You are on page 1of 3

)URP E  

7R *,''(16*5(*25 $'$0652:'< ' E  

6XEMHFW )Z:DVKLQJWRQ3RVW$UWLFOH0DU
 
'DWH 7KXUVGD\0DUFK$0

0RUHORYHIRUXVLQWRGD\
V3RVW

E

2ULJLQDO0HVVDJH
)URP E  
7R E  
6HQW7KX0DU
6XEMHFW:DVKLQJWRQ3RVW$UWLFOH0DU

'+66WUDLQV$V*RDOV0DQGDWHV*R8QPHW

%\6SHQFHU6+VX
:DVKLQJWRQ3RVW6WDII:ULWHU
7KXUVGD\0DUFK$

6WXPSLQJIRU3UHVLGHQW%XVKKWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF*HRUJH:%XVK"
WLG LQIRUPOLQH!
VLOOIDWHGLPPLJUDWLRQRYHUKDXOLQ+RPHODQG6HFXULW\6HFUHWDU\0LFKDHO&KHUWRII
KWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF0LFKDHO&KHUWRII"WLG LQIRUPOLQH!YRZHGWKDWKLV
GHSDUWPHQWZRXOGZUHVWRSHUDWLRQDOFRQWURORIWKHQDWLRQ
VERUGHUVDZD\IURPKXPDQDQGGUXJ
WUDIILFNHUVZLWKLQILYH\HDUV

7KDWSURMHFWLRQZDVEDVHGRQWKHSURVSHFWRIWRXJKQHZHQIRUFHPHQWPHDVXUHVDVZHOODVD
WHPSRUDU\ZRUNHUSURJUDPPHDQWWRVWDQFKWKHIORZRILOOHJDOLPPLJUDQWVLQFOXGLQJWKHPRVWDPELWLRXV
XVHRIVXUYHLOODQFHWHFKQRORJ\HYHUWULHGRQWKH860H[LFR
KWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF0H[LFR"WLG LQIRUPOLQH!ERUGHU

7ZR\HDUVODWHUWKHOHJLVODWLYHRYHUKDXOKDVEHHQVKHOYHGGHYHORSPHQWRIWKHYLUWXDOIHQFHKDVEHHQ
GHOD\HGDQGLWVGHVLJQHUVDUHJRLQJEDFNWRWKHGUDZLQJERDUG&RPSOHWLRQRILWVILUVWSKDVHKDVEHHQ
SXWRIIXQWLODVODWHDVFRQJUHVVLRQDOLQYHVWLJDWRUVVD\7KHSRVVLELOLW\RIWKLVRXWFRPHZDVIODJJHG
HDUO\RQE\LQWHUQDODQGH[WHUQDOZDWFKGRJVZKRZDUQHGRIXQUHDOLVWLFDOO\WLJKWGHDGOLQHVYDJXH
GLUHFWLRQWRFRQWUDFWRUVKDUVKRSHUDWLQJFRQGLWLRQVDQGWRXJKUHTXLUHPHQWVRI%RUGHU3DWUROHQGXVHUV

7KHYLUWXDOIHQFHLVQRWWKHILUVWPDMRUFRQWUDFWRUOHGWHFKQRORJ\HIIRUWWREHLQHIIHFWLYHLQFRPSOHWHRU
WRRH[SHQVLYHWRVXVWDLQVLQFHWKH'HSDUWPHQWRI+RPHODQG6HFXULW\
KWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF86'HSDUWPHQWRI+RPHODQG6HFXULW\"
WLG LQIRUPOLQH!ZDVIRUPHGILYH\HDUVDJRWKLVPRQWK)RUPHURIILFLDOVSULYDWHVHFWRUSDUWQHUVDQG
LQGHSHQGHQWDQDO\VWVVD\WKHHYROYLQJZRUNHUELOOLRQDJHQF\UHPDLQVKLQGHUHGE\DFULVLV
RIWKHPRPHQWHQYLURQPHQWLQZKLFKWKHUXVKWRIXOILOOHDFKQHZPDQGDWHRUPHHWHYHU\WKUHDW
XQGHUPLQHVLWVDELOLW\WRKROGDVWUDWHJLFFRXUVHDQGGHOLYHUSURPLVHGUHVXOWV

