Focus magazine issue 3

IRFXV

>ŝĨĞƐƚLJůĞ ĂŶĚ ďƵƐŝŶĞƐƐ ŵĂŐĂnjŝŶĞ͘ ďŽƵƚ ǁŽŵĞŶ͘ LJ ǁŽŵĞŶ͘ ĂLJ ŽĨ WůĞŶƚLJ ĂŶĚ ƐƵƌƌŽƵŶĚŝŶŐ ĂƌĞĂƐ

D d ʹ / , < ΖD KD &Z

ĨŽĐƵƐŵĂŐĂnjŝŶĞ͘ĐŽ͘Ŷnj

/^^h ϯ ͮ & Zh Zz Ͳ D Z , ϮϬϭϳ

0LULDPD 6PLWK DFWUHVV FHOHEUDQWÕDQG êJKWHU 5HDO ZHGGLQJ %HQ DQG 6DYDQQDK

%ULGDO KDLU WUHQGV IRU

t/E

ZŽ ĂLJĨĚŶĞLJ t ŵƉĂŝƌ sŽƵĂLJŶĞ ŚŽ ĐŚ D KsŽƵĐŚƌĞĂ 'ŝŌĞƌ͘ D^< >> d ƌƐ͘ /E Ɖ /KE^ ƌŽĚƵ ͮ ĐƚƐ

&DUROLQH 0DUWHOOL

KHOSLQJ ZRPHQ IHHO JRRG ORRN JRRG

7HUULêF 7DUDQDNL KDV D ORW WR RIIHU

Η/Ĩ LJŽƵ ĂůǁĂLJƐ ĚŽ ǁŚĂƚ LJŽƵ ĂůǁĂLJƐ ĚŝĚ͕ LJŽƵ ǁŝůů ĂůǁĂLJƐ ŐĞƚ ǁŚĂƚ LJŽƵ ĂůǁĂLJƐ ŐŽƚ͘Η ůďĞƌƚ ŝŶƐƚĞŝŶ

Z

d

/

s

Z E ^ / ' E ͮ ' Z W , / ^ / ' E ͮ t ^ / ' E ^ s Ed Z d/s Ͳ ĂŶ ŶͲ'ŽŶ 'ƌŽƵƉ IDFHW ϲϮ dĞŶƚŚ ǀĞ͕ dĂƵƌĂŶŐĂ͕ ϯϭϭϬ ͮ W K Ždž ϭϰϬϬϰ͕ dĂƵƌĂŶŐĂ͕ ϯϭϰϯ ͮ WŚŽŶĞ͗ Ϭϳ ϱϳϳ ϬϬϴϭ ĚĞƐŝŐŶΛƐĂǀĂŶƚĐƌĞĂƟǀĞ͘ƉƌŽ ͮ ƐĂǀĂŶƚĐƌĞĂƟǀĞ͘ƉƌŽ

IRFXV 3XEOLVKHU $OLJQ 3XEOLVKLQJ DQ Q *RQ *URXS IDFHW (GLWRU 'HH &ROOLQV GHH#IRFXVPDJD]LQH FR Q] )HDWXUH :ULWHUV 0LOOLH )UHHPDQ -HVVLH 7D\ORU 7ULVK 5DH &UHDWLYH 'LUHFWRU 6DYDQW &UHDWLYH 3URRIUHDGLQJ 0LOOLH )UHHPDQ 'HH &ROOLQV 3ULQWLQJ 6DQ\DWL 3ULQW &RYHU ,PDJH +D\OH\ 6PLWK &UHDWLYH *UDLQ 6DOHV DGYHUWLVLQJ#IRFXVPDJD]LQH FR Q] &RQWDFW 'HWDLOV WK $YHQXH 7DXUDQJD Q *RQ *URXS +HDG 2IÀFH 3 2 %R[ 7DXUDQJD 7HO 0RELOH DGYHUWLVLQJ#IRFXVPDJD]LQH FR Q] ZZZ IRFXVPDJD]LQH FR Q] ZZZ IDFHERRN FRP IRFXVPDJD]LQHQ] 'LVWULEXWLRQ IUHH FRSLHV DUH GHOLYHUHG EL PRQWKO\ WR KLJK WUDIÀF DUHDV VXFK DV KLJK HQG FDIpV DQG UHVWDXUDQWV KDLUGUHVVHUV IDVKLRQ ERXWLTXHV ZDLWLQJ URRPV DQG SURIHVVLRQDO RIÀ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À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´QRW IRU SXEOLFDWLRQµ

# M a 4

:RZ LW V )HEUXDU\ DOUHDG\ 7KH \HDU LV LQ IXOO VZLQJ ² WKH KROLGD\V DUH ORQJ VLQFH RYHU DQG ZH UH EDFN DW ZRUN DQG LQWR WKH JHQHUDO EXV\QHVV RI OLIH 7LPH WR JUDE D FXSSD SXW \RXU IHHW XS DQG UHDG WKH ODWHVW HGLWLRQ RI IRFXV )RU \HDUV , ZDV LPPHUVHG LQ WKH ZHGGLQJ LQGXVWU\ RQ $XVWUDOLD V 6XQVKLQH &RDVW DQG ZLWK D ELJ IDPLO\ ZHGGLQJ FRPLQJ XS LQ 0DUFK LW KDV EHHQ JUHDW IXQ WR SXW WRJHWKHU D ORYH DQG URPDQFH WKHPH WR WKLV HGLWLRQ RI IRFXV $QG WKHUH ZDV QR RQH EHWWHU VXLWHG WKDQ 0LULDPD 6PLWK ² DFWUHVV 79 SHUVRQDOLW\ DQG LQ GHPDQG PDUULDJH FHOHEUDQW ² WR JUDFH RXU FRYHU 2XU WHDP VSHQW D IDEXORXV GD\ ZLWK 0LULDPD DW WKH EHDFK DQG FDPH DZD\ IHHOLQJ LQVSLUHG E\ KHU EXEEO\ DOZD\V RQ WKH JR SHUVRQDOLW\ ,Q VSLWH RI EHLQJ LQ $XFNODQG VKRRWLQJ WKH ODWHVW VHULHV RI )LOWK\ 5LFK 0LULDPD FDOOV WKH %D\ RI 3OHQW\ KRPH DQG DIWHU D KHFWLF ZHHN OHDUQLQJ OLQHV DQG ÀOPLQJ VKH ORYHV WR FRPH KRPH DQG VSHQG WLPH ZLWK KHU IDPLO\ 2Q D JRUJHRXV VXQQ\ GD\ ZH KDG 0LULDPD ZDONLQJ LQ DQG RXW RI WKH VHD XS DQG GRZQ WKH EHDFK FKDQJLQJ RXWÀWV DQG WKURXJK LW DOO VKH VPLOHG DQG ODXJKHG DQVZHULQJ RXU TXHVWLRQV ZKLOVW VKH ZRUNHG KHU PDJLF :LWK 9DOHQWLQH V 'D\ MXVW DURXQG WKH FRUQHU DQG WKH SRVVLELOLW\ RI D VWULQJ RI PDUULDJH SURSRVDOV LQ WKH %D\ ZH WKRXJKW ZH ZRXOG IHDWXUH D UHDO ZHGGLQJ IRU \RX +D\OH\ 6PLWK RI &UHDWLYH *UDLQ ZKR KDV EHHQ RXU FRYHU SKRWRJUDSKHU IRU RXU À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ĈWL 3ƻNHQJD WR GHYHORS VXVWDLQDEOH EXVLQHVV PRGHOV WR DVVLVW 0DRUL LQWR EXVLQHVV RZQHUVKLS :H KRSH \RX HQMR\ KHDULQJ WKHLU LQVSLULQJ VWRULHV DV PXFK DV ZH ORYH WHOOLQJ WKHP )URP WKH WHDP ZKR KDV ZRUNHG ZLWK PH RQ WKLV HGLWLRQ ZH KRSH \RX HQMR\ HYHU\ SDJH :H UH DOUHDG\ KDUG DW ZRUN RQ RXU $SULO IRFXV 6HH \RX WKHQ :LWK JUDWLWXGH

" 36 7KDQN \RX IRU DOO WKH ZRQGHUIXO IHHGEDFN 3OHDVH NHHS LW FRPLQJ /HW PH NQRZ ZKDW VWRULHV \RX WKLQN ZH VKRXOG FRYHU DQG ZKDW \RX ZRXOG OLNH WR VHH PRUH RI 3OHDVH JHW LQ WRXFK DW GHH#IRFXVPDJD]LQH FR Q]

)5(( FRSLHV RI IRFXV DUH DYDLODEOH DW RXU RIÀFH Q *RQ *URXS 7HQWK $YH 7DXUDQJD

)LQG XV DW IRFXVPDJD]LQH FR Q] IDFHERRN FRP IRFXVPDJD]LQHQ]

:KLOH VWRFNV ODVW

IRFXVPDJD]LQH

FRQWHQWV IRFXVPDJD]LQH

KE d, Ks Z

ϭϬ 5HDO ZHGGLQJ ϭϳ %ULGDO KDLU Ϯϰ &DUROLQH 0DUWHOOL ϱϲ 0LULDPD 6PLWK

DFWUHVV FHOHEUDQW«DQG ÀJKWHU

%HQ DQG 6DYDQQDK

WUHQGV IRU

KHOSLQJ ZRPHQ IHHO JRRG ORRN JRRG

7HUULÀF 7DUDQDNL KDV D ORW WR RIIHU

ϰϰ

ϰ

tŚĂƚΖƐ ŽŶ͍

ϲ

KƵƚ ĂŶĚ ĂďŽƵƚ

ϭϬ

DŝƌŝĂŵĂ ^ŵŝƚŚ ʹ 'ŽŝŶŐ ĂŌĞƌ ǁŚĂƚ LJŽƵ ďĞůŝĞǀĞ

ϭϱ

ĞŚŝŶĚ ƚŚĞ ƐĐĞŶĞƐ ʹ DŝƌŝĂŵĂΖƐ ƉŚŽƚŽƐŚŽŽƚ

ϭϳ

ZĞĂů ǁĞĚĚŝŶŐ ʹ ĞŶ ĂŶĚ ^ĂǀĂŶŶĂŚ

ϮϮ

DĂŬĞƵƉ ĨŽƌ ďƌŝĚĞƐ

Ϯϰ

ƌŝĚĂů ŚĂŝƌ ƚƌĞŶĚƐ

Ϯϲ

dŽƉ ƟƉƐ ʹ ďĞĂƵƚLJ͕ ŚĂŝƌ ĂŶĚ ŵĂŬĞƵƉ

ϯϬ

dŽƉ ƟƉƐ ʹ ƉŚŽƚŽŐƌĂƉŚLJ

ϯϰ

tŽŵĞŶΖƐ ŚĞĂůƚŚ ʹ ĐŽŶƐƵŵĞƌ ŐƵŝĚĞ ƚŽ ǀƵůǀŽǀĂŐŝŶĂů ŚĞĂůƚŚ

ϯϲ

<ƌŝƐƟŶ sĞƌŵĞƵůĞŶ ʹ ZĂĐŝŶŐ ǁŽŵĂŶ

ϯϵ

dŚĞ ŽƌŝŐŝŶĂů ƐŝŶůĞƐƐ ĐŚĞĞƐĞĐĂŬĞ

ϰϭ

ZŽĂƐƚ ǀĞŐŝĞ ƋƵŝŶŽĂ ƐĂůĂĚ

ϰϮ

ϭϬ ƚŚŝŶŐƐ ƚŽ ĂůǁĂLJƐ ƌĞŵĞŵďĞƌ

ϰϰ

dĞƌƌŝĮĐ dĂƌĂŶĂŬŝ

FRQWHQWV ϰ ϰϰ

ϰϴ

ƌĞĂƟǀŝƚLJ ŝŶ ƚŚĞ ĂLJ ŽĨ WůĞŶƚLJ

ϱϬ

tŽƌŬƉůĂĐĞ ǁĞůůďĞŝŶŐ

ϱϯ

:ĂĐŝŶƚĂ ŝŐŶĂŶ ʹ ^ƚƌŝĚŝŶŐ ĂŚĞĂĚ

ϱϰ

WƵƫŶŐ ƚŽŐĞƚŚĞƌ LJŽƵƌ ĮŶĂŶĐŝĂů ũŝŐƐĂǁ

ϱϲ

ĂƌŽůŝŶĞ DĂƌƚĞůůŝ͕ D ŽůůĞĐƟŽŶƐͮD^ŬŝŶ

ϱϵ

ZĂŚĞƌĂ KŚŝĂ ʹ ƐƐŝƐƟŶŐ DĈŽƌŝ ŝŶƚŽ ďƵƐŝŶĞƐƐ ŽǁŶĞƌƐŚŝƉ

ϲϭ

>ŽǀŝŶŐ LJŽƵƌ ĐƵƐƚŽŵĞƌƐ

ϲϯ

ŽŵƉĞƟƟŽŶƐ

ϲϰ

dŚĞ >ĂƐƚ WĂŐĞ

ϯϲ ϱϲ

ϭϬ

ϭϳ ϲϭ

ϱϬ

ϰϭ IRFXVPDJD]LQH

4 a °

)(%58$5< 0$5&+

)HEUXDU\ ,QWHUQDWLRQDO 7DWWRR DQG $UW ([SR 4XHHQ (OL]DEHWK <RXWK &HQWUH 7DXUDQJD 6WDUV RI WKH KLW 86 79 VKRZ ¶,QN 0DVWHUV· DUH KHDGLQJ WR 7DXUDQJD IRU WKLV HYHQW 6KRZFDVLQJ WKH FUHDWLYLW\ RI DUW WKURXJK OLYH WDWWRRLQJ EXUOHVTXH PXVLF DQG JUDIÀWL YLVLWRUV WR WKH H[SR KDYH WKH RSSRUWXQLW\ WR EH WDWWRRHG E\ VRPH RI WKH EHVW LQ WKH EXVLQHVV /LYH SHUIRUPDQFHV E\ 7LNL 7DDQH '- 6SHOO DQG PDQ\ PRUH

DP SP 7LFNHWV JHQHUDO DGPLVVLRQ ZHHNHQG SDVV ZZZ WDWWRRH[SR FR Q]

0DUFK 6WUDVVPDQ V L7HG( %D\FRXUW $GGLVRQ 7KHDWUH +HUDOGHG DV WKH DUWLVW ZKR PDGH YHQWULORTXLVP KLS DJDLQ 6WUDVVPDQ UHWXUQV ZLWK D EUDQG QHZ VKRZ DQG DQ HYHQLQJ RI VLGH VSOLWWLQJ FRPHG\ DQG ULRWRXV DQWLFV IURP 7HG ( %DUH DQG WKH PDOLFLRXV &KXFN :RRG SP SP 7LFNHWV 3UHPLXP $ 5HVHUYH % 5HVHUYH 7KH SHUIRUPDQFH LV UDWHG 0$ &KLOGUHQ \HDUV ROG WR EH DFFRPSDQLHG E\ D SDUHQW RU JXDUGLDQ 1R RQH XQGHU ZLOO EH DGPLWWHG ZZZ ED\FRXUW FR Q]

0DUFK 7DUJD 5RWRUXD 0HPRULDO 'ULYH 5RWRUXD 7DUJD LV 1HZ =HDODQG·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

9DULRXV SULFLQJ RSWLRQV DYDLODEOH ZZZ WDUJD Q]

0DUFK 7KH ([WUDYDJDQ]D *\SV\ 6LPSVRQ 5HVHUYH 3DSDPRD (DVW 7DXUDQJD $ XQLTXH VW\OH RI PDUNHW VWDOOV ZLWK DUWV DQG FUDIW IRRG DQG PXVLFDO HQWHUWDLQPHQW &KLOGUHQ V VKRZV UXQQLQJ WKURXJKRXW WKH GD\ ZKHUH \RXU NLGV FDQ JHW LQYROYHG DQG VKLQH OLNH VWDUV -RLQ LQ WKH ¶ROG VFKRRO· JDPHV VXFK DV VDFN UDFHV WXJ RI ZDU DQG PXVLFDO EHDQ EDJV DP SP )UHH DGPLVVLRQ ZZZ H[WUDYDJDQ]D FR Q]

0DUFK 3RUW QKRSH 683 %RDUG )HVWLYDO 3RUW QKRSH *HQHUDO 6WRUH DQG &DIp +DUERXU 5RDG QKRSH -RLQ LQ WKH IXQ DW WKH 6WDQG 8S 3DGGOH %RDUG )HVWLYDO )HDWXULQJ ERWK ÁDW ZDWHU DQG VXUI HYHQWV FDWHJRULHV UDQJH IURP QRYLFH WR PDVWHUV ZZZ VXSFOXE FR Q]

0DUFK 5RWRUXD :DONLQJ )HVWLYDO 1HLO +XQW 3DUN 7DUDZHUD 5RDG 5RWRUXD

7LFNHWV $GXOWV RQH GD\ WZR GD\V &KLOGUHQ 8 RQH GD\ WZR GD\V )DPLO\ DQG WHDP UDWHV DUH DYDLODEOH ZZZ URWRUXDZDONLQJIHVWLYDO RUJ Q]

5HFUHDWLRQDO ZDONHUV FDQ HLWKHU ZDON RQH RU ERWK GD\V RI WKH 5RWRUXD :DONLQJ )HVWLYDO 7KHUH DUH ZDONV WR VXLW HYHU\RQH IURP ROG WR \RXQJ IDVW WR VORZ DQG YDULRXV GLVWDQFHV DUH DYDLODEOH 2Q 6DWXUGD\ WKH ZDONV ZLOO IROORZ URXWHV WKURXJK WKH 5HGZRRG DQG :KDND )RUHVWV DQG LQFOXGH VRPH RI 1HZ =HDODQG·V ÀQHVW EXVK JHRWKHUPDO IRUHVW DQG VWUHDP VFHQHU\ 6XQGD\ ZDONV ZLOO IROORZ URXWHV WKURXJK WKH FLW\ SDUNV WKHUPDO UHVHUYHV ODNHVKRUH DQG SRLQWV RI KLVWRULFDO LQWHUHVW

0DUFK $SULO &UDQNZRU[ 5RWRUXD )DLU\ 6SULQJV 5RDG 5RWRUXD &UDQNZRU[ LV WKH GHÀQLQJ FHOHEUDWLRQ RI ZRUOG FODVV PRXQWDLQ ELNLQJ 7KLV LV \RXU FKDQFH WR ULGH DORQJVLGH WKH ZRUOG·V EHVW H[SHULHQFH WKH ELJJHVW JDWKHULQJ RI PRXQWDLQ ELNH EUDQGV LQ $XVWUDODVLD LQ WKH H[SR ]RQH DQG RI FRXUVH NLFN EDFN DQG UHOD[ ZLWK DQ DOH RU WZR ZKLOH \RX WDNH LQ WKH DFWLRQ RQ VRPH RI WKH ZRUOG·V EHVW WUDLOV DP SP 9DULRXV WLFNHWLQJ RSWLRQV DYDLODEOH ZZZ FUDQNZRU[ FRP URWRUXD

IRFXVPDJD]LQH

Z ƵŝůĚŝŶŐ ƐƚƌŽŶŐ ƌĞůĂƟŽŶƐŚŝƉƐ Ăƚ ƚŚĞ sĞŶƵƐ tŽŵĞŶΖƐ EĞƚǁŽƌŬ ĞŶĚ ŽĨ LJĞĂƌ ŐĞƚͲƚŽŐĞƚŚĞƌ͘

DĂƌŐŝ ,Ăƌƚ ;,Ăƌƚ tŽƌŬƐ /ŶƐƵƌĂŶĐĞͿ͕ sĂŶĞƐƐĂ >ĂǀĂůͲ'ůĂĚ ;/ŶĚŝŐŽ DŽŽŶ WŚŽƚŽ Θ sŝĚĞŽͿ͕ >ŽƵŝƐĞ tŝůƐŽŶ ; ŝǀŝŶĞ DĂƐƐĂŐĞ dŚĞƌĂƉLJͿ

^ƚĂĐŝĞ dĂLJůŽƌ ;E D Ϳ ĂŶĚ dĂƌLJŶ :ŽƐĞƉŚ ;sĞŶƵƐ tŽŵĞŶΖƐ EĞƚǁŽƌŬͿ

<ĞƌLJŶ :ĂƌǀŝƐ ;^ƚĂƉůĞƐ ZŽĚǁĂLJ ĐĐŽƵŶƚĂŶƚƐͿ͕ ^ĞƌŝŶĂ 'ĂƌĚŶĞƌ ;EĂƚƵƌĂů &ĂŵŝůLJ ,ĞĂůƚŚͿ

,ŽƉĞ <ĞƌƌͲ Ğůů ;DĂũĞƐƚLJ DŽƌƚŐĂŐĞ ƌŽŬĞƌƐͿ͕ ZĂĐŚĂĞů WĞĂƌĐĞ ; ŚĞƌŝƐŚ >ŝĨĞͿ͕ ĂƌŽů 'ĂƌĚĞŶ ;&ŽŽĚ 'ĂƌĚĞŶ ĂƚĞƌŝŶŐ ŽŵƉĂŶLJͿ

<ĂƚĞ ƉĂŶƵŝ ;dƌƵĞ EĂƚƵƌĞͿ͕ DĂƌLJ WĂƌŬĞƌ ;dŚĞ &ĂƐƚ dƌĂĐŬ ŽĂĐŚͿ͕ DĂƌŐĂƌĞƚ ^ƚŽĚĂƌƚ ;WĞƌƐŽŶĂů ^ƚLJůĞͿ͕ ^ŚĂƌŽŶ 'ŝďůĞƩ ;:ŝŐƐĂǁ ^ŽůƵƟŽŶƐ 'ƌŽƵƉͿ IRFXVPDJD]LQH

^ŽůŽ tŝŶŐƐ ǁĂƐ ƚŚĞ ǀĞŶƵĞ ĨŽƌ ƚŚĞ E/ ,ĂƌďŽƵƌƐŝĚĞ Y͘ WĂƌƚŶĞƌƐ ǁĞƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ŝŶǀŝƚĞ͘ ZŽƐĞŵĂƌLJ ǀĂŶ ĚĞƌ sĞůĚĞŶ ;ZĞŶƚůŝŶŬͿ͕ 'ĂƌƌLJ WŝƩĂŵƐ ;WŝƩĂŵƐ WůƵŵďŝŶŐͿ ĂŶĚ dLJůĞƌ ^ŵŝƚŚ ; Ϳ

dƌŝƐƚĂ ĂŶĚ >ĂŶĐĞ ^ŽŵĞƌǀĞůů ;E dƌĂǀĞů ƌŽŬĞƌƐͿ͕ DĂƌŬ ŽůůŝŶƐ ;^ĂŶLJĂƟ WƌŝŶƚͿ

^ĂŶĚƌĂ 'ĂƌƌĂƩ ;^ŝŵƉůLJ :ƵƚĞͿ ĂŶĚ ŶŝƚĂ ^ĂƵŶĚĞƌƐ ;/ŶƚĞŐƌŝƚLJ ^ĞƌǀŝĐĞƐͿ ^ƵĞ ĞǁĞƐ ;dƌĂŶƋƵŝůůŽ ĞĂƵƚLJͿ ĂŶĚ EŽƌŵĂ <ĞůůLJ ;^ŽůŽ tŝŶŐƐ ǀŝĂƟŽŶ ĞŶƚƌĞͿ

ĂǀĞ ,ĂůĞLJ ;^ŝŐŶďŝnj dĂƵƌĂŶŐĂͿ ĂŶĚ ŝĂŶŶĞ ,ĂůĞLJ ; ŝŶ /ŶŶ WĂƉĂŵŽĂͿ

,ĞůĞŶ ^ĐŚĂĨĞƌ ;>ŝǀŝŶŐ ƵƐŝŶĞƐƐͿ͕ ŶĚLJ 'ĂƌƌĂƩ ;>ĂǁŶ&ŝdž dĂƵƌĂŶŐĂͿ͕ :ĂŶ ,ĞŶĚů ;WŝƩĂŵƐ WůƵŵďŝŶŐͿ IRFXVPDJD]LQH

&ĂƌŵĞƌ ƵƚŽ sŝůůĂŐĞ ŚŽƐƚĞĚ Ă ŚĂŵďĞƌ ŽĨ ŽŵŵĞƌĐĞ ϱ ĞǀĞŶƚ ŝŶ ƚŚĞ ,LJƵŶĚĂŝ ƐŚŽǁƌŽŽŵ͘ ĞůĞďƌĂƟŶŐ ŝƚƐ ϮϱƚŚ LJĞĂƌ ŝŶ ďƵƐŝŶĞƐƐ͕ ŐƵĞƐƚƐ ǁĞƌĞ ƚƌĞĂƚĞĚ ƚŽ ƐŽŵĞ ĞdžĐĞůůĞŶƚ ŚŽƐƉŝƚĂůŝƚLJ͕ ŐƌĞĂƚ ƉƌŝnjĞƐ ĂŶĚ Ă ƉƌĞǀŝĞǁ ŽĨ ƚŚĞ ůĂƚĞƐƚ ŚLJďƌŝĚ ^hs͕ ƚŚĞ ŝϯϬ͘

DŽŶŝƋƵĞ ǀĂŶ ŬĞŶ ;dĂƵƌĂŶŐĂ ŚĂŵďĞƌ ŽĨ ŽŵŵĞƌĐĞͿ ĂŶĚ <ĂƚĞ WƌĞƐůĂŶĚ ;dĂƵƌĂŶŐĂ ŚĂŵďĞƌ ŽĨ ŽŵŵĞƌĐĞͿ ĂƌƌLJ &ŽůƐƚĞƌ ;,ĞĂƌƚůĂŶĚ ĂŶŬ dĂƵƌĂŶŐĂͿ͕ WĞƚĞƌ &ĂƌŵĞƌ ;&ĂƌŵĞƌ ƵƚŽǀŝůůĂŐĞͿ͕ ^ŚĂƌŽŶ 'ŝďůĞƩ ;:ŝŐƐĂǁ ^ŽůƵƟŽŶƐ 'ƌŽƵƉͿ

^ƚĂĐŝĞ dĂLJůŽƌ ;E D Ϳ͕ ^ƵĞ ĂƌŬ ;dŽƚĂƌĂ >ĞĂƌŶŝŶŐ ^ŽůƵƟŽŶƐͿ͕ :Ž tĞŝƌ ; ƌƌŽǁŵĂƌŬ DĂƌŬĞƟŶŐ ĂŶĚ 'ƌĂƉŚŝĐ ĞƐŝŐŶͿ ŵLJ <ĞƌŶĞLJƐ ; ĂLJ sĞŶƵĞƐͿ ĂŶĚ ƌŝĂŶĂ ůĂƌŬĞ ; ĂŐůĞ ZŝĚŐĞͿ

dƵŝ ŚŽƐƚĞĚ Ă ^ŵĂůů ƵƐŝŶĞƐƐ dĂƵƌĂŶŐĂ ŶĞƚǁŽƌŬŝŶŐ ĞǀĞŶƚ͘ DĞŐĂŶ tĂƩƐ ;ZĂLJ tŚŝƚĞ WĂƉĂŵŽĂͿ͕ DĂƌLJ <ĂƚĞƌ ;DĂƵƌŝĐĞ dƌĂƉƉ 'ƌŽƵƉͿ͕ ,ĞĂƚŚĞƌ ƌŝŐŚƚ ;DĂũĞƐƟĐ /ŶƚĞƌŝŽƌƐͿ ĂŶĚ <ĂƌĞŶ ZŽďĞƌƚƐ ;WĞƌƉĞƚƵĂů 'ƵĂƌĚŝĂŶͿ

