7+((1&2817(562)7+(
81,7('67$7(6$1'
7+(629,(781,21,17+(

63$&(5$&(




)HOLFLD%DUEHU1LFROH.HQQHG\+DQQDK.LOUR\














$QQRWDWHG%LEOLRJUDSK\

3ULPDU\6RXUFHV

%LJ6SDFH5DFH5RFNHWWR0RRQ6FLHQFH1HZV/HWWHU1RY-6725:HE
2FW
7KLVDUWLFOHLVIURPDQHZVSDSHUWKDWZDVSXEOLVKHGLQWZR\HDUVEHIRUHWKH8QLWHG
6WDWHVODQGHGRQWKH0RRQ,IRXQGWKLVDUWLFOHRQWKHGDWDEDVH-6725IURPWKH%RVWRQ
3XEOLF/LEUDU\7KHDUWLFOHVWDWHVWKDWWKHJRDORIWKH6SDFH5DFHLVWRODQGDPDQRQWKH
PRRQ7KHDUWLFOHLVYHU\RSWLPLVWLFDERXWODQGLQJDPDQRQWKHPRRQXQOLNHPDQ\RWKHU
SHRSOHDWWKLVODWHSRLQWLQWKH6SDFH5DFHZKHQWKHSXEOLFLVORVLQJLQWHUHVW,WVD\VWKDW
WKH8QLWHG6WDWHVWHFKQRORJ\LVDOPRVWDEOHWRUHDFKWKHPRRQ,WSUHGLFWVWKDWWKH86ZLOO
UHDFKWKHPRRQILUVWDQGWKDWWKH86QHHGVWRJLYH1$6$PRUHPRQH\WRUHDFKWKHPRRQ
7KLVFRQQHFWVWR3UHVLGHQW.HQQHG\VJRDORIODQGLQJDPDQRQWKHPRRQEHFDXVHWKLV
DUWLFOHDFFHSWVWKDWDVZLQQLQJ7KLVDUWLFOHDOVRFRQQHFWVWRWKHH[FKDQJHEHWZHHQWKH
8QLWHG6WDWHVDQGWKH6RYLHW8QLRQEHFDXVHWKH86SXEOLVKHVSURSDJDQGDDUWLFOHVOLNHWKLV
WRNHHS$PHULFDQVSRVLWLYHDQGKRSHIXOWKDWZHZLOOEHDWWKH6RYLHW8QLRQ

%LOOH0DWW7HOHSKRQHLQWHUYLHZ2FW
0DWW%LOOHJUHZRQRQ&DSH&DQDYHUDO)ORULGDZDWFKLQJWKH$SROORPLVVLRQVWDNHRII+H
WKHQJUHZXSWREHDQ$LU)RUFHRIILFHULQWKHKHLJKWRIWKH&ROG:DU1RZKHZRUNVDV
DQDXWKRUSXEOLVKLQJERRNVRQVSDFHH[SORUDWLRQKLVWRU\LQFOXGLQJWKH1$6$SXEOLVKHG
ERRN
7KH)LUVW6SDFH5DFH/DXQFKLQJWKH:RUOGV)LUVW6DWHOOLWHV
D
JURXQGEUHDNLQJDFFRXQWRIWKHHDUO\6SDFH$JH+HWROGXVDERXWKRZWKH6RYLHWVGLGQRW
UHDOL]HZKDWDJURXQGEUHDNLQJLQYHQWLRQ6SXWQLNZDVXQWLORWKHUFRXQWULHVVWDUWHGWR
FRQJUDWXODWHWKHP7KHQWKH\UHDOL]HGKRZWKH\FRXOGKDUQHVVWKHLUDFFRPSOLVKPHQWIRU
SURSDJDQGD:HOHDUQHGWKDWKHWKLQNVWKDWWKH8QLWHG6WDWHVZRQWKH6SDFH5DFHEHFDXVH
ZHODQGHGDPDQRQWKHPRRQILUVW7KDWZDVWKHELJJHVWDFFRPSOLVKPHQWRIWKHWLPHDQG
WKH6RYLHWVFRXOGQRWPDWFKLW+HDOVRHPSKDVL]HGKRZLQWHUWZLQHGWKH6SDFH5DFHDQG
WKHUHVWRIWKH&ROG:DUZHUHZLWKHDFKRWKHU+HDJUHHGZLWKRXUDUJXPHQWWKDWWHQVLRQV
IURPWKH&ROG:DUZHUHDQLQLWLDOPRWLYDWLRQRIVSDFHH[SORUDWLRQEXWWKDWDVWKH8QLWHG
6WDWHVVWDUWHGOHDUQLQJPRUHWKH\TXLFNO\EHFDPHPRUHLQWHUHVWHGLQWKHVFLHQWLILF
NQRZOHGJHDQGWHFKQRORJ\LQVWHDGRIMXVWWKHSURSDJDQGDIDFWRU+HKHOSHGXVXQGHUVWDQG
WKHHQFRXQWHUVEHWZHHQWKH8QLWHG6WDWHVDQGWKH6RYLHW8QLRQLQWKH&ROG:DUDQGKRZ
WKDWHIIHFWHGVSDFHH[SORUDWLRQ

(EHUKDUW-RQDWKDQ6SDFH5DFH3DFH4XLFNHQV7KH6FLHQFH1HZV/HWWHU-XQH
6RFLHW\IRU6FLHQFH WKH3XEOLF:HE

-RQDWKDQ(EHUKDUWH[SODLQVWKHVFLHQWLILFDVSHFWVEHKLQGWKH6SDFH5DFHDQGZKDWWKH
DYHUDJH$PHULFDQSHUVSHFWLYHVZHUHGXULQJWKHWLPHRIWKH&ROG:DU7KLVSULPDU\
VRXUFHVKRZVWKHPDWKHPDWLFDOFRPSRQHQWVRIWKHVDWHOOLWHVDQGIOLJKWDQGWKHGLIIHUHQW
GDWHVRIHDFKUHPDUNDEOHHYHQWFRPSDULQJWKHWLPHEHWZHHQHDFKVLGHVDFKLHYLQJZKDWKDV
DOUHDG\EHHQDFFRPSOLVKHG:HOLNHGKRZWKLVVRXUFHZDVFRPSOHWHO\IDFWXDODQGKDGQR
RSLQLRQVH[FHSWIRUJLYLQJDSRVVLEOHLGHDRIZKDWZDVEHOLHYHGE\ERWKVLGHVEXWWKDW
ZDVFOHDUO\VWDWHG,WUHODWHVWRRXUWRSLFEHFDXVHLWLVDERXWVSDFHH[SORUDWLRQ

*UHHQEHUJ'66RYLHW6SDFH)HDW,W3URYLGHV1HZ$UJXPHQWVIRU/DUJHU0LOLWDU\5ROH
8QGHUFXWV/XQDU/DQGLQJ&ULWLFV
6FLHQFH
1HZ6HULHV-6725
>-6725@:HE2FW
7KLVDUWLFOHIURPWKH
6FLHQFH
PDJD]LQHWKDW,IRXQGWKURXJKWKH-6725GDWDEDVHGHVFULEHV
WKHHIIHFWVRIWKH6SXWQLNDFFRPSOLVKPHQWVRIWKH6RYLHW8QLRQRQWKH8QLWHG6WDWHV
PLOLWDU\0DQ\SHRSOHEHOLHYHGWKDWWKH6RYLHW8QLRQQRZKDGDEHWWHUPLOLWDU\EHFDXVHRI
WKHLUURFNHWWHFKQRORJ\DQGWKDWWKH8QLWHG6WDWHVKDGQRKRSHRIFDWFKLQJXS,WVWDWHV
WKDWLWFUHDWHGSRWHQWLDOIRUDQLQWHQVLILHGDUPVUDFHEHWZHHQWKH86DQGWKH8665LQWKH
QHZWHUULWRU\RIVSDFHEXWWKH86GLGQWZDQWWKDW,WTXHVWLRQVWKH8QLWHG6WDWHV
VSHQGLQJDQGZKHWKHULWVKRXOGVSHQGWKDWPXFKRQWKHVSDFHSURJUDPLQVWHDGRIFDWFKLQJ
EDFNXSLQWKHVSDFHSURJUDPLQWKH$LU)RUFH,WVD\VWKDW1$6$DWWKDWSRLQWZDVVWLOO
FRQILGHQWWKDWWKH\ZRXOGZLQWKHPRRQUDFHEXWWKDWWKHLUSURJUDPFDQQRWEHUXVKHG
7KLVDUWLFOHFRQQHFWVWRWKHH[FKDQJHEHWZHHQWKH8QLWHG6WDWHVDQGWKH6RYLHW8QLRQ
EHFDXVHRIWKHFRPPHQWVPDGHEDFNDQGIRUWKDQGWKHSRVVLELOLW\RIDQDUPVUDFHDQG
ZKDWWKH86WULHGWRGRWRSUHYHQWWKDW6SXWQLNJDYHWKH8665DPLOLWDU\DGYDQWDJHRYHU
WKH86DQGWKH\KDGWRUHVSRQGWRWKDWZKLOHWU\LQJWRNHHSSHDFH

*RRGSDVWHU$-*HQ0HPRUDQGXPRI&RQIHUHQFHZLWKWKH3UHVLGHQW/HWWHU2FW
:ZZDUFKLYHVRUJ
7KH861DWLRQDO$UFKLYHVDQG5HFRUGV$GPLQLVWUDWLRQQG:HE
6HSW
7KLVLVDPHPRUDQGXPRIDFRQIHUHQFHZLWK3UHVLGHQW'ZLJKW'(LVHQKRZHUZULWWHQE\
%ULJDGLHU*HQHUDO$-*RRGSDVWHU7KHGRFXPHQWZDVRQO\GHFODVVLILHGWHQ\HDUVDIWHULW
ZDVWDNHQEHFDXVHRIWKHVHQVLWLYHPDWHULDOLQLW7KHFRQIHUHQFHZDVGLVFXVVLQJRQKRZ
WKH8QLWHG6WDWHVVKRXOGUHDFWWRWKH6SXWQLNODXQFKLQJ7KLVFRQIHUHQFHWRRNSODFHDV
VRRQDVWKH3UHVLGHQWKHDUGWKHQHZVWKDWWKH6RYLHWVKDGODXQFKHGWKHYHU\ILUVWVDWHOOLWH
LQWRVSDFH:HOHDUQHGDERXWWKHLQLWLDOUHDFWLRQVWRWKHQHZVDQGWKHSHUVSHFWLYHRI
$PHULFDQVLQWKHWLPHSHULRG7KHFRQIHUHQFHGHFLGHGKRZWKH86ZRXOGUHDFWWRWKHORVW
EDWWOHDQGZDVDSLQQDFOHPRPHQWRIGLSORPDWLFH[FKDQJH,WVKRZHGKRZWKH8QLWHG
6WDWHVKDGWRSXWRQDVWURQJIDFDGHWRUHDVVXUHWKHSXEOLFDQGFRQYLQFHWKH6RYLHW8QLRQ
WKDWWKH\KDGWKHVLWXDWLRQXQGHUFRQWURODQGZRXOGHPHUJHDVWKHVXSHULRUFRXQWU\


+HUVKEHUJ-DPHV*7HOHSKRQH,QWHUYLHZ'HF
3URIHVVRU-DPHV*+HUVKEHUJLVD3URIHVVRURI+LVWRU\DW*HRUJH:DVKLQJWRQ
8QLYHUVLW\DYHU\UHOLDEOHDQGWUXVWZRUWK\VFKRRO+HVSHFLDOL]HVLQ&ROG:DUKLVWRU\
QXFOHDUKLVWRU\DQGLQWHUQDWLRQDOUHODWLRQV+HZDVERUQDWWKHWLPHRIWKH6SDFH5DFH
DQGZDVROGHQRXJKWRUHDOL]HWKHVLJQLILFDQFHRIWKH6SDFH5DFHLQWKHVFKHPHRIWKH
&ROG:DU2ULJLQDOO\KHOLNHGWKHQHZVUHSRUWHUDVSHFWRIZKDWZDVEHLQJUHSRUWHGGXULQJ
WKH6SDFH5DFHEXWKHOLNHPDQ\RWKHUVKHEHFDPHWRRLQYHVWHGDQGZDQWHGWRNQRZ
PRUHDERXWWKHEDFNJURXQGRIWKH6SDFH5DFHDQGWKH&ROG:DU+HUVKEHUJUHLWHUDWHVKRZ
WKH6SDFH5DFHZDVVWDUWHGEHFDXVHRISROLWLFDOPRWLYDWLRQDQGQRWEHFDXVHRIDVFLHQWLILF
ORYHIRUVSDFH+HJRHVWKURXJKWKHWUDQVLWLRQIURPEHJLQQLQJURFNHWVPLVVLOHVDQGRWKHU
ZHDSRQVDQGKRZWKH6SDFH5DFHFDXVHDKXJHSURJUHVVLRQLQVFLHQFHOHDGLQJXVWRWKH
PRUHSRZHUIXOZHDSRQVDQGQXFOHDUSRZHUWKDWZHFRQWDLQWRGD\+HPDNHVFRQQHFWLRQV
EHWZHHQWKH&ROG:DUDQGSUHVHQWGD\PHQWLRQLQJKRZWKH\XVHGSUR[\ZDUVWRDYRLGD
::,,,EXWKRZZDVDIODVKEDFNWRWKHIHDUVRIDZDUWRHQGKXPDQLW\DVDEODFN
VKURXGODLGLWVHOIDFURVV1HZ<RUN7KLVLQWHUYLHZZDVYHU\KHOSIXOLQJLYLQJXVD
ILUVWKDQGGHVFULSWLRQRIWKHKLVWRU\WKURXJKWKH6SDFH5DFHDQGKRZLWVHIIHFWVFRQWLQXHWR
WHDFKXVLQRXUSUHVHQWGD\

+HUWHU&KULVWLDQ$&LUFXODU7HOHJUDP)URPWKH'HSDUWPHQWRI6WDWH/HWWHUWR$OO'LSORPDWLF
0LVVLRQV2FW
+LVWRU\VWDWHJRY
2IILFHRIWKH+LVWRULDQ%XUHDXRI3XEOLF
$IIDLUV8QLWHG6WDWHV'HSDUWPHQWRI6WDWHQG:HE6HSW
7KLVLVWKHWHOHJUDPWKDWZDVVHQWWRDOOGLSORPDWLFPLVVLRQVUHJDUGLQJKRZWKH\VKRZ
EHKDYHLQUHVSRQVHWRWKH6SXWQLNODXQFKLQJ7KH8QLWHG6WDWHVNHSWXSWKHLUVWURQJIDFH
DQGUHDVVXUHGWKHRWKHUFRXQWULHVWKDWWKH\DUHVWLOOWHFKQRORJLFDOO\DGYDQFHG7KH\DOVR
ZHQWRQWRVD\WKDW6SXWQLNSRVHGQRUHDOGDQJHUDQGWKDWWKH86KDGWKHVLWXDWLRQXQGHU
FRQWURO7KLVWHOHJUDPZDVXVHIXOLQVHHLQJWKHH[FKDQJHVEHWZHHQ$PHULFDDQGKHUDOOLHV
LQDWLPHZKHQWKH\KDGEHHQEHDWHQE\WKH6RYLHW8QLRQDWDWLPHRIWHQVHUHODWLRQVKLSV
DQGRQWKHYHUJHRIZDU7KH8QLWHG6WDWHVKDGWRDSSHDUDVDVWXUG\XQ\LHOGLQJIRUFHLQ
WKHLUH[FKDQJHVZLWKRWKHUFRXQWULHVWRUHDVVXUHWKHPWKDWWKH\DUHVXSHULRUWRWKH6RYLHW
8QLRQGHVSLWHWKHLULQIHULRULW\LQWHFKQRORJ\

,PSDFWRI86DQG6RYLHW6SDFH3URJUDPVRQ:RUOG2SLQLRQ$6XPPDU\$VVHVVPHQW
1$6$
86,QIRUPDWLRQ$JHQF\2IILFHRI5HVHDUFKDQG$QDO\VLV-XO\:HE
'HF
7KH86,QIRUPDWLRQ$JHQF\ZDQWHGWRJLYHDQXSGDWHRQWKHLPSDFWVRIWKHFRPSHWLWLRQ
EHWZHHQWKH8QLWHG6WDWHVDQG6RYLHW8QLRQRIWKHLUVSDFHH[SORUDWLRQDVWKHGHFDGHZDV
FRPLQJWRDFORVH7KHLU2IILFHRI5HVHDUFKDQG$QDO\VLVDUHOLDEOHJRYHUQPHQWDJHQF\
JDWKHUHGWKHIDFWVDQGDVNHGSHRSOHZKDWWKH\WKRXJKWDERXWWKHUDFHIRUVSDFHEHWZHHQ
WKHVHWZRVXSHUSRZHUV7KH\JDYHQLQHFULWHULDIRUWKHLUVXPPHU\DQGDVNHGWKHUHVLGHQWV

IURPWKHGLIIHUHQWFRQWLQHQWVDURXQGWKHZRUOG:HOHDUQHGDERXWWKHSXEOLFRSLQLRQRQ
WKH6SDFH5DFHDQGKRZWKH\UHDFWHGWRWKHQHZVDQGVWDWLVWLFV,WJDYHXVLQVLJKWIXO
SHUVSHFWLYHRQWKHWKRXJKWVDQGHPRWLRQVWKHSHRSOHZHUHIHHOLQJ7KLVDUWLFOHZDVYHU\
KHOSIXODQGYHU\GHWDLOHGLQH[SODLQLQJZKDWGLIIHUHQWSHRSOHWKRXJKWDERXWWKHEHJLQQLQJV
RIWKH6SDFH5DFH

