<(2





7+(),5(62)

7587+
$2QH5RXQG' '/,9,1**5(<+$:.
<HRPDQU\5HJLRQDO$GYHQWXUH
9HUVLRQ


E\(ULF:LOOLDPVRQ
53*$+4UHYLHZHUV&KULVWRSKHU/LQGVD\DQG6WHSKHQ5DGQH\0DF)DUODQG




$ VHULHV RI EUXWDO NLOOLQJV EULQJV WHUURU WR WKH 6RXWKHUQ 3DVV RI WKH <HRPDQU\ 7KH PLOLWLD KDV EHHQ GLVSDWFKHG WR
LQYHVWLJDWH WKH SUREOHP EXW QRQH KDYH UHWXUQHG &DQ WKH FKDUDFWHUV VWRS WKH NLOOLQJV EHIRUH PRUH OLYHV DUH ORVW" $Q
DGYHQWXUHIRUFKDUDFWHUVOHYHO





%DVHG RQ WKH RULJLQDO '81*(216  '5$*216 UXOHV FUHDWHG E\ ( *DU\ *\JD[ DQG 'DYH $UQHVRQ DQG WKH QHZ '81*(216  '5$*216 JDPH
GHVLJQHGE\-RQDWKDQ7ZHHW0RQWH&RRN6NLS:LOODPV5LFKDUG%DNHUDQG3HWHU$GNLVRQ 


7KLV:L]DUGVRIWKH&RDVWJDPHSURGXFWFRQWDLQVQR2SHQ*DPH&RQWHQW1RSRUWLRQ RIWKLVZRUNPD\EHUHSURGXFHGLQDQ\IRUPZLWKRXWZULWWHQ
SHUPLVVLRQ7ROHDUQPRUHDERXWWKH2SHQ*DPLQJ/LFHQVHDQGWKHGV\VWHP/LFHQVHSOHDVHYLVLW ZZZZL]DUGVFRPG


'81*(216  '5$*216 ' ' *5(<+$:. DQG 53*$ DUH UHJLVWHUHG WUDGHPDUNV RI :L]DUGV RI WKH &RDVW ,QF /,9,1* *5(<+$:. LV D WUDGHPDUN RI
:L]DUGVRIWKH&RDVW,QF6FHQDULRGHWDLOFRS\ULJKWE\:L]DUGVRIWKH&RDVW,QF$//5,*+765(6(59('7KLVVFHQDULRLVLQWHQGHGIRUWRXUQDPHQW
XVHRQO\DQGPD\QRWEHUHSURGXFHGZLWKRXWDSSURYDORIWKH53*$1HWZRUN


7KLV LV DQ 53*$ 1HWZRUN VFHQDULR IRU WKH '81*(216 
'5$*216 JDPH 0RVW VDQFWLRQHG HYHQWV GHOHJDWH D IRXU
KRXUWLPHEORFNIRUHDFKURXQGRIWKLVVFHQDULRZLWKDFWXDO
SOD\LQJWLPHEHLQJDURXQGWKUHHKRXUV7KHUHVWRIWKHWLPH
LV VSHQW LQ SUHSDUDWLRQ EHIRUH JDPH SOD\ UHZDUG
GLVWULEXWLRQ DQG VFRULQJ DIWHU WKH JDPH 7KH IROORZLQJ
JXLGHOLQHV DUH KHUH WR KHOS \RX ZLWK ERWK WKH SUHSDUDWLRQ
DQGYRWLQJVHJPHQWRIWKHJDPH5HDGWKLVSDJHFDUHIXOO\VR
WKDW \RX NQRZ DQG FDQ FRPPXQLFDWH WR \RXU SOD\HUV WKH
VSHFLDODVSHFWVRISOD\LQJDQ53*$VFHQDULR
 ZKLFKPHWKRGWRXVHIRUWKLVVFHQDULR
35(3$5$7,21
)LUVW SULQW WKLV VFHQDULR 7KLV VFHQDULR ZDV FUHDWHG WR
VXSSRUW GRXEOHVLGHG SULQWLQJ EXW SULQWLQJ LW VLQJOH VLGHG
ZRUNV DV ZHOO 7KHUH LV HQRXJK URRP DORQJ WKH LQVLGH
PDUJLQWRELQGWKHDGYHQWXUHLI\RXGHVLUH
 5HDGWKLVHQWLUHDGYHQWXUHDWOHDVWRQFHEHIRUHUXQQLQJ
WKH HYHQW 7DNH WLPH WR UHYLHZ DQ\ VSHFLDO UXOHV VSHOOV RU
HTXLSPHQW SUHVHQWHG LQ WKH DGYHQWXUH ,W PD\ KHOS WR
KLJKOLJKWSDUWLFXODUO\LPSRUWDQWSDVVDJHV
 :KHQ \RX UXQ DQ 53*$ ' ' DGYHQWXUH ZH DVVXPH
WKDW \RX KDYH DFFHVV WR WKH IROORZLQJ ERRNV WKH 3OD\HUV
+DQGERRN WKH '81*(21 0$67(5V *XLGH DQG WKH 0RQVWHU
0DQXDO:HDOVRDVVXPHWKDW\RXKDYHDVHWRIGLFHDWOHDVW
RI WKH DGYHQWXUH <RX VKRXOG UHYLHZ DOO RI WKHVH VWDWLVWLFV
EHIRUH WKH JDPH VWDUWV WR UHIUHVK \RX PHPRU\ RI WKH
FUHDWXUHVDELOLWLHV

6&25,1*
$IWHU WKH SOD\HUV KDYH FRPSOHWHG WKH VFHQDULR RUWKHWLPH
DOORWWHGWRUXQWKHVFHQDULRKDVUXQRXWWKHSOD\HUVDQG'0
VFRUH WKH JDPH 7KH 53*$ KDV WKUHH ZD\V WR VFRUH LWV
JDPHV&RQVXOW\RXUFRQYHQWLRQFRRUGLQDWRUWRGHWHUPLQH
 1RYRWH VFRULQJ 7KH SOD\HUV ZULWH WKHLU QDPHV DQG
53*$ QXPEHUV RQ WKHVFRULQJSDFNHWJULG<RXILOOLQWKH
WRSRIWKHJULG7KDWLVDOO1RRQHLVUDWHG7KLVPHWKRGLV
XVHGIRUSHRSOHZKRDUHMXVWSOD\LQJIRUIXQ
 3DUWLDOVFRULQJ7KHSOD\HUVUDWHWKHJDPHPDVWHUDQG
WKH VFHQDULR RQ WKHLU SOD\HU YRWLQJ VKHHW DQG SURYLGH
SHUVRQDOLQIRUPDWLRQEXWGRQWYRWHIRURWKHUSOD\HUV7KH
JDPHPDVWHUUDWHVWKHVFHQDULRDQGFRPSOHWHVSHUVRQDODQG
HYHQWLQIRUPDWLRQEXWGRHVQRWUDWHWKHSOD\HUVDVDWHDPRU
YRWH IRU SOD\HUV 7KLV PHWKRG LV XVHG ZKHQ WKHUH LV QR
FRPSHWLWLRQ EXW WKH HYHQW FRRUGLQDWRU ZDQWV LQIRUPDWLRQ
RQKRZWKH'0VDUHSHUIRUPLQJRUWKHJDPHPDVWHUZDQWV
IHHGEDFNRQKLVRUKHURZQSHUIRUPDQFH
 9RWLQJ 3OD\HUV DQG JDPH PDVWHUV FRPSOHWH WKH
RQH G G G G G DQG G VRPH VFUDS SDSHU D
SHQFLODQ53*$VFRULQJSDFNHWDQG\RXUVHQVHRIIXQ,WV
DOVR D JRRG LGHD WR KDYH D ZD\ WR WUDFN PRYHPHQW GXULQJ
FRPEDW7KLVFDQEHDVVLPSOHDVDSDGRIJUDSKSDSHUDQGD
SHQFLO DV KDQG\ DV D YLQ\O JULG PDS DQG FKLWV RU DV
HODERUDWHDVUHVLQGXQJHRQZDOOVDQGPLQLDWXUHV
 ,QVWUXFW WKH SOD\HUV HLWKHU WR SUHSDUH WKHLU FKDUDFWHUV
QRZRUZDLWXQWLO\RXUHDGWKHLQWURGXFWLRQGHSHQGLQJRQ
WKH UHTXLUHPHQWV RI WKH VFHQDULR GHVFULEHG LQ WKH
LQWURGXFWLRQ
 .HHSLQPLQGWKDW\RXPXVWKDYHDWOHDVWWKUHHSOD\HUV
HQWLUH SDFNHW LQFOXGLQJ YRWLQJ IRU EHVW SOD\HU ,I WKLV
PHWKRG LV XVHG EH VXUH WR DOORZ DERXW  PLQXWHV IRU
WKHSOD\HUVWREULHIO\GHVFULEHWKHLUFKDUDFWHUVWRWKHRWKHU
SOD\HUVDQGDERXWPLQXWHVIRUYRWLQJ7KLVPHWKRGLV
XVHGZKHQWKHSOD\HUVZDQWWRNQRZZKRSOD\HGWKH|EHVW}
DPRQJVW WKH JURXS RU ZKHQ WKH DGYHQWXUH LV UXQ LQ
WRXUQDPHQWIRUPDWZLWKZLQQHUVDQGSUL]HV
 :KHQXVLQJYRWLQJUDQNWKHSOD\HUVLQRUGHURI\RXU
YRWLQJFKRLFHZKLOHWKH\DUHFRPSOHWLQJWKHLUIRUPVVRWKDW
\RXDUHQRWLQIOXHQFHGE\WKHLUFRPPHQWVRQ\RXUDELOLWLHV
,WV D JRRG LGHD WR KDYH WKH SOD\HUV YRWH ZKLOH \RX
QRW FRXQWLQJ WKH '0 IRU WKH JDPH VHVVLRQ WR EH D GHWHUPLQHWUHDVXUHDQGH[SHULHQFHDZDUGVIRUWKHVFHQDULR
VDQFWLRQHG 53*$ HYHQW <RX FDQQRW KDYH PRUH WKDQ VL[  $IWHU YRWLQJ JLYH WKH 6FRULQJ 3DFNHW WR \RXU HYHQW
SOD\HUVSDUWLFLSDWLQJLQWKHJDPH FRRUGLQDWRU
 2QFH\RXDUHUHDG\WRSOD\LWLVKDQG\WRLQVWUXFWHDFK
SOD\HU WR SODFH D QDPHWDJ LQ IURQW RI KLP RU KHU 7KH WDJ
VKRXOG KDYH WKH SOD\HUV QDPH DW WKH ERWWRP DQG WKH
FKDUDFWHUVQDPHUDFHDQGJHQGHUDWWKHWRS7KLVPDNHVLW
HDVLHUIRUERWKWKHSOD\HUVDQGWKH'0WRNHHSWUDFNRIZKR
LVSOD\LQJZKDWFKDUDFWHU
 7KH SOD\HUV DUH IUHH WR XVH WKH JDPH UXOHV WR OHDUQ
DERXWHTXLSPHQWDQGZHDSRQVWKHLUFKDUDFWHUVDUHFDUU\LQJ
%XWDVWKH'0\RXFDQEDUWKHXVHRIHYHQ&RUH5XOHERRNV
GXULQJ FHUWDLQ WLPHV RI SOD\ )RU H[DPSOH XVXDOO\ WKH
SOD\HUVDUHQRWIUHHWRFRQVXOWWKH'XQJHRQ0DVWHUV*XLGH
ZKHQ FRQIURQWHG ZLWK D WUDS RU KD]DUG RU WKH 0RQVWHU
0DQXDOZKHQFRQIURQWHGZLWKDPRQVWHU
 7H[W WKDW DSSHDUV LQ EROG LWDOLFV LV SOD\HU LQIRUPDWLRQ
ZKLFK \RX PD\ UHDG DORXG RU SDUDSKUDVH DV DSSURSULDWH
7H[WLQDSSHQGL[HVFRQWDLQVLPSRUWDQW'0QRWHVIRU\RX
RIIHULQJ LQVLJKW WR LVVXHV SDUWLFXODU WR WKH DGYHQWXUH
0RQVWHU DQG QRQSOD\HU FKDUDFWHU 13& VWDWLVWLFV DUH
SURYLGHG ZLWK HDFK HQFRXQWHU LQ DEEUHYLDWHG IRUP )XOO
PRQVWHUVWDWLVWLFVIRUVWDQGDUGPRQVWHUVDUHSURYLGHGLQWKH
0RQVWHU 0DQXDO ZKLOH VWDWLVWLFV IRU XQXVXDO PRQVWHU DQG
XQLTXHLQGLYLGXDOVDUHSURILOHGLQWKH$SSHQGL[DWWKHHQG

7KH)LUHVRI7UXWK  3DJH
7KLV LV D /,9,1* *5(<+$:. DGYHQWXUH $V D /,9,1*
DGYHQWXUH LW LV H[SHFWHG WKDW SOD\HUV EULQJ WKHLU RZQ
FKDUDFWHUV ZLWK WKHP ,I SOD\HUV GR QRW KDYH D /,9,1*
*5(<+$:.FKDUDFWHUJHQHUDWHGJHWDFRS\RIWKHFXUUHQW
/,9,1**5(<+$:.FKDUDFWHUJHQHUDWLRQJXLGHOLQHVDQGD
FKDUDFWHUVKHHWIURP\RXUFRQYHQWLRQFRRUGLQDWRURUWKH
HLWKHU\RXUFKDUDFWHUZDVQRWDVFKDOOHQJHGDVQRUPDORU
UHOLHG RQ KHOS E\ KLJKHUOHYHO FKDUDFWHUV WR UHDFK WKH
REMHFWLYHV

1RWH /,9,1* *5(<+$:. DGYHQWXUHV DUH GHVLJQHG IRU
$3/DQGKLJKHU7KUHHRUIRXURUVRPHWLPHVHYHQILYH
53*$ :HEVLWH ZZZZL]DUGVFRPUSJD DQG WKHQ KDYH VWOHYHO FKDUDFWHUV PD\ ILQG GLIILFXOW\ ZLWK WKH
DQ\ SOD\HUV ZLWKRXW D FKDUDFWHU FUHDWH RQH 2QFH DOO FKDOOHQJHV LQ D /,9,1* *5(<+$:. DGYHQWXUH ,I \RXU
SOD\HUV KDYH D /,9,1* *5(<+$:. FKDUDFWHU SOD\ FDQ JURXS LV $3/  WKHUH DUH WKUHH WKLQJV WKDW\RXFDQGRWR
EHJLQ KHOSHYHQWKHVFRUH
 $ORQJZLWKWKHRWKHUPDWHULDOVWKDW\RXDUHDVVXPHG   $WWHPSW WR FUHDWH D WDEOH RI VL[ VWOHYHO
WR KDYH LQ RUGHU WR UXQ D ' ' JDPH LW LV DOVR FKDUDFWHUV RU WU\ WR HQOLVW KLJKHUOHYHO FKDUDFWHUV WR SOD\
UHFRPPHQGHG WKDW \RX KDYH D FRS\ RI WKH /,9,1* DWWKDWWDEOH
*5(<+$:.*D]HWWHHU   $GYLVH FKDUDFWHUV WR EX\ ULGLQJ GRJV WR KHOS
 SURWHFW WKHP DQG ILJKW IRU WKHP $OO ULGLQJ GRJV DUH
/,9,1**5(<+$:./(9(/62)3/$< FRQVLGHUHG WUDLQHG WR DWWDFN &KDUDFWHUV ZKR ZDQW WKHLU
GRJ WR DWWDFN WKH\ PXVW VXFFHHG DW D +DQGOH $QLPDO RU
%HFDXVH SOD\HUV EULQJ WKHLU RZQ FKDUDFWHUV WR /,9,1* &KDULVPDFKHFN'&)DLOXUHLQGLFDWHVWKDWWKHDQLPDO
*5(<+$:. JDPHV WKLV DGYHQWXUH
V FKDOOHQJHV DUH ZLOOQRWDWWDFNWKDWURXQG7KLVLVXVXDOO\DIUHHDFWLRQVHH
SURSRUWLRQHG WR WKH DYHUDJH FKDUDFWHU OHYHO RI WKH '81*(210$67(56*XLGH&KDSWHU&KDUDFWHUVWKDWPD\
FKDUDFWHU SDUWLFLSDWLQJ LQ WKH DGYHQWXUH 7R GHWHUPLQH EHDWWHPSWHGHDFKURXQG,IDQDQLPDOORVHVKDOIRUPRUH
WKH$YHUDJH3DUW\/HYHO$3/ KS LQ D VLQJOH URXQG LW IOHHV XQOHVV DQRWKHU FKHFN LV
  'HWHUPLQH WKH FKDUDFWHU OHYHO IRU HDFK FKDUDFWHU VXFFHVVIXO
SDUWLFLSDWLQJLQWKHDGYHQWXUH   $ JURXS RI $3/  DGYHQWXUHUV ZKR GHVLUH DQ
 ,IFKDUDFWHUVEULQJDQLPDOVWKDWKDYHEHHQWUDLQHG H[WUDKDQGFDQHQOLVWDQLFRQLF7KHVWDWVIRUWKHVWOHYHO
IRU FRPEDW XVXDOO\ ZDU KRUVHV DQG ULGLQJ GRJV RWKHU YHUVLRQV RI 7RUGHN 0LDOHH /LGGD DQG -R]DQ DUH JLYHQ DW
WKDQ WKRVH EURXJKW E\ YLUWXH RI D FODVV DELOLW\ VXFK DV WKH HQG RI HDFK DGYHQWXUH 7KH JURXS PD\ SLFN RQH RI
DQLPDOFRPSDQLRQVIDPLOLDUVDSDODGLQ
VPRXQWVDQGVR WKHVHFKDUDFWHUVWRMRLQWWKHPRQWKLVDGYHQWXUH7KH'0
IRUWKXVHWKHIROORZLQJFKDUWWRGHWHUPLQHWKHQXPEHURI FRQWUROVWKDW13&
OHYHOV \RX DGG WR WKH VXP DERYH $GG HDFK FKDUDFWHU
V 
DQLPDOVVHSDUDWHO\$VLQJOHFKDUDFWHUPD\RQO\EULQJIRXU
RU IHZHU DQLPDOV RI WKLV W\SH DQGDQLPDOVZLWKGLIIHUHQW 7,0(81,76$1'83.((3
&5VDUHDGGHGVHSDUDWHO\ 7KLV LV D VWDQGDUG RQHURXQG 5HJLRQDO DGYHQWXUH VHW LQ
 WKH <HRPDQU\ $OO FKDUDFWHUV SOD\LQJ LQ UHJLRQ SD\ RQH
 &5      7LPH 8QLW WR SDUWLFLSDWH LQ WKH DGYHQWXUH $GYHQWXUHV
DQG     6WDQGDUG 8SNHHS FRVWV  JS 5LFK 8SNHHS FRVWV  JS
DQG     DQG/X[XU\8SNHHSFRVWVJS&KDUDFWHUVSOD\LQJRXW
       RIUHJLRQSD\GRXEOHWKHVHDPRXQWV
       
       
      
 $%2877+(<(20$15<
  6XP WKH UHVXOWV RI  DQG  DQG GLYLGH E\ WKH 7KH <HRPDQU\ LV VLWXDWHG LQ D YDOOH\ EHWZHHQ WKH -RWHQV
QXPEHURIFKDUDFWHUVSOD\LQJLQWKHDGYHQWXUHURXQGXS DQG WKH 7RUV LQ WKH VRXWKZHVW FRUQHU RI WKH 6KHOGRPDU
 ,I\RXDUHUXQQLQJDWDEOHRIVL[FKDUDFWHUVDGGRQH
WRWKDWDYHUDJH
 ERUGHU ZLWK .HRODQGLVJHQHUDOO\UHJDUGHGDVWKHHDVWHUQ
%\ IROORZLQJ WKHVH IRXU VWHSV \RX KDYH GHWHUPLQHG WKH
PRGLILHG $3/ 7KURXJKRXW WKLV DGYHQWXUH $3/V
FDWHJRUL]H WKH OHYHO RI FKDOOHQJH WKDW WKH FKDUDFWHUVIDFH
$3/VDUHJLYHQLQHYHQQXPEHUHGLQFUHPHQWV,IWKH$3/
RI \RXU JURXS IDOOV RQ DQ RGG QXPEHU DVN WKHP EHIRUH
WKH DGYHQWXUH EHJLQV ZKHWKHU WKH\ ZRXOG OLNH WR SOD\ D
KDUGHU RU HDVLHU DGYHQWXUH %DVHG RQ WKHLU FKRLFH XVH
HLWKHUWKHKLJKHURUWKHORZHUDGMDFHQW$3/
 $3/ DOVR DIIHFWV WKH DPRXQW RI H[SHULHQFH \RX PD\
JDLQDWWKHHQGRIDQDGYHQWXUH,I\RXUFKDUDFWHULVWKUHH
FKDUDFWHU OHYHOV RU PRUH HLWKHU KLJKHU RU ORZHU WKDQ WKH
$3/ WKDW WKLV DGYHQWXUH LV SOD\HG DW SOD\LQJ DW WKDW
FKDUDFWHU ZLOO UHFHLYH RQO\ KDOI RI WKH H[SHULHQFH SRLQWV
DZDUGHG IRU WKH DGYHQWXUH 7KLV VLPXODWHV WKH IDFW WKDW
7KH)LUHVRI7UXWK
9DOOH\ 7KH PRGHUDWHO\ VL]HG UHDOP LV QHDUO\ VXUURXQGHG
E\ WKH &U\VWDOPLVWV DQG LWV VSXUV WKRXJK LWV HDVWHUQ
EDQN RI WKH -DYDQ DFURVV IURP WKH &RXQW\ RI &U\OORU ,WV
ERUGHUFRQWLQXHVVRXWKWRZKHUHWKHJUHDWULYHUHQWHUVWKH
+RRO PDUVKHV DQG WKH ODQGV RI WKH 6HD 3ULQFHV 7KH
FOLPDWH LV KRW QHDUO\ \HDUURXQG LQ WKH FHQWUDO YDOOH\
WKRXJKWKHWHPSHUDWXUHPRGHUDWHVDVRQHDSSURDFKHVWKH
IRRWKLOOV SDUWLFXODUO\ LQ ODWH IDOO DQG ZLQWHU  7KH
<HRPDQU\ LV D ODQG SRSXODWHG SULPDULO\ E\ IUHHPHQ
)DUPHUVZKRDUHPRVWO\D6XHO)ODQPL[
 7KH <HRPDQU\ LV RQH RI WKH IHZ UHSUHVHQWDWLYH
GHPRFUDFLHV LQ WKH )ODQDHVV $Q\ FLWL]HQ RI PDMRULW\ DJH
ZKR KDV FDUULHG D VSHDU IRU WKH QDWLRQ HLWKHU QRZ RU LQ
WKHSDVWLVHOLJLEOHWRHOHFWVSRNHVPHQRQKLVEHKDOIIURP
 3DJH
KLV FRPPXQLW\ WKDW VHUYH RQ WKH &RXQFLO RI &RPPRQ
*URVVSRNHVPHQLQ/RIWZLFN
 7KHSHRSOHRIWKH<HRPDQU\DUHUXUDOFORLVWHUHGIRON
ZLWK OLWWOH H[SRVXUH WR HLWKHU IRUHLJQHUV RU PDJLF 7KH\
DUH UHOLJLRXV DQG VXSHUVWLWLRXV \HW UHVHUYHGO\ IULHQGO\ WR
WUDYHOHUV
 DQFLHQW WLPHV WKH\ ZHUH UHSUHVHQWHG DV D GXDOLVWLF SDLU
,67+,6$|0,/,7,$02'8/("}
$V WKH GHIHQVH RI WKH KRPHODQG LV LPSHUDWLYH LQ WKLV
PRGXOH PHPEHUV RI WKH <HRPDQ PLOLWLD PD\ FRXQW WKLV
DGYHQWXUH WRZDUGV WKH WZHOYH 78V WKH\ PXVW VHUYH SHU
\HDUIRUWKH<HRPDQ/HDJXH
 
$'',7,21$/<(20$15<
,1)250$7,21
+HOOIXUQDFHV
8QOLNH WKH &U\VWDOPLVWV ZKLFK LQ IDFW PDNH XS WKH
QRUWKHUQ KDOI RI WKH VDPH PRXQWDLQ UDQJH WKH
+HOOIXUQDFHV IHDWXUH PDQ\ DFWLYH YROFDQRHV DOOHJHGO\
LJQLWHG LQ WKH WLPH RI WKH 5DLQ RI &RORUOHVV )LUH 7KHVH
ODQGV DUH D KLYH RI HYLO D WUHDFKHURXV ODQGVFDSH PDGH
ZRUVHE\WKHSUHVHQFHRIFUHDWXUHVVXFKDVILUHJLDQWVDQG
VDODPDQGHUV 7KH VWHHS ZDOOV RI WKH +HOOIXUQDFHV KLGH
PDQ\ FDYHUQRXV HQWUDQFHV WR WKH PRQVWHULQIHVWHG
WXQQHOVRIWKH8QGHUGDUN

7KH6RXWKHUQ3DVV
7KH6RXWKHUQ3DVVLVDGDQJHURXVVHULHVRIKLJKPRXQWDLQ
SDWKVJRUJHVDQGFDYHVWKDWFRQQHFWHGWKH<HRPDQU\WR
WKH 6HD RI 'XVW PLOOHQQLD DJR :KLOH WKH IXOO SDVV QRZ
VHHVOLWWOHWUDYHODVHDUWKTXDNHVDQGSUHGDWRUVKDYHPDGH
WKH VRXWKHUQ WHUPLQXV LPSDVVDEOH WKH QRUWKHUQ SRUWLRQ
KDV PRGHUDWH WUDIILFZKHWKHUIURPWUDGHZLWK8UUDNEHN
TXDUU\LQJ DFWLYLWLHV RU IURP GHYRWHHV RI -RUDP\ VHHNLQJ
WKHLUJRGGHVVEOHVVLQJ
 FDOO KDV EHHQ PDGH IRU D IXOO WURRS RI VROGLHUV IURP
8UUDNEHN
6RPH  PLOHV LQWR WKH 6RXWKHUQ 3DVV OLHV WKH GZDUYHQ
YLOODJHRI8UUDNEHNDVRXUFHIRUVRPHRIWKHEHVWIRUJHG
ZHDSRQVDQGDUPRUDYDLODEOHLQWKH<HRPDQU\$OPRVWDOO
RI WKH  RU VR FLWL]HQV RI 8UUDNEHN DUH PRXQWDLQ
GZDUYHV 7KH FRPPXQLW\ LV ORFDWHG LQ D ORQJ QDUURZ
YDOOH\FUHDWHGE\WZRPLJKW\SHDNVFDOOHG)RUWXERV/HIW
DQG )RUWXERV 5LJKW E\ WKH WRZQVIRON 7KLV ZDOOHG WRZQ
LV YLUWXDOO\ LPSUHJQDEOH DQG DQ\ WUDYHOHUV ZDQWLQJ WR
FRQWLQXH GRZQ WKH 6RXWKHUQ 3DVV PXVW ZDON WKURXJK
8UUDNEHN 7KH FRPPXQLW\ LV LQWHJUDO WR WKH GHIHQVH RI
WKH <HRPDQU\ DQG WKH GZDUYHV ZRUN YHU\ FORVHO\ ZLWK
WKH <HRPDQ JRYHUQPHQW LQ PDLQWDLQLQJ WKLV SURWHFWLRQ
9LVLWRUV WR 8UUDNEHN KDYH QRWHG WKDW WKH SHRSOH DUH QRW
YHU\IULHQGO\WRVWUDQJHUV
 DZD\EXWWKHLQVHFWRLGVVLPSOHEXUURZHGIXUWKHULQWRWKH
4XDUU\LQJ
$Q LQGXVWULRXV JURXS RI KDOIOLQJV OHG E\ WKH 6PDOOIRRW
IDPLO\RI$EEH\YDOHKDVIRXQGWKH6RXWKHUQ3DVVWREHD
VRXUFHRIXQH[SHFWHGUHYHQXH7KH\SHULRGLFDOO\FOHDUWKH
SDVVRIUXEEOHGURSSHGLQWRWKHSDVVE\IUHTXHQWWUHPRUV
FDXVLQJODQGVOLGHVDQGWUDQVSRUWWKHPDWHULDOEDFNWRWKH
7KH)LUHVRI7UXWK
QHDUE\ YLOODJH RI $EEH\YDOH IRU XVH DV UDZ PDWHULDO IRU
VWRQHZRUNDQGPDVRQU\

-RUDP\
-RUDP\ DORQJ ZLWK $OOLWXU KDV WKH ORQJHVW KLVWRU\ RI
ZRUVKLS DPRQJ KXPDQV LQ WKH <HRPDQU\ UHJLRQ ,Q
PDOH DQG IHPDOH UDWLRQDO DQG LUUDWLRQDO FDOP DQG
LPSDVVLRQHG ZDWHU\ DQG ILHU\ ,Q +LOOPDQ ORUH $OOLWXU
DQG-RUDP\ZHUHRQFHORYHUVDOEHLWGLVWDQWRQHV,QWKHVH
WDOHV$OOLWXUUHSUHVHQWVWKHRUGHURIWKHFODQVDQGWKHODZV
WKDW JLYH WKHP VWDELOLW\ ZKLOH -RUDP\ UHSUHVHQWV WKH
FRQIOLFWDQGTXDUUHOVWKDWNHHSWKHPLQGHSHQGHQW
,Q DGGLWLRQ WKH <HRPDQU\ LV WKH RQO\ QDWLRQ LQ WKH
)ODQDHVV ZLWK D VLJQLILFDQW SRUWLRQ RI LWV SRSXODWLRQ
SD\LQJ KRPDJH WR -RUDP\ SHUKDSV GXH WR WKH QHDUE\
YROFDQRHVRIWKH+HOOIXUQDFHV-XVWQRUWKRIWKHYLOODJHRI
8UUDNEHNDORQJWKH6RXWKHUQ3DVVDVLGHSDVVDJHOHDGVWR
WKH (\H RI -RUDP\ D PDJPDILOOHG FDQ\RQ WKDW LV RQH RI
WKH KROLHVW VLWHV WR WKH IDLWK SLOJULPV RIWHQ WUDYHO WR WKH
WHPSOHKHUHWRSD\KRPDJH7KH+LJK3ULHVWHVVRI-RUDP\
UHVLGHV DW WKLV WHPSOH DQG FRQGXFWV ZRUVKLS SHUVRQDOO\
RQ 6XQGD\ WKH GD\ PRVW KRO\ WR WKH JRGGHVV RI FRQIOLFW
DQGYROFDQRHV