:ĂĐŬŝĞ ǀĞůŝŶŐ ; ĂůůĂŶĐĞ ŐƌŝͲEƵƚƌŝĞŶƚƐͿ͕ sĂůĚĂ WĂƩĞƌƐŽŶ ;dĞƌƌĂ &ŝƌŵĂ ,ŽůĚŝŶŐƐͿ ĂŶĚ ^ƵĞ ĂĐŽŶ ;WĞƌƉĞƚƵĂů 'ƵĂƌĚŝĂŶͿ

:ĂĐƋƵŝ ŝĐŬŝŶƐŽŶ ; džƉĂŶĚĂƐŝŐŶ E Ϳ͕ ZŝĐŚĂƌĚ ǀĂŶ ĚĞƌ :ĂŐƚ ;sŽLJĂŐĞ /ŵĂŐŝŶŐͿ ĂŶĚ DĂƌŐŝĞ dŚŽŵĂƐ ;,ŽŶĞLJ ůŝƐƐͿ IRFXVPDJD]LQH

1HOVRQ 0DQGHOD

IRFXVPDJD]LQH

*RLQJ DIWHU ZKDW \RX EHOLHYH

0LULDPD 6PLWK ² DFWUHVV FHOHEUDQW«DQG ÀJKWHU :RUGV 0LOOLH )UHHPDQ _ ,PDJHV +D\OH\ 6PLWK &UHDWLYH *UDLQ

IRFXVPDJD]LQH

:KHQ 0LULDPD 6PLWK DXGLWLRQHG IRU KHU ÀUVW DFWLQJ UROH DW VKH ZHQW RXW WR ZLQ 1RW EHFDXVH VKH WKRXJKW VKH ZDV WKH EHVW EXW EHFDXVH VKH ZDV FRPSHWLWLYH HQRXJK WR EHOLHYH VKH FRXOG EH ,W V WKLV ÀJKWLQJ VSLULW VKH EULQJV LQWR HYHU\ UROH VKH WDNHV RQ ZKHWKHU EHKLQG WKH FDPHUD RU LQ UHDO OLIH $QG VKH ZHDUV PDQ\ KDWV $V ZHOO DV EHLQJ D WDOHQWHG ÀOP DQG WHOHYLVLRQ DFWUHVV 0LULDPD LV D PDUULDJH FHOHEUDQW \RJD LQVWUXFWRU PXP WR \HDU ROG 5DX DQG ZLIH WR '\ODQ

)RU WKH ODVW VL[ PRQWKV VKH KDV EHHQ FRPPXWLQJ ZHHNO\ WR $XFNODQG WR ÀOP WKH VHFRQG VHULHV RI SRSXODU 79 GUDPD )LOWK\ 5LFK ZKHUH VKH VWDUV LQ WKH OHDG UROH RI %UDG\ 7UXHEULGJH $W ZHHNHQGV VKH OHDYHV KHU FKDUDFWHU LQ $XFNODQG DQG UHWXUQV WR KHU %D\ RI 3OHQW\ EHDFKVLGH KRPH IRU D IXOO\ ERRNHG VXPPHU RI ZHHNHQG FHOHEUDQW ZRUN \RJD FODVVHV DQG WLPH ZLWK WKH IDPLO\ /LIH LV D FRQVWDQW MXJJOH RI UROHV ´:LWK P\ OLIH , JHQHUDOO\ ÀQG WKDW ZKHQ LW UDLQV LW SRXUV DQG WKHQ , KDYH GRZQWLPH , OLNH KDYLQJ WR MXJJOH P\ WLPH DQG , UHDOO\ HQMR\ KDYLQJ WR ÀQG D EDODQFH , OLNH WR KDYH P\ ÀQJHUV LQ DOO WKH SLHV DQG ZDNH XS HYHU\ GD\ QRW NQRZLQJ ZKDW V JRLQJ WR KDSSHQ , OLNH FKDQJH , P D FKDPHOHRQ µ ,W V IRUWXQDWH WKDW 0LULDPD WKULYHV RQ FKDQJH EHFDXVH WUDQVIRUPLQJ LQWR %UDG\ 7UXHEULGJH PXVW WDNH D FKDPHOHRQ VRUW RI HIIRUW 0LULDPD LV ZHOFRPLQJ VHUHQH DUWLFXODWH DQG VWURQJ PLQGHG ZKHUHDV %UDG\ LV IRUPLGDEOH EUDVK DQG EDOOV\ DQG VD\V WKLQJV PRVW RI XV PLJKW WKLQN EXW ZRXOG QHYHU DFWXDOO\ VD\ $W DP LQ WKH PDNHXS FKDLU RQ D 0RQGD\ PRUQLQJ LW WDNHV 0LULDPD D JRRG KRXU RU VR WR WXQH LQWR %UDG\ DJDLQ EXW ZKHQ VKH V DW ZRUN IRU WKH ZHHN VKH LPPHUVHV KHUVHOI FRPSOHWHO\ LQ KHU FKDUDFWHU ´%UDG\ V D FRPSOH[ FKDUDFWHU ZLWK VR PDQ\ OD\HUV DQG IRU PH VKH V YHU\ LQWHUHVWLQJ WR XQUDYHO $V 0LULDPD , PLJKW QRW DJUHH ZLWK ZKDW %UDG\ GRHV EXW DV DQ DFWRU LW V P\ UHVSRQVLELOLW\ WR WU\ DQG XQGHUVWDQG ZK\ VKH GRHV LW UDWKHU WKDQ MXGJH KHU :ULWHUV FUHDWH FKDUDFWHUV EXW DQ DFWRU EULQJV VR PXFK PRUH FRORXU WR WKHP , DOZD\V WU\ DQG ÀQG PRUH LQ KHU WKDW V WKH WKULOO RI LW µ

%5($.6 $FWLQJ KDV DOZD\V EHHQ D WKULOO IRU 0LULDPD %DFN DW WKDW ÀUVW DXGLWLRQ LQ WKH V VKH ZDV H[FLWHG E\ WKH LGHD RI JRLQJ RXW DQG WU\LQJ IRU VRPHWKLQJ ZLWK HYHU\ FKDQFH RI ZLQQLQJ 7KH DXGLWLRQ ZHQW KHU ZD\ DQG DW VKH KDG KHU ÀUVW PLQRU UROH LQ WKH 79 SROLFH GUDPD VHULHV 6KDUN LQ WKH 3DUN ÀOPHG LQ :HOOLQJWRQ LQ WKH ODWH V DQG HDUO\ V 6KH ZHQW WR PRUH DXGLWLRQV DQG GLG ORWV RI FRPPHUFLDOV $V D \RXQJ WHHQDJHU JURZLQJ XS LQ 3RULUXD VKH ZDV GRLQJ ZHOO ² WUDYHOOLQJ PHHWLQJ ORWV RI SHRSOH DQG PDNLQJ JRRG PRQH\ $FWLQJ KDG KRRNHG KHU LQ ´*URZLQJ XS 0ĈRUL ZDV D FKDOOHQJH EHFDXVH SHRSOH V SHUFHSWLRQV ZHUHQ W DOZD\V SRVLWLYH EXW , QHYHU DOORZHG WKRVH WR DIIHFW PH , P D FRPSHWLWLYH SHUVRQ DQG , MXVW NQHZ WKDW LI , KDGQ W WULHG IRU WKDW ÀUVW DXGLWLRQ , G NLFN P\VHOI , VHH HYHU\WKLQJ DV DQ RSSRUWXQLW\ WR WU\ VRPHWKLQJ QHZ &KLOGUHQ KDYH WKDW DWWLWXGH EXW VRPHZKHUH DORQJ WKH ZD\ ZH ORVH WKH LQQRFHQFH :H RYHUWKLQN HYHU\WKLQJ DQG RXU HJR JHWV LQ WKH ZD\ RI LW DOO <RX FDQ GR DQ\WKLQJ ² WKDW V ZKDW P\ GDG WDXJKW PH 7KH ZRUOG LV \RXU R\VWHU VR MXVW JLYH LW D VKRW µ 0LULDPD LV SOHDVHG ZH DUH QRZ VHHLQJ D ORW RI SRVLWLYH 0ĈRUL UROH PRGHOV LQ WKH PHGLD DQG WKDW SHRSOH KDYH D YRLFH DQG PRUH FKRLFHV WKHVH GD\V ´:H DUH EHFRPLQJ 1HZ =HDODQGHUV DV D ZKROH DQG , P HQMR\LQJ WKDW PRUH µ :KLOH VWXG\LQJ DW XQLYHUVLW\ LQ WKH PLG V VKH JRW KHU ELJ EUHDN ² SOD\LQJ 1XUVH $ZKLQD LQ 6KRUWODQG 6WUHHW ² VR SXW KHU GHJUHH RQ KROG DQG PRYHG WR $XFNODQG IRFXVPDJD]LQH

´6KRUWODQG 6WUHHW ZDV WKH GLYLQJ ERDUG RI P\ FDUHHU , ZDV ZRUNLQJ HYHU\ GD\ KRQLQJ P\ VNLOOV DQG OHDUQLQJ WR XQGHUVWDQG LW DV D FUDIW :KHQ , JRW WR $XFNODQG WKH\ VDW PH GRZQ DQG VDLG P\ OLIH ZDV DERXW WR FKDQJH <RX ZRQ W EH DEOH WR JR WR WKH VXSHUPDUNHW ZLWKRXW SHRSOH UHFRJQLVLQJ \RX WKH\ VDLG , KDG WR OLYH WKURXJK LW WR XQGHUVWDQG LW , ZDV DQG VWLOO ZDQWHG WR SDUW\ DQG JR WR WKH SXE ,W ZDV UHDOO\ JRRG IRU PH EHFDXVH LW JDYH PH D JUHDWHU XQGHUVWDQGLQJ RI ZKDW LW PHDQV WR EH DQ DFWRU µ

),1',1*

7+( 5($/

%XW 0LULDPD QHHGHG FKDQJH VKH QHHGHG WR EH MXJJOLQJ DQG DIWHU D \HDU RQ 6KRUWODQG 6WUHHW VKH IRXQG OLIH D OLWWOH WRR VHFXUH RQ WKH 0RQGD\ WR )ULGD\ VHW 6KH IHOW VKH QHHGHG WR SUHSDUH KHUVHOI IRU WKH UHDOLWLHV RI DFWLQJ LQ D VRPHZKDW OHVV SUHGLFWDEOH ZRUOG DQG VKH DOVR ZDQWHG WR JHW RXW EHIRUH UHDFKLQJ D SRLQW ZKHUH \RX DUH RQO\ HYHU NQRZQ DV RQH FKDUDFWHU 1XUVH $ZKL ZDV VHQW SDFNLQJ XS 1RUWK ZLWK KHU ER\IULHQG DQG 0LULDPD VSHQW IRXU \HDUV EDFNSDFNLQJ RYHUVHDV DQG ZRUNLQJ ² DV .LZLV GR ² LQ EDUV DQG RQ FUXLVH VKLSV DQG KDYLQJ WLPH WR GLVFRYHU PRUH DERXW KHUVHOI LQ WKH SURFHVV 6KH DOVR FRPSOHWHG KHU %DFKHORU RI 6SRUW H[WUDPXUDOO\ 6KH ZRXOG DOZD\V FRPH EDFN WR DFWLQJ EHFDXVH ´DFWLQJ QHYHU OHDYHV \RXµ DQG VLQFH 6KRUWODQG 6WUHHW VKH KDV VWDUUHG LQ D KRVW RI 1HZ =HDODQG ÀOPV DQG 79 VHULHV LQFOXGLQJ ;HQD :DUULRU 3ULQFHVV 7KH 7ULEH 0HUF\ 3HDN DQG 3RZHU 5DQJHV 7KH SDUW RI IRUPLGDEOH %UDG\ 7UXHEULGJH ZDV KHU ÀUVW OHDGLQJ UROH LQ DQ RQJRLQJ GUDPD VHULHV DQG VKH V SURXG WKDW VKH IRXJKW KDUG WR JHW WKHUH ´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ÀJKWHU ´7KDW V ZK\ , OLNH %UDG\ 6KH V D ÀHUFH GULYHQ ZRPDQ DQG , P DOORZHG WR SOD\ KHU DV JULWW\ DV , ZDQW DQG , ORYH WKDW ,W YDOLGDWHV PH IRU ZKR , DP DV D ZRPDQ ² VWURQJ FRXUDJHRXV UHDO IRFXVPDJD]LQH

0LULDPD 6PLWK SOD\V %UDG\ 7UXHEULGJH LQ )LOWK\ 5LFK

),*+7,1* )25

/29(

7KH UHDO ZRUOG RI DFWLQJ LV DOVR DQ DFW RI VXUYLYDO (YHU GHSHQGHQW RQ UDWLQJV 79 VHULHV FDQ EH GURSSHG DW DQ\ WLPH DQG PDQ\ DFWRUV KDYH RWKHU LQFRPH VWUHDPV 0LULDPD EHFDPH D PDUULDJH FHOHEUDQW WKUHH \HDUV DJR EHFDXVH VKH ORYHV HPSRZHULQJ FRXSOHV WR FKRRVH ZKHUH DQG KRZ WKH\ ZDQW WR JHW PDUULHG ´$ ORW RI FRXSOHV WKLQN WKHUH DUH VR PDQ\ UXOHV DERXW WKH ZD\ VRPHWKLQJ QHHGV WR EH GRQH DQG , ORYH WKLV LGHD WKDW LW V WKHLU GD\ DQG WKH\ FDQ GR ZKDWHYHU WKH\ ZDQW 7KH WZR OHJDO HOHPHQWV DUH VD\LQJ WKHLU IXOO QDPHV RQFH GXULQJ WKH FHUHPRQ\ DQG ERWK FRPLQJ IUHHO\ WR WKH UHODWLRQVKLS DQG WKH UHVW LV XS WR WKHP , OLNH EHLQJ DEOH WR HPSRZHU FRXSOHV DQG UHDOO\ PDNLQJ LW WKHLU GD\ , WKLQN LW V D UHDO KRQRXU µ :LWK DOO WKH RUJDQLVLQJ WR JHW WKHUH DQG WKH SUHVVXUH RQ WKH GD\ WR VWDQG XS DQG VD\ \RXU GHHSHVW IHHOLQJV DERXW WKH RWKHU SHUVRQ DV ZHOO DV WKH HPRWLRQ RI WKH FHUHPRQ\ D ZHGGLQJ GD\ LV KXJH IRU DQ\ FRXSOH 0LULDPD V UROH LV WR KHOS WKHP JHW WKURXJK WKH FHUHPRQ\ LQ D ZD\ WKDW V QRW VFDU\ ,W V DERXW EHLQJ VXSHU RUJDQLVHG WR PDNH VXUH HYHU\WKLQJ JRHV VPRRWKO\ EXW DW WKH VDPH WLPH VKH ÀJKWV IRU WKH ORYH VWRU\ WR EH KHDUG

´7KHUH LV VR PXFK ZH FDQ GR LQ RXU OLIH , P D PXP DFWRU FHOHEUDQW \RJD LQVWUXFWRU DQG RQH GD\ VRPHWKLQJ HOVH +RZ H[FLWLQJ µ

´0RVW SHRSOH ZLOO KDYH HYHU\WKLQJ HOVH VRUWHG EXW WKH YRZV DUH WKH ODVW WKLQJ WKH\ GR ,W V P\ MRE WR PDNH WKHP D SULRULW\ EHFDXVH WKH YRZV DUH ZKDW PDNH D PDUULDJH 7KHUH V RQO\ RQH ORYH VWRU\ OLNH LW VR , ÀJKW IRU WKDW VWRU\ WR EH KHDUG , GRQ W ZDQW WKHP WR UHJUHW ODWHU QRW VD\LQJ VRPHWKLQJ WKH\ ZDQWHG WR VD\ , LPSORUH WKHP WR WU\ DQG ZULWH WKHLU RZQ YRZV DQG , KHOS WKHP ZLWK WKDW µ $V D FHOHEUDQW 0LULDPD ORYHV QRWKLQJ PRUH WKDQ WR VWD\ LQ WKH EDFNJURXQG DQG GLUHFW WKH SURFHHGLQJV IURP WKH ZLQJV VKH FDQ DOVR EH ERRNHG DV DQ 0& ZKLFK LV D UHIUHVKLQJ FKDQJH IURP KHU $XFNODQG OLIH ZKHQ VKH LV FRQVWDQWO\ RQ VKRZ DQG EHLQJ GLUHFWHG E\ VRPHRQH HOVH 6KH ORYHV WR FRPH KRPH IURP WKDW OLIH DQG MXVW EH 0LULDPD DQG 0XP WHDFKLQJ \RJD LQ KHU FRPPXQLW\ DQG HQMR\LQJ GD\V DW WKH EHDFK ZLWK KHU IDPLO\ IRFXVPDJD]LQH

´7KHUH LV VR PXFK ZH FDQ GR LQ RXU OLIH , P D PXP DFWRU FHOHEUDQW \RJD LQVWUXFWRU DQG RQH GD\ VRPHWKLQJ HOVH +RZ H[FLWLQJ , GRQ W NQRZ \HW ZKDW WKDW VRPHWKLQJ HOVH LV EXW LW GRHVQ W VFDUH PH LW H[FLWHV PH ,W V DERXW FUHDWLQJ RSSRUWXQLWLHV IRU \RXUVHOI DQG WDNLQJ ULVNV )LJKW IRU ZKDW \RX ZDQW 'RQ W ZDLW IRU WKH SKRQH WR ULQJ ´, WKLQN ZH KDYH VR PXFK WR EH WKDQNIXO IRU EXW DV 1HZ =HDODQGHUV ZH RIWHQ IRFXV RQ WKH QHJDWLYHV ,I ZH FDQ JHW RXW RI WKDW JODVV KDOI HPSW\ PHQWDOLW\ WKHQ , WKLQN LW ZRXOG EH XSOLIWLQJ IRU XV DV D FXOWXUH , ORYH EHLQJ LQ D VPDOO FRPPXQLW\ EHFDXVH LW V QRW DERXW KDYLQJ WKH ODWHVW DQG JUHDWHVW VWXII LW V DERXW KH\ KRZ DUH \RX GRLQJ" ,I \RX ZDQW WR PDNH FKDQJHV WDNH VPDOO VWHSV LQ \RXU RZQ FRPPXQLW\ , IHHO VRPH SHRSOH WKLQN LW V WRR ODWH DQG WRR RYHUZKHOPLQJ EXW LW LVQ W DQG LW V QRW WRR ODWH IRU PH DV D PRWKHU WR WHDFK P\ FKLOG HPSDWK\ VKDULQJ DQG NLQGQHVV µ Q

IRFXVPDJD]LQH

%(+,1' 7+( 6&(1(6 RI 0LULDPD V SKRWRVKRRW

IRFXVPDJD]LQH

7+( 7($0 %(+,1' 7+(

3+2726+227 3KRWRJUDSKHU +D\OH\ 6PLWK &UHDWLYH *UDLQ +DLU 6DP &UDSS 6KLQH +DLU &RPSDQ\ 0DNHXS $QJHOD 4XLQODQ $QJHOD 4 0DNHXS )ORUDO &URZQ 7DPL )ORZHUV E\ 7DPL +DGÀHOG :DUGUREH $XJXVWLQH E\ .HOO\ .RH 3KRWRJUDSKHU V $VVLVWDQW .HU\Q -DUYLV

@9AJ J = @ H 9 J ?

G H@GL =F J= QGM 9 C=MH 9JLAKL 9F< C= E9

KLQDAKL GJ < AF 9 H@GLGK@GGL DN= LG := AFNG @=9J >JGE QGM LG 5=T< DGN= RAF= ;G FR 9 ?

9 E K M ; G <== > IRFXVPDJD]LQH

5HDO

:HGGLQJ 6DYDQQDK DQG %HQ :DVVLQN 1RYHPEHU

:RUGV 'HH &ROOLQV 6DYDQQDK :DVVLQN _ ,PDJHV +D\OH\ 6PLWK &UHDWLYH *UDLQ

IRFXVPDJD]LQH

5HDO

:HGGLQJ

2URNDZD %D\ QHDU :DLKL %HDFK LV D VSHFLDO SODFH IRU 6DYDQQDK DQG %HQ ,W ZDV WKH VLWH RI WKHLU ¿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ÀQG WKHLU QDPHV DJDLQ«DQG VKH GLG QHZO\ UH HWFKHG ZLWK WKH ZRUGV ´0DUU\ 0H"µ XQGHUQHDWK 7XUQLQJ URXQG 6DYDQQDK IRXQG %HQ RQ RQH NQHH KROGLQJ D EHDXWLIXO GLDPRQG ULQJ

IRFXVPDJD]LQH

IRFXV FDXJKW XS ZLWK 6DYDQQDK WR ÀQG RXW PRUH DERXW KHU ELJ GD\

'LG \RX RUJDQLVH \RXU ZHGGLQJ RQ \RXU RZQ RU GLG \RX JHW KHOS" <HV , SODQQHG HYHU\WKLQJ P\VHOI H[FHSW IRU WKH IRRG 2XU UHFHSWLRQ ZDV KHOG DW P\ PXP V SODFH DQG VKH GLG DOO WKH FRRNLQJ ZLWK D ELW RI KHOS IURP KHU IULHQGV 0\ EULGHVPDLGV KHOSHG ZLWK DOO WKH DIWHU FHUHPRQ\ FDQDSpV

'LG \RX ORRN DW D KXJH QXPEHU RI GUHVVHV EHIRUH \RX FKRVH 7KH 2QH " 'LG \RX KDYH DQ LGHD RI ZKDW \RX ZDQWHG EHIRUH \RX ZHQW ORRNLQJ IRU \RXU GUHVV" , KDG DQ LGHD RI ZKDW , ZDQWHG IRU P\ GUHVV EXW HQGHG XS ZLWK D GUHVV WKDW ZDV GLIIHUHQW WR ZKDW , KDG ÀUVW DQWLFLSDWHG 7KH 'UHVV ZDV WKH YHU\ ÀUVW RQH , WULHG RQ WKRXJK DQG DIWHU WU\LQJ RQ VHYHUDO RWKHU GUHVVHV , FDPH EDFN WR WKH ÀUVW RQH 7KH\ VD\ ZKHQ \RX NQRZ \RX NQRZ

'HVFULEH \RXU GUHVV 0\ GUHVV ZDV D VDWLQ VKHDWK 6WHOOD <RUN %ULGDO *RZQ ZLWK D EHDXWLIXO ODFH EDWHDX QHFN DQG VZHHWKHDUW VW\OLQJ ,W KDG D ]LSSHU FORVXUH XQGHU IDEULF EXWWRQV DQG DQ HOHJDQW WUDLQ

'HVFULEH WKH EULGHVPDLGV GUHVVHV 7KUHH RI P\ EHVW IULHQGV ZHUH P\ EULGHVPDLGV DQG P\ PDLG RI KRQRXU ZDV P\ FRXVLQ :H FKRVH QDY\ EOXH IXOO OHQJWK PHVK JRZQV ZLWK GHHS EOXH MHZHOV XQGHU WKH EXVW 7KH\ ZHUH HOHJDQW DQG YHU\ ÁDWWHULQJ

'HVFULEH \RXU ERXTXHWV DQG ZK\ \RX FKRVH WKHP 0\ ZHGGLQJ ERXTXHW ZDV D SRV\ IXOO RI LYRU\ ZKLWH DQG EOXVK SLQN URVHV 5RVHV DUH EHDXWLIXO ÁRZHUV DQG D V\PERO RI ORYH 7KH\ DOVR ÀW LQ YHU\ ZHOO ZLWK P\ FRORXU WKHPH 7KH EULGHVPDLGV KDG URVHV WRR ² LQLWLDOO\ LW ZDV JRLQJ WR EH MXVW RQH EHDXWLIXO URVH EXW , GLGQ W ZDQW WKH JLUOV WR IHHO OLNH WKH\ ZHUH RQ D VFHQH IURP 7KH %DFKHORU ² VR , ZHQW ZLWK WKUHH URVHV HDFK 7KH\ DOO ORRNHG JRUJHRXV

IRFXVPDJD]LQH

7+( '(7$,/6 &HUHPRQ\ 9HQXH )RXQWDLQ *DUGHQV :KDNDPDUDPD 5HFHSWLRQ 9HQXH 0XP V KRPH %ULGDO *RZQ 9DQLOOD %ULGDO %ULGHVPDLG 'UHVVHV 3DJDQL :HGGLQJ &RORXU 7KHPH %OXVK SLQN QDY\ EOXH DQG LYRU\ ZKLWH )ORZHUV ,YRU\ :KLWH DQG %OXVK 3LQN 5RVHV +DLU /\QHWWH %XUOLVRQ 0DNHXS -XOLH IURP /LOO\EHWK $ EHDXWLIXO HGXFDWLRQ 3KRWRJUDSKHU +D\OH\ 6PLWK &UHDWLYH *UDLQ

IRFXVPDJD]LQH

'LG \RX ZULWH \RXU RZQ YRZV" :H GLG :H ERWK ZURWH RXU RZQ ZHGGLQJ YRZV DV ZH IHOW LW ZDV PRUH SHUVRQDO WKDW ZD\

'LG JXHVWV JR VWUDLJKW IURP WKH FHUHPRQ\ WR \RXU UHFHSWLRQ RU GLG \RX KDYH D VHSDUDWH JDWKHULQJ" :KLOH %HQ DQG , KDG IDPLO\ SKRWRV WDNHQ JXHVWV ZHUH RIIHUHG UHIUHVKPHQWV DQG FDQDSpV DIWHU WKH FHUHPRQ\ *XHVWV WKHQ KHDGHG RII WR WKH UHFHSWLRQ DQG %HQ DQG , WRJHWKHU ZLWK WKH EULGDO SDUW\ ZHQW RII LQWR WKH JDUGHQV IRU PRUH SKRWRV

7HOO XV D ELW DERXW \RXU UHFHSWLRQ :H KDG PRUH WKDQ JXHVWV VR ZH KLUHG D VWUHWFK WHQW WR VHDW DOO WKH JXHVWV IRU GLQQHU DQG KDG D MXNHER[ IRU PXVLF 'LQQHU ZDV VXSSRVHG WR EH VHUYHG DW SP EXW ZH ZHUH IDVKLRQDEO\ ODWH IURP KDYLQJ RXU SKRWRV WDNHQ :H KDG D EXIIHW VW\OH GLQQHU ZLWK D SLJ RQ WKH VSLW DQG DV P\ PXP KDV D VPRNHU ZH KDG VPRNHG FKLFNHQV :H DOVR KDG D JUHDW UDQJH RI VDODGV ² SRWDWR VDODG FKLFNHQ VDODG DQG VHDIRRG VDODG