.HQQHG\-RKQ):H&KRRVHWR*RWRWKH0RRQ7KH6SDFH(IIRUW5LFH8QLYHUVLW\+RXVWRQ
6HSW7KH+LVWRU\3ODFH:HE6HSW
-RKQ).HQQHG\
VVSHHFKFRQILUPVWKHVSDFHUDFHDQGVWDWHV$PHULFD
VJRDORIODQGLQJD
PDQRQWKHPRRQEHIRUHWKHHQGRIWKH
V+HWDONVDERXWKRZ$PHULFDDQGKXPDQV
QHHGWROHDUQDERXWVSDFHEHFDXVHLWLVWKHUHDQGXQNQRZQ+HDOVRGHIHQGVWKHJUHDW
H[SHQVHRIWKHVSDFHSURJUDP:KHQWKHVSHHFKZDVGHOLYHUHGWKH8QLWHG6WDWHVZDV
ORVLQJWKHUDFHDQGKHPRWLYDWHGSHRSOHWRZDQWWRZLQ.HQQHG\VXFFHHGLQJLQFDXVLQJ
WKHEXGJHWRI1$6$WREHUDLVHGVRWKH\FRXOGDGYDQFHLQWKHVSDFHUDFH,WZDVXVHIXOLQ
VHHLQJKRZ3UHVLGHQW.HQQHG\PRWLYDWHGWKH8QLWHG6WDWHVWRPDNHDQDWLRQDOHIIRUWWR
ODQGDPDQRQWKHPRRQ,WFRQQHFWVWRWKHH[FKDQJHEHWZHHQWKH6RYLHW8QLRQDQG
$PHULFDDQGKRZ.HQQHG\KDGWRUHPRWLYDWHWKHFRXQWU\WRJHWEDFNLQWKHUDFH

.HQQHG\-RKQ)3UHVLGHQW.HQQHG\
V&XEDQ0LVVLOH&ULVLV6SHHFK2FW
+LVWRU\ZL]:HE1RY
.HQQHG\PDGHWKLVVSHHFKRYHUWKHUDGLRWRWKH$PHULFDQSHRSOHZKHQKHJDLQHG
NQRZOHGJHRIWKH6RYLHWPLVVLOHVRQ&XED7KHVSHHFKZDVPDGHLQWKHKHLJKWRIWKH&ROG
:DUDQGWKLVHYHQWZKLFKLVNQRZQDVWKH&XEDQ0LVVLOH&ULVLVZDVDPDMRUWXUQLQJ
SRLQW7KHVSHHFKLQIRUPHGWKHSXEOLFRQZKDWKDGKDSSHQHGWKDWWKH6RYLHWVKDGSODFHG
PLVVLOHVRQ&XEDFDSDEOHRIDQQLKLODWLQJDQ\FLW\LQWKH8QLWHG6WDWHVWKHQ.HQQHG\ZHQW
RQWRH[SODLQWKHVHYHQVWHSVKHZDVJRLQJWRWDNHLQUHVSRQVH7KHVWHSVZHUH
EORFNDGHDQ\PLOLWDU\FDUJRWR&XEDLQFUHDVHVXUYHLOODQFHRQ&XEDDQGLWVPLOLWDU\
EXLOGXSVHWLQWRSROLF\WKDWDQ\ODXQFKHGPLVVLOHVIURPWKH6RYLHWLQWRWKH:HVWHUQ
+HPLVSKHUHLVWKH6RYLHW8QLRQGHFODULQJZDURQWKH8QLWHG6WDWHVUHLQIRUFHGWKH
*XDQWDQDPREDVHFDOOIRUDPHHWLQJRIWKH2UJDQRI&RQVXOWDWLRQXQGHUWKH
2UJDQL]DWLRQRI$PHULFDQ6WDWHVFDOOIRUDQHPHUJHQF\PHHWLQJRIWKH6HFXULW\
&RXQFLORIWKH8QLWHG1DWLRQVDVN&KDLUPDQ.KUXVKFKHYWRKDOWDQGHOLPLQDWHWKLV
FODQGHVWLQHUHFNOHVVDQGSURYRFDWLYHWKUHDWWRZRUOGSHDFHDQGWRVWDEOHUHODWLRQVEHWZHHQ
RXUWZRQDWLRQV7KLVVSHHFKKHOSHGXVXQGHUVWDQGWKHPHQWDOLW\RIWKH$PHULFDQSHRSOH
EDFNWKHQDQGUHDOL]HZKDWDVKRFNDQGVFDUHLWPXVWKDYHEHHQ,WLVVLJQLILFDQWWRRXU
WRSLFEHFDXVHLWVKRZVWKHHQFRXQWHUVEHWZHHQWKH8QLWHG6WDWHVDQGWKH6RYLHW8QLRQLQ
WKH$UPV5DFH


.KUXVKFKHY1LNLWD6HUJHHYLFKDQG6WUREH7DOERWW
.KUXVKFKHY5HPHPEHUV9ROXPH7KH/DVW
7HVWDPHQW
+DUPPRQGVZRUWK3HQJXLQ3ULQW
,QWKLVPHPRLUE\1LNLWD.KUXVKFKHYWKHIRUPHU)LUVW6HFUHWDU\RIWKH6RYLHW8QLRQRQ
KLVWLPHDVWKHOHDGHURIWKHFRPPXQLVWZRUOGSRZHU+HZDVRQHRIWKHPDMRUSROLWLFDO
OHDGHUVGXULQJWKH&ROG:DUDQGKDGDKDQGLQPDQ\RIWKHLPSRUWDQWGHFLVLRQV7KHERRN
UHFRXQWV.KUXVKFKHYVSHUVRQDOWKRXJKWVDQGRSLQLRQVKHZDVQRWDEOHWRSXEOLFDOO\
H[SUHVV:HXVHGDTXRWHIURPWKLVERRNWKDWZDV.KUXVKFKHYUHFRXQWLQJDFRQYHUVDWLRQ
ZLWKDUHSRUWHUDERXWWKHDPRXQWRIQXFOHDUZHDSRQVWKH6RYLHW8QLRQKDGFRPSDUHGWR
WKH8QLWHG6WDWHV7KH8QLWHG6WDWHVKDGHQRXJKZHDSRQVWRGHVWUR\WKHHQWLUH6RYLHW
8QLRQWZRWLPHVRYHUZKLOHWKH6RYLHWVRQO\KDGHQRXJKWRGHVWUR\$PHULFDRQFH+H
PDNHVDVQDUN\FRPPHQWDERXWKRZXQQHFHVVDU\LWLVWRKDYHWKDWPDQ\ERPEVEHFDXVH
WKHUHLVQRSRLQWLQDQQLKLODWLQJDFRXQWU\WZLFH,WLVVLJQLILFDQWWRRXUSURMHFWEHFDXVHLW
VKRZVWKHUHODWLRQVKLSEHWZHHQWKHOHDGHUVLQWKH&ROG:DU.KUXVKFKHYWDONVDERXWWKH
$UPV5DFHDQGWKH6RYLHWSROLF\WRZDUGVQXFOHDUZHDSRQVZKLFKKHOSHGXVXQGHUVWDQGWKH
IXOOSLFWXUHZLWKSHUVSHFWLYHVIURPERWKVLGHV

.UDQ](XJHQH)
)DLOXUH,V1RWDQ2SWLRQ
1HZ<RUN1<6LPRQ 6FKXVWHU3ULQW
7KHDXWKRU*HQH.UDQ]ZRUNHGDW1$6$IRUWKUHHGHFDGHV+HMRLQHGLQDVDQ
$VVLVWDQW)OLJKWGLUHFWRUDQGKHZDVWKHIOLJKWGLUHFWRUIRUWKH$SROORPLVVLRQWKDW
VXFFHVVIXOO\ODQGHG7KLVERRNGHVFULEHVWKHHYHQWVRIKLVWLPHDW1$6$WKURXJKKLV
H[FLWLQJSRLQWRIYLHZ,WWHOOVRIWKHIDLOHG0HUFXU\$WODVODXQFKZKHQWKHURFNHWEXUVW
LQWRIODPHVDQGWKH\KDGWRHVFDSHIURPWKHIODPLQJWRZHUV7KHERRNFOLPD[HVWRWKH
$SROORPLVVLRQZKHUH.UDQ]VHUYHGDVWKHOHDGIOLJKWGLUHFWRU+HSOD\HGDQHVVHQWLDO
UROHLQKHOSLQJWRUHVFXHWKHWUDSSHGDVWURQDXWV2YHUDOOKHVWUHVVHVKRZPXFKWLPHZRUN
DQGHQHUJ\ZHQWLQWRDOOWKHPLVVLRQV+HDOVRUHFRXQWVKRZLPSRUWDQWWHDPZRUN
FRPPXQLFDWLRQDQGFRRSHUDWLRQZHUHWRWKHVXFFHVVRIWKHSURJUDP,WZDVYHU\XVHIXOLQ
VHHLQJDGHWDLOHGGHVFULSWLRQRIWKHPLVVLRQVIURPVRPHRQHZKRZDVDSDUWRIWKHWHDP
EHFDXVHLWSURYLGHGDQLQVLGHSHUVSHFWLYHWRWKHLQQHUZRUNLQJVRI1$6$:HDOVROHDUQHG
DERXWWKHSUHVVXUHRIVXFFHHGLQJWKDWZDVZHLJKLQJRQWKHPDQGWKDWLVDOVRZK\WKHERRN
ZDVFDOOHG
)DLOXUHLVQRWDQ2SWLRQ


0HQGHOVRKQ(YHUHWW
$'LDORJXHZLWKWKH6RYLHWV1XFOHDU:HDSRQV'LVDUPDPHQWDQG1XFOHDU
(QHUJ\
1S1XFOHDU3UROLIHUDWLRQ,QWHUQDWLRQDO+LVWRU\3URMHFW3ULQW
7KLVSDPSKOHWZULWWHQE\(YHUHWW0HQGHOVRKQDZHOOUHVSHFWHG+DUYDUGSURIHVVRURQWKH
+LVWRU\RI6FLHQFHIRURYHU\HDUVDQGWKH$PHULFDQ)ULHQGV6HUYLFH&RPPLWWHHZDVD
UHFRXQWLQJRIWKH&RPPLWWHHVUHFHQWWULSWRWKH6RYLHW8QLRQ7KH\WDONHGZLWKRYHU
6RYLHWVFLHQWLVWVSROLWLFDODGYLVRUVDQGFLWL]HQVRQWKHSROLFLHVWKDWFRQWUROQXFOHDU
ZHDSRQVWKHVFLHQWLILFFRPPXQLW\WKDWZDVGHYHORSLQJWKHQXFOHDUZHDSRQVDQGWKHVWHSV
WKH\DUHPDNLQJRUQRWPDNLQJWRGLVDUPVDQGFXWEDFNRQQXFOHDUZHDSRQV7KH\VDLG

WKDWWKH6RYLHWVZHUHQRWEDFNLQJGRZQRQWKHLUQXFOHDUZHDSRQVDQGZHUHLQIDFW
RSWLPLVWLFDERXWEHLQJDEOHWRDFKLHYHWKHQXFOHDUHQHUJ\FDSDFLW\WKDWWKH\ZDQW
7KLVVRXUFHZDVXVHIXOLQKHOSLQJXVXQGHUVWDQGVRPHRIWKH6RYLHWSHUVSHFWLYHVDERXW
QXFOHDUZHDSRQVLQWKH$UPV5DFH,WLVVLJQLILFDQWWRRXUUHVHDUFKEHFDXVHLWJDYHXVWKH
SHUVSHFWLYHVRIWKH6RYLHWVWRZDUGVQXFOHDUZHDSRQVZKLFKZHUHWKHSLQQDFOHRIWKH$UPV
5DFH

0HUFXU\7HDP:LQV&ROOLHU7URSK\$ZDUG7KH6FLHQFH1HZV/HWWHU
-67256RFLHW\IRU6FLHQFH WKH3XEOLF:HE6HSW
)URPWKH6FLHQFH1HZV/HWWHUZKLFKZDVRQHRIWKHELJJHUVFLHQFHMRXUQDOVDWWKHWLPH
WKLVLVDQDUWLFOHWKDWFHOHEUDWHVDQHYHQWWKDWZDVWKHJUHDWHVWVRIDULQLWVWLPH*HWWLQJDQ
$PHULFDQPDQLQWRVSDFHGHVHUYHGDZDUGVDQGWKHVHYHQDVWURQDXWVLQYROYHGZHUHJLYHQ
WURSKLHV,WZDVLQWHUHVWLQJIRUXVWRVHHWKHH[FLWHPHQWEHKLQGDQHYHQWWKDWZRXOGVRRQ
EHWRSSHGEXWWKDWUHFHLYHGDORWRIDWWHQWLRQE\$PHULFDQV:HZHUHDEOHWRVHHWKH
UHDFWLRQDQGDSSUHFLDWLRQIURPWKHSHUVSHFWLYHRIVFLHQWLVWVGXULQJWKHVSDFHUDFH7KLV
ZDVRQHRIWKHILUVWH[SORUDWLRQVLQWRVSDFH

1DWLRQDO6HFXULW\&RXQFLO5HSRUW16&8QLWHG6WDWHV2EMHFWLYHVDQG3URJUDPVIRU1DWLRQDO
6HFXULW\$SULO+LVWRU\DQG3XEOLF3ROLF\3URJUDP'LJLWDO$UFKLYH86
1DWLRQDO$UFKLYHV
7KLVVRXUFHZDVD1DWLRQDO6HFXULW\&RXQFLORIWKH8QLWHG1DWLRQVUHSRUWWKDWGLVFXVVHG
WKHFRQIOLFWEHWZHHQWKH6RYLHW8QLRQDQGWKH8QLWHG6WDWHVLQWKHEHJLQQLQJRIWKH&ROG
:DUV7KLVUHSRUWZDVZULWWHQE\3UHVLGHQW+DUU\67UXHPDQDQG-DPHV6/D\
:HOHDUQHGWKDWWKH8QLWHG6WDWHVGLGQRWNQRZWKDWPXFKDERXWWKH6RYLHWQXFOHDUZHDSRQ
VWRFNSLOHDQGWKDWWKHLUJXHVVRIKRZPDQ\ZHDSRQVWKHWKH\KDGZDVPXFKODUJHUWKDQ
ZKDWLWDFWXDOO\ZDV7KH8QLWHG6WDWHVDQGWKH6HFXULW\&RXQFLOZHUHZRUULHGDERXWWKH
6RYLHWVQXFOHDUZHDSRQFDSDELOLWLHVDQGGLVFXVVHGWKH8QLWHG6WDWHVQDWLRQDOVHFXULW\
SROLF\LQUHVSRQVHWRWKH6RYLHWWKUHDWRIQXFOHDUZDU7KLVVRXUFHZDVKHOSIXOLQUHDOL]LQJ
WKDWWKH8QLWHG6WDWHVGLGQRWUHDOO\NQRZKRZPDQ\QXFOHDUZHDSRQVWKH6RYLHWVKDG
XQWLOVS\VDWHOOLWHVZHUHHPSOR\HGWRILQGRXW7KLVVRXUFHUHODWHVWRRXUWRSLFDQGWKH
WKHPHRIHQFRXQWHUVEHFDXVHLWH[SODLQVWKHHQFRXQWHUVEHWZHHQWKH6RYLHW8QLRQDQGWKH
8QLWHG6WDWHVLQWKH&ROG:DU

1L[RQ5LFKDUG3UHVLGHQWLDO'DLO\'LDU\(QWU\7KH2IILFHRID3UHVLGHQWLDO3DSHUV-XO\
1DWLRQDO$UFKLYHV,GHQWLILHU>'RFV7HDFK@:HE2FW
3UHVLGHQW1L[RQLQKLVGDLO\HYHQWGLDU\ZURWHDERXWWKHLQWHUSODQHWDU\FRQYHUVDWLRQKH
KDGZLWKDVWURQDXWV1HLO$UPVWURQJDQG%X]]$OGULQMXVWDIWHUWKH\FRPSOHWHGWKHILUVW
HYHUPRRQODQGLQJ7KHSKRQHFDOORFFXUUHGDW301L[RQ
VODVWFDOORIWKHGD\
ZLWKWZRPHQZKRZHUHVWDQGLQJRQWKHPRRQ7KHSKRQHFDOOSURYLGHGLPPHGLDWH

HYLGHQFHRIWKH8QLWHG6WDWHV
VXFFHVVLQWKH6SDFH5DFHDQGWKHLULPPHQVHWHFKQRORJ\
DGYDQFHPHQWVRYHUWKH6RYLHW8QLRQ7KLVSKRQHFDOOJRHVGRZQLQLQWHUQDWLRQDOKLVWRU\
DVDPDUNHURIWKHPRRQYLFWRU\DQGWKHHQGWRWKH6SDFH5DFHSURYLQJRQFHDJDLQWKH
VXFFHVVRIGHPRFUDF\

2GLVK+XJK7KH0HDQLQJRIWKH,QWHUQDWLRQDO*HRSK\VLFDO<HDU1$6$863UHVLGHQWV
&RPPLWWHHRQ,QIRUPDWLRQ$FWLYLWLHV$EURDG5HFRUGV'HF:HE'HF
+XJK2GLVKZDVWKH86GLUHFWRUIRUWKH,*<,QWHUQDWLRQDO*HRSK\VLFDO<HDUVRZKHQ
KHLVSURYLGLQJDVSHHFKIRUIHOORZPHPEHUVRIWKH1DWLRQDO3UHVV&RPPLWWHHSHRSOH
OLVWHQFORVHO\EHFDXVHKHNQRZVZKDWKH
VWDONLQJDERXW+HH[SODLQVWKHVLJQLILFDQFHRI
WKH,*<DQGWKHIRXUUHDVRQVIRULWVLPSRUWDQFH+HQRWHVKRZWKH,*<ZDVDSHDFHIXO
DFWLYLW\IRUWKHZRUOGZKLFKLQVRPHZD\VLWZDVEHFDXVHWKHZRUOGZRUNHGWRJHWKHUEXW
KHZDVDOVRZURQJEHFDXVHLWVSDUNHGFRPSHWLWLRQEHWZHHQWKH8QLWHG6WDWHVDQGWKH
6RYLHW8QLRQOHDGLQJWRWKH&ROG:DUSUR[\ZDUWKH6SDFH5DFH7KLVVRXUFHLV
VLJQLILFDQWEHFDXVHLWVKRZVWKDWWKHHQWLUHZRUOGZDVLQYROYHGLQWKH,*<DQGKRZWKH
,*<OHGWRWKH6SDFH5DFH