$'9(1785(6800$5<$1'
%$&.*5281'
7KH6RXWKHUQ3DVVKDVDOZD\VEHHQFRQVLGHUHGGDQJHURXV
8UUDNEHNLVPRUHDIRUWLILHGVWURQJKROGWKDQDYLOODJHDQG
WUDYHOHUV RQ WKH SDVV DUH RIWHQ HVFRUWHG E\ D FRQWLQJHQW
IURP )RUW (OGHUZDOO ZKLFK GHIHQGV WKH HQWUDQFH WR WKH
SDVV +RZHYHU D VHULHV RI JUXHVRPH NLOOLQJV LQ WKH ODVW
WKUHHZHHNVKDYHLQFUHDVHGWKHOHYHORIFRQFHUQDERXWWKH
SDVV $ SDWURO IURP )RUW (OGHUZDOO GLVSDWFKHG WR
LQYHVWLJDWHWKHVXUURXQGLQJPRXQWDLQVQHYHUUHWXUQHG$
:HVWEXUQ EXW PRVW IRUFHV KDYH EHHQ UHDVVLJQHG WR GHDO
ZLWKNQRZQJLDQWWURXEOHVLQWKH-RWHQV
 ,Q D VHHPLQJO\ XQUHODWHG PDWWHU WKH FOHULFV RI
-RUDP\WKDWPDLQWDLQWKHWHPSOHDWWKH(\HKDYHUHFHQWO\
EHHQSODJXHGE\DJURXSRIEXUURZLQJLQVHFWRLGFUHDWXUHV
WKDWKDYHWDNHQXSUHVLGHQFHLQWKH6KLHOGRI-RUDP\WKH
YROFDQR ERUGHULQJ WKHLU PRVW KRO\ VLWH ,Q WKH SDVW IHZ
PRQWKV VHYHUDO ODYD IORZV WKDW IHHG WKH (\H KDYH EHHQ
EORFNHG RU GLYHUWHG IURP WKHLU FRXUVH ,QYHVWLJDWLRQ RI
WKHVHEORFNDJHVDOZD\VIRXQGWKHLQVHFWVQHDUE\GLJJLQJ
WXQQHOV DQG ZKDW DSSHDUHG WR EH QHVWLQJ FKDPEHUV WKH
EORFNDJHVDUHDFWXDOO\FDXVHGE\PLQRUWUHPRUVWKDWKDYH
EHHQ LQFUHDVLQJ LQ IUHTXHQF\ DQG VHYHULW\ 7KHFUHDWXUHV
DUHZRUNLQJWRUHSDLUWKHLUWXQQHOV
 7KHFOHULFVWULHGYDULRXVPHDQVWRGULYHWKHFUHDWXUHV
YROFDQR EORFNLQJ WKH SDVVDJHV EHKLQG WKHP WR KDOW WKH
FOHULFV 7KUHH ZHHNV DJR D KHDGVWURQJ SULHVW QDPHG
/HYLQ WKDW KDG EHHQ SDUWLFXODUO\ EUXWDO LQ KLV HIIRUWV WR
ULG WKH DUHD RI WKH |SHVWV} GLVDSSHDUHG )HDULQJ WKDW WKH
LQVHFWRLGV ZKLFK KDG EHHQ HQWLUHO\ QRQYLROHQW WR WKLV
SRLQW KDG ILQDOO\ NLOOHG RQH RI WKHLU SULHVWV WKH +LJK
 3DJH
3ULHVWHVVVRXJKW-RUDP\VDLGWRORFDWHWKHPLVVLQJFOHULF
+HU GLYLQDWLRQV GHWHUPLQHG WKDW KH ZDV VWLOO DOLYH
VRPHZKHUH GHHS ZLWKLQ WKH YROFDQR DSSDUHQWO\ WUDSSHG
LQVRPHFKDPEHUDQGTXLWHPDG
 7KH LQVHFWRLGV DUH DFWXDOO\ D JURXS RI VHQWLHQW
FUHDWXUHV FDOOLQJ WKHPVHOYHV WKH IDLWKIXO 7KH\ ZHUH
FUHDWHGRYHUDPLOOHQQLXPDJRLQWKHGD\VOHDGLQJXSWR
WKH5DLQRI&RORUOHVV)LUH$VPDOOSRZHUIXOVHFWRI%UDOP
ORFDWHG LQ WKH ZHVWHUQ PRXQWDLQV RI WKH 6XHO (PSLUH
LQIHFW WKLV KRO\ VLWH RI -RUDP\ +H EHOLHYHG VXFK DFWLRQV
ZRXOGEULQJKLPIDYRULQWKHH\HVRIKLVJRGGHVVDQGWKH
+LJK 3ULHVWHVV +H FRXOG QRW KRZHYHU FRQWURO WKH
UDYHQRXVFUHDWXUHDQGWKHVLJKWVRIZKDWWKHUDVWKDVGRQH
KDYHGULYHQWKHFOHULFLQWRPDGQHVV+HQRZEHOLHYHVWKDW
LIKHFRQWLQXHVWRKHDOWKHUDVWLWZLOOHYHQWXDOO\NLOODOORI
WKH LQVHFWRLGV DQG -RUDP\ ZLOO IUHH KHU IDLWKIXO VHUYDQW
IURPWKLVWRUWXUH
 8QIRUWXQDWHO\ WKH UDVW SUHIHUV RWKHU SUH\ DQG RQO\
ODWHU NQRZQ DV WKH +HOOIXUQDFHV GLYLQHG WKH FRPLQJ
DSRFDO\SVH DQG LPSORUHG WKHLU JRGGHVV IRU D ZD\ WR
VXUYLYHWKHGHYDVWDWLRQ
 7KRXJK WKH JRGGHVV GLG QRW NQRZ WKH H[DFW QDWXUH
RU WLPLQJ RI WKH FDWDVWURSKH VKH JUDQWHG KHU IDLWKIXO
VHUYDQWVZKDWVKHIHOWZRXOGVDYHWKHPDWUDQVIRUPDWLRQ
LQWR EXUURZLQJ LQVHFWKXPDQ K\EULGV FDSDEOH RI GLJJLQJ
LQWRWKHPRXQWDLQIRUVKHOWHU7KH5DLQFDPHHYHQDVWKH
ODVW RI WKH SULHVWV ZHUH WUDQVIRUPHG DQG PDQ\ ZHUH
GHVWUR\HG DV WKH\ DWWHPSWHG WR IOHH LQWR WKH HDUWK %XW
VRPHVXUYLYHG
 2YHU WKH FHQWXULHV WKH SULHVWV QRZ FDOOLQJ
WKHPVHOYHV WKH )DLWKIXO RI %UDOP DGDSWHG WR WKHLU QHZ
OLIH DV LQVHFWV 7KH\ VWD\HG EHORZ WKH VXUIDFH VORZO\
LQFUHDVLQJ WKHLUQXPEHUVZKLOHDYRLGLQJWKHGHQL]HQVRI
WKH8QGHUGDUNDQGDOOWKHZKLOHIHDULQJGHVWUXFWLRQIURP
WKHXQNQRZQFDWDVWURSKH7KHFOHULFVRI%UDOPVHUYHGDV
OHDGHUVIRUWKHJURZLQJFRPPXQLW\OHDGLQJVPDOOJURXSV
LQWR QHZ WHUULWRU\ WR VWDUW RWKHU FRORQLHV WHDFKLQJ WKH
KLVWRU\RIWKHLUJUHDWVWUXJJOHDQGLQVWUXFWLQJWKH\RXQJ
LQ WKH ZD\V RI %UDOP $IWHU PDQ\ FHQWXULHV EHQHDWK WKH
PRXQWDLQV WKH FOHULFV ILQDOO\ GHFLGHG WR MRXUQH\ WR WKH
VXUIDFH WR GHWHUPLQH LI WKH DSRFDO\SVH KDG HQGHG $
VFRXWLQJ SDUW\ VXUIDFLQJ LQ WKH +HOOIXUQDFHV GLVFRYHUHG
D KRVWLOH \HW KDELWDEOH VXUIDFH UHDOP 7KH )DLWKIXO RI
%UDOPDUHVORZO\H[SORULQJWKHVXUIDFHQRZVHDUFKLQJIRU
DODQGIUHHIURPWKHGHYDVWDWLRQWKH\IOHGVRORQJDJR
 7KH )DLWKIXOV H[SORUDWLRQV HYHQWXDOO\ OHG WKHP WR
WKH6KLHOGRI-RUDP\DSHUIHFWKDELWDWIRUWKHVHFUHDWXUHV
ZLWKPDQ\SUHH[LVWLQJWXQQHOVIRUPHGE\ROGODYDIORZV
+RZHYHU XQEHNQRZQVW WR WKH )DLWKIXO WKH 6KLHOG ZDV
RQFHWKHVLWHRIDQDQFLHQWHOYHQIRUWLILFDWLRQ,QIDFWWKH
EXLOGLQJXVHGE\WKH-RUDPLWHVDVDWHPSOHZDVSDUWRIWKH
GHIHQVHV RI WKLV IRUWUHVV WKDW VOLG GRZQ LQWR WKH JRUJH
ZKHQ WKH PRXQWDLQ HUXSWHG 7KH 5DLQ RI &RORUOHVV )LUH
DQG D PLOOHQQLXP RI YROFDQLF DFWLYLW\ KDYH GHVWUR\HG
PRVW HYLGHQFH RI VXFK D IRUWUHVV ZLWK VFDYHQJLQJ ILUH
JLDQWV VDODPDQGHUV DQG ILUHQHZWV PDNLQJ RII ZLWK
DQ\WKLQJQRWGHVWUR\HG7KHEXLOGLQJZDVHQWLUHO\HPSW\
ZKHQ WKH FOHULFV RI -RUDP\ IRXQG LW ORRWHG E\
VDODPDQGHUV
 %XULHG GHHS ZLWKLQ WKH PRXQWDLQ LV D VHFUHW
|ZHDSRQ} FUHDWHG E\ WKH HOYHV WR DLG LQ SURWHFWLQJ WKHLU
WHUULWRU\ 7KH GHYLFH LV D &LUFOH RI 6XPPRQLQJ D PLQRU
DUWLIDFW FDSDEOH RI FDOOLQJ DQG ELQGLQJ 2XWVLGHUV WR WKLV
SODQH 7KH HOYHV XVHG WKHVH EHLQJV DV VFRXWV HOLWH
ZDUULRUVDQGZDUPDFKLQHV
 /HYLQ GLVFRYHUHG WKH FDYHUQ FRQWDLQLQJ WKH &LUFOH
VRPHWLPHDJRDQGXVHGWKH&LUFOHWRVXPPRQDUDVW+H
KRSHG WR XVH WKH FUHDWXUH WR H[WHUPLQDWH WKH )DLWKIXO
ZKLFK KH EHOLHYHV DUH EODVSKHPRXV DERPLQDWLRQV WKDW
7KH)LUHVRI7UXWK
DWWDFNVWKH)DLWKIXOZKHQLWFDQILQGQRWKLQJHOVHWRHDW,W
HYHQ EULQJV EDFN |IRRG} WR NHHS WKH SULHVW DOLYH DV LW
UHDOL]HV LWV FRQQHFWLRQ WR WKLV QHZ VRXUFH RI IRRG LV
VRPHKRZOLQNHGWRWKHFOHULFDQGWKH&LUFOH
 7KLV NQRZOHGJH PRVW OLNHO\ QHYHU FRPHV LQWR WKH
FKDUDFWHUV KDQGV DV HYHQ WKH LQVHFWRLGV DQG GZDUYHV RI
8UUDNEHN ZHUH QRW DURXQG ZKHQ WKH IRUWUHVV ZDV
GHVWUR\HG /HYLQ NQRZV QRWKLQJ RI WKH &LUFOHV RULJLQV
VDYH WKDW LW LV YDJXHO\ VLPLODU WR RWKHU DQFLHQW HOYHQ
PDJLFVKHKDVVWXGLHG
 7KHFKDUDFWHUVDUHWUDYHOLQJGRZQWKH6RXWKHUQ3DVV
IRU YDULRXV UHDVRQV 3HUKDSV WKH FKDUDFWHUV DUH RQ D
SLOJULPDJHWRWKH(\HRUDWULSWR8UUDNEHNIRUZHDSRQV
DQGDUPRU3HUKDSVWKH\DUHLQYHVWLJDWLQJWKHPXUGHUVLQ
WKLVDUHD$OOKDYHGLIIHUHQWPRWLYDWLRQVIRUZK\WKH\DUH
LQ WKH SDVV EXW WKH\ DUH MRLQHG E\ RQH FRPPRQ IDFWRU
SURWHFWLRQIURPZKDWHYHUPDOHYROHQWFUHDWXUHLVSODJXLQJ
WKLVURDG
 $ERXW ILYH PLOHV QRUWK RI 8UUDNEHN WKH FKDUDFWHUV
FRPHXSRQDVFHQHRIFDUQDJH6HYHUDOKDOIOLQJVGZDUYHV
DQG KXPDQV KDYH EHHQ NLOOHG DQG KDOIHDWHQ $V WKH\
FRPH FORVHU WKH FKDUDFWHUV VHH D ODUJH UHG LQVHFWOLNH
FUHDWXUH FURXFKLQJ RYHU D KDOIOLQJ 2Q VHHLQJ WKH
FKDUDFWHUVWKHFUHDWXUHIOHHVWRWKHVRXWK7KHKDOIOLQJLV
EDUHO\ DOLYH WKH RQO\ VXUYLYRU DQG K\VWHULFDOO\ EDEEOHV
DERXW WKH DWWDFN DQG |ELJ UHG EXJV} $ VWUDQJH LQVHFWRLG
DSSHQGDJH ZLWK UHGGLVK FKLWLQ DQG VKRYHOOLNH FODZV
DORQJ LWV |IRUHDUP} LV IRXQG QHDU WKH ODUJHVW JURXS RI
ERGLHV7KHKDOIOLQJLQVLVWVRQJRLQJWR8UUDNEHN
 8SRQVHHLQJWKHZRXQGHGKDOIOLQJWKHJXDUGFDSWDLQ
HVFRUWV WKH SDUW\ LQ DQG QHUYRXVO\WHOOVWKHFKDUDFWHUVDOO
KHNQRZVRIWKHNLOOLQJV7KHFKDUDFWHUVPXVWJREDFNXS
WKHWUDLOWRIROORZWKHLQVHFWRLGZKLFKWKHGZDUIEHOLHYHV
LV KHDGLQJ WRZDUG WKH (\H RI -RUDP\ $ KDOIGD\ RI
WUHNNLQJWKURXJKWKHPRXQWDLQVLVLQWHUUXSWHGZKHQWKH
FKDUDFWHUV DJDLQ HQFRXQWHU WKH LQVHFW :LWK VXUSULVH RQ
WKHLU VLGH WKH\ UHDFW EHIRUH WKH FUHDWXUH FDQ IOHH EXW LW
HVFDSHVDIWHUDWUHPRUGHVWUR\VWKHEULGJHXSRQZKLFKWKH
FUHDWXUHZDVUHVWLQJ,WOHDSVDFURVVWKHODYDILOOHGFKDVP
OHDYLQJWKHFKDUDFWHUVWRILQGDQRWKHUZD\DFURVV
 7KH WUDLO HQGV DW D ULGJH RYHUORRNLQJ WKH (\H RI
-RUDP\ $ WHPSOH VLWV RQ WKH PRXQWDLQVLGH RYHUORRNLQJ
WKLV YDOOH\ RI VZLUOLQJ PDJPD 7KH FOHULFV RI -RUDP\
DFFHSWWKHFKDUDFWHUVLQWRWKHWHPSOHRIIHULQJWRDLGDQG
VKHOWHU WKHP LI WKH\ UHWXUQ WKH PLVVLQJ FOHULF $IWHU
DFFHSWLQJWKHFKDUDFWHUVUHFHLYHSRWLRQVWRSURWHFWWKHP
IURPWKHEXUQLQJPDJPDEHIRUHKHDGLQJXSWKHYROFDQR
7KH\ DUH DOVR LQIRUPHG RI WKH +LJK 3ULHVWHVV GLYLQDWLRQ
DERXWWKHPLVVLQJFOHULF
 7KHFKDUDFWHUVFOLPEWKHGULHGPDJPDVORSHOHDGLQJ
WR WKH WRS RI WKH PRXQWDLQ 2Q WKH ZD\ XS WKH\ PXVW
 3DJH
FDUHIXOO\ DYRLG WKLQ VSRWV WKDW FROODSVH LQWR SLWV RU HUXSW
LQWRQR[LRXVFORXGVRIJDVDQGVOLGLQJVHFWLRQVWKDWPLJKW
VHQGWKHPWXPEOLQJEDFNGRZQWKHVORSH
 $WWKHWRSWKHFKDUDFWHUVILQGWKHFDYHVOHDGLQJLQWR
WKH YROFDQR +RZHYHU WKH\ DUH EORFNHG E\ D EDQG RI
ILUHQHZWV PDQ\ PRXQWHG RQ JLDQW VWULGHUV ZKLFK DUH
DWWDFNLQJ VHYHUDO RI WKH LQVHFWRLG FUHDWXUHV 'XULQJ WKH
PHOHH RQH RI WKH LQVHFWRLGV OHDSV WR WKH QHDUE\ FDYHV
UHWXUQLQJODWHUZLWKDKRVWRILQVHFWRLGV2QGHIHDWLQJWKH
ILUHQHZWV WKH SDUW\ ILQGV LWVHOI VXUURXQGHG E\ VLOHQW
VWDULQJLQVHFWV
 ,IWKHFKDUDFWHUVGRQRWUHDFWYLROHQWO\WKHOHDGHURI
WKH FUHDWXUHV HPHUJHV IURP WKH FDYH +H LV DQ LQVHFWRLG
OLNH WKH RWKHUV EXW KH LV PLVVLQJ KLV OHIW |DUP} 7KLV
FUHDWXUHULVHVWRKLVIXOOKHLJKWUHYHDOLQJDSDLURIKXPDQ
OLNHDUPVDQGXVHVGLYLQHPDJLFWRFRPPXQLFDWHZLWKWKH
FKDUDFWHUV7KRXJKDOLHQLQDSSHDUDQFHKHLVQRWKRVWLOH
6LPSO\ FDOOLQJ KLPVHOI WKH +HDG KH WHOOV KRZ KXPDQV
ZHDULQJ UREHV KDYH EHHQ WU\LQJWRGULYHWKH)DLWKIXOKLV
SHRSOHIURPWKHLUQHZKRPHEHQHDWKWKHROGODYDIORZV
5HFHQWO\ RQH VXFK KXPDQ HQWHUHG WKH ORZHU FDYHUQV RI
WKH YROFDQR DQG LPPHGLDWHO\ WKHUHDIWHU D IORDWLQJ
FUHDWXUH ZLWK  VSLQGO\ FODZV DQG D KXJH PRXWK
DSSHDUHGDQGNLOOHGVHYHUDORIWKH)DLWKIXO7KH+HDGVD\V
WKDW WKLV LV WKH FUHDWXUH WKDW DOVR NLOOHG WKH ZRUNHUV +LV
SHRSOHFDQJXLGHWKHFKDUDFWHUVWRLWVODLULIWKH\SURPLVH
WRVSHDNIDYRUDEO\RIWKHPWRWKHKLJKSULHVWHVVRI-RUDP\
 :LWK JXLGDQFH IURP WKH )DLWKIXO WKH FKDUDFWHUV
GHOYH GHHSHU LQWR WKH YROFDQR WKH OHDGHU WUDYHOV ZLWK
WKHPXQWLOWKHKHDWEHFRPHVWRRPXFKIRULWWREHDU7KH
FKDUDFWHUVILQDOO\FRPHWRDFDYHUQGLYLGHGE\DODUJHODYD
IORZ%\WKH)DLWKIXOVGHVFULSWLRQWKHFUHDWXUHDSSDUHQWO\
IOLHVWKURXJKWKH|ZDWHUIDOO}WKDWIHHGVWKLVIORZWRHVFDSH
SXUVXLW7KHSRWLRQVSURYLGHGE\WKHKLJKSULHVWHVVDOORZ
WKHFKDUDFWHUVWRSDVVWKHODYDHQWHULQJDVPDOOHUFDYHUQ
,QVLGHWKH\ILQGWKHPXUGHURXVFUHDWXUHDUDVWUHVWLQJLQ
D SRRO RI ODYD 7KH FOHULF RI -RUDP\ VWDQGV LQ DQ DQFLHQW
PDJLFDOV\PEROFDUYHGLQWRWKHFHQWHURIWKHIORRU:KHQ
WKHUDVWGHWHFWVWKHSDUW\LWLPPHGLDWHO\DWWDFNVDLGHGE\
WKHFOHULFVPDGGHQHGPDJLF7KHFUHDWXUHILJKWVRQXQWLO
WKH FOHULF LV UHPRYHG IURP WKH FLUFOH EUHDNLQJ WKH
VXPPRQLQJPDJLFWKDWKDVERXQGLWWRWKLVSODQH
 :LWK WKH UDVW GHVWUR\HG WKH FKDUDFWHUV DUH IUHH WR
UHWXUQ WRWKHWHPSOHZLWKWKHPDGFOHULF7KH+HDGDVNV
WR UHWXUQ ZLWK WKHP KRSLQJ WR FRPH WR WHUPV ZLWK WKH
FOHULFVRI-RUDP\7KH+LJK3ULHVWHVVFRQVLGHUVWKHSDUW\V
VWRU\DQGWKHQUHVWRUHVWKHVDQLW\RIWKHFOHULFWRFRQILUP
WKH GHWDLOV :LWK KHU VXVSLFLRQV RI WKH )DLWKIXO DOOD\HG
VKH UHJHQHUDWHV WKH +HDGV PLVVLQJ DUP LQ JUDWLWXGH IRU
WKHDVVLVWDQFHRIKLVSHRSOH7KHFKDUDFWHUVDUHZHOFRPHG
DV IULHQGV RI WKH WHPSOH LI WKH\ VKRXOG QHHG DLG LQ WKH
IXWXUH )LQDOO\ WKH FKDUDFWHUV UHWXUQ WR 8UUDNEHN ZKHUH
WKH\ DUH JUHHWHG DV KHURHV DQG SURYLGHG ZLWK H[FHOOHQW
DUPV DQG DUPRU LQ JUDWLWXGH IRU NLOOLQJ WKH EHDVW $V WKH
FHOHEUDWLRQ GUDZV WR DQ HQG D GLVWDQW UXPEOLQJ FDQ EH
KHDUGHFKRLQJWKURXJKWKHPRXQWDLQVw
 <RX KDYH EHHQ WUDYHOLQJ PRVW RI WKH GD\ WKH JXDUGV DW )RUW
 (OGHUZDOOVDLGWKHWULSWDNHVURXJKO\VHYHQRUHLJKWKRXUVRQIRRW
7KH)LUHVRI7UXWK
,1752'8&7,21
7KH '0 VKRXOG JDWKHU LQIRUPDWLRQ DERXW WKH FKDUDFWHUV
EHIRUH EHJLQQLQJ DV VLWXDWLRQV PD\DULVHWKURXJKRXWWKH
PRGXOH ZKHUH LW LV DSSURSULDWH IRU WKH '0 WR UROO VNLOO
FKHFNV UDWKHU WKDQ WKH SOD\HUV 7KH '0 DOVR VKRXOG
EHFRPH IDPLOLDU ZLWK WKH GHWDLOV RI HQYLURQPHQWDO
FRQGLWLRQV DV GHVFULEHG LQ WKH 'XQJHRQ 0DVWHUV*XLGH
ZLWK WKH PHFKDQLFV RI IO\LQJ FUHDWXUHV DQG ZLWK WKH
YDULRXVVSHOOVXWLOL]HGE\/HYLQ

<RXDUHWUDYHOLQJGRZQWKH6RXWKHUQ3DVVWRZDUGWKHGZDUYHQ
YLOODJH RI 8UUDNEHN KDYLQJ OHIW IURP WKH YLOODJH RI $EEH\YDOH
WZRGD\VEHIRUH<RXDUHKHUHIRUYDULRXVUHDVRQV6RPHDUHRQD
SLOJULPDJHWRWKH(\HRI-RUDP\{DPRVWKRO\VLWHRIWKHJRGGHVV
RI YROFDQRHV{ZKLOH RWKHUV DUH WUDYHOLQJ WR 8UUDNEHN IRU
ZHDSRQVDQGDUPRUDVWKHGZDUYHVWKHUHDUHUHQRZQHGIRUWKHLU
VNLOODQGFUDIWVPDQVKLS$IHZDUHHYHQKHUHWRVHHNDGYHQWXUH
JORU\ DQG IDPH$OODUHMRLQHGWRJHWKHUE\RQHFRPPRQIDFWRU
KRZHYHU SURWHFWLRQ IURP ZKDWHYHU PDOHYROHQW FUHDWXUH LV
SODJXLQJ WKLV URDG $V \RX WUDYHO GRZQ WKH SDVV WKH ZRUGV RI
$UQWKH0LOOHUZKR\RXPHWDWWKH)DW)ULDULQQLQ$EEH\YDOH
ULQJLQ\RXUHDUV
 |'RQW NQRZ ZK\ DQ\ERG\ EXW WKHP KDOIOLQJV ZRXOG
WUXGJH GRZQ WKDW SDVV DQ\ZD\ $LQW QRWKLQ GRZQ WKHUH EXW
URFNV DQG VXUO\ GZDUYHV $QG LI WKDW DLQW EDG HQRXJK QRZ
WKHUHVVRPHPRQVWHUULSSLQSHRSOHXS,WWRRNWZRGZDUYHVIURP
8UUDNEHN , KHDUG DQG MXVW WKLV ZHHN LW JRW RQH R WKHP
6PDOOIRRWV-XVWWHDUV~HPWRVKUHGVDQGHDWV~HPXS7KH\VHQWD
SDWUROIURP(OGHUZDOOWRILQGRXWZKDWVJRLQRQEXWWKH\DLQW
FRPHEDFNDQG,KHDUG/RIWZLFNVWRREXV\ILJKWLQWKHJLDQWVXS
LQ WKH -RWHQV WR VHQG PRUH WURRSV 6WLOO WKRVH EODPH 6PDOOIRRWV
VHQWDFUHZEDFNXSWKHSDVVVDLGVRPHWKLQDERXWQHHGLQWRILOO
DQRUGHURVWRQHIRU:HVWEXUQ%ODPHIRROVLI\RXDVNPH%XWLI
\RXZDQWWRJRWUDLSVLQJXSWKHUHWRJHWHDWXSE\WKDWWKLQJLW
DLQW QRQH R P\ EXVLQHVV -XVW UHPHPEHU ZKDW ROH $UQ VDLG
ZKHQ\RXVHHLWFRPLQ,WROG\RXVR}
 <RXFDPSHGRXWVLGHWKHZDOOVRI)RUW(OGHUZDOOODVWQLJKW
DQGVLQFHOHDYLQJWKHIRUW\RXKDYHQRWVHHQDQRWKHUSHUVRQRU
HYHQ DQ DQLPDO $V WKH KLJK FOLIIV RI WKH +HOOIXUQDFHV FORVH
DURXQG\RX\RXWDONDPRQJVW\RXUVHOYHVERWKWRJHWDFTXDLQWHG
DQGWRGULYHRIIWKHIHHOLQJWKDWVRPHWKLQJLVZDWFKLQJ\RXw

$OORZWKHSOD\HUVWLPHWRPDNHLQWURGXFWLRQVDQGGLVFXVV
SRVVLEOH PRWLYDWLRQV IRU EHLQJ LQ WKH SDVV  ,QIRUP DQ\
SOD\HUVZLWKFKDUDFWHUVLQWKHPLOLWLDWKDWWKHFRPPDQGHU
RI )RUW (OGHUZDOO KDV DFWLYDWHG WKRVH FKDUDFWHUV IRU
PLOLWDU\GXW\<RXVKRXOGDOVRDVNIRUDVSHFLILFPDUFKLQJ
RUGHU DV WKH FKDUDFWHUV ZLOO TXLFNO\ FRPH WR WKHLU ILUVW
HQFRXQWHU


(1&2817(5$02817$,1
6752//
DOLWWOHOHVVE\KRUVH$V\RXYHEHHQJRLQJIRURYHUVL[KRXUVQRZ
\RXVKRXOGEHRQO\ILYHPLOHVRUVRIURPWKHGZDUYHQYLOODJHRI
 3DJH
8UUDNEHN7KRXJKDVHQVHRIIRUHERGLQJKDVKXQJRYHU\RXWKH DWWDFNHG E\ WKH UDVW DIWHU OHDYLQJ WKH SURWHFWLRQ RI
HQWLUH WULS \RX KDYH VHHQ QR VLJQ RI DQ\ |PRQVWHUV} FRPLQJ WR 8UUDNEHNHDUOLHUWKDWPRUQLQJ.LOLVWDQGVMXVWRYHUIHHW
HDW\RX WDOO DQG ZHLJKV DERXW  OEV +H LV VRPHZKDW WKLQ IRU D
 7KHSDVVLVIDLUO\IODWDQGZLGHWKLUW\WRIRUW\IHHWLQSODFHV
HYHQ D ZDJRQ FRXOG HDVLO\ QDYLJDWH WKLV URDG <RX VHHP WR EH
IROORZLQJWKHFXUYHVRIDFDQ\RQFXWWKURXJKWKHPRXQWDLQVORQJ
DJRSHUKDSVE\DQRZGU\VWUHDPRUULYHU7KHZDOOVULVHKLJK
DERYH \RX MRLQLQJ ZLWK WKH WRZHULQJ PRXQWDLQV RI WKH
+HOOIXUQDFHVLWVSUREDEO\DIRRWFOLPEWRUHDFKWKHWRS
 $V\RXURXQGDVOLJKWEHQGLQWKHSDVV\RXVHHDKHDGRI\RX
ZKDWDSSHDUVWREHDQXSWXUQHGZDJRQWKHZKHHOVDQGD[OHDUH
IDFLQJ \RX <RX DOVR VHH OXPSV RI ZKDW DSSHDU WR EH FORWKLQJ
VWUHZQDERXW
 
7KH FKDUDFWHUV DUH FXUUHQWO\  IHHW IURP WKH ZDJRQ
7KH\ FDQQRW VHH EH\RQG DV LW EORFNV DOPRVW KDOI RI WKH
SDVV 7KH OXPSV RI FORWKLQJ DUH DFWXDOO\ ERGLHV{WKH
FKDUDFWHUV FDQ FRXQW WKUHH IURP WKLV GLVWDQFH $V WKH\
DSSURDFKWKHVFHQHSURFHHGZLWKWKHIROORZLQJ
VWRXWKDOIOLQJZLWKYHU\VPDOOIHHWWKXVKLVIDPLO\QDPH
.LOL6PDOOIRRW0DOHKDOIOLQJ([S5RJ

7KHLQVHFWRLGLVWKHOHDGHURIWKH)DLWKIXOFDOOHGWKH+HDG
+H IROORZHG WKH UDVW WKURXJKRXW WKH GD\ KRSLQJ WR ILQG
VRPHZD\WRGHVWUR\LWEXWORVWWUDFNRILWRQWKHWUDLOWRWKH
(\H DV LW FDQ IO\ DQG KH FDQW +H DUULYHG MXVW DV WKH
PRQVWHU ZDV ILQLVKLQJ LWV DWWDFN RQ WKH ZRUN FUHZ +LV
FRPEDW VNLOO SURYHG HQRXJK WR GULYH WKHDOUHDG\ZRXQGHG
FUHDWXUH DZD\ EXW KH ORVW DQ DUP LQ WKH FRQIOLFW +H ZDV
DWWHPSWLQJWRKHDOWKHKDOIOLQJZKHQWKHFKDUDFWHUVDUULYHG

+HDGRIWKH)DLWKIXO0DOH)DLWKIXORI%UDOP&OU

7DFWLFV $V VRRQ DV WKH +HDG EHFRPHV DZDUH RI WKH
FKDUDFWHUV KH IOHHV WR WKH VRXWK UXQQLQJ  IHHW HDFK
 URXQG LI WKH +HDG UXQV LQ D VWUDLJKW OLQH 7KH KDOIOLQJ LV
$V\RXGUDZFORVHU\RXVHHWKDWWKHFORWKLQJLVVWDLQHGUHG\RX EDUHO\DOLYHWKRXJKKHZDVDYLFWLPRIWKHUDVWVEORRGGUDLQ
DVVXPHZLWKEORRG<RXKDGQWUHDOL]HGDWILUVWGXHWRWKHVPDOO DWWDFN GURSSLQJ KLV &RQVWLWXWLRQ WR  7KH RQO\ VXUYLYRU
VL]H RI WKH PRXQGV EXW WKH WKUHH REMHFWV DUH DFWXDOO\ ERGLHV RU .LOL VRPHWLPHV PXPEOHV LQFRKHUHQWO\ DERXW WKH DWWDFN
ZKDWVOHIWRIWKHP<RXFDQPDNHRXWWKHWRUVRRIDKXPDQRQH |ELJ UHG EXJV} DQG 8UUDNEHN +H KDV D PDVVLYH ZRXQG
DUP PLVVLQJ DQG WZR VPDOOHU KXPDQRLGV SHUKDSVGZDUYHVRU UXQQLQJ DOOWKHZD\DFURVVKLVFKHVWDQGZUDSSLQJDURXQG
KDOIOLQJVZLWKPLVVLQJKHDGVDQGDSSHQGDJHV<RXVWLOOFDQQRW
VHHDURXQGWKHZDJRQEXW\RXFDQPDNHRXWPRUHERGLHVVWUHZQ
DORQJWKHVLGHVRIWKHFDQ\RQ

:KHQ WKH FKDUDFWHUV DSSURDFK ZLWKLQ WHQ IHHW RI WKH
WRKLVEDFN$VXFFHVVIXO+HDOFKHFN'&RUDQ\KHDOLQJ
VSHOO ZLOO VWDELOL]H .LOLHQRXJKIRUWUDQVSRUW+HLQVLVWVRQ
EHLQJWDNHQWR8UUDNEHN
 7UHDVXUH ,I WKHFKDUDFWHUVFKRRVHWRVHDUFKWKURXJK
WKHUHPDLQVWKH\ILQGWKHERGLHVRIGZDUYHVKDOIOLQJV
ZDJRQKDYHWKHPPDNHD/LVWHQFKHFN'&3ULYDWHO\
LQIRUP VXFFHVVIXO FKDUDFWHUV WKDW WKH\ KHDU D ORZ
PRDQLQJ VRXQG DV LI VRPHRQH LV YHU\ ZRXQGHG RU YHU\
VLFN DQG D VWUDQJH FOLFNLQJ VRXQG OLNH WZR URFNV EHLQJ
WDSSHGWRJHWKHUERWKVRXQGVDUHFRPLQJIURPEHKLQGWKH
ZDJRQ ,I FKDUDFWHUV DFWLYHO\ DWWHPSW WR PDNH D /LVWHQ
FKHFNEHIRUHWKLVWLPHDGGWRWKH'&IRUHYHU\WHQIHHW
WRKHDUWKHVHVRXQGV
 ,IWKHFKDUDFWHUVFRPHZLWKLQILYHIHHWRIWKHZDJRQ
DQG DUH DJDLQVW WKH FDQ\RQ ZDOOV RU LI WKH\ FRPH HYHQ
ZLWKWKHZDJRQRUEH\RQGSURFHHGZLWKWKHIROORZLQJ

