hofrph wr 6fkdiikdxvhq

Transcription

:HOFRPH
WR6FKDIIKDXVHQ
A handbook for new residents
,035,17
7KLVJXLGHZDVSURGXFHGE\WKH(FRQRPLF3URPRWLRQ
7HDPZLWKWKHVXSSRUWRIYDULRXVVHFWLRQVRIWKH
ORFDODGPLQLVWUDWLRQtWKH&DQWRQ6FKDIIKDXVHQtDV
ZHOODVZLWKFRQWULEXWLRQVIURPDUDQJHRIRWKHUORFDO
DJHQFLHV$OWKRXJKWKHLQIRUPDWLRQSUHVHQWHGLQ
WKLVJXLGHKDVEHHQFDUHIXOO\UHVHDUFKHGGHWDLOVPD\
QHHGWREHFKHFNHG$GGUHVVHVWHOHSKRQHQXPEHUV
DQGRSHQLQJWLPHVDUHOLDEOHWRFKDQJH
3OHDVHLQIRUPWKH(GLWRULDO7HDPRIDQ\LQDFFXUDFLHV
XSGDWHVRUIHHGEDFNZKLFKVKRXOGEHLQFRUSRUDWHG
LQWKHQH[WHGLWLRQRIWKLVJXLGH:HZRXOGOLNHWRKHDU
IURP\RX:HZRXOGZHOFRPH\RXUIHHGEDFN
(GLWRULDO7HDP
(FRQRPLF3URPRWLRQ7HDP
:LUWVFKDIWVIÓUGHUXQJ.DQWRQ6FKDIIKDXVHQ
e:HOFRPHWR6FKDIIKDXVHQq
$ULH6SÁWK7UL[%UXQQHU
+HUUHQDFNHU
&+6FKDIIKDXVHQ
HPDLOHFRQRPLFSURPRWLRQ#JHQHULVFK
q:HOFRPHWR6FKDIIKDXVHQrLVDOVRDYDLODEOH
LQ*HUPDQDQGDV3'))LOHVRQRXUZHEVLWH
ZZZVKFKZI
3ULFH&+)t
(FRQRPLF3URPRWLRQ&DQWRQ6FKDIIKDXVHQ
(QJOLVKWUDQVODWLRQ3KLOLS/XFDV3UHVWRQ8.
WK(GLWLRQ0DUFK)LUVW(GLWLRQ
3ULQWHGLQ6FKDIIKDXVHQ
)25(:25' :HOFRPHWR6FKDIIKDXVHQ
It’s the many small things in daily life which decide whether your stay
in a foreign country or a new region will be a pleasant one. This little
book has been designed to help new residents and families get to know
the area and to settle into life here as easily as possible.
This booklet is intended as a guide to some of the services available
from the local administration as well as from local companies. There’s
also information about the rich variety of activity on offer in the
fields of culture and sport. In addition to practical pointers about some
regulations and procedures, finding accommodation and customs
formalities, we would like to give you an insight into some aspects
of our national culture.
We would be delighted if this booklet helps you to quickly feel
at home here. Above all, if there is anything we haven’t covered,
get in touch with us.
Welcome to our small piece of paradise
Welcome to Schaffhausen!
Ueli Jäger, Economic Promotion Canton Schaffhausen
&217(17
&RQWHQW
$ERXW6ZLW]HUODQG
"TKSTQ@K#HUDQRHSX
+@MFT@FDR
*HUPDQ
)UHQFK
,WDOLDQ
5RPDQVFK
'LDOHFWV
>6ZLVV*HUPDQt6FKZHL]HUGHXWVFK@
3GDONKHSHB@KRSQTBSTQDNE
2VHSYDQK@MC
)HGHUDO*RYHUQPHQW>GHU%XQG@
7KH&DQWRQV>GLH.DQWRQH@
7KH&RPPXQHV>GLH*HPHLQGHQ@
.QF@MHR@SHNM@KNUDQUHDVNE
ONKHSHBRHM2VHSYDQK@MC
7KHSHRSOH>GDV9RON@
7KHSDUOLDPHQW
>GDV3DUODPHQW@>OHJLVODWLYHSRZHU@
7KH)HGHUDO3DUOLDPHQW>GHU%XQGHVUDW@
H[HFXWLYHSRZHU
7KH6XSUHPH&RXUW>GDVREHUVWH*HULFKW@
MXGLFLDOSRZHU
'LYLVLRQRISRZHU>GLH*HZDOWHQWHLOXQJ@
"HSHYDMR?QHFGSR:CHD5NKJRQDBGSD<
7KHULJKWWRYRWH>GDV6WLPPUHFKW@
(OHFWLRQV>:DKOHQ@
5HIHUHQGXP>$EVWLPPXQJHQ@
3HRSOHpVLQLWLDWLYHV>9RONVLQLWLDWLYH@
)DFXOWDWLYH5HIHUHQGXP>5HIHUHQGXP@
,QGLYLGXDOpVULJKWVWREHKHDUG>3HWLWLRQ@
,NAHKHSX@MC3Q@EEHB:5DQJDGQ<
"GTQBG1DKHFHNM
:*HQBGD1DKHFHNM<
,HKHS@QX:,HKHSĖQ<
/TAKHBGNKHC@XR:%DHDQS@FD<
6D@SGDQ:C@R6DSSDQ<
$ERXW6FKDIIKDXVHQ
&DNFQ@OGX:&DNFQ@EHD<
'HRSNQX:&DRBGHBGSD<
/NKHSHB@KRSQTBSTQD
7KH&RXQFLORIWKH&DQWRQ
>GHU.DQWRQVUDW@OHJLVODWLYHSRZHU
7KH*RYHUQPHQWRIWKH&DQWRQ
>GHU5HJLHUXQJVUDW@H[HFXWLYHSRZHU
5HSUHVHQWDWLRQDWQDWLRQDOOHYHO
/LYLQJDQG:RUNLQJ
1DRHCDMBD@MC6NQJ/DQLHSR
: TEDMSG@KSRT QADHSRADVHKKHFTMF<
-NMLDLADQNESGD$4$%3 ,DLADQNESGD$4$%3 3XODRNE/DQLHS
5HVLGHQFHSHUPLW>%(*()7$@
>$XIHQWKDOWVEHZLOLJXQJ@
6KRUWWHUPUHVLGHQFHSHUPLW>/(*()7$@
>.XU]DXIHQWKDOWVEHZLOOLJXQJ@
&URVVERUGHUFRPPXWHUSHUPLW
>*(*()7$@>*UHQ]JÁQJHUEHZLOOLJXQJ@
7UDLQHHSHUPLW>/(*()7$@
6HWWOHPHQWSHUPLW>&(*()7$@
>1LHGHUODVVXQJ@
1DFHRSQ@SHNMNMS@JHMFTOQDRHCDMBD
HMSGD"@MSNMNE2BG@EEG@TRDM
: MLDKCTMFADH6NGMRHSYM@GLD<
BPTHQHMF2VHRRBHSHYDMRGHO
:$QVDQACDR2BGVDHYDQ!ŘQFDQQDBGSR<
%HMC@INA
%HMCHMF@M@O@QSLDMS
1DMSHMF@BBNLLNC@SHNM
5HQWDODJUHHPHQW>GHU0LHWYHUWUDJ@
5HQWDOFRVWV>GLH0LHWNRVWHQ@
$GGLWLRQDOFRVWV>GLH1HEHQNRVWHQ@
3D\PHQWRIDERQGGHSRVLW
>GDV0LHW]LQVGHSRW@
2QWDNLQJRYHUUHQWDODFFRPPRGDWLRQ
>GHU0LHWDQWULWW@
3HULRGRIQRWLFH
>GLH.ÙQGLJXQJGHV0LHWREMHNWV@
+DQGLQJRYHUWKHSURSHUW\
>GLH$EJDEHGHV0LHWREMHNWV@
3HWV>+DXVWLHUH@
SGNLD
/QHU@SDKXNVMDCOQNODQSX
$SSURYDO>GLH%HZLOOLJXQJ@
%XLOGLQJODQG>GDV%DXODQG@
%X\LQJDKRXVH>GHU+DXVNDXI@
%X\LQJDĻDW>GDV6WRFNZHUNHLJHQWXP
RUGLH(LJHQWXPVZRKQXQJ@
&RQWUDFW>GHU9HUWUDJ@
1RWLRQDOUHQWDOYDOXH>GHU(LJHQPLHWZHUW@
,QVXUDQFH>GLH9HUVLFKHUXQJ@
)LQDQFH>GLH)LQDQ]LHUXQJ@
0XVLFVFKRROV>GLH0XVLNVFKXOHQ@
"NLLTMHB@SHNM
7HOHSKRQH
7HOHSKRQHQXPEHU
0RELOH3KRQHV
5DGLR79
,QWHUQHW
$MDQFX
(OHFWULFLW\>(OHNWUL]LWÁW@
*DV>*DV@
:DWHU>:DVVHU@
OOQDMSHBDRGHO:!DQTERKDGQD<
9RFDWLRQDO&ROOHJH>%HUXIVPLWWHOVFKXOH@
CU@MBDCUNB@SHNM@KSQ@HMHMF
:!DQTEKHBGD6DHSDQAHKCTMF<
2FFXSDWLRQDO$VVHVVPHQWV
>%HUXIVSUÙIXQJHQ@
+LJKHUOHYHORFFXSDWLRQDODVVHVVPHQWV
DQG0DVWHUFHUWLĺFDWHV>0HLVWHU@
7HUWLDU\9RFDWLRQDO&ROOHJHV
>+ÓKHUH)DFKVFKXOHQ@
2WKHUV
/LIH
6@RSDCHRONR@K:CHD$MSRNQFTMF<
"GHKCQDM:CHD*HMCDQ<
+RXVHKROGZDVWH>GHU+DXVPÙOO@
%LRGHJUDGDEOHZDVWH>GHU*UÙQDEIDOO@
6SHFLDOFDWHJRULHVRIZDVWH
>GHU6RQGHUPÙOO@
3DSHU>3DSLHU@
&KLOGFDUH>.LQGHUEHWUHXXQJ@
%DE\6LWWHU
/XGRWKHN7R\+LUH
6FKRRODQG
9RFDWLRQDO7UDLQLQJ
3GDRBGNNKRXRSDL:C@R2BGTKRXRSDL< .LQGHUJDUWHQSUHVFKRRO
>GHU.LQGHUJDUWHQ@
3ULPDU\(OHPHQWDU\VFKRRO
>GLH3ULPDUVFKXOH@
5HDOVFKXOH
6HNXQGDUVFKXOH
6HFRQGVWDJHRI6HFRQGDU\(GXFDWLRQ
>6HNXQGDUVWXIH,,@FRPSOHWHGDWD0LWWHOVFKXOH
&ROOHJHIRU%XVLQHVVDQG&RPPHUFH
>+DQGHOVPLWWHOVFKXOH@
7HUWLDU\/HYHO&ROOHJHV
>+RFKVFKXOHQ)DFKKRFKVFKXOHQ@
/QHU@SDRBGNNKR
:CHD/QHU@SRBGTKDM<
5XGROI6WHLQHU6FKXOH:DOGRUI6FKRRO
,QWHUQDWLRQDO6FKRRORI6FKDIIKDXVHQ
$GYDQFHGYRFDWLRQDOWUDLQLQJ,7
/HDUQLQJIRU/HLVXUH
/DQJXDJHVFKRROV>GLH6SUDFKVFKXOHQ@
,DCH@
2GNOOHMF:C@R$HMJ@TEDM<
2SHQLQJWLPHV>GLH³IIQXQJV]HLWHQ@
0DUNHWV>0ÁUNWH@
3ULFHV>3UHLVH@
6KRSSLQJLQ*HUPDQ\>'HXWVFKODQG@
"KNSGHMF@MC2GND2HYD
"NMUDQRHNMR
"NMRTLDQQHFGSR
:CHD*NMRTLDMSDMQDBGSD<
/NRS:CHD/NRS<
/HWWHUV>%ULHIH@
3RVWRIĺFHV>3RVWVWHOOHQ@
!@MJR:CHD!@MJDM<
3XODRNE(MRTQ@MBD
:5DQRHBGDQTMFDM<
6RFLDOZHOIDUHLQVXUDQFH
>GLH6R]LDO9HUVLFKHUXQJHQ@
2WKHULQVXUDQFHV
(MK@SDQKHED
$FFRPPRGDWLRQIRUVHQLRUFLWL]HQV
DQGQXUVLQJKRPHV
&DUHDWKRPH
6DKE@QD:2NYH@KVDRDM<
6FKDIIKDXVHU6R]LDOIÙKUHU
(MSDFQ@SHNM CUHBD"DMSQD
:(MSDFQ@SHNMRE@BGRSDKKD<
&217(17
&RQWHQW
3@WDR:CHD2SDTDQM<
7D[HVOHYLHGE\FHQWUDOJRYHUQPHQW
>GLH%XQGHVVWHXHUQ@
&DQWRQDODQG&RPPXQDOWD[DWLRQ
>GLH.DQWRQVXQG*HPHLQGHVWHXHUQ@
7D[DWVRXUFH>GLH4XHOOHQVWHXHU@
7KHDXWKRULWLHV
>GLH%HKŋUGHQGLHgPWHU@
/TAKHB@TSGNQHSHDR
:òEEDMSKHBGDÁLSDQ<
&DQWRQDOGHSDUWPHQWV
>NDQWRQDOH$PWVVWHOOHQ@
2IĺFHVRIWKHWRZQ>6WDGW6FKDIIKDXVHQ@
DQGFRPPXQHV>*HPHLQGHQ@
"NLLTMDR
/@QHRGDR:*HQBGDMFDLDHMCDM<
(PHUJHQF\>1RWIDOO@
$LDQFDMBXMTLADQR:CDQ-NSQTE<
'RFWRU+RVSLWDO
>$U]W.UDQNHQKDXV@
#NBSNQ:CDQ QYS<
#DMSHRS:CDQ9@GM@QYS<
'NROHS@K:C@R*Q@MJDMG@TR<
7UDIILF7UDQVSRUW
/TAKHBSQ@MRONQS
:ņEEDMSKHBGDQ5DQJDGQ<
%XVOLQNV>%XVYHUELQGXQJHQ@6WDGW
6FKDIIKDXVHQ1HXKDXVHQDP5KHLQIDOO
5HJLRQDOEXVDQGWUDLQFRQQHFWLRQV
>5HJLRQDOH%XVXQG%DKQYHUELQGXQJHQ@
/RFDOQHWZRUNIDUHV>GHU7DULIYHUEXQG@
7D[L>GDV7D[L@
7UDYHOE\VKLSRQWKH5KLQH>GLH5KHLQVFKLIIIDKUW@
6FKDIIKDXVHQWR/DNH&RQVWDQFH
>%RGHQVHH@
3Q@EEHBQDFTK@SHNMR
0D[LPXPVSHHGV
>+ÓFKVWJHVFKZLQGLJNHLWHQ@
)UHHZD\>$XWREDKQ@
+HDGOLJKWV>/LFKW@
3HGHVWULDQV>)XVVJÁQJHU@
5LJKWRIZD\SULRULW\>GHU9RUWULWW@
/HDUQHUGULYHUV>/HUQIDKUHU@
$OFRKRO>$ONRKRO@
6ZLWFKRII\RXUHQJLQH>0RWRUDEVWHOOHQ@
7UDIĺFOLJKWV>/LFKWVLJQDOH@
+HOPHWV>+HOP@
6HDWEHOWV>6LFKHUKHLWVJXUWH@
:DUQLQJ7ULDQJOH>GDV3DQQHQGUHLHFN@
$FFLGHQW>GHU8QIDOO@
'ULYHUVOLFHQFH>)ÙKUHUDXVZHLV@
5HJLVWUDWLRQRIPRWRUYHKLFOHV
>5HJLVWULHUXQJYRQ0RWRUIDKU]HXJHQ@
7HVWRIURDGZRUWKLQHVV
>GLH)DKU]HXJSUÙIXQJ@
0RWRUYHKLFOHWD[DWLRQ
>GLH0RWRUIDKU]HXJVWHXHUQ@
/LFHQFHSODWHV>.RQWUROOVFKLOGHU@
3XUFKDVH6DOH>.DXI9HUNDXI@
&DUKLUH>0LHWH@
,PSRUWLQJDYHKLFOH>GLH)DKU]HXJ(LQIXKU@
9HKLFOHH[KDXVWWHVWV>GLH$EJDVZDUWXQJ@
2YHUQLJKW3DUNLQJ
HQONQS:CDQ%KTFG@EDM<
"QNRRHMFSGDANQCDQ:CHD&QDMYD<
"TRSNLRQDFTK@SHNMR
:CHD9NKKADRSHLLTMFDM<
/HLVXUHDQG&XOWXUDO/LIH
>)UHL]HLWXQG.XOWXU@
1DRS@TQ@MSRBDMD
:CHD&@RSQNMNLHD<
3ULFHV>GLH3UHLVH@
6HUYLQJWLPHV>GLH(VVHQV]HLWHQ@
6RPHWKLQJVSHFLDO>6SH]LHOOHV@
'NSDKR
,TRDTLR:CHD,TRDDM<
&@KKDQHDR:&@KDQHDM<
0XVHXP]X$OOHUKHLOLJHQ
6FKDIIKDXVHQ
+DOOHQIÙU1HXH.XQVW6FKDIIKDXVHQ
1DWXUKLVWRULVFKHV0XVHXP
6WHPPOHU6FKDIIKDXVHQ
0XVHXPLP=HXJKDXV6FKDIIKDXVHQ
7KH$UVHQDO6FKDIIKDXVHQ
.ORVWHU0XVHXP6W*HRUJHQ6WHLQDP5KHLQ
:RKQPXVHXP/LQGZXUP6WHLQDP5KHLQ
6FKDIIKDXVHU:HLQEDXPXVHXP+DOODX
>9LWLFXOWXUH0XVHXP@
,QWHUQDWLRQDO:DWFK&R0XVHXP
6FKDIIKDXVHQ
*LSVPXVHXP6FKOHLWKHLP
>*LSVXP0XVHXP@
7KHUPHQPXVHXP-XOLRPDJXV
6FKOHLWKHLP>5RPDQWKHUPDOEDWKV@
/RFDOPXVHXPV>2UWVPXVHHQ@
+HAQ@QHDR:!HAKHNSGDJDM<
6FKDIIKDXVHQ
/LEUDU\EUDQFKHVLQORFDOFRPPXQLWLHV
"HMDL@:*HMN<
3GD@SQDR@MC"TKSTQ@K"DMSQDR
:3GD@SDQ*TKSTQYDMSQDM<
6FKDIIKDXVHQ
1HXKDXVHQDP5KHLQIDOO
6LQJHQDP+RKHQWZLHO>*HUPDQ\@
,TRHB:,TRHJ<
&ODVVLFDOPXVLF>.ODVVLN@
-D]]
3RS5RFN
&RQWHPSRUDU\PXVLF
>GLHDNWXHOOH0XVLNV]HQH@
#@MBHMF#HRBN,TRHJA@Q
$MFKHRG2OD@JHMF"KTAR
2ONQS
6SRUWV&OXEV>6SRUWYHUHLQH@
6SRUWDQG:HOOQHVV&HQWUH
>.666SRUWXQG)UHL]HLWDQODJHQ@
&\FOLQJ>GDV)DKUUDG@
6ZLPPLQJ>6FKZLPPHQ@
&OLPELQJ.OHWWHUQ
*ROI
)LWQHVV&HQWUHV
7HQQLV
7DEOH7HQQLV>7LVFKWHQQLV@
6TXDVK
*\PQDVWLFV
%DOOHWW'DQFH6FKRROV>7DQ]VFKXOHQ@
%DGPLQWRQ
9LWD3DUFRXUV>DĺWQHVVWUDFN@
-RJJLQJ7UDFN>GLH)LQQHQEDKQ@
+XQWLQJ>-DJHQ@
)LVKLQJ>)LVFKHQ@
)XUWKHULQIRUPDWLRQ
7KHUHJLRQ
>'LH5HJLRQ@
3NVMNE:2S@CS<2BG@EEG@TRDM
-DTG@TRDM@L1GDHME@KK
0ÙQVWHUDQG.ORVWHU]X$OOHUKHLOLJHQ
>0LQVWHUDQG0RQDVWHU\@
/E@QQJHQBGD2S)NG@MM
:/@QHRG"GTQBG<
5HJLHUXQJVJHEÁXGHXQG5DWKDXVODXEH
>6HDWRIJRYHUQPHQWWRZQKDOO@
)URQZDJSODW]
'LVWLQFWLYH$UFKLWHFWXUHLQWKH2OG7RZQ
RI6FKDIIKDXVHQ
0XQRW
5KHLQIDOO>7KH5KLQH)DOOV@
2SDHM@L1GDHM
6WDGWKÁXVHU
*KNRSDQ2S&DNQFDM
!TQF'NGDMJKHMFDM
*KDSSF@TQDFHNM
1DH@SQDFHNM
!TBGADQF1ŘCKHMFDMQDFHNM
2SDHM@L1GDHMQDFHNM
2QWKHEDQNVRIWKH5KLQH
>GLH5KHLQODQGVFKDIW@
5DQGHQUHJLRQ>5HJLRQ5DQGHQ@
+NB@K#H@KDBS:2BG@EEG@TRDQ#H@KDJS<
#HBSHNM@QX:6ņQSDQATBG<
-TLADQR:9@GKDM<
-NSDR
(MCDW:2SHBGVNQSUDQYDHBGMHR<
$%2876:,7=(5/$1'
$ERXW6ZLW]HUODQG
&XOWXUDO'LYHUVLW\
/DQJXDJHV
6ZLW]HUODQGLVDVPDOOFRXQWU\FRQVLVWLQJRI
IRXUGLIIHUHQWFXOWXUDOJURXSLQJVWKH*HUPDQ
WKH)UHQFKWKH,WDOLDQDQGWKH5RPDQVFK
VSHDNLQJDUHDVRI6ZLW]HUODQG$VDUHVXOWLWpV
LPSRVVLEOHWRVSHDNRIe6ZLW]HUODQGqDVLILW
ZHUHDVLQJOHHQWLW\'HSHQGLQJRQZKLFKRI
WKHIRXUUHJLRQV\RXĺQG\RXUVHOILQ\RXPD\
VHHDTXLWHGLIIHUHQWZD\RIOLIHUHĻHFWLQJWKH
GLIIHUHQWFKDUDFWHUDQGFXOWXUHRIWKHIRXU
FXOWXUDOJURXSLQJVDQGPRVWQRWLFHDEOHLQWKH
ODQJXDJHVSRNHQE\HDFK
6ZLW]HUODQGKDVIRXURIĺFLDOODQJXDJHV
*HUPDQ)UHQFK,WDOLDQDQG5RPDQVFK$OO
VFKRROVDUHREOLJHGWRWHDFKRQHRIWKHRWKHU
QDWLRQDOODQJXDJHV:KLFKODQJXDJHVDUH
VSRNHQLQZKLFKFDQWRQV"
6ZLW]HUODQGLVDFRXQWU\ZLWKDYHU\KLJK
SRSXODWLRQGHQVLW\<HWLQVSLWHRIOLYLQJDW
FORVHTXDUWHUVDQGLQVSLWHRIWKHFXOWXUDODQG
OLQJXLVWLFGLIIHUHQFHVWKH6ZLVVKDYHEHHQ
OLYLQJLQSHDFHZLWKHDFKRWKHUIRUPRUHWKDQ
\HDUV+RZKDYHWKH\PDQDJHGLW"2QH
RIWKHVHFUHWVRIWKHLUVXFFHVVLVREH\LQJeWKH
UXOHVRIWKHJDPHqDQGPDLQWDLQLQJUHVSHFWIRU
RWKHUSHRSOH
7KH6ZLVVDUHYHU\SURXGRIWKHLUIUHHGRPDQG
LQGHSHQGHQFH7KHKLVWRU\ERRNVVKRZWKDW
WKHVHKDYHEHHQKDUGZRQ$VDUHVXOWWKH
6ZLVVDUHSDUWLFXODUO\VHQVLWLYHDERXWLVVXHV
ZKLFKPD\DIIHFWWKHLUVRYHUHLJQW\DQGULJKW
WRVHOIGHWHUPLQDWLRQRIWKHLUDIIDLUV7KLVDOVR
KHOSVWRH[SODLQZK\6ZLW]HUODQGLVQRWD
PHPEHURIWKH(8
7KH)HGHUDO&RQVWLWXWLRQ>GLH9HUIDVVXQJ@
VHUYHVDVWKHJXDUDQWRURILWVFLWL]HQVoULJKWV
DQGIUHHGRPV7KHNH\SULQFLSOHVDUH
t (TXDOLW\EHIRUHWKHODZ
t )UHHGRPRIZRUVKLS
t )UHHGRPRIWKHSUHVV
t )UHHGRPRIHVWDEOLVKPHQW
t )UHHGRPRIDVVRFLDWLRQDQGDVVHPEO\
*HUPDQ
7KHPDMRULW\RIWKHSRSXODWLRQtDERXWt
OLYHVLQ*HUPDQVSHDNLQJ6ZLW]HUODQG
*HUPDQLVVSRNHQLQRIWKHFDQWRQV
)UHQFK
,QWKHZHVWRIWKHFRXQWU\LQWKHUHJLRQFDOOHG
6XLVVHURPDQGH)UHQFKLVVSRNHQFDQWRQV
KDYH)UHQFKDVWKHLURIĺFLDOODQJXDJH*HQI
>*HQHYD@:DDGW>9DXG@1HXHQEXUJ
>1HXFKDWHO@-XUDFDQWRQVDUHRIĺFLDOO\
ELOLQJXDOLQWKHFDQWRQVRI%HUQ)UHLEXUJDQG
LQ:DOOLV>9DODLV@ERWK)UHQFKDQG*HUPDQDUH
VSRNHQ
,WDOLDQ
,WDOLDQLVVSRNHQLQ7HVVLQ>7LFLQR@DQGLQ
VRXWKHUQYDOOH\VRIWKHFDQWRQ*UDXEÙQGHQ
>*ULVRQV@
5RPDQVFK
7KHFDQWRQRI*UDXEÙQGHQ>*ULVRQV@KDV
ODQJXDJHVQDPHO\*HUPDQ,WDOLDQDQG
5RPDQVFK5RPDQVFKLVtOLNH)UHQFKDQG
,WDOLDQtDODQJXDJHGHULYHGIURP/DWLQ
5RPDQVFKVSHDNHUVPDNHXSMXVWRI
WKHSRSXODWLRQDQGDUHWKHVPDOOHVWOLQJXLVWLF
JURXSLQ6ZLW]HUODQG
'LDOHFWV
>6ZLVV*HUPDQò6FKZHL]HUGHXWVFK@
7KHIRXUODQJXDJHVDUHE\QRPHDQVKRPRJ
HQRXVRUVWDQGDUGLVHGDFURVVWKHUHJLRQVLQ
ZKLFKWKH\DUHVSRNHQ,QIDFW\RXZLOOKHDU
DZLGHUDQJHRIYDULDQWV$ORQJVLGHWKH
eVWDQGDUGqYHUVLRQRIHDFKODQJXDJH*HUPDQ
)UHQFK,WDOLDQDQG5RPDQVFKWKHUHDUHDOVR
ORFDOGLDOHFWV
7KHGLDOHFWVVSRNHQLQWKH*HUPDQVSHDNLQJ
SDUWRI6ZLW]HUODQG>GLH'HXWVFKVFKZHL]@YDU\
FRQVLGHUDEO\IURPWKHeVWDQGDUGqYHUVLRQRI
WKHODQJXDJHVRPHWLPHVUHIHUUHGWRDV
+LJK*HUPDQRU>+RFKGHXWVFK@7KH6ZLVV
YHUVLRQRI*HUPDQt6FKZHL]HUGHXWVFKtGRHV
QRWH[LVWDVDVLQJOHODQJXDJHEXWLVUDWKHUWR
EHYLHZHGDVDFROOHFWLRQRIORFDOGLDOHFWV
7KH6ZLVVZKRVSHDN*HUPDQDVWKHLU
PRWKHUWRQJXHDUHJHQHUDOO\DEOHWRXQGHU
VWDQGWKHGLDOHFWVVSRNHQLQRWKHUSDUWVRI
*HUPDQVSHDNLQJ6ZLW]HUODQG1DWXUDOO\
HDFKGLDOHFWKDVVRPHRILWVRZQH[SUHVVLRQV
VRPHRIZKLFKPD\HYHQEHORVWRQWKHLU
IHOORZFRPSDWULRWVIURPRWKHU*HUPDQVSHDN
LQJDUHDVWKRXJKLQJHQHUDOWKH*HUPDQ
VSHDNLQJ6ZLVVFDQXQGHUVWDQGHDFKRWKHU
ZLWKRXWWRRPDQ\SUREOHPV7KHPRVWGLIĺFXOW
GLDOHFWVWRIROORZDUHWKRVHIURPWKHPRXQWDLQ
UHJLRQVtIRUH[DPSOHWKHYDOOH\VRIWKH:DOOLV
>9DODLV@+RZHYHUZLWKJRRGZLOORQWKHSDUWRI
VSHDNHUDQGOLVWHQHUDOLNHDQGDOLWWOHSUDFWLFH
LQDWWXQLQJWRGLIIHUHQWGLDOHFWVHYHQWKLV
YHUVLRQRI*HUPDQt:DOOLVHUGHXWVFKtFDQEH
XQGHUVWRRG
7KHZULWWHQODQJXDJHXVHGLQWKH*HUPDQ
VSHDNLQJSDUWRI6ZLW]HUODQGLV+LJK*HUPDQ
t+RFKGHXWVFK7KLVLVLQIDFWWKHĺUVWeIRUHLJQ
ODQJXDJHqZKLFKSXSLOVLQWKH*HUPDQVSHDN
LQJSDUWRI6ZLW]HUODQGOHDUQDWVFKRRO
1HZVSDSHUVPDJD]LQHVDQGPRVWERRNVDUH
ZULWWHQLQ+LJK*HUPDQt+RFKGHXWVFKWKHUH
LVUHODWLYHO\OLWWOH6ZLVVOLWHUDWXUHZKLFKKDV
EHHQZULWWHQLQRQHRIWKH6ZLVVGLDOHFWV
7KHUHLVDOVRQRWRQHXQLĺHGZULWWHQYHUVLRQ
RI6ZLVV*HUPDQt6FKZHL]HUGHXWVFKtZKLFK
LVSUREDEO\DUHVXOWRIKDYLQJVRPDQ\
GLIIHUHQWGLDOHFWV,I\RXXQGHUVWDQG+LJK
*HUPDQt+RFKGHXWVFKtDQGWU\WRIROORZ
6ZLVV*HUPDQt6FKZHL]HUGHXWVFKt\RXPD\
KDYHSUREOHPVLQLWLDOO\DV\RXZLOOFRPH
DFURVVGLIIHUHQFHVLQSURQXQFLDWLRQJUDPPDU
DQGYRFDEXODU\7KDWVDLG\RXZLOOTXLFNO\
EHFRPHDWWXQHGWRLW
,Q)UHQFKVSHDNLQJ6ZLW]HUODQG>6XLVVH
URPDQGH5RPDQGLH@GLDOHFWV>SDWRLV@KDYH
PRUHRUOHVVFHDVHGWRH[LVW7KH)UHQFK
VSRNHQKHUHLVPRUHRUOHVVWKHVDPHDVWKDW
VSRNHQDQGZULWWHQLQ)UDQFHWKRXJK
GLIIHUHQFHVLQWKHDFFHQWDQGFHUWDLQ
H[SUHVVLRQVHQDEOH\RXWRUHFRJQLVHDQG
GLVWLQJXLVKEHWZHHQe6ZLVV)UHQFKqDQG
e)UHQFK)UHQFKqVRWRVSHDN
,QWKH,WDOLDQVSHDNLQJSDUWRI6ZLW]HUODQGWKH
GLDOHFWVKDYHUHPDLQHGLQWDFW6WDQGDUG
,WDOLDQLVXVHGDVWKHZULWWHQDQGRIĺFLDO
ODQJXDJHZKLOVWLQSULYDWHGLDOHFWVDUH
SUHGRPLQDQW
5RPDQVFKVSRNHQE\DQHYHUGHFUHDVLQJ
PLQRULW\RIWKHSRSXODWLRQDFWXDOO\FRQVLVWV
RIĺYHVSRNHQODQJXDJHVHDFKZLWKLWVRZQ
ZULWWHQYHUVLRQ$VDFRPSURPLVHDQDUWLĺFLDO
eVWDQGDUGqYHUVLRQZDVDJUHHGRQLQt
WKHVRFDOOHGe5XPDQWVFK*ULVFKXQqZKLFK
LVXVHGPDLQO\IRURIĺFLDOEXVLQHVV7KHĺYH
RULJLQDOODQJXDJHVFRQWLQXHWREHXVHGLQWKH
PHGLDDQGLQOLWHUDWXUHLQWKLVVPDOOUHJLRQ
KRZHYHU
$%2876:,7=(5/$1'
7KHSROLWLFDOVWUXFWXUH
RI6ZLW]HUODQG
DQGZKLFKJDYHXSSDUWRIWKHLUVRYHUHLJQW\
LQRUGHUWREHORQJWRWKHIHGHUDWLRQ
6ZLW]HUODQGLVDQDWLRQERUQRIDQGEDVHG
RQFRRSHUDWLRQEHWZHHQGLIIHUHQWJURXSLQJV
7KHUHLVQRXQLI\LQJHWKQLFOLQJXLVWLFRU
UHOLJLRXVFRUHZKLFKELQGVWKHZKROHWRJHWKHU
6LQFH6ZLW]HUODQGKDVEHHQDIHGHUDWLRQ
tRQHRIZRUOGZLGHWKHVHFRQGROGHVW
DIWHUWKH8QLWHG6WDWHVRI$PHULFD
(DFKFDQWRQRUKDOIFDQWRQKDVLWVRZQ
FRQVWLWXWLRQLWVRZQSDUOLDPHQWJRYHUQPHQW
DQGFRXUWV7KHVL]HRIWKHFDQWRQDOSDUOLD
PHQWVYDULHVEHWZHHQDQGVHDWVDQG
WKHFDQWRQDOJRYHUQPHQWVFRQVLVWRIEHWZHHQ
DQGSHUVRQV
7KHIHGHUDOFRQVWLWXWLRQIRUPVWKHEHGURFN
RI6ZLW]HUODQG,WFRQWDLQVWKHPRVWLPSRUWDQW
JXLGLQJSULQFLSOHVZKLFKGHWHUPLQHKRZZH
OLYHDVDQDWLRQ,WJXDUDQWHHVWKHEDVLFULJKWV
RISHRSOHDQGWKHLQYROYHPHQWRIWKHSHRSOH
LQSROLWLFDOGHFLVLRQWDNLQJGHFLGHVWKH
UHVSRQVLELOLWLHVFDUULHGRXWE\WKH)HGHUDO
*RYHUQPHQWDQGWKRVHGHWHUPLQHGE\WKH
&DQWRQVDQGOD\VGRZQWKHGXWLHVRIJRYHUQ
PHQWGHSDUWPHQWV
7KHVWUXFWXUHLVIHGHUDOLVWLFDQGGLYLGHGLQWR
WKUHHOHYHOV
)HGHUDO*RYHUQPHQW>GHU%XQG@
7KLVLVWKH6ZLVVWHUPIRUWKHFHQWUDOJRYHUQ
PHQWtWKHRWKHUIUHTXHQWO\XVHGWHUPLVWKH
&RQIHGHUDWLRQ>GLH(LGJHQRVVHQVFKDIW@
)HGHUDO*RYHUQPHQWUHVSRQVLELOLWLHVDUHVHW
GRZQLQWKH&RQVWLWXWLRQ>GLH%XQGHVYHUIDV
VXQJ@tIRUH[DPSOHPDWWHUVRIIRUHLJQSROLF\
QDWLRQDOVHFXULW\FXVWRPVDQGPRQH\WKH
OHJDOV\VWHP5HVSRQVLELOLWLHVZKLFKDUHQRW
H[SOLFLWO\ODLGGRZQDVDUHDVGHWHUPLQHGE\
FHQWUDOJRYHUQPHQWDUHGHFLGHGDWWKHQH[W
OHYHOGRZQWKH&DQWRQV
7KH&DQWRQV>GLH.DQWRQH@
6LQFHWKHIRXQGLQJRI&DQWRQ-XUDLQ
6ZLW]HUODQGKDVFRQVLVWHGRIFDQWRQVRI
ZKLFKWKUHHQDPHO\8QWHUZDOGHQ$SSHQ]HOO
DQG%DVHODUHHDFKGLYLGHGLQWRKDOIFDQ
WRQVIRUUHDVRQVWREHIRXQGLQKLVWRU\7KH
FDQWRQVtUHIHUUHGWRDV.DQWRQHRU6WÁQGHt
DUHWKHRULJLQDOLQGHSHQGHQWVWDWHVZKLFKFDPH
WRJHWKHULQWRIRUPWKH&RQIHGHUDWLRQ
7KHPRVWGLUHFWGHPRFUDWLFIRUPRIGHPRFUDF\
tRSHQDLUSDUOLDPHQWV>/DQGVJHPHLQGH@DW
ZKLFKWKHSRSXODWLRQDVVHPEOHVLQDSXEOLF
VTXDUHWRYRWHE\VKRZRIKDQGVtQRZRQO\
H[LVWVLQ$SSHQ]HOO,QQHUUKRGHQDQG*ODUXV
,QDOORWKHUFDQWRQVYRWLQJWDNHVSODFH
LQGHVLJQDWHGYRWLQJVWDWLRQVZLWKSROOLQJ
ERRWKV
7KH&RPPXQHV>GLH*HPHLQGHQ@
$OOFDQWRQVDUHGLYLGHGLQWRSROLWLFDO
&RPPXQHVtDWSUHVHQWWKHUHDUHRI
WKHPWKRXJKWKHLUQXPEHULVVKULQNLQJGXH
WRWKHPHUJLQJRIFRPPXQHVWRSURGXFH
ODUJHUXQLWV$SSUR[LPDWHO\DĺIWKRIWKH
&RPPXQHVKDYHWKHLURZQSDUOLDPHQWZKLOVW
IRXUĺIWKVVWLOOXVHWKHPRUHGLUHFWIRUPRI
GHFLVLRQWDNLQJE\PHDQVRIRSHQFRPPXQDO
PHHWLQJVDWZKLFKYRWHVDUHWDNHQ
$SDUWIURPFDUU\LQJRXWWKRVHGXWLHVSODFHG
RQWKHPE\WKH)HGHUDO*RYHUQPHQWDQG
&DQWRQVtIRUH[DPSOHPDLQWDLQLQJWKH
UHJLVWHURIUHVLGHQWVtWKH&RPPXQHVDOVR
KDYHRWKHUUHVSRQVLELOLWLHVLQFOXGLQJVRPH
DVSHFWVRIVFKRRODGPLQLVWUDWLRQVRFLDO
ZHOIDUHVXSSO\RIHQHUJ\URDGVSURJUDPPHV
LQIUDVWUXFWXUHSODQQLQJWD[DWLRQHWF,QIDFW
WKH&RPPXQHVFDQH[HUFLVHFRQVLGHUDEOH
DXWRQRP\LQWKHVHPDWWHUVWKRXJKWKLVLVVHW
E\WKHUHVSHFWLYHFDQWRQDQGYDULHVDFURVV
WKHFRXQWU\
2'
!2
3&
!+
)4
9'
&
1
2.