3HUVRQQHO*URZVE\3D\UROO+LWVPLOOLRQ
7KH0DUVKDOO6WDU
-DQ1DWLRQDO
$UFKLYHV,GHQWLILHU>'RFV7HDFK@:HE2FW
7KHVHQH[WWZRVRXUFHVKDYHYHU\VLPLODULGHDV0DUVKDOO6SDFH)OLJKW&HQWHU
VEXGJHW
ZDVGRXEOHGLQWKHLUDWWHPSWWREHFRPHYLFWRULRXVLQWKHEDWWOHIRUVSDFHGRPLQDQFH$VDQ
HIIHFWRI3UHVLGHQW.HQQHG\VVSHHFKPRUHPRQH\ZDVEHLQJSXWLQWRVSDFHDQG
HQJLQHHULQJSURJUDPV:LWKPRUHSHRSOHDQGPRUHPRQH\WKH\WKHRUHWLFDOO\VKRXOGEH
DEOHWRPDNHXSWLPHWRVXUSDVVWKHPRRQDWWHPSWVRIWKH6RYLHW8QLRQ$OVROLNHWKH
DUWLFOHEHORZWKH*HRUJH&0DUVKDOO6SDFH)OLJKW&HQWHULVVWUDLQLQJLWVHOIWRUHDFKWKH
ILQDOYLFWRU\
7KH0DUVKDOO6WDU
VKRZVWKH$PHULFDQSRZHUWREHVXSHULRUDQGEHDWWKH
6RYLHWVWRWKHPRRQ

3UHVLGHQW5HTXHVWV)XQGVWR6SHHG8S3URJUDP
7KH0DUVKDOO6WDU
0D\1DWLRQDO
$UFKLYHV,GHQWLILHU>'RFV7HDFK@:HE2FW
7KLVDUWLFOHZDVSXEOLVKHGE\WKHVDPHQHZVSDSHUDVWKHRQHDERYHEXWWKLVDUWLFOHZDV
SXEOLVKHGD\HDUSULRU7RWU\DQGEHVWWKH6RYLHW8QLRQLQWKH6SDFH5DFH3UHVLGHQW
.HQQHG\DVNVIRUPRUHPRQH\WREHJLYHQWRWKH$PHULFDQ6SDFH3URJUDPVWRWU\DQG
FDWFKXSWRWKHHDUO\6RYLHWVXFFHVV+HUHTXHVWHGPLOOLRQWREHRXWWRZDUGVWKH
$SROORSURMHFWLQDQHIIRUWWRODQGDPDQRQWKHPRRQ.HQQHG\KRSHGWKDWE\KDYLQJKLV
FRXQWU\SXWPRUHRILWVHOILQWRWKHVSDFHSURJUDPDQGZLWKWKHLUKHLJKWHQHGHIIRUWWKDW
WKH\FRXOGRYHUWDNHWKH6RYLHW8QLRQLQILUVWV7KLVVRXUFHLVDJUHDWUHSUHVHQWDWLRQRIWKH
WHQVLRQDQGWKHGHVLUHWREHDWWKHRWKHUFRXQWU\EHWZHHQWKH6RYLHW8QLRQDQG8QLWHG
6WDWHVGXULQJWKH&ROG:DU


6FRWW-HII%RPEV5RFNHWV 0LVVLOHV$HURVSDFHZHE1S-DQ:HE2FW

7KLVDUWLFOHZDVIURPDMRXUQDORIVFLHQWLVWVDERXWWKHGLIIHUHQFHVEHWZHHQERPEVURFNHWV
DQGPLVVLOHVDQGWKHLUKLVWRU\:HFRQVFLRXVO\ORRNHGIRUDVRXUFHOLNHWKLVDIWHUZH
NQHZZHZHUHWU\LQJWRGHWHUPLQHKRZPLOLWDU\WHFKQRORJ\DQGVSDFHWHFKQRORJ\
WUDQVODWHGEHWZHHQRQHDQRWKHU,WJLYHVGHILQLWLRQVRIWKHWKUHHZHDSRQVDQGVKRZVWKH
GLIIHUHQFHVEHWZHHQWKHP:HOHDUQHGWKDWERPEVDUHWKHH[SORGLQJSD\ORDGVWKDWDUH
UHVSRQVLEOHIRUWKHGHDWKDQGGHVWUXFWLRQ5RFNHWVDUHWKHYHKLFOHVWKDWGHOLYHUWKHERPEV
IURPWKHLUODXQFKSDGWRWKHLUGHVWLQDWLRQ0LVVLOHVDUHWKHVDPHFRQFHSWDVURFNHWVEXWDUH
VSHFLDOL]HGWRGHOLYHUERPEV5RFNHWVLQWKH6SDFH5DFHZHUHEHLQJXVHGWRVHQGVDWHOOLWHV
LQWRVSDFH7KLVDUWLFOHZDVVLJQLILFDQWLQWHDFKLQJXVDERXWWKHXVHVRIWKHVHWHFKQRORJLHV
VRWKDWZHFRXOGXQGHUVWDQGKRZWKH\ZHUHXVHGGXULQJWKH&ROG:DU6FLHQWLVWVRIWKLV
WLPHXVHGWKHLUNQRZOHGJHWREHDEOHWREXLOGEHWWHUZHDSRQVDQGURFNHWVDQGVFLHQWLVWVRI
QRZXVHWKLVNQRZOHGJHWREXLOGEHWWHUSURGXFWVIRUWKHIXWXUH

7-6SDFH([SORUDWLRQDV3URSDJDQGD
6FLHQFH
1HZ6HULHV-6725
>-6725@:HE2FW
7KLVDUWLFOHLVIURPWKHGDWDEDVH-6725IURPWKH%RVWRQ3XEOLF/LEUDU\,WWDONVDERXW
KRZWKH8QLWHG6WDWHVLVYLHZHGE\RWKHUQDWLRQV7KLVDUWLFOHZDVSXEOLVKHGEHIRUHWKH
8QLWHG6WDWHVODQGHGRQWKHPRRQDIWHU6SXWQLNDQGEHIRUHWKH86V3URMHFW0HUFXU\
7KHDUWLFOHVWDWHVWKDWWKH8QLWHG6WDWHVPXVWXSKROGLWVVXSUHPHSRVLWLRQZLWKLQRWKHU
QDWLRQVDQGWKDWRWKHUQDWLRQVMXGJHFRXQWULHVSDUWLDOO\EDVHGRQWKHLUVSDFHSURJUDPV
7KLVLVDQRWKHUPRWLYDWRUIRUWKH8QLWHG6WDWHVWRSDUWLFLSDWHLQWKH6SDFH5DFH,WVD\V
WKDWWKH6RYLHW8QLRQKDVH[FHHGHGHYHU\RQHVH[SHFWDWLRQVVRWKH\DUHYLHZHGDVEHWWHU
WKDQWKH8QLWHG6WDWHVEHFDXVHWKH\KDYHIDOOHQEHKLQG7KHDUWLFOHVD\VKRZ3UHVLGHQW
(LVHQKRZHUFODLPVWKDWWKH6RYLHW8QLRQVDFFRPSOLVKPHQWVKDYHDSSHDOHGPRUHWRWKH
SXEOLFEXWWKH8QLWHG6WDWHVKDVGRQHJRRGZRUN,WVD\VWKDWWKH8QLWHG6WDWHVPLJKWQRW
WKLQNWKDWWKH\DUHLQIHULRUWRWKH6RYLHW8QLRQEDVHGRQWKHVHDFFRPSOLVKPHQWVEXWLW
PDWWHUVZKDWWKHUHVWRIWKHZRUOGWKLQNVDERXWWKH8QLWHG6WDWHV,WTXHVWLRQVZKHWKHU
VSDFHH[SORUDWLRQLVDSRZHUDFFHSWHGE\SHRSOHLQRWKHUFRXQWULHV7KLVLVVLJQLILFDQWWR
WKHFRQWH[WRIRXUSURMHFWEHFDXVHLWVKRZVWKHPRWLYDWRUVRIWKH6SDFH5DFHDQGKRZWKH
8QLWHG6WDWHVZDQWHGWRSURYHLWVVXSUHPDF\

7HOHJUDP.KUXVKFKHYWR.HQQHG\UH<XUL*DJDULQ$SULO$SULO1DWLRQDO
$UFKLYHV,GHQWLILHU>'RFV7HDFK@:HE2FW
'LUHFWO\IURPWZRRIWKHPDLQOHDGHUVIURPGXULQJWKH&ROG:DUDSROLWLFDO
FRQJUDWXODWLRQVZDVJLYHQIURP.HQQHG\WR.KUXVKFKHYIRUPDQDJLQJWRIO\<XUL*DJDULQ
LQWRVSDFHWKHILUVWVXFFHVVIXOPDQQHGVSDFHIOLJKW,QUHVSRQVH.KUXVKFKHYWKDQNHG

.HQQHG\IRUKLVFRQJUDWXODWLRQVDQGKRSHGWKDWWKHWZRFRXQWLHVZRXOGZRUNWRJHWKHULQ
WKHIXWXUH7KHPHQWLRQHGSRVVLEOHSDUWQHUVKLSLVNQRZWRMXVWEHDIDFDGHDIWHU
(LVHQKRZHU
VUHMHFWHGSURSRVDOWRZRUNWRJHWKHUIURP\HDUVDJRQHYHUKDSSHQHG7KLV
DUWLFOHVKRZVKRZWKHVHOHDGHUVWU\WRDFWDVWKHELJJHUDQGPRUHSRZHUIXOSHUVRQDVWKH\
WU\WRVKRZWKHLUGRPLQDQFHRYHUHDFKRWKHU

8QLWHG6WDWHV&RQJUHVV6HQDWH
$SROOR$FFLGHQW5HSRUWRIWKH&RPPLWWHHRQ$HURQDXWLFDO
DQG6SDFH6FLHQFHV8QLWHG6WDWHV6HQDWHZLWK$GGLWLRQDO9LHZV
%\&OLQWRQ3
$QGHUVRQ:DVKLQJWRQ86*RYW3ULQW2II
ZZZKLVWRU\QDVDJRY
1$6$
6HSW:HE2FW
7KLVLVWKHDFFLGHQWUHSRUWRI$SROORIURPWKH8QLWHG6WDWHV&RQJUHVVLQYHVWLJDWLRQ
7KHJRYHUQPHQWKDGWRLQYHVWLJDWHWKHLQFLGHQWEHFDXVHRILWVGHYDVWDWLRQDQGIDLOXUH
$SROORZDVWKHILUVW$SROORPLVVLRQDQGLWHQGHGWUDJLFDOO\7KHFRPPDQGPRGXOH
FDXJKWRQILUHZKLOHRQWKHODXQFKSDGNLOOLQJWKHWKUHHDVWURQDXWVRQERDUG
/W&RO
9LUJLO,*ULVVRP/W&RO(GZDUG+:KLWHDQG5RJHU%&KDIIHH7KLVLVVLJQLILFDQW
EHFDXVHWKHUHVXOWVRIWKHLQYHVWLJDWLRQKHOSHGUHIRUPIXWXUH$SROORPLVVLRQHQJLQHHULQJ
GHVLJQV7KHWHVWSURFHGXUHVDQGPDQXIDFWXULQJSURFHVVHVZHUHUHIRUPHGEHFDXVHRIWKLV
LQFLGHQW:LWKRXWWKHFKDQJHVWRWKHODWHU$SROORPLVVLRQVHQDFWHGEHFDXVHRI$SROOR
ZHPLJKWQRWKDYHEHHQDEOHWRODQGDPDQRQWKHPRRQEHIRUHWKH6RYLHWVGLG7KHVRXUFH
LVUHOHYDQWWRWKHWKHPHH[SORUDWLRQEHFDXVH$SROORZDVWKH8QLWHG6WDWHVILUVWDWWHPSW
DWVHQGLQJPHQWRWKHPRRQ

86$VWURQDXWV&RXOG)O\:LWKRXW6SDFH6XLWV7KH6FLHQFH1HZV/HWWHU
-67256RFLHW\IRU6FLHQFH WKH3XEOLF:HE6HSW
7KH6FLHQFH1HZV/HWWHUDZHHNO\PDJD]LQHSXEOLVKHGIRUVFLHQWLVWVDQGWKHSXEOLF,W
ZDVIRXQGHGLQDQGKDVVLQFHGHYRWHGLWVWLPHWRFUHDWLQJDFUHGLEOHDQGUHOLDEOH
UHVRXUFHIRUVFLHQWLVWDQGWKHSXEOLFWROHDUQDERXWQHZVFLHQWLILFGLVFRYHULHVDQG
DGYDQFHPHQWV7KLVDUWLFOHZDVDERXWKRZVRPHSHRSOHWKRXJKWWKDWDVWURQDXWVFRXOG
WUDYHOLQWRVSDFHZLWKRXWVSDFHVXLWVDIWHUWZRVXFFHVVIXOPLVVLRQVZKHUHWKHVSDFHVXLWV
ZHUHQRWQHHGHGXQWLORWKHUVUHDOL]HGWKDWLVZDVQRWZRUWKWKHULVNDQGWKDWWKH\VKRXOG
LQVWHDGWU\WRPRGLI\WKHVSDFHVXLWVWRPDNHWKHPEHWWHU:HIRXQGWKLVVRXUFHKHOSIXO
EHFDXVHZHFDQIROORZKRZWKHVFLHQWLVWVZHQWWKURXJKWKHSURFHVVRIGHFLGLQJZKDWWRGR
DERXWWKHVSDFHVXLWV,W
VDOVRLPSRUWDQWWRVHHWKDWWKH\UHDOL]HGWKDWWKH\QHHGHGWKHVXLWV
IRUVSDFHZDONVEHFDXVHLIWKH\KDGWULHGWRJRWRWKHPRRQZLWKRXWWKHPWKH\ZRXOGQ
W
KDYHFRPSOHWHGWKHPLVVLRQ

9DQJXDUG,
6FLHQFH
9RO1S$PHULFDQ$VVRFLDWLRQIRUWKH$GYDQFHPHQWRI6FLHQFH
3ULQW6HU

7KLVVRXUFHLVDVFLHQWLILFMRXUQDOWKDWZHIRXQGWKURXJKWKHGDWDEDVH-6725,WLVDERXW
WKH8QLWHG6WDWHVVHFRQGVDWHOOLWH9DQJXDUG,DQGKRZLWZRUNV,WWDONVDERXWWKH
GLIIHUHQWSDUWVRIWKH9DQJXDUGURFNHWDQGWKHGHVLJQDQGIXQFWLRQRIHDFKRQH7KH\XVHG
WKHLGHDVRIHDFKRIWKHVHIXQFWLRQVWRGHVLJQIRUWKHIXWXUH9DQJXDUGZDVHVVHQWLDOWR
$PHULFDVKDOIRIWKH6SDFH5DFHEHFDXVHLWDOORZHGWKHPWRGRUHVHDUFKLQVSDFHWKDWWKH\
ZRXOGLQFRUSRUDWHLQWRODWHUPLVVLRQV7KLVMRXUQDOFRQQHFWVWRWKHWKHPHRIH[SORUDWLRQLQ
VSDFHEHFDXVH9DQJXDUGDOORZHGWKH8QLWHG6WDWHVFROOHFWLQIRUPDWLRQDERXWVSDFHDQG
DSSO\LWWRIXWXUHH[SORUDWLRQ

:DVVHUPDQ+DUYH\HG
1R1XNHV086(5HFRUG%RRN
1HZ<RUN0XVLFLDQV8QLWHGIRU6DIH
(QHUJ\3ULQW
7KLVLVDERRNOHWLQFOXGHGLQDUHFRUGWKDWSOD\VWKH1R1XNHV7KH086(&RQFHUWIRUD
1RQ1XFOHDU)XWXUHFRQFHUWDW0DGLVRQ6TXDUH*DUGHQ1HZ<RUNRQ6HSWHPEHU
7KHRUJDQL]DWLRQLVDJDLQVWQXFOHDUZHDSRQXVHDQGLVWU\LQJWRUDOO\WKHSXEOLF
DJDLQVWVXSSRUWLQJLW7KHERRNOHWFRQWDLQVLQIRUPDWLRQRQWKHGDQJHUVRIWKHDWRPLF
ERPEIURPLWVKDUPIXOHIIHFWVWRWKHHPSOR\HHVEXLOGLQJLWWRWKHGHYDVWDWLQJHIIHFWV
ZKHQLWLVGHWRQDWHG,WDOVRZDUQVRIWKHGDQJHUVRIXVLQJQXFOHDUUHDFWRUVIRUHQHUJ\
FODLPLQJWKDWWKH\DOVRKDYHGHWULPHQWDOKHDOWKHIIHFWV7KHERRNOHWVWURQJO\XUJHVWKH
UHDGHUWRRSSRVHWKHXVHRIQXFOHDUHQHUJ\IRUWKHKHDOWKDQGHQYLURQPHQWDOFRQFHUQV,W
ZDVKHOSIXOWRRXUUHVHDUFKEHFDXVHLWJDYHDQRSSRVLQJSHUVSHFWLYHWRWKHRQHZHZHUH
XVHGWRWKHJRYHUQPHQWVXSSRUWLQJQXFOHDUHQHUJ\7KLVVRXUFHLVUHOHYDQWWRRXUWKHPH
EHFDXVHLWVKRZVDVLGHRIWKH$PHULFDQSXEOLF
VRSLQLRQRQWKHQXFOHDUHQHUJ\ZKLFKZDV
XVHGLQWKH$UPV5DFH

