYHV WKH
)%, FRXUWDSSURYHG DFFHVV WR
DQ\ WDQJLEOH WKLQJ UHOHYDQW WR D
WHUURULVPLQYHVWLJDWLRQ
 /21'21   ² :LNL/HDNV
IRXQGHU -XOLDQ $VVDQJH DS
SHDUHGLQFRXUW0RQGD\IRUDVKRZ
GRZQ ZLWK 6ZHGLVK DXWKRULWLHV WR
¿JKW DQ H[WUDGLWLRQ ELG RYHU VH[
FULPHVDOOHJDWLRQV
$VVDQJH LV DFFXVHG RI VH[XDO
PLVFRQGXFWE\WZRZRPHQKHPHW
GXULQJ D YLVLW WR 6WRFNKROP ODVW
\HDU 'HIHQVH ODZ\HUV ZLOO DUJXH
WKDW KH VKRXOG QRW EH H[WUDGLWHG
EHFDXVHKHKDVQRWEHHQFKDUJHG
ZLWK D FULPH EHFDXVH RI ÀDZV LQ
6ZHGLVKSURVHFXWRUV
EHFDXVH D WLFNHW WR 6ZHGHQ FRXOG
HYHQWXDOO\ODQGKLPLQ*XDQWDQDPR
 -8%$6XGDQ²7KHPXGKXWWRZQRI-XEDKDVHDUQHGDSURPR %D\RURQ86GHDWKURZ
WLRQWRZRUOGFDSLWDOODWHUWKLV\HDU2QO\6RXWKHUQ6XGDQQHHGVIDU $PHULFDQ RI¿FLDOV DUH WU\LQJ WR
PRUHWKDQLWVRZQFXUUHQF\DQGDQDWLRQDODQWKHP0RVWRIWKHURDGVKHUH EXLOG D FULPLQDO FDVH DJDLQVW WKH
DUHGLUWDQGHYHQDLGZRUNHUVOLYHLQVKLSSLQJFRQWDLQHUV VHFUHWVSLOOLQJ VLWH ZKLFK KDV DQ
,QDOLWWOHPRUHWKDQILYHPRQWKV6RXWKHUQ6XGDQLVVODWHGWREHFRPH JHUHG :DVKLQJWRQ E\ SXEOLVKLQJ D
GROODUVSHUPDWFKWRGRVR
VQHZHVWFRXQWU\)LQDOUHVXOWVIURPODVWPRQWK
VLQGHSHQGHQFH WURYH RI OHDNHG GLSORPDWLF FDEOHV
6XPR KDV EHHQ GRJJHG E\
VFDQGDOV RYHU WKH SDVW IHZ \HDUV
VQRUWK
VODZ\HUVFODLPWKH6ZHGLVK
DQG KDV VHHQ LWV SRSXODULW\
QRVHGLYH
VODUJHVWVZLPPLQJSRROVLWVKHUHWKRXJKLWVZDWHULVPXUN\+LV
WKHZRUOG
UHIHUHQGXPDQQRXQFHGRQ0RQGD\VKRZWKDWSHUFHQWRIWKHEDOORWV DQG VHFUHW 86 PLOLWDU\ ¿OHV $V
FDVWZHUHIRUVHFHVVLRQIURP6XGDQ
VDQJH
-XEDLVRLOULFKEXWODFNVWKHHPEDVVLHVDQGVN\VFUDSHUVRIRWKHUZRUOG SURVHFXWLRQ LV OLQNHG WR WKH OHDNV
FDSLWDOV7KHUHZDVRQO\DPLOHRUWZRRISDYHPHQWKHUHMXVWD\HDUDJR DQGSROLWLFDOO\PRWLYDWHG
DQGWKHORFDODUFKLYHVDUHVWRUHGLQDWHQW0DQ\WKRXJKVHHJUHDWSR
WHQWLDODQGDUHH[FLWHGO\ORRNLQJIRUZDUGWRFRQWUROOLQJWKHLURZQGHVWLQ\
(QWUHSUHQHXU6RORPDQ&KDSODLQ/XLLVRYHUVHHLQJWKHFRQVWUXFWLRQ
RIDSDUWPHQWVDQGKRWHOURRPVRQDURFN\EOXIIRYHUORRNLQJ-XED7KH
FRXQWU\
DUPSRLQWVWRZDUGHPSW\ILHOGVZKHUHKHKRSHVWRRQHGD\EXLOGDPDOO
DQGDJROIFRXUVH
$V,WDONWR\RXQRZWKHUHDUHPDQ\SHRSOHIORZLQJKHUHKHVDLG$
QHZFRXQWU\LVEHLQJERUQ
7ZRGHFDGHVRIZDUEHWZHHQWKHSUHGRPLQDQWO\0XVOLPQRUWKDQGUHE
HOVLQWKH&KULVWLDQDQLPLVWVRXWKNLOOHGDWOHDVWPLOOLRQSHRSOHEHIRUHD
SHDFHDJUHHPHQWZDVUHDFKHG5HVLGHQWVDUHMXELODQWWRKDYHWKHLU
RZQFRXQWU\DWODVWWKRXJKPXFKZRUNUHPDLQV
&RPSLOHGE\5DFKHO0HWHD_3KRWRVDQGQHZVFRXUWHV\RI7KH$VVRFLDWHG3UHVV

7KLVZHHNLQZRUOGQHZV
 6$1$$ <HPHQ ² 7HQV RI
WKRXVDQGV RI <HPHQLV GH
PDQGHG WKH SUHVLGHQW VWHS GRZQ
LQ QDWLRQZLGH SURWHVWV 7KXUVGD\
WDNLQJ LQVSLUDWLRQ IURP WKH SRSXODU
UHYROWLQ7XQLVLDDQGYRZLQJWRFRQ
WLQXHXQWLOWKHLU86EDFNHGJRYHUQ
PHQWIDOOV
<HPHQLVWKHODWHVW$UDEVWDWHWR
EHKLWE\PDVVDQWLJRYHUQPHQWSUR
WHVWV MRLQLQJ 7XQLVLD DQG (J\SW LQ
FDOOV IRU UHYROXWLRQDU\ FKDQJH7KH
GHPRQVWUDWLRQV SRVH D QHZ WKUHDW
WR WKH VWDELOLW\ RI <HPHQ WKH$UDE
ZRUOG
V PRVW LPSRYHULVKHG QDWLRQ
ZKLFK KDV EHFRPH D KDYHQ IRU DO
4DLGDPLOLWDQWV
1R GHOD\V QR GHOD\V WKH WLPH
IRU GHSDUWXUH KDV FRPH VKRXWHG
SURWHVWHUV FDOOLQJ IRU WKH RXVWHU
RI 3UHVLGHQW $OL $EGXOODK 6DOHK
ZKR KDVUXOHGIRUQHDUO\\HDUV
6DOHK
V JRYHUQPHQW LV ULGGOHG ZLWK
FRUUXSWLRQKDVOLWWOHFRQWURORXWVLGH
WKH FDSLWDO DQG LWV PDLQ VRXUFH RI
LQFRPH²RLO²FRXOGUXQGU\LQD
GHFDGH
7KHSURWHVWHUVZHUHOHGE\RSSR
VLWLRQ PHPEHUV DQG \RXWK DFWLYLVWV
LQIRXUSDUWVRIWKHFDSLWDO6DQDD,Q
WKH VRXWKHUQ SURYLQFHV RI 'DOL DQG
6KDEZDULRWSROLFHXVHGEDWRQVWR
GLVSHUVH SHRSOH ZKLOH WKRXVDQGV
VEUXWDOGUXJ
WRRN WR WKH VWUHHWV LQ DO+XGD\GDK
SURYLQFH DQ DO4DLGD VWURQJKROG
DORQJWKH5HG6HDFRDVW
7KHDFWLVWKHODWHVWLQDZDYHRI
DWWHPSWV DW VHOILPPRODWLRQ DFURVV
WKH$UDEZRUOGZKLFKDSSHDUWREH
LQVSLUHGE\HYHQWVLQ7XQLVLD
V PRUH WKDQ
$ IHZ KXQGUHG SURJRYHUQPHQW
VXSSRUWHUV KHOG D FRXQWHUSURWHVW
LQ6DQDDEXWWKH\ZHUHJUHDWO\RXW
VVWDWHV
QXPEHUHG
 *ORXFHVWHUVKLUH (1*/$1' EH
1DWLRQ :RUOG-DQXDU\7KH'H3DXOLD
 0217(55(< 0H[LFR ²
7KH SROLFH FKLHI DQG DOO 
SROLFH RIILFHUV RI D QRUWKHDVWHUQ
0H[LFDQ WRZQ KDYH TXLW IROORZLQJ
D VHULHV RI GUXJ FDUWHO DWWDFNV
LQFOXGLQJWKHGHFDSLWDWLRQRIWZRRI
WKHLUFROOHDJXHV
6ROGLHUV VWDWH DQG IHGHUDO
SROLFHKDGEHHQGHSOR\HGWRSDWURO
*HQHUDO 7HUDQ D WRZQ DORQJ D
QRWRULRXV GUXJVPXJJOLQJ URXWH WR
WKH86ERUGHUVDLG0D\RU5DPRQ
9LOODJRPH]
7KHSROLFHTXLWDIWHUWKHGLVFRYHU\
:HGQHVGD\RIWKHPXWLODWHGERGLHV
RI WZR RIILFHUV ZKR KDG EHHQ
NLGQDSSHG E\ JXQPHQ WZR GD\V
HDUOLHU
7KH NLOOLQJV IROORZHG WKUHH
DWWDFNVRQWKHSROLFHKHDGTXDUWHUV
VLQFH 'HFHPEHU *XQPHQ KXUOHG
JUHQDGHVDQGVSUD\HGWKHEXLOGLQJ
:$6+,1*721³3UHVLGHQW%DUDFN2EDPDGHOLYHUVKLV6WDWHRIWKH8QLRQDGGUHVV
 DWWKH&DSLWROLQ:DVKLQJWRQ7XHVGD\-DQ ZLWKPDFKLQHJXQILUH
9LOODJRPH] VDLG DQRWKHU SROLFH
RIILFHUKDVEHHQPLVVLQJIRUZHHNV
LQ WKH WRZQ RI  SHRSOH
VRXWKZHVW RI WKH LQGXVWULDO FLW\ RI
0RQWHUUH\
0DVV SROLFH UHVLJQDWLRQV KDYH
EHHQ FRPPRQ LQ VPDOO WRZQV LQ
 0H[LFR 0XQLFLSDO SROLFH FRPSODLQ
WKH\ DUH RXWQXPEHUHG DQG
RXWJXQQHGE\0H[LFR

 
FDUWHOV ZKR IUHTXHQWO\ VWDJH EROG
 DWWDFNV RQ VHFXULW\ IRUFHV ZLWK

 VHPLDXWRPDWLF DVVDXOW ULIOHV DQG
JUHQDGHV
3UHVLGHQW )HOLSH &DOGHURQ KDV
LQWURGXFHGDSURSRVDOLQ&RQJUHVV
WR GLVVROYH 0H[LFR
PXQLFLSDOSROLFHIRUFHV7KH\
ZRXOGEHUHSODFHGE\DVLQJOHIRUFH
IRUHDFKRI0H[LFR
 -8%$ 6XGDQ  ² 7KH $IULFDQ 8QLRQ
ORZ $ SURWHVW VLJQ LV VHHQ RQ D FKLHI VD\V WKH RUJDQL]DWLRQ LQWHQGV WR
WUHH LQ WKH )RUHVW RI 'HDQ *ORXFHVWHU EHWKHILUVWWRUHFRJQL]H6RXWKHUQ6XGDQDVD
VKLUH (QJODQG RQH RI WKH WKH FRXQWU\
V QHZVWDWHVKRXOGWKHUHVXOWRILWVUHIHUHQGXP
KHULWDJHZRRGODQGVZKLFKPD\EHDIIHFWHG EHVHFHVVLRQ
E\WKH*RYHUQPHQW
VSODQVIRUDVHOORIIRI 0DODZL
V 3UHVLGHQW %LQJX ZD 0XWKDULND
(QJODQG
VSXEOLFIRUHVWV PDGHWKHVWDWHPHQW:HGQHVGD\DIWHUPHHWLQJ
6RPHRI(QJODQG
VEHVWORYHGDQGROGHVW 6RXWKHUQ6XGDQ
VOHDGHU6DOYD.LLU0XWKDULND
SXEOLF IRUHVWV FRXOG EH VROG RII WR SULYDWH FXUUHQWO\ KROGV WKH URWDWLQJ FKDLUPDQVKLS RI
FRPSDQLHV XQGHU JRYHUQPHQW SODQV SUR WKHPHPEHU$IULFDQ8QLRQ
SRVHG7KXUVGD\7KHSURSRVHGVDOHFRXOG 6RXWKHUQ6XGDQKHOGDZHHNORQJUHIHUHQGXP
UDLVHXSWRPLOOLRQSRXQGVPLO WKDWEHJDQ-DQ7KHUHIHUHQGXPFRQFOXGHV
OLRQIRUWKHJRYHUQPHQWEXWLWSURYRNHGLUH D SHDFH GHDO VLJQHG LQ -DQXDU\  WKDW
DQGKRUURUIURPQDWXUHORYHUVZKRVD\WKH HQGHGD\HDUFLYLOZDUEHWZHHQQRUWKDQG
PRYHZRXOGGDPDJHZLOGOLIHDQGVKXWRXW VRXWK6XGDQ
ZDONHUVDQGF\FOLVWVIURPWKHZRRGODQGV
 %XFKDUHVW520$1,$³-HZVVLWLQWKH*UHDW6\QDJRJXHGXULQJ
DFRPPHPRUDWLRQRIWKRVHNLOOHGDFURVV5RPDQLDGXULQJDUHYROW
OHGE\PHPEHUVRIWKH,URQ*XDUGIDVFLVWSDUW\EHWZHHQ-DQ
2QO\DERXW-HZVOLYHLQ5RPDQLDWRGD\GRZQIURP
EHIRUH:RUOG:DU,,DFFRUGLQJWRRIILFLDO5RPDQLDQVWDWLVWLFV

 &$,52 ³ 9LROHQFH HVFDODWHG ELOORZHG IURP WKH EXLOGLQJ ,Q WKH

LQWZRFLWHVRXWVLGHWKHFDSLWDO
&DLUR 7KXUVGD\ ZKHUH DQWLJRYHUQ
PHQWSURWHVWHUVWRUFKHGD¿UHVWDWLRQ
DQG ORRWHG ZHDSRQV WKDW WKH\ WKHQ
WXUQHGRQSROLFH(J\SW
VWRSGHPRF HUVVXUURXQGHGDSROLFHVWDWLRQIURP
UDF\DGYRFDWHUHWXUQHGWRWKHFRXQ
WU\ DQG GHFODUHG KH ZDV UHDG\ WR
OHDG WKH FDPSDLJQ WR RXVW ORQJWLPH
3UHVLGHQW+RVQL0XEDUDN
VUDOOLHVZRXOGEH
,Q WKH ÀDVKSRLQW FLW\ RI 6XH]
HDVW RI &DLUR ZLWQHVVHV VDLG ULRW
HUV²VRPHZHDULQJVXUJLFDOPDVNV
WR ZDUG RII WHDU JDV ² ¿UHERPEHG
WKH PDLQ ¿UH VWDWLRQ DQG ¿UH¿JKW
HUV MXPSHG RXW ZLQGRZV WR HVFDSH
WKH ÀDPHV DV KHDY\ EODFN VPRNH
QRUWKHUQ6LQDLDUHDRI6KHLN=XZHLG
VHYHUDO KXQGUHG %HGRXLQV DQG SR
OLFHH[FKDQJHGOLYHJXQ¿UHNLOOLQJD
\HDUROGPDQ$ERXWSURWHVW
URRIWRSVRIQHDUE\EXLOGLQJVDQG¿UHG
WZR53*VDWLWGDPDJLQJWKHZDOOV
6RFLDOQHWZRUNLQJVLWHVZHUHDEX]]
ZLWKWDONWKDW)ULGD\
VRPHRIWKHELJJHVWVRIDUFDOOLQJIRU
WKHRXVWHURI0XEDUDNDIWHU\HDUV
LQSRZHU0LOOLRQVJDWKHUDWPRVTXHV
DFURVV WKH FLW\ IRU )ULGD\ SUD\HUV
SURYLGLQJ RUJDQL]HUV ZLWK D KXJH
QXPEHURISHRSOHDOUHDG\RXWRQWKH
VWUHHWVWRWDSLQWR

