+RPH3HRSOH'RQ

W-XVW/HDYH%DG0DQDJHUV7KH\$OVR/HDYH%DG6FKHGXOHV

3HRSOH'RQ
W-XVW/HDYH%DG0DQDJHUV7KH\$OVR
/HDYH%DG6FKHGXOHV

6XSSRUW

&KDUOHVWRQ&DUROLQD8QLWHG6WDWHV-XQ


1DWH'D3RUH)RXQGHU3UHVLGHQWDQG&(2RI3HRSOH0DWWHUZULWHVDERXW
KRZWRLPSURYHVFKHGXOLQJHIILFLHQF\DQGLQUHWXUQWKHOLYHOLKRRGRI\RXU
WHDPPHPEHUV
3XWWLQJRXWILUHVLVQWMXVWDMREIRUILUHILJKWHUV,QWKHUHVWDXUDQWZRUOGD
W\SLFDOGD\LVIXOORISRSXSILUHVLQWKHILJXUDWLYHVHQVHRIFRXUVH$VDOW\
FXVWRPHUDQRVKRZWHDPPHPEHUDEXVLHUWKDQXVXDOODWHOXQFKFURZG
RQD7XHVGD\RUWKHGD\VRPHRQHGURSSHGWKHEDOODQGIRUJRWWRRUGHU
PRUH>LQVHUWPRVWLPSRUWDQWPHQXLWHPKHUH@

6KRSSLQJ2SWLRQV
&DWHJRU\
$SWLWXGH7HVWV
%DFNJURXQG9HULILFDWLRQ
&RXQVHOLQJ &RDFKLQJ
(PSOR\HH(QJDJHPHQW
(PSOR\HH6NLOO'HYHORSPHQW
([LW,QWHUYLHZV
+52XWVRXUFLQJ
+56XUYH\V
'HJUHH)HHGEDFN
+506 +5,6
3D\UROO &RPSOLDQFH
3HUIRUPDQFH0DQDJHPHQW
3V\FKRPHWULF$VVHVVPHQWV
6H[XDO+DUDVVPHQW$FW
5HFUXLWPHQW$76

%UDQG
$&KHFN*OREDO
$FH1JDJH
&(%6+/
*UH\W+5
+DUULVRQ
L&UHGHULW\
,QWHJULW\9HULILFDWLRQ
.HOS+5
/HDGLQJ'LPHQVLRQV
1,)7
1LRMDN
3OXJ 3OD\+5
3RWNQR[
5LJKW6NHWFK
6\QHUJLWD
7DOHQWSRRO
9L]WDU,QWHUQDWLRQDO
=LQJ+5

3ULFH
5V5V
5V5V
5V5V
5V5V
5V5V
5V5V
5V5V
5VDQGDERYH

1HZVOHWWHU
6LJQ8SIRU2XU1HZVOHWWHU

0RVWRIWKRVHHYHU\GD\SUREOHPVFRXOGEHKHOSHGRUVWUDLJKWXSDYRLGHGZLWKRQHWKLQJDEHWWHUVFKHGXOH
<RXUSHRSOHDUHUHDOSHRSOH7KH\JHWVLFN7KH\KDYHEDGGD\V7KH\KDYHIDPLO\HPHUJHQFLHV7KH\UHGRLQJPRUHIRU
OHVVDQGWKH\UHSUREDEO\SLFNLQJXSVRPHRQHHOVHVVODFN(PSOR\HHVFDQEHXQSUHGLFWDEOHEXWOLPLWLQJWKHLU
XQSUHGLFWDELOLW\ERLOVGRZQWRVFKHGXOLQJDQGHQVXULQJ\RXUHWKHHDUO\DQGRYHUFRPPXQLFDWRUIDLUUHVSHFWIXODQG
HPSDWKHWLF
1RWNQRZLQJ\RXUVFKHGXOHPDNHV\RXIHHOOLNH\RXUHVWXFNEHWZHHQDURFNDQGDKDUGSODFHZHHNDIWHUZHHN<RX
FDQWPDNHSODQV<RXFDQWVFKHGXOHWKDWPXFKQHHGHGGRFWRUVDSSRLQWPHQW<RXFDQWRIIHUWREHWKHNLGVFDUSRRO
SLFNXS:KHQ\RXVWRSUHVSHFWLQJ\RXUWHDPPHPEHUVVFKHGXOHVWKH\OOXQGRXEWHGO\VWRSUHVSHFWLQJ\RX
7KHQDWXUHRIWKHUHVWDXUDQWLQGXVWU\WKHZHHNO\HEEDQGIORZRIFXVWRPHUVWKHVHDVRQDOLW\DQGWLJKWPDUJLQVGRHVQW
PDNHLWHDV\WRFUHDWHDIDLUDQGSUHGLFWDEOHVFKHGXOHEXWWHFKQRORJ\GRHV7KLQNDERXW\RXUPDQDJHUVW\SLFDO
VFKHGXOLQJGD\,WSUREDEO\JRHVVRPHWKLQJOLNHWKLV
6SHQGKRXUVVLIWLQJWKURXJKWHDPPHPEHUDYDLODELOLWLHVWRILQDOO\FUHDWHDVFKHGXOHWKDWZLOOZRUNLQVWHDGRIEHLQJRQ
WKHIORRUZKHUH\RXUHPRVWQHHGHG
3RVWWKHVFKHGXOHRQWKHEDFNZDOODIHZGD\VDKHDGRIWLPHLQVWHDGRIJLYLQJWHDPPHPEHUVDPSOHQRWLFHWRSODQ
DKHDG
)UHDNRXWDVRQHRIWZRWKLQJVKDSSHQ
<RXKDYHVHYHUDOQRVKRZVRUODWHDUULYDOVEHFDXVHVRPHRQHGLGQWNQRZWKH\ZHUHVXSSRVHGWRZRUNVLQFH
WKH\GLGQWVHHWKHSRVWHGVSUHDGVKHHW
<RXUSKRQHEORZVXSZLWKFRPSODLQWVVKLIWFKDQJHUHTXHVWVHWF
6SHQGPRUHKRXUVWU\LQJWRIL[WKHHUURUVDQGILQGUHSODFHPHQWV
*HWUHDOO\IUXVWUDWHGDQGGHDOZLWKHTXDOO\IUXVWUDWHGWHDPPHPEHUV
7KHUHVQRWKLQJIXQDERXWWKDWVFHQDULR,WVORVHORVH%XWKHUHVWKHJRRGQHZVWKHUHDUHJUHDWRQOLQHWRROVRXWWKHUHWR
KHOS\RXPDQDJHWKHZKLUOZLQGWKDWLVVFKHGXOHFUHDWLRQ:LWKVRPDQ\FKRLFHVLWFDQEHWRXJKWRNQRZZKHUHWRVWDUW
EXW,WKLQNWKHUHDUHDIHZNH\WKLQJVWRORRNRXWIRUZKHQWU\LQJWRLPSURYHVFKHGXOLQJHIILFLHQF\DQGLQUHWXUQWKH
OLYHOLKRRGRI\RXUWHDPPHPEHUV