:HDYHU.HQQHWK))LUVW([SORUHUVRQWKH0RRQ(GLWRULDO
1DWLRQDO*HRJUDSKLF
'HF
QSDJ
7KH)OLJKWRI$SROOR1DWLRQDO*HRJUDSKLF0DJD]LQH
1DWLRQDO*HRJUDSKLF
6RFLHW\:HE2FW
.HQQHWK):HDYHULVDQH[SHULHQFHGMRXUQDOLVWZULWLQJIRU1DWLRQDO*HRJUDSKLFIRURYHU
\HDUV+HZDVSURPRWHGWRWKH$VVLVWDQW(GLWRUZKHQKHZURWHWKLVDUWLFOH%HFDXVHRI
KLVSRVLWLRQ:HDYHUZDVDEOHWRH[SHULHQFHWKHH[FLWHPHQWDQGLQWHQVLW\RIWKH$SROOR
OXQDUODQGLQJIURPWKHFRQWUROURRPLQ+RXVWRQ+HVWDUWVE\H[SODLQLQJWKHVXVSHQVH
ZKLOHZDWFKLQJWKHXQHDV\ODQGLQJWKHQGHWDLOVWKHFKHFNVDQGVHWXSWKHDVWURQDXWVGLG
RQFHWKH\KDGODQGHG+HWHOOVDERXWWKHH[SHULHQFHRIWKHILUVWKXPDQIRRWSULQWRQWKH
PRRQDQGWKHGLIIHUHQWVFLHQWLILFLQVWUXPHQWVWKH\VHWXS,WZDVDKHOSIXODUWLFOHEHFDXVH
LWZDVDEOHWRKLJKOLJKWWKHSXEOLFVH[FLWHPHQWDQGGHVFULEHKRZJUHDWDIHDWLWZDVDWWKH
WLPH,WFRQQHFWVWRWKHWKHPHH[SORUDWLRQDVLWZDVWKHILUVWWLPHKXPDQVZHUHDEOHWR
H[SORUHWKHPRRQILUVWKDQG,WKDVVLQFHOHDGWRWKHH[SORUDWLRQRIRXUVRODUV\VWHPDQGWKH
NQRZQXQLYHUVH


:LOIRUG-RKQ1REOH0HQ:DONRQ0RRQ
7KH1HZ<RUN7LPHV
-XO\QSDJ
7KH
1HZ<RUN7LPHV
7KH1HZ<RUN7LPHV:HE2FW
7KLVDUWLFOHZDVZULWWHQE\WKHDZDUGZLQQLQJMRXUQDOLVW-RKQ1REOH:LOIRUG+HZDVWKH
UHFLSLHQWRIWZR3XOLW]HU3UL]HVIRU1DWLRQDO-RXUQDOLVP7KHDUWLFOHZDVWKHKHDGOLQLQJ
VWRU\RQWKH-XO\VWHGLWLRQRIWKH1HZ<RUN7LPHVDQHVWHHPHGQHZVSDSHU7KH
DUWLFOHLVUHQRZQHGIRULWVHOHJDQWXVHRIGDWDWRGHVFULEHWKHHYHQWVRIWKH$SROOROXQDU
ODQGLQJ:LOIRUGUHWHOOVWKHVXVSHQVHRIWKHOXQDUODQGLQJIURPWKHPLVVLRQFRQWUROURRP
LQFOXGLQJGLDORJXHEHWZHHQ+RXVWRQDQG7KH(DJOH:LOIRUGVNLOOIXOO\ZHDYHGVRPH
VFLHQWLILFGDWDDERXWWKHPLVVLRQLQWRWKHDUWLFOHZKLFKKHOSHGXVUHDOL]HWKHJUHDWIHDWWKH
DVWURQDXWVDFFRPSOLVKHG7KLVLVDXVHIXODUWLFOHEHFDXVHLWJLYHVDILUVWKDQGYLHZRQWKH
HYHQWDQGWKHILUVWUHDFWLRQVWRLW/DQGLQJDPDQRQWKHPRRQZDVRQHKXJHVWHSIRUZDUG
LQWRVSDFHH[SORUDWLRQDQG$PHULFDVJUHDWHVWYLFWRU\LQWKH6SDFH5DFHZLWKWKH6RYLHWV 

:LQJR:DOWHU5XVVLD
V/DGGHUWRWKH0RRQ
6FLHQFH
1HZV/HWWHU1RY
-6725>-6725@:HE2FW
7KLVQHZVSDSHUDUWLFOHWKDW,IRXQGRQ-6725KDVPRUHRIDVNHSWLFDOYLHZRIWKH6SDFH
5DFH,WVWDWHVPDQ\RIWKH6RYLHW8QLRQVDFFRPSOLVKPHQWVDQGSODQVIRUWKHIXWXUHDQG
VD\VWKDW1$6$LVSUHGLFWLQJWKDW$PHULFDQVZLOOEHWKHILUVWRQWKHPRRQEXWGRXEWV
WKDW$OWKRXJKWKLVDUWLFOHVLQIRUPDWLRQDERXWWKH6RYLHW8QLRQVD\VLWLVEDVHGRIIRI
UHPDUNVE\5XVVLDQZRUNHUVLQYROYHGLQWKH6SDFH5DFHDQGE\3UHPLHU1LNLWD6
.KUXVKFKHY
VDQQRXQFHPHQWV0DQ\RIWKHVWDWHPHQWVIURPWKH6RYLHW8QLRQPXVWEH
WDNHQZLWKDJUDLQRIVDOWEHFDXVHWKH\DUHPRQLWRUHGDQGDUHXVHGIRUSURSDJDQGD7KLV
DUWLFOHFRQQHFWVWRWKHH[FKDQJHEHWZHHQWKH8QLWHG6WDWHVDQGWKH6RYLHW8QLRQEHFDXVH
WKH6RYLHW8QLRQXVHVSURSDJDQGDWRPDNHHYHU\RQHHOVHEHOLHYHWKH\DUHGRLQJEHWWHUWKDQ
LQUHDOLW\DQGWKH8QLWHG6WDWHVEHOLHYHVLW

:RPDQLQ2UELW
%ULWLVK0HGLFDO-RXUQDO

-6725>-6725@
:HE
6HSW
7KHDUWLFOHZDVZULWWHQLQWKH%ULWLVK0HGLFDO-RXUQDODZHOOHVWDEOLVKHGPHGLFDOMRXUQDO
IRXQGHGLQWKHODWHV,WZDVZULWWHQDERXWWKHILUVWZRPDQLQVSDFHWKH6RYLHW
FRVPRQDXW9DOHQWLQD7HUHVKNRYD7KHDUWLFOHGHVFULEHGWKHQHUYHUDFNLQJPRPHQWZKHQ
VKHFDPHLQFORVHRUELWWRDQRWKHU6RYLHWFRVPRQDXW&RORQHO9HOHUM%\NRYVN\7KHDUWLFOH
DOVRJDYHVRPHPHGLFDOGHWDLODERXWKHUWLPHLQVSDFH,WGHVFULEHGWKHFHOHEUDWLRQVWKDW
RFFXUUHGXSRQKHUODQGLQJLQWKH6RYLHW8QLRQ,WH[SODLQHGKRZWKHPLVVLRQZDVDQ
DGYDQFHPHQWIRUVFLHQFHWRVHHKRZZRPHQVERGLHVUHDFWLQVSDFHYHUVXVPHQVERGLHV
)URPWKLVDUWLFOHZHOHDUQHGDERXWWKHILUVWZRPDQLQVSDFHRQHRIWKHWULXPSKVRIWKH
6RYLHW8QLRQDQGRQHRIWKHGHIHDWVIRUWKH86,WLVVLJQLILFDQWWRRXUUHVHDUFKEHFDXVHLW
JDYHXVLQVLJKWRQWKH6RYLHWSHUVSHFWLYHZKLFKLVXVXDOO\KDUGWRILQGEHFDXVHRIWKHODFN
RIIUHHGRPRIVSHHFKEDFNLQWKHV6RYLHW8QLRQ


:ULJKW4XLQF\$PHULFDQ3ROLF\7RZDUG5XVVLD:RUOG3ROLWLFV:HE
1RY
7KLVLVDQDUWLFOHZULWWHQIRUWKH:RUOG3ROLWLFV-RXUQDOE\4XLQF\:ULJKWDUHQRZQHG
SROLWLFDOVFLHQWLVW+HVHUYHGDVSUHVLGHQWRIPDQ\VFKRODUO\ERGLHVLQFOXGLQJ$PHULFDQ
3ROLWLFDO6FLHQFH$VVRFLDWLRQDQGWKH,QWHUQDWLRQDO3ROLWLFDO6FLHQFH$VVRFLDWLRQ
+HDGYLVHG-XVWLFH5REHUW+-DFNVRQDWWKH1XUHPEHUJ7ULDOVDQGRIWHQ
SURYLGHGDGYLFHWRWKH866WDWH'HSDUWPHQW:ULJKWZURWHDERXWWKH$PHULFDQSROLFLHV
WRZDUGVWKH6RYLHW8QLRQGXULQJWKH&ROG:DU7KH\ZHUHSRZHUSRVLWLRQGHPRFUDF\
FRQFLOLDWLRQDQGFRQWDLQPHQW+HH[SODLQHGHDFKSROLF\DQGKRZLWZDVFXUUHQWO\EHLQJ
XVHG:HDOVROHDUQHGDERXWZKDWSULQFLSOHVJXLGHGWKHSROLFLHV)RU$PHULFDLWZDV
VHFXULW\IRURXUFRXQWU\RXUDOOLDQFHZLWKWKH8QLWHG1DWLRQVDQGRXUV\VWHPRI
GHPRFUDWLFYDOXHV7KLVDUWLFOHZDVXVHIXOEHFDXVHLWKHOSHGXVXQGHUVWDQGWKHSROLWLFDO
LGHDVWKDWJXLGHGWKH&ROG:DULQFOXGLQJWKH$UPV5DFH7KH$UPV5DFHZDVFORVHO\
OLQNHGZLWKWKH6SDFH5DFHVRNQRZOHGJHDERXWWKH$UPV5DFHZLOOKHOSXVXQGHUVWDQG
WKHIDFWRUVWKDWFRQWUROOHGWKH6SDFH5DFH

6HFRQGDU\6RXUFHV

$SROOR+LVWRU\FRP$ (7HOHYLVLRQ1HWZRUNVQG:HE6HSW
7KLVDUWLFOHIURPWKH+LVWRU\ZHEVLWHZKLFKFRYHUVDOORIKLVWRU\
VPDMRUHYHQWVJDYHXV
DQRYHUYLHZRIWKHHQWLUHSURJUDPDQGPRVWRILWVLQGLYLGXDOPLVVLRQV,WSURYLGHVXVZLWK
DWLPHVWDPSRIWKH$SROORPLVVLRQZKLFKZDVKHOSIXOLQJHWWLQJDQLGHDIRUKRZORQJ
$UPVWURQJDQG$OGULQKDGWRZRUNHVSHFLDOO\VLQFHWKH\ZHQWWKURXJKJUXHOLQJWULDQJOH
EHIRUHHQWHULQJVSDFHVWUHVVIXOH[SHULHQFHVLQWKHVSDFHDQGTXDUDQWLQHGGD\VIROORZLQJ
WKHLUMRXUQH\,WKHOSHGXVGHFLGHZKHUHZHVKRXOGEHIRFXVLQJRXUUHVHDUFKDQGKRZZH
ZDQWHGWRH[SUHVVLWLQRXUILQDOSURMHFW7KLVVRXUFHZDVLPSRUWDQWLQKHOSLQJXVSXW
WRJHWKHUWKHEDFNJURXQGRIWKH$SROORSURJUDPXSXQWLO$SROORDQGWKHQDIHZRIWKH
PLVVLRQVDIWHU

%LRJUDSK\1LNLWD.KUXVKFKHY3%63%6:HE6HSW
7KLVDUWLFOHJDYHXVLQIRUPDWLRQRQWKH6RYLHWOHDGHU1LNLWD.KUXVKFKHY:HOHDUQHG
DERXWKLVEDFNJURXQGEHIRUHEHFRPLQJWKH)LUVW6HFUHWDU\RIWKH8665:HDOVROHDUQHG
DERXWKRZKHUHOD[HGWKHSROLWLFDOFOLPDWHLQWKH6RYLHW8QLRQWKURXJKGHQRXQFLQJ6WDOLQ
V
DFWLRQVDQGUHPRYLQJVRPHRIKLVSROLFLHV7KHDUWLFOHDOVRPHQWLRQHGKLVLQYROYHPHQWLQ
WKH&XEDQ0LVVLOH&ULVLVDQGKRZKHZDVUHPRYHGIURPSRZHUDVDUHVXOWRILWVIDLOXUH
IRUWKH86657KLVDUWLFOHZDVSXEOLVKHGRQWKH3%6ZHEVLWHZKLFKLVDZHOONQRZQ
UHSXWDEOHVRXUFH.KUXVKFKHYZDVDQLPSRUWDQWSHUVRQLQWKH6SDFH5DFHDQG&ROGZDU
EHFDXVHKHZDVWKH6RYLHWOHDGHUIRUDFKXQNRILW+HRYHUVDZWKHODXQFKRIWKHILUVW

VDWHOOLWHGRJPDQDQGZRPDQLQVSDFHZKLFKZHUHKXJHWULXPSKVIRUWKH8665LQWKH
6SDFH5DFHDQGWKH&ROG:DURYHUDOO

%R\QH:DOWHU-%RRN5HYLHZ)DLOXUH,V1RWDQ2SWLRQ0LVVLRQ&RQWURO)URP0HUFXU\WR
$SROORDQG%H\RQGE\*HQH.UDQ]$9+
+LVWRU\1HW:KHUH+LVWRU\&RPHV$OLYH
:RUOG86+LVWRU\2QOLQH
$YLDWLRQ+LVWRU\%RRN5HYLHZV$XJ:HE-DQ

7KLVVRXUFHZDVDFULWLFDOUHYLHZIRURXUERRN
)DLOXUHLV1RWDQ2SWLRQ
E\*HQH.UDQ]
.UDQ]VERRNGHVFULEHVKLVWLPHDW1$6$DVDIOLJKWGLUHFWRUDQG%R\QHDFNQRZOHGJHV
WKHLPSRUWDQFHRIKDYLQJDQLQVLGHUZKHQWU\LQJWRXQFRYHUDOORIWKHUHDOIDFWV%R\HQ
QRWLFHVKRZ.UDQ]SURYLGHVWKHUHDGHUZLWKERWKIDFWXDODQGRSLQLRQDWHGHYLGHQFHEXWWKDW
LWLVHDV\WRGLVWLQJXLVKZKLFKLQIRUPDWLRQLVZKLFK%R\HQVKRZVKRZWKHPRVW
LQWHUHVWLQJSDUWRIWKHERRNLVWKHHSLORJXHZKLFKSURYLGHVWKHUHDGHUZLWK
UHFRPPHQGDWLRQVWKDWKHKDVIRU1$6$%R\HQUHPDUNVKRZ.UDQ]LVYHU\
VWUDLJKWIRUZDUGDQGFDOOVWKLQJVKRZKHVHHVWKHPDQGWKDWKLVUHFRPPHQGDWLRQVIRU
1$6$VKRZKRZLWZRUNHGLQWKHEHJLQQLQJDQGWKHUHDVRQVLWLVQWZRUNLQJVRZHOO
WRGD\%R\QHVUHYLHZLVRILPSRUWDQFHWRSUHSDUHWKH86IRUWKHIXWXUHRI1$6$LIWKH\
FRQWLQXHRQWKHVDPHSDWK

%X]]$OGULQ_$VWURQDXW$SROOR*HPLQL%LRJUDSK\%X]]$OGULQ_$VWURQDXW$SROOR
*HPLQL%LRJUDSK\1SQG:HE6HSW
7DNHQGLUHFWO\IURPWKHZHEVLWHGHGLFDWHGWRKLPWKLVELRJUDSK\RQ%X]]$OGULQDFWXDOO\
IRFXVHVPRUHRQKLVFDUHHUDIWHUKLVPDJQLILFHQWPRRQZDONZKLFKLVNLQGRIVWUDQJH
FRQVLGHULQJDOORIWKHSUHSDUDWLRQWKDWKHQHHGHGWRJHWWRVSDFHLQWKHILUVWSODFHDQGKRZ
KHLVUHDOO\RQO\NQRZQIRUKLVDFKLHYHPHQWLQRXWHUVSDFH,WH[SODLQVKLVIDPLO\
EDFNJURXQGDQGOLQNVWRWKHDLUDORQJZLWKKLVKLVWRU\EHIRUH1$6$,WDOVRWDONVDORW
DERXWKLVFRPSDQLHVERRNVDQGSURJUDPVWKDWKHFUHDWHGDIWHUKLVPRRQWULS7KLVZDVD
JRRGDPRXQWRILQVLJKWLQWRWKHVHFRQGPDQRQWKHPRRQDQGKRZKHUHDFWHGWRKLVRQH
RIDNLQGVSDFHH[SHULHQFH

%\UQHV0DUN(1DWLRQDO$HURQDXWLFVDQG6SDFH$GPLQLVWUDWLRQ'LFWLRQDU\RI$PHULFDQ
+LVWRU\(G6WDQOH\,.XWOHUUGHG9RO1HZ<RUN&KDUOHV6FULEQHU
V6RQV
86+LVWRU\LQ&RQWH[W:HE6HSW
:HIRXQGWKLVDUWLFOHIURPWKH86+LVWRU\LQ&RQWH[W*DOH'DWDEDVH,WLVDERXWWKH
1DWLRQDO$HURQDXWLFVDQG6SDFH$GPLQLVWUDWLRQLWVSXUSRVHDQGKRZLWSOD\HGDUROHLQ
WKH6SDFH5DFH,WWDONVDERXWKRZ1$6$ZDVIRUPHGDQGVRPHRIWKHVSHFLILFPLVVLRQV
LWUDQ7KH8QLWHG6WDWHVOHW1$6$KDYHFRPSOHWHFRQWURORIVSDFHIRUWKHPH[FOXGLQJ
PLOLWDU\RSHUDWLRQV7KLVLQIRUPDWLRQZDVXVHIXOEHFDXVHLWH[SODLQHGKRZ$PHULFDZRQ
WKH6SDFH5DFHWKURXJK1$6$EHFDXVH1$6$ZDVXQLWHGLQVWHDGRIKDYLQJPRUHWKDQ