&RPSLOHGE\5DFKHO0HWHD_3KRWRVDQGQHZVFRXUWHV\RI7KH$VVRFLDWHG3UHVV

7KLVZHHNLQZRUOGQHZV
 1(:<25.³)HGHUDODX
WKRULWLHV RUFKHVWUDWHG RQH
V ORQJ HIIRUW WR EXLOG
RI WKH ELJJHVW 0DILD WDNHGRZQV LQ
VVHFRQGODUJHVW
)%,KLVWRU\7KXUVGD\FKDUJLQJ
VXVSHFWHG PREVWHUV DQG DVVRFL
DWHVLQWKH1RUWKHDVWZLWKPXUGHUV
H[WRUWLRQDQGRWKHUFULPHVVSDQQLQJ
GHFDGHV
3DVWLQYHVWLJDWLRQVKDYHUHVXOWHG
LQ VWUDWHJLF VWULNHV DLPHG DW FULS
SOLQJ LQGLYLGXDO FULPH IDPLOLHV7KLV
WLPH DXWKRULWLHV XVHG D VKRWJXQ
DSSURDFK ZLWK VRPH  IHGHUDO
DJHQWV DQG SROLFH RIILFHUV PDN
LQJ VFRUHV RI VLPXOWDQHRXV DUUHVWV
VWHPPLQJIURPGLIIHUHQWPRELQYHV
WLJDWLRQV LQ 1HZ <RUN 1HZ -HUVH\
DQG5KRGH,VODQG
0HPEHUV DQG DVVRFLDWHV RI /D
V HIIRUWV
&RVD 1RVWUD DUH DPRQJ WKH PRVW
GDQJHURXVFULPLQDOVLQRXUFRXQWU\
$WWRUQH\ *HQHUDO (ULF +ROGHU VDLG
7KHYHU\RDWKRIDOOHJLDQFHVZRUQ
E\ WKHVH 0DILD PHPEHUV GXULQJ
WKHLULQLWLDWLRQFHUHPRQ\ELQGVWKHP
WRDOLIHRIFULPH
,QWKHSDVWWKH)%,KDVDJJUHV
VFOHDUWKDWKH
1DWLRQ :RUOG-DQXDU\7KH'H3DXOLD
 &+,&$*2²0D\RU5LFKDUG
'DOH\
WLHVZLWKWKHZRUOG
HFRQRP\VHHPHGWRSD\RII7KXUV
GD\DV&KLQHVH3UHVLGHQW+X-LQWDR
DUULYHGIRUKLVILUVWYLVLWWR&KLFDJR
KLV RQO\ VWRS RXWVLGH :DVKLQJWRQ
GXULQJWKLVWULS
+X ZDV H[SHFWHG WR IRFXV RQ
HFRQRPLF WLHV EHWZHHQ &KLQD DQG
&KLFDJRGXULQJKLVZKLUOZLQGRYHU
QLJKW YLVLW WR WKH FLW\ ([SHUWV VDLG
WKHDWWHQWLRQIURP&KLQDKDVEHHQ
WKH HQY\ RI RWKHU 86 FLWLHV DQG
FRXOGPDUNDJLJDQWLF²DQGSURILW
DEOH ² VWHS IRUZDUG IRU ERWK SDU
WLHV GHVSLWH WKH VRPHWLPHV URFN\
86&KLQDUHODWLRQVKLS
0DQ\ FUHGLWHG 'DOH\
7KH PD\RU KDV WUDYHOHG WR &KLQD
 .XDOD/XPSXU0$/$<6,$³$+LQGXGHYRWHHJHWVSLHUFHGZLWKDPHWDOURGGXULQJ
WKH7KDLSXVDPIHVWLYDODW%DWX&DYHV7KXUVGD\-DQ7KHIHVWLYDOLVURRWHG IRXUWLPHVVLQFHWRXWLQJ&KL
FDJRDVDJOREDOWUDQVSRUWDWLRQKXE
LQ+LQGXOHJHQGDQGZDVEURXJKWIURPVRXWKHUQ,QGLDE\WKFHQWXU\LPPLJUDQWVZKRFDPH
WRWKH0DOD\VLDQSHQLQVXODWRZRUNLQUXEEHUHVWDWHVDQGJRYHUQPHQWRIILFHV ZLWK ODUJH PDQXIDFWXULQJ DQG LQ
GXVWULDOVHFWRUVIULHQGO\WR&KLQHVH
EXVLQHVV
&KLFDJRGHVHUYHVVRPHNXGRV
,W
V'DOH\FXOWLYDWHG
VLYHO\ SXUVXHG DQG LPSULVRQHG WKH
V
OHDGHUVKLS RI WKH FLW\
V ILYH ,WDOLDQ
PREIDPLOLHVRQO\WRVHHDPELWLRXV
XQGHUOLQJV ILOO WKH YDFDQFLHV VDLG
-DQLFH)HGDUF\NKHDGRIWKH)%,
V
1HZ<RUNRIILFH
:HGHDOLQUHDOLW\DQGWKHUHDOLW\
LVWKDWWKHPREOLNHQDWXUHDEKRUV
DYDFXXPVKHVDLG
+RZHYHU WKH )%, KDV JDLQHG D
UHFHQW DGYDQWDJH E\ FXOWLYDWLQJ D
FURS RI PRE ILJXUHV ZLOOLQJ WR ZHDU
ZLUHV DQG WHVWLI\ DJDLQVW JDQJVWHUV
LQH[FKDQJHIRUOHQLHQF\LQWKHLURZQ
FDVHV
V YLVLW
7KH YRZ RI VLOHQFH WKDW LV SDUW
RIWKHRDWKRIRPHUWDLVPRUHP\WK
WKDQUHDOLW\WRGD\VKHVDLG
VHPHUJHQFHDVDKXE
WFRPHIRUZDUG
1DLUREL .(1<$ ³ 6FRUHV RI SURWHVWHUV JDWKHUHG DW
)UHHGRP&RUQHURQ7XHVGD\-DQWREHJLQ
 DFDPSDLJQWRFROOHFWPLOOLRQVLJQDWXUHVLQVXSSRUW
RI WKH ,QWHUQDWLRQDO &ULPLQDO &RXUW ,&& 3URVHFXWRU
/XLV0RUHQR2FDPSRKDVSXEOLFO\QDPHGVL[KLJKUDQNLQJ
JRYHUQPHQWRIILFLDOVDQGSURPLQHQW.HQ\DQVDVWKHSHRSOH
ZKR EHDU WKH JUHDWHVW UHVSRQVLELOLW\ IRU YLROHQFH WKDW
IROORZHG WKH 'HFHPEHU  HOHFWLRQ LQ ZKLFK PRUH WKDQ
VFDSLWDOWXUQHGLWVDWWHQWLRQ
SHRSOHZHUHNLOOHG
,QWKHDIWHUPDWKRIWKHGLVSXWHGHOHFWLRQDPREVHWILUH
WR D FKXUFK ZKHUH KXQGUHGV ZHUH WDNLQJ UHIXJH 6WRQH
WKURZLQJJDQJVZLHOGLQJPDFKHWHVNLOOHGVFRUHVRISHRSOH
WKH &KLQD UHODWLRQVKLS DQG KH
OHDUQHG KRZ WR GR WKDW YHU\ ZHOO
VDLG .HQQHWK /LHEHUWKDO GLUHF
 WRU RI WKH -RKQ / 7KRUQWRQ &KLQD
  &HQWHUDWWKH%URRNLQJV,QVWLWXWLRQ
0D\RUVDQGJRYHUQRUVDURXQGWKH
 
FRXQWU\UHJDUGOHVVRIWKHLUSROLWLFV
VHH&KLQDDVDVRXUFHRISRWHQWLDO
FDSLWDO PDUNHWV DQG MREV 6R \RX
EHWWHUEHRQHVORRNLQJWRKDYHWKH
  SUHVLGHQWRI&KLQDFRPHKHUH
'DOH\ FKDUDFWHUL]HG WKH YLVLW DV
DELJELJELJELJELJGHDODWD
QHZVFRQIHUHQFHODVWZHHN
$VLGH IURP EXVLQHVV +X
ZDV H[SHFWHG WR KHOS LQFUHDVH
DZDUHQHVVRI&KLFDJRDQGWRXULVP
 $7/$17$ ³ )HGHUDO DXWKRULWLHV DUH
KLJKOLJKWLQJ$WODQWD
LQ KXPDQ WUDIILFNLQJ DORQJ WKH (DVW &RDVW DV
WKH\WU\WRUDLVH DZDUHQHVVDERXWWKHSUREOHP
DQGJHQHUDWHWLSVIURPWKHSXEOLF
%URFN 1LFKROVRQ RI 86 ,PPLJUDWLRQ DQG
&XVWRPV (QIRUFHPHQW IRU *HRUJLD DQG WKH
&DUROLQDV VD\V KXPDQ WUDIILFNLQJ KDV EHHQ
LQFUHDVLQJ LQ WKH $WODQWD DUHD DQG WKH FULPHV
DUHRIWHQKDUGWRXQFRYHUEHFDXVHPDQ\YLFWLPV
ZRQ
1LFKROVRQ VDLG YLFWLPV RIWHQ IHDU EHDWLQJV
IURP WUDIILFNHUV RU DUUHVW DQG GHSRUWDWLRQ E\
DXWKRULWLHV LI WKH\ WU\ WR HVFDSH +H VWUHVVHG
WKDWDXWKRULWLHVZLOOQRWSXQLVKRUGHSRUWYLFWLPV
1LFKROVRQVDLGWZRWURXEOLQJQHZWUHQGVDUH
WKDWYLFWLPVDUHJHWWLQJ\RXQJHUVRPHDV\RXQJ
DV  DQG WUDIILFNHUV DUH LQFUHDVLQJO\ XVLQJ
YLROHQFHWRFRQWUROYLFWLPV
 :$6+,1*721 ³ $ 86 RIILFLDO VD\V
WKH 2EDPD DGPLQLVWUDWLRQ ZLOO VRRQ
LQFUHDVH WKH XVH RI PLOLWDU\ WULDOV IRU SULVRQHUV
DW *XDQWDQDPR %D\ &XED $QG LW ZLOO VHW XS
D SDUROHW\SH V\VWHP WR UHYLHZ WKH FDVHV RI
SULVRQHUV ZKR DUH QRW H[SHFWHG WR JHW VXFK
WULDOV
7KHRIILFLDOVSRNHRQFRQGLWLRQRIDQRQ\PLW\
EHFDXVHWKHSODQKDVQRW\HWEHHQDQQRXQFHG
+H VDLG 'HIHQVH 6HFUHWDU\ 5REHUW *DWHV  %(5/,1³*HUPDQ\
LV H[SHFWHG WR VRRQ OLIW D \HDUROG RUGHU WKDW WRIDVKLRQWKLVZHHNZLWKZLQWHUFROOHFWLRQV
EORFNHG DQ\ QHZ FDVHV IURP EHLQJ VWDUWHG RQ WKH UXQZD\ VWDUWLQJ :HGQHVGD\ DW %HUOLQ )DVKLRQ
DJDLQVW WHUURULVP VXVSHFWV DW *XDQWDQDPR :HHNDQGHPHUJLQJGHVLJQHUVVKRZLQJRIIWKHLUHGJ\
3UHVLGHQW %DUDFN 2EDPD LV H[SHFWHG WR VLJQ SLHFHVDWWKHVWUHHWZHDUWUDGHVKRZNQRZQDV%UHDG
DQGSROLFHIDWDOO\VKRWSURWHVWHUV DQ H[HFXWLYH RUGHU VHWWLQJ XS WKH SDUROHW\SH  %XWWHU$ PRGHO DERYH SUHVHQWV D FUHDWLRQ RI WKH
6HYHUDO RSLQLRQ SROOV FRQGXFWHG LQ WKH SDVW \HDU VKRZ V\VWHP IDVKLRQGHVLJQHU'DZLG7RPDV]HZVNL
EURDG SXEOLF VXSSRUW IRU WKH ,&& SURFHVV WKRXJK DQG 7KHEDQRQQHZFDVHVZDVSXWLQSODFHMXVW %HUOLQ )DVKLRQ :HHN ZKLFK RIWHQ VWUXJJOHV LQ
FULWLFVZDUQVXFKDGHOD\ZRXOGSUHYHQWMXVWLFHIRUWKHPRUH DIWHU 2EDPD
V  LQDXJXUDWLRQ EHFDXVH KH FRPSDULVRQV WR WKH EHWWHU NQRZQ ZHOOHVWDEOLVKHG
WKDQSHRSOHNLOOHGGXULQJZHHNVRIULRWLQJDQGHWKQLF SODQQHGWRFORVHWKHSULVRQ%XWKLVHIIRUWVKDYH FRXWXUH SUHVHQWDWLRQV LQ 3DULV RU 0LODQ GHILQHV LWVHOI
FODVKHV EHHQWKZDUWHGE\&RQJUHVV DVDVKRZFDVHIRU\RXQJDQGORFDOGHVLJQHUV
&RPSLOHGE\5DFKHO0HWHD_3KRWRVDQGQHZVFRXUWHV\RI7KH$VVRFLDWHG3UHVV
 1DWLRQ :RUOG-DQXDU\7KH'H3DXOLD