+4
-$
!$
.6
%1
(
2&
9&
29
-6
&+
41
&1
5#
3(
&$
52
6ZLW]HUODQGDQGWKHFDQWRQV=+=XULFK%(%HUQ/8/X]HUQ858UL6=6FKZ\]2:2EZDOGHQ
1:1LGZDOGHQ*/*ODUXV=*=XJ)5)UHLEXUJ626RORWKXUQ%6%DVHO6WDGW%/%DVHO/DQGVFKDIW
6+6FKDIIKDXVHQ$5$SSHQ]HOO$,$SSHQ]HOO*5*UDXEÙQGHQ6*6W*DOOHQ$*$DUJDX7*7KXUJDX
7,7HVVLQ9':DDGW96:DOOLV1(1HXHQEXUJ*(*HQÅYH-8-XUD
2UJDQLVDWLRQDORYHUYLHZ
RISROLWLFVLQ6ZLW]HUODQG
,WLVODLGGRZQLQWKH&RQVWLWXWLRQWKDWWKH
SHRSOHDUHWKHSULQFLSDOSROLWLFDOERG\LQ
6ZLW]HUODQG7KLVLQFOXGHVDOODGXOWPDOHVDQG
IHPDOHVZKRDUH6ZLVVQDWLRQDOVDURXQG
RIWKHSRSXODWLRQPLQRUVEHORZWKHDJHRI
DQGIRUHLJQHUVDUHQRWDOORZHGWRSDUWLFLSDWH
LQSROLWLFVDWWKHQDWLRQDOOHYHO
7KHSHRSOH>GDV9RON@
&LUFDPLR6ZLVVFLWL]HQVHOHFWWKHQDWLRQDO
SDUOLDPHQW
7KHSDUOLDPHQW>GDV3DUODPHQW@
>OHJLVODWLYHSRZHU@
7KH)HGHUDO$VVHPEO\WKHSDUOLDPHQWRIWKH
6ZLVV&RQIHGHUDWLRQFRQVLVWVRIWZR
FKDPEHUVWKHPHPEHUVRIWKH1DWLRQDO
&RXQFLO>1DWLRQDOUDW@HDFKFDQWRQHOHFWVDW
OHDVWRQHPHPEHURIPRUHDVDFFRUGLQJWRWKH
SRSXODWLRQRIWKHUHVSHFWLYHFDQWRQWRJHWKHU
ZLWKWKHPHPEHUVRIWKH6WDWHV&RXQFLO
>6WÁQGHUDW@WZRSHUFDQWRQ7KHWZR
FKDPEHUVIRUPWKHFHQWUDOJRYHUQPHQWtWKH
OHJLVODWLYHSRZHU0HPEHUVRIWKH1DWLRQDO
&RXQFLO>1DWLRQDOUDW@DUHHOHFWHGXVLQJ
DFRPPRQFRXQWU\ZLGHV\VWHPZKLOVW
PHPEHUVRIWKH6WDWHV&RXQFLO>6WÁQGHUDW@DUH
HOHFWHGLQOLQHZLWKDV\VWHPGHWHUPLQHGE\
WKHUHVSHFWLYHFDQWRQZKLFKWKH\ZLOO
UHSUHVHQW7KHHOHFWRUDOFRQVWLWXHQF\LV
LQERWKFDVHVEDVHGRQWKHFDQWRQ
3DUOLDPHQWHOHFWVWKHJRYHUQPHQW>%XQGHVUDW@
DVZHOODVWKH6XSUHPH&RXUW
$%2876:,7=(5/$1'
7KH)HGHUDO3DUOLDPHQW>GHU%XQGHVUDW@
H[HFXWLYHSRZHU
7KHJRYHUQPHQWFRQVLVWVRIVHYHQPHPEHUV
RIWKH)HGHUDO3DUOLDPHQWHOHFWHGE\
PHPEHUVRIERWKFKDPEHUVIRUDSHULRGRI
IRXU\HDUV7KH3UHVLGHQW>GHU%XQGHVSUÁVL
GHQW@LVHOHFWHGIRURQH\HDURQO\DQGLV
FRQVLGHUHGĺUVWDPRQJHTXDOVtSULPXVLQWHU
SDUHV7KH3UHVLGHQWFKDLUVWKHPHHWLQJVRI
WKHJRYHUQPHQWDQGUHSUHVHQWV6ZLW]HUODQG
DWRIĺFLDOHYHQWV
7KHJRYHUQPHQW>GHU%XQGHVUDW@LVWKHPRVW
VHQLRUJRYHUQLQJERG\RIWKHFRXQWU\DQG
GLUHFWVDFWLYLW\LQFOXGLQJ
t (YDOXDWLQJGHYHORSPHQWVDWKRPHDQG
DEURDG
t 'HFLGLQJIXQGDPHQWDOSROLF\GLUHFWLRQ
DQGGHWHUPLQLQJWKHEXGJHW
t 3ODQQLQJDQGFRRUGLQDWLQJJRYHUQPHQW
EXVLQHVVDQGHQVXULQJLWVLPSOHPHQWDWLRQ
t 5HSUHVHQWLQJWKHVWDWHLQDQRIILFLDO
FDSDFLW\DWKRPHDQGDEURDG
7KH6XSUHPH&RXUW>GDVREHUVWH*HULFKW@
MXGLFLDOSRZHU
,Q6ZLW]HUODQGWKHMXGLFLDU\FRQVLVWVRIWKH
%DCDQ@K2TOQDLD"NTQS>GDV%XQGHVJHULFKW@
ORFDWHGLQ/DXVDQQHWKH%DCDQ@K"QHLHM@K
"NTQS>GDV%XQGHVVWUDIJHULFKW@EDVHGLQ
%HOOLQ]RQDWKH%DCDQ@K CLHMHRSQ@SHUD"NTQS
>GDV%XQGHVYHUZDOWXQJVJHULFKW@LQ6W*DOOHQ
>IURP@DQGWKH)HGHUDO,QVXUDQFH&RXUW
>GDV9HUVLFKHUXQJVJHULFKW@LQ/X]HUQ
/LNHWKHH[HFXWLYHERG\WKHMXGLFLDU\LV
HOHFWHGE\WKHOHJLVODWLYHSRZHUtPHPEHUV
RIERWKFKDPEHUV
RIWKHVHERGLHVPD\SHUIRUPGXWLHVIRUSXUHO\
SUDFWLFDOUHDVRQVZKLFKVWULFWO\VSHDNLQJIDOO
XQGHUWKHGRPDLQRIRQHRIWKHRWKHUV
&LWL]HQVâULJKWV>GLH9RONVUHFKWH@
)HZRWKHUFRXQWULHVKDYHVXFKEURDGDUUDQJH
PHQWVIRUWKHLQYROYHPHQWRIFLWL]HQVLQWKH
SROLWLFDOGHFLVLRQWDNLQJSURFHVVDV6ZLW]HU
ODQG7KLVLVWKHUHVXOWRIDORQJGHPRFUDWLF
WUDGLWLRQDQGDOVRWKHUHODWLYHO\VPDOOVL]H
LQJHRJUDSKLFDODQGSRSXODWLRQWHUPVDVZHOO
DVDZLGHUDQJHRIPHGLDLQSXWtDOORIZKLFK
FRQWULEXWHWRWKHRSHUDWLRQRIWKLVVSHFLDOIRUP
RIQDWLRQDOJRYHUQDQFH
7KHULJKWWRYRWH>GDV6WLPPUHFKW@
$OO6ZLVVQDWLRQDOVRYHUWKHDJHRIZKHWKHU
OLYLQJDWKRPHRUDEURDGDUHHQWLWOHGWRYRWH
(OHFWLRQV>:DKOHQ@
$OO6ZLVVQDWLRQDOVRYHUWKHDJHRIDUH
HQWLWOHGWRYRWHDQGVWDQGDVDFDQGLGDWH
LQHOHFWLRQVWRWKH1DWLRQDO&RXQFLO>1DWLRQDO
UDWVZDKOHQ@&LYLOVHUYDQWVPXVWLIHOHFWHG
FKRRVHEHWZHHQWKHLUSURIHVVLRQDQGWKHLU
PDQGDWHLIWKH\DUHHOHFWHGWRSDUOLDPHQW
KRZHYHU(OHFWLRQVWRUHSUHVHQWDFDQWRQ
>6WÁQGHUDWVZDKOHQ@DUHQRWUHJXODWHGXQLIRUPO\
DFURVVWKHFRXQWU\(OHFWRUDOUXOHVDQG
SURFHVVHVYDU\IURPFDQWRQWRFDQWRQ
'LYLVLRQRISRZHU>GLH*HZDOWHQWHLOXQJ@
,Q6ZLW]HUODQGWKHOHJLVODWLYHH[HFXWLYHDQG
MXGLFLDOERGLHVDUHGLVWLQFWLQWKHLUIXQFWLRQV
DQGVWULFWO\VHSDUDWHGLQWHUPVRISHUVRQQHO
5HIHUHQGXP>$EVWLPPXQJHQ@
,WLVPDQGDWRU\WKDWDUHIHUHQGXP>9RONVDE
VWLPPXQJ@LVKHOGZKHQHYHUWKHUHDUH
FKDQJHVSURSRVHGWRWKH&RQVWLWXWLRQ>GLH
%XQGHVYHUIDVVXQJ@RULQTXHVWLRQVRIZKHWKHU
WRMRLQLQWHUQDWLRQDORUJDQLVDWLRQVHJ81RU
(83URSRVDOVDUHDFFHSWHGLIWKH\PHHWZLWK
WKHDJUHHPHQWRIERWKWKHPDMRULW\RIWKH
SRSXODWLRQDQGWKHPDMRULW\RIWKHFDQWRQV
,QRWKHUZRUGVQRRQHPD\EHORQJWRPRUH
WKDQRQHRIWKHWKUHHQDWLRQDOERGLHVtSDUOLD
PHQWJRYHUQPHQWRU6XSUHPH&RXUWDWWKH
VDPHWLPH+RZHYHULWLVUHFRJQLVHGWKDWHDFK
,QRWKHUFDVHVHJFKDQJHVWRH[LVWLQJ
OHJLVODWLRQQHZOHJLVODWLRQDQGWKHOLNH
GLIIHUHQWUHJXODWLRQVFRQFHUQLQJWKHUHTXLUH
PHQWIRUDUHIHUHQGXPDSSO\DQGDFFHSWDQFH
E\WKHPDMRULW\RIWKHSRSXODWLRQDORQHLV
VXIĺFLHQWWRSDVVWKHSURSRVDOV>FIIDFXOWDWLYH
UHIHUHQGXPEHORZ@
3HRSOHâVLQLWLDWLYHV>9RONVLQLWLDWLYH@
&LWL]HQVDUHHQWLWOHGWRGHPDQGDUHIHUHQGXP
WRFRQVLGHUDFKDQJHWRWKH&RQVWLWXWLRQ>GLH
9HUIDVVXQJ@7RTXDOLI\IRUDUHIHUHQGXP
KRZHYHUWKHSURSRVHUKDVWRFROOHFWWKH
VLJQDWXUHVRIpYRWHUVZLWKLQDQHLJKWHHQ
PRQWKSHULRG7KHSURSRVDOPD\EHRID
JHQHUDOQDWXUHRUtDVLVPRUHIUHTXHQWO\WKH
FDVHtEHSUHVHQWHGDVDĺQLVKHGWH[WZKLFK
SDUOLDPHQWDQGJRYHUQPHQWDUHQRWDOORZHG
WRFKDQJH
7KHDXWKRULWLHVVRPHWLPHVUHVSRQGWRVXFK
SURSRVDOVZLWKDtJHQHUDOO\PRUHFRQVHUYD
WLYHtFRXQWHUSURSRVDOLQWKHKRSHWKDWWKLV
ZLOOEHDFFHSWHGE\WKHYRWHUVDQGWKH
FDQWRQV
)DFXOWDWLYH5HIHUHQGXP>5HIHUHQGXP@
7KHSHRSOHRI6ZLW]HUODQGDUHHQWLWOHGWRYRWH
RQGHFLVLRQVWDNHQE\SDUOLDPHQW)HGHUDO
ODZVDQGUHJXODWLRQVDVZHOODVLQGHĺQLWH
WUHDWLHVDJUHHGE\WKHVWDWHDUHVXEMHFWWRWKH
VRFDOOHGIDFXOWDWLYHUHIHUHQGXPUHIHUUHGWRLQ
6ZLW]HUODQGDVGDV5HIHUHQGXP,QWKLVFDVH
pVLJQDWXUHVDUHUHTXLUHGWREHFROOHFWHG
ZLWKLQGD\VRIWKHSXEOLFDWLRQRIDGHFUHH
7KLVULJKWWRFDOODUHIHUHQGXP>GDV5HIHUHQ
GXPVUHFKW@WHQGVWRVORZGRZQWKHSROLWLFDO
SURFHVVDQGKDVDFRQVHUYDWLYHLQĻXHQFHE\
EORFNLQJFKDQJHVEURXJKWIRUZDUGE\
SDUOLDPHQWRUWKHJRYHUQPHQWRUE\GHOD\LQJ
WKHLULPSOHPHQWDWLRQ)RUWKDWUHDVRQWKLV
ULJKWLVRIWHQUHIHUUHGWRDVeWKHSHRSOHpVKDQG
RQWKHEUDNHRISRZHUq
,QGLYLGXDOâVULJKWVWREHKHDUG>3HWLWLRQ@
$Q\RQHRIVRXQGPLQGtQRWMXVWWKRVHHQWLWOHG
WRYRWHtKDVWKHULJKWWRVXEPLWSURSRVDOV
FRPSODLQWVRUDSSHDOVWRWKHDXWKRULWLHVLQ
ZULWLQJFRQFHUQLQJDQ\DVSHFWRIWKHVWDWHpV
DIIDLUV
7KHDXWKRULWLHVDUHLQWXUQREOLJHGWRWDNH
QRWHRIWKHVHFRPPXQLFDWLRQVDQGZKLOVW
WKHUHLVQRUHTXLUHPHQWWRDFWRQWKHPLWLV
FRPPRQSUDFWLFHWRH[DPLQHDQGUHVSRQG
WRHDFKLQGLYLGXDOO\
0RELOLW\DQG7UDIðF>9HUNHKU@
7KHUHLVDYHU\H[WHQVLYHQHWZRUNRISXEOLF
WUDQVSRUWLQ6ZLW]HUODQGZKLFKSURYLGHVEXV
RUUDLOFRQQHFWLRQVWRHYHQWKHPRVWLVRODWHG
SDUWVRIWKHFRXQWU\DQGZKLFKLVUHQRZQHG
IRULWVSXQFWXDOLW\,I\RXWUDYHOE\WUDLQ\RX
ZLOOHQFRXQWHUWKHIROORZLQJGLIIHUHQWW\SHV
RIWUDLQ
$TQN"HSX LQWHUQDWLRQDOURXWHV
(MSDQ"HSX UXQEHWZHHQPDMRUFRQXUEDWLRQV
(MSDQ1DFHN FRQQHFWGLIIHUHQWUHJLRQVRIWKH
FRXQWU\
1DFHN
VHUYHVDOOVWDWLRQVZLWKLQDUHJLRQ
2!@GM RSHUDWHVLQWKHJUHDWHU=ÙULFKDUHD
0RVWWUDLQVKDYHĺUVWDQGVHFRQGFODVV
VHFWLRQV,QWHUFLW\DQG(XURFLW\KDYHUHVWDX
UDQWFDUVRUVQDFNIDFLOLWLHV7UDYHOE\WUDLQ
UHTXLUHV\RXWRKDYHDWLFNHWZKLFKVKRXOGEH
SXUFKDVHGEHIRUHWKHVWDUWRIWKHMRXUQH\DQG
LVDYDLODEOHDWVWDWLRQVRUIURPWLFNHWPDFKLQHV
$%2876:,7=(5/$1'
&KXUFK5HOLJLRQ
>.LUFKH5HOLJLRQ@
7KH6ZLVV&RQVWLWXWLRQJXDUDQWHHVIUHHGRP
RIZRUVKLS7KHRIĺFLDOFKXUFKHVDUHWKH
(YDQJHOLFDO5HIRUPHG>3URWHVWDQW@WKH
5RPDQ&DWKROLFDQGWKH&KULVWLDQ&DWKROLF
FKXUFKHV:KHQUHJLVWHULQJZLWKWKHDXWKRUL
WLHV\RXZLOOEHDVNHGZKLFKUHOLJLRXVJURXS
\RXEHORQJWR,I\RXDUHe(YDQJHOLFDO
5HIRUPHGqe5RPDQ&DWKROLFqRUe&KULVWLDQ
&DWKROLFq\RXZLOODXWRPDWLFDOO\EHFRXQWHGDV
SDUWRIWKHORFDOSDULVK7KH5RPDQ&DWKROLF
&KULVWLDQ&DWKROLFDQG(YDQJHOLFDO5HIRUPHG
FKXUFKHVDUHHQWLWOHGWRUHFHLYHWD[IURP
PHPEHUVRIWKHLUSDULVKZKLFKLVFROOHFWHGDV
SDUWRIWKHFDQWRQDOWD[7KRVHQRWEHORQJLQJ
WRWKHVHJURXSLQJVGRQRWSD\WKLVWD[
0LOLWDU\>0LOLWÃU@
6ZLW]HUODQGKDVEHHQQHXWUDOVLQFHDQG
KDVQRWEHHQLQYROYHGLQDQ\H[WHUQDOFRQĻLFW
VLQFHWKHQ1RQHWKHOHVV6ZLW]HUODQG
PDLQWDLQVDQDUP\tZKLFKLVPLOLWLDEDVHGt
WRGHWHUSRWHQWLDODJJUHVVRUV7KH6ZLVV
DLUIRUFHLVDOVRSDUWRIWKHDUP\7KHPLOLWDU\
IRUFHVDUHOHGE\RQHFRPPDQGHUDSSRLQWHG
RQO\DWWLPHVRIZDUDQGZKRLVHOHFWHGE\
ERWKFKDPEHUVRIWKH)HGHUDO3DUOLDPHQW
6LQFHWKHIRXQGLQJRIWKH6ZLVVVWDWHLQ
WKHUHKDYHEHHQRQO\IRXUJHQHUDOVHOHFWHG
7KH6ZLVVPLOLWLDEDVHGDUP\LVVXSSRUWHGE\
REOLJDWRU\QDWLRQDOVHUYLFHZKLFKFDUULHVZLWK
LWUHVSRQVLELOLWLHVERWKGXULQJDQGRXWVLGH
RIWKHSHULRGRIDFWLYHVHUYLFH5HFUXLWVDUH
GUDIWHGDURXQGWKHDJHRIDQGZLOOEH
UHTXLUHGWRVHUYHXQWLOWKHDJHRI2IĺFHUV
tGHSHQGLQJRQWKHLUUDQNtPD\EHUHTXLUHG
WRVHUYHIRUORQJHU$Q\RQHZKRGRHVQRW
VHUYHLQWKHPLOLWDU\LVUHTXLUHGWRXQGHUWDNH
DQDOWHUQDWLYHIRUPRIVHUYLFHHJLQD
QRQFRPEDWDQWUROHRUFRPPXQLW\VHUYLFH
:RPHQVHUYHLQWKHPLOLWDU\IRUFHVDV
YROXQWHHUVDQGDUHDOORZHGWRSHUIRUPDOOUROHV
DSDUWIURPFRPEDWWURRSV:RPHQDUH
HQWLWOHGWROHDYHWKHIRUFHVWRKDYHFKLOGUHQ
RUWDNHRQRWKHUGXWLHVDVFDUHUV
'XHWRWKHDQQXDOUHWUDLQLQJFRXUVHV>:LHGHU
KROXQJVNXUVHRIWHQUHIHUUHGWRDV:.@ZKLFK
FDOOXSUHVHUYLVWVWKH6ZLVVDUP\KDV
DYHU\YLVLEOHSUHVHQFHLQWKHFRXQWU\,I\RX
HQFRXQWHUVROGLHUVRQDUHJXODUEDVLVWKLV
LVQRWEHFDXVHWKH6ZLVVDUP\LVVRODUJHEXW
UDWKHUEHFDXVHLWFDOOVXSLWVFLWL]HQVUHJXODUO\
IRUDOEHLWVKRUWUHWUDLQLQJDQGXSGDWLQJ
SURJUDPPHVDQGH[HUFLVHV
%\WKHZD\6ZLVVFLWL]HQVZKRVHUYHLQWKH
PLOLWLDNHHSWKHLUSHUVRQDOHTXLSPHQWDWKRPH
IRUH[DPSOHWKHXQLIRUPDQGWKHULĻH
3XEOLFKROLGD\V>)HLHUWDJH@
6ZLW]HUODQGKDVDORWRIROGWUDGLWLRQVDQG
FXVWRPV3XEOLF+ROLGD\VYDU\IURPFDQWRQ
WRFDQWRQ)RUWKH&DQWRQRI6FKDIIKDXVHQ
WKH\DUH
VW-DQXDU\
QG-DQXDU\
0DUFK$SULO
0DUFK$SULO
0DUFK$SULO
VW0D\
GD\VDIWHU(DVWHU
GD\VDIWHU$VFHQVLRQ
GD\VDIWHU$VFHQVLRQ
1HZ<HDUpV'D\
>1HXMDKU@
%HUFKWROGoV'D\
>%HUFKWROGVWDJ@
*RRG)ULGD\
>.DUIUHLWDJ@
(DVWHU6XQGD\
>2VWHUVRQQWDJ@
(DVWHU0RQGD\
>2VWHUPRQWDJ@
/DERXU'D\>7DJ
GHU$UEHLW@
$VFHQVLRQ'D\
>$XIIDKUW@
:KLW6XQGD\
>3ĺQJVWVRQQWDJ@
:KLW0RQGD\
>3ĺQJVWPRQWDJ@
VW$XJXVW
WK'HFHPEHU
WK'HFHPEHU
6ZLVV1DWLRQDO'D\
>1DWLRQDOIHLHUWDJ@
&KULVWPDV >:HLKQDFKWHQ@
6W6WHSKDQpV'D\
>6WHSKDQVWDJ@
2QWKHGD\EHIRUH3XEOLF+ROLGD\VSRVW
RIĺFHVDQGVKRSVXVXDOO\FORVHDWSP
>8KU@SDUWO\DWSP>8KU@
:HDWKHU>GDV:HWWHU@
,NMSG
)@M
%DA
,@Q
OQ
,@H
)TMD
)TKX
TF
2DO
.BS
-NU
#DB
,@W
,HM
7KHZHDWKHULQ6ZLW]HUODQGLVLQOLQHZLWK
FHQWUDO(XURSHDQQRUPV6RXWKRIWKH$OSV
>GLH$OSHQ@WKHFOLPDWHLVVRPHZKDWPLOGHU
DQGWKHUHLVPRUHVXQVKLQH)RUWKLVUHDVRQ
WKH&DQWRQRI7HVVLQ>7LFLQR@LVDOVRVRPH
WLPHVUHIHUUHGWRDV6ZLW]HUODQGpVVXQORXQJH
te6RQQHQVWXEHGHU6FKZHL]q
$YHUDJHWHPSHUDWXUHVIRU6FKDIIKDXVHQ
&HOFLXV
$SDUWLFXODUSKHQRPHQRQLQ6ZLW]HUODQGLV
DZDUPDQGGU\ZLQGFDOOHGe)ÓKQqZKLFK
WHQGVWRIRUPLQDGYDQFHRIDFROGIURQW
:KLOVWWKHVRXWKHUQVORSHVRIWKH$OSVWHQG
WREHFRYHUHGLQKHDY\UDLQFORXGVWKHQRUWK
VLGHRIWHQH[SHULHQFHVDVXGGHQVWURQJGU\
ZLQGZKLFKFDQVHQGWHPSHUDWXUHVVRDULQJ
ZLWKLQPLQXWHV7KH)ÓKQLVSDUWLFXODUO\IHDUHG
LQWKHQRUWKHUQYDOOH\VRIWKH$OSVDVLWFDQ
UHDFKJDOHIRUFHVWUHQJWKDQGFDQTXLFNO\
VSUHDGĺUHV
7KH)ÓKQEULQJVZLWKLWVXPPHUWHPSHUDWXUHV
FOHDUDLUDQGH[FHOOHQWYLVLELOLW\ZKLFKPDNHV
WKHPRXQWDLQVVWDQGRXW:KHQWKH)ÓKQ
GLVSHUVHVKRZHYHUEDGZHDWKHUIROORZV
VKRUWO\DIWHUZDUGV0DQ\SHRSOHVXIIHU
IURPKHDGDFKHVDQGRWKHUFRPSODLQWVGXULQJ
D)ÓKQ
"DKRHTR§"
%@GQDMGDHS
7HPSHUDWXUH&RQYHUVLRQ
7RFRQYHUWFHQWLJUDGHWRIDKUHQKHLW
PXOWLSO\E\DQGDGG
$%2876&+$))+$86(1
$ERXW6FKDIIKDXVHQ
*HRJUDSK\>*HRJUDðH@
$V6ZLW]HUODQGpVQRUWKHUQPRVWFDQWRQ
6FKDIIKDXVHQLVtWRDODUJHH[WHQWtVXUURXQG
HGE\*HUPDQ\RURXWRINP
RIWKHFDQWRQoVERUGHUDUHVKDUHGZLWKWKH
*HUPDQVWDWHRI%DGHQ:ÙUWWHPEHUJ
ERXQGDU\VWRQHVPDUNRXWWKHRQO\FDQWRQ
EHWZHHQ/DNH&RQVWDQFH>GHU%RGHQVHH@DQG
%DVHOZKLFKLVDOPRVWHQWLUHO\WRWKHQRUWKRI
WKH5LYHU5KLQH>GHU5KHLQ@7KHVXUIDFHDUHD
5HJLRQVZLWKLQWKH&DQWRQRI6FKDIIKDXVHQ
7KHIROORZLQJDUHDV5HJLRQHQPDNHXSWKHFDQWRQ
7KH*KDSSF@TUHJLRQ5HJLRQFRQVLVWLQJRIWKH
IROORZLQJFRPPXQHV%HJJLQJHQ1HXQNLUFK
*ÁFKOLQJHQ*XQWPDGLQJHQ+DOODX/ÓKQLQJHQ
2EHUKDOODX6FKOHLWKHLP6LEOLQJHQ7UDVDGLQJHQ
:LOFKLQJHQ2VWHUĺQJHQ
7KH1DH@SUHJLRQFRQVLVWLQJRIWKHIROORZLQJFRP
PXQHV7KD\QJHQ$OWGRUI%DU]KHLP%LEHUQ+RIHQ
2SIHUWVKRIHQ%ÙWWHQKDUGW'ÓUĻLQJHQ/RKQ6WHWWHQ
RIWKHFDQWRQLVVTXDUHNLORPHWUHV
DQGDFFRXQWVIRURIWKHRYHUDOO6ZLVV
ODQGPDVV
9LHZHGWRSRJUDSKLFDOO\WKH&DQWRQRI6FKDII
KDXVHQLVRQWKHHGJHRIWKHFHQWUDODUHDRI
6ZLW]HUODQG>GDVVFKZHL]HULVFKH0LWWHOODQG@
7KHFDQWRQpVJHQWO\UROOLQJKLOOVDQGYDOOH\V
DUHWKHIRRWKLOOVRIWKH-XUDDQGDUHHYLGHQFH
RIJODFLDOPRYHPHQWGXULQJWKHODVWLFHDJH
>(LV]HLW@7KHODQGVFDSHLVYDULHGWKRXJK
7KH2BG@EEG@TRDMWRZQRI6FKDIIKDXVHQUHJLRQ
FRQVLVWLQJRIWKHIROORZLQJFRPPXQHV6FKDIIKDXVHQ
+HPPHQWDO%DUJHQ%HULQJHQ0HULVKDXVHQ
7KH2SDHM@L1GDHMUHJLRQFRQVLVWLQJRIWKHIROORZLQJ
FRPPXQHV6WHLQDP5KHLQ%XFK+HPLVKRIHQ
5DPVHQ
7KH!TBGADQF1ŘCKHMFDMUHJLRQFRQVLVWV
RIWKHIROORZLQJFRPPXQHV%XFKEHUJ5ÙGOLQJHQ
SULPDULO\VKDSHGE\WKHFRXUVHRIWKH5LYHU
5KLQH>GHU5KHLQ@ODUJHDUHDVRIIRUHVW
VWUHWFKHVRIDJULFXOWXUDOODQGDQGWKHFDUHIXOO\
WHQGHGYLQH\DUGV>:HLQEHUJH@
7KHUHVLGHQWSRSXODWLRQRIWKH&DQWRQRI
6FKDIIKDXVHQLVDSSUR[LPDWHO\pRI
ZKRPDURXQGKDOIOLYHLQWKHFDQWRQpVPDMRU
WRZQDQGVHDWRIORFDO>FDQWRQDO@JRYHUQPHQW
tWKHWRZQRI6FKDIIKDXVHQLWVHOI7KH&DQWRQ
RI6FKDIIKDXVHQLVKRPHWRDURXQGRI
WKHWRWDOSRSXODWLRQRI6ZLW]HUODQGDQGLVRQH
RIWKHVPDOOHVWFDQWRQVLQWKHFRXQWU\
%\WKHZD\DVPDOOKLVWRULFDORGGLW\tWKH
&DQWRQRI6FKDIIKDXVHQRZQVDSLHFHRI
ZRRGODQGLQWKH%ODFN)RUHVW>GHU6FKZDU]
ZDOG@LQ*HUPDQ\>'HXWVFKODQG@PHDVXULQJ
VTXDUHNLORPHWUHV
+LVWRU\>*HVFKLFKWH@
7KHWRZQRI6FKDIIKDXVHQORRNVEDFNRQ
DWKRXVDQG\HDUKLVWRU\7KHWRZQRULJLQDOO\
FDPHLQWREHLQJGXHWRWKH5LYHU5KLQH>GHU
5KHLQ@RUUDWKHUWKHZDWHUIDOOV>GHU5KHLQIDOO@
7KHORFDOSRSXODWLRQWRRNDGYDQWDJHRIWKLV
QDWXUDOREVWDFOHWRWKHĻRZRIWUDQVSRUWRQ
WKH5KLQHDQGZKLFKRIIHUHGWKHFKDQFH
WRHDUQDOLYLQJE\WUDQVSRUWLQJJRRGVIURP
VKLSVDUULYLQJDERYHWKHIDOOVWRFRQQHFWLQJ
WUDQVSRUWVEHORZWKHIDOOVDVZHOODVE\
RIIHULQJVWRUDJHIDFLOLWLHVDQGFKDUJLQJWROOV
7KLVWUDIĺFRQWKH5LYHU5KLQHDQGWKHJRRGV
DQGVHUYLFHVZKLFKDURVHDURXQGWKHQDWXUDO
EDUULHUSUHVHQWHGE\WKHZDWHUIDOOVZHUH
DPRWRURIWKHORFDOHFRQRP\IRUFHQWXULHV
7KHĺUVWPHQWLRQRIWKHWRZQe6FDIKXVXQqLV
UHFRUGHGLQ,WZDVDWWKLVWLPHWKDW&RXQW
>*UDI@YRQ1HOOHQEXUJIRXQGHGWKHPRQDVWHU\t
.ORVWHU$OOHUKHLOLJHQ,QERWKWKHWRZQDQG
WKHPRQDVWHU\ZHUHSXWXQGHUWKHDXWKRULW\RI
WKH*HUPDQ.DLVHU)RUW\\HDUVODWHUKHSDZQHG
WKHWRZQtRIWKHQpLQKDELWDQWVtWRWKH
$XVWULDQ+DSVEXUJV>GLH+DEVEXUJHU@,Q
WKHSHRSOHRI6FKDIIKDXVHQVDZWKHLUFKDQFH
WRH[SORLWDFULVLVLQWKH$XVWULDQJRYHUQPHQW
DQGVHFXUHGWKHLUVRYHUHLJQW\RQFHDJDLQ
'XULQJWKH0LGGOH$JHV6FKDIIKDXVHQZDV
IUHTXHQWO\FDXJKWEHWZHHQWKHULYDOVXSHU
SRZHUVRIWKHGD\,QWKHUHZHUHEDWWOHV
LQWKH.OHWWJDXDUHDDQGLQWKHYLFLQLW\RI
7KD\QJHQDVSDUWRIWKHVRFDOOHG:DU
RIWKH6ZDELDQVe6FKZDEHQNULHJqtNQRZQ
LQ*HUPDQ\DVWKH6ZLVV:DU>e6FKZHL]HU
.ULHJq@,Q6FKDIIKDXVHQMRLQHGWKH
&RQIHGHUDWLRQDQGWRRNRQWKHUROHRI
SURWHFWLQJWKHQRUWKHUQERUGHURIWKLVIHGHUDO
DOOLDQFH$VSDUWRIWKLVFRPPLWPHQWWKH
LPSUHVVLYHFDVWOH0XQRWZDVHUHFWHGtPDLQO\
XVLQJYROXQWHHUODERXUtDQHGLĺFHE\ZKLFK
WKHWRZQLVUHFRJQLVHGHYHQWRGD\7KH
GHIHQVLYHUDPSDUWVDQGEXOZDUNVKDYHQRW
\HWEHHQWKRURXJKO\LQYHVWLJDWHGE\WKHZD\
8QWLOWKHEHJLQQLQJRIWKHWKFHQWXU\WKH
WRZQVIRONRI6FKDIIKDXVHQOLYHGSULPDULO\IURP
FUDIWUHODWHGVHFWRUVDQGIURPWKHRSSRUWXQL
WLHVRIIHUHGE\WKH5LYHU5KLQHZDWHUZD\7KLV
WKHQFKDQJHGLQZKHQ-RKDQQ&RQUDG
)LVFKHUHVWDEOLVKHGDIRXQGU\LQDIRUPHU
KHUEPLOOLQ0ÙKOHQWDO$WDWLPHRIXQSDUDO
OHOHGHFRQRPLFGRZQWXUQRYHUDOO)LVFKHUDQG
KLVVRQVERXJKWDQGVROGFRPSDQLHVERWK
DWKRPHDQGDEURDG1RUZDVWKHIRXQGLQJ
IDWKHURIWKHFRPSDQ\QRZNQRZQDV*HRUJ
)LVFKHU$*MXVWDQHQWUHSUHQHXUEXWDOVR
D&RXQFLOORULQWKHFDQWRQDOSDUOLDPHQWPD\RU
>6WDGWSUÁVLGHQW@PHPEHURIWKHSUHGHFHVVRU
RIWKHQDWLRQDOSDUOLDPHQW>7DJVDW]XQJVJH
VDQGWHU@DQGDQDUWLOOHU\RIĺFHU
$IXUWKHUSHUVRQRIQRWHLQWKHHFRQRPLF
GHYHORSPHQWRIWKH6FKDIIKDXVHQDUHDZDV
+HLQULFK0RVHUt+LVFRQWULEXWLRQ
WRWKHHFRQRPLFJURZWKRIWKHWRZQZDVWKH
FRQVWUXFWLRQRIDGDPZKLFKSURYLGHGSRZHU
IRUWKHQHZIDFWRULHVDQGZRUNVKRSVRQWKH
5KLQH7KLVOHGWRWKHGHYHORSPHQWRIDĺUVW
LQGXVWULDOFHQWUHIRUWKHWRZQtWKHWH[WLOH
LQGXVWU\LQFOXGLQJWKHSURGXFWLRQRIFORWK
ZRRODQGNQLWWLQJPDFKLQHVWKH$PVOHU
$%2876&+$))+$86(1
IDFWRU\SURGXFLQJLQVWUXPHQWVXVHGLQWKH
SRODUUHJLRQDQGPLOLWDU\WHFKQRORJ\,9)
>,QWHUQDWLRQDOH9HUEDQGVWRII)DEULN@
6FKDIIKDXVHQWKH5DXVFKHQEDFKEURWKHUVo
FRPSDQ\ZKLFKODWHUEHFDPHSDUWRIWKH
*HRUJ)LVFKHUJURXSWKHZDWFKFRPSDQ\
,:&,QWHUQDWLRQDO:DWFK&RDQGWKH\DUQ
IDFWRU\$529$
$WKLUGLQGXVWULDOKXEtEHWZHHQWKH5KLQH
DQG0ÙKOHQWDOtGHYHORSHGLQ1HXKDXVHQDP
5KHLQIDOO7KH6FKZHL]HULVFKH,QGXVWULH
*HVHOOVFKDIW6,*VHWXSWKHUHZLWKLWVRULJLQV
LQWKHSURGXFWLRQRIUROOLQJVWRFNDQGULĻHV
7KHFRPSDQ\ZDVIRXQGHGLQ7KH
IXUQDFHVZKLFKKDGRULJLQDOO\VPHOWHGLURQRUH
ZHUHODWHUWUDQVIRUPHGWRVHUYHWKHDOXPLQLXP
LQGXVWU\tLQWKHJXLVHRIWKHFRPSDQ\NQRZQ
WRGD\DV$7HFKQRORJ\0DQDJHPHQW$*
7RZDUGVWKHHQGRIWKHWKFHQWXU\OLQNV
EHWZHHQ6FKDIIKDXVHQDQGWKHRWKHUFDQWRQV
ZHUHLPSURYHGZKHQWKHUDLOZD\OLQHVWR6WHLQ
DP5KHLQDQG.UHX]OLQJHQDVZHOODVWR=ÙULFK
ZHUHRSHQHG7KH\DGGHGWRWKHH[LVWLQJUDLO
FRQQHFWLRQVWR:LQWHUWKXU.RQVWDQ]DQG
:DOGVKXW
/LNHWKHUHVWRI(XURSH6FKDIIKDXVHQZDV
VWURQJO\LQĻXHQFHGLQWKHĺUVWKDOIRIWKH
WKFHQWXU\E\WKHHYHQWVRIWKHWZRZRUOG
ZDUVDQGWKHZRUOGZLGHHFRQRPLFGHSUHV
VLRQ7KHWZRZRUOGZDUVDIIHFWHGWKHFDQWRQ
SDUWLFXODUO\GXHWRLWVSRVLWLRQRQWKHERUGHU
WR*HUPDQ\2QVW$SULO$PHULFDQ
DLUFUDIWDWWDFNHGDQGERPEHG6FKDIIKDXVHQ
E\PLVWDNH7KLVDLUUDLGZDVWKHODUJHVWDWWDFN
RQ6FKDIIKDXVHQGXULQJWKH6HFRQG:RUOG
:DUDQGFODLPHGOLYHVDQGGLGFRQVLGHU
DEOHGDPDJHWREXLOGLQJVDQGSURSHUW\7KH
WRZQRI6WHLQDP5KHLQDOVRIHOOYLFWLPWR
DQDLUUDLGRQWK)HEUXDU\ZKLFKOHIW
QLQHGHDG$IWHUWKHZDU6FKDIIKDXVHQ
KRXVHGFDUHGIRUDQGIHGpSULVRQHUV
RIZDUIURPDUDQJHRI(XURSHDQFRXQWULHV
,QWKHoVDQGoVWKHUHJLRQSURĺWHGIURP
WKHJHQHUDOJURZWKLQHFRQRPLFDFWLYLW\
7KHROGHVWDEOLVKHGFRPSDQLHVVXFKDV
*HRUJ)LVFKHU6,*,9)DQGRWKHUVH[SHUL
HQFHGDERRPDQGZHUHMRLQHGE\QHZ
FRPSDQLHV8QHPSOR\PHQWZDVQRQH[LVWHQW
2QWKHFRQWUDU\ZRUNHUVZHUHLQVKRUWVXSSO\
7RVDWLVI\GHPDQGZRUNHUVIURPDFURVVWKH
ERUGHU>*UHQ]JÁQJHU@DQGLPPLJUDQWZRUNHUV
>*DVWDUEHLWHU@tDWWKDWWLPHSULQFLSDOO\IURP
,WDO\tZHUHEURXJKWLQ
3ROLWLFDOVWUXFWXUH
7KH&DQWRQRI6FKDIIKDXVHQKDV&RP
PXQHV>*HPHLQGHQ@7KHODUJHVWRIWKHVH
LVWKHWRZQRI6FKDIIKDXVHQLWVHOI>6WDGW
6FKDIIKDXVHQ@ZKLFKKDVDURXQGp
LQKDELWDQWV7KHVPDOOHVWDUH%DUJHQDQG
*XQWPDGLQJHQZKLFKKDYHDURXQG
LQKDELWDQWV
$VWKHFDQWRQDQGLWVDGPLQLVWUDWLRQDUH
UHODWLYHO\VPDOODFFHVVWRORFDOJRYHUQPHQW
GHSDUWPHQWVLVTXLFNDQGHDV\DQGGHDOLQJV
DUHXQFRPSOLFDWHGDQGXQEXUHDXFUDWLFt
DUHDODGYDQWDJHRIWKHDUHD
7KH&RXQFLORIWKH&DQWRQ
>GHU.DQWRQVUDW@OHJLVODWLYHSRZHU
7KHERG\UHVSRQVLEOHIRUODZPDNLQJDWWKH
FDQWRQDOOHYHOLVWKH&RXQFLORIWKH&DQWRQ
>GHU.DQWRQVUDW@DOVRUHIHUUHGWRDVWKH
*URVVHU5DW7KLV&RXQFLOFRQVLVWVRI
PHPEHUVUHSUHVHQWLQJYDULRXVDUHDVLQWKH
FDQWRQDQGGUDZQIURPHLJKWSROLWLFDOSDUWLHV
7KHOHJLVODWLYHSRZHULQWKHWRZQRI6FKDII
KDXVHQLWVHOI>6WDGW6FKDIIKDXVHQ@LVWKH7RZQ
&RXQFLO>GHU*URVVH6WDGWUDW@,QWKHODUJHU
FRPPXQHVVXFKDV1HXKDXVHQDP5KHLQIDOO
6WHLQDP5KHLQ%HULQJHQDQG1HXQNLUFK
D&RXQFLORI5HVLGHQWV>GHU(LQZRKQHUUDW@
SHUIRUPVWKLVUROHZKLOVWLQWKHVPDOOHU
FRPPXQHVLWLVFDUULHGRXWE\WKH&RPPXQDO
$VVHPEO\>GLH*HPHLQGHYHUVDPPOXQJ@
7KH*RYHUQPHQWRIWKH&DQWRQ
>GHU5HJLHUXQJVUDW@H[HFXWLYHSRZHU
7KH*RYHUQPHQWRIWKH&DQWRQ>GHU5HJLHU
XQJVUDW@FRQVLVWVRIĺYH&RXQFLOORUV(DFK
&RXQFLOORUKDVUHVSRQVLELOLW\IRUDGHSDUWPHQW
LQWKHORFDODGPLQLVWUDWLRQDQGDGGLWLRQDOO\
WDNHVRQWKHUROHRIPD\RU>GHU5HJLHU
XQJVSUÁVLGHQW@IRUDWZHOYHPRQWKSHULRG
RQDURWDWLQJEDVLV$VDWQDWLRQDOOHYHOWKH
0D\RULVDĺUVWDPRQJHTXDOVteSULPXVLQWHU
SDUHVqtDQGKDVQRJUHDWHUDXWKRULW\WKDQ
WKHLUSHHUV7KHH[HFXWLYHERG\RIWKHWRZQ
RI6FKDIIKDXVHQ>6WDGW6FKDIIKDXVHQ@LV
FDOOHG.OHLQHU6WDGWUDWtWKHFDELQHW6WHLQ
DP5KHLQDOVRKDVLWVRZQFDELQHW>6WDGWUDW@
ZKLOVWLQDOORWKHUFRPPXQHVLQWKHFDQWRQ
&RPPXQDO&RXQFLOORUVPRVWO\SDUWWLPH
YROXQWHHUVtWDNHRQWKHH[HFXWLYHUROH
5HSUHVHQWDWLRQDWQDWLRQDOOHYHO
7KH&DQWRQRI6FKDIIKDXVHQLVUHSUHVHQWHG
LQWKH1DWLRQDO&RXQFLOE\WZRHOHFWHG
&RXQFLOORUV>1DWLRQDOUÁWH@RQWKHRQHKDQG
DQGKDVWZRVHDWVLQWKH6WDWHV&RXQFLOWKH
GHOHJDWHVDUHFDOOHG6WÁQGHUÁWH7KHQDWLRQDO
FDQWRQDODQGFRPPXQDOUHSUHVHQWDWLYHVDUH
HOHFWHGHYHU\IRXU\HDUV$SDUWIURPDWWKHVH
SROLWLFDOHOHFWLRQVKRZHYHUYRWHUVDUHFDOOHG
RQWRGHFLGHRQDUDQJHRIPDWWHUVDWRWKHU
WLPHVGXULQJWKH\HDUZKHQWKHVHDUHSXW
WRWKHYRWH6FKDIIKDXVHQKDVKDGWKHKLJKHVW
WXUQRXWDWHOHFWLRQVLQWKHZKROHRI6ZLW]HU
ODQGIRUPDQ\\HDUVE\WKHZD\
:HEVLWHRIWKH&DQWRQRI6FKDIIKDXVHQ
ZZZVKFK
/,9,1*$1':25.,1*
/LYLQJDQG:RUNLQJ
5HVLGHQFHDQG:RUN3HUPLWV
>$XIHQWKDOWVX$UEHLWV
EHZLOOLJXQJ@
,I\RXZLVKWRVWD\LQ6ZLW]HUODQGDQGZRUN