$PRQJDVOHZRIKLJKSURILOHSURMHFWVWKDWKDYHJRQHDVWUD\'+6KDVVWUXJJOHGWRILHOGQH[WJHQHUDWLRQ
H[SORVLYHGHWHFWLRQSXIIHUGHYLFHVDWDLUSRUWVDQGKDVSURMHFWHGLWFRXOGWDNHELOOLRQDQGPRUH
\HDUVWRGHSOR\DGYDQFHGEDJJDJHVFUHHQLQJV\VWHPVLQDLUSRUWV

,WVFDOHGEDFNDQGLQGHILQLWHO\GHOD\HGWKHH[LWKDOIRIDELOOLRQELRPHWULFHQWU\H[LWV\VWHPWR
WUDFNIRUHLJQYLVLWRUVXVLQJGLJLWDOILQJHUSULQWVDQGSKRWRJUDSKVFLWLQJWHFKQRORJLFDODQGFRVWSUREOHPV
+RPHODQG6HFXULW\DOVRIDFHVDFRQJUHVVLRQDOPDQGDWHDIWHUWKH'XEDL3RUWV:RUOGFRQWURYHUV\WRVFDQ
SHUFHQWRI86ERXQGVKLSSLQJFRQWDLQHUVRYHUVHDVZKLOHVFLHQWLILFDQGORJLVWLFDOSUREOHPVKDYH
KDPSHUHGDELOOLRQHIIRUWWRILHOGKLJKO\HIIHFWLYHQXFOHDUGHWHFWLRQGHYLFHV

7REHVXUHWKHGHSDUWPHQW
VPDQDJHUVLQLWVILUVWKDOIGHFDGHKDYHODERUHGKDUGWRRYHUVHHULYDOURXV
FRPSRQHQWV7KH\KDYHLPSURYHGDYLDWLRQVHFXULW\DQGIRUJHGDPRUHXQLILHGVWUDWHJ\IRULPSURYLQJ
ERUGHUVHFXULW\DQGXVLQJLQWHOOLJHQFH

'+6VSRNHVPDQ5XVV.QRFNHKWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF5XVV.QRFNH"
WLG LQIRUPOLQH!QRWHGWKDW&KHUWRIIWKLVZHHNUHTXHVWHGDFRPSUHKHQVLYHUHYLHZRIDLUSRUWVFUHHQLQJ
SROLFLHVWRLQFUHDVHHIILFLHQF\DQGHOLPLQDWHRXWGDWHGVWHSVDQGWKDWWKHGHSDUWPHQWKDVEHJXQWUDFNLQJ
H[LWLQJYLVLWRUVDWDLUSRUWVDQGH[SHFWVPRUHSURJUHVVVRRQDWODQGERUGHUV'+6DOVRPRYHGIDVWHUWKDQ
UHTXLUHGWRODXQFKH[SHULPHQWDOVFDQQLQJHIIRUWVDWVHYHUDORYHUVHDVSRUWV

6WLOOWKHHYHUJURZLQJOLVWRIWURXEOHGSURJUDPVLOOXVWUDWHVWKHH[WHQWWRZKLFKHDFKQHZFULVLVIURP
WKHWHUURULVWDWWDFNVWR+XUULFDQH.DWULQDWRWKH'XEDL
KWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF'XEDL"WLG LQIRUPOLQH!SRUWVVFDUHWRWKH%XVK
DGPLQLVWUDWLRQ
VSXVKIRUFRPSUHKHQVLYHLPPLJUDWLRQSROLF\UHYLVLRQVKDVIRUFHG'+6OHDGHUVWRODXQFK
FRVWO\LQLWLDWLYHVZLWKEURDGO\GHILQHGJRDOVWKDWZLQGXSPLVVLQJWKHLUWDUJHWV