:KHUH GLG \RX JR IRU \RXU KRQH\PRRQ" $V \RX YH DOUHDG\ JXHVVHG P\ KXVEDQG LV IXOO RI VXUSULVHV +H VXUSULVHG PH ZLWK D KRQH\PRRQ WR 1DGL )LML ZKHUH ZH VWD\HG LQ D EHDFK UHVRUW LQ 'HQHUDX IRU ÀYH QLJKWV ,W ZDV ZRQGHUIXO DQG LW IHOW JUHDW WR UHOD[ DIWHU PRQWKV RI LQWHQVH ZHGGLQJ SODQQLQJ

7HOO XV DERXW ZRUNLQJ ZLWK \RXU SKRWRJUDSKHU +D\OH\ 6PLWK +D\OH\ ZDV DQ DEVROXWH SOHDVXUH WR ZRUN ZLWK 6KH V IXQ IULHQGO\ SURIHVVLRQDO DQG PDGH XV ODXJK :H IHOW VR FRPIRUWDEOH ZLWK KHU DQG VKH ORRNHG DIWHU XV ERWK VR ZHOO 6KH V DQ DPD]LQJ SKRWRJUDSKHU DQG KHU ORYH DQG SDVVLRQ IRU KHU ZRUN VKLQHV WKURXJK 0\ KXVEDQG DQG , DUH HFVWDWLF ZLWK RXU EHDXWLIXO ZHGGLQJ SKRWRV

1RZ WKDW \RXU ZHGGLQJ LV RYHU ZKDW WLSV DQG UHFRPPHQGDWLRQV ZRXOG \RX SDVV RQ WR IXWXUH EULGHV" z ,I VSDFH SHUPLWV KDYLQJ D UHFHSWLRQ DW KRPH KDV D PRUH SHUVRQDO IHHO HVSHFLDOO\ LI \RX ZDQW D PRUH UHOD[HG ORZ NH\ HYHQW z :HGGLQJV DUH 683(5 H[SHQVLYH VR WU\ WR VWLFN WR D EXGJHW ZKHUH \RX FDQ EXW LI LW V QHFHVVDU\ « ZHOO VR EH LW &KDQFHV DUH RQFH \RXU ZHGGLQJ GD\ LV RYHU \RX DQG KXEE\ ZRQ W UHJUHW VSHQGLQJ WKDW PRQH\ HYHQ LI \RX GLG JR D OLWWOH 277 RQ WKH WDEOH GpFRU z +RQHVWO\ GRQ W VZHDW WKH VPDOO VWXII ,W ZLOO RQO\ VWUHVV \RX DQG WKRVH DURXQG \RX :KHQ WKH GD\ DUULYHV OLWWOH WKLQJV MXVW GRQ W PDWWHU DQ\PRUH -XVW WDNH D GHHS EUHDWK DQG OHW LW JR z 7KLV LV DQ LPSRUWDQW RQH ² , FDQ W VWUHVV WKLV SRLQW HQRXJK +DYH D FKHFNOLVW *R RQOLQH ÀQG RXW HYHU\WKLQJ \RX QHHG WR GR DQG ZULWH D OLVW RI DOO WKH SODQV DQG FKHFN WKHP RII DV \RX JR 7KLV ZD\ \RX ZRQ W JHW WR WKH HQG DQG UHDOLVH \RX KDYH IRUJRWWHQ VRPHWKLQJ VXSHU LPSRUWDQW z &KRRVH D GUHVV <28 ORYH 'RQ W MXVW FKRRVH D GUHVV EHFDXVH HYHU\RQH HOVH ORYHV LW %H VXUH WKDW \RX DUH LQ ORYH ZLWK \RXU GUHVV 'R QRW FKRRVH LW EHFDXVH LW V LQH[SHQVLYH DQG ÀWV \RXU EXGJHW 7KHUH DUH SOHQW\ RI GUHVVHV RXW WKHUH VR VKRS DURXQG , SURPLVH WKHUH LV GHÀQLWHO\ RQH RXW WKHUH WKDW \RX ZLOO /29( z (QMR\ WKH GD\ :KHQ SHRSOH WHOO \RX WKDW LW ÁLHV E\ WKH\ DUH QRW MRNLQJ 7DNH LW DOO LQ ORRN DURXQG DQG KDYH IXQ /DXJK PDNH MRNHV PDNH WLPH WR FKDW WR \RXU JXHVWV DQG WDNH SKRWRV 7KH\ DUH WKH PHPRULHV \RX ZLOO FKHULVK IRUHYHU Q

IRFXVPDJD]LQH

0DNHXS IRU

%ULGHV

:RUGV $QJHOD 4XLQODQ 3URIHVVLRQDO 0DNHXS $UWLVW

%ROG EULJKW DQG FRORXUIXO RU VLPSOH VXEWOH DQG QDWXUDO ² ZKDWHYHU PDNHXS VW\OH \RX FKRRVH IRU \RXU ZHGGLQJ GD\ WKH DLP LV WR ORRN DQG PRVW LPSRUWDQWO\ IHHO EHDXWLIXO 0RVW EULGHV ZDQW WKHLU PDNHXS WR KLGH DOO REYLRXV ÁDZV DQG WKH\ UH DIWHU D PDGH XS ORRN UDWKHU WKDQ PDGH RYHU 0RVW SUHIHU D QDWXUDO ORRN :RPHQ ZKR GRQ W ZHDU PXFK PDNHXS DW DOO SUHIHU D UHDOO\ VKHHU FRYHU ZLWK QDWXUDO QXGH FRORXUHG PDNHXS 7KRVH ZKR WHQG WR ZHDU D ELW PRUH RQ DQ HYHU\GD\ EDVLV ZDQW

SURIHVVLRQDO PDNHXS DUWLVW

$QJHOD 4XLQODQ LV D SURIHVVLRQDO PDNHXS DUWLVW DQG RIIHUV D UDQJH RI VHUYLFHV LQFOXGLQJ ZHGGLQJ EDOO VSHFLDO HYHQW DQG HGLWRULDO PDNHXS (PDLO LQIR#DQJHODT FR Q] 9LVLW ZZZ DQJHODT FR Q]

+D\OH\ 6PLWK &UHDWLYH *UDLQ IRFXVPDJD]LQH

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

&KH\MXDQD 'R\OH 3KRWRJUDSK\

0DNHXS E\ $QJHOD 4 3URIHVVLRQDO PDNHXS DUWLVW

+D\OH\ 6PLWK &UHDWLYH *UDLQ

+D\OH\ 6PLWK &UHDWLYH *UDLQ IRFXVPDJD]LQH

%ULGDO

+DLU 7UHQGV

:RUGV 6DP &UDSS 6KLQH +DLU &RPSDQ\

6RIW YLQWDJH EHQG

%RKR EUDLGV

6PRRWK DQG FODVVLF

$V WKH ZHGGLQJ VHDVRQ HYROYHV , YH IRXQG EULGHV DUH PRYLQJ WRZDUGV D VRIWHU DQG PRUH QDWXUDO ORRN IRU WKHLU KDLUVW\OHV

0\ DGYLFH WR \RX QR PDWWHU ZKDW \RXU ZHGGLQJ KDLU VW\OH \RXU RYHUDOO ORRN ZLOO DOZD\V EH HQKDQFHG ZLWK KDSS\ KHDOWK\ KDLU :H GR JUHDW KDLU WUHDWPHQWV IURP WUHDWPHQWV WR KHOS VHDO WKH KDLU FXWLFOH WR OHDYH LW ORRNLQJ VKLQLHU WKURXJK WR KHDW SURWHFWDQWV ZKLFK KHOS PLQLPLVH GDPDJH DQG SUHYHQW FRORXU IURP IDGLQJ

7KH %RKR %HDXW\ ORRN ZLWK RQ WUHQG ÁRUDO FURZQ LV D SRSXODU FKRLFH IRU VRPH RI RXU EULGHV KRZHYHU LW V FUXFLDO WKH KHDG SLHFH KDV D SXUSRVH DQG VKRXOG EH FRQVLGHUHG ZKHQ ZRUNLQJ RQ \RXU RYHUDOO ORRN ,I \RX SUHIHU VRPHWKLQJ D OLWWOH PRUH GHOLFDWH GRW VPDOO IUHVK ÁRZHUV WKURXJKRXW \RXU EUDLG WR DGG D SRS RI FRORXU DQG URPDQFH

^Ăŵ ƌĂƉƉ ŝƐ ƚŚĞ ŽǁŶĞƌ ŽĨ ^ŚŝŶĞ ,Ăŝƌ ŽŵƉĂŶLJ͘ hŶŝƚ ϭͬϯϯ ,ĂŝƌŝŶŝ ^ƚƌĞĞƚ͕ DĂƵŶŐĂƚĂƉƵ͕ dĂƵƌĂŶŐĂ dĞů͗ Ϭϳ ϱϰϰ ϲϵϬϵ ǁǁǁ͘ƐŚŝŶĞŚĂŝƌĐŽŵƉĂŶLJ͘ĐŽ͘Ŷnj IRFXVPDJD]LQH

,I \RX UH DIWHU VRPHWKLQJ D OLWWOH PRUH VDVV\ WKH VRIW ZDYH ORRN LV JUHDW IRU VKRXOGHU OHQJWK RU 7KH /RE OHQJWK KDLU &XUO ZLWK LURQV WRQJV DQG OHW FRRO IRU PLQXWHV WKHQ EUXVK RXW JHQWO\ ZLWK D SDGGOH EUXVK DQG SOD\ ZLWK GLIIHUHQW SDUW SRLQWV DQG KDYH VRPH IXQ 2U LI LW V WKH FODVVLF ORRN \RX UH DIWHU WKLQN VWUXFWXUH ZLWK D VOLJKW VRIWQHVV DURXQG WKH IDFH

$V IRU VKDPSRRLQJ KDLU LW V YHU\ PXFK DQ LQGLYLGXDO RSWLRQ DQG LV KXJHO\ GHSHQGDQW RQ WKH KDLU W\SH 7KLFN FRDUVH RU GU\ KDLU ZDVKHG KRXUV SULRU WR WKH ZHGGLQJ LV EHVW DV LW LV PRUH OLNHO\ WR KROG LWV VW\OH )RU ÀQH OLPS RU JUHDV\ KDLU LW SD\V WR PDNH VXUH LW V FOHDQ DQG IUHVKO\ ZDVKHG ZLWK OLWWOH RU QR FRQGLWLRQHU <RXU KDLUVW\OH QHHGV DQ H[SHUW DQG WKDW V ZKHUH ZH FRPH LQ 2Q \RXU ELJ GD\ EULQJ \RXU PDNHXS DUWLVW LQ WR RXU VDORQ VR \RX FDQ VLW EDFN UHOD[ VLS D JODVV RI FKDPSDJQH DQG VWDUW HQMR\LQJ \RXU PRPHQW Q

)OLUW\ DQG IXQ

6RSKLVWLFDWHG WH[WXUH

6DVV\ IDX[ ERE

6RIW URPDQWLF ZDYHV

)ORUDO SULQFHVV

%HOOH RI WKH EDOO

,QWHUQDWLRQDOO\ WUDLQHG 0RELOH VHUYLFH (\HODVK H[WHQVLRQV 0LFUREODGLQJ

IRFXVPDJD]LQH

%HDXW\ +DLU DQG 0DNHXS :RUGV 'HH &ROOLQV _ ,PDJHV +D\OH\ 6PLWK &UHDWLYH *UDLQ

IRFXVPDJD]LQH

<RXU ZHGGLQJ GD\ LV DOO DERXW \RX ² ORRN EHDXWLIXO IHHO FRQÀGHQW DQG EH \RX ,I \RX UH JRLQJ WUDGLWLRQDO ZLWK \RXU ZHGGLQJ GUHVV ZHDU D ZKLWH WRS ZKHQ \RX JR IRU \RXU PDNHXS WULDO VR \RX JHW DQ LGHD RI ZKDW \RXU PDNHXS ORRNV OLNH DJDLQVW ZKLWH )RU RWKHU FRORXUV WDNH D IDEULF VZDWFK ZLWK \RX z ,QYHVW LQ D ORRIDK RU ERG\ VFUXE VR WKDW \RXU DUPV EDFN HOERZV DQG KHHOV ORRN EXIIHG DQG VRIW z $ EDG VSUD\ WDQ FDQ UXLQ \RXU ZKROH ORRN VR PDNH VXUH \RX YLVLW D UHSXWDEOH WDQQLQJ EXVLQHVV DQG WHVW WKH SURGXFW EHIRUH \RXU ÀQDO WUHDWPHQW DO WUHDWPHQW DO z

IRFXVPDJD]LQH

0DNHXS VW\OHV FRPH DQG JR $LP IRU D WLPHOHVV FODVVLF ORRN UDWKHU WKDQ WKH ODWHVW WUHQG 7KLV LV QRW WKH WLPH WR JR HGJ\ RU UDGLFDOO\ GLIIHUHQW EXW UDWKHU DLP IRU D ORRN WKDW EULQJV RXW \RXU QDWXUDO EHDXW\ z 7RR PDQ\ ZHGGLQJ WLPHOLQHV JHW GHUDLOHG EHFDXVH EULGHV KDYHQ W EXGJHWHG HQRXJK WLPH WR JHW WKHLU KDLU DQG PDNHXS GRQH SXW WKHLU GUHVV RQ DQG KDYH D IHZ SKRWRJUDSKV WDNHQ 5DWKHU RYHU HVWLPDWH WKH WLPH \RX QHHG VR \RX GRQ W DUULYH DW WKH FHUHPRQ\ KDUDVVHG z 'UDZ XS D KDLU DQG PDNHXS WLPHWDEOH DQG WDSH LW WR WKH PLUURU ZKHUH HYHU\RQH LV JHWWLQJ UHDG\ 7KLV ZD\ WKH VW\OLVWV PDNHXS DUWLVWV DQG \RXU ZHGGLQJ SDUW\ ZLOO VWD\ RQ WUDFN DQG NQRZ ZKR LV QH[W DQG DW ZKDW WLPH z ,I \RX UH ZHDULQJ D VWUDSOHVV JRZQ DYRLG ZHDULQJ D EUD ZLWK VWUDSV RQ WKH PRUQLQJ RI \RXU ZHGGLQJ VR \RX GRQ W JHW HPEHGGHG PDUNV LQ \RXU VNLQ z

IRFXVPDJD]LQH

2Q \RXU ZHGGLQJ GD\ LW V D JRRG LGHD IRU WKH EULGDO SDUW\ WR ZHDU EXWWRQ XS WRSV RU VOLS RQ JRZQV ZKLOVW KDYLQJ WKHLU KDLU DQG PDNHXS GRQH 7KLV ZD\ KDLU DQG PDNHXS VWD\V LQ SODFH ZKHQ WKH\ JHW FKDQJHG

5HPHPEHU \RXU PDNHXS ZLOO KDYH WR ODVW WKURXJK D PXOWLWXGH RI NLVVHV WHDUV DQG SKRWRJUDSKV $VN RQH RI \RXU VXSSRUW FUHZ EULGHVPDLGV WR FDUU\ D WRXFK XS EDJ VR \RX FDQ IUHVKHQ XS \RXU PDNHXS WKURXJKRXW WKH GD\ Q

z

z

IRFXVPDJD]LQH

3KRWRJUDSK\ :RUGV 'HH &ROOLQV _ ,PDJHV +D\OH\ 6PLWK &UHDWLYH *UDLQ

IRFXVPDJD]LQH

7KH SKRWRJUDSKV RI \RXU ZHGGLQJ GD\ ZLOO EHFRPH RQH RI \RXU PRVW WUHDVXUHG SRVVHVVLRQV VR EXGJHW IRU D SKRWRJUDSKHU ZKR RIIHUV D SURIHVVLRQDO VHUYLFH DQG JHWV D JUHDW UHVXOW &RXSOHV ZKR FXW FRUQHUV RQ WKLV DUH QHDUO\ DOZD\V GLVDSSRLQWHG )ULHQGV FDQ WDNH DGGLWLRQDO SKRWRV EXW \RX JHW ZKDW \RX SD\ IRU DQG WKLV LV RQH DUHD RI \RXU ZHGGLQJ ZKHUH \RX ZRXOGQ W ZDQW WR FRPSURPLVH z %RRN DQ HQJDJHPHQW VKRRW ZLWK \RXU SKRWRJUDSKHU VR \RX FDQ JHW D IHHO IRU KRZ WKH\ ZRUN DQG ZKHWKHU \RX DUH FRPIRUWDEOH ZLWK WKHP z <RX GRQ W ZDQW HYHU\ SKRWRJUDSK WR VKRZ \RX KROGLQJ \RXU ERXTXHW ² VR SXW \RXU ZHGGLQJ ERXTXHW GRZQ IRU VRPH RI WKH RIÀFLDO ZHGGLQJ SKRWRJUDSKV DQG JHW FORVH XS GHWDLOV RI \RXU GUHVV DQG FDVXDO VKRWV WRR z

7KH %D\ RI 3OHQW\ LV EOHVVHG ZLWK EHDXWLIXO VFHQHU\ DQG EDFNGURSV IRU ZHGGLQJ SKRWRV ² EHDFKHV ED\V KHDGODQGV IRUHVWV JDUGHQV ZDWHUIDOOV PRXQWDLQV ULYHUV VDQGEDUV DQG PRUH

IRFXVPDJD]LQH

IRFXVPDJD]LQH

%X\ D EHDXWLIXO KDQJHU VR \RX FDQ JHW SKRWRJUDSKV RI \RXU ZHGGLQJ GUHVV EHIRUH \RX SXW LW RQ ² \RX GRQ W ZDQW D SODVWLF KDQJHU VSRLOLQJ WKH EHDXW\ RI \RXU GUHVV z ,I \RX GRQ W ZDQW HYHU\RQH WDNLQJ SKRWRV GXULQJ WKH FHUHPRQ\ ² DQ XQSOXJJHG FHUHPRQ\ ² DVN \RXU FHOHEUDQW WR PDNH WKLV DQQRXQFHPHQW EHIRUH \RX ZDON GRZQ WKH DLVOH z &KDW WR \RXU SKRWRJUDSKHU DERXW \RXU ZLVK OLVW VR WKH\ KDYH D FOHDU LGHD RI WKH PRVW LPSRUWDQW SLFWXUHV DQG ZKDW NLQG RI PRRG RU VSLULW \RX KRSH WR FDSWXUH z 0DNH VXUH HYHU\RQH ZKR KDV WR EH LQ WKH RIÀFLDO SKRWRJUDSKV LV DGYLVHG RI WKLV EHIRUHKDQG 6R LI \RX ZDQW \RXU DXQWLH JUHDW JUDQQ\ RU EURWKHU LQ \RXU SKRWRV OHW WKHP NQRZ ZHOO LQ DGYDQFH z $SSRLQW D IDPLO\ PHPEHU DV FR RUGLQDWRU RI WKH VKRRW 7KH\ FDQ URXQG HYHU\RQH XS DQG NHHS WKLQJV PRYLQJ VR WKH FRXSOH FDQ JHW WR WKH UHFHSWLRQ TXLFNO\ 0DNH VXUH WKH FR RUGLQDWRU KDV \RXU OLVW RI SHRSOH WR EH LQFOXGHG RQ ERWK VLGHV RI WKH IDPLO\ z 'RQ W GHVSDLU LI LW UDLQV RQ \RXU ZHGGLQJ GD\ 3URIHVVLRQDO SKRWRJUDSKHUV WDNH VRPH RI WKH PRVW GUDPDWLF DQG EHDXWLIXO VKRWV LQ WKHVH FRQGLWLRQV Q z

9

O

/ ï FFF

7UXVWHG QDPH ([TXLVLWH MHZHOOHU\ »À )

5

6 ¡ 2 ºÁ ¿Á ¿û

o F F !

F F F !

IRFXVPDJD]LQH

$ &RQVXPHU *XLGH WR

9XOYRYDJLQDO +HDOWK

:RUGV 'U 0RUDJ %DUXFK

+DYH \RX PDGH \RXU 1HZ <HDU UHVROXWLRQV \HW" +RZ DERXW WUHDWLQJ \RXUVHOI WR D VH[XDO KHDOWK FKHFN XS EHIRUH 9DOHQWLQH V 'D\"

ERG\ V QRUPDO FOHDQVLQJ SURFHVV 7KH DPRXQW DQG W\SH RI YDJLQDO GLVFKDUJH YDULHV ZLWK WKH PHQVWUXDO F\FOH SUHJQDQF\ DQG D ZRPDQ V VWDJH RI OLIH H J DURXQG WKH PHQRSDXVH *ODQGV LQVLGH WKH YDJLQD DQG FHUYL[ PDNH VPDOO DPRXQWV RI ÁXLG 7KLV ÁXLG Á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ÁRUD KHOS PDLQWDLQ WKH ² WKH QRQ VH[XDOO\ WUDQVPLWWHG FDXVHV QRUPDO DFLGLF HQYLURQPHQW RI WKH RI GLVFKDUJH DQG LUULWDWLRQ EXULHG YDJLQD DQG SUHYHQW LQIHFWLRQV IURP GHHS LQVLGH RXU YDJLQDV ZDLWLQJ WR JR WKH ORZHU JHQLWDO WUDFW EDG DQG UXLQ RXU ZHHN DW DQ\ PRPHQW"

%DODQFLQJ YDJLQDO S+

6\PSWRPV UHODWLQJ WR WKH YXOYRYDJLQDO DUHD VXFK DV DEQRUPDO GLVFKDUJH LWFK DQG SDLQ DUH FRPPRQ SDUWLFXODUO\ IRU ZRPHQ RI UHSURGXFWLYH DJH $V ZHOO DV DFFRXQWLQJ IRU QXPHURXV JHQHUDO SUDFWLFH FRQVXOWDWLRQV VHOI GLDJQRVLV DQG VHOI WUHDWPHQW ZLWK RYHU WKH FRXQWHU SURGXFWV DUH IUHTXHQW

6RPH GLVFKDUJH LV QRUPDO 0RVW ZRPHQ KDYH D VPDOO DPRXQW RI YDJLQDO GLVFKDUJH DV SDUW RI WKH IRFXVPDJD]LQH

7KH FRPSRVLWLRQ RI WKH YDJLQDO ÁRUD DQG WKHUHIRUH WKH DFLGLW\ S+ RI WKH YDJLQD PD\ DOWHU IRU VHYHUDO UHDVRQV DJH WLPH RI PHQVWUXDO F\FOH VH[XDO DFWLYLW\ VHPHQ DQG EORRG DUH VOLJKWO\ DONDOLQH FRQWUDFHSWLYH PHWKRGV VWUHVV DQG PHGLFDWLRQV ² HVSHFLDOO\ DQWLELRWLF WUHDWPHQWV /RZHULQJ RI WKH DFLGLW\ RI WKH YDJLQD OHDGV WR DQ RYHUJURZWK RI FHUWDLQ EDFWHULD FDOOHG DQDHUREHV DQG \HDVWV H J &DQGLGD 7KHVH LQ WXUQ

LQFUHDVH WKH YDJLQDO S+ LH ORZHU WKH DFLGLW\ IXUWKHU DQG PD\ UHVXOW LQ V\PSWRPV VXFK DV DQ LQFUHDVH LQ WKH DPRXQW RI GLVFKDUJH D FKDQJH LQ WKH FRORXU RU VPHOO RI WKH GLVFKDUJH DQG LUULWDWLRQ LWFKLQHVV RU EXUQLQJ LQ RU DURXQG WKH YDJLQD 7KLV LV FDOOHG YXOYRYDJLQLWLV $ GLVFKDUJH WKDW V VWDLQHG ZLWK EORRG ZKHQ \RX UH QRW KDYLQJ \RXU SHULRG RU DIWHU LQWHUFRXUVH FRXOG DOVR EH D VLJQ RI D SUREOHP

&DQGLGD $OWKRXJK WKUXVK LV D FRPPRQ FDXVH RI YXOYRYDJLQLWLV QRW DOO UHG ZKLWH RU LWFK\ V\PSWRPV DUH WKH UHVXOW RI WKUXVK &DQGLGD RU WKUXVK LV D \HDVW SUHVHQW LQ WKH YDJLQDO ÁRUD RI DSSUR[LPDWHO\ RI KHDOWK\ ZRPHQ DQG XS WR RI ZRPHQ ZKR DUH SUHJQDQW ,W LV FRPPRQ DIWHU XVH RI EURDG VSHFWUXP DQWLELRWLFV DQG ZRPHQ ZKR DUH GLDEHWLF DUH PRUH OLNHO\ WR VXIIHU ,W LV HVWLPDWHG WKDW XS WR RI ZRPHQ ZLOO KDYH V\PSWRPDWLF WKUXVK DW VRPH VWDJH GXULQJ WKHLU OLIH DQG ZLOO KDYH PRUH WKDQ RQH +RZHYHU RQO\ RI ZRPHQ ZLOO KDYH UHFXUUHQW WKUXVK LQIHFWLRQV 599& GHÀQHG DV IRXU RU PRUH SURYHQ V\PSWRPDWLF LQIHFWLRQV LQ D \HDU $OWKRXJK PDQ\ ZRPHQ VHOI GLDJQRVH DQG VHOI WUHDW ZLWK RYHU WKH FRXQWHU 27& SURGXFWV PDQ\ ZLOO QRW LQ IDFW KDYH DQ LQIHFWLRQ ² RQH VWXG\ VKRZHG WKDW RQO\ RI ZRPHQ PDGH WKH FRUUHFW GLDJQRVLV 7KHUHIRUH ZKHQ VHOI WUHDWPHQW IDLOV LW LV PRVW OLNHO\ WKH UHVXOW RI PLVGLDJQRVLV DQG LW LV SUXGHQW WR VHH \RXU +HDOWK &DUH 3UDFWLWLRQHU IRU D FKHFN XS

$V PRUH DQG PRUH ZRPHQ VHOI WUHDW ZLWK RYHU WKH FRXQWHU PHGLFDWLRQV ZH DUH VHHLQJ UHVLVWDQFH RI WKH RUJDQLVPV WR WKH VWDQGDUG WUHDWPHQWV ² HVSHFLDOO\ RUDO WDEOHWV $OWKRXJK WKH VLQJOH GRVH RUDO ÁXFRQD]ROH WDEOHW LV OHVV PHVV\ DQG PRUH FRQYHQLHQW WKDQ WRSLFDO YDJLQDO FUHDPV WKH\ DUH QR EHWWHU WKDQ WKH WRSLFDO SUHSDUDWLRQV IRU VLQJOH HSLVRGHV DQG VKRXOG EH UHVHUYHG IRU XVH LQ 599&

z ¶)HPLQLQH K\JLHQH· SURGXFWV VXFK DV ZDVKHV GHRGRUDQWV SRZGHUV DQG FUHDPV DUH UDUHO\ 3UXULWXV 9XOYDH LV WKH WHUP XVHG WR GHVFULEH LWFKLQJ RI WKH YXOYD $OWKRXJK DSSURSULDWH z 9DJLQDO GRXFKLQJ LV QRW YXOYDO LWFK LV D SUREOHP IRU PDQ\