7KLVZHHNLQZRUOGQHZV
 7(5(6232/,6 %UD]LO  ³  6$17 -2$1 0DOORUFD ³
7KHSRZHUZDVRXWEXWOLJKW 6HHNLQJ WR UDLVH PRQH\ IRU
QLQJ IODVKHV LOOXPLQDWHG WKH KRUURU WKHLU 5RPDQ &DWKROLF \RXWK JURXS
DV YLOODJHUV ZDWFKHG QHLJKERUV
 PHPEHUV FDPH XS ZLWK D ULVTXH
KRPHVYDQLVKXQGHUDZDOORIPXG LGHD 3RVH QHDUO\ QXGH IRU D
DQG ZDWHU WXUQLQJ QHLJKERUKRRGV FDOHQGDU UHFUHDWLQJ VFHQHV IURP
LQWR JUDYH\DUGV 6XUYLYRUV GXJ DW WKH3DVVLRQRI&KULVW
WKHHDUWKEDUHKDQGHG7KXUVGD\EXW 7KH JURXS KDV DOPRVW VROG RXW
DOOWKH\IRXQGZHUHERGLHV
,W ZDV D VFHQH RI PXGG\ GH
VWUXFWLRQ LQ PRXQWDLQ WRZQV QRUWK
RI 5LR ZKHUH DW OHDVW  SHRSOH
V%LVKRS-HVXV0XUJXL
ZHUHNLOOHGZKHQWRUUHQWLDOUDLQVXQ
OHDVKHGPXGVOLGHVLQWKHSUHGDZQ
KRXUV :HGQHVGD\ EXU\LQJ SHRSOH
DOLYH DV WKH\ VOHSW 2IILFLDOV ZRXOG
QRW YHQWXUH JXHVVHV RQ KRZ PDQ\
V RIILFH VDLG
SHRSOH ZHUH PLVVLQJ ² EXW IHDUV
ZHUH KLJK WKDW WKH GHDWK WROO FRXOG
VKDUSO\ULVH
,Q WKH UHPRWH &DPSR *UDQGH
QHLJKERUKRRG RI 7HUHVRSROLV QRZ
DFFHVVLEOH RQO\ E\ D SHULORXV ILYH
PLOH KLNH WKURXJK PXGVOLFNHG
MXQJOH IDPLO\ PHPEHUV SXOOHG WKH
OLIHOHVV ERGLHV RI ORYHG RQHV IURP
WKH PXFN 7KH\ FDUHIXOO\ ODLG WKH
FRUSVHV RQ GU\ JURXQG FRYHULQJ
WKHPZLWKEODQNHWV
$\RXQJER\FULHGRXWDVKLVID
V
WKHU
V ERG\ ZDV IRXQG , ZDQW WR
VHHP\GDG,ZDQWWRVHHP\GDG
)ORRGLQJDQGPXGVOLGHVDUHFRP
PRQ LQ %UD]LO ZKHQ WKH VXPPHU
UDLQV FRPH EXW WKLV ZHHN
V VOLGHV
ZHUH DPRQJ WKH ZRUVW LQ UHFHQW
PHPRU\7KHGLVDVWHUVXQGXO\SXQ
LVKWKHSRRUZKRRIWHQOLYHLQULFNHW\
VKDFNVSHUFKHGSHULORXVO\RQVWHHS
KLOOVLGHVZLWKOLWWOHRUQRIRXQGDWLRQV
%XWHYHQWKHULFKGLGQRWHVFDSHWKH
GDPDJH
, KDYH IULHQGV VWLOO ORVW LQ DOO RI
WKLV PXG VDLG &DUROV (XULFR D
UHVLGHQWRIWKHFLW\
V&DPSR*UDQGH
QHLJKERUKRRGDVKHPRWLRQHGWRD
VHD RI GHVWUXFWLRQ EHKLQG KLP ,W
V
DOOJRQH,W
VDOORYHUQRZ:H
UHSXW
WLQJRXUVHOYHVLQWKHKDQGVRI*RG
VJRYHUQPHQWFROODSVHG
VHGLWLRQRIWKHMRXUQDO6FLHQFH  DVVDVVLQDWLRQ RI IRUPHU 3ULPH 0LQLVWHU 5DILN
 3RUWDX3ULQFH$ZRPDQKROGVDURVDU\DVVKHSUD\V
VZDONRXWXVKHUVLQWKHFRXQWU\
VZRUVW
GXULQJDPDVVDWWKH&DWKHGUDOLQ3RUWDX3ULQFH+DLWL
:HGQHVGD\ -DQ   :HGQHVGD\ PDUNHG WKH RQH
\HDUDQQLYHUVDU\VLQFH+DLWL
VPDJQLWXGHHDUWKTXDNHWKDW
GHYDVWDWHG WKH FDSLWDO DQG LV HVWLPDWHG WR KDYH NLOOHG PRUH
WKDQSHRSOHDQGOHIWPLOOLRQVKRPHOHVV
 78&621³)URPOHIW(OOLH6WHYH/XFLD5HHYHVDQG=RH5HHYHVJDWKHU
IRU D FDQGOHOLJKW YLJLO RXWVLGH WKH RIILFHV 86 5HS *DEULHOOH *LIIRUGV *LIIRUGV ZDV
FULWLFDOO\ZRXQGHGGXULQJDVKRRWLQJDWDSROLWLFDOHYHQW6DWXUGD\LQ7XFVRQRQ-DQ
&DWKROLFV DQG NHHSLQJ WKHP LQ WKH
 7KH FDOHQGDU IHDWXUHV EODFN
 
 
  UHFUHDWLQJ LPDJHV RI WKH
 ,PDJHV WDNHQ LQ UXVWLF VHWWLQJV
YLVLEOH HVFRUWLQJ WKUHH LPSULVRQHG
&KULVWLDQV ZHDULQJ VNLPS\ ORLQ
 781,6 7XQLVLD ³ +LV IDFH ZDV SODVWHUHG DOO
RYHU 7XQLVLD DQG WKH PHVVDJH ZDV SLHUFLQJ
$Q DJHOHVV DQG XELTXLWRXV OHDGHU ZLWK D VHHPLQJO\
HQGOHVVJULSRQSRZHU
7KHQFDPHXQSUHFHGHQWHGULRWVDQGKLVRXVWHUDQG
WKHSUHYDLOLQJLPDJHZDVRIDRQFHXQWKLQNDEOHQDWXUH
2QYLGHRVKDULQJVLWHV7XQLVLDQVZDWFKHGIRRWDJHRI
SURWHVWHUVVHWWLQJOLJKWWRWKHSKRWRRI3UHVLGHQW=LQH(O
$ELGLQH%HQ$OLWKHLUOHDGHURI\HDUV
3ULPH 0LQLVWHU 0RKDPPHG *KDQQRXFKL ZHQW RQ
VWDWHWHOHYLVLRQWRVD\KHZDVJRLQJWRDVVXPHSRZHU
LQ7XQLVLD
,Q UHVSRQVH WR WKH ULRWV WKH SUHVLGHQW GHFODUHG
D VWDWH RI HPHUJHQF\ LQ WKH 1RUWK $IULFDQ QDWLRQ
GLVVROYHGWKHJRYHUQPHQWDQGSURPLVHGQHZOHJLVODWLYH
HOHFWLRQVZLWKLQVL[PRQWKV
%HQ $OL KDG GHIWO\ PDQDJHG WKH HFRQRP\ RI KLV
VPDOOFRXQWU\RIPLOOLRQDEHDFKKDYHQIRUWRXULVWV
DQG EHDFRQ RI VWDELOLW\ LQ YRODWLOH 1RUWK $IULFD ,W
 6($77/(³$VLPSOHZULWLQJH[HUFLVHFDQUHOLHYH
VWXGHQWV RI WHVW DQ[LHW\ DQG PD\ KHOS WKHP JHW
EHWWHU VFRUHV WKDQ WKHLU OHVV DQ[LRXV FODVVPDWHV D
QHZVWXG\KDVIRXQG
7KHUHSRUWLQ)ULGD\
VD\VVWXGHQWVZKRVSHQGPLQXWHVEHIRUHDQH[DP
ZULWLQJ DERXW WKHLU WKRXJKWV DQG IHHOLQJV FDQ IUHH XS
EUDLQSRZHUSUHYLRXVO\RFFXSLHGE\WHVWLQJZRUULHVDQG
GRWKHLUEHVWZRUN
3V\FKRORJLVWV HGXFDWRUV DQG SDUHQWV KDYH NQRZQ
IRU D ORQJ WLPH WKDW WKH ZD\ VWXGHQWV SHUIRUP RQ D
WHVW GRHV QRW QHFHVVDULO\ LQGLFDWH ZKDW NQRZOHGJH
WKH\ EULQJ WR WKH WDEOH7HVW DQ[LHW\ LV IDLUO\ FRPPRQ
LQFODVVURRPVHVSHFLDOO\LQWKH8QLWHG6WDWHVEHFDXVH
RILWVLQFUHDVLQJO\WHVWREVHVVHGFXOWXUHVDLG6LDQ/
%HLORFNDFRDXWKRURIWKHVWXG\
&RPSLOHGE\5DFKHO0HWHD_3KRWRVDQGQHZVFRXUWHV\RI7KH$VVRFLDWHG3UHVV
RI WKH HXUR  FDOHQGDUV IRU
 DQG LV FRQVLGHULQJ DQRWKHU
SULQW UXQ EHFDXVH RI KLJK GHPDQG
%XW0DOORUFD
LV EODVWLQJ WKH HIIRUW DV VKRZLQJ
GLVUHVSHFW IRU WKH PRVW LPSRUWDQW
&DWKROLFKROLGD\
7KH FDOHQGDU WULYLDOL]HV
(DVWHU WKH %LVKRS
LQ D VWDWHPHQW HPDLOHG WR 7KH
$VVRFLDWHG3UHVVRQ)ULGD\
,W DGGHG :H UHJUHW WKDW WKH
UHOLJLRXV IHHOLQJV RI &DWKROLFV RQ
WKLVLVODQGKDYHQRWEHHQWDNHQLQWR
DFFRXQWDQGWKDW&KULVWLDQV\PEROV
VKRXOG QRW KDYH EHHQ VKRZQ GXH
UHVSHFW
0HPEHUV RI WKH 'DYDOODPHQW
&DWKROLFJURXSRI\RXQJDGXOWVWKDW
JLYHV 6XQGD\ VFKRRO FODVVHV VD\
WKHVKHHUSRSXODULW\RIWKHFDOHQGDU
VKRZV WKH\ KDYH WKH SXEOLF
VXSSRUW7KH\KDYHDOPRVWVROGRXW
IRU D SURILW RI  HXURV WKDW ZLOO
EH XVHG WR EX\ PDWHULDO IRU WKHLU
ZRUN DLPHG DW HGXFDWLQJ \RXQJ
IROG
DQGZKLWHVKRWVRI\RXQJPHQDQG
ZRPHQ RI 6DQW -RDQ SRSXODWLRQ
5RPDQ HUD ZKHQ &KULVWLDQLW\ ZDV
ERUQ
LQFOXGH QHDUO\ QDNHG JODGLDWRUV
ILJKWLQJ ZLWK VSHDUV DQG 5RPDQ
FHQWXULRQV ZLWK WKHLU EXWWRFNV
FORWKV ZKLOH FDUU\LQJ D UXVWLF
ZRRGHQFURVV
VHHPHG DV WKRXJK WKHUH ZDV D WUDGHRII ZLWK KLV
SHRSOH7KHUHZDVDODFNRIFLYLOULJKWVDQGOLWWOHRUQR
IUHHGRPRIVSHHFKEXWDEHWWHUTXDOLW\RIOLIHWKDQLQ
QHLJKERULQJFRXQWULHVOLNH$OJHULDDQG/LE\D%XWLWZDV
XQHPSOR\PHQW²RIILFLDOO\PHDVXUHGDWSHUFHQW²
WKDWOHGWRKLVGRZQIDOO
 %(,587³/HEDQRQ
:HGQHVGD\DIWHU+H]EROODKDQGLWVDOOLHVUH
VLJQHGIURPWKH&DELQHWLQDGLVSXWHZLWK:HVWHUQ
EDFNHG IDFWLRQV RYHU XSFRPLQJ LQGLFWPHQWV LQ WKH
+DULUL
$ 81EDFNHG WULEXQDO LQYHVWLJDWLQJ WKH WUXFN
ERPELQJ WKDW NLOOHG +DULUL DQG  RWKHUV LV ZLGHO\
H[SHFWHG WR QDPH PHPEHUV RI WKH 6KLLWH PLOLWDQW
JURXSZKLFKPDQ\IHDUFRXOGUHLJQLWHVHFWDULDQYLR
OHQFHWKDWKDVHUXSWHGUHSHDWHGO\LQWKHWLQ\QDWLRQ
+H]EROODK
SROLWLFDOFULVLVVLQFHLQRQHRIWKHPRVWYRODWLOH
FRUQHUVRIWKH0LGGOH(DVW

7KLVZHHNLQZRUOGQHZV
 :$6+,1*721²'HIHQVH
6HFUHWDU\ 5REHUW *DWHV DQ
QRXQFHG 7KXUVGD\ KH ZLOO FXW
 ELOOLRQ IURP WKH 3HQWDJRQ
V
EXGJHW LQ WKH QH[W ¿YH \HDUV
² PRQH\ WKDW ZLOO FRPH IURP
VKULQNLQJ WKH PLOLWDU\
V JURXQG
IRUFH LQFUHDVLQJ KHDOWK FDUH
SRZHUVDUHOLPLWHGE\
SUHPLXPV IRU WURRSV DQG RWKHU
SROLWLFDOO\ XQSRSXODU FRVWVDYLQJ
PHDVXUHV
7KH SODQ DOVR LGHQWL¿HV D
VHSDUDWHELOOLRQLQVDYLQJV
LQFOXGLQJ WKH FDQFHOODWLRQ RI D
 ELOOLRQ DPSKLELRXV 0DULQH
YHKLFOH +RZHYHU WKH VHUYLFHV
ZLOO EH DOORZHG WR UHLQYHVW WKDW
V  VHDWV 7KDW
VDOOLHVQRORQJHU
PRQH\ LQ QHZ ZHDSRQ V\V
WHPV DQG SURJUDPV WKDW EHQH¿W
WURRSVKHVDLG
7KHPRYHLVSDUWRIDEURDGHU
HIIRUWWRWULPIDWIURPWKHPLOLWDU\
V
PDPPRWK KDOIWULOOLRQ DQQXDO
EXGJHWLQOLJKWRIWKHQDWLRQ
VEDO
ORRQLQJGH¿FLW