<RXIHOWWKHSUHVVXUHV<RXVHHWKHWKUHDWV<RXVHHWKHSROLWLFDOQHHGVDQG\RXWKLQN
:HQHHGWR
PDNHVXUHLW
VWKHEHVWZHFDQGRWRVROYHWKLVSUREOHPDVVRRQDVZHFDQ
$QGWKDW
VDFRQVWDQW
SUREOHPZLWKWKHGHSDUWPHQWVDLG&6WHZDUW9HUGHU\-UDVVLVWDQWVHFUHWDU\RISROLF\IRUERUGHUDQG
WUDQVSRUWDWLRQVHFXULW\IURPWRZKRQRZLVDSULYDWHFRQVXOWDQW

,IWKH3HQWDJRQKWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF7KH3HQWDJRQ"WLG LQIRUPOLQH!LV
WKHEXUHDXFUDWLFHTXLYDOHQWRI:DVKLQJWRQ
VELJJHVWKDUGHVWWRWXUQEDWWOHVKLS'+6LVOLNHDVSHHGERDW
DQGLWNHHSVWXUQLQJFRQVWDQWO\VKLIWLQJJHDUV9HUGHU\VDLG,I\RXWROGSHRSOHILYH\HDUVDJRWKHUH
ZDVJRLQJWREHDELOOLRQGROODUVIRUDIHQFHSHRSOHZRXOGKDYHODXJKHGDW\RX

'HSDUWPHQWYHWHUDQVFRPSODLQWKDWLWVFRQWUDFWPDQDJHPHQWV\VWHPLVZHDNDQGWKDWLWVWLOOKDV
WURXEOHZRUNLQJZLWKH[SHUWVERWKLQVLGHDQGRXWVLGHJRYHUQPHQWWRVHWULJRURXVHQIRUFHDEOH
UHTXLUHPHQWVRQFRQWUDFWRUV

<RXKDYHPDQDJHPHQWLVVXHVSROLWLFDOSUHVVXUHWKHFRPSOH[LW\RIZKDWLVDUJXDEO\DYHU\WRXJKWKLQJ
WRGRDOOZLWKLQDQXQUHDVRQDEOHGHDGOLQHDQGLW
VNLQGRIWKHROGDGDJHZHFDQKXUU\XSDQGGRLW
IDVWRUZHFDQWDNHDOLWWOHELWORQJHUDQGGRLWULJKWVDLG*HRUJH:)RUHVPDQ'+6DVVLVWDQW
VHFUHWDU\IRUSUHSDUHGQHVVIURPWR([WHUQDOSUHVVXUHVRQ'+6PDGHWKLVDKXUU\XSDQG
GRLWIDVW

&KHUWRIIGLVSXWHGFRQJUHVVLRQDOLQYHVWLJDWRUV
ILQGLQJVEDVHGRQ'+6ZRUNVFKHGXOHVLQGLFDWLQJWKDW
FRPSOHWLRQRIWKHILUVWSKDVHRIWKHYLUWXDOIHQFHPD\EHGHOD\HGXSWRWKUHH\HDUVLQFOXGLQJDSODQQHG
H[SDQVLRQRIWKHWRZHUV\VWHPWRDQRWKHUVWUHWFKLQ$UL]RQD
KWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF$UL]RQD"WLG LQIRUPOLQH!PLOHVQHDU<XPD
KWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF<XPD"WLG LQIRUPOLQH!DQGDVSDQQHDU(O3DVR
KWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF(O3DVR"WLG LQIRUPOLQH!