<RX VHH D KDOIOLQJ VWUHWFKHG RXW RQ WKH JURXQG DSSDUHQWO\VWLOO
DOLYH &URXFKLQJ RYHU WKH KDOIOLQJ LV DQ LQVHFWOLNH FUHDWXUH
SUREDEO\WZHOYHIHHWORQJ7KHFUHDWXUHZKLFKORRNVPXFKOLNHD
JLDQW FULFNHW KDV D UHG FKLWLQ VKHOO DQG KXJH KLQG OHJV 6PDOO
ZLQJVWZLWFKRQLWVEDFNDQG\RXFDQVHHDODUJHVKRYHOOLNHFODZ
RQ LWV IURQW DSSHQGDJH $ FOLFNLQJ VRXQG LV FRPLQJ IURP WKH
FUHDWXUHZKLFKDSSDUHQWO\KDVQRWQRWLFHG\RX
 LQVHFWRLG DSSHQGDJH ZLWK UHGGLVK FKLWLQ DQG VKRYHOOLNH
2EYLRXVO\ LI WKH FKDUDFWHUV FKDUJH EHKLQG WKH ZDJRQ RU
PDNH D JUHDW GHDO RI QRLVH WKH FUHDWXUH KHDUV WKHP LQ
ZKLFKFDVHLWDWWHPSWVWRIOHHDVGHWDLOHGLQ7DFWLFV
 FORVHO\DWWKHFUHDWXUHDVKHIOHG
&UHDWXUHV7KH KDOIOLQJ LV .LOL 6PDOOIRRW D 6WRXW KDOIOLQJ
IURPWKHYLOODJHRI$EEH\YDOH+HMRXUQH\HGLQWRWKHSDVV
ZLWKDZRUNFUHZHVFRUWHGE\PLOLWLDIURP)RUW(OGHUZDOO
LQRUGHUWRILOODQXUJHQWRUGHUIRUVWRQHIURP:HVWEXUQ
.QRZLQJ WKH GDQJHU LQYROYHG .LOL UHIXVHG WR VHQG DQ\
RWKHU OHDGHU DQG WRRN RQO\ YROXQWHHUV IURP KLV KDOIOLQJ
DQG GZDUYHQ HPSOR\HHV 7KH FUHZ ZDV XQIRUWXQDWHO\
7KH)LUHVRI7UXWK
DQG  KXPDQV 7KH GZDUYHV DQGKDOIOLQJVDUHDOODUWLVDQV
IURP $EEH\YDOH ZRUNHUV IRU WKH 6PDOOIRRW TXDUU\LQJ
RSHUDWLRQ $V VXFK WKH\ DUH GUHVVHG LQ DUWLVDQV FORWKHV
WKDWDUHPRVWO\WRUQDQGEORRGVWDLQHG7KHFKDUDFWHUVFDQ
ILQG  FRPSOHWH VHWV RI VWRQHZRUNLQJ WRROV VFDWWHUHG
DERXW DV ZHOO 7KH KXPDQV DOO VROGLHUV IURP )RUW
(OGHUZDOO ZHUH ZHDULQJ VWXGGHG OHDWKHU DUPRU WKDW LV
QRZ VODVKHG DQG XVHOHVV DQG FDUULHG VKRUW VSHDUV DQG
GDJJHUV 7KH FDUW LV XQGDPDJHG EXW GLIILFXOW WR PRYH
ZLWKRXWKRUVHV7KHERGLHVRIWZRXQIRUWXQDWHKRUVHVDUH
VWLOO KDUQHVVHG WR WKH ZDJRQ WKRXJK YHU\ GHDG 8SRQ
UHFRYHU\ .LOL H[SHFWV WKH SURSHUW\ RI KLV EXVLQHVV WR EH
UHWXUQHG WR KLP DV ZLOO WKH PLOLWDU\ LQ )RUW (OGHUZDOO
H[SHFWWKHUHWXUQRIWKHLUPHQVLWHPV
 'HYHORSPHQW ,I WKH SDUW\ ZDLWV WRR ORQJ WKH +HDG
VWDELOL]HV .LOL KLPVHOI EXW WKH FOHULF ODFNV WKH VSHOOV
QHFHVVDU\WRUHVWRUHWKH&RQVWLWXWLRQGDPDJH
 ,I WKH FKDUDFWHUV VHDUFK WKH DUHD DW DOO D VWUDQJH
FODZV DORQJ LWV |IRUHDUP} LV IRXQG QHDU WKH ODUJHVW JURXS
RI ERGLHV ,W LV WKH LQVHFWRLGV PLVVLQJ DUP DOWKRXJK WKH
FKDUDFWHUVSUREDEO\GRQRWUHDOL]HWKLVXQOHVVWKH\ORRNHG
 %DUULQJ D IO\ VSHOO FKDUDFWHUV VKRXOG EH XQDEOH WR
IROORZWKH+HDGDVKLVPRYHPHQWUDWHZKLOHUXQQLQJIDU
RXWVWULSV HYHQ D EDUEDULDQ RU PRQN ,I WKH FKDUDFWHUV
VRPHKRZILQGDZD\WRPDWFKRUEHDWWKHFUHDWXUHVVSHHG
LW XVHV LWV -XPS DELOLW\ WR EUHDN DZD\ WKHQ EXUURZ LQWR
WKHPRXQWDLQVLGHDQGFROODSVHWKHWXQQHOEHKLQGLW
 3DJH
 ,I WKH FKDUDFWHUV WU\ WR PDWFK WKH ZRXQGV RQ WKH 
ERGLHVRUWKHKDOIOLQJWRWKHDSSHQGDJHKDYHWKHPPDNH 6KHDODQGUDWKHYLOODJHDGHSWHYHQWXDOO\DUULYHVDQGWDNHV
+HDO RU :LOGHUQHVV /RUH FKHFNV '&  6XFFHVV .LOL EDFN WR KHU KRXVH IRU KHDOLQJ 6KH ZRUNV KLP RYHU
LQGLFDWHVWKDWQRZRXQGVRQWKHERGLHVPDWFKWKHVKRYHO WKHQH[WZHHNWRUHWXUQKLPWRKHDOWKKHUHJDLQVSRLQWV
OLNH FODZ RQ WKH DSSHQGDJH $ VLPLODU FKHFN '&  RI &RQVWLWXWLRQ HDFK GD\ WKDQNV WR KHU XVH RI WKH +HDO
UHYHDOV WKDW WKH KDOIOLQJV ZRXQG ORRN PRVWO\ OLNH D ELWH VNLOO 6KH LV DQ DJLQJ JQRPH WKDW KDV OLYHG LQ 8UUDNEHN
IURPDFUHDWXUHZLWKDYHU\ODUJHPRXWK IRU \HDUV +HU ZKLWH KDLU KDQJV ORRVH DURXQG D URWXQG
 ERG\6KHKDVQRWLPHWRWDONWRDQ\RQHHOVHDVVKHWHQGV
 KHUSDWLHQW

(1&2817(5855$.%(. 6KHDODQGUD)HPDOHJQRPH$GS
$V\RXFRQWLQXHVRXWKGRZQWKHSDVV\RXVHHQRIXUWKHUVLJQVRI 
EDWWOHRUWKHLQVHFWRLGFUHDWXUH7KHKDOIOLQJFRQWLQXHVWRPRDQ 7DFWLFV 7KHREROGV JRDO DIWHU KHDULQJ WKH FKDUDFWHUV
LQ SDLQ UHJDUGOHVV RI DQ\ HIIRUWV WR KHOS KLP <RX FRYHU WKH GHVFULSWLRQ RI WKH DWWDFN DQG WKH VWUDQJH LQVHFWRLG
UHPDLQLQJ GLVWDQFH WR WKH YLOODJH RI 8UUDNEHN LQ MXVW RYHU DQ FUHDWXUH LV WR FRQYLQFH WKH FKDUDFWHUV WR ILQG DQG
KRXUDVQLJKWIDOOVDURXQG\RX HOLPLQDWH WKLV PHQDFH $V D PHPEHU RQ WKH FRXQFLO WKDW
 7KHYLOODJHPDWFKHVWKHGHVFULSWLRQJLYHQWR\RXE\$UQWKH JRYHUQV WKLV YLOODJH KH LV DXWKRUL]HG WR JUDQW WKH
0LOOHU PRUH D FLWDGHO WKDQ D WRZQ ,W LV ORFDWHG LQ D ORQJ FKDUDFWHUV SD\PHQW IRU VXFK VHUYLFHV LQ WKH IRUP RI
QDUURZYDOOH\FUHDWHGE\WZRPLJKW\SHDNV$UQVDLGWKH\ZHUH FXVWRPFUDIWHG LWHPVIURPWKHIRUJHVRIWKHGZDUYHV+H
QDPHG)RUWXERV/HIWDQG)RUWXERV5LJKWE\WKHWRZQVIRON7KH LV WKXV SUHSDUHG WR JLYH HDFK ZLOOLQJ FKDUDFWHU RQH
KLJK ZDOOV ZLWK UHJXODUO\ VSDFHG JXDUG WRZHUV ORRN YLUWXDOO\ PDVWHUZRUN ZHDSRQ RU VXLW RI DUPRU XS WR WKH YDOXH RI
LPSUHJQDEOH DQG LWDSSHDUVDQ\WUDYHOHUVZDQWLQJWRFRQWLQXH  JS FKDUDFWHUV PD\ FRQWULEXWH JROG WR DFTXLUH PRUH
WKURXJK WKH 6RXWKHUQ 3DVV PXVW ZDON WKURXJK 8UUDNEHN $ YDOXDEOH LWHPV IRU ILQGLQJ DQG NLOOLQJ WKHPRQVWHU7KH
KHDY\JDWHPDGHRILURQVLWVVTXDUHO\LQWKHPLGGOHRIWKHZDOO FKDUDFWHUV PXVW VSHFLI\ WKH LWHP WKH\ GHVLUH EHIRUH
)URPWKHJXDUGWRZHUVWRHLWKHUVLGH\RXFDQYDJXHO\VHHQDUURZ OHDYLQJDVWKHGZDUYHVVSHQGWKHWLPHGXULQJWKHSDUW\V
ZLQGRZV DEVHQFH IRUJLQJ WKH LWHPV $Q\ FKDUDFWHUV UHTXHVWLQJ
 DUPRU DUH PHDVXUHG IRU ILW 7KH GZDUYHV FDQQRW |IRUJH}
*XDUGVLQHLWKHUWRZHUDUHZDWFKLQJWKHFKDUDFWHUVXVLQJ ZRRGHQ RU OHDWKHU LWHPV LQFOXGLQJ FOXEV TXDUWHUVWDIIV
WKHLUGDUNYLVLRQ,IWKHFKDUDFWHUVDSSURDFKZLWKLQIHHW VDSV JUHDWFOXEV ZKLSV QHWV ERZV VOLQJV OHDWKHU
RI HLWKHU WRZHU RU FDOO RXW WR WKH JDWH SURFHHG ZLWK WKH VWXGGHGRUKLGHDUPRUDQGZRRGHQVKLHOGVDQGVRWKHVH
IROORZLQJ LWHPVDUHQRWDYDLODEOH,QDGGLWLRQDVWKHGZDUYHVDUHQRW

$GHHSYRLFHERRPVIURPWKHWRZHUWRWKHULJKWRIWKHJDWH|:KDW IDPLOLDU ZLWK PRVW ([RWLF ZHDSRQV H[FOXGLQJ WKH
LV LW \H QHHG WUDYHOHUV" ,W LV D GDUN DQG GDQJHURXV WLPH WR EH GZDUYHQXUJURVKGZDUYHQZDUD[HDQGEDVWDUGVZRUGDQ
WUDYHOLQJWKHSDVV} H[DPSOH RI VXFK D ZHDSRQ PXVW EH OHIW ZLWK WKHP DV D
 JXLGHVKRXOGDFKDUDFWHUZDQWRQHRIWKHVH
7KH JXDUGV UHPDLQ VXVSLFLRXV RI WKH JURXS XQOHVV WKH\  $V DQ H[DPSOH D FKDUDFWHU UHTXHVWLQJ D PDVWHUZRUN
PHQWLRQWKHFDUQDJHWKH\KDYHVHHQ:KHQWKHFKDUDFWHUV VKRUWERZ ZRXOG EH GHQLHG EXW WKH GZDUYHV ZRXOG
GRVRSURFHHGZLWKWKHIROORZLQJ UHFRPPHQG D VWXUG\ FURVVERZ LQVWHDG $ FKDUDFWHU
 VHHNLQJ D PDVWHUZRUN VSLNHG FKDLQ ZRXOG EH DVNHG WR
7KHJDWHVZLQJVRSHQDIHZIHHWDQGOLJKWSRXUVRXWDVDGZDUI OHDYH VXFK D ZHDSRQ ZLWK WKH GZDUYHV IRU VWXG\ ZKLOH
LQ SODWH DUPRU VWHSV IURP WKH RSHQLQJ +H SHHUV DW \RX IRU D VRPHRQHVHHNLQJDPDVWHUZRUNGLUHIODLOZRXOGEHGHQLHG
PRPHQWEHIRUHKLVH\HVFRPHWRUHVWRQWKHKDOIOLQJ\RXIRXQG DV WKH ZHDSRQ LV WRR FRVWO\ XQOHVV WKH FKDUDFWHU
 |.LOL 2K .LOL WKH EHDVW GLGQW JHW \H WRR 4XLFN ,QVLGH FRQWULEXWHV  JS WKH GLIIHUHQFH EHWZHHQ WKH  JS
QRZZHPXVWJHWWKHKHDOHU} OLPLWDQGWKHJSFRVWRIWKHLWHP
 +H PRWLRQV IRU \RX WR EULQJ WKH KDOIOLQJ LQVLGH WKH JDWH  $VVXPLQJ WKH FKDUDFWHUV DFFHSW WKLV RIIHU 7KHREROG
2QFHLQVLGHWKHJDWHVZLQJVEDFNLQWRSODFHDEDUIDOOVLQWRSODFH GLUHFWVWKHPWRWKHJXDUGKRXVHVOHHSLQJTXDUWHUVWKHUHLV
WRORFNLWVKXW3RLQWLQJDWDQHDUE\JXDUGWKHGZDUIEDUNVRXW QR LQQ LQ 8UUDNEHN ZLWK LQVWUXFWLRQV WR OHDYH LQ WKH
DQRUGHU|<RXJRJHW6KHDODQGUD$QGEHTXLFN}5HWXUQLQJKLV PRUQLQJ DQG KHDG IRU WKH SDWK OHDGLQJ WR WKH (\H RI
DWWHQWLRQWR\RXKLVEODFNH\HVVWHUQO\DSSUDLVH\RXUJURXSDVKH -RUDP\$OORIWKHDWWDFNVLQKLVRSLQLRQKDYHFRPHIURP
VD\V|1RZWHOOPHWUDYHOHUVZKDWH[DFWO\GLG\HVHH"} WKH GLUHFWLRQ RI WKH (\H DQG WKXV KH EHOLHYHV WKH NLOOHU
 ODLUVVRPHZKHUHQHDUWKLVSODFH
&UHDWXUHV 7KH GZDUI LV 7KHREROG &DSWDLQ RI WKH *XDUG  7UHDVXUH1RQH
IRUWKHYLOODJHRI8UUDNEHN+HLVDPRXQWDLQGZDUIWDOOHU  'HYHORSPHQW 7KHREROG LQFRUUHFWO\ DWWULEXWHV WKH
WKDQ WKH +LOO GZDUYHV PRUH FRPPRQ WKURXJKRXW WKH GHDWKV WR WKH LQVHFWRLG DQG VR ZRXOG JLYH WKH UHZDUG
<HRPDQU\ +LV EHDUG DQG KDLU ERWK EODFN DV FRDO DUH HYHQ WR FKDUDFWHUV WKDW VLPSO\ NLOO RQH RI WKH )DLWKIXO RI
EUDLGHG LQWR ORQJ SODLWV $ ZDUKDPPHU KDQJV IURP WKH %UDOPDQGUHWXUQLWVFDUFDVVWRWKHYLOODJH+HGLVFRXUDJHV
EDOGULF DFURVV KLV EDFN DQG KH OHDQV RQ D GZDUYHQ DQ\RQHIURPZDQGHULQJDURXQGWKHYLOODJHDVWKHFLWL]HQV
XUJURVKDVKHOLVWHQVWRWKHFKDUDFWHUVWDOH DUHRQHGJHDIWHUQHZVVSUHDGVRIWKHODWHVWNLOOLQJV
 
7KHREROG&DSWDLQRIWKH*XDUG0DOHGZDUI:DU 

7KH)LUHVRI7UXWK  3DJH

(1&2817(56+$.,1*
7+,1*683
7KHREROG ZDNHV \RX HDUO\ MXVW DV WKH VXQ LV ULVLQJ WKURXJK WKH
FUDFNVRIWKH+HOOIXUQDFHV7KHWRZHULQJ)LVWVRI)RUWXERFDVWORQJ
VKDGRZVDFURVV8UUDNEHNDV\RXSUHSDUHWRVHWRXWLQWRWKHJORRP\
HOOLSWLFDO H\HV RQ WKH WRS DQG WZR IRRWORQJ DQWHQQDH 7KH
PLGVHFWLRQRIWKHFUHDWXUHDSSHDUVWREHRQHODUJHSODWHRIDUPRU
DQGLWVODUJHDEGRPHQRYHUKDOIWKHFUHDWXUHVERG\OHQJWKKDV
VPDOO ZLQJV VSURXWLQJ IURP WKH EDFN 7KH FUHDWXUHV PRVW
QRWLFHDEOHIHDWXUHKRZHYHULVLWVSRZHUIXOORRNLQJIRUHOHJZKLFK
LVFUHVWHGZLWKDWRRWKOLNHVWUXFWXUH

PRXQWDLQV ,I WKH FKDUDFWHUV PDNH D VXFFHVVIXO 6SRW FKHFN '& 
 |, KRSH \RXUH SUHSDUHG IRU ZKDWV DKHDG R \H 7KH WKH\ PLJKW QRWLFH WKDW WKLV FUHDWXUH LV PLVVLQJ D IRUHDUP
+HOOIXUQDFHV DUHQW OLNH DQ\ RWKHU UDQJH \RX PLJKWYH FOLPEHG WKLVLVWKHDSSHQGDJHIRXQGDWWKHDWWDFNVLWH$IWHUIOHHLQJ
7DNHFDUHWRVWD\WRWKHSDWKDV\RXFDQQHYHUWHOOZKDWOXUNVLQWKH IURP WKH SDUW\ DVVXPLQJ WKHP WR EH KRVWLOH DV KLV
GDUNFUHYLFHV\HUMXVWDVOLNHO\WRIDOOLQWRDSRRORIODYDDV\HDUHWR
JHWDPEXVKHGE\VRPHGHYLOLVKILUHQHZWV
 *HWZKDWHYHUVXSSOLHV\HQHHGQRZWKHUHZRQWEHDQ\SODFH
WRUHVWRFNLQWKHPRXQWDLQV'RQWERWKHUZLWKKRUVHVEXWEHVXUHWR
FDUU\HQRXJKZDWHUDQGUHPHPEHUWKHKHDWXSWKHUHFDQNLOO\RX
TXLFNDVDILUHJLDQW:KHQ\RXJHWWRWKHWHPSOHVHHNWKHDLGRIWKH
H[SHULHQFHV ZLWK WKH FOHULFV RI -RUDP\ KDYH WDXJKW KH
GHFLGHGWRIROORZWKHPDQGMXGJHWKHLULQWHQWLRQV+HDULQJ
RI WKH SODQ WR FRPH WR WKH (\H KH GHFLGHG WR ZDLW DW WKLV
ORFDWLRQWRWHVWWKHFKDUDFWHUVUHDFWLRQWRWKHLQVHFWRLGVDQG
|HQFRXUDJH} WKHP WR FRPH WR WKH (\H +H VLWV PRWLRQOHVV
ZDLWLQJ IRU WKH SDUW\ WR DFW ,I WKH\ DWWDFN KH UHVSRQGV E\
FOHULFVRI-RUDP\EXWWDNHFDUHWKH\DUHQWQHDUO\DVEHQHYROHQWDV WDNLQJ D WRWDO GHIHQVH DFWLRQ $&  ,I WKH SDUW\ DFWXDOO\
WKH6LVWHUVRI-RUDP\\RXPLJKWYHPHWEDFNLQWKH/HDJXH'RQW WULHV WR HQJDJH KLPLQFRQYHUVDWLRQKHULVHVXSWRKLVIXOO
IRUJHWWRSD\UHVSHFWVWRWKHLUJRGGHVV KHLJKW{URXJKO\  IHHW{DQG ZDWFKHV WKH FKDUDFWHUV
 FDUHIXOO\ ,Q WKLV IRUP KH ORRNV PXFK OLNH D FHQWDXU ZLWK
7KH FKDUDFWHUV PD\ XVH WKLV WLPH WR EX\ VXSSOLHV IRU WKH WKHORZHUERG\RIDQLQVHFW+HGRHVQRWUHYHDOKLVKXPDQ
MRXUQH\$OOLWHPVDYDLODEOHRQ3OD\HUV+DQGERRNSDJHVz OLNHDUPV5HJDUGOHVVRIWKHFKDUDFWHUVDFWLRQVDIWHUDVKRUW
 7DEOHV { { { DQG { DUH DYDLODEOH EXW WLPHIRUH[DPSOHDIHZURXQGVRIFRPEDWDIHZDWWHPSWV
FRVW DQ DGGLWLRQDO  IRUJHG PHWDO LWHPV VXFK DV D[HV DW FRQYHUVDWLRQ RU D PLQXWH RI VWDULQJ DW RQH DQRWKHU
SLFNVDQGDUPRUDUHQRWVXEMHFWWRWKLVLQIODWLRQ8UUDNEHN
KDVDJSOLPLWIRUWKHYDOXHRIJRRGVLWFDQVHOODQGKDV
 JS DYDLODEOH WR SXUFKDVH LWHPV IURP WKH FKDUDFWHUV
7KH PHUFKDQWV DUH FXUW DQG WR WKH SRLQW :KHQ WKH
FKDUDFWHUVDUHUHDG\WROHDYHSURFHHGZLWKWKHIROORZLQJ
 UHYHUEHUDWLQJWKURXJKWKHPRXQWDLQV7KHFUHDWXUHOHDSVLQWRWKH
<RXOHDYHWKHVDIHW\RI8UUDNEHNZKLOHWKHVKDGRZVDUHVWLOOORQJ
WKHFODQJRIWKHLURQJDWHVFORVLQJEHKLQG\RXHFKRHVWKURXJKWKH
SDVVRPLQRXVO\,WVDUHODWLYHO\VKRUWWULSEDFNXSWKHSDVVWRWKH
WUDLO OHDGLQJ WR WKH (\H RI -RUDP\ \HW WKH HHULH VLOHQFH DQG WRWDO
ODFN RI DQLPDO OLIH \RX QRWLFHG \HVWHUGD\ DJDLQ KDQJV RYHU \RX
GXULQJWKHWULS
 7KHWUDLODFWXDOO\EHJLQVDVDFUDFNLQWKHFDQ\RQZDOORIWKH
SDVV ,W VORSHV XSZDUG VWHHSO\ DW WLPHV IROORZLQJ WKH PRXQWDLQ
ULGJHV7KHSHDNVDURXQG\RXDUHPRVWO\EODVWHGGHVRODWHURFNVWKH
IHZSODQWV\RXVHHDUHXVXDOO\VFUXESLQHVRUPRVV'U\DFULGVPRNH
VRPHWLPHV ZDIWV XS IURP WKH GDUN YDOOH\V EHORZ RFFDVLRQDOO\
LOOXPLQDWHGE\DQRSHQODYDIORZ<RXVRRQVHHZK\WKHGZDUYHV
UHFRPPHQGHG QRW EULQJLQJ ODUJH PRXQWV DV \RX VRPHWLPHV SDVV
WKURXJK WLJKW FUHYLFHV RU HGJH DORQJ QDUURZ OHGJHV WKDW GURS
SURFHHGZLWKWKHIROORZLQJ

7KH FUHDWXUH VXGGHQO\ ORRNV DURXQG PDGO\ DV LI LW VHQVHV
VRPHWKLQJ\RXGRQRW:LWKRXWZDUQLQJWKHJURXQGEHQHDWK\RXU
IHHW EHJLQV WR VKDNH YLROHQWO\ DV \RX KHDU D ORZ UXPEOH
DLUVHHPLQJWRIO\EDFNZDUGVDVWKHUXPEOHJURZVLQWRDURDU,W
ODQGVRQWKHRSSRVLWHEDQNDQGERXQGVXSWKHWUDLODZD\IURP\RX
/DUJH FKXQNV RI URFN IDOO IURP WKH FOLIIV DURXQG \RX DQG D ORXG
|FUDFN}FRPHVIURPWKHEULGJHDVLWEHJLQVWRIDOODSDUW7KHQDV
TXLFNO\ DV WKH UXPEOLQJ EHJDQ LW VWRSV 7KH EULGJH LV JRQH LWV
VXSSRUWVGDQJOHIURPHLWKHUVLGHRIWKHJRUJH,WVHHPV\RXOOKDYHWR
ILQGDQRWKHUZD\DFURVV

7UDS $Q\ FKDUDFWHUV VWDQGLQJ RQ WKH EULGJH ZKHQ WKLV
RFFXUV PD\ IDOO 7KRVH WKDWUHVSRQGLPPHGLDWHO\WR\RXU
GHVFULSWLRQRIWKHWUHPRUPD\EHJUDQWHGDFLUFXPVWDQFH
ERQXVRIWRD5HIOH[VDYLQJWKURZWKDWPD\DOORZWKHP
WRHVFDSHWKHEULGJHEHIRUHLWFROODSVHV

KXQGUHGVRIIHHWLQWRGDUNQHVV<RXDOVRRFFDVLRQDOO\ILQGWKHWUDLO $3/(/
EORFNHGZLWKUXEEOHWKDWPXVWEHFOLPEHGRYHURUPRYHG
 7KHFKDUDFWHUVIDOOLQWRWKHJRUJHODQGLQJRQDOHGJH
7KH WHPSHUDWXUH LV FXUUHQWO\ EHWZHHQ  QRW \HW IHHWEHORZ
HQRXJKWRKDUPWKHFKDUDFWHUVEXWZDUPHQRXJKWRFDXVH 
GLVFRPIRUW $IWHU VXLWDEO\ GHSLFWLQJ WKH KDUVK &ROODSVLQJ %ULGJH  IHHW GHHS &5  QR DWWDFN UROO
VXUURXQGLQJVSURFHHGZLWKWKHIROORZLQJ QHFHVVDU\G5HIOH[VDYH'&DYRLGV
 
$ERXW IRXU KRXUV LQWR \RXU MRXUQH\WKHWUDLOVXGGHQO\GHVFHQGV $3/(/
LQWRDJRUJH$EULGJHDSSDUHQWO\IRUPHGIURPWKHVDPHURFNDV
7KHFKDUDFWHUVIDOOLQWRWKHJRUJHODQGLQJDWWKHERWWRP
WKH PRXQWDLQV VSDQV WKH IRRW JDS 6LWWLQJ LQ WKH PLGGOH RI
IHHWEHORZ
WKH IRRW ZLGH EULGJH \RX VHH D VWUDQJH LQVHFWOLNH FUHDWXUH{

SRVVLEOHWKHVDPHFUHDWXUH\RXVDZ\HVWHUGD\DWWKHVFHQHRIWKH
DWWDFN $V \RX QRZ KDYH WKH WLPH WR VWXG\ WKH FUHDWXUH \RX &ROODSVLQJ %ULGJH  IHHW GHHS &5  QR DWWDFN UROO
DJDLQWKLQNLWORRNVPRVWOLNHDJLDQWFULFNHW,WVVPDOOKHDGKDV QHFHVVDU\G5HIOH[VDYH'&DYRLGV
RQH ODUJH URXQG EODFN H\H RQ HDFK VLGH D SDLU RI VPDOOHU 

7KH)LUHVRI7UXWK  3DJH
$3/(/ YHU\WKLUVW\2SHQODYDIORZVDQGVPRNLQJSLWVRFFXUZLWKPXFK
PRUHIUHTXHQF\
7KHFKDUDFWHUVIDOOLQWRWKHJRUJHODQGLQJDWWKHERWWRP 
 IHHW EHORZ $V WKH\ ODQG KRW PDJPD VSODVKHV IURP D 7KHWHPSHUDWXUHKDVQRZULVHQZHOODERYHGHJUHHV+DYH
VPDOOODYDIORZDVURFNVSOXPPHWIURPDERYH HDFK FKDUDFWHU PDNH D )RUWLWXGH VDYLQJ WKURZ HDFK KRXU
 '&IRUHDFKSUHYLRXVFKHFNRUVXVWDLQGSRLQWVRI
&ROODSVLQJ %ULGJH  IHHW GHHS &5  QR DWWDFN UROO VXEGXDOGDPDJH+HDY\FORWKLQJRUDUPRURIDQ\VRUWIRUFHV
QHFHVVDU\GSOXVGILUHGDPDJH5HIOH[VDYH'& D z SHQDOW\ WR VDYHV DOWKRXJK WKH :LOGHUQHVV /RUH VNLOO
DYRLGV ILUH GDPDJH FRQWLQXHV IRU G URXQGV IRU DQG PD\ JUDQW D ERQXV WR VDYLQJ WKURZV 6HH WKH 3OD\HUV
DGGLWLRQDOGGDPDJHSHUURXQGSDVWWKHILUVW +DQGERRNSDJH&KDUDFWHUVUHGXFHGWRXQFRQVFLRXVQHVV
 EHJLQWDNLQJQRUPDOGDPDJHGSRLQWVSHUKRXU
&UHDWXUHV 
+HDGRIWKH)DLWKIXO0DOH)DLWKIXORI%UDOP&OU $IWHUDQRWKHUWKUHHKRXUVRIWUXGJLQJWKURXJKWKHRSSUHVVLYHKHDW
 \RXILQDOO\FRPHWRZKDWPXVWEH\RXUGHVWLQDWLRQ7KHWUDLOHQGV
7DFWLFV7KHFUHDWXUHGRHVQRWZDQWWRKXUWRUNLOODQ\RI DW D OHGJH RYHUORRNLQJ D ZLGH YDOOH\ VXUURXQGHG RQ DOO VLGHV E\
WKH FKDUDFWHUV DQG VR FKRRVHV WR GHIHQG KLPVHOI +H EODFNHQHGEDUUHQPRXQWDLQV7KHYDOOH\IORRULVEHUHIWRIOLIHDVWKH
KROGV KLV JURXQG RQ WKH EULGJH XQWLO WKH WUHPRU KH PDMRULW\ RI VSDFH LV ILOOHG ZLWK RR]LQJ VZLUOLQJ ODYD &KXQNV RI
GHWHFWV LW HDUOLHU WKDQ WKH FKDUDFWHUV XVLQJ KLV GULHG PDJPD IORDW RQ WKH VXUIDFH RI WKH PRUDVV $ SDUWLFXODUO\
WUHPRUVHQVH DW ZKLFK WLPH KH UHWUHDWV WR WKH 6KLHOG WR ODUJH SRRO QHDU WKH FHQWHU RI WKH YDOOH\ VZLUOV UDSLGO\ OLNH D
HQVXUHWKDWWKHTXDNHKDVQRWKDUPHGKLVNLQ ZKLUOSRRORIILUH7KHODYDIORZVLQWRWKHYDOOH\IURPWKHPRXQWDLQ
 'HYHORSPHQW ,I IRU VRPH UHDVRQ WKH FKDUDFWHUV GLUHFWO\ WR \RXU ULJKW ZKLFK ORRNV PRUH OLNH D URXQGHG VKLHOG RU
FKRRVH WR EUHDWKH WKH DFULG VPRNH FRPLQJ RXW RI WKH PRXQG WKDQ WKH FLQGHU FRQH \RX PLJKW W\SLFDOO\ WKLQN RI DV D
YDOOH\V WKH\ FDQ HDVLO\ DYRLG LW HDFK PXVW PDNH D YROFDQR7KHVXUIDFHRIWKH|VKLHOG}VHHPVWRFRQVLVWHQWLUHO\RIGULHG
)RUWLWXGH VDYLQJ WKURZ HDFK URXQG '&   SHU PDJPD/DYDSRXUVIURPVHYHUDOJDSLQJKROHVQHDUWKHERWWRPRI
SUHYLRXV FKHFN RU VSHQG WKDW URXQG FKRNLQJ DQG
FRXJKLQJFKRNLQJIRUWZRFRQVHFXWLYHURXQGVFDXVHVG
SRLQWV RI VXEGXDO GDPDJH $Q\ FKDUDFWHU IRROLVK RU
XQIRUWXQDWH HQRXJK WR WRXFK D ODYD IORZ UHFHLYHV G
SRLQWV RI ILUH GDPDJH SHU URXQG RI H[SRVXUH WRWDO
LPPHUVLRQ GHDOV G SRLQWV RI GDPDJH SHU URXQG ,Q
DGGLWLRQGDPDJHFRQWLQXHVIRUGURXQGVDIWHUH[SRVXUH
FHDVHVEXWLVRQO\KDOIRIWKDWGHDOWGXULQJDFWXDOFRQWDFW
WKLV PRXQG $OVR VLWWLQJ QHDU WKH ERWWRP IODQNHG E\ WZR
SDUWLFXODUO\ ODUJH ODYD IORZV LV ZKDW PXVW EH WKH 7HPSOH RI
-RUDP\ 7KH ODUJH EXLOGLQJ ZKLFK VHHPV WR PHOG LQWR WKH HDUWK
EHQHDWKLWORRNVYHU\PXFKOLNHDNHHS\RXPLJKWH[SHFWWRVHHLQD
IRUWUHVV ,WV KLJK VTXDUH ZDOOV DUH DV EODFN DV WKH PRXQWDLQV
DURXQGWKHYDOOH\6WHSVFDUYHGLQWRWKHOHGJHEHIRUH\RXOHDGGRZQ
WRDWUDLOWKDWVQDNHVDORQJWKHVLGHRIWKHPRXQWDLQWRWKHWHPSOH