:H DUH QRW H[HPSW IURP
VFUXWLQ\ DQG EHLQJ DVNHG WR ¿J
XUH RXW ZKDW ZH DUH GRLQJ ZLWK
OHVV GROODUV *DWHV WROG UHSRUW
HUV
%XW SDUWV RI WKH SODQ DUH
OLNHO\WRUXQLQWRVHULRXVRSSRVL
WLRQIURP&RQJUHVV/DZPDNHUV
KDYH IRXJKW SDVW SURSRVDOV WR
LQFUHDVH KHDOWK FDUH SUHPLXPV
DQGFXWZHDSRQVSURJUDPVWKDW
SURGXFHMREVLQWKHLUVWDWHV
QHZVSDSHU
 7(+5$1 ,UDQ ³ $ VWDWHRZQHG ,UDQLDQ
VD\V DXWKRULWLHV KDYH GHWDLQHG DQ
$PHULFDQZRPDQRQHVSLRQDJHVXVSLFLRQV
7KH UHSRUW 7KXUVGD\ E\ WKH ,5$1 )DUVL
GDLO\ VDLG VKH KDG KLGGHQ VS\LQJ WHFKQRORJ\
1DWLRQ :RUOG-DQXDU\7KH'H3DXOLD
 &$5$&$6 9HQH]XHOD ²
2SSRVLWLRQ ODZPDNHUV JDLQHG D
ELJJHU SUHVHQFH DQG D SODWIRUP
WR FKDOOHQJH +XJR &KDYH] DV
D QHZ 1DWLRQDO $VVHPEO\ WRRN
RIILFH :HGQHVGD\ WKRXJK WKH
FRQJUHVV
D PHDVXUH OHWWLQJ WKH SUHVLGHQW
HQDFWODZVE\GHFUHH
$IWHU KDYLQJ DOPRVW QR
UHSUHVHQWDWLRQ DW DOO LQ WKH
RXWJRLQJ FRQJUHVV GXH WR
 $%,'-$1,YRU\&RDVW³<RXWKVUDLVHWKHLUKDQGVLQDVKRZRIVXSSRUWIRU/DXUHQW*EDJERDWDUDOO\
D GHFLVLRQ WR ER\FRWW 
HOHFWLRQV WKH RSSRVLWLRQ QRZ
OHGE\*EDJERPLQLVWHUDQG\RXWKOHDGHU&KDUOHV%OH*RXGH:KLOHWKH8QLWHG1DWLRQVDQGRWKHUZRUOG FRQWUROV  RI WKH 1DWLRQDO
SRZHUVUHFRJQL]HULYDO$ODVVDQH2XDWWDUDDVWKHZLQQHURI1RYHPEHUSUHVLGHQWLDOHOHFWLRQV*EDJERKDV
$VVHPEO\
UHIXVHGWRVWHSGRZQIRUPRUHWKDQDPRQWKDIWHUWKHSUHVLGHQWLDOUXQRIIYRWH7KHQDWLRQUHJLRQDOEORF PHDQV&KDYH]
(&2:$6KDVWKUHDWHQHGWRUHPRYHWKHLQFXPEHQWOHDGHULIRQJRLQJQHJRWLDWLRQVIDLO
KDYHDWZRWKLUGVVXSHUPDMRULW\
WKHWKUHVKROGQHHGHGWRDSSURYH
VRPH W\SHV RI PDMRU ODZV DQG
DSSRLQW6XSUHPH&RXUWMXVWLFHV
/DZPDNHUV VWRRG DQG VDQJ
WKH QDWLRQDO DQWKHP DW WKH VWDUW
RI D UDXFRXV LQDXJXUDO VHVVLRQ
ZKLFK VDZ RSHQLQJ VSHHFKHV
WKDW GUHZ DSSODXVH DQG VKRXWV
IURPWKHWZRFDPSV3UR&KDYH]
  ODZPDNHUVFKDQWHGWKHLUVORJDQ
 7KH\ZLOOQRWUHWXUQ²WRZKLFK
VRPH RSSRVLWLRQ ODZPDNHUV
  UHSOLHG WKDW WKH\ KDG LQ IDFW
UHWXUQHG
6XSSRUWHUVDQGRSSRQHQWVRI
&KDYH]ERWKGHPRQVWUDWHGQHDU
WKH 1DWLRQDO $VVHPEO\ ZKLOH
KXQGUHGV RI 1DWLRQDO *XDUG
WURRSV DQG SROLFH LQ ULRW JHDU
EORFNHGVWUHHWV
 6RXWK.RUHDOHIW²6RXWK.RUHD
V$+6
&REUD KHOLFRSWHU ¿UHV URFNHWV GXULQJ WKH$UP\
RU D PLFURSKRQH LQ KHU WHHWK ZKHQ VKH ZDV $YLDWLRQ6KRRWLQJ0DWFKLQ<DQJS\RXQJ6RXWK
GHWDLQHG E\ FXVWRPV DXWKRULWLHV LQ WKH ERUGHU .RUHD 7KXUVGD\ -DQ   1RUWK .RUHD
WRZQRI1RUGRX]LQQRUWKZHVWHUQ,UDQ FDOOHG IRU XQFRQGLWLRQDO DQG HDUO\ WDONV ZLWK
,W VDLG VKH DUULYHG LQ ,UDQ IURP QHLJKERULQJ ULYDO 6RXWK .RUHD WR SXW DQ HQG WR PRQWKV RI
$UPHQLDZLWKRXWYLVD WHQVLRQV 6HRXO TXLFNO\ GLVPLVVHG WKH RIIHU DV
7KHUHSRUWGLGQRWVD\ZKHQWKHZRPDQZDV LQVLQFHUHDQGVDLGLW
VZDLWLQJIRUDQDSRORJ\IRU
GHWDLQHG WZRGHDGO\DWWDFNVEODPHGRQ3\RQJ\DQJ

0HPRUDEOHTXRWHVIURP 
³7KLVVSHDNVWRDELJJHUSLFWXUHKHUH
WKDWFHUWDLQO\VFDUHVPHLQWHUPVRI ³8KJRRGHYHQLQJDQGZHOFRPHWRWKHODVW
RXU QDWLRQDO VHFXULW\ SROLFLHV %XW µ/DUU\.LQJ/LYH¶,W¶VKDUGWRVD\WKDW´
REYLRXVO\ZH
YHJRWWDVWDQGZLWKRXU /$55<.,1*)URP´/DUU\.LQJ/LYHµ
1RUWK.RUHDQDOOLHV´

³,
GOLNHP\OLIHEDFN´
6$5$+3$/,1RQ*OHQQ%HFN
V
UDGLRVKRZWDONLQJDERXW1RUWK
.RUHDDQG6RXWK.RUHD

721<+$<:$5'%3&(2DWWKHWLPHRIWKH*XOIRLOVSLOO

³,I>EHLQJ@DJHHNPHDQV\RX
UHZLOOLQJWRVWXG\WKLQJV
³:HFDQ
WOHJLVODWHFRXUWHV\´ DQG LI \RX WKLQN VFLHQFH DQG HQJLQHHULQJ PDWWHU ,
SOHDGJXLOW\,I\RXUFXOWXUHGRHVQ
WOLNHJHHNV\RXDUH
&/$5(0217 &281&,/0$1 6$0 3('52=$=$ EHIRUH FRXQFLO PHP LQUHDOWURXEOH´
EHUVUHMHFWHGDSURSRVDOWREDQVPRNLQJLQVRPHSXEOLFSODFHVVXFKDV
RXWGRRUGLQLQJDUHDV %,//*$7(6IRXQGHURI0LFURVRIW

7KLV:HHNLQ:RUOG1HZV
3HQQV\OYDQLD
 3+,/$'(/3+,$ ³ )URP
WR $UNDQVDV 1HZ
+DPSVKLUH WR 2KLR WKH HOHFWRUDWH
WXUQHG RYHU LQFXPEHQWV 7XHVGD\
OLNH D JDUGHQHU WXUQV RYHU
HDUWK 5HSXEOLFDQV UHDSHG DQ
LPSUHVVLYH KDUYHVW QDWLRQZLGH
EXW LQ VRPH SODFHV WKHLU VZHHS
UHYHUVHG EDODQFHV RI SRZHU ZKHUH
'HPRFUDWLFURRWVUXQGHHS
7KH *23
V UHZDUG *RYHUQLQJ D
¿FNOHDQJU\HOHFWRUDWHLQDWLPHRI
EXVWHGVWDWHEXGJHWVDQGKLJKDQ[L
HW\DERXWMREVDQGMREOHVVQHVV$QG
IRUYRWHUVLQVWDWHVWKDWÀLSSHGIURP
'HPRFUDWLF WR 5HSXEOLFDQ FRQWURO
ZKDW WKH\ VRXJKW ² FKDQJH ² LV
GH¿QLWHO\LQVWRUH
,Q 2KLR DQG :LVFRQVLQ KLJK
VSHHGUDLOSURMHFWVPD\EHVFXWWOHG
,Q3HQQV\OYDQLDSULYDWL]DWLRQRIWKH
VWDWHOLTXRUVWRUHVLVEDFNRQWKHWD
EOH,QWKH'HPRFUDWLFVWURQJKROGRI
0LQQHVRWDORQJGRUPDQW*23SUR
SRVDOV WR HVWDEOLVK UDFHWUDFN JDP
:HGQHVGD\1RYLQ&ROXPEXV2KLR
EOLQJ UHTXLUHDSKRWR,'IRUYRWLQJ
DQGDPHQGWKHVWDWH&RQVWLWXWLRQWR
EDQJD\PDUULDJHPD\¿QGQHZOLIH
$QG HYHU\ZKHUH WKH\ SURPLVHG WR
IRFXVRQWKHHFRQRP\
:KHUHYHU \RX ZHUH WKH PDQWUD
ZDVMREVMREVMREVMREVVDLG5DQ
GDOO0LOOHUDSROLWLFVSURIHVVRUDW6W
-RVHSK
V8QLYHUVLW\LQ3KLODGHOSKLD
%XW VWDWHV GRQ
W UHDOO\ FRQWURO
WKHLU HFRQRPLF GHVWLQLHV KH VDLG
VR5HSXEOLFDQVPLJKWUHDSDZKLUO
ZLQG E\ QRW EHLQJ DEOH WR GR YHU\
PXFK WKHPVHOYHV DQG IXO¿OO H[SHF
WDWLRQVZKLFKDUHFRQWUDGLFWRU\
'RQQHOO ZDV
V IURQW JURXS LQ
V &RSWLF
V
 3257 025(6%< 3DSXD
1HZ *XLQHD ³ 86 6HFUHWDU\ RI
V
6WDWH +LOODU\ 5RGKDP &OLQWRQ RQ
:HGQHVGD\ZDUQHGWKHSHRSOHDQG
JRYHUQPHQWRI3DSXD1HZ*XLQHD
WKDW KXPDQ ULJKWV FRQGLWLRQV PXVW
LPSURYH LI WKH LPSRYHULVKHG 6RXWK
3DFLILF QDWLRQ DZDVK LQ UDSH
GRPHVWLF YLROHQFH DQG SROLFH
EUXWDOLW\LVWRGHYHORS
7KHILUVWVHFUHWDU\RIVWDWHWRYLVLW
WKH FRXQWU\ LQ  \HDUV &OLQWRQ
XUJHG JRYHUQPHQW RIILFLDOV LQ WKH
FDSLWDO WR HPEUDFH D UREXVW DQWL
FRUUXSWLRQ DJHQGD DPLG FRQFHUQV
WKDWDZLQGIDOOIURPDPDVVLYHQDWXUDO
V0XVOLPVDQGLWVPLQRULW\&KULVWLDQVDOWKRXJKWKHLVVXHKDVEHFRPHDUDOO\LQJ
JDV ILQG DQG YDVW PLQHUDO GHSRVLWV
ZLOO IXHO DOUHDG\ ZLGHVSUHDG JUDIW
VDWWDFNWKHJURXSVDLGLWKDGJLYHQWKH&RSWLF
DQGPDNHPDWWHUVZRUVHHVSHFLDOO\
IRUZRPHQDQGFKLOGUHQ
0DQ\ IHDU UHYHQXH IURP PLQLQJ
2KLR *RYHOHFW -RKQ .DVLFK FHOHEUDWHV D YLFWRU\ GXULQJ WKH 2KLR 5HSXEOLFDQ 3DUW\ FHOHEUDWLRQ
N WHD SDUW\EDFNHG FDQGLGDWHV
M Q
S
 :$6+,1*721 ³ 7KH )HGHUDO 5HVHUYH   %$*+'$'  ³
HPEDUNHGRQDKLVWRULFLQWHUYHQWLRQLQERQGPDUNHWV $O4DLGD
:HGQHVGD\ DQQRXQFLQJ WKH VWDJJHUHG SXUFKDVH RI
ELOOLRQLQ7UHDVXU\ERQGVWKURXJKQH[W-XQHLQ
DQHIIRUWWRVSXU JUHDWHU LQYHVWPHQW ULVNWDNLQJ DQG
DFWLYLW\LQWKHPRULEXQG86HFRQRP\
7KHUDWHVHWWLQJ)HGHUDO2SHQ0DUNHW&RPPLWWHH
FRQFOXGHG D WZRGD\ PHHWLQJ ZLWK D VWDWHPHQW WKDW
RXWOLQHGLWVDJJUHVVLYHQHZDSSURDFKWRORZHUORQJ
WHUPOHQGLQJUDWHVDFURVVWKHHFRQRP\7KH)HGDOVR
VDLG LW ZRXOG UHLQYHVW HDUQLQJV IURP SUHYLRXVO\ SXU
FKDVHGGHEWUDLVLQJLWVWRWDOVXPRIFRPLQJDFWLRQWR
DUDQJHDVKLJKDVELOOLRQ
6XFKDELJSXUFKDVHRI7UHDVXU\ERQGVE\WKHFHQ
WUDOEDQNKDVQHYHUEHHQWULHGEHIRUH
 72.<2 ³ ,PPHGLDWH SURWHVWV ZHUH WULJJHUHG
LQ 7RN\R DIWHU 5XVVLDQ 3UHVLGHQW 'PLWU\ 0HGYHGHY
YLVLWHG.XQDVKLUL,VODQGRQ0RQGD\WKHLVODQGLQWKH
3DFLILF2FHDQFODLPHGE\ERWK5XVVLDDQG-DSDQ
-DSDQKDVZDUQHGWKH5XVVLDQSUHVLGHQWQRWWRYLVLW
DQ\ PRUH GLVSXWHG LVODQGV DIWHU D WULS WR RQH WKLV
ZHHN
1DWLRQ :RUOG1RYHPEHU7KH'H3DXOLD
 :$6+,1*721 ³ 6SXUUHG
E\DQJHURYHUWKHUHFHVVLRQDQG
FORVHO\FRQWHVWHGUDFHVLQVHYHUDO
ODUJH VWDWHV $PHULFDQV YRWHG LQ
KLJKHU QXPEHUV WKDQ LQ PLGWHUP
HOHFWLRQVIRXU\HDUVDJR
:LWK PRUH WKDQ  SHUFHQW RI
SUHFLQFWV UHSRUWLQJ HOHFWLRQ GDWD
LQGLFDWHWKDWWXUQRXW7XHVGD\ZDV
XSLQDWOHDVWQLQHVWDWHVLQFOXG
LQJ VLJQL¿FDQW LQFUHDVHV LQ )ORUL
GD 0LQQHVRWD DQG 7H[DV 7XUQ
RXWDSSHDUHGWREHGRZQVOLJKWO\
LQ VHYHUDO RWKHU VWDWHV LQFOXGLQJ
2KLRDQG3HQQV\OYDQLD
2YHUDOO WXUQRXW LQ WKH PLGWHUP
HOHFWLRQVZDVSURMHFWHGDWSHU
FHQW RI UHJLVWHUHG YRWHUV DERXW
SHUFHQWDJHSRLQWVKLJKHUWKDQ
LQ
7KH WRWDO SRSXODU YRWH QDWLRQ
ZLGHZDVH[SHFWHGWRUHDFKDERXW
PLOOLRQSHRSOHPLOOLRQPRUH
WKDQ YRWHG LQ $ERXW 
PLOOLRQ SHRSOH YRWHG LQ 
7XUQRXW LV KLJKHU IRU D SUHVLGHQ
WLDOHOHFWLRQWKDQIRUPLGWHUPFRQ
WHVWV
&XUWLV*DQVGLUHFWRURIWKH&HQ
WHUIRUWKH6WXG\RIWKH$PHULFDQ
(OHFWRUDWHDW$PHULFDQ8QLYHUVLW\
VDLG FRPSHWLWLYH UDFHV IHDWXULQJ
P GUHZKLJKYRWHUWXUQRXWLQ)ORULGD
O 6RXWK &DUROLQD 'HODZDUH DQG
RWKHUVWDWHVZLWKPL[HGUHVXOWV
7HD SDUW\ IDYRULWH 0DUFR 5XELR
R ZRQD6HQDWHVHDWLQ)ORULGDDQG
1LNNL+DOH\ZDVHOHFWHGJRYHUQRU
LQ 6RXWK &DUROLQD ZKLOH 6HQDWH
KRSHIXO &KULVWLQH 2
GHIHDWHG LQ 'HODZDUH DQG .HQ
%XFNDSSHDUHGKHDGHGIRUDQDU
URZ ORVV LQ D &RORUDGR 6HQDWH
UDFH
,UDT KDV WKUHDWHQHG PRUH
DWWDFNV RQ &KULVWLDQV DIWHU
D VLHJH RQ D %DJKGDG
FKXUFKOHIWSHRSOHGHDG
OLQNLQJ WKH ZDUQLQJ WR
FODLPV WKDW (J\SW
&KXUFK LV KROGLQJ ZRPHQ
FDSWLYH IRU FRQYHUWLQJ WR
,VODP
7KH ,VODPLF 6WDWH RI
,UDT ZKLFK KDV FODLPHG
UHVSRQVLELOLW\ IRU 6XQGD\
DVVDXOW RQ D &DWKROLF
FKXUFK GXULQJ 0DVV LQ
GRZQWRZQ %DJKGDG VDLG
LWV GHDGOLQH IRU (J\SW
&RSWV WR UHOHDVH WKH
ZRPHQ KDG H[SLUHG DQG
LWV ILJKWHUV ZRXOG DWWDFN
&KULVWLDQV ZKHUHYHU WKH\
FDQEHUHDFKHG
:HZLOORSHQXSRQWKHP
WKH GRRUV RI GHVWUXFWLRQ
DQG ULYHUV RI EORRG WKH
LQVXUJHQW JURXS VDLG LQ D
VWDWHPHQWSRVWHGODWH7XHVGD\RQPLOLWDQWZHEVLWHV
7KH,VODPLF6WDWHRI,UDTLVDQXPEUHOODJURXSWKDWLQFOXGHVDO4DLGDLQ,UDTDQG
RWKHUDOOLHG6XQQLLQVXUJHQWIDFWLRQV
,WLVXQFOHDUH[DFWO\ZKDWOHGWKHJURXSWRVHL]HRQWKHFRQYHUVLRQGLVSXWHVEHWZHHQ
(J\SW
SRLQWIRUKDUGOLQH,VODPLVWVLQ(J\SW
,QDQQRXQFLQJLWVUHDVRQVIRU6XQGD\
&KXUFKKRXUVWRUHOHDVHWKHZRPHQLWVD\VKDGFRQYHUWHGWR,VODP7KHJURXS
DOVRGHPDQGHGWKHUHOHDVHRIDO4DLGDOLQNHGSULVRQHUVKHOGLQ,UDT
$OO &KULVWLDQ FHQWHUV RUJDQL]DWLRQV DQG LQVWLWXWLRQV OHDGHUV DQG IROORZHUV DUH
DQG D  ELOOLRQ ([[RQ 0RELO JDV
SURMHFW FRXOG RYHUZKHOP WKH UXUDO
FRXQWU\ SRSXODWHG E\ PRUH WKDQ
LQGLJHQRXVWULEHV
$IWHU SURPLVLQJ GHYHORSPHQW IRU DQ LVODQG LQ WKH
VRXWKHUQ.XULOVRQ0RQGD\5XVVLDQ3UHVLGHQW'PLWU\
0HGYHGHYVDLGKHSODQQHGWRYLVLWPRUHRIWKHLVODQGV
LQWKHFKDLQ
OHJLWLPDWHWDUJHWVIRUWKHPXMDKHGHHQKRO\ZDUULRUVZKHUHYHUWKH\FDQUHDFKWKHP
LWVDLG
&RPSLOHGE\5DFKHO0HWHD_3KRWRVDQGQHZVFRXUWHV\RI7KH$VVRFLDWHG3UHVV
 !"#$%&'(')%*+,-!"#$%&'(!)*+!),-,.!!"#$%#&'()*'!..