UHFRPPHQGHG ZRPHQ RIWHQ HPEDUUDVVPHQW PD\ z

$YRLG WLJKW FORWKLQJ DQG SURWHFW GHOD\ VHHNLQJ PHGLFDO DWWHQWLRQ 0DQ\ ZRPHQ DUH DOVR OLNHO\ WR KDYH WULHG WR WKH VNLQ IURP FKDÀQJ VHOI WUHDW XVLQJ RYHU WKH FRXQWHU 7KHUH LV QR HYLGHQFH WKDW \RJKXUW LV SURGXFWV HVSHFLDOO\ WUHDWPHQWV IRU XVHIXO LQ WUHDWLQJ WKUXVK +RZHYHU WKUXVK DOWKRXJK PHVV\ WKHUH LV QR HYLGHQFH &DXVHV RI UHFXUUHQW WKUXVK FDQ 3UXULWXV 9XOYDH LV PRVW FRPPRQO\ GXH RI KDUP ZLWK LWV XVH DQG FROG LQFOXGH SURORQJHG DQWLELRWLF XVH WR FRQWDFW GHUPDWLWLV IURP H[SRVXUH WR VXEVWDQFHV FDQ FHUWDLQO\ IHHO GLDEHWHV LURQ GHÀFLHQF\ VRRWKLQJ /LNHZLVH WKHUH LV QR FOHDU LUULWDQWV H J VRDSV SHUIXPHV LPPXQRGHÀ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À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z $YRLG VRDSV VKRZHU JHOV EXEEOH $GHOSKD &DUH :RPHQ V +HDOWK UHTXLUHG XQOHVV WKHUH DUH V\PSWRPV EDWKV VKDPSRRV DQG DQWLVHSWLFV &OLQLF 7H 3DHURD 5G 7KH H[FHSWLRQ LV LQ SUHJQDQW ZRPHQ DURXQG WKH JHQLWDO DUHD *HQWO\ %HWKOHKHP ZKHUH %9 LV DVVRFLDWHG ZLWK LQFUHDVHG ZDVK ZLWK WHSLG RU ZDUP ZDWHU 3KRQH ULVN RI PLVFDUULDJH DQG SUH WHUP z 1RQ VRDS FOHDQVHUV ZLWK 2U FKHFN RXW WKH ZHEVLWH ODERXU SK\VLRORJLFDO S+ FDQ EH ZZZ DGHOSKDFDUH FR Q] XVHG

,WFKLQJ DQG LUULWDWLRQ

IRFXVPDJD]LQH

.ULVWLQ 9HUPHXOHQ ²

:RUGV 0LOOLH )UHHPDQ _ ,PDJHV 6XSSOLHG

5DFLQJ :RPDQ

IRFXVPDJD]LQH

7KDQNIXOO\ IHZ VSRUWV WKHVH GD\V UHPDLQ PDOH RQO\ GRPDLQV 1HZ =HDODQG ZRPHQ DWKOHWHV DUH EUHDNLQJ GRZQ EDUULHUV LQ UXJE\ ND\DNLQJ %0; ER[LQJ DQG URZLQJ WKH\ UH FODLPLQJ WLWOHV DZDUGV DQG PHGDOV DQG PRVW LPSRUWDQWO\ LQVSLULQJ D JHQHUDWLRQ RI \RXQJ JLUOV DQG ZRPHQ

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

UDFLQJ WKHVH VLQFH VKH ZDV DQG VKH V GRLQJ DPD]LQJO\ ZHOO FRQVLGHULQJ WKH ÀHOG RI H[SHULHQFHG EORNHV VKH V SLWWHG DJDLQVW ,Q WKH VHDVRQ VKH ZRQ WKH %D\SDUN 6XSHU 6DORRQ FOXE SRLQWV IRU WKH KLJKHVW SRLQWV RYHUDOO DQG LQ WKH %XUJHU .LQJ 3UR 'LUW VHULHV ² ZKLFK FRPSULVHV WKH WRS FDUV LQ WKH 1RUWK ,VODQG ² VKH KDV SUHYLRXVO\ SODFHG UG WK WK DQG WK RYHUDOO ´7KHUH V D KLJK FDOLEUH RI GULYHUV LQ WKH %XUJHU .LQJ 3UR 'LUW VHULHV VR , NQRZ , P GRLQJ ZHOO LI , P LQ WKH WRS HDFK VHDVRQ 7KDW LV DOZD\V P\ JRDO DQG ZLQQLQJ LW ZRXOG EH HYHQ EHWWHU µ IRFXVPDJD]LQH

:LQQLQJ WKH %XUJHU .LQJ 3UR 'LUW VHULHV LVQ W WKH RQO\ JRDO RQ KHU PLQG /DVW \HDU .ULVWLQ DOVR EHJDQ UDFLQJ LQ WKH /DWH 0RGHO FODVV LQ 9LFWRULD $XVWUDOLD DQG GXULQJ WKH FXUUHQW 2FWREHU WR $SULO UDFLQJ VHDVRQ VKH V UDFLQJ HYHU\ ZHHNHQG H[FHSW &KULVWPDV DQG WHQ RI WKRVH DUH LQ $XVWUDOLD :LWK /DWH 0RGHOV EHLQJ DQ LQWHUQDWLRQDO FODVV VKH ZRXOG DOVR ORYH WR UDFH LQ WKH 86 ² PRUH JRDOV WR NHHS KHU IRFXVHG

)RFXV RQ ZKDW \RX ZDQW LQ OLIH

´, DEVROXWHO\ ORYH LW , OLNH JRLQJ IDVW DQG , JR RXW WR ZLQ DQG , DOVR HQMR\ FRPSHWLQJ DJDLQVW WKH RWKHU GULYHUV DQG ORYH LQWHUDFWLQJ ZLWK DOO WKH IDQV 7KHUH V D UHDO VRFLDO DWPRVSKHUH DW WKH VSHHGZD\ 2Q WKH WHFKQLFDO VLGH , ORYH DQDO\VLQJ HYHU\WKLQJ ZKHQ , P RQ WKH WUDFN ² ZKDW WKH RWKHU GULYHUV DUH GRLQJ WKH EHVW SRVLWLRQLQJ ZKHQ WR PDNH P\ PRYH , P PDNLQJ DGMXVWPHQWV IRU GLIIHUHQW FRQGLWLRQV ZKHQ , P GULYLQJ DQG WKHQ ZH ZRUN RXW DV D WHDP KRZ ZH UH JRLQJ WR GR WKH VHW XS IRU WKH QH[W UDFH &KDQJHV WR WKH WUDFN PHDQV ZH FRPSHQVDWH ZLWK FKDQJHV WR WKH FDU VR HYHU\ UDFH LV GLIIHUHQW µ

´0DQ\ SHRSOH DUH VXUSULVHG DERXW ZKDW , GR DQG EHLQJ WKH RQO\ ZRPHQ LQ WKH VXSHU VDORRQ FODVV EXW , P QRW WUHDWHG DQ\ GLIIHUHQWO\ 7R WKH RWKHU FRPSHWLWRUV , P MXVW DQRWKHU RQH RI WKH GULYHUV HVSHFLDOO\ ZLWK P\ KHOPHW RQ :RPHQ KDYH GLIIHUHQW DWWULEXWHV WR PHQ DQG PDNH HTXDOO\ JRRG GULYHUV DQG WKHUH DUH RWKHU ZRPHQ UDFLQJ GLIIHUHQW FODVVHV RI FDUV :H DUH MXVW DV FRPSHWLWLYH DV PHQ

,W VRXQGV OLNH D URXQG WKH FORFN FRPPLWPHQW EXW .ULVWLQ KDV PDQDJHG WR ÀW KHU SDVVLRQ IRU FDU UDFLQJ DORQJVLGH KHU IXOO WLPH UROH DV D UHDO HVWDWH DJHQW IRU *UHHUWRQ V &URFNIRUG 5HDO (VWDWH ZKLFK LV KHU PDLQ VSRQVRU $IWHU FRPSOHWLQJ KHU +RQRXUV GHJUHH LQ 6RFLDO 6FLHQFH PDMRULQJ LQ SV\FKRORJ\ DQG KXPDQ GHYHORSPHQW DW WKH 8QLYHUVLW\ RI :DLNDWR DQG ODWHU D FHUWLÀFDWH LQ OLIH FRDFKLQJ VKH KDG SODQV WR EHFRPH D VFKRRO FRXQVHOORU EXW ODVW \HDU MXPSHG DW WKH FKDQFH WR MRLQ &URFNIRUGV DV DQ DJHQW 6KH V ZRUNHG KDUG GXULQJ WKH SDVW \HDU WR EXLOG XS D SRUWIROLR PDNH FRQQHFWLRQV DQG JHW RXW WKHUH WR PDNH D QDPH IRU KHUVHOI ´, ORYH ZKDW , GR EHFDXVH , P LQWHUDFWLQJ ZLWK SHRSOH DOO GD\ DQG , P SDVVLRQDWH DERXW KHOSLQJ SHRSOH DFKLHYH WKHLU REMHFWLYHV ,W IHHOV JUHDW WR ZRUN DORQJVLGH D FOLHQW WR KHOS WKHP ÀQG WKHLU GUHDP KRPH µ

IRFXVPDJD]LQH

:LWK KHU OLIH FRDFKLQJ FDS RQ .ULVWLQ ORYHV WR LQVSLUH \RXQJ SHRSOH WR UHDOLVH WKH\ FDQ GR ZKDWHYHU WKH\ SXW WKHLU PLQG WR 6KH RIWHQ VSHDNV WR VFKRRO JURXSV DQG ZRXOG OLNH WR LQFRUSRUDWH PRUH PRWLYDWLRQDO VSHDNLQJ LQWR KHU ZRUNLQJ ZHHN

´<RX YH JRW WR SXW LQ SHU FHQW WR IROORZ \RXU SDVVLRQ ,I VRPHRQH VD\V \RX FDQ W GR LW MXVW JR IRU LW HYHQ KDUGHU µ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´<RX MXVW KDYH WR JHW EDFN RXW WKHUH µ VKH VD\V Q

7KH RULJLQDO FKHHVHFDNH«

:RUGV ,PDJH &DURO *DUGHQ )RRG *DUGHQ &DWHULQJ &RPSDQ\

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ÀQDOO\ PHOWHG DQG VOLG RII WKH EDVH

3LqFH GH UpVLVWDQFH ZDV WKH GDUN FKRFRODWH PHOWHG WKHQ VZLUOHG WKURXJK WKH WRS $IWHU WZR KRXUV LQ WKH IUHH]HU LW ZDV À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

,Q WKDW FDVH WKH FDNH ZDV GHFRUDWHG ZLWK QDWLYH IHUQ IURQGV WLQ\ NRUX EXGV DQG SRKXWXNDZD DQG ORRNHG DPD]LQJ 7KH FRPELQDWLRQ RI EHUULHV FDVKHZ QXW FUHDP DQG PDSOH V\UXS PDGH IRU D GHOLJKWIXO VXPPHU GHVVHUW WKDW ZDV FDORULH ORDGHG \HW QRW XQKHDOWK\ ,W ZDV JOXWHQ IUHH GDLU\ IUHH DQG HJJ IUHH VR HYHQ IRONV ZLWK DYHUVLRQV RU DOOHUJLHV FRXOG HDW LW ([FHSW QXW DOOHUJLHV RI FRXUVH 3HRSOH IROORZLQJ D SDOHR VW\OH RU ORZ FDUERK\GUDWH GLHW DOVR WXUQ WR VZHHWV PDGH IURP QXWV VHHGV DQG IUXLWV UDWKHU WKDQ WKH WUDGLWLRQDO ÁRXU DQG VXJDU EDVHG FDNHV &DNHV WKDW DUH PDGH IURP QXWV WHQG WR KDYH PXFK ORZHU FDUERK\GUDWH FRQWHQW , IRXQG WKH UHFLSH IRU D UHFHQW QXW FKHHVHFDNH LQ D SDOHR FRRNERRN 0\ ODWHVW HIIRUW ZDV D PRFKD FKHHVHFDNH 7KH EDVH ZDV D WDVW\ PL[ RI GDWHV DQG QXWV ZLWK FRFRQXW RLO DV WKH ELQGLQJ LQJUHGLHQW 7KH WRSSLQJ ZDV VRDNHG FDVKHZV EOHQGHG ZLWK KRQH\ HVSUHVVR DQG FRFRQXW RLO $ IHZ PLQXWHV LQ WKH EOHQGHU RQ KLJK VSHHG DQG LW ZDV D FUHDP\ ULFK ÀOOLQJ IRFXVPDJD]LQH

&RQWLQXHG IURP SDJH

+ ! !

6HUYHV

UHJXODU IRRG L H IRRG PDGH ZLWK PHDW GDLU\ HJJV UHJXODU SHRSOH FDQ KDSSLO\ HDW YHJDQ IRRG DQG HQMR\ WKH H[SHULHQFH 7KH RQO\ FRQWURYHUVLDO DVSHFW ZDV WKDW WZR RI WKH JXHVWV ZHUH QRW NHHQ RQ FRIIHH ÁDYRXUHG GHVVHUWV 6R QH[W WLPH , OO RPLW WKH FRIIHH DQG DGG FRFRD DQG H[WUD YDQLOOD 7KLV GHVVHUW LV YHU\ ULFK VR D VPDOO VOLFH LV XVXDOO\ HQRXJK IRU PRVW SHRSOH :H VHUYHG LW ZLWK FRFRQXW \RJKXUW IRU WKH GDLU\ IUHH SHRSOH DQG ZKLSSHG FUHDP IRU HYHU\RQH HOVH

%DVH FXS ZDOQXW SLHFHV õ FXS DOPRQG PHDO õ FXS GLFHG GDWHV õ FXS GHVVLFDWHG FRFRQXW 7EVS FRFRQXW RLO 3LQFK RI VDOW )LOOLQJ FXSV UDZ FDVKHZ QXWV VRDNHG RYHUQLJKW LQ FROG ZDWHU RU KRXU LQ KRW ZDWHU 7EVS FRFRQXW RLO 7EVS PDSOH V\UXS õ FXS QRQ GDLU\ PLON VR\ RU DOPRQG ZRUN ZHOO VKRWV RI FROG EODFN FRIIHH WVS YDQLOOD HVVHQFH 3LQFK RI VDOW JPV GDUN FKRFRODWH YHJDQ 0HWKRG )LQG HLWKHU D VSULQJ IRUP WLQ RU D ÁDQ GLVK ZLWK D UHPRYDEOH EDVH VSUD\ LW ZLWK RLO DQG OLQH LW ZLWK EDNLQJ SDSHU

IRFXVPDJD]LQH

&RYHU WKH GLFHG GDWHV ZLWK ERLOLQJ ZDWHU VRDN IRU ÀYH PLQXWHV WKHQ GUDLQ RII WKH ZDWHU 3XW WKH QXWV FRFRQXW VDOW DQG FRFRQXW RLO LQ D IRRG SURFHVVRU DQG EOLW] WLOO FUXPEO\ $GG WKH DOPRQG PHDO DQG WKH GDWHV DQG SURFHVV WLOO FRPELQHG 7LS WKLV PL[WXUH LQWR WKH SDQ DQG SUHVV LW ÀUPO\ LQWR WKH EDVH RI WKH WLQ XVLQJ WKH EDFN RI D VSRRQ WR VSUHDG LW HYHQO\ &KRS WKH FKRFRODWH LQWR VPDOO SLHFHV DQG PHOW LW FDUHIXOO\ ² HLWKHU LQ WKH PLFURZDYH LQ VHFRQG EXUVWV VWLUULQJ LQ EHWZHHQ RU RYHU D SRW RI KRW ZDWHU 6HW DVLGH 'UDLQ WKH FDVKHZ QXWV DQG ULQVH ZLWK IUHVK ZDWHU 3XW WKHP LQWR D KLJK VSHHG EOHQGHU RU IRRG SURFHVVRU ZLWK WKH UHVW RI WKH ÀOOLQJ LQJUHGLHQWV EXW QRW WKH FKRFRODWH %OHQG XQWLO YHU\ VPRRWK DQG QRW JULWW\ 7KLV FRXOG WDNH PLQXWHV LQ D IRRG SURFHVVRU 3RXU LW RQWR WKH EDVH DQG VSUHDG HYHQO\ 3RXU WKH PHOWHG FKRFRODWH DOO RYHU WKH ÀOOLQJ DQG XVH D IRUN WR VZLUO LW WKURXJK WKH WRS RI WKH ÀOOLQJ &RYHU LW ZLWK FOLQJ ZUDS DQG SXW LQWR WKH IUHH]HU IRU DW OHDVW KRXUV WR VHW 5HPRYH PLQXWHV EHIRUH \RX DUH UHDG\ WR VHUYH LW

52$67 9(*,( 48,12$ 6$/$' :RUGV ,PDJH 6LPRQH .OH\Q

&KZ W K& D/E E E dhZ >>z , >d,z W d^ KƵƌ t Z t/EE/E' ĂƉƉƌŽĂĐŚ ĐŽŵďŝŶĞƐ Ăůů ƚŚĞ ĂĚǀĂŶƚĂŐĞƐ ŽĨ ĐŽŶǀĞŶƟŽŶĂů ǀĞƚĞƌŝŶĂƌLJ ŵĞĚŝĐŝŶĞ ĂŶĚ ƐƵƌŐĞƌLJ ǁŝƚŚ ĐŽŵƉůĞŵĞŶƚĂƌLJ ƚŚĞƌĂƉŝĞƐ ƚŽ ĂĐŚŝĞǀĞ ĞdžĐĞůůĞŶƚ ƌĞƐƵůƚƐ ĨŽƌ ŽƵƌ ƉĂƟĞŶƚƐ͘ ΗdŚĞ ŶĞdžƚ ĚĂLJ ŚĞ ƌŽĂƌĞĚ ŝŶƚŽ ƚŚĞ ŚŽƵƐĞ ůŝŬĞ Ă ƉƵƉƉLJ͖ ǁĞ ĐŽƵůĚŶΖƚ ďĞůŝĞǀĞ ƚŚĞ ĚŝīĞƌĞŶĐĞ͘ EŽ ůŝŵƉ͕ ŶŽ ƐƟīŶĞƐƐ͕ ŶŽ ŶŽƚŚŝŶŐ Ͳ ŽƵƌ ďŽLJ ǁĂƐ ďĂĐŬ͊ ͘​͘​͘Η

9 ^ƵƌŐĞƌLJ 9 ŝŐŝƚĂů yͲZĂLJƐ 9 /Ŷ ,ŽƵƐĞ ůŽŽĚ dĞƐƟŶŐ 9 Ϯϰ ,ŽƵƌ ŵĞƌŐĞŶĐLJ ĂƌĞ 9 ,LJƉĞƌďĂƌŝĐ KdžLJŐĞŶ dŚĞƌĂƉLJ 9 ,ŽŵĞ sŝƐŝƚƐ 9 ĐƵƉƵŶĐƚƵƌĞ 9 KƐƚĞŽƉĂƚŚLJ 9 ,ĞƌďƐ Θ ,ŽŵĞŽƉĂƚŚLJ 7KLV LV D SHUIHFW PHDO IRU D VSHFLDO GLVK ,1*5(',(176 FXS TXLQRD FXSV YHJHWDEOH VWRFN FXSV URDVWHG YHJHWDEOHV ELWH VL]H KDQGIXOV EDE\ VSLQDFK õ FXS JRDW IHWD FXEHG DYRFDGR WVS +LPDOD\DQ VDOW

tĞ ŽīĞƌ ůŽŶŐ ĚŝƐƚĂŶĐĞ ĐŽŶƐƵůƚĂƟŽŶ ďLJ ƉŚŽŶĞ

ϱϲ &ƌĂƐĞƌ ^ƚƌĞĞƚ͕ dĂƵƌĂŶŐĂ WŚŽŶĞ͗ Ϭϳ ϱϳϴ ϳϬϱϰ

sŝƐŝƚ ǁǁǁ͘ŚŽůŝƐƟĐǀĞƚƐ͘ĐŽ͘Ŷnj ĨŽƌ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ůŝƐƚ ŽĨ ƐĞƌǀŝĐĞƐ͕ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ƚĞƐƟŵŽŶŝĂůƐ͘

0(7+2' &RRN WKH TXLQRD LQ WKH YHJHWDEOH VWRFN $GG URDVWHG YHJHWDEOHV DQG VWLU WKURXJK :DVK EDE\ VSLQDFK DQG JHQWO\ VWLU WKURXJK ZLWK D IRUN 3ODFH FRQWHQWV LQ D ERZO DQG DGG IHWD 6OLFH DYRFDGR DQG OD\HU RQ WRS 6SULQNOH ZLWK VDOW &DQ EH HDWHQ ZDUP RU FROG :H SUHIHU LW ZDUP 1RXULVKLQJ 6LPRQH .OH\Q ZRUNV DV D )LWQHVV DQG 1XWULWLRQ &RQVXOWDQW DQG LV 'LUHFWRU RI )LWQHVV 1XWULWLRXV &DOO 6LPRQH RQ IRU D IUHH FRQVXOWDWLRQ ZZZ ÀWQHVVQXWULWLRXV Q] ZZZ IDFHERRN FRP ÀWQHVVQXWULWLRXV

3HUVRQDO 7UDLQLQJ 1XWULWLRQ &RQVXOWV :RUNSODFH :HOOEHLQJ

IRFXVPDJD]LQH

WKLQJV WR

DOZD\V UHPHPEHU

6RPHWLPHV \RX ZLOO KDYH EDG GD\V ZKHUH QRWKLQJ VHHPV WR EH JRLQJ ULJKW DQG HYHU\WKLQJ VHHPV WR EH VWDFNHG XS DJDLQVW \RX 7DNH D PRPHQW WR UHÁHFW RQ WKHVH WHQ WKLQJV

IRFXVPDJD]LQH

:RUGV 'HH &ROOLQV

<RX FDQ W FKDQJH WKH SDVW :KDW V GRQH LV GRQH /HDUQ IURP \RXU ROG GLVDSSRLQWPHQWV PLVWDNHV JULHYDQFHV DQG ZRXQGV DQG GHFLGH ZKDW WKLQJV \RX FDQ FKDQJH JRLQJ IRUZDUG LQ OLIH (YHU\ WLPH \RX OHW JR RI WKH SDVW \RX VWHS LQWR JUHDWHU IUHHGRP DQG FUHDWLYLW\

,I \RX GRQ W KDYH D SODQ IRU \RXU OLIH VRPHRQH HOVH GRHV $UH \RX EXLOGLQJ \RXU GUHDP RU KHOSLQJ VRPHRQH HOVH EXLOG WKHLUV" 'R \RX KDYH D OLVW RI JRDOV IRU WKH UHVXOWV \RX ZDQW LQ \RXU OLIH" /LYH DQ LQWHQWLRQDO OLIH DQG DFFHSW UHVSRQVLELOLW\ IRU \RXU RZQ OLIH DQG SXUVXH \RXU RZQ JRDOV DQG \RXU GUHDPV

7KH RSLQLRQV RI RWKHUV GRQ W GH¿QH \RX 7KLV LV \RXU OLIH WR OLYH DQG QRERG\ ZLOO HYHU EH DV LQYHVWHG LQ \RXU OLIH DV \RX $W WKH HQG RI WKH GD\ \RX PDNH \RXU RZQ FKRLFHV

7KLV WRR VKDOO SDVV $OWKRXJK LW PLJKW QRW VHHP WR EH WKH FDVH DW WKH WLPH QR PDWWHU ZKDW EDG VLWXDWLRQ \RX DUH JRLQJ WKURXJK WKLQJV ZLOO DOZD\V JHW EHWWHU ZLWK WLPH 1RWKLQJ VWD\V WKH VDPH

$OZD\V EH NLQG .LQGQHVV GRHVQ W FRVW D WKLQJ DQG VPLOHV DUH FRQWDJLRXV

(YHU\RQH LV RQ D GLIIHUHQW MRXUQH\ $V WKH VD\LQJ JRHV ZDON D PLOH LQ WKHLU VKRHV EHIRUH \RX MXGJH DQ\RQH 1RW HYHU\RQH ZDQWV WKH VDPH WKLQJV LQ OLIH DQG KRZ ZH UHDFW DQG UHVSRQG WR WKLQJV LV GLIIHUHQW WR DQ\RQH HOVH

3RVLWLYH WKRXJKWV DQG DFWLRQV FUHDWH D SRVLWLYH OLIH :H FDQ W DOZD\V FRQWURO RXU H[WHUQDO FLUFXPVWDQFHV EXW ZH FDQ FRQWURO RXU LQQHU ZRUOG RI WKRXJKWV <RXU PLQG FUHDWHV \RXU UHDOLW\ ,I \RX WKLQN SRVLWLYHO\ \RX ZLOO WUDQVIRUP \RXU OLIH DFFRUGLQJO\

+DSSLQHVV LV IRXQG ZLWKLQ 7RR PDQ\ SHRSOH DUH VHDUFKLQJ IRU WKDW HOXVLYH WKLQJ WKDW ZLOO EULQJ WKHP KDSSLQHVV +DSSLQHVV LV QRW LQ WKLQJV LW LV LQ \RX

,I \RX KDYH JRRG KHDOWK WKHQ \RX UHDOO\ GR KDYH HYHU\WKLQJ *RRG KHDOWK VKRXOG QHYHU EH GLVPLVVHG OLJKWO\ EHFDXVH LW SXWV \RX LQ D SRVLWLRQ ZKHUH \RX FDQ ¿[ RU DGMXVW WKH WKLQJV \RX ZDQW WR FKDQJH LQ \RXU OLIH

<RX RQO\ IDLO ZKHQ \RX TXLW :KHQ WKLQJV GRQ W JR WKH ZD\ \RX ZDQWHG RU ZKHQ RWKHUV OHW \RX GRZQ VWD\ IRFXVHG DQG SRVLWLYH RQ \RXU YLVLRQ DQG JRDOV <RX PLJKW QRW KDYH VXFFHVV RQ WKH ¿UVW RU VHFRQG WU\ EXW \RX OHDUQ IURP \RXU PLVWDNHV DQG NHHS JRLQJ IRFXVPDJD]LQH

++"4 Ū + ' $"

! ,Ū Ū%(-Ū-(Ū( + :RUGV ,PDJHV 7ULVK 5DH :RUGV ,PDJHV 7 7ULVK 5DH

IRFXVPDJD]LQH

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² , YH DOZD\V ZDQWHG WR KDYH D JR VR GLG D IHZ ODSV DOEHLW YHU\ FDXWLRXVO\ 7KH SDUN DOVR FRQWDLQV MXQLRU RII URDG FRXUVHV ZLWK WUDIÀF OLJKWV LQWHUVHFWLRQV DQG VWRS VLJQV UHSOLFDWLQJ URDG FRQGLWLRQV WR WHDFK ELNH DQG URDG VDIHW\