0RELOH&DSDELOLWLHV
(YHU\WLPHPDQDJHUVSXEOLVKDVFKHGXOHRUPDNHDFKDQJHDOORIWKHGHWDLOVQHHGWREHDYDLODEOHWR\RXUWHDPDQ\WLPH
DQ\ZKHUHIURPWKHRQHWKLQJWKDWVDOZD\VZLWKWKHPWKHLUPRELOHSKRQH:KHWKHULWVWKURXJKDVPDUWSKRQHDSSWH[W
RQOLQHRUHPDLOPRELOHWRROVKHOS\RXURQWKHJRWHDPSODQDKHDG$QGZKHQ\RXUVFKHGXOHILQGVLWVZD\WRWKHLUPRELOH
SKRQHV\RXFDQNLVVWKH,GLGQWNQRZH[FXVHJRRGE\H

5HDO7LPH5HSRUWLQJ
1RWKLQJGULYHVFXVWRPHUVHUYLFHOLNHKDYLQJWKHULJKWSHRSOHRQWKHIORRUDWWKHULJKWWLPH%XWOHWVIDFHLW/DERUQHHGV
DUHFRQVWDQWO\FKDQJLQJ7KDWVZK\LWVVRLPSRUWDQWWREHDEOHWRPDNHFKDQJHVDVRIWHQDV\RXQHHGDQGJHWUHDOWLPH
UHSRUWVZKHQ\RXQHHGWKHP:LWKDELJSLFWXUHYLHZ\RXFDQDQDO\]HSDVWVFKHGXOLQJGDWDWRGHWHUPLQHZKDWZRUNHG
ZHOODQGZKDWGLGQW+DYLQJWKHWRROVWRNHHSWUDFNRIODERUFRVWVHQVXUHV\RXUERWWRPOLQHLVLQOLQHWKHULJKWSHRSOH
ZLWKWKHULJKWVNLOOVDUHRQWKHVFKHGXOHDQG\RXUFXVWRPHUVDUHKDYLQJDJUHDWH[SHULHQFH

(DV\7R8VH5HDG6FKHGXOLQJ7RROV
7HPSODWHVFRORUFRGLQJDQGDOHUWVPDNHLWHDV\WRPDNHWHDPPHPEHUVFKHGXOHVDQGILQGZD\VWRPDNHWKHPEHWWHU
<RXQHHGHDV\WRFUHDWHWHPSODWHVWKDWDOORZ\RXWRFRS\DQGSDVWHVXFFHVVIXOVFKHGXOHVDQGSXVKWKHPRXWTXLFNO\
VDYLQJ\RXWLPHDQGPRQH\&RORUFRGLQJVKRXOGPDNHLWHDV\WRSLFNRXWSRVVLEOHHUURUVLQ\RXUSODQQHGVFKHGXOHDQG
SRSXSZDUQLQJVVKRXOGDOHUW\RXWRGRXEOHFKHFNFHUWDLQVFHQDULRVWKDWPD\QRWZRUNVXFKDVVFKHGXOLQJVRPHRQH
ZKRPD\EHRQYDFDWLRQYHQWXULQJLQWRWKHRYHUWLPHWHUULWRU\RUOHDYLQJDVKLIWXQFRYHUHG