!"#$%&''(%#)%&*+,-%.'/$
M" N')O)C+"6"\'+$#6)()1'*,8()'
.)'&,51"'U".)('*(&'4#1(.)#4E'3#(1#)'
()4'0,$/#4'1,'"(2#'()'(3,$1.,)'S5&1'('
8,)1"'3#0,$#'"#$'45#'4(1#'3#/(5&#'
1"#' 3(39' *,5-4' "(2#' 2.,-(1#4' 1"#'
/,5)1$9%&',)#>/".-4'-.8.1E'"#$'"5&3()4'
&(.4'!"5$&4(9?
U,)&1$5/1.,)' *,$7#$' Y5,' P()G5()'
&(.4'".&'*.0#'*(&'1(7#)'7./7.)6'()4'
&/$#(8.)6'0$,8'1"#.$'",8#'39'8,$#'
1"()' (' 4,:#)' +#,+-#' ()4' 4#1(.)#4'
.)' (' /-.)./' 0,$' 1"$##' 4(9&' 39' 0(8.-9'
+-()).)6' ,00./.(-&E' 1"#)' 1(7#)' 1,' ('
",&+.1(-'()4'.)S#/1#4'*.1"'('4$56'1"(1'
7.--#4'"#$'3(39?
N(8.-9' +-()).)6' ,00./.(-&' 1,-4' 1"#'
/,5+-#'1"#9'*#$#)%1'(--,*#4'1,'"(2#'
1"#'/".-4'3#/(5&#'1"#9'(-$#(49'"(2#'
('J>9#($>,-4'4(56"1#$E'Y5,'&(.4?
N,$' 1"#' -(&1' `=' 9#($&E' U".)(' "(&'
-.8.1#4' 8,&1' 5$3()' /,5+-#&' 1,' S5&1'
,)#'/".-4'.)'('3.4'1,'/5$3'+,+5-(1.,)'
6$,*1"' ()4' /,)&#$2#' .1&' -.8.1#4'
$#&,5$/#&?' U".)(' "(&' 1"#' *,$-4%&'
-($6#&1' +,+5-(1.,)E' *.1"' 8,$#' 1"()'
[?`'3.--.,)'+#,+-#?'U,5+-#&'1"(1'0-,51'
1"#'$5-#&'0(/#'"#019'0.)#&E'&#.:5$#',0'
1"#.$'+$,+#$19'()4'-,&&',0'1"#.$'S,3&?
!",56"' .--#6(-E' +,-./#' ()4' S54./.(-'
(51",$.1.#&' ,01#)' -,,7' 1"#' ,1"#$' *(9'
*"#)' 0,$/#4' (3,$1.,)' /(&#&' ($#'
$#+,$1#4' ()4' 1"#' "#(2.-9' /#)&,$#4'
&1(1#' 8#4.(' &"9' (*(9' 0$,8' &5/"'
N
)#*&?
b.(,' 4#-.2#$#4' 1"#' 4#(4' 3(39' ,)'
V/1?'[a'351'$#8(.)&'",&+.1(-.:#4'()4'
8(9' $#G5.$#' #8#$6#)/9' &5$6#$9' 1,'
$#8,2#'+.#/#&',0'+-(/#)1('&1.--'.)'"#$'
51#$5&E'Y5,'&(.4?'
L.8.-($'(35&#&'"(2#'3##)'$#+,$1#4'
.)' H#3#.' ()4' L"()4,)6' +$,2.)/#&'
()4'.)'1"#'B5()6M.'$#6.,)?
7" #%$)*" 891:;" <" =195>?" 6"
N$#)/"' (51",$.1.#&' 0,$/#4' &1$.7#>
&"511#$#4' 05#-' 4#+,1&' 1,' $#,+#)'
1,' #)&5$#' 6(&,-.)#' &5++-.#&E' ()4'
1"#' .)1#$.,$' 8.).&1#$' 1"$#(1#)#4'
C#4)#&4(9'1,'&#)4'.)'+($(8.-.1($9'
+,-./#'1,'&1,+'$.,1.)6',)'1"#'0$.)6#&'
,0' +$,1#&1&' (6(.)&1' $(.&.)6' 1"#'
$#1.$#8#)1'(6#'1,'O<?
P,51"&' *#($.)6' ",,4&' ()4'
&/($2#&',)'1"#.$'0(/#&'$(8+(6#4'
1"$,56"' 1"#' Q($.&' &535$3' ,0'
R()1#$$#E'3$#(7.)6'&",+'*.)4,*&'
()4' "5$-.)6' &1,)#&' (1' $.,1' +,-./#?'
!"#' 1,*)' "(&' &##)' /-(&"#&' .)'
$#/#)1' 4(9&' /#)1#$#4' ,)' (' ".6"'
&/",,-'1"(1'S,.)#4'1"#'+$,1#&1&?
@,)1"&' ,0' -($6#-9' +#(/#05-'
4#8,)&1$(1.,)&' (6(.)&1' 1"#'
+#)&.,)' $#0,$8' "(2#' 1(7#)' ('
2.,-#)1' 15$)' .)' $#/#)1' 4(9&?' !"#'
+-()' .&' &-(1#4' 0,$' (' 2,1#' .)' 1"#'
L#)(1#' ,)' !"5$&4(9E' 351' -(3,$'
5).,)&' *()1' 1"#' 6,2#$)8#)1'
1,' $#)#6,1.(1#E' &(9.)6' 1"#' 3.--'
1"$#(1#)&' 1"#' /,5)1$9%&' "($4>
#($)#4'&,/.(-'+$,1#/1.,)&?
O M
P R
Q

!6()6&'"(2#'7.--#4'+53-./',00./.(-&'()4'1#$$.0.#4'8()9'/.1.:#)&'.)1,'0-##.)6;'('<=>9#($>,-4'*,8()'*",'"(&)%1'9#1'
" #$%&'()*" +," +-'$$'$./" 012345" 6" !"#$#%&' (' )#*' +,-./#' /".#0' .)' 1".&' 2.,-#)1' 3,$4#$-()4' *"#$#' 4$56'

0.).&"#4'"#$'/$.8.),-,69'4#6$##?
@($.&,-'A(--#&'B($/.('*(&'&*,$)'.)'C#4)#&4(9'1,'3$.)6'-(*'()4',$4#$'1,'('1,*)&".+',0'(3,51'DEF=='1"(1'"(&'
3##)'1$()&0,$8#4'0$,8'('&1$.)6',0'G5.#1'0($8.)6'/,885).1.#&'.)1,'('-(*-#&&'),'8()%&'-()4?'H#$'+$#4#/#&&,$'*(&'
65))#4'4,*)'.)'I5-9'<==J'()4'1"#'1,*)'"(4'3##)'5)(3-#'1,'0.)4'('$#+-(/#8#)1'0,$'8,$#'1"()'('9#($?
!*,'$.2(-'6()6&'K'1"#'I5($#:'()4'L.)(-,('4$56'/($1#-&'K'"(2#'3##)'3(11-.)6'0,$'/,)1$,-',0'.1&'&.)6-#'".6"*(9E'
('-5/$(1.2#'4$56'1$(00./7.)6'$,51#'(-,)6'1"#'!#M(&'3,$4#$?

E" F%0#%B%/" -GHIJH" 6" !"#' 0$,)1>+(6#' )#*&+(+#$' &1,$9'
0#(15$#4'('-.&1',0'X6()4(%&'[=='Z1,+Z'",8,&#M5(-&E'*.1"'('3$.6"1'
9#--,*'3())#$'(/$,&&'.1'1"(1'$#(4;'ZH()6'!"#8?Z'\-,)6&.4#'1"#.$'
+",1,&'*#$#'1"#'8#)%&')(8#&'()4'(44$#&&#&?
!"#' ($1./-#' /-(.8#4' 1"(1' ()' 5)7),*)' 351' 4#(4-9' 4.&#(&#' *(&'
(11(/7.)6' ",8,&#M5(-&' .)' X6()4(E' ()4' &(.4' 1"(1' 6(9&' *#$#'
$#/$5.1.)6'['8.--.,)'/".-4$#)'39'$(.4.)6'&/",,-&?
])'1"#'4(9&'&.)/#'.1'*(&'+53-.&"#4E'(1'-#(&1'0,5$'6(9'X6()4()&'
,)' 1"#' -.&1' "(2#' 3##)' (11(/7#4' ()4' 8()9' ,1"#$&' ($#' .)' ".4.)6E' 4,)%1',*#'&,-#'(--#6.()/#'1,'1"#'X?L?
(//,$4.)6'1,'$.6"1&'(/1.2.&1'I5-.()'V):.#8(?'V)#'+#$&,)')(8#4'.)'
1"#'&1,$9'"(4'&1,)#&'1"$,*)'(1'".&'",5&#'39')#.6"3,$&?
\01#$' 1"#' )#*&+(+#$' ".1' 1"#' &1$##1&E' 1"#' 6,2#$)8#)1' @#4.('
U,5)/.-',$4#$#4'1"#')#*&+(+#$'1,'/#(&#'+53-.&".)6'K'),1'3#/(5&#'
,0'1"#')#*&+(+#$%&'/,)1#)1E'351'$(1"#$'1"(1'1"#')#*&+(+#$'"(4'),1'
$#6.&1#$#4'*.1"'1"#'6,2#$)8#)1?'\01#$'.1'/,8+-#1#&'1"#'+(+#$*,$7E'
T,--.)6' L1,)#' *.--' 3#' 0$##' 1,' +53-.&"' (6(.)E' &(.4' Q(5-' @57(&(E'
&#/$#1($9',0'1"#'@#4.('U,5)/.-?'
\'-(*8(7#$'.)'X6()4('.)1$,45/#4'('3.--'('9#($'(6,'1"(1'*,5-4'
"(2#'.8+,&#4'1"#'4#(1"'+#)(-19'0,$'&,8#'",8,&#M5(-'(/1&'()4'
-.0#'.)'+$.&,)'0,$',1"#$&?'\)'.)1#$)(1.,)(-'5+$,($'#)&5#4E'()4'1"#'
3.--'*(&'G5.#1-9'&"#-2#4?
!"#'-#6.&-(1.,)'*(&'4$(*)'5+'0,--,*.)6'('2.&.1'39'-#(4#$&',0'X?L?'
/,)&#$2(1.2#' U"$.&1.()' 8.).&1$.#&' 1"(1' +$,8,1#' 1"#$(+9' 1"#9' &(9'
(--,*&'6(9&'1,'3#/,8#'"#1#$,&#M5(-?
Z^#0,$#'1"#'.)1$,45/1.,)',0'1"#'3.--'.)'+($-.(8#)1'8,&1'+#,+-#'4.4'
),1'8.)4'(3,51',5$'(/1.2.1.#&?'^51'&.)/#'1"#)E'*#'($#'"($(&&#4'39' ,0'#2,-51.,)?Z
8()9' +#,+-#'*",'"(1#'",8,&#M5(-.19EZ'&(.4'Q(1$./7'R4#4#E'<_?'
Z!"#'+53-./.19'1"#'3.--'6,1'8(4#'8()9'+#,+-#'/,8#'1,'7),*'(3,51'
5&'()4'1"#9'&1($1#4'8.&1$#(1.)6'5&?Z
K" #L.'C)&"'K'!"#'\$.:,)('&1(1#'&#)(1,$'*",'*$,1#'
1"#')(1.,)%&'1,56"#&1'-(*'(6(.)&1'.--#6(-'.88.6$()1&'&(.4'
!5#&4(9'"#'()4'[`',1"#$'&1(1#'-(*8(7#$&'($#'/,--#/1.)6'
&5++,$1' 0$,8' -#6.&-(1,$&' 1,' /"(--#)6#' (51,8(1./' X?L?'
/.1.:#)&".+'1,'1"#'/".-4$#)',0'.--#6(-'.88.6$()1&?
Z!".&' .&' (' 3(11-#' ,0' #+./' +$,+,$1.,)&EZ' 1"#' @#&('
T#+53-./()' &(.4?' ZC#%2#' (--,*#4' 1"#' ".S(/7.)6' ,0' 1"#'
[a1"'\8#)48#)1?Z
H#' ()4' (),1"#$' \$.:,)(' -(*8(7#$' 4.4' ($65#' 1"(1'
*,$4.)6'.)'1"#'(8#)48#)1'1"(1'65($()1##&'/.1.:#)&".+'
1,' +#,+-#' 3,$)' .)' 1"#' X?L?' *",' ($#' Z&53S#/1' 1,' 1"#'
S5$.&4./1.,)Z' ,0' 1".&' /,5)1$9' 4,#&' ),1' (++-9' 1,' 1"#'
/".-4$#)' ,0' .--#6(-' .88.6$()1&' 3#/(5&#' &5/"' 0(8.-.#&'
@"
A)B0)C+D.C/" (19," 6" T#+53-./()' U"$.&1.)#' V%W,))#--' /"(--#)6#4' "#$'
W#8,/$(1./'$.2(-'!5#&4(9'1,'&",*'*"#$#'1"#'U,)&1.151.,)'$#G5.$#&'&#+($(1.,)',0'
/"5$/"'()4'&1(1#E'4$(*.)6'&*.01'/$.1./.&8'0$,8'"#$',++,)#)1E'-(56"1#$'0$,8'"#$'
-(*'&/",,-'(54.#)/#'()4'('G5./7'4#0#)&#'0$,8'+$,8.)#)1'/,)&#$2(1.2#&?
!"#' &53S#/1' ,0' $#-.6.,)' ()4' 1"#' -(*' /(8#' 5+' 45$.)6' 1"#.$' 4#3(1#' (1' C.4#)#$'
X).2#$&.19' Y(*' L/",,-' (&' V%W,))#--' /$.1./.:#4' U,,)&' 0,$' &(9.)6' 1"(1' 1#(/".)6'
/$#(1.,).&8'.)'+53-./'&/",,-'*,5-4'2.,-(1#'1"#'U,)&1.151.,)?
U,,)&' &(.4' +$.2(1#' ()4' +($,/".(-' &/",,-&' ($#' 0$##' 1,' 1#(/"' /$#(1.,).&8' K'
V%W,))#--'5&#4'1"#'1#$8'Z.)1#--.6#)1'4#&.6)Z'K'351'1"(1'5)4#$'1"#'Z.)4.&+#)&(3-#'
+$.)/.+-#Z',0'&#+($(1.,)',0'/"5$/"'()4'&1(1#'Z$#-.6.,5&'4,/1$.)#'4,#&)%1'3#-,)6'.)'
,5$'+53-./'&/",,-&?Z
W5$.)6'1"#'4#3(1#E'V%W,))#--'($65#4'1"(1'U,,)&%'2.#*&',)'1#(/".)6',0'1"#,$.#&'
,1"#$'1"()'#2,-51.,)'&",*#4'1"(1'"#'3#-.#2#&'.)'3.6>6,2#$)8#)1'8()4(1#&?
Z!(-7'(3,51'.8+,&.)6'9,5$'3#-.#0&',)'1"#'-,/(-'&/",,-&EZ'&"#'&(.4?'ZP,5%2#'S5&1'
+$,2#4'",*'-.11-#'9,5'7),*'),1'S5&1'(3,51'/,)&1.151.,)(-'-(*'351'(3,51'1"#'1"#,$9'
U,,)&'&(.4'#2,-51.,)'*(&'&/.#)/#E'/$#(1.,).&8'('$#-.6.,5&'4,/1$.)#?
Q",1,&'()4')#*&'/,8+.-#4'0$,8'DP1"%QQ543H;1J"#R1QQ
 !"#$%&'(')%*+,-!"#$%&'(!)*!+,-,.!!"#$%#&'()*'!..