1RUPDOO\ PRUH UHVWUDLQHG ZKHQ LW FRPHV WR DFFRPPRGDWLRQ RXU ZHGGLQJ DQQLYHUVDU\ ZDV D JRRG H[FXVH WR JR PRUH XSPDUNHW DQG ZH VWD\HG WKUHH QLJKWV LQ WKH JRUJHRXV $KX $KX 9LOODV VHW RQ IDUPODQG PLQXWHV VRXWK RI 1HZ 3O\PRXWK %XLOW LQ )UHQFK SURYLQFLDO VW\OH WKHVH DZDUG ZLQQLQJ VHOI FRQWDLQHG YLOODV DUH VLWXDWHG RQ D KHDGODQG ZLWK VSHFWDFXODU FRDVWDO YLHZV DQG HDV\

EHDFK DFFHVV $ VWUDWHJLFDOO\ SODFHG VHDW LV D JUHDW VSRW WR UHOD[ DW WKH HQG RI WKH GD\ ZLWK D JODVV RI ZLQH WR ZDWFK WKH VXQVHW )RU D PRUH DIIRUGDEOH RSWLRQ 2DNXUD %HDFK +ROLGD\ 3DUN RIIHUV FDPSLQJ VLWHV DQG FDELQV ULJKW RQ WKH EHDFKIURQW +DYLQJ YLVLWHG WKH ERZO RI %URRNODQGV DQG 3XNHNXUD 3DUN RQ SUHYLRXV YLVLWV 3XNHLWL DQG 7XSDUH *DUGHQV ZHUH RQ RXU PXVW VHH OLVW 3XNHLWL 1HZ =HDODQG V SUHPLHU 5KRGRGHQGURQ JDUGHQ LV VHW LQ D PDJQLÀFHQW UDLQ IRUHVW RQ WKH ORZHU VORSHV RI 0W 7DUDQDNL 6SUHDG RYHU D ZKRSSLQJ KHFWDUHV WKHUH DUH WKUHH PDUNHG WUDLOV DQG QXPHURXV WUDFNV WR H[SORUH LQ WKLV JDUGHQ RI QDWLRQDO VLJQLÀFDQFH 7XSDUH *DUGHQV IHDWXUHV PDMHVWLF WUHHV ODQGVFDSHG JDUGHQV H[WHQVLYH SODQWLQJV GULIWV RI EOXHEHOOV DQG D KRPHVWHDG GHVLJQHG E\ SURPLQHQW 1HZ =HDODQG DUFKLWHFW &KDSPDQ 7D\ORU 7KH *DUGHQHU V FRWWDJH FRQWDLQV LQIRUPDWLRQ DQG SKRWRV SURYLGLQJ D JOLPSVH LQWR WKH OLIH RI WKH RULJLQDO RZQHUV DQG WKHLU JUDQG SURSHUW\ 'RZQ E\ WKH ULYHU DQ H[SDQVLYH JUDVV\ DUHD ZLWK DQ DEXQGDQFH RI VKDGH WUHHV LV D SHUIHFW VSRW WR SLFQLF RQ KRW VXPPHU GD\V (QWU\ WR ERWK JDUGHQV LV IUHH IRFXVPDJD]LQH

$ GUL]]O\ GD\ SUHVHQWHG DQ RSSRUWXQLW\ WR VHH WKH VLJKWV LQ 1HZ 3O\PRXWK VWDUWLQJ DW WKH /HQ /\H &HQWUH ² D VWXQQLQJ FRQWHPSRUDU\ EXLOGLQJ VKRZFDVLQJ /HQ /\H V ÀOPPDNLQJ H[SORLWV DQG NLQHWLF VFXOSWXUHV ² DQG WKH *RYHWW %UHZVWHU $UW *DOOHU\ $GMDFHQW WR WKH ZDWHUIURQW DZDUG ZLQQLQJ FRPSOH[ 3XNH $ULNL KRXVHV DQ LQWHJUDWHG PXVHXP YLVLWRU FHQWUH DQG OLEUDU\ DQG LV D SRSXODU DWWUDFWLRQ 7KH FLW\ FHQWUH LV LQWHUHVWLQJ DQG YLEUDQW ZLWK D KRVW RI JDOOHULHV PXVHXPV JLIW VKRSV DQG FDIpV +RZHYHU 0RXQW 7DUDQDNL ZDV EHFNRQLQJ VR ZH OHIW WKH FLW\ YLD WKH VXUI KLJKZD\ DQG FRQWLQXHG DURXQG WKH FRDVW WR 2SXQDNL ZLWK D TXLFN GHWRXU WR WKH +LVWRULF &DSH (JPRQW /LJKWKRXVH HUHFWHG LQ +HDGLQJ LQODQG 0RXQW 7DUDQDNL ULVHV XS IURP OXVK JUHHQ SDVWXUH D VWXQQLQJ VLJKW )URP WKH LQIRUPDWLRQ RIÀFH DW 'DZVRQ )DOOV &DUSDUN WUDFNV DQG WUDLOV FDWHU IRU DOO OHYHOV RI ÀWQHVV DQG DELOLW\ :LONLHV 3RROV /RRS 7UDFN LV DQ HDV\ ZDON RI õ KRXUV 7KH WUDFN PHDQGHUV WKURXJK WKH *REOLQ )RUHVW GULSSLQJ ZLWK PRVV DQG OLFKHQ ZLWK IRFXVPDJD]LQH

JOLPSVHV RI WKH PRXQWDLQ YLVLEOH WKURXJK WKH EXVK FDQRS\ WR D VHULHV RI FDVFDGLQJ SRROV VFRXUHG RXW RYHU WKRXVDQGV RI \HDUV 7KH ZKHHOFKDLU IULHQGO\ VLGH RI WKH ORRS ZDV FORVHG IRU PDLQWHQDQFH VR ZH UHWXUQHG WKH VDPH ZD\ FURVVLQJ D VPDOO XQEULGJHG VWUHDP 1HLWKHU ZLGH IDVW ÁRZLQJ GHHS QRU GLIÀFXOW QHJRWLDWLQJ ZHW VOLSSHU\ URFNV FDQ VWLOO EH WULFN\ 1R ORQJHU \RXQJ DQG DJLOH P\ GD\V RI URFN KRSSLQJ DUH D GLVWDQW PHPRU\ VR ZLWK GLFN\ NQHHV SRRU EDODQFH DQG EHLQJ ULVN DYHUVH , WHQWDWLYHO\ SLFNHG RXW WKH VDIHVW URXWH DLGHG E\ ZDONLQJ SROHV $SSDUHQWO\ , ZDV FORVHO\ REVHUYHG E\ D VSHFWDWRU ZLWK ZHW WURXVHUV ² DQ LQGLFDWLRQ VKH KDGQ W IDUHG TXLWH VR ZHOO $IWHU D SLFQLF OXQFK ZH ZDONHG WR 'DZVRQ )DOOV ZKLFK LV DQ HDV\ VKRUW ZDON IURP WKH FDU SDUN DQG RQH RI WKH PRVW YLVLWHG DWWUDFWLRQV LQ WKH (JPRQW 1DWLRQDO 3DUN 1H[W RQ P\ OLVW ZDV WKH <RUN 5RDG /RRS 7UDFN D WKUHH KRXU ZDON RQ WKH HDVWHUQ VLGH RI WKH PRXQWDLQ :LWK UDLQ IRUHFDVW WKH QH[W GD\ ZH UDFHG WR WKH VWDUW SRLQW DQG NHHQ WR ÀQLVK WKH WUDFN LQ GD\OLJKW VHW RII DW D EULVN SDFH 7KH WUDFN IROORZV D UDLOZD\ IRUPHG LQ WR VHUYLFH D

TXDUU\ DQG LV GHVHUYLQJ RI D PRUH OHLVXUHO\ SDFH 7KH ZDON LV ZHOO VLJQSRVWHG ZLWK LQIRUPDWLRQ ERDUGV DW KLVWRULFDO VLWHV DQG KDV UHPQDQWV RI HTXLSPHQW DQG PDFKLQHU\ YLVLEOH DORQJ WKH ZD\ :H VNLUWHG DURXQG D IHZ IDOOHQ WUHHV EXW JHQHUDOO\ WKH WUDFN ZDV ZHOO IRUPHG DQG HDV\ JRLQJ ZLWK ERDUG ZDONV RYHU WKH ERJJ\ ELWV +RPH IRU WKH QH[W IHZ QLJKWV WKH QHDUE\ 6WUDWIRUG 0RXQWDLQ /RGJH ZDV WKH SHUIHFW VSRW WR HQG D EXV\ GD\ 7KH ORXQJHV ZHUH VSDFLRXV FRPIRUWDEOH ZDUP DQG ZHOFRPLQJ ZLWK EOD]LQJ À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p \RX FDQ HDVLO\ VSHQG D JRRG SRUWLRQ RI WKH GD\ DW WKLV WRS FODVV DWWUDFWLRQ 7KH IRXU KHFWDUH +ROODUG *DUGHQV ZDV RXU ODVW VWRS :LWK H[SDQVLYH ODZQV VZDPS JDUGHQV SUHWW\ ERUGHUV DQG D KXJH UDQJH RI SODQWV LW V D SLFWXUHVTXH ORFDWLRQ DQG IDPLO\ IULHQGO\ ZLWK FKLOGUHQ V SOD\ DUHDV DQG VWLOWV DQG TXRLWV LQ WKH OLWWOH SDYLOLRQ IRU DQ\RQH ZLOOLQJ WR JLYH WKHP D JR +HDGLQJ KRPH ZH HQGHG RXU MRXUQH\ DV LW KDG EHJXQ ZLWK ZKLWHEDLW IULWWHUV 7DUDQDNL , OO EH EDFN VRRQ

WULVKUDH#MXVWJR Q] _ ZZZ MXVWJR Q]

IRFXVPDJD]LQH

9,(;0=0;@ ,1 7+( %$< 2) 3/(17< :RUGV 0DUWLQH 5ROOV 7DXUDQJD $UW *DOOHU\ _ ,PDJHV VXSSOLHG VXSS SSOLHG

@ : 2 5 (5( 5.

0 A ( 4 (

, 9 + 46

6 ;

; , :

; 9 :;9,,; ( (<9(5.( ;9(5:-694

,I \RX YH KHDUG RI WKH IDPHG \HW P\VWHULRXV VWUHHW DUWLVW %DQNV\ \RX ZRQ W ZDQW WR PLVV WKH VWUHHW DUW IHVWLYDO NLFNLQJ RII LQ 7DXUDQJD RQ 0DUFK 3DUDGR[ 7DXUDQJD 6WUHHW $UW )HVWLYDO ZLOO LQFOXGH WKH 2L <28 FROOHFWLRQ ZLWK ZRUNV IURP %DQNV\ ZKLFK ZLOO EH RQ GLVSOD\ DW 7DXUDQJD $UW *DOOHU\

7KH 2L <28 &ROOHFWLRQ RQ GLVSOD\ DW 6SHFWUXP LQ &KULVWFKXUFK ,PDJH /XNH 6KLUODZ IRFXVPDJD]LQH

%DQNV\ D VWUHHW DUWLVW IURP %ULVWRO LQ WKH 8. KDV DQ LQWHUQDWLRQDO UHSXWDWLRQ DQG DQ XQYHULÀHG LGHQWLW\ +H RU VKH KDV JDLQHG QRWRULHW\ ZLWK KLV XUEDQ LQWHUYHQWLRQV IURP PRGLI\LQJ VWUHHW VLJQV DQG SULQWLQJ KLV RZQ FXUUHQF\ WR LOOHJDOO\ KDQJLQJ ZRUNV LQ LQVWLWXWLRQV VXFK DV WKH /RXYUH DQG WKH 0XVHXP RI 0RGHUQ $UW

7DXUDQJD V VWUHHW DUW IHVWLYDO ZLOO KDYH WKUHH SDUWV ZKLFK ZLOO HQFRPSDVV WKH

ZKROH FLW\ DQG LWV FRPPXQLWLHV 3DUDGR[ ,QVLGH 3DUDGR[ 2XWVLGH DQG /LYH /RFDO 'XULQJ WKH IHVWLYDO VLWH VSHFLÀF DUW ZRUN ZLOO EH FUHDWHG IRU 7DXUDQJD E\ VL[ LQWHUQDWLRQDO DQG QDWLRQDO VWUHHW DUWLVWV $VNHZ 2QH /XF\ 0F/DXFKODQ 6RÁHV &KDUOHV DQG -DQLQH :LOOLDPV -DFRE <LNHV DQG (UQHVW =DFKDUHYLF 7KH IHVWLYDO SURJUDPPH ZLOO DOVR LQFOXGH ZRUNV RI ORFDO VWUHHW DUWLVWV SXEOLF ZDOO SDLQWLQJV IRRG PXVLF DQG GDQFH

@:;,906<: /(77,505.:

,Q ZKDW VHHPHG OLNH D SUHFXUVRU WR WKH IHVWLYDO D KDQGIXO RI QHZ VWUHHW DUW ZRUNV VKRZHG XS P\VWHULRXVO\ GXULQJ 1RYHPEHU DQG 'HFHPEHU LQ FHQWUDO 7DXUDQJD 7KH ODVW RQH ZDV DQ LPDJH RI IRUPHU 3ULPH 0LQLVWHU -RKQ .H\ ÁLSSLQJ WKH ELUG ZKLOH EHLQJ EHDPHG XS E\ D 8)2 WKH GD\ DIWHU KLV UHVLJQDWLRQ 3HRSOH ZRQGHUHG LI %DQNV\ ZDV LQ WRZQ

7KH LPDJHV DUH VRPHZKDW UHÁHFWLYH RI %DQNV\ V VWHQFLO VW\OH DQG KLV WKHPHV RI SROLWLFDO DQG VRFLHWDO PHVVDJHV EXW QR RQH FRXOG FRQÀUP LI LW ZDV %DQNV\ RU QRW

(YHU\RQH ZDV WDONLQJ DERXW LW DQG LW FUHDWHG D UHDO EX]] IRU D ZKLOH :H UHFHLYHG D ORW RI FDOOV IURP SHRSOH ZKR ZDQWHG WR NQRZ ZKDW ZDV JRLQJ RQ DVNLQJ XV LI ZH FRXOG YHULI\ LI LW ZDV GRQH E\ %DQNV\

7KH IXQQ\ WKLQJ ZDV QR RQH VHHPV WR NQRZ ZKR ZDV EHKLQG LW $OO , NQRZ LV WKDW LW ZDVQ W D FOHYHU PDUNHWLQJ FDPSDLJQ IRU 3DUDGR[ LQLWLDWHG E\ WKH JDOOHU\ RU WKH FRXQFLO :H KDG QRWKLQJ WR GR ZLWK LW ,W MXVW KDSSHQHG DQG WKDW V JUHDW

1HZVSDSHU UHSRUWHUV GLG VRPH PRUH GLJJLQJ DQG WKH\ FRQWDFWHG %DQNV\ V /RQGRQ EDVHG SXEOLFLVW -RDQQD %URRNV ZKR FRQÀUPHG WKDW WKH DUWLVW ZDV QRW LQ 1HZ =HDODQG DQG KDG QRW EHHQ UHFHQWO\ 7KDW PHDQV WKH P\VWHU\ VWHQFLOV SDLQWHG RQ WKH ZDOOV LQ GRZQWRZQ 7DXUDQJD PXVW KDYH EHHQ GRQH E\ D FOHYHU %DQNV\ FRS\FDW

,(3 (52:@

%XW SHRSOH ZLOO EH DEOH WR VHH UHDO %DQNV\ DUW LQ 7DXUDQJD ZKHQ WKH 2L <28 &ROOHFWLRQ LV H[KLELWHG DW 7DXUDQJD $UW *DOOHU\ ² LWV ÀUVW WLPH LQ WKH 1RUWK ,VODQG

7KHUH ZLOO EH VWUHHW DUW DOO RYHU WKH FLW\ DQG WKDW ZLOO FHUWDLQO\ DGG VRPHWKLQJ VSHFLDO WR 7DXUDQJD V H[LVWLQJ GLVSOD\

2QH RI WKH VWHQFLOV WKDW SRSSHG XS LQ 7DXUDQJD LQ 1RYHPEHU PDNLQJ SHRSOH ZRQGHU LI %DQNV\ ZDV LQ 1HZ =HDODQG ,PDJH 0DUWLQH 5ROOV

7KH IHVWLYDO LV EHLQJ RUJDQLVHG E\ 7DXUDQJD &LW\ &RXQFLO LQ SDUWQHUVKLS ZLWK 2L <28 DQG 7DXUDQJD $UW *DOOHU\ 7RL 7DXUDQJD DQG ZLOO UXQ XQWLO PLG -XQH

0RUH DERXW 3DUDGR[ FDQ EH IRXQG RQ ZZZ WDXUDQJDVWUHHWDUW FR Q] )RU WKH ODWHVW QHZV DQG XSGDWHV NHHS DQ H\H RQ WKH 7DXUDQJD $UW *DOOHU\ DQG 0\ 7DXUDQJD )DFHERRN SDJHV DQG ,QVWDJUDP SURÀOHV

'HWDLO RI WKH /RQJ %HDFK 0XVHXP RI $UW LQVWDOODWLRQ ,PDJH (UQHVW =DFKDUHYLF IRFXVPDJD]LQH

:25.3/$&( :(//%(,1*

IRFXVPDJD]LQH

),71(66 1875,7,286 :H KHOS \RX WR WLFN WKH QHZ +HDOWK 6DIHW\ OHJLVODWLRQ ER[HV ² LW V HDV\ ZLWK RXU KHDOWK\ HDWLQJ ÀWQHVV DQG VWUHVV UHOLHI SURJUDPPHV GHOLYHUHG DW \RXU ZRUNSODFH

:28/' <28 /,.( 72

LPSURYH WKH KHDOWK VDIHW\ DQG ZHOOEHLQJ RI \RXU HPSOR\HHV WKURXJK QXWULWLRQ ÀWQHVV DQG VWUHVV UHOLHI" GHFUHDVH VWDII LOOQHVV LQMXULHV DQG VWUHVV" LQFUHDVH VWDII HQHUJ\ PRWLYDWLRQ DQG SURGXFWLYLW\"

:+$7 :( '2 :H FRPH WR \RX :H GHOLYHU RXU SURIHVVLRQDO VHUYLFHV WR \RXU RIÀFH ZRUN VLWH RU DQ\ZKHUH \RX OLNH DQG ERRVW EXVLQHVV UHVXOWV

+($/7+< )22'

z z z

z

z z z

:H ZRUN ZLWK EXVLQHVVHV WKDW DUH VHULRXV DERXW (PSOR\HH :HOOQHVV :H OO ZRUN ZLWK \RXU WHDP DQ\ZKHUH WR LPSURYH WKHLU QXWULWLRQ ÀWQHVV DQG ZHOOEHLQJ :H GR WKLV WKURXJK HGXFDWLRQ DQG SURYLGLQJ RSSRUWXQLW\ DQG HQFRXUDJHPHQW :H IRFXV RQ KDELWV QRW MXVW JRDOV (DWLQJ QXWULWLRXV IRRGV UHOLHYLQJ VWUHVV DQG LQFUHDVLQJ ÀWQHVV LPSURYHV IRFXV FRQFHQWUDWLRQ FR RUGLQDWLRQ VWUHQJWK DQG PRELOLW\ ² ORZHULQJ \RXU LQMXU\ UDWH FRPSDQ\ /RVW 7LPH ,QMXULHV DQG LQFUHDVLQJ SURGXFWLYLW\

5IF 8PSME )FBMUI 0SHBOJ[BUJPO TUBUFT UIBU XPSLQMBDF QIZTJDBM BDUJWJUZ DBO JODSFBTF QSPEVDUJWJUZ CZ BOE SFEVDF TJDL MFBWF CZ VQ UP

5HGXFHG KHDOWKFDUH FRVWV 5HGXFHG FRVWV UHODWLQJ WR DEVHQWHHLVP 5HGXFHG FRVWV UHODWLQJ WR SUHVHQWHHLVP WKH SUDFWLFH RI UHSRUWLQJ WR ZRUN GHVSLWH LOOQHVV RU WKH LQDELOLW\ WR IRFXV SURGXFWLYHO\ RQ RQH V MRE *UHDWHU UHWXUQ RQ LQYHVWPHQW IURP LPSURYHG SURGXFWLYLW\ &RVW VDYLQJV IURP UHGXFHG ZRUNSODFH DFFLGHQWV *UHDWHU VWDII UHWHQWLRQ 5HGXFHG DEVHQWHHLVP DQG SUHVHQWHHLVP UDWHV

3URGXFWLYLW\ EHQHÀWV IRU RUJDQLVDWLRQV z z z

7KDW V ZKHUH ZH FRPH LQ

),71(66

)LQDQFLDO EHQHÀWV IRU RUJDQLVDWLRQV

z

+RZ GR \RX HQVXUH \RXU WHDP NHHS KHDOWK\ NHHS ÀW DQG NHHS VDIH"

+($/7+< +($57

z z

,QFUHDVHG HPSOR\HH SHUIRUPDQFH DQG SURGXFWLYLW\ %HWWHU VWDII UHWHQWLRQ 6WURQJHU HPSOR\HU HPSOR\HH UHODWLRQVKLSV ,QFUHDVHG OR\DOW\ ,PSURYHG KHDOWK DQG ZHOOQHVV RI HPSOR\HHV $ KDSSLHU PRUH UHVLOLHQW ZRUNIRUFH

:H ZDQW WR HPSRZHU \RX WR EHFRPH SHUVRQDOO\ UHVSRQVLEOH IRU FUHDWLQJ DQG PDLQWDLQLQJ SHUVRQDO KHDOWK DQG ZHOOEHLQJ LQ \RXU OLIH 2XU SURJUDPPHV DUH GHVLJQHG WR ÀW LQ DURXQG \RX 2XU RSWLRQV FDQ EH WDLORU PDGH WR VXLW \RXU FRPSDQ\ DQG FXOWXUH RU \RX KDYH WKH FKRLFH WR SLFN DQG PL[ <RX QDPH LW ZH YH JRW LW ² VR JR DKHDG FRPH DQG WDNH \RXU SLFN )LWQHVV :H GHVLJQ UHDOLVWLF DQG VXVWDLQDEOH H[HUFLVH SURJUDPPHV WDLORUHG WR \RXU EXGJHW DQG H[LVWLQJ LQLWLDWLYHV GHOLYHULQJ WKH EHVW UHVXOW IRU \RXU LQYHVWPHQW :H UXQ RQJRLQJ ÀWQHVV FODVVHV WR KHOS \RXU HPSOR\HHV PDLQWDLQ JRRG KHDOWK +HDOWK\ /LYLQJ :H RIIHU UHDOLVWLF QXWULWLRQDO VHPLQDUV RQ WRSLFV VXFK DV HDWLQJ IRU HQHUJ\ WR UHGXFH IDWLJXH :H VKDUH H[SHUWLVH DQG NQRZOHGJH RQ KHDOWK\ HDWLQJ WKDW V UHOHYDQW WR \RXU ZRUNIRUFH $ KHDOWKLHU ZRUNIRUFH LV D PRUH SURGXFWLYH VDIHU ZRUNIRUFH IRFXVPDJD]LQH

6WUHVV 5HOHDVH 2XU VWUHVV UHOHDVH RSWLRQV LQFOXGH ZRUNVKRSV FRRNLQJ GHPRQVWUDWLRQV DQG PDVVDJH 7KH SHUIHFW UHVSRQVH WR FRSH ZLWK VWUHVV LV WR ÀQG ZD\V WR OHW LW DOO RXW HDW KHDOWKLHU DQG JDLQ YLWDO LQVLJKWV WKDW DUH LQVWDQW VWUHVV EXVWHUV &KDOOHQJHV ZHHN &KDOOHQJHV DUH IXQ DQG JHW JUHDW UHVXOWV 7KH DLP LV WR ZRUN ZLWK \RX DQG \RXU WHDP WR KHOS NHHS WKH WHDP PRWLYDWHG DQG ZKHUH HYHU\RQH LV D ZLQQHU :H NHHS WUDFN DORQJ WKH ZD\ WR KHOS \RXU WHDP VWD\ IRFXVHG DQG FRPPLWWHG WR WKHLU LQGLYLGXDO DQG WHDP VXFFHVV

)OH[LELOLW\ 2QH VL]H GRHV QRW DOZD\V ÀW DOO 2XU DSSURDFK WR KHDOWK DOLJQV ZLWK \RXU QHHGV \RXU YDOXHV DQG \RXU FXOWXUH

(PSOR\HH (PSRZHUPHQW :H SURYLGH RSSRUWXQLWLHV IRU VWDII WR EH DFWLYHO\ LQYROYHG LQ WKHLU RZQ VHOI PDQDJHPHQW DURXQG KHDOWK EHOLHYLQJ WKLV FUHDWHV ORQJHU WHUP KHDOWKLHU KDELWV

0RELOH :H FRPH WR \RX :H GHYHORS SURJUDPPHV WKDW ÀW LQWR \RXU ZRUN VFKHGXOH

7KH 7HDP )LWQHVV 1XWULWLRXV LV \RXU KDUG ZRUNLQJ JR WR WHDP ZKR ORYH QRWKLQJ EHWWHU WKDQ KHOSLQJ \RX DQG \RXU HPSOR\HHV HQMR\ IHHOLQJ KHDOWKLHU DQG KDSSLHU :H UH LQ LW VR ZH DOO ZLQ LW ,W·V IDLU WR VD\ E\ LQFRUSRUDWLQJ RXU VLPSOH DQG HIIHFWLYH FRUSRUDWH KHDOWK SURJUDPPHV \RX·OO EH ZHOO RQ WKH ZD\ WR D KHDOWKLHU DQG KDSSLHU ZRUNIRUFH ,W·V DOO D PDWWHU RI KDELW DQG ZH·UH KHUH WR ZRUN EHVLGH \RX HYHU\ VWHS RI WKH ZD\

0RPHQWXP DQG 0RWLYDWLRQ :H NQRZ FRUSRUDWH ZHOOEHLQJ FDQ JR D ELW VWDOH VR ZH DUH DOZD\V ZRUNLQJ RQ WKH ¶ZKDW QH[W· :H ZDQW WR NHHS WKH EDOO UROOLQJ DQG RXU MRE LV WR SURYLGH \RX ZLWK VROXWLRQV WR DFKLHYH \RXU ORQJ WHUP ZHOOEHLQJ JRDOV 5HIUHVKHUV DUH LPSOHPHQWHG WR SUHYHQW VNLOO NQRZOHGJH IDGH :H WDON D ORW DERXW VXVWDLQDELOLW\ KHUH DW )LWQHVV 1XWULWLRXV DQG EDVLFDOO\ ZH PHDQ FUHDWLQJ KHDOWKLHU KDELWV :H GR WKLV E\ DGGUHVVLQJ NH\ DUHDV

IRFXVPDJD]LQH

z

'HYHORSLQJ D SRVLWLYH PLQG VHW 6KDULQJ H[SHUW NQRZOHGJH YLD RXU VHPLQDUV ZRUNVKRSV HPDLOV DQG FKDOOHQJHV z &UHDWLQJ DFKLHYDEOH DQG LQVSLUDWLRQDO FKDOOHQJHV z 'HOLYHULQJ VROXWLRQV WR \RX ZKHUHYHU \RX DUH z (QHUJLVLQJ UHIUHVKHUV DQG WDNH KRPH QRWHV z