GRUGSRLQWVSHUURXQG
 7KHFKDUDFWHUVPD\WKLQNRIYDULRXVZD\VWRFURVVWKH
JRUJH -XPSVSLGHUFOLPEDOWHUVHOIRUDVLPLODUPRYHPHQW
HQKDQFLQJ VSHOO LV DQ REYLRXV FKRLFH 6SHOOV VXFK DV
XQVHHQ VHUYDQW DQG PDJH KDQG PLJKW DOVR SURYLGH D
VROXWLRQ DV FRXOG D VXPPRQLQJ LI WKH FDVWHU FDQ
7KHFKDUDFWHUVKDYHLQGHHGUHDFKHGWKH(\HRI-RUDP\7KH
'0VKRXOGIHHOIUHHWRHPEHOOLVKRWKHUDVSHFWVRIWKHYDOOH\
DVDSSURSULDWH:KHQWKHFKDUDFWHUVGHFLGHWRDSSURDFKWKH
WHPSOHSURFHHGZLWKWKHIROORZLQJ

$V\RXGUDZQHDUWKHWHPSOH\RXUHDOL]HKRZODUJHWKLVEXLOGLQJ
FRPPXQLFDWH ZLWK WKH VXPPRQHG FUHDWXUH $ UXQQLQJ WUXO\ LV 7KH ZDOOV DUH SHUKDSV ILIW\ RU VL[W\ IHHW KLJK ZLWK HDFK
MXPS PLJKW ZRUN LI D FKDUDFWHU FDQ PDNH D VXFFHVVIXO ZDOO UXQQLQJ SUREDEO\ RQH KXQGUHG IHHW ORQJ 7KH WUDLO OHDGV
-XPS FKHFN '&  LI WKH GLVWDQFH GRHV QRW H[FHHG WKH GLUHFWO\WRDSDLURIODUJHGRRUVDSSDUHQWO\PDGHRIDGDUNZRRG
FKDUDFWHUV PD[LPXP MXPSLQJ GLVWDQFH 8VH 5RSH LV D FDUYHGZLWKLPDJHVRIIODPHV
VDIHUVNLOOFKRLFHDVWKHFKDUDFWHUVPLJKWFKRRVHWRODVVR 
RQH RI WKH VXSSRUW SLOODUV RQ WKH IDU VLGH '&  WR WLH D .QRFNLQJRQWKHGRRUDWWUDFWVWKHDWWHQWLRQRIWKHDFRO\WHV
ODVVR NQRW WKHQ UDQJHG WRXFK DWWDFN DJDLQVW $&  D LQVLGH7KHUHLVQRRWKHUHQWUDQFHWRWKHWHPSOHDOWKRXJK
JUDSSOLQJ KRRN DGGV  WR WKH DWWDFN UROO DQG RQO\ FDUHIXOLQVSHFWLRQ6SRWFKHFN'&RIWKHH[WHULRUZDOO
UHTXLUHVD'&WRVHFXUHLWWRDURSH RSSRVLWH WKH GRRU UHYHDOV D ODUJH ZLQGRZ IRUW\ IHHW DERYH
 ,IWKHSDUW\IDLOVWRILQGDQ\ZD\DFURVVWKH\KDYHQR WKHJURXQG7KHZDOOVDUHRWKHUZLVHIHDWXUHOHVVEODFNVWRQH
FKRLFH EXW WR UHWXUQ WR 8UUDNEHN 7KH GZDUYHV VHQG D :KHQWKHFKDUDFWHUVNQRFNRQWKHGRRURUDWWHPSWWRRSHQ
WHDP WKH QH[W GD\ WR EXLOG D WHPSRUDU\ EULGJH IRU WKH LWSURFHHGZLWKWKHIROORZLQJ
FKDUDFWHUVH[SODLQLQJWKDWWKHFOHULFVRI-RUDP\JHQHUDOO\ 
PDLQWDLQWKHWUDLO 7KHGRRUVRSHQRXWZDUGVHHPLQJO\ZLWKRXWHIIRUWGHVSLWHWKHLUVL]H
 $JUD\UREHGSULHVWVWDQGVLQWKHKDOOZD\EHIRUH\RXSHHULQJDW\RX
 H[SHFWDQWO\ 7KH FRUULGRU EH\RQG LV XQDGRUQHG ZLWK WZR SODLQ
ZRRGHQGRRUVVHWRSSRVLWHHDFKRWKHU
(1&2817(57+((<( 
:LWKWKHJRUJHEHKLQG\RXWKHWULSWRWKH(\HFDQFRQWLQXH$V\RX 7KH DFRO\WH LV ZDLWLQJ IRU WKH FKDUDFWHUV WR JLYH KRQRU WR
PHDQGHU XS DQG GRZQ WKH VWHHS VORSHV RI WKH +HOOIXUQDFHV WKH -RUDP\ DV KH LV DFFXVWRPHG WR UHFHLYLQJ SLOJULPV WR WKLV
WHPSHUDWXUHULVHVQRWLFHDEO\<RXUFORWKLQJDQGDUPRUZKLOHVWLOO KRO\SODFHDQGQRVXFKSLOJULPVKDYHDUULYHGLQWZRZHHNV
WROHUDEOHDUHVRRQZHWZLWKVZHDWDQG\RXILQG\RXUVHOIEHFRPLQJ +H ZDLWV LQ XQFRPIRUWDEOH VLOHQFH XQWLO VRPHRQH VSHDNV
$Q\RQH WKDW PDNHV D VXFFHVVIXO .QRZOHGJH UHOLJLRQ

7KH)LUHVRI7UXWK  3DJH
FKHFN'&UHDOL]HVZKDWWKHDFRO\WHH[SHFWV7KRVHWKDW
DUHDFWXDOO\FOHULFVRI-RUDP\HYHQNQRZWKHVSHFLILFSKUDVH
WKDWLVH[SHFWHG|+RQRUWRWKH/DG\RI4XDUUHOVZKRVHSDVVLRQ
EXUQVDVWKHILUHVRIWKH2HUWK},IWKHILUVWSHUVRQWRVSHDNGRHV
QRW RIIHU SUDLVH WR -RUDP\ WKH DFRO\WH UHDFWV ZLWK ERWK
FRQIXVLRQDQGLQGLJQDWLRQDOWKRXJKKHLVUHDOO\VRPHZKDW
WLPLG $IWHU D IHZ PLQXWHV RI DZNZDUG FRQYHUVDWLRQ KH
DVNVWKHFKDUDFWHUVWRHQWHUWKHWHPSOHDQGZDLWLQWKHIR\HU
ZKLOHKHJRHVWRJHWDVXSHULRUDQGWKHQGLVDSSHDUVLQWRWKH
OHIWKDQGGRRUZD\RIWKHIR\HU
 ,I RQ WKH RWKHU KDQG WKH FKDUDFWHUV JLYH KRQRU WR
-RUDP\ WKH DFRO\WH ZHOFRPHV WKHP WR WKLV KRO\ VLWH DQG
LQYLWHV WKHP WR HQWHU WKH VDQFWXDU\ WR SD\ KRPDJH,IWKLV
RFFXUVUHDGWKHGHVFULSWLRQRIWKHVDQFWXDU\DQGDOORZWKH
FKDUDFWHUVWKHRSSRUWXQLW\WRH[SORUHDOWKRXJKWKHDFRO\WH
SUHYHQWVWKHPIURPHQWHULQJHLWKHUGRRUWRWKHVLGHURRPV
:KHQ WKH FKDUDFWHUV HYHQWXDOO\ DVN DERXW WKH PXUGHUV RU
WKH LQVHFWRLGV WKH DFRO\WH VWDWHV WKDW KH FDQQRW FRPPHQW
RQ VXFK PDWWHUV DQG H[FXVHV KLPVHOI WR IHWFK KLV VXSHULRU
GLHG PXVW KDYH EHHQ RXW RI IDYRU ZLWK -RUDP\ $QRWKHU
UREHGILJXUHDSSHDUVDV0D\GDDUJXHVZLWKWKHFKDUDFWHUV

7KHOHIWIR\HUGRRURSHQV\HWDJDLQDQGDQRWKHUUREHGIHPDOHVWHSV
LQWRWKHKDOOZD\7KLVZRPDQZHDUVDUREHRISXUHZKLWHOLQHG
ZLWK JROGHQ \HOORZ DQG ILHU\ UHG 6KH FDUULHV D EURQ]HZRRG VWDII
ZLWK EUDVV ELQGLQJV /RQJ UHG KDLU IORZV GRZQ DOPRVW WR KHU
ZDLVWFRQWUDVWLQJVWULNLQJO\ZLWKKHUSDOHZKLWHVNLQ7KHDFRO\WH
QRWLFLQJWKLVQHZFRPHUILUVWERZVGHHSO\DQGEDFNVDZD\WRZDUG
WKHZDOO$VWKHDUJXPHQWDWLYHFOHULFVHHVWKLVEHKDYLRUVKHWXUQVD
TXL]]LFDOORRNRQKHUIDFHDQGTXLFNO\ERZVXSRQVHHLQJWKHZKLWH
UREHGILJXUH
 |0\ /DG\ :H GLG QRW NQRZ \RX KDG FRPH GRZQw} 6KH
VKRRWVDTXLFNDQJHUHGORRNDWWKHDFRO\WHEHIRUHFRQWLQXLQJ|7KHVH
WUDYHOHUVKDYHFRPHDWWKHEHKHVWRIWKHGZDUYHVWRw}
 |,NQRZZK\WKH\DUHKHUH0D\GD-RUDP\KDVUHYHDOHGWKLV
WRPH}
 |2IFRXUVH,GLGQWPHDQWRLPSO\w}
 |(QRXJK,GRQRWKDYHWLPHIRUJURYHOLQJ}:LWKWKHVHZRUGV
DVDERYH
 FRQWLQXHV|(YHQWVRIJUHDWLPSRUWDQFHDUHRFFXUULQJ(YHQDVZH
'HVFULSWLRQRIWKH)R\HUDQG6DQFWXDU\
 LIZHDUHWREHSUHSDUHG3URYLGHWKHVHSHRSOHZLWKIRRGDQGDSODFH
7KHZDOOVRIWKLVWHPSOHDUHPDGHRIDVPRRWKJUD\VWRQHILWWLQJ
WRJHWKHUVRZHOOWKDW\RXFDQRQO\PDNHRXWLQGLYLGXDOEORFNVDIWHU
FORVHLQVSHFWLRQ7KHIR\HUUHDOO\DORQJKDOOZD\LVXQDGRUQHGDQG
QHDUIHDWXUHOHVVH[FHSWIRUWZRRDNHQGRRUVRQHLQWKHFHQWHURIHDFK
ZDOO 7KH KDOO ZKLFK LV URXJKO\ ILYHIHHWZLGHH[WHQGVIRUDERXW
WZHQW\IHHWEHIRUHRSHQLQJLQWRDPXFKODUJHUDUHDZKLFKPXVWEH
WKHPDLQVDQFWXDU\RIWKHWHPSOH
 7KH VDQFWXDU\ ZDOOVDUHVLPLODUO\XQDGRUQHGEXWWKHURRP
GRHVFRQWDLQDQXPEHURIFKDLUVDQGEHQFKHVDUUDQJHGLQDSHUIHFW
VHPLFLUFOH,QWKHFHQWHURIWKHIDUZDOOVWDQGVDWZHQW\IRRWVWDWXH
RI D QRQGHVFULSW ZRPDQ ZLWK ILHU\ KDLU DQG RQH ILVW UDLVHG
REYLRXVO\DGHSLFWLRQRI-RUDP\2WKHUWKDQWKHVWDWXHDQGVHDWLQJ
WKLVURRPLVHPSW\DQGLVOLNHO\WKHPRVWDXVWHUHWHPSOHFKDPEHU
\RXKDYHHYHUVHHQ
 $V\RXDUHLQVSHFWLQJWKHDUHDWKHOHIWKDQGGRRUZD\LQWKH
IR\HU RSHQV DQG WKH DFRO\WH \RX VSRNH ZLWK HDUOLHU DSSHDUV WKLV
WLPHIROORZHGE\DWDOOHOGHUO\ZRPDQLQILHU\UHGUREHV8QOLNH
WKHDFRO\WHZKRZDONVZLWKDQDOPRVWWLPLGJDLWVKHZDONVZLWK
DQDLURIFRQILGHQFHKHUJUD\LQJKDLUERXQFLQJDVVKHDSSURDFKHV
 FXUUHQWO\ GLVWUDFWHG IURP WKLV HQGHDYRU DV VKH DWWHPSWV WR
7KLVLV0D\GDKHDGRIWKHDFRO\WHVFXUUHQWO\RQGXW\6KH
DORQJZLWKWKUHHRWKHUFOHULFVKDQGOHVWKHGD\WRGD\DIIDLUV
E\PDQDJLQJWKHDFRO\WHVDQGVWDIIRIWKHWHPSOH7KHKLJK
SULHVWHVV DQG KHU WZR SHUVRQDO DVVLVWDQWV KDQGOH VSLULWXDO
DQGUHOLJLRXVPDWWHUV0D\GDKDVZRUNHGDWWKHWHPSOHIRU
RYHU\HDUVDQGLVERWKSURXGRIKHUORQJKLVWRU\ZLWKWKH
JUHDWHVW WHPSOH RI -RUDP\ LQ WKH )ODQDHVV DQG LUULWDWHG E\
WKH IDFW WKDW VKH KDV VWLOO QRW EHHQ FKRVHQWRKDQGOHPRUH
LPSRUWDQWPDWWHUV6KHVHHVWKHFKDUDFWHUVDVWURXEOHPDNHUV
DQGWUHDWVWKHPDVVXFK1RER[HGWH[WLVSURYLGHGIRUKHU
FRQYHUVDWLRQEXWVKHEDVLFDOO\DUJXHVDJDLQVWDQ\WKLQJWKH
FKDUDFWHUV UHTXHVW 6KH EHOLHYHV WKHP WR EH XQZRUWK\ RI
VWDQGLQJ LQ WKLV PRVW KRO\ SODFH HYHQ WKRVH ZKR IROORZ
-RUDP\ DQG H[SHFWV WKDW WKH FOHULFV FDQ KDQGOH WKHLU RZQ
SUREOHPV 6KH FDUHV OLWWOH IRU HLWKHU WKH GZDUYHV RI
8UUDNEHNRUWKHIRONRIWKH/HDJXHVWDWLQJWKDWWKRVHZKR
7KH)LUHVRI7UXWK
\RX VHH 0D\GD ZLQFH DOPRVW DV LI LQ SDLQ EHIRUH WKH QHZFRPHU
VSHDNWKHYHU\HDUWKJLYHVZLWQHVVWRWKLVDQGZHKDYHPXFKWRGR
WR VOHHS 7HOO WKHP ZKDW , KDYH VHHQ RI /HYLQ DQG SURYLGH WKHP
ZLWKVDFUHGRLOIRUWKHLUWULSWRPRUURZ}
 6KHWKHQWXUQVKHUDWWHQWLRQWR\RXKHUH\HVEXUQLQJZLWKDQ
LQWHQVLW\KRWWHUWKDQWKHVZLUOLQJODYDRXWVLGH|<RXZLOOVWD\ZLWK
XV WRQLJKW WKH DFRO\WHVZLOOFDUHIRU\RXUQHHGV,QWKHPRUQLQJ
\RXZLOODVFHQGWKH6KLHOGRI-RUDP\DQGUHWXUQRXUPLVVLQJSULHVW
WRXV7KHVDFUHGRLOZLOOSURWHFW\RXIURP-RUDP\VZUDWKIXOILUHV}
 $SSDUHQWO\ ILQLVKHG ZLWK \RX VKH WXUQV WR WKH DFRO\WH ZKR
VWLOOERZV|'RUULQLIWKH\KDYHQHHGVEH\RQG\RXUPHDQV,ZLOO
DWWHQG WKHP LQ WKH PRUQLQJ*RDQGWHOOWKHRWKHUVWRSUHSDUHD
PHDO} $V VKH WXUQV EDFN WRZDUG WKH GRRU VKH PDNHV D ILQDO
VWDWHPHQW |0D\GD ZKHQ \RX KDYH WROG WKHVH SHRSOH ZKDW WKH\
UHTXLUHJDWKHU\RXUSHHUVDQGFRPHWRP\VDQFWXP:LWK/HYLQ
PLVVLQJZHZLOOEHLQQHHGRI\RXUDVVLVWDQFH}:LWKWKDWVKHVWHSV
EDFNWKURXJKWKHGRRUHYHQDV0D\GDUHSOLHV|<HVP\/DG\,ZLOO
PDNHDOOKDVWH}

7KLVLV$OH[DQGULD+LJK3ULHVWHVVRI-RUDP\6KHKDVXVHG
KHU GLYLQH SRZHUV WR VHHN RXW WKH PLVVLQJ SULHVW EXW LV
XQGHUVWDQG WKH FDXVH RI WKH YLROHQW HDUWKTXDNH WKDW
UHFHQWO\ VKRRN WKH UHJLRQ WKH VDPH WUHPRU WKDW FROODSVHG
WKH EULGJH LQ IURQW RI WKH FKDUDFWHUV 6KH NQRZV WKDW WKH
TXDNH ZDV QRW QDWXUDO EXW FDQQRWDVFHUWDLQLWVRULJLQ6KH
KDV QR WLPH WR VSHDN ZLWK WKH FKDUDFWHUV EXW 0D\GD QRZ
JUXGJLQJO\VKDUHVWKHIROORZLQJLQIRUPDWLRQ

$ERXWWKH|LQVHFW}FUHDWXUHV

|:H KDYH UHFHQWO\ EHHQ SODJXHG E\ D JURXS RI EXUURZLQJ
LQVHFWRLGFUHDWXUHVWKDWKDYHWDNHQXSUHVLGHQFHLQWKHYROFDQR
,QWKHSDVWIHZPRQWKVVHYHUDOODYDIORZVWKDWIHHGWKH(\HKDYH
EHHQEORFNHGRUGLYHUWHGIURPWKHLUFRXUVHDQGRXULQYHVWLJDWLRQV
DOZD\V ILQG WKRVH EXJV QHDUE\ GLJJLQJ WXQQHOV DQG ZKDW
DSSHDUHG WR EH QHVWLQJ FKDPEHUV :H WULHG YDULRXV PHWKRGV WR
GULYH WKH FUHDWXUHV DZD\ WKH\ VHHP SDUWLFXODUO\ DIUDLG RI ILUH
+RZHYHUWKH\VLPSO\EXUURZIXUWKHULQWRWKHYROFDQREORFNLQJ
WKHSDVVDJHVEHKLQGWKHPWRKDOWXV7KUHHZHHNVDJR/HYLQRQH
 3DJH
RI$OH[DQGULDVSHUVRQDODVVLVWDQWVDQGDKHDGVWURQJIRROLI\RX KHUVHOIWRDVVLVW$OH[DQGULD$FRO\WHVOHDGWKHSDUW\WKURXJK
DVNPHWKDWKDGEHHQSDUWLFXODUO\EUXWDOLQKLVHIIRUWVWRULGWKH WKHOHIWKDQGIR\HUGRRUZD\DQGXSDIOLJKWRIVWDLUVLQWRD
UHJLRQRIWKH|SHVWV}GLVDSSHDUHG ODUJH FRPPRQ URRP %HGUROOV KDYH EHHQ ODLG RXW IRU HDFK
 )HDULQJ WKDW WKH PRQVWHUV KDG ILQDOO\ NLOOHG RQH RI RXU FKDUDFWHUDQGDODUJHWDEOHLVVHWZLWKIRRGDQGGULQN7KH
RZQ $OH[DQGULD VRXJKW -RUDP\V DLG WR ORFDWH KLP +HU DFRO\WHV KDYH QR WLPH IRU WDON DV WKH\ EXV\ WKHPVHOYHV
GLYLQDWLRQVGHWHUPLQHGWKDWKHZDVVWLOODOLYHVRPHZKHUHGHHS SUHSDULQJ WKH WHPSOH IRU PRUQLQJ ZRUVKLS 'RUULQ
ZLWKLQ WKH YROFDQR DSSDUHQWO\ WUDSSHG LQ VRPH FKDPEHU DQG KRZHYHU GRHV DSSURDFK WKH SDUW\ DV WKH\ UHWLUH IRU WKH
TXLWH PDG 0DJLFDO SURWHFWLRQV FDVW DURXQG WKH FKDPEHU QLJKW DVNLQJ LI WKH\ KDYH DQ\ VSHFLILF QHHGV EHIRUH WKH\
SUHYHQWHG KHU IURP VHHLQJ PRUH DQG UHFHQW HYHQWV KDYH OHDYHLQWKHPRUQLQJ
SUHYHQWHGKHUIURPIXUWKHULQYHVWLJDWLRQ:HWKLQNWKHEXJVDUH  7KH WHPSOH GRHV QRW JLYH RU VHOO WKH SDUW\ DQ\ LWHPV
OLNHO\WDNLQJSULVRQHUVWRXVHDVDVRXUFHRIIRRG} RWKHUWKDQWKHVDFUHGRLOWKH\KDYHDOUHDG\EHHQJLYHQEXW
 WKH SULHVWV DUH ZLOOLQJ WR XWLOL]H WKHLU GLYLQH SRZHUV WR DLG
7KH FUHDWXUHV KDYH QHYHU DWWDFNHG DQ\ FOHULF EXW 0D\GD WKHSDUW\&KDUDFWHUFOHULFVPD\UHTXHVWDQ\VSHOOWKH\FDQ
GRHVQRWPHQWLRQWKLVXQOHVVVSHFLILFDOO\DVNHG FDVWDOWKRXJKWKHFOHULFVRI-RUDP\RQO\KDYHDFFHVVWRWKH
 GRPDLQVSHOOVRI)LUH'HVWUXFWLRQDQG:DU$Q\FKDUDFWHU
$ERXWWKH6KLHOGRI-RUDP\ FDQPDNHD.QRZOHGJHUHOLJLRQFKHFN'&WRWKLQNRI
 XVHIXO  RU VWOHYHO VSHOOV (DFK SRLQW DERYH  JUDQWV
|7KH 6KLHOG RI -RUDP\ LV WKHGULHGPDJPDVORSHOHDGLQJWRWKH NQRZOHGJHRIDQRWKHUOHYHORIVSHOOV
WRSRIWKHPRXQWDLQ$WWKHWRSDUHVHYHUDOFDYHVOHDGLQJLQWRWKH  &UHDWXUHV7KHDFRO\WHLV'RUULQD\RXQJ<HRPDQRI
YROFDQR 7KH WXQQHOV DUH PRVWO\ QDWXUDO EXW VHYHUDO FDUYHG FRPPRQELUWKZKRKDVUHFHQWO\FRPHWRWKHWHPSOHDIWHU
WXQQHOVQRZOHDGWRODUJHZDUUHQVZKHUHPRUHWKDQDGR]HQRI SURYLQJKLPVHOIWRWKH6LVWHUVRI-RUDP\DWWKH&KXUFKRI
WKRVHEXUURZLQJFUHDWXUHVOLYH} WKH 6HYHQ )DLWKV LQ +DUGZLFN +H LV KRQRUHG WR EH
 VHUYLQJ DW VR KRO\ D SODFH EXW LV VWLOO EHFRPLQJ
,IDVNHGDERXWJHQHUDOGDQJHUVLQWKHDUHD DFFXVWRPHG WR WKH ZD\V RI WKLV WHPSOH ZKLFK DUH YHU\
 GLIIHUHQW IURP WKH EXVWOLQJ RSHQ WHPSOH RI KLV
|2EYLRXVO\WKHODYDIORZVDUHGDQJHURXVWRDOOEXWWKRVHSURWHFWHG KRPHWRZQ 'RUULQ LV RI PHGLXP KHLJKW DQG EXLOG ZLWK
E\WKHGLYLQHIDYRURI-RUDP\,QDGGLWLRQILUHQHZWVDQGIODPH GDUNKDLUDQGEOXHH\HV
VDODPDQGHUV DUH NQRZQ WR SODJXH WKLV DUHD DWWDFNLQJ VPDOO 
JURXSV RU WKRVH FDXJKW RXWVLGH DW QLJKW ,W ZRXOG EH IRROLVK WR 'RUULQ0DOHKXPDQ&OU
VOHHSRXWVLGHWKHVHZDOOV} 
 0D\GDFDPHWRWKHWHPSOH\HDUVDJRDVDSURPLVLQJ\RXQJ
,I IXUWKHU SUHVVHG DERXW GDQJHUV RU DVNHG VSHFLILFDOO\ DERXW DFRO\WH +RZHYHU VKH QHYHU SURYHG KHUVHOI FDSDEOH LQ
GDQJHUVRIFOLPELQJWKH6KLHOGVKHFRQWLQXHV FKDOOHQJH GHEDWHV DQG VKRZHG OLWWOH ZLVGRP LQ RWKHU
 DIIDLUV RI WKH FKXUFK DQG VR KHU FDUHHU VWDJQDWHG 6KH LV
|7KH6KLHOGLWVHOISUHVHQWVVRPHGDQJHU$V\RXDVFHQG\RXPXVW SDUWLFXODUO\ ELWWHU WKDW D |FKLOG}VXFKDV$OH[DQGULDLVWKH
FDUHIXOO\ DYRLG WKLQ VSRWV WKDW FROODSVH LQWR SLWV DQG VOLGLQJ +LJK3ULHVWHVV
VHFWLRQVWKDWPLJKWVHQG\RXWXPEOLQJEDFNGRZQWKHVORSH} 

,IDVNHGDERXWWKHVDFUHGRLO 0D\GD)HPDOHKXPDQ&OU
 
0D\GD VPLOHV ZU\O\ |<HV , KDG DOPRVW IRUJRWWHQ 3OHDVH ZDLW 2IDOOWKHFOHULFVRI-RUDP\LQWKH)ODQDHVV$OH[DQGULDLV
KHUH} 6KH GLVDSSHDUV WKURXJK WKH ULJKWKDQG GRRU RI WKH IR\HU FXUUHQWO\ WKH PRVW UHVSHFWHG DQG ZHOO NQRZQ 6KH LV
DQGVRRQUHDSSHDUVZLWKVHYHUDOVPDOOYLDOV(DFKRQHDSSHDUVWR \RXQJ IRU KHU SRVLWLRQ RQO\ LQ KHU IRUWLHV EXW VKH KDV
EHILOOHGZLWKDUHGGLVKRLO\OLTXLGWKDWVKLPPHUVLQWKHOLJKW VKRZQ KHUVHOI WR EH SDUWLFXODUO\ EOHVVHG E\ -RUDP\ 6KH
6KHSDVVHVRQHYLDOWRHDFKRI\RXDVVKHH[SODLQVWKHLUIXQFWLRQ URVH TXLFNO\ WKURXJK WKH UDQNV RI WKH WHPSOH RULJLQDOO\
|7KH VDFUHG RLO LV SUHSDUHGE\WKHVHUYDQWVRIWKHKLJKSULHVWHVV VHUYLQJDVDQDFRO\WHXQGHU0D\GD6KHOHIWWKHWHPSOHIRU
/HYLQ DQG 0DHYH :KHQ \RX WRXFK WKH RLO LW ZLOO VSUHDG RYHU VRPH WLPH WR H[SORUH WKH )ODQDHVV YHQWXULQJ LQWR WKH
\RXU HQWLUH ERG\ SURWHFWLQJ \RX IURP WKH KRWWHVW RI IODPHV RU KHDUW RI WKH +HOOIXUQDFHV DQG VRPH VD\ HYHQ ZDONLQJ
PDJPD,WLVRQO\XVHGIRUKRO\VHUYLFHVRIGHGLFDWLRQWR-RUDP\ DPRQJ WKH IDURII LVOHV NQRZQ DV WKH )LUHODQGV LQ VHDUFK
<RXDUHLQGHHGFKRVHQE\WKHJRGGHVVLI$OH[DQGULDEHOLHYHV\RX RI WKH VHFUHWV RI KHU JRGGHVV  :LWK WKH GHDWK RI WKH
DUH ZRUWK\ WR UHFHLYH WKH RLO , ZRXOG DVN KRZHYHU WKDW \RX IRUPHU KLJK SULHVW GXH WR ROG DJH $OH[DQGULD SHWLWLRQHG
UHWXUQDQ\XQXVHGSRUWLRQVWRWKHWHPSOH} IRU OHDGHUVKLS RI WKH IDLWK DQG ZRQ DIWHU ILHUFH
 FRPSHWLWLRQDQGGHEDWH6KHLVRI2HULGLDQGHFHQWEHLQJ
0D\GDJLYHVHDFKFKDUDFWHUDYLDORI|VDFUHGRLO}DSRWLRQRI RULJLQDOO\ IURP .HRODQG ZLWK SDOH ZKLWH VNLQ DQG ILHU\
SURWHFWLRQ IURP HOHPHQWV ILUH FDVW DW WK OHYHO 7KH YLDO UHG KDLU 7KRXJK JHQHUDOO\ WRWKHSRLQW LQ KHU GHDOLQJV
FRQWDLQVDQRLO\VXEVWDQFHWKDWVSUHDGVRXWDOPRVWDPRHED ZLWK RXWVLGHUV VKH LV DFWXDOO\ TXLWH ZDUPKHDUWHG WR KHU
OLNH WR FRDW D SHUVRQV HQWLUH ERG\ LQ D VKLPPHULQJ ILOP IHOORZ FOHULFV 0DQ\ VD\ VKH LV WKH YHU\ HPERGLPHQW RI
7KHSURWHFWLRQODVWVIRUPLQXWHVRUXQWLOWKHPDJLFKDV KHUJRGGHVV
DEVRUEHGSRLQWVRIILUHGDPDJH 
 :KHQWKHFKDUDFWHUVILQLVKDVNLQJ0D\GDTXHVWLRQVRU $OH[DQGULD)HPDOHKXPDQ&OU
H[KDXVWWKHSRVVLEOHWRSLFVRIFRQYHUVDWLRQ0D\GDH[FXVHV 

7KH)LUHVRI7UXWK  3DJH
7UHDVXUH 1RQH 7KH YLDOV RI VDFUHG RLO PXVW EH UHWXUQHG
WR WKH WHPSOH LI QRW XVHG )DLOXUH WR GR VR LV FRQVLGHUHG
VWHDOLQJ DQG VKRXOG EH GHDOW ZLWK DV VXFK DFFRUGLQJ WR
VWDQGDUG/LYLQJ*UH\KDZNUXOHV
 'HYHORSPHQW,IWKHFKDUDFWHUVDUHIRROLVKHQRXJKWR
EHFRPH YLROHQW ZLWKLQ WKH WHPSOH $OH[DQGULD LV PRUH
WKDQ FDSDEOH RI GHDOLQJ RXW ODUJH DPRXQWV RI GDPDJH LQ
JD]H XS WKH EODFNHQHG PHOWHG VXUIDFH RI WKH YROFDQR /XFNLO\ QR
ODYDIORZVVHHPWRHUXSWWKLVIDUXSWKHVORSH7KHUHLVKRZHYHUQR
DSSDUHQW SDWK XSZDUG 2WKHU WKDQ D IHZ VPDOO ERXOGHUV ZKLFK
VHHP WR KDYH PHOWHG LQWR WKH PRXQWDLQVLGH DQG YDULRXV FUDFNV
DQGFUHYLFHVWKHVORSHLVEDUUHQ