RQH86SURJUDPVFRPSHWLQJIRUIXQGLQJ1$6$ZDVDSDUWRIH[SORULQJ6SDFHIRUWKH86
DQGLWJDYHKLVWRULFDOFRQWH[WEHFDXVH1$6$LVWKH8QLWHG6WDWHV
6SDFH3URJUDPDQGLV
VWLOOLQFKDUJHRIDOOVSDFHDFWLYLWLHVWRGD\1LFROH

7KH&ROG:DU
1XFOHDU$UPV5DFH
$WRP&HQWUDOQG:HE1RY
:ULWWHQE\VRPHRQHIURPWKHDWRPLFERPEZHEVLWHWKLVDUWLFOHDQDO\]HVWKHVFLHQWLILF
DQGSROLWLFDODVSHFWVVXUURXQGLQJWKH&ROG:DUDIWHUWKHLQYHQWLRQRIWKHDWRPLFERPE,W
WDONVDERXWKRZWKH6RYLHWVGHYHORSHGDQDWRPLFERPEXVLQJWKHWHFKQRORJ\WKDWWKH86
XVHGLQWKHPDNLQJRIWKHLUV,WDOVRPHQWLRQVKRZWKHDUPVUDFHDQGWKH&XEDQ0LVVLOH
&ULVLVKHOSHGWRDYRLGKDYLQJDQXFOHDUZDUWKDWZRXOGGHVWUR\WKHZRUOG7KLVDUWLFOHLV
LPSRUWDQWLQKHOSLQJXVXQGHUVWDQGWKHFRPEDWVWDOHPDWHEHWZHHQWKH6RYLHW8QLRQDQG
8QLWHG6WDWHVDQGKRZWKH\JRWDURXQGLWWRILJKWHDFKRWKHULQSUR[\ZDUVDQGWKH6SDFH
5DFHVKRZQWKURXJKKLVWRULFDOEDFNJURXQGDQGHYLGHQFH

'DV6DVZDWR57KH0RRQ/DQGLQJWKURXJK6RYLHW(\HV$4 $ZLWK6HUJHL.KUXVKFKHY
6RQRI)RUPHU3UHPLHU1LNLWD.KUXVKFKHY6FLHQWLILF$PHULFDQ*OREDO5661S
-XO\:HE6HSW
7KLVLQWHUYLHZZDVZLWK6HUJHL.KUXVKFKHYVRQRI1LNLWD.KUXVKFKHYDIRUPHUSUHVLGHQW
RIWKH6RYLHW8QLRQ6HUJHLOLYHGWKURXJKWKH6SDFH5DFHDQGKDVWKHDELOLW\WRJLYH
$PHULFDQVDQLGHDRIWKH6RYLHWSHUVSHFWLYHGXULQJWKH&ROG:DUDQG6SDFH5DFH+H
JLYHVFRQWH[WRQZKHUHWKH6RYLHWVZHUHPHQWDOO\DQGVFLHQWLILFDOO\EHIRUHDQGDIWHUWKH
86
PRRQHQGHDYRUVSK\VLFDOO\.KUXVKFKHYZDVDWWKHJURXQGRI&KHUQRE\OEHIRUHWKH
LQFLGHQWEXWWKH6RYLHW6SDFH3URJUDPZDVVWXFNXQGHUWKHPDQDJHPHQWRI6HUJHL
.RURORYDPDQWKDWZDVQRWDVFLHQWLVWDQGWKH\ZHUHPDNLQJDEVROXWHO\QRSURJUHVV
DQGWHOOVDERXWKRZWKHLUDFKLHYHPHQWVZHUHUHFHLYHGLQWKH6RYLHW8QLRQ

'XQEDU%ULDQ3URMHFW0HUFXU\
1$6$
1$6$1RY:HE6HSW
7KLVDUWLFOHIURPWKH1$6$ZHEVLWHJLYHVXVDGHWDLOHGKLVWRU\RI3URMHFW0HUFXU\,W
JLYHVDVXPPDU\RQWKHREMHFWLYHRIWKHSURJUDPWRSXWDQ$PHULFDQLQVSDFHDQGKRZ
WKHPLVVLRQVZHUHH[HFXWHG:HDOVROHDUQHGDERXWWKHDGYDQFHPHQWVDQGGDWDWKDWKHOSHG
WKH8QLWHG6WDWHVVHQGPRUHPHQLQWRVSDFHDQGWU\WRRQHXSWKH6RYLHW8QLRQ3URMHFW
0HUFXU\ZDVWKHILUVWWLPHDQ$PHULFDQPDGHLWRXWRI(DUWKVDWPRVSKHUHDQGZDVWKH
JDWHZD\WRVSDFHH[SORUDWLRQ7KLVVRXUFHVKRZHGKRZWKH8QLWHG6WDWHVWUDLOHGWKH6RYLHW
8QLRQIRUWKHPDMRULW\RIWKH6SDFH5DFHEXWRIWKHLUGHGLFDWHGHIIRUWVWRWU\DQGEDODQFH
WKHVFDOH

'XQEDU%ULDQ<XUL*DJDULQ)LUVW0DQLQ6SDFH1$6$1$6$$SU:HE6HSW


%ULDQ'XQEDULVDVPDUWKLVWRULFDOZULWHUHPSOR\HGE\1$6$WRFKURQLFOHWKHZRUOG
V
VSDFHDFKLHYHPHQWV7KLVZDVDVKRUWOLWWOHDUWLFOHJLYLQJDQRYHUYLHZRIKDSSHQLQJVRQ
$SULODQG<XUL*DJDULQDQGWKHQFRQWLQXLQJLQWRRWKHUPDMRUVSDFHHYHQWV,WJLYHVD
VKRUWUHSRUWRQ1$6$
VDFNQRZOHGJHPHQWVRID6RYLHWPDQLQVSDFHHYHQLILWLVVRPXFK
ODWHUDIWHUWKHHYHQW1$6$OLNHVWRNHHSWKLQJVVKRUWDQGHDV\ZKLFKLVKHOSIXOIRU
UHVHDUFKWREHDEOHWRILQGZKDWZHQHHGTXLFNHU'XQEDUPDQDJHGWRILQGLQIRUPDWLRQ
IURPWKHQRWRULRXVO\VHFUHWLYH6RYLHW6SDFH3URJUDPWRXVHLQKLVDUWLFOH

(GZDUGV5REHUWDDQG6WHSKHQ0DUFKHVL
:KRLV1HLO$UPVWURQJ"
1HZ<RUN1<*URVVHW 
'XQODS3ULQW
:HUHDOO\HQMR\HGXVLQJWKLVVRXUFHEHFDXVHLWSURYLGHGWUXHIDFWXDOLQIRUPDWLRQDERXW
1HLO$UPVWURQJWKH$SROOR3URMHFWIOLJKWPHFKDQLFVDQGWKH6SDFH5DFHLQDQLQWHUHVWLQJ
KXPRURXVZD\,WSURYLGHVDIXOOWLPHOLQHRI1HLO$UPVWURQJ
VOLIHLQFOXGLQJWKHVPDOOHVW
GHWDLOVDQGWLGELWIDFWV7KLVZDVDFWXDOO\DERRNWKDWZDVZULWWHQIRUNLGVWRSURYLGHD
UDWKHUVKRUWELRJUDSK\RQ1HLO$UPVWURQJEXWZHIRXQGLWYHU\KHOSIXORQXQGHUVWDQGLQJ
ZKHUH$UPVWURQJFDPHIURPKLVORYHIRUIO\LQJDQGKLVUROHLQWKH6SDFH5DFH

)O\LQJLQWR6SDFH7KH5DFHWREH)LUVW6SDFH([SORUDWLRQ5HIHUHQFH/LEUDU\(G/DZUHQFH
:%DNHUHWDO9RO$OPDQDF9ROXPH'HWURLW8;/:RUOG
+LVWRU\LQ&RQWH[W:HE6HSW
:HIRXQGWKLVDUWLFOHWKURXJKWKH:RUOG+LVWRU\LQ&RQWH[W'DWDEDVH,WZDVYHU\KHOSIXO
LQOHDUQLQJDERXWDOORIWKHVSHFLILFVSDFHPLVVLRQVZLWKLQDVSDFHSURJUDPVXFKDVWKH
6SXWQLNSURJUDPZKLFKKDGODXQFKHVDIWHUWKHLQLWLDOVXFFHVV,WWDONHGDERXWRWKHU
DVSHFWVRIWKH6SDFH5DFHWRRVXFKDV6RYLHWVHFUHF\WKHIRUPDWLRQRI1$6$DQGV\
VDWHOOLWHV,WFRQQHFWVWRH[SORUDWLRQLQVSDFHDQGWKHH[FKDQJHEHWZHHQWKH8665DQGWKH
86ZLWKWKHVS\VDWHOOLWHVDQGSURSDJDQGD,WDOVRSURYLGHVKLVWRULFDOFRQWH[WRIWKH
EHJLQQLQJVRIVSDFHWUDYHO

)RXVW-HII5HYLHZ7KH)LUVW6SDFH5DFH
7KH6SDFH5HYLHZ
1S1RY:HE
-DQ
:HOHDUQHGDERXWWKHERRNWKDWWKLVFULWLFDOUHYLHZZDVEDVHGRQIURPRQHRIRXU
LQWHUYLHZHHV0DWW%LOOHZKRZDVRQHRIWKHDXWKRUVRIWKLVERRN7KLVUHYLHZZDV
ZULWWHQE\-HII)RXVWSXEOLVKHUIRU7KH6SDFH5HYLHZVSDFHWRGD\QHWDQGWKH6SDFH
3ROLWLFV:HEORJSURYLQJWKDW)RXVWLVZHOOYHUVHGLQWKHKLVWRU\RIVSDFHH[SORUDWLRQ
)RXVWH[SODLQV%LOOHVDQG/LVKRFNVWKHRWKHUDXWKRUWLWOHRIWKHILUVWVSDFHUDFHQRW
UHIHUULQJWRWKHUDFHIRUWKHPRRQEXWLQVWHDGWRWKHILUVWURFNHWVDQGVDWHOOLWHVWKDW
HPHUJHGLQWKHSRVWZDUZRUOG+HUHPDUNVRQWKHDXWKRUVKLVWRU\RIWKHEHJLQQLQJRIWKH
6SDFH5DFHDQGDQDO\]HVWKHHYLGHQFHWKDWWKH\SURYLGHIRUWKHUHDGHU+HSUDLVHVWKHP
IRUWKHLUH[WUHPHO\IRFXVHGDQGLQGHSWKUHVHDUFKWKDWWKH\XVHVKRZLQJVRPHIDFWVDQG

XQNQRZQWUXWKVDERXWWKH6SDFH5DFH)RXVWDOVRZRQGHUVLIDQHZ6SDFH5DFHFRXOG
KDSSHQWRGD\DQGKHGRHVQRWHWKDWWKHDXWKRUVGRQWPHQWLRQWKLVSRVVLELOLW\EXWKHGRHV
UHFDOOWKDWWKH\VD\WKDWWRGD\VHQYLURQPHQWRIKDYLQJQRDELOLW\IRUVHFUHWVLVPXFK
GLIIHUHQWIURPWKHHQYLURQPHQWRIWKHSDVWZKLFKZDVOLWWHUHGZLWKVHFUHWV7KLVVRXUFH
ZDVVLJQLILFDQWEHFDXVHLWPHQWLRQVWKHWUXWKEHKLQG%LOOHVDQG/LVKRFNVUHVHDUFKZLWK
SURSHUKLVWRULFDODFFXUDF\

*DUEHU6WHYH([SORUHU,QIRUPDWLRQ
([SORUHU,QIRUPDWLRQ
1$6$2FW:HE
6HSW
6WHYH*DUEHULVDQLQIRUPDWLRQDOZULWHUZKRDOVRZRUNVIRU1$6$ZKRUHDOO\NQRZV
ZKDWKH
VWDONLQJDERXW7KLVVRXUFHJDYHPDQ\VFLHQWLILFGHWDLOVDERXWWKH([SORUHU,
LQFOXGLQJKRZLWZDVEXLOWDQGLWVGHVLJQ,WDOVRLQFOXGHVVPDOOELRJUDSKLHVRQWKHPDQ\
VFLHQWLVWVWKDWZRUNHGRQWKHSURMHFW7KHDUWLFOHDOVRKDVVRPHSLFWXUHVRIWKHVDWHOOLWHDQG
WKHERRVWHUYHKLFOH7KHDUWLFOHZDVIRXQGRQWKH1$6$KLVWRULFDOZHEVLWHDQGWKHIDFWV
PDWFKWKRVHIRXQGLQRWKHUDUWLFOHV,WZDVKHOSIXOLQXQGHUVWDQGLQJWKHWHFKQLFDOGHWDLOV
DERXW$PHULFDVILUVWVXFFHVVIXOVDWHOOLWHDQGWKHVWRU\RQKRZLWZDVEXLOW

-RKQ).HQQHG\6SDFH([SORUDWLRQ5HIHUHQFH/LEUDU\(G/DZUHQFH:%DNHUHWDO9RO
3ULPDU\6RXUFHV'HWURLW8;/:RUOG+LVWRU\LQ&RQWH[W:HE6HSW

7KLVDUWLFOHH[SODLQVWKHLPSRUWDQFHRI-RKQ).HQQHG\
VVSHHFKWR&RQJUHVVGXULQJWKH
6SDFH5DFH:HIRXQGWKLVDUWLFOHIURPWKH+LVWRU\LQ&RQWH[WGDWDEDVH+LVVSHHFKWR
&RQJUHVVZDVFDOOHG3UHVLGHQW.HQQHG\
V6SHFLDO0HVVDJHWRWKH&RQJUHVVRQ8UJHQW
1DWLRQDO1HHGV3UHVLGHQW.HQQHG\KDGWRERRVWSXEOLFPRUDOHDQGUDOO\WKHPEHKLQGD
FDXVHWRUHFRYHUIURPWKHLUUHFHQWIDLOXUHVLQFOXGLQJVSDFHIDLOXUHVDQGWKH%D\RI3LJV
7KLVDGGVWRWKHH[FKDQJHEHWZHHQ$PHULFDDQGWKH8665DV$PHULFDIHOOEHKLQGDQGWKH
H[SORUDWLRQEHFDXVHLWH[SODLQVKRZ.HQQHG\FUHDWHGPRUHIXQGVWRH[SORUHIRUWKH6SDFH
5DFH7KLVZDVEHIRUH.HQQHG\
VVSHHFKDW5LFH8QLYHUVLW\FDOOHG:HFKRRVHWRJRWR
WKH0RRQDQGWKHJRDOVZHUHYHU\VLPLODU

/DXQLXV5RJHU'6SXWQLNDQGWKH2ULJLQVRIWKH6SDFH$JH
6SXWQLNDQGWKH2ULJLQVRIWKH
6SDFH$JH
1$6$QG:HE6HSW
7KHDUWLFOHZDVZULWWHQE\
5RJHU'/DXQLVRQWKH1$6$ZHEVLWH/DXQLVLVWKH
$VVRFLDWH'LUHFWRURI&ROOHFWLRQVDQG&XUDWRULDO$IIDLUVDWWKH6PLWKVRQLDQ,QVWLWXWLRQV
1DWLRQDO$LUDQG6SDFH0XVHXPLQ:DVKLQJWRQ'&%HWZHHQDQGKHVHUYHG
DVFKLHIKLVWRULDQDW1$6$,QDGGLWLRQKHKDVZULWWHQRUHGLWHGPRUHWKDQWZHQW\ERRNV
RQDHURVSDFHKLVWRU\
7KHDUWLFOHJRHVLQGHSWKRQWKHFUHDWLRQDQGODXQFKLQJRI6SXWQLNDV
ZHOODV$PHULFDVUHVSRQVHWRLW,WSURYLGHVPDQ\VSHFLILFGHWDLOVRQWKHZRUNLQJVRIWKH
$PHULFDQJRYHUQPHQWDQGKRZWKH\KDQGOHGGHIHDWLQODXQFKLQJWKHILUVWDUWLILFLDOLWHP

LQWRVSDFH7KLVDUWLFOHZDVKHOSIXOLQXQGHUVWDQGLQJWKHFRPPRWLRQWKDWWKHVXFFHVVIXO
6SXWQLNODXQFKFUHDWHGLQ$PHULFDDQGKRZWKHJRYHUQPHQWIUDQWLFDOO\WULHGWRUHYHUVHWKH
SXEOLFVIHDUWKDWWKH6RYLHW8QLRQZDVPRUHWHFKQRORJLFDOO\DGYDQFHGWKDQWKH86

/LYLQJLQDQ$WRPLF$JH7KH6SDFH5DFH1HEUDVND6WXGLHV2UJ1SQG:HE6HSW

:KLOHZHZHUHMXVWVWDUWLQJRXUEDVLFUHVHDUFKRIWKH6SDFH5DFHLQWKH&ROG:DUWR
EXLOGXSRXUXQGHUVWDQGLQJZHVWXPEOHGDFURVVWKLVVWUDLJKWIRUZDUGUHSRUWRIWKHPDMRU
HYHQWV,WPHQWLRQVKRZWKH5XVVLDQVKDGDQHDUO\DQGSRZHUIXOOHDGDWWDFNLQJWKH
PLQGVHWVRIWKH$PHULFDQVEXWWKDWWKH$PHULFDQVZHUHDEOHWRILJKWWKHLUZD\WRWKH
PRRQILUVW,WDOVRPHQWLRQVKRZWKHVSDFHUDFHDIIHFWVWKHVFKRROVRI$PHULFDDQGQRW
MXVWWKHJRYHUQPHQW7KHGHWDLOVWKDWDUHHPEHGGHGLQWKLVDUWLFOHSURYLGHERWKDWLPHOLQH
DQGDGHVFULSWLRQRIKRZWKHWZRVLGHVDFWHGZKLOHEDWWOLQJHDFKRWKHUIRUSRZHULQWKH
6SDFH5DFH