WKHUHIRUDQ\OHQJWKRIWLPH\RXZLOOQHHGD
5HVLGHQFH3HUPLWZKLFKXVXDOO\DOVRLQFOXGHV
D:RUN3HUPLW7KHDSSOLFDWLRQIRUD:RUN
3HUPLWLVPDGHE\WKHHPSOR\HU1HZO\DUULYHG
UHVLGHQWVPXVWSUHVHQWWKHPVHOYHVDWWKH
RIĺFHVRIWKHLU&RPPXQH>GLH:RKQJHPHLQGH@
IRUUHJLVWUDWLRQRQWKHOLVWRIUHVLGHQWVWKHUH
ZLWKLQRQHZHHNRIDUULYDO,WLVUHFRPPHQGHG
WKDW\RXFKHFNLQDGYDQFHZKLFKSDSHUV\RX
ZLOOEHUHTXLUHGWRWDNHZLWK\RXZKHQ\RX
UHJLVWHU
-NMLDLADQNESGD$4$%3
7KHJUDQWLQJRID5HVLGHQFH3HUPLWDQG:RUN
3HUPLWGHSHQGVRQWKHUHEHLQJFOHDUHYLGHQFH
RIDQHHGIRUWKHSHUVRQLHDVKRUWDJHRI
RWKHUDYDLODEOHDSSOLFDQWV,WLVWKHUHVSRQVL
ELOLW\RIWKHHPSOR\HUWRGHPRQVWUDWHWKH
UHTXLUHPHQW7KHQXPEHURIIRUHLJQHUVZKR
PD\UHFHLYHD:RUN3HUPLWLQ6ZLW]HUODQGLV
UHVWULFWHG'LIIHUHQWFRQGLWLRQVDSSO\
GHSHQGLQJRQWKHW\SHRI5HVLGHQFH3HUPLW
JUDQWHGtWKLVDIIHFWVPDWWHUVVXFKDVDQ
H[WHQVLRQRIWKHSHUPLWSHUPLVVLRQIRUWKH
HPSOR\HHpVIDPLO\WRMRLQWKHPLQ6ZLW]HUODQG
ZKHWKHUWKHSHUPLWLVWLHGWRDVSHFLĺFSRVW
RUZKHWKHUWKHSHUPLWKROGHULVDOORZHGWR
FKDQJHSRVWVLQ6ZLW]HUODQGHWF7KH
(PSOR\PHQW'HSDUWPHQWRIWKHFDQWRQFDQ
SURYLGHIXUWKHULQIRUPDWLRQ>GDVNDQWRQDOH
$UEHLWVDPW@
$UEHLWVDPW
ZZZVKFK
0HPEHUVRIWKH(XURSHDQ)UHH7UDGH$VVRFLDWLRQ
>()7$@DUH1RUZD\,VODQG/LHFKWHQVWHLQDQG
6ZLW]HUODQG
,DLADQNESGD$4$%3 &LWL]HQVRI(8RU()7$PHPEHUVWDWHVDUH
VXEMHFWWRWKH$JUHHPHQWRQWKHIUHH
PRYHPHQWRISHUVRQV)RUVRPHPHPEHU
VWDWHVWUDQVLWRU\SHULRGVDSSO\
7KH$JUHHPHQWPHDQVWKDWRYHUDWUDQVLWLRQ
SHULRGWKHVDPHOLYLQJHPSOR\PHQWDQGZRUN
LQJFRQGLWLRQVZLOODSSO\WR6ZLVVQDWLRQDOV
DQGQDWLRQDOVRI(8PHPEHUVWDWHVERWKLQ
6ZLW]HUODQGDQGWKH(87KHSULQFLSOHRIHTXDO
WUHDWPHQWPHDQVWKDWWKHUHZLOOEHQR
GLVFULPLQDWLRQDJDLQVW(8QDWLRQDOVOLYLQJ
LQ6ZLW]HUODQG,QGHWDLOWKLVPHDQVWKDWWKH\
KDYHWKHIROORZLQJULJKWV
t RFFXSDWLRQDODQGJHRJUDSKLFDOPRELOLW\
LHWKH\ZLOOEHDEOHWRFKDQJHWKHLUMRE
RUZKHUHWKH\OLYHRUZRUNDWDQ\WLPH
t HTXDOLW\RIZRUNLQJFRQGLWLRQV
t FRRUGLQDWHGVRFLDOVHFXULW\SURWHFWLRQ
t HTXDOLW\RIVRFLDOVXSSRUWFRQFHVVLRQVRQ
SXEOLFWUDQVSRUWKRXVLQJDOORZDQFHVHWF
t HTXDOLW\RIWD[FRQFHVVLRQV
t VHOIHPSOR\PHQW
t PXWXDOUHFRJQLWLRQRIGLSORPDVZLWKDYLHZ
WRDFFHVVWRDUHJXODWHGMRE
t IDPLO\UHXQLILFDWLRQ
t IRUPHPEHUVRIWKHLUIDPLO\WRHQJDJH
LQJDLQIXOHPSOR\PHQW
t EX\SURSHUW\VXEMHFWWRFHUWDLQFRQGLWLRQV
7KHDJUHHPHQWEHWZHHQ6ZLW]HUODQGDQGWKH
(8PDNHVSURYLVLRQVIRUJUDQWLQJORQJWHUP
ZRUNSHUPLWVUXQQLQJIRUĺYH\HDUVDQG
VKRUWWHUPSHUPLWVUXQQLQJIRUXSWRD\HDU
7KHSHUPLWZLOOEHUHQHZHGLIWKHSHUVRQ
FRQFHUQHGFRQWLQXHVWREHLQJDLQIXOHPSOR\
PHQW6KRUWWHUPUHVLGHQWVDUHQRORQJHU
REOLJHGWROHDYH6ZLW]HUODQGDVVRRQDVWKHLU
FRQWUDFWHQGV
7KH)UHH0RYHPHQWRI3HUVRQV$JUHHPHQW
DQGLWVVXSSOHPHQWDU\SURWRFRODSSO\WRDOO
QDWLRQDOVRI(8PHPEHUVWDWHVLHDQ\RQH
KROGLQJDSDVVSRUWLVVXHGE\DQ(8PHPEHU
VWDWH()7$VWDWHVDQG6ZLW]HUODQG
7KH$JUHHPHQWGRHVQRWDIIHFWQDWLRQDOV
RIRWKHUVWDWHVH[FHSWLQWKHFDVHRIIDPLO\
PHPEHUVRUZRUNHUVIURPRWKHUVWDWHVZKR
DUHLQWHJUDWHGLQWRWKHODERXUPDUNHWRIWKH
(8DQGWHPSRUDULO\SURYLGHVHUYLFHVLQ
6ZLW]HUODQGRQEHKDOIRIDEXVLQHVVEDVHG
LQWKH(8LHSRVWHGHPSOR\HHV
7KHULJKWWRIUHHPRYHPHQWLVHQMR\HGE\
SHRSOHLQHPSOR\PHQWZKHWKHUHPSOR\HGRU
VHOIHPSOR\HGDQGSHRSOHZLWKRXWHPSOR\
PHQWSHQVLRQHUVVWXGHQWVDQGRWKHUV
SURYLGHGWKH\KDYHKHDOWKLQVXUDQFHDQG
GLVSRVHRIĺQDQFLDOPHDQVVXIĺFLHQWWRHQVXUH
WKDWWKH\FDQVXSSRUWWKHPVHOYHVZLWKRXW
EHFRPLQJDEXUGHQRQWKHVRFLDOVHFXULW\
V\VWHPIRULQVWDQFHKDYLQJWRGUDZFDQWRQDO
VXSSOHPHQWDU\EHQHĺWVDVDSHQVLRQHU
<RXFDQDSSO\WRWKHFDQWRQDOLPPLJUDWLRQ
DXWKRULW\>0LJUDWLRQVDPW@RQOLQHIRUD
UHVLGHQFHSHUPLWSULRUWR\RXUDUULYDOLQ
6ZLW]HUODQG
7\SHVRI3HUPLW
5HVLGHQFHSHUPLW>%(*()7$@
>$XIHQWKDOWVEHZLOLJXQJ@
9DOLGIRUĺYH\HDUVLVVXHGRQSUHVHQWDWLRQ
RIDQHPSOR\PHQWFRQWUDFWUXQQLQJD\HDU
RUPRUHRUZLWKRXWOLPLWFDQDOVREHLVVXHG
LQVWHDGRIDVKRUWWHUPUHVLGHQFHSHUPLW/
YDOLGIRUORQJHUWKDQPRQWKV
6KRUWWHUPUHVLGHQFHSHUPLW>/(*()7$@
,VVXHGRQSUHVHQWDWLRQRIDQHPSOR\PHQW
FRQWUDFWUXQQLQJOHVVWKDQD\HDUWKHYDOLGLW\
RIWKHSHUPLWLVWKHVDPHDVWKHOHQJWK
RIWKHFRQWUDFW7KHSHUPLWFDQEHH[WHQGHG
RUUHQHZHGZLWKRXWWKHKROGHUKDYLQJWROHDYH
6ZLW]HUODQG,WJUDQWVRFFXSDWLRQDODQG
JHJUDSKLFDOPRELOLW\6KRUWWHUPUHVLGHQFH
SHUPLWVYDOLGXSWRIRXUPRQWKVDUHQRWVXEMHFW
WRTXRWD
&URVVERUGHUFRPPXWHUSHUPLW
>*(*()7$@>*UHQ]JÃQJHUEHZLOOLJXQJ@
,VVXHGIRUWKHOHQJWKRIWKHHPSOR\PHQW
FRQWUDFWLIWKLVUXQVIRUOHVVWKDQWZHOYH
PRQWKV2QSUHVHQWDWLRQRIDQHPSOR\PHQW
FRQWUDFWODVWLQJWZHOYHPRQWKVRUPRUH
RURILQGHĺQLWHGXUDWLRQWKHFURVVERUGHU
FRPPXWHUSHUPLWZLOOEHYDOLGIRUĺYH\HDUV
7KHFURVVERUGHUFRPPXWHUPXVWUHWXUQ
KRPHEXWRQO\RQFHDZHHN
7UDLQHHSHUPLW>/(*()7$@
6KRUWWHUPSHUPLWYDOLGIRURQH\HDUEXWPD\
H[FHSWLRQDOO\EHH[WHQGHGIRUDIXUWKHUVL[
PRQWKV7KHSHUPLWLVLVVXHGWRDSSOLFDQWV
DJHGHLJKWHHQWRWKLUW\IRUWKHSXUSRVHRI
REWDLQLQJIXUWKHUWUDLQLQJLQWKHLUSURIHVVLRQ
RULQODQJXDJHV6SHFLDOUXOHVDSSO\WR
WUDLQHHVXQGHULQGLYLGXDOWUDLQHHDJUHHPHQWV
6HWWOHPHQWSHUPLW>&(*()7$@
>1LHGHUODVVXQJ@
$VHWWOHPHQWSHUPLWLVXVXDOO\JUDQWHGWR
QDWLRQDOVRIWKH(8DQG(8PHPEHU
VWDWHVDIWHUDUHJXODUDQGFRQWLQXRXVVWD\
LQ6ZLW]HUODQGRIĺYHRUWHQ\HDUVUHVSHFWLYHO\
7KHULJKWWRUHVLGHLQ6ZLW]HUODQGLVRI
XQOLPLWHGGXUDWLRQDQGLVQRWVXEMHFWWRDQ\
UHVWULFWLRQV7KH)UHH0RYHPHQWRI3HUVRQV
$JUHHPHQWGRHVQRWFRQWDLQSURYLVLRQVIRU
WKHVHWWOHPHQWRIIRUHLJQQDWLRQDOVLQ6ZLW]HU
ODQG1DWLRQDOVIURPWKH(8()7$PHPEHU
VWDWHVDUHHOLJLEOHKRZHYHUIRUDVHWWOHPHQW
SHUPLWXQGHUWKHSURYLVLRQVRIWKH6ZLVV
)RUHLJQ1DWLRQDOV$FWDQGYDULRXVVHWWOHPHQW
DJUHHPHQWV
/,9,1*$1':25.,1*
5HJLVWUDWLRQRQWDNLQJXS
UHVLGHQFHLQWKH&DQWRQ
RI6FKDIIKDXVHQ
>$QPHOGXQJEHL:RKQVLW]QDKPH@
$GHSDUWPHQWRIWKHORFDODGPLQLVWUDWLRQ
FDOOHG(LQZRKQHUNRQWUROOHe5HJLVWUDWLRQ
6XSHUYLVRUVqLVUHVSRQVLEOHIRUPDLQWDLQLQJ
GHWDLOVRIDOOUHVLGHQWVLQWKH&DQWRQRI
6FKDIIKDXVHQ
1HZO\DUULYHGUHVLGHQWVVKRXOGUHJLVWHUDW
WKH(LQZRKQHUNRQWUROOHLQWKHLU&RPPXQH
>:RKQVLW]JHPHLQGH@ZLWKLQGD\VRIWDNLQJ
XSUHVLGHQFHWKHUH
$FTXLULQJ6ZLVVFLWL]HQVKLS
>(UZHUEGHV6FKZHL]HU
%ŞUJHUUHFKWV@
<RXPD\QRUPDOO\PDNHDQDSSOLFDWLRQWR
EHFRPHD6ZLVVQDWLRQDODIWHU\HDUVo
UHVLGHQFH7KHDSSOLFDWLRQLVPDGHWRWKH
&RPPXQHLQZKLFK\RXDUHUHVLGHQW>GLH
:RKQJHPHLQGH@7KHDSSOLFDWLRQLVWKHQ
H[DPLQHGE\FHQWUDOJRYHUQPHQWWKHFDQWRQDO
JRYHUQPHQWDVZHOODVDW&RPPXQHOHYHO
6ZLW]HUODQGDFFHSWVWKHSULQFLSOHRIGXDO
QDWLRQDOLW\$QDSSOLFDQWPD\UHWDLQWKHLU
RULJLQDOQDWLRQDOLW\LIWKH\ZLVKDQGLIWKHRWKHU
FRXQWU\DOVRDFFHSWVGXDOQDWLRQDOLW\
VVVDHMJKDHMDRO@Q@CHDRBGWRLGHQWLI\
FXUUHQWYDFDQFLHV<RXFDQDOVRUHJLVWHUZLWK
DQXSGDWHVHUYLFH-RE/LHIHUDQWZKLFKZLOO
VHQG\RXLQIRUPDWLRQRQQHZRSSRUWXQLWLHV
ZKLFKPDWFK\RXUSURĺOHDVWKH\DSSHDU
)LQGLQJDQDSDUWPHQW
7KHPDMRULW\RIWKH6ZLVVSRSXODWLRQt
DSSUR[LPDWHO\tOLYHVLQUHQWHGĻDWV
7KHUHDVRQIRUWKLVKLJKSHUFHQWDJH
FDQEHWUDFHGEDFNWRWKHIDFWWKDWSXUFKDVLQJ
SURSHUW\LVUHODWLYHO\H[SHQVLYHDQGDOVRWKDW
UHQWHGDFFRPPRGDWLRQLVJHQHUDOO\HTXLSSHG
WRDKLJKVWDQGDUGIRUH[DPSOHLQFOXGLQJ
DĺWWHGNLWFKHQĺWWHGVWRUDJHXQLWVZRRGHQ
ĻRRURUFDUSHWFDEOHWYHWF5HQWVLQ
6FKDIIKDXVHQDUHLQOLQHZLWKDYHUDJHUHQWV
LQ6ZLW]HUODQGRYHUDOOWKRXJKWKH\DUH
FRQVLGHUDEO\ORZHUWKDQWKRVHLQWKHPDMRU
FRQXUEDWLRQVRI=ÙULFK%DVHO%HUQHWF
'HWDLOVRIUHQWHGDFFRPPRGDWLRQtZKHWKHU
DĻDWRUDKRXVHtFDQEHIRXQGLQWKHORFDO
SUHVVYLDHVWDWHDJHQWVRURQWKH,QWHUQHW
7KHUHDUHDOVRFRPSDQLHV5HORFDWLRQ
6HUYLFHVZKLFKPD\EHDEOHWRDVVLVW\RX
ZLWKDUDQJHRIVHUYLFHVLI\RXDUHUHORFDWLQJ
WR6ZLW]HUODQGIURPDEURDG
&RQWDFWDGGUHVVHVRIWKHORFDOSUHVV\RXĺQG
LQWKHFKDSWHUq0HGLDrRQSDJH
'HWDLOHGLQIRUPDWLRQDERXWWKHSURFHVVFULWHULD
DQGFRVWVRIDFTXLULQJ6ZLVVQDWLRQDOLW\DUH
DYDLODEOHIURPWKHRIĺFHVRI\RXUORFDO&RP
PXQH>(LQZRKQHUJHPHLQGH@HJIURPWKH
VHFWLRQ*HPHLQGHYHUZDOWXQJ(LQZRKQHU
NRQWUROOH
5HORFDWLRQ6HUYLFHV
)LQGDMRE
/HDGLQJ&RPPXQLFDWLRQ*PE+
ZZZOHDGLQJFRPPXQLFDWLRQFK
,I\RXDUHORRNLQJIRUDMRELQWKH6FKDIIKDXVHQ
DUHD\RXFDQXVHDVHDUFKIDFLOLW\>-REV
6XFKHU@RQWKHZHEVLWH
2DNOH\+*6HUYLFHV
%7)*0%+%(16/$1'7(67,)5(,
ZZZĺUVWIULHQGVFK
LPSXQNW*PE+
ZZZLPSXQNWFK
3UR3HUV$*
ZZZSURSHUVEL]
$QQD.DWKDULQD5XSOL,PPRELOLHQ
ZZZUXSOLLPPRELOLHQFK
6SRXVH&DUHHU&HQWUH*PE+
ZZZVSRXVHFDUHHUFHQWUHFRP
6WROO7UDEROG
ZZZVWROOWUDEROGFK
5HPRYDO&RPSDQLHV>8P]XJVðUPHQ@
5HDO(VWDWHOLVWHGRQWKH,QWHUQHW
>,PPRELOLHQLP,QWHUQHW@
*HEUÙGHU*RQ]DOH]tLQW0ÓEHOWUDQVSRUWH
ZZZJRQ]DOH]FK
6FKÁĻL7UDQVSRUWHt
0ÓEHOWUDQVSRUWH/DJHU9HUSDFNXQJ
ZZZVFKDHĻLFK
7(27UDQVSRUWH
ZZZWHRWUDQVSRUWHFK
(VWDWH$JHQWV>,PPRELOLHQPDNOHU@
>HLQH$XVZDKO@
%DUQHU$*
ZZZEDUQHUKDXVFK
'RZD,PPRELOLHQWUHXKDQG$*
ZZZGRZDFK
(306ZLVV3URSHUW\0DQDJHPHQW$*
ZZZHSPVZLVVFK
0DUWLQ*ORRU$*
ZZZJORRULPPRFK
*UDI3DUWQHU,PPRELOLHQ$*
ZZZLPPREDJFK
LPSXQNW*PE+
ZZZLPSXQNWFK
%ÙKUHU3DUWQHU,PPRELOLHQ$*
ZZZEXHKUHUSDUWQHUFK
'U.XUW3H\HU$*
ZZZSH\HULPPREFK
5*ELPPRELOLHQJPEK
ZZZUJELPPRELOLHQFK
5LWWHU,PPRELOLHQ7UHXKDQG$*
ZZZULWWHULPPRELOLHQFK
ZZZHLQNOHLQHVSDUDGLHVFK>%DXHQXQG:RKQHQ@
ZZZVKLPPRPDUNWFK
ZZZLPPRVFRXWFK
ZZZKRPHJDWHFK
ZZZDOOHLPPRELOLHQFK
5HQWLQJDFFRPPRGDWLRQ
,WLVFRPPRQSODFHIRUSURSHUW\RZQHUV
>9HUPLHWHU@WRDVNSRWHQWLDOWHQDQWVWR
FRPSOHWHDTXHVWLRQQDLUHFRYHULQJDUDQJH
RISHUVRQDOGHWDLOVEHIRUHWKHFRQWUDFWLV
VLJQHGLQRUGHUWRYHWWKHSRWHQWLDOWHQDQW
(TXDOO\DFKHFNRISRWHQWLDOWHQDQWVo
FUHGLWZRUWKLQHVVLVRIWHQXQGHUWDNHQ3OHDVH
QRWHWKDWWKHUHLVQRUHTXLUHPHQWWRSURYLGH
LQIRUPDWLRQRWKHUWKDQ\RXUQDPHDGGUHVV
\RXU5HVLGHQFH3HUPLWGHWDLOVRI\RXU
PRQWKO\LQFRPHDQGtSRVVLEO\tGHWDLOVRI
DQ\SHWV4XHVWLRQVZKLFKVHHNLQIRUPDWLRQ
RQPDULWDOVWDWXVUHOLJLRQHWFDUHLOOHJDO
5HQWDODJUHHPHQW>GHU0LHWYHUWUDJ@
7KHUHQWDODJUHHPHQW>GHU0LHWYHUWUDJ@FRYHUV
DZLGHUDQJHRILVVXHVLQGHWDLO,WPXVW
LQFOXGHDOOGHWDLOVUHJDUGLQJUHQWDGGLWLRQDO
FRVWVSHULRGRIQRWLFHHWF*DUDJHVDQGRU
SDUNLQJVSDFHVDUHVXEMHFWWRDVHSDUDWH
DJUHHPHQWRUOLVWHGVHSDUDWHO\LQWKHUHQWDO
DJUHHPHQW$Q\LVVXHVQRWVSHFLĺFDOO\OLVWHG
LQWKHUHQWDODJUHHPHQWZLOOEHGHDOWZLWKLQ
DFFRUGDQFHZLWKWKH6ZLVVODZ>GDV6FK
ZHL]HULVFKH2EOLJDWLRQHQUHFKWt25@DQGLQ
SDUWLFXODUVWLSXODWLRQVeLQGLH9HURUGQXQJ]XP
0LHWUHFKW90:*r,QJHQHUDOSULFHVIRUUHQWDO
DFFRPPRGDWLRQDUHQRWRSHQWRQHJRWLDWLRQ
/,9,1*$1':25.,1*
5HQWDOFRVWV>GLH0LHWNRVWHQ@
,QJHQHUDOWKHUHQWDOFRVW>GLH0LHWH@IRU
DKRXVHRUĻDWRQO\FRYHUVWKHFRVWRI
WKHDFFRPPRGDWLRQDQGQRWDGGLWLRQDOFRVWV
>GLH1HEHQNRVWHQ@,QFUHDVHVRUGHFUHDVHV
LQUHQWDOFRVWFDQEHLQWURGXFHGLQUHVSRQVHWR
LQWHUHVWUDWHFKDQJHVRUIROORZLQJVXEVWDQWLDO
UHQRYDWLRQRIWKHSURSHUW\,QIRUPDWLRQDERXW
XQGHUZKDWFLUFXPVWDQFHVFKDQJHVDUHOHJDOO\
SRVVLEOHLVDYDLODEOHIURPWKH6ZLVV7HQDQWVo
$VVRFLDWLRQ>GHU6FKZHL]HULVFKH0LHWHUYHU
EDQG@ZKLFKKDVDEUDQFKLQ6FKDIIKDXVHQ
$GGLWLRQDOFRVWV>GLH1HEHQNRVWHQ@
7KHDGGLWLRQDOFRVWV>GLH1HEHQNRVWHQ@
FKDUJHGWRWHQDQWVLQFOXGHDOOVHUYLFHFKDUJHV
FRQQHFWHGZLWKWKHSURSHUW\KHDWLQJZDWHU
HOHFWULFLW\FRQFLHUJHHWF7KHDGGLWLRQDO
FRVWV>GLH1HEHQNRVWHQ@DUHLQFOXGHGLQWKH
UHQWDOFKDUJHRUDUHFKDUJHGVHSDUDWHO\
JHQHUDOO\SDLGLQDGYDQFH,QWKHODWWHUFDVH
WKHODQGORUGPXVWSURGXFHDQDQQXDORYHUYLHZ
RIFKDUJHVDQGHLWKHUUHIXQGRUFODLPWKH
GLIIHUHQFHEHWZHHQDGYDQFHSD\PHQWVPDGH
DQGDFWXDOFRVWVLQFXUUHG
&KDUJHVUHODWLQJWRXVHRIVHUYLFHVE\
LQGLYLGXDOWHQDQWVHJWHOHSKRQHFRVWV>GLH
7HOHIRQJHEÙKUHQ@HQHUJ\FRVWVIRUWKH
UHVSHFWLYHĻDWFDEOHWYHWFDUHQRWLQFOXGHG
LQWKHDGGLWLRQDOFRVWV>GLH1HEHQNRVWHQ@
3D\PHQWRIDERQGGHSRVLW
>GDV0LHW]LQVGHSRW@
7KHODQGORUGLVHQWLWOHGWRGHPDQGSD\PHQW
RIDERQGGHSRVLWQRUPDOO\DPXOWLSOHRIWKH
PRQWKO\UHQWDOFKDUJHQRWH[FHHGLQJ
PRQWKVKRZHYHUDVVHFXULW\DJDLQVWGHIDXOW
RQSD\PHQWRUGDPDJHWRWKHSURSHUW\7KH
VXPLVSDLGLQWRDEDQNDFFRXQWLQWKHQDPH
RIWKHWHQDQW,QFDVHVRIGLVSXWHVDPHGLD
WLRQVHUYLFHLVDYDLODEOH>eGLH6FKOLFKWXQJV
VWHOOHIÙU0LHWVDFKHQq@
2QWDNLQJRYHUUHQWDODFFRPPRGDWLRQ
>GHU0LHWDQWULWW@
2QWDNLQJRYHUUHQWDODFFRPPRGDWLRQLW
LVHVVHQWLDOWKDWDGHWDLOHGUHFRUG>3URWRNROO@
RIWKHFRQGLWLRQRIWKHĻDWLVFRPSLOHGDQG
VLJQHGE\ERWKSDUWLHV$Q\LVVXHVRYHUORRNHG
DQGQRWUHFRUGHGLQWKLVLQLWLDOVWDWHPHQW
RIWKHFRQGLWLRQRIWKHDFFRPPRGDWLRQPD\
EHFKDUJHGWRWKHWHQDQWZKHQWKH\PRYHRXW
<RXDUHDGYLVHGWRFKHFNWKHDFFRPPRGDWLRQ
FDUHIXOO\DQGWRQRWHDQ\GHIHFWVGDPDJHDQG
WKHJHQHUDOVWDWHRIWKHĻDW,I\RXGLVFRYHU
DQ\GHIHFWVRQVXEVHTXHQWO\PRYLQJLQWRWKH
ĻDW\RXPXVWLQIRUPWKHODQGORUGLQZULWLQJ
tE\UHJLVWHUHGSRVWtZLWKLQGD\V,WLVWKHQ
IRUWKHODQGORUGWRGHFLGHZKHWKHUWKH\UHSDLU
RUDWWHQGWRWKHSUREOHPUHSRUWHG$Q\
GDPDJHZKLFKDIIHFWVWKHTXDOLW\RIWKH
DFFRPPRGDWLRQPXVWEHGHDOWZLWKKRZHYHU
3HULRGRIQRWLFH
>GLH.ŞQGLJXQJGHV0LHWREMHNWV@
7KHSHULRGRIQRWLFHDQGWKHGDWHVE\ZKLFK
QRWLFHPXVWEHVHUYHGDUHVHWRXWLQWKHUHQWDO
DJUHHPHQW7KHSHULRGRIQRWLFHIRUUHQWDO
DFFRPPRGDWLRQLVXVXDOO\PRQWKVZLWK
WKHH[FHSWLRQRIWKHHQGRIWKH\HDU,IDWHQDQW
GRHVQRWREVHUYHWKHSHULRGRIQRWLFH
VWLSXODWHGWKH\PXVWHLWKHUĺQGDVXLWDEOH
QHZWHQDQWWRWDNHRQWKHSURSHUW\RUSD\
WKHUHQWXQWLOWKHHQGRIWKHFRQWUDFW
+DQGLQJRYHUWKHSURSHUW\
>GLH$EJDEHGHV0LHWREMHNWV@
7KHWHQDQWPXVWOHDYHWKHĻDWLQDQDEVROXWHO\
FOHDQVWDWHZKHQPRYLQJRXW:HUHFRPPHQG
XVLQJWKHVHUYLFHVRIDORFDOFOHDQLQJ
FRPSDQ\>5HLQLJXQJVGLHQVW@IRUWKLVSXUSRVH
WRJXDUDQWHHWKHKDQGLQJRYHU>$EQDKPH@
LVVLJQHGZLWKRXWXQQHFHVVDU\SUREOHPV
3HWV>+DXVWLHUH@
/DQGORUGVDUHDOORZHGWREDQSHWV>+DXVWLHUH@
6PDOOSHWV>.OHLQWLHUH@VXFKDVFDQDULHV}KDP
VWHUVJXLQHDSLJVHWFFDQEHNHSWZLWKRXWWKH
DJUHHPHQWRIWKHODQGORUGtWKHJXLGLQJSULQFLSOH
LVWKDWWKH\VKRXOGQRWGLVWXUEQHLJKERXUV
)XUWKHULQIRUPDWLRQ
3ULYDWHO\RZQHGSURSHUW\
6FKOLFKWXQJVVWHOOHIÙU0LHWVDFKHQ
ZZZVKFK
$SSURYDO>GLH%HZLOOLJXQJ@
&HUWDLQUHVWULFWLRQVDSSO\WRWKHSXUFKDVHRIODQG
IRUEXLOGLQJDQGUHVLGHQWLDOSURSHUW\E\IRUHLJQ
QDWLRQDOVWKRXJKWKHSXUFKDVHRISURSHUW\IRU
RQHpVRZQXVHLVQRWVXEMHFWWRDSSURYDO
0LHWHUYHUEDQG6FKDIIKDXVHQXQG8PJHEXQJ
ZZZPLHWHUYHUEDQGFK
+DXVHLJHQWÙPHUYHUEDQG6FKDIIKDXVHQ
ZZZKHYVKFK
$WKRPH
7KHUHQWDODJUHHPHQWLVWKHOHJDOEDVLV
UHJXODWLQJWKHXVHRIDĻDWRUKRXVH,Q
DGGLWLRQWKHUHLVDUDQJHRIRWKHUUHJXODWLRQV
DQGKRXVHUXOHV>GLH+DXVRUGQXQJ@DLPHG
WRPDNHHYHU\RQHpVOLIHHDVLHUDQGPRUH
DJUHHDEOH$IHZSRLQWHUVDUHOLVWHGEHORZ
t 9HU\IHZIODWVKDYHWKHLURZQZDVKLQJ
PDFKLQH>:DVFKPDVFKLQH@8VXDOO\WKHUH
LVDVFKHGXOHDYDLODEOHVKRZLQJZKHQ\RX
PD\XVHWKHODXQGU\URRP>:DVFKNÙFKH@
DQGGU\LQJDUHD>7URFNQXQJVUDXP@
t $YRLGPDNLQJQRLVHRYHUOXQFKWLPHDQG
DIWHUSP>@HJVKRZHULQJ
KRRYHULQJOLVWHQLQJWRORXGPXVLFHWF
6XQGD\VDUHOLWHUDOO\GD\VRIUHVW>5XKH
WDJH@DQG\RXDUHQRWDOORZHGWRXVH
ODZQPRZHUVRURWKHUQRLV\PDFKLQHV
RUDSSOLDQFHV
t ,I\RXDUHSODQQLQJDSDUW\LWLVDGYLVDEOH
WRLQIRUP\RXUQHLJKERXUVDQGWU\WR
PRGHUDWHWKHOHYHORIQRLVHODWHULQWKH
HYHQLQJ
t :KHQ\RXPRYHLQWRDFFRPPRGDWLRQJR
DQGLQWURGXFH\RXUVHOIWR\RXUQHLJKERXUV
>GLH1DFKEDUQ@7KH\ZLOOH[SHFW\RXWR
WDNHWKHILUVWVWHSDQGLQLWLDWHFRQWDFW
t $JRRGUHODWLRQVKLSZLWKWKHQHLJKERXU
KRRG>GLH1DFKEDUVFKDIW@LPSURYHVWKH
TXDOLW\RIOLIH>GLH/HEHQVTXDOLWÁW@
t ,I\RXDUHLQYLWHGWRVRPHRQHpVKRPH\RXU
KRVW>GHU*DVWJHEHU@RUKRVWHVV>GLH
*DVWJHEHULQ@ZRXOGEHGHOLJKWHGLI\RX
WDNHDVPDOOJLIWHJIORZHUVIRUWKHKRVWHVV
RUDERWWOHRIZLQHIRUWKHKRVW
%XLOGLQJODQG>GDV%DXODQG@
5HVLGHQWLDODFFRPPRGDWLRQPD\RQO\EHEXLOW
RQODQGLQ]RQHVGHVLJQDWHGIRUGHYHORSPHQW
7KHSODQVRIVXFKDUHDV>GLH=RQHQSOÁQH@DUH
DYDLODEOHDWWKHRIĺFHVRIWKHFRPPXQH>GLH
*HPHLQGHYHUZDOWXQJ@RUWKHPXQLFLSDORIĺFHV
>GLH6WDGWYHUZDOWXQJ@7KHFRVWRIUHDOHVWDWH
RIWHQGRHVQRWLQFOXGHWKHFRVWVRIFRQQHF
WLRQVWRVHUYLFHVVXFKDVHOHFWULFLW\PDLQV
WHOHSKRQHOLQHVJDVVXSSO\GUDLQVFDEOHWY
<RXZLOODOVRQHHGWRREVHUYHDQXPEHURI
UHJXODWLRQVHJFRQFHUQLQJWKHUDWLRRIOLYLQJ
VSDFHWRWRWDOVXUIDFHDUHDRIDSORWRIODQG
>FDOOHGGLH$XVQÙW]XQJV]LIIHU@WKHPD[LPXP
QXPEHURIVWRUH\VDEXLOGLQJLQDSDUWLFXODU
ORFDWLRQPD\KDYHWKHRYHUDOOKHLJKWRIWKH
EXLOGLQJWKHPLQLPXPGLVWDQFHIURPRWKHU
EXLOGLQJVDQGERXQGDULHV,I\RXDUHFRQVLGHULQJ
SXUFKDVLQJODQGIRUUHVLGHQWLDOXVHZHFRQVLGHU
XVLQJWKHVHUYLFHVRIDQHVWDWHDJHQW>HLQH
,PPRELOLHQĺUPD@RUDUFKLWHFW>HLQ$UFKLWHNW@
%X\LQJDKRXVH>GHU+DXVNDXI@
3URSHUWLHVDUHRIIHUHGIRUVDOHLQWKHSUHVVYLD
HVWDWHDJHQWVDQGRQWKHLQWHUQHW7KHSULFH
FDQYDU\GHSHQGLQJRQORFDWLRQ3ULFHVIRU
QHZO\EXLOWGHWDFKHGSURSHUWLHVDUHDURXQG
&+)pDQGDUHVXEMHFWWRQHJRWLDWLRQ
%X\LQJDñDW>GDV6WRFNZHUNHLJHQWXP
RUGLH(LJHQWXPVZRKQXQJ@
%X\LQJDĻDW>GLH(LJHQWXPVZRKQXQJ@LVVXEMHFW
WRWKHVDPHSURFHGXUHDVEX\LQJDKRXVH
,QWKHFDVHRIĻDWVFHUWDLQIDFLOLWLHVDUHXVHG
FRPPXQDOO\DQGDIXQGLVHVWDEOLVKHGWRFRYHU
PDLQWHQDQFHFRVWVZLWKHDFKRZQHUFRQWULEXW
LQJWRWKHIXQG2QFHD\HDULIQRWPRUH
IUHTXHQWO\WKHUHDUHPHHWLQJVRIWKHRZQHUV
/,9,1*$1':25.,1*
>e(LJHQWÙPHUYHUVDPPOXQJHQq@ZKLFKGHFLGH
DPRQJRWKHUWKLQJVRQWKHXVHWRZKLFKWKH
IXQGVKRXOGEHSXW7KHDGPLQLVWUDWLRQRIEORFNV
RIĻDWVLVRIWHQFDUULHGRXWE\DSURSHUW\PD
QDJHPHQWFRPSDQ\>,PPRELOLHQ7UHXKÁQGHU@
&RQWUDFW>GHU9HUWUDJ@
&RQWUDFWVPXVWEHLQZULWLQJ7KHFRQWUDFW
WDNHVHIIHFWZKHQLWLVHQWHUHGLQDUHJLVWHU>GDV
*UXQGEXFK@KHOGE\WKH&RPPXQH)XUWKHU
LQIRUPDWLRQFDQEHREWDLQHGIURPWKHRIĺFHV
LQ\RXUFRPPXQHZKLFKNHHSWKHUHJLVWHU
RISURSHUWLHV>GDV.DQWRQDOH*UXQGEXFKDPW@
RUDQ\HVWDWHDJHQW>,PPRELOLHQPDNOHU@
*UXQGEXFKDPWGHV.DQWRQV6FKDIIKDXVHQ
ZZZVKFK
1RWLRQDOUHQWDOYDOXH>GHU(LJHQPLHWZHUW@
7KHFRQFHSWRIQRWLRQDOUHQWDOYDOXH>GHU
(LJHQPLHWZHUW@LVSHFXOLDUWR6ZLW]HUODQGDQG
UHTXLUHGIRUWKHWD[GHFODUDWLRQ>GLH6WHXHU
HUNOÁUXQJ@,WLVDQRWLRQDOYDOXHZKLFKWKH
SURSHUW\ZRXOGJHQHUDWHLILWZHUHUHQWHG7KH
YDOXHLVFDOFXODWHGE\DJRYHUQPHQWGHSDUW
PHQW>GDV$PWIÙU*UXQGVWÙFNVFKÁW]XQJHQ@
DQGKDVWREHGHFODUHGDVLQFRPH>(LQNRP
PHQ@$WWKHVDPHWLPHLQWHUHVWSD\PHQWV
DQGPDLQWHQDQFHFRVWVDUHWD[GHGXFWLEOH
3URSHUW\PXVWEHLQVXUHGZLWKWKH&DQWRQ
>GLH.DQWRQDOH*HEÁXGHYHUVLFKHUXQJ@DJDLQVW
GDPDJHE\ĺUHDQGZDWHU,WLVXSWRWKH
SURSHUW\RZQHUWRGHFLGHRQZKHWKHUDQG
ZKHUHWRLQVXUHDJDLQVWRWKHUULVNV
)LQDQFH>GLH)LQDQ]LHUXQJ@
3URSHUW\SXUFKDVHVFDQEHĺQDQFHGYLD
EDQNV7KHĺQDQFLDOSDFNDJHLVQRUPDOO\
GLYLGHGLQWRWZRFRPSRQHQWV>GLHHUVWHDQG
GLH]ZHLWH+\SRWKHN@7KHĺUVWSDFNDJH
>GLHHUVWH+\SRWKHN@FRYHUVXSWRRIWKH
FXUUHQWSURSHUW\YDOXHDQGJHQHUDOO\GRHV
QRWKDYHWREHSDLGRII7KHVHFRQGSDFNDJH
>GLH]ZHLWH+\SRWKHN@FRYHULQJXSWR
RIWKHFXUUHQWSURSHUW\YDOXHFDUULHVD
KLJKHULQWHUHVWUDWHtJHQHUDOO\RYHUDWHUP
RI\HDUVtDQGGRHVKDYHWREHSDLGRII
0RUWJDJHLQWHUHVWUDWHVYDU\IURPEDQNWR
EDQNDQGGHSHQGLQJRQWKHHFRQRPLFFOLPDWH
EXWDUHJHQHUDOO\EHWZHHQDQG
7KHLQWHUHVWUDWH>GLH=LQVHQ@IRUWKHVHFRQG
FRPSRQHQW>GLH]ZHLWH+\SRWKHN@DUH
JHQHUDOO\WRKLJKHUWKDQWKHUDWH
IRUWKHĺUVWFRPSRQHQW>GLHHUVWH+\SRWKHN@
(VWDWH$JHQWV>,PPRELOLHQPDNOHU@
%DUQHU$*
ZZZEDUQHUKDXVFK
'RZD,PPRELOLHQWUHXKDQG$*
ZZZGRZDFK
(306ZLVV3URSHUW\0DQDJHPHQW$*
ZZZHSPVZLVVFK
0DUWLQ*ORRU$*
ZZZJORRULPPRFK
*UDI3DUWQHU,PPRELOLHQ$*
ZZZLPPREDJFK
LPSXQNW*PE+
ZZZLPSXQNWFK
%ÙKUHU3DUWQHU,PPRELOLHQ$*
ZZZEXHKUHUSDUWQHUFK
'U.XUW3H\HU$*
ZZZSH\HULPPREFK
5*ELPPRELOLHQJPEK
ZZZUJELPPRELOLHQFK
5LWWHU,PPRELOLHQ7UHXKDQG$*
ZZZULWWHULPPRELOLHQFK
$QQD.DWKDULQD5XSOL,PPRELOLHQ
ZZZUXSOLLPPRELOLHQFK
6WROO7UDEROG
ZZZVWROOWUDEROGFK
5HDO(VWDWHOLVWHGRQWKH,QWHUQHWDVHOHFWLRQ
ZZZHLQNOHLQHVSDUDGLHVFK%DXHQXQG:RKQHQ
ZZZVKLPPRPDUNWFK
ZZZLPPRVFRXWFK
ZZZKRPHJDWHFK
ZZZDOOHLPPRELOLHQFK
&RPPXQLFDWLRQ
7HOHSKRQH
(YHU\UHQWHGSURSHUW\LQ6ZLW]HUODQGKDVD
WHOHSKRQHFRQQHFWLRQ<RXDUHIUHHWRXVHWKH
WHOHSKRQHFRPSDQ\RI\RXUFKRLFHKRZHYHU
WKHFRQQHFWLRQLWVHOIKDVWREHUHJLVWHUHGZLWK
WKHQDWLRQDOSURYLGHU6ZLVVFRP7HOHSKRQH
KDQGVHWV,6'1HWFKDYHWREHSXUFKDVHGE\
WKHLQGLYLGXDOXVHU,QIRUPDWLRQRQWHOHSKRQHV
DQGVHUYLFHSURYLGHUVLVDYDLODEOHIURP
VSHFLDOLVWVKRSV
5HJLVWUDWLRQIRUPV>$QPHOGHIRUPXODU@IRUWKH
FRQQHFWLRQ>7HOHIRQDQVFKOXVV@DUHDYDLODEOH
IURP6ZLVVFRPRUFDQEHFRPSOHWHGRQOLQH
DWZZZVZLVVFRPFK
7KHIROORZLQJLQIRUPDWLRQLVQHHGHGWR
FRPSOHWHUHJLVWUDWLRQ
t 7\SHRIFRQQHFWLRQ\RXUHTXLUHDQDORJXH
,6'1
t 3HUVRQDOGHWDLOVQDPHGDWHRIELUWK
QDWLRQDOLW\
t 7\SHRI5HVLGHQFH3HUPLW
t 7KHDGGUHVVDWZKLFKWKHFRQQHFWLRQ
LVORFDWHGDQGWKHLQYRLFHDGGUHVV
t 7HOHSKRQHQXPEHUQDPHRIWKHSUHYLRXV
WHQDQWRUQDPHDQGDGGUHVVRIWKHODQGORUG
t &RQQHFWLRQGDWH
)RUHLJQQDWLRQDOVUHTXHVWLQJFRQQHFWLRQIRU
WKHĺUVWWLPHKDYHWRSD\DERQGRUGHSRVLWRI
&+)WR6ZLVVFRP7KLVERQGLVUHIXQGHG
ZLWKLQWHUHVWDIWHURQH\HDURURQPRYLQJRXW
RI6ZLW]HUODQG
7HOHSKRQHQXPEHU
7KHDUHDFRGHIRU6FKDIIKDXVHQLV[[[[[[[
:KHQFDOOLQJIURPDEURDGGLDO[[[[[[[
0RELOH3KRQHV
7KHUHDUHYDULRXVPRELOHSKRQHQHWZRUN
SURYLGHUVLQ6ZLW]HUODQG6ZLVVFRP6XQULVH
2UDQJHHWF7KHVHQHWZRUNVDUHEDVHGRQWKH
*60VWDQGDUG,QIRUPDWLRQRQFDOOSODQV
SULFHVHWFDUHDYDLODEOHIURPVSHFLDOLVWVKRSV
RUWKHQHWZRUNSURYLGHUVWKHPVHOYHV
5DGLR79
0RVWĻDWVDQGKRXVHVKDYHDFDEOHFRQQHF
WLRQ7KH6FKDIIKDXVHQFDEOHFRPSDQ\VDVDJ
.DEHONRPPXQLNDWLRQ$*RIIHUVDURXQGWY
DQGUDGLRVWDWLRQV>DQDORJDQGGLJLWDO@
7KHUHLVDFKDUJHIRUUHFHLYLQJ79DQGUDGLR
VHUYLFHV7RUHJLVWHUFRQWDFW
%LOODJ$*
ZZZELOODJFK
,QWHUQHW
9DULRXVFRPSDQLHVtHJ6ZLVVFRP6XQULVH
2UDQJHHWFtRIIHU,QWHUQHWDFFHVVYLD\RXU
WHOHSKRQHOLQH,QWKHWRZQRI6FKDIIKDXVHQ
DQGLQ1HXKDXVHQDP5KHLQIDOO,QWHUQHW