7DFWLFV/XFNLO\ WKH YDOOH\ LV VRPHZKDW FRROHU GXULQJ WKH
YHU\ VKRUW RUGHU 7KH RWKHU FOHULFV XWLOL]H HQGXUHHOHPHQWV PRUQLQJ KRXUV RQO\  +RZHYHU LI WKH FKDUDFWHUV
ILUH RU UHVLVW HOHPHQWV ILUH WR SURWHFW WKHPVHOYHV ZKLOH WDNHPRUHWKDQIRXUKRXUVWRVFDOHWKHVORSHWKH\DUHDJDLQ
$OH[DQGULD LQXQGDWHV WKH DUHD ZLWK ILUHVWRUP IODPH VWULNH VXEMHFWWRWKH)RUWLWXGHFKHFNVGHVFULEHGLQ(QFRXQWHUDV
DQGILUHVHHGVSHOOV$Q\FKDUDFWHUVWKDWVXUYLYHWKLVDWWDFN WKH WHPSHUDWXUH ULVHV DERYH  6FDOLQJ WKH VORSH ZKLOH
DUHH[SHOOHGIURPWKHWHPSOHDQGPXVWVSHQGWKHQLJKWLQ WLULQJ LV QRW SDUWLFXODUO\ GLIILFXOW &OLPE FKHFN '& 
WKH +HOOIXUQDFHV 7KH ILUHQHZW PDUDXGHUV IURP FKDUDFWHUV PD\ |WDNH } RQ WKLV FKHFN GXH WR WKH
(QFRXQWHU  DWWDFN WKHP GXULQJ WKH QLJKW :KLOH WKH QXPHURXV KDQG DQG IRRWKROGV SURYLGHG E\ WKH FUDFNHG
DGYHQWXUHPD\QRWEHDFRPSOHWHIDLOXUHDWWKLVSRLQWWKH VXUIDFH$FKDUDFWHUXVLQJDURSHWKDWKDVRUPRUHUDQNVLQ
SDUW\ LV YHU\ XQOLNHO\ WR VXUYLYH WKLV VLWXDWLRQ LQ JRRG WKH8VH5RSHVNLOORUDFKDUDFWHUXVLQJDFOLPELQJNLWJDLQV
HQRXJKVKDSHWRIDFHWKHILQDOHQFRXQWHU DERQXVWRWKLVFKHFNWKHVHERQXVHVVWDFN$FKDUDFWHU
 ,I D FKDUDFWHU FKRRVHV WR LQYHVWLJDWH WKH VDFUHG RLO
DQG DFWXDOO\ WRXFKHV WKH VXEVWDQFH WKH SRWLRQ
LPPHGLDWHO\ WDNHV HIIHFW 0D\GD LV QRW SOHDVHG WKDW WKH
FKDUDFWHU KDV ZDVWHG WKLV KRO\ VXEVWDQFH DQG WKH
FKDUDFWHULVQRWJLYHQDQRWKHUYLDO
ZLWKWKH8VH5RSHVNLOOPD\DOVRPDNHDFKHFN'&WR
JUDQW DQRWKHU FOLPEHU D  ERQXV 7KH VORSH ULVHV DOPRVW
 IHHW WR WKH VXPPLW RI WKH YROFDQR DQG LW WDNHV DQ
DYHUDJHSDUW\DERXWDQKRXUWRFOLPEVWUDLJKWXSWKHVORSH
PLQXWHVDWDEDVHPRYHRIPLQXWHVDWDEDVHPRYH
 $FRO\WHVDUHSUHVHQWLQHYHU\FKDPEHURIWKHWHPSOH RIDQGPLQXWHVDWDEDVHPRYHRI:LWKWKHSDUW\
DQGWKHFKDUDFWHUVDUHQRWDOORZHGWRPRYHIUHHO\ZLWKLQ PRYLQJ DW D QRUPDO FOLPELQJ UDWH KDOI PRYHPHQW HDFK
WKHEXLOGLQJH[FHSWWRUHWXUQWRWKHVDQFWXDU\RUIR\HU FKDUDFWHU PXVW PDNH  VXFFHVVIXO FKHFNV WR FOLPE WR WKH
 WRSRQFHHYHU\IHHW&OLPELQJDWDIDVWHUSDFHLQFXUVD
 z SHQDOW\ WR WKH &OLPE FKHFN DQG WKH FKDUDFWHU PXVW
PDNHVXFFHVVIXOFKHFNVWRUHDFKWKHVXPPLWRQFHHYHU\
(1&2817(57+(6+,(/'  IHHW $ IDLOHG &OLPE FKHFN PHDQV WKDW WKH FKDUDFWHU
'RUULQ ZDNHV \RX HDUO\ DV WKH RWKHU DFRO\WHV ULVH WR DWWHQG PDNHV QR SURJUHVV DQG D FKHFN WKDW IDLOV E\  RU PRUH
PRUQLQJZRUVKLS<RXDUHSURYLGHGDKHDUW\EUHDNIDVWRIYHJHWDEOH PHDQV WKDW WKH FKDUDFWHU IDOOV $ IDOOLQJ FKDUDFWHU FDQ
EHHIVWHZDQGELVFXLWVDOWKRXJK\RXHDWDORQHDVWKHFOHULFVJDWKHU DWWHPSWWRFDWFKKLPVHOIZLWKDVXFFHVVIXO&OLPEFKHFN'&
LQ WKH VDQFWXDU\ WR KRQRU WKHLU JRGGHVV \RX DUH REYLRXVO\ QRW  (DFK IDLOHG FKHFN WR VWRS IDOOLQJ UHVXOWV LQ D ORVV RI
LQYLWHG 'RUULQ VRRQ UHWXUQV WR VHH WR DQ\ ILQDO QHHGV \RX PD\ JURXQG EDVLFDOO\ QHJDWLQJ RQH VXFFHVVIXO &OLPE FKHFN WR
KDYH
 VXEGXDO GDPDJH $ FKDUDFWHU FDQQRW IDOO IXUWKHU WKDQ WKH
7KHDFRO\WHVFDQFDVWDQ\OHYHORUVWOHYHOVSHOOVWKHSDUW\
UHTXHVWV,IWKHFKDUDFWHUVUHTXHVWHGVSHFLILFVSHOOVEH\RQG
WKH DFRO\WHV SRZHU $OH[DQGULD DIWHU SUHSDULQJ DQ\ VSHOOV
VKHSODQVRQJUDQWLQJLVVXPPRQHGWRKHDUWKHDSSHDO6KH
GRHVQRWKRZHYHUDXWRPDWLFDOO\JUDQWVXFKUHTXHVWV,IWKH
SDUW\ DSSHDUV WR EH VLPSO\ VHHNLQJ VHOILVK JDLQ VKH IODWO\
UHIXVHV 6KH LV DOVR XQLQWHUHVWHG LQ WKH DUELWUDU\ FDXVH RI
|*RRG} DQG FDQQRW EH VZD\HG E\ DUJXPHQWV RI
ULJKWHRXVQHVV VDQFWLW\ RU FUXVDGLQJ DJDLQVW HYLO 7KRVH
UHTXHVWV WKDW SURYH GLUHFWO\ UHOHYDQW WR UHWULHYLQJ WKH
PLVVLQJ SULHVW DUH PRVW OLNHO\ WR EH JUDQWHG5HTXHVWVRID
WDQJHQWLDOO\ EHQHILFLDO QDWXUH VXFK DV UHVWRULQJ D OHYHO RU
DELOLW\ORVVIURPWKHSDVWWRDLGLQWKHFXUUHQWFDXVHPD\EH
JUDQWHG EXW VKH PLJKW DOVR UHTXLUH WKDW WKH SDUW\
VXFFHVVIXOO\UHWXUQ/HYLQEHIRUHSURYLGLQJVXFKDLG
 $OH[DQGULDQHHGVKHUFRPSOHPHQWRIVSHOOVWRSHUIRUP
GLYLQDWLRQV DQG WKH OLNH VKH GRHV QRW OLJKWO\ H[SHQG KHU
VWUHQJWK RQ WKH FKDUDFWHUV :KHQ DOO UHTXHVWVDUHJUDQWHG
WKHFKDUDFWHUVDUHH[SHFWHGWREHJLQWKHWUHNXSWKH6KLHOG
7KHSULHVWVGRQRWFRPHWRVHHWKHPRII
 FKRNLQJ DQG JDJJLQJ DQG WKH FKDUDFWHU WKDW VHWV RII WKLV
7KHVORSHULVHVDERYH\RXVORZO\FXUYLQJWRZDUGWKHVRXWK7KHVXQ
LVULVLQJWRWKHHDVWFDVWLQJDKXJHVKDGRZDFURVVWKH6KLHOGIURPD
PRXQWDLQ ULVLQJ WR \RXU OHIW 'U\ KRWDLUILOOV\RXUOXQJVDV\RX
7KH)LUHVRI7UXWK
DVFHQGDQGLQIOLFWVGSRLQWVRIGDPDJHKDOIRIZKLFKLV
QXPEHURIVXFFHVVIXO&OLPEFKHFNVKHKDVPDGHWRDVFHQG
7R IDFLOLWDWH WKLV HQFRXQWHU KDYH HDFK FKDUDFWHU PDNH WHQ
FKHFNV EHIRUH WKH VWDUW RI WKH JDPH 5HFRUG WKHVH UROOVRQ
'0$LGDQGVLPSO\UHIHUHQFHLWGXULQJWKHHQFRXQWHULI
WKHFKDUDFWHUVGRQRWHOHFWWR|WDNH}
 +RZHYHU D VWUDLJKW DVFHQW XS WKH VORSH LV GDQJHURXV
DV WKH PRXQWDLQVLGH LV ULGGOHG ZLWK QXPHURXV QDWXUDO
|WUDSV}WKDWWKHSDUW\PXVWWDNHFDUHWRDYRLG6HYHUDOODUJH
QHDULQYLVLEOHSDWFKHVRIORRVHURFNFRYHUHGLQDVKGRWWKH
VORSH0RYLQJWKURXJKVXFKDSDWFKFDQFDXVHDFKDUDFWHUWR
ORRVH IRRWLQJ DQG VOLGH EDFN GRZQ WKH PRXQWDLQ (YHQ
PRUH GDQJHURXV DQG KDUGHU WR VSRW DUH DUHDV RI ZHDNHQHG
PDJPD OD\HUV 6WHSSLQJ LQWR WKH FHQWHU RI VXFK DQ DUHD
FDXVHV WKH OD\HU WR FROODSVH VSLOOLQJDOOZLWKLQIHHWLQWR
MDJJHG SLWV VRPH RI ZKLFK FRQWDLQ VWUHDPV RI UHGKRW
PDJPD $ ILQDO GDQJHU OLHV LQ WKH QXPHURXV SRFNHWV RI
QR[LRXVJDVWUDSSHGEHQHDWKWKHVXUIDFH7KHVHDUHDVDSSHDU
VLPLODU WR WKH ZHDNHQHG PDJPD OD\HUV EXW LQVWHDG RI
GURSSLQJFKDUDFWHUVLQWRDSLWDVPDOOKROHEUHDNVWKURXJK
WKH VXUIDFH LQWR D JDV SRFNHW 7KH QR[LRXV IXPHV FDXVH
|WUDS}PD\JHWDIRRWFDXJKWLQWKHKROH
 ,IWKHFKDUDFWHUVDGYDQFHLQPRVWO\DVWUDLJKWOLQHZLWK
RQH FKDUDFWHU EHKLQG WKH RWKHU RQO\ WKH ILUVW FOLPEHU LV
 3DJH
VXEMHFW WR WKHVH GDQJHUV XQOHVV RI FRXUVH VRPHRQH LV FORXG'&6HDUFK'&$JDVFORXGILOOVDIRRW
IROORZLQJ YHU\ FORVH EHKLQG +RZHYHU SDUWLHV WKDW VSUHDG GLDPHWHU FLUFOH FHQWHUHG RQ WKH FKDUDFWHU &KDUDFWHUV
RXWVSDFLQJFKDUDFWHUVPRUHWKDQIHHWWRWKHOHIWRUULJKW FDXJKW LQ WKH JDV FORXG PXVW PDNH D )RUWLWXGH VDYLQJ
RIRQHDQRWKHUULVNVHWWLQJRIIPXOWLSOHWUDSV$VVLJQHDFK WKURZ HDFK URXQG '&   SHU SUHYLRXV FKHFN RU
FKDUDFWHU WR D SDWK IURP '0 $LG  &KDUDFWHUV WUDYHOLQJ VSHQGWKDWURXQGFKRNLQJDQGFRXJKLQJFKRNLQJIRUWZR
RQH EHKLQG WKH RWKHU XVH WKH VDPH SDWK &KDUDFWHUV FRQVHFXWLYHURXQGVFDXVHVGSRLQWVRIVXEGXDOGDPDJH
VHDUFKLQJ IRU WUDSV RU KD]DUGV DV LQGLFDWHG LQ WKH 7UDSV &KDUDFWHUVWKDWDYRLGJHWWLQJDIRRWFDXJKWPD\FOLPERXW
VHFWLRQRIWKLVHQFRXQWHUPD\EHDEOHWRORFDWHWKHVHDUHDV RIWKHFORXGLIQRWFKRNLQJ$IWHUGURXQGVWKHJDVLV
EHIRUHVHWWLQJRIIWKHWUDS7KHVHKD]DUGVKRZHYHUDUHQRW GLVSHUVHGE\WKHZLQG
DFWXDO WUDSV DQG VR FDQQRW EH GLVDUPHG 7KH SDUW\ PXVW 
VLPSO\JRDURXQGWKHP6HDUFKLQJZKLOHFOLPELQJDGGVRQH $3/(/
KRXUWRWKHWLPHQHFHVVDU\WRPDNHWKHDVFHQW7DNLQJRQ
WKH6HDUFKFKHFNWDNHVKRXUVSHU&OLPEFKHFNIRUDWRWDO 6OLGLQJ 5RFN 3DWFK &5  &OLPE FKHFN '&  RU
RIKRXUVLIWKHSDUW\WDNHVRQDOO6HDUFKFKHFNVDQG EHJLQIDOOLQJDVGHVFULEHGLQWKHWDFWLFVVHFWLRQ5HIVDYH
FDQQRW EH DWWHPSWHG LI WKH SDUW\ PRYHV DW PRUH WKDQ D DYRLGV'&6HDUFK'&
QRUPDOFOLPELQJUDWH 
 7UDS'ZDUYHVFDQXVHWKHLU6HDUFKVNLOOWRORFDWHWKH &ROODSVLQJ0DJPD/D\HU)W'HHS&5QRDWWDFN
QDWXUDOKD]DUGVRIWKLVVORSHMXVWOLNHURJXHVFDQDFWXDOO\ UROO QHFHVVDU\ G SOXV G RI ILUH GDPDJH  PHOHH
JDLQLQJ D  ERQXV GXH WR WKHLU VWRQHFXQQLQJ DELOLW\ ,Q G VSLNHV IRU G SRLQWV RI GDPDJH SHU VXFFHVVIXO
DGGLWLRQ FKDUDFWHUV ZLWK DFWXDO UDQNV LQ WKH :LOGHUQHVV KLW 5HIOH[ VDYH '&  DYRLGV 6HDUFK '&  )LUH
/RUHVNLOOJDLQDV\QHUJ\ERQXVWRWKHLU6HDUFKFKHFNDV GDPDJH FRQWLQXHV IRU G URXQGV DIWHU H[SRVXUH FHDVHV
ZHOO$Q\RQHFDQVHDUFKIRUDWUDSZKHQWKH'&WRILQGLW EXWLVRQO\KDOIRIWKDWGHDOWGXULQJDFWXDOFRQWDFWG
LVRUOHVVZKLFKLQFOXGHVWKHVOLGLQJURFNSDWFKHVDQG *DV 3RFNHW &5  QR DWWDFN UROO QHFHVVDU\ VHH QRWH
DQ\RQHFDQWDNHRQD6HDUFKFKHFN EHORZ 5HI VDYH DYRLGV JHWWLQJ IRRW FDXJKW EXW QRW JDV
 FORXG'&6HDUFK'&$JDVFORXGILOOVDIRRW
$3/(/ GLDPHWHU FLUFOH FHQWHUHG RQ WKH FKDUDFWHU &KDUDFWHUV
FDXJKW LQ WKH JDV FORXG PXVW PDNH D )RUWLWXGH VDYLQJ
6OLGLQJ 5RFN 3DWFK &5  &OLPE FKHFN '&  RU WKURZ HDFK URXQG '&   SHU SUHYLRXV FKHFN RU
EHJLQIDOOLQJDVGHVFULEHGLQWKH7DFWLFVVHFWLRQ5HIVDYH VSHQGWKDWURXQGFKRNLQJDQGFRXJKLQJFKRNLQJIRUWZR
DYRLGV'&6HDUFK'& FRQVHFXWLYHURXQGVFDXVHVGSRLQWVRIVXEGXDOGDPDJH
 $Q\ RSHQ IODPH FDXVHV WKH FORXG WR H[SORGH G SRLQWV
&ROODSVLQJ0DJPD/D\HU)W'HHS&5QRDWWDFN RI ILUH GDPDJH 5HI VDYH '&  IRU KDOI GDPDJH
UROOQHFHVVDU\G5HIVDYHDYRLGV'&6HDUFK'& &KDUDFWHUVWKDWDYRLGJHWWLQJDIRRWFDXJKWPD\FOLPERXW
 RIWKHFORXGLIQRWFKRNLQJ$IWHUGURXQGVWKHJDVLV
 GLVSHUVHGE\WKHZLQG
*DV 3RFNHW &5  QR DWWDFN UROO QHFHVVDU\ VHH QRWH  'HYHORSPHQW$VHDFKFKDUDFWHUUHDFKHVWKHVXPPLW
EHORZ 5HI VDYH DYRLGV JHWWLQJ IRRW FDXJKW EXW QRW JDV EXWEHIRUHORRNLQJRYHUWKHULGJHKHRUVKHPD\KHDUWKH
FORXG'&6HDUFK'&$JDVFORXGILOOVDIRRW GLVWDQWVRXQGVRIEDWWOH/LVWHQFKHFN'&
GLDPHWHU FLUFOH FHQWHUHG RQ WKH FKDUDFWHU &KDUDFWHUV 
FDXJKW LQ WKH JDV FORXG PXVW PDNH D )RUWLWXGH VDYLQJ 
WKURZ HDFK URXQG '&   SHU SUHYLRXV FKHFN RU
VSHQGWKDWURXQGFKRNLQJDQGFRXJKLQJFKRNLQJIRUWZR (1&2817(5:(/&20,1*
FRQVHFXWLYHURXQGVFDXVHVGSRLQWVRIVXEGXDOGDPDJH $V \RX ILQDOO\ SXOO \RXUVHOI RYHU WKH OLS RI WKH YROFDQRV VXPPLW
&KDUDFWHUVWKDWDYRLGJHWWLQJDIRRWFDXJKWPD\FOLPERXW \RX KHDU WKH VRXQGV RI EDWWOH EHORZ \RX $ERXW  IHHW DZD\ D
RIWKHFORXGLIQRWFKRNLQJ$IWHUGURXQGVWKHJDVLV JURXSRIOL]DUGOLNHKXPDQRLGVDUHHQJDJLQJVHYHUDORIWKHLQVHFW
GLVSHUVHGE\WKHZLQG FUHDWXUHV\RXVDZEDFNRQWKHWUDLO6RPHRIWKHKXPDQRLGVULGH
 ODUJH WZROHJJHG VFDO\ PRXQWV WKDW UHPLQG \RX VRPHZKDW RI
$3/(/ IHDWKHUOHVVFKLFNHQVZLWKORQJQHFNV7KHKXPDQRLGVZKLFKDUHD
EURZQLVKJUD\WRGDUNROLYHEURZQFRORUDUHDUPHGPRVWO\ZLWK
6OLGLQJ 5RFN 3DWFK &5  &OLPE FKHFN '&  RU VZRUGV DOWKRXJK RQH FDUULHV D ODUJH D[H DQG DQRWKHU ZLHOGV D
EHJLQIDOOLQJDVGHVFULEHGLQWKHWDFWLFVVHFWLRQ5HIVDYH ZLFNHG ORRNLQJ EDUEHG ZKLS DOO DSSHDU WR EH ZHDULQJ FKDLQ
DYRLGV'&6HDUFK'& DUPRU :KLOH LW ORRNV DV LI WKH OL]DUG FUHDWXUHV KDYH WKH LQVHFWV
 VXUURXQGHG RQH RI WKHLU QXPEHU OLHV RQ WKH JURXQG LWV KHOP
&ROODSVLQJ0DJPD/D\HU)W'HHS&5QRDWWDFN IODWWHQHG LQWR WKH JURXQG 7KH LQVHFWV KDYH JDWKHUHG LQ D FLUFOH
UROO QHFHVVDU\ G  PHOHH G VSLNHV IRU G WKHLUEDFNVWRRQHDQRWKHULQDGHIHQVLYHVWDQFH$FURVVWKHWRSRI
SRLQWVRIGDPDJHSHUVXFFHVVIXOKLW5HIOH[VDYH'& WKH PRXQWDLQ RQ WKH ULGJHRSSRVLWHZKHUH\RXDVFHQGHG\RXVHH
DYRLGV6HDUFK'& VHYHUDO GDUN KROHV{WKHVH PXVW EH WKH FDYHV OHDGLQJ LQWR WKH
 YROFDQR
*DV 3RFNHW &5  QR DWWDFN UROO QHFHVVDU\ VHH QRWH 
EHORZ 5HI VDYH DYRLGV JHWWLQJ IRRW FDXJKW EXW QRW JDV

7KH)LUHVRI7UXWK  3DJH
7KH OL]DUGOLNH KXPDQRLGV DUH ILUHQHZWV SDUW RI D URYLQJ TXLFNO\ EXW KDYH WHPSRUDULO\ KDOWHG WKHLU DWWDFN DIWHU
EDQG RI PDUDXGHUV WKDW SODJXH WKLV UHJLRQ 7KH\ ORVLQJDFRPUDGHWRDVLQJOHGHYDVWDWLQJEORZIURPRQHRI
SHULRGLFDOO\ DWWDFN SLOJULPV DQG RWKHU WUDYHOHUV EXW KDYH WKH LQVHFWRLGV ZLWKRXW LQIOLFWLQJ DQ\ GDPDJH RQ WKHLU
UHFHQWO\ GHFLGHG WKDW WKH |EXJV} KDYH LQYDGHG WKHLU HQHP\7KH\DUHQRZFLUFOLQJWKHLU|SUH\}GLVFXVVLQJLQ
WHUULWRU\7KLVSDUWLFXODUJURXSLVOHGE\DFOHULFRI3\UHPLXV 'UDFRQLFZKDWVKRXOGEHGRQHDQGWDXQWLQJWKHLUHQHP\
DFFRPSDQLHG E\ DQ HOLWH ZDUULRU 7KHLU PRXQWV DUH JLDQW $V WKH\ FLUFOH WKH FOHULF EHJLQV WR FKDQW DQG UDLVHV KLV
VWULGHUV DFWXDOO\ ELUGV UDWKHU WKDQ UHSWLOHV WKDW KDYH KRO\ V\PERO D GHPRQLF KHDG ZLWK EDW ZLQJV FRPLQJ
DGDSWHG WR OLIH LQ WKLV YROFDQLF UHJLRQ 7KH LQVHFWRLG IURPWKHVLGHVFDVWLQJKLVHYLOVSHOOV2QWKHILUVWURXQG
FUHDWXUHVZHUHVHQWRXWWRZDWFKIRUWKHFKDUDFWHUVDVWKHLU KHFDVWVUHVLVWDQFHDW$3/DQGSURWHFWLRQIURPJRRGDW$3/
OHDGHU KDV IRUHVHHQ WKH SDUW\ FRPLQJ WR WKHLU KRPH EXW DQG7KHLQVHFWRLGVGRQRWUHDFWWRWKLVDFWLRQ2QWKH
ZHUHDPEXVKHGE\WKLVUDLGLQJSDUW\ VHFRQG URXQG WKH FOHULF FDVWV VKLHOG RI IDLWK RQ WKH
 EDUEDULDQ QHJDWLQJ WKH $& SHQDOW\ RI WKH EDUEDULDQV
&UHDWXUHV UDJH:LWKWKLVDFWLRQWKHEDUEDULDQXVHVKLVUDJHDELOLW\
$//$3/6 DQGWKHILUHQHZWVFORVHIRUEDWWOH
 7KH ILUHQHZWV DUH VWUDLJKWIRUZDUG LQ WKHLU WDFWLFV
)DLWKIXORI%UDOPKSHDFKVHH$SSHQGL[,,1HZ FKDUJLQJ ZKHQ SRVVLEOH WKH EDUEDULDQ XVHV KLV ULGHE\
0RQVWHUV DWWDFNDQGWUDPSOHWRJUHDWHIIHFW7KH\UHVHUYHWKHXVHRI
 WKHLU EUHDWK ZHDSRQ IRU GLUH VLWXDWLRQV LI IRU LQVWDQFH
$3/(/ RQH LV GLVDUPHG RU JUDSSOHG 7KH\ GR KRZHYHU UHDOL]H
WKH EHQHILW RI DSSO\LQJ ILUH WR WKHLU PRXQWV ,I DQ DWWDFN
*LDQW6WULGHUKSHDFKVHH$SSHQGL[,,
EULQJV D JLDQW VWULGHU GRZQ WR KDOI KLW SRLQWV RU OHVV WKH

ULGHU GLUHFWV WKH PRXQW WR HPLW D ILUHEDOO FHQWHUHG RQ
)LUHQHZWKSHDFKVHH$SSHQGL[,, LWVHOIZKLOHKHVLPXOWDQHRXVO\EUHDWKHVILUHRQWKHVWULGHU
 7KLV SURGXFHV HQRXJK KHDW WR KHDO WKH JLDQW VWULGHU
)LUHQHZW(OLWH:DUULRU0DOHILUHQHZW%EQKSVHH G KS DQG DOVR SRWHQWLDOO\ GDPDJHV DQ\RQH ZLWKLQ
$SSHQGL[,  IHHW 7KH FOHULF DWWDFNV IURP D GLVWDQFH ZLWK KLV ZKLS
 GDJJHU HPSOR\LQJ WULS DQG GLVDUP DWWDFNV DQG XVHV KLV
)LUHQHZW&OHULF0DOHILUHQHZW&OU3\UHPLXVKS GLYLQH SRZHUV WR KHDO DQ\ ILUHQHZWV LQ QHHG +H WDUJHWV
VHH$SSHQGL[, WKH PRVW GDQJHURXV RSSRQHQW VWDUWLQJ ZLWK DQ\
 LGHQWLILHG VSHOOFDVWHU WKHQ FKRRVLQJ WKH PRVW DUPRUHG
$3/(/ ILJKWHU ZLWK KLV KROG SHUVRQ VSHOO LI WKLV SHUVRQ VHHPV WR
EHVZD\LQJWKHEDWWOH+HVDYHVKLVEXUQLQJKDQGVVSHOOWR
*LDQW 6WULGHU $GYDQFHG  KS  HDFKVHH$SSHQGL[ HQFRPSDVV WKUHH RU PRUH HQHPLHV REYLRXVO\ KDYLQJ QR
, IHDU RI KXUWLQJ KLV DOOLHV DQG SRVVLEO\ HYHQ KHDOLQJ WKH
 JLDQWVWULGHUV+HUHVHUYHVKLVGRRPVSHOOXQWLOKDOIRIWKH
)LUHQHZW  0DOH ILUHQHZW %EQ KS  HDFK VHH ILUHQHZWVKDYHIDOOHQDWZKLFKWLPHKHFDVWVLWDJDLQVWWKH
$SSHQGL[, JUHDWHVW SHUFHLYHG WKUHDW $W KLJKHU $3/V DV WKH EDWWOH
 WUXO\ WXUQV DJDLQVW WKH ILUHQHZWV WKH FOHULF VXPPRQV D
)LUHQHZW(OLWH:DUULRU0DOHILUHQHZW%EQKSVHH WKRTTXDWRRFFXS\WKHHQHP\DVKHDWWHPSWVWRHVFDSH
$SSHQGL[,  7KH )DLWKIXO ILJKW GHIHQVLYHO\ DJDLQVW WKH ILUHQHZWV
 $IWHUWKHILUHQHZWVFKDUJHRQHLPPHGLDWHO\KHDGVIRUWKH
)LUHQHZW&OHULF0DOHILUHQHZW&OU3\UHPLXVKS FDYHV\VWHPMXPSLQJLIQHFHVVDU\WRFLUFXPYHQWHQHPLHV
VHH$SSHQGL[, +H PRYHV DW IXOO VSHHG LQWR WKH WXQQHOV WR ZDUQ WKH
 ZDUUHQRIWKLVDWWDFN7KHUHPDLQLQJ)DLWKIXOFRQWLQXHWR
ILJKW GHIHQVLYHO\ DJDLQVW WKH DWWDFNHUV ZKLOH ZDLWLQJ IRU
$3/(/ UHLQIRUFHPHQWVWRDUULYHZKLFKWDNHVURXQGV
*LDQW6WULGHU$GYDQFHGKSHDFKVHH$SSHQGL[,  7KH FKDUDFWHUV PD\ HQWHU WKH EDWWOH DW DQ\ WLPH RQ
 HLWKHU VLGH +RZHYHU WKH ILUHQHZWV DXWRPDWLFDOO\
)LUHQHZW  0DOH ILUHQHZW %EQ KS  HDFK VHH SHUFHLYHWKHPDVDQHZHQHP\DQGPRYHWRDWWDFN,IRQH
$SSHQGL[, )DLWKIXO KDV DOUHDG\ IDOOHQ LQ EDWWOH WKH HOLWH ZDUULRU
 EUHDNV RII KLV DWWDFN WR IDFH WKLV QHZ HQHP\ OHDYLQJ WKH
)LUHQHZW (OLWH :DUULRU0DOH ILUHQHZW %EQ KS  VHH UHPDLQLQJ ILUHQHZWV WR KDUDVV WKH ODVW LQVHFWRLG ,I DOO RI
$SSHQGL[, WKH )DLWKIXO DUH VWLOO SUHVHQW WZR RI WKH ILUHQHZWV
 PRXQWHG RQ JLDQW VWULGHUV DW $3/  FKDUJH WKH
)LUHQHZW &OHULF 0DOH ILUHQHZW &OU 3\UHPLXV KS  FKDUDFWHUV 7KH )DLWKIXO PRYH WR SURWHFW WKH FKDUDFWHUV
VHH$SSHQGL[, UHFRJQL]LQJWKHPDVWKHSDUW\IRUHVHHQE\WKHLUOHDGHU$V
 WKH\ OHDS WRZDUG WKH FKDUDFWHUV WKH\ PLJKW DSSHDU
7DFWLFV$VWKHSDUW\EHFRPHVDZDUHRIWKLVVLWXDWLRQKDYH PHQDFLQJ EXW WKH\ GR QRW DWWDFN WKH FKDUDFWHUV HYHQ LI
HDFK FKDUDFWHU UROO LQLWLDWLYH 7KH ILUHQHZWV LQLWLDOO\ DWWDFNHG WKHPVHOYHV $V LQGLFDWHG RQ '0V $LG  WKH
FKDUJHG WKH LQVHFWRLGV WKLQNLQJ WR EULQJ WKHP GRZQ FKDUDFWHUVPXVWGHVFHQGIHHWWRUHDFKWKHOHYHOZKHUH

7KH)LUHVRI7UXWK  3DJH
WKH PHOHH LV RFFXUULQJ 7KH FRQWRXU OLQHV PDUN VWHHS
GURSRIIVURXJKO\IHHWKLJK
 7UHDVXUH7KHWUHDVXUHFRQVLVWVRIWKHJHDUEHLQJXVHG
E\WKHILUHQHZWV7RWDOJROGSLHFHYDOXHVDUHOLVWHGLQWKH
7UHDVXUH6XPPDU\
 'HYHORSPHQW 7KH FKDUDFWHUV PD\ VLPSO\ FKRRVH WR
ZDWFK ZKDW KDSSHQV LQ ZKLFK FDVH WKH ILUHQHZWV
HYHQWXDOO\DWWDFNNLOOLQJWKH)DLWKIXO,IWKLVRFFXUVRULI
WKH FKDUDFWHUV DWWDFN DQG NLOO WKH )DLWKIXO FRQWLQXH WR
WR SURGXFH D ZKLUULQJ VRXQG 7KH VPDOO DUPV UHDFK ZLWKLQ WKH
FUHDWXUHVVKHOOSXOOLQJIRUWKDPHGDOOLRQGHSLFWLQJDJLDQWZDVSLQ
IURQWRIDQLQVHFWVZDUPDVLWFRQWLQXHVWRPDNHWKLVVWUDQJHQRLVH
$IWHUDIHZVHFRQGVRIWKLVEHKDYLRUWKHFUHDWXUHVWRSVLWVDQWHQQDH
DJDLQZDYLQJVORZO\IURPVLGHWRVLGH,WEHJLQVWRFOLFNDQGZKLU
RQFHPRUHEXWWKLVWLPH\RXXQGHUVWDQGLWVZRUGVw
 |2UGHUDQGSHDFHWR\RXVXUIDFHZDONHUV,QWKH0RVW+LJK
QDPHRI%UDOPWKH)DLWKIXOJUHHW\RX}