!"#$%&''(%#)%&*+,-%.'/$
J" B@>@><*" K.LM/MN2" 6"
c"+B0B1,E-& :/,-"$,#.& (#& 8'%/-$0*&
.()$&D(/,"C#&"#3,-.(/-&.'0.&.',*&+%-.&
044,:.& B)04J& c"+B0B1,0#-& 0-& .',&
+0[(/& -'0/,'()$,/-& "#& .',"/& :/([,4.-&
_& (/& -.0*& 010*& D/(+& .',& -(%.',/#&
2D/"40#&#0."(#;
9./"4.& ,+:(1,/+,#.& )01-&
-4',$%),$& D(/& :'0-,$& ,#D(/4,+,#.&
(3,/&.',&#,I.&D"3,&*,0/-&/,O%"/,&B)04J&
c"+B0B1,0#-& .(& 4(#./()& A?& :,/4,#.&
(D&,04'&B%-"#,--;
2.& .',& D%#,/0)& (D& 0& 3,.,/0#& ),0$,/&
"#& '"-& c2RYWP@& :0/.*& 8%,-$0*6&
5%C0B,& 04J#(1),$C,$& .',& )01-&
+0*& $,.,/& :(.,#."0)& "#3,-.(/-6& B%.&
-0"$& 0#*(#,& 1'(& 10#.,$& .(& -'0/,&
.',&#0."(#E-&/,-(%/4,-&K+%-.&C,.&(%/&
:,/+"--"(#& .(& $(& -(6& "#& .',& +0##,/&
1,&$,D"#,K&(/&-.0*&010*;
K`,& '03,& .',& -J"))-& 0#$& 1,& 0/,&
-0*"#C& 1,& %-,& .',-,& -J"))-& #(1& 0-&
(1#,/-6&#(.&0-&+0#0C,/-6K&5%C0B,&
-0"$;
c"+B0B1,& "-& /"4'& "#& D0/+)0#$& 0#$&
+"#,/0)-;& 5%C0B,E-& -.0.,+,#.-&
4(+,& +(/,& .'0#& 0& +(#.'& 0D.,/&
c"+B0B1,& -()$& ".-& D"/-.& B0.4'& (D&
-(+,& V==6===& 40/0.-& (D& $"0+(#$-6&
,#$"#C&0&#"#,W+(#.'&B0#;&8',&>==d&
$"-4(3,/*& "#& c"+B0B1,& (D& (#,& (D&
(#,& (D& .',& B"CC,-.& $"0+(#$& D"#$-&
"#& -(%.',/#& 2D/"40& "#& 0& 4,#.%/*& '0-&
C,#,/0.,$&C/,0.&"#.,/,-.;
5%C0B,& -0"$& 50-01"6& 0& :()"."40)&
4(++"--0/& "#& '"-& :0/.*E-& 9(3",.W
,/0& -.*),& :()".B%/(6& D(%C'.& 0C0"#-.&
4()(#"0)& $(+"#0#4,& 0#$& `,-.,/#&
D(,-& -."))& -,,J"#C& 10*-6& "#4)%$"#C&
"#3,-.+,#.6& .(& /,W,-.0B)"-'& .',"/&
"#D)%,#4,&"#&.',&4(%#./*;
!" #$%&'()*" +,-./" 012345" 6"
!"#$%&'()*&+,#&)"-.,#&.(&/0$"(&#,1-&
(#& .',&2*($'*0& 3,/$"4.& "#& 50.'%/06&
7#$"06& 8'%/-$0*6& 9,:.;& <=6& >=?=;&&
@(/&?A=&*,0/-6&!"#$%-&0#$&5%-)"+-&
B(.'&4)0"+,$&0&-".,&.'0.&"-&-04/,$&.(&
.',"/&/,)"C"(#-6&1'"4'&./"CC,/,$&-(+,&
(D&.',&1(/-.&/"(."#C&"#&7#$"0E-&'"-.(/*;&
F#&8'%/-$0*6&0&4(%/.&40+,&%:&1".'&
0&4(+:/(+"-,G&9:)".&".;
H(.'& -"$,-& -0"$& .',*& 1(%)$&
0::,0)6& 0#$& .',& +%.,$& /,04."(#&
.(& .',& :(.,#."0))*& ,I:)(-"3,&
3,/$"4.& C,#,/0.,$& '(:,-& .'0.& .',&
"#4/,0-"#C)*& 4(#D"$,#.& 4(%#./*6&
1".'& ".-& C/(1"#C& /,C"(#0)& 4)(%.& 0#$&
-J*/(4J,."#C& ,4(#(+*6& '0-& +(3,$&
B,*(#$&".-&$"3"-"3,&'"-.(/*;
KL8'"-M& -'(1-& .'0.& 1,& '03,&
B,4(+,& 0& +0.%/,& #0."(#6K& -0"$&
N0+0)& @0/((O%"6& 0& +,+B,/& (D& .',&
5%-)"+&P,/-(#0)&Q01&H(0/$;
7#& 0$30#4,& (D& .',& /%)"#C6& .',&
C(3,/#+,#.& -,#.& '%#$/,$-& (D&
.'(%-0#$-&(D&:()"4,&"#.(&.',&-./,,.-6&
0//,-.,$& +(/,& .'0#& ?=6===& :,(:),&
.(&J,,:&.',+&D/(+&"#4"."#C&3"(),#4,6&
0#$&:%-',$&0#(.',/&?==6===&.(&-"C#&
N 0DD"$03".-& -0*"#C& .',*& 1(%)$& #(.&
40%-,&./(%B),;
O M Q 8',&$"-:%.,&(3,/&.',&/,)"C"(%-&-".,&
"#& .',& 4".*& (D& 2*($'*06& <A=& +"),-&
LAA=& J")(+,.,/-M& ,0-.& (D& R,1& S,)'"6&
P '0-&B,,#&(#,&(D&.',&4(%#./*E-&+(-.&
4(#.,#."(%-&"--%,-;
!"#$%-& 0/C%,$& .'0.& .',& H0B/"&
R 5(-O%,& ,/,4.,$& .',/,& B*& 5%-)"+-&
"#& ?A>T& -.(($& (#& .',& -".,& (D& .',&
B"/.':)04,& (D& .',& !"#$%& C($& U0+06&
0#$&.',*&D"),$&-%".&"#&?VA=;

74'%BB*WD04,$&
" '894:" &892/" 6" " R(/.'& N(/,0&"#./($%4,$&".-&',"/&.(&.',&1(/)$&8'%/-$0*6&0&
*(%#C& +0#& 1".'&0&-,/"(%-&,I:/,--"(#6&4(+B,$&B04J&'0"/&4%.&
'"C'&0#$&."C'.&(#&.',&-"$,-&0#$&1,0/"#C&0&4(++%#"-.W-.*),&B)04J&-%".;
F#& 8%,-$0*6& R(/.'& N(/,0E-& .(.0)".0/"0#& /,C"+,& )"D.,$& .',& 4%/.0"#& -)"C'.)*& (#&
:)0#-&D(/&0&-%44,--(/&.(&0")"#C&),0$,/&N"+&X(#C&7)6&1".'&0#&0##(%#4,+,#.&.'0.&
'"-&-(#&'0$&B,,#&#0+,$&0&D(%/W-.0/&C,#,/0);
!(1,3,/6&.',&$,4"-"(#&-'(/.)*&B,D(/,&.',&4(%#./*E-&B"CC,-.&:()"."40)&4(#D,/,#4,&
"#& <=& *,0/-& /0"-,$& D,0/-& (D& :(--"B),& D%.%/,& .%/+(")& "#& .',& K!,/+".& N"#C$(+;K&
8',&-,4/,."3,&C(3,/#+,#.&$"$#E.&-0*&'(1&(/&1',#&.',&*(%#C,/&N"+&X(#C&Y#6&
.'(%C'.&.(&B,&>Z&(/&>T&*,0/-&()$6&+"C'.&0--%+,&:(1,/;
N"+&X(#C&Y#E-&)04J&(D&,I:,/",#4,&0#$&'"-&[%#"(/&D0+")*&:(-"."(#&0-&'"-&D0.',/E-&
.'"/$& -(#& '03,& 40%-,$& ,I:,/.-& .(& 1(//*& .'0.& .',& ./0#-"."(#& 4(%)$& B,& /(4J*& "D&
.',& ,)$,/& N"+6& 1'(& '0$& 0& -./(J,& "#& >==T6& 1,/,& .(& $",& -((#;& \3,#& .',& B0-"4&
D04.-&0B(%.&N"+&X(#C&Y#&/,+0"#&%#J#(1#6&"#4)%$"#C&'"-&B"/.'&*,0/6&'"-&/,4,#.&
04."3".",-&0#$&1'0.&',&)((J-&)"J,;
!"-&*(%.'&"-&K0&B"C&:/(B),+6&B%.&.',/,E-&#(&(.',/&4'("4,&/"C'.&#(16K&-0"$&X"0#C&
Q(#CD0#6&0&:/(D,--(/&0.&.',&R(/.',0-.&2-"0&/,-,0/4'&"#-.".%.,&(D&]'"#0E-&^0#B"0#&Y#"3,/-".*6&#(.&D0/&D/(+&
R(/.'&N(/,0; ;" '<)"=(>&& W& R,1&^(/J& ]".*& "-& :%/-%"#C& 0& .(%C'& #,1& :()"4*& .'0.&
1(%)$&-'((&-+(J,/-&(%.&(D&:%B)"4&:0/J-6&B,04',-&0#$&,3,#&.',&',0/.&(D&