,QVWHDGKHVDLGWKDWWHFKQLFDOSUREOHPVGLVFRYHUHGLQDPLOHSLORWSURMHFWVRXWKRI7XFVRQ
KWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF7XFVRQ"WLG LQIRUPOLQH!FDXVHGRQO\DKDOI\HDU
GHOD\SURGXFHGIXQFWLRQDOO\ZRUNDEOHWRROVWKDWDUHKHOSLQJDJHQWVQRZDQGDUHRQO\DVPDOOSDUWRI
DEURDGGHSOR\PHQWRIRWKHUJURXQGDHULDODQGPRELOHVHQVRUV

%XWFRQWUDFWRU%RHLQJ&RUSKWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF%RHLQJ&RPSDQ\"
WLG LQIRUPOLQH!ZKLFKUHFHLYHGDERXWPLOOLRQIRULWVZRUNLVEHLQJSDLGDQDGGLWLRQDOPLOOLRQ
WRUHSODFHWKHSURJUDP
VNH\FRPSRQHQWDQGRULJLQDOJRDOEHWWHUVRIWZDUHWROLQNVHQVRUVDQGXVHUV
%RHLQJZLOODOVRWHVWDQGLQWHJUDWHHTXLSPHQWLQODERUDWRULHVLQVWHDGRIWKHILHOGDQGZLOOZRUNPRUH
FORVHO\ZLWK%RUGHU3DWURODJHQWV'+6DQGFRPSDQ\RIILFLDOVVDLG

:KHQ'+6DQQRXQFHGWKHIHQFHFRQWUDFWLQ6HSWHPEHUDQGFDOOHGIRUDQRSHUDWLRQDOSLORWE\-XQH
&KHUWRIIVDLGWKDWZH
UHQRWLQWHUHVWHGLQSHUIRUPLQJVFLHQFHH[SHULPHQWVRQWKHERUGHUDQGKH
HPSKDVL]HGWKHQHHGIRUSURYHQWHFKQRORJ\$FRPPRQFRPSODLQWDERXWJRYHUQPHQWLVWKHUH
VDORWRI
ORIW\UKHWRULFEXWWKHUH
VQRPHWULFVWKHUH
VQRKROGLQJWRGHDGOLQHVDQGWKHDFKLHYHPHQWDOZD\VIDOOV
VKRUWRIZKDWWKHRULJLQDOSURSRVDOLV:HOOZH
UHYHU\PLQGIXORIWKDWKHVDLG

,Q0D\KRZHYHUWKHQ5HS0DUWLQ26DER 0LQQ
KWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF0LQQHVRWD"WLG LQIRUPOLQH! UDQNLQJ'HPRFUDWRQ
WKH+RXVH$SSURSULDWLRQVKRPHODQGVHFXULW\VXEFRPPLWWHHKDGZDUQHG&KHUWRIILQDOHWWHUWKDW'+6
V
FRQWUDFWVROLFLWDWLRQGLGQRWVHWDSULFHWDJIRUSURYLGLQJXSWRPLOHVRIVHFXUH86ERUGHUDQG
IDLOHGWRGHILQHLWVPHDVXUHRIVXFFHVVIRUFRQWUROOLQJWKHERUGHUDEHQFKPDUNIRUZKLFK'+6
DFNQRZOHGJHVLWVWLOOKDVQRZKROO\VDWLVIDFWRU\GHILQLWLRQ

7KHRQO\FRQFOXVLRQ,FDQUHDFKLVWKDWWKH6%,1(7VROLFLWDWLRQLVDSXEOLFUHODWLRQVGRFXPHQW6DER
VDLGLQKLVOHWWHU,WSURYLGHVWKH$GPLQLVWUDWLRQZLWKWKHFRYHUWRVD\WKDW\RXDUHGRLQJVRPHWKLQJWR
VHFXUHWKHERUGHUV

'+6DQGLWVSUHFXUVRUVKDGDOUHDG\EHHQVWXQJE\WZRHDUOLHU86ERUGHUVXUYHLOODQFHSURJUDPV
VSHQGLQJPLOOLRQEHWZHHQDQGDQGUHDSLQJDZDUQLQJV\VWHPWULJJHUHGE\LQVHFWV
KRUVHVDQGZHDWKHU'+6
VLQVSHFWRUJHQHUDOUHSRUWHGLQ'HFHPEHU%RUGHU3DWURODJHQWV
HYHQWXDOO\LJQRUHGSHUFHQWRIWKHVHQVRUDOHUWVZKLOHSHUFHQWRIWKHUHVWZHUHIDOVHDODUPVDQG
RQO\SHUFHQWOHGWRDUUHVWV