DFFHVVLVDOVRDYDLODEOHYLDWKH79FDEOH
QHWZRUN07)$*3&'6$*
2UDQJH
ZZZRUDQJHFK
VDVDJ.DEHONRPPXQLNDWLRQ$*
ZZZVDVDJFK
07)6FKDIIKDXVHQ$*
ZZZPWIVKFK
3&'LUHNW6\VWHPV$*
ZZZSFGVFK
6XQULVH
ZZZVXQULVHFK
6ZLVVFRP)L[QHW$*
ZZZVZLVVFRPFK
/,9,1*$1':25.,1*
(QHUJ\
(OHFWULFLW\>(OHNWUL]LWÃW@
0DLQVYROWDJHLV9ROW0RVWĻDWVKDYH
SLQVRFNHWV$QDGDSWHULVUHTXLUHGIRU
DSSOLDQFHVZLWKD6FKXNRSOXJRUD86QRUP
SOXJ7KLVFDQEHSXUFKDVHGLQHOHFWULFDO
VKRSV
(OHFWULFLW\SULFHVYDU\E\VHDVRQDQGE\WLPH
RIGD\EHWZHHQ&+)DQGN:K
*DV>*DV@
7KHWRZQ>6WDGW6FKDIIKDXVHQ@1HXKDXVHQ
DP5KHLQIDOO7KD\QJHQ%HULQJHQDQG
SDUWLDOO\6WHWWHQDUHFRQQHFWHGWRDQHWZRUN
VXSSO\LQJQDWXUDOJDV1RWDOOSURSHUWLHVDUH
FRQQHFWHGWRWKHQHWZRUNKRZHYHU
:DWHU>:DVVHU@
,QDOODUHDVRIWKHFDQWRQWKHGULQNLQJZDWHU
TXDOLW\LVH[FHSWLRQDOO\KLJKDQGLQVRPH
&RPPXQHVLWUHDFKHVWKHTXDOLW\RIPLQHUDO
ZDWHU&KDUJHVYDU\EXWDUHJHQHUDOO\LQWKH
UDQJHRI&+)SURFXELFPHWHU
(OHFWULFLW\JDVDQGZDWHUFKDUJHVDUHEDVHG
RQDFWXDOFRQVXPSWLRQ0HWHUVDUHLQVWDOOHG
WRPHDVXUHFRQVXPSWLRQDQGDUHSHULRGLFDOO\
UHDGE\VWDIIRIWKHUHVSHFWLYHVXSSOLHU
:DVWHGLVSRVDO>GLH(QWVRUJXQJ@
:KHQ\RXPRYHLQ\RXZLOOUHFHLYHLQIRUPD
WLRQDERXWZDVWHGLVSRVDODUUDQJHPHQWV
+RXVHKROGZDVWH>GHU+DXVPŞOO@
:DVWHFROOHFWLRQ>GLH0ÙOODEIXKU@LVFKDUJHG
IRULQDOODUHDVRIWKHFDQWRQ$OOFRPPXQHV
OHY\DFKDUJHSHUEDJRIUHIXVHLQZKLFKFDVH
WKHZDVWHGLVSRVDOEDJVKDYHWREHPDUNHG
ZLWKWKHDSSURSULDWHVWLFNHU>HLQH*HEÙKUHQ
PDUNH@7KHVHFDQEHREWDLQHGDWWKHRIĺFHV
RIWKH&RPPXQH>GLH*HPHLQGHYHUZDOWXQJ@DW
WKHSRVWRIĺFH>GLH3RVW@DQGLQYDULRXVVKRSV
%LRGHJUDGDEOHZDVWH>GHU*UŞQDEIDOO@
,QVRPH&RPPXQHVELRGHJUDGDEOHZDVWH
FDQEHGLVSRVHGRIIUHHRIFKDUJHtHLWKHU
E\XVLQJVSHFLDOELRGHJUDGDEOHEDJVRUE\
GHSRVLWLQJZDVWHDWGHVLJQDWHGFROOHFWLRQ
SRLQWV
6SHFLDOFDWHJRULHVRIZDVWH
>GHU6RQGHUPŞOO@
6SHFLDODUHDVKDYHEHHQHVWDEOLVKHGIRUWKH
FROOHFWLRQRIJODVVFDQVSODVWLFERWWOHV
DOXPLQLXPDQGFRRNLQJRLO7KHVHLWHPVPXVW
EHGLVSRVHGRILQWKHGHVLJQDWHGFRQWDLQHUV
DQGQRWLQFOXGHGZLWKRWKHUZDVWH,QIRUPD
WLRQDYDLODEOHIURPWKH&RPPXQHRUDWWKH
FRPSDQ\VZKLFKDUHPHQWLRQHGRQWKHULJKW
VLGHZLOODOVRFRYHUWKHGLVSRVDORIIXUQLWXUH
DQGEXON\LWHPV>GHU6SHUUPÙOO@HOHFWULFDO
JRRGV>(OHNWURJHUÁWH@EDWWHULHVFKHPLFDOV
WH[WLOHVHWF
.%$+DUG
ZZZDEIDOOVKFKNED
$UQROG6FKPLG5HF\FOLQJ$*
ZZZDVUFK
5HPRQGLV6FKZHL]$*
ZZZUHPRQGLVFK
3DSHU>3DSLHU@
1HZVSDSHUVDQGPDJD]LQHVDUHSHULRGLFDOO\
FROOHFWHGE\YDULRXVRUJDQLVDWLRQV7KH
FROOHFWLRQGDWHVDUHDYDLODEOHIURPWKH
&RPPXQH>GLH*HPHLQGH@RULQWKHORFDO
SUHVV
6FKRRODQG
9RFDWLRQDO7UDLQLQJ
(U]LHKXQJVGHSDUWHPHQWGHV.DQWRQV6FKDIIKDXVHQ
ZZZVKFK
7KHVFKRROV\VWHP
>GDV6FKXOV\VWHP@
6FKRROVDUHUXQE\WKHFDQWRQVtWKDWPHDQV
WKHUHDUHDVPDQ\VFKRROV\VWHPVDVWKHUHDUH
FDQWRQV0RYLQJIURPRQHFDQWRQWRDQRWKHU
PHDQVFKDQJLQJIURPRQHVFKRROV\VWHP
WRDQRWKHU$WWHQGDQFHDWVFKRROtIRUDWOHDVW
QLQH\HDUVtLVREOLJDWRU\LQ6ZLW]HUODQG
7KHVFKRROVLQWKH&DQWRQRI6FKDIIKDXVHQ
DUHJRYHUQHGE\WKH6FKRRO$XWKRULWLHV
>GLH6FKXOEHKÓUGHQ@ZKLFKLQWXUQUHSRUW
WRWKH(GXFDWLRQ'HSDUWPHQWRIWKHFDQWRQ
>GHU(U]LHKXQJVUDW@$OWKRXJKWKHUHDUH
DIHZSULYDWHVFKRROVLWLVXVXDOWRDWWHQG
DVWDWHIXQGHGVFKRRO7KHTXDOLW\RIVWDWH
IXQGHGVFKRROVLVYHU\KLJKDQGSXSLOVUHFHLYH
DYHU\VROLGHGXFDWLRQZKLFKLVDQH[FHOOHQW
EDVLVIRUWKHLUIXWXUH
7KH6ZLVVHGXFDWLRQV\VWHPRIIHUVDZLGH
UDQJHRIURXWHVIRU\RXQJSHRSOHWRSURJUHVV
IURPVFKRROLQWRHPSOR\PHQWRUXQLYHUVLW\
$IWHUFRPSOHWLRQRIWKHĺUVWVWDJHRIVHFRQG
DU\HGXFDWLRQ6HNXQGDUVWXIH,ZKLFKLV
SXUVXHGDWHLWKHUD6HNXQGDUFKXOHRUD
5HDOVFKXOHWKHODWWHUEHLQJOHVVDFDGHPLFDOO\
RULHQWHGWKHUHDUHDQXPEHURISURJUHVVLRQ
URXWHVDYDLODEOHOHDGLQJWRYRFDWLRQDO
VSHFLDOLVPRUWRXQLYHUVLW\OHYHOVWXG\
.LQGHUJDUWHQSUHVFKRRO
>GHU.LQGHUJDUWHQ@
(YHU\FKLOGLVHQWLWOHGWRDWWHQGDNLQGHUJDUWHQ
IRUWZR\HDUVSULRUWRWKHLUVWDUWLQJFRPSXO
VRU\VFKRROLQJ$WWHQGDQFHDWNLQGHUJDUWHQLV
IRUWKHĺUVW\HDUYROXQWDU\EXWWKHVHFRQG\HDU
REOLJDWRU\DQGERWKIUHHRIFKDUJH
7KHVWDWHIXQGHGVFKRROV\VWHPRSHUDWHVDVIROORZV
&RQWLQXLQJHGXFDWLRQ
8QLYHUVLWLHVLQFO
IHGHUDOLQVWLWXWHV
RIWHFKQRORJ\
$GXOWPDWXUDVFKRROV
6HFRQGYRFDWLRQDO
WUDLQLQJ
%06
6SHFLDOLVHG
PLGGOHVFKRROV
0DWXUDVFKRROV
\HDUV
8SSHU6HFRQGDU\
%DVLFYRFDWLRQDO
HGXFDWLRQDQG
WUDLQLQJ
DSSUHQWLFHVKLS
3UHSDUDWLRQVSHFLDOLVHG
PDWXUD%06
%DVLF
YRFDWLRQDO
HGXFDWLRQ
DQGWUDLQLQJ
7HUWLDU\
3UHSDUDWLRQH[DPV &ROOHJHVRIKLJKHU 8QLYHUVLWLHVRIDSSOLHG
RIKLJKHUYRFDWLRQDO YRFDWLRQDOHGXFDWLRQ VFLHQFHVWHDFKHU
HGXFDWLRQDQGWUDLQLQJ
DQGWUDLQLQJ
HGXFDWLRQ
*DS\HDUV
6FKRRO\HDU
6FKRRO\HDU
t6FKRRO\HDU3ULPDU\VFKRRO
6HFRQGDU\
6FKRRO\HDU
6&+22/$1'92&$7,21$/75$,1,1*
3ULPDU\(OHPHQWDU\VFKRRO
>GLH3ULPDUVFKXOH@
3ULPDU\VFKRROSURYLGHVWKHĺUVWIRUPDO
OHDUQLQJH[SHULHQFH&KLOGUHQZKRUHDFKWKH
DJHRIVL[EHIRUHWKHVWRI0D\KDYHWRVWDUW
WKHLUFRPSXOVRU\VFKRROLQJDWWKHVWDUWRIWKH
QHZVFKRRO\HDUDIWHUWKHVXPPHUYDFDWLRQ
7KLVSKDVHODVWV\HDUVDQGOHDGVRQWRHLWKHU
D5HDOVFKXOHRUD6HNXQGDUVFKXOH
5HDOVFKXOH
$5HDOVFKXOHLVOHVVGHPDQGLQJWKDQD
6HNXQGDUVFKXOH5HDOVFKXOHODVWVWKUHH\HDUV
WRZKLFKDIXUWKHU\HDUFDQEHDGGHGDVDQ
RSWLRQ
6HNXQGDUVFKXOH
$6HNXQGDUVFKXOHSURYLGHVDQH[FHOOHQWEDVLV
LQDOOVXEMHFWVDQGWHDFKHVDWOHDVWWZRIRUHLJQ
ODQJXDJHV&RPSOHWLRQRIWKLVSKDVHZKLFK
ODVWVWKUHH\HDUVLVDFFHSWHGDVDEDVLVIRU
PRVWDSSUHQWLFHVKLSSURJUDPPHV$WWHQ
GDQFHDWD6HNXQGDUVFKXOHLVDSUHUHTXLVLWH
IRUSURJUHVVWRD>0LWWHOVFKXOH@DQGSXSLOV
FDQUHJLVWHUIRUWKHHQWUDQFHH[DPIURPWKH
VHFRQG\HDURI>6HNXQGDUVFKXOH@RQZDUGV
7KH3ULPDU\VFKRRODQG>6HNXQGDUVFKXOH@
DUHERWKIUHHRIFKDUJH
6HFRQGVWDJHRI6HFRQGDU\(GXFDWLRQ
>6HNXQGDUVWXIH,,@FRPSOHWHG
DWD0LWWHOVFKXOH
7KH&DQWRQDO6FKRRO>.DQWRQVVFKXOH6FKDII
KDXVHQ@LVWKHRQO\0LWWHOVFKXOH>DJUDPPDU
VFKRRO*\PQDVLXP@LQWKHFDQWRQ$WWKHHQG
RIWKHLUVWXGLHVKHUHSXSLOVDFKLHYHWKH0DWXU
DTXDOLĺFDWLRQRIVLPLODUVW\OHDQGVWDWXVWRWKH
*HUPDQ$ELWXU6WXG\DWWKH)DFKPLWWHOVFKXOH
>)06@LVPRUHYRFDWLRQDOO\RULHQWHGDQGOHDGV
WRDFKLHYHPHQWRID)DFKPLWWHOVFKXODXVZHLV
RU)DFKPDWXUDYRFDWLRQDOHTXLYDOHQWRIWKH
0DWXUTXDOLĺFDWLRQ
3XSLOVSXUVXLQJWKHPRUHDFDGHPLFURXWH
OHDGLQJWRWKH0DWXUVWXG\IRU\HDUV<HDUV
tDQGRSWIRURQHRIWKHIROORZLQJWKUHH
VXEMHFWJURXSLQJV
t 6XEMHFW*URXSLQJ>$XVELOGXQJVSURILO@0
VSHFLDOHPSKDVLVRQPXVLFDQGODQJXDJHV
VSHFLDOHPSKDVLVRQQDWXUDOVFLHQFHVDQG
PDWKV
VSHFLDOHPSKDVLVRQODQJXDJHVDQGWKH
FODVVLFV
$OOWKUHHJURXSLQJVOHDGWRDFKLHYHPHQW
RIDQDWLRQDOO\UHFRJQLVHG0DWXUTXDOLĺFDWLRQ
ZKLFKPHHWVWKHHQWU\UHTXLUHPHQWVRI6ZLVV
XQLYHUVLWLHV
7KHDSSOLHGPRUHYRFDWLRQDOO\RULHQWHGURXWH
LVSXUVXHGDWWKH)DFKPLWWHOVFKXOHDQGODVWV
\HDUV<HDUVtDQGLQFOXGHVDORQJ
VLGHJHQHUDOHGXFDWLRQDEDVLVIRUODWHU
HPSOR\PHQWLQWKHIROORZLQJRFFXSDWLRQDO
DUHDV
t 2FFXSDWLRQDODUHD>%HUXIVIHOG@+HDOWK
1DWXUDO6FLHQFHV
>*HVXQGKHLW1DWXUZLVVHQVFKDIWHQ@
t 2FFXSDWLRQDODUHD>%HUXIVIHOG@6RFLDO&DUH
>6R]LDOHV@
t 2FFXSDWLRQDODUHD>%HUXIVIHOG@7HDFKLQJ
&RPPXQLFDWLRQV
>3ÁGDJRJLN.RPPXQLNDWLRQ@
7KH'LSORPD>'LSORP@DFKLHYHGDWWKH
)DFKPLWWHOVFKXOHLVQDWLRQDOO\UHFRJQLVHG
,WSURYLGHVDFFHVVWRWHUWLDU\VWXG\DWDQ
LQVWLWXWHVXFKDVDeKÓKHUH)DFKVFKXOHr
RUDe)DFKKRFKVFKXOHrDQGWKXVHQWU\LQWR
DSURIHVVLRQLQWKHUHVSHFWLYHRFFXSDWLRQDO
DUHD
7KUHH\HDUVRIJHQHUDOHGXFDWLRQOHDGVWRD
)DFKPLWWHOVFKXODXVZHLVTXDOLILFDWLRQZKLFK
SURYLGHVHQWU\WRIXUWKHUVWXG\DWDKÓKHUH
)DFKVFKXOH>+)@,QRUGHUWRDFKLHYHD
)DFKPDWXULWÁWV]HXJQLVTXDOLILFDWLRQVWXGHQWV
PXVWFRPSOHWHDZRUNH[SHULHQFHSODFHPHQW
XVXDOO\IRU\HDUDQGSDVVDQH[DPZKLFK
JLYHVDFFHVVWRVWXG\DWD)DFKKRFKVFKXOH
>)+@LQWKHLUFKRVHQRFFXSDWLRQDODUHD
%DDR
7XLWLRQDWWKH&DQWRQDO6FKRRO>.DQWRQVV
FKXOH@LVIUHHIRUSXSLOVZKRVHSDUHQWVOLYHLQ
&DQWRQ6FKDIIKDXVHQ7KHFRVWRIERRNVDQG
PDWHULDOVLVQRWLQFOXGHGKRZHYHU$
FRQWULEXWLRQWRWKHFRVWVRIH[FXUVLRQVDQG
ODQJXDJHWULSVLVFKDUJHG
.DQWRQVVFKXOH6FKDIIKDXVHQ
ZZZNDQWLFK
&ROOHJHIRU%XVLQHVVDQG&RPPHUFH
>+DQGHOVPLWWHOVFKXOH@
7KH&ROOHJHLVUXQLQSDUWQHUVKLSZLWKWKH
&DQWRQDO6FKRRO>.DQWRQVVFKXOH6FKDIIKDX
VHQ@7KHLQVWLWXWLRQLVĺQDQFHGE\WKH
+DQGHOVVFKXOH.96FKDIIKDXVHQZKLFKLV
UHVSRQVLEOHIRUWKHFXUULFXOXPDQGIRUVWDQ
GDUGV6WXG\DWWKHFROOHJHOHDGVWRDFKLHYH
PHQWRIDQDWLRQDOO\UHFRJQLVHGGLSORPD
WKH+DQGHOVGLSORPZKLFKLVYDOLGDWHGE\WKH
)HGHUDO0LQLVWU\IRU9RFDWLRQDO6WXG\>%XQGHV
DPWIÙU%HUXIVELOGXQJXQG7HFKQRORJLH@
6WXG\DWWKH&ROOHJHODVW\HDUVDQGWDNHV
SXSLOVZKRKDYHFRPSOHWHGWKHWKLUG\HDURI
VHFRQGDU\HGXFDWLRQ7KHPDLQVXEMHFW
JURXSLQJVDUHDVIROORZV
t /DQJXDJHV
t &RPPHUFHDQG/DZ
t ,QIRUPDWLRQ&RPPXQLFDWLRQVDQG$GPLQLV
WUDWLRQ
t *HQHUDOHGXFDWLRQ
t &URVVGLVFLSOLQDU\VWXGLHV
$IWHUFRPSOHWLRQRIWKHGLSORPDH[DP
>+DQGHOVGLSORP@VWXGHQWVKDYHWRFRPSOHWHD
ZRUNH[SHULHQFHSODFHPHQWLQDQRUJDQLVDWLRQ
DQGODVWLQJDWOHDVWZHHNV7KLVSHULRG
RIOHDUQLQJLQWKHZRUNSODFHLVIROORZHGE\DQ
H[DPWKH%HUXIVPDWXULWÁW7KLVTXDOLĺFDWLRQ
PHHWVWKHHQWU\UHTXLUHPHQWVIRUIXUWKHUVWXG\
DWDWHUWLDU\YRFDWLRQDOFROOHJH>)DFKKRFK
VFKXOH@$OOWKRVHFRPSOHWLQJWKHZRUN
SODFHPHQW\HDUZLOOEHJUDQWHGDQDGGLWLRQDO
TXDOLĺFDWLRQDV.DXIPDQQ.DXIIUDX
%DDR
7XLWLRQDWWKH+DQGHOVPLWWHOVFKXOHLVIUHHIRU
SXSLOVZKRVHSDUHQWVOLYHLQ&DQWRQ6FKDII
KDXVHQ7KHFRVWRIERRNVDQGPDWHULDOV
H[FXUVLRQVODQJXDJHWULSVDQGH[DPIHHV
LVQRWLQFOXGHGKRZHYHU
+DQGHOVPLWWHOVFKXOH6FKDIIKDXVHQ
ZZZKPVVKFK
7HUWLDU\/HYHO&ROOHJHV
>+RFKVFKXOHQ)DFKKRFKVFKXOHQ@
'HFGDQ5NB@SHNM@K"NKKDFDm:%@BGGNBGRBGTKD<
7KHUHDUHPRUHWKDQ+LJKHU9RFDWLRQDO
&ROOHJHV>)DFKKRFKVFKXOHQ@LQ6ZLW]HUODQG
HDFKRIZKLFKRIIHUVSURJUDPPHVLQYRFD
WLRQDODUHDVVXFKDVWHFKQRORJ\EXVLQHVV
GHVLJQHWF7KHGLSORPDVLVVXHGE\WKHVH
DGYDQFHGYRFDWLRQDOFROOHJHVDUHUHFRJQLVHG
LQWHUQDWLRQDOO\
3D@BGDQ3Q@HMHMF"NKKDFDm:/ĖC@FNFHRBGD
'NBGRBGTKD2BG@EEG@TRDM/'2'<RIIHUVWZR
SURJUDPPHVIRUIXWXUHWHDFKHUVIRUSULPDU\
VFKRRO>3ULPDUVWXIH@DQGIRUSUHVFKRRO
>9RUVFKXOVWXIH.LQGHUJDUWHQ@7KHIRXQGDWLRQ
FRXUVHWDNHQLQWKHĺUVW\HDURIVWXG\FRXQWV
WRZDUGVDWHDFKLQJGHJUHHIRUORZHUVHFRQG
DU\VFKRROWHDFKHUV>6HNXQGDUVWXIH,@7KH
SURJUDPPHVFRYHUWKHWKHRU\DQGSUDFWLFH
RIWHDFKLQJDQGVXEMHFWVSHFLĺFSHGDJRJLFDO
PHWKRGV6XFFHVVIXOFRPSOHWLRQOHDGVWR
DQDWLRQDOO\UHFRJQLVHG3D@BGHMF#HOKNL@
>'LSORP@DQGD!@BGDKNQNE QSHM/QHL@QX
NQ/QDOQHL@QX$CTB@SHNM
%RWKSURJUDPPHVRIVWXG\ODVW\HDUV
GLYLGHGLQWRVHPHVWHUV
t $XWXPQWHUP>+HUEVWVHPHVWHU@0LG
6HSWHPEHUZHHNWR&KULVWPDVZHHN
t 6SULQJWHUP>)UÙKOLQJVVHPHVWHU@0LG
)HEUXDU\ZHHNWRHDUO\-XQHZHHN
3UDFWLFDOZRUNDQGRWKHUFRXUVHDFWLYLW\WDNHV
SODFHGXULQJWKHLQWHUVHPHVWHUEUHDNV
6&+22/$1'92&$7,21$/75$,1,1*
3ÁGDJRJLVFKH+RFKVFKXOH6FKDIIKDXVHQ
ZZZSKVKFK
t 'LSORPD<HDUV&XUULFXOXPIRUFKLOGUHQ
DJHGt\HDUV
7KHIROORZLQJXQLYHUVLWLHVDGPLWVWXGHQWV
,66+,QWHUQDWLRQDO6FKRRORI6FKDIIKDXVHQ
ZZZLVVKFK
8QLYHUVLWÁW%DVHO
8QLYHUVLWÁW%HUQ
8QLYHUVLWÁW)UHLEXUJ
8QLYHUVLWÁW%HUQ
8QLYHUVLWÁW.RQVWDQ]*HUPDQ\
8QLYHUVLWÁW/DXVDQQH
8QLYHUVLWÁW/X]HUQ
8QLYHUVLWÁW1HXHQEXUJ
8QLYHUVLWÁW6W*DOOHQ
8QLYHUVLW½GHOOD6YL]]HUDLWDOLDQD/XJDQR0HQGULVLR
8QLYHUVLWÁW=ÙULFK
(LGJ7HFKQLVFKH+RFKVFKXOH=ÙULFK(7+
(LGJ7HFKQLVFKH+RFKVFKXOH/DXVDQQH(3)/
$QRYHUYLHZRI)DFKKRFKVFKXOHQtPRUHYRFDWLRQDOO\
RULHQWHGXQLYHUVLW\OHYHOLQVWLWXWLRQVtFDQEHIRXQGDW
ZZZVZLWFKFKHGXIKKWPO
,QIRUPDWLRQRQHQWU\UHTXLUHPHQWVDQGWKHDSSOLFDWLRQ
SURFHVVIRU6ZLVVXQLYHUVLWLHVLVDYDLODEOHDW
ZZZFUXVFK
3ULYDWHVFKRROV
>GLH3ULYDWVFKXOHQ@
5XGROI6WHLQHU6FKXOH:DOGRUI6FKRRO
7KHVFKRROKDVDNLQGHUJDUGHQDVZHOODVWHQ
JUDGHVFRYHULQJFRPSXOVRU\VFKRROLQJIURP
<HDUWR<HDU
5XGROI6WHLQHU6FKXOH6FKDIIKDXVHQ
ZZZVWHLQHUVFKXOHVKFK
,QWHUQDWLRQDO6FKRRORI6FKDIIKDXVHQ
6FKDIIKDXVHQDOVRKDVDSULYDWHVFKRROWKH
e,QWHUQDWLRQDO6FKRRORI6FKDIIKDXVHQq,66+
ZKLFKIROORZVWKH,QWHUQDWLRQDO%DFFDODXUHDWH
2UJDQL]DWLRQ,%2FXUULFXOXPZKLFKLVWDXJKW
LQ(QJOLVK,66+RIIHUVWKHIROORZLQJVHFWLRQV
t 3ULPDU\<HDUVIRUFKLOGUHQDJHGt
\HDUV@
t 0LGGOH<HDUV&XUULFXOXPIRUFKLOGUHQDJHG
t\HDUV
$GYDQFHGYRFDWLRQDOWUDLQLQJ,7
/HDUQLQJIRU/HLVXUH
+DQGHOVVFKXOH.966FKDIIKDXVHQ
ZZZKVNYVFK
.OXEVFKXOH0LJURV
ZZZNOXEVFKXOHFK
&RPSXFROOHJH
ZZZFRPSXFROOHJHFK
/DQJXDJHVFKRROV>GLH6SUDFKVFKXOHQ@
ZZZKVNYVFK
.OXEVFKXOH0LJURV6FKDIIKDXVHQ
ZZZNOXEVFKXOHFK
(QJOLVK$GYHQWXUH
ZZZHQJOLVKDGYFRP
*RRGPDQ&UHDWLYH/HDUQLQJ*PE+
ZZZJRRGPDQOHDUQLQJFK
-(,6SUDFKVFKXOH
ZZZMHLFK
3DVVDJH
ZZZSDVVDJHVK
5R\pV6FKRRORI(QJOLVK
ZZZUR\VVFKRROFK
6HPD6SUDFKUHLVHQ
ZZZVHPDVSUDFKUHLVHQFK
6SUDFKNXUVH$OWVWDGW%HUQDGHWWH+ÙEVFKHU
ZZZOLQJXDVXGFRP
6SUDFKVFKXOH&ODXGLD.RFK
ZZZFODXGLDNRFKFK
0XVLFVFKRROV>GLH0XVLNVFKXOHQ@
0XVLNVFKXOH6FKDIIKDXVHQ
ZZZPNVKFK
.QDEHQPXVLN6FKDIIKDXVHQ.06
ZZZNQDEHQPXVLNFK
0XVLNVFKXOH6039
ZZZVPSYFK
0XVLNVFKXOH0HJD6RXQG1RYD
ZZZPHJDPXVLNVFKXOHFK
0XVLNVFKXOH$OWVWDGW6FKDIIKDXVHQ
$SSUHQWLFHVKLS>%HUXIVOHKUH@
9RFDWLRQDO&ROOHJH>%HUXIVPLWWHOVFKXOH@
7KHFROOHJHRIIHUVWKRVHSXUVXLQJDYRFDWLRQDO
O\RULHQWHGHGXFDWLRQDQGWUDLQLQJURXWH
DGGLWLRQDOSURJUDPPHVZKLFKFDQEHWDNHQ
DORQJVLGHWKHREOLJDWRU\FRQWHQWRUSURYLGHD
EURDGHUHGXFDWLRQDORIIHURQFHDQDSSUHQWLFH
VKLSKDVEHHQFRPSOHWHG7KLVW\SHRIFROOHJH
LVDYDLODEOHWRHYHU\RQH6XFFHVVIXOFRPSOHWLRQ
RIWKHSURJUDPPHOHDGVWRD%HUXIVPDWXULWÁW
TXDOLĺFDWLRQZKLFKLQWXUQSURYLGHVDFFHVV
WRDKLJKHUYRFDWLRQDOFROOHJH>)DFKKRFK
VFKXOH@DQGRWKHUSURJUHVVLRQURXWHV
)XUWKHULQIRUPDWLRQDERXWYRFDWLRQDOWUDLQLQJLQ
WKH&DQWRQRI6FKDIIKDXVHQLVDYDLODEOHIURP
%%=%HUXIVELOGXQJV]HQWUXP6FKDIIKDXVHQ
ZZZEE]VKFK
$SSUHQWLFHVKLSVDUHKHOGLQH[WUHPHO\KLJK
UHJDUGLQ6ZLW]HUODQG$URXQGGLIIHUHQW
RFFXSDWLRQVFDQEHOHDUQHGYLDDVWUXFWXUHG
WUDLQLQJSURJUDPPHODVWLQJRU\HDUV
7KHTXDOLW\RIRFFXSDWLRQDOO\VSHFLĺFDQG
RIIWKHMREWUDLQLQJLVDPRQJVWWKHEHVWLQWKH
ZRUOG7KHSURJUDPPHOHDGVWRDFKLHYHPHQW
IROORZLQJH[DPLQDWLRQRIDQDWLRQDOO\
UHFRJQLVHGTXDOLĺFDWLRQ>)ÁKLJNHLWV]HXJQLV@
RULQWKHFDVHRID\HDUEDVLFSURJUDPPH
RID%HUXIVDWWHVWTXDOLĺFDWLRQ
%,=%HUXIVLQIRUPDWLRQV]HQWUXP
ZZZEL]VKFK
,QRUGHUWRHQVXUHWKHWUDLQLQJPHHWVWKH
UHTXLUHPHQWVRIWKHUHVSHFWLYHVHFWRUEXVL
QHVVHVZKLFKWDNHRQ$SSUHQWLFHVDUHERXQG
E\VWULFWUHJXODWLRQVJRYHUQLQJWKHFRQGXFWRI
WKHWUDLQLQJSURJUDPPHDQGLWVFRQWHQW7KHVH
KDYHEHHQDJUHHGDQGDUHDYDLODEOHIRUHDFK
$SSUHQWLFHVKLSURXWH7KHJXLGHOLQHVIRU
$SSUHQWLFHVKLSWUDLQLQJDUHVHWE\WKH)HGHUDO
'HSDUWPHQWRI(FRQRPLF$IIDLUV7KHFDQWRQV
RYHUVHHWKH$SSUHQWLFHVKLSSURJUDPPHVDQG
HDFKKDVDGHSDUWPHQWUHVSRQVLEOHIRU
$SSUHQWLFHVKLSWUDLQLQJDQGDVVHVVPHQW
>NDQWRQDOHV%HUXIVELOGXQJVDPW@2UJDQLVDWLRQV
DQGEXVLQHVVHVZLVKLQJWRWDNHRQDQ$SSUHQ
WLFHKDYHWRPHHWVSHFLĺHGFULWHULDUHJDUGLQJ
WKHLUVWDIISURĺOHDQGEXVLQHVVRSHUDWLRQV
7KHUHDUHPDQ\RSSRUWXQLWLHVWRFRQWLQXH
ZLWKYRFDWLRQDOWUDLQLQJDIWHUFRPSOHWLQJDQ
DSSUHQWLFHVKLS7KHIROORZLQJRYHUYLHZLVRQO\
DQLQGLFDWLYHOLVW'HWDLOHGLQIRUPDWLRQLV
DYDLODEOHIURPWKHFDQWRQDOLQIRUPDWLRQFHQWUH
IRUYRFDWLRQDOWUDLQLQJ>GDV%HUXIVLQIRUPDWLRQV
]HQWUXPGHV.DQWRQV6FKDIIKDXVHQ@
'LHQVWVWHOOH0LWWHOVFKXOXQG%HUXIVELOGXQJ
ZZZEHUXIVELOGXQJVKFK
ZZZKVNYVFK
$GYDQFHGYRFDWLRQDOWUDLQLQJ
>%HUXñLFKH:HLWHUELOGXQJ@
2FFXSDWLRQDO$VVHVVPHQWV
>%HUXIVSUŞIXQJHQ@
7KLVIRUPRIDVVHVVPHQWLVDYDLODEOHLQ
SUDFWLFDOO\DOORFFXSDWLRQDODUHDV7KH\
DUHWKHQH[WOHYHOIROORZLQJDVRFDOOHG
e)ÁKLJNHLWV]HXJQLVr7KHTXDOLĺFDWLRQ
LVDQDWLRQDOO\UHFRJQLVHG)DFKDXVZHLVIRU
H[DPSOHSODVWHUHUZLWKe)DFKDXVZHLV)$r
6&+22/$1'92&$7,21$/75$,1,1*
+LJKHUOHYHORFFXSDWLRQDODVVHVVPHQWV
DQG0DVWHUFHUWLðFDWHV>0HLVWHU@
7KLVLVXVXDOO\DIXUWKHUVWDJHEH\RQGDQ
RFFXSDWLRQDODVVHVVPHQW>%HUXIVSUÙIXQJ@
7KLVDFFHGLWDWLRQHQDEOHVWKHKROGHUWRUXQ
DVPDOORUPHGLXPVL]HGHQWHUSULVHLQWKH
UHVSHFWLYHYRFDWLRQDOVSHFLDOLVP6XFFHVVIXO
FRPSOHWLRQRIWKHSURJUDPPHOHDGVWRDZDUG
RIDQDWLRQDOUHJRQLVHGGLSORPDHJHLG
JHQÓVVLFKHUGLSORPLHUWHU6FKUHLQHUPHLVWHU
MRLQHURUHLGJ'LSO)LQDQ]H[SHUWHĺQDQFLDO
DGYLVRU
7HUWLDU\9RFDWLRQDO&ROOHJHV
>+ŋKHUH)DFKVFKXOHQ@
3URJUDPPHVXVXDOO\ODVW\HDUVDQGDUH
JHQHUDOO\WDNHQSDUWWLPHWRĺWDURXQGZRUN
FRPPLWPHQWV7KHUHDUHFROOHJHVZKLFK
VSHFLDOLVHLQWHFKQRORJ\WKHKRWHOFDWHULQJ
DQGWRXULVPVHFWRUVEXVLQHVVODQGEDVHG
RFFXSDWLRQVLQFOIRUHVWU\KHDOWKVRFLDOFDUH
DQGGHVLJQ$SSOLFDQWVPXVWKDYHFRPSOHWHG
WKHVHFRQGVWDJHRIVHFRQGDU\HGXFDWLRQ
>6HNXQGVDUVWXIH,,@&DQWRQ6FKDIIKDXVHQ
LVKRPHWRFROOHJHVVSHFLDOLVLQJLQWHFKQRORJ\
KHDOWKDQGEXVLQHVV
2WKHUV
1XPHURXVRWKHUWUDLQLQJRUJDQLVDWLRQVRIIHU
SDUWWLPHDGYDQFHGYRFDWLRQDOWUDLQLQJ
FRXUVHV>EHUXIVEHJOHLWHQGH:HLWHUELOGXQJ
VNXUVH@ZKLFKFDQEHWDNHQZKLOVWLQZRUN$Q
RYHUYLHZRIYRFDWLRQDOWUDLQLQJLQ6ZLW]HUODQG
LVDYDLODEOHDWWKH,QWHUQHWEHORZPHQWLRQHG
,QIRUPDWLRQLVDOVRDYDLODEOHIURPWKHFDQWRQDO
LQIRUPDWLRQFHQWUHIRUYRFDWLRQDOWUDLQLQJ
ZZZEHUXIVELOGXQJFK
%,=%HUXIVLQIRUPDWLRQV]HQWUXP
ZZZEL]VKFK
/LIH
&KLOGUHQ>GLH.LQGHU@
&KLOGFDUH>.LQGHUEHWUHXXQJ@
7KHFRRUGLQDWLRQGHSDUWPHQWIRUIDPLO\
VXSSOHPHQWLQJFDUHRIFKLOGUHQFRRUGLQDWHV
WKHH[LVWLQJSULYDWHDQGXUEDQVHUYLFHV
7KHDVVRFLDWLRQIRUFKLOGFDUHe=:(,',+(,q
RIIHUVLQIRUPDWLRQDQGDGYLFHRQFKLOGFDUH
RSWLRQVLQWKH6FKDIIKDXVHQDUHD,WDOVRDFWV
DVDUHIHUUDOSRLQWIRUFKLOGFDUHSURYLGHUV
tZKHWKHUSULYDWHIDPLOLHVRURUJDQLVDWLRQVt
ZKRRIIHUWKHLUVHUYLFHVIRUSHULRGVUDQJLQJ
IURPRQHGD\WRVHYHUDOZHHNVRURQD
SHUPDQHQWEDVLVRUMXVWDVHPHUJHQF\FRYHU
ZKHQQHHGHG
)RUGHWDLOVRIDOODJHQFLHVDQGRUJDQLVDWLRQV
UHODWLQJWRWKHFDUHRIFKLOGUHQDQG\RXQJ
SHRSOHVHHWKHDGGUHVVRQWKHULJKWVLGH
%DE\6LWWHU
&RQWDFWSRLQWVIRUEDE\VLWWHUVDJHG\HDUV
RUROGHUDQGZKRKDYHDWWHQGHGDFRXUVHUXQ
E\WKH5HG&URVVRUJDQLVDWLRQ>GDV5RWH
.UHX]@DUHJLYHQEHORZ%DE\VLWWLQJDUUDQJH
PHQWVFDQEHDJUHHGE\WKHKRXURUGD\DQG
DUHVXEMHFWWRDIHH
/XGRWKHN7R\+LUH
7R\V>6SLHO]HXJH@DUHDYDLODEOHIRUKLUHIURP
WKHeWR\OLEUDULHVqRQWKHULJKWVLGH
.RRUGLQDWLRQVVWHOOH.LQGHUXQG-XJHQGEHWUHXXQJ
ZZZVWDGWVFKDIIKDXVHQFK
=:(,',+(,t%HUDWXQJVXQG9HUPLWWOXQJVVWHOOH
IÙU.LQGHUEHWUHXXQJ
ZZZ]ZHLGLKHLFK
9HUZDOWXQJ%LOGXQJ%HWUHXXQJ
6FKZHL]HULVFKHV5RWHV.UHX]
ZZZURWHVNUHX]VKFK
.LQGHUEHWUHXXQJXQG%DE\6LWWLQJ6XVDQQH7UDFKVOHU
/XGRWKHN6FKDIIKDXVHQ
ZZZVFKDIIKDXVHQFKYHUHLQHOXGRWKHN
/XGRWKHN,P2EHUKRI
ZZZOXGRFKVWHLQDPUKHLQLQGH[KWP
0HGLD
7KHIROORZLQJPHGLDUHSRUWRQZKDWpV
KDSSHQLQJLQWKHDUHD
/RFDOSUHVV>/RNDOSUHVVH@
6FKDIIKDXVHU1DFKULFKWHQ
ZZZVKQFK
'DLO\QHZVSDSHU
6FKDIIKDXVHUD]
ZZZVFKDIIKDXVHUD]FK
:HHNO\QHZVSDSHU
9HUODJ6FKDIIKDXVHU%RFN$*
ZZZERFNRQOLQHFK
:HHNO\IUHHQHZVSDSHU
6FKDIIKDXVHU/DQG]HLWXQJ
ZZZVWDPPFRFK
/RFDOQHZVSDSHUVLQWKH.OHWWJDXDUHD
HGLWLRQVSHUZHHN
.OHWWJDXHU=HLWXQJ
/RFDOQHZVSDSHUVLQWKH.OHWWJDXDUHD
HGLWLRQVSHUZHHN
+HLPDWEODWW
ZZZDXJXVWLQFK
/RFDOZHHNO\QHZVSDSHULQ7KD\QJHQDQGORFDOLW\
/,)(
(OHNWURQLF0HGLD
5DGLR0XQRW
ZZZUDGLRPXQRWFK
/RFDOUDGLRIRUWKH6FKDIIKDXVHQUHJLRQRQ0+]
RUYLDFDEOH
@LmOL:<
0RQGD\WR)ULGD\PRVWVKRSVDUHRSHQ
$UDMHMFR
(YHU\7KXUVGD\WLOOSP
PDLQO\GHSDUWPHQWVWRUHV
5DGLR'565HJLRQDOMRXUQDO
ZZZGUVFK
&RYHUV6FKDIIKDXVHQDQG=ÙULFKRQ0+]
RUYLDFDEOH
2@STQC@X
WLOOSPSDUWO\WLOOSPLH
6FKDIIKDXVHU)HUQVHKHQ
ZZZVKIFK
/RFDOWYVWDWLRQIRUWKH6FKDIIKDXVHQUHJLRQtYLDFDEOH
-NSD
6KRSSLQJFHQWUHVRXWVLGHWKHROGWRZQDUH
JHQHUDOO\RSHQ0RQGD\WR)ULGD\WLOOSP
DQGRQ6DWXUGD\VWLOOSP
7HOH'
ZZZWHOHGFK
/RFDOWYVWDWLRQIRUWKH6FKDIIKDXVHQDQG7KD\QJHQ
UHJLRQVtYLDFDEOH
6KRSSLQJ>GDV(LQNDXIHQ@
7KHROGSDUWRI6FKDIIKDXVHQ>GLH$OWVWDGW@KDV
EHHQSHGHVWULDQLVHGDQGSUHVHQWVDZRQGHU
IXORSSRUWXQLW\IRUDUHOD[HGVKRSSLQJWULS>GHU
(LQNDXIVEXPPHO@6SHFLDOLVWVWRUHVGHSDUW
PHQWVWRUHVDQGJURFHU\VWRUHVSUHVHQW
HYHU\WKLQJ\RXFRXOGZLVKIRUtIURPWKH
HVVHQWLDOVWRIDVKLRQJRRGVZDWFKHV
IXUQLWXUHDQGMHZHOOHU\
<RXZLOOĺQGDPSOHRSSRUWXQLWLHVIRUVKRSSLQJ
ERWKLQWKHWRZQDQGLQWKHVXUURXQGLQJDUHD
LQFOXGLQJLQVRPHRIWKHRXWRIWRZQPDOOV
>GDV(LQNDXIV]HQWUXP@
ZZZSURFLW\FK
2SHQLQJWLPHV>GLHIIQXQJV]HLWHQ@
%\ODZVKRSVDUHDOORZHGWRRSHQEHWZHHQ
DP>@DQGSP&XUUHQWO\
QRVKRSVDUHRSHQIRUWKHZKROHRIWKLV
SHULRG7KHIROORZLQJLQIRUPDWLRQPD\DFWDV
DJXLGHEXW\RXVKRXOGFKHFNWLPHVDVWKHVH
DUHOLDEOHWRFKDQJH,QSDUWLFXODUFKHFNWKH
WLPHVRIVSHFLDOLVWVKRSV
0DUNHWV>0ÃUNWH@
%@QLOQNCTBD:+@MCVHQSRBG@ESKHBGD
/QNCTJSD<IRRGHWFLQWKHROGSDUW
RI6FKDIIKDXVHQLQWKHDUHDFDOOHGGLH
9RUGHUJDVVH
(YHU\7XHVGD\DQG6DWXUGD\IURPt
DP
t/TTQDLĖQJSg%@QLDQR?,@QJDS
:!@TDQML@QJS<ZLWKJRRGVGLUHFWIURPWKH
SURGXFHUDWWKHROGĺUHVWDWLRQ>)HXHUZHKU
[email protected]]6FKDIIKDXVHQ
(YHU\)ULGD\IURPtDQG
SPtSPt
(YHU\6DWXUGD\IURPtQRRQ
3ULFHV>3UHLVH@
7KHSULFHVVKRZQRQJRRGVDUHĺ[HGSULFHV
7KHPDLQIRUPVRISD\PHQWDUHFDVK>EDU@E\
(&0DHVWURFDUGRUSRVWRIĺFHDFFRXQWFDUG
>3RVWFDUG@0DQ\VKRSVDFFHSWWKHPDLQ
FUHGLWFDUGVDQGPD\DFFHSW(XURV
6KRSSLQJLQ*HUPDQ\>'HXWVFKODQG@
,PSRUWFRQWUROVDSSO\WRLWHPVSXUFKDVHGLQ
*HUPDQ\6ZLVVFXVWRPVRIĺFLDOVDWERUGHU
SRVWVFDQSURYLGHGHWDLOVLQFOXGLQJDJXLGHt
e0HUNEODWWIÙUGHQNOHLQHQ*UHQ]YHUNHKUq
&ORWKLQJDQG6KRH6L]H
&RQYHUVLRQV
6ZLW]HUODQG
86$
(QJODQG
*HUPDQ\
)UDQFH
,WDO\
:RPHQpV&ORWKLQJ6L]H&RQYHUVLRQ&KDUW
86$
8.

:RPHQpV6KRH6L]H&RQYHUVLRQ&KDUW
6ZLW]HUODQG
86$
8.
(XURSH
0HQpV6XLW6ZHDWHUDQG2YHUFRDW6L]H
&RQYHUVLRQ&KDUW
6ZLW]HUODQG
86$

8.