:K\ FKRRVH )LWQHVV 1XWULWLRXV" z 3URIHVVLRQDO TXDOLÀHG DQG H[SHULHQFHG VWDII z 9DOXH IRU PRQH\ z 1R GRZQ WLPH IURP ZRUN IRU &KDOOHQJHV z )RUPV DQG FKHFNOLVWV SURYLGHG IRU WKH &KDOOHQJHV z 2QOLQH OHDGHU ERDUG IRU &KDOOHQJHV z :HHNO\ XS WR GDWH VFLHQWLÀF HYLGHQFH EDVHG QXWULWLRQ LQIRUPDWLRQ VHQW WR &KDOOHQJH SDUWLFLSDQWV z 6HW XS RI &KDOOHQJHV IRU \RX DJDLQVW RWKHU EXVLQHVVHV z ZHHNV RI VXSSRUW IRU WKH &KDOOHQJHV z 6XSSRUW DW QR H[WUD FRVW z (DV\ WR IROORZ QXWULWLRQ LQIRUPDWLRQ z 1XWULWLRQ LQIRUPDWLRQ IURP UHSXWDEOH VRXUFHV LQFOXGLQJ :RUOG +HDOWK 2UJDQL]DWLRQ 1= 1XWULWLRQ )RXQGDWLRQ 6WDWLVWLFV 1= 1= +HDUW )RXQGDWLRQ :RUNVDIH 1= DQG PDQ\ PRUH z :H HPSRZHU \RX z :H SURYLGH SDWKZD\V IRU \RX ZLWKLQ WKH %23 FRPPXQLW\ WR DFKLHYH D VXVWDLQDEOH KHDOWK\ OLIHVW\OH z :H FDQ RIIHU RWKHU SURJUDPPHV :KHQ \RX LQYHVW LQ FRUSRUDWH ZHOOEHLQJ \RX LQYHVW LQ WKH IXWXUH RI \RXU EXVLQHVV DQG LWV SHRSOH

-RLQ XV WRGD\ ² ZH ZLOO PDNH D SRVLWLYH GLIIHUHQFH WR \RXU HPSOR\HH ZHOOEHLQJ

$UH \RX UHDG\ WR PDNH D FKDQJH" &RQWDFW XV IRU D IUHH FRQVXOWDWLRQ 6LPRQH .OH\Q ZRUNV DV D )LWQHVV DQG 1XWULWLRQ &RQVXOWDQW DQG LV 'LUHFWRU RI )LWQHVV 1XWULWLRXV &DOO 6LPRQH RQ IRU D IUHH FRQVXOWDWLRQ ZZZ ÀWQHVVQXWULWLRXV Q] ZZZ IDFHERRN FRP ÀWQHVVQXWULWLRXV

3HUVRQDO 7UDLQLQJ 1XWULWLRQ &RQVXOWV :RUNSODFH :HOOEHLQJ

FRXOG LQ GLYHUVH RUJDQLVDWLRQV LQFOXGLQJ D PLQLQJ FRPSDQ\ LQ &HQWUDO 4XHHQVODQG DQG D ODUJH HOHFWULFDO FRPSDQ\ LQ 3HUWK ZKHUH VKH ZRUNHG RQ D QHZ KRVSLWDO DQG LQWHUQDWLRQDO DLUSRUW H[SDQVLRQ ´,W V SK\VLFDO ZRUN DQG , ORYH WKH PHQWDO FKDOOHQJH DV ZHOO µ VD\V -DFLQWD ´(OHFWULFDO ZRUN LV D VWHS E\ VWHS SURFHVV DQG ZLWK DQ\ QHZ MRE , TXRWH IRU , KDYH WR GHFLGH WKH EHVW ZD\ WR DSSURDFK LW :KHQ , JR EDFN WR VWDUW WKH MRE WKDW SURFHVV LV DOUHDG\ GUDZQ LQ P\ KHDG <RX FDQ RQO\ VHH WKDW LI \RX KDYH WKH H[SHULHQFH µ +HU \HDUV RI H[SHULHQFH KDYH SUHSDUHG KHU WR KDQGOH DQ\ QHZ VLWXDWLRQ DQG VKH V ZHOO UHJDUGHG LQ WKH LQGXVWU\ :KHQ VKH V ZRUNLQJ RQ D EXLOGLQJ VLWH LW V QRW XQFRPPRQ IRU EORNHV WR DVN KHU DGYLFH ´6RPH SHRSOH SXW PH LQ D ER[ EHFDXVH LW V VHHQ DV D PDQ V MRE DQG VRPHWLPHV \RX JHW UHPDUNV , LJQRUH LW DQG PDNH LW NQRZQ , GRQ W WROHUDWH WKDW 2Q D ELJ VXEFRQWUDFWLQJ MRE , EXLOG FRQÀGHQFH ZLWK WKH RWKHU WUDGLHV LQ D IHZ GD\V µ

<RXQJ VNLOOHG DQG VWULGLQJ DKHDG :RUGV 0LOOLH )UHHPDQ _ ,PDJHV 6DYDQW &UHDWLYH

$JH DQG JHQGHU KDYH QHYHU VWRSSHG -DFLQWD 'LJQDQ UHDFKLQJ KHU FDUHHU JRDOV ,Q IDFW VLQFH DUULYLQJ LQ 7DXUDQJD IURP $XVWUDOLD HDUO\ ODVW \HDU WKH TXDOLÀHG HOHFWULFLDQ LV VWULGLQJ DKHDG LQ D PDOH GRPLQDWHG LQGXVWU\ DQG DW LV DOUHDG\ PDQDJLQJ KHU RZQ UDSLGO\ JURZLQJ EXVLQHVV -DFLQWD VHW XS 6XUH 3RZHU LQ 0DUFK 7KH FRPSDQ\ LV D VSHFLDOLVW SURYLGHU RI HOHFWULFDO VHUYLFHV IRU UHVLGHQWLDO FRPPHUFLDO DQG LQGXVWULDO FOLHQWV FRYHULQJ WKH IXOO UDQJH RI PDLQWHQDQFH UHSDLUV UHÀWV DQG UHQRYDWLRQV DV ZHOO DV VRODU GHVLJQ DQG LQVWDOODWLRQ

-DFLQWD DOVR JHWV D SRVLWLYH UHDFWLRQ IURP UHVLGHQWLDO FOLHQWV HVSHFLDOO\ IURP KHU JURZLQJ OLVW RI ZRPHQ FOLHQWV ZKR DUH ´SXPSHGµ WR VHH KHU JHW LQ DQG KDYH D JR 6KH HQFRXUDJHV RWKHU ZRPHQ WR FRQVLGHU WKLV OLQH RI ZRUN DQG VD\V ZRPHQ PDNH H[FHOOHQW HOHFWULFLDQV ´:RPHQ DUH IRFXVHG DQG PHWKRGLFDO VDIHW\ FRQVFLRXV DQG PRWLYDWHG WR JHW WKLQJV GRQH (OHFWULFDO ZRUN QHHGV DOO WKHVH WKLQJV EHFDXVH \RX QHHG WR EH DEOH WR FOHDUO\ SODQ D SDWK DQG IROORZ LW 1RWKLQJ FDQ EH UXVKHG ´,I LW KHOSV RWKHU ZRPHQ , ZDQW WR EH WKDW LQVSLUDWLRQ ZKHQ WKH\ VHFRQG JXHVV WKHPVHOYHV $W WKH EHJLQQLQJ HYHU\WKLQJ IHHOV KDUG EXW LQ WLPH \RXU ERG\ EHFRPHV VWURQJHU DQG \RX EHFRPH PHQWDOO\ VWURQJHU WRR µ -DFLQWD VD\V WKH JURZLQJ LQGXVWU\ RIIHUV JRRG RSSRUWXQLWLHV WR PDNH PRQH\ DQG .LZL HOHFWULFLDQV DUH KLJKO\ UHJDUGHG 1HZ =HDODQG DQG $XVWUDOLD KDYH WKH KLJKHVW VWDQGDUGV DQG SUDFWLFHV VR TXDOLÀHG HOHFWULFLDQV FDQ WDNH WKHLU VNLOOV DQ\ZKHUH LQ WKH ZRUOG Q

463& 108&3 (OHFWULFDO &RQWUDFWRUV

%XLOGLQJ D SURÀWDEOH EXVLQHVV HTXDOV VXFFHVV LQ DQ\RQH V ERRNV DQG HVSHFLDOO\ ODXGDEOH IRU VRPHRQH VWLOO LQ WKHLU PLG V -DFLQWD VD\V ORWV RI HIIRUW DQG H[SHULHQFH KDYH JRW KHU WR WKLV SRLQW $W VKH ZRUNHG DV DQ DSSUHQWLFH WR KHU IDWKHU IRU IRXU \HDUV DQG WKHQ VSHQW ÀYH \HDUV JHWWLQJ DV PXFK H[SHULHQFH DV VKH

(OHFWULFDO DQG &RPPXQLFDWLRQV 6HUYLFHV 'RPHVWLF O &RPPHUFLDO O ,QGXVWULDO -DFLQWD 'LJQDQ (PDLO LQIR#VXUHSRZHU FR Q] _ ZZZ VXUHSRZHU FR Q] IRFXVPDJD]LQH

3XWWLQJ WRJHWKHU \RXU ıQDQFLDO MLJVDZ

)LQDQFLDO SODQQLQJ LV OLNH D MLJVDZ SX]]OH (DFK ¶SLHFH· KDV DQ RYHUDOO SDUW WR SOD\ DQG PXVW ZRUN ZLWK DOO RI WKH RWKHU SLHFHV LQ RUGHU WR SURYLGH \RX ZLWK D FRPSOHWH DQG FRKHVLYH SLFWXUH (DFK SLHFH RI \RXU ÀQDQFLDO DIIDLUV VKRXOG PHHW RU ZRUN WRZDUGV \RXU VSHFLÀF JRDOV DQG GHVLUHG RXWFRPHV DQG ZLOO LGHDOO\ HQVXUH DV IHZ XQZDQWHG VXUSULVHV DORQJ WKH ZD\ DV SRVVLEOH

$ JRRG ÀQDQFLDO SODQ SXOOV DOO RI WKH LQGLYLGXDO SLHFHV WRJHWKHU ,W DVVHVVHV ZKHUH \RX DUH QRZ H[SORUHV ZKHUH \RX DUH JRLQJ RU ZDQW WR JR DQG WKHQ SURYLGHV \RX ZLWK D FRPSUHKHQVLYH URDGPDS WR JHW WKHUH

$UH \RX LQ D QHZ UHODWLRQVKLS" %HLQJ LQ D QHZ UHODWLRQVKLS LV IXOO RI QHZ H[SHULHQFHV JLGGLQHVV MR\ DQG HODWLRQ DQG DOO WKRVH RWKHU ZRQGHUIXO IHHOLQJV ZKHQ \RX KDYH ÀQDOO\ IRXQG \RXU VRXOPDWH :H RIWHQ VSHQG KRXUV WDONLQJ ODWH LQWR WKH QLJKW EXW RQH RI WKH VXEMHFWV WKDW RIWHQ GRHVQ W FRPH XS LV PRQH\ 6R ZKDW DUH VRPH RI WKH WKLQJV \RX PD\ ZDQW WR WKLQN DERXW" $ JRRG VWDUW LV XQGHUVWDQGLQJ ZKDW HDFK RWKHU V JRDOV DUH RYHU WKH VKRUW PHGLXP DQG ORQJ WHUP VHH SUHYLRXV HGLWLRQ RI IRFXV 7KLV PD\ JLYH \RX VRPH LQVLJKW LQWR ZKDW GULYHV RU GRHVQ W GULYH \RXU SDUWQHU $UH \RXU JRDOV DQG WLPLQJ DOLJQHG" +RZ PXFK DUH \RX ZLOOLQJ WR FRPSURPLVH RQ \RXU GUHDPV DQG JRDOV" &DQ WKH\ EH DFKLHYHG PRUH HDVLO\ ZLWK ERWK RI \RX ZRUNLQJ WRZDUGV WKHP" 'R \RXU SDUWQHU V JRDOV VLW ZHOO ZLWK \RX" 3HUKDSV XVH VRPH RI WKRVH ODWH QLJKW WDONV WR KDYH VRPH GLVFXVVLRQV DERXW ZKDW \RXU IXWXUH FRXOG ORRN OLNH ,I \RX DUH PRYLQJ LQ WRJHWKHU VRPH RWKHU WKLQJV WR FRQVLGHU LQFOXGH VHWWLQJ XS D PRQH\ V\VWHP WKDW ZLOO ZRUN IRU ERWK RI \RX DQG EH IDLU IRU ERWK SDUWLHV &RQVLGHU KRZ PXFK \RX HDFK HDUQ \RXU JRDOV KRZ ZHOO \RXU FXUUHQW PRQH\ V\VWHPV ZRUN IRU HDFK RI \RX DQG KRZ LQGHSHQGHQW \RX ZDQW WR UHPDLQ ÀQDQFLDOO\

-,*6$: 62/87,216 *5283

,I \RX DUH SXUFKDVLQJ D KRXVH ZKR ZLOO IXQG LW DQG ZKR ZLOO RZQ LW ²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

'R \RX KDYH D SUH QXS DJUHHPHQW IRU \RXU EXVLQHVV SDUWQHUVKLS" %HLQJ LQ EXVLQHVV ZLWK D SDUWQHU RU VKDUHKROGHU LV OLNH EHLQJ LQ D UHODWLRQVKLS ² HIIHFWLYHO\ D EXVLQHVV PDUULDJH $QG DV ZLWK PDQ\ QHZ UHODWLRQVKLSV ZH RIWHQ GRQ W WKLQN DERXW ZKDW PD\ KDSSHQ LQ WKH IXWXUH KRZHYHU WKLV LV H[DFWO\ ZKHQ \RX VKRXOG EH WKLQNLQJ DERXW \RXU VXFFHVVLRQ SODQQLQJ +DYH \RX KHDUG RI D %X\ 6HOO $JUHHPHQW %6$ " 7KLV LV HVVHQWLDOO\ D 3UH QXS $JUHHPHQW DQG LV D OHJDOO\ ELQGLQJ DJUHHPHQW EHWZHHQ WKH RZQHUV RI WKH EXVLQHVV ,W RXWOLQHV ZKDW \RX ZLVK WR KDSSHQ LQ WKH HYHQW D EXVLQHVV SDUWQHU GLHV LV IRUFHG WR OHDYH WKH EXVLQHVV RU VLPSO\ FKRRVHV WR OHDYH WKH EXVLQHVV

-LJVDZ )LQDQFLDO 6ROXWLRQV /LPLWHG D -LJVDZ 6ROXWLRQV *URXS /LPLWHG FRPSDQ\

)LQDQFLDO 3ODQQLQJ _ )LQDQFLDO &DSDELOLW\ (GXFDWLRQ _ :RUNSODFH %HQHıWV

ZZZ MLJVDZVROXWLRQV EL] IRFXVPDJD]LQH

%6$V GHWDLO WKH WULJJHUV DQG RXWFRPHV UHTXLUHG IRU \RXU EXVLQHVV ,I RQH RI WKH VSHFLÀHG HYHQWV KDSSHQV \RX KDYH D OHJDO GRFXPHQW WKDW VHWV RXW ZKHQ D EX\RXW VKRXOG RFFXU KRZ LW VKRXOG RFFXU DQG ZKR VKRXOG EH SDLG ZKDW DW ZKLFK WLPH $ %6$ ZLOO RIWHQ EH VXSSRUWHG ZLWK D IXQGLQJ PHFKDQLVP 7KLV LV XVXDOO\ DFKLHYHG XVLQJ FRUUHFWO\ VWUXFWXUHG LQVXUDQFH RQ WKH OLYHV RI WKH SDUWLFLSDWLQJ RZQHUV DQG FDQ LQFOXGH GLIIHUHQW W\SHV RI FRYHU WR VXSSRUW WKH GHVLUHG RXWFRPHV

6KDURQ *LEOHWW ² <RXU VSHFLDOLVW )LQDQFLDO &RDFK IRU \RXU SHUVRQDO DQG EXVLQHVV ÀQDQFLDO QHHGV ² KHOSLQJ \RX SXW WKH SLHFHV RI \RXU ÀQDQFLDO MLJVDZ WRJHWKHU 'R \RX IHHO LQ FRQWURO RI \RXU PRQH\" 2U LV LW WKH RWKHU ZD\ DURXQG" z

'R \RX KDYH D ÀQDQFLDO SODQ RU VHW JRDOV"

z

'R \RX IHHO \RX QHYHU JHW DKHDG"

z

'R \RX KDYH WKH VWUDWHJLHV LQ SODFH WR DFKLHYH \RXU JRDOV"

z

+DYLQJ D %6$ DQG WKH DSSURSULDWH IXQGLQJ PHFKDQLVP JLYHV WKH RZQHUV FRQWURO FHUWDLQW\ IRU WKH GHVLUHG RXWFRPHV HQVXUHV FRQWLQXLW\ IRU WKH EXVLQHVV DQG KHOSV WR PDLQWDLQ WKH FDVKÁRZ RI WKH EXVLQHVV WKH EXVLQHVV SDUWQHUV DQG WKHLU IDPLOLHV 7KH XOWLPDWH DLP LV WR HQVXUH WKHUH DUH IXQGV DYDLODEOH WR SD\ RXW WKH ULJKW SDUWLHV DW WKH ULJKW WLPH ZLWK WKH ULJKW DPRXQW VR \RXU EXVLQHVV FDQ FRQWLQXH ZLWK WKH OHDVW GLVUXSWLRQ

$UH \RX DFWXDOO\ DFKLHYLQJ \RXU ÀQDQFLDO JRDOV"

z

'R \RX KDYH D URDGPDS IRU \RXU ÀQDQFHV"

z

$UH \RXU FXUUHQW DVVHWV DQG IXWXUH HDUQLQJV SURWHFWHG"

z

'R \RX ZDQW LQVXUDQFH SUHPLXPV WKDW GRQ·W NHHS LQFUHDVLQJ ZLWK DJH" z

'R \RX XQGHUVWDQG .LZL6DYHU DQG DUH \RX JHWWLQJ WKH PRVW RXW RI LW" z

'R \RX NQRZ KRZ PXFK \RX ZLOO QHHG LQ UHWLUHPHQW YV KRZ PXFK \RX ZLOO DFWXDOO\ KDYH" z

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

z ,V \RXU HVWDWH SODQQLQJ VRUWHG DQG LV LW ZRUNLQJ LQ ZLWK WKH UHVW RI \RXU DIIDLUV"

'R \RX KDYH SULYDWH KHDOWK FRYHU RU GR \RX UHO\ RQ WKH SXEOLF KHDOWK V\VWHP" z

'R \RX ZDQW WR SD\ OHVV LQ $&& OHYLHV"

z

z ,I RQH RI \RXU EXVLQHVV SDUWQHUV ZHUH VLFN IRU PRQWKV ZKDW ZRXOG EH EHVW NHHS SD\LQJ WKHP ÀUH WKHP RU OHW DQ LQVXUHU SD\ WKHP"

'R \RX VHH \RXU VWDII OLYLQJ SD\GD\ WR SD\GD\"

z

'R \RX VWUXJJOH WR DWWUDFW DQG UHWDLQ IDQWDVWLF VWDII"

z

z 'R \RX KDYH NH\ SHRSOH ZLWKLQ \RXU EXVLQHVV \RX QHHG WR SURWHFW" z $UH \RXU EXVLQHVV DIIDLUV VHSDUDWHG IURP \RXU SHUVRQDO DIIDLUV"

-LJVDZ )LQDQFLDO 6ROXWLRQV /LPLWHG ¶-LJVDZ· ZRUNV ZLWK \RX KHOSLQJ WR SXW WKH SLHFHV RI \RXU ÀQDQFLDO MLJVDZ SX]]OH WRJHWKHU WR FUHDWH D SHUVRQDOLVHG <RXU -LJVDZ3ODQ ZKLFK SURYLGHV RQO\ WKH VROXWLRQV \RX QHHG

6KDURQ *LEOHWW LV D )LQDQFLDO 3ODQQHU 0HQWRU DQG &RDFK ZLWK RYHU \HDUV· H[SHULHQFH LQ WKH ÀQDQFLDO VHUYLFHV LQGXVWU\ 6KDURQ·V PLVVLRQ LV IRU HYHU\ 1HZ =HDODQGHU WR KDYH WKH RSSRUWXQLW\ WR EHFRPH ÀQDQFLDOO\ VDYY\ WRGD\ ZKLOVW SODQQLQJ IRU WKHLU WRPRUURZ -,*6$: RU VKDURQ JLEOHWW#MLJVDZVROXWLRQV EL]

<RXU -LJVDZ3ODQ FDQ KHOS UHGXFH \RXU ÀQDQFLDO VWUHVV DQG DQ\ ZRUU\ DERXW \RXU FXUUHQW RU IXWXUH VLWXDWLRQ E\ SURYLGLQJ \RX ZLWK D FOHDU SLFWXUH RI ZKHUH \RX DUH QRZ ZKHUH \RX ZDQW WR KHDG DQG KRZ WR JHW WKHUH 3XWWLQJ LQ SODFH D WDLORUHG <RXU -LJVDZ3ODQ FDQ VHW \RX RQ WKH ULJKW SDWK WR ÀQDQFLDO ZHOOEHLQJ DQG KHOS \RX WR DFKLHYH \RXU JRDOV DQG DVSLUDWLRQV

7KLV DUWLFOH LV QRW LQWHQGHG WR SURYLGH SHUVRQDOLVHG ÀQDQFLDO DGYLFH DQG LW LV LPSRUWDQW QRW WR UHO\ RQ WKH LQIRUPDWLRQ LQ WKLV DUWLFOH DV \RXU RQO\ VRXUFH RI LQIRUPDWLRQ ZKHQ PDNLQJ D ÀQDQFLDO GHFLVLRQ ,W LV UHFRPPHQGHG WKDW \RX VHHN SURIHVVLRQDO DGYLFH UHOHYDQW WR \RXU LQGLYLGXDO VLWXDWLRQ $ GLVFORVXUH GRFXPHQW LV DYDLODEOH IUHH RI FKDUJH DQG RQ UHTXHVW IURP LQIR#MLJVDZVROXWLRQV EL]

5HJDUGOHVV RI ZKHUH \RX DUH DW 12: LV WKH EHVW WLPH WR VWDUW ,W·V QHYHU WRR HDUO\ RU WRR ODWH 7KH LPSRUWDQW WKLQJ LV WR VWDUW &RQWDFW 6KDURQ *LEOHWW QRZ WR DUUDQJH \RXU FRPSOLPHQWDU\ LQLWLDO FRQVXOWDWLRQ RQ

-,*6$: RU VKDURQ JLEOHWW#MLJVDZVROXWLRQV EL]

ZZZ MLJVDZVROXWLRQV EL] IRFXVPDJD]LQH

&DUROLQH 0DUWHOOL

0&ROOHFWLRQV 06NLQ

+HOSLQJ ZRPHQ IHHO JRRG ORRN JRRG :RUGV 0LOOLH )UHHPDQ _ ,PDJHV 6XSSOLHG

&KDUPDLQH 0DULQNRYLFK 3KRWRJUDSK\ IRFXVPDJD]LQH

! ' 2(. ,) ' ' !(.+ 0"-! [ +(%"' + - %%"` "-n, ! + '(- -( - &)- 2 ! + (+ (., ' -.+ % ,$"' + )+( . -, ' ,"%$2 &"' + % & $ .) + ' a

7KH 3DSDPRD ZRPDQ VLQJOH KDQGHGO\ EXLOW KHU 0&ROOHFWLRQV_06NLQ ² VNLQFDUH DQG PDNHXS ² EXVLQHVV IURP VFUDWFK DQG QRZ VHOOV WKURXJKRXW 1HZ =HDODQG DQG WKH ZRUOG YLD PDLO RUGHU /DVW \HDU VKH RSHQHG SUHPLVHV LQ 3DSDPRD H[SDQGHG KHU SURGXFW UDQJH DQG HPSOR\HG PRUH VWDII <HV VKH V KDG KHU FKDOOHQJHV EXW VKH V PDGH LW ZRUN DQG KHU FOLHQWV WHOO KHU WKH\ OO QHYHU EX\ DQ\WKLQJ HOVH :KDW LV KHU WULFN IRU EXVLQHVV VXFFHVV" ´0\ EHOLHI LV WKDW \RX SXW \RXU PLQG WR VRPHWKLQJ DQG \RX JR DQG GR LW µ VD\V &DUROLQH ´<RX DOVR QHHG D UHDO EHOLHI WKDW ZKDW \RX DUH GRLQJ LV PDNLQJ D GLIIHUHQFH %H WUXWKIXO DQG MXVW KRQRXU ZKDW \RX GR µ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

Ã."% "' ('| ' "' (-! +, Ã.- + + % ,, ( 0! -! + 2(. ).+ ! , '2-!"' ` 2(. 0"%% %0 2, (& 0 2 0"-! %( , ( ., .% ,$"' + ' & $ .) )("'- +, , 0 %% , %"' -(- %%2 "',)"+ 2 ! + )(,"-"/ ` '¾ ( .,"' ,, --"-. a

+HU QRXULVKLQJ VNLQFDUH UDQJH KDV KHOSHG ZRPHQ DOO RYHU WKH ZRUOG EXW &DUROLQH VD\V ZKDW VKH LV UHDOO\ SURYLGLQJ LV D VHUYLFH 6KH ZRUNV ZLWK HDFK FOLHQW WR ÀQG RXW ZKDW WKHLU VNLQ QHHGV DQG WKHQ WHDFKHV WKHP KRZ WR XVH WKH SURGXFWV 0DLQWDLQLQJ WKDW FOLHQW FRQQHFWLRQ LV WKH PDLQ UHDVRQ KHU UDQJH LV QRW DYDLODEOH LQ UHWDLO VWRUHV ´,W V QRW DERXW WKH SURGXFW , ZDQW WR ÀQG RXW ZKDW WKH FOLHQW QHHGV EHFDXVH HYHU\RQH V VNLQ LV GLIIHUHQW µ VD\V &DUROLQH ´, DOVR OLNH WR EH DEOH WR WHDFK FOLHQWV KRZ WR XVH DQG DSSO\ WKH SURGXFWV VR LI VRPHRQH RUGHUV PDNHXS RQOLQH DQG , NQRZ LW V WRR GDUN IRU WKHP , OO HPDLO WKHP WR VXJJHVW D VOLJKWO\ GLIIHUHQW FRORXU , ZDQW ZRPHQ WR IHHO FRQÀGHQW LQ WKHPVHOYHV DQG EH LQ ORYH ZLWK WKH SURGXFW µ $V ZHOO DV RIIHULQJ SHUVRQDO FRQVXOWDWLRQV DQG VN\SH HPDLO IROORZ XSV &DUROLQH UXQV PDNHXS DQG VNLQFDUH ZRUNVKRSV DW KHU 3DSDPRD VWXGLR *URXSV FDQ ERRN D QLJKW RXW ZLWK IULHQGV URFN XS ZLWK EXEEOHV DQG QLEEOHV DQG HQMR\ D SHUVRQDOLVHG PDNHRYHU ZLWK &DUROLQH ZKLOH OHDUQLQJ DERXW WKH 0&ROOHFWLRQV DQG 06NLQ UDQJH ´:KHQ D FOLHQW OHDYHV DQG IHHOV DPD]LQJ WKDW V ZKDW GRHV LW IRU PH 7KDW V P\ SXUSRVH DQG , P DOZD\V JRLQJ WR NHHS WR WKDW ,W NHHSV PH HQHUJLVHG ,W V DERXW EXLOGLQJ FRQÀGHQFH LQ RWKHUV DQG WKDW V ZKDW P\ EUDQG LV DOO DERXW µ