/RJVGRQ-RKQ07HQ3UHVLGHQWVDQG1$6$
1$6$
1$6$0D\:HE6HSW

)URPWKHDUWLFOHZHOHDUQHGDERXWWKHSUHVLGHQWVRIWKH8QLWHG6WDWHVGXULQJWKH&ROG:DU
DQGWKHLUUROHVLQ:HOHDUQHGDERXWWKHPLVVLRQVWKDWWKH\ZLWQHVVHGLQRIILFHDQGWKHLU
UHDFWLRQVWRWKHP,WJDYHXVLQVLJKWRQKRZWKHGLIIHUHQWSUHVLGHQWVYLHZHGWKHSURMHFWV
DQGWKH6SDFH5DFHLQJHQHUDO7KLVDUWLFOHZDVZULWWHQE\-RKQ0/RJVGRQDIRUPHU
'LUHFWRURIWKH6SDFH3ROLF\,QVWLWXWHDW7KH*HRUJH:DVKLQJWRQ8QLYHUVLW\IRUWKH1$6$
ZHEVLWH7KHDUWLFOHZDVXVHIXOWRXVEHFDXVHLWJDYHXVLQVLJKWRQWKHOHDGHUVRQWKH
$PHULFDQVLGHRIWKH6SDFH5DFHDQGKRZWKH\SURFHHGHGWRGHDOZLWKWKHVHSURMHFWVLQ
RIILFH

0DUFKHWWL9LFWRU%HKLQG.KUXVKFKHY5HPHPEHUV
7KH-RXUQDORI+LVWRULFDO5HYLHZ


,QVWLWXWH)RU+LVWRULFDO5HYLHZ
:HE-DQ
7KLVVRXUFHZDVDFULWLFDOUHYLHZIRURQHRIWKHERRNVWKDWZHUHDGHQWLWOHG
.KUXVKFKHY
5HPHPEHUV9ROXPH
7KHDXWKRU0DUFKHWWLZRUNHGLQWKH&,$IRU\HDUVDV
([HFXWLYH$VVLVWDQWWRWKH'HSXW\'LUHFWRUZKHUHKHKDGDFFHVVWRDORWRILQIRUPDWLRQ
DQGUHSRUWVIURPKLVWRU\7KLVVRXUFHH[SODLQVWKHVWURQJKLVWRULFDOEDFNJURXQGWKDW
.KUXVKFKHYJDYHWKURXJK7LPH0DJD]LQHWREHSXEOLVKHGDVDERRN7KLVVRXUFHH[SODLQV
ZKHUHWKHLQIRUPDWLRQFDPHIURPDQGKRZLWZDVSXEOLFL]HG,WKLJKOLJKWVWKHERRNV
H[SODQDWLRQRIWKHUHODWLRQVKLSVDQGDWWLWXGHVRIWKH6RYLHW8QLRQGXULQJWKH&ROG:DU
DQGGHPRQVWUDWHVWKHLPSRUWDQFHRIWKHLQIRUPDWLRQH[SODLQLQJKRZWKH8QLWHG6WDWHVZDV
YLFWRULRXVRYHUWKH6RYLHW8QLRQ7KLVVRXUFHLVVLJQLILFDQWEHFDXVHLWSURYLGHVDGHWDLOHG
LQVLJKWLQWRWKHKLVWRULFDODFFXUDF\RIWKHERRN
.KUXVKFKHY5HPHPEHUV



0F'RZHOO-RQDWKDQ6SDFH5DFH7HOHSKRQHLQWHUYLHZ2FW
:HLQWHUYLHZHG'U0F'RZHOOWRJDLQPRUHLQVLJKWRQWKHUHODWLRQVKLSEHWZHHQWKH
8QLWHG6WDWHVDQGWKH6RYLHW8QLRQGXULQJWKHWLPHRIWKH6SDFH5DFHDQGWKH&ROG:DU
+HLVDQDVWURSK\VLFLVWDWWKH+DUYDUG6PLWKVRQLDQ&HQWHUIRU$VWURSK\VLFV+HJDYHXV
LQVLJKWDERXWWKH8QLWHG6WDWHVSHUVSHFWLYHVRQWKH6RYLHWVEHIRUHVS\VDWHOOLWHVOLNHKRZ
WKH86ZDVVFDUHGRIWKHKXQGUHGVRIPLVVLOHVWKH\EHOLHYHGWKH6RYLHWVKDGEHFDXVHRI
SURSDJDQGDZKHQLQUHDOLW\DIWHUVS\VDWHOOLWHVZHUHLQYHQWHGWKH8QLWHG6WDWHV
GLVFRYHUHGWKH\RQO\KDGWZHOYH+HH[SODLQHGVRPHRIWKHPRVWVLJQLILFDQWVFLHQWLILF
GLVFRYHULHVIURPWKHVSDFHUDFHOLNHXQGHUVWDQGLQJWKHDWPRVSKHUHZKLFKKHOSHGXV
SUHYHQWPRUHJOREDOZDUPLQJDQGSROOXWLRQ+HH[SODLQHGVRPHRIWKHUHDVRQVZK\WKH
8QLWHG6WDWHVZRQWKH6SDFH5DFHDQGLWZDVYHU\KHOSIXOWRKHDUKLVGLIIHUHQW
SHUVSHFWLYHVWKDWZHKDGQRWOHDUQHGHOVHZKHUH+HVDLGWKDWWKH8QLWHG6WDWHVZRQ
EHFDXVHZHZHUHQRWDVIDUEHKLQGLQWKHEHJLQQLQJRIWKH6SDFH5DFHOLNHHYHU\RQH
WKRXJKWZHMXVWWRRNDOLWWOHORQJHUEHFDXVHZHZHUHSHUIHFWLQJRXUWHFKQLTXHVZKLFK
KHOSHGXVPRUHLQWKHORQJUXQ7KLVLQWHUYLHZZDVYHU\KHOSIXOLQPDQ\SDUWVRIRXU
DUJXPHQWLQFOXGLQJKLVWRULFDOFRQWH[WRIWKHUHODWLRQVEHWZHHQWKH8QLWHG6WDWHVDQGWKH
6RYLHW8QLRQDQGVFLHQWLILFVLJQLILFDQFHV+HDOVRH[SODLQHGWKHHQFRXQWHUVEHWZHHQWKH
WKHWZRFRXQWULHVWKHHIIHFWVRIWKHLUSURSDJDQGD

0F*RZHQ7RP
6SDFH5DFH7KH0LVVLRQWKH0HQWKH0RRQ
%HUNHOH\+HLJKWV1-(QVORZ
3ULQW
7KHDXWKRURIWKLVERRN7RP0F*RZHQZDVFKRVHQDVD+RQRU%RRNE\WKH
6RFLHW\RI6FKRRO/LEUDULDQV,QWHUQDWLRQDO7KHERRNRXWOLQHVWKHZKROHUDFHWRWKH
PRRQIURPWKH6SXWQLNVDWHOOLWHODXQFKLQJWRWKH8QLWHG6WDWHVODQGLQJDPDQRQWKH
PRRQLQWKH$SROORPLVVLRQV,WJDYHGHWDLOHGGHVFULSWLRQVRIDOOWKHPLVVLRQVDLPHGDW
ODQGLQJRQWKHPRRQ:HOHDUQHGDERXWWKHVSDFHFUDIWVKRZWKH\ZHUHEXLOWZKDWWKH\
ORRNHGOLNHDQGZKDWWKHLUSXUSRVHVZHUHWKHDVWURQDXWVLQWKH$SROORPLVVLRQVDQGKRZ
WKH\KDGWRJRWKURXJKULJRURXVWUDLQLQJWREHFKRVHQ,WKHOSHGXVXQGHUVWDQGKRZWKH
H[SORUDWLRQRIWKHPRRQEHFDPHWKHJRDORIWKHFRXQWU\LQWKH6SDFH5DFH,QDGGLWLRQWKH
ERRNWRXFKHGRQKRZWKH$PHULFDQYLFWRU\RQWKHPRRQFKDQJHGWKHH[FKDQJHZLWKWKH
6RYLHW8QLRQEHFDXVHZHFDPHRXWDVWKHVXSHULRUFRXQWU\

7KH5DFHIRU6SDFH&ROG:DU)RUG/LEUDU\0XVHXPQG:HE6HSW
7DNHQIURPWKH)RUG/LEUDU\0XVHXP:HE6LWHPRQLWRUHGE\WKHJRYHUQPHQWWKLV
DUWLFOHJRHVRYHUWKHSUHVLGHQWVWKDWZHUHLQRIILFHGXULQJWKHVSDFHUDFHDQGZKDWWKHLU
WKRXJKWVZHUHDERXWZKDWKDGEHHQVHWLQPRWLRQ,WKHOSVDUHDGHUXQGHUVWDQGWKH
GHFLVLRQVWKDWZHUHPDGHGXULQJWKH6SDFH5DFHDQGWKHUHVRXUFHVWKDWZHUHSXWLQWR
EHDWLQJWKH6RYLHWVWRWKHPRRQ,W
VLQWHUHVWLQJIRUXVWRVHHWKDWWKH6RYLHWVZHUHVR
VHFUHWLYHDERXWWKHLUZRUNXQWLOLWDOOFDPHRXWDIWHUEXWKRZWKH8QLWHG6WDWHVZDV

GRFXPHQWHGGXULQJWKLVSHULRG,QWKHHQGWKH6RYLHW8QLRQ
VPHWKRGVKLQGHUHGWKHLU
UHVHDUFKDQGWKH8QLWHG6WDWHVSURVSHUHGLQWKH6SDFH5DFH

6PLWK:RRG\([SORUHU6SDFHFUDIW6HULHV
([SORUHU6SDFHFUDIW6HULHV
1$6$+LVWRU\
'LYLVLRQ)HE:HE6HSW
:HIRXQGWKLVVRXUFHWKURXJKWKHFLWDWLRQVRIWKHDUWLFOH)O\LQJLQWR6SDFHDOVRFLWHG
IURP+LVWRU\LQ&RQWH[W,WJLYHVEULHIGHVFULSWLRQVRIHDFKWKH([SORUHUPLVVLRQVZKLFK
ZDVILIW\QLQHLQWRWDO,WWDONVDERXWWKHQDPLQJRIWKHPLVVLRQVDQGKRZVRPHPLVVLRQV
PLJKWQRWEHORQJZLWKLQDFHUWDLQFDWHJRU\7KHDUWLFOHGHVFULEHVWKHSXUSRVHRIWKH
([SORUHUPLVVLRQVDQGWKDWLQIRUPDWLRQZDVJDWKHUHGLQFOXGLQJLQIRUPDWLRQDERXWDLU
GHQVLW\HQHUJ\SDUWLFOHH[SORUDWLRQDQGUDGLRDVWURQRP\7KLVVRXUFHZDVKHOSIXOLQ
JDLQLQJLQIRUPDWLRQDERXWH[SORUDWLRQLQVSDFHWKRXJKWKH([SORUHU6HULHV

7KH6RYLHW6SDFH3URJUDP6RYLHW6SDFH3URJUDP1SQG:HE6HSW
7KLVVRXUFHIRFXVHVRQWKH6RYLHW6SDFH3URJUDPLQWKHLUVLGHRIWKH6SDFH5DFH,W
IRFXVHVRQWKHLUOHDGHU6HUJHL.RURORYDQGKRZXQGHUKLPWKH6RYLHWVZHUHOHGWRPDQ\
YLFWRULHV,WVKRZVWKH\HDUVRIHDFK6RYLHW6SDFHSURMHFWWKDWZDVFRPSOHWHGDQGWKH
VFLHQFHWKDWZDVSXWLQWRFRPSOHWLQJWKHVHSURMHFWV:HOLNHGKRZGHWDLOHGWKLVVRXUFH
ZDVDQGKRZPXFKLQIRUPDWLRQKDGEHHQIRXQGRXWFRQVLGHULQJKRZVHFUHWLYHWKH6RYLHW
8QLRQKDGEHHQLQWKHGD\VRIWKH&ROG:DU,WLVDOVRVXUSULVLQJFRQVLGHULQJKRZWKH\
GLGQRWNHHSJRRGWUDFNRIWKHLUUHFRUGVRURIWKHLUKLVWRU\

6SDFH3URJUDP-RKQ).HQQHG\3UHVLGHQWLDO/LEUDU\ 0XVHXP-)./LEUDU\QG:HE
6HSW
:HOHDUQHGDERXW-RKQ).HQQHG\DQGKLVUROHLQWKH6SDFH5DFHIURPWKLVDUWLFOH$V
SUHVLGHQWDWWKHWLPH.HQQHG\LQVSLUHG$PHULFDWRVWULYHWRODQGLQJDPDQRQWKHPRRQ
DQGKHDFKLHYHGLW7KDWSURYLGHGDPDMRUPRUDOHERRVWIRU$PHULFDQVDQGLWSXW$PHULFD
LQWKHOHDGLQWKH6SDFH5DFHDJDLQVWWKH6RYLHW8QLRQ.HQQHG\MXPSVWDUWHGWKHQHHGIRU
YLFWRU\LQWKH8QLWHG6WDWHV7KLVDUWLFOHZDVZULWWHQIRUWKH-RKQ).HQQHG\/LEUDU\
ZHEVLWHZKLFKLVDUHVSHFWDEOHDQGHVWHHPHGLQVWLWXWLRQLQ%RVWRQ7KLVZDVXVHIXOLQ
OHDUQLQJDERXW.HQQHG\
VFRQWULEXWLRQVWRWKH6SDFH5DFHDQGKRZKHJRWDQ$PHULFDQRQ
WKHPRRQ

7KH6SDFH5DFH'LJLWDO+LVWRU\QS:HE6HSW
7KLVDUWLFOHZDVDQRYHUYLHZRQWKH8QLWHG6WDWHVUHDOL]LQJWKDWWKH6RYLHWVKDGVXFKD
JUHDWOHDGDQGWKDWWKH\QHHGHGWRRXWVPDUWDQGRXWWKLQNWKHPWREHDEOHWRFDWFKXSDQG
HYHQSXOODKHDGRIWKH6RYLHWVVSDFHDFKLHYHPHQWV,WDFNQRZOHGJHVWKHVHWEDFNVWKDWWKH
8QLWHG6WDWHVGHDOWZLWKRQWKHLUZD\WRYLFWRU\EXWKRZWKH\WULXPSKHGLQWKHHQGWRSXW
DPDQRQWKHPRRQ:LWKRXWWKH86EHLQJIRUFHGWRPDQHXYHUDURXQGWKH6RYLHWVDQG

UHSODQDQGUHWHVWDOORIWKHLUGHVLJQVWKH\ZRXOGQ
WKDYHVXFFHHGHGWRWKHH[WHQWWKH\GLG
EHFDXVHWKH\ZRXOGKDYHEHHQOHVVPRWLYDWHGWREHDWWKH6RYLHW8QLRQ

7KH6SDFH5DFH-RKQ).HQQHG\3UHVLGHQWLDO/LEUDU\ 0XVHXP-RKQ).HQQHG\
3UHVLGHQWLDO/LEUDU\ 0XVHXPQG:HE6HSW
7KLVLVDQRWKHUDUWLFOHDERXW-RKQ).HQQHG\
VLQIOXHQFHRQWKH6SDFH5DFH7KHDUWLFOH
H[SODLQVKRZKHPRWLYDWHG$PHULFDQVWRZLQWKH6SDFH5DFH3UHVLGHQW.HQQHG\FDXVHG
RQHRIWKHJUHDWHVWPRELOL]DWLRQVRIUHVRXUFHVDQGPDQSRZHULQ86KLVWRU\ZLWKKLV
LQIOXHQFHDQGKLVVSHHFKHV+HHVWDEOLVKHGWKH6SDFH5DFHDQGKRZWRZLQLW+HPDGH
$PHULFDQVEHOLHYHWKH\FRXOGZLQDQGUHVWRUHGWKHLUFRQILGHQFH+HFKDQJHGWRFRXUVHRI
WKH6SDFH5DFHE\FKRRVLQJWRJRWRWKHPRRQ7KLVLVDSDUWRIWKHH[FKDQJHEHWZHHQWKH
86DQGWKH6RYLHW8QLRQDQGKRZ3UHVLGHQW.HQQHG\UDOOLHGWKHFRXQWU\EDFNLQWRWKH
UDFH

6SDFH5DFH6SDFH5DFH5R\DO$LU)RUFH0XVHXPQG:HE6HSW
7KLVZHEVLWHLVDQRQOLQHH[KLELWLRQRIWKH6SDFH5DFHIURPWKH5R\DO$LU)RUFH
0XVHXP,WLQFOXGHVDUWLFOHVDERXWWKH&ROG:DUDQGPDQ\RIWKHELJVWHSVRIWKH6SDFH
5DFH,WDOVRKDVSLFWXUHVDQGGLDJUDPVRIWKHH[KLELW7KHLULQIRUPDWLRQLVXVHGDW
VFKRROVLQ%ULWDLQ7KHZHEVLWHZDVXVHIXOIRUJHQHUDOLQIRUPDWLRQLPDJHVDQGD
WLPHOLQHRIHYHQWV,WSURYLGHVKLVWRULFDOFRQWH[WDQGGHVFULEHVWKHJHQHUDOVWHSVWR
$PHULFD
VH[SORUDWLRQLQ6SDFHOLNHLQIRUPDWLRQDERXWWKHVSDFHVWDWLRQVLQWKHWZR
FRXQWULHVDQGWKHPLVVLRQV