O" P$+D(*"<QR/-89"6&\4%0$(/E-&P/,-"$,#.&U0D0,)&
](//,0& -:,0J-& .(& .',& :/,--& "#& .',& C(3,/#+,#.&
:0)04,&"#&e%".(6&\4%0$(/6&)0.,&8'%/-$0*&9,:.;&<=6&
>=?=;& 8',& 0/+*& /,-4%,$& ](//,0& D/(+& 0& '(-:".0)&
1',/,&',&'0$&B,,#&./0::,$&B*&/,B,))"(%-&:()"4,&D(/&
+(/,&.'0#&?>&'(%/-&1'"),&',&10-&B,"#C&./,0.,$&D(/&
.,0/WC0-& D"/,$& B*& '%#$/,$-& (D& :()"4,& 0#C/*& (3,/& 0&
)01&.'0.&.',*&4)0"+&1(%)$&4%.&.',"/&B,#,D".-;&
8',& 4'",D& (D& .',& #0."(#0)& :()"4,6& f,#;& @/,$$*&
50/."#,b6& C03,& ](//,0& '"-& /,-"C#0."(#& B,40%-,&
(D& 8'%/-$0*E-& /,3().6& :()"4,& -:(J,-+0#& U"4'0/$&
U0+"/,b&.()$&8',&2--(4"0.,$&P/,--;
VEUHDVWJLYHQWKHGXHOLQJIHDUVWKDWLILW
V
](//,0& 0#$& '"-& +"#"-.,/-& 40)),$& .',& ,3,#.-& _& "#&
1'"4'& "#-%/C,#.-& 0)-(& :0/0)*b,$& .',& #0."(#& 1".'&
VJURZWK%XWDQHZVWXG\¿QGV
0"/:(/.& -'%.$(1#-& 0#$& '"C'10*& B)(4J0$,-& _& 0#&
0..,+:.& .(& (3,/.'/(1& '"+& 0#$& #(.& [%-.& 0& -"+:),&
"#-%//,4."(#&B*&0#C/*&-,4%/".*&D(/4,&+,+B,/-&(3,/&
0& #,1& )01& .'0.& 1(%)$& 4%.& B,#,D".-& D(/& :%B)"4&
-,/30#.-;
8',& /,C"(#E-& :/,-"$,#.-& O%"4J)*& -'(1,$& .',"/&
-%::(/.&D(/&](//,06&/%-'"#C&.(&0&+,,."#C&"#&H%,#(-&
2"/,-& ,0/)*& @/"$0*& 0#$& 4(#$,+#"#C& 1'0.& +0#*&
40)),$& 0& 4(%:& 0..,+:.& 0#$& J"$#0::"#C& (D& ](//,0;&
8',&Y;9;&0)-(&10/#,$&.'(-,&1'(&.'/,0.,#&\4%0$(/E-&
$,+(4/04*&.'0.&.',&),D."-.&](//,0&'0-&`0-'"#C.(#E-&
D%))&-%::(/.;
8',/,&10-&#(&-"C#&(#&.',&40:".0)E-&-./,,.-&@/"$0*&
+(/#"#C&(D&.',&/,B,))"(%-&:()"4,&1'(&'0$&.'/(1#&.',&
4(%#./*&"#.(&4'0(-&.',&:/,3"(%-&$0*;
2.& ),0-.& .1(& :()"4,& (DD"4,/-& 0#$& 0& -()$",/& 1,/,&
J")),$& 0#$& $(b,#-& "#[%/,$& "#& 8'%/-$0*E-& +0*',+6&
-0"$&7/"#0&]0B,b0-6&.',&3"4,&:/,-"$,#.&(D&4(#C/,--;&
S(b,#-&1,/,&"#[%/,$;
](//,06& aZ6& -:,0J"#C& D/(+& .',& B0)4(#*& (D& .',&
]0/(#$,),.& :0)04,& 0D.,/& '"-& /,-4%,6& .()$& '%#$/,$-&
(D&4',,/"#C&B04J,/-&.'0.&8'%/-$0*&K10-&.',&-0$$,-.&
$0*&(D&+*&)"D,;K
8"+,-&9O%0/,&_&(#,&(D&.',&+(-.&0+B"."(%-&(%.$((/&0#."W.(B044(&,DD(/.-&
"#&.',&#0."(#;
50*(/& 5"4'0,)& H)((+B,/CE-& 0$+"#"-./0."(#& 0#$& 4".*& )01+0J,/-&
0##(%#4,$&`,$#,-$0*&.'0.&.',*&1"))&:%/-%,&0&B/(0$&,I.,#-"(#&(D&.',&
4".*E-&-+(J"#C&B0#&.(&?6Z==&:0/J-&0#$&?a&+"),-&(D&:%B)"4&B,04',-6&:)%-&
B(0/$10)J-6&+0/"#0-&0#$&:,$,-./"0#&:)0b0-&"#4)%$"#C&],#./0)&P0/J&0#$&
.',&](#,*&7-)0#$&B(0/$10)J;&
8'0.&1(%)$&+,0#&#(&-+(J"#C&"D&*(%&0/,&)(%#C"#C&"#&],#./0)&P0/J6&.',&
](#,*&7-)0#$&B(0/$10)J6&(/&"#&8"+,-&9O%0/,;
?" )@AB+'CD('&W&8',/,&+0*&B,&D,1&:/,C#0#4*&#"C'.+0/,-&1(/-,&
WKDQ¿QGLQJDOXPSLQRQH
40#4,/6& ./,0.+,#.& 4(%)$& '0/+& .',& $,3,)(:"#C& D,.%-6& 1'"),& $,)0*& 0#$&
SUHJQDQF\KRUPRQHVFRXOGIXHODWXPRU
.'0.&:/,C#0#.&1(+,#&./,0.,$&D(/&B/,0-.&40#4,/&0/,&+(/,&)"J,)*&.(&-%/W
3"3,&.',"/&(/$,0)&.'0#&B/,0-.&40#4,/&:0.",#.-&(D&.',&-0+,&0C,&1'(&1,/,&
#(.&:/,C#0#.&1',#&.',"/&40#4,/&10-&$"0C#(-,$;
@"3,& *,0/-& 0D.,/& .',"/& $"0C#(-"-6& 0)+(-.& Za& :,/4,#.& (D& .',& 1(+,#&
$"0C#(-,$&1".'&B/,0-.&40#4,/&$%/"#C&:/,C#0#4*&1,/,&-."))&0)"3,;&2+(#C&
.',"/& -"-.,/-& 1'(& 1,/,& #(.& :/,C#0#.& 1',#& .',*& C(.& ./,0.+,#.6& AA;ZA&
SHUFHQWVXUYLYHGWRWKH¿YH\HDUPDUN7KHUHVHDUFKHUVIRXQGVRPH
,3"$,#4,&.'0.&.',&:/,C#0#.&B/,0-.&40#4,/&:0.",#.-&D0/,$&B,..,/&(#&)(#CW
.,/+&-%/3"30)6&0-&1,));
P'(.(-&0#$&#,1-&4(+:"),$&D/(+&E%D").92"F29G.H2F"0#$"D:2"@FF8H./42-"I92FF
 !"#$%&'(')%*+,-!"#$%#&'#(!)*+!),-,.!!"#$%#&'()*'!..

!"#$%&''(%#)%&*+,-%.'/$
I % #&0#&" +" O4)"/'&% ^)(<% G8&"4/#% G"/$+% >" ?02/&@A)(@" +" !"#$/'#,+%
&,,)7,*#'% >#',#$'&0% &9+#",)),% 8#% -/44% [&"&*5%\3&1&@%9&*#'%-/+8%$50")*5#+/,2%
*#&$#% #,9)"*/,2% +8#% $+&+#?$% MMD0#&"D)4'% (/)4#,*#%&,'%#(/'#,*#%)9%2")-/,2%'"72%
2&0% &').+/),% 4&-@% -8/*8% -&$% '#*4&"#'% *&"+#4%.)-#"%/,%G#,+"&4%I1#"/*&@%9)"%+8#%
7,*),$+/+7+/),&4%30%&%:/&1/%&..#&4$%*)7"+% 9/"$+%+/1#%8&$%,&1#'%+8"##%)9%+8#%"#2/),?$%
>#',#$'&0%1)",/,2< *)7,+"/#$%+)%+8#%E<F<%2)(#",1#,+?$%4/$+%)9%
G"/$+% 4&7'#'% +8#% *)7"+% "74/,2% &$% =2"#&+=% 1&6)"%'"72D+"&99/*5/,2%,&+/),$<
&,'%+)4'%"#.)"+#"$%&+%&%P`MN%.<1<%_RC%,#-$% C8#%/,*47$/),%)9%G)$+&%X/*&@%]),'7"&$%
*),9#"#,*#% 8#% -)74'% /11#'/&+#40% $+).% &,'%K/*&"&27&%),%+8#%=:&6)"$%H/$+=%-&$%
#,9)"*/,2%+8#%3&,<%G"/$+%$&/'%8#%-&,+#'%+)% 9"),+D.&2#%,#-$%+8")728)7+%+8#%"#2/),@%
*),9#"%-/+8%+8#%&').+/(#%9&+8#"%&+%+8#%*#,D 37+%+8#"#%-&$%4/++4#%#;.#*+&+/),%+8&+%+8#%
+#"%)9%+8#%*&$#%3#9)"#%'#*/'/,2%-8#+8#"%+)% '#$/2,&+/),% -)74'% 1#&,% +8#% E<F<% -/44%
&..#&4<%]#%$&/'@%8)-#(#"@%+8&+%8#%3#4/#(#$% 1&5#%,#-%1),#0%&,'%)+8#"%"#$)7"*#$%
+8#%$+&+#%F7."#1#%G)7"+%-)74',?+%)(#"+7",% &(&/4&34#<
+8#%*)7"+%"74/,2$< A,%K/*&"&27&@%!"#$/'#,+%R&,/#4%\"+#2&%
G"/$+% ),*#% $7..)"+#'% +8#% 3&,<% [7+% +8#% $&/'% +8#% E<F<% '#+#"1/,&+/),% *)74'% 3#%
E<F<% F#,&+#% *&,'/'&+#% "#(#"$#'% 8/1$#49% &% -&5#D7.% *&44% 9)"% E<F<% 4#2/$4&+)"$% +8&+%
&9+#"%8#%4#9+%+8#%X#.734/*&,%!&"+0%&,'%3#D ,&"*)+/*$% =&"#% $#"/)7$40% *),+&1/,&+/,2=%
2&,%*)7"+/,2%+8#%4/3#"&4%()+#< G#,+"&4%I1#"/*&<
I%:/&1/%&..#&4$%*)7"+%"74#'%>#',#$'&0% =C8/$% *),+&1/,&+/),@% +8/$% #./'#1/*@%
+8&+%O4)"/'&?$%3&,%),%2&0$%&').+/,2%/$%7,D /$% &*")$$% +8#% "#2/),@% &,'% +8&+?$% -80%
FRQVWLWXWLRQDO DQG DI¿UPHG WKH FRQWURYHUD /+% /$% /1.)"+&,+% +8&+% -#% 8&(#% 1)"#%
$/&4%&').+/),%)9%+-)%9)$+#"%*8/4'"#,%30%&%2&0% "#$)7"*#$@=% \"+#2&% $&/'@% &**)"'/,2% +)%
K)"+8%:/&1/%*)7.4#<% +8#%H&%!"#,$&%,#-$.&.#"%/,%:&,&27&<%
C8#%7,&,/1)7$%MDN%'#*/$/),%'#&4$%&%*"/+/D =A+%-)74'%3#%&,%/,(#$+1#,+@%-#%$&0@%30%
*&4%34)-%+)%O4)"/'&?$%MMD0#&"D)4'%4&-%3&,D +8#%E,/+#'%F+&+#$@%&,'%A%-/$8%1#13#"$%
,/,2% &').+/),% 30% 2&0% 1#,% &,'% 4#$3/&,$@% O )9%G),2"#$$%-)74'%.&0%&++#,+/),%+)%+8/$%
&,'%1)$+%4/5#40%$#,'$%+8#%*&$#%+)%O4)"/'&?$% N &$.#*+<=
8/28#$+%*)7"+%9)"%"#$)47+/),< M G)$+&% X/*&,% )99/*/&4$% &'1/++#'% +8&+%
=^/(#,%&%+)+&4%3&,%),%&').+/),%30%8)1)D P R +8#/"% *)7,+"0% /$% )(#"-8#41#'% 30% &%
$7''#,%$7"2#%)9%*"/1/,&4%2")7.$%+/#'%+)%
$#;7&4%.#"$),$@%),#%1/28+%#;.#*+%+8&+%+8/$%
'"72%$17224/,2<
UHÀHFWHGDOHJLVODWLYHMXGJPHQWWKDWKRPRD
VH[XDOSHUVRQVDUHDVDJURXSXQ¿WWREH Q C8#% /1.&*+% )9% '"72% +"&99/*5/,2%
.&"#,+$@=% +8#% )./,/),% $+&+#$<% =K)% ),#% /,% +8")728)7+%G#,+"&4%I1#"/*&%/$%3#*)1/,2%
+8/$%*&$#%8&$%1&'#@%)"%#(#,%8/,+#'%&+@%&,0% #(#"% 1)"#% (/$/34#<% !&,&1&@% G)4)13/&@%
$7*8%&"271#,+<= &,'% ^7&+#1&4&@% &44% )9% -8/*8% $8&"#% &%
=C)% +8#% *),+"&"0@% +8#% .&"+/#$% &2"##% ?+8&+% 3)"'#"% -/+8% :#;/*)@% -#"#% .4&*#'% ),%
2&0% .#).4#% &,'% 8#+#")$#;7&4$% 1&5#% +8#% 4/$+% 1)"#% +8&,% &% '#*&'#% &2)<% \9%
#S7&440%2))'%.&"#,+$<?%= G#,+"&4% I1#"/*&?$% $#(#,% *)7,+"/#$@%
),40% _4% F&4(&')"% &,'% [#4/W#% $+/44%
!*&1.&/2,%
" #$%&'(" '&)*" +" !"#$$% &'()*&+#$% &,'% ,#-$.&.#"% #'/+)"$% $&0% &%
&"#,?+% *),$/'#"#'% 1&6)"% ,&"*)+/*$%
+"&,$$8/.1#,+%,&+/),$<
30% *"/1/,&4% $0,'/*&+#$% +)% 5/44% 6)7",&4/$+$% /$% '"&-/,2% &% '&"5%
*7"+&/,%&*")$$%$-&+8$%)9%:#;/*)<
=>#% &"#,?+% "#.)"+/,2% ),% 1&++#"$% )9% '"72% +"&99/*5/,2@=% ! & + " / * / &%
:#"*&')@% +8#% #'/+)"% )9% +8#% A1&2#,% ,#-$.&.#"% /,% B&*&+#*&$@%
&*5,)-4#'2#'% 347,+40% &+% &% 9)"71% C87"$'&0% +8&+% 3")728+% +)2#+8#"%
J" K(2"0@A$K$2"+"\,#%)9%+8#%,&$+/#$+%
)9%+8#%.&"&$/+#$%+8&+%*&7$#%1&4&"/&%1&0%8&(#%
#'/+)"$%9")1%&*")$$%:#;/*)<%=>#?(#%3##,%-&",#'%+8&+%-#%*&,,)+%+)7*8% )"/2/,&+#'% /,% 2)"/44&$@% $*/#,+/$+$% $&0% &9+#"%
+8#%/$$7#<= &,&40W/,2%+8)7$&,'$%)9%$&1.4#$%)9%."/1&+#%
C8#%/$$7#%)9%$)&"/,2%+8"#&+$% 9#*#$<%C8#%9/,'/,2$%1&0%*4#&"%*8/1.&,W##$%
&2&/,$+% :#;/*&,% 6)7",&4/$+$% 9)"%17*8%)9%+8#%34&1#<
*&1#% +)% +8#% 9)"#% 4&$+% -##5% C)% +#$+% +8#$#% +8#)"/#$@% "#$#&"*8#"$% &+%
&9+#"%&,%&,27/$8#'%9"),+D.&2#% +8#% E,/(#"$/+0% )9% I4&3&1&% &+% [/"1/,28&1%
.4#&% +)% '"72% *&"+#4$% 9")1% &% &,&40W#'% 2#,#+/*% 1&+#"/&4% /,% $&1.4#$% )9%
3)"'#"% ,#-$.&.#"% &,'% +8#% 9#*#$% (&*&+#'% 30% 1&,0% '/99#"#,+% +0.#$% )9%
7,."#*#'#,+#'% 2"&,+/,2% )9% ."/1&+#% $.#*/#$`% *8/1.&,W##$@% 3),)3)$@%
E<F<% &$0471% +)% &% :#;/*&,% -#$+#",% 2)"/44&$% &,'% #&$+#",% 2)"/44&$<%C8#/"%
6)7",&4/$+< 9/,'/,2$%-#"#%.734/$8#'%),4/,#%>#',#$'&0%
=C8/$% /$% &% ,&+/),&4% *"/$/$@=% /,%+8#%6)7",&4%!"#$%&<
$&/'% G&"4)$% H&7"/&@% $#,/)"% _;+"&*+/,2%2#,#+/*%/,9)"1&+/),%9")1%2)"/44&$%
*))"'/,&+)"% 9)"% +8#% I1#"/*&$% /,% +8#% -/4'% /$% ,)+% &,% #&$0% .").)$/+/),@%
9)"% +8#% G)11/++##% +)% !")+#*+% $&/'%[#&+"/*#%]&8,@%&%1/*")3/)4)2/$+%&+%+8#%
J)7",&4/$+$@% &% K#-% L)"5D 7,/(#"$/+0@% -8)% *)D-")+#% +8#% $+7'0<% YC"0%
3&$#'% &'()*&*0% 2")7.<% =A+% '"&-/,2%34))'%9")1%&%-/4'%&'74+%1&4#%2)"/44&<Z
&99#*+$%+8#%97,'&1#,+&4%"/28+$% [7+% &9+#"% $+7'/#$% *&1#% )7+% $8)-/,2% +8&+%
)9%:#;/*&,$%+)%3#%/,9)"1#'<= 2#,#+/*%/,9)"1&+/),%*)74'%3#%#;+"&*+#'%9")1%
I+% 4#&$+% MN% :#;/*&,% &,/1&4%'")../,2$@%]&8,%&,'%8#"%*)44#&27#$%
6)7",&4/$+$% 8&(#% 3##,% 5/44#'% "#&4/W#'%+8#0%-#"#%/,%47*5`%C8#0%8&'%*4)$#%+)%
)"% 8&(#% '/$&..#&"#'% $/,*#% M@NNN%9#*&4%$&1.4#$%/,%$+)"&2#%9")1%#&"4/#"%
!"#$/'#,+% O#4/.#% G&4'#"),% -)"5%),%+8#%$/1/&,%/117,)'#9/*/#,*0%(/"7$@%
*&1#% +)% )99/*#% /,% 4&+#% PNNQ@% +8#%."#*7"$)"%+)%]Aa%/,%871&,$<
37+% +8&+?$% "#$74+#'% /,% ),40% &% =C8#0%-#"#%67$+%$/++/,2%+8#"#%/,%)7"%9"##W#"$@%
8&,'974% )9% &""#$+$@% &**)"'/,2% -&/+/,2@=%]&8,%$&/'<
+)%+8#%*)11/++##<
," -.'/01$2)3"1456786"96:4;<=%DD%!")+#$+/,2%.)4/*#1#,%
L""""#$%&'("'&)*"+"A,%:#;/*)?$%,)"+8#",%/,'7$+"/&4%8#&"+4&,'@%27,1#,% $8)7+% $4)2&,$@% 3&*5% '")..#'% 30% &% 2"&(#% *")$$% +8&+% "#&'$%
=!)4/*#1&,?$%R/2,/+0=%'7"/,2%&%"&440%/,%9"),+%)9%+8#%2)(#",1#,+%
5/44#'%+8#%1&0)"%)9%+8#%+)-,%)9%R)*+)"%^),W&4#W%4&+#%C87"$'&0@%+8#%UN+8%
+/1#%+8/$%0#&"%+8&+%*"/1/,&4$%8&(#%27,,#'%')-,%1&0)"$<%A,%:#;/*)%G/+0@% 8#&'S7&"+#"$% ),% O"/'&0@% F#.+<% PT@% PNUN<% :)"#% +8&,% V@NNN%
&% 972/+/(#% 4#2/$4&+)"% -/+8% '"72% *8&"2#$% .#,'/,2% &2&/,$+% 8/1% $,#&5#'% .)4/*#% )99/*#"$% &,'% 6&/4% -&"'#,$@% *8&,+/,2% &,+/D."#$/'#,+/&4%
/,+)%G),2"#$$%&,'%+))5%8/$%$#&+@%&7+)1&+/*&440%)3+&/,/,2%/117,/+0%9")1% $4)2&,$@%6)/,#'%&%"&440%&,'@%4&+#"@%&,%7,&7+8)"/W#'%1&"*8%+)%
.")$#*7+/),< +8#%X)1&,/&,%!"#$/'#,*0%8#&'S7&"+#"$@%&2&/,$+%+8#%&7$+#"/+0%
C8#% &$$&$$/,&+/),% )9% :&0)"% !"/$*/4/&,)% X)'"/27#W% F&4/,&$% )7+$/'#% 1#&$7"#$%4/5#%*7+$%)9%$&4&"/#$%&,'%.#,$/),$%/1.)$#'%30%+8#%
8/$%"&,*8%8)7$#%/,%&%"7"&4%&"#&%)9%K7#()%H#),%$+&+#%")/4#'%+8#%.)4/+/*&4% 2)(#",1#,+% +)% 1##+% A:O% YA,+#",&+/),&4% :),#+&"0% O7,'Z%
&"#,&@%&%$/2,%+8&+%.)4/+/*/&,$%-8)%8&(#%4),2%3##,%*)1.4&*#,+%&3)7+%'"72% "#S7/"#1#,+$%9)"%2#++/,2%&%4)&,<
+"&99/*5/,2%&"#%9##4/,2%+8#%8#&+<
O)7"%:#;/*&,%1&0)"$%8&(#%3##,%5/44#'%/,%+8#%.&$+%9/(#%-##5$<
!8)+)$%&,'%,#-$%*)1./4#'%9")1%#')"?8B<"C<B;8D<C"&,'")E<"0CC4D86F<G"HB<CC