6HQ-XGG*UHJJKWWSSURMHFWVZDVKLQJWRQSRVWFRPFRQJUHVVPHPEHUVJ! 51+ D


IRUPHUFKDLUPDQRIWKH6HQDWH$SSURSULDWLRQVKRPHODQGVHFXULW\VXEFRPPLWWHHWKLVZHHNFDOOHGWKH
SLORWIHQFHNQRZQDV3URMHFWDJRRGQHZVEDGQHZVVWRU\,WGLGQRWZRUNDVH[SHFWHGKH
VDLGEXWLWVFRVWZDVFXUEHGE\'+6OHDGHUV)XQGLQJDYLUWXDOIHQFHZDVSROLWLFDOO\QHFHVVDU\IRU%XVK
V
LPPLJUDWLRQRYHUKDXOWRDGYDQFH*UHJJVDLGEXW,WKLQNHYHU\RQHSUHVXPHGWKDWRQFHZHIXQGHGLWLW
ZRXOGZRUN+HDGGHG,GRQ
WNQRZZKHUHZHJRIURPKHUH

'+6RIILFLDOVDUHVFKHGXOHGWRWHVWLI\EHIRUHWKH+RXVHVSHQGLQJSDQHOWRGD\DERXWZKHWKHUWKH
DJHQF\
V'HFHPEHUSURMHFWLRQWKDWLWFRXOGVHFXUHWKHERUGHUE\ZLWKWHFKQRORJ\SK\VLFDO
IHQFLQJDQGYHKLFOHEDUULHUVIRUELOOLRQZLOOFKDQJH5HS+DO5RJHUV
KWWSSURMHFWVZDVKLQJWRQSRVWFRPFRQJUHVVPHPEHUVU! 5.\ IRUPHUFKDLUPDQDQGQRZ
WKHSDQHO
VUDQNLQJPLQRULW\PHPEHUFDOOHGGHOD\VDQGH[FXVHVZLWKLQWKH6HFXUH%RUGHU,QLWLDWLYH
XQDFFHSWDEOH:HQHHGWRNQRZZKHQLWZLOOZRUNKRZPXFKLWZLOOFRVWDQGZKDWZHDUHSD\LQJIRU

0LFKDHO3-DFNVRQKWWSZZZZDVKLQJWRQSRVWFRPDFUHODWHGWRSLF0LFKDHO3-DFNVRQ"
WLG LQIRUPOLQH!GHSXW\VHFUHWDU\IURPXQWLO2FWREHUVDLG$PHULFDQVPXVWOHDUQWRDOORZ
'+6WREDODQFHULVNVDJDLQVWUHVRXUFHVZKHWKHULQFRQWUROOLQJWKHERUGHUVHFXULQJLQERXQGVHDFDUJRRU
WLJKWHQLQJDLUSRUWVHFXULW\

3HRSOHNHHSGHPDQGLQJZLWKHDFKQHZKRPHODQGVHFXULW\FKDOOHQJH
)L[WKLVWRGD\
-DFNVRQVDLG
'+6LVQRWIXQGHGWRDGGUHVVHYHU\RQHWKHUH
VQRWWLPHWRGRHYHU\RQHDQGVRPHRIWKHLQFUHDVHG
HIIRUWQHHGHGWRHOLPLQDWHDOOULVNIRUDJLYHQSUREOHPHQGVXSZDVWLQJWLPHIRFXVDQGGROODUV

6WDIIUHVHDUFKHU0DGRQQD/HEOLQJFRQWULEXWHGWRWKLVUHSRUW

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

%HDEHWWHUIULHQGQHZVKRXQGDQGNQRZLWDOOZLWK<DKRR0RELOH7U\LWQRZ
KWWSXVUG\DKRRFRPHYW  KWWSPRELOH\DKRRFRPB\OW $KXLV5+'W'\SDR:FMW$F-!