0HQpV6KRH6L]H&RQYHUVLRQ&KDUW
&RQVXPHUULJKWV
>GLH.RQVXPHQWHQUHFKWH@
.RQVXPHQWHQIRUXP6FKDIIKDXVHQ
ZZZNRQVXPHQWHQIRUXPVKFK
3RVW>GLH3RVW@
6ZLW]HUODQG
$OWKRXJKDOOUHJXODWLRQVKDYHWKHLUEDVLVLQ
OHJLVODWLRQFRPPRQVHQVHSOD\VDSDUWDQG
UHFRXUVHWRDODZ\HULVQRWDOZD\VQHFHVVDU\
,QIRUPDWLRQRQWKHPRVWLPSRUWDQWDVSHFWV
RIFRQVXPHUOHJLVODWLRQLVDYDLODEOHIURPWKH
e.RQVXPHQWHQIRUXPGHU'HXWVFKHQ6FKZHL]q
,WVEUDQFKHVDQGDGYLFHFHQWUHVKDYH
EURFKXUHVRQWKHPRVWVLJQLĺFDQWLVVXHV
&RQVXPHUULJKWVDUHSURWHFWHGGLIIHUHQWO\LQ
GLIIHUHQWFRXQWULHV&ODLPVUHODWLQJWRSURGXFW
OLDELOLW\DUHPRUHUHVWULFWHGLQ6ZLW]HUODQGWKDQ
HJLQWKH86$$WWKHVDPHWLPHWKHUHLVD
UDQJHRIXQZULWWHQODZVZKLFKVHUYHWRPDNH
OLIHHDVLHU
7KHPDLQVHUYLFHVSURYLGHGE\WKHSRVWRIĺFH
DUH
t OHWWHUV
t SDFNDJHV
t WUDQVSRUWRIYDOXDEOHLWHPV
t H[SUHVVGHOLYHU\DQGFRXULHUVHUYLFH
t SD\PHQWVDWKRPHDQGDEURDG
t FDVK
'HWDLOHGLQIRUPDWLRQDERXWWKHVHUYLFHVLV
FRQWDLQHGLQDEURFKXUHe3UHLVHXQG$QJHERWH
GHU3RVWqZKLFKLVDYDLODEOHDWDOOSRVWRIĺFHV
/HWWHUV>%ULHIH@
7KHUHDUHWZRUDWHVIRUPDLOZLWKLQ6ZLW]HU
ODQG$3RVWDQG%3RVW
$3RVWDUULYHVWKHIROORZLQJGD\H[FHSW
RQ6XQGD\VDQGSXEOLFKROLGD\VtQDWLRQDORU
%3RVWDUULYHVDWWKHODWHVWZLWKLQZRUNLQJ
GD\VQRWLQFOXGLQJ6DWXUGD\V
3RVWRIðFHV>3RVWVWHOOHQ@
7KHUHDUHDSSUR[LPDWHO\WKLUW\SRVWRIĺFHV
LQWKH&DQWRQRI6FKDIIKDXVHQ2SHQLQJWLPHV
PD\YDU\FRQVLGHUDEO\&KHFNDW\RXU
FRPPXQHRUDWWKHPDLQSRVWRIĺFHRSSRVLWH
WKHUDLOZD\VWDWLRQt%DKQKRI6FKDIIKDXVHQ
ZZZSRVWFK
/,)(
%DQNV>GLH%DQNHQ@
6ZLW]HUODQGLVUHQRZQHGDVRQHRIWKH
IRUHPRVWĺQDQFLDOFHQWUHVLQWKHZRUOG7KH
IROORZLQJEDQNVLQDOSKDEHWLFDORUGHUKDYH
RQHRUPRUHPDLQEUDQFKHVLQWKH&DQWRQ
RI6FKDIIKDXVHQ
%$1.tQRZ
ZZZEDQNQRZFK
&OLHQWLV%6%DQN6FKDIIKDXVHQ
ZZZEVEDQNFK
IXUWKHUDJHQFLHV%HULQJHQ+DOODX/ÓKQLQJHQ
1HXKDXVHQDP5KHLQIDOO1HXQNLUFK6FKDIIKDXVHQ
6FKOHLWKHLP:LOFKLQJHQ
&RRS%DQN
ZZZEDQNFRRSFK
&UHGLW6XLVVH
ZZZFUHGLWVXLVVHFRP
IXUWKHUDJHQF\6WHLQDP5KHLQ
(UVSDUQLVNDVVH6FKDIIKDXVHQ
ZZZHUVSDUQLVNDVVHFK
0LJURV%DQN
ZZZPLJURVEDQNFK
5DLIIHLVHQEDQN6FKDIIKDXVHQ
ZZZUDLIIHLVHQFK
IXUWKHUDJHQFLHV+DOODX6FKDIIKDXVHQ
6FKDIIKDXVHU.DQWRQDOEDQN
ZZZVKNEFK
IXUWKHUDJHQFLHV)URQZDJSODW]6FKDIIKDXVHQ
5DPVHQ7KD\QJHQ6WHLQDP5KHLQ
&OLHQWLV6SDUXQG/HLKNDVVH7KD\QJHQ
ZZZWKD\QJHQFOLHQWLVFK
IXUWKHUDJHQF\0HULVKDXVHQ
8%6$*
ZZZXEVFRP
IXUWKHUDJHQF\1HXKDXVHQDP5KHLQIDOO
:HJHOLQ&R3ULYDWEDQNLHUV
ZZZZHJHOLQFK
7KHRSHQLQJWLPHV>GLH³IIQXQJV]HLWHQ@
YDU\FRQVLGHUDEO\tLWLVEHVWWRFKHFNZLWK
WKHUHVSHFWLYHEUDQFK
7KHEDQNVRIIHUDYDULHW\RIVHUYLFHV
t LQYHVWPHQWDGYLFH
t DXWRPDWHGWHOOLQJPDFKLQHV%DQFRPDW
0RQH\FDQEHGUDZQE\XVLQJFDUGV
LVVXHGE\YDULRXVEDQNV
t ORDQV
t HOHFWURQLFEDQNLQJ
t IRUHLJQH[FKDQJHWUDQVDFWLRQV
t SD\PHQWVHUYLFHV
7KHEDQNVXQGHUWDNHSD\PHQWVHUYLFHV>GHU
=DKOXQJVYHUNHKU@IRUSULYDWHSHUVRQVDQG
FRPSDQLHV5HJXODUSD\PHQWVFDQEH
VFKHGXOHG>HLQ'DXHUDXIWUDJ@IRUUHFXUULQJDQG
XQFKDQJLQJLWHPVVXFKDVUHQWLQVXUDQFH
9DULRXVEDQNVRIIHUWUDQVDFWLRQVE\LQWHUQHW
IUHHRIFKDUJHZKHUHDVDFKDUJHLVXVXDOO\
OHYLHGRQWUDQVDFWLRQVPDGHRWKHUZLVH
7\SHVRI,QVXUDQFH
>9HUVLFKHUXQJHQ@
7KHLQVXUDQFHVHFWRULQ6ZLW]HUODQGKDVEHHQ
RSHQHGWRFRPSHWLWLRQDQGOLEHUDOLVHG
,QIRUPDWLRQRQSUHPLXPVIHHVDQGFRYHUDJH
DUHEHVWREWDLQHGIURPDQLQVXUDQFHVSHFLDOLVW
>HLQ9HUVLFKHUXQJVEHUDWHU@7KHIROORZLQJ
LQIRUPDWLRQJLYHVDEULHIRYHUYLHZRIWKHPRVW
LPSRUWDQWW\SHVRILQVXUDQFHLQ6ZLW]HUODQG
6RFLDOZHOIDUHLQVXUDQFH
>GLH6R]LDO9HUVLFKHUXQJHQ@
'5(5$.
,QVXUDQFHFRYHULQJSHQVLRQV>$OWHUVXQG
+LQWHUODVVHQHQYHUVLFKHUXQJt$+9@LQYDOLGLW\
>,QYDOLGHQYHUVLFKHUXQJt,9@DQGDFKDUJH
OHYLHGIRUDQ\RQHQRWSHUIRUPLQJPLOLWDU\
VHUYLFH>(UZHUEVHUVDW]RUGQXQJt(2@
&RQWULEXWLRQVDUHGHGXFWHGIURPHDUQLQJV
DWVRXUFHDQGDUHFXUUHQWO\
RIJURVVVDODU\>GHU%UXWWRORKQ@
+5: QADHSRKNRDMUDQRHBGDQTMF<
4MDLOKNXLDMSHMRTQ@MBD
&RQWULEXWLRQVDUHGHGXFWHGIURPHDUQLQJVDW
VRXUFH$WSUHVHQWWKH\UHSUHVHQWRIJURVV
VDODU\IRULQFRPHVXSWR&+)p
!5&:!DQTERUNQRNQFDFDRDSY<
.BBTO@SHNM@KODMRHNM
(YHU\HPSOR\HHZLWKDVDODU\IURPRI
&+)pKDVWRMRLQWKHLUHPSOR\HUpV
RFFXSDWLRQDOSHQVLRQVFKHPH7KHSUHPLXPV
GHSHQGRQWKHVFRSHRIWKHSROLF\DQGDUH
XVXDOO\EHWZHHQDQG$WOHDVWKDOIRI
WKHSUHPLXPKDVWREHSDLGE\WKHHPSOR\HU
7KHVHOIHPSOR\HG>VHOEVWÁQGLJ(UZHUEHQGH@
DUHQRWVXEMHFWWRWKLVLQVXUDQFH
/QHU@SDODMRHNMR:OQHU@SD KSDQR5NQRNQFD<
7KH6ZLVVUHIHUWRVRXUFHVtWKHVRFDOOHG
eSLOODUVqtRIUHWLUHPHQWSHQVLRQSURYLVLRQ
7KHĺUVWVRXUFHRUeSLOODUq>GLHHUVWH6ÁXOH@
LVWKH$+9ZKLFKLVPDQGDWRU\DVLVeWKH
VHFRQGSLOODUq>GLH]ZHLWH6ÁXOH@%93ULYDWH
SHQVLRQFRQWULEXWLRQV>GLHSULYDWH9RUVRUJH@
IRUPWKHWKLUGFRPSRQHQW>GLHGULWWH6ÁXOH@
DQGDUHYROXQWDU\
2NBH@K2DBTQHSX
)XQGLQJIURPWKHFDQWRQDOVRFLDOVHFXULW\
EXGJHWVDUHSULPDULO\GLUHFWHGDWVXSSRUWIRU
WKHORQJWHUPXQHPSOR\HGDQGDUHĺQDQFHG
LQSDUWYLDFRQWULEXWLRQVIURPHPSOR\HUVDQG
HPSOR\HHVWKHFRQWULEXWLRQLVRIDQQXDO
VDODU\LQFRPHWRDPD[LPXPRI&+)o
45&:4ME@KKUDQRHBGDQTMFRFDRDSY<
BBHCDMSHMRTQ@MBD
(YHU\HPSOR\HHLVLQVXUHGDJDLQVWDFFLGHQWV
DWZRUNDQGRXWVLGHRIZRUN7KHFRVWVRI
LQVXUDQFHDJDLQVWDFFLGHQWVDWZRUNDUHERUQH
E\WKHHPSOR\HUZKHUHDVWKHSUHPLXPVIRU
LQVXUDQFHDJDLQVWDFFLGHQWVVXIIHUHGRXWVLGH
RIZRUNDUHSDLGIRUE\WKHHPSOR\HH
"GHKCADMDkSO@XLDMSR
&DQWRQ6FKDIIKDXVHQPDNHVDYDLODEOH
WKHIROORZLQJSD\PHQWVWRVXSSRUWIDPLOLHV
t &KLOGEHQHILW>.LQGHU]XODJH@&+)PRQWK
t )RUFKLOGUHQXQGHUWDNLQJDQDSSUHQWLFHVKLS
>$XVELOGXQJV]XODJH@&+)PRQWK
&KLOGUHQUHVLGHQWDEURDGDUHHQWLWOHGWR
SD\PHQWVDWUHGXFHGSURSRUWLRQDWHUDWHV
7KHSD\PHQWVDUHĺQDQFHGYLDFRQWULEXWLRQV
IURPHPSOR\HUVZKLFKDUHSDLGLQWRDIXQG
IRUWKLVSXUSRVH>)DPLOLHQDXVJOHLFKVNDVVH@
'D@KSGHMRTQ@MBD:*Q@MJDMUDQRHBGDQTMF<
(YHU\UHVLGHQWLQ6ZLW]HUODQGLVREOLJHGWR
LQVXUHDJDLQVWLOOKHDOWK>GLH.UDQNHQSĻHJH
YHUVLFKHUXQJ@E\ODZWKHVRFDOOHG.9*
>GDV.UDQNHQYHUVLFKHUXQJVJHVHW]@)RUHLJQ
QDWLRQDOVFDQDSSO\IRUH[HPSWLRQDWWKH
6R]LDOYHUVLFKHUXQJVDPWDVORQJDVWKH\KDYH
LQVXUDQFHZKLFKRIIHUVFRPSDUDEOHSURYLVLRQ
IRUWUHDWPHQWLQ6ZLW]HUODQG7KHFXVWRPHU
FDQFKRRVHDQ\KHDOWKLQVXUDQFHFRPSDQ\
WKH\ZLVKWKRXJKWKHLQVXUDQFHFRPSDQLHV
>GLH.UDQNHQNDVVHQ@DUHRQO\REOLJHGWRWDNH
FOLHQWVIRUDEDVLFSDFNDJH>GLH*UXQGYHUVL
FKHUXQJ@,QWKHFDVHRIDGGLWLRQDOFRYHUDJH
>=XVDW]YHUVLFKHUXQJHQ@WKHLQVXUDQFH
FRPSDQLHVPD\GHFLGHZKHWKHUWRWDNHRQ
DFOLHQWWKRXJKWKH\GRQRWKDYHWKHULJKW
WRWHUPLQDWHWKHSROLF\RIDQH[LVWLQJFOLHQW
<RXDOVRQHHGWRNQRZWKDWWKHKHDOWK
LQVXUDQFHFRPSDQLHVGRQRWFRYHUDOOW\SHV
RIWUHDWPHQW3ODVWLFVXUJHU\DQGWKHOLNHQHHG
WREHFRYHUHGE\VHSDUDWHDUUDQJHPHQWV
RUSDLGIRUE\WKHSDWLHQWLQIXOO,QWKHFDVH
RIWUHDWPHQW>GLH%HKDQGOXQJ@ZKLFKLVQRW
REYLRXVO\FRYHUHGLQWKHEDVLFLQVXUDQFH
SDFNDJH>GLH*UXQGYHUVLFKHUXQJ@LWLV
DGYLVDEOHWRFKHFNZKHWKHUDQGWRZKDW
H[WHQWWKHLQVXUDQFHFRPSDQ\ZLOOEHDUWKH
FRVWV,QVXUDQFHSUHPLXPVYDU\EHWZHHQ
LQVXUHUDQGUHJLRQ<RXPXVWUHJLVWHUZLWKLQ
PRQWKVRIWDNLQJXSUHVLGHQFH
7KHEHVWURXWHLVWRJHWDGYLFHIURPWKH
UHVSHFWLYHLQVXUDQFHFRPSDQLHVGLUHFW
RUWRVSHDNWRDQLQGHSHQGHQWDGYLVRU
>HLQXQDEKÁQJLJHU9HUVLFKHUXQJVEHUDWHU@
/,)(
)RUIXUWKHULQIRUPDWLRQDERXWVRFLDOLQVXUDQFH
ZHUHFRPPHQGWKHIROORZLQJDGGUHVV
6R]LDOYHUVLFKHUXQJVDPW
ZZZVYDVKFK
7KHDGGUHVVHVRIVRPHKHDOWKLQVXUDQFHFRP
SDQLHVDUHOLVWHGEHORZ
+HDOWK,QVXUDQFH&RPSDQLHV>.UDQNHQNDVVHQ@
$[D:LQWHUWKXU9HUVLFKHUXQJHQ
ZZZD[DZLQWHUWKXUFK
&DUHQD6FKZHL]
ZZZFDUHQDVFKZHL]FK
&21&25',$
ZZZFRQFRUGLDFK
&669HUVLFKHUXQJ
ZZZFVVFK
+HOVDQD9HUVLFKHUXQJHQ$*
ZZZKHOVDQDFK
6:,&$*HVXQGKHLWVRUJDQLVDWLRQ
ZZZVZLFDFK
9LVDQD6HUYLFHV$*
ZZZYLVDQDFK
2WKHULQVXUDQFHV
,NSNQUDGHBKDHMRTQ@MBD
:CHD,NSNQE@GQYDTFUDQRHBGDQTMF<
7KLUGSDUW\LQVXUDQFHLVREOLJDWRU\IRUDOOFDUV
PRWRUELNHVPRSHGVDQGERDWV0RWRU
LQVXUDQFHFDQEHDGGHGWRZLWKDYDULHW\RI
RSWLRQV3UHPLXPV>GLH9HUVLFKHUXQJVSUÁ
PLHQ@YDU\EHWZHHQLQVXUDQFHFRPSDQLHV
!HBXBKDR:CHD%@GQQĖCDQNQt5DKNRgm
HM2VHRR&DQL@M<
7KLUGSDUW\LQVXUDQFHLVREOLJDWRU\IRUDOO
ELF\FOHV$EDGJHLQGLFDWLQJWKDWWKHELF\FOH
LVLQVXUHGQHHGVWREHERXJKWDQQXDOO\>GLH
9HOR9LJQHWWH@DQGGLVSOD\HGRQWKHELF\FOH
7KHFRVWRIWKHEDGJHLVDURXQG&+)DQG
ODVWVIRUDFDOHQGDU\HDU7KHLQVXUDQFHEDGJH
IRU\RXUELF\FOHFDQEHSXUFKDVHGDWDOO
SRVWRIĺFHVDQGLQPDQ\VKRSV
'NTRDGNKCHMRTQ@MBD
:CHD'@TRQ@SUDQRHBGDQTMF<
7KLVLQVXUDQFHFRYHUVGDPDJH>GLH6FKÁGHQ@
FDXVHGE\HJĺUHZDWHUEUHDNLQRUWKHIW
:HUHFRPPHQGWKDW\RXWDNHRXWWKLVW\SH
RILQVXUDQFHWKRXJKLWLVQRWREOLJDWRU\
/TAKHBKH@AHKHSXENQOQHU@SDODQRNMR
:CHD/QHU@SG@ESOlHBGS<
7KLVLQVXUDQFHFRYHUV\RXDJDLQVWORVVHV
LQFXUUHGE\WKLUGSDUWLHVDVDUHVXOWRIDFWLRQV
E\\RXUVHOIRUPHPEHUVRIWKHIDPLO\
,QIRUPDWLRQDERXWRWKHUW\SHVRILQVXUDQFH
HJOLIHDVVXUDQFH>GLH/HEHQVYHUVLFKHUXQJ@
WUDYHOLQVXUDQFH>GLH5HLVHYHUVLFKHUXQJ@HWF
LVDYDLODEOHIURPLQVXUDQFHFRPSDQLHVDQG
LQGHSHQGHQWLQVXUDQFHEURNHUV
,QVXUDQFH&RPSDQLHV
>9HUVLFKHUXQJVJHVHOOVFKDIWHQ@
$OOLDQ]9HUVLFKHUXQJ
ZZZDOOLDQ]VXLVVHFK
$[D:LQWHUWKXU9HUVLFKHUXQJHQ
ZZZD[DZLQWHUWKXUFK
%DVOHU9HUVLFKHUXQJ
ZZZEDORLVHFK
(OYLD9HUVLFKHUXQJHQ
ZZZHOYLDFK
+HOYHWLD9HUVLFKHUXQJHQ
ZZZKHOYHWLDFK
'LH0RELOLDU
ZZZPRELFKVFKDIIKDXVHQ
1DWLRQDOH6XLVVH
ZZZQDWLRQDOHVXLVVHFK
=XULFK6FKZHL]*HQHUDODJHQWXU6FKDIIKDXVHQ
ZZZ]XULFKFK
6ZLVV/LIH
ZZZVZLVVOLIHFK
,QODWHUOLIH
$FFRPPRGDWLRQIRUVHQLRUFLWL]HQVDQG
QXUVLQJKRPHV
,IHOGHUO\FLWL]HQVDUHQRORQJHUDEOHWROHDG
IXOO\LQGHSHQGHQWOLYHVWKHUHLVDUDQJHRI
DOWHUQDWLYHDFRPPRGDWLRQDYDLODEOHZKLFK
SURYLGHVGLIIHUHQWOHYHOVRIVXSHUYLVLRQDQG
SHUVRQDOFDUHGHSHQGLQJRQUHTXLUHPHQWV
DQGSUHIHUHQFHV
$OLVWRIDFFRPPRGDWLRQIRUVHQLRUFLWL]HQV
LQ&DQWRQ6FKDIIKDXVHQFDQEHIRXQGDW
:HOIDUH>6R]LDOZHVHQ@
6FKDIIKDXVHU6R]LDOIŞKUHU
)RULQIRUPDWLRQDQGDQ$t=OLVWLQJRIDOO
VWDWXWRU\YROXQWDU\IDLWKRUSULYDWHRUJDQLVD
WLRQVZKLFKFDQRIIHULQIRUPDWLRQKHOSRU
DGYLFHUHODWLQJWRDQ\DVSHFWRIOLIHIRUDQ\
DJHJURXSJRWR
ZZZVR]LDOIXHKUHUFK
,QWHJUDWLRQ$GYLFH&HQWUH
>,QWHJUDWLRQVIDFKVWHOOH@
,QWHJUHVLVDQLQIRUPDWLRQDQGDGYLFHFHQWUH
ZKLFKFDQSURYLGHVXSSRUWLQLQWHJUDWLQJLQWR
RXUFRPPXQLW\
,17(*5(6,QWHJUDWLRQVIDFKVWHOOH5HJLRQ6FKDIIKDXVHQ
ZZZLQWHJUHVFK
ZZZVKFK
>3ULYDWH*HVXQGKHLWXQG6R]LDOHV$OWHUXQG3ĻHJH@
7D[HV>GLH6WHXHUQ@
&DUHDWKRPH
,Q6ZLW]HUODQGWKHPDMRULW\RIRXUROGHU
UHVLGHQWVOLYHLQWKHLURZQKRPH7RVXSSRUW
WKHPLQFRQWLQXLQJWRGRVRWKHUHLVDZLGH
UDQJHRIVHUYLFHVDYDLODEHZKLFKSURYLGHFDUH
DWKRPH
,QIRUPDWLRQRQFDUHDWKRPHVHUYLFHVLV
DYDLODEOHIURP\RXUORFDOFRPPXQDODGPLQLV
WUDWLRQRUIURPWKH3UR6HQHFWXWH$GYLFH
&HQWUH>3UR6HQHFWXWH%HUDWXQJVVWHOOH@
6SLWH[&HQWUHVDOVRRIIHULQIRUPDWLRQDERXW
WKHUDQJHRIVHUYLFHVDYDLODEOHQXUVLQJFDUH
FDUHDVVLVWDQWKHOSKRPHKHOS
3UR6HQHFWXWH6FKDIIKDXVHQ
ZZZVKSURVHQHFWXWHFK
6SLWH[6FKDIIKDXVHQ
ZZZVSLWH[VKFK
7D[HVOHYLHGE\FHQWUDOJRYHUQPHQW
>GLH%XQGHVVWHXHUQ@
5HVLGHQWVRI6ZLW]HUODQGRUWKRVHUHVLGLQJ
SULQFLSDOO\LQ6ZLW]HUODQGKDYHWRSD\WD[HV
VHWE\WKUHHDXWKRULWLHVZKLFKUHSUHVHQW
WKHWKUHHOHYHOVRIJRYHUQPHQWDGPLQLVWUDWLRQ
LQ6ZLW]HUODQGtĺUVWO\QDWLRQDOVHFRQGO\
FDQWRQDODQGWKLUGO\FRPPXQDO>GLH%XQGHV
VWHXHUQGLH.DQWRQVVWHXHUQDQGGLH*HPHLQGH
VWHXHUQ@7KHEDVLV>GLH%HPHVVXQJVJUXQGODJH@
IRULQFRPHWD[>GLH(LQNRPPHQVVWHXHU@LV
WRWDOLQFRPHLUUHVSHFWLYHRIZKHUHLWLV
HDUQHG&DSLWDOJDLQVWD[>GLH9HUPÓJHQV
VWHXHU@LVFDOFXODWHGRQWKHVDPHEDVLV$
SULYDWHLQGLYLGXDOLVOLDEOHWRWD[LIWKH\DUH
RIĺFLDOO\UHVLGHQWLQ6ZLW]HUODQGRULIWKH\
ZRUNLQ6ZLW]HUODQGIRUPRUHWKDQGD\V
D\HDURULIWKH\VSHQGGD\VRUPRUH
LQ6ZLW]HUODQGIRUQRQZRUNSXUSRVHV7KH
UHTXLUHPHQWWRSD\WD[t>GLH6WHXHUSĻLFKW@t
LVFDOFXODWHGIURPWKHGD\RIDUULYDOLQWKH
FRXQWU\>GDV$QNXQIWVGDWXP@
/,)(
3@W@SHNMQ@SD:CHD2SDTDQADK@RSTMF<
4XDOLĺFDWLRQIRUWD[DWLRQVWDUWVDW&+)p
IRUDPDUULHGFRXSOHZLWKD\HDUO\WD[DEOH
LQFRPH7KHPD[LPXPUDWHLVIRU
DWD[DEOHLQFRPHRI&+)pRUPRUH
3@WCDCTBSHAKDHSDLR:RSDTDQKHBGD AYŘFD<
7KHVHYDU\DFFRUGLQJWRWKHVLWXDWLRQRIWKH
LQGLYLGXDO,WHPVZKLFKFDQEHGHGXFWHG
>VWHXHUOLFKDE]XJVIÁKLJ@LQSDUWRUZKROHDUH
IRUH[DPSOH
t ,QWHUHVWSD\PHQWV>=LQV]DKOXQJHQ@RQ
FHUWDLQORDQV>.UHGLWH@DQGPRUWJDJHV
>+\SRWKHNHQ@
t &RQWULEXWLRQV>%HLWUÁJH@WR$+9DQG%9*
t &RQWULEXWLRQV>%HLWUÁ[email protected]
YHUVLFKHUXQJHQDQG8QIDOOYHUVLFKHUXQJHQ
t :RUNUHODWHGH[SHQGLWXUH>%HUXIVDXVODJHQ@
t 5HSDLUDQGPDLQWHQDQFHFRVWVIRUSURSHUW\
>5HSDUDWXUDXVJDEHQIÙU/LHJHQVFKDIWHQ@
t 'RQDWLRQV>6SHQGHQ@WRUHFRJQLVHG
FKDULWDEOHRUSROLWLFDORUJDQLVDWLRQVHWF
3HUVRQDOH[SHQVHVPD\EHFRQVLGHUHGLQ
GLVFXVVLRQZLWKWKHDSSURSULDWHWD[DXWKRULW\
SULRUWRVXEPLVVLRQRIDWD[GHFODUDWLRQ
&DQWRQDODQG&RPPXQDOWD[DWLRQ
>GLH.DQWRQVXQG*HPHLQGHVWHXHUQ@
7KHUXOHVJRYHUQLQJWD[DEOHLQFRPHDQG
GHGXFWLEOHLWHPVDUHVLPLODUWRWKRVHIRUWD[
SDLGWRFHQWUDOJRYHUQPHQW7D[SD\DEOHLV
DPXOWLSOHRIWD[UDWHDQGDFRHIĺFLHQW
>6WHXHUIXVV@,QDGGLWLRQFDSLWDOJDLQVWD[
>9HUPÓJHQVVWHXHU@LVSD\DEOHDWFDQWRQDO
DQGFRPPXQDOOHYHOWRR,QWKH&DQWRQ
RI6FKDIIKDXVHQGLUHFWGHSHQGDQWVDQG
VSRXVHVGRQRWKDYHWRSD\LQKHULWDQFHWD[
>(UEVFKDIWVVWHXHUDQG6FKHQNXQJVVWHXHU@
7D[DWVRXUFH>GLH4XHOOHQVWHXHU@
(PSOR\HGSHUVRQVZLWKRXWD5HVLGHQFH
3HUPLW>GLH1LHGHUODVVXQJVEHZLOOLJXQJ@DUH
OLDEOHWRWD[DWVRXUFH>GLH4XHOOHQVWHXHU@7KLV
WD[LVGHGXFWHGGLUHFWO\E\WKHHPSOR\HUDQG
UHSODFHVWD[HVSDLGDWFHQWUDOJRYHUQPHQW
FDQWRQDODQGFRPPXQDOOHYHOV,IWD[DEOH
LQFRPHUHDFKHV&+)pKRZHYHUWKH
QRUPDOFDOFXODWLRQDQGSD\PHQWPHWKRGVDUH
DSSOLHGWRWKHLQGLYLGXDO3HUVRQVZKRGR
QRWOLYHLQ6ZLW]HUODQGHJWKRVHFRPPXWLQJ
LQWR6ZLW]HUODQGWRZRUNt*UHQ]JÁQJHUDUH
VXEMHFWWRDOLPLWHGWD[OLDELOLW\LIWKH\UHFHLYH
DQLQFRPHIURP6ZLW]HUODQG
7KHDXWKRULWLHV
>GLH%HKŋUGHQ
GLHgPWHU@
3XEOLFDXWKRULWLHV
>IIHQWOLFKHgPWHU@
7KHSXEOLFDWLRQe6FKDIIKDXVHU6WDDWVNDOHQ
GHUqSURYLGHVDFRPSUHKHQVLYHGLUHFWRU\RIDOO
WKHSXEOLFRIĺFHVDQGDXWKRULWLHVtLQFOXGLQJ
WHOHSKRQHQXPEHUVDQGDGGUHVVHVtLQDOO
RIWKHFRPPXQHVZKLFKPDNHXSWKH&DQWRQ
RI6FKDIIKDXVHQ,WLVDYDLODEOHDVDEURFKXUH
LQDOOERRNVKRSVDVZHOODVIURPWKHFDQWRQDO
SXEOLFDWLRQVGHSDUWPHQW>GLH.DQWRQDOH
'UXFNVDFKHQXQG0DWHULDOYHUZDOWXQJ@
'UXFNVDFKHQXQG0DWHULDOYHUZDOWXQJ
ZZZVKFK
:HKDYHOLVWHGEHORZVRPHRIWKHPRVWLPSRU
WDQWGHSDUWPHQWVRIWKHDXWKRULWLHVLQWKH
&DQWRQDQGWKHWRZQ>6WDGW@RI6FKDIIKDXVHQ
,QIRUPDWLRQDERXWWKHGHSDUWPHQWVLQWKH
FRPPXQHVLVDYDLODEOHIURPWKHRIĺFHVRIWKH
UHVSHFWLYHFRPPXQH
&DQWRQDOGHSDUWPHQWV
>NDQWRQDOH$PWVVWHOOHQ@
&KDQFHOOHU\>6WDDWVNDQ]OHL@
7KH&KDQFHOOHU\>GLH6WDDWVNDQ]OHL@LVWKHFHQWUDO
RIĺFHRIWKHFDQWRQDODGPLQLVWUDWLRQ
6WDDWVNDQ]OHL6FKDIIKDXVHQ
ZZZVKFK
,QIRUPDWLRQ'HVN>,QIRUPDWLRQVVFKDOWHU@
,QIRt6FKDOWHU
ZZZVKFK
:RUN3HUPLWV>$UEHLWVEHZLOOLJXQJHQ@
$UEHLWVDPW
ZZZVKFK
5HVLGHQFHDQG(QWU\3HUPLWV
>$XIHQWKDOWVEHZLOOLJXQJHQXQG
(LQUHLVHJHVXFKH@
0LJUDWLRQVDPW
ZZZVKFK
9HKLFOHUHJLVWUDWLRQURDGZRUWKLQHVVFKHFNV
GULYLQJWHVWVDQGGULYHUVOLFHQFHV
>,QYHUNHKUVHW]XQJYRQ)DKU]HXJHQ.RQWUROO
VFKLOGHU)DKU]HXJSUŞIXQJHQ)DKUSUŞIXQJHQ
XQG)ŞKUHUDXVZHLVH@
6WUDVVHQYHUNHKUVXQG6FKLIIIDKUWVDPW
ZZZVKFK
,VVXHRI6ZLVVSDVVSRUWVDQGSDVVSRUWH[WHQ
VLRQV>$XVVWHOOXQJYRQ6FKZHL]HU3ÃVVHQXQG
3DVVYHUOÃQJHUXQJHQ@
3DVVEÙUR
ZZZVKFK
6RFLDO:HOIDUH>6R]LDOKLOIH@
6R]LDODPW
ZZZVKFK
7D[2IILFH>6WHXHUYHUZDOWXQJ@
.DQWRQDOH6WHXHUYHUZDOWXQJ
ZZZVWHXHUQVKFK
2IðFHVRIWKHWRZQ>6WDGW6FKDIIKDXVHQ@
DQGFRPPXQHV>*HPHLQGHQ@
5HJLVWHURIUHVLGHQWV
>(LQZRKQHUNRQWUROOH@
7KLVGHSDUWPHQWLVUHVSRQVLEOHIRUPDLQWDLQ
LQJDUHJLVWHURIDOOUHVLGHQWVLQWKHFRPPXQHV
ZKLFKPDNHXSWKH&DQWRQRI6FKDIIKDXVHQ
0DQ\RIWKHIXQFWLRQVRIWKLVGHSDUWPHQWDUH
UHJXODWHGE\GDWDSURWHFWLRQOHJLVODWLRQ
>GDV'DWHQVFKXW]JHVHW]@,QIRUPDWLRQRURIĺFLDO
GRFXPHQWDWLRQLVRQO\LVVXHGLIWKHHQTXLUHU
PDNHVWKHUHTXHVWLQSHUVRQLQZULWLQJRULI
LWLVPDGHYLDWKLUGSDUW\LQZULWLQJZLWKZULWWHQ
DXWKRULVDWLRQIURPWKHVXEMHFWRIWKHHQTXLU\
(LQZRKQHUNRQWUROOH6WDGW6FKDIIKDXVHQ
IRUUHVLGHQWVLQWKHWRZQRI6FKDIIKDXVHQ
)RUUHVLGHQWVLQRWKHUSDUWVRIWKH&DQWRQ
7+($87+25,7,(6
RI6FKDIIKDXVHQ>,QGHQÙEULJHQ*HPHLQGHQ@
2IĺFHVRIWKHORFDO&RPPXQH>*HPHLQGHYHUZDOWXQJ@
7D[DXWKRULWLHV
>6WHXHUYHUZDOWXQJ6WDGW6FKDIIKDXVHQ@
6WHXHUYHUZDOWXQJIRUUHVLGHQWVLQWKHWRZQ
RI6FKDIIKDXVHQ
*HPHLQGHYHUZDOWXQJ2IĺFHVRIWKHORFDO&RPPXQH
%XFK
ZZZEXFKVKFK
%XFKEHUJ
ZZZEXFKEHUJFK
%ŞWWHQKDUGW
ZZZEXHWWHQKDUGWFK
'ŋUIOLQJHQ
ZZZGRHUĻLQJHQFK
5HJLVWUDWLRQRIELUWKVPDUULDJHVDQGGHDWKV
>=LYLOVWDQGVDPW%HVWDWWXQJVDPW@
7KLVGHSDUWPHQWLVUHVSRQVLEOHIRUPDLQWDLQLQJDQG
LVVXLQJGRFXPHQWDWLRQUHODWLQJWRELUWKVPDUULDJHV
GHDWKVDQGWKHOLNH
*ÃFKOLQJHQ
ZZZJDHFKOLQJHQFK
=LYLOVWDQGVDPW6WDGW6FKDIIKDXVHQIRUUHVLGHQWVLQ
WKHWRZQRI6FKDIIKDXVHQ
+DOODX
ZZZKDOODXFK
%HVWDWWXQJVDPW6WDGW6FKDIIKDXVHQ
*HPHLQGHYHUZDOWXQJ2IĺFHVRIWKHORFDO&RPPXQH
&RPPXQHV
&RPPXQHVDQG&LW\&RXQFLORI&DQWRQ
6FKDIIKDXVHQ
$OWGRUI
VHH7KD\QJHQ
%DUJHQ
ZZZEDUJHQFK
%DU]KHLP
VHH7KD\QJHQ
%HJJLQJHQ
ZZZEHJJLQJHQFK
%HULQJHQ
ZZZEHULQJHQFK
%LEHUQ
VHH7KD\QJHQ
*XQWPDGLQJHQ
ZZZJXQWPDGLQJHQFK
+HPLVKRIHQ
ZZZKHPLVKRIHQFK
+HPPHQWDO
VHH6FKDIIKDXVHQ
+RIHQ
VHH7KD\QJHQ
/RKQ
ZZZORKQFK
/ŋKQLQJHQ
ZZZORHKQLQJHQFK
0HULVKDXVHQ
ZZZPHULVKDXVHQFK
ZZZQHXKDXVHQFK
1HXQNLUFK
ZZZQHXQNLUFKFK
2EHUKDOODX
ZZZREHUKDOODXFK
2SIHUWVKRIHQ
VHH7KD\QJHQ
2VWHUILQJHQ
VHH:LOFKLQJHQ
5DPVHQ
ZZZUDPVHQFK
5ŞGOLQJHQ
ZZZUXHGOLQJHQFK
6FKOHLWKHLP
ZZZVFKOHLWKHLPFK
6LEOLQJHQ
ZZZVLEOLQJHQFK
6WHLQDP5KHLQ
6WDGWYHUZDOWXQJ
ZZZVWHLQDPUKHLQFK
6WHWWHQ
ZZZVWHWWHQFK
7KD\QJHQ
ZZZWKD\QJHQFK
7UDVDGLQJHQ
ZZZWUDVDGLQJHQFK
:LOFKLQJHQ
ZZZZLOFKLQJHQFK
3DULVKHV>.LUFKHQJHPHLQGHQ@
7KHSDULVKHVRIWKH&KULVWLDQGHQRPLQDWLRQV
DUHUHVSRQVLEOHIRUEDSWLVPVFKXUFK
ZHGGLQJVDQGIXQHUDOVHWF7KHVHVHUYLFHV
DUHIUHHRIFKDUJHIRUFKXUFKPHPEHUV
>NRVWHQORV@7KHRWKHUUHOLJLRXVGHQRPLQDWLRQV
PD\KDYHWKHLURZQDUUDQJHPHQWVDQGDUH
SULYDWO\ĺQDQFHG
'HWDLOVRIWKHSDULVKHVLQ\RXUDUHDDUHDYDLODEOH
IURPWKHFRPPXQH>GLH*HPHLQGH@RUWKH
DGPLQLVWUDWLRQRIWKHWRZQ>6WDGWYHUZDOWXQJ@
IRUUHVLGHQWVRIWKHWRZQRI6FKDIIKDXVHQ
ZZZXQVHUHNLUFKHFK>UHIRUPLHUW@
ZZZNDWKFKVK>NDWKROLVFK@
(0(5*(1&<
ZZZFKULVWNDWKFKVFKDIIKDXVHQ>FKULVWNDWKROLVFK@
(PHUJHQF\>1RWIDOO@
(PHUJHQF\QXPEHUV>GHU1RWUXI@
3ROLFH>GLH3ROL]HL@
)LUH>GLH)HXHUZHKU@
(PHUJHQF\GRFWRU
>$PEXODQ]1RWIDOODU]W@
&RXQVHOOLQJ
>'DUJHERWHQH+DQG@
BBHCDMS:CDQ4ME@KK<
,IDWUDIĺFDFFLGHQWUHVXOWVLQKDUPWRD
SHUVRQWKHSROLFHPXVWEHLQIRUPHG,WLVDOVR
DGYLVDEOHWRQRWLI\WKHSROLFHLQWKHFDVHRI
DFFLGHQWVHJLQWKHKRPHDWZRUNRUGXULQJ
VSRUWZKLFKUHVXOWLQSHUVRQDOLQMXU\
>3HUVRQHQVFKÁGHQ@,QVXFKFDVHVWKHSROLFH
PD\SURYLGHRUDUUDQJHIRUWUDQVSRUWIRUWKH
LQMXUHGSDUW\
$LDQFDMBXCNBSNQ:CDQ-NSE@KK@QYS<
,QWKHĺUVWLQVWDQFH\RXVKRXOGQRWLI\\RXU
*HQHUDO3UDFWLWLRQHU>GHU+DXVDU]W@,I\RXU
*3LVQRWDYDLODEOH\RXFDQUHFHLYHIXUWKHU
LQIRUPDWLRQE\FDOOLQJ7HO,IWKHSDWLHQW
FDQEHPRYHG\RXPD\FKRRVHWRWDNHWKHP
GLUHFWO\WRWKH$FFLGHQW(PHUJHQF\5RRP
>GLH1RWIDOOVWDWLRQ@RI\RXUORFDOKRVSLWDO>GDV
.DQWRQVVSLWDO@
.DQWRQVVSLWDO6FKDIIKDXVHQ
ZZZNVVKFK
/RXBGNKNFHB@KOQNAKDLR
:ORXBGNKNFHRBGD/QNAKDLD<
%\GLDOOLQJWHO\RXFDQDFFHVVFRQĺGHQ
WLDOKHOSKRXUVDGD\GD\VD\HDU
YLDWKHe'DUJHERWHQH+DQGq>WKHRXWVWUHWFKHG
KDQG@7KLVVHUYLFHLVIUHHRIFKDUJHDQG
DOOFDOOVDUHGHDOWZLWKRQDFRQĺGHQWLDOEDVLV
#D@SG:CDQ3NCDRE@KK<
7KHIROORZLQJJXLGHOLQHVPD\EHRIXVH
t $FFLGHQW$OZD\VLQIRUPWKHSROLFH
t $WKRPH1RWLI\\RXU*3>+DXVDU]W@
RUHPHUJHQF\GRFWRU>1RWIDOODU]W@
t $WKRVSLWDO7KHKRVSLWDOPDQDJHPHQWZLOO
DGYLVH\RXRQWKHQH[WVWHSV
"@QAQD@JCNVMQDBNUDQXRDQUHBD
: TSN/@MMDMGHKED<
+HOSLVDYDLODEOHKRXUVDGD\E\FDOOLQJ
7HO
'RFWRU+RVSLWDO
>$U]W.UDQNHQKDXV@
'RFWRU>GHU$U]W@
,Q6ZLW]HUODQG\RXKDYHWKHULJKWWRFKRRVH
ZKLFKGRFWRUWRYLVLW>GLHIUHLH$U]WZDKO@0RVW
IRUPVRIWUHDWPHQWDUHFRYHUHGE\\RXUKHDOWK
LQVXUDQFHFRPSDQ\:KHQ\RXĺUVWYLVLW\RXU
GRFWRU\RXZLOOQHHGWRWDNH\RXUKHDOWK
LQVXUDQFH,'>9HUVLFKHUXQJVDXVZHLV@LVVXHG
E\\RXUKHDOWKLQVXUDQFHFRPSDQ\
>.UDQNHQNDVVH@
'HQWLVW>GHU=DKQDU]W@
'HQWDOWUHDWPHQWLVJHQHUDOO\QRWFRYHUHG
E\\RXUKHDOWKLQVXUDQFHFRPSDQ\>.UDQNHQ
NDVVH@DQGWKXVLVSDLGIRUE\WKHSDWLHQW
GLUHFWO\$GGLWLRQDOFRYHUWRLQFOXGHGHQWDO
WUHDWPHQWPD\EHDYDLODEOHIURP\RXUKHDOWK
LQVXUDQFHFRPSDQ\KRZHYHU6FKRROSXSLOV
>VFKXOSĻLFKWLJH.LQGHU@DUHHQWLWOHGWRUHGXFHG
UDWHWUHDWPHQW>NRVWHQJÙQVWLJH%HKDQGOXQJ@
E\WKHVFKRROVoGHQWDOVHUYLFH>GLH6FKXO]DKQ
NOLQLN@
+RVSLWDO>GDV.UDQNHQKDXV@
6FKDIIKDXVHQKDVWZRKRVSLWDOV>.UDQNHQ
KÁXVHU@WKHSXEOLFKRVSLWDO>GDVÓIIHQWOLFKH
.DQWRQVVSLWDO@DQGWKHSULYDWHFOLQLF>GLH.OLQLN
%HODLU@%RWKLQVWLWXWLRQVRIIHUDKLJKOHYHO
RIFDUH5HIHUUDOWRDKRVSLWDOLVJHQHUDOO\
XQGHUWDNHQE\D*3,QHPHUJHQFLHV>1RWIÁOOH@
WKH$FFLGHQW(PHUJHQF\5RRP
>GLH1RWIDOOVWDWLRQ@RIWKHFDQWRQDOKRVSLWDO
>GDV.DQWRQVVSLWDO@DUHDYDLODEOHZLWKRXWWKH
QHHGIRUUHIHUUDO
7KHFDQWRQDOKRVSLWDO>GDV.DQWRQVVSLWDO
6FKDIIKDXVHQ@KDVWKUHHW\SHVRIZDUGJHQHUDO
ZDUGV>GLH$OOJHPHLQH$EWHLOXQJ@ZLWKVHYHUDO
EHGVWRDURRPVHPLSULYDWHZDUGV
>GLHKDOESULYDWH$EWHLOXQJ@ZKLFKJHQHUDOO\KDYH
WZREHGVSHUURRPDQGWKHSULYDWHZDUGV
>GLHSULYDWH$EWHLOXQJ@LQZKLFKHDFKSDWLHQW
KDVWKHLURZQURRP7KHGLIIHUHQWW\SHV
RIZDUGYDU\LQWHUPVRIFRVWDQGOHYHORI
VHUYLFH
.DQWRQVVSLWDO6FKDIIKDXVHQ
ZZZNVVKFK
3ULYDWNOLQLN%HODLU
ZZZEHODLUFK
3V\FKLDWULVFKH'LHQVWH
ZZZNVVKFK
.LQGHUXQG-XJHQGSV\FKLDWULVFKHU'LHQVW.-3'
ZZZNMSGVKFK
75$)),&75$163257
7UDIðF7UDQVSRUW
3XEOLFWUDQVSRUW
>ŋIIHQWOLFKHU9HUNHKU@
7KH&DQWRQRI6FKDIIKDXVHQKDVDQH[FHOOHQW
EXVQHWZRUNERWKLQWKHWRZQDQGLQWKH
RXWO\LQJDUHDV3DUNLQJVSDFHV>3DUNSOÁW]H@
LQ6FKDIIKDXVHQFDQEHGLIĺFXOWWRĺQGDQGVR
LWPDNHVVHQVHWROHDYH\RXUFDUDWKRPHDQG
ZKHQHYHUSRVVLEOHWRWUDYHOLQWR6FKDIIKDXVHQ
E\SXEOLFWUDQVSRUW3DUNLQJVSDFHVLQWRZQ
DUHPHWHUHG>JHEÙKUHQSĻLFKWLJ@
%XVOLQNV>%XVYHUELQGXQJHQ@6WDGW
6FKDIIKDXVHQ1HXKDXVHQDP5KHLQIDOO
7KHWUDQVSRUWFRPSDQ\>9HUNHKUVEHWULHEH
6FKDIIKDXVHQt9%6+IRUVKRUW@FRYHUWKH
WRZQRI6FKDIIKDXVHQ>6WDGW6FKDIIKDXVHQ@
DQG1HXKDXVHQDP5KHLQIDOO2QWKHPDLQ
URXWHV>GLH+DXSWOLQLHQ@EXVHVRSHUDWH
DWPLQXWHLQWHUYDOV>LP0LQXWHQWDNW@
LQWKHODWHHYHQLQJDWPLQXWHLQWHUYDOV
'HWDLOHGLQIRUPDWLRQRQURXWHVSULFHVDQG
WLPHWDEOHVLVDYDLODEOHIURPWKHWUDQVSRUW
RSHUDWLQJFRPSDQ\>9HUNHKUVEHWULHEH@
6FKDIIKDXVHQRQWKHLQWHUQHWDQGDW
WKHLQIRUPDWLRQGHVNVRIWKHEXVDQGUDLO
RSHUDWRUVLQWKHPDLQUDLOZD\VWDWLRQ>+DXSW
EDKQKRI@LQ6FKDIIKDXVHQ
ZZZYEVKFK
ZZZVEEFK>ZZZWKXUERFK@
7LFNHWV>)DKUDXVZHLVH@7KHSULFHVIRUWLFNHWV
>)DKUDXVZHLVHRUe%LOOHWWHqLQ6ZLVV*HUPDQ@DUH