7KLV:HHNLQ:RUOG1HZV
  :$6+,1*721  )HGHUDO
UHJXODWRUVDUHVHWWRSURSRVHQHZ
UXOHVWKDWFRXOGPDNHLWKDUGHUIRU
¿QDQFLDO ¿UPV WR GLVJXLVH WKHLU
OHYHORIGHEW
7KH H[SDQGHG GLVFORVXUH UH
TXLUHPHQWVZRXOGDSSO\WREDQNV
 RU TXLFNO\ HQRXJK WR UHPRYH
SUDFWLFH RI WHPSRUDULO\ WULPPLQJ
WKHLU GHEW DW WKH HQG RI TXDUWHUV
WRPDNHWKHLU¿QDQFLDOVWDWHPHQWV
DSSHDU VWURQJHU 7KH SUDFWLFH LV
OHJDO EXW UHJXODWRUV VD\ LW FDQ
JLYHLQYHVWRUVDGLVWRUWHGSLFWXUH
RIDEDQN
VGHEWDQGOHYHORIULVN
/HKPDQ %URWKHUV XVHG VR
FDOOHGUHSXUFKDVHDJUHHPHQWVDV
DQDFFRXQWLQJWULFNLQWKHPRQWKV
EHIRUH LWV FROODSVH LQWR WKH ELJ
JHVW EDQNUXSWF\ LQ 86 KLVWRU\
WZR\HDUVDJR7KHGHPLVHRIWKH
:DOO6WUHHWWLWDQWULJJHUHGDSDQLF
LQ¿QDQFLDOPDUNHWV
)UDQFH
VGHSRUWDWLRQVRI*\SVLHV
 %5866(/6 *HUPDQ\ 
V EORRG\
DUH D GLVJUDFH DQG SUREDEO\
EUHDN (XURSHDQ 8QLRQ ODZ WKH
(8
V H[HFXWLYH ERG\ GHFODUHG
7XHVGD\LQDVWLQJLQJUHEXNHWKDW
VHW XS D VKRZGRZQ ZLWK )UHQFK
3UHVLGHQW 1LFRODV 6DUNR]\
V
FRQVHUYDWLYHJRYHUQPHQW
,Q UHFHQW ZHHNV )UHQFK
DXWKRULWLHV KDYH GLVPDQWOHG
PRUH WKDQ  LOOHJDO FDPSV
1DWLRQ :RUOG6HSWHPEHU7KH'H3DXOLD
 (',1%85*+ 6FRWODQG
 3RSH %HQHGLFW ;9, ZDGHG
LQWR WKH KRVWLOH DWPRVSKHUH
7KXUVGD\ RI KLJKO\ VHFXODU
%ULWDLQ DGPLWWLQJ WKH &DWKROLF
&KXUFK GLG QRW DFW GHFLVLYHO\
SULHVWV ZKR PROHVWHG FKLOGUHQ
LQ KLV VWURQJHVW FRPPHQWV \HW
RQ WKH ZRUOGZLGH VH[ DEXVH
FULVLVVKDNLQJKLVFKXUFK
7KH SRSH IDFLQJ RSSRVLWLRQ
WR KLV SDSDF\ SDLG DQ
XQSUHFHGHQWHG YLVLW   WR WKH
FRXQWU\ WR VSHDN DJDLVQW
DJJUHVVLYH IRUPV RI
VHFXODULVP 7KH *HUPDQ SRSH
UHFDOOHG KRZ %ULWDLQ KDG VWRRG
DJDLQVW 1D]L W\UDQQ\ WKDW
ZLVKHG WR HUDGLFDWH *RG IURP
3RSH%HQHGLFW;9,DGPLWHGWKHFKXUFKIDLOHGLQVH[DEXVHVFDQGDOV
VRFLHW\
 0(;,&2  0H[LFR
GUXJ ZDU FDQ EH WUDFHG WR VHYHQ
FDUWHOUHODWHG FRQIOLFWV WKH 0H[LFDQ
JRYHUQPHQWUHFHQWO\UHSRUWHG
M $ 7H[DVERUQ GUXJ NLQJSLQ UHFHQWO\
DUUHVWHGLQ0H[LFR(GJDU/D%DUELH
P S 9DOGH]9LOODUUHDOVDLG-XDUH]ZDVWKH
IODVKSRLQWIRUWKHILJKWLQJ
O R 7KH JRYHUQPHQW UHSRUW WLWOHG
N T ,QIRUPDWLRQ RQ WKH &ULPLQDO
3KHQRPHQRQ LQ 0H[LFR VD\V 
SHUFHQWRIWKHGUXJUHODWHGKRPLFLGHV
DQG GHSRUWHG PRUH WKDQ  RXWRIWRRNSODFHLQ
*\SVLHV DOVR NQRZQ DV 5RPD FRPPXQLWLHV-XDUH]DPRQJWKH
PDLQO\ EDFN WR 5RPDQLD LQ D KLJKHVW
FUDFNGRZQ WKDW KDV GUDZQ 7KH ELJJHVW QXPEHU RI GUXJUHODWHG
LQWHUQDWLRQDOFRQGHPQDWLRQ GHDWKV LQYROYHV -RDTXLQ &KDSR
)UDQFH FRXOG XOWLPDWHO\
EH VODSSHG ZLWK D ILQH E\ WKH
Q *X]PDQ /RHUD
V EDWWOHV DJDLQVW IRXU
RWKHUGUXJWUDIILFNLQJRUJDQL]DWLRQV
(XURSHDQ &RXUW RI -XVWLFH LI LWV
H[SXOVLRQV DUH IRXQG WR KDYH
EUHDFKHG(8ODZ

 6$17,$*2 &KLOH  5HVFXHUV DFKLHYHG D

NH\EUHDNWKURXJKLQHIIRUWVWRUHVFXHWUDSSHG
PLQHUV RQ )ULGD\ UHDFKLQJ WKH FDYHUQV ZKHUH
WKH\ DUH LPSULVRQHG ZLWK D ERUH KROH WKDW ZLOO
QRZEHZLGHQHGVRWKDWWKH\FDQEHSXOOHGWR
IUHHGRP
$WDFDPDUHJLRQ*RY;LPHQD0DWDVVDLGWKH
7 SUREH KDG UHDFKHG WKH PLQH DUHD QHDU
WKHFKDPEHUZKHUHWKHPHQKDYHWDNHQUHIXJH
VRPH  IHHW  PHWHUV EHQHDWK WKH
VXUIDFH
2IILFLDOV VD\ UHVFXH WKRXJK LV VWLOO PRUH
WKDQ VL[ ZHHNV DZD\ :RUNHUV ZLOO QRZ ILW D
ZLGHUELWRQWKHGULOODQGVWDUWERULQJDLQFK
&OLQWRQ
-(586$/(0866HFUHWDU\RI6WDWH+LOODU\5RGKDP
VD\V ,VUDHOL DQG 3DOHVWLQLDQ OHDGHUV DUH DOUHDG\
JHWWLQJGRZQWREXVLQHVVLQWDFNOLQJWKHNH\LVVXHVDWWKH
KHDUWRIWKHLUFRQIOLFW
'RQQHOO SXOOHG
%XW&OLQWRQJDYHQRLQGLFDWLRQ:HGQHVGD\WKDWWKHVLGHV
DUH DQ\ FORVHU WR UHVROYLQJ WKH PRVW LPPHGLDWH VWXPEOLQJ
EORFNWRQHZO\UHODXQFKHGSHDFHWDONVD3DOHVWLQLDQWKUHDW
WR TXLW WKH QHJRWLDWLRQV LI ,VUDHO GRHVQ
W H[WHQG D FXUE RQ WUDSSHGPLQHUV
:HVW%DQNVHWWOHPHQWFRQVWUXFWLRQ
V DQG H[DVSHUDWHG YRWHUV WKH JUDVVURRWV DQWLHVWDEOLVKPHQW
$GGUHVVLQJ UHSRUWHUV &OLQWRQ VDLG WKH\ DOUHDG\ KDYH
EHJXQWRJUDSSOHZLWKWKHFRUHLVVXHVLQWKHLUFRQIOLFW%XW
VKHPDGHQRPHQWLRQRIWKHVHWWOHPHQWGLVSXWH
V 1R  UHOLJLRQ DQG ULVNV UDLVLQJ WKH
VPDQ\SURSRQHQWVVD\LWZLOOSUHVHUYHWKHQDWLRQ
V
FHQWLPHWHU KROH ZLGH HQRXJK WR SXOO WKH
PHQWRWKHVXUIDFH
7KDWHIIRUWZLOOUHTXLUHWKHPLQHUVWKHPVHOYHV
WR KHOS E\ VKLIWLQJ WRQV RI GHEULV WKDW IDOOV
WKURXJKWKHKROHDVLWLVZLGHQHG
  '(/$:$5(  &RQVHUYDWLYH &KULVWLQH 2
RII D VWXQQLQJ XSVHW RYHU QLQHWHUP 5HS 0LNH &DVWOH LQ WKH
7ZRGR]HQFRPSDQLHVZLWKRSHUDWLRQVLQ&KLOH 5HSXEOLFDQ6HQDWHSULPDU\LQ'HODZDUH7XHVGD\SURSHOOHGE\
KDYH PDGH PRUH WKDQ  MRE RIIHUV WR WKH WHDSDUW\DFWLYLVWVLQWRD1RYHPEHUVKRZGRZQZLWK'HPRFUDW
&KULV&RRQV$IWHUDSULPDU\VHDVRQVKDSHGE\HFRQRPLFSDLQ
2Q 7KXUVGD\ WKH PLQHUV FHOHEUDWHG &KLOH
ELFHQWHQQLDO RI LQGHSHQGHQFH ZLWK EHHI DQG PRYHPHQWFDQFODLPZLQVLQDWOHDVWVHYHQ*236HQDWHUDFHV
HPSDQDGDVDQGWKH\GHFRUDWHGWKHLUFKDPEHU DKDQGIXORI5HSXEOLFDQJXEHUQDWRULDOFRQWHVWVDQGGR]HQVRI
ZLWKDSODVWLF&KLOHDQIODJ +RXVHSULPDU\FDPSDLJQVDQGLWLQÀXHQFHGPDQ\RWKHUV
 3$5,6  7KH )UHQFK 6HQDWH RQ 7XHVGD\
RYHUZKHOPLQJO\ SDVVHG D ELOO EDQQLQJ WKH EXUTDVW\OH
,VODPLF YHLO RQ SXEOLF VWUHHWV DQG RWKHU SODFHV D
PHDVXUH WKDW DIIHFWV OHVV WKDQ  ZRPHQ EXW WKDW
KDVEHHQZLGHO\VHHQDVDV\PEROLFGHIHQVHRI)UHQFK
YDOXHV
0DQ\ 0XVOLPV EHOLHYH WKH OHJLVODWLRQ LV RQH PRUH
EORZ WR )UDQFH
OHYHORI,VODPRSKRELDLQDFRXQWU\ZKHUHPRVTXHVOLNH
V\QDJRJXHVDUHVSRUDGLFWDUJHWVRIKDWH+RZHYHUWKH
ODZ
YDOXHVLQFOXGLQJLWVVHFXODUIRXQGDWLRQVDQGDQRWLRQRI
IUDWHUQLW\WKDWLVFRQWUDU\WRWKRVHZKRKLGHWKHLUIDFHV
3KRWRVDQGQHZVFRPSLOHGIURP0&7:LUHVHUYLFHVDQG7KH$VVRFLDWHG3UHVV