6HDPOHVV7KLUG3DUW\,QWHJUDWLRQV
5XQQLQJDVXFFHVVIXOIRRGVHUYLFHEXVLQHVVPHDQVPDNLQJVXUH\RXUSHRSOHSURFHVVHVDQGWHFKQRORJ\ZRUNLQ
KDUPRQ\%XWWRGRWKDW\RXQHHGWRFRQQHFW\RXUSHRSOHPDQDJHPHQWGDWDWR\RXUEXVLQHVVGDWD<RXUVFKHGXOLQJ
V\VWHPQHHGVWRSOXJLQWR\RXU3RLQWRI6DOH326DQG7LPH $WWHQGDQFH7 $V\VWHPVVR\RXFDQFRPSDUHSODQV
YHUVXVDFWXDOVDQGSURGXFHUHSRUWVWKDWVKRZKLVWRULFDOVDOHVSDWWHUQV7KDWNLQGRIWZRZD\LQWHJUDWLRQLVDOODERXW
PDNLQJVXUH\RXKDYHFRPSDQ\ZLGHVFKHGXOLQJYLVLELOLW\DQGHIILFLHQF\

0RUH7HDP0HPEHU(QJDJHPHQW

(YHQWKHEHVWODLGVFKHGXOHSODQUDUHO\VXUYLYHVWKHGDLO\JULQG7KDWVZK\LWVVXSHULPSRUWDQWWRHQVXUHLWVHDV\IRU
WHDPPHPEHUVWRFKHFNVFKHGXOHVUHTXHVWWLPHRIIDQGRIIHUWRILOOLQWKHJDSVLQVKLIWFRYHUDJH,WVMXVWDVLPSRUWDQWWR
KDYHPRELOHVFKHGXOLQJWRROVIRU\RXUWHDPPHPEHUVDVLWLVIRU\RXUPDQDJHUV%\JLYLQJWKHPPRUHFRQWURORYHUWKHLU
VFKHGXOHV\RXUHVD\LQJ,FDUHDERXW\RXUVFKHGXOHDQG\RXUOLIHRXWVLGHRIZRUN:KHQWHDPPHPEHUVIHHOOLNHLWV
HDV\WRUHDFK\RXDERXWWKHLUVFKHGXOLQJQHHGVDQGJHWUHTXHVWVDSSURYHGGHFOLQHGTXLFNO\LWPDNHVWKHPIHHOYDOXHG
DQGUHVSHFWHG$FFRUGLQJWRWKH&RFD&ROD5HWDLOLQJ5HVHDUFK&RXQFLOWHDPPHPEHUVZKRIHHOOLNHWKHLUHPSOR\HU
SURYLGHVVFKHGXOHIOH[LELOLW\VWD\SHUFHQWORQJHUWKDQWKRVHZKRGRQW$QGZHFRXOGDOOXVHDOLWWOHOHVVWXUQRYHU

,WV1RW7KH&RPSDQ\7KH\UH/HDYLQJ,WV<RX$QG7KHLU6FKHGXOH
,QWKHDYHUDJHZRUNSODFHPDQDJHPHQWFRPSODLQWVDUHDGLPHDGR]HQ$QGDORWRIWKHPVWHPIURPFUDSS\VFKHGXOLQJ
$FUDSS\VFKHGXOHLVEDGIRUHYHU\RQHPDQDJHUVWHDPPHPEHUVDQGFXVWRPHUV,QIDFWDVWXG\IURP$EHUGHHQ
IRXQGWKDWKLJKVFKHGXOHDFFXUDF\IHZHUFKDQJHVDQGLQFRUSRUDWLQJWHDPPHPEHUUHTXHVWVDQGSUHIHUHQFHVXSIURQW
OHDGVWRWLPHVJUHDWHULQFUHDVHVLQFXVWRPHUVDWLVIDFWLRQ$QGLIWKDWGRHVQWPDNH\RXZDQWWRFRQVLGHU\RXUWHDPV
ZRUNSODFHKDSSLQHVVQRWKLQJZLOO<RXYHSUREDEO\KHDUGWKHROGFDUHHUDGDJHWKDWSHRSOHGRQWOHDYHEDGFRPSDQLHV
WKH\OHDYHEDGPDQDJHUV%XW,PZLOOLQJWREHWWKH\OHDYHEDGVFKHGXOHVWRR
5HDGWKH%ORJRI1DWH'D3RUH


1,2-$.+51(:6
%URXJKWWR\RXE\1,2-$.+50$//

7DJV (PSOR\HH3URGXFWLYLW\

(PSOR\HH(QDJDJHPHQW

5HSRUWHGE\1LRMDN+51HZV%XUHDXQHZV#QLRMDNFRP


%DFNWR0DJD]LQH

%DFNWR$UFKLYH