WKHVDPHDFURVVWKHQHWZRUN&KLOGUHQXSWRVL[
\HDUVRIDJHDFFRPSDQLHGE\DQDGXOWWUDYHO
IUHH>JUDWLV@&KLOGUHQDQGDGROHVFHQWVDJHG
WRUHFHLYHDVXEVLGLVHGIDUHDQGWUDYHOIUHH
LIDFFRPSDQLHGE\DQDGXOWDQGLQSRVVHVVLRQ
RID\RXQJSHUVRQVoWUDYHOSDVV>e-XQLRUHQNDUWHq@
&KLOGUHQWR\UV
$GXOWVZLWK+DOI)DUH&DUG
$GXOWV
:LWKWKH+DOI)DUH&DUG\RXFDQGRXEO\HQMR\
\RXUMRXUQH\VE\WUDLQEXVDQGODNHERDW
DV\RXSD\RQO\KDOIWKHRUGLQDU\WLFNHWIDUH
7KLVERRQLVJUDQWHGDOVRRQPRVWSULYDWHUDLO
QHWZRUNVDQGPRXQWDLQUDLOZD\VDQGDSSOLHV
WRERWKVWDQGQGFODVV3OD\\RXUFDUGV
ULJKWZLWKWKH+DOI)DUH&DUG\RXoUHRQWKH
ULJKWWUDFNV<RXFDQFKRRVHWKHOHQJWKRI
YDOLGLW\WKDWEHVWVXLWV\RXUQHHGVRQHWZRRU
WKUHH\HDUV$QGLI\RXoUHWKLV\HDUZHRIIHU
D+DOI)DUH&DUGWKDWPDNHV\RXUSDVVDJH
LQWRDGXOWKRRGWKDWPXFKFKHDSHU
+DOI)DUH&DUGIRU\HDU
+DOI)DUH&DUGIRU\HDUV
+DOI)DUH&DUGIRU\HDUV
e7UDFNqFRPELQHGZLWKRQH\HDU
+DOI)DUH&DUG
&+)
&+)
&+)
&+)
9DOLGIRU6ZLW]HUODQG$OOSURGXFWVDQGSULFHVDUH
VXEMHFWWRFKDQJH
&RQVLGHUDEOHSULFHUHGXFWLRQVDUHDYDLODEOHLI
WKHIROORZLQJWLFNHWVDUHXVHGRQHGD\URDPHU
WLFNHWV>7DJHVNDUWHQ@PXOWLSOHMRXUQH\WLFNHWV
>0HKUIDKUWHQNDUWHQ@ZHHNO\PRQWKO\RU
DQQXDOWLFNHWV>:RFKHQNDUWH0RQDWVNDUWHRU
-DKUHVNDUWH@6LQJOHMRXUQH\WLFNHWV>(LQ]HO
ELOOHWWH@DQGPXOWLSOHMRXUQH\WLFNHWV>0HKU
IDKUWHQNDUWHQ@FDQEHSXUFKDVHGRQWKHEXV
:HHNO\PRQWKO\RUDQQXDOWLFNHWV>:RFKHQ
NDUWH0RQDWVNDUWHRU-DKUHVNDUWH@FDQ
EHERXJKWDWWKHVDOHVGHVN>9HUNDXIVVWHOOH@
e7LFNHWHULDqDWWKHUDLOZD\VWDWLRQ>%DKQKRI@
RUDWWKHPDLQSRVWRIĺFH>GLH+DXSWSRVW@
LQ6FKDIIKDXVHQ,I\RXDUHFDXJKWWUDYHOOLQJ
ZLWKRXWDYDOLGWLFNHW>RKQHJÙOWLJHQ)DKUDXV
ZHLV@\RXZLOOEHĺQHG&+)
7LFNHWHULD
ZZZYEVKFK
6LQJOH-RXUQH\
HU&DUG
'D\7LFNHW
&+)
&+)
&+)
&+)
&+)
&+)
&+)
&+)
&+)
9DOLGIRU6ZLW]HUODQG$OOSURGXFWVDQGSULFHVDUHVXEMHFWWRFKDQJH
5HJLRQDOEXVDQGWUDLQFRQQHFWLRQV
>5HJLRQDOH%XVXQG%DKQYHUELQGXQJHQ@
7KHZKROHDUHDLVFRYHUHGE\DUDQJHRIEXV
DQGWUDLQOLQNV
)URP>YRQ@6FKDIIKDX
VHQWR>QDFK@
$OWGRUI
%DUJHQ
%DU]KHLP
%HJJLQJHQ
%HULQJHQ
%LEHUQ
%OXPEHUJ'
%XFK
%XFKEHUJ
%ÙVLQJHQ'
%ÙWWHQKDUGW
'DFKVHQ
'ÓUĻLQJHQ
)HXHUWKDOHQ
)OXUOLQJHQ
*ÁFKOLQJHQ
*DLOLQJHQ'
*XQWPDGLQJHQ
+DOODX
+HPLVKRIHQ
+HPPHQWDO
+RIHQ
/ÓKQLQJHQ
/RKQ
0HULVKDXVHQ
1HXKDXVHQDP5KI
1HXQNLUFK
2EHUKDOODX
2SIWHUVKRIHQ
2VWHUĺQJHQ
5DPVHQ
5ÙGOLQJHQ
6FKOHLWKHLP
6LEOLQJHQ
6LQJHQ'
6WHLQDP5KHLQ
6WHWWHQ
7KD\QJHQ
7UDVDGLQJHQ
8KZLHVHQ
:LOFKLQJHQ
:LQWHUWKXU
=ÙULFK
=ÙULFK)OXJKDIHQ
0HDQVRIWUDQVSRUW
>9HUNHKUVPLWWHO@
%XV
%XV
%XV
%XV
%XV=XJ'%
%XV
%XV
%XV
%XV
%XV
%XV
=XJ6%%
%XV
=XJ7KXUER%XV
%XV
%XV
%XV
%XV
%XV
%XV
%XV
%XV
%XV
%XV
%XV
%XV=XJ'%6%%
%XV=XJ'%
%XV
%XV
%XV
%XV
%XV
%XV
%XV
=XJ'%
=XJ7KXUER
%XV
=XJ'%7KXUER%XV
=XJ'%%XV
%XV
=XJ'%%XV
=XJ6%%
=XJ6%%
=XJ6%%
'%LQGLFDWHVDWUDLQRSHUDWHGE\WKH*HUPDQUDLOZD\
QHWZRUN'HXWVFKH%DKQ
6%%LQGLFDWHVDWUDLQRSHUDWHGE\WKH6ZLVVUDLOZD\
QHWZRUN6FKZHL]HULVFKH%XQGHVEDKQ
7KXUERLQGLFDWHVDWUDLQRSHUDWHGE\WKHUHJLRQDO
UDLOZD\7KXUER
)XUWKHULQIRUPDWLRQRQURXWHVSULFHVDQG
WLPHWDEOHVLVDYDLODEOHIURP9HUNHKUVEHWULHEH
6FKDIIKDXVHQRQWKH,QWHUQHWRUDWWKH
LQIRUPDWLRQGHVNV>$XVNXQIWVVWHOOH@
RIWKHYDULRXVWUDQVSRUWFRPSDQLHVDW
WKHPDLQUDLOZD\VWDWLRQ>+DXSWEDKQKRI@
LQ6FKDIIKDXVHQVHHe7LFNHWHULDq
ZZZYEVKFK
ZZZVEEFK
/RFDOQHWZRUNIDUHV>GHU7DULIYHUEXQG@
7KHUDLODQGEXVFRPSDQLHV>GLH%DKQXQG
%XVEHWUHLEHU@LQWKH6FKDIIKDXVHQDUHDKDYH
MRLQHGWRJHWKHUWRSURYLGHDFRPPRQWDULII
IRUWKHUHJLRQFDOOHGe)OH[7D[q,I\RXXVHWKH
)OH[7D[VXEVFULEHUVHUYLFH\RXFDQEHQHĺW
IURPWUDYHORQWKHZKROHUDLODQGEXVQHWZRUN
7KH)OH[7D[VXEVFULEHUVHUYLFH>)OH[7D[
$ERQQHPHQW@LVDYDLODEOHRQOLQHRUDWDOO
VDOHVGHVNVRIWKHSDUWLFLSDWLQJWUDQVSRUW
FRPSDQLHV
7D[L>GDV7D[L@
,QWKHWRZQRI6FKDIIKDXVHQLWVHOI>6WDGW
6FKDIIKDXVHQ@WKHPDLQWD[LUDQNLVLQIURQW
RIWKHPDLQUDLOZD\VWDWLRQ>GHU+DXSWEDKQ
KRI@,Q6WHLQDP5KHLQ\RXZLOODOVRĺQGDWD[L
FRPSDQ\EDVHGDWWKHUDLOZD\VWDWLRQ
>%DKQKRI@7KHWHOHSKRQHQXPEHUVRIWKHORFDO
WD[LFRPSDQLHVDUHWREHIRXQGLQWKHORFDO
WHOHSKRQHERRN>7HOHIRQYHU]HLFKQLV@
75$)),&75$163257
7UDYHOE\VKLSRQWKH5KLQH
>GLH5KHLQVFKLIIIDKUW@
6FKDIIKDXVHQWR/DNH&RQVWDQFH
>%RGHQVHH@
%HWZHHQ$SULODQG2FWREHUERDWVRSHUDWHD
UHJXODUVHUYLFHVHYHUDOWLPHVDGD\EHWZHHQ
6FKDIIKDXVHQDQG6WHLQDP5KHLQDQG
.UHX]OLQJHQ.RQVWDQ]7LFNHWV>)DKUNDUWHQ@
FDQEHSXUFKDVHGRQERDUG
5HJXODU6HUYLFH
6FKZHL]HULVFKH6FKLIIIDKUWVJHVHOOVFKDIW
8QWHUVHHXQG5KHLQ
ZZZXUKFK
6SHFLDO&UXLVHV
6WROO6FKLIIIDKUWHQ$*
ZZZVWROOVFKLIIIDKUWHQFK
+XQ]LNHU6FKLIIVEHWULHE$*
ZZZKXQ]LNHUVFKLIIVEHWULHEFK
1GHMD%@KKR:1GDHME@KK<SN$FKHR@T
7ULSVWRWKH5KLQH)DOOVoURFNV>5KHLQIDOO
)HOVHQ@DQG6FKORVV/DXIHQZKLFKRYHUORRNV
WKH)DOOVDQGGRZQVWUHDPIURPWKH5KLQH
)DOOV>GHU5KHLQIDOO@WR5KHLQDXDUHDYDLODEOH
RQDVFKHGXOHGVHUYLFH7KLVVHUYLFHRSHUDWHV
IURP$SULOWR6HSWHPEHURQ6XQGD\VDQG
3XEOLF+ROLGD\VDQGGDLO\LQ-XO\DQG$XJXVW
2Q6XQGD\VWR(JOLVDX
(UQVW0ÁQGOL$*%RRWVEHWULHE
ZZZVFKLIIPDHQGOLFK
:HUQHU0ÁQGOL$*6FKLIIIDKUWVEHWULHE
ZZZPDHQGOLFK
.ML@HMQN@CR
%QDDV@X
: TSNA@GM<
NPK
NPKPD[LPXPVSHHGIRU
FDUVWRZLQJFDUDYDQVLVNPK
:HUHFRPPHQG\RXREVHUYHWKHWUDIĺF
UHJXODWLRQV7KHSROLFH>GLH3ROL]HL@FDUU\RXW
UHJXODUFKHFNVDQGWKHĺQHVFDQEHYHU\
KLJKtIRUH[DPSOHH[FHHGLQJWKHVSHHGOLPLW
E\XSWRNPKFRVWV&+)+LGGHQ
FDPHUDVDUHXVHGWRPRQLWRUVSHHGDQGWUDIĺF
VLJQDOV
)UHHZD\>$XWREDKQ@
,I\RXZLVKWRXVHWKHIUHHZD\\RXZLOOUHTXLUH
DGLVN>9LJQHWWH@ZKLFK\RXFDQSXUFKDVH
DWERUGHUSRVWVSHWUROVWDWLRQVSRVWRIĺFHV
DQGPRVWJDUDJHV7KHGLVNVKRXOGEH
GLVSOD\HGRQWKHLQVLGHRIWKHZLQGVFUHHQ
LVYDOLGIRUDFDOHQGDU\HDUDQGFRVWV&+)
2QIUHHZD\VWKHOHIWKDQGODQHLVXVHGIRU
RYHUWDNLQJtRYHUWDNLQJRQWKHULJKWLVVWULFWO\
LOOHJDO
+HDGOLJKWV>/LFKW@
:HUHFRPPHQGWKDW\RXVKRXOGXVH\RXU
KHDGOLJKWVGXULQJWKHGD\IRU\RXURZQVDIHW\
DQGWKDWRIRWKHUGULYHUV,WLVPDQGDWRU\WR
XVHKHDGOLJKWVLQSRRUZHDWKHUIRJDQGLQ
WXQQHOV<RXDUHQRWDOORZHGWRGULYHXVLQJ
VLGHOLJKWV>6WDQGOLFKW@LQ6ZLW]HUODQG
3HGHVWULDQV>)XVVJÃQJHU@
3HGHVWULDQVKDYHWKHULJKWRIZD\RQPDUNHG
FURVVLQJVt]HEUDFURVVLQJV>=HEUDVWUHLIHQ@
0D[LPXPVSHHGV
>+ŋFKVWJHVFKZLQGLJNHLWHQ@
5LJKWRIZD\SULRULW\>GHU9RUWULWW@
8QOHVVWUDIĺFVLJQDOVLQGLFDWHRWKHUZLVH
WUDIĺFFRPLQJIURP\RXUULJKWKDVSULRULW\
3ROLFHFDUVĺUHEULJDGHDPEXODQFHVZLWK
EOXHOLJKWDVZHOODVWUDPVDQGEXVHVDOZD\V
KDYHSULRULW\>9RUWULWW@
(MQDRHCDMSH@K
@QD@R
/HDUQHUGULYHUV>/HUQIDKUHU@
/HDUQHUGULYHUVoFDUVDUHPDUNHGZLWKDEOXH
e/qSODWH
7UDIðFUHJXODWLRQV
NPKVRPH]RQHVDUH
OLPLWHGWRDVSHHGRI>7HPSR@
NPK
6ZLWFKRII\RXUHQJLQH>0RWRUDEVWHOOHQ@
,I\RXDUHVWDWLRQDU\IRUDQ\OHQJWKRIWLPH
\RXVKRXOGVZLWFKRII\RXUHQJLQHWRUHGXFH
SROOXWLRQ7KRXJKQRWUHTXLUHGWRGRVRE\
ODZPDQ\GULYHUVVZLWFKRIIWKHLUHQJLQHV
ZKHQVWRRGDWWUDIĺFOLJKWV
'ULYHUVOLFHQFH>)ŞKUHUDXVZHLV@
)RUHLJQGULYLQJOLFHQFHVDUHYDOLGIRURQH
\HDUIURPWKHLURZQHUpVHQWU\WR6ZLW]HUODQG
%HIRUHWKLVGHDGOLQHH[SLUHV\RXQHHG
WRDSSO\IRUD6ZLVVGULYHUoVOLFHQFHWRWKH
IROORZLQJFDQWRQDOGHSDUWPHQWeGDVNDQWRQDOH
6WUDVVHQYHUNHKUVXQG6FKLIIIDKUWVDPWr,I\RX
PLVVWKHGHDGOLQH\RXZLOOKDYHWRSD\DĺQH
>HLQH%XVVH@,I\RXKROGDGULYHUpVOLFHQFHIURP
DZHVWHUQ(XURSHDQFRXQWU\WKH86$RU
&DQDGD\RXFDQJHQHUDOO\REWDLQD6ZLVV
OLFHQFHZLWKRXWWDNLQJDWHVW)RUPRUH
GHWDLOHGLQIRUPDWLRQFRQWDFW
7UDIðFOLJKWV>/LFKWVLJQDOH@
<RXDUHQRWDOORZHGWRWXUQULJKWDWWUDIĺF
OLJKWVZKHQWKH\DUHRQUHG
$EW)ÙKUHUDXVZHLVH
ZZZVKFK
$OFRKRO>$ONRKRO@
7KHSHUPLWWHGEORRGDOFRKROOHYHOLVOLPLWHG
WRSDUWVSHUWKRXVDQG>3URPLOOH@/LDELOLW\
IRUDQDFFLGHQWPD\EHDWWULEXWHGDWORZHU
EORRGDOFRKROOHYHOVKRZHYHU$VDJHQHUDO
UXOHRIWKXPEGRQpWGULQNDQGGULYH
+HOPHWV>+HOP@
&UDVKKHOPHWVPXVWEHZRUQZKHQXVLQJDQ\
PRWRULVHGWZRZKHHOYHKLFOHtLUUHVSHFWLYH
RIVL]HRUVSHHG&\FOLVWVDUHDOVRDGYLVHG
WRZHDUDKHOPHW
6HDWEHOWV>6LFKHUKHLWVJXUWH@
7KHGULYHUDQGDOOSDVVHQJHUVPXVWZHDU
DVHDWEHOW
:DUQLQJ7ULDQJOH>GDV3DQQHQGUHLHFN@
$OOYHKLFOHVDSDUWIURPPRWRUELNHVPXVWEH
HTXLSSHGZLWKDZDUQLQJWULDQJOH,I\RXKDYH
DQDFFLGHQWSRVLWLRQLWPEHKLQGWKH
YHKLFOHWRZDUQIROORZLQJWUDIĺF6ZLWFKLQJ
RQWKHFDUpVZDUQLQJOLJKWVLVQRWVXIĺFLHQW
$FFLGHQW>GHU8QIDOO@
,QWKHFDVHRIDFFLGHQWVFDXVLQJRQO\GDPDJH
WRYHKLFOHVRURWKHUREMHFWV>6DFKVFKDGHQ@
WKHSROLFHGRQRWQHHGWREHFDOOHGWKRXJK
LWPD\EHSUHIHUDEOHWRFDOOWKHPLIWKHUHDUH
OLNHO\LVVXHVUHJDUGLQJUHVSRQVLELOLW\IRU
WKHDFFLGHQW:KHQHYHUSHRSOHDUHLQMXUHG
>3HUVRQHQVFKÁGHQ@WKHSROLFHPXVWEHFDOOHG
WRWKHVFHQHKRZHYHU
5HJLVWUDWLRQRIPRWRUYHKLFOHV
>5HJLVWULHUXQJYRQ0RWRUIDKU]HXJHQ@
0RWRUYHKLFOHVDQGWUDLOHUVPXVWEHUHJLVWHUHG
DWWKH6WUDVVHQYHUNHKUVXQG6FKLIIIDKUWVDPW
)RUPRUHGHWDLOHGLQIRUPDWLRQFRQWDFW
$EW)DKU]HXJDXVZHLVH
ZZZVKFK
7HVWRIURDGZRUWKLQHVV
>GLH)DKU]HXJSUŞIXQJ@
$SSUR[LPDWHO\HYHU\WKUHH\HDUVHDFKYHKLFOH
LVFDOOHGLQIRUDURDGZRUWKLQHVVFKHFNE\
WKHDXWKRULWLHV>GDV6WUDVVHQYHUNHKUVDPW@
:HUHFRPPHQG\RXYLVLWDVXLWDEO\HTXLSSHG
JDUDJHIRUWKLVSXUSRVH
0RWRUYHKLFOHWD[DWLRQ
>GLH0RWRUIDKU]HXJVWHXHUQ@
,QWKH&DQWRQRI6FKDIIKDXVHQWKHOHYHORI
PRWRUWD[DWLRQLVOLQNHGWRWKHFXELFFDSDFLW\
RIWKHHQJLQH>+XEUDXP@7KHWD[LVSDLG
DQQXDOO\LQDGYDQFH6FKDIIKDXVHQKDVRQH
RIWKHORZHVWUDWHVRIYHKLFOHWD[DWLRQ
75$)),&75$163257
/LFHQFHSODWHV>.RQWUROOVFKLOGHU@
/LFHQFHSODWHVDUHLVVXHGRQORDQE\
WKHFDQWRQDODXWKRULWLHVWRWKHRZQHURI
WKHYHKLFOH,IWKHYHKLFOHLVVROGtZLWKLQWKH
FDQWRQtWKHOLFHQFHSODWHUHPDLQVZLWK
WKHUHJLVWHUHGRZQHURIWKDWSODWH>GHU+DOWHU@
,I\RXPRYHIURPRQHFDQWRQWRDQRWKHUWKH
OLFHQFHSODWHPXVWEHKDQGHGWRWKH6WUDVVHQ
YHUNHKUVDPWRI\RXUQHZFDQWRQZLWKLQ
GD\VXSRQZKLFK\RXZLOOUHFHLYHDQHZSODWH
9HKLFOHH[KDXVWWHVWV>GLH$EJDVZDUWXQJ@
7KHH[KDXVWHPLVVLRQVRIDOOYHKLFOHVPXVWEH
FKHFNHGUHJXODUO\tLQWKHFDVHRIYHKLFOHVZLWK
DFDWDO\WLFFRQYHUWHUHYHU\WZR\HDUVZKHUHDV
WKRVHZLWKRXWDUHFKHFNHGDQQXDOO\7KHWHVWV
DQGDQ\DGMXVWPHQWVQHFHVVDU\DUHFDUULHG
RXWE\JDUDJHVOLFHQFHGIRUWKLVSXUSRVH
DQGWKHUHVXOWVDUHHQWHUHGLQDORJERRN
>GDV$EJDVZDUWXQJVGRNXPHQW@7KHORJERRN
VKRXOGEHNHSWZLWKWKHYHKLFOHDWDOOWLPHV
$OOPRWRUYHKLFOHVPXVWEHFRYHUHGE\WKLUG
SDUW\LQVXUDQFH>+DIWSĻLFKW@9HKLFOHGRFX
PHQWDWLRQLVRQO\LVVXHGZKHQSURRIRI
LQVXUDQFH>HLQ9HUVLFKHUXQJVQDFKZHLV@LV
DYDLODEOH7KLUGSDUW\LQVXUDQFH>+DIWSĻLFKW
YHUVLFKHUXQJ@DQGDGGLWLRQDORSWLRQVFDQ
EHSXUFKDVHGIURPDQ\LQVXUDQFHFRPSDQ\
2YHUQLJKW3DUNLQJ
:LWKLQWKHWRZQRI6FKDIIKDXVHQDFKDUJH
LVOHYLHGIRURYHUQLJKWSDUNLQJRQWKHVWUHHW
RURWKHUSXEOLFDUHD7KHFKDUJHLV&+)SHU
PRQWK&DURZQHUVVKRXOGFRQWDFWWKHSROLFH
>9HUZDOWXQJVSROL]HL@IRUIXUWKHUGHWDLOV
3XUFKDVH6DOH>.DXI9HUNDXI@
7KHVLPSOHVWZD\RIEX\LQJRUVHOOLQJDYHKLFOH
LVWRDSSURDFKDFDUGHDOHU>+ÁQGOHU@,I\RX
DUHEX\LQJDFDUSULYDWHO\LWPD\EHZRUWK
\RXUZKLOHWRJHWWKHYHKLFOHFKHFNHGSULRU
WRSXUFKDVH>DPWOLFKJHSUÙIW@
&DUKLUH>0LHWH@
7KHDGGUHVVHVRIKLUHFRPSDQLHVIRUFDUV
PLQLEXVHVWUXFNVPRWRUKRPHVPRWRUELNHV
HWFDUHLQ\RXUORFDO<HOORZ3DJHV>7HOHIRQ
EUDQFKHQYHU]HLFKQLV@
,PSRUWLQJDYHKLFOH>GLH)DKU]HXJ(LQIXKU@
,I\RXRZQDYHKLFOH\RXFDQLPSRUWLWLQWR
6ZLW]HUODQGWD[IUHH>]ROOIUHL@DVSDUWRI\RXU
SRVVHVVLRQV>¹EHUVLHGOXQJVJXW@LIWKHYHKLFOH
KDVEHHQUHJLVWHUHGLQ\RXUQDPHIRUDWOHDVW
WKHSUHYLRXVVL[PRQWKV<RXPD\KDYHWR
PRGLI\WKHYHKLFOHWRHQVXUHLWPHHWV6ZLVV
VWDQGDUGV,QIRUPDWLRQRQLPSRUWLQJDYHKLFOH
FDQEHREWDLQHGIURPWKH&XVWRPV'HSDUWPHQW
>=ROONUHLVGLUHNWLRQ@LQ6FKDIIKDXVHQRUIURP
WKH6WUDVVHQYHUNHKUVXQG6FKLIIIDKUWVDPW
ZZZVKFK
9HUZDOWXQJVSROL]HL
$LUSRUW>GHU)OXJKDIHQ@
6FKDIIKDXVHQLVDQLGHDOEDVHIRULQWHUQDWLRQDO
DLUWUDYHOWKDQNVWRLWVSRVLWLRQDWWKHKHDUW
RI(XURSHDQGLWVSUR[LPLW\WR=ÙULFKDLUSRUW
=ÙULFKpVLQWHUQDWLRQDODLUSRUWe.ORWHQqLVNP
IURP6FKDIIKDXVHQDQGFDQEHDFFHVVHG
LQDSSUR[LPDWHO\PLQXWHVE\FDURU
PLQXWHVE\WUDLQ7KHUHDUHGDLO\ĻLJKWVIURP
=ÙULFKWRSUDFWLFDOO\HYHU\PDMRUEXVLQHVV
FHQWUHLQWKHZRUOGDQGWKHDLUSRUWRIIHUV
HYHU\WKLQJ\RXZRXOGH[SHFWRIDĺUVWFODVV
DLUSRUWtIDVWFKHFNLQSURFHVVLQJDPSOH
SDUNLQJGXW\IUHHVKRSSLQJDQGGLUHFWOLQNV
WRUDLODQGEXVFRQQHFWLRQV
<RXFDQFKHFNLQDW6FKDIIKDXVHQUDLOZD\
VWDWLRQ>%DKQKRI6FKDIIKDXVHQ@LI\RXZLVK
DQGSLFNXS\RXUERDUGLQJFDUG>GLH%RUG
NDUWH@LPPHGLDWHO\
2WKHUDLUSRUWVZLWKLQHDV\UHDFKDUH%DVHO
0XOKRXVH6WXWWJDUW%HUQ%HOS*HQIDQG
/XJDQR
&URVVLQJWKHERUGHU>GLH*UHQ]H@
,I\RXDUHSODQQLQJDWULSWRRQHRIRXU
QHLJKERXULQJFRXQWULHVt*HUPDQ\>'HXWVFK
ODQG@)UDQFH>)UDQNUHLFK@$XVWULD>³VWHUUHLFK@
RU,WDO\>,WDOLHQ@tSOHDVHUHPHPEHUWKDW\RX
ZLOODOZD\VQHHGWRWDNHWKHIROORZLQJ
GRFXPHQWVZLWK\RX
t 3DVVSRUW>5HLVHSDVV@IRUHDFKSDVVHQJHU
>(8()7$FLWL]HQVRQO\UHTXLUHWKHLU,'
FDUGtGLH,GHQWLWÁWVNDUWH@
t $YDOLGGULYHUVOLFHQFHDQGYHKLFOH
GRFXPHQWDWLRQ>LI\RXDUHWUDYHOOLQJE\FDU@
t $QLQVXUDQFHeJUHHQFDUGq>GLHJUÙQH
9HUVLFKHUXQJVNDUWH@7KRXJKQRORQJHU
PDQGDWRU\LQPRVWFRXQWULHVLWPD\
EHZRUWKZKLOHREWDLQLQJRQHQRQHWKHOHVV
&DWVDQGGRJVPXVWEHYDFFLQDWHGDJDLQVW
UDELHV>GLH7ROOZXW@<RXPXVWWDNHWKH
9DFFLQDWLRQ3DVV>GHU,PSIDXVZHLV@ZLWK\RX
DQGWKLVPXVWQRWEHOHVVWKDQWKLUW\GD\VRU
PRUHWKDQRQH\HDUROG
&XVWRPVUHJXODWLRQV
>GLH=ROOEHVWLPPXQJHQ@
:KHQHQWHULQJRUUHWXUQLQJWR6ZLW]HUODQG
\RXPXVWGHFODUHDQ\JRRGVERXJKWDEURDG
DWWKH&XVWRPVFKHFNSRLQW>GHU=ROO@
&XVWRPVRIĺFLDOVZLOOLQIRUP\RXZKLFKJRRGV
DUHWD[IUHH>]ROOIUHL@DQGRQZKLFKJRRGV\RX
ZLOOKDYHWRSD\FXVWRPVGXW\'XW\LVQRWSDLG
RQXVHGSHUVRQDOLWHPVVXFKDVFORWKHV
FDPHUDVVSRUWVHTXLSPHQWHWF(DFKSHUVRQ
DERYHWKHDJHRIVHYHQWHHQLVDOORZHGWR
LPSRUWWKHIROORZLQJJRRGVWD[IUHH
t OLWUHVRIDOFRKROLFEHYHUDJHV>DONR
KROLVFKH*HWUÁQNH@ZLWKOHVVWKDQ
DOFRKROFRQWHQW
t OLWUHRIDOFRKROLFEHYHUDJHZLWKPRUHWKDQ
DOFRKROFRQWHQW
t )RRG>/HEHQVPLWWHO@DQGRWKHULWHPVIRU
KRXVHKROGXVHWRDYDOXHRI&+),IWKH
YDOXHRIWKHJRRGVH[FHHGV&+)GXW\
PXVWEHSDLGRQWKHWRWDOYDOXHRIWKHJRRGV
7KHUHJXODWLRQV>GLH%HVWLPPXQJHQ@UHJDUGLQJ
WKHLPSRUWDWLRQRIEXWWHU>%XWWHU@IUXLW
>)UÙFKWH@YHJHWDEOHV>*HPÙVH@PHDW>)OHLVFK@
DQGPHDWSURGXFWV>)OHLVFKZDUHQ@ZKLFK
HLWKHUPXVWQRWEHLPSRUWHGRUPD\EH
LPSRUWHGRQO\LQVPDOOTXDQWLWLHVDUHVXEMHFW
WRFKDQJH:HUHFRPPHQG\RXFKHFNWKH
FXUUHQWDOORZDQFHVZLWK&XVWRPV>GHU=ROO@
EHIRUH\RXVHWRII
3XUFKDVHVPDGHLQQHLJKERXULQJ6RXWKHUQ
*HUPDQ\DUHVXEMHFWWRVSHFLDODUUDQJHPHQWV
3DUWLFXODUUHJXODWLRQVDSSO\WRWKHLPSRUWRIDOO
ZHDSRQVDQGDSHUPLW>HLQH%HZLOOLJXQJ@PXVW
EHREWDLQHGLQDGYDQFHIURPWKH&DQWRQDO
'HSDUWPHQWRI,QWHUQDO$IIDLUV>'HSDUWHPHQW
GHV,QQHUQ@
ZZZH]YDGPLQFK
/(,685($1'&8/785$//,)(
/HLVXUHDQG&XOWXUDO
/LIH>)UHL]HLWXQG
.XOWXU@
6FKDIIKDXVHQRIIHUVDKLJKTXDOLW\RIOLIH
LQFOXGLQJOHLVXUHDFWLYLWLHV:HKDYHEHDXWLIXO
FRXQWU\VLGHFXOWXUDOHYHQWVRIZRUOGUHQRZQ
ĺUVWFODVVUHVWDXUDQWVJDOOHULHVDQG
PXVHXPV6SRUWVIDQVZLOODOVRĺQGDZLGH
FKRLFHRIRSWLRQVUDQJLQJIURPEDVLFOHYHO
WRVHPLSURIHVVLRQDOVWDQGDUG
5HVWDXUDQWVFHQH
>GLH*DVWURQRPLH@
7KHPDLQYDULHWLHVDUH%ODXEXUJXQGHUIRUUHG
ZLQH>5RWZHLQ@DQG5LHVOLQJ6\OYDQHUIRUZKLWH
ZLQH>:HLVVZHLQ@%RWKDUHUHODWLYHO\GU\
>WURFNHQ@IUXLW\>IUXFKWLJ@DQGOLJKW>OHLFKW@
ZLQHVZKLFKDUHGUXQN\RXQJ
6FKDIIKDXVHQLVDOVRKRPHWRDQLQGHSHQGHQW
EUHZHU\>HLQH%LHUEUDXHUHL@WKHe%UDXHUHL
)DONHQq)DONHQEUHZVYDULRXVW\SHVRIEHHUt
IURPERWWOHGODJHUEHHUVWRGUDIWEHHUVt
ZKLFKDUHDYDLODEOHLQORFDOLQQVDQGUHVWDX
UDQWVVKRSVDQGGULQNVVWRUHV
>*HWUÁQNHKDQGOXQJHQ@
7KH6FKDIIKDXVHQDUHD>GLH5HJLRQ6FKDII
KDXVHQ@LVNQRZQIRULWVĺUVWFODVVUHVWDXUDQWV
>5HVWDXUDQWV@7KHFKRLFHVSDQVHOHJDQWWRS
FODVVHDWHULHVDVZHOODVWUDGLWLRQDOLQQV
>*DVWVWÁWWHQ@DQGDOVRLQFOXGHVIDVWIRRG
RXWOHWV<RXZLOOĺQGDQXPEHURIH[FHOOHQW
UHVWDXUDQWVRXWVLGHWRZQ>$XVĻXJVUHVWDXUDQW@
ZKLFKRIIHU\RXWKHRSSRUWXQLW\WRFRPELQH
DVKRUWWULSZLWKZRQGHUIXOIRRG$QRYHUYLHZ
LVDYDLODEOHRQWKHZHEVLWHRI6FKDIIKDXVHQoV
7RXULVP'HSDUWPHQW
+RWHOV
6FKDIIKDXVHUODQG7RXULVPXV
ZZZVFKDIIKDXVHUODQGFK
,I\RXDUHORRNLQJIRUFXOWXUH6FKDIIKDXVHQ
FDQRIIHU\RXQXPHURXVPXVHXPVDQG
JDOOHULHVERWKLQWKHWRZQDVZHOODVLQWKH
VXUURXQGLQJDUHD7KHIROORZLQJOLVWLVE\
QRPHDQVH[KDXVWLYHtWKHUHLVPXFKPRUH
WRVHH)RUIXUWKHULQIRUPDWLRQDERXWHDFK
FRQWDFWWKHUHVSHFWLYHDWWUDFWLRQGLUHFWO\
RU6FKDIIKDXVHUODQG7RXULVPXV
3ULFHV>GLH3UHLVH@
3ULFHVDWLQQVDQGUHVWDXUDQWVLQFOXGH9DOXH
$GGHG3XUFKDVH7D[>GLH0HKUZHUWVWHXHU@
DQGDVHUYLFHFKDUJH>6HUYLFH@,I\RXZLVK
WROHDYHDWLSKRZHYHU\RXPD\GRVR
>HLQ7ULQNJHOG@
6HUYLQJWLPHV>GLH(VVHQV]HLWHQ@
,QPRVWUHVWDXUDQWVIRRGLVVHUYHGEHWZHHQ
DPDQGSPDQGIURPSP
WRSP
6RPHWKLQJVSHFLDO>6SH]LHOOHV@
6FKDIIKDXVHQLVDZLQHJURZLQJDUHD
,QIDFWWKHDUHDXQGHUFXOWLYDWLRQSHUKHDG
RISRSXODWLRQLVWKHKLJKHVWLQ6ZLW]HUODQG
6FKDIIKDXVHQKDVDZLGHUDQJHRIRSWLRQV
WRFDWHUIRUHYHU\ZLVKDQGEXGJHW)RU
LQIRUPDWLRQ>,QIRV@DQGERRNLQJ>GLH%XFKXQJ@
FRQWDFWWKH7RXULVP'HSDUWPHQWt
0XVHXPV>GLH0XVHHQ@
*DOOHULHV>*DOHULHQ@
6FKDIIKDXVHQ
7KLVFXOWXUDODQGKLVWRULFDOPXVHXPLV
DFFRPPRGDWHGLQDIDVFLQDWLQJFRPSOH[
RIEXLOGLQJVFRPSULVLQJD5RPDQHVTXH
PRQDVWHU\DQGDIRUPHUVSLQQLQJPLOO<RXFDQ
VHHZRUNVRIDUWE\&UDQDFK6WLPPHU7ULSSHO
'LHWULFK'L[0H\HU$PGHQ$PLHW9DOORWWRQ
6HJDQWLQL+RGOHU9DUOLQ0RVHU'LVOHU
6SHVFKD)LYLDQ6LJQHUDVZHOODVGLVFRYHU
WKHUHJLRQpVDUFKDHRORJ\KLVWRU\DQGQDWXUDO
KLVWRU\DQGFKDUDFWHULVWLFV$SDUWLFXODU
IHDWXUHRIWKHPXVHXPLVDOVRDFROOHFWLRQ
RI6RXWK$PHULFDQDUFKDHRORJLFDOĺQGV,QND
0D\D1DVFD2OPHNHQ9DOGLYLD7KHFDIÆ
>0XVHXPVFDIÆLP3IDO]KRI@WKHFORLVWHUV
>.UHX]JDQJ@DQGWKHKHUEJDUGHQ>GHU
.UÁXWHUJDUWHQ@DUHKDYHQVRIWUDQTXLOLW\LQ
WKHPLGGOHRIWKHWRZQ
0XVHXPLP=HXJKDXV6FKDIIKDXVHQ
7KH$UVHQDO6FKDIIKDXVHQ
7KHH[KLELWLRQLQFOXGHVSHUVRQDOSURWHFWLYH
DUPRXUDQGZHDSRQVEXJHOVDQGRWKHU
PXVLFDOLQVWUXPHQWVKLVWRULFYHKLFOHVDQG
DUWLOOHU\SLHFHVXVHGE\WKH6ZLVV$UP\
>GLH6FKZHL]HU$UPHH@LQWKHWKDQGWK
FHQWXULHV
7XHVGD\WR6XQGD\DPtSP
>8KU@&ORVHGRQ0RQGD\
2SHQLQJWLPHV>GLH³IIQXQJV]HLWHQ@IURP$SULO
WR2FWREHUWKHPXVHXPLVRSHQRQWKHĺUVW
6DWXUGD\RIWKHPRQWKIURPt
SP
+DOOHQIŞU1HXH.XQVW6FKDIIKDXVHQ
$PXVHXPRIFRQWHPSRUDU\DUW>GLH*HJHQ
ZDUWVNXQVW@ZLWKDQLQWHUQDWLRQDOUHSXWDWLRQ
DQGXQLTXHDWPRVSKHUHVHWLQWKHVSDFLRXV
DQGDLU\KDOOVRIDIRUPHUWH[WLOHIDFWRU\7KH
H[KLELWLRQFRYHUVPDQGLQFOXGHVPDMRU
ZRUNVE\$PHULFDQDQG(XURSHDQDUWLVWVIURP
WKHVL[WLHVWRWKHHLJKWLHVLQFOXGLQJ
&DUO$QGUÆ-RVHSK%HX\V'DQ)ODYLQ'RQDOG
-XGG-DQQLV.RXQHOOLV6RO/H:LWW5LFKDUG
/RQJ5REHUW0DQJROG0DULR0HU]%UXFH
1DXPDQQ5REHUW5\PDQQ/DZUHQFH:HLQHU
6DWXUGD\tSPt8KU
6XQGD\tSP8KURUE\SULRU
DUUDQJHPHQW>QDFK9RUDQPHOGXQJ@
1DWXUKLVWRULVFKHV0XVHXP
6WHPPOHU6FKDIIKDXVHQ
7KHFROOHFWLRQRI]RRORJLFDOLWHPVFRPSLOHG
E\IXUULHUDQGQDWXUDOLVW&DUO6WHPPOHU
tFDQEHVHHQLQLWVRULJLQDO
GLVSOD\V%LUGVRISUH\HVSHFLDOO\HDJOHV
DUHDKLJKOLJKWRIWKLVH[KLELWLRQDVLVWKH
IXUULHUpVZRUNVKRSZKLFKKRXVHVIXUVIURP
ERWKLQGLJHQRXVDQGIRUHLJQDQLPDOVIRU
\RXWRWRXFK7KLVLVDSRSXODUGHVWLQDWLRQ
IRUFKLOGUHQRQ6XQGD\V
6XQGD\tSP8KU
*XLGHGWRXUVIRUJURXSVFDQEHRUJDQLVHG
RXWVLGHWKHDERYHWLPHV
.ORVWHU0XVHXP6W*HRUJHQ
6WHLQDP5KHLQ
7KLV%HQHGLFWLQHPRQDVWHU\>.ORVWHU@KDV
EHHQSUHVHUYHGLQWDFWtLQFOXGLQJDKDOOZLWK
LPSUHVVLYHSDLQWLQJVDQGD5RPDQHVTXH
FKDSHO>GLH.ORVWHUNLUFKH@
2SHQLQJWLPHV>GLH³IIQXQJV]HLWHQ@IURP$SULO
WR2FWREHU7XHVGD\WR6XQGD\DPt
SP&ORVHGRQ0RQGD\VDQG
RQ*RRG)ULGD\>.DUIUHLWDJ@
:RKQPXVHXP/LQGZXUP
6WHLQDP5KHLQ
$QLQVLJKWLQWROLYLQJDQGIDUPLQJLQWKHWK
FHQWXU\LQDERXUJHRLVUHVLGHQFHZKLFK
ERDVWVDQLPSUHVVLYHe(PSLUHVW\OHqIURQW
HOHYDWLRQDQGVDORQ
2SHQLQJWLPHV>GLH³IIQXQJV]HLWHQ@IURP
0DUFKWR2FWREHUH[FHSW7XHVGD\DPt
SP>@1RYHPEHUWR)HEUXDU\RQ
GHPDQG
6FKDIIKDXVHU:HLQEDXPXVHXP+DOODX
>9LWLFXOWXUH0XVHXP@
6HHWKHZRUNVKRSVWRROVDQGZD\RIOLIH
ZKLFKJRHVLQWRWKHORFDOZLQHtDOVRLQFOXGLQJ
DGLVWLOOHU\>HLQH%UHQQHUHL@:LQHWDVWLQJ
>:HLQ'HJXVWDWLRQ@SRVVLEOH
/(,685($1'&8/785$//,)(
2SHQLQJWLPHV>GLH³IIQXQJV]HLWHQ@IURP0D\
-XQH$XJXVW6HSWHPEHUDQG2FWREHU
6XQGD\SPtSP
,QWHUQDWLRQDO:DWFK&R
0XVHXP6FKDIIKDXVHQ
$QH[KLELWLRQRIRYHUFDUHIXOO\VHOHFWHG
H[DPSOHVRIWKHFUDIWRIWKHZDWFKPDNHU
7XHVGD\WR)ULGD\tSPt
6DWXUGD\tSP
*LSVPXVHXP6FKOHLWKHLP
>*LSVXP0XVHXP@
7KHRQO\RQHRILWVW\SHLQ6ZLW]HUODQG
LQFOXGHVDFFHVVWRWKHXQGHUJURXQGSDVVDJH
ZD\V
2SHQLQJWLPHV>GLH³IIQXQJV]HLWHQ@HYHU\VW
6XQGD\RIWKHPRQWKIURP$SULOWR2FWREHU
*XLGHGWRXUV>)ÙKUXQJHQ@DWSP
SPDQGSP*URXS
YLVLWVFDQEHDUUDQJHG>QDFK9HUHLQEDUXQJ@
7KHUPHQPXVHXP-XOLRPDJXV
6FKOHLWKHLP>5RPDQWKHUPDOEDWKV@
&RYHUHGVLWHRIWKHUHPDLQVRIWKH5RPDQ
WKHUPDOEDWKVDWWKHVHWWOHPHQWNQRZQDV
-XOLRPDJXV9LVXDOGLVSOD\VĺQGVDQGD
WDSHUHFRUGHGJXLGHWRWKHVLWHDUHDYDLODEOH
7KHVLWHLVDOZD\VRSHQ
/RFDOPXVHXPV>2UWVPXVHHQ@
6HYHUDOUXUDODUHDVKDYHHVWDEOLVKHGWKHLURZQ
ORFDOPXVHXPVDQGH[KLELWLRQVHJ%HULQJHQ
1HXQNLUFK+DOODX6FKOHLWKHLP:LOFKLQJHQ
7KD\QJHQRUWKH)LVKHU\0XVHXPLQ1HX
KDXVHQDP5KHLQIDOO)RUIXUWKHUGHWDLOVDQG
RSHQLQJWLPHVFRQWDFWWKHRIĺFHVRIWKH
&RPPXQH>GLH*HPHLQGHYHUZDOWXQJ@
0XVHXPV
ZZZDOOHUKHLOLJHQFK
+DOOHQIÙU1HXH.XQVW
ZZZPRGHUQDUWFK
1DWXUKLVWRULVFKHV0XVHXP6WHPPOHU
0XVHXPLP=HXJKDXV
ZZZPXVHXPLP]HXJKDXVFK
.ORVWHUPXVHXP6W*HRUJHQ
ZZZVWHLQDPUKHLQFK
:RKQPXVHXP/LQGZXUP
ZZZPXVHXPOLQGZXUPFK
:HLQEDXPXVHXP
ZZZVKZHLQEDXPXVHXPFK
,QWHUQDWLRQDO:DWFK&R0XVHXP
ZZZLZFFRP
*LSVPXVHXP
ZZZPXVHXPVFKOHLWKHLPFK
7KHPHQPXVHXP-XOLRPDJXV
ZZZPXVHXPVFKOHLWKHLPFK
*DOOHULHV>*DOHULHQ@
$UVHWYLWUXP6WHLQDP5KHLQ
ZZZJODVNXQVWKDQGZHUNFK
$XVVWHOOXQJVUÁXPHLP&DUGLQDO6FKDIIKDXVHQ
ZZZFOXEFDUGLQDOFK
*DOHULHDP8QGHUWRU6WHLQDP5KHLQ
*DOHULH26FKDIIKDXVHQ
ZZZJDOHULHRFK
*DOHULH5HSIHUJDVVH6FKDIIKDXVHQ
*DOHULH5LVFK6FKDIIKDXVHQ
*DOHULH6WHLQHJJHU5ÙGOLQJHQ
.XOWXUJDVWVWÁWWH6RPPHUOXVW6FKDIIKDXVHQ
ZZZVRPPHUOXVWFK
)RUXP9HELNXV6FKDIIKDXVHQ
ZZZYHELNXVFK
/LEUDULHV>%LEOLRWKHNHQ@
/LEUDULHVRIIHUIUHHDFFHVVWRLQIRUPDWLRQ
HGXFDWLRQDODQGUHFUHDWLRQDOPDWHULDO
,QDGGLWLRQWRKROGLQJFRSLHVRISXEOLVKHG
PDWHULDOLQDUDQJHRIIRUPDWVWKH\DUHDQ
DFFHVVSRLQWIRUQHWZRUNVDQGGDWDEDVHV
6FKDIIKDXVHQ
7KHPXQLFLSDOOLEUDU\>GLH6WDGWELEOLRWKHN@
LVORFDWHGRQWKH0ÙQVWHUSODW]7KLVDQGWKH
$JQHVHQVFKÙWWHOLEUDU\DUHWKHSXEOLFOLEUDULHV
RI6FKDIIKDXVHQ
/LEUDU\EUDQFKHVLQORFDOFRPPXQLWLHV
6RPHFRPPXQLWLHVKDYHWKHLURZQOLEUDU\
LQFOXGLQJ+DOODX1HXKDXVHQDP5KHLQIDOO
1HXQNLUFK2EHUKDOODX6FKOHLWKHLP6WHLQ
DP5KHLQXQG7KD\QJHQ
)RUPRUHLQIRUPDWLRQRQWKHPXQLFLSDODQG
ORFDOOLEUDULHVLQ&DQWRQ6FKDIIKDXVHQJRWR
ZZZELEOLRWKHNHQVFKDIIKDXVHQFK
&LQHPD>.LQR@
6FKDIIKDXVHQ
.LQHSROLV6FKZHL]$*
ZZZNLQHSROLVFRP
.,:,6FDOD$*
ZZZNLZLNLQRVFK
2ULHQW.RQ]HUW)LOPXQG7KHDWHU*PE+
ZZZRULHQWFK
.LQR7KHDWHU&HQWUDO
ZZZNLQRWKHDWHUFHQWUDOFK
6WHLQDP5KHLQ
&LQHPD6FKZDQHQ