"'$ (+ 0"& %XVLQHVV LV UXQQLQJ VPRRWKO\ QRZ EXW &DUROLQH IDFHG WRXJK WLPHV HDUO\ RQ 6KH WUDLQHG DV D PDNHXS DUWLVW DQG KDLU VW\OLVW DQG ODWHU EHFDPH DQ DURPDWKHUDSLVW EHIRUH PRYLQJ WR 7DXUDQJD LQ WR RSHQ KHU RZQ VDORQ IRFXVPDJD]LQH

:KHQ KHU PDUULDJH HQGHG VKH ORVW HYHU\WKLQJ H[FHSW KHU EDE\ GDXJKWHU LQ RQH DUP DQG KHU PDNHXS NLW LQ WKH RWKHU ´, UHDOLVHG , ZDV HLWKHU JRLQJ WR VLQN RU VZLP , KDYH WKH PRVW DPD]LQJ PRWKHU DQG EHDXWLIXO JLUOIULHQGV ZKR JDWKHUHG DURXQG DQG VDLG ZH UH JRLQJ WR JHW \RX WKURXJK WKLV µ 6KH ZRUNHG ZLWK / 2UpDO IRU IRXU \HDUV DV D WUDYHOOLQJ FRQVXOWDQW UDQ PDNHXS ZRUNVKRSV DW QLJKWV DV ZHOO DV ZHGGLQJ VW\OLVW ZRUN DW ZHHNHQGV DQG PDGH D SDFW ZLWK KHUVHOI WKDW ZKHQ KHU GDXJKWHU WXUQHG ÀYH VKH ZRXOG VWDUW XS D EXVLQHVV ,Q ZLWK WKH GHDGOLQH DSSURDFKLQJ VKH WRRN WKH SOXQJH ´,QLWLDOO\ , FRQWLQXHG GRLQJ WKH PDNHXS ZRUNVKRSV DW FOLHQW V KRPHV DQG WKHQ UHDOLVHG ZRPHQ ZDQWHG D QDWXUDO VNLQFDUH UDQJH WR QRXULVK WKHLU VNLQ 6R PDQ\ RI XV IHHO ZH QHHG WR ZHDU PRUH PDNHXS WR FRYHU EDG VNLQ DQG , ZDQWHG WR KHOS WKHP JHW ULG RI WKH PDVN DQG JHW WKHLU FRQÀGHQFH EDFN , ZDQWHG WR GHYHORS D ULFK FUHDP WKDW ZRXOG K\GUDWH WKH VNLQ QRW MXVW VLW RQ WRS µ

3KRWRJUDSK\ /RJDQ 'DY\

3KRWRJUDSK\ /RJDQ 'DY\

7KDW V KRZ WKH 06NLQ UDQJH VWDUWHG DQG VLQFH WKHQ EXVLQHVV KDV ÁRXULVKHG DOO WKDQNV WR FOLHQW UHIHUUDOV 1RZ &DUROLQH IRFXVHV RQ PDUNHWLQJ DQG FOLHQW FRQVXOWDWLRQV DQG HPSOR\V DQ DVVLVWDQW WR PDQDJH WKH GD\ WR GD\ DGPLQLVWUDWLYH WDVNV DQG WZR GHVSDWFKHV WR SDFN WKH RQOLQH PDLO RUGHUV JRLQJ RXW GDLO\ DURXQG WKH ZRUOG ´, YH EHHQ WKURXJK WKH XSV DQG GRZQV RI ÀQDQFHV DQG LW KDV EHHQ WD[LQJ DW WLPHV EXW , YH IRXQG WKDW KDYLQJ UHDOO\ JRRG VXSSRUW DQG WDNLQJ OLWWOH VWHSV DUH UHDOO\ LPSRUWDQW )RU PH LW V DERXW FROODERUDWLRQ UDWKHU WKDQ FRPSHWLWLRQ DQG DERXW VXSSRUWLQJ HDFK RWKHU LQ EXVLQHVV , MRLQHG QHWZRUNLQJ JURXSV DQG ZDVQ W VK\ WR WDON WR RWKHUV DQG DVN TXHVWLRQV ZKHQ WKLQJV ZHUH WRXJK 1RZ , YH EXLOW JRRG VXSSRUW IRFXVPDJD]LQH

3KRWRJUDSK\ /RJDQ 'DY\

DURXQG PH ZLWK D EXVLQHVV FRDFK DQG D SHUVRQDO FRDFK DQG D FUHZ RI KHDOHUV WKDW NHHS PH JRLQJ ,W V LPSRUWDQW WR ORRN DIWHU \RXUVHOI µ

,Q WKH QH[W IHZ PRQWKV &DUROLQH ZLOO EH XSORDGLQJ ZHEVLWH YLGHRV WR VKRZ SHRSOH KRZ WR FUHDWH SDUWLFXODU PDNHXS ORRNV DQG VW\OHV ² SHUIHFW IRU ZKHQ WKH\ FDQ W KDYH KHU LQ SHUVRQ Q

6HWWLQJ XS D EXVLQHVV RQ \RXU RZQ FDQ EH D GDXQWLQJ SURVSHFW :KLOH PDQ\ QHZ LQLWLDWLYHV ÁRXULVK LQWR VXFFHVVIXO HQWHUSULVHV PDQ\ RI XV IRUJH DKHDG ZLWK ORWV RI SDVVLRQ RQO\ WR EH WKZDUWHG E\ VHWEDFNV RU GLVWUDFWHG E\ WKH PDQ\ RWKHU EDOOV ZH DOO MXJJOH 5DKHUD 2KLD 460 1JĈWL 3ƻNHQJD 1JĈL 7H 5DQJL :DLWDKD 1JĈWL 5DXNDZD DQG 1JĈWL 0ĈKDQJD GHFLGHG WR FKDQJH WKDW 6KH KDG VHHQ WRR PDQ\ JRRG SHRSOH JLYH XS RQ JRRG EXVLQHVV LGHDV RQO\ WR WDNH XS ORZ VNLOOHG ZRUN HOVHZKHUH 6KH UHDOLVHG KHU LZL FRPPXQLW\ QHHGHG WR FRPH XS ZLWK D PRUH VXVWDLQDEOH SODQ LI WKH\ ZHUH WR KHOS OLIW SHRSOH RXW RI LPSRYHULVKHG FLUFXPVWDQFHV

5DKHUD 2KLD ²

$VVLVWLQJ 0ĈRUL LQWR EXVLQHVV RZQHUVKLS

(QWHU %XVLQHVV LQ D %R[ ² RQH RI WKH LQLWLDWLYHV WR FRPH RXW RI 1JĈWL 3ƻNHQJD V SRVW 7UHDW\ VHWWOHPHQW SURFHVV %XVLQHVV LQ D %R[ LV D EXVLQHVV PRGHO IRU VWDUW XSV DQG HVVHQWLDOO\ UHPRYHV WKH VFDULQHVV IDFWRU RI JRLQJ LW DORQH LQ EXVLQHVV GHYHORSPHQW 5DKHUD LV DVVLVWLQJ ZLWK LWV GHYHORSPHQW DQG VD\V WKH PRGHO KHOSV SHRSOH ZRUN RXW WKH IHDVLELOLW\ RI EXVLQHVV LGHDV DQG JHW QHZ LQLWLDWLYHV XQGHUZD\ ,QVWHDG RI RQH SHUVRQ GRLQJ LW DORQH FROODERUDWLYH JURXSV FRPH WRJHWKHU WR VXSSRUW WKH EXVLQHVV LGHD 7KH\ IROORZ D VWHS E\ VWHS SURFHVV WR ZRUN RXW LI WKH EXVLQHVV ZLOO Á\ DQG LI VR JHW WKH ÁHGJOLQJ HQWHUSULVH VWDUWHG

:RUGV 0LOOLH )UHHPDQ _ ,PDJH 6XSSOLHG IRFXVPDJD]LQH

´, ZDQWHG WR FUHDWH PRUH RSSRUWXQLWLHV IRU 0ĈRUL WR EHFRPH EXVLQHVV RZQHUV WKHPVHOYHV UDWKHU WKDQ KDYLQJ WR ZRUN IRU VRPHRQH HOVH %XW LW FDQ EH TXLWH LQWLPLGDWLQJ GRLQJ LW DORQH 2IWHQ SHRSOH GRQ W KDYH HQRXJK UHVRXUFHV DW WKHLU GLVSRVDO DQG PDQ\ KDYH QRW KDG WKH H[SHULHQFH RI EHLQJ LQ EXVLQHVV EHIRUH µ VKH VD\V

6PRRWKLQJ WKH ZD\ IRU VXFFHVVIXO UHVXOWV 7KH PRGHO LV KHOSLQJ 1JĈWL 3ƻNHQJD LQ WZR ZD\V 5DKHUD LV RQH RI D QXPEHU RI SHRSOH KHOSLQJ WR ÀQG ZD\V RI LQLWLDWLQJ D VRFLDO HQWHUSULVH KXE VR KHU RZQ PDUDH FRPPXQLW\ DW 7H :KHWX 0DUDH LQ :HOFRPH %D\ FDQ LQYHVWLJDWH DQG GHYHORS VXVWDLQDEOH EXVLQHVV LGHDV WR JHQHUDWH LQFRPH IRU WKH 0DUDH )RU LQGLYLGXDOV DQG ZKĈQDX %XVLQHVV LQ D %R[ DOVR KHOSV SHRSOH LGHQWLI\ DIÀOLDWH RQOLQH EXVLQHVVHV ZKHUH WKH\ FDQ EHFRPH DQ DIÀOLDWH IRU DQ HVWDEOLVKHG EXVLQHVV DQG QRW LQFXU KLJK PDUNHWLQJ DQG SURGXFW GHYHORSPHQW FRVWV %RWK RSWLRQV DLP WR VPRRWK WKH ZD\ IRU HVWDEOLVKLQJ VXVWDLQDEOH DQG SURÀWDEOH EXVLQHVVHV E\ ÀQGLQJ EXVLQHVV LGHDV ZKLFK HLWKHU UHTXLUH OLWWOH ÀQDQFLDO RXWOD\ RU GUDZ RQ WKH VNLOOV DQG NQRZOHGJH DOUHDG\ KHOG ZLWKLQ WKH FRPPXQLW\ 6KH VD\V RQH FRPPXQLW\ H[DPSOH FRXOG EH WR LQYHVWLJDWH RSSRUWXQLWLHV LQYROYLQJ IRRG DQG FDWHULQJ ² VRPHWKLQJ HYHU\ PDUDH KDV SOHQW\ RI H[SHULHQFH ZLWK ´:KDW , ZDQW WR GR LV JHW SHRSOH WR WKLQN GLIIHUHQWO\ DERXW WKH VNLOOV DQG NQRZOHGJH WKH\ KDYH :H YH DOUHDG\ SURYHG RXU SURGXFWLRQ V\VWHPV DUH LQ SODFH IRU FDWHULQJ VR ZH FDQ XVH WKDW H[SHULHQFH LQ GLIIHUHQW ZD\V :LWK WKH EXVLQHVV PRGHO ZH WHVW WKH HIÀFDF\ RI DQ LGHD UHDOO\ HDUO\ RQ DQG LI LW GRHVQ W ZRUN WKHQ ZH PRYH RQWR WKH QH[W RQH ² WKH IDLO IDVW DSSURDFK , KDYH EHHQ LQFUHGLEO\ OXFN\ WR KDYH DFFHVV WR D WHDP ZKRVH H[SHULHQFH DQG NQRZOHGJH LV XQVXUSDVVHG DQG ZLWKRXW ZKRP QRQH RI WKLV ZRXOG HYHU KDYH EHHQ SRVVLEOH µ 7KH %XVLQHVV LQ D %R[ WHDP WULDOOHG WKH PRGHO WKH\ KDG GHYHORSHG EXW QRWLFHG KRZ GLIÀFXOW LW ZDV IRU SHRSOH WR VWD\ FRQQHFWHG WR WKHLU EXVLQHVV LGHD ² SHRSOH ZHUH VRPHWLPHV LQWLPLGDWHG E\ WKH HIIRUW LQYROYHG LQ JHWWLQJ WR WKH QH[W VWDJH RI IHDVLELOLW\ DQG WKHQ GHYHORSPHQW ´6R ZH KDG WR ORRN IRU EXVLQHVV RSSRUWXQLWLHV WKDW KDG EHHQ GHYHORSHG E\ RWKHUV DQG WKDW FRXOG EH HLWKHU DGDSWHG RU DGRSWHG E\ RXU WDUJHW JURXS ZKLOH DOVR NQRZLQJ WKH WUDLQLQJ VXSSRUW V\VWHP DQG JXLGDQFH ZRXOG EH DQ LQWHJUDO SDUW RI WKH SURFHVV IRFXVPDJD]LQH

´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µ

%XLOGLQJ QHZ VNLOOV DQG NQRZOHGJH 5DKHUD LV FXUUHQWO\ IXQGLQJ WKH IHDVLELOLW\ SURFHVV RI WKUHH GLIIHUHQW PLFUR EXVLQHVV YHQWXUHV DQG KRSHV WR GHWHUPLQH RXWFRPHV LQ WKH QH[W PRQWK RU WZR ,I WKH EXVLQHVVHV SURYH SURÀWDEOH VKH ZLOO DUUDQJH IRU RWKHUV WR VWHS LQ DV RZQHUV ,W LV KHU KRSH WKDW SHRSOH ZKR PLJKW QHYHU KDYH LPDJLQHG WKHPVHOYHV LQ EXVLQHVV ZLOO HQMR\ VXFFHVV DQG WKHQ EHFRPH LQVSLUHG WR JR IXUWKHU DQG HQURO LQ D WHUWLDU\ WUDLQLQJ FRXUVH WR OHDUQ PRUH VNLOOV ´7KDW IRU PH ZRXOG EH WKH SHUIHFW UHVXOW µ VKH VD\V ´0DQ\ SHRSOH DUH FRQVWDQWO\ FRPSURPLVHG E\ WKH FLUFXPVWDQFHV LQ ZKLFK WKH\ OLYH EXW LI HQRXJK RI XV ZHUH RIIHULQJ EXVLQHVV VXSSRUW DQG PHQWRULQJ LQ RXU FRPPXQLWLHV ZH FRXOG PDNH D KXJH GLIIHUHQFH WR WKH OLYHV RI RWKHUV µ %XVLQHVV LQ D %R[ LV MXVW RQH RI 5DKHUD V PDQ\ FRPPLWPHQWV 6KH LV /HDG 1HJRWLDWRU IRU 1JĈWL 3ƻNHQJD V 7UHDW\ VHWWOHPHQW DQG ZDV WKH &KDLU RI 7H 7ĈZKDUDX R 1JĈWL 3ƻNHQJD WKH JRYHUQDQFH HQWLW\ FUHDWHG WR UHFHLYH 1JĈWL 3ƻNHQJD V VHWWOHPHQW DVVHWV IRU LWV HVWDEOLVKPHQW SKDVH 6KH VWHSSHG GRZQ DERXW PRQWKV DJR 6KH LV D FRXQFLO PHPEHU IRU WKH %D\ V 7RL 2KRPDL ,QVWLWXWH RI 7HFKQRORJ\ DQG LV DOVR LQYROYHG LQ D ORQJ WHUP 7H 3XQL .ƃNLUL SURMHFW LQ :HOOLQJWRQ WR UHYLHZ FKLOG SURWHFWLRQ OHJLVODWLRQ 5DKHUD ZDV DZDUGHG WKH 4XHHQ V 6HUYLFH 0HGDO LQ IRU VHUYLFHV WR 0ĈRUL DQG LQ ZDV QDPHG DV RQH RI 8QOLPLWHG 0DJD]LQH V 7RS %XVLQHVV ,QÁXHQFHUV ´7KH PRVW LPSRUWDQW WKLQJ IRU PH LV WR KHOS RWKHU SHRSOH JHW WR ZKHUH WKH\ ZDQW WR JR VR ZKHUHYHU , P ZRUNLQJ ZKHWKHU LW V DW 7H 3XQL .ƃNLUL RU ZLWK %XVLQHVV LQ D %R[ ZKDW , HQMR\ WKH PRVW LV VKDULQJ P\ H[SHULHQFH DQG WHDFKLQJ RWKHUV ZKDW , NQRZ µ Q

/RYLQJ \RXU &XVWRPHUV :RUGV -HVVLH 7D\ORU

7KH SKUDVH ¶WKH FXVWRPHU LV DOZD\V ULJKW· RULJLQDWHG LQ WKH HDUO\ V ZLWK WKH FXVWRPHU VHUYLFH SLRQHHUV RI ELJ GHSDUWPHQWDO VWRUHV DQG KDV HYROYHG LQWR D FRPPRQ PDQWUD WKDW LV D VRXUFH RI FRQVWDQW VWULIH EHWZHHQ FXVWRPHUV DQG VWDII LQ PRVW EXVLQHVVHV WRGD\ :K\" %HFDXVH WKH RULJLQDO HWKRV RU EHOLHI EHKLQG WKLV SKLORVRSK\ KDV EHHQ IRUJRWWHQ ² H[FHOOHQW FXVWRPHU VHUYLFH UHTXLUHV HYHU\RQH V HIIRUW WR VDWLVI\ FXVWRPHUV ZKHQHYHU SRVVLEOH ¶$OZD\V ULJKW· GRHV QRW WUDQVODWH WR ¶DOZD\V VDWLVÀHG· :H QHHG WR XQGHUVWDQG WKDW FXVWRPHU SHUFHSWLRQV RIWHQ YDU\ IURP RXU RU RXU HPSOR\HHV SHUFHSWLRQV RQ WKH VDPH PDWWHU 7KH WUXWK LV QRW DOO FXVWRPHUV DUH HTXDOO\ SOHDVDQW WR H[SHULHQFH \HW ZH PXVW WUHDW DOO FXVWRPHUV ZLWK WKH VDPH UHVSHFW ZH ZRXOG H[SHFW WR UHFHLYH LI ZH ZLVK WR GHOLYHU H[FHSWLRQDO FXVWRPHU VHUYLFH

:H FDQ VWDUW E\ FKDQJLQJ WKH ¶DOZD\V ULJKW· PDQWUD WR ¶WKH FXVWRPHU LV DOZD\V ORYHG· LQ RXU EXVLQHVVHV /RYLQJ RXU FXVWRPHUV ZLOO HQDEOH XV WR VWHS EDFN OLVWHQ ZLWK XQGHUVWDQGLQJ DGDSW WR WKHLU HYROYLQJ QHHGV DQG PRVW LPSRUWDQWO\ WR YDOLGDWH WKHP DQG WKHLU FRQFHUQV

([FHSWLRQDO FXVWRPHU VHUYLFH 7KH EHVW ZD\ WR ¶ORYH \RXU FXVWRPHU· LV E\ JLYLQJ WKHP H[FHSWLRQDO FXVWRPHU VHUYLFH E\ HQVXULQJ WKDW \RX DQG \RXU VWDII z z z z z z z z

SURYLGH VHUYLFHV LQ D IULHQGO\ DQG FRQVLVWHQW PDQQHU XQGHUVWDQG WKH SURGXFWV DQG RU VHUYLFHV EHLQJ VROG DQG WKHLU DSSOLFDWLRQV WDNH WLPH WR XQGHUVWDQG WKH FXVWRPHU V QHHGV DQG EXVLQHVV ² OLVWHQ DQG DVN TXHVWLRQV IXOÀOO DOO SURPLVHV ZKHWKHU H[SOLFLW RU LPSOLHG PDGH WR FXVWRPHUV VKRZ UHVSHFW LQ DOO GHDOLQJV ZLWK FXVWRPHUV IROORZ XS ZLWK FXVWRPHUV WR DVN DERXW WKHLU VDWLVIDFWLRQ DQG IXUWKHU QHHGV LPPHGLDWHO\ UHVSRQG WR DQ\ FXVWRPHU FRQFHUQV FRQVWDQWO\ VHHN ZD\V WR VXUSULVH FXVWRPHUV E\ JRLQJ EH\RQG WKHLU H[SHFWDWLRQV IRFXVPDJD]LQH

([FHSWLRQDO FXVWRPHU VHUYLFH LQYROYHV GHYHORSLQJ UHDO KRQHVW UHODWLRQVKLSV ZLWK FXVWRPHUV /LVWHQLQJ WR WKHLU FRQFHUQV DQG QHHGV UHVSRQGLQJ TXLFNO\ WR UHTXHVWV RU FRQFHUQV DQG LQWHUDFWLQJ DW HYHQWV RXWVLGH WKH EXVLQHVV DOO FRPELQH WR UHLQIRUFH WKH UHODWLRQVKLS

2QFH D FXVWRPHU IHHOV OLVWHQHG WR DQG YDOLGDWHG WKH\ DUH PRUH DPHQDEOH WR OLVWHQLQJ WR \RXU SRLQW RI YLHZ DQG IRU \RX WR RIIHU D ZLQ ZLQ VROXWLRQ 5HPHPEHU LW LV RIWHQ PRUH FRVW HIIHFWLYH WR RIIHU WR À[ VRPHWKLQJ ² HYHQ LI \RX DUH LQ WKH ULJKW ² WKDQ WR GHDO ZLWK IXWXUH QHJDWLYH IDOORXW

+DQGOLQJ FXVWRPHU FRQFHUQV

:KHQ ZH ¶ORYH RXU FXVWRPHU· E\ VWHSSLQJ EDFN OLVWHQLQJ DQG WKHQ PDNLQJ HYHU\ HIIRUW WR ULJKW WKH SHUFHLYHG ZURQJ DQ\ UHDVRQDEOH FXVWRPHU ZLOO QRW RQO\ OHDYH VDWLVÀHG WKH\ ZLOO DOVR OHDYH IHHOLQJ SRVLWLYH DERXW \RXU EXVLQHVV

$ FOHDU DQG LPPHGLDWH UHVSRQVH SURFHVV WR KDQGOH FXVWRPHU FRPSODLQWV PXVW EH LQ SODFH IRU VWDII WR IROORZ HPSRZHULQJ WKHP WR UHVROYH FRQFHUQV ULJKW DZD\ 7KH SURFHVV VKRXOG HQVXUH HPSOR\HHV HVWDEOLVK ZKDW WKH FXVWRPHU UHDOO\ ZDQWV VR WKH\ FDQ UHVROYH DQ\ FRQFHUQ WKDW PD\ KDYH DULVHQ ¶7KH FXVWRPHU LV DOZD\V ORYHG· GRHV QRW PHDQ WHOOLQJ WKHP WKH\ DUH ULJKW ,W PHDQV EHLQJ SUHSDUHG WR ZRUN ZLWK WKHP WR UHVROYH WKHLU FRQFHUQ LQ D PXWXDOO\ UHVSHFWDEOH DQG EHQHÀFLDO HQYLURQPHQW &XVWRPHU FRPSODLQWV VKRXOG DOZD\V EH WUHDWHG DV D ZD\ WR XQGHUVWDQG KRZ WR PDNH FXVWRPHU VHUYLFH HYHQ PRUH H[FHSWLRQDO ² DQ RSSRUWXQLW\ WR LQFUHDVH WKH OHYHO RI FXVWRPHU WUXVW 7KH VWDUWLQJ SRLQW WR DFKLHYLQJ WKLV LV OHWWLQJ \RXU VWDII NQRZ WKH\ KDYH \RXU IXOO VXSSRUW DQG VKRXOG WKH\ EH XQDEOH WR UHVROYH WKH FRQFHUQ RU KDYH DQ XQUHDVRQDEOH FXVWRPHU WKDW WKH\ FDQ UHIHU WKH FRQFHUQ WR \RX )RU \RXU VWDII WR SXW FXVWRPHU FRQFHUQV ÀUVW WKH\ QHHG WR NQRZ \RX LQ WXUQ ZLOO SXW WKHLU FRQFHUQV ÀUVW DQG EDFN WKHP XS

/LVWHQ WR \RXU FXVWRPHUV :KHQ D FXVWRPHU YRLFHV D FRPSODLQW WKHLU PRVW EDVLF UHTXLUHPHQW LV WKDW ZH OLVWHQ WR WKHP ,I ZH VWDUW E\ MXVWLI\LQJ RXUVHOYHV WKHQ WKH\ IHHO WKH\ KDYH WR DUJXH PRUH DQG VSHDN ORXGHU WR JHW WKHLU SRLQW DFURVV %\ OLVWHQLQJ ZH JHW WR XQGHUVWDQG WKH FRQFHUQ IURP WKH FXVWRPHU V SRLQW RI YLHZ SOXV WKH\ DOVR JHW WR KHDU ZKDW WKH\ DUH VD\LQJ DQG ZKHWKHU RU QRW LW VRXQGV UHDVRQDEOH

IRFXVPDJD]LQH

7KDW VDLG VRPH FXVWRPHUV DUH MXVW LUULWDEOH VRPH DUH IUHTXHQW FRPSODLQHUV VRPH DUH FKDQFLQJ LW DQG VRPH VDGO\ DUH MXVW GLVKRQHVW ,W LV WKHVH XQUHDVRQDEOH FXVWRPHUV WKDW DUH KDUGHU WR ORYH DQG VRPHWLPHV WKH RQO\ DQVZHU LV WRXJK ORYH (YHQ ZKHQ HYHU\WKLQJ KDV EHHQ OLVWHQHG WR DQG DOO WKH FLUFXPVWDQFHV HYDOXDWHG \RX ZLOO QRW EH DEOH WR PDNH LW ULJKW LQ WKHLU PLQGV 6DGO\ \RX KDYH WR EH SUHSDUHG WR OHW VRPH FXVWRPHUV JR ² LI WKH\ DUH QRW SUHSDUHG WR GHDO ZLWK \RX UHDVRQDEO\ WKHQ WKH\ DUH QRW JRRG IRU \RXU EXVLQHVV DQ\ZD\