(QFRXQWHUVNLSSLQJ(QFRXQWHU $FKDUDFWHUPDNLQJDVXFFHVVIXO6SHOOFUDIWFKHFN'&
 UHDOL]HVWKDWWKHFUHDWXUHLVFDVWLQJDWRQJXHVVSHOO7KLVLV
WKH OHDGHU RI WKH )DLWKIXO RU %UDOP +H FDOOV KLPVHOI
(1&2817(57+( VLPSO\|WKH+HDG}DQGKHKDVFRPHWRGLVFXVVWKHFXUUHQW
VLWXDWLRQRIKLVSHRSOHZLWKWKHFKDUDFWHUV+HLVWKHVDPH
)$,7+)8/ FUHDWXUHWKHSDUW\HQFRXQWHUHGRQWKHVRXWKSDVVDQGDOVR
$VWKHODVWOL]DUGFUHDWXUHIDOOV\RXEHJLQWRUHDOL]H\RXDUHEHLQJ RQ WKH EULGJH GXULQJ WKH WUHN WR WKH H\H +H KDV XVHG
ZDWFKHG0DQ\PRUHRIWKHLQVHFWRLGFUHDWXUHVDWOHDVWDGR]HQDUH GLYLQDWLRQ PDJLF WR GHWHUPLQH WKDW WKH FKDUDFWHUV DUH
QRZ VWDQGLQJ LQ D URXJK FLUFOH DURXQG \RX HDFK SHUKDSV D FRPLQJWRVWRSWKHNLOOLQJVDQGKHKRSHVWKDWWKH\PLJKW
KXQGUHG IHHW DZD\ 6RPH VHHP WR KDYH HPHUJHG IURP WKH FDYH KHOS VHWWOH D PLVXQGHUVWDQGLQJ EHWZHHQ KLV SHRSOH DQG
FRPSOH[ZKLOHRWKHUVDSSDUHQWO\EXUURZHGVWUDLJKWXSWKURXJKWKH WKH FOHULFV RI -RUDP\ LQ WKH SURFHVV 7KH WRQJXHV VSHOO KH
JURXQG 7KH\ QRZ VWDQG PRWLRQOHVV DQG VLOHQW ZDWFKLQJ ZLWK KDV MXVW FDVW DOORZV KLP WR FRPPXQLFDWH IUHHO\ ZLWK WKH
FROGEODFNH\HV SDUW\IRUPLQXWHVDQGKHLPSDUWVDVPXFKNQRZOHGJH
 DVKHFDQRIWKH|NLOOHU}DQGKLVSHUVSHFWLYHRIWKHFOHULFV
7KHFUHDWXUHVDUHZDLWLQJWRVHHLIWKHSDUW\LVKRVWLOHDIWHU RI-RUDP\
|DLGLQJ} LQ WKH FRPEDW ZLWK WKH ILUHQHZWV WKH FUHDWXUHV 
H[SHFW WKH FKDUDFWHUV WR EH IULHQGO\ ,I WKH FKDUDFWHUV GR &UHDWXUHV
DWWDFN WKH LQVHFWRLGV EXUURZ EDFN LQWR WKH PRXQWDLQ +HDGRIWKH)DLWKIXO0DOH)DLWKIXORI%UDOP&OU
FROODSVLQJ WKH WXQQHOV EHKLQG WKHP 7KLV HQFRXQWHU HQGV 
SURFHHGWR(QFRXQWHU )DLWKIXORI%UDOPKSHDFKVHH$SSHQGL[1HZ
 ,I WKH FKDUDFWHUV GR QRW DWWDFN HLWKHU ZDLWLQJ RQ WKH 0RQVWHUV
FUHDWXUHV WR DFW RU DWWHPSWLQJ WR FRPPXQLFDWH UHDG WKH 
IROORZLQJ 7DFWLFV 7KH +HDG NQRZV ZKHQ WKH FOHULF /HYLQ FDPH WR
 WKH FDYHV WKUHH ZHHNV DJR DQG DOVR WKDW WKH PRQVWHU
$V LI KHHGLQJ DQ XQKHDUG FRPPDQG WKH WZR FUHDWXUHV VWDQGLQJ DSSHDUHG DOPRVW LPPHGLDWHO\ WKHUHDIWHU +H FDQ
QHDUHVWWKHFDYHHQWUDQFHVWHSWRRQHVLGH$QRWKHULQVHFWRLGVWHSV SK\VLFDOO\GHVFULEHWKHUDVWZKLFKKDVDWWDFNHGVHYHUDORI
IRUWKIURPWKHGDUN\RXQRWLFHWKDWLWVOHIW|DUP}LVPLVVLQJ7KH KLV SHRSOH NLOOLQJ WZR $SSDUHQWO\ WKH UDVW ILQGV WKH
FUHDWXUHSDXVHVIRUDPRPHQWLWVKHDGVZLYHOLQJIURPVLGHWRVLGH FKLWLQRXVVKHOODQGIOHVKRIWKH)DLWKIXOOHVVSDODWDEOHWKDQ
WKHQVORZO\DGYDQFHVWRZDUG\RX PDPPDOVDQGVRLWODUJHO\LJQRUHVWKHPQRZ+HFDQDOVR
 OHDGWKHSDUW\QHDUWKHFUHDWXUHVODLUEXWFDQQRWDSSURDFK
7KLV LV WKH +HDG RI WKH )DLWKIXO ZKRP WKH FKDUDFWHUV WRRFORVHO\DVWKH)DLWKIXOFDQQRWWROHUDWHWKHKHDWLQWKH
HQFRXQWHUHG SUHYLRXVO\ 7KH FUHDWXUH ZLOO DGYDQFH WR ORZHUVHFWLRQVRIWKHYROFDQR)LQDOO\LIDVNHGKHUHODWHV
ZLWKLQWHQIHHWRIWKHQHDUHVWFKDUDFWHULIWKHSDUW\GRHVQRW VRPH RI WKH KLVWRU\ RI KLV SHRSOH DQG WKHLU FXUUHQW
DFWDJJUHVVLYHO\,IDQ\FKDUDFWHUPDNHVDPRYHWKDWPLJKW PLVVLRQ RI H[SORUDWLRQ 7KH SDUW\ LV WKH ILUVW KXPDQRLG
EHSHUFHLYHGDVYLROHQWLQFOXGLQJDWWHPSWLQJWRFDVWDVSHOO FRQWDFW WKH )DLWKIXO KDYH KDG RXWVLGH RI YLROHQW
RUDFWLYDWHDPDJLFLWHPLQVHFWRLGVOHDSIURPWKHFLUFOHWR FRQIURQWDWLRQV ZLWK FOHULFV ILUHQHZWV JLDQWV DQG RWKHU
VWDQG LQ IURQW RI WKH RQHDUPHG FUHDWXUH ,I WKH FKDUDFWHUV KRVWLOHFUHDWXUHV
DWWDFNWKLV|ZDOO}GHOD\VWKHSDUW\ZKLOHWKHRWKHULQVHFWRLGV  'HYHORSPHQW ,I WKH EDWWOH ODVWV  URXQGV DIWHU DQ
HVFDSH DV GHVFULEHG DERYH EHIRUH DOVR IOHHLQJ ,I WKH LQVHFWRLGJRHVIRUKHOSIRXUPRUHDUULYHIURPWKHWXQQHO
FKDUDFWHUV GR QRW DWWDFN RU FHDVH DQ\ SHUFHLYHG KRVWLOLW\ V\VWHP  $W WKLV SRLQW WKH ILUHQHZWV VHH WKH VLWXDWLRQ DV
UHDGWKHIROORZLQJ KRSHOHVVDQGDWWHPSWWRIOHH
  ,I WKH SDUW\EHFRPHVYLROHQWDWDQ\WLPHGXULQJWKH
7KHFUHDWXUHVHHPVWRVWDUHDW\RXIRUDIHZVHFRQGVLWVDQWHQQDH FRQYHUVDWLRQDOORIWKH)DLWKIXOIOHHDVGHVFULEHGHDUOLHU,I
ZDYLQJ WRZDUG HDFK RI\RX:KHQLWKDVORRNHGDWDOORI\RXLQ WKH SDUW\ UHIXVHV WKH KHOS RI WKH )DLWKIXO FRQWLQXH WR
WXUQ\RXVHHLWVWKRUD[ZKLFKKDGEHHQVWUDLJKWLQOLQHZLWKWKH (QFRXQWHU  DV WKH\ PXVW QDYLJDWH WKH FDYHV ZLWKRXW D
DEGRPHQVORZO\EHJLQWRVZLYHOXSZDUG,WVUHPDLQLQJIRUHOLPE JXLGH
VHHPVWRWXFNLQWRDJURRYHLQWKHWKRUD[DQGZLWKLWVERG\UDLVHG  ,IDQ\FKDUDFWHUVXFFHVVIXOO\FDVWVDWRQJXHVRUVLPLODU
\RX QRZ VHH D SDLU RI VPDOO KXPDQOLNH DUPV KLGGHQ RQ WKH FRPPXQLFDWLRQ VSHOO EHIRUH WKH +HDG FDQ GR VR PRGLI\
FUHDWXUHV XQGHUVLGH 6WDQGLQJ IXOO\ XSULJKW WKH FUHDWXUH QRZ WKH HQFRXQWHU VR WKDW WKH +HDG DSSURDFKHV WKDW
UHPLQGV\RXRIDQLQVHFWRLGFHQWDXU,WVYLVHOLNHPDQGLEOHVEHJLQWR LQGLYLGXDO WR EHJLQ FRQYHUVDWLRQ 1RWH WKDW DWWHPSWV WR
FOLFNWRJHWKHUDVDSDLURIVPDOOZLQJVRQWKHWKRUD[UXEVWRJHWKHU GLUHFWO\ UHDG RU FRQWDFW WKH )DLWKIXOV PLQGV DUH

7KH)LUHVRI7UXWK  3DJH
XQVXFFHVVIXOXQOHVVWKHFKDUDFWHUFDQDOVRXQGHUVWDQGWKH
6XHOWRQJXHRULVJUDQWHGXQGHUVWDQGLQJGHVSLWHODQJXDJH
EDUULHUV
 7KH SDUW\ PD\ UHTXHVW D SHULRG RI UHVW EHIRUH
FRQWLQXLQJ LQWR WKH WXQQHOV 7KH +HDG FDQ JUDQW VXFK D
UHTXHVWWDNLQJWKHSDUW\LQWRDQXQGHUJURXQGZDUUHQIRU
QRUPDO GDPDJH G SRLQWV SHU PLQXWH SHULRG
6XVWDLQLQJDQ\VXEGXDOGDPDJHUHVXOWVLQKHDWVWURNHDQG
WKHFKDUDFWHULVIDWLJXHGDVGHVFULEHGEHORZ7KHSHQDOWLHV
HQG ZKHQ WKH FKDUDFWHU UHFRYHUV WKH VXEGXDO GDPDJH
WDNHQIURPWKHKHDW

VDIHW\ +RZHYHU WKH )DLWKIXO GR QRW UHTXLUH VOHHS $E\VPDOKHDW)%UHDWKLQJDLUGHDOVGSRLQWVRI
WKHPVHOYHVDQGVRWKH+HDGGRHVQRWWKLQNRIWKLVRSWLRQ QRUPDO GDPDJH SHU PLQXWH QR VDYLQJ WKURZ 7KH
RQKLVRZQ FKDUDFWHUVPXVWPDNHDVXFFHVVIXO)RUWLWXGHVDYLQJWKURZ
 HYHU\PLQXWHV'&SHUSUHYLRXVFKHFNRUVXVWDLQ
 G SRLQWV RI VXEGXDO GDPDJH KHDY\ FORWKLQJDUPRU RI
DQ\ VRUW IRUFHV D z SHQDOW\ WR VDYHV DQG WKRVH ZHDULQJ
(1&2817(5(1'/(66 PHWDO DUPRU RU FRPLQJ LQWR FRQWDFW ZLWK YHU\ KRW PHWDO
7811(/6 DUH DIIHFWHG DV LI E\ D KHDW PHWDO VSHOO 6XVWDLQLQJ DQ\
VXEGXDO GDPDJH UHVXOWV LQ KHDWVWURNH FKDUDFWHU LV
7KLVHQFRXQWHURQO\RFFXUVLIWKHFKDUDFWHUVGRQRWUHFHLYH
DLGIURPWKH)DLWKIXOLQILQGLQJWKHODLURIWKHUDVW:LWKRXW
WKLV DLG WKH\ PXVW UDQGRPO\ ZDQGHU WKH PLOHV RI WXQQHOV
WKDW ULGGOH WKH YROFDQR $V ORQJ DV WKH\ FRQWLQXH WR KHDG
GRZQZDUG WKH\ HYHQWXDOO\ ILQG WKH UDVW +RZHYHU WKH\
DOVR VXIIHU IURP KRVWLOH HQYLURQPHQWDO FRQGLWLRQV ZKLOH
GRLQJ VR DV WKH\ FDQQRW WDNH WKH PRUH KRVSLWDEOH URXWHV
FUHDWHGE\WKH)DLWKIXOWXQQHOLQJHIIRUWV8VHWKHIROORZLQJ
JDPH PHFKDQLFV DV D JXLGHOLQH IRU GHVFULELQJ WKH
LQFUHDVLQJO\ KRVWLOH HQYLURQPHQW $ WRWDO RI  )RUWLWXGH
VDYHV DUH UHTXLUHG IRU HDFK FKDUDFWHU EHIRUH UHDFKLQJ WKH
ODLU
 7KH HQWLUH WUHN WDNHV DSHULRGRIKRXUV'XULQJWKLV
WLPH WKHILUVWKRXULVVSHQWLQWKHUHODWLYHO\|FRROHU}RQO\
IDWLJXHGDVGHVFULEHGEHORZ7KHSHQDOWLHVHQGZKHQWKH
FKDUDFWHU UHFRYHUV WKH VXEGXDO GDPDJH WDNHQ IURP WKH
KHDW

)DWLJXHG)DWLJXHGFKDUDFWHUVFDQQRWUXQRUFKDUJHVXIIHU
DQ HIIHFWLYH SHQDOW\RIzWR6WUHQJWKDQG'H[WHULW\DQG
EHFRPH H[KDXVWHG E\ GRLQJ VRPHWKLQJ HOVH WKDW ZRXOG
QRUPDOO\ FDXVH IDWLJXH 7KH FKDUDFWHU LV QR ORQJHU
IDWLJXHGDIWHUKRXUVRIFRPSOHWHUHVW
 ([KDXVWHGFKDUDFWHUVPRYHDWKDOIQRUPDOVSHHGDQG
VXIIHU DQ HIIHFWLYH SHQDOW\ RI z WR 6WUHQJWK DQG
'H[WHULW\ $ IDWLJXHG FKDUDFWHU EHFRPHV H[KDXVWHG E\
GRLQJ VRPHWKLQJ HOVH WKDWZRXOGQRUPDOO\FDXVHIDWLJXH
$IWHU  KRXU RI FRPSOHWH UHVW H[KDXVWHG FKDUDFWHUV
 WR  XSSHU WXQQHOV 7KH VHFRQG DQG WKLUG KRXUV EHFRPHIDWLJXHG
KRZHYHU WDNH WKH SDUW\ GHHSHU LQWR WKH LQWHULRU RI WKH 
PRXQWDLQ7KHWHPSHUDWXUHULVHVWRDERXWDQGWKHSDUW\  'HYHORSPHQW 7KH SDUW\ PD\ HPSOR\ VSHOOV RU WKH
LV VXEMHFW WR 9HU\ +RW &RQGLWLRQV  )RUWLWXGH VDYHV DUH VDFUHGRLORI-RUDP\WRDYRLGKHDWGDPDJH
UHTXLUHGRQHIRUWKHVHFRQGDQGWKLUGKRXUV7KHODVWKRXU  7KH UDVW IOLHV HYHU\ZKHUH LW JRHV VR WUDFNLQJ LW LV
WKHSDUW\LVDFWXDOO\ZDONLQJQHDUODYDIORZVVRPHRIZKLFK XVHOHVV 7KH RQO\ WUDFNV WKH SDUW\ ILQGV DUH WKRVH RI WKH
FXW DFURVV WKH WXQQHOV 7KH FKDUDFWHUV PXVW FRQVWDQWO\ )DLWKIXO RU WKH RFFDVLRQDOO\ ERRWHG IRRW RI D KXPDQRLG
EDFNWUDFNWRRWKHUWXQQHOVDQGDUHVXEMHFWWRPLQXWHVRI 7KHVH ODWWHU WUDFNV DUH IURP HLWKHU WKH FOHULFV RI -RUDP\
([WUHPH +HDW  )RUWLWXGH VDYHV ZLWK WKH WHPSHUDWXUH DW
DURXQG  7KH ODVW  PLQXWHV RI WKH MRXUQH\ WKH SDUW\
PXVWFURVVRYHUDKXJHSRRORIPDJPD$OWKRXJKWKH\DUH
ZHOODERYHWKHVXUIDFHRIWKHSRRORQDQDWXUDOURFNEULGJH
WKH\DUHVWLOOVXEMHFWWR$E\VPDO+HDWDVWKHDLUDURXQGWKHP
OHIW ZKHQ WKH\ DWWHPSWHG WR GULYH WKH )DLWKIXO IURP WKH
YROFDQR RU IURP WKH PLOLWLD SDWURO WKDW IROORZHG WKH UDVW
EDFNWRWKLVDUHDEHIRUHEHLQJNLOOHGDQGHDWHQ


LVHDVLO\DXWRPDWLFGDPDJHSOXV)RUWLWXGHVDYHV
 (1&2817(5/$,52)7+(
9HU\ KRW FRQGLWLRQV  ) 0DNH D )RUWLWXGH VDYLQJ
WKURZ HDFK KRXU '&   IRU HDFK SUHYLRXV FKHFN RU %($67
VXVWDLQ G SRLQWV RI VXEGXDO GDPDJH KHDY\ 5HDGWKHILUVWVHFWLRQRIWKLVHQFRXQWHURQO\LIWKHSDUW\LV
FORWKLQJDUPRU RI DQ\ VRUW IRUFHV D z SHQDOW\ WR VDYLQJ HVFRUWHG E\ WKH )DLWKIXO 2WKHUZLVH VWDUW DW WKH FXUWDLQ RI
WKURZV 7KH :LOGHUQHVV/RUHVNLOOPD\JUDQWDERQXVWR ODYDOHDGLQJLQWRWKHUDVWVODLU
VDYLQJ WKURZV DV GHVFULEHG RQ 3OD\HUV +DQGERRN SDJH  
&KDUDFWHUV UHGXFHG WR XQFRQVFLRXVQHVV EHJLQ WDNLQJ 7KH+HDGRIWKH)DLWKIXOOHDGV\RXLQWRWKHFDYHUQVRIWKHYROFDQR
QRUPDOGDPDJHGSRLQWVSHUKRXU HVFRUWHGE\WZRRIWKH)DLWKIXODOODUHDSSDUHQWO\XQKLQGHUHGE\
 WKH GDUNQHVV +H ZDONV GHOLEHUDWHO\ REYLRXVO\ NQRZLQJ KLV
([WUHPH KHDW  ) 0DNH D )RUWLWXGH VDYLQJ WKURZ GHVWLQDWLRQ DQG VRRQ VWRSV DW ZKDW ORRNV WR EH D VROLG ZDOO
RQFH HYHU\  PLQXWHV '&   IRU HDFK SUHYLRXV 3RLQWLQJDWWKLVVHFWLRQZLWKKLVVPDOOKXPDQRLGDUPVKHLVVXHVD
FKHFN RU VXVWDLQ G SRLQWV RI VXEGXDO GDPDJH KHDY\ VHULHVRIFOLFNVDQGZKLUVDSSDUHQWO\LQVWUXFWLRQVWRWKHRWKHUWZR
FORWKLQJDUPRU RI DQ\ VRUW IRUFHV D z SHQDOW\ WR VDYLQJ DV WKH\ WKHQ EHJLQ GLJJLQJ LQWR WKH URFN DQG GLUW ZLWK WKHLU
WKURZV 7KH :LOGHUQHVV/RUHVNLOOPD\JUDQWDERQXVWR SRZHUIXOIRUHOLPEV,QMXVWDIHZVHFRQGVWKH\KDYHFOHDUHGDSDWK
VDYLQJ WKURZV DV GHVFULEHG RQ 3OD\HUV +DQGERRN SDJH  ZLGH HQRXJK IRU \RX WR ZDON WKURXJK VLGH E\ VLGH 7KH +HDG
&KDUDFWHUV UHGXFHG WR XQFRQVFLRXVQHVV EHJLQ WDNLQJ PRWLRQVLQWRWKLVQHZWXQQHODQGWKHQZDONVLQ,WZRXOGDSSHDU

7KH)LUHVRI7UXWK  3DJH
WKLV LV WKH QHZ URXWH \RX DUH WR WDNH 7KH FUHDWXUHV GLJ DW DQ
DPD]LQJUDWHEXUURZLQJWKURXJKWKHHDUWKQHDUO\DVIDVWDV\RX
FDQ ZDON $Q RFFDVLRQDO FRPPDQG IURP WKHLU OHDGHU FDXVHV D
FKDQJHRIFRXUVHRUDPDUNHGGHVFHQW$IWHUDERXWDQKRXURIWKLV
\RX QRWLFH WKDW WKH WHPSHUDWXUH ZLWKLQ WKH WXQQHO VHHPV WR EH
ULVLQJ 7KH )DLWKIXO GLJ PRUH VORZO\ DSSDUHQWO\ WDNLQJ FDUH WR
DYRLG DUHDV RI H[WUHPH KHDW (YHQWXDOO\ DIWHU SHUKDSV DQRWKHU
KRXUWKHGLJJHUVEUHDNWKURXJKLQWRDQRWKHUQDWXUDOWXQQHO7KHLU
OHDGHUSURGXFHVWKHZDVSPHGDOOLRQRQFHPRUHDVKHEHJLQVWRFOLFN
DQGZKLU,QDPRPHQWKHLVWDONLQJWR\RX
 |7KLVWXQQHOOHDGVGLUHFWO\WRWKHEHDVWVODLU<RXZLOOILQGLW
EH\RQG D FXUWDLQ RI ILUH 0\ SHRSOH FDQ JR QR IXUWKHU WKH
XQEHDUDEOHKHDWZRXOGNLOOXV:HVKDOOZDLWZLWKLQWKHWXQQHOV
KDOIILOOHGZLWKPDJPD5HVWLQJLQWKLVSRROLVDWUXO\KRUULEOH
FUHDWXUH /RQJ VSLQGO\ FODZWLSSHG OLPEV UDGLDWH IURP LWV
EORDWHG VDFNOLNH ERG\ ,WV RYHUODUJH KHDG ZKLFK VHHPV WR EH
PRVWO\RQHODUJHPRXWKILOOHGZLWKGDJJHUOLNHWHHWKVLWVDWRSD
UXEEHU\QHFN,WVKLGHLVDUHGGLVKKXHOLNHEXUQWIOHVK<RXVHH
QXPHURXVEODFNHQHGERQHVOLWWHULQJWKHJURXQGDURXQGWKHSRRO
 6XGGHQO\WKHSUD\HUIXOPDQRSHQVKLVH\HV6HHLQJ\RXKH
OHWV RXW D UDVSLQJ FRXJK DV LI KH LVWU\LQJWRVSHDNEXWFDQQRW
%XWWKLVVRXQGLVHQRXJK7KHEHDVWO\LQJLQWKHODYDRSHQVRQH
ODUJHKDWHILOOHGH\H6HHLQJ\RXLWIOLHVVWUDLJKWXSLQWRWKHDLU
DQGFKDUJHVWRZDUG\RXPRXWKZLGHRSHQDQGFODZVIODLOLQJ

&UHDWXUHV
IRU\RXUUHWXUQ} $3/(/
 :LWK WKDW KH VWHSV EDFN LQWR WKH GDUN WXQQHO OHDYLQJ \RX
DORQHWRFRQWLQXH\RXUGRZQZDUGMRXUQH\ 5DVWKSVHH0RQVWHU0DQXDOSDJH
 
7KHFKDUDFWHUVDUHQRZLQDFRQGLWLRQRI([WUHPH+HDW /HYLQ0DOHKXPDQ&OU-RUDP\KSVHH$SSHQGL[
DV GHVFULEHG LQ (QFRXQWHU  DQG UHPDLQ VR IRU WKH HQWLUH ,
UHPDLQGHU RI WKH GHVFHQW /XFNLO\ WKH\ DUH ZLWKLQ  
PLQXWHVRIWKHUDVWVODLU7KH\PD\FKRRVHWRXVHWKHVDFUHG $3/(/
RLORI-RUDP\QRZGRLQJVRSUHYHQWVIXUWKHUGDPDJHIRU
PLQXWHV ,W LV OLNHO\ KRZHYHU WKDW WKH\ H[KDXVW WKH RLOV 5DVW$GYDQFHGKSVHH$SSHQGL[,
SRZHU EHIRUH PDNLQJ WKH UHWXUQ WULS ,W LV LPSRUWDQW IRU 
WKHP WR FRQWLQXH WR PDNH WKH VDYLQJ WKURZV DQG GHGXFW /HYLQ0DOHKXPDQ&OU-RUDP\KSVHH$SSHQGL[
WKH GDPDJH IURP WKH WRWDO DPRXQW WKDW WKH VDFUHG RLO FDQ ,
DEVRUE 
 $3/(/
$IWHU DERXW  PLQXWHV RI ZDONLQJ LQ WKH RSSUHVVLYH KHDW WKH
WXQQHOEHIRUH\RXZLGHQVLQWRDODUJHFDYHUQ7R\RXUOHIWDKXJH 5DVWKSVHH0RQVWHU0DQXDOSDJH
SRRO RI PDJPD VWUHWFKHV WR WKH IDU VLGH RI WKH FDYH $ URXJK 
SURWUXVLRQRIURFNVSDQVWKHHQWLUHSRRODSSDUHQWO\OHDGLQJDFURVV 5DVW$GYDQFHGKSVHH$SSHQGL[,
WRPRUHFDYHUQV7R\RXUULJKWDODUJHODYDIORZVSLOOVWKURXJKD 
FUDFNLQWKHZDOOIORZLQJGRZQDFURVVWKHFDYHUQIORRUDQGLQWRWKH /HYLQ0DOHKXPDQ&OU-RUDP\KSVHH$SSHQGL[
SRRO<RXFDQVHHDQRSHQLQJRIVRPHVRUWEH\RQGWKHIORZEXW\RX ,
KDYHWRFURVVWKURXJKWKHODYDWRHQWHULW 
 7DFWLFV 7KH UDVW KDV \HW WR PHHW DQ\ FUHDWXUH WKDW FDQ
&KDUDFWHUVWKDWDUULYHZLWKRXWWKHDLGRIWKH)DLWKIXOFURVV WUXO\EHDWLWLQEDWWOHVRLWEHJLQVWKHFRPEDWDEUXSWO\DQG
WKH EULGJH PHQWLRQHG LQ WKLV GHVFULSWLRQ 'HVFULEH WKH ZLWKH[WUHPHO\GLUHFWWDFWLFV
FXUWDLQ RI ODYD DQG WKH HQWUDQFH EH\RQG DGGLQJ WKDW  2QLWVILUVWURXQGLWXVHVLWVSDUDO\]LQJJD]HDWWDFNWR
DQRWKHUWXQQHOVHHPVWROHDGXSZDUGLQWRGDUNQHVV LPPRELOL]H DV PDQ\ FKDUDFWHUV DV SRVVLEOH ,W WKHQ
 3DVVLQJ WKURXJK WKH ODYD IORZ FDXVHV G SRLQWV RI FKDUJHV JUDQWLQJ D  WR WKH DWWDFN UROO DW WKH QHDUHVW
ILUH GDPDJH 7KLV ILUH GDPDJH FRQWLQXHV IRU G URXQGV FKDUDFWHU ,I WKDW SHUVRQ KDSSHQV WR EH KHOG WKH UDVW
DIWHUH[SRVXUHFHDVHVEXWLVRQO\KDOIRIWKDWGHDOWGXULQJ HPSOR\VDELWHDWWDFNDQGDWWHPSWVWRJUDEWKHLQGLYLGXDO
DFWXDO FRQWDFW G 7KH VDFUHG RLO FDQ IXOO\ SURWHFW ,ILWLVVXFFHVVIXOLWDWWHPSWVWRULVHKLJKHULQWRWKHFDYHUQ
FKDUDFWHUV IURP WKLV GDPDJH DV PD\ RWKHU IRUPV RI WKHFHLOLQJLVVRPHIHHWXSDQGGUDLQEORRGIURPWKH
SURWHFWLRQDJDLQVWILUH+RZHYHULWLVLPSRUWDQWWRGHGXFW YLFWLP $ PHGLXPVL]H UDVW FDQ OLIW  OEV DW IXOO IO\LQJ
WKHGDPDJHWKDWWKH\WDNHIURPWKHWRWDODPRXQWWKDWWKH VSHHGRUXSWROEVDWDPRYHRIZKLOHDODUJHUDVW
VDFUHGRLOFDQDEVRUE:KHQWKRVHUXQRXWWKHSURWHFWLRQ FDQOLIWOEVDWIXOOIO\LQJVSHHGRUXSWROEVDW
GURSVDQGWKHFKDUDFWHUVDUHRQWKHLURZQ DPRYHRI,WV*RRGPDQHXYHUDELOLW\UDWLQJDOORZVLWWR
 2QFHWKHFKDUDFWHUVSDVVWKURXJKWKHFXUWDLQRIODYD KRYHU IO\ EDFNZDUG XVLQJ XS  IHHW RI VSHHG WR VWDUW
UHDGWKHIROORZLQJ IO\LQJ EDFNZDUG DQGWXUQXSWRFRYHULQJIHHWLQ
 WKH SURFHVV IRU HYHU\  RU XVLQJ XS  IHHW RI VSHHG WR
3DVVLQJWKURXJKWKHODYD\RXILQG\RXUVHOILQDVPDOOHUFDYHUQ
URXJKO\FLUFXODUDQGSUREDEO\IHHWDFURVV,QWKHFHQWHURIWKH
URRP\RXVHHDPDQLQGLUW\\HOORZUREHVVWDQGLQJLQWKHPLGGOH
RIDODUJHFLUFXODUGLDJUDPRUV\PEROFDUYHGLQWRWKHIORRU+LV
PRXWK PRYHV EXW QRZRUGVFRPHRXWDQGKHFRQVWDQWO\UDLVHV
DQGORZHUVKLVKDQGVDVLILQVXSSOLFDWLRQ$FKXQNRIUDZPHDW
WXUQLQSODFHIRUHYHU\,WFDQIO\XSDWDQ\DQJOHDWXS
WRKDOIVSHHGRUGRZQDWDQ\DQJOHDWXSWRGRXEOHVSHHG
,ILWLVVXFFHVVIXOO\DWWDFNHGLWGURSVLWVYLFWLPDQGDWWDFNV
WKHLQGLYLGXDOWKDWDWWDFNHGLW
 ,WRQO\HPSOR\VLWVELWHDWWDFNDJDLQVWDKHOGFUHDWXUH
LW FRQWLQXHV WR XVH LWV JD]H DWWDFN HDFK URXQG DV
\RXUHQRWVXUHZKDWNLQGUHVWVQHDUWKHPDQ%H\RQGWKHFLUFOH DSSURSULDWHVRLIWKHQHDUHVWFKDUDFWHURQWKHILUVWURXQG
\RX VHH D IRRW ZLGH FUDWHUOLNH LQGHQWLRQ LQ WKH FDYH IORRU

7KH)LUHVRI7UXWK  3DJH
LVQRWSDUDO\]HGLWLQVWHDGXVHVLWVFODZDWWDFNVVWLOODWD WKH UDVWV ODLU ZLWKRXW WKH DLG RI WKH )DLWKIXO WKLV PHHWLQJ
WRWKHDWWDFNUROOGXHWRWKHFKDUJHDQGGHFODUHVLWV'RGJH
ERQXVDJDLQVWWKDWFKDUDFWHU$WKLJKHU$3/VWKHUDVWXVHV
)O\E\ $WWDFN WR PDNH VWUDILQJ DWWDFNV DJDLQVW WKH QHDUHVW
FKDUDFWHU IO\LQJ LQ WR DWWDFN WKHQ IO\LQJ XS DQG RXW RI
UHDFK $W $3/  WKH UDVW LV MRLQHG E\  RIIVSULQJ ZKLFK
HPSOR\ DWWDFNV VLPLODU WR WKH SULPDU\ UDVW 7KH WKUHH
DWWDFNLQFRQFHUWFRQFHQWUDWLQJRQIHOOLQJRQHRSSRQHQW
EHIRUHPRYLQJWRWKHQH[W
 'XULQJ WKHVH DWWDFNV /HYLQ DOVR DWWDFNV WKH SDUW\
ZLWK VSHOOV +H EHOLHYHV WKDW WKHLU LQWHUIHUHQFH LQ WKH
UDVWV PLVVLRQ GRRPV KLP WR IDLOXUH LQ -RUDP\V H\HV 2Q
WKHILUVWURXQGKHFDVWVVKLHOGRWKHURQWKHUDVW+HIROORZV
WKLV ZLWK EDQH DJDLQ DWWHPSWLQJ WR DIIHFW DV PDQ\
FKDUDFWHUV DV SRVVLEOH 7KH QHDUHVW FKDUDFWHU WKDW UHVLVWV
WKH SDUDO\]LQJ JD]H LV WDUJHWHG E\ /HYLQV GRRP VSHOO +H
WKHQFDVWVVLOHQFHDJDLQVWDQ\VSHOOFDVWLQJFKDUDFWHURUKROG
SHUVRQ LI QRQH DUH REYLRXV ,I KH VHHV DQ\ FKDUDFWHUV
VHHPLQJO\ VKLHOGHG E\ PDJLFDO SURWHFWLRQ KH WDUJHWV
WKHP ZLWK VHDULQJ OLJKW DQG PDJLF VWRQH /HYLQ DOVR XVHV
VSRQWDQHRXV KHDOLQJ WR KHDO WKH UDVW LI LW VKRXOG EHFRPH
ZRXQGHG WKH FUHDWXUH NQRZV LW FDQ EH KHDOHG LI LW IOLHV
QHDU WKH FOHULF +H GRHV QRW XQGHU DQ\ FLUFXPVWDQFH
VKRUWRISK\VLFDOUHPRYDOOHDYHWKH&LUFOHRI6XPPRQLQJ
DQG XVHV KLV LQIOLFW FULWLFDO ZRXQGV VSHOOV DJDLQVW DQ\RQH
WKDWDWWHPSWVWRWRXFKKLP
 'HYHORSPHQW5HPRYLQJ/HYLQIURPWKH&LUFOHEUHDNV
WKHVSHOOELQGLQJWKHUDVWWRWKLVSODQH,IWKLVKDSSHQVWKH
UDVW UHWXUQV WR WKH (OHPHQWDO 3ODQH RI )LUH ZLWKLQ G
URXQGV,WILJKWVIHURFLRXVO\XSWRWKDWSRLQWNQRZLQJWKDW
LWZRQWILQGDVJRRGDPHDORQLWVKRPHSODQH.LOOLQJ/HYLQ
HIIHFWLYHO\ |UHPRYHV} KLP IURP WKH&LUFOHDOWKRXJKDEXOO
UXVKWHOHNLQHVLVRUDULQJRIWKHUDPZRXOGZRUNMXVWDVZHOO
 &KDUDFWHUVVSHFLILFDOO\WDNLQJDQDFWLRQWRH[DPLQHWKH
GRHVQRWRFFXU
 8SRQ UHWXUQLQJ WR WKH WHPSOH WKH SDUW\ LV PHW E\
$OH[DQGULD DQG WKHRWKHUFOHULFVRI-RUDP\,IWKH+HDGRI
WKH )DLWKIXO LV ZLWK WKH SDUW\ WKH FOHULFV H\H KLP ZLWK
VXVSLFLRQ HVSHFLDOO\ 0D\GD $OH[DQGULD OLVWHQV LQWHQWO\ WR
WKH VWRU\ DERXW WKH UDVWDQGWKH)DLWKIXOSD\LQJSDUWLFXODU
DWWHQWLRQ WR WKH GHWDLOV RI WKH &LUFOH RI 6XPPRQLQJ 6KH
FDQ HDVLO\ LGHQWLI\ WKH FUHDWXUH DV D UDVW D UDYHQRXV EHDVW
QDWLYH WR WKH (OHPHQWDO 3ODQH RI )LUH 6KH WKHQ XVHV KHU
GLYLQHPDJLFWRKHDO/HYLQRIKLVPDGQHVVFDVWLQJUDLVHGHDG
LI QHFHVVDU\ DQG KDV KLP FRQILUP WKH WDOH :LWK KHU
VXVSLFLRQV RI WKH )DLWKIXO DEDWHG VKH WKHQ WXUQV WR WKH
+HDG LI KH LV ZLWK WKH SDUW\ DQG UHJHQHUDWHV KLV DUP LQ
UHWXUQ IRU WKH DVVLVWDQFH UHQGHUHG E\ WKH )DLWKIXO LQ
UHFRYHULQJ /HYLQ 6KH FRQFOXGHV E\ RIIHULQJ WR KHDO WKH
SDUW\ RI DQ\ PDODGLHV WKH\ PLJKW KDYH VXIIHUHG DQG
LQIRUPVWKHPWKDWLIWKH\UHWXUQDWDODWHUGDWHWKHWHPSOH
ZLOOUHPHPEHUWKHLUGHHGV
 )LQDOO\WKHFKDUDFWHUVPXVWPDNHWKHMRXUQH\EDFNWR
8UUDNEHN:LWKQHZVRIWKHUDVWVGHVWUXFWLRQWKHGZDUYHV
WKURZ D KXJHFHOHEUDWLRQLQKRQRURIWKHFKDUDFWHUVTXLWH
FRQWUDU\ WR WKHLU GRXU UHSXWDWLRQV 7KH GZDUYHV SUHVHQW
HDFKFKDUDFWHUZLWKWKHLWHPUHTXHVWHGEHIRUHXQGHUWDNLQJ
WKH MRXUQH\ .LOL 6PDOOIRRW UHFRYHUHG VRPHZKDW IURP WKH
UDVWDWWDFNDOVRFRPHVWRWKDQNWKHFKDUDFWHUVEHIRUHEHLQJ
KXUULHG EDFN RII WR EHG E\ 6KHDODQGUD $V WKH FHOHEUDWLRQ
GUDZV WR DQ HQG D GLVWDQW UXPEOLQJ FDQ EHKHDUGHFKRLQJ
WKURXJKWKHPRXQWDLQVw