7KHDWUHVDQG&XOWXUDO&HQWUHV
>7KHDWHU.XOWXU]HQWUHQ@
7KHFXUUHQWSURJUDPPHVSHUIRUPDQFHWLPHV
DQGRSHQLQJWLPHVDUHSULQWHGLQWKHORFDO
SUHVVDQGDUHDOVRDYDLODEOHIURPWKH7RXULVP
'HSDUWPHQWe6FKDIIKDXVHUODQG7RXULVPXVr
6FKDIIKDXVHQ
2S@CSSGD@SDQ:,@HMSGD@SQD<
2IIHUVDYDULHGDQGDWWUDFWLYHSURJUDPPH
LQFOXGLQJGUDPDFRPHGLHVRSHUDPXVLFDOV
FDEDUHWDQGEDOOHWSURGXFWLRQVE\YLVLWLQJ
FRPSDQLHV
*TKSTQYDMSQTL*@LLF@QM
$PXOWLSXUSRVHYHQXHZKLFKKRVWVWKHDWUH
SHUIRUPDQFHVFRQFHUWVIHVWLYDOVDQGKDV
DQH[KLELWLRQDQGUHVWDXUDQWZKLFKVHUYH
DVDPHHWLQJSODFHIRUDQ\RQHZLWKDQLQWHUHVW
LQFXOWXUH
%@RR!ŘGMD
$VPDOOLQIRUPDOYHQXHKRXVLQJWKHDWUH
SURGXFWLRQVH[KLELWLRQVUHDGLQJVDERRN
VKRSDQGUHVWDXUDQW
RBG@TVDQJ#@R@MCDQD3GD@SDQ
3UHVHQWVWKHDWUHRIGLIIHUHQWJHQUHV
*TKSTQF@RSRSĖSSD2NLLDQKTRS
7KLVYHQXHFRPELQHVFRQFHUWVUHDGLQJV
H[KLELWLRQVDQGUHVWDXUDQW
'@ADQG@TR*TKSTQJKTA
%LHWHWHLQEUHLWHVNXOWXUHOOHVVRZLHHLQIHLQHV
JDVWURQRPLVFKHV$QJHERW
3QNSSDMSGD@SDQ
$VPDOOWKHDWUHZLWKRZQSHUIRUPDQFHV
/(,685($1'&8/785$//,)(
6LQJHQDP+RKHQWZLHO>*HUPDQ\@
*TKSTQYDMSQTL&DLR
7KH&HQWUHRIIHUVDSURJUDPPHRIĺOPV
FRQFHUWVWKHDWUHSURGXFWLRQVFDEDUHW
DQGKDVDJDOOHU\
3GD@SDQ#HD%ĖQAD
$VPDOOWKHDWUHZLWKLWVRZQHQVHPEOH
7KHDWHUXQG&XOWXUDO&HQWUHV>.XOWXU]HQWUHQ@
6FKDIIKDXVHQ
6WDGWWKHDWHU
ZZZVWDGWWKHDWHUVKFK
.XOWXU]HQWUXP.DPPJDUQ
ZZZNDPPJDUQFK
)DVV%ÙKQH
+DEHUKDXV.XOWXUNOXE
ZZZKDEHUKDXVFK
6FKDXZHUN'DVDQGHUH7KHDWHU
ZZZVFKDXZHUNFK
.XOWXUJDVWVWÁWWH6RPPHUOXVW
ZZZVRPPHUOXVWFK
7URWWHQWKHDWHU
ZZZQHXKDXVHQFK
6LQJHQDP+RKHQWZLHO>'HXWVFKODQG@
.XOWXU]HQWUXP*HPV
ZZZGLHJHPVGH
7KHDWHU'LH)ÁUEH
ZZZGLHIDHUEHGH
0XVLF>0XVLN@
,QIRUPDWLRQRQSHUIRUPDQFHVDQGYHQXHV
LVSXEOLVKHGLQWKHORFDOSUHVVRULVDYDLODEOH
DW6FKDIIKDXVHUODQG7RXULVPXV
&ODVVLFDOPXVLF>.ODVVLN@
(MSDQM@SHNM@KD!@BG%DRSD
:(MSDQM@SHNM@K!@BG%DRSHU@K<
7KH,QWHUQDWLRQDOH%DFK)HVWWDNHVSODFH
HYHU\WKUHH\HDUVLQ6FKDIIKDXVHQDQG
DWWUDFWVRUFKHVWUDVFKRLUVFRQGXFWRUVDQG
VRORLVWVRIZRUOGUHQRZQ7KLVRQHZHHN
IHVWLYDOKDVJDLQHGDQH[FHOOHQWUHSXWDWLRQ
WKURXJKRXW(XURSH
,"2*NMYDQSD
:"NMBDQSR@SSGD,TRHB2BGNNK<
7KH0XVLF6FKRRO>0XVLF&ROOHJLXP6FKDII
KDXVHQ@RIIHUVDULFKSURJUDPPHRIFRQFHUWV
,HRBDKK@MX:5DQRBGHDCDMD<
7KHUHLVDZHDOWKRIIXUWKHUHYHQWVHJ
3DUWQHU.RQ]HUWH.RQVWDQ]6FKDIIKDXVHQ
&KDPEHU0XVLFIHVWLYDOV>.DPPHUPXVLNWDJH@
LQ%HUJNLUFKH%ÙVLQJHQ&KDPEHU0XVLF
>.DPPHUPXVLN@LQ+DOODXRUJDQDQGFKRLU
FRQFHUWVLQ5KHLQDX>2UJHONRQ]HUWHDQG
&KRUNRQ]HUWH@RUFRXQWU\PXVLFFRQFHUWV
-D]]
2BG@EEG@TRDQ)@YY%DRSHU@K
7DNHVSODFHLQVSULQJHDUO\VXPPHU
3RS5RFN
hC@REDRSHU@Kv
5XQQLQJRYHUVHYHUDOGD\VWKLVRSHQDLUHYHQW
WDNHVSODFHLQWKHVXPPHURQWKH+HUUHQDFNHU
LQWKHFLW\FHQWUHDQGDWWUDFWVVWDUVIURP
DURXQGWKHZRUOGDVZHOODV6ZLVVEDQGV
&RQWHPSRUDU\PXVLF
>GLHDNWXHOOH0XVLNV]HQH@
7DS7DE0XVLNUDXPLVORFDWHGDWWKH
.XOWXU]HQWUXP.DPPJDUQDQGH[SORUHV
H[SHULPHQWDODQGFRQWHPSRUDU\PXVLF
2WKHUPXVLF
<RXZLOOĺQGFRFHUWVWRVXLWDOOWDVWHVUDQJLQJ
IURPIRONPXVLF>9RONVPXVLN@WR5RFNpQ5ROO
DQG+RXVHDVZHOODV2SHQ$LUFRQFHUWV
&KHFNWKHORFDOSUHVVIRUGHWDLOVDQGYHQXHV
'DQFLQJ'LVFR0XVLNEDU
6FKDIIKDXVHQ+DVK+RXVH+DUULHUV
ZZZVFKDIIKDXVHQKFRP
&XED&OXE
ZZZFXEDFOXEFK
'ROGHU
ZZZGROGHUFK
6SRUW
5RWKXXV0XVLN%DU
6SRUWV&OXEV>6SRUWYHUHLQH@
7KHUHDUHQXPHURXVVSRUWVFOXEVRIIHULQJ
DZLGHUDQJHRIVSRUWVDWDOOOHYHOVRIDELOLW\
IRRWEDOOKDQGEDOOYROOH\EDOOJ\PQDVWLFV
>7XUQHQ@LFHKRFNH\EDVNHWEDOOWUDFNDQG
ĺHOGVSRUWV>/HLFKWDWKOHWLN@VZLPPLQJF\FOLQJ
>5DGVSRUW@ULGLQJHWF<RXZLOOĺQGDGGUHVVHV
RIWKHORFDOVSRUWVFOXEVLQWKHWHOHSKRQHERRN
>GDV7HOHIRQYHU]HLFKQLV@DQGLQWKHORFDOSUHVV
$OLVWRIWKHVSRUWVFOXEVLVDYDLODEOHDWWKH
6SRUWDPW6FKDIIKDXVHQ
7DEDFR/RXQJH
ZZZWDEDFRORXQJHFRP
6SRUWDPW
ZZZVKFK
'RPLQR
.XOWXU]HQWUXP.DPPJDUQ
ZZZNDPPJDUQFK
2ULHQW
ZZZRULHQWFK
7DQ]]HQWUXP6FKDIIKDXVHQ
ZZZWDQ]]HQWUXPVKFK
7DS7DE
ZZZWDSWDEFK
&KÁOOHU
ZZZFKDHOOHUFRP
(QJOLVK6SHDNLQJ&OXEV
(QJOLVK6SHDNLQJ&OXEVDUHVRFLDOFOXEV
ZKHUHSHRSOHRIDOODJHVDQGQDWLRQDOLWLHVJHW
WRJHWKHUWRVSHDN(QJOLVKZLWKRQHDQRWKHU
,QDGGLWLRQWRVSHDNLQJ(QJOLVKWKHFOXEVDUH
DOVRLQWHUHVWHGLQOHDUQLQJDERXWWKH6FKDII
KDXVHQDUHDDQGPHHWLQJSHRSOHIURP
GLIIHUHQWFRXQWULHVDQGFXOWXUHV6RPHFOXEV
RUJDQLVHVPRQWKO\IXQHYHQWVDQGDFWLYLWLHV
7KH(QJOLVK6SHDNLQJ&OXERI6FKDIIKDXVHQ
ZZZWHVFRVFK
ZZZFUDFNHUMDFNFK
,QWHUQDWLRQDO&OXE6FKDIIKDXVHQ
ZZZFURVVER[FK
6SRUWDQG:HOOQHVV&HQWUH
>.666SRUWXQG)UHL]HLWDQODJHQ@
,QGRRUDQGRXWGRRUSRROVLQOLQHVNDWLQJDQG
WHQQLV>VXPPHUWLPHRQO\@EHDFKYROOH\EDOOD
VSHFLDOO\SUHSDUHGMRJJLQJWUDFN>)LQQHQEDKQ@
LFHULQNFXUOLQJVRODULXP:HOOQHVV&HQWUH
ZLWKVDXQDDQGDUDQJHRIRWKHUIDFLOLWLHV
WRUHOLHYHVWUHVVDQGDLG\RXUZHOOEHLQJ
.666SRUWXQG)UHL]HLWDQODJHQ6FKDIIKDXVHQ
ZZZNVVFK
&\FOLQJ>GDV)DKUUDG@
7KH&DQWRQRI6FKDIIKDXVHQDQGRXU
QHLJKERXULQJUHJLRQVRIIHU\RXDQH[WHQVLYH
QHWZRUNRIGHGLFDWHGF\FOHSDWKVOHDGLQJ
WKURXJKEHDXWLIXOFRXQWU\VLGH6SHFLDOPDSV
VKRZLQJWKHF\FOHSDWKV>5DGZHJNDUWHQ@DUH
DYDLODEOHDWWKH7RXULVP'HSDUWPHQWt6FKDII
KDXVHUODQG7RXULVPXVtRULQERRNVKRSV
%LNHVIRUUHQWDUHDYDLODEOHDWDOOUDLOZD\
VWDWLRQV6%%
ZZZUHQWDELNHFK
/(,685($1'&8/785$//,)(
3OHDVHQRWHLIF\FOHSDWKVRUODQHVDUH
PDUNHGRQWKHURDG\RXPXVWXVHWKHVH<RX
DUHQRWDOORZHGWRF\FOHRQSDYHPHQWVRURQ
WKHIUHHZD\>$XWREDKQ@E\WKHZD\
7KLUGSDUW\LQVXUDQFHFRYHULVPDQGDWRU\
IRUDOOELF\FOHV,QDGGLWLRQDQLQVXUDQFHSODWH
>9HOR9LJQHWWH@PXVWEHSXUFKDVHGDQG
DWWDFKHGWRWKHELF\FOH7KHLQVXUDQFHSODWH
FRVWVDSSUR[LPDWHO\&+)DQGLVYDOLGIRU
DFDOHQGDU\HDU7KHSODWHFDQEHSXUFKDVHG
DWDQ\SRVWRIĺFHDQGLQDQXPEHURIRWKHU
VKRSV
6ZLPPLQJ>6FKZLPPHQ@
6FKDIIKDXVHQ
5K\%DGL6WDGW6FKDIIKDXVHQ
$VZLPPLQJSRROLQWKH5LYHU5KHLQGDWLQJIURPWKH
WKFHQWXU\
.666SRUWXQG)UHL]HLWDQODJHQ
6FKDIIKDXVHQ
ZZZNVVFK
2WWHUVWDOO
)DFLOLWLHVLQRWKHU&RPPXQHVLQWKHDUHD
%HULQJHQ%LEHUQ%XFK%ÙVLQJHQ>'@)HXHUWKDOHQ
)OXUOLQJHQ+DOODX/DQJZLHVHQ1HXQNLUFK5DPVHQ
6FKOHLWKHLP6WHLQDP5KHLQ7KD\QJHQ:LOFKLQJHQ
&OLPELQJ.OHWWHUQ
7KHFOLPELQJFHQWUH$UDQHDKRXVHVWKH
ELJJHVWLQGRRUFOLPELQJZDOOLQ(XURSH
$UDQHD.OHWWHUXQG%DGPLQWRQ]HQWUXP
ZZZDUDQHDFK
*ROI
:KLOVWWKHUHDUHQRJROIFRXUVHVLQWKH&DQWRQ
RI6FKDIIKDXVHQLWVHOI\RXKDYHDJRRG
FKRLFHRIERWKKROHDQGKROHFRXUVHV
FORVHE\
*ROIFOXE6FKORVV*ROGHQEHUJ
ZZZJROIFOXEVFKORVVJROGHQEHUJFK
*ROI5DQJH:HLQODQG
ZZZVWDOOVWXEHFK
*ROIFOXE5KHLQEOLFN
ZZZJROIFOXEUKHLQEOLFNFK
*ROIFOXE2EHUH$OS
ZZZJROIREHUHDOSGH
*ROIFOXE6WHLVVOLQJHQH9
ZZZJROIFOXEVWHLVVOLQJHQFRP
)LWQHVV&HQWUHV
)XUWKHUDGGUHVVHVFDQEHIRXQGLQWKH
WHOHSKRQHERRN>GDV7HOHIRQYHU]HLFKQLV@t
KHUHLVDVHOHFWLRQ
.LHVHU7UDLQLQJ
ZZZNLHVHUWUDLQLQJFK
(XURĺW
ZZZHXURĺWFK
)LWQHVVFHQWHU'\QDPLF
ZZZĺWQHVVG\QDPLFFK
$NWLY7UDLQLQJ
ZZZDNWLYWUDLQLQJFK
9LWDOLV)LWQHVV]HQWUXP%HULQJHQ
ZZZYLWDOLVVKFK
.UDIWZHUN)LWQHVVXQG3K\VLR*PE+
ZZZNUDIWZHUNVK
5K\7UDLQLQJ
ZZZUK\WUDLQLQJFK
7HQQLV
7KHDGGUHVVHVRIWKHQXPHURXVWHQQLVFOXEV
LQWKHDUHDFDQEHREWDLQHGYLDWKHORFDO
WHQQLVDVVRFLDWLRQe5HJLRQDOYHUEDQG6+
7HQQLVr
5HJLRQDOYHUEDQG6+7HQQLV
ZZZVKWHQQLVFK
7DEOH7HQQLV>7LVFKWHQQLV@
'DQFH6WRS&HQWHU
ZZZGDQFHVWRSFK
7LVFKWHQQLV]HQWUXP(EQDW
ZZZWWFQHXKDXVHQFKXQGZZZ
WLVFKWHQQLVVFKXOHFK
6DOVD6WXGLR6FKDIIKDXVHQ
ZZZVDOVDFK
6TXDVK
7DQJRVFKXOH6FKDIIKDXVHQ7KRPDV.ÙOOLQJ
6TXDVK&HQWHU6FKDIIKDXVHQ
ZZZVTXDVKVKFK
7DQ]XQG*\PQDVWLNVFKXOH%DUEDUD3H\HU
*\PQDVWLFV
KHUHLVDVHOHFWLRQ
7DQ]VFKXOH5RFNCQ5ROO&OXE$QJHOL
ZZZFLFFRQLFK
*\PQDVWLNIÙU*HVXQGKHLW1HXKDXVHQ
7DQ]]HQWUXP6FKDIIKDXVHQ
ZZZWDQ]]HQWUXPVKFK
*\PQDVWLN(GLWK'HQ]OHU
)ODPHQFR6WXGLR:LU]*DEULHOH
ZZZĻDPHQFRVKFK
(XURĺW
ZZZHXURĺWFK
*\PQDVWLNVWXGLR$UNDGH
7DQ]VFKXOH$VVHQPDFKHU
ZZZJRGDQFHFK
%DGPLQWRQ
$UDQHD.OHWWHUXQG%DGPLQWRQ]HQWUXP
ZZZDUDQHDFK
*\PQDVWLN(VWHU0ÁQGOL
%DOOHWW'DQFH6FKRROV>7DQ]VFKXOHQ@
KHUHLVDVHOHFWLRQ
%DOOHWXQG*\PQDVWLNVFKXOH
%DOOHWVFKXOH8UVXOD/LSV
9LWD3DUFRXUV>DðWQHVVWUDFN@
7KHVHDUHFOHDUO\PDUNHGWUDFNVJHQHUDOO\
LQZRRGHGDUHDVZKLFKKDYHH[HUFLVH
VWDWLRQVDQGLQVWUXFWLRQVRQKRZWRSHUIRUP
WKHH[HUFLVHVDORQJWKHZD\9LWD3DUFRXUV
WUDFNVDUHPDUNHGZLWKOLJKWEOXHVLJQSRVWV
DQGFDQEHIRXQGDW
2BG@EEG@TRDM!TBGSG@KDM
&RUQHU6WLPPHUVWUDVVH:LGOHQVWUDVVH
%DOOHWVFKXOH&RQQ\
2BG@EEG@TRDM&DHRRADQF
1HDU6SLHJHOJXW>%XVVWRS3ĻHJHKHLP@
%DOOHWVFKXOH/RRVHU:HLOHQPDQQ5$'
ZZZEDOOHWWVFKXOHORRVHUFK
1HXKDXVHU:DOGQHDU6FKRROKRXVH
e*HPHLQGHZLHVHQq>P@
/(,685($1'&8/785$//,)(
-DTMJHQBG
+DVHQEHUJ)RUHVWHQWUDQFH+DVHQEHUJ]XP
$UPHQIHOG
2SDHM@L1GDHM
(UJHWHQ'LVWULNW.OLQJHQ
3G@XMFDM
DP%HUJ2EHUHV5LHW
-RJJLQJ7UDFN>GLH)LQQHQEDKQ@
$)LQQHQEDKQLVDQRSHQDLUMRJJLQJWUDFN
ZKLFKKDVDVSHFLDOOD\HURIZRRGFKLSSLQJV
WRDFWDVDeVKRFNDEVRUEHUqDQGWKXVSURWHFW
\RXUMRLQWVZKHQ\RXMRJ<RXZLOOĺQGWKHVH
VSHFLDOWUDFNVDW
2BG@EEG@TRDM
.666SRUWXQG)UHL]HLWDQODJHQ%UHLWH
2BG@EEG@TRDM
+HUEOLQJHUWDO
2BG@EEG@TRDM
(QJHZHLKHU
/DQJULHW
+XQWLQJ>-DJHQ@
7KHKXQWLQJDUHDVLQWKH6FKDIIKDXVHQUHJLRQ
DUHRZQHGE\SULYDWHLQGLYLGXDOVRUKXQWLQJ
FOXEV0RVWFOXEVZLOORIIHU\RXWKHFKDQFH
WRWDNHSDUWDVDYLVLWRUte*DVWMÁJHUq
,Q6ZLW]HUODQGKXQWLQJLVFORVHO\LQYROYHG
LQFRQVHUYDWLRQDQGHJPDLQWDLQLQJWKHVWRFN
RIZLOGDQLPDOVE\SURYLGLQJZLQWHUIHHGLV
DOVRWKHUHVSRQVLELOLW\RIWKHKXQWLQJFOXEV
>GLH-DJGJHVHOOVFKDIWHQ@
-DJGXQG)LVFKHUHLYHUZDOWXQJ
ZZZVKFK>9HUZDOWXQJ
'HSDUWHPHQWGHV,QQHUQ-DJGXQG)LVFKHUHL@
)LVKLQJ>)LVFKHQ@
<RXZLOOQHHGWRREWDLQDOLFHQFH>)LVFKHU
SDWHQW@IRUPRVWZDWHUFRXUVHVLQFOXGLQJWKH
5LYHU5KLQH>GHU5KHLQ@7KHVHDUHDYDLODEOH
IURPWKHRIĺFHVRIWKH&DQWRQtGHU-DJG
XQG)LVFKHUHLYHUZDOWXQJ
)XUWKHULQIRUPDWLRQ
$FRPSUHKHQVLYHtWKRXJKQRWH[KDXVWLYHt
OLVWRIWKHFOXEVDQGDVVRFLDWLRQVLQ6FKDII
KDXVHQLVDYDLODEOHDW
7RZQ>6WDGW@RI6FKDIIKDXVHQ
>&DWHJRULH>[email protected])UHL]HLWr@
LQRWKHU&RPPXQHVLQWKHDUHD
RIĺFHVRIWKHORFDO&XPPXQH
ZZZVFKDXPDOVK
7KHUHJLRQ
>'LH5HJLRQ@
7RZQRI>6WDGW@6FKDIIKDXVHQ
7KHROGWRZQRI6FKDIIKDXVHQ>GLH$OWVWDGW@LV
ULJKWO\FRQVLGHUHGRQHRIWKHPRVWEHDXWLIXODQG
EHVWSUHVHUYHGLQ6ZLW]HUODQG7KHQXPHURXV
RULHOV>(UNHU@LHSURMHFWLQJZLQGRZVSDLQWHG
IDFDGHVDQGIRXQWDLQV>%UXQQHQ@PDNHWKH
DSSHDUDQFHRIWKHWRZQYHU\VSHFLDOLQGHHG
7RJHWEHWWHUDFTXDLQWHGZLWKWKHROGSDUWRI
WRZQZHVXJJHVW\RXWDNHDJXLGHGZDONLQJ
WRXU>HLQJHIÙKUWHU6WDGWUXQGJDQJ@,QIRUPDWLRQ
RQWLPHVLVDYDLODEOHIURPWKH7RXULVP'HSDUW
PHQWt6FKDIIKDXVHUODQG7RXULVPXV$IHZ
SRLQWHUVWRVRPHRIWKHPRVWLPSRUWDQWVLJKWV
LQWKHWRZQDUHOLVWHGEHORZ
0ŞQVWHUDQG.ORVWHU]X$OOHUKHLOLJHQ
>0LQVWHUDQG0RQDVWHU\@
!DMDCHJSHMDQ*KNRSDQ:ADMDCHBSHMD,NM@RSDQX<
)RXQGHGLQE\*UDI(EHUKDUG9,YRQ
1HOOHQEXUJLWQRZKRXVHVDPXVHXPRI
DUFKDHRORJLFDOKLVWRULFDODQGQDWXUDOKLVWRU\
H[KLELWVDVZHOODVZRUNVRIDUW
,ŘMRSDQJHQBGD
7KHĺUVWFKXUFK>0ÙQVWHUNLUFKH@ZDVFRQVH
FUDWHGLQDQGWKHQUHSODFHGLQE\
WKHSUHVHQW5RPDQHVTXHEXLOGLQJ7KH
5RPDQHVTXHWRZHU>GHU7XUP@tRQHRIWKH
PRVWEHDXWLIXOLQ6ZLW]HUODQGtZLWKLWVUHG
DQGJUH\VDQGVWRQHEORFNVLVSDUWLFXODUO\
ZRUWK\RIQRWH([WHQVLYHKLJKO\VNLOOHG
UHVWRUDWLRQZRUNZDVXQGHUWDNHQEHWZHHQ
DQG
*QDTYF@MF*QĖTSDQFĖQSKDHM
:"KNHRSDQR@MCGDQAF@QCDM<
7KHFORLVWHUVDUHWKHODUJHVWLQ6ZLW]HUODQG
DQGDUHLQSDUW5RPDQHVTXHGDWLQJIURPWKH
WKFHQWXU\DQGSDUWO\JRWKLFGDWLQJIURP
WKHWKFHQWXU\WKH\VXUURXQGWKHHQFKDQW
LQJKHUEJDUGHQWKHVRFDOOHG-XQNHUIULHG
KRI>FHPHWHU\@LQZKLFKtIURPWR
tLPSRUWDQWSHUVRQVLQWKHOLIHRIWKHWRZQ
ZHUHODLGWRUHVW1H[WWRWKHFORLVWHUV
>.UHX]JDQJ@\RXZLOOĺQGWKH.UÁXWHUJÁUWOHLQ
tDUHFRQVWUXFWLRQRIDW\SLFDOPRQDVWLFKHUE
JDUGHQRIWKH0LGGOH$JHV
/E@QQJHQBGD2S)NG@MM:/@QHRG"GTQBG<
7KHĺUVWUHFRUGVRIWKLVFKXUFKGDWHIURP
%XLOWLQWKH*RWKLFVW\OHWKHLQWHULRU
RIWKHFKXUFKGLVSOD\VDYDULHW\RIGHVLJQV
7KHFKXUFKLVORFDWHGLQ9RUGHUJDVVHZKLFK
ZDVWKHVLWHRIWKHĺVKPDUNHWDQGH[WHQGHG
EHWZHHQDQG7KHFHLOLQJVGDWH
IURPDQGDUHWKHZRUNRIWKH6FKDII
KDXVHQVWXFFRVFKRRO>6WXNNDWHXUVFKXOH@,Q
WKHUHQRYDWHGFKXUFKZDVFRQVHFUDWHG
DQGKRXVHVFRQFHUWVGXULQJWKH\HDUDVZHOO
DVGXULQJWKH,QWHUQDWLRQDO%DFK)HVWLYDO
5HJLHUXQJVJHEÃXGHXQG5DWKDXVODXEH
>6HDWRIJRYHUQPHQWWRZQKDOO@
7KHORFDOVHDWRIJRYHUQPHQW>GDV5HJLH
UXQJVJHEÁXGH@ZDVEXLOWLQDVDQDUVHQDO
>=HXJKDXV@7KHEXLOGLQJGLVSOD\V5HQDLV
VDQFH6W\OHIHDWXUHVDQGVWHSSHGJDEOH7KH
5DWKDXVODXEHLVSDUWRIWKHSUHVHQWGD\WRZQ
KDOO>GDV5DWKDXV@DQGZDVEXLOWEHWZHHQ
DQG,WLVWKHPRVWDWWUDFWLYHDVVHPEO\
DQGEDQTXHWLQJURRPLQ6FKDIIKDXVHQ)URP
RQZDUGVHOHFWLRQVWRWKHRIĺFHRI0D\RU
WRRNSODFHKHUH,QDULFK5HQDLVVDQFH
VW\OHSDQHOOHGFHLOLQJZDVLQVWDOOHG
)URQZDJSODW]
7KHEHVWNQRZQVTXDUH>3ODW]@LQ6FKDII
KDXVHQLV)URQZDJSODW]VLWXDWHGLQWKHPLGGOH
RIWKHROGSDUWRIWRZQ>GLH$OWVWDGW@,QWKH
0LGGOH$JHVLWZDVFDOOHGe$P0DUNWq>0DUNHW
6TXDUH@7KLVZDVDYLFWXDOPDUNHWtZLWK
YHJHWDEOHVPHDWDQGEUHDGZKLOVWWKHĺVK
PDUNHWZDVORFDWHGLQ9RUGHUJDVVHQH[W
WR6W-RKDQQDQGWKHFDWWOHPDUNHWZDV
LQWKHDUHDNQRZQDV9RUVWDGWFORVHWRWKHLQQ
>*DVWKDXV@e=XP*ROGHQHQ2FKVHQq
7+(5(*,21
'LVWLQFWLYH$UFKLWHFWXUHLQWKH2OG7RZQ
RI6FKDIIKDXVHQ
%QNMV@FSTQL
%XLOWLQWKLVWRZHURULJLQDOO\KRXVHGWKH
ODUJHZHLJKLQJVFDOHVXVHGRQWKHPDUNHWDQG
QRZRQGLVSOD\LQWKH0XVHXP]X$OOHUKHLOL
JHQ7KHJDEOHUHYHDOVDQDVWURQRPLFDOFORFN
E\-RDFKLP+DEUHFKWGDWLQJIURP
'@TRYTL%QHDCDM
2QHRIWKHORYHOLHVWFRUQHUVRIWKHROGSDUW
RIWRZQ>GLH$OWVWDGW@VLWXDWHGRQWKHVTXDUH
FDOOHGDP+HUUHQDFNHU7KHVPDOORULHO
>SURMHFWLQJZLQGRZ@DQGVLPSOHQDPHSODWH
EHDULQJWKH\HDURIWKH)UHQFK5HYROXWLRQt
tDQGWKHGRYHRISHDFHDERYHWKHHQWU\
DUHZRUWK\RIQRWH
&NKCDMDQ.BGRDM
9RUVWDGW2QHRIWKHPRVWJUDQGLRVHKRXVHV
RIROG6FKDIIKDXVHQRQWKHVLWHRIWKHROG
FDWWOHPDUNHW'XULQJUHPRGHOOLQJLQLQWR
DGLVWLQJXLVKHGWRZQKRXVHWKHODWH*RWKLF
IDÄDGHUHFHLYHGVRPHRIWKHVSOHQGRXURIWKH
*HUPDQ5HQDLVVDQFHLQWKHIRUPRIRULHODQG
SRUWLFR
'@TRh9TL2SDHMANBJv
2EHUVWDGW:LWKLWVĺQH5RFRFRVWXFFR
ZRUNWKLVKRXVHKDVRQHRIWKHPRVWEHDXWLIXO
IDFDGHVLQWKHWRZQ7KHKRXVHDFFRPPR
GDWHGWKHEXWFKHUVoJXLOGLQWRWKH5HIRUPDWLRQ
SHULRGDQGEHFDPHDQLQQ>+HUEHUJH@LQ
'@TRYTL1HSSDQ
9RUGHUJDVVH2QHRIWKHPRVWEHDXWLIXO
%ÙUJHUKÁXVHUWRZQKRXVHVRZQHGE\
ZHOOWRGRFLWL]HQVEXLOWLQ7KHVHDUH
WKHPRVWVLJQLĺFDQW5HQDLVVDQFHIUHVFRHV
WREHIRXQGQRUWKRIWKH$OSV
9TL3GHDQF@QSDM
0ÙQVWHUSODW]$QLPSRVLQJUHVLGHQFHEXLOW
DIWHUWKH5HIRUPDWLRQRIRQODQG
EHORQJLQJWRWKHe2EHUHV+RVSLWDOq
8SSHUKRVSLWDODSDUWRIWKHPRQDVWHU\t
.ORVWHU$OOHUKHLOLJHQ6DGO\WKHEXLOGLQJZDV
KLWE\DERPEGXULQJDUDLGĻRZQRQVW$SULO
E\WKH$PHULFDQDLUIRUFHZKLFKPLVWRRN
6FKDIIKDXVHQIRU*HUPDQWHUULWRU\
0XQRW
7KLVLPSUHVVLYHGHIHQVLYHFLWDGHOZDWFKHV
RYHUWKHWRZQDQGWKH5LYHU5KLQHDQGĺJXUHV
DORQJVLGHWKH5KLQH)DOOVDVWKHGHĺQLQJ
IHDWXUHRI6FKDIIKDXVHQ,WZDVEXLOWEHWZHHQ
DQGE\ORFDOFLWL]HQVLQODUJHSDUW
RQDYROXQWDU\LHXQSDLGEDVLV7KHOD\RXW
RIWKH0XQRWFDQEHWUDFHGWR$OEUHFKW
'ÙUHUoVLGHDRIDURXQGIRUWUHVVZKLFKLVRSHQ
RQDOOVLGHVDQGZKLFKLVVXUURXQGHGE\DQ
H[WHQGHGFLW\ZDOOZKLFKVHUYHGWRHQVXUH
RSWLPDOGHIHQVLYHFDSDELOLW\RQDOOVLGHV$
EULGJHFURVVHVWKHGHHSPRDWDQGHQWHUVWKH
FDVWOHpVYDXOWVZKLFKDUHGLPO\LOOXPLQDWHG
E\VL[FLUFXODUVKDIWVRIOLJKWDQGZKLFKZHUH
LQWHQGHGWRDFFRPPRGDWHWKHZKROH
SRSXODWLRQRIWKHWRZQLQWLPHRIDWWDFN1LQH
FLUFXODUFROXPQVEHDUWKHZHLJKWRIWKH
VL[PHWUHWKLFNURRIFRQVWUXFWLRQRIWKHFDVWOH
7KHFLUFXODUSODWIRUPZKLFKIRUPVSDUWRIWKH
URRIRIIHUVVSOHQGLGYLHZVRYHUWKHWRZQ7KH
IRUWUHVVZDVKRZHYHUQHYHUSXWWRWKHWHVW
7KH0XQRWVWLOOKDVDFDUHWDNHULQUHVLGHQFH
ZKRVHMRELWLVWRFDUU\RQWKHFHQWXULHVROG
WUDGLWLRQRIULQJLQJWKHEHOODWSP
7KHSODWIRUPLVDSRSXODUYHQXHIRUFRQFHUWV
DQGRWKHUHYHQWVLQWKHVXPPHUPRQWKV
ZZZPXQRWFK
5KHLQIDOO>7KH5KLQH)DOOV@
7KHODUJHVWZDWHUIDOOLQ(XURSHLVLQ1HXKDXVHQ
DP5KHLQIDOO,WRIIHUVYLVLWRUVDVSHFWDFXODU
QDWXUDOVKRZRISRZHUDQGEHDXW\P
ZLGHDQGPKLJKDURXQGFXELFPHWHUV
RIZDWHUSHUVHFRQGWXPEOHRYHUWKH)DOOV
7DNHLQWKHIXOOHIIHFWRIWKH)DOOVIURPWKH
EDVLQEHORZ<RXPD\DOVRZLVKWRWDNHDERDW
WULSWRWKHPLGGOHURFNZKLFKFDQEH
DFFHVVHGRUWUDYHOGRZQVWUHDPWR5KHLQDX
<RXZLOODOVRĺQGDIRRWSDWKIURP6FKORVV
/DXIHQZKLFKWDNHV\RXDORQJVLGHWKH
WKXQGHURXVPDVVRIZDWHUXSWRWKHYLHZLQJ
SODWIRUPe.ÁQ]HOLqLQWKHPLGGOHRIWKH)DOOV
ZZZUKHLQIDOOFK
6WHLQDP5KHLQ
$XQLTXHDQGKLVWRULFDOVPDOOWRZQRI
(XURSHDQVLJQLĺFDQFH7KHWRZQKRXVHV
RIWKHZHOOWRGR>GLH%ÙUJHUKÁXVHU@VXUURXQG
WKH5DWKDXVSODW]>7RZQ+DOO6TXDUH@ZKLFK
LVSDUWLFXODUO\LPSUHVVLYHDQGGRPLQDWHGE\
WKH5DWKDXV>7RZQ+DOO@ZKLFKZDVEXLOW
IURPtDQGFRQWLQXHVWRDFFRPPR
GDWHWKH6WDGWUDW>0XQLFLSDO&RXQFLO@DQG
WKHRIĺFHVRIWKHORFDODGPLQLVWUDWLRQ
>GLH6WDGWYHUZDOWXQJ@7KHKRXVHVRQWKH
VTXDUHWRRNRQWKHLUSUHVHQWIRUPDWYDULRXV
SHULRGVIURPWKHWKWRWKHWKFHQWXULHV
6WDGWKÃXVHU
9TLVDHRRDM CKDQ
7KHKRXVHVLWXDWHGRSSRVLWHWKH5DWKDXV
>7RZQ+DOO@GLVSOD\VWKHROGHVWDQGPRVW
YDOXDEOHSDLQWLQJLQWKHHDUO\5HQDLVVDQFH
VW\OHFRPSOHWHGDURXQG
5NQCDQD*QNMD
2QHRIWKHPRVWSUHVWLJLRXVKRXVHVLQWKH
WRZQZLWKLWVVWHHSKDOIWLPEHUHGJDEOH
>)DFKZHUN@7KHRULHOZLQGRZ>(UNHU@GDWHV
IURPWKHLQWHULRUZRUNVGDWHIURPWKH
5HQDLVVDQFHXQWLOWKHODWHEDURTXHHUDDQG
LQFOXGHDODUJHKDOOZLWKZDOOSDLQWLQJV
1NSDQ.BGRDM
2QHRIWKHROGHVWLQQV>:LUWVKDXV@LQWKHWRZQ
ZDVEXLOWLQ7KHEXLOGLQJKDVDJRWKLF
IDFDGHDVWRQHRULHOZLQGRZDQGZDOOSDLQW
LQJVGDWLQJIURP
2SDHMDQMDQ3Q@TADM
$JHRPHWULFDOIDFDGHZLWKVWRQHRULHOZLQGRZ
GDWLQJIURP7KHIDFDGHLVSDLQWHG
WKHPDLQSLFWXUHVKRZV-RVKXDDQG&DOHE
ZLWKDODUJHJUDSHPLWJURVVHU7UDXEH
2NMMD
7KHROGHVWGRFXPHQWHGLQQ>*DVWKDXV@LQ
6WHLQDP5KHLQEXLOWLQWKHWKFHQWXU\
7KHH[WHULRUSDLQWLQJGDWHVIURP
7KHPDLQSLFWXUHVKRZV'LRJHQHVXQG
$OH[DQGHUWKH*UHDW
2BGV@QYDR'NQM
)LUVWUHFRUGHGLQ-RKDQQ5XGROI6FKPLG
)UHLKHUUYRQ6FKZDU]HQKRUQtZDV
ERUQKHUH
*KNRSDQ2S&DNQFDM
7KH%HQHGLFWLQHPRQDVWHU\>%HQHGLNWLQHU
NORVWHU@6W*HRUJHQZDVPRYHGIURP
+RKHQWZLHOWR6WHLQDP5KHLQEHWZHHQ
DQG7KHEXLOGLQJLVQRZDPXVHXP
DQGGHĺQLWHO\ZRUWKYLVLWLQJ7KHPRQDVWLF
FKXUFKQRZVHUYHVDVWKHWRZQpVPDLQFKXUFK
>6WDGWNLUFKH@
!TQF'NGDMJKHMFDM
7KLVFDVWOHGDWHVIURPWKH0LGGOH$JHVDQG
ZDVSUHFHGHGE\D5RPDQIRUWUHVV7KHYLHZ
IURPWKHFDVWOHRIIHUVDEUHDWKWDNLQJSDQ
RUDPDRIWKHDUHDDQGWKH8QWHUVHHVHFWLRQ
RI/DNH&RQVWDQFH
.OHWWJDXUHJLRQ
7KLVSODLQORFDWHGWRWKHZHVWRI1HXKDXVHQ
DP5KHLQIDOOLVDOVRUHIHUUHGWRDVWKHJUDLQ
VWRUHRIWKH&DQWRQte.RUQNDPPHUGHV
.DQWRQVqtDQGLVGRPLQDWHGE\DJULFXOWXUH
>GLH/DQGZLUWVFKDIW@DQGZLQH>GHU:HLQEDX@
7KHSLFWXUHVTXHYLOODJHVDUHKRPHWRPDQ\
KDOIWLPEHUHGKRXVHVW\SLFDORIWKLV
DUHDtVRFDOOHG5LHJHOKÁXVHUtZLQHVWRUHV
>7URWWHQ@DQGIRXQWDLQV>%UXQQHQ@7KH
PHGLDHYDOWRZQRI1HXQNLUFKLVSDUWLFXODUO\
7+(5(*,21
LQWHUHVWLQJDQGZDVĺUVWPHQWLRQHGLQUHFRUGV
LQWKHPLGGOHRIWKHWKFHQWXU\
.OHWWJDXLVDQLGHDODUHDIRUZDONLQJF\FOLQJ
DQGLQOLQHVNDWLQJ$XWXPQLVWKHEHVWWLPHRI
\HDUKHUHZKHQWKHYLQHVGLVSOD\DVSOHQGLG
UDQJHRIFRORXU7KLVLVDOVRWKHWLPHRI
6XQGD\IHVWLYDOVZKLFKDWWUDFWPDQ\YLVLWRUV
IURPDOORYHU6ZLW]HUODQGDQGRXUQHLJKERXU
LQJFRXQWULHV
,QIRUPDWLRQRQKRUVHGUDZQULGHVWKH6XQGD\
IHVWLYDOV>+HUEVWVRQQWDJH@DQGDJULWRXULVP
DWWUDFWLRQVVXFKDV6FKODIHQLP6WURK
eVOHHSLQJRQVWUDZqDQGPRUHLVDYDLODEOH
IURPWKH7RXULVP'HSDUWPHQWe6FKDIIKDXVHU
ODQG7RXULVPXVrDQGORFDOWRXULVWLQIRUPDWLRQ
>GHU9HUNHKUVYHUHLQ@
5HLDWUHJLRQ
7KH5HLDWUHJLRQLVZKHUHWKH5DQGHQJHQWO\
PHUJHVLQWRWKH+HJDXDUHDDQGLVDVOLJKWO\
HOHYDWHGDUHDDURXQGLWVPDLQWRZQ7KD\QJHQ
7KH%LEHU9DOOH\>GDV%LEHUWDO@VWUDGGOLQJWKH
ULYHURIWKHVDPHQDPHPHDQGHUVLQWKH
GLUHFWLRQRI2EHUHU5HLDWZLWKLWVYLOODJHVVXFK
DV+RIHQ$OWGRUI2SIHUWVKRIHQDQG%ÙWWHQ
KDUGW6FKDIIKDXVHQoVKLJKHVW&RPPXQH
ZKLFKGHOLJKWWKHYLVLWRUZLWKEUHDWKWDNLQJYLHZV
DOO\HDUURXQGtQRWMXVWZKHQWKH)ÓKQZLQG
ZKLFKLVDOVRFKDUDFWHULVHGE\H[FHOOHQW
YLVLELOLW\LVDURXQG7KHFRXQWU\VLGHDURXQG
5HLDWLVLGHDOIRUZDONLQJDQGSURYLGHVYLHZV
RIWKHYROFDQLFFUDWHUVRIWKH+HJDXUHJLRQ
%XFKEHUJ5ŞGOLQJHQUHJLRQ
7KHFRPPXQHVRI%XFKEHUJDQG5ÙGOLQJHQ
IRUPWKHVRFDOOHGORZHUGLVWULFWRIWKHFDQWRQ
t8QWHUHU.DQWRQVWHLOtDQGDUHDERXWNP
GRZQULYHUIURPWKH5KLQH)DOOV>GHU5KHLQIDOO@
VLWXDWHGEHWZHHQWKHKLOOVDURXQG+XUELJDQG
WKHĻXYLDOSODLQt7ÓVVHJJ7KLVUHJLRQKDV
PDQ\SUHWW\YLOODJHVDQGLVSRSXODUIRUZDONV
WKURXJKLWVZLQHJURZLQJDUHDDQGDORQJWKH
ULYHU5KHLQ
6WHLQDP5KHLQUHJLRQ
7KHFRPPXQHV%XFK+HPLVKRIHQ5DPVHQ
DQG6WHLQDP5KHLQPDNHXSWKHVRFDOOHG
XSSHUGLVWULFWRIWKHFDQWRQt2EHUHU.DQWRQ
VWHLOtDQGDUHXSULYHUIURP6FKDIIKDXVHQ7KH
DUHDLVVKDSHGE\WKH%LEHUWDODQGLWVULYHURQ
WKHRQHKDQGDQGWKH5LYHU5KLQH>GHU5KHLQ@
RQWKHRWKHUPDNLQJLWDYHU\SRSXODU
GHVWLQDWLRQIRUF\FOLQJ6WHLQDP5KHLQD
PHGLDHYDODQGYHU\SLFWXUHVTXHWRZQVLWXDWHG
DWWKHZHVWHUQHQGRI/DNH&RQVWDQFH
>GHU%RGHQVHH@LVDePXVWVHHqIRUDOOWRXULVWV
2QWKHEDQNVRIWKH5KLQH
>GLH5KHLQODQGVFKDIW@
7KHVWUHWFKRIWKH5LYHU5KLQHEHWZHHQ
6FKDIIKDXVHQDQG6WHLQDP5KHLQLVVDLG
WREHRQHRIWKHPRVWDWWUDFWLYHODQGVFDSHV
LQ(XURSH6PDOOIHUULHVPDNHWKHMRXUQH\
EHWZHHQ6FKDIIKDXVHQDQG6WHLQDP5KHLQ
tDQGRQZDUGVWR.UHX]OLQJHQ.RQVWDQ]t
VHYHUDOWLPHVDGD\EHWZHHQ$SULODQG
2FWREHU,QWKHVXPPHUPRQWKVWRXULVWERDWV
RSHUDWHEHWZHHQWKH5KLQH)DOOV
>GHU5KHLQIDOO@DQG5ÙGOLQJHQ
,QWKHVXPPHU\RXZLOOĺQG6FKDIIKDXVHQpV
UHVLGHQWVODUJHO\RQRULQWKH5LYHU5KLQH
VLQFHWKHULYHULVLQYLWLQJIRUVZLPPHUV
7KH5KLQHLVERWKDVDQFWXDU\IRUSODQWV
DQGDQLPDOVDVZHOODVDeZRUNLQJULYHUqZLWK
PRRULQJVDOORIZKLFKLVFRPELQHGLQD
PL[WXUHZKLFKLVTXLWHXQVXUSDVVHGDQ\ZKHUH
HOVHtWU\LWIRU\RXUVHOIDQGYLVLW6FKDUHQ
%LEHUPÙKOH6WDIIHOZDOG'LHVVHQKRIHQDQG
6WHLQDP5KHLQ
5DQGHQUHJLRQ>5HJLRQ5DQGHQ@
7KHJHQWO\UROOLQJKLOOVRIWKH5DQGHQDUHD
PDNHLWRQHRIWKHPRVWLPSRUWDQWORFDO
UHFUHDWLRQDODUHDV,QJHRJUDSKLFDOWHUPV
WKH5DQGHQLVSDUWRIWKHHDVWHUQIRRWKLOOV
RIWKH-XUDPRXQWDLQUDQJHDQGLVDKXJH
FKDONIRUPDWLRQ7ZRWKLUGVRIWKH5DQGHQ
DUHZRRGODQG7KHJURXSVRISLQHWUHHVZKLFK
DUHVSUHDGDFURVVWKHKLJKHUJURXQGDQG
DUHGRWWHGEHWZHHQĺHOGVDQGPHDGRZV
FKDUDFWHULVHWKLVODQGVFDSH
7KH5DQGHQLVDSURWHFWHGHQYLURQPHQWDV
DUHVXOWRILWVXQLTXHĻRUD<RXZLOOHQFRXQWHU
DULFKYDULHW\RISODQWVZLOGĻRZHUVPHGLFLQDO
KHUEVDQGLQVHFWVDV\RXZDONWKURXJKWKH
DUHD
0DSVWLSVDQGFURVVFRXQWU\VNLLQJ>/DQJ
ODXI@LQIRUPDWLRQLVDYDLODEOHIURPWKH7RXULVP
'HSDUWPHQWt6FKDIIKDXVHUODQG7RXULVPXV
/2&$/',$/(&7
/RFDO'LDOHFW>6FKDIIKDXVHU'LDOHNW@
'LFWLRQDU\>:ŋUWHUEXFK@
2BG@EGTTRDQ3ŘŘSRBG
'HFG&DQL@M'NBGCDTSRBG
$MFKHRG
Á)OÁVFKH:LLVVH5RRWH
¡JXHWV1HXV
¡6FKWDQJH
$EIDOO
DP(LV
¡[JÙVL
HLQH)ODVFKH:HLVV5RWZHLQ
HLQJXWHVQHXHV-DKU
HLQ*ODV%LHU
.HKULFKW
XPHLQ8KU
(QWVFKXOGLJXQJ
DERWWOHRIZKLWHUHGZLQH
+DSS\1HZ<HDU
DJODVVRIEHHU
JDUEDJHZDVWHUHIXVH
DWRQHRpFORFN
H[FXVHPHVRUU\
!