7KH6SDFH5DFHDQGWKH&ROG:DU6FLHQFHDQG,WV7LPHV(G1HLO6FKODJHUDQG-RVK/DXHU
9RO'HWURLW*DOH:RUOG+LVWRU\LQ&RQWH[W:HE6HSW
:HIRXQGWKLVVRXUFHIURPWKH+LVWRU\LQ&RQWH[WGDWDEDVH,WJLYHVDJHQHUDOH[SODQDWLRQ
RIWKH6SDFH5DFHDQGWKH&ROG:DUDQGKRZWKH\FRQQHFW,WWDONVDERXWWKHRULJLQVRI
WKH&ROG:DUDQGKRZWKH6SDFH5DFHHPHUJHGIURPLW,WH[SODLQVDOORIWKH8QLWHG
6WDWHVIDLOXUHVDVWKH6RYLHW8QLRQNHSWDFKLHYLQJILUVWVLQ6SDFHDQG3UHVLGHQW
.HQQHG\
VLPSRUWDQWUROHRIUDOO\LQJ$PHULFDDQGUHVWRULQJDQDWLRQDOLQWHUHVWLQVSDFH
7KLVDUWLFOHZDVXVHIXOIRUKLVWRULFDOFRQWH[WDQGDVXPPDU\RIWKHH[SORUDWLRQRI6SDFH
,WUHHPSKDVL]HG.HQQHG\
VUROHLQWKH6SDFH5DFHDQGWKHJUHDWDFKLHYHPHQWRIWKH8QLWHG
6WDWHVUHDFKLQJKLVJRDO

6SDFH5DFH([KLELWLRQ6SDFH5DFH([KLELWLRQ1DWLRQDO$LUDQG6SDFH0XVHXPQG:HE
6HSW
7KLVVRXUFHLVRQOLQHH[KLELWLRQRIWKH6SDFH5DFHIURPWKH6PLWKVRQLDQ1DWLRQDO$LUDQG
6SDFH0XVHXP,WGHVFULEHVGHWDLOHGVWHSVRIWKHVSDFHUDFHLQFOXGLQJWKHPLOLWDU\RULJLQV
VS\LQJDQGWKHOHJDF\7KHZHEVLWHKDVSLFWXUHVRIWKHH[KLELWVDQGRIUHSOLFDVRIWKH

VSDFHVKLSVWKDWZHUHXVHGGXULQJWKHUDFH,WZDVXVHIXOLQVHHLQJVRPHRIWKHGLIIHUHQW
SRLQWVRIYLHZVRIWKHOHDGHUVRIWKH8QLWHG6WDWHVDQG5XVVLDDQGKRZWKH\DSSURDFKHG
WKHFKDOOHQJHIRUVXSHULRULW\7KLVH[KLELWKHOSHGZLWKKLVWRULFDOFRQWH[WH[SORULQJWKH
VROXWLRQVWRJHWWLQJWRVSDFHDQGWKHH[FKDQJHEHWZHHQ5XVVLDDQGWKH8QLWHG6WDWHVDV
WKH\FRPSHWHG

6SXWQLN
&ROG:DU0XVHXP
7KH&ROG:DU0XVHXPQG:HE6HSW
,QWKHDUWLFOHWKHDXWKRUJLYHVDEDFNJURXQGRQWKHFUHDWLRQRI6SXWQLNDQGWKH6SDFH$JH
,WWDONVDERXWKRZWKH6SXWQLNODXQFKFUHDWHGDIUHQ]\LQWKH86DQGWKDWWKHJRYHUQPHQW
ZDVXQGHUWUHPHQGRXVSUHVVXUHWRODXQFKWKHLURZQVDWHOOLWH7KHVDWHOOLWHWKDWZDV
VXSSRVHGWREHODXQFKHGWKH9DQJXDUGZDVEHKLQGVFKHGXOHVR
'U:HUQKHUYRQ%UDXQ
DQGKLVWHDPZHUHDVVHPEOHGWRFRQYHUWKLVPLVVLOH-XSLWHU&WRWKHERRVWHUIRU([SORUHU
,WKHILUVW$PHULFDQVDWHOOLWHLQVSDFH
7KHZHEVLWHWKDWWKHDUWLFOHZDVZULWWHQRQLVUXQ
E\WKH&ROG:DU0XVHXPDUHSXWDEOHLQVWLWXWH,WZDVKHOSIXOLQJDLQLQJDEURDGLGHDRI
WKHHDUO\6SDFH5DFHDQGZKDWSURPSWHGLW

6SXWQLN(XURSH6LQFH(QF\FORSHGLDRIWKH$JHRI:DUDQG5HFRQVWUXFWLRQ(G-RKQ
0HUULPDQDQG-D\:LQWHU9RO'HWURLW&KDUOHV6FULEQHU
V6RQV
:RUOG+LVWRU\LQ&RQWH[W:HE6HSW
6SXWQLNZDVWKHZRUOG
VILUVWDUWLILFLDOVDWHOOLWH,WZDVDKXJHDFFRPSOLVKPHQWIRUWKH
6RYLHW8QLRQDQGVWXQQHGWKH8QLWHG6WDWHV7KLVDUWLFOHH[SODLQVKRZLWZDVGHYHORSHG
DQGWKHLPSDFWRQWKHZRUOG:HIRXQGWKLVDUWLFOHIURPWKHOLEUDU\GDWDEDVH+LVWRU\LQ
&RQWH[W6SXWQLNZDVWKHILUVWDFFRPSOLVKPHQWLQWKH6SDFH5DFH7KHDUWLFOHVKRZVKRZ
6SXWQLNZDVSURSDJDQGDIRUWKH6RYLHW8QLRQDQGKRZLWFKDQJHGWKHFRXQWU\
V
LQWHUQDWLRQDOLPDJH,WPDGHLWORRNOLNHDWHFKQRORJLFDOO\DGYDQFHGVXSHUSRZHUHTXDOWR
WKH8QLWHG6WDWHV7KLVDOVRLQFUHDVHGWKHDWWUDFWLYHQHVVRIFRPPXQLVPWRRWKHUFRXQWULHV
EHFDXVHWKH6RYLHW8QLRQZDVQRZDJUHDWPRGHO,WWHOOVDERXWKRZWKH8QLWHG6WDWHV
UHVSRQGHGWRQRWZLQQLQJ7KHLQIRUPDWLRQRQ6SXWQLNKHOSVRXUUHVHDUFKLQ
XQGHUVWDQGLQJWKHH[SORULQJSDUWRI6SDFHDQGWKHH[FKDQJHZLWKWKHVXFFHVVRIWKH6RYLHW
8QLRQ

7UXHPDQ&KULV1:KDW:DVWKH&ROG:DU"+LVWRU\/HDUQLQJ6LWH7KH+LVWRU\/HDUQLQJ
6LWHQG:HE6HSW
7KLVDUWLFOHZDVZULWWHQE\DSURIHVVRURI+LVWRU\DQG3ROLWLFVLQWKH8.7KHDUWLFOHZDV
RQHRIPDQ\RQDSDJHRIDUWLFOHVDERXWWKH&ROG:DU7KLVDUWLFOHSURYLGHGDEULHI
VXPPDU\RIZK\WKH&ROG:DUVWDUWHGDQGWKHHYHQWVOHDGLQJXSWRWKHZDU,WVWDWHVWKH
IHHOLQJVEHWZHHQWKH86DQGWKH8665LQWKHWLPHDQGDOVRWHDFKHVWKHGLIIHUHQFHV
EHWZHHQDKRWZDUDQGD&ROG:DUZKLFKLVYHU\LPSRUWDQWLQXQGHUVWDQGLQJZK\KLVWRU\

ZDVFDUULHGRXWWKH\ZD\LWGLG,WZDVXVHIXOLQJDLQLQJDQRYHUYLHZRIWKHEHJLQQLQJRI
WKH&ROG:DUDQGZKDWZHVKRXOGUHVHDUFKLQGHSWKLQWKHIXWXUHIRURXUSURMHFW

7UXHPDQ&KULV17KH1XFOHDU$UPV5DFH+LVWRU\/HDUQLQJ6LWH+LVWRU\/HDUQLQJ6LWH
0DU:HE1RY
7KLVDUWLFOHLVIURP&KULV7UXHPDQDODWHSURIHVVRURIKLVWRU\LQWKH8.7KLVDUWLFOH
ZDVDQRYHUYLHZRIWKHQXFOHDUDUPVUDFHLQWKH&ROG:DU,WH[SODLQHGWKHLGHRORJ\WKDW
GURYHWKHDUPVUDFHWKDWWKHTXDQWLW\RIZHDSRQVDFRXQWU\SRVVHVVHGFRUUHVSRQGHGZLWK
WKHSRZHURIWKDWFRXQWU\7KH8QLWHG6WDWHVDQGWKH6RYLHW8QLRQZHUHFRPSHWLQJWR
SURYHWKDWWKH\ZHUHWKHPRUHSRZHUIXOFRXQWU\7KHQWKHDUWLFOHJDYHVWDWLVWLFVRQWKH
QXPEHURIQXFOHDUZHDSRQVLQ\HDUVDQGKRZWKH\H[SRQHQWLDOO\LQFUHDVHGWRDEVXUG
QXPEHUV%\WKHUHZHUHHQRXJKERPEVWRGHVWUR\WKHZRUOG\HWERWKFRXQWULHV
FRQWLQXHGWRPDVVSURGXFHWKHP,WZDVVLJQLILFDQWWRWKHWKHPHHQFRXQWHUVEHFDXVHLW
H[SODLQHGWKHKRVWLOHLQWHUDFWLRQVEHWZHHQWKH8QLWHG6WDWHVDQGWKH6RYLHW8QLRQZKLFKLV
FORVHO\OLQNHGZLWKWKH6SDFH5DFH

:LOOLDPV'DYLG5'U6RYLHW/XQDU0LVVLRQV
6RYLHW0LVVLRQVWRWKH0RRQ
1$6$6HSW
:HE6HSW
7KHZHEVLWHZDVZULWWHQE\'U'DYLG5:LOOLDPVWKHKHDGRI1$6$-RKQVRQ6SDFH
&HQWHUV'LUHFWRUDWHRI6SDFHDQG/LIH6FLHQFHVDQGD&DQDGLDQ6SDFH$JHQF\DVWURQDXW
7KHZHEVLWHLVDOODERXWWKH6RYLHW8QLRQV/XQDSURJUDP7KH\ZHUHWKHILUVWPDQPDGH
REMHFWVWRHYHUUHDFKWKHPRRQZKLFKZDVDKXJHWULXPSKIRUWKH8665DQGDGHYDVWDWLQJ
IDLOXUHIRUWKH8QLWHG6WDWHVLQWKH&ROG:DUFRQIOLFW7KHZHEVLWHJDYHXVGHWDLOHG
LQIRUPDWLRQRQWKHGHVLJQVWUXFWXUHDQGREMHFWLYHVRIHDFKPLVVLRQDQGWKHIDXOWVWKDW
FDXVHGVRPHRIWKHPWRFUDVK,QDGGLWLRQWKH/XQDSURJUDPSURYLGHGXVZLWKWKHILUVW
LPDJHVRIWKHVXUIDFHRIWKHPRRQDKXJHVWHSIRUZDUGLQVSDFHH[SORUDWLRQ,WZDVXVHIXO
LQVHHLQJKRZWKH6RYLHW8QLRQFRQGXFWHGWKHLUVLGHRIWKH6SDFH5DFH

:RON6FRWW7HOHSKRQH,QWHUYLHZ-DQ
6FRWW:RONLVDQDVWURSK\VLFLVWZKRZRUNVIRUWKH+DUYDUG6PLWKVRQLDQ&HQWHUIRU
$VWURSK\VLFVDQGIRUWKH6PLWKVRQLDQ$VWURSK\VLFDO2EVHUYDWRU\+HZRUNVZLWKRQHRI
RXURWKHULQWHUYLHZHHV-RQDWKDQ0F'RZHOODQG:RONVD\VWKDW0F'RZHOOLVWKHEHVW
SHUVRQWRLQWHUYLHZDURXQGZKLFKZHZHUHYHU\KDSS\WRKHDU:HZHUHYHU\WKDQNIXOIRU
RXULQWHUYLHZZLWK:RONEHFDXVHZHKDGVRPHKROHVLQRXUDUJXPHQWDQGKHKHOSHGXV
ILOOWKHPLQ+HZDVYHU\NQRZOHGJHDEOHDERXWWKHOHJDF\RIRXUWRSLFVSHFLILFDOO\WKH
VFLHQWLILFGLVFRYHULHVDQGWHFKQRORJ\WKDWZHNQRZWRGD\EDVHGRIIWKHUHVHDUFKDQG
VFLHQFHGRQHGXULQJWKH6SDFH5DFH6FLHQWLILFDOO\ZHOHDUQHGDERXWRXUDWPRVSKHUHDQG
WKHGLIIHUHQWIRUPVRIOLJKWHPLWWHGWKURXJKLWDORQJZLWKGHYHORSLQJDEHWWHU
XQGHUVWDQGLQJRIRXUDWPRVSKHUHDQGRIWKHJUHHQKRXVHHIIHFW:HDOVRXVHGVDWHOOLWHVWR

PDNHRXUWHFKQRORJ\EHWWHUEHFDXVHZHQRZKDGDEHWWHUZD\WRFRPPXQLFDWHDWDIDVWHU
DQGPRUHUHOLDEOHSDFH+HLQIRUPHGXVRIKRZWKH6SDFH5DFHKHOSHGFKDQJHWKHRSLQLRQV
RISHRSOHDERXWWKHDWPRVSKHUHDQGWKHXQLYHUVHE\XVLQJVFLHQFHWRVKRZWKHPWKHWUXWK
DERXWRXUZRUOG:RONFRPSOHWHGRXUVHFWLRQDERXWKRZWKH6SDFH5DFHLVVWLOOLPSDFWLQJ
RXUOLYHVHYHU\GD\HYHQQRZDOPRVW\HDUVODWHU



7KHVLV
,QWKH&ROG:DUWKHSRVW:RUOG:DU,,SRZHUVWUXJJOHEHWZHHQWKH8QLWHG6WDWHVDQGWKH6RYLHW
8QLRQWKHKRVWLOHHQFRXQWHUVEHWZHHQWKHWZRFRXQWULHVZHUHVKRZQWKURXJKWKH6SDFH5DFHDVD
SUR[\ZDU$WILUVWWKHH[SORUDWLRQRIVSDFHZDVPRWLYDWHGE\WKHWZRFRXQWULHVGHVLUHWRSURYH
WKHVXSHULRULW\RIWKHLUYDOXHVWKURXJKSURSDJDQGDDQGWRGHYHORSPLOLWDU\WHFKQRORJ\ZKLFKZDV
XVHGLQWKH$UPV5DFH7KHLUGLIIHUHQWJRYHUQPHQWV\VWHPVDQGWKHLUDSSURDFKHVWRGHYHORSLQJ
VSDFHWHFKQRORJ\ZLWKOLEHUDODQGWUDGLWLRQDOYDOXHVUHVXOWHGLQWKH8QLWHG6WDWHVGHYHORSLQJD
JHQXLQHLQWHUHVWLQVFLHQWLILFNQRZOHGJHLQDGGLWLRQWRWKHSURSDJDQGDEHQHILWVZKLOHWKH6RYLHW
8QLRQVWD\HGSXUHO\IRFXVHGRQSURSDJDQGD7KH8QLWHG6WDWHVZRQWKH6SDFH5DFHEHFDXVHWKH\
ZHUHWKHILUVWWRODQGDPDQRQWKHPRRQEHFDXVHRIWKHLUOLEHUDOYDOXHV7KH6SDFH5DFHLV
VLJQLILFDQWWRGD\EHFDXVHLWKHOSHGWKH8QLWHG6WDWHVZLQWKH&ROG:DUHVWDEOLVKLQJWKHPDVWKH
GRPLQDQWZRUOGSRZHU

3LFWRJUDSK\
$PHULFDQ)ODJ>+RELFHOO@
KWWSZZZKRELFHOOFRPFRRODPHULFDQIODJZDOOSDSHUFRRODPHULFDQIODJZDOOSDSHUGHVNWRSEDF
NJURXQGVIUHHFXWHKWPO