7KH(QG


&LUFOHPD\PDNHD.QRZOHGJHDUFDQHRU.QRZOHGJHWKH (;3(5,(1&(32,17
SODQHV FKHFN '&  WR UHFRJQL]H WKH &LUFOH DV EHLQJ
VXPPRQLQJUHODWHG$.QRZOHGJHWKHSODQHVFKHFNUHVXOW 6800$5<
RIDOORZVWKHFKDUDFWHUWRLGHQWLI\WKHUDVWLVDQRXWVLGHU 7RDZDUGH[SHULHQFHIRUWKLVDGYHQWXUHDGGXSWKHYDOXHV
DQG WKH NLQG RI FUHDWXUH OLNHO\ VXPPRQHG ZLWK VXFK D IRU WKH REMHFWLYHV DFFRPSOLVKHG 7KHQ DVVLJQ WKH
GHYLFH$FKHFNUHVXOWRI'&ZRXOGFDXVHDFKDUDFWHUWR H[SHULHQFHDZDUG$ZDUGWKHWRWDOYDOXHWRHDFKFKDUDFWHU
VXVSHFW WKDW UHPRYLQJ WKH FOHULF IURP WKH &LUFOH ZRXOG 
EUHDNWKHVSHOO (QFRXQWHU6KDNLQJ7KLQJV8S
 %\SDVVWKHFROODSVHGEULGJH
  $3/ ;3
 $3/ ;3
&21&/86,21  $3/ ;3
:LWK WKH UDVW GHVWUR\HG WKH SDUW\ VKRXOG UHWXUQ WR WKH 
WHPSOH7KH\DUHXQDEOHWRKDUPWKH&LUFOHRI6XPPRQLQJ (QFRXQWHU7KH6KLHOG
LQ DQ\ ZD\ DOWKRXJK WKH\ FRXOG SHUKDSV FROODSVH WKH &RQTXHULQJWKH6KLHOG
FDYHUQ WKURXJK VRPH LQJHQLRXV SODQQLQJ /HYLQ LI KH LV  $3/ ;3
VWLOO DOLYH KDV WR EH ERXQG LQ RUGHU WR UHWXUQ KLP WR WKH  $3/ ;3
WHPSOHDVKLVH[SHULHQFHVKDYHGULYHQKLPTXLWHPDG  $3/ ;3
 7KHFKDUDFWHUVILQGWKH)DLWKIXOZDLWLQJLQWKHWXQQHOV 
WRJUHHWWKHP7KH+HDGDJDLQDVNVWKHFKDUDFWHUVWRVSHDN (QFRXQWHU:HOFRPLQJ
IRU WKHP WR WKH FOHULFV RI -RUDP\ LI SRVVLEOH WKH +HDG 'HIHDWLQJWKHILUHQHZWV
ZRXOG OLNH WR PHHW ZLWK WKH +LJK 3ULHVWHVV WR GLVFXVV D  $3/ ;3
WUXFH 7KH )DLWKIXO FDQ DFWXDOO\ EH TXLWH KHOSIXO WR WKH  $3/ ;3
WHPSOHXVLQJWKHLUVNLOODWEXUURZLQJWRUHURXWHODYDIORZV  $3/ ;3
EORFNHG E\ WKH WUHPRUV ,I WKLV LV DFFHSWDEOH KH 
DFFRPSDQLHVWKHSDUW\WRWKHWHPSOH,IWKHSDUW\DUULYHGDW

7KH)LUHVRI7UXWK  3DJH
(QFRXQWHU/DLURIWKH%HDVW 75($685(.(<
'HIHDW/HYLQDQGWKHUDVW
 $3/ ;3 /  /RRWHG JHDU IURP HQHP\ &  &RLQ *HPV -HZHOU\
 $3/ ;3 DQGRWKHUYDOXDEOHV0 0DJLF,WHPV
 $3/ ;3 
 (QFRXQWHU:HOFRPLQJ
&RQFOXVLRQ 'HIHDWWKHILUHQHZWVDQGVWULSWKHPRIWKHLUJHDU
%ULQJLQJWKH+HDGEDFNWRWKHWHPSOHRI-RUDP\  $3//JS&JS0
VRDQDOOLDQFHPD\EHIRUPHG  $3//JS&JS0
 $3/ ;3  $3//JS&JS0
 $3/ ;3 
 $3/ ;3 &RQFOXVLRQ
 6XFFHVVIXOO\GHIHDWWKHUDVW7KHJSLVIRUWKHSXUSRVH
7RWDO3RVVLEOH([SHULHQFH RI SXUFKDVLQJ  PDVWHUZRUN ZHDSRQ WKDW LV PDGH
 $3/ ;3 SULPDULO\IURPPHWDO
 $3/ ;3  $3//JS&JS0
 $3/ ;3  $3//JS&JS0
  $3//JS&JS0

75($685(6800$5< 7RWDO3RVVLEOH7UHDVXUH
'XULQJ DQ DGYHQWXUH FKDUDFWHUV HQFRXQWHU WUHDVXUH  $3/JS
XVXDOO\ ILQGLQJ LW LQ WKH SRVVHVVLRQ RI WKHLU IRHV (YHU\  $3/JS
HQFRXQWHU WKDW IHDWXUHV WUHDVXUH KDV D |WUHDVXUH} VHFWLRQ  $3/JS
ZLWKLQ WKH HQFRXQWHU GHVFULSWLRQ JLYLQJ LQIRUPDWLRQ 
DERXW WKH ORRW FRLQV DQG PDJLF LWHPV WKDW PDNH XS WKH &RQFOXVLRQ
HQFRXQWHUVWUHDVXUHU ,QIOXHQFH 3RLQW ZLWK WKH 7HPSOH RI -RUDP\ JS YDOXH 
 7KH ORRW WRWDO LV WKH QXPEHU RI JROG SLHFHV HDFK
FKDUDFWHU JDLQV LI WKH IRHV DUH SOXQGHUHG RI DOO WKHLU
HDUWKO\ SRVVHVVLRQV /RRWLQJ WKH ERGLHV WDNHV DW OHDVW 
PLQXWHSHUHYHU\HQHPLHVDQGLIWKHFKDUDFWHUVFDQQRW
WDNH WKH WLPH WR ORRW WKH ERGLHV WKH\ GR QRW JDLQ WKLV
JROG ,I \RX IHHO LW LV UHDVRQDEOH WKDW FKDUDFWHUV FDQ JR
EDFNWRORRWWKHERGLHVDQGWKRVHERGLHVDUHWKHUHWKDWLV
XVHUHVWULFWLRQFRPPRQWUDGHDEOHQR<RXKDYHJDLQHG
WKH UHVSHFW RI $OH[DQGULD +LJK 3ULHVWHVV RI -RUDP\ <RX
PD\ XVH WKLV LQIOXHQFH WR FDOO XSRQ KHU RU RQH RI WKH
FOHULFV RI WKH WHPSOH DW WKH (\H RI -RUDP\ IRU D SRVVLEOH
IDYRULQWKHIXWXUH
 -RXUQH\LQJWRWKHWHPSOHWRLQYRNHWKLVIDYRUFRVWV
78 LI \RX DUH QRW DOUHDG\ DW WKH (\H RI -RUDP\  78V LI
QRWFDUWHGRIIE\GXQJHRQVFDYHQJHUVUHPRYHGIURPWKH \RXDUHQRWDUHVLGHQWRIWKH<HRPDQU\,IUHGHHPHGIRU
VFHQH E\ WKH ORFDO ZDWFK DQG VR RQ FKDUDFWHUV PD\ WKHFDVWLQJRIDVSHOOVWDQGDUGFRVWVDSSO\DVDGRQDWLRQWR
UHWXUQ WR UHWULHYH ORRW ,I WKH FKDUDFWHUV GR QRW ORRW WKH WKH(\HRI-RUDP\7KHVSHOOLVOLPLWHGWRWKOHYHOFDVWDWD
ERG\WKHJROGSLHFHYDOXHIRUWKHORRWLVVXEWUDFWHGIURP PD[LPXP FDVWHU OHYHO RI  1R DGGLWLRQDO ,QIOXHQFH
WKHHQFRXQWHUWRWDOVJLYHQEHORZ 3RLQWVRUJROGDVGHWDLOHGLQWKH<HRPDQU\UHJLRQDOUXOHV
 7KH FRLQ WRWDO LV WKH QXPEHU RI JROG SLHFHV HDFK IRU 3XUFKDVLQJ 'LYLQH DQG $UFDQH 6SHOOFDVWLQJ LQ WKH
FKDUDFWHU JDLQV LI WKH\ WDNH WKH FRLQ DYDLODEOH $ QRUPDO <HRPDQU\ LV QHFHVVDU\ DQG WKH &KDULVPD FKHFN WR
DGYHQWXULQJ SDUW\ FDQ XVXDOO\ JDWKHU WKLV ZHDOWK LQ D GHWHUPLQHLIDVSHOOLVDYDLODEOHLVDXWRPDWLFDOO\VXFFHVVIXO
URXQGRUVR,IIRUVRPHUHDVRQWKH\SDVVXSWKLVWUHDVXUH 
WKH FRLQ WRWDO LV VXEWUDFWHG IURP WKH HQFRXQWHU WRWDOV
JLYHQEHORZ
 1H[WWKHPDJLFLWHPVDUHOLVWHG0DJLFLWHPWUHDVXUH
LV WKH KDUGHVW WR DGMXGLFDWH EHFDXVH WKH\ DUH YDULHG DQG
EHFDXVH FKDUDFWHUV PD\ ZDQW WR XVH WKHP GXULQJ WKH
DGYHQWXUH 0DQ\ WLPHV FKDUDFWHUV PXVW FDVW LGHQWLI\
DQDO\]H GZHRPHU RU VLPLODU VSHOO WR GHWHUPLQH ZKDW WKH
LWHP GRHV DQG KRZ WR DFWLYDWH LW 2WKHU WLPHV WKH\ PD\
DWWHPSW WR XVH WKH LWHP EOLQGO\ ,I WKH PDJLF LWHP LV
FRQVXPDEOH D SRWLRQ VFUROO PDJLF EROWV HWF DQG WKH
LWHP LV XVHG EHIRUH WKH HQG RI WKH DGYHQWXUH LWV WRWDO LV
VXEWUDFWHGIURPWKHDGYHQWXUHWRWDOVEHORZ
 2QFH \RX KDYH VXEWUDFWHG WKH YDOXH IRU XQFODLPHG
WUHDVXUHV IURP HDFK HQFRXQWHU DGG LW XS DQG WKDW LV
QXPEHU RI JROG SLHFHV D FKDUDFWHUV WRWDO DQG FRLQ YDOXH
LQFUHDVHDWWKHHQGRIWKHDGYHQWXUH:ULWHWKHWRWDOLQWKH
*S*DLQHGILHOGRIWKHDGYHQWXUHFHUWLILFDWH


7KH)LUHVRI7UXWK  3DJH
 $33(1',;,13&6
(1&2817(5:(/&20,1*  6NLOOVDQG)HDWV &OLPE,QWLPLGDWH-XPS
/LVWHQ  5LGH JLDQW VWULGHU  6SRW  0RXQWHG
$3/(/ &RPEDW5LGH%\$WWDFN
)LUHQHZW (OLWH :DUULRU0DOH ILUHQHZW %EQ &5   3RVVHVVLRQVFKDLQPDLOORQJVZRUG
0HGLXPVL]H PRQVWURXV KXPDQRLG +' GG 
KS  ,QLW  6SG  IW $&  WRXFK  IODWIRRWHG )LUHQHZW (OLWH :DUULRU0DOH ILUHQHZW %EQ &5 
 $WN  PHOHH G[ EDWWOHD[H 6$ %UHDWK 0HGLXPVL]H PRQVWURXV KXPDQRLG +' GG
ZHDSRQ UDJH 64 )LUH VXEW\SH IDVW PRYHPHQW KS  ,QLW  6SG  IW $&  WRXFK  IODWIRRWHG
XQFDQQ\GRGJH'H[ERQXVWR$&$/1(69)RUW  $WN  PHOHH G[ EDWWOHD[H 6$ %UHDWK
5HI  :LOO  6WU  'H[ &RQ,QW:LV ZHDSRQ UDJH 64 )LUH VXEW\SH IDVW PRYHPHQW
&KD XQFDQQ\GRGJH'H[ERQXVWR$&FDQWEHIODQNHG$/
 6NLOOV DQG )HDWV ,QWLPLGDWH  /LVWHQ  5LGH 1(69)RUW5HI:LOO6WU'H[&RQ
JLDQWVWULGHU6SRW0RXQWHG&RPEDW5LGH%\ ,QW:LV&KD
$WWDFN7UDPSOH  6NLOOVDQG)HDWV &OLPE,QWLPLGDWH-XPS
 3RVVHVVLRQVFKDLQPDLOEDWWOHD[H /LVWHQ  5LGH JLDQW VWULGHU  6SRW  0RXQWHG
 &RPEDW5LGH%\$WWDFN7UDPSOH
)LUHQHZW &OHULF 0DOH ILUHQHZW &OU 3\UHPLXV &5  3RVVHVVLRQVFKDLQPDLOEDWWOHD[H
 0HGLXPVL]H PRQVWURXV KXPDQRLG +' G KS 
,QLW6SGIW$&WRXFKIODWIRRWHG )LUHQHZW&OHULF0DOHILUHQHZW&OU&50HGLXP
$WN  UDQJHG G PDVWHUZRUN ZKLS GDJJHU VL]H PRQVWURXV KXPDQRLG +' G KS  ,QLW 
6$%UHDWKZHDSRQVSHOOV64)LUHVXEW\SH$/1(69 'H[ 6SG  IW $&  WRXFK  IODWIRRWHG $WN
)RUW5HI:LOO6WU'H[&RQ,QW  UDQJHG G PDVWHUZRUN ZKLS GDJJHU 6$
:LV&KD %UHDWKZHDSRQVSHOOV64)LUHVXEW\SH$/1(69)RUW
 6NLOOV DQG )HDWV &RQFHQWUDWLRQ  ,QWLPLGDWH  5HI:LOO6WU'H[&RQ,QW:LV
.QRZOHGJHUHOLJLRQ/LVWHQ5LGHJLDQWVWULGHU &KD
 6SHOOFUDIW  6SRW  ([RWLF :HDSRQ 3URILFLHQF\  6NLOOV DQG )HDWV &RQFHQWUDWLRQ  ,QWLPLGDWH 
ZKLS([SHUWLVH0RXQWHG&RPEDW .QRZOHGJHUHOLJLRQ/LVWHQ5LGHJLDQWVWULGHU
 6SHOOV 3UHSDUHG  EDVH '&    VSHOO  6SHOOFUDIW  6SRW  ([RWLF :HDSRQ 3URILFLHQF\
OHYHO {FXUH PLQRU ZRXQGV  GHWHFW PDJLF UHVLVWDQFH ZKLS([SHUWLVH0RXQWHG&RPEDW
VW{EXUQLQJ KDQGV  FXUH OLJKW ZRXQGV GRRP VKLHOG RI  6SHOOV3UHSDUHGEDVH'& VSHOO
IDLWK QG{FXUH PRGHUDWH ZRXQGV KROG SHUVRQ SURGXFH OHYHO {FXUH PLQRU ZRXQGV  GHWHFW PDJLF JXLGDQFH
IODPH  UHVLVWDQFH VW{EXUQLQJ KDQGV  FXUH OLJKW ZRXQGV GRRP
 'RPDLQ VSHOO 'HLW\ 3\UHPLXV 'RPDLQV (YLO SURWHFWLRQ IURP JRRG VKLHOG RI IDLWK QG{FXUH PRGHUDWH
&DVWV HYLO VSHOOV DW  FDVWHU OHYHO )LUH 7XUQ RU ZRXQGVKROGSHUVRQSURGXFHIODPH VRXQGEXUVWUG{UHVLVW
GHVWUR\ ZDWHU FUHDWXUHV DV D JRRG FOHULF WXUQV XQGHDG HOHPHQWV VHDULQJOLJKWVXPPRQPRQVWHU,,,
5HEXNH RU FRPPDQG ILUH FUHDWXUHV DV DQ HYLO FOHULF  'RPDLQ VSHOO 'HLW\ 3\UHPLXV 'RPDLQV (YLO
UHEXNHV XQGHDG 8VH WKHVH DELOLWLHV D WRWDO QXPEHU RI &DVWV HYLO VSHOOV DW  FDVWHU OHYHO )LUH 7XUQ RU
WLPHVSHUGD\HTXDOWR\RXU&KDULVPDPRGLILHU GHVWUR\ ZDWHU FUHDWXUHV DV D JRRG FOHULF WXUQV XQGHDG
 3RVVHVVLRQVFKDLQPDLOPDVWHUZRUNZKLSGDJJHU 5HEXNH RU FRPPDQG ILUH FUHDWXUHV DV DQ HYLO FOHULF
 UHEXNHV XQGHDG 8VH WKHVH DELOLWLHV D WRWDO QXPEHU RI
$3/(/ WLPHVSHUGD\HTXDOWR\RXU&KDULVPDPRGLILHU
*LDQW 6WULGHU $GYDQFHG  &5  /DUJH PDJLFDO  3RVVHVVLRQVFKDLQPDLOPDVWHUZRUNZKLSGDJJHU
EHDVW+'GKSHDFK,QLW6SGIW$& 
WRXFKIODWIRRWHG$WNPHOHHGELWH $3/(/
RU  PHOHH G NLFN )DFH5HDFK  IW E\  IW *LDQW 6WULGHU $GYDQFHG  &5  /DUJH PDJLFDO
IW 6$ )LUHEDOO 64 )LUH VXEW\SH KHDOLQJ IURP ILUH EHDVW+'GKSHDFK,QLW6SGIW$&
UHVLVWDQW WR PDJLF $/ 1 69 )RUW  5HI  :LOO  WRXFKIODWIRRWHG$WNPHOHHG
6WU'H[&RQ,QW:LV&KD ELWHRUPHOHHGNLFN)DFH5HDFKIWE\
 6NLOOVDQG)HDWV/LVWHQ5XQ  IW IW 6$ )LUHEDOO 64 )LUH VXEW\SH KHDOLQJ IURP
 ILUHUHVLVWDQWWRPDJLF$/169)RUW5HI:LOO
)LUHQHZW  0DOH ILUHQHZW %EQ &5  0HGLXP 6WU'H[&RQ,QW:LV&KD
VL]H PRQVWURXV KXPDQRLG +' GG KS   6NLOOV DQG )HDWV /LVWHQ  5XQ :HDSRQ )RFXV
HDFK ,QLW  6SG  IW $&  WRXFK  IODWIRRWHG ELWH
$WNPHOHHGORQJVZRUG6$%UHDWK 
ZHDSRQ 64 )LUH VXEW\SH $/ 1( 69 )RUW  5HI  )LUHQHZW  0DOH ILUHQHZW %EQ &5  0HGLXP
:LOO6WU'H[&RQ,QW:LV&KD VL]H PRQVWURXV KXPDQRLG +' GG KS 
HDFK ,QLW  6SG  IW $&  WRXFK  IODWIRRWHG

7KH)LUHVRI7UXWK  3DJH
$WNPHOHHGORQJVZRUG6$%UHDWK  6NLOOV DQG)HDWV &RQFHQWUDWLRQ  'LSORPDF\ 
ZHDSRQ 64 )LUH VXEW\SH $/ 1( 69 )RUW  5HI  .QRZOHGJH UHOLJLRQ  6SHOOFUDIW  %UHZ 3RWLRQ
:LOO6WU'H[&RQ,QW:LV&KD &RPEDW&DVWLQJ:HDSRQ)RFXVTXDUWHUVWDII
 6NLOOVDQG)HDWV &OLPE,QWLPLGDWH-XPS  6SHOOV 3UHSDUHG  EDVH '&  
/LVWHQ  5LGH JLDQW VWULGHU  6SRW  0RXQWHG VSHOOOHYHO{FUHDWHZDWHUJXLGDQFHSXULI\IRRGDQG
&RPEDW5LGH%\$WWDFN GULQN UHVLVWDQFH VW{EXUQLQJ KDQGV  EDQH PDJLF VWRQH
 3RVVHVVLRQVFKDLQPDLOORQJVZRUG GRRPVKLHOGRIIDLWKQG{KROGSHUVRQVKDWWHU VKLHOG
 RWKHU VLOHQFH UG{UHVLVW HOHPHQWV ILUH  VHDULQJ OLJKW 
)LUHQHZW (OLWH :DUULRU0DOH ILUHQHZW %EQ &5  WK{SRLVRQZDOORIILUH
0HGLXPVL]H PRQVWURXV KXPDQRLG +' GG  'RPDLQ VSHOO 'HLW\ -RUDP\ 'RPDLQV
KS  ,QLW  6SG  IW $&  WRXFK  IODWIRRWHG 'HVWUXFWLRQ *DLQV WKH VPLWH SRZHU WKH VXSHUQDWXUDO
$WNPHOHHG[EDWWOHD[H6$%UHDWK DELOLW\ WR PDNH D VLQJOH PHOHH DWWDFN ZLWK D  DWWDFN
ZHDSRQ UDJH 64 )LUH VXEW\SH IDVW PRYHPHQW ERQXV DQG D GDPDJH ERQXV HTXDO WR KLV FOHULF OHYHO LI
XQFDQQ\GRGJH'H[ERQXVWR$&FDQWEHIODQNHG$/ KHKLWV+HPXVWGHFODUHWKHVPLWHEHIRUHPDNLQJWKH
1(69)RUW5HI:LOO6WU'H[&RQ DWWDFN,WLVXVDEOHRQFHSHUGD\)LUH7XUQRUGHVWUR\
,QW:LV&KD ZDWHU FUHDWXUHV DV D JRRG FOHULF WXUQV XQGHDG 5HEXNH
 6NLOOVDQG)HDWV &OLPE,QWLPLGDWH-XPS RU FRPPDQG ILUH FUHDWXUHV DV DQ HYLO FOHULF UHEXNHV
/LVWHQ  5LGH JLDQW VWULGHU  6SRW  0RXQWHG XQGHDG8VHWKHVHDELOLWLHVDWRWDOQXPEHURIWLPHVSHU
&RPEDW3RZHU$WWDFN5LGH%\$WWDFN7UDPSOH GD\HTXDOWRKLV&KDULVPDPRGLILHU
 3RVVHVVLRQVFKDLQPDLOEDWWOHD[H  3RVVHVVLRQV FOHULFDO UREHV GLUW\ DQG WDWWHUHG KRO\
 V\PERORI-RUDP\
)LUHQHZW&OHULF0DOHILUHQHZW&OU&50HGLXP 
VL]H PRQVWURXV KXPDQRLG +' G KS  ,QLW  $3/(/
'H[ 6SG  IW $&  WRXFK  IODWIRRWHG $WN 5DVW $GYDQFHG &5  /DUJH RXWVLGHU +' G
 UDQJHG G PDVWHUZRUN ZKLS GDJJHU 6$ KS,QLW6SG)O\IWJRRG$&WRXFKIODW
%UHDWKZHDSRQVSHOOV64)LUHVXEW\SH$/1(69)RUW IRRWHG$WNPHOHHGFODZVRUPHOHH
5HI:LOO6WU'H[&RQ,QW:LV GELWH6$3DUDO\]LQJJD]HLPSURYHGJUDEEORRG
&KD GUDLQ 64 )LUH VXEW\SH IOLJKW $/ 1 69 )RUW  5HI
 6NLOOV DQG )HDWV &RQFHQWUDWLRQ  ,QWLPLGDWH  :LOO6WU'H[&RQ,QW:LV&KD
.QRZOHGJH UHOLJLRQ  /LVWHQ  5LGH JLDQW 
VWULGHU  6SHOOFUDIW  6SRW  &RPEDW &DVWLQJ  6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\
([RWLF:HDSRQ3URILFLHQF\ZKLS([SHUWLVH0RXQWHG 'RGJH)O\E\$WWDFN,PSURYHG,QLWLDWLYH
&RPEDW 
 6SHOOV 3UHSDUHG  EDVH '&   /HYLQ 0DOH KXPDQ &OU -RUDP\ &5  0HGLXP
 VSHOO OHYHO {FXUH PLQRU ZRXQGV  GHWHFW PDJLF VL]H KXPDQRLG KXPDQ +' G KS  ,QLW 
JXLGDQFH OLJKW UHVLVWDQFH VW{EXUQLQJ KDQGV  FDXVH IHDU 6SG  IW $&  WRXFK  IODWIRRWHG  $WN 
FXUHOLJKWZRXQGVGRRPSURWHFWLRQIURPJRRGVKLHOGRIIDLWK PHOHHGVXEGXDOXQDUPHG6$6SHOOV647XUQRU
QG{FXUHPRGHUDWHZRXQGVKROGSHUVRQSURGXFHIODPH  UHEXNH XQGHDG $/ 1 69 )RUW5HI:LOO6WU
VRXQGEXUVWUG{GLVSHOPDJLFUHVLVWHOHPHQWV VHDULQJOLJKW 'H[&RQ,QW:LV&KD
VXPPRQPRQVWHU,,,WK{GLYLQHSRZHUZDOORIILUH   6NLOOV DQG)HDWV &RQFHQWUDWLRQ  'LSORPDF\ 
 'RPDLQ VSHOO 'HLW\ 3\UHPLXV 'RPDLQV (YLO .QRZOHGJH UHOLJLRQ  6SHOOFUDIW  %UHZ 3RWLRQ
&DVWV HYLO VSHOOV DW  FDVWHU OHYHO )LUH 7XUQ RU &RPEDW &DVWLQJ 7ZR:HDSRQ )LJKWLQJ :HDSRQ
GHVWUR\ ZDWHU FUHDWXUHV DV D JRRG FOHULF WXUQV XQGHDG )RFXVTXDUWHUVWDII
5HEXNH RU FRPPDQG ILUH FUHDWXUHV DV DQ HYLO FOHULF  6SHOOV3UHSDUHGEDVH'& 
UHEXNHV XQGHDG 8VH WKHVH DELOLWLHV D WRWDO QXPEHU RI VSHOO OHYHO {FUHDWH ZDWHU  JXLGDQFH  SXULI\ IRRG
WLPHVSHUGD\HTXDOWR\RXU&KDULVPDPRGLILHU DQG GULQN UHVLVWDQFH VW{EXUQLQJ KDQGV  EDQH PDJLF
 3RVVHVVLRQVFKDLQPDLOPDVWHUZRUNZKLSGDJJHU VWRQHGRRPVKLHOGRIIDLWKQG{KROGSHUVRQVKDWWHU 
 VKLHOGRWKHUVLOHQFHUG{UHVLVWHOHPHQWVILUH VHDULQJOLJKW
(1&2817(5/$,52)7+(%($67 WK{LQIOLFWFULWLFDOZRXQGV LQIOLFWFULWLFDOZRXQGV
 'RPDLQ VSHOO 'HLW\ -RUDP\ 'RPDLQV
$3/(/ 'HVWUXFWLRQ *DLQV WKH VPLWH SRZHU WKH VXSHUQDWXUDO
5DVWKSVHH0RQVWHU0DQXDOSDJH DELOLW\ WR PDNH D VLQJOH PHOHH DWWDFN ZLWK D  DWWDFN
 ERQXV DQG D GDPDJH ERQXV HTXDO WR KLV FOHULF OHYHO LI
/HYLQ 0DOH KXPDQ &OU &5  0HGLXPVL]H KHKLWV+HPXVWGHFODUHWKHVPLWHEHIRUHPDNLQJWKH
KXPDQRLGKXPDQ+'GKS,QLW6SG DWWDFN,WLVXVDEOHRQFHSHUGD\)LUH7XUQRUGHVWUR\
IW $&  WRXFK  IODWIRRWHG  $WN  PHOHH ZDWHU FUHDWXUHV DV D JRRG FOHULF WXUQV XQGHDG 5HEXNH
G VXEGXDO XQDUPHG 6$ 6SHOOV 64 7XUQ RU RU FRPPDQG ILUH FUHDWXUHV DV DQ HYLO FOHULF UHEXNHV
UHEXNH XQGHDG $/ 1 69 )RUW5HI:LOO6WU XQGHDG8VHWKHVHDELOLWLHVDWRWDOQXPEHURIWLPHVSHU
'H[&RQ,QW:LV&KD GD\HTXDOWRKLV&KDULVPDPRGLILHU

7KH)LUHVRI7UXWK  3DJH
 3RVVHVVLRQV FOHULFDO UREHV GLUW\ DQG WDWWHUHG KRO\
V\PERORI-RUDP\

$3/(/
5DVWKSVHH0RQVWHU0DQXDOSDJH

5DVW $GYDQFHG &5  /DUJH RXWVLGHU +' G
KS,QLW6SG)O\IWJRRG$&WRXFKIODW
IRRWHG$WNPHOHHGFODZVRUPHOHH
GELWH6$3DUDO\]LQJJD]HLPSURYHGJUDEEORRG
GUDLQ 64 )LUH VXEW\SH IOLJKW $/ 1 69 )RUW  5HI
:LOO6WU'H[&RQ,QW:LV&KD

 6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\
'RGJH)O\E\$WWDFN,PSURYHG,QLWLDWLYH