&XVWRPHU GHOLJKW 7KH HQG UHVXOW RI ¶ORYLQJ WKH FXVWRPHU· LV FXVWRPHU GHOLJKW 'HOLJKWHG FXVWRPHUV EHFRPH OR\DO FXVWRPHUV WKDW QRW RQO\ UHSHDW EX\ EXW DOVR EHFRPH \RXU EHVW VDOHV IRUFH WKURXJK ZRUG RI PRXWK UHIHUUDOV DQG RU WHVWLPRQLDOV :KHQ \RX ¶ORYH \RXU FXVWRPHU· DQG GHOLYHU D VWURQJ SRVLWLYH H[SHULHQFH WKDW H[FHHGV WKHLU H[SHFWDWLRQV LW JHQHUDWHV D IDYRXUDEOH HPRWLRQDO UHVSRQVH ² FXVWRPHU GHOLJKW 7KH FRQVWDQW DQG FRQVLVWHQW JHQHUDWLRQ RI WKLV UHVSRQVH ZLOO UHVXOW LQ \RX EHLQJ DEOH WR GHYHORS D NH\ EXVLQHVV DGYDQWDJH WR VXSSRUW DQG JURZ \RXU EUDQG DQG RU SURGXFW YDOXH &XVWRPHU GHOLJKW LV DFKLHYHG E\ GHOLYHULQJ KLJK TXDOLW\ JRRGV DQG VHUYLFHV H[FHSWLRQDO FXVWRPHU VHUYLFH DQG EHVW YDOXH UHSHDWHGO\ DQG FRQVLVWHQWO\ :KDW EHWWHU ZD\ WR VKRZ ¶ORYH· WR \RXU FXVWRPHU" Q

ŶƚĞƌ ŽŶůŝŶĞ ŶŽǁ͊

ŶƚƌŝĞƐ ĐůŽƐĞ ϭϱ DĂƌĐŚ ϮϬϭϳ

ZZZ IRFXVPDJD]LQH FR Q] FDWHJRU\ FRPSHWLWLRQV

:( /,67(1 :( &$5(

:LQ D 'LQQHU 9RXFKHU IURP $PSKRUD RQ 7KH 6WUDQG $PSKRUD RQ 7KH 6WUDQG LV DQ DZDUG ZLQQLQJ UHVWDXUDQW ZLWK GHOLFLRXV 0HGLWHUUDQHDQ LQVSLUHG GLVKHV WKDW IRFXV RQ IUHVK LQ VHDVRQ TXDOLW\ LQJUHGLHQWV 2SHQ IRU GLQQHU VHYHQ GD\V D ZHHN $PSKRUD LV JLYLQJ DZD\ 7:2 GLQQHU YRXFKHUV (QWHU QRZ IRU \RXU FKDQFH WR ZLQ

52'1(< :$<1( %$<)$,5

<RXU ZHGGLQJ DQG VSHFLDO HYHQWV VW\OLVWV %D\IDLU 6KRSSLQJ &HQWUH 5RGQH\ :D\QH LV 1HZ =HDODQG V QXPEHU RQH KDLU VDORQ EUDQG 7KHLU D Z D U G Z L Q Q L Q J K D L U V W \ O L V W V D Q G FRORXULVWV DUH DW WKH IRUHIURQW RI KDLUGUHVVLQJ IDVKLRQ WUHQGV DQG FDQ LQWHUSUHW WKH ODWHVW ORRNV KDLUVW\OHV KDLUFXWV DQG FRORXUV WR VXLW \RXU OLIHVW\OH

:LQ RQH RI ),9( SUL]HV IURP

0&2//(&7,216_06.,1

:,1 D IDEXORXV VHVVLRQ WKDW LQFOXGHV D IUHH VKDPSRR VKDSH DQG ÀQLVK ZLWK D VHQLRU 5RGQH\ :D\QH VW\OLVW DW %D\IDLU 6KRSSLQJ &HQWUH

(QWHU QRZ IRU \RXU FKDQFH WR ZLQ

'HVLJQHG LQ 1= ZLWK SXULW\ DQG OX[XU\ LQ PLQG WKH 0&2//(&7,216_06.,1 JRUJHRXV VNLQFDUH LV WKH DQVZHU IRU \RXU DQWL DJHLQJ DQG K\GUDWLRQ VNLQ QHHGV 6PHOOV DQG IHHOV DPD]LQJ RQ \RXU VNLQ 7ZR 0%RG\ %XWWHU DQG 06XJDU VFUXE VHWV 7ZR 06NLQ 7UDYHO SDFNV 2QH 0 (VVHQFH &DQGOH (QWHU QRZ IRU \RXU FKDQFH WR ZLQ

ǁǁǁ͘ĨŽĐƵƐŵĂŐĂnjŝŶĞ͘ĐŽ͘ŶnjͬĐĂƚĞŐŽƌLJͬĐŽŵƉĞƟƟŽŶƐ ͮ ŶƚƌŝĞƐ ĐůŽƐĞ ϭϱ DĂƌĐŚ͕ ϮϬϭϳ IRFXVPDJD]LQH

7KH /DVW 3DJH 1DPH .DWH %HDPLVK &RPSDQ\ /RYH 5RVLH %DNHU\ 3RVLWLRQ +HOG &R RZQHU +RZ ORQJ KDYH \RX RZQHG /RYH 5RVLH" 1HDUO\ \HDUV

%UHQW LV D VHOI WDXJKW EDNHU ZKR VSHQW RYHU D GHFDGH LQ NLWFKHQV LQ WKH 8. DQG 1= ÀQGLQJ KRZ WR EHVW H[SUHVV KLPVHOI ZLWKLQ WKH LQGXVWU\ DQG , P D VHDVRQHG EDULVWD ORYHU RI SHRSOH DQG EHOLHYHU LQ VHOI H[SUHVVLRQ :LWK D GHVLUH WR PDNH EHDXWLIXO WKLQJV LQ DQ LQVSLUHG DQG QRXULVKLQJ HQYLURQPHQW ZH ELUWKHG 5RVLH LQ :H WDNH WKH URDG OHVV WUDYHOOHG DSSURDFK GHGLFDWLQJ RXUVHOYHV WR QR VKRUW FXWV VORZ FUDIWHG DUWLVDQ EUHDGV SDVWU\ FDNHV VDYRXULHV DQG FRIIHH LQ D UHODWLRQDO YLEUDQW DQG H[SUHVVLYH HQYLURQPHQW

:KDW KDYH \RX EHHQ UHDGLQJ" 5LVH 6LVWHU 5LVH E\ 5HEHFFD &DPSEHOO ² D VSLULWXDO JXLGH RU PHPRLU RI VRUWV DERXW FRPLQJ EDFN LQWR UHODWLRQVKLS ZLWK \RXU LQWXLWLRQ HPEUDFLQJ \RXU IHPLQLQH SRZHU DQG OLYLQJ \RXU WUXWK

:KDW V \RXU IDYRXULWH IDLO VDIH UHOD[DWLRQ DFWLYLW\" /\LQJ RQ WKH EHG UHDGLQJ D ERRN DQG QRGGLQJ RII WR VOHHS ZKLOH P\ GDXJKWHU VOHHSV 7UXVWLQJ WKDW LI , IHHO WLUHG , DP WLUHG DQG DOORZLQJ VOHHS , DZDNHQ UHIUHVKHG ZLWK D PRUH UHOD[HG KROG RQ P\ UHDOLW\ DQG ZLWK JUHDWHU SHUVSHFWLYH

IRFXVPDJD]LQH

KDW WLSV FRXOG \RX VKDUH DERXW : \RXU EHVW DSSURDFK WR JHWWLQJ WKURXJK D FKDOOHQJLQJ GD\" -XVW GR LW 7RPRUURZ LV DQRWKHU GD\ DQG ZLOO EULQJ GLIIHUHQW WKLQJV

:KDW GR \RX ORYH PRVW DERXW OLYLQJ LQ WKH %D\" 7KH UHOD[HG HQHUJ\ 7LPH PRYHV D OLWWOH VORZHU

+RZ DERXW WKH UHJLRQ V YLEH" 7HOO XV DERXW D UHFHQW %D\ HYHQW \RX YH DWWHQGHG 7KH %D\ +RVSLWDOLW\ $ZDUGV 7KLV ZDV WKH ÀUVW LQFDUQDWLRQ RI WKLV ELDQQXDO HYHQW :H ZHUH TXLWH OLWHUDOO\ EORZQ DZD\ E\ WKH SURIHVVLRQDOLVP SRVLWLYLW\ UHFRJQLWLRQ DQG FHOHEUDWLRQ RI WKH HYHQW +RVSLWDOLW\ LV DQ LQWHJUDO SDUW RI RXU UHJLRQ DQG WKLV HYHQW VKRZFDVHV DQG FHOHEUDWHV WKH SHRSOH DQG EXVLQHVVHV WKDW PDNH XS WKH IDEULF RI RXU KRVSLWDOLW\ FRPPXQLW\ 9HU\ LPSUHVVLYH

:KDW QHZ IDE IRRG RU IRRG FRPELQDWLRQ KDYH \RX GLVFRYHUHG UHFHQWO\" 7KH /RYH 5RVLH &UXIÀQ $ PLVWDNH RI VRUWV 3LHFHV RI FURLVVDQW GRXJK DUH MRLQHG WRJHWKHU DQG EDNHG LQ D PXIÀQ WLQ 7KH RXWVLGH RI WKH EXWWHU\ SDVWU\ FDUDPHOLVHV DQG EHFRPHV FULVS DQG ÁDN\ ZKLOH WKH LQVLGH UHPDLQV FKHZ\ DQG ERXQF\ 7KH\ DUH WKHQ UROOHG LQ FLQQDPRQ VXJDU DQG LQMHFWHG ZLWK PDVFDUSRQH FUHDP DQG UKXEDUE MDP RU OHPRQ FXUG 2K P\ JRG $V D ORYHU RI SDVWU\ WKHVH EDELHV DUH KHDYHQ

7HOO XV DERXW D ORFDO ZRPDQ \RX KDYH PHW UHFHQWO\ ZKR PDGH \RX WKLQN«LQVSLUDWLRQDO -DQLQH &ROOLQV RI 7KH %ODFN .HWWOH &RPSDQ\ 6KH LV FUDIWLQJ DQ DUUD\ RI WHD EDVHG SDVWHV WR VHUYH DV DQ DOWHUQDWLYH WR FRIIHH :KDW LV LQVSLULQJ LV WKH ZD\ WKH LGHD VHHGHG DQG KHU DSSURDFK :KLOH VKH ORYHV FRIIHH VKH IRXQG VKH ZDV QR ORQJHU DEOH WR PHWDEROLVH WKH FRIIHH DQG VR VKH GHYHORSHG WKH SDVWHV 8QDEOH WR ÀQG QRXULVKLQJ DOWHUQDWLYHV WR FRIIHH DQG LQVSLUHG E\ KHU WLPH LQ -DSDQ VKH KDV FUHDWHG DQ DUUD\ RI EHDXWLIXO ÁDYRXUV $ EXVLQHVV RI KHDUW WKLV LV KHU EDE\ 6XUHO\ EXVLQHVV RI KHDUW LV WKH RQO\ ZD\"

,I , FRXOG EH EHWWHU DW DQ\WKLQJ LW ZRXOG EH« %HLQJ SUHVHQW ZKHQ , DP ZLWK P\ OLWWOH JLUO 7KH ROG WR GR OLVW FDOOV PH ORXGO\ VWHDOLQJ PH DZD\ IURP SUHFLRXV PRPHQWV ZLWK P\ JLUO WLPH DQG WLPH DJDLQ

0\ KLGGHQ WDOHQW LV« 8QIROGLQJ , DP RQ D VORZ MRXUQH\ DQG SDWLHQFH LVQ W P\ VWUHQJWK

ŐĂnjŝŶ ƐƐ ŵĂ ƵƐŝŶĞ ĂŶĚ ď ĐŽ͘Ŷnj

D d < ʹ /ΖD ,KD &Z

ŽŵĞŶ ƵƌƌŽƵŶĚ ŽƵƚ ǁ ƚLJ ĂŶĚ Ɛ Ğ͘ ď ĂLJ ŽĨ WůĞŶ

IRFXV IRF XV

Ğ͘ ĂŐĂnjŝŶ

ĨŽĐƵƐŵ

Ϭϭϲ

Z Ϯ Ks D Z Ͳ E dK ϭ ͮ K /^^h

ĨŽĐ

/^^

h Ϯ

ͮ

Z Ϯ

Ϭϭ

ϲ Ͳ : E

h Zz Ϯ

ĞĂƐ

d <KD

, D &Z ʹ /ΖD

D

>ŝĨĞ ƐƚLJ ůĞ ď ĂŶĚ Ž ď njŝŶ Ğ͘Đ Ă Ƶƚ ǁ ƵƐŝ Ž͘Ŷ LJ Ž Ŷ nj Ĩ W Žŵ ĞƐƐ ůĞŶ Ğ ƚLJ Ă Ŷ͘ ŵĂ ŶĚ LJ ŐĂ ƐƵ ƌƌŽ ǁŽ njŝŶĞ ƵŶ ŵ ĚŝŶ Ğ ͘ Ő Ă Ŷ͘ ƌ

ƵƐŵ ĂŐĂ

Ϭϭ

V FX

LWKWHU P êJK

6 QG QJ K DUD QWÕD HGGYLDQQD U DPHOHE O ZQG 6D KDL LUL V F 5HD%HQ D LGDOV IRU HOOL G 0DFWUHV W R %U UHQG DU JR W N R 0 NL U H G OR QD IIH OLQ RR UD WR R 7DD ORW

RP

H &DHQ I

Z

QJ

SL

O KH

r Issue ew Yea

E

as & N Christm

t/

d

Ăŝů

LJŶĞ ƌ͘ tĂ ĐŚĞ ĞƌƐ ŶĞLJ ŽƵ ƵĐŚ ͘ ZŽĚLJĨĂŝƌ sŝŌ sŽŚŽƌĂ ^ͮ Ă ' Ɖ E ŶĞƌ ŵ d/KĚƵĐƚƐ ŝŶ ĨƌŽŵK>> Ɖ ƌŽ D ^</E D

ŚƌƌĞĞĞĂ ǁŽŵĞŶ ƚĞ

KŶĞ

Ăƚ ůƚ ƚƌĞ ƐƵ ZĞ ŽŶ ŬƐ ǁ Ŷ ŽŽ &ůŽ ƌŝƟŽ Z ŝůůĂŶ Z D ƚ EƵ ŝĚƐ DĐ ƌĚƐ < DŝŐ Ă

LJ Ɛ ƌ ^ƚŽƌ Ğƌ ŽǀĞ Ɛƚ ĂŶůůĐ ƚŚĞŝƌ ƐƚŽƌŝĞ

/E t

/ŶŶ ƌ >ŝ ŽǀĂ njĂ ƟǀĞ ^Đ

sĞ ŚŶ dƌĂ ŽŐƐ ƚ ŝŶŝŶ ŝŶŶĞ

ƌ 'ŝŌ sŽƵĐŚĞƌ ĂŶ Ğŝ Ăƚ ŐŶ WĂ ĚĞ Ő Ă ĞƐŝ >ŽŐŽ t ĐŬĂŐĞ Ě t

' &ƌĞ >ŝĨĞƐƚƵLJůĞ Ž ŝůĚů ƌ ŝĚĞ ŽĂĐŚ ŝŶŐ ƌ Ŭ

ŝĨĞ WĂĐŬĂ Ğ

ŐĞ ƚŽ ŽŐ Ě ĚŽ dŚŝŶ ǀŽĐ ŝŶ Ő ĂƚĞ Ɛ dŚ Z Ğ Ɛ Ƶ ͍ Ž Ğ d ŽƉĂ Ő ŝŶ ŝů ƚ Ă ŝǀ Ŷ ƌ ǀ Ž d DĞ Ă LJƌŽĂƵ ƐƵƌ ƌ ǁ KĞĐĞĂŶ ŐƵƌĞLJĂĂĐƚ ůĞƌŝĚĞƐ ƌĞ ƌ ůĂŶ ĚΖƐ ĞĂĂ ůƉ ŽƐĨ Ϯ dƌ EĞǁ

t/E

ϳ

IR

ĞĂ ŽŵŶŐ Ăƌ LJ ǁŶĚŝ ͘ ƌƌŽƵ ĞŶ Ě ƐƵ ŽŵLJ ĂŶ ǁ ĞŶƚ ϳ Ƶƚ Ĩ Wů Ϭϭ Ϯ ďŽ LJ Ž , Ă Z D Ğ͘ Ͳ ŝŶ ϭϳ Ănj ϮϬ z ĂŐ Z nj Zh ͘Ŷ Ɛ ŵ ĐŽ

Ğ͘ ŝŶ ĞƐ ͮ & Ănj ϯ ŝŶ

ĂŐ Ɛŵ ^h ƵƐ ĐƵ /^ ĨŽ ď ŶĚ Ă ůĞ ƚLJ ĞƐ >ŝĨ

V X IRF ŽŵĞŶ ͘ LJ ǁ ŝŶŐ ĂƌĞĂƐ

UR J

HO

U 7H

V KD

F

ULê

$'9(57,6( 12:

ƚ ĨŽĐƵƐ ǁĞ ůŽǀĞ ďƌŝŶŐŝŶŐ LJŽƵ ŝŶƐƉŝƌŝŶŐ͕ ĞŵƉŽǁĞƌŝŶŐ ĂŶĚ ŝŶŶŽǀĂƟŶŐ ƐƚŽƌŝĞƐ ĂďŽƵƚ ƚŚĞ ǁŽŵĞŶ ŝŶ ŽƵƌ ƌĞŐŝŽŶ͘ tĞΖǀĞ ƌĞĐĞŝǀĞĚ ƐŽ ŵƵĐŚ ƉŽƐŝƟǀĞ ĨĞĞĚďĂĐŬ ĨƌŽŵ ǁŽŵĞŶ ƌĂǀŝŶŐ ĂďŽƵƚ ƚŚĞ ŵĂŐĂnjŝŶĞ ĂŶĚ ĞĂŐĞƌůLJ ĂŶƟĐŝƉĂƟŶŐ ƚŚĞ ŶĞdžƚ ŝƐƐƵĞ͘ KƵƌ ĨŽĐƵƐ ŝƐ ŽŶ ǁŽŵĞŶ ŝŶ ƚŚĞ ĂLJ ʹ ƚŚĞŝƌ ƐƚŽƌŝĞƐ͕ ƚŚĞŝƌ ƚƌŝƵŵƉŚƐ͕ ƐƵĐĐĞƐƐĞƐ ĂŶĚ ĐŚĂůůĞŶŐĞƐ͘

ϱ͕ϬϬϬ &Z ŵĂŐĂnjŝŶĞƐ ĂƌĞ ĚŝƐƚƌŝďƵƚĞĚ ĞǀĞƌLJ ƚǁŽ ŵŽŶƚŚƐ ƚŽ ŚŝŐŚ ĨŽŽƚ ƚƌĂĸĐ͕ ŚŽƚͲƐƉŽƚ ĂƌĞĂƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĂLJ ŽĨ WůĞŶƚLJ ĂŶĚ ƐƵƌƌŽƵŶĚŝŶŐ ĂƌĞĂƐ͘ dŚĞ ŵĂŐĂnjŝŶĞ ŝƐ ĂůƐŽ ĂǀĂŝůĂďůĞ ĚŝŐŝƚĂůůLJ ŽŶ ŽƵƌ ǁĞďƐŝƚĞ ƚŽ ŐŝǀĞ ĐŽŶƟŶƵĞĚ ĞdžƉŽƐƵƌĞ ĨŽƌ ĂĚǀĞƌƟƐĞƌƐ͘

ĚǀĞƌƟƐŝŶŐ ŝŶ ĨŽĐƵƐ ŐŝǀĞƐ LJŽƵ ĂĐĐĞƐƐ ƚŽ Ă ǀĂƐƚ ĂƵĚŝĞŶĐĞ ŽĨ ǁŽŵĞŶ ŝŶ ƚŚĞ ĂLJ ŽĨ WůĞŶƚLJ ƌĞŐŝŽŶ ǁŚŽ ŚĂǀĞ ƐƚƌŽŶŐ ďƵLJŝŶŐ ƉŽǁĞƌ ĂŶĚ ĂƌĞ ůŽŽŬŝŶŐ ĨŽƌ LJŽƵƌ ƉƌŽĚƵĐƚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͘ tŽŵĞŶ ĐŽŶƚƌŽů ƵƉ ƚŽ ϴϬй ŽĨ ŚŽƵƐĞŚŽůĚ ƐƉĞŶĚŝŶŐ ŝŶĐůƵĚŝŶŐ ĨŽŽĚ ƉƵƌĐŚĂƐĞƐ͕ ŚĞĂůƚŚ ĐĂƌĞ͕ ŚŽŵĞ ĂŶĚ ŚŽůŝĚĂLJ ƉƵƌĐŚĂƐĞƐ͘ dŚĞLJΖůů ŽŶůLJ ĮŶĚ ŽƵƚ ĂďŽƵƚ LJŽƵ ŝĨ LJŽƵ ƚĞůů ƚŚĞŵ͘ tŽŵĞŶ ĚŽŵŝŶĂƚĞ ŵĂŐĂnjŝŶĞ ƌĞĂĚĞƌƐŚŝƉ ĂŶĚ ŽƵƌ ƚĂƌŐĞƚ ŵĂƌŬĞƚ ŝƐ LJŽƵƌ ƚĂƌŐĞƚ ŵĂƌŬĞƚ͘ KƵƌ ĂĚǀĞƌƟƐŝŶŐ ƌĂƚĞƐ ĂƌĞ ĞĂƐŝůLJ ĂīŽƌĚĂďůĞ ĂŶĚ ƐƚĂƌƚ ĨƌŽŵ ĂƐ ůŝƩůĞ ĂƐ ΨϮϱϬ н ŐƐƚ͘

tĞ ǁŽƵůĚ ůŽǀĞ ƚŽ ĐĂƚĐŚ ƵƉ ĂŶĚ ŚĂǀĞ Ă ĐŚĂƚ ĂďŽƵƚ ŚŽǁ ǁĞ ĐĂŶ ǁŽƌŬ ƚŽŐĞƚŚĞƌ͘ ŽŶƚĂĐƚ ĞĞ ŽůůŝŶƐ ƚŽĚĂLJ ŽŶ ϬϮϭ ϱϯϱ ϳϳϬ Žƌ ĞŵĂŝů ĚĞĞΛĨŽĐƵƐŵĂŐĂnjŝŶĞ͘ĐŽ͘Ŷnj

, s & h E t / d , K > K h Z ŽŵƉĂŶLJ ^ƚĂƟŽŶĞƌLJ /ŶǀŽŝĐĞƐ ͮ ^ƚĂƚĞŵĞŶƚƐ ŽĐŬĞƚ ͮ ZĞĐĞŝƉƚ ŽŽŬƐ ŽŽŬůĞƚƐ ͮ WƌŽŐƌĂŵŵĞƐ /ŶǀŝƚĂƟŽŶƐ ͮ dŝĐŬĞƚƐ WƌĞƐĞŶƚĂƟŽŶ &ŽůĚĞƌƐ ƌŽĐŚƵƌĞƐ &ůLJĞƌƐ WĂĚƐ ŶǀĞůŽƉĞƐ >ĂďĞůƐ

KīƐĞƚ WƌŝŶƟŶŐ

WƌŽĚƵĐŝŶŐ ƚŽƉ ƋƵĂůŝƚLJ ƉƌŝŶƟŶŐ ƚŽ ƐƵŝƚ ĂŶLJ ůĂƌŐĞ ƌƵŶ ƉƌŝŶƚ ũŽď ͘​͘​͘ ĞĸĐŝĞŶƚůLJ ĂŶĚ ĐŽƐƚ ĞīĞĐƟǀĞůLJ͘ /ĚĞĂů ĨŽƌ ĐĂƚĂůŽŐƵĞƐ͕ ŶĞǁƐůĞƩĞƌƐ͕ ŵĂŶƵĂůƐ͕ ŝŶǀŽŝĐĞͬƐƚĂƚĞŵĞŶƚƐ͕ ƋƵŽƚĞ ďŽŽŬƐ ĂŶĚ ŽƚŚĞƌ ŚŝŐŚĞƌ ƋƵĂŶƟƚLJ ŽƌĚĞƌƐ͘

ŝŐŝƚĂů WƌŝŶƟŶŐ

^ŽůǀŝŶŐ ƋƵŝĐŬ ƚƵƌŶͲĂƌŽƵŶĚ͕ ĐŽƐƚ ĞīĞĐƟǀĞ ƐŚŽƌƚͲƌƵŶ ƉƌŝŶƟŶŐ ŶĞĞĚƐ ͘​͘​͘ ƐŽůƵƟŽŶƐ ĨƌŽŵ ďƵƐŝŶĞƐƐ ĐĂƌĚƐ͕ ďƌŽĐŚƵƌĞƐ ĂŶĚ ŇLJĞƌƐ ƚŽ ƐŵĂůů ĂŶĚ ůĂƌŐĞ ďŽŽŬůĞƚƐ͘

tŝĚĞ &ŽƌŵĂƚ WƌŝŶƟŶŐ

ĞůŝǀĞƌŝŶŐ ƚŚĞ ƉƵŶĐŚ ǁŚĞŶ ǀŝƐƵĂů ŝŵƉĂĐƚ ŝƐ ƌĞƋƵŝƌĞĚ͘ WŽƐƚĞƌ ĂŶĚ ďĂŶŶĞƌ ǁŝĚĞ ĨŽƌŵĂƚ ͘​͘​͘ ƚŚĞ ƌŝŐŚƚ ƐŽůƵƟŽŶ ǁŚĞŶ ƐŝnjĞ ĚŽĞƐ ŵĂƩĞƌ͘

&ŝŶŝƐŚŝŶŐ

͘​͘​͘ ĂŶĚ ƐŽ ŵƵĐŚ ŵŽƌĞ͊

WƌĞƐĞŶƟŶŐ ƚŚĞ ŽƉƟŵĂů ĮŶŝƐŚ ͘​͘​͘ ŽƉƟŽŶƐ ĨƌŽŵ ďŝŶĚŝŶŐ ĂŶĚ ƚƌŝŵŵŝŶŐ ƚŽ ŶƵŵďĞƌŝŶŐ ĂŶĚ ƉĞƌĨŽƌĂƟŶŐ͕ ĨŽŝůŝŶŐ ĂŶĚ ĞŵďŽƐƐŝŶŐ ƚŽ ĐƌĞĂƐŝŶŐ͕ ƉĂĚĚŝŶŐ͕ ĨŽůĚŝŶŐ ĂŶĚͬŽƌ ĚŝĞͲĐƵƫŶŐ ĂŶĚ ůĂŵŝŶĂƟŶŐ ũŽďƐ ĨƌŽŵ ďƵƐŝŶĞƐƐ ĐĂƌĚƐ ƚŽ Ϯ͘

ϲϮ dĞŶƚŚ ǀĞ͕ dĂƵƌĂŶŐĂ͕ ϯϭϭϬ WŚŽŶĞ͗ Ϭϳ ϱϳϴ ϲϴϯϴ ŝŶĨŽΛƐĂŶLJĂƟƉƌŝŶƚ͘ĐŽ͘Ŷnj ƐĂŶLJĂƟƉƌŝŶƚ͘ĐŽ͘Ŷnj

^ĂŶLJĂƟWƌŝŶƚ

WŽƐƚĞƌƐ

ĂŶ ŶͲ'ŽŶ 'ƌŽƵƉ IDFHW