%LOHHW
ELVVHJXHW
EL]LLWH
EOÙHWH%OÙHWH
EOÙHWLVFK"
EUÁFKHFKÓUEOH
%URW
EUXFKHGVLGo.ZLWWLJ"
)DKUNDUWH(LQWULWWVNDUWH
ELWWHVHKU'X]IRUP
UHFKW]HLWLJ
EOXWHQ%OÙWH
%OXWHVW'X"
HUEUHFKHQ
%URW
%UDXFKHQ6LHHLQH4XLWWXQJ"
WLFNHW
SOHDVHIDPLOLDUIRUP
RQWLPH
EOHHGLQJEORVVRP
$UH\RXEOHHGLQJ"
WRYRPLW
EUHDG
'R\RXQHHGDUHFHLSW"
"
&KÁÁV
FKDOW
FKDQLKÁOIH"
&KÁXJXPPL
FKOLL
&KQRSI
&KQÙÙ
&KRSIZHK
FKUDQN
&KXFKLFKÁVFKWOL
&KXHFKH
FKÙHO
&KXOL
.ÁVH
NDOW
.DQQLFKEHKLOĻLFKVHLQ"
.DXJXPPL
NOHLQ
.QRSINOHLQHV.LQG
.QLH
.RSIZHK
NUDQN
.ÙFKHQNÁVWFKHQ
.XFKHQ
NÙKO
.XJHOVFKUHLEHU
FKHHVH
FROG
&DQ,KHOS\RX"
FKHZLQJJXP
VPDOO
VPDOONLGFKLOG
NQHH
KHDGDFKH
LOO
NLWFKHQFXSERDUG
FDNH
FRRO
SHQ
#
GDD
GÁQÁEHG
GÓW
GUXXVFKR
'XQVFKWLJ
KLHUGD
GDQHEHQ
GRUW
HWZDVYHUVWHKHQ
'RQQHUVWDJ
KHUH
EHVLGH
WKHUH
WRXQGHUVWDQG
7KXUVGD\
$
(LHU
HLIDFKVRR
(LHU
RKQHZHLWHUHV
HJJV
DQ\ZD\
$MFKHRG
HQ*XHWH
HQKDOEH
HQKXXIIH
HQVFKÓÓQH6XQQWLJ
HQVFKÓÓQH7DDJ
(QWHUFRWW
HVELW]HOL
HV0LQHUDO
(VFKWULFK
JXWHQ$SSHWLW
HLQHQKDOEHQ/LWHU:HLQ
HLQHJURVVH0HQJH
HLQHQJXWHQ6RQQWDJ
HLQHQVFKÓQHQ7DJ
=ZLVFKHQULSSHQVWÙFN
HLQELVVFKHQ
HLQ0LQHUDOZDVVHU
'DFKUDXP
(QMR\\RXUPHDO
GORIZLQHDFDUDIIH
DORW
+DYHDQLFHZHHNHQG
+DYHDQLFHGD\
HQWUHFRWH
DOLWWOHELW
DPLQHUDOZDWHU
DWWLF
%
)LÁEHU
)OHLVFK
)ULLWLJ
)UÙHOLJ
)ÙOOL
)LHEHU
)OHLVFK
)UHLWDJ
)UÙKOLQJ
)ÙOOIHGHUKDOWHU
IHYHUDKLJKWHPSHUDWXUH
PHDW
)ULGD\
VSULQJ
SHQ
&
*ÁOHGVL
*HVFKWHU
*RJJL
*RWWOHWW
*UDG
*UDGXXV
*UÙH]L
JUÙH]LPLWHQDQG
JXHW1DFKW
JXHWH0RUJH
JXHWH7DDJ
JXHWHQRELJ
*XHWVOL
QLFKWZDKU"
JHVWHUQ
&RFD&ROD
.RWHOHWW
VRJOHLFK
JHUDGHDXV
*UÙVV*RWW
,FKJUÙVVH6LH
*XWH1DFKW
*XWHQ0RUJHQ
*XWHQ7DJ
*XWHQ$EHQG
.HNVH
,VQpWWKDWULJKW"
\HVWHUGD\
&RNHRU&RFD&ROD
FXWOHW
LPPHGLDWHO\VWUDLJKWDZD\
VWUDLJKWDKHDG
+HOOR
+HOORWRPRUHWKDQRQSHUVRQ
*RRGQLJKW
*RRGPRUQLQJ
+HOOR
*RRGHYHQLQJ
FRRNLHVELVFXLWV
'
+ÁÁU]LJ
KÁQGVLÓSSLVJIXQGH"
KÁVFKYLO%ÙH]
+HUEVFKW
+LW]JL
+RL
+XHVFKWH
+XVPHLVFKWHU
+ÙWW
QHWWDOOHUOLHEVW
+DEHQ6LHHWZDVJHIXQGHQ"
+DVW'XYLHO$UEHLW"
+HUEVW
6FKOXFNDXI
KDOOR
+XVWHQ
+DXVPHLVWHU
KHXWH
VZHHWFXWH
'LG\RXĺQGVRPHWKLQJ"
'R\RXKDYHDORWWRGR"
DXWXPQ
KLFFXS
+HOORWRFKLOGUHQJRRGIULHQGV
WRFRXJK
ODQGORUG
WRGD\
/2&$/',$/(&7
$MFKHRG
KÙWW0LWWDJ
KÙWWH0RUJH
KHXWH1DFKPLWWDJ
KHXWHIUÙK
WKLVDIWHUQRRQ
WKLVPRUQLQJ
(
LFKEULQJJUDGGo&KDUWH
LFKKDQXZHOHIURRJH
,LNOÁPPWV
LVFKVUÁFKWJVL"
,FKEULQJHJOHLFKGLH6SHLVNDUWH
,FKZROOWHQXUIUDJHQ
6DQGZLFK
:DUHQ6LH]XIULHGHQ"
,pOOMXVWEULQJWKHPHQX
,MXVWZDQWHGWRDVN
VDQGZLFK
'LG\RXHQMR\\RXUPHDO"
)
-H]
-RKU
MHW]W
-DKU
QRZ
\HDU
*
.Dĺ
.Dĺ*UÁP
.RQGXNWÓU
.DIIHH
.DIIHHPLW6DKQH
6FKDIIQHU
FRIIHH
FRIIHHZLWKFUHDP
WLFNHWLQVSHFWRU
+
OÁELJ
/ÁGHOL
/DVFKWZDJH
OÁVVLJ
OLQJJV
OHEHQG
4XDUWLHUODGHQ
/.:
VDORSSEHVRQGHUVVHKUJXW
OLQNV
OLYHO\
VPDOOJURFHU\VWRUH
WUXFNORUU\+*9
FRRO
OHIW
,
0ÁQWLJ
PÁUVVL
PÁUVVLYLLOPRRO
PHUJÓQGKHL
PHUJÓQGLG6FKWDGW
0LOFK
0LOFKNDĺ
0LWWDJ
0LWWZXFK
PÓFKWHGVLHQ'HVVÁU
PÓFKWHGVLÓSSLVÁVVH
PRPROO
0RQHW
0RRUQ
0RUJH
0ÙQ]
0XXO
0RQWDJ
'DQNH
9LHOHQ'DQN
:LUJHKHQQDFK+DXVH
:LUJHKHQLQGLH6WDGW
0LOFK
0LOFKNDIIHH
0LWWDJ
0LWWZRFK
:ÙQVFKHQ6LHHLQHQ1DFKWLVFK"
0ÓFKWHQ6LHHWZDVHVVHQ"
MDMD
0RQDW
0RUJHQ
0RUJHQ
.OHLQJHOG
0XQG
0RQGD\
7KDQNV
7KDQN\RXYHU\PXFK
:HpUHJRLQJKRPH
:HpUHJRLQJWRWKHFLW\
PLON
FRIIHHZLWKPLON
PLGGD\
:HGQHVGD\
:RXOG\RXOLNHDGHVVHUW"
'R\RXZDQWVRPHWKLQJWRHDW"
\HV
PRQWK
WRPRUURZ
PRUQLQJ
VPDOOFKDQJH
PRXWK
$MFKHRG
1ÁEHO
1DVHEOÙHWH
QHL
1RPLWWDJ
1HEHO
1DVHQEOXWHQ
QHLQ
1DFKPLWWDJ
PLVWIRJ
QRVHEOHHG
QR
DIWHUQRRQ
.
2EHG
2RUHZHK
ÓSSLV
2UDQJVFKLQD
$EHQG
2KUHQVFKPHU]HQ
HWZDV
2UDQJHQOLPRQDGH
HYHQLQJ
HDUDFKH
VRPHWKLQJ
RUDQJHOHPRQDGH
/
3IQÙVHO
3LVFKDPD
3RPPIULWW
3RVFKWH
3URVFKW]XP:RKO
(UNÁOWXQJ
6FKODIDQ]XJ
3RPPHV
(LQNDXIHQ
3URVLW
DFROG
S\MDPD
FKLSV
VKRSSLQJ
&KHHUV
1
UÁFKWV
5ÁJH
5LSSOL
5RRWZLL
UHFKWV
5HJHQ
.DVVHOHU
5RWZHLQ
ULJKW
UDLQ
ULEFKRSV
UHGZLQH
2
VpFKXQWJRVFKQHLH
VpWUÓSĻHW
6DOL
6DORWVRVVH
6DPVFKWLJ
6FKDIIH
6FKLPSIH
VFKORIJXHW
6FKOÙVVHO
VFKÓÓQHQRELJ
VFKÓÓQL)HULH
VFKÓÓQL:LHQDFKW
VFKÓÓV:ÁWWHU
6FKSLHJHOHLHU
6FKSLWRRO
VFKSÓÓWHU
6FKULLEWLVFK
6FKWXQG
HVZLUGEDOGVFKQHLHQ
HVEHJLQQW]XUHJQHQ
+DOOR
6DODWVDXFH
6DPVWDJ
DUEHLWHQ
VFKHOWHQ
VFKODIJXW
6FKOÙVVHO
VFKÓQHQ$EHQG
VFKÓQHQ8UODXE
6FKÓQH:HLKQDFKWHQ
VFKÓQHV:HWWHU
6SLHJHOHLHU
.UDQNHQKDXV
VSÁWHU
6FKUHLEWLVFK
6WXQGH
VQRZpVFRPLQJ
LWpVVWDUWLQJWRUDLQ
+HOORIDPLOLDU
VDODGGUHVVLQJ
6DWXUGD\
WRZRUN
WRFRPSODLQ
6OHHSZHOOIDPLOLDUIRUP
NH\
+DYHDQLFHHYHQLQJ
(QMR\\RXUKROLGD\
0HUU\&KULVWPDV
ĺQHZHDWKHU
HJJVVXQQ\VLGHXSIULHGHJJV
KRVSLWDO
ODWHU
GHVN
KRXU
/2&$/',$/(&7
$MFKHRG
VFKZÙPPH
6HFNOH
6HUYLHUWRFKWHU
VLQGHUSDUDW
VLVFKPHUJOLLFK
6XPPHU
6XQQH
6XQQWLJ
VXVFKQRÓSSLV"
6XXU
VFKZLPPHQ
VFKQHOOUHQQHQ
.HOOQHULQ
6LQG6LHEHUHLW"
HVLVWPLUJOHLFKJÙOWLJ
6RPPHU
6RQQH
6RQQWDJ
:DVGDUIoVVRQVWQRFKVHLQ"
VDXHU
WRVZLP
WRUXQ
ZDLWUHVV
$UH\RXUHDG\"
,GRQpWPLQG
VXPPHU
VXQ
6XQGD\
'R\RXZDQWDQ\WKLQJHOVH"
VRXU
3
7ÓII
7UROL
7URWWXDU
7UXXULJ
7VFKÙVV
7ÙQQH
0RWRUUDG
7UROOH\EXV
%ÙUJHUVWHLJ
WUDXULJ
7VFKÙVV
:ÁKH)ODGHQNXFKHQ
PRWRUELNH
WUROOH\EXV
VLGHZDONSDYHPHQW
VDG
*RRGE\H
SLH
4
ÙEHUPRUQ
XIZLGHUOXHJH
8IVFKQLWW
ÙEHUPRUJHQ
$XI:LHGHUVHKHQ
$XIVFKQLWWZXUVW
WKHGD\DIWHUWRPRUURZ
*RRGE\H
VOLFHGVDXVDJHV
5
9HUFKHOWHG
YRUJHVFKWHU
HUNÁOWHG
9RUJHVWHUQ
WRKDYHDFROG
WKHGD\EHIRUH\HVWHUGD\
6
ZDPÓFKWHGVLSVFKWHOOH
ZÁQQFKXQQVFKKHL"
ZÁQQVLHZÁQGVRJXHWVLL
ZDVKÁWWHGVLJHUQ"
ZHVSRRWLVFKÁV"
:HOR
:LJRKWV"
:LLVVZLL
:LQWHU
:ÓVFKPLWWHO
:XFKH
ZÙHVFKWV:ÁWWHU
:XOH
:ÙUVFKW
:DVPÓFKWHQ6LHEHVWHOOHQ"
:DQQNRPPVW'XQDFK+DXVH"
6HLHQ6LHVRJXWELWWH
:DVGDUIHVVHLQ"
:LHVSÁWLVWHV"
)DKUUDG
:LHJHKWHV"
:HLVVZHLQ
:LQWHU
:DVFKPLWWHO
:RFKH
VFKOHFKWHV:HWWHU
:ROOH
:ÙUVWH
:KDWZRXOG\RXOLNHWRRUGHU"
:KHQDUH\RXFRPLQJKRPH"
LI\RXZRXOGEHVRNLQG
:KDWZRXOG\RXOLNH"
:KDWpVWKHWLPH"
ELNH
+RZDUH\RX"
ZKLWHZLQH
ZLQWHU
ZDVKLQJSRZGHU
ZHHN
EDGZHDWKHU
ZRRO
VDXVDJHV
$MFKHRG
9
=DDZHK
=ÁGHO
=ÁOWOL
=HFKH
=LJL
=LVFKWLJ
=PLWWDJ
=PRUJH
=QDFKW
=QÙÙQL
]ÙJOH
=YLHUL
]ZÙVFKHGLQH
=DKQZHK
=HWWHO
6ÙVVLJNHLW
=HKHQ
=LJDUHWWH
'LHQVWDJ
0LWWDJHVVHQ
)UÙKVWÙFN
$EHQGHVVHQ
1HXQXKU9HVSHU
XP]LHKHQ
9HVSHU
GD]ZLVFKHQ
WRRWKDFKH
QRWH
FDQG\VZHHWV
WRHV
FLJDUHWWH
7XHVGD\
OXQFK
EUHDNIDVW
HYHQLQJPHDOGLQQHU
VQDFN
WRPRYHKRXVH
VQDFNDURXQGSP
LQEHWZHHQ
180%(56
1XPEHUV>=DKOHQ@
$MFKHRG
1XOO
(LV
=ZHL
'UHL
9LHU
)ÙÙI
6HFKV
6LEH
$FKW
1ÙÙ
=HK
(OI
=ZÓOI
'UL]HK
9LHU]HK
)XI]HK
6HFK]HK
6LHE]HK
$FK]HK
1ÙQ]HK
=ZDQ]J
(LQH]ZDQ]J
=ZHLH]ZDQ]J
'ULVVJ
9LU]J
)XI]J
6ÁFK]J
6LHEH]J
$FK]J
1ÙQ]J
+XQGHUW
(HUVFKW
=ZHLW
'ULWW
9LHUW
)ÙIW
6HFKVW
6LHEHW
$FKW
1ÙQW
=HKW
1XOO
(LQV
=ZHL
'UHL
9LHU
)ÙQI
6HFKV
6LHEHQ
$FKW
1HXQ
=HKQ
(OI
=ZÓOI
'UHL]HKQ
9LHU]HKQ
)ÙQI]HKQ
6HFK]HKQ
6LHE]HKQ
$FKW]HKQ
1HXQ]HKQ
=ZDQ]LJ
(LQXQG]ZDQ]LJ
=ZHLXQG]ZDQ]LJ
'UHLVVLJ
9LHU]LJ
)ÙQI]LJ
6HFK]LJ
6LHE]LJ
$FKW]LJ
1HXQ]LJ
+XQGHUW(LQKXQGHUW
(UVW
=ZHLW
'ULWW
9LHUW
)ÙQIW
6HFKVW
6LHEW
$FKW
1HXQW
=HKQW
=HUR
VW
QG
UG
WK
WK
WK
WK
WK
WK
WK
1RWHV
,1'(;
,QGH[>6WLFKZRUWYHU]HLFKQLV@
AF@RV@QSTMF
ARSHLLTMFDM
BBHCDMS
BBHCDMSHMRTQ@MBD
BBNLLNC@SHNMENQRDMHNQBHSHYDMR
@MCMTQRHMFGNLDR
'5
HQQ@HC
KBNGNK
KJNGNK
KODM
KOR
KSRS@CS
LATK@MY
ÁLSDQ
O@QSLDMS
OOQNU@K
QADHSR@LS
QADHSRADVHKKHFTMF
QD@BNCDENQ2BG@EEG@TRDM
QLX
QYS
RBDMRHNM#@X
SSDMC@MBD@SRBGNNK
TEDMSG@KSRADVHKKHFTMF
TEE@GQS
TSGNQHSHDR
TSNA@GM
TSN/@MMDMGHKED
!
!@AX2HSSDQ
!@BG%DRSD
!@BG%DRSHU@K
!@CDM6ŘQSSDLADQF
!@CLHMSNM
!@KKDSS
!@MBNL@S
!@MJDM
!@MJR
!@TDQML@QJS
!@TK@MC
!DDQ
!DGŅQCDM
!DQBGSNKC?R#@X
!DQBGSNKCRS@F
!DQTERKDGQD
!DQTERL@STQHSĔS
!DQTERLHSSDKRBGTKD
!DQTEROQŘETMF
!DQTEROQŘETMFDM
!DQTERUNQRNQFDFDRDSY
!DRS@SSTMFR@LS
!DVHKKHFTMF
!DVHKKHFTMFRENQLDM
!HAKHNSGDJDM
!HBXBKDR
!NCDMRDD
!/NRS
!QHDED
!TBGADQF
!THKCHMFK@MC
!TMC
!TMCDROQĔRHCDMS
!TMCDRQ@S
!TMCDRRSDTDQM
!TMCDRUDQE@RRTMF
!ŘQFDQQDBGS
!TQF'NGDMJKHMFDM
!TRBNMMDBSHNMR
!TRKHMJR
!TRUDQAHMCTMFDM
!TXHMF@k@S
!TXHMF@GNTRD
"
"@AKDBNMMDBSHNM
"@KKHMFEQNL@AQN@C
"@MSNM@K2BGNNK
"@MSNM@KS@W@SHNM
"@MSNMR
"@QAQD@JCNVMQDBNUDQXRDQUHBD "G@LADQ,TRHB
"GHKCADMDjSO@XLDMSR
"GQHRSH@M"@SGNKHB
"GQHRSL@R
"HMDL@
"HSHYDMR?QHFGSR
"K@RRHB@KLTRHB
"KHLAHMF
"NKKDFDENQ!TRHMDRR@MC"NLLDQBD
"NLLTM@KS@W@SHNM
"NLLTMD
"NMRTLDQQHFGSR
"NMSDLONQ@QXLTRHB
"NMUDQRHNM
"NTMBHKNESGD"@MSNM
"NTMRDKKHMF
"TKSTQ@K"DMSQDR
"TKSTQ@K#HUDQRHSX
"TRSNLRQDFTK@SHNMR
#
#@MBD2BGNNKR
#@MBHMF
#@QFDANSDMD'@MC
#D@SG
#DMSHRS
#H@KDBSR
#H@KDJS
#HBSHNM@QX
#HRBN
#HUHRHNMNEONVDQ
#NBSNQ
#QHMJHMFV@SDQ
#QHUDQRKHBDMBD
#QHUDQRKHBDMBDR
$
$@RSDQ,NMC@X
$@RSDQ2TMC@X
$HCFDMNRRDMRBG@ES
$HFDMLHDSVDQS
$HFDMSTLRVNGMTMF
$HMJ@TEDM
$HMJ@TERYDMSQTL
$HMJNLLDMRRSDTDQ
$HMQDHRDFDRTBG
$HMVNGMDQJNMSQNKKD
$HRYDHS
$KDBSHNMR
$KDJSQHYHSĔS
$KDLDMS@QXRBGNNK
$LDQFDMBXMTLADQR
$LDQFDMBX1NNL
$LOKNXLDMS#DO@QSLDMS
$MSQX/DQLHS
$MSRNQFTMF
$QJDQ
$RRDMRYDHSDM
$RS@SD FDMSR
$4
$TQN"HSX
$U@MFDKHB@K1DENQLDC
$WDBTSHUD
%
%@BGGNBGRBGTKD
%@BGL@STQ
%@BGLHSSDKRBGTK@TRVDHR
%@BGLHSSDKRBGTKD
%@BTKS@SHUD1DEDQDMCTL
%@GQQ@C
%@GQYDTF$HMETGQ
%@GQYDTFOQŘETMF
%@LHKHDM@TRFKDHBGRJ@RRD
%@LHKHDMYTK@FDM
%@QLDQR?,@QJDS
%@RR!ŘGMD
%DCDQ@K"NMRSHSTSHNM
%DCDQ@K&NUDQMLDMS
%DCDQ@K/@QKH@LDMS
%DHDQS@FD
%DTDQVDGQ
%HM@MYHDQTMF
%HQD
%HRBGDM
%HSMDRR"DMSQDR
%KTFG@EDM
%QDDV@X
%QDHYDHS
%QDMBG
%QNMV@FOK@SY
%QNMV@FSTQL
%ŘGQDQ@TRVDHR
%TRRFĔMFDQ
&
&@KDQHDM
&@KKDQHDR
&@R
&@RS@QADHSDQ
&@RSFDADQ
&@RSQNMNLHD
&DAŘGQDML@QJD
&DLDHMCD
&DLDHMCDM
,1'(;
&DLDHMCDRSDTDQM
&DLR*TKSTQYDMSQTL
&DNFQ@jD
&DNFQ@OGX
&DNQF%HRBGDQ &
&DQL@M
&DRBGHBGSD
&HORLTRDTL
&NKE
&NNC%QHC@X
&NUDQMLDMSNESGD"@MSNM
&QDMYD
&QDMYFĔMFDQADVHKKHFTMF
&QNRRDQ1@S
&QNRRDQ2S@CSQ@S
&QŘM@AE@KK
&THCDCV@KJHMFSNTQ
&XLM@RSHBR
'
'@ADQG@TR*TKSTQJKTA
'@ARATQFDQ
'@KKDMEŘQ-DTD*TMRS
'@MCDKRLHSSDKRBGTKD
'@TRJ@TE
'@TRLŘKK
'@TRNQCMTMF
'@TRQ@SUDQRHBGDQTMF
'@TRSHDQD
'D@KSGHMRTQ@MBD
'D@KSG(MRTQ@MBD"NLO@MHDR
'D@KSGHMRTQ@MBDBNLO@MX
'D@KSGHMRTQ@MBD(#
'DKL
'DQAF@QCDM
'HFG&DQL@M
'NBGRBGTKD
'ŅGDQD%@BGRBGTKDM
'NROHS@K
'NRS
'NSDKR
'NTRDGNKCHMRTQ@MBD
'NTRDGNKCV@RSD
'NTRDQTKDR
'TMSHMF
'XONSGDJ
(
HBD@FD
(#B@QC
(CDMSHSĔSRJ@QSD
(LLNAHKHDMHL(MSDQMDS
(LLNAHKHDML@JKDQ
(LOE@TRVDHR
HMBNLDS@W
(MRTQ@MBD"NLO@MHDR
(MSDFQ@SHNM CUHBD"DMSQD
(MSDFQ@SHNMRE@BGRSDKKD
(MSDQ"HSX
(MSDQM@SHNM@K2BGNNKNE2BG@EEG@TRDM
(MSDQM@SHNM@K6@SBG"N,TRDTL (MSDQMDS
(MSDQ1DFHN
(S@KH@M
(6"(MSDQM@SHNM@K6@SBG"N
)
)@FDM
)@YY
INA
*
*@LLF@QM*TKSTQYDMSQTL
*@MSNMD
*@MSNMRQ@S
*@MSNMRRBGTKD2BG@EEG@TRDM
*@MSNMRRSDTDQM
*@QEQDHS@F
*HMCDQ
*HMCDQADSQDTTMF
*HMCDQF@QSDM
*HMN
*HQBGD
*HQBGDMFDLDHMCDM
*K@RRHJ
*KDHMDQ2S@CSQ@S
*KDSSDQM
*KDSSF@T
*KNRSDQ KKDQGDHKHFDM
*NMRTLDMSDMQDBGSD
*Q@MJDMG@TR
*Q@MJDMJ@RRDM
*Q@MJDMUDQRHBGDQTMF
*QDTYF@MF*QĔTSDQFĔQSKDHM
*TKSTQ
*TKSTQYDMSQDM
*TQY@TEDMSG@KSRADVHKKHFTMF
+
+@ANTQ#@X
+@JD"NMRS@MBD
+@MCVHQSRBG@ESKHBGD/QNCTJSD
+D@QMHMFENQ+DHRTQD
+DADMRUDQRHBGDQTMF
+DFHRK@SHUD
+DHRTQD@MC"TKSTQ@K+HED
+DQME@GQDQ
+DSSDQR
+HAQ@QHDR
+HBGSRHFM@KD
+HED@RRTQ@MBD
+HUHMF
+NB@K#H@KDBS
+NB@KLTRDTLR
,
,@HMSGD@SQD
,@KKR
,@QJDSR
,ĔQJSD
,@STQ
,@XNQ
,DCH@
,DCHDM
,HDS@MSQHSS
,HDSJNRSDM
,HDSUDQSQ@F
,HDSYHMRCDONS
,HFQ@SHNMR@LS
,HKHSĔQ
,HKHS@QX
LHKHSH@
,HSSDKRBGTKD
,HSSDKRBGTKDM2DJTMC@QRSTED((
,NAHKD/GNMDR
,NSNQE@GQYDTFRSDTDQM
,NSNQE@GQYDTFUDQRHBGDQTMF
,NSNQUDGHBKDHMRTQ@MBD
,NSNQUDGHBKDS@W@SHNM
,ŘKK@AETGQ
,TMNS
,ŘMRSDQJHQBGD
,TRDDM
,TRDTLHL9DTFG@TR
,TRDTLR
,TRDTLYT KKDQGDHKHFDM
,TRHB
,TRHB2BGNNK
,TRHBRBGNNKR
,TRHJ
,TRHJA@Q
,TRHJRBGTKDM
-@BGA@QM
-@SHNM@K"NTMBHK
-@SHNM@KEDHDQS@F
-@SHNM@KQ@S
-@SHNM@KQ@SRV@GKDM
-@SHNM@KRDQUHBD
-DADMJNRSDM
-DHFGANTQR
-DTI@GQ
-DV8D@QR#@X
-HDCDQK@RRTMF
-NSE@KK
-NSE@KK@QYS
-NSHNM@KQDMS@KU@KTD
-NSHYDM
-NSQTE
-TLADQR
.
.ADQRSDR&DQHBGS
.KCSNVMNE2BG@EEG@TRDM
.ODMHMFSHLDR
.QSRLTRDDM
.RSDQLNMS@F
.RSDQRNMMS@F
/
/ĔC@FNFHRBGD'NBGRBGTKD2BG@EEG@TRDM
/@MMDMCQDHDBJ
/@QHRGDR
/@QK@LDMS
/@QKH@LDMS
/@RRONQS
,1'(;
/DCDRSQH@MR
/DNOKDRHMHSH@SHUDR
/DSHSHNM
/DSR
/jMFRSLNMS@F
/jMFRSRNMMS@F
/NKHBD
/NKHSHB@K2SQTBSTQD
/NKHSHRBGD2SQTJSTQ
/NKHYDH
/NO1NBJ
/NRS
/NRSNEjBD
/NRSNEjBDR
/NRSRSDKKDM
/QHL@QRBGTKD
OQHLTRHMSDQO@QDR
OQHU@SD KSDQR5NQRNQFD
/QHU@SDKXNVMDCOQNODQSX
/QHU@SDODMRHNMR
/QHU@SDRBGNNKR
/QHU@SG@ESOkHBGS
/QHU@SRBGTKDM
/QNIDBSHMFVHMCNVR
/QNLHKKD
/QN2DMDBSTSD CUHBD"DMSQD
/QN2DMDBSTSD!DQ@STMFRRSDKKD /QNSDRS@MS
/TAKHBGNKHC@XR
/TAKHBKH@AHKHSXENQOQHU@SDODQRNMR /TAKHBSQ@MRONQS
/TTQDLĔQJS
0
0TDKKDMRSDTDQ
1
1@AHDR
1@CHN35
1@MCDM
1@SG@TRK@TAD
1D@K$RS@SDKHRSDCNMSGD(MSDQMDS
1D@KRBGTKD
1DEDQDMCTL
1DFHDQTMFRFDAĔTCD
1DFHDQTMFROQĔRHCDMS
1DFHDQTMFRQ@S
1DFHN
1DFHNMDM
1DFHNMR
1DFHRSDQNEQDRHCDMSR
1DFHRSQ@SHNMNELNSNQUDGHBKDR
1DFHRSQ@SHNM2TODQUHRNQR
1DFHRSQHDQTMFUNM,NSNQE@GQYDTFDM
1DH@S
1DHRDO@RR
1DHRDUDQRHBGDQTMF
1DKHFHNM
1DKNB@SHNM2DQUHBDR
1DLNU@K"NLO@MHDR
1DMSDCk@SR
1DMSHMF@BBNLLNC@SHNM
1DPTHQDLDMSSNO@XS@W
1DRHCDMBD/DQLHS
1GDHM
1GDHME@KK
1GDHMK@MCRBG@ES
1GDHMRBGHEEE@GQS
1GHMD%@KKR
1HFGSNEV@X
1HFGSSNUNSD
1HUDQ1GHMD
1N@CVNQSGHMDRR
1NL@M"@SGNKHB
1NL@MCHD
1NL@MRBG
1ŘCKHMFDM
1TCNKE2SDHMDQ2BGTKD
1TGDS@FD
2
2!@GM
2BG@EEG@TRDM
2BG@EEG@TRDQ#H@KDJS
2BG@EEG@TRDQ2NYH@KEŘGQDQ
2BG@EEG@TRDQ6DHMA@TLTRDTL
RBG@TVDQJ#@R@MCDQD3GD@SDQ
2BGDMJTMFRRSDTDQ
2BGNNKRXRSDL
2BGTKRXRSDL
2BGVDHYDQCDTSRBG
2BGVHLLDM
2D@SADKSR
2DBNMCRS@FDNE2DBNMC@QX$CTB@SHNM
2DJTMC@QRSTED((
2DQUHMFSHLDR
2GNOOHMF
2GNOOHMFHM&DQL@MX
2HBGDQGDHSRFTQSD
2(&2BGVDHYDQHRBGD(MCTRSQHD&DRDKKRBG@ES 2NBH@K2DBTQHSX
2NBH@K6DKE@QD
2NLLDQKTRS*TKSTQF@RSRSĔSSD
2NMCDQLŘKK
2NYH@KGHKED
2NYH@K5DQRHBGDQTMFDM
2NYH@KVDRDM
2ONQS
2ONQSUDQDHMD
2OQ@BGRBGTKDM
2PT@RG
2S@@SRJ@MYKDH
2S@CSOQĔRHCDMS
2S@CSQ@S
2SĔMCDQ@S
2SĔMCDQ@SRV@GKDM
2S@SDR"NTMBHK
2SDHM@L1GDHM
2SDLLKDQ-@STQGHRSNQHRBGDR,TRDTL
2SDOG@MRS@F
2SDTDQADK@RSTMF
RSDTDQKHBGD AYŘFD
2SDTDQM
2SDTDQOkHBGS
2SDTDQUDQV@KSTMF
2SDTDQUDQV@KSTMF2S@CS2BG@EEG@TRDM
2S&DNQFDM*KNRSDQ
2S&DNQFDM*KNRSDQ,TRDTL
2SHLLQDBGS
2S)NG@MM/E@QQJHQBGD
2SNBJVDQJDHFDMSTL
2S2SDOG@MR#@X
2THRRDQNL@MCD
2TOQDLD"NTQS
2VHLLHMF
2VHRRBHSHYDMRGHO
2VHRRBNL
2VHRR&DQL@M
2VHRR-@SHNM@K#@X
3
3@AKD3DMMHR
3@FCDQ QADHS
3@MYRBGTKDM
3@QHEUDQATMC
3@W@SRNTQBD
3@WH
[email protected]
3DKDENM
3DKDENM@MRBGKTRR
3DKDOGNMDMTLADQ
3DLODQ@STQDR
3DMMHR
3DQSH@QX+DUDK"NKKDFDR
3DQSH@QX5NB@SHNM@K"NKKDFDR
3GD@SDQ
3GD@SDQ#HD%ĔQAD
3GD@SQDR
3GDQLDMLTRDTL)TKHNL@FTR
3HO
3NCDRE@KK
3NKKVTS
3NTQHRL#DO@QSLDMS
3NVMNE2BG@EEG@TRDM
3NX'HQD
3Q@EjB
3Q@EjBKHFGSR
3Q@HM
3Q@HMBNMMDBSHNMR
3Q@UDKHMRTQ@MBD
3QNSSDMSGD@SDQ
3XODRNE/DQLHS
3XODRNESQ@HM
4
4LYTFRjQLDM
4MDLOKNXLDMSHMRTQ@MBD
4ME@KK
45&4ME@KKUDQRHBGDQTMFRFDRDSY
5
5@BBHM@SHNM/@RR
5DGHBKDDWG@TRSSDRSR
5DGHBKDQDFHRSQ@SHNM
5DKN
5DQE@RRTMF
,1'(;
5DQJDGQ
5DQLHDSDQ
5DQRHBGDQTMFDM
5DQRHBGDQTMFR@TRVDHR
5DQRHBGDQTMFRFDRDKKRBG@ESDM
5HS@/@QBNTQR
5NKJ
5NKJR@ARSHLLTMF
5NKJRHMHSH@SHUD
5NKJRQDBGSD
6
6@GKDM
6@RBGJŘBGD
6@RRDQ
6@RSDCHRONR@K
6@SDQ
6D@SGDQ
6DHGM@BGSDM
6DHMA@TLTRDTL
6DSSDQ
6GHS,NMC@X
6GHS2TMC@X
6HDCDQGNKTMFRJTQRD
6HMD
6*6HDCDQGNKTMFRJTQRD
6NGMDHFDMSTL
6NGMFDLDHMCD
6NGMLTRDTL+HMCVTQL
6NGMRHSYM@GLD
6NQJHMF
6NQJ/DQLHS
6ŅQSDQATBG
9
9@GKDM
9@GM@QYS
9HUHKRS@MCR@LS
9NKKADRSHLLTMFDM

hofrph wr 6fkdiikdxvhq

Transcription

Similar documents

notes to the financial statements - Bursa Malaysia Stock

Preise und Leistungen - Schaffhauser Nachrichten