/HYLQ0DOH KXPDQ &OU -RUDP\ &5  0HGLXPVL]H
KXPDQRLGKXPDQ+'GKS,QLW6SG
IW $&  WRXFK  IODWIRRWHG  $WN  PHOHH
G VXEGXDO XQDUPHG 6$ 6SHOOV 64 7XUQ RU
UHEXNH XQGHDG $/ 1 69 )RUW5HI:LOO6WU
'H[&RQ,QW:LV&KD
 6NLOOV DQG)HDWV &RQFHQWUDWLRQ  'LSORPDF\ 
.QRZOHGJH UHOLJLRQ  6SHOOFUDIW  %UHZ 3RWLRQ
&RPEDW &DVWLQJ 7ZR:HDSRQ )LJKWLQJ :HDSRQ
)RFXVTXDUWHUVWDII
 6SHOOV3UHSDUHGEDVH'& 
VSHOO OHYHO {FUHDWH ZDWHU  JXLGDQFH  SXULI\ IRRG
DQG GULQN UHVLVWDQFH VW{EXUQLQJ KDQGV  EDQH PDJLF
VWRQHGRRPVKLHOGRIIDLWKQG{KROGSHUVRQVKDWWHU 
VKLHOG RWKHU VLOHQFH UG{GLVSHO PDJLF SURWHFWLRQ IURP
HOHPHQWV UHVLVW HOHPHQWV ILUH  VHDULQJ OLJKW  WK{
IUHHGRP RI PRYHPHQW LQIOLFW FULWLFDO ZRXQGV LQIOLFWFULWLFDO
ZRXQGV
 'RPDLQ VSHOO 'HLW\ -RUDP\ 'RPDLQV
'HVWUXFWLRQ *DLQV WKH VPLWH SRZHU WKH VXSHUQDWXUDO
DELOLW\ WR PDNH D VLQJOH PHOHH DWWDFN ZLWK D  DWWDFN
ERQXV DQG D GDPDJH ERQXV HTXDO WR KLV FOHULF OHYHO LI
KHKLWV+HPXVWGHFODUHWKHVPLWHEHIRUHPDNLQJWKH
DWWDFN,WLVXVDEOHRQFHSHUGD\)LUH7XUQRUGHVWUR\
ZDWHU FUHDWXUHV DV D JRRG FOHULF WXUQV XQGHDG 5HEXNH
RU FRPPDQG ILUH FUHDWXUHV DV DQ HYLO FOHULF UHEXNHV
XQGHDG8VHWKHVHDELOLWLHVDWRWDOQXPEHURIWLPHVSHU
GD\HTXDOWRKLV&KDULVPDPRGLILHU
 3RVVHVVLRQV FOHULFDO UREHV GLUW\ DQG WDWWHUHG KRO\
V\PERORI-RUDP\


7KH)LUHVRI7UXWK  3DJH
 $33(1',;1(:02167(56x)$,7+)8/2)%5$/0

)DLWKIXORI%UDOP
/DUJH0RQVWURXV+XPDQRLG
+LW'LFH   GKS
,QLWLDWLYH   'H[
6SHHG    IWEXUURZIW
$&     'H[VL]HQDWXUDO
$WWDFNV    6ODPVPHOHH
'DPDJH   6ODPG
)DFH5HDFK   IWE\IWIW
6SHFLDO$WWDFNV  ,PSURYHGJUDE
6SHFLDO4XDOLWLHV  6OHHS,PPXQLW\7UHPRUVHQVH
6DYHV    )RUW5HI:LOO
$ELOLWLHV   6WU'H[&RQ,QW:LV&KD
6NLOOV    +LGH-XPS 6SRW
)HDWV    5XQ

&OLPDWH7HUUDLQ  7HPSHUDWHDQGZDUPKLOOVDQGPRXQWDLQVXQGHUJURXQG
2UJDQL]DWLRQ  6ROLWDU\%URRGRU&RORQ\
&KDOOHQJH5DWLQJ 
7UHDVXUH   6WDQGDUG
$OLJQPHQW   8VXDOO\/DZIXO1HXWUDO
$GYDQFHPHQW  %\FKDUDFWHUFODVV

7KH)DLWKIXORI%UDOPDUHDUDFHRIKXPDQLQVHFWK\EULGV7KH\OLYHEHQHDWKWKHVXUIDFHEXUURZLQJWKURXJKHDUWKZLWK
HDVHDVWKH\VHDUFKIRUQHZWHUULWRU\IRUFRORQL]DWLRQ
 )DLWKIXODUHODUJHFULFNHWOLNHKXPDQRLGVPHDVXULQJWRIHHWLQOHQJWKDQGZHLJKLQJDVPXFKDVSRXQGV
7KHLUVPDOOKHDGKDVRQHODUJHURXQGFRPSRXQGH\HRQHDFKVLGHDSDLURIVPDOOHUHOOLSWLFDOH\HVDWWKHWRSRIWKHKHDG
DQG WZR LQFK DQWHQQDH 7KH FUHDWXUHV PRVW QRWLFHDEOH IHDWXUH KRZHYHU LV WKH WZR WRRWKOLNH VWUXFWXUHV RQ HDFK
IRUHOHJFDOOHGGDFW\OV7KH)DLWKIXOXVHWKHVHSRZHUIXOOLPEVWREXUURZWKURXJKWKHHDUWKDWDUDSLGSDFH7KHFUHDWXUH
DOVRKDVDSDLURIVHJPHQWHGKXPDQOLNHDUPVKLGGHQEHQHDWKLWVERG\ZKLFKLWFDQWXFNLQWRLWVVKHOO,WFDQUDLVHLWV
WKRUD[LQWRWKHDLUWRUHYHDOWKHVHDSSHQGDJHVIRUPDQLSXODWLQJWRROVDSSHDULQJDOPRVWOLNHDQLQVHFWRLGFHQWDXU7KH\
UDUHO\ UHYHDO WKHVH DSSHQGDJHV WR RXWVLGHUV KRZHYHU DV LW RSHQV WKHLU YXOQHUDEOH XQGHUVLGH WR DWWDFN 7KH WKRUD[ LV
SDFNHGZLWKPXVFOHVIRUWKHZLQJVDQGOHJVZKLFKDULVHIURPWKLVVHFWLRQDQGDOVRKDVEUHDWKLQJKROHVDORQJWKHVLGH
7KHLUODUJHDEGRPHQRYHUKDOIWKHFUHDWXUHVERG\OHQJWKFRQWDLQVWKHUHSURGXFWLYHDQGH[FUHWRU\RUJDQVDQGWKHEXON
RIWKHGLJHVWLYHV\VWHP
 )DLWKIXO ODQJXDJH LV PRUH D VRQJ RI FRQWLQXRXV WULOOV WKDW GLIIHU LQ WRQH DQG SXOVH UDWH WKDQ D |QRUPDO} ODQJXDJH
7KH\SURGXFHWKLVVRQJXVLQJWKHLUKDUSVKDSHGIRUHZLQJV2QHRIWKHYHLQVRQHDFKZLQJLVPRGLILHGZLWKDOLQHRIWLQ\
WHHWK WR IRUP D ILOH 7KLV ILOH LV GUDZQ DFURVV D VFUDSHU RQ WKH RWKHU ZLQJ DV WKH ZLQJV FORVH SURGXFLQJ D VRXQG ,W LV
LPSRVVLEOHIRUQRQ)DLWKIXOWRVSHDNRUXQGHUVWDQGWKLVODQJXDJHZLWKRXWPDJLFDODLG

&RPEDW
0RVW)DLWKIXODYRLGFRPEDWLIDWDOOSRVVLEOH7KH\IHHGODUJHO\RQSODQWPDWHULDORQO\RFFDVLRQDOO\HDWLQJDQLPDOVDQGVR
KDYHOLWWOHQHHGIRUKXQWLQJ,IFRUQHUHGRURUGHUHGLQWRFRPEDWE\DVXSHULRUKRZHYHUWKH\DWWDFNXQWLODOOHQHPLHVDUH
GHVWUR\HG$OWKRXJKWKH\XQGHUVWDQGWKHXVHRIVLPSOHZHDSRQVWZRVODPDWWDFNVIURPWKHLUSRZHUIXOGDFW\OVDUHWKH
SUHIHUUHG DVVDXOW 7KH\ XVH WKHLU OHDS DELOLW\ WR JDLQ WDFWLFDO DGYDQWDJH DQG ZLOO DWWHPSW WR JUDSSOH DQ\ REYLRXV
VSHOOFDVWHUVZLWKWKHLU,PSURYHG*UDEDELOLW\
 ,PSURYHG*UDE([7RXVHWKLVDELOLW\WKH)DLWKIXOPXVWKLWDQRSSRQHQWZLWKERWKVODPDWWDFNV
 6OHHS ,PPXQLW\ ([ )DLWKIXO DUHLPPXQHWRVOHHSPDJLFDQGHIIHFWV7KH\GRQRWVOHHSEXWPXVWHQWHUDKRXU
UHVWLQJVWDWHRQFHSHUGD\ZKLFKSURYLGHVWKHPWKHEHQHILWVWKDWKRXUVRIVOHHSSURYLGHDKXPDQ
 7UHPRUVHQVH([)DLWKIXOFDQDXWRPDWLFDOO\VHQVHWKHORFDWLRQRIDQ\WKLQJZLWKLQIHHWWKDWLVLQFRQWDFWZLWKWKH
JURXQG
 6NLOOV)DLWKIXOUHFHLYHDUDFLDOERQXVWR-XPSFKHFNVDQGDUHQRWOLPLWHGWRPD[LPXPGLVWDQFHVGXHWRKHLJKW
 
)DLWKIXO&KDUDFWHUV
)HZ IDLWKIXO SURJUHVV DV FKDUDFWHUV ,QGLYLGXDOV ZKR DUH WKH H[FHSWLRQ WR WKH UXOH XVXDOO\ JDLQ OHYHOV DV FOHULFV WKHLU
IDYRUHG FODVV ILJKWHUV DQG RFFDVLRQDOO\ UDQJHUV )DLWKIXO FOHULFV ZRUVKLS %UDOP )DLWKIXO OHDGHUV DUH DOZD\V FOHULFV RI
%UDOP

7KH)LUHVRI7UXWK  3DJH

)DLWKIXO6RFLHW\
7KH)DLWKIXOZHUHFUHDWHGRYHUDPLOOHQQLXPDJRLQWKHGD\VOHDGLQJXSWRWKH5DLQRI&RORUOHVV)LUH$VPDOOSRZHUIXO
VHFWRI%UDOPORFDWHGLQWKHZHVWHUQPRXQWDLQVRIWKH6XHO(PSLUHODWHUNQRZQDVWKH+HOOIXUQDFHVGLYLQHGWKHFRPLQJ
DSRFDO\SVHDQGLPSORUHGWKHLUJRGGHVVIRUDZD\WRVXUYLYHWKHGHYDVWDWLRQ7KRXJKWKHJRGGHVVGLGQRWNQRZWKHH[DFW
QDWXUH RU WLPLQJ RIWKHFDWDVWURSKHVKHJUDQWHGKHUIDLWKIXOVHUYDQWVZKDWVKHIHOWZRXOGVDYHWKHPDWUDQVIRUPDWLRQ
LQWREXUURZLQJLQVHFWKXPDQK\EULGVFDSDEOHRIGLJJLQJLQWRWKHPRXQWDLQIRUVKHOWHU7KH5DLQFDPHHYHQDVWKHODVWRI
WKHSULHVWVZHUHWUDQVIRUPHGDQGPDQ\ZHUHGHVWUR\HGDVWKH\DWWHPSWHGWRIOHHLQWRWKHHDUWK%XWVRPHVXUYLYHG
 2YHU WKH FHQWXULHV WKH SULHVWVQRZFDOOLQJWKHPVHOYHVWKH)DLWKIXORI%UDOPDGDSWHGWRWKHLUQHZOLIHDVLQVHFWV
7KH\VWD\HGEHORZWKHVXUIDFHVORZO\LQFUHDVLQJWKHLUQXPEHUVZKLOHDYRLGLQJWKHGHQL]HQVRIWKH8QGHUGDUNDQGDOO
WKH ZKLOH IHDULQJ GHVWUXFWLRQ IURP WKH XQNQRZQ FDWDVWURSKH 7KH FOHULFV RI %UDOP VHUYHG DV OHDGHUV IRU WKH JURZLQJ
FRPPXQLW\OHDGLQJVPDOOJURXSVLQWRQHZWHUULWRU\WRVWDUWRWKHUFRORQLHVWHDFKLQJWKHKLVWRU\RIWKHLUJUHDWVWUXJJOH
DQGLQVWUXFWLQJWKH\RXQJLQWKHZD\VRI%UDOP$IWHUPDQ\FHQWXULHVEHQHDWKWKHPRXQWDLQVWKHFOHULFVILQDOO\GHFLGHG
WR MRXUQH\ WR WKH VXUIDFH WR GHWHUPLQH LI WKH DSRFDO\SVH KDG HQGHG $ VFRXWLQJ SDUW\ VXUIDFLQJ LQ WKH +HOOIXUQDFHV
GLVFRYHUHGDKRVWLOH\HWKDELWDEOHVXUIDFHUHDOP7KH)DLWKIXORI%UDOPDUHVORZO\H[SORULQJWKHVXUIDFHQRZVHDUFKLQJ
IRUDODQGIUHHIURPWKHGHYDVWDWLRQWKH\IOHGVRORQJDJR
 %UDOP WKH +LYH *RGGHVV LV WKHVROHGHLW\UHYHUHGE\WKH)DLWKIXO$VVXFKWKH\ZRUNGLOLJHQWO\WRFRPSOHWHDQ\
WDVNVDVVLJQHGE\DVXSHULRUDQGEHOLHYHWKDWHYHU\EHLQJPXVWDFFHSWDSUHRUGDLQHGUROHLQVRFLHW\7KHFOHULFWKDWOHDGV
HDFKFRORQ\FDOOHGWKH+HDGLVREH\HGZLWKRXWTXHVWLRQDQGDQ\JURXSRIFOHULFVDOZD\VDFNQRZOHGJHVWKHVXSHULRULQ
WKH JURXS DV WKH OHDGHU 'HPRFUDF\ LV DQ XQNQRZQ FRQFHSW LQWKLVVRFLHW\0RVW)DLWKIXOVSHQGWKHLUOLYHVH[SDQGLQJ
WXQQHOVDQGFRORQ\FRPSOH[HVJXDUGLQJHJJFKDPEHUVDQGSDWUROOLQJWKHERUGHUVRIWKHFRORQ\IRULQWUXGHUV
 )HPDOH)DLWKIXOSURGXFHRQHJHQHUDWLRQDQQXDOO\(JJVIURPDOOIHPDOHVDUHODLGLQDQXQGHUJURXQGFKDPEHULQODWH
VSULQJDQGLQFXEDWHIRUWKUHHPRQWKVEHIRUHKDWFKLQJRQO\HYHUPDNHLWWRWKLVVWDJH+DWFKOLQJQ\PSKVORRNTXLWH
VLPLODU WR DGXOWV RQO\ PXFK VPDOOHU DUH ZKLWH DW ILUVW EXW GDUNHQ ZLWKLQ D ZHHN RU VR 1\PSKV IHHG DQG JURZ
WKURXJKRXWWKHQH[W\HDUPROWLQJVL[RUVHYHQWLPHVLQWKHSURFHVVEHIRUHUHDFKLQJIXOOVL]H$W\SLFDO)DLWKIXOOLYHVQR
PRUHWKDQ\HDUV


7KH)LUHVRI7UXWK  3DJH
 ),5(1(:7
$V3UHVHQWHGLQ0RQVWHU&RPSHQGLXP0RQVWHUVRI)DHUXQ

)LUHQHZW
0HGLXP6L]H0RQVWURXV+XPDQRLG)LUH5HSWLOLDQ
+LW'LFH   GKS
,QLWLDWLYH   'H[
6SHHG    IWFKDLQPDLOEDVHIW
$&     FKDLQPDLO'H[
$WWDFNV    /RQJVZRUGPHOHH
'DPDJH    /RQJVZRUGG
)DFH5HDFK   IWE\IWIW
6SHFLDO$WWDFNV  %UHDWKZHDSRQ
6SHFLDO4XDOLWLHV  )LUHVXEW\SH
6DYHV    )RUW5HI:LOO
$ELOLWLHV   6WU'H[&RQ,QW:LV&KD
6NLOOV    ,QWLPLGDWH/LVWHQ5LGHJLDQWVWULGHU6SRW
)HDWV    0RXQWHG&RPEDW

&OLPDWH7HUUDLQ  :DUPPRXQWDLQV
2UJDQL]DWLRQ  6ROLWDU\ JDQJ  ZDUEDQG  RU WULEH  LQFOXGLQJ  FOHULFV RI VWWK OHYHO  HOLWH
ZDUULRUVRIQGRUUGOHYHODQGDQRYHUORUGRIWKWKOHYHO
&KDOOHQJH5DWLQJ  
7UHDVXUH   6WDQGDUG
$OLJQPHQW   8VXDOO\QHXWUDOHYLO
$GYDQFHPHQW  %\FKDUDFWHUFODVV

)LUHQHZWVDUHGLVWDQWUHODWLYHVRIWKHOL]DUGIRONFUXHOPDUDXGHUVWKDWURDPKRWDQGYROFDQLFUHJLRQV
$ILUHQHZWVVNLQLVDPRWWOHGVHSLDFRORUGDUNHVWDORQJWKHVSLQHDQGIDGLQJWRDQHDUZKLWHRQWKHEHOO\7KHVPRRWK
IOHVKDQGIHDWXUHVUHVHPEOHWKRVHRIDQHHO7KHH\HVDUHGHHSFULPVRQ7KH\VWDQGDURXQGWRIHHWWDOODQGZHLJK
WRSRXQGV
)LUHQHZWVVSHDN'UDFRQLF

&20%$7
)LUHQHZW ZDUULRUV DUH W\SLFDOO\ DUPRUHG LQ FKDLQPDLO DQG FDUU\ ORQJVZRUGV EDWWOHD[HV RU ORQJVSHDUV )XOO\  RI
ILUHQHZWVHQFRXQWHUHGRQWKHVXUIDFHULGHJLDQWVWULGHUVWUDLQHGIRUPHOHH$WOHDVWRIHOLWHZDUULRUVDQGDOOFOHULFV
ULGHWKHVHPRXQWVDVZHOO
 %UHDWK:HDSRQ6X2QFHHYHU\PLQXWHVDILUHQHZWFDQEUHDWKHILUHRQDQRSSRQHQWZLWKLQIHHW7KLVDWWDFN
GHDOVGSRLQWVRIGDPDJHDVXFFHVVIXO5HIOH[VDYH'&UHGXFHVWKHGDPDJHE\KDOI
 )LUH6XEW\SH([)LUHLPPXQLW\GRXEOHGDPDJHIURPFROGH[FHSWRQDVXFFHVVIXOVDYH

),5(1(:7&+$5$&7(56 
)LUHQHZWVIDYRUHGFODVVLVEDUEDULDQ7KHLUFOHULFVFDQXVHVSHOOVIURPWKH'HVWUXFWLRQ)LUHDQG(YLOGRPDLQV

),5(1(:762&,(7<
)LUHQHZWVOLYHLQDFUXHOPDUWLDOVRFLHW\GRPLQDWHGE\FOHULFV:KHQHQFRXQWHUHGRXWVLGHWKHLUODLUVWKH\DUHXVXDOO\RQ
DQ RIIHQVLYH H[SHGLWLRQ WR H[WHUPLQDWH VRPH HQHP\{D KXPDQ YLOODJH D KXPDQRLG FRPPXQLW\ RU HYHQ DQRWKHU
ILUHQHZWWULEH)LUHQHZWZDUULRUVFRQVLGHULWDJUHDWKRQRUWRGHVWUR\WKHKDWFKLQJJURXQGRIDQHQHP\WULEH
 $ILUHQHZWODLUFRQWDLQVQRQFRPEDWDQW\RXQJHTXDOWRWKHWRWDOQXPEHURIDGXOWVDQGHJJVRIWKHQXPEHURI
DGXOWV7KHHJJVDUHKLGGHQLQDVHFUHWZHOOJXDUGHGKDWFKLQJJURXQG


7KH)LUHVRI7UXWK  3DJH
 *,$17675,'(5
$V3UHVHQWHGLQ0RQVWHU&RPSHQGLXP0RQVWHUVRI)DHUXQ

*LDQW6WULGHU
/DUJH0DJLFDO%HDVW)LUH
+LW'LFH   GKS
,QLWLDWLYH   'H[
6SHHG    IW
$&     VL]H'H[QDWXUDO
$WWDFNV    %LWHPHOHHRUNLFNPHOHH
'DPDJH    %LWHGRUNLFNG
)DFH5HDFK   IWE\IWIW
6SHFLDO$WWDFNV  )LUHEDOO
6SHFLDO4XDOLWLHV  )LUHVXEW\SHKHDOLQJIURPILUHUHVLVWDQWWRPDJLF
6DYHV    )RUW5HI:LOO
$ELOLWLHV   6WU'H[&RQ,QW:LV&KD
6NLOOV    /LVWHQ
)HDWV    5XQ

&OLPDWH7HUUDLQ  :DUPPRXQWDLQV
2UJDQL]DWLRQ  6ROLWDU\RUIORFN
&KDOOHQJH5DWLQJ  
7UHDVXUH   1RQH
$OLJQPHQW   $OZD\VQHXWUDO
$GYDQFHPHQW  +'/DUJH

2VWULFKOLNHIHDWKHUOHVVELUGVDGDSWHGWROLIHLQWKHKRWWHVWFRQGLWLRQVJLDQWVWULGHUVDUHXVXDOO\IRXQGDVWKHPRXQWVRI
ILUHQHZWV
 *LDQWVWULGHUVVWDQGDERXWIHHWWDOODQGKDYHPRWWOHGOHDWKHU\VNLQRIGXVN\UHG7KHLUH\HVJORZDGXOOUHGDQG
VWHDPFRQVWDQWO\ELOORZVIURPWKHLUQRVHVDQGPRXWKV7KHLUEHDNOLNHMDZVDUHOLQHGZLWKUD]RUVKDUSWHHWK

&20%$7
*LDQWVWULGHUVFDQDWWDFNRSSRQHQWVHLWKHUWRWKHIURQWZLWKDYLFLRXVELWHRUEHKLQGZLWKDQHYHQQDVWLHUNLFN7KH\GR
QRWIHDUEDWWOHDQGWKH\PDNHH[FHOOHQWZDUPRXQWV
 )LUHEDOO 6X7ZLFH SHU KRXU D JLDQW VWULGHU FDQ HPLW D VPDOO ILUHEDOO IURP GXFWV QHDU LWV H\HV (DFK ILUHEDOOKDVD
UDQJHRIIHHWDQGDEXUVWUDGLXVRIIHHW&UHDWXUHVFDXJKWE\WKHEODVWPXVWPDNHD5HIOH[VDYH'&RUWDNHG
SRLQWVRIGDPDJH$VXFFHVVIXOVDYHQHJDWHVDOOGDPDJH
 )LUH6XEW\SH([)LUHLPPXQLW\GRXEOHGDPDJHIURPFROGH[FHSWRQDVXFFHVVIXOVDYH
 +HDOLQJIURP)LUH([1RWRQO\GRJLDQWVWULGHUVWDNHQRGDPDJHIURPILUHWKH\DUHKHDOHGE\LW2QFHGXULQJHDFK
 URXQGV WKDW D VWULGHU LV H[SRVHG WR LQWHQVH KHDW RU IODPH WKH FUHDWXUH JDLQV WKH EHQHILW RI D FXUH OLJKW ZRXQGV VSHOO
GKSKHDOHG$ILUHEDOOVSHOORURWKHULQWHQVHILHU\DWWDFNIXOO\KHDOVWKHFUHDWXUHLQVWDQWO\
 5HVLVWDQWWR0DJLF([*LDQWVWULGHUVJDLQDERQXVRQDOOVDYLQJWKURZVDJDLQVWPDJLFDOHIIHFWV


7KH)LUHVRI7UXWK  3DJH
 $33(1',;1(::($3216
:KLS'DJJHU &RVWJS'DPDJHG&ULWLFDO[5DQJH,QFUHPHQWIW:HLJKWOE
    7\SH6ODVKLQJ

$FKDUDFWHUZKRWDNHVDQ([RWLF:HDSRQ3URILFLHQF\LQWKHZKLSLVDOVRSURILFLHQWLQWKHZKLSGDJJHU<RXGRQRWQHHG
WRWDNHDVHSDUDWHIHDWWRXVHWKHZKLSGDJJHULI\RXDOUHDG\KDYHDIHDWIRUWKHZKLS7KHZKLSGDJJHULVKHDYLHUWKDQD
VWDQGDUGZKLSDQGGHDOVQRUPDOGDPDJHGXHWRWKHEDUEVWKDWUXQDORQJLWVOHQJWKDQGWKHGDJJHUOLNHWLSZKLFKLQIOLFWV
GHHSZRXQGVZKHQDFFHOHUDWHGWRVWULNHE\DSURILFLHQWXVHU8QOLNHVWDQGDUGZKLSVDUPRUERQXVHVDQGQDWXUDODUPRU
ERQXVHV GR QRW KLQGHU LWV DELOLW\ WR GHDO GDPDJH $OWKRXJK \RX NHHS LW LQ KDQG WUHDW LW DV D UDQJHG ZHDSRQ ZLWK D
PD[LPXPUDQJHRIIHHWDQGQRUDQJHSHQDOWLHV
 %HFDXVHWKHZKLSGDJJHUFDQZUDSDURXQGDQHQHP\VOHJRURWKHUOLPE\RXFDQPDNHWULSDWWDFNVZLWKLW,I\RXDUH
WULSSHGGXULQJ\RXURZQWULSDWWHPSW\RXFDQGURSWKHZKLSGDJJHUWRDYRLGEHLQJWULSSHG
 <RXJHWDERQXVRQ\RXURSSRVHGDWWDFNUROOZKHQDWWHPSWLQJWRGLVDUPDQRSSRQHQWLQFOXGLQJWKHUROOWRNHHS
IURPEHLQJGLVDUPHG\RXUVHOILI\RXIDLOWRGLVDUP\RXURSSRQHQW

7KH)LUHVRI7UXWK  3DJH
 '0$,'&/,0%,1*7+(6+,(/'

3UH5ROOHGFKDUDFWHU&OLPEFKHFNV

5HFRUG HDFKFKDUDFWHUVQDPHEHORZDQGKDYHWKHPUROODGWLPHVOLVWLQJHDFKUHVXOW7KHVHUROOVZLOOEHXVHGLQ
(QFRXQWHU )LYH WR GHWHUPLQH WKH SDUW\V VXFFHVV DW FOLPELQJ WKH 6KLHOGRI-RUDP\,IVRPHRUDOOFKDUDFWHUVFKRRVHD
GLIIHUHQWSDWKXSWKHPRXQWDLQDVGHVFULEHGLQ(QFRXQWHU)LYH\RXPD\DOVRQRWHWKHSDWKHDFKIROORZV

  &OLPE&KHFN5ROO
&KDUDFWHU1DPH 3DWK          
           
           
           
           
           
           


3UH5ROOHG3DWK+D]DUGV

(DFKFKDUDFWHUWKDWDVFHQGVWKH6KLHOGRI-RUDP\LQ(QFRXQWHU)LYHPXVWFKRRVHDSDWKXSZDUG&KDUDFWHUVPD\FKRRVH
WKHVDPHSDWKIROORZLQJRQHEHKLQGWKHRWKHU,QWKLVFDVHRQO\WKHILUVWFKDUDFWHULVVXEMHFWWRWKHOLVWHGKD]DUGDQG
RQO\WKLVFKDUDFWHUKDVDFKDQFHWRGHWHFWWKHKD]DUGZLWKD6HDUFKRU:LOGHUQHVV/RUHVNLOOFKHFN

&OLPE&KHFN 3DWK 3DWK 3DWK 3DWK 3DWK 3DWK
 6OLGLQJ3DWFK 1RWKLQJ *DV7UDS 1RWKLQJ 3LW7UDS 3LW7UDS
 1RWKLQJ 3LW7UDS 6OLGLQJ3DWFK 3LW7UDS 1RWKLQJ 1RWKLQJ
 1RWKLQJ 3LW7UDS 1RWKLQJ *DV7UDS 3LW7UDS *DV7UDS
 1RWKLQJ 3LW7UDS 1RWKLQJ 6OLGLQJ3DWFK 1RWKLQJ 1RWKLQJ
 3LW7UDS 3LW7UDS 3LW7UDS 6OLGLQJ3DWFK 6OLGLQJ3DWFK 6OLGLQJ3DWFK
 *DV7UDS *DV7UDS 3LW7UDS 1RWKLQJ *DV7UDS 1RWKLQJ
 *DV7UDS 6OLGLQJ3DWFK 3LW7UDS 1RWKLQJ 6OLGLQJ3DWFK 1RWKLQJ
 6OLGLQJ3DWFK 3LWWUDS 6OLGLQJ3DWFK 6OLGLQJ3DWFK 1RWKLQJ 1RWKLQJ
 3LW7UDS 3LW7UDS 1RWKLQJ 3LW7UDS *DV7UDS 1RWKLQJ
 1RWKLQJ 6OLGLQJ3DWFK 1RWKLQJ 6OLGLQJ3DWFK 1RWKLQJ 1RWKLQJ


7KH)LUHVRI7UXWK  3DJH
 '0$,'7232)7+(6+,(/'
1RWH3OHDVHLJQRUHWKH0RXQWHG)LUHQHZWHQWULHVRQWKLVPDS

7KH)LUHVRI7UXWK  3DJH
 '0$,'7+(5$67}6/$,5


7KH)LUHVRI7UXWK  3DJH
 '0$,'&,5&/(2)680021,1*

7KH &LUFOH RI 6XPPRQLQJ ZDV FUHDWHG FHQWXULHV DJR EHIRUH WKH 7ZLQ &DWDFO\VPV E\ D FRPPXQLW\ RI JUD\ HOYHV WKDW
OLYHG LQ WKLV UHJLRQ RI WKH +HOOIXUQDFHV :KLOH WKH\ KDG D ZHOOIRUWLILHG IRUWUHVV WR SURWHFW PXFK RI WKHLU ODQG WKH\
VRPHWLPHVKDGDQHHGIRUPRUHSRZHUIXOZHDSRQVDQGGHIHQVHV7RPHHWWKLVQHHGDFDGUHRIZL]DUGVJDWKHUHGWRFUDIWD
GHYLFHDPLQRUDUWLIDFWLQIDFWWKDWZRXOGDOORZWKHPWRVXPPRQIRUWKDOOLHVIURPWKH2XWHU3ODQHVRIH[LVWHQFH7KH
&LUFOH JUHDWO\ HQKDQFHV WKH &RQMXUDWLRQ SRZHUV RI LWV XVHU EXW UHTXLUHV QHDU FRQVWDQW DWWHQWLRQ DQG FRQFHQWUDWLRQ WR
PDLQWDLQLWVXVH7KHXVHUPXVWVWDQGLQWKHFHQWHURIWKH&LUFOHWRXVHWKHDUWLIDFW

7KH&LUFOHDXWRPDWLFDOO\FUHDWHVDPDJLFFLUFOHDJDLQVWFKDRVHYLOJRRGDQGODZIRFXVHGLQZDUGRQDQ\FUHDWXUHFRQMXUHGE\
D FDOOLQJ VSHOO VXFK DV OHVVHU SODQDU DOO\ $ GLPHQVLRQDO DQFKRU DOVR DIIHFWV WKH FUHDWXUH IRU  GD\V DIWHU WKH FDOOLQJ
DOWKRXJKWKHXVHUPD\FKRRVHWRUHPRYHWKHDQFKRUDWDQ\WLPH$FUHDWXUHFDQQRWXVHLWVVSHOOUHVLVWDQFHDJDLQVWHLWKHU
WKH PDJLF FLUFOH RU GLPHQVLRQDO DQFKRU DQG QRQH RI LWV DELOLWLHV RU DWWDFNV FDQ FURVV LQWR WKH &LUFOH 7KH FUHDWXUH LV
LPPHGLDWHO\UHOHDVHGLIWKHXVHUOHDYHVWKH&LUFOH

,QDGGLWLRQWKHFDOOHGFUHDWXUHLVDIIHFWHGE\DJUHDWHUVFU\LQJVSHOOXQWLOLWIXOILOOVWKHUHTXLUHPHQWVRILWVFDOOLQJ7KH6FU\
FKHFNLVDXWRPDWLFDOO\VXFFHVVIXODQGWKH&LUFOHXVHU|VHHV}WKHLPDJHVRIWKHFUHDWXUHDQGLWVVXUURXQGLQJVLQKLVPLQG
$OO RI WKH IROORZLQJ VSHOOV FDQ EH FDVW UHOLDEO\ WKURXJK WKH JUHDWHUVFU\LQJ VHQVRU FRPSUHKHQGODQJXDJHVGDUNYLVLRQGHWHFW
FKDRVGHWHFWHYLOGHWHFWJRRGGHWHFWODZGHWHFWPDJLFPHVVDJHUHDGPDJLFDQGWRQJXHV

)LQDOO\WKHXVHUDQGFDOOHGFUHDWXUHDUHOLQNHGDVLIE\5DU\VWHOHSDWKLFERQG7KHWHOHSDWKLFERQGIXQFWLRQVUHJDUGOHVVRI
WKH FDOOHG FUHDWXUHV LQWHOOLJHQFH DQG DOORZV FRPPXQLFDWLRQ WHOHSDWKLFDOO\ WKURXJK WKH ERQG UHJDUGOHVV RI ODQJXDJH
1RWHKRZHYHUWKDWORZLQWHOOLJHQFHFUHDWXUHVPD\RQO\FRPPXQLFDWHEDVLFHPRWLRQVVLPSOHFRQFHSWVHWF7KHERQG
ZRUNVRYHUDQ\GLVWDQFHDOWKRXJKQRWIURPRQHSODQHWRDQRWKHU


7KH)LUHVRI7UXWK  3DJH