$PHULFDQ3URSDJDQGD3RVWHU>3LQWHUHVWV@
KWWSVVPHGLDFDFKHDNSLQLPJFRP[DDFDEHEDIGHMSJ

$SROOR9LHZ>1$6$@
KWWSZZZQDVDJRYVLWHVGHIDXOWILOHVPDLQBJSQBIXOOBBMSJ

$SROOR0RRQ/DQGLQJ>1$6$@
KWWSVZZZQDVDJRYVLWHVGHIDXOWILOHVLPDJHVPDLQB$6BIXOOMSJ

$SROOR5RFNHW>1$6$@
KWWSZZZQDVDJRYVLWHVGHIDXOWILOHVWKXPEQDLOVLPDJHVMSJ

$SROOR6R\X]/RJR>:LNLSHGLD@

KWWSVHQZLNLSHGLDRUJZLNL)LOH$673SDWFKSQJ

$UPV5DFH3ROLWLFDO&DUWRRQ>:RUG3UHVV@
KWWSVFHUVLSDPDQWURPDQHVFILOHVZRUGSUHVVFRPFXEDQBPLVVLOHBFULVLVBFDUWRRQJLI"Z 
 K 

$UPVWURQJRQWKH0RRQ>+LVWRU\FRP@
KWWSZZZKLVWRU\FRPWKLVGD\LQKLVWRU\DUPVWURQJZDONVRQPRRQ

&OHDQWKH6RYLHWILOWKRIIRIWKHPRRQ
KWWSZZZSDRODFDVROLFRPVSDFHUDFHSURSDJDQGDXVDYVXUVVDPDWWHURISRVWHUV

&ROG:DU)ODJV>:LNLSHGLD@
KWWSVURVDWLFDQDGLDQKLVWRU\ZLNLVSDFHVFRPILOHYLHZ&ROG:DU)ODJVMSJ[
&ROG:DU)ODJVMSJ

&ROG:DUPHWDO>$WRPLFH[SUHVVV@
KWWSZZZDWRPLFH[SUHVVQHWZSFRQWHQWXSORDGVFROGZDUBPDFURBMSJ

(DUWK>1$6$@
KWWSZZZQDVDJRYVLWHVGHIDXOWILOHVODWHVWIXOOBMSJ

(DUWK2EVHUYDWLRQV)URP*HPLQL,9>1$6$@
KWWSVZZZQDVDJRYLPDJHIHDWXUHMXQHHDUWKREVHUYDWLRQVIURPJHPLQLLY

(DUWKV$WPRVSKHUH>1XIIOH)RXQGDWLRQ@
KWWSZZZQXIILHOGIRXQGDWLRQRUJVLWHVGHIDXOWILOHV7KHB(DUWKBDQGB$WPRVSKHUHMSJ

([SORUHU,>1$6$@
KWWSVZZZQDVDJRYVLWHVGHIDXOWILOHVLPDJHVPDLQBODXQFKMSJ

)UHHGRP>1$6$@
KWWSVZZZQDVDJRYVLWHVGHIDXOWILOHVLPDJHVPDLQB0HUFXU\OLIWRIIBIXOOMSJ

)ULHQGVKLS>:LNLSHGLD@
KWWSVXSORDGZLNLPHGLDRUJZLNLSHGLDFRPPRQV/DXQFKBRIB)ULHQGVKLSBBB*31
MSJ

*HPLQL,,,/DXQFK>1$6$@

KWWSZZZQDVDJRYFRQWHQWPDUFKODXQFKRIILUVWFUHZHGJHPLQLIOLJKW

*HPLQL,9(9$>1$6$@
KWWSZZZQDVDJRYIHDWXUHJHPLQLLYOHDUQLQJWRZDONLQVSDFH

*HUPDQ95RFNHWLQ::>0HUFR3UHVV@
KWWSHQPHUFRSUHVVFRPJHUPDQYURFNHWIURPZRUOGZDULLIRXQGLQHDVWFRDVWRI
HQJODQG

*UHDW6HDORIWKH8QLWHG6WDWHV>$PHULFDQ(QJOLVK'RFWRU@
KWWSZZZDPHULFDQHQJOLVKGRFWRUFRP,0$*(6/LW&DSV86$866HDOREYHUVHMSJ

+H[DJRQ6S\6DWHOOLWH>6SDFH@
KWWSLVSDFHFRPLPDJHVLLKH[DJRQVS\VDWHOOOLWHGHVFULSWLRQMSJ"

,*<ORJR>1$6$@
KWWSZZZQDVHGXKLVWRU\LJ\LPDJHVLJ\ORJRMSJ

,660RRQDQG$WPRVSKHUH
KWWSDVWUREREDUHDYRLFHVFRPILOHV,66PRRQDQGDWPRVSKHUH[MSJ

-DPHV*+HUVKEHUJ>*HRUJH:DVKLQJWRQ8QLYHUVLW\@
KWWSVHOOLRWWJZXHGXVLWHVHOOLRWWJZXHGXILOHVLPDJHIDFXOW\KHUVKEHUJMDPHVMSJ

-RKQ).HQQHG\6SHFLDO0HVVDJHWR&RQJUHVV>&ORXG)URQW@
KWWSGKHMFQLR[FORXGIURQWQHWLPDJHVDPHULFDQGHFDGHVDGSVBBBBLPJMSJ

-RKQ).HQQHG\:H&KRRVHWR*RWRWKH0RRQ6SHHFK5LFH8QLYHUVLW\>5LFH@
KWWSQHZVULFHHGXZSFRQWHQWXSORDGVB0221BNHQQHG\DWULFHMSJ

-RQDWKDQ0F'RZHOO>%RVWRQ6NHSWLFV@
KWWSERVWRQVNHSWLFVFRPZSFRQWHQWXSORDGVBBBB
BQMSJ

-XSLWHU&PLVVLOH>86$UP\@
KWWSKLVWRU\UHGVWRQHDUP\PLOLKLVWH[SORUHUB,,,BMSJ

-XSLWHU&0LVVLOHIRU86$UP\>'HVLJQDWLRQ6\VWHP@
KWWSZZZGHVLJQDWLRQV\VWHPVQHWGXVUPPKWPO


/XQD6SDFHFUDIW>:LUHG@
KWWSZZZZLUHGFRPLPDJHVBEORJVZLUHGVFLHQFHOXQDBMSJ

0DWW%LOOH>:ROI6LQJHU@
KWWSZZZZROIVLQJHUSXEVFRPVLWHEXLOGHULPDJHV0DWW%LOOH[MSJ

0RRQ>:LNLSHGLD@
KWWSVXSORDGZLNLPHGLDRUJZLNLSHGLDFRPPRQVD+RZOLQJBDWBWKHB0RRQBLQB0LVVLVVDXJDMS
J

1$6$%XGJHW*UDSK>:LNLSHGLD@
KWWSVXSORDGZLNLPHGLDRUJZLNLSHGLDFRPPRQVWKXPE1$6$%XGJHW)HGHUDOVYJS[
1$6$%XGJHW)HGHUDOVYJSQJ

1$6$/RJR>1$6$@
KWWSZZZQDVDJRYVLWHVGHIDXOWWKHPHV1$6$3RUWDOLPDJHVQDVDORJRSQJ

1$7,21$/6(&85,7<&281&,/5(325716&81,7('67$7(62%-(&7,9(6
$1'352*5$06)251$7,21$/6(&85,7<>'LJLWDO$UFKLYH@
KWWSGLJLWDODUFKLYHZLOVRQFHQWHURUJGRFXPHQW

1HZ<RUN7LPHV+HDGOLQHV>1<7LPHV@
KWWSVZZZQ\WLPHVFRPVWRUHIURQWSDJHQHZ\RUNWLPHVUHSULQWQVNHHSKWPO

1XPEHURIQXFOHDUZHDSRQV>:LNLSHGLD@
KWWSVXSORDGZLNLPHGLDRUJZLNLSHGLDFRPPRQVWKXPEEEE86BDQGB8665BQXFOHDUBVWRFNSLOHV
VYJS[86BDQGB8665BQXFOHDUBVWRFNSLOHVVYJSQJ

2UELWDO/DXQFKHV*UDSK>6SDFH/DXQFK5HSRUW@
KWWSLLPJXUFRPHLK%SQJ

3ROLWLFDO&DUWRRQ>+DLNX'HFNV@
KWWSEEIHEIEIIHEIEIFHGGHGGFUFIUDFNFGQFRP'
($(%)$$MSJ

3ROLWLFDO&DUWRRQ>-XQLRU+LVWRULDQV@
KWWSZZZMXQLRUKLVWRULDQVFRPFROGZDUSUHVLGHQFLHV


3ROLWLFDO&DUWRRQRIWKH$UPV5DFH>%ORJVSRWV@
KWWSESEORJVSRWFRP$IY/F5FVK,8B75*2[*,$$$$$$$$$:,%99'&SP8V
LPDJHQHSQJ

3UHV5HDJDQVKDNLQJKDQGVZLWK6RYLHWOHDGHU*RUEDFKHY>5XVVLD'LUHFW@
KWWSZZZUXVVLDGLUHFWRUJVLWHVGHIDXOWILOHVILHOGLPDJH$3,1)7UHDW\
MSJ

3UR&RPPXQLVW3URSDJDQGD>=D]]OHV@
KWWSUOY]FDFKHFRPXVVUBFFFSBFROGBZDUBVRYLHWBXQLRQBSURSDJDQGDBSRVWHUVUGGFIG
IEFFGDBLBE\YUBMSJ

3URMHFW*HPLQLSUDFWLFLQJGRFNLQJPDQHXYHUV>:LNLSHGLD@
KWWSVXSORDGZLNLPHGLDRUJZLNLSHGLDFRPPRQVG*HPLQLBBMSJ

3XEOLF2SLQLRQRQ*OREDO:DUPLQJ>-RKQ&RRN@
KWWSZZZVNHSWLFDOVFLHQFHFRP:KDWVVFLHQFHVDLGDERXWJOREDOFRROLQJKWPO

6DWHOOLWHVDURXQG(DUWK>1$6$@
KWWSZZZQDVDJRYLPDJHVFRQWHQWPDLQBLPDJHBBMSJ

6FRWW:RON>*RRJOH8VHU&RQWHQW@
KWWSVOKJRRJOHXVHUFRQWHQWFRPU*)3=37,$$$$$$$$$$,$$$$$$$$$7(%+X1
3.MNSKRWRMSJ

6HUJHL.RUROHY>,Q6SDFH,QIRUPDWLRQ@
KWWSLQVSDFHLQIRVLWHVGHIDXOWILOHVMSJ

6RODU6\VWHP>(QJDGJHW@
KWWSZZZHQJDGJHWFRPVRODUV\VWHPVLPXODWLRQPXVLF

6RYLHW)ODJ>:LNLSHGLD@
KWWSVXSORDGZLNLPHGLDRUJZLNLSHGLDFRPPRQVWKXPEDD)ODJBRIBWKHB6RYLHWB8QLRQVYJ
S[)ODJBRIBWKHB6RYLHWB8QLRQVYJSQJ

6RYLHW3URSDJDQGD%HSURXG6RYLHWSHUVRQ\RXRSHQHGWKHSDWKWRWKHVWDUVIURP(DUWK
>9LVXDO1HZVV@
KWWSZZZYLVXDOQHZVFRPZSFRQWHQWXSORDGV6RYLHW6SDFH3URSDJDQGDMSJ

6RYLHW3URSDJDQGD)RUWKHJORU\RIFRPPXQLVP>9LVXDO1HZVV@
KWWSZZZYLVXDOQHZVFRPZSFRQWHQWXSORDGV6RYLHW6SDFH3URSDJDQGDMSJ

6RYLHW3URSDJDQGD*ORU\WRWKHPRWKHUODQGRIKHURV>0LOHV&ROOLQVV@
KWWSZZZPLOHVFROOLQVFRPLPDJHVVRYVSDIRXUMSJ

6RYLHW3URSDJDQGD*ORU\WRWKHPRWKHUODQGRIKHURV>0LOHV&ROOLQVV@
KWWSZZZPLOHVFROOLQVFRPLPDJHVVRYVSDILYHMSJ

6RYLHW3URSDJDQGD+DSS\1HZ<HDURISHDFHDQGIULHQGVKLS>5XVVLD7UHNV@
KWWSUXVVLDWUHNRUJEORJZSFRQWHQWXSORDGVVRYLHWVSDFHSURJUDPSURSDJDQGDSRVWHU
MSJ

6RYLHW3URSDJDQGD+RPHODQG7KHVWDUWRSURJUHVVDQGSHDFH\RXILUVWO\OLWDERYH(DUWK*ORU\
WRVFLHQFHJORU\WRZRUN*ORU\WR6RYLHWEXLOG>9LVXDO1HZVV@
KWWSZZZYLVXDOQHZVFRPZSFRQWHQWXSORDGV6RYLHW6SDFH3URSDJDQGDMSJ

6RYLHW3URSDJDQGD/HWVFRQTXHU6SDFH>9LVXDO1HZVV@
KWWSZZZYLVXDOQHZVFRPZSFRQWHQWXSORDGV6RYLHW6SDFH3URSDJDQGDMSJ


6RYLHW3URSDJDQGD2XUWULXPSKLQ6SDFH$QWKHPWR6RYLHW&RXQWU\>9LVXDO1HZVV@
KWWSZZZYLVXDOQHZVFRPZSFRQWHQWXSORDGV6RYLHW6SDFH3URSDJDQGDMSJ

6RYLHW3URSDJDQGD7KHSDWKIRUKXPDQVLVRSHQ>9LVXDO1HZVV@
KWWSZZZYLVXDOQHZVFRPZSFRQWHQWXSORDGV6RYLHW6SDFH3URSDJDQGDMSJ

6RYLHW3URSDJDQGD7KHVRQVRI2FWREHUDUHWKHSLRQHHUVRIWKHXQLYHUVH>0LOHV&ROOLQV
V@
KWWSZZZPLOHVFROOLQVFRPLPDJHVVRYVSDRQHMSJ

6RYLHW3URSDJDQGD7KH\VWRRGRQWKHODXQFKSDGPDGHE\WKHSHRSOHWKHFUHDWRURISULFHOHVV
WUHDVXUHV$QGURVHOLNHWKHNQLJKWVRIVSOHQGLGQHZIDEOHV*DUJDULQ7LWRY1LNRODHY3RSRYLFK
>IRUHIDWKHUVRI8665VSDFHIOLJKW@>0LOHV&ROOLQVV@
KWWSZZZPLOHVFROOLQVFRPLPDJHVVRYVSDWKUHHMSJ

6RYLHW3URSDJDQGD7RWKHVXQ7RWKHVWDUV>9LVXDO1HZVV@
KWWSZZZYLVXDOQHZVFRPZSFRQWHQWXSORDGV6RYLHW6SDFH3URSDJDQGDMSJ


6RYLHW3URSDJDQGD6SXWQLN>5HGGLW@
KWWSVVPHGLDFDFKHDNSLQLPJFRP[FDFDIFFFIFDDEEHDHMSJ

6R\H]5RFNHW/DXQFK>3LFWXUHV$ERXW6SDFH@
KWWSSLFVDERXWVSDFHFRPVR\X]VSDFHSURJUDP"S LPJ

6SXWQLN&RPPXQLVW3URSDJDQGD>3%:RUNV@
KWWSEDVKDSHGLDSEZRUNVFRPIVSXWQLNJLI

6SXWQLN+HDGOLQHVLQ1HZ<RUN7LPHV>1<7LPHV@
KWWSZZZQ\WLPHVFRPOHDUQLQJJHQHUDORQWKLVGD\ELJKWPO

6SXWQLN1HZVSDSHUV>1HHGKDP@
KWWSZZZQHHGKDPNPDXVQKVFXU%DNHUB%DNHU/00%LPDJHVQHZVSDSH
UVJLI

6SXWQLN,6DWHOOLWH>6ODWH@
KWWSZZZVODWHFRPFRQWHQWGDPVODWHDUWLFOHVKHDOWKBDQGBVFLHQFHIXWXUHBWHQVHB
)7B6SXWQLN(;MSJ&523UHFWDQJOHODUJHMSJ

6SXWQLN,6DWHOOLWH>:LNLSHGLD@
KWWSVHQZLNLSHGLDRUJZLNL6SXWQLNBPHGLD)LOH6SXWQLNBDVPMSJ

6SXWQLN,,6DWHOOLWHZLWK/DLNDWKHGRJ>%ULWDQQLD@
KWWSPHGLDZHEEULWDQQLFDFRPHEPHGLD((%MSJ

7LPHLQ6SDFH*UDSK>:RUGSUHVV@
KWWSVYL]WKLVILOHVZRUGSUHVVFRPKLVWRJUDPBOLQHFKDUWBGDWHSQJ"Z 

7LWDQ,,0LOLWDU\%RRVWHUIRU*HPLQL3URMHFW>1$6$@
KWWSZZZQDVDJRYVOVPXOWLPHGLDJDOOHU\VOVLQIRJUDSKLFKWPO

7VDU%RPED>$WRPLF+HULWDJH@
KWWSZZZDWRPLFKHULWDJHRUJKLVWRU\VRYLHWK\GURJHQERPESURJUDP

8QLWHG6WDWHV
ILUVWVSDFHZDONE\(GZDUG+:KLWH>1$6$@
KWWSQVVGFJVIFQDVDJRYSODQHWDU\LPDJHJHPLQLBMSJ

86%UDLQ5DFH*UDSK>&)5@

KWWSLFIURUJFRQWHQWSXEOLFDWLRQVVSDFHBJUDSKLFBJLI

86)ODJ>*HWW\VEXUJ)ODJ@
KWWSZZZJHWW\VEXUJIODJFRPLPDJHV6WDU)ODJMSJ

863RVWDJH6WDPS>12$$@
KWWSFHOHEUDWLQJ\HDUVQRDDJRYPDJD]LQHLJ\XQLWHGVWDWHVBMSJ

863RVWDJH6WDPS0RRQ>:LNLSHGLD@
KWWSVXSORDGZLNLPHGLDRUJZLNLSHGLDFRPPRQVDD)LUVWB0DQBRQB0RRQBB,VVXHFMSJ

86WHVWRIDEXPSHU9>1$6$V@
KWWSVZZZQDVDJRYPXOWLPHGLDLPDJHJDOOHU\LPDJHBIHDWXUHBKWPO

9DQ$OOHQ%HOW'LDJUDP>5HG2UELW@
KWWSZZZUHGRUELWFRPPHGLDXSORDGVBGGHGIFIEFDFEFMSJ

9DQJXDUG,6DWHOOLWH>1$6$@
KWWSVZZZQDVDJRYVLWHVGHIDXOWILOHVLPDJHVPDLQBLPDJHBIHDWXUHBB\VBIXOOMSJ

9HLO1HEXODH[SORGLQJVWDU>1$6$@
KWWSZZZQDVDJRYVLWHVGHIDXOWILOHVWKXPEQDLOVLPDJHKVD[ODUJHBZHEMSJ

9RVWRN,>6SDFH)DFWV@
KWWSZZZVSDFHIDFWVGHJUDSKGUDZLQJGUDZLQJVYRVWRNBODXQFKMSJ

9RVWRN5HFRYHU\>6SDFH)DFWV@
KWWSZZZVSDFHIDFWVGHJUDSKGUDZLQJGUDZLQJVYRVWRNBUHFRYHU\MSJ

9RVNKRG(9$$OHNVHL/HRQRY>&DS&RPHV6SDFH@
KWWSZZZFDSFRPHVSDFHQHWGRVVLHUVHVSDFHBVRYLHWLTXHYRVWRNBYRVNKRGYRVNKRG(9
$MSJ

:HUQKHUYRQ%UDXQ>%ULWDQQLFD@
KWWSPHGLDZHEEULWDQQLFDFRPHEPHGLD%)&(MSJ


9LGHRJUDSK\
:H*RWRWKH0RRQ6SHHFK><RXWXEH@

KWWSZZZWXEHFKRSFRPZDWFK